$UH\RXEHLQJ/HGDZD\ZLWKWKH(UURURIWKH:LFNHGWRWKH1HZ$JH$UNRI2QHQHVV"3DUW

3DUW

3UHSDULQJIRUWKH(PHUJLQJ2QH&KXUFKRIWKH1HZ:RUOG ,QGH[
E\7DPDUD+DUW]HOO
+RPH
)HEUXDU\

$UH\RXD&KULVWLDQRUD&KULVWIROORZHU"%HOLHYHLWRUQRWWKHUHLVDZRUOGRIGLIIHUHQFHLQWKH1HZ6SLULWXDOLW\WKDWLVUHSODFLQJWKH&KULVWLDQIDLWKLQWRGD\ ¶V
&KULVWLDQLW\2QWKHVXUIDFH&KULVWIROORZHUPD\VHHPWREHDPRUHDFFXUDWHWHUPWKDQ&KULVWLDQVLQFH&KULVWLDQVDUHIROORZHUVRI&KULVW%XW\RXFDQ¶WDOZD\V
MXGJHDERRNE\LWVFRYHU:KHQWKH1HZ6SLULWXDOLW\¶VWUDQVIRUPDWLRQWR&KULVWIROORZHUKDVEHHQDFFRPSOLVKHGWKHGLIIHUHQFHEHWZHHQWKHWZRZLOOEHDVVLJQLILFDQW
DVWKHGLIIHUHQFHEHWZHHQGDUNDQGOLJKWRUWKHEURDGZD\DQGWKHQDUURZZD\

7KLVVXEWOHVHSDUDWLQJRIWHUPVLVEHLQJLPSOHPHQWHGLQSUHSDUDWLRQIRUWKH(PHUJLQJ2QH&KXUFKRIWKHQHZZRUOGIRUZKLFK&KULVWLDQLVWRRQDUURZDQG
H[FOXVLYH&KULVWLDQFOHDUO\VD\VWKDWIROORZHUVRI&KULVWDUHLQWKH&KULVWLDQIDLWKWUXH&KULVWLDQLW\EXW&KULVWIROORZHULQFOXVLYHO\DOORZVIRUIROORZHUVRI&KULVWWREH
LQDQ\UHOLJLRQ

$FFRUGLQJO\&KULVWLDQVDUHSHRSOHRIWKHIDLWKFOHDUO\VHWIRUWKLQWKH:RUGRI*RGEXW&KULVWIROORZHUVZLOOEHSHRSOHRIIDLWK²WKDWLVDQ\IDLWKRUUHOLJLRQ
&KULVWLDQVEHOLHYHWKDWWKHULJKWGRFWULQHDQGWKHRORJ\²LQRWKHUZRUGVWKHULJKWIDLWK²DUHHVVHQWLDOIRUVDOYDWLRQEXW&KULVWIROORZHUVZLOOEHOLHYHWKDWGRFWULQHDQG
WKHRORJ\DUHLUUHOHYDQWEHFDXVHZKDW\RXGRLVPRUHLPSRUWDQWWKDQZKDW\RXEHOLHYH &KULVWLDQVEHOLHYHWKHUHLVRQO\RQHWUXWKFOHDUO\VHWIRUWKLQ*RG¶V
:RUGRIWUXWKEXW&KULVWIROORZHUVZLOOEHOLHYHWKHUHLVWUXWKLQHYHU\UHOLJLRQ

,QHYLWDEO\ZLWKXQLW\DWDOOFRVWVEHFRPLQJWKHIRXQGDWLRQRIWKHZRUOGDQGFKXUFKHV&KULVWLDQLVDOUHDG\EHFRPLQJDEUDQGRIVKDPH,QWKHHPHUJLQJQHZZRUOG
&KULVWLDQVD\VWKDW\RXDUHLQWROHUDQWGLYLVLYHUHOLJLRXVO\ELJRWHGMXGJPHQWDODQGOHJDOLVWLF,QRWKHUZRUGV&KULVWLDQVD\VWRWKHZRUOGWKDW\RXEHOLHYHZKHQ*RG
VD\VWKHUHLVRQO\RQHZD\WR*RGDQGQRQHRWKHUWKDW*RGDFWXDOO\PHDQVLW7KHZRUOGQHYHUKDVWROHUDWHGWKLVIDLWKYHU\ZHOO

&KULVWIROORZHURQWKHRWKHUKDQGZLOOEHFRPHDEDGJHRIKRQRU,QWKHHPHUJLQJQHZZRUOG&KULVWIROORZHUZLOOVD\WKDW\RXDUHXQGRJPDWLFXQLILDEOHRSHQ
PLQGHGDFFRPPRGDWLQJDQGIOH[LEOH,QRWKHUZRUGV&KULVWIROORZHUZLOOVD\WRWKHZRUOGWKDW\RXEHOLHYH*RGLVLQFOXVLYHRIWKRVHZKRVHZD\WR*RGLVGLIIHUHQW
WKDQWKHZD\JLYHQWRXVLQ+LV:RUG,WZLOOVD\WKDW\RXDUHWROHUDQWRIWKHRWKHUUHOLJLRQVLQWKHZRUOGDQGWKDW\RXEHOLHYHWKH\FDQEHMXVWDVULJKWDV&KULVWLDQLW\
7KHZRUOGZLOOWROHUDWHWKLVIDLWKRUVSLULWXDOLW\MXVWILQH:K\ZRXOGQ¶WLW"

7KH1HZ6SLULWXDOLW\RIWKH(PHUJLQJ2QH&KXUFK

,IWKH1HZ6SLULWXDOLW\¶VHPHUJLQJWUDQVIRUPDWLRQWR&KULVWIROORZHUGHVFULEHV\RXDQG\RXUEHOLHIVWKHQQRGRXEWPDQ\LIQRWDOORIWKHIROORZLQJ1HZ6SLULWXDOLW\
EHOLHIVZLOOULQJWUXHZLWK\RXHVSHFLDOO\LI\RXFDQLGHQWLI\ZLWKWKH(PHUJLQJ&KXUFKPRYHPHQW

³µ7+(5(,6125(/,*,21+,*+(57+$17587+¶«>7UXWK@PXVWEHXQGHUO\LQJHYHU\ZRUOGUHOLJLRQ«7KHUHIRUHWKDWDSRUWLRQRIWUXWKJUHDWRU
VPDOOLVIRXQGLQHYHU\UHOLJLRXVDQGSKLORVRSKLFDOV\VWHP «´ 

³>(@YHU\PDQVKRXOGEHIUHHWRZRUVKLS*RGLQKLVRZQZD\«+LVRZQ*RGLOOXPLQHGPLQGZLOOVHDUFKIRUWUXWKDQGKHZLOOLQWHUSUHWLWIRUKLPVHOI7KH
GD\RIWKHRORJ\LVRYHUDQGWKDWRIDOLYLQJWUXWKLVZLWKXV´ 

,WLV³WKHSULGHRIPLQGZKLFKVHHVLWVZD\DQGLWVLQWHUSUHWDWLRQVWREHFRUUHFWDQGWUXHDQGRWKHUV¶IDOVHDQGZURQJ´ 

³7KHWHDFKLQJRI&KULVWLVQRWREVROHWHDQGRXWRIGDWH,WQHHGVRQO\WREHUHVFXHGIURPWKHLQWHUSUHWDWLRQVRIWKHWKHRORJLHVRIWKHSDVW«´ 

³&KULVW
VPDMRUWDVNZDVWKHHVWDEOLVKLQJRI*RG
VNLQJGRPXSRQHDUWK+HVKRZHGXVWKHZD\LQZKLFKKXPDQLW\FRXOGHQWHUWKDWNLQJGRP«WKHZD\
LVIRXQGLQVHUYLFHWRRXUIHOORZPHQ« 

³,WLVWKURXJKVXSUHPHVHUYLFHDQGVDFULILFHWKDWZHEHFRPHIROORZHUVRI&KULVWDQGHDUQWKHULJKWWRHQWHULQWR+LVNLQJGRPEHFDXVHZHGRQRWHQWHU
DORQH´ 

³7KHQHHGLVIRUYLVLRQZLVGRPDQGWKDWZLGHWROHUDQFHZKLFKZLOOVHHGLYLQLW\RQHYHU\KDQGDQGUHFRJQL]HWKH&KULVWLQHYHU\KXPDQEHLQJ´ 

³7KHWUXH&KXUFKLVWKHNLQJGRPRI*RGRQHDUWK«FRPSRVHGRIDOOUHJDUGOHVVRIUDFHRUFUHHGZKROLYHE\WKHOLJKWZLWKLQZKRKDYHGLVFRYHUHGWKH
IDFWRIWKHP\VWLFDO&KULVWLQWKHLUKHDUWV´ 

³7KHPHVVDJHRI*RGLVFOHDU1RPDWWHUZKDWWKHUHOLJLRQQRPDWWHUZKDWWKHFXOWXUHQRPDWWHUZKDWWKHVSLULWXDORULQGLJHQRXVWUDGLWLRQWKHERWWRP
OLQHLVLGHQWLFDO:HDUHDOORQH´ 

³«&KULVWLDQSHRSOHDUHWRUHFRJQL]HWKHLUSODFHZLWKLQDZRUOGZLGHGLYLQHUHYHODWLRQDQGVHH&KULVWDVUHSUHVHQWLQJDOOWKHIDLWKVDQGWDNLQJ+LVULJKWIXO
SODFHDV:RUOG7HDFKHU+HLVWKH:RUOG7HDFKHUDQGQRWD&KULVWLDQWHDFKHU «7KH\PD\QRWFDOO+LP&KULVWEXWWKH\KDYHWKHLURZQQDPHIRU+LP
DQGIROORZ+LPDVWUXO\DQGIDLWKIXOO\DVWKHLU:HVWHUQEUHWKUHQ´ 

³7KH&KULVWKDVQRUHOLJLRXVEDUULHUVLQ+LVFRQVFLRXVQHVV,WPDWWHUVQRWWR+LPRIZKDWIDLWKDPDQPD\FDOOKLPVHOI´ 

³>µ7KH&KULVW¶@KDVEHHQIRUWZRWKRXVDQG\HDUVWKHVXSUHPH+HDGRIWKH&KXUFK,QYLVLEOH«FRPSRVHGRIGLVFLSOHVRIDOOIDLWKV«+HFDUHVQRWZKDW
WKHIDLWKLVLIWKHREMHFWLYHLVORYHRI*RGDQGRIKXPDQLW\´ 

7KHVH1HZ6SLULWXDOLW\1HZ$JHDQG1HZ*RVSHOEHOLHIVDUHEULQJLQJKXPDQLW\DQGLWVUHOLJLRQVWRJHWKHULQLQWHUIDLWKXQLW\7KH\DUHIRXQGDWLRQDOWRWKH(PHUJLQJ

2QH&KXUFKWKHXQLYHUVDOUHOLJLRQRIWKHQHZZRUOGZKLFKLVLQGHHG³ZLGHO\GHVLUHGDQGZRUNHGIRU´LQERWKWKHZRUOGDQGWRGD\¶V&KULVWLDQLW\ 

³>5@HOLJLRQVWKRXJKGLYHUVHLQWKHLUWKHRORJLHVDQGIRUPVRIZRUVKLS«DQGWKRXJKGLIIHULQJLQWKHLUPHWKRGVRIDSSOLFDWLRQRIWUXWKDUHXQLWHGLQWKUHH
EDVLFDVSHFWV«

³:KHQPHQUHFRJQL]HWKLVDQGVXFFHHGLQLVRODWLQJWKDWLQQHUVLJQLILFDQWVWUXFWXUHRIWUXWKZKLFKLVWKHVDPHLQDOOFOLPHVDQGLQDOOUDFHVWKHQWKHUH
ZLOOHPHUJHWKHXQLYHUVDOUHOLJLRQWKH2QH&KXUFK DQGWKDWXQLILHGWKRXJKQRWXQLIRUPDSSURDFKWR*RG«7KHRORJLHVZLOOGLVDSSHDULQWRWKH
NQRZOHGJHRI*RGGRFWULQHVDQGGRJPDVZLOOQRORQJHUEHUHJDUGHGDVQHFHVVDU\IRUIDLWKZLOOEHEDVHGRQH[SHULHQFHDQGDXWKRULW\ZLOOJLYHSODFH
WRSHUVRQDODSSUHFLDWLRQRI5HDOLW\«

³7KHKLVWRU\RIUHOLJLRQVWKHIRXQGDWLRQVRIGRFWULQHWKHRULJLQRILGHDVDQGWKHJURZWKRIWKH*RGLGHDDUHEHLQJVXEMHFWHGWRUHVHDUFKDQGVWXG\
7KLVOHDGVWRPXFKGLVSXWDWLRQWRWKHUHMHFWLRQRIROGHVWDEOLVKHGLGHDVDVWR*RGWKHVRXOPDQDQGKLVGHVWLQ\´%ROGDGGHG 

³7RGD\VORZO\WKHFRQFHSWRIDZRUOGUHOLJLRQDQGWKHQHHGIRULWVHPHUJHQFHDUHZLGHO\GHVLUHGDQGZRUNHGIRU7KHIXVLRQRIIDLWKVLVQRZ
DILHOGIRUGLVFXVVLRQ:RUNHUVLQWKHILHOGRIUHOLJLRQZLOOIRUPXODWHWKHXQLYHUVDOSODWIRUPRIWKHQHZZRUOGUHOLJLRQ,WLVDZRUNRIORYLQJV\QWKHVLVDQG
ZLOOHPSKDVL]HWKHXQLW\DQGWKHIHOORZVKLSRIWKHVSLULW7KLVJURXSLVLQDSURQRXQFHGVHQVHDFKDQQHOIRUWKHDFWLYLWLHVRIWKH&KULVWWKHZRUOG
7HDFKHU7KHSODWIRUPRIWKHQHZZRUOGUHOLJLRQZLOOEHEXLOWE\PDQ\JURXSVZRUNLQJXQGHUWKHLQVSLUDWLRQRIWKH&KULVW 
 WRSHUVRQDODSSUHFLDWLRQRI5HDOLW\«

³7KHKLVWRU\RIUHOLJLRQVWKHIRXQGDWLRQVRIGRFWULQHWKHRULJLQRILGHDVDQGWKHJURZWKRIWKH*RGLGHDDUHEHLQJVXEMHFWHGWRUHVHDUFKDQGVWXG\
7KLVOHDGVWRPXFKGLVSXWDWLRQWRWKHUHMHFWLRQRIROGHVWDEOLVKHGLGHDVDVWR*RGWKHVRXOPDQDQGKLVGHVWLQ\´%ROGDGGHG 

³7RGD\VORZO\WKHFRQFHSWRIDZRUOGUHOLJLRQDQGWKHQHHGIRULWVHPHUJHQFHDUHZLGHO\GHVLUHGDQGZRUNHGIRU7KHIXVLRQRIIDLWKVLVQRZ
DILHOGIRUGLVFXVVLRQ:RUNHUVLQWKHILHOGRIUHOLJLRQZLOOIRUPXODWHWKHXQLYHUVDOSODWIRUPRIWKHQHZZRUOGUHOLJLRQ,WLVDZRUNRIORYLQJV\QWKHVLVDQG
ZLOOHPSKDVL]HWKHXQLW\DQGWKHIHOORZVKLSRIWKHVSLULW7KLVJURXSLVLQDSURQRXQFHGVHQVHDFKDQQHOIRUWKHDFWLYLWLHVRIWKH&KULVWWKHZRUOG
7HDFKHU7KHSODWIRUPRIWKHQHZZRUOGUHOLJLRQZLOOEHEXLOWE\PDQ\JURXSVZRUNLQJXQGHUWKHLQVSLUDWLRQRIWKH&KULVW 

³&KXUFKPHQQHHGWRUHPHPEHUWKDWWKHKXPDQVSLULWLVJUHDWHUWKDQDOOWKHFKXUFKHVDQGJUHDWHUWKDQWKHLUWHDFKLQJ,QWKHORQJUXQWKDWKXPDQVSLULW
ZLOOGHIHDWWKHPDQGSURFHHGWULXPSKDQWO\LQWRWKH.LQJGRPRI*RGOHDYLQJWKHPIDUEHKLQGXQOHVVWKH\HQWHUDVDKXPEOHSDUWRIWKHPDVVRIPHQ«


³7KHFKXUFKHVLQWKH:HVWQHHGDOVRWRUHDOL]HWKDWEDVLFDOO\WKHUHLVRQO\RQH&KXUFKEXWLWLVQRWQHFHVVDULO\RQO\WKHRUWKRGR[&KULVWLDQ
LQVWLWXWLRQ´%ROGDGGHG 

³7KLVWKHFKXUFKKDVKLQGHUHGGRZQWKHFHQWXULHVDQGKDVQRWKHOSHGEHFDXVHRILWVIDQDWLFDO]HDOWRPDNHµ&KULVWLDQV¶RIDOOSHRSOHVDQGQRW
IROORZHUVRIWKH&KULVW,WKDVHPSKDVL]HGWKHRORJLFDOGRFWULQHDQGQRWORYHDQGORYLQJXQGHUVWDQGLQJDV&KULVWH[HPSOLILHGLW´%ROGDGGHG 

7KLV(PHUJLQJ2QH&KXUFKXQLYHUVDOQHZZRUOGUHOLJLRQLVFDSWLYDWLQJWRGD\¶V&KULVWLDQLW\WKDWKDVEHHQHDVLO\IRROHGLQWREHOLHYLQJWKDWWKH:RUGRI*RGLV

LQVXIILFLHQWDQGLUUHOHYDQWIRURXUJOREDOPLQGHGZRUOG7KLVJRHVKDQGLQKDQGZLWKWKHYLHZWKDWWKH³WUDGLWLRQDO´&KULVWLDQIDLWKLVD³IDLOXUH´LQWRGD\¶VZRUOG$VD
UHVXOWQRWLPHLVEHLQJZDVWHGLQUHSODFLQJWKHVFULSWXUDOIDLWKRI&KULVWLDQLW\ZLWKWKH³ORYLQJXQGHUVWDQGLQJ´DQG1HZ6SLULWXDOLW\IDLWKRIWKH(PHUJLQJ2QH&KXUFK
,QLWVJURZLQJUHODWLYLVWLF]HDOWRPDNH&KULVWIROORZHUVDQGQRW&KULVWLDQVWRGD\¶V&KULVWLDQLW\LVMRLQLQJWKHLQWHUIDLWKZRUNRIEXLOGLQJWKHSODWIRUPRIWKHQHZZRUOG
UHOLJLRQ

1H[W3DUW2QH8QLYHUVDO)DLWKLQ*RGDQGLQ+XPDQLW\
,QGH[WRDOOSDUWV
5HDGWKHHQWLUHUHSRUWLQWKLVSGIILOHKWWSZZZLQWKHQDPHRISXUSRVHRUJDUNRIRQHQHVVSGI

&RS\ULJKW‹E\7DPDUD+DUW]HOO$OOULJKWVUHVHUYHG
5HDGWKHHQWLUHSGIILOHKHUHKWWSZZZLQWKHQDPHRISXUSRVHRUJDUNRIRQHQHVVSGI
(PDLO7DPDUDLQWKHQDPHRISXUSRVH#VEFJOREDOQHW

(QGQRWHV

+HOHQD3%ODYDWVN\³7KH1HZ&\FOH´/D5HYXH7KHRVRSKLTXH0DJD]LQH0DUFK
+HOHQD3%ODYDWVN\³7RWKH5HDGHUVRIµ/XFLIHU¶´/XFLIHU0DJD]LQH-DQXDU\
KWWSZZZEODYDWVN\QHWEODYDWVN\DUWV7R7KH5HDGHUV2I/XFLIHUKWP
$OLFH%DLOH\ 'MZKDO.KXO3UREOHPVRI+XPDQLW\&KDSWHU97KH3UREOHPRIWKH&KXUFKHV&DX[
6ZLW]HUODQG1HWQHZV$VVRFLDWLRQDQGRULWVVXSSOLHUVKWWSZZZQHWQHZVRUJ
$OLFH%DLOH\ 'MZKDO.KXO(VRWHULF3V\FKRORJ\,,&KDSWHU,7KH(JRLF5D\&DX[6ZLW]HUODQG
1HWQHZV$VVRFLDWLRQDQGRULWVVXSSOLHUVKWWSZZZQHWQHZVRUJ
$OLFH%DLOH\)URP%HWKOHKHPWR&DOYDU\&KDSWHU6HYHQ2XU,PPHGLDWH*RDOKWWSZZZQHWQHZVRUJ
,ELG&KDSWHU)LYH7KH)RXUWK,QLWLDWLRQKWWSZZZQHWQHZVRUJ
,ELG&KDSWHU6HYHQ2XU,PPHGLDWH*RDOKWWSZZZQHWQHZVRUJ
,ELG
1HDOH'RQDOG:DOVFK³:KDW,VWKH3URSHU5HVSRQVHWR+DWUHGDQG9LROHQFH"´DQHVVD\LQ)URPWKH
$VKHV$&DOOWR$FWLRQ²7KH6SLULWXDO&KDOOHQJH%HOLHIQHW(GLWRUV86$5RGDOH,QFS
$OLFH%DLOH\ 'MZKDO.KXO7KH5HDSSHDUDQFHRIWKH&KULVW&KDSWHU,97KH:RUNRIWKH&KULVW7RGD\
DQGLQWKH)XWXUHKWWSZZZQHWQHZVRUJ
,ELG&KDSWHU,,,:RUOG([SHFWDQF\KWWSZZZQHWQHZVRUJ
,ELG
$OLFH%DLOH\ 'MZKDO.KXO$7UHDWLVHRQ:KLWH0DJLF5XOH7HQ 7KH3UHVHQW$JHDQGWKH)XWXUH&DX[
6ZLW]HUODQG1HWQHZV$VVRFLDWLRQDQGRULWVVXSSOLHUVKWWSZZZQHWQHZVRUJ
$OLFH%DLOH\ 'MZKDO.KXO7KH5HDSSHDUDQFHRIWKH&KULVW&KDSWHU9,7KH1HZ:RUOG5HOLJLRQ
KWWSZZZQHWQHZVRUJ
,ELG&KDSWHU,7KH'RFWULQHRIWKH$YDWDUVKWWSZZZQHWQHZVRUJ

$ORQJHUOLVWRIHQGQRWHVLVDYDLODEOH+(5(

+RPH _ 7KH&KDQJLQJ&KXUFK _ 3UHSDULQJIRU3HUVHFXWLRQ _ 9LFWRU\LQ&KULVW