Professional Documents
Culture Documents
Riyad Us Saliheen
Riyad Us Saliheen
2)0,6&(//$1<
&+$37(5
6,1&(5,7<$1'6,*1,),&$1&(2)
,17(17,216)25$//$&7,216
$33$5(17$1'+,''(1
$OODKWKH([DOWHGVD\V
$QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQG
ZRUVKLSQRQHEXW+LP$ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LPDQG
SHUIRUP$V6DODW,TDPDWDV6DODWDQGJLYH=DNDWDQGWKDWLVWKHULJKW
UHOLJLRQ
,WLVQHLWKHUWKHLUPHDWQRUWKHLUEORRGWKDWUHDFKHV$OODKEXWLWLVSLHW\IURP
\RXWKDWUHDFKHV+LP
1DUUDWHG
8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK
3%8+VDLG7KHGHHGVDUHFRQVLGHUHGE\WKHLQWHQWLRQVDQGDSHUVRQZLOOJHWWKHUHZDUGDFFRUGLQJ
WRKLVLQWHQWLRQ6RZKRHYHUHPLJUDWHGIRU$OODKDQG+LV0HVVHQJHUKLVHPLJUDWLRQZLOOEHIRU$OODK
DQG+LV0HVVHQJHUDQGZKRHYHUHPLJUDWHGIRUZRUOGO\EHQHILWVRUIRUDZRPDQWRPDUU\KLV
HPLJUDWLRQZRXOGEHIRUZKDWKHHPLJUDWHGIRU
>$O%XNKDULDQG0XVOLP@
2QWKHEDVLVRIWKLV+DGLWK
8ODPD
DUHRIWKHXQDQLPRXVRSLQLRQWKDWWKHUHDOEDVLVRIRQH
VDFWLRQVLV
1L\\DKLQWHQWLRQDQGHYHU\RQHZLOOEHUHTXLWHGDFFRUGLQJWRKLV1L\\DK,WLVWUXHWKDW1L\\DKLV
IRXQGHGLQRQH
VKHDUWWKDWLVWRVD\RQHKDVILUVWWRPDNHXSRQH
VPLQGIRUZKDWKHLQWHQGVWRGRDQG
KHVKRXOGQRWH[SUHVVLWYHUEDOO\,QIDFWWKHODWWHULVD%LGCDKLQQRYDWLRQLQUHOLJLRQEHFDXVHQRSURRI
RILWLVIRXQGLQ6KDULDK
1DUUDWHG
$CLVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $Q
DUP\ZLOOUDLGWKH.DCEDKDQGZKHQLWUHDFKHVDGHVHUWODQG DOORIWKHPZLOOEHVZDOORZHGXSE\WKH
HDUWK
6KHDVNHG 20HVVHQJHURI$OODK:K\DOORIWKHP"
+HDQVZHUHG$OORIWKHPZLOOEH
VZDOORZHGE\WKHHDUWKEXWWKH\ZLOOEHUDLVHGIRU-XGJHPHQWDFFRUGLQJWRWKHLULQWHQWLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (YHU\RQHZLOOEHUHZDUGHGRUSXQLVKHGDFFRUGLQJWRKLVDLPDQGLQWHQWLRQ7KLV+DGLWK
DOVRSURYHVWKDWWKHFRPSDQ\RIGHSUDYHGSHUVRQVLVH[WUHPHO\GDQJHURXV:KRVHDUP\ZRXOGLWEH
ZKLFKKDVEHHQUHIHUUHGWRLQWKH+DGLWKDQGZKHQZLOOLWLQYDGH.DCEDKLVDPDWWHUNQRZQWR$OODK
$ORQH6XFKSURSKHFLHVDUHDSDUWRIWKH8QVHHQZRUOG6LQFHWKH\FRPHLQWKHFDWHJRU\RIWKHPLUDFOHV
RIWKH3URSKHW3%8+LWLVQHFHVVDU\WREHOLHYHLQWKHLUYHUDFLW\DQGRFFXUUHQFH%HOLHYLQJLQVXFK
SURSKHVLHVLVDOVRHVVHQWLDOEHFDXVHWKH\ZHUHUHYHDOHGE\$OODK
>$O%XNKDULDQG0XVOLP@
,QWHQWLRQDFFRUGLQJWR$Q1DZDZL,WPHDQVWKDWJRRGQHVVZKLFKFHDVHGWRFRQWLQXHE\WKH
FHVVDWLRQRIHPLJUDWLRQFDQVWLOOEHREWDLQHGE\-LKDG DQGE\LQWHQGLQJDFFRPSOLVKLQJJRRGGHHGV
$QRWKHUKLJKO\LPSRUWDQWUHDVRQIRUWKHSURKLELWLRQRIPLJUDWLRQRI0XVOLPVWR'DUXO.XIULVWKDWLW
JRHVDJDLQVWWKHVSLULWDVZHOODVWKHLUUHDGLQHVVIRU-LKDGILVDELOLOODKVWULYLQJDQGILJKWLQJLQWKHZD\
RI$OODK 7KLVVSLULWDQGUHDGLQHVVPXVWEHNHSWDOZD\VDOLYHVRWKDWWKH0XVOLPVPD\UHVSRQGDWRQFH
WRWKHFDOORI-LKDGZKHQHYHUWKHQHHGIRULWDULVHVDQ\ZKHUH
>0XVOLP@
&RPPHQWDU\ :KDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIWKHLQWHQWLRQDQGVSLULWRI-LKDGDUHSUHVHQWLQ
WKHKHDUWRID0XVOLPEXWSK\VLFDOO\KHLVXQDEOHWRWDNHSDUWLQLWIRUYDOLGUHDVRQVKHZLOOJHWWKH
UHZDUGRI-LKDGZLWKRXWHYHQKLVDFWXDOSDUWLFLSDWLRQLQLW
$QGKHVDLGWRPH 0DCQ\RXDUH
HQWLWOHGWRZKDW\RXKDYHWDNHQ
>$O%XNKDUL@
&RPPHQWDU\
7KLV+DGLWKOHDGVXVWRWKHFRQFOXVLRQWKDWLI6DGDTDKFKDULW\JRHVWRDQHHG\VRQRID0XVOLP
WKHUHLVQRQHHGWRWDNHLWEDFNIURPKLPIRUWKHUHDVRQWKDWWKHIDWKHUKDGLQWHQGHGWRJLYHLWWRD
GHVHUYLQJSHUVRQ7KHIRUPHUJHWVWKHUHZDUGIRULWRQDFFRXQWRIKLV1L\\DKLQWHQWLRQ7KLVKRZHYHU
ZLOOEHUHFNRQHGDV1DIOL6DGDTDKYROXQWDU\FKDULW\EHFDXVHWKHREOLJDWRU\=DNDW6DGDTDKFDQQRW
EHJLYHQWRWKHGRQRU
VRZQGHSHQGHQWV
,WLVSHUPLVVLEOHLQ6KDULCDKWRPDNHVRPHRQHD:DNLO DWWRUQH\RUDJHQW IRU6DGDTDK
,WGRHVQRWDPRXQWWRGLVREHGLHQFHRQWKHSDUWRIDVRQWRWDNHKLV IDWKHUWRDFRPSHWHQWDXWKRULW\RU
VFKRODUWRNQRZWKHOHJDOSRVLWLRQRQDQ\LVVXHLQWKHVDPHZD\DVPXWXDOGLVFXVVLRQDQGGHEDWHRQ
PDWWHUVRI6KDULCDKGRHVQRWDPRXQWWRLQVROHQFH)DWK$O%DULFKDSWHURQ=DNDW
+H
3%8+VDLG 1R ,DVNHGKLP7KHQKDOI"
,VDLG2
0HVVHQJHURI$OODKZRXOG,VXUYLYHP\FRPSDQLRQV"
+HVDLG ,I\RXVXUYLYHRWKHUVDQGDFFRPSOLVK
DWKLQJIRUWKHVDNHRI$OODK\RXZRXOGJDLQKLJKHUUDQNLQJDQGVWDQGLQJ<RXZLOOVXUYLYHWKHP
\RXUVXUYLYDOZLOOEHEHQHILFLDOWRSHRSOHWKH0XVOLPDQGKDUPIXOWRRWKHUVWKHHQHPLHVRI,VODP
<RXZLOOVXUYLYHRWKHUVWLOOWKHSHRSOHZLOOGHULYHEHQHILWIURP\RXDQGRWKHUVZRXOGEHKDUPHGE\
\RX
6DCGELQ.KDXODKZDVXQIRUWXQDWH 0HVVHQJHURI$OODK
3%8+ODPHQWHGKLVGHDWKDVKHGLHGLQ0DNNDK
>$O%XNKDULDQG0XVOLP@
&RQFOXVLRQ
7KH+DGLWKOD\VGRZQWKDWLQWKHFRXUVHRIDGLVHDVHZKLFKVHHPVWRSURYHIDWDORQHFDQQRWJLYH
PRUH WKDQRQHWKLUGRIWKHSURSHUW\LQFKDULW\
,WLVDOVRHPSKDVL]HGWKDWRQHJHWVUHZDUGHYHQIRUZKDWKHVSHQGVRQKLVZLIHDQGFKLOGUHQ
2QHFDQUHSRUWWRRWKHUVKLVDLOPHQWRUWRVHHNWUHDWPHQWDQGDVNWKHPWRVXSSOLFDWHIURPKLP
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIVLQFHULW\DQGJRRGLQWHQWLRQ,WLVWKHUHIRUH
HVVHQWLDOWKDWHYHU\QREOHDFWLRQVKRXOGEHEDVHGRQWKHVHWZRYLUWXHVDQGKHDUWVKRXOGEHIUHHIURP
DOOVXFKWKLQJVWKDWGHVWUR\QREOHGHHGV+\SRFULV\RVWHQWDWLRQJUHHGIRUZHDOWKULFKHVDQGRWKHU
ZRUGO\WKLQJVIDOOLQWKHFDWHJRU\RIVXFKHYLOV6LQFHWKHWUXHFRQGLWLRQRIKHDUWLVNQRZQWR$OODK
DORQHWKHWUXHSRVLWLRQRIRQH
VDFWLRQVZLOOEHNQRZQRQWKH'D\RI 5HVXUUHFWLRQZKHQRQHZLOOEH
UHTXLWHGIRUWKHPE\$ODK,QWKLVZRUOGRQHZLOOEHWUHDWHGDFFRUGLQJWRKLVDSSDUHQWFRQGLWLRQZKLOH
KLVLQVLJKWZLOOEHOHIWWR$OODK
&RPPHQWDU\ 7KLV+DGLWKOHDGVWRWKHFRQFOXVLRQWKDWRQHZRXOGEHSXQLVKHGIRUVXFKVLQIXO
LQWHQWLRQIRUZKLFKKHKDVPDGHDILUPGHWHUPLQDWLRQDQGIRUWKHFRPPLWPHQWRIZKLFKKHKDVDGRSWHG
QHFHVVDU\PHDVXUHVHYHQLIKHGRHVQRWVXFFHHGLQFRPPLWWLQJLWEHFDXVHRIFHUWDLQREVWUXFWLRQ7KXV
GHWHUPLQDWLRQLVGLIIHUHQWIURPDVXJJHVWLRQRIWKHGHYLO7KHODWWHULVH[FXVDEOHZKLOHRQHLV
DFFRXQWDEOHIRUKLVGHWHUPLQDWLRQ+RZHYHUZKDWLVPHQWLRQHGLQWKH+DGLWKZLOOKDSSHQZKHQ
0XVOLPV ILJKWDPRQJWKHPVHOYHVIRUZRUOGO\KRQRXUDQGSUHMXGLFHVDQGQRUHOLJLRXVLVVXHZRXOGEH
WKHFDXVHRIWKHLUFRQIOLFWEHFDXVHLQWKHODWWHUFDVHLWLVSRVVLEOHWKDWERWKPLJKWEHGHSHQGLQJRQWKHLU
RZQ,MWLKDGH[HUFLVHRIRSLQLRQIRUZKLFKWKH\PD\EHH[FXVHG
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWDOWKRXJKLWLVSHUPLVVLEOHWRSHUIRUP6DODWLQGLYLGXDOO\LQ
PDUNHWSODFHVDQGKRXVHVEXWLWVFROOHFWLYHSHUIRUPDQFHLQWKHPRVTXHLVRUWLPHVPRUH
PHULWRULRXVDVPHQWLRQHGLQRWKHU$KDGLWK
&RPPHQWDU\
,WLVSHUPLVVLEOHWRSUD\WKURXJKRXUYLUWXRXVGHHGV%XWWRPDNHVRPHRQHDPHGLXPIRULWLVDQ
LQQRYDWLRQLQ'HHQZKLFKVKRXOGEHDYRLGHGIRUWZRPDMRUUHDVRQV)LUVWO\WKHUHLVQRHYLGHQFHLQ
6KDULCDKWRVXSSRUWWKLV6HFRQGO\LWLVDJDLQVWWKHSUDFWLFHRI.KDLUXO4XUXQWKHEHVWRIJHQHUDWLRQV
7KLVWHUPLVXVHGIRUWKHILUVWWKUHHJHQHUDWLRQVRI0XVOLPVWKHRQHLQZKLFKWKH3URSKHW3%8+
OLYHGDQGWKHWZRIROORZLQJ
3UHIHUHQFHVKRXOGEHJLYHQWRWKHVHUYLFHRISDUHQWVHYHQRYHUWKHVHUYLFHRIRQH
VRZQZLIHDQG
FKLOGUHQ
7RDEVWDLQIURPVLQVRXWRIIHDURI$OODKLVDKLJKO\PHULWRULRXVDFW
/DERXUHUVVKRXOGDOZD\VEHWUHDWHGIDLUO\,IVRPHRQHKDVSDLGWRDODERXUHUOHVVWKDQKLVGXHLW
VKRXOGEHSDLGWRKLPLQDGHFHQWPDQQHU
$Q\VXSSOLFDWLRQZKLFKLVPDGHVLQFHUHO\DQGZLWKUHDOVHQVHRIKXPEOHQHVVLVJUDQWHGE\$OODK
$OODKVRPHWLPHVKHOSV+LVSLRXVPHQHYHQLQDQXQXVXDOPDQQHUZKLFKLVWHUPHGDV.DUDPDW
ZRQGHURUPDUYHO7KXVOLNHWKHPLUDFOHVRIWKH3URSKHWVZRQGHUVRIWKHULJKWHRXVSHRSOHDUHDOVR
WUXH%XWPLUDFOHVDQGZRQGHUVERWKDSSHDUZLWKWKH:LOORI$OODK
&+$37(5
5(3(17$1&(
6FKRODUVVDLG,WLVQHFHVVDU\WRUHSHQWIURPHYHU\VLQ,IWKHRIIHQVHLQYROYHVWKH5LJKWRI$OODKQRWD
KXPDQWKHQWKHUHDUHWKUHHFRQGLWLRQWREHPHWLQRUGHUWKDWUHSHQWDQFHEHDFFHSWHGE\$OODK
7RGHVLVWIURPFRPPLWWLQJLW
7RIHHOVRUU\IRUFRPPLWWLQJLW
7RGHFLGHQRWWRUHFRPPLWLW
$Q\UHSHQWDQFHIDLOLQJWRPHHWDQ\RIWKHVHWKUHHFRQGLWLRQVZRXOGQRWEHVRXQG
%XWLIWKHVLQLQYROYHVDKXPDQ
VULJKWLWUHTXLUHVDIRXUWKFRQGLWLRQLHWRDEVROYHRQVHOIIURPVXFK
ULJKW,ILWLVDSURSHUW\KHVKRXOGUHWXUQ LWWRLWVULJKWIXORZQHU,ILWLVVODQGHULQJRUEDFNELWLQJRQH
VKRXOGDVNWKHSDUGRQRIWKHRIIHQGHG
2QHVKRXOGDOVRUHSHQWIURPDOOVLQV,IKHUHSHQWVIURPVRPHKLVUHSHQWDQFHZRXOGVWLOOEHVRXQG
DFFRUGLQJWRWKHSHRSOHRIVRXQGNQRZOHGJH+HVKRXOGKRZHYHUUHSHQWIURPWKHUHVW 6FULSWXUDO
SURRIVIURPWKH%RRNDQGWKH6XQQDKDQGWKHFRQVHQVXVRIWKHVFKRODUVVXSSRUWWKHLQFXPEHQF\RI
UHSHQWDQFH
$OODKWKH([DOWHGVD\V
$QGDOORI\RXEHJ$OODKWRIRUJLYH\RX2EHOLHYHUVWKDW\RXPD\EHVXFFHVVIXO
6HHNWKHIRUJLYHQHVVRI\RXU5XEEDQGWXUQWR+LPLQUHSHQWDQFH
2\RXZKREHOLHYH7XUQWR$OODKZLWKVLQFHUHUHSHQWDQFH
>$O%XNKDUL@
&RPPHQWDU\
,WLVDQLQGXFHPHQWIRUVHHNLQJSDUGRQDQGIRUJLYHQHVV7KH3URSKHW3%8+ZKRVHSDVWDQGIXWXUH
VLQVZHUHIRUJLYHQDVNHG$OODK
VIRULJYHQHVV WKHQKRZDERXW XVZKRFRPPLWVLQVRQUHJXODUEDVLV
QRWWRVHHNSDUGRQDQGIRUJLYHQHVVIURP$OODK"
6LQFHUHDQGFHDVHOHVVSUD\HUIRUSDUGRQLVHVVHQWLDOVRWKDWVLQVFRPPLWWHGE\XVXQLQWHQWLRQDOO\DUH
DOVRIRUJLYHQ7KHDERYH+DGLWKOD\VJUHDWHPSKDVLVRQVHHNLQJSDUGRQ
,QDQRWKHUYHUVLRQRI0XVOLPKHVDLG 9HULO\$OODKLVPRUHSOHDVHGZLWKWKHUHSHQWDQFHRI+LVVODYH
WKDQDSHUVRQZKRKDVKLVFDPHOLQDZDWHUOHVVGHVHUWFDUU\LQJKLVSURYLVLRQRIIRRGDQGGULQNDQGLWLV
ORVW+HKDYLQJORVWDOOKRSHVWRJHWWKDWEDFNOLHVGRZQLQVKDGHDQGLVGLVDSSRLQWHGDERXWKLV
FDPHOZKHQDOORIDVXGGHQKHILQGVWKDWFDPHOVWDQGLQJEHIRUHKLP+HWDNHVKROGRILWVUHLQVDQGWKHQ
RXWRIERXQGOHVVMR\EOXUWVRXW
2$OODK<RXDUHP\VODYHDQG,DP<RXU5XEE
+HFRPPLWVWKLV
PLVWDNHRXWRIH[WUHPHMR\
&RPPHQWDU\
7KLV+DGLWKDOVRGHDOVZLWKWKHLQGXFHPHQWDQGPHULWRIUHSHQWDQFHDQGSDUGRQIRUVLQV$OODKLV
KLJKO\SOHDVHGZLWKUHSHQWDQFH
2QHZLOOQRWKDYHWR DFFRXQWIRUDPLVWDNHPDGHZLWKRXWDQ\SXUSRVHDQGLQWHQWLRQ
,WLVSHUPLVVLEOHWRWDNHDQRDWKWRVWUHVVRQRQH
VSDUGRQ
2QHFDQTXRWHDQLQVWDQFHIRUWKHSXUSRVHRIXQGHUVWDQGLQJDQGHODERUDWLRQ
&RPPHQWDU\ 7DXEDKPHDQVUHWXUQLQJWR$OODKIURPVLQV:KHQDSHUVRQFRPPLWVDVLQKHJRHV
DZD\IURP$OODK:KHQKHUHSHQWVKHUHWXUQVWR$OODKDQGGHVLUHVIRUEHLQJSDUGRQHGE\+LPDQG
JHWWLQJQHDU+LP7KLVUHWXUQLQJWRZDUGV+LPLV7DXEDK:KHQLWLVVDLGWKDWC$OODKWXUQVWRZDUGVKLP
LWPHDQVWKDW$OODKDFFHSWVKLVUHSHQWDQFH
&RPPHQWDU\ 7KHZRUG*KDUJKDUDKPHDQVWKHVWDJHZKHQVRXOLVDERXWWROHDYHWKHERG\DQG
UHDFKHVWKHWKURDW,QRWKHUZRUGVWKHWLPHZKHQRQHVXIIHUVWKHDJRQ\RIGHDWK
+DGLWK+DVDQPHDQVWKDW+DGLWKWKHDXWKHQWLFLW\RIZKLFKLVFRQQHFWHGZLWKRXWDQ\WHFKQLFDOGHIHFW
7KHLUQDUUDWRUVKRZHYHUDUHQH[WWRWKRVHRI+DGLWK6DKLK,QWKHRSLQLRQRI0XKDGGLWKLQ +DGLWK
VFKRODUV+DGLWK+DVDQLVDOVRUHOLDEOHDV+DGLWK6DKLK
,DQVZHUHG6HDUFKIRUNQRZOHGJH+HVDLG$QJHOVVSUHDGWKHLUZLQJVIRUWKHVHHNHURI
NQRZOHGJHRXWRI MR\IRUZKDWKHVHHNV,WROGKLP,KDYHVRPHGRXEWVLQP\PLQGUHJDUGLQJZLSLQJ
RIZHWKDQGVRYHUOLJKWERRWVLQWKHFRXUVHRISHUIRUPLQJ:XGX
DIWHUGHIHFDWLRQRUXULQDWLQJ1RZ
VLQFH\RXDUHRQHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+,KDYHFRPHWRDVN\RXZKHWKHU\RX
KHDUGDQ\VD\LQJRIWKH3URSKHW3%8+FRQFHUQLQJLW"+HUHSOLHGLQWKHDIILUPDWLYHDQGVDLG+H
3%8+LQVWUXFWHGXVWKDWGXULQJDMRXUQH\ZHQHHGQRWWDNHRIIRXUOLJKWERRWVIRUZDVKLQJWKHIHHWXS
WRWKUHHGD\VDQGQLJKWVH[FHSWLQFDVHRIPDMRULPSXULW\DIWHUVH[XDOLQWHUFRXUVH,QRWKHUFDVHVVXFK
DVVOHHSLQJUHOLHYLQJRQHVHOIRUXULQDWLQJWKHZLSLQJRIZHWKDQGVRYHUOLJKWERRWVZLOOVXIILFH
,
WKHQTXHVWLRQHGKLP'LG\RXKHDUKLPVD\DQ\WKLQJDERXWORYHDQGDIIHFWLRQ"
+HUHSOLHG:H
DFFRPSDQLHGWKH0HVVHQJHURI$OODK3%8+LQDMRXUQH\ZKHQDEHGRXLQFDOOHGRXWLQDORXGYRLFH
C20XKDPPDG
7KH0HVVHQJHURI$OODK3%8+UHSOLHGKLPLQWKHVDPHWRQH C+HUH,DP
,VDLGWR
KLPWKHEHGRXLQC:RHWR\RXORZHU\RXUYRLFHLQKLVSUHVHQFHEHFDXVH\RXDUHQRWDOORZHGWRGR
VR
+HVDLGC%\$OODK,ZLOOQRWORZHUP\YRLFH
DQGWKHQDGGUHVVLQJWKH3URSKHW3%8+KHVDLG
C:KDWDERXWDSHUVRQZKRORYHVSHRSOHEXWKDVQRWIRXQGKLPVHOILQWKHLUFRPSDQ\
0HVVHQJHURI
$OODK3%8+UHSOLHG C2QWKH'D\RI5HVXUUHFWLRQDSHUVRQZLOOEHLQWKHFRPSDQ\RIWKRVHZKRPKH
ORYHV
7KH0HVVHQJHURI$OODKWKHQNHSWRQWDONLQJWRXVDQGLQWKHFRXUVHRIKLVWDONKHPHQWLRQHGD
JDWHZD\LQWKHKHDYHQWKH ZLGWKRIZKLFKFRXOGEHFURVVHGE\DULGHULQIRUW\RUVHYHQW\\HDUV
6XI\DQRQHRIWKHQDUUDWRUVRIWKLVWUDGLWLRQVDLG7KLVJDWHZD\LVLQWKHGLUHFWLRQRI6\ULD$OODK
FUHDWHGLWRQWKHGD\+HFUHDWHGWKHKHDYHQVDQGWKHHDUWK,WLVRSHQIRUUHSHQWDQFHDQGZLOOQRWEHVKXW
XQWLOWKHVXQULVHVIURPWKDWGLUHFWLRQLHWKH:HVWRQ'RRPVGD\
>$W7LUPLGKLZKRFDWHJRULVHGLWDV+DGLWK+DVDQ6DKLK@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWLQDEOXWLRQLWLVSHUPLVVLEOHWRZLSHRYHUOLJKWERRWVUDWKHUWKDQ
ZDVKLQJWKHIHHW,WLVFDOOHG0DVK7KHSHULRGLQZKLFK0DVKLVLQWDFW LQFDVHRIWUDYHOOHUVLWLVWKUHH
GD\VDQGWKUHHQLJKWVZKLOHIRUWKHUHVLGHQWVLWLVRQHGD\DQGRQHQLJKWRQO\$SUHFRQGLWLRQIRULWLV
WKDWOLJKWERRWVVKRXOGEHFOHDQDQGZRUQDIWHUIXOO:XGX
$QNOHVVKRXOGDOVREHFRYHUHG,QFDVHRI
EUHDFKRIDEOXWLRQWKHZLSLQJRYHUWKHVRFNVLVVXIILFLHQWDQGWKHUHLVQRQHHGIRUZDVKLQJWKHIHHW
:XGX
LVLQYDOLGDWHGE\VOHHSLQJFDOORIQDWXUHDQGSDVVLQJRIZLQG7KLVLVFDOOHG+DGDWK$VJKDU,Q
WKHFDVHRI+DGDWK$NEDUZKLFKRFFXUVEHFDXVHRIFRLWXVPHQVHVDQGZHWGUHDPZDVKLQJRIWKH
ZKROHERG\EHFRPHVREOLJDWRU\,WPHDQVWKDWWKHSULYLOHJHRIZLSLQJRYHUWKHOLJKWERRWVLVDOVR
ILQLVKHGLQWKLVFDVHLQWKHVDPHZD\DVLWGRHVDIWHUWKHH[SLU\RISHULRGVSHFLILHGIRULW
2QHVKRXOGDVVRFLDWHKLPVHOIZLWKWKHSLRXVSHRSOHVRWKDWKHLVFRXQWHGDPRQJWKHP2QHDOVR
FRPHVWRNQRZPDQ\RWKHUSRLQWVIURPWKLV+DGLWKZKLFKHYHU\LQWHOOLJHQWSHUVRQFDQXQGHUVWDQGZLWK
DOLWWOHHIIRUW
&RPPHQWDU\
2QHFRPHVWRNQRZIURPWKLV+DGLWKWKDWWKHJDWHRI7DXEDKLVRSHQHYHQIRUWKHZRUVWRIWKH
VLQQHUVDQG$OODKIRUJLYHVHYHU\RQHSURYLGHGKHUHSHQWVVLQFHUHO\WKHFRQGLWLRQVIRUVXFKUHSHQWDQFH
KDYHDOUHDG\EHHQGLVFXVVHG
,WLVWKHGXW\RIDUHOLJLRXVVFKRODUWKDWZKLOHGLVFXVVLQJDSUREOHPKHVKRXOGNHHSLQPLQGWKH
SV\FKRORJLFDODVSHFWVRIWKHTXHVWLRQHUDQGDGRSWDSROLF\ZKLFKQHLWKHUFDXVHVDFKDQJHLQWKH
,QMXQFWLRQRI$OODKQRUPDNHWKHVLQQHUUHFNOHVVLQKLVVLQVRXWRIIUXVWUDWLRQ
:KHQDVLWXDWLRQZDUUDQWVDQJHOVDSSHDULQWKHIRUPRIPHQRQ2UGHUVRI$OODK
.DCE
IXUWKHUVDLG)HZZHUHWKHSHUVRQVZKRFKRVHWRUHPDLQDEVHQWEHOLHYLQJWKDWWKH\FRXOGHDVLO\KLGH
WKHPVHOYHVDQGWKXVUHPDLQXQGHWHFWHGXQOHVV5HYHODWLRQIURP$OODKWKH([DOWHGDQG*ORULRXV
UHYHDOHGUHODWLQJWRWKHP$QG0HVVHQJHURI$OODK3%8+VHWRXWRQWKLVH[SHGLWLRQZKHQWKHIUXLW
ZHUHULSHDQGWKHLUVKDGHZDVVRXJKW,KDGDZHDNQHVVIRUWKHPDQGLWZDVGXULQJWKLVVHDVRQWKDW
0HVVHQJHURI$OODK3%8+DQGWKH0XVOLPVPDGHSUHSDUDWLRQV,DOVRZRXOGVHWRXWLQWKHPRUQLQJWR
PDNHSUHSDUDWLRQVDORQJZLWKWKHPEXWZRXOGFRPHEDFNKDYLQJGRQHQRWKLQJDQGVDLGWRP\VHOI
,
KDYHPHDQVHQRXJKWRPDNHSUHSDUDWLRQVDVVRRQDV,OLNH
$QG,ZHQWRQGRLQJWKLVSRVWSRQLQJP\
SUHSDUDWLRQVWLOOWKHWLPHRIGHSDUWXUHFDPHDQGLWZDVLQWKHPRUQLQJWKDW0HVVHQJHURI$OODK3%8+
VHWRXWDORQJZLWKWKH0XVOLPVEXW,KDGPDGHQRSUHSDUDWLRQV,ZRXOGJRHDUO\LQWKHPRUQLQJDQG
FRPHEDFNEXWZLWKQRGHFLVLRQ,ZHQWRQGRLQJVRXQWLOWKH\WKH0XVOLPVKDVWHQHGDQGFRYHUHGD
JRRGGHDORIGLVWDQFH7KHQ,ZLVKHGWRPDUFKRQDQGMRLQWKHP:RXOGWKDW,KDGGRQHWKDW%XW
SHUKDSVLWZDVQRWGHVWLQHGIRUPH$IWHUWKHGHSDUWXUHRI0HVVHQJHURI$OODK3%8+ZKHQHYHU,
ZHQWRXW,ZDVJULHYHGWRILQGQRJRRGH[DPSOHWRIROORZEXWFRQILUPHGK\SRFULWHVRUZHDNSHRSOH
ZKRP$OODKKDGH[HPSWHGIURPPDUFKLQJIRUWKIRU-LKDG0HVVHQJHURI$OODK3%8+PDGHQR
PHQWLRQRIPHXQWLOKHUHDFKHG7DEXN:KLOHKHZDVVLWWLQJZLWKWKHSHRSOHLQ7DEXNKHVDLG C:KDW
KDSSHQHGWR.DCEELQ0DOLN"
$SHUVRQIURP%DQX6DOLPDKVDLG20HVVHQJHURI$OODKWKHEHDXW\
RIKLVFORDNDQGDQDSSUHFLDWLRQRI KLVILQHU\KDYHGHWDLQHGKLP
8SRQWKLV0XCDGKELQ-DEDO
0DW$OODKEHSOHDVHGZLWKKLPDGPRQLVKHGKLPDQGVDLGWR0HVVHQJHURI$OODK3%8+%\$OODK
ZHNQRZQRWKLQJDERXWKLPEXWJRRG
0HVVHQJHURI$OODK3%8+KRZHYHUNHSWTXLHW$WWKDWWLPH
KHWKH3URSKHW3%8+VDZDSHUVRQGUHVVHGLQZKLWHDQGVDLG C%H$EX.KDLWKDPDK
$QGZDV$EX
.KDLWKDPDK$O$QVDULZDVWKHSHUVRQZKRKDGFRQWULEXWHGD6DCRIGDWHVDQGZDVULGLFXOHGE\WKH
K\SRFULWHV
.DCEELQ0DOLNIXUWKHUVDLG:KHQWKHQHZVUHDFKHGPHWKDW0HVVHQJHURI$OODK3%8+
ZDVRQKLVZD\EDFNIURP7DEXN,ZDVJUHDWO\GLVWUHVVHG,WKRXJKWRIIDEULFDWLQJDQH[FXVHDQGDVNHG
P\VHOIKRZ,ZRXOGVDYHP\VHOIIURPKLVDQJHUWKHQH[WGD\,QWKLVFRQQHFWLRQ,VRXJKWWKHFRXQVHOV
RIHYHU\SUXGHQWPHPEHURIP\IDPLO\:KHQ,ZDVWROGWKDW0HVVHQJHURI$OODK3%8+ZDVDERXWWR
DUULYHDOOWKHZLFNHGLGHDVYDQLVKHGIURPP\PLQGDQG,FDPHWRWKHFRQFOXVLRQWKDWQRWKLQJEXWWKH
WUXWKFRXOGVDYHPH6R,GHFLGHGWRWHOOKLPWKHWUXWK,WZDVLQWKHPRUQLQJWKDW0HVVHQJHURI$OODK
3%8+DUULYHGLQ$O0DGLQDK,WZDVKLVKDELWWKDWZKHQHYHUKHFDPHEDFNIURPDMRXUQH\KHZRXOG
ILUVWJRWRWKHPRVTXHDQGSHUIRUPWZR5DNCDKRIRSWLRQDO SUD\HUDQGZRXOGWKHQVLWZLWKWKHSHRSOH
:KHQKHVDWWKRVHZKRKDGUHPDLQHGEHKLQGKLPEHJDQWRSXWIRUZDUGWKHLUH[FXVHVDQGWDNHDQRDWK
EHIRUHKLP7KH\ZHUHPRUHWKDQHLJKW\LQQXPEHU0HVVHQJHURI$OODK3%8+DFFHSWHGWKHLU
H[FXVHVRQWKHYHU\IDFHRIWKHPDQGDFFHSWHGWKHLUDOOHJLDQFHDQGVRXJKWIRUJLYHQHVVIRUWKHPDQGOHIW
WKHLULQVLJKWVWR$OODKXQWLO,DSSHDUHGEHIRUHKLP,JUHHWHGKLPDQGKHVPLOHGDQGWKHUHZDVDWLQJHRI
DQJHULQWKDW+HWKHQVDLGWRPH
&RPHIRUZDUG
,ZHQWIRUZDUGDQG,VDWLQIURQWRIKLP+HVDLGWR
PH C:KDWNHSW\RXEDFN"&RXOG\RXQRWDIIRUGWRJRLQIRUDULGH"
,VDLG
20HVVHQJHURI$OODKE\
$OODKLI,ZHUHWRVLWEHIRUHDQ\ERG\HOVHDPDQRIWKHZRUOG,ZRXOGKDYHGHILQLWHO\VDYHGP\VHOI
IURPKLVDQJHU RQRQHSUHWH[WRUWKHRWKHUDQG,KDYHDJLIWHGVNLOOLQDUJXPHQWDWLRQEXWE\$OODK,DP
IXOO\DZDUHWKDWLI,ZHUHWRSXWIRUZDUGEHIRUH\RXDODPHH[FXVHWRSOHDVH\RX$OODKZRXOGGHILQLWHO\
SURYRNH\RXUZUDWKXSRQPH,QFDVH,VSHDNWKHWUXWK\RXPD\EHDQJU\ZLWKPHEXW,KRSHWKDW
$OODKZRXOGEHSOHDVHGZLWKPHDQGDFFHSWP\UHSHQWDQFH%\$OODKWKHUHLVQRYDOLGH[FXVHIRUPH
%\$OODK,QHYHUSRVVHVVHGVRJRRGPHDQVDQG,QHYHUKDGVXFKIDYRXUDEOHFRQGLWLRQVIRUPHDV,KDG
ZKHQ,VWD\HGEHKLQG
7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG
7KLVPDQVSRNHWKHWUXWKVRJHW
XSDQGZDLWXQWLO$OODKJLYHVDGHFLVLRQDERXW\RX
,OHIWDQGVRPHSHRSOHRI %DQX6DOLPDKIROORZHG
PH7KH\VDLGWRPHC%\$OODKZHGRQRWNQRZWKDW\RXFRPPLWWHGDVLQEHIRUH<RXKRZHYHU
VKRZHGLQDELOLW\WRSXWIRUZDUGDQH[FXVHEHIRUH0HVVHQJHURI$OODK3%8+OLNHWKRVHZKRVWD\HG
EHKLQGKLP,WZRXOGKDYHEHHQHQRXJKIRUWKHIRUJLYHQHVVRI\RXUVLQWKDW0HVVHQJHURI$OODK
3%8+ZRXOGKDYHVRXJKWIRUJLYHQHVVIRU\RX
%\$OODKWKH\NHSWRQUHSURDFKLQJPHXQWLO,WKRXJKW
RIJRLQJEDFNWR0HVVHQJHURI$OODK3%8+DQGUHWUDFWP\FRQIHVVLRQ7KHQ,VDLGWRWKHP
+DV
DQ\RQHHOVHPHWWKHVDPHIDWH"
7KH\VDLG
<HVWZRSHUVRQVKDYHPHWWKHVDPHIDWH7KH\PDGH WKH
VDPHVWDWHPHQWDV\RXGLGDQGWKHVDPHYHUGLFWZDVGHOLYHUHGLQWKHLUFDVH
,DVNHGC:KRDUHWKH\"
7KH\VDLG
0XUDUDKELQ$U5DELC$OC$PULDQG+LODOELQ8PDL\\DK$O:DTLIL
7KH\PHQWLRQHGWKHVH
WZRSLRXVPHQZKRKDGWDNHQSDUWLQWKHEDWWOHRI%DGUDQGWKHUHZDVDQH[DPSOHIRUPHLQWKHP,ZDV
FRQILUPHGLQP\RULJLQDOUHVROYH0HVVHQJHURI$OODK3%8+SURKLELWHGWKH0XVOLPVWRWDONWRWKH
WKUHHRIXVIURPDPRQJVWWKRVHZKRKDGVWD\HGEHKLQG7KHSHRSOHEHJDQWRDYRLGXVDQGWKHLUDWWLWXGH
WRZDUGVXVFKDQJHGDQGLWVHHPHGDVLIWKHZKROHDWPRVSKHUHKDGWXUQHGDJDLQVWXVDQGLWZDVLQIDFW
WKHVDPHDWPRVSKHUHRIZKLFK,ZDVIXOO\DZDUHDQGLQZKLFK,KDGOLYHGIRUDIDLUO\ORQJWLPH:H
VSHQWILIW\QLJKWVLQWKLVYHU\VWDWHDQGP\WZRIULHQGVFRQILQHGWKHPVHOYHVZLWKLQWKHLUKRXVHVDQG
VSHQWPRVWRIWKHLUWLPHZHHSLQJ$V,ZDVWKH\RXQJHVWDQGWKHVWURQJHVW,ZRXOGOHDYHP\KRXVH
DWWHQGWKHFRQJUHJDWLRQDO6DODWPRYHDERXWLQWKHED]DDUVEXWQRQHZRXOGVSHDNWRPH,ZRXOGFRPH
WR0HVVHQJHURI$OODK3%8+DVKHVDWDPRQJVWSHRSOHDIWHUWKH6DODWJUHHWKLPDQGZRXOGDVN
P\VHOIZKHWKHURUQRWKLVOLSVPRYHGLQUHVSRQVHWRP\JUHHWLQJV7KHQ,ZRXOGSHUIRUP6DODWQHDUKLP
DQGORRNDWKLPVWHDOWKLO\:KHQ,ILQLVKP\6DODWKHZRXOGORRNDW PHDQGZKHQ,ZRXOGFDVWDJODQFH
DWKLPKHZRXOGWXUQDZD\KLVH\HVIURPPH:KHQWKHKDUVKWUHDWPHQWRIWKH0XVOLPVWRPH
FRQWLQXHGIRUDFRQVLGHUDEOHOHQJWKRIWLPH,ZDONHGDQG,FOLPEHGXSRQWKHZDOORIWKHJDUGHQRI
$EX4DWDGDKZKRZDVP\FRXVLQDQG,KDGDJUHDWORYHIRUKLP,JUHHWHGKLPEXWE\$OODKKHGLG
QRWDQVZHUWRP\JUHHWLQJ,VDLGWRKLPC2$EX4DWDGDK,DGMXUH\RXLQWKH1DPHRI$OODKDUH\RX
QRWDZDUHWKDW,ORYH$OODKDQG+LV0HVVHQJHU3%8+"
,DVNHGKLPWKHVDPHTXHVWLRQDJDLQEXWKH
UHPDLQHGVLOHQW,DJDLQDGMXUHGKLPZKHUHXSRQKHVDLGC$OODKDQG+LV0HVVHQJHU3%8+NQRZ
EHWWHU
0\H\HVZHUHILOOHGZLWKWHDUVDQG,FDPHEDFNFOLPELQJGRZQWKHZDOO
$V,ZDVZDONLQJLQWKHED]DDUVRI$O0DGLQDKDPDQIURPWKH6\ULDQSHDVDQWVZKRKDGFRPHWRVHOO
IRRGJUDLQVLQ$O0DGLQDKDVNHGSHRSOHWRGLUHFWKLPWR.DCEELQ0DOLN3HRSOHSRLQWHGWRZDUGVPH
+HFDPHWRPHDQGGHOLYHUHGDOHWWHUIURPWKH.LQJRI*KDVVDQDQGDV,ZDVDVFULEH,UHDGWKDWOHWWHU
ZKRVHSXUSRUWZDV C,WKDVEHHQFRQYH\HGWRXVWKDW\RXUIULHQGWKH3URSKHW3%8+ZDVWUHDWLQJ\RX
KDUVKO\$OODKKDVQRWFUHDWHG\RXIRUDSODFHZKHUH\RXDUHWREHGHJUDGHGDQGZKHUH\RXFDQQRWILQG
\RXUULJKWSODFHVRFRPHWRXVDQGZHVKDOOUHFHLYH\RXJUDFLRXVO\
$V,UHDGWKDWOHWWHU,VDLG
7KLVLV
WRRDWULDO
VR,SXWLWWRILUHLQDQRYHQ:KHQIRUW\GD\VKDGHODSVHGDQG0HVVHQJHURI$OODK3%8+
UHFHLYHGQR5HYHODWLRQWKHUHFDPHWRPHDPHVVHQJHURIWKH0HVVHQJHURI$OODKDQGVDLGC9HULO\
0HVVHQJHURI$OODK3%8+KDVFRPPDQGHG\RXWRNHHSDZD\IURP\RXUZLIH
,VDLGC6KRXOG,
GLYRUFHKHURUZKDWHOVHVKRXOG,GR"
+HVDLGC1REXWRQO\NHHSDZD\IURPKHUDQGGRQ
WKDYHVH[XDO
FRQWDFWZLWKKHU
7KHVDPHPHVVDJHZDVVHQWWRP\FRPSDQLRQV6R,VDLGWR P\ZLIH
<RXEHWWHUJR
WR\RXUSDUHQWVDQGVWD\WKHUHZLWKWKHPXQWLO$OODKJLYHVWKHGHFLVLRQLQP\FDVH
7KHZLIHRI+LODO
ELQ8PDL\\DKFDPHWR0HVVHQJHURI$OODK3%8+DQGVDLG
20HVVHQJHURI$OODK+LODOELQ
8PDL\\DKLVDVHQLOHSHUVRQDQGKDVQR VHUYDQW'R\RXGLVDSSURYHLI,VHUYHKLP"
+HVDLG C1REXW
GRQ
WOHWKLPKDYHDQ\VH[XDOFRQWDFWZLWK\RX
6KHVDLG
%\$OODKKHKDVQRVXFKGHVLUHOHIWLQKLP
%\$OODKKHKDVEHHQLQWHDUVVLQFHWKLVFDODPLW\VWUXFNKLP
0HPEHUVRIP\IDPLO\VDLGWRPH
C<RXVKRXOGKDYHVRXJKWSHUPLVVLRQIURP0HVVHQJHURI$OODK3%8+LQUHJDUGWR\RXUZLIH+HKDV
DOORZHGWKHZLIHRI+LODOELQ8PDL\\DKWRVHUYHKLP
,VDLG
,ZRXOGQRWVHHNSHUPLVVLRQIURP
0HVVHQJHURI$OODK3%8+IRU,GRQRWNQRZZKDW0HVVHQJHURI$OODKPLJKWVD\LQUHVSRQVHWRWKDW
DV,DPD\RXQJPDQ
,WZDVLQWKLVVWDWHWKDW,VSHQWWHQPRUHQLJKWVDQGWKXVILIW\GD\VKDGSDVVHG
VLQFHSHRSOHER\FRWWHGXVDQGJDYHXSWDONLQJWRXV$IWHU,KDGRIIHUHGP\)DMUSUD\HURQWKHHDUO\
PRUQLQJRIWKHILIWLHWKGD\RIWKLVER\FRWWRQWKHURRIRIRQHRIRXUKRXVHVDQGKDGVDWLQWKHYHU\VWDWH
ZKLFK$OODKGHVFULEHGDVC7KHHDUWKVHHPHGFRQVWUDLQHGIRUPHGHVSLWHLWVYDVWQHVV
,KHDUGWKHYRLFH
RIDSURFODLPHUIURPWKHSHDNRIWKHKLOO6DOCVKRXWLQJDWWKHWRSRIKLVYRLFH
2.DCEELQ0DOLN
UHMRLFH
,IHOOGRZQLQSURVWUDWLRQDQGFDPHWRNQRZWKDWWKHUHZDVDPHVVDJHRIUHOLHIIRUPH
0HVVHQJHURI$OODK3%8+KDGLQIRUPHGWKHSHRSOHDERXWWKHDFFHSWDQFHRIRXUUHSHQWDQFHE\$OODK
DIWHUKH KDGRIIHUHGWKH)DMUSUD\HU6RWKHSHRSOHZHQWRQWRJLYHXVJODGWLGLQJVDQGVRPHRIWKHP
ZHQWWRP\FRPSDQLRQVLQRUGHUWRJLYHWKHPWKHJODGWLGLQJV$PDQVSXUUHGKLVKRUVHWRZDUGVPHWR
JLYHWKHJRRGQHZVDQGDQRWKHURQHIURPWKHWULEHRI$VODPFDPHUXQQLQJIRUWKHVDPHSXUSRVHDQG
DVKHDSSURDFKHGWKHPRXQW,UHFHLYHGWKHJRRGQHZVZKLFKUHDFKHGPHEHIRUHWKHULGHUGLG:KHQWKH
RQHZKRVHYRLFH,KDGKHDUGFDPHWRPHWRFRQJUDWXODWHPH,WRRNRIIP\JDUPHQWVDQGJDYHWKHPWR
KLPIRUWKHJRRGQHZVKHEURXJKWWRPH%\$OODK,SRVVHVVHGQRWKLQJHOVHLQWKHIRUPRIFORWKHV
H[FHSWWKHVHJDUPHQWVDWWKDWWLPH7KHQ,ERUURZHGWZRJDUPHQWVGUHVVHGP\VHOIDQGFDPHWR
0HVVHQJHURI$OODK3%8+2QP\ZD\,PHWJURXSVRISHRSOHZKRJUHHWHGPHIRUWKHDFFHSWDQFH
RIUHSHQWDQFHDQGWKH\VDLG
&RQJUDWXODWLRQVIRUDFFHSWDQFHRI\RXUUHSHQWDQFH
,UHDFKHGWKHPRVTXH
ZKHUH0HVVHQJHURI$OODK3%8+ZDVVLWWLQJDPLGVWSHRSOH7DOKDKELQC8EDLGXOODKJRWXSDQG
UXVKHGWRZDUGVPHVKRRNKDQGVZLWKPHDQGJUHHWHGPH%\$OODKQRSHUVRQVWRRGXSWRJUHHWPH
IURPDPRQJVWWKH0XKDMLUXQEHVLGHVKLP
.DCEDGGHG%\$OODK,GRQRWNQRZDQ\RQH
DPRQJWKH0XVOLPVZKRKDVEHHQJUDQWHGWUXWKIXOQHVVEHWWHUWKDQPHVLQFH,VDLGWKLVWRWKH3URSKHW
3%8+%\$OODK6LQFHWKHWLPH,PDGHDSOHGJHRIWKLVWR0HVVHQJHURI$OODK3%8+,KDYHQHYHU
LQWHQGHGWRWHOODOLHDQG,KRSHWKDW$OODKZRXOGSURWHFWPHDJDLQVWWHOOLQJOLHVIRUWKHUHVWRIP\OLIH
$OODKWKH([DOWHGWKH*ORULRXVUHYHDOHGWKHVH9HUVHV
.DCEVDLG%\$OODKVLQFH$OODKJXLGHGPHWR,VODPWKHUHKDVEHHQQREOHVVLQJPRUHVLJQLILFDQWIRU
PHWKDQWKLVWUXWKRIPLQHZKLFK,VSRNHWR0HVVHQJHURI$OODK3%8+DQGLI,ZHUHWRWHOODOLH,
ZRXOGKDYHEHHQUXLQHGDVZHUHUXLQHGWKRVHZKRKDGWROGOLHVIRU$OODKGHVFULEHGWKRVHZKRWROGOLHV
ZLWKWKHZRUVWGHVFULSWLRQ+HHYHUDWWULEXWHGWRDQ\ERG\HOVHDV+HVHQWGRZQWKH5HYHODWLRQ
.DCEIXUWKHUDGGHG7KHPDWWHURIWKHWKUHHRIXVUHPDLQHGSHQGLQJIRUGHFLVLRQDSDUWIURPWKHFDVH
RIWKRVHZKRKDGPDGHH[FXVHVRQRDWKEHIRUH0HVVHQJHURI$OODK3%8+DQGKHDFFHSWHGWKRVH
WRRNIUHVKRDWKVRIDOOHJLDQFHIURPWKHPDQGVXSSOLFDWHGIRUWKHLUIRUJLYHQHVV7KH3URSKHW3%8+
NHSWRXUPDWWHUSHQGLQJWLOO$OODKGHFLGHGLW 7KHWKUHHZKRVHPDWWHUZDVGHIHUUHGKDYHEHHQVKRZQ
PHUF\ 7KHUHIHUHQFHKHUHLVQRWWRRXUVWD\LQJEDFNIURPWKHH[SHGLWLRQEXWWRKLVGHOD\LQJRXUPDWWHU
DQGNHHSLQJLWSHQGLQJEH\RQGWKHPDWWHURIWKRVHZKRPDGHWKHLUH[FXVHVRQRDWKZKLFKKHDFFHSWHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVPDQ\DVSHFWVRIZDUQLQJVDQGDGYLFHVVRPHRIZKLFKDUHJLYHQ
EHORZ
$0XVOLPVKRXOGDOZD\VVSHDNWKHWUXWKHYHQLIKHKDVWRIDFHWURXEOHVDQGWXUPRLOIRULWEHFDXVHWKH
3OHDVXUHRI$OODKOLHVLQWUXWK
2QHPXVWDYRLGDWDOOFRVWVWKHDWWLWXGHRIK\SRFULWHVEHFDXVHHYHQWXDOO\RQHLVUXLQHGE\LW
,QVSLWHRIKDUGVKLSDQGVWULQJHQF\RQHPXVWWDNHSDUWLQ-LKDG
)RUWKHDGPRQLWLRQDQGH[KRUWDWLRQRIRWKHUVLWJLYHVMXVWLILFDWLRQIRUWKHHFRQRPLFER\FRWWRIHYHQ
VLQFHUH0XVOLPVZKRDGRSWZURQJPHWKRGV
2QHPXVWIDFHZLWKIRUEHDUDQFHWKHGLIILFXOWLHVZKLFKFRPHLQWKHZD\RI'HHQ
,WLVQRWSUDLVHZRUWK\WKDWRQHJLYHVLQFKDULW\DOOWKHSURSHUW\KHKDV2QHPXVWNHHSZKDWLVQHHGHG
IRUWKHODZIXOQHHGV
,WLVODZIXOWRJLYHVRPHWKLQJE\ZD\RIJLIWDQGUHZDUGWRDSHUVRQZKRFRQJUDWXODWHVLQWKHHYHQWV
RIKDSSLQHVV
7KHDELOLW\WRVHHNSDUGRQLVDJLIWIURP$OODKIRUZKLFKRQHPXVWH[SUHVVJUDWLWXGHWR+LP
$Q\SURPLVHWKDWRQHPDNHVPXVWEHNHSWHWFHWF
7KDWPDQFRPSOLHG
ZLWKWKHRUGHUV$WODVWWKH3URSKHW3%8+FRPPDQGHGWRFDUU\RXWWKHVHQWHQFH+HUFORWKHVZHUH
VHFXUHGDURXQGKHUDQGVKHZDVVWRQHGWRGHDWK7KH3URSKHW3%8+OHGKHUIXQHUDOSUD\HUVC8PDU
VXEPLWWHG20HVVHQJHURI$OODK6KHFRPPLWWHG=LQDDQG\RXKDYHSHUIRUPHGIXQHUDOSUD\HUIRU
KHU"
+HUHSOLHG 9HULO\VKHPDGHUHSHQWDQFHZKLFKZRXOGVXIILFHIRUVHYHQW\RIWKHSHRSOHRI$O
0DGLQDKLILWLVGLYLGHGDPRQJWKHP&DQWKHUHEHDQ\KLJKHUGHJUHHRI UHSHQWDQFHWKDQWKDWVKH
VDFULILFHGKHUOLIHYROXQWDULO\WRZLQWKH3OHDVXUHRI$OODKWKH([DOWHG"
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJILYHSRLQWV
,WFRQILUPVWKHYDOLGLW\RIWKHSXQLVKPHQWRI5DMPIRUWKHDGXOWHUHUWKDWLVWRVD\WKDWKHVKRXOGEH
VWRQHGWRGHDWK
7KHPHULWRIVLQFHUHSDUGRQ
7KHGHVFULSWLRQRI IHDURI$OODKDVZHOODVRIDFFRXQWDELOLW\RQWKH'D\RI5HVXUUHFWLRQE\WKH
3URSKHW
V&RPSDQLRQVDQGWKHLUSUHIHUHQFHIRUSXQLVKPHQWRIVLQVLQWKLVZRUOGUDWKHUWKDQLQWKH
+HUHDIWHU
,WLVSHUPLVVLEOHWRSHUIRUPWKHIXQHUDOSUD\HURIRQHZKRKDVEHHQJXLOW\RIPDMRUVLQVSURYLGHGKH
KDVQRWEHHQWDNLQJWKHPDVODZIXOEHFDXVHLQWKDWFDVHWKHUHLVGDQJHURIGLVEHOLHI
$SUHJQDQWZRPDQFDQQRWEHSXQLVKHGZLWK5DMPXQWLOVKHJLYHVELUWKWRWKHFKLOGDQGWKHSHULRG
VSHFLILHGIRUVXFNOLQJWKHEDE\ LVFRPSOHWHG
,EQ
$EEDVDQG$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK
3%8+VDLG ,IDVRQRI$GDPZHUHWRRZQDYDOOH\IXOORIJROGKHZRXOGGHVLUHWRKDYHWZR
1RWKLQJFDQILOOKLVPRXWKH[FHSWWKHHDUWKRIWKHJUDYH$OODKWXUQVZLWKPHUF\WRKLPZKRWXUQVWR
+LPLQUHSHQWDQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKPDQ
VJUHHGDQGKLVOXVWIRUPDWHULDOZHDOWK2QO\WKHSHUVRQ
ZKRKDVDSHUIHFW)DLWKFDQVDYHKLPVHOIIURPLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (YHQWKHJUHDWHVWVLQVLQFOXGLQJWKRVHZKLFKRQHKDVFRPPLWWHGEHIRUHHPEUDFLQJ
,VODPDUHIRUJLYHQE\UHSHQWDQFH
6PLOLQJLVDOVRRQHRIWKH$WWULEXWHVRI$OODKDOWKRXJKZHDUHXQDZDUHRIWKHQDWXUHRILW
&+$37(5
3$7,(1&($1'3(56(9(5$1&(
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH(QGXUHDQGEHPRUHSDWLHQW
$QGFHUWDLQO\:HVKDOOWHVW\RXZLWKVRPHWKLQJRIIHDUKXQJHUORVVRIZHDOWKOLYHVDQGIUXLWV
EXWJLYHJODGWLGLQJVWR$V6DELUXQWKHSDWLHQW
2QO\WKRVHZKRDUHSDWLHQWVKDOOUHFHLYHWKHLUUHZDUGLQIXOOZLWKRXWUH
FNRQLQJ
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV
UHFRPPHQGHGE\$OODK
7KHUHDUHQXPHURXV9HUVHVRIWKH1REOH4XU
DQLQFXOFDWLQJSDWLHQFHDQGH[WROOLQJLW
&RPPHQWDU\
3LHW\LQDOOIRUPVLVPHULWRULRXV$QG)DLWKPHDQV)DLWKLQLWVSHUIHFWIRUP6RPHSHRSOHDUHRIWKH
RSLQLRQWKDWKHUH)DLWKPHDQV6DODW3XULILFDWLRQLVHVVHQWLDOIRU6DODWDQGWKLVLVWKHUHDVRQLWLV
UHJDUGHGDVKDOIRI6DODW
([FHOOHQFHRIWKHUHPHPEUDQFHRI$OODK
,QGXFHPHQWIRUFRQFHQWUDWLRQRQ6DODWEHFDXVHLWLVDOLJKWZKLFKSURYLGHVJXLGDQFHWRD0XVOLPDW
HYHU\VWHSDQGSUHYHQWVKLPIURPREVFHQLW\DQGXQODZIXODFWLRQV
6DGDTDKVLJQLILHVD0XVOLP
VVLQFHULW\DQGGHYRWLRQ
7KHSUDLVHZRUWKLQHVVRISDWLHQFH,WLVDVWURQJZHDSRQRID0XVOLPZKLFKSURYLGHVKLPZLWK
VWHDGIDVWQHVV
7KH4XU
DQLVDPHDQVRIVDOYDWLRQDVZHOODVGHVWUXFWLRQIRUD0XVOLP,IRQHDFWVXSRQLWVRUGHUVLW
EHFRPHVDPHDQVRIKLVVDOYDWLRQLIKHVKXQVWKHPLWUXLQVKLP
2QHVKRXOGQRWOHDYHRQHVHOILGOHEXWNHHSLWEXV\ EXV\LQVRPHQREOHZRUNRWKHUZLVHLWZRXOG
WHQGWRHYLOZKLFKZLOOHYHQWXDOO\UXLQKLP
2QHVKRXOGVSHQGWKLVWUDQVLWRU\HDUWKO\OLIHLQWKHREHGLHQFHRI$OODK
$EX6D
LG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGWKDW&HUWDLQSHRSOHRIWKH$QVDU
DVNHGWKH0HVVHQJHURI$OODK3%8+DQGKHJDYHWKHPWKHQWKH\DJDLQDVNHGKLPDQGKHJDYHWKHP
XQWLODOOZKDWKHSRVVHVVHGZDVH[KDXVWHG7KHQWKH3URSKHW3%8+VDLG :KDWHYHUZHDOWK,KDYH,
ZLOOQRWZLWKKROGIURP\RX:KRVRHYHUZRXOGEHFKDVWHDQGPRGHVW$OODKZLOONHHSKLPFKDVWHDQG
PRGHVWDQGZKRVRHYHUZRXOGVHHNVHOIVXIILFLHQF\$OODKZLOOPDNHKLPVHOIVXIILFLHQWDQGZKRVRHYHU
ZRXOGEHSDWLHQW$OODKZLOOJLYHKLPSDWLHQFHDQGQRRQHLVJUDQWHGDJLIWEHWWHUDQGPRUH
FRPSUHKHQVLYHWKDQSDWLHQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %HVLGHVGHVFULELQJJHQHURVLW\NLQGQHVVPXQLILFHQFHDQGQRELOLW\RIWKH3URSKHW
3%8+KHKDVEHHQRUGDLQHGE\$OODKWRDGRSWSDWLHQFHFRQWHQWPHQWDQGVHOIUHVSHFWDQGWRDYRLG
DQ\RQH
VIDYRXU
&RPPHQWDU\ $0XVOLPLVUHTXLUHGWREHKDYHLQSRYHUW\DQGSURVSHULW\DIIOXHQFHDQGKDUGVKLSLQ
WKHPDQQHUVWDWHGLQWKLV+DGLWK,WPHDQVWKDWWRIRUJHW$OODKLQSURVSHULW\ UDWKHUWKDQEHLQJWKDQNIXO
WR+LPIRU+LV)DYRXULVGHILDQFHRI+LV2UGHUV6LPLODUO\LWLVXQEHFRPLQJRID0XVOLPWKDWLQ
WURXEOHVDQGWXUPRLOUDWKHUEHLQJSDWLHQWKHWHQGVWRZHHSLQJDQGFU\LQJJURXVLQJDQGJULHYLQJ
DJDLQVWWKH:LOORI$OODK
:KHQKHZDVEXULHGVKH
VDLG$UH\RXVDWLVILHGQRZWKDW\RXSXWHDUWKRYHUWKHJUDYHRI0HVVHQJHURI$OODK3%8+"
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWLWLVSHUPLVVLEOHWRH[SUHVVWKHWURXEOHDQGUHVWOHVVQHVVZKLFK
RQHIHHOVDWWKHWLPHRIGHDWK6LPLODUO\H[SUHVVLRQRISDLQDQG JULHILQDQDWXUDOZD\LQWKHHYHQWRI
VRPHRQH
VGHDWKLVDOVRSHUPLVVLEOH7RUHPHPEHUWKHYLUWXHVRIWKHGHFHDVHGLVDOVRSHUPLWWHGEXWLWLV
WREHIUHHIURPZDLOLQJDQGPRDQLQJODPHQWDWLRQDQGFU\LQJDQGWHDULQJRIIFORWKHVHWF7KHODVW
ZRUGVRI)DWLPDK0D\$OODKEHSOHDVHGZLWKKHUDUHDOVRDZD\RIH[SUHVVLQJJULHI DQGVDGQHVVDQG
QRWDFULWLFLVPRQWKHEXULDORIWKH3URSKHW3%8+EHFDXVHVXFKFULWLFLVPLVSURKLELWHGE\6KDULCDK
DQGQRRQHLVH[HPSWHGIURPLW
6KH
DJDLQVHQWIRUKLPDGMXULQJKLPIRUWKHVDNHRI$OODKWRFRPH7KH0HVVHQJHURI$OODKDFFRPSDQLHG
ZLWK6DCGELQC8EDGDK0XCDGKELQ-DEDO8ED\\ ELQ.DCE=DLGELQ7KDELWDQGVRPHRWKHUPHQZHQW
WRVHHKHU7KHFKLOGZDVOLIWHGXSWRWKH0HVVHQJHURI$OODKZKLOHKLVEUHDWKZDVGLVWXUEHGLQKLV
FKHVW2QVHHLQJWKDWWKHH\HVRIWKH3URSKHW3%8+VWUHDPHGZLWKWHDUV6DCGVDLG20HVVHQJHURI
$OODK:KDWLVWKLV"
+HUHSOLHG ,WLVFRPSDVVLRQZKLFK$OODKKDVSODFHGLQWKHKHDUWVRI+LVVODYHV
$OODKLV&RPSDVVLRQDWHRQO\WRWKRVHDPRQJ+LVVODYHVZKRDUHFRPSDVVLRQDWH WRRWKHUV
$QRWKHUYHUVLRQVD\V0HVVHQJHURI$OODK3%8+VDLG $OODKVKRZVFRPSDVVLRQRQO\WRWKRVH
DPRQJ+LVVODYHVZKRDUHFRPSDVVLRQDWH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
*DWKHULQJRIDOOWKHUHODWLYHVLVQRWQHFHVVDU\DWWKHWLPHRIVRPHRQH
VGHDWK+RZHYHUWKHLU
SDUWLFLSDWLRQLQWKHIXQHUDOSUD\HULV0XVWDKDE)DUG.LID\DKDGHVLUDEOHFROOHFWLYHGXW\XSRQDOO
0XVOLPVEXWZKLFKLVVXIILFLHQWRUHTXLYDOHQWWRDOOKDYLQJSHUIRUPHGLWLILWLVSHUIRUPHGE\RQO\
VRPHRIWKHP
7KHGHVLUHRIWKHUHODWLYHVWKDWDWWKHWLPHRIVRPHRQH
VGHDWKVRPHSLRXVSHRSOHVKRXOGEHSUHVHQWLV
TXLWHJHQXLQHVRWKDWWKHDJRQL]LQJSURFHVVRIGHDWKLVPDGHHDV\E\WKHLUSUD\HUV
,WLVODZIXOWKDWDWUXVWZRUWK\SHUVRQLVPDGHWRWDNHDQRDWKDQGLWLVHVVHQWLDOIRUWKHWUXVWHHWRIXOILOO
LWDVLWLQFUHDVHVWKHPXWXDOWUXVWDQGORYH
7RVKHGWHDUVRQVRPHRQH
VGHDWKDQGWRDGYLFHWKHUHODWLYHVRIWKHGHFHDVHGIRUSDWLHQFHDQG
DFFRXQWDELOLW\DUHSHUPLVVLEOHDFWV
([SUHVVLRQRINLQGQHVVDQGORYHLVDJLIWIURP$OODKDQGPHDQVWRJDLQ+LV&RPSDVVLRQZKLOH
GHSULYDWLRQIURPLWLVFDOORXVQHVV
&RPPHQWDU\
7KHPRVWLPSRUWDQWOHVVRQRIWKLV+DGLWKLVWKDWZKDWHYHUGLIILFXOWLHVRQHKDVWRIDFHRQWKHSDWKRI
'HHQKHVKRXOGHQGXUHLWZLWKSDWLHQFHDQGGHWHUPLQDWLRQDQGLILQWHUHVWRIWKH'HHQUHTXLUHVRQH
VKRXOGVDFULILFHKLVOLIHIRULW
7KHZRQGHUVGLVSOD\HGE\ULJKWHRXVSHRSOHDUHWUXH:KHQ$OODK
V:LOODQG:LVGRPUHTXLUHV+H
PDQLIHVWVWKHVHZRQGHUVWKURXJK+LVVODYHV
,WLVDSURRIRIWKHWUXWKRIWKH4XU
DQWKDWLWKDVUHWROGWKHJUHDWKLVWRULFDOHYHQWOLNH$VKDEXO
8NKGXGZKLFKEXULHGLQWKHGXVWRIDJHVKDGORQJEHHQIRUJRWWHQ
,WLVQRWSRVVLEOHWRH[SODLQDQGLQWHUSUHWWKH4XU
DQZLWKRXWWKHKHOSRI$KDGLWK7KHHYHQWRI$VKVE
XO8NKGXGPHQWLRQHGLQWKH4XU
DQLVDQLQVWDQFHLQSRLQW,WLVWKH+DGLWKWKDWKDVEURXJKWLQWROLJKW
WKHGHWDLOVRIWKHHYHQWDQGFODULILHGLWVDPELJXLW\
6XFKLQFLGHQWVDUHDVRXUFHRIVWUHQJWKIRU WKHIDLWKRIWUXHEHOLHYHUV
6KHVDLG$ZD\IURPPH0\FDODPLW\KDV
QRWEHIDOOHQ\RXDQG\RXDUH QRWDZDUHRILW
7KHZRPDQZDVODWHUWROGWKDWLWZDVWKH3URSKHW3%8+
ZKRKDGDGYLVHGKHU6KHFDPHWRKLVGRRUZKHUHVKHIRXQGQRGRRUNHHSHU6KHVDLG,DPVRUU\,
GLGQRWNQRZ\RX
$QRWKHUQDUUDWLRQLQ0XVOLPVD\V7KHZRPDQZDVFU\LQJRYHUKHUVRQ
&RPPHQWDU\ 7KLV+DGLWKLQGLFDWHVWKHH[FHOOHQFHRIWKH3URSKHW
VFKDUDFWHU7KHZRPDQZKRPKH
DGYLVHGWRKDYHSDWLHQFHGLGQRWEHKDYHSURSHUO\EXWWKH3URSKHW3%8+ZDVQHLWKHUDQQR\HGQRUGLG
KHUHSURDFKKHU:KHQVKHDSSHDUHGEHIRUHKLPIRUWKHVHFRQGWLPHKHDJDLQUHSHDWHGKLVDGYLFHIRU
SDWLHQFH7KLV+DGLWKKDVDJUHDWOHVVRQIRUWKRVHZKRFDOOSHRSOHWRWKH5LJKW3DWK2XUVFKRODUVDQG
SUHDFKHUVVKRXOGIROORZWKLVH[FHOOHQWH[DPSOH
&RPPHQWDU\ %OLQGQHVVLVWKHJUHDWHVWGHSULYDWLRQLQWKHZRUOGDQG$OODKJUDQWVLWVUHZDUGDFFRUGLQJ
WR+LV3OHDVXUH)RUWKLVUHDVRQSDWLHQFHLQWKLVFDVHLVKLJKO\PHULWRULRXV,WVUHZDUGLV-DQQDK
SURYLGHGWKHEOLQGLVHQRUPRXVO\ULFKLQ)DLWK
C$WD
ELQ$EX5DEDKUHSRUWHG,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPDVNHGKLPZKHWKHUKH
ZRXOGOLNHWKDWKHVKRXOGVKRZKLPDZRPDQZKRLVIURPWKHSHRSOH-DQQDK:KHQKHUHSOLHGWKDWKH
FHUWDLQO\ZRXOGKHVDLG7KLVEODFNZRPDQZKRFDPHWRWKH3URSKHW3%8+DQGVDLGC,VXIIHUIURP
HSLOHSV\DQGGXULQJILWVP\ERG\LVH[SRVHGVRPDNHVXSSOLFDWLRQWR$OODKIRUPH
+H3%8+
UHSOLHG
,I\RXZLVK\RXHQGXUHLWSDWLHQWO\DQG\RXEHUHZDUGHGZLWK-DQQDKRULI\RXZLVK,VKDOO
PDNHVXSSOLFDWLRQWR$OODKWRFXUH\RX"
6KHVDLG
,VKDOOHQGXUHLW
7KHQVKHDGGHGC%XWP\ERG\LV
H[SRVHGVRSUD\WR$OODKWKDWLWPD\QRWKDSSHQ
+H3URSKHW3%8+WKHQVXSSOLFDWHGIRUKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KLOHFRQWLQXLQJPHGLFDOWUHDWPHQWRQHVKRXOGQRWLJQRUHKLVSUD\HUWR$OODKEHFDXVH
ERWKKDYHLPSRUWDQFHDQGXWLOLW\RIWKHLURZQ
&RPPHQWDU\ ,WPHQWLRQVWKHUHILQHGFKDUDFWHUDQGFRPSDVVLRQRIWKH3URSKHWVZKLFKKDVDQ
LPSRUWDQWOHVVRQIRUWKRVHZKRSUHDFKULJKWHRXVQHVV7KH\VKRXOGEHDOZD\VSUHSDUHGWRIDFHKDUGVKLSV
LQYROYHGLQLQYLWLQJSHRSOHWRWKHULJKWSDWKDQGLQVWHDGRIUHWDOLDWLRQIRUJLYHWKHLUDXGLHQFHDQGSUD\
IRUWKHLUJXLGDQFH7KHVHQREOHTXDOLWLHVDUHH[WUHPHO\LPSRUWDQWIRUWKRVHZKRDUHGHYRWHGWRSUHDFK
UHOLJLRQ
7KH3URSKHW3%8+
UHSOLHG <HV,VXIIHUDVPXFKDVWZRSHUVRQV
,VDLG,VWKDWEHFDXVH\RXKDYHDGRXEOHUHZDUG"
+H
UHSOLHG WKDWWKDWZDVVRDQGWKHQVDLG1R0XVOLPLVDIIOLFWHGE\DKDUPEHLWWKHSULFNLQJRIDWKRUQRU
VRPHWKLQJPRUHSDLQIXOWKDQWKDWEXW$OODKWKHUHE\FDXVHVKLVVLQVWRIDOODZD\MXVWDVDWUHHVKHGVLWV
OHDYHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3URSKHWVKDYHWRIDFHPRUHWKDQRUGLQDU\WURXEOHVDQGIRUWKDWUHDVRQWKHLUUHZDUGWR
EHDUWKHPLVDOVRLQFUHDVHG7KXVWKHH[FHVVRIKDUGVKLSVDQGJULHILVDVLJQRISHUIHFW)DLWKDQGQRWD
VLJQRI$OODK
VGLVSOHDVXUH
&RPPHQWDU\ 7URXEOHVRIWKLVZRUOGOLNHJULHIFDODPLW\GLVHDVHSRYHUW\ORVVRIOLIHDQGSURSHUW\
HWFKDYHDEHQLJQDVSHFWIRUD0XVOLPLQWKHVHQVHWKDWRQDFFRXQWRIWKHPKHWXUQVWRZDUGV$OODKDQG
EHJVPHUF\DQGFRPSDVVLRQIURP+LPEHFDXVHRIZKLFKKLVVLQVDUHIRUJLYHQ7KXVLQWKHVHWURXEOHV
WKHUHLVDEOHVVLQJIRUKLPLQWKH+HUHDIWHU
&RPPHQWDU\ 6LQFHPDQKDVQRNQRZOHGJHRIKLVIXWXUHZKHWKHULWLVJRRGRUEDGVRRQHVKRXOG
QHYHUGHVLUHIRURQH
VRZQGHDWKLQFRQVHTXHQFHRIIUXVWUDWLRQFUHDWHGE\WURXEOHVDQGWXUPRLOIRUWZR
UHDVRQV)LUVWO\GHVLUHIRUGHDWKLVVKHHULPSDWLHQFH6HFRQGO\LWLVTXLWHSRVVLEOHWKDWUHPDLQLQJSDUW
RIKLVOLIHPD\EHJRRGIRUKLVUHOLJLRXVDQGZRUOGO\OLIH6RLWLVSURKLELWHGWRGHVLUHGHDWK,WLV
KRZHYHUSHUPLVVLEOHWRGHVLUHIRU6KDKDGDKRUGHDWKLQ0DNNDKRU$O0DGLQDKEXWLWLVDVXEMHFWTXLWH
GLIIHUHQWIURPWKHRQHXQGHUGLVFXVVLRQ+RZHYHULIRQHKDVWRH[SUHVVZLVKIRUKLVRZQGHDWKKH
VKRXOGGRVRLQWKHZRUGVTXRWHGLQWKH+DGLWKFRQFHUQHG
&RPPHQWDU\
'LIILFXOWLHVLQWKHSDWKRI )DLWKGRQRWFRPHLQDQ\SDUWLFXODUSHULRG3HRSOHGHYRWHGWRWKHLU'HHQ
KDYHSDVVHGWKURXJKWULDOVDQGWULEXODWLRQVHYHU\ZKHUHDQGLQHYHU\DJHDQG KDYHHPHUJHGSXULILHGDV
GRHVWKHJROGDIWHUSDVVLQJWKURXJKWKHIXUQDFH6RLWLVXQEHFRPLQJIRUD0XVOLPWREHGLVWXUEHGE\
KDUGVKLSV
7KHJODGWLGLQJVDERXWGRPLQDWLRQRIUHOLJLRQDQGSHDFHDQGVHFXULW\ZHUHJLYHQLQWKHHDUO\SHULRG
RI,VODPZKLFKZHUHVXEVHTXHQWO\ZLWQHVVHGE\WKHSHRSOH(YHQQRZZKHUHYHU,VODPLVSUDFWLVHGLQ
WUXHVHQVHSHDFHDQGVHFXULW\DUHGLVWLQFWLYHIHDWXUHVRIWKHV\VWHPRIWKDWFRXQWU\
,VDLGWRP\VHOI%\$OODK,ZLOOLQIRUP0HVVHQJHURI
$OODK3%8+RIWKLV
,ZHQWWRKLPDQGLQIRUPHGKLP+LVIDFHEHFDPHUHGDQGKHVDLG:KRZLOOGR
MXVWLFHLI$OODKDQG+LV0HVVHQJHUGRQRW"
+DYLQJKHDUGWKLV,VDLGWR
P\VHOI,VKDOOQHYHUFRQYH\DQ\WKLQJRIWKLVNLQGWRKLPLQIXWXUH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKOHDGVWRWKHFRQFOXVLRQWKDWWKHOHDGHURIWKHSHRSOHRUWKHFDOLSKDKDVD
ULJKWLIVLWXDWLRQGHPDQGVWRJLYHWRWKHQHZ0XVOLPVDQGRWKHULQIOXHQWLDODQGUHVSHFWDEOHSHRSOHRI
WKHVRFLHW\PRUHWKDQRWKHUVIRUWKHLUVDWLVIDFWLRQDQGHQFRXUDJHPHQW7KHPDQZKRUDLVHGREMHFWLRQRQ
WKHGLVWULEXWLRQRIERRW\E\WKH3URSKHW3%8+ZDVDK\SRFULWH'HYRXW0XVOLPVFRXOGQHYHUWKLQN
WKDWWKH3URSKHW3%8+FRXOGEHXQMXVWWRDQ\RQH7KLVLQFLGHQWDOVR JRHVWRSURYHWKDWWKH3URSKHW
3%8+DOVRIHOWDVPXFKDVRWKHUVGLGWKHWKLQJVZKLFKLQIXULDWHGRUSOHDVHGRWKHUVEHFDXVHKHZDVD
PDQDQGQRWDVXSHUKXPDQEHLQJ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWIRUD0XVOLPWULDOVDUHDOVRDEOHVVLQJLQWKLVZRUOGEHFDXVHKLV
VLQVDUHIRUJLYHQLQSURSRUWLRQWRWKHWULDOVKHKDVWRIDFHDQGKLVUHZDUGLVLQFUHDVHGZLWKWKH:LOORI
$OODK7KXVD0XVOLPVKRXOGDOZD\VEHSDWLHQWDQGFRQWHQWHGLQWKHHYHQWRIWULDOEHFDXVHZLWKRXW
WKHVHTXDOLWLHVKHZLOOQRWKDYHWKHSULYLOHJHDVVRFLDWHGZLWKWKHP,QIDFWKLVLPSDWLHQFHZRXOG
LQFUHDVHKLVVLQVHYHQIXUWKHU
8PP6XODLPWKHPRWKHURIWKHER\UHSOLHG%HWWHUWKDQ
EHIRUH7KHQVKHSODFHGKLVHYHQLQJPHDOEHIRUHKLPDQGKHDWHLWDQGWKHUHDIWHUVOHSWZLWKKHU$W
ODVWVKHVDLGWRKLP$UUDQJHIRUWKHEXULDORIWKHER\,QWKHPRUQLQJ$EX7DOKDKZHQWWR
0HVVHQJHURI$OODK3%8+DQGLQIRUPHGKLPRIWKHHYHQW+HHQTXLUHG 'LG\RXVOHHSWRJHWKHUODVW
QLJKW"
7KHUHDIWHUVKHJDYHELUWKWRDER\$EX7DOKDKVDLGWRPH7DNHXSWKHER\DQGFDUU\
KLPWRWKH3URSKHW3%8+
7KHQDUUDWLRQLQ%XNKDULDGGV,EQC8\DLQDKUHODWHVWKDWDPDQIURPWKH$QVDUWROGKLPWKDWKHKDG
VHHQQLQHVRQVRIWKLVC$EGXOODKHYHU\RQHRIZKRPKDGFRPPLWWHGWKH1REOH4XU
DQWRPHPRU\
+HVDLG1R6KHVDLG7KHQKRSHUHZDUGIRU\RXUVRQ$EX
7DOKDKJRWDQJU\DQGVDLG<RXOHIWPHXQLQIRUPHGXQWLO,VWDLQHGP\VHOIZLWKVH[XDOLQWHUFRXUVH
DQGWKHQ\RXWROGPHDERXWP\VRQ+HZHQWWR0HVVHQJHURI$OODK3%8+DQGLQIRUPHGKLPDERXW
WKHPDWWHU7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG 0D\$OODKEOHVVWKHQLJKW\RXVSHQW
WRJHWKHU
7KHQH[WPRUQLQJ,FDUULHGWKHEDE\
ZLWKPHWR0HVVHQJHURI$OODK3%8+DQGQDUUDWHGWKHUHVWRIWKHVWRU\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVPDQ\OHVVRQVIRURXUVRFLDOOLIH)RULQVWDQFH
7KHFKDUDFWHURIDZRPDQRIJUHDWSDWLHQFHDQGJUDWLWXGHLVPHQWLRQHGKHUH,QVSLWHRIWKHGHDWKRI
KHUFKLOGVKHQHLWKHUZHSWDQGFULHGQRUGLGVKHPRDQDQGPRXUQ6KHZDVSDWLHQWWRWKHH[WHQWWKDW
ZKHQKHUKXVEDQGFDPHKRPHVKHORRNHGDIWHUDOOKLVQHHGVOLNHDORYLQJDQGREHGLHQWZLIHGRHVDQG
WKHQEURNHWKHVDGQHZVRIWKHGHDWKRIWKHLUFKLOGLQDQREOHPDQQHU7KXVWKLV+DGLWKKROGVWKHOHVVRQ
WKDWLWLVWKHIRUHPRVWGXW\RIDZLIHWKDWVKHVKRXOGVHUYHKHUKXVEDQGZHOODQGSURYLGHFRPIRUWDQG
SHDFHRIPLQGWRKLP
,WLVPHULWRULRXVIRUDZLIHWREHDXWLI\KHUVHOIDWKRPHIRUKHUKXVEDQG
2QHZKRLQKLVWURXEOHLVFRQWHQWHGZLWKWKH:LOORI$OODKFHUWDLQO\JHWVDUHZDUGIRULWIURP+LP
:RPHQFDQDOVRWDNHSDUWZLWKPHQLQ-LKDGDQGZLWKLQWKHSUHVFULEHGOLPLWVUHQGHUWR0XMDKLGXQ
ZDUULRUVLQWKHFDXVHRIUHOLJLRQWKHVHUYLFHVVXFKDVGUHVVLQJRIWKHZRXQGHGZHOIDUHRIWKHSDWLHQWV
VXSSO\RIIRRGHWF
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLQVWUXFWVRQHVHOIWRNHHSLQFRQWUROLQRUGHUWRRYHUFRPHKLVUDJH
&RPPHQWDU\ ,QWKHHYHQWRIUDJHLIDSHUVRQEHFRPHVFRQVFLRXVWKDWZKDWKHLVIHHOLQJLVD
VXJJHVWLRQIURP6DWDQKHVKRXOGSUHYHQWKLPVHOIIURPLWWKLVFRQVFLRXVQHVVLVWKHEHVWUHPHG\WR
RYHUFRPHWKHUDJH7KRVHZKRDUHHDVLO\LQIXULDWHGFRXOGPDNHXVHRIWKLVSUHVFULSWLRQ
&RPPHQWDU\ 7KHZRUGC+XU
LVWKHSOXUDORIC+DXUD
DQH[WUHPHO\EHDXWLIXOZRPDQRIIDLU
FRPSOH[LRQ7KHZRUG (LQ LVWKHSOXUDORI $LQDZRPDQZLWKODUJHH\HV%RWKWKHZRUGVVWDQGIRU
WKHPRVWEHDXWLIXOZRPHQZKRZLOOEHDZDUGHGWR0XVOLPVLQ-DQQDK7KLV+DGLWKPHQWLRQVWKH
GLVWLQFWLRQDQGUHZDUGRIVHOIFRQWURORIDPDQZKRLQVSLWHRIEHLQJSRZHUIXODQGKDYLQJWKHPHDQVWR
DYHQJHVXSSUHVVHVKLVUDJHDQGGRHVQRWH[HUFLVHKLVSRZHU
&RPPHQWDU\
5DJHZKLFKLVGHFODUHGREMHFWLRQDEOHLVWKHRQHZKLFKFRQFHUQVZRUOGO\DIIDLUVEXWWKDWZKLFKLVIRU
$OODKDQG+LVUHOLJLRQWKDWLVWRVD\ZKLFKRFFXUVRQWKHYLRODWLRQRIWKH,QMXQFWLRQVRI$OODKLV
PHULWRULRXVDQGHVVHQWLDO
$Q\RQHZKRJHWVIXULRXVTXLFNO\VKRXOGEHDGYLVHGDJDLQDQGDJDLQWRFRQWUROKLVDQJHUVRWKDWKH
EHFRPHVFRQVFLRXVRIWKLVZHDNQHVVDQGWULHVWRRYHUFRPHLW
5DJHLVDPHDQVRIIXOILOOPHQWRIVDWDQLFDLPVVRLWLVDJUHDWHYLODQGSHRSOHDUHDGYLVHGWRPDNH
HYHU\HIIRUWWRSUHYHQWWKHPVHOYHVIURPWKLVVDWDQLFGHYLFH
&RPPHQWDU\ :HFRPHWRNQRZIURPWKLV+DGLWKWKDW0XVOLPVDUHVSHFLDOWDUJHWVRIWULDOVEXWD
UHGHHPLQJIHDWXUHRIWKHVHWULDOVLVWKDW0XVOLPV
VLQVDUHSDUGRQHGWKURXJKWKHPSURYLGHGWKH\UHPDLQ
ILUPLQWKHLU)DLWKDQGSDWLHQFH
+XUUDVNHGC8PDUDQGKHDFFRUGHGSHUPLVVLRQ:KHQC8\DLQDKFDPHLQWRWKHSUHVHQFHRIC8PDUKH
DGGUHVVHGKLPWKXV2VRQRI.KDWWDE\RXQHLWKHUEHVWRZPXFKRQXVQRUGHDOZLWKXVMXVWO\
C8PDU
0D\$OODKEHSOHDVHGZLWKKLPJRWDQJU\DQGZDVDERXWWREHDWKLPXSZKHQ+XUUVDLGCC2/HDGHU
RIWKH%HOLHYHUV$OODKVDLGWR +LV3URSKHW3%8+
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQ
DZD\IURPWKHIRROLVKLHGRQ
WSXQLVKWKHP
7KLVRQHLVIURPWKHLJQRUDQWV:KHQ+XUU
UHFLWHGWKLVC8PDUEHFDPHTXLWHPRWLRQOHVVLQKLVVHDW+HDOZD\VDGKHUHGVWULFWO\WRWKH%RRNRI
$OODK
>$O%XNKDUL@
&RPPHQWDU\
,QWKLV+DGLWKWKHZRUGC4XUUD
GRHVQRWVWDQGIRUWKHNLQGRIWKHC4XUUD
UHFLWHUV RIWKHSUHVHQWDJH
ZKRDUHRQO\SURIHVVLRQDOLQWKHDUWRIUHFLWLQJWKH4XU
DQDQGKDYHDPHORGLRXVYRLFHEXWZKDWLW
UHDOO\PHDQWZDVWKHFODVVRIVFKRODUVZKRZHUHZHOOYHUVHGLQLWVPHDQLQJVDQGLPSOLFDWLRQVDQGZKR
FRXOGWKRURXJKO\GLVWLQJXLVKEHWZHHQWKHODZIXODQGWKHXQODZIXOIDLUDQGIRXO6XFKPHQXVHGWREH
WKHFRPSDQLRQVRIWKHHDUO\QREOHFDOLSKV,WOHDGVWRWKHFRQFOXVLRQWKDWUXOHUVVKRXOGFKRRVHWKHLU
DGYLVRUVIURPUHOLJLRXVVFKRODUVDQGQRWIURPWKRVHZKRDUHJLYHQWRWKHZRUOGDQGZKRVHVROHDLPLQ
OLIHLVWRDPDVVZHDOWKUDWKHUWKDQFDUHDERXWWKHZHOIDUHRIWKHSHRSOHDQGZKRVHDGYLFHLVEDVHGRQ
VHOILVKPRWLYHVDQGYHVWHGLQWHUHVWV
6LQFHVFKRODUVKLSDQGSLRXVQHVVDUHWKHIRUHPRVWTXDOLILFDWLRQVIRUFRXQVHOORUVDQGDGYLVRUVWKHUHLV
QRUHVWULFWLRQRIDJHIRUWKHP
7KHUXOHUVKRXOGDOZD\VEHYHU\FRQVLGHUDWHDQGWROHUDQW
7KHUXOHUVKRXOGQHYHUKHVLWDWHIURPDFFHSWLQJWUXWKDQGULJKWHRXVQHVV
7KH\VXEPLWWHG:KDWGR\RX
RUGHUXVWRGRXQGHUVXFKFLUFXPVWDQFHV"
+HUHSOLHG 'LVFKDUJH\RXUREOLJDWLRQVDQGDVN\RXU
ULJKWVIURP$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVWKDWLI\RXKDYHUXOHUVZKRGHQ\\RXUULJKWVDQGJLYHWKHPVHOYHVDQG
WKHLUUHODWLYHVSUHIHUHQFHRYHU\RXWKHQSDWLHQFHLVDEHWWHUUHFRXUVH5DWKHUWKDQUHYROWLQJDJDLQVW
WKHP\RXVKRXOGVHHNSDUGRQDQGIRUJLYHQHVVIURP$OODKDQGSUD\IRU+LV3URWHFWLRQDJDLQVWWKH
PLVFKLHIDQGW\UDQQ\RIWKHUXOHUVSURYLGHGWKH\GRQRWVKRZRXWULJKWGLVEHOLHI
0HVVHQJHURI$OODK3%8+VDLG $IWHUPH\RXZLOOVHHRWKHUVJLYHQSUHIHUHQFHWR\RXEXW\RX
VKRXOGUHPDLQSDWLHQWWLOO\RXPHHWPHDWWKH+DXG $O.DXWKDULQ-DQQDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KHSURSKHF\RIWKH3URSKHW3%8+FDPHWUXHZKLFKLVDPLUDFOHDVZHOODVDQHYLGHQFHRIKLV
WUXWKIXOQHVV
'HPDQGIRUDQRIILFHLVQRWDSOHDVDQWTXDOLW\,WLVWKHUHIRUHSURKLELWHGWRJLYHRIILFHWRDSHUVRQ
ZKRGHPDQGVLW,WLVKRZHYHUSHUPLVVLEOHRQO\LQFDVHDSHUVRQIHHOVWKDWKHLVPRUHFRPSHWHQWWKDQ
RWKHUVDQGWKHUHLVQRRQHHOVHLQYLHZZKRLVPRUHLQWHOOLJHQWFDSDEOHDQGSLRXV
7KHQKHLQYRNHG$OODKVD\LQJ 2$OODK5HYHDOHURIWKH%RRN
'LVSHUVHURIWKHFORXGV'HIHDWHURIWKH&RQIHGHUDWHVSXWRXUHQHP\WRURXWDQGKHOSXVLQRYHU
SRZHULQJWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$OWKRXJKJUHDWVWUHVVKDVEHHQODLGRQIXOOSUHSDUDWLRQDQGUHDGLQHVVIRU-LKDGLWLVSURKLELWHGWR
ZLVKIRUZDUZLWKHQHP\
3DWLHQFHLVDJUHDWZHDSRQRID0XVOLP,QWKHFRQWH[WRI-LKDGLWPHDQVVWHDGIDVWQHVVIRUWLWXGHDQG
IHDUOHVVQHVVRIGHDWKLQWKHEDWWOHILHOG
0XVOLPVDUHRUGDLQHGQRWWRUHO\HQWLUHO\RQZHDSRQVPDWHULDOUHVRXUFHVDQGWKHLUPLOLWDU\SURZHVV
7KH\DUHDGYLVHGWRSUD\WR$OODKIRU
&+$37(5
7587+)8/1(66
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH%HDIUDLGRI$OODKDQGEHZLWKWKRVHZKRDUHWUXHLQZRUGVDQGGHHGV
WKHQLIWKH\KDGEHHQWUXHWR$OODKLWZRXOGKDYHEHHQEHWWHUIRUWKHP
>$JUHHGXSRQ@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHPHULWDQGLPSRUWDQFHRIVLQFHUHLQWHQWLRQZKLFKLQIDFWLVVR
JUHDWWKDWE\YLUWXHRILW$OODKUDLVHVDSHUVRQ
VVWDWXVWRWKDWRIDPDUW\U2QWKHFRQWUDU\SHUVRQVRI
IRXOLQWHQWLRQZLOOEHFRQVLJQHGWR+HOOE\$OODKHYHQLIWKH\GLHLQ-LKDG
&RPPHQWDU\
,QWKHRSLQLRQRI,PDP$V6X\XWLWKH3URSKHW3%8+UHIHUUHGWRLQWKLV+DGLWKZDV3URSKHW
<XVKDCELQ1XQ-RVKXD+LVFRQGXFWVKRZVWKDWLWLVQHFHVVDU\WRPDNHVXLWDEOHDUUDQJHPHQWVIRUWKH
ZRUOGO\QHHGVRIWKRVHZKRDUHHQJDJHGLQWKH&DXVHRI$OODKVRWKDWWKH\FDQFRQFHQWUDWHRQWKHLU
VWUXJJOHZLWKRXWDQ\GLVWUDFWLRQ
7KHODZIXOQHVVRIWKHERRW\RIZDUIRXJKWLQWKHZD\RI$OODKLVDVSHFLDOW\RIWKH0XVOLP8PPDK
%HIRUHWKHDGYHQWRI,VODPWKH6KDU
LDKRI3URSKHW0XKDPPDG3%8+WKHERRW\RIZDUZKLFKZDV
IUHHIURPGLVKRQHVW\XVHGWREHFRQVXPHGE\ILUH7KLV+DGLWKDOVR FRQILUPVWKHPLUDFOHRIWKH3URSKHW
<XVKD
-RVKXDLQZKLFKWKHPRYHPHQWRIWKHVXQZDVVWRSSHGXQWLOKHKDGFRQTXHUHGWKHYLOODJH
>$O%XNKDULDQG0XVOLP@
&+$37(5
:$7&+)8/1(66
$OODKWKH([DOWHGVD\V
7UXO\QRWKLQJLVKLGGHQIURP$OODKLQWKHHDUWKRULQWKHKHDYHQ
8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKWKHPVDLG2QFHZHZHUHVLWWLQJLQWKHFRPSDQ\
RI0HVVHQJHURI$OODK3%8+ZKHQWKHUHDSSHDUHGDPDQGUHVVHGLQYHU\ZKLWHFORWKHVDQGKDYLQJ
H[WUDRUGLQDU\EODFNKDLU1RVLJQVRIIDWLJXHRIMRXUQH\DSSHDUHGRQKLPDQG KHZDVNQRZQWRQRQHRI
XV+HVDWGRZQIDFLQJWKH3URSKHW3%8+OHDQLQJKLVNQHHVDJDLQVWWKHNQHHVRIWKH3URSKHW3%8+
DQGSODFLQJERWKRIKLVSDOPVRYHUKLVWZRWKLJKVDQGVDLG20XKDPPDG3%8+7HOOPHDERXW
,VODP+H3%8+UHSOLHG ,VODPLVWRWHVWLI\WKDWQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODKDQG
WKDW0XKDPPDG3%8+LVWKH0HVVHQJHURI$OODKWKDW\RXREVHUYH6DODWSUD\HUVSD\=DNDW
REVHUYH6DXPIDVWLQJRI5DPDGDQDQGSHUIRUP+DMMSLOJULPDJHRIWKH+RXVHSURYLGHG\RXKDYH
UHVRXUFHVRIPDNLQJMRXUQH\WRLW
+HUHSOLHG<RXKDYHVSRNHQWKHWUXWK:HZHUHVXUSULVHGWRVHH
WKDWKHKDGDVNHGKLPDQGFRQILUPHGWKHFRUUHFWQHVVRIWKHDQVZHUV+HWKHQHQTXLUHG7HOOPHDERXW
,PDQ+H3%8+VDLG ,WLVWREHOLHYHLQ$OODKDQG+LV%RRNVDQG+LV0HVVHQJHUVDQGWKH/DVW
'D\DQGWKDW\RXEHOLHYHLQIRUHRUGDLQPHQWLWVEDGDQGJRRGFRQVHTXHQFHV
+HVDLG<RXKDYH
VSRNHQWKHWUXWK
+HWKHQHQTXLUHG7HOOPHDERXW,KVDQ
,UHSOLHG
$OODKDQG+LV0HVVHQJHUNQRZEHWWHU7KH3URSKHW3%8+VDLG +HZDV-LEULO*DEULHOKHFDPH
WR\RXWRWHDFK\RX\RXUUHOLJLRQ
>0XVOLP@
&RPPHQWDU\ 9LUWXHREOLWHUDWHVYLFHPHDQVWKDWYLUWXHEHFRPHVDQDWRQHPHQWIRUVLQ%XWWKLVDSSOLHV
WRPLQRUVLQVRQO\EHFDXVHPDMRURQHVZLOOQRWEHIRUJLYHQZLWKRXWVLQFHUHUHSHQWDQFH6LPLODULVWKH
FDVHRIHQFURDFKPHQWRQSXEOLFULJKWVZKLFKZLOOQRWEHIRUJLYHQZLWKRXWWKHLUFRPSHQVDWLRQ
:KDWHYHUWURXEOHRQHKDVWRVXIIHULQWKLVZRUOGLWGRHVQRWODVWIRUHYHU(YHU\WURXEOHLVIROORZHG
E\SURVSHULW\SOHDVXUHDQGKDSSLQHVV
2QHVKRXOGQHYHUDVNRWKHUWKDQ$OODKDQ\RQH
VKHOSLQVXSHUQDWXUDOZD\EHFDXVHLWDPRXQWVWR
DVFULELQJSDUWQHUVKLSZLWK$OODK,IDSHUVRQLVPLQGIXORIWKH5LJKWVRI$OODKWKHQ$OODKLQUHWXUQ
WDNHVFDUHRIKLVQHHGVDQGKHOSVKLP
&RPPHQWDU\ 7KHOHVVIHDURI$OODKRQHKDVWKHPRUHGLVREHGLHQWKHEHFRPHVWR+LP$VWKHIHDURI
$OODKGHFUHDVHVRQHEHFRPHVPRUHEROGLQFRPPLWWLQJVLQV$VWKH&RPSDQLRQVRIWKH3URSKHW
3%8+ZHUHLQWHQVHO\IHDUIXORI$OODKWKH\ZHUHDIUDLGRIFRPPLWWLQJHYHQYHU\PLQRUVLQV
&RPPHQWDU\ &RPPLWPHQWRIXQODZIXODFWVFDOOVIRUWKHGLVSOHDVXUHDQG:UDWKRI$OODK
7KHUHXSRQWKHDQJHOUDQKLVKDQGRYHUKLPDQG$OODK
UHVWRUHGKLVVLJKW7KHDQJHOWKHQDVNHGZKDWSURSHUW\KHZRXOGOLNHEHVW+HUHSOLHGWKDWKHZRXOGOLNH
VKHHSVRKHZDVJLYHQDSUHJQDQWHZH)ORFNVDQGKHUGVZHUHSURGXFHGIRUWKHWKUHHPHQWKHILUVW
KDYLQJDYDOOH\IXOORIFDPHOVWKHVHFRQGRQHDYDOOH\IXOORIFRZVDQGWKHWKLUGRQHIXOORIVKHHS
7KHQWKHDQJHOFDPHLQWKHIRUPRIDOHSHUWRWKHRQHZKRKDGEHHQDOHSHUDQGVDLG,DPDSRRUPDQ
DQGP\UHVRXUFHVKDYHEHHQH[KDXVWHGLQP\MRXUQH\DQGP\RQO\PHDQVRIUHDFKLQJP\GHVWLQDWLRQ
DUHGHSHQGHQWRQ$OODKDQGWKHQRQ\RXVR,DVN\RXE\+LP:KRJDYH\RXWKHJRRGFRORXUWKHJRRG
VNLQDQGWKHSURSHUW\IRUDFDPHOE\ZKLFK,PD\JHWWRP\GHVWLQDWLRQ+HUHSOLHG,KDYHPDQ\
GXHV WRSD\
7KHDQJHOWKHQVDLG,WKLQN,UHFRJQL]H\RX:HUH\RXQRWDOHSHUZKRPSHRSOHIRXQG
ORDWKVRPHDQGDSRRUPDQWRZKRP$OODKJDYHSURSHUW\"
+HUHSOLHG,LQKHULWHGWKLVSURSHUW\
WKURXJKJHQHUDWLRQV7KHDQJHOVDLG,I\RXDUHWHOOLQJDOLH PD\$OODKUHWXUQ\RXWR\RXUIRUPHU
FRQGLWLRQ7KHDQJHOZHQWLQWKHIRUPRIDEDOGPDQWRWKHRQHZKRKDGEHHQEDOGDQGVDLGWKHVDPH
DVKHKDGVDLGWRWKHIRUPHUDQGUHFHLYHGDVLPLODUUHSO\6RKHVDLG,I\RXDUHWHOOLQJDOLHPD\$OODK
UHWXUQ\RX WR\RXUIRUPHUFRQGLWLRQ7KHDQJHOWKHQZHQWWRWKHRQHZKRKDGEHHQEOLQGDQGVDLG,
DPDSRRUWUDYHOOHUDQGP\UHVRXUFHVKDYHEHHQH[KDXVWHGLQP\MRXUQH\0\RQO\PHDQVRIUHDFKLQJ
P\GHVWLQDWLRQDUHGHSHQGDQWRQ$OODKDQGWKHQRQ\RXVR,DVN\RX E\+LP:KRUHVWRUHG\RXU
H\HVLJKWIRUDVKHHSE\ZKLFK,PD\JHWWRWKHHQGRIP\MRXUQH\+HUHSOLHG<HV,ZDVEOLQG$OODK
UHVWRUHGP\H\HVLJKWVRWDNHZKDW\RXZLVKDQGOHDYHZKDW\RXZLVK,VZHDUE\$OODKWKDW,VKDOOQRW
DUJXHZLWK\RXWRGD\WR UHWXUQDQ\WKLQJ\RXWDNHDV,JLYHLWIRU$OODK
VVDNH7KHDQJHOVDLG.HHS
\RXUSURSHUW\<RXKDYHDOOVLPSO\EHHQSXWWRDWHVWDQG$OODKLVSOHDVHGZLWK\RXDQGGLVSOHDVHG
ZLWKERWKRI\RXUFRPSDQLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDEXQGDQFHRISURSHUW\DQGZHDOWKLVDOVRDWULDO+HDORQH
VXFFHHGVLQWKLVWULDOZKRLQWKHPLGVWRIKLVULFKHVGRHVQRWIRUJHWDERXW$OODK
V6WDWXVDQGKLVRZQ
VWDWXV5DWKHUWKDQEHFRPLQJSURXGRIKLVZHDOWKKHWDNHVSOHDVXUHLQVSHQGLQJLWLQIXOILOOLQJWKHQHHGV
RISHRSOHDQGH[SUHVVHVJUDWLWXGHWR+LPLQSUDFWLFDOWHUPV7KRVHZKRWDNHDQRSSRVLWHFRXUVHDUH
UHJDUGHGXQVXFFHVVIXOEHFDXVHRQDFFRXQWRIWKHLUZURQJDWWLWXGHWKH\WHQGWRIDOVHKRRGSULGHDQG
PLVHUOLQHVVZKLFKFDXVH WKHGLVSOHDVXUHRI$OODK
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIWKHDFFRXQWDELOLW\RIRQH
VVHOI0HUHGHVLUHV
ZKLFKDUHQRWFRXSOHGZLWKSUDFWLFDOHIIRUWVDUHRIQRDYDLOEHFDXVH$OODKJUDQWVUHZDUGRQJRRGGHHGV
DQGQRWRQ\HDUQLQJVDQGGHVLUHVZKLFKDUHQRWVXSSRUWHGE\QREOHDFWLRQV
&RPPHQWDU\ 7KLV+DGLWKOD\VGRZQDYHU\LPSRUWDQWSULQFLSOHWKDWRQHVKRXOGDYRLGVHQVHOHVVWDON
DQGDFWLRQV,IRQHDFWVXSRQWKLVSULQFLSOHKHFDQVDYHKLPVHOIIURPPDQ\VLQVDQGHYLOV
6K$O$OEDQLLVWKHOHDGLQJDXWKRULW\LQWKHVFLHQFHRI+DGLWK
&+$37(5
3,(7<
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH)HDU$OODKDV+HVKRXOGEHIHDUHG
6RNHHS\RXUGXW\WR$OODKDQGIHDU+LPDVPXFKDV\RXFDQ
7KLVVHFRQG9HUVHH[SODLQVWKHPHDQLQJRIWKHILUVWRQH
,I\RXREH\DQGIHDU$OODK+HZLOOJUDQW\RX)XUTDQ>DFULWHULRQWRMXGJHEHWZHHQULJKWDQG
ZURQJRU 0DNKUDMLHDZD\IRU\RXWRJHWRXWIURPHYHU\GLIILFXOW\@DQGZLOOH[SLDWHIRU
\RX\RXUVLQVDQGIRUJLYH\RXDQG$OODKLVWKH2ZQHURIWKHJUHDWERXQW\
7KH\VDLG:HDUHQRWDVNLQJDERXWWKLV+HVDLG 7KHQWKH
PRVWKRQRXUDEOHRIPHQZDV <XVXI -RVHSKWKH3URSKHWRI$OODKWKHVRQRI $OODK
V3URSKHWZKR
ZDVWKHVRQRI WKH3URSKHWRI$OODKZKRZDVWKHVRQRIWKH.KDOLORI$OODKLH,EUDKLP3%8+
7KH\VDLG:HDUHQRWDVNLQJ\RXDERXWWKLV
+HHQTXLUHG $UH\RXWKHQDVNLQJPHDERXWWKHFODVVHV
RIWKH$UDEV"7KHEHVWRIWKHPLQWKH3UH,VODPLF3HULRGRI ,JQRUDQFHDUHWKHEHVWRIWKHPLQ,VODP
SURYLGHGWKH\FRPSUHKHQGWKHUHOLJLRXVNQRZOHGJH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HFRPHWRNQRZIURPWKLV+DGLWKWKDWWKHIDPLOLHVZKLFKHQMR\HGSRSXODULW\DQG
SUHVWLJHIRUWKHLUHPLQHQWTXDOLWLHVOLNHJHQHURVLW\FKLYDOU\KRQHVW\HWFLQWKHSUH,VODPLFSHULRG
ZHUHDOVRFUHGLWHGIRUWKHVHYDOXHVDIWHUWKHLUDFFHSWDQFHRI,VODP%XWQRZWKHLUUHVSHFWZDVTXDOLILHG
ZLWKWKHLUUHOLJLRXVNQRZOHGJHDQGSUDFWLFH7KHLUFDSDELOLWLHVVHOIUHVSHFWDQGRWKHUTXDOLWLHVZHUH
WXUQHGWRZDUGVDGLIIHUHQWGLUHFWLRQ7KHVHTXDOLWLHVZKLFKZHUHSUHYLRXVO\XVHGIRUSDJDQLVPZHUH
QRZGHYRWHGIRU,VODP
&RPPHQWDU\ :HDOWKDQGSURSHUW\RIWKLVZRUOGDUHIDYRXULWHVRIHYHU\RQHOLNHWKHIUHVKIUXLWZKLFK
LVVZHHWGHOLFLRXVDQGDWWUDFWLYHIRUDOO(YHU\RQHOLNHVWKHPDQGLVDWWUDFWHGWRZDUGVWKHP7KHPRVW
GHOLFLRXVIUXLWRIWKLVZRUOGLVZRPDQEXWDWWKHVDPHWLPHLWLVWKHPRVWEDQHIXO2QHZKRLQFOLQHV
WRZDUGVZHDOWKDQGZRPHQDQGLJQRUHVWKH,VODPLFOHJDOLQMXQFWLRQVKDVDWVWDNHERWKKLV'HHQDQG
)DLWKDQGRQHZKREHQHILWVIURPWKHPNHHSLQJRQHVHOIZLWKLQWKHERXQGVRI,VODPZRXOGEHVDIHIURP
WKHLUUXLQRXVHIIHFWV
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVIRXUZRUGVWKHPHDQLQJVDQGLPSOLFDWLRQVRIZKLFKFRQVWLWXWHLWV
HVVHQFH7KHVHZRUGVDUHJXLGDQFHSLHW\IHDURI$OODKFKDVWLW\DQGVXIILFLHQF\*XLGDQFHKHUH
PHDQVJXLGDQFHDWHYHU\WXUQRIOLIHDQGVWHDGIDVWQHVVRQWKHSDWKRIWUXWK)HDURI$OODKLVWKHJUHDWHVW
PHDQVRISLHW\DQGVWURQJHVWGHIHQVHDJDLQVWVLQV&KDVWLW\LVWKHVWDWHRIEHLQJIUHHIURPZKDWLV
XQODZIXO6HOIVXIILFLHQF\LVWKHDQWRQ\PRISRYHUW\DQGKHUHLWPHDQVWKHVHOIFRQWHQWPHQW:KDWLW
LPSOLHVLVWKDWRQHVKRXOGQRWFDUHIRUZKDWSHRSOHSRVVHVV,QYLHZRIDOOWKHVHTXDOLWLHVWKHSUD\HURI
WKH3URSKHW3%8+PHQWLRQHGLQWKLV+DGLWKLVYHU\FRPSUHKHQVLYHDQGYDOXDEOH
C$GLELQ+DWLP$W7D
L0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\ +HZKRKDVWDNHQDQRDWKWRGRVRPHWKLQJEXWIRXQGVRPHWKLQJHOVHEHWWHUWKDQWKDW
ZKLFKEULQJVKLPFORVHUWR$OODKWKHQKHVKRXOGGRWKDWZKLFKLVEHWWHULQSLHW\DQGKHVKRXOG
H[SLDWHIRUWKHEUHDNLQJRIRDWK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHPSKDVL]HVWKHLPSRUWDQFHRIKDYLQJWKHIHDURI$OODK6RPXFKVRWKDWLI
VRPHERG\KDVPDGHDYRZWRFRPPLWVRPHVLQKHVKRXOGEUHDNLWDUUDQJHIRULWVH[SLDWLRQDQGNHHS
KLPVHOIDZD\IURPWKDWVLQRUDQ\RWKHUDFWWKDWFRQWUDYHQHVWKHIHDURI$OODK
&RPPHQWDU\ 7KHZRUG:DGDCPHDQVWRVD\IDUHZHOO7KH)DUHZHOO3LOJULPDJHZDVWKHODVW
SLOJULPDJHWKH3URSKHW3%8+SHUIRUPHGDQGRQWKLVRFFDVLRQKHEDGHIDUHZHOOWRWKHSHRSOHDQGIRU
WKLVUHDVRQLWFDPHWREHNQRZQDV+DMMDWXO:DGDC2EHGLHQFHRI WKHUXOHUVLVVWUHVVHGEXWLWLV
FRQGLWLRQDOWKDWLVWRVD\WKH\DUHWREHREH\HGRQO\LIWKHLURUGHUVDUHQRWDJDLQVWWKHLQMXQFWLRQVRI
$OODK6LPLODUO\WKHLUREHGLHQFHLVREOLJDWRU\WLOOVXFKWLPHWKDWWKH\GRQRWGRDQ\WKLQJZKLFK
DPRXQWVWRRSHQGLVEHOLHI,IDQ\RIWKHVHWZRWKLQJVRFFXUVWKHQQRREHGLHQFHZRXOGEHGXHWRWKHP
&+$37(5
),50%(/,()$1'3(5)(&7
5(/,$1&(21$//$+
$OODKWKH([DOWHGVD\V
7KHQZKHQ\RXKDYHWDNHQDGHFLVLRQSXW\RXUWUXVWLQ$OODK
$QGZKRVRHYHUSXWVKLVWUXVWLQ$OODKWKHQ+HZLOOVXIILFHKLP
7KHEHOLHYHUVDUHRQO\WKRVHZKRZKHQ$OODKLVPHQWLRQHGIHHODIHDULQWKHLUKHDUWVDQGZKHQ
+LV9HUVHVWKLV4XU
DQDUHUHFLWHGXQWRWKHPWKH\LHWKH9HUVHVLQFUHDVHWKHLU)DLWKDQG
WKH\SXWWKHLUWUXVWLQWKHLU5XEE$ORQH
6RWKH\WROGKLP+HWKHQVDLG7KH\DUHWKRVHZKR
GRQRWPDNH5XT\DKEORZLQJRYHUWKHPVHOYHVDIWHUUHFLWLQJWKH4XU
DQRUVRPHSUD\HUVDQG
VXSSOLFDWLRQVWKH3URSKHW3%8+XVHGWRVD\QRUVHHNLWQRUSHUFHLYHRPHQVLHWKH\DUHQRW
SHVVLPLVWLFEXWNHHSWUXVWLQWKHLU5XEE$OODK
2QWKLV
8NDVKDKELQ0LKVDQVWRRGXSDQGDVNHG
3UD\WR$OODKWRPDNHPHRQHRIWKHP
7KHQ
DQRWKHUPDQVWRRGXSDQGDVNHGWKHVDPHWKLQJ7KH3URSKHW3%8+DQVZHUHG
8NDVKDKKDV
VXUSDVVHG\RX
>$O%XNKDULDQG0XOVLP@
&RPPHQWDU\
7KLV+DGLWKPHQWLRQVWKHLPSRUWDQFHRIIDLWKLQ$OODKLQGXFHPHQWIRUKDYLQJWUXVWLQ+LPDQGWKH
GLVWLQFWLRQRISHRSOHZKRKDYHWKHVHTXDOLWLHV
$OWKRXJKWKHSUDFWLFHRIEORZLQJRYHUVRPHRQHDIWHUUHFLWLQJWKH4XU
DQRUVXSSOLFDWLRQVRIWKH
3URSKHW3%8+DQGPHGLFDOWUHDWPHQWDUHSHUPLVVLEOHEXWWKH\ZKRDYRLGWKHPEHFDXVHRIWKHLU
H[WUHPHWUXVWLQ$OODKDQGVDYHWKHPVHOYHVIURPEDGRPHQHQMR\DGLVWLQJXLVKHG SRVLWLRQ
6RGLG0HVVHQJHURI$OODK0XKDPPDG3%8+ZKHQKHZDVWROG$JUHDWDUP\RIWKHSDJDQVKDG
JDWKHUHGDJDLQVWKLPVRIHDUWKHP%XWWKLVZDUQLQJRQO\LQFUHDVHGKLPDQGWKH0XVOLPVLQ)DLWK
DQGWKH\VDLG$OODK$ORQHLVVXIILFLHQWIRUXVDQG+HLVWKH%HVW'LVSRVHURIDIIDLUVIRUXV
>$O%XNKDUL@
&RPPHQWDU\ (YHQLQWKHZRUVWFLUFXPVWDQFHVRQHVKRXOGDOZD\VKDYHIDLWKDQGWUXVWLQ$OODK
,WKDVEHHQLQWHUSUHWHGWKDWVXFKSHRSOHDUHWKRVHZKRSXWWKHLUWUXVWLQ$OODKDQRWKHULQWHUSUHWDWLRQLV
WKDWWKHVHSHRSOHDUHWHQGHUKHDUWHG
&RPPHQWDU\
([FHOOHQFHRIWUXVWLQ$OODKDQGNLQGQHVVRIKHDUWDUHPRVWYDOXDEOHTXDOLWLHVEHFDXVHERWKRIWKHP
DUHPHDQVWRHQWHU-DQQDK
2QHVKRXOGQRWZRUU\PXFKDERXWRQH
VIRRGDQGPHDQVRIVXEVLVWHQFH,QIDFWSHRSOHVKRXOGKDYH
WKHKHDUWOLNHELUGVZKRGRQRWFROOHFWWRNHHSLQUHVHUYHDQ\WKLQJDQGJRRXWHYHU\PRUQLQJLQVHDUFK
RIIRRGDQGUHWXUQWRWKHLUQHVWVIXOO\VDWLDWHG7KLVDGYLFHLVUHSHDWHGLQDQRWKHU+DGLWK WRWKHHIIHFW
WKDWZKHQELUGVOHDYHWKHLUQHVWVLQWKHPRUQLQJWKH\DUHKXQJU\EXWZKHQWKH\FRPHEDFNWKHLU
VWRPDFKVDUHIXOODQGWKH\GRQRWQHHGDQ\PRUHIRRG
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,ZHQWLQDQH[SHGLWLRQDORQJZLWKWKH 3URSKHW
3%8+LQWKHGLUHFWLRQRI 1DMG:KHQ0HVVHQJHURI$OODK3%8+UHWXUQHG,DOVRUHWXUQHGZLWK
KLP7KHQWKHPLGGD\VOHHSRYHUWRRNXVLQDYDOOH\IXOORISULFNO\VKUXEV0HVVHQJHURI$OODK3%8+
JRWGRZQDQGWKHSHRSOHVFDWWHUHGDURXQGVHHNLQJVKDGHXQGHUWKHWUHHV0HVVHQJHURI$OODK3%8+
KDQJXSKLVVZRUGRQWKHEUDQFKRIDWUHH:HZHUHHQMR\LQJDVOHHSZKHQ0HVVHQJHURI$OODK3%8+
FDOOHGXVDQGOR7KHUHZDVDGHVHUW$UDEEHGRXLQQHDUKLP+H3%8+VDLG 7KLVPDQEUDQGLVKHG
P\VZRUGRYHUPHZKLOH,ZDVDVOHHS,ZRNHXSDQGVDZLWLQKLVKDQGXQVKHDWKHG+HDVNHGC:KR
ZLOOSURWHFW\RXIURPPH"
,UHSOLHG
$OODK
WKULFH+HGLGQRWSXQLVKKLPDQGVDWGRZQ
>$O%XNKDULDQG0XVOLP@
$QGLQDQDUUDWLRQRI$EX%DNU$O,VPDCLOL WKHSRO\WKHLVWDVNHG:KRZLOOSURWHFW\RXIURPPH"
0HVVHQJHURI$OODK3%8+UHSOLHG $OODK
$VVRRQDVKHVDLGWKLVWKHVZRUGIHOOGRZQIURPKLV
KDQGDQG0HVVHQJHURI$OODK3%8+FDWFKLQJWKHVZRUGDVNHGKLP :KRZLOOSURWHFW\RXIURPPH
+HVDLG3OHDVHIRUJLYHPH
+HVDLG1REXW,SURPLVH\RXWKDW,
VKDOOQRWILJKWDJDLQVW\RXQRUVKDOO,EHZLWKWKRVHZKRILJKWZLWK\RX7KH3URSKHW3%8+OHWKLP
JR+HWKHQZHQWEDFNWRKLVFRPSDQLRQVDQGVDLG,KDYHFRPHWR\RXIURPRQHRIWKHEHVWRI
PDQNLQG
&RPPHQWDU\ %HVLGHVWKH3URSKHW
VKDELWRISDUGRQLQJDQGJUDFLRXVDWWLWXGHWKLV+DGLWKPHQWLRQV
KLVXWPRVWWUXVWLQ$OODK,WWHOOVWKDWRQHZKRKDVWUXVWLQ$OODKLVKHOSHGE\+LP/DWHURQWKHEHGRXLQ
PHQWLRQHGLQWKH+DGLWKHPEUDFHG,VODP,QWKHEDWWOHRI'KDWXU5LTDCZKLFKWRRNSODFHLQWKHVL[WK
\HDURIWKH+LMUDGXHWRLQWHQVHKHDWDQGODFNRIIRRWZHDUWKH&RPSDQLRQVRIWKH3URSKHW3%8+
ZUDSSHGWKHLUIHHWZLWKSLHFHVRIFORWKDQGIRUWKLVUHDVRQLWZDVFDOOHG :DURISDWFKHVRIFORWK'KDW
XU5LTDC
6RPHVFKRODUVKDYHDOVRJLYHQDGLIIHUHQWUHDVRQIRUWKLVQDPH
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPVDLG0HVVHQJHURI$OODK3%8+ DVNHGPH
WRUHFLWHZKHQHYHU,JRWREHG$OODKXPPDDVODPWXQDIVLLODLNDZDZDMMDKWXZDMKLLODLNDZD
IDZZDGWXDPULLODLNDZDOMD
WX]DKULLODLNDUDJKEDWDQZDUDKEDWDQLODLNDODPDOMDZDODPDQMDPLQND
LOODLODLND$PDQWXELNLWDELNDOODGKLDQ]DOWD ZDQDEL\\LNDOODGKLDUVDOWD2$OODK,KDYHVXEPLWWHG
P\VHOIWR<RX,KDYHWXUQHGP\IDFHWR<RXHQWUXVWHGP\DIIDLUVWR<RXDQGFRPPLWWHGP\EDFNWR
<RXRXWRIGHVLUHIRU<RXDQGIHDURI<RXH[SHFWLQJ<RXUUHZDUGDQGIHDULQJ<RXUSXQLVKPHQW
7KHUHLVQRUHIXJHDQGQRSODFHRIVDIHW\IURP<RXEXWZLWK<RX,EHOLHYHLQWKH%RRN<RXKDYH
UHYHDOHGDQGLQWKH3URSKHW<RXKDYHVHQW
$EX'DZXGUHSRUWHGLWZLWKWKLVDGGLWLRQ2QHGHYLOZLOOVD\WRDQRWKHU
+RZFDQ\RXGHDOZLWKD
PDQZKRKDVEHHQJXLGHGGHIHQGHGDQGSURWHFWHG"
&RPPHQWDU\ 7KHSUD\HUTXRWHGLQWKLV+DGLWKVKRZVWKHLPSRUWDQFHRIFRQILGHQFHDQGWUXVWLQ$OODK
DQGUHTXHVWIRUVHFXULW\DJDLQVWWKHPLVFKLHIRI6DWDQ
&RPPHQWDU\ 7KLV+DGLWKHYLGHQWO\VKRZVWKDWLWLVSHUPLVVLEOHDQGGHVLUDEOHWRGHYRWHRQHVHOIRU
PDNHVRPHRQHHOVHWRGHYRWHKLPVHOIIRUUHOLJLRXVNQRZOHGJH6XFKVWXGHQWVRIUHOLJLRXVNQRZOHGJH
VKRXOGQRWEHFRQVLGHUHGDEXUGHQ6LPLODUO\RQHVKRXOGDOVRQRWLJQRUHWKRVHVWXGHQWVDQGVFKRODUV
ZKRDUHGHYRWHGWRVXFKNQRZOHGJHEHFDXVH$OODKPDNHVWKHLUKHOSDPHDQVRILQFUHDVLQJWKHGRQRU
V
VRXUFHVRIVXEVLVWHQFH
&+$37(5
835,*+71(66 67($')$671(66
$OODKWKH([DOWHGVD\V
9HULO\WKRVHZKRVD\C2XU5XEELV$OODK$ORQH
DQGWKHQWKH\VWDQGILUPRQWKHPWKH
DQJHOVZLOOGHVFHQGDWWKHWLPHRIWKHLUGHDWKVD\LQJ
)HDUQRWQRUJULHYH%XWUHFHLYHWKH
JODGWLGLQJVRI-DQQDKZKLFK\RXKDYHEHHQSURPLVHG:HKDYHEHHQ\RXUIULHQGVLQWKHOLIHRI
WKLVZRUOGDQGDUHVRLQWKH+HUHDIWHU7KHUHLQ\RXVKDOOKDYHDOOWKDW\RXULQQHUVHOYHVGHVLUH
DQGWKHUHLQ\RXVKDOOKDYHDOOIRUZKLFK\RXDVN$QHQWHUWDLQPHQWIURP$OODKWKH2IW
)RUJLYLQJ0RVW0HUFLIXO
&RPPHQWDU\ 6WHDGIDVWQHVVPHDQVDGKHULQJILUPO\WRWKHLQMXQFWLRQVRI,VODPWRDFWXSRQZKDWLV
RUGDLQHGDQGDYRLGZKDWLVSURKLELWHGWRSHUIRUPGXWLIXOO\RUGHUVLQUHVSHFWRIREOLJDWLRQVDQGZKDWLV
UHJDUGHGGHVLUDEOHDQGDYRLGZKDWLVXQODZIXO)DLWKLVQRWDPHUHH[SUHVVLRQRI6KDKDGDK7KHUHDO
)DLWKLVRQHZKLFKLVFRXSOHGZLWKLWVDFWXDOSUDFWLFHEHFDXVHSUDFWLFHRIUHOLJLRQLVLQIDFWWKHIUXLWRI
)DLWK$WUHHZKLFKGRHVQRWEHDUDQ\IUXLWKDVQRYDOXHVLPLODUO\IDLWKEHFRPHVPHDQLQJOHVVZLWKRXW
SUDFWLFH6WHDGIDVWQHVVLVWKHPDUNRISHUIHFW)DLWK
6RPHRQHDVNHG1RWHYHQ\RX20HVVHQJHURI$OODK"
+H3%8+VDLG 1RWHYHQPHXQOHVV$OODKJUDQWVPH+LV0HUF\DQG*UDFH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDOWKRXJKWKHLPSRUWDQFHRI)DLWKDQGLWVSUDFWLFHLVEH\RQGDQ\
VKDGRZRIGRXEWEHFDXVHWKLVLVWKHRQO\ZD\WRDWWDLQ+LV)DYRXUVDQG%OHVVLQJVEXWRQHVKRXOGQRW
HQWLUHO\GHSHQGXSRQSUDFWLFHRQO\EHFDXVHDQ\VKRUWFRPLQJ ZKLFKRQHGRHVQRWHYHQNQRZFDQUXLQ
DJRRGGHHG,WLVWKHUHIRUHHVVHQWLDOWKDWZHDOVRSUD\WKDWRXUJRRGGHHGVDUHDFFHSWHGE\$OODKDQG
WKDW+HJUDQWVXV+LV,QILQLWH0HUF\DQGVLQFHULW\EHFDXVHHYHQWKHJUHDWHVWQREOHGHHGLVLQYDOLG
ZLWKRXWLW
&+$37(5
321'(5,1*29(57+(*5($7&5($7,212)$//$+
7+(3$66,1*$:$<2)/,)(2)7+(:25/'7+(+255256
2)7+('$<2)5(48,7$/$1'/$;,7<2)21(
61$)6
$OODKWKH([DOWHGVD\V
9HULO\LQWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\
WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ
SUD\HUVVWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHVDQGWKLQNGHHSO\DERXWWKHFUHDWLRQRI
WKHKHDYHQVDQGWKHHDUWKVD\LQJ
2XU5XEE<RXKDYHQRWFUHDWHGDOOWKLVZ
LWKRXWSXUSRVH
JORU\WR<RX([DOWHGEH<RXDERYHDOOWKDWWKH\DVVRFLDWHZLWK<RXDVSDUWQHUV
'RWKH\QRWORRNDWWKHFDPHOVKRZWKH\DUHFUHDWHG"$QGDWWKHKHDYHQKRZLWLVUDLVHG"$QG
DWWKHPRXQWDLQVKRZWKH\DUHURRWHGDQGIL[HGILUP"$QGDWWKHHDUWKKRZLWLVVSUHDGRXW"
6RUHPLQGWKHP20XKDPPDG3%8+\RXDUHRQO\DRQHZKRUHPLQGV
+DYHWKH\QRWWUDYHOOHGWKURXJKWKHHDUWKDQGVHHQ
$\DWRIWKH4XU
DQDQG$KDGLWKRQWKHVXEMHFWDUHPDQ\6HHIRUH[DPSOH+DGLWK1RPHQWLRQHG
EHIRUH
&+$37(5
+$67(1,1*72'2
*22''(('6
$OODKWKH([DOWHGVD\V
6RKDVWHQWRZDUGVDOOWKDWLVJRRG
>0XVOLP@
,QDQRWKHUQDUUDWLRQ0HVVHQJHURI$OODKVDLG ,KDGOHIWVRPHJROGIRU6DGDTDKLQWKHKRXVHDQG
GLGQRWZLVKWRNHHSLWRYHUQLJKW
&RPPHQWDU\
$SHUVRQVKRXOGQRWNHHSVXFKDWKLQJEHFDXVHRIZKLFKKLVDWWHQWLRQLVGLYHUWHGIURP$OODK6:7
WRZDUGVWKDWWKLQJ
$OWKRXJKLWLVXQGHVLUDEOHWRMXPSRYHUWKHQHFNRISHRSOHLQRUGLQDU\FLUFXPVWDQFHVEXWLWLV
SHUPLVVLEOHZKHQVSHFLDOFRQGLWLRQVZDUUDQWLW
&RPPHQWDU\ &KDULW\LQWKHUHDOVHQVHLVWKDWZKLFKDSHUVRQJLYHVZKHQKHLVKHDOWK\,IDSHUVRQ
JLYHVFKDULW\ZKHQKHLVIDFLQJGHDWKLWGRHVQRWKDYHPXFKYDOXHEHIRUH$OODK0RUHRYHULQWKDW
FRQGLWLRQKHFDQQRWJLYHPRUHWKDQRQHWKLUGRIKLVSURSHUW\LQFKDULW\EHFDXVHWKHQLWEHFRPHVWKH
SURSHUW\RIKLVVXFFHVVRUVZKLFKFDQQRWEHVSHQWHYHQLQWKHZD\RI$OODK)RUWKLVUHDVRQ$OODKKDV
SUHVFULEHGDOLPLWLQWKLVUHVSHFWDFFRUGLQJWRZKLFKLIDSHUVRQJRLQJWKURXJKDPRUWDOGLVHDVHZDQWV
WRJLYHKLVSURSHUW\LQFKDULW\RUGRQDWHLWIRUVRPHFKDULWDEOHSXUSRVHKHFDQQRWVSHQGPRUHWKDQRQH
WKLUGRILWRQWKLVDFFRXQW7KLVLQMXQFWLRQLVDQLQGXFHPHQWIRUSHRSOHWRKXUU\LQGRLQJJRRGGHHGV
HVSHFLDOO\LQWKHPDWWHURIDOPVDQGFKDULW\,QIDFWKHVKRXOGGRLWZLWKRXWGHOD\
(YHU\RQHVWUHWFKHGIRUWKKLV
KDQGVD\LQJ,ZLOOWDNHLW,ZLOOWDNHLW+HWKH3URSKHW3%8+VDLG :KRZLOOWDNHLWZLWKLWVIXOO
UHVSRQVLELOLW\LHWRXVHLWWRILJKW$OODK
VHQHPLHVZLWKLW"
7KH&RPSDQLRQV KHVLWDWHG$EX'XMDQDK
0D\$OODKEHSOHDVHGZLWKKLPVDLG,VKDOOWDNHLW
DQGZLWKLWKHFUDFNHGWKHVNXOOVRIWKHSDJDQV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHSUHGLFWLRQWKDWZLWKWKHSDVVDJHRIWLPHFRQGLWLRQVZLOO
EHFRPHIURPEDGWRZRUVHZLWKWKHUHVXOWWKDWUXOHUVZRXOGEHFRPHPRUHDQGPRUHFUXHO,QVXFK
FLUFXPVWDQFHVWKHUHPHG\VXJJHVWHGKHUHLVWKDWUDWKHUWKDQPDNLQJDQ\HIIRUWWRUHIRUPWKHUXOHUVRQH
VKRXOGWU\WRUHIRUPRQHVHOIDQGZRUU\WRPDNHRQH
VRZQOLIHLQWKH+HUHDIWHUDQGHQGXUHSDWLHQWO\WKH
W\UDQQLHVSHUSHWUDWHGE\WKHUXOHUV
7KHQJLYLQJD
ZDUQLQJKHVDLG$UH\RXZDLWLQJIRUVXFKSRYHUW\ZKLFKZLOOPDNH\RXXQPLQGIXORIGHYRWLRQRU
SURVSHULW\ZKLFKZLOOPDNH\RXFRUUXSWRUGLVHDVHDVZLOOGLVDEOH\RXRUVXFKVHQLOLW\DVZLOOPDNH
\RXPHQWDOO\XQVWDEOHRUVXGGHQGHDWKRU$G'DMMDOZKRLVWKHZRUVWH[SHFWHGDEVHQWRUWKH+RXU
DQGWKH+RXUZLOOEHPRVWJULHYRXVDQGPRVWELWWHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSXUSRVHRIWKLV+DGLWKLVWKDWEHIRUHRYHUFRPLQJRIWKHREVWUXFWLRQVRQHVKRXOGGR
RQH
VEHVWWRLPSURYHKLV+HUHDIWHUE\PHDQVRIJRRGGHHGVOHVWRQHLVGHSULYHGRIJRRGGHHGVE\VRPH
REVWUXFWLRQ
&RPPHQWDU\
7KLV+DGLWKUHIHUVWRSURPLQHQFHVSHFLDOGLVWLQFWLRQDQGJUHDWQHVVRIC$OL0D\$OODKEHSOHDVHG
ZLWKKLP
,VODPLFVDQFWLRQVZRXOGEHDSSOLHGRQWKHDSSDUHQWFRQGXFWRIWKHSHRSOH7KXVDSHUVRQZKRZRXOG
DQQRXQFHKLVDFFHSWDQFH RI,VODPZLOOEHFRQVLGHUHGD0XVOLP:KDWLVKLGGHQLQKLVKHDUWZLOOEHOHIW
WR$OODK+HZLOOKRZHYHUEHSXQLVKHGZLWKUHWDOLDWLRQ4LVDVLQFDVHRIXQMXVWPXUGHUDQGH[HFXWLRQ
IRUDSRVWDV\
&+$37(5
7+(6758**/(,17+(
&$86(2)$//$+
$OODK WKH([DOWHGVD\V
$QGUHPHPEHUWKH1DPHRI\RXU5XEEDQGGHYRWH\RXUVHOIWR+LPZLWKDFRPSOHWHGHYRWLRQ
$QGZKDWHYHU\RXVSHQGLQJRRGVXUHO\$OODKNQRZVLWZHOO
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG $OODK
WKH([DOWHGKDVVDLG
,ZLOOGHFODUHZDUDJDLQVWKLPZKRVKRZVKRVWLOLW\WRDSLRXVZRUVKLSSHURI0LQH
$QGWKHPRVW EHORYHGWKLQJZLWKZKLFK0\VODYHFRPHVQHDUHUWR0HLVZKDW,KDYHHQMRLQHGXSRQ
KLPDQG0\VODYHNHHSVRQFRPLQJFORVHUWR0HWKURXJKSHUIRUPLQJ1DZDILOSUD\HURUGRLQJH[WUD
GHHGVEHVLGHVZKDWLVREOLJDWRU\WLOO,ORYHKLP:KHQ,ORYHKLP,EHFRPHKLVKHDULQJZLWKZKLFKKH
KHDUVKLVVHHLQJZLWKZKLFKKHVHHVKLVKDQGZLWKZKLFKKHVWULNHVDQGKLVOHJZLWKZKLFKKHZDONV
DQGLIKHDVNVVRPHWKLQJIURP0H,JLYHKLPDQGLIKHDVNV0\3URWHFWLRQUHIXJH,SURWHFWKLP
>$O%XNKDUL@
&RPPHQWDU\
7KRVHZKRPDNHLQQRYDWLRQVLQUHOLJLRQDQGDVVRFLDWHSDUWQHUVZLWK$OODKVXFKDV+XOXOL ZKR
EHOLHYHLQWKHLQGZHOOLQJOLJKWLQWKHVRXORIPDQ:XMXGL ZKREHOLHYHLQWKHSK\VLFDOIRUPRI$OODK
DQGSDJDQVZKRZRUVKLSRWKHUWKDQ$OODKLQWHUSUHWWKLV+DGLWKLQVXSSRUWRIWKHLUEHOLHIVDQGWKXVVHHN
VXSSRUWRIRQHZURQJIURPDQRWKHUDOWKRXJKWKHPHDQLQJDQGLQWHUSUHWDWLRQRIWKH+DGLWKLVQRWDWDOO
ZKDWWKH\GHVFULEH7KH+DGLWKPHDQVWKDWZKHQDSHUVRQDGGVYROXQWDU\SUD\HUVWRWKHREOLJDWRU\
RQHVKHEHFRPHVDIDYRXULWHVODYHRI$OODKDQGRQDFFRXQWRILWKHUHFHLYHVVSHFLDOKHOSIURP$OODK
7KHQKHLVSURWHFWHGE\$OODKWRWKHH[WHQWWKDW+HVXSHUYLVHVHYHU\RUJDQRIKLVERG\7KXVKHLV
VDYHGIURPGLVREHGLHQFHRI$OODK+HEHDUVZKDWLVOLNHG E\$OODKVHHVZKDWLVOLNHGE\+LPKDQGOHV
ZKDWSOHDVHV+LP:KHQKHDWWDLQVWKDWORIW\SRVLWLRQRIORYHDQGREHGLHQFHRI$OODKWKHQ$OODKLQ
UHWXUQDOVRJUDQWVSUD\HUVRI+LVREHGLHQWDQGOR\DOVODYHV
9ROXQWDU\SUD\HULVFHUWDLQO\DPHDQVRIDWWDLQLQJWKH3OHDVXUHRI$OODKEXWLWPXVWEHSUHFHGHGE\
WKHIXOILOOPHQWRIREOLJDWRU\SUD\HUV7KHIRUPHULVRIQRYDOXHLIWKHODWWHULVQHJOHFWHG7KHGHVLUHWR
DWWDLQQHDUQHVVRI$OODKZLWKRXWVWULFWREVHUYDQFHRIWKHREOLJDWRU\SUD\HUVLVIDOODFLRXVDQG
PHDQLQJOHVV
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVLQILQLWHEHQHYROHQFHJHQHURVLW\NLQGQHVVDQGUHJDUGRI$OODK
IRU+LVVODYHVZKLFKLVHYLGHQWIURPWKHUHZDUGWKDW+HJLYHVWR+LVVODYHVHYHQRQWKHLUPLQRUJRRG
GHHGV
&RPPHQWDU\
$O*KDEQLQ$UDELFPHDQVORVV:KDWLWUHDOO\VLJQLILHVLVWRVHOOVRPHWKLQJRIRQH
VRZQRQOHVV
WKDQLWVGXHSULFHRUWREX\VRPHWKLQJRQLWVGRXEOHRUWULSOHSULFH,QERWKFDVHVRQHLVDORVHU:KHQ D
SHUVRQFRPHVWRNQRZDERXWVXFKDORVVKHUHSHQWVDQGIHHOVVRUU\IRULW7KLVORVVFRXSOHGZLWKUHJUHW
LVFDOOHG$O*KDEQ,Q$KDGLWKPDQKDVEHHQFRPSDUHGZLWKWUDGHUDQGKHDOWKDQGOHLVXUHHQMR\HGE\
KLPZLWKPHUFKDQGLVH2QHZKRXVHVKLVPHUFKDQGLVHZLWKFDUHJDLQVSURILWZKLOHKHZKRZDVWHVLW
WKDWLVWRVD\XVHVLWFDUHOHVVO\ZLOOEHDORVHURQWKH'D\RI5HVXUUHFWLRQ
7KHPDMRULW\RISHRSOHGRQRWWDNHSURSHUFDUHRIERWKWKHVHWKLQJVZLWKWKHUHVXOWWKDWRQHZDVWHV
WKHWLPHLQXVHOHVVDFWLYLWLHVDQGVSHQGVWKHSK\VLFDOVWUHQJWKDQGHQHUJ\LQWKHGLVREHGLHQFHRI$OODK
2QHZLOOKDYHWRIDFHVHYHUHFRQVHTXHQFHVRILWRQWKH'D\RI5HVXUUHFWLRQZKHQKHZLOOEHEURXJKW
LQWRDFFRXQWIRUHYHU\WKLQJ
+HVDLG 6KRXOG,QRWEHDJUDWHIXOVODYHRI$OODK"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$OOWKH3URSKHWVZHUHIUHHIURPPDMRUVLQV+RZHYHUVRPHUHOLJLRXVVFKRODUVMXVWLI\VRPHRIWKHLU
PLQRUVLQVZLWKSODXVLEOHUHDVRQVEXWWKHPDMRULW\RIWKHPPDLQWDLQWKDWWKH\DUHIUHHIURPDOOVLQV
EHFDXVHRIWKHLULQQRFHQFH,QWKLVVLWXDWLRQLWGRHVQRWPDNHDQ\VHQVHWRVSHDNRIWKHLUVLQV%XWWKH
IDFWRIWKHPDWWHULVTXLWHGLIIHUHQW$Q\WKLQJVKRUWRIH[FHOOHQWGRQHE\WKHPLVFRXQWHGDVDVLQ
7KHPRUHRQHLVUHZDUGHGE\$OODKWKHJUHDWHUWKHSURSRUWLRQRIRQH
VJUDWLWXGHRI$OODKIRU+LV
%HQHYROHQFHVKRXOGEH7KHEHVWIRUPRIGRLQJVRLVWKDWRQHVKRXOGQRWRQO\EHKLJKO\REHGLHQWDQG
GXWLIXOLQWKHSHUIRUPDQFHRIWKHREOLJDWLRQVEXWDOVRDGGPD[LPXPYROXQWDU\SUD\HUVWRWKHP
&RPPHQWDU\ 2QHVKRXOGWU\WRGRPRUHJRRGGHHGVLQWKHEOHVVHGKRXUVDQGWLPHVDVZDVWKH
SUDFWLFHRIWKH3URSKHW3%8+GXULQJWKHODVWWHQGD\VRIWKHPRQWKRI5DPDGDQHYHU\\HDU
&RPPHQWDU\
,QWKLV+DGLWKJRRGQHVVLVDFNQRZOHGJHGLQZHDNDVZHOODVVWURQJEHFDXVHWKHUHDO)DLWKLVD
FRPPRQIHDWXUHRIERWK7KHRQHZKRLVVWURQJHULVKRZHYHUEHWWHUZLWK$OODKIRUWKHUHDVRQWKDWKH
LVPRUHDFWLYHDQGHQHUJHWLFLQWKHPDWWHURIQREOHGHHGVDQGSHUIRUPDQFHRIULWXDOSUD\HUVREOLJDWRU\
DVZHOODVYROXQWDU\
7KLV+DGLWKRUGDLQVWKDWLQFDVHRIWURXEOHRQHVKRXOGH[HUFLVHSDWLHQFHDQGVKRZVXEPLVVLRQDQG
REHGLHQFHUDWKHUWKDQVD\LQJCLIV
DQGCEXWV
DERXWLWEHFDXVHLWSURYLGHV6DWDQZLWKDFKDQFHWRPLVOHDG
WKHVXIIHUHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZD\WR+HOOLVOLWWHUHGZLWKWKHVHHYLOV:KHQDSHUVRQFURVVHVWKHPLWLVDQ
LQGLFDWLRQWKDWKHKDVHQWHUHGLQWR+HOO2QWKHRWKHUVLGHH[LVWVDVHULHVRIJULHIVDQGFDODPLWLHV
,VODPLFLQMXQFWLRQVDQGREOLJDWLRQVWKHFRPSOLDQFHZLWKZKLFKLVRIWHQLUNVRPHIRUPDQLPSHGHKLV
ZD\WR-DQQDK:KHQDSHUVRQHQGXUHVWKHPZLWKSDWLHQFHKHLQIDFWRYHUFRPHVWKRVHREVWDFOHVDQG
EHFRPHVHOLJLEOHIRU-DQQDK
7KHQKHVWRRGDERXWWKHVDPHOHQJWKRIWLPH
DVKHKDGVSHQWLQERZLQJ+HWKHQSURVWUDWHGKLPVHOIDQGVDLG0\5XEEWKH6XSUHPHLVIDUUHPRYHG
IURPHYHU\LPSHUIHFWLRQ6XEKDQD5DEEL\DO$COD
DQGKLVSURVWUDWLRQODVWHGQHDUO\WKHVDPHOHQJWKRI
WLPHDVKLVVWDQGLQJ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVWKHIROORZLQJWKUHHSRLQWVFOHDU
)LUVWO\RSWLRQDO6DODWFDQDOVREHSHUIRUPHGLQFRQJUHJDWLRQ
6HFRQGO\ DVLVFRPPRQO\EHOLHYHGLWLVQRWHVVHQWLDOWKDWLQ6DODWWKH$\DWRI4XU
DQDUHUHFLWHG
DFFRUGLQJWRWKHLUVHTXHQFHLQWKH%RRN,WLVSHUPLVVLEOHWRUHFLWHWKHPUHJDUGOHVVRIWKHLUVHTXHQFHLQ
WKH4XU
DQ
7KLUGO\ LWLVFRPPHQGDEOHWRUHODWLYHO\SURORQJWKHRSWLRQDOSUD\HUV
+HUHSOLHG7RVLWGRZQDQGOHDYHKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKPDNHVLWHYLGHQWWKDWRSSRVLWLRQRI,PDP RQHZKROHDGVWKHSUD\HULVDQHYLO DFW
EHFDXVHRQHLVRUGHUHGWRIROORZKLPLQWKHSUD\HUV
,WLVSHUPLVVLEOHWRDVNFODULILFDWLRQRIVRPHWKLQJZKLFKLVDPELJXRXVRUDEVWUXVH
&RPPHQWDU\ 7KLV+DGLWKLQGXFHVRQHWRSHUIRUPVXFKGHHGVZKLFKDOZD\VUHPDLQZLWKKLPLQWKH
JUDYHZKHUHHYHU\EHLQJDQGWKLQJOHDYHVRQHDQGKHLVDOODORQHLQWKHJUDYH:KDWLVOHIWLVKLVJRRG
GHHGVZKLFKEHFRPHWKHPHDQVRIUHIXJHDQGVDOYDWLRQ
&RPPHQWDU\ *RLQJWR-DQQDKRU+HOOLVWKHUHVXOWRIRQH
VRZQDFWLRQVERWKDUHFORVHWRHYHU\RQH
2QHZLOOEHDGPLWWHGLQWR-DQQDKLIKHGRHVJRRGGHHGVDQGZLOOEHFRQVLJQHGWR+HOOLIKHGRHVHYLO
$IWHUGHDWKRQH
VHQWLWOHPHQWIRU-DQQDKRU+HOOZLOOEHGHFLGHG
,VDLG,UHTXHVWIRU\RXUFRPSDQLRQVKLSLQ-DQQDK+HLQTXLUHG ,VWKHUHDQ\WKLQJ
HOVH"
,VDLG7KDWLVDOO
+HVDLG 7KHQKHOSPHLQ\RXUUHTXHVWE\PXOWLSO\LQJ\RXUSURVWUDWLRQV
>0XVOLP@
&RPPHQWDU\ 7KHUHZDVDWHUUDFHDWWKHHQGRIWKH3URSKHW
V0RVTXHZKLFKLVFDOOHG$V6XIIDKLQ
$UDELF 3HRSOHRISRRU PHDQVZKRZHUHWDXJKWE\KLPXVHGWROLYHWKHUH7KLV+DGLWKHYLGHQWO\VKRZV
WKHLPSRUWDQFHRIJRRGDFWLRQVDQGIDLWKIXOIROORZLQJRIWKHSUDFWLFHRIWKH3URSKHW3%8+/HDYH
RWKHUVDORQHLQWKHDEVHQFHRIWKHVHWZRHYHQVXFKSHRSOHZLOOQRWEHFORVHWRWKH3URSKHW3%8+
ZKRXVHGWREHDOOWKHWLPHZLWKKLP,WLVQRWGLIILFXOWWRYLVXDOL]HWKHIDWHRIWKRVHZKRQHLWKHU
SHUIRUPJRRGGHHGVQRUIROORZLQWKHIRRWVWHSVRIWKH3URSKHW3%8+
&RPPHQWDU\
/RQJHYLW\RIOLIHLVDEOHVVLQJSURYLGHGLWLVDFFRPSDQLHGE\)DLWKDQGJRRGGHHGVRWKHUZLVHWKH
ORQJHUOLIHRQHKDVWKHJUHDWHUZLOOEHWKHQXPEHURIVLQV6XFKDORQJOLIHLVGLVDVWURXV
7KRVHZKRGRQRWUHDOL]HWKHEOHVVLQJVRIORQJHYLW\RIOLIHZLOOEHORVHUV
6RKHHQFRXQWHUHGWKHGD\RI 8KXG%DWWOH7KH0XVOLPVOHIWWKH
SRVLWLRQVWKH3URSKHW3%8+WROGWKHPWRNHHSDQGZHUHGHIHDWHGKHVDLG2$OODKH[FXVHWKHVH
SHRSOHLHWKH0XVOLPVIRUZKDWWKH\KDYHGRQHDQG,DPFOHDUIURPZKDWWKHSDJDQVKDYHGRQH
7KHQKHZHQWIRUZDUGZLWKKLVVZRUGDQGPHW6DCGELQ0XCDGKIOHHLQJDQGVDLGWRKLP %\WKH
5XEERIWKH.DCEDK,FDQVPHOOWKHIUDJUDQFHRI-DQQDKIURPDSODFHFORVHUWKDQ8KXG0RXQW6DCG
VDLG20HVVHQJHURI$OODKZKDWKHGLGZDVEH\RQGP\SRZHU$QDVVDLG:HVDZRYHU HLJKW\
ZRXQGVRQKLVERG\FDXVHGE\VWDEELQJVWULNLQJDQGVKRRWLQJRIDUURZVDQGVSHDUV:HIRXQGWKDWKH
ZDVNLOOHGDQGPXWLODWHGE\WKHSRO\WKHLVWV1RERG\ZDVDEOHWRUHFRJQL]HKLPH[FHSWKLVVLVWHUZKR
UHFRJQL]HGKLPE\WKHWLSVRIKLVILQJHUV
&RPPHQWDU\
7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHH[HPSODU\OLIHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+
IRUPDUW\UGRPDQG-DQQDK
,WDOVRVKRZVWKHHQWKXVLDVPRIWKHEHOLHYHUVIRUGHGLFDWLQJWKHLUOLYHVWRJRRGGHHGVDQGWKHLU
IHUYHQWVXSSOLFDWLRQIRUWKHLUDFFHSWDQFHE\$OODK
$QRWKHURQHJDYHDZD\DIHZ6DCRIGDWHVDQGWKH\VDLG
$OODKGRHVQRWVWDQGLQQHHGRIWKLVSHUVRQ
VGDWHV7KHUHXSRQLWZDVUHYHDOHG
7KRVHZKRGHIDPHVXFKRIWKHEHOLHYHUVZKRJLYHFKDULW\LQ$OODK
V&DXVHYROXQWDULO\DQGVXFK
ZKRFRXOGQRWILQGWRJLYHFKDULW\LQ$OODK
V&DXVHH[FHSWZKDWLVDYDLODEOHWRWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWHYHU\RQHFDQJLYHFKDULWDEOHGRQDWLRQDFFRUGLQJWRRQH
V
PHDQV,WFDQEHPRUHRUOHVVDVRQHOLNHV7RUHJDUGWKRVHDVVKRZ\DQGFULWLFL]HWKRVHZKRSD\OHVVWR
ZLWKKROGWKHPIURPDOPVDPRXQWVWRK\SRFULV\%HOLHYHUVPXVWLJQRUHVXFKFULWLFLVPRIWKHK\SRFULWHV
DQGUHIUDLQIURPVXFKWKLQJVLQWKHLUGHDOLQJV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKH3RZHUDQG0DMHVW\RI$OODKDQGVWUHVVHVWKDWRQHVKRXOG
VXSSOLFDWH$OODKIRUHYHU\WKLQJWKDWRQHQHHGV)URPJXLGDQFHWRVXVWHQDQFHWKHWUHDVXUHVRI
HYHU\WKLQJDUHZLWK+LP WKHWUHDVXUHVZKLFKDUHXQOLPLWHGDQGDQ\ZLWKGUDZDOIURPWKHPGRHVQRW
PDNHDQ\UHGXFWLRQLQWKHP6LPLODULVWKHFDVHRI+LV6RYHUHLJQW\LWLVQRWDIIHFWHGHYHQLIWKHZKROH
XQLYHUVHVXSSRUWVRURSSRVHVWKHP7KXVLWLVLQWKHLQWHUHVWRIPDQWKDWKHVKRXOGGHGLFDWHKLPVHOI
HQWLUHO\WR$OODKDQGEHJDOOKLVQHHGVIURP+LPDQG+LP$ORQH
&+$37(5
85*,1*72:$5'6
,1&5($6,1**22'$&7,216
,1/$7(53$572)/,)(
$OODKWKH([DOWHGVD\V
'LG:HQRWJLYH\RXOLYHVORQJHQRXJKVRWKDWZKRVRHYHUZRXOGUHFHLYHDGPRQLWLRQ
FRXOG
UHFHLYHLW"$QGWKHZDUQHUFDPHWR\RX
,EQC$EEDVDQGRWKHUVVDLGWKDWORQJHQRXJK
LQWKH9HUVHPHDQVVL[W\\HDUV7KH+DGLWKZKLFK
IROORZVVXSSRUWVWKLV2WKHUVVDLGLWPHDQVHLJKWHHQ\HDUV$O+DVDQ$O%DVUL$O.DOELDQG0DVUXT
VDLGLWPHDQVIRUW\\HDUVLWKDVDOVREHHQUHSRUWHGE\,EQ$EEDVDQGRWKHUVWKDWZKHQHYHUWKHSHRSOHRI
$O0DGLQDKWXUQHGIRUW\\HDUVRIDJHWKH\ZRXOGGHYRWHWKHPVHOYHVFRPSOHWHO\WRZRUVKLS/RQJ
HQRXJK
LQWKH9HUVHKDVDOVREHHQLQWHUSUHWHGWRPHDQWKHDJHRISXEHUW\,EQC$EEDVDQGWKHPDMRULW\
RI0XVOLPVFKRODUVVDLGWKDWWKHZDUQHU
&RPPHQWDU\
7KLV+DGLWKPDNHVLWHYLGHQWWKDW$OODKGRHVQRWSXQLVKDQ\LQGLYLGXDORUQDWLRQZLWKRXWZDUQLQJ
WKHPILUVW
7KHVHFRQGSRLQWLVWKDWDSHUVRQZKRLVJLYHQVL[W\\HDUVRIOLIHDQG\HWKHQHJOHFWVWKHREOLJDWLRQV
RI)DLWKZLOOKDYHQRH[FXVH
$IWHUWKHDJHRIVL[W\\HDUVRQHPXVWQRWQHJOHFWKLVUHOLJLRXVREOLJDWLRQVEHFDXVHWKHQRQHLVFORVHU
WRGHDWK$OWKRXJKRQHPD\GLHHYHQDWD\RXQJDJHLQ\RXWKRQHLVVWLOOKRSHIXORIOLIH$IWHUFURVVLQJ
WKHDJHRIVL[W\WRKRSHIRUORQJHUDJHZKLOHOHDGLQJDVLQIXOOLIHDQGGHI\LQJ'LYLQHLQMXQFWLRQV
FRQVWLWXWHDGLVDVWURXVFRQGXFW0D\$OODKVDYHXVIURPGRLQJVR
C8PDUUHSOLHG%HFDXVHRIWKHVWDWXVKHKDVZKLFK\RXDOUHDG\NQRZDERXWLHEHORQJVWRWKH
VRXUFHRINQRZOHGJHDQGWKHKRXVHRIWKH3URSKHW3%8+
2QHGD\C8PDUFDOOHGPHDQGVHDWHGPH
LQWKHJDWKHULQJRIWKRVHSHRSOHDQG,WKLQNWKDWKHFDOOHGPHMXVWWRVKRZWKHPRIP\UHOLJLRXV
NQRZOHGJHC8PDUWKHQTXHVWLRQHGWKHPLQP\SUHVHQFH+RZGR\RXLQWHUSUHWWKHD\DKRI$OODK
C:KHQWKHUHFRPHVWKH+HOSRI$OODKWR\RX20XKDPPDG3%8+DJDLQVW\RXUHQHPLHVDQGWKH
&RQTXHVWRI0DNNDK
6RPHRQHVDLGWKDWZKHQ$OODK
V+HOSDQGWKH&RQTXHVWRI0DNNDKFDPHWR
XVZHZHUHFDOOHGXSRQWRFHOHEUDWHWKH3UDLVHRI$OODKDQGDVNIRU+LVIRUJLYHQHVV6RPHRWKHUV
UHPDLQHGVLOHQWDQGGLGQRWXWWHUDZRUG7KHUHXSRQC8PDUDVNHGPH,EQC$EEDV'R\RXVD\WKH
VDPH
,UHSOLHG1R+HVDLG :KDWGR\RXVD\WKHQ"
,UHSOLHG7KDWLVWKHVLJQRIWKH3URSKHW
V
GHDWKDERXWZKLFKKHKDGEHHQLQIRUPHG$OODKWKH([DOWHGVD\V
6RGHFODUHWKHUHPRWHQHVVRI\RXU5XEEIURPHYHU\LPSHUIHFWLRQDQGDVNIRU+LVIRUJLYHQHVV9HULO\
+HLVWKH2QH:KRDFFHSWVWKHUHSHQWDQFHDQG:KRIRUJLYHV
&RPPHQWDU\
7KLVYDOXHRIPDQGRHVQRWJRZLWKWKHOHQJWKRIDJHEXWZLWKWKDWRILQWHOOHFWLQWHOOLJHQFH
NQRZOHGJHDQGFRQVFLRXVQHVV)RUWKLVUHDVRQD\RXQJER\FDQKDYHSUHFHGHQFHDQGSUHIHUHQFHRYHU
WKHHOGHUVGXHWRKLVFOHDUXQGHUVWDQGLQJDQGYDVWNQRZOHGJH
:KHQDSHUVRQJHWVFORVHUWRGHDWKKHPXVWGHYRWHKLPVHOIPRUHDQGPRUHWRWKHSUDLVHDQG
JORULILFDWLRQRI$OODKDQGEHJSDUGRQIURP+LP
$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG$IWHUWKHUHYHODWLRQRIWKH6XUDK :KHQWKH+HOS
RI$OODKFRPHVWR\RX20XKDPPDG3%8+DJDLQVW\RXUHQHPLHVDQGWKH&RQTXHVWRI0DNNDK
,C$LVKDK
0D\$OODKEHSOHDVHGZLWKKHUDVNHGKLP20HVVHQJHURI$OODK:KDWDUHWKHVHQHZZRUGVZKLFK,
KHDUIURP\RXUHSHDWHGO\
+HUHSOLHG $VLJQKDVEHHQDSSRLQWHGIRUPHUHODWLQJWRP\SHRSOHWKDW,
VKRXOGUHSHDWWKHVHZRUGVDWWKHVLJKWRIWKDWVLJQ7KHQKHUHFLWHG6XUDW$Q1DVU
,VDLGWRKLP20HVVHQJHURI$OODK,KHDU\RXUHFLWHIUHTXHQWO\C2
$OODK<RXDUHIUHHIURPHYHU\LPSHUIHFWLRQRXU5XEEDQGDOOSUDLVHLVIRU<RX,VHHNIRUJLYHQHVVRI
$OODKDQGWXUQWR+LPLQUHSHQWDQFH
+HUHSOLHG 0\5XEEKDVLQIRUPHGPHWKDW,ZRXOGVRRQVHHD
VLJQUHJDUGLQJP\SHRSOHZKHQHYHU,VHHLW,UHSHDWWKLVVWDWHPHQWPRUHRIWHQRI+LV*ORULILFDWLRQ
DQG3UDLVHDQGEHJSDUGRQRI+LPDQGWXUQWR+LP1RZ,KDYHZLWQHVVHGWKHVLJQ7KHUHYHODWLRQRI
6XUDW$Q1DVUDQGWKHYLFWRU\LVWKHFRQTXHVWRI0DNNDK
&RPPHQWDU\
$FFHSWDQFHDQGDSSURYDORIUHFLWLQJWKHZRUGVC6XEKDQDND5DEEDQDZDELKDPGLND$OODKXP
PDJKILUOL
LQ5XNXC DQG6XMXGUHVSHFWLYHO\LQVWHDGRIWKHZRUGVC6XEKDQD5DEEL\DO$]LP
DQG
C6XEKDQD5DEEL\DO$COD
&RPPHQWDU\ 7KLV+DGLWKKDVDPHDQLQJVLPLODUWRWKHRQHTXRWHGDWDQRWKHUSODFHZKLFKVLJQLILHV
WKDWLIDSHUVRQGLHVSHUIRUPLQJJRRGGHHGVKHZLOOKDYHDJRRGHQGDQGWKHRQHZKRGLHVLQ
PLVGHHGVKHZLOOFRPHWRDEDGHQG,WLVWKHUHIRUHQHFHVVDU\WKDWRQHVKRXOGDOZD\VDYRLG
GLVREHGLHQFHRI'LYLQHLQMXQFWLRQVHVSHFLDOO\LQROGDJHDQGLOOQHVVEHFDXVHRQHPD\IDOOLQWKH
FOXWFKHVRIGHDWKDWDQ\WLPH
&+$37(5
180(5286:$<62)'2,1**22'
$OODKWKH([DOWHGVD\V
DQGZKDWHYHU\RXGRRIJRRGGHHGVWUXO\$OODKNQRZVLWZHOO
:KRVRHYHUGRHVDJRRGGHHGLWLVIRUKLVRZQVHOI
,DVNHG:KLFK
QHFNVODYHLVEHVWIRUHPDQFLSDWLRQ"
+HVDLG 7KDWZKLFKLVGHDUHVWRIWKHPLQSULFHDQGPRVW
YDOXDEOHRIWKHPWRLWVPDVWHUV,DVNHG,I,FDQQRWDIIRUGLW"
+HVDLG 7KHQKHOSDODERXUHURU
ZRUNIRURQHZKRLVGLVDEOHG,DVNHG,I, FDQQRWGRLW"
+HVDLG <RXVKRXOGUHVWUDLQ\RXUVHOI
IURPGRLQJZURQJWRSHRSOHEHFDXVHLWVHUYHVDVFKDULW\ZKLFK\RXEHVWRZXSRQ\RXUVHOI
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHH[FHOOHQFHRI-LKDGDQGHPDQFLSDWLRQRIVODYHV,WDOVR
KLJKOLJKWVWKHLPSRUWDQFHRIFRRSHUDWLRQDQGV\PSDWK\ZLWKRWKHUV6LPLODUO\RQHZKRUHIUDLQVIURP
SXWWLQJRWKHUVLQWRWURXEOHKLVUHZDUGIRULWLVQROHVVWKDQWKDWRISURSLWLDWRU\RIIHULQJDQGNLQGQHVV,W
DOVRWHOOVWKDWIDLWKLQ$OODKLV WKHEDVLVIRUWKHDFFHSWDQFHRIJRRGGHHGV,QIDFWFRQGXFWLVWKHIUXLWRI
RQH
V)DLWK:LWKRXW)DLWKQRWKLQJZLOOEHDFFHSWDEOHE\$OODK
&RPPHQWDU\ 7KHUHDUHWKUHHKXQGUHGDQGVL[W\MRLQWVLQDKXPDQERG\,WLVWKHVHMRLQWVZKLFKHQDEOH
KLPWRZRUNDQGPDNHDOONLQGVRIPRYHPHQWV,IPDQ
VERG\GLGQRWKDYHWKHVHMRLQWVLWZRXOGKDYH
EHHQLPSRVVLEOHIRUKLPWRVLWVWDQGOLHPRYHDQGPDNHXVHRIGLIIHUHQWRUJDQVRIKLVERG\7KXV
HYHU\MRLQWLVDEOHVVLQJIRUZKLFKRQHPXVWH[SUHVVJUDWLWXGHWR$OODK,WLV\HWDQRWKHU%OHVVLQJRI
$OODKWKDW+HKDVDOVRWROGPDQDYHU\HDV\ZD\RIWKDQNVJLYLQJZKLFKFDQEHSUDFWLVHGHYHQE\WKH
SRRUHVWPDQLQWKHZRUOG7KLVPHDQVRIWKDQNVJLYLQJLV UHFLWDWLRQRI7DVELK6XEKDQ$OODK7DKPLG
$OKDPGXOLOODK7DNELU$OODKX$NEDU7DKOLO/DLODKDLOODOODKDQGWRSUHDFKYLUWXHDQGIRUELG
ZURQJXQODZIXOHWF,IRQHLVXQDEOHWRGRHYHQWKLVWKHQKHVKRXOGSHUIRUPWZR5DNCDKSUD\HUDWDQ\
WLPHEHWZHHQVXQULVHDQGVXQVHW,IRQHZDQWVWRHQODUJHWKHLUQXPEHUKHFDQLQFUHDVHWKHPWRHLJKW
ZLWKWKHFRQGLWLRQWKDWWKHHLJKWDUHGLYLGHGLQWRIRXUFRXSOHWV
&RPPHQWDU\
$OODKKDVOLVWHG LQYLUWXHHYHQWKHJRRGGHHGZKLFKLVIRUWKHEHQHILWRISHRSOHRUFDQVDYHWKHP
IURPORVV:KDWLVLWVRSSRVLWHKRZHYHUVPDOOLWPD\EHLVUHFNRQHGDVPLVFKLHI7KLV+DGLWKLQGXFHV
RQHWRGRJRRGGHHGVWRDWWDLQWKH3OHDVXUHRI$OODKDQGSUHYHQWVRQHIURPHYLOGHHGVVRWKDWRQHLV
VDYHGIURPWKHGLVSOHDVXUHRI$OODK
7KH+DGLWKHQMRLQVFOHDQOLQHVVRIPRVTXHVDQGIRUELGVWKURZLQJRIDQ\WKLQJWKHUHZKLFKYLRODWHVLWV
VDFUHGQHVVLHVSLWWLQJ,IDQ\VXFKGLUW\WKLQJLVIRXQGWKHUHLWPXVWEHUHPRYHGLPPHGLDWHO\
8SRQWKLVKHWKH3URSKHW
3%8+VDLG +DV$OODKQRWSUHVFULEHGIRU\RXDFRXUVHIROORZLQJZKLFK\RXFDQDOVRJLYH
6DGDTDK",QHYHU\GHFODUDWLRQRIWKHJORULILFDWLRQRI$OODKLHVD\LQJ6XEKDQ$OODKWKHUHLVD
6DGDTDKDQGLQHYHU\7DNELULHVD\LQJ$OODKX$NEDULVD6DGDTDKDQGLQHYHU\FHOHEUDWLRQRI
SUDLVHVD\LQJ$OKDPGXOLOODKLVD6DGDTDKDQGLQHYHU\GHFODUDWLRQWKDW+HLV2QH/DLODKDLOODOODK
LVD6DGDTDKDQGLQHQMRLQLQJRIJRRGLVD6DGDTDKDQGLQIRUELGGLQJHYLOLVD6DGDTDKDQGLQPDQ
V
VH[XDOLQWHUFRXUVHZLWKKLVZLIHWKHUHLVD6DGDTDK
+HVDLG <RXVHHLIKHZHUH
WRVDWLVI\LWZLWKVRPHWKLQJIRUELGGHQZRXOGLWQRWEHDVLQRQKLVSDUW"6LPLODUO\LIKHZHUHWRVDWLVI\
LWOHJDOO\KHVKRXOGEHUHZDUGHG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWZRLPSRUWDQWSRLQWV)LUVWO\WKHHQWKXVLDVPRIWKH
&RPSDQLRQVRIWKH3URSKHW3%8+IRUVXUSDVVLQJHDFKRWKHULQJRRGDFWLRQV6HFRQGO\LWWHOOVWKDW
YLUWXHKDVDYDVWPHDQLQJLQ,VODPDQGLWLQFOXGHVHYHU\DFWLRQZKLFKLVGRQHZLWKJRRGLQWHQWLRQ
SURYLGHGLWGRHVQRWLQYROYHGLVREHGLHQFHRI$OODK6RPXFKVRWKDWLWFRYHUVHYHQQDWXUDODFWLYLWLHVRI
PDQZKLFKIDOOLQWKHFDWHJRU\RI0XEDKWKDWZKLFKLVSHUPLVVLEOHDQGPD\EHRPLWWHGZLWKRXWIHDURI
VLQDQGRQHLVUHZDUGHGIRUWKHP1RWRQO\WKDWRQHLVUHZDUGHGHYHQIRUDEVWDLQLQJIURPDVLQRQWKH
FRQGLWLRQWKDWWKHDEVWHQWLRQLVIRUWKHREHGLHQFHRI$OODK7KHQDEVWHQWLRQULVHVWRWKHOHYHORIDQDFWRI
REHGLHQFHDQGLVUHZDUGHGOLNHZLVH
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWPHHWLQJVRPHERG\FKHHUIXOO\LVDOVRDYLUWXHIRUWZR
UHDVRQV)LUVWO\LWLVDVLJQRIJRRGPDQQHUV6HFRQGO\LWFUHDWHVDIIHFWLRQDQGIULHQGVKLSDPRQJWKH
0XVOLPVZKLFKLVDPHULWRULRXVDFW
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVWKDWHYHQDSHUVRQZKRGRHVQRWKDYHWKHFDSDFLW\WRSD\
6DGDTDKFKDULW\DOPVSURSLWLDWRU\RIIHULQJVHWFFDQDOVRSD\LWLQWKHPDQQHUSUHVFULEHGDERYHDQG
HDUQLWVUHZDUG0RUHRYHUKHFDQDOVRSD\DOPVIRUWKHMRLQWVLQKLVERG\
&RPPHQWDU\ 7KLV+DGLWKLQGXFHVXVWRJRWRWKHPRVTXHDQGSHUIRUP6DODWLQFRQJUHJDWLRQ
&RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWDQ\JLIWSUHVHQWHGVLQFHUHO\E\DQHLJKERXUVKRXOGQRWEH
WUHDWHGDVKXPEOHKRZHYHURUGLQDU\LWPD\EHEHFDXVHLQVSLWHRIEHLQJRIVPDOOZRUWKLWKDVDKLJK
YDOXHZLWK$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKWHOOVXVWKDWIURPWKHVWDQGSRLQWRISUDFWLFH)DLWKKDVVHYHUDOVWDJHV,WDOVRWHOOVWKDW
)DLWKDQGSUDFWLFHDUHLQVHSDUDEOH
,WDOVRPDNHVHYLGHQWWKHLPSRUWDQFHDQGH[FHOOHQFHRIEDVKIXOQHVVEHFDXVHLWLQGXFHVDSHUVRQWR
JRRGGHHGVDQGGHWHUVKLPIURPHYLOV
$QRWKHUQDUUDWLRQVD\V 2QFHDGRJZDVJRLQJURXQGWKHZHOODQGZDVDERXWWRGLHRXWRIWKLUVW$
SURVWLWXWHRI%DQX,VUDHOKDSSHQHGWRVHHLW6RVKHWRRNRIIKHUOHDWKHUVRFNDQGORZHUHGLWLQWRWKH
ZHOO6KHGUHZRXWVRPHZDWHUDQGJDYHWKHGRJWRGULQN6KHZDVIRUJLYHQRQDFFRXQWRIKHUDFWLRQ
&RPPHQWDU\
7KLV+DGLWKHPSKDVL]HVWKHLPSRUWDQFHRINLQGQHVVWRHYHU\FUHDWXUHHYHQDQLPDOVEHFDXVH$OODKLV
SOHDVHGZLWKVXFKNLQGQHVV
$OODK
V4XDOLW\RIPHUF\DQGIRUJLYHQHVVLVLPPHQVHO\YDVW,I +HZDQWV+HPD\IRUJLYHDSHUVRQ
HYHQRQDPLQRUJRRGDFWLRQGRQHE\KLP
$QRWKHUQDUUDWLRQVD\V $PDQZKRSDVVHGE\DEUDQFKRIDWUHHOHDQLQJRYHUDURDGDQGGHFLGHGWR
UHPRYHLWVD\LQJWRKLPVHOIC%\$OODK,ZLOOUHPRYHIURPWKHZD\RI0XVOLPVVRWKDWLWZRXOGQRW
KDUPWKHP
2QDFFRXQWRIWKLVKHZDVDGPLWWHGWR-DQQDK
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHIROORZLQJILYHLPSRUWDQWSRLQWV
,WLQGXFHVRQHWRWDNHIXOOFDUHLQDEOXWLRQVWKDWLVWRVD\LWVKRXOGEHVWULFWO\SHUIRUPHGDFFRUGLQJ
WR6XQQDK
:KRHYHUGRHVRQHJRRGDFWZLOOJHWWHQWLPHVUHZDUGLQUHWXUQ$FFRUGLQJWRWKLVSULQFLSOHRQHZKR
SHUIRUPVD)ULGD\SUD\HUKLVPLQRUVLQVUHODWLQJWKH5LJKWVRI$OODKZKLFKDUHFRPPLWWHGE\KLPLQWHQ
GD\VDUHIRUJLYHQ
6LOHQFHGXULQJWKH.KXWEDKLVDPXVWRWKHUZLVHRQHORVHVWKHUHZDUGRI-XPXCDKSUD\HU
,WLVDOVRQHFHVVDU\IRUD.KDWLEWRGHOLYHUDEULHI.KXWEDK
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHH[FHOOHQFHRI:XGX
2EYLRXVO\DSHUVRQZKRSHUIRUPV
:XGX
ILYHWLPHVGDLO\ZRXOGEHIUHHIURPVLQV7KXV:XGX
LVDPHDQVRIERWKRXWZDUGDQGLQZDUG
FOHDQOLQHVV
&RPPHQWDU\ ,ID0XVOLPVDYHVKLPVHOIIURPPDMRUVLQVDQGGRHVQRWQHJOHFWKLVREOLJDWLRQVWR
SHRSOHWKHQKHUHPDLQVIUHHIURPVLQVE\PHDQVRI WKHC,EDGDKZRUVKLSVWDWHGDERYH
7KH\VDLG<HV20HVVHQJHURI$OODK+HVDLG 3HUIRUPLQJ:XGX
SURSHUO\HYHQLQGLIILFXOW\
IUHTXHQWO\JRLQJWRWKHPRVTXHDQGZDLWLQJHDJHUO\IRUWKHQH[W6DODWSUD\HUDIWHUD6DODWLVRYHU
LQGHHGWKDWLV$U5LEDW
>0XVOLP@
&RPPHQWDU\ 5LEDWPHDQVVWD\LQJRQWKHIURQWLHURIDQ,VODPLFFRXQWU\IRUVHFXULW\DQGGHIHQVH
SXUSRVHV7KXVLWLVDFRQWLQXRXVSURFHVVRI-LKDG&RQWLQXRXVJRRGGHHGVDQGC,EDGDKKDYHEHHQ
FRPSDUHGZLWK5LEDW3HUIRUPLQJIXOODEOXWLRQLQ0DNDULKZKHUHVHYHUHXQSOHDVDQWQHVVDQGKDUG
ODERXULVLQYROYHGLVTXLWHGLIILFXOW)RULQVWDQFHLQZLQWHULWLVYHU\FXPEHUVRPHWRSURSHUO\ZDVKDOO
WKHRUJDQVRIWKHERG\EXWD0XVOLPGRHVLWWRSOHDVH$OODK7KXVLWVUHZDUGZLOOEHPRUHLQSURSRUWLRQ
WRWKHODERXU6LPLODUO\WKHQHDUQHVVRIDPRVTXHLVLQPDQ\UHVSHFWYHU\XVHIXOEXWLWVEHLQJIDUIURP
WKHKRXVHLVEHWWHULQWKLVUHVSHFWWKDWWKHJUHDWHUGLVWDQFHRQHKDVWRFRYHUIRUJRLQJWRWKHPRVTXHWKH
KLJKHUWKHUHZDUGIRUJRLQJWKHUHZLOOEH7KRVHZKROLYHFORVHWRWKHPRVTXHGRQRWKDYHWKLV FUHGLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0XVOLPVDUHHQMRLQHGWRWDNHVSHFLDOFDUHRIWZRRIWKHILYHSUHVFULEHG6DODWQDPHO\
)DMUDQGC$VUEHFDXVHWKH\RFFXUGXULQJYHU\FRPIRUWDEOHKRXUV7KHLUH[FHOOHQFHDQGLQGXFHPHQWRQ
WKHPKDYHEHHQPHQWLRQHGKHUHIRUWKHUHDVRQWKDWWKHUHLVJUHDWHUSRVVLELOLW\RIOD]LQHVVDQG
QHJOLJHQFHLQWKHVHWZR6DODW,WLVYHU\GLIILFXOWLQGHHGWRULVHIRU6DODWXO)DMUWKHGDZQSUD\HU
6LPLODULVWKHFDVHRI6DODWXOC$VUWKHDIWHUQRRQSUD\HU,WLVWKHWLPHZKHQDSHUVRQLVYHU\EXV\LQ
ZLQGLQJXSKLVGDLO\DIIDLUVDQGWKXVWKHUHLVVHULRXVULVNRIORVLQJWKLV6DODWRQWKLVDFFRXQW2QHZKR
REVHUYHVWKHVHWZRDWWKHLUVWDWHGWLPHFDQHDVLO\VHFXUHWKHRWKHUWKUHHZLWKRXWPXFKHIIRUW7KLV
HQGHDYRXURQKLVSDUWWRVHFXUH6DODWZLOOEHDYHU\HIIHFWLYHPHDQVIRUKLPWRHQWHU-DQQDK
&RPPHQWDU\ 7KLV+DGLWKUHIHUVWRWKHDFWLRQVZKLFKD0XVOLPVKRXOGWDNHWRJDLQWKH%OHVVLQJVRI
$OODKDQGDFFHSWDQFHRIKLVSUD\HUVE\+LPEHFDXVHRQHLVGXW\ERXQGWRIXOILODOOKLVREOLJDWLRQVLQ
DOOFLUFXPVWDQFHV
0XVOLPKDVUHSRUWHGWKHVDPHRQWKHDXWKRULW\RI+XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP
$QRWKHUQDUUDWLRQVD\V ,ID0XVOLPSODQWVDWUHHRUVRZVDILHOGDQGPHQDQGEHDVWVDQGELUGVHDW
IURPLWDOORILWLVFKDULW\IURPKLP
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIJDUGHQLQJDQGDJULFXOWXUH,WLVDOVRRQHRI
WKHPHULWVRIWKHVHWZRRFFXSDWLRQVWKDWLIVRPHRQHSDWLHQWO\EHDUVWKHORVVWKDWKHVXIIHUVGXHWR
SLOIHUDJHRUWKHIWRIWKHLUSURGXFHKHLVUHZDUGHGIRULW
&RPPHQWDU\
7KHPRUHODERXUDJRRGGHHGLQYROYHVWKHJUHDWHUWKHSURSRUWLRQRIUHZDUGIRULWZLOOEH
1RPDWWHUKRZJUHDWWKHGLVWDQFHRIWKHPRVTXHIURPRQH
VKRXVHPD\EHRQHPXVWJRWRLWWR
SHUIRUP6DODWZLWKFRQJUHJDWLRQ
+HVDLG,GRQRWOLNHP\KRXVHWREHE\WKHVLGHRIWKHPRVTXHIRU,
HDJHUO\GHVLUHWKDWP\VWHSVWRZDUGVWKHPRVTXHDQGEDFNIURPLWVKRXOGEHUHFRUGHGZKHQ,UHWXUQWR
P\IDPLO\
$QRWKHUQDUUDWLRQVD\V <RXZLOOJHWWKHUHZDUGIRUZKDW\RXKDYHDQWLFLSDWHG
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWRIRFXVWKHIHUYHQW]HDORIWKH&RPSDQLRQVRIWKH3URSKHW
3%8+IRUUHZDUGRIJRRGGHHGVLQWKH+HUHDIWHU,WDOVRWHOOVWKDWRQHJHWVUHZDUGIRUDFWLRQV
DFFRUGLQJWRRQH
VLQWHQWLRQV,IZHVHHWKHPDWWHURI6DODWIURPWKLVDQJOHZHILQGWKDWORFDWLRQRI
PRVTXHDWDORQJGLVWDQFHIURPD0XVOLP
VKRXVHLVDEOHVVLQJIRUKLP
>$O%XNKDUL@
&RPPHQWDU\ /RDQLQJRIDQ\WKLQJWRVRPHRQHIRUWHPSRUDU\EHQHILWZLWKRXWORRVLQJWKHULJKWRILWV
RZQHUVKLSLVDPHULWRULRXVDFW
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHIROORZLQJWKUHHSRLQWV
7KHKRUURURIWKH'D\RI5HVXUUHFWLRQZKHQRQHZLOOKDYHWRVWDQGEHIRUH$OODKWRDFFRXQWIRUDOO
KLVDFWLRQVZKLFKZLOOWKHQEHO\LQJDWKLVERWKKDQGV
(YHU\RQHVKRXOGVSHQGDFFRUGLQJWRKLVFDSDFLW\LQWKHZD\RI$OODKLQWKHIRUPRI6DGDTDKDQG
DOPV,QWKLVZD\JRRGPDQQHUVOLNHSROLWHFRQYHUVDWLRQHWFFDQDOVREHFRPHDPHDQVRIKLV
VDOYDWLRQ
2QH
VDFWLRQVDORQHZRXOGKHOSKLPRQWKH'D\RI 5HVXUUHFWLRQ
+H
3%8+VDLG 7KHQOHWKLPDVVLVWWKHQHHG\WKHDJJULHYHG
,WZDVVDLG:KDWDERXWLIKHFDQQRWHYHQ
GRWKLV"
+HZDVDVNHG:KDWLIKHFDQQRWGRWKDW"
+HWKH3URSKHW3%8+VDLG +HVKRXOG WKHQDEVWDLQIURPHYLOIRUYHULO\WKDWLVDFKDULW\IURP
KLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGýWKHPSKDVL]HVWZRWKLQJV)LUVWO\LWLQGXFHVRQHWRZRUNKDUGVRWKDWKHFDQ
IXOILOOKLVRZQQHHGVDQGDOVRVSHQGLQWKHZD\RI$OODK6HFRQGO\LWSRLQWVRXWDJUHDWYDULHW\RI
YLUWXHVDQGJRRGGHHGVVRPXFKVRWKDWHYHQWRDEVWDLQIURPVLQDOVRFRPHVLQWKHFDWHJRU\RI6DGDTDK
&+$37(5
02'(5$7,21,1:256+,3
$OODKWKH([DOWHGVD\V
7D+D:HKDYHQRWVHQWGRZQWKH4XU
DQXQWR\RX20XKDPPDG3%8+WRFDXVH\RX
GLVWUHVV
$OODKLQWHQGVIRU\RXHDVHDQG+HGRHVQRWZDQWWRPDNHWKLQJVGLIILFXOWIRU\RX
,VDLG6KHLVWKHRQHZKRVHSHUIRUPDQFHRI6DODW
SUD\HUKDVEHFRPHWKHWDONRIWKHWRZQ
&RPPHQWDU\
7KLV+DGLWKSURKLELWVC,EDGDKZRUVKLSEH\RQGRQH
VFDSDFLW\OHVWRQHJHWVWLUHGDQGVWRSVLW
DOWRJHWKHU2QHVKRXOGEHWKHUHIRUHPRGHUDWHLQWKLVUHVSHFW
$OODKOLNHVWKDWJRRGDFWLRQZKLFKLVGRQHUHJXODUO\HYHQLILWLVDVPDOORQH$Q\JRRGGHHGZKLFK
LVGRQHFRQWLQXRXVO\ZLOODOVRKDYHDQHYHUODVWLQJUHZDUG2QWKHFRQWUDU\DJRRGGHHGZKLFKLVGRQH
IRUDVKRUWSHULRGZLOOKDYHDVKRUWUHWXUQ
&RPPHQWDU\
7KLV+DGLWKGHDOVZLWKWKHIROORZLQJILYHSRLQWV
D 0RGHUDWLRQLQZRUVKLS
E 2EOLJDWLRQWRPDUU\
F ,QGXFHPHQWIRUIROORZLQJLQWKH3URSKHW
VIRRWVWHSV
H 3URKLELWLRQRINHHSLQJDZDNHDOOWKHQLJKWIRU1DZDILOSUD\HUV
7KHUHLVQHLWKHUYLUWXHQRUUHZDUGIRUPDNLQJLQQRYDWLRQVLQUHOLJLRQ$OOWKHEOHVVLQJVDQGUHZDUGV
OLHRQO\LQWKHREHGLHQFHDQGIROORZLQJWKHFRQGXFWRIWKH3URSKHW3%8+
+HUHSHDWHGWKLVWKUHHWLPHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVGLVJXVWDJDLQVWH[HUFLVHVZKLFKPDQ\6XILVKDYHLQWURGXFHGLQ
UHOLJLRQZKLFKGHYLDWHIURPWKHFRQGXFWRIWKH3URSKHW3%8+DQGHQFRXUDJHVHOIYLROHQFH6LPLODUO\
VXFKSHRSOHZKRDUHK\SRFULWLFDODQGPDNHXQQHFHVVDU\SUREHLQWRUHOLJLRXVPDWWHUVDOVRIDOOLQWKLV
FDWHJRU\DQG DUHXVXDOO\IDUIURPWKHWHDFKLQJVDQGSUDFWLFHRIWKH3URSKHW3%8+
&RPPHQWDU\ %HVLGHVPRGHUDWLRQLQZRUVKLSWKLV+DGLWKHQMRLQVWKDWVXFKWLPHVVKRXOGEHIL[HGIRU
ZRUVKLSZKHQRQHLVIUHVKVRWKDWRQHIHHOVSOHDVXUHLQSHUIRUPLQJLW%XWWKLVSULQFLSOHLVIRURSWLRQDO
DQGYROXQWDU\SUD\HUVRQO\2EOLJDWRU\6DODWDUHWREHSHUIRUPHGDWWKHSUHVFULEHGWLPHVRQO\
+HZDVWROG7KLVLV
=DLQDE
VURSH:KHQGXULQJKHUYROXQWDU\SUD\HUVKHEHJLQVWRIHHOWLUHGVKHJUDVSVLWIRUVXSSRUW
7KH3URSKHW3%8+VDLG 8QWLHLW<RXVKRXOGSHUIRUPSUD\HUVVRORQJDV\RXIHHODFWLYH:KHQ\RX
IHHOWLUHG\RXVKRXOGJRWRVOHHS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKWKHIROORZLQJWKUHHSRLQWV
,WIRUELGVXQGXHVWULFWQHVVDQGWDNLQJVXSSRUWRIDQ\WKLQJLQWKHFRXUVHRI6DODW
,IZURQJFDQEHFRUUHFWHGE\KDQGLWPXVWEHVWRSSHGLPPHGLDWHO\
2QHVKRXOGEHPRGHUDWHLQC,EDGDKDQGVHOHFWVXFKWLPHVIRURSWLRQDODQGYROXQWDU\SUD\HUV ZKHQ
RQHIHHOVUHDOSOHDVXUHLQWKHP
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDW,PDPVKRXOGQHLWKHUOHQJWKHQWKH6DODWQRUJLYHDORQJ
.KXWEDKLQWKHFRQJUHJDWLRQDO6DODWEHFDXVHERWKRIWKHVHWKLQJVDUHQRWDFFRUGLQJWR WKHSUDFWLFHRI
WKH3URSKHW3%8+
6DOPDQVDLG,DPQRWJRLQJWRHDWXQOHVV\RXHDW
6R$EXG'DUGD
DWH
ZLWK6DOPDQ:KHQLWZDVQLJKWDQGDSDUWRIWKHQLJKWSDVVHG$EXG'DUGD
JRWXSWRRIIHUWKH
QLJKWSUD\HUEXW6DOPDQDVNHGKLPWRVOHHSDQG$EXG'DUGD
VOHSW$IWHUVRPHWLPH$EXG'DUGD
DJDLQJRWXSEXW6DOPDQDVNHGKLPWRVOHHS:KHQLWZDVWKHODVWKRXUVRIWKHQLJKW6DOPDQDVNHGKLP
WRJHWXSDQGERWKRIWKHPRIIHUHG7DKDMMXGSUD\HU7KHQ6DOPDQWROG$EXG'DUGD
<RXRZHDGXW\
WR\RXU5XEE\RXRZHDGXW\WR\RXUERG\\RXRZHDGXW\WR\RXUIDPLO\VR\RXVKRXOGJLYHWRHYHU\
RQHKLVGXH$EXG'DUGD
FDPHWRWKH3URSKHW3%8+DQGUHSRUWHGWKHZKROHVWRU\3URSKHW3%8+
VDLG 6DOPDQLVULJKW
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
,WLVSHUPLVVLEOHWRHVWDEOLVKIUDWHUQLW\RQWKHEDVLVRI'HHQDQGZKHQWKLVLVHVWDEOLVKHGWKHIDPLOLHV
VRDIILOLDWHGFDQDVVRFLDWHZLWKHDFKRWKHU
0XVOLPVPXVWSURYLGHULJKWJXLGDQFHWRHDFKRWKHU
,QFDVHRIQHHG LWLVSHUPLVVLEOHWRVSHDNWRDQXQNQRZQZRPDQZKLOHREVHUYLQJWKHWHDFKLQJVRIWKH
3URSKHW3%8+LQWKLVUHJDUGVXFKDVORZHULQJWKHJD]HDQGEHDVEULHIDVSRVVLEOH
,VDLGWRKLP20HVVHQJHU
RI$OODK,UDQVRP\RXZLWKP\SDUHQWVLWLV,ZKRVDLGWKDW
,VDLG20HVVHQJHURI$OODK,FDQGRPRUHWKDQWKDW
+HVDLG 2EVHUYHIDVWRQHGD\
DQGOHDYHRIIWKHQH[WWZRGD\V
,VDLG20HVVHQJHURI$OODK,KDYHVWUHQJWKWRGRPRUHWKDQWKDW
0HVVHQJHURI$OODK3%8+VDLG 2EVHUYHIDVWHYHU\RWKHUGD\DQGWKDWLVWKHIDVWLQJRI'DZXG
3%8+DQGWKDWLVWKHPRVWPRGHUDWHIDVWLQJ
,VDLG
%XW,DPFDSDEOHRIGRLQJPRUHWKDQWKLV7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG 7KHUHLV
QRWKLQJEHWWHUWKDQWKLV
,UHSOLHG<HV20HVVHQJHURI$OODK
,LQVLVWHGRQ
IDVWLQJDQGVR,ZDVJLYHQDKDUGLQVWUXFWLRQ ,VDLG20HVVHQJHURI$OODK,KDYHVWUHQJWK
0HVVHQJHURI$OODK3%8+VDLG 2EVHUYHIDVWOLNHWKHIDVWLQJRI3URSKHW'DZXG3%8+ DQGGRQRW
IDVWPRUHWKDQWKDW
,VDLG+RZZDVWKHIDVWLQJRI3URSKHW'DZXG"
,VDLG
0HVVHQJHURI$OODK,WLVULJKWEXW,FRYHWWKHUHE\QRWKLQJEXWJRRG
,VDLG23URSKHWRI$OODK,DPFDSDEOHRIGRLQJPRUH
WKDQWKDW
,VDLG23URSKHWRI
$OODK,DPFDSDEOHRIUHFLWLQJPRUHWKDQWKDW
+HVDLG 7KHQUHFLWHLWRQFHLQHYHU\WHQGD\V
,VDLG
23URSKHWRI$OODK,DPFDSDEOHRIUHFLWLQJPRUHWKDQWKDW
+HVDLG 7KHQUHFLWHLWRQFHLQHYHU\
VHYHQGD\VEXWQRWUHFLWHPRUHWKDQWKDW
7KH3URSKHWRI$OODKDOVRVDLGWRPH <RXGRQRWNQRZ
\RXPD\KDYHDORQJHUOLIH:KHQ,JUHZROG,ZLVKHG,KDGDYDLOHGP\VHOIRIWKHFRQFHVVLRQJUDQWHG
WRPHE\WKH3URSKHWRI$OODK
,QDQRWKHUQDUUDWLRQC$EGXOODKLVUHSRUWHGWRKDYHVDLG0\IDWKHUKHOSHGPHPDUU\DQREOHZRPDQDQG
KHXVHGWRLQTXLUHRIKLVGDXJKWHULQODZUHJDUGLQJKHUKXVEDQG6KHZRXOGVD\+HLVLQGHHGDILQH
PDQ6LQFH,KDYHFRPHWRKLPKHKDVQHLWKHUVWHSSHGRQP\EHGQRUKHKDVKDGVH[XDOLQWHUFRXUVH
ZLWKPH:KHQWKLVVWDWHRIDIIDLUVODVWHGIRUVRPHWLPHP\IDWKHUPHQWLRQHGWKHPDWWHUWR0HVVHQJHU
RI$OODK3%8+ZKRGLUHFWHGP\IDWKHUVD\LQJ 6HQGKLPWRPH ,ZHQWWRKLPDFFRUGLQJO\+H
DVNHGPH +RZRIWHQGR\RXREVHUYHIDVW"
,UHSOLHG'DLO\+HDVNHGPH +RZORQJGR\RXWDNHLQ
UHDGLQJWKH1REOH4XU
DQFRPSOHWHO\
,VDLG2QFHHYHU\QLJKW7KHQKHQDUUDWHGWKHZKROHVWRU\+H
LQKLVROGDJHZRXOGUHFLWHRQHVHYHQWKRIKLVQLJKWO\UHFLWDWLRQWRVRPHPHPEHUVRIKLVIDPLO\GXULQJ
WKHGD\WROLJKWHQKLVWDVNDWQLJKW:KHQHYHUKHZLVKHGWRKDYHDUHOLHIIURPKLVIDVWRQDOWHUQDWHGD\V
KHZRXOGJLYHXSIDVWLQJIRUDIHZGD\VDQGPDNHXSGHILFLHQF\ODWHUE\REVHUYLQJWKHQXPEHURIIDVWV
KHKDGPLVVHG+HZRXOGQRWJLYHXSWKHQXPEHURIIDVWVDOWRJHWKHUEHFDXVHKHGLGQRWOLNHWRDEDQGRQ
ZKDWKHKDGVHWWOHGZLWK0HVVHQJHURI$OODK3%8+
&RPPHQWDU\ 7KLV+DGLWKEULQJVWKHIROORZLQJWZRWKLQJVLQWRIRFXV
%HVLGHVPHQWLRQLQJWKHFRQWLQHQFHDQGDUGRXUIRUZRUVKLSRIWKH&RPSDQLRQVRIWKH3URSKHW
3%8+LWWHOOVXVRIWKHWHDFKLQJVRIWKH3URSKHWRI$OODKWRDGRSWPRGHUDWLRQDQGIXOILOOWKHODZIXO
QHHGVRIOLIHDVZHOODVUHOLJLRQ
,VDLG+DQ]DODKKDVEHFRPHDK\SRFULWH+HVDLG)DUUHPRYHGLV$OODKIURPHYHU\
LPSHUIHFWLRQZKDWDUH\RXVD\LQJ"
,VDLG:KHQZHDUHLQWKHFRPSDQ\RI0HVVHQJHURI$OODK
3%8+DQGKHUHPLQGVXVRI+HOOILUHDQG-DQQDKZHIHHODVLIZHDUHVHHLQJWKHPZLWKRXUYHU\
H\HVDQGZKHQZHDUHDZD\IURP0HVVHQJHURI$OODK3%8+ZHDWWHQGWRRXUZLYHVRXUFKLOGUHQ
RXUEXVLQHVVPRVWRIWKHVHWKLQJVSHUWDLQLQJWROLIHKHUHDIWHUVOLSRXWRIRXUPLQGV
$EX%DNU0D\
$OODKEHSOHDVHGZLWKKLPVDLG%\$OODK,DOVRH[SHULHQFHWKHVDPHWKLQJ6R$EX%DNU0D\
$OODKEHSOHDVHGZLWKKLPDQG,ZHQWWR0HVVHQJHURI$OODK3%8+DQG,VDLGWRKLP20HVVHQJHU
RI$OODK3%8++DQ]DODKKDVWXUQHGK\SRFULWH
,VDLG 20HVVHQJHURI$OODKZKHQZHDUHLQ\RXUFRPSDQ\DQGDUHUHPLQGHG
RI+HOOILUHDQG-DQQDKZHIHHODVLIZHDUHVHHLQJWKHPZLWKRXURZQH\HVEXWZKHQZHJRDZD\
IURP\RXDQGDWWHQGWRRXUZLYHVFKLOGUHQDQGEXVLQHVVPXFKRIWKHVHWKLQJVJRRXWRIRXUPLQGV
7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG %\+LPLQ:KRVH+DQGLVP\OLIHLI\RXUVWDWHRIPLQG
UHPDLQVWKHVDPHDVLWLVLQP\SUHVHQFHDQG\RXDUHDOZD\VEXV\LQUHPHPEUDQFHRI$OODKWKH
DQJHOVZLOOVKDNHKDQGVZLWK\RXLQ\RXUEHGVDQGLQ\RXUURDGVEXW+DQ]DODKWLPHVKRXOGEHGHYRWHG
WRWKHZRUOGO\DIIDLUVDQGWLPHVKRXOGEHGHYRWHGWRSUD\HU +HWKH 3URSKHW3%8+VDLGWKLV
WKULFH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHFRQWLQHQFHDQGSLHW\RIWKH&RPSDQLRQVRIWKH
3URSKHW3%8+ZLWKUHIHUHQFHWRWKHQDWXUDOLQVWLQFWRIPDQWRWKLQNGLIIHUHQWO\LQGLIIHUHQWVLWXDWLRQV
7KLVFRQGLWLRQKDVQRWKLQJWRGRZLWK1LIDTK\SRFULV\,VODPLVWKH'HHQRI)LWUDKSXUHQDWXUHDQG
WDNHVWKHPLGGOHFRXUVHLQHYHU\WKLQJDQGFRPELQHVWKHEHQHILWVRIWKLVZRUOGDQGWKRVHRIWKH
+HUHDIWHU,WDOVRVDWLVILHVWKHQHHGVRIWKHERG\DVZHOODVWKDWRIWKHVRXO
>$O%XNKDUL@
&RPPHQWDU\
7KLV+DGLWKPDNHVLW DEXQGDQWO\FOHDUWKDWRQHFDQQRWDWWDLQWKH3OHDVXUHRI$OODKE\PHDQVRIVHOI
LQYHQWHGPHWKRGV,WFDQRQO\EHDFKLHYHGE\ZD\VDQGPHDQVSUHVFULEHGLQWKH4XU
DQDQG6XQQDK
2QHVKRXOGQHYHUYRZIRUDQ\WKLQJZKLFKLVVPHDUHGZLWKVLQRUZKLFKLVQRW SHUPLWWHGE\'HHQ$Q
LQVWDQFHRIWKLVLVTXRWHGLQWKHDERYHPHQWLRQHG+DGLWK
7KHPDMRULW\RI
8ODPD
VFKRODUVZKRGRQRWWKLQNWKHH[SLDWLRQRIVXFKYRZVQHFHVVDU\TXRWHWKLV
+DGLWKLQVXSSRUWRIWKHLUYLHZ7KH\DUJXHWKDWWKH3URSKHW3%8+KDVQRWSUHVFULEHGH[SLDWLRQLQ
VXFKFDVHVDVLVHYLGHQWIURPWKLV+DGLWK
&+$37(5
7+(5,*+7(286&21'8&7215(*8/$5%$6(
$OODKWKH([DOWHGVD\V
$QGEHQRWOLNHKHUZKRXQGRHVWKHWKUHDGZKLFKVKHKDVVSXQDIWHULWKDVEHFR
PHVWURQJ
$QGZRUVKLS\RXU5XEEXQWLOWKHUHFRPHVXQWR\RXWKHFHUWDLQW\LHGHDWK
>0XVOLP@
&RPPHQWDU\ 7KHZRUGC+L]E
RULJLQDOO\PHDQVWRWDNHRQH
VWXUQIRUJHWWLQJZDWHUIURPDZHOO
6XEVHTXHQWO\SHRSOHVWDUWHGXVLQJLWIRUGDLO\URXQGRIUHFLWDWLRQZKLFKRQHDGRSWVRQKLVRZQ
YROXQWDULO\)RULQVWDQFHIL[LQJDQXPEHURI1DZDILOYROXQWDU\SUD\HUVUHFLWDORIDFHUWDLQSRUWLRQRI
WKH1REOH4XU
DQRUSHUIRUPDQFHRIVRPHRWKHUQREOHGHHGDVRQH
VGDLO\URXWLQH7KLV+DGLWKVWUHVVHV
WKDWRQHPXVWDGKHUHWRVXFKURXWLQH,WDOVRWHOOVWKDWLIIRUVRPHUHDVRQRQHLVXQDEOHWRGRLWDWWKH
WLPHIL[HGE\KLPKHFDQGRLWODWHUDWWKHWLPHFORVHVWWRWKHRQHKHKDVIL[HGIRULW,IRQHGRHVVRKH
ZLOOEHHOLJLEOHWRLWVIXOOUHZDUG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHH[FHOOHQFHRIPDQQHUVGHPDQGVWKDWLIVRPHRQHKDVVRPHWKLQJUHSUHKHQVLEOHLQ
KLVFKDUDFWHUWKHSHUVRQFRQFHUQHGVKRXOGQRWEHPHQWLRQHGEXWWKHVKRUWFRPLQJPXVWEHLQGLFDWHGVR
WKDW SHRSOHUHIUDLQIURPLW7KHVHFRQGSRLQWWKDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIRQHVWDUWVDJRRG
GHHGKHVKRXOGWU\KLVEHVWWRGRLWSHUSHWXDOO\EHFDXVHLWVSHUSHWXDWLRQLVOLNHGE\$OODK
&RPPHQWDU\ 7KH4DGD
RI1DZDILORIIHULQJSUD\HUWRPDNHXSIRUKDYLQJIDLOHGWRRIIHULWDWWKHLU
GXHWLPHLVQRWELQGLQJ%XWLWLV0XVWDKDEGHVLUDEOH7KH3URSKHW3%8+GLGLW
&+$37(5
2%6(59,1*7+(6811$+$1'
7+(0$11(562),762%(',(1&(
$OODKWKH([DOWHGVD\V
$QGLI\RXGLIIHULQDQ\WKLQJDPRQJVW\RXUVHOYHVUHIHULWWR$OODKDQG+LV0HVVHQJHU
3%8+
$QGOHWWKRVHZKRRSSRVHWKH0HVVHQJHU
V0XKDPPDG3%8+FRPPDQGPHQWLHKLV
6XQQDK OHJDOZD\VRUGHUVDFWVRIZRUVKLSVWDWHPHQWVDPRQJWKHVHFWVEHZDUHOHVWVRPH
)LWQDKGLVEHOLHIWULDOVDIIOLFWLRQVHDUWKTXDNHVNLOOLQJRYHUSRZHUHGE\DW\UDQWVKRXOGEHIDOO
WKHPRUDSDLQIXOWRUPHQWEHLQIOLFWHGRQWKHP
$QGUHPHPEHU2\RXWKHPHPEHUVRIWKH3URSKHW
VIDPLO\WKH*UDFHVRI\RXU5XEEWKDW
ZKLFKLVUHFLWHGLQ\RXUKRXVHVRIWKH9HUVHVRI$OODKDQG$O+LNPDKLH3URSKHW
V6XQQDK
OHJDOZD\VVRJLYH\RXUWKDQNVWR$OODKDQGJORULI\+LV3UDLVHVIRUWKLV4XU
DQDQGWKH
6XQQDK
&RPPHQWDU\ 7REHXQQHFHVVDULO\LQTXLVLWLYHDQGFUHDWHGLIIHUHQFHVDQGFRQIXVLRQLQWKH,QMXQFWLRQV
RI$OODKDQG+LV3URSKHW3%8+OHDGVWRGHVWUXFWLRQ7KHVDIHVWFRXUVHOLHVRQO\LQIROORZLQJWKH
2UGHUVRI$OODKDQG+LV3URSKHW3%8+ZLWKRXWCLIV
DQGCEXWV
+DLUVSOLWWLQJLQUHOLJLRXVLVVXHVIDOOV
LQWKLVFDWHJRU\,WRSHQVWKHGRRUIRUFKDRVDQGFRQIOLFWDQGSDYHVWKHZD\IRUGLVXQLW\DQGVHSDUDWLRQ
0D\$OODKJLYHVHQVHWRWKH0XVOLP8PPDKWRDEDQGRQWKLVURDGDQGWDNHWKH5LJKW3DWKZKLFK
HQVXUHVSHDFHDQGVHFXULW\/HWLWEHDEVROXWHO\FOHDUWKDWWKH5LJKW3DWKLVRQHDQGRQHDORQH7KHUH
FDQQRWEHPXOWLSOHULJKWSDWKVLWLVRQHDQGVLQJXODU2QFHDFRPPXQLW\OHDYHVWKH6WUDLJKW3DWKLWLV
VXUHWRJRDVWUD\
C,UEDGELQ6DUL\DK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QHGD\0HVVHQJHURI$OODK
3%8+GHOLYHUHGXVDYHU\HORTXHQW.KXWEDKRQDFFRXQWRIZKLFKH\HV VKHGWHDUVDQGKHDUWVZHUHIXOO
RIWHDUV$PDQVDLG23URSKHWRI$OODKWKLVLVDVLILWZHUHDSDUWLQJDGYLFH6RDGYLVHXV+H
3%8+VDLG ,DGPRQLVK\RXWRIHDU$OODKWROLVWHQDQGREH\HYHQLIDQ$E\VVLQLDQVODYHLV
DSSRLQWHGDV\RXUOHDGHU%HFDXVHZKRVRHYHUDPRQJ\RXVKDOOOLYHDIWHUPHZLOOVHHPXFKGLVFRUG6R
KROGIDVWWRP\6XQQDKDQGWKHH[DPSOHVRIWKH5LJKWO\*XLGHG&DOLSKVZKRZLOOFRPHDIWHUPH
$GKHUHWRWKHPDQGKROGWRLWIDVW%HZDUHRIQHZWKLQJVLQ'HHQEHFDXVHHYHU\%LGCDKLVD
PLVJXLGDQFH
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVSLHW\REHGLHQFHWRWKHOHDGHUIROORZLQJLQWKHIRRWVWHSVRIWKH
3URSKHW3%8+DQGWKHILUVWIRXUQREOHFDOLSKV,WVWULFWO\IRUELGVLQQRYDWLRQLQ'HHQ
&RPPHQWDU\ 7KHZRUG8PPDKKHUHVWDQGVIRUWKHFRPPXQLW\ZKLFKDFFHSWHGWKHLQYLWDWLRQRIWKH
3URSKHW3%8+WKDWLVWRVD\WKHSHRSOHZKRRQKLVFDOOHPEUDFHG,VODP2XWRIWKLVFRPPXQLW\ZKR
IROORZKLPIDLWKIXOO\ZLOOJRWR-DQQDK
,W
ZDVSULGHWKDWSUHYHQWHGKLPIURPGRLQJLW $QGKHFRXOGQRWUDLVHLWWKHULJKWKDQGXSWRKLVPRXWK
DIWHUZDUGV
>0XVOLP@
&RPPHQWDU\
7RHDWZLWKWKHOHIWKDQGZLWKRXWDYDOLGUHDVRQLVDUHSXOVLYHDFW%HVLGHVHDWLQJHYHU\RWKHUJRRG
DFWLRQZDVGRQHE\WKH3URSKHW3%8+ZLWKKLVULJKWKDQG
,QDQRWKHUQDUUDWLRQUHSRUWHGE\0XVOLP1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHP
QDUUDWHG0HVVHQJHURI$OODK3%8+XVHGWRVWUDLJKWHQRXUURZVLQ6DODWDVLIKHZDVVWUDLJKWHQLQJ
DQDUURZZLWKWKHLUKHOSXQWLOKHVDZWKDWZHKDGOHDUQWLWIURPKLP2QH GD\KHFDPHRXWVWRRGXSIRU
6DODWDQGZDVDERXWWRVD\$OODKX$NEDU$OODKLVWKH*UHDWHVWPDUNLQJWKHEHJLQQLQJRIWKH
SUD\HUZKHQKHVDZ DPDQZKRVHFKHVWZDVEXOJLQJRXWIURPWKHURZ+HVDLG 6ODYHVRI$OODK\RX
PXVWVWUDLJKWHQ\RXUURZVRU$OODKZRXOGFUHDWHGLVVHQVLRQDPRQJVW\RX
&RPPHQWDU\ 7KHUHDOPHDQLQJRIWKLVVD\LQJLVWKDW$OODKZLOOFUHDWHGLVVHQVLRQDQGFRQIOLFWDPRQJ
\RX,QDQ\FDVHWKLV+DGLWKPDNHVDEXQGDQWO\FOHDUWKHLPSRUWDQFHRIVHWWLQJWKHURZVLQ
FRQJUHJDWLRQDO 6DODWWRZKLFKWKHSUHVHQWGD\0XVOLPVGRQRWSD\PXFKDWWHQWLRQ%HFDXVHRIWKHODFN
RIXQGHUVWDQGLQJRI,VODPLFSULQFLSOHVQRRQHSD\VKHHGWRWKHSURSHUIRUPDWLRQRIURZVLQPRVTXHVLQ
FRQJUHJDWLRQDO6DODW
&RPPHQWDU\ ,QWKLV+DGLWKWKHJXLGDQFHDQGNQRZOHGJHZKLFKZDVVHQWWRPDQNLQGWKURXJKWKH
3URSKHW3%8+LVFRPSDUHGWRWKHUDLQZKLFKLVEHQHILFLDOEHFDXVHWKLVNQRZOHGJHUHVXVFLWDWHVWKH
GHDGKHDUWVDVGRHVWKHUDLQWRDEDUUHQODQG2QHZKRPDNHVXVHRIWKLVNQRZOHGJHLVOLNHQHGWRDJRRG
VRLODQGRQHZKRDFTXLUHVWKLVNQRZOHGJHDQGLPSDUWVLWWRRWKHUVEXWGRHVQRWSXWLWLQWRSUDFWLFHLV
FRQVLGHUHGDNLQWRDKDUGODQGZKLFKKROGVZDWHUDQGRWKHUSHRSOHXWLOL]HLW$SHUVRQZKRQHLWKHU
OHDUQVLWQRUDFWVXSRQLWLVOLNHDGHVRODWHODQGZKLFKQHLWKHUKROGVZDWHUQRU SURGXFHVDQ\WKLQJ6XFKD
SHUVRQLVWKHZRUVWRIDOOEHFDXVHKHQHLWKHUKLPVHOIEHQHILWVIURPLWQRUOHWVRWKHUVPDNHXVHRILW7KLV
+DGLWKLQGXFHVRQHWRDFTXLUHNQRZOHGJHLPSDUWLWWRRWKHUVSXWLWLQWRDFWXDOSUDFWLFHDQGZDUQV
SHRSOHIURPQHJOHFWLQJWKLVGXW\
&RPPHQWDU\ 7KLV+DGLWKHQMRLQV0XVOLPVWROLFNWKHLUILQJHUVDIWHUPHDOVZLSHRIIWKHIRRGOHIWLQ
WKHXWHQVLOVDQGHDWPRUVHOVZKLFKIDOOGRZQLQWKHFRXUVHRIHDWLQJ$OOWKHVHWKLQJVKDYHPDQ\
DGYDQWDJHV
0D\EHWKDWLVWKHEOHVVHGSRUWLRQRIWKHIRRGZKLFKVWLFNVWRWKHILQJHUVRUXWHQVLOV
7KLVSUDFWLFHLVDVLJQRIKXPLOLW\DQGDYHUVLRQIURPWKHVW\OHRISURXGDQGKDXJKW\SHRSOH
,WVDYHVRQHIURPEHLQJXQJUDWHIXOWR$OODK
%\WKHVHPHDQVRQHGHIHDWV6DWDQ
,QWKHOLJKWRIWKHVH,VODPLFLQMXQFWLRQVRQHFDQYHU\ZHOOMXGJHYLRODWLRQRI,VODPLFWHDFKLQJVDQG
XQJUDWHIXOQHVVWR$OODKZKLFKLVHYLGHQWIURPWKHODUJHTXDQWLW\RIIRRGZKLFKLVWKURZQRQWKH
JDUEDJH
&RPPHQWDU\
:HOHDUQIURPWKLV +DGLWKWKDWWKHSXQLVKPHQWRIDSRVWDV\LV+HOO)RUWKLVUHDVRQWKLVFULPHLV
SXQLVKDEOHE\GHDWKLQ,VODP
,QDQRWKHUQDUUDWLRQLWLVVDLG$FORVHUHODWLYHRIC$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHG
ZLWKKLPZDVKLWWLQJZLWKSHEEOHVXVLQJWKHLQGH[ILQJHUDQGWKHWKXPEKHVDLG0HVVHQJHURI$OODK
3%8+ KDVIRUELGGHQLWVD\LQJWKDWLWGRHVQRWNLOOWKHJDPH+HUHSHDWHGWKHDFWDQG,EQ0XJKDIIDO
VDLGWRKLP,WROG\RXWKDWWKH3URSKHW3%8+KDGSURKLELWHGLWEXW\RXUHSHDWHGLW,VKDOOQHYHUWDON
WR\RX
&RPPHQWDU\
7KLV+DGLWKH[KRUWVXVQRWWRGRDQ\WKLQJZKLFKLVOLNHO\WRKDUPRWKHUV
,WDOVRWHOOV XVWKDWLWLVSHUPLVVLEOHWRVHYHUFRQQHFWLRQVDQGVSHHFKZLWKWKHSHRSOHZKRGLVREH\WKH
,QMXQFWLRQVRI$OODKDQG+LV3URSKHW3%8+
&RPPHQWDU\
7KHVWDWHPHQWRIC8PDU0D\$OODKEHSOHDVHGZLWKKLPTXRWHGLQWKLV+DGLWKLVKLJKO\VLJQLILFDQW
LQWKHVHQVHWKDWKHZDQWHGWRPDNHLWDEVROXWHO\FOHDUWRWKHLOOLWHUDWHDQGLJQRUDQWWKDW$O+DMDU$O
$VZDG%ODFN6WRQHRIWKH.DCEDKLVQRWNLVVHGIRUEHFDXVHVWRQHVDUHYHQHUDWHGLQ,VODPDVZDVWKH
SUDFWLFHLQSUH,VODPLFSHULRG:KDWKHZDQWHGWRHPSKDVL]HZDVWKDWNLVVLQJWKH%ODFN6WRQHZDVLQ
DFFRUGDQFHZLWKWKH6XQQDKRIWKH3URSKHW3%8+
&+$37(5
2%(',(1&(727+(&200$1'
2)$//$+,6$12%/,*$725<'87<
$OODKWKH([DOWHGVD\V
7KHRQO\VD\LQJRIWKHIDLWKIXOEHOLHYHUVZKHQWKH\DUHFDOOHGWR$OODK+LV:RUGVWKH4XU
DQ
DQG+LV0HVVHQJHU3%8+WRMXGJHEHWZHHQWKHPLVWKDWWKH\VD\C:HKHDUDQGZHREH\
$QG
VXFKDUHWKHVXFFHVVIXOZKRZLOOOLYHIRUHYHULQ-DQQDK
WKH&RPSDQLRQV
RI0HVVHQJHURI$OODK3%8+IHOWLWKDUGDQGVHYHUHDQGWKH\FDPHWR0HVVHQJHURI$OODK3%8+
DQGVDWGRZQRQWKHLUNQHHVDQGVDLG20HVVHQJHURI$OODKZHZHUHDVVLJQHGVRPHGXWLHVZKLFK
ZHUHZLWKLQRXUSRZHUWRSHUIRUPVXFKDV6DODWSUD\HU6DXPIDVWLQJ-LKDGVWULYLQJLQWKH&DXVH
RI$OODK6DGDTDKFKDULW\7KHQWKLVWKHDERYHPHQWLRQHG9HUVHZDVUHYHDOHGWR\RXDQGLWLV
EH\RQGRXUSRZHUWROLYHXSWRLW
$QGWKH\VDLG
:HKHDUDQGZHREH\ZHVHHN<RXUIRUJLYHQHVVRXU5XEE$QGXQWR<RXLVWKHUHWXUQ
:KHQWKH
SHRSOHUHFLWHGLWDQGLWVPRRWKO\IORZHGRQWKHLUWRQJXHVWKHQ$OODKUHYHDOHGLPPHGLDWHO\DIWHUZDUGV
7KH0HVVHQJHU0XKDPPDG3%8+EHOLHYHVLQZKDWKDVEHHQVHQWGRZQWRKLPIURPKLV5XEEDQG
VRGRWKHEHOLHYHUV(DFKRQHEHOLHYHVLQ$OODK+LV$QJHOV+LV%RRNVDQG+LV0HVVHQJHUV7KH\
VD\
:HPDNHQRGLVWLQFWLRQEHWZHHQRQHDQRWKHURI+LV0HVVHQJHUV
DQGWKH\VD\
:H KHDUDQGZH
REH\:HVHHN<RXUIRUJLYHQHVVRXU5XEEDQGWR<RXLVWKHUHWXUQRIDOO:KHQWKH\GLGWKDW
$OODKDEURJDWHGWKLV$\DKDQG$OODKWKH*UHDWUHYHDOHG $OODKEXUGHQVQRWDSHUVRQEH\RQGKLV
VFRSH+HJHWVUHZDUGIRUWKDWJRRGZKLFKKHKDVHDUQHGDQGKHLVSXQLVKHGIRUWKDWHYLOZKLFKKH
KDVHDUQHG
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLQLWLDOO\HYHU\SHUVRQZDVDQVZHUDEOHIRUWKRXJKWVDQG
GRXEWVHYHQWKRVHZKLFKFURVVHGKLVPLQGVRPHWKLQJRQZKLFKQRERG\KDGDQ\FRQWURO7KH
&RPSDQLRQVRIWKH3URSKHW3%8+ZHUHQDWXUDOO\GLVWXUEHGRQWKLVVLWXDWLRQ%XWZKHQWKH\KHDUG
DQGREH\HGWKHRUGHUVRIWKH3URSKHW3%8+WKHQ$OPLJKW\$OODKUHYRNHGWKLVRUGHUZLWKWKH
HODERUDWLRQWKDW+HGRHVQRWSXWDQ\RQHWRWURXEOHEH\RQGKLVFDSDFLW\,WLVWKHUHIRUHHVVHQWLDOIRU
HYHU\0XVOLPWRREH\DOOWKH,QMXQFWLRQVRI$OODKEHFDXVHQRQHRILWLVVXFKWKDWKHLVXQDEOHWRFDUU\
RXW
&+$37(5
352+,%,7,212)+(5(6,(6
,15(/,*,21
$OODKWKH([DOWHGVD\V
6RDIWHUWKHWUXWKZKDWHOVHFDQWKHUHEHVDYHHUURU"
:HKDYHQHJOHFWHGQRWKLQJLQWKH%RRN
$QGLI\RXGLIIHULQDQ\WKLQJDPRQJVW\RXUVHOYHVUHIHULWWR$OODKDQG+LV0HVVHQJHU
3%8+
7KHQDUUDWLRQLQ0XVOLPVD\V ,IDQ\ERG\LQWURGXFHVDSUDFWLFHZKLFKLVQRWDXWKHQWLFDWHGE\PHLWLV
WREHUHMHFWHG
&RPPHQWDU\ 7KLV+DGLWKOD\VGRZQDYHU\LPSRUWDQWSULQFLSOH8QIRUWXQDWHO\0XVOLPVKDYHQRW
DWWDFKHGDQ\LPSRUWDQFHWRWKLV+DGLWKDQGWKHSULQFLSOHJLYHQLQLWZLWKWKHUHVXOWWKDWLQQRYDWLRQVLQ
WKH'HHQKDYHEHFRPHVRFRPPRQWKDWWKH\KDYHEHHQWDNHQIRUWUXH'HHQRXUSHRSOHDFWXSRQWKHP
DQGDUHPDGHWRSUDFWLFHWKHP2QHUHDVRQIRUWKLVLVWKHLUODFNRIHGXFDWLRQDQGLJQRUDQFHDERXW'HHQ
7KHVHFRQGUHDVRQLVWKHLUODFNRIXQGHUVWDQGLQJRIWKHSULQFLSOHSUHVFULEHGLQWKLV+DGLWKDOWKRXJKLWLV
VWDWHGLQYHU\H[SOLFLWWHUPV
7KHSULQFLSOHWKDWZHOHDUQIURPWKLV+DGLWKLVWKDWHYHU\VXFKDFWLRQRUDFWLYLW\LVLQQRYDWLRQZKLFKLV
GRQHDVDYLUWXHDQGWRJDLQWKH3OHDVXUHRI$OODKEXWLVQRWFRQVRQDQWZLWKWKHWHDFKLQJVRIWKH4XU
DQ
DQG6XQQDKRUZKLFKGRHVQRWDJUHHZLWKWKHLQWHUSUHWDWLRQRIWKH1XVVWH[WJLYHQE\WKH
&RPSDQLRQVRIWKH3URSKHW3%8+RUWKHLUVXFFHVVRUV7DELCXQ7KHUHDVRQEHLQJWKDWWKHSHULRGRI
WKH&RPSDQLRQVDQGWKH7DELCXQLVWKH.KDLUXO4XUXQWKHEHVWRIDOOJHQHUDWLRQV7KXVDQ\DFWLRQRU
DFWLYLW\WKDWLVGHSULYHGRIWKHVXSSRUWRIWKHVHJHQHUDWLRQVIDOOVLQWKHFDWHJRU\RIKHUHVLHV
>0XVOLP@6DPH+DGLWKDVUHSRUWHGE\C,UEDG
ELQ6DUL\DK0D\$OODKEHSOHDVHGZLWKKLPKDVDOUHDG\EHHQUHFRUGHGLQWKHSUHYLRXVFKDSWHU
UHJDUGLQJVDIHJXDUGLQJWKH6XQQDKRIWKH3URSKHW3%8+
6HH+DGLWKQXPEHU
&RPPHQWDU\
7KLV+DGLWKPHQWLRQVWKHVW\OHRIWKHVSHHFKRIWKH3URSKHW3%8++LVDXVSLFLRXVSUHVHQFHLV
UHJDUGHGLQLWDVDVLJQRIWKHQHDUQHVVRIWKH'D\RI5HVXUUHFWLRQ
,WHPSKDVL]HVWKHLPSRUWDQFHRIWKH4XU
DQDQGWKH6XQQDKDQGEULQJVLQWRIRFXVWKHGHVWUXFWLRQ
FDXVHGE\%LGCDKLQ'HHQ
,WFOHDUO\OD\VGRZQWKDWWKHRUSKDQVDQGWKHQHHG\DUHWKHOLDELOLW\RIWKHJRYHUQPHQW%DLWXO0DO
SXEOLFH[FKHTXHU7KHUHDVRQEHLQJWKDWWKHFDOLSKVZHUHWKHVXFFHVVRUVRIWKH3URSKHW3%8+DQG
WKHZRUNZKLFKZDVGRQHE\KLPLQKLVOLIHWLPHZDVDIWHUKLPWKHLUUHVSRQVLELOLW\
7KHULJKWIXORZQHUVRIWKHGHFHDVHGDUHWKHLUKHLUVDQGQRQHHOVH
&+$37(5
+(5(7,&6'2,1*'(6,5$%/(
2581'(6,5$%/('(('6
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRVD\C2XU5XEE%HVWRZRQXVIURPRXUZLYHVDQGRXURIIVSULQJWKHFRPIRUWRI
RXUH\HVDQGPDNHXVOHDGHUVRIWKH0XWWDTXQWKHSLRXV
+HDOVRUHFLWHGWKH$\DKZKLFKLVLQWKHHQGRI6XUDW$O+DVKU 2\RXZKREHOLHYH)HDU$OODKDQG
NHHS\RXUGXW\WR+LP$QGOHWHYHU\RQHORRNZKDWKHKDVVHQWIRUWKIRUWKHWRPRUURZ
7KHUHDIWHUHYHU\PDQJDYHLQFKDULW\'LQDU'LUKDPFORWKHVPHDVXUHIXOOVRIZKHDWDQGPHDVXUHIXOOV
RIGDWHVWLOOKHVDLG *LYHLQFKDULW\EHLWKDOIDGDWH7KHQDPDQRIWKH$QVDUFDPHZLWKDEDJ
ZKLFKZDVGLIILFXOWIRUKLPWRKROGLQKLVKDQG7KHUHDIWHUWKHSHRSOHFDPHVXFFHVVLYHO\ZLWKFKDULW\
WLOO,VDZWZRKHDSVRIIRRGDQGFORWKHV,QRWLFHGWKDWWKHIDFHRI0HVVHQJHURI$OODK3%8+ZDV
JORZLQJOLNHWKDWRIWKHEULJKWPRRQRUJOLWWHULQJJROG7KHQKH3%8+VDLG :KRVRHYHULQWURGXFHVD
JRRGSUDFWLFHLQ,VODPWKHUHLVIRUKLPLWVUHZDUGDQGWKHUHZDUGRIWKRVHZKRDFWXSRQLWDIWHUKLP
ZLWKRXWDQ\WKLQJEHLQJGLPLQLVKHGIURPWKHLUUHZDUGV$QGZKRVRHYHULQWURGXFHVDQHYLOSUDFWLFHLQ
,VODPZLOOVKRXOGHULWVVLQDQGWKHVLQVRIDOOWKRVHZKRZLOODFWXSRQLWZLWKRXWGLPLQLVKLQJLQDQ\
ZD\WKHLUEXUGHQ
>0XVOLP@
&RPPHQWDU\
6RPHSHRSOHWU\WRGHGXFHDSURRIIRUJRRGLQQRYDWLRQVIURPWKHZRUGV 0XQVDQD
IL$O LVODP
VXQDKKDVDQDK:KRVRHYHULQWURGXFHVDJRRGSUDFWLFHLQ,VODP
7KXVWKH\FODVVLI\LQQRYDWLRQV%LGCDKLQWRWZRFDWHJRULHVQDPHO\JRRGLQQRYDWLRQVDQGEDG
LQQRYDWLRQV%XWWKLVLVZURQJ1RLQQRYDWLRQFDQEHJRRG,WLVDOZD\VEDGEHFDXVHLWDPRXQWVWR
LQYHQWLQJ6KDUCLDKZKLFKQRRQHKDVWKHULJKWWRGR&RQVWLWXWLRQRI6KDUCLDKLVWKHH[FOXVLYH5LJKWRI
$OODK$ORQH,W LV+HZKRFRQVWLWXWHVWKH6KDUCLDKDQGLWLVRQ+LVEHKHVWWKDW+LV3URSKHWVFRQYH\LWWR
WKHSHRSOH1RWWRVSHDNRIVFKRODUVDQGRWKHUV
:KDWWKLV+DGLWKPDNHVDEXQGDQWO\FOHDULVWKDWDQ\RQHZKRWULHVWRILQGQHZZD\VDQGPHDQVWR
SUHDFKDQGSUDFWLFH,VODPLF6KDUCLDKZKLFKDUHODWHURQDGRSWHGE\RWKHUSHRSOHDOVRZRXOGQRWRQO\
JHWWKHUHZDUGRIGRLQJVREXWKHZLOODOVREHUHZDUGHGIRUWKHHQGHDYRXUVRIWKRVHZKRZLOODIWHUKLP
FRQWLQXHWKHPDQGSHUIRUPJRRGGHHGV%XWDQ\WKLQJRIZKLFKZHGRQRWILQGDQ\WUDFHLQ6KDUCLDKLV
EDG,WFDQQRWEHJRRGLQDQ\FDVHQRPDWWHUZKDWPHDQVDUHDGRSWHGIRUWKLVSXUSRVH
2WKHUEHQHILWVRIWKLV+DGLWKDUHVHOIHYLGHQWDQGGRQRWQHHGIXUWKHUHODERUDWLRQ
7KHVRQRI$GDPLQWKH+DGLWKLVVDLGWREH4DELO$OODKWHOOVXVDERXWKLVVWRU\LQ6XUDW$O0D
LGDK
7KH7DEOHVSUHDGZLWK)RRG9HUVHV
&RPPHQWDU\ 7KLV+DGLWKJLYHVXVDQLGHDKRZVHULRXVLVWKHFULPHRILQLWLDWLQJDQHYLOZKLFKLV
IROORZHGE\RWKHUV2QHZKRLQLWLDWHVDQHYLOZRXOGEHVLQIXOIRUDOOWKRVHZKRIROORZKLPLQWKDWFULPH
WLOOWKH'D\RI5HVXUUHFWLRQ7KHVDIHVWFRXUVHWKHUHIRUHLVWKDWRQHVKRXOGDEVWDLQIURPKHUHV\DQG
VWLFNWRREHGLHQFHRQO\
&+$37(5
&$//,1*725,*+7*8,'$1&(
$1')25%,'',1*'(35$9,7<
$OODKWKH([DOWHGVD\V
/HWWKHUHDULVHRXWRI\RXDJURXSRISHRSOHLQYLWLQJWRDOOWKDWLVJRRG,VODP
$EX0DVCXGC8TEDKELQC$PU$O$QVDUL$O%DGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG
0HVVHQJHURI$OODK3%8+VDLG :KRHYHUJXLGHVVRPHRQHWRYLUWXHZLOOEHUHZDUGHGHTXLYDOHQWWR
KLPZKRSUDFWLFHVWKDWJRRGDFWLRQ
>0XVOLP@
&RPPHQWDU\ C,QYLWDWLRQ
DQGC&DOO
VWDQGWRPHDQKHUHWKDWVRPHRQHLQGXFHVRWKHUVWRYLUWXHRU
VHGXFHVWRVLQE\PHDQVRIKLVVSHHFKRUDFWLRQ:HFRPHWRNQRZIURPWKLV+DGLWKWKDWRQHZKR
EHFRPHVDPHGLXPIRUHLWKHURIWKHPLVJLYHQDUHZDUGRUSXQLVKPHQWUHVSHFWLYHO\E\$OODK6:7
7KH
SHRSOHVSHQWWKHQLJKWWKLQNLQJDVWRZKRPLWZRXOGEHJLYHQ:KHQLWZDVPRUQLQJWKHSHRSOH
KDVWHQHGWR0HVVHQJHURI$OODK3%8+(YHU\RQHRIWKHPZDVKRSLQJWKDWWKHEDQQHUZRXOGEH
JLYHQWRKLP+HWKH3URSKHW3%8+DVNHG :KHUHLVC$OLELQ$EX7DOLE"
7KH\VDLG2
0HVVHQJHURI$OODK+LVH\HVDUHVRUH
7KHUHXSRQKHWKH3URSKHW3%8+VDLG $GYDQFHFDXWLRXVO\XQWLO\RXUHDFKWKHLURSHQSODFHV
WKHUHDIWHULQYLWHWKHPWR,VODPDQGLQIRUPWKHPZKDWLVREOLJDWRU\IRUWKHPIURPWKH5LJKWVRI$OODK
IRUE\$OODKLI$OODKJXLGHVHYHQRQHSHUVRQWKURXJK\RXWKDWLVEHWWHUIRU\RXWKDQSRVVHVVLQJD
ZKROHORWRIUHGFDPHOV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWLIDSHUVRQKDVPDGHSUHSDUDWLRQVIRUGRLQJVRPHJRRGGHHGEXWKHLV
XQDEOHWRGRLWGXHWRLOOQHVVRUVRPHRWKHUJHQXLQHUHDVRQDQGKHJLYHVWKHPDWHULDOWREHXVHGIRUWKDW
SXUSRVHWRVRPHRQHHOVHWKHQKHZLOODOVREHHTXDOO\HOLJLEOHWRWKHUHZDUGRIWKDWJRRGGHHG
5DWKHUWKDQVSHQGLQJZHDOWKLQWKHZD\RI$OODKWKRVHZKRZLWKKROGLWGLVSOHDVH$OODKDQGWKHLU
ZHDOWKEHFRPHVGHSULYHGRI+LV%OHVVLQJ
&+$37(5
*,9,1*&2816(/
$OODKWKH([DOWHGVD\V
+HUHSOLHG )RU$OODK+LV%RRN+LV0HVVHQJHUDQG
IRUWKHOHDGHUVRIWKH0XVOLPVDQGWKHLUPDVVHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKHLPSRUWDQFHDQGPHULWVRIJHQHUDOVLQFHULW\6LQFHULW\IRU$OODK
KHUHPHDQVWKDWRQHPXVWKDYHWUXHIDLWKLQ+LPDQG+HVKRXOGEHZRUVKLSSHGZLWKIXOOGHYRWLRQDQG
VLQFHULW\6LQFHULW\IRUWKH4XU
DQPHDQVWKDWRQHVKRXOGFRQILUPLWVWUXWKZLWKRQH
VIXOOKHDUWDQG
PLQGUHFLWHLWUHJXODUO\DFWXSRQWKHLQMXQFWLRQVFRQWDLQHGLQLWZLWKPHWLFXORXVFDUHDQGVWULFWO\DYRLG
LWVPLVLQWHUSUHWDWLRQ6LQFHULW\RIWKH3URSKHW3%8+PHDQVVLQFHUHFRQILUPDWLRQRIKLV3URSKHWKRRG
IDLWKIXOREHGLHQFHRIKLVRUGHUVDQGDGKHUHQFHWRKLV6XQQDK7KHJRRGZLOORIWKH0XVOLPUXOHUVVWDQGV
KHUHIRUFRRSHUDWLQJZLWKWKHPLQWKHLUODZIXORUGHUVDQGREHGLHQFHRIWKHLUVXFKRUGHUVZKLFKDUHIUHH
IURPDQ\WUDFHRIVLQ,IWKH\GHYLDWHIURPWKH6WUDLJKW3DWKWKH\VKRXOGEHSHUVXDGHGWRWXUQWRYLUWXH
2QHVKRXOGQRWUHYROWDJDLQVWWKHPXQOHVVWKH\FRPPLWLQILGHOLW\7KHJRRGZLOORIWKH0XVOLPPDVVHV
PHDQVWKDWRQHVKRXOGZRUNIRUWKHEHWWHUPHQWRIWKHLUOLIHLQWKLVZRUOGDQGWKH+HUHDIWHU7KH\VKRXOG
EHSURYLGHGWKHULJKWJXLGDQFHLQGXFHGWRSHUIRUPJRRGGHHGVDQGGHWHUUHGIURPHYLOV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHPSKDVL]HVWKHLPSRUWDQFHRIJRRGZLOOWRDOOWKH0XVOLPVWRWKHH[WHQW
WKDWWKH3URSKHW3%8+ZRXOGUHTXLUHKLV&RPSDQLRQVWRYRZIRUWKHLUJRRGZLOOJLYLQJFRXQVHOWR
HDFKRWKHULQWKHVDPHZD\DVKHGLGLQWKHFDVHRIPRVWLPSRUWDQWREOLJDWLRQVOLNH6DODWDQG=DNDW
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKDERXWWKHLPSRUWDQFHDQGYLUWXHRIPXWXDOORYHDPRQJWKH
0XVOLPV,IZHDFWXSRQWKHLQMXQFWLRQVPHQWLRQHGLQWKLV+DGLWKWKH0XVOLPVRFLHWLHVZLOOEH
LPPHGLDWHO\SXUJHGRIWKHHYLOVOLNHH[SORLWDWLRQEULEHU\GLVKRQHVW\IDOVHKRRGFKHDWLQJIRUJHU\
HWFZKLFKDUHUDPSDQWLQWKHPDWSUHVHQW,VODPKDVWDXJKWJROGHQSULQFLSOHVWRLWVIROORZHUVZKRKDYH
XQIRUWXQDWHO\QHJOHFWHGWKHPDQGLQFRQVHTXHQFHDUHOHDGLQJDOLIHRIXWWHUGLVJUDFHDQGPRUDO
WXUSLWXGH0D\$OODKJXLGHWKHPWRWKH6WUDLJKW3DWK
&+$37(5
(1-2,1,1**22'$1'
)25%,'',1*(9,/
$OODKWKH([DOWHGVD\V
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ
WSXQLVK
WKHP
7KHEHOLHYHUVPHQDQGZRPHQDUH$XOL\D
KHOSHUVVXSSRUWHUVIULHQGVSURWHFWRUVRIRQH
DQRWKHUWKH\HQMRLQRQWKHSHRSOH$O0DCUXILH,VODPLF0RQRWKHLVPDQGDOOWKDW,VODP
RUGHUVRQHWRGRDQGIRUELGSHRSOHIURP$O0XQNDULHSRO\WKHLVPDQGGLVEHOLHIRIDOONLQGV
DQGDOOWKDW,VODPKDVIRUELGGHQ
7KRVHDPRQJWKH&KLOGUHQRI,VUDHOZKRGLVEHOLHYHGZHUHFXUVHGE\WKHWRQJXHRI'DZXG
'DYLGDQGC,VD-HVXVVRQRI0DU\DP0DU\7KDWZDVEHFDXVHWKH\GLVREH\HG$OODKDQGWKH
0HVVHQJHUVDQGZHUHHYHUWUDQVJUHVVLQJEH\RQGERXQGV7KH\XVHGQRWWRIRUELGRQHDQRWKHU
IURPWKH0XQNDUZURQJHYLOGRLQJVLQVSRO\WKHLVPGLVEHOLHIZKLFKWKH\FRPPLWWHG9LOH
LQGHHGZDVZKDWWKH\XVHGWRGR
$QGVD\C7KHWUXWKLVIURP\RXU5XEE
7KHQZKRVRHYHUZLOOVOHWKLPEHOLHYHDQGZKRVRHYHU
ZLOOVOHWKLPGLVEHOLHYH
7KHUHIRUHSURFODLPRSHQO\$OODK
V0HVVDJH ,VODPLF0RQRWKHLVPWKDWZKLFK\RXDUH
FRPPDQGHG
:HUHVFXHGWKRVHZKRIRUEDGHHYLOEXWZLWKDVHYHUHWRUPHQW:HVHL]HGWKRVHZKRGLGZURQJ
EHFDXVHWKH\XVHGWRUHEHODJDLQVW$OODK
V&RPPDQGGLVREH\$OODK
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVDYHU\LPSRUWDQWSUHVFULSWLRQWRSUHYHQWWKH0XVOLPVRFLHW\IURP
DOOWKLQJVZKLFKDUHIRUELGGHQLQ,VODP6RORQJDV0XVOLPVDGKHUHGWRLWDQGFHDVHOHVVO\DQGIHDUOHVVO\
SHUIRUPHGWKHLUREOLJDWLRQRIHQMRLQLQJWKHULJKWDQGIRUELGGLQJWKHZURQJWKHLUVRFLHW\ZDVODUJHO\
VDIHIURPPDQ\HYLOVDQGVLQV
&RPPHQWDU\ ,WKDVEHHQHPSKDVL]HGLQWKLV+DGLWKWKDWHYHQLID0XVOLPUXOHULVVLQIXODQGFUXHORQH
VKRXOGQRWGLVREH\KLPXQOHVVKHRUGHUVWRJRDJDLQVWWKH'LYLQHLQMXQFWLRQV,QWKDWFDVHVXFKUXOHUV
VKRXOGQRWEHREH\HG6LPLODUO\LWLVQRWSHUPLVVLEOHWRUHYROWDJDLQVWWKHPXQWLOWKH\FRPPLWFOHDUFXW
LQILGHOLW\EHFDXVHWKHUHLVDJUHDWHUGDQJHURIORVVLQUHYROWDQGUHEHOOLRQ,WVKRXOGEHQRWHGRQFHDQG
IRUDOOWKDWWKHH[SUHVVLRQRIWUXWKDQGFRPSOLDQFHZLWKUHOLJLRXVLQMXQFWLRQVKDYHWRSSULRULW\RQDOO
RFFDVLRQV7KLVVKRXOGEHGRQHUHJDUGOHVVRIZKDWSHRSOHVD\RQWKLVDFFRXQW
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHFRQVHTXHQFHVRIFRPPLWWLQJDFWVZKLFKDUH
IRUELGGHQLQ,VODPDUHQRWFRQILQHGRQO\WRWKRVHSHUVRQVZKRFRPPLWWKHPEXWWKHZKROHVRFLHW\KDV
WRVXIIHUIRUWKHP,WLVWKHUHIRUHHVVHQWLDOWKDWWKHSHRSOHZKRDUHLQWKHKDELWRIFRPPLWWLQJVLQIXO
DFWVDQGYLRODWH'LYLQHLQMXQFWLRQVVKRXOGEHFKHFNHGWRVDYHWKHZKROHVRFLHW\IURPGHVWUXFWLRQ,I
WKLVLVQRWGRQHWKHHQWLUHVRFLHW\ZLOOKDYHWRIDFHWKH'LYLQHSXQLVKPHQW
+HUHSOLHG 1RDVORQJDV
WKH\HVWDEOLVK6DODWDPRQJVW\RX
>0XVOLP@
&RPPHQWDU\
%\TXDOLI\LQJWKHREHGLHQFHRI0XVOLPUXOHUVZLWK6DODWLWKDVEHHQPDGHFOHDUWKDWZKDWDFWXDOO\
GLVWLQJXLVKHVEHWZHHQ.XIUDQG,VODPLV6DODW
,IDSHUVRQKDVWKHSRZHUWRVWRSWKHUXOHUVIURPFRPPLWWLQJHYLOGHHGVKHPXVWXVHWKLVSRZHUIRULW
,IKHLVLQFDSDEOHRILWKHVKRXOGDWOHDVWFRQGHPQWKHLUHYLOGHHGVLQKLVKHDUW7RMRLQRUDFTXLHVFHLQ
WKHHYLOGHHGVRIWKHUXOHUVLVDQH[WUHPHO\GDQJHURXVWUHQG)URPWKLVDQJOHSDUWLFLSDWLRQLQSROLWLFDO
SDUWLHVLVDGDQJHURXVDIIDLUEHFDXVHZKHQWKHVHSDUWLHVFRPHLQWRSRZHUDOOWKHLUPHPEHUVKDYHWR
HQGRUVHDQGSXUVXHWKHLUJRRGDVZHOODVEDGSROLFLHV
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHRPLQRXVRIVLQ,WVD\VWKDWZKHQYLFHEHFRPHV
FRPPRQWKHQLQVSLWHRIWKHSUHVHQFHRIVRPHYLUWXRXVSHUVRQVWKDWFRPPXQLW\ZLOOEHGHVWUR\HG%XW
RQWKH'D\RI5HVXUUHFWLRQWKRVHQREOHSHUVRQVZKRKDGGRQHWKHLUGXW\RISUHDFKLQJYLUWXHDQG
FKHFNLQJYLFHZLOOVWDQGDSDUWIURPWKHVLQQHUV7KXVWKLV+DGLWKLQGXFHVRQHWRNHHSDZD\IURPVLQV
7KHSHRSOHVDLG:HKDYHEXWWKHPDVVLWWLQJSODFHV
0HVVHQJHU
RI$OODK3%8+VDLG ,I\RXKDYHWRVLWWKHUHWKHQREVHUYHWKHULJKWVRIWKHZD\7KH\DVNHG:KDW
DUHWKHULJKWVRIWKHZD\"
&RPPHQWDU\
7KLV+DGLWKWHOOVXVWKDWLWLVLPSURSHUWRVLWRQURDGVLGHVDQGSDVVDJHVLQVXFKDZD\ZKLFKFDXVHV
LQFRQYHQLHQFHWRPHQDQGZRPHQZKRSDVVE\,WLVUHDOO\YHU\XQIRUWXQDWHWKDWQRZZHGRQRWFDUH
DERXWVXFKWKLQJVDWDOO
,IVLWWLQJRQURDGVLGHLVLQGLVSHQVDEOHDWDOOWKHQLWLVHVVHQWLDOWRREVHUYHWKHUHTXLUHPHQWV
PHQWLRQHGLQWKH+DGLWKWRMXVWLI\WKHQHHGIXO
6RPHRWKHU,VODPLFHWLTXHWWHPHQWLRQHGLQWKLV+DGLWKKDYHDOVREHHQVWDWHGLQRWKHU$KDGLWK)RU
LQVWDQFHSROLWHQHVVRIVSHHFKVKDULQJRIVRPHRQH
VEXUGHQKHOSLQJWKHRSSUHVVHGDQGWKHWURXEOHG
JXLGLQJWKHZD\ZDUGSHUVRQWRWKHULJKWSDWKDQVZHULQJLQWKHSUHVFULEHGPDQQHURQHZKRVQHH]HV
HWF
,WZDVVDLGWRWKHPDQDIWHU0HVVHQJHURI$OODK
3%8+KDGOHIW7DNH\RXUULQJRIJROGDQGXWLOL]HLW
ZKHUHXSRQKHVDLG1RE\$OODK,ZRXOG
QHYHUWDNHLWZKHQ0HVVHQJHURI$OODK3%8+KDVWKURZQLWDZD\
>0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWZHDULQJRIJROGULQJLVSURKLELWHGIRUPHQDQGVRLVZHDULQJRI
JROGHQRUQDPHQWE\WKHP,WLVYHU\XQIRUWXQDWHLQGHHGWKDWQRZDGD\VLWKDVEHFRPHDSRSXODUIDVKLRQ
WRSUHVHQWPHQJROGULQJRQWKHLUPDUULDJHDQGWKH\ZHDULWZLWKJUHDWSULGH,WLVDYHU\GDQJHURXV
FXVWRPDQGPXVWEHDOWRJHWKHUVKXQQHGIRUWZRUHDVRQV)LUVWO\LWLVDQXQQHFHVVDU\IRUPDOLW\DQG
EXUGHQWRH[FKDQJHSUHVHQWVDQGKROGELJIHDVWVRQEHWURWKDOFHUHPRQ\,WLVDOVRRSHQWRREMHFWLRQLQ
,VODPLFODZ6HFRQGO\WRJLYHDQGWDNHXQODZIXOWKLQJVLVDOOWKHPRUHIRUELGGHQDQGLVDNLQWREXLOGLQJ
RQHVLQRYHUDQRWKHU
7KHVSLULWRIREHGLHQFHPHQWLRQHGLQWKLV+DGLWKLVPDWFKOHVV
,EQ=L\DGVDLGWRKLP6LWGRZQ\RXDUHEXWKXVNIURPDPRQJWKH
&RPSDQLRQVRIWKH3URSKHW3%8+
&RPPHQWDU\ 7KLV+DGLWKSUHVHQWVDPRGHORIFRXUDJHDQGEROGQHVVRIVSHDNLQJWKHWUXWKEHIRUHD
W\UDQW,WZDVGLVSOD\HGE\C$LGK0D\$OODKEHSOHDVHGZLWKKLPLQWKHFRXUWRI8EDLGXOODKELQ
=L\DGJRYHUQRURI%DVUDK7KHODWWHUKXPLOLDWHGC$LGK0D\$OODKEHSOHDVHGZLWKKLPIRUKLV
VWUDLJKWIRUZDUGQHVVDQGWUXWKEXWKHUHSHDWHGKLVVWDWHPHQWDERXWWKHHPLQHQFHRIWKH&RPSDQLRQVRI
WKH3URSKHWDQGVDLGQRQHRIWKHPFRXOGEHFDOOHGKXVN
&RPPHQWDU\ 7RDEDQGRQWKHSUDFWLFHRIHQMRLQLQJYLUWXHDQGIRUELGGLQJYLFHLVOLNHO\WRLQFXUWKH
GLVSOHDVXUHRI$OODK7KLVWUHQGLVLQGHHGIUDXJKWZLWKWKHGDQJHURIUHMHFWLRQRISUD\HUVDQG
VXSSOLFDWLRQVE\+LP
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ -LKDGKDVPDQ\GHJUHHV3UHDFKLQJRIYLUWXHLVDOVR-LKDG7KHPRVWPHULWRULRXVRIDOO
LVWKHHIIRUWRIFRPPXQLFDWLQJWKH0HVVDJHRI$OODKWRDQXQMXVWUXOHU6LPLODUO\LIDVRFLHW\LVVR
PXFKJLYHQWRDYLFHWKDWQRRQHFDQGDUHWRXWWHUDZRUGDJDLQVWLWWKHQWRSURWHVWDJDLQVWLWFDQDOVREH
UHFNRQHGDVWKHEHVW-LKDG
+H
3%8+VDLG 6SHDNLQJWKHWUXWKLQWKHSUHVHQFHRIDW\UDQWUXOHU
>$Q1DVD
L@
$WWKLVVWDJH
0HVVHQJHURI$OODK3%8+ZKRZDVUHFOLQLQJRQDSLOORZVDWXSDQGVDLG 1R%\+LPLQ:KRVH
+DQGP\VRXOLVWKHUHLVQRHVFDSHIRU\RXEXW\RXSHUVXDGHWKHPWRDFWMXVWO\
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHGXW\RIC8ODPD
LVWRFKHFNWKHSHRSOHIURPYLFHDQGLILQ
VSLWHRIDOOWKHLUHIIRUWVSHRSOHGRQRWDEDQGRQWKHPWKH\VKRXOGDYRLGDVVRFLDWLQJZLWKWKHPEHFDXVH
LWLVDPDWWHURIUHOLJLRXVUHYHUHQFHDQGYDQLW\,IWKH\GRQRWGRLWWKH\ZLOODOVREHFXUVHGOLNHWKH
GLVREHGLHQWORW0D\$OODKVDYHXVIURPWKLVQHJOLJHQFH
>$EX'DZXGDQG$W7LUPLGKL@
&+$37(5
&+$67,6(0(17)2521(:+2
(1-2,16*22'$1')25%,'6
(9,/%87$&7627+(5:,6(
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH:K\GR\RXVD\WKDWZKLFK\RXGRQRWGR"0RVWKDWHIXOLWLVZLW
K$OODKWKDW
\RXVD\WKDWZKLFK\RXGRQRWGR
6KXCDLEVDLG,ZLVKQRWLQFRQWUDGLFWLRQWR\RXWRGRWKDWZKLFK,IRUELG\RX
&RPPHQWDU\ 7KLV+DGLWKVHUYHVDVWHUQZDUQLQJIRUVXFKC8ODPD
SUHDFKHUVDQGUHIRUPHUVRIWKH
8PPDKZKRVHRZQFRQGXFWLVFRQWUDU\WRWKHVHUPRQVWKH\JLYHIURPWKHSXOSLW
&+$37(5
',6&+$5*,1*7+(758676
$OODKWKH([DOWHGVD\V
9HULO\$OODKFRPPDQGVWKDW\RXVKRXOGUHQGHUEDFNWKHWUXVWVWRWKRVHWRZKRPWKH\DUHGXH
7UXO\:HGLGRIIHU$O$PDQDKWKHWUXVWRUPRUDOUHVSRQVLELOLW\RUKRQHVW\DQGDOOWKHGXWLHV
ZKLFK$OODKKDVRUGDLQHGWRWKHKHDYHQVDQGWKHHDUWKDQGWKHPRXQWDLQVEXWWKH\GHFOLQHGW R
EHDULWDQGZHUHDIUDLGRILWLHDIUDLGRI$OODK
VWRUPHQW%XWPDQERUHLW9HULO\KHZDV
XQMXVWWRKLPVHOIDQGLJQRUDQWRILWVUHVXOWV
$QRWKHUQDUUDWLRQDGGVWKHZRUGV
(YHQLIKHREVHUYHVIDVWVSHUIRUPV6DODWDQGDVVHUWVWKDWKHLVD
0XVOLP
&RPPHQWDU\ $K\SRFULWHLVWKHRQHZKRSURIHVVHV,VODPEHIRUHWKH0XVOLPVEXWFRQFHDOVKDWUHGDQG
DQLPRVLW\DJDLQVWWKHP7KLVGRXEOHGHDOLQJLVZRUVHWKDQ.XIU7KLVLVWKHUHDVRQWKH1REOH4XU
DQ
KDVGHFODUHGDERXWWKHPWKDWWKH\ZLOOEHLQWKHORZHVWGHSWKVRIWKH+HOO7KHK\SRFULWHVUHIHUUHGWR
KHUHOLYHGDWWKHWLPHRIWKH3URSKHW3%8+DQGKHZDVLQIRUPHGDERXWWKHPWKURXJK:DK\
5HYHODWLRQ,WLVYHU\GLIILFXOWWRLGHQWLI\WKHFODVVRIK\SRFULWHVLQWKLVDJH,WLVDOPRVWLPSRVVLEOHWR
NQRZWKHK\SRFULV\RI)DLWK7KHSUDFWLFDOK\SRFULV\LVKRZHYHUQRZYHU\FRPPRQDPRQJWKH
0XVOLPV,WFDQEHLGHQWLILHGRQWKHVWUHQJWKRIWKHWUDLWVZKLFKKDYHEHHQVWDWHGLQWKH$KDGLWKDERXW
WKHP7KHVHWUDLWVDUHYHU\FRPPRQDPRQJPDQ\RIWKHSUHVHQWGD\0XVOLPV7KHLUFRQGXFWEHDUVWKH
PDUNVRIK\SRFULV\7KLVSUDFWLFDOK\SRFULV\LVKRZHYHUQRW.XIUDVLVWKHFDVHZLWKWKHK\SRFULV\RI
)DLWK
+XGKDLIDKELQ$O<DPDQ0D\$OODK
EHSOHDVHGZLWKKLPDGGHG,KDGDWLPHZKHQ,GLGQRWFDUHZLWKZKRPDPRQJVW\RX,GLGEXVLQHVV,
HQWHUHGLQWRDWUDQVDFWLRQIRULIKHZHUHD0XVOLPKLV)DLWKZRXOGFRPSHOKLPWRGLVFKDUJHKLV
REOLJDWLRQWRPHDQGLIKH ZHUHD&KULVWLDQRUD-HZKLVJXDUGLDQVXUHW\ZRXOGFRPSHOKLPWR
GLVFKDUJHKLVREOLJDWLRQWRPH%XWWRGD\,ZRXOGQRWHQWHULQWRDWUDQVDFWLRQH[FHSWZLWKVRDQGVR
>$O%XNKULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGC$PDQDK
WUXVWLVDYHU\FRPSUHKHQVLYHWHUPZKLFKLQFOXGHVHYHU\WKLQJOLNH
DGKHUHQFHWR,VODPLFLQMXQFWLRQVIDLUQHVVLQGHDOLQJJLYLQJHYHU\ERG\KLVGXHHWF$FFRUGLQJWRWKLV
+DGLWKZLWKGHFOLQHLQPRUDOYDOXHVWKHWUXHVHQVHRI$PDQDKZLOOJUDGXDOO\JRRQGLPLQLVKLQJDQG
HYHQWXDOO\DVWDJHZLOOFRPHZKLFKKDVEHHQHOXFLGDWHGLQWKHWH[WRIWKLV+DGLWK
7KH0HVVHQJHURI$OODKUHSOLHG +DYH
\RXQRWVHHQKRZWKHOLJKWQLQJJRHVDQGUHWXUQVLQWKHWZLQNOLQJRIDQH\H"1H[WJURXSZLOOSDVVOLNH
WKHSDVVLQJRIWKHEUHH]HQH[WOLNHWKHSDVVLQJRIDELUGDQGWKHQH[WZLWKWKHVSHHGRIDUXQQLQJPDQ
DFFRUGLQJWRWKHTXDOLW\RIWKHLUGHHGV'XULQJDOOWKLVWLPH\RXU3URSKHW3%8+ZLOOUHPDLQ
VWDQGLQJRQWKH%ULGJHVD\LQJC2P\5XEENHHSWKHPVDIHNHHSWKHPVDIH
WLOOPHQ
VGHHGVDUHVR
ZHDNWKDWDPDQFRPHVZKRZLOOEHDEOHRQO\WRFUDZO2QERWKVLGHVRIWKH%ULGJHSURQJHGIOHVK
KRRNVSODFHGXQGHUFRPPDQGZLOOEHKXQJDQGZLOOVHL]HWKRVHDERXWZKRPWKH\UHFHLYHFRPPDQG
VRPHSHRSOHEHLQJODFHUDWHGDQGHVFDSLQJDQGRWKHUVEHLQJWKURZQYLROHQWO\LQWR+HOO
$EX+XUDLUDK
DGGHG%\+LPLQ:KRVH+DQG$EX+XUDLUDK
VVRXOLVWKHSLWRI-DKDQQDP+HOOLVVHYHQW\\HDUVLQ
GHSWK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHKRUURUVRIWKH'D\RI5HVXUUHFWLRQZKLFKDUHHYLGHQWIURPWKH
IDFW WKDWHYHQ3URSKHWVZLOOEHIHDUIXORI$OODKDQGPDNLQJVXSSOLFDWLRQWR+LP3URSKHW0XKDPPDG
3%8+DORQHZLOOEHUHTXHVWLQJ$OODKIRUEHVWRZLQJ+LV0HUF\RQKXPDQV7KLV+DGLWKDOVR
GHVFULEHVWKHJUDFHRIWKH3URSKHW3%8+ZKRZLOOWKHQLQWHUFHGHIRUDOO
$]=XEDLUWKHQZLOOHGRQH
WKLUGRIWKDWSRUWLRQWRKLVVRQVQDPHO\C$EGXOODK
VVRQV+HVDLG2QHWKLUGRIWKHRQHWKLUG,IDQ\
SURSHUW\LVOHIWDIWHUWKHSD\PHQWRIGHEWVRQHWKLUGRIWKHRQHWKLUGRIZKDWLVOHIWLVWREHJLYHQWR
\RXUVRQV
+LVKDPDVXEQDUUDWRUDGGHG6RPHRIWKHVRQVRIC$EGXOODKZHUHHTXDOLQDJHWRWKH
VRQVRI$]=XEDLUHJ.KXEDLEDQG$EEDGC$EGXOODKKDGQLQHVRQVDQGQLQHGDXJKWHUVDWWKDW
WLPH 7KHQDUUDWRUC$EGXOODKDGGHG +HNHSWRQLQVWUXFWLQJPHDERXWKLVGHEWVDQGWKHQVDLG0\
VRQVKRXOG\RXILQG\RXUVHOIXQDEOHWRSD\DQ\SRUWLRQRIP\GHEWWKHQEHVHHFKP\0DVWHUIRU+LV
KHOS
%\$OODK,GLGQRWXQGHUVWDQGZKDWKHPHDQWDQGDVNHG)DWKHUZKRLV\RXU0DVWHU"
+HVDLG
$OODK
%\$OODK:KHQHYHU,IDFHGDGLIILFXOW\LQGLVFKDUJLQJDQ\ SRUWLRQRIKLVGHEW,ZRXOGSUD\
20DVWHURI=XEDLUGLVFKDUJHKLVGHEW
DQG+HGLVFKDUJHGLW=XEDLUZDVPDUW\UHG+HOHIWQR
PRQH\EXWKHOHIWFHUWDLQODQGVRQHRIWKHPLQ$O*KDEDKHOHYHQKRXVHVLQ$O0DGLQDKWZRLQ
%DVUDKRQHLQ.XIDKDQGRQHLQ(J\SW7KHFDXVHRIKLVLQGHEWHGQHVVZDVWKDWDSHUVRQZRXOGFRPHWR
KLPDVNLQJKLPWRNHHSVRPHPRQH\RIKLVLQWUXVWIRUKLP=XEDLUZRXOGUHIXVHWRDFFHSWLWDVDWUXVW
IHDULQJLWPLJKWEHORVWEXWZRXOGWDNHLWDVDORDQ+HQHYHUDFFHSWHGDJRYHUQRUVKLSRUUHYHQXH
RIILFHRUDQ\SXEOLFRIILFH+HIRXJKWDORQJZLWK0HVVHQJHURI$OODK3%8+DQG$EX%DNUC8PDU
DQGC8WKPDQ0D\$OODKEHSOHDVHGZLWKWKHP
C$EGXOODKDGGHG ,SUHSDUHGDVWDWHPHQWRIKLVGHEWVDQGWKH\DPRXQWHGWRWZRPLOOLRQDQGWZR
KXQGUHGWKRXVDQG+DNLPELQ+L]DPPHWPHDQGDVNHGPH1HSKHZKRZPXFKLVGXHIURPP\
EURWKHUDVGHEW"
,NHSWLWDVVHFUHWDQGVDLG$KXQGUHGWKRXVDQG
+DNLPVDLG%\$OODK,GRQRW
WKLQN\RXUDVVHWVDUHVXIILFLHQWIRUWKHSD\PHQWRIWKHVHGHEWV
,VDLG:KDWZRXOG\RXWKLQNLIWKH
DPRXQWZHUHWZRPLOOLRQDQGWZRKXQGUHGWKRXVDQG"
+HVDLG,GRQRWWKLQNWKDW\RXZRXOGEHDEOH
WRFOHDURIIWKHGHEWV,I\RXILQGLWGLIILFXOWOHWPHNQRZ
C$EGXOODK0D\$OODKEHSOHDVHGZLWKKLPVDLG1R
,EQ-DCIDUVDLGCC,I\RXZRXOGGHVLUHIRU
SRVWSRQHPHQW,ZRXOGSRVWSRQHWKHUHFRYHU\RILW
C$EGXOODKVDLG1R
,EQ-DCIDUWKHQVDLG,QWKDW
FDVHPHDVXUHRXWDSORWIRUPH
C$EGXOODKPDUNHGRXWDSORW7KXVKHVROGWKHODQGDQGGLVFKDUJHGKLV
IDWKHU
VGHEW7KHUHUHPDLQHG RXWRIWKHODQGIRXUDQGDKDOIVKDUHV+HWKHQYLVLWHG0XCDZL\DKZKR
KDGZLWKKLPDWWKHWLPHC$PUELQC8WKPDQ$O0XQGKLUELQ$]=XEDLUDQG,EQ=DPCDK0D\$OODK
EHSOHDVHGZLWKWKHP 0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLPVDLG:KDWSULFHGLG\RXSXWRQ
WKHODQGLQ$O*KDEDK"
+HVDLG2QHKXQGUHGWKRXVDQGIRUDHDFKVKDUH0XCDZL\DKLQTXLUHG+RZ
PXFKRILWLVOHIW"
C$EGXOODKVDLG)RXUDQGDKDOIVKDUHV
$O0XQGKLUELQ$]=XEDLUVDLG,ZLOO
EX\RQHVKDUHIRUDKXQGUHGWKRXVDQGC$PUELQC8WKPDQVDLG,ZLOOEX\RQHVKDUHIRUDKXQGUHG
WKRXVDQG,EQ=DPCDKVDLG,ZLOOEX\RQHVKDUHIRUDKXQGUHGWKRXVDQG
7KHQ0XCDZL\DKDVNHG
+RZPXFKRILWLVQRZOHIW"
C$EGXOODKVDLG2QHDQGDKDOIVKDUH0XCDZL\DKVDLG,ZLOOWDNHLWIRU
RQHKXQGUHGDQGILIW\WKRXVDQG
/DWHUC$EGXOODKELQ-DCIDUVROGKLVVKDUHWR0XCDZL\DKIRUVL[
KXQGUHGWKRXVDQG
+HPDGHWKLVGHFODUDWLRQRQIRXU+DMMVHDVRQVDQG
WKHQGLVWULEXWHGWKHLQKHULWDQFHDPRQJWKHKHLUVRI$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP
DFFRUGLQJWRKLVZLOO$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLPKDGIRXUZLYHV(DFKRIWKHP
UHFHLYHGDPLOOLRQDQGWZRKXQGUHGWKRXVDQG7KXV$]=XEDLU
VWRWDOSURSHUW\ZDVDPRXQWHGWRILIW\
PLOOLRQDQGWZRKXQGUHGWKRXVDQG
>$O%XNKDUL@
&+$37(5
81/$:)8/1(662)2335(66,21
$1'5(6725,1*27+(565,*+76
$OODKWKH([DOWHGVD\V
7KHUHZLOOEHQRIULHQGQRUDQLQWHUFHVVRUIRUWKH=DOLPXQSRO\WKHLVWVDQGW
KHZURQJGRHUV
ZKRFRXOGEHJLYHQKHHGWR
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWDEXQGDQWO\FOHDUWKDWWKHUHZLOOEHXWPRVWMXVWLFHRQWKH'D\RI
5HVXUUHFWLRQ6RPXFKVRWKDW$OODKZLOOUHGUHVVHYHQWKHJULHYDQFHRIWKHDJJUHVVHGDQLPDOVDJDLQVW
WKHDJJUHVVRUV7KXVWKLV+DGLWKVHUYHVDVHYHUHZDUQLQJIRUSHRSOH:KHQDQLPDOVZKRDUHGHYRLGRI
VHQVHZLOOQRWEHIRUJLYHQKRZZRXOGPDQNLQGEHZKLFKLVJLIWHGZLWKVHQVHV"7KHODWWHUZLOOQRWEH
SDUGRQHGLIWKH\DUHJXLOW\RIKDYLQJEHHQXQMXVWWRDQ\RQHZLWKRXWDGHTXDWHO\FRPSHQVDWLQJWKHP
7KHSHRSOH
UHSOLHGLQDIILUPDWLYH7KHUHXSRQKHVDLG 2$OODKEHDUZLWQHVV
$QGKHUHSHDWHGLWWKULFH+H
3%8+FRQFOXGHG'RQRWUHYHUWDIWHUPHDVLQILGHOVNLOOLQJRQHDQRWKHU
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWKUHHSRLQWV
7KHOLYHVDQGSURSHUWLHVRI0XVOLPVDUHLQYLRODEOHIRUHDFKRWKHU,QRWKHUZRUGVLWPHDQVWKDWHDFK
RIWKHPLVDSURWHFWRUDQGJXDUGLDQRIWKHOLIHSURSHUW\DQGKRQRXURIWKHRWKHU
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWHYHQDPLQRULQMXVWLFHWRDQ\ERG\LQWKLVZRUOGFDQFDXVHJUHDW
WURXEOHRQWKH'D\RI5HVXUUHFWLRQ
7KHQKH
3%8+UHFLWHG 6XFKLVWKH6HL]XUHRI\RXU5XEEZKHQ+HVHL]HVWKHSRSXODWLRQRIWRZQVZKLOH
WKH\DUHGRLQJZURQJ9HULO\+LV6HL]XUHLVSDLQIXODQGVHYHUH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGQRWWDNHWKHUHVSLWHIRUH[HPSWLRQEHFDXVHQRRQHNQRZVZKHQUHVSLWH
JUDQWHGE\+LPZLOOFRPHWRDQHQGDQGSXQLVKPHQWZLOOIROORZ
&RPPHQWDU\
,ILWFRPHVWR-LKDGDJDLQVWLQILGHOVSRO\WKHLVWVDQGWKHSHRSOHRIWKH%RRN $KOXO.LWDE WKHQ
EHIRUHZDJLQJZDUDJDLQVWWKHPWKH\VKRXOGEHLQYLWHGWR,VODPDQGWROGDERXWWKHSUHVFULEHG6DODW
SUD\HUV=DNDWDQGRWKHUWHDFKLQJVRI,VODP
7KH=DNDWFROOHFWHGIURPWKHULFKRIDORFDOLW\PXVWEHVSHQWRQWKHSRRURIWKDWSODFH,IVRPH
DPRXQWLVOHIWXQVSHQWRQO\WKHQLWVKRXOGEHGLVWULEXWHGDPRQJWKHGHVHUYLQJSHRSOHRIRWKHUDUHDV
7KHFROOHFWRUVRI=DNDWVKRXOGUHIUDLQIURPDJJUHVVLRQLQLWVFROOHFWLRQDVLQWKDWFDVHWKH\ZLOOEH
LQYRNLQJWKHFXUVHRIWKHSHRSOHFRQFHUQHGDQGWKHUHE\LQYLWHWKH:UDWKRI$OODK
7KHQKHUDLVHGKLVKDQGVWLOOZHFRXOG
VHHWKHZKLWHQHVVRIKLVDUPSLWV 7KHQKHVDLGWKULFH CC2$OODKKDYH,FRQYH\HG<RXU
&RPPDQGPHQWV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHLVDVWHUQZDUQLQJLQWKLV+DGLWKIRUWKHJRYHUQPHQWIXQFWLRQDULHV1RZDGD\V
RIILFLDOSRVLWLRQVDUHYHU\PXFKPLVXVHGDQGSHRSOHKDYHGHYHORSHGWKHKDELWRIJLYLQJSUHVHQWVDQG
JLIWVWRWKHP$FFRUGLQJWRWKLV+DGLWKDOOVXFKSUHVHQWVDQGJLIWVZKLFKDUHJLYHQWRWKHJRYHUQPHQW
HPSOR\HHVGXHWRWKHLURIILFLDOSRVLWLRQDUHXQODZIXODQGFRQVWLWXWHEULEHU\7KHWDNLQJDQGDFFHSWLQJ
RIEULEHU\DUHERWKXQODZIXO
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIRQHGRHVQRWFRPSHQVDWHDSHUVRQZKRKDVEHHQKDUPHGE\
RQHDQGKDVQRWEHHQSDUGRQHGIRULWWKHQLWZRXOGKDYHDVHULRXVFRQVHTXHQFHLQWKH+HUHDIWHU,WV
GHWDLOLVPHQWLRQHGLQWKLV+DGLWK7KXVQHJOLJHQFHLQWKHFDVHRISXEOLFULJKWVZKLFKZHWDNHYHU\
OLJKWO\LVLQIDFWUXLQRXV
&RPPHQWDU\ 7KH+DGLWKVKRZVWKDWDWUXH0XVOLPLVRQHZKRGRHVQRWGRDQ\KDUPWRRWKHUV
RYHUWO\RUFRYHUWO\6LPLODUO\WKHWUXH0XKDMLULVRQHZKRDYRLGVGLVREH\LQJ$OODK7KXVLIDSHUVRQ
OHDYHVKLVKHDUWKDQGKRPHWRHPLJUDWHWRVRPHRWKHUSODFHEXWGRHVQRWVDYHKLPVHOIIURPVLQVKLV
HPLJUDWLRQLVRIQRDYDLO
6RPHSHRSOHZHQWWRKLVKRXVHORRNLQJIRULWV
FDXVHDQGIRXQGWKHUHDFORDNWKDWKHKDGVWROHQ>$O%XNKDUL@
&RPPHQWDU\ 7KH+DGLWKVKRZVWKDWVWHDOLQJDQGEUHDFKRIWUXVWIDOOLQWKHFDWHJRU\RIPDMRUVLQVIRU
ZKLFKRQHFDQEHFRQVLJQHGWR+HOO
:HUHSOLHGLQWKHDIILUPDWLYH
+HDVNHG :KLFKFLW\LVWKLV" :HUHSOLHG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU+HUHPDLQHG
VLOHQWXQWLOZHWKRXJKWWKDWKHZRXOGJLYHLWDQRWKHUQDPH+H3%8+DVNHG ,VLWQRW$O%DOGDK
0DNNDK"
&RPPHQWDU\
7KHF\FOHRI\HDUVDQGPRQWKVWKDWLVWRVD\DPRQWKFRQVLVWVRIRUGD\VDQGD\HDUKDV
PRQWKVZDVFRPSOHWHGDWWKHWLPHRIFUHDWLRQRIKHDYHQVDQGHDUWK
7KH+DGLWKPHQWLRQVWKHVDQFWLW\RIOLIHSURSHUW\UHVSHFWDQGKRQRXURIHDFK0XVOLPIRUWKHRWKHU
DQGOD\VVWUHVVXSRQWKHLPSRUWDQFHRIWKLVERQGLQWKHP
,WUHPLQGVWKDWHYHU\RQHZLOOEHDQVZHUDEOHIRUKLVDFWLRQVRQWKH'D\RI 5HTXLWWDO
,WXUJHVWKDWRQHVKRXOGQRWMXVWNHHSWRRQHVHOIWKH&RPPDQGPHQWVRI$OODKDQG+LV3URSKHW
V
WHDFKLQJVEXWGLVVHPLQDWHWKHPDPRQJRWKHUVDOVR,WLVTXLWHSRVVLEOHWKDWVRPHRQHZKRUHPHPEHUV
WKHVHWHDFKLQJVPRUHDGKHUHVWRWKHPPRUHLQSUDFWLFH
2QHPDQDVNHG20HVVHQJHURI$OODK(YHQLILWVKRXOGEHIRUDQLQVLJQLILFDQWWKLQJ"
+H
VDLG(YHQLILWEHDVWLFNRIWKH$UDNWUHHLHWKHWUHHIURPZKLFK0LVZDNVWLFNVDUHWDNHQ
>0XVOLP@
&RPPHQWDU\ 7KHLPSRUWDQFHRIULJKWVRISHRSOHLVHYLGHQWIURPWKHWKUHDWRIVHYHUHSXQLVKPHQWWKDW
WKLV+DGLWKKROGVIRUWKHXVXUSHUVRIWKHVHULJKWV7KHLUFDVHZLOOGHSHQGHQWLUHO\RQWKH:LOORI$OODK
6XFKGHIDXOWHUVPD\EHIRUJLYHQHYHQLQWKHLQLWLDOVWDJHRUWKH\PD\EHSDUGRQHGE\$OODKDIWHUVRPH
SXQLVKPHQW
7KHPDQUHSOLHG,KDYHKHDUG\RXVD\LQJVXFKDQGVXFK
&RPPHQWDU\ +HUHDJDLQIXQFWLRQDULHVRIJRYHUQPHQWDUHZDUQHGWRSHUIRUPWKHLUGXWLHVZLWKFR
RSHUDWLRQDQGLQWHJULW\,IWKH\QHJOHFWWKHLUGXWLHVRUWDNHXQGXHDGYDQWDJHRIWKHLURIILFLDOSRVLWLRQ
WKH\ZLOOEHKHOGJXLOW\E\$OODKIRUGHUHOLFWLRQRIWKHLUGXWLHVDQGPLVXVHRISRZHUDVKDVEHHQVWDWHG
LQD+DGLWKTXRWHGEHIRUH,WDOVRWHOOVXVWKDWLWLVWKHGXW\RIWKHVXSHULRURIILFHUVWRNHHSDVWULFWZDWFK
RQWKHLUVXERUGLQDWHVDQGQRWWROHWWKHPLQGXOJHLQEULEHU\DQGDEXVHRWKHUZLVHWKHLUQHJOLJHQFHRU
VODFNQHVVRURYHUORRNLQJRUVKLUNLQJIURPWKHLUGXW\LQWKLVEHKDOIZLOODOVREHWUHDWHGDVFULPH,WLVQRW
GLIILFXOWWRLPDJLQHWKHIDWHRIVXFKRIILFHUVZKRFRQVSLUHLQWKHORRWDQGSOXQGHUDVLVWKHFDVHLQRXU
VRFLHW\WRGD\
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QWKHGD\ RIWKHEDWWOH RI
.KDLEDUVRPH&RPSDQLRQVRIWKH3URSKHW3%8+FDPHDQGUHPDUNHG6RDQGVRLVDPDUW\UDQGVR
DQGVRLVDPDUW\U:KHQWKH\FDPHWRDPDQDERXWZKRPWKH\VDLG6RDQGVRLVDPDUW\U
WKH
3URSKHW3%8+GHFODUHG 1R,KDYHVHHQKLPLQ+HOOIRUDPDQWOHRUFORDNZKLFKKHKDVVWROHQ
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKWHOOVXVWKDWWKHULJKWVRISHRSOHZLOOQRWEHIRUJLYHQHYHQE\PDUW\UGRP
0LVDSSURSULDWLRQLQWKHQDWLRQDOH[FKHTXHULVDKRUULEOHVLQ
$PDQ
VWRRGXSVDLG20HVVHQJHURI$OODK7HOOPHLI,DPNLOOHGLQWKH&DXVHRI$OODKZLOODOOP\VLQVEH
IRUJLYHQ"
7KHPDQVDLG7HOOPHLI,DPNLOOHGLQWKH&DXVHRI$OODKZLOODOOP\
VLQVEHUHPLWWHG"+HUHSOLHG <HVLI\RXDUHPDUW\UHGZKLOH\RXDUHSDWLHQWKRSHIXORI\RXUUHZDUG
DQGPDUFKIRUZDUGZLWKRXWUHWUHDWLQJXQOHVVLI\RXRZHDQ\GHEWWKDWZLOOQRWEHUHPLWWHG$QJHO
-LEULOWROGPHWKDW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVKRZVWKHLPSRUWDQFHRIULJKWVRISHRSOHDQGUHSD\PHQWRIORDQ
ZKLFKZLOOQRWEHSDUGRQHGLQDQ\FDVH,WLVWKHUHIRUHHVVHQWLDOWKDWHYHU\0XVOLPVKRXOGH[HUFLVH
XWPRVWFDUHWRIXOILOOKLVREOLJDWLRQVLQWKHVHPDWWHUV
7KH\VDLG7KHEDQNUXSWDPRQJXVLVRQHZKRKDVQHLWKHUPRQH\
ZLWKKLPQRUDQ\SURSHUW\+HVDLG 7KHUHDOEDQNUXSWRIP\8PPDKZRXOGEHKHZKRZRXOGFRPH
RQWKH'D\RI5HVXUUHFWLRQZLWK6DODW6DXPDQG6DGDTDKFKDULW\EXWKHZLOOILQGKLPVHOIEDQNUXSW
RQWKDWGD\DVKHZLOOKDYHH[KDXVWHGWKHJRRGGHHGVEHFDXVHKHUHYLOHGRWKHUVEURXJKWFDOXPQ\
DJDLQVWRWKHUVXQODZIXOO\GHYRXUHGWKHZHDOWKRIRWKHUVVKHGWKHEORRGRIRWKHUVDQGEHDWRWKHUVVR
KLVJRRGGHHGVZRXOGEHFUHGLWHGWRWKHDFFRXQWRIWKRVHZKRVXIIHUHGDWKLVKDQG,IKLVJRRGGHHGV
IDOOVKRUWWRFOHDUWKHDFFRXQWWKHLUVLQVZRXOGEHHQWHUHGLQKLVDFFRXQWDQGKHZRXOGEHWKURZQLQWKH
+HOO)LUH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWD0XVOLPKDVWRWDNHVWULFWFDUHLQWKHSHUIRUPDQFHRI
REOLJDWLRQVOLNHSUHVFULEHG6DODWSUD\HUV=DNDWHWFEXWKHKDVWRWDNHVLPLODUFDUHLQKLVGHDOLQJV
PDQQHUVDQGPRUDOV6DOYDWLRQOLHVLQWKHSURSHUIXOILOOPHQWRIDOOWKHVHUHTXLUHPHQWV)XOILOOPHQWRI
RQHDWWKHFRVWRIWKHRWKHUZLOOQRWEHVXIILFLHQWIRUVDOYDWLRQ
&RPPHQWDU\
7KH3URSKHW3%8+KDVH[SODLQHGWKURXJKWKLV+DGLWKWKDWKHWRRZDVDPDQOLNHRWKHUVDQGZDV
WKXVOLDEOHWRMXGJLQJE\ZKDWKHKHDUVE\WKHIDFLOHWRQJXHFOHYHUQHVVDQGHORTXHQFHRISHRSOH%XWLW
GRHVQRWGHWUDFWIURPKLVLQQRFHQFHDVD3URSKHWEHFDXVHLWKDVQRFRQFHUQZLWKKLVGXW\DVDSUHDFKHU
DQG3URSKHWWKHUHVSRQVLELOLW\RISURWHFWLRQRIZKLFKKDVEHHQDFFHSWHGE\$OODK
&RPPHQWDU\ 7KLV+DGLWKKDVWZRPHDQLQJV)LUVWO\VRORQJDVD0XVOLPGRHVQRWNLOODQRWKHU
0XVOLPZLWKRXWYDOLGUHDVRQKHUHPDLQVE\WKH*UDFHRI$OODKFDSDEOHRIDFWLQJXSRQWKH'HHQ7KDW
LVWRVD\KHLVPRUHKRSHIXORIWKH0HUF\RI$OODKDQGGHVHUYHVLWDOVRDVORQJDVKHGRHVQRWFRPPLW
PXUGHU:KHQKHNLOOVDQLQQRFHQWSHUVRQWKHJDWHRI$OODK
V&RPSDVVLRQLVFORVHGRQKLP
,EQ$O$UDELLQWHUSUHWWHGWKLV+DGLWKDVIROORZV
$0XVOLPZLOOVWLOOKDYHDPSOHFKDQFHIRUDFFRPSOLVKLQJJRRGGHHGVWRIDFHHYLOGHHGVXQWLOKHVKHGV
EORRG2UKHKDVWKHFKDQFHRIIRUJLYHQHVVXQWLOKHVKHGVEORRG 050
&RPPHQWDU\ 0LVDSSURSULDWLRQLQQDWLRQDOH[FKHTXHUDQGLWVXVHIRUYHVWHGUDWKHUWKDQSXEOLFLQWHUHVW
LVDPDMRUVLQZKLFKLVSXQLVKDEOHLIWKHGHOLQTXHQWGRHVQRWVLQFHUHO\EHJSDUGRQIRULW
&+$37(5
5(9(5(1&(72:$5'6
7+(6$1&7,7<2)
7+(086/,06
$OODKWKH([DOWHGVD\V
$QGZKRVRHYHUKRQRXUVWKHVDFUHGWKLQJVRI$OODKWKHQWKDWLVEHWWHUIRUKLPZLWKKLV5XEE
$QGZKRVRHYHUKRQRXUVWKH6\PEROVRI$OODKWKHQLWLVWUXO\IURPWKHSLHW\RIWKHKHDUW
&RPPHQWDU\ ,VODPKDVPDGHDIRUFHIXODQGHODERUDWHDUUDQJHPHQWIRUWKHVHFXULW\RIWKHOLYHVRIWKH
0XVOLPVEXWWKHDEXQGDQFHRIDUPVDQGDPPXQLWLRQKDVYLWLDWHGWKLVDUUDQJHPHQW,WVVHQVHOHVVXVH
KDVUHVXOWHGLQNLOOLQJDWODUJHVFDOH,WLVXVHGHYHQRQKDSS\RFFDVLRQVWRVSUHDGWHUURU6RPHWLPHV
ILULQJLQWKHDLUIRUMXELODWLRQFRVWVVRPHSUHFLRXVOLYHV6LPLODUO\GLVSOD\RIILUHZRUNVRQIHVWLYLWLHVLV
DFDXVHRIJUHDWQXLVDQFHIRUWKHSHRSOHOLYLQJLQWKDWORFDOLW\0D\$OODKJUDQWXVJXLGDQFHWRDGKHUHWR
+LV,QMXQFWLRQVLQHYHU\ZDONRIOLIH
&RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHSXUSRUWZKLFKLVPHQWLRQHGLQWKHSUHYLRXV+DGLWK,WVD\V
WKDW0XVOLPVDUHDNLQWRDOLYLQJSHUVRQ:KHQKHIHHOVSDLQLQRQHRIKLVH\HVIRUH[DPSOHKLVHQWLUH
ERG\IHHOVLW:KHQKHVXIIHUVIURPDKHDGDFKHKHIHHOVLWVSDLQWKURXJKRXWKLVERG\
0HVVHQJHURI$OODK
3%8+ORRNHGDWKLPDQGVDLG +HZKRGRHVQRWVKRZPHUF\WRRWKHUVZLOOQRWEHVKRZQPHUF\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RNLVVFKLOGUHQZLWKNLQGQHVVDQGDIIHFWLRQLVQRWRQO\SHUPLVVLEOHEXWDOVRDPHDQVRI
DWWDLQLQJ$OODK
V0HUF\
+HVDLG <HV7KH\WKHQVDLG%\$OODKZHGRQRW
NLVVWKHP
&RPPHQWDU\ 6KRZLQJNLQGQHVVDQGDIIHFWLRQWRFKLOGUHQLVDVLJQRIWKDWPHUF\DQGFRPSDVVLRQ
ZLWKZKLFK$OODKHQGRZVPDQNLQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ .LQGWUHDWPHQWWR$OODK
VFUHDWXUHVLVYHU\PXFKOLNHGE\$OODK(YHQDQLPDOVDQG
ELUGVDUHLQFOXGHGLQWKLVFDWHJRU\.LQGWUHDWPHQWZLWKWKHPPDNHVDSHUVRQHOLJLEOHWRWKH0HUF\RI
$OODK'HFHQWEHKDYLRXUZLWKSHRSOHKDVEHHQVSHFLILFDOO\PHQWLRQHGLQWKLV+DGLWKDOWKRXJKDOO
FUHDWXUHVDUHFRYHUHGE\LW
:KLOHRIIHULQJSUD\HUVDORQH
\RXPD\SUD\DVORQJDV\RXOLNH
>$O%XNKDULDQG0XVOLP@
7KXVLWLV
HVVHQWLDOWRSHUIRUP6DODWSURSHUO\
7KLVPHDQVWKDW$OODKKDVEHVWRZHGXSRQKLPWKHSRZHURIHQGXUDQFHOLNHWKDWRIDSHUVRQZKRHDWV
DQGGULQNV
&RPPHQWDU\ 7KHZRUGV,DPQRWOLNH\RX
VKRXOGQRWEHWDNHQWRPHDQKHUH,DPQRWDKXPDQOLNH
\RX
:KDWWKH\UHDOO\PHDQLVWKDWQRRQHHOVHKDVWKDWVSHFLDOFRQWDFWZLWK$OODKZKLFKKHKDV2Q
DFFRXQWRIWKLVTXDOLW\ZKLFKZDVVSHFLDOWRWKH3URSKHW3%8+LWLVSURKLELWHGWRNHHSIDVW
FRQWLQXRXVO\,QIDFWLWLVQRWRQO\SURKLELWHGEXWXQODZIXO,QVXFKFDVHVLWLVREOLJDWRU\IRU0XVOLPV
WRIROORZKLPIDLWKIXOO\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH)DMUSUD\HULVLQWKHQDWXUHRIDQDJUHHPHQWEHWZHHQ$OODK
DQG+LVVODYH0XVOLP,WWHOOVXVWKDWKHZRXOGQRWDOOGD\ORQJGHSDUWIURPWKHZD\RI$OODKDVKHKDV
QRWGRQHE\SHUIRUPLQJKLV)DMUSUD\HU+HZLOOQRWRQO\SHUIRUPDOOWKHRWKHUSUHVFULEHGSUD\HUVEXW
ZRXOGDOVRGRQRWKLQJZKLFKZLOOGLVSOHDVH$OODK$0XVOLPZKRGRHVQRWFDUHWRDGKHUHWRWKLV
DJUHHPHQWDQGWKHUHE\VKRZVGLVREHGLHQFHRI$OODKZLOOEHDQVZHUDEOHWR+LPIRULW RQWKH'D\RI
5HVXUUHFWLRQ
&RPPHQWDU\ 7KLV+DGLWKLVH[WUHPHO\LPSRUWDQWIRUWKHUHDVRQWKDWLWDGYLVHV0XVOLPVWROLYHOLNH
IDPLO\PHPEHUV,WVD\VWKDWRQHGRHVQRWOLNHWRVXEMHFWRQH
VRZQVRQEURWKHUHWFWRVXSSUHVVLRQ
QRUOHDYHVKLPKHOSOHVVLQWURXEOHEXWKHOSVKLPZKHQKHLVLQQHHGRILWHQGHDYRXUVWRUHOLHYHKLPRI
KDUGVKLSDQGDGPRQLVKHVKLPZKHQKHGRHVDQ\WKLQJZURQJ$OPLJKW\$OODKLVSOHDVHGZLWKVXFK
EHKDYLRXUDQGJLYHVKLPEHVWUHZDUG IRULWLQWKLVZRUOGDQGWKHQH[W
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKWKHVXEMHFWGLVFXVVHGLQWKHSUHFHGLQJRQH,QIDFWLWHOXFLGDWHV
WKHSRLQWVUDLVHGWKHUH1RZWKHKHDUWLVRQHWKLQJZKLFKQRRQHFDQFKHFNRXW$OODK$ORQHNQRZV
DERXWLW7KHFDVHRIWKRVHZKRRSHQO\OHDGDVLQIXODQGLPSLRXVOLIHLVRIFRXUVHTXLWHGLIIHUHQW7R
VKRZKDWUHGDQGGLVJXVWDJDLQVWVXFKSHRSOHLVZDUUDQWHGE\)DLWK
&RPPHQWDU\ 7KLV+DGLWKHODERUDWHVWKHLPSRUWDQFHRIPXWXDOEURWKHUKRRGDQGJRRGZLOODPRQJWKH
0XVOLPV7KH\DUHZDUQHGDJDLQVWMHDORXV\ZKLFKLVDYHU\PDOLFLRXVPRUDOGLVHDVH2QHZKRVXIIHUV
IURPLWGRHVQRWOLNHWRVHHRWKHUVLQKDSS\FLUFXPVWDQFHVDQGZDQWVWKDWWKH\DUHGHSULYHGRIZKDWHYHU
JRRGWKH\KDYH
7KLV+DGLWKDOVRSURKLELWV0XVOLPVIURPPXWXDOKDWUHGHQPLW\DQGLQGLIIHUHQFHWRRWKHUVEHFDXVHDOO
VXFKWKLQJVJRDJDLQVWWKHFRQFHSWRI,VODPLFIUDWHUQLW\7KH+DGLWKDOVRZDUQV0XVOLPVDJDLQVW1DMDVK
IDOVHELGGLQJWRUDLVHWKHSULFHLQDQDXFWLRQDVLWLVFOHDUGHFHSWLRQDQGIUDXGLVRSSRVHGWRJRRGZLOO
IRURWKHUVZKLOH0XVOLPVDUHUHTXLUHGWRH[SUHVVIRUHDFKRWKHUJRRGZLOOQRWLOOZLOO
7KLV+DGLWKDOVRSURKLELWVPDNLQJRQHEDUJDLQRYHUWKHRWKHUVEHFDXVHLWJHQHUDWHPDOLFHDQGHQPLW\
&RPPHQWDU\ 7KLV+DGLWKGHDOVPRUHFRPSUHKHQVLYHO\ZLWKWKHVXEMHFWGLVFXVVHGDERYH:KHQD
0XVOLPOLNHVWKHVDPHWKLQJIRUDQRWKHU0XVOLPZKLFKKHGRHVIRUKLPVHOIWKHQKHZLOOEHREYLRXVO\
H[SUHVVLQJJRRGZLOOWRKLVIHOORZ0XVOLPV:KHQ0XVOLPVDGRSWWKLVDWWLWXGHDWWKHFRPPXQLW\OHYHO
QR0XVOLPZLOOEHDQHQHP\RIWKHRWKHU,QIDFWHDFK0XVOLPZRXOGWKHQEHDZHOOZLVKHUDQGKHOSHU
RIRWKHU0XVOLPV0D\$OODKHQDEOHXVWRDGRSWWKLVDWWLWXGH
0XVOLP
VQDUUDWLRQLV 7KHUHDUHVL[ULJKWVRID0XVOLPXSRQD0XVOLP:KHQ\RXPHHWKLPJUHHW
KLPZKHQKHLQYLWHV\RXUHVSRQGWRKLPZKHQKHVHHNVFRXQVHOJLYHKLPDGYLFHZKHQKHVQHH]HV
DQGSUDLVHV$OODKVD\WRKLPC0D\$OODKKDYHPHUF\RQ\RX<DUKDPXN$OODK
ZKHQKHLVVLFNYLVLW
KLPDQGZKHQKHGLHVIROORZKLVIXQHUDO
&RPPHQWDU\ 7KHERQGRIEURWKHUKRRGDPRQJWKH0XVOLPVKDVEHHQIXUWKHUVWUHQJWKHQHGE\WKHOLVW
LQWKLV+DGLWKDERXWWKHULJKWVRI0XVOLPVRQRQHDQRWKHU
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+FRPPDQGHG
XVWRREVHUYHVHYHQWKLQJVDQGIRUEDGHXVVHYHQ +HRUGHUHGXVWRYLVLWWKHVLFNWRIROORZIXQHUDO
SURFHVVLRQVWRUHVSRQGWRDVQHH]HUZLWKC<DUKDPXN$OODK0D\$OODKKDYHPHUF\RQ\RX
ZKHQKH
VD\VC$OKDPGXOLOODK3UDLVHEHWR$OODK
WRKHOSWKHRSSUHVVHGDQGWRKHOSRWKHUVWRIXOILOOWKHLURDWKV
WRDFFHSWLQYLWDWLRQDQGWRSURPRWHJUHHWLQJ+HIRUEDGHXVWRZHDUJROGULQJVWRGULQNLQVLOYHU
XWHQVLOVWRXVH0D\DWKLUVLONFDUSHWVSODFHGRQVDGGOHVWRZHDU$O4DVVL\DNLQGRIVLONFORWKWR
ZHDUILQHVLONEURFDGH
>$O%XNKDULDQG0XVOLP@
&+$37(5
&29(5,1*)$8/762)
7+(086/,06
$OODKWKH([DOWHGVD\V
&RPPHQWDU\ &RYHULQJXSWKHVKRUWFRPLQJVDQGIDXOWVRISHRSOHLVDQH[FHOOHQWPDQQHU7KDWLVZK\
WKLVTXDOLW\LVYHU\PXFKOLNHGE\$OPLJKW\$OODK2QWKH'D\RI5HVXUUHFWLRQ$OODKZLOOJLYHD
PDWFKLQJUHZDUGWRWKDWPDQZKRKDVVXFKDTXDOLW\ZKLFKPHDQVWKDW$OODKZLOOIRUJLYHKLVVLQVDQG
ZLOOQRWFDOOKLPWRDFFRXQWIRUKLVVLQV,IDWDOO+HZLOOGRVR+HZLOOQRWGRLWSXEOLFO\VRWKDWKHLV
QRWHPEDUUDVHGEHIRUHRWKHUV7KHQ$OODKPD\IRUJLYHKLPRUVHQGKLPWR+HOOIRUDVKRUWZKLOH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
(YHU\RQHRIP\IROORZHUVZLOOEHIRUJLYHQH[FHSWWKRVHZKRH[SRVHRSHQO\WKHLUZURQJGRLQJV$Q
H[DPSOHRIWKLVLVWKDWRIDPDQZKRFRPPLWVDVLQDWQLJKWZKLFK$OODKKDVFRYHUHGIRUKLPDQGLQWKH
PRUQLQJKHZRXOGVD\WRSHRSOH,FRPPLWWHGVXFKDQGVXFKVLQODVWQLJKW
ZKLOH$OODKKDGNHSWLWD
VHFUHW'XULQJWKHQLJKW$OODKKDVFRYHUHGLWXSEXWLQWKHPRUQLQJKHWHDUVXSWKHFRYHUSURYLGHGE\
$OODK+LPVHOI
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWFRPPLVVLRQRIDVLQGXHWRKXPDQIUDLOWLHVRQZKLFK
RQHLVDVKDPHGEXWGRHVQRWOLNHWRH[SUHVVLVVRPHWKLQJZKLFKPLJKWKRSHIXOO\EHIRUJLYHQE\$OODK
,QIDFW LWVUHPLVVLRQDIWHUSHQLWHQFHLVDOPRVWVXUH%XWWRFRPPLWDVLQRSHQO\LVWRWDOO\GLIIHUHQW
EHFDXVHILUVWO\WKHKHDUWRIVXFKDSHUVRQLVGHSULYHGRIWKHIHDURI$OODK6HFRQGO\KHKDVQRUHVSHFW
DQGUHJDUGIRU'LYLQHLQMXQFWLRQV7KLUGO\VXFKDSHUVRQXVXDOO\GRHVQRWUHSHQWKLVVLQV)RXUWKO\KH
PDNHVDGHFODUDWLRQRIEUHDFKRI'LYLQHLQMXQFWLRQVZKLFKDPRXQWVWRLQYLWLQJ+LVZUDWKDQG
SXQLVKPHQW
&RPPHQWDU\ ,IDVODYHJLUOLVJXLOW\RIIRUQLFDWLRQVKHLVOLDEOHWRDSXQLVKPHQWRIILIW\VWULSHVDQG
WKLVSXQLVKPHQWFDQEHJLYHQE\KHUPDVWHU7KLV+DGLWKLVLQIDFWDGGUHVVHGWRWKHPDVWHURIVXFKD
VODYHJLUO7KHRUGHUWKDWRQHVKRXOGQRWFHQVXUHDQGUHSURDFKKHULVSHUKDSVEDVHGRQWKHFRQVLGHUDWLRQ
WKDWVKHPD\DEVWDLQIURPVXFKDVLQLQIXWXUHEHFDXVHSROLWHQHVVRIWHQSURYHVPRUHHIIHFWLYHWKDQ
UHSURDFK,ISROLWHQHVVSURYHVLQHIIHFWLYHDQGVKHFRPPLWVWKDWVLQDJDLQWKHQWKDWVODYHJLUOVKRXOGEH
VROGIRUFKHDS
&RPPHQWDU\ 7RLPSUHFDWHD0XVOLPYLUWXDOO\DPRXQWVWRKHOSLQJ6DWDQDJDLQVWKLPEHFDXVHWKH
ODWWHULVDYRZHGWRPLVOHDGSHRSOHDQGWRH[SRVHPDQWRKXPLOLDWLRQLQWKLVZRUOGDQGWKH+HUHDIWHU
6XFKSHRSOHZKREHOLHYHWKDWQR+DGGSXQLVKPHQWLVIL[HGIRUGULQNLQJWDNHVXSSRUWIURPWKLV+DGLWK
7KH\KROGWKDWLWVSXQLVKPHQWLVGLVFUHWLRQDU\ZKLFKFDQEHLQFUHDVHGRUGHFUHDVHGDFFRUGLQJWRWKH
FLUFXPVWDQFHV%XWRWKHUOHDUQHGPHQZKRKROGWKDWLWV+DGGLVIRUW\VWULSHVDUJXHWKDWWKHLQFLGHQW
TXRWHGLQWKLV+DGLWKUHODWHVWRWKHSHULRGZKHQLWV+DGGKDGQRWEHHQIL[HG:KHQWKH3URSKHW
3%8+RUGHUHGWKHSXQLVKPHQWRIIRUW\VWULSHVIRULWWKHQLWEHFDPHLWVSUHVFULEHG+DGG$EX%DNU
0D\$OODKEHSOHDVHGZLWKKLPIROORZHGLWGXULQJWKHSHULRGRIKLVFDOLSKDWHC8PDU0D\$OODK
EHSOHDVHGZLWKKLPDOVRDSSOLHGLWLQWKHHDUO\\HDUVRIKLVFDOLSKDWHEXWVXEVHTXHQWO\UDLVHGLWV
SXQLVKPHQWWRHLJKW\VWULSHV7KHC8ODPD
ZKRPDLQWDLQWKHSXQLVKPHQWRIIRUW\VWULSHVFRQWHQGWKDW
WKHRULJLQDO+DGGZDVIRUW\VWULSHVDQGWKHDGGLWLRQDOIRUW\VWULSHVFRPSULVHGGLVFUHWLRQDU\SXQLVKPHQW
IRUZKLFKWKH+HDGRIDVWDWHKDVIXOODXWKRULW\,IKHIHHOVKHFDQDGGGLVFUHWLRQDU\SXQLVKPHQWWRWKH
+DGG7KHQDWXUHRIWKLVDGGLWLRQDOSXQLVKPHQWGHSHQGVRQKLVGLVFUHWLRQ7KHODWWHURSLQLRQVHHPVWR
EHPRUHFRUUHFWWKDW+DGGLVIL[HGIRUGULQNLQJDQGLWVSXQLVKPHQWLVQRWEDVHGRQGLVFUHWLRQ7KH+DGG
IRULWLVIRUW\VWULSHVEXWWKLV+DGGFDQEHLQFUHDVHGE\DGGLQJGLVFUHWLRQDU\SXQLVKPHQWWRLW$OODK
NQRZVEHVW
&+$37(5
)8/),//0(172)7+(1(('6
2)7+(086/,06
$OODKWKH([DOWHGVD\V
DQGGRJRRGWKDW\RXPD\EHVXFFHVVIXO
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWZHVKRXOGIXOILOOWKHQHHGVRI0XVOLPVIRUWKH3OHDVXUHRI
$OODKRQO\UHJDUGOHVVRIDQ\YHVWHGLQWHUHVWRUZRUOGO\PRWLYH,WLVDYHU\PHULWRULRXVDSSURDFK7KH
QHHGVRISHRSOHZKRDGRSWWKLVDWWLWXGHLQOLIHDUHIXOILOOHGE\$OODKDQGWKHUHZDUGWKH\JHWIRULWLQ
WKH+HUHDIWHUZLOOEH JUHDWHUWKDQWKDWWREHJLYHQLQWKLVZRUOG
>0XVOLP@
&RPPHQWDU\ %HVLGHVRWKHUDGYDQWDJHVPHQWLRQHGLQWKLV+DGLWKZHOHDUQWKHIROORZLQJIURPLW
,WLVDQDFWRIJUHDWPHULWWRUHOLHYHD0XVOLPIURPKLVILQDQFLDOGLIILFXOW\
7RVWULYHIRUDWWDLQLQJUHOLJLRXVNQRZOHGJHLVDKLJKO\PHULWRULRXVDFW
7RUHFLWHWKH1REOH4XU
DQPDNHDUUDQJHPHQWIRULWVVWXG\DQGWHDFKLQJDQGKROGPHHWLQJVIRUWKH
XQGHUVWDQGLQJDQGHOXFLGDWLRQRIWKHPHVVDJHRIWKH1REOH4XU
DQDUHDFWVRIJUHDWGLVWLQFWLRQDQG
UHZDUG
&+$37(5
,17(5&(66,21
$OODKWKH([DOWHGVD\V
:KRVRHYHULQWHUFHGHVIRUDJRRGFDXVHZLOOKDYHWKHUHZDUGWKHUHRI
&RPPHQWDU\ 7KHUHFRPPHQGDWLRQPHQWLRQHGLQWKLV+DGLWKUHODWHVWRODZIXODQGSHUPLVVLEOH
PDWWHUV2QHLVQRWSHUPLWWHGWRPDNHDQ\LQWHUFHVVLRQIRUXQODZIXOPDWWHUQRUIRUUHPLVVLRQRI+DGG
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHGLQFRQQHFWLRQZLWKWKHFDVHRI%DULUDK
0D\$OODKEHSOHDVHGZLWKKHUDQGKHUKXVEDQG7KH3URSKHW3%8+VDLGWRKHU ,WLVEHWWHUIRU\RX
WRJREDFNWR\RXUKXVEDQG
6KHDVNHG20HVVHQJHURI$OODKGR\RXRUGHUPHWRGRVR
+HUHSOLHG
,RQO\LQWHUFHGH
6KHWKHQVDLG,KDYHQRQHHGIRUKLP
>$O%XNKDUL@
7KLVIUHHGRPFDQQRWEHIRUIHLWHGE\VXSSUHVVLRQRUIRUFH
&+$37(5
0$.,1*3($&($021*3(23/(
$OODKWKH([DOWHGVD\V
DQGPDNLQJSHDFHLVEHWWHU
6RIHDU$OODKDQGDGMXVWDOOPDWWHUVRIGLIIHUHQFHDPRQJ\RX
&RPPHQWDU\ $OPLJKW\$OODKKDVPDGHKXPDQERG\IOH[LEOHWKDWLVWRVD\LWVSDUWVKDYHMRLQWV
ZKLFKHQDEOHKLPWRPDNHDOONLQGVRIPRYHPHQWV,IKXPDQEHLQJVGLGQRWKDYHWKHVHMRLQWVLWZRXOG
QRWKDYHEHHQSRVVLEOHIRULWVGLIIHUHQWSDUWVWRPDNHPRYHPHQWVZKLFKWKH\GR+DGLWEHHQVRRQH
ZRXOGQRWKDYHEHHQDEOHWRXVHYDULRXVSDUWVRIKLVERG\DVKHOLNHV7KXVWKHVHMRLQWVDUHDYDOXDEOH
JLIWIURP$OODKIRUZKLFKRQHVKRXOGDOZD\VEHJUDWHIXOWR+LP,QDOODSHUVRQKDVWKUHHKXQGUHGDQG
VL[W\MRLQWVLQKLVERG\DVKDVDOUHDG\EHHQVWDWHGLQD+DGLWKQDUUDWHGHDUOLHU
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDYHU\LPSRUWDQWSULQFLSOHWKDWLVLQVSLWHRILWVEHLQJXQODZIXO
RQHLVSHUPLWWHGWRWHOODOLHLIRQHKDVWRGRLWIRUUHIRUPLQJRQH
VVRFLHW\RUIDPLO\RULQWKHLQWHUHVWRI
0XVOLPVLQJHQHUDO,IWZR0XVOLPEURWKHUVDUHHVWUDQJHGDQGVRPHRQHFRPPXQLFDWHVWRWKHPVXFK
WKLQJVZKLFKDUHOLNHO\WRUHPRYHFRQIOLFWDQGUDQFRXUEHWZHHQWKHPSURPRWHPXWXDOORYHDQGEULQJ
WKHPQHDUHUWRHDFKRWKHUVXFKDFWLRQHYHQLILWKDVDOLHLVQRWFDOOHGDOLHLQ,VODP
,QRUGHUWRNHHSWKHHQHP\XQDZDUHRIWKHWUXHSRVLWLRQLWLVSHUPLVVLEOHWRPDNHIDOVHSURSDJDQGD
DVLWLVDQLQGLVSHQVDEOHGHYLFHIRUZLQQLQJZDU
,QRUGHUWRPDLQWDLQSOHDVDQWDWPRVSKHUHLQIDPLO\OLIHDQGIRUWKLVSXUSRVHWHOOLQJDOLHEHFRPHV
LQHYLWDEOH6KDULCDKKDVSHUPLWWHGO\LQJRQVXFKRFFDVLRQV
+HVDLG2
0HVVHQJHURI$OODKLWLVPH1RZKHPD\GRDVKHGHVLUHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJIRXUPDLQSRLQWV
,WLVGHVLUDEOHWRKHOSVRPHRQHZKRLVLQVWUDLWHQHGFLUFXPVWDQFHVEHFDXVHRIDGHEW,IWKHOHQGHU
IRUJLYHVDSDUWRIWKHORDQRUJLYHVFRQFHVVLRQRIWLPHLQUHSD\PHQWRIORDQLWLVDQ DFWRIJUHDWPHULW
$V$OODKVD\V
,IVRPHRQHVHHPVWRLQFOLQHWRZDUGVHYLOKHVKRXOGEHVFROGHGVRWKDWKHZRXOGNHHSKLPVHOIDZD\
IURPLWDQGZRXOGWXUQWRYLUWXH
6XFKSHRSOHZKRTXDUUHODPRQJWKHPVHOYHVVKRXOGQRWEHOHIWWRPXWXDOELFNHULQJEXWHIIRUWVVKRXOG
EHPDGHIRUWKHLUUHFRQFLOLDWLRQ
3HRSOHZKRDUHTXDUUHOOLQJVKRXOGDOVRFRRSHUDWHZLWKWKRVHZKRPDNHHIIRUWVIRUUHFRQFLOLDWLRQ
DQGUHVSHFWWKHLUVSLULWRIJRRGZLOO
+HVDLG<HVLI\RXGHVLUH%LODO0D\$OODKEHSOHDVHGZLWKKLPSURFODLPHGWKH$GKDQDQGWKHQ
SURQRXQFHG,TDPDK$EX%DNU0D\$OODKEHSOHDVHG ZLWKKLPVWHSSHGIRUZDUGDQGFRPPHQFHG$V
6DODW+HUHFLWHG7DNELUDQGWKHSHRSOHIROORZHGKLP,QWKHPHDQWLPH0HVVHQJHURI$OODK3%8+
DUULYHGDQGSDVVLQJWKURXJKWKHURZVWRRNKLVVWDQGLQWKHILUVWURZ7KHSHRSOHVWDUWHGFODSSLQJ,W
ZDVWKHKDELWRI$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPWKDWZKHQHYHUKHVWDUWHGSUD\LQJKHZRXOG
QHYHUORRNURXQG+HSDLGQRKHHGWRWKHFODSSLQJ:KHQWKHFODSSLQJLQFUHDVHGKHWXUQHGURXQGDQG
VDZ0HVVHQJHURI$OODK3%8++HWKH3URSKHW3%8+EHFNRQHGKLPWRFRQWLQXHSHUIRUPLQJ
6DODW%XW$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPUDLVHGKLVKDQGVDQGSUDLVHG$OODK7KHQKH
UHWUHDWHGWDNLQJKLVVWHSVEDFNZDUGV:KHQ0HVVHQJHURI$OODK3%8+VDZWKDWKHZHQWDKHDGDQG
OHG6DODW:KHQKHILQLVKHG6DODWKHIDFHGWKHFRQJUHJDWLRQDQGVDLG :K\GR\RXFODSZKHQ
VRPHWKLQJKDSSHQVGXULQJWKH6DODW&ODSSLQJLVRQO\IRUZRPHQ,IVRPHWKLQJKDSSHQVLQWKHFRXUVH
RI6DODW\RXVKRXOGVD\6XEKDQ$OODK,WLVERXQGWRDWWUDFWDWWHQWLRQ$QG\RX$EX%DNUZKDW
SUHYHQWHG\RXIURPFDUU\LQJRQZLWK6DODWDIWHU,EHFNRQHGWRGRVR"
+HVDLG,WZDVQRWEHFRPLQJ
IRUWKHVRQRI$EX4XKDIDKWROHDG6DODWLQWKHSUHVHQFHRI0HVVHQJHURI$OODK3%8+
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
%DQXC$PUELQC$XIZDVDELJWULEHRI$XVZKLFKFRQVLVWHGRIPDQ\IDPLOLHVWKH\OLYHGLQ4XED$
TXDUUHODURVHDPRQJWKHPRQVRPHLVVXHDQGWKH\XVHGVWRQHVDQGEULFNEDWVDJDLQVWHDFKRWKHU:KHQ
WKH3URSKHW3%8+FDPHWRNQRZDERXWLWKHSHUVRQDOO\ZHQWWRWKHP7KH+DGLWKVKRZVKRZ
LPSRUWDQWLWLVWREULQJDERXWUHFRQFLOLDWLRQDPRQJVW0XVOLPVZKRDUHHVWUDQJHGIURPHDFKRWKHUVR
WKDWWHQVLRQDPRQJWKHPLVQRWDJJUDYDWHG,IHIIRUWVDUHQRWPDGHIRUUHFRQFLOLDWLRQDWWKHLQLWLDOVWDJHV
WKHFRQIOLFWZLOOEHHVFDODWHGDQGWKHQLWZLOOEHFRPHGLIILFXOWWRUHVROYHLW
6DODWFDQEHRIIHUHGEHKLQGWZR,PDPRQHDIWHUWKHRWKHU
,QWKHFRXUVHRI6DODWLI,PDPPDNHVDQHUURUKLVIROORZHUVVKRXOGEULQJLWWRKLVDWWHQWLRQVE\
VD\LQJWKHZRUGV6XEKDQ$OODK
DORXG:RPHQPD\FODSRQO\
,QFDVHRIQHHGLWLVSHUPLVVLEOHLQ6DODWWRWXUQRQH
VIDFHVOLJKWO\WRORRNZLWKJODQFHVDQGPRYHD
OLWWOHRQZDUGRUEDFNZDUG6XFKDQDFWGRHVQRWFRQVWLWXWHDGHIHFWZKLFKUHQGHUVWKHSUD\HULQYDOLG
&+$37(5
683(5,25,7<2)3225:($.
$1'815(12:1('086/,06
$OODKWKH([DOWHGVD\V
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWGLVWLQFWLRQRIVXFKZHDNSRRUDQGVHFOXGHGSHUVRQVZKRGR
QRWKDYHDQ\LPSRUWDQWSRVLWLRQLQVRFLHW\EXWDUHVRHPLQHQWLQWKHUHDOPRISLHW\WKDWRXWRIWKHLU
XWPRVW WUXVWLQ$OODKLIWKH\WDNHDQRDWKIRUVRPHWKLQJ$OPLJKW\$OODKIXOILOOVWKHLURDWK7KXVWKLV
+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIPRGHVW\DQGFRQGHPQVSULGHPLVHUOLQHVVDQGOXVWIRUQDPHDQG
IDPH
7KDW
PDQUHSOLHG+HLVRQHRIWKHQREOHVWPHQ%\$OODKKHLVFHUWDLQO\DSURSHUSHUVRQIRUDJLUOEHLQJ
JLYHQLQPDUULDJHLIKHVHHNVWRPDUU\DQGKLVUHFRPPHQGDWLRQLVILWWREHDFFHSWHGLIKH
UHFRPPHQGV0HVVHQJHURI$OODK3%8+UHPDLQHGVLOHQW7KHQDQRWKHUPDQSDVVHG0HVVHQJHURI
$OODK3%8+HQTXLUHG :KDWLV\RXURSLQLRQDERXWWKLVPDQ"
+HUHSOLHG20HVVHQJHURI$OODK
KHLVRQHRIWKHSRRU0XVOLPV+HLVQRWDSURSHUSHUVRQIRUDJLUOWREHJLYHQLQPDUULDJHWRDQGKLV
UHFRPPHQGDWLRQZRXOGQRWEHDFFHSWHGLIKHPDNHVRQHLIKHVSHDNVKHLVQRWWREHOLVWHQHGWR
0HVVHQJHURI$OODK3%8+VDLG +HLVEHWWHUWKDQWKHIRUPHUE\HDUWKIXOV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHIROORZLQJWZRLPSRUWDQWSRLQWV
7KHGLVWLQFWLRQDQGJUHDWQHVVRIVXFKSRRU0XVOLPVZKRDUHQHLWKHUNQRZQLQVRFLHW\EHFDXVHGXHWR
WKHLUSRYHUW\QRUDUHWKH\UHVSHFWHGE\SHRSOH%XWGXHWRWKHLU)DLWKDQGSLHW\HDFKRIWKHPLVEHWWHULQ
WKHVLJKWRI$OODKWKDQRWKHUV7KLV+DGLWKPDNHVLWDEXQGDQWO\FOHDUWKDWZKDWUHDOO\PDWWHUVZLWK
$OODKLV)DLWKDQGSLHW\QRWOLQHDJHQRUSRPSDQGVKRZ
)RUPDUULDJHSXUSRVHVPHQDQGZRPHQRIQREOHFKDUDFWHUVKRXOGEHVHOHFWHGHYHQLIWKH\DUHSRRU
EHFDXVHDWWKHOHYHORIUHOLJLRQWKH\DUHRQSDUZLWKRWKHU0XVOLPV7KXVWKHSULQFLSOHXQGHUOLQHGKHUH
LVWKDWWKHSUHIHUHQFHVKRXOGEHJLYHQWRWKHHTXDOLW\LQUHVSHFWRIUHOLJLRQUDWKHUWKDQZRUOGO\ZHDOWK
DQGULFKQHVV
-DQQDKVDLG7KHPRGHVWDQGWKHKXPEOHDUHP\UHVLGHQWV7KHUHXSRQ$OODKWKH([DOWHGDQG
*ORULRXVDGGUHVVLQJ-DQQDKVDLG<RXDUH0\0HUF\WKURXJK\RX,VKDOOVKRZPHUF\WRWKRVH
ZKRP,ZLVK$QGDGGUHVVLQJWKH+HOO+HVDLG<RXDUHWKHPHDQVRI0\SXQLVKPHQWE\ZKLFK,
VKDOOSXQLVKVXFKRI0\VODYHVDV,ZLVKDQGHDFKRQHRI\RXZRXOGKDYHLWVILOO
>0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKSHRSOHZKRDUHWHUPHGDVCPRGHVW
DQGCKXPEOH
DUHWKHULFKLQ)DLWKDQG
SLHW\7KH\OHDGDOLIHRISDWLHQFHDQGFRQWHQWPHQW7KLV+DGLWKJLYHVJODGWLGLQJVWRVXFKQREOH
SHRSOH2QWKHFRQWUDU\LWKDVDWKUHDWRI+HOOIRUWKRVHZKRGLVREH\'LYLQHLQMXQFWLRQVDQGDUH
KDXJKW\DQGSURXG1RZLWLVHQWLUHO\RQH
VRZQFKRLFHZKLFKZD\KHJRHV
7KHGLDORJXHEHWZHHQ-DQQDKDQG+HOOTXRWHGLQWKLV+DGLWKLVQRWVRPHWKLQJLPSRVVLEOH,WLVQRWDWDOO
GLIILFXOWIRU$OODKWRFUHDWHLQWKHPVXFKLQWHOOLJHQFHDQGFRQVFLRXVQHVVZKLFKFDQHQDEOHWKHPWR
PDNHDGLVFXVVLRQRQWKHVXEMHFWVPHQWLRQHGLQWKH+DGLWK7KXVWKHUHLVQRQHHGWRRIIHUDQ\
MXVWLILFDWLRQIRUWKHYHUDFLW\RIVXFK$KDGLWK7KHVHVKRXOGWKHUHIRUHEHWDNHQDVOLWHUDOO\FRUUHFW7KLV
+DGLWKLVPHQWLRQHGLQGHWDLOLQ0XVQDG$KPDGDQGLVQDUUDWHGE\$EX+XUDLUDK0D\$OODKEH
SOHDVHGZLWKKLPDW JUHDWHUOHQJWKWKDQLQWKHQDUUDWLRQRI$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHG
ZLWKKLPTXRWHGLQ.LWDEXW7DIVLUWKH%RRNRI&RPPHQWDU\RI6DKLK$O%XNKDUL
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWPDQLIHVWDWLRQRISRZHUDQGVSOHQGRXUZKLFKDUHFRQVLGHUHGVR
LPSRUWDQWIRUSHRSOHLQWKLVZRUOGZLOOEHRIQRYDOXHWR$OODK,QWKH+HUHDIWHU$OODKZLOOMXGJHD
SHUVRQE\KLV)DLWKGHYRWLRQDQGSLHW\,WLVWKHUHIRUHHVVHQWLDOWKDWRQHVKRXOGFRQFHQWUDWHRQWKH
UHIRUPDWLRQRIKLVRZQKHDUWDQGPLQG
,W
VHHPHGDVLIWKH\&RPSDQLRQVFRQVLGHUHGWKHPDWWHULQVLJQLILFDQW7KHQKH3%8+VDLG 6KRZPH
KHURUKLVJUDYH
&RPPHQWDU\ 2QWKHEDVLVRIVRPHRWKHUQDUUDWLRQVWKH
8ODPD
KDYHDFFHSWHGWKDWWKHSHUVRQ
PHQWLRQHGLQWKLV+DGLWKZKRXVHGWRVZHHSWKHPRVTXHZDVDZRPDQNQRZQDV8PP0LKMDQ7KLV
+DGLWKKLJKOLJKWVWKHIROORZLQJIRXULPSRUWDQWSRLQWV
7KHPHULWRINHHSLQJPRVTXHVFOHDQ
7KHKHLJKWRIFRPSDVVLRQDQGNLQGQHVVRIWKH3URSKHW3%8+
7KHLPSRUWDQFHRISDUWLFLSDWLRQLQWKHIXQHUDOSUD\HURIYLUWXRXVSHUVRQV
3HUPLVVLRQWRSHUIRUPIXQHUDOSUD\HURIYLUWXRXVSHUVRQDIWHUKLVKHUEXULDOLIRQHLVXQDEOHWR
SDUWLFLSDWHLQLWZKHQLWLVSHUIRUPHGEHIRUHWKHEXULDORIWKHGHFHDVHG
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVRIWKUHHEDELHVZKRVSRNHLQWKHFUDGOH$OOWKHWKUHHEDELHVZHUH
IURP%DQX,VUDHODQGWKHLUVWRU\LVPHQWLRQHGLQ6DKLK0XVOLPLQWKHVWRU\RI$VKDEXO8NKGXG7KLV
+DGLWKSURYHVWKHIROORZLQJSRLQWV
:KHQDSHUVRQLVFDOOHGE\KLVSDUHQWVZKLOHKHLVHQJDJHGLQYROXQWDU\SUD\HUKHVKRXOGJLYH
SULRULW\WRWKHFDOORISDUHQWV
$WUXH0XVOLPKDVWRSDVVVRPHWLPHVWKURXJKJUHDWWULDOV+HPXVWIDFHWKHPZLWKSDWLHQFHDQG
VWHDGIDVWQHVVEHFDXVHXOWLPDWHO\$OPLJKW\$OODKKHOSVWKHWUXHEHOLHYHUV
2QHPXVWDYRLGFRS\LQJKDXJKW\SHRSOHQRPDWWHUKRZDWWUDFWLYHWKHLUDSSHDUDQFHLV2QHVKRXOGWU\
WRHPXODWHWKHYLUWXRXVSHRSOHEHFDXVHWUXHVXFFHVVOLHVLQWKHLUFRQGXFW
&+$37(5
%(1(92/(1775($70(1772:$5'6253+$16*,5/6
7+(:($.7+(3225$1'
7+(+80%/(3(56216
$OODKWKH([DOWHGVD\V
7KHUHIRUHWUHDWQRWWKHRUSKDQZLWKRSSUHVVLRQ$QGUHSXOVHQRWWKHEHJJDU
+DYH\RXVHHQKLPZKRGHQLHVWKH5HFRPSHQVH"7KDWLVKHZKRUHSXOVH
VWKHRUSKDQKDUVKO\
$QGXUJHVQRWWKHIHHGLQJRI$O0LVNLQWKHSRRU
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKRVHSHRSOHDORQHKDYHYDOXHLQWKHVLJKWRI$OODKZKRDUH
HTXLSSHGZLWK)DLWKDQGJRRGGHHGVQRPDWWHUKRZKXPEOHWKH\DUHLQ WKHH\HVRISHRSOHEHFDXVHRI
WKHLUSRYHUW\DQGLQGLJHQFH7KRVHZKRDUHGHSULYHGRI)DLWKDQGJRRGFRQGXFWKDYHDEVROXWHO\QR
YDOXHLQ+LVVLJKWHYHQLIWKH\KROGDKLJKVWDWXVLQWKLVZRUOG
7KLV+DGLWKDOVRH[KRUWVWKHEHOLHYHUVWKDWFULWHULRQIRUUHVSHFWDQGKRQRXU VKRXOGDOVREH)DLWKQRW
WKHOLQHDJHRUZHDOWK
$EX%DNU0D\$OODKEH
SOHDVHGZLWKKLPVDLGWRWKHP'R\RXVSHDNOLNHWKLVWRWKHFKLHIRIWKH4XUDLVKDQGWKHLUPDVWHU"
7KHQKHZHQWWRWKH3URSKHW3%8+DQGUHODWHGWKLVWRKLP+H3%8+VDLG $EX%DNUSHUKDSV\RX
KDYHDQJHUHGWKHP,IVR\RXKDYHDQJHUHG\RXU5XEE
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP
ZHQWEDFNWRWKHP DQGVDLG%URWKHUVGLG,RIIHQG\RX"
7KH\UHSOLHG1R0D\$OODKIRUJLYH\RX
EURWKHU
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKH0XVOLPVWRWUHDWRQHDQRWKHUZLWKDIIHFWLRQDQGNLQGQHVVDQG
NHHSWKHLUKHDUWVIUHHIURPLOOIHHOLQJDQGPDOLFH,IVRPHRQHLQDGYHUWHQWO\VD\VWRDQRWKHUDQ\WKLQJ
WKDWKXUWVWKHODWWHU
VIHHOLQJVKHPXVWLPPHGLDWHO\DSRORJL]HWRKLP
&RPPHQWDU\ 7KH,VODPLFV\VWHPRIZHOIDUHDQGHFRQRPLFVHFXULW\LVQRWUHVWULFWHGWRUHODWLYHVRQO\
,WLQFOXGHVHYHU\RUSKDQDQGQHHG\,I0XVOLPVSXWWKLVV\VWHPLQWRSUDFWLFHWKHUHZLOOEHQRQHHGIRU
LQVXUDQFH DV\VWHPZKLFKLVEDVHGRQXVXU\0D\$OODKHQDEOHWKH0XVOLPVWRDGRSWWKHWHDFKLQJVRI
,VODPVRWKDWWKH\ZLOOEHUHOLHYHGRIWKHFXUVHRIWKHV\VWHPRIXVXU\
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQDYHU\LPSRUWDQWSUREOHPUHODWLQJWREHJJDUVZKRJRGRRU
WRGRRUEHJJLQJ7KH\DUHLQIDFWQRWSRRUEHFDXVHWKH\DFFXPXODWHDORWRIZHDOWKWKURXJKVPDOO
DPRXQWVZKLFKWKH\FROOHFWHYHU\GD\7KHUHDOQHHG\DQGSRRUDUHWKRVHZKRDUHQRWZHOOWRGREXW
WKHLUDSSHDUDQFHDQGGUHVVKLGHWKHLUSRYHUW\7KHLUVHOIUHVSHFWGRHVQRWSHUPLWWKHPWRPDNHDUHTXHVW
IRUKHOS7KHUHDOSXUSRUWRIWKLV+DGLWKLVWKDWLWLVWKHODWWHUFDWHJRU\RISRRUSHRSOHZLWKDVHQVHRI
VHOIUHVSHFWZKRVKRXOGEHJLYHQSUHIHUHQFHLQILQDQFLDOKHOSRYHUWKHSURIHVVLRQDOEHJJDUVEHFDXVHLW
LVWKH\ZKRDUHUHDOO\SRRU
7KHQDUUDWRU
VDLG,WKLQNWKDWKH3%8+DGGHGDOVR ,VKDOOUHJDUGKLPDVWKHRQHZKRVWDQGVXSIRUSUD\HU
ZLWKRXWUHVWDQGDVWKHRQHZKRREVHUYHVIDVWVFRQWLQXRXVO\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHWKHZRUGVCZLGRZ
DQGCSRRU
KDYHEHHQPHQWLRQHGIRUH[DPSOHRQO\ZKLOHWKH\
FRYHUWKHZKROHUDQJHRILQGLJHQWLQYDOLGDQGQHHG\SHRSOH(IIRUWVIRUWKHLUFDUHVXSSRUWDQGZHOIDUH
KDVEHHQUHJDUGHGHTXLYDOHQWWR-LKDG,VODPKDVGRQHIXOOMXVWLFHLQVXSSRUWLQJWKHKHOSOHVVLQGLYLGXDOV
DQGWKHHQWLUHSRRUFODVVRIWKHVRFLHW\E\HOHYDWLQJWKHVWDWXVRIWKRVHZKRXQGHUWDNHWKLVQREOHWDVNWR
WKHOHYHORI0XMDKLGXQ
,WPDNHVLWFOHDUWKDWZRUVKLSLVQRWUHVWULFWHGWRSUD\HUVDQGIDVWLQJRQO\EXWDOVRFRYHUVHYHU\JRRG
GHHG7KXVWKRVHZKRDUH DOZD\VPLQGIXORIWKHZHDNDQGWKHSRRUDQGFRQVWDQWO\VWULYHIRUWKHLU
ZHOIDUHDUHHQJDJHGLQSHUSHWXDOZRUVKLS
,QVWHDGRIKROGLQJVXPSWXRXVIHDVWVRQ:DOLPDKLIWKH0XVOLPVVKLIWWRRQHRUWZRVLPSOHIRRGLWHPV
DQGLQYLWHWKHSRRUDORQJZLWKWKHLUIULHQGVDQGUHODWLYHVWKH\QRWRQO\VDYHWKHPVHOYHVIURPDOOWKH
WKUHHHYLOVPHQWLRQHGDERYHEXWDOVRSUHYHQWWKHPVHOYHVIURPWKHDFFRXQWDELOLW\LQWKH+HUHDIWHU
RWKHUZLVHWKH\ZLOOVXIIHUORVVLQERWKWKHZRUOGV
7KLV+DGLWKH[KRUWVWKH0XVOLPVWRSDUWLFLSDWHLQWKH:DOLPDKFHUHPRQ\EXWLWLVWKHNLQGRIIHDVW
ZKLFKLVVLPSOHDQGLQDFFRUGDQFHZLWKWKHWHDFKLQJVRI,VODP
&RPPHQWDU\ ,QWKHSUH,VODPLFHUD$UDEVZHUHJUHDWO\GHMHFWHGDQGVKRZHGUHVHQWPHQWRQWKHELUWK
RIDGDXJKWHUZKLFKLQIDFWUHIOHFWHGWKHVWDWXVRIZRPHQLQVRFLHW\,QRUGHUWRJLYHWKHPWKHLUULJKWIXO
SODFHLQWKHVRFLHW\,VODPWDXJKWLWVIROORZHUVWRUHFRJQL]HWKHLUOHJLWLPDWHULJKWV$PRQJWKH
LQMXQFWLRQVZKLFKZHUHLVVXHGLQWKLVEHKDOIWKHPRVWLPSRUWDQWZDVWKDWWKHLUSURSHUXSEULQJLQJ
HGXFDWLRQDQGWUDLQLQJZHUHPDGHDPHDQVWRDWWDLQ-DQQDKVRWKDWSHRSOHGLGQRWRQO\IHHOMR\RYHUWKH
ELUWKRIVRQVEXWDOVRIHOWSOHDVXUHRQWKHELUWKRIGDXJKWHUV,QWKLVUHVSHFW,VODPLVWKHILUVWUHOLJLRQ
ZKLFKKDVQRWRQO\HQVXUHGSURWHFWLRQRIWKHLUULJKWVEXWDOVRPDGHIXOODUUDQJHPHQWVIRUWKHLUUHVSHFW
DQGSUHVWLJHLQVRFLHW\)RULQVWDQFHWKH\KDYHEHHQSURKLELWHGIURPKDYLQJFORVHFRQWDFWVZLWKPHQ
DQGIRUWKLVSXUSRVHUHVWULFWLRQRIWKHYHLOKDVEHHQLPSRVHGRQWKHP,VODPKDVHPDQFLSDWHGWKHPIURP
WKHREOLJDWLRQRIHDUQLQJWKHLURZQOLYHOLKRRGVRWKDWWKH\DUHVDIHIURPWKHPDOLFLRXVH\HVRIHYLO
PLQGHGDQGVHFXUHIURPWKHVH[XDOOXVWRIPHQWKHZD\LWLVKDSSHQLQJZLWKZRPHQZKRDUHZRUNLQJ
VLGHE\VLGHZLWKPHQLQWKH:HVW%XWLWLVDFXUVHLQGHHGWKDWGXHWRLQWHOOHFWXDOLPPDWXULW\DQGHYLO
WUHQGVWKLVIUHHGRPRIZRPHQZKLFKKDVGLVJUDFHGDQGUREEHGWKHPRIWKHYLUWXHVRIDFKDVWHOLIHLV
OLNHGE\PDQ\SHRSOHDQGWKH\DUHWU\LQJWKDW0XVOLPZRPHQVKRXOGDOVRLPLWDWHWKHVW\OHRIZHVWHUQ
ZRPHQ7RWKHSHRSOHRIVXFKFURRNHGWKLQNLQJWKH,VODPLFWHDFKLQJVZKLFKHQVXUHWKHKRQRXUDQG
FKDVWLW\RIZRPHQDSSHDUWREHWKH\RNHRIVODYHU\DQGWKH\ZDQWWRUHOHDVHZRPHQIURPLW
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHJUHDWPHULWDQGUHZDUGRINLQGWUHDWPHQWZLWK
GDXJKWHUV
&RPPHQWDU\ %HVLGHVJUHDWPHULWRIWKHXSEULQJLQJRIGDXJKWHUVWKLV+DGLWKDOVRWHOOVXVWKDWLID
ZLIHKDVVHFXUHGJHQHUDOSHUPLVVLRQIURPKHUKXVEDQGDERXW6DGDTDK DOPVDQGFKDULW\ VKHFDQRIIHU
6DGDTDKDQGLWVUHZDUGZLOOEHJLYHQWRERWKRIWKHP7KHIRUPHUZLOOEHHQWLWOHGWRLWIRUSD\LQJLW
ZKLOHWKHODWWHUZLOOEHHOLJLEOHWRLWIRUJLYLQJKLVFRQVHQWWRLW
&RPPHQWDU\ 7KHSRRUDUHJHQHUDOO\WUHDWHGFDOORXVO\LQKXPDQVRFLHW\:RPHQDQGRUSKDQVDUH
UHJXODUYLFWLPVRIWKLVFUXHOW\7KH\DUHGHSULYHGRIWKHLUVKDUHLQSURSHUW\WRZKLFKWKH\DUHHQWLWOHG
XQGHUWKH,VODPLFODZ,QVRPHFDVHVWKHLUSURSHUWLHVDUHXVXUSHGDQGWKH\DUHPDOWUHDWHGDWWKHKDQGV
RIXVXUSHUV7KH3URSKHW3%8+KDVWKUHDWHQHGWKHPZLWKVHULRXVFRQVHTXHQFHVWRSUHYHQWWKH
0XVOLPVIURPFRPPLWWLQJVXFKLQMXVWLFH7KHDWWLWXGHRI0XVOLPVDQGWKHWHDFKLQJVRI,VODPLQWKLV
PDWWHUDUHWZRGLIIHUHQWWKLQJV+RZFDQ,VODPEHEODPHGIRUWKHDWWLWXGHRI0XVOLPV",WLVWLPH
0XVOLPVVKRXOGXQGHUVWDQGWKDW,VODPLVJHWWLQJDEDGQDPHEHFDXVHRIWKHLUEDGFRQGXFW$VDUHVXOW
RIWKLVWKH\DUHFRPPLWWLQJDGRXEOHFULPH2QWKHRQHKDQGWKH\DUHJXLOW\RIXVXUSLQJRWKHUVRIWKHLU
OHJLWLPDWHULJKWVDQGSHUSHWUDWLQJFUXHOWLHVDQGRQWKHRWKHUGLVJUDFLQJWKHLUUHOLJLRQ,QRWKHUZRUGV
UDWKHUWKDQSUHDFKLQJ,VODPWKH\DUHFUHDWLQJREVWDFOHVLQWKHZD\RISHRSOHMRLQLQJWKHIROGRI,VODP
0D\$OODKJUDQWXVJXLGDQFHWRIROORZWKHULJKWSDWK$PLQ
&RPPHQWDU\ 7KLV+DGLWKH[KRUWVWKHUHVRXUFHIXOSHRSOHQRWWRORRNGRZQXSRQWKHSRRUDQG
UHVRXUFHOHVVSHRSOHRIWKHVRFLHW\DQGQRWWRFRQVLGHUWKHPVHOYHVVXSHULRUWRRWKHUV7KH\VKRXOGOHDUQ
WRUHVSHFWWKHZHDNDQGFRRSHUDWHZLWKWKHPEHFDXVHPD\EH$OPLJKW\$OODKLVSURYLGLQJWKHP
EHFDXVHRIWKHSRRU
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHUHDVRQIRUWKHDFFHSWDQFHRIWKHLQYRFDWLRQVRIWKHZHDNDQG
SRRU6LQFHWKHLUKHDUWVDUHIUHHIURPWKHZRUOGO\YLFHVDQGDUHJLIWHGZLWKJUHDWHUVLQFHULW\DQGIHDURI
$OODKWKHLUSUD\HUVDUHPRUHDFFHSWDEOHWR+LP7KLVSRLQWKDVEHHQPHQWLRQHGPRUHH[SOLFLWO\LQ
1DVD
LZKLFKVD\V$OPLJKW\$OODKKHOSVWKH8PPDKEHFDXVHRIWKHSUD\HUVZRUVKLSDQGGHYRWLRQRI
LWVZHDNSHRSOH$XQXO0DCEXG9RO1RFKDSWHU$O-LKDG7KHZRUGVZKLFKRFFXULQPRVWRI
WKHPDQXVFULSWVRI5L\DGXV6DOLKHHQDUH$EJKRZILDGGXDID
DQGWKHWUDQVODWLRQTXRWHGKHUHIROORZV
WKHVHZRUGV%XWLQWKHPDQXVFULSWVRI$EX'DZXGWKHZRUGILGRHVQRWILJXUHLQWKHWH[W,QRQH
PDQXVFULSWKRZHYHUZHILQGWKHZRUGV$EJKRZILDGGXDID
ZKLFKPHDQV)RUPHVHDUFK0XVOLPV
ZKRDUHZHDNVRWKDW,ILQGUHDVRQWRVXSSRUW\RXZLWKWKHLUSUD\HUV
&+$37(5
5(&200(1'$7,216:,7+
5(*$5'72:20(1
$OODKWKH([DOWHGVD\V
DQGOLYHZLWKWKHPKRQRXUDEO\
<RXZLOOQHYHUEHDEOHWRGRSHUIHFWMXVWLFHEHWZHHQZLYHVHYHQLILWLV\R
XUDUGHQWGHVLUHVRGR
QRWLQFOLQHWRRPXFKWRRQHRIWKHPE\JLYLQJKHUPRUHRI\RXUWLPHDQGSURYLVLRQVRDVWROHDYH
WKHRWKHUKDQJLQJLHQHLWKHUGLYRUFHGQRUPDUULHG$QGLI\RXGRMXVWLFHDQGGRDOOWKDWLV
ULJKWDQGIHDU$OODKE\NHHSLQJDZD\IURPDOOWKDWLVZURQJWKHQ$OODKLV(YHU2IW)RUJLYLQJ
0RVW0HUFLIXO
&RPPHQWDU\ $OWKRXJK,VODPKDVSHUPLWWHGPDQLQLQHYLWDEOHFLUFXPVWDQFHVWRUHEXNHKLVZLIHLW
KDVDOVRVXJJHVWHGDYHU\ZLVHFRXUVHIRULW,WKDVVXJJHVWHGWKDWILUVWRIDOOKHVKRXOGDGYLVHDQG
SUHDFKKHUDQGLIVKHGRHVQRWPHQGKHUZD\V E\WKHVHPHDQVWKHQKHVKRXOGVWRSVOHHSLQJZLWKKHU
ZKLFKLVDJUHDWZDUQLQJIRUWKHVHQVLEOHZLIH,IVKHGRHVQRWLPSURYHHYHQE\WKLVPHWKRGWKHQKH
PD\WDNHUHFRXUVHWRVOLJKWEHDWLQJEXWLQWKDWKHPXVWDYRLGKHUKHDGDQGIDFH+HVKRXOGWDNH
UHFRXUVHWREHDWLQJLIKHWKLQNVWKDWLWZRXOGZRUNRWKHUZLVHLWLVEHWWHUWRDYRLGLW%XWVXUSULVLQJO\
HQRXJKVRPHVWDUWWKHSURFHVVRIUHIRUPDWLRQZLWKEHDWLQJDQGWKDWWRRZLWKJUHDWUXWKOHVVQHVVZKLFK
KDVQRWEHHQSHUPLWWHGE\,VODPLQDQ\FDVH,WLVWKLVDVSHFWZKLFKWKH3URSKHW3%8+KDVKLJKOLJKWHG
LQWKLV+DGLWK+HKDVFRQWHQGHGWKDWZKHQWKHZLIHLVLQGLVSHQVDEOHIRUPDQDQGLWLVYHU\GLIILFXOWIRU
KLPWRSDVVQLJKWZLWKRXWKHUWKHQZK\VKRXOGKHEHDWKHUOLNHDVODYHRUERQGPDLG"+HVKRXOGWU\ WR
XQGHUVWDQGWKDWVKHWRRKDVIHHOLQJVDQGKHUSRVLWLRQLVOLNHRQHRIWKHWZRZKHHOVRIWKHFDUWRIOLIH,I
DWDOOLWFRPHVWREHDWLQJKHUWKHQKHPXVWNHHSKHUWUXHVWDWXVLQYLHZEHIRUHWDNLQJUHFRXUVHWRLW+H
VKRXOGQHYHUORRVHVLJKWRIKHULPSRUWDQFHLQFRQMXJDOOLIH
&RPPHQWDU\ 7KLV+DGLWKDOVRFRQWDLQVDYHU\ZLVHFRXQVHOIRUDKDSS\PDUULHGOLIH,WWHOOVXVWKDW
HYHU\SHUVRQKDVFHUWDLQJRRGTXDOLWLHVDVZHOODVVRPHVKRUWFRPLQJV0DQKDVEHHQDGYLVHGKHUHWR
RYHUORRNWKHVKRUWFRPLQJVWKDWKHGRHVQRWOLNHLQKLVZLIHDQGDSSUHFLDWHKHUJRRGTXDOLWLHV6LPLODUO\
DZRPDQLVDGYLVHGWRLJQRUHWKHVKRUWFRPLQJVRIKHUKXVEDQGDQGDGPLUHKLVJRRGTXDOLWLHV
&RPPHQWDU\ +HUHDJDLQZHILQGMXVWLILFDW
LRQIRUEHDWLQJRQH
VZLIHLQFDVHRIKHUSHUVLVWHQFHLQGHIDXOWEXWLWLVWREHGRQHLQWKHPDQQHU
SUHVFULEHGLQWKH+DGLWKTXRWHGDERYH
,WLVWKHUHVSRQVLELOLW\RIWKHZLIHWKDWGXULQJWKHDEVHQFHRIKHUKXVEDQGEHVLGHVWKHJXDUGLQJRIKHU
RZQFKDVWLW\DQGSURSHUW\RIKHUKXVEDQGVKHVKRXOGQRWOHWLQDQ\RQHZKRLVQRWOLNHGE\KHU
KXVEDQGKRZHYHUFORVHO\UHODWHGWKDWSHUVRQEHWRKHU
,WLVWKHUHVSRQVLELOLW\RIWKHKXVEDQGWRSURYLGHDFFRUGLQJWRKLVPHDQVJRRGIRRGDQGFORWKHVWR
KLVZLIH
+HUHSOLHG <RXVKRXOGJLYHKHUIRRG
ZKHQ\RXHDWFORWKHKHUZKHQ\RXFORWKH\RXUVHOIQRWVWULNHKHURQWKHIDFHDQGGRQRWUHYLOHKHURU
VHSDUDWHIURPKHUH[FHSWLQWKHKRXVH
>$EX'DZXG@
&RPPHQWDU\ ,ILWFRPHVWRWHPSRUDULO\VHYHULQJUHODWLRQZLWKDGLVREHGLHQWZLIHWRVHWKHUULJKWLW
VKRXOGEHGRQHZLWKLQWKHKRXVHDQGWKHEHVWFRXUVHIRULWLVWKDWRQHVXVSHQGVWKHSUDFWLFHRIVOHHSLQJ
ZLWKKHU6RPHSHRSOHVD\WKDWWKLVVXVSHQVLRQVKRXOGEHWRWKHH[WHQWRIVOHHSLQJZLWKKHURQO\DQG
RQHVKRXOGQRWVWRSVSHDNLQJWRKHUEHFDXVHWKDWZLOOLQFUHDVHWKHULIWEHWZHHQWKHWZR%XWLQFDVHRI
VSHFLDOFLUFXPVWDQFHVRQHFDQVHSDUDWHIURPKHUE\OHDYLQJKLVKRPHDVZDVGRQHE\WKH3URSKHW
3%8+E\VKLIWLQJWRXSSHUURRPRIKLVKRXVH
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKRVHZKRWDNHWREHDWLQJWKHLUZLYHVDUHQRWSHUIHFWSHRSOH
7KHGHFHQF\RIPDQQHUVZDUUDQWVWKDWRQHPXVWUHIUDLQIURPEHDWLQJDVLVHYLGHQWIURPWKHFRQGXFWRI
WKH3URSKHW3%8+ZKRQHLWKHUUHVRUWHGWREHDWLQJZLWKKLVRZQKDQGDQ\RIKLVZLYHVQRUVODYHVQRU
DQ\RWKHU+HZRXOGDYHQJHWKRVHZKRWUDQVJUHVVHGWKHOLPLWVRI$OODK
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHTXDOLWLHVRIDYLUWXRXVZRPDQ:KHQKHUKXVEDQGORRNVDW
KHUVKHSOHDVHVKLPZKHQKHRUGHUVKHUVKHREH\VKLPDQGZKHQKHLVDEVHQWVKHJXDUGVKHUVHOI
FKDVWLW\DQGWKHSURSHUW\ RIKHUKXVEDQG$EX'DZXGDQG1DVD
L
7KLV+DGLWKVWUHVVHVWKHIDFWWKDWLIRQHZDQWVVXFFHVVLQWKLVZRUOGDQGWKH+HUHDIWHUKHVKRXOGVHOHFWD
SLRXVZLIH5DWKHUWKDQJRLQJDIWHUKHUEHDXW\OLQHDJHDQGZHDOWKRQHVKRXOGJLYHSUHIHUHQFHWRKHU
)DLWKRYHUDOORWKHUFRQVLGHUDWLRQV,IKHFKRRVHVDZRPDQZKRLVIDLWKIXOWRKHU'HHQDQGVWULFWO\
DGKHUHVWRWKH6KDULCDKVKHZRXOGEHDVRXUFHRIEOHVVLQJIRUKLPLQWKLVOLIHDQGWKH+HUHDIWHU
&+$37(5
+86%$1'
65,*+76
&21&(51,1*+,6:,)(
$OODKWKH([DOWHGVD\V
0HQDUHWKHSURWHFWRUVDQGPDLQWDLQHUVRIZRPHQEHFDXVH$OODKKDVPDGHRQHRIWKHPWRH[FHO
WKHRWKHUDQGEHFDXVHWKH\VSHQGWRVXSSRUWWKHPIURPWKHLUPHDQV7KHUHIRUHWKHULJKWHRXV
ZRPHQDUHGHYRXWO\REHGLHQWWR$OODKDQGWRWKHLUKXVEDQGVDQGJXDUGLQWKHKXVEDQG
V
DEVHQFHZKDW$OODKRUGHUVWKHPWRJXDUGHJWKHLUFKDVWLW\DQGWKHLUKXVEDQG
VSURSHUW\
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWDEXQGDQWO\FOHDUWKDWREHGLHQFHRIWKHKXVEDQGLVFRPSXOVRU\RQ
WKHZLIH,ILQWKHDEVHQFHRIDQ\ODZIXOUHDVRQVKHUHIXVHVWRREH\WKHRUGHUVRIKHUKXVEDQGVKHZLOO
EHOLDEOHWRWKH:UDWKDQG&XUVHRI$OODKXQWLOVKHUHWXUQVWRREHGLHQFH7KLV+DGLWKKDVDVWHUQ
ZDUQLQJIRUWKRVHZRPHQZKRGRQRWFDUHIRUWKHGLVSOHDVXUHRIWKHLUKXVEDQGVEHFDXVHRIWKHLUEDG
WHPSHUDPHQWVWXEERUQQHVVDQGKDELWRIGRPLQDWLQJWKHLUKXVEDQGV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVKRZVWKHXQLTXHLPSRUWDQFHRIWKHZLIH
VREHGLHQFHWRKHUKXVEDQG
ZLWKLQKHUFDSDFLW\DQGDVORQJDVKHGRHVQRWRUGHUKHUWRGLVREH\$OODK
&RPPHQWDU\ 7KH,VODPLF6KDULCDKFRPPDQGVPHQWRWUHDWWKHLUZLYHVZLWKNLQGQHVV,QWKHVDPH
VSLULWLWFRPPDQGVZLYHVWREHREHGLHQWWRWKHLUKXVEDQGV6KHFDQKXUWWKHIHHOLQJVRIKHUKXVEDQGE\
XVLQJLQGHFHQWODQJXDJHLPPRGHVWFRQGXFWLPPRUDODFWLRQVDQGPDNLQJXQIDLUGHPDQGVZKLFKDUH
EH\RQGKLVPHDQV,WLVYHU\FRPPRQDPRQJZRPHQWRWHDVHDQGWURXEOHWKHLUKXVEDQGVE\WKHVHWKUHH
SUDFWLFHVH[FHSWIRUSLRXVZRPHQ
&RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKZRPHQDQGWKHLUEHDXW\DUHWKHJUHDWHVWDQGPRVWGLVDVWURXV
PLVFKLHIIRUPHQ7KLVIDFWFDQEHHDVLO\YHULILHGE\REVHUYDWLRQ0HQDUHJHQHUDOO\FRQVWUDLQHGWRWDNH
WRFRUUXSWLRQDQGXQIDLUPHDQVRILQFRPHWRIXOILOOXQGXHGHPDQGVRIWKHLUZLYHV,IZRPHQOHDUQWR
OHDGDVLPSOHOLIHPHQZLOOQRWQHHGPXFKWRPDNHPRQH\WKURXJKXQODZIXOPHDQV6LPLODUO\LWLV
ZRPHQZKRFRPSHOPHQWRKROGDOONLQGVRIPHDQLQJOHVVFXVWRPVDQGFHUHPRQLHVRQPDUULDJHSDUWLHV
DQGWKHUHE\YLRODWH,VODPLFLQMXQFWLRQVDQGLQFXUPRUHH[SHQVHV,IZRPHQJRE\WKH,VODPLF
LQMXQFWLRQVWKHPDUULDJHVZRXOGEHFRPHDJUHDWHUVRXUFHRIKDSSLQHVVDQGSOHDVXUH
&+$37(5
6867(17$7,212)7+(
0(0%(562)7+()$0,/<
$OODKWKH([DOWHGVD\V
7KHIDWKHURIWKHFKLOGVKDOOEHDUWKHFRVWRIWKHPRWKHU
VIRRGDQGFORWKLQJRQDUHDVRQDEOH
EDVLV
/HWWKHULFKPDQVSHQGDFFRUGLQJWRKLVPHDQVDQGWKHPDQZKRVHUHVRXUFHVDUHUHVWULFWHGOHW
KLPVSHQGDFFRUGLQJWRZKDW$OODKKDVJLYHQKLP$OODKSXWVQREXUGHQRQDQ\SHUVRQEH\RQG
ZKDW+HKDVJLYHQKLP
$QGZKDWVRHYHU\RXVSHQGRIDQ\WKLQJLQ$OODK
V&DXVH+HZLOOUHSODFHLW
&RPPHQWDU\ $0XVOLPLVRUGDLQHGWRVSHQGILUVWRIDOORQWKHQHHGRIKLVZLIHDQGFKLOGUHQDQGWKHLU
IRRGDQGFORWKHV7KHUHLVJUHDWHUUHZDUGIRUKLPLQWKLVEHFDXVHWKHVHH[SHQVHVDUHREOLJDWRU\RQKLP
ZKLOHVSHQGLQJRQRWKHULWHPVLVLQWKHQDWXUHRI1DZDILO2EYLRXVO\RQHFDQQRWIRUHJRWKHIRUPHUIRU
WKHODWWHU
&RPPHQWDU\ 7KLV+DGLWKUHODWHVWRWKHVDPHVXEMHFWZKLFKKDVEHHQPHQWLRQHGLQWKHSUHYLRXV
+DGLWK,WVWUHVVHVWKDWPHQRIVPDOOPHDQVVKRXOGILUVWRIDOOVSHQGRQWKHLURZQIDPLOLHVDQGFKLOGUHQ
,WLVLQIDFWDQDFWRIJUHDWPHULW$IWHUIXOILOOLQJWKHLUQHHGV LIKHVWLOOKDVVRPHWKLQJOHIWZLWKKLPWKHQ
KHFDQVSHQGLWRQRWKHULWHPVLQWKHRUGHURISUHFHGHQFHPHQWLRQHGLQWKH+DGLWK
&RPPHQWDU\ $OWKRXJKSDUHQWVVSHQGPRQH\RQWKHLUFKLOGUHQRXWRIWKHLUQDWXUDOORYHIRUWKHP
$OODKLVVR*UDFLRXVWKDW+HQRWRQO\UHZDUGVWKHPIRULWEXW+HJLYHVLWLQJUHDWHUSURSRUWLRQWKDQ
ZKDWWKH\VSHQGRQRWKHUPHULWRULRXVLWHPV
&RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKHSRLQWWKDWRQHVKRXOGIHHGKLVIDPLO\DQGFKLOGUHQZLWK
WKHLQWHQWLRQWKDWLWKDVEHHQRUGDLQHGE\$OODK,QWKDWFDVHWKLVQDWXUDOLQVWLQFWZLOOEHFRPHDQDFWRI
ZRUVKLSIRUZKLFKKHZLOOEHUHZDUGHG
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWQHJOLJHQFHLQPDWWHURIPDLQWHQDQFHRIRQH
VIDPLO\LVVXFKD
JUHDWVLQWKDWLIDSHUVRQLVIUHHIURPDOORWKHUVLQVWKLVRQHDORQHZLOOEHHQRXJKWRPDNHKLP
DFFRXQWDEOHEHIRUH$OODK7KHZRUGVXVHGLQWKLV+DGLWKDUHVRFRPSUHKHQVLYHWKDWWKH\LQFOXGH
VHUYDQWVDQGVODYHVEHVLGHVIDPLO\DQGFKLOGUHQEHFDXVHKHLVDOVRHTXDOO\UHVSRQVLEOHIRUWKHLU
PDLQWHQDQFH7KXVWKLV+DGLWKPDNHVLWHYLGHQWWKDWLWLVWKHUHVSRQVLELOLW\RIWKHKHDGRIWKHIDPLO\WR
SURYLGHWKHQHFHVVLWLHVRIOLIHWRDOOKLVGHSHQGHQWVDQGDQ\QHJOLJHQFHRQKLVSDUWLQWKLVUHVSHFWLVD
JUHDWVLQ
&RPPHQWDU\ 7KLV+DGLWKSURYLGHVMXVWLILFDWLRQWRSUD\IRUYLUWXRXVSHRSOHWRJHWEHWWHUWKDQZKDW
WKH\KDYHVSHQWDQGWRGHVWUR\WKHZHDOWKRIWKHQLJJDUGO\ZKRUHIXVHWRVSHQGLQWKHZD\RI$OODK
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHLPSRUWDQFHRIVSHQGLQJLQWKHZD\RI$OODKSUHIHUHQFHRI
RQH
VIDPLO\DQGFKLOGUHQRYHURWKHUVDQGFKDVWHQHVVDQGFRQWHQWPHQW,WDOVRWHOOVXVWKDW$OODKKHOSV
RQHLQJHWWLQJZKDWRQHSUD\VIRU
&+$37(5
63(1',1*)$9285,7(
7+,1*6)25$//$+
66$.(
$OODKWKH([DOWHGVD\V
$EX7DOKDK
FDPHWR0HVVHQJHURI$OODK3%8+DQGVDLG$OODKVD\VLQ+LV%RRN C%\QRPHDQVVKDOO\RXDWWDLQ
$O%LUUXQOHVV\RXVSHQGLQ$OODK
V&DXVHRIWKDWZKLFK\RXORYH
DQGWKHGHDUHVWRIP\SURSHUW\LV
%DLUXKD
VR,KDYHJLYHQLWDV6DGDTDKFKDULW\IRU$OODK
VVDNHDQG,DQWLFLSDWHLWVUHZDUGZLWK+LP
VRVSHQGLW20HVVHQJHURI$OODKDV$OODKJXLGHV\RX
&RPPHQWDU\
7KLV+DGLWKPHQWLRQVWKHVSLULWRIREHGLHQFHWR$OODKDQG+LV3URSKHW3%8+DQGHIIRUWZKLFKWKH
&RPSDQLRQVRIWKH3URSKHW3%8+PDGHIRUDWWDLQLQJDKLJKHUVWDWXVLQYLUWXH
7RVSHQGWKHEHVWRIRQH
VSURSHUW\LQWKHZD\RI$OODKLVDVLJQRISHUIHFWLRQRI)DLWK
&+$37(5
85*,1*21(
6.,7+$1'
.,1722%(<$//$+$1'
5()5$,1)520(9,/6
$OODKWKH([DOWHGVD\V
$QGHQMRLQ6DODWWKHSUD\HURQ\RXUIDPLO\DQGEHSDWLHQWLQRIIHULQJWKHPLHWKH6DODW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHPSKDVL]HVWKHIROORZLQJSRLQWV
3URSHUXSEULQJLQJRIFKLOGUHQLVH[WUHPHO\LPSRUWDQW7KH\PXVWEHSURKLELWHGE\SDUHQWVIURPVXFK
WKLQJVZKLFKDUHLQGHFHQWDQGXQEHFRPLQJ
:KDWLVFROOHFWHGDV6DGDTDKLVDQDWLRQDOWUXVW7KHKRXVHVDQGLQVWLWXWLRQZKHUHLWLVFROOHFWHGDQG
NHSWVKRXOGWDNHVWULFWFDUHRILWVSURSHUXWLOL]DWLRQ,WLVWKHGXW\RIWKHFXVWRGLDQVRI6DGDTDWWKDWWKH\
SURWHFWWKHPDQGJLYHWKHPWRWKHGHVHUYLQJSHRSOH
&RPPHQWDU\ 7KLV+DGLWKEULQJVWKHIROORZLQJSRLQWVLQWRIRFXV
7HDFKLQJJRRGPDQQHUVDQGPRUDOVWRWKHFKLOGUHQ
,IDFKLOGPDNHVDQ\PLVWDNHKHVKRXOGEHFRUUHFWHG ULJKWDZD\EHFDXVHWKDWSURYHVPRUHHIIHFWLYH
DQGLVHQJUDYHGLQKLVPLQGDQGKHDUW
&RPPHQWDU\ 7KLV+DGLWKRUGDLQVHYHU\LQGLYLGXDOLQVRFLHW\ZKHWKHUDUXOHURUUXOHGRUHYHQD
ZRPDQZKROHDGVKHUOLIHZLWKLQWKHIRXUZDOOVRIKHUKRXVHWRSHUIRUPRQH
VGXWLHVZLWKLQRQH
VRZQ
VSKHUH
C$PUELQ6KXCDLEUHSRUWHGRQKLVIDWKHU
VDXWKRULW\WKDWKLVJUDQGIDWKHU0D\$OODKEHSOHDVHG
ZLWKKLPVDLG0HVVHQJHURI$OODK3%8+VDLG &RPPDQG\RXUFKLOGUHQWRSHUIRUP6DODWSUD\HU
ZKHQWKH\DUHVHYHQ\HDUVROGDQGEHDWWKHPIRUQRWRIIHULQJLWZKHQWKH\DUHWHQDQGGRQRWOHW
ER\VDQGJLUOVVOHHSWRJHWKHU
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
7KHLPSRUWDQFHRIWKHSUHVFULEHGILYHGDLO\6DODW SUD\HUV
:KHQZDUUDQWHGE\WKHVLWXDWLRQLWLVSHUPLVVLEOHWREHDWFKLOGUHQIRUWKHLUSURSHUXSEULQJLQJDQG
HGXFDWLRQ%XWWKLVVKRXOGQRWEHLQDQ\FDVHYLROHQWDQGDJJUHVVLYH,WVKRXOGUDWKHUEHGRQHLQD
PDQQHUWKDWWKHFKLOGGRHVQRWVXIIHUDQ\SK\VLFDOLQMXU\DQGUHFHLYHVWKHULJKWW\SHRIWUDLQLQJ,WLVDQ
DEVXUGWKHRU\WKDWFKLOGUHQVKRXOGEHJLYHQDIUHHKDQGDQGOHDYHDORQHWKHFRUSRUDOSXQLVKPHQWWKH\
VKRXOGQRWHYHQEHUHEXNHGRQGRLQJVRPHWKLQJZURQJ6XLWDEOHSXQLVKPHQWLVHVVHQWLDOIRUWKHLU
SURSHUWUDLQLQJDQGHGXFDWLRQ
0XVOLPMXULVWVKDYHZULWWHQWKDWOLNH6DODWRWKHULQMXQFWLRQVRI6KDULCDKVKRXOGDOVREHLQVWLOOHGLQ
WKHPLQGVRIFKLOGUHQDQGLISRVVLEOHWKH\VKRXOGDOVREHJLYHQSUDFWLFDOWUDLQLQJIRUWKHLU
SHUIRUPDQFH)RULQVWDQFHWKH\VKRXOGEHPDGHWRREVHUYH6DXP IDVW RFFDVLRQDOO\LQDFFRUGDQFH
ZLWKWKHLUDJHDQGFDSDFLW\GXULQJWKHPRQWKRI5DPDGDQVRWKDWWKHLPSRUWDQFHRIREOLJDWLRQRI
IDVWLQJLVLPSUHVVHGRQWKHLUPLQGVLQDQHDUO\DJH7KLVH[HUFLVHZLOOSURYHYHU\IUXLWIXOZKHQWKH\
DWWDLQPDWXULW\7KH\ZLOOWKHQEHFRQVFLRXVWKDWIRUD0XVOLPIDVWLQJLQWKHPRQWKRI5DPDGDQLV
FRPSXOVRU\OLNHWKHILYHGDLO\6DODW
$FKLOGJHQHUDOO\GRHVQRWDWWDLQPDWXULW\DWWKHDJHRIWHQ\HDUVEXWQHYHUWKHOHVVKHGRHVDFTXLUH
VRPHVHQVH,WLV WKHUHIRUHQHFHVVDU\WKDWUDWKHUWKDQSXWWLQJFKLOGUHQLQRQHEHGWKH\DUHSURYLGHG
VHSDUDWHEHGVRQFHWKH\UHDFKWKHDJHRIHVSHFLDOO\FKLOGUHQRIWKHRSSRVLWHVH[
&RPPHQWDU\ 2EYLRXVO\RQO\VXFKWHDFKHUVDQGSDUHQWVFDQSHUVXDGHWKHFKLOGUHQWRSHUIRUP6DODW
ZKRDUHWKHPVHOYHVYHU\VWULFWDERXWLW,QWKHHDUO\SHULRGRI,VODPRQHFRXOGQRWHYHQWKLQNRID
0XVOLPZKRLJQRUHGLW,WLVYHU\XQIRUWXQDWHLQGHHGWKDWLQWKHSUHVHQWGD\0XVOLPVRFLHWLHVDODUJH
PDMRULW\RI0XVOLPVDUHFDUHOHVVDERXWWKLVIXQGDPHQWDOUHOLJLRXVGXW\,QVXFKDVWDWHRIDIIDLUVZKR
ZRXOGLQVWUXFWDQGSHUVXDGHWKHPWRSHUIRUPWKLVUHOLJLRXVREOLJDWLRQRIWKHILUVWRUGHU"
&+$37(5
5,*+762)1(,*+%2856
$OODKWKH([DOWHGVD\V
&RPPHQWDU\ 7KLV+DGLWKLOOXVWUDWHVWKHLPSRUWDQFHRIQLFHWUHDWPHQWWRQHLJKERXUVLQ,VODP
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+FRPPDQGHG
PHWKXV 2$EX'KDUU:KHQHYHU\RXSUHSDUHDEURWKSXWSOHQW\RIZDWHULQLWDQGDQGJLYHVRPHRI
LWWR\RXUQHLJKERXUV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDW,VODPGRHVQRWOLNHD0XVOLPWRLJQRUHKLVSRRU
QHLJKERXUDQGHDWXSHYHU\WKLQJKLPVHOI,WVWUHVVHVWKDWRQHPXVWWDNHFDUHRIKLVSRRUQHLJKERXUV,ID
SHUVRQLVQRWLQDSRVLWLRQWRGRPRUHKHVKRXOGDWOHDVWDGGVRPHZDWHULQWKHEURWKKHFRRNVIRUKLV
RZQIRRGDQGVHQGDSRUWLRQRILWWRKLVGHVHUYLQJQHLJKERXU,WOHDGVXVWRWKHFRQFOXVLRQWKDWD
0XVOLPVKRXOGLQQRFDVHEHXQPLQGIXORIKLVQHLJKERXUDQGLIKHLVZHOOWRGRKHVKRXOGEHDOOWKH
PRUHFKDULWDEOHWRKLVQHLJKERXUV
,WZDVDVNHG:KRLV
WKDW20HVVHQJHURI$OODK"
+HVDLG 2QHZKRVHQHLJKERXUGRHVQRWIHHOVDIHIURPKLVHYLO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKUHYHDOVWKDWKXUWLQJRUWURXEOLQJDQHLJKERXULVVXFKDVHULRXVRIIHQFHWKDW
LWFDXVHV$OODK
V:UDWKDQGWKXVSXQLVKPHQWLQ+HOO
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWQHLJKERXUVVKRXOGSUHVHQWJLIWVWRHDFKRWKHU7KHULFKPHQDQG
WKHSRRUDFFRUGLQJWRWKHLUPHDQV2QHZKRLVSRRUVKRXOGQRWWKLQNWKDWZKDWKHLVSUHVHQWLQJWRKLV
QHLJKERXULVQRWZRUWK\RIJLYLQJ(YHQKLVKXPEOHJLIWSURYLGHGLWLVSUHVHQWHGZLWKVLQFHULW\ZLOO
ILQGDFFHSWDQFHZLWK$OODK$FFRUGLQJWRWKH1REOH4XU
DQ6RZKRVRHYHUGRHVJRRGHTXDOWRWKH
ZHLJKWRIDQDQWRUDVPDOODQWVKDOOVHHLW
,WLVKRZHYHUEHWWHUIRUDULFKSHUVRQWRSUHVHQWDJLIWZKLFKJRHVZHOOZLWKKLVPHDQV+HVKRXOGQRW
JLYHDQ\WKLQJWRKLVQHLJKERXUZKLFKLVVWDOHRUZKLFKKHGRHVQRWOLNHIRUKLPVHOIEHFDXVHDSDUWIURP
LQVLQFHULW\VXFKDWKLQJVKRZVKLVFRQWHPSWIRUWKHQHLJKERXUZKLOHJLIWLVLQIDFWDWRNHQRIVLQFHULW\
DQGEURWKHUKRRG
&RPPHQWDU\ 7KHLPSRUWDQFHRIWKHLQMXQFWLRQFRQWDLQHGLQWKLV+DGLWKFRPHVLQWRSURPLQHQFHLQ
ORFDOLWLHVFRPSULVLQJKXWVDQGWHQWVRUDWSODFHVZKHUHWKHWZRQHLJKERXUVVWLOOKDYHFRPPRQZDOOV
EHWZHHQWKHLUKRXVHV ,QELJFLWLHVHDFKKRXVHKDVLWVRZQLQGHSHQGHQWZDOOV ,QDQ\FDVHLWLVHYLGHQW
IURPWKLV+DGLWKWKDWD0XVOLPVKRXOGEHFRQVLGHUDWHRIKLVQHLJKERXUV,VODPRUGDLQVXVWRFRRSHUDWH
DQGV\PSDWKL]HZLWKWKHP$OO0XVOLPVDUHOLNHQHGWRDERG\HDFKRUJDQRIZKLFKLVOLQNHGZLWKWKH
RWKHU,QWKHOLJKWRIWKLVLQMXQFWLRQRQHFDQYHU\ZHOOXQGHUVWDQGWKHULJKWVRIWKHQHLJKERXUVLQ,VODP
&RPPHQWDU\ 7KLV+DGLWKXQIROGVWKHIUXLWVRI)DLWK2QHZKRGRHVQRWKDYHWKHTXDOLWLHVPHQWLRQHG
LQLWLVGHSULYHGRIWKHEOHVVLQJVRIWKH)DLWK)DLWKRIVXFKDSHUVRQLVOLNHDIUXLWOHVVWUHHRUDIORZHU
ZLWKRXWIUDJUDQFHRUDERG\ZLWKRXWVRXO
&RPPHQWDU\ :KHQD0XVOLPGRHVQRWKDYHWKHPHDQVWRSUHVHQWJLIWVWRKLVQHLJKERXUVDQGZDQWV
WRSUHVHQWDJLIWRQO\WRRQHRIWKHPKHVKRXOGJRE\WKHSULQFLSOHODLGGRZQLQWKLV+DGLWK7KH
SULQFLSOHHQXQFLDWHGKHUHLV2QHZKRLVWKHQHDUHVWQHLJKERXUVKRXOGKDYHSUHFHGHQFHRYHUDOO
RWKHUV
&RPPHQWDU\ &RPSDQLRQLVDFRPPRQZRUGZKLFKFRYHUVFRPSDQLRQVLQMRXUQH\DQGVWD\0XVOLPV
DUHRUGDLQHGWRWUHDWDOORIWKHPQLFHO\%XWRQH
VQHLJKERXUKDVSUHFHGHQFHRYHURWKHUV1LFHWUHDWPHQW
WRKLPLVWKHEHVWPHDQVWRDWWDLQDGLVWLQFWLYHSODFHZLWK$OODK
&+$37(5
.,1'75($70(1772:$5'6
3$5(176$1'(67$%/,6+0(17
2)7+(7,(62)%/22'5(/$7,216+,3
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRMRLQWKDWZKLFK$OODKKDVFRPPDQGHGWREHMRLQHGLHWKH\DUHJRRGWRWKHLU
UHODWLYHVDQGGRQRWVHYHUWKHERQGRINLQVKLS
$QGZHKDYHHQMRLQHGRQPDQWREHJRRGDQGGXWLIXOWRKLVSDUHQWV
$QG\RXU5XEEKDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LP$QGWKDW\RXEHGXWLIXOWR\RXU
SDUHQWV,IRQHRIWKHPRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIHVD\
QRWWRWKHPDZRUGRI
GLVUHVSHFWQRUVKRXWDWWKHPEXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGORZHUXQWRWKHPWKH
ZLQJRIVXEPLVVLRQDQGKXPLOLW\WKURXJKPHUF\DQGVD\C0\5XEE%HVWRZRQWKHP<RXU
0HUF\DVWKH\GLGEULQJPHXSZKHQ,ZDV\RXQJ
,DVNHGCC:KDWQH[W"
,DVNHGCC:KDWQH[W"
+H
UHSOLHG CC-LKDGLQWKHZD\RI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3HUIRUPDQFHRI6DODWDWWKHVWDWHGWLPHPHDQVLWVSHUIRUPDQFHLQHDUOLHVWSUHVFULEHGRU
DWOHDVWLWVUHJXODULW\2QHVKRXOGQRWJLYHSUHIHUHQFHWRPXQGDQHDIIDLUVRYHULW6DODWDQG-LKDGDUHWKH
WZRPRVWPHULWRULRXVGXWLHVRID0XVOLP:KHQQLFHWUHDWPHQWWRSDUHQWVLVPHQWLRQHGDORQJZLWK6DODW
DQG-LKDGLWJLYHVIXUWKHULPSRUWDQFHWRWKLVLQMXQFWLRQ
&RPPHQWDU\ 7KLV+DGLWKDOVREULQJVRXWWKHHPLQHQFHRISDUHQWVDQGRXWVWDQGLQJLPSRUWDQFHRI
WKHLUULJKWV
&RPPHQWDU\ 7KLV+DGLWKLVPHQWLRQHGKHUHWRKLJKOLJKWWKHLPSRUWDQFHRINLQGQHVVWRUHODWLYHV,W
HQMRLQVFRQVLGHUDWHWUHDWPHQWWRUHODWLYHVDQGVWUHVVHVWKDWRQHVKRXOGPDLQWDLQUHODWLRQVKLSZLWKWKHP
DWDOOFRVWV6RPXFKVRWKDWHYHQLIWKH\PLVEHKDYHDQGVHYHUUHODWLRQVZLWKKLPRQHVKRXOGPDNH
HIIRUWVWRUHVWRUHQRWRQO\UHODWLRQVKLSZLWKWKHPEXWDOVRWKHLUULJKWV7KLVLVZKDWNLQGQHVVWRUHODWLYHV
UHDOO\PHDQV,VODPKDVODLGJUHDWVWUHVVRQLW5HODWLYHVLQFOXGHERWKSDWHUQDODQGPDWHUQDOUHODWLYHV
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHLPSRUWDQFHRISURSHUWUHDWPHQWZLWKUHODWLYHVIRUWKH
UHDVRQWKDWWKLVLVDVSHFLDOPHDQVRIDWWDLQLQJWKHQHDUQHVVDQG0HUF\RI$OODK$FRQGXFWFRQWUDU\WR
LWWKDWLVWRVD\GHYRXULQJWKHULJKWVRIUHODWLYHVDQGFRQWLQXDWLRQRIHVWUDQJHPHQWZLWKWKHPLVWKH
FDXVHRIGLVSOHDVXUHDQG:UDWKRI$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$SHUVRQFDPHWR0HVVHQJHURI$OODK
3%8+DQGDVNHG:KRDPRQJSHRSOHLVPRVWGHVHUYLQJRIP\ILQHWUHDWPHQW"
+HDJDLQDVNHG7KHQZKR"
7KHUHXSRQKH3%8+VDLG
7KHQ\RXUIDWKHU
,QDQRWKHUQDUUDWLRQ20HVVHQJHURI$OODK:KRLVPRVWGHVHUYLQJRIP\ILQHWUHDWPHQW"
+H
3%8+VDLG <RXUPRWKHUWKHQ\RXUPRWKHUWKHQ\RXUPRWKHUWKHQ\RXUIDWKHUWKHQ\RXUQHDUHVW
WKHQQHDUHVW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHULJKWVRIWKHPRWKHUDUHWKUHHWLPHVPRUHLPSRUWDQWWKDQ
WKDWRIWKHIDWKHUIRUWKHUHDVRQVWKDW
6KHLVZHDNHUWKDQWKHIDWKHU
7KHIROORZLQJWKUHHWURXEOHVDUHERUQHH[FOXVLYHO\E\WKHPRWKHUZKLOHWKHIDWKHUGRHVQRWVKDUH
WKHPZLWKKHU
D6KHFDUULHVWKHEDE\LQKHUZRPEIRUQLQHPRQWKV
E7KHODERUSDLQZKLFKVKHVXIIHUV
F7ZR\HDUV
SHULRGRIVXFNOLQJZKLFKGLVWXUEVKHUVOHHSDWQLJKWDQGDIIHFWVKHUKHDOWK6KHKDVDOVRWR
EHYHU\FDXWLRXVLQKHUIRRGIRUWKHZHOIDUHRIWKHEDE\
PHDQVVRLO:KHQDSHUVRQ
VQRVHLVVRLOHGLWLVDPDUNRIKLV
H[WUHPHKXPLOLDWLRQ7KLVPHWDSKRUFDUULHVDFXUVHIRUDQXQIRUWXQDWHSHUVRQZKRGRHVQRWZLQWKH
SOHDVXUHRI$OODKE\VHUYLQJDQGREH\LQJKLVSDUHQWV,QIDFWLWLVDPDOHGLFWLRQDVZHOODVDSUHGLFWLRQ
RIVRPHRQH
VLQDXVSLFLRXVHQG6HUYLFHRI SDUHQWVLVHVVHQWLDODWHYHU\VWDJHRIWKHLUOLIH ZKHWKHUWKH\
DUH\RXQJRUROG%XWWKLV+DGLWKPHQWLRQVWKHLUROGDJHIRUWKHUHDVRQWKDWLQWKDWSHULRGRIWKHLUOLIH
WKH\VWDQGLQJUHDWHUQHHGRIFDUHDQGVHUYLFH,WLVDYHU\FDOORXVRIIHQVHWROHDYHWKHPDWWKHPHUF\RI
FLUFXPVWDQFHVZKHQWKH\DUHROGVHQLOHDQGGHSHQGRQRWKHUVIRUWKHLUQHHGV7RQHJOHFWWKHPDWWKDW
VWDJHLVDPDMRUVLQIRUZKLFKRQHGHVHUYHV+HOOILUH
+H3%8+UHSOLHG ,I\RXDUH DV\RXVD\LWLVDVLI\RXDUHIHHGLQJWKHPKRWDVKHVDQG\RXZLOOEH
ZLWKDVXSSRUWHUDJDLQVWWKHPIURP$OODKDVORQJDV\RXFRQWLQXHWRGRVR
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVWKUHHLPSRUWDQWOHVVRQV
)LUVWWKHPLVEHKDYLRXURIRQH
VUHODWLYH LVQRMXVWLILFDWLRQIRUWKHPLVEHKDYLRXURIDQRWKHUOHWDORQHWKH
VHYHULQJRIUHODWLRQVRQWKDWDFFRXQW
6HFRQGWKHSHUVRQZKRWUHDWVKLVUHODWLYHVQLFHO\LQDOOHYHQWVDQGFLUFXPVWDQFHVLVEOHVVHGE\$OODK
:KRZLOOVHQGIURPKHDYHQKHOSHUVWRVXSSRUWKLP
7KLUGWKHFRQVHTXHQFHRIGHQ\LQJFRPSDVVLRQDQGNLQGQHVVWRUHODWLYHVLVDVZRHIXODVWKHHDWLQJRI
KRWDVKHV
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG +HZKR
GHVLUHVDPSOHSURYLVLRQVDQGKLVOLIHEHSURORQJHGVKRXOGPDLQWDLQJRRGWLHVZLWKKLVEORRGUHODWLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHZKRLVEHQHYROHQWDQGFRPSDVVLRQDWHWRZDUGVRQH
VRZQUHODWLYHVVWDQGVWRJDLQ
DWOHDVWWZRGHILQLWHDGYDQWDJHVLQWKLVZRUOGEHVLGHVWKHUHZDUGLQWKHQH[W7KHVHWZRDGYDQWDJHVDUH
WKHLQFUHDVHLQKLVVXEVLVWHQFHDQGORQJHYLW\RIOLIH
,QFUHDVHLQVXEVLVWHQFHPHDQVWKDW$OPLJKW\$OODKZLOOLQFUHDVHWKHTXDQWLW\RIKLVZRUOGO\JRRGVRU
KLVPHDQVRIVXEVLVWHQFHZLOOEHEOHVVHGE\+LP6LPLODULVWKHFDVH RIORQJHYLW\RIOLIH7KHOLIHRI
VXFKSHUVRQLVHLWKHUDFWXDOO\LQFUHDVHGLQWHUPVRI\HDUV RUKLVOLIHLVJUDFHGZLWKWKH%OHVVLQJVRI
$OODK%RWKLQWHUSUHWDWLRQVDUHFRUUHFW
6R$EX7DOKDKGLVWULEXWHGLWDPRQJKLVQHDUHVWUHODWLYHVDQGFRXVLQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQWKHFKDSWHUZKLFKGHDOVZLWKWKHPHULWVRI
VSHQGLQJRIZKDWRQHORYHVEHVWLQWKHZD\RI$OODK,WKDVEHHQUHSHDWHGKHUHLQVXSSRUWRI
EHQHYROHQFHWRWKHUHODWLYHV,WVUHSHWLWLRQPDNHVLWFOHDUWKDWZKLOHVSHQGLQJLQWKHZD\RI$OODKRQH
VKRXOGDOZD\VILUVWRIDOOFRQVLGHUKLVUHODWLYHVDQGKHOSWKRVHRIWKHPZKRGHVHUYHDVVLVWDQFH$IWHU
IXOILOOLQJWKHLUQHHGVLIDQ\WKLQJUHPDLQVWKHQLWFDQEHJLYHQWRRWKHUV
+HVDLG<HVERWKRIWKHPDUHDOLYH
+H3%8+WKHQDVNHG 'R\RXZDQWWRVHHNUHZDUGIURP$OODK"
+HUHSOLHGLQWKHDIILUPDWLYH
7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG *REDFNWR\RXUSDUHQWVDQGNHHSJRRGFRPSDQ\ZLWK
WKHP
>$O%XNKDULDQG0XVOLP@
+HUHSOLHGLQ
WKHDIILUPDWLYH7KH3URSKHWD3%8+VDLG <RXVKRXOGFRQVLGHUWKHLUVHUYLFHDV-LKDG
&RPPHQWDU\ 7KLV+DGLWKPDNHVFOHDUWKHHVVHQWLDOVRINLQGQHVVWRUHODWLYHV7KRVHNLQVPHQZKR
UHVSHFWDQGKRQRXU\RXZRXOGREYLRXVO\EHWUHDWHGE\\RXIDLUO\,WJRHVZLWKRXWVD\LQJWKDWSHRSOH
XVXDOO\UHFLSURFDWHVHQWLPHQWVVKRZHGWRWKHP%XWWKLVLVQRWPDLQWDLQLQJWKHWLHVRINLQVKLSEXW
NLQGQHVVIRUNLQGQHVV2QWKHRSSRVLWHVLGHWKHUHLVDNLQVPDQZKRLVURXJKDQGUXGHDQGLVDOZD\V
EHQWXSRQVHYHULQJUHODWLRQZLWK\RXEXW\RXWROHUDWHKLVH[FHVVHVZLWKSDWLHQFHDQGSHUVHYHUDQFH
UHWXUQKLVKDUVKQHVVZLWKSROLWHQHVVPDLQWDLQUHODWLRQVKLSZLWKKLPLQVSLWHRIDOOKLVHIIRUWVWREUHDNLW
WKHQZKDW\RXDUHH[HUFLVLQJLVPDLQWDLQLQJWKHWLHVRINLQVKLS7KLVLVZKDW,VODPDFWXDOO\GHPDQGV
IURPD0XVOLP%XWWKLVLVWKHH[FHOOHQFHRI)DLWKZKLFKRQHPXVWWU\WR DWWDLQ7KHUHLVQRWKLQJ
UHPDUNDEOHLQH[FKDQJLQJGU\VPLOHV
&RPPHQWDU\ 7KHGLVFRXUVHRQFRPSDVVLRQWRUHODWLYHVPHQWLRQHGLQWKLV+DGLWKLVQRWLPSRVVLEOH
EHFDXVH$OPLJKW\$OODKLV2PQLSRWHQWDQGLVWKXV&DSDEOHRIGRLQJZKDW+HOLNHV+HFDQFUHDWH
SHUFHSWLRQFRQVFLRXVQHVVDQGSRZHURIVSHHFKLQHYHU\WKLQJ$QLQVWDQFHRILWKDVDOUHDG\EHHQ
PHQWLRQHGLQD+DGLWKTXRWHGHDUOLHU
+H
VDLG +DYH\RXLQGHHG"
6KHUHSOLHG<HV
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWZRSRLQWV
$ZRPDQLVIUHHWRVSHQGDQ\WKLQJRIKHURZQSURSHUW\ZLWKRXWWKHSHUPLVVLRQRIKHUKXVEDQGEXW
QRWRIWKLQJVRZQHGE\KHUKXVEDQG
7RVSHQGRQWKHQHHG\UHODWLYHVLVPRUHPHULWRULRXVWKDQWRVHWDVODYHIUHHEHFDXVHWRVHWDVODYH
IUHHLVD6DGDTDK FKDULW\ RQO\ZKLOHSD\LQJ6DGDTDKWRDNLQVPDQKDVDGRXEOHPHULWDVLWFDUULHVWKH
UHZDUGRI6DGDTDKDVZHOODVPDLQWDLQLQJWKHWLHVRINLQVKLS
$VPD
ELQW$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKHUVDLG0\PRWKHUFDPHWRPH
ZKLOHVKH ZDVVWLOODSRO\WKHLVWVR,DVNHG0HVVHQJHURI$OODK3%8+0\PRWKHUZKRLVLOO
GLVSRVHGWR,VODPKDVFRPHWRYLVLWPH6KDOO,PDLQWDLQUHODWLRQVZLWKKHU"
&RPPHQWDU\ 7KHZRPDQPHQWLRQHGLQWKLV+DGLWKKDGFRPHIURP0DNNDKWR$O0DGLQDK:KDW
WKLV+DGLWKVLJQLILHVLVWKDWLWLVHVVHQWLDOWREHNLQGWRSDUHQWVHYHQLIWKH\DUH0XVKULNXQ SRO\WKHLVWV
DQG.XIIDUGLVEHOLHYHUV7KLVKDVDOVREHHQFOHDUO\RUGDLQHGLQWKH1REOH4XU
DQCC EXWEHKDYHZLWK
WKHPLQWKHZRUOGNLQGO\
+HDVNHGPHWKDW,VKRXOGEHWWHUJRP\VHOI,ZHQWDQGIRXQGDZRPDQ
RIWKH$QVDUDWWKHGRRURI0HVVHQJHURI$OODK3%8+ZDLWLQJWRDVNDVLPLODUTXHVWLRQDVPLQH7KH
3URSKHW3%8+ZDVHQGRZHGZLWKGLJQLW\DQGVRZHFRXOGQRWJRLQ:KHQ%LODO0D\$OODKEH
SOHDVHGZLWKKLPFDPHRXWWRXVZHVDLGWRKLP*RWR0HVVHQJHURI$OODK3%8+DQGWHOOKLPWKDW
WKHUHDUHWZRZRPHQDWWKHGRRUZKRKDYHFRPHWRDVN KLPZKHWKHULWZLOOVHUYHWKHPWRJLYH6DGDTDK
WRWKHLUKXVEDQGVDQGWRRUSKDQVZKRDUHLQWKHLUFKDUJHEXWGRQRWWHOOKLPZKRZHDUH%LODO0D\
$OODKEHSOHDVHGZLWKKLPZHQWLQDQGDVNHGKLPDQG0HVVHQJHURI$OODK3%8+ DVNHGKLPZKRWKH
ZRPHQZHUH :KHQKHWROGKLPWKDWWKH\ZHUHDZRPDQRIWKH$QVDUDQG=DLQDE KHDVNHGKLPZKLFK
=DLQDELWZDVDQGZKHQKHZDVWROGLWZDVWKHZLIHRIC$EGXOODKELQ0DVCXGKH3%8+VDLG 7KH\
ZLOOKDYHDGRXEOHUHZDUGRQHIRUPDLQWDLQLQJWKHWLHVRINLQVKLSDQG DQRWKHUIRU6DGDTDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWDZRPDQFDQDOVRJLYH6DGDTDKDQG=DNDWWRKHUKXVEDQGSURYLGHG
KHLVSRRU%XWLWVRSSRVLWHLVQRWSHUPLVVLEOH7KDWLVWRVD\DKXVEDQGFDQQRWSD\=DNDWWRKLVZLIH
EHFDXVHKHLVUHVSRQVLEOHIRUKHUPDLQWHQDQFHZKLOHZLIHLVQRWREOLJHGWRGRLWIRUKHUKXVEDQG6RWKH
SULQFLSOHGHGXFHGIURPLWLVWKDWRQHZKRLVERXQGWRSD\=DNDWXQGHUWKH6KDULCDKLVQRWSHUPLWWHGWR
SD\LWWRKLVGHSHQGHQWV
,QFDVHRIQHHGDZRPDQFDQJRRXWRIKHUKRXVHVXEMHFWWRWKHFRQGLWLRQWKDWVKHREVHUYHVWKH
UHVWULFWLRQRIWKHYHLOSUHVFULEHGE\WKH6KDULCDKLQWKLVEHKDOI
/LNHPHQZRPHQVKRXOGDOVRWDNHNHHQLQWHUHVWLQUHOLJLRXVPDWWHUV7KH\VKRXOGQRWIHHOVK\RI
GRLQJLW
,VDLG +HRUGHUV
XVWRZRUVKLS$OODK$ORQHDQGQRWWRDVVRFLDWHDWKLQJZLWK+LPLQZRUVKLSWRGLVFDUGZKDWRXU
DQFHVWRUVVDLGWRSHUIRUPWKH6DODWSUD\HUVSHDNWKHWUXWKDQGPDLQWDLQWKHWLHVRINLQVKLS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKWHOOVXVWKDWOLQHDJHLQWKH+HUHDIWHUZLOOQRWKHOSDQ\ERG\6RPXFKVRWKDWHYHQRQH
V
UHODWLRQVKLSZLWK0HVVHQJHURI$OODK3%8+VKDOOQRWFDUU\DQ\ZHLJKWRQWKDWGD\7KHRQO\WKLQJ
WKDWZLOOWKHQKHOSLQVDOYDWLRQZLOOEH RQH
VJRRGGHHGV3HRSOHIRUZKRPWKH3URSKHW3%8+DQG
SLRXVPHQZLOOLQWHUFHGHZLOOEHEHOLHYHUVZLWKVRPHVLQVLQWKHLUDFFRXQWDQGQRWWKHGLVEHOLHYHUV
GHYRLGRI)DLWKDQGJRRGDFWLRQV1HLWKHUZLOODQ\ERG\LQWHUFHGHIRUWKHLQILGHOVQRUZLOOWKHLQILGHOV
ILQGVDOYDWLRQ
,QSUHDFKLQJUHOLJLRQSULRULW\PXVWEHJLYHQWRRQH
VRZQFORVHUHODWLYHV7KH\GHVHUYHLWPRUHWKDQ
DQ\RQHHOVHDQGIRUWKLVUHDVRQ'LYLQHLQMXQFWLRQVVKRXOGEHILUVWRIDOOFRQYH\HGWRWKHP
(YHQLID0XVOLP
VUHODWLYHVDUHSDJDQVDQGSRO\WKHLVWVWKHLUULJKWVRINLQVPHQDQGWKHGHPDQGVRI
PDLQWDLQLQJWKHWLHVRINLQVKLS
HQMRLQHGE\,VODPPXVWEHIXOILOOHG7KHILUVWDQGIRUHPRVWGHPDQGRI
WKHLUULJKWVLVWKDWWKH\VKRXOGEHLQYLWHGWRWKHULJKWSDWKVRWKDWWKH\ZLOOEHVDYHGIURP+HOOILUH
SURYLGHGWKH\DUHQRWDWZDUZLWKWKH0XVOLPV
&RPPHQWDU\ 7KLV+DGLWKLQGLFDWHVWKHDFWLRQVZKLFKFRQVWLWXWHWKHPHDQVWRDWWDLQ-DQQDKDQG
VDOYDWLRQIURP+HOO7KXVLWPDNHVHYLGHQWWKDW-DQQDKFDQQRWEHDFKLHYHGE\ZLVKIXOWKLQNLQJ2QH
FDQQRWJHWLWZLWKRXW)DLWKDQGJRRGGHHGV,QWKHDEVHQFHRIWKHVHWZRIDFWRUVLQWHUFHVVLRQRIDQ\
SHUVRQZLOOEHRIQRDYDLO
&RPPHQWDU\ :HOHDUQWZRSRLQWVIURPWKLV+DGLWK
)LUVWO\LWLVPRUHUHZDUGLQJWREUHDNWKHIDVWZLWKGDWHIUXLWRUZDWHU6HFRQGO\SD\PHQWRI6DGDTDKWR
RQH
VSRRUUHODWLYHVFDUULHVDGRXEOHUHZDUG
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$PDQFDPHWRPHDQGVDLG,KDYHD
ZLIHZKRPP\PRWKHUFRPPDQGVPHWRGLYRUFH,UHSOLHGKLPWKDW,KDGKHDUG0HVVHQJHURI$OODK
3%8+VD\LQJ $SDUHQWLVWKHEHVWRIWKHJDWHVRI-DQQDKVRLI\RXZLVKNHHSWRWKHJDWHRUORVHLW
>$W7LUPLGKLDQG,EQ0DMDK@
&RPPHQWDU\ 7KHZRUG:DOLG
DSSOLHVWRPRWKHUDVZHOODVIDWKHU$VWKHZRUG :DOLGDLQ
LVD
GXDOIRUPDQGFRYHUVPRWKHUDQGIDWKHUERWKVLPLODUO\WKHQRXQ IDWKHU
DOVRDSSOLHVWRERWK7KLV
+DGLWKDOVRVWUHVVHVWKDWREHGLHQFHRISDUHQWVDQGVXEPLVVLRQWRWKHLURUGHUPXVWKDYHSUHIHUHQFHRYHU
WKHORYHIRUWKHZLIHDVORQJDVWKLVRUGHURI WKHLUVLVIDLUDQGMXVW
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG,KHDUGWKH3URSKHW3%8+
VD\LQJ $PRWKHU
VVLVWHULVHTXLYDOHQWWRUHDOPRWKHULQVWDWXV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGEHDVUHVSHFWIXOWRRQH
VDXQW PRWKHU
VUHDOVLVWHU
DVRQHLVWRPRWKHUDVLWLVDYLUWXHDVZHOODVDIRUPRIPDLQWDLQLQJWKHWLHVRINLQVKLS
&+$37(5
352+,%,7,212)',62%(<,1*
3$5(176$1'6(9(5$1&(
2)5(/$7,216
$OODKWKH([DOWHGVD\V
:RXOG\RXWKHQLI\RXZHUHJLYHQWKHDXWKRULW\GRPLVFKLHILQWKHODQGDQGVHYHU\RXUWLHVRI
NLQVKLS"6XFKDUHWKH\ZKRP$OODKKDVFXUVHGVRWKDW+HKDVPDGHWKHPGHDIDQGEOLQGHGWKHLU
VLJKW
$QGWKRVHZKREUHDNWKH&RYHQDQWRI$OODKDIWHULWVUDWLILFDWLRQDQGVHYHUWKDWZKLFK$OODK
KDVFRPPDQGHGWREHMRLQHGLHWKH\VHYHUWKHERQGRINLQVKLSDQGDUHQRWJRRGWRWKHLU
UHODWLYHVDQGZRUNPLVFKLHILQWKHODQGRQWKHPLVWKHFXUVHLHWKH\ZLOOEHIDUDZD\IURP
$OODK
V0HUF\DQG IRUWKHPLVWKHXQKDSS\HYLOKRPHLH+HOO
$QG\RXU5XEEKDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LP$QGWKDW\RXEHGXWLIXOWR\RXU
SDUHQWV,IRQHRIWKHPRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIHVD\QRWWRWKHPDZRUGRI
GLVUHVSHFWQRUVKRXWDWWKHPEXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGORZHUXQWRWKHPWKH
ZLQJRIVXEPLVVLRQDQGKXPLOLW\WKURXJKPHUF\DQGVD\C0\5XEE%HVWRZRQWKHP<RXU
0HUF\DVWKH\GLGEULQJPHXSZKHQ,ZDV\RXQJ
0HVVHQJHURI$OODK3%8+
DVNHGWKLVTXHVWLRQWKULFH:HVDLG<HV20HVVHQJHURI$OODK3OHDVHLQIRUPXV+HVDLG
$VFULELQJSDUWQHUVWR$OODKDQGWREHXQGXWLIXOWR\RXUSDUHQWV 0HVVHQJHURI$OODK3%8+VDWXS
IURPKLVUHFOLQLQJSRVLWLRQDQGVDLG $QG,ZDUQ\RXDJDLQVWJLYLQJIRUJHGVWDWHPHQWDQGDIDOVH
WHVWLPRQ\,ZDUQ\RXDJDLQVWJLYLQJIRUJHGVWDWHPHQWDQGDIDOVHWHVWLPRQ\ 0HVVHQJHURI$OODK
3%8+NHSWRQUHSHDWLQJWKDWZDUQLQJWLOOZHZLVKHGKHZRXOGVWRS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVVRPHRIWKHPDMRUVLQV$PDMRUVLQLVRQHDJDLQVWZKLFKWKHUHLV
DVHULRXVZDUQLQJLQWKH1REOH4XU
DQDQG+DGLWK:KHQGLVREHGLHQFHWRSDUHQWVLVPHQWLRQHGDORQJ
ZLWK6KLUN SRO\WKHLVPLWPDNHVWKHIDFWHYLGHQWWKDWERWKRIWKHVHDUHYHU\VHULRXVVLQV6LPLODULVWKH
FDVHRIWHOOLQJDOLHDQGIDOVHWHVWLPRQ\ZKLFKLQWKHLQFLGHQWPHQWLRQHGLQWKLV+DGLWKPDGH
0HVVHQJHURI$OODK3%8+WROHDYHKLVSLOORZDQGVLWDWWHQWLYHO\,WLQGLFDWHVWKDWWKHODWWHUWZRDUH
VHULRXV0D\$OODKSURWHFWDOO0XVOLPVIURPDOOVXFKVLQV
&RPPHQWDU\ 7KHUHDUHPDQ\PRUHPDMRUVLQVZKLFKKDYHEHHQHQOLVWHGDQGGLVFXVVHGDWOHQJWKE\
0XKDGGDWKXQLQLQGHSHQGHQWYROXPHVVXFKDV$]=DZDMLUCDQLTWUDIDO.DED
LU.LWDEDO.DED
LUE\
$GK'KDKDEL 7KLV+DGLWKPHQWLRQVVRPHRIWKHPDMRUVLQVHQXPHUDWHGE\WKH3URSKHW3%8+RQD
SDUWLFXODURFFDVLRQ:HFDQDOVRVD\WKDWWKHVLQVPHQWLRQHGKHUHDUHVRPHRIWKHPRVWVHULRXVDPRQJ
WKHPDMRUVLQV
+H
3%8+VDLG :KHQVRPHRQHFXUVHVWKHSDUHQWVRIDQRWKHUPDQZKRLQUHWXUQDEXVHVWKHIRUPHU
V
IDWKHUDQGZKHQVRPHRQHDEXVHVWKHPRWKHURIDQRWKHUPDQZKRLQUHWXUQDEXVHVKLVPRWKHU
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGQRWDEXVHDQ\RQH
VSDUHQWVEHFDXVHLQWKH
HYHQWKHLVSDLGLQWKHVDPHFRLQKHZLOOEHUHVSRQVLEOHIRUGLVJUDFLQJKLVRZQSDUHQWV
&RPPHQWDU\ 7KLV+DGLWKSRVHVDVHULRXVWKUHDWWRWKRVHZKRYLRODWHWKH'LYLQHLQMXQFWLRQVRI
PDLQWDLQLQJJRRGWLHVRINLQVKLS,QVSLWHRIVXFKDVHULRXVZDUQLQJWKLVPDMRUVLQLVYHU\FRPPRQLQ
RXUSUHVHQWGD\VRFLHW\7KHSXUSRVHRIWKLVZDUQLQJLVWKDW0XVOLPVSUHYHQWWKHPVHOYHVIURPLW0D\
$OODKVDYHXVIURPLW
$EX
,VD$O0XJKLUDKELQ6KXCEDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW
3%8+VDLG $OODKKDVIRUELGGHQ\RXGLVREHGLHQFHWR\RXUPRWKHUVWRZLWKKROGZKDW\RXVKRXOG
JLYHRUGHPDQGZKDW\RXGRQRWGHVHUYHDQGWREXU\\RXUGDXJKWHUVDOLYH$QG$OODKGLVOLNHVLGOH
WDONWRDVNWRRPDQ\TXHVWLRQVIRUWKLQJVZKLFKZLOOEHRIQREHQHILWWRRQHDQGWRZDVWH\RXU
ZHDOWK
>$O%XNKDULDQG0XVOLP@
&+$37(5
(;&(//(1&(,1'2,1**22'
727+()5,(1'62)3$5(176
$1'27+(55(/$7,9(6
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+VDLG 7KH
ILQHVWDFWRIJRRGQHVVLVWKDWDSHUVRQVKRXOGWUHDWNLQGO\WKHORYHGRQHVRIKLVIDWKHU
>0XVOLP@
7KHEHGRXLQVDLG<HV+H
C$EGXOODKELQC8PDUJDYHKLPKLVGRQNH\DQGKLVWXUEDQDQGVDLG5LGHWKLVGRQNH\DQGWLHWKLV
WXUEDQURXQG\RXUKHDG6RPHRIKLVFRPSDQLRQVVDLG0D\$OODKIRUJLYH\RX\RXJDYHWRWKLV
EHGRXLQWKHGRQNH\ZKLFK\RXHQMR\HGWRULGHIRUFKDQJHDQGWKHWXUEDQZKLFK\RXWLHGURXQG\RXU
KHDGC$EGXOODKELQC8PDUVDLG,KHDUG0HVVHQJHURI$OODK3%8+VD\LQJ C7KHILQHVWDFWRI
JRRGQHVVLVWKHNLQGWUHDWPHQWRIDSHUVRQWRWKHORYHGRQHVRIKLVIDWKHUDIWHU KLVGHDWK
DQGWKHIDWKHU
RIWKLVSHUVRQZDVDIULHQGRIC8PDU0D\$OODKEHSOHDVHGZLWKKLP
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHVWKDWDIWHUWKHGHDWKRIRQH
VSDUHQWVRQHVKRXOGPDLQWDLQFRQWDFW
ZLWKWKHLUIULHQGVDQGWUHDWWKHPQLFHO\%HVLGHVEHLQJDJUHDWYLUWXHLWLVZDUUDQWHGE\WKHQHHGVIRU
VKRZLQJFRPSDVVLRQWRUHODWLYHV7RIRUJHWIULHQGVRIRQH
VSDUHQWVDQGEUHDNFRQWDFWZLWKWKHPLV
FRQGHPQHGE\WKH6KDULCDK
+H3%8+UHSOLHG <HVWRSUD\IRUWKHPWRVXSSOLFDWHIRUWKHLUIRUJLYHQHVVWRIXOILOOWKHLUSURPLVHV
DIWHUWKHLUGHDWKWRPDLQWDLQWKHWLHVRINLQVKLSZKLFKFDQQRWEHPDLQWDLQHGH[FHSWWKURXJKWKHPDQG
KRQRXUWKHLUIULHQGV
>$EX'DZXG@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGFRQVLGHUWKHOLIHRIRQH
VSDUHQWVDEOHVVLQJ
EHFDXVHWKHLUOLIHSURYLGHVRQHZLWKDQRSSRUWXQLW\WRVHUYHWKHPZKROHKHDUWHGO\ZKLFKLVRUGDLQHGE\
$OODK,IRQHZDQWVWREHQLFHWRWKHPDIWHUWKHLUGHDWKRQHVKRXOGDGRSWWKHPHWKRGVPHQWLRQHGLQWKLV
+DGLWK,WQHHGVWREHQRWHGWKDWLWGRHVQRWPHQWLRQWKHFHUHPRQLHVOLNHUHFLWDWLRQRIWKH1REOH4XU
DQ
RQWKHWKLUGVHYHQWKDQGIRUWLHWKGD\DIWHUWKHGHDWKRIDSHUVRQLQYRJXHLQRXUVRFLHW\$OOWKHVH
PHWKRGVRIFRQYH\LQJWKHUHZDUGRIYLUWXRXV GHHGVRUULWHVDUHZURQJIRUWKHUHDVRQWKDWWKH\DUH
QHLWKHUKHOSIXOIRUWKHGHDGQRUWKHOLYLQJ:KDWUHDOO\EHQHILWVWKHGHDGDVZHOODVOLYLQJLVSUD\HUDQG
EHJJLQJIRUJLYHQHVVIURP$OODK,QWKLV+DGLWKWKHVHKDYHEHHQUHJDUGHGDVDFWVRIEHQHILFHQFHIRUWKH
GHFHDVHGSDUHQWV,WFOHDUO\PHDQVWKDWWKHFKLOGUHQZLOOEHUHZDUGHGIRUWKHYLUWXRXVDFWVWKH\GRIRU
WKHLUSDUHQWVDQGWKHVWDWXVRIWKHGHFHDVHGSDUHQWVZLOODOVREHHOHYDWHGLQWKHQH[WZRUOG7KH
DFFHSWDQFHRIWKHSUD\HULQIDYRXURIWKHGHFHDVHGSDUHQWVLVDOVRFRQILUPHGIURPWKDW+DGLWKDOVR
ZKLFKWHOOVWKDWGHDWKEULQJVWRDQHQGDOOWKHDFWLYLWLHVH[FHSWWKHIROORZLQJ
6HFRQGO\ NQRZOHGJHZKLFKEHQHILWV0XVOLPV
7KLUGO\SUD\HUVRIYLUWXRXVRIIVSULQJ
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG,QHYHUIHOWMHDORXVRIDQ\RIWKHZLYHVRIWKH
3URSKHW3%8+DVPXFKDV,GLGRI.KDGLMDK0D\$OODKEHSOHDVHGZLWKKHU DOWKRXJK,KDYHQHYHU
VHHQKHUEXWWKH3URSKHW3%8+XVHGWRPHQWLRQKHUYHU\RIWHQ:KHQHYHUKHVODXJKWHUHGDVKHHSKH
ZRXOGFXWLWLQWRSLHFHVDQGVHQGWKHPWRWKHZRPHQIULHQGVRI.KDGLMDK0D\$OODKEHSOHDVHGZLWK
KHU:KHQ,VRPHWLPHVVDLGWRKLP<RXWUHDW.KDGLMDKLQVXFKDZD\DVLIWKHUHLVQRZRPDQRQ
HDUWKH[FHSWKHU+H3%8+ZRXOGVD\ .KDGLMDKZDVVXFKDQGVXFKFRPPHQGLQJKHUDQGVSHDNLQJ
ZHOORIKHUDQG,KDGFKLOGUHQIURPKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJILYHSRLQWV
$EULHIUHIHUHQFHWRWKHJUHDWTXDOLWLHVRI.KDGLMDK0D\$OODKEHSOHDVHGZLWKKHU
([SUHVVLRQRIWKHVHQWLPHQWVZKLFKWKHUHPHPEUDQFHRIVRPHGHFHDVHGIULHQGEULQJVZLWKLW7KHVH
VHQWLPHQWVFDQEHSOHDVLQJDVZHOODVSDLQIXO
&RPPHQWDU\
7KLV+DGLWKJLYHVDIDLULGHDRIWKHORYHWKDWWKH&RPSDQLRQVRIWKH3URSKHW3%8+KDGIRUKLP,W
ZDVVRSURIRXQGWKDWWKH\UHJDUGHGLWDJUHDWKRQRXUWR VHUYHWKHVHUYDQWVRIWKH3URSKHW3%8+HYHQ
LIWKH\ZHUH\RXQJHULQDJH
&+$37(5
6+2:,1*5(9(5(1&(727+()$0,/<2)
$//$+
60(66(1*(53%8+
$OODKWKH([DOWHGVD\V
$OODKZLVKHVRQO\WRUHPRYH$U5LMVHYLOGHHGVDQGVLQVIURP\RX2PHPEHUVRIWKHIDPLO\RI
WKH3URSKHW3%8+DQGWRSXULI\\RXZLWKDWKRURXJKSXULILFDWLRQ
$QGZKRVRHYHUKRQRXUVWKH6\PEROVRI$OODKWKHQLWLVWUXO\IURPWKHSLHW\RIWKHKHDUW
<D]LGELQ+DL\DQUHSRUWHG,ZHQWDORQJZLWK+XVDLQELQ6DEUDKDQGC$PUELQ0XVOLPWR=DLGELQ
$UTDP0D\$OODKEHSOHDVHGZLWKWKHPDQGDVZHVDWE\KLVVLGH+XVDLQVDLGWRKLP =DLG\RX
DFTXLUHGJUHDWPHULWV\RXVDZ0HVVHQJHURI$OODK3%8+OLVWHQHGWRKLPWDONLQJIRXJKWE\KLVVLGH
LQGLIIHUHQWEDWWOHVDQGRIIHUHG6DODWSUD\HUEHKLQGKLP=DLG\RXKDYHLQGHHGHDUQHGJUHDWPHULWV
&RXOG\RXQDUUDWHWRXVZKDW\RXKHDUGIURP0HVVHQJHURI$OODK3%8+"
=DLGVDLG%\$OODK,
KDYHJURZQROGDQGKDYHDOPRVWVSHQWXSP\DJHDQG,KDYHIRUJRWWHQVRPHRIWKHWKLQJVZKLFK,
UHPHPEHUHGLQFRQQHFWLRQZLWK0HVVHQJHURI$OODK3%8+VRDFFHSWZKDW,QDUUDWHWR\RXGRQRW
FRPSHOPHWRQDUUDWHZKDW,IDLOWRQDUUDWH+HWKHQVDLG2QHGD\0HVVHQJHURI$OODK3%8+VWRRG
XSWRGHOLYHUD.KXWEDKDWDZDWHULQJSODFHNQRZQDV.KXPPEHWZHHQ0DNNDKDQG$O0DGLQDK+H
SUDLVHG$OODKH[WROOHG+LPDQGH[KRUWHGXVDQGVDLG C$PPD%DCGX2SHRSOH,DPDKXPDQEHLQJ
,DPDERXWWRUHFHLYHDPHVVHQJHUWKHDQJHORIGHDWKIURPP\5XEEDQG,ZLOOUHVSRQGWR$OODK
V&DOO
EXW,DPOHDYLQJZLWK\RXWZRZHLJKW\WKLQJVWKHILUVWLVWKH%RRNRI$OODKLQZKLFKWKHUHLVULJKW
JXLGDQFHDQGOLJKWVRKROGIDVWWRWKH%RRNRI$OODKDQGDGKHUHWRLW
+HH[KRUWHGXVWRKROGIDVWWR
WKH%RRNRI$OODK DQGWKHQVDLG C7KHVHFRQGLVWKHPHPEHUVRIP\KRXVHKROG,UHPLQG\RXWREH
NLQGWRWKHPHPEHUVRIP\IDPLO\,UHPLQG\RXWREHNLQGWRWKH PHPEHUVRIP\IDPLO\ +XVDLQ
VDLGWR=DLG :KRDUHWKHPHPEHUVRIKLVKRXVHKROG2=DLG"$UHQ
WKLVZLYHVWKHPHPEHUVRIKLV
IDPLO\"
=DLGVDLG$OLDQGWKH
RIIVSULQJRIC$OLC$TLODQGWKHRIIVSULQJRIC$TLODQGWKHRIIVSULQJRI-DCIDUDQGWKHRIIVSULQJRI
C$EEDV
+XVDLQDVNHG)RUDOORIWKHPWKHDFFHSWDQFHRI=DNDWLVIRUELGGHQ"
=DLG0D\$OODKEH
SOHDVHGZLWKKLPVDLG<HV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJSRLQWV
,WVWUHVVHVXSRQWKHHVWDEOLVKPHQWRIDILUPERQGZLWKWKH%RRNRI$OODKWKH4XU
DQDQGOD\V
HPSKDVLVRQVKRZLQJUHVSHFWDQGKRQRXUWRWKHPHPEHUVRIWKH3URSKHW
VIDPLO\
7KHPHPEHUVRIWKH3URSKHW
VIDPLO\DUHFODVVLILHGLQWRWZRFDWHJRULHV
>$O%XNKDUL@
&RPPHQWDU\ ,QWKLV+DGLWKWKHORYHDQGUHVSHFWIRUWKHPHPEHUVRIWKH3URSKHW
V3%8+IDPLO\
KDVEHHQWLHGZLWKWKHORYHDQGUHVSHFWRIWKH3URSKHW3%8+,QRWKHUZRUGVDSHUVRQZKR ORYHVDQG
UHVSHFWVWKHGHVFHQGDQWVRIWKH3URSKHW3%8+ZLOOEHGHHPHGWREHDORYHUDQGDGPLUHURIWKH
3URSKHW3%8+2QWKHFRQWUDU\RQHZKRVHKHDUWLVGHYRLGRIWKHORYHRIWKHGHVFHQGDQWVRIWKH
3URSKHW3%8+ZLOOEHFRQVLGHUHGGHYRLGRIWKHORYH DQGUHVSHFWRIWKH3URSKHW3%8+%XWORYH
DQGUHVSHFWKHUHGRHVQRWPHDQWKDWWKH\DUHWDNHQIRUVLQOHVVSHUVRQVDQGWKHLUVWDWXVLVH[DJJHUDWHG
EH\RQGUHDVRQDVLVWKHFDVHZLWKWKH6KLLWHV7KHLUZKROHUHOLJLRXVWKLQNLQJLVIRXQGHGRQWKH
H[DJJHUDWLRQRIWKHTXDOLWLHVRIWKHPHPEHUVRIWKHIDPLO\RI0HVVHQJHURI$OODK3%8+DQGWKH\
KDYHH[KDXVWHGWKHLULPDJLQDWLRQLQSURYLQJWKHPVLQOHVV:KLOHWKHLUORYHDQGUHVSHFWOLHVLQDGRSWLQJ
WKHQREOHIHDWXUHVRIWKHLUFKDUDFWHUDQGFKHULVKLQJWKHLUSLHW\7KHLUORYHDQGUHVSHFWGRHVQRWOLHLQ
VHQWLPHQWDODWWDFKPHQWZLWKDSDUWLFXODUIDPLO\DQGH[DJJHUDWLQJLWVSUDLVHEH\RQGDOOOLPLWV
&+$37(5
5(9(5,1*7+(6&+2/$56$1'
(/'(5635()(5,1*7+(072
27+(56$1'5$,6,1*7+(,567$786
$OODKWKH([DOWHGVD\V
6D\C$UHWKRVHZKRNQRZHTXDOWRWKRVHZKRNQRZQRW"
,WLVRQO\PHQRIXQGHUVWDQGLQJZKR
ZLOOUHPHPEHULHJHWDOHVVRQIURP$OODK
V6LJQVDQG9HUVHV
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJWKUHHSRLQWV
)LUVWSUHIHUHQFHVKRXOGJRWRDJRRG4DULUHFLWHURIWKH1REOH4XU
DQZKRLVDOVRDQH[SHUWLQLW
SURYLGHGKHLVSLRXVDQGDFWVXSRQWKHWHDFKLQJVRIWKH1REOH4XU
DQIDLWKIXOO\+HVKRXOGQRWEHD
QRQSUDFWLVLQJ0XVOLP1RZDGD\VZHKDYHDQDEXQGDQFHRI,PDPEXWPDQ\RIWKHPDUHQHLWKHUSLRXV
QRUIDLWKIXOO\DFWXSRQUHOLJLRXVWHDFKLQJV,QDQ\FDVHZKHUHZHFDQILQGD4DULZKRIXOILOOVWKH
UHTXLUHPHQWVMXVWPHQWLRQHGKHGHVHUYHVILUVWSUHIHUHQFHIRUDSSRLQWPHQWDV,PDP(YHQDUHOLJLRXV
VFKRODUZLOOFRPHQH[WWRKLP,WPXVWEHERUQHLQPLQGWKDWQLFHUHFLWDWLRQRIWKH1REOH4XU
DQGRHV
QRWPHDQLWVUHFLWDWLRQZLWKJUHDWVNLOOEXWLWVHVVHQWLDOVDUHHOHJDQWYRLFHDFTXDLQWDQFHZLWKWKHC,OP
XW7DMZLGRUVFLHQFHRIUHFLWLQJWKH4XU
DQFOHDUDQGGLVWLQFWUHFLWDWLRQ
7KHUXOHURIDWHUULWRU\LWVKLJKHVWRIILFHUDQGJRYHUQRUVKRXOGZRUNDV,PDPLQWKHLUUHVSHFWLYH
DUHDV,QWKHHDUO\DJHVRI,VODPWKHVHDXWKRULWLHVXVHGWRDGPLQLVWHUWKHLUDUHDVGLVSHQVHMXVWLFHDQG
OHDGFRQJUHJDWLRQDOSUD\HUV 6DODW
:KHQRQHJRHVWRVRPHERG\
VKRXVHKHVKRXOGQRWRFFXS\WKHSODFHUHVHUYHGIRUWKHPDVWHURIWKH
KRXVHXQOHVVKHKLPVHOIDVNVKLPWRVLWWKHUH
$EX0DVCXG$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+
ZRXOGSODFHKLVKDQGVXSRQRXUVKRXOGHUVZKHQZHZRXOGIRUPURZVIRU$V6DODWWKHSUD\HUDQGVD\
6WDQGLQVWUDLJKWURZVDQGGRQRWGLIIHUDPRQJ\RXUVHOYHVRUHOVH\RXUKHDUWVZLOOGLIIHUGXHWR
GLVDFFRUG/HWWKRVHEHQHDUHVWWRPHZKRDUHPDWXUHDQGHQGRZHGZLWKXQGHUVWDQGLQJRIWKH
UHOLJLRQWKHQWKRVHZKRDUHQHDUHVWWRWKHPLQWKHVHUHVSHFWVDQGWKHQWKRVHZKRDUHQHDUHVWWRWKHP
>0XVOLP@
&RPPHQWDU\ 7KHPHDQLQJRIWKHODVWVHQWHQFHRIWKLV+DGLWKVHHPVWREHWKDWRQHVKRXOGQRWTXDUUHO
PDNHQRLVHRUHQJDJHLQORRVHWDONLQRUQHDUDPRVTXHWRGLVWXUEWKHSHRSOHLQWKHPRVTXHEHFDXVH
VXFKDFWLYLWLHVDUHVHYHUHO\FRQGHPQHGE\,VOLP
$QGPHQWLRQHGWKHUHVWRIWKH
+DGLWK
>$O%XNKDULDQG0XVOLP@
7KHHOGHVWSHUVRQKDVWKHILUVWULJKWWRVSHDNLQDJDWKHULQJ%XWWKLVSULQFLSOHLVWREHIROORZHGZKHQ
DOOWKHSHUVRQVSUHVHQWWKHUHDUHHTXDOLQYLUWXHDQGLQWHOOLJHQFHRWKHUZLVHRQHZKRLVVXSHULRUWR
RWKHUVLQWKHVHTXDOLWLHVZLOOKDYHDSULRUULJKWWRVSHDN
7KH+DGLWKH[SODLQVWKHLVVXHRI4DVDPDKZKLFKZDVLQYRJXHLQWKHSUH,VODPLFSHULRGDQGZDV
PDLQWDLQHGE\,VODP4DVDPDKZDVDPRGHRIVHWWOLQJFDVHVRIXQGHWHFWHGPXUGHUV,QVXFKVLWXDWLRQV
ILIW\SHUVRQVIURPWKHKHLUVRIWKHYLFWLPZHUHDVNHGWRWDNHDQRDWKWKDWPXUGHUZDVFRPPLWWHGE\
VRPHSHUVRQRIWKDWORFDOLW\RUVRPHSHUVRQVIURPWKHKHLUVZHUHUHTXLUHGWRWDNHRDWKIRUILIW\WLPHV
WRWKLVHIIHFWDIWHUWKLVRDWKWKHSHRSOHRIWKDWDUHDZHUHOLDEOHWRSD\'L\DK EORRGPRQH\ WRWKH
KHLUVRIWKHYLFWLP,IWKHSHUVRQVEODPHGIRUWKHPXUGHUVDLGRQWKHVLPLODURDWKWKDWQRQHRIWKHPKDG
FRPPLWWHGWKDWRIIHQVHWKH\ZHUHDEVROYHGIURPWKHSD\PHQWRI'L\DKDQGWKHSD\PHQWRIEORRG
PRQH\ZDVPDGHWRWKHKHLUVRIWKHYLFWLPIURPWKH%DLWXO0DO VWDWHH[FKHTXHU ,QWKHLQFLGHQW
UHIHUUHGLQWKLV+DGLWKZKHQWKH3URSKHW3%8+DVNHGWKHEURWKHUVRIWKHYLFWLPWRWDNHWKHUHTXLUHG
RDWKWKH\UHIXVHGWRGRVRDVWKH\ZHUHQRWVXUHDVWRZKRKDGFRPPLWWHGWKHFULPH7KH3URSKHW
3%8+GLGQRWDVNWKHLQKDELWDQWVRI.KDLEDUIRUWKHRDWKEHFDXVHWKH\ZHUH-HZVDQGWKHKHLUVRIWKH
YLFWLPGLGQRWKDYHIDLWKLQWKHP7KXVWKH3URSKHW3%8+KLPVHOIPDGHWKHSD\PHQWRIWKHEORRG
PRQH\WRWKHKHLUVRIWKHYLFWLP
:KLFKHYHUZDVWKXVSRLQWHGRXWWRKLPZDVSODFHGE\KLPILUVWLQ
WKH/DKG
>$O%XNKDUL@
&RPPHQWDU\ /DKGLVDW\SHRIJUDYHLQZKLFKDQLFKHLVPDGHRQWKHOHIWVLGHRILWWRSODFHWKH
FRUSVH7KHJUDYHZKLFKLVVWUDLJKWDFRPPRQW\SHLVFDOOHG'DULK7KLV+DGLWKWHOOVDERXWWKH
GLVWLQFWLRQRIWKH+DIL]DQGKLVVXSHULRULW\RYHURWKHUV6LPLODUO\WKHOHDUQHGWKHSLRXVDQGPHQRI
RXWVWDQGLQJYLUWXHVVKRXOGKDYHSUHIHUHQFHRYHURWKHUV7KH+DGLWKDOVRLQGLFDWHVWKHSHUPLVVLELOLW\WR
EXU\WZRRUWKUHHSHUVRQVLQDVLQJOHJUDYHLQWLPHRIQHHGRUQHFHVVLW\
&RPPHQWDU\ $0XVQDG+DGLWKLVRQHLQZKLFKWKHIXOOFKDLQRILWVQDUUDWRUVLVPHQWLRQHGZKLOHWKH
0XCDOODT+DGLWKLVWKDWLQZKLFKWKHILUVWRQHRUWZRRUPRUHRUDOOLWVQDUUDWRUVDUHRPLWWHG7KLV
+DGLWKKDVEHHQPHQWLRQHGLQ$O%XNKDULZLWKRXWDQ\DXWKRULW\
:HOHDUQWZRWKLQJVIURPWKLV+DGLWK)LUVWRQHFDQXVH0LVZDNRIDQRWKHUSHUVRQZLWKKLVSHUPLVVLRQ
6HFRQGWKHHOGHVWSHRSOHVKRXOGKDYHSUHFHGHQFHRYHURWKHUVLQHYHU\PDWWHUH[FHSWLQFDVHVZKHUHD
\RXQJHURQHH[FHOVWKHPLQVRPHPHULW
&RPPHQWDU\ $QDJHG0XVOLPKHUHPHDQVRQHZKROLYHVDSLRXVOLIHWLOOKLVROGDJH7KHZRUG
+DPLOXO4XU
DQ
WUDQVODWHGKHUHDVCWKHRQHZKRFRPPLWVWKH4XU
DQWRPHPRU\
ZKRKDYH
PHPRUL]HGWKHFRPSOHWH4XU
DQ7KDWLVWRVD\KHLVQRWDJJUHVVLYHLQSXWWLQJLWLQWRSUDFWLFHDQGGRHV
QRWWDNHVKHOWHURIIDUIHWFKHGLQWHUSUHWDWLRQVWRMXVWLI\KLVRZQLQWHOOHFWXDODQGUHOLJLRXVSHUYHUVLRQ
7KLV+DGLWKVWUHVVHVWKDWDSLRXVROGPDQD+DPLOXO4XU
DQDQGDMXVWKHDGRID0XVOLPJRYHUQPHQW
VKRXOGEHUHVSHFWHG6LQFHWKHLUUHVSHFWKDVEHHQRUGDLQHGE\$OODKUHVSHFWLQJWKHPLVLQIDFWUHYHULQJ
$OODK
&RPPHQWDU\ 7KHZRUGVKHLVQRWRQHRIXV
KHUHPHDQWKDWKHLVQRWIROORZLQJWKHZD\RIWKH
3URSKHW3%8+7RVKRZFRPSDVVLRQWR\RXQJVWHUPHDQVVKRZLQJNLQGQHVVDQGJHQHURVLW\WRWKHP
2QWKHVDPHSULQFLSOHLWLVHVVHQWLDOIRUWKH\RXQJWKDWWKH\UHVSHFWWKHHOGHUVWKHOHDUQHGDQGWKH
SLRXV
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKDW
2QHVKRXOGQHLWKHUEHOLWWOHDUHVSHFWDEOHSHUVRQQRUVKRXOGRQHHOHYDWHDPHDQRQH(YHU\RQHVKRXOG
EHWUHDWHGDFFRUGLQJWRKLVUHDOVWDWXV
,WLVXQEHFRPLQJWRWDNHVXSSRUWIURPWKH4XU
DQDQG+DGLWKDQGWZLVWLWWRVXEVWDQWLDWHRQH
VRZQ
YLHZV
7KH+DGLWKKRZHYHULVFODVVLILHGDV'DCLI ZHDN DVWKHUHLVQROLQNLQWKHFKDLQRILWVQDUUDWRUV
EHWZHHQC$LVKDKDQG0DLPXQ
$O+XUUDVNHGC8PDUDQGKHDFFRUGHGSHUPLVVLRQ:KHQC8\DLQDKFDPHLQWR
WKHSUHVHQFHRIC8PDUKHDGGUHVVHGKLPWKXV 2VRQRI$O.KDWWDE\RXQHLWKHUEHVWRZPXFKRQXV
QRUGHDOZLWKXVMXVWO\
%\$OODK:KHQDO+XUUUHFLWHGWKLVC8PDU
EHFDPHTXLWHPRWLRQOHVVLQKLVVHDW+HDOZD\VDGKHUHGVWULFWO\WRWKH%RRNRI$OODK
>$O%XNKDUL@
&RPPHQWDU\ 7KLVLQFLGHQWKDVEHHQFLWHGLQWKLVFKDSWHUIRUWKHUHDVRQLWWHOOVXVWKDWPDQ\C8ODPD
DQG4XUUD
ZHUHPHPEHUVRIWKHVSHFLDODGYLVRU\FRXQFLORIC8PDU0D\$OODKEHSOHDVHGZLWKKLP
7KHUHIRUHPHQLQDXWKRULW\VKRXOGDSSRLQWWKHLUDGYLVRUVIURPPHQZKRDUHNQRZQIRUWKHLU
NQRZOHGJHLQWHOOLJHQFHDQGSLHW\VRWKDWWKH\KDYHWKHEHQHILWRIWKHLUVLQFHUHDQGVDJDFLRXVDGYLFH
UHJDUGOHVVRIWKHIOLPV\DQGWHPSRUDU\ZRUOGO\LQWHUHVWV%HVLGHVWKLVWKHUXOHUVVKRXOGDOVREHULFKLQ
SDWLHQFHDQGSHUVHYHUDQFH
&RPPHQWDU\ ,EQC$OODQKDVVWDWHGWKDWVFKRODUVRI+DGLWKKDYHGLVOLNHGLWWKDWLQWKHSUHVHQFHRIDQ
HPLQHQWDQGDSLRXVVFKRODURI+DGLWKLQDFLW\DPDQLQIHULRUWRKLPQDUUDWHVD+DGLWK
:HOHDUQIURPWKLV+DGLWKWKHIROORZLQJ
,WLVSHUPLVVLEOHIRU\RXQJFKLOGUHQWRDWWHQGWKHJDWKHULQJRIWKHDJHGDQGWKHOHDUQHG
+RQRXULQJDQGUHVSHFWLQJWKHROGHUO\
&RPPHQWDU\ 7KHUHZDUGRIWKHQREOHEHKDYLRXUPHQWLRQHGLQWKLV+DGLWKLVFRQILUPHGE\RWKHU
DXWKHQWLFWH[WV
7KH+DGLWKLVFODVVLILHGDV'DCLI ZHDN
&+$37(5
9,6,7,1*7+(3,2863(56216
/29,1*7+(0$1'$'237,21
2)7+(,5&203$1<
$OODKWKH([DOWHGVD\V
XSWR
0XVD0RVHVVDLGWRKLP.KLGUC0D\,IROORZ\RXVRWKDW\RXWHDFKPHVRPHWKLQJRIWKDW
NQRZOHGJHJXLGDQFHDQGWUXHSDWKZKLFK\RXKDYHEHHQWDXJKWE\$OODK"
6KHVDLG ,ZHHSQRWEHFDXVH,DPLJQRUDQWRIWKHIDFWWKDW
ZKDWLVLQVWRUHIRU0HVVHQJHURI$OODK3%8+LQWKH+HUHDIWHULVEHWWHUWKDQWKLVZRUOGEXW,ZHHS
EHFDXVHWKH5HYHODWLRQKDVFHDVHGWRFRPH 7KLVPRYHGERWKRIWKHPWRWHDUVDQGWKH\EHJDQWRZHHS
DORQJZLWKKHU
>0XVOLP@
+HVDLG,LQWHQGWRYLVLWP\EURWKHULQ
WKLVWRZQ
7KHDQJHOVDLG+DYH\RXGRQHDQ\IDYRXUWRKLP"
+HVDLG1R,KDYHQRGHVLUHH[FHSW
WRYLVLWKLPEHFDXVH,ORYHKLPIRUWKHVDNHRI$OODKWKH([DOWHGDQG*ORULRXV
7KHUHXSRQWKHDQJHO
VDLG,DPDPHVVHQJHUWR\RXIURP$OODKWRLQIRUP\RXWKDW$OODKORYHV\RXDV\RXORYHKLPIRU
+LVVDNH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHIROORZLQJ
7KHJUHDWPHULWRIYLVLWLQJ0XVOLPVIRU$OODK
VVDNH
7KHERQGRIEURWKHUKRRGLQ,VODPLVPXFKVWURQJHUWKDQWKHERQGVRIEORRGUHODWLRQVKLSDQGZRUOGO\
LQWHUHVWVDQGWKHUHIRUHFRPHVEHIRUHWKHPLQ SUHIHUHQFH
:KRHYHUORYHVVRPHRQHIRU$OODK
VVDNH$OODKZLOOORYHKLPLQDPDQQHUWKDWVXLWV+LV0DMHVW\
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHPHULWRIYLVLWLQJWKHVLFNDQG0XVOLPWRJDLQWKH3OHDVXUHRI
$OODK
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH3URSKHW3%8+
VD\LQJ 7KHVLPLOLWXGHRIJRRGFRPSDQ\DQGWKDWRIEDGFRPSDQ\LVWKDWRIWKHRZQHURIPXVNDQGRI
WKHRQHEORZLQJWKHEHOORZV7KHRZQHURIPXVNZRXOGHLWKHURIIHU\RXVRPHIUHHRIFKDUJHRU\RX
ZRXOGEX\LWIURPKLPRU\RXVPHOOLWVSOHDVDQWIUDJUDQFHDQGDVIRUWKHRQHZKREORZVWKHEHOORZV
LHWKHEODFNVPLWKKHHLWKHUEXUQV\RXUFORWKHVRU\RXVPHOOD UHSXJQDQWVPHOO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWRQHVKRXOGVLWLQWKHFRPSDQ\RIWKHSLRXVSHUVRQVDQGDYRLG
WKHLPSLRXVRQHVEHFDXVHWKHIRUPHUKDVWKHTXDOLW\RIDSHUIXPHVHOOHUDQGWKHODWWHURIDEODFNVPLWK
,QWKHDVVRFLDWLRQRISLRXVPHQRQHVWDQGVWRJDLQDOOWKHWLPHDQGXOWLPDWHO\EHFRPHVOLNHWKHP,Q
EDGFRPSDQ\RQHLVRXWDQGRXWDORVHUDQGFDQQHYHUKRSHWRJDLQDQ\EHQHILWIURPWKHP
7KHUHXSRQZDVUHYHDOHGWKH$\DK
7KHDQJHOVVD\C$QGZHDQJHOVGHVFHQGQRWH[FHSWE\WKH&RPPDQGRI\RXU5XEE7R+LP
EHORQJVZKDWLVEHIRUHXVDQGZKDWLVEHKLQGXVDQGZKDWLVEHWZHHQWKRVHWZR
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKH3URSKHW
VGHVLUHIRUPHHWLQJDQJHO-LEULO *DEULHO WRKDYH
WKDWNQRZOHGJHZKLFKZDVUHYHDOHGWRKLPE\PHDQVRI:DK\ 5HYHODWLRQ
,WDOVRWHOOVXVWKDWDQJHOVGHVFHQGWRHDUWKIRUFHUWDLQPLVVLRQE\WKH&RPPDQGRI$OODK7KH\KDYHQR
VD\RIWKHLURZQLQDQ\PDWWHU,WDOVRLQGLFDWHVWKDWLWLVSHUPLVVLEOHWRHQTXLUHDERXW0XVOLPEURWKHUV
DIWHUDORQJSHULRGRIWLPHDVWKLVLVDVLJQRIWUXHORYH
&RPPHQWDU\ 7KLV+DGLWKIRUELGV0XVOLPVIURPEHIULHQGLQJLQILGHOVDQGVWUHVVHVWKDWWKH\VKRXOG
HVWDEOLVKDERQGRIIULHQGVKLSDQGIUDWHUQLW\ZLWKWKHSLRXVSHUVRQVRQO\
7KHDERYH+DGLWKVLJQLILHVWKDWWDNLQJEHOLHYHUVIRUFRPSDQ\KDVJRRGFRQVHTXHQFHVRQWKH0XVOLP
:KLOHIHHGLQJRQO\SLRXVSHRSOHFRPSHOVWKH0XVOLPKRVWWRSURYLGHRQO\+DODORUODZIXOIRRGVWXIIIRU
KLVKRXVHKROGDVZHOODVKLVJXHVWV 050XUDG
&RPPHQWDU\ 7KLV+DGLWKDOVRLQGXFHVRQHWRDYRLGWKHFRPSDQ\RILPSLRXVSHRSOHDQGVHHNWKH
DVVRFLDWLRQRIWKHSLRXVSHUVRQV
LHHLWKHUKHFDQQRWDWWDLQWKHLUORIW\SRVLWLRQRIULJKWHRXVQHVVRUWKDWKHKDV
QRWPHWZLWKWKHPLQWKLVOLIH+H3%8+UHSOLHG $SHUVRQZLOOEHLQWKHFRPSDQ\RIWKRVHZKRP
KHORYHV
&RPPHQWDU\ %HVLGHVEULQJLQJWRHPLQHQFHWKHKLJKPHULWRIHQWHUWDLQLQJWKHORYHIRUWKHSLRXV
SHUVRQVWKLV+DGLWKWHOOVXVDERXWWKH0HUF\DQG%OHVVLQJVRI$OODKZKLFK+HZLOOVKRZHUXSRQWKRVH
ZKRORYHWKHSLRXVSHRSOH%HFDXVHRIWKLVORYH$OODKZLOOHOHYDWHHYHQWKHLQIHULRUSHRSOHDQGLQFOXGH
WKHPDPRQJWKRVHZKRP+HORYHV7KLV+DGLWKDOVRVHUYHVDZDUQLQJWKDWDVVRFLDWLRQDQGORYHZLWK
WKHLPSLRXVSHRSOHLVH[WUHPHO\GDQJHURXVDVRQHFDQPHHWWKHVDPHEDGHQGZKLFKLVLQHYLWDEOHIRU
WKHP0D\$OODKVDYHXVIURPLW
+HVDLG2QO\WKHORYHRI$OODKDQG
+LV0HVVHQJHU
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ0XVOLPLV7KHPDQUHSOLHG ,KDYHPDGHQRVLJQLILFDQWSUHSDUDWLRQZLWKUHJDUGWR
6DODWSUD\HU6DXPIDVWLQJDQG6DGDTDKFKDULW\EXW,ORYH$OODKDQG+LV0HVVHQJHU
7KHZRUGVVRXOVDUHOLNHUHFUXLWHGVROGLHUV
VLJQLI\WKHQDWXUDOGLIIHUHQFHRIQDWXUHDQG
WHPSHUDPHQWLQSHRSOH7KRVHZKRDUHQREOHZRXOGEHLQWURGXFHGWRWKHSLRXVRQHVDQGRWKHUVZKR
DUHIDVFLQDWHGE\HYLOZLOOEHLQWURGXFHGWRWKHPLVFKLHYRXVRQHV3HRSOHRIHDFKNLQGZLOOPDLQWDLQ
FRQWDFWZLWKWKHLURZQIHOORZVDVLVLQGLFDWHGE\DSURYHUE
C%LUGVRIDIHDWKHUIORFNWRJHWKHUSLJHRQVJRZLWKSLJHRQVKDZNVZLWKKDZNV
6RPHVFKRODUVKDYHSRLQWHGRXWWKDWDSHUVRQZKRKDWHVWKHULJKWHRXVSHRSOHPXVWILQGRXWLWVFDXVH
EHFDXVHLWLVDGDQJHURXVV\PSWRPRIRQH
VEDGHQG$IWHUGLVFRYHULQJLWVFDXVHKHPXVWWU\WRFKDQJH
LW
+HVDLG<HVC8PDUDVNHG$UH\RXIURP
WKH4DUDQEUDQFKRIWKHWULEHRI0XUDG"
+HVDLG<HV+HC8PDU0D\$OODKEHSOHDVHGZLWKKLP
DJDLQVDLG'LG\RXVXIIHUIURPOHXFRGHUPDDQGWKHQ\RXZHUHFXUHGIURPLWEXWIRUWKHVSDFHRID
GLUKDP"
+HVDLG<HV+HC8PDU0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUG0HVVHQJHURI$OODK3%8+
VD\LQJC7KHUHZRXOGFRPHWR\RX2ZDLVELQC$PLUZLWKWKHUHLQIRUFHPHQWIURPWKHSHRSOHRI<HPHQ
+HZRXOGEHIURP4DUDQWKHEUDQFKRI0XUDG+HKDGEHHQVXIIHULQJIURPOHXFRGHUPDIURPZKLFK
KHZDVFXUHGEXWIRUDVSRWRIDGLUKDP+HKDVDPRWKHUWRZKRPKHLVYHU\GXWLIXO,IKHZHUHWRWDNH
DQRDWKLQWKH1DPHRI$OODK$OODKZRXOGIXOILOOKLVRDWK$QGLILWLVSRVVLEOHIRU\RXDVNKLPWRDVN
IRUJLYHQHVVIRU\RX
6RDVNIRUJLYHQHVVIRUPH +H2ZDLV0D\$OODKEHSOHDVHGZLWKKLPGLGVR
C8PDU0D\$OODKEHSOHDVHGZLWKKLPWKHQVDLG:KHUHGR\RXLQWHQGWRJR"
+HVDLG7R.XIDK
+HC8PDU0D\$OODKEHSOHDVHGZLWKKLPVDLG/HWPHZULWHDOHWWHUIRU\RXWRLWVJRYHUQRU
ZKHUHXSRQKH2ZDLV0D\$OODKEHSOHDVHGZLWKKLPVDLG,ORYHWROLYHDPRQJVWWKHSRRUSHRSOH
7KHIROORZLQJ\HDUDSHUVRQIURP DPRQJWKHHOLWHRI.XIDKSHUIRUPHG+DMMDQGKHPHWC8PDU0D\
$OODKEHSOHDVHGZLWKKLP C8PDU0D\$OODKEHSOHDVHGZLWKKLPDVNHGKLPDERXW2ZDLV0D\
$OODKEHSOHDVHGZLWKKLP+HVDLG,OHIWKLPLQDVWDWHZLWKPHDJUHPHDQVRIVXVWHQDQFHLQD
GHFD\HGKRXVH
$QRWKHUQDUUDWLRQLV$GHOHJDWLRQIURP.XIDKFDPHWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP
$PRQJWKHPZDVRQHZKRXVHGWRPDNHIXQRI2ZDLV0D\$OODKEHSOHDVHGZLWKKLP C8PDU0D\
$OODKEHSOHDVHGZLWKKLPHQTXLUHG,VWKHUHDQ\RQHDPRQJ\RXZKRLVIURP4DUDQ"
6RWKLVPDQ
VWHSSHGIRUZDUG7KHQC8PDU0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUG0HVVHQJHURI$OODK
3%8+VD\LQJ C$PDQZLOOFRPHWR\RXIURP<HPHQQDPHG2ZDLV+HZLOOKDYHOHIWLQWKH<HPHQ
RQO\KLVPRWKHU+HZDVVXIIHULQJIURPOHXFRGHUPDDQGSUD\HGWR$OODKWREHFXUHGRILW6RKHZDV
FXUHGH[FHSWIRUDVSDFHRIWKHVL]HRIDGLQDURUDGLUKDP:KRHYHURI\RXVKRXOGPHHWKLPVKRXOGDVN
KLPWRSUD\IRUIRUJLYHQHVVIRUKLP
&RPPHQWDU\
7KLV+DGLWKLVRQHRIWKHFOHDUPLUDFOHVRIWKH3URSKHW3%8+EHFDXVHKHQRWRQO\WROGWKHQDPHRI
2ZDLV0D\$OODKEHSOHDVHGZLWKKLPEXWDOVRVRPHRIKLVVSHFLDOTXDOLWLHVDQGFKDUDFWHULVWLFVZKLFK
WDOOLHGZLWKWKHGHVFULSWLRQJLYHQE\KLP
,WWHOOVWKHYLUWXHVRIVLPSOLFLW\DQGDQRQ\PLW\
7KHPHULWRIQLFHWUHDWPHQWWRPRWKHU
7KLV+DGLWKLVDOVRDSURRIRQ2ZDLVEHLQJWKHEHVWRIWKHVXFFHVVRUVWRWKH3URSKHW
V&RPSDQLRQV
LH$W7DELCXQ
>$EX
'DZXGDQG$W7LUPLGKL ZKRFDWHJRUL]HGWKH+DGLWKDV+DVDQ6DKLK6KHLNK6DOLP$O+LODOLLQKLV
ERRN%DKMDWXQ1D]LUHHQ6KDUK5L\DGXV6DOLKHHQ
FODVVLILHVLWDV'DCLI
WKHUHDVRQEHLQJWKDWC$VLP
ELQC$EGXOODKLVZHDN
LQQDUUDWLRQ@
3UD\HUIRUVRPHRQHLQKLVDEVHQFHLVLPEXHGZLWKVLQFHULW\
7KHSODFHVDSLOJULPYLVLWVLQWKHFRXUVHRI+DMMDUHVXFKWKDWSUD\HUVPDGHWKHUHDUHDFFHSWHGE\
$OODK
,WLVDOVR0XVWDKDEWKDWGXULQJWKHFRXUVHRI+DMMZKHQDSLOJULPVXSSOLFDWHVRQVSHFLDOVLWHVDQG
RFFDVLRQVKHVKRXOGQRWSUD\IRUKLPVHOIDORQHEXWDOVRLQFOXGHKLVUHODWLYHVDQGIULHQGVLQKLV
VXSSOLFDWLRQV
7KHDFWRISUD\LQJIRURWKHUVJRHVWRSURYHWKHHPLQHQFHRIUHOLJLRXVIUDWHUQLW\RIWKH0XVOLPV7KH
3URSKHW3%8+LVWKHVSLULWXDOIDWKHURIWKHHQWLUH0XVOLPFRPPXQLW\DQGLVWKHPRVWVXSHULRULQ
QRELOLW\DQGH[FHOOHQFHLQWKHZKROHXQLYHUVHEXWLQUHVSHFWRI)DLWKKHLVDOVRDEURWKHURIDOOWKH
0XVOLPVDQGDOOWKH0XVOLPVDUHKLVEURWKHUV,WLVLOOXVWUDWHGE\WKHIDFWWKDWKHFDOOHGC8PDU0D\
$OODKEHSOHDVHGZLWKKLPKLVEURWKHU
&RPPHQWDU\
4XED
ZDVDYLOODJHDERXWWZRPLOHVDZD\IURP$O0DGLQDK1RZLWLVDSDUWRIWKHFLW\$FFRUGLQJ
WRD+DGLWKWKH3URSKHW3%8+KDVUHJDUGHGWKHSHUIRUPDQFHRIRQH6DODWWKHUHHTXDOWRDQC8PUDK
$W7LUPLGKL $O-DPLC$V6DJKLU
&+$37(5
(;&(//(1&($1'(7,48(77(
2)6,1&(5(/29()257+(
6$.(2)$//$+
$OODKWKH([DOWHGVD\V
&RPPHQWDU\
,QWKLV+DGLWKWKHORYHRI$OODKVLJQLIILHVWKHVZHHWQHVVRI,PDQ
&RPPHQWDU\ ,WVKRXOGEHERUQHLQPLQGWKDWWKHVKDGHUHIHUUHGWRLQWKH+DGLWKLVWKHVKDGHRI
$OODK
V7KURQH5HIHUULQJWRWKLVVKDGHLQWKH$UDELFWH[WDVWKH6KDGHRI$OODKLVVLPLODUWRWKHCVKH
FDPHORI$OODK
WKHCODQGRI$OODK
CWKHKRXVHRI$OODK
WKDWDUHPHQWLRQHGLQWKH4XU
DQ (GLWRU
V
1RWH
&RPPHQWDU\ ,QWKLV+DGLWK,VODPKDVEHHQUHJDUGHGDVWKHPHGLXPRIPXWXDOORYH7KLVLVWKH
UHDVRQ0XVOLPVKDYHEHHQHQMRLQHGWRJUHHWHDFKRWKHUUHJDUGOHVVRIDFTXDLQWDQFH,WGRHVQRW
KRZHYHUPHDQWKDWD0XVOLPZLOOEHDWUXHEHOLHYHURUHQWLWOHGWR-DQQDKE\PHUHJUHHWLQJ:KDWLW
UHDOO\PHDQVLVWKDWKLV)DLWKZLOOEHFRPHPHDQLQJIXORQO\ZKHQLWLVVXSSRUWHGE\DFWLRQV*UHHWLQJLV
DQ,VODPLFFXVWRPDQGDSUDFWLFDO IRUPDQGGHPRQVWUDWLRQRILW7KHFRPELQDWLRQRI)DLWKDQGLWV
SUDFWLFHZLOOWDNHD0XVOLPWR-DQQDK
+HVDLG,LQWHQGWRYLVLWP\EURWKHULQ
WKLVWRZQ7KHDQJHOVDLG+DYH\RXGRQHDQ\IDYRXUWRKLP"
+HVDLG1R,KDYHQRGHVLUHH[FHSW
WR YLVLWKLPEHFDXVH,ORYHKLPIRUWKHVDNHRI$OODKWKH([DOWHGDQG*ORULRXV
7KHUHXSRQWKHDQJHO
VDLG,DPDPHVVHQJHUWR\RXIURP$OODKWRLQIRUP\RXWKDW$OODKORYHV\RXDV\RXORYHKLPIRU
+LVVDNH
>0XVOLP@
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+VDLGDERXW
WKH$QVDU 2QO\DEHOLHYHUORYHVWKHPDQGRQO\DK\SRFULWHKDWHVWKHP$OODKORYHVKLPZKRORYHV
WKHPDQG$OODKKDWHVKLPZKRKDWHVWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZD\WKH$QVDURU+HOSHUVIDLWKIXOO\VHUYHG,VODP0XVOLPVDQGWKH3URSKHW
3%8+FRQVWLWXWHVQRWRQO\RQHRIWKHEULJKWHVWFKDSWHUVRI,VODPLFKLVWRU\EXWDOVRPDNHVWKHPD
PRGHORIH[FHOOHQWFRQGXFWDQGFKDUDFWHU$OPLJKW\$OODKUHZDUGHGWKHPIRUWKHLUGHYRWLRQWR,VODP
ZLWKLPPHQVHORYHIRU)DLWK WKHORYHZKLFKEHFDPHDV\PERORIWKHLU)DLWKDQGORYHIRU$OODK1RW
RQO\WKDWEHFDXVHRIWKLVGHYRWLRQRIWKH$QVDUHYHU\RQHZKRHQWHUWDLQHGMHDORXV\DQGKDWUHGDJDLQVW
WKHPZDVGHFODUHGDK\SRFULWHE\$OODK7KHUHZHUHWZRIDPRXVWULEHVQDPHO\$O$XVDQG$O.KD]UDM
LQ$O0DGLQDK,QWKHSUH,VODPLFGD\VWKH\ZHUHHQHPLHVWRHDFKRWKHU:KHQWKH\HPEUDFHG,VODP
WKH\EHFDPHFORVHEURWKHUV7KH\ZHOFRPHGWKH0XKDMLUXQ WKH(PLJUDQWV ZLWKRSHQDUPVDQG
UHQGHUHGHYHU\SRVVLEOHDVVLVWDQFHWRWKHP)RUWKLVUHDVRQWKH\ZHUHQDPHG$QVDU0D\$OODKEH
SOHDVHGZLWKWKHPDQGWKH\EHSOHDVHGZLWK+LP
&RPPHQWDU\7KLV+DGLWKWHOOVXVWKDW$OODKZLOOJUDQWDQH[DOWHGSRVLWLRQWRVXFKSHRSOHZKRORYH
RQHDQRWKHUIRU+LVVDNH7KH\ZLOOEHHQYLHGE\WKH3URSKHWVDQGPDUW\UV
GRHVQRWPHDQWKDWWKH\
ZLOOEHJUDQWHGDSODFHKLJKHUWKDQHYHQWKH3URSKHWVEHFDXVHWKHKLJKHVWSRVLWLRQZLOOEHJUDQWHGWRWKH
3URSKHWVDVWKHVHDUHWKHEHVWRI$OODK
VFUHDWLRQ7KHVHZRUGVVLPSO\GUDZRXUDWWHQWLRQWRWKH
VXSHULRULW\DQGWKHH[DOWHGSRVLWLRQWKRVHZKRORYHRQHDQRWKHUIRU$OODK
VVDNHZLOOKDYHRQWKH'D\RI
5HVXUUHFWLRQ
+HDVNHG)RUWKHVDNHRI
$OODK"
,UHSOLHG<HVIRUWKHVDNHRI$OODK+HDJDLQDVNHGPH,VLWIRU$OODK
VVDNH"
,UHSOLHG
<HVLWLVIRU$OODK
VVDNH
7KHQKHWRRNKROGRIP\FORDNGUHZPHWRKLPVHOIDQGVDLG5HMRLFH,
KHDUG0HVVHQJHURI$OODK3%8+VD\LQJ C$OODKWKH([DOWHGVD\V0\ORYHLVGXHWRWKRVHZKRORYH
RQHDQRWKHUIRU0\VDNHPHHWRQHDQRWKHUIRU0\VDNHYLVLW RQHDQRWKHUIRU0\VDNHDQGVSHQGLQ
FKDULW\IRU0\VDNH
>0DOLN@
&RPPHQWDU\ %HVLGHVWKHPHULWRIPXWXDODIIHFWLRQFRQWDFWDQGFRRSHUDWLRQIRUWKHSOHDVXUHRI
$OODKWKLV+DGLWKWHOOVXVWKDWRQHVKRXOGGLVFORVHRQH
VDIIHFWLRQWRKLPZKRPRQHORYHV,WDOVRWHOOV
XVWKDWZKHQDSHUVRQLVHQJDJHGLQZRUVKLSRUGDLO\URXQGRIUHFLWDWLRQKLVYLVLWRUVKRXOGQRWVLW
EHIRUHKLPVRWKDWKLVFRQFHQWUDWLRQLVQRWDIIHFWHG+HVKRXOGVLWEHKLQGKLPDQGZDLWWLOOKHKDV
ILQLVKHGKLVSUD\HU7KH+DGLWKDOVRWHDFKHVXVWRDSSURDFKVRPHRQHIURPWKHIURQWVRDVQRWWRVFDUH
KLP
&RPPHQWDU\ 7KHZLVGRPEHKLQGLQIRUPLQJVRPHRQHWKDWRQHORYHVKLPIRUWKHVDNHRI$OODKLVWR
PDNHKLPDZDUHRIWKHUHJDUGVKRZQWRKLPVRWKDWWKLVZLOOWXUQLQWRPXWXDODIIHFWLRQDQGZLOO
WKHUHIRUHSURPRWHFRRSHUDWLRQZLWKHDFKRWKHU
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKHIROORZLQJ
,WLVFRPPHQGDEOHWRLQIRUPWKRVHZKRPRQHORYHVIRU$OODK
VVDNHRIWKLVORYH
7KHVXSHULRULW\RI0XCDGK
,WLVFRPPHQGDEOHWRVD\WKLV'XCDDIWHUHDFKREOLJDWRU\6DODW
,WLVFRPPHQGDEOHWRVHHN$OODK
V+HOSLQRUGHUWRGLVFKDUJHRQH
VGXWLHVWRZDUGV$OODKLQWKHEHVW
SRVVLEOHPDQQHU
+HVDLG1R0HVVHQJHURI
$OODK3%8+WKHQVDLG 7HOOKLPWKDW\RXORYHKLP 6RKHZHQWXSWRWKHPDQDQGVDLGWRKLP ,
ORYH\RXIRUWKHVDNHRI$OODK
DQGWKHRWKHUUHSOLHG0D\$OODKIRU:KRVHVDNH\RXORYHPHORYH
\RX
>$EX'DZXG@
&+$37(5
6,*162)$//$+
6/29()25
+,66/$9(6$1'7+(())2576
)25,76$&+,(9(0(17
$OODKWKH([DOWHGVD\V
&RPPHQWDU\ 7KLV+DGLWKWHOOXVWKHVWDWXVDQGGLVWLQFWLYHVLJQVRIWKHIDYRXUHGPHQRI$OODK
$XOL\D
$OODK 7KH1REOH4XU
DQKDVGHILQHGWKHP DV
$FFRUGLQJWRWKLVGHILQLWLRQHYHU\EHOLHYHUZKRUHDOO\IHDUV$OODKLVDIDYRXUHGRI$OODK,WPHDQVWKDW
H[FHSWIRU)DLWKDQGSLHW\IDYRXUHGRI$OODKDUHQHLWKHUSHRSOHRIWKHVSHFLDONLQGQRUKDYHWKH\DQ\
VSHFLDOGLVWLQFWLYHVLJQVDVLVJHQHUDOO\WKRXJKWE\VRPHSHRSOH,QWKLVUHVSHFWWKHLJQRUDQFHRIWKH
JHQHUDOSXEOLFLVVKRFNLQJEHFDXVHWKH\UHJDUGHYHQVXFKSHUVRQVDVIDYRXUHGRI$OODKZKRQRWRQO\
QHJOHFWWKHUHOLJLRXVREOLJDWLRQVDQGWKHSUDFWLFHRIWKH3URSKHW3%8+EXWDOVRZRHIXOO\ODFN
FOHDQOLQHVV6RPHWLPHVWKH\FDOOHYHQPDGRUKDOIPDGSHUVRQVDVIDYRXULWHVRI$OODKZKHUHDVD:DOL
LQWKHWUXHVHQVHLVRQHZKRLVPHWLFXORXVDERXWREVHUYLQJWKHREOLJDWLRQVDQGLVIHDUIXORI$OODK
7KLV+DGLWKEULQJVDERXWWKHIROORZLQJIRXUSRLQWV
)LUVWO\WKHORYHRIWKRVHZKRP$OODKORYHVHQWDLOWKHORYHRI$OODKDQGKDWLQJWKHPHQWDLOVWKHKDWUHG
RI$OODK
6HFRQGO\ZKHQDWUXH0XVOLPDFTXLUHVQHDUQHVVDQGORYHRI$OODKE\PHDQVRISHUIRUPLQJUHOLJLRXV
REOLJDWLRQVVXSHUHURJDWRU\DQGYROXQWDU\SUD\HUV$OODKWKHQEHFRPHVKLVVSHFLDOKHOSHUDQGSURWHFWV
KLVOLPEVDQGRUJDQVDQGGRHVQRWOHWWKHPZRUNIRU+LVGLVREHGLHQFH7KHQKHGRHVQRWXVHDQ\SDUWRI
KLVERG\IRUWKLQJVZKLFKDUHGLVOLNHGE\+LP,WLVZURQJWRLQIHUIURPWKLV+DGLWKDVPHQRIKHUHWLFDO
DQGSRO\WKHLVWLFWUHQGWU\WRGRWKDW$XOL\D
EHFRPHWKHH\HVHDUVKDQGVIHHWHWFRI$OODK7KDWLVWR
VD\WKDW$OPLJKW\$OODKGHVFHQGVLQWKHP7KXVRQWKHEDVLVRIWKLVFRQWHPSWLEOHUHDVRQLQJWKH\
FRQFOXGHWKDWLWPDNHVQRGLIIHUHQFHZKHWKHURQHEHJVIURP$OODKRU$XOL\DEHFDXVHWKHWZRDUHRQH
EHLQJ)RUVXFKSHRSOHVXSSOLFDWLQJ2$OODK+HOSXV
23URSKHWRI$OODK+HOSXV
DQG2$OL
+HOSXV
HWFDUHDOOULJKW2QHZKRVD\VVRKDVFHUWDLQO\JRQHDVWUD\UDWKHUFRPPLWV6KLUN
SRO\WKHLVP 0D\$OODKVDYHXVIURPWKHVHVLQV$FFRUGLQJWRWKH+DGLWKDWUXHSLRXVPDQOLNHVDQG
DGRSWVZKDWLVOLNHGE\$OODKDQGDYRLGVDOOVXFKWKLQJVZKLFKDUHQRWOLNHGE\+LP
7KLUGO\WKHSHUIRUPDQFHRIWKHREOLJDWRU\DFWVRIZRUVKLSSLQJKDVWKHILUVWDQGIRUHPRVWLPSRUWDQFH
IRUDWWDLQLQJWKHSOHDVXUHRI$OODKEHFDXVHWKHLUIXOILOOPHQWLVOLNHGWKHPRVWE\$OODKDQGDOVREHFDXVH
WKH\IXUQLVKWKHIRXQGDWLRQRQZKLFKWKHHGLILFHRI,VODPLVEXLOW$VZHFDQQRWWKLQNRIDEXLOGLQJ
ZLWKRXWIRXQGDWLRQVLPLODUO\ZHFDQQRWWKLQNRIYROXQWDU\ZRUVKLSZLWKRXWIXOILOOLQJWKHEDVLF
REOLJDWLRQV7KHIDFWLVWKDWRQHZKRQHJOHFWVWKHPFHDVHVWREHD0XVOLP7KLVLVWKHUHDVRQIRUWKH
VHYHUHZDUQLQJVRI$OODKWRWKRVHZKRGHIDXOWRQWKLVDFFRXQW7KRVHZKRQHJOHFWYROXQWDU\SUD\HUV
KDYHQRWEHHQJLYHQDQ\ZDUQLQJ,WLVKRZHYHUWUXHWKDWWKHLUSHUIRUPDQFHLQDGGLWLRQWRWKH
REOLJDWRU\RQHVLQFUHDVHVOXVWUHRIREOLJDWLRQV1DZDILO YROXQWDU\DFWVRIZRUVKLS KHOSRQHWRDWWDLQ
WKHH[DOWHGSODFHRIEHLQJORYHGE\$OODKE\YLUWXHRIZKLFKRQHLVHQGRZHGZLWKWKHVSHFLDO+HOSRI
$OODK
)RXUWKO\$OPLJKW\$OODKFHUWDLQO\JUDQWVWKHSUD\HUVRIWKRVHZKRP+HORYHV%XWDFFHSWDQFHRIWKHLU
SUD\HUVKRZHYHUGRHVQRWPHDQWKDWWKHLUUHVXOWVDSSHDUDWRQFH6RPHWLPHWKHUHVXOWVRIWKHVHSUD\HUV
DSSHDUDIWHUDORQJWLPH7KHSUD\HURIYLUWXRXVSHUVRQVLVFHUWDLQO\JUDQWHGEXWZKHWKHULWWDNHVDORQJ
RUVKRUWWLPHGHSHQGVVROHO\RQWKH:LOORI$OODK
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHUHZDUGRIORYHIRUWKHVDNHRI$OODK$SHUVRQZKRORYHVIRU
WKHVDNHRI$OODKLVQRWRQO\ORYHGE\$OODKEXWDOVRE\WKHLQKDELWDQWVRIWKHHDUWKDVZHOODVWKH
KHDYHQV2QWKHRWKHUKDQGWKRVHZKRDUHKDWHGE\$OODKDUHDOVRKDWHGE\WKHLQKDELWDQWVRIWKHHDUWK
DQGWKHKHDYHQV,WPXVWEHERUQHLQPLQGWKDWWKH\DORQHUHPDLQSRSXODULQWKLVZRUOGZKRDUH
ULJKWHRXVE\QDWXUH ZKRVWULFWO\PDLQWDLQWKHGLVWLQFWLRQEHWZHHQWKHODZIXODQGWKHXQODZIXO 0DCUXI
DQG0XQNDU %XWWKRVHZKRVHQDWXUHLVGHIHFWHGE\FRQVWDQWVLQVFHDVHWRGLVWLQJXLVKEHWZHHQULJKW
DQGZURQJDQGORVHWKHLUFUHGLELOLW\7KH\JHQHUDOO\KDWHWKHSLRXVSHUVRQVIRUWKHUHDVRQWKDWHYHU\
FDWHJRU\RISHRSOHORYHVDQGOLNHVSHRSOHRILWVRZQNLQG
+HZDVDVNHGDQGKHVDLG7KLV6XUDKFRQWDLQVWKH$WWULEXWHVRI
$OODKWKH*UDFLRXVDQG,ORYHWRUHFLWHLW 0HVVHQJHURI$OODK3%8+WKHQWROGWKHP 7HOOKLPWKDW
$OODKORYHVKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKH+DGLWKWKHIROORZLQJ
7KHVXSHULRULW\RI6XUDW$O,NKODVDVLWFODULILHVSRLQWVRI7DXKLG
7KHSHUPLVVLELOLW\WRUHFLWHWZR6XUDKGXULQJ6DODWDSDUWIURP6XUDW$O)DWLKDKLQRQHVLQJOH
5DNCDK
&+$37(5
:$51,1*$*$,167
3(56(&87,212)7+(3,286
7+(:($.$1'7+(,1',*(17
$OODKWKH([DOWHGVD\V
7KHUHIRUHWUHDWQRWWKHRUSKDQZLWKRSSUHVVLRQ$QGUHSXOVHQRWWKHEHJJDU
&RPPHQWDU\ $0XVOLPZKRSHUIRUPV)DMUSUD\HUUHFHLYHVWKHSURWHFWLRQRI$OODK%XWKHZKRGRHV
QRWIDOOVKRUWRIIXOILOOLQJWKHGXW\ZKLFKKHWRRZHV$OODK,WDOVRVHUYHVDZDUQLQJLQFDVHRIQRW
REVHUYLQJVXFKGXW\$OODKZLOOGHPDQGIDLOLQJWRLW,I+HGRHV+HOOZLOOEHWKHUHTXLWDO7KLV
KLJKOLJKWVWKHPHULWRISHUIRUPLQJWKH)DMUSUD\HUZLWKFRQJUHJDWLRQZKLOHWKHVHFRQGZDUQVD0XVOLP
WKDWVLQFHKHKDVVWDUWHGWKDWGD\E\DSOHGJHZLWK$OODKKHPXVWNHHSLWIRUWKHIXOOGD\DQGDEVWDLQ
IURPGRLQJDQ\WKLQJZKLFKJRHVDJDLQVWLW
&+$37(5
0$.,1*-8'*(0(172)
3(23/(.((3,1*,19,(:
7+(,5(9,'(17$&7,216$1'
/($9,1*7+(,5+,''(1
$&7,21672$//$+6:7
$OODKWKH([DOWHGVD\V
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+
VDLG ,KDYHEHHQFRPPDQGHGE\$OODKWRILJKWSHRSOHXQWLOWKH\WHVWLI\WKDWWKHUHLVQRWUXHJRG
H[FHSW$OODKDQGWKDW0XKDPPDGLVWKH0HVVHQJHURI$OODKDQGSHUIRUP6DODWDQGSD\=DNDW,IWKH\
GRVRWKH\ZLOOKDYHSURWHFWLRQRIWKHLUEORRGDQGSURSHUW\IURPPHH[FHSWZKHQMXVWLILHGE\,VODP
DQGWKHQDFFRXQWLVOHIWWR$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWKUHHSRLQWV
7KLV+DGLWKVWURQJO\UHIXWHVWKHSHRSOHZKRGLVWRUWWKH,VODPLFFRQFHSWRI-LKDGDQGKROGWKDW,VODP
SUHDFKHVGHIHQVLYHZDURQO\,WLVDQDSRORJHWLFDSSURDFKEHFDXVHGHIHQVLYHZDUKDVWREHIRXJKWLQ
DQ\FDVHE\HYHU\QDWLRQDQGFRXQWU\7KXVLWLVDFRPSXOVLRQDQGQHHGVQRMXVWLILFDWLRQ7KHUHDO
GLVWLQFWLRQRI,VODPOLHVLQLWVHQMRLQLQJ0XVOLPVWRZDJHZDUIRUXSKROGLQJWKHWUXWKEHVLGHILJKWLQJIRU
WKHLURZQGHIHQVH7KHGRPLQDWLRQRI.XIU6KLUNDQGIDOVHKRRGLVGDUNQHVVKHUHV\DQGW\UDQQ\DQG
WKHREMHFWLYHRI,VODPLVWRSXUJHWKHZRUOGRIDOOWKHVHHYLOV,WDLPVDWOLEHUDWLQJPDQIURPWKHZRUVKLS
RIPDQVHWWKHPRQWKHSDWKRIZRUVKLSRI$OODKDQGWRSURYLGHDMXVWDQGHTXLWDEOHVRFLHW\WR
PDQNLQG:KHUHYHULQWKHZRUOGWKHUHLVW\UDQQ\LJQRUDQFHDQGKHUHV\0XVOLPVDUHERXQGWRILJKW
VXFKHYLOVDQGILQLVKWKHPE\PHDQVRI-LKDG
7KHUHLVDOVRDWKLUGIRUPRI-LKDGZKLFKLVZDJHGDJDLQVWFRXQWULHVZKHUH0XVOLPVDUHYLFWLPVRI
DJJUHVVLRQVXSSUHVVLRQDQGFUXHOWLHVRIWKHQRQ0XVOLPV,WLVLQFXPEHQWXSRQ0XVOLPVWROLEHUDWH
WKHLUEUHWKUHQLQ)DLWKIURPWKHFOXWFKHVRIWKH QRQ0XVOLPVE\PHDQVRI-LKDG6RORQJ0XVOLPV
SHUIRUPHGWKLVREOLJDWLRQZLWKDVHQVHRIGXW\,VODPDQGLWVIROORZHUVZHUHGRPLQDQWLQWKHZRUOGDQG
HYHUVLQFHWKH\KDYHLJQRUHGWKLVREOLJDWLRQERWKDUHLQVXEMXJDWLRQDQGGLVJUDFH,QRWKHUZRUGVWKH
VHFUHWRISRZHUDQGVWDELOLW\RI0XVOLPVOLHVLQ-LKDG0XVOLPVQHHGWRXQGHUVWDQGWKLVVHFUHWOLNHWKHLU
DQFHVWRUV
/LIHDQGSURSHUW\RIHYHU\SHUVRQLVVHFXUHGDIWHUKLVMRLQLQJWKHIROGRI,VODP+HZLOOKRZHYHUEH
VXEMHFWWRWKHODZRI,VODPRQHRIZKLFKLVSD\PHQWRI=DNDW,IKHPXUGHUVDQ\0XVOLPKHZLOODOVR
EHNLOOHGLQUHWXUQXQOHVVWKHKHLUVRIWKHYLFWLPSDUGRQWKHPXUGHUHURUDFFHSWEORRGPRQH\ 'L\DK
IRULW
:KHQDSHUVRQHPEUDFHV,VODPWKHODZVRI6KDULCDKDSSO\WRKLPDFFRUGLQJ WRKLVDSSDUHQW
FRQGLWLRQRQO\+LVKHDUWZLOOQRWEHSUREHGIRUWKLVSXUSRVH,QFDVHKHLVQRWVLQFHUHRUKHKDVVRPH
GHVLJQLQMRLQLQJWKHIROGRI,VODPQRDFWLRQZLOOEHWDNHQDJDLQVWKLPXQWLOJXLOWLVIXOO\SURYHG:KDW
KHKDVLQKLVKHDUWZLOOEH OHIWWR$OODK:KRZLOOSDVVMXGJHPHQWRQKLVLQWHQWLRQRQWKH'D\RI
5HVXUUHFWLRQ7KLV+DGLWKLVUHODWHGWRWKLVFKDSWHUIRULWVWKLUGSRLQW,QWKHLUGHEDWHRQWKLVSRLQWVRPH
C8ODPD
KDYHFRQWHQGHGWKDWVXFKSHRSOHZKREHOLHYHLQ7DXKLGDQGREH\WKHLQMXQFWLRQVRI6KDULCDK
DUHQRWWREHGHFODUHGDVLQILGHOV
,VXEPLWWHG%XW20HVVHQJHURI
$OODKKHFXWRIIRQHRIP\KDQGVDQGRQO\WKHQKHVDLGLW
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLQMXQFWLRQVRI,VODPZLOOEHHQIRUFHGRQDSHUVRQDFFRUGLQJWR
KLVDSSDUHQWFRQGLWLRQQRWKLVLQVLJKW7KHUHDVRQEHLQJWKDWQRERG\LVFDSDEOHRINQRZLQJWKHLQVLJKW
RIRWKHUV:KHQDSHUVRQSURIHVVHV,VODPZHKDYHWRDFFHSWKLPD0XVOLPDQGLWZLOOEHRXUGXW\WR
SURWHFWKLVOLIHDQGSURSHUW\,ILQVSLWHRINQRZLQJWKDWKLVOLIHDQGSURSHUW\DUHVDFUHGD0XVOLP
PXUGHUVKLPWKHQLWZLOOEHTXLWHIDLUIRUWKHKHLUVRIWKHYLFWLPWRKDYH4LVDVIRUWKHPXUGHU,IWKH
PXUGHUHUSRVHVLJQRUDQFHRUWDNHVVKHOWHURIVRPHUHDVRQWKHQKHZLOOEHOLDEOHIRU'L\DKRQO\7KH
3URSKHW3%8+DUUDQJHGSD\PHQWRI'L\DKWRWKHKHLUVRIWKHYLFWLPLQWKHFDVHPHQWLRQHGLQWKLV
+DGLWKEHFDXVHVRPHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+KDGDGYDQFHGWKHDUJXPHQWWKDWWKH
PXUGHUHUKDGVODLQWKHYLFWLPRQWKHSUHVXPSWLRQWKDWKHKDGSURIHVVHG,VODPMXVWWRVDYHKLVOLIH
,VDLG20HVVHQJHURI$OODK+H
SURIHVVHGLWRQO\WRVDYHKLVOLIH
+HZHQWRQUHSHDWLQJWKLVWRPHXQWLO,ZLVKHG,KDGQRWHPEUDFHG,VODP
EHIRUHWKDWGD\VRWKDW,ZRXOGKDYHQRWFRPPLWWHGWKLVVLQ
>$O%XNKDULDQG0XVOLP@
,VDLG20HVVHQJHURI$OODK+HVDLGRXWRI IHDURIRXUDUPV
+HFRQWLQXHG
UHSHDWLQJLWXQWLO,ZLVKHGWKDW,KDGHPEUDFHG,VODPRQO\WKDWGD\
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHLQFLGHQWZKLFKKDVEHHQTXRWHGLQWKHSUHFHGLQJRQH7KHUHLV
RQO\DVOLJKWYDULDWLRQLQWKHZRUGLQJRIWKHWZR7KLV+DGLWKLVUHSRUWHGE\0XVOLPXQGHUWKHFKDSWHU
7KHSURKLELWLRQRINLOOLQJD.DILUGLVEHOLHYHUDIWHUKDYLQJWHVWLILHGWKDWQRQHKDVWKHULJKWWREH
ZRUVKLSSHGEXW$OODK
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKDOVRSURYHVWKDWWKHLQMXQFWLRQVJRZLWKWKHDSSDUHQWDFWVRIDSHUVRQDQG
QRWZLWKZLOODQGLQWHQWLRQ,WDOVRLQGLFDWHVWKDWDJRRGLQWHQWLRQGRHVQRWZDLYHWKH4LVDVDQG
HVWDEOLVKLQJWKHMXVWLFH
&+$37(5
)($52)$//$+
$OODKWKH([DOWHGVD\V
$QGIHDUQRQHEXW0H
7KDW'D\VKDOODPDQIOHHIURPKLVEURWKHU$QGIURPKLVPRWKHUDQGKLVIDWKHU$QGIURPKLV
ZLIHDQGKLVFKLOGUHQ(YHU\PDQWKDW'D\ZLOOKDYHHQRXJKWRPDNHKLPFDUHOHVVRIRWKHUV
2PDQNLQG)HDU\RXU5XEEDQGEHGXWLIXOWR+LP9HULO\WKHHDUWKTXDNHRIWKH+RXURI
5HVXUUHFWLRQLVDWHUULEOHWKLQJ7KH'D\\RXVKDOOVHHLWHYHU\QXUVL
QJPRWKHUZLOOIRUJHWKHU
QXUVOLQJDQGHYHU\SUHJQDQWRQHZLOOGURSKHUORDGDQG\RXVKDOOVHHPDQNLQGDVLQDGUXQNHQ
VWDWH\HWWKH\ZLOOQRWEHGUXQNHQEXWVHYHUHZLOOEHWKH7RUPHQWRI$OODK
%XWIRUKLPZKRIHDUVWKHVWDQGLQJEHIRUHKLV5XEEWKHUHZLOOEHWZR*DUGHQVLHLQ
-DQQDK
$QGVRPHRIWKHPGUDZQHDUWRRWKHUVTXHVWLRQLQJ6D\LQJC$IRUHWLPHZHZHUHDIUDLGRIWKH
SXQLVKPHQWRI$OODKLQWKHPLGVWRIRXUIDPLOLHV6R$OODKKDVEHHQJUDFLRXVWRXVDQGKDVVDYHG
XVIURPWKHWRUPHQWRIWKH)LUH9HULO\ZHXVHGWRLQYRNH+LP$ORQHDQGQRQHHOVHEHIRUH
9HULO\+HLV$O%DUUWKH0RVW6XEWOH.LQG&RXUWHRXVDQG*HQHURXVWKH0RVW0HUFLIXO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKWKHSUREOHPRIIDWHLQZKLFK)DLWKLVHVVHQWLDO:KDWLWPHDQVLV
WKDW$OPLJKW\$OODKDOUHDG\NQRZVDERXWHYHU\SHUVRQZKHWKHUKHZLOOEHSLRXVRULPSLRXVZKHWKHU
KHZLOOJRWR-DQQDKRU+HOO+HKDVDOUHDG\UHFRUGHGDOOWKLV%XWLWGRHVQRWPHDQWKDWPDQLV
DEVROXWHO\KHOSOHVVDQGLVGHSULYHGRIZLOODQGSRZHUDVLVEHOLHYHGE\VRPHGHYLDQWVHFWVZKRKDYH
JRQHDVWUD\)DWHLVLQIDFWDPDQLIHVWDWLRQRIWKH.QRZOHGJHRI$OODKDQGLWKDVQRWKLQJWRGRZLWKWKH
ZLOODQGLQWHQWLRQRIDSHUVRQ$OODKKDVQRWFUHDWHGPDQDVDKHOSOHVVFUHDWXUHEXWKDVHQGRZHGKLP
ZLWKWKHIUHHGRPRIZLOODQGDFWLRQEHFDXVHLQWKHDEVHQFHRIWKHVHWZRTXDOLWLHVWKHUHZRXOGEHQR
MXVWLILFDWLRQIRUKLVWULDO+HFRXOGRQO\EHSXWWRWHVWLIKHZDVJUDQWHGQRWRQO\WKHDELOLW\WRFKRRVH
EHWZHHQJRRGDQGHYLOEXWDOVRWKHIUHHGRPWRDFW)RUWKLVSXUSRVH$OPLJKW\$OODKKDVFOHDUO\
LQGLFDWHGWRPDQERWKWKHSDWKVDQGJUDQWHGKLPIUHHGRPWRFKRRVHZKLFKHYHUKHOLNHV +HKDVDOVR
WROGKLPWKHXOWLPDWHHQGRIHDFK7KH1REOH4XU
DQVD\V
9HULO\:HVKRZHGKLPWKHZD\ZKHWKHUKHEHJUDWHIXORUXQJUDWHIXO
7KHQZKRVRHYHUZLOOVOHWKLPEHOLHYHDQGZKRVRHYHUZLOOVOHWKLPGLVEHOLHYH
%XWE\PHQWLRQLQJWKLV+DGLWKLQWKHFKDSWHUUHODWLQJWRWKHIHDURI$OODK,PDP$Q1DZDZLKDV
ZDUQHGWKDWZHVKRXOGEHIHDUIXORI$OODKSUD\IRU+LV+HOSDQGDQDXVSLFLRXVHQGRIRXUOLIH+HKDV
DGYLVHGXVWRDGRSWZKDWHYHUPHDQVDUHDYDLODEOHWRXV,QRWKHUZRUGVZHVKRXOGPDNH)DLWKDQGSLHW\
DZD\RIOLIHEHFDXVHRQHFDQILQGWKHPHDQVDQGUHVRXUFHVDFFRUGLQJWRRQH
VFDSDFLW\6LQFHQRERG\
NQRZVWKHUHVXOWRIKLVHQGHDYRXUVRQHVKRXOGOHDYHLWWR$OODKDQGUHVWDVVXUHGWKDW+H:KRKDV
FUHDWHGKLPZLWKDSXUSRVHZLOODOVRFUHDWHWKHZD\VDQGPHDQVWRDWWDLQLW+HZKRDGRSWVSLHW\WKH
ZD\VWRSLHW\ZLOORSHQIRUKLPDQGKHZKRDGRSWVHYLOWKHZD\VWRHYLOZLOORSHQIRUKLP
$0XVOLPVKRXOGQHYHUJRWRZDUGVHYLODWDQ\VWDJHRIKLVOLIHOHVWKLVOLIHFRPHV WRDQHQGVXGGHQO\
DQGKHLVGHSULYHGRIWKHUHZDUGRIDOOWKHJRRGGHHGVKHKDVGRQHGXULQJKLVOLIHDQGFRQVHTXHQWO\KH
LVFRQVLJQHGWR+HOOUDWKHUWKDQ-DQQDK0D\$OODKVDYHXVIURPDEDGHQGDQGVXFKDFWLRQVZKLFKOHDG
RQHWR+HOO
&RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKWKHKLGGHQPDWWHUVUHODWLQJWRWKH8QVHHQZRUOG0XVOLPVDUH
RUGDLQHGE\$OODKWREHOLHYHLQWKHP,WLVZURQJWRKROGWKHPDVPHWDSKRULFDO7KH\DUHUHDOLWLHVEXW
ZHFDQQRWLPDJLQHWKHP
1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
7KHOHDVWWRUWXUHGPDQRQWKH'D\RI5HVXUUHFWLRQLVRQHXQGHUQHDWKZKRVHIHHWZLOOEHSODFHGWZR
OLYHFRDODQGKLVEUDLQZLOOEHERLOLQJDQGKHZRXOGWKLQNWKDWKHLVWKHPRVWWRUWXUHGZKLOHKHLVWKH
OHDVW WRUWXUHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $FFRUGLQJWRWKHQDUUDWLRQLQ0XVOLPWKHVWUDSVRIVKRHVWREHZRUQE\WKHLQKDELWDQWV
RI+HOOZRXOGEHRIILUHZKLFKZLOOPDNHWKHLUEUDLQVERLOOLNHDFRRNHUSODFHGRQRYHQ6RPHQDUUDWRUV
KDYHVWDWHGWKDWWKHPDQDOOXGHGWRZLOOEH$EX7DOLEWKHUHDOXQFOHRIWKH3URSKHW3%8+DQGKLV
PRVWNLQGDQGV\PSDWKHWLFVXSSRUWHU%XWVLQFHKHKDGGLHGDVSRO\WKLHVWKHZLOOEHVHQWWR+HOO0D\
$OODKVDYHXVIURPLW
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHLQKDELWDQWVRI-DQQDKZLOOEHFODVVLILHGLQWRGLIIHUHQW
FDWHJRULHVDQGHQMR\GLIIHUHQWNLQGVRIOX[XULHVDFFRUGLQJWRWKHLUPHULWV$VLPLODUFODVVLILFDWLRQZLOO
DOVREHPDGHLQWKHLQKDELWDQWVRI+HOODQGWKH\ZLOOVXIIHUWRUPHQWVDFFRUGLQJWRWKHLUPLVGHHGV
&RPPHQWDU\ 7KLV+DGLWKJLYHVXVDJOLPSVHRIWKHKRUULEOHVFHQHRIWKH5HVXUUHFWLRQZKHQSHRSOH
ZLOOVWDQGLQDZHEHIRUH$OODK
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDW-DQQDKDQG+HOOGRH[LVW7KH 3URSKHW3%8+ZDVVKRZQERWKRI
WKHP
([FHVVLYHODXJKLQJLVLPSURSHUEHFDXVHLWLQGLFDWHVWKDWRQHLVFDUHOHVVDQGIRUJHWIXORIWKH
+HUHDIWHUZKLOHD0XVOLPLVUHTXLUHGWREHDOOWKHWLPHDOHUWDQGFDUHIXODERXWLW
7RZHHSRXWRIIHDURI$OODK LVSUDLVHZRUWK\EHFDXVHLWLQGLFDWHVWKDWRQH
VKHDUWLV IXOORIIHDUDQG
KHLVZRUULHGDERXWWKH+HUHDIWHU
6XODLPELQC$PLUVDLG%\$OODK,GRQRWNQRZZKHWKHUKHPHDQWE\0HHO
WKHPLOHRI
WKHGLVWDQFHPHDVXUHRUWKHVWLFNXVHGIRUDSSO\LQJDQWLPRQ\SRZGHUWRWKHH\H0HVVHQJHURI$OODK
3%8+LVKRZHYHUUHSRUWHGWRKDYHVDLG 7KHSHRSOHWKHQZLOOEHVXEPHUJHGLQSHUVSLUDWLRQ
DFFRUGLQJWRWKHLUGHHGVVRPHXSWRWKHLUDQNOHVVRPHXSWRWKHLUNQHHVVRPHXSWRWKHZDLVWDQG
VRPHZLOOKDYHWKHEULGOHRISHUVSLUDWLRQUHDFKLQJWKHLUPRXWKDQGQRVH DQGZKLOHVD\LQJWKLV
0HVVHQJHURI$OODK3%8+SRLQWHGWRKLVPRXWKZLWKKLVKDQG
>0XVOLP@
:HVDLG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU
&RPPHQWDU\ 2QHFDQLPDJLQHWKHWRUPHQWVDQGKRUURUVRI+HOOIURPLWVGHSWK
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+HUHLWKDVEHHQUHSHDWHGLQWKHFRQWH[WRIWKH
IHDURI$OODKEHFDXVHLWDOVRKDVDQLQGXFHPHQWIRUIHDURI$OODKDQGZDUQLQJDJDLQVWWKHKRUURUVRI
+HOO
&RPPHQWDU\
7KLV+DGLWKDOVRKLJKOLJKWVWKHLPSRUWDQFHRIIHDURI$OODKEHFDXVHWKHPRUHDZDUHQHVVD0XVOLP
KDVRIWKH0DMHVW\DQG0DJQLILFHQFHRI$OODKWKHJUHDWHUVKDOOEH WKHWHUURULQKLVKHDUWIRU+LV
SXQLVKPHQWDQGKRSHRI+LV0HUF\:LWKWKLVVWDWHRIPLQGKHZLOOSHUIRUPJUHDWHUDFWVRIREHGLHQFH
DQGDEVWDLQPRUHULJLGO\IURPVLQV
7KH+DGLWKDOVRPHQWLRQVWKHKHDYHQWHHPLQJZLWKDQJHOVZKRDUHDOOWKHWLPHSURVWUDWLQJEHIRUH
$OODKLQZRUVKLS:KHQWKLVLVWKHFRQGLWLRQRIWKHDQJHOVZKRGRQRWVODFNIRUDPRPHQWLQWKH
REHGLHQFHRI$OODKKRZLPSRUWDQWLWLVIRUPDQWRZRUVKLS+LPEHFDXVHKHLVDOOWKHWLPHYLRODWLQJ
FRPPDQGVRI$OODK,WLVWKHUHIRUHLQFXPEHQWRQPDQWRREH\$OODKDQGDOZD\VVHHN+LV+HOSDQG
5HIXJH
$EX%DU]DK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 0DQ
V
IHHWZLOOQRWPRYHRQWKH'D\RI5HVXUUHFWLRQEHIRUHKHLVDVNHGDERXWKLVOLIHKRZGLGKHFRQVXPHLW
KLVNQRZOHGJHZKDWGLGKHGRZLWKLWKLVZHDOWKKRZGLGKHHDUQLWDQGKRZGLGKHGLVSRVHRILWDQG
DERXWKLVERG\KRZGLGKHZHDULWRXW
>$W7LUPLGKL@
&RPPHQWDU\
7KLV+DGLWKILUVWRIDOOKLJKOLJKWVWKHLPSRUWDQFHDQGYDOXHRIWKLVWUDQVLWRU\OLIHHYHU\EUHDWKRI
ZKLFKLVLQYDOXDEOH1RWDPRPHQWRILWVKRXOGWKHUHIRUHEHZDVWHGLQWKHGLVREHGLHQFHRI$OODK
EHFDXVHRQHVKDOODOVREHPDGHWRDFFRXQWIRULW
0DQVKDOODOVREHDQVZHUDEOHIRUKLVNQRZOHGJH+HUHZHILQGDQLQGXFHPHQW IRUDFTXLULQJUHOLJLRXV
NQRZOHGJHEHFDXVHWKDWDORQHLVEHQHILFLDOIRUKLP+HVKRXOGPDNHXVHRIKLVNQRZOHGJHIRUZLQQLQJ
WKHSOHDVXUHRI$OODK,IKHGRHVQRWGRWKDWWKHQKHPXVWWKLQNDERXWWKHMXVWLILFDWLRQIRUQRWGRLQJVR
+HPXVWDOVRWKLQNKRZKHZRXOGEHIDFLQJ$OODKRQWKH'D\RI5HVXUUHFWLRQ
7KHTXHVWLRQLQUHVSHFWRIZHDOWKUDLVHGLQWKLV+DGLWKFOHDUO\VKRZVWKDWRQHVKRXOGHDUQZHDOWKE\
OHJLWLPDWHPHDQVRQO\DQGVSHQGLWVWULFWO\LQDODZIXOPDQQHU,IKHWDNHVWRXQIDLUPHDQVRILQFRPHRU
VTXDQGHUVLWKHZLOOEHVLQIXODQGUHTXLUHGWRDFFRXQWIRUWKHYLRODWLRQRIWKH'LYLQHLQMXQFWLRQV
2QHVKRXOGSURWHFWKLVERG\IURPHYHU\WKLQJWKDWLVXQODZIXODQGIRUFHKLPVHOIWRVXEPLWWRWKH
'LYLQHLQMXQFWLRQV:KHQKHLVDVNHGWRDFFRXQWIRUQHJOHFWLQJWKHPLWZLOOEHGLIILFXOWIRUKLPWR
HVFDSHWKHFRQVHTXHQFHVRIDFFRXQWDELOLW\
,QVKRUWWKLV+DGLWKPDNHVRQHFRQVFLRXVRIWKHDFFRXQWDELOLW\VRWKDWRQHNHHSVLWDOOWKHWLPHLQYLHZ
VRWKDWKHZLOOEHVDYHGIURPKXPLOLDWLRQRQWKH'D\RI5HVXUUHFWLRQ+RZQLFHZRXOGLWUHDOO\EHLI
RQHEHDUVWKHDFFRXQWDELOLW\RIWKH'D\RI5HVXUUHFWLRQDOZD\VLQPLQG
7KHQKH3%8+LQTXLUHG 'R\RXNQRZZKDWLWVQHZVDUH"
+HZDVWROG$OODKDQG+LV0HVVHQJHU
NQRZEHWWHU+HVDLG ,WVQHZVLVWKDWLWVKDOOEHDUZLWQHVVDJDLQVWHYHU\VODYHPDQDQGZRPDQWKH\
GLGRQLWVEDFN,WZLOOVD\C<RXGLGWKLVDQGWKLVRQVXFKDQGVXFKGD\
7KRVHZLOOEHLWVQHZV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPDNHVHYLGHQWWKHSHUIHFW2PQLSRWHQFHRI$OODKE\WHOOLQJXVWKDW+HZLOO
EHVWRZSRZHURIVSHHFKRQWKHHDUWKDQGLWZLOOEHDUZLWQHVVWRWKHDFWVFRPPLWWHGRQLWVVXUIDFH,WKDV
VWHUQZDUQLQJIRUSHRSOHWKDWKRZHYHUWKH\PD\WU\WRKLGHWKHLUVLQVIURPRWKHUVWKH\ZLOOQRWEHDEOH
WRVDYHWKHPVHOYHVIURP$OODKDQG+LVV\VWHPRIDFFRXQWDELOLW\
&RPPHQWDU\
7KLV+DGLWKWHOOVXV DERXWWKHIHDURI$OODKDQGWKHIULJKWRIWKH+HUHDIWHUHQWHUWDLQHGE\WKH3URSKHW
3%8+DQGKLV&RPSDQLRQV,WKDVDOHVVRQIRUXVWKDWKRZLQVSLWHRIEHLQJLQQRFHQWDQGKDYLQJWKH
DVVXUDQFHRIWKHIRUJLYHQHVVRI$OODKWKH\ZHUHDOZD\VIHDUIXORI$OODKDQGWKHKRUURUVRIWKH'D\RI
5HVXUUHFWLRQ$VDJDLQVWWKHPZHDUHLPPHUVHGLQVLQVQHJOHFWDQGYLRODWHWKH'LYLQHLQMXQFWLRQVGD\
DQGQLJKWEXWHYHQWKHQZHKDYHQHLWKHUWKHIHDURI$OODKQRUWKHIULJKWRIWKH'D\RI5HVXUUHFWLRQ
,QWKHHYHQWRI IHDUDQGDQ[LHW\RQHVKRXOGVHHNWKHKHOSRI$OODKDQGIUHTXHQWO\UHFLWHWKH9HUVHRI
WKH1REOH4XU
DQ +DVEXQDOODKXZDQLCPDO:DNLO
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+
VD\LQJ +HZKRLVDIUDLGRIWKHSLOODJHRIWKHHQHP\VHWVRXWLQWKHHDUO\SDUWRIWKHQLJKWDQGKHZKR
VHWVRXWHDUO\UHDFKHVKLVGHVWLQDWLRQ%HRQ\RXUJXDUGWKDWWKHFRPPRGLW\ RI$OODKLVSUHFLRXV9HULO\
WKHFRPPRGLW\RI$OODKLV-DQQDK
>$W7LUPLGKL@
7KLV+DGLWKHQFRXUDJHVXVWRREVHUYHREHGLHQFHRIRXU5XEEDQGWRVSDUHQRHIIRUWWRGHVLVWIURPDOO
DFWVRIGLVREHGLHQFHLQRUGHUWRDFKLHYHWKHORIW\JRDORIHQWHULQJ-DQQDKE\$OODK
V/HDYH
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHKRUURUVDQGWRUPHQWVRIWKH'D\RI5HVXUUHFWLRQZKLFKPDNHV
LWVFRQQHFWLRQZLWKWKLVFKDSWHUREYLRXV:KDWWKLVFKDSWHUDQG$KDGLWKPHQWLRQHGLQLWPDNHFOHDULV
WKDWD0XVOLPVKRXOGQHYHUEHXQPLQGIXORIWKHSUHSDUDWLRQVIRUWKH+HUHDIWHUQRUVKRXOGKHHYHUORVH
VLJKWRIWKHIDFWWKDWKHKDVWRDSSHDUEHIRUH$OODKRQWKH'D\RI5HVXUUHFWLRQDQGDFFRXQWIRUDOOKLV
DFWLRQV,QRUGHUWRVDYHKLPVHOIIURPWKHKXPLOLDWLRQRQWKDW'D\KHVKRXOGOHDGDOLIHRI)DLWKDQG
IHDURI$OODK7KRVHZKRGRQRWGRVRDQGOHDGDOLIHIUHHIURPIHDURI$OODKDQGWRUPHQWVRIWKH
+HUHDIWHUZLOOKDYHQRKHVLWDWLRQLQGLVREH\LQJ$OODKZKLFKZLOOLQHYLWDEO\OHDGWKHPWRKXPLOLDWLRQ
GLVJUDFHDQGKHDY\SXQLVKPHQWLQWKH+HUHDIWHU
&+$37(5
+23(,1$//$+
60(5&<
$OODKWKH([DOWHGVD\V
$QG0\0HUF\HPEUDFHVDOOWKLQJV
&RPPHQWDU\ 7KLV+DGLWKFRQILUPVWKDWDOO3URSKHWVRI$OODKZHUHPHQDQGWKXVUHIXWHVWKRVHZKR
DWWULEXWHGLYLQLW\WRWKHPDQGH[FOXGHWKHPIURPWKHFDWHJRU\RIPHQRU UHJDUGWKHPDSDUWRI$OODKDV
&KULVWLDQVEHOLHYHV3URSKHWC,VD -HVXV WREH&KULVW E\UHJDUGLQJKLP$OODKRU+LVVRQRUWKH-HZVGR
3URSKHWC8]DLUE\YHQHUDWLQJKLPDVVRQRI$OODK7KHPLVFRQFHSWLRQKDVDOVRWDNHQKROGRIDVHFWRI
WKH0XVOLPV7KH\ KDYHLQYHQWHGWKHEHOLHIWKDW3URSKHW0XKDPPDG3%8+LV/LJKWIURPWKH/LJKW
RI$OODK7KXVIXUWKHUFRQVLGHULQJWREHRIKLPZLWK'LYLQHTXDOLWLHV7KH\H[FOXGHKLPIURPWKH
FDWHJRU\RIPHQ7KLV+DGLWKWHOOVXVWKDWWKHEHOLHIWKDW3URSKHWVZHUHPHQFRQVWLWXWHVSDUWRI)DLWK
DQGGHQLDORILWLVWKHGHQLDORIDSDUWRI)DLWKDQGDPRXQWVWRHYDVLRQIURP7DXKLG 2QHQHVVRI$OODK
7KLV+DGLWKVKRZVWKDWDPDMRUVLQGRHVQRWFDVWD0XVOLPRXWRIWKHIROGRI,VODPDVLVEHOLHYHGE\
FHUWDLQGHYLDQWVHFWVZKRKDYHJRQHDVWUD\6XFKDSHUVRQGRHVUHPDLQD0XVOLPDQGKLVHOLJLELOLW\IRU
DGPLVVLRQLQWR-DQQDKDOVRUHPDLQVLQWDFWEXWKLVDGPLVVLRQHQWLUHO\GHSHQGVRQWKHSOHDVXUHRI$OODK
+HPD\IRUJLYHDVLQIXO0XVOLPDQGVHQGKLPWR-DQQDKHYHQLQWKHLQLWLDOVWDJHRUNHHSKLPLQ+HOOIRU
VRPHWLPHDQGWKHQVHQGKLPWR-DQQDK7KXVZKHQLWLVVDLGWKDW0XVOLPVDUHSURWHFWHGDJDLQVW+HOOLW
PHDQVWKDWWKH\ZLOOQRWDELGHLQ+HOOIRUHYHU,WZLOOEHDWHPSRUDU\SKDVHYDU\LQJZLWKKLVVLQV
:KHQWKDWSXQLVKPHQWFRPHVWRDQHQGRUHYHQEHIRUHLWZKHQ$OPLJKW\$OODKZLOOVKHZLOOEH
UHPRYHGIURP+HOOWR-DQQDK
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHLQILQLWH&RPSDVVLRQDQG0HUF\RI$OOLKWR+LVREHGLHQW
VODYHVDQGDVSHFLDOH[SUHVVLRQRIZKLFKZLOOEHPDGHE\+LPRQWKH'D\RI5HVXUUHFWLRQ2QWKDW
'D\+HZLOOJLYHDWOHDVWWHQWLPHVUHZDUGIRUHDFKJRRGGHHG,QVRPHFDVHVLWPD\EHIDUPRUHWKDQ
WKDWVHYHQKXQGUHGWLPHVRUPRUHDV+HZRXOGOLNH6XFKEHQHYROHQFHRQ+LVSDUWZDUUDQWVWKDWD
0XVOLPVKRXOGQHYHUORVHKRSHRI+LVIRUJLYHQHVV
&RPPHQWDU\ 7KLV+DGLWKDOVRKROGVSURPLVHIRUD0XVOLPWKDWEHLQJD0XVOLPDQG0XZDKKLG
EHOLHYHULQWKH2QHQHVVRI$OODKKHZLOOEHDWODVWVHQWWR-DQQDK:KHWKHUKHJRHVVWUDLJKWWR-DQQDK
RUDIWHUVXIIHULQJWKHSXQLVKPHQWRIKLVVLQVLQ+HOOLVDVHSDUDWHLVVXHEXWKHZLOOQRWUHPDLQLQ+HOO
IRUHYHU(WHUQDOSXQLVKPHQWLQ+HOOLVUHVHUYHGRQO\IRUSDJDQVSRO\WKHLVWVDQGLQILGHOV
0XCDGKUHSOLHG+HUH,
DPUHVSRQGLQJWR\RXDQGDW\RXUSOHDVXUH20HVVHQJHURI$OODK
+H0HVVHQJHURI
$OODKDGGUHVVHGKLPDJDLQ 20XCDGK
+HUHSOLHG+HUH,DPUHVSRQGLQJWR\RXDQGDW\RXU
SOHDVXUH20HVVHQJHURI$OODK
0XCDGK0D\$OODKEHSOHDVHGZLWKKLP
GLVFORVHGWKLV+DGLWKDWWKHWLPHRI KLVGHDWKWRDYRLGVLQQLQJIRUFRQFHDOLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,PDP$W7DLELVD\VWKDWWKHKRQHVW\RIKHDUWPHDQVILUPQHVVRIIDLWKDQGDUUDQJHPHQW
RIDFWLRQVZKLFKZLOOSURYLGHHYLGHQFHRI7DXKLGDQG5LVDODK2QHQHVVRI$OODKDQGWKH3URSKHWKRRG
RI0XKDPPDG3%8+$O+DIL],EQ+DMDUVWDWHVWKDW,PDP$W7DLELKDVPDGHWKLVHODERUDWLRQWR
UHPRYHWKHDPELJXLW\ZKLFKDULVHVIURPWKHZRUGLQJRIWKH+DGLWKEHFDXVHLWLVJHQHUDOO\KHOGE\
$KDGLWKWKDWRQHZKREHDUVZLWQHVVWR7DXKLGDQG5LVDODKZLOOQRWJRWR+HOOZKLOH$KOXV6XQQDK
KROGWKDWLWVWDQGVSURYHGE\FRQFUHWHDUJXPHQWVWKDWVLQIXO0XVOLPVZLOOEHFRQVLJQHGWR+HOODQGWKHQ
EURXJKWRXWIURPLWE\LQWHUFHVVLRQ,WVKRZVWKDWIRUWKHGHWHUPLQDWLRQRIUHDOPHDQLQJVRIWKLV+DGLWK
ZHVKDOOKDYHWRNHHSLQYLHZRWKHUUHODWHGDUJXPHQWVDVZHOO7KHVHPHDQLQJVDUHULYHWHGZLWKJRRG
GHHGV,QRWKHUZRUGVRQHZKREHDUVZLWQHVVWR7DXKLGDQG5LVDODKDQGIXOILOOV,VODPLFLQMXQFWLRQVDQG
REOLJDWLRQVDQGUHTXLUHPHQWVRI)DLWKDQGIHDURI$OODKZLOOQRWEHFRQVLJQHGWR+HOO6RPHVFKRODUV
DUHRIWKHRSLQLRQWKDWWKLV+DGLWKUHIHUVWRVXFKSHRSOHZKRWUXO\UHSHQWHGDQGUHQRXQFHG.XIUDQG
6KLUNDQGZKROHKHDUWHGO\SURIHVVHG7DXKLGDQG5LVDODKEXWGLHGVRRQDIWHUWKDWDQGWKXVGLGQRWJHWDQ
RSSRUWXQLW\WRGRJRRGGHHGV6XFKSHRSOHZLOOFHUWDLQO\JRWR-DQQDK
7KLV+DGLWKOHDGVWRWKHFRQFOXVLRQWKDWRUGLQDU\SHRSOHVKRXOGQRWEH WROGWKLQJVWKHWUXHPHDQLQJVRI
ZKLFKWKH\ILQGGLIILFXOWWRJUDVSDQGDFFRPSOLVKHYLOGHHGVUHO\LQJRQVXFKJODGWLGLQJV
>0XVOLP@
$OWKRXJKWKHVHILJXUHVDUHRSHQWRTXHVWLRQEXWRQHFDQVDIHO\LQIHUIURPWKHVHILJXUHVWKDWWKHLU
QXPEHUZDVYHU\ODUJH$FFRUGLQJWR6DKLK$O%XNKDUL $ODUJHQXPEHURI0XVOLPVSDUWLFLSDWHGZLWK
WKH3URSKHW3%8+LQWKLVZDU7KHLUQXPEHUZDVVRODUJHWKDWWKH\FRXOGQRWEHGHVFULEHGLQD
UHJLVWHU,WZDVGLIILFXOWIRUWKH3URSKHW3%8+WRGLVFRYHUZKRZDVDEVHQWH[FHSWWKDWKHZDV
LQIRUPHGDERXWKLPE\$OODK
,SRLQWHGWRWKHSODFH
ZKHUH,ZDQWHGKLPWRRIIHUSUD\HUV6R0HVVHQJHURI$OODK3%8+VWRRGXSIRUWKHSUD\HUDQG
VWDUWHGWKHSUD\HUZLWK7DNELUDQGZHDOLJQHGLQURZVEHKLQGKLPDQGKHRIIHUHGWZR5DNCDKSUD\HU
DQGILQLVKHGWKHPZLWK7DVOLPDQGZHDOVRSHUIRUPHG7DVOLPZLWKKLP,GHWDLQHGKLPIRUDPHDO
FDOOHG.KD]LUDKZKLFK,KDGSUHSDUHGIRUKLP.KD]LUDKLVDVSHFLDOW\SHRIGLVKSUHSDUHGIURPEDUOH\
IORXUDQGPHDWVRXS:KHQWKHQHLJKERXUVJRWWKHQHZVWKDW0HVVHQJHURI$OODK3%8+ZDVLQP\
KRXVHWKH\VWDUWHGFRPLQJWLOODODUJHQXPEHURIPHQJDWKHUHGLQP\KRXVH2QHRIWKHPVDLG:KDW
LVZURQJZLWK0DOLNIRU,GRQRWVHHKLP"
2QHRIWKHPUHSOLHG+HLVDK\SRFULWHDQGGRHVQRWORYH
$OODKDQG+LV0HVVHQJHU2QWKDW0HVVHQJHURI$OODK3%8+VDLG 'RQ
WVD\WKLV+DYHQ
W\RXVHHQ
WKDWKHWHVWLILHGWKDWWKHUHLVQRWUXHJRGH[FHSW$OODK
IRU$OODK
VVDNHRQO\
7KHPDQUHSOLHG$OODK
DQG+LV0HVVHQJHUNQRZEHWWHUEXWE\$OODKZHQHYHUVDZKLPEXWKHOSLQJDQGWDONLQJZLWKWKH
K\SRFULWHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJIRXUSRLQWV
2QHFDQRIIHU6DODWDWKRPHLIRQHKDVDODZIXOUHDVRQIRULW
,QWKHHYHQWRQHLVREOLJHGWRRIIHU6DODWDWKRPHLWLVZHOOWRUHVHUYHDSODFHIRULW
,WLVQRWSHUPLVVLEOHWRVXVSHFWD0XVOLPRQWKHEDVLVRIPHUHGRXEW
,QWKHHQGHYHU\0XVOLPZLOOEHVHQWWR-DQQDK7KLVSRLQWKDVDOUHDG\EHHQHODERUDWHG
:HVDLG%\$OODKVKHZRXOGQHYHUWKURZWKHFKLOGLQILUH
7KHUHXSRQ0HVVHQJHURI$OODK
3%8+VDLG $OODKLV PRUHNLQGWRKLVVODYHWKDQWKLVZRPDQLVWRKHUFKLOG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $O+DIL],EQ+DMDUVWDWHVWKDWWKH0XVQDG,VPDLCOLKDVWKHIROORZLQJDGGLWLRQDOZRUGV
LQWKHQDUUDWLYH$IWHUFRQWLQXRXVVHDUFKVKHILQDOO\IRXQGKHUEDE\6KHWRRNWKHEDE\DQGKXJJHG
KLP
,WLVSHUPLVVLEOHWRLOOXVWUDWHE\H[DPSOHZKDWRQHFDQQRWPDNHRWKHUVXQGHUVWDQGE\PHDQVRIUHDVRQ
DQGVHQVHVWKHZD\WKH3URSKHW3%8+GLGLWLQWKHSUHVHQWFDVH6LQFHLWZDVQRWSRVVLEOHWRGHVFULEH
WKHLPPHQVLW\RI $OODK
V0HUF\KHFLWHGWKHH[DPSOHRIWKDWZRPDQWRLOOXVWUDWHKLVSRLQW
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+
VD\LQJ :KHQ$OODKFUHDWHGWKHFUHDWXUHV+HZURWHLQWKH%RRNZKLFKLVZLWK+LPRYHU+LV7KURQH
C9HULO\0\0HUF\SUHYDLOHGRYHU0\:UDWK
>$O%XNKDULDQG0XVOLP@
WUDQVODWHGKHUHDVC%RRN
PHDQV
WKHGHFLVLRQRI$OPLJKW\$OODKZKLFK+HKDVDOUHDG\PDGHDQLQVWDQFHRIZKLFKLVWKHIROORZLQJ
9HUVHRIWKH1REOH4XU
DQ
$OODKKDVGHFUHHGC9HULO\LWLV,DQG0\0HVVHQJHUVZKRVKDOOEHWKHYLFWRULRXV
,QWKLV$\DKWKH$UDELFZRUG .DWDED
LVXVHGLQWKHVHQVHRI 4DGD
GHFLGHG
RUWKHZRUG .DWDED
VLJQLILHV/DXK0DKIRR]
RQZKLFK+HKDVUHFRUGHGHYHU\WKLQJ$OPLJKW\$OODKLVRQWKH
$UVK
WKH
7KURQHRI$OODKDQGWKLV%RRNLVZLWK+LP)DWK$O%DUL .LWDE$W7DXKLG%DE:DNDQD$UVKXKX
CDODO0D
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWNLQG DQGFRPSDVVLRQDWHWUHDWPHQWLVOLNHGE\$OODKDQGLVLQIDFW+LV
%OHVVLQJDQG%HQHYROHQFH7KLVLVWKHUHDVRQ+HKDVJLYHQDSDUWRILWWR+LVFUHDWXUHVDQGDSHUVRQ
ZKRLVVRKDUGKHDUWHGWKDWKHLVQRWHYHQDZDUHRILWKDVDGHIHFWZKLFKLVH[WUHPHO\GLVSOHDVLQJWR
$OODK0RUHRYHULWLVDVLJQWKDWVXFKDSHUVRQLVGHSULYHGRI'LYLQHEOHVVLQJDQGPHUF\
2QWKH'D\RI5HVXUUHFWLRQ$OPLJKW\$OODKZLOOEHVWRZXSRQWKHEHOLHYHUVKXQGUHGPHUFLHV7KLV
QHZVKDVJUHDWKRSHVDQGMR\IRU+LVVODYHV
7KHODVWVHQWHQFHOHWKLPGRPHDQVDVORQJKHNHHSVDVNLQJIRUIRUJLYHQHVVDIWHUWKHFRPPLVVLRQRI
VLQVDQGUHSHQWV$OODKZLOOIRUJLYHKLPEHFDXVHUHSHQWDQFHHOLPLQDWHVSUHYLRXVVLQV(GLWRU
V1RWH
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWVRORQJDVWKHKHDUWRID0XVOLPUHPDLQVIUHHIURPZLOOIXO
GLVREHGLHQFHRI'LYLQHLQMXQFWLRQVDQGKHGRHVQRWGHOLEHUDWHO\QHJOHFWKLVUHOLJLRXVGXWLHVWKDWLVWR
VD\KHJRHVRQFRPPLWWLQJVLQVDQGHDFKWLPHZKROHKHDUWHGO\EHJVSDUGRQIRUWKHP$OPLJKW\$OODK
ZLOOIRUJLYHKLP7KHUHDVRQEHLQJWKDWKHLVSHQLWHQWIRUKLVZURQJVDQGGRHVQRWLQVLVWXSRQWKHPIRU
IHDURIDFFRXQWDELOLW\7KLVFRQGLWLRQRIKLVVKRZVWKDWKLVKHDUWLVIXOORIDZHDQG0DMHVW\RI$OODKDQG
KHGRHVQRWIHHODQ\GLVJUDFHLQVKRZLQJKLVXWWHUKXPEOHQHVVEHIRUH+LP1RZWKLVLVDPHULWRIWKH
VLQIXOZKLFKLVSOHDVLQJWR$OODK7KXV+HVD\VWKDWVRORQJDVKLVVODYHFRQWLQXHVVXEPLVVLRQDQG
SURVWUDWLRQ+HZLOOJRRQIRUJLYLQJKLP
2QWKHFRQWUDU\WKHUHLVDSHUVRQZKRJRHVRQFRPPLWWLQJVLQVEXWKHQHLWKHUUHSHQWVIRUWKHPQRU
VHHNVSDUGRQIRUKLVZURQJVQRUKDVDQ\IHDURIDFFRXQWDELOLW\2EYLRXVO\KHLVDOWRJHWKHUGLIIHUHQW
IURPWKHNLQGRI0XVOLPVPHQWLRQHGEHIRUHDQGKHZLOOEHWKHUHIRUHWUHDWHGGLIIHUHQWO\E\$OODK7KH
FRQGXFWRIWKHIRUPHULVRID0XVOLPZKRLQVSLWHRIKLVVLQVLVOLNHGE\$OODKZKLOHWKHVHFRQGLVRI
WKDWRIDUHEHOIRUZKRP+HKDVNHSWVHYHUHSXQLVKPHQWUHDG\0D\$OODKUDQNXVDPRQJWKHIRUPHU
FDWHJRU\RISHRSOH
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDW$OODKKDVDSURIRXQGOLNLQJIRUVXFKSHRSOHZKRDUH
SHQLWHQWDQGVHHNSDUGRQIRUWKHLUVLQVIURP+LP6RPXFKVRWKDWLIVXFKSHRSOHFHDVHWRH[LVWZKR
QHLWKHUFRPPLWVLQVQRUVHHNSDUGRQIURP+LP+HZLOOFUHDWHSHRSOHZKRZLOOGRVR,WGRHVQRW
KRZHYHUPHDQWKDW+HOLNHVVLQVRUWKHVLQIXOSHUVRQV:KDWLWUHDOO\PHDQVLVWKDW+HOLNHVSHQLWHQFH
DQGWKHSHQLWHQWV7KLVLVWKHWUXHSXUSRUWRIWKLV+DGLWK
,WDOVRPHDQVWKDWLWLVQDWXUDOIRUPDQWRFRPPLWVLQVDQGWKDW$OODKORYHVZKHQHYHUDVODYHFRPPLWVD
VLQWRUXVKDQGEHJIRU+LVIRUJLYHQHVV(GLWRU
V1RWH
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDWXOWLPDWHO\D0XVOLPZLOOEHDZDUGHG-DQQDK:KHWKHUKH
ZLOOJRWKHUHLQWKHILUVWVWDJHRUDIWHUVXIIHULQJWKHSXQLVKPHQWLQ+HOOLVDPDWWHUWKDWGHSHQGVHQWLUHO\
RQWKH:LOORI$OODK
C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+
UHFLWHGWKH:RUGVRI$OODKWKH([DOWHGDQGWKH*ORULRXVDERXW,EUDKLP3%8+ZKRVDLG 2P\
5XEE7KH\KDYHOHGDVWUD\PDQ\DPRQJPDQNLQG%XWZKRVRHYHUIROORZVPHKHYHULO\LVRIPH
DQGWKRVHRIC,VD-HVXV3%8+ZKRVDLG ,I<RXSXQLVKWKHPWKH\DUH<RXUVODYHVDQGLI
<RXIRUJLYHWKHPYHULO\<RXRQO\<RXDUHWKH$OO0LJKW\WKH$OO:LVH7KHQKH3%8+
UDLVHGXSKLVKDQGV DQGVDLG 2$OODK0\8PPDKP\8PPDK
DQGZHSW$OODKWKH([DOWHGVDLG
2-LEULO*DEULHO*RWR0XKDPPDG3%8+DQGDVNKLPC:KDWPDNHV\RXZHHS"6R-LEULOFDPH
WRKLPDQGDVNHGKLPWKHUHDVRQRIKLVZHHSLQJDQGWKH0HVVHQJHURI$OODKLQIRUPHGKLPZKDWKH
KDGVDLGWKRXJK$OODKNQHZLWZHOO8SRQWKLV$OODKVDLG-LEULOJRWR0XKDPPDG3%8+DQGVD\
C9HULO\:HZLOOSOHDVH\RXZLWKUHJDUGWR\RXU8PPDKDQGZLOOQHYHUGLVSOHDVH\RX
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVWZRSRLQWVFOHDU
,VDLG$OODKDQG+LV0HVVHQJHU
NQRZEHWWHU8SRQWKLVWKH0HVVHQJHURI$OODK3%8+VDLG $OODK
V5LJKWXSRQ+LVVODYHVLVWKDW
WKH\VKRXOGZRUVKLS+LP$ORQHDQGDVVRFLDWHQRWKLQJZLWK+LPDQG+LVVODYHV
ULJKWXSRQ+LPLVWKDW
+HVKRXOGQRWSXQLVKZKRGRHVQRWDVVRFLDWHDWKLQJZLWK+LP
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRUGLQDU\SHRSOHZKRDUHJHQHUDOO\XQDEOHWRXQGHUVWDQGWKH
PHDQLQJVRIWKLQJVLQWKHLU FRQWH[WZLOOWKLQNWKDWPHUHYHUEDOSURIHVVLRQRI7DXKLGDQG5LVDODKLV
VXIILFLHQWWRDWWDLQIRUJLYHQHVVDQGLWLVQRWQHFHVVDU\WRGRZKDWWKLVSURIHVVLRQHQWDLOV:LWKWKLV
QRWLRQWKH\EHFRPHXQPLQGIXORIWKHREOLJDWLRQV9HUEDOSURIHVVLRQGRHVJLYHWKHPWKHVHFXULW\WKDW
WKH\ZRXOGQRWDELGHLQ+HOOIRUHYHUIRUXOWLPDWHO\WKH\ZLOOJRWR-DQQDK2XUSHRSOHDUHJHQHUDOO\
XQGHUWKHLPSUHVVLRQWKDWDOOVLQIXO0XVOLPVOLNHWKHSHUIHFW0XVOLPVZLOOJRWR-DQQDKLQWKHYHU\
ILUVWLQVWDQFH$FFRUGLQJWRSURRIVIXUQLVKHGE\RWKHULQMXQFWLRQVRI6KDULCDKWKLVLVQRWVR7KLVSRLQW
KDVEHHQDOUHDG\GLVFXVVHGDWOHQJWKHDUOLHU,QDQ\FDVHWKHSRLQWPDGHKHUHLVWKDWQR0XVOLPZLOOJR
WR+HOOPHDQVWKDWQR0XVOLPZLOODELGHLQ+HOOIRUHYHU,WGRHVQRWDWDOOPHDQWKDWKRZHYHUVLQIXOD
0XVOLPPD\EHKHZLOOQRWEHVHQWWR+HOORUVXIIHULWVWRUPHQWV
%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+VDLG :KHQD
EHOLHYHULVTXHVWLRQHGLQWKHJUDYHKHWHVWLILHVWKDWCWKHUHLVQRWUXHJRGH[FHSW$OODKDQG0XKDPPDG
LVWKH0HVVHQJHURI$OODK
$ERXWKLPWKH:RUGVRI$OODKWKH([DOWHGDUH C$OODKZLOONHHSILUPWKRVH
ZKREHOLHYHZLWKWKHILUPVWDWHPHQW7KH7HVWLPRQ\RI)DLWKLQWKLVZRUOGDQGWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVERWKWKHSDUWVRIWKH6KDKDGDKWRJHWKHUWKDWLVWRVD\/DLODKD
LOODOODK0XKDPPDGXU5DVXOXOODK
7KHTXHVWLRQLQJLQWKHJUDYHLVEH\RQGTXHVWLRQDQGLVDSDUWRI0XVOLP%HOLHI(YHU\0XVOLPZLOOE\
WKH*UDFHRI$OODKJLYHWKHLUFRUUHFWDQVZHUVLQUHVSHFWRI7DXKLGDQG5LVDODK
&RPPHQWDU\ 7KHLQILGHOVDOVRGRLQWKLVZRUOGPDQ\ZRUNVZKLFKDUHIRUSXEOLFZHOIDUHRUZKLFK
FRPHXQGHUWKHFDWHJRU\RIJRRGGHHGV$OPLJKW\$OODKJLYHVWKHPUHZDUGIRUVXFKJRRGGHHGVLQWKLV
ZRUOGLQWKHIRUPRIZHDOWKVRXQGKHDOWKRUVDYLQJWKHPIURPVRPHWURXEOHEHFDXVH%HOLHILV
SUHFRQGLWLRQIRUUHZDUGLQWKH+HUHDIWHU6LQFHDQLQILGHOLVGHSULYHGRILWKHZLOODOVREHGHSULYHGRI
WKHLUUHZDUGLQWKH+HUHDIWHU7KXVZHOHDUQWKDW%HOLHIFRQVWLWXWHVWKHEDVLVRIHYHU\DFWLRQDQGLVD
SUHFRQGLWLRQIRUWKHDFFHSWDQFHRIDQ\JRRGGHHGE\$OODK
>0XVOLP@
&RPPHQWDU\
7KHDFFHSWDQFHRILQWHUFHVVLRQKHUHPHDQVWKDW$OODKJUDQWVWKHSUD\HUZKLFKWKH\ LQWHUFHVVRUV
PDNHIRUWKHGHFHDVHGDQGIRUJLYHVKLPSURYLGHGKHLVZRUWK\RILW
:HVDLG<HV+HDJDLQVDLG $UHQ
W\RXSOHDVHGWKDW\RX
ZLOOFRQVWLWXWHRQHWKLUGRIWKHLQKDELWDQWVRI-DQQDK":HVDLG<HV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKUHYHDOVWKHIROORZLQJWZRSRLQWV
$VFRPSDUHGZLWKWKHEHOLHYHUVDQGWKHIDLWKIXOWKHUHZLOOEHDODUJHQXPEHURILQILGHOVLQ+HOO
$VFRPSDUHGZLWKWKHIROORZHUVRIRWKHU3URSKHWVWKHUHZLOOEHDODUJHUQXPEHURI0XVOLPVLQ
-DQQDKWRWKHH[WHQWWKDWKDOIRILWVRFFXSDQWVZLOOEH0XVOLPV7KLV+DGLWKKDVJODGWLGLQJVIRUWKH
0XVOLP8PPDKDQGEHVWRZVJUHDWUHVSHFWDQGKRQRXURQWKHP0D\$OODKLQFOXGHXVDPRQJWKHP
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+
VDLG 2QWKH'D\RI5HVXUUHFWLRQ$OODKZLOOGHOLYHUWRHYHU\0XVOLPD-HZRUD&KULVWLDQDQGVD\
C7KLVLV\RXUUDQVRPIURP+HOOILUH
&RPPHQWDU\ 7KLVLV\RXUUDQVRQ
LVLQWHUSUHWHGE\WKH+DGLWKRI$EX+XUDLUDK0D\$OODKEH
SOHDVHGZLWKKLP
7KHUHLVDSODFHIRUHYHU\RQHLQERWK-DQQDKDQG+HOO:KHQWKHEHOLHYHURFFXSLHVKLVSODFHLQ-DQQDK
DQLQILGHOZLOOWDNHKLVSODFHLQ+HOORQDFFRXQWRIKLVLQILGHOLW\7KLVDOVRPHDQV<RXEHOLHYHUVZHUH
H[SRVHGWR)LUHEXWWKLVLQILGHOLV\RXUUDQVRP%HFDXVH$OODKKDVSUHSDUHGDQXPEHURI+LVFUHDWXUH
IRU+HOOVRZKHQWKHLQILGHOVRFFXS\LWRQDFFRXQWRIWKHLUVLQVDQGLQILGHOLW\WKH\DUHFRQVLGHUHGDV
UDQVRPVIRUWKHEHOLHYHUV$OODKNQRZVEHVW
(GLWRU
V1RWH
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHDXVSLFLRXVHQGRIWKHEHOLHYHUVDQGDEDGRQHRI
GLVEHOLHYHUV
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHEHOLHYHUVZKRZLOOEHWUHDWHGZLWKVSHFLDOIDYRXUE\
$OODK0D\$OODKLQFOXGHXVDPRQJWKHP,WDOVRVKRZVWKDWWKHDGPLWWDQFHRIWKHVLQVOHDGVWRKDYLQJ
WKHPIRUJLYHQE\$OODK7KH+DGLWKDOVRHQFRXUDJHVXVWRFRYHUWKHVLQVRIWKHEHOLHYHUVDVEHVWZH
FDQ
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWKUHHSRLQWV
0LQRUVLQVDUHIRUJLYHQE\YLUWXHRI6DODW
2QHPXVWQRWH[SRVHRQH
VVLQV
<HVKHUHSOLHG0HVVHQJHURI$OODK3%8+VDLG 9HULO\$OODKKDVIRUJLYHQ\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGDOZD\VVD\$OKDPGXOLOODK
DOOWKHSUDLVHDQGWKDQNVEHWR$OODKDIWHU
IRRGDQGGULQN
7KLV+DGLWKKDVEHHQPHQWLRQHGLQWKHSUHVHQWFKDSWHUIRUWKHUHDVRQWKDWLWKROGVIHDUDVZHOODVKRSH
,IRQHUHPHPEHUV$OODKLQWKHPHDOVKHFDQKRSHIRUWKH3OHDVXUHRI$OODK2QHVKRXOGDOVREHDULQ
PLQGWKDWLWLV+HZKRJLYHVHYHU\WKLQJ,I+HOLNHV+HFDQIRUHIHLWDOOWKRVHWKLQJVRULQVSLWHRI
SURYLGLQJDOOWKHULFKHVGHSULYHRQHRIKXQJHUDQGWKLUVW DVLWGRHVKDSSHQLQFHUWDLQGLVHDVHV0D\
$OODKSURWHFWXVIURPVXFKGHSULYDWLRQV
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGEHIRUH
$OODK
VVWUHWFKLQJRI+LV+DQGVLVRQHRI+LV$WWULEXWHVDQGDV0XVOLPVZHKDYHWREHOLHYHLQWKLV
ZLWKRXWUHDVRQLQJDVLVWKHFDVHZLWK+LVRWKHU$WWULEXWHV7KLVKDVEHHQWKHVWDQGRIRXUSLRXV
SUHGHFHVVRUV$V6DODIXV6DOLK7KHSURFHVVRIDFFHSWDQFHRISHQLWHQFHE\$OODKZLOOFRQWLQXHXQWLO
WKH'D\RI5HVXUUHFWLRQZKHQWKHVXQZLOOULVHIURPWKH:HVWDQGUHSHQWLQJRUDFFHSWLQJ,VODPZLOOQRW
DYDLO7KHUHIRUHRQHVKRXOGQRWPDNHDQ\GHOD\LQSHQLWHQFH
:HPXVWDGGKHUHWKDWZHPXVWQRWQDPHRUTXDOLI\$OODKH[FHSWZLWKZKDW+HRU +LV0HVVHQJHU
3%8+KDVQDPHGRUTXDOLILHG+LPZLWKRXWFKDQJLQJWKHPRULJQRULQJWKHPFRPSOHWHO\RUWZLVWLQJ
WKHPHDQLQJVRUJLYLQJUHVHPEODQFHWRDQ\FUHDWHGWKLQJV
,DVNHG:KDWLVD3URSKHW"
+HVDLG $OODKKDVVHQWPHZLWKDPHVVDJH,DVNHG:LWKZKDWKDV+HVHQW\RX"
+HVDLG +H
VHQWPHWRVWUHQJWKHQWKHWLHVRINLQVKLSWRGHVWUR\LGROVVRWKDW$OODKDORQHVKRXOGEHZRUVKLSSHGDQG
QRWKLQJVKRXOGEHDVVRFLDWHGZLWK+LP,DVNHG:KRKDVIROORZHG\RXLQWKLV"
+HVDLG $IUHHPDQ
DQGDVODYH $WWKDWWLPHRQO\$EX%DNUDQG%LODO0D\$OODKEHSOHDVHGZLWKKHUZHUHZLWKKLP,
VDLG,VKDOOIROORZ\RX+HVDLG <RXFDQQRWGRWKDWQRZ 'R\RXQRWVHHP\VLWXDWLRQDQGWKDWRI
WKHSHRSOH"*RWR\RXUSHRSOHDQGZKHQ\RXKHDUWKDWP\FDXVHKDVSUHYDLOHGFRPHWRPH 6R,ZHQW
EDFNWRP\SHRSOHDQGZKLOH,ZDVZLWKP\SHRSOH0HVVHQJHURI$OODK3%8+HPLJUDWHGWR$O
0DGLQDK,FRQWLQXHGWRDVNSHRSOHDERXWKLPWLOOVRPHRIP\SHRSOHYLVLWHG$O0DGLQDK2QWKHLU
UHWXUQ,DVNHGWKHP+RZLVWKDWPDQZKRKDVDUULYHGLQ$O0DGLQDKIDULQJ"
7KH\VDLG3HRSOHDUH
KDVWHQLQJWRKLP+LVRZQSHRSOHKDGSODQQHGWRNLOOKLPEXWGLGQRWVXFFHHG
7KHQ,ZHQWWR$O
0DGLQDKDQGFDPHWRKLPDQGVDLG20HVVHQJHURI$OODKGR\RXUHFRJQL]HPH"
,VDLG20HVVHQJHURI$OODKWHOOPHRIWKDWZKLFK
$OODKKDVWDXJKW\RXDQGRIZKLFK,DPXQDZDUH7HOOPHDERXW6DODWILUVW
,WKHQDVNHGWKH0HVVHQJHURI$OODKWRWHOOPHDERXW:XGX
DQGKH3%8+VDLG :KHQDSHUVRQEHJLQVWKH:XGX
DQGZDVKHVKLVPRXWKDQGQRVHWKHVLQV
FRPPLWWHGE\KLVIDFHPRXWKDQGQRVWULOVDUHZDVKHGRXW7KHQZKHQKHZDVKHVKLVIDFHDV
FRPPDQGHGE\$OODKWKHVLQVRIKLVIDFHDUHZDVKHGRXWZLWKWKHZDWHUIURPWKHVLGHVRIKLVEHDUG
7KHQZKHQKHZDVKHVKLVKDQGVXSWRHOERZVWKHVLQVRIKLVKDQGVDUHZDVKHGRXWWKURXJKKLVILQJHUV
ZLWKZDWHU7KHQKHSDVVHVKLVZHWKDQGVRYHUKLVKHDGDQGWKHVLQVRIWKHKHDGDUHZDVKHGRXWWKURXJK
WKHHQGVRIKLVKDLUZLWKZDWHU7KHQKHZDVKHVKLVIHHWXSWRWKHDQNOHVWKHVLQVRIKLVIHHWDUHZDVKHG
RXWWKURXJKKLVWRHVZLWKZDWHU7KHQLIKHVWDQGVXSIRU6DODWDQGSUDLVHV$OODKJORULILHV+LP
SURFODLPV+LV*UHDWQHVVDV+HGHVHUYHVDQGGHYRWHVKLVKHDUWZKROO\WR$OODKKHHPHUJHVVLQIUHHDV
WKHGD\KHZDVERUQ
C$PU0D\$OODKEH
SOHDVHGZLWK KLPUHSOLHG2$EX8PDPDK,KDYHDWWDLQHGROGDJHP\ERQHVKDYHEHFRPHGU\P\
GHDWKLVDSSURDFKLQJDQGWKHUHLVQRQHHGIRUPHWRWHOOOLHVFRQFHUQLQJ$OODKDQG+LV0HVVHQJHU
3%8++DG,QRWKHDUGWKLVIURPWKH0HVVHQJHURI$OODKRQO\RQFHWZLFHWKULFHDQGKHFRXQWHGXS
WRVHYHQ,ZRXOGQHYHUKDYHUHSRUWHGLW,QGHHG,KDYHKHDUGWKLVIUHTXHQWO\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVWKHIROORZLQJVHYHQSRLQWV
7KHSUHDFKHUVKRXOGEHFRQFHUQHGDERXWWKHVDIHW\RIKLVIROORZHUV,WLVIRU WKLVUHDVRQWKH3URSKHW
3%8+VWUHVVHGXSRQC$PUELQ$EDVDK0D\$OODKEHSOHDVHGZLWKKLPWRVWD\DWKRPHDQGNHHSKLV
FRQYHUVLRQWR,VODPVHFUHW
1RPDWWHUKRZXQIDYRXUDEOHDUHWKHFLUFXPVWDQFHVDQGKRZWRXJKLVWKHRSSRVLWLRQDSUHDFKHU
VKRXOGDOZD\VKDYHILUPKRSHRIKHOSIURP$OODKDQGEHFRQILGHQWDERXWKLVYLFWRU\RYHUKLVHQHP\
7KDWLVZK\WKH3URSKHW0D\$OODKEHSOHDVHGZLWKKLPDVNHGC$PU0D\$OODKEHSOHDVHGZLWK
KLPWRFRPHWRKLPZKHQKHUHFHLYHGLQIRUPDWLRQDERXWKLVGRPLQDWLRQ
,WLVDSURRIRIKLV 3URSKHWKRRGWKDWZKDWHYHQWXDOO\KDSSHQHGZDVH[DFWO\DFFRUGLQJWRKLV
SURSKHF\
$QJHOVDWWHQGWKH6DODW2QHVKRXOGWKHUHIRUHSHUIRUP6DODWQRWRQO\ZLWKSHDFHRIPLQGEXWDOVR
ZLWKXWPRVWKXPLOLW\DQGIHDURI$OODKVRWKDWLWLVUHSRUWHGDQGEHFRPHVPRUHPHULWRULRXV
7KHWLPHVZKHQ6DODWLVXQSUDLVHZRUWK\DUHDVIROORZV
D$IWHUWKH6DODWRI)DMUWRWKHWLPHRIVXQULVH
E$WWKHWLPHZKHQWKHVXQEHJLQVWRGHFOLQH
F$IWHUWKH6DODWRIC$VUWRWKHWLPHRIVXQVHW
G:KHQWKHVXQLVULVLQJRUVHWWLQJ
:XGX
DQG6DODWH[SLDWHIRUVLQV)RUWKLVUHDVRQWKLV+DGLWKKDVEHHQPHQWLRQHGLQWKLVFKDSWHU
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWD'LYLQHODZLQUHVSHFWRI3URSKHWVZKLFKLVPHDQWWRGHWHU
SHRSOHIURPRSSRVLQJWKH3URSKHW3%8+DQGFRPPDQGVXVWRIROORZKLVIRRWVWHSVVRWKDWZHFDQ
EHQHILWIURPKLVLQWHUFHVVLRQRQWKH'D\RI5HVXUUHFWLRQ
&+$37(5
(;&(//(1&(2)*22'+23(6
$OODKWKH([DOWHGVD\V
$QGWKHPDQZKREHOLHYHGVDLGCDQGP\DIIDLU,OHDYHLWWR$OODK9HULO\$OODKLVWKH$OO
6HHURI+LVVODYHV
6R$OODKVDYHGKLPIURPWKHHYLOVWKDWWKH\SORWWHGDJDLQVWKLP
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHPHULWVRIH[SHFWLQJJRRGWUHDWPHQWRI$OODK%XWWKLVKDVWR
EHEDFNHGE\JRRGDFWLRQVLQWKHVDPHZD\DVRQHFDQKRSHIRUJRRGUHVXOWVDIWHUSORXJKLQJDQG
VRZLQJVHHGV,WLVREYLRXVWKDWRQHZKRDFFRPSOLVKHVJRRGGHHGVZLOOH[SHFWJRRGFRQVHTXHQFHVDQG
RQHZKRGRHVHYLOGHHGVZLOOH[SHFWHYLOFRQVHTXHQFHV$OODKZLOOWUHDWSHRSOHDFFRUGLQJWRWKHLU
H[SHFWDWLRQWKDWDUHIRXQGHGRQWKHLUDFWLRQVDQGWKHUHZDUGZLOOPDWFKWKHLUGHHGV
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDWRQHVKRXOGDOZD\VSHUIRUPJRRGGHHGVEHFDXVHQRRQH
NQRZVWKHWLPHRIKLVGHDWK$WWKHWLPHRIGHDWKRQHPXVWHQWHUWDLQKRSHIRU$OODK
V3DUGRQDQG0HUF\
ZKLFKFDQQRWEHSRVVLEOHZLWKRXWJRRGDFWLRQV7KXVWKLV+DGLWKFRQYH\VWKHVDPHPHDQLQJVRIWKH
IROORZLQJ$\DK
>$W7LUPLGKL@
&RPPHQWDU\
:KDWLWUHDOO\PHDQVLVWKDWLIVLQVRID0XVOLPFRPPLWWHGLQLJQRUDQFHDQGFDUHOHVVQHVVEHFRPHVR
QXPHURXVWKDWLQVWDFNVWRXFKWKHKHLJKWVRIVNLHVKHVKRXOGQRWORVHKRSHLQ$OODK
V0HUF\,IKH
UHSHQWVZKROHKHDUWHGO\IRUKLVVLQVPDNHVSHQLWHQFHIRUWKHPDQGEHJV$OODK
VIRUJLYHQHVVKHZLOO
FHUWDLQO\ILQG$OODK
V0HUF\RSHQIRUKLP
&+$37(5
&20%,1,1*+23($1')($5
2)$//$+
$OODKWKH([DOWHGVD\V
1RQHIHHOVVHFXUHIURPWKH3ODQRI$OODKH[FHSWWKHSHRSOHZKRDUHWKHORVHUV
&RPPHQWDU\
7KLV+DGLWKPHQWLRQVWKHWRUPHQWVZKLFKRQHZLOOKDYHWRVXIIHULQFRQVHTXHQFHRI'LYLQHZUDWK
7KHVHDUHGHVFULEHGWRHQDEOHDVLQQHUWRVDYHKLPVHOIIURPWKHP,WDOVRWHOOVDERXWWKHLQILQLWH0HUF\
RI$OODKVRWKDWRQHZLOODOZD\VEHKRSHIXORI
2QO\VXFKSHRSOHZLOOUHFHLYH$OODK
V*UDFHDQG0HUF\ZKRDUHREHGLHQWWR+LPZKLOHWKH
GLVREHGLHQWZLOOVXIIHUWKHFRQVHTXHQFHVRI+LV:UDWK
&RPPHQWDU\ -DQQDKLVFORVHWRKLPZKRDGRSWVWKHSDWKRIULJKWHRXVQHVVDQGKHFDQHDVLO\DWWDLQLW
,WVRSSRVLWHFDVHLVDOVRHTXDOO\WUXH+H LVFORVHWR+HOOZKRWDNHVWKHSDWKRIHYLO7KXVWKLV+DGLWK
KDVDQLQGXFHPHQWIRUYLUWXHDQGZDUQLQJDJDLQVWHYLO
&+$37(5
(;&(//(1&(2):((3,1*287
2))($5)520$//$+
$OODKWKH([DOWHGVD\V
$QGWKH\IDOOGRZQRQWKHLUIDFHVZHHSLQJDQGLWLQFUHDVHVWKHLUKXPLOLW\
'R\RXWKHQZRQGHUDWWKLVUHFLWDWLRQWKH4XU
DQ"$QG\RXODXJKDWLWDQGZHHSQRW
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWEHVLGHVWKHUHFLWDWLRQRIWKH1REOH4XU
DQD0XVOLPVKRXOG
DOVROLVWHQWRLWIURPRWKHUVVRWKDWKHFDQFRQWHPSODWHIXUWKHURQLW,WDOVRPDNHVRQHZHHSZKHQRQH
OLVWHQVWRWKH1REOH4XU
DQ
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGLQWKLVFKDSWHUIRUWKHUHDVRQWKDWLWIXUQLVKHVSRVLWLYH
SURRIRIWKHIDFWWKDWWKH&RPSDQLRQVRIWKH3URSKHW3%8+XVHGWRZHHSRXWRIIHDURI$OODKZKHQ
WKH\KHDUGVHUPRQVDQGSUHDFKLQJV,WLQGXFHVXVWRIROORZWKHP
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 2QH
ZKRZHHSVRXWRIIHDURI$OODKZLOOQRWHQWHUWKH+HOOWLOOPLONUHWXUQVEDFNLQWKHXGGHUDQGWKHGXVW
UDLVHGRQDFFRXQWRIILJKWLQJLQWKHSDWKRI$OODKDQGWKHVPRNHRI+HOOZLOOQHYHUH[LVWWRJHWKHU
>$W7LUPLGKL@
&RPPHQWDU\
$SHUVRQZKRKDVVXFKDIHDURI$OODKWKDWKHZHHSVRQDFFRXQWRILWFDQQRWEHGLVREHGLHQWWR$OODK
2EYLRXVO\KLVOLIHZLOOJHQHUDOO\EHVSHQWLQREHGLHQFHRI$OODKDQGVWULFWDEVWLQHQFHIURPVLQV,WLV
YHU\WUXHWRVD\WKDWLWLVDVLPSRVVLEOHIRUVXFKDSHUVRQWRJRWR+HOODVWKHUHWXUQRIPLONWRWKH
XGGHUV
6LPLODUO\-LKDGLVDKLJKO\PHULWRULRXVDFWIRUD0XVOLP$0XMDKLGZKRILJKWVIRUWKHVDNHRI
$OODKLVSHUIHFWO\VDIHIURP+HOOEHFDXVHWKHGXVWWKDWIDOOVRQWKLVZD\RQKLPFDQQRWPL[ZLWKWKH
VPRNHRI+HOO
0HVVHQJHURI$OODK3%8+
UHSOLHGLQWKHDIILUPDWLYH:KHUHXSRQ8ED\\0D\$OODKEHSOHDVHGZLWKKLPEHJDQWRZHHS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJ
7KHSHUPLVVLELOLW\RIFU\LQJRXWRIMR\ZKHQDFHUWDLQERXQW\KDVEHHQEHVWRZHGXSRQRQHDQGRXW
RIIHDUWKDWRQHIDLOVWRVKRZJUDWHIXOQHVVWRWKH%HVWRZHURIWKHERXQW\ LH$OODK
$VZHFDPHWRKHUVKH
ZHSW7KH\$EX%DNUDQGC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLGWRKHU :KDWPDNHV\RX
ZHHS"'R\RXQRWNQRZWKDWZKDW$OODKKDVLQVWRUHIRU+LV0HVVHQJHU3%8+LVEHWWHUWKDQWKLV
ZRUOGO\OLIH"
6KHVDLG ,ZHHSQRWEHFDXVH,DPLJQRUDQWRIWKHIDFWWKDWZKDWLVLQVWRUHIRU
0HVVHQJHURI$OODK3%8+LQWKH+HUHDIWHULVEHWWHUWKDQWKLVZRUOGEXW,ZHHSEHFDXVHWKH
5HYHODWLRQKDVFHDVHGWRFRPH
7KLVUHSO\PRYHGERWKRIWKHPWRWHDUVDQG WKH\EHJDQWRZHHSDORQJ
ZLWKKHU
>0XVOLP@
&RPPHQWDU\ +HUHWKLV+DGLWKKDVEHHQUHSURGXFHGWRIXUQLVKMXVWLILFDWLRQIRUZHHSLQJRQWKH
GHSDUWXUHRIYLUWXRXVSHRSOHEHFDXVHWKHLUSUHVHQFHLVDVRXUFHRIPDQ\EOHVVLQJV:LWKWKHLUGHSDUWXUH
IURPWKLVZRUOGSHRSOHDUHGHSULYHGRIPDQ\JUDFHV3LRXVSHRSOHDUHFHUWDLQO\YHU\PXFKJULHYHGRQ
WKHLUGHDWK
0HVVHQJHURI$OODK3%8+
UHSHDWHG $VNKLP$EX%DNUWROHDG6DODW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQRI$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHG
ZLWKKLP,WZDVEHFDXVHRIWKLVGLVWLQFWLRQWKDWWKH&RPSDQLRQVRIWKH3URSKHW3%8+VHOHFWHGKLP
DV.KDOLIDK FDOLSK DIWHUWKHGHDWKRIWKH3URSKHW3%8+2QWKLVRFFDVLRQC8PDU0D\$OODKEH
SOHDVHGZLWKKLPVDLG6KRXOGZHQRWOLNHKLPIRURXUZRUOGO\OLIHSROLWLFDOOHDGHUVKLSZKHQWKH
3URSKHW3%8+KDGFKRVHQKLPIRURXU'HHQ
7KHMXVWLILFDWLRQIRUZHHSLQJDWWKHWLPHRIWKHUHFLWDWLRQRI WKH1REOH4XU
DQ7KLVZDVDVSHFLDO
YLUWXHRI$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLPZKLFKZDVDPDUNRIKLVSHUIHFW)DLWK
2QWKLVKHEHJDQWRVREDQGOHIWWKHIRRGXQWRXFKHG
>$O%XNKDUL@
7KHVHFRQGSRLQWZKLFKWKLV+DGLWKEULQJVRXWLVWKHIHDUZKLFK$EGXU5DKPDQELQC$XI0D\$OODK
EHSOHDVHGZLWKKLPIHOWDWWKHDEXQGDQFHRIZHDOWKDQGSURSHUW\DOWKRXJKKHXVHGWRVSHQGKLVZHDOWK
DQGULFKHVLQWKHZD\RI$OODKDQG-LKDG7RGD\WKHRQO\SXUSRVHRIRXUZHDOWKLVWKDWZHZDVWHLW
HLWKHURQIRROLVKFXVWRPVDQGFHUHPRQLHVRIPDUULDJHRUFRQVWUXFWLRQRIEXLOGLQJVDQGWKHLUGHFRUDWLRQ
,WZDVWKLVDEXQGDQFHRIZHDOWKRIZKLFKWKH&RPSDQLRQVRIWKH3URSKHW3%8+ZHUHDIUDLG7KH
3URSKHW3%8+KDGKLPVHOIH[SUHVVHGJUHDWDQ[LHW\RYHULW
$EX8PDPDK6XGDL\ELQC$MODQ$O%DKLOL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH
3URSKHW3%8+VDLG 1RWKLQJLVGHDUHUWR$OODKWKDQWZRGURSVDQG WZRPDUNV$GURSRIWHDUVVKHG
RXWRIIHDURI$OODKDQGDGURSRIEORRGVKHGLQ$OODK
VZD\5HJDUGLQJWKHWZRPDUNVWKH\DUH0DUNV
OHIWLQWKH&DXVHRI$OODKDQGDPDUNOHIWLQREVHUYLQJRQHRIWKHREOLJDWRU\DFWRIZRUVKLSRI$OODKWKH
([DOWHG
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHPHULWVRIWKHIROORZLQJ
:HHSLQJRXWRIIHDURI$OODK
7KHEORRGZKLFKIORZVLQWKHZD\RI$OODK
7KHPDUNVRILQMXULHVZKLFKDUHOHIWRQWKHERGLHVRIWKRVHZKRWDNHSDUWLQ-LKDG
7KHPDUNVRIZRXQGVUHFHLYHGLQWKHSHUIRUPDQFHRIREOLJDWLRQV
7KH$KDGLWKRQWKHVXEMHFWDUHPDQ\
&RPPHQWDU\ (YHQLQWKHUHOHYDQWFKDSWHUWKHDXWKRUKDVRQO\JLYHQDUHIHUHQFHRIWKLV+DGLWKDQG
QRWLWVIXOOWH[W7KLVKDVKRZHYHUEHHQVWDWHGLQFKDSWHUEHDULQJWKHWLWOH2EVHUYLQJWKH6XQQDK
DQGWKHPDQQHUVRILWVREHGLHQFH
&+$37(5
(;&(//(1&(2)/($',1*
$1$6&(7,&/,)($1'
9,578(62)$6,03/(/,)(
$OODKWKH([DOWHGVD\V
.QRZWKDWWKHOLIHRIWKLVZRUOGLVRQO\SOD\DQGDPXVHPHQWSRPSDQGPXWXDOERDVWLQJDPRQJ
\RXDQGULYDOU\LQUHVSHFWRIZHDOWKDQGFKLOGUHQ,WLVDVWKHOLNHQHVVRIYHJHWDWLRQDIWHUUDLQ
WKHUHRIWKHJURZWKLVSOHDVLQJWRWKHWLOOHUDIWHUZDUGVLWGULHVXSDQG\RXVHHLWWXU
QLQJ\HOORZ
WKHQLWEHFRPHVVWUDZ%XWLQWKH+HUHDIWHUWKHUHLVDVHYHUHWRUPHQWIRUWKHGLVEHOLHYHUV
HYLOGRHUVDQGWKHUHLVIRUJLYHQHVVIURP$OODKDQG+LV*RRG3OHDVXUHIRUWKHEHOLHYHUV
JRRGGRHUV$QGWKHOLIHRIWKLVZRUOGLVRQO\DGHFHLYLQJHQMR\PHQW
%HDXWLILHGIRUPHQLVWKHORYHRIWKLQJVWKH\FRYHWZRPHQFKLOGUHQPXFKRIJROGDQGVLOYHU
ZHDOWKEUDQGHGEHDXWLIXOKRUVHVFDWWOHDQGZHOOWLOOHGODQG7KLVLVWKHSOHDVXUHRIWKHSUHVHQW
ZRUOG
VOLIHEXW$OODKKDVWKHH[FHOOHQWUHWXUQ-DQQDKZLWKIORZLQJULYHUVZLWK+LP
2PDQNLQG9HULO\WKH3URPLVHRI$OODKLVWUXH6ROHWQRWWKLVSUHVHQWOLIHGHFHLYH\RXDQGOHW
QRWWKHFKLHIGHFHLYHU6DWDQGHFHLYH\RXDERXW$OODK
$QGWKLVOLIHRIWKHZRUOGLVRQO\DPXVHPHQWDQGSOD\9HULO\WKHKRPHRIWKH+HUHDIWHULVWKH
UHDOOLIHLIWKH\EXWNQHZ
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWIURPWKHUHOLJLRXVDQJOHSRYHUW\RIDQLQGLYLGXDORU
QDWLRQLVQRWDVGDQJHURXVDVLWVDIIOXHQFH)RUWKLVUHDVRQWKH3URSKHW3%8+FDXWLRQHGKLV8PPDK
DJDLQVWWKHFRQVHTXHQFHVRIDEXQGDQFHRIZHDOWKDQGZDUQHGKLVIROORZHUVWRVDYHWKHPVHOYHVIURPLWV
HYLOV:HZLWQHVVWRGD\WKDWDOOKLVIHDUVKDYHFRPHWUXH7KHH[FHVVRIZHDOWKKDVPDGHWKHPDMRULW\
RIULFKH[WUHPHO\FDUHOHVVDERXWWKHLUUHOLJLRXVREOLJDWLRQV,WLV WKLVQHJOLJHQFHDQGHYDVLRQIURP
UHOLJLRQDERXWZKLFKWKH3URSKHW3%8+KDGH[SUHVVHGJUDYHIHDU
&RPPHQWDU\ 7KLV+DGLWKKDVDZDUQLQJIRUWKH0XVOLPVWKDWWKH\VKRXOGDGRSWWKHZD\RISLHW\DQG
IHDURI$OODKQRWRIVLQDQGLPSLHW\EHFDXVHWKRVHDUHDFWLRQVZKLFKZLOOJRZLWKKLPWRWKHJUDYH
DQGZKLFKGHFLGHKLVIDWHLQWKHOLIHDIWHUGHDWK,I KHFDUULHVZLWKKLPJRRGGHHGVKHZLOOKDYHD
FRPIRUWDEOHVRMRXUQLQ%DU]DNKWKHLQWHUYHQLQJVWDJHEHWZHHQGHDWKDQG5HVXUUHFWLRQ2QWKH
FRQWUDU\LIWKHUHFRUGRIKLVOLIHLVGHYRLGRIJRRGGHHGVDOOWKHZHDOWKWKDWKHOHDYHVEHKLQGHYHQLILW
LVEH\RQGFDOFXODWLRQZLOOEHRIQRDYDLOWRKLPEHFDXVHZKDWKHZLOOEHKDYLQJZLWKKLPZLOOEHWKH
EDGGHHGVZKLFKKHSHUIRUPHGGXULQJKLVOLIH7KHVHEDGGHHGVZLOOEHDFRQVWDQWVRXUFHRIWRUWXUHIRU
KLPGXULQJKLVVWD\LQ%DU]DNK
&RPPHQWDU\ 7KLV+DGLWKDOVRLQGXFHVRQHWRZRUNIRUWKHOLIHRIWKH+HUHDIWHUDVWKHDPHQLWLHVRI
WKLVZRUOGZKLFKRQHVWULYHVKDUGWRDWWDLQDQGIRUZKLFKRQHYLRODWHVWKHLQMXQFWLRQVRI6KDULCDKZLOO
EHIRUJRWWHQZLWKDJOLPSVHRIWKH+HOOILUH7KHUHIRUHWKHVHQVLEOHFRXUVHLVWKDWRQHVKRXOGDGRSWD
ZD\RIOLIHZKLFKLVIXOORIWUXHIDLWKDQGJRRGGHHGVVRWKDWRQHEHFRPHVHOLJLEOHIRUWKHHWHUQDO
EOHVVLQJVDQGMR\VRIWKHOLIHRIWKH+HUHDIWHU
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHYDOXHRIWKH+HUHDIWHUDQGLWVEOHVVLQJVFRPSDUHGWRWKHZRUOGO\
OLIH7KHSURSRUWLRQEHWZHHQWKHWZRLVWKDW WKHIRUPHULVOLNHDQRFHDQZKLOHWKHODWWHULVOLNHWKH
SURSRUWLRQRIZDWHUOHIWRQRQH
VILQJHUZKHQGLSSHGLQWKHVHD
&RPPHQWDU\ 7KLV+DGLWKDOVRVKRZVWKHIXWLOLW\RIWKLVZRUOGIRUZKLFKRQHVWUXJJOHVVRPDGO\
WKURXJKRXWKLVOLIH,WLVDOVRDQLQGLFDWLRQWKDWWKH3URSKHW3%8+XVHGWRVHL]HWKHULJKWRSSRUWXQLWLHV
WRJXLGHDQGWHDFKKLVIROORZHUV
,VDLG20HVVHQJHURI$OODKKHUH,DPUHVSRQGLQJWR\RX+HVDLG
,I,KDGDVPXFKJROGDVWKHZHLJKWRI8KXGLWZRXOGQRWSOHDVHPHWRKDYHDVLQJOHGLQDURXWRILW
ZLWKPHDIWHUWKHSDVVDJHRIWKUHHGD\VEXW,ZRXOGKROGEDFNVRPHWKLQJIRUWKHUHSD\PHQWRIDGHEW,
ZRXOGGLVWULEXWHLWDPRQJWKHVODYHVRI$OODKOLNHWKLVDQGOLNHWKLVDQGOLNHWKLV
$QGKH3%8+
SRLQWHGLQIURQWRIKLPDQGRQKLVULJKWVLGHDQGRQKLVOHIWVLGH:HWKHQZDONHGDOLWWOHIXUWKHUDQGKH
3%8+VDLG 7KHULFKZRXOGEHSRRURQWKH'D\RI 5HVXUUHFWLRQH[FHSWKHZKRVSHQWOLNHWKLVDQG
OLNHWKLVDQGOLNHWKLVDQGKHSRLQWHGDVKHGLGWKHILUVWWLPH%XWVXFKSHUVRQVDUHIHZ 7KHQKH
VDLG 6WD\ZKHUH\RXDUHWLOO,FRPHEDFNWR\RX +HWKH3URSKHW3%8+ZDONHGDKHDGDOLWWOH
IXUWKHULQWKHGDUNQHVVRIWKHQLJKWDQGGLVDSSHDUHGIURPP\VLJKW,KHDUGDORXGYRLFH,VDLGWR
P\VHOI7KH0HVVHQJHURI$OODKPLJKWKDYHPHWPLVKDSRUDQHQHP\ , ZLVKHG,FRXOGJRDIWHU
KLPEXW,UHPHPEHUHGKLVFRPPDQGLQJPHWRVWD\WLOOKHFDPHEDFN 6R, ZDLWHGIRUKLPDQGZKHQKH
FDPH,PDGHPHQWLRQRIZKDW,KDGKHDUG+HDVNHG 'LG\RXKHDULW",VDLG<HV7KHQKHVDLG
,WZDV-LEULO*DEULHOZKRFDPHWRPHDQGVDLGC+HZKRGLHVDPRQJ\RXU8PPDKZLWKRXWKDYLQJ
DVVRFLDWHGDQ\WKLQJZLWK$OODK LQZRUVKLSZLOOHQWHU-DQQDK
,VDLGC(YHQLIKHFRPPLWWHGLOOLFLW
VH[XDOLQWHUFRXUVHRUVWHDOV"
+H-LEULOVDLGC(YHQLIKHKDVFRPPLWWHGLOOLFLWVH[XDOLQWHUFRXUVHRU
VWHDOV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHODVWSRUWLRQRIWKLV+DGLWKPHDQVWKDWD0XVOLPKDYLQJILUPIDLWKLQWKH2QHQHVVRI
$OODKZLOOJRWR-DQQDKHYHQLIKHKDVFRPPLWWHGPDMRUVLQVLQKLVOLIH,I$OODKZLOOVKHZLOOEHVHQW
VWUDLJKWWR-DQQDKRUKHZLOOEHVHQWWKHUHDIWHUVXIIHULQJSXQLVKPHQWLQ+HOOIRUVRPHWLPH 6RPH
VFKRODUVKDYHDVVRFLDWHGWKLV+DGLWKZLWKVXFKSHUVRQVZKRPDNHUHSHQWDQFHDWWKHWLPHZKHQWKH\DUH
FORVHWRGHDWKDQGWKHQWKH\GRQRWJHWWLPHWRGRJRRGRUEDGGHHGV$OPLJKW\$OODKZLOOSDUGRQHYHQ
WKHLUPDMRUVLQVZLWKRXWJLYLQJWKHPDQ\SXQLVKPHQW
7KLV+DGLWKDOVRWHOOVXVWKDWLWLVSHUPLVVLEOHUDWKHUHVVHQWLDOWRUHVHUYHVRPHPRQH\IRUWKHSD\PHQW
RIORDQEHFDXVHLWVUHSD\PHQWLVIDUPRUHLPSRUWDQWWKDQJLYLQJ YROXQWDU\DOPV
>$O%XNKDULDQG0XVOLP@
7KLVLVWKHZRUGLQJLQ6DKLK0XVOLP7KHQDUUDWLRQLQ$O%XNKDULLV0HVVHQJHURI$OODK3%8+
VDLG :KHQRQHRI\RXORRNVDWVRPHRQHZKRLVVXSHULRUWRKLPLQSURSHUW\DQGDSSHDUDQFHKH
VKRXOGORRNDWVRPHRQHZKRLVLQIHULRUWRKLP
&RPPHQWDU\ %\ORRNLQJDWWKHZRUOGO\JRRGVDQGULFKHVRIRWKHUVDSHUVRQJUDGXDOO\EHFRPHV
XQWKDQNIXOIRUWKHEOHVVLQJVZKLFK$OODKKDVEHVWRZHGRQKLP7KHEHVWUHPHG\IRUWKLV GLVHDVH LV
WKDWZKLFKKDVEHHQSUHVFULEHGE\0HVVHQJHURI$OODK3%8+LQWKLV+DGLWK7KHUHPHG\LVWKDWRQH
VKRXOGORRNDWWKHSHRSOHZKRKDYHOHVVHUZRUOGO\JRRGVDQGULFKHVWKDQRQH
VRZQ,IDSHUVRQKDVD
VPDOOKRXVHRIKLVRZQZKLFKFDQSURWHFWKLPIURPWKHKDUVKQHVVRIZHDWKHUWKHQKHKDVQRQHHGWR
VHHHQYLRXVO\WRZDUGVVN\KLJKEXLOGLQJVDQGSDODWLDOKRXVHVRIRWKHUV+HVKRXOGORRNDWWKHKRPHOHVV
SHRSOHZKRVSHQGWKHLUQLJKWVRQIRRWSDWKVDQGOLYHLQKXWVZKLFKLQUDLQOHDNOLNHVLHYHDQGDUHVZHSW
DZD\E\DZDYHRIIORRG ZDWHUHWF%XWIURPDUHOLJLRXVDQJOHRQHVKRXOGVHHWRZDUGVWKRVHZKRDUH
PRUHIHDUIXORI$OODKDQGREVHUYHWKHLU6DODWPHWLFXORXVO\VRWKDWRQHEHFRPHVPRUHIRQGRIREHGLHQFH
RI$OODKKDVDJUHDWHUIHDURI+LPDQGGHYRWHVPRUHWLPHWRSUD\HUDQGGHYRWLRQ7KLVGLVSHQVDWLRQLV
DOVRJLYHQLQRWKHU$KDGLWK
&RPPHQWDU\ $VFRPSDUHGZLWKWKHSOHDVXUHVDQGOX[XULHVZKLFKDUHLQVWRUHIRUDWUXHEHOLHYHULQ
-DQQDKLQWKH+HUHDIWHUWKLVZRUOGLVDSULVRQDQGDJDLQVWWKHFHDVHOHVVWRUWXUHWKDWDZDLWVWKH.XIIDU
GLVEHOLHYHUV LQ+HOOWKLVZRUOGLVD-DQQDKIRUWKHP,WFDQDOVRPHDQWKDWWKHZD\D0XVOLPVDYHV
KLPVHOILQOLIHIURPOXVWVDQGGHVLUHVDQGOHDGVDSLRXVOLIHZLWKIHDURI$OODKWKLVZRUOGLVDSULVRQIRU
KLPEHFDXVHKHLVIHWWHUHGLQWKHFKDLQVRIUXOHVDQGUHJXODWLRQVZKLOHD.DILU GLVEHOLHYHU LVIUHHIURP
DOONLQGVRIUHVWULFWLRQVDQGLVFRPSOHWHO\JLYHQWROXVWVDQGGHVLUHVDQGWKLVLVKRZWKLVZRUOGLVD
-DQQDKIRUKLP7KHSXUSRVHRIWKLV+DGLWKLVWRLQGXFH0XVOLPVIRUWKHSUHSDUDWLRQRI$ODNKLUDK WKH
+HUHDIWHU DQGSUHYHQWWKHPIURPXQODZIXOOX[XULHVRIWKLVZRUOG
>,EQ0DMDK@
&RPPHQWDU\ =XKG
DVFHWLVP GRHVQRWPHDQUHQXQFLDWLRQRIWKHZRUOGDQGREOLJDWLRQVRIOLIH
:KDWLWUHDOO\PHDQVLVWKDWRQHVKRXOGEHFRQWHQWHGZLWKZKDWKHSRVVHVVDQGULGKLPVHOIRIJUHHG
,VODPQHLWKHUSHUPLWVUHQXQFLDWLRQRIWKHZRUOGQRUGRHVLWFRQGHPQJHQXLQHVWUXJJOHWRDFTXLUHZHDOWK
DQGULFKHV7KHUHIRUHLQYROYHPHQWLQZRUOGO\DIIDLUVDQGVWUXJJOHIRUODZIXOPHDQVRIOLYHOLKRRGDUH
QRWDJDLQVW=XKG$SHUVRQZKRLVFRQWHQWHGZLWKWKHODZIXOPHDQVRILQFRPHLVDGLVWLQJXLVKHGSHUVRQ
DVDOOKLVDFWLYLWLHVDUHH[DOWHGWRWKHOHYHORIZRUVKLS6LPLODUO\XQFRQFHUQZLWKWKHZHDOWKDQGULFKHV
RIRWKHUVDQGLJQRULQJWKHPLVDSDUWRI=XKGDQGFRQWHQWPHQW2QHDGGLWLRQDODGYDQWDJHRILWLVWKDW
VXFKDSHUVRQZLQVWKHORYHDQGUHVSHFWRIWKHSHRSOHEHFDXVHKHZKREHJVSHRSOHUDWKHUWKDQ$OODK
KDVWRVXIIHUGLVJUDFHDQGLVGLVOLNHGE\WKHSHRSOH7KHFDVHRIEHJJLQJIURP$OODKLVMXVWWKHRSSRVLWH
7KHPRUHDSHUVRQEHJV+LPWKHPRUHSOHDVHG+HZLOOEHZLWKKLP,QIDFW+HLVGLVSOHDVHGLI
VRPHRQHGRHVQRWEHJ+LP7KLVKDVEHHQH[TXLVLWHO\VWDWHGLQDQ$UDELFYHUVHWKHPHDQLQJRIZKLFK
LV
7KLV+DGLWKDOVRWHOOVXVWKDWLQVSLWHRIKLVSURIRXQGORYHIRUC$LVKDK0D\$OODKEHSOHDVHGZLWK
KLPWKH3URSKHW3%8+GLGQRWDFFRUGKHUDQ\SUHIHUHQWLDOWUHDWPHQW+HWUHDWHGDOOKLVZLYHV
HTXDOO\7KXVWKLV+DGLWKKDVDOHVVRQIRUC8ODPD
DQGWKHLUIDPLOLHVWKDWWKH\VKRXOGQRWORRNWRZDUGV
ZRUOGO\ULFKHVDQGWKHDPHQLWLHVHQMR\HGE\WKHPEXWNHHSLQYLHZWKHOLIHRIWKH3URSKHW3%8+DQG
KLVZLYHVDQGOHDUQWRNHHSWKHPVHOYHVFRQWHQWHGZLWKPLQLPXPLQFRPH
&RPPHQWDU\ %DQX$O0XVWDOLT%DWWOHWRRNSODFHLQWKH\HDU$+0HQDQGZRPHQZKRZHUH
PDGHFDSWLYHVLQLWLQFOXGHG-DZDLUL\DKDQGVKHFDPHWRWKHVKDUHRIWKH3URSKHW3%8+6KH
HPEUDFHG,VODPDQGWKH3URSKHW3%8+PDUULHGKHU:KHQWKH&RPSDQLRQVRIWKH3URSKHW3%8+
OHDUQWDERXWLWWKH\UHOHDVHGDOOWKHSULVRQHUVRI%DQX0XVWDOLTZKRZHUHDERXWRQHKXQGUHGLQ
FRQVLGHUDWLRQRIWKHLUEHLQJLQODZVRIWKH1REOH 3URSKHW3%8+
:HDSRQVKHUHPHDQVODQFHDQGVZRUGZKLOHODQGVLJQLILHVWKDWSRUWLRQRIODQGZKLFKWKH3URSKHW
3%8+KDGJRWDVKLVVKDUHIURP)DGDNDQG.KDLEDUDQG$O4XUD9DOOH\HWF+HJDYHLWLQ6DGDTDK
VD\LQJWKDWKHZDVIURPWKHFODVVRIWKH3URSKHWVRI$OODKZKRKDYHQRGHVFHQGDQWV:KDWHYHULVOHIW
E\WKHPLV6DGDTDK FKDULW\$WWKHWLPHRIKLVGHDWKWKH3URSKHW3%8+GLGQRWKDYHDQ\PDOHRU
IHPDOHVODYHZKRPKHKDGQRWVHWIUHH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWWKHZRUOGDQGLWVZHDOWKDQGULFKHVKDVQRVLJQLILFDQFH
WR$OODK7KXVLWVKRXOGQRWKDYHPXFKVLJQLILFDQFHWRWKHEHOLHYHUV,WVKRXOGEHFRQVLGHUHGDPHDQV
WRUHIRUPWKH$IWHUOLIHRUDSODFHRIWULDO
>$W7LUPLGKL@
&RPPHQWDU\
7KLV+DGLWKGRHVQRWPHDQWKDWWKLVZRUOGLVWRWDOO\FRQGHPQHG:KDWLWUHDOO\PHDQVLVWKDWVXFK
WKLQJVRIWKLVZRUOGDUHFXUVHGZKLFKWDNHDSHUVRQDZD\IURP$OODKDQGPDNHKLPFDUHOHVVDERXWKLV
REHGLHQFH7KXVDQ\WKLQJRIWKLVZRUOGFDQEHJRRGDQGHYLO)RULQVWDQFHZRUOGO\JRRGVDUH
DXVSLFLRXVLIRQHDFTXLUHVWKHPWKURXJKODZIXOPHDQVDQGVSHQGVWKHPLQDSHUPLVVLEOHPDQQHU
RWKHUZLVHWKH\DUHFRQGHPQDEOH6LPLODULVWKHFDVHRIRWKHUWKLQJVRIWKLVZRUOG
7KDWNQRZOHGJHLVJRRGZKLFKEULQJVRQHFORVHUWR$OODKDQGLVDVRXUFHRIEHQHILWIRUPDQNLQG
RWKHUZLVHLWLVDOVRFRQGHPQDEOH
7KLV+DGLWKDOVREULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQRIPHQRIOHDUQLQJHVSHFLDOO\VFKRODUVRI
UHOLJLRXVGLVFLSOLQHV
>$W7LUPLGKL@
WUDQVODWHGKHUHDV SURSHUW\
PHDQVODQGLQGXVWU\DJULFXOWXUHRU
EXVLQHVV2QHVKRXOGQRWEHVRHQJURVVHGLQWKHPWRWKHH[WHQWWKDWWKH\EHFRPHWKHVROHSXUSRVHRI
RQH
VOLIHDQGDOORQH
VHIIRUWVDUHH[KDXVWHGWRDFTXLUHWKHPWKXVIRUJHWWLQJDOODERXWWKH+HUHDIWHU7R
WKHH[WHQWRIRQH
VJHQXLQHQHHGVDQGVHOIVXIILFLHQF\ PDNLQJDQGPDLQWDLQLQJRISURSHUW\ODQG
LQGXVWU\DJULFXOWXUHDQGFRPPHUFHFRPHLQSHUPLVVLEOHDFWV1RQHRIWKHPLVIRUELGGHQSURYLGHGWKH
PHDQVHPSOR\HGIRUPDNLQJDQGPDLQWDLQLQJWKHPDUHIDLUDQGGRQRWGLVWUDFWRQH
VDWWHQWLRQIURP
$OODKDQGWKH+HUHDIWHU
:HVDLG
7KHWKDWFKKDGJRQHZHDNDQGZHDUHUHSDLULQJLW
>$EX'DZXG@
PHDQVDKXWRUDKRXVHZKLFKLVPDGHRIZRRGDQGUHHGEDPERR
DQGSODVWHUHGZLWKPXG7KH+DGLWKUHPLQGVXVWREHPLQGIXORIGHDWKDWDOOWLPHVDQGEHFHUWDLQWKDW
WKHUHLVQRWKLQJQHDUHUWRXVWKDQLW,WDOVRWHOOVXVWKDWZHVKRXOGQRWHQJDJHLQWKRVHZRUOGO\WKLQJV
ZKLFKDUHERXQGWRPDNHXVIRUJHWDERXWRXUDSSRLQWHGWHUPLQWKLVZRUOG
>$W7LUPLGKL@
PHDQVWULDO$Q\WKLQJZLWKZKLFKDSHUVRQLVWULHGLVD)LWQDKIRU
KLP)RUWKLVUHDVRQFKLOGUHQDQGSURSHUW\KDYHEHHQUHJDUGHG)LWQDKIRUPDQNLQGLQWKH1REOH4XU
DQ
7KLV+DGLWKVWURQJO\XUJHVWKH0XVOLP8PPDKWRH[HUFLVHPRGHUDWLRQLQWKHLUORYHIRUZRUOGO\JRRGV
DQGULFKHVRWKHUZLVHDOOWKHVHWKLQJVZKLFKDUH*LIWVRI$OODKFDQEHFRPHDVRXUFHRIZRHIXOWRUWXUH
IRUWKHP
>$W7LUPLGKL@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWLIDSHUVRQLVJLYHQZHDOWKKHVKRXOGVSHQGLWLQWKHZD\V
OLNHGE\$OODKEHFDXVHLWLVWKLV6DGDTDKZKLFKZLOOEHDYDOXDEOHWUHDVXUHLQWKH$IWHUOLIH:KDWHYHU
HOVHKHFRQVXPHVLQWKLVZRUOGZLOOILQLVKRUURWLQWKLVZRUOGDQGZLOOEHRIQRDYDLOLQ+HUHDIWHU
C$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$PDQFDPHWRWKH3URSKHW
3%8+DQGVDLG20HVVHQJHURI$OODK%\$OODK,ORYH\RX
7KHPDQUHSHDWHGWKULFH,VZHDUE\$OODKWKDW,ORYH\RX
>$W7LUPLGKL@
>$W7LUPLGKL@
&RPPHQWDU\ 7KHKDYRFSOD\HGE\ZHDOWKUDQNDQGSRVLWLRQZKLFKKDYHEHHQPHQWLRQHGLQWKLV
+DGLWKFDQEHVHHQHYHU\ZKHUHWRGD\(YHQVRPHC8ODPD
DQGVHOISURFODLPHGSLRXVPHQKDYHDFUD]H
IRUWKHVHWKLQJVDQGWKH\KDYHQRWEHHQDEOHWRVDYHWKHPVHOYHVIURPWKHUXLQFDXVHGE\LW0D\$OODK
VDYHXVIURPWKHVHHYLOV*UHHGIRUZHDOWKDQGIDPHDUHGRXEWOHVVGHWULPHQWDOWRUHOLJLRQDVSUHIHUHQFH
RIWKHOLIHRIWKHZRUOGRYHUUHOLJLRQLVH[SOLFLWLQVXFKDWULYLDOSXUVXLW
>$W7LUPLGKL@
>$W7LUPLGKL@
&RPPHQWDU\ $O)XTDUD
WKHSRRU PHDQVWKRVH)XTDUD
ZKRDUHSHUIHFWLQ)DLWK6XFKSHRSOHZLOO
JRWR-DQQDKILYHKXQGHUHG\HDUVEHIRUHWKHULFKEHFDXVHWKHODWWHUZLOOKDYHWRDFFRXQWIRUWKHLUZHDOWK
IURPZKHUHWKH\KDGJRWLWDQGKRZWKH\KDG VSHQWLWZKLOHWKHIRUPHUZLOOQRWEHDQVZHUDEOHIRUDQ\
VXFKWKLQJ
>$O%XNKDULDQG0XVOLP@
7KHUHDVRQZRPHQDUHWKHPDMRULW\LQ+HOOLVEHFDXVHWKH\DUHJLYHQWRWDXQWVDQGFXUVHVDQGDUH
XQJUDWHIXOWRWKHLUKXVEDQGV7KH+DGLWKXUJHVZRPHQWRWU\WRRYHUFRPHWKHVHVHULRXVGHIHFWVLQRUGHU
WREHVDYHGIURPWKH+HOOILUH
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG 7KHPRVW
WUXWKIXOVWDWHPHQWDSRHWKDVHYHUPDGHLVWKHVD\LQJRI/DELG(YHU\WKLQJEHVLGHV$OODKLVYDLQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKLV+DGLWKWKDWWRFRPSRVHUHFLWHDQGTXRWHJRRGYHUVHVDVHYLGHQFHLVSHUPLVVLEOH
7KH9HUVHRI/DELGTXRWHGLQWKLV+DGLWKLVWKHDVPHHIIHFWDVWKHYHUGLFWRIWKH1REOH4XU
DQ
7KLV9HUVHDFFHSWVWKHHOHUQLW\RIWKH$IWHUOLIHDQGWKHWUDQVLWRU\QDWXUHRIWKLVZRUOG
&+$37(5
(;&(//(1&(2)
6,03/(/,9,1*$1'%(,1*
&217(17:,7+/,77/(
$OODKWKH([DOWHGVD\V
6RKHZHQWIRUWKEHIRUHKLVSHRSOHLQKLVSRPS7KRVHZKRZHUHGHVLURXVRIWKHOLIHRIWKHZRUOG
VDLGC$KZRXOGWKDWZHKDGWKHOLNHRIZKDW4DUXQ.RUDKKDVEHHQJLYHQ9HULO\KHLVWKH
RZQHURIDJUHDWIRUWXQH
%XWWKRVHZKRKDGEHHQJLYHQUHOLJLRXVNQRZOHGJHVDLGC:RHWR\RX
7KHUHZDUGRI$OODKLQWKH+HUHDIWHULVEHWWHUIRUWKRVHZKREHOLHYHDQGGRULJKWHRXVJRRG
GHHGV
7KHQRQWKDW'D\\RXVKDOOEHDVNHGDERXWWKHGHOLJKWV\RXLQGXOJHGLQLQWKLVZRUOG
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHH[WUHPHSLHW\FRQWHQWPHQWDQGVLPSOLFLW\RIWKH3URSKHW
3%8+7KLVPRGHRIKLVOLIHFRQWLQXHGWRKLVODVWGD\VZKHQKHKDGVWDUWHGVWRULQJSURYLVLRQIRURQH
\HDUIRUWKHPDLQWHQDQFHRIKLVZLYHV%XWKHZRXOGDOZD\VGLVWULEXWHLWDPRQJWKHQHHG\VRPXFKVR
WKDWQRWKLQJZDVOHIWZLWKKLP7KXVWKHVWDWHPHQWRIWKHZLYHVRIWKH3URSKHW3%8+WKDWWKHIDPLO\
RI0XKDPPDG3%8+KDGQHYHUWDNHQEHOO\IXORIIRRGIRUWZRGD\VLVDEVROXWHO\WUXH,IWKH\KDGLW
RQRQHGD\WKH\GLGQRWKDYHLWRQWKHQH[WGD\7KLVLVKRZWKH\OLYHGWKHLUZKROHOLIHLQWKH
FRPSDQLRQVKLSRIWKH3URSKHW3%8+
C8UZDKIURPC$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHGWKDWVKHXVHGWRVD\WR8UZDK
0D\$OODKEHSOHDVHGZLWKKLP 2VRQRIP\VLVWHUE\$OODK,XVHGWRVHHWKHQHZPRRQWKHQWKH
QHZPRRQWKHQWKHQHZPRRQLHWKUHHPRRQVLQWZRPRQWKVDQGDILUHZDVQRWNLQGOHGLQWKHKRXVH
RI0HVVHQJHURI$OODK3%8+ ,C8UZDKVDLG 2P\DXQW ZKDWZHUH\RXUPHDQVRIVXVWHQDQFH"
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\
7KLV+DGLWKVKRZVKRZPXFKFDUHWKH&RPSDQLRQVRIWKH3URSKHW3%8+H[HUFLVHGLQIROORZLQJ
KLP7KH\ZRXOGHYHQHPXODWHKLPLQPDWWHUVLQZKLFKLWZDVQRWREOLJDWRU\XQGHUWKH6KDULCDKWR
IROORZKLP,WZDVLQIDFWWKHUHVXOWRIWKDWH[WUHPHORYHWKDWWKH\KDGIRUWKH3URSKHW3%8+7KH\
ZHUHQRWOLNHWKHSUHVHQWGD\ORYHUVRIWKH3URSKHW3%8+ZKRVHORYHGRHVQRWJREH\RQGOLSVHUYLFH
7KH\ZHUHKLVWUXHORYHUVDQGWKH\IROORZHGKLPIDLWKIXOO\
2QHVKRXOGUHIXVHWRSDUWLFLSDWHLQIHDVWVZKHUHH[WUDYDJDQFHLVGLVSOD\HGDVLVLQFRPPRQSUDFWLFH
WRGD\VRWKDWWKHHYLOWHQGHQF\RIH[WUDYDJDQFHDQGZDVWDJHLVGLVFRXUDJHG2QHZKRDYRLGVVXFK
SDUWLHVGRHVQRWUHIXVHLQYLWDWLRQVEXWUHVSHFWVWKHSULQFLSOHVDQGYDOXHVRI6KDULCDKZKLFKLVDKLJKO\
PHULWRULRXVDFW
6DPLWLVDQDQLPDOSUHSDUHGIRUIRRGE\UHPRYLQJLWVKDLUE\ERLOLQJZDWHUDQGWKHQURDVWHGZLWKRXW
EHLQJVNLQQHG7KLVW\SHRIIRRGLVSUHIHUUHGE\ZHDOWK\SHRSOH(GLWRU
V1RWH
+HUHSOLHG 0HVVHQJHURI
$OODK3%8+QHYHUVDZDVLHYH
+HZDVDVNHG +RZGLG\RXPDQDJHWRHDWEDUOH\EUHDGPDGHRI
XQVLHYHGIORXU"
+HVDLG
:HXVHGWRJURXQGLWDQGWKHQEOHZDZD\WKHKXVNDQGZKDWUHPDLQHGZH
NQHDGHGLQWRGRXJK
>$O%XNKDUL@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+ZHQWRXW
RIKLVKRXVHRQHGD\RURQHQLJKWDQGWKHUHKHPHW$EX%DNUDQGC8PDU0D\$OODKEHSOHDVHGZLWK
WKHPDOVR+H3%8+VDLG :KDWPDGH\RXOHDYH\RXUKRXVHVDWWKLVKRXU"
7KH\VDLG,WLVKXQJHU
20HVVHQJHURI$OODK
+HVDLG %\+LPLQ:KRVH+DQGVP\VRXOLVZKDWPDGH\RXOHDYHPDGH
PHDOVROHDYH VRFRPHDORQJ
$QGKHZHQWDORQJZLWKWKHPWRDPDQIURPWKH$QVDUEXWWKH\GLGQRW
ILQGKLPLQKLVKRXVH:KHQWKHZLIHRIWKDWPDQVDZWKH3URSKHWVKHVDLG<RXDUHPRVWZHOFRPH
0HVVHQJHURI$OODK3%8+VDLGWRKHU :KHUHLVVRDQGVR"
6KHVDLG+HZHQWWRIHWFKVRPHIUHVK
ZDWHUIRUXV
+HWKHQ
ZHQWRXWDQGEURXJKWWKHPDEXQFKRIGDWHIUXLWKDYLQJGDWHVVRPHVWLOOJUHHQVRPHULSHDQGVRPH
IXOO\ULSHDQGUHTXHVWHGWKHPWRHDWIURPLW+HWKHQWRRNKLVNQLIHWRVODXJKWHUDVKHHS0HVVHQJHU
RI$OODK3%8+VDLGWRKLP 'RQRWNLOODPLOFKVKHHS
6RKHVODXJKWHUHGDVKHHSIRUWKHP$IWHU
WKH\KDGHDWHQDQGGUXQNWRWKHLUILOO0HVVHQJHURI$OODK3%8+VDLGWR$EX%DNUDQGC8PDU0D\
$OODKEHSOHDVHGZLWKWKHP %\+LPLQ:KRVH+DQGP\VRXOLV\RXZLOOFHUWDLQO\EHTXHVWLRQHG
DERXWWKLVWUHDWRQWKH'D\RI5HVXUUHFWLRQ+XQJHUEURXJKW\RXRXWRI\RXUKRPHVDQG\RXGRQRW
UHWXUQWR\RXUKRPHVWLOO\RXKDYHEHHQEOHVVHGZLWKWKLVWUHDW
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKUHIHUVWRWKHSHULRGRIJUHDWKDUGVKLSWKURXJKZKLFKWKH3URSKHW3%8+DQGKLV
&RPSDQLRQVKDGSDVVHGDIWHU+LMUDK HPLJUDWLRQ
,WLVSHUPLVVLEOHIRURQHWRVHHNKHOSIURPVXFKIULHQGVDERXWZKRPRQHLVFRQILGHQWWKDWWKH\ZLOOEH
KDSS\WRKHOS
7KH+DGLWKHQMRLQVXVWRUHVSHFWRXUJXHVWVDQGWRWKDQN$OODKRQWKHLUYLVLW
.KDOLGELQC8PDU$OC$GDZLUHSRUWHGC8WEDKELQ*KD]ZDQWKHJRYHUQRURI%DVUDKGHOLYHUHGD
.KXWEDK+HSUDLVHG$OODKJORULILHG+LPWKHQVDLG $PPDECDGXYHULO\WKHZRUOGKDVEHHQJLYHQ
WKHQHZVRILWVHQGDQGLVUXQQLQJWRPHHWLWVHQGVZLIWO\1RWKLQJLVOHIWRXWRILWEXWDYHU\OLWWOH
DPRXQW6LPLODUWRWKHUHPDLQGHULQDGLVKZKRVHRZQHULVFROOHFWLQJLWWRGULQNDQG\RXDUHJRLQJWR
PRYHWRDQDERGHZKLFKNQRZVQRHQGDQG\RXVKRXOGSURFHHGWKHUHZLWKWKHJRRGEHIRUH\RXIRUZH
KDYHEHHQLQIRUPHGE\WKH3URSKHW3%8+WKDWDVWRQHZRXOGEHWKURZQDWRQHVLGHRIWKH+HOODQG
LWZRXOGWUDYHOGRZQIRUVHYHQW\\HDUVEXWZRXOGQRWUHDFKLWVERWWRP%\$OODKLWZLOOEHILOOHGZLWK
PHQDQGMLQQ'R\RXILQGLWVWUDQJH":HKDYH EHHQLQIRUPHGLHE\WKH3URSKHW3%8+WKDWWKH
GLVWDQFHEHWZHHQWZRVKXWWHUVRIWKHJDWHRI-DQQDKLVIRUW\\HDUVGLVWDQFH$QGDGD\ZRXOGFRPH
ZKHQLWZRXOGEHIXOO\SDFNHG,ZDVWKHVHYHQWKDPRQJVWWKHVHYHQZKRKDGEHHQZLWK0HVVHQJHURI
$OODK3%8+DQGZHKDGQRWKLQJWRHDWEXWWKHOHDYHVRIWKHWUHHXQWLOWKHVLGHVRIRXUPRXWKZHUH
LQMXUHG:HIRXQGDVKHHWZKLFKZHWRUHLQWRWZRDQGGLYLGHGEHWZHHQP\VHOIDQG6DCGELQ0DOLN,
PDGHWKHORZHUJDUPHQWZLWKKDOIRILWDQGVRGLG6DCG7RGD\WKHUHLVQRQHDPRQJVWXVZKRKDVQRW
EHFRPHWKHJRYHUQRURIDFLW\DQG,VHHNUHIXJHZLWK$OODKWKDW,VKRXOGFRQVLGHUP\VHOIJUHDWZKLOH,
DPLQVLJQLILFDQWWR$OODK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVWKHIROORZLQJSRLQWVLQWRSURPLQHQFH
'HVFULSWLRQRIWKHIDVWGHFOLQHRIWKHZRUOGDQGLWVWUHQGWRZDUGVGHVWUXFWLRQ
'HVFULSWLRQRIWKHYDVWQHVVRI-DQQDKDQG+HOO
&RPPHQWDU\
7KLV+DGLWKRIIHUVMXVWLILFDWLRQIRUHQXPHUDWLQJWKH%OHVVLQJVRI$OODKDQGWKHKDUGVKLSVZKLFKRQH
PD\KDYHVXIIHUHGLQRQH
VSDVWOLIHSURYLGHGRQHGRHVQRWPHQWLRQWKHODWWHUE\ZD\RIFRPSODLQW
:KDWLWDFWXDOO\PHDQVLVWKHVFDUFLW\RIIRRG7KH\GLGQRWKDYHIRRGVWXIIZKLFKFRXOGODVWWLOOWKHHQG
RIWKHZDUQRUKDGWKH\DQ\V\VWHPIRULWVVXSSO\DFFRUGLQJWRWKHUHTXLUHPHQWVZLWKWKHUHVXOWWKDW
WKH\VRPHWLPHVKDGWROLYHRQWKHWUHHOHDYHV
>$O%XNKDULDQG0XVOLP@
+HVDLG )ROORZPH
6R,IROORZHGKLP+DYLQJ
DUULYHGDWKRPHKHVRXJKWSHUPLVVLRQDQGHQWHUHG+HDOORZHGPHLQDQG,WRRHQWHUHG+HIRXQG
PLONLQDERZODQGDVNHG :KHUHLVWKLVIURP"
+HZDVWROGWKDWLWZDVDJLIWIRUKLPIURPVRDQGVR
+HFDOOHGPHDQG,UHVSRQGHG$W\RXUVHUYLFH20HVVHQJHURI$OODK
+HVDLG *RWRWKHSHRSOHRI
$V6XIIDKDQGXVKHUWKHPLQ
$VWKHUHZDVQRDOWHUQDWLYHEXWWRREH\$OODKDQG+LV
0HVVHQJHU3%8+,ZHQWDQGFDOOHGWKHP7KH\FDPHDQG VRXJKWSHUPLVVLRQZKLFKZDVJUDQWHG
7KH\WRRNWKHLUVHDWV7KH3URSKHW3%8+FDOOHGPHDQG,UHVSRQGHG$W\RXUVHUYLFH20HVVHQJHU
RI$OODK
+HWKHQVDLG 7DNHWKHPLONDQGJLYHLWWRWKHP
,WRRNWKHERZODQGJDYHLWWRRQHPDQ
ZKRGUDQNKLVILOODQGUHWXUQHGLWWRPHDQG,JDYHLWWRWKHQH[WDQGKHGLGWKHVDPH,ZHQWRQGRLQJ
WKLVWLOOWKHERZOUHDFKHG0HVVHQJHURI$OODK3%8+%\WKDWWLPHDOOKDGWDNHQWKHLUILOO+H3%8+
WRRNWKHERZOSXWLWRQKLVKDQGORRNHGDWPHVPLOHGDQGVDLG $EX+LUU
,VDLG$W\RXUVHUYLFH2
0HVVHQJHURI$OODK
+HVDLG 1RZ\RXDQG,DUHOHIW
,VDLG7KDWLVWUXH20HVVHQJHURI$OODK
+HVDLG 6LWGRZQDQGGULQN
,GUDQNEXWKHZHQWRQVD\LQJ 'ULQNVRPHPRUH
,VDLG%\+LP
:KRKDVVHQW\RXZLWKWKH7UXWK,KDYHQRURRPIRULW
+HVDLG 7KHQJLYHLWWRPH
6R,JDYHKLP
WKHERZO+HSUDLVHG$OODKXWWHUHGWKH1DPHRI$OODKDQGGUDQNWKHUHPDLQGHU
>$O%XNKDUL@
>$O%XNKDUL@
&RPPHQWDU\ 7KH+DGLWKWKURZVOLJKWRQWKHSRYHUW\RIWKH&RPSDQLRQVDVZHOODVWKHLUVHOIUHVSHFW
SDWLHQFHDQGFRQWHQWPHQWZKLFKSUHYHQWHGWKHPIURPEHJJLQJSHRSOH
>$O%XNKDUL@
&RPPHQWDU\ 7KH3URSKHWLFPRGHORIDVLPSOHZD\RIOLYLQJSLFWXUHGLQWKHVH$KDGLWKLVYDVWO\
GLIIHUHQWIURPWRGD\
VOX[XULRXVOLIHVW\OHDGRSWHGE\0XVOLPV0D\WKH\DGRSWWKHVLPSOLFLW\RIWKHLU
3URSKHW3%8+
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG:HZHUHRQFHVLWWLQJLQWKHFRPSDQ\RI
0HVVHQJHURI$OODK3%8+ZKHQDPDQIURPWKH$QVDUFDPHDQGJUHHWHG$VKHZDVOHDYLQJ
0HVVHQJHURI$OODK3%8+VDLGWRKLP 2EURWKHURIWKH$QVDUKRZLV P\EURWKHU6DCGELQ
C8EDGDK"
+HUHSOLHG+HLVZHOO
+DYLQJVDLGWKLVKHJRWXSDQGZHIROORZHGKLP:HZHUHWHQDQGRGGLQQXPEHUDQGZH
KDGQHLWKHUVKRHVQRUOLJKWERRWVQRUFDSVQRUVKLUWV:HZDONHGRQIRRWWKURXJKWKHEDUUHQSODLQWLOOZH
FDPHWRWKHUHVLGHQFHRI6DCG0D\$OODKEHSOHDVHGZLWKKLP+LVSHRSOHPDGHZD\DQG0HVVHQJHU
RI$OODK3%8+DORQJZLWKWKRVHZKRDFFRPSDQLHGKLPZHQWXSWRKLP
>0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKHGHVFULSWLRQZKLFKWKH&RPSDQLRQVPDGHDERXWWKHLUFRQGLWLRQ
UHIOHFWVLWVUHOHYDQFHZLWKWKLVFKDSWHU6HFRQGZHFRPHWRNQRZWKDWWKH3URSKHW3%8+FDOOHG6DCG
0D\$OODKEHSOHDVHGZLWKKLPDVKLVEURWKHU7KLVVKRZVKLVSHUIHFWKXPEOHQHVVDQGJUHDWFDUHIRU
KLV&RPSDQLRQV7KLUGLIWKHKRXVHLVVPDOOWKHKRVWLVSUHVXPHGWRPDNHDUUDQJHPHQWZLWKLQWKH
QDUURZVSDFHWRDFFRPPRGDWHWKHYLVLWRUVVRWKDWWKH\PD\VLWEHVLGHWKHSDWLHQWIRUDZKLOHDQG
HQTXLUHDERXWKLVKHDOWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKUHHHUDVKDYHEHHQFDOOHGDVWKHEHVWRIDJHVLQDJUDGHGRUGHUILUVWWKH
3URSKHWLFHUDVHFRQGWKH6XFFHVVRUV
HUDDQGWKLUGWKH)ROORZHUVRIWKH6XFFHVVRUV
HUD*RRGQHVV
DQGUHOLJLRQFROOHFWLYHO\SUHYDLOHGGXULQJWKLVWLPH7KHQJUDGXDOO\WKHUHZDVDQRYHUDOOGHWHULRUDWLRQ
DQGHYHU\QHZHUDWKDWWKHSDVVRIWLPHEURXJKWLWSURYHGWREHZRUVHWKDQWKHSUHFHGLQJRQH7RGD\
V
0XVOLPVKDYHIDOOHQGXHWRWKHLUZHDNQHVVLQFKDUDFWHU1RZWKHPDMRULW\RI0XVOLPVODFNPRUDOVDQG
EHOLHIDVGHVFULEHGLQWKH4XU
DQDQGWKH+DGLWK7KHFRPSODLQWLVWREHORGJHGRQO\ZLWK$OODK
>$W7LUPLGKL@
&RPPHQWDU\ 7KH0XVOLPVKDYHEHHQDOORZHGUDWKHUHPSKDWLFDOO\WROGDQGFRPPDQGHGWRSRVVHVV
DVPXFKZHDOWKDVFRXOGPHHWWKHLUSHUVRQDODQGIDPLO\QHHGV<HWWKH\KDYHDOVREHHQDGYLVHGWR
VSHQGWKHVSDUHPRQH\RQWKHQHHG\0DQKDVEHHQWROGWKDWLWLVXQZLVHRQKLVSDUWWREHQLJJDUGO\
DERXWPRQH\EHFDXVHLWVSDZQVXQIDYRXUDEOHUHVXOWVLQWKLVZRUOGDVZHOODVLQWKH+HUHDIWHU7KH
FRQFHQWUDWLRQRIZHDOWKZLWKLQDIHZKDQGVIUHH]HVLWVYLWDOLW\DQGOHDGVWRFRUUXSWLRQLQVRFLHW\$VIRU
WKH+HUHDIWHUWKHUHVXOWRIVWLQJLQHVVZLOOEHGHILQLWHO\EDGDVWKH4XU
DQVD\V
7KHWKLQJVZKLFKWKH\FRYHWRXVO\ZLWKKHOGVKDOOEHWLHGWRWKHLUQHFNVOLNHDFROODURQWKH'D\RI
5HVXUUHFWLRQ
6RPHC8ODPD
DUHRIWKHRSLQLRQWKDWDIWHUWKHSD\PHQWRIWKHDQQXDO=DNDW SRRUGXHLWLVQRW
QHFHVVDU\WRVSHQGPRUH%XWWREHDFFXUDWHLIVRPHERG\SD\V=DNDWDQG\HWUHWDLQVHQRXJKPRQH\
ZLWKKLPDQGWKHUHDUHVRPHQHHG\SHRSOHDOVRLQKLVNQRZOHGJHWKHQKHZLOOEHERXQGWRVSHQGRQ
WKHP$W7LUPLGKLTXRWHGD+DGLWKLQZKLFK0HVVHQJHURI$OODK3%8+VDLG ,QGHHGWKHUHLVDULJKW
IRUSRRULQWKHZHDOWKLQDGGLWLRQWR=DNDW
>$W7LUPLGKL@
&RPPHQWDU\ 7RKDYHRQHGD\IRRGDQGWRHQMR\SHDFHDQGKHDOWKLVLQGHHGDJUHDWEOHVVLQJ,WPD\
EHVDLGWKDWRQHKDVWKHVDPHVDWLVIDFWLRQZKLFKRQHFDQKDYHRQJHWWLQJWKHZKROHZRUOG$QGLIRQH
ODFNVSHDFHDQGKHDOWKWKHWUHDVXUHVRIWKHZKROHZRUOGZLOOEHRIQRXVHEHFDXVHWKHKHDSVRIZHDOWK
FDQQRWSURYLGHSHDFHRIPLQGWRRQHQRUFDQLWPDNHRQHHQMR\VRXQGKHDOWK7KH+DGLWKDOVRLPSOLHV
DQDGYLFHWRPDQWKDWLQVWHDGRIUXQQLQJDIWHUZHDOWKKHVKRXOGHQGHDYRXUWRVHHNSDWLHQFHDQG
FRQWHQWPHQWZKLFKDORQHFDQJXDUDQWHHKLPSHDFHDQGVDWLVIDFWLRQ2WKHUZLVHKHLVOLNHO\WRVWDNH
HYHU\WKLQJRQWKHSXUVXLWRIWKLVPLUDJH
>0XVOLP@
&RPPHQWDU\ 7KHUHDOVXFFHVVRIDPDQZLOOEHPHDVXUHGE\KLVEHLQJEOHVVHGZLWK'LYLQHPHUF\
DQGIRUJLYHQHVVLQWKH+HUHDIWHUDQGWKLVLVFRQWLQJHQWRQ,VODPDORQH,IKHODFNVWKHZHDOWKRI,VODP
DOOWKHZRUOGO\SRVVHVVLRQVZLOOQRWHQVXUHKLVVXFFHVVLQWKHQH[WZRUOG7KLV+DGLWKWHOOVXVWKDW
ULFKQHVVLVQRWWREHGHILQHGLQWHUPVRIDORWRIEHORQJLQJVDQGWKDWWKHUHDOULFKQHVVLVJDXJHGE\WKH
FRQWHQWPHQWRIWKHVRXO
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKDOVRGLVSOD\VWKHDVFHWLFLVPDQGHFRQRPLFVFDQWLQHVVRIWKH3URSKHW
3%8+DQGKLVZLYHV
>$W7LUPLGKL@
&RPPHQWDU\ 7KHKDELWRIPDLQWDLQLQJVHOIUHVSHFWLQWKHSHULRGRIVWXGHQWVKLSPDNHVPDQVHOI
UHVSHFWLQJSDWLHQWDQGFRQWHQWWKURXJKRXWKLVOLIH7KHGLJQLW\RIC8ODPD
OLHVLQSDWLHQFHFRQWHQWPHQW
DQGLQGLIIHUHQFHDQGQRWLQZLVKLQJWRGUDLQWKHSXUVHVRIRWKHUVDQGDVNLQJWKHPIRUDOPV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKGLVVXDGHVXVIURPRYHUHDWLQJDVWKLVFDXVHVOD]LQHVVDQGDIIHFWVRQH
V
KHDOWK
$EX8PDPDKELQ7KDCODEDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH&RPSDQLRQVRI
0HVVHQJHURI$OODK3%8+PHQWLRQHGWKHOLIHRIWKHZRUOGEHIRUHKLP+H3%8+VDLG 'R\RXQRW
KHDU"'R\RXQRWKHDU"6LPSOLFLW\LQOLIHLVSDUWRI)DLWKVLPSOLFLW\LVSDUWRI)DLWK
>$EX'DZXG@
+HVDLG:HVXFNHGWKDWMXVWOLNHDEDE\DQGWKHQGUDQNZDWHU
RYHUWKDWDQGLWZDVVXIILFLHQWIRUXVIRUWKHGD\XQWLOQLJKW:HEHDWRIIOHDYHVZLWKWKHKHOSRIRXU
VWLFNVWKHQGUHQFKHGWKHPZLWKZDWHUDQGDWHWKHP:HWKHQZHQWWRWKHVHDVLGHZKHQWKHUHDSSHDUHG
EHIRUHXVVRPHWKLQJOLNHDELJPRXQG:HFDPHQHDULWDQGZHIRXQGWKDWLWZDVDEHDVWFDOOHG$O
$QEDU$EX
8EDLGDK0D\$OODKEHSOHDVHGZLWKKLPVDLG,WLVGHDGVRLWXVHOHVVIRUXV
+HWKHQ
VDLG1REXWLWGRHVQRWPDWWHUZHKDYHEHHQVHQWE\0HVVHQJHURI$OODK3%8+LQWKHZD\RI
$OODKDQG\RXDUHKDUGSUHVVHGRQDFFRXQWRIWKHVFDUFLW\RIIRRGVR\RXFDQHDWWKDW
:HWKUHH
KXQGUHGLQQXPEHUVWD\HGWKHUHIRUDPRQWKXQWLOZHIDWWHQHGXSKDYLQJSOHQW\WRHDWRIWKDWILVK+H
-DELUVDLG,VDZKRZZHH[WUDFWHGSLWFKHUDIWHUSLWFKHUIXOORIIDWIURPWKHFDYLW\RILWVH\HDQGVOLFHG
IURPLWFRPSDFWSLHFHRIPHDWHTXDOWRDEXOORUDOPRVWOLNHDEXOO$EX
8EDLGDK0D\$OODKEH
SOHDVHGZLWKKLPFDOOHGWKLUWHHQPHQIURPXVDQGKHPDGHWKHPVLWLQWKHFDYLW\RILWVH\HDQGKHKHOG
RQHRILWVULEVDQGUDLVHGLWHUHFWDQGWKHQVDGGOHGWKHELJJHVWRIWKHFDPHOVZHKDGZLWKXVDQGLW
SDVVHGWKURXJKLWWKHDUFKHGULEDQGZHFDUULHGODUJHSLHFHVRIPHDWIRUXVHLQRXUMRXUQH\:KHQZH
FDPHEDFNWR$O0DGLQDKZHZHQWWR 0HVVHQJHURI$OODK3%8+DQGWROGKLPDERXWWKDWZKHUHXSRQ
KHVDLG 7KDWZDVDVXVWHQDQFH$OODKKDGEURXJKWIRUWKIRU\RX'R\RXKDYHDQ\SLHFHRIPHDWOHIW
ZLWK\RXIRUXVWRHDW
&RPPHQWDU\ 7KLV+DGLWKDOVRSRLQWVWRWKHHFRQRPLFSLQFKIURPZKLFKWKH&RPSDQLRQVVXIIHUHGLQ
WKHHDUO\SKDVHRI,VODP7KH\EUDYHGLWSDWLHQWO\6HFRQGO\7KHEOHVVLQJFDPHWRWKHPLQWKHVHQVH
WKDWHDFKRQHRIWKHPZDVSDWLHQWHQRXJKWROLYHRQDVLQJOHGDWHIUXLWDQGZDWHULQWZHQW\IRXUKRXUV
7KLUGO\LWHPSKDVL]HVWKDWDFFRUGLQJWRWKHFLUFXPVWDQFHVWKHUHLVDOZD\VURRPIRU,MWLKDG
LQGHSHQGHQWMXULVWLFUHDVRQLQJ)LUVW$EX
8EDLGDK0D\$OODKEHSOHDVHGZLWKKLPKHVLWDWHGEXW
ODWHUKHHVWDEOLVKHGDGLIIHUHQWRSLQLRQRQWKHEDVLVRIKLV,MWLKDGDQGGHFLGHGWRXVHWKHERG\RIWKH
JLDQWILVKDVIRRG)RXUWKO\LWSURYLGHVXVDSURRIRIWKHVDFULILFHRIWKH&RPSDQLRQVWKDW$OODK
PLUDFXORXVO\JUDQWHGWKHPVXFKDKXJHVHDILVKWKDWDJURXSRIWKUHHKXQGUHGSHRSOHNHSWHDWLQJIRU
RQHPRQWK)LIWKO\LWWHOOVXVWKDWDVHDFDUULRQLVDODZIXOIRRGDVLQGLFDWHGLQDQRWKHU+DGLWK7KH
ZDWHURIWKHVHDDQGLWVFDUULRQDUHERWK+DODO
6L[WKO\WKLVSDUWLFXODUILVKOLNHWKHZKDOHLVDJLJDQWLF
SKHQRPHQRQZKLFKLVQRUPDOO\DERXWIHHWORQJ
$VPD
ELQW<D]LG0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 7KHVOHHYHVRIWKHVKLUWRI
0HVVHQJHURI$OODK3%8+UHDFKHGKLVZULVWV
>$W7LUPLGKL@
&RPPHQWDU\ :HDULQJORQJFORWKHVLVFRPPRQO\NQRZQWREHDVLJQRIDUURJDQFH0RUHRYHUVXFK
W\SHRIGUHVVUHWUHDGVSK\VLFDOPRYHPHQWZKHUHDVVKRUWFORWKHVFDXVHLQFRQYHQLHQFHWRWKHZHDUHULQ
VXPPHUDQGZLQWHU0RGHUDWLRQWKHUHIRUHLVWKHEHVWZD\DQGWKHUHIRUHWKH3URSKHWLFH[DPSOH
+H
VWRRGXSDQGLWZDVQRWLFHGWKDWKHKDGWLHGDVWRQHRYHUKLVVWRPDFKGXHWRLQWHQVHKXQJHU:HKDGQRW
WDVWHGDQ\WKLQJIRUWKUHHGD\V+HWRRNXSDVSDGHDQGVWUXFNWKHKDUGURFNZLWKLWDQGLWWXUQHGLQWR
VDQG,VRXJKWKLVSHUPLVVLRQWRJRKRPHDIWHUUHDFKLQJKRPH,VDLGWRP\ZLIH,KDYHVHHQWKH
3URSKHW3%8+LQDVWDWHWKDW,DPXQDEOHWRHQGXUH+DYH\RXJRWDQ\WKLQJLQWKHKRXVH"
6KHVDLG
,KDYHDVPDOOTXDQWLW\RIEDUOH\DQGDODPE
,VODXJKWHUHGWKHODPEJURXQGWKHEDUOH\DQGSXWWKH
PHDWLQWKHFRRNLQJSRW7KHQ,ZHQWWRWKH3URSKHW3%8+,QWKHPHDQWLPHWKHIORXUKDGEHHQ
NQHDGHGDQGWKHPHDWLQWKHSRWZDVQHDUO\FRRNHG,VDLGWRKLP20HVVHQJHURI $OODK,KDYHVRPH
IRRGZLOO\RXFRPHDORQJZLWKRQHRUWZR&RPSDQLRQV"
+HDVNHG +RZPDQ\PHQVKRXOGJR
WKHUH"
,WROGKLPWKHQXPEHU+HVDLG ,WZLOOEHEHWWHULIWKH\DUHPRUHLQQXPEHU7HOO\RXUZLIHQRW
WRUHPRYHWKHSRWIURPWKHKHDUWKQRUWKHEUHDGIURPWKHRYHQWLOO,DUULYH
7KHQKHVDLGWRWKH
0XKDMLUXQDQGWKH$QVDU /HWXVJRWRHDW
,UHSOLHGLQWKHDIILUPDWLYH:KHQWKH\DUULYHG
0HVVHQJHURI$OODK3%8+VDLGWRKLV&RPSDQLRQV (QWHUEXWGRQRWFURZGLQ
7KHQKHVWDUWHG
EUHDNLQJXSWKHEUHDGDQGSXWWLQJPHDWRQLW+HZRXOGWDNHIURP WKHSRWDQGWKHRYHQWKHQZRXOG
FRYHUWKHPXSDSSURDFKKLV&RPSDQLRQVDQGKDQGLWRYHUWRWKHP+HZRXOGWKHQJREDFNDQG
XQFRYHUWKHSRWDQGWKHRYHQ+HFRQWLQXHGWREUHDNXSWKHEUHDGDQGSXWPHDWRQLWWLOODOOKDGHDWHQWR
WKHLUILOODQGVWLOOVRPHRIWKHIRRGUHPDLQHG7KHQKHVDLGWRP\ZLIH (DWIURPLWDQGVHQGLWDVD
SUHVHQWIRUWKHSHRSOHKDYHEHHQDIIOLFWHGZLWKVHYHUHKXQJHU
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQLV-DELUVDLG:KHQWKHWUHQFKZDVEHLQJGXJ,QRWLFHGWKHVLJQVRIKXQJHURQWKH
IDFHRIWKH3URSKHW3%8+,UHWXUQHGWRP\ZLIHDQGVDLGWRKHU+DYH\RXJRWDQ\WKLQJLQWKH
KRXVH",KDYHVHHQWKHVLJQVRIVHYHUHKXQJHURQWKHIDFHRI0HVVHQJHURI$OODK3%8+
6KHEURXJKW
RXWDEDJZKLFKFRQWDLQHGD6DCDPHDVXUHWKDWHTXDOVDSSUR[LPDWHO\NJRIEDUOH\:HKDGDODPE
ZKLFKZDVUHDUHGLQWKHKRPH,VODXJKWHUHGWKHODPEDQGVKHJURXQGWKHIORXUIRUEDNLQJEUHDG,WKHQ
FXWWKHPHDWDQGSXWLWLQWKHFRRNLQJSRW:KHQ,ZDVUHWXUQLQJWR0HVVHQJHURI$OODK3%8+ P\
ZLIHVDLGWRPH'RQRWHPEDUDVVPHEHIRUH0HVVHQJHURI$OODK3%8+DQGKLV&RPSDQLRQV
6KH
VDLGWKLVEHFDXVHVKHWKRXJKWWKDWWKHIRRGZRXOGQRWEHHQRXJKIRUHYHU\RQHIRUKRZFDQYHU\OLWWOH
IRRGFDWHUIRUDWKRXVDQGSHRSOH":KHQ,FDPHWRKLP,VDLGWRKLPLQDORZWRQH20HVVHQJHURI
$OODK3%8+ZHKDYHVODXJKWHUHGDVPDOOODPEDQGKDYHJURXQGD6DCRIEDUOH\3OHDVHDFFRPSDQ\
PHZLWKDIHZRI\RXU&RPSDQLRQV
$QGDGGUHVVLQJPHKHVDLG
'RQRWWDNHWKHSRWRIIWKHILUHQRUEDNHWKHNQHDGHGIORXUWLOO,DUULYH
6R,FDPHKRPHDQGKHFDPH
DKHDGRIWKHSHRSOH0\ZLIHVDLG,WZLOOEHDPDWWHURIGLVJUDFHIRU\RXEHFDXVHWKHUHLVQRWHQRXJK
IRRG
,VDLG,GLGRQO\ZKDW\RXWROGPH
6KHEURXJKWRXWWKHNQHDGHGIORXUDQG0HVVHQJHURI
$OODK3%8+VSDWLQWRLWDQGLQYRNHGWKHEOHVVLQJRI$OODKRQ LWDQGWKHQKHVSDWLQWRWKHFRRNLQJ
SRWDQGLQYRNHGWKHEOHVVLQJRI$OODKRQLW7KHQKHVDLG &DOODQRWKHUZRPDQWRKHOSEDNHEUHDGDQG
OHWKHUWDNHRXWIURPWKHFRRNLQJSRWEXWGRQRWWDNHLWRIIWKHILUH
7KHUHZHUHDERXWDWKRXVDQG
JXHVWV$OORIWKHPDWHWLOOWKH\OHIWWKHIRRGDQGZHQWRII2XUSRWVWLOOEXEEOHGDVEHIRUHDQGWKHGRXJK
ZDVEHLQJEDNHGDVEHIRUH
6KH
VDLG<HV
6RVKHEURXJKWRXWEDUOH\ORDYHVWRRNRIIKHUKHDGFRYHULQJLQDSDUWRIZKLFKVKH
ZUDSSHGWKHVHORDYHVDQGWKHQSXWWKHPEHQHDWKP\PDQWOHDQGFRYHUHGPHZLWKDSDUWRILW6KHWKHQ
VHQWPHWR0HVVHQJHURI$OODK3%8+,VHWIRUWKDQGIRXQG0HVVHQJHURI$OODK3%8+VLWWLQJLQWKH
PRVTXHLQWKHFRPSDQ\RIVRPHSHRSOH,VWRRGQHDUWKHPZKHUHXSRQ0HVVHQJHURI$OODK3%8+
DVNHG +DV$EX7DOKDKVHQW\RX"
,VDLG<HV
7KHUHXSRQKHVDLGWRWKRVHZKRZHUHZLWKKLPWRJHW
XS DQGIROORZKLP+HZHQWIRUWKDQGVRGLG,DKHDGRIWKHPXQWLO,FDPHWR$EX7DOKDKDQG
LQIRUPHGKLP$EX7DOKDKVDLG28PP6XODLPKHUHFRPHV0HVVHQJHURI$OODK3%8+DORQJZLWK
WKHSHRSOHDQGZHGRQRWKDYHHQRXJKIRRGWRIHHGWKHP
6KHVDLG$OODKDQG+LV0HVVHQJHUNQRZ
EHWWHU
7KH\DWHXQWLO
WKH\KDGWKHLUILOO7KH\WKHQZHQWRXW+H0HVVHQJHURI$OODK3%8+DJDLQVDLG $OORZWHQPRUH
WRFRPHLQ
XQWLODOOWKHSHRSOHDWHWRWKHLUILOO7KH\ZHUHVHYHQW\RUHLJKW\
SHUVRQV
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQLV$QDVVDLG :KHQDOOKDGHDWHQWKHUHPDLQLQJIRRGZDVFROOHFWHG,WZDVDVPXFK
DVWKHUHZDVLQWKHEHJLQQLQJ
<HWDQRWKHUQDUUDWLRQLV$QDVVDLG 7KHJURXSVRIWHQSHRSOHDWHE\WXUQ$IWHUHLJKW\SHUVRQVKDG
HDWHQ0HVVHQJHURI$OODK3%8+DQGWKHIDPLO\RIWKDWKRXVHDWHDQGWKHUHZDVVWLOODTXDQWLW\OHIW
RYHU
,ZDVWROG 'XHWRKXQJHU
,
ZHQWWR$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLPWKHKXVEDQGRI8PP6XODLP0D\$OODKEH
SOHDVHGZLWKKHUDQGVDLG 2IDWKHU,KDYHVHHQ0HVVHQJHURI$OODK3%8+ZLWKDEHOWWLHGRYHUKLV
ZDLVW ,DVNHGRQHRIKLV&RPSDQLRQVDERXWWKHUHDVRQRILWDQGKHVDLGWKDWLWZDVRQDFFRXQWRIVHYHUH
KXQJHU
$QDVWKHQQDUUDWHGWKH+DGLWKLQIXOO
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHVDPHWKLQJVZHKDYHVHHQLQWKHSUHYLRXVRQH<HWLQWKLV
ODWWHURQHWKHUHLVDQHOXFLGDWLRQWKDWWKH3URSKHW3%8+DQGWKHKRVWIDPLO\WRRNPHDODIWHU
HYHU\ERG\KDGWDNHQLW,PDP$Q1DZDZLVDLG7KLVVKRZVWKDWLWLVGHVLUDEOHWKDWKRVWVVKRXOGWDNH
PHDODIWHUJXHVWVKDYHWDNHQLW
&+$37(5
&217(170(17$1'6(/)(67((0
$1'$92,'$1&(2)811(&(66$5,/<
%(**,1*2)3(23/(
$OODKWKH([DOWHGVD\V
&KDULW\LVIRU)XTDUDWKHSRRUZKRLQ$OODK
V&DXVHDUHUHVWULFWHGIURPWUDYHODQGFDQQRW
PRYHDERXWLQWKHODQGIRUWUDGHRUZRUN7KHRQHZKRNQRZVWKHPQRWWKLQNVWKDWWKH\DUH
ULFKEHFDXVHRIWKHLUPRGHVW\<RXPD\NQRZWKHPE\WKHLUPDUNWKH\GRQRWEHJRISHRSOHDW
DOO
$QGWKRVHZKRZKHQWKH\VSHQGDUHQHLWKHUH[WUDYDJDQWQRUQLJJDUGO\EXWKROGDPHGLXP
ZD\EHWZHHQWKRVHH[WUHPHV
>$O%XNKDUL DQG0XVOLP@
&RPPHQWDU\ 6HOIVXIILFLHQF\PHDQVWKDWPDQOLYHVRQZKDWHYHUKHSRVVHVVHVUHPDLQVFRQWHQWHGO\
LQGHSHQGHQWRIRWKHUVDQGDYRLGVEHJJLQJRIWKHP+HUHLQOLHVDVXJJHVWLRQWKDWPDQVKRXOGVXEPLWWR
'LYLQHGLVSHQVDWLRQ+HVKRXOGQRWGHVLUHPRUHWKDQKHQHHGVQRUVKRXOGKHNHHSDQH\HRQWKHZHDOWK
RIRWKHUV
>0XVOLP@
,VDLGWR
KLP20HVVHQJHURI$OODKE\+LP:KRVHQW\RXZLWKWKH7UXWK,ZLOOQRWDIWHU\RXDVNDQ\RQHIRU
DQ\WKLQJWLOO,OHDYHWKLVZRUOG
7KXV+DNLPGLG
QRWDFFHSWDQ\WKLQJIURPDQ\RQHDIWHUWKHGHDWKRI0HVVHQJHURI$OODK3%8+WLOOKHGLHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0DQFRQVWDQWO\UHPDLQVHQJDJHGLQKRDUGLQJZHDOWKDQGWKHUHFRPHVQRSRLQWRI
WHUPLQDWLRQWRWKLVSURFHVV5DWKHUWKHPRUHKHJHWVLWWKHPRUHKHLVRYHUSRZHUHGE\OXVWIRULWWLOO KH
LVFDUULHGWRWKHJUDYH,IPDQJHWVZHDOWKLQDGLJQLILHGZD\ZLWKRXWEHLQJFUD]\IRULWHWKLFVFHUWDLQO\
DOORZVKLPWRGRVR
+HVDLGVREHFDXVHKHGLVOLNHG
WRGLVFORVHDQ\WKLQJFRQFHUQLQJKLVGHHGV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRWKURZVOLJKWRQWKHDVFHWLFDQGLQVLJKWIXOOLIHRIWKH&RPSDQLRQVDQG
WKHLUVXEPLVVLRQWRWKH'LYLQHZLOO0RUHRYHUZHDUHWROGWKDWLWLVDGYLVDEOHQRWWRGLVFORVHYLUWXRXV
GHHGVLQRUGHUWRDYRLGFRPPLWWLQJWKHVLQRIVKRZLQJRII
8SRQWKLVC$PUELQ7DJKOLEVDLG%\$OODK,VKDOOQRW
DFFHSWDKHUGRIUHGFDPHOVLQH[FKDQJHIRUZKDWWKH3URSKHWVDLGDERXWPH
>$O%XNKDUL@
&RPPHQWDU\ :KDWHYHUYROXQWDU\JLIWVRUWKHVSRLOVRIZDUZHUHEURXJKWWR0HVVHQJHURI$OODK
3%8+KHGLYLGHGWKHPRXWWRWKH&RPSDQLRQV,QGLVWULEXWLRQKHZHLJKHGGLIIHUHQWFRQVLGHUDWLRQV
LQKLVPLQGDQGWKHEHQHILFLDULHVZHUHFDWHJRUL]HGLQWRWKUHHJURXSVWKHQHHG\WKHGHVHUYLQJFDVHVDQG
WKRVHZKRVHKHDUWVZHUHWREHZRQRYHU+LVSULPDU\FRQFHUQKRZHYHUZDVWRPDNHGRQDWLRQVWRRQO\
WKRVHSHRSOHDERXWZKRPKHKDGDSSUHKHQVLRQVWKDWLILJQRUHGWKH\ZRXOGGLVSOD\LPSDWLHQFHDQG
ZHDNQHVV,QWKLVZD\WKHUHOLDEOHDQGFRQWHQWHGW\SHRIPHQZHUHLQWHQWLRQDOO\LJQRUHG7KH
VXSHULRULW\RIC$PUELQ7DJKOLE0D\$OODKEHSOHDVHGZLWKKLPLVGHWHUPLQHGE\WKHIDFWWKDWWKH
3URSKHW3%8+FRXQWHG KLPDPRQJWKHODWWHUDQGKHULJKWO\WRRNLWDVDJUHDWKRQRXUIRUKLP+HQFH
ZHFRQFOXGHWKDWDUXOHUHQMR\VSRZHUVRIH[SHGLHQF\ZLWKUHJDUGWRGROLQJRXWIURPWKHSXEOLF
WUHDVXU\<HWKHLVVXSSRVHGWRFDUU\LQWRSUDFWLFHZKDWLVLPSOLHGE\SLHW\LQWHJULW\DQG
WUXVWZRUWKLQHVV+HPXVWQRWEHVXERUGLQDWHWRVHOILQWHUHVWV
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ +HUHRQHKDVEHHQSUHYHQWHGIURPPDNLQJGHPDQGVWRRWKHUVLPSRUWXQDWHO\SUHVVLQJO\
DQGSHUVLVWHQWO\%HFDXVHHYHQLIRQHJHWVVRPHWKLQJLQWKLVZD\ LWZLOOEHEHUHIWRIEOHVVLQJ7KH
UHDVRQLVWKDWWKHJLYHU
VZLOOLVQRWLQYROYHGLQWKHPDWWHUDVKHKDVJLYHQWKHFKDULW\WRWKHEHJJDUZLWK
DVHQVHRIUHOXFWDQFHDQGDYHUVLRQDQGRXWRIPRGHVW\
$VZHKDGWDNHQRDWKRIDOOHJLDQFHVKRUWO\
EHIRUHZHVDLG:HKDYHDOUHDG\GRQHVR20HVVHQJHURI$OODK
+HDJDLQDVNHG :RXOG\RXQRW
SOHGJHDOOHJLDQFHWR0HVVHQJHURI$OODK"
6RZHVWUHWFKHGRXWRXUKDQGVDQGVDLG:HKDYHDOUHDG\
PDGHRXUSOHGJHZLWK\RX20HVVHQJHURI$OODKRQZKDWVKRXOGZHPDNHDSOHGJHZLWK\RX"
+H
VDLG 7RZRUVKLS$OODKDQGQRWWRDVVRFLDWHDQ\WKLQJZLWK+LPWRSHUIRUPWKHILYHGDLO\6DODWDQGWR
REH\
7KHQKHDGGHGLQDORZWRQH $QGQRWWRDVNSHRSOHIRUDQ\WKLQJ
7KHUHDIWHU,QRWLFHGWKDW
VRPHRIWKHVHSHRSOHZKRZHUH SUHVHQWGLGQRWDVNDQ\RQHWRSLFNXSHYHQWKHZKLSIRUWKHPLILWIHOO
IURPWKHLUKDQGV>0XVOLP@
&RPPHQWDU\ +HUHLQZHILQGDQDSSURYDORIUHQHZLQJWKHRDWKRIOR\DOW\EHVLGHVWKHUHLVDOVRD
JURXQGIRUDGPLQLVWHULQJVXFKRDWKLQUHVSHFWRIWKHREHGLHQFHDQGZRUVKLSRI$OODKDQGGHFHQW
EHKDYLRXU:KDWLVPRUHZHDUHDOVRXQGHUREOLJDWLRQWRREVHUYHDOOWKDWWKHRDWKRIIHDOW\VWDQGVIRU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHODFNRIIOHVKIURPWKHIDFHLVHLWKHUPHWDSKRULFDOO\LQGLFDWLYHRIGLVJUDFHDQG
ZUHWFKHGQHVVRULWZRXOGIDFWXDOO\KDSSHQDVDV\PSWRPRIVLQQLQJDQGWKHSXQLVKPHQWWKHUHRI7KLV
VHHPVWREHPRUHSODXVLEOH$YHUVLRQDJDLQVWEHJJLQJKDVEHHQIRPHQWHGLQWKLV+DGLWKEHFDXVHLW
EULQJVVKDPHERWKLQWKLVZRUOGDQGWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ :HFRPHWRNQRZWKDWEHJJLQJZLWKRXWDSUHVVLQJQHHGLVVXFKDGLVJUDFHIXOFULPHWKDW
LWEULQJVRQHWR+HOOILUH:KDWDSLW\WKDWEHJJDU\SUHYDLOVDPRQJWKHIROORZHUVRIDUHOLJLRQZKLFK
EUDQGV LWDVDQDERPLQDEOHFULPH,WLVH[WUHPHO\SLWLDEOHDQGODPHQWDEOHWKDW0XVOLPVDUHLJQRUDQWRI
DQGLQGLIIHUHQWWR,VODPLFWHDFKLQJV
>$W7LUPLGKL@
&RPPHQWDU\ 7RVXEPLWKLVGHPDQGWRWKH+HDGRIVWDWHPHDQVWKDWLIDPDQGHVHUYHVKHOSKH
VKRXOGJRWRWKH SXEOLFWUHDVXU\ZKLFKH[LVWVLQDQ,VODPLFFRXQWU\VRDVWRIXOILOOWKHQHHGVRIWKH
QHHG\JUDFHIXOO\,IKLVDFFHVVWRLWLVQRWSRVVLEOHKHLVIUHHWRSXWKLVGHPDQGWRRWKHUVDVZHOO
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ ,QWKLV+DGLWKLWKDVEHHQVXJJHVWHGWKDWDPDQLQQHHGVKRXOGWXUQWR$OODK$ORQHDQG
QRWWRKXPDQEHLQJVEHFDXVH+H$ORQHPHHWVWKHQHHGVRIDOOFUHDWXUHV<HWLIWKHVLWXDWLRQDQGQHHG
VRGHPDQGKHPD\DOVRUHVRUWWRSHRSOHEXWKHVKRXOGKDYHWKHILUPFRQYLFWLRQWKDWWKHLUFRRSHUDWLRQ
DQGKHOSGHSHQGRQWKH:LOORI$OODK
,
VDLG,JLYH\RXWKHJXDUDQWHH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKH[SOLFLWO\WHOOVXVDERXWWKHWKUHHW\SHVRIPHQZKRDUHDOORZHGWREHJRI
RWKHUV$GHWDLOHGGHVFULSWLRQKDVDOUHDG\EHHQPHQWLRQHGDERYH
>$O%XNKDULDQG0XVOLP@
&+$37(5
3(50,66,%,/,7<2)$66,67$1&(
:,7+287*5(('
6DOLPVRQRI$EGXOODKELQC8PDUIURPKLVIDWKHU$EGXOODKIURPC8PDU0D\$OODKEHSOHDVHG
ZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+ZRXOGJLYHPHVRPHJLIWEXW,ZRXOGVD\*LYHLW
WRVRPHRQHZKRQHHGVLWPRUHWKDQ,
6DOLPVDLGC$EGXOODKELQC8PDUZRXOGQHYHUDVN
DQ\WKLQJIURPDQ\RQHQRUZRXOGKHUHIXVHDFFHSWLQJLWZKHQLWZDVJLYHQWRKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKUHHSRLQWVPHULWRXUDWWHQWLRQ)LUVWWKHUHLVDQDFFRXQWRIWKH
H[HPSODU\FKDUDFWHURIWKH&RPSDQLRQVZKREHFDPHXQPLQGIXORIWKHLURZQQHHGVZKHQWKH\VDZWKDW
VRPHERG\HOVHZDVPRUHQHHG\DQGGHVHUYHGDVVLVWDQFH6HFRQGWKHUHLVDQDOORZDQFHIRUDFFHSWLQJD
JLIWSURYLGHGRQH
VKHDUWLVIUHHIURPGHVLUHIRULW7KLUGDPDQLVDOORZHGWRDFFXPXODWHZHDOWKEXWRQ
WKHFRQGLWLRQWKDWKHZRXOGIXOILOOKLVSHUVRQDODQGIDPLO\QHHGV%HVLGHVKHVKRXOGUHVROYHWKDWKH
ZRXOGDOVRVSHQGPRQH\RQWKHQHHG\DVZHOODVRQWKHOLQHVDSSURYHGE\$OODKVRDVWRZLQ+LV
SOHDVXUH
&+$37(5
(1&285$*,1*/,9(/,+22'%<
:25.,1*:,7++$1'6$1'
$%67$,1,1*)520%(**,1*
$OODKWKH([DOWHGVD\V
>$O%XNKDUL@
&RPPHQWDU\ $VFRPSDUHGWREHJJDU\WKLV+DGLWKSXWVHPSKDVLVRQKDUGZRUN+RZHYHUSHRSOH
PD\ORRNGRZQXSRQPDQXDOODERXURUKDUGZRUN\HWLWLVFHUWDLQO\IDUEHWWHUWKDQVHHNLQJFKDULW\
VHUYLOHO\EHFDXVHGRLQJDMREOLNHWKLVZLOOFHUWDLQO\VDYHDPDQ
VVHOIUHVSHFWZKHUHDVEHJJLQJSXWV
KLPLQDQDZNZDUGSRVLWLRQ7RSXWLWLQWKLVZD\,VODPVWDQGVIRUDPDQ
VGHOLYHUDQFHIURPLQGLJQLW\
DQGWHDFKHVKLPWRNHHSKLVVHQVHRIGLJQLW\
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
>$O%XNKDUL@
>$O%XNKDUL@
&+$37(5
(;&(//(1&(2)*(1(526,7<
$1'63(1',1*,1$*22'
&$86(:,7+5(/,$1&(21$//$+
$OODKWKH([DOWHGVD\V
$QGZKDWVRHYHU\RXVSHQGRIDQ\WKLQJLQ$OODK
V&DXVH+HZLOOUHSODFHLW
$QGZKDWHYHU\RXVSHQGLQJRRGLWLVIRU\RXUVHOYHVZKHQ\RXVSHQGQRWH[FHSWVHHNLQJ$OODK
V
&RXQWHQDQFH$QGZKDWHYHU\RXVSHQGLQJRRGLWZLOOEHUHSDLGWR\RXLQIXOODQG\RXVKDOOQRW
EHZURQJHG
$QGZKDWHYHU\RXVSHQGLQJRRGVXUHO\$OODKNQRZVLWZHOO
>$O%XNKDULDQG0XVOLP@
WKHHTXLYDOHQWRIZKLFKGRHVQRWH[LVWLQ(QJOLVK
ODQJXDJH:KDWLWPHDQVLVWKDW\RXZLVKWRHQMR\WKLQJVZKLFKRWKHUVKDYHVXFKDVZHDOWKDQG
NQRZOHGJHZLWKRXWZLVKLQJWKDWWKH\VKRXOGEHGHSULYHGRIWKHPWR\RXUH[FOXVLYHEHQHILW(QY\LVD
FRUURVLYHGLVHDVHRIPRUDOQDWXUHZKLFKVQDWFKHVDZD\PDQ
VSHDFHRIPLQG,WPHDQVUHVHQWPHQWDWWKH
FRQGLWLRQRIDPDQHQMR\LQJVRPH'LYLQHIDYRXUDQGWRZLVKLWWREHILQLVKHG,WLVIRUELGGHQEHFDXVHLW
ZLSHVRXWRQH
VJRRGGHHGV%XWWKHUHLVQRKDUPLQEHLQJHQYLDEOHRIVRPHERG\,WKDVVRPHSRVLWLYH
FRQQRWDWLRQ LQWKHVHQVHWKDW\RXDGPLUH$OODK
V%OHVVLQJRYHUDSHUVRQDQGZLVKWREHIDYRXUHGZLWKLW
WRR7KLV+DGLWKLQWHUSUHWVHQY\DVD *KLEWDK
EXWQRWLQWKHDEVROXWHVHQVHEHFDXVHLWLVFRQGHPQDEOH
7KLV+DGLWKKRZHYHUSRLQWVRXWLQXQDPELJXRXVWHUPVWKHH[FHOOHQFHRIDULFKPDQZKRQRWRQO\
VSHQGVWKH*LIWVRI$OODK 6:7 RQKLVRZQSHUVRQEXWDOVRDOORFDWHVDSRUWLRQRILWWRWKHSRRUDQGWKH
QHHG\DVZHOODVWRWKHSURSDJDWLRQRIUHOLJLRQ,WIXUWKHUWKURZVOLJKWRQWKHH[FHOOHQFHRIDPDQZKRLV
ZHOOJURXQGHGLQWKHRORJLFDOGRFWULQHDQGVXJJHVWVVROXWLRQVWRSHRSOH
VSUREOHPVLQWKHOLJKWRIWKH
4XU
DQDQGWKH+DGLWKDQGDOVRLPSDUWVWKHUHOLJLRXVNQRZOHGJHWRRWKHUV(YHU\ERG\VKRXOGDVSLUH
DSDUWIURPDIIOXHQFHIRUDQH[FHVVLYHIHUYRXURIVSHQGLQJLQWKHZD\RI$OODK0RUHRYHUWKHTXHVWRI
,VODPLFGLVFLSOLQHVDQGWKHLUXQGHUO\LQJUDWLRQDOHVKRXOGUHPDLQDWWKHFHQWUHRIKLVKHDUWVRWKDWKH
PD\LQKHULWWKHOHJDF\RIWKH3URSKHWVGRLQJIXOOMXVWLFHWRLWDVZHOO1RQHFDQGRLWEXWZLWKWKH
%OHVVLQJRI$OODK
7KH&RPSDQLRQVVDLG20HVVHQJHURI
$OODK7KHUHLVQRQHRIXVEXWORYHVKLVRZQZHDOWKPRUH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKVSRWOLJKWVLQDZLVHIDVKLRQWKHVLJQLILFDQFHDQGSHUFHSWLRQRIVSHQGLQJLQ
WKHZD\RI$OODK7KHUHDOZHDOWKRIPDQLVWKDWZKLFKKHVSHQGVLQ+LVZD\DQGWKHFKDQQHOV+H
DSSURYHV2QO\WKLVZHDOWKZLOOVWDQGKLPLQJRRGVWHDGRQWKH'D\RI5HVXUUHFWLRQ2WKHUZLVHZKDW
DSDUWIURPLWZLOOEHSHUVRQDOO\XVHGXSE\KLPLQWKHZRUOGO\OLIHDQGZKDWKHOHDYHVEHKLQGZLOOIDOO
WRWKHORWRIKLVKHLUV,WLPSOLHVWKDWLI$OODKKDVEHVWRZHGZRUOGO\ULFKHVXSRQDPDQKHVKRXOGVSHQG
WKHPWRWKHPD[LPXPLQWKHZD\WR$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGSUHYLRXVO\,WWHOOVXVWKDWDFFRUGLQJWRRQH
V
UHVRXUFHFDSDFLW\RQHFDQZLQWKHSOHDVXUHRI$OODKHYHQE\VSHQGLQJDVPDOOTXDQWLW\RIZHDOWKLQ+LV
ZD\
&RPPHQWDU\ 7KHVSHQGLQJIRUZKLFKWKHUHLVJRRGQHZVRI'LYLQHEOHVVLQJPD\EHVDLGDVH[SHQVHV
RQKRXVHKROGDQGJXHVWVHWFDVZHOODVYROXQWDU\DQGREOLJDWRU\FKDULW\$QGWKHPLVHUOLQHVVZKLFK
LQFXUVLPSUHFDWLRQLVUHVWUDLQLQJIURPSD\LQJ=DNDWJLYLQJDOPVDQGQRWVSHQGLQJRQZKDWLV
FRPPHQGDEOH'HVWUXFWLRQPD\LPSO\WKHGHVWUXFWLRQRIZHDOWKRUWKDWRIWKHPLVHUKLPVHOI2QO\
$OODKNQRZVEHWWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $FFRUGLQJWRWKH+DGLWKRQHZKRVSHQGVLQWKHZD\RI$OODKZLOOEHGXO\SDLG,W
PHDQVWKDW$OODKZLOOHQKDQFHWKHSURYLVLRQRIVXFKDPDQDQGJUDQWKLPWKHEHVWUHFRPSHQVH
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KH+DGLWKVSHDNVRIWKHUHWXUQDEOHJLIWRIDPDPPDOOLNHDJRDWRUVKHFDPHOZKLFK
VKRXOGEHJLIWHGWRVRPHERG\IRUWKHSURYLVLRQRIPLONRUZRRO,WLVDOVRDEHQHYROHQWDFWDQGJRRG
WUDLWRIFKDUDFWHU7KHIRUW\TXDOLWLHVRIFKDUDFWHUDVPHQWLRQHGLQWKLV+DGLWKKDYHEHHQHQXPHUDWHG
E\VRPHC8ODPD
LQWKHLURZQUHVSHFWLYHZD\V%XW$O+DIL],EQ+DMDU$O$VTDODQLVD\VWKDW WKH
3URSKHW3%8+GLGQRWQDPHWKHVHTXDOLWLHVDQGWKDWSHUKDSVWKHUHDVRQEHKLQGWKLVLVWKDWQRRQH
VKRXOGGLVSDUDJHRUXQGHUHVWLPDWHDJRRGDFWQRPDWWHUKRZVPDOOLWPD\EHEHFDXVHWKLVFRXOGOHDGWR
GRLQJZLWKRXWWKLVJRRGDFWDOWRJHWKHU
>0XVOLP@
&RPPHQWDU\ $VLPLODU+DGLWKUHSRUWHGE\$W7LUPLGKLKDVDOUHDG\EHHQPHQWLRQHG5HDGWKH
FRPPHQWDU\RQ+DGLWK1R
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ZDV
DVNHGDWKLQJE\RQHZKRLVDERXWWRDFFHSW,VODPEXWKHZRXOGJLYHLW$PDQFDPHWRWKH 3URSKHW
3%8+DQGKHJDYHKLPDKHUGRIVKHHSVFDWWHUHGEHWZHHQWZRPRXQWDLQV:KHQKHUHWXUQHGWRKLV
SHRSOHKHVDLGWRWKHP 2P\SHRSOH(PEUDFH,VODPEHFDXVH0XKDPPDGJLYHVOLNHRQHZKRKDVQR
IHDURISRYHUW\
6RPHSHRSOHZRXOGHPEUDFH,VODPRQO\ IRUZRUOGO\JDLQVEXWVRRQ,VODPEHFRPHV
GHDUHUWRWKHPWKDQWKHZRUOGZLWKDOOZKDWLWFRQWDLQV
>0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKHUHLVDSURYLVLRQRIJLYLQJHFRQRPLFDLGWRFRQYHUWVWRZLQRYHUWKHLU
KHDUWVVRWKDWWKHLUOR\DOW\WR,VODPLVILUPO\HVWDEOLVKHG7KHUHVXOWRIWKLVVHQVLEOHSROLF\ZDVWKDWLI
VRPHERG\KDGHPEUDFHG,VODPIRUWKHVDNHRIJDLQLQJPDWHULDOJDLQVWKLVVHQWLPHQWLQGXHFRXUVHRI
WLPHZRXOGEHVWULSSHGRIIIURPKLVKHDUWDQGILQDOO\KHZRXOGWXUQLQWRDVLQFHUH0XVOLP,QYLHZRI
LWVUDWLRQDOH$OODKKDVWHUPHGWKHSROLF\RIUHFRQFLOLQJKHDUWVWR,VODPDVD=DNDWH[SHQGLWXUH,QRWKHU
ZRUGVDQDOORFDWHGVXPRIWKH=DNDWIXQGFDQEHH[SHQGHGRQWKLVKHDGDVZHOO6RPHVFKRODUVDUJXH
WKDWLWLVQRZQRPRUHSHUPLVVLEOHWRVSHQGRQWKLVKHDG%XWWREHDFFXUDWHH[SHQGLQJRXWRIWKH=DNDW
IXQGRQWKLVKHDGLVYDOLGIRUDOOWLPHV,IDPHDVXUHLVDGHTXDWHO\WDNHQRQDQLQVWLWXWLRQDOEDVLVWR
PDNHWKHKHDUWVRIFRQYHUWVLQFOLQHWR,VODPZHFDQZLWQHVVLWVEHQHILWVHYHQWRGD\
>0XVOLP@
&RPPHQWDU\ +HUHDOVRZHKHDUDERXWWKHVDPHFRQYHUWVZKRZHUHVWLOOLJQRUDQWRI,VODPDQGWKH
VWDWXVRI3URSKHWKRRG2ZLQJWRWKLVLJQRUDQFHDQGZHDNIDLWKWKH\FRXOGDGRSWVXFKDWWLWXGHDVZRXOG
KDYHEHHQLQDSSURSULDWHRUZRXOGKDYHFDXVHGODFNRIFRXUWHV\WRZDUGVWKH3URSKHW3%8+7KLV
EURXJKWKLPWRJLYLQJSUHIHUHQFHWRWKHPZLWKUHJDUGWRWKHGLVWULEXWLRQRIRIIHULQJVVRDVWRJXDUG
WKHPDJDLQVWWKHVZD\RIWKHZHDNQHVVUHIHUUHGWR7KLVUHIOHFWVWKH3URSKHW
VJHQHURVLW\DQGKLV
DFFRPPRGDWLQJVHQVHDVZHOODVWKHFDUHZKLFKKHWRRNWRZLQRYHUWKHKHDUWVDVPHQWLRQHGHDUOLHU
7KHSXUSRVHEHKLQGLWZDVWRKHOSLQFUHDVH)DLWKLQWKHLUKHDUWVDQGPDNHWKHPULVHDERYHPXQGDQH
LQWHUHVWVDVVLQFHUH0XVOLPV
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKDOVRWKURZVOLJKWRQWKHLVVXHRIGLVWULEXWLRQRIFKDULWLHVIRUZLQQLQJRYHU
KHDUWVEHVLGHVLWGHSLFWVWKHVXEOLPHPRUDOVRIWKH3URSKHW3%8+DVWRKRZKHWROHUDWHGWKH
KDUVKQHVVDQGGLVFRXUWHV\RIEHGRXLQVZLWKSDWLHQFHDQGKXPEOHQHVV,WDOVRUHYHDOVWKDWQHJDWLYH
DWWULEXWHVOLNHVWLQJLQHVVIDOVHKRRGDQGFRZDUGLFHVKRXOGQRWEHDWWULEXWHGWR,PDP UHOLJLRXVOHDGHU
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVGHVFULEHGWKUHHIDFWV)LUVW6DGDTDKGRHVQRWGLPLQLVKZHDOWKEHFDXVH
$OODKEOHVVHVWKHUHVWRILWDQGWKXVUHFRPSHQVHVLW%HVLGHVWKHORVVRIZHDOWKRIWKHDOPVJLYHUZLOO
FHUWDLQO\EHUHZDUGHGRQWKH'D\RI5HVXUUHFWLRQ6HFRQGPDQWKLQNVWKDWDFRQFLOLDWRU\RUIRUJLYLQJ
DWWLWXGHZLOOZHDNHQKLVSRVLWLRQLQWKHH\HVRIRWKHUV+HHUURQHRXVO\WDNHVLWDVKLVGLVSDUDJHPHQWDQG
LQVXOW+RZHYHUWKLV+DGLWKUHYHDOVWKHUHDOLW\WKDWE\WKLVZD\$OODK6:7UDLVHVKLVLPDJHDQGKHLV
QRWEHOLWWOHGDWDOOEHFDXVHDIRUJLYLQJJHVWXUHZLOOHQKDQFHKLVHVWHHPLQWKHKHDUWVRISHRSOHDQGLQ
WKH+HUHDIWHU'LYLQHUHZDUGIRULWZLOOGHILQLWHO\OHDGWRKLVHOHYDWLRQ7KLUGLIVRPHERG\GLVSOD\V
DIIDELOLW\DQGKXPEOHQHVVLQKLVEHKDYLRXU$OODK6:7ZLOOSURMHFWKLVSUHVWLJHDQGGLJQLW\LQWRWKH
KHDUWVRIRWKHUVRUEOHVVKLPLQWKH+HUHDIWHU
7KHZHDOWKRIDPDQZLOOQRWGLPLQLVKE\6DGDTDKFKDULW\
$OODKDXJPHQWVWKHKRQRXURIDPDQZKRHQGXUHVDQRSSUHVVLRQSDWLHQWO\
+HZKRRSHQVDJDWHRIEHJJLQJ$OODKRSHQVDJDWHRISRYHUW\RUKHVDLGDZRUGVLPLODUWRLW
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
7KRVHZKRIRUJLYHSHRSOHDQGSDUGRQWKHPZLOOEHJUDQWHGKRQRXUDQGHOHYDWLRQERWKLQWKLVOLIHDQG
LQWKH+HUHDIWHU
7KRVHZKRKDYHVXIILFLHQWPHDQVWROLYHRQDQGVWLOO EHJRISHRSOHRXWRIJUHHGZLOOEHDIIOLFWHGZLWK
SRYHUW\
7KH+DGLWKDOVRXUJHVXVWRDFTXLUHUHOLJLRXVNQRZOHGJHDQGDOVRWKHSUDFWLVHRIWKLVNQRZOHGJH
DORQJZLWKWKHLQWHQWLRQWRSOHDVH$OODK$ORQH
7KH+DGLWKDOVRFULWLFL]HVLJQRUDQFHRIUHOLJLRXVWHDFKLQJVDQGLJQRUDQWSHRSOHIRULJQRUDQFHFDQ
HDVLO\OHDGRQHWRFRPPLWIRUELGGHQDFWV
6KH
UHSOLHG1RWKLQJH[FHSWWKHVKRXOGHU
7KHUHXSRQKHVDLG $OORILWLVOHIWH[FHSWLWVVKRXOGHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKUHYHDOVDWUXWKWRPDQWKDWKHVKRXOGQRWHDWXSDQ\WKLQJDQGHYHU\WKLQJDOO
DORQHUDWKHULQWKLVUHJDUGKHLVVXSSRVHGWRWDNHWKHPD[LPXPFDUHIRUWKHGLVWULEXWLRQRIDOPVDQG
FKDULW\VRWKDWLWPD\VWDQGKLPLQJRRGVWHDGLQWKH+HUHDIWHU:KDWRQHKDVJLYHQLQFKDULW\ZLOOE\QR
PHDQVEHZDVWHGIRUKHZLOOGRXEWOHVVO\ILQGLWVUHZDUGZLWK$OODKRQWKH'D\RI5HVXUUHFWLRQ
$VPD
ELQW$EX%DNU0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
WRPH 'RQRWKRDUGRWKHUZLVH$OODKZLOOZLWKKROGIURP\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHLQLVHQVKULQHGD'LYLQHSULQFLSOH+LV5HWULEXWLRQLVGHWHUPLQHGE\WKHNLQGRI
WKLQJVGRQHE\PDQ$SURYHUEPD\EHTXRWHGWRWKLVHIIHFW$V\RXVRZVRVKDOO\RXUHDS
,IZH
VSHQGDORWLQWKHZD\RI$OODK+HZLOODOVRUHFRPSHQVHXVDORW$QGLIZHVWLQWVSHQGLQJLQ+LVZD\
+HZLOOGLVSHQVHVXVWHQDQFHWRXVZLWKUHVWUDLQWRR,IZHDFFXPXODWHZHDOWKLQDPLVHUO\IDVKLRQDQG
DYRLGVSHQGLQJLWLQWKHZD\RI$OODK+HZLOODOVRUHVWUDLQWKHIORZRI+LVERXQW\WRXV7RVXPXSWKH
+DGLWKLQVSLUHVXVWRJHQHURXVO\VSHQGPRQH\LQWKHZD\RI$OODKDQGDOVRVWHUQO\ZDUQVXVRIWKH
FRQVHTXHQFHVRIVWLQJLQHVVDQGSDUVLPRQ\
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHLVDQ$WWULEXWHRI$OODK+LV+DQGKDVEHHQPHQWLRQHG:HDUHVXSSRVHGWR
EHOLHYHLQ LWZLWKRXWLQWHUSUHWDWLRQRUFRPSDULVRQWKDWLVWRVD\WKDW$OODKKDV+DQGVDVEHILW+LV*ORU\
:HFDQQRWFRPSDUHKLVHVVHQWLDODWWULEXWHVWRDQ\WKLQJQRUFDQZHGHVFULEHWKHP
,WLVHYLGHQWIURPWKLV+DGLWKWKDW$OODKLQFUHDVHVWKHUHZDUGRIFKDULW\ZKLFKLVJLYHQIURPODZIXOO\
HDUQHGPRQH\XQWLOLWEHFRPHVOLNHDPRXQWDLQLQJUHDWQHVV
+HWROGKLV
QDPHZKLFKZDVWKHVDPHWKDWKHKHDUGIURPWKHFORXG7KHRZQHURIWKHJDUGHQWKHQDVNHGKLP2
VODYHRI$OODKZK\GLG\RXDVNP\QDPH"
+HUHSOLHG,KHDUGDYRLFHIURPDFORXGZKLFKSRXUHG
GRZQWKLVZDWHUVD\LQJC,UULJDWHWKHJDUGHQRIVRDQGVR
,ZRXOGOLNHWRNQRZZKDWGR\RXGRZLWK
LW
+HVDLG1RZWKDW\RX DVNHGPH,ZLOOWHOO\RX,HVWLPDWHWKHSURGXFHRIWKHJDUGHQDQGGLVWULEXWH
RQHWKLUGRILWLQFKDULW\,VSHQGRQHWKLUGRQP\VHOIDQGP\IDPLO\DQGLQYHVWRQHWKLUGEDFNLQWRWKH
JDUGHQ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEHVLGHVWKHYLUWXHRIDOPVDQGFKDULW\WRXFKHVXSRQWKHWKHPHRI
FODLUYR\DQFHDQGPLUDFOHV,WLVVRPHWKLQJVXSHUQRUPDOWKDWDPDQVKRXOGKHDUDYRLFHIURPWKHFORXG
<HWVXFKVXSHUQDWXUDOSKHQRPHQRQVLJQLI\RQO\WKH2PQLSRWHQFHRI$OODK1RERG\LVSUHVXPHGWR
FODLPWKDWKHFDQGHPRQVWUDWHDWZLOOVRPHWKLQJXQXVXDOE\YLUWXHRIKLVFODLUYR\DQWDQGPLUDFXORXV
SRZHU7KHUHDUHLQGHHGVRPHSHRSOHZKROD\VXFKDFODLPDQGWKHUHE\VZLQGOHDZD\WKHPRQH\RI
JXOOLEOHVRXOVDQGOHDGWKHPDVWUD\
&+$37(5
352+,%,7,212)
0,6(5/,1(66
$OODKWKH([DOWHGVD\V
%XWKHZKRLVJUHHG\PLVHUDQGWKLQNVKLPVHOIVHOIVXIILFLHQW$QGEHOLHV$O+XVQD:HZLOO
PDNHVPRRWKIRUKLPWKHSDWKIRUHYLO$QGZKDWZLOOKLVZHDOWKDYDLOKLPZKHQKHJRHVGRZQLQ
GHVWUXFWLRQ"
$QGZKRVRHYHULVVDYHGIURPKLVRZQFRYHWRXVQHVVWKHQWKH\DUHWKHVXFFHVVIXORQHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGEHIRUH5HIHUWR+DGLWK1R
&+$37(5
6(/)/(661(66$1'6<03$7+<
$OODKWKH([DOWHGVD\V
7KHQKHVHQWWKHVDPHPHVVDJHWR
DQRWKHUZLIHDQGUHFHLYHGWKHVDPHUHSO\+HVHQWWKLVPHVVDJHWRDOORIWKHPLHKLVZLYHVDQG
UHFHLYHGWKHVDPHUHSO\7KHQKH3%8+VDLG :KRZLOOHQWHUWDLQWKLVPDQDVJXHVW"
2QHRIWKH
$QVDUVDLG20HVVHQJHURI$OODK,ZLOO
6RKHWRRNKLPKRPHDQGVDLGWRKLVZLIH6HUYHWKHJXHVW
RI0HVVHQJHURI$OODK3%8+
$QRWKHUQDUUDWLRQLV7KH$QVDULDVNHGKLVZLIH+DYH\RXJRWDQ\WKLQJ"
6KHDQVZHUHG1RWKLQJ
H[FHSWDOLWWOHIRRGIRUWKHFKLOGUHQ
+HVDLG.HHSWKHPEXV\ZLWKVRPHWKLQJDQGZKHQWKH\DVNIRU
IRRGSXWWKHPWRVOHHS:KHQWKHJXHVWHQWHUVH[WLQJXLVKWKHOLJKWDQGJLYHKLPWKHLPSUHVVLRQWKDWZH
DUHDOVRHDWLQJ
6RWKH\VDWGRZQDQGWKHJXHVWDWHDQGWKH\ SDVVHGWKHQLJKWKXQJU\:KHQKHFDPHWR
WKH3URSKHW3%8+LQWKHPRUQLQJKHVDLGWRKLP $OODKDGPLUHGZKDW\RXGLGZLWK\RXUJXHVWODVW
QLJKW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
,Q0XVOLP-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG 7KHIRRGIRU
RQHSHUVRQVXIILFHVIRUWZRWKHIRRGIRUWZRVXIILFHVIRUIRXUDQGWKHIRRGIRIIRXUVXIILFHVIRUHLJKW
SHUVRQV
&RPPHQWDU\ :HDUHWROGWKDWLIRQVRPHRFFDVLRQDKRVWIHHOVWKDWWKHSUHSDUHGIRRGLVWRROLWWOHWR
IHHGKLVJXHVWVDOORIWKHPVKRXOGZLOOLQJO\VKDUHLWZLWKHDFKRWKHU7KLVZLOOEHERWKEOHVVLQJDQG
UHZDUGLQJIURP$OODK
DQGKHFRQWLQXHGPHQWLRQLQJRWKHUSURSHUWLHVXQWLO
ZHWKRXJKWWKDWQRQHRIXVKDGDQ\ULJKWWRVXUSOXVRIKLVRZQSURSHUW\
>0XVOLP@
&RPPHQWDU\ 7KHPHQWLRQRIWKLV+DGLWKLQWKLVFKDSWHUUHYHDOVWKDWLQWKHLUVRFLDOOLIHSDUWLFXODUO\LQ
DSHULRGRIFULVLVWKH0XVOLPVVKRXOGDGRSWDFRRSHUDWLYHFRQVRODWRU\DQGV\PSDWKHWLFDWWLWXGH
WRZDUGVRQHDQRWKHUEHLQJZLOOLQJWRJLYHRYHUWKHLUVXSHUIOXRXVWKLQJVWRWKHQHHG\0XVOLPV7KLV
FRPPDQGPHQWKRZHYHULVQRWRIHVVHQWLDODQGELQGLQJQDWXUH,ILWZHUHVRQR0XVOLPFRXOGEHLQD
SRVLWLRQWRDPDVVZHDOWK7KLVLVVLPSO\GHVLUDEOHDQGEDVHGRQIUHHZLOO,IWKHFRPPRQ0XVOLPVZHUH
SRVVHVVHGRIJHQHURVLW\WKLVPRUDOLQVWUXFWLRQZRXOGKDYHEHHQSUDFWLVHGE\DOODQGVXQGU\ZLWK
0XVOLPVRFLHW\EHLQJH[HPSODU\LQWHUPVRIEURWKHUKRRGDQGVROLGDULW\<HWWKHODFNRIVXEOLPH
PRUDOVKDVGHQXGHGWKLVSUHFHSWRILWVHQWLUHLPSRUWDQGVLJQLILFDQFH6PDOOZRQGHULQ0XVOLP
FRPPXQLWLHVWKHUHLVDJHQHUDOGHSORUDEOHWUHQGRIVKRZLQJLQGLIIHUHQFHWRIHOORZ0XVOLPVLQVWHDGRI
HVWDEOLVKLQJDZRUWKHPXODWLQJH[DPSOHRIFRRSHUDWLRQDQGIHOORZIHHOLQJ
+HDFFHSWHGLWDVKHZDVLQQHHGRILW+HODWHUFDPHRXWZHDULQJLWDVDORZHUJDUPHQW
6RPHRQHVDLG+RZQLFHLWLV.LQGO\JLYHLWWRPH
+HUHPDLQHGLQRXUFRPSDQ\IRUVRPHWLPHWKHQKHZHQWEDFNIROGHGLWDQGVHQWLWWRWKHPDQ7KH
SHRSOHVDLGWRWKDWPDQ<RXGLGQRWGRZHOO0HVVHQJHURI$OODK3%8+ZRUHLWDQGKHZDVLQ
QHHGRILWDQG\RXDVNHGKLPIRULWZKHQ\RXDUHZHOODZDUHWKDWKH3%8+QHYHUUHIXVHVDUHTXHVW
+HVDLG,VZHDUE\$OODKWKDW,GLGQRWDVNLWIRUZHDULQJ,DVNHGKLPIRULWVRWKDWLWPLJKWEHP\
VKURXGDIWHUP\GHDWK
&RPPHQWDU\ )LUVWWKH+DGLWKLVVXJJHVWLYHRIDFFHSWLQJDSUHVHQWEHFDXVHWKHH[FKDQJHRISUHVHQWV
LQFUHDVHVPXWXDOORYH0HVVHQJHURI$OODK3%8+VDLG2IIHUSUHVHQWVWRHDFKRWKHUDVWKHVH
JHQHUDWHPXWXDOORYH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH\DUHRIPH DQG,DPRIWKHP
7KHVH3URSKHWLFZRUGVRIWKH3URSKHW3%8+
LPSO\QHDUQHVVWRDQGSV\FKLFLGHQWLW\ZLWKVRPHVRXOVLQPDWWHURIPRUDOVHQVHFKDUDFWHUDQGJRRG
DFWLRQV$SDUWIURPWKHVXSHULRULW\RI$VKCDULFODQWKH+DGLWKVXJJHVWVWKHVLJQLILFDQFH RIEURWKHUKRRG
DQGWKHVHQVHRIWRJHWKHUQHVV3DUWLFXODUO\WKHUHLVDQHPSKDVLVRQWKLVSRLQWWKDWLILQWLPHVRIFULVLV
DQGWULEXODWLRQSHRSOHH[WHQGFRRSHUDWLRQWRRQHDQRWKHUWKHKDYHQRWVZLOOHVFDSHKDUGVKLSDQG
HPEDUUDVVPHQW+HUHLQOLHVWKHHVVHQFHRIDOOWKH$KDGLWKRIWKLVFKDSWHU7KH$VKCDUL\XQDUHWKH
SHRSOHRI$EX0XVD$O$VKCDULWKH&RPSDQLRQ0D\$OODKEHSOHDVHGZLWKKLP
&+$37(5
&203(7,7,21,10$77(56
2)7+(+(5($)7(5
$OODKWKH([DOWHGVD\V
7KHER\VDLG
20HVVHQJHURI$OODK,ZRXOGFHUWDLQO\QRWJLYHSUHIHUHQFHWRDQ\RQHLQDQ\WKLQJWKDWPLJKWFRPHWR
PHIURP\RX
6RKHKDQGHGRYHUWKHUHVWRIWKHGULQNWRKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH6KDULCDKUXOHVD\VWKDWLQRUGHUWRGLVWULEXWHVRPHWKLQJLQDQDVVHPEO\RISHRSOHD
EHJLQQLQJVKRXOGEHPDGHIURPWKHULJKWVLGH,QWKHVDLGLQFLGHQW,EQC$EEDV0D\$OODKEHSOHDVHG
ZLWKWKHPWKHQD\RXQJER\ZDVVLWWLQJRQWKHULJKWVLGHZKLOHWKHDJHGSHRSOHZHUHVLWWLQJRQWKH
OHIWVLGH5HJDUGIRUWKHDJHGLIIHUHQFHGHPDQGHGWKDWWKHEHJLQQLQJVKRXOGKDYHEHHQPDGHIURPWKH
VLGHRIWKHODWWHU%XWWKHFRUUHFWZD\ZDVWKDWWKHEHJLQQLQJVKRXOGEHPDGHIURP,EQC$EEDV0D\
$OODKEHSOHDVHGZLWKWKHPEHFDXVHKHZDVVLWWLQJRQWKHULJKWVLGH)RUWKLVUHDVRQWKH3URSKHW
3%8+GLGQRWLJQRUHKLVULJKWRISULRULW\GXHWRKLV\RXQJDJHUDWKHUE\VHHNLQJKLVSHUPLVVLRQKH
PDGHLWFOHDUWKDWSULRULW\VKRXOGEHJLYHQWRDULJKWIXOSHUVRQLUUHVSHFWLYHRIWKHIDFWWKDWKHKDSSHQHG
WREHDFKLOG2QWKHRWKHUKDQGLWZDVDOVRHVVHQWLDOIRU,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP
WKDWLQYLHZRIUHVSHFWIRUHOGHUVKHVKRXOGVXUUHQGHUKLVULJKW%XWKHIDFHGDPRUHGHOLFDWHSUREOHP
7KHFXSFRQWDLQLQJWKHOHIWRYHUGULQNRIWKH3URSKHW3%8+KDGWRXFKHGKLVEOHVVHGPRXWKDQGWKLV
IDFWSURPSWHG,EQC$EEDVL0D\$OODKEHSOHDVHGZLWKWKHPWRWDNHOHDGLQEHQHILWLQJIURPWKH
EHQHGLFWLRQ+HWKHUHIRUHSUHIHUUHGWKH3URSKHWLFEHQHGLFWLRQWRVKRZLQJUHVSHFWWRWKHDJHG7KH
+DGLWKWKURZVOLJKWRQWKHUHTXLVLWHUHVSHFWIRUWKHDJHGDVZHOODVKLJKOLJKWVWKHVLJQLILFDQFHRI
UHFHLYLQJEOHVVLQJIURPWKHSLRXVSHUVRQV%HVLGHVLWSURYHV WKHULJKWRISULRULW\RIWKHULJKWIXOSHUVRQ
>$O%XNKDUL@
&+$37(5
(;&(//(1&(2)$
*5$7()8/5,&+0$1
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG<HWLWVUHOHYDQFHZLWKWKLVFKDSWHUKDV
SURPSWHGXVWRUHSHDWLWKHUH,WOD\VHPSKDVLVRQWZRSRLQWV)LUVWLI$OODKJLYHVZHDOWKWRDPDQKLV
VHQVHRIJUDWLWXGHVKRXOGEHH[SUHVVHGLQKLVVSHQGLQJLWLQJRRGZD\VDFFRUGLQJWRWKH'LYLQH
FRPPDQG6HFRQGLI$OODKKDVHQGRZHGVRPHERG\ZLWKNQRZOHGJHDQGZLVGRPKHVKRXOGEH
WKDQNIXOWRKLV5XEEE\ZD\RISXWWLQJLWLQWRSUDFWLFHDQGE\LPSDUWLQJLWWRRWKHUV,WPHDQVRQHFDQ
DVSLUHIRUNQRZOHGJHDQGULFKQHVVSURYLGHGRQH
VPRWLYHLVWREHQHILWRWKHUV(QY\LVDEDGTXDOLW\
ZKLFK0XVOLPVPXVWVKXQ,QWKLV+DGLWKKRZHYHUHQY\ RU*KLEWDK UHIHUVWRWKHIHHOLQJRIZLVKLQJ
WRKDYHZKDWVRPHERG\HOVHKDVRUWREHOLNHVRPHERG\HOVHZLWKRXWWKHVHEOHVVLQJVEHWDNHQDZD\
IURPWKHHQYLHGSHUVRQ
>$O%XNKDULDQG0XVOLP@
+HDVNHG +RZLVWKDW"
7KH\UHSOLHG7KH\RIIHU6DODWDVZHGRDQGREVHUYH
6DXPIDVWLQJDVZHGREXWWKH\JLYHLQ6DGDTDKFKDULW\DQGZHGRQRWDQGWKH\HPDQFLSDWHVODYHV
DQGZHFDQQRW
7KH\VDLG6XUHO\20HVVHQJHURI$OODK
+HVDLG 6D\6XEKDQ
$OODKDQG$OODKX$NEDUDQGSUDLVH+LPE\VD\LQJ$OKDPGXOLOODKWKLUW\WKUHHWLPHVDWWKHHQGRI
HYHU\ 6DODW
7KH\UHWXUQHGWRKLPDQGVDLG2XUEURWKHUVWKHSRVVHVVRUVRIZHDOWKKDYLQJKHDUGZKDW
ZHDUHGRLQJKDYHVWDUWHGGRLQJWKHVDPH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGLQJRIWKH+DGLWKDSSDUHQWO\UHYHDOVWKDW6XEKDQ$OODK*ORU\EHWR$OODK
$OKDPGXOLOODK3UDLVHEHWR$OODK
DQG$DOOKX$NEDU$OODKLVWKH*UHDWHVW
VKRXOGEHUHFLWHGWKLUW\
WKUHHWLPHV,IHDFKJURXSRIZRUGVLVVDLGHOHYHQWLPHVWKHWRWDOQXPEHUZLOOEHFRPHWKLUW\WKUHH%XW
$O+DIL],EQ+DMDUEHOLHYHVWKDWHDFKIRUPXODVKRXOGEHXWWHUHGWKLUW\WKUHHWLPHVWKDWLVWRVD\DIWHU
HDFKSUD\HU 6XEKDQ$OODK
$OKDPGXOLOODK
DQG $OODKX$NEDU
VKRXOGEHXWWHUHGWKLUW\WKUHHWLPHV
HDFK%XWDFFRUGLQJWRVRPH$KDGLWK,PDP$Q1DZDZLLVRIWKHYLHZWKDW $OODKX$NEDU
VKRXOGEH
VDLGWKLUW\IRXUWLPHVDQGLQWKHHQG/DLODKDLOODOODKX:DKGDKXODVKDULND/DKX/DKXOPXONXZD
/DKXOKDPGXZD+XZDCDODNXOOLVKDL
LQ4DGLU
QRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODK+HLV
2QH+HKDVQRSDUWQHUVWR+LPEHORQJVWKHGRPLQLRQDQGDOOWKHSUDLVHDQG+HKDVSRZHURYHUDOO
WKLQJVVKRXOGEHUHFLWHG6KRXOGZHUHFLWHWKHPWRJHWKHURUVHSDUDWHO\"$O4DGLC,\DGLVRIWKHRSLQLRQ
WKDWLWLVEHWWHUWRUHFLWHWKHPVHSDUDWHO\EXW,PDP$Q1DZDZLLVRIWKHYLHZWKDWERWKZD\VDUH
FRUUHFW,QIDFWLQERWKZD\VWKHQXPEHUUHPDLQVWKHVDPH%HVLGHVDQDGGLWLRQPXVWQRWEHPDGHWR
WKH6XQQDKRI0HVVHQJHURI$OODK3%8+3UDFWLFDOO\ ZHNQHZWKDWLWLVQHFHVVDU\WRXVHWKH
SUHVFULSWLRQRIDSK\VLFLDQZLWKRXWPDNLQJDQ\DOWHUDWLRQLQLWVHOHPHQWVRWKHUZLVHLWZLOOQRWZRUN
SURSHUO\6LPLODUO\WKHUHDUHVSLULWXDOEHQHILWVEOHVVLQJVDQGHIILFDF\LQWKHQXPEHUWROGE\WKH
3URSKHW3%8+$Q\DOWHUDWLRQLQLWZLOOQXOOLI\LWVEOHVVLQJDQGHIILFDF\)DWK$O%DUL
7KLV+DGLWKUHYHDOVKRZIHUYHQWO\WKH&RPSDQLRQVZHUHLQFOLQHGWRZDUGVJRRGDQGKRZFRQFHUQHG
DERXWVXUSDVVLQJWKRVHZKRZHUHEHWWHUWKDQWKHPLQVRPHIRUPVRIJRRGGHHGV,QGHHGDOO0XVOLPV
DUHHTXDOZLWKUHJDUGWRWKHSUDFWLFHRIUHOLJLRXVSULQFLSOHV%XWZKDWJLYHVDQHGJHWRWKHULFKRYHU
WKHLUSRRUFRUHOLJLRQLVWVDUHWKHILQDQFLDOIRUPVRIZRUVKLSWKDWLVFKDULW\DQGDOPVJLYLQJZKLFKWKH
ODWWHUDUHXQDEOHWRGR
&+$37(5
5(0(0%5$1&(2)'($7+
$1'5(675$,172):,6+(6
$OODKWKH([DOWHGVD\V
(YHU\RQHVKDOOWDVWHGHDWK$QGRQO\RQWKH'D\RI5HVXUUHFWLRQVKDOO\RXEHSDLG\RXUZDJHVLQ
IXOO$QGZKRHYHULVUHPRYHGDZD\IURPWKH)LUHDQGDGPLWWHGWR-DQQDKKHLQGH HGLV
VXFFHVVIXO7KHOLIHRIWKLVZRUOGLVRQO\WKHHQMR\PHQWRIGHFHSWLRQDGHFHLYLQJWKLQJ
1RSHUVRQNQRZVZKDWKHZLOOHDUQWRPRUURZDQGQRSHUVRQNQRZVLQZKDWODQGKHZLOOGLH
ZKHQWKHLUWHUPFRPHVQHLWKHUFDQWKH\GHOD\QRUFDQWKH\DGYDQFHLWDQKRXURUD
PRPHQW
2\RXZKREHOLHYH/HWQRW\RXUSURSHUWLHVRU\RXUFKLOGUHQGLYHUW\RXIURPWKHUHPHPEUDQFH
RI$OODK$QGZKRVRHYHUGRHVWKDWWKHQWKH\DUHWKHORVHUV$QGVSHQGLQFKDULW\RIWKDWZLWK
ZKLFK:HKDYHSURYLGHG\RXEHIRUHGHDWKFRPHVWRRQHRI\RXDQGKHVD\VC0\5XEE,IRQO\
<RXZRXOGJLYHPHUHVSLWHIRUDOLWWOHZKLOHLHUHWXUQWRWKHZRUOGO\OLIHWKHQ,VKRXOGJLYH
6DGDTDKLH=DNDWRIP\ZHDOWKDQGEHDPRQJWKHULJKWHRXV>LHSHUIRUP+DMMSLOJULPDJHWR
0DNNDKDQGRWKHUJRRGGHHGV@
$QG$OODKJUDQWVUHVSLWHWRQRQHZKHQKLVDSSRLQWHGWLPH
GHDWKFRPHV$QG$OODKLV$OO$ZDUHRIZKDW\RXGR
8QWLOZKHQGHDWKFRPHVWRRQHRIWKHPWKRVHZKRMRLQSDUWQHUVZL
WK$OODKKHVD\VC0\
5XEE6HQGPHEDFN6RWKDW,PD\GRJRRGLQWKDWZKLFK,KDYHOHIWEHKLQG
1R,WLVEXWD
ZRUGWKDWKHVSHDNVDQGEHKLQGWKHPLV%DU]DNKDEDUULHUXQWLOWKH'D\ZKHQWKH\ZLOOEH
UHVXUUHFWHG7KHQZKHQWKH7UXPSHWLVEORZQWKHUHZLOOEHQRNLQVKLSDPRQJWKHPWKDW'D\
QRUZLOOWKH\DVNRIRQHDQRWKHU7KHQWKRVHZKRVH6FDOHVRIJRRGGHHGVDUHKHDY\WKH\DUHWKH
VXFFHVVIXO$QGWKRVHZKRVH6FDOHVRIJRRGGHHGVDUHOLJKWWKH\DUHWKRVHZKRORVHWKHLU
RZQVHOYHVLQ+HOOZLOOWKH\DELGH7KH)LUHZLOOEXUQWKHLUIDFHVDQGWKHUHLQWKH\ZLOOJULQZLWK
GLVSODFHGOLSVGLVILJXUHGC:HUHQRW0\9HUVHVWKLV4XU
DQUHFLWHGWR\RXDQGWKHQ\RXXVHG
WRGHQ\WKHP"
7KH\ZLOOVD\C2XU5XEE2XUZUHWFKHGQHVVRYHUFDPHXVDQGZH ZHUHDQ
HUULQJSHRSOHC2XU5XEE%ULQJXVRXWRIWKLVLIHYHUZHUHWXUQWRHYLOWKHQLQGHHGZHVKDOOEH
=DOLPXQSRO\WKHLVWVRSSUHVVRUVXQMXVWZURQJGRHUVHWF"+H$OODKZLOOVD\C5HPDLQ\RXLQLW
ZLWKLJQRPLQ\$QGVSHDN\RXQRWWR0H
9HULO\7KHUHZDVDSDUW\RI0\VODYHVZKRXVHGWR
VD\C2XU5XEE:HEHOLHYHVRIRUJLYHXVDQGKDYHPHUF\RQXVIRU\RXDUHWKH%HVWRIDOOZKR
VKRZPHUF\
C%XW\RXWRRNWKHPIRUDODXJKLQJVWRFNVRPXFKVRWKDWWKH\PDGH\RXIRUJHW0\
UHPHPEUDQFHZKLOH\RXXVHGWRODXJKDWWKHP9HULO\,KDYHUHZDUGHGWKHPWKLV'D\IRUWKHLU
SDWLHQFHWKH\DUHLQGHHGWKHRQHVWKDWDUHVXFFHVVIXO+H$OODKZLOOVD\C:KDWQXPEHURI\HDUV
GLG\RXVWD\RQHDUWK"
7KH\ZLOOVD\C:HVWD\HGDGD\RUSDUWRIDGD\$VNRIW KRVHZKRNHHS
DFFRXQW
+H$OODKZLOOVD\C<RXVWD\HGQRWEXWDOLWWOHLI\RXKDGRQO\NQRZQ'LG\RXWKLQN
WKDW:HKDGFUHDWHG\RXLQSOD\ZLWKRXWDQ\SXUSRVHDQGWKDW\RXZRXOGQRWEHEURXJKWEDFN
WR8V"
,EQC8PDU0D\
$OODKEHSOHDVHGZLWKWKHPXVHGWRVD\:KHQ\RXVXUYLYHWLOOWKHHYHQLQJGRQRWH[SHFWWROLYHXQWLO
WKHPRUQLQJDQGZKHQ\RXVXUYLYHWLOOWKHPRUQLQJGRQRWH[SHFWWROLYHXQWLOWKHHYHQLQJ:KLOHLQ
JRRGKHDOWKGRJRRGGHHGVEHIRUH\RXIDOOVLFNDQGZKLOH\RXDUHDOLYHGRJRRGGHHGVEHIRUHGHDWK
VWULNHV
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG5HIHUWRWKHFRPPHQWDU\RQ+DGLWK1R
>$O%XNKDULDQG0XVOLP@
,QWKHQDUUDWLRQRI0XVOLPLWLVQDUUDWHGDVCWKUHHQLJKWV
,EQC8PDU0D\$OODKEHSOHDVHGZLWK
WKHPVDLG6LQFH,KHDUGWKH0HVVHQJHURI$OODKVD\WKLV,KDYHQHYHUVSHQWDQLJKWZLWKRXWKDYLQJP\
ZLOOZLWKPH
>$O%XNKDUL@
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+GUHZXSDVTXDUHDQG
LQWKHPLGGOHRILWKHGUHZDOLQHWKHHQGRIZKLFKMXWWHGRXWEH\RQGWKHVTXDUH)XUWKHUDFURVVWKH
PLGGOHOLQHKHGUHZDQXPEHURIVPDOOHUOLQHV7KHQKH3%8+VDLG 7KHILJXUHUHSUHVHQWVPDQDQG
WKHHQFLUFOLQJVTXDUHLVWKHGHDWKZKLFKLVHQFRPSDVVLQJKLP7KHPLGGOHOLQHUHSUHVHQWVKLVGHVLUHV
DQGWKHVPDOOHUOLQHVDUHYLFLVVLWXGHVRIOLIH,IRQHRIWKRVHPLVVHVKLPDQRWKHUGLVWUHVVHVKLPDQGLI
WKDWRQHPLVVHVKLPKHIDOOVYLFWLPWRDQRWKHU
>$O%XNKDUL@
&RPPHQWDU\ 7KLVPHDQVWKDWKXPDQOLIHLVSHUSHWXDOO\H[SRVHGWRPLVKDSV,IPDQHVFDSHVRQH
PLVKDSKHFRPHVDFURVVWKHRWKHURQH+LVOLIHLVVSHQWLQDFRQWLQXRXVVWUXJJOHDJDLQVWWDFNOLQJWKH
KRVWLOHVLWXDWLRQV%HVLGHVKLVOLIHUHPDLQVHQWDQJOHGLQXQHQGLQJKRSHVDQGZLVKHVZKLFKDUHQHYHU
IXOILOOHGDQGILQDOO\KHVOLSVLQWRWKHLURQJULSRIGHDWK7RVXPXSPDQLVHYHUFORVHUWRWKHERUGHUOLQH
RIGHDWKDQGQRWVXSSRVHGWRUHPDLQXQSUHSDUHGIRULW7KHUHLVQRHQGWRZLVKIXOWKLQNLQJDQG
WKHUHIRUHKHVKRXOGQRWDGRSWDFDUHOHVVDWWLWXGHWRZDUGVWKHLQHVFDSDEOHGHDWKLQWKHSXUVXLWRILOOXVRU\
KRSHV7KHEHVWFRXUVHIRUKLPLVWRUHPDLQHYHUUHDG\IRUKLVH[LWIURPWKHZRUOGO\VWDJH
7KHQJLYLQJD
ZDUQLQJKHVDLG $UH\RXZDLWLQJIRUSRYHUW\ZKLFKZLOOPDNH\RXXQPLQGIXORIGHYRWLRQRU
SURVSHULW\ZKLFKZLOOPDNH\RXFRUUXSWRUDGLVHDVHZKLFKZLOOGLVDEOH\RXRUVHQLOLW\ZKLFKZLOO
PDNH\RXPHQWDOO\XQVWDEOHRUVXGGHQGHDWKZKLFKZLOOWDNH\RXDOORIDVXGGHQRU$G'DMMDOZKRLV
WKHZRUVWH[SHFWHGRUWKH+RXUDQGWKH+RXUZLOOEHPRVWJULHYRXVDQGPRVWELWWHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KH+DGLWKIRFXVHVRQVHYHQWKLQJVZKLFKKROGEDFNPDQIURPWKHYLUWXRXVSDWK
7DNLQJLQFRQVLGHUDWLRQWKHWXUQLQJKHDOWKDQGWKHEULHIVSDQRIOLIHWRKLVDFFRXQWKHLVWKHUHIRUHDSW
WRJDWKHUXSJRRGGHHGVIRUWKH+HUHDIWHUEHFDXVHDQXQWRZDUGVLWXDWLRQPD\FRQIURQWKLPDQ\PRPHQW
DQGUHQGHUKLPXQDEOHWRGRJRRGWKLQJVWRKLVEHQHILWLQWKHRWKHUZRUOGO\OLIH
>$W7LUPLGKL@
&RPPHQWDU\ %HLQJKHHGIXODQGWDONLQJDERXWGHDWKFKHFNVPDQIURPEHLQJORVWLQWKHZRUOGO\
SOHDVXUHVDQGVHGXFWLRQV:HDUHWKHUHIRUHVXSSRVHGWRUHPHPEHUGHDWKIUHTXHQWO\DQGWRDYRLG
UHPDLQLQJLQGLIIHUHQWWRSRVWGHDWKDIIDLUVDQGRFFXUUHQFHV
+HVDLG <RXPD\
GHYRWHDVPXFKDV\RXZLVK
:KHQ,VXJJHVWHGDTXDUWHUKHVDLG 'RZKDWHYHU\RXZLVKEXWLWZLOO
EHEHWWHUIRU\RXLI\RXLQFUHDVHLW
,VXJJHVWHGKDOIDQGKHVDLG 'RZKDWHYHU\RXZLVKEXWLWZLOOEH
EHWWHUIRU\RXLI\RXLQFUHDVH
,VXJJHVWHGWZRWKLUGVDQG KHVDLG'RZKDWHYHU\RXZLVKEXWLWZLOO
EHEHWWHUIRU\RXLI\RXLQFUHDVHLW
,VDLG6KDOO,GHYRWHDOOP\VXSSOLFDWLRQVLQYRNLQJ$OODKWR
HOHYDWH\RXUUDQN"
+HVDLG 7KHQ\RXZLOOEHIUHHGIURP\RXUZRUULHVDQG\RXUVLQVZLOOEHIRUJLYHQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KH4XU
DQH[DFWO\FRUURERUDWHVZKDWKDVEHHQVWDWHGLQWKLV+DGLWK7KHUHZLOOEHWZR
VRXQGLQJVRIWKH7UXPSHW7KHILUVWZLOOWKURZWKHHDUWKDQGPRXQWDLQVLQWRWUHPHQGRXVFRQYXOVLRQV
DQQLKLODWLQJDOOOLIHDQGGLVUXSWLQJWKHHQWLUHSK\VLFDOVWUXFWXUHRIWKHXQLYHUVH7KHVHFRQG DIWHUDQ
LQGHILQLWHSHULRGRIWLPHNQRZQWR$OODK$ORQH ZLOOPDUNWKH5HVXUUHFWLRQ'D\DQGEULQJIRUWKWKH
ZKROHVFHQDULRRIWKH/DVW-XGJHPHQW0HVVHQJHURI$OODK3%8+KDVLQYLWHGWKHDWWHQWLRQRI
PDQNLQGWRWKHKRUUHQGRXVRUGHDODZDLWLQJLWLQWKH/DVW+RXU%HVLGHVWKLV+DGLWKXUJHVWKHEHOLHYHUV
WRVHQGWKHPD[LPXPJUHHWLQJVWR0HVVHQJHURI$OODK3%8+,WDOVRKLJKOLJKWVWKHH[FHOOHQFHRI
VXFKDQLQYRFDWLRQ7KH4XU
DQLWVHOIPDNHVWKLVGHPDQG WRWKHEHOLHYHUV
&+$37(5
'(6,5$%,/,7<2)9,6,7,1*
7+(*5$9(6)250(1$1'
7+$77+(<6+28/'6$<
%XUDLGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG ,QWKH
SDVW,IRUEDGH\RXIURPYLVLWLQJJUDYHVEXWYLVLWWKHPQRZ
>0XVOLP@
&RPPHQWDU\ 7KHYLVLWWRWKHJUDYHVLVQRWRQO\UHFRPPHQGDEOHIURPDWKHRORJLFDOSRLQWRIYLHZEXW
LQWKHOLJKWRIWKH3URSKHWLFVD\LQJLWLVDOVRFRPSXOVRU\DQGELQGLQJ+RZHYHUDWWKHGDZQRI,VODPLW
ZDVIRUELGGHQGXHWRWKHDSSUHKHQVLRQWKDWWKH0XVOLPVPLJKWUHODSVHLQWRVRPHZURQJGRLQJE\
KDUNLQJEDFNWRWKHSUH,VODPLFPHPRU\%XWZKHQWKH0RQRWKHLVWLF%HOLHIWRRNURRWLQWKHLUPLQGVDQG
WKHDSSUHKHQVLRQRISDJDQHFKRLQJVHYDSRUDWHGWKHEDQRQYLVLWLQJWKHJUDYHVZDVOLIWHG5DWKHUDQ
HPSKDVLVZDVODLGRQVXFKDYLVLWVRWKDWDQRYHUSRZHULQJWKRXJKWRIGHDWKPLJKWSHQHWUDWHDEHOLHYHU
V
PLQGDVDGHWHUUHQWIRUFHDJDLQVWWKHSURPSWLQJVRIKLVDQLPDOVHOI7KHEHOLHYHUVPXVWUHPHPEHUGHDWK
DQGUHPHPEHUWKDWWKH\ZLOOEHGHDGVRRQHURUODWHU,WKDVEHHQUHSRUWHGWKDWC8PDUELQ$O
.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPXVHGWRDGGUHVVKLPVHOIWKXV'HDWKVXIILFHVWRVHUYHDVDQ
DGPRQLWRU2C8PDU
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDSURYLVLRQIRUDEHOLHYHUWRYLVLWWKHJUDYH\DUGDQGWRSUD\IRUKLVGHDG
UHODWLYHVEHFDXVHWKHSUD\HURIWKHOLYLQJEHQHILWVWKHGHSDUWHGVRXOV
>$W7LUPLGKL@
&RPPHQWDU\ ,PDP$W7LUPLGKLFRQVLGHUVLWDVDFUHGLEOH+DGLWKDQG,PDP$Q1DZDZLKDVDOVR
UHGXFHGLWWRZULWLQJZLWKRXWCLIV
DQGCEXWV
+RZHYHU6KDLNK$O$OEDQLFDOOVLWXQGHSHQGDEOHIURPWKH
YLHZSRLQWRIWKHFKDLQRIUHSRUWHUV)RUDGHWDLOHGVWXG\RQHPD\UHIHUWR$KNDP$O-DQD
L]E\$O
$OEDQLSDJH
&+$37(5
$%20,1$7,212)/21*,1*
)25'($7+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
1RQHRI\RXVKRXOGZLVKIRUGHDWK,IKHLVULJKWHRXVSHUKDSVKHPD\DGGWRKLVJRRGZRUNVDQGLI
KHLVDVLQQHUSRVVLEO\KHPD\UHSHQWLQFDVHKHLVJLYHQDORQJHUOLIH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKIRUELGVDEHOLHYHUWRZLVKIRUKLVGHDWKDVWKHORQJHYLW\RIKLVDJHVXLWVKLP
E\DOOPHDQV 7KHORQJHUKHOLYHVWKHJUHDWHUGHJUHHRISURJUHVVZLOOKHPDNHLQYLUWXHVSXUVXLWV$QG
LQFDVHKHLQIULQJHVXSRQWKH6KDULCDKUXOHVKHPD\SHUKDSVLQFOLQHWRZDUGVSHQLWHQFH$EHOLHYHU
VKRXOGWKHUHIRUHFRQVLGHUKLVOLIHDVDERRQDQGWU\KLVXWPRVWWRGRJRRGWKLQJV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHWRRDEHOLHYHUKDVEHHQSUHYHQWHGIURPZLVKLQJIRUGHDWK%HFDXVHLWEHWUD\VWKDW
KHLVIDUIURPDJUHHLQJWRZKDW$OODKZLOOVRUKDVRUGDLQHG,IDWDOOKLVZLVKLQJEHFRPHVLQWHQVHDQG
LQGLVSHQVDEOHXQGHUWKHSUHVVXUHRIFLUFXPVWDQFHVKHVKRXOGSUD\LQWKH3URSKHWLFZRUGVPHQWLRQHGLQ
WKH+DGLWKDERYH
4DLVELQ$EX+D]LP0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,ZHQWWRYLVLW.KDEEDEELQ$UDWW
0D\$OODKEHSOHDVHGZLWKKLPGXULQJKLVLOOQHVV+HKDGEHHQFDXWHUL]HGLQVHYHQSODFHV+HVDLG
2XUFRPSDQLRQVZKRKDYHGLHGKDYHOHIWWKLVZRUOGZLWKRXWKDYLQJHQMR\HGWKHSOHDVXUHVRIWKH
ZRUOGLQRUGHUWRJHWDJUHDWIXOOUHZDUGLQWKH+HUHDIWHUZKLOHZHKDYHDPDVVHGZHDOWKH[FHHGLQJRXU
QHHGVIRUZKLFKWKHUHLVQRSODFHWRNHHSH[FHSWLQWKHHDUWK +DG0HVVHQJHURI$OODK3%8+ QRW
SURKLELWHGXVIURPORQJLQJIRUGHDWK,ZRXOGKDYHSUD\HGIRULW
7KHQZHYLVLWHGKLPDJDLQDQGKH
ZDVEXLOGLQJDZDOO+HVDLG 7KHUHLVDUHZDUGLQVWRUHIRUD0XVOLPLQUHVSHFWRIHYHU\WKLQJRQ
ZKLFKKHVSHQGVH[FHSWIRUVRPHWKLQJKHSODFHVLQWKHHDUWKLHVRPHWKLQJH[FHHGLQJRXUQHHGVRU
HVVHQWLDOV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKIRUELGVDEHOLHYHUWRZLVKIRUKLVGHDWKDVWKHORQJHYLW\RIKLVDJHVXLWVKLP
E\DOOPHDQV7KHORQJHUKHOLYHVWKHJUHDWHUGHJUHHRISURJUHVVKHZLOOPDNHLQWKHSXUVXLWRIYLUWXHV
$QGLQFDVHKHLQIULQJHVXSRQWKH6KDULCDKUXOHVKHPD\SHUKDSVLQFOLQHWRZDUGVSHQLWHQFH$EHOLHYHU
VKRXOGWKHUHIRUHFRQVLGHUKLVOLIHDVDERRQDQGWU\KLVXWPRVWWRGRJRRGWKLQJV
&+$37(5
/($',1*$1$%67(0,286/,)($1'
5()5$,1,1*)5207+('28%7)8/
$OODKWKH([DOWHGVD\V
\RXFRXQWHGLWDOLWWOHWKLQJZKLOHZLWK$OODKLWZDVYHU\JUHDW
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHDUHVXFKPHHWLQJSRLQWVEHWZHHQZKDWLVSHUPLVVLEOHDQGZKDWLVQRWSHUPLVVLEOH
LQWKHPDWWHURIUHOLJLRQRIZKLFKWKHPDMRULW\RISHRSOHDUHLJQRUDQW,IPDQDEVWDLQVIURPWKHPLW
PHDQVWKDWKHLVNHHSLQJKLVGXW\WR$OODK<HWLIKHLVLQYROYHGLQWKHPZLWKRXWFDULQJIRUZKDWLV
DOORZDEOHRUXQDOORZDEOHKHPD\EHVXSSRVHGWRKDYHRXWVWHSSHGWKH'LYLQHOLPLWV%XVLQHVVPHQDQG
WUDGHUVDUHSDUWLFXODUO\ZDUQHGKHUHWRDYRLGWKLQJVRIGXELRXVQDWXUHDQGDUHXUJHGWRDGRSWRQO\WKDW
SDWWHUQZKLFKLVODZIXO$QRWKHULPSRUWDQWSRLQWXQGHUO\LQJWKLV+DGLWKFRQFHUQVWKHKHDUW,WVSXULW\RU
LPSXULW\GLUHFWO\DIIHFWVWKHKXPDQFRQGXFWLQDJRRGRUEDGZD\,WLVWKHUHIRUHDEVROXWHO\QHFHVVDU\
WRFOHDQVH WKHKHDUWRIDOOZLOHVDQGLPSXULWLHVDQGWKLVLVQRWSRVVLEOHZLWKRXWVRXQG)DLWKDQG
FRQVFLRXVQHVVRI$OODK
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ ,VODPOD\VPXFKLPSRUWDQFHRQFRXUWHRXVEHKDYLRXUDQGDOVRH[SODLQVDQGVWUHVVHVLWV
GLIIHUHQWDVSHFWV7RPHHWSHRSOHFKHHUIXOO\WRDYRLGFDXVLQJWURXEOHWRWKHPUDWKHUWRWU\WRPDNH
WKLQJVFRQYHQLHQWDQGFRPIRUWDEOHWRWKHPWRGRVRFLDOVHUYLFHWRH[WHQGFRRSHUDWLRQWRRWKHUVLQ
JRRGWKLQJVDQGWREHJHQHURXVDQGWROLNHIRURWKHUVDOVRWKDW\RXOLNHIRU\RXUVHOIDUHDOOIRUPVRI
PRUDOEHKDYLRXUWKDWDUHFRXQWHGDVYLUWXHVLQ,VODP$OOWKDWLVEDGDQGYLFLRXVLVFRQVLGHUHGE\,VODP
DVVLQIXO7KLV+DGLWKGHVFULEHVWZRVLJQVRIDVLQ)LUVWPDQVKRXOGIHHOVFUXSOHVLQFRPPLWWLQJ LW
6HFRQGRQHGRHVQRWOLNHRWKHUVEHLQJLQIRUPHGDERXWLW7KH+DGLWKIXUWKHUWHOOVXVWKDWKXPDQQDWXUH
OHDGVPDQWRFRUUHFWFRQFOXVLRQVDQGNHHSVKLPDZD\IURPHYLOVSURYLGHGLWKDVQRWEHHQGHIRUPHGE\
WKHHQYLURQPHQWDQGEDGFRPSDQ\
,UHSOLHGLQWKHDIILUPDWLYH7KHQ
KHVDLG $VN\RXUKHDUWUHJDUGLQJLW3LHW\LVWKDWZKLFKFRQWHQWVWKHVRXODQGFRPIRUWVWKHKHDUWDQG
VLQLVWKDWZKLFKFDXVHVGRXEWVDQGSHUWXUEVWKHKHDUWHYHQLISHRSOHSURQRXQFHLWODZIXODQGJLYH\RX
YHUGLFWVRQVXFKPDWWHUVDJDLQDQGDJDLQ
>$KPDGDQG$G'DUPL@
&RPPHQWDU\ 7KHUHDUHWZRSRLQWVDERXWWKLV+DGLWK)LUVWLWLVRQHRIWKHPLUDFOHVRI0HVVHQJHURI
$OODK3%8+ZKRGLVFRYHUHGWKHQDWXUHRIWKHTXHVWLRQEHIRUHLWZDVSXWWRKLP6HFRQGPDQ
VKHDUW
LVWKHELJJHVWJXLGHWRKLPDQGKHWKHUHIRUHVKRXOGNHHSKLVKHDUWLOOXPLQDWHGZLWKWKHOLJKWRI)DLWKVR
DVWRFRQWLQXHUHFHLYLQJJXLGDQFHIURPLW
&RPPHQWDU\ 2SLQLRQVGLIIHUDERXWWKHHYLGHQFHRIDZRPDQ%XWLWLVVRDERXWILQDQFLDOPDWWHUVDQG
+XGXG SXQLVKPHQWV DQG4LVDV UHWDOLDWLRQLQSXQLVKPHQW )RUH[DPSOHUHJDUGLQJWKHILUVWWKH
4XU
DQVD\VWKDWWKHHYLGHQFHRIWZRZRPHQLVHTXDOWRWKDWRIRQHPDQ6LPLODUO\WKHC8ODPD
KDYH
QRWWUXVWHGWKHHYLGHQFHRIDZRPDQDERXWPDWWHUVFRQFHUQLQJ+XGXG DQG4LVDVUDWKHUWKH\KDYH
FRQVLGHUHGLQWKLVFRQQHFWLRQWKHHYLGHQFHRIPDQLQGLVSHQVDEOH+RZHYHUWKH\DUHDOOXQDQLPRXVLQ
DFFHSWLQJWKHHYLGHQFHRIHYHQDVLQJOHZRPDQLQPDWWHUVRIZKLFKPHQDUHXQLQIRUPHG7KHVHIRU
LQVWDQFHLQFOXGHWKHSUREOHPVRIDFKLOG
VELUWKDQGLWVOHJLWLPDF\DQGWKHZHDNSRLQWVRIZRPHQ$QG
WKHDUJXPHQWLVVXSSRUWHGE\WKLV+DGLWK:KHQWKHZRPDQJDYHHYLGHQFHWKDWVKHKDGVXFNOHGERWK
WKHKXVEDQGDQGWKHZLIHDQGZDVWKHIRVWHUPRWKHURIWKHWZRWKH\VHSDUDWHGIURPHDFKRWKHU$OVR
0HVVHQJHURI$OODK3%8+GHFODUHGWKHLUZHGORFNXQWHQDEOH7KH+DGLWKXUJHVXVWRGLVSHQVHZLWK
ZKDWLVGRXEWIXOLQRUGHUWREHRQWKHVDIHVLGHLQPDWWHUVRIUHOLJLRQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKDVDOVRPHQWLRQHGSUHYLRXVO\XUJHVDEHOLHYHUWRJLYHXSZKDWDSSHDUVWR
KLPGRXEWIXO
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP
KDGDVODYHZKREURXJKWKLPKLVHDUQLQJVDQG$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPZRXOGHDW
IURPLW2QHGD\KHEURXJKWKLPVRPHWKLQJDQGZKHQ$EX%DNU0D\ $OODKEHSOHDVHGZLWKKLPKDG
HDWHQVRPHRILWWKHVODYHDVNHGKLPZKHWKHUKHNQHZZKHUHKHKDGJRWWKDWIRRGIURP$EX%DNU
0D\$OODKEHSOHDVHGZLWKKLPDVNHGZKDWLWZDVDQGKHUHSOLHG ,DFWHGDVDVRRWKVD\HUIRUDPDQLQ
WKHSUH,VODPLFSHULRGDQGQRWEHLQJJRRGDWLW,GHFHLYHGKLPWRGD\KHPHWPHDQGKHUHZDUGHGPH
IRUWKDWVRRWKVD\LQJZKDW\RXKDYHHDWHQ $EX%DNU0D\$OODKEHSOHDVHGZLWKKLPSXWKLVKDQGLQ
KLVPRXWKDQGYRPLWHGXSDOOWKDWKHKDGHDWHQ
>$O%XNKDUL@
&RPPHQWDU\ 6RRWKVD\LQJZDVSUHYDOHQWLQWKHSUH,VODPLF$UDEVRFLHW\,VODPEURXJKWDQHQGWRLW
DQGGHFODUHGLWVLQFRPHXQODZIXO7KDWZDVWKHUHDVRQZKHQ$EX%DNU0D\$OODKEHSOHDVHGZLWK
KLPFDPHWRNQRZWKDWZKDWKHKDGHDWHQKDGEHHQDFFUXHGWRWKHVODYHIURPVRRWKVD\LQJKHYRPLWHG
LWXS7KHLQFLGHQWUHIOHFWHGKLVH[WUHPHFRQWLQHQFHDQGDYHUVLRQWRSDJDQFXVWRPVDQGSURSHQVLWLHV
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQC8PDU
VIDLUQHVVIHDURI$OODKXSULJKWQHVVDQGVHQVHRI
FXVWRGLDQVKLS7KHDQQXDODOORZDQFHZKLFKKHJRWIL[HGIURPWKHWUHDVXU\IRUKLVVRQ ZDVILYHKXQGUHG
GLUKDPVOHVVWKDQWKDWJLYHQWRRWKHU0XKDMLUXQ+LVSOHDZDVWKDWVLQFHWKHUHFLSLHQWKDGPLJUDWHGWR
$O0DGLQDKDFFRPSDQLHGE\KLVSDUHQWVKLVJUDGHVKRXOGKDYHEHHQOHVVDVFRPSDUHGWRWKRVH
0XKDMLUXQZKRKDGHPLJUDWHGYROXQWDULO\
>$W7LUPLGKL@
&+$37(5
'(6,5$%,/,7<2)6(&/86,21$7
7,0(62)&255837,21&200,77('
%<7+(3(23/(2)7+(:25/'
$OODKWKH([DOWHGVD\V
>0XVOLP@
&RPPHQWDU\ ,VRODWLRQDFFRUGLQJWRWKLV+DGLWKLVUHFRPPHQGDEOHIRUWKHREHGLHQFHDQGZRUVKLSRI
$OODK,WLVSDUWLFXODUO\DSSURYHGZKHQWKHSUHYDOHQWFRUUXSWLRQDQGVRFLDOLQWHUFRXUVHHQGDQJHU
UHOLJLRQRULWVLPSOHPHQWDWLRQORRNVQRPRUHIHDVLEOH
7KHPDQDVNHG:KRLVWKHQH[W"
+HVDLG 2QHZKRUHWLUHVLQWRD
QDUURZYDOOH\DQGZRUVKLSVKLV5XEE
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUH-LKDGLVFRXQWHGDVWKHVXSUHPHYLUWXHDQGQH[WWRLWFRPHVWKHVXSHULRULW\RID
PDQZKRWDNHVWRVHFOXVLRQZLWKWKLVLQWHQWLRQWKDWKHZLOOZRUVKLS$OODKDQGNHHSDZD\WKHHYLORIKLV
DQLPDOVHOIIURPWKHSHRSOH
>$O%XNKDUL@
&RPPHQWDU\ $WDFHUWDLQSHULRGRIKLVWRU\VD\VWKH+DGLWKWKHYLUXVRIPRUDOFRUUXSWLRQZLOOVSUHDG
DPRQJSHRSOHVRSHULORXVO\DQGVRZLGHO\WKDWZKLOHOLYLQJDPRQJVWWKHPRQHZLOOKDUGO\EHDEOHWR
VDYHKLVUHOLJLRQ,QVXFKFLUFXPVWDQFHVWKHUHZLOOEHQRRWKHUDOWHUQDWLYHWKDQWRHVFDSHIURPFLWLHVWR
VDYHUHOLJLRQ7RGD\PRUDOFULVLVIDFHVWKH,VODPLFFRXQWULHV7KHUHVXOWLVWKDWWKHJULSRIUHOLJLRQRYHU
SHRSOHLVORRVHQLQJGD\E\GD\UDWKHUWKH\DUHFRQVWDQWO\VXIIHULQJWKHORVVRIUHOLJLRXVYDOXHVDQG
SULQFLSOHV1RZRQGHUWKHZRUNRIWKHHVWDEOLVKPHQWDQGSUDFWLFHRIUHOLJLRQLVEHFRPLQJPRUHDQG
PRUHWU\LQJIRUWKHUHOLJLRXVPLQGHGSHRSOH
+HZDVDVNHG$QGGLG\RX"
+HUHSOLHG <HV,WHQGHGWKHPIRUD
IHZFDUDWVIRUWKH0DNNDQV
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ +HUHLQWZRW\SHVRIPHQKDYHEHHQFRXQWHGDVWKHEHVWRIDOO)LUVWVXFKPDQZKR
UHPDLQVHQJDJHGLQWKHSUHSDUDWLRQIRU-LKDGEHLQJHYHUUHDG\IRULW6HFRQGLVWKHPDQZKRIOHHV
WRZQVKLSVDQGWDNHVVKHOWHUVLQDPRXQWDLQRUMXQJOHOLYLQJRQDIHZVKHHSWKHPRWLYHEHKLQGKLVVKLIW
LVWKHSUHVHUYDWLRQDQGSUDFWLFHRIKLV)DLWKDQGUHOLJLRQ
&+$37(5
(;&(//(1&(2)0,;,1*
:,7+3(23/($1'$77(1',1*
7+(,562&,$/$&7,9,7,(6
,PDP$Q1DZDZLVD\V5HPHPEHU0L[LQJZLWKSHRSOHLQWKHZD\,KDYHPHQWLRQHGHDUOLHULVPRVW
GHVLUDEOH7KLVZDVWKHZD\RI0HVVHQJHURI$OODK3%8+DQGRWKHU3URSKHWVRI$OODKWKH5LJKWHRXV
&DOLSKV0D\$OODKEHSOHDVHGZLWKWKHPWKHIROORZHUVRIWKH&RPSDQLRQVVFKRODUVDQGSLRXV
SHRSOH7KHPDMRULW\RIWKHIROORZHUVRIWKH&RPSDQLRQVDQGWKHLUIROORZHUVDGRSWHGLW,PDP$VK
6KDILCL ,PDP$KPDGDQGWKHPDMRULW\RIRWKHUMXULVWVIROORZHGLW
$OODKWKH([DOWHGVD\V
+HOS\RXRQHDQRWKHULQ$O%LUUDQG$W7DTZDYLUWXHULJKWHRXVQHVVDQGSLHW\
7KH4XUDQLF9HUVHVRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ
&+$37(5
02'(67<$1'&2857(6<
72:$5'67+(%(/,(9(56
$OODKWKH([DOWHGVD\V
$QGEHNLQGDQGKXPEOHWRWKHEHOLHYHUVZKRIROORZ\RX
2PDQNLQG:HKDYHFUHDWHG\RXIURPDPDOHDQGDIHPDOHDQGPDGH\RXLQWRQDWLRQVDQG
WULEHVWKDW\RXPD\NQRZRQHDQRWKHU9HULO\WKHPRVWKRQRXUDEOHRI\RXZLWK$OODKLVWKDW
EHOLHYHUZKRKDV$W7DTZD>KHLVRQHRIWKH0XWWDTXQWKHSLRXV@
6RDVFULEHQRWSXULW\WR\RXUVHOYHV+HNQRZVEHVWKLPZKRIHDUV$OODKDQGNHHSVKLVGXW\WR
+LP>LHWKRVHZKRDUH$O0XWWDTXQWKHSLRXV@
>0XVOLP@
&RPPHQWDU\ 7RWUHDWHDFKRWKHUKXPEO\OHQLHQWO\DQGORYLQJO\LVXQGHUVWRRGDVKXPLOLW\2QH
XQGHUWKLVSULQFLSOHLVDOVRUHTXLUHGQRWWRGHVSLVHDQ\ERG\RQWKHEDVLVRIZHDOWKVRFLDOGLVWLQFWLRQ
DQGOLQHDJH0RUHRYHURQHVKRXOGDOVRQRWDGRSWDQXQNLQGDWWLWXGHWRZDUGVRWKHUV%HVLGHVLI$OODK
KDVEHVWRZHGKRQRXURQVRPHERG\KHLVVXSSRVHGWREHJUDWHIXOWR+LPLQVWHDGRIEHKDYLQJ
GLVUHVSHFWIXOO\WRZDUGVSHRSOHDQGVXEMHFWLQJWKHPWRXQNLQGQHVVDQGW\UDQQ\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKHVXEOLPHFRXUWHV\DQGXQLTXHKXPEOHQHVVRI0HVVHQJHU
RI$OODK3%8+DVZHOODVKLVSDVVLRQWRPHHWWKHZDQWVRIWKHQHHG\,WSURYLGHVDOOWKH0XVOLPVZLWK
DZRUWKHPXODWLQJH[DPSOH7KH+DGLWKGRHVQRWPHDQWKDWWKHVODYHJLUOZRXOGDFWXDOO\WRXFKWKH
3URSKHW
VKDQGVEXWWKDWKHZRXOGVKRZKXPEOHQHVVWRDOONLQGVRISHRSOHEHWKH\\RXQJRUROGULFK
RUSRRUPHQRUZRPHQ
6KH
DQVZHUHG +HXVHGWRNHHSKLPVHOIEXV\KHOSLQJPHPEHUVRIKLVIDPLO\DQGZKHQLWZDVWKHWLPHIRU
6DODWWKHSUD\HUKHZRXOGJHWXSIRUSUD\HU
>$O%XNKDUL@
&RPPHQWDU\ +HUHWRRZHDUHLQIRUPHGDERXWWKHH[WUHPHKXPEOHQHVVRI0HVVHQJHURI$OODK
3%8+0DQ\DPDQGHHPVKLVLQVXOWDQGLQGLJQLW\ WRH[WHQGKLVFRRSHUDWLRQWRZRPDQLQKRXVHKROG
DIIDLUV7KLVLVDJDLQVWWKHSUDFWLFHRI0HVVHQJHURI$OODK3%8+7RFRRSHUDWHZLWKZRPDQLQGRLQJ
GRPHVWLFWKLQJVLVD6XQQDKDQGPDQVKRXOGQRWIHHOFRPSOH[LQLW+RZHYHUDQH[FHVVLYHLQWHUHVWLQ
GRPHVWLFHQJDJHPHQWVZKLFKPDNHVRQHLQGLIIHUHQWWR6DODWLVQRWGHVLUDEOH5DWKHURQHLVVXSSRVHGWR
JLYHXSDOOGRPHVWLFHQJDJHPHQWVZKHQLWLVWLPHWRRIIHU6DODWDQGEHUHDG\IRULW
0HVVHQJHURI$OODK
3%8+LQWHUUXSWHGKLV.KXWEDKDQGWXUQHGWRPH 7KHQDFKDLUZDVEURXJKWIRUKLPDQGKHVDWRQLW
+HVWDUWHGLQVWUXFWLQJPHZKDW$OODKKDGWDXJKWKLP7KHQKHUHVXPHGKLV.KXWEDKDQGFRPSOHWHGLW
>0XVOLP@
+HFRPPDQGHGXVWRFOHDQRXWWKHGLVKVD\LQJ <RXGR
QRWNQRZLQZKDWSRUWLRQRI\RXUIRRGWKHEOHVVLQJOLHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVKXPEOHQHVVVLPSOLFLW\DQGUHJDUGIRUWKH%OHVVLQJVRI$OODK
7REHXQZLOOLQJWRSLFNXSDIDOOHQPRUVHODQGHDWLWDQGWRNHHSIURPFOHDQLQJXSWKHGLVKLVWKHVW\OH
RIDUURJDQWDQGZHDOWK\SHRSOH,WGLVSOD\VGLVUHJDUGIRU$OODK
V%OHVVLQJ7RHDWWKHIDOOHQPRUVHODIWHU
FOHDQLQJLWDQGWROLFNXSWKHGLVKVKRZVDSDUWIURPKXPEOHQHVVUHJDUGIRUWKH'LYLQHJLIW6XFKDQDFW
SOHDVHV$OODK,QLWWKHUHLVDQRWKHUDGYDQWDJHRXVDVSHFW0DQQHYHUNQRZVZKLFKLVWKHEOHVVHGSRUWLRQ
RIIRRG:KHQRQHOLFNVXSWKHGLVKRUHYHQKLVILQJHUVSLFNVXSWKHIDOOHQPRUVHODQGHDWVLWDIWHU
FOHDQLQJLWQRWKLQJZLOOEHZDVWHGIURPWKHPHDO,QWKLVZD\WKHEOHVVHGSRUWLRQRIPHDOZLOO
DXWRPDWLFDOO\FRPHWRKLPDQGKHZLOOQRWUHPDLQGHSULYHGRILW0RUHRYHUWKH+DGLWKWHOOVXVWKDW
$OODK
V%OHVVLQJLQZKDWHYHUVPDOOTXDQWLW\LWPD\EHPXVWQRWEHZDVWHG<HWXQIRUWXQDWHO\DVZH
VHHWRGD\IRRGLVZDVWHGOLNHDQ\WKLQJLQWKHIHDVWVDQGPDUULDJHFHUHPRQLHV:KHUHDVWKHUHDUH
FRXQWOHVVSHRSOHLQWKHZRUOGZKRGRQRWJHWHQRXJKWRHDWDQGWKHUHDUHPDQ\DUHDVZKHUHSHRSOH
VLPSO\VWDUYH0D\$OODKJXLGHXV
+HZDVDVNHG$QGGLG\RX"
+HUHSOLHG <HV,WHQGHGWKHPIRUDIHZ
FDUDWVIRUWKH0DNNDQV
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGHDUOLHUDSSURYLQJRIVHFOXGHGOLIHLQDSHFXOLDU
VLWXDWLRQ$VWKHVDPHKDVUHOHYDQFHZLWKKXPEOHQHVVLWLVUHSHDWHGLQWKLVFKDSWHUDVZHOO,QGHHGLWLV
WKHTXDOLW\RIKXPEOHSHRSOHWKDWWKH\HDUQWKHLUOLYLQJE\PDQXDOODERXU
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVWRRXUNQRZOHGJHWKHKXPEOHQHVVDQGVLPSOLFLW\RI0HVVHQJHURI
$OODK3%8+,WVHUYHVDVDQH[HPSODUWRXVWKDWZHVKRXOGDFFHSWWKHVLPSOHLQYLWDWLRQRIDSRRUPDQ
DQGHYHQDQRUGLQDU\JLIW:HPXVWQRWUHMHFWWKHJLIWRZLQJWRLWVRUGLQDULQHVVDQGLQDGHTXDF\
&RPPHQWDU\ 7KLV+DGLWKXQGHUOLQHVD3ULQFLSOHRI$OODKWKDW+HQHYHUNHHSVDQ\WKLQJLQWKHZRUOG
RQWKHULVHHWHUQDOO\(YHU\ULVLQJVWDUKDVLWVHYHQWXDOGHFOLQH,QGLYLGXDOVDQGQDWLRQVDSDUWWKLVODZ RI
QDWXUHDOVRDSSOLHVWRDQLPDOOLIH,QLWLVHPEHGGHG'LYLQHZLVGRP)LUVWDQQLKLODWLRQDQGIDOOLVWKH
IDWHRIHYHU\WKLQJ6HFRQGOHVWSRZHUDQGJURZWKVKRXOGJRWRPDQ
VKHDGKHLVZDUQHGE\EHLQJ
UHGXFHGWRVPDOOQHVVWKDWWKHUHH[LVWVD6XSUHPH2QH:KRKROGVVZD\RYHUDOOFUHDWXUHVDQGFDQUHQGHU
WKHSRZHUIXOZHDNDQGKHOSOHVV7KHEHGRXLQFDPHOULGHUUHVHQWHGWKH&RPSDQLRQVE\RYHUWDNLQJ
0HVVHQJHURI$OODK3%8+\HWKHKLPVHOIGLGQRWH[SUHVVKLVUHVHQWPHQW5DWKHUWKHRFFDVLRQFDXVHG
KLPWRH[SODLQWKH'LYLQHZLVGRPEHKLQGLW7KH+DGLWKDOVRVKRZVWKH3URSKHW
VKXPLOLW\
&+$37(5
&21'(01$7,212)35,'(
$1'6(/)&21&(,7
$OODKWKH([DOWHGVD\V
$QGZDONQRWRQHDUWKZLWKFRQFHLWDQGDUURJDQFH
$QGWXUQQRW\RXUIDFHDZD\IURPPHQZLWKSULGHQRUZDONLQLQVROHQFHWKURXJKWKHHDUWK
9HULO\$OODKOLNHVQRWDQ\DUURJDQWERDVWHU
6RPHRQHVDLG $PDQOLNHV
WRZHDUEHDXWLIXOFORWKHVDQGVKRHV"
>0XVOLP@
&RPPHQWDU\ 7KH+DGLWKVD\VWKDWDPDQZKRKDVHYHQDQLRWDRISULGHLQKLVKHDUWZLOOEHEDUUHG
IURPHQWHULQJ-DQQDK7KH+DGLWKZRUGXVHGIRUWKHVPDOOHVWDPRXQWPHDQVLQ$UDELFHLWKHUWKH
VPDOOHVWDQWRUWKHSDUWLFOHZKLFKLVUDGLDWHGE\VXQUD\VDQGVHHQWKURXJKDZDOOFKLQN2EYLRXVO\
VXFKDSDUWLFOHKDVDOPRVWDQRQH[LVWHQWDPRXQWEXWHYHQWKLVPXFKLVGLVDSSURYHGE\$OODK,ISULGH
LQFLWHVDPDQWRGHQ\WKHH[LVWHQFHRI$OODKDQG+LV5HYHODWLRQKHLVVXUHWREHWKURZQLQWR+HOO+H
DOVRIDFHV'LYLQHGLVSOHDVXUHDQGWKHGDQJHURILQIHUQDOILUH LIPHUHFRQVLGHUDWLRQRIULFKHVSK\VLFDO
EHDXW\VRFLDODQGLQWHOOHFWXDOSURPLQHQFHDQGIDPLO\VWDWXVPDNHVKLPSURXGDQGVHOIFRQFHLWHGDQG
KHORRNVGRZQXSRQRWKHUVRUSHUVLVWVLQWKHGHQLDORI7UXWK)LUVWKHZLOOUHFHLYHSXQLVKPHQWDQGRQO\
WKHQZLOOEHDGPLWWHGLQWR-DQQDK$JRRGGUHVVKRZHYHULVQRWFRXQWHGWKHVLJQRISULGH
+HVDLG
,FDQQRW
,WZDV
DUURJDQFHWKDWSUHYHQWHGKLPIURPGRLQJLW DQGKHFRXOGQRWUDLVHLWWKHULJKWKDQGXSWRKLVPRXWK
DIWHUZDUGV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKRFFXUUHGLQFKDSWHUFRQFHUQLQJWKHREVHUYDQFHRI6XQQDKEXWLV
UHSHDWHGKHUHWRLGHQWLI\SULGHDQGLWVGHWULPHQWDQGWRGHVFULEHWKHEDGHQGRIWKHDUURJDQWSHRSOHDV
ZHVHHLQLW6HHWKHFRPPHQWDU\RQ+DGLWK1R
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWKDXJKWLQHVVDQGSULGHDQGXUJHVXVWRREVHUYHPRGHVW\
DQGKXPLOLW\-DQQDKDQG+HOO WZRRWKHUZRUOGO\SKHQRPHQD KDYHEHHQFDOOHGDVWKHPDQLIHVWDWLRQV
RI$OODK
V0HUF\DQGSXQLVKPHQW7UXHRQO\WKH:LOORI$OODKSUHYDLOVHYHU\ZKHUHEXWWKHGHFLVLRQWR
VHQGDPDQHLWKHUWR-DQQDKRUWR+HOOZLOOQRWEHWDNHQFDSULFLRXVO\5DWKHUVHW'LYLQHUXOHVZLOOEH
ZRUNLQJEHKLQGLW$OODKZLOOSODFHVRPHSHRSOHLQ-DQQDKGXHWRWKHLUJRRGGHHGVVLPLODUO\KHZLOO
SODFHVRPHSHRSOHLQ+HOOGXHWRWKHLUEDGGHHGV$OODKGRHVQRWZURQJDQ\RQH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 2Q
WKH'D\RI5HVXUUHFWLRQ$OODKZLOOQRWORRNDWKLPZKRWUDLOVKLVORZHUJDUPHQWRXWRISULGH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUH$OODK
VUHIXVDOWRVHHDQDUURJDQWPDQPHDQVWKHUHVWUDLQWRIWKHIORZRI+LV
*UDFHWRZDUGVKLP,QVWHDGRI$OODK
V0HUF\+LV:UDWKZLOOVPLWHWKHDUURJDQW7KHJDUPHQWZKLFK
PDQZHDUVWRFRYHUWKHORZHUKDOIRIKLVERG\LVFDOOHG,]DULQ$UDELF+HQFHS\MDPDVWURXVHUV
6KDOZDUDQG7DKEDQGZLOOEHWDNHQDV,]DU0HVVHQJHURI$OODK3%8+KDVHPSKDWLFDOO\VDLGWKDW,]DU
VKRXOGUHPDLQDERYHWKHDQNOHRIPHQDVLWVGUDJJLQJGRZQVLJQLILHVDUURJDQFH,QGHHGLWGLVSOD\VWKH
DWWLWXGHRIWKHKDXJKW\ZKRVHJULPIDWHFDQEHVHHQLQWKLV+DGLWK
>0XVOLP@
&RPPHQWDU\ +HUHZLOOQRWVSHDN
PHDQV+HZLOOQRWVD\VRPHWKLQJZKLFKZLOOSOHDVHWKHPQRWWR
WDONKDSSLO\DQGZLOOLQJO\$GXOWHU\LVIRUELGGHQWRHYHU\ERG\ZKHWKHU\RXQJRUROG%XWLWLVPRUH
FRQGHPQDEOHLIDQROGPDQFRPPLWVLWEHFDXVHWREHJXLOW\RIVXFKDGHWHVWDEOHDFWLQROGDJHVKRZV
WKDWWKHDGXOWHUHUKDVEHFRPHKDUGHQHGLQVLQDQGKLVKHDUWLVIUHHIURPWKHIHDURI$OODK/\LQJLV
IRUELGGHQWRHYHU\ERG\%XWLWLVSDUWLFXODUO\YLFLRXVLQFDVHRIDNLQJRUKHDGRIVWDWH6LQFHKH
SRVVHVVHVDOOSRZHUVDQGUHVRXUFHVKHKDVOLWWOHUHDVRQWRWHOODOLH+HQFHLILQVSLWHRIDOOWKLVKH
LQYHQWVDOLHLWZLOOEHWUD\KLVYLFLRXVPLQGDQGODFNRI*RGFRQVFLRXVQHVV6LPLODUO\DOOKXPDQVDUH
SURKLELWHGIURPJLYLQJYHQWWRSULGHDQGDUURJDQFH%XWLIDEHJJDURUGHVWLWXWHZKRKDVQRUHDVRQWR
FODLPGLJQLW\DQGVXSHULRULW\GLVSOD\VDUURJDQFHLWZLOOEHDFRQYLQFLQJSURRIRIKLVLQGLIIHUHQFHWRWKH
IHDURI$OODKDQG6KDULCDKUXOHV)URPWKLVSRLQWRIYLHZKLVDUURJDQFHLVPRUHDERPLQDEOHDQG
GLVJXVWLQJWKDQWKDWRIDZHDOWK\PDQ
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWVHOISUDLVHDQGDUURJDQFHZKLFKPD\SHUYDGHRXUKHDUWV
E\ILQHFORWKHVDQGSK\VLFDOEHDXW\,QVWHDGRIDGRSWLQJDSURXGDWWLWXGHZHVKRXOGEHVHQVLEOHHQRXJK
WRWKDQN$OODKIRUWKHVHIDYRXUVDQGFRQIHVVRXUVHUYLWXGHWR+LP
>$W7LUPLGKL@
&RPPHQWDU\ 7RDGRSWWKHKDELWVDQGPDQQHUVRIJRRGSHRSOHLVGHHPHGWREHGHVLUDEOH%XWRQWKH
FRQWUDU\WRWDNHWRWKHEDGZD\VRIEDGSHRSOHLVFRQVLGHUHGXQGHVLUDEOH$PDQZLOOXOWLPDWHO\EH
FRXQWHGDPRQJWKRVHSHRSOHZKRPKHZLOOWDNHDVDPRGHOWRHPXODWHEHFDXVHKHLVJUDGXDOO\ILWWHG
LQWRWKHLUIUDPHZRUNDQGDVVLPLODWHVDOORIWKHLUTXDOLWLHV4XLWHQDWXUDOO\WKHQUHWULEXWLRQZLOOEH
DGPLQLVWHUHGWRKLPDFFRUGLQJO\
&+$37(5
*22'&21'8&7
$OODKWKH([DOWHGVD\V
7KH-DQQDKLVSUHSDUHGIRUWKRVHZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQ
&RPPHQWDU\ 7KLV+DGLWKUHIOHFWVWKHVXEOLPHPRUDOLW\RI0HVVHQJHURI$OODKWKDWKHQHYHUIRXQG
IDXOWVZLWKWKHGRLQJVRIKLVYDOHWQRUGLGKHHYHUVFROGKLPGXULQJKLVWHQ\HDUORQJVHUYLFH7REH
VXUHWKLVLVVRPHWKLQJXQLTXHLQKXPDQKLVWRU\0D\WKH8PPDKWRRDGRSWWKHUHILQHGZD\RIWKH
OLYLQJRILWV3URSKHW3%8+
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $VLQWKHVWDWHRI,KUDPKXQWLQJLVQRWDOORZHGWRDSLOJULPVLPLODUO\WKHPHDWRIWKH
JDPH NLOOHGRQKLVVXJJHVWLRQRULQVWUXFWLRQLVIRUELGGHQWRKLPWRR)RUWKLVUHDVRQ0HVVHQJHURI
$OODK3%8+VHQWEDFNWKHJLIWRIWKHZLOGDVVWRKLV&RPSDQLRQ7KH+DGLWKIXUWKHULOOXVWUDWHVWKDWLI
WKHUHFLSLHQWKDVDQ\YDOLGH[FXVHIRUQRWDFFHSWLQJDJLIWKHVKRXOGH[SODLQLWVRWKDWWKHVHQGHUPD\
QRWIHHOGHMHFWHG,WPD\EHPHQWLRQHGKHUHWKDWVRPH$KDGLWKDOORZXVWRHDWWKHPHDWRIDJDPHNLOOHG
E\RWKHUVZKHUHDVWKLV+DGLWKVKRZVLWLVQRWSHUPLVVLEOH7KHRUWKRGR[C8ODPD
KRZHYHUKDYH
DWWHPSWHGWRUHFRQFLOHWKHWZRVHHPLQJO\LQFRPSDWLEOHVHWVRI$KDGLWKZLWKHDFKRWKHU$FFRUGLQJWR
WKHILUVWFDWHJRU\RI$KDGLWKDPDQQRWLQWKHVWDWHRI,KUDPZKRNLOOVDFKDVHDQGJLYHVDSRUWLRQRILW
DVDJLIWWRVRPHRQHZKRLVLQ,KUDPWKHJLIWZLOOEHSHUPLVVLEOHWRWKHODWWHU$VIRUWKHVHFRQG
FDWHJRU\RI$KDGLWKWKHIRUPHUNLOOVDJDPHIRUWKHODWWHURURQKLVVXJJHVWLRQWKHPDQLQWKHVWDWHRI
,KUDPZLOOEHEDUUHGIURPHDWLQJLWDVPHQWLRQHGLQ)DWK$O%DUL6LPLODUO\LWZLOOQRWEHODZIXOLIWKH
JDPHLVVHQWDOLYHWRWKHPDQLQWKHVWDWHRI,KUDPZLWKWKLVLQWHQWLRQWKDWKHVKRXOGKLPVHOIVDFULILFHLW
7KH+DGLWKXQGHUGLVFXVVLRQGHSLFWVWKLVYHU\VLWXDWLRQ,PDP%XNKDUL DVZHNQRZKDVFRQVHTXHQWO\
DGGXFHGIURPWKLV+DGLWKWKDWLIDQXQNLOOHGJDPHOLNHWKHZLOGGRQNH\LVVHQWDVDJLIWWRDPDQLQWKH
VWDWHRI,KUDPKHVKRXOGQRWDFFHSWLW
>0XVOLP@
&RPPHQWDU\ $QLPSRUWDQWSULQFLSOHHQVKULQHGLQWKLV+DGLWKVD\VWKDWFRXUWHV\LVDYLUWXHEHFDXVHD
UHILQHGPLQGFXOWLYDWHVJRRGKDELWVSHUIRUPVJRRGGHHGVDQGVKXQVDOOWKDWLVEDGDQGFRUUXSW$OVRD
VLPSOHDQGXQGHUVWDQGDEOHSULQFLSOHLVODLGGRZQDERXWVLQ0DQIHHOVWKHSULFNLQJRIFRQVFLHQFHRYHU
HYHU\EDGGHHGDQGLVDOVRDIUDLGRIWKHUHSURDFKRIIDXOWILQGHUVSURYLGHGKHKDVQRWUHDFKHGWKH
ORZHVWSRLQWRIPRUDOGHSUDYLW\%XWDVHDUHGFRQVFLHQFHLVOHDVWGLVWXUEHGHYHQE\DKHLQRXVDQG
GHDGO\VLQRUE\SXEOLFFHQVXUH:HFDQXQGHUVWDQGLWE\WKHH[DPSOHRIPDQ
VVPHOOLQJVHQVH,ILWLV
QRWGHDGPDQFDQIHHODVWLQNDQGUHSXJQDQWRGRXU%XWDORQJDVVRFLDWLRQZLWKDGXQJKHDSUREVDZD\
RQH
VVPHOOLQJVHQVHDQGIHHOLQJRIUHIXVH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDSDUWIURPGHVFULELQJWKHUHILQHGEHKDYLRXUDQGVXEOLPHPRUDOLW\RI
0HVVHQJHURI$OODK3%8+WHOOVXVWKDWDSHUVRQZLWKWKHKLJKHVWPRUDOVHQVHLVLQIDFWWKHEHVW
DPRQJSHRSOH
>$W7LUPLGKL@
&RPPHQWDU\ 7KHPRVWEHQHILFLDOWKLQJRQWKH'D\RI5HVXUUHFWLRQZLOOEHDFRXUWHRXVEHKDYLRXU
ZKLFKZLOORXWZHLJKDOOJRRGDFWLRQV%XWWKDWZLOOEHZLWQHVVHGLQFDVHRIDEHOLHYHUDVWKHUHLVQR
TXHVWLRQRIZHLJKLQJDQRQEHOLHYHU
VJRRGDFWLRQV$OODK+LPVHOIVD\VLQWKH4XU
DQ6RWKHLUZRUNV
DUHLQYDLQDQGRQWKH'D\RI5HVXUUHFWLRQ:HVKDOODVVLJQQRZHLJKWIRUWKHP
6RZLOODPRUDOO\
GHSUDYHGDQGQRQVHQVLFDOPDQVWDQGXQIDYRXUHGZLWK$OODK DQGWKLVZLOOEHDVLJQRIKLVIUXVWUDWLRQ
DQGGLVLOOXVLRQPHQWLQWKH+HUHDIWHU
>$W7LUPLGKL@
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWROLJKWWKHFRUROODU\RIIDLWKDQGFRPSODLVDQWPDQQHUV:HPD\
SXWLWLQWKLVZD\WKDWWKHGHJUHHRIDPDQ
VH[FHOOHQWEHKDYLRXUGHWHUPLQHVWKHGHJUHHRIKLVIDLWK 2U
WKHVXEOLPLW\RIIDLWKFDOOVIRUWKHVXEOLPLW\RIPRUDOV6LPLODUO\DPDQZKRLVSROLWHDQGFRXUWHRXVWR
KLVZLIHZLOOEHFRQVLGHUHGDVWKHEHVW
>$EX'DZXG@
&RPPHQWDU\ 7KHWZRSUDFWLFHVDUHGLIILFXOW%XWWKRVHZKRPDQDJHWRNHHSWKHPZLOOEHULFKO\
UHZDUGHGE\$OODK7KHUHLVDWKLUGFDWHJRU\RIPHQZKRIDLOWRREVHUYHWKHDERYHPHQWLRQHGYROXQWDU\
SUDFWLFHV<HWWKH\DUHSROLWHDQGFRXUWHRXVLQWKHLUEHKDYLRXUWRZDUGVRWKHUVDQGE\YLUWXHRIWKLV
VRFLDEOHTXDOLW\WKH\ZLOODOVREHJUDGHGXSLQWKHWZRRWKHUFDWHJRULHV$QG WKLVKLJKOLJKWVWKH
VLJQLILFDQFHDQGH[FHOOHQFHRIDSROLWHDQGSOHDVLQJEHKDYLRXU
>$EX'DZXG@
&RPPHQWDU\ :LWKGUDZDOIURPRQH
VULJKWLQRUGHUWRHQGDGLVSXWHLVDPDQO\DFWRIJUHDWPHULW
/LNHZLVHWKLV+DGLWKWHOOVXVWKDWDPDQVKRXOGDYRLGWHOOLQJDOLHHYHQLQDOLJKWYHLQ,IKHJLYHVJUHDW
LPSRUWDQFHWRWKHUXOHVRIWKH6KDULCDK,VODPLF/DZ DQGWKH&RPPDQGPHQWVRI$OODKDQG+LV3URSKHW
3%8+KHZLOOGHILQLWHO\UHIUDLQIURPWHOOLQJDOLHHYHQLQDFKDWVHVVLRQRUMXVWIRUWKHVDNHRIMRNH
8VXDOO\SHRSOHGRQ
WPLQGLIRQHWHOOVDOLHLQDMRFXODUPRRGUDWKHUVRPHZLOOSHUKDSVDSSURYHLW<HW
$OODKGLVDSSURYHVRIHYHQWKHKDUPOHVVRUWULYLDOIRUPRIIDOVHKRRGDQGFRPPDQGV+LVVODYHVWRNHHS
DZD\IURPLW)URPDOOFRQVLGHUDWLRQVKRZHYHUPRUDOH[FHOOHQFHFDUULHVLPPHQVHZHLJKW%HFDXVHQR
ZURQJRUHYLOWKLQJFDQEHVKXQQHGZLWKRXWLW,QRWKHUZRUGVPRUDOH[FHOOHQFHVXUSDVVHVDOOIRUPVRI
JRRGQHVV
7KH&RPSDQLRQVDVNHGKLP20HVVHQJHURI$OODK
:HNQRZDERXWWKHSRPSRXVDQGWKHJDUUXORXVEXWZHGRQRWNQRZZKR$O0XWDIDLKLTXQDUH
+H
UHSOLHG 7KHDUURJDQWSHRSOH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKOD\VHPSKDVLVRQSROLWHDQGSROLVKHGEHKDYLRXU%HVLGHVLWWHDFKHVXVWR
UHIUDLQIURPXQQHFHVVDU\LQFDXWLRXVDQGLQVLQFHUHWDONLQWHQGHGWRLQIOXHQFHRWKHUVDQGDVVHUW
VXSHULRULW\RYHUWKHP%XWWRWDONOHVVDQGLQVLPSOHZRUGVLVDJRRGWKLQJ2QWKHRWKHUKDQGWRWDON
PXFKVKRZLQJRIIFOHYHUQHVVZLWKDWLQJHRIDIIHFWDWLRQLVGHWHVWDEOH
&+$37(5
&/(0(1&<72/(5$1&($1'
*(17/(1(66
$OODKWKH([DOWHGVD\V
ZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQYHULO\$OODKORYHV$O0XKVLQXQWKHJRRGGRHUV
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ
WSXQLVK
WKHP
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV
UHFRPPHQGHGE\$OODK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVWRDGRSWDSDWLHQWPLOGDQGGLVFUHHWDWWLWXGHWRZDUGVRWKHUV
0RUHRYHUWKHUHLVDSURYLVLRQIRUSUDLVLQJVRPHERG\LQKLVSUHVHQFHSURYLGHGWKHUHLVQROLNHOLKRRGRI
KLVEHLQJFRQFHLWHG7KH+DGLWKDOVRSURYLGHVLQVSLUDWLRQIRUWKHFXOWLYDWLRQRIJRRGKDELWV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0LOGQHVVDOVREULQJVKXPDQEHLQJVFORVHUWRRQHDQRWKHUDQGRQWKLVFRXQW$OODKOLNHV
LWYHU\PXFK
>0XVOLP@
>0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWROLJKWWKHIDFWWKDWOHQLHQF\LVDOVRYLWDOO\QHHGHGLQWKHVSKHUH
RIHGXFDWLRQDQGGLVFLSOLQH7KLVLVSDUWLFXODUO\WUXHLQWKHFDVHRILJQRUDQWDQGLOOEUHGSHRSOH7KLVLV
VREHFDXVHLIWKH\DUHWUHDWHGXQNLQGO\WKH\ZLOOEHFRPHPRUHLQGRFLOHRQDFFRXQWRIWKHLUZLOG
WHPSHUDPHQWDQGIRROLVKQHVV$NLQGKDQGOLQJLVLQGLVSHQVDEOHIRUSXWWLQJWKHPWRGLVFLSOLQHHYHQLI
WKH\PDNHGHVSHUDWHEOXQGHUV7KLV+DGLWKLVYHU\EHQHILFLDOZLWKUHJDUGWRWKHZD\RI'DCZDK
JXLGDQFHDQGSUDFWLFDOHGXFDWLRQ$QRWKHUSRLQWWKLV+DGLWKGLVFORVHVLVWKDWWKHIORZRIZDWHUFDQZLSH
RXWGLUWDQGLPSXULW\DQGPDNHWKHSODFHIUHHIURPLWVHIIHFW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLQIRUPVXVWKDWSUHDFKLQJVHUPRQVUHOLJLRXVGLVFRXUVHVDQGPRUDODGYLFH
DOOVKRXOGFRQFHQWUDWHRQVXFKWKLQJVDVPD\EHKHOSIXOWRSHRSOHLQEHLQJLQFOLQHGWRZDUGVJDLQLQJ
UHOLJLRXVNQRZOHGJH/LNHZLVHWKLVDVSHFWVKRXOGDOVREHNHSWLQYLHZLQWKHH[SRVLWLRQDQG
LQWHUSUHWDWLRQRIUHOLJLRQ0RUHRYHUWKHWRQHDQGPRGHRIH[SUHVVLRQRIUHOLJLRXVOHDGHUVVKRXOGQRWEH
UHSXOVLYHDQGEDVHGRQVHFWDULDQKDWUHGUDWKHULWVKRXOGSXOOKHDUWVWRUHOLJLRQ,QEULHISUHDFKHUVDQG
C8ODPD
PXVWEHUHJDUGIXORIWKHFHQWUDOSRLQWRIWKHFDXVHWRZKLFKWKH\DUHGHGLFDWHG
>0XVOLP@
7KHPDQUHSHDWHGWKDWVHYHUDOWLPHVDQGKH
3%8+UHSOLHGHYHU\WLPH 'RQRWJHWDQJU\
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQTXRWHG<HWWKHFRPSLOHUKDVUHSHDWHGLWRQDFFRXQWRILWV
UHOHYDQFHZLWKWKLVFKDSWHU,WLVWREHQRWLFHGWKDWDQDGYLFHVKRXOGEHPDGHDVFLUFXPVWDQFHVGHPDQG
:KHQ0HVVHQJHURI$OODK3%8+SHUFHLYHGE\KLVLQVLJKWWKDWWKHYLVLWRUZDVDSHUVRQRIVKDUSDQG
ILHU\WHPSHUKHUHSHDWHGO\DGYLVHGKLPWRUHVLVWDQJHU
>0XVOLP@
&RPPHQWDU\ %\NLOOLQJLVPHDQWWKHNLOOLQJRIDKDUPIXODQLPDORUWKHNLOOLQJRIDPXUGHUHUDV
UHWULEXWLRQDQGWKHNLOOLQJRIWKHHQHP\LQWKHEDWWOHILHOG$OOWKHVHVLWXDWLRQVZDUUDQWNLOOLQJEXWZLWKD
VWUHVVRQPRGHUDWLRQWKDQNVWR,VODPLFWHDFKLQJV$EHOLHYHULVWROGQRWWROHWKLVSDVVLRQVRIHQPLW\JR
ZLOGDQGHYHQDQHQHP\RUDFULPLQDORXJKWQRWWREH SXWWRDWRUWXURXVGHDWK,QWKH3UH,VODPLF
3HULRGRI,JQRUDQFHLWZDVDSUHYDOHQWSUDFWLFHWKDWWKHOLPEVRIDYLFWLPZHUHPXWLODWHGEHIRUHKHZDV
ILQDOO\NLOOHG,VODPKDVIRUFHIXOO\IRUELGGHQWKLVLQKXPDQFXVWRPVWDWLQJWKDWWKHYLFWLPVKRXOGEH
EHKHDGHGZLWKWKHRQHVZLQJRIVZRUG6LPLODUO\WKHUHDUHVSHFLILFLQVWUXFWLRQVUHJDUGLQJDQDQLPDO
V
VODXJKWHU)LUVWWKHNQLIHVKRXOGEHVKDUSHQHG6HFRQGWKHDQLPDOPXVWQRWEHVODXJKWHUHGIURPLWV
QDSHEHFDXVHLQERWKZD\VLWZLOOVXIIHUSDLQ7KLV6KDULCDKUXOHHQVXUHVTXLFNGHDWKRIWKHDQLPDO,Q
PRGHUQ(XURSHDQDQLPDOLVVODXJKWHUHGZLWKRQHVWURNHRIDFXWWLQJPDFKLQH$SSDUHQWO\WKLVPHWKRG
VHHPVWREHHDV\DQGVPRRWK\HWLQWKLVZD\WKHDQLPDO
VEORRGGRHVQ
WIORZRXWIURPLWVERG\
FRPSOHWHO\ 6RWKHFRQVXPSWLRQRIWKHPHDWRIVXFKDNLOOLVLQMXULRXVWRKXPDQKHDOWK'XHWRWKLV
UHDVRQ,VODPFRQVLGHUVWKHGLVFKDUJHRIEORRGDVDSUHUHTXLVLWHWR+DODOODZIXO&HUWDLQO\RQO\WKH
,VODPLFZD\RIVODXJKWHULQJDQDQLPDOLVPRUHVRXQGVFLHQWLILF DQGZKROHVRPH
>$W7LUPLGKLL@
&RPPHQWDU\ 7KH+DGLWKWKURZVOLJKWRQDNLQGEHDULQJZKLFKLVURRWHGLQ)DLWKDQGVDYHVPDQIURP
+HOOILUH7KHVHFRQGOHVVRQLVWKDWSULRUWRGLVFXVVLQJVRPHWKLQJLPSRUWDQWZLWKVRPHERG\ZHVKRXOG
PDNHKLPDWWHQWLYHDQGUHFHSWLYHVRWKDWKHPD\WDNHLQWHUHVWDQGSXWIDLWKLQZKDWZHWHOOKLP
&+$37(5
)25*,9(1(662)7+(
,*125$17
$OODKWKH([DOWHGVD\V
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ
WSXQLVK
WKHP
/HWWKHPSDUGRQDQGIRUJLYH'R\RXQRWORYHWKDW$OODKVKRXOGIRUJLYH\RX"
$QGZKRSDUGRQPHQYHULO\$OODKORYHV$O0XKVLQXQWKHJRRGGRHUV
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV
UHFRPPHQGHGE\$OODK
+HUHSOLHG ,QGHHG,H[SHULHQFHGWKHP
GDQJHUVDWWKHKDQGVRI\RXUSHRSOHLHWKHGLVEHOLHYHUVIURPDPRQJVWWKH4XUDLVKWULEH7KH
KDUGHVWWUHDWPHQW,PHWIURPWKHPZDVRQWKH'D\RIC$TDEDKZKHQ,ZHQWWR,EQC$EG<DOLOELQC$EG
.XODOZKRZDVRQHRIWKHFKLHIVRI7D
LIZLWKWKHSXUSRVHRILQYLWLQJKLPWR,VODPEXWKHPDGHQR
UHVSRQVHWRP\FDOO6R,GHSDUWHGZLWKGHHSGLVWUHVV,GLGQRWUHFRYHUXQWLO,DUULYHGDW4DUQDWK
7KDCDOLE7KHUH,UDLVHGP\KHDGDQGVDZDFORXGZKLFKKDGFDVWLWVVKDGRZRQPH,VDZLQLW-LEULO
*DEULHO3%8+ZKRFDOOHGPHDQGVDLGC,QGHHG$OODKWKH([DOWHGKHDUGZKDW\RXUSHRSOHVDLGWR
\RXDQGWKHUHVSRQVHWKH\PDGHWR\RX$QG+HKDVVHQW\RXWKHDQJHOLQFKDUJHRIWKHPRXQWDLQVWR
RUGHUKLPWRGRWRWKHPZKDW\RXZLVK
7KHQWKHDQJHORIWKHPRXQWDLQVFDOOHGPHJUHHWHGPHDQG
VDLGC20XKDPPDG$OODKOLVWHQHGWRZKDW\RXUSHRSOHKDGVDLGWR\RX,DPWKHDQJHORIWKH
PRXQWDLQVDQGP\5XEEKDVVHQWPHWR\RXVRWKDW\RXPD\JLYHPH\RXURUGHUV,ZLOOFDUU\RXW\RXU
RUGHUV,I\RXZLVK,ZLOOEULQJWRJHWKHUWKHWZRPRXQWDLQVWKDWVWDQGRSSRVLWHWRHDFKRWKHUDWWKH
H[WUHPLWLHVRI0DNNDKWRFUXVKWKHPLQEHWZHHQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKHYLFLQLW\RI$O0DGLQDKVWDQGVDPRXQWDLQFDOOHG8KXGZKHUHWKHC%DWWOHRI
8KXG
WRRNSODFH,WZDVLQWKLVEDWWOHWKDWWKH3URSKHW
VIDFHZDVZRXQGHGRQHRIKLVPRODUVZDV
EURNHQDQGKHIHOOLQWRDSLWGXJE\C$PU$U5DKLE%HVLGHVKLVXQFOH+DP]DK0D\ $OODKEHSOHDVHG
ZLWKKLPZDVPDUW\UHGDQGWKHGLVEHOLHYHUVPXWLODWHGKLVERG\C$TDEDKZDVDSODFHDW7D
LIZKHUH
0HVVHQJHURI$OODK3%8+URGHXSIURP0DNNDKDQGPHWWKHZRUVWH[SHULHQFH2ULWFRXOGEHWKDW
WKHLQFLGHQWRFFXUUHGVRPHZKHUHDW0LQDZKHUHGXULQJWKH+DMMVHDVRQKHXUJHGWKHGLIIHUHQWFODQVWR
DFFHSWWKHPHVVDJHRI,VODPVRDVWRVHHNWKHLUKHOSWRHVWDEOLVKWKHWUXHUHOLJLRQ4DUQ$WK7KDCDOLELV
DOVRWKHQDPHRIDSODFHZKLFKLVWKH0LTDWWUDQVLWSRLQWZKHUHSLOJULPVDVVXPHWKHVWDWHRI,KUDPRI
WKH1DMGSHRSOH
&RPPHQWDU\ )RUH[SODQDWRU\FRPPHQWVWKHUHDGHUPD\UHIHUWR+DGLWK1R
&RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKH3URSKHW
VVXEOLPHPRUDOLW\SDWLHQFHDQGVHOIFRQWURO
+HVPLOHGDZD\WKHGLVFRXUWHV\RIWKHEHGRXLQDQGEDGHWKHRIIHULQJRIDJLIWWRKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHC8ODPD
VD\WKDWE\UHODWLQJWKHSDLQIXOLQFLGHQWRID3URSKHW0HVVHQJHURI$OODK
3%8+LQIDFWLPSOLHGKLVRZQH[SHULHQFHDWWKHKDQGV RIKLVSHRSOH,QGHHGWKLVH[SUHVVHVKLV
H[WUHPHQXPEOHQHVVWKDWKHYDJXHO\GHVFULEHGKLVELWWHUVHOIH[SHULHQFHZLWKRXWEULQJLQJLQWROLJKWWKH
XQWKLQNLQJSHUVHFXWRUVRIKLVQDWLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3HRSOHDUHXVXDOO\LPSUHVVHGE\WKHSK\VLFDOSRZHUDQGVWUHQJWKRIVRPHERG\%XWWKH
UHDOVWUHQJWKRIDPDQOLHVLQWKHIDFWWKDWKHVKRXOGEHDEOHWRZUHVWOHZLWKKLVSDVVLRQVLQDILWRIDQJHU
DQGDYRLGFRPPLWWLQJDQDFWIRUZKLFKKHPD\VXEVHTXHQWO\UHJUHW7KLVLVDFRPPRQREVHUYDWLRQWKDW
ZLOGDQJHUOHDGVWRPDQ\DZURQJGRLQJRIZKLFKPDQUHSHQWVODWHURQRUVKHGVWHDUVRYHUWKHUXLQ
UHVXOWLQJIURPLW
&+$37(5
(1'85$1&(2)$))/,&7,216
$OODKWKH([DOWHGVD\V
7KRVHZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQYHULO\$OODKORYHV$O
0XKVLQQWKHJRRG
GRHUV
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV
UHFRPPHQGHGE\$OODK
+H
3%8+UHSOLHG ,I\RXDUHDV\RXKDYHVDLGWKHQLWLVDVWKRXJK\RXDUHIHHGLQJWKHPKRWDVKHVDQG
\RXZLOOQRWEHZLWKRXWDVXSSRUWHUDJDLQVWWKHPIURP$OODKDVORQJDV\RXGRVR
>0XVOLP@
&RPPHQWDU\ $OVRRZLQJWRLWVREYLRXVUHOHYDQFHZLWKWKLVFKDSWHUWKLV+DGLWKKDVEHHQPHQWLRQHG
KHUH7KHDERYHPHQWLRQHG9HUVHVDQGWKLV+DGLWKLPSUHVVRQDEHOLHYHUWKDWLQRUGHUWRZLQWKH
SOHDVXUHRI$OODKKHVKRXOGEHIRUJLYLQJDQGWROHUDQWZLWKUHJDUGWRWKHVXIIHULQJVKHH[SHULHQFHVDW
WKHKDQGVRISHRSOH%RWKJRRGEHKDYLRXUDQGWKHH[DPSOHRIWKH3URSKHW3%8+FDOOIRUVXFKDQ
DWWLWXGH
&+$37(5
,1',*1$7,21$*$,1677+(
75$16*5(66,212)',9,1(/$:6
$OODKWKH([DOWHGVD\V
$QGZKRHYHUKRQRXUVWKHVDFUHGWKLQJVRI$OODKWKHQWKDWLVEHWWHUIRUKLPZLWKKLV5XEE
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ )LUVWWKHUHLVDOORZDQFHIRUDJHQXLQHFRPSODLQWUHJDUGLQJVRPHSXEOLFLQFRQYHQLHQFH
6HFRQGDEHOLHYHULVVXSSRVHGWREHSDVVLRQDWHO\XQFRPSURPLVLQJRQUHOLJLRXVSUHFHSWV7KLUGWKH
,PDPVKRXOGUHIUDLQIURPSURORQJLQJ6DODW SUD\HU DQGEHFRQVLGHUDWHRIWKHFRQJUHJDWLRQVWDQGLQJ
EHKLQGKLP%XWDEULHIUHFLWDWLRQRIWKH4XU
DQRUSUD\HUGRHVQRWLPSO\DGLVUHJDUGRIWKHH[DPSOHRI
WKH3URSKHWDQGWKHDGMXVWPHQWRIGLIIHUHQWSRVWXUHVLQ6DODW,QQRZD\VKRXOGLWEHDKDVW\DQG
KHHGOHVV6DODWDVXQIRUWXQDWHO\RIIHUHGE\DPDMRULW\RIPHQ7KH\DUHVFDUFHO\UHJDUGIXORIWKH
H[DPSOHRIWKH3URSKHWLQRIIHULQJ6DODW:KDWDSLW\)RXUWKRQHPD\EHH[HPSWHGIURPRIIHULQJ
FRQJUHJDWLRQDO6DODWIRUDYDOLGUHOLJLRXVH[FXVHILIWKWKH,PDPVKRXOGHVFKHZDQDWWLWXGHZKLFKPD\
IRPHQWSHRSOH
VDYHUVLRQWRZRUVKLS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHWRRZHDUHWROGWKDWODSVHVLQUHOLJLRXVPDWWHUVPD\EHUHVHQWHGYHKHPHQWO\7KH
6KDULCDKFRQGHPQVERWKWKHPDNLQJRIKXPDQSRUWUDLWVDQGWKHLUGHFRUDWLRQLQKRPHVDQGLIGLVSOD\HG
DVVDFUHGREMHFWVWKH\PD\EHUHDGDVSRO\WKHLVWLFPDQLIHVWDWLRQ%HVLGHVRUWKRGR[C8ODPD
DQG
UHVHDUFKHUVDUHRIWKHRSLQLRQWKDWPDNLQJRUNHHSLQJRIDQ\W\SHRISLFWXUHLVIRUELGGHQDQGXQODZIXO
7KHUXOHHTXDOO\DSSOLHVWRD KDQGPDGHSLFWXUHDQGDFDPHUDSKRWRJUDSKSURYLGHGLWLVWKDWRIDQ
DQLPDWHREMHFW<HWPDNLQJRUNHHSLQJSLFWXUHVRILQDQLPDWHREMHFWVERWKRIPLQHUDODQGYHJHWDEOH
NLQJGRPVLVSHUPLVVLEOH+RZHYHURQHLVDWOLEHUW\WRJHWRQHVHOISKRWRJUDSKHGLQDQ XQDYRLGDEOH
VLWXDWLRQ)RULQVWDQFHSKRWRJUDSKVDUHLQGLVSHQVDEOHWRSDVVSRUWVLGHQWLW\FDUGVDQGVLPLODURWKHU
QHFHVVLWLHVRIPRGHUQWLPHVLQZKLFKPDQLVKHOSOHVVDQGZHFDQQRWDVVHUWWKDWKHLVLQFOLQHGWRVDWLVI\
KLVWDVWHRUWRJHWKLPVHOISKRWRJUDSKHGDVDWRNHQRISHUPLVVLELOLW\,QGHHGLWLVWKHUHTXLUHPHQWRI
LQWHUQDWLRQDOODZ6RXSWRWKLVH[WHQWKHZLOOQRWEHFDOOHGWRDFFRXQW<HWKHFDQQRWEHMXVWLILHGLQ
RYHUVWHSSLQJWKLVOLPLW
7KHQKHJRWXSDQGDGGUHVVHGWKHSHRSOHVD\LQJ7KHSHRSOHEHIRUH\RXZHUHUXLQHGEHFDXVHZKHQD
QREOHSHUVRQDPRQJVWWKHPFRPPLWWHGWKHIWWKH\ZRXOGOHDYHKLPEXWLIDZHDNSHUVRQDPRQJVWWKHP
FRPPLWWHGWKHIWWKH\ZRXOGH[HFXWHWKHOHJDOSXQLVKPHQWRQKLP%\$OODKZHUH)DWLPDKWKH
GDXJKWHURI0XKDPPDGWRFRPPLWWKHWKHIW,ZRXOGKDYHFXWRIIKHUKDQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHH[DPSOHRI$OODK
V0HVVHQJHU3%8+FOHDUO\WHOOVXVWKDWQRLQWHUFHVVLRQLV
DOORZHGIRUDSHUVRQZKRWUDQVJUHVVHVWKHOLPLWVVHWE\$OODK$QGLIDQ\ERG\KDVWKHDXGDFLW\WRGRVR
WKHGHFLGLQJDXWKRULW\LVSUHVXPHGWREHLPSHUYLRXVWRKLVVROLFLWDWLRQ1RUVKRXOGWKHFULPLQDO
VVRFLDO
VWDWXVRUIDPLO\LQIOXHQFHLIDQ\REVWUXFWWKHDGPLQLVWUDWLRQRIMXVWLFH7KHODZDQGUHWULEXWLRQULVH
DERYHDOOGLVFULPLQDWLRQDQGVRFLDOKLHUDUFK\$Q\FRQWUDYHQWLRQLQWKLVUHJDUGLVHQRXJKWRLQFXU
'LYLQHZUDWK
7KHQKHFDXJKWKROGDFRUQHURIKLVVKHHWVSDWLQWRLW
DQGIROGHGLWXSDQGVDLG2UKHVKRXOGGROLNHWKLV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :RUVKLSSHUVDUHXQGHUREOLJDWLRQWRREVHUYHFHUWDLQPDQQHUVLQWKHPRVTXHZLWKWKH
PRVWLPSRUWDQWEHLQJDEVWLQHQFHIURPVSLWWLQJWRZDUGV4LEODK.DCEDK,QVWHDGWKHPHWKRGSRLQWHG
RXWLQWKH+DGLWKPD\EHSXWLQHIIHFWULJKWGXULQJ6DODW SUD\HU <HWRQHLIQRWRIIHULQJ6DODWFDQWXUQ
WRWKHPRVTXH
VZDVKLQJSODFHZKHUHDFKDQQHOH[LVWVIRUWKHRXWIORZRIXQFOHDQZDWHUHWF2EYLRXVO\
LWLVDEHWWHUVXEVWLWXWHIRUDSRFNHWKDQGNHUFKLHIRUVKHHWZKLFKVKRXOGEHXVHGZKHQQHFHVVDU\
6HFRQGWKLV+DGLWKWHOOVXVWKDWHYHU\HIIRUWVKRXOGEHPDGHWRNHHSWKHSODFHRIZRUVKLSQHDWDQG
FOHDQDQGLIDQ\RQHILQGVVRPHGLUWLQWKHPRVTXHKHVKRXOGLPPHGLDWHO\UHPRYHLW
&+$37(5
2%/,*$7,212)58/(56
726+2:.,1'1(6672
7+(,568%-(&76
$OODKWKH([DOWHGVD\V
$QGEHNLQG DQGKXPEOHWRWKHEHOLHYHUVZKRIROORZ\RX
9HULO\$OODKHQMRLQV$OC$GOMXVWLFHDQG$O,KVDQSHUIRUPLQJGXWLHVLQDSHUIHFWPDQQHU
DQGJLYLQJKHOSWRNLWKDQGNLQDQGIRUELGV$O)DKVKD
HYLOGHHGVDQG$O0XQNDUDOOWKDWLV
SURKLELWHGDQG$O%DJK\RSSUHVVLRQ+HDGPRQLVKHV\RXWKDW\RXPD\WDNHKHHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQWKHFKDSWHUSHUWDLQLQJWRWKHGXWLHVRID
ZLIHWRKHUKXVEDQG,WVUHSHWLWLRQLQWKLVFKDSWHULVPHDQWWRUHPLQGUXOHUVWKDWLIWKH\DUHQHJOLJHQWRI
WKHGXWLHVGHYROYHGXSRQWKHLUVKRXOGHUVWKH\ZLOOEHZURQJGRHUVWR$OODKDQGSXWWRUHFNRQLQJRQWKH
'D\RI5HVXUUHFWLRQ
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQLV$OODK
V0HVVHQJHU3%8+VDLG +HZKRGRHVQRWORRNDIWHUKLVVXEMHFWVZLWK
JRRGZLOODQGVLQFHULW\ZLOOEHGHSULYHGRIWKHIUDJUDQFHRI-DQQDK
&RPPHQWDU\ +HUHWKHDWWHQWLRQRIUXOHUVKDVEHHQLQYLWHGWRWKHLUREOLJDWLRQV7KH\DUHWROGWKDWWKHLU
GHVLJQDWLRQLVYHU\LPSRUWDQWEHFDXVHWKH\DUHUHVSRQVLEOHIRUWDFNOLQJWKHSUREOHPVDQGDIIDLUVRI
PLOOLRQVRISHRSOH,IWKHLUVLQJOHPLQGHGGHYRWLRQGHWHUPLQHGHIIRUWVDQGKHDUWIHOWIHHOLQJVRIZHOO
ZLVKLQJZLOOQRWJRWRVROYLQJWKHVHSUREOHPVWKH\ZLOOEHGHHPHGJXLOW\E\$OODK5XOHUVDUH
WKHUHIRUHZDUQHGOHVWSRZHUVKRXOGJRWRWKHLUKHDGDQGPDNHWKHPXQKHHGIXORISHRSOH
V SUREOHPV
ULJKWVDQGFRQFHUQV,QVWHDGEHLQJIXOO\FRQVFLRXVRIWKHLUDFFRXQWDELOLW\WR$OODK6:7WKH\DUHDSWWR
PDNHIXOOHIIRUWVWRSURYLGHMXVWLFHDQGSHDFHWRSHRSOH%\IRUELGIURPHQWHULQJ-DQQDK
PHDQVWKH\
ZLOOQRWHQWHULWZLWKWKHILUVWVXFFHVVIXOSHRSOHXQWLOWKH\JHWSXQLVKHGIRUWKHLUZURQJGRLQJV,I
KRZHYHUWKH\ZHUHWUHDFKHURXVWRWKHLUVXEMHFWVZKLOHUHJDUGLQJWKLVLQMXVWLFHODZIXOWKXVGLVREH\LQJ
$OODKDQG+LV&RPPDQGVWKH\ZLOOVWD\LQ+HOOIRUHYHUEHFDXVHWKLVZD\WKH\KDYHPDGHSHUPLVVLEOH
DQGODZIXOZKDW$OODKKDVIRUELGGHQ
>0XVOLP@
&RPPHQWDU\ +RZIRUWXQDWHLVDUXOHUZKRHVWDEOLVKHVKLVFODLPWRWKHVSHFLDOEHQHGLFWLRQRI
0HVVHQJHURI$OODK3%8+E\SURYLGLQJMXVWLFHWRSHRSOH2QWKHRWKHUKDQGKRZXQIRUWXQDWHLVWKDW
UXOHUZKRLQFXUVWKH3URSKHWLFLPSUHFDWLRQVE\GRLQJLQMXVWLFHWRSHRSOH7KLV+DGLWKLVVXJJHVWLYHRID
UXOHUVKLSEDVHGRQMXVWLFHDQGOD\VHPSKDVLVRQUHIUDLQLQJLQMXVWLFHDQGDWURFLW\
7KH&RPSDQLRQVVDLG2
0HVVHQJHURI$OODKZKDWGR \RXFRPPDQGXVWRGR"
+HVDLG )XOILOOWKHSOHGJHRIDOOHJLDQFHWR
ZKLFKLVVZRUQILUVWWKHQVZHDUDOOHJLDQFHWRWKHRWKHUV&RQFHGHWRWKHPWKHLUGXHULJKWVDQGDVN
$OODKWKDWZKLFKLVGXHWR\RX$OODKZLOOFDOOWKHPWRDFFRXQWLQUHVSHFWRIWKHVXEMHFWVZKRP+HKDG
HQWUXVWHGWRWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHSROLWLFDOFRQGXFWRIWKH3URSKHWVPHDQVWKDWUXOHUVKLSDQGJRYHUQPHQWDIIDLUVZHUH
DOVRDVVLJQHGWRWKHPWKDWLVERWKUHOLJLRXVDQGZRUOGO\DIIDLUVOD\LQWKHLUFXVWRG\7KHUHZDVQR
GLFKRWRP\EHWZHHQWKHWZRWKH\IRUPHGDVLQJOHXQLW7KLVDOVRFKDUDFWHUL]HGWKHSHULRGRIWKH
5LJKWO\*XLGHG&DOLSKVDQGWKHVKRUWVSHOOWKDWIROORZHGLWLQWKHKLVWRU\RI,VODP7KLVH[SODLQVZK\
DIWHUWKHGHDWKRIRQH3URSKHWFDPHDQRWKHU3URSKHWDQGEHFDPHKLVVXFFHVVRU6HFRQGWKH+DGLWKDOVR
VHWWOHVWKHLVVXHRIWKHILQDOLW\RI3URSKHWKRRGRQFHIRUDOO1R3URSKHWZLOOVXFFHHGPHH[FHSWWKH
FDOLSKV
>$O%XNKDUL@
&RPPHQWDU\ 7KHUHLVDW\SLFDOEUXWLVKVKHHSKHUGHUZKRVHYHUHO\GULYHVKLVIORFNDQGIORJVWKHP
PHUFLOHVVO\$VDUHVXOWRIZKLFKWKHWLPLGDQLPDOVJHWXSRQRQHDQRWKHU,QWKH+DGLWKWKLVZRUGKDV
EHHQEURXJKWLQIRUDW\UDQWUXOHUZKRVXEMHFWVSHRSOHWRRSSUHVVLRQDQGWUHDWVWKHPXQNLQGO\,W
LPSOLHVDVWURQJZDUQLQJDQGLQWLPLGDWLRQWRFUXHOUXOHUV
6R0XCDZL\DKDSSRLQWHGDSHUVRQWRNHHS
DYLJLORQWKHQHFHVVLWLHVRIWKHSHRSOHDQGWRIXOILOOWKHP
>$EX'DZXGDQG $W7LUPLGKL@
&RPPHQWDU\ 7KH+DGLWKZDUQVVXFKDUXOHUZKRLVKHHGOHVVRIWKHSUREOHPVDQGDIIDLUVRIWKHQHHG\
DQGZKRNHHSVWKHPDZD\IURPKLP2QWKH/DVW'D\$OODKWRRZLOOEHLQGLIIHUHQWWRKLP,QGHHGD
VWHUQZDUQLQJLVJLYHQWRVXFKUXOHUVZKRKDYHQRGLUHFWFRQWDFWZLWKWKHQHHG\SHRSOHDQGZKRNHHS
WKHLUGRRUVVKXWWRWKHP
&+$37(5
7+(-86758/(5
$OODKWKH([DOWHGVD\V
$QGEHHTXLWDEOH9HULO\$OODKORYHVWKRVHZKRDUHWKHHTXLWDEOH
>$O%XNKDULDQG0XVOLP@
7KH6KDGHRI$OODKWRZKLFKWKLV+DGLWKUHIHUVWRLVWKHVKDGHRI+LV7KURQH
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQGHVFULEHGLQWKHFKDSWHUDERXWWKHH[FHOOHQFHRIWKHORYH
RI$OODK+HUHLWKDVEHHQFDUULHGIRUZDUGLQYLHZRILWVUHOHYDQFHZLWKWKHMXVWUXOHU
VH[FHOOHQFH
5HIHUWRWKHFRPPHQWDU\RQ+DGLWK1R
7KRVHZKRDUHIDLUZLWKUHJDUGVWR
WKHLUMXGJHPHQWDQGWKHLUIDPLO\DQGWKRVHZKRDUHXQGHUWKHP
>0XVOLP@
&RPPHQWDU\ +RZZLOOEHWKHOLNHQHVVRIWKHSXOSLWVRIOLJKW"$OWKRXJKZHDUHQRWDZDUHRIWKHLU
UHDOLW\\HWZHDUHVXSSRVHGWRKDYHIDLWKLQWKHP:HPXVWDOVREHOLHYHWKDWWKHVHSHRSOH MXVWUXOHUV
ZLOOEHXQGHUWKHVKDGHRIWKH7KURQHRUWKH'LYLQHPHUF\ZKLOHSHRSOHZLOOEHGUHQFKHGLQWKHLUVZHDW
GHSHQGLQJRQWKHLUGHHGV7KH+DGLWKWKURZVOLJKWRQWKHH[FHOOHQFHRIMXVWLFHDQGWKHKLJKUDQNRI
WKRVHZKRGRMXVWLFH
,WZDVDVNHGE\WKRVHZKRZHUHSUHVHQW
6KRXOGQRWZHRSSRVHWKHP"
+HVDLG 1RDVORQJDVWKH\HVWDEOLVK6DODWDVORQJDVWKH\HVWDEOLVK
6DODWLQ\RXUPLGVW
>0XVOLP@
&RPPHQWDU\ 7KH+DGLWKLGHQWLILHVWZRFDWHJRULHVRIUXOHUV)LUVWWKRVHUXOHUVZKRDUHZHOOZLVKHUV
RISHRSOHDQGSURYLGHWKHPZLWKMXVWLFH7KHVHDUHWKHEHVWUXOHUVIRUZKRPSHRSOHDOVRSUD\6HFRQG
WKHZRUVWUXOHUVZKRDUHRQO\FRQFHUQHGZLWKWKHLUUXOHDQGLQWHUHVWVDQGWDNHQRLQWHUHVWLQSURYLGLQJ
MXVWLFHWRSHRSOHDQGUHPRYLQJWKHLUGLIILFXOWLHV,QIDFWUXOHUVDUHDGYLVHGWRDGKHUHWRMXVWLFH
XSULJKWQHVVDQGHTXLW\DVWKLVFDQHQGHDUWKHPWR$OODK DVZHOODVWRSHRSOH0RUHRYHUZHDUHWROGWKDW
UHEHOOLRQDJDLQVWUXOHUVLVGLVDOORZHGWLOOWKH\FRPPLWDIODJUDQWDFWRIGLVEHOLHIDQGVWRSDELGLQJE\WKH
GXWLHVRI,VODPSDUWLFXODUO\6DODW SUD\HU
>0XVOLP@
&RPPHQWDU\ $OOWKHWKUHHTXDOLWLHVPHQWLRQHGLQWKH+DGLWKSDUWLFXODUO\FKDUDFWHUL]HWKHPHQRI
)DLWKDQGZLOOFDXVHWKHLUHQWU\WR-DQQDK(YHU\EHOLHYHULVH[SHFWHGWRVWULYHIRUEHLQJLQYHVWHGZLWK
WKHVHJRRGTXDOLWLHV
&+$37(5
2%/,*$7,212)2%(',(1&(72
7+(58/(5 ,1:+$7,6/$:)8/
$1'352+,%,7,212)2%(<,1*
7+(0,1:+$7,681/$:)8/
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFU\VWDOOL]HVWKHSDUDPHWHUVRIWKH0XVOLPVXEMHFWV
REHGLHQFHWRWKHLU
0XVOLPUXOHUV7KHKRQRXURIWKHODWWHULVERXQGXSZLWKWKHLUVXUUHQGHUWRWKH&RPPDQGRI$OODKDQG
+LV0HVVHQJHU3%8+2WKHUZLVHDSDUWIURPWKHWRUPHQWLQWKH+HUHDIWHUWKH\ZLOODOVREHVXEMHFWHG
WRKXPLOLDWLRQLQWKLVZRUOG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2EHGLHQFHWRD0XVOLPUXOHUFDOOVIRUWZRFRQGLWLRQV)LUVWKLVFRPPDQGPXVWQRW
LQIULQJHXSRQWKHFDQRQLFDOVDQFWLW\VHFRQGLWRXJKWQRWWRRXWZHLJKSHRSOH
VOLPLWDWLRQV,QFDVHKH
IDLOVWRPHHWWKHVHWZRSUHUHTXLVLWHVKLVREHGLHQFHZLOODOVREHFRPHQRQREOLJDWRU\7KLV+DGLWK
FRQYH\VDZDUQLQJWRUXOHUVWKDWWKH\PXVWQRWSXWSHRSOHWRDKDUGVKLSXQEHDUDEOHWRWKHP
>0XVOLP@
&RPPHQWDU\ 7KH+DGLWKPDNHVLWFOHDUWKDWLWLVELQGLQJXSRQ0XVOLPVWRVKRZREHGLHQFHWRWKHMXVW
0XVOLPUXOHUDQGWRMRLQIRUFHVZLWKWKH0XVOLP&RPPXQLW\WRJLYHDOOHJLDQFHWRKLPDVORQJDVKH
GRHVQRWFDOOWRDVLQ
>$O%XNKDUL@
&RPPHQWDU\ 1RERG\SD\VUHVSHFWWRDVODYHZLWKDEODFNFRPSOH[LRQDQGVPDOOKHDGDWWKDW%XW
WKH+DGLWKEULQJVVXFKDPDQLQIRFXVWRHPSKDVL]HWKDWREHGLHQFHWRDUXOHULVLQHVFDSDEOH7KHRQO\
FRQGLWLRQLVWKDWKLVJRYHUQDQFHVKRXOGEHFRQILQHGWRWKH6KDULCDKIUDPHZRUNZLWKRXWUHIHUHQFHWRKLV
JHRJUDSKLFDOWULEDODQGHWKQLFEDFNJURXQG
>0XVOLP@
&RPPHQWDU\ 2EHGLHQFHWRDUXOHULVLQGLVSHQVDEOHLQYLHZRIWKHFROOHFWLYHLQWHUHVWVRID
FRPPXQLW\$EHOLHYHUKDVWKHUHIRUHEHHQHQMRLQHGWRREH\WKHUXOHULQDOOFLUFXPVWDQFHVULVLQJDERYH
KLVSHUVRQDOLQWHUHVWVSUHIHUHQFHVDQGSV\FKRORJLFDOXUJHV7KHUXOHUKRZHYHUPXVWQRWEHREH\HGLI
KHEUHDNVWKH6KDULCDKUXOHV
>0XVOLP@
&RPPHQWDU\ +HUHCLWVHDUO\VWDJH
PHDQVWKHSHULRGRIWKH&RPSDQLRQVRIWKH6XFFHVVRUVRIWKH
&RPSDQLRQVDQGRIWKH)ROORZHUVRIWKH6XFFHVVRUV,QDQRWKHU+DGLWKLWKDVEHHQFDOOHGDVWKHEHVW
HUD,QFRPSDULVRQZLWKDOOWKHVXFFHHGLQJSHULRGVWKLVSHULRGLVVXUSDVVLQJO\JRRGSHDFHIXODQG
EOHVVHG/DWHUZRXOGHPHUJHLWZDVSURSKHVL]HGPLVFKLHIDIWHUPLVFKLHIHDFKEHLQJZRUVHWKDQWKH
SUHFHGLQJRQH7RGD\HYHU\ERG\VHHVWKHWUXWKRIWKLVSURSKHF\OLNHWKHOLJKWRIGD\%\SUHGLFWLQJWKH
HPHUJHQFHRIPLVFKLHI0HVVHQJHURI$OODK3%8+ZDQWHGWRZDUQKLVIROORZHUVWKDWWKH\VKRXOG
NHHSWKHPVHOYHVDORRIIURPWKHP7RWKHPKHIXUWKHUH[SODLQHGLQDGYDQFHWKHSUHFDXWLRQDU\PHDVXUHV
WKDWLVWRNHHSIDLWKLQ$OODKWRUHPDLQILUPIRRWHGLQWKHEHOLHILQWKH+HUHDIWHUDQGWRGHDOZLWK
SHRSOHIDLUO\DWWHPSWLQJWREHSROLWHWRWKHPDWWKHVDPHWLPH
%HVLGHVSURSKHF\KDVEHHQPDGHDERXWWKHDEXQGDQFHRIWKHSRZHUKXQJU\SHRSOHZLWKDUHPHGLDO
QRWH,QWKHILUVWLQVWDQFHEHOLHYHUVDUHVXSSRVHGWRVZHDUDOOHJLDQFHWRWKHFDOLSKDQGE\H[WHQGLQJ
WKHLUFRRSHUDWLRQWRKLPWKH\VKRXOGNLOODQRWKHUFODLPDQWWRWKHFDOLSKDWHEHFDXVHLWLVRQO\LQWKLVZD\
WKDWWKHXQLW\RIWKH0XVOLP8PPDKFDQEHPDLQWDLQHGIUHHRIFKDRVDQGGLVFRUG<HWXQIRUWXQDWHO\
WKHSRZHURULHQWDWHGJURXSVKDYHIRXQGDSOD\WKLQJLQWKHVKDSHRIGHPRFUDF\WXUQLQJSHDFHDQGXQLW\
LQWRDOHJHQGRIWKHSDVW:KDWDSLW\WKDWGHVSLWHDOOWKDWWKH\VHHNVWDELOLW\DQGSURJUHVV,VLWWKH
PLUDFOHRIWLPHRUWKHTXLUNRIWKHYHVWHGLQWHUHVWVWKDWKDVUHYHUVHGWKHZKROHVFKHPHRIWKLQJV"7KHUH
LVOLWWOHKRSHRIWKHLPSURYHPHQWRIWKH0XVOLPZRUOG
VDIIDLUV,QGHHGLWIDFHVDQLURQLFDOVLWXDWLRQ
:D
LOELQ+XMU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG6DODPDKELQ<D]LG$O-XCI0D\$OODK
EHSOHDVHGZLWKKLPDVNHG0HVVHQJHURI$OODK3%8+23URSKHWRI$OODK7HOOXVZKDW\RX
FRPPDQGXVWRGRLIWKHUHDULVHVRYHUXVUXOHUVZKRGHPDQGRIXVZKDWLVGXHWRWKHPDQGUHIXVHXV
ZKDWLVGXHWRXV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWERWKWKHUXOHUDQGWKHUXOHGKDYHWKHLURZQUHVSHFWLYH
REOLJDWLRQV,IDQ\RIWKHWZRVLGHVIDLOVWRSOD\LWVGXHUROHLWZLOOEHDUWKHEUXQWRILWVGHILFLHQF\RQ
WKH)LQDO'D\<HWSHRSOHDUHGHEDUUHGIURPGLVREH\LQJDUXOHUZKRQHJOHFWVWRGRZKDWLVUHTXLUHGRI
KLP1HJOLJHQFHLVQRWUHFWLILDEOHE\QHJOLJHQFHDVLWZLOOPDNHPDWWHUVZRUVH7RHQGXUHWKHKLJK
KDQGHGQHVVRIDUXOHULQYLHZRIWKHRYHUDOOQDWLRQDOLQWHUHVWLVWKHUHIRUHSUHIHUDEOHWRUHYROWLQJ
DJDLQVWKLP7UXHRQHFDQQRWWDNHWKHODZLQWRRQH
VRZQKDQGV\HWWKHUHDOZD\VUHPDLQVURRPIRU
LPSURYHPHQWDQGSRVLWLYHFULWLFLVP7RPDNHXVHRILWZLWKLQOLPLWVDQGWRPDNHHIIRUWVIRUWKH
HQIRUFHPHQWRIWKHFDQRQLFDOGLVFLSOLQHZLOOQRWEHGHHPHGDVDQXSULVLQJ,QGHHGWKLVZLOOEHGHHPHG
WRVRPHH[WHQWELQGLQJRQHYHU\ERG\
+HZDVDVNHG20HVVHQJHURI$OODK:KDWGR\RXFRPPDQGXVWRGRZKHQZHDUH
HQFRXQWHUHGZLWKVXFKKDSSHQLQJV"
+HDQVZHUHG *LYHZKDWLVGXHIURP\RXDQGVXSSOLFDWHWR$OODK
IRU\RXUULJKWV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHDUHWZRDVSHFWVRIWKLV+DGLWK2QWKHRQHKDQGSHRSOHDUHDGYLVHGWRSXWXS
SDWLHQWO\ZLWKWKHWUDQVJUHVVLYHEHKDYLRXURIUXOHUVDVZHOODVWKHLUQHSRWLVPRUPRQRSROL]DWLRQRIDOO
WKHQDWLRQDOUHVRXUFHV2QWKHRWKHUKDQGUXOHUVDUHZDUQHGWRZDUGRIIDFDSULFLRXVFRQGXFWRIOLIH
OHVWWKH\VKRXOGIDFHWKH:UDWKRI$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
:KRVRHYHUREH\VPHREH\V$OODKDQGKHZKRGLVREH\VPHGLVREH\V$OODKDQGZKRVRHYHUREH\V
WKH$PLUOHDGHULQIDFWREH\VPHDQGKHZKRGLVREH\VWKH$PLULQIDFW GLVREH\VPH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLQIRUPVXVWKDWLWLVLPSHUDWLYHWKDWZHREH\WKHOHDGHURIWKH0XVOLP
FRPPXQLW\VRORQJDVKHGRHVQRWFDOOWRDVLQEHFDXVHGRLQJVRLVLQIDFWREHGLHQFHWR$OODK 6:7
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKXUJHVXVWREHDUSDWLHQWO\ZKHQDUXOHUPDNHVDPLVWDNHVRORQJDVKHGRHV
QRWFDOOWRDVLQ,WDOVRZDUQVXVDJDLQVWGLVREHGLHQFHWRWKHUXOHUDVWKLVZLOOFDXVHPLVFKLHIDWWKHFRVW
RIWKHXQLW\ DQGFRPPRQLQWHUHVWVRIWKH0XVOLPFRPPXQLW\
>$W7LUPLGKL@
&RPPHQWDU\ 7RDIIURQWDQGGHJUDGHWKHUXOHUPHDQVWRGLVREH\KLPDQGWRE\SDVVKLVRUGHUV7KLV
LPSDLUVKLVSRZHUKRQRXUDQGGLJQLW\%HOLHYHUVKDYHEHHQWROGWRREH\DQGVXSSRUWUXOHUVIRUWKHVDNH
RIQDWLRQDOLQWHUHVWDQGZHOIDUHXQGHUVWDQGLQJWKDWWKH\GHVLVWIURPFRPPLWWLQJDQRYHUWGLVEHOLHIDQG
PDLQWDLQFRQJUHJDWLRQ6DODWDQGRWKHUGXWLHVRIUHOLJLRQ7KHSROLWLFDOV\VWHPRI,VODPLVWRWDOO\
LQFRPSDWLEOHZLWKZHVWHUQGHPRFUDF\7KHFRQFHSWRIJRYHUQPHQWSDUW\DQGWKHRSSRVLWLRQLVDOLHQWR
,VODP$OOEHORQJWRRQH8PPDKZLWKRQO\RQHJRDODQGSXUVXHWKHVDPHDLPVDQGREMHFWVRI,VODPLF
JXLGHOLQHV
&+$37(5
81'(6,5,%,/,7<2)$63,5,1*
)252)),&(
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KHUHDUHDFFRUGLQJWRWKLV+DGLWKWZRFRQGLWLRQVIRUSXWWLQJSHRSOHLQRIILFLDO
SRVLWLRQV7KHILUVWLVWKHUHOHYDQWWDOHQWIRUWKHMREDPDQLVSXWLQFKDUJHRIDQGWKHVHFRQGLVKLV
FDSDFLW\IRUGLVFKDUJLQJUHVSRQVLELOLWLHVWKHUHRI)RU H[DPSOHDUXOHUVKRXOGSULPDULO\SRVVHVVWKH
DELOLW\WRPDLQWDLQODZDQGRUGHUDQGWRHVWDEOLVKMXVWLFHDQGVHFRQGO\KHVKRXOGEHHQGRZHGZLWK
VXIILFLHQWG\QDPLVPDQGYLVLRQWRFRSHZLWKQHZGHPDQGVDQGVLWXDWLRQV7KLVEDVLFSULQFLSOHDSSOLHV
WRHYHU\ RIILFLDOZKHWKHULQWKHFDSDFLW\RIJRYHUQRUPLQLVWHUDGYLVRUILQDQFLDODGPLQLVWUDWRURUD
FOHUN$SDUWIURPWKHVHQVHRIMREDELOLW\DQGLQWHJULW\KHVKRXOGEHILUHGZLWKGHWHUPLQDWLRQZLWK
UHJDUGWRKLVZRUN$QRIILFHLVLQGHHGDQLPSRUWDQWWUXVWDQGWRKDYHLWZLWKRXWPHHWLQJWKHVDLG
FRQGLWLRQVLVDVRUWRIWUHDFKHU\
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKXUJHVSHRSOHSDUWLFXODUO\WKHLQFDSDEOHRQHVWRVKHGRIIWKHDPELWLRQWR
DFKLHYHUXOHUVKLSDQGSRZHU,WLVIHDUHGWKDWRZLQJWRWKHLUODFNRIWDOHQWWKH\ ZLOOPLVPDQDJHWKHWDVN
ZKLFKZLOOEHDVVLJQHGWRWKHP7KLVZLOOUHQGHUWKHPJXLOW\ZLWK$OODK7KH3URSKHW3%8+
GLVVXDGHVVXFKSHRSOHIURPDFFHSWLQJDQ\JRYHUQPHQWSRUWIROLRDVLQWKLVZD\WKH\ZLOOUHPDLQVDIH
DQGWURXEOHIUHH<HWLIDGHVHUYLQJSHUVRQJHWVDMRERIKLJKUHVSRQVLELOLW\KHVKRXOGGRKLVXWPRVWWR
GRIXOOMXVWLFHWRLWVRWKDWKHPD\EHVSDUHGUHPRUVHRQWKH'D\RI5HVXUUHFWLRQ
&+$37(5
$332,170(172)3,286
*29(51256$'9,6(56$1'
-8'*(6
$OODKWKH([DOWHGVD\V
)ULHQGVRIWKDW'D\ZLOOEHIRHVRQHWRDQRWKHUH[FHSW$O0XWWDTXQLHSLRXVDQGULJKWHRXV
SHUVRQV
>$O%XNKDUL@
&RPPHQWDU\ $UXOHUKDVEHHQWROGKHUHWKDW7DTZDFRQVFLRXVQHVVDQGIHDURI$OODKKRQHVW\
LQWHJULW\DQGDELOLW\DUHWKHSUHUHTXLVLWHVWRFKRVLQJDQ\ERG\DVKLVDLGHRUDGYLVRU3ULRUWRWKHLU
QRPLQDWLRQKHVKRXOGFKHFNXSWKHUHSXWDWLRQRIKLVDGYLVRUV7KLVSUHFDXWLRQDU\PHDVXUHZLOOVHUYHDV
DVDIHJXDUGDJDLQVWWKHVSUHDGRIFRUUXSWLRQLQVRFLHW\DQGVHUYHWKHFDXVHRIJRRGQHVV6HFRQGO\D
UXOHUVKRXOGREH\WKH&RPPDQGVRI$OODKDQG+LV0HVVHQJHU3%8+EHFDXVHWKLVGLVFLSOLQHZLOOQRW
RQO\NHHSKLPVDIHIURPPDNLQJIDXOWVEXWZLOODOVRVHUYHDVDVKLHOGDJDLQVWWKHPDFKLQDWLRQVRI
ZLFNHGSHRSOH
&RPPHQWDU\ ,QWKHUHFUXLWPHQWRIJRRGDQGVFUXSXORXVDLGHVOLHVWKH%OHVVLQJRI$OODKWRDUXOHU
EHFDXVHVXFKDLGHVZLOOSURYHKHOSIXOWRKLPLQPDNLQJVRXQGMXGJHPHQWVUHDFKLQJULJKWFRQFOXVLRQV
DQGJXDUGLQJKLPDJDLQVWOHDQLQJWRZDUGVHYLOZD\V<HWLIDOORIWKHVHDLGHVDUHVHOIVHHNHUVIODWWHUHUV
DQGFRUUXSWWKH\ZLOOXQGRXEWHGO\LQIOXHQFHKLVGHFLVLRQPDNLQJLQDEDGZD\$QGRQHFDQEHOLHYH
WKDWWKHHQGRIWKHUXOHUZLOOEHIDUIURPEHLQJGHVLUDEOHEHFDXVHKLVWRU\DOVRVXSSRUWVWKLVYLHZ$VIRU
WKH+HUHDIWHUKHZLOOEHKDUGO\VDIHIURPWKHLQIHUQDOWRUPHQW
&+$37(5
352+,%,7,212)$332,17,1*
$1$63,5$173(562172$
38%/,&2)),&(2)$87+25,7<
$EX0XVD$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,FDOOHGRQWKH3URSKHW3%8+
ZLWKWZRRIP\FRXVLQV2QHRIWKHPVDLGWRKLP20HVVHQJHURI$OODK3%8+DSSRLQWPH
JRYHUQRURIVRPHODQGRYHUZKLFK$OODKKDVJLYHQ\RXDXWKRULW\
7KHRWKHUDOVRUHTXHVWHGIRU
VRPHWKLQJRIWKHVDPHQDWXUH0HVVHQJHURI$OODK3%8+VDLG %\$OODKZHGRQRWDSSRLQWVRPHRQH
WRWKLVSRVWZKRVHHNVLWRUVRPHRQHZKRFRQWHQGVIRULW
>$O%XNKDULDQG0XVOLP@
7+(%22.2)*22'0$11(56
&+$37(5
(;$/7$7,212)02'(67<
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+SDVVHGE\D
PDQRIWKH$QVDUZKRZDVDGPRQLVKLQJKLVEURWKHUUHJDUGLQJVK\QHVV0HVVHQJHURI$OODK3%8+
VDLG /HDYHKLPDORQHIRUPRGHVW\LVDSDUWRI,PDQ
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHQOLJKWHQVXVRQWKHH[FHOOHQFHRIPRGHVW\ZKLFKVHUYHVWKHJRRGSXUSRVH
RISUHYHQWLQJPDQIURPWKHGLVREHGLHQFHRI$OODKDQGIURPLPPRUDODQGHYLOSXUVXLWV(YLGHQWO\LWKDV
DVDOXWDU\LPSDFWRQVRFLHW\%HVLGHVLWNHHSVPDQIUHHIURPVLQVDQGFRQVHTXHQWO\KHZLOOVWDQG
EODPHOHVVZLWK$OODK)URPWKLVVWDQGSRLQWPRGHVW\LVFHUWDLQO\DWKRURXJKJRRG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\RFFXUUHGLQDSUHYLRXVFKDSWHUVHHFRPPHQWDU\RQ+DGLWK1R
+HUHLWKDVEHHQUHSHDWHGZLWKUHIHUHQFHWRWKHGHJUHHVRI)DLWK0RGHVW\WRRLVDSDUWRI)DLWK
UDWKHURQHRILWVPRVWLPSRUWDQWLQJUHGLHQWVEHFDXVHLWSOD\VDQHIIHFWLYHUROHLQWKHWUDLQLQJDQG
VXEOLPDWLRQRIKXPDQSV\FKH
&+$37(5
6(&5(&<2)35,9$7(0$77(56
*8$5',1*6(&5(76
$OODKWKH([DOWHGVD\V
>0XVOLP@
&RPPHQWDU\ ,VODPWUHDWVFRQMXJDOXQLRQDVDVDFUHGDQGVHFUHWDFWERWKLQVRFLDODQGPRUDOWHUPV
,QGHHGWKHVDQFWLW\RIFRQMXJDOULJKWVFRQWULEXWHVWRWKHFRQVROLGDWLRQRIPRUDOQRUPVDQGVRFLDO
FRKHVLRQ<HWZKDWSDVVHVEHWZHHQZLIHDQGKXVEDQGRQWKHFRQVXPPDWLRQQLJKWLVXVXDOO\WDNHQLQD
OLJKWYHLQLQRXUVRFLHWLHV,QWKHPRUQLQJERWKRIWKHPUHODWHWKHLUVH[XDOH[SHULHQFHWRWKHLUIULHQGV
UHVSHFWLYHO\7KLVLVPRUDOLQGHFHQF\ZKLFKLVLQFRPSDWLEOHZLWKKXPDQGLJQLW\DQGFLYLOL]HG
EHKDYLRXU7KLV+DGLWKUHFNRQVLWDVDJUDYHVLQZKLFKPXVWEHHVFKHZHG7KHEHGH[SHULHQFHPXVWEH
NHSWSULYDWHE\WKHPDUULHGFRXSOHWRWKHH[FOXVLRQRIDWKLUGSHUVRQ
,ZDLWHGIRUDIHZGD\VDQGWKHQC8WKPDQPHWPHDQG
VDLG ,WRFFXUUHGWRPHWKDW,VKRXOGQRWPDUU\DWSUHVHQW
7KHQ,PHW$EX%DNU0D\$OODKEH
SOHDVHGZLWKKLPDQGVDLGWRKLP ,I\RXDUHZLOOLQJ,VKDOOPDUU\P\GDXJKWHU+DIVDKWR\RX
$EX
%DNU0D\$OODKEHSOHDVHGZLWKKLPUHPDLQHGVLOHQWDQGGLGQRWXWWHUDQ\ZRUGWRPHLQUHSO\,
JUHZPRUHDQJU\ZLWKKLPWKDQZLWKC8WKPDQ,KDGZDLWHGIRURQO\DIHZGD\VZKHQ0HVVHQJHURI
$OODK3%8+DVNHGIRUKHUKDQGLQPDUULDJHDQG,PDUULHGKHUWRKLP7KHUHDIWHU,PHW$EX%DNU
0D\$OODKEHSOHDVHGZLWKKLPZKRVDLG 3HUKDSV\RXZHUHDQJU\ZLWKPHZKHQ\RXRIIHUHG+DIVDK
WRPHDQG,VDLGQRWKLQJLQUHSO\
,VDLG <HVWKDWLVVR
+HVDLG 1RWKLQJVWRSSHGPHWRUHVSRQGWR
\RXURIIHUH[FHSWWKDW,NQHZWKDW0HVVHQJHURI$OODK3%8+KDGPHQWLRQHGKHUDQG,FRXOGQRW
GLVFORVHWKHVHFUHWRI0HVVHQJHURI$OODK3%8++DG0HVVHQJHURI$OODK3%8+OHIWKHU,ZRXOG
KDYHDFFHSWHGKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RNHHSDVHFUHWDQGQRWWRGLVFORVHLWWRSHRSOHLVWKHWKHPHRIWKLVFKDSWHUDVUHIOHFWHG
LQWKLV+DGLWK7KH+DGLWKKDVDOVRRWKHUSRLQWVZKLFKLQYLWHRXUDWWHQWLRQ)LUVWO\DPDQFDQRIIHUKLV
GDXJKWHU
VKDQGWRDULJKWHRXVSHUVRQ6HFRQGO\LWLVXQGHVLUDEOHIRUSDUHQWVWRVHQGDPHVVDJHWR
DQRWKHUSDUW\IRUWKHZHGORFNRIWKHLUGDXJKWHUZKHQWDONVZLWKVRPHRQHHOVHDUHDOUHDG\FRQWLQXLQJLQ
WKLVUHJDUG7KLUGO\LI0HVVHQJHURI$OODK3%8+ZDQWHGWRPDUU\DZRPDQEXWFRXOGQRWUHDOL]HKLV
LQWHQWLRQIRUDUHDVRQRUDQRWKHULWZDVSHUPLVVLEOHIRUD0XVOLPWRPDUU\KHUEHFDXVHMXULVWLFDOO\
VSHDNLQJVXFKDZRPDQFRXOGQRWEHFRXQWHGDVWKH3URSKHW
VZLIH
DQG
PDGHKHUVLWRQKLVULJKWVLGHRURQKLVOHIWVLGHDQGWKHQZKLVSHUHGVRPHWKLQJWRKHUDWZKLFKVKHZHSW
ELWWHUO\:KHQKHSHUFHLYHGKHUJULHIKHWDONHGVHFUHWO\WRKHUDJDLQDQGVKHVPLOHGZLWKKDSSLQHVV,
VDLGWRKHU0HVVHQJHURI$OODK3%8+FKRVH\RXIURPDPRQJVWDOOKLVZLYHVWRVSHDNVHFUHWO\WR\RX
DQG\HW\RXFULHG
6KH
VDLG,ZLOOQRWGLYXOJHWKHVHFUHWRI0HVVHQJHURI$OODK3%8+
:KHQ0HVVHQJHURI$OODK3%8+
SDVVHGDZD\,VDLGWRKHU,DGMXUH\RXE\WKHULJKW,KDYHLQUHVSHFWRI\RXWRWHOOPHZKDW0HVVHQJHU
RI$OODK3%8+KDGWROG\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWRRKDVDQLPSOLFDWLRQIRUNHHSLQJDVHFUHWDQGFRQFHDOLQJLWIURPSHRSOH
0RUHRYHUZHOHDUQWKDWRQHFDQVSRQWDQHRXVO\ZHHSRYHUKHDULQJDVRUURZIXORFFXUUHQFHDQGDOVRWKDW
ZHVKRXOGEHSDWLHQWLQGLVWUHVV7KH+DGLWKDOVRWHDFKHVXVQRWWRIHHOSURXGXSRQUHFHLYLQJDEOHVVLQJ
$ERYHDOOWKHH[FHOOHQFHRI)DWLPDK0D\$OODKEHSOHDVHGZLWKKHUDQGWKHDGYLVDELOLW\RIUHDGLQJ
WKH4XU
DQDUHEURXJKWLQWRRXUIRFXV
6KHDVNHG :KDWZDVLW"
,VDLG ,W
LVDVHFUHW
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLGWR7KDELW0D\$OODKEHSOHDVHGZLWKKLP%\$OODKZHUH
,WRWHOOLWWRDQ\RQH,ZRXOGKDYHWROG\RX
>0XVOLP@
&+$37(5
)8/),//0(172)3520,6(6
$OODKWKH([DOWHGVD\V
2 \RXZKREHOLHYH:K\GR\RXVD\WKDWZKLFK\RXGRQRWGR"0RVWKDWHIXOLWLVZLWK$OODKWKDW
\RXVD\WKDWZKLFK\RXGRQRWGR
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQWKHFKDSWHUDERXWWUXVWV6HH&RPPHQWDU\
RQ+DGLWK1R,WVUHSHWLWLRQKHUHLVPHDQWWRVWUHVVWKHSRLQWWKDWDK\SRFULWHLVUHFRJQL]HGE\
EUHDNLQJKLVSURPLVH
>$O%XNKDULDQG0XVOLP@
,QWKH
VHFRQGFDVHDPDQGRHVKDYHIDLWKLQKLVKHDUWEXWLQSUDFWLFHKHSRUWUD\VWKHFKDUDFWHULVWLFVRID
K\SRFULWHXQIRUWXQDWHO\DPDMRULW\RIWRGD\
V0XVOLPVSUDFWLFDOO\EHKDYHOLNHK\SRFULWHVDQGSRVVHVV
WKHLUSURSHQVLWLHV,WLVWKLVK\SRFULWLFDODWWLWXGHDQGPRUDOGHILFLHQFLHVRI0XVOLPVWKDWKDYHGHJUDGHG
WKHPDQGPDGH,VODPXQDSSHDOLQJ0D\$OODKSXW0XVOLPVRQWKHULJKWSDWK
+HSDVVHGDZD\EHIRUHWKH
UHYHQXHVZHUHUHFHLYHG:KHQWKH\DUULYHGXULQJWKHFDOLSKDWHRI$EX%DNU0D\$OODKEHSOHDVHG
ZLWKKLPKHRUGHUHGWREHDQQRXQFHG$Q\RQHZKRP0HVVHQJHURI$OODK3%8+SURPLVHGRURZHG
DQ\WKLQJVKRXOGFRPHWRKLP
+HWRRNDGRXEOHKDQGIXORXWRIWKHPRQH\DQGJDYHLWWRPH,FRXQWHGLWDQGIRXQG
WKDWLWZDVILYHKXQGUHGGLUKDP7KHQ$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPVDLGWRPH7DNH
WZLFHDVPXFKPRUHRIWKDWDPRXQW
>$O%XNKDULDQG0XVOLP@
7KLV+DGLWKLVVXJJHVWLYHRIIXOILOOPHQWRIWKHGHFHDVHGSOHGJHE\WKHDVFHQGDQWWKDWLVKLVGHDWKZLOO
QRWLQYDOLGDWHLW5DWKHUWKHUHVSRQVLELOLW\RIIXOILOOLQJKLVSOHGJHGHYROYHVXSRQKLVLQKHULWRUV
6LPLODUO\D QHZUXOHULVXQGHUREOLJDWLRQWRFDUU\RXWWKHFRPPLWPHQWPDGHE\KLVSUHGHFHVVRURQWKH
JRYHUQPHQWOHYHO
&+$37(5
6$)(*8$5',1*$1'
3(53(78$7,1**22'+$%,76
$OODKWKH([DOWHGVD\V
$QGEHQRWOLNHKHUZKRXQGRHVWKHWKUHDGZKLFKVKHKDVVSXQDIWHULWKDVEHFRPHVWURQJ
%XWWKDWWKH\GLGQRWREVHUYHLWZLWKWKHULJKWREVHUYDQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHVDPHSRLQWWKDWLVPDQVKRXOGEHVWHDGIDVWLQKLVJRRG
GRLQJV7KHUHVKRXOGEHQRFHVVDWLRQLQWKLVUHVSHFWRWKHUZLVHKHZLOOXQFRQVFLRXVO\EHJLQWRLQFOLQH
WRHYLODQGWKHUHIRUHWRWKHHURVLRQRIPRUDOIRXQGDWLRQVRIKLVFKDUDFWHU6WHDGIDVWQHVVLQWKH
REVHUYDQFHRIJRRGHQVXUHVPDQ
VVHFXULW\DJDLQVWSLWIDOOVDQGKDV'LYLQHDSSURYDOWRR
&+$37(5
(;&(//(1&(2)0((7,1*
:,7+$60,/,1*
&2817(1$1&($1'
32/,7(1(66,163((&+
$OODKWKH([DOWHGVD\V
$QGORZHU\RXUZLQJVIRUWKHEHOLHYHUVEHFRXUWHRXVWRWKHIHOORZEHOLHYHUV
$QGKDG\RXEHHQVHYHUHDQGKDUVKKHDUWHGWKH\ZRXOGKDYHEURNHQDZD\IURPDERXW\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHSRLQWWKDW6DGDTDKKDVJUHDWEHQHILWVDQGHYHQLQLWV
PLQLPXPVFRSHDQGTXDQWLW\LWFDQHQVXUHRXUVDIHW\DJDLQVW+HOOILUH:HDUHWROGWKDWLIZHGRQRW
KDYHHYHQDVLQJOHGDWHRUKDOIRILWWRJLYHWRDQHHG\SHUVRQZHFDQPDQDJHWRKDYHWKHVDPHEHQHILW
E\WDONLQJWRKLPLQDFRPSDVVLRQDWHWRQHSURYLGHGZHKDYH)DLWKLQRXUKHDUW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,Q,VODPLWLVQRWVSHQGLQJPRQH\DORQHWKDWFRXQWVDVFKDULW\WDONLQJWRVRPHERG\LQ
DGHFHQWZD\DOVRFRPHVLQWKHVDPHFRQWH[W1RZRQHFDQIHHOWKHLPSRUWDQFH,VODPJLYHVWRPRUDO
YDOXHVDQGJRRGPDQQHUV7KLVVD\LQJRI0HVVHQJHURI$OODK3%8+LVSDUWRIDORQJ+DGLWK
PHQWLRQHGHDUOLHU6HH+DGLWK1R
>0XVOLP@
&RPPHQWDU\ (YHU\GHHGDSSURYHGE\WKH6KDULCDKLVFRQVLGHUHGJRRGDQGUHZDUGLQJ+RZVRHYHU
VHHPLQJO\VPDOOSHRSOHPD\FRQVLGHULWLWPXVWQRWEHORRNHGDWIURPDKLJKEURZDQJOH(YHQWRPHHW
SHRSOHFKHHUIXOO\LVRQHRIWKH,VODPLFYLUWXHVWKRXJKLWPD\DSSHDUTXLWHLQVLJQLILFDQWWRVRPHSHRSOH
&+$37(5
&/$5,7<2)',6&2856(
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG :KHQHYHUWKH3URSKHW3%8+VDLGVRPHWKLQJ
KHZRXOGUHSHDWKLVZRUGVWKULFHVRWKDWWKHPHDQLQJVZRXOGEHXQGHUVWRRGIXOO\DQGZKHQHYHUKH
FDPHXSRQDJURXSRISHRSOHKHZRXOGJUHHWWKHPDQGKHZRXOGUHSHDWVDOXWDWLRQWKULFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7ROD\VWUHVVRQDSRLQWWKULFHRUWRUHSHDWJUHHWLQJVDFFRUGLQJWRWKLV+DGLWKLV
SUHIHUDEOH,WLVSDUWLFXODUO\VRZKHQDVLWXDWLRQVRGHPDQGVDQGZKHQH[SODLQLQJDSRLQWWRWKH
DXGLHQFHRQFHDQGWZLFHPD\QRWEHHQRXJK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG WKHVSHHFKRI0HVVHQJHURI$OODK3%8+ZDV
VRFOHDUWKDWDOOWKRVHZKROLVWHQHGWRLWZRXOGXQGHUVWDQGLW
>$EX'DZXG@
&RPPHQWDU\ ,QWHUSUHWLQJC$LVKDK
VUHSRUWVRPHFRPPHQWDWRUVVD\WKDW0HVVHQJHURI$OODK3%8+
XVHGWRVSHDNFOHDUO\DQGGHFLVLYHO\+RZHYHULWPD\DOVRPHDQWKDWZKLOHVSHDNLQJKHZRXOGSDXVH
XSRQKLVZRUGVLQVXFKDZD\WKDWHDFKDQGHYHU\ZRUGZKLFKFDPHIURPKLVOLSVDSSHDUHGGHWDFKHG
IURPWKHRWKHU+HZDVQHYHUOLNHWKRVHZKRVSHDNTXLFNO\DQGWKHLUZRUGVDUHPL[HGXSZLWKHDFK
RWKHU7KLV+DGLWKUHIOHFWVWKH3URSKHW
VHORTXHQFHDVZHOODVKLVGXHFDUHDQGGHFHQF\LQSXWWLQJLQKLV
YLHZSRLQWWRWKHFRQYHQLHQFHRIKLVDXGLHQFH
&+$37(5
/,67(1,1*$77(17,9(/<
-DULUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+DVNHG
PHRQWKHRFFDVLRQRIWKH)DUHZHOO3LOJULPDJHWRWHOOWKHSHRSOHWRNHHSVLOHQWWKHQKH3%8+VDLG
'RQRWUHYHUWWRGLVEHOLHIDIWHUPHFKRSSLQJWKHKHDGVRIRQHDQRWKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ &RPPHQWLQJRQWKLV+DGLWK,PDP$Q1DZDZLKDVDUJXHGWKDWRQHLVDOORZHGWROHQG
HDUWRVRPHERG\LIKHKDVVRPHWKLQJUHDVRQDEOHWRVD\7KLVZLOOQRWEHFRQVLGHUHGDVHDYHVGURSSLQJ
ZKLFKLVXQDOORZDEOHRQGRFWULQDOEDVLV6HFRQGO\VLOHQFHLVDSUHUHTXLVLWHRIVHWWLQJ HDUVWRDVHUPRQ
$QGD.KDWLE RQHZKRGHOLYHUVDVHUPRQ LVSHUIHFWO\MXVWLILHGLIKHDVNVKLVDXGLHQFHWRREVHUYH
VLOHQFHVRDVWREHDEOHWROLVWHQWRKLPLQUHDOHDUQHVW
&+$37(5
%5(9,7<,135($&+,1*
$OODKWKH([DOWHGVD\V
+HVDLG 7KHUHLVQRWKLQJWRSUHYHQWPHIURPGRLQJVREXW,GRQ
WOHVW,ERUH
\RX,IROORZWKHVDPHPHWKRGLQSUHDFKLQJWR\RXWKDW0HVVHQJHURI$OODK3%8+DGRSWHGLQ
SUHDFKLQJWRXVIRUIHDURIERUHGRP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKHLQGLVSHQVDELOLW\RIHTXLOLEULXPLQVHUPRQVDQG
GLVFRXUVHVVRWKDWSHRSOHPD\QRWVKXQWKHP0RQRWRQ\WKRXJKZHOO GHVLJQHGLVUHSXJQDQWWRKXPDQ
QDWXUH6LPLODUO\WHDFKLQJDQGLQVWUXFWLRQDOWUDLQLQJUHTXLUHVVXFKKRXUVZKLFKPD\IDFLOLWDWHSHRSOH
V
ZLOOLQJSDUWLFLSDWLRQ&RPSXOVLRQDQGHFRQRPLFLQFHQWLYHVUDUHO\ZRUNLQVSLULWXDOVSKHUHV:HDUH
DOVRLQIRUPHGRIWKH&RPSDQLRQV
NHHQQHVVWRIROORZ0HVVHQJHURI$OODK3%8+
>0XVOLP@
7KHUHXSRQWKH\EHJDQWRVWULNHWKHLU
WKLJKVZLWKWKHLUKDQGV:KHQ,VDZWKHPXUJLQJWRPHWRUHPDLQVLOHQW,EHFDPHDQJU\EXWUHVWUDLQHG
P\VHOI:KHQ0HVVHQJHURI$OODK3%8+FRQFOXGHGKLV6DODW,KDYHQHYHUEHIRUHVHHQDQLQVWUXFWRU
ZKRJDYHEHWWHULQVWUXFWLRQWKDQKHPD\P\IDWKHUDQGPRWKHUEHVDFULILFHGIRUKLP+HQHLWKHU
UHPRQVWUDWHGPHQRUEHDWPHQRUDEXVHGPH+HVLPSO\VDLG,WLVQRWSHUPLVVLEOHWRWDONGXULQJ6DODW
EHFDXVHLWFRQVLVWVRIJORULI\LQJ$OODKGHFODULQJ+LV*UHDWQHVVDVZHOODVUHFLWDWLRQRIWKH4XU
DQ
RU
KHVDLGZRUGVWRWKDWHIIHFW
,VDLG2$OODK
V0HVVHQJHU,KDYHEXWUHFHQWO\DFFHSWHG,VODP DQG
$OODKKDVIDYRXUHGXVZLWK,VODP7KHUHDUHVWLOOVRPHSHRSOHDPRQJXVZKRJRWRFRQVXOW
VRRWKVD\HUV
+HVDLG 'RQRWFRQVXOWWKHP
7KHQ,VDLG7KHUHDUHVRPHRIXVZKRDUHJXLGHGE\
RPHQV
+HVDLG 7KHVHWKLQJVZKLFKFRPHWRWKHLUPLQGV7KH\VKRXOGQRWEHLQIOXHQFHGE\WKHP
0XVOLP
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKWKHEHVWVHUPRQPD\EHGHILQHGDVEULHIFRPSUHKHQVLYH
DSSHDOLQJDQGEHQHILFLDO5HIHUWRWKH&RPPHQWDU\RQ+DGLWK1R
&+$37(5
',*1,7<$1'75$148,//,7<
$OODKWKH([DOWHGVD\V
&+$37(5
(;&(//(1&(2):$/.,1*
62/(01/<72:$5'67+(
02648(723(5)250$66$/$7
7+(35$<(5$1'27+(55(/,*,286'87,(6
$OODKWKH([DOWHGVD\V
$QG ZKRVRHYHUKRQRXUVWKH6\PEROVRI$OODKWKHQLWLVWUXO\IURPWKHSLHW\RIWKHKHDUW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSUHYHQWVXVIURPUXQQLQJRUZDONLQJKXUULHGO\LQRUGHUWRMRLQD
FRQJUHJDWLRQDOSUD\HUEHFDXVHWKLVLVXQGLJQLILHG:KHUHDVZHDUHFRPPDQGHGWREHVHOIFRPSRVHG
DQGGLJQLILHGZLWKUHJDUG WRDOOPDWWHUV6HFRQGO\ZKHQDEHOLHYHUZDONVXSWRWKHPRVTXHDIWHU
SHUIRUPLQJDEOXWLRQDWKRPHKHLVFRQVLGHUHGWREHLQDVWDWHRI6DODW7KLUGO\WKHILUVW5DNCDKKH
SUD\VEHKLQGWKH,PDPZLOOEHFRXQWHGKLVILUVW5DNCDKVRKHPXVWPDNHXSIRUWKH 5DNCDKKHPD\
KDYHPLVVHGLIDQ\DIWHUWKH,PDPKDVFRQFOXGHGKLV6DODW
>$O%XNKDULDQG0XVOLP@
&+$37(5
+21285,1*7+(*8(67
$OODKWKH([DOWHGVD\V
$QGKLV/XW
VSHRSOHFDPHUXVKLQJWRZDUGVKLPDQGVLQFHDIRUHWLPHWKH\XVHGWRFRPPLW
FULPHVVRGRP\KHVDLGC2P\SHRSOH+HUHDUHP\GDXJKWHUVLHWKHZRPHQRIWKHQDWLRQ
WKH\DUHSXUHUIRU\RXLI\RXPDUU\WKHPODZIXOO\6RIHDU$OODKDQGGHJUDFHPHQRWZLWK
UHJDUGWRP\JXHVWV,VWKHUHQRWDPRQJ\RXDVLQJOHULJKWPLQGHGPDQ"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RKRQRXUDJXHVWPHDQVWRZHOFRPHKLPFKHHUIXOO\HQWHUWDLQKLPKDSSLO\DFFRUGLQJ
WRRXUFDSDFLW\DQGKDYHIXOOUHJDUGRIKLVFRPIRUWDQGUHVW$VIRURXUUHODWLYHVZHDUHVXSSRVHGWR
WUHDWWKHPQLFHO\DQGWRGRRXUGXW\WRZDUGVWKHP
5HVHUYHLQVSHHFKLPSOLHVWKDWZHVKRXOGDYRLGVHQVHOHVVDQGLUUHOHYDQWWDON:HDUHDSWWRSDVVPRVWRI
RXUWLPHLQWKHUHPHPEUDQFHRI$OODKVHHNLQJ+LVIRUJLYHQHVVDQGVD\LQJZKDWLVJRRGWRHYHU\ERG\
2UZHKDGEHWWHUNHHSVLOHQW7KHVHWKUHHTXDOLWLHVDUHSRVVHVVHGE\WKRVHSHRSOHZKREHOLHYHLQ$OODK
DQGWKH'D\RI5HFNRQLQJ
,QRWKHUZRUGVWKRVHZKRODFNWKHVHTXDOLWLHVEHWUD\RQO\DZHDNDQGLPSHUIHFW)DLWK
+HZDVDVNHG:KDWLVKLVULJKW 20HVVHQJHURI$OODK"
+H3%8+
UHSOLHG ,WLVWRDFFRPPRGDWHKLPIRUDGD\DQGDQLJKWDQGKRVSLWDOLW\H[WHQGVIRUWKUHHGD\VDQG
ZKDWLVEH\RQGWKDWLVFKDULW\
>$O%XNKDULDQG0XVOLP@
+HZDVDVNHG20HVVHQJHURI$OODKKRZFDQKH
PDNHKLPVLQIXO"
+HUHSOLHG +HSURORQJVKLVVWD\ZLWKKLPWLOOQRWKLQJLVOHIWZLWKWKHKRVWWR
HQWHUWDLQKLPJXHVW
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQVRPHWKLQJPRUHRIWKHHWLTXHWWHDQGVFRSHRIKRVSLWDOLW\$
JXHVWRXJKWWREHJLYHQWKHEHVWHQWHUWDLQPHQWRQWKHILUVWGD\DQGQLJKW)RUWKHQH[WWZRGD\V
KRVSLWDOLW\VKRXOGEHPRGHUDWH2QWKHIRXUWKGD\WKHJXHVWVKRXOGOHDYHIRUKLVGHVWLQDWLRQ<HWLIKH
FKRRVHVWRVWD\KRVSLWDOLW\ZLOOEHLQWKHVHQVHRIFKDULW\
&+$37(5
(;&(//(1&(2)&219(<,1*
*/$'7,',1*6$1'
&21*5$78/$7,216
$OODKWKH([DOWHGVD\V
6RDQQRXQFHWKHJRRGQHZVWR0\VODYHV7KRVHZKROLVWHQWRWKH:RUG>JRRGDGYLFH/DLODKD
LOODOODKQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODKDQG,VODPLF0RQRWKHLVP@DQGIROORZWKH
EHVWWKHUHRILHZRUVKLS$OODK$ORQHUHSHQWWR+LPDQGDYRLG7DJKXW
7KHLU5XEEJLYHVWKHPJODGWLGLQJVRID0HUF\IURP+LPDQGWKDW+HLVSOHDVHGZLWKWKHP
DQGRI*DUGHQV-DQQDKIRUWKHPZKHUHLQDUHHYHUODVWLQJGHOLJKWV
%XWUHFHLYHWKHJODGWLGLQJVRI-DQQDKZKLFK\RXKDYHEHHQSURPLVHG
6RZHJDYHKLPWKHJODGWLGLQJVRIDIRUEHDULQJER\
7KHQWKHDQJHOVFDOOHGKLPZKLOHKHZDVVWDQGLQJLQSUD\HULQ$O0LKUDEDSUD\LQJSODFHRUD
SULYDWHURRPVD\LQJC$OODKJLYHV\RXJODGWLGLQJVRI<DK\D-RKQ
$EX%DNU
0D\$OODKEHSOHDVHGZLWKKLPFDPHDQGNQRFNHGDWWKHGRRU,VDLG:KRLVWKDW"
+HVDLG$EX
%DNU
,VDLG:DLWDPRPHQW
+HVDLG $GPLWKLPDQG
JLYHKLPWKHJODGWLGLQJVRI-DQQDK
,UHWXUQHGDQGVDLGWR$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP
<RXPD\HQWHUDQG0HVVHQJHURI$OODK3%8+KDVJLYHQ\RXWKHJODGWLGLQJVRIHQWHULQJ-DQQDK
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPFDPHLQDQGVDWGRZQRQWKHULJKWVLGHRI0HVVHQJHURI
$OODK3%8+DQGVXVSHQGHGKLVOHJVLQWRWKHZHOODQGXQFRYHUHGKLVVKDQNVDVWKH0HVVHQJHURI
$OODKKDGGRQH,UHWXUQHGWRWKHGRRUDQGVDWGRZQ,KDGOHIWP\EURWKHUDWKRPHZKLOHKHZDV
SHUIRUPLQJ:XGX
DQGLQWHQGLQJWRMRLQPH,VDLGWRP\VHOI,I$OODKLQWHQGVJRRGIRUKLPLHWREH
EOHVVHGWRFRPHDWWKLVWLPHDQGUHFHLYHWKHJODGWLGLQJVRIHQWHULQJ-DQQDK+HZLOOEULQJKLPKHUH
6RPHRQHNQRFNHGDWWKHGRRUDQG,VDLG:KRLVLW"
+HVDLG8PDUELQ$O.KDWWDE
,VDLG:DLWD
PRPHQW
+HHQWHUHG DQGVDWGRZQ
ZLWK0HVVHQJHURI$OODK3%8+RQKLVOHIWVLGHDQGGDQJOHGKLVIHHWLQWRWKHZHOO,UHWXUQHGWRWKH
GRRUDQGVDWGRZQDQGVDLGWRP\VHOI,I$OODKLQWHQGVJRRGIRUP\EURWKHU+HZLOOEULQJKLPKHUH
6RPHRQHNQRFNHGDWWKHGRRUDQG,VDLG:KRLVLW"
+HVDLG8WKPDQELQC$IIDQ
,VDLG:DLWD
PRPHQW
,
FDPHEDFNWRKLPDQGVDLG<RXPD\HQWHUDQG0HVVHQJHURI$OODK3%8+JLYHV\RXWKHJODG
WLGLQJVRIHQWHULQJ-DQQDKWRJHWKHUZLWKDWULEXODWLRQWKDWZLOODIIOLFW\RX
+HJRWLQDQGVDZWKDWWKH
HOHYDWHGSODWIRUPURXQGWKHZHOOZDVIXOO\RFFXSLHG6RKHVDWRQRSSRVLWHVLGH6DCLGELQ$O0XVDL\DE
0D\$OODKEHSOHDVHGZLWKKLPDVXEQDUUDWRUKDVUHSRUWHG7KHRUGHULQZKLFKWKH\VDWGRZQ
LQGLFDWHGWKHSODFHVRIWKHLUEXULDO
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQDGGV$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW
3%8+RUGHUHGPHWRJXDUGWKHGRRU:KHQC8WKPDQZDVWROGDERXWWKHPLVIRUWXQHKHSUDLVHG$OODK
WKHQVDLG $OODKX0XVWDCDQ+LVKHOSLVWREHVRXJKW
7KHLQWHUSUHWDWLRQRI6DCLGELQ$O0XVDL\DELVWKDWWKHJUDYHVRI$EX%DNUDQGC8PDU0D\$OODKEH
SOHDVHGZLWKWKHPDUHE\WKHVLGHRIWKH3URSKHW3%8+LQWKHVDPHSRVLWLRQWKH\WRRNZKHQWKH\VDW
QH[WWRWKH3URSKHW3%8+ZKLOHWKHJUDYHRIC8WKPDQLVDZD\IURPWKHLUJUDYHVLQWKHSXEOLF
JUDYH\DUGRI$O0DGLQDKNQRZQDV%DTLC$O*KDUTDG
&RPPHQWDU\ 7KLV+DGLWKEULQJVIRXUSRLQWVXQGHURXUFRQVLGHUDWLRQ)LUVWLQFHUWDLQFDVHVDJODG
WLGLQJLVJLYHQDERXWWKHIXWXUHOLIH6HFRQGWKH3URSKHW3%8+KLPVHOIJDYHWKHJRRGQHZVWRWKH
ILUVWWKUHH5LJKWO\*XLGHG.KXODID
FDOLSKV WKDWWKH\ZRXOGJRWR-DQQDK1RZRQO\DQLQERUQZUHWFK
FDQGRXEWWKHLU)DLWK7KLUGWKHULRWIRUHWROGE\WKH3URSKHW3%8+ZLWKUHJDUGWRC8WKPDQ0D\
$OODKEHSOHDVHGZLWKKLPWRRNSODFHLQWKHFRQFOXGLQJGD\VRIKLVFDOLSKDWH,QIOXHQFHGE\WKHZLFNHG
DQGEDVHOHVVSURSDJDQGDRID-HZC$EGXOODKELQ6DED
DVSOLQWHUJURXSEORFNDGHGC8WKPDQ
VKRXVH
DQGILQDOO\SXWKLPWRGHDWK7KHLQFLGHQWUHYHDOVWKH3URSKHW
VWUXWKIXOQHVV)RXUWKWKLQJVDUHDOVR
LQWHUSUHWHGZKLOHRQHLVDZDNHDQGWKHSRZHURILQWXLWLRQLVRIFRXUVHWKHEDVLVRIVXFKDVWDWH<HWD
YLVLRQLVQRWQHFHVVDULO\FRPPHQVXUDWHZLWKWKHH[WHUQDOUHDOLW\LQDOOFDVHV+RZHYHUWKHILUVWWZR
FDOLSKVDVHQYLVLRQHGE\$EX0XVD$O$VKCDUL0D\$OODK EHSOHDVHGZLWKKLPDUHHWHUQDOO\UHVWLQJ
DORQJZLWKWKH3URSKHW3%8+LQC$LVKDK
VURRPZKLOHC8WKPDQ0D\$OODKEHSOHDVHGZLWKKLPLV
EXULHGLQWKH$O0DGLQDQJUDYH\DUGRI%DTLC $O*KDUTDG
,UHSOLHGLQWKH
DIILUPDWLYH+HDVNHG :KDWLVWKHPDWWHUZLWK\RX"
,UHSOLHG<RXZHUHVLWWLQJZLWKXVDQGWKHQ\RX
OHIWXVDQGGHOD\HGIRUDWLPH)HDULQJ\RXKDGPHWZLWKVRPHDGYHUVLWLHVZHJRWDODUPHG,ZDVWKH
ILUVWWREHDODUPHG6RZKHQ,FDPHWRWKLVJDUGHQ,VTXHH]HGP\VHOIOLNHDIR[DQGWKHVHSHRSOHDUH
FRPLQJEHKLQGPH
$EX+XUDLUDKWKHQQDUUDWHGWKH+DGLWKLQIXOO
>0XVOLP@
&RPPHQWDU\ $VH[SODLQHGHDUOLHULQGHWDLODEHOLHYHUZLOOGHILQLWHO\JRWR-DQQDKSURYLGHGKHVKH
VLQFHUHO\EHOLHYHVLQ$OODKZLWKRXWDVVRFLDWLQJDQ\RQHZLWK+LV'LYLQLW\HLWKHUKHVKHLVYHU\OLNHO\WR
EHDGPLWWHGWR-DQQDKLQWKHILUVWVWDJHRURWKHUZLVHDIWHUEHLQJFKDVWLVHGGHSHQGLQJRQKLVRUKHUVLQV
+LVHWHUQDODERGHZLOOEHLQ-DQQDKDQGQRWLQ +HOOILUH,QVKD
$OODK
>0XVOLP@
)LUVW$PU
VYHKHPHQWKRVWLOLW\RISUHIDLWKGD\VZDVWUDQVIRUPHGLQWRLQWHQVHORYHIRUWKH3URSKHW
3%8+XSRQHPEUDFLQJ,VODP6HFRQGWKHJUHDWQHVVRIWKH3URSKHW3%8+ZDVLQJUDLQHGLQWKH
&RPSDQLRQV
KHDUWV7KLUGWKHIHDU RIHUURUDQGWKHKRSHRI'LYLQHPHUF\PD\FDXVHRQHWRVKHGWHDUV
DWWKHPRPHQWRIGHDWK)RXUWKLWLVGHVLUDEOHRQWKHSDUWRIUHODWLYHVDQGIULHQGVWRGRVRPHWKLQJIRU
WKHFRPIRUWRIDG\LQJSHUVRQE\JLYLQJKLPWKHJODGWLGLQJVRI$OODK
V0HUF\)LIWK,VODPZLSHVRXW
DOOSUHYLRXVVLQVEXWDIWHUZDUGVOLIHVKRXOGEHOHGDFFRUGLQJWRWKHGLFWDWHVRIWUXH)DLWK,QWKHVDPH
ZD\WKHPLQRUVLQVDUHSDUGRQHGRQDFFRXQWRI+LMUDKDQG+DMMEXWDVLQFHUHUHSHQWDQFHZLWKDOOLWV
FRQGLWLRQVLVLQGLVSHQVDEOHWRWKHUHPLVVLRQRIPDMRUVLQV6L[WKODPHQWDWLRQRYHUDGHDGERG\LV
IRUELGGHQ6HYHQWKRQHPD\GHVLUDEO\PDNHDZLOOEHIRUHGHDWKSDUWLFXODUO\ZLWKUHJDUGWRWKHDQWL
6KDULCDKKHUHVLHVDQGULWHVWRZKLFKWKHEHUHDYHGSHRSOHDUHOLNHO\WRWDNHUHFRXUVH (LJKWKWKHUHLVDQ
DIILUPDWLRQRIWKHRUWKRGR[EHOLHIWKDW0XQNLUDQG1DNLU WZRDQJHOV DSSHDULQWKHJUDYHDQGTXHVWLRQ
WKHGHDGSHUVRQDERXWKLVRUKHUUHOLJLRXVEHOLHIV1LQWKWRVWDQGRYHUWKHJUDYHDQGWRSUD\IRUWKH
VDOYDWLRQRIWKHGHDGSHUVRQLVDGHVLUDEOHDFWDVWKHGHDGSHUVRQHQMR\VWKHLQWLPDF\DQGWKHYLVLWRI
WKHULJKWHRXVWRKLVJUDYH7KLV+DGLWKWKHUHIRUHUHFRPPHQGVEHOLHYHUVWRSUD\IRUWKHILUPQHVVRIWKH
GHDGSHUVRQ
&+$37(5
%,'',1*)$5(:(//$1'
$'9,6,1*217+((9(2)
'(3$5785()25$-2851(<
2527+(57+,1*6
$OODKWKH([DOWHGVD\V
+HVDLG2P\FRXVLQ%\$OODK,KDYHJURZQROGDQGKDYHDOPRVWVSHQWXSP\DJHDQG,
KDYHIRUJRWWHQVRPHRIWKHWKLQJVZKLFK, UHPHPEHUHGLQFRQQHFWLRQZLWK0HVVHQJHURI$OODK
3%8+VRDFFHSWZKDW,QDUUDWHWR\RXDQGZKDW,IDLOWRQDUUDWHGRQRWFRPSHOPHWRQDUUDWHWKDW
+HWKHQVDLG2QHGD\0HVVHQJHURI$OODK3%8+VWRRGXSWRGHOLYHUD.KXWEDKDWDZDWHULQJSODFH
NQRZQDV.KXPPEHWZHHQ0DNNDKDQG$O0DGLQDK+HSUDLVHG$OODKH[WROOHG+LPDQGGHOLYHUHGWKH
.KXWEDKDQGH[KRUWHGXVDQGVDLGC$PPD%DCGXQRZWKHQ2SHRSOHFHUWDLQO\,DPDKXPDQ
EHLQJ,DPDERXWWRUHFHLYHDPHVVHQJHUWKHDQJHORIGHDWKIURPP\5XEEDQG,LQUHVSRQVHWR
$OODK
V&DOOEXW,DPOHDYLQJDPRQJ\RXWZRZHLJKW\WKLQJVWKH%RRNRI$OODKLQZKLFKWKHUHLVULJKW
JXLGDQFHDQGOLJKWVRKROGIDVWWRWKH%RRNRI$OODKDQGDGKHUHWRLW
+HH[KRUWHGXVWRKROGIDVWWR
WKH%RRNRI$OODKDQGWKHQVDLG C7KHVHFRQGDUHWKHPHPEHUVRIP\KRXVHKROG,UHPLQG\RXRI\RXU
GXWLHVWRWKHPHPEHUVRIP\IDPLO\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKHGVOLJKWRQVHYHQSRLQWV)LUVWZHDUHLQIRUPHGRIFHUWDLQ\RXQJPHQ
ZKRKDGOHIWWKHLUKRPHVDQGFRPHWRWKH3URSKHW3%8+LQRUGHUWRUHFHLYHUHOLJLRXVWUDLQLQJIURP
KLP7KLVVKRZVWKDWDVWXGHQWRINQRZOHGJHVKRXOGQRWKHVLWDWHWRVHWIRUWKRQDMRXUQH\LQWKHSXUVXLW
RINQRZOHGJH6HFRQGDWHDFKHUPHQWRULVVXSSRVHGWRKDYHILUVWKDQGLQIRUPDWLRQDERXWWKHDIIDLUVDQG
UHTXLUHPHQWVRIVWXGHQWVDQGWRWDNHPHDVXUHVDFFRUGLQJO\7KLUGDIWHUJUDGXDWLRQRUWKHFRPSOHWLRQRI
DQRULHQWDWLRQFRXUVHLQUHOLJLRXVVWXGLHVWKHEHQHILFLDULHVDUHDOVRUHTXLUHGWRLPSDUWUHOLJLRXV
NQRZOHGJHDQGWUDLQLQJWRWKRVHZKRODFNLW)RXUWKWKH\VKRXOGDOVRWHOOSHRSOHWRGRZKDWLV
FRPPDQGHGE\WKH6KDULCDK,VODPLF/DZDQGWRVKXQZKDWLWSURKLELWV)LIWKDQDUUDQJHPHQWPXVWEH
PDGHIRUD0X
DGKGKLQWRFDOOSHRSOHWR6DODW SUD\HUV 6L[WKLQFDVHHDFKRQHRIWKHFRQJUHJDWLRQLV
HTXDOO\TXDOLILHGWROHDGWKH6DODWWKHRQHZKRLVPRVWVHQLRULQDJHVKRXOGSHUIRUPWKHGXW\7KHILUVW
SUHUHTXLVLWHRIEHFRPLQJDQ,PDPLVWKHDELOLW\WRUHFLWH4XU
DQZHOODQGLQWKHULJKWPDQQHU7KH
VHFRQGLQSULRULW\LVWKDWSHUVRQZKRLVZHOOJURXQGHGLQWKHUHOLJLRQ 4XU
DQDQG+DGLWK,QRWKHU
ZRUGVDJRRG4DUL UHFLWHU LVPRVWILWWREHFRPHDQ,PDPDQGWKHVHFRQGFKRLFHVKRXOGEHWKHRQH
ZKRKDVWKHPDVWHU\RIUHOLJLRXVNQRZOHGJH6HYHQWKWKHFUX[RIWKHPDWWHULVWKDWRQDOORFFDVLRQVDQG
DWDOOSODFHVEHOLHYHUVDUHXQGHUREOLJDWLRQWRWDNHFDUHWRHVWDEOLVKFRQJUHJDWLRQDOSUD\HUDIWHUWKH
SUD\HUFDOO
,ZRXOGQRWH[FKDQJHWKHVHZRUGVRIKLVIRUWKHZKROHZRUOG
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKLVEHLQJUHSHDWHGKHUHWRSURYHWKDWDKLJKO\UDQNHGSHUVRQLQYLUWXHDQG
H[FHOOHQFHPD\DVNKLVLQIHULRUWRSUD\IRUKLP)XUWKHUPRUHLWUHIOHFWVWKH3URSKHW
VKXPLOLW\WKDWKH
DVNVKLVIROORZHUVWRSUD\IRUKLP7KLV+DGLWKLVHQRXJKHYLGHQFHWKDWVXSSOLFDWLRQVEHQHILWWKHOLYLQJ
SHRSOH
>$W7LUPLGKL@
&RPPHQWDU\ +HUHLQZHQRWHDSURYLVLRQIRUXWWHULQJEHQHGLFWRU\ZRUGVDQGSUD\LQJIRUDSHUVRQRQ
WKHRFFDVLRQ RIVHHLQJKLPRII7KHEHQHGLFWRU\XWWHUDQFHVDUH,HQWUXVW\RXU'HHQ\RXUUHOLJLRXV
WUXVWLHUHOLJLRXVREOLJDWLRQVDQG\RXUODVWGHHGVZLWK$OODK
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKSUHVHQWVWKHVDPHEHQHGLFWLRQDVVWDWHGDERYH<HWKHUHLWVDGGUHVVHVDUH
WKHSOXUDOQXPEHURIVHFRQGSHUVRQZKHUHDVLQWKHSUHYLRXV+DGLWKLWZDVVLQJXODUQXPEHU7KH+DGLWK
SRLQWVRXWWKHYLUWXHGHVLUDELOLW\RIWKHOHDGHUWRELGIDUHZHOOWRKLVDUP\EHIRUHWKH\VHWRXWIRUWKH
EDWWOHILHOGDQGWRDGYLVHWKHPXVLQJWKH3URSKHW
VZRUGVVWDWHGDERYHUHPLQGLQJWKHPWRKROGIDVWWR
WKHLUUHOLJLRQIRUZKLFKWKH\KDYHOHIWHYHU\WKLQJEHKLQGWRILJKWIRULWDQGWRZLQ$OODK
V0HUF\
7KHPDQVDLG3OHDVHVXSSOLFDWHPRUHIRUPH
7KHPDQUHSHDWHG3OHDVHVXSSOLFDWHPRUHIRUPH
0HVVHQJHURI$OODK
3%8+VDLG 0D\+HIDFLOLWDWHIRU\RXWKHGRLQJRIJRRGZKHUHYHU\RXDUH
>$W7LUPLGKL@
&+$37(5
,67,.+$5$6((.,1*
*8,'$1&()520$//$+$1'
&2168/7$7,21
$OODKWKH([DOWHGVD\V
$QGFRQVXOWWKHPLQWKHDIIDLUV
2$OODK,
FRQVXOW<RXWKURXJK<RXU.QRZOHGJHDQG,VHHNVWUHQJWKWKURXJK<RXU3RZHUDQGDVNRI<RXU*UHDW
%RXQW\IRU<RXDUH&DSDEOHZKHUHDV,DPQRWDQG<RXNQRZDQG,GRQRWDQG<RXDUHWKH.QRZHU
RIKLGGHQWKLQJV2$OODKLI<RXNQRZWKDWWKLVPDWWHUDQGQDPHLWLVJRRGIRUPHLQUHVSHFWRIP\
'HHQP\OLYHOLKRRGDQGWKHFRQVHTXHQFHVRIP\DIIDLUV RUKHVDLG WKHVRRQHURUWKHODWHURIP\
DIIDLUVWKHQRUGDLQLWIRUPHPDNHLWHDV\IRUPHDQGEOHVVLWIRUPH%XWLI<RXNQRZWKLVPDWWHUDQG
QDPHLWWREHEDGIRUP\'HHQP\OLYHOLKRRGRUWKHFRQVHTXHQFHVRIP\DIIDLUV RUKHVDLG WKH
VRRQHURUWKHODWHURIP\DIIDLUVWKHQWXUQLWDZD\IURPPH DQGWXUQPHDZD\IURPLWDQGJUDQWPH
SRZHUWRGRJRRGZKDWHYHULWPD\EHDQGFDXVHPHWREHFRQWHQWHGZLWKLW$QGOHWWKHVXSSOLFDQW
VSHFLI\WKHREMHFW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ /LWHUDOO\,VWLNKDUDKPHDQVVHHNLQJJRRGQHVVIURP$OODKWKURXJKDSDUWLFXODUSUD\HU
7KLV+DGLWKOD\VHPSKDVLVRQLWDQGGLVSOD\VLWVVLJQLILFDQFH:HVKRXOGWKHUHIRUHSUDFWLVH,VWLNKDUDK
UHJDUGLQJHYHU\LPSRUWDQWPDWWHU+RZHYHULWLVLPSHUDWLYHRQO\LQFDVHVZKHUHRQHLVLJQRUDQWRI
JRRGDQGHYLO<HWZLWKUHJDUGWRREOLJDWRU\DQGLQGLVSXWDEOHUXOHVSUDFWLFHVRIWKH3URSKHW3%8+
DQGFRPPHQGDEOHGHHGVQR,VWLNKDUDKLVDOORZHG6LPLODUO\FRPPDQGVDQGSURKLELWLRQVRIWKH
6KDULCDKDUHFDWHJRULFDODQGQRERG\LVDOORZHGWRVHHNIXUWKHUJXLGDQFHE\SHUIRUPLQJ,VWLNKDUDK
SUD\HU0RUHRYHUWRVHWDVLGHWKHH[DPSOHRIWKH3URSKHW3%8+RI,VWLNKDUDKDQGWRWUXVW
DVWURORJHUVSDOPLVWVDQGVRRWKVD\HUVVHHNLQJWKHNQRZOHGJHRIIXWXUHHYHQWVLVVKHHULJQRUDQFHDQG
XQSDUGRQDEOHHUURU7KHNQRZOHGJHRIWKH8QVHHQ RU*KDLE LVWKHGRPDLQRI$OODK$ORQHDQGPDQLV
VXSSRVHGWRVHHN+LV%OHVVLQJV2QO\$OODKLV2PQLSRWHQWDQGKXPDQVPXVWWXUQWR+LPWRVHHN
LQVSLUDWLRQDQGVWUHQJWKWUXVWLQJHYHU\WKLQJWR+LV&DUH
,VWLNKDUDKSUD\HUFDQEHRIIHUHGDWDQ\WLPHH[FHSWLQWKHIRUELGGHQKRXUVIRUSUD\HUEHFDXVHWKH
SHUIRUPDQFHRIWZR5DNCDKLVDSUHUHTXLVLWHWRLW6RPHSHRSOHWKLQNWKDWWKHULJKWWLPHIRULWLVEHIRUH
JRLQJWREHG7KLVLVQRWWUXH7KLVVXSSOLFDWLRQ'XCDFDQEHRIIHUHGHYHQDIWHUSHUIRUPLQJWKHWZR
5DNCDKRI,VWLNKDUDKSUD\HURUEHIRUH7DVOLPLHVD\LQJ$VVDODPXC$ODLNXPWRFRQFOXGHWKHSUD\HU
DIWHU7DVKDKKXGRULQWKHVWDWHRISURVWUDWLRQ,IVRPHERG\GRHVQRWNQRZWKLV'XCDE\KHDUWKHFDQ
DIWHUSHUIRUPLQJWKHSUD\HUUHDGLWIURPVRPHSUD\HUERRN
&+$37(5
(;&(//(1&(2)$'237,1*
',))(5(175287(6)25
*2,1*$1'5(7851,1*21
C(,'35$<(5$1'9$5,286
27+(52&&$6,216
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 2QWKHRFFDVLRQRIWKHC(LGWKH3URSKHW 3%8+
ZRXOGSURFHHGWRWKHSUD\HUSODFHWDNLQJRQHURXWHDQGUHWXUQLQJIURPDQRWKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHC8ODPD
VD\WKDWWKHUHDUHPDQ\VXEWOHSRLQWVRIZLVGRPLQFKDQJLQJWKHZD\
$FFRUGLQJWR,PDP$Q1DZDZL WKLVFDXVHVDQLQFUHDVHLQWKHSODFHVRIZRUVKLS6RPHVD\WKDW ERWK
ZD\VZLOOEHDUZLWQHVVRQWKH'D\RI5HFNRQLQJWKDWKHKDGSDVVHGWKURXJKWKHPLQDVWDWHRIZRUVKLS
7KLVPD\DOVREHWKHREMHFWWKDWLQVWHDGRIRQHZD\WKHQHHG\RQWZRZD\VVKRXOGEHQHILWIURPDOPV
DQGFKDULW\
(;&(//(1&(2)86,1*7+(
5,*+7+$1')253(5)250,1*
9$5,286*22'$&76
$OODKWKH([DOWHGVD\V
7KHQDVIRUKLPZKRZLOOEHJLYHQKLV5HFRUGLQKLVULJKWKDQGZLOOVD\C7DNHUHDGP\
5HFRUG
&RPPHQWDU\ +HUHZHDUHWROGDERXWWKHH[FHOOHQFHRIZDVKLQJWKHGHDGVWDUWLQJZLWKWKHLUULJKWVLGH
8PPC$WL\\DK0D\$OODKEHSOHDVHGZLWKKHUZDVRQHRIWKRVHZRPHQZKRKDGZDVKHGWKHGHDG
ERG\RIWKH3URSKHW
VGDXJKWHU=DLQDE0D\$OODKEHSOHDVHGZLWKKHU0HVVHQJHURI$OODK3%8+
GLUHFWHGWKHVHZRPHQWRGRDVPHQWLRQHGDERYH:HLQIHUIURPWKLV+DGLWKWKDWHLWKHUZRPHQVKRXOG
ZDVKWKHGHDGERG\RIDZRPDQRUWKLVMREVKRXOGEHGRQHE\KHUKXVEDQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKHGVOLJKWRQWKHHWLTXHWWHRIZHDULQJDVZHOODVUHPRYLQJVKRHV(YHU\
0XVOLPLVVXSSRVHGWRKDYHUHJDUGIRUWKH3URSKHWLFH[DPSOHDQGWRIROORZLW
>$EX'DZXGDQG$W7LUPLGKL@
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQ0HVVHQJHURI$OODK3%8+ZHQWWR
0LQDKHFDPHWR-DPUDWXOC$TDEDKDQGWKUHZSHEEOHVDWLW$IWHUWKDWKHZHQWWRKLVORGJHLQ0LQD
DQGVDFULILFHG7KHQKHFDOOHGIRUDEDUEHUDQGSRLQWHGKLVULJKWVLGHWRKLPVDLG 6KDYHIURPKHUH
7KHQKHSRLQWHGKLVOHIWVLGHDQGVDLG 7DNHKDLUIURPKHUH
7KHQKHGLVWULEXWHGKLVKDLUDPRQJWKH
SHRSOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $IWHUUHWXUQLQJIURPC$UDIDWRQWKHWKRI'KXO+LMMDKSLOJULPVWKURZSHEEOHVDW
-DPUDWXO$TDEDK7KLVLVIROORZHGE\WKHVDFULILFHRIDQDQLPDOWKHVKDYLQJRIWKHKHDGDQGWKH
IDUHZHOO7DZDI FLUFXPDPEXODWLRQ RIWKH+RO\+RXVH$OOWKLVLVWREHREVHUYHGRQWKH6DFULILFLDO'D\
LQWKHH[DFWRUGHURISULRULWLHV<HWDQXQH[SHFWHGGLVWXUEDQFHLQWKLVRUGHULQYROYHVQRMXULVWLF
GLVDGYDQWDJH0RUHRYHUWKHDFWRIWKURZLQJSHEEOHVPDUNVDQHQGWRWKHEDQRQOHJDOFRQFHVVLRQV%XW
WKLVSHUPLVVLELOLW\LVPLQRUDQGSDUWLDOWKDWLVHYHU\WKLQJEHFRPHVODZIXOH[FHSWWKHSK\VLFDOFRQWDFW
ZLWKRQH
VZLIH7KHEDQLVWRWDOO\OLIWHGLQWKHZDNHRIWKHIDUHZHOOFLUFXPDPEXODWLRQRIWKH+RXVHRI
$OODK6HFRQGO\ZHDUHWROGWKDWWKHULWXDOVKDYLQJRIWKHKHDGVKRXOGEHJLQIURPWKHULJKWVLGH
7KLUGO\WKHUHLVDPHQWLRQRIWKHGLVWULEXWLRQRIWKH3URSKHW
VKDLUDVDEOHVVLQJDPRQJWKH&RPSDQLRQV
ZKLFKLVRQHRIWKH3URSKHWLFFKDUDFWHULVWLFV
7+(%22.$%2877+(
(7,48(77(2)($7,1*
&+$37(5
0(17,21,1*%,60,//$+
%()25($1'6$<,1*$/+$0'8/,//$+
$)7(5($7,1*
C8PDUELQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+
VDLGWRPH 0HQWLRQ$OODK
V1DPHLHVD\%LVPLOODKEHIRUHVWDUWLQJHDWLQJHDWZLWK\RXUULJKWKDQG
DQGHDWIURPZKDWLVQHDU\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHDUHWZRWKLQJVDERXWWKLV+DGLWK)LUVWZHVKRXOGVWDUWHDWLQJRUGULQNLQJE\
SURQRXQFLQJWKH1DPHRI$OODK6HFRQGZHVKRXOGHDWIURPRXUVLGHZLWKRXWVWUHWFKLQJRXUKDQGWR
WKHVLGHZKHUHVRPHRQHHOVHLVHDWLQJ7KLVPD\EHWKHFDVHZKHQPRUHWKDQRQHRUWZRSHRSOHDUH
HDWLQJWKHVDPHNLQGRIIRRGIURPDVLQJOHGLVK*RRGPDQQHUVGRQRWDOORZLW\HWLQFDVHDYDULHW\RI
IRRGRUIUXLWLVO\LQJEHIRUHXVRQWKHWDEOHZHDUHIUHHWRWDNHRXUSLFN
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKSURYLGHVXVDFRQFHVVLRQ,IZHKDYHIRUJRWWHQWRSURQRXQFHWKH1DPHRI
$OODKEHIRUHEHJLQQLQJWRHDWZHFDQGRLWGXULQJHDWLQJRULQWKHHQG
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+VD\LQJ ,ID
SHUVRQPHQWLRQVWKH1DPHRI$OODKXSRQHQWHULQJKLVKRXVHRUHDWLQJ6DWDQVD\VDGGUHVVLQJKLV
IROORZHUVC<RXZLOOILQGQRZKHUHWRVSHQGWKHQLJKWDQGQRGLQQHU
%XWLIKHHQWHUVZLWKRXW
PHQWLRQLQJWKH1DPHRI$OODK6DWDQVD\VWRKLVIROORZHUVC<RXKDYHIRXQGDSODFH WRVSHQGWKH
QLJKWLQDQGLIKHGRHVQRWPHQWLRQWKH1DPHRI$OODKDWWKHWLPHRIHDWLQJ6DWDQVD\VC<RXKDYH
IRXQGDSODFHWRVSHQGWKHQLJKWLQDVZHOODVIRRG
>0XVOLP@
&RPPHQWDU\ +HUHLQZHDUHWROGWKDWLQRUGHUWRZDUGRII6DWDQDQGKLVIROORZHUVZHDUHVXSSRVHG
WRUHPHPEHU$OODKEHIRUHHQWHULQJRXUKRXVHDQGEHIRUHEHJLQQLQJWRHDW7KHUHPHPEUDQFHRI$OODK
LPSOLHVWKRVHDSSURSULDWHSUD\HUVRIWKH3URSKHW3%8+ZKLFKKDYHEHHQPHQWLRQHGLQ$KDGLWK)RU
H[DPSOHZHDUHLQVWUXFWHGWRSURQRXQFHWKH1DPHRI$OODKEHIRUHEHJLQQLQJWRHDW2QHQWHULQJRXU
KRXVHZHUHFLWHWKHIROORZLQJ3URSKHWLFSUD\HU$OODKXPPDLQQLDV
DOXNDNKDLUDOPDZOLMLZDNKDLUDO
PDNKUDML%LVPLOODKLZDODMQDZDELVPLOODKLNKDUDMQDZDCDO$OODKLUDEELQDWDZDNNDOQD
2$OODK,
DVN\RXIRUZKDWLVJRRGRIHQWUDQFHDQGZKDWLVJRRGIRUH[LW:LWKWKH1DPHRI$OODKGRZHHQWHU
DQGZLWKWKH1DPHRI$OODKGRZHOHDYHDQGXSRQRXU5XEE$OODKKDYHZHSXWRXUWUXVW
7KHQKHPHQWLRQHG
WKH1DPHRI$OODKDQGEHJDQWRHDW
>$EX'DZXGDQG$Q1DVD
L@
&RPPHQWDU\ +HUHWRRZHDUHWROGWKDWLIZHGRQRWSURQRXQFH$OODK
V1DPH6DWDQDQGKLVPLQLRQV
ZLOOVKDUHRXUPHDOZLWKXV6RSULRUWRHDWLQJZHPXVWSURQRXQFHWKH1DPHRI$OODK$QLQFLGHQWLV
UHODWHGLQWKLV+DGLWK2QFH0HVVHQJHURI$OODK3%8+DQGKLV&RPSDQLRQVZHUHMXVWWRVWDUWWDNLQJ
WKHLUPHDOZKHQDQXQNQRZQJLUODQGDEHGRXLQEXUVWXSRQWKHVFHQH:LWKRXWVHHNLQJWKHIRUPDO
SHUPLVVLRQDQGSURQRXQFLQJWKH1DPHRI$OODKWKH\KXUULHGO\VWUHWFKHGWKHLUKDQGVWRHDW<HW
0HVVHQJHURI$OODK3%8+UHVWUDLQHGWKHPIURPGRLQJVR2ZLQJWR'LYLQHLQVSLUDWLRQKHKDGVHHQ
WKHKLGGHQKDQGRIWKH'HYLOEHKLQGWKHLUDEUXSWDFWLRQV:HKDYHRQO\RQHZD\WRHVFDSHWKH'HYLO
WKDWLVRQVXFKRFFDVLRQVZHVKRXOGILUVWSURQRXQFHWKH1DPHRI$OODK6HFRQGWKLV+DGLWKHQOLJKWHQV
XVRQWDEOHPDQQHUVFDOOLQJIRUGHFHQF\DQGGHFRUXP,WZLOOEHFDOOHGDQDFWRIVKHHULQGHFHQF\WR
YRUDFLRXVO\SRXQFHXSRQIRRGDVLVFRPPRQO\ZLWQHVVHGLQIHDVWVDQGZHGGLQJV,QGHHGLWLVWKHUHVXOW
RIGHYLDWLRQIURP,VODPLFWHDFKLQJVWKDWPDQ\0XVOLPVKDYHJURZQLJQRUDQWRIWKH3URSKHW
VPDQQHU
RIHDWLQJ$OODKWRRKDVOHIWWKHPXQUHVWUDLQHGLQWKHLUEHDVWOLNHKXQJHU
0HVVHQJHURI$OODK3%8+VPLOHGDWWKLVDQGVDLG 6DWDQKDGEHHQHDWLQJZLWKKLPEXWZKHQKH
PHQWLRQHGWKH1DPHRI$OODK6DWDQYRPLWHGDOOWKDWZDVLQKLVVWRPDFK
>$EX'DZXGDQG$Q1DVD
L@
&RPPHQWDU\ 7KLV+DGLWKDOVRLQIRUPVXVWKDW6DWDQVKDUHVIRRGDQGGULQNZLWKWKRVHSHRSOHZKRGR
QRWPHQWLRQWKH1DPHRI$OODK
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSURQRXQFHPHQWRI$OODK
V1DPHEULQJVEOHVVLQJWRWKHPHDODQGWKHRPLVVLRQRI
+LV1DPHUREVEOHVVLQJDZD\
>$O%XNKDUL@
$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIZHSUDLVH$OODKDIWHUWDNLQJDPHDODOORXUPLQRUVLQV
FRPPLWWHGLQWKHSDVWZLOOEHIRUJLYHQE\+LP
&+$37(5
352+,%,7,212)&5,7,&,=,1*
)22'
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0HVVHQJHURI$OODK3%8+QHYHU
IRXQGIDXOWZLWKIRRG,IKHKDGLQFOLQDWLRQWRHDWLQJLWKHZRXOGHDWDQGLIKHGLVOLNHGLWKHZRXOG
OHDYHLW
$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKH3URSKHW
VH[FHOOHQWPDQQHUVZKLFKRXJKWWREH
IROORZHGE\DOO0XVOLPV,WLVDGHSORUDEOHVWDWHRIDIIDLUVWKDWZKHQZHILQGDGLVKDELWXQVDYRXU\ZH
ORVHRXUWHPSHUDQGFUHDWHTXLWHDVFHQHLQWKHKRXVH0D\ZHIROORZWKHH[FHOOHQWH[DPSOHRIRXU
3URSKHW3%8+
0XVOLP@
&+$37(5
5(63216(72$1,19,7$7,21
(;7(1'('72$0$1
2%6(59,1*6$80)$67,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
:KHQDQ\RI\RXLVLQYLWHGWRDPHDOKHVKRXOGDFFHSWWKHLQYLWDWLRQ,IKHLVREVHUYLQJ6DXP
IDVWLQJKHVKRXOGVXSSOLFDWHIRUWKH EHWWHUPHQWRIWKHKRVWDQGLIKHLVQRWIDVWLQJKHVKRXOGHDW
0XVOLP@
&RPPHQWDU\ 6KDULCDKSHUPLWVDSHUVRQWREUHDNDYROXQWDU\IDVWLQJ7KHH[DPSOHRI0HVVHQJHURI
$OODK3%8+FOHDUO\VKRZVWKDWLWLVQRWELQGLQJRQKLPWRNHHSLWDJDLQDVDUHGHHPLQJVWHS$PDQ
LVWKHUHIRUHIUHHWREUHDNKLVYROXQWDU\IDVWLQJDQGSDUWLFLSDWHLQWKHIHDVWWRZKLFKKHLVLQYLWHG
+RZHYHULIVRPHERG\LVUHOXFWDQWWREUHDNWKHIDVWKHVKRXOGSUD\IRUWKHJRRGDQGZHOIDUHRIWKH
KRVW%XWZHVKRXOGUHIXVHWRDWWHQGVXFKWUHDWVZKLFKDUHIODJUDQWO\PDVNHGE\H[WUDYDJDQFHDQG
IULYRORXVXQ,VODPLFULWHVWRWKHGLVREHGLHQFHRI$OODK
&+$37(5
:+$76+28/'21(6$<72
7+(+267,)$181,19,7('
3(5621,6$&&203$1,('
:,7+$1,19,7('3(5621
$EX0DVCXG$O%DGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$PDQSUHSDUHGVRPHIRRG
HVSHFLDOO\IRUWKH3URSKHW3%8+DQGLQYLWHGKLPDORQJZLWKIRXURWKHUV%XWDPDQDFFRPSDQLHG
KLP+DYLQJDUULYHGDWWKHGRRU0HVVHQJHURI$OODK3%8+VDLGWRWKHKRVW 7KLVSHUVRQKDV
IROORZHGXV<RXPD\DOORZKLPLI\RXOLNHDQGLI\RXOLNHKHZLOOUHWXUQ
+HVDLG20HVVHQJHURI
$OODK,DOORZKLPWRR
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WZLOOEHFRQVLGHUHGDQH[SUHVVLRQRIEDGPDQQHUVLIVRPHERG\SDUWLFLSDWHVLQDIHDVW
DVDQXQLQYLWHGSDUDVLWLFJXHVW<HWKHVWDQGVDFKDQFHLQFDVHKHLVDOORZHGE\WKHKRVW,QWKLV
+DGLWKWKHUHLVDFDVHZKHQ0HVVHQJHURI$OODK3%8+VDLGWRWKHKRVWWKDWLWZDVXSWRKLPWROHWWKH
XQLQYLWHGSHUVRQWRVWD\IRUIRRGRUJR+RZHYHUWKHLQYLWHHVPD\WDNHDORQJZLWKWKHPWZRRUWKUHH
XQLQYLWHGJXHVWVLIWKH\EHOLHYHWKDWWKHKRVWZLOOQRWWDNHLWLOO
&+$37(5
($7,1*)520:+$7,6,1
)52172)21(
C8PDUELQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG,ZDVDER\XQGHUWKHFDUH
RI0HVVHQJHURI$OODK3%8+DQGDVP\KDQGXVHGWRZDQGHUDURXQGLQWKHGLVKKH3%8+VDLGWR
PHRQFH 0HQWLRQ$OODK
V1DPHLHVD\%LVPLOODKHDWZLWK\RXUULJKWKDQGDQGHDWIURPZKDWLVLQ
IURQWRI\RX
>$O%XNKDULDQG0XVOLP@
7KHPDQVDLG,FDQQRWGRWKDW
,WZDVYDQLW\WKDWSUHYHQWHGKLPIURPGRLQJLWDQGKHFRXOGQRWUDLVH
LWWKHULJKWKDQGXSWRKLVPRXWKDIWHUZDUGV
>0XVOLP@
&RPPHQWDU\7KLVUHSRUWKDVDOUHDG\EHHQJLYHQHDUOLHUDQGLVEHLQJ UHSHDWHGKHUHRZLQJWRLWV
UHOHYDQFHWRWKHFKDSWHU,QWKHOLJKWRIWKLV+DGLWKZHDUHVXSSRVHGWRNHHSWDEOHPDQQHUVLQRXUIRFXV
DQGDOVRWRXUJHRWKHUVWRREVHUYHWKHP)XUWKHUPRUHLWLVH[WUHPHO\XQGHVLUDEOHWRGHQ\DUHDOLW\RXW
RIVKHHUDUURJDQFH DVLWLQFXUVWKHGLVSOHDVXUHRI$OODK:HDUHDOVRLQIRUPHGRIDPLUDFOHRI
0HVVHQJHURI$OODK3%8+ZKRVHVXSSOLFDWLRQVZHUHLQVWDQWO\DQVZHUHG
&+$37(5
352+,%,7,212)($7,1*
7:2'$7()58,76
6,08/7$1(286/<
-DEDODKELQ6XKDLPUHSRUWHG:HZHUH ZLWKC$EGXOODKELQ$]=XEDLU0D\$OODKEHSOHDVHGZLWK
WKHPLQDWLPHRIIDPLQHWKHQZHZHUHSURYLGHGZLWKGDWHV2QFHZKHQZHZHUHHDWLQJC$EGXOODK
ELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPSDVVHGE\XVDQGVDLG 'RQRWHDWWZRGDWHVWRJHWKHUIRU
0HVVHQJHURI$OODK3%8+SURKLELWHGLWXQOHVVRQHVHHNVSHUPLVVLRQIURPKLVEURWKHUSDUWQHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOHVVRQIRUWRGD\
V0XVOLPVZKRVHPDMRULW\VHHPVWREHLJQRUDQWRI
JRRGPDQQHUV,WLVFRPPRQO\VHHQDWIHDVWVWKDWVRPHERG\XQFRQFHUQHGDERXWRWKHUVDURXQGKLPZLOO
EHHQJDJHGLQILOOLQJKLVRZQSODWHZLWKIRRG6XFKDJUHHGRIHDWLQJLVDJDLQVWWKH3URSKHW
VWHDFKLQJ
DQGJXLGDQFHZKLFKLQVSLUHXVWRKDYHDGXHUHJDUGIRURWKHUVDQGQRWWRVHUYHRXURZQSXUSRVHDORQH
&+$37(5
:+$76+28/'$3(56216$<25'2
:+(1+(($76%87,61276$7,6),('
:DKVKLELQ+DUE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG6RPHRIWKH&RPSDQLRQVRI
0HVVHQJHURI$OODK3%8+VDLG :HHDWEXWDUHQRWVDWLVILHG
7KH&RPSDQLRQVUHSOLHGLQDIILUPDWLYH+HWKHQVDLG (DWWRJHWKHUDQGPHQWLRQWKH1DPH
RI$OODKRYHU\RXUIRRG,WZLOOEHEOHVVHGIRU\RX
>$EX'DZXG@
&+$37(5
($7,1*)5207+(6,'(2)
7+(9(66(/
,EQ C$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH3URSKHW3%8+VDLG %OHVVLQJ
GHVFHQGVXSRQIRRGLQLWVPLGGOHVRHDWIURPWKHVLGHVRIWKHYHVVHODQGGRQRWHDWIURPLWVPLGGOH
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIDIHZSHRSOHRUPHPEHUVRIWKHVDPHIDPLO\UHFLWHWKH
1DPHRI$OODKDQGWDNHPHDODWWKHVDPHWDEOHDWZRIROGEHQHILWZLOODFFUXHWRWKHP7KHLUKXQJHU
ZLOOEHVDWHGZLWKWKHLUVXEVLVWHQFHEHLQJJLYHQWKH'LYLQHEOHVVLQJ$QGLIWKH\GRRWKHUZLVHWKHUHVXOW
ZLOOEHRWKHUZLVHWRR
7KHUHXSRQ0HVVHQJHURI$OODK3%8+VDLG 9HULO\$OODKKDVPDGHPHDFRXUWHRXVVODYHQRWDILHUFH
W\UDQW
7KHQKHVDLG (DWIURPWKHVLGHVRIWKHERZODQGOHDYHWKHFHQWUDOSDUWRILWVRWKDW\RXUIRRG
ZLOOEHEOHVVHG
>$EX'DZXG@
&RPPHQWDU\ +HUHWRRZHDUHWROGWRHDWFROOHFWLYHO\DQGIURPRXUVLGHRIWKHWDEOH0HVVHQJHURI
$OODK3%8+FDOOVLWWKHEOHVVHGZD\7KHUHLVDOVRDSURYLVLRQIRUVLWWLQJZLWKEHQWNQHHVZKLOH
UHVWLQJRQRQH
VVROHV0RUHRYHUWKHH[FHOOHQFHRI0HVVHQJHURI$OODK3%8+DVZHOODVKLVKXPLOLW\
DUHEURXJKWWRRXUNQRZOHGJH
&+$37(5
81'(6,5$%,/,7<2)($7,1*
,1$5(&/,1,1*326785(
$EX-XKDLIDK :DKE ELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI
$OODK3%8+VDLG ,GRQRWHDWUHFOLQLQJDJDLQVWDSLOORZ
>$O%XNKDUL@
&RPPHQWDU\ :KDWLVPHDQWE\UHFOLQLQJ"7KHUHLVDGLIIHUHQFHRIRSLQLRQRQLW6RPHVD\WKDWLW
PHDQVOHDQLQJRQRQHVLGHZKHWKHUULJKWRUOHIWRUDJDLQVWWKHZDOO,PDP$O.KDWWDELWDNHVLWLQWKLV
VHQVHWKDWVRPHERG\VKRXOGOD\RXWDPDWWUHVVDQGVLWRQLWFRPIRUWDEO\DVRQHVLWVFURVVOHJJHG
0HVVHQJHURI$OODK3%8+XVHGWRWDNHKDUGO\DQDGHTXDWHPHDO,EQ+DMDUVD\VWKDWRQHVKRXOGVLW
ZLWKWKHULJKWNQHHGUDZQXSDQGWKHOHIWRQHEHQWGRZQ
&+$37(5
(;&(//(1&(2)($7,1*
:,7+7+5((),1*(56
$1'/,&.,1*7+(0
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG :KHQ
RQHRI\RXILQLVKHVHDWLQJKHVKRXOGQRWZLSHKLVILQJHUVXQWLOKHKDVOLFNHGWKHPKLPVHOIRUKDVJLYHQ
WKHPWRVRPHRQHHOVHWROLFNIRUKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RXVHOHVVWKDQWKUHHILQJHUVIRUHDWLQJVSHDNVRIWKHPDQQHURIWKHDUURJDQWZKHUHDV
WRXVHERWKKDQGVWRWKLVHQGLVLQGLFDWLYHRIDQRYHUSRZHULQJJUHHG6RWKHEHVWZD\RIHDWLQJLVWKDW
VKRZQE\0HVVHQJHU RI$OODK3%8++HUHWRRLVWKHDIILUPDWLRQRIOLFNLQJWKHILQJHUVDIWHUWDNLQJ
PHDODQGQRWGXULQJLW
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+FRPPDQGHGWKH
OLFNLQJRIILQJHUVDQGWKHJOHDQLQJRIWKHGLVKVD\LQJ <RXGRQRWNQRZLQZKLFKSRUWLRQWKHEOHVVLQJ
OLHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKXQGHUOLQHVWKHZLVGRPEHKLQGOLFNLQJWKHILQJHUVDQGWKHYHVVHO7KHHDWHU
QHYHUNQRZVZKHWKHUDEOHVVLQJXQGHUOLHVZKDWKDVEHHQHDWHQE\KLPRUWKHSDUWLFOHVVWLFNLQJWRKLV
ILQJHUVDQGYHVVHOVFRQWDLQLW7KRVHSDUWLFOHVWKHUHIRUHVKRXOGQRWEHZDVWHGWKH\VKRXOGEHPDGH
SDUWRIIRRGE\EHLQJOLFNHG7KH\PD\EHLQYHVWHGZLWKDEOHVVLQJDQGSURYHGPRUHXVHIXOIRUWKH
HDWHU
VKHDOWKDQGVWUHQJWK0RUHRYHUE\ WKLVZD\KHHVFDSHVGLVUHJDUGLQJWKH%RXQW\RI$OODK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWRSLFNXSDIDOOHQPRUVHODQGHDWLWDIWHUFOHDQLQJWKHGLUWWKDWPD\
KDYHVWXFNRQLW7KLVPDUNVWKHH[SUHVVLRQRIKXPLOLW\RYHUFRPLQJ6DWDQDVZHOODVJHWWLQJWKH
EOHVVLQJ3UHVHQWGD\0XVOLPVKDUGO\FDUHIRUWKLVGLUHFWLYHRI0HVVHQJHURI$OODK3%8+EHFDXVH
WKH\WKLQNWKDWWKLVDFWZLOOEULQJGLVJUDFHDQGGLVKRQRXUXSRQWKHP7RPDNHPDWWHUVZRUVHWKH\
WKURZDZD\DODUJHTXDQWLW\RIXQFRQVXPHGIRRGLQVWUHHWGXPSVDQGGXQJKLOOVDQGGUDLQV7KH\HYHQ
GHHPLWQHFHVVDU\WROHDYHRYHUVRPHIRRGLQSODWHVDQGGLVKHVVWLOOOHVVRIOLFNLQJWKHP:KDW DSLW\
WKH0XVOLPFRPPXQLW\KDVJRQHIDUDZD\IURPWKHWHDFKLQJVDQGH[FHOOHQWH[DPSOHRIWKHLU3URSKHW
3%8+
>0XVOLP@
&RPPHQWDU\ $0XVOLPVKRXOGEHSHUSHWXDOO\RQKLVJXDUGDJDLQVWVDWDQLFLQVLQXDWLRQVHYHQDW
PHDOWLPH+HLVUHTXLUHGWRUHFLWHWKH1DPHRI$OODKLQWKHYHU\EHJLQQLQJVRWKDWKHPD\EHLPPXQH
IURPVDWDQLFSDUWLFLSDWLRQDQGPLVFKLHI,IDPDQDYRLGVSLFNLQJXSWKHIDOOHQPRUVHOKHZLOOEH
SURYLGLQJ6DWDQDQGKLVPLQLRQVDFKDQFHWRVKDUHIRRGZLWKKLP6RZHVHHNWKH5HIXJHRI$OODKIURP
WKHFRQGHPQHG6DWDQDQGKLVDVVRFLDWHV
>0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KHUHDUHWKUHHSRLQWVLQWKLV+DGLWK)LUVWWKHOLIHRIWKH&RPSDQLRQVZDVVLPSOH
GLYHVWHGRIDOONLQGVRIOX[XULHVDQGFRPIRUWV7KH\OLYHGRQZKDWHYHUZDVDYDLODEOHWRWKHP6HFRQGD
PDQ
VDEOXWLRQLVQRWQXOOLILHGE\HDWLQJDFRRNHGIRRG,QWKHHDUO\GD\VRI,VODPWKLVFRPPDQGZDV
SXWLQWRSUDFWLFHEXWODWHULWZDVFDQFHOOHG7KLUGLIDKDQGNHUFKLHIRUDWRZHORUZDWHULVQRWDYDLODEOH
DPDQFDQDIWHUWDNLQJDPHDOFOHDQKLVPRXWKDQGKDQGVZLWKKLVSDOPVDQGZULVWVVRWKDWKLVFORWKHV
ZLOOQRWEHVPHDUHGGXULQJ6DODW SUD\HU
&+$37(5
0(5,72)6+$5,1*)22'
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 7KH
IRRGRIWZRSHUVRQVVXIILFHVIRUWKUHHSHUVRQVDQGWKHIRRGRIWKUHHSHUVRQVVXIILFHVIRUIRXUSHUVRQV
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\7KLV+DGLWKLQGLFDWHVWKDWLIDIHZSHUVRQVVKDUHWKHVDPHGLQQHUWDEOHDVPDOOTXDQWLW\
RIIRRGZLOOEHHQRXJKIRUPDQ\SHUVRQV0RUHRYHUWKLVLQFUHDVHVPXWXDOORYHDQGIHOORZIHHOLQJ$
GHWDLOHGOLJKWKDVDOUHDG\EHHQVKHGRQWKLVWRSLFLQ&KDSWHU1R6HH+DGLWK1R
&+$37(5
(7,48(77(2)
'5,1.,1*:$7(5
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0HVVHQJHURI$OODK3%8+XVHGWREUHDWKH
WKUHHWLPHVLQWKHFRXUVHRIDGULQNKHXVHGWRGULQNLQWKUHHJXOSV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :DWHUVKRXOGEHGUXQNLQWKUHHEUHDWKVWKDWLVRQHVKRXOGEUHDWKHWKUHHWLPHVRXWVLGH
WKHGULQNLQJYHVVHORQHLVGULQNLQJIURP7KLVKDELWKDVDVDOXWDU\LPSDFWRQRQH
VFKDUDFWHUDQGKHOSV
RQHDYRLGGRLQJWKLQJVLQKDVWH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWRRSURKLELWVXVIURPGULQNLQJZDWHULQDVLQJOHEUHDWK,WLVSUHIHUDEOHWR
VD\%LVPLOODKHYHU\WLPHZHGULQNDQG$OKDPGXOLOODKHYHU\WLPHZHVWRSGULQNLQJ
>$O%XNKDULDQG0XVOLP@
6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$GULQNZDVEURXJKW WR0HVVHQJHURI
$OODK3%8+DQGKHGUDQNVRPHIURPLW2QKLVULJKWZDVDER\DQGRQKLVOHIWZHUHVRPHHOGHUO\
SHRSOH+H3%8+VDLGWRWKHER\ :RXOG\RXSHUPLWPHWRJLYHUHVWRIWKLVGULQNWRWKHVHRQP\
OHIW"
7KHER\VDLG20HVVHQJHURI$OODK,ZRXOGFHUWDLQO\QRWJLYHSUHIHUHQFHWRDQ\RQHLQ
DQ\WKLQJWKDWPLJKWFRPHWRPHIURP\RX
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGHDUOLHU6KHLNK$O$OEDQLVD\V6RPHZURQJO\
WKLQNWKDWLQRUGHUWRGLVWULEXWHVRPHWKLQJLQDFFRUGDQFHZLWKWKH6XQQDKDEHJLQQLQJVKRXOGEH
PDGHIURPDQHOGHUO\SHUVRQRIWKHDXGLHQFH6LPLODUO\WKHYLHZRI,PDP$Q1DZDZLLVDOVRQRW
VRXQGWKDWWKHGLVWULEXWLRQVKRXOGEHJLQIURPKLVRZQSHUVRQDQGWKHQJLYHLWRXWWRWKHJDWKHULQJLQWKH
ULJKWRUGHU:KHUHDVWKHIDFWLVDVPHQWLRQHGLQWKH+DGLWK0HVVHQJHURI$OODK3%8+KDG
GHPDQGHGWKHGULQNIRUKLPVHOIDQGWKHUHIRUHGUXQNLWILUVWRIDOO$QGLIWKHVLWXDWLRQLVRWKHUZLVHWKH
EHJLQQLQJVKRXOGEHPDGHIURPWKHULJKWVLGHDFFRUGLQJWRWKH6XQQDK1HLWKHUVKRXOGWKHGLVWULEXWRU
JLYHSULRULW\WRKLPVHOIQRUWRDQ\HOGHUO\SHUVRQIURPDPRQJVWWKHJDWKHULQJ5DWKHUKHVKRXOGEHJLQ
IURPWKHULJKWVLGHDQGWKHQNHHSGLVWULEXWLQJLQWKHVHULDORUGHU6KHLNK$O$OEDQL WKHUHIRUHVD\VWKDW
,PDP$Q1DZDZLLVZURQJWRWKLQNWKDWWKHGLVWULEXWRUVKRXOGEHJLQDIWHUKLPVHOIIURPWKHULJKWVLGH
&+$37(5
81'(6,5$%,/,7<2)
'5,1.,1*',5(&7/<)520
7+(0287+2)$:$7(56.,1
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0HVVHQJHURI$OODK3%8+
IRUEDGHWXUQLQJWKHZDWHUVNLQXSVLGHGRZQDQGGULQNLQJGLUHFWO\IURPLWVPRXWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDQGWKHSUHFHGLQJRQHDUHFRPSOHPHQWDU\WRHDFKRWKHU
&RPPHQWDU\ 7KHILUVWWZR$KDGLWKIRUELGXVIURPGULQNLQJZDWHURXWRIWKHPRXWKRIDZDWHUVNLQ
ZKHUHDVRQFH0HVVHQJHURI$OODK3%8+KLPVHOIKDGGRQHVR7KLVVKRZVWKDWQRWWRGULQNZDWHUE\
WKLVZD\LVDOVRDSSURYHG+RZHYHULIQHHGHGLWLVDOORZDEOH)RUWKLVUHDVRQ,PDP$Q1DZDZL
FODULILHGWKDWWRGULQNZDWHURXWRIWKHPRXWKRIWKHZDWHUVNLQLVFRQGLWLRQDOO\SHUPLVVLEOHDQGQRW
IRUELGGHQ%XWWRHVFKHZLWLVGHVLUDEOH/LNHZLVHWRUHFHLYHEHQHGLFWLRQIURPWKH3URSKHW
VOHIWRYHUV
LVSHUPLVVLEOHDVORQJDVWKLVGRHVQRWWDNHWKHIRUPRIZRUVKLSDQGJORULILFDWLRQ
&+$37(5
81'(6,5$%,/,7<2)
%/2:,1*,1727+(
9(66(/:+,/('5,1.,1*
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+
SURKLELWHGXVEORZLQJLQWKHGULQNLQJZDWHU$PDQVDLG20HVVHQJHURI$OODK6RPHWLPHV,VHH
VRPHOLWWHUIORDWLQJDERXWRQWKHVXUIDFH:KDWVKRXOG,GRWKHQ"
7KHQWKHPDQVDLG0\WKLUVWLVQRWTXHQFKHGZLWKRQHGUDXJKW
>$W7LUPLGKL@
&+$37(5
3(50,66,2172'5,1.
:+,/(,1$67$1',1*
326785(
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG ,VHUYHG0HVVHQJHURI$OODK3%8+
=DP]DPZDWHUWRGULQN DQGKHGUDQNLWZKLOHKHZDVVWDQGLQJ
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KH&RPSDQLRQVZRXOGQRWKDELWXDOO\HDWVRPHWKLQJZKLOHEHLQJRQWKHPRYHDQG
GULQNZDWHULQDVWDQGLQJSRVLWLRQ,QIDFWWKH+DGLWKVLPSO\WHOOVXVWKDWWKHVHZHUHVRPHPRPHQWVLQ
WKHLUOLIHZKHQWKH\GLGVR7KH $KDGLWKWKDWIROORZVKRZWKDWGULQNLQJLQDVWDQGLQJSRVWXUHLV
GHSUHFDWHG
7KHODVWWKUHH $KDGLWKSRLQWRXWWKHSHUPLVVLELOLW\RIHDWLQJDQGGULQNLQJZKLOHZDONLQJRUVWDQGLQJRU
VLWWLQJEXWGULQNLQJLQWKHVLWWLQJSRVLWLRQUHPDLQVWKHEHVW
+HVDLG 7KDWLVHYHQZRUVH
RUPD\EHKHVDLGPRUHGHWHVWDEOH
>0XVOLP@
&RPPHQWDU\ ,QWKHSUHFHGLQJ$KDGLWKZHDUHWROGWKDWRQHFDQGULQNZDWHUHYHQLQDVWDQGLQJ
SRVLWLRQLWLVEHWWHUWRHDWRUGULQNZKLOHVHDWHGLQRUGHUWREHRQWKHVDIHVLGH2WKHUZLVHWKHWUXWKRI
WKHPDWWHULVWKDWRQHVKRXOGEHFDXWLRXVHQRXJKWRHDWRUGULQNVHDWHG'RXEWOHVVLWLVDQDSSURYHG
SUDFWLFH1RZDGD\VSHRSOHKDYHPDGHLWD KDELWWRHDWIRRGDWIHDVWVLQDVWDQGLQJSRVWXUH7KH\DUJXH
LWLVFRQYHQLHQWEHFDXVHWKHZKROHRIWKHJDWKHULQJLVGHDOWRXWDWWKHVDPHWLPH<HWWKH\IDLOWRNHHS
LQWKHLUYLHZWKHRYHUZKHOPLQJGLVDGYDQWDJHVRIWKLVFRQYHQLHQFH)LUVWLWLQYROYHVWKHHPXODWLRQRI
ZHVWHUQH[DPSOHZLWKRXWDQ\EHQHILW6HFRQGWKH3URSKHW3%8+KDVIRUELGGHQLW7KLUGWKH
LQGLVFLSOLQHLWVSDZQVKDUGO\EHILWVWKHVRFLDOEHKDYLRXURIDGLJQLILHGDQGFLYLOL]HGQDWLRQ)RXUWKD
ORQJZDLWWHGLRXVDQGERULQJQRUPDOO\IHDWXUHVIHDVWVDQGZHGGLQJSDUWLHV)LIWKLQRUGHUWRPDNHLW
DJUHHDEOHDQGWRGRDZD\ZLWKWKHERUHGRPRISDUWLFLSDQWVHLWKHUILOPVRQJVRUPXVLFDOQRWHVDUH
SOD\HGRQUHFRUGSOD\HUVRUMHVWHUVDQGEXIIRRQVDUHEURXJKWLQWRDPXVHDQGHQWHUWDLQWKHP7KLV LVDOO
VDWDQLFZRUNIRUELGGHQDQGXQODZIXOKDYLQJQRSODFHLQ,VODP
&+$37(5
(;&(//(1&(2)&83%($5(5
'5,1.,1*/$67
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG +H
ZKRVHUYHVRWKHUVZLWKGULQNLQJZDWHUVKRXOGEHWKHODVWWRGULQNKLPVHOI
>$W7LUPLGKL@
&RPPHQWDU\ 5HIHUULQJWRWKLV+DGLWK,PDP$Q1DZDZLVWUHVVHVWKHPDQQHURIVHUYLQJIRRGRU
GULQNDQGVD\VWKDWWKHGLVWULEXWRUVKRXOGKDYHKLVVKDUHLQWKHHQG
&+$37(5
3(50,66,%,/,7<2)'5,1.,1*
:$7(5)520&/($19(66(/6
2)$//7<3(6(;&(37*2/'
$1'6,/9(521(6
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QFHWKHWLPHIRU$V6DODWWKHSUD\HU
DSSURDFKHG7KRVHZKRVHKRXVHVZHUHQHDUZHQWWRWKHLUKRXVHVWRSHUIRUP:XGX
ZKLOHVRPHRIWKH
SHRSOHUHPDLQHGZLWK0HVVHQJHURI$OODK3%8+$VWRQHFRQWDLQLQJVRPHZDWHUERZOZDVEURXJKW
IRUKLP,WZDVWRRVPDOOIRUKLPWRVSUHDGKLVKDQGRYHULW+HSHUIRUPHGKLV:XGX
DQGLWWKHZDWHU
VXIILFHGIRUDOOWKHRWKHUVDOVR$QDVZDVDVNHG +RZPDQ\RI\RXZHUHSUHVHQWWKHUH"
+HVDLG
(LJKW\RUPRUH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWEUDVVZDUHFDQEHXVHGIRUSHUIRUPLQJDEOXWLRQDVZHOODVIRU
RWKHUSXUSRVHV
>$O%XNKDUL@
&RPPHQWDU\ :LWKUHIHUHQFHWRWKLV+DGLWK,PDP$Q1DZDZLVD\VWKDWDSDUWIURPGULQNLQJZDWHU
IURPDYHVVHORQHFDQDOVRGULQNDWDFLVWHUQRUVWUHDP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6LONFORWKHVDUHIRUELGGHQWRPHQEXWDOORZHGWRZRPHQ<HWERWKVH[HVDUHIRUELGGHQ
WRXVHXWHQVLOVPDGHRIVLOYHUDQGJROG+RZHYHUWKHRUWKRGR[C8ODPD
VD\WKDWZRPHQFDQXVH
RUQDPHQWVRIVLOYHUDQGJROGDQGWKDWLWLVDGYLVDEOHQRWWRXVHWKHPEHFDXVHPDQ\YLFHVVWHPIURP
WKHLUXVHDQGGLVSOD\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RXVHXWHQVLOVRIVLOYHUDQGJROGLQYROYHVH[WUDYDJDQFH0RUHRYHULWLVDVLJQRISULGH
DQGRVWHQWDWLRXVOLIHVW\OH$OODKGHWHVWVWKHPERWK2QWKLVFRXQWWKH\DUHPDMRUVLQVLQYROYLQJWKH
GDQJHURIVHYHUHFKDVWLVHPHQWLQ+HOOILUH
7+(%22.2)'5(66
&+$37(5
(;&(//(1&(2):($5,1*
:+,7(&/27+(6$1'7+(3(50,66,%,/,7<
2):($5,1*5('*5((1<(//2:$1'%/$&.&/27+(6
0$'()520&27721/,1(1%871276,/.
$OODKWKH([DOWHGVD\V
2&KLOGUHQRIGDP:HKDYHEHVWRZHGUDLPHQWXSRQ\RXWRFRYHU\RXUVHOYHVVFUHHQ\RXU
SULYDWHSDUWVDQGDVDQDGRUQPHQWDQGWKHUDLPHQWRIULJKWHRXVQHVVWKDWLVEHWWHU
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+
VD\LQJ 3XWRQZKLWHFORWKHVEHFDXVHWKH\DUHWKHEHVWDQGXVHWKHPIRUVKURXGLQJ\RXUGHDG
>$W7LUPLGKLDQG$EX'DZXG@
>$Q1DVD
LDQG$O+DNLP@
&RPPHQWDU\ %RWKWKHVH$KDGLWKWHOOXVWKDWZKLWHFORWKHVDUHILQHDQGOLNHDEOHDQGDUHHVSHFLDOO\
UHFRPPHQGHGRQ)ULGD\VDQGRQDOORWKHURFFDVLRQVH[FHSWRQC(LGGD\VZKHUHQHZFORWKHVLIDQ\DUH
UHFRPPHQGHG7KHSXULW\DQGEHDXW\RIWKLVFRORXUEHILWVWKHGLJQLW\DQGKRQRXURIPDQ
%DUD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0HVVHQJHURI$OODK3%8+ZDVRIPHGLXP
VWDWXUH,VDZKLPZHDULQJDUHGPDQWOH,KDYHQHYHUVHHQDQ\WKLQJPRUHJUDFHIXOWKDQWKDW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QWKHEDVLVRIWKLV+DGLWKVRPHDUJXHWKDWUHGGUHVVLVDOVRDOORZHGWRPHQ,PDP
$Q1DZDZLVHHPVWRKROGWKHVDPHYLHZ+RZHYHUPDQ\C8ODPD
EHOLHYHWKDWWKHGUHVVRI0HVVHQJHU
RI$OODK3%8+ZDVQRWDOOUHGEXWKDGUHGVWULSHV7KH\WKHUHIRUHPDLQWDLQWKDWWKHUHGFORWKHV
ZKLFKZRPHQZHDUDUHQRWSHUPLVVLEOHWRPHQ6RPHC8ODPD
WKLQNWKDWDUXOLQJRQWKLVLVVXHZLOOEH
RQFRQGLWLRQRIVSDFHDQGWLPH,IDWVRPHSODFHGLVEHOLHYHUVRUZRPHQDUHIRQGRIWKLVFRORXULWZLOO
EHEDQQHGIRU0XVOLPPHQEHFDXVHRILWVUHOHYDQFHWRGLVEHOLHIDQGZRPDQLVKQHVV<HWLWZLOOEH
DOORZHGWR0XVOLPPHQLQDFRQWUDU\VLWXDWLRQ2SLQLRQVDOVRH[LVWWKDWWKHLQGRRUZHDURIUHGFORWKHV
LVSHUPLVVLEOHWRPHQEXWIRUELGGHQLQSXEOLF7RVXPXSWKHUHGFRORXUHGGUHVVLVQRWLWVHOIDWDERR
ZLWKUHJDUGWRPHQ$UXOLQJRQLWZLOOEHFRQGLWLRQDOLQDFFRUGDQFHZLWKWKHVLWXDWLRQ)RUH[DPSOHLQ
WKH(DVWHUQVRFLHW\WKHUHGFRORXUHGGUHVVLVXVXDOO\ZRUQE\ZRPHQDQGLVSHFXOLDUWREULGHVRQWKH
RFFDVLRQRIZHGGLQJ0HQDUHWKHUHIRUHEDQQHGWRZHDULW$OODK$ORQHKDVWKHWUXHNQRZOHGJH
&RPPHQWDU\ C$O$EWDK
LVWKHQDPHRIDSODFHZKLFKLVDOVRFDOOHGWKH0XKDVVDEYDOOH\/H[LFDOO\
C$O$EWDK
PHDQVDVORSLQJJURXQG6LQFHLWZDVWKHSDVVDJHRIUDLQ\ZDWHURZLQJWRLWVGRZQZDUG
VORSHLWFDPHWREHNQRZQE\WKLVQDPH+HUHWKH3URSKHW3%8+HQFDPSHGLQDWHQW
7KLV+DGLWKSURYLGHVIRUZHDULQJUHGFRORXUHGFORWKHVDVPHQWLRQHGLQGHWDLOLQWKHSUHFHGLQJ+DGLWK
6HFRQGLWSRLQWVRXWDQLVVXHFRQFHUQLQJ WKHULWXDOSUD\HU7KHZRUVKLSSHUVKRXOGSODFHVRPHWKLQJ
EHIRUHKLPDVDV\PERORIREVWUXFWLRQ 6XWUD VRWKDWVRPHERG\ZKRJRHVSDVWKLPPD\QRWGLYHUWKLV
DWWHQWLRQ<HWWKHUHLVQRKDUPLIWKHSDVVHULVDQDQLPDO
&RPPHQWDU\ +HUHZHVHHDSURYLVLRQIRUZHDULQJJUHHQFRORXUHGFORWKHV
&RPPHQWDU\ :HFRQFOXGHIURPWKLV+DGLWKWKDWRQHFDQDOVRSXWRQEODFNFRORXUHGGUHVVWXUEDQDQG
FRYHULQJ0XVOLPVFKRODUVKDYHVDLGWKDWLWLVDGHVLUDEOHDFW0XVWDKDEWRZHDUDEODFNWXUEDQDIWHU
GHIHDWLQJWKHHQHP\
&RPPHQWDU\ 7KHVKURXGRIDGHDGERG\FRQVLVWVRIWKUHHVLPSOHSLHFHVRIFORWKWRWKHH[FOXVLRQRID
WXUEDQVKLUWDQG,]DU,WLVEHWWHUIRUWKHVKURXGWREHZKLWH
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHFDQZHDUDEODFNZRROOHQFORWKZLWKWKHZRYHQLPDJHRI
DQLQDQLPDWHREMHFW
,VDLG
<HV
$QRWKHUQDUUDWLRQLV 7KLVLQFLGHQWWRRNSODFHGXULQJWKHEDWWOHRI7DEXN
&RPPHQWDU\ +HUHWRRZHKDYHMXVWLILFDWLRQIRUZHDULQJZRROOHQGUHVV,QRUGHUWRDQVZHUWKHFDOORI
QDWXUHRQHLVVXSSRVHGWRJHWRXWRISHRSOH
VVLJKW,QVWHDGRIZDVKLQJWKHIHHWZKLOHSHUIRUPLQJ
:XGX
RQHPD\VLPSO\SDVVZHWKDQGVRYHUWKHVRFNVRUVWRFNLQJVLIWKHVHKDYHEHHQZRUQDIWHUWKH
SHUIRUPDQFHRIDEOXWLRQ$QRQWUDYHOOLQJSHUVRQLVDOORZHGWKLVIDFLOLW\IRUWZHQW\IRXUKRXUVZKLOHLQ
WKHFDVHRIDWUDYHOOHUWKLVSHULRGLVH[WHQGHGWRWKUHHGD\V+RZHYHULQFDVH RIVH[XDOLPSXULW\RQH
PXVWWDNHIXOOEDWK
&+$37(5
(;&(//(1&(2)4$0((6
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG 2XWRIDOOJDUPHQWV0HVVHQJHURI$OODK
3%8+OLNHG4DPHHVWKHEHVW
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ 4DPHHVLVDSLHFHRIFORWKLQJZLWKWZRVOHHYHVJHQHUDOO\PDGHRIVHZQFRWWRQDQG
ZRUQXQGHUWKHUHVWRIWKHFORWKHV,QWKHOLIHWLPHRIWKH3URSKHW3%8+WKH$UDEVZRXOGFRPPRQO\
XVHWZRVLPSOHVKHHWVRIFORWKDVGUHVVRQHFRYHULQJWKHORZHUSDUWRIERG\DQG RQHZUDSSLQJLWVXSSHU
SDUW4DPHHVZDVDOVRLQYRJXHEXWYHU\IHZSHRSOHXVHGLW1RGRXEWLWFRYHUVWKHERG\DGHTXDWHO\
DQGLVDOVRFRPSDUDWLYHO\FRQYHQLHQW6RWKH3URSKHW3%8+OLNHGLWPRVW
&+$37(5
'(6&5,37,212)7+(/(1*7+
2)4$0((6$1'7+(6/((9(6
7+((1'2)7+(785%$1
7+(352+,%,7,212):($5,1*/21*
*$50(1762872)35,'($1'7+(
81'(6,5$%,/,7<2):($5,1*
7+(0:,7+28735,'(
$VPDCELQW<D]LG0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG 7KH4DPHHVVOHHYHVRI0HVVHQJHURI
$OODK3%8+UHDFKHGGRZQWRKLVZULVWV
>$EX'DZXGDQG$W7LUPLGKL@
0HVVHQJHURI$OODK
3%8+VDLG <RXDUHQRWRIWKRVHZKRGRLWRXWRIYDQLW\
>$O%XNKDUL@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $GLVUHJDUGRI$OODK
V)DYRXUVDQGJLIWVPHDQVXQJUDWHIXOQHVVZKLFKLVHVVHQWLDOO\
PDQLIHVWHGLQDKDXJKW\DWWLWXGH,WLVDOVRDVLJQRIDUURJDQFHWKDWRQHZHDUVDGUHVVZLWKWKHKHP
WUDLOLQJRQWKHJURXQG
>$O%XNKDUL@
&RPPHQWDU\ 7KHDSSDUHQWVHQVHRIWKH+DGLWKZRUGVLVWKDWWKHSDUWRIWKHGUHVVKDQJLQJGRZQ
EHORZWKHDQNOHVZLOOEHSXWLQWR+HOOILUH<HWLIWKLVLVWKHIDWHRIWKHSDUWLFXODUSLHFHRIFORWKWKH
ZHDUHUZLOOVXUHO\JRWR+HOO:KHQ1DILC0D\$OODKEHSOHDVHGZLWKKLPZDVDVNHGDERXWLWKHVDLG
<HVEXWZKDWVLQVKDYHWKHFORWKHVFRPPLWWHG"
+HVDLG 2QHZKRVHORZHUJDUPHQWWUDLOVRQHZKRERDVWVRI
NLQGQHVVVKRZQWRDQRWKHUDQGRQHZKRSURPRWHVVDOHRIKLVEXVLQHVVE\WDNLQJIDOVHRDWKV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKHGVOLJKWRQWKUHHPDMRUVLQVZKLFKXQIRUWXQDWHO\SUHYDLOLQ0XVOLP
VRFLHWLHV0D\$OODKDPHQGWKHODSVHVRI0XVOLPV
EHKDYLRXU
>$EX'DZXGDQG$Q1DVD
L@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVLIWURXVHUVDQGSDMDPDVRXWRISULGHHWFKDQJORRVHEHORZWKH
DQNOHVWKHZHDUHUZLOOEHFRPPLWWLQJDJUDYHEOXQGHU7KHH[FHVVLYHKDQJRIVKLUWRUWXUEDQRXWRI
SULGHLVDOVRDVLJQRIDUURJDQFHDQGLQYROYHVWKHZHDUHULQDPDMRUVLQ:HDULQJORQJJDUPHQWVZLWKRXW
WKHLQWHQWLRQRISULGHLVGLVOLNHG
+HVDLG 'RQRWVD\C$ODLNDVVDODPX
7KLVLVWKH
VDOXWDWLRQWRWKHGHDGLQ-DKLOL\\DKWLPHV 6D\LQVWHDGC$VVDODPXCDODLNDPD\$OODKUHQGHU\RX
VDIH
,DVNHG$UH\RX0HVVHQJHURI$OODK"
,VDLGWRKLP*LYHPHLQVWUXFWLRQVWRDFWXSRQ
+H3%8+
VDLG'RQRWDEXVHDQ\RQH
6LQFHWKHQ,KDYHQHYHUDEXVHGDQ\RQHQHLWKHUDIUHHPDQQRUDVODYH
QRUDFDPHOQRUDVKHHS+H3%8+FRQWLQXHG 'RQRWKROGLQFRQWHPSWHYHQDQLQVLJQLILFDQWDFWRI
JRRGQHVVEHFDXVHHYHQWDONLQJWR\RXUEURWKHUZLWKDFKHHUIXOFRXQWHQDQFHLVDQDFWRIJRRGQHVV+ROG
XS\RXUORZHUJDUPHQWKDOIZD\WRWKHOHJDQGDWOHDVWDERYHWKHDQNOHVIRUWUDLOLQJLWLVDUURJDQFHDQG
$OODKGLVOLNHVSULGH$QGLIDPDQLPSXWHVWR\RXRIEDGWKLQJVKHNQRZV\RXSRVVHVVGRQRWLPSXWHWR
KLPEDGWKLQJVWKDW\RXNQRZKHKDVIRUKHZLOODVVXPHWKHHYLOFRQVHTXHQFHVRIKLVDEXVH
>$EX'DZXGDQG$W7LUPLGKL@
7KH+DGLWKDOVRWHOOVXVDERXWWKHGHVLUDEOHOHQJWKRI,]DURUORZHUJDUPHQW6KDULCDKDOORZVLWXSWRWKH
DQNOHVEXWLILWJRHVEHORZWKHZHDUHUZLOOEHLQYROYHGLQDVHULRXVWUDQVJUHVVLRQLQFXUULQJ+HOOILUHDV
PHQWLRQHGHDUOLHU6HFRQGDQ\JRRGDFWKRZHYHUVPDOOLWPD\EHPXVWQRWEHXQGHUHVWLPDWHGDQG
LJQRUHG$WQRFRVWVKRXOGLWEHJLYHQXS7KLUGQRERG\VKRXOGEHUHSURDFKHGIRUKLVIDXOWRUPLVWDNH
WKDWLVKHVKRXOGQRWEHSXWWRKXPLOLDWLRQLQSXEOLFIRULW+RZHYHULQSULYDWHFRQYHUVDWLRQKHPD\EH
DGYLVHGWRLPSURYHKLVEHKDYLRXUDQGGHVLVWIURPUHSHDWLQJKLVPLVWDNH
>$EX'DZXG@
4DLVELQ%LVKU$W7DJKOLELUHSRUWHGWKDWKLVIDWKHUZKRDWWHQGHGWKHFRPSDQ\RIC$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPWROGKLP7KHUHZDVDPDQLQ'DPDVFXVZKRZDVD&RPSDQLRQRIWKH
0HVVHQJHURI$OODK3%8++HZDVFDOOHG,EQ$O+DQ]DOL\\DK+HZDVDORQHVRPHSHUVRQDQGZRXOG
UDUHO\VSHQGVRPHWLPHLQWKHFRPSDQ\RISHRSOH+HZRXOGVSHQGPRVWRIKLVWLPHLQSHUIRUPLQJ6DODW
DQGZKHQKHILQLVKHGKHZRXOGHQJDJHKLPVHOILQ7DVELK6XEKDQ$OODKDQG7DNELU$OODKX$NEDU
WLOOKHZRXOGJRKRPH+HSDVVHGE\XVRQHGD\ZKHQZHZHUHVLWWLQJZLWK$EXG'DUGD
0D\$OODKEH
SOHDVHGZLWKKLP7KHODWWHUVDLGWRKLP7HOOXVVRPHWKLQJZKLFKZLOOEHQHILWIRUXVDQGZLOOQRW
KDUP\RX
+HVDLG7KH
0HVVHQJHURI$OODK3%8+WROGXV C+HZKRVSHQGVWRSXUFKDVHDKRUVHIRU-LKDGLVOLNHRQHZKR
H[WHQGVKLVKDQGIRUVSHQGLQJRXWRIFKDULW\ZLWKRXWZLWKKROGLQJLW
+HSDVVHGE\XVDQRWKHUGD\DQG$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPVDLGWRKLP7HOOXV
VRPHWKLQJZKLFKPLJKWEHQHILWXVDQGZLOOQRWKDUP\RX
+HVDLG7KH0HVVHQJHURI$OODK3%8+
RQFHVDLG C.KXUDLP$O8VDLGLLVDQH[FHOOHQWPDQZHUHLWQRWRIKLVORQJKDLUDQGKLVORZHUJDUPHQW
ZKLFKLVKDQJLQJGRZQ
:KHQ.KXUDLPKHDUGDERXWZKDWWKH3URSKHWKDGVDLGDERXWKLPKHWULPPHG
KLVORQJKDLUXSWRKLVHDUVZLWKDNQLIHDQGUDLVHGKLVORZHUJDUPHQWKDOIZD\RQKLVVKDQNV
2QDQRWKHURFFDVLRQKHSDVVHGE\XVDQG$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPVDLGWRKLP
7HOOXVVRPHWKLQJWKDWZLOOEHQHILWXVDQGZLOOQRWKDUP\RX
+HVDLGWKDWKHKHDUG0HVVHQJHURI
$OODK3%8+VD\ZKLOHFRPLQJEDFNIURPDQH[SHGLWLRQ <RXDUHUHWXUQLQJWR\RXUEURWKHUVVRVHW
\RXUVDGGOHVDQGFORWKHVLQRUGHUVRWKDW\RXORRNWLG\DQGJUDFHIXO$OODKKDWHVXQWLGLQHVV
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWDONVDERXWVL[SRLQWV)LUVWDZDUFU\H[SUHVVLYHRIRQH
VFKLYDOURXVGHHGV
DQGGHVLJQHGWRLQWLPLGDWHWKHHQHP\LVSHUPLVVLEOH6HFRQGLWLVQRWDQLPSHDFKDEOHDFWDQGZLOOEH
UHZDUGHGE\$OODKLILWLVGRQHZLWKDJRRGLQWHQWLRQ7KLUGKDLUVKRXOGEHJURZQHLWKHUXSWRWKH
HDUOREHVRUXSWRWKHQHFNHQGDVZDVWKH3URSKHW
VSUDFWLFH7KH3URSKHW3%8+GLVDSSURYHGWKHORQJ
KDLUXSRQWKHVKRXOGHUV)RXUWKRQUHWXUQIURPDMRXUQH\DPDQLVDGYLVHGWRFOHDQXSKLVDSSHDUDQFH
DQGGXVWFRYHUHGFORWKHVGXHWRWKHIDWLJXHDQGGXVWRIMRXUQH\KHPD\DSSHDUXQWLG\DQGRXWRI
VKDSH:LWKKLVUXIIOHGKDLUDQGUXQGRZQIDFHZKHWKHULQWHQWLRQDORUXQLQWHQWLRQDOKHZLOOSHUKDSV
JLYHDGHSUHVVLYHLPSUHVVLRQWRKLVZLIHDQGFKLOGUHQDQGRWKHUIDPLO\PHPEHUVWRWKHGLVSOHDVXUH RI
$OODK)LIWKZHPD\V\PSDWKHWLFDOO\DOOXGHWRWKHPLQRUVKRUWFRPLQJVRIDSHUVRQLQKLVDEVHQFHIRU
WKHVDNHRIKLVPRUDOXSOLIWLQJ7KLVZLOOQRWEHFRQVLGHUHGDVEDFNELWLQJ0HVVHQJHURI$OODK3%8+
WDONHGDERXW.KXUDLP$O8VDLGL0D\$OODKEHSOHDVHGZLWKKLPLQWKHVDPHVSLULW6L[WKLQGHFHQF\
ZKLFKPHDQVVRPHWKLQJXJO\DQGGLVJUDFHIXOLVWDNHQKHUHLQDQXQWLG\DQGGLVKHYHOOHGVHQVHZKLFKLV
DJDLQVWDHVWKHWLFSULQFLSOHV
&RPPHQWDU\ 7KLV+DGLWKVD\VWKDWDJDUPHQWOLNHWURXVHUVSDMDPDVHWFVKRXOGSURSHUO\VSHDNLQJ
JRGRZQXSWRWKHPLGGOHRIWKHVKDQNV+RZHYHULWLVSHUPLVVLEOHWRORZHULWXSWRWKHDQNOHVZKLFK
VKRXOGUHPDLQXQFRYHUHG7KLVFRPPDQGPHQWLVIRUPHQDORQH2QWKHFRQWUDU\ZRPHQDUHUHTXLUHG
WRFRYHUQRWRQO\WKHLUDQNOHVEXWDOVRWKHLUIHHWSDUWLFXODUO\ZKHQWKH\JRRXW
,OLIWHGLWXSDQGKH
WROGPHWRUDLVHLWKLJKHU,FRPSOLHGZLWKKLVRUGHUVDQGDV,ZDVVWLOOWU\LQJWRILQGWKHEHVWSODFHIRU
LWRQHRIWKHSHRSOHDVNHGZKHUHLWVKRXOGUHDFKDQGKH3%8+UHSOLHG +DOIZD\GRZQWKHNQHHV
>0XVOLP@
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHUDVNHG:KDWVKRXOGZRPHQGRZLWKWKHKHPRIWKHLU
FORWKHV"
6KHVDLG%XWWKHLUIHHWZRXOGVWLOO
UHPDLQH[SRVHG
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ +HUHLQZRPHQDUHFRPPDQGHGWRFRYHUWKHPVHOYHVFRPSOHWHO\XSWRDQDUP
VOHQJWK
IURPWKHKHPRIWKHLUFORWKHVLQRUGHUWRFRYHUWKHVROHRIWKHLUIHHWZLWKWKHLUZUDSVDQGORZHUERG\
JDUPHQWV
&+$37(5
(;&(//(1&(2)*,9,1*83
(/(*$17&/27+(6)25
+80,/,7<
0XCDGKELQ$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
:KRHYHUJLYHVXSZHDULQJHOHJDQWDQGH[SHQVLYH JDUPHQWVRXWRIKXPEOHQHVVZKHQKHFDQGRVR
$OODKZLOOFDOOKLPRQWKH'D\RI5HVXUUHFWLRQDQGEHIRUHDOOWKHFUHDWLRQV+HZLOOJLYHKLPWKHFKRLFH
WRZHDUZKLFKHYHUJDUPHQWRI,PDQKHZRXOGOLNHWRZHDU
>$W7LUPLGKL@
&RPPHQWDU\ 7RDGRSWKXPLOLW\DQGQRWWRDVVHUWVXSHULRULW\RYHURWKHUVDFFRUGLQJWRWKLV+DGLWKLV
DQH[FHOOHQWDFWZLWK$OODKC7KHFORWKHVRI,PDQ
LPSO\WKRVHVSHFLDOFORWKLQJVRI-DQQDKWKDW$OODK
KDVSUHSDUHGIRUVLQFHUHEHOLHYHUVRQO\
&+$37(5
(;&(//(1&(2)$'237,1*
02'(5$7,21,1'5(66
C$PUELQ6KXCDLERQWKHDXWKRULW\RIKLVIDWKHUDQGJUDQGIDWKHUUHSRUWHG0HVVHQJHURI$OODK
3%8+VDLG $OODKORYHVWRVHHWKHVLJQRI+LV%RXQWLHVRQKLVVODYH
>$W7LUPLGKL@
&RPPHQWDU\ $VLPSOHGUHVVLVFRPPHQGDEOHLIRQHZHDUVLWDVDJHVWXUHRIKXPLOLW\ZLQLQJ$OODK
V
3OHDVXUH<HWWR]HDORXVO\SXUVXHWKHJRDORIJRRGQHVVWRH[WHQGDKHOSLQJKDQGWRWKHLQGLJHQWDQG
WKHQHHG\WREHKDYHIDYRXUDEO\WRZDUGVRQH
VUHODWLYHVDQGWRZHDUDILQHGUHVVDVDPDQLIHVWDWLRQRI
$OODK
V)DYRXUVDUHHTXDOO\JRRGDFWVRIKLJKPHULW$ILQHGUHVVLVQRWLPSHDFKDEOHLQLWVHOIEXWLW
EHFRPHVVRLIZRUQZLWKDQDLURIDUURJDQFHDQGVHOILPSRUWDQFH2QWKHRWKHUKDQGDQH[SUHVVLRQRI
'LYLQHERXQW\PDNHVLWSUDLVHZRUWK\,QRWKHUZRUGVLW LVWKHLQWHQWLRQZKLFKPDNHVDQDFWJRRGRU
EDG$ORQJVLGHWKHSUDFWLFHRIWKHH[DPSOHRI0HVVHQJHURI$OODK3%8+WKHVLQFHULW\RIDFWLRQDQG
PDNLQJULJKWLQWHQWLRQWKHUHIRUHEHFRPHLQGLVSHQVDEOH
&+$37(5
352+,%,7,212):($5,1*
6,/.)250(1$1',76
3(50,66,%,/,7<)25:20(1
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+
VDLG 'RQRWZHDUVLONFORWKHV)RUZKRHYHUZHDUVWKHPLQWKLVOLIHZLOOEHGHSULYHGRIWKHPLQWKH
+HUHDIWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVQRWZRPHQEXWPHQZKRKDYHEHHQIRUELGGHQWRZHDUVLONGUHVV,WLVEDQQHGIRU
PHQGXHWRLWVDVSHFWRIDGRUQPHQWDQGEHDXWLILFDWLRQZKLFKLVSHFXOLDUWRZRPHQDORQH7KHVLONGUHVV
LVQRWEHILWWLQJWRPHQEHFDXVHLWDIIHFWVWKHLUW\SLFDOFKDUDFWHULVWLFVVXFKDVEUDYHU\VWUHQJWKDQG
IHDUOHVVQHVV6HFRQGLWEHWUD\VDUURJDQFHDQGKDXJKWLQHVVZKLFKLVFRQGHPQDEOHE\DOOQRUPVRI
PRUDOLW\7KLUGLWKDVUHOHYDQFHWRGLVEHOLHYHUVDQGSRO\WKHLVWVNQRZQIRUWKHLUORYHIRUZRUOGO\
SRVVHVVLRQV)RXUWKLWVXVHLVDJDLQVWWKDWDXVWHULW\ZKLFK,VODPDLPVWRGHYHORSLQD0XVOLP
VOLIH$QG
WKLVLVERUQHRXWE\WKHVD\LQJRI0HVVHQJHURI$OODK3%8+ 6LPSOLFLW\LVSDUWRI)DLWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWPHQZLOOIDOOLQWRDVHULRXVHUURULIWKH\ZHDUGUHVVPDGHIURP
VLON$QGLIWKH\GRQRWVLQFHUHO\UHSHQWIRULWWKH\ZLOOXQGRXEWHGO\EHSXQLVKHGLQ+HOOILUH
>$O%XNKDULDQG0XVOLP@
>$EX'DZXG@
>$W7LUPLGKL@
&RPPHQWDU\ 7KHUHDUHPDQ\NLQGVRIVLON%XWWKHUHDOVLONLVWKDWZKLFKLVQDWXUDOO\VSXQE\WKH
VLONZRUP+RZHYHUWKHDUWLILFLDOO\PDQXIDFWXUHGVLONLVDOVRDYDLODEOHQRZDGD\V0HQDUHQRWXQGHU
EDQWRXVHLW%XWWKHUHDUHFHUWDLQYDULHWLHVRIVXFKFORWKZKLFKDUHXVHGRQO\E\ZRPHQ7KHVHDUH
IRUELGGHQWRPHQ%HVLGHVWKH\DUHGLVDOORZHGWRVLWRQDVLONFORWK6LPLODUO\TXLOWVPDWWUHVVHVDQG
SLOORZVVKRXOGQRWEHPDGHIURPLWEHFDXVHERWKPHQDQGZRPHQXVHWKHP
&+$37(5
/$:)8/1(6672:($56,/.
,1&$6(21(,668))(5,1*
)520$1,7&+
$QDV0D\$OODKEH SOHDVHGZLWKKLPUHSRUWHG 0HVVHQJHURI$OODK3%8+SHUPLWWHG=XEDLU
DQGC$EGXU5DKPDQELQC$XI0D\$OODKEHSOHDVHGZLWKWKHPWRZHDUVLONEHFDXVHWKH\ZHUH
VXIIHULQJIURPDQLWFK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIQHHGHGHYHQPHQFDQZHDUFORWKHVPDGHIURPVLON)RU
H[DPSOHLWPD\EHVXJJHVWHGLQFDVHRIDVNLQGLVHDVHOLNHLWFK$PDQPD\DOVREHDOORZHGWRZHDUD
VLONGUHVVLQRUGHUWRHVFDSHH[WUHPHO\FROGRUKRWZHDWKHUSURYLGHGKHKDVQRRWKHUFORWKHV
&+$37(5
352+,%,7,212)86,1*7+(
6.,12)7+(/(23$5'
0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 'RQRW
ULGHRQVDGGOHVPDGHIURPVLONRUOHRSDUG
VVNLQ
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKSURKLELWV0XVOLPPHQIURPXVLQJIXUDQGWKHOHRSDUG
VKLGH,QIDFWWKH
QRQ0XVOLPFRQWHPSRUDULHVRIWKH3URSKHW3%8+XVHGWRZHDUWKHP6LQFHWKH\KDGDQHSLFXUHDQ
OLIHVW\OHXQFRQFHUQHGDERXWWKH+HUHDIWHUWKH0XVOLPVZHUHGLVVXDGHGIURPHPXODWLQJWKHLUH[DPSOH
7KHPRWLYHEHKLQGWKHEDQE\0HVVHQJHURI$OODK3%8+ZDVWRKHOSEHOLHYHUVLQDFTXLULQJDVHQVH
RI7DTZD FRQVFLRXVQHVVRI$OODKIHDURI$OODK $VIRUSXUHVLON0XVOLPPHQDUHWRWDOO\GLVDOORZHG
WRXVHLW(YHQWKHVDGGOHFORWKPXVWQRWEHRIVLON7KHVDPHUXOHDSSOLHVWRDQ\XVDEOHWKLQJPDGH
IURPWKHOHRSDUG
VKLGHEHFDXVHLWLVH[SUHVVLYHRIDUURJDQFHDQGDOVREHDUVUHVHPEODQFHWRWKHQRQ
0XVOLPZD\RIOLIH
<HWLQWKHOLJKWRIWKHFXUUHQW+DGLWKLWZLOOEHFRQVLGHUHGDVVSHFLILF
7KHKLGHVRIEHDVWVZLOOUHPDLQXQFOHDQDQGXQXVDEOHLQDOOFLUFXPVWDQFHV
&+$37(5
6833/,&$7,21$77+(7,0(
2):($5,1*1(:'5(66
256+2(6
$EX6DCLG$O.KXGUL 0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQ0HVVHQJHURI$OODK
3%8+ZRUHDQHZJDUPHQWKHZRXOGQDPHLW)RULQVWDQFHDWXUEDQRUVKLUWRUFORDNDQGZRXOG
VXSSOLFDWH $OODKXPPDODNDOKDPGX$QWDNDVDXWDQLKLDVCDOXNDNKDLUDKXZDNKDLUDPDVXQLCDODKX
ZDDCXGKXELNDPLQVKDUULKLZDVKDUULPDVXQLCDODKX2$OODKDOOWKHSUDLVHLVIRU<RXWKDW<RXKDYH
JLYHQLWWRPHWRSXWRQ,DVN<RXLWVJRRGQHVVDQGWKHJRRGQHVVRIWKHSXUSRVHIRUZKLFKLWZDVPDGH
DQG,VHHN<RXU3URWHFWLRQIURPLWVHYLODQG WKHHYLORIWKHSXUSRVHIRUZKLFKLWZDVPDGH
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWZHVKRXOGUHFLWHWKHLQYRFDWLRQWDXJKWE\0HVVHQJHURI$OODK
3%8+RQZHDULQJDQHZGUHVV,PDP$Q1DZDZLDUJXHVWKDWRQZHDULQJDQHZSDLURIVKRHVRU
VRPHWKLQJOLNHWKDWRQHVKRXOGDOVRUHFLWHWKLVSUD\HU
&+$37(5
(;&(//(1&(2)67$57,1*
)5207+(5,*+76,'(),567
:+,/(:($5,1*$'5(66
25$3$,52)6+2(6
$KDGLWKFRQFHUQLQJWKLVFKDSWHUKDVDOUHDG\EHHQQDUUDWHG6HHFKDSWHU
7+(%22.2)7+((7,48(77(2)6/((3,1*
/<,1*$1'6,77,1*(7&
&+$37(5
:+$7,672%(6$,'$77+(
7,0(2)6/((3,1*
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG:KHQHYHU0HVVHQJHURI$OODK
3%8+ZHQWWREHGKHZRXOGOLHGRZQRQKLVULJKWVLGHDQGUHFLWH $OODKXPPDDVODPWXQDIVLLODLND
ZDZDMMDKWXZDMKLLODLNDZDIDZZDGWXDPULLODLNDZD
DOMD
WX]DKULLODLNDUDJKEDWDQZDUDKEDWDQ
LODLNDODPDOMD
DZDODPDQMDLOODLODLND$PDQWXELNLWDELNDOODGKLDQ]DOWDZDQDEL\\LNDOODGKLDUVDOWD
>2$OODK,KDYHVXEPLWWHGP\VHOIWR<RX,KDYHWXUQHGP\IDFHWR<RXFRPPLWWHGP\DIIDLUVWR<RX
DQGGHSHQGRQ<RXIRUSURWHFWLRQRXWRIGHVLUHIRU<RXDQGRXWRIIHDURI<RXH[SHFWLQJ<RXUUHZDUG
DQGIHDULQJ<RXUSXQLVKPHQW7KHUHLVQRUHIXJHDQGQRSODFHRIVDIHW\IURP<RXEXWZLWK<RX,
EHOLHYHGLQWKH%RRN<RXKDYHUHYHDOHGDQGLQWKH3URSKHW<RXKDYHVHQWLH0XKDPPDG
3%8+@
>$O%XNKDUL@
&RPPHQWDU\ %HIRUHJRLQJWREHGDEHOLHYHUUHYLYHVKLVFRPPLWPHQWWR)DLWK,VODPDQG$OODKE\
UHFLWLQJWKLVSUD\HURI0HVVHQJHURI$OODK3%8+7KURXJKWKLVSUDFWLFHHYHU\QLJKWKHLVDEOHWR
UHPHPEHU$OODKDQG+LV&RPPDQGPHQWVDPLGVWWKHDFWLYLWLHVRIWKHGD\WLPH
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+
GLUHFWHGPHWKXV :KHQHYHU\RXJRWREHGSHUIRUP:XGX
DV\RXGRIRU6DODWWKHQEHIRUHVOHHSLQJ
UHFLWHC2$OODK,KDYHVXEPLWWHGP\VHOIWR<RX,KDYHWXUQHGP\VHOIWR<RXFRPPLWWHGP\DIIDLUVWR
<RXDQGVRXJKW<RXUUHIXJHIRUSURWHFWLRQRXWRIGHVLUHIRU<RXDQGIHDURI<RXH[SHFWLQJ<RXU
UHZDUGDQGIHDULQJ<RXUSXQLVKPHQW7KHUHLVQRUHIXJHDQGQRSODFHRIVDIHW\IURP<RXEXWZLWK
<RX,EHOLHYHLQWKH%RRN<RXKDYHUHYHDOHGDQGLQWKH3URSKHW3%8+<RXKDYHVHQW
0HVVHQJHU
RI$OODK3%8+DGGHG ,IDQ\RQHUHFLWHVWKHVHZRUGVDQGGLHVGXULQJWKHQLJKWKHZLOOGLHRQWKH
WUXH'HHQDQGLIKHUHPDLQVDOLYHWLOOWKHPRUQLQJKHZLOOREWDLQJRRG$QGPDNHWKLVVXSSOLFDWLRQ
\RXUODVWZRUGVEHIRUHVOHHSLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKH3URSKHW
VQLJKWSUD\HUV7DKDMMXGWKDWLVLWFRPSULVHG
WKLUWHHQ5DNCDKLQFOXGLQJWKUHH5DNCDKRI:LWU,WLVDOVRUHSRUWHGLQ$O%XNKDULRQWKHDXWKRULW\RI
C$LVKDK0D\$OODKEHSOHDVHGZLWKKLPWKDW0HVVHQJHURI$OODK3%8+ZRXOGDOZD\VSHUIRUP
WKLUWHHQ5DNCDKLQWKH7DKDMMXGSUD\HU7KLV+DGLWKIXUWKHUWHOOVXVWKDWDIWHUKLVPLGQLJKWSUD\HUWKH
3URSKHW3%8+ZRXOGSHUIRUPWZR5DNCDKRI6XQQDKLHDIWHUWKH$GKDQRI)DMUSUD\HUDQGWKHQ
OLHGRZQRQKLVULJKWVLGH7KLVSUDFWLFHRI0HVVHQJHURI$OODK3%8+LVDQHVWDEOLVKHGIDFW
$QGZKHQKH
ZRNHXSKHZRXOGVXSSOLFDWH$OKDPGXOLOODKLOODGKLDK\DQDEDCGDPDDPDWDQDZDLODLKLQQXVKXU
$OOSUDLVHLVGXHWR$OODK:KRKDVEURXJKWXVEDFNWROLIHDIWHU+HKDVFDXVHGXVWRGLHDQGWR+LPLV
WKHUHWXUQ
>$O%XNKDUL@
,ORRNHGXSDQGVDZWKDWLWZDV0HVVHQJHURI$OODK3%8+
>$EX'DZXG@
>$EX'DZXG@
&RPPHQWDU\ ,QWKHOLJKWRIWKLV+DGLWKUHPHPEUDQFHRI$OODKLVFRPPHQGDEOHHYHU\ZKHUH
,QGLIIHUHQFHWRLWGRXEWOHVVLQFXUV'LYLQHZUDWK
&+$37(5
0$11(562)/<,1*'2:1
2121(
6%$&.$1'3/$&,1*
21(/(*83217+(27+(5
C$EGXOODKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG ,VDZ0HVVHQJHURI$OODK
3%8+O\LQJGRZQRQKLVEDFNLQWKHPRVTXHSODFLQJRQHOHJRQWKHRWKHU
>$O%XNKDULDQG0XVOLP@
>$EX'DZXG@
&RPPHQWDU\ 7KH-HZVDQG&KULVWLDQVDUHWKHSHRSOHXSRQZKRPFDPHWKH:UDWKRI$OODK0XVOLPV
KDYHEHHQVWRSSHGIURPFRS\LQJWKHLUH[DPSOH%XWXQIRUWXQDWHO\WKH\QRZWDNHDSULGHLQLPLWDWLQJ
WKHPLQHYHU\PDWWHUDQGWKLQNLWQHFHVVDU\IRUZRUOGO\SURJUHVV
&+$37(5
(7,48(77(2)$77(1',1*
&203$1<$1'6,77,1*
:,7+&203$1,216
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG 'RQRW
DVNVRPHRQHWRJLYHXSKLVVHDWLQRUGHUWRWDNHLWEXWPDNHDFFRPPRGDWLRQZLGHDQGVLWDWHDVH
,W
ZDV,EQC8PDU
VKDELWWKDWLIDSHUVRQOHIWKLVVHDWIRUKLPKHZRXOGQRWWDNHLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHLQZHDUHWROGWKDWWKHVSDFHRIPHHWLQJVKRXOGEHZLGHHQRXJKWRDFFRPPRGDWH
HYHU\SDUWLFLSDQW1RQHVKRXOGIHHOWKHVSDFHSUREOHP*RRGPDQQHUVGLVDOORZDQHZFRPHUWRJHWD
VHDWYDFDWHGIRUKLPVHOIE\IRUFHQRPDWWHULIWKHRFFXSDQWLVDQLQIHULRU<HWWKHUHLVQRWKLQJ
XQGHVLUDEOHLIWKHODWWHUZLOOLQJO\YDFDWHVWKHVHDWIRUDVXSHULRU,EQC8PDU0D\$OODKEHSOHDVHGZLWK
WKHPZRXOGQHYHUDJUHHWRDYDLOLQJHYHQDZLOOLQJRIIHULQWKLVUHVSHFW2EYLRXVO\H[WUHPH7DTZD
IHDURI$OODKDQGPRUDOVFUXSOHVOD\EHKLQGKLVUHOXFWDQFHWRWDNHWKHSODFHRIVRPHERG\HOVH<HW
WKHUHDUHDIHZH[FHSWLRQVLQWKLVUHJDUG)RUH[DPSOHLIVRPHERG\VLWVLQWKHFKDLURIKLVWHDFKHUKH
PD\EHDVNHGWROHDYHLW$OVRLIDPDQKDVIL[HGSODFHLQWKHPDUNHWWRVHOOKLVJRRGVDQRWKHUSHUVRQ
ZLOOQRWEHMXVWLILHGLQRFFXS\LQJLWIRUFLEO\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQVRFLDOHWLTXHWWH6XSSRVHLIVRPHERG\FRPHVWRSDUWLFLSDWH
LQDPHHWLQJKHVKRXOGQRWEHKDYHLQDUXVWLFPDQQHUE\FURVVLQJRYHUWKHKHDGVRIWKHVLWWLQJSHRSOH
1RUVKRXOGKHDWWHPSWWRIRUFLEO\SXWKLPVHOILQWKHSODFHRIDQRWKHUSHUVRQ
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVHLJKWSRLQWV)LUVWWRWDNHDEDWKRQ)ULGD\LVDPDWWHURI
FRPPHQGDWLRQ6RPHVD\WKLVEDWKLVFRPPHQGDEOHZKLOHRWKHUVWKLQNLWLVQHFHVVDU\6HFRQGRQH
VKRXOGWDNHLWLQWKHPRUQLQJRUEHIRUHJRLQJWRWKHPRVTXHWRRIIHUSUD\HU7KLUGRQWKLVRFFDVLRQWKH
XVHRISHUIXPHRUKDLUFUHDPLVSUHIHUDEOH)RXUWKWKHUHLVDPHQWLRQRIJRRGPDQQHUV,QVWHDGRI
FURVVLQJRYHUWKHKHDGVRIZRUVKLSSHUVRQHVKRXOGWU\WRORFDWHDQRSHQVSDFHDQGVLWWKHUH7RWKUXVW
RQHVHOIEHWZHHQWZRVLWWLQJSHUVRQVORRNVDZNZDUG)LIWKHQWU\LQWRWKHPRVTXHVKRXOGEHIROORZHGE\
WKHSHUIRUPDQFHRIWZR5DNCDKSUD\HUHYHQLIWKH,PDPLVGHOLYHULQJ.KXWEDK UHOLJLRXVWDON6L[WK
DQDWWHPSWVKRXOGEHPDGHWRRIIHUYROXQWDU\SUD\HUEHIRUHWKH.KXWEDK6HYHQWKFRPSOHWHVLOHQFH
VKRXOG EHREVHUYHGGXULQJWKH.KXWEDKWRWKHSRLQWWKDWRQHLVQRWDOORZHGWRVD\WRWKHRWKHUSHUVRQ
.HHSVLOHQW
LIRQHGRHVQRWZDQWWRORRVHUHZDUG(LJKWKLIDPDQRIIHUVKLV)ULGD\SUD\HUE\
REVHUYLQJWKHVDLGFRQGLWLRQVDQGSUHUHTXLVLWHVKLVZHHNORQJVLQVZLOOEHIRUJLYHQE\$OODK%XWWKHVH
DUHH[FOXVLYHO\PLQRUVLQVLQFOXGLQJIDLOXUHLQGRLQJRQH
VGXW\WR$OODK$VUHJDUGVPDMRUVLQVWKH
VLQQHUZLOOQRWEHIRUJLYHQE\$OODKXQOHVVKHVLQFHUHO\UHSHQWVIURPWKHVLQV6LPLODUO\DPDQ
VIDLOXUH
WR GRKLVGXWLHVWRZDUGVKLVIHOORZ0XVOLPEURWKHUVRUVLVWHUVLQFDVHKHKDVZURQJHGWKHPLQDQ\ZD\
ZLOOQRWEHSDUGRQHGXQOHVVKHLVIRUJLYHQE\WKHP
C$PUELQ6KXCDLERQWKHDXWKRULW\RIKLVIDWKHUDQGJUDQGIDWKHUUHSRUWHG0HVVHQJHURI$OODK
3%8+VDLG ,WLVQRWSHUPLVVLEOHIRUDSHUVRQWRVLWEHWZHHQWZRSHRSOHZLWKRXWWKHLUSHUPLVVLRQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDPDQLVIRUELGGHQWRSXVKKLPVHOIEHWZHHQWZRVLWWLQJ
SHUVRQVXQOHVVWKH\WKHPVHOYHVDOORZKLPWRGRWKDW
&RPPHQWDU\ +HUHLQZHDUHDOVRWROGWKDWDPDQPXVWQRWSXVKKLPVHOILQWRWKHFLUFOHVRIVRPH
VLWWLQJSHRSOHDVWKLVVKRZVQRFRQVLGHUDWLRQIRUWKHLUIHHOLQJV$0XVOLPVKRXOGQRWLQWUXGHRQRWKHU
SHRSOH
VSHUVRQDODIIDLUV
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHFORVHO\VLWWLQJSHRSOHKDYHDIHHOLQJRIQDUURZQHVVDQG
VXIIRFDWLRQ2QWKHRWKHUKDQGLQDZHOOVSDFHGPHHWLQJRQHKDVDIHHOLQJRIUHOLHIDQGFRPIRUW7KH
+DGLWKXUJHVXVWRVSUHDGRXWLQDVVHPEOLHVDQGPDNHURRPIRURQHDQRWKHUWRWKHFRPIRUWRIHYHU\RQH
>$W7LUPLGKL@
&RPPHQWDU\ $VHQVHOHVVERLVWHURXVWDONQRWUHODWHGWRWKHOLIHWRFRPHLVXQSURILWDEOHDQGZDUUDQWV
GHSUHFDWLRQ%XWVLQFHLWLVDVPDOOVLQLWPD\EHSDUGRQHGLIRQHVLQFHUHO\UHSHQWVRILW<HWLWFDQQRW
EHFODVVLILHGXQGHUWKHKHDGRIPDMRUVLQVDQGKXPDQULJKWYLRODWLRQVZKLFKDUHXQSDUGRQDEOH6FKRODUV
XQDQLPRXVO\DJUHHWKDWWKRVHVLQVZKLFKFDQEHIRUJLYHQXSRQVLQFHUHO\UHFLWLQJWKHDERYHPHQWLRQHG
VXSSOLFDWLRQDUHPLQRUVLQVZKLFKUHODWHWRWKHYLRODWLRQRI$OODK
V5LJKWVDVHYLGHQFHGE\RWKHU
$KDGLWK
$PDQRQFHVDLGWRKLP20HVVHQJHURI$OODK<RX
KDYHVSRNHQVXFKZRUGVDV\RXKDYHQHYHUXWWHUHGEHIRUH
+HVDLG ,WLVDQH[SLDWLRQRIWKDWZKLFK
JRHVRQLQWKHDVVHPEO\
>$EX'DZXG@
>$W7LUPLGKL@
&RPPHQWDU\7KLV+DGLWKUHYHDOVDSUD\HUWKURXJKZKLFKZHPD\EHDEOHWRUHDFKDOOWKDWZKLFKLV
JRRGLQWKLVZRUOGDVZHOODVLQWKH+HUHDIWHU
>$EX'DZXG@
>$W7LUPLGKL@
>$EX'DZXG@
&+$37(5
9,6,216,1'5($06$1'
0$77(565(/$7,1*727+(0
$OODKWKH([DOWHGVD\V
$QGDPRQJ+LV6LJQVLV\RXUVOHHSE\QLJKWDQGE\GD\
+HZDVDVNHGZKDWWKHJODGWLGLQJVZHUHDQGKHVDLG
7KHJRRGGUHDP
>$O%XNKDUL@
&RPPHQWDU\ 'UHDPVDUHERWKSOHDVDQWDQGXQSOHDVDQWRUQLJKWPDULVK6RPHWLPHVDGUHDPLVEDVHG
RQWUXWKDQGIRUHVKDGRZVDFRPLQJHYHQW7KHVLJQLILFDQFHRIVXFKDGUHDPLVUHDOLVHGDWDPRPHQW
ZKHQRXUYLVLRQIORZVLQWRDUHDORFFXUUHQFH&RPLQJWRWKHPHDQLQJRIWKLV+DGLWKVLQFHWKH
LQVWLWXWLRQRI3URSKHWKRRGLVDEROLVKHG5HYHODWLRQWRRFDQQRWGHVFHQGXSRQDQ\ERG\<HWRQH
3URSKHWLFYHVWLJHVWLOOH[LVWVDQGWKDWPHDQVDSURSKHWLFGUHDPDERXWVRPHIXWXUHHYHQW,WPD\EHZLWK
DJRRGRUEDGRPHQWKRXJKWKLV+DGLWKEULQJVLQWRIRFXVGUHDPVZLWKJRRGWLGLQJVDORQH
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7ZRWKLQJVDUHUHSRUWHGLQWKLV+DGLWK7KHQDUUDWRUIRUJHWVZKLFKRIWKHWZRKDVEHHQ
XWWHUHGE\0HVVHQJHURI$OODK3%8+,ILWLVWKHILUVWLWPHDQVWKDWDEHOLHYHUZKRVDZ0HVVHQJHURI
$OODK3%8+LQDGUHDPZRXOGDOVRVHHKLPRQWKH'D\RI5HVXUUHFWLRQ,QDVHQVHLWYHULILHVWKH
YHUDFLW\RIWKHEHOLHYHU,QWKHFDVHRIWKHVHFRQGWKHVHQVHLVFOHDU<HW6DWDQPD\DOVRDSSHDULQD
EHOLHYHU
VGUHDPXQGHUDVDLQWO\JXLVHDQGSXWKLPLQWRGHOXVLRQWKDWKHKDVVHHQ0HVVHQJHURI$OODK
3%8+(YHU\0XVOLPWKHUHIRUHLVUHTXLUHGWRNQRZWKHLGHQWLW\DQGIHDWXUHVRI0HVVHQJHURI$OODK
3%8+VRWKDW6DWDQPD\QRWGHFHLYHKLP
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $VPHQWLRQHGLQWKHSUHFHGLQJ+DGLWKWKHUHDUHJRRGGUHDPVDQGEDGGUHDPV7KLV
+DGLWKVKRZVXVZKDWWRGRLQRUGHUWRDYRLGWKHHYLORI6DWDQZKRFDQQRWKDUPDQ\RQHH[FHSWE\
$OODK
VOHDYH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVDQDGGLWLRQWRWKHSUHFHGLQJRQHVWKDWLVRQVHHLQJDEDGGUHDP
RQHVKRXOGFKDQJHKLVVLGH,IKHLVO\LQJRQKLVULJKWVLGHKHVKRXOGWXUQWRWKHOHIWDQGYLFHYHUVD%\
WKLVSUHFDXWLRQ$OODKZLOOWXUQDEDGGUHDPLQWRDJRRGRQHE\+LVOHDYH
>$O%XNKDUL@
&RPPHQWDU\ 7RGLVRZQRQH
VIDWKHUDQGDWWULEXWHIDWKHUKRRGWRVRPHERG\HOVHLVDPDMRUVLQ
EHFDXVHDSDUWIURPFDXVLQJGRXEWVDQGFRQIXVLRQLQSHRSOH
VPLQGVDERXWRQH
VEORRGGHVFHQWDQG
FKDUDFWHUWKLVZLOOJLYHULVHWRVRFLDOPRUDODQGSV\FKRORJLFDOSUREOHPVDVZHOO$QGRIWKHVDPH
VHULRXVQDWXUHLVWKHFDVHZKHUHIDEULFDWHGVD\LQJVDQGDFWVDUHDWWULEXWHGWRWKH0HVVHQJHURI$OODK
3%8+8QIRUWXQDWHO\VRPHXQZDU\C8ODPD
SDUWLFXODUO\WKHVWRU\WHOOLQJSUHDFKHUVIUHTXHQWO\
LQGXOJHLQXWWHULQJIDEULFDWHG$KDGLWK7KHZDUQLQJHTXDOO\KROGVJRRGLQFDVHDPDQQDUUDWHVD+DGLWK
RIDZHDNFKDLQRIWUDQVPLVVLRQZLWKRXWSRLQWLQJWRLWVFDWHJRU\2QHVKRXOGWKHUHIRUHUHIUDLQIURP
UHFRXQWLQJDOO$KDGLWKRIVXFKDFDWHJRU\
7KHUHDUHDOZD\VVRPHVRFDOOHGC8ODPD
DPELWLRXVRIVRFLDOGLVWLQFWLRQDQGIDPHZKRKDYHPDGHWDOO
FODLPVRQWKHEDVLVRIWKHLUGUHDPV7KH\DUHDXGDFLRXVHQRXJKWRFODLPWKDWWKH\XQFHUHPRQLRXVO\VHH
WKH3URSKHW3%8+DQGUHFHLYHLQVWUXFWLRQVIURPKLP7KHUHDOVRH[LVWFHUWDLQPLVJXLGHGSHRSOHZKR
MXVWLI\WKHLUIDQWDVWLFYLHZVRQWKHEDVLVRIWKHLUGUHDPVDQGUHSXGLDWHWKHULJKWO\HVWDEOLVKHGEHOLHIV
DQGSUHFHSWV$OOWKLVLVEDVHOHVVDQGQRQVHQVLFDO'UHDPVFDQQRWEHPDGHWKHWRXFKVWRQHRIYHULI\LQJ
ZKDWLVODZIXORUXQODZIXORUZKDWLVWUXHRUXQWUXH:KDWZHQHHGLQGHHGDUHWKHWDQJLEOHDUJXPHQWV
RIWKH6KDULCDK
7+(%22.2)*5((7,1*6
&+$37(5
(;&(//(1&(2)352027,1*
*5((7,1*6
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH(QWHUQRWKRXVHVRWKHUWKDQ\RXURZQXQWLO\RXKDYHDVNHGSHUPLVVLRQDQG
JUHHWHGWKRVHLQWKHP
%XWZKHQ\RXHQWHUWKHKRXVHVJUHHWRQHDQRWKHUZLWKDJUHHWLQJIURP$OODKLHVD\$V
6DODPXCDODLNXP SHDFHEHRQ\RXEOHVVHGDQGJRRG
:KHQ\RXDUHJUHHWHGZLWKDJUHHWLQJJUHHWLQUHWXUQZLWKZKDWLVEHWWHUWKDQLWRUDWOHDVW
UHWXUQLWHTXDOO\
+DVWKHVWRU\UHDFKHG\RXRIWKHKRQRXUHGJXHVWV>WKUHHDQJHOV-LEULO*DEULHO
DORQJZLWK
DQRWKHUWZR@RI,EUDKLP$EUDKDP":KHQWKH\FDPHLQWRKLPDQGVDLGC6DODPSHDFHEH
XSRQ\RX
+HDQVZHUHGC6DODPSHDFHEHXSRQ\RX
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 7KH0HVVHQJHURI$OODK3%8+
FRPPDQGHGXVWRGRVHYHQWKLQJVWRYLVLWWKHVLFNWRIROORZWKHIXQHUDORIDGHDGEHOLHYHUWRLQYRNH
WKH0HUF\RI$OODKXSRQRQHZKRVQHH]HVLHE\VD\LQJWRKLP<DUKDPXN$OODKWRVXSSRUWWKH
ZHDNWRKHOSWKHRSSUHVVHGWRSURPRWHWKHJUHHWLQJRIC$V6DODPXC$ODLNXP
DQGWRKHOSWKRVHZKR
VZHDUWRGRVRPHWKLQJWRNHHSWKHLURDWKV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0XVOLPVKDYHREOLJDWLRQVWRZDUGVRQHDQRWKHU7KHIXOILOOPHQWRIWKLVVRFLDO
UHVSRQVLELOLW\FUHDWHVDPRQJWKHPPXWXDOORYHDVHQVHRIFRKHVLRQDQGIHHOLQJVRIUHVSHFWIRURQH
DQRWKHU
>0XVOLP@
&RPPHQWDU\ ,PDQLVDSUHUHTXLVLWHIRUHQWU\WR-DQQDK:KHUHDVPXWXDOORYHDPRQJ0XVOLPVLV
FRPSOHPHQWDU\WRLWDQGWKLVTXDOLW\FDQRQO\EHDWWDLQHGE\JLYLQJDVRFLDOFKDUDFWHUWRWKH,VODPLF
IRUPRIJUHHWLQJWKDWLVWRVD\C$V6DODPXC$ODLNXP
>$W7LUPLGKL@
&RPPHQWDU\ $OOWKHVHKDELWVDQGSUDFWLFHVDUHLQGLVSHQVDEOHWRDEHOLHYHUEHFDXVHHDFKRQHRIWKHP
OHDGVWR-DQQDKZLWKWKHILUVWSHRSOHWRHQWHULWZLWKRXWEHLQJSXQLVKHGLQ+HOOILUVW
+H
UHSOLHG 2$EX%DWQEHOO\7XIDLOKDGDODUJHEHOO\ZHJRWRWKHPDUNHWWRJUHHWHYHU\RQHZH
PHHW
>0DOLN@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVC$EGXOODKELQC8PDU
VSDVVLRQIRUSURPRWLQJ6DODPZKLFKLVD
SUDFWLFHRI6XQQDK6HFRQGO\ZHFDQFDOODSHUVRQE\KLVHSLWKHWLFQDPHSURYLGHGKHLVQRWRIIHQGHG
E\LW
&+$37(5
:25'672%(86(')25
2))(5,1**5((7,1*6
,WLVUHFRPPHQGHGIRUWKHRQHRIIHULQJJUHHWLQJVWRVD\C$V6DODPX$ODLNXPZD5DKPDWXOODKLZD
%DUDNDWXKX
7KHUHSO\LVC:DC$ODLNXPXV6DODPXZD5DKPDWXOODKLZD%DUDNDWXKX
$QRWKHURQHFDPHDQGVDLG$V6DODPXC$ODLNXPZD
5DKPDWXOODKPD\\RXEHVDIHIURPHYLODQG0HUF\RI$OODKEHXSRQ\RX
0HVVHQJHURI$OODK
3%8+UHVSRQGHGWRKLVJUHHWLQJDQGWKHPDQVDWGRZQ0HVVHQJHURI$OODK3%8+VDLG 7ZHQW\
$WKLUGRQHFDPHDQGVDLG$V6DODPXC$ODLNXPZD5DKPDWXOODKLZD%DUDNDWXKXPD\\RXEHVDIH
IURPHYLODQGWKH0HUF\RI$OODKDQG+LV%OHVVLQJVEHXSRQ\RX
0HVVHQJHURI$OODK3%8+
UHVSRQGHGWRKLVJUHHWLQJDQGWKHPDQVDWGRZQ0HVVHQJHURI$OODK3%8+VDLG 7KLUW\
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWZHFDQHDUQWHQIROGJRRGUHZDUGVE\JUHHWLQJDSHUVRQLQWKH
,VODPLFZD\7KHUHZLOOEHDIXUWKHUWHQIROGDGGLWLRQWRLWLIZHVD\$V6DODPXC$ODLNXPZD
5DKPDWXOODK PD\\RXEHVDIHIURPHYLODQGWKH0HUF\RI$OODKEHXSRQ\RX$QGLIZHVD\$V
6DODPXC$ODLNXPZD5DKPDWXOODKLZD%DUDNDWXKX
PD\\RXEHVDIHIURPHYLODQGWKH0HUF\RI$OODK
DQG+LV%OHVVLQJVEHXSRQ\RXWKLUW\IROGJRRGUHZDUGFRPHVWRXV%XW$KDGLWKDUHVLOHQWRQ
LQFUHDVLQJPRUHZRUGVWR6DODP6RWKLVPXFKZLOOVXIILFH
,UHVSRQGHG:DC$ODLKLV6DODPXZD
5DKPDWXOODKLZD%DUDNDWXKXPD\KHEHVDIHIURPHYLODQGWKH0HUF\RI$OODKDQG+LV%OHVVLQJVEH
XSRQKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWRQHDVSHFWRIWKH3URSKHW
VH[FHOOHQWPDQQHUVWKDWKHZRXOG
WDNHGXHFDUHRIVKRZLQJUHJDUGIRUWKHVHQWLPHQWVRISHRSOH7KHZKROHRIDJDWKHULQJLVQRWVXSSRVHG
WRKHDUWKH6DODPRIVRPHERG\DQGUHVSRQGWRKLP$VLQJOHSHUVRQFDQUHSUHVHQWWKHJDWKHULQJLQWKLV
UHJDUG<HWLWZDVFKDUDFWHULVWLFEHQHYROHQFHRIWKH0HVVHQJHURI$OODK3%8+ZKLFKSURPSWHGKLP
WRUHSHDWKLVVD\LQJ$V6DODPXC$ODLNXP
WKULFHVRWKDWHYHU\ERG\ZRXOGKHDULWDQGPD\QRWKDYHD
IHHOLQJRIEHLQJQHJOHFWHG
&RPPHQWDU\ +HUHLQZHDUHWROGKRZWRRIIHU6DODPWRSHRSOHZKHQVRPHRIWKHPDUHDVOHHSZKLOH
RWKHUVDUHDZDNH2XUYRLFHVKRXOGEHVRORZVRDVQRWWRGLVWXUEWKRVHZKRDUHDVOHHSDQGWRJLYHD
FKDQFHWRWKRVHZKRDUHDZDNHWRUHVSRQGWRLW
$VPD
ELQW<D]LG0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG 7KH0HVVHQJHURI$OODK3%8+
SDVVHGWKURXJKWKHPRVTXHRQHGD\DQGWKHUHZDVDJURXSRIZRPHQDERXWWHQRIWKHPVLWWLQJLQWKH
PRVTXH+HUDLVHGKLVKDQGWRRIIHUJUHHWLQJV
>$W7LUPLGKL@
&RPPHQWDU\ 7RRIIHU$V6DODPE\WKHJHVWXUHRIKDQGIURPDGLVWDQFHLVIRUELGGHQLQ,VODPEHFDXVH
LWLV WKHZD\RIQRQ0XVOLPV+RZHYHULWLVDOORZHGLIZRUGVDUHDOVRXWWHUHGDORQJZLWKLW6HFRQGO\
0HVVHQJHURI$OODK3%8+FRXOGJUHHWZRPHQEHFDXVHKHZDVVLQOHVVDQGSHUPDQHQWO\VWRRGXQGHU
$OODK
V3URWHFWLRQ<HWLWLVQRWSHUPLVVLEOHWRRWKHUPHQIRUWKHIHDURISURYRNLQJWHPSWDWLRQ%XWWKLV
+DGLWKFDQEHFDUULHGLQWRHIIHFWLQFDVHRQHIHHOVWKDWQRWHPSWDWLRQDQGHYLOZLOOEHLQYROYHGLQLW)RU
H[DPSOHDPDQFDQJUHHWDJHGDQGUHVSHFWDEOHZRPHQ+RZHYHU6DODPWR\RXQJZRPHQLVQRW
DOORZHGDVLW FDQJLYHELUWKWRZLFNHGQHVV
+H
VDLG 'RQRWVD\C$ODLNDV6DODPX 8SRQ\RXEHSHDFH
7KLVLVWKH6DODPWRWKHGHDG
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLVLVSDUWRIDORQJ+DGLWKZKLFKKDVEHHQPHQWLRQHGHDUOLHURQ5HIHUWR+DGLWK
DQGWKHFRPPHQWDU\IROORZLQJLW
&+$37(5
(7,48(77(2)2))(5,1*
*5((7,1*6
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
$
ULGHUVKRXOGJUHHWDSHGHVWULDQDSHGHVWULDQVKRXOGJUHHWRQHZKRLVVLWWLQJDQGDVPDOOJURXSVKRXOG
JUHHWDODUJHJURXSRISHRSOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHJUHHWLQJRI$V6DODPX$ODLNXPVKRXOGEHXWWHUHGDFFRUGLQJWRWKHSUHVFULEHGZD\
,WLVWKHVLWXDWLRQVXQGHUUHIHUHQFHDQGQRWWKHJUDGHVZKLFKZLOOEHWDNHQLQWRFRQVLGHUDWLRQLQWKLV
UHVSHFW
>$EX'DZXG@
&RPPHQWDU\ 7KHGHJUHHRIDPDQ
VKXPEOHQHVVDQGPRGHVW\ZLOOEHPHDVXUHGE\WKHGHJUHHRIKLV
QHDUQHVVWR$OODK2QHZKRLVQHDUHUWR$OODKLVDOZD\VWKHILUVWWRRIIHU$V6DODPWRRWKHUVZKLOH
RWKHUVVWLFNWRWKHLUVWXFNXSEHKDYLRXU
&+$37(5
(;&(//(1&(2)*5((7,1*
7+($&48$,17$1&(
5(3($7('/<
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGLQWKH+DGLWKLQUHVSHFWRIWKHSHUVRQZKR
ZDVDWIDXOWLQSHUIRUPLQJKLV6DODWSUD\HU+HFDPHWRWKH3URSKHW3%8+DQGJUHHWHGKLP7KH
3URSKHW3%8+UHVSRQGHGWRWKHJUHHWLQJDQGVDLG *REDFNDQGUHSHDW\RXU6DODWEHFDXVH\RXKDYH
QRWSHUIRUPHGWKH6DODWSURSHUO\
+HDJDLQSHUIRUPHG6DODWDVKHKDGSUD\HGEHIRUHDQGFDPHWRWKH
3URSKHW3%8+DQGJUHHWHGKLP7KH3URSKHW3%8+UHVSRQGHGWRWKHJUHHWLQJVDQGUHSHDWHGKLV
ZRUGVWRKLP7KLVDFWRIUHSHDWLQJWKH6DODWDQGWKH6DODPZDVGRQHWKULFH
>$O%XNKDULDQG0XVOLP@
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKFRQYLQFLQJO\EHDUVRXWWKHVXEMHFWPDWWHURIWKHFKDSWHU
&+$37(5
(;&(//(1&(2)*5((7,1*
$77+(7,0(2)(175<
,1727+(+286(
$OODKWKH([DOWHGVD\V
%XWZKHQ\RXHQWHUWKHKRXVHVJUHHWRQHDQRWKHUZLWKDJUHHWLQJIURP$OODKLHVD\$V
6DODPXC$ODLNXP PD\\RXEHVDIHIURPHYLOEOHVVHGDQGJRRG
>$W7LUPLGKL@
&RPPHQWDU\ 0DQ\SHRSOHRQUHWXUQLQJKRPHIHHOEHOLWWOHGLQVD\LQJ$V6DODPXC$ODLNXPWRWKHLU
KRXVHKROG,QIDFW$V6DODPLVDSUD\HUIRUJRRGQHVVEOHVVLQJDQGSHDFHDQGRQHVKRXOGKDYHQR
FRPSOH[DERXWLW
&+$37(5
*5((7,1*7+(&+,/'5(1
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGWKDWKHSDVVHGE\VRPHFKLOGUHQDQGJUHHWHGWKHP
7KHQKHVDLG0HVVHQJHURI$OODK3%8+XVHGWRGRWKHVDPH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %\JUHHWLQJFKLOGUHQZHSOHDVHWKHLUKHDUWVDQGDOVRYHQWRXUPRGHVW\%HVLGHVWKH
LPSRUWDQFHRI $V6DODPLVXQFRQVFLRXVO\IHOWE\WKHP$ERYHDOOLWLVWKH6XQQDKRIWKH0HVVHQJHURI
$OODK3%8+DQGVRZHDUHVXSSRVHGWRSXWLWLQWRSUDFWLFH
&+$37(5
*5((7,1*21(
6:,)($1'
27+(5:20(1
6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 7KHUHZDVDZRPDQDPRQJXVZKR
ZRXOGSXWEHHWURRWLQDSRWDQGDGGWRLWVRPHJURXQGEDUOH\6KHXVHGWRFRRNWKHPWRJHWKHU2Q
UHWXUQLQJIURPWKH)ULGD\SUD\HUZHZRXOGJUHHWKHUDQGVKHZRXOGRIIHULWWRXV
>$O%XNKDUL@
&RPPHQWDU\ 7KHSHUPLVVLELOLW\RIPHQWRJUHHWZRPHQDQGYLFHYHUVDLVZLWKWKHFRQGLWLRQWKDW
WKHUHZLOOEHQRIHDURIWHPSWDWLRQWRFRPPLWWKHXQODZIXO+HUHDUHWKHGHWDLOV
$\RXQJZRPDQLVIRUELGGHQWRJUHHWPHQDQGWRUHVSRQGWRWKHLUJUHHWLQJ
$JURXSRIZRPHQRUDQROGZRPDQDUHDOORZHGWRJUHHWPHQDQGWRUHVSRQGWRPHQ
VJUHHWLQJV
0HQDUHDOVRDOORZHGWRJUHHWDJURXSRIZRPHQRUDQROGZRPDQ
$PDQRQKLVRZQLVQRWDOORZHGWRJUHHWD\RXQJZRPDQ
$PDQRQKLVRZQLVDOORZHGWRJUHHWDJURXSRIZRPHQ
+RZHYHULQDOOWKHVHFDVHV,VODPLFUXOHVLQWKLVUHJDUGLQFOXGLQJWKHORZHULQJRIWKHJD]HDUHWREH
REVHUYHG
&+$37(5
*5((7,1*7+(121086/,06
$1'352+,%,7,212)7$.,1*
$1,1,7,$7,9(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
'RQRWJUHHWWKH-HZVDQGWKH&KULVWLDQVEHIRUHWKH\JUHHW\RXDQGZKHQ\RXPHHWDQ\RQHRIWKHP
RQWKHURDGIRUFHKLPWRJRWRWKHQDUURZHVWSDUWRILW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSURKLELWV0XVOLPVIURPJUHHWLQJQRQ0XVOLPVILUVW,WDOVRWHOOVXVWKDW
ZKHQWKHURDGLVFURZGHGZHVKRXOGXVHWKHPLGGOHRIWKHURDGDQGOHWWKHQRQ0XVOLPVXVHLWVVLGHV
7KLV+DGLWKVKRZVWKHGLJQLW\RI0XVOLPVDQGWKHGLVJUDFHDQGKXPLOLDWLRQRIWKHQRQ0XVOLPV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,IWKHUHLVDPL[HGDVVHPEO\RI0XVOLPVDQGQRQ0XVOLPVRQHVKRXOGXWWHUJUHHWLQJWR
LWEXWFRQVLGHU0XVOLPVDVRQH
VDGGUHVVHHV
&+$37(5
(;&(//(1&(2)*5((7,1*
21$55,9$/$1''(3$5785(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG
:KHQRQHRI\RXDUULYHVLQDJDWKHULQJKHVKRXOGRIIHU6DODPWRWKRVHZKRDUHDOUHDG\WKHUHDQGKH
VKRXOGDOVRGRVRZKHQKHLQWHQGVWRGHSDUW7KHILUVWDFWRIJUHHWLQJLVQRWPRUHPHULWRULRXVWKDQWKH
ODVW
>$EX'DZXG@
&RPPHQWDU\ :HVKRXOGRIIHU $V6DODPWRWKRVHVLWWLQJLQDJDWKHULQJRQRXUDUULYDODVZHOODV
GHSDUWXUH%RWKWKHJUHHWLQJVDUHHVVHQWLDO7KHILUVWDFWRIJUHHWLQJLVQRWPRUHPHULWRULRXVWKDQWKH
ODVW
PHDQVWKDWZHVKRXOGXWWHULWRQERWKRFFDVLRQV
&+$37(5
6((.,1*3(50,66,2172
(17(5620(%2'<
6+286(
$1'0$11(565(/$7,1*72,7
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH(QWHUQRWKRXVHVRWKHUWKDQ\RXURZQXQWLO\RXKDYHDVNHGSHUPLVVLRQDQG
JUHHWHGWKRVHLQWKHP
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :LWKLQWKHIRXUZDOOVRIWKHLUKRPHVSHRSOHDUHQRUPDOO\HQJDJHGLQGLIIHUHQWW\SHVRI
GRPHVWLFFKRUHVRUWKH\UHVWLQVHFOXVLRQ:RPHQXQGHUVWDQGDEO\GRWKLQJVDWKRPHLQDUHOD[HG
PDQQHUZKLFKLVVFDUFHO\SRVVLEOHIRUWKHPLQWKHSUHVHQFHRIDPDQQRWEHORQJLQJWRWKHLUKRXVHKROG
:HFRPPLWDQLQWUXVLRQXSRQRWKHUV
SULYDF\DQGDOVRH\HWKH+LMDEREVHUYLQJZRPHQE\HQWHULQJD
KRXVHZLWKRXWSHUPLVVLRQ%RWKWKHWKLQJVDUHSURKLELWHGDQGPXVWEHDYRLGHG
7KH3URSKHW3%8+WKHQDFFRUGHGSHUPLVVLRQWRKLPDQGKHHQWHUHGLQ
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVPDQQHUVRIYLVLWLQJDKRXVH2QHVKRXOGRIIHU$V6DODPWRWKH
KRVWDWWKHGRRUVWHSDQGWKHQVHHNKLVSHUPLVVLRQWRHQWHU0RUHRYHUZHDUHWROGWRLPSDUWDUHOLJLRXV
LQIRUPDWLRQWRDQLJQRUDQWSHUVRQVRWKDWKHPD\SXWLWLQWRSUDFWLFH
>$EX'DZXGDQG$W7LUPLGKL@
&+$37(5
6((.,1*3(50,66,2172
(17(5%<7(//,1*21(
61$0(
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHGLQWKHFRXUVHRIKLVIDPRXV+DGLWKSHUWDLQLQJWR
$O,VUD
WKH$VFHQVLRQWKDW0HVVHQJHURI$OODK3%8+VDLG 7KHQ-LEULO*DEULHODVFHQGHGDORQJ
ZLWKPHWRWKHQHDUHVWKHDYHQDQGUHTXHVWHGIRUWKHJDWHWREHRSHQHG+HZDVDVNHGC:KRLVWKHUH"
+HUHSOLHGC-LEULO
+HZDVDVNHGC:KRLVZLWK\RX"
+HVDLGC0XKDPPDG
7KHQKHDVFHQGHGWRWKH
VHFRQGKHDYHQDQGUHTXHVWHGIRUWKHRSHQLQJRIWKHJDWH+HZDVDVNHGC:KRLVWKHUH"
+HVDLG
C-LEULO
+HZDVDVNHGC:KRLVZLWK\RX"
+HUHSOLHGC0XKDPPDG
,QWKHVDPHZD\KHDVFHQGHGWR
WKHWKLUGIRXUWKDQGDOOWKHKHDYHQVLHXQWLOWKHVHYHQWK$WDOORIWKHJDWHVKHZDVDVNHGC:KRLV
WKHUH"
+HUHSOLHG-LEULO
>$O%XNKDULDQG0XVOLP@
,UHSOLHG$EX'KDUU
>$O%XNKDULDQG0XVOLP@
,UHSOLHG,DP8PP
+DQL
>$O%XNKDULDQG0XVOLP@
,VDLG,
+HUHSHDWHG
,,"
DVLIKHGLVOLNHG
LW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $WWKHGRRUVWHSWKHYLVLWRUVKRXOGGLVFORVHKLVLGHQWLW\WRWKHKRVW6HFRQGO\WRNQRFN
DWWKHGRRURUWRULQJWKHGRRUEHOOLVWDQWDPRXQWWRVHHNLQJSHUPLVVLRQWRHQWHUWKHKRXVH:KHQWKH
KRVWFRPHVRXWWKHYLVLWRUVKRXOGILUVWRIIHUKLP$V6DODP
&+$37(5
6$<,1*C$/+$0'8/,//$+
21
61((=,1*,765(3/<$1'
0$11(565(/$7,1*72
61((=,1*$1'<$:1,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG $OODKOLNHV
VQHH]LQJDQGGLVOLNHV\DZQLQJ:KHQDQ\RQHRI\RXVQHH]HVDQGVD\VC$OKDPGXOLOODKSUDLVHEHWR
$OODK
LWEHFRPHVREOLJDWRU\XSRQHYHU\0XVOLPZKRKHDUVKLPWRUHVSRQGZLWKC<DUKDPXN$OODK
PD\$OODKKDYHPHUF\RQ\RX
<DZQLQJLVIURPWKHGHYLO:KHQRQHRI\RXIHHOVOLNH\DZQLQJKH
VKRXOGUHVWUDLQLWDVPXFKDVSRVVLEOHIRUWKHGHYLOODXJKVZKHQRQHRI \RX\DZQV
>$O%XNKDUL@
&RPPHQWDU\ 6QHH]LQJOLJKWHQVWKHPLQGRIPDQDQGERGLO\KHIHHOVFRPIRUW,WLVWKHUHIRUH
VRPHWKLQJJRRGDQGRQHVKRXOGJORULI\$OODKIRULW:KHUHDV\DZQLQJLVLQGLFDWLYHRIJOXWWRQ\VORWK
DQGKHDYLQHVVDQGLVFRQVLGHUHG GLVDJUHHDEOH7KH3URSKHW3%8+FRPPDQGHGXVWRVWRSLWHLWKHUE\
FORVLQJRXUPRXWKRUE\SXWWLQJRXUKDQGDFURVVLWLQRUGHUWRDYRLGDQDFWZKLFKSOHDVHV6DWDQ
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHV0XVOLPVWRKDYHJRRGZLVKHVIRURQHDQRWKHUDQGWRUHWXUQJRRG
IRUJRRG7KLVUHFLSURFLW\LQFUHDVHVPXWXDOORYHDQGUHVXOWVLQWKHXQLW\SHDFHDQGG\QDPLVPRIWKH
0XVOLPVRFLHW\0D\ZHDFWXSRQWKHJROGHQSULQFLSOHVRIRXUUHOLJLRQ
>0XVOLP@
DQGGLG
QRWUHVSRQGWRWKHRWKHU7KHODWWHUVDLGWRKLP<RXLQYRNHGDEOHVVLQJRQWKLVPDQEXWGLGQRWGRVR
LQP\FDVH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWZHVKRXOGVHHN%OHVVLQJVRI$OODKRQO\WRWKDWVQHH]HUZKR
VD\V$OKDPGXOLOODK
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVDYHU\LPSRUWDQWSRLQW,QWKHSUHVHQFHRIRWKHUVDVQHH]HULV
VXSSRVHGWRSXWKLVKDQGRUKDQGNHUFKLHIRYHUKLVPRXWKVRWKDWWKHH[SORVLYHVRXQGPD\EH
VXSSUHVVHG7KHRWKHUEHQHILWRIWKLVSUHFDXWLRQLVWKDWLWDYRLGVFDXVLQJDQXQHDV\IHHOLQJWRSHUVRQV
VLWWLQJEHVLGHKLP
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ +HUHZHDUHWROGWKDWLQUHVSRQVHWRVQHH]LQJRQWKHSDUWRIQRQ0XVOLPVZHVKRXOG
RQO\XWWHUWKHVHEHQHGLFWRU\ZRUGV<DKGLNXPXOODKXZD\XVOLKXEDODNXP PD\$OODKJXLGH\RXDQG
UHQGHUVRXQG\RXUVWDWHRIDIIDLUV
>0XVOLP@
&RPPHQWDU\ $WWKHWLPHRI\DZQLQJRQHVKRXOGSXWKLVKDQGDFURVVKLVPRXWK,WLVDGLVOLNHGDFWRU
0DNUXKWR\DZQQRLVLO\EHFDXVHWKLVDFWSOHDVHV6DWDQ,QRWKHUZRUGVZHPXVWQRWPLVVDQ\FKDQFHWR
GHJUDGHDQGIUXVWUDWH6DWDQ
&+$37(5
(;&(//(1&(2)+$1'
6+$.,1*$77+(7,0(2)
0((7,1*
$EX.KDWWDE4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,DVNHG$QDV 'LGWKH
&RPSDQLRQVRI0HVVHQJHURI$OODK3%8+XVHWRVKDNHKDQGV"
+HVDLG <HV
>$O%XNKDUL@
&RPPHQWDU\ 7RVKDNHKDQGVZLWKVRPHERG\LVDZHOFRPHVLJQDQGWKHSUDFWLFHRIWKH0HVVHQJHURI
$OODK3%8+7KHVRFLDOEHKDYLRXURIWKH&RPSDQLRQVDOVRLQFOXGHGKDQGVKDNLQJDORQJZLWKVD\LQJ
C$V6DODPXC$ODLNXP
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWWKHFXVWRPRIKDQGVKDNLQJZDVSUHYDOHQWLQ<HPHQ:KHQ
VRPH<HPHQLWHVFDPHWRVHHWKH3URSKHW3%8+WKH\GLVSOD\HGWKHLUSUDFWLFHRIKDQGVKDNH+HOLNHG
DQGDSSURYHGLWDVKLV6XQQDK
$O%DUD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG 7ZR
0XVOLPVZLOO QRWPHHWDQGVKDNHKDQGVZLWKRXWKDYLQJWKHLUVLQVIRUJLYHQE\$OODKEHIRUHWKH\
GHSDUW
>$EX'DZXG@
&RPPHQWDU\ +HUHLQZHDUHWROGWKDW$OODKIRUJLYHVWKHPLQRUVLQVRIWKHWZREHOLHYHUVZKRVKDNH
KDQGV+RZHYHUPDMRUVLQVFDQQRWEHIRUJLYHQZLWKRXWKHDUWIHOWUHSHQWDQFHZLWKLWVFRQGLWLRQV$VIRU
RXUGXW\WRZDUGVRXUIHOORZKXPDQVLWLVLQHVFDSDEOHDQGDIDLOXUHLQWKLVUHJDUGLVQRWIRUJLYHQ7R
VXPXSZKHQWZR0XVOLPVPHHWDQGVKDNHKDQGVWZREHQHILWVDFFUXHWRWKHP)LUVWO\WKHLUPXWXDO
ORYHLQFUHDVHVDQGVHFRQGO\WKHLUPLQRUVLQVDUHSDUGRQHGE\$OODK
+HVDLG 1R
7KHPDQDVNHGZKHWKHUKH
VKRXOGHPEUDFHDQGNLVVKLP"7KH0HVVHQJHURI$OODK3%8+UHSOLHG 1R
+HDVNHGZKHWKHUKH
VKRXOGKROGKLVKDQGDQGVKDNHLW"7KH0HVVHQJHURI$OODK3%8+UHSOLHG <HV
>$W7LUPLGKL@
&RPPHQWDU\ +HUHZHDUHFOHDUO\WROGWKDWZKHQWZR0XVOLPVPHHWWKH\DUHQRWDOORZHGWRERZ
6RPHVD\WKHERZLQJPXVWQRWFRPHGRZQWRWKHSRVLWLRQDVDVVXPHGLQ5XNXC%XWWKH+DGLWK
LPSRVHVDWRWDOEDQRQLW7KHUHLVQRTXHVWLRQRIPRUHRUOHVVGHJUHHRIERZLQJVWLOOOHVVRIWRXFKLQJ
WKHNQHHVDQGIHHWRIDQ\ERG\+HUHHPEUDFLQJKDVEHHQSURKLELWHGWRREXWWKHSURKLELWLRQLVHIIHFWLYH
RQO\LIWKHNLVVLQJRIKDQGVLVDOVRLQYROYHG2WKHUZLVHVRPH$KDGLWKDOORZHPEUDFLQJSDUWLFXODUO\RQ
UHWXUQIURPDMRXUQH\RUZKHQWZRSHUVRQVPHHWDIWHUDORQJWLPH7KLUGO\WKH+DGLWKLVDEVROXWHO\
FOHDURQKDQGVKDNH7KHTXHVWLRQSXWWRWKH3URSKHWXZDVDERXWWDNLQJDVLQJOHKDQGWRZKLFKKHKDG
UHSOLHGLQWKHDIILUPDWLYH7KHUHZDVQRUHIHUHQFHWRWDNLQJRUXVLQJERWKKDQGVIRUKDQGVKDNH
>$W7LUPLGKL@8QDSSURYHG+DGLWK
>$EX'DZXG@:HDN+DGLWK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG =DLGELQ+DULWKDKFDPHWRWKH0HVVHQJHURI
$OODK3%8+ZKHQKHZDVLQP\KRXVH=DLGNQRFNHGDWWKHGRRU7KH3URSKHW3%8+URVHWR
UHFHLYHKLPWUDLOLQJKLVJDUPHQW+HHPEUDFHGDQGNLVVHGKLP
>$W7LUPLGKL@
&RPPHQWDU\ 6LQFH0XKDPPDGELQ,VKDTNQRZQIRUKLVGHOXVLYHWHQGHQF\KDSSHQVWREHDQDUUDWRU
LQWKLV+DGLWK6KHLNK$O$OEDQLGHHPVLW GHILFLHQW,QGHHG+DGLWKPHPRUL]HUVDQGUHVHDUFKHUVEHOLHYH
WKDWWKH$KDGLWKDERXWWKHNLVVLQJRIKDQGDUHZHDNDQGGHILFLHQWIURPWKHYLHZSRLQWRIDXWKHQWLFLW\
7KHWZRSHUVRQVVKRXOGWKHUHIRUHFRQILQHWRKDQGVKDNHZKHQWKH\PHHW7KRXJKWKHUHLVQRKDUPLI
WKH\HPEUDFH
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQSODFHGHDUOLHU7RSDPSHUDQGNLVVFKLOGUHQLVDQ
H[SUHVVLRQRIFRPSDVVLRQDQGNLQGQHVV2QHZKRODFNVWKLVWHQGHUTXDOLW\DQGIDLOVWREHKDYHNLQG
KHDUWHGO\WRZDUGVSHRSOHPD\EHGHSULYHGRI'LYLQHPHUF\7KH0HVVHQJHURI$OODK3%8+KDVVDLG
+DYHFRPSDVVLRQIRURWKHUV$OODKZLOOKDYHPHUF\RQ\RX
2QDQRWKHURFFDVLRQWKH0HVVHQJHURI
$OODK3%8+VDLG%HPHUFLIXOWRRWKHUVDQG$OODKZLOOKDYHPHUF\RQ\RXDQGIRUJLYHRWKHUV\RX
ZLOOEHIRUJLYHQ
7+(%22.2)9,6,7,1*
7+(6,&.
&+$37(5
)2//2:,1*7+()81(5$/
$1'0$77(565(/$7,1*72
,//1(66$1''($7+
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 0HVVHQJHURI$OODK3%8+KDV
RUGHUHGXVWRYLVLWWKHVLFNWRIROORZWKHIXQHUDORIDGHDGEHOLHYHUUHVSRQGWRWKHVQHH]HULH E\
VD\LQJWRKLP<DUKDPXN$OODKDIWHUKHVD\V$OKDPGXOLOODKWRKHOSWKRVHZKRYRZWRIXOILOOLWWR
KHOSWKHRSSUHVVHGWRDFFHSWWKHLQYLWDWLRQH[WHQGHGE\WKHLQYLWHUDQGWRSURPRWHJUHHWLQJVLH
VD\LQJ$V6DODPXC$ODLNXP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGZLWKVOLJKWO\GLIIHUHQWZRUGLQJ+HUHLWKDV
EHHQUHSHDWHGRZLQJWRLWVUHOHYDQFHWRWKLVFKDSWHU6HH+DGLWK1R
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HHWKHFRPPHQWDU\RQ+DGLWK1R
>0XVOLP@
&RPPHQWDU\ 7KHSHUVRQZKRLVPRUHEHQHILFLDOWRWKHVODYHVRI$OODKLVORYHGPRVWE\+LP$OODK
OLNHVLWYHU\PXFKLIVRPHERG\VHUYHV+LVFUHDWXUHVDQGWUHDWVWKHPZHOO+HZLOOJLYHKLPWKHEHVW
UHZDUGIRULW+HUHRQHKDVEHHQXUJHGLQDQHIIHFWLYHDQGHORTXHQWZD\WRYLVLWWKHVLFNDQGWRWUHDWWKH
QHHG\QLFHO\
7KLV+DGLWKLVDFOHDUFXWSURRIUHIXWLQJSDQWKHLVPIRULWLVFOHDUWKDWWKLV+DGLWKGLIIHUHQWLDWHV
EHWZHHQWKH&UHDWRUDQGWKHFUHDWXUHLQWHUPVRIIHHGLQJ JLYLQJZDWHUWRGULQNYLVLWLQJHWF
7KLV+DGLWKFRQILUPVWKHVSHHFKDV'LYLQHDWWULEXWH
7KDW$OODKUHZDUGV+LVVODYHVIRUWKHLUJRRGGHHGVDQGQHYHUZURQJVDWKLQJ
7KHGXW\RIORRNLQJDIWHUWKH0XVOLPVDQGWKHLULQWHUHVWVVHHNLQJWKHSOHDVXUHRI$OODK
7KHGXW\RIYLVLWLQJWKHVLFN
7KHGXW\RIRIIHULQJIRRGIRUWKHKXQJU\QHHG\0XVOLPV
>$O%XNKDUL@
&RPPHQWDU\ ,VODPFDOOVXSRQLWVIROORZHUVWRFRRSHUDWHZLWKRQHDQRWKHULQJRRGWKLQJV/LNHWKH
SUHYLRXV$KDGLWKWKLV+DGLWKWRRVKRXOGEHYLHZHGLQWKHVDPHFRQWH[W+HUHLQEHOLHYHUVDUHHQMRLQHG
WRHQGHDYRXUIRUWKHOLEHUDWLRQRIDIHOORZ0XVOLPZKREHFRPHVDSULVRQHURIZDURULVWDNHQFDSWLYH
E\GLVEHOLHYHUVLQDQ\ZD\7KLVLQVWUXFWLRQRIWKH0HVVHQJHURI$OODK3%8+LVDOVRPHDQWIRUWKH
KHOSRIWKDWSHUVRQZKRLVLQYROYHGLQDIDOVHFDVHRULVXQGHUJRLQJ MDLOWHUPRQWKLVFRXQW6LPLODUO\LW
LVWKHGXW\RIWKHFRPPXQLW\WRH[WHQGKHOSDQGFRRSHUDWLRQWRD0XVOLPVXIIHULQJDILQDQFLDO
GLIILFXOW\VRWKDWKHEHFRPHVVHOIVXIILFLHQW
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ %RWKWKLV+DGLWKDQGWKHSUHFHGLQJRQHOD\VWUHVVRQWKHYLUWXHRIYLVLWLQJDVLFN
SHUVRQVRDVWRREWDLQWKH'LYLQHUHZDUG7KH+DGLWKPHQWLRQV GDZQ
DQGHYHQLQJ
WRPHDQDWDOO
WLPHVDQGQRWQHFHVVDULO\DWWKRVHSDUWLFXODUWLPHV
7KHOLWWOH ER\ORRNHGDWKLVIDWKHUZKRZDVVLWWLQJEHVLGHKLP+HVDLG2EH\
$EXO4DVLPLHWKH0HVVHQJHURI$OODK3%8+
6RKHHPEUDFHG,VODPDQGWKH3URSKHWVWHSSHG
RXWVD\LQJ 3UDLVHEHWR$OODK:KRKDVVDYHGKLPIURP+HOOILUH
>$O%XNKDUL@
&+$37(5
6833/,&$7,21)257+(6,&.
C$LVKDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQDSHUVRQFRPSODLQHGWRWKH3URSKHW
3%8+DERXWDQDLOPHQWRUVXIIHUHGIURPDVRUHRUDZRXQGWKH3URSKHW3%8+ZRXOGWRXFKWKH
JURXQGZLWKKLVIRUHILQJHUDQGWKHQUDLVHLW6XI\DQELQC8\DLQDKWKHQDUUDWRUGHPRQVWUDWHGWKLVZLWK
KLVIRUHILQJHUDQGZRXOGUHFLWH C%LVPLOODKLWXUEDWXDUGLQDELULTDWLEDCGLQD\XVKIDELKLVDTLPXQLEL
LGKQL5DEELQD
:LWKWKH1DPHRI$OODKWKHGXVWRIRXUJURXQGPL[HGZLWKWKHVDOLYDRIVRPHRIXV
ZRXOGFXUHRXUSDWLHQWZLWKWKHSHUPLVVLRQRIRXU5XEE
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUG<DCXGX
HQTXLUHGDERXWWKHSDWLHQW
VKHDOWKRUYLVLWHGRFFXUVLQWKH+DGLWK
WH[WTXRWHGE\,PDP$Q1DZDZL %XWDFFRUGLQJWR$O%XNKDUL WKLVZRUGLV<XDZZLGX
ZKLFKVD\V
,EQ+DMDULVV\QRQ\PRXVWRWKHZRUG<DUTHH
EOHZRYHUWKHSDWLHQW
+HVDLG 3OHDVHGRVR
$QDV0D\
$OODKEHSOHDVHGZLWKKLPVXSSOLFDWHG $OODKXPPD5DEEDQQDVLPXGKKLEDOED
VLLVKIL$QWDVK
6KDIL ODVKDIL\D LOOD$QWDVKLID
DQOD\XJKDGLUXVDTDPDQ>2$OODKWKH5XEERIPDQNLQG7DNHDZD\
WKLVGLVHDVHDQGFXUHKLPRUKHU<RXDUHWKH&XUHU7KHUHLVQRFXUHH[FHSWWKURXJK<RX&XUHKLP
RUKHUDFXUHWKDWOHDYHVQRGLVHDVH@
>$O%XNKDUL@
&RPPHQWDU\ 7KHVDLG+DGLWKWHVWLILHVWKDWWKH3URSKHW3%8+DQGWKH&RPSDQLRQVKDGFHUWDLQO\
CEORZQRYHU
WKHSDWLHQWV7KHUHLVQRGRXEWDERXWWKDW<HWWKHDFWRIEORZLQJRYHUPXVWEHEDVHGRQ
WKH1DPHVDQG$WWULEXWHVRI$OODKDQGWKH3URSKHWLFSUD\HUVRURQ4XU
DQLF6XUDWDQG$\DW%HVLGHV
RQHVKRXOGKDYHWKHILUPEHOLHIWKDWWKHVHFRQGDU\FDXVHVFDQQRW\LHOGWKHGHVLUHGHIIHFWXQOHVV$OODK
ZLOOVVR
>0XVOLP@
&RPPHQWDU\ 7RSUD\IRUWKHKHDOWKDQGUHFRYHU\RIWKHSDWLHQWSDUWLFXODUO\XWWHULQJKLVQDPHLV
FRPPHQGDEOH)XUWKHUPRUHRQHVKRXOGUHSHDWHGO\SUD\WR$OODKDQGEHVHHFK+LPZLWKVXSSOLFDWLRQ
WLOO+HUHVSRQGV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVLWLVQRWQHFHVVDU\WKDWDSDWLHQWVKRXOGH[FOXVLYHO\JHW5XT\DK
IURPRWKHUVUDWKHUKHFDQDOVRGR5XT\DKKLPVHOIE\UHFLWLQJWKH3URSKHW
VVXSSOLFDWLRQV
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHUHLVDOZD\VDJUHDWFHUWDLQW\WKDW$OODKZLOOUHVSRQGWRDVXSSOLFDWLRQZKLFKVSULQJV
IURPDVLQFHUHYHUDFLRXVKHDUW2QHVKRXOGWKHUHIRUHSUD\IRUDSDWLHQWZLWKIXOOFRQYLFWLRQDQG
UHDVVXUDQFHRIKHDUW0RUHRYHUWKH3URSKHW
VSUD\HUVKDYHVSHFLDOHIIHFWDQGJUDFHDQGWKHUHIRUHWKHLU
RULJLQDOZRUGLQJVVKRXOGEHXWWHUHG
>$O%XNKDUL@
&RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKDSDWLHQWVKRXOGEHWROGWKDWKLVGLVHDVHZLOOSXUJHRXWKLV
VLQV7RVLWEHVLGHWKHVLFNWRFRPIRUWKLVKHDUWDQGWRVD\DIHZZRUGVRIV\PSDWK\WRKLPZDVWKH
3URSKHW
VSUDFWLFH
-LEULO
VXSSOLFDWHGWKXVLHKHSHUIRUPHG5XT\DK %LVPLOODKLDUTLNDPLQNXOOLVKD\
LQ\X
GKLNDPLQVKDUUL
NXOOLQDIVLQDZCD\QLKDVLGL$OODKX\DVKILNDELVPLOODKLDUTLND>:LWKWKH1DPHRI$OODK,UHFLWHRYHU
\RXWRFOHDQVH\RXIURPDOOWKDWWURXEOHV\RXDQGIURPHYHU\KDUPIXOPLVFKLHIDQGIURPWKHHYLORI
WKHH\HVRIDQHQYLHU$OODKZLOOFXUH\RXDQGZLWKWKH1DPHRI$OODK ,UHFLWHRYHU\RX@
>0XVOLP@
>$W7LUPLGKX@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[FHOOHQFHRIWKHZRUGVPHQWLRQHGDERYH7KLVLVVREHFDXVH
RIJUHDWPHDQLQJWKH\KDYHQDPHO\WKHILUPEHOLHILQ$OODK+LV2QHQHVVDQG*ORULILFDWLRQWKDWWR+LP
$ORQHZHVKRXOGUHWXUQXSRQ+LP$ORQHZHVKRXOGUHO\DQGWR+LP$ORQHZHVKRXOGH[SUHVV
JUDWHIXOQHVV,IVRPHERG\XWWHUVWKHPGXULQJKLVLOOQHVVKLVOLIHLVVXUHWRFRPHWRDQHQGLQDJRRG
ZD\WKDWLVKHZLOOJRWR-DQQDK
&+$37(5
5(&200(1'$7,212)
,148,5,1*7+()$0,/<
0(0%(562) 7+(3$7,(17
$%287+,6&21',7,21
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG:KHQC$OL0D\$OODKEHSOHDVHGZLWK
KLPFDPHRXWDIWHUYLVLWLQJWKH0HVVHQJHURI$OODK3%8+GXULQJKLVODVWLOOQHVVWKHSHRSOHDVNHG
+RZLV0HVVHQJHURI$OODK3%8+2$EXO+DVDQ"
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWLIDSDWLHQWLVLQDFULWLFDOFRQGLWLRQDQGSHRSOHDUHDGYLVHGQRW
WRYLVLWKLPLWZLOOEHDSSURSULDWHWRHQTXLUH RIKLVEORRGUHODWLYHVDERXWKLVKHDOWK7KHIDPLO\
PHPEHUVWRRDUHVXSSRVHGWRJLYHDQHQFRXUDJLQJUHSRUWDERXWWKHSDWLHQW
VFRQGLWLRQWRHQTXLUHUV
&+$37(5
6833/,&$7,21:+(121(,6
',6$332,17('$%287+,6/,)(
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG:KLOHWKH3URSKHW3%8+ZDVUHFOLQLQJ
DJDLQVWPHGXULQJKLVODVWLOOQHVV,KHDUGKLPVD\LQJ $OODKXPPDJKILUOLZDUKDPQLZDDOKLTQLELU
5DILTLO$COD2$OODKIRUJLYHPHEHVWRZ<RXU0HUF\RQPHDQGOHWPHMRLQZLWKWKHH[DOWHG
FRPSDQLRQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0RVWRIWKHC8ODPD
EHOLHYHWKDW$OODKLVWKH6XEOLPH&RPSDQLRQ$U5DILT$O$COD
$U5DILTWKH&RPSDQLRQLVRQHRIWKH'LYLQH1DPHV6RPHWDNHLWWRPHDQWKHVXSUHPHFRPPXQLRQ
RIDQJHOV3URSKHWVPDUW\UVDQGWKHULJKWHRXV3URSKHW<XVXI-RVHSKKDGSUD\HGWR$OODK $QG
MRLQPHZLWKWKHULJKWHRXV
$WWKHKRXURIGHDWKPDQVKRXOGFXWRIIKLVOLQNZLWKWKHZRUOGDQGXQLWHLWZLWKWKH+HUHDIWHU%\
VHHNLQJ'LYLQHIRUJLYHQHVVWKH3URSKHW 3%8+DLPHGDWPRUDOHOHYDWLRQDQGDEXQGDQFHRIJRRGQHVV
2WKHUZLVHKHZDVSURWHFWHGE\$OODKDQGLPPXQHDJDLQVWVLQQLQJ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWRRDIILUPVWKH3URSKHW
VFUHDWXUDODVSHFWWKDWLVWRVD\OLNHRWKHUKXPDQV
KHZDVDOVRRYHUZKHOPHGE\WKHLQWHQVLW\RILOOQHVVDQGIHOWLWVDJRQ\,QKLVODVWGD\VKHVXIIHUHGIURP
LQWHQVHIHYHU,QRUGHUWRGHFUHDVHWKHKLJKWHPSHUDWXUHKHUHSHDWHGO\ZHWKLVULJKWKDQGZLWKZDWHU
DQGSDVVHGLW RYHUKLVIDFH/LNHDOOPRUWDOVKHWRRH[SHULHQFHGWKHDJRQ\RIWKHODVWPRPHQWVDQG
SUD\HGWR$OODKIRULWVDOOHYLDWLRQDQGVRXJKW+LV+HOS6KHLNK$O$OEDQLFRQVLGHUVWKHDXWKHQWLFLW\RI
WKLV+DGLWKDVGHILFLHQW+RZHYHUWKH3URSKHW3%8+LVDXWKHQWLFDOO\UHSRUWHGWRKDYHORVW
FRQVFLRXVQHVVGXULQJVHYHUHLOOQHVV%RWKWKH$KDGLWKRIWKLVFKDSWHUUHYHDOWKDWPDQVKRXOGVHHNKHOS
IURP$OODKDWWKHKRXURIKLVGHSDUWXUHIURPWKLVZRUOG
&+$37(5
,16758&7,1*7+(3$7,(17
6)$0,/<
72%(.,1'72+,0 &2162/,1*7+(
3$7,(176$1'6+2:,1*.,1'1(6672
21()$&,1*'($7+6(17(1&(
C,PUDQELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG$ZRPDQEHORQJLQJWRWKH
-XKDLQDKWULEHFDPHWRWKH0HVVHQJHURI$OODK3%8+DIWHUKDYLQJFRQFHLYHGIURP=LQD6KH
VXEPLWWHG20HVVHQJHURI$OODK,DPOLDEOHWR+DGGSXQLVKPHQWRUGDLQHGE\$OODKVRH[HFXWHLW
7KH0HVVHQJHURI$OODK3%8+FDOOHGKHUJXDUGLDQDQGVDLG 7UHDWKHUZHOODQGEULQJKHUWRPHDIWHU
GHOLYHU\
&RPPHQWDU\ 7KLV+DGLWKKDVUHOHYDQFHWRWKHWKHPHRIWKHFKDSWHUDVZHVHHLW0RUHRYHULWUHYHDOV
WKDWLIDZRPDQEHFRPHVSUHJQDQWDIWHUFRPPLWWLQJDGXOWHU\VKHZLOOQRWEHVXEMHFWHGWRSXQLVKPHQW
LPPHGLDWHO\,QVWHDGWKHSHQDOW\ZLOOWDNHSODFHDIWHUFKLOGELUWK7KLVZLOOFHUWDLQO\FRQWULEXWHWRWKH
UHPLVVLRQRIKHUVLQVDQGZLOODOVREHDIDFWRULQRIIHULQJWKHIXQHUDOSUD\HUIRUKHU
&+$37(5
3(50,66,%,/,7<2)
(;35(66,1*)((/,1*62)
$*21<,16(5,286,//1(66
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,YLVLWHGWKH3URSKHW^3%8+ZKLOHKH
ZDVVXIIHULQJ,VDLG20HVVHQJHURI$OODK<RXVXIIHUWRRPXFK
+HVDLG <HV,VXIIHUDVPXFK
DVWZRPHQRI\RX
>$O%XNKDULDQG0XVOLP@
7KHQ6DCGQDUUDWHGWKH
ZKROHLQFLGHQW
>$O%XNKDULDQG0XVOLP@
,WZDVKXUWLQJGXHWRSDLQ7KHUHXSRQWKH3URSKHW 3%8+VDLG 5DWKHULWLV,ZKRVD\VC2KP\
KHDGDFKH
7KHQ$O4DVLPQDUUDWHGWKHFRPSOHWHQDUUDWLRQ
>$O%XNKDUL@
7KLVPHDQVWKDWDPDQFDQH[SUHVVWKH
LQWHQVLW\RIKLVSDLQDQGVXIIHULQJSURYLGHGKHKDVQRLQWHQWLRQWRFRPSODLQDJDLQVWWKH:LOORI$OODK
DQGSRLQWRXWKLVVRUURZDQGIUXVWUDWLRQ$O4DVLPELQ0XKDPPDGELQ$EX%DNUWKHUHSRUWHURIWKLV
+DGLWKZDVC$LVKDK
VQHSKHZDQGRQHRIWKHVHYHQGLVWLQJXLVKHGMXULVWVRI$O0DGLQDK
&+$37(5
+(/3,1*$'<,1*3(562172
3521281&(C/$,/$+$
,//$//$+
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKVD\VWKDWLIDPDQ
VWRQJXHVSRQWDQHRXVO\VWDUWVXWWHULQJWKHEDVLF
WHVWLILFDWLRQRI,VODP1RQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODK
MXVWEHIRUHKLVGHDWKKHZLOO
XQGRXEWHGO\HQWHU-DQQDK+RZHYHULWLVQRWGHILQLWHZKHWKHUKHZLOOJRWR-DQQDKLQWKHILUVWSKDVHRU
ZLOOEHDGPLWWHGWRLWLQWKHVHFRQGSKDVHDIWHUXQGHUJRLQJDSXULILFDWLRQSURFHVV7KLVGHSHQGVRQWKH
:LOORI$OODK<HWDGPLVVLRQWR-DQQDKLVVXEMHFWHGWRKLVWKRURXJKXQGHUVWDQGLQJRIPRQRWKHLVPDQG
LWVFRQGLWLRQVWKDWLVWRVD\DFRPSOHWHDEVWLQHQFHIURPDSRO\WKHLVWLFFRQGXFWRIOLIH2WKHUZLVH
-DQQDKLVOLNHO\WREHGHQLHGWRPDQ\RIWKHVRFDOOHG0XVOLPVRYHUWO\LQGXOJLQJLQSRO\WKHLVP
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLPSOLHVWKH3URSKHW
VLQVWUXFWLRQWRKLVIROORZHUVWRUHFLWHWKHWHVWLILFDWLRQ
RI,VODP/DLODKDLOODOODK7KHUHLVQRWUXHJRGH[FHSW$OODKEHVLGHWKHG\LQJSHRSOHVRWKDWWKH\PD\
DOVRUHFLWHLWDIWHUKHDULQJLW<HWWKH\VKRXOGQRWEHXUJHGWRUHFLWHLWLHE\VD\LQJWRWKHG\LQJ
SHUVRQVD\LWVD\LWOHVWWKH\UHIXVHLQHPEDUUDVVPHQWLQYROYLQJDQDIIURQWWR)DLWK0D\$OODKJXDUG
XVDJDLQVWVXFKDWKLQJ
&+$37(5
6833/,&$7,2172%(0$'(
6221$)7(5$ 3(5621
6'($7+
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG7KH0HVVHQJHURI$OODK3%8+YLVLWHG
$EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLPZKHQKLVH\HVZHUHRSHQVRRQDIWHUKHGLHG+HFORVHG
WKHPWKHH\HVIRUKLPDQGVDLG :KHQWKHVRXOLVWDNHQDZD\WKHVLJKWIROORZVLW
6RPHPHPEHUVRI
KLVIDPLO\EHJDQWRZHHS+H3%8+VDLG 'RQRWVXSSOLFDWHIRU\RXUVHOYHVDQ\WKLQJEXWJRRGIRU
WKHDQJHOVVD\CDPLQ
WRZKDW\RXVD\
>0XVOLP@
&RPPHQWDU\ :KHQWKHVRXOOHDYHVWKHERG\WKHH\HVUHPDLQRSHQDVLIJD]LQJDWLW6RWKHH\HVRI
WKHGHDGERG\VKRXOGEHFORVHG6HFRQGO\RQHVKRXOGDYRLGXWWHULQJDQ\LPSUHFDWLRQRQVXFK
RFFDVLRQVDVWKHDQJHOVSUHVHQWRQWKHRFFDVLRQVD\C$PLQ
WRLW7KLUGO\WKH3URSKHW
V H[DPSOH
UHTXLUHVWKHSLRXVSHUVRQVWRYLVLWDEHUHDYHGIDPLO\&RQGROLQJWKHPWKH\VKRXOGLQYRNHVXSSOLFDWLRQ
DQGEOHVVLQJIRUWKHGHSDUWHGVRXO%HVLGHVWKH\VKRXOGSUD\WR$OODKWREOHVVWKHEHUHDYHGZLWKERWK
VSLULWXDODQGPDWHULDOJDLQVDQGPXOWLSOH JRRGQHVV6XSSOLFDWLRQDVRWKHU$KDGLWKDOVRWHOOXVLV
EHQHILFLDOWRWKHGHDGSHUVRQ&RQGROHQFHDQGVXSSOLFDWLRQLVXQGRXEWHGO\DFRQILUPHGSUDFWLFHRIWKH
3URSKHW3%8+:HDUHVXSSRVHGWRIROORZRQO\ZKDWWKH3URSKHW3%8+GLGRQVXFKRFFDVLRQV
WKDWLVWRVD\WRSUD\IRUERWKWKHGHSDUWHGVRXODQGWKHEHUHDYHGIDPLO\7KLVLVQRWFRQILUPHGLILQDQ\
PRXUQLQJVHVVLRQWKH3URSKHWHYHUSUD\HGE\UDLVLQJKLVKDQGV%XWLQYLHZRIWKHDFFHSWHGPRGHRI
SUD\LQJWRUDLVHKDQGVLVDOVRDOORZDEOH
&+$37(5
*22':25'672
%(877(5('%()25($'<,1*
3(5621$1'+,6)$0,/<
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU7KH0HVVHQJHURI$OODK3%8+VDLG :KHQ
\RXYLVLWDVLFNRUDG\LQJSHUVRQ\RXVKRXOGXWWHUJRRGZRUGVEHFDXVHWKHDQJHOVVD\C$PLQ
DWZKDW
\RXVD\
6R,VXSSOLFDWHGDVKH
GLUHFWHGDQG$OODKJDYHPHDPDQZKRZDVEHWWHUIRUPHWKDQ$EX6DODPDKLHWKH3URSKHW
0XKDPPDG3%8+7KH3URSKHW3%8+PDUULHG8PP6DODPDKDIWHUZDUGV
>0XVOLP@
&RPPHQWDU\ ,QRUGHUWRILOOWKHYDFXXPRIWKHGHDGSHUVRQWKHIDPLO\PHPEHUVVKRXOGSUD\WR$OODK
WRJUDQWWKHPDEHWWHUVXEVWLWXWHDV+HLV2PQLSRWHQWDQGQRWKLQJLVLPSRVVLEOHWR+LP
8PP6DODPDK
0D\$OODKEHSOHDVHGZLWKKHUVDLG:KHQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLPGLHG,
UHSHDWHGWKHVDPHVXSSOLFDWLRQDVWKH0HVVHQJHURI$OODK3%8+KDGFRPPDQGHGPHWRGR6R
$OODKEHVWRZHGXSRQPHDEHWWHUVXEVWLWXWHWKDQKLP,ZDVPDUULHGWR0XKDPPDGWKH0HVVHQJHURI
$OODK3%8+
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ 7KHGHDWKRIDFKLOGLVGLVWUHVVLQJWRSDUHQWV%XWLWZLOOEHDPDWWHURIJUHDWH[FHOOHQFH
RQWKHLUSDUWLIWKH\DUHSDWLHQW
>$O%XNKDUL@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKH[KRUWVXVWRNHHSVHOIFRPSRVXUHDWDPRPHQWRIWULEXODWLRQ7KH
3URSKHW
VGDXJKWHUPHQWLRQHGLQWKLV+DGLWKLV=DLQDE0D\$OODKEHSOHDVHGZLWKKHU6HHWKH
&RPPHQWDU\RQ+DGLWK1R
&+$37(5
7+(58/,1*2)&5<,1*$1'
:$,/,1*29(5$'($'3(5621
:DLOLQJLVXQDQLPRXVO\IRUELGGHQ+DUDPDVZLOOEHPHQWLRQHGODWHURQ7KHUHDUHVRPH$KDGLWK
ZKLFKIRUELGXVIURPFU\LQJRYHUVRPHERG\
VGHDWKDQGZKLFKLQIRUPXVWKDWWKHGHDGZLOOEH
WRUPHQWHGLQWKHLUJUDYHVDVDUHVXOW RIWKHLUUHODWLYHVFU\LQJRYHUWKHLUGHDWK7KLVSURKLELWLRQDSSOLHV
RQO\WRWKRVHFDVHVZKHUHFU\LQJLVDFFRPSDQLHGZLWKODPHQWLQJDQGZDLOLQJ:HHSLQJZLWKRXWWKHVH
WZRLVSHUPLVVLEOHDQGWKH$KDGLWKLQVXSSRUWRIWKLVDUHPDQ\LQFOXGLQJWKHIROORZLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 8QGHUWKHVWUHVVRIJULHIPDQEHFRPHVKHDY\KHDUWHGDQGWHDUVIORZRXWIURPKLVH\HV
7KLVLVVRPHWKLQJQDWXUDODQGEH\RQGKXPDQFRQWURO5DWKHUWKHRXWIORZRIWHDUVUHVXOWVIURP'LYLQH
FRPSDVVLRQ7KLVLVQHLWKHUIRUELGGHQQRUVXEMHFWWRDFFRXQWDELOLW\,WLVRQO\ZDLOLQJZKLFKLV+DUDP
DQGLVSXQLVKDEOH<HWPDQLVEOHVVHGZLWK'LYLQHPHUF\LIKHJLYHVH[SUHVVLRQWRSDWLHQFHDQG
JUDWHIXOQHVVE\KLVWRQJXH0RUHRYHUWRPHQWLRQWKHPHULWVDQGH[FHOOHQFHRIDGHSDUWHGVRXOLVLQ
LWVHOIDJRRGWKLQJEHFDXVHRWKHUVPD\EHVWLPXODWHGWRDGRSWWKHP%XWWRUHFRXQWWKHPE\ZD\RI
ZDLOLQJLVGLVOLNHG$+DGLWKVD\VWKDWDGHDGSHUVRQLVWRUPHQWHGEHFDXVHRIWKHZHHSLQJRIKLV
KRXVHKROG+HUHZHHSLQJPHDQVODPHQWLQJDQGZDLOLQJ2WKHUZLVHWRZHHSLVKXPDQLQVWLQFWDQGQR
FXUEVFDQEHSXWRYHULW%HVLGHVWKLVZDUQLQJLVPHDQWIRUVXFKDSHUVRQZKRPLJKWKDYHEHHQ
DFFXVWRPHGWRZDLOLQJGXULQJKLVOLIHWLPH2UKHPLJKWKDYHOHIWDZLOOWRKLVIDPLO\IRUZDLOLQJRYHU
KLVGHDWK0D\EHKHFRQVFLRXVO\DYRLGHGJLYLQJDSUHGHDWKZDUQLQJWRKLVNLWKDQGNLQDJDLQVWZDLOLQJ
,QDOOWKHWKUHHVLWXDWLRQVKHZLOOEHHTXDOO\KHOGDFFRXQWDEOHZLWKKLVVRXOEHLQJWRUPHQWHGIRUWKH
ZDLOLQJRIKLVUHODWLYHV,QFDVHKHLVXQLQYROYHGLQDQ\RIWKHVLWXDWLRQVKHZLOOUHPDLQIUHHIURP
KHOOLVKWRUPHQWV,QVWHDGWKHZDLOHUVZLOOKDYHWREHDUWKHEUXQWRIWKHLUVLQ$VWKH4XU
DQVD\V 1R
RQHODGHQZLWKEXUGHQVFDQEHDUDQRWKHU
VEXUGHQ
8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$JUDQGVRQFKLOGRIWKHGDXJKWHURI
WKH0HVVHQJHURI$OODK3%8+ZDVSUHVHQWHGWRKLPZKLOHWKHFKLOGZDVDWKLVODVWEUHDWK7HDUV
EHJDQWRIORZIURPWKHH\HVRIWKH0HVVHQJHU RI$OODK3%8+6DCGVDLGWRKLP:KDWLVWKLV2
0HVVHQJHURI$OODK"
>$O%XNKDULDQG0XVOLP@
7KHQKHEHJDQWR
ZHHSDQGVDLG7KHH\HVDUHVKHGGLQJWHDUVDQGWKHKHDUWLVJULHYHGDQGZHZLOOQRWVD\H[FHSWZKDW
SOHDVHVRXU5XEE2,EUDKLP ,QGHHGZHDUHJULHYHGE\\RXUGHSDUWXUH
>$O%XNKDUL@
&RPPHQWDU\ 7KHGHDWKRIWKH3URSKHW
VVRQ,EUDKLPERUQRI0LUL\DK0D\$OODKEHSOHDVHGZLWK
KHUKDGRFFXUUHGLQWKHWHQWK\HDURI+LMUD7KH$KDGLWKFOHDUO\SURYHWKDWZHHSLQJRYHUDORYHGRQH
V
GHDWKLVSHUPLVVLEOH%XWLWVKRXOGEHYRLGRIZDLOLQJ
&+$37(5
352+,%,7,212)',6&/26,1*
7+(3+<6,&$/'()(&762)7+(
'(&($6('
$EX5DILC$VODP0D\$OODKEHSOHDVHGZLWKKLPWKHIUHHGVODYHRIWKH0HVVHQJHURI$OODK
3%8+UHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG +HZKRZDVKHVDGHDGERG\DQGFRQFHDOV
ZKDWKHQRWLFHVRISK\VLFDOGHIHFWVKHZLOOEHIRUJLYHQIRUW\WLPHV
>$O+DNLP@
&RPPHQWDU\ ,IGXULQJZDVKLQJDPDQ
VGHDGERG\WKHZDVKHUKDVQRWLFHGVRPHSK\VLFDOGHIHFWRU
VRPHVRUWRIGHIRUPDWLRQLQLWKHVKRXOGDYRLGGLVFORVLQJLWWRRWKHUVVRWKDWDEDGQDPHPD\QRWFRPH
WRWKHGHSDUWHGVRXO<HWWKHGHIRUPLW\LQKLVERG\PD\KDYHFRPHDVD'LYLQHYHQJHDQFHIRUWKH
VLQIXODQGKHUHWLFOLIHOHGE\KLPLQWKLVZRUOG,QWKLVFDVHWKHUHZLOOEHURRPIRUVXFKDGLVFORVXUH
%HFDXVHRQEHLQJGUHDGHGDQGZDUQHGRIDKRUULEOHHQGSHRSOHZLOOFRPHWRDGRSWDFOHDQDQGSXUHOLIH
LQDFFRUGDQFHZLWKWKHUHOLJLRXVSULQFLSOHV
&+$37(5
3$57,&,3$7,21,1)81(5$/35$<(5$1'
352&(66,21$1'7+(',6/,.(2)
:20(13$57,&,3$7,1*
,17+()81(5$/352&(66,21
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KRHYHUIROORZVWKHIXQHUDOSURFHVVLRQDQGRIIHUVWKHIXQHUDOSUD\HUIRULWZLOOJHWDUHZDUGHTXDOWR
RQH4LUDWDQGZKRHYHUDWWHQGVLWWLOOEXULDOZLOOJHWDUHZDUGHTXDOWRWZR4LUDW
,WZDVDVNHG:KDW
DUHWZR4LUDW"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3DUWLFLSDWLRQLQD0XVOLP
VIXQHUDOSURFHVVLRQDQGSUD\HUIRUKLPEULQJVD0XVOLPD
JUHDWUHZDUG OLNHWKHPDVVLYHQHVVRIDELJPRXQWDLQ$QGLIKHVWD\VEHVLGHWKHJUDYHWLOOWKHEXULDO
WDNHVSODFHWKHUHZDUGZLOOEHFRPHWZRIROGWKDWLVHTXDOLQJWKHPDVVLYHQHVVRIWZRKXJHPRXQWDLQV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KRVRHYHUDWWHQGVWKHIXQHUDORID0XVOLPEHOLHYLQJDQGKRSLQJIRUWKHUHZDUGIURP$OODKDQG
UHPDLQVZLWKLWXQWLOWKHSUD\HULVRIIHUHGRYHULWDQGWKHEXULDOLVFRPSOHWHGKHZLOOUHWXUQZLWKD
UHZDUGRIWZR4LUDWHDFK4LUDWLVHTXLYDOHQWWR0RXQW8KXGDQGZKRVRHYHURIIHUVKLVSUD\HURYHULW
DQGUHWXUQVEHIRUHLWVEXULDOKHZLOOFRPHEDFNZLWKRQH4LUDW
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKH[SODLQVWKDWWKHRQO\SHUVRQZKRZLOOHDUQWKHUHZDUGVIRUSDUWLFLSDWLQJLQ
WKHIXQHUDOSUD\HULVWKHRQHZKRGRHVLWRQO\WRIXOILOOWKH&RPPDQGVRI$OODKLQRUGHUWRVHHN+LV
3OHDVXUH,WZLOOEHGHQLHGWRKLPLQFDVHKLVLQWHQWLRQLVEDVHGRQVRFLDOSROLWLFDODQGIDPLO\
FRQVLGHUDWLRQV
&RPPHQWDU\ :RPHQKDYHEHHQSURKLELWHGIURPZDONLQJDORQJWKHELHUVRDVWRHVFDSHPL[LQJZLWK
PHQ<HWWKH\KDYHURRPIRUSDUWLFLSDWLRQZKHQWKHUHLVQRGDQJHURIPL[LQJZLWKPHQ+HUHODFNRID
KDUGHQHGVWDQFHPHDQVWKDWZRPHQLIDQGZKHQUHTXLUHGFDQZDONVLGHE\VLGHZLWKWKHELHUEXWQRW
ZLWKRXWPHHWLQJWKHSUHUHTXLVLWHV7KHRUWKRGR[C8ODPD
WKHUHIRUHFDOOWKLV6KDULCDKUHVWUDLQWE\WKH
QDPHRIVXJJHVWLYHSURKLELWLRQ)DWK$O%DUL
&+$37(5
(;&(//(1&(2)3$57,&,3$7,21
,1)81(5$/35$<(56,1/$5*(
180%(56$1')250$7,212)
7+5((52:625025(
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG ,ID
JURXSRI0XVOLPVQXPEHULQJDKXQGUHGSHUIRUPIXQHUDOSUD\HURYHUDGHDGSHUVRQDQGDOORIWKHPDVN
$OODK
VIRUJLYHQHVVIRUKLPWKHLU SUD\HUIRUKLPZLOOEHDFFHSWHG
>0XVOLP@
>0XVOLP@
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHVH$KDGLWKUHYHDOWRXVWKDWWKHPD[LPXPSDUWLFLSDWLRQRISHRSOHLQDIXQHUDOSUD\HU
LVDZHOFRPHVLJQ%XWWKHFRQGLWLRQLVWKDWWKH\VKRXOGEHULJKWHRXVSHRSOHZHOOURRWHGLQ)DLWKDQG
PRQRWKHLVWLFEHOLHI%XWKHUHWLFVDQGWKRVHZKRDVVRFLDWHSDUWQHUVZLWK$OODKLQZRUVKLSKDYHQRYDOXH
WR$OODK,IWKHSDUWLFLSDQWVDUHVPDOOLQQXPEHUWKH\VKRXOGEHGLYLGHGLQWKUHHURZV'LIIHUHQW
$KDGLWKVSHDNRIGLIIHUHQWQXPEHUVDOORIZKLFKFRQYH\WKHVHQVHRIDEXQGDQFH$QGWKLVDEXQGDQFHLV
QRWWREHWDNHQLQWKHXQTXDOLILHGVHQVHUDWKHULWPHDQVWKHDEXQGDQFHRIVLQFHUHDQGSLRXVEHOLHYHUV
DQGPRQRWKHLVWV0D\$OODKPXOWLSO\WKHLUQXPEHU
&+$37(5
6833/,&$7,216,1)81(5$/
35$<(56
7RSURQRXQFHIRXU7DNELUVD\LQJ$OODKX$NEDULQWKHIXQHUDOSUD\HU$IWHUWKHILUVW7DNELUDIWHU
VD\LQJ$CXGKXELOODKLPLQDVK6KDLWDQLUUDMLPUHFLWH6XUDW$O)DWLKDK$IWHUWKHVHFRQG7DNELUVHQG
6DODP>$OODKXPPD6DOOLCDOD0XKDPPDGLQZDCDODDOL0XKDPPDGLQNDPDVDOODLWDCDOD,EUDKLPDZD
CDODDOL,EUDKLPDLQQDND+DPLGXQ0DMLG$OODKXPPDEDULNCDOD0XKDPPDGLQZDCDODDOL
0XKDPPDGLQNDPDEDUDNWDCDOD,EUDKLPDZDCDODDOL,EUDKLPDLQQDND+DPLGXQ0DMLG7KHQDIWHUWKH
WKLUG7DNELULQYRNHVXSSOLFDWLRQIRUWKHGHFHDVHGDQGIRUWKH0XVOLPVDVZHZLOOPHQWLRQODWHURQLQ
VKD
$OODK$IWHUWKHIRXUWK7DNELUVXSSOLFDWH$OODK6RPHRIWKHVXSSOLFDWLRQVRIWKH0HVVHQJHURI
$OODK3%8+ZKLFKDUHWREHUHFLWHGDIWHUWKHWKLUG7DNELUDUHPHQWLRQHGLQWKHIROORZLQJ$KDGLWK
$IWHUKHDULQJWKLVVXSSOLFDWLRQRIWKH
0HVVHQJHURI$OODK3%8+$EX
$EGXU5DKPDQ
$XIELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP
VDLG,ZLVKHG,KDGEHHQWKDWGHDGPDQ
>0XVOLP@
>$EX'DZXGDQG$W7LUPLGKL@
>$EX'DZXGDQG,EQ0DMDK@
>$EX'DZXG@
>$EX'DZXG@
>$O+DNLP@
&RPPHQWDU\ $OOWKHDERYHPHQWLRQHGVXSSOLFDWLRQVDUHWKRVHZKLFKZHUHUHFLWHGE\WKH3URSKHW
3%8+LQWKHIXQHUDOSUD\HUV,WLVWKHUHIRUHDGYLVDEOHLIWKH\DUHDOOSXWWRJHWKHUDQGUHFLWHGEHFDXVH
ZHDUHFRPPDQGHGWRSUD\VLQFHUHO\IRUDGHDGERG\$QRWKHUSRLQWFRPHVWRRXUNQRZOHGJHDERXWWKH
IXQHUDOSUD\HUWKDWLVWRVD\LWPD\EHVDLGDORXGDVDIILUPHGE\WKHDERYHPHQWLRQHG$KDGLWKEHFDXVH
LIWKH3URSKHW3%8+KDGQRWRIIHUHGLWDORXGWKH&RPSDQLRQVZRXOGQRWKDYHEHHQDEOHWRPHPRUL]H
WKHVHVXSSOLFDWLRQV7KLUGO\ZHDUHXQFHUWDLQWKDWDIWHUVD\LQJDIXQHUDOSUD\HUWKH3URSKHWDQGKLV
&RPSDQLRQVHYHUVWRRGURXQGWKHELHUDQGVXSSOLFDWHGIRUWKHGHDGERG\,WLVDQLQQRYDWLRQ %LGCDK
DQG PXVWEHDEROLVKHG:HDUHXQDXWKRUL]HGWRUHIHUWKLVSUDFWLFHWRWKH3URSKHW3%8+,WORRNV
VWUDQJHWKDWEHOLHYHUVVKRXOGSHUVLVWLQUHFLWLQJVXSSOLFDWLRQVLQWKHLURZQVHOIVW\OHGZD\DIWHUWKH
IXQHUDOSUD\HUEXWGHVLVWIURPWKHPGXULQJWKHIXQHUDOSUD\HUWRZKLFKWKH\KDYHUHOHYDQFH,WLPSOLHV
WKDWSUD\HULVQRWWKHREMHFWRIWKHLUSXUVXLWRWKHUZLVHWKH\ZRXOGKDYHSUD\HGLQDFFRUGDQFHZLWKWKH
6XQQDK,QIDFWWKH\FKHULVKWKHLUVHOIIDEULFDWHGOLQHRIDFWLRQDQGVHHPGHWHUPLQHGWRSXUVXHLW0D\
$OODKJUDQWWKHPULJKWXQGHUVWDQGLQJ
&+$37(5
+$67(,1%85,$/
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH3URSKHW3%8+VD\LQJ
+XUU\XSZLWKWKHGHDGERG\IRULWVEXULDOIRULILWLVSLRXV\RXDUHVSHHGLQJLWWRJRRGQHVVDQGLILW
LVRWKHUZLVH\RXDUHOD\LQJDQHYLORII\RXUQHFNV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKXQGHUOLQHVWKH3URSKHW
VFRPPDQGRIDQXQGHOD\HGVKURXGLQJDQGEXULDORI
DGHDGERG\DVZHOODVWKHUDWLRQDOHEHKLQGLW+HQFHWKHUHVKRXOGEHQRXQQHFHVVDU\GHOD\LQWKH
IXQHUDOUDWKHUWKHEXULDOSURFHVVLRQVKRXOGUHDFKWKHJUDYHZLWKXWPRVWKDVWHZLWKRXWRIFRXUVHFDXVLQJ
LQFRQYHQLHQFHWRWKRVHIROORZLQJLWQRUVKDNLQJWKHGHDGERG\
>$O%XNKDUL@
&RPPHQWDU\ 2QO\$OODKNQRZVWKHUHDOLW\DVWRKRZDGHDGERG\VSHDNV+RZHYHUQR
LPSUREDELOLW\LVLQYROYHGLQWKLVPDWWHU$OODKLVHPSRZHUHGWROHWDQ\GHDGERG\VSHDNLI+HVROLNHV
:HDUHVXSSRVHGWREHOLHYHLWRQWKHDXWKRULW\RIDXWKHQWLF$KDGLWK
&+$37(5
$%28763(('<5(3$<0(172)
7+('(%762)$'(&($6('3(5621$1'
35(3$5$7,212)%85,$/
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG 7KHVRXORI
WKHGHFHDVHGEHOLHYHUUHPDLQVSHQGLQJRQDFFRXQWRIWKHGHEWWLOOLWWKHGHEWLVUHSD\HG
>$W7LUPLGKL@
&RPPHQWDU\ 7KH'LYLQHGHFLVLRQUHJDUGLQJWKHUHGHPSWLRQRUSXQLVKPHQWRIDGHDGPDQUHPDLQV
VXVSHQGHGWLOOWKHWLPHKLVGHEWLIDQ\LVSDLGRII$EHUHDYHGIDPLO\LVVXSSRVHGWRJLYHWRSSULRULW\WR
WKHFOHDUDQFHRIDGHEW
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDGHOD\LQWKHEXULDORIDGHDGSHUVRQZLOOEHFRQVLGHUHGLOO
DGYLVHGLIQRWVXSSRUWHGE\VROLGUHDVRQVRUD6KDULCDKDUJXPHQW
&+$37(5
$'021,7,21%(6,'(
7+(*5$9(
C$OL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:HZHUHDFFRPSDQ\LQJDIXQHUDOSURFHVVLRQLQ
%DTLC $O*KDUTDGJUDYH\DUGLQ$O0DGLQDKZKHQWKH0HVVHQJHURI$OODK3%8+SURFHHGHG
WRZDUGVXVDQGVDWGRZQ:HVDWDURXQGKLP+HKDGDVPDOOVWLFNLQKLVKDQG+HZDVEHQGLQJGRZQ
KLVKHDGDQGVFUDSLQJWKHJURXQGZLWKWKHVWLFN+HVDLG 7KHUHLVQRQHDPRQJ\RXEXWKDVDSODFH
DVVLJQHGIRUKLPHLWKHULQWKH-DQQDKRULQWKH+HOO
7KH&RPSDQLRQVVDLG20HVVHQJHURI$OODK
VKRXOGZHQRWGHSHQGXSRQZKDWKDVEHHQZULWWHQIRUXVDQGJLYHXSGRLQJJRRGGHHGV"
7KH
0HVVHQJHURI$OODK3%8+VDLG &DUU\RQGRLQJJRRGGHHGV(YHU\RQHZLOOILQGLWHDV\WRGRVXFK
GHHGVDVZLOOOHDGKLPWRKLVGHVWLQHGSODFHIRUZKLFKKHKDVEHHQFUHDWHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHVXEMHFWRIWKLVFKDSWHULVH[DFWO\UHODWHGWRWKH+DGLWKDFFRXQWLQJIRUUHDVRQVRI
JLYLQJDVHUPRQVSHHFKEHVLGHWKHJUDYH$VWKHGLPHQVLRQRIWKHZRUOG
VLPSHUPDQHQWQDWXUHDQGD
KHDUWPRYLQJVFHQHGLUHFWO\FRQIURQWDPDQ
VH\HVRQWKLVRFFDVLRQDQ\PRUDOH[KRUWDWLRQLVPRVW
OLNHO\WRWRXFKWKHKHDUW6HFRQGO\WKHJRRGRUEDGGHHGVRIPDQGXULQJKLVIL[HGOLIHVSDQLQWKLV
ZRUOGSUHILJXUHLQ$OODK
V.QRZOHGJHDQG+HKDVRUGDLQHGWKHJRRGRUEDGHQGRIHYHU\ERG\%XWWKLV
GRHVQRWPHDQWKDWPDQLVVLPSO\KHOSOHVVLQGRLQJZKDW$OODKKDVSUHGHWHUPLQHG,QGHHG$OODK
DOUHDG\NQRZVWKDWVXFKDQGVXFKDSHUVRQZLOODGRSWWKHULJKWHRXVFRQGXFWDQGPHHWDJRRGHQGDQG
VXFKDQGVXFKDSHUVRQZLOOWDNHWRWKHPLVFKLHYRXVZD\DQGFRQVHTXHQWO\PHHWDEDGHQG8QOHVVPDQ
KDVDFFHVVWR$OODK
V.QRZOHGJHDQGWKH3UHVHUYHG7DEOHWZKLFKLVLPSRVVLEOHKHLVQRWVXSSRVHGWR
JLYHXSWKHULJKWFRQGXFWE\EDQNLQJXSRQ+LV.QRZOHGJH:KHQKHLVWRWDOO\LJQRUDQWRIWKH6DFUHG
:ULW RQKLVXOWLPDWHHQGKHKDVQRRWKHUFKRLFHEXWWRFRQWLQXHHQGHDYRXULQJLQJRRGSXUVXLWV$OODK
KDVJLYHQKLPWKHIUHHGRPRIFKRLFHDQGZLOOVXEMHFWKLPWRDFFRXQWDELOLW\RQWKLVFRXQWDORQH
0RUHRYHULWLVWKH'LYLQHSULQFLSOHWKDW+HKHOSVHYHU\ERG\GRRQO\WKDWW\SHRIZRUN IDFLOLWDWLQJLW
WRKLPDVZHOO ZKLFKLVJHUPDQHWRKLVEHQWRIPLQG7KHQWKHUHLVQRUHDVRQWKDWPDQVKRXOGODJ
EHKLQGLQHPEDUNLQJXSRQWKHYLUWXRXVSDWKDQGQRWWU\WRVHHNWKH*UDFHRI$OODK
&+$37(5
6833/,&$7,21)257+(
'(&($6('$)7(5+,6%85,$/
$EX C$PUDOVRFDOOHG$EX C$EGXOODKDQGDOVR$EX/DLODIURPC8WKPDQELQC$IIDQ0D\$OODK
EHSOHDVHGZLWKKLPUHSRUWHG$IWHUWKHEXULDORIDGHDGPDQWKH3URSKHW3%8+ZRXOGVWDQGE\WKH
JUDYHDQGVD\ $VN$OODKWR IRUJLYH\RXUEURWKHUDQGVXSSOLFDWHIRUKLPIRUVWHDGIDVWQHVVEHFDXVHKHLV
EHLQJTXHVWLRQHGDERXWKLVGHHGVQRZ
>$EX'DZXG@
&RPPHQWDU\ :HDUHWROGLQWKLV+DGLWKWKDWWZRDQJHOVTXHVWLRQPDQLQWKHJUDYH$OODKKHOSVDWUXH
EHOLHYHULQDQVZHULQJFRUUHFWO\+HVD\VWRWKHDQJHOV$OODKLVP\5XEE,VODPLVP\UHOLJLRQ$QG
WKHPDQVHQWE\$OODKDV+LV3URSKHWLV0XKDPPDG
$FRQGHPQHGSHUVRQZLOOVD\$D$D,GRQRW
NQRZ
:HDUHWKHUHIRUHSDUWLFXODUO\LQVWUXFWHGWKDWDIWHUWKHEXULDORIDIHOORZ0XVOLPZHVKRXOG
VXSSOLFDWHEHVLGHKLVJUDYHIRUKLVEHLQJILUPIRRWHGDJDLQVWWKHRUGHDOWRZKLFKKHZLOOEHVXEMHFWHG
>0XVOLP@
&+$37(5
&+$5,7<21%(+$/)2)
7+('(&($6('$1'35$<,1*
)25+,0
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRFDPHDIWHUWKHPVD\C2XU5XEE)RUJLYHXVDQGRXUEURWKHUVZKRKDYH
SUHFHGHGXVLQ )DLWK
7KH0HVVHQJHURI$OODK
3%8+VDLG <HVVKHZLOOEHUHZDUGHGIRUWKDW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSODLQO\WHOOVXVWKDWWKHUHZDUGRIWKHDOPVJLYHQRQEHKDOIRIDGHDG
SHUVRQUHDFKHVKLV RUKHUVRXOMXVWOLNHWKHEHQHILWRISUD\HULIDFFHSWHGE\$OODK&KDULW\DQGSUD\HU
DUHWZRSHUPLVVLEOHIRUPVRIWKHWUDQVPLVVLRQRIEOHVVLQJWRWKHGHDG%XWULWHVOLNHC4XO
DQG
C&KHKOXP
DUHDOORI+LQGXRULJLQWRZKLFKWKHLJQRUDQW0XVOLPVKDYHWDNHQDIDQF\6LPLODUO\4XU
DQ
UHDGLQJPHDQWWRWUDQVPLWUHZDUGWRDGHDGPDQ
VVRXOLVDJDLQVWWKH3URSKHW
VH[DPSOH$OOVXFK
REVHUYDQFHVDUHRIQRXVHWRWKHGHDG2QO\VFULSWXUDOFKDQQHOVFDQEHEHQHILFLDOWRWKHPDQGWKH\DUH
RQO\WZR SUD\HUDQGFKDULW\%XWRQO\WKDWFKDULW\FRXQWVZKLFKFRPHVIURPWKHFKLOGUHQRIWKHGHDG
DQGWKH+DGLWKWRRKDVVSHFLILHGLW2EYLRXVO\DOPVJLYLQJE\DQ\RWKHUSHUVRQWKDQWKHRIIVSULQJ
FDQQRWEHFRQVLGHUHGULJKWIXORUUHZDUGLQJWRWKHGHDG)RUIXUWKHUGHWDLORQHFDQ UHIHUWR6KHLNK$O
$OEDQL
V$KNDPXO-DQDL]
>0XVOLP@
&RPPHQWDU\ $WKRXJKWIXOUHIOHFWLRQRIWKLV+DGLWKZLOOUHYHDOWKDWWKHWKUHHWKLQJVDUHLQGHHGPDQ
V
RZQJRRGGHHGVZKLFKVRPHKRZFRQWLQXHWRH[LVWHYHQDIWHUKLVGHDWK)RUH[DPSOHSODFHVOLNHD
KRVSLWDODPRVTXHDUHOLJLRXVVFKRRODQGDZHOOEXLOWE\DPDQFRQWLQXHWRRSHUDWHOLNHDWUXVWDVWUDFHV
RIKLVDFWLYLW\LQHDUWKO\OLIH7RTXRWHWKH4XU
DQ
6RORQJDVWKH\H[LVWDQGSHRSOHEHQHILWIURPWKHPWKHGHDGSHUVRQZLOONHHSUHFHLYLQJKLVGXHUHZDUG
7KHVDPHLVSHUWLQHQWWRWKHVSUHDGRINQRZOHGJHRI,VODPLFGLVFLSOLQHVWRSHRSOH
VPRUDOXSOLIW)RU
LQVWDQFHLIGXULQJKLVOLIHWLPHKHZURWHERRNVEDVHGRQ4XU
DQDQG+DGLWKDGYRFDWHGWKH FDXVHRI
,VODPLQVWUXFWHGORWVRISXSLOVLQ,VODPLFWHDFKLQJVLWZLOOEHFRXQWHGDVDQXQHQGLQJDFWLYLW\RQKLV
SDUW7RTXRWHD+DGDWK7KHRQHZKRFDOOHGSHRSOHWRDGRSWWKH5LJKW3DWKZLOOUHFHLYHUHZDUGLQWKH
VDPHPHDVXUHDVGLGWKRVHZKRKDGWKHJRRGIRUWXQHWRIROORZKLP
%HVLGHVWKLV+DGLWKWHOOVXVWKDW
DIWHUKLVGHDWKPDQZLOOUHFHLYHUHZDUGE\WKHSUD\HUVRIKLVYLUWXRXVFKLOGUHQDQGRWKHU$KDGLWKWRR
FRQILUPLW7KLVFOHDUVWKHLVVXHRIVHQGLQJWKHIUXLWRIJRRGZRUNVWRWKHZHOIDUHRI DGHDGSHUVRQ
V
VRXO&KDULW\RUWKHFRQWLQXDOFKDULW\IURPWKHSDUWRIDGHDGSHUVRQKLPVHOIEHQHILFLDO UHOLJLRXV
NQRZOHGJHDQGSUD\HUDUHDFWVRI6XQQDKXQGHUWKLVUXOH:LWKWKHH[FHSWLRQRIWKHVHDOORWKHUGHHGV
GRQRWEHQHILWWKHGHDG+RZHYHULIWKHGHDGSHUVRQZDVXQGHUREOLJDWLRQWRSHUIRUP+DMMRUKDG
PLVVHGREOLJDWRU\RUYRZHGIDVWVKLVKHLUVDUHFRPPDQGHGE\WKH3URSKHW3%8+WRREVHUYHWKHPRQ
KLVEHKDOI%HFDXVHWKLVLVOLNHDGHEWSD\DEOHE\WKHGHDGSHUVRQDQGKLVKHLUVDUHXQGHUREOLJDWLRQWR
GLVFKDUJHLWIRUKLP<HWWKLVUXOHLVLQDSSOLFDEOHWRRWKHUIRUPVRISK\VLFDOZRUVKLS
&+$37(5
35$,6,1*7+('(&($6('
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG6RPH&RPSDQLRQVKDSSHQHGWRSDVVE\DIXQHUDO
SURFHVVLRQELHUDQGWKH\SUDLVHGKLPWKHGHFHDVHG7KH3URSKHW3%8+VDLG +HZLOOFHUWDLQO\
HQWHULW
7KHQWKH\SDVVHGE\DQRWKHUIXQHUDOSURFHVVLRQDQGWKH\VSRNHLOORIWKHGHFHDVHG7KH
3URSKHW3%8+VDLG +HZLOOFHUWDLQO\HQWHULW
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWK
KLPVDLG20HVVHQJHURI$OODKZKDWGR\RXPHDQE\C+HZLOOFHUWDLQO\HQWHULW"
+H3%8+
UHSOLHG <RXSUDLVHGWKHILUVWSHUVRQVRKHZLOOHQWHU-DQQDKDQG\RXVSRNHLOORIWKHVHFRQGSHUVRQ
VRKHZLOOHQWHU+HOO<RXDUH$OODK
VZLWQHVVHVRQHDUWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHPDUNVRIWUXHEHOLHYHUVUHIOHFWWKHLUULJKWHRXVQHVVDQGLQWHJULW\RIFKDUDFWHU,I
WKH\EHDUZLWQHVVWRWKHSXULW\RIKHDUWRIDPDQKHLVVXUHWRJRWR-DQQDK$QGLIWKH\FRPPHQWRQWKH
HYLOPLQGHGQHVVRIVRPHERG\KHLVOLNHO\WREHFRQVLJQHGWR+HOOILUH,QGHHGDEHOLHYHUQHYHUXWWHUV
DQ\WKLQJRXWRIPDOLFHRUVHOIFRQFHLW7KHUHDUHVRPH$KDGLWKZKLFKIRUELGXVWRVSHDNLOORIGHDG
SHRSOH7KLVUXOHDSSOLHVWRWKHWUXHEHOLHYHUVRQO\7KH6KDULCDKDUJXPHQWLVDJDLQVWLW+RZHYHUZH
DUHDOORZHGWRWDONDERXWWKHPLVGHHGVRIWKHLQILGHOVDQGSHRSOHZKRFRPPLWVLQVRSHQO\GLVUHJDUGLQJ
WKH6KDULCDKVRWKDWRWKHUVPD\DEVWDLQIURPLPLWDWLQJDEDGH[DPSOH
7KHQDQRWKHUIXQHUDOSURFHVVLRQSDVVHGE\
DQGWKHSHRSOHSUDLVHGWKHGHFHDVHGC8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPVDLG+H
ZLOOFHUWDLQO\HQWHULW
$WKLUGIXQHUDOSURFHVVLRQSDVVHGE\DQGWKHSHRSOHVSRNHLOORIWKHGHFHDVHG
+HVDLG+HZLOOFHUWDLQO\HQWHULW
+HUHSOLHG,VDLGWKHVDPHDVZDVVDLG
E\WKH3URSKHW3%8++H3%8+VDLG C,IIRXUSHUVRQVWHVWLI\WKHULJKWHRXVQHVVRID0XVOLP$OODK
ZLOOJUDQWKLP-DQQDK
:HDVNHGC,IWKUHHSHUVRQVWHVWLI\KLVULJKWHRXVQHVV"
+H3%8+UHSOLHG
C(YHQWKUHH
7KHQZHDVNHG C,IWZR"
+H3%8+UHSOLHG C(YHQWZR
:HGLGQRWDVNKLPUHJDUGLQJ
WKHWHVWLPRQ\RIRQH
>$O%XNKDUL@
&+$37(5
683(5,25,7<2)21(:+2,6
%(5($9('2)+,6,1)$176
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG $Q\
0XVOLPZKRORVHVWKUHHFKLOGUHQEHIRUHWKH\UHDFKWKHDJHRIPDWXULW\ZLOOEHJUDQWHG-DQQDKE\
$OODKWKH([DOWHGRXWRI+LV0HUF\IRUWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QO\WKDWPDQZKRSDWLHQWO\HQGXUHVWKHORVVRIKLVFKLOGUHQDQGH[SHFWVUHZDUGIURP
$OODKZLOOHQMR\WKLVSULYLOHJH$OODKZLOOKDYHPHUF\RQVXFKSHRSOHDQGDGPLWWKHPLQWR-DQQDK
RZLQJWR+LV0HUF\WRZDUGVWKHVHLQQRFHQWFKLOGUHQ
>$O%XNKDULDQG0XVOLP@
>$OODK
V2DWKKHUHUHIHUVWR+LV$\DK 7KHUHLVQRWRQHRI\RXEXWZLOOFURVVRYHULW+HOO
$QGWKHFURVVLQJZLOOEHDFURVVWKHC%ULGJH
VHWRYHUWKH+HOO@
&RPPHQWDU\ 2QWKH'D\RI5HVXUUHFWLRQDOOKXPDQVEHOLHYHUVDQGGLVEHOLHYHUVZLOOKDYHWRFURVV
WKHCC6LUDWRU%ULGJH
VHWRYHUWKH+HOO%HOLHYHUVZLOOFURVVLWLQWKHWZLQNOLQJRIDQH\HDFFRUGLQJWR
WKHLUUHVSHFWLYHGHHGVGRQHLQWKHZRUOG6RPHZLOOFURVVLWZLWKWKHVSHHGRIOLJKWQLQJDQGWKHDLU
VRPHOLNHELUGVDQGVRPHOLNHILQHKRUVHVDQGRWKHUVOLNHULGLQJDQLPDOV$OORIWKHPZLOOFURVVWKH
%ULGJHVRPHKDUPHGDQGVRPHXQKDUPHG6RPHZLOOIDOOLQWR+HOOEXWZLOOODWHUEHUHPRYHGIURPLW
WKURXJKWKH3URSKHW
VLQWHUFHVVLRQ+RZHYHUWKHLQILGHOVZLOOQRWEHDEOHWRFURVVLWDQGDOORIWKHPZLOO
ODQGLQ+HOO7KHEHOLHYHUZKRORVHVWKUHHFKLOGUHQDQGSDWLHQWO\HQGXUHVWKLVDIIOLFWLRQDQGDQWLFLSDWHV
$OODK
VUHZDUGLQWKH+HUHDIWHUZLOODOVREHERXQGWRFURVVWKH%ULGJHLQGHIHUHQFHWRWKH'LYLQH
GHWHUPLQDWLRQ
7KH0HVVHQJHURI$OODK3%8+
IL[HGDGD\DQGGLUHFWHGWKHPWRDVVHPEOH:KHQWKH\JDWKHUHGWKH3URSKHW3%8+ZHQWWRWKHPDQG
WDXJKWWKHPZKDW$OODKKDGWDXJKWKLP+H3%8+WKHQVDLG $Q\ZRPDQRI\RXZKRVHWKUHH
FKLOGUHQGLHLQLQIDQF\WKH\ZLOOEHDJXDUGIRUKHUDJDLQVW)LUHRI+HOO
2QHRIWKHZRPHQDVNHG
:KDWLIVKHORVHVWZR"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,VODPUHTXLUHVXVWRGRDOOWKDWZHFDQWRLPSDUWPRUDOLQVWUXFWLRQDQGWKHNQRZOHGJHRI
,VODPLFVFLHQFHVWRZRPHQ,IDZRPDQKHUVHOIKDVUHFHLYHG,VODPLFHGXFDWLRQDQGSRVVHVVHVWKH
RXWORRNRIDWUXH0XVOLPWKHFKLOG
VXSEULQJLQJZLOODXWRPDWLFDOO\EHIDVKLRQHG RQ,VODPLFOLQHV7KH
\RXQJHUJHQHUDWLRQ
VDYHUVLRQWR,VODPDQGLWVDORRIQHVVIURP,VODPLFPDQQHUVFDQEHUHIHUUHGLQWKH
ILUVWSODFHWRPRWKHU
VODFNRI,VODPLFHGXFDWLRQ,QIDFWWKH0XVOLPZRPHQHVVHQWLDOO\QHHGWREH
JURXQGHGLQ,VODPLFVFLHQFHVVRDVWRJXLGHWKHLUFKLOGUHQ
&+$37(5
:((3,1*:+,/(3$66,1*
%<7+(*5$9(62)
7+(,1),'(/6
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG:KHQWKH0HVVHQJHURI$OODK3%8+DQG
KLV&RPSDQLRQVUHDFKHG$O+LMUWKHGZHOOLQJVRIWKH7KDPXGSHRSOHKHDGPRQLVKHGKLV&RPSDQLRQV
VD\LQJ 'RQRWSDVVE\WKHVHSHRSOHZKRDUHEHLQJWRUPHQWHGZLWKRXWZHHSLQJOHVWWKHSXQLVKPHQW
VKRXOGEHIDOO\RXDVLWKDGEHIDOOHQWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH7KDPXGZHUHWKHSHRSOHWRZKRVHJXLGDQFH$OODKVHQW3URSKHW6DOLK7KH\OLYHG
EHWZHHQ$O0DGLQDKDQG6\ULD,Q$+ZKHQWKH3URSKHW3%8+ZHQWWRWKH6\ULDQERUGHUIRUWKH
7DEXNH[SHGLWLRQKHDOVRSDVVHGWKURXJKWKLVUXLQHGWHUULWRU\7KLV+DGLWKLVUHODWHGWRWKHDGGUHVV
ZKLFKKHJDYHWRKLV&RPSDQLRQVRQWKHRFFDVLRQ+HUHLVDQLQVWUXFWLRQWKDWZKHQZHKDSSHQWRSDVV
WKURXJKWKHWHUULWRU\RIDQDWLRQGHVWUR\HGLQWKHSDVWDVDUHVXOWRI'LYLQHZUDWKZHDUHDGYLVHGWR
TXLFNHQRQH
VSDFH7KDWLVZK\ZHKDYHEHHQFRPPDQGHGWRDYRLGWKHFRPSDQ\RIWKHFRUUXSWDQGWKH
ZURQJGRHUVOHVWZHPHHWWKHLUEDGHQGWRR$VWKH4XU
DQVD\V
$QGLQFOLQHQRWWRZDUGWKRVHZKRGRZURQJOHVWWKH)LUHVKRXOGWRXFK\RX
0D\$OODKVDYHXVIURPLW
7+(%22.2)(7,48(77(
2)75$9(//,1*
&+$37(5
7+('(6,5$%,/,7<2)6(77,1*21
$-2851(<217+856'$<,17+(($5/<
3$572)7+('$<
.DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 7KH3URSKHW3%8+VHWRXWRQ
7KXUVGD\IRUWKHH[SHGLWLRQRI7DEXN+HOLNHGWRVHWRXWRQDMRXUQH\RQ7KXUVGD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHWZR$KDGLWKPHQWLRQHGDERYHSRLQWRXWWKHGHVLUDELOLW\WRVHWRIIRQDMRXUQH\
EXVLQHVVWULS-LKDGRUDQ\WKLQJOLNHWKDW
&+$37(5
7+('(6,5$%,/,7<2)
81'(57$.,1*$-2851(<,1
$*5283$1'$332,17,1*
$/($'(5
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:HUHSHRSOHWRNQRZRIZKDW,NQRZDERXWWKHGDQJHUVRIWUDYHOOLQJDORQHQRULGHUZRXOGWUDYHO
DORQHDWQLJKW
>$O%XNKDUL@
&RPPHQWDU\ /RQHO\WUDYHOOLQJZKDWHYHULWVIRUPLVLQDGYLVDEOHDWQLJKWDQGFDQFDXVHPDQ\
LQFRQYHQLHQFHV7KHVHLQFRQYHQLHQFHVLQFOXGHGHSULYDWLRQRISHUIRUPLQJFRQJUHJDWLRQDOSUD\HUV
IHHOLQJVRIORQHOLQHVVDQGLVRODWLRQDQGIDFLQJXQH[SHFWHGVLWXDWLRQVDQGGDPDJHV%XWWKHUHDOUHDVRQV
EHKLQGWKLVSURKLELWLRQRQO\$OODKNQRZV
>$W7LUPLGKLDQG$EX'DZXG@
DQGWKLVPHDQVWKDW
WKH\FDQKDUGO\HVFDSHWKHGHYLO+RZHYHULQFDVHRIWKUHHWKH\ZLOOUHPDLQLPPXQHIURPVDWDQLF
LQVLQXDWLRQV
>$EX'DZXG@
&RPPHQWDU\ &KRRVLQJDQ\RQHDVOHDGHUPHDQVWKDWDMRXUQH\VKRXOGEHXQGHUWDNHQXQGHUKLV
JXLGDQFHDQGLQVWUXFWLRQV7KLVKDVPDQ\EHQHILWV7KHSHUVRQWREHDSSRLQWHGDVDOHDGHURYHUDJURXS
RIWUDYHOOHUVVKRXOGIXOILOOFHUWDLQLPSRUWDQWFRQGLWLRQVLQFOXGLQJWKHIDFWWKDWKHVKRXOGEHWKHPRVW
NQRZOHGJHDEOHLQUHOLJLRXVPDWWHUVDQGWUDYHOOLQJFRQGLWLRQV
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ $QDUP\RIWZHOYHWKRXVDQGVROGLHUVLIHQGRZHGZLWKVWURQJIDLWKDQGUHVROYHLV
HQRXJKWRIDFHHYHQDQDUP\RIODUJHVL]H,WFDQQRWEHGHIHDWHGPHUHO\RQWKHEDVLVRIQXPEHU6RPH
RWKHUIDFWRUVDFFRXQWLQJIRULWVGHIHDWPD\QRWEHUXOHGRXWEXWLWZLOOQRWEHRYHUSRZHUHGIRULWVVPDOO
QXPEHU
&+$37(5
(7,48(77(2)67$<,1*5,',1*
(1&$03,1*$71,*+7$1'6/((3,1*
'85,1*7+(-2851(<$1'27+(50$
77(565(/$7,1*727+(-2851(<
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQ\RXWUDYHOWKURXJKJUHHQDQGOXVKODQGJLYHWKHFDPHOVWKHLUGXHIURPWKHJURXQGDQGZKHQ
\RXWUDYHOWKURXJKDGU\DQGEDUUHQODQGPDNHWKHPZDONTXLFNO\OHVWWKHLUVWUHQJWKIDOWHUV:KHQ\RX
HQFDPSDWQLJKWNHHSDZD\ IURPWKHURDGVIRUEHDVWVSDVVWKHUHDQGWKH\DUHWKHUHVRUWRILQVHFWVDW
QLJKW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWZHVKRXOGEHIXOO\UHJDUGIXORIWKHSHUIRUPDQFHRISUD\HU
SDUWLFXODUO\GXULQJDMRXUQH\:HPXVWPDNHVXUHZHSHUIRUPSUD\HUDWWKHULJKWWLPH
>$EX'DZXG@
$IWHUZDUGVWKH&RPSDQLRQVNHSWFORVHWRJHWKHUZKHQHYHUWKH\HQFDPSHG
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVQRWWRHQFDPSGXULQJDMRXUQH\EXWLQWKHFRPSDQ\RIRWKHUVLQ
RUGHUWRFUHDWHDQDWPRVSKHUHRILQWLPDF\DQGFRRSHUDWLRQ
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKOD\VHPSKDVLVRQWDNLQJFDUHRIDQLPDOV%HFDXVHLIWKH\DUHKXQJU\RU\RX
RYHUORDGWKHPWKH\ZLOOQRWEHDEOHWRVSHDNRXWWKHLUVXIIHULQJWR\RXLQKXPDQODQJXDJH<RXDUH
WKHUHIRUHVXSSRVHGWRWDNHFDUHRIWKHLUIRRGDQGRWKHUUHTXLUHPHQWVE\\RXUVHOI,QFDVH\RXIDLOLQ
\RXUGXW\WRWKHP$OODKZLOOWDNH\RXWRWDVN0RUHRYHUHDWLQJWKHIOHVKRIVLFNDQGOHDQDQLPDOVLV
XQK\JLHQLFDQGFDQHQGDQJHUKHDOWK:KHUHDVWKHIOHVKRIDKHDOWK\DQGUREXVWDQLPDOJLYHVHQHUJ\
DQGVWUHQJWK WRKXPDQERG\
$Q$QVDUL\RXWKVWHSSHG
IRUZDUGDQGVDLG,WLVPLQH20HVVHQJHURI$OODK
+HVDLG 'R\RXQRWIHDU$OODKLQUHVSHFWRIWKLV
EHDVWZKLFK$OODKKDVSODFHGLQ\RXUSRVVHVVLRQ"7KLVFDPHOLVFRPSODLQLQJWRPHWKDW\RXVWDUYHLW
DQGSXWLWWRWRLO
>$EX 'DZXG@
&RPPHQWDU\ ,WZDVWKHXVXDOSUDFWLFHRIWKH&RPSDQLRQVWKDWZKHQHYHUWKH\KDOWHGDWVRPHSODFHWR
WDNHUHVWGXULQJWKHLUMRXUQH\WKH\ZRXOGILUVWRIDOOXQORDGWKHLUDQLPDOVWRJLYHWKHPFRPIRUWDQG
UHOD[DWLRQ7KHQWKH\ZRXOGSHUIRUPYROXQWDU\6DODW7KLV+DGLWKDOVRWKURZVOLJKWRQWKHH[FHOOHQFH
RIYROXQWDU\6DODWLQDMRXUQH\
&+$37(5
+(/3,1*$&203$1,21
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KLOHZHZHUHWUDYHOOLQJZLWK
WKH0HVVHQJHURI$OODK3%8+DULGHUFDPHDQGEHJDQWRVWDUHRQWKHULJKWDQGRQWKHOHIW7KH
0HVVHQJHURI$OODK3%8+VDLG +HZKRKDVDQH[WUDPRXQWVKRXOGKDQGLWRYHUWRRQHZKRKDV
QRQHDQGKHZKRSRVVHVVHVVXUSOXVSURYLVLRQVKRXOGJLYHLWWRKLPZKRLVZLWKRXWSURYLVLRQ
+H
QDPHGYDULRXVNLQGVRISRVVHVVLRQVXQWLOZHEHJDQWRWKLQNUHDOL]HWKDWQRQHRIXVKDGDQ\ULJKWWR
DQ\WKLQJVXUSOXV
>0XVOLP@
&RPPHQWDU\ 1RZDGD\VWKHUHLVDJUHDWIDQIDUHRIPRQH\OHQGLQJLQVWLWXWLRQVVXFKDVFRRSHUDWLYH
VRFLHWLHVWKHILQDQFLQJFRPSDQLHVDQGLQVXUDQFHFRPSDQLHVZKLFKDUHDSSDUHQWO\KHOSIXOLQUHVROYLQJ
WKHILQDQFLDOFULVHVRISHRSOH%XWDOODUHURRWHGLQLQWHUHVWV\VWHPZKLFKLVUHMHFWHGRXWULJKWE\,VODP
IRULWVH[SORLWDWLYHQDWXUH7KHVHVRFDOOHGFRRSHUDWLYHLQVWLWXWLRQVDUHLQGHHGOLNHEORRGVXFNLQJ
OHHFKHVZKLFKUXLQPDQ,VODPRQWKHFRQWUDU\KDVJLYHQXVDSRVLWLYHVLPSOHDQGPDQRULHQWDWHG
IRUPXODRIPXWXDOFRRSHUDWLRQ,WWHDFKHVXVWKDWZKDWFDQEH VSDUHGVKRXOGEHJLYHQWRWKRVHZKRQHHG
LW7KLVREYLDWHVWKHFKDQFHVRIKRDUGLQJDVZHOODVWKHFRQFHQWUDWLRQRIZHDOWKLQDIHZKDQGV1R
GRXEWLWLVDPRUDOLQVWUXFWLRQ%XWLI0XVOLPVFDOOHGDVDVLQJOHERG\GHYHORSDWUXHVHQVHDQG
DZDUHQHVVRILWZRQGHUIXOUHVXOWVFDQDFFUXHIURPLWRQDODUJHVRFLDOVFDOH:KDWLVPRUHWKH
VXEOLPLW\RIPDQ
V)DLWKDQGPRUDOEHKDYLRXUVWDQGVRQLW2QHZKRLVLQGLIIHUHQWWRWKHSHUIHFWLRQRI
)DLWKDQGPRUDOLW\PD\VHWLWDVLGH%XWDPDQZKRUDWHV)DLWKDERYHHYHU\WKLQJFDQKDUGO\DIIRUGWR
DYRLGSXWWLQJWKLVPRUDODGYLFHLQWRSUDFWLFH
6R,WRRNWZRRUWKUHHPHQZLWKPH
DQG,URGHP\FDPHOE\WXUQHTXDOO\ZLWKWKHP
>$EX'DZXG@
&RPPHQWDU\ )LUVWO\WKLV+DGLWKGHVFULEHVWKH&RPSDQLRQV
FRQGLWLRQLQWKHHDUO\SKDVHRI,VODP
(YHU\ERG\SDUWLFLSDWLQJLQ-LKDGGLGQRWKDYHDQDQLPDODQGVRZDVWKHFRQGLWLRQLQUHVSHFWRIZHDSRQV
DQGIRRG%XWLQVSLWHRIDOOWKDWWKH&RPSDQLRQV
]HDOIRU-LKDGZDVJUHDW6HFRQGO\LWSUHVHQWVWKH
SLFWXUHRIPXWXDOFRRSHUDWLRQZKLFKWKH&RPSDQLRQVH[WHQGHGWRRQHDQRWKHU)URPDOOWKHVH
FRQVLGHUDWLRQVHPHUJHVWKHLUGLVWLQFWLYHSODFHLQKLVWRU\
&+$37(5
6833/,&$7,21$77+(7,0(
2)5,',1*
$OODKWKH([DOWHGVD\V
DQGKDVDSSRLQWHGIRU\RXVKLSVDQGFDWWOHRQZKLFK\RXULGH,QRUGHUWKDW\RXPD\PRXQW
RQWKHLUEDFNVDQGWKHQPD\UHPHPEHUWKH)DYRXURI\RXU5XEEZKHQ\RXPRXQWWKHUHRQDQG
VD\C*ORU\WR+LP:KRKDVVXEMHFWHGWKLVWRXVDQGZHFRXOGQHYHUKDYHLWE\RXUHIIRUWV$QG
YHULO\WR2XU5XEEZHLQGHHGDUHWRUHWXUQ
:KHQKHUHWXUQHGKHUHFLWHGWKLVVXSSOLFDWLRQPDNLQJDGGLWLRQRIWKHVHZRUGV $\LEXQD
WD
LEXQDCDELGXQDOL5DEELQDKDPLGXQ:HDUHWKRVHZKRUHWXUQWKRVHZKRUHSHQWWKRVHZKRZRUVKLS
DQGWKRVHZKRSUDLVHRXU5XEE
>0XVOLP@
&RPPHQWDU\ 7KLVLVDYHU\FRPSUHKHQVLYHSUD\HU0DQLVQRWVDIHIURPGDQJHUVGXULQJDMRXUQH\
DQGLQKLVDEVHQFHVDIHW\RIKLVKRXVHKROGPD\ZRUU\KLPWRR,QWKLVSUD\HU$OODKLVHQWUHDWHGWR
HQVXUHWKHVDIHW\RIWKHWZRLQPRVWHIIHFWLYHZRUGV$QGQRQHFDQKDUPWKDWSHUVRQZKRFRPHVXQGHU
WKH:DWFKDQG3URWHFWLRQRI$OODK7KLVSUD\HUVKRXOGEHUHFLWHGXSRQVWDUWLQJRQDMRXUQH\DVZHOODV
UHWXUQLQJIURPLW
>0XVOLP@
&RPPHQWDU\ 7KH3URSKHW3%8+VRXJKW'LYLQHUHIXJHDJDLQVWWKHVXSSOLFDWLRQRIWKHRSSUHVVHG
EHFDXVH$OODKLPPHGLDWHO\UHVSRQGVWRLW,WLVWKHUHIRUHLPSHUDWLYHWKDWLIDPDQKDVZURQJHG
DQ\ERG\KHVKRXOGUHFRPSHQVHKLVZURQJGRLQJEHIRUHHPEDUNLQJRQDMRXUQH\EHFDXVHWKH
PDOHGLFWLRQRIWKHZURQJHGPD\LQYRNH'LYLQHZUDWKH[SRVLQJWKHZURQJGRHUWRDULVN\DQG
WURXEOHVRPHMRXUQH\
:KHQKHKDGVHWWOHGKLPVHOIRQLWVEDFNKHUHFLWHG $OKDPGXOLOODKLOODGKLVDNKNKDUDODQD
KDGKDZDPDNXQQDODKXPXTULQLQZDLQQDLOD5DEELQDODPXQTDOLEXQ$OOSUDLVHEHORQJVWR$OODK
:KRKDVPDGHWKLVVXEVHUYLHQWWRXVIRUZHKDGQRWWKHVWUHQJWKWRRYHUSRZHULWDQGWRRXU5XEEVKDOO
ZHUHWXUQ
DQGWKHQWKUHHWLPHV $OODKX
$ENDU$OODKLV*UHDWHVW
7KHQKHVDLG 6XEKDQDNDLQQL]DODPWXQDIVLIDJKILUOLLQQDKXOD
\DJKILUXGKGKXQXEDLOOD$QWD<RXDUHIDUUHPRYHGIURPLPSHUIHFWLRQ,KDYHZURQJHGP\VHOIVR
IRUJLYHPHEHFDXVHQRQHEXW<RXFDQIRUJLYHVLQV
7KHQKHVPLOHG,WZDVDVNHG :K\KDYH\RX
VPLOHG2$PLU$O0X
PLQLQ/HDGHURIWKH%HOLHYHUV"
+HUHSOLHG ,VDZWKH0HVVHQJHURI$OODK
3%8+GRLQJDV,KDYHGRQH,LH$OLDVNHGKLPWKH0HVVHQJHURI$OODK3%8+WKHUHDVRQIRU
VPLOLQJ +H3%8+VDLG C<RXU5XEE*ORULRXVLV+HLVSOHDVHGZKHQ+LVVODYHVHHNV+LV
IRUJLYHQHVV +HWKHVODYHKDVILUPIDLWKWKDWQRQHH[FHSW$OODK$ORQHFDQIRUJLYHVLQV
>$EX'DZXGDQG$W7LUPLGKL@
:KHQKHVLWVILUPRQWKHDQLPDOKHVKRXOGUHFLWHWKHSUD\HUVPHQWLRQHGLQWKLV+DGLWKDQG
XWWHUWKH*ORULILFDWLRQDQG0DJQLILFDWLRQRI$OODK $OKDPGXOLOODK 3UDLVHEHWR$OODK
DQG$OODKX
$NEDU $OODKLV*UHDWHVW
0RUHRYHUWKLV+DGLWKVKHGVOLJKWRQWKHWUHPHQGRXVDQGPDWFKOHVVIHUYRXU
RIWKH&RPSDQLRQVWRIROORZWKH3URSKHW3%8+7KLV'XCDLVQRWUHVWULFWHGWRULGLQJDQDQLPDOEXW
LQFOXGHVDOOPHDQVRIWUDQVSRUWDWLRQVXFKDVWKHSODQHWKHWUDLQDQGWKHFDU
&+$37(5
*/25,),&$7,212)$//$+%<
$75$9(//(5:+,/(
$6&(1',1*$1''(6&(1',1*
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG :KHQZHDVFHQGHGDKHLJKWZHZRXOG
SURFODLP$OODKX$NEDU$OODKLV*UHDWHVW
>$O%XNKDUL@
DQGZKHQWKH\
FOLPEHGGRZQWKH\ZRXOGSURFODLP6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ
>$EX'DZXG@
&RPPHQWDU\ :KLOHFOLPELQJXSVRPHKHLJKWVXSHULRULW\FRPSOH[PD\FUHHSLQWRPDQ
VKHDG+H
VKRXOGWKHUHIRUHSURQRXQFH'LYLQHJUHDWQHVVVD\LQJWKDW$OODKLVWKH*UHDWHVWRIDOOWKH0RVW+LJK
DQGDOOFUHDWXUHVDUHORZDQGKXPEOHDQGVXERUGLQDWHWR+LP2QFOLPELQJGRZQZHVKRXOGVD\
6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ
7KHQKHZRXOGVD\ /DLODKDLOODOODKXZDKGDKXODVKDULNDODKXODKXOPXONXZDODKXO
KDPGXZD+XZDCDODNXOOLVKD\
LQ4DGHHU$\LEXQDWD
LEXQDCDELGXQDOL5DEELQDKDPLGXQ6DGDT
$OODKXZDCGDKXZDQDVDUDCDEGDKXZDKD]DPDODK]DEDZDKGDKX>1RQHKDVWKHULJKWWREH
ZRUVKLSSHGEXW$OODK:KRKDVQRSDUWQHUWR:KRPWKHVRYHUHLJQW\EHORQJVWR:KRPDOOSUDLVHLV
GXHDQG:KRLV$EOHWRGRDOOWKLQJV:HDUHWKRVHZKRUHWXUQLQVDIHW\IHHOSHQLWHQFHZRUVKLS
$OODKSURVWUDWHEHIRUHRXU5XEEDQGSUDLVH+LP$OODKKDVIXOILOOHG+LV3URPLVHKHOSHG+LVVODYHLH
0XKDPPDG3%8+DQG+H$ORQHYDQTXLVKHGWKH&ODQV@
>$O%XNKDULDQG0XVOLP@
:KHQWKHPDQWXUQHG
DZD\KH3%8+VDLG 2$OODK6KRUWHQWKHGLVWDQFHIRUKLPDQGPDNHWKHMRXUQH\HDV\IRUKLP
>$W7LUPLGKL@
&RPPHQWDU\ 3ULRUWRVHWWLQJRXWRQDMRXUQH\DEHOLHYHUPD\DVNSLRXVSHRSOHWRVXSSOLFDWHIRUKLP
7KH\DUHUHTXLUHGWRSUD\VLQFHUHO\IRUKLVVDIHW\DGYLVHKLPDPRQJRWKHUWKLQJVRQUHOLJLRXVPDWWHUV
QRWWREHIRUJHWIXORIWKHREHGLHQFHDQGUHPHPEUDQFHRI$OODKGXULQJWKHMRXUQH\
DQG$OODKX$NEDU$OODKLV*UHDWHVW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLQWKHSURQRXQFHPHQWRIWKHIXQGDPHQWDOWHVWLILFDWLRQRI,VODP
/DLODKDLOODOODKWKHUHLVQRWUXHJRGH[FHSW$OODK
7DKOLO DQG+LV0DJQLILFDWLRQ$OODKX$NEDU
$OODKLV*UHDWHVW
7DNELU WKHYRLFHVRIWKH&RPSDQLRQVEHFDPHDELWORXGHUGXULQJDMRXUQH\7KH
3URSKHW3%8+GLVDSSURYHGRILWDQGFRPPDQGHGWKHPQRWWRSXWWKHPVHOYHVWRKDUGVKLSE\
UHPHPEHULQJ$OODKLQDORXGYRLFHDQGGLUHFWHGWRGRWKDWFDOPO\LQDGLJQLILHGORZYRLFH
&+$37(5
'(6,5$%,/,7<2)
6833/,&$7,216'85,1*7+(
-2851(<
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KUHHVXSSOLFDWLRQVDUHDQVZHUHGZLWKRXWGRXEW7KHVXSSOLFDWLRQRIWKHRSSUHVVHGWKHVXSSOLFDWLRQ
RIWKHWUDYHOOHUDQGWKHVXSSOLFDWLRQRIWKHSDUHQWIRUKLVVRQ
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWZRGLPHQVLRQVRIVXSSOLFDWLRQV)LUVWWKHVXSSOLFDWLRQRIDQ
RSSUHVVHGSHUVRQZLOOEH LQIDYRXURIWKHRQHZKRZLOOFRPHWRKLVKHOSDQGUHGUHVVKLVFRPSODLQW
ZKHUHDVWKHRSSUHVVRUZLOOEHKLWE\KLVVXSSOLFDWLRQ6HFRQG$OODKDOVRDQVZHUVWKHIDWKHU
V
VXSSOLFDWLRQIRUKLVGLVREHGLHQWDQGLPSXGHQWVRQDQGWKHPRWKHU
VVXSSOLFDWLRQLVHYHQPRUHHIIHFWLYH
WKDQWKDWRIWKHIDWKHU
VEHFDXVHDVFRPSDUHGWRKLPVKHKDVPRUHULJKWVRYHUWKHP0DQVKRXOG
WKHUHIRUHUHVWUDLQKLPVHOIIURPGLVREH\LQJSDUHQWVVRWKDWKHPD\HVFDSHLQERWKFDVHVWKH
VXSSOLFDWLRQZKLFKLVQRWUHMHFWHGE\$OODK
&+$37(5
6833/,&$7,21,)21()($56
+$50
$EX0XVD$O$VKDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQWKH0HVVHQJHURI$OODK
3%8+IHDUHGPLVFKLHIIURPDSHRSOHKHZRXOGVXSSOLFDWH $OODKXPPDLQQDQDMCDOXNDILQXKXULKLP
ZDQDCXGKXELNDPLQVKXUXULKLP2$OODK:HDVN<RXWRIDFHWKHPDQGVHHN<RXU3URWHFWLRQDJDLQVW
WKHLUHYLO
>$EX'DZXGDQG$Q1DVD
L@
&RPPHQWDU\ $OODK
V+HOSZHDUHWROGLVDSURWHFWLRQDJDLQVWDOOSHULOV7KURXJKWKLVSUD\HUZHVHHN
+LV+HOSZLWKWKHFRQYLFWLRQ WKDWWKHGHFHSWLRQVDQGGHVLJQVRIWKHLQILGHOVZLOOWXUQEDFNXSRQWKHP
&+$37(5
6833/,&$7,2121$/,*+7,1*
$7$+$/7
.KDXODKELQW+DNLP0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\LQJ :KRVRHYHUDOLJKWVVRPHZKHUHDQGVD\VC$CXGKXELNDOLPDWLOODKLWWDPPDWLPLQ
VKDUULPDNKDODTD,VHHNUHIXJHZLWKWKH3HUIHFW:RUGVRI$OODKIURPWKHHYLORIZKDW+HKDVFUHDWHG
QRWKLQJZLOOKDUPKLPXQWLOKHOHDYHVWKDWSODFH
>0XVOLP@
&RPPHQWDU\ :KHUHYHUDQGZKHQHYHUZHVWD\EHLWDWQLJKWRULQWKHGD\WLPHIRUDVKRUWRUORQJ
GXUDWLRQZHVKRXOGUHFLWHWKLVVXSSOLFDWLRQ
>$EX'DZXG@
&RPPHQWDU\ 7KLVSUD\HUWHDFKHVXVWRVHHN$OODK
V3URWHFWLRQDJDLQVWDOODQLPDOVDQGSRLVRQRXV
LQVHFWVRIWKHHDUWK$PRQJHDUWKGZHOOHUVDUHDOVRLQFOXGHGMLQQ,QWKHGDUNRIQLJKWRQHPD\
HQFRXQWHUKDUPIURPDOOVXFKFUHDWXUHV:HDUHUHFRPPHQGHGWRUHFLWHWKLVSUD\HUPRUHDWQLJKWWKDQ
GXULQJWKHGD\EHFDXVHKDUPLVPRUH OLNHO\WRWDNHSODFHDWQLJKWDQGZKRHYHUUHFLWHVWKLVSUD\HUZLWK
WKHILUPEHOLHIWKDW$OODKZLOOSURWHFWKLPDJDLQVWDOOWKHHYLOVPHQWLRQHGLQWKH+DGLWK$OODKZLOO
VXUHO\SURWHFWKLP
&+$37(5
'(6,5$%,/,7<2)5(7851,1*
+20(6221$)7(57+(
$&&203/,6+0(172)$7$6.
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7UDYHOOLQJLVDWRUPHQWEHFDXVHLWGHSULYHVDWUDYHOOHURIKLVIRRGGULQNDQGVOHHS6RZKHQRQHRI\RX
KDVDFFRPSOLVKHGKLVSXUSRVHRIMRXUQH\OHWKLPUHWXUQKRPHTXLFNO\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7UDYHOKDVEHHQFDOOHGDWULEXODWLRQIRUWZRUHDVRQV)LUVWPDQPLVVHVKLVIDPLO\
UHODWLYHVDQGIULHQGV6HFRQGKHDOVRVXIIHUVLWVKDUGVKLSVDQGVWUDLQV+HVKRXOGWKHUHIRUHUHWXUQ
KRPHZKHQWKHREMHFWRIWKHMRXUQH\LVDFKLHYHG
&+$37(5
'(6,5$%,/,7<2)5(7851,1*
+20(%<'$<
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG :KHQ
RQHRI\RXVWD\VDZD\IURPKLVIDPLO\IRUDORQJSHULRGRIWLPHOHWKLPQRWVXUSULVHKLVIDPLO\E\
QLJKW
&RPPHQWDU\ :KHQVRPHRQHUHWXUQVIURPDMRXUQH\DWQLJKWKHVKRXOGEHWWHUDYRLGMRLQLQJKLV
IDPLO\%XWWKLVXQGHVLUDEOHDFWLQWKHVLJKWRIWKH6KDULCDKLVRSHUDWLYHRQO\LQWKHFDVHKHDUULYHVKRPH
ZLWKRXWLQIRUPLQJKLVIDPLO\%\IDPLO\KHUHLVPHDQWZLIH+RZHYHUWKHUHLVQRWKLQJZURQJZLWK
FRPLQJKRPHZLWKSULRUQRWLILFDWLRQ<HWLIVXFKDFRQWDFWLVQRWIHDVLEOHRQH
VDUULYDODWKRPHDWQLJKW
ZLOOEHFRQVLGHUHGDVXQGHVLUDEOH%XWRQHFDQGRVRLIQHFHVVLW\VRGHPDQGV
&+$37(5
6833/,&$7,21$77+(7,0(
2)5(7851,1*+20($1'21
6((,1*21(
6+20(72:1
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:HUHWXUQHGZLWKWKH3URSKHW3%8+IURPD
MRXUQH\DQGZKHQZHHQWHUHGWKHVXEXUEVRI$O0DGLQDKKH3%8+VDLG $\LEXQDWD
LEXQD
CDELGXQDOL5DEELQDKDPLGXQ:HDUHUHWXUQLQJLQVDIHW\WXUQLQJ WRRXU5XEEZRUVKLSSLQJ+LPDQG
SUDLVLQJ+LP
&RPPHQWDU\ :KHQRQHUHWXUQVIURPDMRXUQH\DQGVHHVKLVWRZQ
VKLJKOLJKWVKHVKRXOGVWDUW
UHFLWLQJWKHLQYRFDWLRQPHQWLRQHGLQWKLV+DGLWKWLOOKHHQWHUVWKHFLW\7KHVHZRUGVH[SUHVVJUDWLWXGHWR
$OODKIRUVDIHUHWXUQWRRQH
VKRPHWRZQWKH\DOVRH[SUHVVUHSHQWDQFHREHGLHQFHDQGGHWHUPLQDWLRQWR
ZRUVKLS$OODK
&+$37(5
'(6,5$%,/,7<2)(17(5,1*7+(02648(
1($521(
6+20(83215(7851,1*)520
$-2851(<)252))(5,1*7:25$.C$+35$<(5
.DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK
3%8+UHWXUQHGIURPDMRXUQH\KHZRXOGSURFHHGVWUDLJKWWRWKHPRVTXHDQGSHUIRUPWZR5DNCDKRI
RSWLRQDOSUD\HU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHSHUIRUPDQFHRIWZR5DNCDKRIRSWLRQDOSUD\HULVDQH[SUHVVLRQRIJUDWLWXGHWR
$OODKIRUWKHVDIHUHWXUQ1DWXUDOO\RQHIHHOVKDSS\RQVXFKDQRFFDVLRQ
&+$37(5
352+,%,7,1*:20$1)520
75$9(//,1*$/21(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
,WLVQRWSHUPLVVLEOHIRUDZRPDQZKREHOLHYHVLQ$OODKDQGWKH/DVW'D\WRPDNHDMRXUQH\RIRQH
GD\DQGQLJKWXQOHVVVKHLVDFFRPSDQLHGE\D0DKUDPKXVEDQGRUDQ\RWKHUUHODWLYHWRZKRPVKHLV
SURKLELWHGWRPDUU\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKRIIHUVIRXUSRLQWV)LUVWLWPHQWLRQVDWZHQW\IRXUKRXUMRXUQH\C8ODPD
WKHUHIRUHVD\WKDWWKHWLPHOLPLWPDWWHUVOLWWOHDQGWKHUHDOSRLQWLVWKHOHQJWKRIGLVWDQFHWREHFDOOHG
MRXUQH\$ZRPDQLVQRWDOORZHGWRWUDYHOXQOHVVVKHLVDFFRPSDQLHGE\KHUKXVEDQGRUD0DKUDP
6HFRQG+DMMLVREOLJDWRU\RQKHUSURYLGHGVKHKDVQRILQDQFLDOSUREOHP,IDZRPDQKDVQRKXVEDQGRU
0DKUDP+DMMLVQRWREOLJDWRU\RQKHU1HLWKHUFDQVKHJRIRU+DMMZLWKDJURXSRIZRPHQZKHWKHUIRU
+DMMRUDQ\RWKHUSXUSRVH
7KLUGWKHWHUP0DKUDPDSDUWIURPKXVEDQGDSSOLHVWRDOORIKHUPDOHVLEOLQJVVZKRPVKHFDQQRW
PDUU\WKHVHLQFOXGHWKHIDWKHUWKHVRQWKHEURWKHUWKHQHSKHZWKHVRQLQODZDQGWKHIRVWHUIDWKHU
6KHFDQQRWWUDYHOZLWKDQ\ERG\EXWZLWKDQ\RIWKHVH
$PDQVDLG20HVVHQJHURI$OODK,KDYHEHHQHQUROOHGIRUVXFKDQG
VXFKH[SHGLWLRQDQGP\ZLIHOHIWIRU+DMM
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLKSURYHVWKDWXQGHUQRFLUFXPVWDQFHZRPDQPD\WUDYHODORQH7KH6KDULCDK
VWULFWO\EDQVDPHHWLQJRIWKLVNLQGEHWZHHQWZRRSSRVLWHVH[HV(YHQLIQRWKLQJREMHFWLRQDEOHKDSSHQV
DPLVFKLHYRXVSHUVRQPD\H[SORLWWKLVVLWXDWLRQDQGWDONDERXWWKHPVODQGHURXVO\)DPLOLHVGLVUHJDUGIXO
RI+LMDESURYLGHLQVWDQFHVRILOOLFLWUHODWLRQVKLSEHWZHHQDPDQDQGDZRPDQUHODWHGWRHDFKRWKHU
7+(%22.2)9,578(6
&+$37(5
7+( (;&(//(1&( 2)
5(&,7,1*7+(485
$1
$EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+
VD\LQJ5HDGWKH4XU
DQIRULWZLOOFRPHDVDQLQWHUFHVVRUIRULWVUHFLWHUVRQWKH'D\RI5HVXUUHFWLRQ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVWKHH[FHOOHQFHRIUHFLWLQJWKH4XU
DQDQGDFWLQJXSRQLWVLQMXQFWLRQV
,QWHUFHVVLRQLQWKLV+DGDWKPHDQVWKDWWKH4XU
DQZLOOEHHQGRZHGZLWKWKHSRZHURIVSHHFKE\$OODK
DQGLWZLOOUHTXHVW$OODKWRIRUJLYHWKHVLQVRILWVUHFLWHUVZKRDFWHGXSRQLWVWHDFKLQJV$OODKZLOO
DFFHSWWKHUHTXHVWRIWKH4XU
DQDVVLJQLILHGLQRWKHU$KDGLWK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQWKH'D\RI5HTXLWDOWKH4XU
DQZLWK6XUDW$O%DTDUDKDQG
$OC,PUDQLQWKHIRUHIURQWZLOOLQWHUFHGHEHIRUH$OODKIRUWKRVHZKRXVHGWRUHFLWHDQGDFWXSRQWKHP
LQWKHOLIHRIWKHZRUOG
>$O%XNKDUL@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3URILFLHQWKHUHPHDQVRQHZKRUHDGVWKH4XU
DQLQDFFRUGDQFHZLWKWKHUXOHVRI,OP
$W7DMZLG
WKHVFLHQFHRIWKHUHFLWDWLRQRIWKH4XU
DQDVLVHYLGHQFHGIURPWKHZRUGVRI,PDP
%XNKDUL
VQDUUDWLRQDQGWKHWLWOHJLYHQWRWKHFKDSWHU
7KLV+DGLWKDOVRKLJKOLJKWVWKHPHULWRIWKHUHDGHURIWKH4XU
DQZKRGRHVQRWNQRZC,OP$W7DMZLG
DQGIRUWKDWUHDVRQFDQQRWUHDGLWIOXHQWO\%XWLQVSLWHRIWKLVKHUHDGVLWZLWKJUHDWHIIRUW+HZLOOEH
JLYHQGRXEOHUHZDUGRQHIRUWKHGLIILFXOW\HQFRXQWHUHGLQUHFLWLQJLWDQGDQRWKHUIRUUHDGLQJLW
6DIUDWXQWUDQVODWHGLQWKH+DGLWKDVVFULEHVDQJHOVPHDQWKHDQJHOVWKDWFRQYH\WKH:DK\5HYHODWLRQ
WRWKH0HVVHQJHURI$OODK,PDP%XNKDULKDVWDNHQLWWRPHDQRQHZKRPDNHVUHFRQFLOLDWLRQ
7KH
DQJHOVZKREULQJ:DK\DQGFKDVWLVHPHQWIURP$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDEHOLHYHUZKRUHFLWHVWKH4XU
DQDQGDFWVXSRQLW$OODKZLOO
JUDQWKLPDKLJKUDQN+HLVORYHGE\$OODKDQGDOVRHQMR\VSXEOLFHVWHHP7KHEHOLHYHUZKRGRHVQRW
UHFLWHLWEXWDFWVXSRQLWVWHDFKLQJVLVDOVRORYHGE\$OODKDQGSHRSOH7KHK\SRFULWHZKRUHFLWHVWKH
4XU
DQWRKDYHDJRRGVKRZKDVDQHYLODQGGDUNPLQG/DVWRIDOOFRPHVWKDWK\SRFULWHZKRGRHVQRW
UHFLWHWKH4XU
DQDQGKDVDGDUNPLQGDQGDSSHDUDQFH
>0XVOLP@
&RPPHQWDU\ 2QO\VXFKSHRSOHZLOOEHHOHYDWHGZKRDFWXSRQWKHWHDFKLQJVRIWKH4XU
DQDQGDEVWDLQ
IURPZKDWLVIRUELGGHQE\$OODK7KH0XVOLPVRIWKHHDUO\FHQWXULHVRI,VODPZHUHEOHVVHGZLWKJUHDW
KRQRXUE\$OODKEHFDXVHWKH\ORYHGDQGDSSOLHGWKH4XU
DQ%HFDXVHRIWKLVPHDQLQJIXODWWDFKPHQW
ZLWKWKH4XU
DQWKH\PDGHJUHDWDFKLHYHPHQWVLQUHOLJLRXVDQGZRUOGO\VSKHUHV7KRVHZKRQHJOHFWHG
WKHWHDFKLQJVRI,VODPZLOOEHGLVJUDFHGDQGKXPLOLDWHG0D\$OODKJXLGHDQGHQDEOHXVWRUHHVWDEOLVK
RXUFRQWDFWZLWKWKH4XU
DQVRWKDWZHFDQUHJDLQRXUSDVWJORU\([DOWDWLRQDQGKXPLOLDWLRQPHQWLRQHG
LQWKH+DGLWKLVERXQGWRKDSSHQLQERWKWKLVOLIHDQGWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQTXRWHGEHIRUHDWWZRSODFHVVHH+DGLWK1R,WKDVEHHQ
UHSHDWHGKHUHWREULQJLQWRSURPLQHQFHWKHPHULWRIUHFLWLQJWKH4XU
DQ5HIHUWRWKH&RPPHQWDU\RQ
+DGLWK1R
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG$PDQZDVUHFLWLQJ6XUDW$O.DKI
DQGDKRUVHZDVWLHGZLWKWZRURSHVEHVLGHKLP$VKHZDVUHFLWLQJDFORXGRYHUVKDGRZHGKLPDQGDV
LWEHJDQWRFRPHQHDUHUDQGQHDUHUWKHKRUVHEHJDQWRWUDPSOHYRLOHQWO\7KHPDQFDPHWRWKH
0HVVHQJHURI$OODK3%8+LQWKHPRUQLQJDQGPHQWLRQHGWKHLQFLGHQWWRKLP+H3%8+VDLG7KDW
ZDVWUDQTXLOOLW\ZKLFKGHVFHQGHGDVDUHVXOWRIWKHUHFLWDWLRQRIWKH4XU
DQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKXUJHVXVWRUHFLWHWKH4XU
DQDQGDOVRPHQWLRQVWKHJUHDWUHZDUGIRUUHFLWLQJ
LW
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWWKHKHDUWRIWKDW0XVOLPLVGHYRLGRIJUDFHRIVSLULWXDOLVPDQG
*UDFHRI$OODKZKRGRHVQRWUHPHPEHUE\KHDUWDQ\SRUWLRQRIWKH4XU
DQLQWKHVDPHZD\DVD
GHVHUWHGKRXVHLVGHSULYHGRILQKDELWDQWVDQG%OHVVLQJVRI$OODK:KDWZHOHDUQIURPWKLVLVWKDWHYHU\
0XVOLPPXVWUHPHPEHUVRPHSRUWLRQRIWKH4XU
DQVRWKDWKHLVVDIHIURPWKHDGPRQLWLRQPHQWLRQHGLQ
WKLV+DGLWK
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHPHULWRIWKRVHZKRFRPPLWWKH4XU
DQZKROHRUSDUWWKHUHRI
WRPHPRU\+XIID] 7KHZRUGCDVFHQG
KHUHPHDQVWRULVHLQUDQNVLQWKH-DQQDK7KHPRUHRQH
UHPHPEHUVWKH4XU
DQWKHPRUHFOHDUDQGGLVWLQFWLVKLVUHFLWDWLRQRILWWKHKLJKHUZRXOGEHWKHVWDWXV
WKDWKHZLOOJRRQDWWDLQLQJWKURXJKLWVEOHVVLQJV7KXVWKLV+DGLWKSURYLGHVLQGXFHPHQWIRUWKH
UHPHPEUDQFHRIWKH4XU
DQDQGWHOOVXVWKDWLWVIUHTXHQWUHFLWDWLRQLVDPHDQVWRDWWDLQKLJKHUUDQNVLQ
-DQQDK
&+$37(5
:$51,1*$*$,167
)25*(77,1*7+(485
$1
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 7KH3URSKHW3%8+VDLG
5HDGWKH4XU
DQUHJXODUO\%\WKH2QHLQ:KRVH+DQG0XKDPPDG
VVRXOLVLWHVFDSHVIURPPHPRU\
IDVWHUWKDQDFDPHOGRHVIURPLWVW\LQJURSHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RVDIHJXDUGWKH4XU
DQPHDQVWRUHFLWHLWUHJXODUO\EHFDXVHLIRQHIDLOVWRGRVRKH
WHQGVWRIRUJHWLWTXLFNO\,QWKHDEVHQFHRIUHJXODUUHFLWDWLRQRQHLVERXQGWRIRUJHWLWPRUHTXLFNO\
WKDQDFDPHOEUHDNVORRVHERXQGZLWK7KHEUHDNLQJORRVHE\WKHFDPHOWROLEHUDWHLWVHOILVDVLPLOHIRU
WKHTXLFNSURFHVVRIIRUJHWWLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKUHSHDWVWKHVXEMHFWPHQWLRQHGDERYH7KHSHUVRQZKRPHPRUL]HVWKH
HQWLUH4XU
DQRUDSRUWLRQRILWLIKHUHFLWHVLWUHJXODUO\KHZLOOUHWDLQLWRWKHUZLVHLWZLOOVWDUWVOLSSLQJ
IURPKLVPHPRU\
&+$37(5
7+(0(5,72)5(&,7$7,21
2)7+(12%/(485
$1,1
$3/($6$1792,&(
$E8+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OO$K
3%8+VD\LQJ$OODKGRHVQRWOLVWHQVRDWWHQWLYHO\WRDQ\WKLQJDV+HOLVWHQVWRWKHUHFLWDWLRQRIWKH
4XU
DQE\D3URSKHWZKRUHFLWHVZHOOZLWKDPHORGLRXVDQGDXGLEOHYRLFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OODKGRHVQRWOLVWHQVRDWWHQWLYHO\
KDVWZR IROGPHDQLQJV)LUVW$OODK
VDFFHSWDQFH
DQGSOHDVXUH6HFRQG+LVDWWULEXWHRI+HDULQJ2QHPXVWKDYHWREHOLHYHLQLWDOWKRXJKZHFDQQHLWKHU
GHVFULEHLWQRUFRPSDUHLWZLWKDQ\WKLQJHOVH
7KHZRUG*KLQD
LVRUGLQDULO\XVHGIRUVLQJLQJEXWKHUHLWPHDQVWKHUHFLWDWLRQZKLFKLVGRQHLQ
DFFRUGDQFHZLWKWKHSULQFLSOHVRI7DMZLGDQGLQDEHDXWLIXOYRLFH
7KXVWKLV+DGLWKLQGXFHVXVWRUHFLWHWKH4XU
DQSURSHUO\ZLWKQLFHIHHOLQJDQGYRLFH
>$O%XNKDULDQG0XVOLP@
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG ,KHDUGWKH3URSKHW3%8+
UHFLWLQJ6XUDW:DW7HHQ:D]=DLWXQ&KDSWHUGXULQJWKHC,VKD
SUD\HU,KDYHQHYHUKHDUGDQ\RQH
UHFLWLQJLWLQ DPRUHEHDXWLIXOYRLFHWKDQKLV
>$O%XNKDULDQG0XVOLP@
>$EX'DZXG@
&RPPHQWDU\ 7KHZRUGVLVQRWRIXV
PHDQWKDWKHLVQRWIROORZLQJWKHZD\RIWKH3URSKHW3%8+
ZLWKUHJDUGWRWKHUHFLWDWLRQRIWKH4XU
DQ7KLV+DGLWKDOVRLQGXFHVXVWRUHFLWHWKH4XU
DQZLWKDVZHHW
DQGWRXFKLQJYRLFHEHFDXVHWKHUHFLWDWLRQRIWKH4XU
DQLQWKLVPDQQHUHQKDQFHVLWVHIIHFW
,VDLG20HVVHQJHURI$OODK6KDOO,UHFLWHLWWR\RXZKHQLWZDVUHYHDOHGWR\RX"
+H3%8+VDLG,OLNHWRKHDULWIURPRWKHUV
7KHQ,EHJDQWRUHFLWH6XUDW$Q1LVD
:KHQ,UHDFKHG
WKH$\DKC+RZZLOOLWEHZKHQ:HVKDOOEULQJDZLWQHVVIURPHYHU\SHRSOHDQGEULQJ\RXDVDZLWQHVV
DJDLQVWWKHP"
+DYLQJKHDUGLWKHVDLG(QRXJK(QRXJK
:KHQ,ORRNHGDWKLP,IRXQGKLVH\HV
ZHUHRYHUIORZLQJZLWKWHDUV
>$O%XNKDULDQG0XVOLP@
&+$37(5
,1'8&(0(1772:$5'67+(
5(&,7$7,212)620(
63(&,$/9(56(6$1'685$+
2)7+(12%/(485
$1
$EX6DCLG$U5DILC ELQ$O0XCDOOD0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 7KH0HVVHQJHURI
$OODK3%8+VDLG6KDOO,WHDFK\RXWKHJUHDWHVW6XUDKLQWKH4XU
DQEHIRUH\RXOHDYHWKHPRVTXH"
7KHQKH3%8+WRRNPHE\WKHKDQGDQGZKHQZHZHUHDERXWWRVWHSRXW,UHPLQGHGKLPRIKLV
SURPLVHWRWHDFKPHWKHJUHDWHVW6XUDKLQ WKH4XU
DQ+H3%8+VDLG,WLVC$OKDPGXOLOODKL5DEELO
C$ODPLQLH6XUDW$O)DWLKDKZKLFKLV$V6DEC$O0DWKDQLLHWKHVHYHQRIWUHSHDWHG$\DWDQG
WKH*UHDW4XU
DQZKLFKLVJLYHQWRPH
>$O%XNKDUL@
&RPPHQWDU\ $OODKWKH$OPLJKW\VD\V
$QGLQGHHG:HKDYHEHVWRZHGXSRQ\RXVHYHQRI$O0DWKDQLWKHVHYHQUHSHDWHGO\UHFLWHG$\DW
LH6XUDW$O)DWLKDKDQGWKH*UDQG4XU
DQ
,WKDVDOVREHHQUHJDUGHGDVWKHJUHDWHVW6XUDKRIWKH
4XU
DQDVLWFRYHUVDOOWKHREMHFWVRIWKH4XU
DQDQGLVDFRQGHQVDWLRQRIDOOWKHVXEMHFWVZKLFKKDYH
EHHQGLVFXVVHGLQGHWDLOLQLWVRWKHU6XUDK,WLQFOXGHVWKHEHOLHILQWKH7DXKLGWKHEHOLHILQWKH2QHQHVV
RI$OODKWKHZRUVKLSRI$OODKWKH'D\RI5HVXUUHFWLRQSURPLVHRI-DQQDKDQGZDUQLQJDJDLQVW
+HOOILUHLQVWDQFHVRIWKHSLRXVDQGLPSLRXVSHRSOHRIWKHSDVWFRPPXQLWLHVDQGWKHOHVVRQVWKHLU
FRQGXFWKDVIRURWKHUV$EX'DZXGDQG$W7LUPLGKLKDYHUHSRUWHGD+DGLWKLQZKLFKWKH0HVVHQJHURI
$OODK3%8+VDLG$OKDPGXOLOODKL5DEELOC$ODPLQLH6XUDW$O)DWLKDKLV8PPXO4XU
DQWKDWLV
LWVRULJLQEDVLVDQGHVVHQFH
7KH\FRQVLGHUHGLWEXUGHQVRPHDQGVDLG20HVVHQJHU
RI$OODKZKLFKRIXVFDQDIIRUGWRGRWKDW"
>$O%XNKDUL@
&RPPHQWDU\ 2QHUHDGLQJRI6XUDW$O,NKODVKDVUHWXUQDQGUHZDUGHTXDOWRWKHUHFLWDWLRQRIRQH
WKLUGRIWKH4XU
DQ7KLV6XUDKPHQWLRQVWKH2QHQHVVRI $OODK7KLVLVHQRXJKWRPDNHRQHUHDOL]HKRZ
PXFK$OODK6:7OLNHVWKHUHFLWDWLRQDQGUHPHPEUDQFHRI+LV2QHQHVV7KLVLVWKHUHDVRQ+HKDV
GHFODUHG6KLUNSRO\WKHLVPDQDEVROXWHO\XQSDUGRQDEOHVLQ
>$O%XNKDUL@
&RPPHQWDU\ <DWDTDOOXKD
PHDQVKHWKRXJKWWKDWLWVUHFLWDWLRQKDGQRVSHFLDOPHULWV7KH3URSKHW
3%8+FODULILHGKLVPLVXQGHUVWDQGLQJE\HOXFLGDWLQJLWVHPLQHQFH
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ 6RPHVFKRODUVKDYHKLJKOLJKWHGWKHHPLQHQFHRI6XUDW$O,NKODVE\VD\LQJWKDWLW
FRPSULVHVWKHZKROHGLVFLSOLQHRI7DXKLG7KLV6XUDWGHDOVZLWK7DXKLG0DQ\RWKHUUHDVRQVKDYHDOVR
EHHQJLYHQIRULWVJUHDWHPLQHQFHE\0XVOLPVFKRODUV
>0XVOLP@
PHDQV+DYHQRW\RXVHHQ"
RU$UH\RXQRWDZDUH"
7KHUHLVQRSUHFHGHQFH
PHDQVWKDWWKHUHLVQRRWKHUFRPSOHWH6XUDWLQWKH4XU
DQRQWKLVVXEMHFW
H[FHSWWKHVHWZR)RUWKLVUHDVRQWKHVHWZR6XUDWDUHFDOOHG$O0XCDZZLGKDWDLQZKLFKPHDQVWZR
6XUDWZKLFKZHXVHWRVHHN$OODK
VSURWHFWLRQ
&RPPHQWDU\ /LNHPHQMLQQVKDYHDOVRJRRGDQGEDGHOHPHQWVDPRQJWKHP$OPLJKW\$OODKKDV
HQGRZHGWKHPZLWKVXFK SRZHUWKDWLIWKH\ZDQWWKH\FDQZLWKWKH:LOORI$OODKKDUPKXPDQEHLQJV
7KLVLVWKHUHDVRQPLVFKLHYRXVMLQQVKDUPSHRSOH6LPLODUO\LQIOXHQFHRIWKHHYLOH\HLVDOVRWUXH:KDW
LWPHDQVLVWKDWLIDSHUVRQORRNVDWVRPHRQHZLWKJUHHGDQGHQY\WKHHYLOHIIHFWVRIKLVORRNZLOOUHDFK
WKHSHUVRQYLHZHGDQGEHFDXVHRIWKDWKHKDVWRVXIIHUVRPHORVVRUWURXEOHRUDFFLGHQW)RUWKLV
UHDVRQWKH3URSKHW3%8+ZRXOGVHHNWKHSURWHFWLRQRI$OODKDJDLQVWWKHMLQQVDQGWKHHYLOH\HDQG
SUD\LQKLVRZQZRUGV IRULWVD\LQJ,VHHN<RXUSURWHFWLRQDJDLQVWMLQQVDQGHYLOH\HVRIWKHSHRSOH
$IWHUWKHUHYHODWLRQRIWKH6XUDK$O)DODTDQG$Q1DVODVWWZR6XUDKRIWKH4XUDQKHVWDUWHGUHFLWLQJ
WKHPEHFDXVHWKHVHZHUHUHYHDOHGIRUWKLVSXUSRVH7KHVH6XUDKDUH DOVRFDOOHG$O0XCDZZLGKDWDLQ
ZKLFKPHDQWZR6XUDKZKLFKSURYLGHSURWHFWLRQ,WLVWKHUHIRUHYHU\XVHIXOWRVHHNWKHSURWHFWLRQRI
$OODKE\UHFLWLQJWKHP
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQWKH'D\RI5HVXUUHFWLRQWKLV6XUDKZLOOLQWHUFHGHZLWK$OODK
IRUWKHIRUJLYHQHVVRILWVUHFLWHU7KLV+DGLWKKDVEHHQQDUUDWHGLQ$UDELFLQWKHSDVWWHQVHEHFDXVH
OLNHWKHSDVWLQGHILQLWHLWVRFFXUUHQFHLVGHILQLWHDQGQRWRSHQWRLQTXLU\$WVRPHSODFHVKRZHYHULW
KDVDOVREHHQQDUUDWHGLQWKHSUHVHQWWHQVH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6XIILFHKLP
KHUHPHDQVWKDWKHZLOOEHSURWHFWHGIURPWKHHYLOV,WVDQRWKHUPHDQLQJ
LVWKDWWKHVHWZR$\DWZLOOWDNHWKHSODFHRI7DKDMMXGRSWLRQDOSUD\HULQWKHODWHKRXUVRIWKH QLJKW
,PDP$Q1DZDZLKDVFLWHGWKHODWWHUPHDQLQJ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLQVWUXFWVXVQRWWRWXUQRXUKRPHVLQWRWKHOLNHRIDJUDYH\DUGWKURXJKWKH
QHJOLJHQFHRIUHFLWLQJWKH4XU
DQLQWKHP,WDOVRSRLQWVRXWWKHH[FHOOHQFHRI6XUDW$O%DTDUDKZKLFK
ZKHQUHFLWHGZLOOFHUWDLQO\NHHSWKHGHYLODZD\
,UHSOLHG,WLVC$OODK
ODLODKDLOOD+XZDO+DL\XO4D\XP$OODKQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW+HWKH(YHU
/LYLQJ
>0XVOLP@
5HMRLFHE\WKLV NQRZOHGJH
PHDQV0D\WKLVNQRZOHGJHEHDVRXUFHRIUHVSHFWKRQRXUDQGEHQHILWWR
\RX
$QGNQRZOHGJHKHUHVWDQGVIRUWKHNQRZOHGJHRIWKH4XU
DQDQG+DGLWKZKLFKLVFHUWDLQO\D
PHDQVRIVXFFHVVLQWKLVZRUOGDQGWKH+HUHDIWHU
+HVDLG
,DPDQHHG\PDQZLWKDODUJHIDPLO\DQGVR,KDYHDSUHVVLQJQHHG
,OHWKLPJR:KHQ,VDZWKH
0HVVHQJHURI$OODK3%8+QH[WPRUQLQJKHDVNHGPH2$EX+XUDLUDK:KDWGLG\RXUFDSWLYHGR
ODVWQLJKW"
,VDLG20HVVHQJHURI$OODK+HFRPSODLQHGRIDSUHVVLQJQHHGDQGDELJIDPLO\,IHOW
SLW\IRUKLPVR,OHWKLPJR
,ZDVVXUH
DFFRUGLQJWRWKHVD\LQJRIWKH0HVVHQJHURI$OODK3%8+WKDWKHZRXOGUHWXUQ,ZDLWHGIRUKLP+H
VQHDNHGXSDJDLQDQGEHJDQWRVWHDOIRRGVWXIIIURPWKH6DGDTDK,FDXJKWKLPDQGVDLG,PXVWWDNH
\RXWRWKH0HVVHQJHURI$OODK3%8+
+HVDLG/HWJRRIPH,DPDQHHG\PDQ,KDYHWREHDUWKH
H[SHQVHVRIDELJIDPLO\,ZLOOQRWFRPHEDFN
6R,WRRNSLW\RQKLPDQGOHWKLPJR,ZHQWDWGDZQWR
WKH0HVVHQJHURI$OODK3%8+ZKRDVNHGPH2$EX+XUDLUDK:KDWGLG\RXUFDSWLYHGRODVW
QLJKW"
,UHSOLHG20HVVHQJHURI$OODK+HFRPSODLQHGRIDSUHVVLQJZDQWDQGWKHEXUGHQRIDELJ
IDPLO\,WRRNSLW\RQKLPDQGVR,OHWKLPJR
7KDWPDQFDPHDJDLQWRVWHDOWKHIRRGVWXII,DUUHVWHGKLPDQGVDLG,PXVWWDNH\RXWRWKH
0HVVHQJHURI$OODK3%8+DQGWKLVLVWKHODVWRIWKUHHWLPHV <RXSURPLVHGWKDW\RXZRXOGQRWFRPH
DJDLQEXW\RXGLG
+HVDLG/HWJRRIPH,VKDOOWHDFK\RXVRPHZRUGVZLWKZKLFK$OODKPD\EHQHILW
\RX
,DVNHG:KDWDUHWKRVHZRUGV"
+HUHSOLHG:KHQ\RXJRWREHGUHFLWH$\DWXO.XUVL
IRUWKHUHZLOOEHDJXDUGLDQDSSRLQWHGRYHU\RXIURP$OODKDQG6DWDQZLOOQRWEHDEOHWRDSSURDFK\RX
WLOOPRUQLQJ
,DQVZHUHG+HSURPLVHGWRWHDFKPHVRPHZRUGVZKLFKKHFODLPHGZLOO
EHQHILWPHEHIRUH$OODK6R,OHWKLPJR
,VDLG+HWROGPHC:KHQ\RXJRWREHGUHFLWH$\DWXO.XUVLIURPWKH
EHJLQQLQJWRWKHHQG LH> $OODKQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW+HWKH(YHU/LYLQJWKH2QH
:KRVXVWDLQVDQGSURWHFWVDOOWKDWH[LVWV1HLWKHUVOXPEHUQRUVOHHSRYHUWDNHV+LP7R+LPEHORQJV
ZKDWHYHULVLQWKHKHDYHQVDQGZKDWHYHULVRQWKHHDUWK:KRLVKHWKDWFDQLQWHUFHGHZLWK+LPH[FHSW
ZLWK+LV3HUPLVVLRQ"+HNQRZVZKDWKDSSHQVWRWKHP+LVFUHDWXUHVLQWKLVZRUOGDQGZKDWZLOO
KDSSHQWRWKHPLQWKH+HUHDIWHU$QGWKH\ZLOOQHYHUFRPSDVVDQ\WKLQJRI+LV.QRZOHGJHH[FHSWWKDW
ZKLFK+HZLOOV+LV.XUVLHQFRPSDVVHVWKHKHDYHQVDQGWKHHDUWKDQGSUHVHUYLQJWKHPGRHVQRW
IDWLJXH+LP$QG+HLVWKH0RVW+LJKWKH0RVW*UHDW@
+HDGGHGC%\UHFLWLQJLWWKHUHZLOO
EHDJXDUGLDQDSSRLQWHGRYHU\RXIURP$OODKZKRZLOOSURWHFW\RXGXULQJWKHQLJKWDQG6DWDQZLOO QRW
EHDEOHWRFRPHQHDU\RXXQWLOPRUQLQJ
,VDLG1R
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHH[FHOOHQFHRI$\DWXO.XUVLDQGWKHLPSRUWDQFHRIUHFLWLQJLW
EHIRUHJRLQJWREHG
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KRHYHUFRPPLWVWRPHPRU\WKHILUVWWHQ$\DWRIWKH6XUDW$O.DKIZLOOEHSURWHFWHGIURPWKHWULDO
RI$G'DMMDO$QWLFKULVW
>0XVOLP@
&RPPHQWDU\ $G'DMMDOZLOODSSHDUVRPHWLPHEHIRUH<DXPXO4L\DPDK$OODKWKH$OPLJKW\ZLOO
JLYHKLPVRPHVXSHUQDWXUDOSRZHUVWKHPDQLIHVWDWLRQRIZKLFKZLOOVKDNHWKH IDLWKRIPDQ\SHRSOH)RU
WKLVUHDVRQWKLVZLOOEHDVHULRXVWULDO$OO3URSKHWVZDUQHGWKHLUSHRSOHDJDLQVWKLP2XU3URSKHW
3%8+DOVRZDUQHGXVDJDLQVWKLPDQGRUGHUHGXVWRJXDUGRXUVHOYHVIURPLWDQGVWULFWO\DGYLVHGXVWR
VHHN5HIXJHRI$OODKDJDLQVWLW7KLV+DGLWKWHOOVXVWKHZD\WRVDYHRXUVHOYHVIURP$G'DMMDO7KH
UHFLWDWLRQRIWKHILUVWRUWKHODVWWHQ$\DWRI6XUDW$O.DKILQWKHPRUQLQJDQGHYHQLQJLVYHU\XVHIXO
IRUWKLVSXUSRVH6KHLNK$O$OEDQLKDVKRZHYHUUHJDUGHGWKHODVWWHQ$\DW SUREDEO\DQGWKHILUVWWHQ
$\DWVXUHO\HIIHFWLYHDJDLQVWWKLVPLVFKLHI
7KHQDQDQJHOGHVFHQGHG
WKURXJKLWKHVDLG7KLVLVDQDQJHOZKRKDVFRPHGRZQWRHDUWK+HQHYHUFDPHGRZQEHIRUH
+H
VHQWJUHHWLQJVDQGVDLG5HMRLFHZLWKWZROLJKWVJLYHQWR\RX6XFKOLJKWVZHUHQRWJLYHQWRDQ\
3URSKHWEHIRUH\RX7KHVHOLJKWVDUH)DWLKDKWLO.LWDE6XUDW$O)DWLKDKDQGWKHFRQFOXGLQJ$\DWRI
6XUDW$O%DTDUDK<RXZLOOQHYHUUHFLWHDZRUGIURPWKHPZLWKRXWEHLQJJLYHQWKHEOHVVLQJVLWFRQWDLQ
V
>0XVOLP@
'(6,5$%,/,7<2)$66(0%/,1*
)257+(5(&,7$7,212)7+(
12%/(485
$1
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
$Q\JURXSRISHRSOHWKDWDVVHPEOHLQRQHRIWKH+RXVHVRI$OODKWRVWXG\WKH4XU
DQWUDQTXLOOLW\ZLOO
GHVFHQGXSRQWKHPPHUF\ZLOOHQJXOIWKHPDQJHOVZLOOVXUURXQGWKHPDQG$OODKZLOOPDNHPHQWLRQRI
WKHPWRWKRVHWKHDQJHOVLQ+LVSUR[LPLW\
>0XVOLP@
&RPPHQWDU\ 7KHPHDQLQJRIWKH+DGLWKLVWKDWWKH\WHDFKRQHDQRWKHUE\GLVFXVVLQJWKH4XUDQLF
VFLHQFHVDQGNQRZOHGJHWKH4XU
DQFRQWDLQV7KLVPHDQLQJLVFRUUHFWEHFDXVHERWKWKHVHDFWVDUH
DXVSLFLRXVDQGDUHPHDQVRIJDLQLQJWKH3OHDVXUHRI$OODK7KLV+DGLWKKRZHYHUGRHVQRWWHOOXVLQ
DQ\ZD\WKDWWKLVJURXSRISHRSOHUHFLWHWKH4XU
DQDOODWRQFH7KLVLV%LGCDKIRUWKLVZDVQRWWKH
SUDFWLFHRIWKH0HVVHQJHURI$OODK3%8+
&+$37(5
7+(0(5,762)$%/87,216
:8'8
$OODK WKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUG*KXUU
LVWKHSOXUDORI $JKDUU
ZKLFKPHDQVVKLQLQJRUZKLWH,WLVXVHG
IRUDQLPDOVOLNHDKRUVHLHDZKLWHPDUNRQLWVIDFH+HUHLWUHIHUVWRWKDWUDGLDQFHZKLFKZLOOLVVXH
IURP WKHEURZVRIWKHEHOLHYHUVRQWKH'D\RI5HVXUUHFWLRQDQGZKLFKZLOOPDNHWKHPSURPLQHQW
0XKDMMDOXQLVIURP7DKMLO ZKLFKDOVRPHDQVZKLWHQHVVEXWLWLVXVHGIRUWKDWZKLWHQHVVZKLFKLVIRXQG
RQDOOWKHIRXURUDWOHDVWRQWKUHHOHJVRIDKRUVH+HUHLW UHIHUVWRWKDWOLJKWZKLFKZLOOVKLQHWKURXJK
WKHKDQGVDQGIHHWRIWKHEHOLHYHUVEHFDXVHRIWKHLUKDELWRISHUIRUPLQJ:XGX
7KLVPHDQVWKDWWKH
EHOLHYHUVDPRQJWKH0XVOLPVZLOOEHGLVWLQJXLVKHGIURPRWKHUFRPPXQLWLHVE\YLUWXHRIWKHUHIXOJHQFH
LVVXLQJIURPWKHLUIDFHVKDQGVDQGIHHWRQWKH'D\RI5HVXUUHFWLRQLQWKHVDPHZD\WKDWDKRUVHZLWKD
ZKLWHIRUHKHDGLVHDVLO\GLVWLQJXLVHGIURPRWKHUKRUVHV
>0XVOLP@
C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+
VDLG+HZKRSHUIRUPVWKH:XGX
SHUIHFWO\LHDFFRUGLQJWR6XQQDKKLVVLQVZLOOGHSDUWIURPKLV
ERG\HYHQIURPXQGHUKLVQDLOV
>0XVOLP@
&RPPHQWDU\ 7RSHUIRUP:XGX
LQDSURSHUPDQQHUPHDQVWRSHUIRUPLWDFFRUGLQJWR6XQQDK
(MHFWLRQRIVLQVIURPWKHERG\PHDQVIRUJLYHQHVVRIVLQVDQGWKHZRUGCVLQV
KHUHVWDQGVIRUPLQRUVLQV
EHFDXVHPDMRUVLQVDUHQRWIRUJLYHQZLWKRXWGHYRXWSHQLWHQFH
>0XVOLP@
&RPPHQWDU\ :XGX
LVDPHDQVRIUHPLVVLRQRIPLQRUVLQVSURYLGHGWKRVHVLQVDUHQRWUHODWHGWRWKH
ULJKWVRISHRSOHEHFDXVHWKH\WRRZLOOQRWEHIRUJLYHQZLWKRXWSHQLWHQFHDQGFRPSHQVDWLQJWKH
DJJULHYHGRUWKHZURQJHG
7RSHUIRUP:XGX
DWKRPHEHIRUHSURFHHGLQJWRWKHPRVTXHIRU6DODWLVKLJKO\PHULWRULRXV+HZKR
GRHVVRZLOOEHSXUJHGRIPLQRUVLQV7KHQKLVJRLQJWRWKHPRVTXHDQGSHUIRUPDQFHRI6DODWWKHUHLV
DPHDQVIRUJDLQLQJIXUWKHUUHZDUG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHDQLQJPHQWLRQHGLQWKHSUHFHGLQJ$KDGLWK7KDWLVWRVD\
VXFKPLQRUVLQVDUHZDVKHGRIIE\:XGX
,QRWKHUZRUGV:XGX
LVDPHDQVRISXULILFDWLRQRIWKHERG\
DVZHOODVWKHVRXO
7KH&RPSDQLRQVVDLG2
0HVVHQJHURI$OODK$UHQRWZH\RXUEURWKHUV"
7KH\VDLG20HVVHQJHURI$OODK+RZZLOO
\RXUHFRJQL]HWKRVHRI\RXU8PPDKZKR DUHQRWERUQ\HW"
7KH\VDLG&HUWDLQO\20HVVHQJHURI$OODK
>0XVOLP@
&RPPHQWDU\ 2QWKHSULQFLSOH7KHEHOLHYHUVDUHEURWKHUV
WKDWLVPDQLIHVWHGLQ6XUDW$O+XMXUDWRI
WKH4XU
DQWKH3URSKHW3%8+UHJDUGHGDOOWKHVXFFHVVLYHJHQHUDWLRQVRI0XVOLPVDVKLV
EURWKHUV+LV&RPSDQLRQVKDYHDQDGGHGGLVWLQFWLRQWKDWWKH\DUHKLVEURWKHUVDVZHOODVKLV
FRPSDQLRQV
7KH&RPSDQLRQVVDLG&HUWDLQO\20HVVHQJHURI$OODK
>0XVOLP@
>0XVOLP@
>0XVOLP@
,QWKHQDUUDWLRQLQ$W7LUPLGKL LWLVDGGHG$OODKXPPDMCDOQLPLQDWWDZZDELQDZDMCDOQLPLQDO
PXWDWDKKLULQ2$OODKPDNHPHDPRQJWKRVHZKRUHSHQWDQGSXULI\WKHPVHOYHV
DQGWKLV
SULQFLSOHPDNHVLWVLPSRUWDQFHFOHDU
&+$37(5
7+((;&(//(1&(2)$'+$1
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:HUHSHRSOHWRNQRZWKHEOHVVLQJRISURQRXQFLQJ$GKDQDQGWKHVWDQGLQJLQWKHILUVWURZWKH\ZRXOG
HYHQGUDZORWVWRVHFXUHWKHVHSULYLOHJHV$QGZHUHWKH\WRUHDOL]HWKHUHZDUGRISHUIRUPLQJ6DODW
HDUO\WKH\ZRXOGUDFHIRULWDQGZHUHWKH\WRNQRZWKHPHULWVRI6DODWDIWHUQLJKWIDOOC,VKD
DQGWKH
GDZQ)DMU6DODWWKH\ZRXOGFRPHWRWKHPHYHQLIWKH\KDGWRFUDZO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLVH[SUHVVLRQ
WRFUDZO
LVXVHGWRLOOXVWUDWHWKHKLJKPHULWRISUD\LQJC,VKDDQG)DMULQ
FRQJUHJDWLRQLQWKHPRVTXH7KLV+DGLWKDOVRXUJHVWRPDNHEHVWWRRFFXS\WKHILUVWURZVDVWKH
C$QJHOVRI0HUF\
SUD\IRUWKH,PDPILUVWWKHQIRUWKRVHZKRSUD\LPPHGLDWHO\EHKLQGKLPLQWKHILUVW
URZWKHQWKRVHEHKLQGWKHPDQGVRRQ7KH+DGLWKDOVRSRLQWVRXWWKHH[FHOOHQFHRI$GKDQDQGWKH
JUHDWUHZDUGRIWKHSHUVRQZKRSURQRXQFHVLW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHHPLQHQFHRI0X
DGKGKLQDQG$GKDQ$GKDQPHDQVFDOOLQJ
SHRSOHWRWKHZRUVKLSRI$OODK0X
DGKGKLQWKHFDOOHUJHWVUHZDUGIRUWKH6DODWRIDOOWKRVHZKRKHDU
KLV$GKDQ7KHSKUDVHZLOOKDYHWKHORQJHVWQHFNV
KDVEHHQJLYHQGLIIHUHQWLQWHUSUHWDWLRQV2QHRI
WKHPLVWKDWWKH\DUHWKRVHZKRORQJ IRUWKH0HUF\RI$OODKPRUHWKDQDQ\RQHHOVH$QRWKHU
LQWHUSUHWDWLRQLVWKDWWKHLUQHFNVZLOOJURZORQJHURQWKH'D\RI5HTXLWDODQGVRVZHDWZLOOQRWUHDFK
WKHPIRUHYHU\RQHZLOOVZHDWRQWKDWGD\GHSHQGLQJRQKLVGHHGVVZHDWZLOOUHDFKXSWRRQH
VDQNOHV
RUNQHHVRUZDLVWV,QWKHFDVHRIVRPHSHRSOHVZHDWZLOOUHDFKXSWRWKHLUPRXWKV$QRWKHU
LQWHUSUHWDWLRQLVWKDWWKRVHZKRFDOO$GKDQZLOOKDYHDQKRQRXUDEOHDQGJUHDWVWDWXVRQWKH'D\RI
5HTXLWDO
$EX6DCLGDGGHG,KHDUGWKLVIURPWKH0HVVHQJHURI$OODK3%8+
>$O%XNKDUL@
&RPPHQWDU\ 6KD\XQLVXVHGIRUHYHU\WKLQJRUHYHU\RWKHUWKLQJDQGFRYHUVDQLPDOVYHJHWDEOHVDQG
LQDQLPDWHPDWWHU2QWKH'D\RI5HTXLWDO$OPLJKW\$OODKZLOOJUDQWWKHIDFXOW\RIVSHHFKDQGDOO
WKHVHWKLQJVZLOOWHVWLI\IRUWKH0X
DGKGKLQDVZRXOGEHGRQHE\PDQNLQGDQGMLQQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGVVLJQLI\WKDW6DWDQUXQVZLWKJUHDWVSHHGDQGKHEUHDNVZLQGRUKH
LQWHQWLRQDOO\GRHVVR,QDQ\FDVHLWVKRZVWKDWKHKDVDQDYHUVLRQIRU$GKDQ7KHVHFRQGSRLQWWKDWZH
OHDUQIURPWKLV+DGLWK LVWKDWWKHFRQFHQWUDWLRQRIPLQGLVDPXVWIRU6DODWWRGHIHDWDOODWWHPSWVRI
6DWDQWRGLVUXSWLW
>0XVOLP@
:DVLODKOLWHUDOO\PHDQVWKDWPRGHRUPHWKRGE\ZKLFKRQHDWWDLQVKLVJRDOEXWKHUH
LWVWDQGVIRUWKDWKLJKUDQNLQ-DQQDKZKLFKZLOOEHDZDUGHGWRWKH3URSKHW3%8+7KHZRUG6KDIDCDK
PHDQVWREHJVRPHRQHWRSDUGRQVRPHERG\
VIDXOWVDQGVKRUWFRPLQJVRUWRUHTXHVWVRPHRQHIRUGRLQJ
DYLUWXRXVGHHG,QWKHFRQWH[WRIWKLV+DGLWKLWUHIHUVWRWKHSULYLOHJHRILQWHUFHVVLRQRIWKH3URSKHW
3%8+GXHWRZKLFKKHZLOOUHTXHVW IRUWKHIRUJLYHQHVVRIVXFKSHRSOHIRUZKRPKHZLOOEHJLYHQ
SHUPLVVLRQE\$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWRUHSHDWWKHZRUGVRI$GKDQZKHQZHKHDULW%XWZKHQKH
VD\V+D\\DCDODV6DODK
RU+D\\DCDODO)DODK
ZHPXVWVD\/DKDZODZDODTXZZDWDLOODELOODK
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDQRWKHUSUD\HUZKLFKVKRXOGEHUHFLWHGEHVLGHWKHDOUHDG\
PHQWLRQHG'XCDDO:DVLODK
>$EX'DZXGDQG$W7LUPLGKL@
&+$37(5
7+((;&(//(1&(2)$66$/$7
7+(35$<(5
$OODKWKH([DOWHGVD\V
7KH\UHSOLHG1RVRLOLQJZRXOGOHIWRQKLP
+H3%8+
VDLG
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$PDQNLVVHGDZRPDQ6RKHFDPHWR
WKH0HVVHQJHURI$OODK3%8+DQGLQIRUPHGKLPDERXWLW7KHQ$OODKUHYHDOHGWKLV$\DK$QG
SHUIRUPWKH6DODWEHWZHHQWKHWZRHQGVRIWKHGD\DQGLQVRPHKRXUVRIWKHQLJKW9HULO\WKHJRRG
GHHGVHIIDFHWKHHYLOGHHGVLHPLQRUVLQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %HWZHHQWKHHQGVRIWKHGD\
PHDQV)DMUDQG0DJKULESUD\HUV6RPHSHRSOHWKLQNLW
UHIHUVWRC,VKD
SUD\HUZKLOHVRPHWKLQNLWPHDQVWKH0DJKULEDQGC,VKD
SUD\HUV,QVRPHKRXUVRIWKH
QLJKW
PHDQVWKH7DKDMMXGSUD\HUV7KLV$\DKRIWKH4XU
DQKDVEHHQTXRWHGKHUHWRVWUHVVWKDW6DODWLV
DQDFWRIJUHDWYLUWXHDQGDQH[SLDWLRQRIVLQVEXWRQO\IRUPLQRUVLQVEHFDXVHWKHPDMRUVLQVZLOOQRWEH
SDUGRQHGZLWKRXWVLQFHUHUHSHQWDQFH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHOXFLGDWHVWKDWWKHPLQRUVLQVFRPPLWWHGGXULQJWKHLQWHUYDORIWKHILYH
SUHVFULEHG6DODWDQGLQWKHSHULRGLQWHUYHQLQJEHWZHHQRQH-XPXCDKDQGWKHRWKHUDUHSDUGRQHGZLWK
WKHSHUIRUPDQFHRIWKHILYHWLPHSUHVFULEHG6DODWDQGWKH-XPXCDKSUD\HUSURYLGHGRQHGRHVQRW
FRPPLWPDMRUVLQVZKLFKDUHQRWIRUJLYHQZLWKRXWUHSHQWDQFH6LQVOLNH6KLUNDVVRFLDWLQJVRPHRQH
ZLWK$OODKLQZRUVKLSGLVREHGLHQFHRISDUHQWVIDOVHRDWKIDOVHHYLGHQFHHQFURDFKPHQWRQDQ
RUSKDQ
VSURSHUW\FDOXPQ\DJDLQVWFKDVWHZRPHQHWFIDOOLQWKHFDWHJRU\RIPDMRUVLQVDQGZLOOQRW
EHIRUJLYHQE\PHDQVRI6DODWRQO\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKHLPSRUWDQFHRISHUIRUPLQJ6DODWZLWKDOOLWVHVVHQWLDO
SUHUHTXLVLWHVLH:XGX
DQGFRQFHQWUDWLRQRIPLQG6XFKD6DODWZLOOH[SLDWHWKHVLQV
&+$37(5
(;&(//(1&(2)7+(0251,1*
)$-5$1'C$6535$<(56
$EX0XVD0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG0HVVHQJHURI$OODK3%8+VDLG+H
ZKR7KHREVHUYHV$O%DUGDQLH)DMUDQGC$VUSUD\HUVZLOOHQWHU-DQQDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVDPXVWIRUHYHU\0XVOLPWRRIIHUHYHU\6DODWUHJXODUO\EXWWKHUHDUHVRPHSUD\HUV
6DODWZKLFKFDQQRWEHSHUIRUPHGSXQFWXDOO\XQOHVVRQHWDNHVVSHFLDOFDUHRIWKHP7KLVLVWKHUHDVRQ
VRPHDGGLWLRQDOPHULWVKDYHEHHQPHQWLRQHGLQWKLV+DGLWKVRWKDWSHRSOHH[HUFLVHH[WUDHIIRUWIRU
SHUIRUPLQJWKHP2IWKHVHWZRLVWKH)DMUSUD\HUWKHSHUIRUPDQFHRIZKLFKLVPRUHGLIILFXOWWKDQWKH
RWKHUSUD\HUVEHFDXVHLWRFFXUVDWDWLPHRIUHVWDQGGHHSVOHHS6LPLODULVWKHFDVHRIC$VUSUD\HUWKH
SHUIRUPDQFHRIZKLFKLVGLIILFXOW'XHWRWKHVHUHDVRQVVSHFLDOPHULWVRIWKHVHWZRSUD\HUVKDYHEHHQ
PHQWLRQHGLQWKLV+DGLWK
>0XVOLP@
&RPPHQWDU\ ,WZLOOEHZURQJWRLQIHUWKDWRQHZKRSHUIRUPVWKHVHWZR6DODWSXQFWXDOO\ZLOOEHVDIH
IURP+HOOPHUHO\EHFDXVHRIKLVVWULFWQHVVLQWKHLUREVHUYDQFH$0XVOLPZKRZLOOSHUIRUPDOOWKHILYH
6DODWSXQFWXDOO\ZLOOEHVDIHIURP+HOO,QWKLV+DGLWK)DMUDQGC$VUSUD\HUVKDYHEHHQSDUWLFXODUO\
PHQWLRQHGEHFDXVHRIWKHLUVSHFLDOLPSRUWDQFH,WLVLPSOLHGWKDWRQHZKRWDNHVVSHFLDOFDUHRIWKHVH
WZR6DODWZLOOQRWVKRZDQ\OD[LW\LQWKHRWKHURQHV+HZLOODOVREHSDUWLFXODULQREVHUYLQJWKHRWKHU
REOLJDWLRQVDQG6XQQDKEHFDXVHLWLVDPXVWIRUWKHVDOYDWLRQWKDWRQHVKRXOGGRKLVEHVWWRIXOILOODOOWKH
UHOLJLRXVREOLJDWLRQV
>0XVOLP@
&RPPHQWDU\ 2QHPHDQLQJRIWKLV+DGLWKLVWKDWRQHVKRXOGVKRZHQHUJ\IRUWKHSHUIRUPDQFHRI)DMU
SUD\HU
7KH\UHSO\C:HOHIWWKHPZKLOHWKH\ZHUHSHUIRUPLQJ6DODWDQGZHZHQWWRWKHPZKLOHWKH\ZHUH
SHUIRUPLQJ6DODW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHDQJHOVIRUWKHQLJKWFRPHDWWKHWLPHRIC$VUZKHQWKHDQJHOVIRUWKHPRUQLQJDUH
SUHVHQW7KLVLVKRZWKHDQJHOVRIWKHWZRVKLIWVDVVHPEOHDWWKLVWLPH7KHDQJHOVRIWKHVKLIWRIC$VU
OHDYHWKHLUGXW\LQWKHPRUQLQJDQGWKHDQJHOVRIWKHPRUQLQJVKLIWUHVXPHWKHLUGXW\ZKHQWKHSLRXV
SHUVRQVDUHHQJDJHGLQ)DMUSUD\HU7KLVLVKRZWKHWZRJURXSVDVVHPEOHDJDLQDWWKDWWLPH7KXVZKHQ
WKHDQJHOVFRPHRUJRWKHSHRSOHZKRDUHSXQFWXDOLQWKHLUSUD\HUDUHHQJDJHGLQ)DMUDQGC$VU
$OPLJKW\$OODKNQRZVHYHU\WKLQJEXWHYHQWKHQ+HDVNVWKHDQJHOVDERXWKLVSLRXVVODYHVVRWKDWWKH
SLRXVQHVVRIWKHEHOLHYHUVDQGWKHLUPHULWDQGGLVWLQFWLRQEHFRPHHYLGHQWWRWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWQRRQHFDQVHH$OODKLQWKLVZRUOGEXWLQWKH+HUHDIWHUWKH
EHOLHYHUVZLOOKDYHWKHKRQRXURIVHHLQJ$OODK,WDOVRKLJKOLJKWVWKHLPSRUWDQFHDQGPHULWVRI
SHUIRUPLQJWKH)DMUDQGC$VUSUD\HUVSXQFWXDOO\DQGLQFRQJUHJDWLRQ
>$O%XNKDUL@
&RPPHQWDU\ ,WLVDVHULRXVVLQWRPLVVDQ\RIWKHSUHVFULEHG6DODWGHOLEHUDWHO\6RPHSHRSOHUHJDUGLW
HYHQDQDFWRI.XIU%XWWKHZLOOIXORPLVVLRQRIC$VUSUD\HULVRQHRIWKHPRVWVHULRXVVLQV,WVRPLVVLRQ
QXOOLILHVRQH
VJRRGGHHGV2EVHUYLQJWKLV6DODWLVWKHUHIRUHKLJKO\HVVHQWLDO
&+$37(5
7+((;&(//(1&(2)
352&((',1*72:$5'67+(
02648(:$/.,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
+HZKRJRHVWRWKHPRVTXHLQWKHPRUQLQJRULQWKHHYHQLQJ$OODKSUHSDUHVIRUKLPDSODFHLQ-DQQDK
ZKHQHYHUKHJRHVWRWKHPRVTXHLQWKHPRUQLQJDQG UHWXUQVIURPLWLQWKHHYHQLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHPHULWRIJRLQJRQIRRWWRWKHPRVTXHIRU6DODWQRPDWWHU
ZKHWKHURQHJRHVLQWKHPRUQLQJRUWKHHYHQLQJ,QIDFWWKHKHDUWRID0XVOLPVKRXOGEHDWWDFKHGWR
PRVTXHVDQGRQDFFRXQWRIWKLVKHJRHVWKHUHDWDOOWKHSUHVFULEHGKRXUVRI6DODWWRSHUIRUPKLV6DODWLQ
FRQJUHJDWLRQ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDQLQGXFHPHQWIRURIIHULQJ6DODWLQWKHPRVTXHDQGEULQJVLQWR
HPLQHQFHWKHPHULWRIGRLQJVR7KHPHULWOLHVLQWKHIDFWWKDWRQHPLQRUVLQLVSDUGRQHGDWHYHU\VWHS
WKDWLVWDNHQWRZDUGVWKHPRVTXHDQGRQH
VVWDWXVLQ-DQQDKLVHQKDQFHGE\RQHVWDJH7KLV+DGLWK
DOVRPHQWLRQV WKHYDVWQHVVRIWKH0HUF\DQG%OHVVLQJRI$OODK
+H
VDLG,GRQRWOLNHWKDWP\KRXVHVKRXOGEHVLWXDWHGFORVHWRWKHPRVTXH,GHVLUHWKDWP\ZDONLQJ
WRZDUGVWKHPRVTXHDQGUHWXUQLQJKRPHEHUHFRUGHGWRP\FUHGLW
8SRQWKLVWKH0HVVHQJHURI$OODK
3%8+VDLG$OODKKDVJDWKHUHGDOOUHZDUGVIRU\RX
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHORFDWLRQRIWKHPRVTXHDWDORQJGLVWDQFHIURPRQH
V
KRXVHLVDGYDQWDJHRXVLQWKHVHQVHWKDWRQHJDLQVPHULWVDWHYHU\VWHSZKHQKHJRHVWRWKHPRVTXHDQG
UHWXUQVIURPLW1RWRQO\WKDWDPLQRUVLQRIKLPLVDOVRSDUGRQHGDWHYHU\VWHS7KLV+DGLWKDOVR
KLJKOLJKWVWKHPHULWRIJRRGLQWHQWLRQ2QHFDQDWWDLQPDQ\KHLJKWVE\GLQWRIRQH
VJRRGLQWHQWLRQV
7KH\VDLG<HV20HVVHQJHURI$OODK:HKDYHGHFLGHGWRGR
WKDW
+HVDLGWKLVWZLFH7KH\
VDLG:HZRXOGQRWKDYHOLNHGLWKDGZHPRYHGQHDUWKHPRVTXH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHPHULWRIOLYLQJDWDGLVWDQFHIURPPRVTXH,WLVEHWWHUWKDW
VXFKSHRSOHZKRODFNWKHSDVVLRQIRUZRUVKLSDQGDUHQRWSXQFWXDOLQ6DODWVKRXOGOLYHQHDUPRVTXHVR
WKDWWKH\GRQRWQHJOHFWWKHREOLJDWRU\SUD\HUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDSHUVRQZKRFRPHVWRWKHPRVTXHIRU6DODWIURPDORQJHU
GLVWDQFHHDUQVDJUHDWHUUHZDUGWKDQWKHRWKHUVZKROLYHQHDUWKHPRVTXH,WDOVRPHQWLRQVWKHPHULWRI
SHUIRUPLQJ6DODWLQFRQJUHJDWLRQDQGZDLWLQJIRULWWLOORQHSHUIRUPVLWEHKLQGWKH,PDP
%XUDLGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
&RQYH\JODGWLGLQJVWRWKRVHZKRZDONWRWKHPRVTXHLQWKHGDUNQHVV)RUWKH\ZLOOEHJLYHQIXOOOLJKW
RQWKH'D\RI5HVXUUHFWLRQ
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ ,QWKHGDUNQHVV
KHUHLQGLFDWHVWKH)DMUDQGC,VKD
SUD\HUVZKLFKDUHSHUIRUPHGZKHQLW
LVGDUN%HFDXVHRIWKHVWUHHWOLJKWLQJQRZDGD\VZHGRQRWIHHOGDUNQHVVLQWKHVHKRXUVLQWRZQVDQG
FLWLHVEXWHYHQWKHQWKHVHOLJKWVGRQRWRYHUFRPHWKHGDUNQHVVFRPSOHWHO\7KXVLQVSLWHRIWKHOLJKWV
)DMUDQGC,VKD
SUD\HUVDUHWKHSUD\HUVRIWKHGDUN7KHLUPHULWPHQWLRQHGLQWKLV+DGLWKLVWKDWWKRVH
0XVOLPVZKRJR WRWKHPRVTXHIRUWKHVHSUD\HUVZLOOEHHQGRZHGZLWKSHUIHFWOLJKWRQWKH'D\RI
5HTXLWDOE\PHDQVRIZKLFKWKH\ZLOOHDVLO\FURVV$V6LUDWZKLOHWKRVHZKRZLOOEHGHSULYHGRIWKLV
OLJKWZLOOEHIDFLQJJUHDWWURXEOHLQFURVVLQJLW
7KH
&RPSDQLRQVVDLG<HVSOHDVHWHOOXV20HVVHQJHURI$OODK
+HVDLG3HUIRUPLQJWKH:XGX
SURSHUO\LQVSLWHRIGLIILFXOWFLUFXPVWDQFHVZDONLQJZLWKPRUHSDFHVWRWKHPRVTXHDQGZDLWLQJIRUWKH
QH[W6DODWSUD\HUDIWHUDREVHUYLQJ6DODWDQGWKDWLV$U5LEDWDQGWKDWLV$U5LEDW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WKDVEHHQUHSHDWHGKHUHWRVKRZWKDW
PHWLFXORXVFDUHLQUHVSHFWRISXULILFDWLRQ6DODWDQGZRUVKLSLVDNLQWR-LKDGIRUWKHVDNHRI$OODKDQG
ILJKWDJDLQVWWKHHQHP\LQWKHEDWWOHILHOG6HHWKHFRPPHQWDU\RQ+DGLWK1R
>$W7LUPLGKL@
&RPPHQWDU\ 2QHZKRJRHVWRWKHPRVTXHDJDLQDQGDJDLQWRSHUIRUP6DODWLQFRQJUHJDWLRQGHVHUYHV
WKDWRQHEHDUVZLWQHVVWRKLVIDLWK7KLV+DGLWKDOVREULQJVLQWRSURPLQHQFHWKHPHULWDQGGLVWLQFWLRQRI
WKRVHZKRKDYH DQDWWDFKPHQWWRPRVTXHDSDVVLRQIRUZRUVKLSDQGUHPHPEUDQFHRI$OODKDQG
IRQGQHVVIRUWKHFRQVWUXFWLRQDQGPDLQWHQDQFHRIWKHPRVTXH7KLV+DGLWKLVZHDNLQDXWKHQWLFLW\EXW
FRUUHFWLQLWVPHDQLQJVDQGVLJQLILFDQFH
&+$37(5
7+((;&(//(1&(2):$,7,1*
)25$66$/$77+(35$<(5
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
(YHU\RQHDPRQJ\RXZLOOEHGHHPHGWREHRFFXSLHGLQ6DODWSUD\HUFRQVWDQWO\VRORQJDV6DODWWKH
SUD\HUGHWDLQVKLPIURPZRUOGO\FRQFHUQVDQGQRWKLQJSUHYHQWVKLPIURPUHWXUQLQJWRKLVIDPLO\EXW
6DODW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWVRIZDLWLQJIRU6DODW$VORQJDVDSHUVRQVLWVLQPRVTXH
ZDLWLQJIRU6DODWDOOKLVWLPHLVUHFNRQHGDVEHLQJLQWKHVWDWHRI6DODWDQGVRHOLJLEOHIRUWKHVDPH
UHZDUG
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVLQGXFHPHQWIRUVLWWLQJLQWKHSODFHZKHUHRQHKDVSHUIRUPHG6DODW
SURYLGHGRQHNHHSV KLV:XGX
LQWDFWZKHQDSHUVRQGRHVVRDQJHOVSUD\$OODKWRIRUJLYHKLPDQGKDYH
PHUF\XSRQKLP
>$O%XNKDUL@
&+$37(5
7+((;&(//(1&(2)
3(5)250,1*6$/$735$<(56
,1&21*5(*$7,21
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
6DODWLQFRQJUHJDWLRQLVWZHQW\VHYHQWLPHVPRUHPHULWRULRXVWKDQD6DODWSHUIRUPHGLQGLYLGXDOO\
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDW6DODWLQFRQJUHJDWLRQLVIDUPRUHLQUHZDUGWKDQ6DODWRIIHUHG
DORQH,QWKHSUHFHGLQJ+DGLWKLWKDVEHHQKHOGWLPHVDQGLQWKHSUHVHQWWLPHVPRUHUHZDUGLQJ
7KHUHDVRQIRUWKLVYDULDWLRQRIIHUHGE\VRPHC8ODPD
LVWKDWDWILUVWLWZDVWROGWRWKH3URSKHW3%8+
WLPHVDQGWKHQLWZDVLQFUHDVHGWRDQGKHFRPPXQLFDWHGWRKLV&RPSDQLRQVZKDWZDVUHYHDOHGWR
KLP6RPHRWKHUVFKRODUVKDYHOLQNHGLWZLWKWKHIRUPVSLULWDQGFRQFHQWUDWLRQRIWKH6DODW7KHPRUH
PHWLFXORXVRQHLVDERXWLWVGHWDLOVWKHJUHDWHUZLOOEHWKHUHZDUGIRULW$QRWKHUGLIIHUHQFHRIRSLQLRQLQ
WKLVUHVSHFWLVUHJDUGLQJWKHQDWXUHRI6DODWLQFRQJUHJDWLRQ+RZGRHVRQHEHFRPHHOLJLEOHIRUKLJKHU
UHZDUG"'RHVKHEHFRPHHOLJLEOHIRULWE\SHUIRUPLQJ6DODWLQFRQJUHJDWLRQDQ\ZKHUHLHDWKRPHLQ
EXVLQHVVSUHPLVHVDWDQRSHQSODFHLQWKHGHVHUWHWFRULQWKDWFRQJUHJDWLRQZKLFKJDWKHUVLQD
PRVTXH"6RPHC8ODPD
JRZLWKWKHILUVWRSLQLRQZKLOHRWKHUVDJUHHZLWKWKHVHFRQG+DIL],EQ+DMDU
SUHIHUUHGWKHVHFRQGYLHZRQWKHJURXQGVWKDWWKHZRUGV RFFXULQJLQWKHWH[WRIWKLV+DGLWKVXSSRUWWKLV
YLHZ
+H
WKHUHIRUHVRXJKWKLVSHUPLVVLRQWRSHUIRUP6DODWSUD\HULQKLVKRXVH+H3%8+JUDQWHGKLP
SHUPLVVLRQ:KHQWKHPDQWXUQHGDZD\KHFDOOHGKLPEDFNDQGVDLG'R\RXKHDUWKH$GKDQFDOOWR
SUD\HU"
>$EX'DZXG@
&RPPHQWDU\ 7KHVHWZR$KDGLWKUHODWHWR,EQ8PP0DNWXP,QVSLWHRIWKHIDFWWKDWKHZDVEOLQGKH
ZDVQRWDOORZHGE\WKH3URSKHW3%8+WRSHUIRUP6DODWDWKRPH7KH+DGLWKVLJQLILHVWKHLPSRUWDQFH
RISHUIRUPLQJ6DODWLQFRQJUHJDWLRQLQWKHPRVTXHDEXQGDQWO\FOHDU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDQGWKHLQFLGHQWUHODWLQJWR,EQ8PP0DNWXPDUHTXRWHGE\VXFKSHRSOH
ZKRKROGWKDWWKRVHZKRDUHSK\VLFDOO\ILWUHVLGHQWDQGKDYHQRYDOLGUHDVRQIRUQRWFRPLQJWRWKH
PRVTXHIRU6DODWIRUWKHP6DODWLQWKHPRVTXH-DPDCDKLVDPXVW7KRVHZKRGRQRWDFFHSWWKDW6DODW
LQPRVTXHLVREOLJDWRU\DQGUHJDUGLW)DUG.LID\DKFROOHFWLYHGXW\LHLIRQH0XVOLPSHUIRUPVLWWKH
UHVWRIWKH0XVOLPFRPPXQLW\ZLOOQRWEHREOLJHGWRSHUIRUPLWDQGWKXVZLOOQRWEHGHHPHGVLQIXOIRU
GRLQJVRIRUWKHPVXFK$KDGLWKUHIHUWRWKHK\SRFULWHVZKRGLGQRWFRPHWR WKHPRVTXHIRU6DODW
6RPHSHRSOHDUHRIWKHYLHZWKDWLWLV6XQQDK0X
DNNDGDKDQHVWDEOLVKHG6XQQDKKHQFHFRPSXOVRU\
DQGWKH\WDNHVXFK$KDGLWKIRULQGXFHPHQWEHFDXVHLISHUIRUPDQFHRI6DODWLQFRQJUHJDWLRQZDV
REOLJDWRU\WKRVHZKRPLVVHGLWZRXOGKDYHEHHQSXQLVKHGE\WKH3URSKHW3%8+EXWZHGRQRWILQG
DQ\LQVWDQFHRILWLQKLVOLIH,WFOHDUO\VKRZVWKDWLWLV6XQQDK,IZHJRE\ORJLFWKLVYLHZVHHPVWREH
PRUHFRUUHFW%XWZHFDQQRWDWWKHVDPHWLPHORVHVLJKWRIWKHLPSRUWDQFHWKDWKDVEHHQDWWDFKHGWR
WKH6DODWLQFRQJUHJDWLRQHVSHFLDOO\WKHIDFWWKDWLWLVWLPHVPRUHUHZDUGLQJWKDQWKH6DODWRIIHUHG
LQGLYLGXDOO\
7KLV+DGLWKDOVRWHOOVXVWKDWLWLVSHUPLVVLEOHWRWDNHFULPLQDOVDQGVLQIXOSHRSOHIURPWKHLUKRPHVE\
VXUSULVH
&RPPHQWDU\ 7KLV+DGLWKPDNHVWKHIROORZLQJIRXUSRLQWV
(PSKDVLVRQSHUIRUPLQJ6DODWLQFRQJUHJDWLRQ
(YDVLRQIURP6DODWZLWKFRQJUHJDWLRQLVDSUDFWLFHRIK\SRFULWHV
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHLPSRUWDQFHRIRIIHULQJ6DODWLQFRQJUHJDWLRQDQGPHQWLRQV
WKHGLVDGYDQWDJHVRIRIIHULQJLWLQGLYLGXDOO\2QHZKRUHPDLQVDORRIIURPWKHFRQJUHJDWLRQLVOLNHWKH
VKHHSZKLFKLVVHSDUDWHGIURPLWVKHUGDQGEHFRPHVDYLFWLPRIWKHZROI2QHZKROLYHVDORQHLVHDVLO\
RYHUSRZHUHGE\VDWDQLFGRXEWV
&+$37(5
85*,1*722%6(59(C,6+$
$1')$-535$<(56,1
&21*5(*$7,21
C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\LQJ2QHZKRSHUIRUPVC,VKD
SUD\HULQFRQJUHJDWLRQLVDVLIKHKDVSHUIRUPHG6DODWIRU
KDOIRIWKHQLJKW$QGRQHZKRSHUIRUPVWKH)DMUSUD\HULQFRQJUHJDWLRQLVDVLIKHKDVSHUIRUPHG6DODW
WKHZKROHQLJKW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHUHZDUGRISHUIRUPLQJC,VKD
DQG)DMUSUD\HUVLQ
FRQJUHJDWLRQLVVRJUHDWWKDWLWHTXDOVWKHZRUVKLSRIWKHZKROHQLJKW
>$O%XNKDULDQG0XVOLP@
7KLVLVSDUWRIDORQJ+DGLWKZKLFKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ C,VKD
DQG)DMUSUD\HUVZHUHDQGVWLOODUHYHU\KDUGIRUWKHK\SRFULWHVIRUWKHUHDVRQ
WKDWWKH\SHUIRUPHG6DODWRQO\WRPDNHDVKRZRILWDQGQRWIRUWKHIHDURI$OODK7KHUHIRUH0XVOLPV
VKRXOGQRWVKRZDQ\OD]LQHVVLQWKHPDWDOOOHVWWKH\GHYHORSDUHVHPEODQFHZLWKWKHK\SRFULWHV
&+$37(5
675,&725'(56)25
2%6(59$1&(2)2%/,*$725<
6$/$7
$OODKWKH([DOWHGVD\V
*XDUGVWULFWO\WKHILYHREOLJDWRU\$V6DODZDWWKHSUD\HUVHVSHFLDOO\WKHPLGGOH6DODWLHWKH
EHVWSUD\HU C$VU
,DVNHG:KDWQH[W"
+H
3%8+VDLG%HLQJGXWLIXO WRSDUHQWV
,DVNHG:KDWQH[W"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+HUHLWLVUHSHDWHGWRLQGLFDWHWKDWHYHU\6DODW
VKRXOGEHSHUIRUPHGDWLWVSURSHUWLPH'HOLEHUDWHGHOD\LQSHUIRUPLQJLVZURQJ7KHXOWLPDWHUHVXOWRI
GHOLEHUDWHGHOD\LVWKDWRQHEHFRPHVVOXJJLVKDQGEHJLQVWRLJQRUHDQGQHJOHFWLWE\IRUFHRIKDELW
ZKLFKLVREYLRXVO\YHU\GDQJHURXV,PDP$VK6KDILCLLVRIWKHRSLQLRQWKDWLIDSHUVRQVKRZVVXFK
OD]LQHVVLQRIIHULQJ6DODWWKDWKHPLVVHVLWVSURSHUWLPHWKHQKHLVOLDEOHWRPDNHSHQLWHQFHIRULW,IKH
GRHVQRWGRVRKHVKRXOGEHNLOOHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWK,VODPKDVEHHQFRPSDUHGWRDEXLOGLQJZKLFKUHVWVRQILYHSLOODUV$VD
EXLOGLQJFDQQRWVWDQGZLWKRXWLWVIRXQGDWLRQVLPLODUO\,VODPFDQQRWH[LVWZLWKRXWWKHVHSLOODUV)RUWKLV
UHDVRQKHZKRGHQLHVDQ\RQHRIWKHVHREOLJDWLRQVLVDGLVEHOLHYHUDQGKHZKRQHJOHFWVDQ\RIWKHP
GXHWRVODFNQHVVRUZDQWRIDWWHQWLRQLVDVLQIXODQGLPSLRXV0XVOLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGEHIRUH+HUHWKHZRUG$Q1DV
WUDQVODWHGCWKH
SHRSOH
LQWKH+DGLWKVWDQGVIRUWKRVHZKRDVVRFLDWHRWKHUVZLWK$OODKLQZRUVKLS7KHSHRSOHRIWKH
%RRNDUHQRWLQFOXGHGDPRQJWKHP+DTTXO,VODP
WUDQVODWHGKHUHDVWKHULJKWVRI,VODP
GHQRWHV
OHJDOFDVWLJDWLRQHWF 7KDWLVWKHSXQLVKPHQWVZKLFKDUHJLYHQIRUFULPHVOLNHIRUQLFDWLRQPXUGHUHWF
7KHLUDFFRXQWDELOLW\LVOHIWWR$OODKPHDQVZKDWLVKLGGHQLQWKHLUKHDUWVLVOHIWWR$OODKRUWKHFULPHV
ZKLFKJRXQGHWHFWHGE\WKHDXWKRULWLHVFRQFHUQHGDUHLQWKH3XUYLHZRI$OODK:KRZLOOGHFLGHWKHLU
FDVHLQWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGLVUHSHDWHGKHUHWRHPSKDVL]HWKH
LPSRUWDQFHRIREOLJDWLRQVDQGWKHLUPHWLFXORXVSHUIRUPDQFH6HH+DGLWK1R
>0XVOLP@
&RPPHQWDU\ +HZKRZLOOEHKDYLQJWKHTXDOLW\RI,VODPDQGZLOOEHSDUWLFXODULQSHUIRUPLQJ6DODW
UHJXODUO\ZLOOUDLVHDZDOOEHWZHHQKLPVHOIDQG.XIU+HZKRGRHVQRWSHUIRUP6DODWDIWHUFRPLQJWR
WKHIROGRI,VODPGRHVQRWKDYHDIURQWLHUZKLFKVHSDUDWHVKLPIURPLQILGHOLW\/HDYLQJ6DODWLVOLNH
GHPROLVKLQJWKHZDOOWKDWVHSDUDWHV,VODPIURP.XIU7KXVZHOHDUQIURPWKLV+DGLWKWKDWOHDYLQJ6DODW
LV.XIU6RPHC8ODPD
DUHRIWKHRSLQLRQWKDWWKLVLQMXQFWLRQLVIRURQHZKREHOLHYHVOHDYLQJ6DODWLV
SHUPLVVLEOHZKHUHDVWKHRQHZKROHDYHVLWEHFDXVHRIVODFNQHVVLVQRW.DILU6RPHVFKRODUVKRZHYHU
WKLQNWKDWLIVXFKDSHUVRQGRHVQRWUHSHQWKHLVOLDEOHWR+DGGLHGHDWKSXQLVKPHQW7KHUHDUHRWKHU
C8ODPD
ZKRWKLQNWKDWUDWKHUWKDQGHDWKSXQLVKPHQWVXFKDSHUVRQVKRXOGEHVXEMHFWHGWRFRUSRUDO
SXQLVKPHQWWLOOKHVWDUWVRIIHULQJ6DODW7KLV+DGLWKPDNHVWKHLPSRUWDQFHRI6DODWLQ,VODPDEXQGDQWO\
FOHDU
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSXUSRUWRIWKLV+DGLWKLVWKHVDPHDVWKDWRIWKHSUHFHGLQJRQH
>$W7LUPLGKL@
&RPPHQWDU\ 7KHULJKWVPHQWLRQHGLQWKLV+DGLWKDUHWKH5LJKWVRI$OODK7KHILUVWRIWKHPIRUZKLFK
RQHKDV WRUHQGHUDFFRXQWLV6DODW,QWKHULJKWVRISHRSOHWKHILUVWWREHGHFLGHGZLOOEHEORRGVKHGE\D
SHUVRQRIKLVIHOORZEHLQJ7KLV+DGLWKDOVRPDNHVWKHIROORZLQJSRLQWV
6WUHVVRQWKHSHUIRUPDQFHRIWKHREOLJDWRU\DFWV
,QGXFHPHQWIRUYROXQWDU\SUD\HUVWRPDNHXSWKHGHILFLHQF\RIWKHREOLJDWLRQV
&+$37(5
7+((;&(//(1&(2)
67$1',1*,17+(),56752:
,16$/$7
-DELUELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+
FDPHRXWWRXVRQFHDQGVDLG:K\GR\RXQRWVWDQGLQURZVDVWKHDQJHOVGREHIRUHWKHLU5XEE"
:H
DVNHG20HVVHQJHURI$OODKKRZGRWKHDQJHOVVWDQGLQURZVEHIRUHWKHLU5XEE"
+H3%8+
UHSOLHG7KH\FRPSOHWHHDFKURZEHJLQQLQJZLWKWKHILUVWDQGILOOLQJDOOWKHJDSV
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WLVUHSHDWHGKHUHWRHPSKDVL]HWKHPHULWVRI
JHWWLQJDSODFHLQWKHILUVWURZ IRU6DODWZKLFKLVRIIHUHGLQFRQJUHJDWLRQ
>0XVOLP@
&RPPHQWDU\ ,VODPKDVVWURQJO\FRQGHPQHGWKHDVVRFLDWLRQRIPHQDQGZRPHQDQGHQMRLQHGZRPHQ
WRNHHSDZD\IURPPL[LQJZLWKPHQDQGREVHUYH+LMDEYHLO7KHPHULWDQGGHPHULWRISODFHLQWKH
URZVLQSUD\HUPHQWLRQHGLQWKLV+DGLWKLVZLWKUHIHUHQFHWRWKLVEDFNJURXQGEHFDXVHLQWKHGD\VRIWKH
3URSKHW3%8+ZRPHQXVHGWRSHUIRUP6DODWLQWKH3URSKHW
VPRVTXHDQGWKHLUURZVZHUHDWWKHHQG
RIWKHJDWKHULQJ7KHUHZDVQRJDOOHU\QRUDVHSDUDWHVHFWLRQIRUWKHP7KXVIRUPHQWKHEHVWSODFHIRU
SHUIRUPLQJ6DODWLQFRQJUHJDWLRQLVWKHILUVWURZEHFDXVHLWLVIDUWKHVWIURPZRPHQ7KHEHVWSODFHIRU
ZRPHQLQ6DODWLQFRQJUHJDWLRQLVWKHODVWURZEHFDXVHLWLVIDUWKHVWIURPPHQ2QWKHFRQWUDU\ WKHODVW
URZRIPHQZDVQHDUWKHILUVWURZRIZRPHQDQGIRUWKLVUHDVRQLWZDVUHJDUGHGDVWKHZRUVWRQH(YHU\
URZRIWKHSHRSOHSHUIRUPLQJ6DODWLVJRRGEXWGXHWRWKHUHDVRQMXVWPHQWLRQHGWKHILUVWURZRIPHQ
DQGWKHODVWURZRIZRPHQDUHPRUHPHULWRULRXVZKLOHWKHODVWURZRIPHQDQGWKHILUVWURZRIZRPHQ
KDYHDOHVVHUPHULW
>0XVOLP@
7KLV+DGLWKDOVRVWUHVVHVWKHQHHGWRVWDQGFORVHWRWKH,PDPDQGKDVDQLQGXFHPHQWIRUH[FHOOLQJHDFK
RWKHULQYLUWXHV
$EX0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+XVHGWR
JHQWO\SDWRXUVKRXOGHUV ZKHQZHZHUHVWDQGLQJLQURZVDWWKHWLPHRI6DODWDQGVD\.HHSWKHURZV
VWUDLJKWGRQRWGLIIHUIURPHDFKRWKHUOHVW\RXUKHDUWVVKRXOGVXIIHUIURPGLVFRUG/HWWKRVHRI\RXZKR
DUHPDWXUHDQGSUXGHQWEHQHDUHUWRPHDQGWKHQWKRVHZKRDUHQH[WWRWKHP
>0XVOLP@
&RPPHQWDU\ 7RJHQWO\SDWRXUVKRXOGHUV
PHDQVWKDWKHZRXOGVHWWKHLUVKRXOGHUVULJKWWRVWUDLJKWHQ
WKHURZ'RQRWGLIIHUIURPHDFKRWKHU
KHUHPHDQVWKDWWKH\VKRXOGVWDQGVKRXOGHUWRVKRXOGHUDQG
DQNOHWRDQNOHLQDVWUDLJKWOLQH 7KHUHDVRQLVWKDWGLVRUGHUZLOOKDYHDVSLULWXDOHIIHFWDQGZLOOFUHDWH
GLVFRUG7KHODWWHUZRXOGHYHQWXDOO\UHVXOWLQWKHGRPLQDWLRQRIHQPLW\7KXVZHOHDUQIURPWKLV
+DGLWKWKDWWKH,PDPVKRXOGVWUHVVRQKLVIROORZHUVWKHLPSRUWDQFHRIVHWWLQJWKHLUURZVVWUDLJKWDQGLI
KLVH[KRUWDWLRQIDLOVKHVKRXOGJRWRWKHPSHUVRQDOO\DQGVHWWKHLUOLQHVLQRUGHU:HDOVROHDUQIURP
WKLV+DGLWKWKDWPHQNQRZQIRUZLVGRPNQRZOHGJHDQGSLHW\VKRXOGVWDQGLQWKHILUVWURZDQGWKHVH
VKRXOGEHIROORZHGE\WKRVHZKR FRPHQH[WWRWKHPLQWKHVHYLUWXHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKHLPSRUWDQFHRIVHWWLQJWKHURZVVWUDLJKW,QIDFWWKLVLV
SDUWRIWKHSHUIHFWLRQRI6DODW,QRWKHUZRUGV6DODWLQFRQJUHJDWLRQGRHVQRWEHFRPHSHUIHFWZLWKRXW
VHWWLQJWKHURZVLQRUGHU
>$O%XNKDUL@
7KHVHFRQGSRLQWWKDWZHOHDUQIURPWKLV+DGLWKLVWKDWRIVHWWLQJWKHURZVVWUDLJKWZKLFKLQSUDFWLFDO
WHUPVPHDQVWKDWWKRVHZKRVWDQGXSIRURIIHULQJ6DODWLQFRQJUHJDWLRQPXVWVWDQGVRFORVHWRHDFK
RWKHUWKDWWKHLUVKRXOGHUVDQGIHHWDUHLQWRXFK7KH3URSKHW3%8+XVHGWKHZRUG7DUDVVXWR
GHVFULEHWKLVSRVLWLRQZKLFKPHDQVWKDWWKH\VKRXOGVWDQGOLNHDEULFNZDOOHDFKXQLWRIZKLFKLV
ULYHWHGZLWKWKHRWKHU7KLVLVWKHPHDQLQJZKLFKWKH&RPSDQLRQVRIWKH3URSKHW3%8+XQGHUVWRRG
IURPLWDQGWKLVLVZKDWWKH\DFWXDOO\SUDFWLVHG0DQ\SHRSOHQRZDGD\VGRQRWVWDQGLQ6DODWVKRXOGHU
WRVKRXOGHUDQGIRRWWRIRRW6RPHSHRSOHGLVOLNHWKLVSUDFWLFH0D\$OODKJUDQWJXLGDQFHWRWKH
0XVOLPVVRWKDWWKH\FDQRIIHU6DODWDFFRUGLQJWRWKH6XQQDKRIWKH3URSKHW3%8+
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHUDQGLVUHSHDWHGKHUHIRULWVEHLQJJHUPDQHWR
WKLVFKDSWHU3XW\RXUIDFHVLQRSSRVLWHGLUHFWLRQV
VLJQLILHVWKDW$OODKZLOOFUHDWHHQPLW\LQ\RX
ZKLFKZLOOFUHDWHGLVVHQVLRQUDWKHUWKDQXQLW\ZHDNQHVVUDWKHUWKDQVWUHQJWKDQGSRZHUDQGWKH
0XVOLPVZLOOWKHQEHRYHUZKHOPHGZLWKWKHIHDUDQGWHUURURIWKHLUHQHPLHV7KLVSKUDVHFDQDOVRKDYH
DOLWHUDOPHDQLQJWKDWLVLQFRQVHTXHQFHRIFRQIXVLRQLQ\RXUUDQNV$OODKZLOOWXUQ\RXUIDFHWRZDUGV
WKHQDSHVRI\RXUQHFNVDQGGLVWRUWWKHP0D\$OODKVDYHWKH0XVOLPVIURPERWKWKHVHSXQLVKPHQWV
$O%DUD
ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+
XVHGWRSDVVEHWZHHQWKHURZVIURPRQHHQG WRWKHRWKHUWRXFKLQJRXUFKHVWDQGVKRXOGHUVLH
DUUDQJLQJWKHURZVLQOLQHDQGVD\LQJ'RQRWEHRXWRIOLQHRWKHUZLVH\RXUKHDUWVZLOOEHLQ
GLVDJUHHPHQW
+HZRXOGDGG$OODKDQG+LVDQJHOVLQYRNHEOHVVLQJVXSRQWKHILUVWURZV
>$EX'DZXG@
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHVWUDLJKWHQLQJRIURZV+HUHWKHSKUDVHEH
DFFRPPRGDWLQJWR\RXUEURWKHUV
PHDQVWKDWRQHPXVWFRRSHUDWHZLWKKLPZKRWULHVWRVHWWKHURZVLQ
RUGHUDQGUDWKHUWKDQIHHOLQJDQQR\DQFHRQKLVDFWLRQRQHVKRXOGKDSSLO\VHWWKHURZVULJKWDFFRUGLQJ
WRKLVLQVWUXFWLRQV
7KLV+DGLWKWHOOVXVWKDWOHDYLQJ JDSVLQURZVDPRXQWVWROHDYLQJVSDFHIRU6DWDQWRJHWLQWKHP7RMRLQ
URZVPHDQVWKDWQRVSDFHVKRXOGEHOHIWEHWZHHQWKHWZRSHUVRQVZKRVWDQGLQDOLQH6LPLODUO\D
VHFRQGURZVKRXOGQRWEHVWDUWHGZLWKRXWFRPSOHWLQJWKHILUVWRQH7REUHDNDURZPHDQVWROHDYHVSDFH
LQLWRUVWDUWWKHVHFRQGURZZLWKRXWFRPSOHWLQJWKHILUVW%UHDNKLP DQG-RLQKLPFDQEHWKHZRUGVRI
SUD\HUDVZHOODVLPSUHFDWLRQIRUZKDWWKH\PHDQLV0D\$OODKMRLQKLPRUEUHDNKLP
7KLVLVD
SUD\HUIURPWKH3URSKHW3%8+IRU WKHSHUVRQZKRVWUDLJKWHQVWKHURZVDVZHOODVDQLPSUHFDWLRQIRU
WKHRQHZKREUHDNVWKHURZV
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKDWWKHURZVPDGHIRU6DODWVKRXOGQRWRQO\EHLQWHJUDWHGOLNHD
VROLGZDOOEXWEHVHWYHUWLFDOO\FORVHWRHDFKRWKHUDOVR7KLVPHDQVWKDWWKHUHVKRXOGQRWEHPXFKVSDFH
EHWZHHQWKHWZRURZV7KHPD[LPXPVSDFHDOORZHGIRULWLVWKUHHVSDQV6SDFHLQH[FHVVRIWKLVLV
GLVDSSURYHGDQGWDNHVDZD\WKHPHULWRIRIIHULQJ6DODWLQFRQJUHJDWLRQ7KLVIRUPXODGRHVQRWDSSO\WR
WKHURZVRIZRPHQEHFDXVHDODUJHUGLVWDQFHEHWZHHQWKHURZVRIPHQDQGZRPHQLVPRUHPHULWRULRXV
,EQC$OODQ
3XW\RXUQHFNVLQOLQH
KHUHPHDQVWRVWDQGVKRXOGHUWRVKRXOGHU DSRLQWZKLFKKDVDOUHDG\EHHQ
VWUHVVHG9LHZLQJ6DWDQVHFUHWO\HQWHULQJLQWRWKHVSDFHOHIWLQWKHURZVFDQEHFRUUHFWOLWHUDOO\DVZHOO
DVWHFKQLFDOO\,QWKHIRUPHUFDVHLWLVDPLUDFOHRIWKH3URSKHW3%8+ZKLOHLQWKHODWWHULWLV:DK\
5HYHODWLRQ$OPLJKW\$OODKLQIRUPHGKLPWKDW6DWDQHQWHUVWKHURZVRIWKHSHRSOHRIIHULQJSUD\HUV
WKURXJKWKHVSDFHVOHIWE\WKHPLQWKHLUURZV6DWDQLVSOHDVHGWRVHHWKHVHJDSVDVWKH\PDNHKLVWDVNRI
FUHDWLQJGRXEWVLQWKHPLQGVRIZRUVKLSSHUVHDV\
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWFRPSOHWLRQRIURZVLQWKHLUVHTXHQFHLVHVVHQWLDOWKDWLVWRVD\
ILUVWRIDOOWKHILUVWURZVKRXOGEHFRPSOHWHGWKHQWKHVHFRQGWKHQWKHWKLUGDQGVRRQDQGVRIRUWK
7KHODVWURZPD\EHOHIWLQFRPSOHWHLILWLVVKRUWRIDIXOOURZ
>$EX'DZXG@
$O%DUD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQHYHUZHSHUIRUPHG6DODWEHKLQGWKH
0HVVHQJHURI$OODK3%8+ZHOLNHGWREHRQKLVULJKWVLGHVRWKDWKLVIDFHPLJKWWXUQWRZDUGVXVDW
WKHHQGRIWKH6DODW2QHGD\,KHDUG0HVVHQJHURI$OODK3%8+VXSSOLFDWLQJ2P\5XEE6KLHOG
PHIURP<RXU7RUPHQWRQWKH'D\ZKHQ<RXZLOOJDWKHURUVDLGCUHVXUUHFW
<RXUVODYHV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGHVFULEHVWKHPHULWRIVWDQGLQJRQWKHULJKWVLGHRIWKH,PDPDQGWHOOVXV
WKDWIRUWKH,PDPLWLV6XQQDKRIWKH3URSKHW3%8+WRVLWDIWHUWKHFRQJUHJDWLRQDO6DODWZLWKKLVIDFH
WRZDUGVKLVIROORZHUV
>$EX'DZXG@
&+$37(5
7+((;&(//(1&(2)
237,21$/35$<(566811$+08
$..$'$+
$/21*:,7+7+(2%/,*$725<35$<(56
8PP+DELEDK0D\$OODKEHSOHDVHGZLWKKHUWKH0RWKHURIWKH%HOLHYHUVUHSRUWHG,KHDUGWKH
0HVVHQJHURI$OODK3%8+VD\LQJ$KRXVHZLOOEHEXLOWLQ-DQQDKIRUHYHU\0XVOLPZKRRIIHUV
WZHOYH5DNCDKRIRSWLRQDO6DODWRWKHUWKDQWKHREOLJDWRU\6DODWLQDGD\DQGDQLJKWWRVHHNWKH
3OHDVXUHRI$OODK
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHDUHWZRNLQGVRI1DZDILOZKLFKDUHSHUIRUPHGEHIRUHRUDIWHUWKHREOLJDWRU\
SUD\HU)LUVWO\WKHRQHZKLFKZHUHSHUIRUPHGE\WKH3URSKHW3%8+PRUHIUHTXHQWO\$FFRUGLQJWR
WKHSUHVHQW+DGLWKWKHLUWRWDOFRPHVWRWHQ5DNCDKZKLOHLQRWKHU$KDGLWKWKHLUWRWDOLVWZHOYHRU
IRXUWHHQ5DNCDK7KH\DUHFDOOHG6XQQDK0X
DNNDGDKRU$V6XQQDQ$U5DZDWLE7KDWLVWKH5DNCDK
ZKLFKDUHSURYHGIURPWKHVD\LQJDQGSUDFWLFHRIWKH3URSKHW3%8+DQGZKLFKZHUHSHUIRUPHGE\
KLPXVXDOO\7KHVHDUHVDLGWREH&RPSXOVRU\SUD\HUV6HFRQGO\VXFK1DZDILOZKLFKZHUHQRW
SHUIRUPHGE\WKH3URSKHW3%8+UHJXODUO\7KHVHDUHFDOOHG6XQQDK*KDLU0X
DNNDGDKDQGDUHVDLG
WREH2SWLRQDOSUD\HUV,QDQ\FDVH1DZDILOKDYHJUHDWLPSRUWDQFHLQFUHDWLQJDVSHFLDOOLQNEHWZHHQ
WKHZRUVKLSSHUDQG$OODKDQGIRUWKLVUHDVRQWKHEHOLHYHUVGRQRWQHJOHFWWKHP%XWWKHLUVWDWXVLQ
6KDULCDKLVRI1DZDILOWKHSHUIRUPLQJRIZKLFKLVUHZDUGLQJDQGRPLVVLRQRIZKLFKLVQRWVLQIXO2QH
WKLQJWKDWVKRXOGEHERUQHLQPLQG LQUHVSHFWRI$V6XQQDQ$U5DZDWLERU0X
DNNDGDKLVWKDWLWLV
EHWWHUWRSHUIRUPWKHPDWKRPH7KLVZDVWKHXVXDOSUDFWLFHRIWKH3URSKHW3%8+DQGWKLVLVZKDWKH
RUGDLQHGWKH0XVOLPV
>$O%XNKDULDQG0XVOLP@
&+$37(5
(03+$6,6213(5)250,1*
7:25$.C$+6811$+%()25(
'$:1)$-535$<(5
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG 7KH3URSKHW3%8+QHYHURPLWWHGIRXU
5DNCDKSUD\HUEHIRUHWKH=XKUSUD\HUDQGWZR5DNCDKSUD\HUVEHIRUHGDZQ)DMUSUD\HU
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWVRIWKHWZR5DNCDKRI)DMUSUD\HUV
$OOWKH$KDGLWKPHQWLRQHGDERYHSURYHWKDWWKHWZR5DNCDKRI)DMUDUHKLJKO\PHULWRULRXVDQGRQH
VKRXOGQRWVKRZDQ\VODFNQHVVRUQHJOLJHQFHLQRIIHULQJWKHP
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHLPSRUWDQFHRIWKHWZR5DNCDKRI)DMUSUD\HUVDQG
VWUHVVHVWKHQHHGWRSHUIRUPWKHPZLWKIXOOFRQFHQWUDWLRQ
&+$37(5
%5,()1(6672%($'237(',13(5)250,1*
7+(7:25$.C$+6811$+%()25()$-535$<(5
7+(,57,0($1'7+(685$+725(&,7(,17+(0
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG 7KH3URSKHW3%8+XVHGWRSHUIRUPWZR
5DNCDKVKRUWSUD\HUEHWZHHQWKH$GKDQFDOOWRSUD\HUDQGWKH,TDPDKRIWKHGDZQ)DMUSUD\HUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7DNKILI
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHWZR5DNCDKRI)DMUSUD\HUVKRXOGEHSHUIRUPHGDIWHUWKH
GD\EUHDNQRWEHIRUHLW2QHVKRXOGDOVREHEULHILQWKHVHWZR5DNCDKVRWKDWKHLVDFWLYHDQGDOHUWIRU
SHUIRUPLQJWKH)DUGREOLJDWRU\SUD\HU
&RPPHQWDU\ $VLIKHFRXOGKHDUWKH,TDPDKEHLQJFDOOHG
KHUHPHDQVWKDWKHZRXOGKDVWHQWKH WZR
5DNCDKRI)DMUSUD\HUWRWKHSRLQWWKDWRQHKDGWKHLPSUHVVLRQWKDWKHZDVKHDULQJWKHYRLFHRI,TDPDK
DQGKHZDVPDNLQJKDVWHIRUIHDURIPLVVLQJRIWKH6DODW
7KLV+DGLWKDOVRPDNHVWKHIROORZLQJWKUHHSRLQWV
7KHRSWLRQDOSUD\HURIWKHQLJKWVKRXOGEHRIIHUHGLQDVHULHVRIWZR5DNCDK
2QH5DNCDKRI:LWULVDOVRFRUUHFW
7KH6XQQDKRI)DMUSUD\HUVKRXOGEHRIIHUHGVRRQDIWHUWKH$GKDQDQGRQHVKRXOGEHEULHILQWKHP
ZKLFKLVLQ6XUDW$O%DTDUDKLQWKHILUVW5DNCDKDQGWKH9HUVH:H
EHOLHYHLQ$OODKDQGEHDUZLWQHVVWKDWZHDUH0XVOLPVLHZHVXEPLWWR$OODK
LQWKHVHFRQG
5DNCDK
>0XVOLP@
&RPPHQWDU\ 2QHFDQUHFLWHDQ\6XUDKRU$\DKLQWKHWZR6XQQDKRI)DMUSUD\HUEXWLIRQHUHFLWHV
WKH9HUVHVPHQWLRQHGLQWKLV+DGLWKKHZLOOKDYHWKHEHQHILWRIIROORZLQJWKH6XQQDKRIWKH3URSKHW
3%8+(YHU\0XVOLPVKRXOGVWULYHWRIROORZWKHSUDFWLFHRIWKH3URSKHW3%8+IRUWKHHQULFKPHQW
RIKLVPLQGVRXODQGDFWLRQV
&+$37(5
'(6,5$%,/,7<2)/<,1*'2:1
2121(
65,*+76,'($)7(5
7+(6811$+2))$-535$<(5
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG :KHQWKH3URSKHW3%8+KDGSHUIRUPHGWZR
5DNCDKEHIRUHWKH)DMUSUD\HUKHZRXOGOLHGRZQRQKLVULJKWVLGH
>$O%XNKDUL@
7KLV+DGLWKDOVRWHOOVXVWKDWWKHWLPHIRUWKH7DKDMMXGDQG:LWUSUD\HULVIURPC,VKD
SUD\HUWRWKH
GD\EUHDN2QHFDQSHUIRUP7DKDMMXGSUD\HUDWDQ\WLPHGXULQJWKLVSHULRG%XWWKHEHVWWLPHIRULWLV
WKHWKLUGSDUWRIWKHQLJKWIRUWKHUHDVRQWKDWDIWHU7DKDMMXGRQHFDQDIWHUDZKLOHSHUIRUP)DMUSUD\HU
LQFRQJUHJDWLRQ-DPDCDK
KDVDOVREHHQXVHGLQWKH4XU
DQDQG+DGLWK7KHZRUG7DUDZLK
GRHVQRW
ILJXUHDQ\ZKHUHLQ+DGLWK7KHZRUG7DUDZLK
IRU4L\DPXO/DLO
EHFDPHSRSXODUDIWHUWKHHUDRI
WKH3URSKHW3%8+DQGKLV&RPSDQLRQV7KXVWKDWQXPEHURI7DUDZLKSUD\HUDJUHHVZLWKWKH6XQQDK
RIWKH3URSKHW3%8+ZKLFKLVSURYHGE\WKHDFWXDOSUDFWLFHRIWKH3URSKHW3%8+WKDWLVHLJKW
5DNCDKDQGWKUHH:LWURQO\,WLVQRWLQDQ\FDVHWZHQW\5DNCDK$XWKHQWLF$KDGLWKSURYHWKLVSRLQW
DEXQGDQWO\
&+$37(5
6811$+2)=8+535$<(5
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH&RPPHQWDU\RQ+DGLWK1R
&RPPHQWDU\ 7KLV$KDGLWKPHDQWKDWDSHUVRQZKRIROORZVWKLVFRXUVHRISUDFWLFHZLOOGLHDVD
0XVOLPDQGZLOOQRWUHPDLQLQ+HOOIRUHYHUOLNHWKH.XIIDULQILGHOVXQOHVV$OODKKDVIRUJLYHQDOOKLV
VLQVIRUKLPDQGZRXOGDVDUHVXOWVDYHKLPIURP)LUH DOWRJHWKHU7KDWLV$OPLJKW\$OODKZLOOQRWOHW
KLPOLYHLQ+HOOIRUHYHU$FFRUGLQJWRVRPH$KDGLWKWKHILUHRI+HOOZLOOQRWWRXFKKLPZKLFKDOVR
DPRXQWVWRVD\LQJWKDWKHZLOOQRWEHNHSWLQ+HOOIRUDOOHWHUQLW\,ID0XVOLPLVOLDEOHWRSXQLVKPHQW
KLVVWD\LQ+HOO IRUDIHZGD\VRUZHHNVRUPRQWKVGHSHQGLQJRQWKHQDWXUHRIKLVVLQV LVQRWD
FRQWUDYHQWLRQRIVXFK$KDGLWKEHFDXVHKHZLOOXOWLPDWHO\EHUHOHDVHGIURP+HOODQGEURXJKWWR-DQQDK
$OODKZLOOVKLHOGKLPDJDLQVWWKH)LUH
VKRXOGQRW EHWDNHQWRPHDQWKDWD0XVOLPZLOOQRWEHVHQWWR
+HOOQRPDWWHUZKDWKHGRHV,I$OPLJKW\$OODKGRHVQRWIRUJLYHKLPLQWKHYHU\ILUVWLQVWDQFHKHZLOO
KDYHWRVXIIHUWKHWRUPHQWRI+HOODVORQJDV+HZRXOGOLNHDQGWKHQKHZLOOEHVHQWWR-DQQDK
C$EGXOODKELQ$V6D
LE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK
3%8+XVHGWRSHUIRUPIRXU5DNCDKSUD\HUDIWHUWKHGHFOLQLQJRIWKHVXQEHIRUH=XKUSUD\HUDQG
ZRXOGVD\7KLVLVDQKRXUDWZKLFKWKHJDWHVRIKHDYHQDUHRSHQHGDQG,OLNHWKDWP\JRRGGHHGV
VKRXOGULVHWRKHDYHQDWWKDWWLPH
>$W7LUPLGKL@
7KHSKUDVHWKHJDWHVRIKHDYHQDUHRSHQHG
WRPHDQVWKDWWKHJRRGGHHGVWKDWSHRSOHGRDUHOLIWHGWR
KHDYHQVDWWKDWWLPH
&+$37(5
6811$+2)7+(C$6535$<(5
C$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 7KH3URSKHW3%8+XVHGWR
SHUIRUPIRXU5DNCDKEHIRUHWKHC$VUSUD\HUVHSDUDWLQJWKHPZLWK7DVOLPLHRIIHULQJEOHVVLQJVRQ
WKHIDYRXULWHDQJHOVZKRDUHQHDU$OODK
VSUR[LPLW\DQGWKH0XVOLPVDQGWKHEHOLHYHUVZKRFRPHDIWHU
WKHP
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSKUDVHVHSDUDWLQJWKHPZLWK7DVOLP
PHDQVWKDWKHZRXOGSHUIRUPIRXU5DNCDKLQ
WZRFRXSOHWV
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHVHIRXU5DNCDKFDQEHSHUIRUPHGLQWZRFRXSOHWVDOVRDVZDVWKHSUDFWLFHRIWKH
3URSKHW3%8+DFFRUGLQJWRWKHSUHFHGLQJ+DGLWK,WFDQEHSHUIRUPHGZLWKRQH7DVOLPDOVR%RWK
IRUPVDUHFRUUHFWDQGSHUPLVVLEOH6RPHVFKRODUVDUHRIWKHRSLQLRQWKDWWKHIRUPHUPHWKRGLVEHWWHU
C8ODPD
KDYHVWDWHGWKDWWKHVHIRXU6XQQDKRIC$VUSUD\HUDUH*KDLU0X
DNNDGDKRSWLRQDOSUD\HUV,WV
LPSRUWDQFHLVKRZHYHUHYLGHQWIURPWKHIDFWWKDWWKH3URSKHW3%8+SUD\HGIRUPHUF\RQWKRVHZKR
SHUIRUPHGWKHVH6XQQDK
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHFDQDOVRSHUIRUPWZR6XQQDKEHIRUHC$VUSUD\HU
%XW6KHLNK$O$OEDQLKDVVWDWHGWKDWWKHZRUGWZR5DNCDKRFFXUULQJLQWKLV+DGLWKLVUDUH)RXU
5DNCDKDUHVHFXUHDQGVKRXOGWKHUHIRUHEHSUHIHUUHG
&+$37(5
6811$+2)7+(0$*+5,%
35$<(5
>$O%XNKDUL@
&RPPHQWDU\ 7KLV6DODWPHDQVWKDWWKHWZR5DNCDKDUHSHUIRUPHGDIWHUWKH$GKDQRI0DJKULESUD\HU
EXWEHIRUHWKH)DUG6DODW7KLVLVHOXFLGDWHGE\RWKHU$KDGLWK$OWKRXJKWKLVKDVWKHSRVLWLRQRI6XQQDK
*KDLU0X
DNNDGDKLWVLPSRUWDQFHLVHYLGHQWIURPWKHIDFWWKDWWKH3URSKHW3%8+VWUHVVHGLWWKUHH
WLPHV8VXDOO\DQRUGHU$PUVLJQLILHVWKDWWKHDFWLVHVVHQWLDOEXWKHUHWKHGHFHQF\HPEHGGHGLQWKH
ZRUGV+HZKRPD\VRZLVKKDVWXUQHGLWWRGHVLUDEOH,QDQ\FDVHLQGXFHPHQWDQGVWUHVVRIWKH
3URSKHW3%8+RQWKLV6DODWKDVOHIWQRURRPWRGRXEWWKDWLWLVGHVLUDEOH$KDGLWKZKLFKIROORZOHQG
IXUWKHUVXSSRUWWRWKLVFRQWHQWLRQ
&RPPHQWDU\ 5XVKLQJWRWKHSLOODUVKHUHUHIHUVWRWKHKDVWHZKLFKWKH&RPSDQLRQVRIWKH3URSKHW
3%8+XVXDOO\VKRZHGLQRFFXS\LQJWKHSODFHQHDUWKHSLOODUVWRSHUIRUPWKHWZR5DNCDKEHIRUH
0DJKULESUD\HU7KXVWKLV+DGLWKFRQILUPVWKHSUDFWLFHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+LQ
UHVSHFWRIWKHWZR5DNCDKSHUIRUPHGEHIRUH0DJKULESUD\HU
+HUHSOLHG+HVDZXVSHUIRUPLQJLW
EXWKHQHLWKHURUGHUHGXVWRSHUIRUPWKHPQRUGLGKHIRUELGXVIURP GRLQJVR
>0XVOLP@
&+$37(5
6811$+2)7+(C,6+$
35$<(5
>,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPKDVQDUUDWHGWKDWKHSHUIRUPHGWZR5DNCDKDIWHUWKH)DUG
SUD\HURIC,VKD
ZLWKWKH3URSKHW3%8+C$EGXOODKELQ0DJKDIIDOKDVQDUUDWHGWKDWWKH0HVVHQJHURI
$OODK3%8+KDVVDLG 7KHUHLVD6DODWEHWZHHQHYHU\7DNELUDQG$GKDQ
7KLVSURYHVWKDWDSDUWIURPWKHIRXU5DNCDK)DUGWKHUHDUHDOVRWZR5DNCDK6XQQDKRIWKHC,VKD
SUD\HU6HH$KDGLWK1RDQG
&+$37(5
6811$+2))5,'$<35$<(5
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG ,SHUIRUPHGDORQJZLWKWKH3URSKHW
3%8+WZR5DNCDK6XQQDKSUD\HUDIWHUWKH-XPX
DKSUD\HU
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ ,QRQH+DGLWKWKHUHLVPHQWLRQRIIRXU5DNCDKZKLOHLQWKHRWKHULWLVPHQWLRQHGDVWZR
5DNCDK,WFDQEHGHGXFHGWKDWERWKRIWKHVHDUHDFFHSWDEOHC8ODPD
DUHRIWKHRSLQLRQWKDWRQHZKR
SHUIRUPVWKHPLQWKHPRVTXHVKRXOGSHUIRUPIRXU5DNCDKZKHUHDVWKHRQHSHUIRUPLQJWKHPDWKRPH
VKRXOGSHUIRUPWZR5DNCDKZLWKRQH7DVOLP,WLVEHWWHUWRSHUIRUPWKHPLQWZRVDVWKH3URSKHW
3%8+LVUHSRUWHGWRKDYHVDLG3HUIRUPWKH1DZDILORIWKHGD\DQGQLJKWLQWZRV
$O%XNKDUL
&+$37(5
'(6,5$%,/,7<2)2))(5,1*
1$:$),/92/817$5<25
237,21$/35$<(56$7+20(
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH1DZDILODQG6XQQDKSUD\HUVVKRXOGEHSHUIRUPHGDWKRPH
,WJRHVZLWKRXWVD\LQJWKDWDOOWKH)DUGFRQVWLWXHQWVRIHYHU\6DODWDUHWREHSHUIRUPHGLQWKHPRVTXH
0DVMLGLQFRQJUHJDWLRQ7KHRUGHUWRSHUIRUPWKH1DZDILOSUD\HUVDWKRPHVKRZVLWVPHULWV)LUVWO\LW
VDYHVDSHUVRQIURPVKRZLQJRIIDQGVHFRQGO\KRXVHVDUHEOHVVHGGXHWRWKHP
>$O%XNKDULDQG0XVOLP@
KHUHPHDQV1DZDILODQG6XQQDK
7KHKRXVHVLQZKLFK1DZDILODUHQRWSHUIRUPHGDUHOLNHJUDYH\DUGV6XFKKRXVHVDUHOLNHJUDYHVZKLFK
KDYHQRVFRSHIRUDFWLRQDQGZRUVKLSDQGDUHWKXVGHSULYHGRIWKHLUUHZDUGZKLFKLVDJUHDW
GHSULYDWLRQLQGHHG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHVVDJHZKLFKLVFRQYH\HGE\WKHSUHFHGLQJ$KDGLWKQDPHO\
WKDWWKH)DUG6DODWVKRXOGEHSHUIRUPHGLQWKH0DVMLGPRVTXHZKLOHVRPHRIWKHVXSHUHURJDWRU\
RSWLRQDODQGYROXQWDU\SUD\HUVVKRXOGEHSHUIRUPHGDWKRPH
C8PDUELQC$WDUHSRUWHGWKDW1DILCELQ-XEDLUVHQWKLPWR6D
LEELQ8NKW1DPLUWRDVNKLPDERXW
VRPHWKLQJWKDW0XCDZL\DKKDGVHHQKLPGRLQJ LQ6DODWSUD\HU+HVDLG<HV,SHUIRUPHGWKH)ULGD\
SUD\HUDORQJZLWKKLPLQWKHHQFORVXUH0DTVXUDKDQGZKHQWKH,PDPFRQFOXGHGWKH6DODWZLWK
7DVOLP,VWRRGXSLQP\SODFHDQGSHUIRUPHGWKH6XQQDKSUD\HU:KHQ0XCDZL\DKZHQWKRPHKH
VHQWIRUPH DQGZKHQ,FDPHKHVDLG1HYHUGRDJDLQZKDW\RXKDYHGRQH:KHQ\RXKDYHREVHUYHG
WKH)ULGD\SUD\HU\RXPXVWQRWVWDUWDQRWKHU6XQQDKSUD\HUWLOO\RXKDYHVSRNHQWRVRPHRQHRUKDYH
VKLIWHG\RXUSODFHEHFDXVHWKH0HVVHQJHURI$OODK3%8+RUGHUHGXV QRWWRIROORZXSWKH
FRQJUHJDWLRQDO6DODWZLWKDQ\RWKHU6DODWXQWLOZHKDYHWDONHGWRVRPHRQHRUPRYHGIURPWKHSODFH
>0XVOLP@
&RPPHQWDU\ 0DTVXUDK
ZDVDQHQFORVXUHLQDPRVTXHRUDSODFHZKLFKZDVPDGHWKHUHIRUWKH
VHFXULW\RIUXOHUV:KHQ0XVOLPFDOLSKVDQGUXOHUVXVHGWRSHUIRUPWKHLUSUD\HUVLQFRQJUHJDWLRQWKH\
ZRXOGRFFXS\WKLVSODFH7KHZRUG)ULGD\-XPXCDKKDVEHHQPHQWLRQHGKHUHEHFDXVHRIWKH
LQFLGHQWUHSRUWHGLQLWRWKHUZLVHWKLVRUGHUDSSOLHVWRHYHU\6DODWDQGLVQRWUHVWULFWHGWR-XPXCDK
DORQH7KHUHLVDVWDQGLQJRUGHUWKDWRQHPXVWVHSDUDWHWKH)DUGDQGWKH6XQQDKRID6DODWE\VRPH
PHDQVOLNHFRQYHUVDWLRQFKDQJLQJSODFHRIWKH6DODWJRLQJRXWRIWKH0DVMLGHWFDVKDVEHHQ
PHQWLRQHGLQD+DGLWKQDUUDWHGHDUOLHU:KDW 0XDZL\DKKDVVWDWHGKHUHLVLQWKHOLJKWRIWKLV+DGLWK
&+$37(5
'(6,5$%,/,7<2)2))(5,1*
1$:$),/92/817$5<25
237,21$/35$<(56$7+20(
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH1DZDILODQG6XQQDKSUD\HUVVKRXOGEHSHUIRUPHGDWKRPH
,WJRHVZLWKRXWVD\LQJWKDWDOOWKH)DUGFRQVWLWXHQWVRIHYHU\6DODWDUHWREHSHUIRUPHGLQWKHPRVTXH
0DVMLGLQFRQJUHJDWLRQ7KHRUGHUWRSHUIRUPWKH1DZDILOSUD\HUVDWKRPHVKRZVLWVPHULWV)LUVWO\LW
VDYHVDSHUVRQIURPVKRZLQJRIIDQGVHFRQGO\KRXVHVDUHEOHVVHGGXHWRWKHP
>$O%XNKDULDQG0XVOLP@
KHUHPHDQV1DZDILODQG6XQQDK
7KHKRXVHVLQZKLFK1DZDILODUHQRWSHUIRUPHGDUHOLNHJUDYH\DUGV6XFKKRXVHVDUHOLNHJUDYHVZKLFK
KDYHQRVFRSHIRUDFWLRQDQGZRUVKLSDQGDUHWKXVGHSULYHGRIWKHLUUHZDUGZKLFKLVDJUHDW
GHSULYDWLRQLQGHHG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHVVDJHZKLFKLVFRQYH\HGE\WKHSUHFHGLQJ$KDGLWKQDPHO\
WKDWWKH)DUG6DODWVKRXOGEHSHUIRUPHGLQWKH0DVMLGPRVTXHZKLOHVRPHRIWKHVXSHUHURJDWRU\
RSWLRQDODQGYROXQWDU\SUD\HUVVKRXOGEHSHUIRUPHGDWKRPH
C8PDUELQC$WDUHSRUWHGWKDW1DILCELQ-XEDLUVHQWKLPWR6D
LEELQ8NKW1DPLUWRDVNKLPDERXW
VRPHWKLQJWKDW0XCDZL\DKKDGVHHQKLPGRLQJLQ6DODWSUD\HU+HVDLG<HV,SHUIRUPHGWKH)ULGD\
SUD\HUDORQJZLWKKLPLQWKHHQFORVXUH0DTVXUDKDQGZKHQWKH,PDPFRQFOXGHGWKH6DODWZLWK
7DVOLP,VWRRGXSLQP\SODFHDQGSHUIRUPHGWKH6XQQDKSUD\HU:KHQ0XCDZL\DKZHQWKRPHKH
VHQWIRUPHDQGZKHQ,FDPHKHVDLG1HYHUGRDJDLQZKDW\RXKDYHGRQH:KHQ\RXKDYHREVHUYHG
WKH)ULGD\SUD\HU\RXPXVWQRWVWDUWDQRWKHU6XQQDKSUD\HUWLOO\RXKDYHVSRNHQWRVRPHRQHRUKDYH
VKLIWHG\RXUSODFHEHFDXVHWKH0HVVHQJHURI$OODK3%8+RUGHUHGXVQRWWR IROORZXSWKH
FRQJUHJDWLRQDO6DODWZLWKDQ\RWKHU6DODWXQWLOZHKDYHWDONHGWRVRPHRQHRUPRYHGIURPWKHSODFH
>0XVOLP@
&RPPHQWDU\ 0DTVXUDK
ZDVDQHQFORVXUHLQDPRVTXHRUDSODFHZKLFKZDVPDGHWKHUHIRUWKH
VHFXULW\RIUXOHUV:KHQ0XVOLPFDOLSKVDQGUXOHUVXVHGWRSHUIRUPWKHLUSUD\HUVLQFRQJUHJDWLRQWKH\
ZRXOGRFFXS\WKLVSODFH7KHZRUG)ULGD\-XPXCDKKDVEHHQPHQWLRQHGKHUHEHFDXVHRIWKH
LQFLGHQWUHSRUWHGLQLWRWKHUZLVHWKLVRUGHUDSSOLHVWRHYHU\6DODWDQGLVQRWUHVWULFWHGWR-XPXCDK
DORQH7KHUHLVDVWDQGLQJRUGHUWKDWRQHPXVWVHSDUDWHWKH)DUGDQGWKH6XQQDKRID6DODWE\VRPH
PHDQVOLNHFRQYHUVDWLRQFKDQJLQJSODFHRIWKH6DODWJRLQJRXWRIWKH0DVMLGHWFDVKDVEHHQ
PHQWLRQHGLQD+DGLWKQDUUDWHGHDUOLHU:KDW0XDZL\DKKDVVWDWHGKHUHLVLQWKHOLJKWRIWKLV+DGLWK
&+$37(5
:,7535$<(5,767,0($1'
58/,1*
C$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH:LWUSUD\HULVQRWREOLJDWRU\
DVWKHSUHVFULEHG6DODWSUD\HUVEXWWKH0HVVHQJHURI $OODK3%8+REVHUYHGLWDVKLVUHJXODUSUDFWLFH
6XQQDK+H3%8+VDLG$OODKLV:LWUVLQJOHRGGDQGORYHVZKDWLV:LWU6RSHUIRUP:LWU
SUD\HU2IROORZHUVRI4XU
DQREVHUYH:LWUSUD\HU
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ :LWU
OLWHUDOO\PHDQVRGGQXPEHU$OODKLV:LWU
PHDQV+HLV2QHLQ$WWULEXWHVDQG
$FWLRQVDQGKDVQRHTXDO:LWUSUD\HULVDOVRFDOOHG:LWUIRUWKHUHDVRQWKDWLWLVSHUIRUPHGLQRQH
WKUHHILYHDQGVHYHQ5DNCDK,WLVQRWSHUPLVVLEOHWRSHUIRUPLWLQDQHYHQQXPEHUOLNHWZRIRXUVL[
HLJKWHWF7KXVZHOHDUQIURPWKLV+DGLWKWKDW:LWULVQRW)DUGDQG:DMLEEXW6XQQDK0X
DNNDGDK
FRPSXOVRU\%XWLWZRXOGQRWEHFRUUHFWWRVKRZDQ\VODFNQHVVLQSHUIRUPLQJWKHPWRWKLVUHDVRQ
EHFDXVHHYHU\0XVOLPVKRXOGGRKLVOHYHOEHVWWRIROORZWKH6XQQDKRIWKH3URSKHW3%8+
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHWLPLQJRI:LWUSUD\HU,WVHDUOLHVWWLPHLVVRRQDIWHUC,VKD
SUD\HU
DQGLWVWLPHLVMXVWEHIRUHGDZQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6RPHC8ODPD
DUHRIWKHRSLQLRQWKDWDIWHUSHUIRUPLQJWKH:LWUSUD\HULWLVQRW
SHUPLVVLEOHWRSHUIRUPDQ\RWKHU1DZDILOSUD\HUVEHFDXVHWKH3URSKHW3%8+RUGHUHGWRPDNHLWWKH
ODVW6DODW%XW,PDP$Q1DZDZLDQGVRPHRWKHUVFKRODUVKDYHLQWHUSUHWHGLWDVGHVLUDEOH
UDWKHUWKDQ
DQRUGHUEHFDXVHZHGRILQGLQVWDQFHVLQZKLFKWKH3URSKHW3%8+SHUIRUPHGWZR5DNCDK1DIO
SUD\HULQWKHVLWWLQJSRVLWLRQDIWHU:LWUSUD\HU,WLVWKHUHIRUHEHWWHUWRJRE\WKLV+DGLWK%XWLI
VRPHRQHZDQWVWRSHUIRUPWZR5DNCDK1DIOSUD\HUDIWHU:LWUSUD\HULWLVSHUPLVVLEOH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVWKHIROORZLQJWKUHHSRLQWV
,WLVSHUPLVVLEOHWRSUD\ZLWKVRPHRQHVOHHSLQJLQIURQWRIXV
,WLVGHVLUDEOHWRDZDNHQRQH
VRZQIDPLO\PHPEHUVIRU1DIOSUD\HU
2QHFDQSHUIRUP:LWUSUD\HUEHIRUH)DMUSUD\HU
>$EX'DZXGDQG$W7LUPLGKL@
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG+HZKR
DSSUHKHQGVWKDWKHPD\QRWJHWXSLQWKHODWHUSDUWRIWKHQLJKWVKRXOGREVHUYHWKH:LWUSUD\HULQWKH
ILUVWSDUWRILWDQGKHZKRLVFHUWDLQWRJHWXSLQWKHODVWSDUWRILWKHVKRXOGREVHUYH:LWUDWWKHHQGRI
WKHQLJKWEHFDXVH6DODWDWWKHHQGRIWKHQLJKWLVDWWHQGHGE\WKHDQJHOVDQGWKDWLVEHWWHU
>0XVOLP@
&RPPHQWDU\ ,IDSHUVRQLVFRQILGHQWWKDWKHZLOOJHWXSWRSHUIRUP:LWUSUD\HUEHIRUHGDZQLWLV
EHWWHUIRUKLPWRSHUIRUPLWLQWKHODWHKRXUVRIWKHQLJKWRWKHUZLVHLWZLOOEHZHOOWRGRVRDIWHUC,VKD
SUD\HU
&+$37(5
0(5,72)7+(237,21$/
'8+$)25(122135$<(5
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0\.KDOLOWKH0HVVHQJHURI$OODK
3%8+GLUHFWHGPHWRIDVWWKUHHGD\VRIHDFKPRQWKDQGWRREVHUYHWZR5DNCDK'XKDRSWLRQDO
SUD\HUDWIRUHQRRQDQGWRSHUIRUPWKH:LWUSUD\HUEHIRUHJRLQJWREHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KUHHGD\V
FDQEHDQ\WKUHHGD\VRIDPRQWKEXWLWLVEHWWHULIRQHRSWVWKWKDQG
WKRIHYHU\OXQDUPRQWKEHFDXVHWKH3URSKHW3%8+XVHGWRREVHUYHIDVWLQJRQWKHVHGD\V
7KLV+DGLWKDOVRKLJKOLJKWVWKHLPSRUWDQFHRI'XKDDQG:LWUSUD\HUDQGSURYHVWKHPHULWRIJLYLQJ
FRXQVHOSHUVXDVLRQDQGLQGXFHPHQWIRUYLUWXRXVGHHGV
>0XVOLP@
&RPPHQWDU\ &KDULW\LVGXHIURPHYHU\MRLQWERQHPHDQVWKDWZKHQDSHUVRQJHWVXSLQWKH
PRUQLQJLWLVREOLJDWRU\IRUKLPWRWKDQN$OODKIRUKDYLQJHYHU\MRLQWRIKLVLQWDFW7KHUHIRUHRQHPXVW
SUDLVHDQGJORULI\$OODK6LQFHDVLQJOHLQYRFDWLRQRIWKHZRUGVPHQWLRQHGLQWKLV+DGLWKLVHTXLYDOHQW
WRRQH6DGDTDKRQHPXVWVD\WKHVHZRUGVIRUWLPHV DQXPEHUZKLFKHTXDOVWKHQXPEHURIMRLQWV
LQPDQ
VERG\0RUHRYHUWRHQMRLQVRPHRQHWRGRZKDWLVJRRGDQGGLVVXDGHVRPHERG\IURPYLFH
FRQVWLWXWHV6DGDTDK+RZHYHULIRQHSHUIRUPVWZR5DNCDKRI'XKDSUD\HULWZLOOVHUYHIRU6DGDTDK
IRUDOOWKHMRLQWVRIWKHERG\7KXVWKLV+DGLWKKLJKOLJKWVWKHPHULWVDQGLPSRUWDQFHRI'XKDSUD\HU
:HDOVROHDUQIURPWKLV+DGLWKWKDW6DGDTDKLVQRWUHVWULFWHGWRVSHQGLQJPRQH\DORQHEXWDOVRKDVD
YDVWPHDQLQJDQGFRYHUVDOOIRUPVRIYLUWXHVPHQWLRQHGKHUH
&RPPHQWDU\ 7KLV+DGLWKKROGVWKDW'XKDSUD\HUFRQVLVWVRIHLJKW5DNCDK$QRWKHU+DGLWKHODERUDWHV
WKDWWKH3URSKHW3%8+SHUIRUPHGWKHVH5DNCDKLQIRXUFRXSOHWV:KDWLVWKHWLPHRI'XKDSUD\HU",V
'XKDSUD\HUDQG,VKUDTSUD\HURQHDQGWKHVDPH"7KHUHLVDGLIIHUHQFHRIRSLQLRQRQWKHVHLVVXHV
6RPHSHRSOHWKLQNWKDW'XKDDQG,VKUDTDUHWZRGLIIHUHQWQDPHVIRURQHDQGWKHVDPHSUD\HUDQGWKLV
LVSHUIRUPHGVRRQDIWHUVXQULVH:KLOHRWKHUVWKLQNWKDWWKHHDUOLHVWWLPHRI'XKDSUD\HULVVRRQDIWHU
VXQULVHDQGWKHODVWLVDOLWWOHEHIRUHWKHVXQEHJLQVWRGHFOLQH7KHRQHSHUIRUPHGLQWKHHDUO\KRXUVLV
FDOOHG,VKUDTSUD\HUZKLOHWKHRQHSHUIRUPHGLQWKHODWHKRXUVLVFDOOHG'XKDSUD\HU6RPHSHRSOHVD\
WKDWWKHWZR5DNCDKSHUIRUPHGDWWKHWLPHZKHQWKHVXQLVDWDKHLJKWRIDODQFHLQWKHVN\LV,VKUDTDQG
WKHRQHFRPSULVLQJIRXU5DNCDKSHUIRUPHGZKHQWKHVXQFRYHUVRQHIRXUWKRIWKHVN\ LV'XKD)RU
PRUHGHWDLOVVHH0LUDWXO0DIDWLKDFRPPHQWDU\RI0LVKNDW$O0DVDELK&KDSWHU'XKDSUD\HU7KH
PDMRULW\RI0XVOLPVFKRODUVFRQVLGHUWKLVSUD\HUDV0XVWDKDEEGHVLUDEOH
&+$37(5
7,0()257+('8+$
)25(1221237,21$/
35$<(5
=DLG ELQ$UTDP0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,VDZVRPHSHRSOHSHUIRUPLQJ'XKD
SUD\HUVLQWKHHDUO\IRUHQRRQDQGZDUQHGWKHPVD\LQJ7KHVHSHRSOHPXVWNQRZWKDWSHUIRUPLQJ
6DODWDOLWWOHODWHULVEHWWHU7KH0HVVHQJHURI$OODK3%8+VDLG7KH 6DODWRIWKHSHQLWHQWLVWREH
REVHUYHGZKHQWKH\RXQJRQHVRIFDPHOVIHHOWKHKHDWRIWKHVXQLHZKHQLWEHFRPHVYHU\KRW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFRQILUPVWKHRSLQLRQRIWKRVHZKRKROGWKDW'XKDSUD\HULVGLIIHUHQWIURP
,VKUDTSUD\HU,VKUDTSUD\HUPXVWEHSHUIRUPHGZKHQWKHVXQULVHVDERXWDODQFHLQWKHVN\ZKLOHWKH
WLPHIRU'XKDSUD\HURFFXUVZKHQWKHKRRIVRIWKHDQLPDOVEHJLQWREXUQDQGWKH\IHHOWURXEOHGZLWK
WKHKHDWRIWKHVXQ8VXDOO\WKHVL[5DNCDKSHUIRUPHGDIWHU0DJKULESUD\HUDUHFDOOHG6DODWXO
$ZZDELQSUD\HURIWKHSHQLWHQWZKLFKLVIRXQGHGRQDZHDN+DGLWK,QWKHSUHVHQWDXWKHQWLF+DGLWK
'XKDSUD\HULVLQWHUSUHWHGDV6DODWXO$ZZDELQ7KXV6DODWXO$ZZDELQLVLQIDFW'XKDSUD\HU
&+$37(5
,1'8&(0(17723(5)250
7$+,<<$78/0$6-,'8321
(17(5,1*7+(02648(
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQDQ\RQHRI\RXHQWHUVWKHPRVTXHKHVKRXOGSHUIRUPWZR5DNCDKRIYROXQWDU\SUD\HUEHIRUH
VLWWLQJ
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %RWKWKHIRUHJRLQJ$KDGLWKVWUHVVRQSHUIRUPLQJWZR5DNCDKXSRQHQWHULQJWKHPRVTXH
$FFRUGLQJWR,PDP$Q1DZDZL
VWLWOHRIWKHFKDSWHUHYHU\RQHZKRFRPHVWRWKHPRVTXHDQGSHUIRUPV
)DUG6DODWRU6XQQDK5DWLEDKFRPSXOVRU\KHZLOOEHH[HPSWHGIURPSHUIRUPLQJWZR5DNCDK6RPH
C8ODPD
DUHRIWKHRSLQLRQWKDWWKHRUGHULQWKLVUHVSHFWPDNHVLWFRPSXOVRU\DQGIRUWKLVUHDVRQWKH\
KHOG7DKL\\DWXO0DVMLGDV:DMLEREOLJDWRU\ZKLOHRWKHUVWKLQNWKDWLWLVDOLNHGDFWLH0DQGXE
DQGWKXVFRPHVLQWKHFDWHJRU\RI0XVWDKDEEGHVLUDEOH
&+$37(5
7+((;&(//(1&(2)3(5)250,1*
7:25$.C$+2)92/817$5<
35$<(5$)7(5$%/87,21
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
WR%LODO0D\$OODKEHSOHDVHGZLWKKLP7HOOPHDERXWWKHPRVWKRSHIXODFWLHRQHZKLFK\RX
GHHPWKHPRVWUHZDUGLQJZLWK$OODK\RXKDYHGRQHVLQFH\RXUDFFHSWDQFHRI,VODPEHFDXVH,KHDUG
WKHVRXQGRIWKHVWHSVRI\RXUVKRHVLQIURQWRIPHLQ-DQQDK
%LODOVDLG,GRQRWFRQVLGHUDQ\DFW
PRUHKRSHIXOWKDQWKDWZKHQHYHU,PDNH:XGX
RUWRRNDEDWKLQDQKRXURIQLJKWRUGD\,ZRXOG
LPPHGLDWHO\SHUIRUP6DODWSUD\HUIRUDVORQJDVZDVGHVWLQHGIRUPHWRSHUIRUP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUG7XKXU
LVXVHGIRU:XGX*KXVODQG7D\DPPXPEHFDXVHRQHJHWVWKH
ULWXDOSXULW\E\DOOWKHVHPHDQVDQGWKHQRQHFDQSHUIRUP6DODWIUHHO\,WPHDQVWKDWHYHU\WLPHGXULQJ
WKHGD\RUQLJKW%LODOPDGH:XGX
RU*KXVOKHZRXOGLQYDULDEO\SHUIRUPVRPH1DIOSUD\HU6RPHRI
WKH$KDGLWKH[SOLFLWO\VD\WZR5DNCDK7KLVDFWRIKLVVRPXFKSOHDVHG$OODKWKDWKHZDVEOHVVHGZLWK
WKHGLVWLQFWLRQZKLFKZDVZLWQHVVHGE\WKH3URSKHW3%8+KLPVHOI7KLV+DGLWKSURYHVWKHPHULWRI
SHUIRUPLQJWZR5DNCDKSUD\HUDIWHUDEOXWLRQ6RPHC8ODPD
KROGWKDWWKLVWZR5DNCDKSUD\HUDVZHOODV
7DKL\\DWXO0DVMLG DUHSHUPLVVLEOHHYHQLQKRXUVZKHQ6DODWLV0DNUXKXQGHVLUDEOHZKLOHRWKHUV
VWLFNWRWKHLQMXQFWLRQVZKLFKUHJDUG1DIO6DODWDIWHU)DMUDQGC$VUSUD\HUXQGHVLUDEOH
&+$37(5
7+((;&(//(1&(2)
)5,'$<35$<(5
$OODKWKH([DOWHGVD\V
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVRIWKHH[FHOOHQFHRI-XPXCDK0DQ\DFKLHYHPHQWVZHUHPDGHRQ
WKLVGD\ZKLFKDOVRJRWRSURYHLWVH[FHOOHQWSRVLWLRQLQ,VODP
>0XVOLP@
&RPPHQWDU\
,IDQ\RQHSHUIRUPVDEOXWLRQSURSHUO\
PHDQVGRHVLWLQDFFRUGDQFHZLWKWKH6XQQDKRIWKH3URSKHW
3%8+WKDWLVWRVD\RQHVKRXOGQRWH[FHHGWKHSUHVFULEHGOLPLWVQRUVKRXOGRQHXVHZDWHU
H[WUDYDJDQWO\2QHVKRXOGZDVKHYHU\RUJDQRIWKHERG\LQYROYHGLQ:XGX
DWWKHPRVWIRUWKUHH
WLPHV2QHVKRXOGQHLWKHUXVHZDWHULQH[FHVVRIWKHQHHGQRUOHDYHDQ\RIWKHRUJDQVXQZDVKHGRU
SDUWO\ZDVKHGLQ:XGX
7KLV+DGLWKDOVRPDNHVLWHYLGHQWWKDWLWLVPRUHPHULWRULRXVWRSHUIRUP:XGX
DWKRPH
6LQVRIWHQGD\VDUHSDUGRQHGEHFDXVHHYHU\YLUWXHKDVDWOHDVWWHQWLPHVUHZDUG+HUHVLQVPHDQV
PLQRUVLQVDVWKHPDMRURQHVDUHQRWIRUJLYHQZLWKRXWVLQFHUHUHSHQWDQFHQRUDUH+XTXTXOC,EDGLH
ULJKWVRISHRSOHIRUJLYHQZLWKRXWFRPSHQVDWLRQ
2QHVKRXOGOLVWHQWRWKH.KXWEDKTXLHWO\ZLWKIXOODWWHQWLRQ2QHPXVWDYRLGWR\LQJZLWKDQ\WKLQJ
VXFKDVVWUDZVRQH
VZDWFKHWFDVWKLVLVDXVHOHVVH[HUFLVHZKLFKZLOOGRXEWOHVVO\GHSULYHRQHRIWKH
)ULGD\UHZDUG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWWKHJRRGDFWLRQVPHQWLRQHGLQLWDUHPHDQVRI
IRUJLYHQHVVRIVLQVEXWRQO\LIRQHVDYHVRQHVHOIIURPPDMRUVLQV7KXVLWLVDEXQGDQWO\FOHDUWKDWWKH
VLQVZKLFKDUHSDUGRQHGWKURXJK WKHVHJRRGDFWLRQVDUHPLQRUVLQV0DMRUVLQVZLOOQRWEHIRUJLYHQE\
PHDQVRI6DODWDQG6DXPIDVWLQJ6LQFHUHUHSHQWDQFHIRUWKHPLVLQGLVSHQVDEOH
>0XVOLP@
PHDQVWKRVHZKRZLOOEHFRPHXWWHUO\XQPLQGIXORI
WKHUHPHPEUDQFHRI$OODKDQG+LV2UGHUV6XFKSHRSOHDUH0XQDILTXQK\SRFULWHVZKRVHDERGHZLOO
EH+HOO,WPHDQVWKDWQHJOLJHQFHRI-XPXCDKIRUDORQJWLPHLVVXFKDVHULRXVRIIHQFHWKDWLWFDQHYHQ
VHDODPDQ
VKHDUWZKLFKILQLVKHVDOOKRSHVDQGFKDQFHVRIRQH
VLPSURYHPHQW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QWKHVWUHQJWKRIWKLV+DGLWKVRPHC8ODPD
KDYHUHJDUGHGEDWKIRU6DODWXO-XPXCDK
DV:DMLEREOLJDWRU\DQGWKRVHZKRGLIIHUIURPWKLVYLHZOLNH,PDP$Q1DZDZL WRUHVRUWWKH
LQWHUSUHWDWLRQRI:DMLEPDGHKHUH:KHWKHU*KXVOLV:DMLERUGHVLUDEOHLWDSSOLHVWRZRPHQDVZHOOLI
WKH\OLNHWRJRWRWKHPRVTXHIRU6DODWXO-XPXCDK7KHPDQQHURIWDNLQJDEDWKIRUWKH)ULGD\SUD\HULV
VLPLODUWRWKHPDQQHURISHUIRUPLQJ*KXVODIWHUVH[XDOLQWHUFRXUVH
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVXSSRUWVWKHFRQWHQWLRQRIWKRVHZKRGRQRWKROGWKH*KXVOREOLJDWRU\IRU
WZRUHDVRQV)LUVWO\LWDOORZVRQHWRSHUIRUP:XGX
,QIDFWLWKDVEHHQUHJDUGHGJRRG6HFRQGO\WKH
*KXVOKDVEHHQUHJDUGHGEHWWHUIURPZKLFKRQHFDQVDIHO\LQIHUWKHSHUPLVVLRQWROHDYHLW,QDQ\FDVH
WKHUHLVQRGRXEWDERXWLWVEHLQJ0DVQXQ6XQQDKRIWKH3URSKHW3%8+DQG0XVWDKDEEGHVLUDEOH
7KHWLPHRIWKH*KXVOLVIURPWKHGD\EUHDNWRWKHWLPHRI6DODWXO-XPXCDK
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKHIROORZLQJIRXUSRLQWV
7KHQHHGWRSXULI\RQHVHOIDVPXFKDVSRVVLEOHRQ-XPXCDK2QHPXVWXVHKDLURLODQGSHUIXPHVR
WKDWRWKHUVGRQRWIHHODQ\LUULWDWLRQRQWKHEDGVPHOOZKLFKPD\ULVHIURPRQH
VFORWKHV
2QHLVDGYLVHGWRJRIRU6DODWXO-XPXCDKHDUO\VRWKDWKHKDVQRWWRMXPSRYHUWKHVKRXOGHUVRI
RWKHUVQRUKDVWRVLWWLJKWO\EHWZHHQWZRSHUVRQV,IDSHUVRQJRHVWRWKHPRVTXHODWHWKHQKHVKRXOG
RFFXS\WKHDYDLODEOHVHDWDQGREVHUYHIXOOPDQQHUV
2QHVKRXOGSHUIRUP1DZDILODIWHUUHDFKLQJWKHPRVTXH
2QHVKRXOGOLVWHQWRWKH.KXWEDKTXLHWO\$SHUVRQZKRREVHUYHVDOOWKHPDQQHUVPHQWLRQHGLQWKLV
+DGLWKZLOOUHFHLYHVIXOOEHQHILWVRI6DODWXO-XPXCDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHPHULWVRIJRLQJHDUO\IRU6DODWXO-XPXCDKDQGQDUUDWHV
LQGXFHPHQWVSURYLGHGIRULW7KHHDUOLHUDSHUVRQJRHVIRULWWKHJUHDWHUKLVUHZDUGZLOOEH,QIDFWWKH
UHZDUGIRULWJRHVRQGLPLQLVKLQJLQSURSRUWLRQWRWKHGHOD\WKDWKHPDNHVLQUHDFKLQJWKHPRVTXHIRU
WKLVSXUSRVHVRPXFKVRWKDWKHZKRUHDFKHVWKH0DVMLGDIWHUWKH.KXWEDKZLOOEHWRWDOO\GHSULYHGRI
WKHEHQHILWVZKLFKJRZLWKLWEHFDXVHKLVQDPHGRHVQRWILJXUHLQWKHUHJLVWHUZKLFKVKRZVPHQRI
PHULWV
6DODWXO-XPXCDKLVDOVRDWWHQGHGE\DQJHOV7KLVIDFWVKRZVWKHHPLQHQFHIRUWKH.KXWEDKRI6DODWXO
-XPXCDKDQGWKH6DODWLWVHOI
7KH*KXVOSHUIRUPHGRQ-XPXCDKVKRXOGEHGRQHZLWKWKHVDPHPHWLFXORXVFDUHDVLVGRQHLQ*KXVO
-DQDEDKSRVWFRLWLRQEDWK
$QGKH3%8+SRLQWHGZLWKKLVKDQGWRLQGLFDWHWKDWWKLVSHULRGRIWLPHLVYHU\VKRUW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDQRWKHUGLVWLQFWLRQRI-XPXCDKQDPHO\DPRPHQWLQZKLFKHYHU\
SUD\HUWKDWDSHUVRQWKHQPDNHVLVJUDQWHGZLWKWKHFRQGLWLRQWKDWZKDWRQHLVDVNLQJIRULVJRRGDQG
ODZIXO,WLVDYHU\VKRUWPRPHQWDQGLWVWLPHKDVDOVRQRWEHHQUHYHDOHG)RUWKLVUHDVRQRQHVKRXOG
UHPHPEHU$OODKIUHTXHQWO\DQGSUD\WR+LPRQ-XPXCDKVRWKDWRQHDWWDLQVWKDWPRPHQWZKHQSUD\HUV
DUHDQVZHUHG3UD\HUVFDQDOVREHDQVZHUHGRXWVLGH6DODWLIRQHKDSSHQVWREHVXSSOLFDWLQJDWWKH
VSHFLILHGPRPHQW
,VDLG<HV,KHDUG
KLPUHSRUWIURPWKH0HVVHQJHURI$OODK3%8+C,WRFFXUVEHWZHHQWKHWLPHZKHQWKH,PDPVLWVGRZQ
RQWKHSXOSLWDIWHUWKHILUVW.KXWEDKDQGWKHWLPH6DODWLVRYHU
>0XVOLP@
&RPPHQWDU\ 7KHUHLVDGLIIHUHQFHRIRSLQLRQDPRQJC8ODPD
LQUHVSHFWRIWKLVPRPHQW6RPH
C8ODPD
SUHIHUWKHYHUVLRQJLYHQLQWKLV+DGLWKWKDWLVWKLVPRPHQWFRXOGEHDQ\WLPHLQWKHSHULRG
IURPWKHWLPHWKH,PDPVLWVGRZQDIWHUWKHILUVW.KXWEDKDQGWKHHQGRI6DODWXO-XPXCDK%XW6KHLNK
$O$OEDQLKDVUHJDUGHGWKLV+DGLWKDV0DXTXI
LWVFKDLQRIQDUUDWRUVGRHVQRWUHDFKXSWRWKH3URSKHW
3%8+6HH5L\DGKXV6DOLKHHQHGLWHGE\6KHLNK$O$OEDQL)RUWKLVUHDVRQRWKHUC8ODPD
KDYH
LQFOLQHGWRD0DUIXC +DGLWKLHLWVFKDLQRIQDUUDWRUVUHDFKHVXSWRWKH3URSKHW3%8+DQGXUJHGWR
ILQGWKLVPRPHQWLQWKHODVWKRXURIC$VUEHIRUHWKH0DJKULE
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKEULQJVIRUWKWKHIROORZLQJWKUHHSRLQWV
7KHDXVSLFLRXVQHVVRIWLPHIXUWKHUHQKDQFHVWKHPHULWVRIYLUWXRXVGHHGVDVLVHYLGHQWIURPWKHVWUHVV
RQUHFLWLQJPRUHDQGPRUHVDOXWDWLRQRQWKH3URSKHW3%8+RQ)ULGD\
WHFKQLFDOO\7KHUHIRUHWKHWUXWKRIWKHPDWWHULV
WKDWKHGRHVQRWKHDULWGLUHFWO\,WLVWKHDQJHOVZKRFRQYH\LWWRKLP
7KHPRVWZHOOZRUGHG LV,EUDKLPLVDOXWDWLRQ
&+$37(5
7+('(6,5$%,/,7<2)
352675$7,1*2872)
*5$7,78'(
6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:HOHIW0DNNDKZLWKWKH
0HVVHQJHURI$OODK3%8+IRU$O0DGLQDKDQGZKHQZHZHUHQHDUC$]ZDUD
KH3%8+DOLJKWHG
IURPKLVULGLQJFDPHOUDLVHGKLVKDQGVLQVXSSOLFDWLRQWR$OODKIRUDZKLOHDQGSURVWUDWHGKLPVHOI+H
UHPDLQHG IRUDORQJWLPHLQSURVWUDWLRQ7KHQKHVWRRGXSDQGUDLVHGKLVKDQGVIRUDZKLOHDIWHUZKLFK
KHSURVWUDWHGKLPVHOIDJDLQDQGUHPDLQHGIRUDORQJWLPHLQSURVWUDWLRQ7KHQKHVWRRGXSDQGUDLVHG
KLVKDQGVIRUDZKLOHDIWHUZKLFKKHSURVWUDWHGKLPVHOI IRUWKHWKLUGWLPH7KHQKH3%8+VDLG,
VXSSOLFDWHGP\5XEEDQGPDGHLQWHUFHVVLRQIRUP\8PPDKDQG+HJUDQWHGPHRQHWKLUGRIWKHP6R,
DJDLQSURVWUDWHGP\VHOILQJUDWLWXGHWRP\5XEE7KHQ,UDLVHGP\KHDGDQGVXSSOLFDWHGP\5XEEIRU
P\8PPDKDQG+HJUDQWHGPHDQRWKHUWKLUGRIWKHP$JDLQ,UDLVHGP\KHDGDQGVXSSOLFDWHGP\
5XEEIRUP\8PPDKDQG+HJUDQWHGPHWKHODVWWKLUGRIWKHP6R,IHOOLQWRSURVWUDWLRQRXWRIJUDWLWXGH
EHIRUHP\5XEE
>$EX'DZXG@
&RPPHQWDU\ 7KHSKUDVH,VXSSOLFDWHGP\5XEEDQGPDGHLQWHUFHVVLRQIRUP\8PPDK
PHDQVWKDW
WKH3URSKHW3%8+SUD\HGWR$OODKWRSDUGRQKLV8PPDKDQGWRDGPLWWKHPWR-DQQDK7KH
LQWHUSUHWDWLRQRIWKLV+DGLWKLVVWDWHGWREHWKDWXOWLPDWHO\DOOWKH0XVOLPVZLOOEHVHQWWR-DQQDK7KH\
ZLOOQRW DELGHLQ+HOOIRUHYHU6RPHRIWKHPZLOOJRWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWIRUWKHLU
PDMRUVLQVVRPHWKURXJKWKHLQWHUFHVVLRQRIWKH3URSKHW3%8+DQGVRPHE\WKH6SHFLDO*UDFHRI
$OODK7KLVLQWHUSUHWDWLRQLVQRGRXEWWUXH7KLVLVFRQILUPHGE\RWKHU$KDGLWKDQGIRUPVWKHEHOLHIRI
WKHIROORZHUVRI6XQQDKRIWKH3URSKHW3%8+%XWWKH+DGLWKXQGHUGLVFXVVLRQLVQRW6DKLK
+RZHYHU6XMXGXVK6KXNUSURVWUDWLRQVIRUWKDQNVJLYLQJLQVXSSRUWRIZKLFK,PDP$Q1DZDZLKDV
UHSURGXFHGWKLV+DGLWKKHUHLVDOVRSURYHGE\RWKHU$KDGLWK7RSURVWUDWHLQJUDWLWXGHWR$OODKLV
FRUUHFWDQGSHUPLVVLEOH7KHLQFLGHQWRI.CDEELQ0DOLNLVLQFOXGHGLQ6DKLK%XNKDULDQG6DKLK
0XVOLPZKLFKVKRZVWKDWDIWHUKHFDPHWRNQRZWKDWKLVUHSHQWDQFHZDVDFFHSWHG KHSURVWUDWHGWR
JLYHWKDQNVWR$OODK$FFRUGLQJWRWKH6KDILCLVFKRRORIWKRXJKWWKHEDVLFHOHPHQWVRI6XMXGXVK6KXNU
RUSURVWUDWLRQVWRH[SUHVVWKDQNVWR$OODKDUHDWKHLQWHQWLRQLQWKHKHDUWEWKH7DNELUF
SURVWUDWLRQDQGG7DVOLPWKH+DQDILVFKRRORIWKRXJKWKRZHYHUPDLQWDLQWKDWLWLVDQDFWRI
SURVWUDWLRQEHWZHHQWZR7DNELU,WLVSHUPLVVLEOHWRSHUIRUPLWRXWVLGH6DODWEXWQRWGXULQJLWEHFDXVHLW
ZLOOLQYDOLGDWHLWLIRQHGRHVVRGHOLEHUDWHO\
&+$37(5
(;&(//(1&(2)67$1',1*,1
35$<(56$71,*+7
$OODKWKH([DOWHGVD\V
7KHLUVLGHVIRUVDNHWKHLUEHGV
+HVDLG6KRXOG,QRWEHDJUDWHIXOVODYHRI$OODK"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WLVUHSURGXFHGKHUHWRLOOXVWUDWHWKHSUDFWLFH
RIWKH3URSKHW3%8+LQUHVSHFWRI4L\DPXO/DLO,WWHOOVXVWKDW
7KH1DIO6DODWVKRXOGEHSHUIRUPHGZLWKIXOOFRQFHQWUDWLRQDQGSHDFHRIPLQG
7KHPRUHRQHLVHQGRZHGZLWKJLIWVIURP$OODKWKHJUHDWHUJUDWLWXGHDQGZRUVKLSRQHVKRXOG
H[SUHVVIRUWKHPWR$OODK
7KHEHVWWLPHIRUVKRZLQJRQH
VKXPLOLW\EHIRUH$OODKDQGIRUZRUVKLSLVWKHODWHUSHULRGRIQLJKW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGDOVRDZDNHQRWKHUVDWQLJKWIRUSUD\HUVRWKDWWKH\
DOVRDYDLOWKHEHQHILWVRISHUIRUPLQJSUD\HUDWWKLVSDUWLFXODUWLPH
6DOLPVDLGWKDWDIWHUWKLVKLVIDWKHU
C$EGXOODKVOHSWYHU\OLWWOHDWQLJKW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[FHOOHQFHRIC$EGXOODKELQC8PDU0D\$OODKEHSOHDVHG
ZLWKWKHPDVZHOODVWKHPHULWVRI4L\DPXO/DLO,WDOVRWHOOVXVWKDW LWLVSHUPLVVLEOHWRSUDLVH
VRPHRQHLQKLVSUHVHQFHLIRQHLVVXUHWKDWKHZLOOQRWEHFRPHSURXGGXHWRWKDWSUDLVH$QRWKHUDVSHFW
RIWKLV+DGLWKLVWKDWLWLQGXFHVRQHWRZLVKIRURWKHUV
ZHOIDUHDQGKDSSLQHVV
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@Q
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7\LQJNQRWV
FDQEHOLWHUDOWKHZD\PDJLFLDQVGRLWLQWKHLUPDJLFDOH[HUFLVHV:LWK
WKLVSUDFWLFH6DWDQWULHVWRZLWKKROGSHRSOHIURPWKHZRUVKLSRI$OODK6RPHSHRSOHDUHRIWKHRSLQLRQ
WKDWLWLVDPHWDSKRUIRUVOHHSLQHVVGR]LQJ,QDQ\FDVH6DWDQGRHVKLVOHYHOEHVWWRZLWKKROGDSHUVRQ
IURPWKHZRUVKLSRI$OODK6DWDQH[SHULHQFHVIUXVWUDWLRQLIVRPHRQHJHWVXSDWQLJKWIRUSUD\HUKHDOVR
H[SHULHQFHVKDSSLQHVVLIKHPDQDJHVWRNHHSVRPHRQHDVOHHSXQWLOGDZQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKDVJODGWLGLQJVIRUWKRVHZKRHQWKXVLDVWLFDOO\GRDOOWKHJRRGZRUNV
PHQWLRQHGLQWKLV+DGLWK(QWHU-DQQDKLQSHDFH
KHUHPHDQVWKDWWKH\ZLOOHQWHU-DQQDKZLWKRXW
VXIIHULQJDQ\SXQLVKPHQWLQ+HOO
>0XVOLP@
&RPPHQWDU\ 7KHPRQWKRI0XKDUUDPLVUHODWHGWR$OODKZKLFKPDNHVLWVHPLQHQFHFOHDU,WVKRZV
WKDWLQWKHRSWLRQDO6DXPIDVWLQJWKHPRVWPHULWRULRXVDUHWKRVHZKLFKDUHREVHUYHGLQWKLVPRQWK
$IWHUWKHREOLJDWRU\6DODWWKHPRVWPHULWRULRXV LVWKHRSWLRQDO6DODWSHUIRUPHGDWQLJKW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %RWKWKHIRUHJRLQJ$KDGLWKWHOOXVWKDWWKH1DIO6DODWSHUIRUPHGDWQLJKWVKRXOGEHLQ
WKHIRUPRIFRXSOHWVIROORZHGE\RQH5DNCDKRI:LWU7KXVWKLV+DGLWKQRWRQO\EULQJVRXWMXVWLILFDWLRQ
IRURQH5DNCDK:LWUEXWDOVRSURYHVLWVVXSHULRULW\(YHQLIRQHKDVWRSHUIRUPWKUHH5DNCDK:LWUKH
VKRXOGILUVWSHUIRUPWZRDQGWKHQSHUIRUPRQHVHSDUDWHO\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
0\KHDUWGRHVQRWVOHHS
VLJQLILHVWKDWXVXDOO\,DPQRWVRRYHUZKHOPHGE\VOHHSWKDW,PLVVWKH
6DODW
6RPHSHRSOHJLYHDGLIIHUHQWLQWHUSUHWDWLRQRIWKLVE\VD\LQJWKDWKLV:XGX
UHPDLQHGLQWDFWDV
KLVKHDUWZDVDZDNH7KLVLVRQHRIWKHDWWULEXWHVRIWKH3URSKHW3%8+7KLV+DGLWKVWUHVVHVRQ
SHUIRUPLQJ6DODWZLWKIXOOGHFRUXPDQGFRQFHQWUDWLRQEHFDXVHWKLVLVWKHZD\WKH3URSKHW3%8+GLG
LW7KHUHDOEHDXW\RI6DODWOLHVLQSHUIRUPLQJLWLQDFFRUGDQFHZLWKWKH6XQQDKRIWKH3URSKHW3%8+
DQGZLWKIXOOSHDFHRIPLQG
,IRQHLVFRQILGHQWRIJHWWLQJXSLQWKHODWHUSDUWRIWKHQLJKWRQHFDQSHUIRUP:LWUDIWHU7DKDMMXG
SUD\HUEXWLIRQHLVQRWVXUHRIJHWWLQJXSDWWKHWLPHRI7DKDMMXGWKHQLWLVEHWWHUWRSHUIRUP:LWUDIWHU
C,VKD
SUD\HU
+HUHSOLHG ,LQWHQGHGWRVLW
GRZQDQGVWRSIROORZLQJKLPLQ6DODW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW
,WLVSHUPLVVLEOHWRSHUIRUP1DIO6DODWLQFRQJUHJDWLRQ
,QFDVHDQ,PDPLQRUGLQDWHO\OHQJWKHQVD6DODWLWLVSHUPLVVLEOHIRUKLVIROORZHUVWRGHWDFK
WKHPVHOYHVIURPWKHFRQJUHJDWLRQ%XW,EQ0DVCXGKDVUHJDUGHGKLVLQWHQWLRQWRGRVRDVEDGDQGIRU
WKLVUHDVRQLWVMXVWLILFDWLRQEHFRPHVGRXEWIXO6LQFHWKH,PDPKDVEHHQH[KRUWHGWRWDNHFDUHRIKLV
IROORZHUVLQ6DODWWKLVDSSDUHQWO\IXUQLVKHVMXVWLILFDWLRQIRUWKHGHWDFKPHQW
KLVERZLQJ
ODVWHGDERXWWKHVDPHOHQJWKRIWLPHDVKLVVWDQGLQJDQGWKHQRQUHWXUQLQJWRWKHVWDQGLQJSRVWXUHDIWHU
5XNXCKHZRXOGVD\6DPL
$OODKXOLPDQKDPLGDK5DEEDQDODNDOKDPG $OODKOLVWHQVWRKLPZKR
SUDLVHV+LP3UDLVHEHWR<RX2XU5XEE
DQGKHZRXOGWKHQVWDQGDERXWWKHVDPHOHQJWKRIWLPHDV
KHKDGVSHQWLQERZLQJ+HZRXOGWKHQSURVWUDWHKLPVHOIDQGVD\6XEKDQD5DEEL\DO$COD0\5XEE
WKH6XSUHPHLVIUHHIURPLPSHUIHFWLRQ
DQGKLVSURVWUDWLRQODVWHGQHDUO\WKHVDPHOHQJWKRIWLPHDVKLV
VWDQGLQJ4L\DP
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,QKLVFRPPHQWDU\RQ6DKLK0XVOLP,PDP
$Q1DZDZLKDVLQWHUSUHWHGWKHZRUGVRFFXULQJLQWKLV+DGLWKDV,WKRXJKWKHZRXOGSHUKDSVUHFLWHLQ
WKHZKROH5DNCDK
+HUHSOLHG
7KHEHVW6DODWLVWKDWLQZKLFK4L\DPWKHGXUDWLRQRIVWDQGLQJ
LVORQJHU
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6LQFH,VODPKDVVWULFWO\IRUELGGHQVHOIDIIOLFWLRQWRWKHH[WHQWWKDWLWKDVIRUELGGHQ
KDUGVKLSHYHQLQZRUVKLSFRPSXOVRU\DZDNHQLQJIRU6DODWDWPLGQLJKWDQGREVHUYLQJ6DXPIDVWLQJ
IRUWKHZKROHPRQWKH[FHSWRIWKHPRQWKRI5DPDGDQLVGLVDSSURYHG7KHPRGHOVHWE\WKH3URSKHW
3%8+LVWKHLGHDOSDWWHUQRIPRGHUDWLRQLQWKLVUHVSHFW,QWKLV+DGLWKWKHIDVWLQJDQGWKHSUD\HURI
3URSKHW'DZXGKDYHEHHQUHJDUGHGPRVWSOHDVLQJWR$OODKEHFDXVHWKHLUFRQGXFWKDGDPRGHUDWLRQ
ZKLFKLVHQMRLQHGE\,VODP
>0XVOLP@
&RPPHQWDU\ /LNHWKHVSHFLDOPRPHQWLQ-XPXCDKWKHWLPHZKHQWKLVVSHFLDOPRPHQWRFFXUVHYHU\
QLJKWLVQRWGHWHUPLQHG%XWLWLVJHQHUDOO\LQWKHODWHKRXUVRIWKHQLJKWEHFDXVHWKDWLVWKHEHVWWLPHIRU
ZRUVKLS$VLQWKHFDVHRI/DLODWXO4DGUWKHZLVGRPRINHHSLQJLWVHFUHWOLHVLQWKHLQGXFHPHQWWR
VHDUFKLWE\PHDQVRIZRUVKLSDQGSUD\HUSUDLVHDQGUHPHPEUDQFHRI$OODK
>0XVOLP@
&RPPHQWDU\ 7KHVHWZR$KDGLWKSRLQWRXWWKHGHVLUDELOLW\RISHUIRUPLQJWZREULHI5DNCDKEHIRUHRQH
HPEDUNVRQ7DKDMMXGSUD\HUVDVWKLVZDVWKHSUDFWLFHRIWKH3URSKHW3%8+7KHZLVGRPEHKLQGWKLV
LVWRGULYHDZD\OD]LQHVVDQGSDYHWKHZD\IRUWKHQRFWXUQDOSUD\HUVLQDSURSHUPDQQHU$OODKNQRZV
EHWWHU
>0XVOLP@
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK
3%8+VDLG,IDQ\RQHIDOOVDVOHHSDQGWKHUHIRUHIDLOVWRREVHUYHKLV+L]EVKDUHRUSDUWRILWLIKH
REVHUYHVLWEHWZHHQWKH)DMUDQGWKH=XKUSUD\HUVLWZLOOEHUHFRUGHGIRUKLPDVWKRXJKKHKDG
REVHUYHGLWGXULQJWKHQLJKW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KHZRUG+L]E
OLWHUDOO\PHDQVVKDUH
DQG
WXUQ
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHFRQGXFWRISLRXVKXVEDQGVDQGZLYHV,WVRXWVWDQGLQJ
IHDWXUHPHQWLRQHGKHUHLVWKDWWKH\KHOSHDFKRWKHULQDFWVRIYLUWXHDQGREHGLHQFHRI$OODK
>$EX'DZXG@
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 6LQFHSHDFHRIPLQGDQGFRQFHQWUDWLRQDUHHVVHQWLDOIRUSHUIRUPLQJ6DODWLWVKRXOGEH
SHUIRUPHGZKHQRQHLVIUHVKDQGIUHHIURPWLUHGQHVVDQGGURZVLQHVV7KLVLVWKHUHDVRQ0XVOLPVKDYH
EHHQSURKLELWHGWKURXJKWKHVHWZR$KDGLWKIURPSHUIRUPLQJ6DODWZKHQWKH\DUHRYHUZKHOPHGE\
VOHHS,QVXFKFRQGLWLRQVRQHFDQQRWPDNHSURSHUH[SUHVVLRQRIRQH
VKXPLOLW\EHIRUH$OODKZKLFKLV
WKHHVVHQFHRI6DODW7KHUHIRUHLQVXFKFRQGLWLRQVRQHVKRXOGILUVWKDYHVRPHVOHHSEHFDXVHRQO\WKHQ
RQHZLOOJHWUHDOSOHDVXUHIURPWKHUHFLWDWLRQRIWKH4XU
DQSUD\HUDQGSUDLVHRI$OODKDQGZLOOEHLQD
SRVLWLRQWREHVHHFK+LPHDUQHVWO\IRUSDUGRQLQJRQH
VVLQV
&+$37(5
7+((;&(//(1&(2)
237,21$/7$5$:æ+35$<(5
'85,1*5$0$'$1
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
+HZKRREVHUYHVRSWLRQDOSUD\HU7DUDZLKSUD\HUVWKURXJKRXW5DPDGDQRXWRIVLQFHULW\RI)DLWKDQG
LQWKHKRSHRIHDUQLQJUHZDUGZLOOKDYHKLVSDVWVLQVSDUGRQHG
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
4L\DPLQWKHPRQWKRI5DPDGDQLVDPXFKVWUHVVHGDFWDQGKDVJUHDWLPSRUWDQFHIURPWKHYLHZSRLQW
RIUHZDUGDQGDZDUG
7KHVLQVZKLFKDUHSDUGRQHGWKURXJKLWDUHPLQRUVLQVEHFDXVHPDMRUVLQVDUHQRWIRUJLYHQXQOHVVRQH
PDNHVVLQFHUHUHSHQWDQFHDQGFRPSHQVDWHVWKRVHZKRPKHKDVZURQJHG
6RLQVSLWHRIWKHLUGHVLUH
WRMRLQKLPLQWKLVSUD\HUKHGLGQRWOHDGWKH6DODWWKDWQLJKW+RZPDQ\5DNCDKGLGKHSHUIRUPLQ
FRQJUHJDWLRQLQWKHVHWKUHHQLJKWVLVDSHUWLQHQWTXHVWLRQKHUH$FFRUGLQJWR$KDGLWKWKHLUWRWDOFRPHV
WRHOHYHQHLJKW5DNCDKDQGWKUHH:LWU7KXVWKH0DVQXQQXPEHURI5DNCDKRI4L\DP5DPDGDQLV
HOHYHQ
7KLV1DIO6DODWKDVEHHQLQWHUSUHWHGLQ$KDGLWKDV4L\DP5DPDGDQ/DWHURQWKH\ZHUHQDPHG
7DUDZLK7DUDZLKLVWKH SOXUDORI7DUZLKDK6LQFHWKH&RPSDQLRQVRIWKH3URSKHW3%8+DQGWKH
VXFFHVVRUVWRWKH&RPSDQLRQVXVHGWRPDNHDOHQJWK\4L\DPLQWKHPDQGWKH\ZRXOGWDNHUHVWDIWHU
SHUIRUPLQJHYHU\IRXU5DNCDK7KLVLVKRZWKHVHFDPHWREHQDPHG7DUDZLK5HVWSUD\HU )RXU
5DNCDKDUHFDOOHG7DUZLKDK
7DUDZLKDUHLQIDFW7DKDMMXGSUD\HUV)RUWKHVDNHRIFRQYHQLHQFHDQGEHQHILWRIWKHPD[LPXP
QXPEHURISHRSOHLWLVSHUIRUPHGLQWKHPRQWKRI5DPDGDQVRRQDIWHUC,VKD
SUD\HUDORQJZLWKWKH
ODWWHUZKLFKLVWKHHDUO\WLPHIRU7DKDMMXGSUD\HUV
7KDWWKH7DUDZLKZHUHSHUIRUPHGLQFRQJUHJDWLRQLVHVWDEOLVKHGIURPWKHFRQGXFWRIWKH3URSKHW
3%8++HOHGWKLV6DODWRQUGWKDQGWKRI5DPDGDQ'XULQJKLVFDOLSKDWHC8PDU0D\$OODK
EHSOHDVHGZLWKKLPVWDUWHGLWDJDLQDQGRUGHUHG8ED\\ELQ.CDEDQG7DPLP$G'DULWRSHUIRUPWKHP
LQFRQJUHJDWLRQ+HHQMRLQHGWKHPWRSHUIRUPHLJKW5DNCDK7DUDZLKDQGWKUHH5DNCDK:LWU7KLV
SUDFWLFHKDVEHHQJRLQJRQHYHUVLQFH
6RPHSHRSOHVD\WKDWSHUIRUPLQJ7DUDZLKLQFRQJUHJDWLRQLVD%LGCDKLQQRYDWLRQLQUHOLJLRQ
EHFDXVHLWZDVLQWURGXFHGLQWKHUHLJQRIC8PDU0D\$OODKEHSOHDVHGZLWKKLP%XWWKLVLVQRW
FRUUHFWEHFDXVHLWLVHVWDEOLVKHGWKDWWKH3URSKHW3%8+GLGQRWFRQWLQXHLWRXWRIIHDUWKDWLWZLOOEH
PDGHREOLJDWRU\RWKHUZLVHKHZRXOGKDYHFDUULHGRQZLWKLW:KHQWKHIHDUWKDWWKLVSUDFWLFHEHPDGH
REOLJDWRU\ZDVRYHUC8PDU0D\$OODKEHSOHDVHGZLWKKLPJDYHLWWKHIRUPRID1DIOSUD\HUDQG
UHYLYHGWKHPRGHRISHUIRUPLQJLWFROOHFWLYHO\DQGWKXVIXOILOOHGWKHGHVLUHRIWKH3URSKHW3%8+,Q
VSLWHRIDOOWKHVHIDFWVLWLVVWLOOSHUPLVVLEOHIRURQHWRSHUIRUP7DUDZLKLQGLYLGXDOO\LQWKHODWHKRXUVRI
WKHQLJKW6LQFHRUGLQDU\SHRSOHDUHQRWFDSDEOHRISHUIRUPLQJLWLQGLYLGXDOO\WKHVWHSWDNHQE\C8PDU
0D\$OODKEHSOHDVHGZLWKKLPLVSHUIHFWO\FRUUHFW,IWKLVKDGQRWEHHQGRQHWKHPDMRULW\RIWKH
SHRSOHZLOOKDYHUHPDLQHGGHSULYHGRIWKHEOHVVLQJVDQGUHZDUGRI4L\DPXO/DLOZKLFKZRXOGKDYH
EHHQDJUHDWGHSULYDWLRQLQGHHG
7ZHQW\5DNCDK7DUDZLK LVQRWFRQILUPHGIURPDQ\DXWKHQWLF+DGLWKQRULWVDVFULSWLRQWRC8PDU
L0D\$OODKEHSOHDVHGZLWKKLPLVSURYHGIURPDQ\UHOLDEOH0XWWDVLOFRQQHFWHG+DGLWK$FODLPKDV
EHHQPDGHLQD0XQTDWLCGLVFRQQHFWHGQDUUDWLRQWKDWLQWKHGD\VRIC8PDU0D\$OODKEHSOHDVHG
ZLWKKLPSHRSOHXVHGWRSHUIRUPWZHQW\WKLUW\VL[DQGIRUW\5DNCDKRI7DUDZLKRXWRIZKLFKRQHFDQ
DWEHVWLQIHUWKHMXVWLILFDWLRQIRUPRUHWKDQHLJKW5DNCDK1DIOSUD\HU(YHQWKHQWKH0DVQXQ7DUDZLK
ZLOOEHHLJKW5DNCDKRQO\DQGPRUHRUOHVVWKDQWKDWZLOOEH*KDLU0DVQXQ
,Q7DUDZLKWKDWLV4L\DP5DPDGDQOHQJWK\4L\DPLV0DVQXQEXWLWPXVWEHERUQHLQPLQGWKDWWKH
4XU
DQPXVWEHUHFLWHGDFFRUGLQJWRWKHSULQFLSOHVRIC,OPXW7DMZLG ZLWKFOHDUDQGGLVWLQFWYRLFHDWD
VORZSDFH0DQ\RIWKH4XUUDUHFLWHVRIDVWWKDWLWLVKDUGIRURQHWRXQGHUVWDQGOHWDORQHFRQFHQWUDWH
RQZKDWLVEHLQJUHFLWHG6XFKUHFLWDWLRQLVDPHDQVRIUHWULEXWLRQUDWKHUWKDQUHZDUG$QHZV\VWHPLV
QRZLQYRJXH$FFRUGLQJWRWKLVIDVKLRQWKHZKROH4XU
DQLVILQLVKHGZLWKLQDIHZGD\VDQGHLJKWWR
WHQSDUWVRILWDUHUHFLWHGGDLO\LQ7DUDZLK7KHUHDUHKXQGUHGVRIWKRXVDQGVSHRSOHLQWKHDXGLHQFH
$IWHUOLVWHQLQJWKH4XU
DQIRUDIHZGD\VWKHVHSHRSOHFRQVROHWKHPVHOYHVWKDWWKH\KDYHKHDUGWKH
HQWLUH4XU
DQLQ7DUDZLKDQGDUHQRZIUHHWRSD\IXOODWWHQWLRQWRWKHLUEXVLQHVVWRPDNHWKHEHVWRIWKH
C(LGVHDVRQ7KH\GRQRWFDUHWRNQRZZKHWKHUWKH4DULLVUHFLWLQJWKH4XU
DQRUVRPHWKLQJHOVH
&+$37(5
7+(683(5,25,7<2)
/$,/$78/4$'5
7+(1,*+72)'(&5((
$OODKWKH([DOWHGVD\V
9HULO\:HKDYHVHQWLWWKLV4XU
DQGRZQLQWKH1LJKWRI$O4DGU'HFUHH$QGZKDWZLOO
PDNH\RXNQRZZKDWWKH1LJKWRI$O4DGU'HFUHHLV"7KH1LJKWRI$O4DGU'HFUHHLVEHWWHU
WKDQDWKRXVDQGPRQWKVLHZRUVKLSSLQJ$OODKLQWKDWQLJKWLVEHWWHUWKDQZRUVKLSSLQJ+LPD
WKRXVDQGPRQWKVLH\HDUVDQGPRQWKV7KHUHLQGHVFHQGWKHDQJHOVDQGWKH5XK>-LEULO
*DEULHO@E\$OODK
V3HUPLVVLRQZLWKDOO'HFUHHV$OOWKDWQLJKWWKHUHLVSHDFHDQGJRRGQHVV
IURP$OODKWR+LVEHOLHYLQJVODYHVXQWLOWKHDSSHDUDQFHRIGDZQ
:HVHQWLWWKLV4XU
DQGRZQRQDEOHVVHGQLJKW>LHWKH1LJKWRI$O4DGU6XUDK1RLQ
WKHPRQWKRI5DPDGDQWKHWKPRQWKRIWKH,VODPLFFDOHQGDU@9HULO\:HDUHHYHUZDUQLQJ
>PDQNLQGWKDW2XU7RUPHQWZLOOUHDFKWKRVHZKRGLVEHOLHYHLQ2XU2QHQHVVRI/RUGVKLSDQGLQ
2XU2QHQHVVRIZRUVKLS@7KHUHLQWKDWQLJKWLVGHFUHHGHYHU\PDWWHURIRUGDLQPHQWVLHWKH
PDWWHUVRIGHDWKVELUWKVSURYLVLRQVDQGFDODPLWLHVIRUWKHZKROH
FRPLQJ\HDUDVGHFUHHGE\
$OODK$VD&RPPDQGRUWKLV4XU
DQRUWKH'HFUHHRIHYHU\PDWWHUIURP8V9HULO\:HDUH
HYHUVHQGLQJWKH0HVVHQJHUV$VD0HUF\IURP\RXU5XEE9HULO\+HLVWKH$OO +HDUHUWKH
$OO.QRZHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 4L\DPKHUHPHDQVZKDWNHHSVRQHDZDNHWRRQH
VFDSDFLW\DQGIRUZRUVKLSDQGPDNHV
RQHSHUIRUP1DZDILOLPSHOVRQHWREHJSDUGRQIRUVLQVIURP$OODKXUJHVRQHWRSUDLVH+LP6SHFLDOO\
LIDSHUVRQSHUIRUPVC,VKDSUD\HUDQG)DMUSUD\HULQFRQJUHJDWLRQKHZLOOKRSHIXOO\DWWDLQDOOWKRVH
GLVWLQFWLRQVZKLFKDUHPHQWLRQHGLQWKLV+DGLWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7DZDW
DW
OLQJXLVWLFDOO\PHDQVWRVWHSRUZDONRQWKDWLVWRSODFHIRRWRYHUWKHSODFH
ZKHUHRQH
VIHOORZNHSWKLVIRRW+HUHLWLVXVHGLQWKHVHQVHRIFRUUHVSRQGHQFH,QRWKHUZRUGV,VHH
WKDW\RXUGUHDPVDOODJUHHXSRQWKHODVWVHYHQQLJKWV
VWDQGVWRPHDQ \RXKDGVLPLODUGUHDPV
7KLV
ZDVGRQHE\VKRZLQJDOORIWKHPWKHVSHFWDFOHRI/DLODWXO4DGU2QWKHVWUHQJWKRIWKHVHGUHDPVWKH
3URSKHW3%8+VDLGWKDW/DLODWXO4DGUVKRXOGEHVRXJKWLQWKHODVWVHYHQQLJKWVRI5DPDGDQ7KH
ZLVGRPRINHHSLQJLWVHFUHWLVWRNHHSSHRSOHDZDNHWRHQJDJHLQZRUVKLSIRUDODUJHUQXPEHURIQLJKWV
LQWKLVDXVSLFLRXVPRQWK
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW/DLODWXO4DGURFFXUVLQDQ\RIWKHILYHRGGQLJKWV
VWUGWKWKDQGWK RIWKHODVWWHQQLJKWVRI5DPDGDQ,WVH[DFWGDWHKDVQRWEHHQUHYHDOHG
IRUWKHUHDVRQWKDWSHRSOHNHHSWKHPVHOYHVDZDNHIRUSUD\HUIRUDODUJHUQXPEHURIQLJKWV+DGLWVGDWH
EHHQIL[HGSHRSOHZRXOGKDYHNHSWDZDNHIRUSUD\HURQO\RQWKDWQLJKW7KHUHLVDJHQHUDOEHOLHI
DPRQJWKHVFKRODUVWKDWLWLVIL[HGRQWKHWKQLJKWRI5DPDGDQ%XWWKLVLVQRWFRUUHFW$KDGLWKGRQRW
FRQILUPWKLVYLHZ
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW
2QHVKRXOGFRQFHQWUDWHPRUHRQSUD\HUVDQGZRUVKLSRQWKHODVWWHQQLJKWVRI5DPDGDQWKDQWKHILUVW
WZHQW\QLJKWVLQWKHVDPHZD\DVRQHVKRXOGGRPRUHZRUVKLSLQ5DPDGDQWKDQLQWKHRWKHUPRQWKV
2QHVKRXOGNHHSRQHVHOIDZDNHIRUSUD\HUZRUVKLSDQGJORULILFDWLRQRI$OODKLQWKHODVWWHQQLJKWVRI
5DPDGDQVRWKDWRQHFDQDWWDLQWKHEOHVVLQJVRI/DLODWXO4DGU
2QHVKRXOGDOVRSHUVXDGHKLVIDPLO\PHPEHUVWRNHHSWKHPVHOYHVDZDNHIRUSUD\HUDQGZRUVKLSLQ
WKHODVWWHQRGGQLJKWVRI5DPDGDQVRWKDWWKH\FDQDOVRPDNHHIIRUWVWRSOHDVH$OODK
>$W7LUPLGKL@
&RPPHQWDU\ $OWKRXJKQRVSHFLILFVLJQRI/DLODWXO4DGUKDVEHHQPHQWLRQHGLQWKH$KDGLWKVRPH
HPLQHQWVFKRODUVKDYHVWDWHGRQWKHEDVLVRIWKHLURZQ H[SHULHQFHVDQGREVHUYDWLRQWKDWVLQFHDQJHOV
GHVFHQGRQWKLVQLJKWRQHIHHOVDSHFXOLDUWUDQTXLOOLW\DQGSHDFHRIPLQGDQGRQHLVRYHUZKHOPHGZLWK
DXQLTXHWHQGHUQHVVRIKHDUW7KHQLJKWLVQHLWKHUYHU\KRWQRUYHU\FROGEXWDWHPSHUDWHRQH6LPLODUO\
WKHVXQWKDWULVHVRQWKHQH[WGD\LVDOVRQRWYHU\KRWHWFHWF$OODKNQRZVWKHWUXWKRIWKHPDWWHU
GHVSLWHDOOWKDWKDVEHHQVDLGLQWKLVUHJDUG,QDQ\FDVHRQWKLVDXVSLFLRXVQLJKWHYHU\0XVOLPVKRXOG
HDUQHVWO\SUD\WR$OODKIRUWKHIRUJLYHQHVVRIKLVVLQVZLWKUHIHUHQFHWR+LV$WWULEXWHRI)RUJLYHQHVV
&+$37(5
7+((;&(//(1&(2)86,1*
0,6:$.7227+67,&.
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
+DG,QRWWKRXJKWLWGLIILFXOWIRUP\8PPDK,ZRXOGKDYHFRPPDQGHGWKHPWRXVHWKH0LVZDN
WRRWKVWLFNEHIRUHHYHU\6DODW
>$O%XNKDULDQG0XVOLP@
7KLV+DGLWKDOVRVKRZVWKDWXVLQJ0LVZDNLVDQDGPLUDEOHDFW(YHU\0XVOLPVKRXOGPDNHLWDURXWLQH
WRXVHLWDVIUHTXHQWO\DVSRVVLEOHHVSHFLDOO\EHIRUHSHUIRUPLQJSUD\HUV
&RPPHQWDU\ :KHQDSHUVRQDZDNHVIURPVOHHSKHKDVDQXQSOHDVDQWEUHDWKEHFDXVHRIWKHVPHOOLQ
KLVPRXWK)RUWKLVUHDVRQWKH3URSKHW3%8+ZRXOGFOHDQVHKLVWHHWKZLWK0LVZDN:HVKRXOGDOVR
IROORZKLPDQGPDNHWKLV6XQQDKDURXWLQH
>$O%XNKDUL@
>0XVOLP@
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG ,FDPHWRWKH3URSKHW3%8+
RQFHDQGQRWLFHGWKHWLSRI0LVZDNWRRWKVWLFNRQKLVWRQJXH
>$O%XNKDULDQG0XVOLP@
>$Q1DVD
LDQG,EQ.KX]DLPDK@
&RPPHQWDU\ 0DWDKDUDK
PHDQVDPHGLXPDQGPHDQVRISXULILFDWLRQ0LWDKDUDKPHDQVDQ
LQVWUXPHQWWRROIRUSXULILFDWLRQ,QRWKHUZRUGVRQWKHRQHVLGH0LVZDNLVDPHDQVRIFOHDQLQJDQG
SXULI\LQJWKHPRXWKDQGRQWKHRWKHUDZD\WRDWWDLQWKH3OHDVXUHRI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ )LWUDKOLWHUDOO\PHDQVEHJLQQLQJLQQRYDWLRQLQYHQWLRQRUPDNLQJVRPHWKLQJ
DOWRJHWKHUQHZEXWKHUHLWPHDQVLQVWLQFWRUVXFKQDWXUHRUGLVSRVLWLRQZKLFKLVLQERUQ6RPHSHRSOH
KDYHGHILQHGLWDVWKDWROGZD\ZKLFKZDVOLNHGE\DOOWKH3URSKHWVDQGRQZKLFKDOOWKH'LYLQHODZV
KDGIXOODJUHHPHQW7KDWLVWRVD\WKH\DUHQDWXUDOWRPDQ,QDQ\FDVHRQHVKRXOGDGRSWDOOWKHVHILYH
JRRGTXDOLWLHVLQVXFKDZD\DVLIWKH\DUHDSDUWRIKLVQDWXUH0RUHRYHUWKH\DUHDOVRKLJKO\LPSRUWDQW
IURPWKHSRLQWRIYLHZRIFOHDQOLQHVVDQGSXULILFDWLRQ
7KHVXEQDUUDWRUVDLG,IRUJRWWKHWHQWKEXWLWPLJKWSRVVLEO\EHWKHULQVLQJRIWKHPRXWKLQDEOXWLRQ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWHQTXDOLWLHVZKLFKDUHQDWXUDOWRKXPDQEHLQJV6RPH
C8ODPD
DUHRIWKHRSLQLRQWKDWWKHWHQWKTXDOLW\DPRQJWKHPLVFLUFXPFLVLRQ$Q\ZD\WKHLPSRUWDQFH
RIWKHVHWHQTXDOLWLHVDQGWKHVWUHVVRQWKHPDUHHYLGHQW7KHILUVWWKLQJDPRQJWKHPLVWKHWULPPLQJRI
PRXVWDFKH7KLVLV6XQQDKRIWKH3URSKHW3%8+DQGLVPHDQWWRFXWWKHSURMHFWHGKDLURQWKHXSSHU
OLS
,QWKHRSLQLRQRIC8ODPD
NHHSLQJWKHEHDUGLVFRPSXOVRU\EXWLWVH[WHQWLVQRWGHWHUPLQHG2QWKH
EDVLVRI,EQC8PDU
VSUDFWLFHVRPHC8ODPD
KROGWKDWWKHVL]HRIKDQGIXOLVHVVHQWLDODQGEH\RQGWKDW
FXWWLQJLVSHUPLVVLEOHRUDFFRUGLQJWRDZHDNQDUUDWLRQVRPHFRQVLGHULWVWULPPLQJWRZDUGVOHQJWKDQG
EUHDGWKTXLWHIDLU%XWWKLVRSLQLRQLVQRWFRUUHFW,QWKHZRUGVRI$O%XNKDULDQG0XVOLPWKH3URSKHW
3%8+XVHGILYHZRUGVIRULWZKLFKDUHD
IXDXIXDUNKXDUMXZDT
LUX DQGDOORIWKHPKDYHVLPLODU
PHDQLQJVWKDWWKHEHDUGVKRXOGEHOHIWDORQHRQQDWXUDOJURZWK%XWIRUDIHZH[FHSWLRQDOFDVHVWKH
FRPPRQLQMXQFWLRQLQWKLVEHKDOILVWKDWRQHVKRXOGNHHSIXOOEHDUG2QHVKRXOGQHLWKHUWULPLWLQOHQJWK
DQGEUHDGWKQRUPDNHLWKDQGIXOLQVL]H2QHFDQKRZHYHUEULQJLWWRDQRUPDOVL]HLQFDVHRILWVZLOG
JURZWKLIRQHIHDUVWKDWLWZLOOFDXVHGHULVLRQDQGODXJKWHU
7KH0LVZDNDQGWKHULQVLQJRIPRXWKDQGSXWWLQJZDWHULQWRWKHQRVWULOVDUHQHFHVVDU\IRU:XGX
,VWLQVKDT
PHDQVWRGUDZZDWHUZLWKIXOOIRUFHLQWKHQRVWULOVDVRQHGRHVIRUVPHOOLQJSHUIXPH([FHSW
GXULQJ6DXP,VWLQVKDTLVVWUHVVHGLQ:XGX
3DULQJRIWKHQDLOVLVDOVRQHFHVVDU\IRUFOHDQOLQHVV,IWKLVLVQRWGRQHILOWK\PDWWHUZLOOJRWRWKH
PRXWKWKURXJKWKHQDLOV7KHIDVKLRQRINHHSLQJORQJQDLOVVLPLODUWREHDVWVDQGDQLPDOVQRZLQYRJXH
LQZRPHQDVZHOODVPHQLVQRWRQO\DJDLQVWQDWXUHEXWLVDOVRDVLJQRIEHDVWOLQHVVDQGIHURFLW\
7KHZDVKLQJRIWKHMRLQWVRIILQJHUVLVDOVRQHFHVVDU\IRUFOHDQOLQHVV
7KHUHPRYDORIWKHXQGHUDUPKDLUDQGEHORZWKH QDYDOLVDQLQWHJUDOSDUWRIFOHDQOLQHVVDQG
LQRUGLQDWHGHOD\LQLWLVGLVOLNHG$FFRUGLQJWRD+DGLWKGHOD\LQLWEH\RQGIRUW\GD\VLVGLVJXVWLQJ
&OHDQLQJZLWKZDWHUDIWHUHYDFXDWLRQLVDPXVWIRUSXULILFDWLRQEHFDXVHRQHFDQQRWSHUIRUP6DODW
ZLWKRXWLW,WLVSHUPLVVLEOHWRXVHFORGRUWRLOHWWLVVXHHWFEXWVXFKWKLQJVXVHGIRUWKLVSXUSRVHVKRXOG
EHRGGLQQXPEHULH%XWLWLVEHWWHUWRIROORZWKLVZLWKZDWHUDVZDWHULVDQDWXUDOFOHDQVHU
&LUFXPFLVLRQLVDOVRDQROGWUDGLWLRQRUSUDFWLFH$FFRUGLQJWRWKHJHQHUDORSLQLRQRIC8ODPD
LWLV
REOLJDWRU\6RPHRIWKHPDUHRIWKHYLHZWKDWLWLVGHVLUDEOHRQWKHVHYHQWKGD\,WLVKRZHYHU
SHUPLVVLEOHDIWHUZDUGV
>$O%XNKDULDQG0XVOLP@
&+$37(5
7+((;&(//(1&($1'
2%/,*$7,212)7+(
3$<0(172)=$.$7
$OODKWKH([DOWHGVD\V
$QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQGZRUVKLSQRQHEXW+LP
$ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LPDQGSHUIRUP$V
6DODW,TDPDWDV6DODWDQG
JLYH=DNDWDQGWKDWLVWKHULJKWUHOLJLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+HUHLWLVUHSHDWHGWRHPSKDVL]HWKDW=DNDWLV
RQHRIWKHILYHSLOODUVRI,VODP(YHU\0XVOLPZKRKDVILIW\WZRDQGDKDOI7RODD7RODLVDERXW
JUDPVVLOYHURUFDVKHTXLYDOHQWWRLWLQH[FHVVRIKLVQHHGDQGD\HDUKDVSDVVHGVLQFHLWVSRVVHVVLRQLV
OLDEOHWRSD\LW2QHZKRKDVVHYHQDQGDKDOI7RODRUPRUHJROGDOVRFRPHVLQWKLVFDWHJRU\,WVKRXOG
EHHYDOXDWHGLQWHUPVRIPRQH\DQG=DNDWDWWKHUDWHRIWREHSDLGRQLW
7KHLQTXLUHUDVNHG$P,
REOLJHGWRGRDQ\WKLQJEHVLGHVWKLV"
$QGWKH0HVVHQJHURI$OODK3%8+
WROGKLPDERXWWKH=DNDWREOLJDWRU\FKDULW\7KHLQTXLUHUDVNHG$P,REOLJHGWRSD\DQ\WKLQJ
EHVLGHVWKLV"
7KDWPDQWXUQHGEDFNVD\LQJ%\$OODK,ZLOOQHLWKHUPDNHDQ\DGGLWLRQWRWKLVQRU
ZLOO,GHFUHDVHDQ\WKLQJIURPLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJWKUHHSRLQWV
7KHVWDWXVRIVRPHRIWKHLPSRUWDQWREOLJDWLRQVDQGYROXQWDU\SUD\HUV
%\PHQWLRQLQJSUDFWLFHZLWKWKHSUHFHSWVLWKDVPDGHWKHIDFWHYLGHQWWKDWWKHWZRDUHLQVHSDUDEOH
,WLQGLFDWHVWKHVDJDFLRXVPRGHRISUHDFKLQJDQGLQYLWDWLRQDQGWHOOVWKDWRUGLQDU\SHRSOHVKRXOGEH
ILUVWRIDOOWDXJKWWKHREOLJDWLRQVRI,VODPDQGWKHQJUDGXDOO\WROGWRIROORZWKH6XQQDKDQG
0XVWDKDEEDWGHVLUDEOHDFWV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+HUHLWLVUHSHDWHGWRHPSKDVL]HWKH
LPSRUWDQFHRI=DNDW:HOHDUQIURPLWWKDW=DNDWLVFROOHFWHGIURPWKHDIIOXHQWRIWKHORFDOLW\DQG
GLVWULEXWHGDPRQJWKHSRRURIWKDWYHU\ORFDOLW\,IWKHUHLVDQ\VXUSOXVWKHQWKDWDORQHFDQEHVHQWWR
WKHQHHG\RIRWKHUDUHDV ,QWKHVDPHVSLULWWKHDPRXQWRI=DNDWZLOOEHVSHQWRQWKHQHHG\0XVOLPV
RQO\DQGQRWDPRQJWKHQRQ0XVOLPV$OPVDQGFKDULW\FDQKRZHYHUEHVSHQWRQWKHSRRURIRWKHU
FRPPXQLWLHV7KLV+DGLWKDOVRWHOOVXVWKHZLVHVWFRXUVHRILQYLWDWLRQDQGSUHDFKLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ([FHSWZKHQMXVWLILHGE\ODZ
PHDQVWKDWDIWHUWKHDFFHSWDQFHRI,VODPLIVRPHRQH
FRPPLWVDFULPHZKLFKLVSXQLVKDEOHE\+DGGWKLVZLOOEHFHUWDLQO\LPSRVHGRQKLPRUKHULHFXWWLQJ
RIKDQGLQFDVHRIWKHIWRQHKXQGUHGVWULSHVRUVWRQLQJWRGHDWKLQFDVHRIIRUQLFDWLRQFDSLWDO
SXQLVKPHQWLQUHWDOLDWLRQIRUPXUGHULQJDQLQQRFHQWSHUVRQ,QWKLV+DGLWKWKHZRUGVLWLVIRU$OODKWR
FDOOWKHPWRDFFRXQW
PHDQVWKDWLIWKH\DUHQRWVLQFHUHLQWKHDFFHSWDQFHRI,VODPDQGZRXOGSXWXSDQ
DSSHDUDQFHRI,VODPOLNHK\SRFULWHVRUZRXOGFRPPLWDFULPHZKLFKLVOLDEOHIRU+DGGEXWLVVRPHKRZ
QRWGHWHFWHGE\WKH,VODPLFFRXUWRUDXWKRULWLHVFRQFHUQHGWKH\ZLOOEHWDNHQWRDFFRXQWIRULWE\$OODK
WKDWLV$OODKZLOOGHFLGHDERXWWKHPRQWKH'D\RI-XGJHPHQW,WLVHYLGHQWIURPWKLV+DGLWKWKDWVR
ORQJDV.XIULVSUHVHQWLQWKLVZRUOGLWLVQHFHVVDU\WRZDJH-LKDGDJDLQVWLWWRILQLVKLWRIIDQGVRORQJ
DVDOOWKHGLVEHOLHYHUVGRQRWRSHQO\DFFHSW,VODPDQGDGRSWWKH,VODPLFZD\RIOLIH0XVOLPVDUHGXW\
ERXQGWRPDNH-LKDGDJDLQVWWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHH[FHOOHQFHRI$EX%DNU$V6LGGLT
V
GHWHUPLQDWLRQUHOLJLRXVILUPQHVVDQGGHHSXQGHUVWDQGLQJRIWKH,VODPLFODZ,WDOVRWHOOVXVWKDWRQH
ZKRGRHVQRWDFFHSWWKDW=DNDWLVREOLJDWRU\LQ ,VODPLVD.DILUOLNHWKHRQHZKRUHQRXQFHV6DODW7KH
VWDQGWDNHQE\$EX%DNUZDVXOWLPDWHO\DFFHSWHGE\DOOWKH&RPSDQLRQVRIWKH3URSKHW3%8+DQG
WKLVLVKRZWKH\XQDQLPRXVO\DJUHHGWRZDJH-LKDGDJDLQVWWKRVHZKRUHIXVHGWRSD\=DNDW7KLV
XQDQLPRXVFRQVHQWRQWKHLVVXHRI=DNDWZDVEDVHGRQWKHRUGHURI6KDULCDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHFRPSDVVLRQIRUUHODWLYHVDORQJZLWKWKH6DODWDQG6DXP
ZKLFKDUHREOLJDWRU\LQ,VODP,WLQGLFDWHVWKHLPSRUWDQFHRIFRPSDVVLRQIRUUHODWLRQLQ,VODP7KHWHUP
CVWUHQJWKHQWKHWLHVRINLQVKLS
LPSOLHVQLFHWUHDWPHQWRIRQH
VUHODWLYHVUHJDUGOHVVRIFLUFXPVWDQFHV
PDLQWHQDQFHRIFRQWDFWZLWKWKHPDQGIXOILOOPHQWRIWKHUHTXLUHPHQWVRIUHODWLRQVKLSZLWKWKHP
+HWKH
EHGRXLQVDLG%\+LPLQ:KRVH+DQGP\VRXOLV,ZLOOQHYHUDGGDQ\WKLQJWR WKHVHREOLJDWLRQV
:KHQKHWXUQHGKLVEDFNWKH3URSKHW3%8+VDLG+HZKRZDQWVWRVHHDPDQIURPWKHGZHOOHUVRI
-DQQDKOHWKLPORRNDWKLPEHGRXLQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KHEHGRXLQPHQWLRQHGLQWKLV+DGLWKZDVDQHZ0XVOLPDQGIRUWKLVUHDVRQWKH3URSKHW3%8+
WROGKLPVRPHHVVHQWLDOREOLJDWLRQVRI,VODPVRWKDWKHGLGQRWIHHORYHUEXUGHQHGZLWKH[KRUWDWLRQ
,PDP$W7DEDUDQLVDLG7KLV+DGLWKDQGLWVOLNHZDVDGGUHVVHGWREHGRXLQVZKRZHUHQHZO\
FRQYHUWHGWR,VODP7KH3URSKHW3%8+WROGWKHPQRPRUHWKDQWRIXOILOOWKHPDLQREOLJDWRU\DFWVRI
,VODPVRWKDWWKH\ZRXOGQRWIHHORYHUEXUGHQHGDQGWKHUHIRUHERUHG
)ROORZLQJWKH'LYLQH
LQMXQFWLRQVLQDJUDGXDOPDQQHULVYHU\LPSRUWDQW)RURQFHWKHKHDUWVRIWKHQHZO\ FRQYHUWHGVWDUWWR
RSHQWRWKHXQGHUVWDQGLQJRIWKH'LYLQHLQMXFWLRQVWKH\ZLOODXWRPDWLFDOO\VWDUWSUDFWLVLQJWKHRSWLRQDO
DQGYROXQWDU\DFWVRIGHYRWLRQZLWKDYLHZWRJDLQ$OODK
VUHZDUGDQGSOHDVXUH
7KHUHDUHWZRFDWHJRULHVRISHRSOHZKRKDYHEHHQJUDQWHG-DQQDK)LUVWWKRVHZKRDUHFDOOHG$O
C$VKDUDK$O0XEDVKVKDUDK7KH\DUHWHQPRVWGLVWLQJXLVKHGRIWKH3URSKHW
VIROORZHUVZKRVHHQWUDQFH
LQWR-DQQDKZDVIRUHWROGE\WKH3URSKHW3%8+KLPVHOI6HFRQGVRPHRWKHUSHUVRQVZKRZHUHJLYHQ
JODGWLGLQJVRI-DQQDKE\WKH3URSKHW3%8+7KHEHGRXLQPHQWLRQHGLQWKLV+DGLWKLVDFDVHLQSRLQW
7KH3URSKHW3%8+DOVRGHFODUHG+DVDQDQG+XVVDLQWKHWZRVRQVRIC$OL0D\$OODKEHSOHDVHG
ZLWKWKHPWKHFKLHIVRI\RXQJPHQRI-DQQDKDQGDOVRJDYHJODGWLGLQJVRI-DQQDKWRKLVZLYHVDQG
KLVGDXJKWHU)DWLPDK0D\$OODKEHSOHDVHGZLWKKLP
DQGWRSD\WKH=DNDW
PHDQV
DFFHSWDQFHRI,VODPEHFDXVHWKHVHDUHVXFKLPSRUWDQWDUWLFOHVRI,VODPWKDWRQHFDQQRWWKLQNRI,VODP
ZLWKRXWWKHP$OOHJLDQFHWRWKHPLVLQRWKHUZRUGVDOOHJLDQFHWR,VODP,WLVDSOHGJHZKLFKZDVWDNHQ
E\WKH3URSKHW3%8+IURPHYHU\RQHZKRHPEUDFHG,VODP+HZRXOGDOVRWDNHDSOHGJHIRU-LKDG
ZKHQWKHUHZDVDQHHGIRULW7KHWKLUGSOHGJHLVSOHGJHRI.KDOLIDKZKLFKZDVWDNHQE\.KXODID$U
5DVKLGXQWKHULJKWO\JXLGHGFDOLSKVDQGVXEVHTXHQWO\WKH0XVOLPUXOHUV7KHVHDUHWKHWKUHHSOHGJHV
ZKLFKDUHSURYHGIURPWKHULJKWO\JXLGHG0XVOLPV7KHRDWKDFFHSWHGE\P\VWLFVDQGVSLULWXDOJXLGHV
LVDQLQQRYDWLRQRIWKHODWHUWLPHV PXFKDIWHUWKH.KDLUXO4XUXQ WKDWLVWKHILUVWWKUHHJHQHUDWLRQVRI
0XVOLPV
,WZDVDVNHG+RZDERXWVRPHRQHZKRRZQVFDPHOVDQGGRHVQRW
SD\ZKDWLVGXHRQKLPLHWKHLU=DNDW"
,WZDVDVNHG20HVVHQJHURI$OODK
ZKDWDERXWWKHKRUVHV"
,WZDVDVNHG20HVVHQJHURI$OODK
ZKDWDERXWWKHGRQNH\V"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKRVHSHRSOHZKRGRQRWSD\=DNDWRQWKHLUSURSHUW\ZLOOEH
SXQLVKHGZLWKWKLVVDPHSURSHUW\ZKLFKZLOOEHFRPHDQDQJXLVKIRUWKHPRQWKH'D\RI5HVXUUHFWLRQ
7KHSKUDVHDQGKHZLOOEHVKRZQKLVILQDODERGHHLWKHUWR-DQQDKRUWR+HOO
FOHDUO\PHDQVWKDWWKLV
ZRXOGKDSSHQRQWKH'D\RI-XGJHPHQWDQGWKHSXQLVKPHQWWRGHIDXOWHUVZRXOGEHJLYHQEHIRUHRQH
V
HQWU\LQWR-DQQDKRU+HOO,I$OPLJKW\$OODKZLOOFRQVLGHUWKLVSXQLVKPHQWVXIILFLHQWIRUD0XVOLP+H
ZLOOVHQGKLPWR-DQQDKRWKHUZLVH+HZLOOFRQVLJQKLPWR+HOO,QFDVHKHLVD0XVOLPKHZLOOEH
XOWLPDWHO\VHQWWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWLQ+HOORWKHUZLVHKHZLOOEHVHQWWR+HOO
ZKHUHKHZLOOOLYHIRUHYHU
7KHSKUDVH$VRIWHQDVWKHILUVWRIWKHPSDVVHVKLPWKHODVWRIWKHPZLOOEHPDGHWRUHWXUQ
PHDQV
WKDWWKHSURFHVVZLOOEHUHSHDWHGDJDLQDQGDJDLQ6RPHSHRSOHVD\WKDWWKHUHLVVRPHDOWHUDWLRQLQWKH
ZRUGLQJRIWKLV+DGLWK$FFRUGLQJWRWKHPWKHFRUUHFWZRUGLQJLV :KHQWKHILUVWFDPHOZLOOKDYH
SDVVHGWKHODVWLQWKHOLQHZLOOEHUHWXUQHGRQKLP
7KLVZRUGLQJPDNHVWKHWH[WPRUHRUGHUO\DQG
HYLGHQWDQGWKLVLVKRZLWRFFXUVLQVRPHRIWKHQDUUDWLRQV$OODKNQRZVWKHWUXWK
,QWKLV+DGLWKWKHZRUGV)LVDELOLOODK
IRUWKHVDNHRI$OODKRULQWKH&DXVHRI$OODKKDYHEHHQ
UHSHDWHGWZLFHLQFRQQHFWLRQZLWKKRUVHV,QWKHILUVWLQVWDQFHWKHVHZRUGVDUHXVHGIRUQREOHLQWHQWLRQ
7KDWLVWRIXOILOOKXPDQO\QHHGVZLWKLWVRWKDWRQHGRHVQRWKDYHWREHJWKHPIURPRWKHUV,QWKHVHFRQG
LQVWDQFHWKHVHZRUGVVWDQGIRU-LKDG7KDWLVRQHEUHHGVKRUVHVWRPDNHXVHRIWKHPLQ-LKDG7KH
EUHHGLQJRIKRUVHVZLWKWKLVLQWHQWLRQLVHOLJLEOHWRUHZDUGZKLOHLQWKHIRUPHUFDVHLVDPHDQV RI
FRYHULQJRQH
VSRYHUW\
&+$37(5
7+((;&(//(1&(2)
2%6(59,1*6$80)$676
'85,1*5$0$'$1
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYHWKHIDVWLQJLVSUHVFULEHGIRU\RXDVLWZDVSUHVFULEHGIRUWKRVHEHIRUH\RX
WKDW\RXPD\EHFRPH$O0XWWDTXQWKHSLRXV)DVWLQJIRUDIL[HGQXPEHURIGD\VEXWLIDQ\RI
\RXLVLOORURQDMRXUQH\WKHVDPHQXPEHUVKRXOGEHPDGHXSIURPRWKHUGD\V$QGDVIRU
WKRVHZKRFDQIDVWZLWKGLIILFXOW\HJDQROGPDQWKH\KDYHDFKRLFHHLWKHUWRIDVWRUWRIHH
G
D0LVNLQSRRUSHUVRQIRUHYHU\GD\%XWZKRHYHUGRHVJRRGRIKLVRZQDFFRUGLWLVEHWWHUIRU
KLP$QGWKDW\RXIDVWLVEHWWHUIRU\RXLIRQO\\RXNQRZ7KHPRQWKRI5DPDGDQLQZKLFKZDV
UHYHDOHGWKH4XU
DQDJXLGDQFHIRUPDQNLQGDQGFOHDUSURRIVIRUWKHJXLGDQFHDQGWKHFULWHULRQ
EHWZHHQULJKWDQGZURQJ6RZKRHYHURI\RXVLJKWVWKHFUHVFHQWRQWKHILUVWQLJKWRIWKHPRQWK
RI5DPDGDQLHLVSUHVHQWDWKLVKRPHKHPXVWIDVWWKDWPRQWKDQGZKRHYHULVLOORURQD
MRXUQH\WKHVDPHQXPEHURIGD\VZKLFKRQHGLGQRWIDVWPXVWEHPDGHXSIURPRWKHUGD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ .KXOXI
LVWKHVPHOOWKDWFRPHVIURPWKHPRXWKRISHUVRQZKRREVHUYHV6DXP,W
UHVXOWVIURPWKHWKLUVWDQGKXQJHUZKLFKKHKDVWRVXIIHUGXULQJWKH6DXP7KH+DGLWKQRWRQO\WHOOVXV
WKHPHULWVRI6DXPEXWDOVREULQJVLQWRIRFXVWKHWUXHVLJQLILFDQFHRILW6DXPLVQRWWKXVPHUH
DEVWHQWLRQIURPIRRGGULQNDQGVH[XDOLQWHUFRXUVHEXWDOVRNHHSLQJDZD\IURPDOOHYLOVDQGYLFHVDQG
HPEUDFLQJYLUWXHV
+H
UHSOLHG<HVDQG,KRSHWKDW\RXZLOOEHRQHRIWKHP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 3DLU
PHDQVWZRLQRWKHUFKDQQHOVRIWUDQVPLVVLRQLWKDVEHHQH[SODLQHGWKXV7KH\
DVNHGKLPC3DLURIZKDW"
+H3%8+VDLGC$SDLURIKRUVHVFRZVRUFDPHOV
3DLU
LQWKLV+DGLWK
KRZHYHUFDQEHDOOLQFOXVLYHLHIDVWLQJWZRGD\VRUSHUIRUPLQJWZRSUD\HUVHWF7KLV+DGLWKDOVR
PHQWLRQVVSHFLDOGLVWLQFWLRQRI$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLPDQGWKHHVWHHPLQ
ZKLFKKHZDVKHOGE\WKH3URSKHW3%8+,WDOVRWUDQVSLUHVIURPWKLV+DGLWKWKDWRQHFDQSUDLVHVXFK
DSHUVRQULJKWRQKLVIDFHDERXWZKRPRQHGRHVQRWIHDUWKDWLWZLOOPDNHKLPSURXG7KLV+DGLWKKDV
DOVRDQLQGXFHPHQWIRUJLYLQJLQ6DGDTDKWZRLQVWHDGRIDVLQJOHLWHP
6RWKH\ZLOOVWDQGXSDQGSURFHHGWRZDUGVLW:KHQWKHODVWRIWKHPZLOOKDYH
HQWHUHGWKHJDWHZLOOEHFORVHGDQGWKHQQRRQHZLOOHQWHUWKURXJKWKDWJDWH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHVSHFLDOGLVWLQFWLRQRIWKRVHZKRREVHUYH6DXP2QO\
WKRVHZKRREVHUYH6DXP
VLJQLI\WKHIDLWKIXOZKRQRWRQO\REVHUYH6DXPGXULQJWKHPRQWKRI
5DPDGDQEXWDOVRIUHTXHQWO\REVHUYHYROXQWDU\IDVWVRYHUDQGDERYHWKHREOLJDWRU\RQHVRWKHUZLVH
6DXPRI5DPDGDQDUHFRPSXOVRU\IRUHYHU\0XVOLP6LPLODULVWKHFDVHRIWKHSHRSOHRI6DODWSHRSOH
RI6DGDTDKDQGSHRSOHRI-LKDGZKRKDYHEHHQPHQWLRQHGLQWKHSUHFHGLQJ$KDGLWKRWKHUZLVHDOO
0XVOLPVDUHRQSDUVRIDUDVWKH6DODW6DGDTDKHWFDUHFRQFHUQHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (YHU\VODYHRI$OODK
LQFOXGHVPHQZRPHQWKHIUHHDQGWKHXQIUHHEHFDXVHWKH\DUH
VODYHVRI$OODK7KH+DGLWKKLJKOLJKWVWKHH[FHOOHQFHRIIDVWLQJIRUWKHVDNHRI$OODKZKLFKZLOOVHUYH
RQWKH'D\RI5HVXUUHFWLRQDVVKLHOGDJDLQVW+HOOILUH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6LQV
KHUHPHDQVPLQRUVLQVZKLFKUHODWHWRWKH5LJKWVRI$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQ5DPDGDQEHJLQVWKHJDWHVRI-DQQDKDUHRSHQHGWKHJDWHVRI+HOODUHFORVHGDQGWKHGHYLOVDUH
FKDLQHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLVLVDVSHFLDOGLVWLQFWLRQRIWKHPRQWKRI5DPDGDQGXULQJZKLFK0XVOLPVEHFRPH
PRUHLQFOLQHGWRZDUGVWKHZRUVKLSRI$OODK7KH\SD\JUHDWHUDWWHQWLRQWRWKHUHFLWDWLRQRIWKH4XU
DQ
UHPHPEUDQFHRI$OODKZRUVKLSDQGVHHNLQJSDUGRQIRUVLQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGV*KDEL\D
DQG*KXPPD
ERWKKDYHWKHVDPHPHDQLQJVQDPHO\FORXGHG
VN\RUVN\RYHUFDVWZLWKFORXGVDVDUHVXOWRIZKLFK WKHPRRQLVQRWYLVLEOH,QWKDWFDVHWKHLQMXQFWLRQ
LVWKDWWKLUW\GD\VRIWKHPRQWKEHFRPSOHWHG,IWKHPRRQRI5DPDGDQLVQRWVLJKWHGRQWKHWK
6KDCEDQWKHQLWVWKLUW\GD\VEHFRPSOHWHGDQG5DPDGDQ
V6DXPEHVWDUWHGRQWKHQH[WGD\6LPLODUO\LI
WKHPRRQIRUWKHPRQWKRI6KDZZDOLVQRWVLJKWHGRQWKHWKRI5DPDGDQWKLUW\GD\VRI6DXPPXVW
EHFRPSOHWHGEHIRUHFHOHEUDWLQJC(LGXO)LWU7KLVPHDQVWKDWWKHVLJKWLQJRIWKHPRRQLVQHFHVVDU\IRU
NHHSLQJWKH6DXPRI5DPDGDQ&RXQWLQJE\FHOHVWLDOV\VWHPLVQRWVXIILFLHQWIRUWKLVSXUSRVH
0RUHRYHUWKHHYLGHQFHRIUHOLDEOHZLWQHVVHVIRUWKHFUHVFHQWRI5DPDGDQDQGWKHHYLGHQFHRIWZR
GHSHQGDEOHZLWQHVVHVIRUWKHFUHVFHQWRI6KDZZDODUHVXIILFLHQW7KLVDPRXQWRIHYLGHQFHZLOOIXOILOO
WKHUHTXLUHPHQWRIVLJKWLQJWKHPRRQ:KHWKHUWKHVLJKWLQJRIWKHPRRQDWRQHSODFHLVVXIILFLHQWIRU
DQRWKHUSODFHLVFRQWURYHUVLDODQGDUJXPHQWVRIERWKWKHJURXSVRIC8ODPD
ZKRVXSSRUWDQGRSSRVHLW
DUHEDVHGRQWKLV+DGLWK7KHJURXSZKLFKFRQWHQGWKDWWKHVLJKWLQJRIWKHPRRQDWRQHSODFHLVYDOLG
IRUDQRWKHUKROGVWKDWWKHZRUGV6XPXDQG$IWLUXDUHDGGUHVVHGWRDOOWKH0XVOLPVDQGIRUWKLV
UHDVRQWKHVLJKWLQJDWRQHSODFHKROGVJRRGIRUDQRWKHUSODFH7KHJURXSZKLFKKROGVWKDWWKHVLJKWLQJ
RIWKHPRRQDWRQHSODFHLVQRWHQRXJKIRUWKH0XVOLPVRIRWKHUORFDOLWLHVFRQWHQGWKDWWKHZRUGVDUH
DGGUHVVHGWRWKHSHRSOHZKRKDYHDFWXDOO\VLJKWHGWKHPRRQ7KH0XVOLPVRIWKHORFDOLWLHVRIRWKHU
DUHDVZKRKDYHQRWVLJKWHGWKHPRRQDUHQRWDGGUHVVHGE\WKHVHZRUGV7KH\ VD\WKDWWKHVLJKWLQJRI
WKHPRRQJRHVZLWKHDFKDUHDDFFRUGLQJWRZKLFKWKH\ZLOOGHFLGHDERXWVWDUWLQJRI6DXPDQG
FHOHEUDWLQJC(LG7KHUHLVDWKLUGJURXSDOVRZKLFKLVRIWKHRSLQLRQWKDWIRUVXFKDUHDVZKLFKDUHLQ
FORVHSUR[LPLW\DQGGRQRWKDYHPXFKGLIIHUHQFHLQWKHWLPLQJVRIVXQULVHDQGVXQVHWWKHVLJKWLQJRI
WKHPRRQDWRQHSODFHKROGVJRRGIRUWKHRWKHU,QDQ\FDVHLWLVDPRGHUDWHYLHZZKLFKFDQEH
LPSOHPHQWHGZLWKRXWIHDURILWVEHLQJZURQJ$FFRUGLQJWRWKLVYLHZDWOHDVWLQRQHFRXQWU\WKH
VLJKWLQJRIWKHPRRQDWRQHSODFHKROGVJRRGIRUDOORWKHUDUHDV
&+$37(5
7+((;&(//(1&(2)
63(1',1*287&+$5,7<
'85,1*5$0$'$1
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ZDV
WKHPRVWJHQHURXVRIWKHPHQDQGKHZDVWKHPRVWJHQHURXVGXULQJWKHPRQWKRI5DPDGDQZKHQ-LEULO
YLVLWHGKLPHYHU\QLJKWDQGUHFLWHGWKH4XU
DQWRKLP'XULQJWKLVSHULRGWKHJHQHURVLW\RI0HVVHQJHU
RI$OODK3%8+ZD[HGIDVWHUWKDQWKHUDLQEHDULQJZLQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLQGXFHVXVWRGRWZRJRRGWKLQJVIUHTXHQWO\DQGZLWKIXOOSUHSDUDWLRQLQ
WKHPRQWKRI5DPDGDQ)LUVWEHQHYROHQFHDQGJHQHURVLW\VRWKDWSHRSOHJHWPD[LPXPWLPHIRU
ZRUVKLSDQGUHGXFHWKHLUPXQGDQHDIIDLUVGXULQJWKLVPRQWK6HFRQGUHFLWDWLRQRIWKH4XU
DQDQG
0XGDUVDKUHDGLQJDQGKHDULQJWKH4XU
DQIURPRQHDQRWKHUDVLVGRQHE\WZR+XIID]LQWKLVPDQQHU
7KHUHDVRQIRUWKHVWUHVVRQWKH4XU
DQLVWKDWWKH4XU
DQDQGWKHPRQWKRI5DPDGDQDUHFORVHO\OLQNHG
ZLWKHDFKRWKHU7KH4XU
DQZDVUHYHDOHGLQWKLVPRQWK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG :KHQWKHODVWWHQQLJKWVRI5DPDGDQZRXOG
EHJLQWKH0HVVHQJHURI$OODK3%8+ZRXOGNHHSDZDNHDWQLJKWIRUSUD\HUDQGGHYRWLRQDZDNHQ
KLVIDPLO\DQG SUHSDUHKLPVHOIWREHPRUHGLOLJHQWLQZRUVKLS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHHQWLUHPRQWKRI5DPDGDQLVDVSULQJVHDVRQIRUYLUWXHVZRUVKLSDQGREHGLHQFHRI
$OODKEXWLWVODVWWHQGD\VDUHWKHSHDNRIWKLVVHDVRQRIZRUVKLS7KHUHIRUHRQHPXVWVWULYHKDUGLQWKH
ODVWWHQGD\VDQGQLJKWVRIWKLVPRQWKWRIROORZWKHSUDFWLFHRIWKH3URSKHW3%8+WRVHHNWKH
3OHDVXUHRI$OODKDQGWRDWWDLQWKHEHQHILWVRI/DLODWXO4DGUZKLFKRFFXUVGXULQJWKLVSHULRG7KH
3URSKHW3%8+XVHGWRPDNHVSHFLDODUUDQJHPHQWIRUREVHUYLQJ,CWLNDIDQGZHPXVWDOVRIROORZWKLV
SUDFWLFHRIKLV
&+$37(5
7+(352+,%,7,212)
2%6(59,1*6$80)$67,1*
$)7(57+(0,''/(2)6+$C%$1
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG'RQRW
REVHUYH6DXPIDVWLQJIRUDGD\RUWZRGD\VSUHFHGLQJ5DPDGDQ+RZHYHULIDSHUVRQLVLQWKHKDELW
RIREVHUYLQJ6DXPRQDSDUWLFXODUGD\ZKLFKPD\IDOORQWKHVHGDWHVKHPD\IDVWRQWKDWGD\
>$O%XNKDULDQG0XVOLP@
PHDQVWKDW
LILWLVKLVURXWLQHWRREVHUYH6DXPRQWKHVHGD\VWKHQKHFDQGRVRWZRGD\VEHIRUHWKHDGYHQWRI
5DPDGDQ7KHUHDVRQEHLQJWKDWLQWKDWFDVHKLV6DXPZLOOQRWEHIRUWKHUHFHSWLRQRI5DPDGDQEXWD
PDWWHURIURXWLQH6RPHSHRSOHKDYHWDNHQRQHRUWZRGD\VEHIRUH
WRPHDQWKHILUVWWZRGD\VRIWKH
VHFRQGKDOIRI6KDZZDORQWKHJURXQGVWKDWVRPH$KDGLWKFRQWDLQSURKLELWLRQRIREVHUYLQJ6DXPLQ
WKHVHFRQGIRUWQLJKWRI6KDZZDO%HFDXVHRIWKLVLQMXQFWLRQLWLVQRWSHUPLVVLEOHWRREVHUYH6DXPLQ
WKHVHGD\VH[FHSWLQFDVHLWLVRQH
VURXWLQH
>$W7LUPLGKL@
&RPPHQWDU\ %HIRUHWKHDGYHQWRI5DPDGDQ
KHUHVLJQLILHVWKHVHFRQGKDOIRI6KDZZDO7KDWLV
RQHVKRXOGQRWREVHUYHYROXQWDU\6DXPDIWHUWKRI6KDCEDQVRWKDWRQH
VYLWDOLW\LVPDLQWDLQHGIRUWKH
6DXPRI5DPDGDQDSSURDFKLQJQHDU,IWKHPRRQLVQRWVLJKWHGGXHWRFORXGVWKHQREVHUYLQJ6DXP
VKRXOGEH VWDUWHGDIWHUFRPSOHWLQJWKLUW\GD\VRI6KDCEDQ6LPLODUO\LIWKHPRRQRIWKHRI6KDZZDOLV
QRWVLJKWHGWKHQWKLUW\GD\VRIIDVWLQJ5DPDGDQPXVWEHFRPSOHWHGEHIRUHFHOHEUDWLQJC(LGXO)LWU
>$W7LUPLGKL@
&RPPHQWDU\ 'RXEWIXOGD\
KHUHVLJQLILHVWKHGD\RIWK6KDCEDQ,QRWKHUZRUGVLIWKHPRRQLV
QRWVLJKWHGRQWKRI6KDCEDQEHFDXVHRIFORXGVDQGDSHUVRQREVHUYHV6DXPKHZLOOEHLQGRXEW
ZKHWKHULWLVWKHWKRI6KDCEDQRUWKHVWRI5DPDGDQ7KXVWKHUHLVQRQHHGWRREVHUYH6DXPRQD
GRXEWIXOGD\DQGRQHVKRXOGFRPSOHWHWKLUW\GD\VRIWKHPRQWKRI6KDCEDQ
&+$37(5
6833/,&$7,21$77+(6,*+7
2)7+(&5(6&(17$77+(
2876(72)(9(5</81$50217+
7DOKDKELQ 8EDLGXOODK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$WWKHVLJKWRIWKHQHZPRRQ
RIWKHOXQDUPRQWKWKH3URSKHW3%8+XVHGWRVXSSOLFDWH$OODKXPPDDKLOODKXCDODLQDELODPQL
ZDOLPDQZDVVDODPDWLZDO,VODP5DEELZD5DEEXN$OODK+LODOXUXVKGLQZDNKDLULQ2$OODKOHW
WKLVPRRQDSSHDURQXVZLWKVHFXULW\DQG,PDQZLWKVDIHW\DQG,VODP2PRRQ<RXU5XEEDQGPLQH
LV$OODK0D\WKLVPRRQEHEULQJLQJJXLGDQFHDQGJRRG
>$W7LUPLGKL@
&RPPHQWDU\ $IWHUVLJKWLQJWKHPRRQRQHVKRXOGUHFLWHWKHSUD\HUZKLFKZDVUHFLWHGE\WKH3URSKHW
3%8+7KHSUD\HUFLWHGLQWKHWH[WRIWKLV+DGLWKLVRQHRIWKHP
&+$37(5
0(5,72)68+8535('$:1
0($/,15$0$'$1$1'7+(
(;&(//(1&(2)'(/$<,1*
+$9,1*,77,// %()25('$:1
$QDV0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG(DW
6XKXUSUHGDZQPHDO6XUHO\WKHUHLVDEOHVVLQJLQ6XKXU
>$O%XNKDULDQG0XVOLP@
+HUHSOLHG7KHWLPHUHTXLUHGIRUWKHUHFLWDWLRQRIILIW\$\DW
>$O%XNKDULDQG0XVOLP@
6RIDUWKHTXHVWLRQRIWLPHEHWZHHQWKHWZR$GKDQLVFRQFHUQHGC8ODPD
KDYHVWDWHGWKDWDIWHU
DQQRXQFLQJWKH$GKDQ%LODOXVHGWREHHQJDJHGLQSUD\HUHWFDQGZDLWHGIRUWKHGD\EUHDN:KHQWKH
WLPHIRUWKHGD\EUHDNGUHZQHDUKHZRXOGWKHQFRPHGRZQDQGLQIRUP,EQ8PP0DNWXPZKRZRXOG
WKHQPDNH:XGX
DQGWKHQSURFHHGWRFDOOWKH$GKDQDWWKHEHJLQQLQJRIWKHGD\EUHDN,EQ$OODQ
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW6XKXULVDGLVWLQFWLYHPDUNZLWKZKLFK$OODKKDV
EOHVVHGWKH0XVOLP8PPDK
&+$37(5
7+(683(5,25,7<2)
+$67(1,1*72%5($.7+(
)$67$1'7+( 6833/,&$7,21
726$<8321%5($.,1*,7
6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
3HRSOHZLOOFRQWLQXHWRDGKHUHWRJRRGDVORQJDVWKH\KDVWHQWREUHDNWKH6DXPIDVWLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $GKHUHWRJRRG
KHUHPHDQVZHOIDUHRIWKHUHOLJLRQDVZHOODVWKDWRIWKLVZRUOG
%UHDNLQJWKH6DXPHDUO\GRHVQRWPHDQWKDWLWLVWHUPLQDWHGEHIRUHWKHSUHVFULEHGWLPH:KDWLWUHDOO\
PHDQVLVZLWKRXWDQ\GHOD\DIWHUWKHVXQVHW2QHVKRXOG QRWGHOD\LWIRUWKHPHUHUHDVRQWKDWWKHULJRXU
RQHKDVJRQHWKURXJKLQWKH6DXPVKRXOGEHHQKDQFHGIXUWKHUDVLVGRQHE\VRPH6XIL7KHUHLVQR
PHULWLQVXFKWKLQJVEHFDXVHWKHUHDOPHULWOLHVLQIROORZLQJWKH6XQQDKRIWKH3URSKHW3%8+
:HOIDUHRIWKH0XVOLPVZLOOWKHUHIRUHFRPHLQWKHVKDUHRIWKH0XVOLPVEHFDXVHRIWKHLUIROORZLQJWKH
3URSKHW
V6XQQDKRIEUHDNLQJWKH6DXPLQWKHHDUO\PRPHQWVRIWKHSUHVFULEHGWLPH
6KHDVNHG:KRLVWKHRQHZKRKDVWHQVWREUHDN6DXPDQG
SHUIRUPWKH0DJKULESUD\HU"
0DVUXTVDLG,WLVC$EGXOODKPHDQLQJC$EGXOODKELQ0DVCXG
6KH
VDLG7KH0HVVHQJHURI$OODK3%8+XVHGWRGRVR
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSHUVRQZKREUHDNVWKH6DXPLQLWVHDUO\WLPHLVEHVWORYHGE\$OODKEHFDXVHKHLVD
WUXHIROORZHURIWKH3URSKHW3%8+
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGVEUHDNKLVIDVW
FDQEHLQWHUSUHWHGLQWZRZD\V)LUVWLWLVWLPHWREUHDNWKH
6DXP6HFRQGWKH6DXPKDVUHDFKHGLWVHQG:KHWKHURQHHDWVRUQRWWKH6DXPLVRYHUEHFDXVHLW
FRPHVWRDFORVHZLWKVXQVHW7KXVWKHWLPHIRU6DXPKDVEHHQGHWHUPLQHGWKDWLWEHJLQVZLWKWKH
GD\EUHDNDQGHQGVDWVXQVHW$Q\LQFUHDVHLQWKLVWLPHLVH[DJJHUDWLRQZKLFKLVGLVOLNHGE\$OODK
8SRQWKLV
KHUHSOLHG20HVVHQJHURI$OODKWKHUHLVGD\OLJKWVWLOO
+HVDLG%XWLWLVVWLOOGD\WLPH
7KH0HVVHQJHURI$OODK
3%8+DJDLQVDLGWRKLP*HWGRZQDQGSUHSDUHEDUHO\GULQNIRUXV
6RKHJRWGRZQDQGSUHSDUHGD
EDUOH\OLTXLGPHDOIRUKLP7KH3URSKHW3%8+GUDQNWKDWDQGWKHQVDLG:KHQ\RXSHUFHLYHWKH
QLJKWDSSURDFKLQJIURPWKDWVLGHDSHUVRQREVHUYLQJ6DXPIDVWLQJVKRXOGEUHDNWKHIDVW
$QGKH
3%8+SRLQWHGWRZDUGVWKHHDVWZLWKKLVKDQG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKDW6DXPPXVWEHEURNHQVRRQDIWHUVXQVHWDQGZLWKRXWGHOD\
>$EX'DZXG@
&RPPHQWDU\ ,WLVZHOOWRNHHSWKHSULRULWLHVRIWKLQJVPHQWLRQHGLQWKH+DGLWKDVRQHJHWVWKHUHZDUG
RIIROORZLQJWKH6XQQDKLQEUHDNLQJKLV6DXP
&+$37(5
6$)(*8$5',1*$66$80
7+()$67
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQDQ\RQHRI\RXLVREVHUYLQJ6DXPIDVWLQJRQDGD\KHVKRXOGQHLWKHULQGXOJHLQREVFHQH
ODQJXDJHQRUVKRXOGKHUDLVHWKHYRLFHDQGLIDQ\RQHUHYLOHVKLPRUWULHVWRTXDUUHOZLWKKLPKHVKRXOG
VD\C,DPREVHUYLQJIDVW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGLVUHSHDWHGKHUHIRULWVEHLQJUHOHYDQWWR
WKLVFKDSWHU:HOHDUQIURPLWWKDWGXULQJ6DXPQRWRQO\IRRGGULQNDQGVH[DUHSURKLELWHGEXWWKH
LPSURSHUXVHRIWKHWRQJXHDQGWKHRWKHURUJDQVRIWKHERG\DVZHOO:KHQRQHLVREVHUYLQJ6DXPKH
VKRXOGQHLWKHUXVHDEXVLYHODQJXDJHQRUWDONIRROLVKO\QRUWHOOOLHVQRUPDNHREVFHQHFRQYHUVDWLRQQRU
LQGXOJHLQEDFNELWLQJQRUTXDUUHOZLWKDQ\RQH,IVRPHRQHSURYRNHVKLPKHVKRXOGNHHSKLPVHOITXLHW
DQGUHPHPEHUWKDWKHLVREVHUYLQJ6DXPDQGKHKDVWRDEVWDLQIURPVXFKWKLQJV$VIDUDVSRVVLEOHKH
VKRXOGNHHSKLVWRQJXHHQJDJHGLQWKHUHPHPEUDQFHRI$OODKDQGUHFLWDWLRQRIWKH4XU
DQ
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKH[KRUWVWKRVHREVHUYLQJ6DXPWRIXOILOODOOWKHUHTXLUHPHQWVRIIDVWLQJ2QH
VKRXOGQRWFRQGXFWKLPVHOILQVXFKDPDQQHUWKDWRQWKHRQHVLGHKHREVHUYHV6DXPDQGRQWKHRWKHUKH
LVIHDUOHVVRI$OODK7RVDYHKLPVHOI IURP$OODK
V:UDWKDQGWRJHWWKHUHZDUGRIWKHIDVWVRQHPXVW
DEVWDLQIURPDOOVRUWVRIYLFHVVXFKDVFKHDWLQJO\LQJEDFNELWLQJDQGXVLQJREVFHQHODQJXDJH7KH
WKUHDWKHOGDJDLQVWVXFKSHRSOHLQWKLV+DGLWKVKRXOGPDNHWKHPIHDUWKDWWKHLU6DXPZLOO JRZDVWHDQG
WKH\ZRXOGEHGHSULYHGRILWVUHZDUG,WGRHVQRWPHDQWKDWVXFKSHRSOHVKRXOGVWDUWHDWLQJDQGGULQNLQJ
GXULQJ6DXPEXWZKDWLVLQWHQGHGLVWKDWWKH\VKRXOGVDYHWKHPVHOYHVIURPDOONLQGVRIVLQVVRWKDWWKH\
PD\HDUQWKHUHZDUGRI6DXP
&+$37(5
0$77(565(/$7,1*72
$66$80)$67,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG,IDQ\RQH
RI\RXIRUJHWIXOO\HDWVRUGULQNVZKLOHREVHUYLQJIDVWLQJKHVKRXOGFRPSOHWHKLV6DXPIDVWLQJIRU
$OODKKDVIHGKLPDQGJLYHQKLPWRGULQN
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVRIDNLQGQHVVDQGFRQYHQLHQFHRI,VODPWKDWGXULQJWKH6DXPLID
SHUVRQLQDGYHUWHQWO\GRHVDQ\VXFKWKLQJZKLFKGHVWUR\VKLV6DXPLHHDWLQJGULQNLQJFRKDELWDWLRQ
ZLWKZLIHHWFKLV6DXPZLOOUHPDLQLQWDFWGXHWRIRUJHWIXOQHVVSURYLGHGRQHDEDQGRQVWKHDFWDVVRRQ
DVKHUHPHPEHUVWKDWKHLVREVHUYLQJ6DXP+HQHHGVQRWPDNHDQ\H[SLDWLRQIRUVXFKD6DXP
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 2UGLQDULO\LWLVQHFHVVDU\IRU:XGX
WKDWRQHVKRXOGSDVVZDWHUWKURXJKWKHQRVHDQG
ULQVHPRXWKWKRURXJKO\%XWZKHQRQHLVREVHUYLQJ6DXPKHKDVWRWDNHFDUHWKDWZDWHUGRHVQRWJR
GRZQWKHWKURDWWKURXJKWKHQRVHDVWKLVQXOOLILHVWKH6DXP
&RPPHQWDU\ 7KLV+DGLWKVRPHWLPHVDQGWKHRQHSUHFHGLQJLWLQIRUPXVWKDWZKHQWKH3URSKHW
3%8+ZRXOGDZDNHLQWKHPRUQLQJDQGZDVLQQHHGRIEDWKDVDUHVXOWRIFRLWLRQZLWKKLVZLIHKH
ZRXOGWDNH6DKXULQWKDWFRQGLWLRQDQGWKHQWDNHDEDWKDQGSHUIRUP)DMUSUD\HUEHFDXVHSXULILFDWLRQLV
HVVHQWLDOIRU6DODW7KLVFRQGLWLRQRI-DQDEDKLPSXULW\RFFXUUHGZLWKRXW,KWLODPZHWGUHDPDQGLWV
FDXVHZDVFRLWXVZLWKKLVZLIHEHFDXVHDFFRUGLQJWRDZHOONQRZQVD\LQJ,KWLODPLVWKHUHVXOWRI
6DWDQ
VVXJJHVWLRQVIURPZKLFK3URSKHWVDUHVDIH
&+$37(5
7+((;&(//(1&(2)2%6(59,1*6$80
)$67,1*,17+(0217+62)
08+$55$0$1'6+$C%$1
$1'7+(6$&5('0217+6
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KHEHVWPRQWKIRUREVHUYLQJ6DXPIDVWLQJQH[WDIWHU5DPDGDQLVWKHPRQWKRI$OODKWKH
0XKDUUDPDQGWKHEHVW6DODWSUD\HUQH[WDIWHUWKHSUHVFULEHG6DODWLV6DODWDWQLJKW7DKDMMXG
SUD\HUV
>0XVOLP@
&RPPHQWDU\ 5HIHUHQFHRIWKHPRQWKWR$OODKLVDVLJQRILWVGLVWLQFWLRQDQGDXVSLFLRXVQHVVOLNH
%DLWXOODK1DTDWXOODKHWF0XKDUUDPLVRQHRI WKHVDFUHGPRQWKVDQGLWLVWKLVPRQWKZLWKZKLFKWKH
,VODPLF\HDUVWDUWV7KHRWKHUWKUHHVDFUHGPRQWKVDUH5DMDE'KXO4DCGDKDQG'KXO+LMMDK7KH
+DGLWKSRLQWVRXWWKDWIDVWLQJLQWKHPRQWKRI0XKDUUDPLVEHWWHUWKDQDQ\RWKHUPRQWKRIWKH\HDUDIWHU
5DPDGDQ
REVHUYLQJ6DXPFRQWLQXRXVZLWKRXWDEUHDNLQWKHHYHQLQJ%XWKHKDVIRUELGGHQKLVIROORZHUV
IURPVXFK6DXP
5HSRUWHG0XMLEDK$O%DKLOL\DKRQWKHDXWKRULW\RIKHUIDWKHURUXQFOHWKDWKHYLVLWHGWKH
0HVVHQJHURI$OODK3%8+RQFHDQGWKHQZHQWWRVHHKLPDJDLQDIWHUD\HDU+LVDSSHDUDQFHKDG
WRWDOO\FKDQJHG+HDVNHGWKH0HVVHQJHURI$OODK3%8+LIKHKDGUHFRJQL]HGKLP7KH0HVVHQJHURI
$OODK3%8+DVNHG:KRDUH\RX"
+HUHSOLHG,DP$O%DKLOLZKRYLVLWHG\RXODVW\HDU
7KH
0HVVHQJHURI$OODK3%8+VDLG <RXZHUHTXLWHKDQGVRPHZKDWKDVFKDQJHG\RXUDSSHDUDQFHVR
PXFK"
+HUHSOLHG6LQFHP\GHSDUWXUH IURPKHUH,KDYHQRWHDWHQDQ\WKLQJH[FHSWDWQLJKW
7KH
0HVVHQJHURI$OODK3%8+UHPDUNHG<RXKDYHSXW\RXUVHOIWRWRUWXUH2EVHUYH6DXPIDVWLQJ
GXULQJWKH0RQWKRI3DWLHQFHLH5DPDGDQDQGIDVWRQHGD\IURPHDFKPRQWK
+HVXEPLWWHG
3HUPLWPHWRREVHUYHPRUHYROXQWDU\IDVWVEHFDXVH,KDYHFDSDFLW\WRGRVR
7KH0HVVHQJHURI$OODK
3%8+VDLG7KHQREVHUYHIDVWVIRUWZRGD\VLQHYHU\PRQWK
+HVDLG3HUPLWPHWRREVHUYHPRUH
7KH0HVVHQJHURI$OODK3%8+VDLG 2EVHUYHIDVWVRQWKUHHGD\VLQHYHU\PRQWK
+HUHTXHVWHGWKDW
KHVKRXOGEHDOORZHGWRREVHUYHPRUHIDVWV7KH0HVVHQJHURI$OODK3%8+VDLG)DVWWKUHHGD\V
GXULQJWKHVDFUHGPRQWKVDQGRPLWIDVWLQJIRUWKUHHGD\VDOWHUQDWHO\
&+$37(5
7+((;&(//(1&(2)$66$80
7+()$67'85,1*7+(),567
7(1'$<62)'+8/+,--$+
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KHUHDUHQRGD\VGXULQJZKLFKWKHULJKWHRXVDFWLRQLVVRSOHDVLQJWR$OODKWKDQWKHVHGD\VLHWKH
ILUVWWHQGD\VRI'KXO+LMMDK
+HZDVDVNHG20HVVHQJHURI$OODKQRWHYHQ-LKDGLQWKH&DXVHRI
$OODK"
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWZRSRLQWV
5LJKWHRXVGHHGVGXULQJWKHILUVWWHQGD\VRIWKHPRQWKRI'KXO+LMMDKDUHIDUEHWWHUDQGPRUH
UHZDUGLQJWKDQULJKWHRXVGHHGVGRQHRQRWKHUGD\VRIWKH\HDUEHFDXVHWKH\DUH+DMMGD\VLQWKHVDFUHG
VHDVRQRISLOJULPDJH%HFDXVHRIWKHLUH[FHOOHQFHDQGLPSRUWDQFH$OODK6:7VZRUHE\WKHPWKXV
%\WKH'DZQE\WKHWHQ1LJKWV
-LKDGKDVJUHDWHPLQHQFHLQ,VODP
&+$37(5
7+((;&(//(1&(2)
2%6(59,1*6$80217+('$<2)
C$5$)$+C$6+85$
$1'7$68C$
LHWK2)08+$55$0
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+ZDV
DVNHGDERXWWKHREVHUYDQFHRI6DXPIDVWLQJRQWKHGD\RIC$UDIDK+HVDLG,WLVDQH[SLDWLRQIRUWKH
VLQVRIWKHSUHFHGLQJ\HDUDQGWKHFXUUHQW\HDU
>0XVOLP@
&RPPHQWDU\ 7KHQLQWKGD\RI'KXO+LMMDKLVFDOOHG<DXPC$UDIDK2QWKLVGD\SLOJULPVVWRSDQG
VWDQGLQSUD\HUVDWC$UDIDWZKLFKLVWKHPRVWLPSRUWDQWULWXDORI+DMMVRPXFKVRWKDW+DMMLVGHHPHG
LQFRPSOHWHZLWKRXWLW2QWKDWGD\WKHSLOJULPVDUHHQJDJHGLQWKHUHPHPEUDQFHRI$OODKDQGSUD\HUV
DVWKDWLVWKHLUPRVWLPSRUWDQWZRUVKLSRQWKDWGD\)RUWKLVUHDVRQ6DXPLVQRWGHVLUDEOHIRUWKHPEXW
IRURWKHUSHRSOH6DXPKDVDVSHFLDOPHULW7KHLPSRUWDQFHDQGPHULWRIWKLV6DXPFDQEHMXGJHGIURP
WKHIDFWWKDWLWH[SLDWHVVLQVIRUWZRFRQVHFXWLYH\HDUVWKHSUHYLRXV\HDUDQGWKHFXUUHQW\HDU%XWWKHVH
VLQVUHODWHRQO\WRWKHPLQRUVLQVQRWWKHPDMRURQHVRUEHFRPHDPHDQVRIHOHYDWLRQRIRQH
VVWDWXV
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG 7KH0HVVHQJHURI$OODK3%8+
REVHUYHG6DXPIDVWLQJRQWKHGD\RIC$VKXUD
DQGFRPPDQGHGXVWRIDVWRQWKLVGD\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ C$VKXUD
WKRI0XKDUUDP,QDQRWKHU+DGLWKLWLVVWDWHGWKDWZKHQWKH3URSKHW
3%8+HPLJUDWHGIURP0DNNDKWR$O0DGLQDKKHVDZWKDWWKH-HZVZHUHIDVWLQJRQWKLVGD\+H
DVNHGWKHPZK\WKH\GLGWKLVRQWKDWGD\DQGWKH\WROGKLPWKDWWKH\GLGLWIRUWKHUHDVRQWKDW$OODK
JUDQWHG3URSKHW0XVDHPDQFLSDWLRQIURP3KDUDRKRQWKLVGD\DQGVRWKH\REVHUYHG6DXPLQWRNHQRI
WKHLUMR\2QWKLVKH3%8+VDLGWKDWLQWKLVKDSSLQHVVRI3URSKHW0XVD0XVOLPVKDYHDJUHDWHUULJKW
WRREVHUYH6DXPWKDQWKH-HZV&RQVHTXHQWO\KHDOVRREVHUYHG6DXPRQWKRI0XKDUUDP7KHQKH
VDLGWKDWLIKHOLYHGWKHIROORZLQJ\HDUKHZRXOGREVHUYH6DXPRQWKRI0XKDUUDPDOVRVRWKDWWKH\
ZRXOGPDNHWKHPVHOYHVGLIIHUHQWIURPWKH-HZV$FFRUGLQJWRDQRWKHU+DGLWKKH3%8+RUGDLQHGWKH
0XVOLPVWRREVHUYH6DXPRQC$VKXUD
DQGLQDGGLWLRQRQHPRUH6DXPRQWKRUWKRI0XKDUUDPLQ
RSSRVLWLRQWRWKH-HZV0XVQDG$KPDG9RO3HGLWHGE\$KPDG6KDNLUDQG0XMDPPDC$]
=DZDLG9RO37KXVREVHUYDQFHRIWZR6DXPRQWKLVRFFDVLRQLVD6XQQDKRIWKH3URSKHW
3%8+7KHVHWZR6DXPFDQEHREVHUYHGHLWKHURQWKDQGWKRUWKDQGWKRI0XKDUUDP,WLV
UHJUHWWDEOHLQGHHGWKDWSUHVHQWGD\0XVOLPVGRQRWIROORZWKLV6XQQDKRIWKH3URSKHW3%8+DQG
LQVWHDGREVHUYHWKHEDVHOHVVSUDFWLFHVRIPRXUQLQJDVVHPEOLHV0DMDOLVZKLFKLVDJUDYHVLQSUDFWLVHG
E\6KLCDK
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 6RPHSHRSOHWKLQNWKHVHZRUGVVWDQGWRPHDQWKDWCKHZLOOREVHUYH6DXPRQWKHWKRI
0XKDUUDPRQO\%XWWKLVLQWHUSUHWDWLRQGRHVQRWDJUHHZLWKRWKHU$KDGLWK,QRUGHUWRRSSRVHWKH-HZV
KH3%8+UHVROYHGWRREVHUYHRQHPRUH6DXPZLWKWKDWRIWKRI0XKDUUDPDQGRUGDLQHGLWIRUWKH
0XVOLPV,QWKLVFRQQHFWLRQZHKDYHTXRWHGDERYHWKHDXWKRULW\IURP0XVQDG$KPDG+HQFHWKH
PHDQLQJVZHKDYHJLYHQLQWKHWUDQVODWLRQRIWKHWH[WDUHFRUUHFW
&+$37(5
7+('(6,5$%,/,7<2))$67,1*
6,;'$<6,17+(0217+2)
6+$::$/
$EX $\\XE0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
+HZKRREVHUYHV$V6DXPWKHIDVWVLQWKHPRQWKRI5DPDGDQDQGDOVRREVHUYHV$V6DXPIRUVL[
GD\VLQWKHPRQWKRI6KDZZDOLWLVDVLIKHKDVREVHUYHG$V6DXPIRUWKHZKROH\HDU
>0XVOLP@
&RPPHQWDU\ $FFRUGLQJWRWKHIRUPXODWKDWWKHUHLVDWOHDVWWHQIROGUHZDUGIRUHYHU\YLUWXHWKH
6DXPRIRQHPRQWK5DPDGDQDUHHTXLYDOHQWWR6DXPRIWHQPRQWKV,IRQHDOVRREVHUYHVVL[GD\VRI
6DXPRI6KDZZDOWKH\ZLOOEHHTXDOWR6DXPRIWZRPRQWKV7KXVRQHEHFRPHVHOLJLEOHIRUWKH
UHZDUGRIRQHIXOO\HDUV
6DXP+HZKRPDNHVLWDSHUPDQHQWIHDWXUHLVOLNHRQHZKRREVHUYHV6DXP
WKURXJKRXWKLVOLIH+HZLOOEHFRQVLGHUHGE\$OODKDVRQHZKRREVHUYHV6DXPSHUPDQHQWO\$OWKRXJK
YROXQWDU\LQQDWXUHWKH\DUHKLJKO\LPSRUWDQW2QHFDQREVHUYHWKHVHVL[GD\6DXPDWDVWUHWFKRUZLWK
LQWHUYDOVEXWWKHLUREVHUYDQFHRQHDIWHUWKHRWKHUDWWKHEHJLQQLQJRIWKHPRQWKLVEHWWHU6LPLODUO\LID
SHUVRQKDVPLVVHGVRPH6DXPRI5DPDGDQGXH WRLOOQHVVWUDYHOOLQJHWFKHVKRXOGILUVWPDNHXSWKH
VKRUWIDOODQGWKHQREVHUYHWKHYROXQWDU\VL[GD\6DXPRI6KDZZDO
&+$37(5
7+('(6,5$%,/,7<2)
2%6(59,1*6$80)$67,1*
21021'$<$1'7+856'$<
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+ZDV
DVNHGDERXWIDVWLQJRQ0RQGD\V+HVDLG7KDWLVWKHGD\RQZKLFK,ZDVERUQDQGWKHGD\RQZKLFK,
UHFHLYHG5HYHODWLRQ
>0XVOLP@
>$W7LUPLGKL@
&+$37(5
7+('(6,5$%,/,7<2)
2%6(59,1*7+5(('$<62)
)$67,1*6,1(9(5<0217+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG 0\IULHQGWKH0HVVHQJHURI$OODK
3%8+GLUHFWHGPHWRREVHUYHIDVWIRUWKUHHGD\VLQHYHU\PRQWKWRSHUIRUPWZR5DNCDKRSWLRQDO
'XKDSUD\HUDWIRUHQRRQDQGWRSHUIRUPWKH :LWUSUD\HUEHIRUHJRLQJWREHG
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
6KHUHSOLHG<HV
,DVNHG2QZKLFKGD\VLQWKHPRQWKGLGKHREVHUYHGIDVW"
6KH
UHSOLHGWKDWKHGLGQRWPLQGRQZKLFKGD\VRIWKHPRQWKKHREVHUYHGIDVW
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ %HHG
LVWKHSOXUDORI$E\DG
ZKLFKPHDQVZKLWH7KUHHGD\VRIDQGRI
OXQDUPRQWKDUHFDOOHG$O$\\DPXO%HHG
IRUWKHUHDVRQWKDWWKHLUQLJKWVDUHEULJKWEHFDXVHRIWKH
PRRQOLJKW7KHPRRQEHJLQVWRGLPLQLVKJUDGXDOO\DIWHUWKHVHGD\V,QDQ\FDVHLWLVHYLGHQWIURPWKH
$KDGLWKPHQWLRQHGKHUHWKDWREVHUYDQFHRI6DXPRQWKHVHGD\VLVPRUHPHULWRULRXVEXWRQHFDQGRVR
ZLWKEHQHILWRQRWKHUGD\VDOVR
&+$37(5
7+(0(5,72)3529,',1*
620(7+,1*727+(3(5621
2%6(59,1*6$80)$67,1*
)25%5($.,1*7+()$67
=DLGELQ.KDOLG$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG
+HZKRSURYLGHVDIDVWLQJSHUVRQVRPHWKLQJZLWKZKLFKWREUHDNKLVIDVWZLOOHDUQWKHVDPHUHZDUGDV
WKHRQHZKRZDVREVHUYLQJWKHIDVWZLWKRXWGLPLQLVKLQJLQDQ\ZD\WKHUHZDUGRIWKHODWWHU
>$W7LUPLGKL@
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWVRIWKHSHUVRQZKRLVKLPVHOIREVHUYLQJ6DXPEXWVHUYHV
PHDOVWRRWKHUV
>$EX'DZXG@
&RPPHQWDU\ 7KHZRUG$IWDUD
LVLQIRUPDWLYHLQQDWXUHEXWLWLVXVHGLQWKHVHQVHRIDSUD\HU7KXV
ZKDWLWGHQRWHVLV0D\$OODKJLYH\RXWKHUHZDUGRIRQHZKRDUUDQJHVIRUWKH,IWDUEUHDNLQJWKH
6DXPRIVRPHERG\7KXVLWLQGXFHVRQHWRKRVSLWDOLW\DFFRUGLQJWRKLVPHDQV
7+(%22.2),C7,.$)
&+$37(5
,C7,.$)6(&/86,21,17+(02648(
,17+(0217+2)5$0$'$1
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+XVHGWR
REVHUYH,CWLNDILQWKHODVWWHQGD\VRI5DPDGDQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKHVH$KDGLWKWKDWWKHREVHUYDQFHRI,CWLNDILQWKHODVWWHQGD\VRI
5DPDGDQLV6XQQDKRIWKH3URSKHW3%8+%XWLWFDQEHGRQHRQO\LQPRVTXHQRWDWKRPH,CWLNDI
KHOSVWRHQKDQFHRQH
VVSLULWXDOJURZWKDQGWRVWULYHKDUGWRZRUVKLS$OODKEHWWHUDVWKHUHLVQRWKLQJWR
GLVWUDFWRQH
VDWWHQWLRQIURPWKLVQREOHSXUVXLW
7+(%22.2)+$--
&+$37(5
7+(2%/,*$7,212)+$--
3,/*5,0$*($1',76
(;&(//(1&(
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHU+HUHLWKDVEHHQUHSHDWHGLQVXSSRUWRIWKH
REOLJDWLRQRIWKHIRXUWKSLOODURI,VODP7KXV+DMMLVFRPSXOVRU\IRUDSHUVRQZKRIXOILOOVWKH
TXDOLILFDWLRQVUHTXLUHGIRULWDQGKDVWKHPHDQVIRULW
$PDQLQTXLUHG20HVVHQJHURI$OODKLVLWSUHVFULEHGHYHU\
\HDU"
$IWHUZDUGVKHVDLG'RQRWDVNPHVRORQJDV,GRQRWLPSRVHDQ\WKLQJ XSRQ\RXEHFDXVHWKRVH
ZKRZHUHEHIRUH\RXZHUHGHVWUR\HGRQDFFRXQWRIWKHLUIUHTXHQWTXHVWLRQLQJDQGWKHLUGLVDJUHHPHQW
ZLWKWKHLU3URSKHWV6RZKHQ,RUGHU\RXWRGRVRPHWKLQJGRLWDVIDUDV\RXFDQDQGZKHQ,IRUELG
\RXIURPGRLQJDQ\WKLQJHVFKHZ LW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJSRLQWV
+DMMLVFRPSXOVRU\RQFHLQDOLIHWLPHIRUWKRVHZKRKDYHWKHPHDQVIRULW
8QQHFHVVDU\TXHVWLRQLQJLVGLVOLNHG
7KHQ KHZDVDVNHG
:KDWLVQH[W"
7KHQKHZDVDVNHG:KDWLV
DIWHUWKDW"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHIDFWWKDW+DMMLVRQHRIWKHPRVWSURPLQHQWUHOLJLRXVDFWV
SURYLGHGLWLVGRQHVLQFHUHO\DQGNHHSLQJRQHVHOIDZD\IURPVLQV6RPHSHRSOHKDYHLQWHUSUHWHGWKH
ZRUG+DMM0DEUXU
DVDQDFFHSWHG+DMM7KH\VD\WKDWWKHVLJQRIDQDFFHSWHG+DMMLVWKDWRQH
EHFRPHVDWUXHZRUVKLSSHURI$OODKZKLFKKHZDVSUHYLRXVO\QRW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHWUXHPHDQLQJVRI5DIDWK
VH[XDOLQWHUFRXUVHEXWLWDOVRVLJQLILHVREVFHQHDQG
IULYRORXVWDONDQGWKHH[SUHVVLRQRIVH[XDOGHVLUHWRRQH
VZLIH6LQFHFRLWLRQZLWKRQH
VZLIHLV
IRUELGGHQGXULQJ+DMMVRFRQYHUVDWLRQZLWKKHURQWKLVVXEMHFWRUWDONLQJIRUDPXVHPHQWLVDOVR
GLVOLNHG)LVT
PHDQVGLVREHGLHQFHRI$OODKDQGTXDUUHOOLQJZLWKSHRSOH2QHPXVWDYRLGERWKRI
WKHPGXULQJ+DMM7KH+DMMZKLFKLVSHUIRUPHGZLWKDOOWKHVHUHVWULFWLRQVKDVWKHPHULWWKDWRQHLV
WRWDOO\SXUJHGRIVLQV%XWWKLVSXULILFDWLRQLVIURPVLQVZKLFKFRPHLQWKHFDWHJRU\RI PLQRUVLQVDQG
ZKLFKUHODWHWRWKH5LJKWVRI$OODK0DMRUVLQVUHODWLQJWRWKH5LJKWVRI$OODKDQGODSVHVLQUHVSHFWRI
WKHULJKWVRISHRSOHDUHQRWSDUGRQHGZLWKRXWVLQFHUHUHSHQWDQFHDQGFRPSHQVDWLRQWRWKHDJJULHYHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHPHULWRIC8PUDKLVWKDWLWLVDQH[SLDWLRQIRUVLQV%XWWKLV
WRRLVDQH[SLDWLRQIRUPLQRUVLQVC8PUDKLQFOXGHVDVVXPLQJ,KUDPFLUFXPDPEXODWLRQRI.DCEDK
JRLQJEHWZHHQ$V6DIDDQG$O0DUZDKDQG+DOTRU7DTVLUVKDYLQJRIKHDGRUFXWWLQJKDLU:KHWKHU
RUQRWC8PUDKLVDQREOLJDWLRQOLNH+DMMLVDUJXDEOHDPRQJWKHC8ODPD
6RPHSHRSOHOLNH,PDP$V
6KDILCL KROGWKDWLWLVREOLJDWRU\RWKHUVOLNHWKHIROORZHUVRIWKH+DQDILVFKRRORIWKRXJKWUHJDUGLW
6XQQDK0XCDNNDGDKVWLOORWKHUVWKLQNLWWREHYROXQWDU\,PDP$O%XNKDULLVLQFOLQHGWRWKHILUVWYLHZ
ZKLFKLVDOVRHQGRUVHGE\VD\LQJVRIVRPH&RPSDQLRQVRIWKH3URSKHW3%8+DERXWZKLFKVRPH
0XKDGGLWKXQVFKRODUVRI+DGLWKKDYHHYHQFODLPHGWKDW WKHVHVD\LQJVDUH0DXVXOWKHFKDLQRI
QDUUDWRUVUHDFKHVXSWRWKH3URSKHW3%8+)RUIXUWKHUGHWDLOVSOHDVHVHH)DWK$O%DUL2WKHUZLVH
WKHYLHZWKDWLWLVQRQREOLJDWRU\LVSUHIHUDEOH
>$O%XNKDUL@
&RPPHQWDU\ ,QRUGLQDU\FLUFXPVWDQFHV+DMMLVWKHEHVWRI-LKDGIRUZRPHQEHFDXVHLQ,VODP
SROLWLFVHFRQRP\JRYHUQPHQWPLOLWDU\DIIDLUVHWFFRPHLQWKHSXUYLHZRIPHQDQGPHQDORQH
:RPHQDUHH[HPSWHGIURPDOOVXFKPDWWHUV+RZHYHULQFDVHRIZDULIWKHQHHGDULVHVZRPHQFDQEH
HQJDJHGIRUVXSSO\RIIRRGILUVWDLGRIWKHZRXQGHGHWFRQWKHLQWHUQDOIURQWSURYLGHGWKH\FDQGR
VXFKZRUNVZLWKRXWFURVVLQJWKHERXQGVRIWKH,VODPLFW\SHYHLO%XWLPSDUWLQJPLOLWDU\WUDLQLQJWR
ZRPHQDQGGLVSDWFKLQJWKHPWRZDUIURQWDUHVKHHULPLWDWLRQVRIWKHZHVWHUQQDWLRQVIRUZKLFKWKHUHLV
QRVFRSHLQWKHWHDFKLQJVRI,VODP7KLV+DGLWKDOVRFRQILUPVWKLVYLHZ
>0XVOLP@
&RPPHQWDU\ $OPLJKW\$OODKHPDQFLSDWHVPRVWRI+LVVODYHVERWKPHQDQGZRPHQIURPWKH+HOO
ILUHRQWKLVJUHDWGD\0LOOLRQVRISLOJULPVZKRE\YLUWXHRIWKHLUVLQFHUHUHSHQWDQFH WU\WRVHHNWKH
3OHDVXUHRI$OODKFHUWDLQO\VWDQGWRHDUQ$OODK
V3DUGRQIRUWKHLUVLQVDQGWKHUHE\HPDQFLSDWLRQIURP
WKH+HOOILUH0D\$OODKJUDQWXVWKLVJUDFHRI+LV
2UVDLG(TXDOWRWKH
SHUIRUPDQFHRI+DMMZLWKPH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (TXDOWRWKHSHUIRUPDQFHRI+DMM
PHDQVWKHUHWXUQDQGUHZDUGWRZKLFK+DMMLV
HOLJLEOH,WGRHVQRWPHDQWKDWLWZLOOVHUYHDVDVXEVWLWXWHIRU+DMMDQGDEVROYHRQHIURPWKHQHHGWR
SHUIRUPLW7KLVGLVWLQFWLRQRIC8PUDKLQWKHPRQWKRI5DPDGDQLVSHUKDSVIRUWKHUHDVRQWKDWLQWKLV
ZD\WZRDFWVRIZRUVKLSDUHFRPELQHGDWRQHWLPH
+H3%8+
VDLG<HV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +DMMKDVEHFRPHREOLJDWRU\LQROGDJH
PHDQVWKDWZKHQ$OODKKDVPDGH+DMM
REOLJDWRU\DWWKDWWLPHKHUIDWKHUKDGDWWDLQHGROGDJHRUKHFDPHWRSRVVHVVWKHPHDQVLQKLVROGDJH
ZKLFKPDGHKLPOLDEOHIRU+DMMEXWKHLVQRWFDSDEOHRIXQGHUWDNLQJWKHMRXUQH\EHFDXVHRIKLVSRRU
KHDOWK,QVXFKFDVHVWKH3URSKHW3%8+KDVJUDQWHGWKHPSHUPLVVLRQIRU+DMME\UHSUHVHQWDWLRQ%XW
ZHOHDUQIURPRWKHU$KDGLWKWKDW+DMME\UHSUHVHQWDWLRQFDQRQO\EHGRQHWKURXJKVXFKDSHUVRQZKR
KDVDOUHDG\SHUIRUPHG+DMM6LPLODUO\LIDSHUVRQRIPHDQVGLHVZLWKRXWSHUIRUPLQJ+DMMLWLVHVVHQWLDO
WKDW+DMMLVSHUIRUPHGRQKLVEHKDOIRWKHUZLVHKHZLOOEHDQVZHUDEOHIRUWKLVRPLVVLRQ7KLVIRUPXOD
GRHVQRWDSSO\WRSDUHQWVZKRKDYHGLHGLQSRYHUW\EHFDXVHWKH\ZHUHQRWOLDEOHIRULW,IVRPHRQHGRHV
LWIRUWKHVDNHRIUHZDUGKHZLOOEHKRSHIXOO\JUDQWHGWKHUHZDUGRIYROXQWDU\+DMM
/DTLWELQC$PLU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,FDPHWRWKH3URSKHW3%8+DQG
VDLG0\IDWKHULVDYHU\ROGPDQDQGGRHVQRWKDYHVWUHQJWKWRSHUIRUP+DMMSLOJULPDJHRUC8PUDK
RUWRXQGHUWDNHWKHMRXUQH\
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVSHUPLVVLRQRI+DMMWKURXJKUHSUHVHQWDWLYHZKHUHDSHUVRQLV
QRWFDSDEOHRIGRLQJLW%XWLWLVHVVHQWLDOWKDWWKHUHSUHVHQWDWLYHDJHQWPXVWKDYHDOUHDG\SHUIRUPHG
+DMM
$V6DL
EELQ<D]LG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,ZDVVHYHQ\HDUVROGZKHQ,ZDV
WDNHQWRSHUIRUP+DMMSLOJULPDJH7KLVZDVGXULQJWKHWLPHWKH0HVVHQJHURI$OODK3%8+
SHUIRUPHGWKH+DMMDWXO:DGDC)DUHZHOO3LOJULPDJH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHIDFWWKDWLWLVSHUPLVVLEOHWRWDNHFKLOGUHQWR+DMM7KH
UHZDUGRIWKHLU+DMMZLOOEHJLYHQWRWKHLUSDUHQWV%XWZKHQDIWHUDWWDLQLQJPDWXULW\WKHFKLOGEHFRPHV
OLDEOHIRU+DMMLWZLOOEHQHFHVVDU\IRUKLPWRSHUIRUPLWDJDLQEHFDXVHWKHRQHKHKDVSHUIRUPHGLQ
FKLOGKRRGZLOOQRWEHVXIILFLHQWIRUKLP7KHUHDVRQEHKLQGWDNLQJFKLOGUHQWR+DMMLVWRWHDFKWKHP
KRZWRSHUIRUPWKLVREOLJDWLRQ
7KHQDZRPDQ
OLIWHGXSDER\WRKLPDQGDVNHG:RXOGWKLVFKLOGEHFUHGLWHGZLWKKDYLQJSHUIRUPHGWKH+DMM
SLOJULPDJH"
>0XVOLP@
&RPPHQWDU\ =DPLODK
LVDPRXQWOLNHDKRUVHPXOHHWFRQZKLFKOXJJDJHLVORDGHGZKLOH
WUDYHOOLQJ:KDWLWPHDQVKHUHLVWKDWWKH3URSKHW3%8+WUDYHOOHGIRU+DMMRQVXFKDPRXQWRQZKLFK
KHNHSWKLVSURYLVLRQIRUWKHMRXUQH\DOVR,QRWKHUZRUGVLWZDVKLV=DPLODKDVZHOO7KLVLQFLGHQW
KDSSHQHGGXULQJ+DMMDWXO:DGDC)DUHZHOO3LOJULPDJH7KLV+DGLWKVKRZVWKH3URSKHW
VWRWDO
KXPLOLW\DQGKXPEOHQHVVDQGKLVGLVUHJDUGIRUWKHOLIHRIWKHZRUOG
>$O%XNKDUL@
7+(%22.2)-,+$'
&+$37(5
2%/,*$7,212)-,+$'
$OODKWKH([DOWHGVD\V
$QGILJKWDJDLQVWWKH0XVKULNXQSRO\WKHLVWVSDJDQVLGRODWHUVGLVEHOLHYHUVLQWKH2QHQHVVRI
$OODKFROOHFWLYHO\DVWKH\ILJKWDJDLQVW\RXFROOHFWLYHO\%XWNQRZWKDW$OODKLVZLWKWKRVHZKR
DUH$O0XWWDTXQWKHSLRXV
-LKDGKRO\ILJKWLQJLQ$OODK
V&DXVHLVRUGDLQHGIRU\RX0XVOLPVWKRXJK\RXGLVOLNHLWDQGLW
PD\EHWKDW\RXGLVOLNHDWKLQJZKLFKLVJRRGIRU\RXDQGWKDW\RXOLNHDWKLQJZKLFKLVEDGIRU
\RX$OODKNQRZVEXW\RXGRQRWNQRZ
2\RXZKREHOLHYH6KDOO,JXLGH\RXWRDWUDGHWKDWZLOOVDYH\RXIURPDSDLQIXOWRUPHQW"7KDW
\RXEHOLHYHLQ$OODKDQG+LV0HVVHQJHU0XKDPPDG3%8+DQGWKDW\RXVWULYHKDUGDQG
ILJKWLQWKH&DXVHRI$OODKZLWK\RXUZHDOWKDQG\RXUOLYHVWKDWZLOOEHEHWWHUIRU\RXLI\RXEXW
NQRZ,I\RXGRVR+HZLOOIRUJLYH\RX\RXUVLQVDQGDGPLW\RXLQWR*DUGHQVXQGHUZKLFK
ULYHUVIORZDQGSOHDVDQWGZHOOLQJVLQC$GQ(GHQ-DQQDKWKDWLVLQGHHGWKHJUHDWVX FFHVV$QG
DOVR+HZLOOJLYH\RXDQRWKHUEOHVVLQJZKLFK\RXORYHKHOSIURP$OODKDJDLQVW\RXUHQHPLHV
DQGDQHDUYLFWRU\$QGJLYHJODGWLGLQJV20XKDPPDG3%8+WRWKHEHOLHYHUV
7KH4XU
DQLF$\DWUHODWLQJWRWKHVXEMHFWXQGHUVWXG\ DUHPDQ\7KH$KDGLWKDUHDOVRPDQ\WKHVH
LQFOXGHWKHIROORZLQJ
+H3%8+
ZDVDVNHG:KDWLVQH[W"
7KHQKH
ZDVDVNHG:KDWLVDIWHUWKDWLQJRRGQHVV"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R'LIIHUHQWDFWVKDYHEHHQ
UHJDUGHGPRUHPHULWRULRXVLQGLIIHUHQW$KDGLWK)RUWKLVUHDVRQVRPHVFKRODUVKDYHSHUIRUPHGWKH
MXVWLILFDWLRQWKDWWKHZRUGPXQZKRHYHU LVWKHNH\QRWHLQVXFKFDVHV7KDWLVVXFKDQGVXFKDFWV
FRPHLQWKHFDWHJRU\RIHPLQHQWDFWVRUWKH\KDYHEHHQPHQWLRQHGZLWKUHIHUHQFHWRFLUFXPVWDQFHVDQG
WLPHRUSODFH)RULQVWDQFHDWFHUWDLQWLPHVRUDWFHUWDLQSODFHVRUIRUFHUWDLQSHUVRQVSHUIRUPLQJ6DODW
LQWKHHDUO\SUHVFULEHGKRXUVLVPRUHPHULWRULRXVRU+DMMWKURXJKUHSUHVHQWDWLYHRU-LKDGLVPRUH
PHULWRULRXVHWF
6RPHVFKRODUVDUHRIWKHRSLQLRQWKDWWKHHPLQHQFHRIGLIIHUHQWDFWVKDVEHHQVWUHVVHGNHHSLQJWKH
SHUVRQDGGUHVVHGLQYLHZ
/LQJXLVWLFDOO\WKHZRUG+DMM
PHDQVCMRXUQH\WRDSODFHRQHUHVSHFWV
7HFKQLFDOO\LWPHDQVCMRXUQH\
WR0DNNDKLQRUGHUWRSHUIRUPWKHSLOJULPDJHULWHV
7KHZRUG0DEUXU
LVIURP%LUU
PHDQLQJ
REHGLHQFHSLHW\EXWLWVLJQLILHVKHUHDQDFWZKLFKLVGRQHVLQFHUHO\ZLWKRXWFRPPLWWLQJDVLQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH&RPPHQWDU\RQ+DGLWK1R,PDP
$O4XUWXELVD\VWKDWWKH3URSKHW3%8+PHQWLRQHGWKHVHWKUHHGHHGVLQSDUWLFXODUEHFDXVHWKH\DUHD
VLJQRIRWKHUDFWVRIREHGLHQFH+HZKRGRHVQRWSHUIRUPD6DODWDWLWVSUHVFULEHGWLPHZLWKRXWDYDOLG
UHDVRQDQG GHOD\VLWEH\RQGLWVWLPHIXOO\NQRZLQJWKDWLWLVDOLJKWEXWKLJKO\UHZDUGLQJZRUNLV
ERXQGWRQHJOHFWWKHRWKHUJRRGGHHGV2QHZKRGRHVQRWWUHDWKLVSDUHQWVQLFHO\LQVSLWHRIWKHIDFW
WKDWKHNQRZVWKDWWKH\KDYHWKHJUHDWHVWULJKWVRYHUKLPLVERXQGWRWUHDWRWKHUVLQDOHVVSURSHU
PDQQHU2QHZKRGRHVQRWZDJH-LKDGDJDLQVWWKHLQILGHOVDOWKRXJKKHLVIXOO\DZDUHWKDWWKH\DUH
DYRZHGHQHPLHVRI,VODPKHLVERXQGWRJLYHXSILJKWLQJDJDLQVWSHRSOHZKRDUHJXLOW\RIVLQVDQG
LPSLRXVDFWV
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH+DGLWKSRLQWVRXWWKHVXSHULRULW\RIILJKWLQJLQWKHZD\RI$OODK7KHPRPHQWRQH
ILJKWVIRU$OODK
VVDNHEHLWLQWKHHDUO\PRUQLQJRUWKHHYHQLQJLVEHWWHUWKDQWKHZRUOGDQGDOOWKDWLV
LQLW7KHUHDVRQLVWKDWWKHZRUOGDVZHOODVZKDWLWSRVVHVVHVLVWUDQVLWRU\ZKLOHWKH+HUHDIWHULV
HYHUODVWLQJDQGHWHUQDO&DQDQ\WKLQJWKDWLVWHPSRUDU\EHDPDWFKIRUZKDWLVHWHUQDO"
7KHPDQDVNHGDJDLQ:KRLVQH[WWRKLPLQ
H[FHOOHQFH"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH&RPPHQWDU\RQ+DGLWK1R,W
EULQJVLQWRIRFXVWKHH[FHOOHQFHRIILJKWLQJ-LKDGZLWKRQH
VZHDOWKDQGOLIHIRUWKHVDNHRI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHH[FHOOHQFHRIREVHUYLQJ5LEDWDQGILJKWLQJLQWKHZD\RI
$OODK,WDOVRKLJKOLJKWVWKHLQVLJQLILFDQFHRIWKLVZRUOGDQGWKHJUHDWUHZDUGLQWKH+HUHDIWHUZKLFKFDQ
EHDWWDLQHGWKURXJK-LKDG
6DOPDQ0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+DV
VD\LQJ2EVHUYLQJ5LEDWLQWKHZD\RI$OODKIRUDGD\DQGDQLJKWLVIDUEHWWHUWKDQREVHUYLQJ6DXP
IDVWLQJIRUDZKROHPRQWKDQGVWDQGLQJLQ6DODWSUD\HULQDOOLWVQLJKWV,IDSHUVRQGLHVZKLOH
SHUIRUPLQJWKLVGXW\KHZLOOJRRQUHFHLYLQJKLVUHZDUGIRUKLVPHULWRULRXVGHHGVSHUSHWXDOO\DQGKH
ZLOOEHVDYHGIURP$O)DWWDQ
>0XVOLP@
&RPPHQWDU\ *RRGGHHGVRID0XVOLPZKRGLHVRULVPDUW\UHGRQWKHIURQWLHUZLOOSHUSHWXDWHDQG
ZLOOEHFUHGLWHGWRKLVDFFRXQWWLOOWKH'D\RI5HVXUUHFWLRQDQGOLNHDOORWKHUPDUW\UVVXVWHQDQFHZLOO
EHSURYLGHGWRKLPHYHQDIWHUKLVGHDWK$V$OODKVD\VC7KLQNQRWRIWKRVHDVGHDGZKRDUHNLOOHGLQ
WKHZD\RI$OODK1D\WKH\DUHDOLYHZLWKWKHLU5XEEDQGWKH\KDYHSURYLVLRQ
$O)DWWDQ
KHUHPHDQVWKHLQWHUURJDWLRQLQWKHJUDYHZKLFKWKHWZRDQJHOV0XQNLUDQG1DNLUZLOO
FRQGXFW6RPHUHOLJLRXVVFKRODUVVDLGWKDWREVHUYLQJ5LEDWVHUYHVWKHSXUSRVHRIVDIHJXDUGLQJUHOLJLRQ
DQG,VODPLFWHUULWRULHVZKLOHIDVWLQJVEHQHILWRQO\WKHSHUVRQZKRSHUIRUPVLW,WLVDJUHDWWULDOZKLFK
HYHU\RQHKDVWRSDVVWKURXJK%XWRQHZKRLVD0X
PLQULJKWHRXV0XVOLPJRHVWKURXJKLWHDVLO\E\
WKH*UDFHRI$OODKDQGKHZLOODQVZHUDOOWKHTXHVWLRQVFRUUHFWO\
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKDOVRPHQWLRQVWKHPHULWVRI-LKDGHVSHFLDOO\RIGHIHQGLQJWKHIURQWLHUV
LH5LEDWDVLVPHQWLRQHGLQWKHSUHFHGLQJ$KDGLWK
>$W7LUPLGKL@
>0XVOLP@
&RPPHQWDU\
%HVLGHVWKHPHULWRI-LKDGWKLV+DGLWKPHQWLRQVWKHGLVWLQFWLRQRIWKDW0X
PLQULJKWHRXV0XVOLP
ZKRLVZRXQGHGRQWKHEDWWOHILHOG,WWHOOVXVWKDWKHZLOOEHVRUHVXUUHFWHGRQWKH'D\RI5HVXUUHFWLRQ
DVLIKHZDVZRXQGHGRQWKDWGD\%ORRGZLOOEHGULSSLQJIURPKLVERG\ZKLFKZLOOEHHPLWWLQJWKH
IUDJUDQFHRIPXVN7KLVFRQGLWLRQZLOOVKRZWKHGLVWLQFWLRQDQGPDMHVW\RIWKH0XMDKLGZDUULRULQWKH
ZD\RI$OODKRQWKH'D\RI-XGJHPHQW
,WDOVRPHQWLRQVWKH3URSKHW
VSDVVLRQIRU-LKDGZKLFKLVHYLGHQWIURPWKHUHSHDWHGH[SUHVVLRQRIKLV
GHVLUHIRUPDUW\UGRP LQIDFWDQHQGOHVVVHULHVRIOLIHIRUSHUIRUPLQJLWDJDLQDQGDJDLQIRUWKHVDNHRI
$OODK$VLPLODUGHVLUHLVDOVRPDGHE\RWKHUPDUW\UV7KH\SUD\WR$OODKWKDWWKH\EHUHVWRUHGWROLIHVR
WKDWWKH\FDQOD\GRZQWKHLUOLIHDJDLQDQGDJDLQIRU+LVVDNH
>$O%XNKDULDQG0XVOLP@
>$W7LUPLGKLDQG$EX'DZXG@
&RPPHQWDU\ )DZDT
LVWKHSHULRGWKDWLQWHUYHQHVEHWZHHQWZRFRQVHFXWLYHWXUQVRIPLONLQJD VKH
FDPHO,WLVDYHU\VKRUWLQWHUYDODQGLVDQDOOXVLRQWRDYHU\VKRUWSHULRGWKDWRQHPD\VSHQGLQ-LKDG
(YHQ-LKDGIRUVXFKDVKRUWWLPHLVVRPHULWRULRXVWKDWKLVHQWLWOHPHQWWR-DQQDKLVHQVXUHGE\LW
SURYLGHGWKH0XMDKLGLVVLQFHUHLQKLVLQWHQWLRQDQGKLVSDVWFRQGXFWLVIUHHIURPPDMRUVLQVDQG
HQFURDFKPHQWRQWKHULJKWVRIRWKHUV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWZRLPSRUWDQWSRLQWV
)LUVW-LKDGLVIDUVXSHULRUWKDQYROXQWDU\6DODW7KLVLVSHUIHFWO\WUXH EHFDXVHWKHEHQHILWRI6DODWLV
UHVWULFWHGWRWKHRQHZKRSHUIRUPVLWZKLOHWKHEHQHILWVRI-LKDGUHDFKDYDVWQXPEHURISHRSOHEHFDXVH
LWLVWRVDIHJXDUGWKHUHOLJLRQUDLVHWKHIODJRI,VODPKLJKDQGVDIHJXDUGWKH,VODPLFWHUULWRULHV%XWLWLV
RQO\SRVVLEOHZKHQWKHUHLVDJHQHUDOSURFODPDWLRQIRU-LKDGDQGWKHUHLVVXFKDVHYHUHILJKWWKDWLWLV
QRWSHUPLVVLEOHIRUDQ\RQHWRVWD\EHKLQGWKDWLVWRVD\LWEHFRPHVREOLJDWRU\,QWKHRUGLQDU\
FLUFXPVWDQFHVZKHQDJHQHUDOSURFODPDWLRQIRU-LKDGLVQRWPDGHWKHYROXQWDU\6DODWLVWKHEHVWRIDOO
DFWVRIZRUVKLS6HFRQGWKH&RPSDQLRQVRIWKH3URSKHW3%8+GLGQRWGRDQ\WKLQJZLWKRXWWKH
SHUPLVVLRQRIWKH3URSKHW3%8+
+H3%8+
UHSOLHG<RXGRQRWKDYHWKHVWUHQJWKWRGRLW
7KHQDUUDWRUVDLG7KHTXHVWLRQZDVUHSHDWHGWZLFHRU
WKULFHEXWHYHU\WLPHKH3%8+DQVZHUHG<RXGRQRWKDYHWKHVWUHQJWKWRGRLW
7KHQKH3%8+
VDLG2QHZKRJRHVRXWIRU-LKDGLQWKH&DXVHRI$OODKLVOLNHDSHUVRQZKRREVHUYHV6DXPIDVWLQJ
VWDQGVLQ6DODWSUD\HUFRQVWDQWO\UHFLWHVWKH$\DWRIWKH4XU
DQDQGGRHVQRWH[KLELWDQ\ODVVLWXGHLQ
IDVWLQJDQGSUD\HUXQWLOWKHSDUWLFLSDQWRI-LKDGLQWKHZD\RI$OODKUHWXUQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OTDQLW
VLJQLILHVRQHZKRPDNHVUHFLWDWLRQRIWKH$\DWRIWKH1REOH4XU
DQZLWKWKH
IHDURI$OODKDQGKXPLOLW\RULVVXEPLVVLYHDQGREHGLHQWWRWKH&RPPDQGVRI$OODK7KHH[DPSOHFLWHG
KHUHPHDQVWKDWVRORQJD0XMDKLGLVHQJDJHGLQ-LKDGKHLVOLNHDSHUVRQZKRNHHSVKLPVHOIRFFXSLHG
LQ6DODWDWQLJKWDQGREVHUYHV6DXPLQWKHGD\WLPH7KHDFWLRQRIVXFKDSHUVRQFDQEHHTXDOLQUHZDUG
WRWKHFRQGXFWRID0XMDKLG7KXVLQVSHFLDOVLWXDWLRQV-LKDGLVWKHPRVWPHULWRULRXVDFW$ZRUVKLSSHU
FDQQRWDWWDLQWKDWUHZDUGIRUKLVZRUVKLSZKLFKD0XMDKLGDFKLHYHVLQ-LKDG
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KHEHVWOLIHLVWKDWRIWKHPDQZKRKROGVKLVKRUVH
VUHLQLQ$OODK
VZD\DQGIOLHVRQLWVEDFNWRWKH
SODFHVIURPZKHQFHKHKHDUVDZDUFU\RUWKHFODWWHURIDUPVVHHNLQJPDUW\UGRPRUVODXJKWHURQWKH
EDWWOHILHOG RUWKDWRIDSHUVRQZKRJRHVWRVWD\RQWKHWRSRIWKHKLOORULQDYDOOH\DQGWKHUHKH
SHUIRUPV6DODWSUD\HUSD\VWKH=DNDWDQGZRUVKLSVKLV5XEEWLOOGHDWKRYHUWDNHVKLP+HKDVQR
FRQFHUQZLWKWKHDIIDLUVRIDQ\RQHH[FHSWWKHGRLQJRIJRRG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH&RPPHQWDU\RQ+DGLWK1R%HVLGHV
KLJKOLJKWLQJWKHGLVWLQFWLRQRIWKH0XMDKLGWKLV+DGLWKPHQWLRQVWKHH[FHOOHQFHRIWKDWSHUVRQZKR
OHDYHVWKHFLWLHVZKHQWKH\DUHSODJXHGZLWKPLVFKLHIDQGUHWUHDWVWRWKHYDOOH\VRUKLOOVDQGSURWHFWVKLV
)DLWKE\IORFNNHHSLQJDQGGHYRWHVKLPVHOIWRWKHREHGLHQFHRI$OODKDGKHUHQFHWR+LV&RPPDQGVDQG
+LVZRUVKLS2QHRIKLVRXWVWDQGLQJTXDOLWLHVLVWKDWKHGRHVZKDWLVEHQHILFLDOWRWKHSHRSOHDQGKH
GRHVQRWKLQJZKLFKFDXVHVKDUPWRDQ\RQH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHGLVWLQFWLRQRI0XMDKLGLQWKH+HUHDIWHUDQGWKHLU
HOHYDWLRQWRKLJKSRVLWLRQ
$EX6DCLG ZDV
GHOLJKWHGZLWKWKLVDQGUHTXHVWHGWKH0HVVHQJHURI$OODK3%8+WRUHSHDWLW+H3%8+UHSHDWHGLW
DJDLQDQGWKHQVDLG7KHUHLVDOVRDQRWKHUDFWE\ZKLFK$OODKZLOOHOHYDWHWKHSRVLWLRQRIDSLRXV
EHOLHYLQJVODYHLQ-DQQDKWRDJUDGHRQHKXQGUHGGHJUHHVKLJKHU$QGWKHGLVWDQFHEHWZHHQDQ\WZR
JUDGHVLVHTXDOWRWKHGLVWDQFHEHWZHHQKHDYHQDQGHDUWK
+HDVNHGWKH0HVVHQJHURI$OODK3%8+
ZKDWLWZDVDQGKH3%8+UHSOLHG-LKDGLQWKHZD\RI$OODK-LKDGLQWKHZD\RI$OODK
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHSHRSOHZKRZLOOEHVHQWWR-DQQDKZLOOEHUDQNHG
WKHUHGLIIHUHQWO\DFFRUGLQJWRWKLVPHULWVRIWKHLUGHHGV7KHUHZLOOEHLQQXPHUDEOHSRVLWLRQVLQ-DQQDK
DQG0XMDKLGZLOOKDYHDKXQGUHGRIWKHP
$EX%DNUELQ$EX0XVD$O$VKCDULUHSRUWHG,KHDUGP\IDWKHUVD\LQJLQWKHSUHVHQFHRIWKH
HQHP\7KH0HVVHQJHURI$OODK3%8+VDLG7KHJDWHVRI-DQQDKDUHXQGHUWKHVKDGHVRIWKH
VZRUGV
$PDQZLWKDVKDJJ\DSSHDUDQFHJRWXSDQGVDLG2$EX0XVD'LG\RXKHDUWKH0HVVHQJHU
RI$OODK3%8+VD\WKDWLQSHUVRQ"
$EX0XVDUHSOLHGLQWKHDIILUPDWLYHVRKHUHWXUQHGWRKLV
FRPSDQLRQVDQGVDLG,WHQGHU\RXIDUHZHOOJUHHWLQJV
7KHQKHEURNHWKHVFDEEDUGRIKLVVZRUGDQG
WKUHZLWDZD\+HUXVKHGWRZDUGVWKHHQHP\ ZLWKKLVVZRUGDQGIRXJKWZLWKLWWLOOKHZDVPDUW\UHG
>0XVOLP@
&RPPHQWDU\ %HVLGHVKLJKOLJKWLQJWKHGLVWLQFWLRQRI-LKDGWKLV+DGLWKWHOOVXVDERXWWKH
&RPSDQLRQV
SDVVLRQIRU-LKDGDQGDUGHQWORYHIRU$OODKDQG+LV3URSKHW3%8+,WDOVRWHOOVDERXW
WKHLUILUPIDLWKLQZKDWZDVRUGDLQHGE\$OODKDQG+LV3URSKHW3%8+,QIDFWLWZDVWKLVFHUWLWXGH
ZKLFKLQFOLQHGWKHPPRUHWRWKH+HUHDIWHUUDWKHUWKDQWKLVZRUOG
>$O%XNKDUL@
&RPPHQWDU\ )HHWVRLOHGZLWKGXVW
PHDQVSDUWLFLSDWLRQLQ-LKDG7KDWLVWRVD\DSHUVRQWDNHVSDUW
LQ-LKDGDQG\HWJRHVWR+HOOLVDOWRJHWKHULPSRVVLEOH:KDWLWVLJQLILHVLVWKDW-LKDGLVDPHDQVRI
H[SLDWLRQRIVLQVDQGWKDWLWJXDUDQWHHVWKHDGPLVVLRQLQWR-DQQDKSURYLGHGKHLVQRWJXLOW\RIPDMRU
VLQV7KLVH[FHSWLRQLVFRQILUPHGE\RWKHU$KDGLWK
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKPDNHVXVHRIDPHWDSKRUWRVWUHVVWKHLPSRVVLEOH2QHZKRZHHSVIRU
)HDURI$OODKDQGRQHZKRLVFRYHUHGZLWKWKHGXVWRIWKHEDWWOHILHOGLQWKHFRXUVHRI-LKDGZLOOLQQR
FDVHHQWHU+HOOXQWLOWKHPLONGUDZQIURPXGGHUJRHVEDFNWRLW7KHGXVWRIWKHEDWWOHILHOGRI-LKDGDQG
WKHVPRNHRI+HOOFDQQRWFRPELQHDWRQHSODFH7KHPL[LQJRIWKHWZRLVXWWHUO\LPSRVVLEOH+RZHYHU
WKLVZLOODSSO\RQO\LIRQH
VC$THHGDKLVFRUUHFWDQGRQH
VLQWHQWLRQLVFRUUHFWLHRQHSDUWLFLSDWHVLQ
-LKDGZLWKWKHLQWHQWLRQWRSOHDVH$OODK$ORQH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHHPLQHQFHRIWKHSHUVRQZKRZHHSVRXWRI)HDURI$OODK
DQGDOVREULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQRIWKH0XMDKLGZKRNHHSVDYLJLOGXULQJ-LKDG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHPXWXDOKHOSRIWKH0XVOLPVDQGWKHUHZDUGRIWKHLU
FRRSHUDWLRQZLWKRQHDQRWKHU7RSURYLGHWKHQHHGVRI-LKDGRID0XMDKLGDQGWRDUUDQJHIRUWKH
SURWHFWLRQVXSHUYLVLRQDQGUHTXLUHPHQWVRIWKHIDPLO\RID0XMDKLGGXULQJKLVDEVHQFHIURPKRPHGXH
WR-LKDGLVDVJRRGDVSDUWLFLSDWLRQLQ-LKDG7KRVHZKRKHOSWKH0XMDKLGLQWKLVPDQQHUZLOOKDYHWKH
VDPHUHZDUGWRZKLFKWKH0XMDKLGLVHQWLWOHG
>$W7LUPLGKL@
PHDQVWRSURYLGHDVHUYDQWZKRFDQKHOS
DQGVHUYHKLP)DKO
OLWHUDOO\PHDQVFDPHODQG7DUXTDK
LVWKDW\RXQJVKHFDPHOZKLFKFDQEHDU
RIIVSULQJWKDWLVD\RXQJKHDOWK\VKHFDPHOZKLFKFDQEHRIVHUYLFHWRWKH0XMDKLG:KDWDOOWKLV
PHDQVLVWKDWVXFKZRUNLVKLJKO\PHULWRULRXVZKLFKFDQSURYLGHD0XMDKLGZLWKFRPIRUWSRZHUDQG
IRRG$OODKKROGVSURPLVHRIDULFKUHZDUGIRULW
7KHPDQVDLGWRKLVZLIH*LYHKLPWKHHTXLSPHQWZKLFK,KDYH
FROOHFWHGIRUP\VHOIDQGGRQRWZLWKKROGDQ\WKLQJIURPKLP%\$OODK$OODKZRQ
WEOHVVVRPHWKLQJ
\RXZLWKKHOGLQWKLVUHVSHFW
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHIDFWWKDWLIDSHUVRQLVXQDEOHWRWDNHSDUWLQ-LKDGGXHWR
LOOQHVVIRUH[DPSOHKHVKRXOGWKHQSURYLGHVXFKPDWHULDOWRD0XMDKLGZKLFKLVKHOSIXOIRUKLPLQ
-LKDG,IKHGRHVVRKHZLOOEHHOLJLEOHWRWKHVDPHUHZDUGZKLFKLVGXHRQ-LKDG7KLVZRXOGDOVREHD
VRXUFHRILQFUHDVHDQGJURZWKLQKLVSRVVHVVLRQV2QWKHEDVLVRIWKLVDUJXPHQWLWKDVEHHQVWDWHGWKDW
RQHVKRXOGDOZD\VLQWHQGWRH[SHQGKLVSRVVHVVLRQRQVRPHWKLQJQREOH+HZKRGRHVQRWJHWWKH
RSSRUWXQLW\WRH[SHQGLWRQZKDWKHKDGLQWHQGHGVKRXOGGLUHFWWKDWPDWHULDOWRZDUGVVRPHRWKHUQREOH
SXUSRVH
>0XVOLP@
DQGDGGHG:KRHYHUVWD\VEHKLQGDQGORRNVZHOODIWHUWKHIDPLO\DQGWKHSURSHUW\RIWKRVH
ZKRKDYHMRLQHGWKHH[SHGLWLRQZLOOJHWKDOIWKHUHZDUGRIWKHZDUULRU
&RPPHQWDU\ 7KHUHZDUGZLOOEHVKDUHGDPRQJVWWKHPHTXDOO\
RUZLOOJHWKDOIWKHUHZDUG
VLJQLILHVRQHDQGWKHVDPHWKLQJ6RPHSHRSOHPLJKWPLVWDNHQO\WKLQNWKDWWKHVHWZRQDUUDWLRQVRI
6DKLK0XVOLPDSSDUHQWO\FRQWUDGLFWHDFKRWKHUEHFDXVHWKH\LPSO\WKDWKHZKRWDNHVSDUWLQ-LKDGDQG
KHZKRSURYLGHVPDWHULDOWRD0XMDKLGRUORRNVDIWHUWKHIDPLO\RID0XMDKLGLQKLVDEVHQFHIURPKRPH
ZRXOGJHWHTXDOUHZDUG)RUWKLVUHDVRQVRPHSHRSOHKDYHWDNHQWKHZRUGKDOI
DVVXSHUIOXRXV
WKLQNLQJWKDWVRPHQDUUDWRUKDVDGGHGLWLQWKHWH[WRQKLVRZQ%XW$O+DIL],EQ+DMDULVRIWKHRSLQLRQ
WKDWDIWHUWKHDFFHSWDQFHRIWKHFUHGLELOLW\RIWKLV+DGLWKDQGWKHSURRIVIXUQLVKHGLQWKLVUHJDUGLWLV
XQIDLUWRDVFULEHDGGLWLRQRIDQ\ZRUGWRWKHQDUUDWRU,WVFRUUHFWLQWHUSUHWDWLRQVHHPVWREHWKDWZKHQ
WKHWRWDOUHZDUGRILWZLOOEHHYHQO\GLVWULEXWHGEHWZHHQWKHWZRHDFKRIWKHPZLOOJHWWKHVDPHDPRXQW
RIUHZDUG+HQFHWKHUHLVQRFRQWUDGLFWLRQLQWKHVHWZR$KDGLWK
7KLV+DGLWKDOVRWHOOVXVWKDW-LKDGLVQRWDQH[SUHVVREOLJDWLRQDQGLIRQHRIWKHWZRSHUVRQVWDNHVSDUW
LQ-LKDGLWZLOOVXIILFHIRUWKHRWKHUDOVR :KDWFDQEHLQIHUUHGIURPWKLVLVWKDWWKHRWKHUVVKRXOGWDNH
SDUWLQ-LKDGLQVXFKDPDQQHUWKDWWKRVHZKRKDYHZHDOWKVKRXOGDUUDQJHIRUWKHPLOLWDU\UHTXLUHPHQWV
RIWKH0XMDKLGXQDQGORRNDIWHUWKHLUIDPLOLHVDQGLQFDVHDQ\0XMDKLGLVPDUW\UHGWKH\ VKRXOG
SURYLGHILQDQFLDOKHOSWRKLVIDPLO\LILWGRHVQRWKDYHVXIILFLHQWPHDQVIRUDUHVSHFWDEOHOLYLQJ
6LPLODUO\SHRSOHLQRWKHUZDONVRIOLIHVKRXOGDOVRWDNHSDUWLQ-LKDGLQHYHU\SRVVLEOHPDQQHU
+HHPEUDFHG,VODPDQGIRXJKW
XQWLOKHZDVNLOOHG7KHUHXSRQWKH0HVVHQJHURI$OODK3%8+VDLG+HDFFHSWHG,VODPIRUDVKRUW
WLPHEXWZDVUHZDUGHGPXFK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6RPHWLPHV$OPLJKW\$OODKDZDUGVZLWK+LV*UDFHDQG0HUF\DEXQGDQWUHZDUGHYHQ
RQVPDOOYLUWXHV7KLV+DGLWKDOVRPDNHVLWDEVROXWHO\FOHDUWKDWDSHUVRQEHFRPHVHOLJLEOHIRUUHZDUG
IRUKLVJRRGGHHGVDIWHUHPEUDFLQJWKH)DLWK,QWKHDEVHQFHRI)DLWKQRYLUWXHLVDFFHSWDEOHWR$OODK
$QRWKHUQDUUDWLRQLV2QDFFRXQWRIWKHH[FHOOHQFHDQGGLVWLQFWLRQKHZLOOH[SHULHQFHDVDUHVXOWRI
PDUW\UGRP
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHULJKWVRISHRSOHZLOOQRWEHIRUJLYHQHYHQE\
PDUW\UGRPQRUZRXOGPDMRUVLQVEHSDUGRQHG)RUWKHIRUJLYHQHVVRIPDMRUVLQVRQHKDVWRPDNH
VLQFHUHUHSHQWDQFH
$PDQVWRRGXSDQGVDLG20HVVHQJHURI$OODK
,QIRUPPHLI,DPNLOOHGLQWKHZD\RI$OODKZLOOP\VLQVEHEORWWHGRXW"
7KH0HVVHQJHURI$OODK
3%8+VDLG<HVLQFDVH\RXDUHNLOOHGLQWKHZD\RI$OODKDQG\RX UHPDLQHGSDWLHQWKRSHIXORI
UHZDUGDQGDGYDQFLQJIRUZDUGZLWKRXWUHWUDFLQJEDFNLHZKLOHILJKWLQJ
7KHQKHVDLG:KDWZDV
\RXUTXHVWLRQ"
+HLQTXLUHGDJDLQ,QIRUPPHLI,DPNLOOHGLQWKHZD\RI$OODKZLOODOOP\VLQVEH
EORWWHGRXW"
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHJUHDWPHULWDQGUHZDUGRIPDUW\UGRPWKDWLWPDNHVXS
IRUWKHVKRUWFRPLQJVRIWKHPDUW\UV7KLVLVKRZHYHUVXEMHFWWRIRXUFRQGLWLRQVZKLFKKDYHEHHQ
PHQWLRQHGLQWKH+DGLWK
7KHULJKWVRISHRSOHVXFKDVGHEWZLOOQRWEHIRUJLYHQ6LPLODUO\PDMRUVLQVZLOOQRWEHSDUGRQHG
ZLWKRXWVLQFHUHUHSHQWDQFH6RPHVFKRODUVDUHRIWKHRSLQLRQWKDWGHEWKHUHPHDQVVXFKGHEWZKLFKRQH
GRHVQRWSD\LQVSLWHRIWKHIDFWWKDWKHLVDEOHWRSD\LW6XFKGHEWVZKLFKDGHEWRULQWHQGVWRSD\EXW
WKHLUSD\PHQWKDVEHHQGHOD\HGGXHWRWKHODFNRIPHDQVIRULWDQGKHGLHVEHIRUHSD\LQJWKHPZLOOEH
KRSHIXOO\IRUJLYHQE\WKH*UDFHDQG0HUF\RI$OODK7KHUHDUHRWKHU$KDGLWKZKLFKOHQGVXSSRUWWR
WKLVYLHZ
7KHPDQWKUHZDZD\WKHIHZGDWHVZKLFKKHKDGLQKLVKDQGMXPSHGLQWRWKHEDWWOHILHOGDQG
IRXJKWRQWLOOKH ZDVNLOOHG
>0XVOLP@
&RPPHQWDU\ 6LQFHUHLQWHQWLRQLVERXQGWREHUHZDUGHGE\-DQQDK6XFKSHRSOHFDQEHVDIHO\JLYHQ
WKHJODGWLGLQJVRI-DQQDK
:KHQWKHSRO\WKHLVWVFDPHQHDUWKH0HVVHQJHURI$OODK3%8+
VDLG1RZVWDQGXSDQGSURFHHGWRZDUGV-DQQDKZKLFKLVDVZLGHDVDUHWKHKHDYHQVDQGWKHHDUWK
C8PDLUELQ$O+XPDP0D\$OODKEHSOHDVHGZLWKKLPDVNHG,V-DQQDKDVZLGHDVDUHWKHKHDYHQ
DQGWKHHDUWK"
7KH0HVVHQJHURI$OODK3%8+DVNHGKLPZKDWKDGXUJHGKLPWRVD\VR+HUHSOLHG1RWKLQJ2
0HVVHQJHURI$OODK%XWKRSHWKDW,PLJKWEHFRPHRQHRIWKHLQKDELWDQWVRI-DQQDK
7KH0HVVHQJHURI
$OODK3%8+VDLG<RXZLOOGHILQLWHO\EHDPRQJWKHP
C8PDLUWKHQWRRNVRPHGDWHVRXWRI KLV
TXLYHUDQGEHJDQWRHDWWKHPEXWDIWHUDVKRUWWLPHKHVDLG,I,VXUYLYHWLOO,HDWP\GDWHVLWZLOOPHDQ
DORQJOLIH
6RKHWKUHZDZD\WKHGDWHVZKLFKKHKDGZLWKKLPDQGWKHQIRXJKWZLWKWKHHQHP\WLOOKH
ZDVNLOOHG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWKUHHSRLQWV
7KHLPSRUWDQFHRIWKHREHGLHQFHRIWKHOHDGHU6ROGLHUVVKRXOGZDLWIRUWKHRUGHUVRIWKHLU
FRPPDQGHUDQGVKRXOGQRWWDNHDQ\VWHSZLWKRXWKLVRUGHUV
,QRUGHUWRLQIXVHWKHWUXHVSLULWRI-LKDGDPRQJWKHVROGLHUVWKH\VKRXOGEHWROGDQGUHPLQGHG
DERXWWKHEOHVVLQJVRI-DQQDKVRWKDWWKH\ILJKWZLWKHQWKXVLDVPDQGYDORXUIRUDWWDLQLQJLW
7KHQDUUDWRUVDLG$ PDQDWWDFNHG+DUDPIURPEHKLQGDQG
VPRWHKLPZLWKDVSHDUZKLFKSLHUFHGKLP:KHUHXSRQ+DUDPVDLG%\WKH5XEERI.DCEDK,KDYH
PHWZLWKVXFFHVV7KH0HVVHQJHURI$OODK3%8+VDLGWRKLV&RPSDQLRQV<RXUEUHWKUHQKDYHEHHQ
VODLQDQGWKH\ZHUHVD\LQJ2$OODK&RQYH\IURPXVWRRXU3URSKHWWKHQHZVWKDWZHKDYHPHW<RX
LQDZD\WKDWZHDUHSOHDVHGZLWK<RXDQG<RXDUHSOHDVHGZLWKXV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHIROORZLQJWKUHHSRLQWV
$V6XIIDK
LVDWHUUDFHLQZKLFKSHRSOHVWD\HGWKH\KDGQHLWKHUDQ\SHUPDQHQWVRXUFHRILQFRPH
QRUDQ\IUHHSXEOLFNLWFKHQQRUZDVWKHUHDQ\DUUDQJHPHQWIRUWKHVXSSO\RIWKHLUIRRGIURP
LQGLYLGXDOV7KH\GHSHQGHGHQWLUHO\RQWKH*UDFHRI$OODK
(YHU\QRZDQGWKHQWKH\UHFHLYHGVRPH6DGDTDKRUJLIWDQGWKH\DOOVKDUHGLW6RPHRIWKHPZRXOG
FROOHFWILUHZRRGDQGWKURXJKLWVVDOHUDLVHGVRPHPRQH\WRSXUFKDVHIRRGIRUWKHPVHOYHVDQGWKHLU
&RPSDQLRQV
2QWKH'D\RI8KXGZKHQWKH
0XVOLPVWXUQHGWKHLUEDFNVDQGIOHGKHVDLG2$OODK,DSRORJL]HWR<RXIRUZKDWWKHVHLHKLV
FRPSDQLRQVKDYHGRQHDQG,GHQRXQFHZKDWWKHVHLHWKHSDJDQVKDYHGRQH
7KHQKHDGYDQFHG
DQG6DCGELQ0X
DGKPHWKLP+HVDLG26DCGELQ0X
DGK%\WKH5XEERI$Q1DGU-DQQDK,DP
VPHOOLQJLWVDURPDFRPLQJIURPEHIRUHWKHPRXQWDLQRI8KXG
/DWHURQ6DCGVDLG20HVVHQJHURI
$OODK,FDQQRWDFKLHYHRUGRZKDWKHLH$QDVELQ$Q1DGUGLG:HIRXQGPRUHWKDQHLJKW\ZRXQGV
E\VZRUGVVSHDUVDQGDUURZVRQKLVERG\:HIRXQGKLPGHDGDQGKLVERG\ZDVPXWLODWHGVREDGO\
WKDWQRQHH[FHSWKLVVLVWHUFRXOGUHFRJQLVHKLPE\KLVILQJHU
:HXVHGWRWKLQNWKDWWKHIROORZLQJ$\DK
ZDVUHYHDOHGFRQFHUQLQJKLPDQGRWKHUPHQRIKLVVRUW$PRQJWKHEHOLHYHUVDUHPHQZKRKDYHEHHQ
WUXHWRWKHLUFRYHQDQWZLWK$OODKLHWKH\KDYHJRQHRXWIRU-LKDGDQGVKRZHGQRWWKHLUEDFNVWRWKH
GLVEHOLHYHUVRIWKHPVRPHKDYHIXOILOOHGWKHLUREOLJDWLRQVLHKDYHEHHQPDUW\UHG
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHU,WZDVFODULILHGWKHUHE\,PDP$Q1DZDZLWKDW
WKHZRUG/D\DUD\DQQ$OODKX
KDVEHHQPHQWLRQHGLQWZRIRUPV7KHWUDQVODWLRQJLYHQDERYHDFFRUGV
ZLWKLWVILUVWIRUP,QLWVVHFRQGIRUPLWPHDQV$OODKZLOOPDQLIHVWWRWKHSHRSOHZKDW,ZLOOGR
7KURXJKWKHVHZRUGV$QDVELQ1DGUH[SUHVVHGLQYHU\FDXWLRXVZRUGVKLVGHWHUPLQDWLRQWRILJKW
FKLYDOURXVO\EXWUHIUDLQHGIURPPDNLQJDQ\FODLPRUSUHWHQVLRQ+HUHZHKDYHDOHVVRQWKDWLIRQH
LQWHQGVWRGRDJRRGGHHGKHVKRXOGQRWPDNHDQ\WDOOFODLPVDERXWLWEXWGRLWZLWKKLVXWPRVWHIIRUW
ZKHQLWLVWLPHWRGRLW$OPLJKW\$OODKZLOOFHUWDLQO\PDNHLWPDQLIHVWWRWKHSHRSOH2QWKHFRQWUDU\
LIRQHGRHVLWIRUQDPHDQGIDPHWKHGHHGZLOOJRZDVWHEHFDXVHWKHQLWZLOOEHVXIIXVHGZLWKK\SRFULV\
UDWKHUWKDQVLQFHULW\)RUIXUWKHUQRWHVSOHDVHVHHWKH&RPPHQWDU\RQ+DGLWK1R
>$O%XNKDUL@
>$O%XNKDUL@
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HHWKH&RPPHQWDU\RQ+DGLWK1R
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHEHQHILWDQGUHZDUGRIJRRGLQWHQWLRQ,WLQGXFHVRQHWRFKHULVK
JRRGLQWHQWLRQVDQGZLVKIRUQREOHGHHGV(YHQLIRQHLVQRWDEOHWRIXOILOOVRPHRIWKHPKHZLOOJHW
WKHLUUHZDUG)RUWKLVUHDVRQHYHU\0XVOLPVKRXOGZLVKIRUPDUW\UGRPVRWKDWKHFDQDWWDLQWKLV
GLVWLQFWLRQ
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVKRZFRQYHQLHQWPDUW\UGRPKDVEHHQPDGHE\$OODK2QHZKRLV
PDUW\UHGIHHOVDVPXFKSDLQLQPDUW\UGRPDVDSHUVRQRUGLQDULO\IHHOVZLWKWKHVWLQJRIDQDQW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGZHOHDUQIURPLWWKDWLWLVEHWWHUWRVWDUWZDULQWKH
DIWHUQRRQEHFDXVHWKLVZDVWKHSUDFWLFHRIWKH3URSKHW3%8+
7KHGHVLUHIRUZDULVSURKLELWHGEXWZKHQZDUEHFRPHVLQHYLWDEOHRQHVKRXOGQRWVKRZKLVEDFNWR
WKHHQHP\UDWKHURQHVKRXOGILJKWWRWKHEHVWRIKLVDELOLW\DQGEHVWHDGIDVWLQLW
$ORQJZLWKVWHDGIDVWQHVVDQGSDWLHQFHLQILJKWLQJRQHVKRXOGDOVRSUD\IRUYLFWRU\EHFDXVHDOO
SRZHUVOLHZLWK$OODKDQGQRRQHFDQJDLQYLFWRU\ZLWKRXW+LV:LOO
7KH+DGLWKDOVRPHQWLRQVDVXSSOLFDWLRQZKLFKRQHVKRXOGPDNHZKHQKHHQFRXQWHUVWKHHQHP\
DVXSSOLFDWLRQ
DIWHUWKH$GKDQKDVEHHQSURFODLPHGDQGDVXSSOLFDWLRQGXULQJWKHEDWWOHFRPEDWLQJWKHHQHP\
>$EX'DZXG@
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ $ORQJZLWKWKHSK\VLFDOUHVRXUFHVIRUZDURQHVKRXOGDOVRSUD\IRUYLFWRU\DQGIRU
WKDWLWLVHVVHQWLDOWKDWRQHVXEPLWVWR$OODKUHPHPEHUV+LPDQGVHHNV+LV+HOS3UD\HULVDJUHDW
VRXUFHRIVWUHQJWKDQGVXSSRUWIRUD0XVOLPDQGKHPXVWPDNHIXOOXVHRILW7KH+DGLWKDOVRWHDFKHVXV
ZKDWWRVD\ZKHQRQHVHWVRXWIRU-LKDG
>$KPDGDQG$EX'DZXG@
&RPPHQWDU\ :KHQRQHLVJULSSHGZLWKIHDUKHVKRXOGUHFLWHWKHSUD\HUTXRWHGLQWKHWH[WRIWKLV
+DGLWK6LQFH$OODKLVWKH2QH:KRVDYHVIURPDQHQHP\RQHVKRXOGWKHUHIRUHSUD\WR+LPDQG
EHVHHFK+LV+HOS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH.KDLU
DXVSLFLRXVQHVVDWWULEXWHGWRKRUVHVLQWKH+DGLWKLVIRUWKRVHKRUVHVZKLFK
DUHHPSOR\HGLQ-LKDGEHFDXVHZKDW.KDLULQIDFWVLJQLILHVLVUHWXUQDQGUHZDUGEXWZDUERRW\LVDOVR
LQFOXGHGLQLW)URPWKLVDQJOHWKHEUHHGLQJRIKRUVHVLVDKLJKO\FRPPHQGDEOHDFW7KHLPSRUWDQFHRI
KRUVHVIRUZDULQWKHSDVWQHHGVQRHOXFLGDWLRQ(YHQLQWKHSUHVHQWGD\ZRUOGZKHQWKHVW\OHRIZDU
KDVDOWRJHWKHUFKDQJHGDQGQXPHURXVGDQJHURXVZHDSRQVKDYHEHHQLQYHQWHGKRUVHVDUHVWLOOSOD\LQJ
DQLPSRUWDQWUROHLQWKHZDU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 5HWXUQDQGUHZDUGLVDEHODWHGJDLQZKLOHERRW\LVDQLPPHGLDWHJDLQ
>$O%XNKDUL@
&RPPHQWDU\ 7KXVWKLV+DGLWKSHUIRUPVDQLQGXFHPHQWIRUKRUVHEUHHGLQJIRUWKHSXUSRVHRI-LKDG
,WLVDKLJKO\UHZDUGLQJDFWEHFDXVHRQHZLOOEHUHZDUGHGIRUZKDWHYHUKHZRXOGVSHQGRQWKHPDQG
ZKDWHYHULVH[FUHWHGRUGLVFKDUJHGE\WKHP
7KH
0HVVHQJHURI$OODK3%8+UHSOLHG<RXZLOOKDYHLQUHWXUQIRULWRQWKH'D\RI5HVXUUHFWLRQVHYHQ
KXQGUHGVKHFDPHOVDQGHYHU\RQHRIWKHPZLOOEHZHDULQJDQRVHVWULQJ
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ ,QDFFRUGDQFHZLWKWKHFRQGLWLRQVRIKLVWLPHVWKH3URSKHW3%8+RUGDLQHGWKH
0XVOLPVWRDFTXLUHHYHU\SRVVLEOHSRZHUDQGNHHSLWUHDG\IRUZDU(OXFLGDWLQJKLVRUGHURQWKLVSRLQW
KHVWDWHGWKDWE\SRZHUKHPHDQWDUFKHU\DQGWKHQKHUHSHDWHGWKLVZRUGWKUHHWLPHVWRVWUHVVLWV
LPSRUWDQFH+HGLGLWEHFDXVHWKHDUWRIDUFKHU\KDGIXQGDPHQWDOLPSRUWDQFHLQZDUDWWKDWWLPH,QWKH
SUHVHQWGD\ZRUOGDUFKHU\KDVORVWLWVYDOXHDVLWKDVEHHQUHSODFHGE\RWKHULQYHQWLRQVOLNHWDQNV
JXQVPLVVLOHVDWRPERPEVHWF6LPLODULVWKHFDVHRIGHYLFHVZKLFKDUHXVHGLQDLUDQGQDYDOZDUDQG
DOOWKHVHPLOLWDU\ZDUHVKDYHVXSHUELPSRUWDQFHLQPRGHUQZDUIDUH,QWKHSUHVHQWGD\FRQWH[WWKH
LQMXQFWLRQRIWKH1REOH4XU
DQWRDFTXLUHSRZHUPHDQVPDQXIDFWXULQJDQGSRVVHVVLRQRIDOOWKHVH
GHYLFHV,WLVLQFXPEHQWRQWKH0XVOLPVWKDWWKH\HTXLSWKHPVHOYHVZLWKDOOWKLVPDWHULDODQGVKRZQR
FDUHOHVVQHVVLQWKLVUHJDUG,QPRGHUQWLPHV0XVOLPVKDYHEDGO\QHJOHFWHGWKLVILHOGZLWKWKHUHVXOW
WKDWQRQ0XVOLPVKDYHPRUHNQRZOHGJHRIPRGHUQZDUIDUHDQGE\GLQWRIWKDWWKH\DUHGRPLQDWLQJWKH
ZRUOGDQGPDNLQJDFODLPRIWKHLUVXSUHPDF\DOORYHUWKHZRUOG8QOHVV0XVOLPVSXUVXHWKH4XU
DQLF
LQMXQFWLRQVRQWKLVVFRUHDQGDFTXLUHJUHDWHURUHTXDORUDWOHDVWVLPLODUPHDVXUHDQGVW\OHRISRZHUDV
LVSRVVHVVHGE\WKHQRQ0XVOLPVWKH\ZLOOQRWEHDEOHWRFKHFNWKHRQVODXJKWRIWKHLUHQHPLHVDQGWR
GHIHDWWKHP,WLVLQFXPEHQWXSRQWKH0XVOLPVWRRYHUSRZHUWKHPLJKWDQGSRZHURIWKHLQILGHOVIRUWKH
JORULILFDWLRQRI,VODP
>0XVOLP@
&RPPHQWDU\ 0XVOLPVKDYHEHHQLQIRUPHGWKURXJKWKLV+DGLWKWKDWJDWHVRIFRQTXHVWRIPDQ\
UHJLRQVZLOOEHRSHQHGRQWKHPLQIXWXUH$OPLJKW\$OODKZLOOIDYRXU WKHPZLWKVSHFLDOKHOSDQG
EHFDXVHRIWKLVKHOSHQHPLHVZLOOQRWEHDEOHWRFDXVHDQ\KDUPWRWKHP%XWLWLVHVVHQWLDOWKDWWKH\
VKRXOGQRWVODFNLQDFTXLULQJWKHPDWHULDOUHVRXUFHVUHTXLUHGIRUZDUQRUQHJOHFWPLOLWDU\SUHSDUDWLRQV
DQGH[HUFLVHV0RGHUQPLOLWDU\ZHDSRQVDQGQHZVW\OHRIZDUIDUHKDYHQRZWDNHQWKHSODFHRIDUFKHU\
DQG0XVOLPVVKRXOGPDVWHUDOORIWKHP
2UVDLG +HKDVEHHQ
JXLOW\RIGLVREHGLHQFHWR0HVVHQJHURI$OODK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHLPSRUWDQFHRIWKHDUWRIDUFKHU\WRWKHH[WHQWWKDWLID
0XVOLPIRUJHWVLWDIWHUOHDUQLQJZLWKRXWDYDOLGUHDVRQKHLVH[FOXGHGIURPWKHIROORZHUVRIWKH3URSKHW
3%8+1RZWKLVH[KRUWDWLRQDSSOLHVZLWKHTXDOIRUFHWRPRGHUQPLOLWDU\ZHDSRQVDQGLIWKHSUHVHQW
GD\0XVOLPVORVHWKHLUFRPPDQGLQKDQGOLQJWKHVHZHDSRQVWKH\ZLOOEHH[SRVHGWRWKHFRQVHTXHQFHV
RIZKLFKWKH\KDYHEHHQZDUQHGLQWKLV+DGLWKEHFDXVHWKHLUWUDLQLQJLQWKLVILHOGLVHVVHQWLDOIRU
XSKROGLQJWKH:RUGRI$OODKDQGGHIHQGLQJWKH0XVOLPV,IWKH0XVOLPVORVHSURILFLHQF\LQLWDIWHU
DFTXLULQJLWWKH\ZLOOEHJXLOW\RIQHJOHFWLQJDYHU\LPSRUWDQW,VODPLFREOLJDWLRQ
2UVDLG2QHZKRGRHVVRLVXQJUDWHIXO
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKHLPSRUWDQFHDQGPHULWRISUHSDUDWLRQIRUZDUDJDLQVWWKH
HQHP\$UURZKDVEHHQXVHGKHUHDVDV\PERO,QPRGHUQWLPHVD0XVOLPZKRPDQXIDFWXUHVZDU
ZHDSRQVZLWKWKHLQWHQWLRQWKDWKHZLOOXVHWKHPIRU-LKDGZLOOJHWDUHZDUGIRULWDORQJZLWKDOOWKRVH
ZKRLQVRPHZD\FRRSHUDWHZLWKKLPLQPDQXIDFWXULQJWKHP,QVWHDGRIDUFKHU\DQGKRUVHULGLQJ
0XVOLPVVKRXOGQRZJHWWKHWUDLQLQJRIKDQGOLQJPRGHUQPLOLWDU\ZHDSRQVDQGWKH\VKRXOGEHZDUHRI
IRUJHWWLQJLWEHFDXVHLIWKH\IRUJHWDIWHUOHDUQLQJLWWKHZDUQLQJFRQWDLQHGLQWKLV+DGLWKZLOODOVRDSSO\
WRWKHP
>$O%XNKDUL@
&RPPHQWDU\ $UDEVDUHDOVRFDOOHG%DQX,VPDCLOEHFDXVHWKH\DUHWKHGHVFHQGDQWVRI3URSKHW
,EUDKLP
VVRQ,VPDCLO7KLVLVWKHUHDVRQWKDW3URSKHW,EUDKLPLVUHFNRQHGDQDQFHVWRURIWKH3URSKHW
3%8+IRUKLVEHLQJKLVGHVFHQGDQW
>$EX'DZXGDQG$W7LUPLGKL@
>$W7LUPLGKL@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KHDERYHPHQWLRQHG$KDGLWKJLYHWKHJODG
WLGLQJVWRWKRVHZKRVSHQGLQWKHZD\RI$OODKDQGVWULYHLQ+LV&DXVH7KLVPHDQVWKDWHYHU\
HQGHDYRXULQWKH-LKDGKDVWUXWKIXOUHZDUG
>$W7LUPLGKL@
>0XVOLP@
&RPPHQWDU\ ,WLVDGLIIHUHQWPDWWHUWKDWRQHPD\QRWJHWDFKDQFHWRWDNHSDUWLQ-LKDGEXWLWZRXOG
EHDK\SRFULWLFDODWWLWXGHLIRQHGRHVQRWHYHUWKLQNWKDWLIDQRSSRUWXQLW\HYHUFRPHVLQKLVZD\KHZLOO
FHUWDLQO\JRIRU-LKDGLQWKHZD\RI$OODKDJDLQVWWKHLQILGHOV7KHUHDVRQWRWKDWLVWKDWWRVWD\EDFNDW
KRPHDWWKHWLPHRI-LKDGZDVDKDELWRIWKHK\SRFULWHV,QWKHOLJKWRIWKLV,PDP$O4XUWXELKDVVWDWHG
WKHSULQFLSOHWKDWLIRQHLVQRWFDSDEOHRIGRLQJVRPHYLUWXRXVGHHGVKHVKRXOGWKHQPDNHDUHVROYHWKDW
ZKHQHYHUKHZLOOEHFDSDEOHRILWKHZLOOGRWKDWGHHGVRWKDWKLVLQWHQWLRQWDNHVWKHSODFHRIKLVDFW
+HZKRQHLWKHUSHUIRUPVDJRRGGHHGQRUDVSLUHVIRULWKDVDK\SRFULWLFDOGLVSRVLWLRQ7KLVLVVSHFLDOO\
WUXHRID0XVOLPZKRGRHVQRWHYHQDVSLUHWRWDNHSDUWLQ-LKDG6XFKD0XVOLPGHYHORSVDUHVHPEODQFH
ZLWKK\SRFULWHV
,QDQRWKHUQDUUDWLRQWKHZRUGLQJVDUHE\DQ\JHQXLQHH[FXVH
,QDQRWKHUQDUUDWLRQWKHZRUGLQJVDUH7KH\DUH\RXUSDUWQHUVLQUHZDUG
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGZHOHDUQIURPLWWKDWDSHUVRQZKRGRHV
QRWKDYHWKHHQHUJ\WRWDNHSDUWLQ-LKDGKLVVLQFHUHLQWHQWLRQWRVSHQGKLVZHDOWKLQWKHZD\RI$OODK
DQGWROD\GRZQKLVOLIHIRU+LVVDNHLVHQRXJKIRUKLPEHFDXVHE\YLUWXHRIKLVLQWHQWLRQKHZLOOVKDUH
WKHUHZDUGRI-LKDGZLWKWKH0XMDKLGXQ
$QRWKHUQDUUDWLRQLV2QHILJKWVIRUGLVSOD\LQJKLVYDORXUDQRWKHUILJKWVRXWRI
KLVIDPLO\SULGH
$QRWKHUQDUUDWLRQLV2QHILJKWVRXWRIUDJH
+HDVNHG:KLFKRIWKHPLVILJKWLQJ
LQWKH&DXVHRI$OODK"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHZKRILJKWVIRUDQ\ZRUOGO\LQWHUHVWLVQRWD0XMDKLG
2QO\KHLVD0XMDKLGZKRILJKWVIRUWKHUHOLJLRQRI$OODKDQGWRZLQ+LV3OHDVXUHDORQH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWWKH0XMDKLGXQZKRUHWXUQVDIHDQGVRXQGIURPWKHEDWWOHILHOG
DQGJHWWKHLUVKDUHRIERRW\DUHLQIHULRULQUHZDUGWR WKRVHZKRDUHPDUW\UHGRUZRXQGHGLQ-LKDGDQG
GRQRWJHWDQ\VKDUHIURPWKHERRW\:HKDYHDVD\LQJRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+WKDW
0DQ\RIXVSDVVHGDZD\DQGZHUHPDUW\UHGLQVXFKDVLWXDWLRQWKDWWKH\GLGQRWJHWLQWKLVZRUOGDQ\
VKDUHIURPWKHLUUHZDUGEXWWKHUHDUHPDQ\RWKHUVZKRVHIUXLWVKDYHULSHQHGDQGWKH\DUHSLFNLQJ
WKHP
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKGRHVQRWPHDQWKDWWRXULQJWKHZRUOGLVSURKLELWHGLQ,VODP:KDWWKLV
+DGLWKUHDOO\PHDQVLVWKDWZKHQWKHVLWXDWLRQFDOOVIRU-LKDGWKHQWKHIRUHPRVWSULRULW\RID0XVOLP
VKRXOGEH-LKDG,QVXFKDQHYHQWKLVSDVVLRQIRUWRXULQJWKHZRUOGVKRXOG\LHOGWRWKHVSLULWRI-LKDG
DJDLQVWWKHLQILGHOVDQGWKHQKHPXVWZLWKKLVIXOOIRUFHILJKWDJDLQVWWKHHQHP\7RXULVPIRUWKHIXQRI
LWLVGLVOLNHGE\,VODP+RZHYHULIWKHSXUSRVHRIWRXULQJWKHZRUOGLVWRZLWQHVVWKH6LJQVRI$OODK
VDGHQGRIKHUHWLFFRPPXQLWLHVUHDOLWLHVDQGVHFUHWVRIWKHXQLYHUVHWRJDLQNQRZOHGJHRI$OODK
V
FUHDWLRQVWKHQWRXULQJLVERWKSUDLVHZRUWK\DQGGHVLUDEOHDQGWKLVUHDVRQKDVEHHQVWUHVVHGLQWKH
1REOH4XU
DQDWPDQ\SODFHV
>$EX'DZXG@
&RPPHQWDU\ :KHQD0XMDKLGUHWXUQVIURPWKHEDWWOHILHOGKHJHWVUHZDUGDWWKDWDOVREHFDXVHWKHUH
KHDWWHQGVWKHGXWLHVZKLFKDUHGHYROYHGRQKLPE\KLVIDPLO\0RUHRYHUDIWHUKLVUHWXUQKHDJDLQ
VWDUWVIXOOSUHSDUDWLRQIRUJRLQJWR-LKDGDJDLQFROOHFWVDUPVIRUWKLVSXUSRVHDQGUHFXSHUDWHVKLV
HQHUJ\7KXVVRIDUKLVLQWHQWLRQDQGUHDGLQHVVDUHFRQFHUQHGKHLVLQDVWDWHRI-LKDGHYHQZKHQKHLV
DWKRPHDQGKHZLOOEHHQWLWOHGWRUHZDUGZKLFKLVGXHRQ-LKDG
$V6D
LEELQ<D]LG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQWKH3URSKHW3%8+
UHWXUQHGIURPWKHEDWWOHRI7DEXNSHRSOHZHQWRXWIURP$O0DGLQDKWRPHHWKLPDQG,DOVRPHWKLP
ZLWKRWKHUFKLOGUHQDW7KDQL\DKWXO:DGDC
>$EX'DZXG@
&RPPHQWDU\ 7KHUHLVMXVWLILFDWLRQIRUWKH UHFHSWLRQRIWKRVHZKRUHWXUQIURP-LKDGEXWLWVKRXOGEH
ZLWKRXWDQ\IRUPDOLW\DQGH[SHQVH7KHIDVKLRQQRZLQYRJXHIRUUHFHSWLRQRQVXFKRFFDVLRQVLVWKDW
SHRSOHDUHLQGXFHGWRPDNHLOOXPLQDWLRQGHFRUDWLRQGLVSOD\ILUHZRUNVOHWRIIJXQVDQGRWKHUVLPLODU
XVHOHVVWKLQJVDQGQDWLRQDOZHDOWKLVUDVKO\VSHQWRQWKHP6XFKWKLQJVDUHIRUELGGHQE\,VODPDQGDOVR
JRDJDLQVWWKHLQWHUHVWVRIWKHQDWLRQDQGWKHFRXQWU\,QVWHDGRIZDVWLQJZHDOWKRQVXFKXVHOHVVWKLQJV
LWVKRXOGEHVSHQWRQWKLQJVZKLFKDUH EHQHILFLDOWRWKHFRXQWU\DQGWKHQDWLRQ
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQHZKRQHLWKHUWDNHVSDUWLQ-LKDGQRUSURYLGHVDUPVWRD
0XMDKLGQRUORRNVDIWHUWKHIDPLOLHVRIWKH0XMDKLGXQGXULQJWKHLUDEVHQFHLVJXLOW\RIFULPHVIRU
ZKLFKKHLVSXQLVKHGLQWKLVZRUOGE\$OODK,WLVWKHUHIRUHWKHGXW\RIWKH0XVOLP8PPDKWKDWLW
VKRXOGLQQRZD\QHJOHFWWKHREOLJDWLRQRI-LKDGDQGDOOLWVUHTXLUHPHQWVRWKHUZLVHLWZLOOVXIIHU
SXQLVKPHQWLQWKLVZRUOGDQGLQWKHQH[W
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKUHHFDWHJRULHVRI-LKDGQDPHO\-LKDGZLWKZHDOWK-LKDGZLWK
RQH
VOLIHDQG-LKDGE\VSHHFK2QHVKRXOGPDNH-LKDGDVLVZDUUDQWHGE\WKHVLWXDWLRQRQHLV
FRQIURQWHGZLWK7KDWLVZKHUHD0XVOLPLVUHTXLUHGWRVDFULILFHKLVOLIHKHPXVWVDFULILFHKLVOLIH
ZKHUHKHLVUHTXLUHGWRVDFULILFHKLVZHDOWKKHVKRXOGVSHQGZHDOWKDQGZKHUHKHLVUHTXLUHGWRPDNH
-LKDGE\PHDQVRIKLVVSHHFKKHVKRXOGGRLWE\VSHHFK2QHVKRXOGQRWKHVLWDWHWRVSHQGIRUWKHVDNH
RI$OODKZKDWLVUHTXLUHGE\WKHVLWXDWLRQ
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWZDUVKRXOGHLWKHUEHVWDUWHGHDUO\LQWKHPRUQLQJRULQ
WKHDIWHUQRRQZKHQWKHVXQEHJLQVWRGHFOLQH7KHUHDVRQEHKLQGWKLVLVWKDWD0XVOLPLVIUHVKLQWKH
HDUO\PRUQLQJZKLOHWKHHQHP\LVJHQHUDOO\FDUHOHVV,QWKHODWWHUFDVHLIZDULVVWDUWHGZKHQVXQEHJLQV
WRGHFOLQHHYHU\NLQGRIPRYHPHQWEHFRPHVHDV\DQGWKHKHOSIURP$OODKDOVRGHVFHQGVDWWKDWWLPH
7KLVLVWKHVLJQLILFDQFHRIVWDUWLQJZDUDWWKHVHWLPHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1RDQGLWVFRPPHQWDU\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ .KDGCDK
PHDQVGHFHSWLRQLH HPSOR\LQJDVWUDWHJ\ZKLFKFDXVHVPLVXQGHUVWDQGLQJ
WRWKHHQHP\DQGRQH
VUHDOLQWHQWGRHVQRWEHFRPHHYLGHQWWRWKHP7KLVLVSHUPLVVLEOHLQ,VODPLQWKH
VWDWHRIZDU
7KH$KDGLWKPHQWLRQHGLQWKLVFKDSWHUPDNHWKHLPSRUWDQFHRI-LKDGDQGWKHUHDVRQIRUVRPXFKVWUHVV
RQLWDEXQGDQWO\FOHDU7KHVHDOVRVKRZKRZJUHDWDFULPHLWLVWRLJQRUHLW,WLVYHU\XQIRUWXQDWHLQGHHG
WKDWSUHVHQWGD\0XVOLPVDUHJXLOW\RIUHQRXQFLQJ-LKDGLQHYHU\SDUWRIWKHZRUOG0D\$OODKKHOSXV
WRRYHUFRPHWKLVQHJOLJHQFH
&+$37(5
0$57<5'20:,7+287
),*+7,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KHPDUW\UVDUHRIILYHNLQGV2QHZKRGLHVRISODJXHRQHZKRGLHVRIGLVHDVHRIKLVEHOO\WKH
GURZQHGRQHZKRGLHVXQGHUWKHGHEULVRIFRQVWUXFWLRQHWFDQGRQHZKRGLHVZKLOHILJKWLQJLQWKH
ZD\RI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH+DGLWKPHQWLRQHGIRXUFDWHJRULHVRISHRSOHEHVLGHVWKRVHZKRZHUHVODLQRQWKH
EDWWOHILHOGZKRP$OODKZLOOE\+LV6SHFLDO*UDFHJLYHRQWKH'D\RI-XGJHPHQWDQDZDUGVLPLODUWR
PDUW\UVRQFRQGLWLRQWKDWWKH\DUHWUXHEHOLHYHUVDQGSUDFWLVLQJ0XVOLPV,QVRPHRWKHU$KDGLWKFHUWDLQ
RWKHUSHUVRQVKDYHDOVREHHQPHQWLRQHGZKRZLOOEHJLYHQWKHVWDWXVRIPDUW\UV E\$OODK7KHUHLVQR
FRQWUDGLFWLRQLQWKHVH$KDGLWKIRUWKHUHDVRQWKDWILUVWRIDOOWKH3URSKHW3%8+ZDVWROGDERXWILYH
FDWHJRULHVRIPDUW\UVZKLFKZHUHGLVFORVHGE\KLP6XEVHTXHQWO\$OPLJKW\$OODKDGGHGVRPHPRUH
SHRSOHWRWKHPZKLFKZHUHDOVRPHQWLRQHGE\KLP7KHUHDO6KDKHHGLVRQHZKRYROXQWDULO\JLYHVKLV
OLIHIRUWKHVDNHRI$OODKSURYLGHGWKDWKHZKROHKHDUWHGO\ILJKWVRQWKHEDWWOHILHOG
7KH&RPSDQLRQVUHSOLHG7KHRQHZKRLVNLOOHGLQ
$OODK
VZD\
+HVDLG,QWKDWFDVHWKHPDUW\UVDPRQJP\SHRSOHZRXOGEHIHZ
7KH&RPSDQLRQV
DVNHG20HVVHQJHURI$OODK7KHQZKRDUHWKHPDUW\UV"
+HUHSOLHG+HZKRLVNLOOHGLQWKHZD\RI
$OODK LVDPDUW\UKHZKRGLHVQDWXUDOO\LQWKH&DXVHRI$OODKLVDPDUW\UKHZKRGLHVRISODJXHLVD
PDUW\UDQGKHZKRGLHVRIDEHOO\GLVHDVHLVDPDUW\UDQGKHZKRLVGURZQHGLVDPDUW\U
>0XVOLP@
7KLV+DGLWKVKRZVWKHFDUH$OODKKDVIRUWKLV8PPDKZKLFKLVWKHEHVW8PPDKRIPDQNLQG(GLWRU
V
1RWH
&RPPHQWDU\ +HZKRGLHVQDWXUDOO\LQWKH&DXVHRI$OODK
KHUHVLJQLILHVVXFKDSHUVRQZKRGRHV
QRWGLHEHFDXVHRIKLVEHLQJNLOOHGLQWKHZDUE\VZRUGODQFHEXOOHWHWFEXWPHHWVWKHGHDWKRQ
DFFRXQWRIVRPHRWKHUFDXVHVZKLOHJRLQJIRU-LKDGVXFKDVIDOOLQJIURPWKHKRUVHRUZKRGLHVZKLOH
GHIHQGLQJKLVIDPLO\RUSURSHUW\RUGHIHQGLQJRWKHU0XVOLPVDJDLQVWDWWDFNHUVRUUREEHUVHWF6XFKD
SHUVRQZLOODOVR EHDPDUW\U
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH+DGLWKKLJKOLJKWVWKHIDFWWKDWZKRHYHUJHWVNLOOHGLQDQHIIRUWWRSURWHFWKLV
SURSHUW\LVDPDUW\U
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KRVHWHQ&RPSDQLRQVRIWKH3URSKHW3%8+ZKRPKHJDYHWKHJODGWLGLQJVRI
HQWHULQJ-DQQDKDUHNQRZQDV$O$VKDUDWXO0XEDVKVKDUXQDELO-DQQDK7KH\DUH$EX%DNU$V
6LGGLTC8PDUELQ$O.KDWWDEC8WKPDQELQC$IIDQC$OLELQ$EX7DOLE7DOKDKELQ8EDLGXOODK=XEDLU
ELQ$OC$ZZDPC$EGXU5DKPDQELQC$XI6DCGELQ$EX:DTTDV$EX C8EDLGDKELQ$O-DUUDKDQGWKH
QDUUDWRURIWKLV+DGLWKLH6DCLGELQ=DLGPD\$OODKEHSOHDVHGZLWKDOORIWKHP7KH3URSKHW
3%8+DOVR IRUHWROGWKDWVRPHRWKHUSHRSOHZLOOHQWHU-DQQDKEXWWKHVHWHQSHRSOHDUHFDOOHG$O
$VKDUDWXO0XEDVKVKDUXQDELO-DQQDKIRUWKHUHDVRQWKDWWKHSURSKHF\DERXWWKHVHWHQSHRSOHZDVPDGH
DWRQHWLPHLQDVLQJOH+DGLWK7KLV+DGLWKLQFOXGHVWKHQDPHVRIVRPHRWKHUSHRSOHDOVRZKRZLOOEH
JLYHQWKHUHZDUGRIPDUW\UGRP
+HUHSOLHG'RQRWKDQGRYHULWWRKLP
7KHPDQDVNHG
:KDWVKDOO,GRLIKHILJKWVPH"
:KDWZLOO
EHP\SRVLWLRQLQWKH+HUHDIWHULIKHKDVNLOOHGPH"
7KHPDQDVNHG:KDWLI,NLOOHGKLP"
7KH0HVVHQJHURI$OODK3%8+
UHSOLHG+HZLOOEHLQWKH+HOOILUH
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLQWKHFRXUVHRIVWUXJJOLQJWRSURWHFWRQH
VOLIHDQG
SURSHUW\LWLVTXLWHIDLUWRNLOODGDFRLWUREEHURUSOXQGHUHU6XFKDNLOOLQJLVQRWGHHPHGDVLQ,QFDVH
KHLVD0XVOLPKHZLOOJRWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWRIKLVDWWDFNLQJD0XVOLP%XWLIKH
UHJDUGVWKHDFWRIDWWDFNLQJ0XVOLPVDQGHQFURDFKLQJXSRQWKHLUSURSHUW\ODZIXOKHZLOOEHLQ+HOO
IRUHYHU,WVKRXOGEHERUQHLQPLQGWKDWLIDSHUVRQGLHVZKLOHVWUXJJOLQJWRSURWHFWKLVOLIHDQGSURSHUW\
KHZLOOEHJUDQWHGWKHVWDWXVRIDPDUW\UZLWKWKHGLIIHUHQFHWKDWDPDUW\URIWKLVNLQGZLOOEHJLYHQ
EDWKDQGIXQHUDOSUD\HUEHFDXVHKHLVDPDUW\UE\'LYLQHRUGHUQRWE\KLVRZQZLOODQGGHVLUH+HZKR
LVPDUW\UHGLQ-LKDGDWWKHEDWWOHILHOGLVH[HPSWHGIURPEDWKDQGWKHIXQHUDOSUD\HU
&+$37(5
7+( 0(5,72)(0$1&,3$7,21
2)6/$9(6
$OODKWKH([DOWHGVD\V
%XWKHKDVQRWDWWHPSWHGWRSDVVRQWKHSDWKWKDWLVVWHHSLHWKHSDWKZKLFKZLOOOHDGWR
JRRGQHVVDQGVXFFHVV$QGZKDWZLOOPDNH\RXNQRZWKHSDWKWKDWLVVWHHS",WLVIUHHLQJDQHFN
VODYH
>$O%XNKDULDQG0XVOLP@
+HUHSOLHG)DLWKLQ$OODKDQG-LKDGLQ+LV SDWK
,WKHQDVNHG
:KLFKVODYHVDUHPRVWH[FHOOHQWWRVHWIUHH"
+HUHSOLHG7KRVHZKRDUHKHOGLQKLJKHVWHHPE\
WKHLUSHRSOHDQGZKRVHYDOXHLVKLJKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVHYLGHQWWKDWDVODYHZKRLVPRUHYDOXDEOHLQWKHH\HVRIKLVPDVWHUZLOOEHGLIILFXOW
WRSDUWZLWKZKHWKHUKHLVSXUFKDVHGWRVHWIUHHRUOLEHUDWHGRQRQH
VRZQDFFRUG+HQFHLWZLOOEH
PRUHPHULWRULRXVWRIUHHVXFKDVODYHWKDQRUGLQDU\RQHV7KLVFRQGXFWIXUQLVKHVWKHSULQFLSOHWKDWWKH
UHZDUGRIVDFULILFLQJVRPHWKLQJIRU$OODKJRHVZLWKLWVTXDOLW\7KHPRUHSUHFLRXVWKHWKLQJVDFULILFHG
WKHJUHDWHULWVUHZDUGZLOOEH7KH4XU
DQH[SUHVVO\VWDWHV
7KHLQVWLWXWLRQRIVODYHU\LVQRZILQLVKHGEXWLWVRWKHUIRUPVGRH[LVWLHGHEWRUJXDUDQWRUSULVRQHUV
HWF7ROLEHUDWHWKHVHIURPWKHLUEXUGHQLVDPHULWRULRXVDFWDQGDOOWKHVHIRUPVDUHFRYHUHGE\WKH
4XUDQLFSKUDVHIUHHLQJDQHFN
VODYHHWF
&+$37(5
7+((;&(//(1&(2).,1'
$77,78'(72:$5'66/$9(6
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KLV+DGLWKHQMRLQVJRRGWUHDWPHQWRIWKHVODYHVDQGFRQWDLQVWKHHOXFLGDWLRQWKDWRQHVKRXOGJLYH
WKHPWKHVDPHIRRGDQGFORWKHVZKLFKRQHKDVIRURQHVHOIRURQHVKRXOGJLYHWKHPVXFKZDJHVWKDW
WKH\FDQKDYHWKHVDPHIRRGDQGFORWKHVZKLFKKHKDVIRUKLPVHOIEHFDXVHDVIDUDVUHOLJLRQDQG
KXPDQLW\DUHFRQFHUQHGWKHVODYHVKDYHWKHVWDWXVRIRQH
VEURWKHUDQGWKHLUKXPDQQHHGVDUHQRW
GLIIHUHQWIURPWKHQHHGVRIWKHLUPDVWHUV7KLVRUGHUDOVRDSSOLHVWRODERXUHUVZKRZRUNLQIDFWRULHV
VKRSVDQGKRPHV7KH\VKRXOGEHJLYHQZDJHVIRUWKHLUZRUNRQWKHVWULFWFRQVLGHUDWLRQWKDWWKH\DUH
DOVRKXPDQEHLQJVDQGEURWKHUV DVLIWKH\DUHPHPEHUVRIRQH
VIDPLO\,WLVUHJUHWWDEOHLQGHHGWKDW
WKHVHWHDFKLQJVRI,VODPKDYHEHHQUHJOHFWHGLQWKH,VODPLFFRXQWULHV1RWWRVSHDNRIWUHDWLQJWKHPDV
EURWKHUVWKHIDFWRU\RZQHUVVKRSNHHSHUVDQGFDSLWDOLVWVRIWKHVHFRXQWULHVDUHQRWSUHSDUHGWRWUHDW
WKHPDVKXPDQEHLQJV7KHUHVXOWLVWKDWZKLOHWKHVHHPSOR\HUVDUHUROOLQJLQOX[XU\WKH\GRQRWJLYH
WRWKHLUHPSOR\HHVHYHQVXFKZDJHVZKLFKFDQVXIILFHIRUWKHLUKXPDQQHHGV0D\$OODKJUDQWWKHPWKH
DELOLW\WRDFWXSRQWKHWHDFKLQJVRIWKHLUUHOLJLRQ
,WLVHTXDOO\LPSRUWDQWWKDWWKHHPSOR\HHVDQGODERXUHUVVKRXOGQRWEHEXUGHQHGZLWKVXFKKHDY\
ZRUNZKLFKWKH\DUHXQDEOHWREHDU,IWKHHPSOR\HHVDUHHYHUJLYHQDQ\VXFKZRUNWKHHPSOR\HUV
PXVWVKDUHVXFKZRUNZLWKWKHP
3ULGHRQRQH
VRZQDQFHVWRU\DQGFRQGHPQDWLRQRIRWKHUVRQWKLVDFFRXQWDUHUHPQDQWVRIWKH$JH
RI,JQRUDQFHZKLFKZHUHURRWHGRXWE\,VODP0XVOLPVVKRXOGNHHSWKHPVHOYHVDZD\IURPVXFK
YDLQJORULRXVWKRXJKWV,WLVDSLW\WKDWWKLVHYLORIWKHSUH,VODPLFDJHKDVQRZEHHQDGRSWHGDJDLQE\
0XVOLPV:HILQGLWYHU\FRPPRQLQWKHSUHVHQWGD\0XVOLPVRFLHWLHV
%\LVVXLQJWKHLQVWUXFWLRQPHQWLRQHGLQWKLV+DGLWK,VODPKDVDUUDQJHGWRHVWDEOLVKHTXDOLW\LQWKH
WUXHVHQVHRIWKHZRUG,VODPGRHVQRWPDNHDQ\FODLPRIXQLWLQJWKH ODERXUFODVVDQGZHDNHUVHJPHQWV
RIWKHVRFLHW\IRUFRQIURQWDWLRQZLWKWKHFDSLWDOLVWVEHFDXVHWKLVEUHHGVFODVVKDWUHGZKLFKUXLQVWKH
SHDFHDQGSURJUHVVRIWKHVRFLHW\,QVWHDGRIFUHDWLQJHQPLW\,VODPIRVWHUVEURWKHUKRRGEHWZHHQWKH
HPSOR\HUDQGHPSOR\HGWKHPDVWHUDQGWKHVODYHWKHUXOHUDQGWKHUXOHG,WDOVRH[KRUWVWKHPWREH
V\PSDWKHWLFDQGKHOSIXOWRHDFKRWKHU%\VWUHVVLQJWKHULJKWVRISHRSOHLWWHDFKHVERWKFODVVHVWRORYH
DQGUHVSHFWHDFKRWKHU7KLVLVWKHUHDVRQZK\LQ,VODPWKHPHULWIRUGLVWLQFWLRQLVQRWZHDOWKDQG
DEXQGDQFHEXW)DLWKDQGIHDURI$OODKDORQHZKLFKHYHQWKHSRRUHVWRIWKHSRRUFDQSRVVHVVDQGZKLFK
PD\EHPLVVLQJHYHQLQWKHULFKHVWRIWKHULFKLQVRFLHW\
>$O%XNKDUL@
&RPPHQWDU\ 7KHVHQVHRIHTXDOLW\RISHRSOHLQFXOFDWHGE\,VODPZDUUDQWVWKDWLIDVHUYDQWEULQJV
PHDOWRKLVPDVWHUWKLVODWWHUVKRXOGPDNHKLPVLWE\KLVVLGHWRWDNHWKHPHDOZLWKKLP,IWKLVLVQRW
SRVVLEOHIRUDUHDVRQRUDQRWKHUWKHQKHVKRXOGJLYHVRPHSRUWLRQRIWKHPHDOWRWKHVHUYDQW+HPXVW
QRWHDWXSWKHZKROHPHDOKLPVHOIRUOHDYHIRUKLPRQO\WKHOHIWRYHUV$ODVZHVKRXOGDGRSWWKH
WHDFKLQJVRIRXUUHOLJLRQ
&+$37(5
7+(0(5,72)7+('87,)8/
6/$9(
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+
VD\LQJ:KHQDVODYHLVVLQFHUHWRKLVPDVWHUDQGZRUVKLSV$OODKZHOO+HZLOOKDYHDGRXEOHUHZDUG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ /RRNLQJWRWKHZHOIDUHRIWKHPDVWHUPHDQWKDWWKHVODYHVHUYHVKLVPDVWHUKRQHVWO\DQG
WDNHVJRRGFDUHRIKLVSRVVHVVLRQV:RUVKLSRI$OODKKHUHPHDQVREHGLHQFHRI,VODPLFLQMXQFWLRQVDQG
REOLJDWLRQV$VODYHZKRLVOR\DOWRKLVPDVWHUDQGDGKHUHVWRUHOLJLRXVLQMXQFWLRQVVWDQGVWRHDUQD
GRXEOHUHZDUG
$EX+XUDLUDKDGGHG%\+LPLQ:KRVH
+DQGWKHVRXORI$EX+XUDLUDKLVEXWIRU-LKDGLQWKH&DXVHRI$OODKDQG+DMMDQGNLQGQHVV WRP\
PRWKHU,ZRXOGKDYHSUHIHUUHGWRGLHDVDVODYH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0XVOLK
WUDQVODWHGKHUHDVIDLWKIXO
LVWKDWVODYHZKRLVDZHOOZLVKHURIKLVPDVWHU
DQGDGHYRXWZRUVKLSSHURI$OODK:KHQDSHUVRQLVDVODYHKHFDQQHLWKHUWDNHSDUWLQ-LKDGRQKLVRZQ
QRUSHUIRUP+DMMQRUVHUYHKLVSDUHQWVEHFDXVHKHLVERXQGE\WKHZLOORIKLVPDVWHU:KDW$EX
+XUDLUDKKDVVWDWHGKHUHLVWKDWKDGLWQRWEHHQRIWKHH[FHOOHQFHRI-LKDG+DMMDQGULJKWHRXVQHVVWRWKH
SDUHQWVKHZRXOGKDYHOLNHGWREHDVODYHEHFDXVHWKHQKHZRXOGKDYHJRWGRXEOHUHZDUGSURPLVHGE\
WKH3URSKHW3%8+
>$O%XNKDUL@
&RPPHQWDU\ ,QWKLV+DGLWKWKHVHUYLFHVRIWKHPDVWHUKLVREHGLHQFHDQGOR\DOW\DUHVXEMHFWWRWKH
FRQGLWLRQWKDWLQDOOWKHVHPDWWHUVWKHVODYHGRHVQRWJRDJDLQVWWKH'LYLQHLQMXQFWLRQV7KDWLVKHREH\V
RQO\VXFKRUGHUVRIKLVPDVWHUZKLFKGRQRWLQFXUWKHGLVREHGLHQFHRI$OODKEHFDXVHLQWKDWFDVH
REHGLHQFHRIDQ\RQHLVIRUELGGHQ,QIDFWWKHGLVREHGLHQFHRIXQODZIXORUGHUVLVHVVHQWLDO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$KOXO.LWDEPHDQVWKHSHRSOHRIWKH6FULSWXUHVWKDWLVWKH-HZVDQGWKH&KULVWLDQV7KLV+DGLWKKDV
DQLQGXFHPHQWIRUWKHPWKDWLIWKH\HPEUDFH,VODPWKH\ZLOOEHHQWLWOHGWRDGRXEOHUHZDUG
6LPLODUO\DVLQFHUHDQGZHOOZLVKLQJVODYHZLOODOVREHHQWLWOHGWRDGRXEOHUHZDUGEHFDXVHRQWKH
RQHVLGHKHREH\VKLVPDVWHUDQGEHDUVDOOWKHWURXEOHWKDWLVLQYROYHGLQKLVREHGLHQFHDQGRQWKH
RWKHUVLGHKHDOVRGRHVMXVWLFHWRWKHZRUVKLSRI$OODK
0XVOLPVKDYHEHHQHQMRLQHGWRLPSDUWSURSHUHGXFDWLRQDQGWUDLQLQJWRWKHLUVODYHVHVSHFLDOO\WKHLU
VODYHJLUOV,QWKHODWWHUFDVHWKH\KDYHEHHQDGYLVHGWROLEHUDWHDQGPDUU\WKHPZLWKDOOWKHHVVHQWLDOV
RIPDUULDJH7KDWLVWKH\VKRXOGEHJLYHQDGRZHUDQGDOORWKHUULJKWVWRZKLFKZLYHVDUHHQWLWOHG
7KHUHLVDGRXEOHUHZDUGIRUDOOWKHVHW\SHVRISHRSOH
&+$37(5
7+((;&(//(1&(2):256+,3
,17+(7,0(2)75,%8/$7,216
0DCTLOELQ<DVDU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+
VDLG7KHUHZDUGRIZRUVKLSSHUIRUPHGDWDWLPHRIWULDOVLVHTXDOLQUHZDUGWRDQHPLJUDWLRQWRPH
>0XVOLP@
&RPPHQWDU\ :KHQWXUPRLOLVUDPSDQWDQGVRFLHW\LVSODJXHGZLWKHYLOVWKHZRUVKLSDQGREHGLHQFH
RI$OODKEHFRPHVYHU\GLIILFXOW7KHUHDVRQEHLQJWKDWLQVXFKDVLWXDWLRQHYLOVDUHZLGHVSUHDGDQG
WKHUHIRUHHYHU\RQHHDVLO\LQFOLQHVWRWKHP,QVXFKFLUFXPVWDQFHVZRUVKLSRI$OODKDQGFRPSOLDQFHRI
+LV2UGHUVDUHPHULWVRIJUHDWHPLQHQFHDQGWKHLUUHZDUGKDYHEHHQOLNHQHGWRWKHUHZDUGRIJRLQJIRU
+LMUDK(PLJUDWLRQWR$O0DGLQDKDWWKDWWLPHZKHQWKLVPLJUDWLRQZDV:DMLEREOLJDWRU\
(PLJUDWLRQZDVDWWKDWWLPHREOLJDWRU\DQGWRELGIDUHZHOOWRKRPHSURSHUW\EXVLQHVVDQGKRPHODQG
ZDVVDFULILFHRIWKHKLJKHVWRUGHU%XWWKLVVDFULILFHZDVZRUWKLWVUHZDUG$VLPLODU UHZDUGLVSURPLVHG
WRWKRVHZKRZLOOEHREHGLHQWWR$OODKDQGZRUVKLS+LPLQDQDJHRIPLVFKLHI$EHOLHYHUVKRXOGDYRLG
WDNLQJSDUWLQWXUPRLODQGRFFXS\KLPVHOIZRUVKLSSLQJ$OODKLQVWHDG(GLWRU
V1RWH
&+$37(5
(;&(//(1&(2))$,5
%$5*$,1,1*$1'0$77(56
5(/$7,1*72,7
$OODKWKH([DOWHGVD\V
$QGZKDWHYHU\RXGRRIJRRGGHHGVWUXO\$OODKNQRZVLWZHOO
$QG2P\SHRSOH*LYHIXOOPHDVXUHDQGZHLJKWLQMXVWLFHDQGUHGXFHQRWWKHWKLQJVWKDWDUH
GXHWRWKHSHRSOH
7KH\VDLG:HILQGDEHWWHUFDPHOVHQLRUWRLWLQDJH
+H
3%8+VDLG7KHQEX\LWDQGJLYHLWWRKLPYHULO\WKHEHVWRI\RXLVWKHRQHZKRLVWKHEHVWLQ
GLVFKDUJLQJKLVREOLJDWLRQVUHSD\PHQWRIORDQV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
,WLVVWDWHGWKDWWKHOHQGHUZDV=DLGELQ6KXCEDK$O.LQDQLZKRKDGQRW\HWHPEUDFHG,VODPDQGWKDW
DFFRXQWVIRUKLVQRWVKRZLQJGXHUHJDUGWRWKH3URSKHW3%8+DQGIRUKLVEHLQJVWHUQLQKLVGHPDQG
7KH3URSKHW3%8+DGYLVHGKLV&RPSDQLRQVWKDWLWLVZHOOIRUWKHDIIOXHQWWRGHPDQGKLVORDQLQD
SROLWHPDQQHUEXWLIVRPHRQHGRHVQRWVKRZSROLWHQHVVLQLWKLVUXGHQHVVVKRXOGEHLJQRUHGEHFDXVHKH
ZKRKDVDULJKWIXOFODLPFDQWHQGWRDQJHUDOWKRXJKKHVKRXOGQRWFURVVWKHOLPLWVODLGGRZQE\
6KDULCDKLQWKLVUHVSHFW
>$O%XNKDUL@
&RPPHQWDU\ $GRSWVDNLQGDWWLWXGHZKHQKHVHOOVEX\VDQGGHPDQGVIRUWKHUHSD\PHQWRIORDQV
PHDQVWKDWWKHEX\HUSXUFKDVHVLQVXFKDPDQQHUWKDWWKHVHOOHUGRHVQRWVXIIHUDQ\ORVVDQGWKHVHOOHU
VHOOVKLVJRRGVLQVXFKDZD\WKDWWKHEX\HUGRHVQRWIHHODQ\LUULWDWLRQ7KLVDOVRPHDQVWKDWKHIHHOVVR
OLEHUDOWKDWLIWKHEX\HUZDQWVWRUHWXUQZKDWKHKDVSXUFKDVHGKHVKRXOGDFFHSWLW$QRWKHUPHDQLQJRI
WKLVLVWKDWZKLOHPDNLQJDSXUFKDVHWKHFXVWRPHUSD\VPRUHWKDQWKHGXHSULFHDQGWKHVHOOHUJLYHV
PRUHJRRGVWKDQDUHGXHDJDLQVWWKHSULFHWKDWKHUHFHLYHV0RUHRYHULIRQHKDVWRJHWKLVFODLPIURP
VRPHRQHKHVKRXOGGRLWLQDSROLWHPDQQHU,QQRFDVHVKRXOGRQHFURVVWKHOLPLWVRIFLYLOLW\,IWKH
GHEWRULVSRRUKHVKRXOGEHJLYHQPRUHWLPHIRUWKHUHSD\PHQWRIKLVGHEWRUWKHORDQVKRXOGEH
UHPLWWHGDVLWZLOOEHLQDFFRUGDQFHZLWKWKH4XU
DQLFLQVWUXFWLRQWKDW,I\RXUHPLWE\ZD\RIFKDULW\
WKDWLVEHWWHUIRU\RX
>0XVOLP@
&RPPHQWDU\ 2QHPHDQLQJRIWKHZRUG)DO\XQDIILV
LVWRGHIHUGHPDQGLQJSD\PHQWRIWKHDPRXQW
IURPWKHRQHZKRPD\EHLQVWUDLWHQHGFLUFXPVWDQFHVXQWLOVXFKDWLPHZKHQKHKDVVXIILFLHQWPHDQVWR
SD\KLVGHEWV$QRWKHUPHDQLQJLVWRUHOLHYHWKHGHEWRURIWKHWURXEOHKHLV LQE\JLYLQJKLPVRPH
PRQH\VRWKDWKHFDQVHWWOHKLVGHEWZLWKLW6XFKV\PSDWKHWLFDWWLWXGHZLOOVDYHWKDWSHUVRQIURPWKH
WHQVLRQVRIWKH'D\RI-XGJHPHQWZKHQHYHU\RQHZLOOEHWHQVHZLWKZRUULHVDQGDQ[LHWLHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6KRZKLPOHQLHQF\
LPSOLHVWKUHHWKLQJVLQWKHSUHVHQWFRQWH[W SROLWHGHDOLQJ
H[WHQVLRQLQWKHSHULRGRISD\PHQWDQGUHPLWWDQFHRIGHEW$OOWKHVHTXDOLWLHVDUHGHVLUDEOHDQG
SUDLVHZRUWK\LQ6KDULCDK7KHLQFLGHQWUHSRUWHGLQWKLV+DGLWKUHODWHVWRVRPHSHUVRQRIDFRPPXQLW\RI
WKHDQFLHQWWLPHVEXWLWLVVXFKDQLOOXVWULRXVH[DPSOHWKDWLWZDVOLNHGE\WKH3URSKHW3%8+EHFDXVH
KHUHFRPPHQGHGLWWRKLVIROORZHUVWKURXJKKLVDGYLFHDQGSUDFWLFH7KLVDFWLRQLVFHUWDLQO\DPHDQVRI
ZLQQLQJWKH3OHDVXUHRI$OODKDVZHOO
>0XVOLP@
&RPPHQWDU\ :DVFDOOHGWRDFFRXQWE\$OODKRQWKH'D\RI5HVXUUHFWLRQ
LVLQWKHQDWXUHRIDQHZV
RIWKH'D\RI-XGJHPHQWZKLFKZDVUHYHDOHGWRWKH3URSKHW3%8+DQGZKLFKKHTXRWHGDVDQ
LOOXVWUDWLRQ:KDWLWVLJQLILHVLVWKDWRQWKH'D\RI5HVXUUHFWLRQ$OPLJKW\$OODKZLOOGHDOZLWKVXFK
SHRSOHJHQHURXVO\DQGIRUJLYHWKHLUVLQVEHFDXVHIRUJLYHQHVVGHSHQGVRQWKHTXDOLW\RIDFWLRQVGRQHE\
DSHUVRQLQWKLVZRUOG
C8TEDKELQ
C$PLUDQG$EX0DVCXG$O$QVDUL0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KXVZHKHDUGLWIURPWKH
0HVVHQJHURI$OODK3%8+
>0XVOLP@
>$W7LUPLGKL@
&RPPHQWDU\ 2QWKH'D\RI5HVXUUHFWLRQWKHVXQZLOOFRPHYHU\FORVHWRSHRSOH
VKHDGVZKRZLOO
WKHQEHEDGO\VZHDWLQJWRWKHH[WHQWWKDWVZHDWZLOOUHDFKXSWRWKHLUDQNOHVRUNQHHVRUVKRXOGHUV
VRPHZLOOEHWRWDOO\RYHUZKHOPHGZLWKWKHLUVZHDWGHSHQGLQJRQWKHLUVLQV7KRVHSHRSOHZKRZLOO
KDYHWKHSULYLOHJHRIJHWWLQJLQWKHVKDGHRIWKH7KURQHZLOOEHWKHQYHU\OXFN\LQGHHG$PRQJVXFK
OXFN\SHRSOHWKHUHZLOOEHDSHUVRQZKRXVHGQRWRQO\WRJLYHORDQVWRWKHSRRUDQGWKHQHHG\EXWDOVR
JDYHWKHPFRQYHQLHQFHLQWKHSD\PHQWRIWKHLUGHEWVRUZRXOGIRUJLYHDSDUWRIWKHORDQRUDOORILW
7KLV+DGLWKKDVIRRGIRUWKRXJKWIRUWKHDIIOXHQW 1RZDGD\VSHRSOHXVXDOO\OHQGPRQH\WRSHRSOHRI
WKHLURZQVWDWXVDQGGRQRWOLNHWRJLYHORDQWRWKHSRRUEHFDXVHWKH\WKLQNWKDWLWLVGLIILFXOWWRUHFRYHU
IURPWKHP$VIDUDVUHPLWWLQJDORDQLVFRQFHUQHGZHKDYHWRWDOO\IRUJRWWHQWKLVSUHFHSW,QDQ\ FDVH
WRUHIXVHORDQWRDSRRUZKHQDSHUVRQLVLQDSRVLWLRQWROHQGPRQH\WRKLPLVKDWHIXO7ROHQGPRQH\
WRDQHHG\DQGWKHQWRVKRZKLPOHQLHQF\LQLWVSD\PHQWRUWRUHPLWLWDOWRJHWKHULVDSUDLVHZRUWK\DFW
WKHEHVWUHZDUGIRUZKLFKZLOOEHJLYHQ WRKLPRQWKH'D\RI5HVXUUHFWLRQ0D\$OODKHQDEOHXVWREH
JHQHURXVWRWKHSRRURQWKLVDFFRXQW
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+SXUFKDVHGDFDPHOIURP
PHDQGZHLJKHGPRUHWKDQLWVSULFH
>$O%XNKDULDQG0XVOLP@
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHGHVLUDELOLW\RQSDUWRIWKHFXVWRPHURISD\LQJLQH[FHVVRIWKH
DJUHHGSULFH7KHVHOOHULVLQGXFHGWRJLYHPRUHWKDQWKHDJUHHGTXDOLW\ZHLJKWQXPEHURIJRRGVHWF
DJDLQVWWKHVHWWOHGSULFH7KLVLVDVWHSDKHDGRIMXVWLFH WKDWLV,KVDQZKLFKKDVYHU\VDOXWDU\HIIHFWVRQ
VRFLHW\2QWKHFRQWUDU\LISHRSOHDUHLQWKHKDELWRIHQFURDFKLQJXSRWKHUV
ULJKWVLWZLOOGRXEWOHVV
FUHDWHMHDORXV\DQGHQPLW\ZKLFKDUHUXLQRXVWRWKHVRFLHW\
7+(%22.2).12:/('*(
&+$37(5
9,578(62).12:/('*(
:+,&+,6/($517$1'7$8*+7
)257+(6$.(2)$//$+
$OODKWKH([DOWHGVD\V
$QGVD\C0\5XEE,QFUHDVHPHLQNQRZOHGJH
$UHWKRVHZKRNQRZHTXDOWRWKRVHZKRNQRZQRW"
$OODKZLOOH[DOWLQGHJUHHWKRVHRI\RXZKREHOLHYHDQGWKRVHZKRKDYHEHHQJUDQWHG
NQRZOHGJH
,WLVRQO\WKRVHZKRKDYHNQRZOHGJHDPRQJ+LVVODYHVWKDWIHDU$OODK
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $FFRUGLQJWR,PDP$Q1DZDZL
VH[SODQDWLRQWKHZRUG+DVDGMHDORXV\LVXVHGLQWKH
VHQVHRI*KLEWDK LHHQY\,Q,VODPMHDORXV\LVIRUELGGHQDQGLVKHOGXQODZIXO7KHUHDVRQEHLQJWKDW
RQHZKRLVMHDORXVZDQWVWKDWWKHSHUVRQZKRSRVVHVVHVWKHTXDOLW\RIZKLFKKHLVMHDORXVEHGHSULYHG
RIWKDWTXDOLW\(QY\LVSHUPLVVLEOHIRUWKHUHDVRQWKDWZKHQRQHVHHPVWKDWDSHUVRQKDVEHHQJUDFHG
E\$OODKZLWKFHUWDLQJLIWVDQGTXDOLWLHVKHDOVRGHVLUHVWREHEOHVVHGZLWKWKRVHJLIWV,QWKHODWWHUFDVH
KHGRHVQRWJUXPEOHDQGJULHYHEXWHDJHUO\SUD\VWR$OODKIRUWKRVHJLIWVC.QRZOHGJH
KHUHVWDQGVIRU
WKHNQRZOHGJHRIWKH4XU
DQDQG+DGLWKEHFDXVHWKLVNQRZOHGJHDORQHLVEHQHILFLDOIRUPDQDQGLWLV
WKURXJKWKLVNQRZOHGJHWKDWFRUUHFWMXGJHPHQWVFDQEHPDGHDPRQJWKHSHRSOH7KLV +DGLWKKDVDQ
LQGXFHPHQWIRUDFTXLULQJXVHIXONQRZOHGJHDORQJZLWKZHDOWKWRVSHQGLQWKHZD\VRUGDLQHGE\$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGLVUHSHDWHGKHUHWRKLJKOLJKWWKH
HPLQHQFHRINQRZOHGJHDQGWRLQGXFH0XVOLPVWRJDLQLW:HOHDUQIURPWKLV+DGLWKWKDWWKHUHDUHWKUHH
FDWHJRULHVRISHRSOH)LUVWWKRVHZKRDFTXLUHNQRZOHGJHRIWKH4XU
DQDQG+DGLWKDFWXSRQLWDQGDOVR
LPSDUWLWWRRWKHUV6XFKSHRSOHEHQHILWIURPWKLVNQRZOHGJHWKHPVHOYHVDQGH[WHQGWKLVEHQHILWWR
RWKHUVDOVR%\YLUWXHRIWKLVTXDOLW\WKH\DUHWKHEHVWRIDOO6HFRQGWKRVHSHRSOHZKRDFTXLUH
NQRZOHGJHDQGLPSDUWLWWRRWKHUVEXWGRQRWIXOILOOWKHUHTXLUHPHQWVRIWKDWNQRZOHGJH6XFKSHRSOH
DUHLQIHULRULQUDQNWRWKHSHRSOHRIWKHILUVWFDWHJRU\DQGFDQEHWDNHQWRWDVNIRUWKHLURPLVVLRQV
7KLUGWKRVHZKRVKXQWKHNQRZOHGJHRIWKH4XU
DQDQG+DGLWK1HLWKHUWKH\VWXG\DQGKHDUWKHWZR
WKHPVHOYHVIRUWKHLURZQEHQHILWQRUGRWKH\DFTXLUHNQRZOHGJHWRLPSDUWLWWRRWKHUVIRUWKHLUEHQHILW
7KLVLVWKHZRUVWFDWHJRU\RISHRSOH(YHU\0XVOLPVKRXOGWU\WREHLQWKHILUVWFDWHJRU\RIWKHSHRSOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %HWWHUIRU\RXWKDQUHGFDPHOV
LVDQDOOHJRU\IRUHYHU\WKLQJWKDWLVEHWWHUWKDQ
DQ\WKLQJHOVH5HGFDPHOVXVHGWREHSUHFLRXVLQ$UDELDDQGWKHLUUHIHUHQFHKHUHLVWRKLJKOLJKWWKH
YDOXHRIJXLGDQFH7KXVWKLV+DGLWKEULQJVLQWRSURPLQHQFHWKHLPSRUWDQFHRIFDOOLQJ SHRSOHWRZDUGV
$OODK%XWEHIRUHFDOOLQJRWKHUVWRWKHSDWKRI$OODKRQHPXVWKLPVHOINQRZLWDQGIRUWKLVSXUSRVHWKH
NQRZOHGJHRIWKH4XU
DQDQG+DGLWKLVHVVHQWLDOEHFDXVHRQHFDQQRWSURYLGHDQ\JXLGDQFHLQWKLV
UHVSHFWZLWKRXWWKLVNQRZOHGJH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHIROORZLQJWKUHHLPSRUWDQWSRLQWV
,WVWUHVVHVWKHLPSRUWDQFHRIDFTXLULQJNQRZOHGJHRIWKH4XU
DQDQG+DGLWKDQGLPSDUWLQJLWWR
RWKHUV1RPDWWHUZKHWKHURQHKDVPRUHRUOHVVNQRZOHGJHKHPXVWFRPPXQLFDWHLWWRRWKHUV7KHUHLV
QRMXVWLILFDWLRQWRSUHVXPHWKDWSUHDFKLQJRULQYLWLQJWRWKH0HVVDJHRI$OODKLVWKHGXW\RIUHOLJLRXV
VFKRODUVDQGWKRVHZKRDUHZHOOYHUVHGLQWKLVVSKHUH,QIDFWLWLVDGXW\XSRQHYHU\0XVOLPVRPXFK
VRWKDWLIDSHUVRQNQRZVHYHQDVLQJOH9HUVHRIWKH4XU
DQWKDWLVWRVD\LIKHNQRZVRQO\RQH
LQMXQFWLRQRI$OODKKHLVGXW\ERXQGWRFRPPXQLFDWHLWWRRWKHUSHRSOH
,WDOORZVWKHFRPPXQLFDWLRQRI-HZLVK7UDGLWLRQVEXW WKLVSHUPLVVLRQLVVXEMHFWWRWKHFRQGLWLRQWKDW
VXFK7UDGLWLRQVDUHQRWDJDLQVWWKHHOXFLGDWLRQVRIWKH4XU
DQDQG+DGLWK
:HQRZUHYHUWWRWKHVXEMHFWXQGHUGLVFXVVLRQDQGVD\WKDWQRVXFKVD\LQJDQGSUDFWLFHVKRXOGEH
DWWULEXWHGWRWKH3URSKHW3%8+WKHDXWKHQWLFLW\RIZKLFKLVGRXEWIXO2QWKLVSULQFLSOHZHDN
$KDGLWKVKRXOGQRWEHPHQWLRQHG,WLVYHU\XQIRUWXQDWHLQGHHGWKDWLQVSLWHRIVXFKDVWHUQZDUQLQJ
PDQ\RIRXUC8ODPD
DUHQRWFDUHIXOLQWKLVPDWWHU1RWWRVSHDNRIZHDN$KDGLWKWKH\GRQRWKHVLWDWH
WRPHQWLRQHYHQ$KDGLWK0DXGXCDK IRUJHG$KDGLWKRQO\WRDGRUQWKHLUVSHHFK0D\$OODKJXLGHWKHP
WRWKH5LJKW3DWK,QIDFWWKHUHLVDFODVVRIUHOLJLRXVVFKRODUVZKRWU\WRUHIXWHWKHDXWKHQWLF$KDGLWK
DQGYDOLGDWHWKHZHDNRQHVRQO\WRDGGFUHGHQFHWRWKHLURZQMXULVWLFVFKRRO0D\$OODKVDYHXVIURP
VXFKHYLOV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQIXOO6HHWKH&RPPHQWDU\RQ+DGLWK1R
$SDUWRILWZKLFKUHODWHVWRWKHHPLQHQFHRINQRZOHGJHKDVEHHQUHSURGXFHGKHUH,QWKLV+DGLWK
NQRZOHGJHPHDQVWKHNQRZOHGJHRIWKHUHOLJLRQWKDWLVWRVD\WKHFRUUHFWNQRZOHGJHRIWKH4XU
DQDQG
+DGLWKZKLFKLVDFTXLUHGZLWKRXWDQ\SUHMXGLFHRIDQ\MXULVWLFVFKRRO2WKHUZLVHMXULVWLFSUHMXGLFHFDQ
WXUQNQRZOHGJHLQWRJUHDWREVWUXFWLRQ0D\$OODKEHVWRZ+LV0HUF\RQXV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KLV+DGLWKKDVJODGWLGLQJV IRUWKRVHZKR
OHDUQWKHNQRZOHGJHRIUHOLJLRQWHDFKLWDQGLPSDUWLWWRRWKHUV
>0XVOLP@
&RPPHQWDU\ +LVGHHGVFRPHWRDQHQG
PHDQVWKDWKHGRHVQRWDQ\ORQJHUUHFHLYHWKHUHWXUQDQG
UHZDUGRQKLVDFWLRQV%XWWKHUHDUHWKUHHFDWHJRULHVRIDFWLRQVRQZKLFKKHUHFHLYHVUHZDUGHYHQDIWHU
KLVGHDWK)LUVW6DGDTDK-DUL\DKVXFKDVEXLOGLQJDPRVTXHRUDKRVSLWDORUGLJJLQJDZHOO$VORQJDV
SHRSOHZLOOEHQHILWIURPWKHVHKHZLOOUHFHLYHDUHZDUGIRUWKHP6HFRQGNQRZOHGJHZKLFKLV
EHQHILFLDO
PHDQVWRLPSDUWNQRZOHGJHWRRWKHUVRUWRSURSDJDWHNQRZOHGJHE\PHDQVRIRQH
VERRNV
$VORQJDVWKLVPHGLXPRIWHDFKLQJZLOOFRQWLQXHDQGKLVERRNVZLOOEHVWXGLHGDQGSHRSOHZLOOEHQHILW
IURPWKHPKHZLOOUHFHLYHDUHZDUGIRULW7KLUGYLUWXRXVGHVFHQGDQWV7UDLQLQJRIFKLOGUHQRQWKHULJKW
OLQHVLVHVVHQWLDOVRWKDWDIWHUDSHUVRQ
VGHDWKWKH\FRQWLQXHWRSUD\IRUKLP7KHSUD\HURIFKLOGUHQLQ
IDYRXURISDUHQWVLVKLJKO\XVHIXO
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WGRHVQRWPHDQWKDWWKLVZRUOGDQG
ZKDWHYHULVLQLWLVUHDOO\FXUVHG:KDWLWLQIDFWPHDQVLVWKDWVXFKWKLQJVRIWKLVZRUOGDUHFXUVHG
ZKLFKPDNHDSHUVRQQHJOLJHQWRIWKHUHPHPEUDQFHRI$OODKRULWLVFXUVHGIRUWKRVHZKRLQWKHLU
ZKROHOLIHGRQRWUHPHPEHU$OODK7KLV+DGLWKKDVEHHQPHQWLRQHGLQWKHSUHVHQWFKDSWHUZKLFK
UHODWHVWRNQRZOHGJHIRUWKHUHDVRQWKDWDFTXLVLWLRQRINQRZOHGJHLVHVVHQWLDOWRNQRZWKDWVXFKDQG
VXFKZRUNZLOOEHDVRXUFHRIZLQQLQJWKH3OHDVXUHRI$OODKDQGVXFKDQGVXFKDFWZLOOLQFXU+LV
GLVSOHDVXUH7KLVLVWKHUHDVRQWKHWHDFKHUDQGWKHOHDUQHUKDYHEHHQLQFOXGHGLQWKHH[HPSWLRQVIURP
WKHFXUVH
>$W7LUPLGKL@
&RPPHQWDU\ ,QWKLV+DGLWKWKHDFTXLVLWLRQRINQRZOHGJHKDVEHHQHTXDWHGZLWK-LKDGIRUWKHVDNHRI
$OODK6KHLNK$O$OEDQLKDVUHJDUGHGWKLV+DGLWKZHDNLQKLV7DNKULMX)LTK$V6XQQDK
>$W7LUPLGKL@
&RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKLWLVDTXDOLW\RID0XVOLPWKDWKHLVYHU\PXFKFRQFHUQHG
DERXWDFTXLULQJYLUWXHVDQGGRLQJJRRGDQGKHLVQHYHUWLUHGRIVWUXJJOLQJIRUWKHPDQGOLYHE\WKHPVR
PXFKVRWKDWLQWKLVVWUXJJOHKHUHDFKHVWKHHQGRIKLVOLIH%\PHQWLRQLQJWKLV+DGLWKLQ.LWDEXOC,OP
LWKDVEHHQPDGHHYLGHQWWKDWWKHEHVWRIWKHYLUWXHVLVOHDUQLQJDQGWHDFKLQJRIUHOLJLRXVNQRZOHGJH
EHFDXVHLWLVDFWXDOO\WKLVNQRZOHGJHZKLFKHQDEOHVDSHUVRQWRGLVWLQJXLVKEHWZHHQJRRGDQGHYLO
+HZHQWRQWRVD\ $OODK+LVDQJHOVWKHGZHOOHUVRIWKHKHDYHQDQG
WKHHDUWKDQGHYHQWKHDQWLQLWVKROHDQGWKHILVKLQZDWHUVXSSOLFDWHLQIDYRXURIWKRVHZKRWHDFK
SHRSOHNQRZOHGJH
>$W7LUPLGKL@
&RPPHQWDU\ C$OLPOHDUQHGSHUVRQKHUHPHDQVVFKRODURIWKH4XU
DQDQG+DGLWKZKRDGKHUHVWR
)DUDLGDQG6XQQDKDQGUHPDLQVEXV\LQOHDUQLQJDQGLPSDUWLQJNQRZOHGJHC$ELGGHYRXWZRUVKLSSHU
LVRQHZKRVSHQGVPRVWRIKLVWLPHLQWKHZRUVKLSRI$OODK7KHEHQHILWRIKLVYROXQWDU\SUD\HUDQG
UHPHPEUDQFHRI$OODKLVUHVWULFWHGWRKLVRZQVHOIZKLOHWKHEHQHILWRINQRZOHGJHRIWKHVFKRODU
UHDFKHVRWKHUVDOVR+HQFHRIWKHWZRWKHODWWHULVIDUVXSHULRU
,I6DODWLVPHQWLRQHGZLWKUHIHUHQFHWR$OODKLWGHQRWHV$OODK
V*UDFHZLWK0HUF\
LILWLVPHQWLRQHG
ZLWKUHIHUHQFHWRWKHDQJHOVLWGHQRWHVWRSUD\IRUIRUJLYHQHVV
DQGLILWLVPHQWLRQHGZLWKUHIHUHQFH
WRRWKHUFUHDWXUHV PHQDQLPDOVHWF WKHQLWPHDQVSUD\HUDQGVXSSOLFDWLRQ7KXV$OODKJUDFHVWKDW
SHUVRQZLWK+LV0HUF\ZKRWHDFKSHRSOHWKHEHQHILFLDONQRZOHGJHLHWKHNQRZOHGJHRI,VODPDQJHOV
SUD\WR$OODKWRIRUJLYHKLVRUKHUVLQVDQGRWKHUFUHDWXUHVSUD\IRUKLVRUKHUZHOOEHLQJ,QWKLV
ZD\WKLV+DGLWKVWUHVVHVWKHGLVWLQFWLRQRIUHOLJLRXVVFKRODUVDQGKLJKOLJKWVWKHHVWHHPLQZKLFKWKH\
DUHKHOGE\$OODK+LVDQJHOVDQG+LVRWKHUFUHDWXUHV
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ /LNHWKHSUHFHGLQJ$KDGLWKWKLV+DGLWKDOVRPHQWLRQVWKHHPLQHQFHRIOHDUQLQJ
UHOLJLRXVNQRZOHGJHDQGUHVSHFWLQJDQGKRQRXULQJC8ODPD
>$W7LUPLGKL@
&RPPHQWDU\ %HVLGHVPHQWLRQLQJWKHHPLQHQFHRINQRZOHGJHWKLV+DGLWKFRQWDLQVLQGXFHPHQWIRU
SUHDFKLQJDQGLQYLWLQJSHRSOHWRZDUGVWKHSDWKRI$OODK,WDOVRXUJHVXVWRFRPPXQLFDWHNQRZOHGJH
H[DFWO\DVZHKDYHKHDUGLWZLWKRXWFKDQJLQJDQ\WKLQJLQWKHOHDVW
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWRZLWKKROGJXLGDQFHLQWKHPDWWHURIUHOLJLRQIURP
DQ\ERG\ZKRVHHNVLWLVDJUDYHVLQZKLFKLVWKUHDWHQHGZLWK+HOO8QIRUWXQDWHO\WKHUHOLJLRXVVFKRODUV
ZKRDUHVKDFNOHGLQUHOLJLRXVSUHMXGLFHVDQGWHUULEO\ODFNLQWHUHVWLQMXULVWLFPDWWHUVKDYHGHYHORSHGD
KDELWRIFRQFHDOLQJUHOLJLRXVNQRZOHGJHIURPSHRSOH,QIDFWWKLVJUDYHVLQKDVEHFRPHVRDODUPLQJ
WKDWDQ\IXUWKHUGHOD\WRHUDGLFDWHLWZLOOSURYHUXLQRXVIRUXV0D\$OODKJUDQWXVWUXHJXLGDQFH
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKKDVDQLQGXFHPHQWIRUDFTXLULQJNQRZOHGJHIRUWKH3OHDVXUHRI$OODK
DORQH,IDUHOLJLRXVVFKRODUDFTXLUHVLWWRPDNHLWDPHDQVRIZRUOGO\JDLQVWKHQLWWXUQVWRVXFKD
VHULRXVFULPHWKDWVXFKDVFKRODUZLOOQRWHYHQVPHOOWKHIUDJUDQFHRI-DQQDKLHKHZLOOQRWHQWHULW
DORQJZLWKWKHVDYHG0D\$OODKVDYHXVIURPLW+RZHYHULIDVFKRODUJDLQVZHDOWKDQGZRUOGO\JDLQV
WKURXJKLWZLWKRXWDQ\LQWHQWLRQWKHQLWLVDOWRJHWKHUDGLIIHUHQWPDWWHU,QWKDWFDVHLWLVQRWKDUPIXOIRU
KLPDVORQJDVKHXVHVLWLQDPDQQHUSOHDVLQJWR$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVDVLJQRIWKHQHDUQHVVRIWKH'D\RI-XGJHPHQWWKDWWKHZRUOGZLOOEHGHSULYHGRI
JHQXLQHUHOLJLRXVVFKRODUVDQGLOOLWHUDWHSHRSOHZLOOEHFRPHOHDGHUVZKRZLOOKDYHQHLWKHUWKH
NQRZOHGJHRIWKH4XU
DQQRUWKDWRIWKH+DGLWK'HVSLWHWKHLULJQRUDQFHRIWKH4XU
DQDQGWKH+DGLWK
WKH\ZLOOEHFDOOHG0XMWDKLGMXULVWHQWLWOHGWRLQGHSHQGHQWUHDVRQLQJDQG,PDPOHDGHUDQGZLOO
PLVOHDGSHRSOHZLWKWKHLUOHJDORSLQLRQVDQGVHOIFUHDWHGSUREOHPV%HVLGHVXUJLQJXVWRDFTXLUH
UHOLJLRXVNQRZOHGJHZLWKDYLHZWRSURGXFLQJPRUHVFKRODUVLQWKHVRFLHW\WKLV+DGLWKDOVRZDUQVXV
DJDLQVWWKHLJQRUDQWVHOIVW\OHGC8ODPD
,WDOVRZDUQVXVDJDLQVWHQWUXVWLQJUHOLJLRXVOHDGHUVKLSWRWKHP
7+(%22.2)35$,6($1'
*5$7,78'(72$//$+
&+$37(5
7+(2%/,*$7,212)*5$7,78'(
$OODKWKH([DOWHGVD\V
$QGVD\C$OOWKHSUDLVHVDQGWKDQNVEHWR$OODK
$QGWKHFORVHRIWKHLUUHTXHVWZLOOEHC$OKDPGXOLOODKL5DEELOCDODPLQ>$OOWKHSUDLVHLVGXHWR
$OODKWKH5XEERIC$ODPLQPDQNLQGMLQQDQGDOOWKDWH[LVWV@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
,VODPLVDUHOLJLRQZKLFKPDWFKHVZLWKWKHSXUHQDWXUH(YHU\VHQVLEOHSHUVRQDFFHSWVLWLQVWLQFWLYHO\
2QHZKRLVHQGRZHGZLWKWKHFDSDFLW\DQGDSWLWXGHWRGRJRRGVKRXOGSUDLVH$OODK
:LQHLVWKHURRWRIDOOHYLOVDQGIRUWKLVUHDVRQKDVEHHQUHJDUGHGWKH0RWKHURI9LFHV
7RWDNHJRRGRPHQIURPDJUHHDEOHVLJQVLV0XVWDKDEEGHVLUDEOH
>$EX'DZXG@
&RPPHQWDU\ 7KHUHLVDQRWKHU+DGLWKWRWKHHIIHFWWKDWHYHU\LPSRUWDQWZRUNZKLFKLVQRWVWDUWHG
ZLWKWKHLQYRFDWLRQ%LVPLOODK
LVGHYRLGRI$OODK
V*UDFH6KHLNK$O$OEDQL
VRSLQLRQDERXWWKHVHWZR
$KDGLWKLVWKDWWKHLUWH[WLVFRQIXVHGDQGLWVDXWKRULW\LVZHDN+HKDVKRZHYHUUHJDUGHGLWDV
DFFHSWDEOH0XUVDO
$KDGLWKQDUUDWHGE\DVWXGHQWRI D&RPSDQLRQGHOHWLQJWKH&RPSDQLRQ
VQDPH
)RUGHWDLOV SOHDVHVHH,UZDXO*KDOLOYRO,,QDQ\FDVHLWLVGHVLUDEOHWREHJLQHYHU\JRRGZRUN
ZLWKWKH*ORULRXV1DPHRI$OODKDQG+LV3UDLVH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHHPLQHQFHRISDWLHQFHDQGWKHPHULWRISUDLVLQJ$OODKLQWKH
HYHQWRIDFDODPLW\HVSHFLDOO\RQWKHGHDWKRIRQH
VRZQFKLOG5DWKHUWKDQZHHSLQJ DQGZDLOLQJRQH
VKRXOGVXEPLWKLPVHOIWRWKH:LOORI$OODKDQGVKRZSHUVHYHUDQFH6XFKDWWLWXGHRISDWLHQFHDQG
UHVLJQDWLRQLVKLJKO\PHULWRULRXVDQGKDVJUHDWUHZDUG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG$NODK
PHDQVWRWDNHDPHDODWRQHWLPH
ZKHWKHULQWKHPRUQLQJWKHHYHQLQJRUDWDQ\RWKHUWLPH6LPLODUO\6KDUED
PHDQVWRGULQNZDWHUDW
DQ\WLPH:KDWWKH+DGLWKPHDQVLVWKDWWRSUDLVH$OODKRQHDWLQJDQGGULQNLQJHYHU\WLPHLVDVRXUFHRI
$OODK
V3OHDVXUHQRPDWWHUZKHWKHUWKH TXDQWLW\RQHFRQVXPHVLVVPDOORUODUJH
7+(%22.2)6833/,&$7,1*
$//$+72(;$/77+(0(17,21
2)$//$+
60(66(1*(53%8+
&+$37(5
7+(2%/,*$7,212)6833/,&$7,1*
$//$+72(;$/7+,60(17,21$1'
,76(;&(//(1&($1',760$11(5
$OODKWKH([DOWHGVD\V
>0XVOLP@
,WLVDSUD\HUIRUPHUF\DQG
H[DOWDWLRQRIWKH3URSKHW3%8+ZKLFKLVKLJKO\PHULWRULRXV$W7LUPLGKL +DGLWK+DVDQ
>$W7LUPLGKL@
&RPPHQWDU\ 1HDUHVWWRPH
VLJQLILHVWKRVHZKRDUHPRVWHQWLWOHGWRP\LQWHUFHVVLRQ
7KXVWKLV
+DGLWKKDVDOVRDQLQGXFHPHQWIRUYHU\IUHTXHQWUHFLWDWLRQRI6DODWRQWKH3URSKHW3%8+
+HZDVDVNHG20HVVHQJHURI$OODK+RZZLOORXUEOHVVLQJV
EHGLVSOD\HGWR\RXZKHQ\RXUGHFD\HGERG\ZLOOKDYHPL[HGZLWKWKHHDUWK"
>$EX'DZXG@
&RPPHQWDU\ 7KDW$OODKKDVSURKLELWHGWKHHDUWKIURPFRQVXPLQJWKHERGLHVRIWKH3URSKHWV
PHDQV
WKDWWKHHDUWKGRHVQRWFRQVXPHWKHP7KDWWKHLU6DODWVDOXWDWLRQVZLOOEHSUHVHQWHGWRKLP
LQGLFDWHV
WKDWDQJHOVSUHVHQWWKHVDOXWDWLRQSHUIRUPHGWRKLPDVLVHOXFLGDWHGLQRWKHU$KDGLWK0RUHRYHUKLV
VRXOLVWKHQUHWXUQHGWRKLPDQGKHDQVZHUVWKHVDOXWDWLRQVDOVR,QWKHRSLQLRQRI0XKDGGLWKXQWKH
+DGLWKUHODWLQJWRWKHUHWXUQRIWKHVRXOFRPHVLQWKHFDWHJRU\RI+DGLWK+DVDQ
LHLWLVDFFHSWDEOH
>$W7LUPLGKL@
&RPPHQWDU\ 0D\KLVQRVHVRLOZLWKGXVW
PHDQVWRVXIIHUKXPLOLDWLRQDQGGLVJUDFH7KDWLVPD\
VXFKSHUVRQEHKXPLOLDWHGDQGGLVJUDFHGZKRKHDUVP\QDPHDQGGRHVQRWLQYRNH$OODK
VEOHVVLQJV
XSRQPH
7KRVHZKRPHUHO\NLVVWKXPEVRIWKHLUKDQGVFDQDOVREHWKHDGGUHVVHHRIWKLVVD\LQJ
EHFDXVHWKH\GRQRWVXSSOLFDWH$OODKIRUWKH3URSKHW3%8+ZKLOHZKDWLVLQIDFWRUGDLQHGLV
VDOXWDWLRQDQGQRWNLVVLQJRIWKXPEV7KHODWWHUJHVWXUHKDVQRWEHHQRUGDLQHGLQDQ\+DGLWK6RPH
UHOLJLRXVVFKRODUVUHJDUGWKHVDOXWDWLRQREOLJDWRU\ZKLOHRWKHUVKROGWKDWLWGHVLUDEOH
>$EX'DZXG@
&RPPHQWDU\ 'RQRWPDNHP\JUDYHDSODFHRIIHVWLYLW\
PHDQVGRQRWJDWKHUWKHUHDVSHRSOHGRRQ
WKHIHVWLYDORIC(LG8QIRUWXQDWHO\DIUDFWLRQRIKHUHWLFVFRQVLGHUVXFK IHVWLYLWLHVODXGDEOH:KHQWKH
3URSKHW3%8+GLGQRWOLNHVXFKJDWKHULQJVRQKLVRZQJUDYHKRZFDQLWEHSHUPLVVLEOHRQWKHGHDWK
DQQLYHUVDULHVRIRWKHUSHRSOH"6RPHSHRSOHPLVLQWHUSUHWWKLV+DGLWKDQGFRQWHQGWKDWZKDWLWPHDQVLV
WKDWC<RXVKRXOGQRWFRPHWRP\JUDYHRQFHLQDZKLOHEXWYHU\IUHTXHQWO\
DOWKRXJKLWVUHDOPHDQLQJ
LVWKDWZKLFKZHKDYHMXVWPHQWLRQHG7KHQH[WVHQWHQFHFRQILUPVWKLVFRQWHQWLRQ7KHUHLVQRQHHGIRU
IUHTXHQWJDWKHULQJIRUWKHUHDVRQWKDWZKHUHYHUD0XVOLPPD\EHWKHVDOXWDWLRQVZKLFKKHSHUIRUPVWR
WKH3URSKHW3%8+ZLOOEHFRQYH\HGWRKLPWKURXJKWKHDQJHOV(YHU\0XVOLPKDVDGHVLUHWRYLVLWWKH
3URSKHW
VJUDYHDQGWKHUHFDQQRWEHDQ\GRXEWDERXWLWVGHVLUDELOLW\EXWWKHUHLVQRQHHGWRXQGHUWDNH
MRXUQH\IRUSD\LQJKRPDJHDQGVDOXWDWLRQRQO\,QIDFWWKHUHDOLQWHQWLRQRIJRLQJWR$O0DGLQDK
VKRXOGEHWRYLVLW3URSKHW
V0RVTXHZKLFKZLOOLQFOXGHYLVLWLQJKLVJUDYH7KLVLVWKHUHDOPHDQLQJRI
WKLV+DGLWK7KHUHLVDQRWKHU+DGLWKZKLFKSURKLELWVXQGHUWDNLQJDMRXUQH\ WRDQ\PRVTXHH[FHSWWKH
WKUHHZKLFKKDYHEHHQPDUNHGE\WKH3URSKHW3%8+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQHYHUVRPHRQHJUHHWV PH$OODKUHWXUQVWKHVRXOWRP\ERG\LQWKHJUDYHDQG,UHWXUQKLV
JUHHWLQJ
>$EX'DZXG@
DQGKHZRXOGEHDEOHWRDQVZHUWKHVDOXWDWLRQVZLWKRXWLW$VIDUWKLVDPELJXLW\LV
FRQFHUQHGZKHQFRXQWOHVV0XVOLPVDUHDOZD\VRIIHULQJVDOXWDWLRQVWRWKH3URSKHW3%8+KRZGRHV
WKHUHWXUQRIWKHVRXOWDNHVSODFHDIWHUVXFKVKRUWLQWHUYDOV"6XFKTXHVWLRQVDULVHGXHWRWKHODFNRI
FHUWLWXGHLQWKH2PQLSRWHQFHRI$OODK:KHQWKH3URSKHW3%8+VWDWHG WKDWKLVVRXOLVUHWXUQHGWRKLP
WKHQZHVKRXOGKDYHDEVROXWHIDLWKLQKLVVWDWHPHQWEHFDXVH$OODKLV&DSDEOHRIGRLQJHYHU\WKLQJ
:KDWLVLWVQDWXUHDQGIRUPLWLVQRWNQRZQWRXVQRUFDQZHNQRZLW7KXVWKHTXHVWLRQRIWKHUHWXUQ
RIVRXOLQWKHJUDYHVKRXOGEHFRQVLGHUHGVLPLODUWRWKHDPELJXRXV$\DWRIWKH4XU
DQLQZKLFKHYHU\
0XVOLPLVUHTXLUHGWRKDYHEOLQGIDLWKEXWWKHLUVHFUHWLVNQRZQWR$OODK$ORQH
>$W7LUPLGKL@
&RPPHQWDU\ 0LVHU
PHDQVWRGHQ\VRPHRQHKLVULJKW,ID0XVOLPGRHVQRWVXSSOLFDWHIRUKLP
XSRQKHDULQJKLVQDPHWKHQVXFKDSHUVRQLVDPLVHUEH\RQGGRXEW7KXVZHOHDUQWKDWRQHPXVWUHFLWH
6DODWZKHQKHKHDUVWKHQDPHRIWKH3URSKHW3%8+,WLVVXIILFLHQWWRVD\0D\$OODKUHQGHUKLPIURP
HYLODQGH[DOWKLVPHQWLRQIRUWKLVSXUSRVH
7KHQKHFDOOHGKLPDQGVDLG:KHQDQ\RQHRI\RXKDYHSHUIRUPHG6DODWSUD\HUDQGZDQWVWR
VXSSOLFDWHOHWKLPSUDLVH$OODKILUVWWKHQJORULI\+LPLQWKHEHJLQQLQJDQGWKHQKHVKRXOGVXSSOLFDWH
$OODKIRUPH7KHQKHPD\VXSSOLFDWHIRUZKDWHYHUKHOLNHV
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ )LVDODWLKLPHDQVWKDWDIWHUWKH6DODWRUDWWKHHQGRI6DODWKHKHDUGVRPHRQH
LQYRNLQJ$OODK6LPLODUO\LGKDVDOODDKDGXNXP
PHDQVZKHQRQHFRPSOHWHVWKH6DODWDQGLQYRNHV
$OODK,QDQ\FDVHLWLVQHFHVVDU\WRSUDLVH$OODKDQGVXSSOLFDWH+LPIRUWKH3URSKHW3%8+EHIRUH
LQYRNLQJ$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKH6DODPPHDQVWKHVXSSOLFDWLRQZKLFKLVUHFLWHGLQ$W7DVKDKKXG7KH
&RPSDQLRQVRIWKH3URSKHW3%8+XVHGWRUHFLWHLWLQ$W7DVKDKKXGLQWKHPDQQHUWDXJKWE\KLP
:KHQ$OPLJKW\$OODKRUGDLQHG0XVOLPVWRVXSSOLFDWHIRUWKH3URSKHW3%8+LWUDLVHGWKHTXHVWLRQLQ
WKHLUPLQGVDVWRWKHZRUGLQJVRIWKHEHQHGLFWLRQDVWKH\DOUHDG\NQHZKRZWRJUHHWKLP7KH\DVNHG
WKH3URSKHW3%8+DQGKHWDXJKWLW,QYRNLQJ$OODK
VEOHVVLQJVXSRQWKH3URSKHW3%8+VKRXOGEH
GRQHLQWKHPDQQHUZKLFKKH3%8+KDVWDXJKWXVEHFDXVHLQGRLQJVRZHJHWWKHUHZDUGRI
IROORZLQJWKHJXLGDQFHRIWKH3URSKHW3%8+
>0XVOLP@
PHDQVWKHZLYHVRIWKH3URSKHW
3%8+DQGWKRVHRIKLVUHODWLYHVZKRZHUHIURP%DQX+DVKLPDQG%DQX C$EGXO0XWWDOLEDQGKDG
HPEUDFHG,VODP6RPHVFKRODUVDUHRIWKHRSLQLRQWKDWLWLVJHQHUDODQGDSSOLHVWRDOOKLVIROORZHUV
7KLV+DGLWKDOVRWHDFKHVXVWKDWLIRQHGRHVQRWKDYHNQRZOHGJHRIDUHOLJLRXVPDWWHUKHPXVWVHHN
JXLGDQFHIURPWKHNQRZOHGJHDEOHVFKRODUVRI,VODPDERXWLWUDWKHUWKDQJRLQJE\KLVRSLQLRQ
.QRZOHGJHDEOHSHUVRQVVFKRODUVKHUHPHDQVSHUVRQVZKRDUHZHOOYHUVHGLQWKH4XU
DQDQG+DGLWK
DQGFDQDQVZHUTXHVWLRQVLQWKHOLJKWRIWKHPDQGQRWIURPWKHVD\LQJVRIRWKHUVRUIURPWKHLURZQ
LQWHOOLJHQFH
+H
3%8+UHSOLHG6D\C$OODKXPPDVDOOLCDOD0XKDPPDGLQZDCDODD]ZDMLKLZDGKXUUL\\DWLKL NDPD
VDOODLWDCDOD,EUDKLPDZDEDULNCDOD0XKDPPDGLQZDCDODD]ZDMLKLZDGKXUUL\\DWLKL NDPDEDUDNWDCDOD
,EUDKLPDLQQDND+DPLGXP0DMLG2$OODKVHQW<RXU6DODW2$OODKH[DOWWKHPHQWLRQRI0XKDPPDG
DQGKLVZLYHVDQGRIIVSULQJDV<RXH[DOWHGWKHPHQWLRQRIWKHIDPLO\RI,EUDKLPDQGEOHVV0XKDPPDG
DQGWKHZLYHVDQG WKHRIIVSULQJRI0XKDPPDGDV\RXEOHVVHGWKHIDPLO\RI,EUDKLP<RXDUHWKH
3UDLVHGWKH*ORULRXV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $]ZDM
LVWKHSOXUDORI=DXM
WKDWLVDSDLU7KLVLVWKHUHDVRQWKDWLQ$UDELFLWDSSOLHV
WRERWKPDVFXOLQHDVZHOODVIHPLQLQH0DQLVWKH=DXMRIZRPDQDQGZRPDQLVWKH=DXMRIDPDQ,Q
DQ\FDVHKHUHLWPHDQVWKH3URSKHW
VZLYHVZKRDUHHOHYHQLQQXPEHU7ZRRIWKHPKDGGLHGGXULQJWKH
OLIHWLPHRIWKH3URSKHW3%8+DQGQLQHVXUYLYHGDIWHUKLP,VODPGRHVQRWSHUPLWPRUHWKDQIRXU
ZLYHVWRD0XVOLPEXWWKH3URSKHW3%8+ZDVJLYHQWKHH[FOXVLYHSHUPLVVLRQIRUQXPHURXV
FRQVLGHUDWLRQVZKLFKKDYHEHHQGLVFXVVHGE\UHOLJLRXVVFKRODUVDWOHQJWK
7KLV+DGLWKDOVRUHIXWHVWKHRSLQLRQRIWKRVHZKRGRQRWLQFOXGHKLVSLRXVZLYHVLQWKHFDWHJRU\RIKLV
$O
LQFOXGHVKLVZLYHVDQGSURJHQ\
7+(%22.2)7+(
5(0(0%5$1&(2)$//$+
&+$37(5
7+((;&(//(1&(2)7+(
5(0(0%5$1&(2)$//$+
$OODKWKH([DOWHGVD\V
$QGUHPHPEHU\RXU5XEEE\\RXUWRQJXHDQGZLWKLQ\RXUVHOIKXPEO\DQGZLWKIHDUDQG
ZLWKRXWORXGQHVVLQZRUGVLQWKHPRUQLQJVDQGLQWKHDIWHUQRRQVDQGEHQRWRIWKRVHZKRDUH
QHJOHFWIXO
$QGUHPHPEHU$OODKPXFKWKDW\RXPD\EHVXFFHVVIXO
2\RXZKREHOLHYH5HPHPEHU$OODKZLWKPXFKUHPHPEUDQFH$QGJORULI\+LV3UDLVHV
PRUQLQJDQGDIWHUQRRQ>WKHHDUO\PRUQLQJ)DMUDQGC$VUSUD\HUV@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDIILUPVWKDWPDQ
VDFWLRQVFDUU\ZHLJKW2QWKH'D\RI-XGJHPHQWKLV
DFWLRQVZLOOEHFDVWLQWRWKH%DODQFH$WWKDWWLPH$OODKZLOOHQGRZWKHVHDFWLRQVZLWKZHLJKWRU
DFFRUGLQJWRVRPHVFKRODUVWKRVHUHFRUGVZKLFKUHJLVWHUPDQ
VDFWLRQVZLOOEHZHLJKHG7KLVLVTXLWH
SRVVLEOHIRUWKHUHDVRQWKDW$OPLJKW\$OODKLV&DSDEOHRIZHLJKLQJWKLQJVZLWKRXWHYHQWKHLUSK\VLFDO
IRUP7KLVGLVFXVVLRQDSDUWZKHQDFWLRQVZLOOEHFDVWLQWRWKH%DODQFHWKHIRUPXODPHQWLRQHGLQWKH
+DGLWKWKHXWWHUDQFHRIZKLFKLVYHU\HDV\ZLOOSURYHZHLJKW\(YHU\0XVOLPVKRXOGPDNHLWD
SUDFWLFHWRUHSHDWWKHPIUHTXHQWO\
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKWOLJKWVWKHIDFWWKDWWKHIRUPXODVZKLFKPHQWLRQWKH3UDLVHDQG*ORU\
RI$OODK+LV0DMHVW\DQG2QHQHVVDUHOLNHGE\WKH3URSKHW3%8+PRUHWKDQDQ\WKLQJLQWKHZRUOG
EHFDXVH WKLVLVRQHRIWKHYLUWXHVZKLFKZLOOVXUYLYHDQGZLOOEHUHZDUGHGZKLOHWKHZRUOGDQGDOOWKDW
LWKDVZLOOSHULVK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHVLQVPHDQPLQRUVLQVDQGWKRVHZKLFKGRQRWUHODWHWRWKHULJKWVRISHRSOH7KLV
SRLQWKDVDOUHDG\EHHQHODERUDWHGLQWKHSUHFHGLQJ$KDGLWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6ODYHVIURPWKHSURJHQ\RI,VPDCLO
LVDVLPLOHIRUYHU\SUHFLRXVVODYHV7KDWLVLWKDV
WKHVDPHUHZDUGWRZKLFKWKHHPDQFLSDWLRQRIIRXUYHU\SUHFLRXVVODYHVLVHOLJLEOH
,WLVC6XEKDQ$OODKLZDELKDPGLKL
$OODKLVIUHHIURPLPSHUIHFWLRQDQG+LVLVWKHSUDLVH
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7XKXU
LVSXULILFDWLRQRU:XGX
ZKLOH7DKXU
LVZDWHURUVRPHWKLQJZKLFKLVXVHG
IRUSXULILFDWLRQ$FFRUGLQJWRVRPHVFKRODUVC)DLWK
PHDQV6DODW7KLVLVDOVRWKHVHQVHLQZKLFKLWKDV
EHHQXVHGLQWKH4XU
DQ$QG$OODKZRXOGQHYHUPDNH\RXU)DLWKWREHORVWLH\RXUSUD\HUV
>@7KXVZKHQ6DODWLVWKH)DLWKWKHSXULILFDWLRQLVDSUHUHTXLVLWHIRU6DODW6DODWLVQRWYDOLG
ZLWKRXWSXULILFDWLRQ6RPHVFKRODUVDUHRIWKHRSLQLRQWKDW)DLWKKHUHPHDQV)DLWKLQJHQHUDODVWKH
6KDULCDKGHILQHVLW7RVLQFHUHO\DFFHSWDQGEHOLHYHLQDOOWKDWWKH3URSKHW3%8+FDPHZLWKLH
VLQFHUHDFFHSWDQFHRI$OODKDQG+LV3URSKHW3%8+
3XULILFDWLRQLVKDOIRIWKH)DLWK
PHDQVWKHDFFHSWDQFHWKDWSXULILFDWLRQLVWKHPRVWLPSRUWDQWDUWLFOHRI
)DLWK,WLVOLNHWKHVD\LQJRIWKH3URSKHW3%8+WKDW+DMMLVC$UDIDK
ZKLFKPHDQVWKDWC$UDIDWWKH
SODFHZKHUHWKHSLOJULPVVWD\RQWKHWKGD\RI'KXO+LMMDKLVWKHPRVWLPSRUWDQWHOHPHQWRI WKH+DMM
7KXVWKLV+DGLWKVWUHVVHVWKHLPSRUWDQFHDQGPHULWVRISXULILFDWLRQDQGRIIHUVDQLQGXFHPHQWIRULW,W
DOVRPHQWLRQVWKHHPLQHQFHRIWKHLQYRFDWLRQVPHQWLRQHGLQWKH+DGLWKE\VD\LQJWKDWLIWKH\DUHJLYHQ
DIRUPWKH\ZLOOILOOWKHVSDFHEHWZHHQWKHKHDYHQVDQGWKHHDUWK,QRWKHUZRUGVLWLVDGHVFULSWLRQRI
WKHLQILQLWHYDVWQHVVRIWKH0HUF\DQG*UDFHRI$OODK
+H3%8+
VDLG6D\/DLODKDLOODOODKXZDKGDKXODVKDULNDODKX$OODKX$NEDUNDELUDQZDOKDPGXOLOODKL
NDWKLUDQZDVXEKDQ$OODKL5DEELOCDODPLQZDODKDZODZDODTXZZDWDLOODELOODKLOC$]L]LO+DNLP
WKHUHLVQRWUXHJRGH[FHSW$OODKWKH2QHDQG+HKDVQRSDUWQHUZLWK+LP$OODKLVWKH*UHDWHVWDQG
JUHDWQHVVLVIRU+LP$OOSUDLVHLVGXHWR+LP$OODKWKH5XEERIWKHZRUOGVLVIUHHIURPLPSHUIHFWLRQ
WKHUHLVQRPLJKWDQGSRZHUEXWWKDWRI$OODKWKH$OO3RZHUIXODQGWKH$OO:LVH
7KHEHGRXLQVDLG
$OORIWKHVHIRUP\5XEE%XWZKDWLVIRUPH"
>0XVOLP@
,PDP$O$Z]DCL RQHRIWKHQDUUDWRUVRIWKLV+DGLWKZDVDVNHG+RZIRUJLYHQHVVLVWREHVRXJKW"
+HDQVZHUHG7KH0HVVHQJHURI$OODK3%8+XVHGWRVD\C$VWDJKILUXOODK$VWDJKILUXOODK,
EHVHHFK$OODKIRUIRUJLYHQHVV,EHVHHFK$OODKIRUIRUJLYHQHVV
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $O-DGGX
PHDQVJRRGOXFNDQGULFKQHVV7KDWLVJRRGIRUWXQHDQGSURVSHULW\ZLOOQRW
EHRIDQ\DYDLOEHIRUH$OODK:KDWZLOOUHDOO\EHQHILWDSHUVRQEHIRUH+LPDUH)DLWKDQGYLUWXRXVGHHGV
7KHSUD\HUTXRWHGLQWKLV+DGLWKPDNHVDVSHFLDOPHQWLRQRI+LV2QHQHVV
+HDVNHG+RZLVWKDW"
7KH0HVVHQJHURI
$OODK3%8+VDLG6KDOO,QRWWHDFK\RXVRPHWKLQJZLWKZKLFK\RXPD\RYHUWDNHWKRVHZKR
VXUSDVVHG\RXDQGZLWKZKLFK\RXZLOOVXUSDVVWKRVHZKRZLOOFRPHDIWHU\RX"1RQHZLOOH[FHO\RX
XQOHVVKHZKRGRHVZKLFK\RXGR
7KH\VDLG<HVSOHDVHGR20HVVHQJHURI$OODK
+H3%8+
VDLG<RXVKRXOGUHFLWH7DVELK$OODKLVIUHHIURPLPSHUIHFWLRQ7DNELU$OODKLV*UHDWHVW7DKPLG
3UDLVHEHWR$OODKWKLUW\WKUHHWLPHVDIWHUHDFK6DODW
>$O%XNKDULDQG0XVOLP@
$EX6DOLKWKHVXEQDUUDWRURIWKH+DGLWKVDLGZKHQ$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP
ZDVDVNHGDERXWWKHPDQQHURIUHFLWLQJ7DVELK7DKPLGDQG7DNELUKHVDLG5HFLWH6XEKDQ$OODK
ZDOKDPGXOLOODKZDOODKX$NEDU
WLOODOODUHUHFLWHGWKLUW\WKUHHWLPHV
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGEXWZLWKDVOLJKWO\GLIIHUHQWZRUGLQJZLWK
UHIHUHQFHWR6DKLK0XVOLP7KHHODERUDWLRQ PDGHE\$EX6DOLKDSSDUHQWO\VHHPVWRLQGLFDWHWKDWDOOWKH
WKUHHZRUGVVKRXOGEHUHFLWHGLQFRPELQDWLRQZKLOHRWKHUUHOLJLRXVVFKRODUVKDYHVKRZQSUHIHUHQFHIRU
UHFLWLQJWKHPVHSDUDWHO\7KHSXUSRVHLVKRZHYHUDWWDLQHGLQHLWKHUZD\7KHUHGRHVDULVHRQHTXHVWLRQ
KHUH6KRXOGRQHUHFLWHHDFKRIWKHVHZRUGVWKLUW\WKUHHWLPHVRULQDOOIRUWKLUW\WKUHHWLPHV"7KH
ZRUGLQJRIWKH+DGLWKGRHVQRWPDNHWKLVFOHDU2WKHU$KDGLWKZKLFKZLOOIROORZVRRQPDNHLWFOHDU
WKDWHDFKRIWKHVHZRUGVLVWREHUHFLWHG IRUWKLUW\WKUHHWLPHV7KLVLVKRZWKHLUDJJUHJDWHZLOOFRPHWR
QLQHW\QLQH7KH+DGLWKWKDWIROORZVPDNHVWKLVSRLQWOHDU
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 0XDTTLEDW
PHDQVWKHZRUGVRI3UDLVHDQG*ORULILFDWLRQRI$OODKZKLFKDUHUHFLWHG
DIWHU6DODW7KLV+DGLWKVD\VWKDWWKHZRUGV$OODKX$NEDU
VKRXOGEHUHFLWHGWKLUW\IRXUWLPHV
>$O%XNKDUL@
&RPPHQWDU\ 6RPHUHOLJLRXVVFKRODUVDUHRIWKHRSLQLRQWKDWLWLVEHWWHUWRREVHUYHUHFLWLQJWKLV'XCD
DIWHUFRQFOXGLQJSUD\HUVDQGWKDWLWLVEHWWHUWRFRPELQHERWK6RPHVFKRODUVVD\WKDWWKH3URSKHW
3%8+XVHGWRUHFLWHWKLV'XCDMXVWEHIRUH7DVOLPZKLOHKHXVHGWRUHFLWHWKH'XCDPHQWLRQHGHDUOLHU
DIWHU7DVOLP
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKHIDFWWKDWRQHVKRXOGVHHNWKH+HOSRI$OODKIRU+LV
UHPHPEUDQFHWKDQNVJLYLQJDQGZRUVKLSEHFDXVHRQHFDQQRWGRDQ\WKLQJZLWKRXW+LV+HOSDQG
6XSSRUW,WDOVRVKRZVWKHVXSHULRULW\RI0XCDGK0D\$OODKEHSOHDVHGZLWKKLPDQGWKH3URSKHW
V
ORYHIRUKLP
>0XVOLP@
&RPPHQWDU\ 7ULDOVRIOLIH
PHDQVRUGHDOVZKLFKRQHKDVWRIDFHLQOLIHDQGZKLFKFDQKDUPKLV
)DLWKDQGERG\7KHWULDOVRIGHDWK
PHDQVWKHWURXEOHVZKLFKRQHKDVWRIDFHEHIRUHGHDWK0DVLK
PHDQV 0XPVXKXOC$LQRQHZKRLVVTXLQW$G'DMMDOGHFHLYHULPSRVWRUUHIHUVWRWKDWPDQZLWKD
VTXLQWZKRZLOODSSHDUEHIRUHWKH'D\RI-XGJHPHQW7KLVLVZK\KHLVFDOOHG$O0DVLK$G'DMMDO+H
ZLOOPDNHFODLPRIJRGKRRGDQGLQRUGHUWRWHVWWKH)DLWKRISHRSOH$OODKZLOOJHWVRPHVXSHUQDWXUDO
ZRUNVGRQHIURPKLP7KHSLRXVRQHVZRXOGKRZHYHUUHFRJQL]HKLPDQGZLOOVDYHWKHPVHOYHVIURP
KLVWUDS7KLVZLOOEHDJUHDWWULDOLQGHHGDQGRQHPXVWVHHNUHIXJHZLWK$OODKIURPLW
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6XEEXK
DQG4XGGXV
DUHWZRDWWULEXWLYH1DPHVRI$OODKZKLFKGHQRWH+LV3HUIHFW
3XULW\DQG8QLTXHQHVV$U5XK
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ %RWKWKH$KDGLWKPHQWLRQHGDERYHHYLGHQWO\VKRZWKDWWKHUHLVJUHDWHUSRVVLELOLW\RI
DFFHSWDQFHRIDQLQYRFDWLRQZKLFKLVPDGHLQSURVWUDWLRQ7KHUHIRUHRQHPXVWGRLWLQWKHYRXOQWDU\
6DODW
>0XVOLP@
$QRWKHUQDUUDWLRQLV0\KDQGIHOORYHUKLVIHHWZKLOHKHZDVLQSURVWUDWLRQZLWKKLVIHHWHUHFW+HZDV
VXSSOLFDWLQJ$OODKXPPDLQQLDCXGKXELULGDNDPLQVDNKDWLNDZDELPXCDIDWLNDPLQCXTXEDWLNDZD
DCXGKXELNDPLQNDODXKVLWKDQD
DQCDODLND$QWDNDPDDWKQDLWDCDOD1DIVLND2$OODK,VHHN
SURWHFWLRQDJDLQVW<RXU:UDWKLQ<RXU3OHDVXUH,VHHNSURWHFWLRQLQ<RXU3DUGRQDJDLQVW<RXU
FKDVWLVHPHQW,DPQRWFDSDEOHRIHQXPHUDWLQJSUDLVHRI<RX<RXDUHDV<RXKDYHODXGHG<RXUVHOI
2QHRI
WKRVHSUHVHQWDVNHG+RZFDQRQHHDUQWKRXVDQGJRRGGHHGVLQDGD\"
>0XVOLP@
&RPPHQWDU\ 2QHWKRXVDQGJRRGGHHGVLQUHWXUQIRUVD\LQJWKHZRUG6XEKDQ$OODK
LVDPLQLPXP
UHZDUGXQGHUWKHSURPLVHWKDWVD\V LHWHQIROGUHZDUGZRXOGEHJLYHQIRUHDFKJRRGGHHG7KHZRUGV
$X\XKDWWX
LVRSHQWRGLVDJUHHPHQWDPRQJWKHUHOLJLRXVVFKRODUV6RPHRIWKHPKDYHPHQWLRQHGLW
ZLWK$X
ZKLFKPHDQVRQHJHWVRQHWKRXVDQGJRRGGHHGVRUDWKRXVDQGVLQVDUHIRUJLYHQZKLOHRWKHUV
KDYHPHQWLRQHGWKLV+DGLWKZLWKWKHZRUG:D\XKDWWX
WKDWLVRQHLVJLYHQDWKRXVDQGYLUWXHVDQGD
VLPLODUQXPEHURIVLQVDUHSDUGRQHG
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R,WEULQJVLQWRSURPLQHQFH
WKHGLVWLQFWLRQRIWKHWZR5DNCDKRI$G'XKDDVLWLVDPHDQVWRH[SUHVVRQH
VJUDWLWXGHWR$OODKIRU
MRLQWVLQRQH
VERG\6LPLODUO\WKH3UDLVHDQG*ORULILFDWLRQRI$OODKWKHGHFODUDWLRQRI+LV2QHQHVV
HQMRLQLQJJRRGDQGIRUELGGLQJYLFHVDUHDOO6DGDTDKRIPDQ
VERG\
,UHSOLHGLQWKHDIILUPDWLYH7KHUHXSRQWKH3URSKHW VDLG,
UHFLWHGIRXUZRUGVWKUHHWLPHVDIWHU,KDGOHIW\RX,IWKHVHDUHWREHZHLJKHGDJDLQVWDOO\RXKDYH
UHFLWHGVLQFHPRUQLQJWKHVHZLOOEHKHDYLHU7KHVHDUH6XEKDQ$OODKLZDELKDPGLKLCDGDGDNKDOTLKL
ZDULGDQDIVLKLZD]LQDWDKCDUVKLKLZDPLGDGDNDOLPDWLKL>$OODKLVIUHHIURPLPSHUIHFWLRQDQG,EHJLQ
ZLWK+LVSUDLVHDVPDQ\WLPHVDVWKHQXPEHURI+LVFUHDWXUHVLQDFFRUGDQFHZLWK+LV*RRG3OHDVXUH
HTXDOWRWKHZHLJKWRI+LV7KURQHDQGHTXDOWRWKHLQNWKDWPD\EHXVHGLQUHFRUGLQJWKHZRUGVIRU+LV
3UDLVH@
>0XVOLP@
&RPPHQWDU\ 7KHUHFLWDWLRQRIWKHZRUGVTXRWHGLQWKLV+DGLWKLVKLJKO\PHULWRULRXVDQGUHZDUGLQJ
EHFDXVHWKH\DUHIXOORI3UDLVHDQG*ORULILFDWLRQRI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ /DFNRIUHPHPEUDQFHRI$OODKLVDNLQWRGHDWK:KHQDSHUVRQGLHVKHLVXQDEOHWRGR
DQ\WKLQJ6LPLODUO\DSHUVRQZKRGRHVQRWUHPHPEHU$OODKJRHVVRIDUIURP+LPWKDWKHFDQQRWGR
DQ\WKLQJZKLFKFDQEHQHILWKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,DPDVP\VODYHH[SHFWVPHWREH
PHDQVWKDWRQHVKRXOGKDYHWKHFRQYLFWLRQWKDW+H
DFFHSWVUHSHQWDQFHJUDQWVSDUGRQUHOLHYHVSHRSOHRIWKHLUWHQVLRQVDQGHPDQFLSDWHVWKHPIURPWKHLU
WURXEOHV$ORQJZLWKWKLVFRQYLFWLRQRQHVKRXOGGRJRRGGHHGVZKLFKSOHDVH$OODKDQGDYRLGVXFK
GHHGVZKLFKKDYHEHHQSURKLELWHGE\+LP:LWKWKLVFRQGXFWRQHVKRXOGKRSHIRUWKHEHVWIURP$OODK
7KLVDSSURDFKLVVLPLODUWRWKDWRIDFXOWLYDWRUZKRSORXJKVKLVODQGVRZVWKHVHHGZDWHUVLWWDNHV
HYHU\SRVVLEOHFDUHRILWDQGWKHQFKHULVKHVKRSHIRUDJRRGFURS,WFDQDOVREHOLQNHGWRWKH
HQGHDYRXUVRIDSHUVRQZKRLQWHQGVWREHFRPHDVFKRODURUDSK\VLFLDQRUDQHQJLQHHU7KHILUVWDQG
IRUHPRVWUHTXLUHPHQWWRSXUVXHKLVDPELWLRQLVWRVWXG\WKHERRNVWKURXJKZKLFKKHFDQJDLQWKH
UHTXLUHGNQRZOHGJH)RUHYHU\ZRUNRQHLQWHQGVWRGRRQHKDVWRILUVWPDNHDIRXQGDWLRQDQGWKHQ
DFTXLUHWKHPHDQVHVVHQWLDOIRULW,WLVRQO\WKHQWKDWRQHFDQKRSHWRDFKLHYHRQH
VDLP
6LPLODULVWKHFDVHRIDVVRFLDWLQJJRRGKRSHVZLWK$OODK8QOHVVDSHUVRQGRHVQRWIXUQLVKWKH
IRXQGDWLRQRI)DLWKDQGJRRGGHHGVIRULWLWZLOOEHXQZLVHWRDVVRFLDWHJRRGKRSHVZLWK$OODK$VODYH
ZKRUDWKHUWKDQVHUYLQJKLVPDVWHUUXQVDZD\RUDQQR\VKLPDQGVWLOOKRSHVWKDWKLVPDVWHUEHLQJVR
NLQGZLOOQRWWDNHKLPWRWDVNIRUKLVH[FHVVHVZRXOGEHFDOOHGVWXSLGE\WKHSHRSOH7KHVDPHLVWUXHRI
$OODKZKRLVFHUWDLQO\WKH0RVW&RPSDVVLRQDWHWKH0RVW0HUFLIXODQG)RUJLYLQJ%XWIRUZKRPLV+H
VR"7KHDQVZHULVIRU+LVIDLWKIXODQGREHGLHQWVODYHVDQGQRWIRUWKRVHZKRDUHIROORZHUVRI6DWDQ)RU
6DWDQDQGKLVIROORZHUV$OODK
V'HFLVLRQLVWKDW,ZLOOILOO+HOOZLWK\RX,EOLVDQGWKRVHRIWKHP
PDQNLQGWKDWIROORZ\RXWRJHWKHU
+HZDVDVNHG:KRDUHWKH0XIDUULGXQ"
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJWZRSRLQWV)LUVWWKHHPLQHQFHRISOHQWLIXO
UHPHPEUDQFHRI$OODK3HRSOHZKRKDYHWKLVTXDOLW\ZLOOEHDKHDGRIRWKHUVLQUHZDUGRQ WKH'D\RI
-XGJHPHQW6HFRQGSHRSOHZKRUHPHPEHU$OODKDQGDUHREHGLHQWWR+LPEHWKH\PHQRUZRPHQZLOO
EHUHZDUGHGHTXDOO\,QWKHPDWWHURIUHZDUGQRGLVWLQFWLRQZLOOEHPDGHRQWKHEDVLVRIWKHLUJHQGHU
>$W7LUPLGKL@
+HVDLG.HHS\RXUWRQJXHZHWZLWKWKHUHPHPEUDQFHRI$OODK
>$W7LUPLGKL@
&RPPHQWDU\ 6KDUD
LCLVWKHSOXUDORI6KDULCDK6KDULCDKLVLQWKHVHQVHRI 0DVKUXCDK WKDWLVWKH
'LYLQHLQMXQFWLRQV7KHVH'LYLQHLQMXQFWLRQVDUHRIYDULRXVNLQGVLHVRPHRIWKHPDUHREOLJDWRU\
VRPHGHVLUDEOHDQGVRPHYROXQWDU\7KHREOLJDWRU\RQHVDUHFRPSXOVRU\DQGWKHLUFRPSOLDQFHLV
LQGLVSHQVDEOH:KDWLVWHUPHGDV0XVWDKDEEDWGHVLUDEOHVDUHDOVRKLJKO\LPSRUWDQWIRUJDLQLQJWKH
3OHDVXUHRI$OODK6LPLODUO\YROXQWDU\DFWVDUHDPHDQVRIJHWWLQJFORVHWR$OODK2UGLQDU\SHRSOHDUH
VRPHWLPHVSX]]OHGE\WKHDEXQGDQFHRIWKHODWWHUDQGZDQWWRDGKHUHWRWKHILUVWWZRWKDWLVREOLJDWLRQV
DQGZKDWFRPHVLQWKHFDWHJRU\RIGHVLUDEOHV$GHVLUHWRWKLVHIIHFWLVPHQWLRQHGLQWKLV+DGLWK7KH
3URSKHW3%8+DQVZHUHGWKHTXHU\LQWKLVPDWWHUE\VD\LQJWRWKHLQTXLUHU.HHS\RXUWRQJXHZHW
ZLWKWKHUHPHPEUDQFHRI$OODK
.HHSLQJWKHWRQJXHZHWZLWKWKHUHPHPEUDQFHRI$OODKKHUHPHDQV
LWVDEXQGDQWUHFLWDWLRQ,QRWKHUZRUGVRQHVKRXOGPDNHWKHUHPHPEUDQFHRI$OODKDSHUPDQHQW
IHDWXUH,IRQHLVQRWDEOHWRGRPDQ\YRXOQWDU\JRRGZRUNVZKLFKVRPHSHRSOHILQGGLIILFXOWWKH
UHPHPEUDQFHRI$OODKZLOOPDNHXSWKHGHILFLHQF\LQWKDWUHJDUG
>$W7LUPLGKL@
&RPPHQWDU\ -DQQDKLVVRYDVWWKDWZHFDQQRWHYHQLPDJLQHLWVYDVWQHVV7KHSODQWLQJRIWUHHVLQ
UHWXUQIRUWKH3UDLVHDQG*ORULILFDWLRQRI$OODKLVWKHUHIRUHQHLWKHUVRPHWKLQJGLIILFXOWQRUVXUSULVLQJ
6RWKHUHVKRXOGQRWEHDQ\KHVLWDWLRQLQDFFHSWLQJLWDVDIDFW6RPHSHRSOHWDNHLWLVDVDPHWDSKRUIRU
DSOHQWLIXOUHZDUG
>$W7LUPLGKL@
7KH\VDLG&HUWDLQO\
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHHPLQHQFHRIUHPHPEUDQFHRI$OODKDVWKHEDVLVRI
HYHU\JRRGGHHGLVUHPHPEUDQFHRI$OODKDQGH[SUHVVLRQRIRQH
VGHYRWLRQDQGREHGLHQFHWR+LP
:LWKRXWWKHVHWZRHYHQWKHJUHDWHVWYLUWXHLVXVHOHVVDQGLVRIQRYDOXH7KXVZHPXVWDOZD\VEHDULW
LQPLQGWKDWUHPHPEUDQFHRI$OODKLVVXSHULRUWRHYHU\WKLQJHOVH
<RXVKRXOGVD\C6XEKDQ$OODKLCDGDGDPD
NKDODTDILVVDPD
ZDVXEKDQ$OODKLCDGDGDPDNKDODTDILODUGLZDVXEKDQ$OODKLCDGDGDPDEDLQD
GKDOLNDZDVXEKDQ$OODKLCDGDGDPD+XZD.KDOLTXQZDOODKX$NEDUXPLWKODGKDOLNDZDOKDPGX
OLOODKLPLWKODGKDOLNDZDODLODKDLOODOODKXPLWKODGKDOLNDZDODKDZODZDODTXZZDWDLOODELOODKLPLWKOD
GKDOLND6XEKDQ$OODKHTXDOWRWKHQXPEHURIZKDW+HFUHDWHGLQWKHKHDYHQDQG6XEKDQ$OODKHTXDO
WRWKHQXPEHURI+LVFUHDWXUHVLQWKHHDUWKDQG6XEKDQ$OODKHTXDOWRWKHQXPEHULQEHWZHHQWKHP
DQG6XEKDQ$OODKHTXDOWRWKHQXPEHURIWKRVH+HZLOOFUHDWH
7KHQVD\C$OODKX$NEDU
$OODKLV
*UHDWHVWLQWKHVDPHZD\7KHQVD\C$OKDPGXOLOODK
SUDLVHEHWR$OODKLQWKHVDPHZD\7KHQVD\
C/DLODKDLOODOODK
WKHUHLVQRWUXHJRGH[FHSW$OODKLQWKHVDPHZD\7KHQVD\C/DKDZODZDOD
TXZZDWDLOODELOODK
WKHUHLVQRFKDQJHRIDFRQGLWLRQQRUSRZHUH[FHSWE\$OODKLQWKHVDPHPDQQHU
>$W7LUPLGKL@
&RPPHQWDU\ 6KHLNK$O$OEDQLKDVDFFHSWHGWKLV+DGLWKDV+DVDQEHFDXVHRIWKHGHIHFWLQLWV
DXWKRULW\+HKDVVWDWHGWKDWWKHRULJLQDOQDUUDWLRQRILWLVZLWKRXWDQ\UHIHUHQFHWRJUDYHOVDQGVWRQHV
RIIUXLWVDQGWKDWLV6DKLK
DQGKDVEHHQPHQWLRQHGE\,PDP0XVOLPLQKLV6DKLKZLWKUHIHUHQFHWR
-DZDLUL\DK0D\$OODKEHSOHDVHGZLWKKHU6HH5L\DGXV6DOLKHHQHGLWHGE\6KHLNK$O$OEDQL
,VDLG<HV20HVVHQJHURI
$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QWKLV+DGLWKWKHLQYRFDWLRQ/DKDZODZDODTXZZDWDLOODELOODK
KDVEHHQUHJDUGHGD
WUHDVXUHRI-DQQDKRURQHRIWKHPRVWSUHFLRXVVWRUHVRI-DQQDK7KHUHDVRQIRULWVKLJKHPLQHQFHVHHPV
WREHWKDWWKURXJK LWRQHPDNHVDFRQIHVVLRQRIKLVXWWHUZHDNQHVVDQGKHOSOHVVQHVVDQGDWWULEXWHVDOO
SRZHUDQGDXWKRULW\WR$OODKDQGWKLVLVYHU\PXFKOLNHGE\$OODK7KLVVWDWHPHQWLVDQRXWULJKW
DGPLVVLRQWKDWPDQKDVQRSRZHUDQGLIKHFDQSUHYHQWKLPVHOIIURPDQ\PLVFKLHIRUGRDQ\JRRGGHHG
LWLVRQO\E\WKH:LOORI$OODKDQG+LV3HUPLVVLRQ
&+$37(5
5(0(0%5$1&(2)$//$+,1
$//&21',7,216
$OODKWKH([DOWHGVD\V
9HULO\,QWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\
WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ
SUD\HUVVWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHV
&RPPHQWDU\ 6XFKUHOLJLRXVVFKRODUVWDNHVXSSRUWIURPWKLV+DGLWKZKRKROGWKDWWKHUHFLWDWLRQRI
WKH4XU
DQLVSHUPLVVLEOHLQDVWDWHRI-DQDEDKUHVXOWLQJIURPFRLWLRQDQGPHQVHV,PDP$O%XNKDULLV
DOVRLQFOXGHGDPRQJWKRVHZKRKROGWKLVYLHZ7KH\VD\WKDWWKHZRUGVDWDOOWLPHV
FOHDUO\PHDQV
WKDW7KH3URSKHW3%8+XVHGWRUHPHPEHU$OODKZKLFKLQFOXGHVWKHUHFLWDWLRQRIWKH4XU
DQDOVRQR
PDWWHUZKHWKHUKHZDVLQDVWDWHRIPLQRURUPDMRUSROOXWLRQ)RUWKLVUHDVRQ6KHLNK$O$OEDQLKDV
REMHFWHG,PDP$Q1DZDZL
VPHQWLRQLQJWKHVHWZRH[FHSWLRQVSROOXWLRQUHVXOWLQJIURPFRLWLRQDQG
PHQVHVLQWKHUHOHYDQWWLWOHDQGKDVVWDWHGWKDWWKHUHLVQR+DGLWKLQVXSSRUWRIWKHVHH[FHSWLRQV,Q
IDFWWKH+DGLWKQDUUDWHGE\C$ LVKDK0D\$OODKEHSOHDVHGZLWKKHUFRQWUDGLFWVWKLVYLHZ,QWKH
RSLQLRQRIWKLVVFKRRORIWKRXJKWWKH$KDGLWKZKLFKSURKLELWWKHUHPHPEUDQFHRI$OODKZKHQDSHUVRQ
LVLQWKHVWDWHRI-DQDEDKDUHZHDNLQDXWKRULW\DQGDUHRSHQWRGLVFXVVLRQ7KXVVXFK$KDGLWKGRQRW
SURYHWKHSURKLELWLRQ,QWKHRSLQLRQRIWKHVHFRQGVFKRRORIWKRXJKWZKLFKKROGVWKHRSSRVLWHYLHZ
VXFK$KDGLWKFDUU\ZHLJKWGHVSLWHEHLQJZHDNLQDXWKRULW\EHFDXVHWKHLUZHDNQHVVLVQRWVHULRXV6RPH
RIWKHPHYHQEHOLHYHWKDWVXFK$KDGLWKFRPHWRWKHOHYHORI+DGLWK+DVDQ6RIDUORJLFLVFRQFHUQHG
WKHYLHZSRLQWRIWKHILUVWVFKRROFDUULHVPRUHZHLJKWEXWWKHUHYHUHQFHRIWKH4XU
DQDOVRFDOOVIRU
FDXWLRQ7KHEHVWZD\WRFUHDWHFRQIRUPLW\EHWZHHQWKHWZRYLHZVLVWKDWLQLQHYLWDEOHVLWXDWLRQVRQH
PD\JRE\WKHILUVWYLHZEXWLQWKHRUGLQDU\FLUFXPVWDQFHVLWLVEHWWHUWRIROORZWKHVHFRQGYLHZ$OODK
$ORQHNQRZVZKDWLVULJKW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGUHFLWHWKHSUD\HUPHQWLRQHGLQWKLV+DGLWKEHIRUHRQHFRKDELWVZLWKKLV
ZLIH7KLVZLOOVDYHKLPDQGKLVRIIVSULQJIURPWKHHYLO HIIHFWRI6DWDQ%XWLWPXVWEHERUQHLQPLQG
WKDWWKLVSUD\HULVWREHUHFLWHGEHIRUHWKHLQWHUFRXUVHDQGQRWGXULQJLW
&+$37(5
6833/,&$7,21$77+(7,0(2)
*2,1*72%('$1':$.,1*83
+XGKDLIDKDQG$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG:KHQHYHUWKH0HVVHQJHU
RI$OODK3%8+ZHQWWREHGKHZRXOGVXSSOLFDWH%LVPLND$OODKXPPDDPXWZDDK\D:LWK<RXU
1DPH2$OODK,GLHDQGUHWXUQWROLIH
DQGZKHQKHZRNHXSKHZRXOGVXSSOLFDWHWKXV$OKDPGX
OLOODKLOODGKLDK\DQDEDCGDPDDPDWDQDZDLODLKLQQXVKXU$OOSUDLVHEHORQJVWR$OODK:KRKDVUHVWRUHG
XVEDFNWROLIHDIWHUFDXVLQJXVWRGLHDQGWR+LPVKDOOZHUHWXUQ
>$O%XNKDUL@
&RPPHQWDU\ 7KHJUHDWHVWEHQHILWRIVXFK'XCDLVWKDWRQHDOZD\VUHPHPEHUV$OODKDQGNHHSV+LP
DOOWKHWLPHLQPLQG
&+$37(5
7+((;&(//(1&(2)
*$7+(5,1*,1:+,&+$//$+
,65(0(0%(5('
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ0XVOLPLVDOVRWKHVDPHZLWKPLQRUFKDQJHVLQZRUGLQJV
&RPPHQWDU\ :KDWNLQGRIFLUFOHVDQGJDWKHULQJVRIUHPHPEUDQFHRI$OODKDUHUHIHUUHGWRKHUH"
2EYLRXVO\QRWWKRVHLQZKLFK$OODKLVUHPHPEHUHGLQWKHZD\VLQYHQWHGE\WKHSDUWLFLSDQWVWKHPVHOYHV
LHUHSHWLWLRQRIWKHVORJDQV$OODK+X
+DT$OODK
HWFZKLFKKDYHQRWEHHQPHQWLRQHGLQDQ\
+DGLWK7KHUHSHWLWLRQRIDQ\VSHFLILFZRUGLQDVSHFLILFPDQQHUDQGLQDSHFXOLDUVXUURXQGLQJVXFKDV
E\SXWWLQJWKHOLJKWVRII WKLVPDQQHURIFRQGXFWLQJWKHUHPHPEUDQFHRI$OODKLVDOVRQRWHYLGHQWIURP
WKHSUDFWLFHRIWKH3URSKHW3%8+DQGKLV&RPSDQLRQV7KHFLUFOHVDQGJDWKHULQJVPHQWLRQHGLQWKLV
+DGLWKDUHWKRVHLQZKLFKWKH3URSKHW
V6XQQDKLVIXOO\REVHUYHG7KHZRUGVVXFKDV6XEKDQ$OODK
$OKDPGXOLOODK/DLODKDLOODOODK$OODKX$NEDUHWFDUHUHFLWHGDQG3UDLVHDQG*ORULILFDWLRQRI$OODK
DUHGRQHDIWHU6DODW7KH JURXSVDUHTXLHWO\HQJDJHGLQWKHUHPHPEUDQFHRI$OODKDQGWKRVHZKR
DWWHQGWKHVHUPRQVDQGVSHHFKHVGHOLYHUHGLQPRVTXHVRQ)ULGD\DOVRFRPHLQWKLVFDWHJRU\RIPHHWLQJV
DQGJDWKHULQJVDVWKHVHDUHRUGDLQHGLQ,VODP7KLV+DGLWKDOVRKLJKOLJKWVWKHGLVWLQFWLRQRI0XVOLPV
ZKRDUHHQJDJHGLQWKHUHPHPEUDQFHRI$OODKDQGWKH'XCDWKH\UHFLWHRQWKHVXJJHVWHGWLPHVDQG
RFFDVLRQV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKHPHULWVRIUHPHPEUDQFHRI$OODKDQGWKHKLJKJUDGHVRI
WKHSHRSOHLQGXOJLQJLQLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJWKUHHSRLQWV
7KHLQGXFHPHQWIRUSDUWLFLSDWLRQLQWKHPHHWLQJVKHOGIRUWKHUHPHPEUDQFHRI$OODK
7KHPHULWRIDYRLGLQJDQ\WKLQJWKDWFDXVHVLQFRQYHQLHQFHWRSHRSOHDQGGLVWLQFWLRQRIWKRVHZKRDUH
EDVKIXO
7KHFRQGHPQDWLRQDQGHYLOFRQVHTXHQFHVRIDYRLGLQJZLWKRXWDQ\JHQXLQHUHDVRQWKHPHHWLQJVRU
JDWKHULQJVZKLFKDUHKHOGWRUHPHPEHU$OODKRUWRGLVVHPLQDWHUHOLJLRXVNQRZOHGJH
7KH\UHSOLHG:HDUHVLWWLQJKHUHWRUHPHPEHU$OODK
+HVDLG,DGMXUH\RXE\$OODKWR
WHOOPHZKHWKHUQRWKLQJHOVHKDVPDGH\RXWRVLWWRJHWKHU
7KH\UHSOLHG%\$OODK:HDUHVLWWLQJ
RQO\WRUHPHPEHU$OODK
7KHQKHVDLG,GLGQRWDGMXUH\RXEHFDXVH,VXVSHFWHG\RX1RRQHRIP\
UDQNLQWKHH\HVRIWKH0HVVHQJHURI$OODK3%8+LVWKHQDUUDWRURIVRIHZWUDGLWLRQVDV,DP7KHIDFW
LVWKDWWKH0HVVHQJHURI$OODK3%8+ZHQWRXWWRDFLUFOHRIKLV&RPSDQLRQVDQGVDLGC:KDWKDV
PDGH\RXVLWWKHUH"
:KHQWKH\UHSOLHGWKDWWKH\DUHVLWWLQJWRJHWKHUWRUHPHPEHU$OODKDQGWRSUDLVH
+LPIRUJXLGLQJWKHPWR,VODPDQGEHVWRZLQJIDYRXUVRQWKHPKH3%8+VDLGC,DGMXUH\RXE\$OODK
WRWHOOPHWKDWQRWKLQJHOVHKDVPDGH\RXVLWWRJHWKHU
2QWKHLUUHSO\WKDWWKHUHZDVFHUWDLQO\QRRWKHU
SXUSRVHKH3%8+VDLGC,GLGQRWDGMXUH\RXEHFDXVH,VXVSHFWHG\RXEXW-LEULO*DEULHOFDPHWRPH
DQGWROGPHWKDW$OODKZDVWDONLQJSURXGO\RI\RXWRWKHDQJHOV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKOLNHWKRVHSUHFHGLQJLWPHQWLRQVWKHPHULWVRIWKHPHHWLQJVZKLFKDUH
KHOGIRUWKHUHPHPEUDQFHRI$OODKDVZHOODVWKHGLVWLQFWLRQRIWKRVHZKRSDUWLFLSDWHLQWKHP
&+$37(5
5(0(0%5$1&(2)$//$+,1
7+(0251,1*$1',17+(
(9(1,1*
$OODKWKH([DOWHGVD\V
$QGUHPHPEHU\RXU5XEEE\\RXUWRQJXHDQGZLWKLQ\RXUVHOIKXPEO\DQGZLWKIHDUDQG
ZLWKRXWORXGQHVVLQZRUGVLQWKHPRUQLQJVDQGLQWKHDIWHUQRRQVDQGEHQRWRIWKRVHZKRDUH
QHJOHFWIXO
$QGGHFODUHWKHSHUIHFWQHVVRI\RXU5XEEEHIRUHWKHULVLQJRIWKHVXQDQGEHIRUHLWVVHWWLQJ
$QGGHFODUHWKHSHUIHFWQHVVRI\RXU5XEEDQGSUDLVH+LPLQWKHC$VKLLHWKHWLPHSHULRGDIWHU
WKHPLGQRRQWLOOVXQVHWDQGLQWKH,ENDULHWKHWLPHSHULRGIURPHDUO\PRUQLQJRUVXQULVHWLOO
EHIRUHPLGQRRQ
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ .DOLPDWPHDQVWKH:RUGVRI$OODK+LV'HFLVLRQVDQG+LV3RZHU$W7DPDWEHLQJIUHH
IURPHYHU\GHIHFWDQGVKRUWFRPLQJ7KXVLWPHDQV,VHHNWKHSURWHFWLRQRI$OODKE\PHDQVRI
IDXOWOHVV:RUGV'HFLVLRQVDQG3RZHURI$OODKIURPWKHPLVFKLHIRIHYHU\OLYLQJEHLQJ
,WLVWKHEHVW
SUD\HUIRUSURWHFWLRQIURPGDQJHURXVDQLPDOVLQVHFWVDQGSHRSOH
,QWKHHYHQLQJKHZRXOG
VD\$OODKXPPDELNDDPVDLQDZDELNDQDK\DZDELNDQDPXWXZDLODLNDQQXVKXU2$OODK:LWK
<RXU3RZHUZHKDYHFRPHWRWKHHYHQLQJE\<RXGRZHOLYHE\<RXGR ZHGLHDQGWR<RXLVWKH
UHWXUQ
>$W7LUPLGKLDQG$EX'DZXG@
7KH
0HVVHQJHURI$OODK3%8+VDLG5HFLWHWKHVHZRUGVC$OODKXPPDIDWLUDVVDPDZDWLZDODUGLCDOLPDO
JKDLELZDVKVKDKDGDWL5DEEDNXOOLVKDL
LQZDPDOLNDKX$VKKDGXDQODLODKDLOOD$QWDDCXGKXELND
PLQVKDUULQDIVL ZDVKDUULVK6KDLWDQLZDVKLUNLKL2$OODK&UHDWRURIWKHKHDYHQVDQGWKHHDUWK
.QRZHURIWKHKLGGHQDQGWKHH[SRVHG5XEERIHYHU\WKLQJDQGHYHU\RQH,EHDUZLWQHVVWKDWQRQHKDV
WKHULJKWWREHZRUVKLSSHGEXW<RX,VHHN<RXU3URWHFWLRQIURPWKHHYLORIP\RZQVHOIIURPWKHHYLO
RI6DWDQDQG IURPWKHHYLORI6KLUNWRZKLFKKHFDOOV
>$EX'DZXGDQG$W7LUPLGKL@
:KHQLWZDVPRUQLQJKH
3%8+ZRXOGUHFLWHWKHVDPHUHSODFLQJWKH ZRUGV:HKDYHHQWHUHGXSRQHYHQLQJDQGWKHZKROH
NLQJGRPRI$OODKWRRKDVHQWHUHGXSRQHYHQLQJ
ZLWK:HKDYHHQWHUHGXSRQPRUQLQJDQGWKHZKROH
NLQJGRPRI$OODKHQWHUHGXSRQPRUQLQJ
5HSODFHWKHZRUGV$PVDLQDDPVDKDGKLKLOODLODWLPD
EDCGDKDZLWK$VEDKQDDVEDKDKDGKDO\DXPLPDEDCGDKXUHVSHFWLYHO\
>0XVOLP@
&RPPHQWDU\ ,WLVGHVLUDEOHWRUHFLWHWKHLQYRFDWLRQVFLWHGLQWKH+DGLWKLQWKHPRUQLQJDQGWKH
HYHQLQJDQGDOVRZKHQRQHJRHVWREHGDQGDZDNHV7KHSXUSRVHLVWKDWWKHFRQFHSWRI $OODK
V
3URYLGHQFHDQG'LYLQLW\UHPDLQVDOLYHDOOWKHWLPHLQRQH
VPLQG:LWKWKHVHZRUGVRQHVHHNV$OODK
V
3URWHFWLRQLQOLIHDQGWKH+HUHDIWHUIURPWKLQJVZKLFKDUHKDUPIXO2QHDOVREHJVIRUKLVVDIHW\DQG
JXLGDQFHLQWKLVOLIHDQGWKH+HUHDIWHU7KLV +DGLWKIXOO\H[SUHVVHVRQH
VUHFRJQLWLRQRI$OODK
V
*RGKRRGDQG/RUGVKLS
>$EX'DZXGDQG$W7LUPLGKL@
PHDQVWKDWWKHQRQHZRXOGQRWQHHG
DQ\RWKHUUHFLWDWLRQIRUWKHUHPHPEUDQFHRI$OODK0RUHRYHUE\YLUWXHRIWKHVHWKUHH6XUDK$OODKZLOO
SURWHFWWKHUHFLWHUIURPHYHU\GDQJHURXVWKLQJ,QRWKHU$KDGLWKLWLVVWDWHGWKDWDIWHUO\LQJLQWKHEHG
WKH3URSKHW3%8+XVHGWRUHFLWHWKHVH6XUDKWKHQEORZRQKLVKDQGVDQGUXEWKHPRYHUKLVERG\WR
WKHH[WHQWKHFRXOG
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHSUD\HUFLWHGLQWKLV+DGLWKPHDQVWKDW,VHHNWKH3URWHFWLRQRI$OODKE\PHDQVRI
ZKLFKRQHFDQVDYHKLPVHOIIURPHYHU\YLFHZKHWKHULWLVDQDQLPDORUPDQDMLQQRU6DWDQEHFDXVH+H
LV$ZDUHRIHYHU\RQH
VFRQGLWLRQDQG&DSDEOHRIKHDULQJHYHU\ERG\
VSHWLWLRQ+HZKRFRPHVLQ+LV
3URWHFWLRQQRQHFDQKDUPKLPH[FHSWWKDWZKLFK+HZLOOV
&+$37(5
6833/,&$7,21%()25(
*2,1*72%('
$OODKWKH([DOWHGVD\V
9HULO\,QWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\
WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ
SUD\HUVVWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHVDQGWKLQNGHHSO\DERXWWKHFUHDWLRQRI
WKHKHDYHQVDQGWKHHDUWK
>$O%XNKDUL@
&RPPHQWDU\ (YHU\SHUVRQVOHHSVDWQLJKWDQGJHWVXSLQWKHPRUQLQJ7KXVLQDZD\VOHHSLVGHDWK
DQGUHDZDNHQLQJLVJDLQLQJOLIHDJDLQ7KLVOLIHDQGGHDWKOLNHWKHOLWHUDOOLIHDQGGHDWKOLHLQWKH+DQGV
RI$OODK7KHSUD\HUFLWHGLQWKLV+DGLWKHQJUDYHVWKLVFRQFHSWLQPLQGDQGZKHQRQHUHFDOOVLWHYHU\
QLJKWLWUHPDLQVDOLYHLQKLVPLQGWKDWWKLVOLIHLVIRU$OODKDQG,DPDOLYHZLWK+LV:LOO:KHQHYHU+H
ZLOOVWKH OLJKWRIP\OLIHZLOOEHH[WLQJXLVKHG7KHUHIRUH,VKRXOGVSHQGWKHVHIHZGD\VRIOLIHOHQWWR
PHE\+LPLQDFFRUGDQFHZLWK+LV:LOODQGQRWLQ+LVGLVREHGLHQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVDSSDUHQWIURPWKHGLIIHUHQFHLQWKHQDUUDWLRQVRIWKLV+DGLWKWKDWWKHDJJUHJDWHRI
WKHZRUGLQJVKDVWREHRQHKXQGUHG)RUWKLVSXUSRVHRQHRIWKHVHLQYRFDWLRQVVKRXOGEHUHFLWHGWKLUW\
IRXUWLPHV,WZLOOEHTXLWHLQRUGHULIRQHUHFLWHVHLWKHURIWKHWKUHHIRUWKLUW\IRXUWLPHVEHFDXVHWKH
$KDGLWKRQWKHVXEMHFWVD\WKLVQXPEHUIRUDQ\RIWKHP,QWKLVFRQQHFWLRQWZR$KDGLWKKDYHEHHQ
PHQWLRQHGE\,PDP$Q1DZDZLDQGWKHUHFLWLQJRI$OKDPGXOLOODK
WKLUW\IRXUWLPHVRFFXUVLQ$Q
1DVD
L7KLVIRUPXODRI*ORULILFDWLRQ3UDLVHDQG(OHYDWLRQRI$OODK
V1DPHLVWREHUHFLWHGDIWHUHYHU\
REOLJDWRU\6DODWDQGEHIRUHJRLQJWREHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFDOOVRXUDWWHQWLRQWRDYHU\LPSRUWDQWPDWWHUWKDWEHIRUHJRLQJWREHGZH
PXVWVKDNHRIIRXUEHGVKHHWPDWWUHVVHVHWFEHFDXVHLWLVTXLWHSRVVLEOHWKDWVRPHSRLVRQRXVLQVHFW
PLJKWKDYHSDVVHGRYHULWLQRXUDEVHQFHDQGWKHHIIHFWVOHIWE\LWPD\SURYHKDUPIXOWRXV2QHVKRXOG
UHFLWHWKLVSUD\HUDIWHUVKDNLQJRIIWKHEHGVKHHWPDWWUHVVHVHWF
&RPPHQWDU\ $O0XCDZZLGKDW
WKH6XUDKZKLFKJLYHSURWHFWLRQDUHWKHWKUHH6XUDKRIWKH4XU
DQ
ZKLFKKDYHEHHQPHQWLRQHGLQWKLV+DGLWK7KH\DUHVRQDPHGEHFDXVHWKHUHTXHVWIRUJUDQWLQJRI
SURWHFWLRQLVPDGHWR$OODKE\PHDQVRIWKHP7KHODVWWZR6XUDKRIWKH4XU
DQWKDWLV6XUDW$O)DODT
DQG6XUDW$Q1DVDUHFDOOHG$O0XCDZZLGKDWDLQ
ZKLFKPHDQV7ZR6XUDKZKLFKJLYHSURWHFWLRQ
2QHPXVWUHFLWHWKHVH6XUDKRIWKH4XU
DQEHIRUHJRLQJWRVOHHSVRWKDWRQHPD\RQWKHRQHKDQG
IROORZWKHSUDFWLFHRIWKH3URSKHW3%8+DQGRQWKHRWKHURQHILQGVWKH3URWHFWLRQRI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R,WSRLQWVRXWWKH
GHVLUDELOLW\RISHUIRUPLQJ:XGX
EHIRUHJRLQJWREHGDQGUHFLWLQJWKLV'XCDZKLFKVKRZWKHJHQXLQH
ZRUVKLSDQGFRPSOHWHVXEPLVVLRQWR$OODK@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLPSUHVVHVXSRQXVWKDW$OPLJKW\$OODKLVVXIILFLHQWIRUPDQNLQG7KDWLV
+HVDYHVXVIURPRXUHQHPLHVJLYHVXVVXVWHQDQFHDQGSURYLGHVXVIDFLOLWLHVRIUHVLGHQFHDQGOLYLQJ
'XHWKDQNVVKRXOGEHDGGUHVVHGWR+LP DORQH
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKKDVDZDUQLQJWKDWRQHVKRXOGQHYHUEHXQPLQGIXORI$OODK
V:UDWK,Q
IDFWRQHVKRXOGDOZD\VVHHN$OODK
V3URWHFWLRQDQGGRVXFKYLUWXRXVGHHGVZKLFKSOHDVH+LPVRWKDW
RQHPD\EHVDYHGIURPWKH'LYLQHUHWULEXWLRQ RQWKH'D\RI-XGJHPHQW
7+(%22.2)'8C$
6833/,&$7,216
&+$37(5
,668(65(*$5',1*
6833/,&$7,2167+(,5
9,578(6 6833/,&$7,2162)
7+(3523+(73%8+
$OODKWKH([DOWHGVD\V
,QYRNH\RXU5XEEZLWKKXPLOLW\DQGLQVHFUHW+HOLNHVQRWWKHDJJUHVVRUV
>$EX'DZXG@
&RPPHQWDU\ :KDWLVSUD\HUEXWDQH[SUHVVLRQRIRQH
VKXPEOHQHVVDQGKHOSOHVVQHVVEHIRUH$OODK
7KHH[SUHVVLRQRIRQH
VZHDNQHVVLQIHULRULW\DQGORZOLQHVVEHIRUHWKH,QILQLWH3RZHUDQG0LJKWRI
$OODKLVLQIDFWWKHHVVHQFHRIZRUVKLSSLQJ+LP)RUWKLVUHDVRQSUD\HUKDVEHHQUHJDUGHGDVWKH
HVVHQFHRIZRUVKLS7KXVSUD\HULVUHVHUYHGIRU+LP$ORQHDQGLWVKRXOGQRWEHDGGUHVVHGWRDQ\RQH
HOVHLQDQ\FDVH$O4DGL C,\DGVDLGWKDW'XCDLVWKDWDFWRIZRUVKLSZKLFKDORQHGHVHUYHVWREHUHIHUUHG
WRDVC,EDGDKRUZRUVKLSEHFDXVHZKHQRQHREVHUYHVLWRQHLQIDFWVKRZVGUDZLQJQHDUWR$OODKXWWHU
GHGLFDWLRQWR+LPDQGUHMHFWLRQRIDOOWKDW+HGRHVQRWOLNHDQGDSSURYH
>$O%XNKDULDQG0XVOLP@
,QWKHQDUUDWLRQRI0XVOLPLWLVDGGHGWKDWZKHQHYHU$QDVVXSSOLFDWHGKHXVHGWREHVHHFK$OODKZLWK
WKLV'XCD
&RPPHQWDU\ ,WLVGHVLUDEOHWRUHFLWHWKLV'XCDZKLFKLVPHQWLRQHGLQWKH4XU
DQDQGZKLFK
FRPSUHKHQGVDOOWKDWLVJRRGERWKLQWKLVOLIHDQGWKH+HUHDIWHU7KH3URSKHW3%8+PDGHLWDKDELWWR
UHFLWHWKLV'XCDDQGWKH&RPSDQLRQVZHUHHDJHUWRIROORZKLPLQDOOKLVZRUGVDQGDFWLRQV
C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+XVHGWR
VXSSOLFDWH$OODKXPPDLQQLDV
DOXNDOKXGDZDWWXTDZDOCDIDIDZDOJKLQD2$OODK,EHVHHFK<RX
IRUJXLGDQFHSLHW\FKDVWLW\DQGFRQWHQWPHQW
>0XVOLP@
&RPPHQWDU\ *XLGDQFH
PHDQVJXLGDQFHWRZDUGVYLUWXHZKLFKRQHQHHGVDWHYHU\VWHS7KHDELOLW\
WRGRJRRGDQGVWHDGIDVWQHVVRQWKH5LJKW3DWKLVDOVRFRYHUHGE\WKHWHUPJXLGDQFH7RFRPSO\ZLWK
WKH2UGHUVRI$OODKDQGWRSUHYHQWRQHVHOIIURPZKDW+HKDVIRUELGGHQLV7DTZDIHDURI$OODKWKH
LPSRUWDQFHRIZKLFKQHHGVQRHODERUDWLRQC$IIDI LVSUHYHQWLRQIURPVLQV,WDOVRPHDQVHYDVLRQIURP
VHHNLQJKHOSIURPRWKHUV*KLQD PHDQVULFKHVZKLFKPDNHVRQHLQGHSHQGHQWRIRWKHUVVRPXFKVRWKDW
DOORQH
VKRSHVDUHFHQWHUHGRQ$OODK$ORQH7KHSUD\HUTXRWHGLQWKLV+DGLWKLVYHU\FRPSUHKHQVLYH
LQGHHG
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLVLVDYHU\LPSRUWDQWSUD\HUEHFDXVHWKURXJKLWRQHVHHNVVWHDGIDVWQHVVLQYLUWXH
(YHU\ERG\
VKHDUWLVDOZD\VRSHQWRWURXEOHVWXUPRLODQGRUGHDOVDQGKHLVGULIWLQJIURPRQHVLWXDWLRQ
WRWKHRWKHU,IKHLVQRWVXSSRUWHGE\$OODKKHFDQGHYLDWHIURPWKH5LJKW3DWK DWDQ\PRPHQW)RUWKLV
UHDVRQKHKDVEHHQUHTXLUHGWRSUD\WR$OODKWRVDYHKLVKHDUWIURPWXUQLQJWRZDUGVHYLOVDQGNHHSLW
WRZDUGV$OODKEHFDXVHLWLV+H$ORQH:KRLV&DSDEOHRIFRQWUROOLQJKHDUWV
>$O%XNKDULDQG0XVOLP@
$VK6KDTD
LVWKH
RSSRVLWHRIJRRGIRUWXQHWKDWLVWRSUD\IRUSURWHFWLRQIURPPLVIRUWXQH1R'HFLVLRQRI$OODKLVZURQJ
EXWVRPHRI+LV'HFLVLRQVPD\EHKDUPIXOIRUFHUWDLQSHRSOHZKLOHRWKHUVDUH EHQHILFLDOIRUWKHP7KLV
PHDQVWKDWWKHLUJRRGQHVVRUEDGQHVVLVUHODWHGWRSHUVRQV:KDWLWVLJQLILHVLVWKDWRQHVKRXOGSUD\WR
$OODKWRNHHSRQHVDIHIURPVXFKGHFLVLRQVZKLFKDUHKDUPIXOIRUKLP6KDPDWDW
WKHSOHDVXUHWKDW
RQH
VHQHP\IHHOVRQRQH
VWURXEOH,QRWKHUZRUGVLWLVSUD\HGWKDW$OODKPD\SURWHFWRQHIURPDQ\
VXFKWURXEOHZKLFKLVSOHDVLQJWRRQH
VHQHP\EHFDXVHZKHQDSHUVRQLVLQWURXEOHKLVHQHPLHVIHHO
SOHDVXUHRYHULW,QWKLV+DGLWKRQHVHQWHQFHZDVDGGHGE\$EX6XI\DQDQGGXULQJKLVROGDJHKHGLG
QRWUHPHPEHUZKLFKRQHLWZDV%XWZHOHDUQIURPRWKHU$KDGLWKWKDWLWZDVWKHSOHDVXUHRIHQHPLHV
,EQC$OODQ7KLV+DGLWKDOVRVKRZVWKHKRQHVW\DQGLQWHJULW\RIWKHQDUUDWRUVRI$KDGLWK7KH\ZHUH
KRQHVWWRWKHH[WHQWWKDWLI DIHZZRUGVRIVXSSOLFDWLRQZHUHDGGHGWRD+DGLWKE\LWVQDUUDWRUVWKH\
ZRXOGSRLQWLWRXW6RPHVFKRODUVKDYHUHJDUGHGWKHVHZRUGVDQDGGLWLRQLQWKH+DGLWKE\LWVQDUUDWRU
ZKRLVRWKHUZLVHUHOLDEOHEXWLWLVQRWDSUREOHPRIDGGLWLRQRIDXWKRULW\
EHFDXVHLQWKDWFDVHWKH
DGGLWLRQLVWKHVD\LQJRIWKH3URSKHW3%8+ZKLFKLVPHQWLRQHGE\RQHQDUUDWRUDQGRPLWWHGE\
DQRWKHU%XWKHUHLWLVTXLWHGLIIHUHQWDVWKHQDUUDWRURIWKH+DGLWKKLPVHOILVSRLQWLQJRXWWKHDGGLWLRQ
PDGHE\KLP6XFKDGGLWLRQDOZRUGVDUHWHFKQLFDOO\FDOOHG0XGUDM
>0XVOLP@
$QRWKHUQDUUDWLRQLVC$OODKXPPDLQQLDV
DOXNDOKXGDZDVVDGDG,EHJ<RXIRU
JXLGDQFHDQGXSULJKWQHVV
>0XVOLP@
&RPPHQWDU\ $V6DGDG
PHDQVFRUUHFWQHVVDQGXSULJKWQHVV+HUHLWVLJQLILHVSOHDVHJUDQWPHWKH
DELOLW\WRGRHYHU\WKLQJLQDFRUUHFWPDQQHU
WKDWLVLQDFFRUGDQFHZLWKWKHSUDFWLFHRIWKH3URSKHW
3%8+6RPHVFKRODUVRI+DGLWKKDYHLQWHUSUHWHGLWDVVWHDGIDVWQHVVDQGPRGHUDWLRQ%RWK
LQWHUSUHWDWLRQVDFFRUGZHOOZLWKLWVRULJLQDOPHDQLQJV
$QRWKHUQDUUDWLRQDGGV
ZDGDODCLGGDLQLZDJKDODEDWLUULMDO$QGIURPWKHEXUGHQRILQGHEWHGQHVVDQGWKHW\UDQQ\RIPHQ
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVGHVLUDEOHWRUHFLWHWKLVSUD\HULQ6DODWDIWHU7DVKDKKXGDQGEHIRUH7DVOLP2QHFDQ
DOVRUHFLWHLWDWDOORWKHUWLPHVDOVR
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLVSUD\HULVDOVRYHU\FRPSUHKHQVLYH6RPHWLPHVDSHUVRQGRHVDYLUWXRXVGHHGEXWLW
LVWDLQWHGZLWKVOLJKWK\SRFULV\RUSULGH,WLVDQHOHPHQWZKLFKGHVWUR\VHYHQWKHPRVWYLUWXRXVGHHGV
,WLVWKLVPLVFKLHIDJDLQVWZKLFK$OODK
V3URWHFWLRQKDVEHHQVRXJKWWKURXJKWKLVSUD\HU
>0XVOLP@
&RPPHQWDU\ 7KLVLVDOVRDYHU\FRPSUHKHQVLYHSUD\HU$OODKKDVEOHVVHGPDQZLWKLQQXPHUDEOH
JLIWV2QHEHFRPHVFRQVFLRXVRIWKHPZKHQRQHLVGHSULYHGRIDQ\RIWKHPKHQFHLWLVVDLGWKDWWKH
YDOXHRIDEOHVVLQJLVUHDOL]HGDWLWVORVV)RUH\HVHDUVWRQJXHKHDOWKSURSHUW\FKLOGUHQDQGVXFK
FRXQWOHVVEOHVVLQJVZHRZHJUDWLWXGHWR$OODK,QWKHSUD\HUFLWHGLQWKLV+DGLWKRQHHQWUHDWV$OODKQRW
WRGHSULYHRIDQ\EOHVVLQJJLYHQ WRKLPC$IL\DKPHDQVVDIHIURPGLVHDVHJULHIDQGWURXEOHV3DVVLQJ
RIWKHVDIHW\C$IL\DK
VLJQLILHVWKHFKDQJHIURPDVWDWHRIJRRGKHDOWKWRDVWDWHRILOOQHVVDQG
ZHDNQHVVRUWKDWRQHLVRYHUWDNHQE\WURXEOHVDQGDIIOLFWLRQV
>0XVOLP@
$QRWKHUQDUUDWLRQDGGV/DKDZODZDODTXZZDWDLOOD
ELOODK7KHUHLVQRVWUHQJWKWRUHVLVWHYLODQGQRSRZHUWRGRJRRGH[FHSWWKURXJK$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHSUD\HUPHQWLRQHGLQWKLV+DGLWKLVLQIDFWD0XVOLP
VGHFODUDWLRQWRWXUQLQHYHU\
PDWWHUWR$OODKDQGWRFDUHDERXW+LV3OHDVXUHDQG+LV2UGHUVUHJDUGLQJHYHU\DFW,WLVDOVRD
GHFODUDWLRQWREHIULHQGSHRSOHIRU+LVVDNHDQGWRVKRZHQPLW\WRZDUGVSHRSOHIRU+LPDORQH0D\
$OODKJLYHHYHU\0XVOLPWKHDELOLW\WRPDNHWKLVSUD\HUDQGWRDFWDFFRUGLQJWRWKHGHFODUDWLRQWKDWKH
PDNHVWKURXJKLW
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG7KH3URSKHW3%8+XVHGWRVXSSOLFDWH
$OODKXPPDLQQLDCXGKXELNDPLQILWQDWLQQDULZDCDGKDELQQDULZDPLQVKDUULOJKLQDZDOIDTUL2
$OODK,VHHNUHIXJHLQ<RXIURPWKHWULDOVDQGWKHWRUPHQWRIWKH)LUHDQGIURPWKHHYLOVRIZHDOWKDQG
SRYHUW\
>$EX'DZXGDQG $W7LUPLGKL@
&RPPHQWDU\ 7KHHYLOVRIZHDOWK
VLJQLI\WKDWRQHEHFRPHVVRFDSWLYDWHGE\ZHDOWKWKDWLQKLV
VWUXJJOHWRDFTXLUHLWKHIDLOVWRGLVFULPLQDWHEHWZHHQWKHODZIXODQGWKHXQODZIXORURQHPD\EHFRPH
SURXGDQGDUURJDQWRQDFFRXQWRIKLVULFKHV7KHHYLOVRISRYHUW\WKDWRQHORVHVKRSHRI$OODK
V0HUF\
DQG&RPSDVVLRQRUVKRZVUHVHQWPHQWDJDLQVWKLVIDWHDQGWKH:LOORI$OODKRUGHYLDWHVIURPWKH
SULQFLSOHVDQGUHTXLUHPHQWVRILQWHJULW\DQGKRQHVW\
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSUD\HULVUHFLWHGWRVHHN$OODK
V+HOSLQVKXQQLQJEDGPDQQHUVDQGREVHUYLQJJRRG
PDQQHUVDQGULJKWHRXVGHHGV
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHHYLOPLVFKLHIRIHDUVOLHVLQOHQGLQJWKHPWROLHVFDOXPQLHVEDFNELWLQJDQGRWKHU
IRUELGGHQWKLQJVPXVLFHWFRUFORVLQJWKHHDUVWRWKHWUXWK7KHPLVFKLHIRIH\HVOLHVLQILQGLQJIDXOWV
ZLWKSHRSOHORRNLQJDWZKDWLVIRUELGGHQWRORRNDWDQGLJQRULQJWKH6LJQVRI$OODKVFDWWHUHG
HYHU\ZKHUHLQWKHXQLYHUVH7KHPLVFKLHIRIWKHKHDUWOLHVLQRFFXS\LQJRQH
VKHDUWZLWKWKHORYHRI
DQ\RQHHOVHRWKHUWKDQ$OODK0DQL
VHPHQLVWKDWVWLFN\IOXLGZKLFKFRPHVRXWRIWKHPDOHRUJDQ
DIWHUVH[XDOJUDWLILFDWLRQ+HUHLWPHDQVWKHVH[XDORUJDQV7KHPLVFKLHIRIWKHVHOLHLQXVLQJWKHPLQD
VLQIXODFW2QHLVDGYLVHGWRVDIHJXDUGRQH
VHDUVH\HVKHDUWVH[XDORUJDQVDQGDOOWKHRUJDQVRIRQH
V
ERG\DJDLQVWWKHLULPSURSHUXVHLQRUGHUWRJDLQWKH3OHDVXUHRI$OODK2QHZLOOEHDFFRXQWDEOHIRUDOO
WKHVHWKLQJVRQWKH'D\RI-XGJHPHQW
>$EX'DZXG@
&RPPHQWDU\ /HXFRGHUPDLVDGLVHDVHZKLFKJLYHVULVHWRWKHDSSHDUDQFHRIZKLWHVSRWVRQWKHVNLQ
RIERG\/HSURV\LVDGLVHDVHZKLFKUHQGHUVRQH
VRUJDQVLQYDOLG0DGQHVVLVPHQWDOGLVRUGHU$OOWKHVH
DUHYHU\GDQJHURXVGLVHDVHV7KH3URSKHW3%8+KDVVRXJKW$OODK
V3URWHFWLRQDJDLQVWWKHVHDQGRWKHU
GLVHDVHVOLNHSDUDO\VLVGLDEHWHVIDFLDOSDUDO\VLVFDQFHUEOLQGQHVVHWF0D\$OODKVDYHXVIURPDOO
VXFKGLVHDVHV
>$EX'DZXG@
+HVDLG
WRKLP6KDOO,QRWWHDFK\RXDVXSSOLFDWLRQZKLFKWKH0HVVHQJHURI$OODK3%8+WDXJKWPH",WZLOO
VXUHO\SURYHVRHIIHFWLYHWKDWLI\RXKDYHDGHEWDVODUJHDVDKXJHPRXQWDLQ$OODKZLOOVXUHO\SD\LWIRU
\RX6D\C$OODKXPPDNILQLELKDODOLNDCDQKDUDPLNDZDDJKQLQLELIDGOLNDCDPPDQVLZDND2$OODK
*UDQWPHHQRXJKRIZKDW<RXPDNHODZIXOVRWKDW,PD\GLVSHQVHZLWKZKDW<RXPDNHXQODZIXODQG
HQDEOHPHE\<RXU*UDFHWRGLVSHQVHZLWKDOOEXW<RX
>$W7LUPLGKL@
>$W7LUPLGKL@
&RPPHQWDU\ $O+LGD\DK
JXLGDQFHPHDQVWKHDELOLW\WRGRJRRGGHHGV,WLVDQLQGLFDWLRQRIWKH
ULJKWFRXUVHIRUHYHU\DFWLRQ'HOLYHUPHIURPWKHHYLOVZLWKLQP\VHOI
UHIHUVWRWKHGHVLUHVRIWKH
EDVHUVHOIZKLFKUXLQERWKWKHZRUOGO\DQGUHOLJLRXVOLIH
,ZDLWHGIRUVRPHGD\VDQGWKHQ,ZHQWWRKLPDJDLQDQG
DVNHGKLP20HVVHQJHURI$OODK7HDFKPHWRVXSSOLFDWHVRPHWKLQJIURP$OODK
+HVDLGWRPH2
$OC$EEDVWKHXQFOHRI0HVVHQJHURI$OODK%HVHHFK$OODKWRJLYH\RXVDIHW\$OD
IL\DKLQWKLVOLIH
DQGLQWKH+HUHDIWHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSUD\HUIRU$OD
IL\DK
LQFOXGHVSHDFHDQGVDIHW\RIRQH
VUHOLJLRQDQGRQH
V
ZHOIDUHLQWKLVZRUOGDVZHOODVLQWKH+HUHDIWHU7KLVLVDOVRDYHU\FRPSUHKHQVLYHSUD\HU
>$W7LUPLGKL@
&RPPHQWDU\ 6WHDGIDVWQHVVLQUHOLJLRQLVWKHFRQGXFWRIJUHDWPHQZKLFKFDQQRWEHDFTXLUHGZLWKRXW
WKHVSHFLDO*UDFHRI$OODK7KHUHRFFXUPDQ\WXUQVLQDSHUVRQ
VOLIHZKHQKHEHFRPHVVODFNRU
QHJOLJHQWLQUHOLJLRXVPDWWHUVRUZKHQKHGHYLDWHVIURPWKHFRXUVHSUHVFULEHGE\UHOLJLRQ7KLVSUD\HU
KDVRXWVWDQGLQJLPSRUWDQFHIRUVXFKSHRSOHZKRDUHIDFHGZLWKVXFKDVLWXDWLRQ7KH\VKRXOGUHFLWHWKLV
SUD\HUYHU\IUHTXHQWO\,QIDFWWKH\VKRXOGPDNHLWVUHFLWDWLRQDSHUPDQHQWIHDWXUH
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
2QHRI3URSKHW'DZXG
VVXSSOLFDWLRQVZDVC$OODKXPPDLQQLDV
DOXNDKXEEDNDZDKXEEDPDQ
\XKLEEXNDZDOCDPDODOODGKL\XEDOOLJKXQLKXEEDND$OODKXPPDMCDOKXEEDNDDKDEEDLOD\\DPLQQDIVL
ZDDKOL ZDPLQDOPD
LOEDULGL2$OODK,DVN<RXIRU<RXU/RYHWKHORYHRIWKRVHZKRORYH<RXDQG
GHHGVZKLFKZLOOFDXVHPHWRDWWDLQ<RXU/RYH2$OODK0DNH<RXU/RYHGHDUHUWRPHWKDQP\VHOI
P\IDPLO\DQGWKHFROGZDWHU
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKFRQWDLQVDQLQGXFHPHQWIRUWKH/RYHRI$OODKDQGKLJKOLJKWVWKH
LPSRUWDQFHRIWKRVHZKRDUHGHYRWHGWR$OODKDQGWKHLUJRRGGHHGVEHFDXVHLWLVWKHYLUWXRXVGHHGV
ZKLFKDUHDPHDQVRIDWWDLQLQJWKH/RYHRI$OODKDQG+LV1HDUQHVV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGPDNHDEXQGDQWXVHRIWKHZRUGVC<D'KDO-DODOL
ZDO,NUDP
LQKLVSUD\HUEHFDXVHWKHVHZRUGVFRQWDLQWKH3UDLVHRI$OODKDQGPHQWLRQ+LV3HUIHFW
$WWULEXWHV6RPHKDYHVDLGWKDW$O-DODODQG$O,NUDPDUH$OODK
V*UHDWHVW1DPH
+HVDLG6KDOO,WHOO\RXD
FRPSUHKHQVLYHSUD\HU"6D\C$OODKXPPDLQQLDV
DOXNDPLQNKDLULPDVD
DODNDPLQKXQDEL\\XND
0XKDPPDGXQVDOODOODKXCDODLKLZDVDOODP:DCDCXGKXELNDPLQVKDUULPDVWDCDGKDPLQKXQDEL\\XND
0XKDPPDGXQVDOODOODKXCDODLKLZDVDOODP:D$QWDO0XVWDCDQXZDCDODLNDOEDODJKXZDODKDZODZD
ODTXZZDWDLOODELOODK2$OODK,EHJWR<RXWKHJRRGZKLFK<RXU3URSKHW0XKDPPDG3%8+
EHJJHGRI<RXDQG,VHHNUHIXJHLQ<RXIURPWKHHYLOZKHUHIURP<RXU3URSKHW0XKDPPDG3%8+
VRXJKWUHIXJH<RXDUHWKH2QHIURP:KRPKHOSLVVRXJKWDQG<RXULVWKHUHVSRQVLELOLW\WR
FRPPXQLFDWHWKHWUXWK7KHUHLVQRSRZHURUVWUHQJWKH[FHSWZLWK$OODKWKH([DOWHGWKH*UHDW
>$W7LUPLGKL@
&RPPHQWDU\ )RUWKRVHZKRGRQRWUHPHPEHUPDQ\SUD\HUVRUFDQQRWUHPHPEHUWKHPWKLVLVWKH
EHVWVXSSOLFDWLRQWRPDNH7KLVVKRZVSDUWRI$OODK
V0HUF\XSRQKLVVODYHVDQGSDUWRIWKHHDVLQHVVRI
SUDFWLVLQJ,VODP
>$O+DNLP@
&RPPHQWDU\ 6KHLNK$O$OEDQLKDVUHJDUGHGWKH+DGLWKDV'DCLI
ZHDN2QHFDQKRZHYHUSUD\
ZLWKWKHZRUGVTXRWHGLQWKLV+DGLWKEHFDXVHWKHVHZRUGVFRQWDLQSUD\HUIRU$OODK
V0HUF\DQG
IRUJLYHQHVVDWWDLQPHQWRI-DQQDKDQGSURWHFWLRQIURP+HOO0D\$OODKDFFHSWWKLVSUD\HU
&+$37(5
7+((;&(//(1&(2)
6833/,&$7,1*,121(
6
$%6(1&(
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRFDPHDIWHUWKHPVD\C2XU5XEE)RUJLYHXVDQGRXUEUHWKUHQZKRKDYH
SUHFHGHGXVLQ)DLWK
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+
VD\LQJ:KHQHYHUD0XVOLPVXSSOLFDWHVIRUKLV0XVOLPEURWKHULQKLVDEVHQFHWKHDQJHOVVD\C0D\
WKHVDPHEHIRU\RXWRR
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWHYLGHQWWKDWRQHZKRSUD\VIRUVRPHRQHLQKLVDEVHQFHDOVR
VWDQGVWREHQHILWIURPLWEHFDXVHWKHDQJHODSSRLQWHGIRUWKHWDVNRISUD\LQJIRUWKRVHZKRSUD\IRU
RWKHUVZLOOSUD\IRUKLPVD\LQJ2 $OODK*UDQWKLPDOVRWKHVDPHZKLFKKHKDVDVNHGIRURWKHUV
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
7KHVXSSOLFDWLRQRID0XVOLPIRUKLV0XVOLPEURWKHULQKLVDEVHQFHZLOOFHUWDLQO\EHDQVZHUHG
(YHU\WLPHKHPDNHVDVXSSOLFDWLRQIRUJRRGIRUKLVEURWKHUWKHDQJHODSSRLQWHGIRUWKLVSDUWLFXODUWDVN
VD\VC$ PHHQ0D\LWEHIRU\RXWRR
>0XVOLP@
&+$37(5
620(9(5',&763(57$,1,1*
726833/,&$7,216
8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+
VDLG+HZKRLVIDYRXUHGE\DQRWKHUDQGVD\VWRKLVEHQHIDFWRUC-D]DN$OODKNKDLUDQPD\$OODK
UHZDUG\RXZHOO
LQGHHGSUDLVHGWKHEHQHIDFWRUVDWLVIDFWRULO\
>$W7LUPLGKL@
&RPPHQWDU\ ,IRQHLVXQDEOHWRUHWXUQVRPHRQH
VNLQGQHVVZLWKNLQGQHVVKHVKRXOGVD\-D]DN
$OODKXNKDLUDQPD\$OODKUHZDUG\RXZHOO
7KLVPHDQV,DPXQDEOHWRUHFLSURFDWH\RXUNLQGQHVV
0D\$OODKJUDQW\RXWKHEHVWUHZDUGIRULW
2EYLRXVO\WKHUHLVQRPDWFKIRUWKHUHZDUGWKDWRQHJHWV
IURP$OODK)RUWKLVUHDVRQWKH3URSKHW3%8+VDLGWKDWLWZDVWKHEHVWRIWKHSUDLVHIRUDEHQHIDFWRU
>0XVOLP@
&RPPHQWDU\ $OPLJKW\$OODKDOZD\VOLVWHQVWRHYHU\RQH
VSUD\HUEXW+HKDVIL[HGFHUWDLQWLPHVZKHQ
+HJUDQWVPRUHSUD\HUVDGGUHVVHGWR+LP7KHUHIRUHRQHVKRXOGQHYHUFXUVHRQHVHOIRURQH
VRZQ
FKLOGUHQRURQH
VRZQEXVLQHVVHWFOHVWWKLVLVGRQHDWWKHWLPHZKHQSUD\HUVDUHDFFHSWHGE\$OODK
DQGWKHQRQHKDVWRUHJUHWLWDOOKLVOLIH
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[HOOHQFHRIVXSSOLFDWLQJZKLOHSURVWUDWLQJLQ6DODWDVRQH
JHWVFORVHUWR$OODKLQWKLVSRVLWLRQ
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQRI0XVOLPLV7KHVXSSOLFDWLRQRIDVODYHFRQWLQXHVWREHJUDQWHGDVORQJDVKHGRHVQRW
VXSSOLFDWHIRUDVLQIXOWKLQJRUIRUVRPHWKLQJWKDWZRXOGFXWRIIWKHWLHVRINLQVKLSDQGKHGRHVQRWJURZ
LPSDWLHQW
,WZDVVDLG20HVVHQJHURI$OODK:KDWGRHVJURZLQJLPSDWLHQWPHDQ"
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGFRQWLQXHEHVHHFKLQJ$OODKZLWKRXWHYHU
WKLQNLQJWKDWLQVSLWHRISUD\LQJIRUDORQJWLPHKLVSUD\HUKDVQRWEHHQJUDQWHG2QHVKRXOGQHYHU
DOORZIUXVWUDWLRQWRRYHUFRPHLQKLVPLQG,IDSHUVRQ
VVXSSOLFDWLRQLVQRWJUDQWHGIRUDORQJWLPHWKHUH
ZRXOGEHFHUWDLQO\VRPHJRRGIRUKLPLQWKDWGHOD\WKHUHDVRQRIZKLFKLVNQRZQWR$OODK$ORQH,WLV
WKHUHIRUHHVVHQWLDOWKDWKHVKRXOGQHYHUFHDVHWRSUD\ZKHWKHUKLVSUD\HULVJUDQWHGRUQRW3HUVLVWHQFH
LQSUD\HULVFHUWDLQO\EHQHILFLDOWRKLP
>$W7LUPLGKL@
&RPPHQWDU\ $O
$NKLU
LVWKHFKDUDFWHULVWLFRI-DXI
DQGLQWKHSUHVHQWFRQWH[WLWPHDQVWKHODWH
KRXUVRIQLJKW-DXI
FDQDOVRPHDQKHUHPLGGOH
WKDWLVLQWKHODWHUKDOIRIWKHQLJKW
3UD\HUVDUHDOVRJUDQWHGE\$OODKDIWHUWKHREOLJDWRU\6DODW
8SRQWKLVVRPHRQHRIWKH&RPSDQLRQVVDLG7KHQZHVKDOOVXSSOLFDWHSOHQW\
7KH0HVVHQJHURI
$OODK3%8+VDLG$OODKLVPRUHSOHQWLIXOLQUHVSRQGLQJ
>$W7LUPLGKL@
$0XVOLPVKRXOGQHYHUIHHOVK\RISUD\LQJWR$OODK,QIDFWKHVKRXOGSHUVLVWHQWO\SUD\EHFDXVHWKHUH
LVQRHQGWR+LV7UHDVXUHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHRQO\PHGLFLQHLQDWLPHRIGLVWUHVVLVWKHUHPHPEUDQFHRI$OODK:KRVH+HOSDORQH
VKRXOGEHVRXJKW7KLV'XCDFRQWDLQVZRUGVZKLFKJORULI\$OODKDQGH[DOW+LPIDUDERYHDOOHOVH,WLV
GHVLUDEOHWRUHFLWHWKHVHZRUGVZKHQRQHLVLQGLVWUHVVDVWKLVLVH[DFWO\ZKDWWKH3URSKHW3%8+XVHG
WRUHFLWHLQVXFKVLWXDWLRQV
&+$37(5
683(5,25,7<2)$8/,<$
$1'
7+(,50$59(/6
$OODKWKH([DOWHGVD\V
1RGRXEW9HULO\WKH$XOL\D
RI$OODK>LHWKRVHZKREHOLHYHLQWKH2QHQHVVRI
$OODKDQGIHDU$OODKPXFKDEVWDLQIURPDOONLQGVRIVLQVDQGHYLOGHHGVZKLFK
+HKDVIRUELGGHQDQGORYH$OODKPXFKSHUIRUPDOONLQGVRIJRRGGHHGVZKLFK
+HKDVRUGDLQHG@QRIHDUVKDOOFRPHXSRQWKHPQRUVKDOOWKH\JULHYH7KRVH
ZKREHOLHYHGLQWKH2QHQHVVRI$OODK ,VODPLF0RQRWKHLVPDQGXVHGWRIHDU
$OODKPXFKE\DEVWDLQLQJIURPHYLOGHHGVDQGVLQVDQGE\GRLQJULJKWHRXV
GHHGV)RUWKHPDUHJODGWLGLQJVLQWKHOLIHRIWKHSUHVHQWZRUOGLHWKURXJKD
ULJKWHRXVGUHDPVHHQE\WKHSHUVRQKLPVHOIRUVKRZQWRRWKHUVDQGLQWKH
+HUHDIWHU1RFKDQJHFDQWKHUHEHLQWKH:RUGVRI$OODK7KLVLVLQGHHGWKH
VXSUHPHVXFFHVV
$QGVKDNHWKHWUXQNRIGDWHSDOPWRZDUGV\RXLWZLOOOHWIDOOIUHVKULSHGDWHV
XSRQ\RX6RHDWDQG GULQN
7KH\RXQJPHQVDLGWRRQHDQRWKHUC$QGZKHQ\RXZLWKGUDZIURPWKHPDQG
WKDWZKLFKWKH\ZRUVKLSH[FHSW$OODKWKHQVHHNUHIXJHLQWKH&DYH\RXU5XEE
ZLOORSHQDZD\IRU\RXIURP+LV0HUF\DQGZLOOPDNHHDV\IRU\RX\RXUDIIDLU
LHZLOOJLYH\RXZKDW\RXZLOOQHHGRISURYLVLRQGZHOOLQJ$QG\RXPLJKWKDYH
VHHQWKHVXQZKHQLWURVHGHFOLQLQJWRWKHULJKWIURPWKHLU&DYHDQGZKHQLWVHW
WXUQLQJDZD\IURPWKHPWRWKHOHIW
+HVDLG
+DYH\RXQRWVHUYHGVXSSHUWRWKHP"
6KHVDLG7KH\UHIXVHGWRWDNHVXS SHUXQWLO
\RXFRPH
>$EGXU5DKPDQ$EX%DNU
VVRQRUWKHVHUYDQWV@SUHVHQWHGWKHPHDOWR
WKHPEXWWKH\UHIXVHGWRHDW,WKHQDUUDWRUKLGP\VHOIRXWRIIHDU$EX%DNU0D\
$OODKEHSOHDVHGZLWKKLP P\IDWKHUUHEXNHGPH7KHQKHVDLGWRWKHP3OHDVHHDW
%\$OODK,ZLOOQHYHUHDWWKHPHDO
C$EGXU5DKPDQDGGHG:KHQHYHUZHWRRND
PRUVHORIWKHPHDOWKHPHDOJUHZIURPXQGHUQHDWKPRUHWKDQWKDWPRUVHOZHKDGWLOO
HYHU\ERG\DWHWRKLVVDWLVIDFWLRQ\HWWKHUHPDLQLQJIRRGZDVPRUHWKDQZKDWZDVLQ
WKHEHJLQQLQJ2QVHHLQJWKLV$EX%DNU0D\$OODKEHSOHDVHGZLWKKLPFDOOHGKLV
ZLIHDQGVDLG2VLVWHURI%DQX)LUDV:KDWLVWKLV"
6KHVDLG2SOHDVXUHRIP\
H\HV7KHIRRGKDVLQFUHDVHGWKULFHLQTXDQWLW\
7KHQ$EX%DNU0D\$OODKEH
SOHDVHGZLWK KLPVWDUWHGHDWLQJ+HVDLG0\RDWKQRWWRWDNHWKHPHDOZDVEHFDXVH
RI6DWDQ
+HWRRNDPRUVHOKDQGIXOIURPLWDQGFDUULHGWKHUHVWWRWKH3URSKHW
3%8+7KDWIRRGUHPDLQHGZLWKKLP,QWKRVHGD\VWKHUHZDVDWUHDW\EHWZHHQXV
DQGWKHSDJDQVDQGZKHQWKHSHULRGRIWKDWWUHDW\HODSVHGKH3%8+GLYLGHGXVLQWR
WZHOYHJURXSVDQGHYHU\JURXSZDVKHDGHGE\DPDQ$OODKNQRZVKRZPDQ\PHQ
ZHUHXQGHUWKHFRPPDQGRIHDFKOHDGHU$Q\KRZDOORIWKHPDWHRIWKDWPHDO
>$O%XNKDULDQG0XVOLP@
7KHUHDUH VRPHPRUHQDUUDWLRQVLQERWK$O%XNKDULDQG0XVOLPZLWKYHU\PLQRU
GLIIHUHQFHVLQZRUGLQJVDQGLQGHWDLOV
&RPPHQWDU\ :HOHDUQWKHIROORZLQJSRLQWVIURPWKLV+DGLWK
,WLVSHUPLVVLEOHWRWDNHVWXGHQWVRIUHOLJLRXVVFKRROVKRPHIRUPHDOVDVZDVWKH
SUDFWLFHLQFHUWDLQDUHDVLQWKHSDVW
$IDWKHUFDQDGPRQLVKKLVFKLOGUHQIRUGLVFLSOLQDU\SXUSRVHV
,IDEHWWHUVLWXDWLRQGHYHORSVRQHFDQEUHDNKLVYRZDQGJRIRUWKHQHZDQGEHWWHU
FKRLFH,WLVKRZHYHUQHFHVVDU\WRH[SLDWHIRUEUHDNLQJWKHYRZ
7KLV+DGLWKDIILUPVPLUDFOHV7KLVLVHYLGHQWIURPWKHIDFWWKDWDVPDOOTXDQWLW\RI
IRRGZDVVREOHVVHGE\$OODKWKDWDOOWKHPHPEHUVRIWKHIDPLO\JXHVWVWKH3URSKHW
3%8+DQGWZHOYH$ULI
>$O%XNKDUL@
,Q0XVOLPWKLV+DGLWKLVQDUUDWHGE\C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU
DQGLQERWKWKHVHQDUUDWLRQV,EQ:DKEKDVVDLGWKDWWKHPHDQLQJRI0XKDGGLWKXQLV
UHFLSLHQWVRI'LYLQHLQVSLUDWLRQ
&RPPHQWDU\ 0XOKDPXQ
>SHUVRQVHQGRZHGZLWKLQVSLUDWLRQ@LQRWKHUZRUGV
WKLQJVDUHSXWLQWKHLUKHDUWVE\$OODKLWZDVGRQHLQWKHFDVHRIWKHPRWKHURI3URSKHW
0XVD,WZDVSXWLQKHUPLQGE\$OODKWKDWLIVKHIHOW DQ\IHDUVKHVKRXOGWKHQWUXVW
WKHFKLOGWRWKHVHD0DU\DP0DU\DOVRXVHGWRUHFHLYHLQVSLUDWLRQZKLFKLVDOVRD
IRUPRIPDUYHO7KLV+DGLWKHYLGHQWO\VKRZVWKHGLVWLQFWLRQRIC8PDU0D\$OODKEH
SOHDVHGZLWKKLP
6DCGUHSOLHG
%\$OODK,REVHUYH6DODWDFFRUGLQJWRWKH6DODWRIWKH0HVVHQJHURI$OODK3%8+
DQG,PDNHQRGHFUHDVHLQLW,SURORQJ4L\DPVWDQGLQJLQWKHILUVWWZR5DNCDKLQ
0DJKULEDQGC,VKD
SUD\HUVDQGVKRUWHQLQWKHODVWRQHV
C8PDU0 D\$OODKEH
SOHDVHGZLWKKLPVDLG7KLVLVZKDW,WKRXJKWRI\RX2$EX,VKDT
7KHQKHVHQW
ZLWKKLPDPDQRUVRPHPHQWR.XIDKWRLQYHVWLJDWHWKHPDWWHUDERXWKLPIURPWKH
SHRSOHRI.XIDK7KHLQTXLU\ZDVFRQGXFWHGLQHYHU\PRVTXHDQGDOOWKHSHRS OHLQ
WKHVHPRVTXHVSUDLVHGKLPEXWLQWKHPRVTXHRIWKH%DQX C$EVDPDQZLWKWKHQDPH
RI8VDPDKELQ4DWDGDKDQGVXUQDPH$EX6DCGDKVWRRGXSDQGVDLG6DCGELQ$EX
:DTTDVGLGQRWSDUWLFLSDWHLQ-LKDGDQGKHGLGQRWGLVWULEXWHWKHVSRLOVHTXLWDEO\DQG
GLGQRWMXGJHMXVWO\
2QWKLV6DCGVDLG,VKDOOPDNHWKUHHVXSSOLFDWLRQVLQUHVSHFWRI
KLP2$OODK,IWKLVVODYHRI<RXUVLVDOLDUDQGVHHNHURIQRWRULHW\SOHDVHSURORQJ
KLVOLIHDQGOHQJWKHQKLVSHULRGRIDGYHUVLW\DQGDIIOLFWKLPZLWKWULDOV
$QGVRGLGLW
KDSSHQ7KHUHDIWHUZKHQWKHPDQZDVDVNHGDERXWKLVFRQGLWLRQKHZRXOGVD\,DP
DQROGPDQDIIOLFWHGZLWKWULDOVDQGRYHUWDNHQE\WKHFXUVHVRI6DCG
&RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJIRXUSRLQWV
7KHSULQFLSOHWKDWLILQTXLU\LVFRQGXFWHGDJDLQVWDQ\ERG\RQHVKRXOGLQTXLUHWKH
RSLQLRQRIWKHULJKWHRXVDQGZRUWK\SHRSOHDERXWWKHSHUVRQDJDLQVWZKRPFRPSODLQW
LVPDGH
*RYHUQPHQWRIILFLDOVFDQEHGLVPLVVHGLQWKHLQWHUHVWRISXEOLFJRRGDVC8PDU
0D\$OODKEHSOHDVHGZLWKKLPGLVPLVVHG6DCGELQ$EX:DTTDVDOWKRXJKWKH
FRPSODLQWVPDGHDJDLQVWKLPZHUHIDOVHEXWC8PDUWKRXJKWLWZLVHWRGLVPLVVKLPVR
WKDWQRRQHDPRQJVWKLVVXEMHFWZRXOGVKRZKDWUHGWRZDUGVKLP
7KLV+DGLWKDOVRSURYHVWKHFRUUHFWQHVVRIPDUYHOV7KHDFFHSWDQFHRIWKHSUD\HURI
6DCGELQ$EX:DTTDVLVDQLQVWDQFHRILW
0DUZDQDVNHGKLP:KDWGLG\RXKHDUIURPWKH0HVVHQJHURI$OODK"
+HVDLG,
KHDUGWKH0HVVHQJHURI$OODK3%8+VD\LQJC+HZKRWDNHVDVSDQRIODQGXQMXVWO\
ZLOOEHPDGHWRZHDUVHYHQHDUWKVURXQGKLVQHFNRQWKH'D\RI5HVVXUHFWLRQ
0DUZDQVDLGWRKLP,GRQ
WVHHNSURRIIURP\RXDIWHUWKLV
6DCLGVXSSOLFDWHG2
$OODK,IVKHLVDOLDUGHSULYHKHURIKHUH\HVLJKWDQGFDXVHKHUWRGLHLQKHUODQG
C8UZDKVDLG6KHGLGQRWGLHWLOOVKHEHFDPHEOLQG:KLOHVKHZDVZDONLQJLQKHU
ODQGFRQFHUQLQJZKLFKWKHGLVSXWHDURVHVKHIHOOGRZQLQWRDSLWDQGGLHG
>$O%XNKDULDQG0XVOLP@
,QDQRWKHUQDUUDWLRQRI0XVOLP0XKDPPDGELQ=DLGELQC$EGXOODKELQC8PDU
VDLGWKDWKHKDGVHHQ$UZDEOLQGIHHOLQJIRURQWKHZDOOVZLWKKHUKDQGDQGVD\LQJ,
DPUXLQHGE\WKHFXUVHRI6DCLG
/DWHUVKHIHOOLQDZHOOLQWKHVDPHGLVSXWHGODQGDQG
GLHG
7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHIROORZLQJSRLQWV
7KHGLVWLQFWLRQRI6DCLGELQ=DLGDQGWKHPDUYHOZKLFKFDPHDERXWZLWKWKH
DFFHSWDQFHRIKLVSUD\HUE\$OODK
2QHVKRXOGDOZD\V VDYHRQHVHOIIURPWKHFXUVHRIWKHSLRXVSHRSOHEHFDXVHWKH
SXQLVKPHQWFDQRFFXULQWKLVYHU\OLIH
1H[WPRUQLQJKHZDVDPRQJWKHILUVWWREHNLOOHGVR, EXULHGKLP
DORQJZLWKDQRWKHULQWKHVDPHJUDYH7KHUHDIWHU,GLGQRWOLNHWKDW,VKRXOGOHDYHKLP
ZLWKDQRWKHULQWKHJUDYH6R,GXJXSKLVFRUSVHDIWHUVL[PRQWKVDQGKHZDVLQWKH
VDPHFRQGLWLRQLQZKLFKKHZDVRQWKHGD\ZKHQ,EXULHGKLPH[FHSWWK DWWKHUHZDVD
VFUDWFKRQKLVHDU7KHQ,EXULHGKLPLQDVHSDUDWHJUDYH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJILYHSRLQWV
7KH&RPSDQLRQV
ORYHIRUWKH3URSKHW3%8+H[FHHGHGHYHU\WKLQJHOVHHYHQ
RQH
VRZQOLIHDQGFKLOGUHQ
7KH&RPSDQLRQV
DUGHQWGHVLUHIRUPDUW\UGRP
7KHVL[WKVHQVHRI-DELU
VIDWKHUWKDWKHZRXOGEHKRQRXUHGZLWKPDUW\UGRP
7KHPLUDFOHWKDWKLVGHDGERG\UHPDLQHGLQWDFWDQGGLGQRWGHFRPSRVHHYHQDIWHU
WKHSHULRGRIVL[PRQWKV
7KHMXVWLILFDWLRQWRH[KXPHDGHDGERG\LQFDVHRIQHHG7KLVSHUPLVVLRQLVVXEMHFW
WRWKHFRQGLWLRQWKDWPXFKWLPHKDVQRWSDVVHGVLQFHWKHEXULDORIWKHGHFHDVHG
2WKHUQDUUDWLRQVUHSRUWHGLQ$O%XNKDULVD\WKDWWKHWZRPHQZHUH8VDLGELQ+XGKDLU
DQGC$EEDGELQ%LVKU0D\$OODKEHSOHDVHGZLWKWKHP
&RPPHQWDU\ :KDWZDVDNLQWROLJKW"6RPHSHRSOHVD\LWZDVWKHLUZDONLQJVWLFNV
ZKLFKJDYHDVKLQLQJHIIHFWLQGDUNQHVVDQGVKRZHGWKHPWKHLUZD\6RPHVD\WKDWLW
ZDVWKHOLJKWRIWKH3URSKHWKRRG 7KXVLWZDVDPDUYHORIWKH&RPSDQLRQVDQGD
PLUDFOHRIWKH3URSKHW3%8+
C$VLPELQ7KDELW0D\$OODK
EHSOHDVHGZLWKKLPVDLG%\$OODK,ZLOOQRWFRPHGRZQWREHXQGHUWKHSURWHFWLRQ
RIGLVEHOLHYHUV2$OODKFRQYH\WKLVQHZVWRRXU3URSKHW3%8+
7KHQWKHLQILGHOV
VKRWDUURZVDWWKHPWLOOWKH\NLOOHGC$VLP7KUHHPHQFDPHGRZQUHO\LQJRQWKHLU
SURPLVHDQGFRYHQDQW7KH\ZHUH.KXEDLE=DLGELQ$G'DWKLQDKDQGDQRWKHUPDQ
:KHQWKHGLVEHOLHYHUVFDSWXUHGWKHPWKH\WLHGWKHPXSZLWKWKHVWULQJVRIWKHLUERZV
7KHWKLUGRIWKHFDSWLYHVVDLG7KLVLVWKHEHJLQQLQJRIILUVWEHWUD\DO%\$OODK,ZLOO
QRWJRZLWK\RX,KDYHDJRRGH[DPSOHLQWKHVHPDUW\UV
6RWKH\GUDJJHGKLPDQG
WULHGWRFRPSHOKLPWRDFFRPSDQ\WKHPEXWKHUHIXVHG$WODVWWKH\NLOOHGKLP7KH\
WRRN.KXEDLEDQG=DLGELQ$G'DWKLQDZLWKWKHP DQGVROGWKHPDVVODYHVLQ0DNNDK
7KLVLQFLGHQWWRRNSODFHDIWHUWKHEDWWOHRI%DGU
.KXEDLEZDVERXJKWE\WKHVRQVRI$O+DULWKELQC$PLUELQ1DXIDOELQC$EG0DQDI
,WZDV.KXEDLEZKRKDGNLOOHG$O+DULWKLQWKHEDWWOHRI%DGU.KXEDLEUHPDLQHGD
SULVRQHUZLWKWKRVHSHRSOHIRUDIHZGD\VWLOOWKHVRQVRI$O+DULWKUHVROYHGWRNLOO
KLP
6KHDGGHG%\$OODK,VDZKLPRQFH
HDWLQJRIDEXQFKRIJUDSHVLQKLVKDQGZKLOHKHZDVFKDLQHGDQGWKHUHZDVQRVXFK
IUXLWDWWKDWWLPHLQ0DNNDK3UREDEO\LWZDVDERRQZKLFK$OODKEHVWRZHGXSRQ
.KXEDLE
:KHQWKH\WRRNKLPRXWRIWKH+DUDPRI0DNNDKWRNLOOKLPRXWVLGHLWVERXQGDULHV
.KXEDLEUHTXHVWHGWKHPWROHWKLPRIIHUWZR5DNCDKRIYROXQWDU\SUD\HU7KH\
DOORZHGKLPDQGKHRIIHUHGWZR5DNCDKSUD\HU7KHQKHVDLG+DG,QRWDSSUHKHQGHG
WKDW\RXZRXOGWKLQNWKDW,ZDVDIUDLGRIGHDWK,ZRXOGKDYHSURORQJHGWKHSUD\HU2
$OODK&RXQWWKHLUQXPEHUVOD\WKHPRQHE\RQHDQGVSDUHQRWRQHRIWKHP
+HWKHQ
UHFLWHGWKHVHSRHWLFYHUVHV
C,GRQRWFDUHKRZWKH\NLOOPHDVORQJDV,JHWPDUW\UHGLQWKH&DXVHRI$OODKDVD
0XVOLP,UHFHLYHGP\GHDWKIRU$OODK
VVDNH,I$OODKVRGHVLUHV+HZLOOEOHVVWKH
DPSXWDWHGOLPEVRIWKHWRUQERG\
7KHQWKHVRQRI$O+DULWKNLOOHGKLP,WZDV.KXEDLEZKRVHWWKHWUDGLWLRQIRUDQ\
0XVOLPVHQWHQFHGWRGHDWKLQFDSWLYLW\WRRIIHUWZR5DNCDKRIYROXQWDU\SUD\HU2Q
WKDWGD\WKH0HVVHQJHURI$OODK3%8+LQIRUPHGKLV&RPSDQLRQVRIWKHPDUW\UGRP
RI.KXEDLE/DWHURQZKHQVRPHGLVEHOLHYHUVIURP4XUDLVKZHUHLQIRUPHGWKDW
C$VLPKDGEHHQPDUW\UHGWKH\VHQWVRPHSHRSOHWRIHWFKDVLJQLILFDQWSDUWRIKLVERG\
WRDVFHUWDLQKLVGHDWK7KLVZDVEHFDXVHC$VLPKDGNLOOHGRQHRIWKHLUFKLHIV6R
$OODKVHQWDVZDUPRIZDVSVUHVHPEOLQJDVKDG\FORXGWRKRYHURYHUWKHERG\RI
C$VLPDQGWRVKLHOGKLPIURPWKHLUPHVVHQJHUVDQGWKXVWKH\FRXOGQRWFXWRII
DQ\WKLQJIURPKLVERG\
>$O%XNKDUL@
&RPPHQWDU\ 5DKW
PHDQVDJURXSRUSDUW\6RPHSHRSOHVD\LWFRQVLVWHGRIVL[
SHUVRQV C$VLPELQ7KDELW0DUWKDGELQ$EX0DUWKDG.KXEDLEELQC$GL=DLGELQ
$G'DWKLQDC$EGXOODKELQ7DULTDQG.KDOLGELQ%XNDLU0D\$OODKEHSOHDVHGZLWK
KLP6RPHVD\WKDWLWFRPSULVHGWHQSHUVRQV$OODKNQRZVEHWWHU
7KHLQFLGHQWUHSRUWHGLQWKLV+DGLWKKDVPDQ\PLUDFOHVDQGPDUYHOV)RULQVWDQFH
DFFRUGLQJWRKLVSUD\HUWKHQHZVRIKLVDVVDVVLQDWLRQZDVFRQYH\HGE\$OODKWKURXJK
:DK\WRWKH3URSKHW3%8+RQWKHYHU\GD\ZKHQKHZDVPDUW\UHGDQGKH3%8+
LQIRUPHGKLV&RPSDQLRQVDERXWLW
6HFRQG$OODKSURYLGHG.KXEDLEZLWKJUDSHVZKHQWKH\ZHUHRXWRIVHDVRQGXULQJKLV
LPSULVRQPHQW
7KLUG$OODKVHQWZDVSVIRUWKHVDIHW\RIC$VLP
VFRUSVH
)RXUWKKLVHQHPLHVPHWZLWKWKHHYLOHQGZKLFKKHKDGLPSUHFDWHGIRUWKHP
7KLV+DGLWKEULQJVIRUWKWKHIROORZLQJVL[SRLQWV
,IRQH
VHQHP\VKRZVVWULFWQHVVDQGRSSUHVVLRQWKHQKHVKRXOGQRWDFFHSWWKHRIIHU
RISURWHFWLRQIURPWKHPHYHQLIKHLVNLOOHGDVDUHVXOWRIWKLV2QHFDQKRZHYHUWU\
WRVDYHKLVOLIHLIKHVHHVVRPHVLJQVRIOHQLHQF\LQWKHHQHP\
VDWWLWXGH
7KHPDWFKOHVVSHUVHYHUDQFHDQGVWHDGIDVWQHVVRIWKH&RPSDQLRQVRIWKH3URSKHW
3%8+DQGWKHLUSDWLHQFHRQWKHW\UDQQLHVSHUSHWUDWHGRQWKHPE\WKHLUHQHPLHV
,IWKHHQHP\LVEHQWXSRQNLOOLQJWKHQLWLVSHUPLVVLEOHWRUHTXHVWWKHPIRU
SHUPLVVLRQWRRIIHUWZR5DNCDKRIYROXQWDU\6DODWEHFDXVHWKLVDFWRI.KXEDLE0D\
$OODKEHSOHDVHGZLWKKLPZDVXSKHOGE\WKH3URSKHW3%8+
,WLVODZIXOWRLPSUHFDWHIRURSSUHVVRUVDQGGLVEHOLHYHUV
7KHUHDUHPDQ\$KDGLWKRQWKHYDOLGLW\RIPDUYHOVDQGPLUDFOHVZKLFKKDYHEHHQ
PHQWLRQHGLQWKHSUHVHQWERRNLQGLIIHUHQWFKDSWHUV7KHIROORZLQJLQ VWDQFHVFDQEH
TXRWHGLQWKLVUHVSHFW
7KHLQFLGHQWRIWKHER\ZKRXVHGWRYLVLWDSULHVWDQGDPDJLFLDQ6HHWKH&KDSWHU
RQ3DWLHQFH
7KHVWRU\RI-XUDLMZKLFKRFFXUVLQWKH&KDSWHURQ6LQFHULW\
7KHVWRU\RIWKHPHQRIWKHFDYHWKHHQWUDQFHRIZKLFKZDVFORVHGZLWKDKXJH
VWRQH7KH&KDSWHURQ*HQHURVLW\
7KHVWRU\RIWKHPDQZKRKDGKHDUGWKHYRLFHIURPWKHFORXGVRUGHULQJWKHPWR
VKRZHUUDLQRQDSDUWLFXODUJDUGHQWKH&KDSWHURQ*HQHURVLW\
0DQ\RWKHULQFLGHQWVDOVRFRPHLQWKLVFDWHJRU\ZKLFKDUHVXSSRUWHGE\HYLGHQFHDQG
DUHZHOONQRZQ$OODKLV&DSDEOHRIGRLQJHYHU\WKLQJ
>$O%XNKDUL@
7+(%22.2)7+(
352+,%,7('$&7,216
&+$37(5
7+(352+,%,7,212)%$&.%,7,1*
$1'7+(&200$1'0(172)
*8$5',1*21(
6721*8(
$OODKWKH([DOWHGVD\V
$QGEDFNELWHQRWRQHDQRWKHU:RXOGRQHRI\RXOLNHWRHDWWKHIOHVKRIKLVGHDGEURWKHU"<RX
ZRXOGKDWHLWVRKDWHEDFNELWLQJ$QGIHDU$OODK9HULO\$OODKLVWKH2QH:KRIRUJLYHVDQG
DFFHSWVUHSHQWDQFH0RVW0HUFLIXO
>0XVOLP@
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK
3%8+:KRLVWKHPRVWH[FHOOHQWDPRQJWKH0XVOLPV"
+H VDLG2QHIURPZKRVHWRQJXHDQG
KDQGVWKHRWKHU0XVOLPVDUHVHFXUH
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ :KDWLVEHWZHHQWKHMDZVDQGZKDWLVEHWZHHQWKHOHJVUHIHUVWRWKHWRQJXHDQGWKH
VH[XDORUJDQVUHVSHFWLYHO\7KH3URSKHW3%8+KDVJLYHQWKHDVVXUDQFHRI-DQQDKWRHYHU\0XVOLP
ZKRSURWHFWVWKHVHWZRSDUWVRIWKHERG\3URWHFWLRQKHUHPHDQVWKHLUXVHSHUPLWWHGE\WKH,VODPLF
6KDULCDK7KH\VKRXOGEHJXDUGHGDJDLQVWHYHU\DFWWKDWLVSURKLELWHGE\WKH6KDULCDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHGLVDGYDQWDJHVZKLFKFDQEHFDXVHGE\WKHLPSURSHUXVHRIWKH
WRQJXH,WLVWKHUHIRUHHVVHQWLDOWKDWRQHVKRXOGWKLQNEHIRUHKHVSHDNV
>$O%XNKDUL@
$EX
$EGXU5DKPDQ%LODOELQ$O+DULWK$O0X]DQL0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG
7KH0HVVHQJHURI$OODK3%8+VDLG$PDQVSHDNVDJRRGZRUGZLWKRXWNQRZLQJLWVZRUWK$OODK
UHFRUGVIRUKLP+LV*RRG3OHDVXUHWLOOWKHGD\KHZLOOPHHW+LPDQGDPDQXWWHUVDQHYLOZRUGZLWKRXW
UHDOL]LQJLWVLPSRUWDQFH$OODKUHFRUGVIRUKLP+LVGLVSOHDVXUHWLOOWKHGD\KHZLOOPHHW+LP
>,PDP0DOLNDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDIDFWZKLFKFDQEHREVHUYHGLQRXUHYHU\GD\OLIH6RPHWLPHVD
SHUVRQXWWHUVDJRRGVHQWHQFHZKLFKSOHDVHVDQLQGLYLGXDODQGKHUHIRUPVKLPVHOIRUKROGVKLPVHOI
IURPGRLQJVRPHWKLQJZURQJ6XFKDVHQWHQFHRUXWWHUDQFHLVKLJKO\UHZDUGHGE\$OODK6LPLODUO\
VRPHWLPHDSHUVRQXWWHUVDPLVFKLHYRXVVHQWHQFHWKHUXLQRXVHIIHFWVRIZKLFKKHGRHVQRWUHDOL]H7KLV
XWWHUDQFHKXUWVVRPHRQH
VIHHOLQJVDQGOHDGVKLPWRVLQDQGHYLO$OPLJKW\$OODKLVGLVSOHDVHGZLWK
VXFKDSHUVRQ7KHOHVVRQWKDWWKLV+DGLWKKDVIRUXVLVWKDWRQHVKRXOGVWULFWO\JXDUGKLVVSHHFKDQG
ZHLJKKLVZRUGVWRDYRLG$OODK
V:UDWK
7KHQ,VDLG20HVVHQJHURI$OODK:KDWGR\RXIHDUPRVWDERXW
PH"
+HWRRNKROGRIKLVRZQWRQJXHDQGVDLG7KLV
>$W7LUPLGKL@
&RPPHQWDU\ )DLWKLQ$OODKDQGDOO+LV$WWULEXWHVLVWKHEDVLVRIDOOYLUWXRXVGHHGV1RDFWRUGHHGLV
DFFHSWDEOHE\$OODKZLWKRXWWKLVIDLWKDQGWKHQUHPDLQVWHDGIDVW
PHDQVWRFRPSO\ZLWKZKDW$OODK
KDVRUGDLQHGDQGWRNHHSDZD\IURPZKDW+HKDVIRUELGGHQVRWKDWRQHFDQZLQRYHU+LV3OHDVXUH
(YHU\0XVOLPLVUHTXLUHGWRJXDUGKLVVSHHFKVWULFWO\EHFDXVHHYHQWKHVOLJKWHVWFDUHOHVVQHVVRQWKLV
DFFRXQWFDQFDXVH$OODK
VGLVSOHDVXUH
>$W7LUPLGKL@
&RPPHQWDU\ 7KHKDUGHQLQJRIWKHKHDUWLVDFRQGLWLRQZKHUHRQHQHLWKHUOHDUQVDQ\OHVVRQIURP
$OODK
V6LJQVQRUGRHVRQHDFFHSWDQ\RQH
VJRRGDGYLFHDQGUHOLJLRXVSUHDFKLQJ,IRQHLQGXOJHVLQLGOH
WDONUDWKHUWKDQWKHUHPHPEUDQFHRI$OODKKLVKHDUWEHFRPHVKDUGHQHGZKLFKLVDVLJQRIEHLQJIDU
IURP$OODK
V0HUF\2QHVKRXOGWKHUHIRUHRFFXS\KLPVHOIZLWKWKHUHPHPEUDQFHRI$OODK
>$W7LUPLGKL@
8TEDKELQC$PLU0D\$OODKEHSOHDVHGZLWKKLPVDLG,DVNHGWKH0HVVHQJHURI$OODK
3%8++RZFDQVDOYDWLRQEHDFKLHYHG"
+HUHSOLHG&RQWURO\RXUWRQJXHNHHSWR\RXUKRXVHDQG
ZHHSRYHU\RXUVLQV
>$W7LUPLGKL@
&RPPHQWDU\ ,WLVEHWWHUIRURQHWRVSHQGVKLVVXUSOXVWLPHDWKRPHLQWKHUHPHPEUDQFHRI$OODKWKH
UHFLWDWLRQRIWKH4XU
DQDQGWKHSHUIRUPDQFHRIDFWVRIREHGLHQFHLIRQHIHHOVXQDEOHWREHQHILWRWKHUV
RULIRQHIHDUVWKDWKHDVZHOODVKLVUHOLJLRQZLOOQRWEHVDIHLIRQHPL[HVZLWKRWKHUV$OODKJUHDWO\
OLNHVLWWKDWRQHUHSHQWVRIKLVRZQVLQVDQGZHHSVRYHUWKHP
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHLPSRUWDQFHRIJXDUGLQJRQH
VWRQJXHDJDLQVWWKDWZKLFKLV
SURKLELWHG(YHQWKHVOLJKWHVWFDUHOHVVQHVVRQWKHSDUWRIWKHWRQJXHFDQPDNHDOOWKHRUJDQVVXIIHUIRU
LW
&URRNHGQHVVRIWKHWRQJXHPHDQVWKHFDUHOHVVXVHRIWKHWRQJXHZKLFKODQGVWKHZKROHERG\LQWURXEOH
DQGNHHSLQJWKHWRQJXHVWUDLJKWPHDQVNHHSLQJRQHVHOIVDIHIURPDOONLQGVRIWURXEOHVDQGRUGHDOV
+H
3%8+UHSOLHG<RXKDYHDVNHGPHDERXWDPDWWHURIJUHDWLPSRUWDQFHEXWLWLVHDV\IRURQHIRU
ZKRP$OODKPDNHVLWHDV\
+HDGGHG:RUVKLS$OODKDVVRFLDWHQRWKLQJZLWK+LPLQZRUVKLSRIIHU
$V6DODWWKHSUD\HUSD\WKH=DNDWREVHUYH6DXPIDVWLQJGXULQJ5DPDGDQDQGSHUIRUP+DMM
SLOJULPDJHWRWKH+RXVHRI$OODKLI\RXFDQDIIRUGLW
7KHQKHUHFLWHG7KHLUVLGHVIRUVDNHWKHLUEHGVWRLQYRNHWKHLU5XEELQIHDUDQGKRSHDQG
WKH\VSHQGLQFKDULW\LQ$OODK
V&DXVHRXWRIZKDW:HKDYHEHVWRZHGRQWKHP1RSHUVRQNQRZV
ZKDWLVNHSWKLGGHQIRUWKHPRIMR\DVDUHZDUGIRU ZKDWWKH\XVHGWRGR
7KHQKHDGGHG
6KDOO,WHOO\RXRIWKHURRWRIWKHPDWWHULWVSLOODUDQGLWVKLJKHVWSRLQW"
,UHSOLHG<HV&HUWDLQO\2
3URSKHWRI$OODK
7KHQKHDVNHG6KDOO
,WHOO\RXRIWKDWZKLFKKROGVDOOWKHVHWKLQJV"
,VDLG<HV20HVVHQJHURI$OODK
6RKHWRRNKROGRI
KLVWRQJXHDQGVDLG.HHSWKLVLQFRQWURO
,DVNHG20HVVHQJHURI$OODK6KDOOZHUHDOO\EH
DFFRXQWHGIRUZKDWZHWDONDERXW"
+HUHSOLHG0D\\RXUPRWKHUORVH\RX3HRSOHZLOOEHWKURZQRQ
WKHLUIDFHVLQWRWKH+HOORQDFFRXQWRIWKHLUWRQJXHV
&RPPHQWDU\ %HVLGHVGHVFULELQJ$UWLFOHVRI,VODPWKLV+DGLWKPHQWLRQVWKHGDQJHUVZKLFKOLHLQWKH
FDUHOHVVXVHRIWKHWRQJXH$OOJRRGDFWLRQVFDQJRZDVWHLIRQHGRHVQRWJXDUGKLVVSHHFK2QHVKRXOG
WKHUHIRUHJXDUGKLVWRQJXHDJDLQVWWKDWZKLFK$OODKKDVPDGHSURKLELWHG
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG'R
\RXNQRZZKDWLVEDFNELWLQJ"
7KH&RPSDQLRQVVDLG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU
7KHUHXSRQKHVDLG%DFNELWLQJLVWDONLQJDERXW\RXU0XVOLPEURWKHULQDPDQQHUZKLFKKHGLVOLNHV
,WZDVVDLGWRKLP:KDWLIP\0XVOLPEURWKHULVDV,VD\
+HVDLG,IKHLVDFWXDOO\DV\RXVD\
WKHQWKDWLVEDFNELWLQJEXWLIWKDWLVQRWLQKLPWKDWLVVODQGHULQJ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKHODERUDWHVWKHPHDQLQJRIEDFNELWLQJDQGFDOXPQ\DQGSRLQWVRXWWKH
GLIIHUHQFHEHWZHHQWKHWZRDORQJZLWKWKHHYLOVRIHDFKRQHRIWKHP%RWKWKHVHHYLOVDUHPLVFKLHIRI
WKHWRQJXHDQGHQWDLOJUHDWWURXEOHV0D\$OODKVDYHXVIURPERWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHWHQWKGD\RIWKHPRQWKRI'KXO+LMMDKDQGWKHFLW\RI
0DNNDKDUHVDFUHG6LPLODULVWKHFDVHRIEORRGSURSHUW\DQGKRQRXURID0XVOLPWRDQRWKHU0XVOLP
,QRWKHUZRUGVD0XVOLPVKRXOGQHLWKHUNLOODQRWKHUZLWKRXWDQ\ODZIXOUHDVRQQRUVKRXOGKHXVXUSKLV
SURSHUW\QRUVKRXOGKHGLVJUDFHKLP6LQFHEDFNELWLQJLVDOVRDNLQGRIW\UDQQ\ZKLFKGHIDPHVD
SHUVRQLWVKRXOGEHVWULFWO\DYRLGHG
6KHPHDQVWRVD\WKDWVKHZDV
DZRPDQZLWKDVKRUWVWDWXUH+HVDLG<RXKDYHLQGHHGXWWHUHGDZRUGZKLFKZRXOGSROOXWHWKHVHDLI
LWZHUHPL[HGLQLW
6KHIXUWKHUVDLG,LPLWDWHGDSHUVRQEHIRUHKLPDQGKHVDLG ,GRQRWOLNHWKDW,
VKRXOGLPLWDWHVRPHRQHHYHQLI,DPSDLGLQUHWXUQVXFKDQGVXFK
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ ,Q$UDELFWKHZRUG0XKDNDW
LVRIWHQXVHGIRULPLWDWLQJVRPHRQH
VGHIHFWRU
GHIRUPLW\HWF(YHU\LPLWDWLRQRIWKLVNLQGDOVRDPRXQWVWREDFNELWLQJ7KLVLVWKHUHDVRQWKH3URSKHW
3%8+XVHGWKHDQDORJ\VWDWHGLQWKLV+DGLWKZKHQC$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLGWKDW
6DIL\\DK0D\$OODKEHSOHDVHGZLWKKHUZDVVKRUWVWDWXUHG,PDP$Q1DZDZLUHJDUGHGWKLVDQDORJ\
DVEDVHGRQ:DK\DQGVXSSRUWHGKLVFRQWHQWLRQE\WKH9HUVHRIWKH4XU
DQ1RUGRHVKHVSHDNRIKLV
RZQGHVLUH,WLVRQO\D5HYHODWLRQUHYHDOHG
7KXVLWLVHYLGHQWIURPWKLV+DGLWKWKDWWRVSHDNRIVRPHERG\LQDVFRUQIXOPDQQHURUULGLFXOH
VRPHRQH
VSK\VLFDOGHIHFWRUWRLPLWDWHVRPHRQH
VGHIRUPLW\RUWDONGLVSDUDJLQJO\DERXWVRPHRQHLVD
JUHDWRIIHQVHZKLFKVKRXOGEHDYRLGHGE\HYHU\0XVOLP
>$EX'DZXG@
&RPPHQWDU\ 7KHVHDUHWKHSHRSOHZKRDWHIOHVKRIRWKHUV
LVDPHWDSKRUIRUEDFNELWLQJ7R
WUDPSOHSHRSOH
VKRQRXU
LVDNLQWRKDUPLQJWKHLUJRRGZLOODQGKRQRXU7KHSXQLVKPHQWIRUWKHVH
WKLQJVPHQWLRQHGLQ+DGLWKPDNHVWKHLUVHULRXVQHVVREYLRXV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRPDNHVLWFOHDUWKDWD0XVOLPLVERXQGWRSURWHFWKLVEORRGZHDOWKDQG
KRQRXUDQGLWLVQRWODZIXOIRUDQ\0XVOLPWRDWWDFNDQRWKHU0XVOLP
VKRQRXUDQGSURSHUW\1RULVLW
ODZIXOIRUKLPWRNLOODQRWKHU0XVOLPZLWKRXWDYDOLGUHDVRQ
&+$37(5
352+,%,7,212)/,67(1,1*
72%$&.%,7,1*
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRWXUQDZD\IURP$O/DJKZGLUW\IDOVHHYLOYDLQWDONIDOVHKRRGDQGDOOWKDW
$OODKKDVIRUELGGHQ
9HULO\WKHKHDULQJDQGWKHVLJKWDQGWKHKHDUWRIHDFKRIWKRVHRQHVZLOOEHTXHVWLRQHGE\
$OODK
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG+HZKRGHIHQGV
WKHKRQRXURIKLV0XVOLPEURWKHU$OODKZLOOVHFXUHKLVIDFHDJDLQVWWKH)LUHRQWKH'D\RI
5HVXUUHFWLRQ
>$W7LUPLGKL@
&RPPHQWDU\ ,IVRPHRQHVD\VVRPHWKLQJGLVJUDFHIXODJDLQVWD0XVOLPRQHPXVWGHIHQGKLV0XVOLP
EURWKHURUVLVWHUIRUWKDWPDWWHUDQGVD\WKDWZKDWKDVEHHQVWDWHGDERXWKLPRUKHULVZURQJDQGWKDW
KHRUVKHLVIUHHIURPWKHDFFXVDWLRQPDGHDJDLQVWKLPRUKHU
$PDQUHSOLHG+HLVDK\SRFULWH+HGRHVQRWORYH$OODKDQG
+LV0HVVHQJHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OODKKDVPDGHWKHILUHRI+HOOXQODZIXO
PHDQVWKDWD0XVOLPZLOOQRWDELGHLQ+HOO
IRUHYHU7KHUHDVRQLVWKDWLID0XVOLPKDVFRPPLWWHGVRPHPDMRUVLQDQG$OODKKDVQRWSDUGRQHGLW
WKHQKHZLOOFHUWDLQO\VXIIHULWVSXQLVKPHQWLQ+HOO+HZLOOVWD\WKHUHDVORQJDV$OODKZLOO+RZHYHU
KHZLOOEHODWHURQVKLIWHGWR-DQQDK7KLV+DGLWKDOVROHDGVXVWRWKHFRQFOXVLRQWKDWWKHEDFNELWLQJRID
0XVOLPLVIRUELGGHQ6HHWKHH[SODQDWLRQRIWKLV+DGLWKXQGHU+DGLWK1R
$SHUVRQIURPWKHWULEHRI%DQX6DODPDKVDLG20HVVHQJHURI$OODKWKHHPEHOOLVKPHQWRI
KLVFORDNDQGDQDSSUHFLDWLRQRIKLVVLGHVKDYHDOOXUHGKLPDQGKHZDVWKXVGHWDLQHG
0XCDGKELQ
-DEDO0D\$OODKEHSOHDVHGZLWKKLPVDLG:RHEHXSRQ\RX<RXKDYHSDVVHGLQGHFHQWUHPDUNV2
0HVVHQJHURI$OODKE\$OODKZHNQRZQRWKLQJDERXW KLPEXWJRRG
7KH0HVVHQJHURI$OODK
3%8+UHPDLQHGVLOHQW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQGHWDLOLQWKH&KDSWHURQ5HSHQWDQFH+HUHLW
LVUHSHDWHGWRVKRZKRZLPSRUWDQWLWLVWRGHIHQGD0XVOLPZKHQVRPHRQHDFFXVHVKLPLQKLVDEVHQFH
,QWKHSUHVHQFHRIWKH3URSKHW3%8+DSHUVRQH[SUHVVHGPLVJLYLQJVDERXW.DCEELQ0DOLNWKDWKLV
REVHVVLRQIRUILQHGUHVVKDGSUHYHQWHGKLPIURPFRPLQJWRWKHEDWWOHILHOG0XCDGKLPPHGLDWHO\
GHIHQGHGKLPVD\LQJWKDWWKHUHZDVQRMXVWLILFDWLRQIRUVXFKPLVJLYLQJV7KH3URSKHW
VVLOHQFHHQGRUVHG
WKHVWDQGWDNHQE\0XCDGK0D\$OODKEHSOHDVHGZLWKKLP 7KLVJRHVWRSURYHWKDWLID0XVOLP
EURWKHURUVLVWHULVGLVJUDFHGLQKLVRUKHUDEVHQFHLQDJDWKHULQJWKHQLWLVLQFXPEHQWRQRWKHUVWR
GHIHQGKLVRUKHUKRQRXU
&+$37(5
620(&$6(6:+(5(,7,6
3(50,66,%/(72%$&.%,7(
>%DFNELWLQJLVSHUPLVVLEOHRQO\IRUYDOLGUHDVRQVDSSURYHGE\6KDULCDK7KHVHUHDVRQVDUHDVIROORZV@
,WLVSHUPLVVLEOHIRUDQRSSUHVVHGSHUVRQWR VSHDNEHIRUHWKHMXGJHRUVRPHRQHLQDVLPLODUSRVLWLRQ
RIDXWKRULW\WRKHOSKLPRUKHUHVWDEOLVKKLVRUKHUULJKWVE\WHOOLQJKLPCVRDQGVRZURQJHGPHDQGKDV
GRQHVXFKDQGVXFKWRPH
HWF
,WLVSHUPLVVLEOHWRVHHNVRPHERG\
VDVVLVWDQFHLQIRUELGGLQJHYLODQGKHOSLQJVRPHRQHFKDQJHKLVRU
KHULPPRUDOFRQGXFW2QHFDQVD\WRWKHSHUVRQZKRFDQRIIHUVXFKDVVLVWDQFHCVRDQGVRGRHVVXFK
DQGVXFKHYLOGHHGV&DQ\RXH[KRUWKLP"
HWF7KLVLVSHUPLVVLEOHDVORQJDVRQHLQWHQGVWRIRUELGHYLO
,IKRZHYHURQHLQWHQGVVRPHWKLQJHOVHDSDUWIURPWKLVWKHQWKLVDFWEHFRPHVXQODZIXO
2QHZKRVHHNVOHJDOYHUGLFWRQDFHUWDLQPDWWHUPD\SRLQWRXWWKHGHIDXOWVRIDQRWKHUSHUVRQRUUHODWH
VRPHWKLQJHOVH2QHLQWKLVFDVHFDQVD\WRWKH0XIWL UHOLJLRXVVFKRODUZKRLVVXHVYHUGLFWV0\
IDWKHURUEURWKHUIRUH[DPSOHWUHDWHGPHXQMXVWO\&DQ,JHWP\ULJKWHVWDEOLVKHG"
HWF7KLVLV
SHUPLVVLEOHWRVD\RQO\LIQHHGEHEXWLWLVEHWWHUWRVD\C:KDWGR\RXWKLQNRIVRPHRQHZKRGLGVXFK
DQGVXFK"
7KLVGRHVQRWPHDQKRZHYHUWKDWQDPLQJWKHSHUVRQLQTXHVWLRQLVQRWSHUPLVVLEOH+DGLWK
1RPDNHVWKLVSRLQWFOHDU
2QHZKRFULWLFL]HVWKRVHZKRRSHQO\FRPPLWDFWVRIGLVREHGLHQFHVXFKDVGULQNLQJZLQHJDPEOLQJ
HQJDJLQJLQLPPRUDOKDELWVIRUQLFDWLRQK\SRFULV\DQGPDNLQJPLVFKLHI
,WLVSHUPLVVLEOHWRFDOOLQWRTXHVWLRQWKHQDUUDWRUVRI+DGLWKDQGZLWQHVVHVLQWKHFRXUWZKHQWKH
QHHGDULVHV,WLVDOVRSHUPLVVLEOHWRPHQWLRQWKHEDGTXDOLWLHVRIVRPHERG\IRUPDUULDJHSXUSRVHVLQ
FDVHDQDGYLFHLVVRXJKW$OVRLIRQHKDVQRWLFHGWKDWDVHHNHURINQRZOHGJH
IUHTXHQWO\JRHVWRWKH
JDWKHULQJVRIDQLQQRYDWRULQUHOLJLRQDQGRQHIHDUVWKDWWKLVVHHNHURINQRZOHGJH
PD\EHDIIHFWHGE\
WKLVVRFDOOHGVFKRODUWKHQKHPXVWLQWKLVFDVHJLYHFRXQVHOWR WKHVHHNHURINQRZOHGJH
E\WHOOLQJ
KLPDERXWWKHLQQRYDWRU
HWF
,WLVSHUPLVVLEOHWRXVHQDPHVVXFKDV$ODCPDVK
ZKLFKPHDQVCWKHEOHDUH\HG
WRWDONDERXWSHRSOH
ZKRDUHNQRZQE\VXFKQDPHVIRUWKHVDNHRILGHQWLILFDWLRQDQGQRWIRUGLVSDUDJLQJSHRSOHDQG
XQGHUHVWLPDWLQJWKHP7RLGHQWLI\WKHPZLWKRXWUHVRUWLQJWRVXFKQDPHVLVKRZHYHUEHWWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,PDP$O%XNKDULKDVREYLRXVO\MXVWLILHGWKHEDFNELWLQJRIZLFNHGSHRSOHWRVDYH
SHRSOHIURPEHLQJGHFHLYHGIURPWKHLUDSSHDUDQFH,ISHRSOHDUHQRWLQIRUPHGRIWKHUHDOFRQGXFWRI
VXFKSHUVRQVWKHLUUHOLJLRXVDVZHOODVZRUOGO\OLIHZLOOEHH[SRVHGWRDJUDYHGDQJHU)RUWKLVUHDVRQ
WKHEDFNELWLQJRIZLFNHGSHUVRQVIRUWKHSXUSRVHRIZDUQLQJRWKHUVLVSHUPLVVLEOH
>$O%XNKDUL@
$O%XNKDULVDLG$O/DLWKELQ6DCGZKRLVRQHRIWKHQDUUDWRUVRIWKLV+DGLWKVDLG7KHWZRPHQ
PHQWLRQHGE\WKH3URSKHW3%8+LQWKLV+DGLWKZHUHK\SRFULWHVLHWKH\UHYHDOHG)DLWKDQG
FRQFHDOHGGLVEHOLHI
&RPPHQWDU\ +\SRFULWHVDUHDOVRSHRSOHRIPLVFKLHYRXVDQGGRXEWIXOFRQGXFW,WLVWKHUHIRUHQRW
RQO\SHUPLVVLEOHEXWQHFHVVDU\WRPDNHSHRSOHDZDUHRIWKHLUUHDOSRVLWLRQVRWKDWSHRSOHEHFRPH
FDXWLRXVDERXWWKHPDQGWKHLUUHOLJLRXVDQGZRUOGO\OLIHPD\UHPDLQVDIHIURPWKHLUPDFKLQDWLRQV
7KH0HVVHQJHURI$OODK3%8+
VDLG0XDZL\DKLVGHVWLWXWHDQGKHKDVQRSURSHUW\DQG$EXO-DKPLVYHU\KDUGRQZRPHQ
>%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVSHUPLVVLEOHWRPHQWLRQWKHWUXHIDFWVYLUWXHVDQG
YLFHVZLWKRXWHTXLYRFDWLRQDERXWWKHSDUWLHVZKRLQWHQGWRHQWHULQWRZHGORFNSURYLGHGRQHGRHVLWIRU
WKHLUZHOIDUH
+HDOVRVDLG,IZHUHWXUQWR$O0DGLQDKWKHPRUHKRQRXUDEOH
PHDQLQJKLPVHOILH$EGXOODKELQ8EDL\ZLOOGULYHRXWWKHUHIURPWKHPHDQHUPHDQLQJ0HVVHQJHU
RI$OODK3%8+
&RPPHQWDU\ C$EGXOODKELQ8EDL\ZDVWKHFKLHIRIWKHK\SRFULWHVDW$O0DGLQDK,QWKHMRXUQH\
PHQWLRQHGLQWKLV+DGLWKZKLFKZDVXQGHUWDNHQLQFRQQHFWLRQZLWKWKHZDUZLWK%DQX$O0XVWDOLTKH
KDGXVHGLPSURSHUZRUGVDJDLQVWWKH3URSKHW3%8+DQG0XVOLPVZKLFKZHUHRYHUKHDUGE\=DLGELQ
$O$UTDP0D\$OODKEHSOHDVHGZLWKKLP 7KHODWWHULQIRUPHGWKH3URSKHW3%8+DERXWWKLV
RFFXUUHQFH7KLVLQFLGHQWJRHVWRSURYHWKDWH[SRVLQJWKHGHVLJQVDQGFRQVSLUDFLHVRIK\SRFULWHVGRHV
QRWIRUPEDFNELWLQJ,QIDFWLWLVHVVHQWLDOWRNHHSSHRSOHLQIRUPHGDERXWWKHPLQWKHLQWHUHVWRI,VODP
DQG0XVOLPV
>$O%XNKDULDQG0XVOLP@
:HOHDUQIURPWKLV+DGLWKWKDW
,QRUGHUWRNQRZUHOLJLRXVLQMXQFWLRQVKXVEDQGDQGZLIHFDQPHQWLRQHDFKRWKHU
VVKRUWFRPLQJV
EHIRUH D0XIWLDUHOLJLRXVVFKRODUZKRLVLQDSRVLWLRQWRLVVXHYHUGLFWVRQUHOLJLRXVPDWWHUV
,IDKXVEDQGGRHVQRWJLYHKLVZLIHHQRXJKPRQH\WRFRYHUWKHGRPHVWLFH[SHQVHVWKHQLWLV
SHUPLVVLEOHIRUKLVZLIHWRWDNHVRPHRIKLVPRQH\ZLWKRXWKLVSHUPLVVLRQSURYLGHGWKHDPRXQWWKXV
WDNHQLVIRUHVVHQWLDOH[SHQVHVQRWIRUVXSHUIOXRXVPDWWHUV
&+$37(5
352+,%,7,212)&$/801<
$OODKWKH([DOWHGVD\V
$VODQGHUHUJRLQJDERXWZLWKFDOXPQLHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $SHUVRQZKRWKLQNVWKDWWDOHEHDULQJLVODZIXODQGSUDFWLFHVLWWRFUHDWHFRQIOLFWDQG
TXDUUHODPRQJSHRSOHGHVSLWHWKHIDFWWKDWKHNQRZVLWLVXQDQLPRXVO\IRUELGGHQZLOOQHYHUJRWR
-DQQDK$SHUVRQZKRFRQVLGHUVLWXQODZIXOEXWGRHVLWRXWRIVKHHUKXPDQZHDNQHVVZLOOLQWKHILUVW
LQVWDQFHJRWR+HOOLI$OODKGRHVQRWSDUGRQKLPIRULW+HZLOOWKHQEHVKLIWHGWR-DQQDKDIWHUVXIIHULQJ
SXQLVKPHQWIRULW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
/D\DVWDWLUXPLQEDXOLKL
KDVDQRWKHUPHDQLQJQDPHO\KHGRHVQRWSDVVXULQHLQSULYDF\EXWGRHV
LWVKDPHOHVVO\LQWKHSUHVHQFHRIRWKHUSHRSOH
2EYLRXVO\VKDPHOHVVQHVVLVDOVRDVLQ7DOHEHDULQJ
FDUHOHVVQHVVLQVDYLQJRQHVHOIIURPVSODVKRIXULQHGURSVDQGODFNRIREVHUYDQFHRISULYDF\DUHVLQV
ZKLFKDUHOLDEOHWRSXQLVKPHQW
7KH+DGLWKDOVRSURYHVSXQLVKPHQWLQWKHJUDYH
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWFDOXPQ\O\LQJIDOVHKRRGDQGVODQGHULQJDUHPDMRUVLQV
EHFDXVHWKH\FDXVHFRQIOLFWDQGGLVVHQVLRQLQVRFLHW\$0XVOLPPXVWNHHSKLPVHOIIUHHIURPVXFK
HYLOV
&+$37(5
352+,%,7,212)&$55<,1*
7$/(6727+(2)),&(56
$OODKWKH([DOWHGVD\V
'RQRWKHOSRQHDQRWKHULQVLQDQGWUDQVJUHVVLRQ
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ C6KRXOGQRWFRQYH\WRPHDQ\WKLQJ
KHUHVLJQLILHVDQ\WKLQJXQGHVLUDEOHRUZKLFKLV
KDUPIXOIRUWKHSHUVRQFRQFHUQHG7KXVWKLV+DGLWKVWUHVVHVWKDWGHIHFWVRISHRSOHVKRXOGQRWEH
XQQHFHVVDULO\UHSRUWHGWRWKRVHZKRDUHDWWKHKHOPRIDIIDLUVDVLVHYLGHQWIURPWKHFDSWLRQJLYHQWR
WKLVFKDSWHUE\,PDP$Q1DZDZL
&+$37(5
&21'(01$7,212)
'28%/()$&('3(23/(
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
/LNHRUHV
KHUHVLJQLILHVRULJLQRUVRXUFHZKLFKZLOOEHDPHDQVRIKRQRXUIRUWKHP7KDWLVWKH
WULEHVZKLFKZHUHGLVWLQJXLVKHGIRUQRELOLW\LQWKHSUH,VODPLFSHULRGZLOODOVREHGLVWLQJXLVKHGDIWHU
HPEUDFLQJ,VODP7KHUHZLOOEHQRUHGXFWLRQLQWKHLUSUHVWLJHDQGKRQRXUSURYLGHGWKH\DWWDLQWUXH
XQGHUVWDQGLQJRIUHOLJLRQDQGDGKHUHWRLWVWHDFKLQJV
6XFKSHRSOHZKRGRQRWKDYHDQ\GHVLUHIRURIILFHDQGSRVLWLRQDUHPRVWVXLWDEOHIRUKROGLQJWKH
UHLQVRIJRYHUQPHQW7KH\VHUYHWKHLQWHUHVWRISXEOLFEHWWHUEHFDXVHEHLQJDZDUHWRWKHLU
UHVSRQVLELOLWLHVWKH\KRQHVWO\HQGHDYRXUWRIXOILOOWKHWUXVWUHSRVHGLQWKHP7KH\NHHSWKHERXQGDULHV
PDUNHGE\$OODKDQGSUHIHUWKHLQWHUHVWVRIWKHQDWLRQDQGWKHLURZQFRXQWU\
$GRXEOHIDFHGSHUVRQ
LVRQHZKRPDNHVDJURXSEHOLHYHWKDWKHLVWKHLUVXSSRUWHUDQGZHOO
ZLVKHUEXWZKHQKHJRHVWRWKHRSSRVLWHJURXSKHWULHVWRPDNHWKHPEHOLHYHWKDWKHLVHQWLUHO\ZLWK
WKHP7KHEHVWDPRQJSHRSOHLVRQHZKRJRHVWRHYHU\JURXSDQG HDUQHVWO\WULHVWRUHIRUPLW
0XKDPPDGELQ=DLGUHSRUWHG6RPHSHRSOHVDLGWRP\JUDQGIDWKHU
$EGXOODKELQ
8PDU0D\
$OODKEHSOHDVHGZLWKWKHP :HYLVLWRXUUXOHUVDQGWHOOWKHPWKLQJVFRQWUDU\WRZKDWZHVD\ZKHQZH
OHDYHWKHPC$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSOLHG,QWKHGD\VRIWKH
0HVVHQJHURI$OODK3%8+ZHFRXQWHGWKLVDFWDVDQDFWRIK\SRFULV\
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKDWWRSUDLVHWKHUXOHUVLQWKHLUSUHVHQFHDQGWRFRQGHPQWKHPLQ
WKHLUDEVHQFHDPRXQWVWRSUDFWLFDOK\SRFULV\EHFDXVHZKDWRQHKDVLQKLVKHDUWGRHVQRWILQGH[SUHVVLRQ
LQKLVVSHHFKDQGZKDWRQHH[SUHVVHVLQKLVZRUGVGRHVQRWDJUHHZLWKZKDWRQHKDVLQKLVKHDUW7KH
FRQGXFWRIDWUXH0XVOLPVKRXOGEHWKDWLIDUXOHULVQREOHMXVWDQGSLRXVKHVKRXOGDGPLUHKLPHYHQLQ
KLVSUHVHQFHZKHQWKHUHDULVHVDQHHGIRULWDQGQRWIRUWKHVDNHRIIODWWHULQJKLPDQGKHVKRXOGDOVR
SUDLVHKLPLQKLVDEVHQFH,IWKHUXOHULVEDGKHVKRXOGZDUQKLPRIWKHHYLOFRQVHTXHQFHVRIKLVEDG
FRQGXFWWRKLVIDFHDQGWKHVDPHDWWLWXGHVKRXOGEHPDLQWDLQHGZKHQKHLVQRWSUHVHQWEHFDXVHWKLVLV
WKHZHOOPHDQLQJDWWLWXGHZKLFKKDVEHHQRUGDLQHGWRHYHU\0XVOLP$JDLQVWWKLVWKHDWWLWXGHRIWKH
ILUVWNLQGLVDPDUNRIK\SRFULV\ZKLFKKDVEHHQVWURQJO\FRQGHPQHGLQWKHSUHFHGLQJ+DGLWK
&+$37(5
&21'(01$7,21$1'
352+,%,7,212))$/6(+22'
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:KDWHYHUDWWLWXGHRQHDGRSWVEHFRPHVKLVVSHFLDOWUDLWDQGWKHQKHEHFRPHVNQRZQE\LW7KHUHIRUH
RQHVKRXOGDOZD\VDGRSWYLUWXHVDQGJRRGFRQGXFWVRWKDWKHPD\DWWDLQDKLJKHVWHHPZLWK$OODKDQG
EHDOVRUHPHPEHUHGZHOOE\SHRSOH
7UXWKLVWKHZD\WRVDOYDWLRQZKLOHIDOVHKRRGLVWKHZD\WRGHVWUXFWLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 1RZDGD\VZHGRQRWILQGK\SRFULV\RI%HOLHIDPRQJ0XVOLPVJHQHUDOO\EXWSUDFWLFDO
K\SRFULV\LVYHU\FRPPRQ7KHUHDVRQLVWKDWWKHLUPDMRULW\KDVPRVWRIWKHVLJQVRIK\SRFULV\ZKLFK
WKLV+DGLWKPDNHVFOHDU6HH+DGLWK1R
>$O%XNKDUL@
&RPPHQWDU\
+XOP
PHDQVDEDGGUHDPEXWKHUHLWKDVEHHQXVHGLQWKHVHQVHRIDGUHDPLUUHVSHFWLYHRILWVEHLQJ
JRRGRUEDG7KLV+DGLWKKDVDVHYHUHZDUQLQJIRULQYHQWLQJDGUHDP6XFKSHUVRQVDUHLQWKH KDELWRI
LQYHQWLQJGUHDPVZKRKDYHHLWKHUDOXVWIRUIDPHRUZDQWWRLPSUHVVSHRSOHZLWKWKHLUSLHW\
/LVWHQLQJWRWKHWDONRIRWKHUVVHFUHWO\LVDOVRFRQGHPQHG
7KHPDNLQJRISDLQWLQJVRISHRSOHRURWKHUFUHDWXUHVZLWKDVRXOHQWDLOVVHYHUHSXQLVKPHQW
>$O%XNKDUL@
6RGUHDPV ZRXOGEH
QDUUDWHGWRKLPE\WKRVHZKRP$OODKZLOOHGWRUHODWH2QHGD\KH3%8+VDLG/DVWQLJKW,KDGD
YLVLRQLQZKLFKWZRPHQDQJHOVFDPHWRPHDQGZRNHPHXSDQGVDLGWRPHC3URFHHG
,VHWRXWZLWK
WKHPDQGZHFDPHDFURVVDPDQO\LQJGRZQDQGEHKROGDQRWKHUPDQZDVVWDQGLQJRYHUKLVKHDG
KROGLQJDELJURFN%HKROGKHZDVWKURZLQJWKHURFNDWWKHPDQ
VKHDGVPDVKLQJLW:KHQKHVWUXFN
KLPWKHVWRQHUROOHGDZD\DQGKHZHQWDIWHULWWRJHWLWDQGQRVRRQHUKDGKHUHWXUQHGWRWKLVPDQKLV
KHDGZDVKHDOHGDQGUHVWRUHGWRLWVIRUPHUFRQGLWLRQ7KHWKURZHURIWKHURFNWKHQGLGWKHVDPHDVKH
KDGGRQHEHIRUH,VDLGWRP\WZRFRPSDQLRQVC6XEKDQ$OODK:KRDUHWKHVH"
7KH\VDLGC3URFHHG
SURFHHG
6RZHSURFHHGHGDQGFDPHWRDPDQO\LQJLQDSURQHSRVLWLRQDQGDQRWKHUPDQVWDQGLQJRYHU
KLVKHDGZLWKDQLURQKRRNDQGEHKROGKHZRXOGSXWWKHKRRNLQRQHVLGHRIWKHPDQ
VPRXWKDQGWHDU
RIIWKDWVLGHRIKLVIDFHWRWKHEDFNRIWKHQHFNDQGVLPLODUO\WHDUKLVQRVHIURPIURQWWREDFNDQGKLV
H\HVIURPIURQWWREDFN7KHQKHWXUQHGWRWKHRWKHUVLGHRIWKHPDQ
VIDFHDQGGLGMXVWDVKHKDVGRQH
ZLWKWKHILUVWVLGH+HKDGKDUGO\FRPSOHWHGWKDWVHFRQGVLGHZKHQWKHILUVWUHWXUQHGWRLWVQRUPDO
VWDWH,VDLGWRP\WZRFRPSDQLRQVC6XEKDQ$OODK:KRDUHWKHVH"
7KH\VDLGC3URFHHGSURFHHG
6R
ZHSURFHHGHGDQGFDPHDFURVVVRPHWKLQJOLNHD7DQQXUDNLQGRIEDNLQJRYHQDSLWXVXDOO\FOD\OLQHG
IRUEDNLQJEUHDG
7KHQDUUDWRU
DGGHG6RPH0XVOLPVDVNHGWKH3URSKHW3%8+20HVVHQJHURI$OODK:KDWDERXWWKHFKLOGUHQRI
$O0XVKULNXQLHSRO\WKHLVWVSDJDQVLGRODWHUVDQGGLVEHOLHYHUVLQWKH2QHQHVVRI$OODKDQGLQ+LV
0HVVHQJHU0XKDPPDG3%8+"
7KHUHPDLQGHURIWKH+DGLWKLVWKHVDPHDVWKHDERYH+DGLWKH[FHSWWKDWDWWKHHQGRILW
WKH0HVVHQJHURI$OODKVDLG:HFDPHXSRQDULYHURIEORRGLQWKHPLGGOHRIZKLFKWKHUHZDVDPDQ
VWDQGLQJDQGDWWKHEDQNRIWKHULYHUWKHUHZDVDPDQZLWKSOHQW\RIVWRQHVEHIRUHKLP
,QWKLV
QDUUDWLRQZHDOVRILQG7KH\PDGHPHFOLPEWKHWUHHDQGWKH\PDGHPHHQWHUDQDERGHVREHDXWLIXOWKH
OLNHRIZKLFK,KDYHQHYHUVHHQEHIRUH7KHUH,VDZROGPHQDQG\RXWK
,QWKLVQDUUDWLRQZHDOVR
ILQGC7KHILUVWKRXVH\RXHQWHUHGZDVWKHDERGHRIWKHEHOLHYHUVLQJHQHUDODQGWKHRWKHUKRXVHZDV
WKHDERGHRI WKHPDUW\UV,DP-LEULO*DEULHODQGWKLVLV0LND
LO5DLVH\RXUKHDG
,ORRNHGXSDQG
VDZVRPHWKLQJOLNHFORXGV7KH\VDLGWRPHC7KDWLV\RXUDERGH
,VDLGC6KDOO,HQWHULW"
7KH\VDLG
C<RXKDYHQRWFRPSOHWHG\RXUWHUPRIOLIH\HW:KHQ\RXGR \RXZLOOFHUWDLQO\HQWHULW
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVWKHIROORZLQJSRLQWV
0DQLIHVWDWLRQWKURXJKGUHDPRISXQLVKPHQWRIYDULRXVHYLOVLHIRUJHWWLQJWKH4XU
DQDIWHUKDYLQJ
PHPRUL]HGLWQRWSUDFWLVLQJWKHWHDFKLQJVRIWKH4XU
DQYLRODWLQJWKHSUHFHSWVRIWKH4XU
DQDIWHU
DWWDLQLQJWKHLUNQRZOHGJHVODFNQHVVLQRIIHULQJREOLJDWRU\6DODWO\LQJLPPRUDODFWVXVXU\HWF6WULFW
ZDUQLQJVKDYHEHHQLVVXHGDJDLQVWDOOWKHVHHYLOVDQGWKHSXQLVKPHQWWRZKLFKWKH\DUHOLDEOHKDYH
EHHQPHQWLRQHGLQWKLV+DGLWK0D\$OODKVDYHXVIURPWKHP
:HDOVROHDUQIURPWKLV+DGLWKWKDW$OODKKDVPDGH+HOOIRUSXQLVKPHQWDQG-DQQDKIRUUHZDUG
0XKDPPDG3%8+WKH/DVW3URSKHWRI$OODKZDVPDGHWRZLWQHVVPDQ\VFHQHVZKLFKGHPRQVWUDWHG
WKHUHWULEXWLRQDQGUHZDUGRIGHHGVGRQHE\SHRSOHLQWKHLUHDUWKO\OLIH
&+$37(5
)$/6(+22'7+$7,6
3(50,66,%/(
7KHOHDUQHGFRPSLOHURIWKLVERRNKDVSXWIRUWKVRPHDUJXPHQWVWRSURYHWKDWLWLVODZIXOWRWHOODOLH
XQGHUWKHVWUHVVRIFLUFXPVWDQFHV$QH[DPSOHRIWKLVLVWKHFDVHRID0XVOLPZKRKLGHVKLPVHOIRUKLV
PRQH\IURPDW\UDQWZKRLVEHQWRQNLOOLQJKLPRUWDNLQJKLVPRQH\IURPKLP,IRQHNQRZVWKH
ZKHUHDERXWVRIWKLV0XVOLPRUKLVPRQH\DQGLVDVNHGDERXWLWLWLVSHUPLVVLEOHWROLHLQWKLVFDVHWR
VDYHD0XVOLP
VOLIHRUKLVSURSHUW\EXWLWLVEHWWHUWRJLYHDQHTXLYRFDODQVZHUWKDWLVRQHZKLFKLVQRW
FOHDURUGHILQLWHLQPHDQLQJDQGWKDWFDQEHLQWHUSUHWHGLQPRUHWKDQRQHZD\LQRUGHUWRVKXQO\LQJ
DOWRJHWKHU7KHVXPDQGVXEVWDQFHRIGLVFXVVLRQKDVEHHQGHULYHGIURPWKHQDUUDWLRQDVFULEHGWR8PP
.XOWKXP0D\$OODKEHSOHDVHGZLWKKHU6KHVDLG7KH0HVVHQJHURI$OODK3%8+VDLG$OLDULV
QRWWKHRQHZKRWULHVWREULQJDERXWDUHFRQFLOLDWLRQEHWZHHQWKHSHRSOHDQGVSHDNVJRRGWRDYHUW
GLVSXWHRUWRFRQYH\JRRG
>$O%XNKDUL@
,WPD\EHFRQFOXGHGWKDWIDOVHKRRGLVSHUPLVVLEOHLQWKHIROORZLQJWKUHHFDVHV
L:KLOHILJKWLQJ-LKDGLQWKH&DXVHRI$OODK
LL7RFRQFLOLDWHEHWZHHQSHRSOH
LLL)RUWKHKXVEDQGWRSOHDVHKLVZLIHDQGWKHZLIHWRSOHDVHKHUKXVEDQG
&+$37(5
$6&(57$,10(172):+$7
21(+($56$1'1$55$7(6
$OODKWKH([DOWHGVD\V
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVQRWIDLUWRDFFHSWHYHU\WKLQJRQHKHDUVDVWUXH
ZLWKRXWYHULI\LQJLW1RULWLVULJKWWRFRPPXQLFDWHLWWRRWKHUVEHFDXVHLWLVTXLWHSRVVLEOHWKDWZKDWRQH
KDVKHDUGLVXQWUXHDQGE\FRPPXQLFDWLQJLWWRRWKHUVKHDGGVLWWRKLVRZQOLHV,WLVWKHUHIRUH
QHFHVVDU\WKDWRQHVKRXOGPDNHVXUHWKDWZKDWKHLVFRPPXQLFDWLQJWRRWKHUVLVWUXH
>0XVOLP@
&RPPHQWDU\ ,QVRPHRIWKHQDUUDWLRQVRIWKLV+DGLWKWKHZRUGXVHGLV.DGKLEDLQ
ZKLFKPHDQV
WZROLDUV
$VPD
0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG$ZRPDQFDPHWRWKH0HVVHQJHURI$OODK
3%8+DQGVDLG,KDYHDFRZLIH,VWKHUHDQ\KDUPIRUPHLI,JLYHKHUWKHIDOVHLPSUHVVLRQRI
JHWWLQJVRPHWKLQJIURPP\KXVEDQGZKLFKKHKDVQRWLQIDFWJLYHQPH"
7KH0HVVHQJHURI$OODK
3%8+VDLG7KHRQHZKRFUHDWHVDIDOVHLPSUHVVLRQRIUHFHLYLQJZKDWRQHKDVQRWEHHQJLYHQLVOLNH
RQHZKRZHDUVWZRJDUPHQWVRIIDOVHKRRG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6RPHSHRSOHGLVJXLVHWKHPVHOYHVDVSLRXVWRFUHDWHDIDOVHLPSUHVVLRQRIWKHLUSLHW\
VRPHSXWXSWKHDSSHDUDQFHRIVFKRODUVWRHVWDEOLVKWKHLUVFKRODUVKLSDQGVRPHWDNHWRKLJKO\
H[SHQVLYHFORWKHVWRJLYHWKHLPSUHVVLRQRIEHLQJULFK6LQFHWKHVHWKLQJVDUHIDEULFDWHGDQGIDOVHWKH\
FRQVWLWXWHJUHDWVLQV2QHVKRXOGOLYHDVRQHUHDOO\LV6LPLODUO\WKHVHFRQGZLIHVKRXOGQRWLQYHQWIDOVH
VWRULHVWRJLYHZURQJLPSUHVVLRQRIKHUVHOIWRWKHRWKHUZLIH1RUVKRXOGPDNHIDOVHFODLPVRIJUHDWHU
ORYHDQGDWWHQWLRQRIWKHKXVEDQGRQO\WRLQFLWHWKHMHDORXV\RIWKHRWKHURQHZKLOHWKHUHDOSRVLWLRQLV
IDUIURPWKDW,QIDFWHYHQLIWKLVLVVRVKHVKRXOGQRWH[SRVHWKHZHDNQHVVRIWKHKXVEDQGVRWKDWWKH
IHHOLQJVRIKLVRWKHUZLIHDUHQRWLQMXUHG
&+$37(5
352+,%,7,212)*,9,1*
)$/6(7(67,021<
$OODKWKH([DOWHGVD\V
$QGVKXQO\LQJVSHHFKIDOVHVWDWHPHQWV
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
$QGWKRVHZKRGRQRWZLWQHVVIDOVHKRRG
:HVDLG<HV20HVVHQJHURI
$OODK
7KH
0HVVHQJHURI$OODK3%8+NHSWRQUHSHDWLQJWKLVZDUQLQJWLOOZHZLVKHGKHVKRXOGVWRS
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHFRQWHQWVRIWKLV+DGLWKPDNHWKHJUDYLW\RIPDNLQJDIDOVHVWDWHPHQWDEXQGDQWO\
FOHDU+RZXQIRUWXQDWHLQGHHGLWLVWKDWOLNHRWKHUPDMRUVLQVWKHHYLORIJLYLQJIDOVHWHVWLPRQ\LVYHU\
FRPPRQDPRQJWKHSUHVHQWGD\0XVOLPV0D\$OODKSUHYHQWXVIURPLW
&+$37(5
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HZKRVZHDUVE\DUHOLJLRQRWKHUWKDQWKDWRI,VODP
KHUHPHDQVHLWKHURIWKHWZR
WKLQJVVWDWHGKHUH)RULQVWDQFHLIDSHUVRQVD\V,I,GRVXFKDQGVXFKWKHQ,DPD&KULVWLDQRUD-HZ
1RZLIKHUHDOO\LQWHQGVWRHPEUDFH&KULVWLDQLW\RU-XGDLVPKHZLOOLPPHGLDWHO\EHFRPHVREHFDXVH
KLVLQWHQWLRQWREHD.DILUGLVEHOLHYHULV.XIULQILGHOLW\LQLWVHOI%XWLIWKHYRZLVPHDQWWRGHQ\WKH
DGRSWLRQRIRWKHUUHOLJLRQVDQGLVLQWHQGHGWRH[SUHVVKLVILUPUHVROXWLRQWROLYHDVD0XVOLPWRWKHODVW
HYHQWKHQVXFKDYRZLVXQGHVLUDEOHDQGLVDVLQIRUZKLFKRQHPXVWVHHN$OODK
VIRUJLYHQHVV
7KHODVWVHQWHQFHRIWKLV+DGLWKHYLGHQWO\VKRZVWKDWWRFXUVHD0XVOLPLVIRUELGGHQEHFDXVHLWLVDNLQ
WRNLOOLQJKLP
>0XVOLP@
&RPPHQWDU\ 7DXQWVFXUVHVDQGDEXVLYHODQJXDJHDUHFRQWUDU\WRSHUIHFW)DLWKDQGILGHOLW\
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
7KRVHZKRIUHTXHQWO\UHVRUWWRFXUVLQJSHRSOHZRXOGQHLWKHUEHDFFHSWHGDVZLWQHVVHVQRUDV
LQWHUFHVVRUVRQWKH'D\RI5HVXUUHFWLRQ
>0XVOLP@
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW0XVOLPVVKRXOGQHLWKHUFXUVHQRULPSUHFDWHHDFKRWKHU
)RULQVWDQFHWKH\DUHIRUELGGHQWRVD\0D\WKH&XUVHRI$OODKEHXSRQ\RX
RU,ZLVK\RXWREXUQLQ
+HOOILUH
HWFHWF
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHYLUWXHVRID0X
PLQWUXH0XVOLP7DXQWLQJKHUHPHDQVWR
GLVJUDFHVRPHRQHZLWKUHIHUHQFHWRKLVOLQHDJHRUE\PHDQVRIEDFNELWLQJDQGVODQGHU/DCLQ LVD
SHUVRQZKRLVJLYHQWRIUHTXHQWO\FXUVLQJRWKHUVUHSURDFKLQJDQGXVLQJDEXVLYHODQJXDJH)DKLVKLV
RQHZKRFRPPLWVWKURXJKZRUGRUSUDFWLFHLPPRGHVW\%DGKL\LVDSHUVRQZLWKDORRVHWRQJXH7KLV
ZRUGLVDOVRXVHGIRUDQLPSXGHQWDQGDEXVLYHSHUVRQ7KLV+DGLWKVWURQJO\FULWLFL]HVWKHVHYLFHV
$EXG'DUGD
0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQDSHUVRQFXUVHVVRPHERG\RUVRPHWKLQJWKHFXUVHJRHVXSWRKHDYHQDQGWKHJDWHVRIKHDYHQ
JHWFORVHG7KHQ LWFRPHVGRZQWRWKHHDUWKDQGLWVJDWHVJHWFORVHG7KHQLWWXUQVULJKWDQGOHIWDQGLILW
GRHVQRWILQGDQHQWUDQFHWRJRDQ\ZKHUHLWUHWXUQVWRWKHSHUVRQRUWKLQJWKDWZDVFXUVHGLIKHRULW
GHVHUYHVWREHFXUVHGRWKHUZLVHLWUHWXUQVWRWKHSHUVRQ ZKRXWWHUHGLW
>$EX'DZXG@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVQRWWRFXUVHDQLPDOV,WDOVRWHDFKHVXVWRWUHDWWKHPQLFHO\DQG
EHSDWLHQWZLWKWKHP
:KHQLWGLGQRWPRYHVKHVDLG2$OODK&XUVHLW
7KH
3URSKHW3%8+VDLG7KHVKHFDPHOWKDWKDVEHHQFXUVHGVKRXOGQRWDFFRPSDQ\XV
>0XVOLP@
7KHUHLVQRMXVWLILFDWLRQIRUVXFKLQWHUSUHWDWLRQEHFDXVHWKHVKHFDPHOZDVQRWVHWDEVROXWHO\IUHHOLNH
$V6D
LEDK$OOWKDWZDVGRQHZDVWKDWEHFDXVHRIWKHFXUVHLWZDVFRQVLGHUHGXQZRUWK\RIWKH
HQWRXUDJHFRPSDQ\RIWKH3URSKHW3%8+([FHSWIRUWKLVEDULWZDVYDOLGIRUDOORWKHUSXUSRVHV
7KXVWKLV+DGLWKSURYHVWKDWLWLVQRWSHUPLVVLEOHWRDVVRFLDWHZLWKSHRSOHZKRDUHJLYHQWRVLQVDQG
KHUHVLHVLQUHOLJLRQEHFDXVHWKH\KDYHEHHQFXUVHG:KHQRQHLVQRWSHUPLWWHGWRNHHSDQDQLPDOZKLFK
KDVEHHQFXUVHGKRZFDQRQHSRVVLEO\NHHSFRPSDQ\ZLWKSHRSOHZKRFRPPLWDFWVDVDUHVXOWRI
ZKLFKWKH\KDYHEHHQFXUVHG
&+$37(5
-867,),&$7,212)&856,1*
7+(:521*'2(56:,7+287
63(&,)<,1*21(2)7+(0
$OODKWKH([DOWHGVD\V
1RGRXEWWKH&XUVHRI$OODKLVRQWKH=DOLPXQSRO\WKHLVWVZURQJGRHUVRSSUHVVRUV
7KHQDFULHUZLOOSURFODLPEHWZHHQWKHPC7KH&XUVHRI$OODKLVRQWKH=DOLPXQSRO\WKHLVWV
DQGZURQJGRHUV
,WKDVEHHQDXWKHQWLFDOO\UHSRUWHGWKDWWKH0HVVHQJHURI$OODKVDLG&XUVHRI$OODKLVXSRQWKRVH
ZRPHQZKRZHDUIDOVHKDLUDQGWKRVHZRPHQZKRSUHSDUHVXFK
$QGKHDOVRFXUVHGWKHSDLQWHUVRISLFWXUHVRIOLYLQJ
REMHFWV$QGKH3%8+VDLG&XUVHRI$OODKLVXSRQKLPZKRPDNHFKDQJHVLQODQGERXQGDULHVWR
GHSULYHRWKHUV
+H
DOVRVDLG&XUVHRI$OODKLVXSRQWKHRQHZKRFXUVHVKLVSDUHQWV
$QG&XUVHRI$OODKLVXSRQWKH
RQHZKRVDFULILFHVDQDQLPDOIRURWKHUWKDQ$OODK
+HDOVRVDLG&XUVHRI$OODKLV
XSRQWKH-HZVZKRWXUQHGWKHJUDYHVRIWKHLU3URSKHWVLQWRSODFHVRIZRUVKLS
$OOWKHVH$KDGLWKDUHDXWKHQWLFDQGDUHUHSRUWHGE\$O%XNKDULRU0XVOLPRUE\WKHPERWK7KHVH
$KDGLWKZLOOEHFLWHGXQGHUWKHLUUHVSHFWLYHFKDSWHUV,QVKD
$OODK
&+$37(5
352+,%,7,212)5(9,/,1*$
086/,0:,7+287$1<&$86(
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI
VODQGHUDQGSODLQVLQ
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+VDLG
5HYLOLQJD0XVOLPLV)XVXTGLVREHGLHQFHRI$OODKDQGNLOOLQJKLPLVWDQWDPRXQWWRGLVEHOLHI
>$O%XNKDULDQG0XVOLP@
PHDQVWKDWLQWHUPVRIVLQDQGSURKLELWLRQLW
LVDNLQWR.XIU7KLV+DGLWKPDNHVWKHVHYHULW\RIWKLVFULPHDEXQGDQWO\FOHDU
>$O%XNKDUL@
&RPPHQWDU\ :KDWWKLV+DGLWKVWUHVVHVLVWKDWRQHVKRXOGQHYHUVD\DERXWD0XVOLPWKDWKHLVVLQIXO
)DVLTRUGLVEHOLHYHU.DILUZKHQKHLVQRWVR7KHUHDVRQLVWKDWLQWKDWFDVHRQHZKRVD\VLWZLOOEH
KHOG)DVLTRU.DILU2QHVKRXOGWKHUHIRUHVWULFWO\UHIUDLQIURPXWWHULQJVXFKVWDWHPHQWV
>0XVOLP@
7KHQVRPHEHDWKLPZLWKWKHLUKDQGVVRPHZLWKWKHLUVKRHV
DQGVRPHZLWKDIROGHGSLHFHRIFORWK:KHQKHOHIWVRPHRQHVDLGWRKLP0D\$OODKGLVJUDFH\RX
7KH3URSKHW3%8+VDLG'RQRWKHOS6DWDQRYHUFRPHKLPE\XWWHULQJVXFKZRUGV
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLPSUHFDWLRQDJDLQVWDVLQQHUKHOSV6DWDQEHFDXVHKHLV
DYRZHGWRGLVJUDFHDQGKXPLOLDWH0XVOLPVEHIRUH$OODK:KHQD0XVOLPFXUVHVDQRWKHU0XVOLPDQG
LPSUHFDWHVIRUKLVKXPLOLDWLRQDQGGLVJUDFHKHLQIDFWWULHVWRDFFRPSOLVKWKHPLVVLRQRI6DWDQEHFDXVH
LQGRLQJVR6DWDQZLOOKDYHDFKLHYHGKLVREMHFWLYH7KHUHIRUHRQHVKRXOGQRWFXUVHDIHOORZ0XVOLP
HYHQLIKHRUVKHLVDVLQQHU,QIDFWRQHVKRXOGSUD\WR$OODKIRUKLVRUKHUJXLGDQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QWKH'D\RI-XGJHPHQWWKHPDVWHUVRIVODYHVDQGVODYHJLUOVZLOOEHH[SRVHGWR
+DGGXO4DGIL+DGGIRUDFFXVLQJVRPHRQHRIDGXOWHU\IRUWKHUHDVRQWKDWWKH\SHUSHWUDWHDOONLQGVRI
RSSUHVVLRQVRQWKHLUFDSWLYHVDQGWKHLUJULHYDQFHVDUHQRWUHGUHVVHG2QWKH'D\RI-XGJHPHQWZKHQ
$OPLJKW\$OODKGLVSHQVHVMXVWLFHZLWKRXWDQ\SUHMXGLFHDQGIDYRXU+HZLOODOVRGRIXOOMXVWLFHWRWKLV
RSSUHVVHGFODVVDQGWKRVHPDVWHUVZKRVRPHKRZHVFDSHGWKHSXQLVKPHQWRQWKLVDFFRXQWLQWKLVZRUOG
7KXVWKLV+DGLWKKDVDVWHUQZDUQLQJIRUWKRVHPDVWHUVZKRDUHFDUULHGDZD\E\WKHLUPLJKWDQG
DXWKRULW\DQGSHUSHWUDWHRSSUHVVLRQRQWKHLUVHUYDQWVDQGVODYHV
&+$37(5
352+,%,7,212)$%86,1*7+(
'(&($6(':,7+287$9$/,'/(*$/
5($621$33529('%<6+$5,C$+
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG7KH0HVVHQJHURI$OODK3%8+VDLG'RQRW
DEXVHWKHGHDGEHFDXVHWKH\KDYHDWWDLQHGWKDWZKLFKWKH\KDGIRUZDUGHGLHWKHLUGHHGVJRRGRU
EDG
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWZHVKRXOGQRWFHQVXUHRUFRQGHPQWKHGHFHDVHG
EHFDXVHWKH\KDYHUHDFKHGWKHLUHQGDQGWKH\DUHUHFHLYLQJLQWKH+HUHDIWHUUHWXUQIRUZKDWHYHUGHHGV
WKH\GLGLQWKHLUOLIH7KHUHLVQRKDUPKRZHYHULQDEXVLQJWKHGLVEHOLHYHUVZKRGLHGLQDVWDWHRI
.XIU
&+$37(5
352+,%,7,212)0$/,*1,1*
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI
VODQGHUDQGSODLQVLQ
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKLVSDUWRIDORQJ+DGLWKZKLFKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R
,WVWUHVVHVVWHDGIDVWQHVVLQ)DLWKDQGYLUWXRXVGHHGVEHFDXVHWKHWLPHRIGHDWKLVQRWNQRZQWR
DQ\RQH6LQFHRQHFDQGLHDWDQ\PRPHQWRQHVKRXOGQHYHUEHXQPLQGIXORIWKHREOLJDWLRQVRI)DLWK
DQGJRRGGHHGVVRWKDWKHHPEUDFHVGHDWKLQDVWDWHRISHUIHFW)DLWK7KLV+DGLWKKDVWKHVDPH
PHDQLQJVZKLFKDUHFRQWDLQHGLQWKH9HUVHRIWKH6XUDW$OC,PUDQH[KRUWLQJWKH0XVOLPVWKXV
$QGGLHQRWH[FHSWLQDVWDWHRI,VODP>DV0XVOLPZLWKFRPSOHWHVXEPLVVLRQWR$OODK@
(YHU\0XVOLPVKRXOGWUHDWSHRSOHDVQLFHO\DVKHKLPVHOIGHVLUHVWREHWUHDWHGE\RWKHUV
&+$37(5
352+,%,7,212)1856,1*
5$1&285$1'(10,7<
$OODKWKH([DOWHGVD\V
7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ
KXPEOHWRZDUGVWKHEHOLHYHUVVWHUQWRZDUGVWKHGLVEHOLHYHUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 'RQRWKDUERXUJUXGJHDJDLQVWRQHDQRWKHU
PHDQVWKDWRQHVKRXOGQRWVD\RUGRDQ\
WKLQJZKLFKLVOLNHO\WRFUHDWHLOOZLOODQGKDWUHGLQRWKHUV1RUMHDORXV\
VLJQLILHVWKDWLID0XVOLPLV
JUDQWHGDQ\EOHVVLQJE\$OODKRQHVKRXOGQRWZLVKWKDWKHEHGHSULYHGRILW'RQRWVKRZ\RXUEDFNV
WRRQHDQRWKHU
PHDQVWKDWLI\RXFRPHDFURVVRQHDQRWKHUH[FKDQJHVDOXWDWLRQVUDWKHUWKDQDYRLGHDFK
RWKHU6LQFHDOOVXFKWKLQJVFUHDWHFRQIOLFWDQGGLVVHQVLRQWKHVHDUHVWULFWO\IRUELGGHQLQ,VODP
0XVOLPVDUHUHTXLUHGWRUHVXPHWKHLUFRQYHUVDWLRQDQGFRQWDFWVDIWHUDPD[LPXPSHULRGRIWKUHHGD\V
$Q\EUHDFKEH\RQGWKLVSHULRGLVSURKLELWHG
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWPXWXDOHQPLW\JUXGJHDQGPDOLFHDUHERXQGWRGHSULYH
DPDQIURP-DQQDKLQWKH+HUHDIWHU
&+$37(5
352+,%,7,212)(19<
$OODKWKH([DOWHGVD\V
RUKHVDLG
JUDVV
>$EX'DZXG@
352+,%,7,212)63<,1*21
086/,06 72%(,148,6,7,9(
$%28727+(56
$OODKWKH([DOWHGVD\V
$QGVS\QRW
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI
VODQGHUDQGSODLQVLQ
:KLOHVD\LQJVRKHSRLQWHG
WRZDUGVKLVFKHVW,WLVHQRXJKHYLOIRUD0XVOLPWRORRNGRZQXSRQKLV0XVOLPEURWKHU$OOWKLQJVRI
D0XVOLPDUHLQYLRODEOHIRUKLVEURWKHULQ)DLWKKLVEORRGKLVZHDOWKDQGKLVKRQRXU9HULO\$OODK
GRHVQRWORRNWR\RXUERGLHVQRUWR\RXUIDFHVEXW+HORRNVWR\RXUKHDUWVDQG\RXUGHHGV
$QRWKHUQDUUDWLRQLV'RQRWIHHOHQY\DJDLQVWRQHDQRWKHUGRQRWQXUVHHQPLW\GRQRWVS\RQRQH
DQRWKHUDQGGRQRWFKHDWRQHDQRWKHU%H$OODK
VVODYHVEUHWKUHQWRRQHDQRWKHU
$QRWKHUQDUUDWLRQLV'RQRWKDYHHVWUDQJHGUHODWLRQVZLWKRQHDQRWKHU'RQRWQXUVHHQPLW\DQGGR
QRWIHHOHQY\DJDLQVWRQHDQRWKHU2$OODK
VZRUVKLSSHUV%HEURWKHUV
$QRWKHUQDUUDWLRQLV'RQRWHVWUDQJHPXWXDOUHODWLRQVDQGGRQRW LQWHUYHQHLQWRWKHWUDQVDFWLRQZKLFK
LVOLNHO\WREHVHWWOHGZLWKDQRWKHUSHUVRQ
>0XVOLP@
&RPPHQWDU\ %HZDUHRIVXVSLFLRQ
PHDQVVXFKVXVSLFLRQDERXWD0XVOLPIRUZKLFKQRDSSDUHQW
HYLGHQFHLVDYDLODEOH6LPLODULVWKHFDVHRIWKDWWKRXJKWZKLFKHPHUJHVLQRQH
VPLQGZLWKRXWDQ\
ORJLF1DMVK
PHDQVWRJLYHKLJKHUELGLQDXFWLRQRQO\WRGHFHLYHRWKHUV7KXVLWLVDIDOVHELGZKLFK
LVQRWDWDOOLQWHQGHGIRUSXUFKDVLQJWKHWKLQJZKLFKLVEHLQJDXFWLRQHG7KHLQVWUXFWLRQVJLYHQWRWKH
0XVOLPVLQWKLV+DGLWKDUHPHDQWWRVHFXUHWKHKRQRXURI0XVOLPV6LQFHGRXEWZLWKRXWDQ\UHDVRQ
DQGVHDUFKIRUGHIHFWVDQGZHDNQHVVHVJRDJDLQVWWKHVHFXULW\RID0XVOLP
VKRQRXU,VODPKDVVWULFWO\
IRUELGGHQ0XVOLPVIURPWKHP$QRWKHUSXUSRVHIRUIRUELGGLQJVXFKWKLQJVLVWRFRQVROLGDWH0XVOLP
EURWKHUKRRG)RUWKLVUHDVRQWKH\KDYHEHHQIRUELGGHQIURPRSSUHVVLRQOHDYLQJWKHLU0XVOLPEURWKHUV
LQOXUFKFRQVLGHULQJRWKHUVKXPEOHDQGIURPWDNLQJSULGHLQZRUOGO\SRVVHVVLRQV,QIDFWWKHOLIH
SURSHUW\DQGKRQRXURID0XVOLPKDYHEHHQGHFODUHGXQODZIXOIRUDOORWKHU0XVOLPV,QFUHDVHLQDELG
ZLWKRXWDQ\LQWHQWLRQRIEX\LQJWKHWKLQJEHLQJDXFWLRQHGDQGEDUJDLQRYHUDEDUJDLQKDYHDOVREHHQ
SURKLELWHGEHFDXVHWKH\DOVRFUHDWHLOOZLOODQGHQPLW\
>$EX'DZXG@
&RPPHQWDU\ ,ID0XVOLPORRNVIRUWKHGHIHFWVRIDQRWKHUDQGKXQWVIRUKLVZHDNQHVVHVRWKHU
0XVOLPV ZLOODOVRDGRSWWKHVDPHDWWLWXGHWRZDUGVKLPDQGWKLVVLWXDWLRQZLOOFUHDWHGLVVHQVLRQDQG
FRQIOLFWLQVRFLHW\7KLVDOVRZLOOPDNHWKHPIDOOSUH\WRVLQVDQGPDNHWKHPSHUVLVWHQWLQFRPPLWWLQJ
WKHP)RUWKLVUHDVRQVS\LQJDQGILQGLQJIDXOWVZLWK0XVOLPVKDVEHHQSURKLELWHGE\6KDULCDK
,WKDVEHHQUHSRUWHGWKDWDPDQZDVEURXJKWEHIRUH$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHG
ZLWKKLPEHFDXVHKLVEHDUGZDVJLYLQJRXWVPHOORIZLQH,EQ0DVCXGVDLG:HKDYHEHHQSURKLELWHG
IURPVS\LQJRQ0XVOLPVDQGILQGLQJIDXOWVZLWKWKHP%XWZHFDQWDNHWRWDVNRQO\DQGRQO\LIWKH
VLQLVRYHUW
>$EX'DZXG@
&RPPHQWDU\
,QWKLV+DGLWKZHILQGDPRGHOFRQGXFWRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ZKLFKZDVWDXJKW
WRWKHPE\,VODP7KH&RPSDQLRQVRI WKH3URSKHW3%8+ZHUHFHUWDLQO\VWULFWIROORZHUVRIWKH
FRPPDQGVDQGSURKLELWLRQVRI,VODP
&+$37(5
352+,%,7,212)6863,&,21
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH$YRLGPXFKVXVSLFLRQVLQGHHGVRPHVXVSLFLRQVDUHVLQV
>$O%XNKDULDQG0XVOLP@
&+$37(5
352+,%,7,212)'(63,6,1*
086/,06
$OODKWKH([DOWHGVD\V
2\RXZKREHOLHYH/HWQRWDJURXSVFRIIDWDQRWKHUJURXSLWPD\EHWKDWWKHODWWHUDUHEHWWHU
WKDQWKHIRUPHU1RUOHWVRPHZRPHQVFRIIDWRWKHUZRPHQLWPD\EHWKDWWKHODWWHUDUHEHWWHU
WKDQWKHIRUPHU1RUGHIDPHRQHDQRWKHUQRULQVXOWRQHDQRWKHUE\QL FNQDPHV+RZEDGLVLWWR
LQVXOWRQH
VEURWKHUDIWHUKDYLQJ)DLWK>LHWRFDOO\RXU0XVOLPEURWKHUDIDLWKIXOEHOLHYHUDV
C2VLQQHU
RUC2ZLFNHG
@$QGZKRVRHYHUGRHVQRWUHSHQWWKHQVXFKDUHLQGHHG=DOLPXQ
ZURQJGRHUV
:RHWRHYHU\VODQGHUHUDQGEDFNELWHU
>0XVOLP@
$PDQ HQTXLUHG:KDW
DERXWWKDWDSHUVRQOLNHVILQHGUHVVDQGILQHVKRHV"
+HVDLG$OODKLV%HDXWLIXODQGOLNHVEHDXW\3ULGH
DPRXQWVWRGLVFODLPLQJWUXWKRXWRIVHOIHVWHHPDQGGHVSLVLQJSHRSOH
>0XVOLP@
DV'DICXO+DT
WKDWLVWRHYDGHWKHWUXWKDQGUHWXUQLWWRWKH
SHUVRQZKRVD\VLWZKLFKSUDFWLFDOO\PHDQVHYDVLRQ7RGUHVVZHOOGRHVQRWFRPHLQWKHFDWHJRU\RI
SULGHDVSHRSOHJHQHUDOO\FRQVLGHULW,QIDFWSULGHFRQVWLWXWHVZKDWLVPHQWLRQHGLQWKLV+DGLWK
>0XVOLP@
&RPPHQWDU\ 6RPHSHRSOHEHFRPHVHOIFRQFHLWHGDVDUHVXOWRIWKHLUH[FHVVLYHZRUVKLSWRWKHSRLQW
WKDWWKH\VWDUWGLVSDUDJLQJDQGPDNLQJORZHVWLPDWHVRIWKHLUIHOORZ0XVOLPVDQGWKHLUGHHGVOLWWOH
NQRZLQJWKDW$OODK*ORULRXVLV+HLVRIYDVWIRUJLYHQHVV7KH\GRQRWUHDOL]HWKDWLI$OODKVRZLOOV+H
FDQGHVWUR\DOOWKHLUGHHGVDQGFRQVLJQWKHPWR+HOODQGVHQGWKHRWKHUSHRSOHZKRKDYHEHHQ
GLVSDUDJHGDQGXQGHUHVWLPDWHGWR-DQQDK7KHUHIRUHRQHVKRXOGQHYHUEHFRPHSURXGRIKLVSLHW\QRU
VKRXOGRQHFRQVLGHURWKHUVRIOLWWOHYDOXHRUJRRGGHHGVDVRQO\$OODK$ORQHNQRZVZKDWLVLQVLGHRXU
KHDUWV
&+$37(5
352+,%,7,212)5(-2,&,1*
29(5$127+(5
67528%/(
$OODKWKH([DOWHGVD\V
7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ
>$W7LUPLGKL@
&RPPHQWDU\ $WUXHEHOLHYHULVRQHZKRIHHOVXQKDSS\WRVHH0XVOLPVVXIIHULQJDQGUHMRLFHVRQWKH
KDSSLQHVVRIKLVRWKHUIHOORZVLQ)DLWK,WLVFRQWUDU\WRWKHFRQGXFWRIDWUXHEHOLHYHUWRUHMRLFHRYHUWKH
WURXEOHRIDQRWKHU0XVOLPDVWKLVDWWLWXGHLVYHU\PXFKGLVOLNHGE\$OODK7KHUHLVHYHU\SRVVLELOLW\WKDW
$OODKPD\SXQLVKVXFKDSHUVRQLQWKLVZRUOGDQGUHOLHYHWKHRQHZKRLVLQWURXEOH6HHDOVR+DGLWK1R
&+$37(5
352+,%,7,212)'(5,',1*
21(
6/,1($*(
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI
VODQGHUDQGSODLQVLQ
>0XVOLP@
&RPPHQWDU\ %RWKWKHVLQVPHQWLRQHGLQWKLV+DGLWKDUHVXFKWKDWLID0XVOLPWKLQNVWKHPODZIXO
DQGVWLOOFRPPLWVWKHPKHZLOOEHFRPHD.DILU7RGHIDPHVRPHRQH
VOLQHDJHPHDQVWRGLVJUDFHRU
KXPLOLDWHVRPHERG\E\VD\LQJWRKLPRUWRKHU<RXUIDWKHUEHORQJVWRVXFKDQGVXFKSURIHVVLRQ
RU
<RXUPRWKHULVVXFKDQGVXFKVRDQGVR
RU<RXDUHDZHDYHUEODFNVPLWKODXQGUHUFREEOHUHWF
0RXUQLQJDQGZDLOLQJPHDQVH[SUHVVLQJTXDOLWLHVRIDGHFHDVHGSHUVRQWKURXJKZHHSLQJFU\LQJDQG
ODPHQWLQJORXGO\,PDP$Q1DZDZLVDLGWKDWVXFKTXDOLWLHVDUHDWWULEXWHVDQGDFWVRIWKHGLVEHOLHYHUV
DQGSUDFWLFHVRIWKHSUH,VODPLFSHULRGRU-DKLOL\\DK
&+$37(5
352+,%,7,212)'(&(,9,1*
27+(56
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI
VODQGHUDQGSODLQVLQ
>0XVOLP@
+HUHSOLHG20HVVHQJHURI$OODK7KHVHKDYHEHHQGUHQFKHGE\UDLQIDOO
+H
UHPDUNHG:K\GLG\RXQRWSODFHWKLVWKHGUHQFKHGSDUWRIWKHKHDSRYHUWKHFRUQVRWKDWSHRSOH
PLJKWVHHLW"+HZKRGHFHLYHVLVQRWRIXV
&RPPHQWDU\
7RWDNHDUPVKHUHVLJQLILHVWRUHYROWDJDLQVWWKH0XVOLPFRPPXQLW\DQGD0XVOLPJRYHUQPHQWIRU
WKDWPDWWHURUGUDZDVZRUGJXQHWFWRNLOOD0XVOLP DFRPPRQSUDFWLFHLQWKHSUHVHQWGD\
WHUURULVP
)RUJHU\DQGGHFHLWKDYHWZRGLIIHUHQWIRUPVRQHLVLPSOLHGDQGRWKHULVSK\VLFDODQGYLVLEOH,QWKH
IRUPHUIDOVHKRRGLVJLYHQDYHQHHURIWUXWK7KHODWWHULV FRQFHDOPHQWRIVRPHGHIHFWDGXOWHUDWLRQRI
VRPHLQIHULRUTXDOLW\PHUFKDQGLVHLQDVXSHULRURQHDGGLWLRQRIVRPHWKLQJWRLQFUHDVHZHLJKWRU
YROXPHRUDVXEVWDQFHE\XQIDLUPHDQVDQGRWKHUPDOSUDFWLFHV
+HLVQRQHRIXV
PHDQV+HLVQRWIROORZLQJWKHZD\RI0XVOLPV
RU+LVFRQGXFWLVXQOLNHWKDWRI
0XVOLPV
,WLVWKHUHIRUHQHFHVVDU\IRUHYHU\0XVOLPWRDEVWDLQIURPVXFKHYLOV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+DGLWK1R1DMVKPHDQVWRRIIHUD
KLJKSULFHIRUVRPHWKLQJLQRUGHUWRDOOXUHDQRWKHUFXVWRPHUZKRLVLQWHUHVWHGLQWKHWKLQJ,IDSHUVRQ
KDVQRLQWHQWLRQRISXUFKDVLQJDWKLQJZKLFKLVEHLQJDXFWLRQHGRQHVKRXOGQRWJLYHDKLJKHUELGIRULW
EHFDXVHLWVJHQXLQHFXVWRPHUZLOOEHGHFHLYHGE\LWDQGKHZLOOSXUFKDVHLWDWDKLJKHUSULFH7KLVLV
DOVRDIRUPRIGHFHLWZKLFKPXVWEHVWULFWO\DYRLGHG
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGQRWPDNHDQRIIHURIDKLJKHUSULFHLIRQHKDVQR
LQWHQWLRQRIEX\LQJLWEHFDXVHWKDWZLOOEHDIUDXG)RUWKLVUHDVRQWKLVSUDFWLFHKDVEHHQIRUELGGHQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHZRUGVPHQWLRQHGLQWKH+DGLWKIRUWKHFXVWRPHUDUHPHDQWWRSURWHFWKLVULJKW
LPSO\LQJWKDWLIWKHUHLVVRPHWKLQJDPLVVLQWKHEDUJDLQKHZLOOKDYHWKHULJKWWRUHWXUQWKHFRPPRGLW\
SXUFKDVHGE\KLP7KHVHOOHUZLOOKDYHWRUHVSHFWWKLVULJKWRIWKHEX\HU
>$EX'DZXG@
&RPPHQWDU\ 7RLQFLWHRUSURYRNHVRPHRQH
VZLIHRUVODYHDJDLQVWKHUKXVEDQGRUKLVPDVWHURUWR
FUHDWHKDWUHGEHWZHHQWKHWZRLVDJUHDWFULPHEHFDXVHD0XVOLPLVUHTXLUHGWRFUHDWHSHDFHDQGDFFRUG
DPRQJVWSHRSOH,WLVDJDLQVWKLVFRQGXFWWRIRPHQWGLVVHQVLRQDQGGLVFRUGEHWZHHQWKHP
&+$37(5
352+,%,7,212)7+(
75($&+(5<$1'%5($.,1*
21(
6&29(1$17
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ *KDGU
PHDQVEUHDFKRIRDWKDQGLWVGLVUHJDUG2QWKH'D\RI-XGJHPHQWDSHUVRQ
ZLWKVXFKDTXDOLW\ZLOOEHJLYHQDKXJHIODJZKLFKZLOOEHDVLJQRIKLVODFNRIVLQFHULW\WRKLVZRUGV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKFOHDUO\VKRZVWKDWEUHDFKRIFRYHQDQWLVIRUELGGHQLQ,VODPHVSHFLDOO\RQ
WKHSDUWRIDUXOHUEHFDXVHDKHLVLQDSRVLWLRQWRKRQRXUKLVFRYHQDQWDQGEKLVHYLOFDQDIIHFWWKH
ZKROH0XVOLPFRPPXQLW\
,WZDVDFXVWRPLQWKH3UH,VODPLF3HULRGRI,JQRUDQFHLQ$UDELDWRIL[IODJVRQSROHVIRUWKRVHZKR
ZHUHJXLOW\RIEUHDFKRIRDWKWRKXPLOLDWHDQGGHIDPHWKHP$OPLJKW\$OODKKDVPHQWLRQHGWKH
SXQLVKPHQWRIIODJVRQWKH'D\RI5HVXUUHFWLRQIRUVXFKSHRSOHZKREUHDNWKHLUFRYHQDQWVRWKDW
SHRSOHFDQHDVLO\XQGHUVWDQGLWVQDWXUH:KDWDKXPLOLDWLRQWKDWZLOOEH
3ODFLQJWKHIODJE\KLVERWWRPVLJQLILHVKXPLOLDWLRQDQGGLVJUDFHEHFDXVHIODJVDUHXVXDOO\FDUULHGLQ
IURQWRIWKHEHDUHUQRWEHKLQG(GLWRU
V1RWH
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIIXOILOOPHQWRISURPLVHWKHSURKLELWLRQRIWKH
VDOHRIDIUHHSHUVRQDQGWKHSD\PHQWRIGXHZDJHVWRWKHODERXUHUV
&+$37(5
352+,%,7,212)5(&2817,1*
2))$92856
$OODKWKH([DOWHGVD\V
7KRVHZKRVSHQGWKHLUZHDOWKLQWKH&DXVHRI$OODKDQGGRQRWIROORZXSWKHLUJLIWVZLWK
UHPLQGHUVRIWKHLUJHQHURVLW\RUZLWKLQMXU\
>0XVOLP@
&RPPHQWDU\ 7KH+DGLWKPDNHVLWHYLGHQWWKDWLWLVIRUELGGHQIRUDPDQWROHWKLVORZHUERG\
JDUPHQWJREH\RQGKLVDQNOHVRXWRIDUURJDQFH7KH+DGLWKDOVRPDNHVLWFOHDUWKDWLWLVIRUELGGHQWR
WDNHDIDOVHRDWKZLWKDYLHZWRVHOORQH
VJRRGV0HVVHQJHURI$OODK3%8+DOVRVDLGLQD+DGLWK
UHSRUWHGE\$O%XNKDUL7DNLQJDIDOVHRDWKKHOSVRQHVHOORQH
VJRRGVZHOOEXWWDNHVDZD\$OODK
V
EOHVVLQJVIURPLW
&+$37(5
352+,%,7,212)$552*$1&(
$1'2335(66,21
$OODKWKH([DOWHGVD\V
6RDVFULEHQRWSXULW\WR\RXUVHOYHV+HNQRZVEHVWKLPZKRIHDUV$OODKDQGNHHSVKLVGXW\WR
+LP>LHWKRVHZKRDUH$O0XWWDTXQWKHSLRXV@
>0XVOLP@
&RPPHQWDU\ $Q\RQHZKRP$OODKKDVJUDQWHGZHDOWKRUDXWKRULW\EHDXW\RUVSOHQGRXUVKRXOGWDNH
LWDV$OODK
V*LIW+HVKRXOGWDNHWRDGRSWKXPLOLW\DQGKXPEOHQHVVDQGH[SUHVVKLVJUDWLWXGHIRULWWR
$OODK+HVKRXOGEHQHILWSHRSOHZLWKWKHJLIWVEHVWRZHGXSRQKLPE\$OODKDQGQRWPDNHWKHPDPHDQV
RISULGHDQGRSSUHVVLRQ
>0XVOLP@
,QDQRWKHUYHUVLRQ+HKLPVHOILVWKHPRVWUXLQHGDPRQJWKHP
&RPPHQWDU\ 7KLV+DGLWKSURKLELWVD0XVOLPIURPVD\LQJWKHVWDWHPHQWLQWKH+DGLWKRUVRPHWKLQJ
VLPLODUWRLWRXWRIDUURJDQFHDQGSULGH7KHUHLVQRKDUPKRZHYHULIRQHVD\VLWLQYLHZRIWKHEDG
VWDWHRIDIIDLUVWRZKLFK0XVOLPVKDYHEHHQUHGXFHGDVD UHVXOWRIIRUH[DPSOHQHJOHFWLQJWKH
WHDFKLQJVRI,VODP2IWKHUHOLJLRXVVFKRODUVZKRKROGWKLVYLHZDUH,PDP0DOLNELQ$QDV,PDP$O
.KDWWDEL $O+XPDLGLDQGRWKHUV7KLVSRLQWKDVEHHQPDGHFOHDULQ,PDP$Q1DZDZL
V$O$GKNDU
&+$37(5
352+,%,7,212)%5($.,1*
7,(6$1'5(/$7,216+,36
$OODKWKH([DOWHGVD\V
%XWGRQRWKHOSRQHDQRWKHULQVLQDQGWUDQVJUHVVLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +LMUDQ
PHDQVWRWHUPLQDWHFRQWDFWVDQGVSHHFK$OOWKHWKLQJVPHQWLRQHGLQWKLV
+DGLWKDUHSURKLELWHGIRU WKHUHDVRQWKDWWKH\JRDJDLQVWWKHVSLULWRI0XVOLPEURWKHUKRRG0XVOLPVDUH
RUGDLQHGWRPDLQWDLQWKHERQGRI,VODPLFIUDWHUQLW\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
6LQFH,VODPLVDUHOLJLRQEDVHGRQWKHQDWXUHRIPDQLWKDVDVXLWDEOHFRQFHVVLRQLQDOOKLVQDWXUDO
DIIDLUV:KHQWKHUHRFFXUVDGLVSXWHEHWZHHQWZR0XVOLPVWKHQXQSOHDVDQWQHVVDQGFRQWUDFWLRQRIPLQG
DUHERXQGWRUHVXOWIURPLW,QVXFKDVLWXDWLRQWKH\QDWXUDOO\GRQRWOLNHWRVSHDNRUPDLQWDLQFRQWDFW
ZLWKHDFKRWKHU,VODPLF6KDULCDKKDVDFNQRZOHGJHGWKHYDOLGLW\RIWKLVUHDFWLRQDQGJUDQWHGSHUPLVVLRQ
WRWKHSDUW\WRVXVSHQGVSHHFKIRUWKUHHGD\V6LQFHORQJHYLW\RIVXVSHQVLRQRIFRQWDFWOHDGVWRVHYHUH
KDWUHGDQGDQLPRVLW\ZKLFKLQFUHDVHVGLVVHQVLRQLQVRFLHW\FUHDWHVREVWUXFWLRQLQIDPLO\UHODWLRQVDQG
LQMXUHVWKHERQGRIIULHQGVKLS0XVOLPVKDYHEHHQRUGHUHGQRWWROHWWKLVWHPSRUDU\XQSOHDVDQWQHVVDQG
WXUELGLW\JREH\RQGDSHULRGRIWKUHHGD\V
>0XVOLP@
&RPPHQWDU\ 7RHQWHUWDLQHQPLW\ZLWKRXWDQ\PDMRUODZIXOUHDVRQLVDNLQWRLQYLWLQJWKHGLVSOHDVXUH
RI$OODK0D\$OODKVDYHXVIURPLW
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKLVRQHRIWKHSURRIVRI3URSKHWKRRGRI0XKDPPDG3%8++LVSURSKHF\KDVFRPH
WUXHWKDW0XVOLPVZLOOILJKWDPRQJWKHPVHOYHVDQGDVDUHVXOWRIPXWXDOFRQIOLFWVVHYHUOLQNVZLWKRQH
DQRWKHUDQGWKLVVLWXDWLRQZLOODULVHDVDUHVXOWRIWKHPLVFKLHISURYRFDWLRQDQGHYLOVXJJHVWLRQVPDGH
E\6DWDQ
2QHRIWKHEHQHILWVRI6DODWLVWRPDLQWDLQDQGVWUHQJWKHQWKHIHHOLQJRIEURWKHUKRRGDQGIUDWHUQLW\
EHWZHHQ0XVOLPV
>$EX'DZXG@
&RPPHQWDU\ 6XFKD0XVOLPZKRSHUVLVWHQWO\IRUVDNHVKLV0XVOLPEURWKHUIRUPRUHWKDQWKUHHGD\V
LHKHGRHVQRWJUHHWKLPDQGWDONWRKLPDQGGLHVLQWKLVVWDWHZLOOFHUWDLQO\EHSXQLVKHGLQ+HOO
DORQJZLWKRWKHU0XVOLPVZKRYLRODWHVXFK'LYLQHLQMXQFWLRQV$IWHUVXIIHULQJWKHSXQLVKPHQWLQ+HOO
KHZLOOEHVHQWWR-DQQDKEHFDXVHLWLVRQO\WKH.XIIDULQILGHOVZKRZRXOGUHPDLQLQ+HOOIRUHYHU,W
GRHVQRWKRZHYHUPHDQWKDWD0XVOLPLVDWOLEHUW\WRGRZKDW KHZLVKHVDQGKHZLOOQRWEHVHQWWR+HOO
HYHQWHPSRUDULO\IRUSXQLVKPHQW6XFKDQLPSUHVVLRQLVDJURVVPLVXQGHUVWDQGLQJ7KLVDSSOLHVWR
ZRPHQDVZHOO
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKVWURQJO\FRQGHPQVWKRVH0XVOLPVZKRIRUVDNHWKHLUEURWKHUVDQGVLVWHUVLQ
)DLWK6LQFHWKRVHZKRDUHIRUVDNHQKDYHWRVXIIHUPHQWDOWRUWXUHWKLVDFWKDVEHHQUHJDUGHGHTXLYDOHQW
LQJUDYLW\WRNLOOLQJ
>$EX'DZXG@
&RPPHQWDU\
&RQWDFWDQGVSHHFKZLWKSHRSOHVKRXOGEHIRUWKH3OHDVXUHRI$OODKRQO\)RULQVWDQFHLIVRPHERG\
LVDKHUHWLFLQUHOLJLRQRUFRPPLWVVLQVRSHQO\DQGLQVSLWHRIWKHDGYLFHJLYHQWRKLPKHGRHVQRW
PHQGKLVZD\D0XVOLPFDQUHQRXQFHFRQWDFWZLWKKLPIRUWKHVDNHRI$OODK6XFKUHQXQFLDWLRQLV
SHUPLVVLEOH,QIDFWLWLVGHVLUDEOHVRWKDWKHPD\OHDUQDOHVVRQIURPLWDQGPD\FKDQJHKLPVHOI%XW
VHYHULQJFRQWDFWVPHUHO\IRUZRUOGO\JULHYDQFHVLVQRWSHUPLVVLEOH
$IWHUWKUHHGD\VRQHZKRVKRXOGWDNHWKHLQLWLDWLYHLQJLYLQJ6DODPLVPRUHVXSHULRUWKDQWKHRWKHU
,IWKHVHFRQGSDUW\GRHVQRWUHVSRQGDQGSHUSHWXDWHVPDOLFHDQGHQPLW\KHZLOOEHVLQIXODQG WKH
IRUPHUZLOOEHDEVROYHGRIWKHVLQRIUXSWXULQJFRQWDFW
&+$37(5
352+,%,7,212)7:2+2/',1*
6(&5(7&2816(/727+(
(;&/86,212)&219(56,1*
72*(7+(5$7+,5'
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
,Q$EX'DZXG$EX6DOLKUHODWHG,DVNHG,EQC8PDU:KDWLIWKHUHDUHIRXUSHRSOH
+HVDLG
7KHUHLVQRKDUPLQWKDW
0DOLNUHSRUWHGLQ$O0XZDWWDWKDWC$EGXOODKELQ'LQDUUHODWHG,EQC8PDUDQG,ZHUHWRJHWKHULQ
.KDOLGELQC8TEDK
VKRXVHZKLFKZDVVLWXDWHGLQWKHPDUNHWSODFH$PDQFDPHWRFRQVXOW,EQC8PDU
1RQHEHVLGHVPHZDVSUHVHQW,EQC8PDUFDOOHGDQRWKHUPDQLQDQGZHEHFDPHIRXUDQGVDLGWRPHDQG
WKHPDQKHKDGFDOOHG0RYHDZD\DELWEHFDXVH,KDYHKHDUGWKH0HVVHQJHURI$OODK3%8+VD\LQJ
7KHWZRSHRSOHVKRXOGQRWKROGVHFUHWFRXQVHOWRJHWKHUH[FOXGLQJWKHWKLUG
2\RXZKREHOLHYH:KHQ\RXKROGVHFUHWFRXQVHOGRLWQRWIRUVLQDQGZURQJDQGGLVREHGLHQFHWRWKH
0HVVHQJHUEXWGRLWIRUULJKWHRXVQHVVDQGVHOIUHVWUDLQWDQGIHDU$OODKWR:KRP\RXVKDOOEHEURXJKW
EDFN
9
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWKROGLQJSULYDWHFRXQVHOKDVEHHQSURKLELWHGIRUWKHUHDVRQWKDW
LWKXUWVWKHIHHOLQJVRIWKH0XVOLPZKRLVLJQRUHGDQGWRKXUWWKHIHHOLQJVRID0XVOLPLVDJUHDWVLQ
LQGHHG$OODKVD\V$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQ
WKHPVHOYHVWKHFULPHRIVODQGHUDQGSODLQVLQ
:KLVSHULQJRIWKHWZRLVSHUPLVVLEOHZKHQDOO
WKHWKUHHPL[XSLQDFURZG7KHQWKHWZRFDQVSHDNWRHDFKRWKHULQFRQILGHQFH
&+$37(5
352+,%,7,212)&58(/7<
$OODKWKH([DOWHGVD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVQHFHVVDU\IRUWKH0XVOLPWRWUHDWDQLPDOVNLQGO\DQGWHQGHUO\+DUVKQHVVWRWKHP
LVXQODZIXO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVDPDMRUVLQWRSLQGRZQDOLYLQJEHLQJWRPDNHLWDWDUJHW2QHZKRGRHVLWLVD
FXUVHGSHUVRQ
&RPPHQWDU\ 7KHULJKWZD\RIGRLQJLWLVWKDWUDWKHUWKDQILUVWFDSWXULQJLWDQGPDNLQJLWDWDUJHWRI
DUURZVDQGEXOOHWVLWVKRXOGEHFDSWXUHGDQGVODXJKWHUHGZLWKDYHU\VKDUSNQLIHVRWKDWWKHYLFWLPGRHV
QRWIHHOPXFKSDLQZKLOHJLYLQJLWVOLIH
&RPPHQWDU\ ,WLVDVHULRXVFULPHWREHDWRQH
VVHUYDQWRUVODYH7KHH[SLDWLRQRIWKLVVLQLVWRVHWWKH
VHUYDQWRUVODYHIUHH2QHLVKRZHYHUDOORZHGWRGLVFLSOLQHRQH
VVHUYDQWVLQDVXLWDEOHPDQQHULQ
ZKLFKSXQLVKPHQWGRHVQRWH[FHHGWKHQDWXUHRIRIIHQVHFRPPLWWHGRQWKHLUSDUW
,GLGQRWUHFRJQL]HWKH
YRLFHIRUWKHLQWHQVHDQJHU,ZDVLQ$EX0DVCXGDGGHG$VKHFDPHQHDUPH,IRXQGWKDWKHZDVWKH
0HVVHQJHURI$OODK3%8+ZKRZDVVD\LQJ$EX0DVCXG%HDULQPLQGWKDW$OODKKDV PRUH
GRPLQDQFHXSRQ\RXWKDQ\RXKDYHXSRQ\RXUVODYH
7KHQ,VDLG,ZLOOQHYHUEHDWDQ\VODYHLQ
IXWXUH
$QRWKHUQDUUDWLRQLV7KHZKLSGURSSHGIURPP\KDQGLQDZHRIWKH3URSKHW3%8+
6WLOODQRWKHUQDUUDWLRQLV,VDLG+HLVIUHHIRUWKHVDNHRI$OODK
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKKDVDVWHUQZDUQLQJIRUWKRVHZKRSXQLVKWKHLUVODYHVDQGVHUYDQWVZLWKRXWUHDVRQRUIDU
PRUHWKDQZKDWWKH\GHVHUYH
7KLV+DGLWKDOVRJLYHVDKLQWRIWKHDXUDRIDZHDQGPDMHVW\WKDWFKDUDFWHUL]HGWKHSHUVRQRIWKH
3URSKHW3%8+,WDOVRVKRZVWKHUHDGLQHVVRIWKH&RPSDQLRQVWRPHQGWKHLUZD\VDQGREH\WKH
3URSKHW
VFRPPDQGV
>0XVOLP@
&RPPHQWDU\ $O4DGLC,\DGVD\VWKDWWKHUHLVFRQVHQVXVRQWKHSRLQWWKDWVHWWLQJWKHVODYHIUHHLV
GHVLUDEOHQRWREOLJDWRU\6XFKOLEHUDWLRQRIWKHVODYHKRZHYHULVQRWHTXDOLQUHZDUGWRVHWWLQJKLP
IUHHZLWKRXWDQ\FRQVLGHUDWLRQ
+HZDVWROGWKDWWKH\KDGEHHQ
GHWDLQHGIRUWKHQRQSD\PHQWRI-L]\DK$QRWKHUQDUUDWLRQVD\VWKDWWKH\ZHUHEHLQJWRUWXUHGIRUQRW
KDYLQJSDLG$O.KDUDM7KHUHXSRQ+LVKDPVDLG,EHDUWHVWLPRQ\WRWKHIDFWWKDW,KHDUGWKH
0HVVHQJHURI$OODK3%8+VD\LQJC$OODKZLOOWRUPHQWWKRVHZKRWRUPHQWSHRSOHLQWKHZRUOG
7KHQ
KHSURFHHGHGWRZDUGVWKHLU$PLUDQGUHSRUWHGWKLV+DGLWKWRKLP7KH$PLUWKHQLVVXHGRUGHUVIRUWKHLU
UHOHDVH
>0XVOLP@
&RPPHQWDU\
$O.KDUDM
LVWKDWWD[ZKLFKLVFKDUJHGRQWKHSURGXFH\LHOGHGE\ODQGZKLFKLVLQWKHSRVVHVVLRQ
RIQRQ0XVOLPVLQD0XVOLP6WDWHZKLOHWKHUHYHQXHWKDWLVUHFRYHUHGIURPWKH0XVOLPVRQWKHODQGV
KHOGE\WKHPLVFDOOHG$O8VKU
-L]\DK
LVWKDWDQQXDOIHHZKLFKLVFKDUJHGIURPWKHQRQ0XVOLPV
IRUWKHVDIHW\DQGVHFXULW\SURYLGHGWRWKHLUOLIHSURSHUW\DQGKRQRXUE\D0XVOLP6WDWH0XVOLPVSD\
=DNDWDQGQRQ0XVOLPVSD\-L]\DK
$GKDE
WRUPHQWLVWKDWSDUWLFXODUSXQLVKPHQWZKLFK$OODKZLOOLQIOLFWXSRQWKHLQKDELWDQWVRI+HOO
,IDQ\RQHJLYHVDVLPLODUSXQLVKPHQWWRDQ\ERG\LQWKLVZRUOGKHZLOOEHSXQLVKHGE\$OODKLQWKH
+HUHDIWHUIRULWEHFDXVH+HGRHVQRWOLNHDQ\RQHWRGRVR7RPDNHVRPHRQHVWDQGLQDVL]]OLQJKRWGD\
DQGSRXURLORYHUKLVKHDGLVRQHW\SHRIWRUPHQWLQJSHRSOH)RUWKLVUHDVRQ+LVKDPELQ+DNLP0D\
$OODKEHSOHDVHGZLWKWKHPPHQWLRQHGWKLV+DGLWKWRWKH*RYHUQRUWRZDUQKLPDQGPDNHKLPDEROLVK
WKHSXQLVKPHQW
:HDOVROHDUQIURPWKLV+DGLWKWKDWLWLVLQFXPEHQWRQHYHU\0XVOLPWRHQMRLQJRRGRQSHRSOHDQG
IRUELGWKHPIURPGRLQJHYLO
7\UDQWVVKRXOGEHZDUQHGDJDLQVWWKHLUW\UDQQLHVVRWKDWWKH\DEVWDLQIURPWKHP
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIDQDQLPDOLVWREHEUDQGHGIRULGHQWLILFDWLRQLWVKRXOG
QRWEHEUDQGHGRQWKHIDFH7KH+DGLWKDOVRSRLQWVRXWWKHVXSHULRULW\RI,EQC$EEDV0D\$OODKEH
SOHDVHGZLWKWKHPDQGKLVREHGLHQFHWRWKH3URSKHW
VFRPPDQGQRWWREUDQGDQDQLPDORQWKHIDFH
>0XVOLP@
&RPPHQWDU\ 6LQFHIDFHLVWKHPRVWVHQVLWLYHDQGGHOLFDWHSDUWRIWKHERG\0XVOLPVDUHVWULFWO\
IRUELGGHQIURPFDXVLQJHYHQWKHVOLJKWHVWKDUPWRLWQRPDWWHUZKHWKHULWLVPDQNLQGRUDQLPDO
$OWKRXJKLWLVSHUPLVVLEOHWREHDWRQH
VZLIHFKLOGUHQDQGVODYHVHWFIRUGLVFLSOLQHEXWWKHUHLVDVWHUQ
ZDUQLQJWKDWWKH\VKRXOGQRWEHKLWRQWKHIDFH
&+$37(5
352+,%,7,212)
&+$67,6(0(17:,7+),5(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VHQWXVRQ
DQH[SHGLWLRQDQGVDLGWRXV,I\RXILQGVRDQGVRKHQDPHGWZRSHUVRQVEHORQJLQJWRWKH4XUDLVK
FRPPLWWKHPWRWKHILUH
:KHQZHZHUHRQWKHYHUJHRIGHSDUWXUHKHVDLGWRXV,RUGHUHG\RXWREXUQ
VRDQGVREXWLWLV$OODK$ORQH:KRSXQLVKHVZLWKWKHILUH6RLI\RXILQGWKHPSXWWKHPWRGHDWK
>$O%XNKDUL@
:HUHSOLHG:HKDYHGRQHVR
>$EX'DZXG@
&RPPHQWDU\
7RFDWFKQHVWOLQJVRIDELUGDQGWRUPHQWWKHPRUWREXUQWKHKROHVRILQVHFWVDORQJZLWKWKHLULQPDWHV
LVIRUELGGHQ2QHFDQKRZHYHUEXUQWKHLUYDFDQWKROHV
,IVRPHERG\KDVEXUQWDSHUVRQWRGHDWKLWLVQRWSHUPLVVLEOHWRNLOOKLPLQUHWXUQE\EXUQLQJ,IWKH
KHLUVRIWKHYLFWLPZDQWWRNLOOKLPLQWKHVDPHZD\XQGHU$O4LVDVWKHODZRIHTXDOLW\LQSXQLVKPHQW
WKH\FDQGRVRRWKHUZLVHKHFDQEHSXWWRWKHVZRUG
&+$37(5
352+,%,7,212)
352&5$67,1$7,1*%<$5,&+
3(562172)8/),//+,62%/,*$7,21
$OODKWKH([DOWHGVD\V
9HULO\$OODKFRPPDQGVWKDW\RXVKRXOGUHQGHUEDFNWKHWUXVWVWRWKRVHWRZKRPWKH\DUH
GXH
7KHQLIRQHRI\RXHQWUXVWWKHRWKHUOHWWKHRQHZKRLVHQWUXVWHGGLVFKDUJHKLVWUXVW
IDLWKIXOO\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
(YDVLRQRUSURFUDVWLQDWLRQLQWKHSD\PHQWRIGHEWZKHQDSHUVRQLVLQDSRVLWLRQWRPDNHLWVSD\PHQW
LPPHGLDWHO\LVSURKLELWHG
,IIRUWKHVHWWOHPHQWRIGLVSXWHDULFKPDQLVHQWUXVWHGWRWKHOHQGHUIRUUHFRYHU\RIKLVGHEWWKH
OHQGHU VKRXOGDFFHSWWKLVGHFLVLRQ7KXVWKLV+DGLWKLQGXFHVRQHIRUDQDPLFDEOHZD\RIVHWWOLQJ
GLVSXWHV
&+$37(5
81'(6,5$%,/,7<2)*,9,1*
$*,)7$1'7+(1$6.%$&.)25,7
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG+H
ZKRJLYHVVRPHWKLQJWRVRPHRQHDVDJLIWDQGWKHQJHWVLWEDFNIURPKLPRUKHULVOLNHDGRJZKLFK
HDWVLWVRZQYRPLW
$QRWKHUQDUUDWLRQLV+HZKRJHWVEDFNKLVFKDULW\LVOLNHDGRJZKLFKYRPLWVDQGWKHQUHWXUQVWR
WKDWDQGHDWV LW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWHYHQWRSXUFKDVHVRPHWKLQJZKLFKRQHKDVDOUHDG\JLYHQ
LQFKDULW\LVQRWSHUPLVVLEOH
&+$37(5
352+,%,7,212)'(9285,1*
7+(3523(57<2)$1253+$1
$OODKWKH([DOWHGVD\V
9HULO\WKRVHZKRXQMXVWO\HDWXSWKHSURSHUW\RIRUSKDQVWKH\HDWXSRQO\ILUHLQWRWKHLUEHOOLHV
DQGWKH\ZLOOEHEXUQWLQWKHEOD]LQJ)LUH
$QGFRPHQRWQHDUWRWKHRUSKDQ
VSURSHUW\H[FHSWWRLPSURYHLW
$QGWKH\DVN\RXFRQFHUQLQJRUSKDQV6D\C7KHEHVWWKLQJLVWRZRUNKRQHVWO\LQWKHLU
SURSHUW\DQGLI\RXPL[\RXUDIIDLUVZLWKWKHLUVWKHQWKH\DUH\RXUEURWKHUV$QG$OODKNQRZV
KLPZKRPHDQVPLVFKLHIHJWRVZDOORZWKHLUSURSHUW\IURPKLPZKRPHDQVJRRGHJWRVDYH
WKHLUSURSHUW\
,WZDVDVNHG:KDWDUHWKH\20HVVHQJHURI$OODK"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OOWKHVLQVPHQWLRQHGLQWKH+DGLWKDUHPDMRUVLQVEXW6KLUNLVWKHJUHDWHVWRIDOO7KH
UHDVRQEHKLQGWKLVLVWKDWLWZLOOQHYHUEHSDUGRQHGDQGRQHZKRFRPPLWVLWZLOODELGHLQ+HOOIRUDOO
HWHUQLW\6RIDUDVWKHRWKHUPDMRUVLQVDUHFRQFHUQHGZLWK$OODK+HPD\IRUJLYHWKHPLI+HVRZLOOV
RWKHUZLVHRQHZKRLVJXLOW\RIVXFKVLQVZLOOKDYHWRVXIIHUWKHWRUPHQWVRI+HOO+HZLOOKRZHYHUEH
VHQWWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWLIKHLVD0XVOLP
&+$37(5
352+,%,7,212)7$.,1*
$55,%$7+(8685<
$OODKWKH([DOWHGVD\V
$KDGLWKRQWKHVXEMHFWDUHPDQ\LQFOXGLQJ+DGLWK1R
7KHQDUUDWLRQLQ$W7LUPLGKLDGGV$QGWKHRQHZKRUHFRUGVLWDQGWKHWZRSHUVRQVZKRVWDQGZLWQHVV
WRLW
&RPPHQWDU\ %RWKWKHSDUWLHVWKDWLVWKHRQHZKRFKDUJHVLQWHUHVWDQGWKHRQHZKRSD\VLWDUH
HTXDOO\JXLOW\LQWKHPDWWHURIXVXU\ RU5LED7KLV+DGLWKKLJKOLJKWVWKHLQWHQVLW\RIXQODZIXOQHVVRI
$U5LEDRUZKDWKDVFRPHWREHFDOOHGQRZDGD\VLQWHUHVWZKLFKFDQEHMXGJHGIURPWKHIDFWWKDWQRW
RQO\WKHSHUVRQZKRFKDUJHVLWDQGWKHRQHZKRSD\VLWDUHFXUVHGEXWHYHQWKRVHZKRZULWHWKH
GRFXPHQWVDQGEHDUZLWQHVVWRWKHWUDQVDFWLRQDUHFRQGHPQHGDOWKRXJKWKHODWWHUWZRKDYHQRDFWLYH
SDUWLQWKHGHDO7KH\KDYHEHHQFRQGHPQHGIRUWKHLUPHUHFRRSHUDWLRQLQWKHPDWWHURILQWHUHVW7KXV
ZHOHDUQWKDWHYHQFRRSHUDWLRQLQWKHGHDOLQ ZKLFKLQWHUHVWLVLQYROYHGLVDQLQYLWDWLRQWRWKH&XUVH
DQG:UDWKRI$OODK7KHUHDVRQIRUVXFKVHYHULW\LQWKHPDWWHURILQWHUHVWLVWKDW,VODPZDQWVWRFUHDWHD
VRFLHW\ZKLFKLVIRXQGHGRQIUDWHUQLW\V\PSDWK\VHOIOHVVQHVVDQGVDFULILFH,IVRPHRQHLV LQQHHGRI
PRQH\WKHULFKVKRXOGIXOILOOKLVQHHGVIRUWKHVDNHRI$OODK
V3OHDVXUHRUJLYHKLPDORDQZLWKRXW
LQWHUHVW$VDJDLQVWWKH,VODPLFV\VWHPWKLVV\VWHPRILQWHUHVWLVEDVHGRQVHOILVKQHVVH[SORLWDWLRQDQG
VXSSUHVVLRQ,QWKHLQWHUHVWULGGHQVRFLHWLHVWKHDIIOXHQWRQHVDUHQRWLQFOLQHGWRFRRSHUDWHZLWKWKH
QHHG\IRUWKHVDNHRI$OODK$OOWKH\DUHFRQFHUQHGZLWKLVWKHLURZQLQWHUHVW7KHLUOXVWDQGJUHHGDUH
QRWUHGXFHGLQWKHVOLJKWHVWPHDVXUHHYHQDIWHUGUDLQLQJWKHODVWGURSRIWKHEORRGRIWKHSRRU7KLVLV
WKHUHDVRQZK\6KDULCDKKDVIRUELGGHQLQWHUHVWRIHYHU\NLQGDQGUHJDUGHGLWXQODZIXOQRPDWWHU
ZKHWKHUWKHORDQLVIRUWKHSHUVRQDOQHHGRUFRPPHUFLDOUHTXLUHPHQWV
6RPHSHRSOHVD\WKDWWKHUHGLGQRWH[LVWDQ\SUDFWLFHRIFRPPHUFLDOORDQLQ$UDELDDWWKDWWLPHDQG
SHRSOHXVHGWRERUURZPRQH\IRUWKHLUSHUVRQDOQHHGVRQO\2QWKHEDVLVRIWKLVSOHDWKH\VD\WKDWWKH
LQWHUHVWZKLFKKDVEHHQIRUELGGHQE\,VODPUHODWHVWRWKHODWWHUIRUP)RUWKLVUHDVRQWKH\KROGWKDW
LQWHUHVWODZIXOZKLFKLVFKDUJHGRQORDQWDNHQIRULQGXVWU\DQGFRPPHUFH7KH\FRQWHQGWKDWVLQFHWKH
ERUURZHUVLQLQGXVWULDODQGFRPPHUFLDOVHFWRUVPDNHKXJHSURILWVIURPVXFKORDQVKRZGRHVLWEHFRPH
XQODZIXOLIWKH\SD\WKHOHQGHUDVPDOOIL[HGDQQXDODPRXQWDJDLQVW LW",QWKHLURSLQLRQLWLVDULJKWRI
WKHOHQGHUZKLFKVKRXOGEHSDLGWRKLPRQKLVZHDOWK%XWVXFKDUJXPHQWVDUHWRWDOO\ZURQJIRUWZR
PDMRUUHDVRQV
)LUVWWKHDVVXPSWLRQWKDWWKHUHZDVQRSUDFWLFHRIFRPPHUFLDOORDQVLQ$UDELDLVDOWRJHWKHUEDVHOHVV
&RPPHUFLDOORDQZDVFHUWDLQO\LQYRJXHLQWKH$UDEVRFLHW\DQGWKHUHLVQRSRLQWLQGHEDWLQJWKLVIDFW
6HFRQGQRERG\FDQVD\ZLWKFHUWDLQW\WKDWWKHDPRXQWLQYHVWHGE\DSHUVRQLQEXVLQHVVZLOO\LHOG
SURILWZLWKRXWIDLOEHFDXVHZHVHHLWHYHU\GD\WKDWVRPHWLPHVKXJHLQYHVWPHQWVPDGHLQEXVLQHVVDQG
LQGXVWU\UHVXOWLQFRORVVDOORVVEXWWKHOHQGLQJDJHQF\GRHVQRWERWKHUDERXWLWDWDOODQGLWUHFRYHUV
IURPWKHERUURZHUHYHU\SHQQ\RIKLVORDQDQGLQWHUHVW,VWKLVQRWWKHKHLJKWRIW\UDQQ\DQG
VHOILVKQHVV",ILWLVVXSSRVHGWKDWWKHUHLVQRORVVHYHQWKHQWKHLQWHUHVWRQORDQVXEVWDQWLDOO\
FRQWULEXWHVWRWKHLQFUHDVHLQSULFHVRIJRRGV:KDWHYHULQWHUHVWDQLQGXVWULDOLVWSD\VRQORDQLVDGGHGWR
WKHFRVWRIKLVJRRGVZKLFKXOWLPDWHO\LQFUHDVHVWKHLUSULFHVDQGLQWXUQDGYHUVHO\DIIHFWVWKH
SXUFKDVLQJFDSDFLW\RIWKHFXVWRPHUV WKHPDVVHV7KLVLVWKHUHDVRQZK\,VODPKDVFORVHGWKLVODUJHVW
VRXUFHRIH[SORLWDWLRQVXSSUHVVLRQDQGW\UDQQ\E\GHFODULQJHYHU\NLQGRILQWHUHVWXQODZIXO
,WLVYHU\VDGLQGHHGWKDWLQHPXODWLQJWKHZHVWHUQVRFLHWLHV0XVOLPVKDYHDOVRIRXQGHGWKHLUHFRQRP\
RQWKHV\VWHPRILQWHUHVW7KHZHVWHUQL]HGUXOHUVRIWKH0XVOLPFRXQWULHVDUHQRWPDNLQJDQ\HIIRUWWR
HPDQFLSDWHWKHLUFRXQWULHVIURPWKLVFXUVHQRUGRWKHSHRSOHRIWKHVHFRXQWULHVQRZKDYHDQ\SDVVLRQ
WRVDYHWKHPVHOYHVIURPLW,QIDFWDODUJHPDMRULW\RIWKHPERUURZDQGOHQGPRQH\RQLQWHUHVWWKURXJK
WKHEDQNZLWKRXWDQ\UHJDUGWRWKH,VODPLFLQMXQFWLRQVLQWKLVUHVSHFW
*LYHQEHORZDUHVRPHSRLQWVIRUWKHFRQVLGHUDWLRQRIWKRVH0XVOLPVZKRZDQWWRSURWHFWWKHLU)DLWK
DQGUHOLJLRQDQGVDYHWKHPVHOYHVIURPWKHFXUVHRILQWHUHVW
7KHZRUGXVHGIRULQWHUHVWLQWKH4XU
DQLV$U5LEDZKLFKPHDQVH[FHVV,Q6KDULCDKLWLVWKHPHDVXUH
RIH[FHVVLQRQHWKLQJZKHQWZRWKLQJVDUHH[FKDQJHGLQVRPHEDUJDLQRULQWKHFDVHRIDORDQDQ
LQFUHDVHGDPRXQWRIWKHORDQDWWKHWLPHRILWVSD\PHQW$U5LEDLVRIWZRNLQGV
)LUVW5LED$O)DGO7RWDNHPRUHLQH[FKDQJHRIRQHFRPPRGLW\LQWKHHYHQWRIEDUWHURIWZRVLPLODU
FRPPRGLWLHV
6HFRQG5LED$Q1DVL
DK7RWDNHDODUJHUUHWXUQRIRQHWKLQJZKLOHWZRLGHQWLFDOWKLQJVDUHEDUWHUHG
%XWLQWKLVFDVHWKHODUJHUUHWXUQLVHIIHFWHGDIWHUDIL[HGSHULRGRIWLPH
,Q,VODPLFMXULVSUXGHQFHDVVHWVDUHRIWZRW\SHV2QHW\SHLVRIFRPPRGLWLHVDQGWKHRWKHULVRIWKH
PRGHRISULFHIRUH[FKDQJLQJFRPPRGLWLHVFDOOHG7KDPDQ7KHQHYHU\W\SHKDVDFODVVRIYDULHWLHV)RU
H[DPSOHIRRGJUDLQVDUHDW\SHRIDVVHWVDQGULFHZKHDWHWFDUHLWVYDULHWLHV6LPLODUO\VLOYHUJROG
HWFDUHYDULHWLHVRIWKHVHFRQGW\SHRIDVVHWV&RLQVFXUUHQF\QRWHVFRPSDQ\VKDUHVHWFFDQDOVREH
FRQVLGHUHGYDULHWLHVRIWKLVW\SHLQFRQWHPSRUDU\OLIH
7KLV+DGLWKKDVLQMXQFWLRQVLQUHVSHFWRIERWKW\SHVRIDVVHWV6L[WKLQJVPHQWLRQHGLQWKH+DGLWKDUH
JROGVLOYHUZKHDWEDUOH\GDWHVDQGVDOW6RPHUHOLJLRXVVFKRODUVKDYHUHVWULFWHGWKHPDWWHUVUHODWLQJWR
LQWHUHVWWRWKHVHVL[WKLQJVRQO\DQGGRQRWUHJDUGLQFUHDVHRUGHFUHDVHLQRWKHUWKLQJVDVXVXU\ZKLOH
JRLQJE\DQDORJ\WKHPDMRULW\RIVFKRODUVDQGMXULVWVKDYHLQFOXGHGRWKHUWKLQJVDOVRLQWKLVOLVW)RU
LQVWDQFHDOOWKHIRRGJUDLQVZKHWKHUWKH\DUHFDOFXODWHGLQWHUPVRIZHLJKWRUPHDVXUHRUZKLFKKDYH
OLNHJROGDQGVLOYHU WKHTXDOLW\RIEHLQJ7KDPDQRUDFFRUGLQJWRVRPHVFKRODUVDQGMXULVWVZKLFKDUH
FDSDEOHRIEHLQJVWRUHG
7KXVWRVXPXSWKHVHWZRW\SHVRIDVVHWVKDYHIRXUYDULHWLHV
&RPPRGLWLHVZKLFKDUHVROGE\ZHLJKW
&RPPRGLWLHVZKLFKDUHVROGE\PHDVXUH
&RPPRGLWLHVZKLFKFDQEHVWRUHG
&RPPRGLWLHVZKLFKDUHXVHGDV7KDPDQLQVDOHDQGSXUFKDVH
,QDOOVXFKPDWWHUVWKHSRVLWLRQRILQWHUHVWEHDULQJDQGLQWHUHVWIUHHWKLQJVZRXOGEHDVXQGHU
:KHQFRPPRGLWLHVWREHH[FKDQJHGDUHRIWKHVDPHCW\SH
DQGCYDULHW\
DQ\LQFUHDVHRUGHFUHDVHLQ
WKHPZLOOEHXQODZIXODVZLOOEHWKHLUVDOHRQFUHGLWIRUH[DPSOHH[FKDQJHRIZKHDWZLWKZKHDWDQG
ULFHZLWKULFH,WLVHVVHQWLDOWKDWWKHVHWKLQJVDUHHTXDOLQPHDVXUHDQGRUZHLJKWDQGDUHLQDFWXDO
SRVVHVVLRQ
,IWZRWKLQJVWREHH[FKDQJHGDUHRIWKHVDPHCW\SH
EXWRIDGLIIHUHQWCYDULHW\
DQ\LQFUHDVHRU
GHFUHDVHLQWKHPLVSHUPLVVLEOH7KHLUVDOHRQFUHGLWLVKRZHYHUQRWODZIXO)RULQVWDQFHWKHH[FKDQJH
RIRQHNLORJUDPRIVLOYHUZLWKWZRJUDPVRIJROGRUWKHEDUWHURIRQHNLOREDUOH\ZLWKKDOIDNLORZKHDW
RUWKHH[FKDQJHRIRQHGLQDUZLWKIRXUUL\DOV,IVXFKDEDUJDLQLVRQFDVKEDVLVLWZLOOEHIDLUEXWDQ\
FUHGLWLQWKLVFDVHLVQRWFRUUHFW
:KHQWKHWZRWKLQJVWREHH[FKDQJHGDUHQRWRIWKHVDPHCW\SH
DQGDUHDOVRGLIIHUHQWLQCYDULHW\
WKHQDQ\ LQFUHDVHRUGHFUHDVHLQWKHPLVSHUPLVVLEOHDQGWKHLUVDOHRQFUHGLWLVDOVRDOORZHG)RU
H[DPSOHH[FKDQJHRIRQHNLORJUDPPHRIZKHDWZLWKDJUDPRIJROGEDUJDLQRIRQHNLORJUDPPHRI
GDWHVZLWKWHQ7RODDERXWJUDPVVLOYHU$Q\LQFUHDVHRUGHFUHDVH LQWKHPLVSHUPLVVLEOHDVLV
WKHLUVDOHRQFUHGLW
&+$37(5
352+,%,7,212)6+2:2))
$OODKWKH([DOWHGVD\V
$QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQGZRUVKLSQRQHEXW+LP
$ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LP
DQGWREHVHHQRIPHQDQGWKH\GRQRWUHPHPEHU$OODKEXWOLWWOH
>0XVOLP@
&RPPHQWDU\ +HZKRGRHVDWKLQJIRUWKHVDNHRIVRPHRQHHOVHEHVLGH0H
KHUHPHDQVWRGR
VRPHWKLQJYLUWXRXVIRUPHUHVKRZIRUZRUOGO\EHQHILWRUWRJDLQWKHUHSXWDWLRQRIEHLQJSLRXV,
GLVFDUGKLPDQGKLVSRO\WKHLVP
PHDQVWKDW,QXOOLI\KLVJRRGGHHGVDQGGHSULYHKLPRIWKHUHZDUG
,QWKLV+DGLWKDQ\YLUWXHGRQHIRUWKHVDNHRIPHUHVKRZKDVEHHQOLNHQHGWR6KLUNWRPDNHLWV
YLFLRXVQHVVDQGKDUPREYLRXV
+RZHYHUWKLVLV$VK6KLUN$O$VJKDUDQGWKRVHZKRFRPPLWLWZLOOQRWEHIRUELGGHQDFFHVVWR-DQQDK
7KH\ZLOODIWHUWKHSXQLVKPHQWLQ+HOOXOWLPDWHO\HQWHU-DQQDK:KHUHDVWKRVHZKRDUHJXLOW\RI$VK
6KLUN$O$NEDUDQGVKHHU6KLUNZLOODELGHLQ+HOOIRUHYHU
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW
$OPLJKW\$OODKZLOOILUVWRIDOOEULQJWKHVKRZRIIVWRDFFRXQWIRUWKHLUSUHWHQWLRQV
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPUHSOLHG,QWKHHUDRIWKH0HVVHQJHURI$OODK
3%8+ZHFRQVLGHUHGWKLVWREHDQDFWRIK\SRFULV\
>$O%XNKDUL@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHFRQVHTXHQFHVRIGLIIHUHQWDFWVRIVKRZRIIDQGLQIRUPVXVWKDW
VXFKDFWVZLOOEHDFDXVHRIKXPLOLDWLRQDQGGLVJUDFHRQWKH'D\RI-XGJHPHQW
>$EX'DZXG@
&RPPHQWDU\ ,WLVDQDFWRIJUHDWYLUWXHWRDFTXLUHUHOLJLRXVNQRZOHGJHSURYLGHGLWLVDWWDLQHGIRUWKH
3OHDVXUHRI$OODK,IRQHDFTXLUHVLWIRUZRUOGO\JDLQVKHZLOOEHLQIDFWFRPPLWWLQJDJUDYHVLQIRU
ZKLFKKHZLOOQRWHYHQVPHOOWKHIUDJUDQFHRI-DQQDKWKDWLVWRVD\LQWKHILUVWLQVWDQFHEHFDXVHDIWHU
VXIIHULQJWKHSXQLVKPHQWIRULWLQ+HOOKHZLOOEHVHQWWR-DQQDKZKHQ$OODKZLOOVRGHVLUHLW
&+$37(5
7+,1*612772%(
&216,'(5('$66+2:,1*2))
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+ZDVDVNHG
7HOOXVDERXWDSHUVRQZKRGRHVVRPHJRRGGHHGDQGSHRSOHSUDLVHKLPZLOOWKLVEHFRQVLGHUHGDV
VKRZLQJRII"
+HUHSOLHG7KLVLVWKHJODGWLGLQJVZKLFKDEHOLHYHUUHFHLYHVLQWKLVOLIH
>0XVOLP@
&+$37(5
352+,%,7,212)*$=,1*$7
:20(1$1'%($5'/(66
+$1'620(%2<6(;&(37,1
(;,*(1&<
$OODKWKH([DOWHGVD\V
7HOOWKHEHOLHYLQJPHQWRORZHUWKHLUJD]HIURPORRNLQJDWIRUELGGHQWKLQJV
9HULO\WKHKHDULQJDQGWKHVLJKWDQGWKHKHDUWRIHDFKRIWKRVHRQHVZLOOEHTXHVWLRQHGE\
$OODK
$OODKNQRZVWKH IUDXGRIWKHH\HVDQGDOOWKDWWKHEUHDVWVFRQFHDO
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
>$O%XNKDULDQG0XVOLP@
7KLVLVWKHZRUGLQJLQ0XVOLP$O%XNKDULZRUGLQJLVDELWVKRUW
&RPPHQWDU\ 6HHLQJOLVWHQLQJZDONLQJHWFDUHPHDQVRIFRPPLWWLQJWKHVLQRIIRUQLFDWLRQDQG
DGXOWHU\EXWWKH\KDYHEHHQWHUPHGVRPHWDSKRULFDOO\VRWKDWHYHU\0XVOLPVDYHVKLPVHOIIURPWKHP
,IKHGRHVQRWWU\WRVDYHKLPVHOIIURPWKHPKLVGHVLUHVZLOOILQGVXSSRUWIURPWKHSULYDWHSDUWVRIKLV
ERG\WKDWLVKHZLOOLQFOLQHWRLPPRUDODFWV,IKHNHHSVKLPVHOIDZD\IURPWKHPHDQVRIIRUQLFDWLRQ
DQGDGXOWHU\KLVSULYDWHSDUWVZLOOFUXVKKLVGHVLUHVWKDWLVWRVD\KHZLOOEHVDYHGIURPLPPRUDODFWV
7KLVLVWKHUHDVRQLWLVVDLGWKDWRQHVKRXOGDYRLGJODQFHVVPLOHVVDOXWDWLRQFRQYHUVDWLRQSURPLVHV
DQGWKHQPHHWLQJVZKLFKRFFXUE\VWDJHVRQRQH
VZD\WRIRUQLFDWLRQDQGDGXOWHU\
7KH\DVNHG:KDWDUHWKHLUULJKWV"
7KHUHXSRQKHVDLG
/RZHULQJWKHJD]HVRWKDW\RXPD\QRWVWDUHDWXQODZIXOWKLQJVUHIUDLQLQJIURPGRLQJVRPHKDUPWR
RWKHUVUHVSRQGLQJWRJUHHWLQJLHVD\LQJC:DCDODLNXPXVVDODP
WRRQHDQRWKHUDQGFRPPDQGLQJWKH
JRRGDQGIRUELGGLQJWKHHYLO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6LQFHURDGVVWUHHWVODQHVDQGDOOWKRURXJKIDUHVDUHWKHFRPPRQSURSHUW\RISXEOLFLWLV
XQIDLUWRXVHWKHPIRUSULYDWHPHHWLQJVDQGJDWKHULQJVEHFDXVHVXFKDVVHPEOLHVFUHDWHLQFRQYHQLHQFH
IRUSHRSOHHVSHFLDOO\ZRPHQZKRKHVLWDWHDSSHDULQJEHIRUHPHQ%XWLIIRUVRPHXQDYRLGDEOHUHDVRQV
RQHKDVWRVLWRQWKHPWKHQKHVKRXOGGRVXFKWKLQJVWKHUHZKLFKVKRXOGRQWKHRQHVLGHVDYHRQHIURP
FRPPLWWLQJVLQVOLNHJOD]LQJDWZRPHQZKRSDVVIURPWKHUHDQGRQWKHRWKHURQHVKRXOGWDNHFDUHRI
WKHSXEOLFZHOIDUHDQGPDNHXVHRIKLVSUHVHQFHIRUSUHDFKLQJUHOLJLRQ
$EX7DOKDK=DLGELQ6DKO0D\$OODKEHSOHDVHGZLWKKLPVDLG:HZHUHVLWWLQJDQGWDONLQJRQ
DSODWIRUPLQIURQWRIRXUKRXVHZKHQWKH0HVVHQJHURI$OODK3%8+VWRSSHGE\XVDQGVDLG:K\
GR\RXVLWRQURDGV"$YRLGVLWWLQJLQWKHP
:HUHSOLHG:HVLWWKHUHLQWHQGLQJQRKDUP:HRQO\VLW
DQGGLVFXVVUHOLJLRXVNQRZOHGJHDQGWDON
+HVDLG,I\RXKDYHWRVLW\RXVKRXOGIXOILOOWKHULJKWVRI
WKHURDG/RZHU\RXUJD]HUHVSRQGWRJUHHWLQJVDQGWDONLQDJRRGPDQQHU
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDWZHVKRXOGDYRLGVLWWLQJRYHUSDVVDJHVZKLFKDUHXVHGE\
WKHSXEOLF,IDWDOORQHKDVWRXVHWKHPWKHQRQHPXVWREVHUYHWKH,VODPLFHWLTXHWWHPHQWLRQHGLQWKH
+DGLWK
&RPPHQWDU\ ,IRQHVXGGHQO\VHHVDZRPDQZKRLVQRWD0DKUDPKHPXVWDWRQFHWXUQDZD\KLV
JODQFHIURPKHU2QHVKRXOGQRWJD]HDWKHUEHFDXVHWKHQKLVLQWHQWLRQLVDOVRLQFOXGHGLQKLVORRN
ZKLFKLVDVLQDQGFRQVWLWXWHVWKHIRUQLFDWLRQRIWKHH\H6RPHUHOLJLRXVVFKRODUVKDYHDOVRIRUELGGHQ
ORRNLQJDWEHDUGOHVVKDQGVRPHER\VLQWKHVDPHZD\DVLVWKHFDVHZLWKZRPHQZKRPRQHLVQRW
DOORZHGWRVHH
+HUHSOLHG
$UH\RXDOVREOLQGDQGXQDEOHWRVHHKLP"
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 2QHRIWKHVXEQDUUDWRURIWKLV+DGLWKLV$Q1DEKDQWKHIUHHGVODYHRI8PP6DODPDK
0D\$OODKEHSOHDVHGZLWKKLPX ZKRLV0DMKXOXQNQRZQ7KLVLVWKHRSLQLRQRI6KHLNK$O
$OEDQL7KXVWKLV+DGLWKLVQRWFRUUHFW$JDLQVWWKLVWKHUHLVDUHOLDEOH+DGLWKDFFRUGLQJWRZKLFKWKH
3URSKHW3%8+RUGHUHG)DWLPDKELQW4DLV0D\$OODKEHSOHDVHGZLWKKHUWRVSHQGKHUC,GGDK
SUREDWLRQREVHUYHGRQGLYRUFHRUGHDWKRIWKHKXVEDQGLQWKHKRXVHRIC$EGXOODKELQ8PP0DNWXP
DQGVDLGWKDW6LQFHKHLVEOLQG\RXZLOOEHLQDSRVLWLRQWR\RXUYHLOWKHUH
7KXVLWLVFOHDUWKDW
NHHSLQJWKHYHLOIURPWKHEOLQGLVQRWRUGDLQHGLQ,VODP
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVKRZ,VODPKDVFORVHGDOOGRRUVRILPPRGHVW\DQGREVFHQLW\:KHQ
,VODPGRHVQRWDOORZDPDQWRVOHHSZLWKRXWDQ\FORWKHVRQZLWKDQRWKHUPDQDQGDOVRGRHVQRWSHUPLW
DZRPDQWRVOHHSZLWKRXWDQ\FORWKHVRQZLWKDQRWKHUZRPDQKRZFDQLWSRVVLEO\OHWWKHJHQWVDQG
ODGLHVPL[IUHHO\")UHHPL[LQJRIPHQDQGZRPHQLVDFRPPRQHYLOLQWKH:HVWDQGLVQRZEHLQJ
SURMHFWHGWKURXJKWHOHYLVLRQLQ0XVOLPFRXQWULHV0D\$OODKJXLGH0XVOLPVWRWKH6WUDLJKW3DWK
&+$37(5
352+,%,7,212)0((7,1* $
1210$+5$0:20$1,1
6(&/86,21
$OODKWKH([DOWHGVD\V
$QGZKHQ\RXDVNKLVZLYHVIRUDQ\WKLQJ\RXZDQWDVNWKHPIURPEHKLQGDVFUHHQ
$
PDQIURPWKH$QVDUVDLG7HOOPHDERXWWKHEURWKHURIDZRPDQ
VKXVEDQG
+HUHSOLHG7KHEURWKHU
RIDZRPDQ
VKXVEDQGLVGHDWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDQH[WUHPHO\LPSRUWDQWSRLQWLQUHVSHFWRIWKHYHLODERXWZKLFKWKH
PDMRULW\RI0XVOLPVDUHXQDZDUHRUQHJOLJHQW7KHSRLQWWKDWLWWHOOVXVWKDWDZRPDQPXVWREVHUYHWKH
YHLOIURPWKHUHDOEURWKHUVFRXVLQVHWFRIKHU KXVEDQGEHFDXVHWKHLUYLVLWVLQKHUKRPHDUHYHU\
IUHTXHQWDQGWKHUHPD\RFFXUVHYHUDORFFDVLRQVZKHQWKH\FRPHDFURVVHDFKRWKHUDORQH)RUWKLV
UHDVRQWKHUHDUHJUHDWHUFKDQFHVRIPLVFKLHIZLWKWKHP7KLVH[SODLQVZK\WKHKXVEDQG
VPDOHUHODWLYHV
KDYHEHHQUHJDUGHGDVGHDWK
WKDWLVIURPWKHUHOLJLRXVSRLQWRIYLHZWKH\DUHIDWDO,QRWKHUZRUGVLI
WKH\FRPPLWWKHPLVFKLHILWZLOOSURYHIDWDOEHFDXVHLQDQ,VODPLFVWDWHWKLVFULPHLVSXQLVKDEOHE\
5DMPVWRQLQJWRGHDWK7KLVFDQDOVREHIDWDOLQDQRWKHUZD\,IWKHKXVEDQGEHJLQVWRVXVSHFWWKDWKLV
ZLIHKDVLOOLFLWUHODWLRQVZLWKVRPHRQHHOVHKHPLJKWNLOOKHURUGLYRUFHKHURXWRIKLVVHQVHRIKRQRXU
(YHQLQFDVHRIGLYRUFHKHUOLIHZLOOEHFRPHGHVRODWH$QRWKHUPHDQLQJRILWFDQEHWKDWRQHVKRXOGEH
DVPXFKDIUDLGRIPHHWLQJVXFKZRPHQLQVHFOXVLRQZLWKZKRPDQ\NLQGRIFRQWDFWLVQRWSHUPLVVLEOH
DVRQHLVDIUDLGRIGHDWK
:KHQDZRPDQLVUHTXLUHGWRREVHUYHWKHYHLOIURPWKHUHDOEURWKHUVRIKHUKXVEDQGZK\ZRXOGLWQRW
EHHVVHQWLDOWRREVHUYHWKHYHLOIURPWKHKXVEDQG
VIULHQGV6ODFNQHVVLQWKLVPDWWHULVDOVRYHU\
FRPPRQQRZDGD\V$OWKRXJKWKHGDQJHURXVFRQVHTXHQFHVRIWKLVIDVKLRQFRPHWRRXUQRWLFHHYHU\GD\
WKURXJKQHZVSDSHUVSHRSOHGRQRWOHDUQDQ\OHVVRQIURPWKHPDQGWKHIDVKLRQRIQRQREVHUYDQFHRI
WKHYHLOLVVSUHDGLQJIDVWOLNHDQHSLGHPLF0D\$OODKVDYHXVIURPWKLVHYLO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVWULFWO\SURKLELWV0XVOLPVIURPPHHWLQJDQRQ0DKUDPZRPDQLQ
VHFOXVLRQZLWKRXWKHU0DKUDPLQRUGHUWRDYRLGWKHWHPSWDWLRQWRFRPPLW WKHVLQRIDGXOWHU\DQG
IRUQLFDWLRQ
>0XVOLP@
&RPPHQWDU\ 7KHSURWHFWLRQDQGVXSHUYLVLRQRIWKHIDPLOLHVRIWKRVH0XMDKLGXQZKRJRWR-LKDGLV
DQDFWRIKLJKPHULWDQGLIVRPHRQHYLRODWHVWKHWUXVWUHSRVHGLQKLPKHZLOOEHFRPPLWWLQJDJUDYHVLQ
LQGHHG6XFKEUHDFKRIWUXVWVKDNHVWKHYHU\VWUXFWXUHRIPXWXDOFRRSHUDWLRQZKLFKKDVDVLQJXODU
LPSRUWDQFHLQ,VODP7KLV+DGLWKFRQVLGHUVWKHDFWRIWKRVHZKRYLRODWHWKH0XMDKLGXQ
VWUXVWE\
PROHVWLQJWKHLUZLYHVLQDQ\ZD\WDNLQJDGYDQWDJHRIWKHLUDEVHQFHDVDYHU\JUDYHVLQEHFDXVH
0XMDKLGXQGHIHQGWKH)DLWKDQGVWULYHKDUG WRUDLVHWKHIODJRI,VODPKLJK7KRVHZKRFRPPLWVXFKD
JUDYHVLQZLOOEHGHSULYHGRIWKHLUYLUWXRXVGHHGVRQWKH'D\RI-XGJHPHQW
&+$37(5
352+,%,7,21)250(1$1'
:20(1$3(,1*21($127+(5
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH 0HVVHQJHURI$OODK3%8+FXUVHG
WKRVHPHQZKRDSHZRPHQ+HDOVRFXUVHGWKHKHUPDSKURGLWHRIPHQ
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWPHQ
VZHDULQJRIVXFKFORWKHVLQGHVLJQDQGFRORXU
ZKLFKDUHVSHFLDOIRUZRPHQVXFKDVVLONHQFORWKHVHWFLVIRUELGGHQLQ,VODP6LPLODULVWKHFDVHRI
ZRPHQ7KH\DUHDOVRSURKLELWHGWRGUHVVWKHPVHOYHVLQFORWKHVZKLFKDUHVSHFLDOWRPHQLHVKLUWV
WURXVHUVFRDWRIPDVFXOLQHIDVKLRQHWF7KLVSURKLELWLRQLVYHU\VWHUQDVVXFKDPDQQHURIGUHVVFRPHV
LQWKHFDWHJRU\RIPDMRUVLQVDQGKDVEHHQFXUVHGE\WKH3URSKHW3%8+
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVWKHIROORZLQJWKUHHLPSRUWDQWSRLQWV
,WKDVDZDUQLQJIRUWKRVHZKRRSSUHVVSHRSOH)ORJJLQJLQ+DGGDQG4LVDVGRHVQRWFRPHLQWKH
FDWHJRU\RIRSSUHVVLRQEHFDXVHRSSUHVVLRQLQWKHUHDOVHQVHLVSHUSHWUDWHGZKHQZKLSSLQJLVGRQHDVD
PHDQVRIW\UDQQ\DQGFUXHOW\
,WKDVDVWHUQZDUQLQJIRUWKRVHZRPHQZKRJRDERXWZLWKRXWZHDULQJWKH,VODPLFW\SHYHLODQGWDNH
WRDGRUQPHQWWRGLVSOD\WKHLUFKDUPVZKLFKLVWKHKDELWRILPPRUDOZRPHQ6XFKZRPHQDOVRDGRUQ
WKHLUKDLULQGLIIHUHQWVW\OHVDQGOXUHPHQZLWKWKHLUFRTXHWU\DQGDPRURXVSOD\IXOQHVV7KH\DUH
VKDPHOHVVDQGDOVRPDNHRWKHUVOLNHZLVHVKDPHOHVV
&+$37(5
352+,%,7,212))2//2:,1*
7+(0$11(562)6$7$1$1'
',6%(/,(9(56
-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+DVVD\LQJ
'RQRWHDWZLWK\RXUOHIWKDQGEHFDXVH6DWDQHDWVDQGGULQNVZLWKKLVOHIWKDQG
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ ,WLVDSLW\WKDWLQLPLWDWLRQRI(XURSHDQVPDQ\0XVOLPVQRZHDWDQGGULQNZLWKWKHLU
OHIWKDQGDQGWKXVSOHDVH6DWDQ
>$O%XNKDULDQG0XVOLP@
6RPHUHOLJLRXVVFKRODUVKDYHUHJDUGHGWKLVDVVRPHWKLQJGHVLUDEOH7KHUHIRUHLWLVQRWQHFHVVDU\WRG\H
WKHKDLURIKHDGDQGEHDUG%XWWKLVLVFHUWDLQO\EHWWHU6LQFHDQ\UHVHPEODQFHZLWKWKH-HZVDQG
&KULVWLDQVLVXQODZIXOQRWG\LQJWKHKDLUZLOOFUHDWHDUHVHPEODQFHZLWKWKHP7KHUHIRUHLQVXFKD
VLWXDWLRQWKHFRORXULQJZLOO EHQHFHVVDU\RWKHUZLVHLWZLOOEH0XVWDKDEEWKDWLVWRVD\GHVLUDEOH
&+$37(5
)25%,''$1&(72'<(+$,5
%/$&.
-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG$EX4XKDIDKIDWKHURI$EX%DNU0D\$OODKEH
SOHDVHGZLWKWKHPZDVSUHVHQWHGWRWKH0HVVHQJHURI$OODK3%8+RQWKHGD\RIWKHFRQTXHVWRI
0DNNDKDQGKLVKHDGDQGEHDUGZHUHVQRZZKLWH7KH0HVVHQJHURI$OODK3%8+VDLG&KDQJHLW
LHG\HLWDQGDYRLGEODFNFRORXU
>0XVOLP@
LVDKHUEZKLFKJURZVLQPRXQWDLQVDQGLVFRPSOHWHO\ZKLWH6LQFH$EX4XKDIDK
VKDLU
ZHUHJUD\WKH3URSKHW3%8+RUGHUHG KLPWRG\HWKHPEXWIRUEDGHKLPIURPWXUQLQJWKHPEODFN
7KXVZHOHDUQWKDWH[FHSWIRULQHYLWDEOHFLUFXPVWDQFHVG\LQJWKHKDLURIKHDGDQGEHDUGLQEODFNLV
SURKLELWHG
&+$37(5
21352+,%,7,212)6+$9,1*
$3$572)+($'
,EQC8PDU0D\$OODKEH SOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+IRUEDGH
VKDYLQJDSDUWRIWKHKHDG
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
+HVDLG%ULQJDOORIP\QHSKHZVWRPH
:HZHUHDFFRUGLQJO\EURXJKWDVLI
ZHZHUHFKLFNHQV7KHQKHVDLG&DOOIRUPHDEDUEHU
+HGLUHFWHGKLPWRVKDYHRXUKHDGVZKLFKKH
GLG
>$EX'DZXG@
DVWKH\ZHUHJUHDWO\HQHUYDWHGE\WKH
WUDJHG\7KLV+DGLWKKDVEHHQPHQWLRQHGKHUHWRFRQILUPWKHYDOLGLW\RIVKDYLQJWKHKDLURIWKHKHDG
HVSHFLDOO\RIFKLOGUHQDOWKRXJKNHHSLQJEREEHGKDLULVPRUHPHULWRULRXVEHFDXVHWKH3URSKHW3%8+
KLPVHOIGLGVR%REEHGKDLUDUHFXWVKRUWDQGDOORZHGWR KDQJORRVHO\
&RPPHQWDU\ 7KLV+DGLWKLVDOVRLQFOXGHGLQ$W7LUPLGKLEXW6KHLNK$O$OEDQLKDVUHJDUGHGLW
'DCLI
ZHDN3OHDVHVHH$KDGLWK$G'DCLIDK+RZHYHULQRUGHUWRDYRLGUHVHPEODQFHZLWKPHQWKLV
SURKLELWLRQIRUZRPHQZLOOVWDQG,ILWLVUHTXLUHGRQPHGLFDOJURXQGWKHQLWZLOOEHSHUPLVVLEOH
&+$37(5
352+,%,7,212):($5,1*
)$/6(+$,57$7722,1*$1'
),//,1*2)7((7+
$OODKWKH([DOWHGVD\V
$VPD
0D\$OODKEHSOHDVHGZLWKKHUVDLG$ZRPDQFDPHWRWKH3URSKHW3%8+DQGVDLG
20HVVHQJHURI$OODK,KDYHDGDXJKWHUZKRKDGDQDWWDFNRIVPDOOSR[DQGKHUKDLUIHOORII1RZ,
ZDQWWRFHOHEUDWHKHUPDUULDJH&DQ,JHWKHUDZLJ"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVZRPHQRIWKUHHNLQGVQDPHO\
2QHZKRSDWFKHVRUMRLQVWKHKDLU
2QHZKRGHVLUHVWRKDYH VXFKKDLU
2QHZKRVHKDLUDUHWDNHQWRPL[ZLWKWKHKDLURIDQRWKHUZRPDQ
$OOWKHWKUHHRIWKHPKDYHEHHQFXUVHG6XFKDUWLILFLDOKDLUDUHFDOOHGZLJC%HDXW\3DUORXUV
DUHYHU\
DFWLYHLQSURPSWLQJWKHXVHRIZLJVDQGRWKHUVKDPHIXOIDVKLRQV0D\$OODKVDYHXVIURPVXFKHYLOV
$OPRVWWKHVDPH+DGLWKKDVEHHQUHODWHGIURPC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
,QKLVVHUPRQ0XDZL\DKZDVUHIHUULQJWRWKHHYLOVZKLFKKDYHEHHQPHQWLRQHGLQWKHSUHYLRXV
+DGLWK7KXVZHOHDUQWKDWLIPHQVHHDQ\PLVFKLHIVSUHDGLQJ LQWKHVRFLHW\WKH\PXVWWDNHQRWLFHRILW
DQGWU\WRSUHYHQWWKHSXEOLFIURPLW7KH\VKRXOGDOVRFDOOWKHDWWHQWLRQRIWKHC8ODPD
WRWKDWPLVFKLHI
VRWKDWWKH\WRRUDLVHYRLFHDJDLQVWLW
7RNHHSVLOHQWRYHUWKHVSUHDGRIHYLOVDPRQJSHRSOHLVDNLQWRLQYLWLQJGHVWUXFWLRQDQGWKH:UDWKRI
$OODKRQVRFLHW\
7KHUHLVDVWHUQZDUQLQJIRUSUHVHQWGD\0XVOLPVDOVREHFDXVHZRPHQWRGD\KDYHJHQHUDOO\
GLVFDUGHGWKHLUYHLODQGWDNHQWRGLVSOD\WKHLUFKDUPDQGEHDXW\OLNHSURVWLWXWHV7KHVHDQGQXPHURXV
RWKHUHYLOVUDPSDQWLQ0XVOLPVRFLHW\DUHIDUPRUHYXOJDUDQGGDQJHURXVWKDQWKHHYLORIXVLQJZLJV
DQGNHHSLQJVKDPHIXOKDLUVW\OHV7RPDNHPDWWHUVZRUVHWKH0XVOLPPDVVHVDUHVLOHQWRYHUWKLV
LPPRUDOSDUDGHRIHYLOVDQGWKHC8ODPD
DOVRKHVLWDWHWRFULWLFL]HWKHVHHYLOVRSHQO\LQWKHLUVSHHFKHV
DQGVHUPRQV
>$O%XNKDULDQG0XVOLP@
6LPLODULVWKHFDVHRIQDLOSROLVK,QWKHRSLQLRQRIVRPHUHOLJLRXVVFKRODUVWKLVDFWLQYDOLGDWHV:XGX
:RPHQDUHQRZDOVRLQWKHKDELWRINHHSLQJORQJQDLOVRQZKLFKQDLOSROLVKLVDSSOLHGWRJLYHDQHIIHFW
RIEHDVWO\FODZV$OOVXFKYLOHIDVKLRQVKDYHEHHQERUURZHGE\RULHQWDOVRFLHWLHVIURPWKHFODVVRI
VKDPHOHVVZRPHQRIWKH:HVWDQG0XVOLPZRPHQKDYHDOVRDGRSWHGWKHP:HPXVWVWULFWO\DEVWDLQ
IURPWKHPEHFDXVHWKH\WHQGWRFUHDWHUHVHPEODQFHWRWKHQRQ0XVOLPVZKLFKLVXQODZIXODQGLVUDWHG
DVD PDMRUVLQ
+HUHSOLHG:K\VKRXOG,QRWFXUVHWKRVHZKRPWKH
0HVVHQJHURI$OODK3%8+FXUVHGDQGZKRDUHFXUVHGLQ$OODK
V%RRN"$OODKWKH([DOWHGKDVVDLGLQ
+LV%RRN
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDQ\HIIRUWWREULQJDERXWDFKDQJHLQRQH
VQDWXUDO
DSSHDUDQFHLVXQODZIXO$O:DVKPWDWWRRLQJ$O:DVKUVOLPPLQJWKHWHHWK$W7DIDOOXMWRFUHDWH
JDSVEHWZHHQWKHWHHWK$Q1DPVWKHSOXFNLQJRIH\HODVKHVHWFFRPHLQWKHFDWHJRU\RIIRUELGGHQ
DQGXQODZIXOIDVKLRQV,WVKRXOGEHPHQWLRQHGKHUHWKDWWKHXVHRIKHQQDLVSHUPLVVLEOHEHFDXVHLWGRHV
QRWEULQJDERXWDQ\VXFKFKDQJHZKLFKLVIRUELGGHQ7KHXVHRIKHQQDLVSHUPLVVLEOHVXEMHFWWRWKH
FRQGLWLRQWKDWZRPDQVKRXOGQRWPDNHLWVGLVSOD\EHIRUHDQ\PDQZKRLVQRWD0DKUDP0DKUDPLVD
SHUVRQZLWKZKRPLWLVEDVLFDOO\QRWODZIXOWRFRQWUDFWPDUULDJH
&+$37(5
352+,%,7,212)3/8&.,1*
*5(<+$,56
5HSRUWHGC$PUELQ6KXCDLERQWKHDXWKRULW\RIKLVIDWKHUDQGJUDQGIDWKHUWKDWWKH3URSKHW
3%8+VDLG'RQRWSOXFNRXWJUH\KDLUIRUWKH\DUHWKH0XVOLP
VOLJKWRQWKH'D\RI5HVXUUHFWLRQ
>$EX'DZXG$W7LUPLGKLDQG$Q1DVD
L@
&RPPHQWDU\ 3OXFNLQJRIJUD\KDLUXVXDOO\DVLJQRIROGDJHVKRXOGEHDYRLGHGEHFDXVHEHVLGHVWKH
EHQHILWZKLFKRQHJHWVIURPWKHPLQWKH$IWHUOLIHWKH\DUHDPHDQVRIUHVSHFWLQWKLVZRUOG
>0XVOLP@
&RPPHQWDU\ &RQWUDU\WRRXUZD\
PHDQVVXFKDFWVZKLFKKDYHQHLWKHUEHHQDOORZHGRUMXVWLILHG
QRUFDQEHMXVWLILHGE\DQ\SULQFLSOHRI6KDULCDK7KXVWKLV+DGLWKPDNHVLWDEXQGDQWO\FOHDUWKDWDOO
KHUHVLHV DQGYLRODWLRQVRI6KDULCDKZLOOQRWEHDFFHSWHGE\$OODK(YHU\0XVOLPLVUHTXLUHGWREHD
IDLWKIXOIROORZHURI'LYLQHRUGHUVUDWKHUWKDQDKHUHWLFDQGDUHEHO
&+$37(5
352+,%,7,212)86,1*7+(
5,*+7+$1')25&/($1,1*
$)7(572,/(7:,7+287$
9$/,'5($621
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG'RQRWWRXFK
\RXUSULYDWHSDUWVZLWK\RXUULJKWKDQGZKLOHXULQDWLQJQRUIRUZDVKLQJRUFOHDQLQJ\RXUSULYDWH
SDUWVDQGGRQRWEUHDWKHLQWRWKHGULQNLQJYHVVHOIURPZKLFK\RXGULQN
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0XVOLPVDUHUHTXLUHGWRWDNHIRRGDQGGRRWKHUVXFKWKLQJVZLWKWKHLUULJKWKDQG7KH\
KDYHEHHQRUGDLQHGWRGRDOOWKHRWKHUHVVHQWLDOEXWQRWPXFKOLNHGDFWVZLWKWKHLUOHIWKDQG7KLV
GHPDUFDWLRQ KDVEHHQGRQHWRKLJKOLJKWWKHGLVWLQFWLYHSRVLWLRQRIWKHULJKWKDQG,WLVUHJUHWWDEOHLQGHHG
WKDWVRPH0XVOLPVQRZDGD\VXVHWKHOHIWKDQGIRUHDWLQJ,WLVDVLJQWKDWWKHLUULJKWHRXVQDWXUHLV
VSRLOHGDQGWKDWWKH\KDYHWRWDOO\LJQRUHGWKH'LYLQHLQMXQFWLRQV0D\$OODKKHOSXVREVHUYHWKH'LYLQH
RUGHUV
&+$37(5
81'(6,5$%,/,7<2):($5,1*
21(6+2(2562&.
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
1RQHRI\RXVKRXOGZDONZHDULQJRQHVKRH\RXVKRXOGHLWKHUZHDUWKHPERWKRUWDNHWKHPRIIERWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVXQGHVLUDEOHWRZHDURQHVKRHLQRQHIRRWDQGOHDYH
WKHRWKHUIRRWXQFRYHUHGEHFDXVHRQHGRHVQRWORRNUHVSHFWDEOHLQWKLVFRQGLWLRQDQGFDQQRWNHHSD
EDODQFHLQKLVJDLW7KLVLVDOVRERXQGWREHH[SRVHGWRULGLFXOH
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVXQGHVLUDEOHWRSXWRQRQH
VVKRHVRUVRFNVHWFLQ
WKHVWDQGLQJSRVLWLRQ6RPHUHOLJLRXVVFKRODUVDUHRIWKHRSLQLRQWKDWWKLVLVPRUHRIDQDGYLFHWKDQDQ
RUGHU%\SUHVFULELQJWKHPDQQHUVRIZHDULQJRQH
VVKRHVLWKDVEHHQLOOXVWUDWHGWKDWWKH,VODPLF
WHDFKLQJVFRYHUDOOVSKHUHVRIOLIH
&+$37(5
352+,%,7,212)/($9,1*
7+(),5(%851,1*
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH3URSKHW3%8+VDLG'RQRWNHHSWKH
ILUHEXUQLQJLQ\RXUKRPHVZKHQ\RXJRWREHG
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\
7KH$KDGLWKPHQWLRQHG DERYHVWUHVVWKHIDFWWKDWRQHPXVWSXWRXWWKHILUHEHIRUHJRLQJWREHGQR
PDWWHUZKHWKHUWKLVILUHLVLQWKHIRUPRIDODPSDILUHSODFHRUDKHDWHU([SHULHQFHVKRZVWKDWOHDYLQJ
WKHILUHDOLYHVRPHWLPHSURYHVYHU\GDQJHURXV/HDYLQJWKHXWHQVLOVZDWHUVNLQVSLWFKHUVHWF
XQFRYHUHGPXVWDOVREHDYRLGHGWRSUHYHQWWKHPIURPGLUWDQGLQVHFWVZKLFKFDQFDXVHKDUP6LPLODUO\
GRRUVDQGZLQGRZVVKRXOGDOVREHNHSWFORVHGZKLOHRQHLVVOHHSLQJLQRUGHUWRJXDUGWKHKRXVHDJDLQVW
WKLHYHVDQGUREEHUV
2QHPXVWUHFLWHWKH1DPHRI$OODKWKDWLVWRVD\%LVPLOODKEHIRUHXVLQJDQGNHHSLQJWKLQJV
&+$37(5
352+,%,7,212)3877,1*
21(6(/)7281'8(+$5'6+,3
$OODKWKH([DOWHGVD\V
6D\20XKDPPDG3%8+C1RZDJHGR,DVNRI\RXIRUWKLVWKH4XU
DQ QRUDP,RQHRI
WKH0XWDNDOOLIXQWKRVHZKRSUHWHQGDQGIDEULFDWHWKLQJVZKLFKGRQRWH[LVW
&RPPHQWDU\ $IIHFWDWLRQDQGDUWLILFLDOLW\DUHDOVRGLIIHUHQWIRUPVRIIRUPDOLW\ZKLFKVRPHSHRSOH
H[HUFLVHLQWKHLUVSHHFKGUHVVDQGPDQQHUV7RPDNHXQXVXDOHIIRUWLQKRVSLWDOLW\DQGSUHSDUDWLRQRI
VHYHUDOGLVKHVIRUPHDOVDOVRFRPHLQWKHFDWHJRU\RIIRUPDOLW\ZKLFKLVJUHDWO\GLVOLNHG8QIRUWXQDWHO\
SUHVHQWGD\0XVOLPVKDYHPDGHLWDKDELWWRVSHQGODYLVKO\RQWKHVHH[WUDYDJDQFHV0D\$OODKJUDQWXV
JXLGDQFHWRDGKHUHWRWKHUHOLJLRXVLQMXQFWLRQVLQDOOPDWWHUVRIOLIH
,WLVDSDUWDQGSDUFHORINQRZOHGJHWKDWDPDQZKRKDVQRNQRZOHGJHRIDPDWWHUVKRXOGVD\$OODK
NQRZVEHWWHU
$OODKVDLGWR+LV3URSKHW3%8+
6D\20XKDPPDG3%8+C1RZDJHGR,DVNRI\RXIRUWKLVWKH4XU
DQQRUDP,RQHRIWKH
0XWDNDOOLIXQWKRVHZKRSUHWHQGDQGIDEULFDWHWKLQJVZKLFKGRQRWH[LVW
>$O%XNKDUL@
&RPPHQWDU\ ,IRQHGRHVQRWNQRZDERXWVRPHWKLQJKHVKRXOGQRWVD\DQ\WKLQJDERXWLWE\ZD\RI
FRQMHFWXUHVSHFXODWLRQDQGJXHVVZRUNEHFDXVHWKLVLVDOVRSUHWHQVLRQZKLFKLVIRUELGGHQ:KHQ
UHOLJLRXVVFKRODUVDUHDVNHGDERXWDQ\WKLQJZKLFKWKH\GRQRWNQRZWKH\VKRXOGFRQIHVVWKHLU
LJQRUDQFH6XFKDFRQIHVVLRQLVDOVRDPDUNRIVFKRODUVKLS,QRWKHUZRUGVWKH\VKRXOGDEVWDLQIURP
JLYLQJYHUGLFWDERXWDQ\PDWWHUZLWKRXWPDNLQJDWKRURXJKVWXG\DQGUHVHDUFKRQLW
&+$37(5
352+,%,7,212)%(:$,/,1*
7+('(&($6('
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG7KH
GHFHDVHGLVWRUWXUHGLQKLVJUDYHIRUEHZDLOLQJRYHUKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ %HZDLOLQJ
LVZDLOLQJRYHUWKHGHDG,WLVZHHSLQJORXGO\IRUWKHGHFHDVHGGHVFULELQJ
KLVQREOHTXDOLWLHVRUWKHSUREOHPVFUHDWHGE\KLVGHDWK:DLOLQJFDXVHVWURXEOHWRWKHGHFHDVHGLIKH
ZLOOHGKLVKHLUVWRGRVRRULQKLVRZQOLIHKHEHKDYHGLQWKHVDPHPDQQHUDQGKLVIDPLO\PHPEHUV
ZHUHIROORZLQJKLVVW\OHRIPRXUQLQJDWKLVGHDWK%XWLIWKHGHFHDVHGKDGIRUELGGHQKLVUHODWLYHVIURP
ZDLOLQJRYHUKLVGHDWKDQGWKH\GRLWGHVSLWHKLVZDUQLQJDJDLQVWGRLQJVRWKHQWKHGHFHDVHGZLOOQRW
VXIIHUDQ\WRUPHQWRQWKHLUZDLOLQJEHFDXVHKLVLQWHQWLRQDQGWUDLQLQJKDYHQRFRQQHFWLRQZLWKLW7KH
4XU
DQLFLQMXQFWLRQLQWKLVPDWWHULVDEVROXWHO\FOHDU
1RRQHODGHQZLWKEXUGHQVFDQEHDUDQRWKHU
VEXUGHQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HLVQRQHRIXV
KHUHVLJQLILHVWKDWKHLVQRWIROORZLQJWKHZD\VRI0XVOLPV7KH
ZD\VDQGWUDGLWLRQVRIWKH'D\VRI,JQRUDQFH
PHDQVKHUHZDLOLQJLHC$ODVP\OLRQP\PRRQP\
VXSSRUWRQHZKRVHGHDWKKDVUHQGHUHGKLVFKLOGUHQRUSKDQHWFHWF
7KLVLVDJUDYHVLQDQGWKHUHLVD
VWHUQZDUQLQJWKDWRQHZKRGRHVLWLVLQGDQJHURIORVLQJKLV)DLWKEHFDXVHE\GRLQJVRRQHLQIDFW
H[SUHVVHVUHVHQWPHQWDJDLQVW$OODK
V&RPPDQG
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHWRUPHQWPHQWLRQHGLQWKLV+DGLWKZLOOEHLQIOLFWHGRQWKH'D\RI-XGJHPHQWXSRQ
WKDWSHUVRQZKRZLOOHGKLVKHLUVWRZDLORQKLVGHDWKRUZKRKDGEURXJKWXSKLVIDPLO\LQVXFKDPDQQHU
WKDWWKH\ZHUHDSWWRZDLODERXWWKHGHDWKRIWKHLUFORVHUHODWLYHV
&RPPHQWDU\ :DLOLQJLVDEDGKDELWRI-DKLOL\\DKZKLFKD0XVOLPPXVWDYRLG
:KHQKH
UHFRYHUHGKLVFRQVFLRXVQHVVKHVDLG,ZDVDVNHGGLVDSSURYLQJO\E\WKHDQJHOVDERXWHYHU\WKLQJ
\RXVDLGFRQFHUQLQJPHZKHWKHU,DPDV\RXVDLG
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHFDQEHWDNHQWRWDVNIRUEHZDLOLQJVRPHERG\
V
GHDWKHVSHFLDOO\IRUVXFKTXDOLWLHVZKLFKDUHDWWULEXWHGWRKLPE\WKHPRXUQHUV$QJHOVZRXOGUHEXNH
DQGTXHVWLRQKLPDERXWWKHYDOLGLW\RIWKHSUDLVH6LQFHWKHGHFHDVHGGLGQRWSRVVHVVWKRVHTXDOLWLHVWKH
ZDLOLQJEHFRPHVDFDXVHRIUHSURDFKDQGUHSURRIRIWKHPRXUQHU
7KH\UHSOLHG1R2
0HVVHQJHURI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWJULHIDQGWHDUVZKLFKRFFXULQYROXQWDULO\DUHQRW
IRUELGGHQEHFDXVHWKH\DUHTXLWHQDWXUDOEXWLIRQHVWDUWVFU\LQJDQGEHZDLOLQJRQVXFKRFFDVLRQVKH
ZLOOEHVLQIXO7KHRQO\SHUPLVVLEOHZD\RIH[SUHVVLQJRQH
VJULHILQZRUGVLVWRVD\,QQDOLOODKLZD
LQQDLODLKLUDMLCXQ
ZKLFKPHDQV7UXO\7R$OODKZHEHORQJDQGWUXO\WR+LPZHVKDOOUHWXUQ
7RYLVLWWKHVLFNLVDPHULWRULRXVDFWDVZHOODVDULJKWRID0XVOLPXSRQDQRWKHU0XVOLP'HSHQGLQJ
XSRQWKHRFFDVLRQRQHLVDOVRUHFRPPHQGHGWRRIIHUVLQFHUHDGYLFHDQG,VODPLFWHDFKLQJV
>0XVOLP@
&RPPHQWDU\ :H OHDUQIURPWKLV+DGLWKWKDWZDLOLQJLVDPDMRUVLQDQGLIRQHGRHVQRWPDNHVLQFHUH
UHSHQWDQFHIRULW$OODKGRHVQRWJUDQWSDUGRQIRULWRQHZLOOEHPDGHWRVXIIHUDWRUPHQWRILWVRZQ
NLQG
$VLGELQ$EX8VDLGUHSRUWHG$ZRPDQZKRKDGWDNHQDSOHGJHRIDOOHJLDQFHDWWKHKDQGRIWKH
0HVVHQJHURI$OODK3%8+VDLG$PRQJWKHPDWWHUVLQUHVSHFWRIZKLFKZHJDYHWKH0HVVHQJHURI
$OODK3%8+WKHSOHGJHQRWWRGLVREH\KLPLQDQ\0DCUXI>LHDOOWKDW,VODPRUGDLQV9@ZDV
WKDWZHVKRXOGQRWVODSRXUIDFHVEHZDLOWHDURXUFORWKHVXSDQGWHDURXWRXUKDLULQJULHI
>$EX'DZXG@
&RPPHQWDU\ 7KHPRGHVRIH[SUHVVLQJJULHIPHQWLRQHGLQWKLV+DGLWKZHUHLQYRJXHLQWKH$UDE
VRFLHW\RIWKH3HULRGRI,JQRUDQFH0XVOLPZRPHQDUHVWULFWO\IRUELGGHQIURPWKHPDQGWKH\PXVW
DEVWDLQIURPWKHP
>$W7LUPLGKL@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGEHIRUH>VHHWKH+DGLWKXQGHU&KDSWHU@
%RWKWKHHYLOVSRLQWHGRXWKHUHDUHWKRVHVLQVZKLFKLQYLWH$OODK
V:UDWKDQGZLOOFHUWDLQO\WDNHRQHRXW
RIWKHIROGRI,VODPLIRQHFRQVLGHUVWKHPODZIXO+HQFHDSHUVRQZKRSUDFWLFHVWKHPUHYLYHVWKHHYLOV
RIWKHLQILGHOV0D\$OODKVDYHXVIURPVXFKHYLOV
&+$37(5
352+,%,7,21
2)&2168/7$7,21:,7+
6227+6$<(56
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG6RPHSHRSOHDVNHGWKH0HVVHQJHURI$OODK
3%8+DERXWVRRWKVD\HUV+H3%8+VDLG7KH\DUHRIQRDFFRXQW
8SRQWKLVWKH\VDLGWRKLP2
0HVVHQJHURI$OODK%XWWKH\VRPHWLPHVPDNHWUXHSUHGLFWLRQV
7KHUHXSRQWKH0HVVHQJHURI$OODK
3%8+VDLG7KDWLVDZRUGSHUWDLQLQJWRWUXWKZKLFKDMLQQVQDWFKHVIURPWKHDQJHOVDQGZKLVSHUV
LQWRWKHHDUVRIKLVIULHQGWKHVRRWKVD\HUVZKRZLOOWKHQPL[PRUHWKDQDKXQGUHGOLHVZLWKLW
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ$O%XNKDULLV7KHDQJHOVGHVFHQGLQWKHFORXGVDQGPHQWLRQPDWWHUVZKLFKKDVEHHQ
GHFUHHGLQKHDYHQ6DWDQVWHDOVDKHDULQJOLVWHQVWRLWVWHDOWKLO\DQGFRPPXQLFDWHVLWWRWKH
VRRWKVD\HUVZKRWHOODORQJZLWKLWDKXQGUHGOLHV
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWYLVLWLQJVRRWKVD\HUVDQGDVWURORJHUVIRUWKHSXUSRVHRI
NQRZLQJIURPWKHPZKDWOLHVKLGGHQLQIXWXUHLVVXFKDJUHDWRIIHQVHWKDWKHZKRGRHVLWORVHVDOO
PHULWVRIKLVIRUW\GD\V6DODW6RPHSHRSOHWU\WRGHWHFWWKHFXOSULWVLQYROYHGLQDWKHIWFDVHWKURXJKWKH
VRFDOOHGIRUWXQHWHOOHUVRUVHHNWKHLUDGYLFHLQPDWWHUVUHODWLQJWREXVLQHVVPDUULDJHHWF$OOVXFKWKLQJV
DUHXQODZIXOEHFDXVH$OODK$ORQHNQRZVWKHLQYLVLEOHZRUOG
>$EX'DZXG@
>$EX'DZXG@
&RPPHQWDU\ ,QWKLV+DGLWKDVWURORJ\KDVEHHQUHJDUGHGDSDUWRIPDJLF,Q,VODPWKHOHDUQLQJRI
PDJLFKDVEHHQKHOGHTXLYDOHQWWRLQILGHOLW\7KXVLWLVHYLGHQWWKDWLQ,VODPDVWURORJ\DQGVRRWKVD\LQJ
DUHKLJKO\GDQJHURXVDQGOHDUQLQJWKHPLVDJUHDWVLQ$VWURORJ\KHUHVWDQGVIRUWKDWSVHXGRVFLHQFHRQ
WKHEDVLVRIZKLFKIXWXUHHYHQWVDUHSUHGLFWHGZLWKUHIHUHQFHWRWKHPRYHPHQWVRIVWDUV7KHUHLV
DQRWKHUVFLHQFHFDOOHGDVWURQRP\E\PHDQVRIZKLFKWLPLQJV RIVXQULVHDQGVXQVHWDUHFDOFXODWHG7KLV
EUDQFKRIVFLHQFHKRZHYHULVDJHQXLQHVFLHQFHEHFDXVHLWLVEDVHGRQH[SHULPHQWDQGREVHUYDWLRQ
+H
3%8+UHSOLHG'RQRWYLVLWWKHP
,VDLG7KHUHDUHVRPHPHQZKRDUHJXLGHGE\RPHQV
+H
UHSOLHG7KHVHDUHWKHLGHDVZKLFKFRPHXSLQWKHLUPLQGVEXW\RXVKRXOGQRWEHLQIOXHQFHGE\WKHP
LHWKHVHWKLQJVVKRXOGQRWSUHYHQWWKHPIURPSXUVXLQJWKHLUZRUNV
,VDLG7KHUHDUHVRPHPHQ
ZKRSUDFWLVHGLYLQDWLRQE\GUDZLQJOLQHVRQWKHJURXQG
>0XVOLP@
&RPPHQWDU\
7KLV+DGLWKKDVDOUHDG\DSSHDUHGHDUOLHU>+DGLWK1R@7KHVHDUHWKHLGHDVZKLFKFRPHXSLQ
WKHLUPLQGV
PHDQVWKDWVRPHWLPHVVRPHWKLQJDSSHDUVDQGRQH
VPLQGDWRQFHWDNHVLWDVDEDGRPHQ
7KLVLVVRPHWKLQJLQVWLQFWLYHDQGQDWXUDODQGRQHLVQRWDFFRXQWDEOHIRULW%XWLIRQHDFWVLQDFFRUGDQFH
ZLWKWKDWRPHQWKHQZKDWKHGRHVLVZURQJDQGLVWKHUHIRUHIRUELGGHQ)RUWKLVUHDVRQWKH3URSKHW
3%8+VDLGLHWKHVHWKLQJVVKRXOGQRWSUHYHQWWKHPIURPSXUVXLQJWKHLUZRUNV
7KHGUDZLQJRIDOLQHPHQWLRQHGLQWKLV+DGLWKLVGLIIHUHQWIURPWKHGUDZLQJRIOLQHVLQC,\DIDK
PHQWLRQHGHDUOLHU0RUHRYHUWKDWZDVDQDFWRID3URSKHWZKLFKZDVGRQHE\KLPLQWKHOLJKWRI:DK\
VHQWWRKLPE\$OODKDQGWKHUHIRUHZDVFHUWDLQO\FRUUHFW%XWQRZQRERG\SRVVHVVHVWKDWNQRZOHGJH
DQGFDQQRWWKHUHIRUHEHDGRSWHG7KHVWDWHPHQWRIWKH3URSKHW3%8+WKDW7KHOLQHZKLFKDJUHHV
ZLWKWKHOLQHGUDZQE\WKDW3URSKHWZRXOGEHFRUUHFW
ZDVE\ZD\RIHOXFLGDWLRQ,WGRHVQRWPHDQWKDW
WKDWDFWFDQDOVREHGRQHE\DQ\RQHWRGD\IRUKRZFDQLWEHGRQHZLWKRXWNQRZLQJLWVSULQFLSOHV+RZ
GLGWKDW3URSKHWRI$OODKGUDZWKDWOLQH":KDWZHUHLWVSULQFLSOHV"6LQFHWKDWNQRZOHGJHKDVSDVVHG
DZD\ZLWKWKDW3URSKHWLWLVQRZQRORQJHUYDOLGQRUZRXOGLWEHIUXLWIXO
&RPPHQWDU\
3URKLELWLRQRIWKHSULFHRIGRJ
VLJQLILHVWKDWWKHVDOHDQGSXUFKDVHRIGRJVLVIRUELGGHQ7KLVD
JHQHUDORUGHUZKLFKDSSOLHVWRGRJRIHYHU\NLQGZKHWKHULWLVIRUKXQWLQJRUSURWHFWLRQRIIDUPV
ZKLFKLVSHUPLVVLEOHRULVDWDPHGRQH7KHUHDVRQEHLQJWKDWGRJLVDQDEVROXWHO\XQFOHDQDQLPDOQR
PDWWHUZKDWEUHHGLWLV6RPHC8ODPD
DUHRIWKHRSLQLRQWKDWWKHVDOHDQGSXUFKDVHRIVXFKGRJZKLFK
RQHLQWHQGVWRNHHSIRUODZIXOQHHGVVXFKDVKXQWLQJDQGSURWHFWLQJIDUPVLVSHUPLVVLEOH6RIDUDV
UHDVRQLQJLVFRQFHUQHGWKHYLHZVRIWKHPDMRULW\RIC8ODPD
DUHTXLWHVWURQJEHFDXVHZHILQGDEVROXWH
SURKLELWLRQRIGRJVLQWKLV+DGLWK
7KHHDUQLQJRIDYLOHZRPDQKDVEHHQFDOOHGC'RZHU
LQWKH+DGLWKEHFDXVHRILWVHYLGHQWIRUP
RWKHUZLVHLWLVXQODZIXODQGQRERG\DFFHSWVLWVMXVWLILFDWLRQ6LPLODULVWKHFDVHRIVRRWKVD\HUV
DVWURORJHUVIRUWXQHWHOOHUVDQGDOOWKRVHZKRIRROSHRSOHE\WHOOLQJWKHPDERXWIXWXUHDQGWKXVVZLQGOH
PRQH\IURPWKHP7KHLULQFRPHLVDOVRXQODZIXO
,WLVDOVRXQODZIXOWRPDNHDQ\SD\PHQWWRVXFKVZLQGOHUVEHFDXVHZKHQLWLVQRWODZIXOIRUWKHPWR
PDNHPRQH\LQWKLVPDQQHUKRZFDQZHFRQVLGHUWKHPRQH\JLYHQWRWKHPODZIXO"
&+$37(5
)25%,''$1&(2)%(/,(9,1*
,1,//20(16
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG1RWWKH
WUDQVPLVVLRQRIGLVHDVHRIRQHSHUVRQWRDQRWKHUDQGQRHYLORPHQEXW,DPSOHDVHGZLWKJRRGRPHQV
+HZDVDVNHG:KDWLVJRRGRPHQ"
+HUHSOLHG$JRRGZRUG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KHSKUDVH1RWWKHWUDQVPLVVLRQRIGLVHDVHRIRQHSHUVRQWRDQRWKHU
HLWKHUQHJDWHVWKHLGHDWKDW
GLVHDVHFDQWUDYHOIURPRQHSHUVRQWRDQRWKHURULWVLJQLILHVWKDWRQHVKRXOGQRWDWWULEXWHWKHLOOQHVVRI
RQHSHUVRQWRWKHLOOQHVVRIDQRWKHU7KHULJKWDSSURDFKLVWKDWRQHVKRXOGWKLQNWKDWDSHUVRQIDOOVLOO
ZLWKWKH:LOORI$OODK7KLVGRHVQRWPHDQWKDWWKLV+DGLWKGHQLHVWKHLQIHFWLRXVFKDUDFWHURIFHUWDLQ
GLVHDVHVEXWLWDWWHPSWVWRFRUUHFWRQH
VEHOLHIQDPHO\WKDWLI$OODKZLOOVVRPHWKLQJLWZLOOFHUWDLQO\
RFFXU7KXVWKLV+DGLWKSURYHVWKDWHYHQLQLQIHFWLRXVGLVHDVHVLWLVQRWWKHGLVHDVHLWVHOIZKLFKLVWKH
UHDOFDXVHEXWWKH3UHRUGDLQPHQWDQG:LOORI$OODK
6LPLODULV WKHFDVHRIEDGRPHQV7KHVHKDYHQRVLJQLILFDQFHDWDOO,IDQ\VXVSLFLRQFURVVHVRQH
V
PLQGE\VHHLQJVRPHWKLQJKHVKRXOGQHLWKHUDWWDFKDQ\LPSRUWDQFHWRLWQRUDFWZKDWWKHVXVSLFLRQ
GHPDQGV*RRGRPHQLVSHUPLVVLEOHIRUWKHUHDVRQWKDWLWLQFOLQHVRQHWRDVVRFLDWHJRRGKRSHVZLWK
$OODKZKLFKLVDKLJKO\FRPPHQGDEOHWHQGHQF\7KXVLWDOVRLQGXFHVRQHWRDOZD\VXWWHUVRPHWKLQJ
QLFHDQGWROLVWHQWRZKDWLVQLFHVRWKDWLQERWKFDVHVLWRFFDVLRQVJRRGRPHQV2QHVKRXOGDOZD\V
DEVWDLQIURPVD\LQJZKDWLVUHSXOVLYHWRWKHOLVWHQHUVDQGWHQGVWREHDEDGRPHQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWQRWKLQJLVRPLQRXVE\LWVHOI,WLVKRZHYHUWUXHWKDWEHFDXVHRI
WKHLUFHUWDLQFKDUDFWHULVWLFVFHUWDLQWKLQJVEHFRPHRPLQRXVWURXEOHVRPHIRUFHUWDLQSHUVRQV)RU
H[DPSOHLIRQHKDVDVPDOOKRXVHRUEDGQHLJKERXUVKHGRHVQRWIHHOKDSS\DQGSHDFHIXOLQLW,IRQH
V
ZLIHLVVWHULOHRUUXGHRUDEXVLYHRULPPRUDOHWFVXFKDZRPDQLVRPLQRXVIRUKLPWKDWLVVKHLVD
VRXUFHRIWURXEOHDQGWHQVLRQUDWKHUWKDQWKDWRIKDSSLQHVVIRUKLP,IRQHKDVDKRUVHZKLFKLVQRWXVHG
IRU-LKDGRULVVRLOOQDWXUHGWKDWLWQHLWKHUJRHVZHOORUGLQDULO\RUZLWKZKLSSLQJQRUGRHVLWEHKDYH
ZKHQOHIWWRLWVRZQZLOOWKHQLWKDVDQRPLQRXVQHVVLQWKHVHQVHWKDWLW GRHVQRWVHUYHWKHSXUSRVHRI
WKHPDVWHU
+HDGGHG$0XVOLPVKRXOGQRWUHIUDLQIURPDQ\WKLQJEHFDXVHRIDQRPHQ
>$EX'DZXGZLWK6DKLK,VQDG@
&RPPHQWDU\
7L\DUDKPHDQVWDNLQJRPHQ7KLVDSSOLHVWRJRRGDVZHOODVEDGRPHQV0XVOLPVDUHUHTXLUHGWRWDNH
JRRGRPHQRQO\)RUWKLVUHDVRQZKHQD0XVOLPUHVROYHVWRGRVRPHWKLQJJRRGWKHQDEDGRPHQ
VKRXOGQRWLPSHGHKLVZD\EHFDXVHKHEHOLHYHVWKDWLWLV$OODK$ORQHZKREULQJVDERXWHYHU\ WKLQJ+H
VKRXOGDOVRSUD\WR$OODKIRUWKHUHPRYDORIPLVFKLHI
:KHQVXFKWKLQJVIURPZKLFKSHRSOHXVXDOO\WDNHDEDGRPHQFUHDWHVXVSLFLRQVLQRQH
VPLQGWKHQ
LWLV0XVWDKDEEGHVLUDEOHWRUHFLWHWKHSUD\HUPHQWLRQHGLQWKLV+DGLWK7KXVZKDWZHOHDUQIURPWKLV
+DGLWKLVWKDWLID0XVOLPFRPHVDFURVVVRPHWKLQJUHSXOVLYHKHVKRXOGSUD\WR$OODKIRUVRPHWKLQJ
DXVSLFLRXV+HVKRXOGDOVRSUD\WR$OODKIRUJUDQWLQJKLPWKHSRZHUDQGDELOLW\WRDEVWDLQIURPHYLOV
&+$37(5
352+,%,7,212)'5$:,1*
32575$,76
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG7KRVH
ZKRGUDZSLFWXUHVZLOOEHSXQLVKHGRQWKH'D\RI5HVXUUHFWLRQDQGLWZLOOEHVDLGWRWKHPC%UHDWKH
VRXOLQWRZKDW\RXKDYHFUHDWHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWGUDZLQJSLFWXUHVRIKXPDQVDQLPDOVDQGDOOWKRVH
WKLQJVWKDWKDYHDVRXOLQWKHPLVDJUHDWVLQDQGLVOLDEOHWRKHDY\SXQLVKPHQW+RZHYHURQHZLOOQRW
EHWDNHQWRWDVNIRUVXFKSLFWXUHVZKLFKDUH PDGHFRPSXOVRU\E\WKH*RYHUQPHQWLHLGHQWLW\FDUGV
SDVVSRUWVGRPLFLOHFHUWLILFDWHVHWFEHFDXVHRQHFDQQRWH[HUFLVHKLVRZQZLOOLQVXFKPDWWHUVEXWWKLV
H[HPSWLRQLVVXEMHFWWRWKHFRQGLWLRQWKDWKHGRHVQRWH[FHHGWKHFRPSXOVRU\UHTXLUHPHQW
C$LVKDKVDLG:HWRUHLWLQWRSLHFHVDQGPDGHDFXVKLRQRU
WZRFXVKLRQVRXWRIWKDW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGHDUOLHU>+DGLWK1R@:HOHDUQIURPLWWKDWWKHDFW
RIGUDZLQJSLFWXUHVRIKXPDQVDQLPDOVDQGWKLQJVWKDWKDYHDVRXOLQWKHPRUSKRWRJUDSK\DQG
KDQJLQJRISLFWXUHVRIVXFKWKLQJVIRUGLVSOD\RUGHFRUDWLRQLQKRPHVLVDJUHDWVLQ,WLVKRZHYHU
SHUPLVVLEOHWKDWVKHHWVEHDULQJVXFKSLFWXUHVDUHFXWLQWRSLHFHVIRUPDNLQJVXFKWKLQJVZKLFKDUHQRW
VDFUHGDQGSHRSOHJRRQWUDPSOLQJWKHPDVZDVGRQHE\C$LVKDK0D\ $OODKEHSOHDVHGZLWKKHUWKDW
VKHPDGHSLOORZFRYHUVRIWKHVHSLHFHV
,EQC$EEDVVDLG,I\RXKDYHWRGRLWGUDZSLFWXUHVRIWUHHVDQG
RWKHULQDQLPDWHWKLQJV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $SDLQWHUZLOOEHSXQLVKHGIRUKLVSDLQWLQJVDFFRUGLQJWRWKHQXPEHURIKLVSURGXFWV
7KHJUHDWHUWKHQXPEHURISDLQWLQJVKHKDVSURGXFHGWKHPRUHZRXOGEHWKHSXQLVKPHQW7KXVWKHUHLV
DJUHDWZDUQLQJIRUWKRVHZKRPDNHILOPVDQGSKRWRJUDSKVRQPDUULDJHVDQGIXQFWLRQVEHFDXVHWKH\
PDNHSKRWRJUDSKVRIKXQGUHGVRUWKRXVDQGVRISHUVRQVDWDWLPH,ILQVSLWHRINQRZLQJWKDWWKLVDFWLV
XQODZIXOLQ6KDULCDKWKH\GRLWRQDFFRXQWRIVODFNQHVVRQWKHLUSDUWWKH\VKDOOKDYHWRVXIIHUKHDY\
SXQLVKPHQWIRULWLQ+HOO,IWKH\WKLQNWKDWLWLVSHUPLVVLEOHLQ,VODPZKLOHLWLVIRUELGGHQWKH\ZRXOG
EHUHJDUGHGLQILGHOVDQGDELGHLQ+HOO,WLVDEVROXWHO\ZURQJWRWKLQNWKDWWKLVSURKLELWLRQDSSOLHVRQO\
WRWKHSDLQWHUVRUVFXOSWRUVDQGWKDWSKRWRJUDSKVWDNHQE\DFDPHUDLVQRWDSLFWXUHEXWDPHUHUHIOHFWLRQ
DQGWKHUHIRUHRQHLVH[HPSWHGIURPWKHLUSURKLELWLRQ:KHWKHUDSLFWXUHLVPDGHE\KDQGRUFDPHUDRU
YLGHRLWLVDSLFWXUHDQGLWVPDNHULVZDUQHGZLWK+HOO0D\$OODKVDYHXVIURPLW+RZHYHUSLFWXUHV
RIQDWXUDOVFHQHU\ZKLFKDUHOLIHOHVVDUHSHUPLVVLEOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHZKRPDNHVDSLFWXUHE\DQ\PHDQVZLOOEHRUGHUHGWRSXWOLIHLQWRLW7KLVRUGHU
ZLOOEHLQWKHQDWXUHRIUHSURDFKDQGUHSURRIEHFDXVHQRQHFDQGRLW2EYLRXVO\RQHZLOOQRWEHDEOHWR
GRLWDQGZLOOWKXVEHDZDUGHGVWHUQSXQLVKPHQW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDVWHUQZDUQLQJIRUSKRWRJUDSKHUVDQGYLGHRPDNHUVZKRWU\WRLPLWDWH
WKH&UHDWLYH$WWULEXWHRI$OODK
$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG7KH
DQJHOVGRQRWHQWHUDKRXVHLQZKLFKWKHUHLVDGRJRUDSRUWUDLW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $QJHOVKHUHPHDQVDQJHOVRIPHUF\ZKRVHYLVLWLVDEOHVVLQJIRUKRPHVEHFDXVHWKH
DQJHOVZKRVXSHUYLVHXVDQGUHFRUGRXUGHHGVDUHZLWKXVDOOWKHWLPH
>$O%XNKDUL@
7KHQKHQRWLFHGDSXSS\XQGHUKLVEHG
DQGVDLG2C$LVKDKZKHQGLGWKLVGRJHQWHU"
6KHVDLG%\$OODK,GRQ
WNQRZ
+HWKHQ
FRPPDQGHGWKDWLWVKRXOGEHWXUQHGRXW1RVRRQHUWKDQKDGWKH\H[SHOOHGLW-LEULOFDPHDQGWKH
0HVVHQJHURI$OODK3%8+VDLGWRKLP<RXSURPLVHG WRYLVLWPH,ZDLWHGIRU\RXEXW\RXGLGQRW
FRPH
:KHUHXSRQKHVDLG7KHGRJNHSWPHIURPFRPLQJ:HGRQRWHQWHUDKRXVHLQZKLFKWKHUHLV
DGRJRUDSLFWXUH
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ 'UDZLQJSLFWXUHVDQGUDLVLQJJUDYHVRYHUWKHKHLJKWRIDVSDQDUHIRUELGGHQDQGWKHLU
UHPRYDOLVWKHUHVSRQVLELOLW\RI0XVOLPUXOHUV$Q,VODPLFVWDWHQHLWKHUDOORZVSLFWXUHVQRUGRHVLW
SHUPLWSHUPDQHQWVWUXFWXUHVRYHUJUDYHVQRUJUDYHVRYHUDVSDQ
VKHLJKW
/HDYHQRWDKLJKJUDYHXQOHYHOOHG
GRHVQRWPHDQOHYHOOLQJWKHPWRWKHJURXQG:KDWLWUHDOO\PHDQV
LVWKDWWKHVHVKRXOGEHUHGXFHGWRWKHSHUPLVVLEOHKHLJKW
&+$37(5
352+,%,7,212).((3,1*$
'2*(;&(37$6$:$7&+'2*
25+817,1*'2*
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG+H
ZKRNHHSVDGRJRWKHUWKDQRQHIRUJXDUGLQJWKHILHOGVRUKHUGVRUKXQWLQJZLOOORVHWZR4LUDWHYHU\
GD\RXWRIKLVUHZDUGV
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG+H
ZKRNHHSVDGRJZLOOORVHRXWRIKLVJRRGGHHGVHTXDOWRRQH4LUDWHYHU\GD\H[FHSWRQHZKRNHHSVLW
IRUJXDUGLQJWKHILHOGVRUWKHKHUG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:HOHDUQIURPWKHVH$KDGLWKWKDWLWLVSHUPLVVLEOHWRNHHSGRJVIRUKXQWLQJDQGVHFXULW\RIKHUGVDQG
IDUPVEXWQRWIRUDQ\RWKHUSXUSRVH,IDQ\RQHGRHVVRKHZLOOEHORVLQJD4LUDWRUWZRIURPKLV
UHZDUGVHYHU\GD\:K\GLGWKH3URSKHW3%8+XVHWKHZRUGV4LUDWRUWZR4LUDW"6RPHVFKRODUVVD\
WKDWDWILUVWWKH3URSKHW3%8+VDLGRQHDQGVXEVHTXHQWO\LQFUHDVHGWKHQXPEHU6RPHVFKRODUVKROG
WKDWWKHGLIIHUHQFHRIRQHDQGWZRUHODWHVWRXUEDQDQGUXUDODUHDV7KHLQKDELWDQWVRIFLWLHVZRXOGEH
ORVLQJWZR4LUDWIURPWKHLUUHZDUGVGDLO\ZKLOHLQFDVHRIYLOODJHUVWKLVORVVZLOOEHRQH4LUDWRQO\
EHFDXVHWKH\VWDQGLQJUHDWHUQHHGRIGRJV
:K\GRHVWKHUHGXFWLRQLQUHZDUG WDNHSODFH",QUHVSRQVHWRWKLVTXHVWLRQLWKDVEHHQVWDWHGWKDWLWLV
YHU\GLIILFXOWWRHVFDSHIURPWKHILOWKRIGRJVDQGVRPHWLPHVLWDGYHUVHO\HIIHFWVHYHQ6DODWDQGUHGXFHV
WKHLUUHZDUG6RPHVFKRODUVVD\WKDWVLQFHGRJVDUHDSWWREDUNRQJXHVWVDQG EHJJDUVDQGVFDUHWKHP
WKHWHQVLRQFDXVHGE\WKLVDIIHFWVWKHUHZDUGRIWKHKRVW$OODK$ORQHNQRZVWKHWUXWKRIWKHPDWWHU
:KDWLV4LUDW",WLVGLIIHUHQWO\LQWHUSUHWHG7KHUHLVD4LUDWZKLFKLVPHQWLRQHGLQWKHIXQHUDOSUD\HU
7KLVLVHTXDOWRWKH8KXGPRXQWDLQ'RHVLWVLJQLI\WKHVDPHKHUH"6RPHVFKRODUVDQVZHUWKLVTXHVWLRQ
LQWKHDIILUPDWLYHZKLOHRWKHUVKROGWKDWLQWKHIXQHUDOSUD\HULWRFFXUVZLWKUHIHUHQFHWR$OODK
V0HUF\
DQG*UDFHEXWKHUHLWUHODWHVWR+LV:UDWK$VWKHIRUPHULVIDUJUHDWHUWKDQWKHODWWHUWKHZRUGFDQQRW
KDYHWKHVDPHVLJQLILFDQFHLQERWKFRQWH[WV
&+$37(5
81'(6,5$%,/,7<2)+$1*,1*
%(//65281'7+(1(&.62)
$1,0$/6
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
$QJHOVGR QRWDFFRPSDQ\WKHWUDYHOOHUVZKRKDYHZLWKWKHPDGRJRUDEHOO
>0XVOLP@
&RPPHQWDU\ 'RJ
KHUHVWDQGVIRUWKDWGRJZKLFKLVSURKLELWHGWRNHHS'RJVNHSWIRUWKHSXUSRVH
RIKXQWLQJDQGVHFXULW\GRQRWIDOOLQWKLVFDWHJRU\$QJHOVVLJQLI\DQJHOVRIPHUF\RWKHUZLVHZHDUH
DWWHQGHGDOOWKHWLPHE\WKHDQJHOVZKRUHFRUGRXUGHHGVIRUXV%HOOLQWKLVFRQWH[WUHIHUVWRWKHEHOO
ZKLFKLVSODFHGLQWKHQHFNRIDQLPDOVDQGULQJVZKHQWKH\PRYH
>0XVOLP@
&RPPHQWDU\ 0D]DPLULVWKHSOXUDORI0L]PDUPHDQLQJPXVLFDOLQVWUXPHQW,WFRYHUVWKHOXWHWKH
SOHFWUXPDQGRWKHUPXVLFDOLQVWUXPHQWV$OOWKHVHDUHXVHGE\6DWDQWR OHDGWKHSHRSOHDVWUD\
1RZDGD\VWKHVHDUWLFOHVKDYHEHFRPHDODUPLQJO\FRPPRQ7KHPDWWHUGRHVQRWHQGKHUH7KHSXEOLF
PHQWDOLW\LVVRGLVWRUWHGWKDWWKH\WDNHPXVLFDVIRRGRIWKHVRXO:HVHHNWKH5HIXJHRI$OODKIURPLW
,WFDQEHWUXHRIWKRVHZKRVHVRXOVDUHRYHUSRZHUHGE\6DWDQEHFDXVHRQHZKROLYHVLQILOWKLVVRXVHG
WRLWWKDWRQHFDQQRWOLYHZLWKRXWLW0D\$OODKSURWHFWXVIURPVXFKVDWDQLFRFFXSDWLRQV
&+$37(5
81'(6,5$%,/,7<2)5,',1*$
&$0(/:+,&+($76$1,0$/6
:$67(
,EQC8PDU 0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+SURKLELWHG
ULGLQJDFDPHOZKLFKHDWVGXQJRUDQLPDORUKXPDQZDVWH
>$EX'DZXG@
&RPPHQWDU\ $O-DOODODKPHDQVDQDQLPDOZKLFKXVXDOO\HDWVILOWK\WKLQJVLQFOXGLQJKXPDQ
H[FUHPHQW7KLVILOWKEHFRPHVDSDUWRIKLVERG\DQGLWVWLQNV:KHQVXFKDQLPDOVDUHGLVJXVWLQJIRU
ULGLQJWKH\ZRXOGEHREYLRXVO\XQODZIXOIRUIRRG,WLVKRZHYHUQHFHVVDU\WKDWWKH$O-DOODODKVKRXOG
KDYHWKHFKDUDFWHULVWLFPHQWLRQHGLQWKH+DGLWKEHFDXVHRUGLQDULO\DOPRVWHYHU\DQLPDOGRHVHDWDOLWWOH
DPRXQWRIILOWKEXWZLWKWKHGLIIHUHQFHWKDWLWLVQRWFRPPRQIRRGQRUGRHVLWEHFRPHDSDUWRILWVERG\
,QDQ\FDVHLWVKRXOGEHERUQHLQPLQGWKDW,VODPKDVVWUHVVHGSXULW\DQGFOHDQOLQHVVDQGZDUQHG
DJDLQVWILOWK
&+$37(5
352+,%,7,212)63,77,1*,1
7+(02648(
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
6SLWWLQJLQWKHPRVTXHLVDVLQDQGLWVH[SLDWLRQLVWKDWWKHVSLWWOHVKRXOGEHEXULHGLQHDUWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RDWRQHIRUVSLWWLQJLQWKHPRVTXHRQHVKRXOGEXU\WKHVSLWWOHLQHDUWKEXWWKLVDSSOLHV
ZKHQWKHIORRURIWKHPRVTXHLVFRYHUHGZLWKHDUWKDVWKLVLVQRWWKHFDVHWRGD\RQHVKRXOGZLSHWKH
VSLWWOHRIIRUZDVKLW RIIZLWKFOHDQZDWHU
&RPPHQWDU\ 7KHQDUUDWRURIWKLV+DGLWKKDVH[SUHVVHGGRXEWDERXWWKHH[DFWQDWXUHRIWKHILOWK
ZKHWKHULWZDVVSLWWOHRUSKOHJPRUVRPHWKLQJHOVH:KDWHYHULWZDVDSSDUHQWO\LWZDVGU\7KH
3URSKHW3%8+VFUDSHGRUUXEEHGLWRXWDQGWKXVJDYHDQLPSRUWDQWOHVVRQRIFOHDQOLQHVVWRKLV
8PPDK
RUDVKHVWDWHG
>0XVOLP@
&RPPHQWDU\
7KH3URSKHW3%8+VDLGWKLVRQWKHXULQDWLRQRIDEHGRXLQLQWKHPRVTXH+HPDGHKLPXQGHUVWDQG
YHU\SROLWHO\DQGSUXGHQWO\WKDWPRVTXHVDUHPHDQWIRUZRUVKLSUHPHPEUDQFHRI$OODKUHFLWDWLRQRI
WKH4XU
DQDQGVLPLODURWKHUDFWVRISLHW\DQGRQHVKRXOGQRWGRDQ\WKLQJWKDWYLRODWHVWKHLUVDQFWLW\
7KHQDUUDWRUKDVDGGHGWKHZRUGVRUDVKHVWDWHG
,WZDVDSUDFWLFHZLWKWKHQDUUDWRUVRI$KDGLWKWR
VD\WKHVHZRUGVE\ZD\RIFDUHWRFRYHUWKHULVNRIDQ\FKDQJHLQ WKH+DGLWKZRUGLQJ
&+$37(5
81'(6,5$%,/,7<2)
48$55(//,1*255$,6,1*
92,&(6,17+(02648(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG,I
DQ\RQHKHDUVDPDQLQTXLULQJLQWKHPRVTXHDERXWVRPHWKLQJKHKDVORVWKHVKRXOGVD\C/DUDGGDKD
$OODKXCDODLND0D\$OODKQRWUHVWRUHLWWR\RX
IRUPRVTXHVDUHQRWEXLOWIRUWKLVSXUSRVH
>0XVOLP@
>$W7LUPLGKL@
8SRQWKLVWKH0HVVHQJHURI$OODK
3%8+VDLG0D\LWQRWEHUHVWRUHGWR\RX7KHPRVTXHVDUHEXLOWIRUZKDWWKH\DUHPHDQWWREHLH
SUD\HUUHPHPEUDQFHRI$OODKDFTXLULQJNQRZOHGJHHWF
>0XVOLP@
&RPPHQWDU\
6RPHC8ODPD
KDYHVWDWHGWKDWWKHSURKLELWLRQLQWKHDERYHVWDWHG$KDGLWKLVLQWKHQDWXUHRIDYHUVLRQ
DQGGLVJXVWLIWKHDFWVPHQWLRQHGLQWKH+DGLWKGRQRWOHDGWRGLVWXUELQJWKRVHHQJDJHGLQZRUVKLSEHLW
6DODWUHFLWDWLRQRIWKH4XU
DQRUVLPLODUJRRGDFWVLQWKHPRVTXH,IWKH\GRGLVWXUEWKHZRUVKLSSHUV
WKHQWKHSURKLELWLRQZRXOGEHDEVROXWH
5HFLWDWLRQRIVXFKSRHPVLVSURKLELWHGZKLFKUHODWHWRORYHVWRULHVDQGURPDQWLFWDOHV7KHUHLVQR
KDUPLQUHFLWLQJVXFKSRHPVLQPRVTXHVZKLFKUHODWHWRWKH2QHQHVVRI$OODKREHGLHQFHRI+LV
3URSKHW3%8+DQGRWKHUVXEMHFWVPHDQWIRUWKHUHIRUPDWLRQRI0XVOLPV
,WLVSHUPLVVLEOHWRWDONDERXWWKHSUREOHPVRI0XVOLPVDQGDQ\RWKHULVVXHVZKLFKDUHFRQFHUQHG
ZLWKWKHZHOIDUHRIFRPPXQLW\DWODUJH
2QWKHLUUHSO\LQJWKDWWKH\EHORQJHGWR$W7DLIKHVDLG+DG\RXEHHQWKH
LQKDELWDQWVRI$O0DGLQDK,ZRXOG KDYHJLYHQ\RXDEHDWLQJIRUUDLVLQJ\RXUYRLFHVLQWKHPRVTXHRI
WKH0HVVHQJHURI$OODK3%8+
>$O%XNKDUL@
&+$37(5
81'(6,5$%,/,7<2)(17(5,1*
7+(02648($)7(5($7,1*
5$:21,2125*$5/,&
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH3URSKHW3%8+VDLG+HZKRKDVHDWHQ
JDUOLFVKRXOGQRWFRPHWRRXUPRVTXH
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ0XVOLPLV+HZKRKDVHDWHQJDUOLFVKRXOGQRWFRPHWRRXUPRVTXHV
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ0XVOLPLV+HZKRKDVHDWHQRQLRQRUJDUOLFRUOHHNVKRXOGQRWDSSURDFKRXUPRVTXH
EHFDXVHWKHDQJHOVDUHDOVRRIIHQGHGE\WKHVWURQJVPHOOVWKDWRIIHQGWKHFKLOGUHQRI$GDP
>0XVOLP@
&RPPHQWDU\ ,WLVQRWSHUPLVVLEOHWRHDWUDZRQLRQVJDUOLFRUDQ\WKLQJZLWKDVWURQJRIIHQGLQJVPHOO
EHIRUHJRLQJWRWKHPRVTXH,WLVSHUPLVVLEOHKRZHYHUWRHDWWKHPDIWHUWKHLUVWURQJRGRXUKDV
YDQLVKHGDVDUHVXOWRIFRRNLQJRUERLOLQJ6LQFHWKHLURGRXUYDQLVKHVDIWHUFRRNLQJWKHLUXVHLV
SHUPLVVLEOHLQFRRNHGIRUP
&RPPHQWDU\ .KDELWKJHQHUDOO\PHDQVLPSXUHEDVHDQGZLFNHGEXWLWLVDOVRXVHGLQWKHVHQVHRI
+DUDPXQODZIXOWKDWLVIRUHDWDEOHVZKLFKDUHIRUELGGHQRUZKLFKKDYHDQXQSOHDVDQWDQGGLVJXVWLQJ
VPHOO*DUOLFRQLRQHWFDUH.KDELWKLQWKHLUUDZIRUPDQG0XVOLPVKDYHEHHQSURKLELWHGIURPJRLQJ
WRWKHPRVTXHDIWHUHDWLQJWKHP2QHFDQKRZHYHUHDWWKHPLQWKHLUFRRNHGIRUP2QHFDQDOVRXVH
WKHPZKHQWKHWLPHWRJRWRPRVTXHIRU6DODWLVQRWYHU\QHDU:HDOVROHDUQIURPWKLV+DGLWKWKDWRQH
VKRXOGQRWHDWDQ\VXFKRGRURXVWKLQJZKHQKHKDVWRJRWRWKHPRVTXHRU0DGUDVDKRUDQ\
FRQJUHJDWLRQIRUVRPHUHOLJLRXVSXUSRVHEHFDXVHLWZLOOEHUHSXOVLYHIRUWKHSHRSOHSUHVHQWWKHUH7KHLU
HDWLQJLVKRZHYHUSHUPLVVLEOHHYHQLQWKHLUUDZIRUPLIRQHLVQRWJRLQJWRWKHPRVTXHIRU6DODW
:HDOVROHDUQIURPWKLV+DGLWKWKDWPRVTXHVVKRXOGEHNHSWIUHHIURPHYHU\NLQGRIILOWKDQG
RGRURXVWKLQJV7KHUHLVQRMXVWLILFDWLRQIRUWKHFRQVWUXFWLRQRIWRLOHWVLQWKHSUHPLVHVRIPRVTXH
0RVTXHVZKLFKKDYHWRLOHWVZLWKLQWKHLUFRPSRXQGVPXVWEHGLYHVWHGRIWKHWRLOHWVWRSXUJHWKHPRIWKH
XQFOHDQHQYLURQPHQWV
&+$37(5
81'(6,5$%,/,7<2)6,77,1*
:,7+(5(&7('/(*6'85,1*
)5,'$<6(5021
0XCDGKELQ$QDV$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+IRUEDGH
XVIURPVLWWLQJZLWKRXUOHJVGUDZQXSWRRXUEHOO\,KWLED
GXULQJWKH)ULGD\.KXWEDKUHOLJLRXVWDON
EHIRUHWKHSUD\HU
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ +DEXWLVWKHURRWZRUGRI,KWLED
ZKLFKPHDQVWRVLWLQVXFKDSRVLWLRQWKDWWKHWZR
NQHHVDUHMRLQHGE\PHDQVRIWKHKDQGRUVRPHFORWKZLWKRQH
VEHOO\7RVLWLQWKLVVW\OHGXULQJWKH
)ULGD\VHUPRQLVQRWGHVLUDEOHEHFDXVHLWFDXVHVGURZVLQHVVZKLFKLQWXUQLQWHUUXSWVWKHVHUPRQ,WPXVW
EHUHPHPEHUHGWKDWOLVWHQLQJWRWKH)ULGD\VHUPRQLVREOLJDWRU\DQGGURZVLQHVVGXULQJWKHFRXUVHRI
WKHVHUPRQLVOLNHO\WRGLVWXUELWDQGFDQDOVRVSRLO:XGX
ZKLFKLVDSUHUHTXLVLWHIRUWKHYDOLGDWLRQRI
6DODW
&+$37(5
352+,%,7,212)+$9,1*$
+$,5&87253$5,1*21(
6
1$,/6'85,1*7+(),5677(1
'$<62)'+8/+,--$+)25
21(:+2,17(1'672
6$&5,),&($1$1,0$/
8PP6DODPDK0D\$OODKEHSOHDVHGZLWK KHUVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
:KHQDQ\RQHRI\RXLQWHQGVWRVDFULILFHWKHDQLPDODQGHQWHULQWKHPRQWKRI'KXO+LMMDKKHVKRXOG
QRWJHWKLVKDLUFXWRUQDLOVSDUHGWLOOKHKDVRIIHUHGKLVVDFULILFH
>0XVOLP@
&RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKRQHZKRLQWHQGVWRVDFULILFHDQLPDORQC(LG$O$GKDVKRXOG
DEVWDLQIURPSDULQJQDLOVKDYLQJDKDLUFXWDQGVKDYLQJWKHDUPSLWVDQGWKHSULYDWHSDUWVVRWKDWKLV
VDFULILFHLVLQDFFRUGDQFHZLWKWKH6XQQDK2QHVKRXOGKDYHDKDLUFXWRQWKH WHQWKRI'KXO+LMMDKDIWHU
KDYLQJRIIHUHGWKHVDFULILFH6RPH$KDGLWKWHOOXVWKDWLIDSHUVRQZKRGRHVQRWVDFULILFHDQDQLPDORQ
C(LG$O$GKDEXWSDUHVKLVQDLOVDQGKDVKLVKDLUFXWRQWKHWHQWK'KXO+LMMDKZLOOEHJLYHQE\$OODK
WKHUHZDUGRIVDFULILFH
&+$37(5
352+,%,7,212)6:($5,1*
,17+(1$0(2)$1<7+,1*
%(6,'(6$//$+
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH3URSKHW3%8+VDLG$OODKKDV
SURKLELWHG\RXIURPWDNLQJDQRDWKE\\RXUIDWKHUV+HZKRPXVWWDNHDQRDWKPD\GR VRE\VZHDULQJ
LQWKH1DPHRI$OODKRUKHVKRXOGUHPDLQVLOHQW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWDNLQJWKHRDWKRIRQH
VDQFHVWRUVLVSURKLELWHG,QWKH
IRUWKFRPLQJ$KDGLWKRQHLVDOVRIRUELGGHQIURPWDNLQJWKHRDWK RIIDOVHJRGVDQGGHYLOV
>0XVOLP@
>$EX'DZXGZLWKDXWKHQWLF,VQDG@
&RPPHQWDU\ 7KHRDWKRI$PDQDKPHDQVWRVD\%\$PDQDK
DVRQHVD\V%\$OODK
7KLVLV
SURKLELWHGIRUWKHUHDVRQWKDWRQHFDQWDNHWKHRDWKRI$OODKRUDQ\RI+LV$WWULEXWHV$PDQDKLVRQHRI
WKH&RPPDQGPHQWVRI$OODKDQGDQREOLJDWLRQSUHVFULEHGE\+LPOLNH6DODW6DXP+DMMHWF,QWKLV
ZD\WKH&RPPDQGPHQWVRI$OODKDVVXPHWKHUHVHPEODQFHRI+LV*ORULRXV1DPHVDQG$WWULEXWHV
ZKLFKLVQRWFRUUHFW
>$EX'DZXG@
&RPPHQWDU\ :KDWWKLV+DGLWKWHOOVXVLVWKDWLIVRPHRQHVD\V,I,GRVXFKDQGVXFKWKLQJ,ZLOOEH
D.DILU
QRZLIKHUHDOO\PHDQWWKDWLIKHGLGWKDWKHZLOODGRSW.XIUWKHQKHZLOODWRQFHEHFRPHD
.DILU%XWLIKHPHDQWWKDWKHZLOOVWULFWO\DGKHUHWR,VODPDQGQHYHUWDNHWKHZD\RI.XIUKHZLOOQRW
EHFRPHD.DILUEXWWKHVW\OHLQZKLFKKHVDLGLWZDVFHUWDLQO\ZURQJ 7KHUHIRUHKHPXVWPDNH
UHSHQWDQFHDQGEHJIRUJLYHQHVVIURP$OODKIRULW,WZLOOEHEHWWHULIKHUHFLWHVDJDLQ.DOLPDKWXVK
6KDKDGDKWRUHQHZKLV)DLWK
,
DGPRQLVKHGKLP'RQRWVZHDUE\DQ\WKLQJEHVLGHV$OODKIRU,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\LQJC+HZKRVZHDUVE\DQ\RQHRUDQ\WKLQJRWKHUWKDQ$OODKKDVLQGHHGFRPPLWWHGDQDFW
RI.XIURU6KLUN
>$W7LUPLGKL@
>6RPHC8ODPD
DUHRIWKHRSLQLRQWKDWWKHZRUGVRIWKH3URSKHW3%8+WKDW+HZKRVZHDUVE\
DQ\RQHRUDQ\WKLQJRWKHUWKDQ$OODKKDVLQGHHGFRPPLWWHGDQDFWRI.XIURU6KLUN
DUHLQWKHQDWXUHRI
H[WUHPHDGPRQLWLRQ$QGLQIDFWLWLVQRW6KLUN7KHVDPHDSSOLHVWRWKHVD\LQJRIWKH3URSKHW3%8+
ZKRVDLGVKRZLQJRIILV6KLUN
&RPPHQWDU\ ,PDP$Q1DZDZLKDVUHJDUGHGWKHVD\LQJVKRZLQJRIILV6KLUN
DV+DGLWKLVQRW
QDUUDWHGLQWKHVHZRUGV,WLVKRZHYHUWUXHWKDWZKDWWKH3URSKHW3%8+KDVVWDWHGDERXWWKHHYLODQG
VLQIXOQHVVRIVKRZLQJRIILPSOLHVWKDWLWLVDOVRDPLQRU6KLUN)RULQVWDQFHKHVWDWHGWKDW+HZKR
NHSWIDVWRURIIHUHG6DODWIRUPHUHVKRZKDVLQGHHGFRPPLWWHG6KLUN
,QDQ\FDVHWRWDNHRDWKRI
DQ\RQHRWKHUWKDQ$OODKLVVWULFWO\IRUELGGHQ,WLVWKHUHIRUHQHFHVVDU\WRDEVWDLQIURPVZHDULQJE\
RWKHUWKDQ$OODK8QIRUWXQDWHO\VXFKRDWKVDUHYHU\FRPPRQDQGSHRSOHGRQRWUHDOL]HWKDWWKH\DUH
SURKLELWHGDQGXQODZIXO
&+$37(5
,//(*$/,7<2)6:($5,1*
)$/6(/<
,EQ0DVCXG0D\$OODKEHSOHDVHG ZLWKKLPVDLG7KH3URSKHW3%8+VDLG+HZKRWDNHV
RDWKWRDFTXLUHWKHSURSHUW\RID0XVOLPXQMXVWO\ZLOOPHHW$OODKDQG+HZLOOEHDQJU\ZLWKKLP
WKHQ
KHUHFLWHG
9HULO\WKRVHZKRSXUFKDVHDVPDOOJDLQDWWKHFRVWRI$OODK
V&RYHQDQWDQGWKHLURDWKVWKH\VKDOO
KDYHQRSRUWLRQLQWKH+HUHDIWHU1HLWKHUZLOO$OODKVSHDNWRWKHPQRUORRNDWWKHPRQWKH'D\RI
5HVXUUHFWLRQQRUZLOO+HSXULI\WKHPDQGWKH\VKDOOKDYHDSDLQIXOWRUPHQW
>$O%XNKDULDQG0XVOLP@
$EX8PDPDK,\DVELQ7KDCODEDK$O+DULWKL0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH
0HVVHQJHURI$OODK3%8+VDLG+HZKRPLVDSSURSULDWHVWKHULJKWRID0XVOLPE\WDNLQJDIDOVH
RDWK$OODKZLOOFRQGHPQKLPWRWKHILUHRI+HOODQGZLOOIRUELG-DQQDKIRUKLP
$SHUVRQDVNHG2
0HVVHQJHURI$OODKHYHQLILWLVVRPHWKLQJLQVLJQLILFDQW"
+HUHSOLHG<HVHYHQLILWLVWKHWZLJRIWKH
$UDNWUHH
>0XVOLP@
>$O%XNKDUL@
7KH
PDQDVNHG:KDWLVQH[W"
+H
DVNHG:KDWGR\RXPHDQE\$O<DPLQ$O*KDPXV"
&RPPHQWDU\ *KDPXV
PHDQVWRGURZQ$IDOVHRDWKGURZQVRQHLQVLQ)RUWKLVUHDVRQLWLVFDOOHG
$O<DPLQ$O*KXPXVWKHRDWKWKDWGURZQVRQHLQVLQ,VLWRSHQWRH[SLDWLRQ"6RPHUHOLJLRXVVFKRODUV
EHOLHYHWKDWLWLVZKLOHRWKHUVWKLQNLWLVQRWEHFDXVHLQWKHLURSLQLRQLWLVDOLHZKLFKLVHPSOR\HGWR
GHSULYHVRPHERG\RIKLVZHDOWKDQGSURSHUW\)RUWKLVUHDVRQWKH\VD\WKDWLQVXFKFDVHRQHVKRXOGEHJ
SDUGRQIURP $OODKDQGDUUDQJHWRUHVWRUHWKHZHDOWKDQGSURSHUW\WRWKHYLFWLP7KLVVHHPVWREHWKH
PRUHDSSURSULDWHFRXUVHIRULWEHFDXVHPHUHUHSHQWDQFHFDQQRWUHPLWWKLVVLQ,WLVQHFHVVDU\WRUHFWLI\
WKHZURQJDQGFRPSHQVDWHWKHYLFWLP
&+$37(5
'(6,5$%,/,7<2)(;3,$7,1*
7+(2$7+7$.(1%<$3(5621
:+2$)7(5:$5'6%5($.6,7
)25$%(77(5$/7(51$7,9(
C$EGXU5DKPDQELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK
3%8+VDLGWRPH:KHQ\RXWDNHDQRDWKDQGFRQVLGHUVRPHWKLQJHOVHWREHEHWWHUWKDQLWPDNH
H[SLDWLRQIRU\RXURDWKDQGFKRRVHWKHEHWWHUDOWHUQDWLYH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIDSHUVRQKDVWDNHQDQRDWKWRGRVRPHWKLQJ
EXWVXEVHTXHQWO\UHDOL]HVWKDWLWLVEHWWHUWRIRUHJRWKHRDWKKHVKRXOGH[SLDWHIRUWKHRDWKUDWKHUWKDQ
VWLFNLQJWRLWEHFDXVHLWLVHDVLHUWRH[SLDWHIRUWKHRDWKWKDQWRVXIIHUDORVVEHLWLQUHOLJLRQRU
RWKHUZLVH
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
$KO
PHDQVZLIHFKLOGUHQDQGRWKHUPHPEHUVRIRQH
VIDPLO\)RUH[DPSOHLIDPDQWDNHVDQRDWK
UHJDUGLQJVRPHPDWWHUUHODWLQJWRKLVZLIHDOWKRXJKWKHDFWKHKDVIRUELGGHQKLPVHOILVEHWWHUIRUKLP
LWZLOOEHVLQIXOWRVWLFNWRWKHRDWK)DUOHVVWKDQWKLVVLQZRXOGEHWKHEUHDNLQJRIWKHRDWKWRQRUPDOL]H
KLVUHODWLRQZLWKKLVZLIHDQGFKLOGUHQ7KHHVVHQFHRIDOOWKHVH$KDGLWKLVWKDWLIRQHFRPHVWRUHDOL]H
WKDWDIWHUWDNLQJDQRDWKKLVRDWKZDVZURQJWKHQKHPXVWEUHDNWKHRDWKDQGGRZKDWKHKDGYRZHG
QRWWRGR7KHUHDUHGLIIHUHQWIRUPVRIEUHDNLQJWKHRDWKV)RULQVWDQFHLIRQHKDVWDNHQDQRDWKWKDWKH
ZLOOGULQNDOFRKROLWZLOOEHREOLJDWRU\IRUKLPWREUHDNKLVRDWK2ULIRQHWDNHVDQRDWKWRQRWWRGRD
WKLQJZKLFKLVGHVLUDEOHRUWDNHQDQRDWKWRGRVRPHWKLQJZKLFKLVQRWGHVLUDEOHWKHQLWZLOOEH
GHVLUDEOHWREUHDNWKHRDWK6LPLODUO\LIRQHWDNHVDQRDWKWRQRWWRGRVRPHWKLQJSHUPLVVLEOHWKHQWKH
DFWRIEUHDNLQJWKHRDWKZLOODOVRFRPHLQWKHFDWHJRU\RISHUPLVVLEOH
7KHH[SLDWLRQRIDQRDWKLVQHFHVVDU\7KLVFDQEHGRQHE\PHDQVRIIHHGLQJWHQSRRUSHUVRQVRUE\
SURYLGLQJFORWKHVWRDVLPLODUQXPEHURISHUVRQVRUE\VHWWLQJDVODYHIUHH,IRQHGRHVQRWKDYHWKH
FDSDFLW\WRGRDQ\RIWKHWKUHHDFWVWKHQKHVKRXOGREVHUYHIDVWIRUWKUHHGD\V
,ILQVSLWHRIUHDOL]LQJWKDWWKHDFWRQHKDVYRZHGQRWWRGRLVEHWWHURQHVWLOOVWLFNVWRKLVRDWKKH
ZRXOGEHWKHQPRUHVLQIXO
&+$37(5
(;3,$7,212)2$7+6
$OODKWKH([DOWHGVD\V
$OODKZLOOQRWSXQLVK\RXIRUZKDWLVXQLQWHQWLRQDOLQ\RXURDWKVEXW+HZLOOSXQLVK\RXIRU
\RXUGHOLEHUDWHRDWKVIRULWVH[SLDWLRQDGHOLEHUDWHRDWKIHHGWHQ0DVDNLQSRRUSHUVRQVRQD
VFDOHRIWKHDYHUDJHRIWKDWZLWKZKLFK\RXIHHG\RXURZQIDPLOLHVRUFORWKHWKHPRUPDQXPLWD
VODYH%XWZKRVRHYHUFDQQRWDIIRUGWKDWWKHQKHVKRXOGREVHUYHIDVWIRUWKUHHGD\V7KDWLVWKH
H[SLDWLRQIRUWKHRDWKVZKHQ\RXKDYHVZRUQ$QGSURWHFW\RXURDWKVLHGRQRWVZHDUPXFK
ZDVUHYHDOHGLQUHVSHFWRIWKRVHSHUVRQVZKRDUHLQWKHKDELWRI
UHSHDWLQJC1RE\$OODK
DQGC<HVE\$OODK
>$O%XNKDUL@
&RPPHQWDU\
)URPWKHSUHYLRXVDVZHOODVSUHVHQWFKDSWHUZHOHDUQWKDWWKHUHDUHWKUHHNLQGVRIRDWKV
)LUVWIDOVHRDWK$O<DPLQ$O*KDPXV
7KLUG$O0XCDTTDGDK,WLVDQRDWKZKLFKRQHWDNHVZKROHKHDUWHGO\IRUGRLQJRUQRWGRLQJDQ\WKLQJ,W
LVOLDEOHIRUH[SLDWLRQLIRQHYLRODWHVLW,WVH[SLDWLRQLVPHQWLRQHGLQWKLV+DGLWK
:KDWZLOOEHWKHTXDQWLW\RIWKHDYHUDJHIRRGWKDWLVWREHVHUYHGWRWKHWHQSHUVRQE\ZD\RI
H[SLDWLRQ":HGRQRWILQGDQ\HODERUDWLRQRIWKLVLQDQ\+DGLWK6RPHC8ODPD
KDYHVWDWHGWKDWLW
PHDQVPHDOVRIWKHGD\DQGQLJKW6RPHVFKRODUVKDYHWDNHQVXSSRUWRID+DGLWKDQGVXJJHVWHGWKDWLW
VKRXOGEHRQH0XGGDERXWKDOINLORJUDPSHUKHDGEHFDXVHWKLVLVWKHTXDQWLW\ZKLFKWKH3URSKHW
3%8+SUHVFULEHGDVH[SLDWLRQIRUVH[XDOLQWHUFRXUVHZLWKRQH
VZLIHGXULQJIDVWLQJ7KHH[SLDWLRQ
SUHVFULEHGE\KLPZDV6DCGDWHVZKLFKZHUHWREHGLYLGHGDPRQJVL[W\SRRUIHOORZV6LQFHRQH6DC
FRQVLVWVRIIRXU0XGGWKHTXDQWLW\RIIRRGZLWKRXWFXUU\IRUWHQSHUVRQVZRXOGEHVL[NLORJUDPV,EQ
.DWKLU7KLVPHDQVWKDWLWZRXOGEHVL[NLORJUDPVRIIORXURUULFHRUGDWHVHWF7KXVHYHQLIWHQSRRU
SHUVRQVDUHVHUYHGZLWKDQDYHUDJHPHDOLWZRXOGEHDVXEVWDQWLDOTXDQWLW\$OODK$ORQHNQRZVZKDWLV
FRUUHFW
&+$37(5
$%20,1$7,212)6:($5,1*
,175$16$&7,21
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+
VD\LQJ6ZHDULQJSURGXFHVDUHDG\VDOHIRUDFRPPRGLW\EXWEORWVRXWWKHEOHVVLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KDWLVPHDQWKHUHLVWKDWLIDSHUVRQWDNHVDQRDWKZKLOHRIIHULQJDPHUFKDQGLVHKH
PD\VXFFHHGLQVHOOLQJDODUJHTXDQWLW\RILWEXWWKLVLVQRWDIDLUPHDQVRIEXVLQHVVEHFDXVHLWLQFUHDVHV
WKHVDOHEXWUREVWKHEXVLQHVVRILWVEOHVVLQJV7KHUHIRUHHYHQLIDSHUVRQLVSHUIHFWO\ULJKWLQKLV
VWDWHPHQWLQUHVSHFWRIKLVPHUFKDQGLVHKHVKRXOGQRWWDNHDQRDWKWRLQIOXHQFHKLVFXVWRPHUV
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRPHQWLRQVWKHVDPHWKLQJZKLFKKDVEHHQVWDWHGLQWKHSUHFHGLQJ
+DGLWK,WKDVIRRGIRUWKRXJKWWKDWZKHQRDWKUREVWKHGHDORILWVEOHVVLQJHYHQLIRQH
VRDWKLV
SHUIHFWO\WUXHKRZJUHDWDVLQWKRVHFRPPLWZKRWDNHIDOVHRDWKVWRVHOOWKHLUJRRGV0D\$OODKVDYHXV
IURPFRPPLWWLQJWKLVVLQ
&+$37(5
$%287%(**,1*,17+(
1$0(2)$//$+
-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG1RRQH
VKRXOG DVNLQWKH)DFHRI$OODKIRUDQ\WKLQJH[FHSW-DQQDK
>$EX'DZXG@
&RPPHQWDU\ 6KHLNK$O$OEDQLKDVVWDWHGZLWKUHJDUGWRWKLV+DGLWKWKHIROORZLQJSRLQWV
)LUVWWKLV+DGLWKLVZHDNLQDXWKRULW\
6HFRQGHYHQLILWVDXWKRULW\LVWDNHQWREHFRUUHFW WKHQEHJJLQJLQWKH1DPHRI$OODKIRUZRUOGO\QHHGV
LVSURKLELWHGEXWKRZFDQWKHEHJJLQJRIJRRGRIWKH+HUHDIWHUJXLGDQFHDQGWKHSDWKWR-DQQDK
EHFRPHVSURKLELWHG"
1HYHUWKHOHVVEHJJLQJLQWKH1DPHRI$OODKIRUZRUOGO\JDLQVLVGLVDSSURYHG
>$EX'DZXGDQG$Q1DVD
L@
&RPPHQWDU\ 7KHIROORZLQJSRLQWVDUHFOHDUIURPWKLV+DGLWK
)LUVWVXSSOLFDWLQJIRUVDIHW\DQGDVNLQJLQWKH1DPHRI$OODKLVHQGRUVHG
6HFRQGLIDSHUVRQEHJVLQWKH1DPHRI$OODKKHVKRXOGQRWEHWXUQHGGRZQ+HPXVWEHJLYHQ
VRPHWKLQJWRKRQRXUWKH1DPHRI$OODK+RZHYHULIRQHLVVXUHWKDWWKHSHWLWLRQHULVDSURIHVVLRQDO
EHJJDUDQGGRHVQRWVWDQGLQQHHGRIZKDWKHLVEHJJLQJWKHQLWLVEHWWHUWRWXUQKLPGRZQLQRUGHUWR
GLVFRXUDJHWKHHYLORIEHJJLQJLQWKHVRFLHW\
7KLUGRQHVKRXOGUHWXUQNLQGQHVVZLWKNLQGQHVVEXWLIRQHLVXQDEOHWRGRVRWKHQRQHVKRXOG
ZKROHKHDUWHGO\SUD\IRUWKHEHQHIDFWRUEHFDXVHWKLVLVDOVRDIRUPRIUHWXUQLQJDNLQGQHVV
)RXUWKRQHPXVWDFFHSWLQYLWDWLRQWRDIHDVWSURYLGHGLWLVIUHHIURPDOOWKLQJVIRUELGGHQE\,VODP
&+$37(5
352+,%,7,212)$''5(66,1*
620(%2'<$6C7+(.,1*2)
.,1*6
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OODKDSSUHFLDWHVKXPLOLW\DQGKXPEOHQHVVDQGDEKRUVSULGHDQGKDXJKWLQHVV7R
DUURJDWHWRRQHVHOIWKHWLWOHRIC7KHNLQJRINLQJV
UHIOHFWVSULGHDQGQRWKXPLOLW\DQGLVWKHUHIRUH
IRUELGGHQ0RUHRYHUWKLVLVDQ([FOXVLYH$WWULEXWHRI$OODKDQGLWLVXQMXVWWRDVVRFLDWHLWZLWKDQ\RQH
HOVH
&+$37(5
352+,%,7,212)&21)(55,1*
$7,7/(2)+212858321$
6,11(5$+<32&5,7($1'
7+(/,.(
%XUDLGDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG'RQRW
DGGUHVVDK\SRFULWHZLWKWKHWLWOHRIFKLHIRUVLPLODUWLWOHVRIUHVSHFWIRUHYHQLIKHGHVHUYHVWKLVWLWOH
\RXZLOOLQYLWH$OODK
V:UDWKE\XVLQJLWIRUKLP
>$EX'DZXG@
&RPPHQWDU\ $VLQQHUGRHVQRWGHVHUYHDQ\UHVSHFW+LVUHVSHFWDPRXQWVWRLQYLWLQJWKH:UDWKRI
$OODK+\SRFULWHVLQQRYDWRUVLQUHOLJLRQGLVEHOLHYHUVSRO\WKHLVWVDWKHLVWVKHUHWLFVDQGWKRVHZKR
GLVREH\$OODKDQG+LV3URSKHW3%8+IDOOLQWKLVFDWHJRU\DQGQRQHRIWKHPGHVHUYHDQ\UHVSHFW,WLV
WKH0XVOLPVWKHSLRXVDQGWKRVHZKRDUHIDLWKIXOWR$OODKDQG +LV3URSKHW3%8+ZKRDUHZRUWK\RI
UHVSHFW
&+$37(5
81'(6,5$%,/,7<2)5(9,/,1*
)(9(5
-DELU0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH0HVVHQJHURI$OODK3%8+YLVLWHG8PP
6D
LERU8PP0XVDL\\DEDQGDVNHGKHU:KDWDLOV\RX28PP6D
LE RU8PP0XVDL\\DE"<RX
DUHVKLYHULQJ
6KHUHSOLHG,WLVDIHYHUPD\$OODKQRWEOHVVLW
+HVDLGWRKHU'RQRWUHYLOHIHYHU
IRULWFOHDQVHVRXWWKHVLQVRIWKHVRQVRI$GDPLQWKHVDPHZD\WKDWDIXUQDFHUHPRYHVWKHGLUWRILURQ
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDVGLVHDVHVDUHPHDQVRIH[SLDWLRQRIVLQVRQHVKRXOG
QRWFRQGHPQWKHP0RUHVRIRUWKHSHUVRQWKDWWKH\DUHDSDUWRIIDWH WKH:LOORI$OODK+RZHYHU
WKHUHLVQRKDUPLQWDNLQJQHFHVVDU\PHDVXUHVWRRYHUFRPHWKHPEHFDXVH6KDUL
DKPDNHVLWREOLJDWRU\
WRGRVR
&+$37(5
352+,%,7,212)5(9,/,1*
7+(:,1'
$EXO0XQGKLU8EDL\ELQ.DCE0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK
3%8+VDLG'RQRWUHYLOHWKHZLQG:KHQ\RXH[SHULHQFHVRPHWKLQJDERPLQDEOHDERXWLW
VXSSOLFDWHC$OODKXPPDLQQDQDV
DOXNDPLQNKDLULKDGKLKLUULKLZDNKDLULPDILKDZDNKDLULPDXPLUDW
ELKL:DQDCXGKXELNDPLQVKDUULKDGKLKLUULKLZDVKDUULPDILKDZDVKDUULPDXPLUDWELKL2$OODK
ZHEHJRI<RXWKHJRRGRIWKLVZLQGDQGWKHJRRGRIWKDWZKLFKLWFRQWDLQVDQGWKHJRRGRIWKDWZKLFK
LWKDVEHHQFRPPDQGHGDQGZHVHHNUHIXJHLQ\RXIURPWKHHYLORIWKLVZLQGDQGWKHHYLORIWKDWZKLFK
LWFRQWDLQVDQGWKHHYLORIWKDWZKLFKLWKDVEHHQFRPPDQGHG
>$W7LUPLGKL@
>$EX'DZXGZLWKJRRG,VQDG@
>0XVOLP@
&RPPHQWDU\ /LNH+LVLQQXPHUDEOHRWKHUJLIWVWKHZLQGLVDIUHHJLIWRI$OODKZKLFKLVHVVHQWLDOIRU
PDQ
VKHDOWKDQGVXVWHQDQFH%XWLI$OODKZLOOV+HFDQWXUQLWLQWRDPHDQVRIGHVWUXFWLRQDQGUXLQ
7KHUHIRUHRQHVKRXOGSUD\WR$OODKWRHQDEOHKLPWREHQHILWIURPLWVJRRGHIIHFWVDQGVDYHKLPIURP
EDGRQHV
&+$37(5
81'(6,5$%,/,7<2)5(9,/,1*
7+(52267(5
=DLGELQ.KDOLG$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK
3%8+VDLG'RQRWUHYLOHWKHURRVWHUIRULWZDNHV\RXXSIRUSUD\HU
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKLVVHOIHYLGHQW7KHXWLOLW\RIWKHFRFNLVQRWUHDOL]HGPXFKQRZDGD\VDV
$GKDQLVDPSOLILHGWKURXJKORXGVSHDNHUV%HIRUHWKHLQYHQWLRQRIORXGVSHDNHUVWKHYRLFHRI
0X
DGKGKLQFRXOGJRWRDVKRUWGLVWDQFHRQO\DQGLWZDVFRFN
VFURZZKLFKXVHGWRDZDNHQWKH
0XVOLPVIRU7DKDMMXGDQG)DMUSUD\HUV7KXVZHOHDUQIURPWKLV+DGLWKWKDWZKRVRHYHUFRRSHUDWHVLQ
YLUWXHVKRXOGEHUHVSHFWHG2QHVKRXOGDOVRLQGXFHSHRSOHWRYLUWXHDQGFRRSHUDWHZLWKWKHPLQJRRG
GHHGVVRWKDWRQHLVZHOOUHZDUGHGIRULWE\$OODK
&+$37(5
352+,%,7,212)$775,%87,1*
5$,1727+(67$56
=DLGELQ.KDOLG0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+OHGWKH
)DMUSUD\HUDW$O+XGDLEL\\DKDIWHUDUDLQIDOOGXULQJWKHQLJKW$WWKHFRQFOXVLRQRISUD\HUKHWXUQHG
WRZDUGVWKHSHRSOHDQGVDLG'R\RXNQRZZKDW\RXU5XEEKDVVDLG"
7KH\UHSOLHG$OODKDQG+LV
0HVVHQJHUNQRZEHWWHU
8SRQWKLVKHUHPDUNHG+HKDVVDLGC6RPHRI0\VODYHVKDYHHQWHUHGWKH
PRUQLQJDV0\EHOLHYHUVDQGVRPHDVXQEHOLHYHUV+HZKRVDLG:HKDYHKDGDUDLQIDOOGXHWRWKH
*UDFHDQG0HUF\RI$OODKEHOLHYHVLQ0HDQGGLVEHOLHYHVLQWKHVWDUVDQGKHZKRVDLG:HKDYHKDGD
UDLQIDOOGXHWRWKHULVLQJRIVXFKDQGVXFKVWDUGLVEHOLHYHVLQ0HDQGDIILUPVKLVIDLWKLQWKHVWDUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
6LQFH$OODKLVWKH5HDO&UHDWRUDQG0DNHURIDOOWKLQJVDQGHYHQWVWKHVHVKRXOGZLWKRXWDQ\
H[FHSWLRQEHDWWULEXWHGWR+LP$ORQH,IDUHIHUHQFHLVPDGHWRWKHFDXVHRUFDXVHVZKLFKRFFDVLRQDQ
LQFLGHQWRUHYHQWLWLVSHUPLVVLEOHEXWWRDVFULEHWKHPHQWLUHO\WRVRPHIDFWRURUIDFWRUVLVWKHFRQGXFW
RISRO\WKHLVWVDQGDPRXQWVWR6KLUNDQG.XIU
3HRSOHRIWKH3HULRGRI,JQRUDQFHXVHGWRDVFULEHWKHUDLQZKLFKRFFXUUHGDWWKHDSSHDUDQFHRU
VHWWLQJRIVRPHVWDUWRWKDWVWDUDQGZRXOGWKXVDFFHSWLWDVWKHUHDOFDXVHRILW,QWKLV+DGLWKVXFK
DVFULSWLRQKDVEHHQUHJDUGHGDV.XIUDQG6KLUN
&+$37(5
352+,%,7,212)&$//,1*$
086/,0$1,1),'(/
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG:KHQ
DSHUVRQFDOOVKLVEURWKHULQ ,VODPDGLVEHOLHYHURQHRIWKHPZLOOFHUWDLQO\GHVHUYHWKHWLWOH,IWKH
DGGUHVVHHLVVRDVKHKDVDVVHUWHGWKHGLVEHOLHIRIWKHPDQLVFRQILUPHGEXWLILWLVXQWUXHWKHQLWZLOO
UHYHUWWRKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWRFDOOD0XVOLPD.DILULVVWULFWO\SURKLELWHGEHFDXVHLI
WKHRQHZKRKDVEHHQFDOOHGDVVXFKGRHVQRWKDYHWKHWUDLWVZKLFKPDNHVKLPD.DILUWKHQWKHRQH
ZKRVD\VLWZLOOEHKHOG.DILU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDWWRFDOOZLWKRXWUHDVRQDQ\0XVOLPD.DILURUHQHP\RI
$OODKLVVWULFWO\SURKLELWHG
&+$37(5
352+,%,7,212)2%6&(1,7<
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG$
WUXHEHOLHYHUGRHV QRWWDXQWRUFXUVHRUDEXVHRUWDONLQGHFHQWO\
>$W7LUPLGKL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLQRUGHUIRURQHWREHDSHUIHFWEHOLHYHULWLVQRWHQRXJK
WRSRVVHVVDOOWKHPRUDOTXDOLWLHVEXWRQHPXVWDOVRNHHSRQHVHOIDZD\IURPPRUDOHYLOV
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKLQGXFHVXVWRDEDQGRQLQGHQFHQF\DQGDGRSWGHFHQF\
&+$37(5
81'(6,5$%,/,7<2)35(7(17,2861(66
$1'(;$**(5$7,21'85,1*
&219(56$7,21
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG5XLQHGDUH$O
0XWDQDWWLCXQ
+HUHSHDWHGWKLVWKULFH
>0XVOLP@
&RPPHQWDU\ 0XWDQDWWLCXQDUHWKRVHSHRSOHZKRDUHLQWKHKDELWRIPDNLQJXQQHFHVVDU\DQG
XQUHDVRQDEO\ILQHGLVWLQFWLRQVH[DJJHUDWLRQDUWLILFLDODQGHORTXHQWVSHHFKLQVLPSOHPDWWHUV:HOHDUQ
IURPWKLV+DGLWKWKDWLQDOOPDWWHUVRQHVKRXOGDGRSWVLPSOLFLW\DQGDYRLGH[DJJHUDWLRQQRPDWWHU
ZKHWKHULQVSHHFKRUDFWLRQ
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHSHUVRQUHIHUUHGWRLQWKLV+DGLWKLVRQHZKRVSHDNVZLWKDIIHFWLRQWRGLVSOD\KLV
HORTXHQFH
>$W7LUPLGKL@
&+$37(5
$%20,1$7,212)6(/)
&21'(01$7,21
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG7KH3URSKHW3%8+VDLG1RQHRI\RXVKRXOG
VD\C0\VRXOKDVEHFRPHHYLO
+HVKRXOGVD\C0\VRXOLVLQEDGVKDSH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ .KDEXVDWXDQG/DTLVDWXDUHV\QRQ\PRXVEXWWKHIRUPHUKDVDSSHDUDQFHRIJUHDWHU
VLQIXOQHVV,PDP$O.KDWWDELVD\VWKDWWKLVLVDJXLGDQFHIRUVSHDNLQJLQDSURSHUPDQQHU2QHVKRXOG
DOZD\VXVHDGHFHQWZRUGDQGDEVWDLQIURPLPSROLWHODQJXDJH
&+$37(5
81'(6,5$%,/,7<2)&$//,1*
*5$3(6C$/.$50
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQLV9HULO\$O.DUPLVWKHKHDUWRIDWUXHEHOLHYHU
$QRWKHUQDUUDWLRQLV3HRSOHKDYHQDPHGJUDSHVDV$O.DUPYHULO\RQO\WKHKHDUWRIDEHOLHYHULV$O
.DUP
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDOOWKHGHULYDWLYHVIURPWKHZRUG$O.DUPFDQEHXVHG
OHJLWLPDWHO\IRU0XVOLPVRQO\EHFDXVH0XVOLPLV.DULP,WLVWKHUHIRUHZURQJWRFDOOJUDSHVDV.DUP
:D
LOELQ+XMU0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG'RQRWVD\$O
.DUPZKHQWDONLQJDERXWJUDSHVEXWVD\$OC,QDERU$O+DEDODK
>0XVOLP@
&+$37(5
352+,%,7,212)'(6&5,%,1*
7+(&+$5062)$:20$172
$0$1:,7+287$9$/,'
5($621$33529('%<7+(
6+$5,C$+
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG1R
ZRPDQVKRXOGWRXFKDQRWKHUZRPDQ
VERG\DQGWKHQGHVFULEHWKHGHWDLOVRIKHUILJXUHWRKHUKXVEDQG
LQVXFKDPDQQHUDVLIKHZDVORRNLQJDWKHU
>$O%XNKDUL@
&RPPHQWDU\ 0XEDVKLUDK
PHDQVPHHWLQJRIWZRERGLHV
DQGKHUHLWVLJQLILHVWKDWRQHVKRXOGQRW
VHHDQRWKHUSHUVRQ
VERG\+HUHLWLVXVHGLQLWVOLWHUDODVZHOODVPHWDSKRULFDOVHQVH:KDWLWUHDOO\
PHDQVLVWKDWQHLWKHUDZRPDQVKRXOGVHHWKHERG\RIDQ\RWKHUZRPDQQRUVKRXOGVKHWRXFKKHURZQ
ERG\ZLWKWKHERG\RIVRPHRWKHUZRPDQIRULIVKHGRHVVRVKHZLOOFRPHWRNQRZWKHSK\VLFDO
TXDOLWLHVRIWKHRWKHUZRPDQZKLFKVKHPD\GLVFORVHWRKHUKXVEDQG6XFKGLVFORVXUHVPD\LQGXFHKHU
KXVEDQGWRPLVFKLHIDQGHYHQWXDOO\UXLQKHURZQOLIH2QHLVDOORZHGKRZHYHUWRGLVFORVHDZRPDQ
V
FKDUPVWRDPDQZKRLQWHQGVWRPDUU\KHU
&+$37(5
$%20,1$7,212)6$<,1*
)25*,9(0(,)<28:,6+
2$//$+
>$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQRI0XVOLPLV$VXSSOLFDWLRQVKRXOGEHPDGHLQIXOOFRQILGHQFHDQGRQHVKRXOG
SHUVLVWHQWO\H[SUHVVKLVGHVLUHEHIRUH$OODKLQKLVVXSSOLFDWLRQIRUQRERXQW\LVWRRJUHDWIRU$OODKWR
EHVWRZXSRQKLVVODYHV
&RPPHQWDU\ %HJIURP$OODKZLWKFHUWLWXGH
PHDQVWKDWRQHVKRXOGQRWSUD\ZLWKCLIV
DQGCEXWV
EXW
VKRXOGPDNHDGHILQLWHSUD\HUDQGLQVLVWXSRQLW)RUQRERXQW\LVWRRJUHDWIRU$OODK
PHDQVWKDW
$OODKKDVDEVROXWHSRZHUWRDQVZHURXUSUD\HUVZKHWKHUWKH\UHODWHWRUHOLJLRXVRUZRUOGO\PDWWHUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGSUD\WR$OODKZLOOIXOOFRQILGHQFHWKDW+HZLOODQVZHUKLVSUD\HUV2QH
VKRXOGDOVRSHUVLVWLQSUD\LQJDQGQHYHUJLYHLQWRGHVSDLU
&+$37(5
$%20,1$7,212)6$<,1*
:+$7$//$+:,//6$1'
62$1'62:,//6
>$EX'DZXGZLWKDXWKHQWLF,VQDG@
&RPPHQWDU\ 7KHILUVWIRUPPHQWLRQHGLQWKLV+DGLWKLVSURKLELWHGIRUWKHUHDVRQWKDWLWFRPELQHVWKH
ZLOORIVRPHRQHZLWKWKH:LOORI$OODKZKLFKLVXWWHUO\ZURQJDQGDJDLQVWWKHIDFWXDOSRVLWLRQ,QWKH
VHFRQGIRUPWKH:LOORI$OODKFRPHVILUVWZKLFKLVWKHFRUUHFWSRVLWLRQDQGWKHZLOORIVRPHRQHHOVH
FRPHVODWHUZKLFKLVVXEMHFWWRWKH:LOORI$OODK7KHODWHUIRUPLVTXLWHIDLU
,WLVDVLIVRPHRQHVD\VWRDSHUVRQ,KDYHRQO\$OODK
V6XSSRUWDQG\RXUV
,QWKLVVWDWHPHQW$OODK
DQGPDQWKHSHUVRQDGGUHVVHGDUHJLYHQWKHVDPHVWDWXVZKLFKLVPRVWXQIDLUDQGXQMXVW,WZRXOG
KRZHYHUEHDOOULJKWWRVD\:HKDYHWKHVXSSRUWRI$OODKDQGWKHQ\RXUV
EHFDXVHWKLVVWDWHPHQWGRHV
QRWKDYHDQ\WUDFHRI6KLUNZKLFKWKHIRUPHUVWDWHPHQWKDV
&+$37(5
$%20,1$7,212)+2/',1*
&219(56$7,21$)7(5C,6+$
1,*+735$<(5
$EX%DU]DK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+GLVOLNHG
JRLQJWREHGEHIRUHWKHC,VKD
QLJKWSUD\HUDQGLQGXOJLQJLQFRQYHUVDWLRQDIWHULW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHSURKLELWLRQRIJRLQJWREHGEHIRUHC,VKD
SUD\HULVWKDWLIRQHVOHHSVODWHDWQLJKWLW
EHFRPHVGLIILFXOWIRUKLPWRJHWXSIRU7DKDMMXGSUD\HURU)DMUSUD\HU0RUHRYHULIDSHUVRQJRHVWR
VOHHSVRRQDIWHUC,VKD
SUD\HUDOOKLVDFWLYLWLHVRIWKHGD\ZLOOHQGDWC,VKD
ZKLFKLVWKHPRVW
PHULWRULRXVDFW,WVKRXOGDOVREHERUQHLQPLQGWKDWZKHQKROGLQJDFRQYHUVDWLRQZKLFKLVGLVOLNHGRU
IRUELGGHQDWRWKHUWLPHVEHFRPHVHYHQPRUHVRDWWKLVSDUWLFXODUWLPHLHDIWHUC,VKD
SUD\HU,PDP
$Q1DZDZL
VFRQWHQWLRQWKDWWKLQJVOLNHDFDGHPLFGLVFXVVLRQWDONLQJWRDJXHVWGLVFXVVLQJWKHOLYHVRI
WKHSLRXVHWFDUHQRWRQO\SHUPLVVLEOHEXWGHVLUDEOHLVDOVRVXEMHFWWRWKHFRQGLWLRQWKDWVXFKDQ
DFWLYLW\GRHVQRWLQYROYHWKHULVNRIORVLQJWKH)DMUSUD\HU,IRQHVSHQGVVRPXFKWLPHLQVXFKDFWLYLWLHV
WKDWKHLVOLNHO\WRPLVVWKH)DMUSUD\HUWKHQWKHSHUPLVVLRQWRKROGDFDGHPLFGLVFXVVLRQEHFRPHV
GRXEWIXO
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQWKHIROORZLQJWKUHHSRLQWVIURPWKLV+DGLWK)LUVWC,VKD
SUD\HUFDQEH
GHIHUUHGWLOOPLGQLJKW
6HFRQG,WLVSHUPLVVLEOHWRNHHSDZDNHIRULWWRRIIHULWLQFRQJUHJDWLRQ,WLVDOVRSHUPLVVLEOHWRHQJDJH
LQDEHQHILFLDODFWLYLW\DIWHUC,VKD
SUD\HULQYROYLQJVXFKLPSRUWDQWPDWWHUVDVDFTXLULQJWHDFKLQJ
NQRZOHGJHRUHYHQVSHQGLQJWLPH ZLWKRQH
VZLIHRUJXHVW
7KLUG7KHSHULRGVSHQWLQZDLWLQJZLOOEHWUHDWHGDVWLPHVSHQWLQ6DODWDQGLWVUHZDUGZLOODOVREH
JUHDWHULQVLPLODUSURSRUWLRQV
&+$37(5
352+,%,7,212)5()86$/%<
$:20$1:+(1+(5+86%$1'
&$//6+(572+,6%('
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG,ID
PDQFDOOVKLVZLIHWRKLVEHGDQGVKHUHIXVHVDQGWKXVKHVSHQGVWKHQLJKWDQJU\ZLWKKHUWKHDQJHOV
FRQWLQXHFXUVLQJKHUWLOOWKHPRUQLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVLQFXPEHQWRQHYHU\ZRPHQWRUHVSRQGWRKHUKXVEDQG
VLQYLWDWLRQWRKLVEHGIRU
VH[XDOLQWHUFRXUVH,WZRXOGEHDGLIIHUHQWPDWWHULIVKHKDVDODZIXOUHDVRQIRULWVXFKDVREVHUYLQJDQ
REOLJDWRU\DFWRIZRUVKLSOLNHIDVWLQJGXULQJ WKHPRQWKRI5DPDGDQLOOQHVVPHQVHVHWF,QVXFK
HYHQWVVKHZRXOGEHREYLRXVO\XQDEOHWRFRPSO\ZLWKWKHZLVKRIKHUKXVEDQG%XWLQWKHDEVHQFHRI
DQ\ODZIXOUHDVRQVKHZRXOGEHFRQGHPQHGE\WKHDQJHOV7KLVLVHPSKDVL]HGRQZRPHQIRUWKH
UHDVRQWKDW DKXVEDQGVKRXOGQRWLJQRUHKLVZLIHDQGWXUQWRVRPHRWKHUZRPHQ,IDZRPDQIDLOVWR
VDWLVI\WKHVH[XDOXUJHRIKHUKXVEDQGKHFDQJRDVWUD\,WLVWKHUHIRUHQHFHVVDU\WKDWVKHVKRXOGQRW
VKRZDQ\VODFNQHVVLQFRPSO\LQJZLWKKHUKXVEDQG
VZLVKHV
&+$37(5
352+,%,7,212)2%6(59,1*
$1237,21$/6$80)$67%<
$:20$1:,7+2877+(
3(50,66,212)+(5+86%$1'
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG,WLV
QRWODZIXOIRUDZRPDQWRREVHUYHDQRSWLRQDO6DXPIDVWZLWKRXWWKHSHUPLVVLRQRIKHUKXVEDQGZKHQ
KHLVDWKRPH1RUVKRXOGVKHDOORZDQ\RQHWRHQWHUKLVKRXVHZLWKRXWKLVSHUPLVVLRQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ )DVWLQJKHUHVLJQLILHVYROXQWDU\IDVWLQJ6LPLODULVWKHFDVHRIRWKHUYROXQWDU\SUD\HUV
LHYROXQWDU\6DODWUHFLWDWLRQHWF,WLVQRWSHUPLVVLEOHWRGRVXFKDFWVZLWKRXWWKHSHUPLVVLRQRIWKH
KXVEDQGLIKHLVSUHVHQW,WVKRXOGEHERUQHLQPLQGWKDWDZRPHQLVQRWSHUPLWWHGWROHWHYHQKHU
QDWXUDOUHODWLRQVZKRDUH0DKUDP FRPHLQKHUKRPHLQWKHDEVHQFHRIKHUKXVEDQG6KHFDQ
KRZHYHUDOORZVXFKSHUVRQVWRFRPHDERXWZKRPKHUKXVEDQGKDVJLYHQH[SUHVVSHUPLVVLRQRULQ
UHVSHFWRIZKRPKHNHHSVVLOHQW
&+$37(5
352+,%,7,212)5$,6,1*
21(
6+($'%()25(7+(,0$0
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG'RHVKHZKR
UDLVHVXSKLVKHDGEHIRUHWKH,PDPQRWIHDUWKDW$OODKZLOOPDNHKLVKHDGWKDWRIDGRQNH\RUPDNHKLV
DSSHDUDQFHVLPLODUWRWKDWRIGRQNH\"
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDVWHUQZDUQLQJIRUWKRVHZKRWDNHSUHFHGHQFHRYHUWKH,PDPLQWKH
FRXUVHRI6DODW7KHIDFHVRIVXFKZLOOEHWXUQHGE\$OODKLQWRWKRVHRIGRQNH\VDQGWKDWLVOHDVW
GLIILFXOWIRU+LP6KHLNK,EQ+DMDU$O+DLWKDPLPHQWLRQHGLQKLV$O0XCMDPWKDWVRPHSHRSOH
VIDFHV
KDYHUHDOO\EHHQWXUQHGLQWRWKRVHRIGRQNH\V,WLVWKHUHIRUHHVVHQWLDOIRUHYHU\RQHZKRRIIHUV6DODWLQ
FRQJUHJDWLRQWRIROORZWKHDFWLRQVRI,PDPLQ6DODW7RGRDQ\WKLQJEHIRUHWKH,PDPLQWKHFRXUVHRI
6DODWLVDJUHDWVLQDQGVRPHVFKRODUVKROGWKDWVXFK6DODWLVYDOLGEXWWKHRQHZKRGRHVVRZLOOEH
GHHPHGVLQIXO,PDP,EQ+DQEDOKRZHYHUUHJDUGVWKLV6DODWDVLQYDOLG
&+$37(5
352+,%,7,212)3/$&,1*7+(
+$1'6217+(6,'(6'85,1*
$66$/$77+(35$<(5
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG:HDUHSURKLELWHGIURPSODFLQJWKHKDQGRQ
WKHVLGHGXULQJ$V6DODWWKHSUD\HU
>$O%XNKDULDQG0XVOLP@
2QHFDQKRZHYHUGRVRRQO\LIWKHUHLVVXFKDSDLQWKDWKHLV
FRPSHOOHGWRSODFHWKHKDQGVWKHUH
&+$37(5
$%20,1$7,212)-2,1,1*
$66$/$77+(35$<(5:+(1
7+()22',65($'<25:+(1
21(,6,1'(63(5$7(1(('72
$16:(57+(&$//2)1$785(
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+VD\LQJ
1R6DODWSUD\HUVKRXOGEHSHUIRUPHGZKHQWKHIRRGKDVEHHQVHUYHGQRUVKRXOGLWEHSHUIRUPHG
ZKHQDSHUVRQLVLQQHHGRIUHOLHYLQJKLPVHOI
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGQRWRIIHU6DODWZKHQKHLVKXQJU\DQGWKH
IRRGKDVEHHQVHUYHGRUKDVWRDQVZHUWKHFDOORIQDWXUH7KHUHDVRQEHKLQGLVWKDWLIRQHRIIHUV6DODWLQ
WKDWFRQGLWLRQKHZLOOQRWEHDEOHWRGRLWZLWKIXOOFRQFHQWUDWLRQ6LPLODUO\LIRQHKDVWRDQVZHUWKH
FDOORIQDWXUHKHVKRXOGILUVWGRVRDQGWKHQRIIHU6DODW
&+$37(5
352+,%,7,212)5$,6,1*
21(
6(<(672:$5'67+(
6.<'85,1*$66$/$7
7+(35$<(5
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
+RZLVLWWKDWVRPHSHRSOHUDLVHWKHLUH\HVWRZDUGVWKHVN\GXULQJ$V6DODWWKHSUD\HU"
+HVWUHVVHG
WKLVSRLQWDQGDGGHG3HRSOHPXVWUHIUDLQIURPUDLVLQJWKHLUH\HVWRZDUGVKHDYHQLQ6DODWSUD\HURU
HOVHWKHLUVLJKWVZLOOFHUWDLQO\EHVQDWFKHGDZD\
>$O%XNKDUL@
&RPPHQWDU\ /RRNLQJWRZDUGVWKHVN\GXULQJSUD\HUGLVWXUEVWKHFRQFHQWUDWLRQLQ6DODWDQGWKHUHLVD
VWHUQZDUQLQJDJDLQVWWKLVEDGKDELW2QHFDQKRZHYHUGRVRDIWHU6DODWLHGXULQJRQH
V
VXSSOLFDWLRQV
&+$37(5
81'(6,5$%,/,7<2)*/$1&,1*
,121(',5(&7,21257+(
27+(5'85,1*35$<(5
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG,DVNHGWKH0HVVHQJHURI$OODK3%8+DERXW
UDQGRPORRNVLQ6DODWSUD\HUDQGKHUHSOLHG,WLVVRPHWKLQJZKLFK6DWDQVQDWFKHVIURPWKHVODYH
V
6DODW
>$O%XNKDUL@
&RPPHQWDU\ 3RXQFLQJ
RUVQDWFKLQJ
PHDQVWRWDNHDZD\VRPHWKLQJVZLIWO\IURPVRPHRQHZKLOH
KHLVQRWDOHUW:KHQDSHUVRQORRNVKHUHDQGWKHUHLQWKHFRXUVHRI6DODWDQGGRHVQRWFRQFHQWUDWHRQLW
6DWDQDYDLOVWKLVRSSRUWXQLW\DQGVSRLOVKLV6DODW
>$W7LUPLGKL@
&RPPHQWDU\ ,QWKHFKDLQRIWUDQVPLWWHUV>LH6DQDG@RIWKLV+DGLWKZHILQGC$OLELQ=DLGELQ-DGCDQ
ZKRLVNQRZQWREH'DCLILHZHDN,IWKLVQDUUDWLRQLVQRWUHOLDEOHWKHQVHHLQJKHUHDQGWKHUHHYHQLQ
YROXQWDU\6DODWLVQRWSHUPLVVLEOH+RZHYHULIDWDOOORRNLQJLVLQHYLWDEOHRQHFDQVOLJKWO\WXUQKLVIDFH
EHFDXVHLIRQHWXUQVWKHZKROHERG\KLV6DODWZRXOGEHFRPHLQYDOLGDVKHZRXOGQRWEHIDFLQJWKH
4LEODKZKLFKLVHVVHQWLDOIRU6DODW
&+$37(5
352+,%,7,212))$&,1*7+(
*5$9(6'85,1*6$/$7
35$<(5
$EX0DUWKDG.DQQD]ELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKKLPVDLG,KHDUGWKH0HVVHQJHU
RI$OODK3%8+VD\LQJ'RQRWRIIHU6DODWSUD\HUIDFLQJWKHJUDYHVDQGGRQRWVLWRQWKHP
>0XVOLP@
&RPPHQWDU\
,WLVSURKLELWHGWRIDFHWKHJUDYHVZKLOHRIIHULQJ6DODW,WVUHDVRQVHHPVWREHWKDWLWFUHDWHVD
UHVHPEODQFHWRSRO\WKHLVWV0RUHRYHULWKDVDWUDFHRIUHYHUHQFHIRUVRPHRQHRWKHUWKDQ$OODKZKLFK
WDNHVRQHWRZDUGV6KLUN
,WLVIRUELGGHQIRU0XVOLPVWRVLWRQWKHJUDYHVEHFDXVHLWLVGLVUHVSHFWRIPDQZKRP$OODKKDV
KRQRXUHG
7KHUHIRUH0XVOLPVVKRXOGDYRLGERWKSUDFWLFHVPHQWLRQHGDERYH,PDP$Q1DZDZLVDLG2XU
FRPSDQLRQVWKHVFKRODUVVDLGWKDWLWLV0DNUXKXQGHVLUDEOHWRSODVWHUWKHJUDYHZKLOHVLWWLQJ
OHDQLQJDJDLQVWLWRUUHVWLQJRQLWLV+DUDPIRUELGGHQ
&+$37(5
352+,%,7,212)3$66,1*,1
)52172)$:256+,33(5
:+,/(+(,62))(5,1*
6$/$735$<(5
$EXO-XKDLPC$EGXOODKELQ$O+DULWK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI
$OODK3%8+VDLG,IWKHSHUVRQZKRSDVVHVLQIURQWRIDSUD\LQJSHUVRQUHDOL]HVWKHHQRUPLW\RIWKH
VLQIXOQHVVRIWKLVDFWLWZLOOKDYHEHHQEHWWHUIRUKLPWRZDLWIRUW\WKDQWRSDVVLQIURQWRIKLP
>$O%XNKDULDQG0XVOLP@
>7KHQDUUDWRUZDVQRWVXUHZKHWKHUWKH3URSKHW3%8+VDLGIRUW\GD\VPRQWKVRU\HDUV@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVDJUHDWVLQWRSDVVEHIRUHDSHUVRQZKRLVRIIHULQJ
6DODW3HRSOHVKRXOGDOVRWDNHFDUHWKDWWKH\GRQRWRIIHU6DODWZLWKRXWSODFLQJD6XWUDKLQIURQWRI
WKHP$6XWUDKUHIHUVWRDQ\WKLQJWKDWDSHUVRQVHWVXSLQIURQWRIKLPWKLVFRXOGEHDVWLFNDQRWKHU
SHUVRQSUD\LQJLQIURQWRIKLPRUHYHQDOLQHZKLFKKHFDQGUDZRQWKHJURXQG7KHGLVWDQFHEHWZHHQ
WKHSHUVRQRIIHULQJKLV6DODWDQGWKH6XWUDKVKRXOGQRWEHPRUHWKDQDSSUR[LPDWHO\RQHPHWHUDQGD
KDOI,IWKHGLVWDQFHLVORQJHUWKDQWKLVWKHQLWLVQRWXQODZIXOWRSDVVEHIRUHVRPHRQHRIIHULQJ6DODW
&+$37(5
81'(6,5$%,/,7<2)2))(5,1*
237,21$/35$<(5$)7(57+(
$11281&(0(172),4$0$+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG:KHQWKH
,TDPDKLVFDOOHGQRSUD\HUVKRXOGEHSHUIRUPHGH[FHSWWKHREOLJDWRU\SUD\HU
>0XVOLP@
&+$37(5
$%20,1$7,212)6(/(&7,1*
)5,'$<)25)$67,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG7KH3URSKHW3%8+VDLG'RQRW
FKRRVHWKH)ULGD\QLJKWDPRQJDOORWKHUQLJKWVIRUVWDQGLQJLQ7DKDMMXGSUD\HUDQGGRQRWFKRRVH
)ULGD\DPRQJDOORWKHUGD\VIRU6DXPIDVWLQJH[FHSWWKDWRQH\RXKDYHDFFXVWRPHGWR
>0XVOLP@
&RPPHQWDU\ ,WLVXQGHVLUDEOHWRIL[-XPXCDKIRUYROXQWDU\IDVW2QHFDQKRZHYHUREVHUYHIDVWLQJLI
)ULGD\RFFXUVLQKLVURXWLQHRIIDVWVLHLIRQHREVHUYHVIDVWRQDOWHUQDWHGD\VDQG-XPXCDKRFFXUVRQ
WKHGD\ZKHQKHREVHUYHVIDVWRULIRQHREVHUYHVWKHIDVWRIWKH'D\RIC$UDIDKRUWKH'D\RIC$VKXUD
DQG)ULGD\RFFXUVRQWKDWGD\RULI)ULGD\RFFXUVGXULQJWKH$\\DP$O%HLGRU)ULGD\RFFXUVZKHQ
RQHLVREVHUYLQJIDVWVRI1DGKU IDVWVRQHKDVYRZHGIRU7KHUHLVQRKDUPLQREVHUYLQJIDVWRQ)ULGD\
LQDOOVXFKFDVHVEXWLWVVSHFLDOREVHUYDQFHRQ)ULGD\LVQRWUHFRPPHQGHG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWZHFDQIDVWRQ)ULGD\LIZHIDVWDORQJZLWKLWRQ
7KXUVGD\RU6DWXUGD\LHHLWKHURQHGD\EHIRUHRUDIWHULW
+HVDLG<HV
>$O%XNKDULDQG0XVOLP@
6KHVDLG1R
+HDVNHG'R \RXLQWHQGWRREVHUYHIDVWWRPRUURZ"
6KHVDLG1R
+HVDLG,QWKDWFDVHJLYHXS\RXUIDVWWRGD\
>$O%XNKDUL@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIVRPHRQHLVNHHSLQJIDVWRQ)ULGD\DQGKDVQRWIDVWHG
WKHGD\EHIRUHQRUGRHVKHLQWHQGWRIDVWWKHIROORZLQJGD\LH6DWXUGD\LWLVSHUPLVVLEOHIRUKLPWR
EUHDNKLVIDVW
&+$37(5
352+,%,7,212)(;7(1',1*
)$67%(<21'21('$<
$EX+XUDLUDKDQGC$LVKDK0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH3URSKHW3%8+
SURKLELWHGREVHUYLQJFRQWLQXRXVYROXQWDU\IDVWVEH\RQGRQHGD\
>$O%XNKDULDQG0XVOLP@
+HUHSOLHG,
DPQRWOLNH\RX,DPJLYHQWRHDWDQGWRGULQNIURP$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KURXJKWKLV+DGLWKZHOHDUQWKDWLQFHUWDLQPDWWHUVWKH3URSKHW3%8+KDGVRPHVSHFLILF
LQMXQFWLRQVZKLFKZHUHREOLJDWRU\IRUKLPEXWQRWIRUKLV8PPDK6XFKWKLQJVZHUHSHUPLVVLEOHIRU
KLPEXWQRWIRUKLVIROORZHUV$OOWKHVHWKLQJVDUHFDOOHGKLVVSHFLDOGLVWLQFWLRQV,WLVQRWSHUPLVVLEOHIRU
0XVOLPVWRIROORZVXFKSUDFWLFHV2QHRIWKHVHWKLQJVLV6DXP$O:LVDOZKLFKPHDQVWRREVHUYH IDVW
IRUVHYHUDOGD\VDWDVWUHWFKZLWKRXWWDNLQJDQ\IRRG6LQFH$OODKKDGJUDQWHGKLPVSHFLDOSRZHUDQG
SDWLHQFHKHFRXOGREVHUYHIDVWFRQWLQXRXVO\IRUGD\V$VKLVIROORZHUVDUHQRWHQGRZHGZLWKWKDW
HQHUJ\DQGSDWLHQFHWKH\DUHQRWSHUPLWWHGWRGRVR
,DPQRWOLNH\RX
GRHVQRWPHDQWKDW,DPQRWDPDQOLNH\RX
EHFDXVHVXFKDQLQWHUSUHWDWLRQ
JRHVDJDLQVWDFDWHJRULFDOVWDWHPHQWRIWKH4XU
DQWRWKHHIIHFWWKDW,DPDPDQOLNH\RX
:KDWWKH
VWDWHPHQW,DPQRWOLNH\RX
UHDOO\PHDQVLV\RXGRQRWSRVVHVVWKDWVSHFLDOSRZHUZKLFKKDVEHHQ
JUDQWHGWRPH
,DPJLYHQWRHDWDQGWRGULQN
&+$37(5
352+,%,7,212)6,77,1*21
7+(*5$9(6
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG,WLV
PXFKEHWWHUIRURQHRI\RXWRVLWRQDOLYHFRDOZKLFKZLOOEXUQKLVFORWKHVDQGJHWWRKLVVNLQWKDQWR
VLWRQDJUDYH
>0XVOLP@
&RPPHQWDU\ 7RVLWRQWKHJUDYHLVVWULFWO\SURKLELWHG>VHH+DGLWK1R@,EQ+DMDU$O+DLWKDPL
DQGRWKHUVKRZHYHUUHJDUGWKLVDFWWREHRQO\0DNUXKXQGHVLUDEOHDQGPDLQWDLQWKDWWKHZDUQLQJ
FRQWDLQHGLQWKH+DGLWKLVIRUWKRVHSHRSOHZKRVLWRQWKHPIRUXULQDWLQJRUGHIHFDWLQJ7KH+DGLWKDOVR
HOXFLGDWHVWKHIDFWWKDWJUDYHVVKRXOGEHUHVSHFWHGDQGWKDWJORULI\LQJWKHSHRSOHLQWKHPE\SODVWHULQJ
WKHPRUEXLOGLQJRYHUWKHPLVQRWSHUPLVVLEOH
&+$37(5
352+,%,7,212)3/$67(5,1*
$1'%8,/',1*29(57+(*5$9(6
-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+IRUEDGHWKDWWKH
JUDYHVVKRXOGEHSODVWHUHGPDGHLQWRSHUPDQHQWVWUXFWXUHVXVHGDVVLWWLQJSODFHVIRUWKHSHRSOHRU
EXLOGLQJRYHUWKHP
>0XVOLP@
&RPPHQWDU\ :HOHDUQWKHIROORZLQJSRLQWVIURPWKLV+DGLWK
7KHFRQVWUXFWLRQRISHUPDQHQWJUDYHVLVVKHHUH[WUDYDJDQFHEHFDXVHWKH\GRQRWEHQHILWWKHGHDG
7KLVDFWLVCGLVOLNHG
DQGUHDFKHVWKHOHYHORISURKLELWLRQZKHQJUDYHVDUHRUQDPHQWHGDQGHPEHOOLVKHG
6LWWLQJRQWKHJUDYHVLVDGLVOLNHGDFWDVKDVEHHQPDGHFOHDULQWKHSUHYLRXV+DGLWK
,WLVVXFKDUHVSHFWIRUWKHGHDGZKLFKLQFOLQHVSHRSOHWR6KLUN&RQVWUXFWLRQRIGRPHHWFRYHUWKH
JUDYHVKDYHDOVRWKHVDPHHIIHFW
&+$37(5
352+,%,7,21)25$6/$9(72
581$:$<)520+,60$67(5
-DULUELQ$EGXOODK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
,IDVODYHUXQVDZD\IURPKLVPDVWHUKLVUHVSRQVLELOLW\WRKLPLVDEVROYHG
>0XVOLP@
>0XVOLP@
$QRWKHUQDUUDWLRQLV+HLVJXLOW\RIGLVEHOLHILHLQFDVHKHEHOLHYHVLQWKHODZIXOQHVVRIGRLQJVR
&RPPHQWDU\ 7KHLQVWLWXWLRQRIVODYHU\GRHVQRWH[LVWLQWKHPRGHUQZRUOGEXWLILWH[LVWVDQ\ZKHUH
RUDVLWXDWLRQDULVHVLQZKLFKLWUHHPHUJHVWKHSULQFLSOHVWDWHGLQWKLV+DGLWKZLOOEHDSSOLFDEOH7KH
+DGLWKDOVRPDNHVLWFOHDUWKDWLIVRPHRQHKDVH[SUHVVHGKLVFRPPLWPHQWWRVHUYHVRPHERG\KHVKRXOG
QRWEDFNRXW,WDOVRXUJHVXVWRVKRZJUDWHIXOQHVVWRRQH
VEHQHIDFWRUVDQGWRUHFLSURFDWHWKHJRRGRQH
UHFHLYHV
&+$37(5
81'(6,5$%,/,7<2)
,17(5&(66,21,1 +8'8'
$OODKWKH([DOWHGVD\V
7KHZRPDQDQGWKHPDQJXLOW\RILOOHJDOVH[XDOLQWHUFRXUVHIORJHDFKRIWKHPZLWKDKXQGUHG
VWULSHV/HWQRWSLW\ZLWKKROG\RXLQWKHLUFDVHLQDSXQLVKPHQWSUHVFULEHGE\$OODKLI\RX
EHOLHYHLQ$OODKDQGWKH/DVW'D\
7KHQWKH\VDLG1RRQHZLOOEHEROGHQRXJKWRGRVRH[FHSW8VDPDKELQ=DLGWKH
&RPSDQLRQZKRZDVGHDUO\ORYHGE\WKH0HVVHQJHURI$OODK3%8+
6R8VDPDK0D\$OODKEH
SOHDVHGZLWKKLPVSRNHWRKLPDQGWKH0HVVHQJHURI$OODK3%8+DQJULO\VDLG$UH\RX
LQWHUFHGLQJUHJDUGLQJRQH RIWKHSXQLVKPHQWVSUHVFULEHGE\$OODK"
+HWKHQJRWXSDQGGHOLYHUHGDQ
DGGUHVVLQZKLFKKHVDLG,QGHHGZKDWGHVWUR\HGWKHSHRSOHEHIRUH\RXZDVMXVWWKDWZKHQDSHUVRQRI
KLJKUDQNDPRQJWKHPFRPPLWWHGDWKHIWWKH\VSDUHGKLPEXWLIWKHVDPHFULPHZDVGRQHE\DSRRU
SHUVRQWKH\LQIOLFWHGWKHSUHVFULEHGSXQLVKPHQWRQKLP,VZHDUE\$OODKWKDWLI)DWLPDKGDXJKWHURI
0XKDPPDGVKRXOGVWHDO,ZRXOGKDYHKHUKDQGFXWRII
>$O%XNKDULDQG0XVOLP@
8VDPDKSOHDGHG20HVVHQJHURI$OODK
3UD\IRU P\IRUJLYHQHVV
&RPPHQWDU\
+DGG LVWKHSXQLVKPHQWIL[HGE\6KDULCDKDQGZKLFKQRRQHKDVWKHDXWKRULW\WRLQFUHDVHRU
GHFUHDVH)RULQVWDQFHWKHIWLVSXQLVKDEOHE\WKHFXWWLQJRIWKHKDQGWKHSXQLVKPHQWRIDGXOWHU\LVD
KXQGUHGVWULSHVRU5DMPVWRQLQJWRGHDWKWKHSXQLVKPHQWRIGULQNLQJRILQWR[LFDQWVLVIRUW\VWULSHV
HWF
1RERG\KDVWKHULJKWWRLQWHUFHGHRUPDNHDQ\UHFRPPHQGDWLRQLQWKLVPDWWHU
1RRQHLVH[HPSWHGIURP+DGGQRPDWWHUKRZJUHDWKHLVEHFDXVHWKHUHLVQRGLVWLQFWLRQRIJUHDWRU
VPDOOLQWKHPDWWHURI+DGG
:HPXVWOHDUQD OHVVRQIURPWKHKLVWRU\RISDVWQDWLRQVVRWKDWZHFDQVDYHRXUVHOYHVIURPVXFK
PLVGHHGVZKLFKFDXVHGWKHLUUXLQ
7KLV+DGLWKEULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQDQGHPLQHQFHRI8VDPDKDQGKLVSRVLWLRQLQWKH
H\HVRIWKH3URSKHW3%8+
&+$37(5
352+,%,7,212)5(/,(9,1*
1$785(217+(3$7+6
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\WKH\EHDURQ
WKHPVHOYHVWKHFULPHRIVODQGHUDQGSODLQVLQ
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
$YRLGWZRKDELWVZKLFKSURYRNHFXUVLQJ
7KH&RPSDQLRQVVDLG:KDWDUHWKRVHWKLQJVZKLFK
SURYRNHFXUVLQJ"
+HVDLG5HOLHYLQJRQWKHWKRURXJKIDUHVRUXQGHUWKHVKDGHVZKHUHSHRSOHWDNH
VKHOWHUDQGUHVW
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWD0XVOLPPXVWDYRLGDOOVXFKWKLQJVZKLFKFDXVH
LQFRQYHQLHQFHWRRWKHU0XVOLPV,IRQHXVHVWKHSODFHVPHQWLRQHGLQWKLV+DGLWKDVWRLOHWWKLVZRXOG
QRWRQO\FDXVHLQFRQYHQLHQFHWRWKHSXEOLFEXWPD\DOVRFDXVHDQHSLGHPLF,WLVDOVRQHFHVVDU\WRDYRLG
VXFKWKLQJVIRUWKHVDNHRIFOHDQOLQHVV6RPHUHOLJLRXVVFKRODUVDUHRIWKHRSLQLRQWKDWWKLVDFWLV
GHHPHGWREHDPDMRUVLQDVLWEULQJVSHRSOH
VFXUVHVXSRQWKHRQHZKRSUDFWLFHVLW
&+$37(5
352+,%,7,212)85,1$7,1*
,17267$*1$17:$7(5
-DELU0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+IRUEDGHXULQDWLQJ
LQWRVWDJQDQWZDWHU
>0XVOLP@
&RPPHQWDU\ 6WDJQDQWZDWHU
PHDQVZDWHUZKLFKLVQRWIORZLQJOLNHWKHZDWHULQDSRQGRUDWDQN
:KHQXULQDWLRQLVSURKLELWHGDWVXFKSODFHVGHIHFDWLQJZRXOGEHPRUHVWHUQO\SURKLELWHG2QHPXVW
DOVRDYRLGWKURZLQJILOWKLQLW
+RZYDVWDQGFRPSUHKHQVLYHWKHLQMXQFWLRQVRI,VODPDUHDQGKRZWKRURXJKO\,VODPKDVJUDVSHGWKH
SUREOHPVRISHRSOHLVVRPHWKLQJXQLTXHLQWKHUHDOPRIUHOLJLRQ1RRWKHUZRUOGUHOLJLRQFDQPDWFKLW
LQWKLVUHVSHFW,WLVYHU\XQIRUWXQDWHLQGHHGWKDWLQVSLWHRIKDYLQJVXFKSHUIHFWDQGFRPSOHWHUHOLJLRQ
WKH0XVOLPVDUHIDUDZD\IURPSUDFWLVLQJLWVQREOHWHDFKLQJV0D\$OODKHQDEOHXVWREHFRPHWUXH
IROORZHUVRI,VODP
&+$37(5
352+,%,7,212)*,9,1*
35()(5(1&(72&+,/'5(1
29(521($127+(5,1
*,9,1**,)76(7&
$Q1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHPVDLG0\IDWKHUWRRNPHWRWKH
0HVVHQJHURI$OODK3%8+DQGVDLGWRKLP,KDYHJLIWHGRQHRIP\VODYHVWRWKLVVRQRIPLQH
7KH
0HVVHQJHURI$OODK3%8+VDLG+DYH\RXJLYHQVXFKJLIWWRHYHU\VRQRI\RXUV"
+HUHSOLHG1R
7KHUHXSRQKHVDLG7DNHWKLVJLIWEDFN
0\IDWKHUFDPHEDFNDQGUHYRNHGKLVJLIW
+HVDLG<HV
+HVDLG1R
+HVDLG<HVRIFRXUVH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKHIROORZLQJLPSRUWDQWSRLQWV
,QHYHU\PDWWHURQHVKRXOGFRQVXOWVFKRODUVDQGH[SHUWVRI6KDULCDK7KLVZDVWKHSUDFWLFHRIWKH
&RPSDQLRQV0D\$OODKEHSOHDVHGZLWKWKHP
3DUHQWVVKRXOGGHDOZLWKDOOWKHLUFKLOGUHQZLWKHTXLW\DQGMXVWLFH3UHIHUHQWLDOWUHDWPHQWZLWKDQ\
FKLOGDIIHFWVWKHPDGYHUVHO\2EYLRXVO\LQMXVWLFHFUHDWHVWHQVLRQIRUSDUHQWVDVZHOODVFKLOGUHQDQG
HYHQWXDOO\IDPLO\WLHVDUHEURNHQ
7KLV+DGLWKLVDOVRDGYDQFHGE\WKRVHC8ODPD
LQVXSSRUWRIWKHLUFRQWHQWLRQWKDWLIDSHUVRQZDQWVWR
GLVWULEXWHKLVSURSHUW\DPRQJKLVFKLOGUHQGXULQJKLVOLIHWLPHKHVKRXOGQRWPDNHDQ\GLVFULPLQDWLRQ
DPRQJKLVPDOHDQGIHPDOHFKLOGUHQDQGVKRXOGJLYHDQHTXDOVKDUHWRDOORIWKHP
&+$37(5
352+,%,7,212)02851,1*
%(<21'7+5(('$<6
)25:20(1
=DLQDEELQW$EX6DODPDK0D\$OODKEHSOHDVHGZLWKWKHPVDLG,ZHQWWR8PP+DELEDK0D\
$OODKEHSOHDVHGZLWKKHUWKHZLIHRIWKH3URSKHW3%8+ZKHQKHUIDWKHU$EX6XI\DQELQ+DUE
0D\$OODKEHSOHDVHGZLWKKLPGLHG8PP+DELEDK0D\$OODKEHSOHDVHGZLWKKHUVHQWIRUD
\HOORZFRORXUHGSHUIXPHRUVRPHWKLQJHOVHOLNHLWDQGVKHDSSOLHGLWWRDVODYHJLUODQGWKHQUXEEHGLW
RQKHURZQFKHHNVDQGVDLG%\$OODK,KDYHQRQHHGIRUSHUIXPH,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\LQJIURPWKHSXOSLWC,WLVQRWSHUPLVVLEOHIRUDZRPDQZKREHOLHYHVLQ$OODKDQGWKH/DVW
'D\WRPRXUQIRUWKHGHDGEH\RQGWKUHHGD\VH[FHSWIRUWKHGHDWKRIKHUKXVEDQGLQZKLFKFDVHWKH
SHULRGRIPRXUQLQJLVRIIRXUPRQWKVDQGWHQGD\V
=DLQDEVDLG,WKHQYLVLWHG=DLQDEGDXJKWHURI
-DKVK0D\$OODKEHSOHDVHGZLWKKHUZKHQKHUEURWKHUGLHGVKHVHQWIRUSHUIXPHDQGDSSOLHGLWDQG
WKHQVDLG%HZDUH%\$OODK,GRQ
WIHHODQ\ QHHGRISHUIXPHEXW,KHDUGWKH0HVVHQJHURI$OODK
3%8+VD\LQJIURPWKHSXOSLWC,WLVQRWSHUPLVVLEOHIRUDZRPDQZKREHOLHYHVLQ$OODKDQGWKH/DVW
'D\WRPRXUQWKHGHDGEH\RQGWKUHHGD\VH[FHSWLQFDVHRIKHUKXVEDQGIRUZKRPWKHSHULRGLVIRXU
PRQWKVDQGWHQGD\V
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHSHULRGRIPRXUQLQJWKHKXVEDQG
VGHDWKLVIRXUPRQWKVDQGWHQGD\VZKLOH
RUGLQDULO\LWLVWKUHHGD\VRQO\IRURWKHUV7KHUHDVRQVEHKLQGPRXUQLQJWKHGHDGKXVEDQGLV)LUVWO\
WKHSXULILFDWLRQRIZRPE6HFRQGO\LWLVDPDUNRIUHVSHFWIRUWKHUHODWLRQDQGORYHEHWZHHQKXVEDQG
DQGZLIH7KHVFHQWZKLFKZDVXVHGLQWKHWZRLQFLGHQWVUHSRUWHGLQWKLV+DGLWKRFFXUUHGDIWHUWKH
VWLSXODWHGSHULRGRIPRXUQLQJLQRUGLQDU\FDVHV WKDWLVWKUHHGD\V$IWHUWKHH[SLU\RIWKHPRXUQLQJ
SHULRGWKHZRPDQLVDOORZHGWRUHVXPHKHUURXWLQH7KH+DGLWKPHQWLRQVWKHPDQ
VULJKWRYHUKLVZLIH
DIWHUKLVGHDWKLWDOVRVKRZVWKHLPSRUWDQFHRIFRQMXJDOWLHVLQ,VODP
&+$37(5
352+,%,7,212)
0$/35$&7,&(6,1&200(5&(
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+IRUEDGH
WKDWDSHUVRQLQWKHFLW\VKRXOGPDNHDGHDORQEHKDOIRIDYLOODJHURQFRPPLVVLRQHYHQLIKHLVKLVUHDO
EURWKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $O+DGLU
PHDQVRQHZKROLYHVLQWKHFLW\ZKLOH$O%DGL
PHDQVDYLOODJHURUD
GHVHUWGZHOOHU+HVKRXOGQRWPDNHDGHDO
KHUHVLJQLILHVWKDWWKHXUEDQLWHVKRXOGQRWJRWRWKHYLOODJHU
DQGSURSRVHWRKLPOHDYHKLVJRRGVZLWKKLPIRUVDOHDQGKHZRXOGVHQGKLPWKHVDOHSURFHHGVRIWKH
JRRGVSLHFHPHDODVWKH\VHOO,QWKHRSLQLRQRIVRPHC8ODPD
WKLVLVSURKLELWHGLIWKHPHUFKDQGLVHLV
YDOXDEOHDQGWKHYLOODJHULVQRWDZDUHRILWVUHDOZRUWKDQGWKHXUEDQLWHZDQWVWRH[SORLWKLVLJQRUDQFH
%XWRQWKHFRQWUDU\LIWKHSURSRVDOLVIRUWKHZHOIDUHRIWKHYLOODJHUDQGWKHXUEDQLWHPHUHO\ZDQWVWKH
RZQHUWRUHFHLYHLWVGXHSULFHWKHQWKHRIIHULVDGPLVVLEOH7KHILUVWSURSRVLWLRQLVSURKLELWHGEHFDXVH
WKDWZLOOFDXVHDORVVWRWKHYLOODJHUWKHVHFRQGLVSHUPLVVLEOHDVLWLVDZHOOPHDQLQJRIIHU
$SHUVRQLQWKHFLW\VKRXOGQRWPDNHDGHDORQEHKDOIRIDYLOODJHU
KDVEHHQLQWHUSUHWHGE\C$EGXOODK
ELQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHPWRPHDQWKDWKHVKRXOGQRWZRUNDVDEURNHUIRUD
YLOODJHUEHFDXVHLQWKDWFDVHKHZLOOEHLQWHUHVWHGWRVHOOLWRQDKLJKHUSULFHLQRUGHUWRKDYHDEHWWHU
FRPPLVVLRQLQWKHGHDOZKLFKZLOOXQQHFHVVDULO\UDLVHLWVFRVW
2QRQHVLGHWKHSXUFKDVHRIJRRGVFRPLQJIURPRXWVLGHKDVEHHQSURKLELWHGEHIRUHLWVDUULYDORQ WKH
PDUNHWVRWKDWQRERG\FDQH[SORLWWKHLJQRUDQFHRIWKHRXWVLGHUVDQGRQWKHRWKHUVLGHYLOODJHUVDUH
HQMRLQHGWRVHOOWKHLUJRRGVWKHPVHOYHVVRWKDWWKHFRPPLVVLRQRIWKHEURNHUGRHVQRWLQFUHDVHWKHSULFH
RIWKHJRRGV,IDQXUEDQLWHVHOOVWKHPHUFKDQGLVHRIDQ\YLOODJHURQDIDLUSULFHZLWKRXWFKDUJLQJDQ\
FRPPLVVLRQWKHQWKLVLVSHUPLVVLEOHDVLVFRQILUPHGE\$KDGLWK,IWKHSHRSOHOLYLQJLQFLWLHVFKDUJH
HDFKRWKHUFRPPLVVLRQRQWKHSXUFKDVHRUVDOHRIWKHLUJRRGVWKLVLVSHUPLVVLEOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 'RQRWPHHWWKHPHUFKDQGLVH
VLJQLILHV'RQRWPHHWWUDGHFDUDYDQVLQWUDQVLW
7KH
SXUSRVHEHLQJWKDWWKRVHZKREULQJIRRGJUDLQVIURPYLOODJHVVKRXOGQRWVXIIHUDQ\ORVVEHFDXVHRI
WKHLULJQRUDQFHRIWKHPDUNHWFRQGLWLRQV%XWLIVRPHRQHGRHVLWZLWKDJRRGLQWHQWLRQWKHQWKLVLV
SHUPLVVLEOH
+HVDLG+HVKRXOGQRWZRUNDV
DQDJHQWRQKLVEHKDOI
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWQRRQHVKRXOGZRUNDVDEURNHUWRH[SORLWWKHLJQRUDQFH
RIYLOODJHUVZKREULQJWKHLUPHUFKDQGLVHLQWKH PDUNHW%XWLIRQHGRHVLWZLWKDJRRGLQWHQWLRQWKHQ
WKLVLVSHUPLVVLEOH1RZDGD\VGLIIHUHQWIRUPVRIEURNHUDJHDUHLQYRJXHLQRXUPDUNHWVRXWRIZKLFK
VRPHDUHSHUPLVVLEOHDQGVRPHDUHSURKLELWHG
&RPPHQWDU\ /LWDNIDPDILLQD
LKD
PHDQVWKDW:KDWHYHULVLQKHUYHVVHOLVRYHUWXUQHG
7KLVLVD
ILJXUDWLYHH[SUHVVLRQPHDQLQJ6KHZRXOGPDUU\KHU0XVOLPVLVWHU
VKXVEDQGZKHQKHGLYRUFHVKHU
SUHVHQWZLIH
/HDYLQJWKHDQLPDOVXQPLONHG
PHDQVWKDWDVDOHDEOHFDWWOHLVQRWPLONHGIRUWZRRUWKUHHWLPHVWR
FUHDWHDQLPSUHVVLRQWKDWWKHFDWWOHLVULFKLQPLONZKLFKLVQRWWKHWUXHFDVH7KLVLVDOVRSURKLELWHG
2WKHUSRLQWVPHQWLRQHGLQWKLV+DGLWKKDYHEHHQGLVFXVVHGHDUOLHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIDPDQNQRZVWKDWVXFKDQGVXFKSHUVRQKDVDVNHG
VRPHZRPDQIRUPDUULDJHDQGVKHKDVDFFHSWHGWKHSURSRVDOWKHQKHVKRXOGQRWPDNHDQRIIHURI
PDUULDJHWR KHU%XWLIWKHPDWWHUKDVHQGHGDQGWKHILUVWSURSRVDOSHUPLWVKLPWRWU\KLVOXFNWKHQKH
FDQPDNHDSURSRVDOWRKHUIRUPDUULDJH2QWKHVDPHDQDORJ\LWLVSURKLELWHGIRUDZRPDQWRVHQGD
SURSRVDORIPDUULDJHWRDPDQZLWKZKRPVRPHZRPDQLVDOUHDG\QHJRWLDWLQJRUKDVDOUHDG\
QHJRWLDWHG
>0XVOLP@
&RPPHQWDU\ $OOWKHDFWVSURKLELWHGLQWKH$KDGLWKFLWHGDERYHDUHVXFKWKDWWKH\FDQFDXVHRU
LQFUHDVH LOOZLOODQGHQPLW\DPRQJSHRSOH)RUWKLVUHDVRQDOOWKHVHWKLQJVKDYHEHHQIRUELGGHQE\
,VODPWRREYLDWHDOOSRVVLELOLWLHVRIGLVVHQVLRQDQGGLVFRUGDQGEULQJDERXWPXWXDODIIHFWLRQIUDWHUQLW\
DQGDFFRUG
&+$37(5
352+,%,7,212)
648$1'(5,1*:($/7+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
9HULO\$OODKOLNHVWKUHHWKLQJVIRU\RXDQGGLVDSSURYHVWKUHHWKLQJVIRU\RX+HOLNHVWKDW\RXVKRXOG
ZRUVKLS+LP$ORQHQRWWRDVVRFLDWHDQ\WKLQJZLWK+LPLQZRUVKLSDQGWRKROGIDVWWRWKH5RSHRI
$OODKDQGQRWWREHGLYLGHGDPRQJ\RXUVHOYHVDQG+HGLVDSSURYHVIRU\RXLUUHOHYDQWWDONSHUVLVWHQW
TXHVWLRQLQJDQGWKHVTXDQGHULQJRIWKHZHDOWK
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG>+DGLWK1R@$OWKRXJKWKHLQLWLDOSRUWLRQ
LVPLVVLQJWKHUHDQGWKUHHWKLQJVZKLFKKDYHEHHQGLVOLNHGDUHPHQWLRQHGLQLWVWH[W%HVLGHVWUHVVLQJ
7DXKLGKROGLQJIDVWWRWKH5RSHRI$OODKDQGXQLW\ZKLFKDUHJUHDWO\OLNHGE\$OODKWKLV+DGLWK
IRUELGV XQQHFHVVDU\GHEDWHKDLUVSOLWWLQJDQGH[WUDYDJDQFHDVDOOWKHWKUHHDUHGLVOLNHGE\$OODK
:HDOWKKDVDJUHDWLPSRUWDQFHLQPDQ
VOLIHVLQFHLWLVWKHYHU\VRXUFHRIVXVWHQDQFHDQGEDVLVRIKLV
OLYHOLKRRGLWVZDVWDJHLVDNLQWRFXWWLQJWKHEUDQFKRIWKHWUHHRQZKLFKRQHLVVLWWLQJ
&RPPHQWDU\ 7KHPDWWHUVPHQWLRQHGLQWKLV+DGLWKKDYHEHHQGLVFXVVHGLQGHWDLOEHIRUH:KDWWKLV
+DGLWKVSHFLDOO\EULQJVRXWLVWKDWWKHFXVWRPRUZULWLQJRUGLFWDWLQJ$KDGLWKH[LVWHGHYHQGXULQJWKH
DJHRIWKH&RPSDQLRQV,QWKLVUHVSHFWWKDWZDVWKHILUVWSHULRGRIWKHFRPSLODWLRQRI$KDGLWK7KXVLW
LVZURQJWRVD\WKDWWKHUHGLGQRWH[LVWDQ\V\VWHPRIUHFRUGLQJ+DGLWKLQWKHGD\VRIWKH&RPSDQLRQV
&+$37(5
352+,%,7,212)32,17,1*:,7+
$:($321$7$127+(5%52
7+(5,1)$,7+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
1RQHRI\RXVKRXOGSRLQWDWKLVEURWKHUZLWKDZHDSRQEHFDXVHKHGRHVQRWNQRZWKDW6DWDQPD\
PDNHLWORVHIURPKLVKDQGDQGDVDUHVXOWKHPD\IDOOLQWRDSLWRI+HOOILUHE\DFFLGHQWDOO\NLOOLQJ
KLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6LODK
LVWKDWZHDSRQZKLFKLVXVHGLQZDUIRUDWWDFNDQGGHIHQVHLHVZRUGJXQ
SLVWROODQFHHWF7RSRLQWDQ\VXFKZHDSRQWRZDUGVD0XVOLPRU'KLPPL HYHQWRIULJKWHQKLPLV
IRUELGGHQ,WLVYHU\XQIRUWXQDWHWKDWFRQWUDU\WRWKHWHDFKLQJVRI,VODPGLVSOD\DQGXVHRIZHDSRQVDUH
YHU\FRPPRQQRZDGD\VVRPXFKVRWKDWWKHIDVKLRQRIDLUILUHIHVWLYLWLHVLVJDLQLQJLQFUHDVLQJ
SRSXODULW\LQ0XVOLPVRFLHW\7KLVIDVKLRQLVWRWDOO\DJDLQVWWKHWHDFKLQJVRI,VODPDQGLWVGDQJHURXV
FRQVHTXHQFHVDUHZLWQHVVHGHYHU\GD\0D\$OODKJUDQWXVJXLGDQFHWRIROORZWKH5LJKW3DWK
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ ,IDQDNHGVZRUGGURSVIURPRQH
VKDQGLWFDQLQMXUHRQH
VKDQGIRRWRUDQ\SDUWRIWKH
ERG\6LPLODULVWKHFDVH RIDVKDUSNQLIHRUDQ\RWKHUVLPLODUZHDSRQDQGWRRO2QHVKRXOGQHYHUJLYH
LWWRDQ\RQHIURPLWVEODGHVLGH:KHQZHVWXG\VXFKWKLQJVZHDUHUHDOO\ZRQGHUVWUXFNWRVHHWKHFDUH
ZKLFK,VODPKDVWDNHQWRUHVSHFWKXPDQLW\
&+$37(5
81'(6,5$%,/,7<2)/($9,1*
7+(02648(:,7+287
2))(5,1*6$/$735$<(5
$)7(57+($'+$1+$6%((1
352&/$,0('
$EX6KDCWKD
VDLG :HZHUHVLWWLQJZLWK$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPLQWKH
PRVTXHZKHQWKH0X
DGKGKLQSURFODLPHGWKH$GKDQ$PDQVWRRGXSLQWKH PRVTXHDQGVWDUWHG
ZDONLQJRXW$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVWDUHGDWKLPWLOOKHZHQWRXWRIWKH
PRVTXH8SRQWKLV$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG,QGHHGWKLVPDQKDV
GLVREH\HG$EXO4DVLP3%8+
>0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDIWHUKHDULQJ$GKDQRQHVKRXOGQRWOHDYHWKHPRVTXH
ZLWKRXWRIIHULQJWKHREOLJDWRU\6DODWFRQQHFWHGZLWKLWXQOHVVRQHKDVDYHU\JHQXLQHUHDVRQIRUGRLQJ
VR
&+$37(5
81'(6,5$%,/,7<2)
5(-(&7,1*7+(*,)72)
3(5)80(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG+H
ZKRLVSUHVHQWHGZLWKDIORZHURIVZHHWEDVLOVKRXOGQRWUHMHFWLWEHFDXVHLWLVOLJKWLQZHLJKWDQG
SOHDVDQWLQRGRXU
>0XVOLP@
&RPPHQWDU\ :HOHDUQWKHIROORZLQJSRLQWVIURPWKLV+DGLWK
$JLIWRISHUIXPHRUVRPHWKLQJVLPLODUWRLWVKRXOGEHDFFHSWHG
7KHGHVLUDELOLW\RIWKHXVHRISHUIXPH
&+$37(5
81'(6,5$%,/,7<2)35$,6,1*
$3(5621,1+,635(6(1&(
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+KHDUGD
SHUVRQODXGLQJDQRWKHUSHUVRQRUSUDLVLQJKLPWRRPXFK7KHUHXSRQKHVDLG<RXNLOOHGWKHPDQ
RU
KHVDLG<RXUXLQHGWKHPDQ
>$O%XNKDULDQG0XVOLP@
+HUHSHDWHGWKLVVHYHUDOWLPHVDQGDGGHG,IRQHRI\RXKDVWRSUDLVH
KLVIULHQGDWDOOKHVKRXOGVD\C,UHFNRQKLPWREHVXFKDQGVXFKDQG$OODKNQRZVKLPZHOO
LI\RX
WKLQNKLPWREHVRDQGVR\RXZLOOEHDFFRXQWDEOHWR$OODKEHFDXVHQRRQHFDQWHVWLI\WKHSXULW\RI
RWKHUVDJDLQVW$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSURKLELWVXVIURPSUDLVLQJDQ\RQHLQKLVIDFH,IDWDOORQHKDVWRSUDLVH
VRPHRQHKHVKRXOGVD\WKDW,QP\RSLQLRQKHLVVXFKDQGVXFK
SURYLGHGKHUHDOO\WKLQNVDVKHVD\V
7KHUHDVRQIRUWKLVLVWKDWLWLV$OODK$ORQH:KRNQRZVKLPWKRURXJKO\DQGQRQHFDQFODLPWREH
LQQRFHQWEHIRUH+LP
+DPPDPELQ$O +DULWK0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG$SHUVRQEHJDQWRSUDLVH
C8WKPDQ0D\$OODKEHSOHDVHGZLWKKLP DQG$O0LTGDG0D\$OODKEHSOHDVHGZLWKKLPVDWXSRQ
KLVNQHHVDQGEHJDQWRWKURZSHEEOHVXSRQWKHIODWWHUHU
VIDFHC8WKPDQ0D\$OODKEHSOHDVHGZLWK
KLPVDLG:KDWLVWKHPDWWHUZLWK\RX"
>0XVOLP@
&RPPHQWDU\ 7KHSXUSRVHRIWKLV+DGLWKVHHPVWREHWKDWRQHVKRXOGQHLWKHUSD\VHULRXVDWWHQWLRQWR
RQHZKRSUDLVHVQRUUHZDUGKLPIRULW,IRQHFDQWKURZJULWLQKLVIDFHWKDWVKRXOGDOVREHGRQH2QH
VKRXOGDWOHDVW DYRLGVXFKSHUVRQVZKRDUHLQWKHKDELWRISUDLVLQJSHRSOHXQQHFHVVDULO\
,PDP$Q1DZDZLKDVVWDWHGWKDWWKHVH$KDGLWKDUHLQSURKLELWLRQRISUDLVHZKLOHWKHUHDUHPDQ\LQ
IDYRXURILWC8ODPD
DUHRIWKHRSLQLRQWKDWWKHWZRSRLQWVRIYLHZFDQEHUHFRQFLOHG,IWKHRQHZKRLV
SUDLVHGKDVSHUIHFW)DLWKDQGFRQILGHQFHDQGLVHQGRZHGZLWKWKHJLIWRINQRZOHGJHE\$OODKDQGKDV
FRQWURORYHUKLVVHOIDQGWKHUHE\KHLVQRWOLNHO\WRJRDVWUD\E\SUDLVHWKHQSUDLVLQJKLPLVQHLWKHU
XQODZIXOQRUGLVJXVWLQJ%XW LIKHLVYXOQHUDEOHWRSUDLVHWKHQSUDLVLQJKLPLQKLVSUHVHQFHLVDEKRUUHG
$KDGLWKLQSURKLELWLRQRISUDLVHVXSSRUWWKLVSRLQWRIYLHZ:KLOHRQHRIWKH$KDGLWKZKLFKDUHLQ
IDYRXURISUDLVHUHODWHVWRWKHRFFDVLRQZKHQWKH3URSKHW0D\$OODKEHSOHDVHGZLWKKLPVDLGWR$EX
%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP,KRSHWKDW\RXZLOODOVREHDPRQJWKHP
WKDWLV
<RXZLOOEHRQHRIKRVHZKRZLOOEHFDOOHGIURPHYHU\JDWHRI-DQQDK
6HH6DKLK$O%XNKDUL .LWDE
)DGD
LO$V6DKDEDK$QRWKHU +DGLWKRQWKHLVVXHUHODWHVWRWKHHYHQWZKHQWKH3URSKHW3%8+VDLGWR
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP<RXDUHQRWRQHRIWKHP
:KDWLWVLJQLILHGZDVWKDW
<RXDUHQRWRQHRIWKRVHZKRNHHSWKHLUWURXVHUVEHORZWKHLUDQNOHVRXWRIVKHHUSULGH
6HH6DKLK
$O%XNKDUL 0DQDTLE$EX%DNU+HVDLGWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP :KHQ6DWDQ
VHHV\RXJRLQJRQVRPHZD\KHOHDYHVLWDQGSURFHHGVWRVRPHRWKHUGLUHFWLRQ
$O%XNKDUL 0DQDTLE
C8PDU
&+$37(5
81'(6,5$%,/,7<2)
'(3$57,1*)52025
&20,1*72$3/$&(
675,&.(1%<$1(3,'(0,&
$OODKWKH([DOWHGVD\V
:KHUHVRHYHU\RXPD\EHGHDWKZLOORYHUWDNH\RXHYHQLI\RXDUHLQIRUWUHVVHVEXLOWXSVWURQJ
DQGKLJK
$QGGRQRWWKURZ\RXUVHOYHVLQWRGHVWUXFWLRQ
6R,FDOOHGWKHP+HVRXJKWWKHLUDGYLFHDQGWROGWKHP
WKDWDQHSLGHPLFKDGEURNHQRXWLQ$VK6KDP7KHUHZDVDGLIIHUHQFHRIRSLQLRQZKHWKHUWKH\VKRXOG
SURFHHGIXUWKHURUUHWUHDWWRWKHLUKRPHVLQVXFKDVLWXDWLRQ6RPHRIWKHPVDLG<RXKDYHVHWIRUWKWR
ILJKWWKHHQHP\DQGWKHUHIRUH\RXVKRXOGQRWJREDFN
ZKHUHDVVRPHRIWKHPVDLG$V\RXKDYH
DORQJZLWK\RXPDQ\HPLQHQW&RPSDQLRQVRI0HVVHQJHURI$OODK3%8+ZHZRXOGQRWDGYLFH\RX
WRVHWIRUWKWRWKHSODFHRIWKHSODJXHDQGWKXVH[SRVHWKHPGHOLEHUDWHO\WRDGDQJHU
C8PDU0D\
$OODKEHSOHDVHGZLWKKLPVDLG<RXFDQQRZJRDZD\
+HVDLG&DOOWRPHWKH$QVDUWKH
+HOSHUV
6R,FDOOHGWKHPWRKLPDQGKHFRQVXOWHGWKHPDQGWKH\GLIIHUHGLQWKHLURSLQLRQVDVZHOO
+HVDLG1RZ\RXPD\JR
,FDOOHGWKHPC8PDU0D\$OODKEHSOHDVHGZLWKKLP
FRQVXOWHGWKHPLQWKLVLVVXHDQGQRWHYHQWZRSHUVRQVDPRQJWKHPGLIIHUHGLQWKHRSLQLRQV7KH\VDLG
:HWKLQNWKDW\RXVKRXOGJREDFNDORQJ ZLWKWKHSHRSOHDQGGRQRWWDNHWKHPWRWKLVVFRXUJHC8PDU
0D\$OODKEHSOHDVHGZLWKKLPPDGHDQDQQRXQFHPHQWWRWKHSHRSOHVD\LQJ,QWKHPRUQLQJ,
LQWHQGWRJREDFNDQG,ZDQW\RXWRGRWKHVDPH
$EX
8EDLGDKELQ$O-DUUDK0D\$OODKEHSOHDVHG
ZLWKKLPVDLG$UH\RXJRLQJWRUXQDZD\IURPWKH'LYLQH'HFUHH"
7KHUHXSRQC8PDU0D\$OODKEH
SOHDVHGZLWKKLPVDLG2$EX
8EDLGDK+DGLWEHHQVRPHRQHHOVHWRVD\WKLV
8PDU0D\$OODK
EHSOHDVHGZLWKKLPGLGQRWOLNHWRGLIIHUZLWKKLP+H VDLG<HVZHDUHUXQQLQJIURPWKH'LYLQH
'HFUHHWRWKH'LYLQH'HFUHH:KDWGR\RXWKLQNLI\RXKDYHFDPHOVDQG\RXKDSSHQWRJHWGRZQD
YDOOH\KDYLQJWZRVLGHVRQHRIWKHPFRYHUHGZLWKIROLDJHDQGWKHRWKHUEHLQJEDUUHQZLOO\RXQRWDFW
DFFRUGLQJWRWKH'LYLQH'HFUHHLI\RXJUD]HWKHPLQYHJHWDWLYHODQG",QFDVH\RXJUD]HWKHPLQWKH
EDUUHQODQGHYHQWKHQ\RXZLOOEHGRLQJVRDFFRUGLQJWRWKH'LYLQH'HFUHH
7KHUHKDSSHQHGWRFRPHC$EGXU5DKPDQELQC$XIZKRKDGEHHQDEVHQWIRUVRPHRIKLVQHHGV+H
VDLG,KDYHNQRZOHGJHDERXWLW,KHDUGWKH0HVVHQJHURI$OODK3%8+VD\LQJ,I\RXJHWZLQGRIWKH
RXWEUHDNRISODJXHLQDODQG\RXVKRXOGQRWHQWHULWEXWLILWVSUHDGVLQWKHODQGZKHUH\RXDUH\RX
VKRXOGQRWGHSDUWIURPLW
&RPPHQWDU\ $MQDG
VWDQGVIRUILYHUHJLRQVRI6\ULD3DOHVWLQH-RUGDQ'DPDVFXV+LPVDQG
4DQVDULQ$Q1DZDZL
$OWKRXJKVXFKSUHFDXWLRQDU\PHDVXUHVFRXOGQRWVDYHWKHPIURPWKH'LYLQH'HFUHHWKH\GHFLGHGWR
WDNHDOOSRVVLEOHSUHFDXWLRQVEHFDXVHWKLVLVZKDWLVRUGDLQHGE\$OODK,QIDFWWKLVZDVWKHEDVLVRIWKH
,MWLKDGPDGHE\C8PDUWKHYHUDFLW\RIZKLFKZDVSURYHGE\WKH+DGLWKRIWKH3URSKHW3%8+7KLV
+DGLWKFRQILUPHGWKHSRLQWRIYLHZRI,PDP$Q1DZDZL 7KXVWKLV+DGLWKKLJKOLJKWVWKHIROORZLQJ
IRXULPSRUWDQWSRLQWV
7KHWHVWRIYDOLGLW\RIDQ\GHFLVLRQLVLWVFRUUHVSRQGHQFHZLWK6KDULCDK
7KHGHVLUDELOLW\RIPXWXDOFRQVXOWDWLRQ
7KHSRZHURIWKH,PDPWRGHSDUWIURPWKHDGYLFHRIWKHFRQVXOWDWLYHERG\
7KHUHVSRQVLELOLW\RIWKH,PDPWRPDNHHYHU\SRVVLEOHHIIRUWIRUWKHVHFXULW\RIKLVVXEMHFWV
>$O%XNKDULDQG0XVOLP@
&+$37(5
352+,%,7,212)0$*,&
$OODKWKH([DOWHGVD\V
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG$YRLGWKH
VHYHQGHVWUXFWLYHWKLQJV
+H
UHSOLHG$VVRFLDWLQJDQ\RQHRUDQ\WKLQJZLWK$OODKLQZRUVKLSSUDFWLVLQJVRUFHU\NLOOLQJRIVRPHRQH
ZLWKRXWDMXVWFDXVHZKRP$OODKKDVIRUELGGHQGHYRXULQJWKHSURSHUW\RIDQRUSKDQHDWLQJRIXVXU\
IOHHLQJIURPWKHEDWWOHILHOGDQGVODQGHULQJFKDVWHZRPHQZKRQHYHUHYHQWKLQNRIDQ\WKLQJWRXFKLQJ
FKDVWLW\DQGDUHJRRGEHOLHYHUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGHDUOLHU$OOWKHDFWVPHQWLRQHGLQLWDUHXQODZIXO7KH
WHDFKLQJOHDUQLQJDQGSUDFWLVLQJRIPDJLFDUHDOOXQODZIXODQG,PDP$Q1DZDZLKDVTXRWHGWKLV
+DGLWKKHUHWRSURYHWKHSURKLELWLRQRIPDJLFLQ,VODP
&+$37(5
352+,%,7,212)&$55<,1*
7+(485
$1,1727+(/$1'
2)(1(0<
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG7KH0HVVHQJHURI$OODK3%8+IRUEDGH
WUDYHOOLQJWRWKHODQGRIWKHHQHP\FDUU\LQJWKH4XU
DQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLVSURKLELWLRQLVRXWRIIHDUWKDWWKHGLVEHOLHYHUVPLJKWDEDVHDQGGHPHDQWKH4XU
DQ
DQGZLOOQRWJLYHLWGXHUHVSHFW,WLVKRZHYHUSHUPLVVLEOHWRWDNHLWWRSODFHVZKHUHWKHUHLVQRVXFK
IHDU
&+$37(5
352+,%,7,212)86,1*
87(16,/60$'(2)*2/'
$1'6,/9(5
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHUVDLG7KH0HVVHQJHURI$OODK3%8+VDLG
:KRVRHYHUGULQNVLQXWHQVLOVRIVLOYHULQIDFWNLQGOHVLQKLVEHOO\WKHILUHRI+HOO
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQRI0XVOLPLV9HULO\WKHSHUVRQZKRHDWVRUGULQNVLQXWHQVLOVPDGHRIJROGDQGVLOYHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 'LEDMLVDNLQGRIVLON6RPHVD\WKDWWKLFNVLONLVFDOOHG'LEDM2WKHUVVD\WKDWLWLVWKH
W\SHRIFORWKLQZKLFKVRPHRIWKHOHQJWKZLVHDQGEUHDGWKZLVHWKUHDGVDUHRISXUHVLONZKLOHWKHUHVWRI
WKHFORWKLVPDGHRIFRWWRQ
&RPPHQWDU\ )URPWKHDERYHQDUUDWLRQVLWLVFOHDUWKDWWKHXVHRIXWHQVLOVPDGHRIJROGRUVLOYHULV
IRUELGGHQLQ,VODPIRUHDWLQJGULQNLQJDQGIRUDOORWKHUSXUSRVHV+RZHYHUPHGLFDOXVHRIJROGHQRU
VLOYHUZLUHLVQRWIRUELGGHQHJWKHXVHRIJROGHQZLUHLQVHFXULQJWHHWKRUIL[LQJDWRRWKSDUWO\PDGH
RIJROG
+RZHYHUZRPHQPD\XVHSUHFLRXVPHWDOVDVRUQDPHQWVVLQFHDFFRUGLQJWRVRPHQDUUDWLRQVWKHUHLV
H[HPSWLRQIRUWKHIDLUVH[LQWKLVPDWWHU 6WLOOVRPHVFKRODUVPDLQWDLQWKDWWKHFKDLQRIVXFKQDUUDWLRQV
LVZHDNVRWKH\GRQRWDOORZWKHLUXVHLQWKHRUQDPHQWVRIZRPHQDVZHOO6KHLNK$O$OEDQLKDV
GLVFXVVHGWKLVPDWWHULQGHWDLOLQ$GDE$]=DIDI DQGKHGRHVQRWDJUHHZLWKWKHRSLQLRQRIWKHVHRWKHU
VFKRODUV
6LONHQGUHVVLVDOVRIRUELGGHQIRUPHQDQGVLPLODUO\DOOW\SHVRIGUHVVHVUHVHPEOLQJVLONDUH
IRUELGGHQIRUWKHPZKLFKDUHDVSHFLDOLW\RIZRPHQ7KH\DUHIRUELGGHQDVFUHDWLQJOLNHQHVVDQG
UHVHPEODQFHWRZRPHQ7KHUHDVRQEHKLQGWKLVLVWKDWWKHVRIWQHVVDQGGHOLFDF\IRXQGLQVLONLVDJDLQVW
PDQOLQHVV
7KHSURKLELWLRQRIWKHVHWKLQJVUHIOHFWVWKHWHPSHUDPHQWDQGGLVSRVLWLRQRI,VODP,VODPHQFRXUDJHV
VLPSOLFLW\DQGSLHW\LQHDWLQJGULQNLQJGUHVVDQGOLYLQJDQGIRUELGVOX[XU\DQGHDVHWKDWFUHDWHV
UHVHPEODQFHDQGOLNHQHVVZLWKWKHGLVEHOLHYHUV$ODV3UHVHQWGD\0XVOLPVKDYHDGRSWHGHDVHDQG
OX[XU\DQGPDGHLWWKHFULWHULRQRIQRELOLW\DQGDUHIROORZLQJLQWKHIRRWVWHSVRIWKHGLVEHOLHYHUV
(YHU\RQHLVEXV\GD\DQGQLJKWWRDWWDLQWKHZHVWHUQVWDQGDUGRIOLYLQJE\KRRNRUE\FURRN0D\$OODK
OHDGWKHPRQWKH5LJKW3DWK
&+$37(5
352+,%,7,212):($5,1*
6$))521&2/285(''5(66
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+SURKLELWHGPHQIURPZHDULQJ
VDIIURQG\HGFORWKHV
>$O%XNKDULDQG0XVOLP@
,DVNHGKLP 6KDOO,ZDVKWKHPRXW"
+HUHSOLHG<RXKDGEHWWHUVHWWKHPWRILUH
$QRWKHUQDUUDWLRQLV7KHVHDUHJDUPHQWVRIWKHGLVEHOLHYHUV6RGRQRWZHDUWKHP
>0XVOLP@
&+$37(5
352+,%,7,212)2%6(59,1*
6,/(1&()520'$:17,//
1,*+7
C$OL0D\$OODKEHSOHDVHGZLWKKLPVDLG,KDYHUHWDLQHGLQP\PHPRU\WKHVD\LQJRIWKH
0HVVHQJHURI$OODK3%8+WKDW1RRQHLVFRQVLGHUHGDQRUSKDQDIWHUKHKDVDWWDLQHGWKHDJHRI
PDWXULW\DQGLWLVXQODZIXOWRUHPDLQVLOHQWIURPGDZQWLOOQLJKW
3HRSOHLQIRUPHGKLPWKDW
VKHKDGVZRUQWRUHPDLQVLOHQW+HWKHQVDLGWRKHU<RXVKRXOGVSHDNLWLVQRWSHUPLVVLEOHWRREVHUYH
VLOHQFHIRULWLVDQDFWRIWKH'D\VRI,JQRUDQFH-DKLOL\\DK
$IWHUKHDULQJWKLVVKHVWDUWHGVSHDNLQJ
>$O%XNKDUL@
&RPPHQWDU\
)URPWKHDERYHQDUUDWLRQVLWEHFRPHVFOHDUWKDWRQHFDQQRWEHFDOOHGDQRUSKDQZKHQPDWXULW\LV
DWWDLQHG7KHSURRIRIPDWXULW\LVQLJKWGLVFKDUJHDQGQRWDQ\SDUWLFXODUDJH7KHDJHRIPDWXULW\PD\
GLIIHULQGLIIHUHQWFRXQWULHVDFFRUGLQJWRWKHFOLPDWHDQGLQGLYLGXDOERG\GHYHORSPHQW6RQLJKW
GLVFKDUJHKDVEHHQIL[HGDVWKHFRQGLWLRQDQGFULWHULRQRUVLJQRIPDWXULW\1LJKWGLVFKDUJHPHDQV
HMDFXODWLRQRIVHPHQGXULQJVOHHS
'XULQJWKHSUH,VODPLFSHULRGNHHSLQJTXLHWZDVDOVRFRQVLGHUHGDVDVRUWRIZRUVKLSRUGHYRWLRQWR
*RG,VODPGRHVQRWDOORZVXFKDVFHWLFFHUHPRQLHVDQGH[WUDYDJDQFH6RVXFKDFWLRQVDUHIRUELGGHQ
)XUWKHULWKDVEHHQVWUHVVHGWKDWLQVWHDGRINHHSLQJTXLHWRQHVKRXOGHQJDJHLQ JRRGDFWLRQVVXFKDV
HQMRLQLQJJRRGIRUELGGLQJHYLOHQWHUWDLQLQJDJXHVWUHPHPEHULQJ$OODKDQGJORULI\LQJ+LP+RZHYHU
LWLVEHWWHUWRNHHSTXLHWUDWKHUWKDQWHOOLQJOLHVLQGXOJLQJLQLQGHFHQWWDONRUEDFNELWLQJ
&+$37(5
352+,%,7,212)
$775,%87,1*:521*
)$7+(5+22'
6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG+H
ZKRIDOVHO\DWWULEXWHVKLVIDWKHUKRRGWRDQ\RQHEHVLGHVKLVUHDOIDWKHUNQRZLQJWKDWKHLVQRWKLV
IDWKHUZLOOEHIRUELGGHQWRHQWHU-DQQDK
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RDWWULEXWHRQH
VIDWKHUKRRGWRVRPHRQHRWKHUWKDQRQH
VUHDOIDWKHUGXHWRWKHODWWHU
V
SRYHUW\RULQRUGHUWROLYHDOLIHRIHDVHDQGFRPIRUWXQGHUWKHFDUHRIWKHSHUVRQWRZKRPRQHZLVKHV
WRDWWULEXWHKLVIDWKHUKRRGNQRZLQJWKDWLWLVQRWODZIXOLVDQDFWRI.XIUGLVEHOLHI,IVRPHRQH
KRZHYHUGRHVVRZLWKRXWFRQVLGHULQJWKLVXQODZIXODFWWREHODZIXOZLOOLQIDFWEHFRPPLWWLQJDPDMRU
VLQIRUZKLFKKHZLOOEHSXQLVKHGLQ+HOOILUH7KLV+DGLWKVWUHVVHVWKHLPSRUWDQFHRIVDIHJXDUGLQJ
RQH
VOLQHDJHDQGWKDWRIIXOILOOLQJWKHIDWKHUV
ULJKWVRYHUWKHLUFKLOGUHQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $LULVDVPDOOPRXQWDLQQHDU$O0DGLQDKDQG7KDXULVDOVRDVPDOOPRXQWDLQEHKLQG
WKHIDPRXV0RXQW8KXG7KHDUHDEHWZHHQWKHVHWZR PRXQWDLQVLVWKHIRUELGGHQDUHD,WPHDQVWKDW
OLNHWKH+DUDPRI0DNNDKQRJDPHVKRXOGEHNLOOHGQRWUHHVRUSODQWVRIWKLVDUHDVKRXOGEHFXWDQG
QRGLVEHOLHYHURUSRO\WKHLVWVVKRXOGHQWHULWVERXQGDU\7KHZRUGVD
GODQGVDUIWUDQVODWHGKHUHDV
UHSHQWDQFH
DQG
UDQVRP
UHVSHFWLYHO\DOVRPHDQREOLJDWRU\DQGYROXQWDU\1DIODFWVRIZRUVKLS
,WKDVEHHQHVWDEOLVKHGKHUHWKDWDQ\DFWRIGLVREHGLHQFHRUVLQFRPPLWWHGLQ$O0DGLQDKEHFRPHVD
JUHDWHUVLQWKDQLILWLVFRPPLWWHGDQ\ZKHUHHOVH7KLV+DGLWKDOVRHVWDEOLVKHVWKDWWKHFODLPWKDWC$OL
0D\$OODKEHSOHDVHGZLWKKLPZDVJLYHQVRPHVSHFLILFNQRZOHGJHRI.KLODIDKFDOLSKDWHZKLFK
ZDVQRWJLYHQWRDQ\ERG\HOVHLVDOVRIDOVH7KH+DGLWKDOVRPDNHVLWFOHDUWKDWDWWULEXWLQJRQH
V
IDWKHUKRRGWRVRPHRQHRWKHUWKDQKLVUHDOIDWKHULVDJUDYHVLQ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHVHSDUWLFXODUVLQVPHQWLRQHGLQWKH+DGLWKDUHJUHDWDQGDUHVWULFWO\IRUELGGHQ
(YHU\0XVOLPVKRXOGUHPDLQDZD\IURPWKHP0D\$OODKVDYHXVDOOIURPWKHVHVLQV
&+$37(5
352+,%,7,212)'2,1*7+$7
:+,&+$//$+$1'+,6
0(66(1*(5+$9(352+,%,7('
$OODKWKH([DOWHGVD\V
$QGOHWWKRVHZKRRSSRVHWKH0HVVHQJHU
VFRPPDQGPHQWLHKLV6XQQDKOHJDOZD\VRUGHUV
DFWVRIZRUVKLSVWDWHPHQWVDPRQJWKHVHFWVEHZDUHOHVWVRPH)LWQDKGLVEHOLHIWULDOV
DIIOLFWLRQVHDUWKTXDNHVNLOOLQJRYHUSRZHUHGE\DW\UDQWVKRXOGEHIDOOWKHPRUDSDLQIXO
WRUPHQWEHLQIOLFWHGRQWKHP
$QG$OODKZDUQV\RXDJDLQVW+LPVHOI+LVSXQLVKPHQW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWFRPPLWWLQJVLQVDQGDOOWKDW$OODKKDVIRUELGGHQLQRUGHU
WRDYRLGH[FLWLQJWKHDQJHURI$OODK
&+$37(5
(;3,$7,21)257+(
9,2/$7,212)
&200$1'0(1762)$//$+
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRZKHQWKH\KDYHFRPPLWWHG)DKLVKDKRUZURQJHGWKHPVHOYHVZLWKHYLO
UHPHPEHU$OODKDQGDVNIRUJLYHQHVVIRUWKHLUVLQV DQGQRQHFDQIRUJLYHVLQVEXW$OODK DQGGR
QRWSHUVLVWLQZKDWZURQJWKH\KDYHGRQHZKLOHWKH\NQRZ)RUVXFKWKHUHZDUGLVIRUJLYHQHVV
IURPWKHLU5XEEDQG*DUGHQVZLWKULYHUVIORZLQJXQGHUQHDWK-DQQDKZKHUHLQWKH\VKDOO
DELGHIRUHYHU+RZH[FHOOHQWLVWKLVUHZDUGIRUWKHGRHUVZKRGRULJKWHRXVGHHGVDFFRUGLQJWR
$OODK
V2UGHUV
$QGDOORI\RXEHJ$OODKWRIRUJLYH\RXDOO2EHOLHYHUVWKDW\RXPD\EHVXFFHVVIXO
>$O%XNKDULDQG0XVOLP@
,IDQ\SHUVRQVZHDUVE\DQ\WKLQJRUDQ\ERG\HOVHRWKHUWKDQ$OODKKHVKRXOGUHFLWH/DLODKDLOOD
$OODKDQGUHIUHVKDQGUHHVWDEOLVKKLV EHOLHILQ$OODK6LPLODUO\LIVRPHRQHLQGXOJHVLQRWKHUVLQVWKHQ
KHVKRXOGUHSHQWDQGJLYHLQFKDULW\DFFRUGLQJWRKLVUHVRXUFHV7KHUHDVRQLVDV$OODK6:7VD\V
9HULO\WKHJRRGGHHGVUHPRYHWKHHYLOGHHGVLHVPDOOVLQV
7+(%22. 2)0,6&(//$1(286$+$',7+
2)6,*1,),&$179$/8(6
&+$37(5
$+$',7+$%287'$--$/
3257(1762)7+(+285
$Q1DZZDVELQ6DPCDQ0D\$OODKEHSOHDVHGZLWKKLPUHSRUWHG2QHPRUQLQJWKH0HVVHQJHU
RI$OODK3%8+PDGHDPHQWLRQRI'DMMDODQGKHGHVFULEHGKLPWREHLQVLJQLILFDQWDQGDWWKHVDPH
WLPHGHVFULEHGKLPVRVLJQLILFDQWWKDWZHWKRXJKWKHZDVRQWKHGDWHSDOPWUHHVLHQHDUE\:KHQZH
ZHQWWRKLPWKH3URSKHW3%8+LQWKHHYHQLQJKHSHUFHLYHGWKHVLJQRIIHDURQRXUIDFHV+HVDLG
:KDW LVWKHPDWWHUZLWK\RX"
:HVDLG20HVVHQJHURI$OODK\RXWDONHGDERXW'DMMDOWKLVPRUQLQJ
UDLVLQJ\RXUYRLFHDQGORZHULQJLWXQWLOZHWKRXJKWKHZDVKLGLQJLQWKHSDOPWUHHVJURYH+HVDLG
6RPHWKLQJRWKHUWKDQ'DMMDOPDNHZRUU\DERXW\RX,IKHDSSHDUVZKLOH,DPZLWK\RX,ZLOOGHIHQG
\RXDJDLQVWKLP%XWLIKHDSSHDUVDIWHU,GLHWKHQHYHU\RQHRI\RXLVKLVRZQGHIHQGHU$OODKLVWKH
2QH:KRUHPDLQVDIWHUPHWRJXLGHHYHU\0XVOLP'DMMDOZLOOEHD\RXQJPDQZLWKYHU\FXUO\KDLU
ZLWKRQHH\HSURWUXGLQJZLWKZKLFKKHFDQQRWVHH,FRPSDUHKLVDSSHDUDQFHWRWKDWRI$OC8]]DELQ
4DWDQ+HZKRDPRQJVW\RXVXUYLYHVWRVHHKLPVKRXOGUHFLWHRYHUKLPWKHRSHQLQJ$\DWRI6XUDW$O
.DKILH6XUDW9HUVHV+HZLOODSSHDURQWKHZD\EHWZHHQ6\ULDDQG,UDTDQGZLOOVSUHDG
PLVFKLHIULJKWDQGOHIW2VODYHVRI$OODK5HPDLQDGKHUHGWRWKHWUXWK
:HDVNHG20HVVHQJHURI
$OODK+RZORQJZLOOKHVWD\RQWKHHDUWK"
+HVDLG)RUIRUW\GD\V2QHGD\ZLOOEHOLNHD\HDURQH
GD\OLNHDPRQWKRQHGD\OLNHDZHHNDQGWKHUHVWRIWKHGD\VZLOOEHOLNH\RXUGD\V
:HVDLG2
0HVVHQJHURI$OODK:LOORQHGD\
V6DODWSUD\HUVXIILFHIRUWKH6DODWRIWKDWGD\ZKLFKZLOOEHHTXDO
WRRQH\HDU"
7KHUHXSRQKHVDLG1REXW\RXPXVWPDNHDQHVWLPDWHRIWLPHDQGWKHQRIIHU6DODW
:H
VDLG20HVVHQJHURI$OODK+RZTXLFNO\ZLOOKHZDONXSRQWKHHDUWK"
7KHUHXSRQKHVDLG/LNH
FORXGGULYHQE\WKHZLQGLHYHU\TXLFNO\+HZLOOFRPHWRWKHSHRSOHDQGFDOOWKHPWRKLVREHGLHQFH
DQGWKH\ZLOODIILUPWKHLUIDLWKLQKLPDQGUHVSRQGWRKLP+HZLOOWKHQJLYHFRPPDQGWRWKHVN\DQGLW
ZLOOVHQGLWVUDLQXSRQWKHHDUWKDQGKHZLOOWKHQVHQGKLVFRPPDQGWRWKHHDUWKDQGLWZLOOJURZ
YHJHWDWLRQ7KHQLQWKHHYHQLQJWKHLUSDVWXULQJDQLPDOVZLOOFRPHWRWKHPZLWKWKHLUKXPSVYHU\KLJK
DQGWKHLUXGGHUVIXOORIPLONDQGWKHLUIODQNVVWUHWFKHG+HZLOOWKHQFRPHWRDQRWKHUSHRSOHDQGLQYLWH
WKHPEXWWKH\ZLOOUHMHFWKLPDQGKHZLOOOHDYHWKHPLQEDUUHQODQGVDQGZLWKRXWDQ\JRRGVDQG
FKDWWHOV+HZRXOGWKHQZDONWKURXJKWKHZDVWHODQGDQGVD\WRLWC%ULQJIRUWK\RXUWUHDVXUHV
DQGWKH
WUHDVXUHVZLOOFRPHRXWDQGIROORZKLPOLNHVZDUPVRIEHHV+HZLOOWKHQFDOODSHUVRQEULPPLQJZLWK
\RXWKDQGVWULNHKLPZLWKWKHVZRUGDQGFXWKLPLQWRWZRSLHFHVDQGPDNHWKHVHSLHFHVOLHDWD
GLVWDQFHZKLFKLVJHQHUDOO\EHWZHHQWKHDUFKHUDQGKLVWDUJHW+HZLOOWKHQFDOOWKDW\RXQJPDQDQGKH
ZLOOFRPHIRUZDUGODXJKLQJZLWKKLVIDFHJOHDPLQJRXWRIMR\DQGLWZLOOEHDWWKLVYHU\WLPHWKDW
$OODKZLOOVHQGC,VD-HVXVVRQRI0DU\DP0DU\ZKRZLOOGHVFHQGDWWKHZKLWHPLQDUHWLQWKH
HDVWHUQVLGHRI'DPDVFXVZHDULQJWZRJDUPHQWVOLJKWO\G\HGDQGSODFLQJKLVKDQGVRQWKHZLQJVRI
WZRDQJHOV:KHQKHZLOOORZHUKLVKHDGWKHUHZRXOGIDOOGURSVRIZDWHUIURPKLVKHDGDQGZKHQKH
ZLOOUDLVHLWXSGURSVOLNHSHDUOVZRXOGVFDWWHUIURPLW(YHU\GLVEHOLHYHUZKRZLOOILQGKLVLHC,VD
V
VPHOOZLOOGLHDQGKLVVPHOOZLOOUHDFKDVIDUDVKHZLOOEHDEOHWRVHH+HZLOOWKHQVHDUFKIRU'DMMDO
XQWLOKHZLOOFDWFKKROGRIKLPDWWKH JDWHRI/XGGYLOODJHQHDU-HUXVDOHPDQGZLOONLOOKLP7KHQWKH
SHRSOHZKRP$OODKZLOOKDYHSURWHFWHGZLOOFRPHWRC,VDVRQRI0DU\DPDQGKHZLOOZLSHWKHLUIDFHV
DQGZLOOLQIRUPWKHPRIWKHLUUDQNVLQ-DQQDKDQGLWZLOOEHXQGHUVXFKFRQGLWLRQVWKDW$OODKZLOO
UHYHDOWRC,VDWKHVHZRUGVC,KDYHEURXJKWIRUWKIURPDPRQJVWP\VODYHVVXFKSHRSOHDJDLQVWZKRP
QRQHZLOOEHDEOHWRILJKWVRWDNHWKHVHSHRSOHVDIHO\WRWKHPRXQWDLQ
$QGWKHQ$OODKZLOOVHQG<D
MXM
DQG0D
MXM*RJDQG0DJRJSHRSOHDQGWKH\ZLOOVZRUQGRZQIURPHYHU\VORSH7KHILUVWRIWKHPZLOO
SDVVWKH/DNH7DEDUL\DKQHDUWKH'HDG6HDLQ3DOHVWLQHDQGGULQNDOOLWVZDWHU$QGZKHQWKHODVWRI
WKHPZLOOSDVVKHZLOOVD\C7KHUHZDVRQFHZDWHUWKHUH
3URSKHWC,VD3%8+DQGKLVFRPSDQLRQV
ZLOOWKHQEHVRPXFKKDUGSUHVVHGWKDWWKHKHDGRIDQR[ZLOOEHGHDUHUWRWKHPWKDQRQHKXQGUHGGLQDU
DQGC,VDDORQJZLWKKLVFRPSDQLRQVZLOOPDNHVXSSOLFDWLRQWR$OODK:KRZLOOVHQGLQVHFWVZKLFKZLOO
DWWDFNWKHLU<D
MXMDQG0D
MXMSHRSOHQHFNXQWLOWKH\DOOZLOOSHULVKOLNHDVLQJOHSHUVRQ3URSKHWCæVD
DQGKLVFRPSDQLRQVZLOOWKHQFRPHGRZQDQGWKH\ZLOOQRWILQGLQWKHHDUWKDVPXFKVSDFHDVDVLQJOH
VSDQZKLFKZRXOGQRWEHILOOHGZLWKWKHLUFRUSVHVDQGWKHLUVWHQFK3URSKHWC,VDDQGKLVFRPSDQLRQV
ZLOOWKHQDJDLQEHVHHFK$OODK:KRZLOOVHQGELUGVZKRVHQHFNVZLOOEHOLNHWKRVHRI%DFWULDQFDPHOV
DQGWKH\ZLOOFDUU\WKHPDQGWKURZWKHPZKHUH$OODKZLOOGHVLUH7KHQ$OODKZLOOVHQGGRZQUDLQ
ZKLFKZLOOVSDUHQRKRXVHLQWKHFLW\RULQWKHFRXQWU\VLGH,WZRXOGZDVKDZD\WKHHDUWKXQWLOLW
DSSHDUVOLNHDPLUURU7KHQWKHHDUWKZLOOEHWROGWREULQJIRUWKLWVIUXLWDQGUHVWRUHLWVEOHVVLQJVDQGDV
DUHVXOWRIWKLVWKHUHZLOOJURZVXFKDELJSRPHJUDQDWHWKDWDJURXSRISHRSOHZLOOHDWIURPLWDQGVHHN
VKHOWHUXQGHULWVVNLQ0LONZLOOEHVREOHVVHGWKDWWKHPLONRIRQHVKHFDPHOZLOOVXIILFHIRUDODUJH
FRPSDQ\DQGWKHFRZZLOOJLYHVRPXFKPLONWKDWLWZLOOVXIILFHIRUDZKROHWULEH7KHVKHHSZLOOJLYH
VRPXFKPLONWKDWWKHZKROHIDPLO\ZLOOEHDEOHWRGULQNRXWRIWKDWDQGDWWKDWWLPH$OODKZLOOVHQGD
SOHDVDQWZLQGZKLFKZLOOVRRWKHSHRSOHHYHQXQGHUWKHLUDUPSLWVDQGZLOOWDNHWKHOLIHRIHYHU\0XVOLP
DQGWUXHEHOLHYHUDQGRQO\WKHZLFNHGZLOOVXUYLYH7KH\ZLOOFRPPLWDGXOWHU\LQSXEOLFOLNHDVVHVDQG
WKH5HVXUUHFWLRQ'D\ZLOOEHKHOG
>0XVOLP@
&RPPHQWDU\ ,QWKHDERYHVWDWHPHQWZHILQGGHWDLOVDERXWWKHVLJQVRIWKH'D\RI5HVXUUHFWLRQWKH
DSSHDUDQFHRI'DMMDO$QWLFKULVWWKHFRPLQJRI3URSKHWC,VD VRQRI0DU\DPDQGWKHDSSHDUDQFHRI
*RJDQG0DJRJSHRSOH:HDOVRILQGDOOWKHLPSRUWDQWHYHQWVZKLFKZLOOKDSSHQGXULQJWKHVHWLPHV
+HUHZHDOVRQRWHWKHKDYRFRI'DMMDODQGWKHGHVWUXFWLRQRI*RJDQG0DJRJSHRSOH7KHQILQDOO\WKH
NLOOLQJRIWKHPE\WKHHIIRUWVRI3URSKHWC,VDDQGKLVSUD\HUV
5LECLELQ+LUDVK0D\$OODKEHSOHDVHGZLWKKLPVDLG,DFFRPSDQLHG$EX0DVCXG$O$QVDULWR
+XGDLIDKELQ$O<DPDQ0D\$OODKEHSOHDVHGZLWKWKHP$EX0DVCXGVDLGWRKLP7HOOXVZKDW\RX
KHDUGIURPWKH0HVVHQJHURI$OODK3%8+DERXW'DMMDOWKH$QWLFKULVW
+XGDLIDKVDLG+H3%8+
VDLG'DMMDOZLOODSSHDUDQGZLWKKLPZLOOEHZDWHUDQGILUH7KDWZKLFKSHRSOHFRQVLGHUWREHZDWHU
ZLOOLQIDFWEHDEXUQLQJILUHDQGWKDWZKLFKSHRSOHZLOOFRQVLGHUWREHILUHZLOOLQIDFWEHFRRODQG
VZHHWZDWHU+HZKRIURPDPRQJVW\RXKDSSHQVWRIDFHKLPVKRXOGMXPSLQWRWKDWZKLFKKHVHHVDV
ILUHIRUWKDWZLOOEHQLFHDQGVZHHWZDWHU
$EX0DVCXGVDLG,KDYHDOVRKHDUGWKLVIURPWKH
0HVVHQJHURI$OODK3%8+
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
7KHQDOOWKH0XVOLPVZLOOSURVWUDWHEHIRUH+LP+RZHYHUWKRVHSHRSOHZKRXVHGWRSUD\DQGSURVWUDWH
EHIRUH+LPLQWKHLUZRUOGO\OLYHVRQO\IRUVKRZLQJRIIRUIRUJDLQLQJJRRGUHSXWDWLRQZLOOQRWEHDEOH
WRSURVWUDWHEHIRUH+LPRQWKLVRFFDVLRQ7KHLUVSLQHVZLOOEHFRPHVWLIIOLNHDZRRGHQERDUGDQGLW
ZRXOGEHFRPHLPSRVVLEOHIRUWKHPWREHQG6DKLK$O%XNKDUL 7DIVLU6XUDW$Q1XUDQG$O4DODP
>0XVOLP@
$QDV0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH0HVVHQJHURI$OODK3%8+VDLG'DMMDOWKH
$QWLFKULVWZLOOEHIROORZHGE\VHYHQW\WKRXVDQG-HZVRI,VIDKDQDQGZLOOEHGUHVVHGLQUREHVRIJUHHQ
FRORXUHGVDWLQ
>0XVOLP@
>0XVOLP@
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ ,QWKLVQDUUDWLRQZHILQGWKHGHVFULSWLRQRIDEHOLHYHU
VVWHDGIDVWQHVVDQGIRUEHDUDQFH
DQGKLVILQDOPDUW\UGRPZKLOHIDFLQJWKHZLFNHGQHVVDQGWHPSWDWLRQRIWKHPLVFKLHIRI'DMMDOLH
$QWLFKULVW
+HUHZHILQGWKDWWKHSDUWRIKLVQHFNZLOOWXUQLQWRFRSSHUZKLFKFRXOGHLWKHUKDSSHQLQUHDOLW\RU
DFFRUGLQJWRDQRWKHULQWHUSUHWDWLRQWKDWKH'DMMDOZLOOQRWEHDEOHWRNLOOKLP$OODKNQRZVEHWWHUDV
$OODKFDQGRZKDWHYHU+HOLNHVRULWPD\MXVWEHDVWDWHPHQWOLNHDSDUDEOHRUDVLPLOHDQGVRPHSHRSOH
WKLQNWKDWWKLVUHIHUVWRWKHIDFWWKDW'DMMDOZLOOQRWEHDEOHWRFXWKLVQHFN%XWLWLVEHWWHUWRFRQVLGHULW
LQWHUPVRIUHDOLW\
,VDLG2
0HVVHQJHURI$OODKLWLVUHSRUWHGWKDWKHZLOOKDYHZLWKKLPDPRXQWDLQRIEUHDGDQGDULYHU IXOORI
ZDWHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHODVWSDUWRIWKH+DGLWKPHDQVWKDWDOWKRXJK'DMMDOZLOOKDYHJUHDWUHVRXUFHVDQG
PHWKRGVRIPLVOHDGLQJSHRSOHWKHWUXHEHOLHYHUVZLOOQRWEHGHFHLYHGE\KLVWULFNVRQWKHFRQWUDU\
WKH\ZLOOLQFUHDVHLQ)DLWKDVZKDWWKH3URSKHW3%8+VDLGDERXW'DMMDOLVWUXH
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $OOWKHVHQDUUDWLRQVDERXWWKHPLVFKLHIRI'DMMDODUHFRUUHFWDQGKDYHEHHQQDUUDWHG
WKURXJKUHOLDEOHQDUUDWRUVDQGDOOVFKRODUVDJUHHRQWKHLUEHLQJWUXH7KH\KDYHEHHQUHSRUWHGE\$O
%XNKDULDQG0XVOLPZKRVHQDUUDWLRQVDUHXQDQLPRXVO\DFFHSWHGE\WKHC8ODPD
7KHVHFRQGFRPLQJRIWKH3URSKHW
,VD-HVXVIURPWKHKHDYHQVLVSURYHGRQWKHEDVLVRIVXFKUHOLDEOH
DQGWUXHQDUUDWLRQVWKDWQRQHFDQFRQWUDGLFWWKHP%HIRUHWKH'D\RI5HVXUUHFWLRQDOOWKHVHWKLQJVZLOO
KDSSHQDQGLWLVHVVHQWLDOWREHOLHYHLQWKHP
'DMMDOZRXOGEHDGHVFHQGDQWRIWKH-HZVDQGKHZLOOEHFDOOHG'DMMDOEHFDXVHRIKLVPLVFKLHI7KH
PHDQLQJRI'DMMDOLVCRQHZKRJUHDWO\UHVRUWVWRIUDXGDQGGHFHSWLRQ
$OODKZLOODOVRJLYHKLPVRPHH[WUDRUGLQDU\SRZHUVWRWHVWWKHEHOLHIRIWKH0XVOLPV'DMMDOZLOOFODLP
WREHWKHORUGRIWKHZRUOG$ODUJHSRUWLRQRIWKH-HZVZLOOEHZLWKKLP+HKDVDOVREHHQQDPHGDV$O
0DVLK$G'DMMDOLQVRPHQDUUDWLRQV-HVXVVRQRI0DU\3HDFHEHXSRQWKHPZLOOKDYHWKHKRQRXURI
NLOOLQJKLP
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ *KDUTDGLVDWKRUQ\SODQWZKLFKLVZHOONQRZQLQWKHDUHDRI3DOHVWLQH$OODKFDQ
EHVWRZWKHSRZHURIVSHHFKWRZKDWHYHUWKLQJ+HOLNHV:KHQ$OODKZLOOV+HZLOOJLYHPDVWHU\WRWKH
0XVOLPV+HZLOOKHOSWKHPHYHQE\PHDQVRISODQWVDQGVWRQHVZKLFKZLOODVVLVWWKH0XVOLPVDJDLQVW
WKH-HZVE\LQIRUPLQJWKHPDERXWWKHZKHUHDERXWVRIWKH-HZV
7KH-HZVKDYHSUHGRPLQDQFHRYHUWKH0XVOLPVLQVSLWHRIWKHIDFWWKDWWKH\DUHDPLQRULW\%XW
DFFRUGLQJWRWKLVWUXHQDUUDWLRQWKHVLWXDWLRQZLOOGHILQLWHO\FKDQJHEHIRUHWKH'D\RI5HVXUUHFWLRQDQG
WKH0XVOLPVZLOOGRPLQDWHWKH-HZV$OODKLVWKH0DVWHUDQG5XEERIHYHU\WKLQJ
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHZRXOGEHVXFKGLVDVWHUVDQGDJRQ\LQWKHZRUOGWKDWSHRSOHZLOOSUHIHUGHDWKWR
OLIHXQGHUVXFKFRQGLWLRQV7KLVVLWXDWLRQZLOODULVHEHIRUHWKH'D\RI5HVXUUHFWLRQDQGWKH'D\RI
-XGJHPHQWZLOOGDZQRQVXFKZLFNHGSHRSOH
$QRWKHUQDUUDWLRQLV7KHWLPHLVQHDUZKHQWKH5LYHU(XSKUDWHVZLOOGU\XSWRXQYHLODWUHDVXUHRI
JROG:KRVRHYHUPD\EHDOLYHDWWKDWWLPHVKRXOGQRWWDNHDQ\WKLQJRILW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
&RPPHQWDU\ +HUHWKHDEXQGDQFHRIZHDOWKGXULQJWKHWLPHRIDFDOLSKKDVEHHQSURSKHVLHG7KLV
DOVRUHIHUVWRWKHODVWGD\VRIWKHZRUOG
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLVLVWKHVWRU\RIVRPH SHRSOHIURPWKHSDVWLQZKLFKH[HPSODU\KRQHVW\SLHW\DQG
WKHZLOOWRDEVWDLQIURPWKHGRXEWIXOSURSHUW\KDVEHHQGHVFULEHG%XWDVIDUDVWKHODZRI6KDULCDKLV
FRQFHUQHGLWDSSHDUVWKDWLQWKHWUDQVDFWLRQRIODQGDQ\EXULHGWUHDVXUHZLOOQRWEHLQFOXGHGLQWKHVDOH
,WZLOOEHFRQVLGHUHGTXLWHVHSDUDWHO\DQGDSDUWIURPWKHVDOHRIWKHODQG,IWKHSUHYLRXVRZQHUVD\VWKDW
WKHWUHDVXUHEHORQJVWRKLPDQGKHIRUJRWWRWDNHLWRXWWKHQLWZLOOEHFRQVLGHUHGDVKLVSURSHUW\DQG
QRWWKHSURSHUW\RIWKHEX\HURIWKHODQG%XWLIKHVKRZVLJQRUDQFHDERXWLWWKHQLWZLOOEHFRQVLGHUHG
XQGHUWKHWLWOHRI5LND] ,QVXFKDFDVHRQHILIWKRILWJRHVWRWKHSXEOLFWUHDVXU\DQGWKHUHVWWRWKH
RZQHURIWKHODQG5LND]UHIHUVWRDQ\EXULHGWUHDVXUHZKLFKLVGLVFRYHUHGLQDQ\ODQG
>$O%XNKDULDQG0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KH+DGLWKVKRZVWKDWWKHGHPLVHRIWKHSLRXVSHRSOHLVRQHRIWKHVLJQVRIWKHQHDUQHVV
RIWKH'D\RI5HVXUUHFWLRQ,WDOVRVKRZVWKDWGXULQJWKHODVWGD\VQHDUWKH'D\RI5HVXUUHFWLRQSLRXV
SHUVRQVZLOOQRWUHPDLQDQGRQO\WKHZLFNHGSHRSOHZLOOLQKDELWWKHHDUWKDQGWKH'D\RI-XGJHPHQW
ZLOOGDZQRQVXFKEDGSHRSOH
+HUHSOLHG7KH\ZHUHWKHEHVWRI0XVOLPV
RUKHPD\KDYHVDLGVRPHWKLQJVLPLODUWRWKDW
-LEULOVDLG7KHVDPHLVWKHFDVHZLWKWKHDQJHOVZKRZHUHDW%DGU
>$O%XNKDUL@
&RPPHQWDU\ 7KH+DGLWKKLJKOLJKWVWKHVXSHULRULW\RIWKRVH&RPSDQLRQVDVZHOOWKRVHDQJHOVZKR
SDUWLFLSDWHGLQWKHEDWWOHRI%DGUDJDLQVWWKHIRUFHVRI.XIU7KH4XU
DQFRQILUPVWKHIDFWWKDWWKHDQJHOV
IRXJKWDORQJZLWK0XVOLPVLQWKLVKLVWRULFEDWWOH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :KHQ$OODK
VSXQLVKPHQWFRPHVWRSDVVLWGRHVQRWGLVWLQJXLVKEHWZHHQWKHXSULJKW
DQGWKHZLFNHG+RZHYHUWKHSLRXVSHRSOHZLOOEHVDYHGIURPSXQLVKPHQWDIWHUWKHLUGHDWKZKLOHWKH
ZLFNHGRQHVZLOOEH SXQLVKHGLQWKH+HOO0D\$OODKVDYHXVIURPDOOW\SHVRISXQLVKPHQWV
+HUHSOLHG,I\RXZLVK
6RWKH\PDGHDSXOSLWIRUKLPDQGZKHQLWZDV)ULGD\WKH3URSKHW
3%8+VDWRQWKHSXOSLW>WRGHOLYHUWKH.KXWEDKVHUPRQ@DQGWKHWUXQNRIWKHGDWHSDOPRQZKLFKKH
XVHGWRUHFOLQHFULHGRXWDVLILWZRXOGVSOLWDVXQGHU
>$O%XNKDUL@
&RPPHQWDU\ ,EQ+DMDUVDLGWKDWWKHUHLVHYLGHQFHLQWKLV+DGLWKWKDW$OODKFDQHQGRZLQDQLPDWH
REMHFWVZLWKDVSHFLDOVHQVHRUIHHOLQJOLNHWKDWRIDQLPDOV7KH+DGLWKDOVRVKRZVRQHRIWKHQXPHURXV
PLUDFOHVRIWKH0HVVHQJHURI$OODK3%8+
>$G'DUDTXWQLDQGRWKHUV@
&RPPHQWDU\ $FFRUGLQJWR6KHLNK$O$OEDQLWKHUHLVDEUHDNLQWKHFKDLQRIWKLVQDUUDWLRQ+HKDV
JLYHQWKHGHWDLOVDERXWLWLQKLVERRN%XWVRPHRWKHUVFKRODUVKDYHGHFODUHGLWLQWKHFDWHJRU\RI+DVDQ
QDUUDWLRQV(YHQ,PDP$Q1DZDZLKDVWHUPHGLWDV+DVDQ)RUGHWDLOVUHIHUWR0XVWDGUDN$O+DNLP
9RO30DMPDC$]=DZDLG9RO37LUPLGKL &KDSWHUUHODWLQJWR'UHVV1R,EQ
0DMDK%RRNRI)RRG&KDSWHU(DWLQJRI&KHHVHDQG%XWWHU1R$V6XQDQ$O.XEUDE\$O
%DLKDTL %RRNRI6DFULILFH&KDSWHU:KDWKDVEHHQVDLGDERXWK\HQDDQGIR[
$FFRUGLQJWR,PDP$V6DPCDQL WKLV+DGLWKLVYHU\LPSRUWDQWDVWKHGHWDLOVRILPSRUWDQWWKLQJVKDYH
EHHQJLYHQKHUH:KRVRHYHUOHDGVKLVOLIHDFFRUGLQJO\ZLOOVXUHO\VXFFHHGLQWKLVOLIHDQGWKH
+HUHDIWHU
&RPPHQWDU\ /RFXVWLVDW\SHRILQVHFWWKDWIOLHVLQKXJHJURXSVGHVWUR\LQJDOOWKHSODQWVDQGFURSV
7KLV+DGLWKKLJKOLJKWVWKHSHUPLVVLELOLW\RIHDWLQJORFXVWV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWLID0XVOLPIDFHVDORVVIURPVRPHSODFHKHVKRXOG
UHPDLQFDUHIXOOHVWKHPD\EHGHFHLYHGDJDLQDQGDJDLQ
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPVDLG7KH3URSKHW3%8+VDLG%HWZHHQWKH
WZR%ORZLQJRIWKH7UXPSHWWKHUHZLOOEHDQLQWHUYDORIIRUW\
7KHSHRSOHVDLG2$EX+XUDLUDK'R
\RXPHDQIRUW\GD\V"
+HVDLG,FDQQRWVD\DQ\WKLQJ
7KH\VDLG'R\RXPHDQIRUW\\HDUV"
+H
VDLG,FDQQRWVD\DQ\WKLQJ
7KH\VDLG'R\RXPHDQIRUW\PRQWKV"
+HVDLG,FDQQRWVD\DQ\WKLQJ
7KH3URSKHWDGGHGC(YHU\WKLQJRIWKHKXPDQERG\ZLOOSHULVKH[FHSWWKHODVWFRFF\[ERQHHQGSDUWRI
WKHVSLQDOFRUGDQGIURPWKDWERQH$OODKZLOOUHFRQVWUXFWWKHZKROHERG\7KHQ$OODKZLOOVHQGGRZQ
ZDWHUIURPWKHVN\DQGSHRSOHZLOOJURZOLNHJUHHQYHJHWDEOHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
:KHQ,VUDILOEORZVWKH7UXPSHWWKHILUVWWLPHE\$OODK
V/HDYHDOOWKRVHZKRDUHLQWKHKHDYHQVDQG
RQHDUWKZLOOVZRRQDZD\H[FHSWKLPZKRP$OODKZLOO7KLVZLOOEHWKHILUVW%ORZLQJ7KHQLWZLOOEH
EORZQDVHFRQGWLPHWKH\ZLOOEHFRPHDOLYHDQGZLOOHPHUJHIURPWKHLUJUDYHV7KHVH%ORZLQJVDUH
NQRZQDVWKH C%ORZLQJVRI)DLQWLQJDQG5LVLQJ
$VUHJDUGWKHLQWHUYDOEHWZHHQWKHVHWZR%ORZLQJV
WKHQDUUDWRURIWKHQDUUDWLRQ$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLPFRXOGQRWVD\DQ\WKLQJ
ZKHQKHZDVDVNHGDERXWLWDVKHKLPVHOIGLGQRWNQRZLW%XWLQRWKHUQDUUDWLRQVWKHLQWHUYDOKDVEHHQ
PHQWLRQHGDVIRUW\\HDUV
7KHHDUWKHDWVDZD\WKHZKROHERG\RIKXPDQVH[FHSWWKHERGLHVRIWKH3URSKHWV+RZHYHURQO\WKH
HQGSDUWRIWKHVSLQDOFRUGUHPDLQVLQWDFW+RZLWUHPDLQVLQWDFWLVNQRZQWR$OODKEXWIURPLWPDQNLQG
ZLOOEHFUHDWHGDJDLQ
%RGLHVZLOOULVHIURPWKHHDUWKDVYHJHWDWLRQVSULQJVRXWIURPWKHHDUWKDIWHUWKHUDLQIDOO
7KH0HVVHQJHURI
$OODK3%8+FRQWLQXHGKLVWDON6RPHRIWKRVHSUHVHQWWKRXJKWWKDWKHKDGKHDUGKLPEXWGLVOLNHGWKH
LQWHUUXSWLRQDQGWKHRWKHUVDLGWKDWKHKDGQRWKHDUKLP:KHQWKH0HVVHQJHURI$OODK3%8+
FRQFOXGHGKLVVSHHFKKHDVNHG:KHUHLVWKHRQHZKRLQTXLUHGDERXWWKH/DVW'D\"
7KHPDQUHSOLHG
+HUH,DP
+HDVNHG+RZFRXOGLWEHORVW"
+HUHSOLHG:KHQWKHJRYHUQPHQWLVHQWUXVWHG
WRWKHXQGHVHUYLQJSHRSOHWKHQZDLWIRUWKH/DVW'D\
>$O%XNKDUL@
&RPPHQWDU\ +HUHDYHU\LPSRUWDQWVLJQRIWKHQHDUQHVVRIWKH'D\RI-XGJHPHQWKDVEHHQ
PHQWLRQHG7KHDIIDLUVRIWKHZRUOGZLOOEHLQWKHKDQGVRIZLFNHGDQGXQGHVHUYLQJSHRSOH7KHVLQQHUV
DQGZLFNHGSHRSOHZLOOEHFRPHWKHOHDGHUVRIWKHZRUOG7KHSUHDFKLQJSXOSLWVZRXOGDOVREHRFFXSLHG
E\SHRSOHZKRZRXOGEHJUHHG\DQGLJQRUDQW7KH\ZLOOEHGHYRLGRISLHW\DQGDEVWLQHQFH
>$O%XNKDUL@
&RPPHQWDU\ ,QWKLVQDUUDWLRQWKHUHLVDPHQWLRQRIRQHRIWKHVLJQVRIWKHQHDUQHVVRIWKH'D\RI
-XGJHPHQW0XVOLPVZLOOEHOHGLQWKHLUSUD\HUVDVZHOODVZRUOGO\DIIDLUVE\LJQRUDQW XQGHVHUYLQJ
UXOHUV:KRHYHURIIHUVSUD\HUVZLWKWKHPDQGEHKLQGWKHPDFFRUGLQJWRWKH6XQQDKWKHQERWKRIWKHP
ZLOOJHWWKHUHZDUG2WKHUZLVHWKHUHZDUGZLOOEHHVWDEOLVKHGZLWKWKHIROORZHUVDQGWKHEXUGHQRIWKH
PLVWDNHVZLOOEHSODFHGRQWKHUXOHUV
VKRXOGHUV
7KHEHVWIRU
PDQNLQGDUHWKRVHZKREULQJWKHPZLWKFKDLQVURXQGWKHLUQHFNVWLOOWKH\HPEUDFH,VODPDQGWKHUHE\
VDYHWKHPIURPWKHHWHUQDOSXQLVKPHQWLQWKH+HOOILUHDQGPDNHWKHPHQWHU-DQQDKLQWKH+HUHDIWHU
>$O%XNKDUL@
&RPPHQWDU\ 7KLVLVLQDZD\WKHH[SODQDWLRQRIWKHFRQFHUQHG9HUVHRIWKH4XU
DQ $EX+XUDLUDK
0D\$OODKEHSOHDVHGZLWKKLPVD\V,QWKLV9HUVHWKRVHILJKWHUVKDYHEHHQQDPHGDVWKHEHVWRIWKH
8PPDKZKRILJKWZLWKWKHLQILGHOVZKRPWKH\WDNHSULVRQHUVDQGWKH\XOWLPDWHO\DFFHSW,VODP+HQFH
WKH\EHFRPHDPHDQVRIDFFHSWDQFHRI)DLWKWRWKHPDQGDUHHQWLWOHGWRPRUHUHZDUGVIURP$OODK
>$O%XNKDUL@
&RPPHQWDU\ 7KHPHDQLQJRIWKLV+DGLWKLVDOVRWKHVDPHDVWKH+DGLWKPHQWLRQHGEHIRUHLW7KLV
PHDQVWKDWDIWHUWDNLQJFDSWLYHVWKH0XVOLPVLQIRUPWKHPDERXWWKHWHDFKLQJVRI,VODPVRWKDWDIWHU
DFFHSWLQJ,VODPWKH\PD\GHVHUYH-DQQDKZKLFKLVWKHXOWLPDWHVXFFHVV$OODKVD\V$QGZKRHYHULV
UHPRYHGDZD\IURPWKH)LUHDQGDGPLWWHGWR-DQQDKKHLQGHHGLVVXFFHVVIXO
7KLV+DGLWK
XUJHV0XVOLPVWRFDOOWR,VODPLWDOVRXUJHVWKRVH0XMDKLGXQWRLQYLWHWKHLUSULVRQHUVWR,VODPWRVDYH
WKHPIURPWKHFKDVWLVHPHQWRIWKH+HOOILUH
>0XVOLP@
&RPPHQWDU\ 7KHVXSHULRULW\RIWKHPRVTXHVLVVHOIHYLGHQW3HRSOHSUD\DQGZRUVKLS$OODKLQWKH
PRVTXHVDQGUHFLWDWLRQRI4XU
DQJRHVRQWKHUH:KLOHLQWKHPDUNHWSODFHVSHRSOHIRUJHWWRUHPHPEHU
$OODKDQGLQGXOJHLQVXFKIRUELGGHQDFWVDVIUDXGOLHVDQGJRVVLS,QIDFWLWLVQRWWKHSODFHLWVHOIZKLFK
LVGLVOLNHGEXWWKHEDGWKLQJVZKLFKDUHERXQGWRKDSSHQLQLWWKH\DUHQRWWKHSODFHVRIFKRLFHDQGDUH
QRWOLNHG
>0XVOLP@
7KHUHDUHRWKHUQDUUDWLRQVZLWKVRPHYDULDWLRQLQWKHZRUGLQJV
7KH0HVVHQJHU
RI$OODK3%8+VDLG$QG\RXUVDOVR
C$VLPUHSRUWHG,DVNHGC$EGXOODK'LGWKH0HVVHQJHURI
$OODK3%8+VHHNIRUJLYHQHVVIRU\RX"
+HUHSOLHG<HVDQGIRU\RXDOVR
7KHQKHUHFLWHGWKH
9HUVH6HHNIRUJLYHQHVVIRU\RXUVLQVDQGIRUWKHEHOLHYLQJPHQDQGWKHEHOLHYLQJZRPHQ
>0XVOLP@
>$O%XNKDUL@
&RPPHQWDU\ 7KLVGRHVQRWPHDQWKDWGRLQJHYHU\WKLQJLVDOORZHGIRUDVKDPHOHVVSHUVRQ,WLVOLNH
JLYLQJDQLQIRUPDWLRQWKDWZKHQDSHUVRQORVHVWKHIHHOLQJRIVKDPHWKHQKHGRHVQRWPLQGGRLQJ
DQ\WKLQJ)RUWKLVUHDVRQVWKHZHVWHUQQDWLRQVLQWHQGWRILQLVKWKHIHHOLQJRIVKDPHDQG UHPRUVHDPRQJ
WKH0XVOLPVZKLFKLVDODQGPDUNDQGDFULWHULRQRI,VODP7KH\ZDQWWRGRDZD\ZLWKWKLVFULWHULRQVR
WKDW0XVOLPVPD\LQGXOJHLQVKDPHOHVVWKLQJVKDSSLO\8QIRUWXQDWHO\WKHZHVWHUQSHRSOHDUH
VXFFHHGLQJLQWKHLUGHVLJQVDQGWKH,VODPLFVRFLDOOLIHLVDOVRWHQGLQJWREHVKDPHOHVVOLNHLWVZHVWHUQ
FRXQWHUSDUW
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QDQRWKHU+DGLWKLWKDVEHHQVWDWHGWKDWRQWKH'D\RI-XGJHPHQWWKHILUVWWKLQJDERXW
ZKLFKSHRSOHZLOOEHTXHVWLRQHGZLOOEH$V6DODWWKHILYHGDLO\SUD\HUV7KHUHLVQRFRQWUDGLFWLRQLQ
WKHWZRQDUUDWLRQV$PRQJWKHGXWLHVRI$OODKWKHILUVWWKLQJWREHUHFNRQHGZRXOGEH$V6DODWZKLOH
DPRQJWKHPXWXDOULJKWRIKXPDQVWKHILUVWWKLQJWREHGHFLGHGZRXOGEHPXUGHU)URPWKLVQDUUDWLRQ
WKHYDOXHRIKXPDQOLIHEHFRPHVYHU\VLJQLILFDQW
>0XVOLP@
&RPPHQWDU\ 7KHDQJHOVDUHWKHFUHDWLRQRI$OODKZKLFK+HFUHDWHGIURPOLJKW7KHLUERGLHVDUHVR
VXEWOHWKDWWKH\FDQDVVXPHDQ\IRUPWKH\OLNH7KHMLQQDUHDOVRDQXQSHUFHSWLEOHFUHDWLRQRI$OODK
7KH\KDYHDOVREHHQEHVWRZHG ZLWKVXFKSRZHUVDVDUHQRWSRVVHVVHGE\KXPDQV6DWDQDOVREHORQJVWR
WKHMLQQ0DQKDVEHHQFUHDWHGIURPVRXQGLQJFOD\7KH+DGLWKVWDWHVWKH*UHDWDQGWKH3HUIHFW3RZHUV
RI$OODKWKDW+HFDQFUHDWHZKDWHYHU+HOLNHVIURPZKDWHYHU+HOLNHVDQG+HFDQGRZKDWHYHU+H
ZLVKHV
7KHUHXSRQKHVDLG,GRQRWPHDQWKDW:KDW,PHDQWLVWKDWZKHQ
DWUXHEHOLHYHULVJLYHQWKHJODGWLGLQJVRIWKH0HUF\RI$OODK+LV3OHDVXUHVDQG+LV-DQQDKDWWKH
WLPHRIGHDWKKHORYHVWRPHHW$OODKDQG$OODKDOVRORYHVWRPHHWKLP:KHQDGLVEHOLHYHULVJLYHQ
WKHQHZVRIWKH7RUPHQWRI$OODKDQG+LV:UDWKDWWKHWLPHRIGHDWKKHGLVOLNHVWRPHHW$OODKDQG
$OODKDOVRDEKRUVWRPHHWKLP
>0XVOLP@
&RPPHQWDU\ 7KHJODGWLGLQJVRI-DQQDKDUHJLYHQWRWKHEHOLHYHUVDQGWKHEDGQHZVRISXQLVKPHQW
DUHJLYHQWRWKHGLVEHOLHYHUVDWWKHWLPHRIGHDWK6RDEHOLHYHUVWDUWVORQJLQJWRPHHW$OODKDVDUHVXOW
RIWKHJRRGQHZVKHUHFHLYHVDWWKDWWLPHDQGWKHGLVEHOLHYHUEHJLQVWRZLVKWKDWKHPD\QRWGLHDQG
WKHUHIRUHDYRLG$OODK
VSXQLVKPHQWDVDUHVXOWRIWKHEDGQHZVKHUHFHLYHVDWWKDWWLPH
>$O%XNKDULDQG0XVOLP@
C$EEDVFDOOHGRXWDWWKHWRSRIKLVYRLFH:KHUHDUHWKH3HRSOHRI$V
6DPXUDK
6RRQWKH\EHJDQWRILJKWWKH
LQILGHOV7KHQWKHUHZDVDFDOOIRU$QVDU7KRVHZKRFDOOHGRXWWRWKHPVKRXWHG2\RXWKHSHRSOHRI
$QVDU2\RXWKHSHRSOHRI$QVDU
7KH\HQGHGWKHLUFDOODW%DQX$O+DULWKELQ$O.KD]UDM7KH
0HVVHQJHURI$OODK3%8+ZKRZDVULGLQJRQKLVPXOHORRNHGDWWKHLUILJKWZLWKKLVQHFNVWUHWFKHG
IRUZDUGDQGKHVDLG7KLVLVWKHWLPHZKHQWKHILJKWLVUDJLQJKRW
7KHQWKH0HVVHQJHURI$OODK
3%8+WRRNSHEEOHVDQGWKUHZWKHPLQWKHIDFHRIWKHGLVEHOLHYHUV+HVDLG%\WKH5XEERI
0XKDPPDGWKHGLVEHOLHYHUVZLOOEHGHIHDWHG
,FRQWLQXHGWRZDWFKXQWLO,IRXQGWKDWWKHLUIRUFHZDV
VXEGXHGDQGWKH\EHJDQWRUHWUHDW
>0XVOLP@
&RPPHQWDU\
+HUHLVWKHIDFWXDOSURRIRIWKHEUDYHU\DQGJUHDWQHVVRIWKH3URSKHW3%8+:HVHHWKDWLQLWLDOO\
ZKHQWKH&RPSDQLRQVZHUHSHUWXUEHGDQGWKH\VFDWWHUHGKHUHDQGWKHUHKHDORQHFRQWLQXHGKLVPDUFK
WRZDUGVWKHHQHP\+HGLGQRWIHHOHYHQWKHVOLJKWHVWIHDURUZRUU\,QWKHHQGKLVVWHDGIDVWQHVV
FRPSHOOHGRWKHUVWRUHWXUQDQGILJKWWKHHQHP\
,QIDFWWKH\KDGQRWUHFHGHGIDU7KH\KDGJRWFRQIXVHGIRUDZKLOH7KHUHDVRQIRUWKLVFRQIXVLRQ
ZDVWKHFRQWLQXRXVDQGVXGGHQYROOH\RIDUURZVZKLFKZDVTXLWHXQH[SHFWHGIRUWKHP+RZHYHUDWWKH
FDOORI$OC$EEDV0D\$OODKEHSOHDVHGZLWKKLPWKH\DWRQFHWXUQHGEDFNWRILJKW+DGWKH\JRQHIDU
RIIWKHLUVXGGHQUHRUJDQLVDWLRQDQGFROOHFWLQJDJDLQZRXOGQRWKDYHEHHQSRVVLEOH
+HUHWKH0XVOLPVZHUHWDXJKWDOHVVRQWKDWWKHUHDOSRZHULQWKHEDWWOHILHOGLVWKHVWUHQJWKRI%HOLHI
DQGWKH+HOSRI$OODK7KHSRVLWLRQRIWKHDUPDPHQWVDQGRWKHUWKLQJVLVVHFRQGDU\6RRQHVKRXOGQRW
GHSHQGRQWKHVHPHDQVDQGUHVRXUFHVDORQH2WKHUZLVHRQHZLOOFHUWDLQO\IDFHGHIHDWLQVSLWHRIODUJH
QXPEHURIVROGLHUVDQGEHWWHUPHDQVDVKDSSHQHGLQLWLDOO\LQWKHEDWWOHRI+XQDLQ7KHWUXVWVKRXOGEH
RQ$OODKDQG+LV6SHFLDO+HOS+LV:LOODORQHLVWKHGHFLGLQJIDFWRULQHYHU\PDWWHU
>0XVOLP@
>0XVOLP@
&RPPHQWDU\ )URPKHUHLWFDQEHFRQFOXGHGWKDWLILWLVHDV\IRUVRPHRQHWRDYRLGDVLQDQGKHGRHV
QRWUHPDLQDZD\IURPLWWKHQKHLVDJUHDWHU VLQQHUWKDQDSHUVRQIRUZKRPLWLVFRPSDUDWLYHO\GLIILFXOW
WRDYRLGWKDWVLQ
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKHVXSHULRULW\RIWKHVHULYHUV7KLVVXSHULRULW\LVPDQLIHVWHGLQWKH
SXULW\RIWKHLUZDWHUDQGWKHVSUHDGRI,VODPDOODURXQGWKHP6RPHVFKRODUVOLNH,PDP$V6X\XWLWDNH
WKHPHDQLQJRIWKLV+DGLWKOLWHUDOO\,QDQ\FDVHRQO\$OODKNQRZVWKHLUUHDOLW\
6DLKDQDQG-DLKDQDUHWZRULYHUVLQWKHFRXQWU\RI6\ULD7KHVHDUHGLIIHUHQWIURP6DLKXQDQG-DLKDQLQ
WKHWHUULWRU\RI.KXUDVDQVHH0XCMDP$O%XOGDQRI%DODGKUL6RPHPDLQWDLQWKDW
6DLKXQLVLQ,QGLDDQG-DLKXQLQ.KXUDVDQWKH(XSKUDWHVDQGWKH1LOHDUHZHOONQRZQ
>0XVOLP@
&RPPHQWDU\ :KDWGRHV'D\
PHDQDQGKRZORQJFDQLWEH",WVUHDOLW\RQO\$OODKNQRZV:H
REVHUYHDGD\RIKRXUV+RZHYHUWKHGD\VRIWKHIRUPDWLRQRIWKHXQLYHUVHDUHHYLGHQWO\GLIIHUHQW
IURPRXUHDUWKO\GD\V$FFRUGLQJWRWKH$UDELFODQJXDJHDGD\PD\PHDQMXVWDPRPHQWEXWDOVR
DHRQVRIWLPH,QWKH4XU
DQDOVR$OODKKDVPHQWLRQHGWKDWDCGD\
PD\EHRIRQHWKRXVDQGRUILIW\
WKRXVDQG\HDUV$O+DIL],EQ.DWKLUPHQWLRQVLQKLV7DIVLU WKDWWKLVLVRQHRIWKH$KDGLWK
FODVVLILHGDV*KDULEVWUDQJHLQ6DKLK0XVOLP,EQ$O0DGLQL $O%XNKDULDQGPDQ\RWKHUVKDYH
VSRNHQDERXWLWDQGKDYHDWWULEXWHGWR.DCE$O$KEDUDQGLWPD\EHWKDW$EX+XUDLUDKKHDUGLWIURP
.DCE$O$KEDUEXWVRPHQDUUDWRUVDWWULEXWHGLWWRWKH3URSKHW3%8+6HH$O%XNKDUL
VFRPPHQWDU\
LQ$W7DULNK$O.DELU
&RPPHQWDU\ 0X
WDKLVDSODFHQHDU6\ULD7KHEDWWOHZKLFKWRRNSODFHKHUHLVNQRZQDVWKHEDWWOHRI
0X
WDK7KLV+DGLWKPHQWLRQVWKHEUDYHU\DQGVXSHULRULW\RI.KDOLGELQ$O:DOLG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QVXFKPDWWHUVDERXWZKLFKWKHUHLVQRFOHDUFRPPDQGRULQVWUXFWLRQLQWKH4XU
DQDQG
6XQQDKWKHSUREOHPLVGHFLGHGNHHSLQJLQYLHZVLPLODUDQGUHVHPEOLQJFDVHV7KLVPRGHRIGHFLGLQJ
DERXWLWVEHLQJSHUPLWWHGRUSURKLELWHGLVFDOOHG,MWLKDG
(YLGHQWO\WKLVSURFHVVFDQEHHPSOR\HGE\RQO\VXFKDSHUVRQZKRKDVIXOOFRPPDQGDERXWWKH
YDULRXVEUDQFKHVRINQRZOHGJHSHUWDLQLQJWR4XU
DQDQG6XQQDK1RWHYHU\SHUVRQFDQGRLWQRULV
VXSSRVHGWRGR LW7KHUHLVDOVRDIDPRXVSURYHUEWKDWVD\VC/LWWOHNQRZOHGJHLVDGDQJHURXVWKLQJ
)URPKHUHZHFRQFOXGHWKDWWKHUXOHUMXGJHRUDEXUHDXFUDWLQD0XVOLPFRXQWU\VKRXOGEHDOHDUQHG
VFKRODULHDQC$OLPZHOOYHUVHGLQ4XU
DQDQG6XQQDKVRWKDWKHFDQLQWHUSUHWWKHODZVRI,VODPZLWK
XWPRVWFDUHDQGLQDEHILWWLQJDQGVLQFHUHPDQQHU+HVKRXOGGRWKHMREVLQFHUHO\DQGZLWKDSLRXV
LQWHQWLRQ:LWKVXFKPRGHRIZRUNKHZLOOEHEHVWRZHGZLWKUHZDUGLQHYHU\FDVH+RZHYHULIKLV
LQWHUSUHWDWLRQLVFRUUHFWKHZLOOUHFHLYHDGRXEOHUHZDUG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHWUHDWPHQWPHQWLRQHGLQWKHQDUUDWLRQLVTXLWHFRUUHFW,QPDQ\FDVHVGRFWRUVDOVR
VXJJHVWWKDWWKHSDWLHQWVKRXOGEHFRROHGDQGWKHERG\WHPSHUDWXUHORZHUHGE\FROGFRPSUHVVLH
SODFLQJFORWKGLSSHGLQFROGZDWHURQWKHERG\
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6KHLNK$O$OEDQLVD\VWKDWWKLVIDVWLQJUHIHUVWRIDVWLQJRIYRZDQGQRWWKHIDVWLQJRI
5DPDGDQ
6KHLNK$O$OEDQLKDVSDUWLFXODUL]HGWKHQDUUDWLRQE\C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUZLWKWKH
KHOSRIWKHQDUUDWLRQRI,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP LQZKLFKWKHIDVWLQJRIYRZLV
VSHFLILFDOO\PHQWLRQHG7KHUHDVRQLVWKDWLQWKHERGLO\ZRUVKLSDFWLQJRQWKHEHKDOIRIRWKHUVLVQRW
SHUPLWWHG$VRQHFDQQRWDFWRUSHUIRUPDQ\ERGLO\ZRUVKLSRQEHKDOIRIRWKHUVVLPLODUO\LWLVQRW
DOORZHGWRGRVRDIWHUVRPHERG\
VGHDWK+RZHYHULILQDQ\SDUWLFXODUFDVHWKHUHLVDUXOLQJLQWKH
4XU
DQRU6XQQDKWKHQLQWKDWSDUWLFXODUPDWWHUGHSXWL]LQJZRXOGEHDOORZHG,QVXFKFDVHWKH
SHUPLVVLRQVKRXOGEHOLPLWHGWRWKDWSDUWLFXODUPDWWHURQO\)RUH[DPSOHLWLVVSHFLILFDOO\PHQWLRQHGLQ
WKH+DGLWKWKDWWKH:DOLLHWKHJXDUGLDQRULQKHULWRURIWKHGHDGSHUVRQFDQREVHUYHWKHIDVWLQJRI
YRZWDNHQE\WKHGHFHDVHGSHUVRQWR$OODK+RZHYHUQRRIIHULQJRIRWKHUERGLO\ZRUVKLSVXFKDV
6DODWZLOOEHSHUPLWWHGRQEHKDOIRIWKHGHFHDVHGSHUVRQ
7KHSHRSOHVDLG<HV
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU
VDLG,YRZLWEHIRUH$OODKWKDW,ZLOOQHYHUVSHDNWR,EQ$]=XEDLU
:KHQWKLVGHVHUWLRQODVWHGORQJ
C$EGXOODKELQ$]=XEDLUVRXJKWLQWHUFHVVLRQZLWKKHUEXWVKHVDLG%\$OODK,ZLOOQRWDFFHSWWKH
LQWHUFHVVLRQRIDQ\RQHIRUKLPDQG,ZLOOQRWFRPPLWDVLQRIEUHDNLQJP\YRZ
:KHQWKLVVWDWHRI
DIIDLUVZDVSURORQJHG,EQ$]=XEDLUIHOWLWKDUGRQKLP+HVDLGWR$O0LVZDUELQ0DNKUDPDKDQG
C$EGXU5DKPDQELQ$O$VZDGELQ<DJKXW,EHVHHFK\RXLQWKH1DPHRI$OODKWKDW\RXVKRXOGWDNH
PHWRC$LVKDKEHFDXVHLWLVXQODZIXOIRUKHUWRYRZWRVHYHUUHODWLRQVZLWKPH
6R$O0LVZDUDQG
C$EGXU5DKPDQWRRNKLPZLWKWKHP7KH\VRXJKWKHUSHUPLVVLRQVD\LQJ$VVDODPXCDODLNDZD
UDKPDWXOODKLZDEDUDNDWXKX 6KDOO ZH FRPH LQ"
7KH\DVNHG$OORIXV"
6KHVDLG$OORI\RX
QRWNQRZLQJWKDW,EQ$]=XEDLUZDVDOVR
ZLWKWKHP6RZKHQWKH\HQWHUHG,EQ$]=XEDLUHQWHUHGWKHVFUHHQHGSODFHDQGJRWKROGRIC$LVKDK
0D\$OODKEHSOHDVHGZLWKKHUKLVDXQW+HZDVUHTXHVWLQJKHUWRIRUJLYHKLPDQGZHSW$O0LVZDU
DQGC$EGXU5DKPDQDOVRSOHDGHGRQKLVEHKDOIDQGUHTXHVWHGKHUWRVSHDNWRKLPDQGWRDFFHSWKLV
UHSHQWDQFH7KH\VDLGWRKHU7KH3URSKHW3%8+IRUEDGHWRFXWRIIUHODWLRQVKLSEHFDXVHLWLV
XQODZIXOIRUDQ\0XVOLPQRWWRWDONWRKLV0XVOLPEURWKHURUVLVWHUIRUWKDWPDWWHUIRUPRUHWKDQ
WKUHHGD\V
6RZKHQWKH\SHUVLVWHGLQXUJLQJDQGUHPLQGLQJKHURIWKHVXSHULRULW\RIKDYLQJJRRG
UHODWLRQZLWKNLWKDQGNLQVKHEHJDQWRZHHSVD\LQJ,KDYHPDGHDYRZZKLFKLVDPDWWHURIYHU\
VHULRXVQDWXUH
7KH\SHUVLVWHGLQWKHLUDSSHDOWLOOVKHVSRNHZLWKC$EGXOODKELQ$]=XEDLUDQGVKH
IUHHGIRUW\VODYHVDVDQH[SLDWLRQIRUEUHDNLQJKHUYRZ/DWHURQZKHQHYHUVKHUHPHPEHUHGKHUYRZ
VKHZRXOGZHHSVRPXFKWKDWKHUYHLOZRXOGEHFRPHZHWZLWKWHDUV
>$O%XNKDUL@
7KHQDUUDWRUVDLG,WZDVWKHODVW
WLPHWKDW,VDZWKH0HVVHQJHURI$OODK3%8+
>$O%XNKDULDQG0XVOLP@
7KHUHDUHVRPHPRUHQDUUDWLRQVZLWKYHU\PLQRUFKDQJHVLQLWVZRUGLQJ
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV
$O%XNKDUL YRO+DGLWK1R
:DUQLQJDJDLQVWY\LQJZLWKRQHDQRWKHUIRUWKHZRUOG
3HUPLVVLELOLW\RIYLVLWLQJWKHJUDYHVRIWKH0XVOLPVDQGSUD\LQJIRUWKHP
&RPPHQWDU\ )XWXUHHYHQWVUHIHUWRKDSSHQLQJVDQGLQFLGHQWVZKLFKZLOORFFXUQHDUWKHHQGRIWKH
ZRUOGSULRUWRWKH'D\RI5HVXUUHFWLRQ
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUVDLG7KH3URSKHW3%8+VDLG+HZKRYRZVWRREH\
$OODKVKRXOGREH\+LP%XWKHZKRYRZVWRGLVREH\$OODKVKRXOGQRWGLVREH\+LP
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWLIVRPHRQHYRZVWRGRDULJKWHRXVGHHGKHVKRXOGNHHS
KLVYRZEXWLIKHYRZVWRFRPPLWDVLQKHVKRXOGEUHDNKLVYRZ
>0XVOLP@
&RPPHQWDU\ +HUHLWLVPHQWLRQHGWKDWWKHNLOOLQJRIDFKDPHOHRQLQRQHVWURNHLVYHU\
FRPPHQGDEOH6LPLODULVWKHFDVHRINLOOLQJRIRWKHUKDUPIXOLQVHFWVDQGUHSWLOHVVXFKDVVFRUSLRQVDQG
VQDNHV7KLVVKRZVWKDWHYHQDVOLJKWKHOSLQJRRGRUEDGDFWLRQVZLOOEHFRXQWHGDQGUHZDUGHGRU
SXQLVKHGDVWKHFDVHPD\EH7KHPDWWHURITXDQWLW\LVQRWVRLPSRUWDQWEXWWKHUHDOWKLQJLVWKH
LQWHQWLRQDQGUHDOPRWLYH,WFRXOGEHWKDWWKHFKDPHOHRQGLGLQIDFWEOHZILUHRQ,EUDKLPRULWFRXOG
EHWKDWLWVLPSO\UHIHUVWRWKHFKDPHOHRQ
VKDUPIXOQDWXUHWRKXPDQEHLQJV$OODKNQRZVEHWWHU
>$O%XNKDUL@
DQGKHZDVZKLFKKH
EHVWRZHGRQ0DU\DP0DU\DQGDVSLULWFUHDWHGE\+LPDQG\RXWDONHGWRWKHSHRSOHZKLOH\RXZHUH
LQWKHFUDGOH3OHDVHLQWHUFHGHIRUXVZLWK\RXU5XEE'R\RXQRWVHHRXUPLVHUDEOHFRQGLWLRQ"
CæVD
ZLOOVD\C7RGD\P\5XEEKDVEHFRPHVRDQJU\DV+HKDVQHYHUEHHQEHIRUHQRUZLOO+HHYHUEHOLNH
WKLVKHUHDIWHU
C,VDZLOOQRWPHQWLRQDQ\VLQEXWZLOOVD\C,DPZRUULHGDERXWP\VHOI*RWRVRPHRQH
HOVH*RWR0XKDPPDG3%8+
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODKVDLG7KH\ZLOOFRPHWRPHDQGVD\C20XKDPPDG
<RXDUHWKH0HVVHQJHURI$OODKDQGWKH/DVWRI3URSKHWVDQG$OODKKDVIRUJLYHQ\RXUSDVWDQGIXWXUH
VLQV3OHDVHLQWHUFHGHIRUXVZLWK\RXU5XEE'R\RXQRWVHHRXUPLVHUDEOHFRQGLWLRQ"
7KH
0HVVHQJHURI$OODK3%8+DGGHG7KHQ,ZLOOSURFHHGXQGHU$OODK
V7KURQHDQGIDOOGRZQLQ
SURVWUDWLRQEHIRUHP\5XEE7KHQ+HZLOOEHVWRZXSRQPHNQRZOHGJHRIVXFKSUDLVHVDQG
JORULILFDWLRQWR+LPDV+HKDVQHYHUEHVWRZHGXSRQDQ\ERG\HOVHEHIRUHPH7KHQ,ZLOOEHDGGUHVVHG
C20XKDPPDG5DLVH\RXUKHDG$VNDQG\RXUUHTXHVWZLOOEHJUDQWHG,QWHUFHGHDQG\RXU
LQWHUFHVVLRQZLOOEHDFFHSWHG
6R,ZLOOUDLVHP\KHDGDQGVD\C0\IROORZHUV2P\5XEE0\
IROORZHUV2P\5XEE0\IROORZHUV2P\5XEE
,WZLOOEHVDLGC20XKDPPDG$GPLWLQWR-DQQDK
VXFKSHRSOHDVDUHQRWVXEMHFWHGWRUHFNRQLQJWKURXJKWKHULJKWJDWHRI-DQQDK
7KHUHVWRIWKHPZLOOEH
DGPLWWHGDORQJZLWKWKHUHVWRIPDQNLQGWKURXJKWKHYDULRXVJDWHVRI-DQQDK
7KH0HVVHQJHURI$OODK
3%8+IXUWKHUVDLG%\+LPLQ:KRVH+DQGP\VRXOLV7KHGLVWDQFHEHWZHHQHYHU\WZRVLGHVRIWKH
JDWHVRI-DQQDKLVOLNHWKHGLVWDQFHEHWZHHQ0DNNDKDQG+DMDURUWKDWEHWZHHQ0DNNDKDQG%XVUD
6\ULD
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
+DMDU LVDWRZQLQ%DKUDLQDQG%XVUDLVDFLW\LQ+DUUDQZKLFKLVVLWXDWHGLQWKHVRXWKRI'DPDVFXV
7KLVPHDQVWKDWHDFKRIWKHJDWHVRIWKH-DQQDKZLOOEHVREURDGWKDWWKHGLVWDQFHEHWZHHQLWVWZRVLGHV
ZRXOGEHWKRXVDQGVRIPLOHV
7KHVHFRQGLQWHUFHVVLRQZLOOEHIRUKLVRZQ8PPDK7KLVZLOOWDNHSODFHLQVHYHUDOVWDJHV+HUHWKH
ILUVWVWDJHKDVEHHQPHQWLRQHG,QWKLVVWDJH$OODKZLOOVHQGWKRVHSHRSOHWR-DQQDKZKRVH
DFFRXQWDELOLW\ZRXOGQRWEHQHFHVVDU\
1H[WVWDJHZRXOGEHZKHQWKHVLQQHUVDPRQJWKHEHOLHYHUVZRXOGKDYHFRPSOHWHGWKHLUSHULRGRI
SXQLVKPHQWLQ+HOODQGWKHQ$OODKZLOOVHQGWKHPWR-DQQDKXSRQWKHLQWHUFHVVLRQRIWKH3URSKHW
3%8+
2WKHU3URSKHWVZLOOVHHNWREHH[FXVHGIURPUHFRPPHQGLQJRUDGYRFDWLQJEHFDXVHRIVRPHRIWKHLU
VOLSV7KHUHDOUHDVRQIRUWKLVDWWLWXGHRIWKHLUVLVWKDWWKH\DUHRQVXFKKLJKSHGHVWDORIJUHDWQHVVDQG
SLHW\WKDWHYHQDVOLJKWVOLSRIWKHLUVZKLFKGRHVFRPHXQGHUWKHERXQGDU\RIXQZRUWKLQHVVZRXOGEH
IHOWE\WKHPWREHYHU\VLJQLILFDQW7KLVLVMXVWOLNH WKHSURYHUEZKLFKVD\VWKDWHYHQWKHQLFHDFWLRQRI
WKHSLRXVRQHVDUHFRQVLGHUHGWREHWKHEOHPLVKHVDQGGHIHFWVIRUWKHIULHQGVRI$OODK6LPLODULVWKH
FDVHZLWKWKH3URSKHWVWKH\H[FXVHGWKHPVHOYHVIURPDGYRFDWLQJWKHLUFDVHEHIRUH$OODKEHFDXVHRI
WKHLULQVLJQLILFDQWVOLSV
6SHFLDOUHIHUHQFHPD\EHPDGHRIWKHWKUHHVWDWHPHQWVRI3URSKHW,EUDKLPZKLFKZHUHDSSDUHQWO\QRW
DFFRUGLQJWRWKHRXWZDUGIDFWVVRWKH\KDYHEHHQGHVFULEHGDVCQRWIDFWXDO
,QUHDOLW\WKH\ZHUHQRW
PLVVWDWHPHQWVEXWRQO\ DZD\RIFRQYLQFLQJWKHSHRSOHDERXWWKHEDVLFXQLYHUVDOWUXWKDQGPDNLQJ
WKHPUHDOL]HWKHLUPLVXQGHUVWDQGLQJ7KHVHWKUHHDUHPHQWLRQHGLQDORQJ+DGLWKQDUUDWHGRQWKH
DXWKRULW\RI$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP ,EUDKLP3%8+GLGQRWWHOODOLHH[FHSW
RQWKUHHRFFDVLRQV7ZLFHIRUWKHVDNHRI$OODKZKHQKHVDLG,DPVLFN
6RKH
VHQWIRU,EUDKLPDQGDVNHGKLPDERXW6DUDKVD\LQJ:KRLVWKLVODG\"
,EUDKLPVDLG6KHLVP\
VLVWHU
,EUDKLPZHQWWR6DUDKDQGVDLG26DUDK7KHUHDUHQREHOLHYHUVRQWKHVXUIDFHRIWKHHDUWK
H[FHSW\RXDQG,7KLVPDQDVNHGPHDERXW\RXDQG,WROGKLPWKDW\RXDUHP\VLVWHU6RGRQRW
FRQWUDGLFWP\VWDWHPHQW
$O%XNKDUL YRO+DGLWK1R
7KHLGRODWHUVLQYLWHG,EUDKLPWRMRLQWKHPLQWKHLUFHOHEUDWLRQVRXWVLGHWKHFLW\EXWKHUHIXVHGFODLPLQJ
WKDWKHZDVVLFN:KHQKHZDVOHIWDORQHKHFDPHWRWKHLULGROVDQGEURNHWKHP:KHQWKHLGRODWHUV
TXHVWLRQHGKLPKHFODLPHGWKDWKHKDGQRWGHVWUR\HGWKHLULGROVEXWWKHFKLHILGROKDGZKLFK,EUDKLP
OHIWXQGLVWXUEHGDQGRQZKRVHVKRXOGHUKHKDGSXWDQD[HWROD\WKHDFFXVDWLRQRQLW7RFRQFOXGH
,EUDKLPOLNHDOORWKHU3URSKHWVLVIUHHIURPVLQVEXWWKHWKUHHDFWVZKLFKKH PDGHLQJRRGIDLWKZHUHWR
JXLGHKLVSHRSOHWRWKHWUXWKDQGWRVDYHKLVZLIHIURPWKHHYLORIWKHWKHQW\UDQW
6KHUHSHDWHGWKDWWRKLP
PDQ\WLPHVEXWKHGLGQRWORRNEDFNDWKHU7KHQVKHDVNHGKLP+DV$OODKFRPPDQGHG\RXWRGR
VR"
+HVDLG<HV
6KHVDLG7KHQ+HZLOOQRWQHJOHFWXV
6KHUHWXUQHGZKLOH,EUDKLPSURFHHGHG
RQZDUGV+DYLQJUHDFKHGWKH7KDQL\DZKHUHWKH\FRXOGQRWVHHKLPKHIDFHG.DCEDKUDLVHGKLVERWK
KDQGVDQGVXSSOLFDWHG2RXU5XEE,KDYHPDGHVRPHRIP\RIIVSULQJWRGZHOOLQDQXQFXOWLYDEOH
YDOOH\E\<RXU6DFUHG+RXVHWKH.DCEDKDW0DNNDKLQRUGHU2RXU5XEEWKDWWKH\PD\SHUIRUP$V
6DODW,TDPDWDV6DODW6RILOOVRPHKHDUWVDPRQJPHQZLWKORYHWRZDUGVWKHPDQG2$OODKSURYLGH
WKHPZLWKIUXLWVVRWKDWWKH\PD\JLYHWKDQNV
,VPDCLO
VPRWKHUZHQWRQVXFNOLQJ,VPDCLODQGGULQNLQJIURPWKHZDWHUZKLFKVKHKDG:KHQWKHZDWHU
LQWKHZDWHUVNLQKDGDOOEHHQXVHGXSVKHEHFDPHWKLUVW\DQGKHUFKLOGDOVREHFDPHWKLUVW\6KHVWDUWHG
ORRNLQJDW,VPDCLOWRVVLQJLQDJRQ\6KHOHIWKLPIRUVKHFRXOGQRWHQGXUHORRNLQJDWKLPDQGIRXQG
WKDWWKHPRXQWDLQRI$V6DIDZDVWKHQHDUHVWPRXQWDLQWRKHURQWKDWODQG6KHVWRRGRQLWDQGVWDUWHG
ORRNLQJDWWKHYDOOH\NHHQO\VRWKDWVKHPLJKWVHHVRPHERG\EXWVKHFRXOGQRWVHHDQ\ERG\7KHQVKH
GHVFHQGHGIURP$V6DIDDQGZKHQVKHUHDFKHGWKHYDOOH\VKHWXFNHGXSKHUUREHDQGUDQLQWKHYDOOH\
OLNHDSHUVRQLQGLVWUHVVDQGWURXEOHWLOOVKHFURVVHGWKHYDOOH\DQGUHDFKHG$O0DUZDKPRXQWDLQZKHUH
VKHVWRRGDQGVWDUWHGORRNLQJH[SHFWLQJWRVHHVRPHERG\EXWVKHFRXOGQRWVHHDQ\ERG\6KHUHSHDWHG
WKDWUXQQLQJEHWZHHQ$V6DIDDQG$O0DUZDKVHYHQWLPHV
,EQC$EEDVIXUWKHUUHODWHG7KH3URSKHW
3%8+VDLG7KLVLVWKHVRXUFHRIWKHWUDGLWLRQRIWKH6DC\ LHWKHJRLQJRISHRSOHEHWZHHQWKHWZR
PRXQWDLQV:KHQVKHUHDFKHG$O0DUZDKIRUWKHODVWWLPHVKHKHDUGDYRLFH DQGVKHH[FODLPHG
C6KVKV
6LOHQFLQJKHUVHOIDQGOLVWHQHGDWWHQWLYHO\6KHKHDUGWKHYRLFHDJDLQDQGVDLGC2ZKRHYHU
\RXPD\EH<RXKDYHPDGHPHKHDU\RXUYRLFHKDYH\RXDQ\VXFFRXUIRUPH"
$QGEHKROG6KHVDZ
DQDQJHODWWKHSODFHRI=DP]DPGLJJLQJWKHHDUWKZLWKKLVKHHORUZLWKKLVZLQJWLOOZDWHUIORZHG
RXWIURPWKDWSODFH6KHVWDUWHGWRPDNHVRPHWKLQJOLNHRIDEDVLQDURXQGLWXVLQJKHUKDQGVLQWKLVZD\
DQGEHJDQWRILOOKHUZDWHUVNLQZLWKZDWHUZLWKKHUKDQGVDQGWKHZDWHUZDVIORZLQJRXWXQWLOVKHKDG
VFRRSHGVRPHRILW
7KH
3URSKHW3%8+IXUWKHUDGGHG7KHQVKHGUDQNZDWHUDQGVXFNOHGKHUFKLOG7KHDQJHOVDLGWRKHU
C'RQRWEHDIUDLGRIEHLQJQHJOHFWHGIRUWKLVLVWKHVLWHRQZKLFKWKH+RXVHRI$OODKZLOO EHEXLOWE\
WKLVER\DQGKLVIDWKHUDQG$OODKZLOOQHYHUOHWQHJOHFWHG+LVSHRSOH
7KH+RXVHRI$OODKWKH.DCEDK
DWWKDWWLPHZDVRQDKLJKSODFHUHVHPEOLQJDKLOORFNDQGZKHQWRUUHQWVFDPHWKH\IORZHGWRLWVULJKW
DQGOHIW6KHFRQWLQXHGOLYLQJLQWKDWZD\WLOOVRPHSHRSOHIURPWKHWULEHRI-XUKXPSDVVHGE\KHUDQG
KHUFKLOG$VWKH\ZHUHFRPLQJIURPWKURXJKWKHZD\RI.DGDCLQWKHORZHUSDUWRI0DNNDKZKHUH
WKH\VDZDELUGWKDWKDGDKDELWRIIO\LQJDURXQGZDWHUDQGQRWOHDYLQJLW7KH\VDLGC7KLVELUGPXVWEH
IO\LQJRYHUZDWHUWKRXJKZHNQRZWKDWWKHUHLVQRZDWHULQWKLVYDOOH\
7KH\VHQWRQHRUWZR
PHVVHQJHUVZKRGLVFRYHUHGWKHVRXUFHRIZDWHUDQGUHWXUQHGWRLQIRUPWKHPRIWKHZDWHU6RWKH\DOO
FDPHWRZDUGVWKHZDWHU
>$O%XNKDUL@
7KHUHDUHVRPHPRUHQDUUDWLRQVDERXWWKLVLQFLGHQWVRPHDGGLQJGHWDLOVDQGVRPHZLWKPLQRU
YDULDWLRQVLQWKHZRUGLQJV
&RPPHQWDU\
,QWKLVQDUUDWLRQWKHUHLVWKHKLVWRULFDOEDFNJURXQGRIZDONLQJEULVNO\EHWZHHQWKHKLOOVRI$V6DID
DQG$O0DUZDK7KLVULWXDORI+DMMDQGC8PUDKKDVEHHQIL[HGDVDUHPHPEUDQFHRIWKHLQFLGHQWDERXW
ZKDW+DMLUDK0D\$OODKEHSOHDVHGZLWKKHUKDGWRIDFHDQGZKDWVKHGLGLQWKHGLIILFXOW
FLUFXPVWDQFHV,QIDFWVKHZDVVRSLRXVDQGREHGLHQWWKDWVKHDJUHHGWROLYHLQVXFKZLOGHUQHVVZKHUH
WKHUHZDVQRVLJQRIDQ\KXPDQEHLQJIDUDQGZLGH6HFRQGO\WKHUHZDVQRZDWHUWRGULQNRUIRRGIRU
VXEVLVWHQFH
)RUWKLVDFWRISLHW\VKHZDVUHZDUGHGZLWKWZRWKLQJVILUVWO\VKHZDVEHVWRZHGZLWKDQHWHUQDOO\
IORZLQJVSULQJZKLFKSURYHGIRUKHUDWWKDWPRPHQWDVRXUFHRIOLIHDQGSHRSOHVWLOOEHQHILWIURPLW
WRGD\6HFRQGO\KHUEULVNPRYHPHQWDQGUXQQLQJEHWZHHQWKHWZRKLOOVZDVPDGHDQLPSRUWDQWDQG
FRPSXOVRU\ULWXDOWREHSHUIRUPHGGXULQJ+DMMDQGC8PUDK7KLVULWXDOLVWRFRQWLQXHIRUDOOWLPHVWLOO
WKH'D\ RI5HVXUUHFWLRQ
.DCEDKZDVEXLOWE\3URSKHW,EUDKLPDQG3URSKHW,VPDCLO
7KDQNLQJ$OODKXQGHUDOOFLUFXPVWDQFHVLVDQDFWRISUDLVHDQGSLHW\ZKLOHWKHUHYHUVHRIWKLVDWWLWXGH
LVGLVOLNHGDQGFRQVLGHUHGUHSUHKHQVLEOH
,IDIDWKHUDVNVKLVVRQWRGRVRPHWKLQJWKHQWKHFKLOGVKRXOGUHVSRQGWRWKHIDWKHU
VUHTXHVWDVORQJ
DVKHGRHVQRWRUGHUKLPWRGLVREH\$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $O0DQQDLVWKHIDPRXVNLQGRIIRRGZKLFK$OODKEHVWRZHGXSRQ%DQX,VUDHO$V
6DOZDZDVDNLQGRIELUGUHVHPEOLQJWKHTXDLO,WZDVVODXJKWHUHGDQGWKHQ HDWHQ$O0DQQDZDVD
VZHHWVXEVWDQFHZKLFKDSSHDUHGRQWKHWUHHVRUVWRQHV,WZDVVZHHWOLNHKRQH\DQGDIWHUGU\LQJLWWRRN
WKHIRUPRIJXP$FFRUGLQJWRRWKHUVLWZDVKRQH\RUVZHHWZDWHU7DIVLU$KVDQXO%D\DQ7KHWUXIIOH
LVVLPLODUWR$O0DQQD7KLVPHDQVWKDWDV%DQX,VUDHOZHUHJLYHQIRRGZLWKRXWWRLOVRZHILQGWUXIIOH
LQQDWXUHZLWKRXWHIIRUW7KHMXLFHRIWUXIIOHLVXVHIXOLQFXULQJVRPHGLVHDVHVRIWKHH\H7KLV
SUHVFULSWLRQZDVVXJJHVWHGE\WKH3URSKHW3%8+,WLVVXUHO\EHQHILFLDO
7+(%22.2))25*,9(1(66
&+$37(5
6((.,1*)25*,9(1(66
$OODKWKH([DOWHGVD\V
$QGDVNIRUJLYHQHVVIRU\RXUVLQ
$QGVHHNWKHIRUJLYHQHVVRI$OODK&HUWDLQO\$OODKLV(YHU2IW)RUJLYLQJ0RVW0HUFLIXO
$QGGHFODUHWKHIUHHGRPRI\RXU5XEEIURPLPSHUIHFWLRQEHJLQQLQJZLWK+LVSUDLVHDQGDVN
+LVIRUJLYHQHVV9HULO\+HLVWKH2QH:KRDFFHSWVWKHUHSHQWDQFHDQG:KRIRUJLYHV
$QGZKRHYHUGRHVHYLORUZURQJVKLPVHOIEXWDIWHUZDUGVVHHNV$OODK
VIRUJLYHQHVVKHZLOOILQG
$OODK2IW)RUJLYLQJ0RVW0HUFLIXO
7KH4XU
DQLF$\DWRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ
>0XVOLP@
,QVSLWHRIRXUPDQ\VLQVDQGQHJOLJHQFHRQRXUSDUWZHGRQRWWXUQWR$OODKDQGVHHNIRUJLYHQHVV
ZKLOHDOWKRXJKRXU3URSKHW3%8+KDGDOOKLVSDVWDQGIXWXUHVLQVIRUJLYHQE\$OODKKHVRXJKW
IRUJLYHQHVVYHU\RIWHQ
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKGRHVQRWPHDQWKDW$OODKOLNHVGLVREHGLHQFH%XWE\WKLVZD\RI
GHVFULSWLRQWKHDLPLVWRHPSKDVL]HWKHLPSRUWDQFHRIVHHNLQJIRUJLYHQHVVIURP$OODK:HNQRZWKDW
HYHU\PDQFRPPLWVVLQV%XW$OODKOLNHVWKRVHSHRSOHZKRDIWHUFRPPLWWLQJDVLQGRQRWVWLFNWRLW
EXWULJKWDZD\VHHNIRUJLYHQHVVIRUWKHLUVLQVIURP$OODK7KH\ZHHSDQGH[SUHVVVRUURZEHIRUH$OODK
%\VHHNLQJIRUJLYHQHVVDUHODWLRQVKLSZLWK$OODKLVHVWDEOLVKHGEHWZHHQPDQDQGKLV&UHDWRU6R
VHHNLQJIRUJLYHQHVVLVDYHU\JRRGDFW
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHPVDLG:HFRXQWHG0HVVHQJHU
VVD\LQJDKXQGUHG
WLPHVGXULQJRQHVLQJOHVLWWLQJ 5DEELJKILUOL ZDWXEECDOD\\DLQQDND$QWDW7DZZDEXU5DKLP0\
5XEE)RUJLYHPHDQGSDUGRQPH,QGHHG<RXDUHWKH2IW5HWXUQLQJZLWKFRPSDVVLRQDQG(YHU
0HUFLIXO
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHHWLTXHWWHRISUD\LQJWR$OODK:HVKRXOGXVHWKH1DPHV
RI$OODKEHILWWLQJRXUSUD\HUVLHWKH1DPHVRI$OODKVLJQLI\LQJWKRVH$WWULEXWHVRI$OODKZKLFKKDYH
DVSHFLDOFRQFHUQZLWKWKHVXEMHFWRIRXUSDUWLFXODUSUD\HULHZKLOHVHHNLQJIRUJLYHQHVV+LV1DPHV
FRQFHUQLQJ+LV$WWULEXWHVRIIRUJLYHQHVVDQGNLQGQHVVVKRXOGEHXVHG2QWKHRWKHUKDQGZKLOH
SUD\LQJIRUZRUOGO\PDWWHUVZHVKRXOGPHQWLRQ+LV4XDOLWLHVRIFKDULW\DQGEHVWRZLQJJLIWVHWF
>$EX'DZXG@
&RPPHQWDU\ 7KHFKDLQRIWKLVQDUUDWLRQLVZHDN5HIHUWRC7KH%RRNRI:HDN1DUUDWLRQV
E\$O
$OEDQL 9RO,SDJH1R
>$EX'DZXG$W7LUPLGKLDQG$O+DNLPRQFRQGLWLRQVRI$O%XNKDULDQG0XVOLPIRUDFFHSWLQJ
+DGLWK@
&RPPHQWDU\ :KHQZHVD\WKDWWKLVQDUUDWLRQIXOILOOVWKHFRQGLWLRQVRI$O%XNKDULDQG0XVOLPLW
PHDQVWKDWLWVQDUUDWRUVDUHWKHQDUUDWRUVRI$O%XNKDULDQG0XVOLP6HFRQGO\LQWKLVVHOHFWLRQWKRVH
FRQGLWLRQVKDYHDOVREHHQNHSWLQYLHZZKLFKDUHWKHODQGPDUNRI$O%XNKDULDQG0XVOLP
>$O%XNKDUL@
+HUHSOLHG,VD\$VWDJKILUXOODK$VWDJKILUXOODK,VHHN
IRUJLYHQHVVIURP$OODK,VHHNIRUJLYHQHVVIURP$OODK
>0XVOLP@
&RPPHQWDU\ 7KLV'XCD
ZDVD6XQQDKRIWKH3URSKHW3%8+DQGLWLVKLJKO\UHFRPPHQGHGWR
UHFLWHLWDIWHU6DODW
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHUUHSRUWHG3ULRUWRKLVGHPLVHWKH0HVVHQJHURI$OODK
3%8+XVHGWRVXSSOLFDWHIUHTXHQWO\ 6XEKDQ$OODKLZDELKDPGLKL$VWDJKILUXOODKDZDDWXEXLODLKL
$OODKLVIUHHIURPLPSHUIHFWLRQDQG,EHJLQZLWKSUDLVLQJ+LP,EHJIRUJLYHQHVVIURP$OODKDQG,
WXUQWR+LPLQUHSHQWDQFH
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,QJHQHUDODVNLQJRIIRUJLYHQHVVDOOWKHWLPHLVQHFHVVDU\DQGFRPPHQGDEOH%XW
GXULQJWKHROGDJHDQGWKHODVWGD\VRIRQH
VOLIHLWLVSDUWLFXODUO\YHU\HVVHQWLDO,QWKLVZD\WKH6XQQDK
RIWKH3URSKHW3%8+ZRXOGDOVREHIROORZHG
>$W7LUPLGKL@
&RPPHQWDU\ ,QWKLVQDUUDWLRQWKHUHLVJRRGQHZVIRUWKHVLQQHUVZKRGRQRWVWLFNWRVLQVEXWUDWKHU
UHSHQWDQGDVNIRUJLYHQHVVIURP$OODK+RZHYHUQXPHURXVWKHLUVLQVPD\EH$OODKZLOOIRUJLYHDOO
WKHLUVLQV%XWWKHUHLVDFRQGLWLRQZKLFKWKH\VKRXOGIXOILOOQDPHO\WKDWWKH\GRQRWSHUVLVWLQZKDW
ZURQJWKH\KDYHGRQHDVZLWKSHUVLVWHQFHDQGUHSHDWHGO\FRPPLWWLQJWKHVLQWKHDFWRIVHHNLQJ
IRUJLYHQHVVEHFRPHVDIXWLOHDFW
$ZRPDQ
DPRQJVWWKHPVDLG:K\LVLWWKDWWKHPDMRULW\RIWKHGZHOOHUVRI+HOODUHZRPHQ"
7KH3URSKHW
3%8+UHSOLHG<RXFXUVHIUHTXHQWO\DQGDUHXQJUDWHIXOWR\RXUKXVEDQGV,QVSLWHRI\RXUODFNLQJLQ
ZLVGRPDQGIDLOLQJLQUHOLJLRQ\RXDUHGHSULYLQJWKHZLVHVWRIPHQRIWKHLULQWHOOLJHQFH
8SRQWKLVWKH
ZRPDQDVNHG:KDWLVWKHGHILFLHQF\LQRXUZLVGRPDQGLQRXUUHOLJLRQ"
>0XVOLP@
&RPPHQWDU\
,QWKLVQDUUDWLRQFHUWDLQZHDNQHVVHVRIWKHIHPDOHVH[KDYHEHHQSRLQWHGRXWZKLFKDUHQDWXUDODQG
SHUWDLQWRWKHZRPDQ
VELRORJ\SV\FKRORJ\DQGHPEU\RORJ\
$FFRUGLQJWRELRORJLVWVGXULQJDQGEHIRUHPHQVWUXDWLRQDIHPDOH
VWKRXJKWSURFHVVLVDIIHFWHG
6LPLODUO\KHUSXOVHDQGEORRGSUHVVXUHDUHDOVRDOWHUHG)HPDOHVDUHDOVRPRUHSURQHWRK\VWHULD)RU
WKHVHUHDVRQVWKH4XU
DQKDVGHFODUHGWKDWZKHQ\RXKDYHWRDSSRLQWRUFKRRVHZLWQHVVHVDPRQJ
ZRPHQ\RXVKRXOGFKRRVHWZRLQSODFHRIRQHPDQ0RGHUQUHVHDUFKHVKDYHSURYHGWKLVUXOHWREH
FRUUHFWRQWKHEDVLVRIELRORJ\SV\FKRORJ\DQGHPEU\RORJ\
$JDLQZHNQRZWKDWSK\VLFDOO\VSHDNLQJWKHIHPDOHKDVEHHQQDPHGDVWKHZHDNHUVH[)RUWKHVH
UHDVRQVIHPDOHVKDYHEHHQH[FXVHGIURPHDUQLQJWKHLUOLYHOLKRRG)RUHDUQLQJOLYHOLKRRGRQHPD\
KDYHWRJRRXWDQGZRUNKDUG:RPHQKDYHEHHQH[HPSWHGIURPWKLVGXW\EHFDXVHRIWKHLUELRORJLFDO
GLIIHUHQFHVDQGRWKHUFRQVLGHUDWLRQVRI6KDULCDK3UHVHQWGD\ZRPHQZKRDUHLJQRUDQWRI,VODPDQG
PRGHUQUHVHDUFKHVDUHQRWSUHSDUHGWRDFFHSWWKHVHVFLHQWLILFDOO\DQGUHOLJLRXVO\SURYHGIDFWV7KH:HVW
FODLPVHTXDOLW\EHWZHHQWKHVH[HV%XWWKLVHTXDOLW\KDVQRWEHHQHVWDEOLVKHGVRIDU7RGD\DOOWKH
LPSRUWDQWSRVWVDUHRFFXSLHGE\PDOHVDQGDOOWKHLQWHUQDWLRQDOSROLFLHVDUHIUDPHGE\WKHPDORQH(YHQ
PDWWHUVSHUWDLQLQJWRZRPHQDUHGHFLGHGE\WKHP7KH\KDYHPRVWO\UHOHJDWHGWKHPWRWKHSRVWVRI
ZRUNHUVVHFUHWDULHVDQGVWHQRJUDSKHUVIRUWKHLUVH[XDOVDWLVIDFWLRQDQGHQMR\PHQW$IWHUDVWUXJJOHIRU
KXQGUHG\HDUVWKHLUFRQGLWLRQWRGD\SURYHVWKDWWKH\DUHWKHZHDNHUVH[
6RLWLVERWKEHQHILFLDODQGPRUHUHVSHFWIXOIRUKHUWROLPLWKHUVHOIWRWKHVSKHUHRIDFWLRQVXJJHVWHGIRU
KHUE\,VODP,IVKHRYHUVWHSVKHUVSKHUHVKHZLOOFHUWDLQO\ORVHKHUIHPDOHGLJQLW\DQGSUHVWLJHDVKDV
KDSSHQHGLQWKH:HVW+HUVWDWHDQGFRQGLWLRQWKHUHLVDQH\HRSHQHUIRUDOO
:RPHQVKRXOGUHTXHVWIRUJLYHQHVVIURP$OODKYHU\RIWHQDQGEHJHQHURXVLQFKDULW\7KH\VKRXOG
QRWVKRZXQJUDWHIXOQHVVWRWKHLUKXVEDQGVDQGVKRXOGDYRLGEDFNELWLQJDQGFXUVLQJRWKHUVVRWKDWWKH\
PD\VDYHWKHPVHOYHVIURP+HOO
&+$37(5
620(2)7+(%2817,(6
:+,&+$//$++$635(3$5('
)257+(%(/,(9(56,1
3$5$',6(
$OODKWKH([DOWHGVD\V
,WZLOOEHVDLGWRWKHEHOLHYHUVRI,VODPLF0RQRWKHLVPC0\VODYHV1RIHDUVKDOOEHRQ\RXWKLV
'D\QRUVKDOO\RXJULHYH<RXZKREHOLHYHGLQ2XU$\DWSURRIVYHUVHVOHVVRQVVLJQV
UHYHODWLRQVHWFDQGZHUH0XVOLPVLHZKRVXEPLWWRWDOO\WR$OODK
V:LOODQGEHOLHYHLQWKH
2QHQHVVRI$OODK(QWHU-DQQDK\RXDQG\RXUZLYHVLQKDSSLQHVV
7UD\VRIJROGDQGFXSVZLOO
EHSDVVHGURXQGWKHPWKHUHZLOOEHWKHUHLQDOOWKDWLQQHUVHOYHVFRXOGGHVLUHDQGDOOWKDWH\HV
FRXOGGHOLJKWLQDQG\RXZLOODELGHWKHUHLQIRUHYHU7KLVLVWKH-DQQDKZKLFK\RXKDYHEHHQPDGH
WRLQKHULWEHFDXVHRI\RXUGHHGVZKLFK\RXXVHGWRGRLQWKHOLIHRIWKHZRUOG7KHUHLQIRU\RX
ZLOOEHIUXLWVLQSOHQW\RIZKLFK\RXZLOOHDWDV\RXGHVLUH
7KH4XU
DQLF $\DWRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ
>0XVOLP@
&RPPHQWDU\ %HOFKLQJWKHYDSRXUVRIPXVNPHDQVWKDWDIWHUPHDOVRQHZRXOGQRWIHHOKHDYLQHVVDQG
DFLGLW\2QWKHRWKHUKDQGWKHEHOFKZLOOJLYHRXWVFHQWHGDLUDQGWKHIRRGZLOOEHGLJHVWHGE\LW7KHUH
ZLOOEHQRH[FUHPHQWRUXULQHWKHUH
6HFRQGO\UHFLWDWLRQRI$OODK
V1DPHZLOOHYHUUHPDLQRQWKHLUWRQJXHVZLWKRXWWKHOHDVWHIIRUWOLNHWKH
ZD\ZHEUHDWKHZLWKRXWDQ\HIIRUWZKDWVRHYHU,QRWKHUZRUGVWKHIRRGLQ-DQQDKZRXOGEHVROLJKW
DQGILQHWKDWWKHUHZRXOGEHQRGLVDJUHHDEOHXULQHH[FUHPHQW2QWKHRWKHUKDQGWKHUHZLOORQO\EHILQH
VPHOOOLNHWKDWRIPXVN
C1RSHUVRQNQRZVZKDWLVNHSWKLGGHQIRUWKHPRIMR\DVDUHZDUGIRUZKDWWKH\XVHGWRGR
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ $ERXWWKHJLIWVDQGSOHDVXUHVRI-DQQDKKHUHD+DGLWKKDVEHHQVWDWHGLQWKH:RUGVRI
$OODK7KHVXEMHFWPDWWHULVFRQILUPHGIURPWKH9HUVHRIWKH4XU
DQJLYHQLQWKHWH[WRIWKH+DGLWK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\
7KHSHRSOHLQWKH-DQQDKZRXOGEHVLPLODULQVKDSHDQGKHLJKWHWF7KHUHZRXOGEHQRGLIIHUHQFHV
EHWZHHQWKHP,WZRQ
WEHWKDWRQHSHUVRQLVEHDXWLIXODQGWKHRWKHUXJO\RURQHLVIDLULQFRORXUDQGWKH
RWKHULVEODFN7KLVLVRQHYLHZ7KHRWKHUYLHZLVWKDW WKH\ZRXOGEHVLPLODULQEHLQJJRRGPDQQHUHG
DQGWKHGHVLUDEOHDQGORYLQJGLVSRVLWLRQ7KH\ZLOOEHRQWKHKLJKHVWSHGHVWDORIHWKLFVHWLTXHWWH
SROLWHQHVVDQGPRUDOLW\1RQHRIWKHPZRXOGEHLPPRUDOGLVFRXUWHRXVRULOOWHPSHUHG
(YHU\RQHWKHUHZRXOGKDYHWZRZLYHV7KH\ZRXOGHLWKHUEHIURPWKHKRXULVRUIURPWKHKXPDQV
7KHQDUUDWLRQZKLFKFODLPVWKDWHYHU\RQHZRXOGKDYHVHYHQW\WZRZLYHVKDVDZHDNFKDLQRI
QDUUDWRUV+RZHYHULQRQHQDUUDWLRQRI$W7LUPLGKLZKLFKKDVEHHQFODLPHGWREH6DKLKLWLVVWDWHG
WKDWDPDUW\UZRXOGJHWVHYHQW\WZRZLYHV$W7LUPLGKL&KDSWHUDERXWWKH6XSHULRULW\RI-LKDG7KHQ
WKHVD\LQJ2QHZRXOGJHWLQWKH-DQQDKZKDWKHZDQWV
PD\DOVREHFRQVLGHUHGDQGVRWKHSRVVLELOLW\
RIPRUHWKDQWZRZLYHVFDQQRWEHGHQLHG
+XULVWKHSOXUDORI+RZUD ,WPHDQVZKLWHDQGSLQN6RLWLVVDLGWKDWRQHZRXOGEHEHZLOGHUHGWRVHH
WKHLUEHDXW\C(LQ LVWKHSOXUDORIC$LQD
,WPHDQVRQHKDYLQJODUJHH\HVOLNHDGHHU,QDQRWKHUQDUUDWLRQ
LWLVVDLGWKDWLIDQ\RQHRIWKHPMXVWSHHSVWRZDUGVRXUHDUWKWKHZKROHVSDFHZRXOGEHILOOHGZLWK
VFHQWDQGDOOWKHVSDFHZRXOGEHOLJKWHG+HUVKHHWRIFORWKXVHGWRFRYHUWKHKHDGDQGWKHERVRP
ZRXOGEHVRSUHFLRXVWKDWLWVFRVWZRXOGH[FHHGWKLVZKROHPDWHULDOHDUWK6DKLK$O%XNKDUL %RRNRI
-LKDG&KDSWHUDERXW+RXUL
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWV$OODK
VXQERXQGHG0HUF\DQG%RXQW\XSRQ+LVVODYHVLQ
-DQQDKDOWKRXJKWKH\GRQRWGHVHUYHDOOWKDW
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHKRUVHUHIHUUHGWRLQWKH+DGLWKLQGHVFULEHGLQWKH$UDELFWH[WDVC0XGKDPPDU
LH
DVSHFLDOO\WUDLQHGDQGZHOOORRNHGDIWHUKRUVH6XFKDKRUVHLVILUVWIDWWHQHGE\VXSSO\LQJLWZLWKODUJH
TXDQWLWLHVRIIRRG7KHQVORZO\WKHTXDQWLW\RIIRRGJLYHQWRLWLVGHFUHDVHGDQGLWLVPDGHWRVZHDWLQD
KRWURRPXQWLOLWORVHVZHLJKWDQGWKXVEHFRPHVILWIRUUXQQLQJ
7KH$UDELFZRUGGKLOWUDQVODWHGKHUH DVCVKDGH
LQIDFWUHIHUVWRWKHH[SDQVLYHQHVVDQGYDVWQHVVRI
WKHWUHH,WGRHVQRWQHFHVVDULO\PHDQVKDGHLQWKHRUGLQDU\VHQVHDVWKHUHZLOOEHQRVXQRUKHDWWKHUH
+HUHWKHH[SDQVLYHQHVVDQGYDVWQHVVRIWKHWUHHVRI-DQQDKKDVEHHQPHQWLRQHG$OODKFDQGRZKDW+H
OLNHVDQGFUHDWHZKDWHYHU+HOLNHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,Q-DQQDKSHRSOHZLOOKDYHGLIIHUHQWJUDGHVDFFRUGLQJWRWKHVWUHQJWKRIWKHLU%HOLHI
DQGORYHRI$OODK6RPHSHRSOHZLOOEHRQDSRVLWLRQQHDUWKDWRIWKH3URSKHWV0D\$OODKJUDQWXVVXFK
ORIW\SODFHV$PLQ
>$O%XNKDULDQG0XVOLP@
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 6HHWKH&RPPHQWDU\RQ+DGLWK1R
7KHLUVLGHVIRUVDNHWKHLUEHGVWRLQYRNHWKHLU5XEELQIHDUDQGKRSHDQGWKH\VSHQGLQFKDULW\LQ
$OODK
V&DXVHRXWRIZKDW:HKDYHEHVWRZHGRQWKHP1RSHUVRQNQRZVZKDWLVNHSWKLGGHQIRUWKHP
RIMR\
>$O%XNKDUL@
>0XVOLP@
&RPPHQWDU\ :HOLYHLQWKLVZRUOGDFFRUGLQJWRRXUOLIHVSDQEXWZHQHYHUNQRZZKHQWKLVOLIHPD\
FRPHWRDQHQG<RXWKLVDIOHHWLQJH[SHULHQFHDQGZLWKWKHSDVVDJHRIWLPHLWWXUQVLQWRROGDJH2QH
FDQQRW HYHQEHVXUHDERXWWKHHDVHLQWKLVOLIH$Q\WLPHRQHPD\ODQGLQWRKDUGVKLSV,QVKRUWQRWKLQJ
LVFRQVWDQWLQWKLVZRUOG
,Q-DQQDKKRZHYHUHYHU\WKLQJZLOOEHSHUPDQHQW/LIHZLOOEHZLWKRXWDQ\GDQJHURIGHDWKWKHUHZLOO
EHKHDOWKZLWKRXWDQ\ULVN RIGLVHDVH7KHUHZLOOEHKDSSLQHVVDQGEOLVVZLWKRXWDQ\IHDURIDJLQJ
(YHU\ZKHUHWKHUHZLOOEHKDSSLQHVVHDVHFRPIRUWHQMR\PHQWZLWKRXWDQ\SDLQZRUU\KDUGVKLSRU
GLVWUHVV
>0XVOLP@
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHGHFODUDWLRQDERXW$OODKEHLQJSOHDVHGZLWKWKHGZHOOHUVRI-DQQDKZLOOFHUWDLQO\EH
WKHJUHDWHVWRIWKHERRQVDQGUHZDUGVRI-DQQDK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ -XVWDVZKHQZHZLWQHVVWKHPRRQWKHUHLVQRSUREOHPQRUXVKRUWURXEOHVRPH
JDWKHULQJRISHRSOHDQGQRSXVKLQJRIRQHDQRWKHUWKHSLRXVZLOOVHH$OODKZLWKRXWDQ\WURXEOHRU
GLIILFXOW\+RZVKDOOZHVHH+LPZHFDQQRWGHVFULEHWKLVHYHQE\DQ\LQVWDQFH RUSDUDEOH,Q6XUDW
$VK6KXCUD
9HUVHLWLVVDLGWKDWWKHUHLVQRWKLQJOLNH+LP+RZHYHUZHFDQQRWVHH+LPLQWKLV
ZRUOGZLWKWKHVHZRUOGO\H\HV7KHUHDVRQLVWKDWDV,PDP0DOLNVD\VWKHVHH\HVDUHMXVWWHPSRUDU\
DQGWKH\FDQQRWEHDUWKH6LJKWRI$OODK7KLVLVZK\WKHUHVHDUFKVFKRODUVFODLPWKDWWKH3URSKHW
3%8+GLGQRWDFWXDOO\VHH$OODKGXULQJKLVMRXUQH\WRWKHKHDYHQVKHRQO\WDONHGWR$OODKE\ZD\RI
5HYHODWLRQ7KHVD\LQJRIC$LVKDK0D\$OODKEHSOHDVHGZLWKKHUDOVRSURYHVWKLVFRQWHQWLRQ
+RZHYHULWZRXOGEHSRVVLEOHWRVHH$OODKLQ-DQQDKDVHYHU\WKLQJWKHUHZLOOEHHWHUQDODQG
LQGHVWUXFWLEOH6LPLODUZLOOEHWKHFDVHZLWKWKHVLJKWDQGH\HVZKLFKZLOOEHSURYLGHGWRXVWKHUH6XFK
H\HVZRXOGKDYHWKHSRZHUWRVHH$OODK
>0XVOLP@
$OODKWKH([DOWHGVD\V
9HULO\WKRVHZKREHOLHYHDQGGRGHHGVRIULJKWHRXVQHVVWKHLU5XEEZLOOJXLGHWKHPWKURXJKWKHLU
)DLWKXQGHUWKHPZLOOIORZULYHUVLQWKH*DUGHQVRI'HOLJKW-DQQDK7KHLUZD\RIUHTXHVWWKHUHLQZLOO
EH6XEKDQDND$OODKXPPD*ORU\WR<RX2$OODKDQG6DODPSHDFHVDIHW\IURPHYLOZLOOEHWKHLU
JUHHWLQJVWKHUHLQ-DQQDKDQGWKHFORVHRIWKHLUUHTXHVWZLOOEH$OKDPGXOLOODKL5DEELOC$ODPLQ>$OO
WKHSUDLVHVDQGWKDQNVDUHWR$OODKWKH5XEERIC$ODPLQPDQNLQGMLQQDQGDOO WKDWH[LVWV@