0(',$$1'/$:

0(',$$1'/$:
*15D\
'HDUIULHQGVLWLVLQGHHGDSULYLOHJHWRFRPPXQLFDWHZLWK\RXWKURXJKWKHPHGLXPRI
WKLV1DWLRQDO6HPLQDURQ0HGLDDQG/DZ,ZLVKWRVKDUHP\YLHZVRQWKHVXEMHFWLQWKHGXDO
UROH RI D IRUPHU 6XSUHPH &RXUW -XGJH DQG DOVR SUDFWLVLQJ ODZ IRU VHYHUDO \HDUV DQG DV
&KDLUPDQ RI WKH 3UHVV &RXQFLO RI ,QGLD ZKLFK LV DQ $SH[ ERG\ RI WKH 3ULQW 0HGLD  7KHUH LV
QHHGWRGLVFXVVWKHSULYLOHJHVDQGVSHFLILFULJKWVJUDQWHGE\WKH6WDWHWRWKHPHGLDSHUVRQVDQG
WKRVH HQMR\HG E\ WKH MXGLFLDU\ XQGHU WKH &RQVWLWXWLRQ  7KLV 6HPLQDU , DP WROG ZLOO WDNH XV
WKURXJK WKH ODUJHU LVVXHV WKDW DUH ERWKHULQJ WKH VRFLHW\ WKH LVVXH ZKHWKHU WKH PHGLD LV
FURVVLQJOLPLWVLQFRPPHQWLQJRQFHOHEULWLHVDQGHQFURDFKLQJRQWKHSULYDF\RISXEOLFILJXUHV
EODFNPDLOLQJ WKRVH LQ DXWKRULW\ DQG SURPRWLQJ WULDO E\ PHGLD LQ FDVHV SHQGLQJ FRQVLGHUDWLRQ
EHIRUHWKHYDULRXVFRXUWVRIWKHFRXQWU\,DPVXUHVHYHUDOYLHZVZLOOEHSUHVHQWHGRYHUWKH
QH[W WZR GD\V DQG FRQFUHWH VXJJHVWLRQV ZLOO HPHUJH IURP WKH DXJXVW DXGLHQFH SUHVHQW KHUH
7KLVWZRZD\FRPPXQLFDWLRQZLOOEHYLWDOIRUKHDOWK\JURZWKDQGIUXLWIXOUHVXOWRIWKLV6HPLQDU

          )UHHGRP RI WKH PHGLD LV LQGHHG DQ LQWHJUDO SDUW RI WKH IUHHGRP RI H[SUHVVLRQ DQG
HVVHQWLDOUHTXLVLWHRIDGHPRFUDWLFVHWXS7KH,QGLDQ&RQVWLWXWLRQKDVJUDQWHGWKLVIUHHGRPE\
ZD\RI)XQGDPHQWDO5LJKW7KHPHGLDZKLFKLVREOLJDWHGWRUHVSHFWWKHULJKWVRILQGLYLGXDOLV
DOVR REOLJDWHG WR ZRUN ZLWKLQ WKH IUDPHZRUN RI OHJDO SULQFLSOHV DQG VWDWXWHV  7KHVH
SULQFLSOHVVWDWXWHV KDYH EHHQ IUDPHG E\ ZD\ RI PLQLPXP VWDQGDUGV DQG GR QRW LQWHQG WR
GHWUDFWIURPKLJKHUVWDQGDUGVRISURWHFWLRQWRWKHIUHHGRPRIH[SUHVVLRQ



7KH PHGLD LV WKH )RXUWK OLPE RI D GHPRFUDWLF V\VWHP WKH OHJLVODWXUH H[HFXWLYH DQG
MXGLFLDU\ EHLQJ WKH RWKHU WKUHH  :KLOH OHJLVODWXUH SUHSDUHV WKH ODZ IRU WKH VRFLHW\ DQG WKH
H[HFXWLYH WDNHV VWHSV IRU LPSOHPHQWLQJ WKHP WKH WKLUG VWHSSLQJVWRQH LV WKH MXGLFLDU\ ZKLFK
KDV WR HQVXUH OHJDOLW\ RI DOO DFWLRQV DQG GHFLVLRQV  7KH )RXUWK (VWDWH LH WKH SUHVV KDV WR
RSHUDWHZLWKLQWKHIUDPHZRUNRIWKHVHVWDWXWHVDQGFRQVWLWXWLRQDOSURYLVLRQWRDFWLQSXEOLFDQG
QDWLRQDO LQWHUHVW  7KLV LV LQGLFDWLYH RI WKH IDFW WKDW QRERG\ LV DERYH ODZ  :KHQ WKH
&RQVWLWXWLRQ RI ,QGLD JXDUDQWHHG IUHHGRP RI H[SUHVVLRQ DQG VSHHFK WR LWV FLWL]HQV LW HQVXUHG
WKDW WKH IUHHGRP ZDV QRW DEVROXWH DQG DQ\ H[SUHVVLRQ E\ ZD\ RI ZRUGV VSHHFK RU YLVXDO
PHGLXP GLG QRW YLRODWH DQ\ VWDWXWRU\ SURYLVLRQV HQDFWHG E\ OHJLVODWXUH DQG H[HFXWHG E\ WKH
H[HFXWLYH,IWKHPHGLDHOHFWURQLFRUSULQWH[FHHGHGLWVMXULVGLFWLRQWKHFRXUWVFDPHIRUZDUG
WRHQVXUHWKDWYLRODWLRQRIWKH)XQGDPHQWDOULJKWVE\WKHPHGLDGRHVQRWJRXQFKHFNHG
7KH3UHVV&RXQFLORI,QGLDZKLFK,UHSUHVHQWKHUHWRGD\DVLWV&KDLUPDQZDVERUQRXW
RIWKHDQ[LHW\RIRXUFRQVWLWXWLRQDOIDWKHUVWRHQVXUHWKDWGHPRFUDF\FDQIORXULVKRQO\ZKHUHLWV
KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

FLWL]HQV HQMR\ IXOO IUHHGRP RI VSHHFK DQG H[SUHVVLRQ VXEMHFW RQO\ WR UHDVRQDEOH UHVWULFWLRQV
7KH SUHVV LV ULJKWO\ FRYHUHG ZLWKLQ WKH DPELW RI $UWLFOH   D HYHQ ZLWKRXW DQ H[SUHVV
PHQWLRQ+RZHYHURQFHWKHIUHHGRPVWUXJJOHZDVRYHULWZDVUHDOLVHGWKDWDQHZNLQGRISUHVV
ZDV HPHUJLQJ LQ WKH SRVW LQGHSHQGHQFH HUD ZKRVH DLPV DQG REMHFWV ZHUH XQGHUJRLQJ IDVW
FKDQJH7KH)LUVW3UHVV&RPPLVVLRQVHWXSLQH[DPLQHGWKHLVVXHLQGHSWKDQGSURSRVHG
WKH HVWDEOLVKPHQW RI D 3UHVV &RXQFLO DV D SHHU ERG\ E\ UHJXODWH WKH FRQGXFW RI WKHLU RZQ
EUHWKUHQ ZLWKRXW DQ\ RXWVLGH RU JRYHUQPHQWDO LQWHUIHUHQFH 6LPLODU ERGLHV ZHUH IXQFWLRQDO LQ
VHYHUDO RWKHU GHPRFUDFLHV EXW WKHVH ZHUH SULPDULO\ YROXQWDU\ RUJDQLVDWLRQV ,Q ,QGLD LW ZDV
GHHPHGPRUHDSSURSULDWHWRJLYHWKH&RXQFLOWKHVWDWXWRU\EDFNLQJDIIRUGLQJGXHZHLJKWDJHRI
LWV DGMXGLFDWLRQV DQG SURQRXQFHPHQWV 7KH 3UHVV &RXQFLO RI ,QGLD KDV VLQFH IXQFWLRQHG OLNH D
&RXUW RI +RQRXU JXLGLQJ WKH SULQW PHGLD DORQJ WKH SDWK RI HWKLFDO FRQGXFW DQG DW WKH VDPH
WLPHSURWHFWLQJLWIURPDQ\RQVODXJKWRQLWVIUHHGRP
7KH 3UHVV &RXQFLO DOVR IXQFWLRQV DV DQ DGYLVRU\ ERG\ WR WKH JRYHUQPHQW RQ PDWWHUV
DIIHFWLQJSUHVVIUHHGRPDQGKDVUHQGHUHGYDOXDEOHDGYLVHRQVHYHUDOOHJLVODWLRQV7KHVHFRYHU
WKHDUHDVRIOLEHOLQYDVLRQRISULYDF\ULJKWWRLQIRUPDWLRQSDUOLDPHQWDU\SULYLOHJHV3UHYHQWLRQ
RI 7HUURULVW $FWLYLWLHV 2IILFLDO 6HFUHWV DQG PDQ\ PRUH /DWHO\ WKH 3UHVV &RXQFLO KDG DGYLVHG
WKH3DUOLDPHQWRQµ7UXWK¶EHLQJDFFHSWHGDVDGHIHQFHLQFRQWHPSWRIFRXUWSURFHHGLQJVDQG
WKH HQDFWPHQW LQFRUSRUDWLQJ WKHVH SURYLVLRQV LQ &RQWHPSW RI &RXUW $FW KDV UHFHQWO\ EHHQ
SDVVHG

          6LPLODUO\ WKH &RXQFLO KDV GUDZQ XS D VHW RI QRUPV RQ PHGLD UHSRUWLQJ RQ FRXUW
SURFHHGLQJV,WZLOOEHDSSURSULDWHWRUHIHUWRWKHPLQGHWDLOKHUH
&DXWLRQLQFULWLFL]LQJMXGLFLDODFW
L ([FHSWLQJZKHUHWKHFRXUWVLWVµLQFDPHUD¶RUGLUHFWVRWKHUZLVHLWLVRSHQWRD
QHZVSDSHU WR UHSRUW SHQGLQJ MXGLFLDO SURFHHGLQJV LQ D IDLU DFFXUDWH DQG
UHDVRQDEOHPDQQHU%XWLWVKDOOQRWSXEOLVKDQ\WKLQJ
ZKLFKLQLWVGLUHFWDQGLPPHGLDWHHIIHFWFUHDWHVDVXEVWDQWLDOULVNRIREVWUXFWLQJ
LPSHGLQJRUSUHMXGLFLQJVHULRXVO\WKHGXHDGPLQLVWUDWLRQRIMXVWLFHRU
LVLQWKHQDWXUHRIDUXQQLQJFRPPHQWDU\RUGHEDWHRUUHFRUGVWKHSDSHU¶VRZQ
ILQGLQJVFRQMHFWXUHVUHIOHFWLRQRUFRPPHQWVRQLVVXHVVXEMXGLFHDQGZKLFKPD\
DPRXQWWRDEURJDWLRQWRWKHQHZVSDSHUWKHIXQFWLRQVRIWKHFRXUWRU
 UHJDUGLQJWKHSHUVRQDOFKDUDFWHURIWKHDFFXVHGVWDQGLQJWULDORQDFKDUJHRI
FRPPLWWLQJDFULPH
LL                 1HZVSDSHUVKDOOQRWDVDPDWWHURIFDXWLRQSXEOLVKRUFRPPHQWRQHYLGHQFH
FROOHFWHG DV D UHVXOW RI LQYHVWLJDWLYH MRXUQDOLVP ZKHQ DIWHU WKH DFFXVHG LV
DUUHVWHG DQG FKDUJHG WKH FRXUW EHFRPHV VHL]HG RI WKH FDVH 1RU VKRXOG WKH\
UHYHDOFRPPHQWXSRQRUHYDOXDWHDFRQIHVVLRQDOOHJHGO\PDGHE\WKHDFFXVHG
LLL               :KLOHQHZVSDSHUVPD\LQWKHSXEOLFLQWHUHVWPDNHUHDVRQDEOHFULWLFLVPRID
KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

MXGLFLDO DFW RU WKH MXGJHPHQW RI D FRXUW IRU SXEOLF JRRG WKH\ VKDOO QRW FDVW
VFXUULORXV DVSHUVLRQV RQ RU LPSXWH LPSURSHU PRWLYHV RU SHUVRQDO ELDV WR WKH
MXGJH1RU VKDOO WKH\ VFDQGDOL]H WKH FRXUW RU WKH MXGLFLDU\ DV D ZKROH RU PDNH
SHUVRQDODOOHJDWLRQVRIODFNRIDELOLW\RULQWHJULW\DJDLQVWDMXGJH
LY1HZVSDSHUVKDOODVDPDWWHURIFDXWLRQDYRLGXQIDLUDQGXQZDUUDQWHGFULWLFLVP
ZKLFKE\LQQXHQGRDWWULEXWHVWRDMXGJHH[WUDQHRXVFRQVLGHUDWLRQIRUSHUIRUPLQJ
DQDFWLQGXHFRXUVHRIKLVKHUMXGLFLDOIXQFWLRQVHYHQLIVXFKFULWLFLVPGRHVQRW
VWULFWO\DPRXQWWRFULPLQDO&RQWHPSWRI&RXUW
E5HSRUWLQJQHZVSHUWDLQLQJWRFRXUWSURFHHGLQJV
%HIRUHSXEOLVKLQJDQHZVLWHPDERXWFRXUWSURFHHGLQJVLWZLOOEHDSSURSULDWHIRU
WKH FRUUHVSRQGHQW DQG HGLWRU WR DVFHUWDLQ LWV JHQXLQHQHVV DQG FRUUHFWQHVV DQG
DXWKHQWLFLW\IURPWKHUHFRUGVVRWKDWWKHFRQFHUQHGSHUVRQFDQEHKHOGJXLOW\DQG
DFFRXQWDEOH IRU IXUQLVKLQJ LQFRUUHFW IDFWV RU ZURQJ LQIRUPDWLRQ DERXW WKH FRXUW
SURFHHGLQJV
$ORWUHPDLQVWREHGRQHWRHQVXUHWKDWWZRRIWKHVWURQJHVWSLOODUVRIRXUGHPRFUDF\
LHWKHMXGLFLDU\DQGWKHPHGLDZRUNLQWDQGHPWRSURPRWHWKHGHPRFUDWLFVHFXODUSULQFLSOHV
HQVKULQHGLQRXUFRQVWLWXWLRQ
,QWHUQDWLRQDO(IIRUWV
,QDJURXSRIGLVWLQJXLVKHGOHJDOH[SHUWVDQGPHGLDUHSUHVHQWDWLYHVFRQYHQHG
E\ WKH ,QWHUQDWLRQDO &RPPLVVLRQ RI -XULVWV LWV &HQWUH IRU WKH ,QGHSHQGHQFH RI -XGJHV DQG
/DZ\HUV DQG WKH 6SDQLVK &RPPLWWHH RI 81,&() PHW IRU WKUHH GD\V LQ 0DGULG 6SDLQ  7KH
REMHFWLYHVRIWKHPHHWLQJZHUH

WRH[DPLQHWKHUHODWLRQVKLSEHWZHHQWKHPHGLDDQGMXGLFLDOLQGHSHQGHQFH
 WRIRUPXODWHSULQFLSOHVWRKHOSWKHPHGLDDQGWKHMXGLFLDU\GHYHORSDUHODWLRQVKLSWKDW
VHUYHVERWKIUHHGRPRIWKHH[SUHVVLRQDQGWKHMXGLFLDOLQGHSHQGHQFH
           7KH SDUWLFLSDQWV FDPH IURP %UD]LO 6UL /DQND 8QLWHG .LQJGRP 6ZHGHQ -RUGDQ
$XVWUDOLD *KDQD )UDQFH ,QGLD 6SDLQ *HUPDQ\ $XVWULD 1HWKHUODQGV 1RUZD\ 3RODQG
3RUWXJDO6ZLW]HUODQG6HQHJDO3DOHVWLQH%XOJDULD&URDWLDDQG6ORYDNLD
7KHIROORZLQJDUHWKHSULQFLSOHVGUDZQXSDWWKHPHHW
7KH 0DGULG 3ULQFLSOHV RQ WKH 5HODWLRQVKLS EHWZHHQ WKH 0HGLD DQG -XGLFLDO
,QGHSHQGHQFH

)UHHGRPRIWKHPHGLDZKLFKLVDQLQWHJUDOSDUWRIIUHHGRPRIH[SUHVVLRQLV
HVVHQWLDOLQDGHPRFUDWLFVRFLHW\,WLVWKHUHVSRQVLELOLW\RIMXGJHVWRUHFRJQLVHDQG
JLYHHIIHFWWRIUHHGRPRIWKHPHGLDE\DSSO\LQJDEDVLFSUHVXPSWLRQLQWKHLUIDYRXU
DQGE\SHUPLWWLQJRQO\VXFKUHVWULFWLRQVRQIUHHGRPRIWKHPHGLDDVDUHDXWKRULVHG
E\ WKH ,QWHUQDWLRQDO &RYHQDQW LQ &LYLO DQG 3ROLWLFDO 5LJKWV ,QWHUQDWLRQDO

KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

&RYHQDQWDQGDUHVSHFLILHGLQSUHFLVHODZV


7KHPHGLDKDYHDQREOLJDWLRQWRUHVSHFWWKHULJKWVRILQGLYLGXDOVSURWHFWHG
E\WKH,QWHUQDWLRQDO&RYHQDQWDQGWKHLQGHSHQGHQFHRIWKHMXGLFLDU\
7KHVHSULQFLSOHVDUHGUDIWHGDVPLQLPXPVWDQGDUGVDQGPD\QRWEHXVHGWR
GHWUDFWIURPH[LVWLQJKLJKHUVWDQGDUGVRISURWHFWLRQRIWKHIUHHGRPRIH[SUHVVLRQ
7KH%DVLF3ULQFLSOH
 )UHHGRPRIH[SUHVVLRQLQFOXGLQJIUHHGRPRIWKHPHGLDFRQVWLWXWHVRQHRIWKH
HVVHQWLDOIRXQGDWLRQVRIHYHU\VRFLHW\ZKLFKFODLPVWREHGHPRFUDWLF,WLVWKH
IXQFWLRQDQGULJKWRIWKHPHGLDWRJDWKHUDQGFRQYH\LQIRUPDWLRQWRWKHSXEOLF
DQG WR FRPPHQW RQ WKH DGPLQLVWUDWLRQ RI MXVWLFH LQFOXGLQJ FDVHV EHIRUH
GXULQJDQGDIWHUWULDOZLWKRXWYLRODWLQJWKHSUHVXPSWLRQRILQQRFHQFH
 7KLVSULQFLSOHFDQRQO\EHGHSDUWHGIURPLQWKHFLUFXPVWDQFHVHQYLVDJHGLQWKH
,QWHUQDWLRQDO&RYHQDQWLQ&LYLODQG3ROLWLFDO5LJKWVDVLQWHUSUHWHGE\WKH
6LUDFXVD 3ULQFLSOHV RQ WKH /LPLWDWLRQ DQG 'HURJDWLRQ 3URYLVLRQV LQ WKH
,QWHUQDWLRQDO &RYHQDQW RQ &LYLO DQG 3ROLWLFDO 5LJKWV 81 'RFXPHQW
(&1
 7KH ULJKW WR FRPPHQW RQ WKH DGPLQLVWUDWLRQ RI MXVWLFH VKDOO QRW EH VXEMHFW WR
DQ\VSHFLDOUHVWULFWLRQV
6FRSHRIWKH%DVLF3ULQFLSOH
 7KHEDVLFSULQFLSOHGRHVQRWH[FOXGHWKHSUHVHUYDWLRQE\ODZRIVHFUHF\GXULQJ
WKH LQYHVWLJDWLRQ RI FULPH HYHQ ZKHUH LQYHVWLJDWLRQ IRUPV SDUW RI WKH MXGLFLDO
SURFHVV6HFUHF\LQVXFKFLUFXPVWDQFHVPXVWEHUHJDUGHGDVEHLQJPDLQO\IRU
WKH EHQHILW RI SHUVRQV ZKR DUH VXVSHFWHG RU DFFXVHG DQG WR SUHVHUYH WKH
SUHVXPSWLRQRILQQRFHQFH,WVKDOOQRWUHVWULFWWKHULJKWRIDQ\VXFKSHUVRQWR
FRPPXQLFDWH WR WKH 3UHVV LQIRUPDWLRQ DERXW WKH LQYHVWLJDWLRQ RI WKH
FLUFXPVWDQFHVEHLQJLQYHVWLJDWHG
 7KH EDVLF SULQFLSOH GRHV QRW H[FOXGH WKH KROGLQJ LQ FDPHUD RI SURFHHGLQJV
LQWHQGHGWRDFKLHYHFRQFLOLDWLRQRUVHWWOHPHQWRISULYDWHFDXVH
 7KHEDVLFSULQFLSOHGRHVQRWUHTXLUHDULJKWWREURDGFDVWOLYHRUUHFRUGHGFRXUW
SURFHHGLQJV  :KHUH WKLV LV SHUPLWWHG WKH EDVLF SULQFLSOH VKDOO UHPDLQ
DSSOLFDEOH





KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

5HVWULFWLRQV
 $Q\UHVWULFWLRQRIWKHEDVLFSULQFLSOHPXVWEHVWULFWO\SUHVFULEHGE\ODZ:KHUH
DQ\VXFKODZFRQIHUVDGLVFUHWLRQRUSRZHUWKDWGLVFUHWLRQRUSRZHUPXVWEH
H[HUFLVHGRQO\E\DMXGJH
 :KHUHDMXGJHKDVDSRZHUWRUHVWULFWWKHEDVLFSULQFLSOHDQGLVFRQWHPSODWLQJ
WKH H[HUFLVH RI WKDW SRZHU WKH PHGLD DV ZHOO DV DQ\ RWKHU SHUVRQ DIIHFWHG
VKDOOKDYHWKHULJKWWREHKHDUGIRUWKHSXUSRVHRIREMHFWLQJWRWKHH[HUFLVHRI
WKDWSRZHUDQGLIH[HUFLVHGDULJKWRIDSSHDO
 /DZVPD\DXWKRULVHUHVWULFWLRQVRIWKHEDVLFSULQFLSOHWRWKDWH[WHQWQHFHVVDU\
LQ D GHPRFUDWLF VRFLHW\ IRU WKH SURWHFWLRQ RI WKH PLQRUV DQG RI PHPEHUV RI
RWKHUJURXSVLQQHHGRIVSHFLDOSURWHFWLRQ
/DZVPD\UHVWULFWWKHEDVLFSULQFLSOHLQUHODWLRQWRFULPLQDOSURFHHGLQJVLQWKH
LQWHUHVW RI WKH DGPLQLVWUDWLRQ RI MXVWLFH WR WKH H[WHQW QHFHVVDU\ LQ D
GHPRFUDWLFVRFLHW\
DIRUWKHSUHYHQWLRQRIVHULRXVSUHMXGLFHWRDGHIHQGDQW
EIRUWKHSUHYHQWLRQRIVHULRXVKDUPWRRULPSURSHUSUHVVXUHEHLQJ
SODFHGXSRQDZLWQHVVDPHPEHURIDMXU\RUDYLFWLP
:KHUHDUHVWULFWLRQRIWKHEDVLFSULQFLSOHLVVRXJKWRQWKHJURXQGRIQDWLRQDO
VHFXULW\ WKLV VKRXOG QRW MHRSDUGLVH WKH ULJKW RI WKH SDUWLHV LQFOXGLQJ WKH
ULJKWVRIWKHGHIHQFH7KHGHIHQFHDQGWKHPHGLDVKDOOKDYHWKHULJKWWRWKH
JUHDWHVW H[WHQW SRVVLEOH WR NQRZ WKH JURXQGV RQ ZKLFK WKH UHVWULFWLRQ LV
VRXJKW VXEMHFW LI QHFHVVDU\ WR D GXW\ RI FRQILGHQWLDOLW\ LI WKH UHVWULFWLRQ LV
LPSRVHGDQGVKDOOKDYHWKHULJKWWRFRQWHVWWKLVUHVWULFWLRQ
  ,Q FLYLO SURFHHGLQJV UHVWULFWLRQV RI WKH EDVLF SULQFLSOH PD\ EH LPSRVHG LI
DXWKRULVHGE\ODZWRWKHH[WHQWQHFHVVDU\LQDGHPRFUDWLFVRFLHW\WRSUHYHQW
VHULRXVKDUPWRWKHOHJLWLPDWHLQWHUHVWRIDSULYDWHSDUW\
1RUHVWULFWLRQVKDOOEHLPSRVHGLQDQ\DUELWUDU\RUGLVFULPLQDWRU\PDQQHU
1RUHVWULFWLRQVKDOOEHLPSRVHGH[FHSWVWULFWO\WRWKHPLQLPXPH[WHQWDQGIRU
WKH PLQLPXP WLPH QHFHVVDU\ WR DFKLHYH LWV SXUSRVH DQG QR UHVWULFWLRQ VKDOO
EH LPSRVHG LI D PRUH OLPLWHG UHVWULFWLRQ ZRXOG EH OLNHO\ WR DFKLHYH WKDW
SXUSRVH  7KH EXUGHQ RI SURRI VKDOO UHVW RQ WKH SDUW\ UHTXHVWLQJ WKH
UHVWULFWLRQ

$QQH[,
6WUDWHJLHVRI,PSOHPHQWDWLRQ
 -XGJHV VKRXOG UHFHLYH JXLGDQFH LQ GHDOLQJ ZLWK WKH 3UHVV  -XGJHV VKRXOG EH
HQFRXUDJHG WR DVVLVW WKH SUHVV E\ SURYLGLQJ VXPPDULHV RI ORQJ RU FRPSOH[

KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

MXGJHPHQWVRIPDWWHUVRISXEOLFLQWHUHVWDQGE\RWKHUDSSURSULDWHPHDVXUHV
 -XGJHV VKDOO QRW EH IRUELGGHQ WR DQVZHU TXHVWLRQV IURP WKH 3UHVV UHODWLQJ WR
WKHDGPLQLVWUDWLRQRIMXVWLFHWKRXJKUHDVRQDEOHJXLGHOLQHVDVWRGHDOLQJZLWK
VXFK TXHVWLRQV PD\ EH IRUPXODWHG E\ WKH MXGLFLDU\ ZKLFK PD\ UHJXODWH
GLVFXVVLRQRILGHQWLILDEOHSURFHHGLQJV
 7KHEDODQFHEHWZHHQLQGHSHQGHQFHRIWKHMXGLFLDU\IUHHGRPRIWKHSUHVVDQG
UHVSHFW RI WKH ULJKWV RI WKH LQGLYLGXDO  SDUWLFXODUO\ RI PLQRUV DQG RWKHU
SHUVRQVLQQHHGRIVSHFLDOSURWHFWLRQLVGLIILFXOWWRDFKLHYH&RQVHTXHQWO\LW
LVLQGLVSHQVDEOHWKDWRQHRUPRUHRIWKHIROORZLQJPHDVXUHVDUHSODFHGDWWKH
GLVSRVDO RI DIIHFWHG SHUVRQV RU JURXSV OHJDO UHFRXUVH 3UHVV &RXQFLO
2PEXGVPDQ IRU WKH SUHVV ZLWK WKH XQGHUVWDQGLQJ WKDW VXFK FLUFXPVWDQFHV
FDQEHDYRLGHGWRDODUJHH[WHQWE\HVWDEOLVKLQJD&RGHRI(WKLFVIRUWKHPHGLD
ZKLFKVKRXOGEHHODERUDWHGE\WKHSURIHVVLRQLWVHOI

        0U ) 6 1DULPDQ WKH QRWHG MXULVW KDG RQFH REVHUYHG ³$ UHVSRQVLEOH 3UHVV LV WKH
KDQGPDLGHQRIHIIHFWLYHMXGLFLDODGPLQLVWUDWLRQ7KH3UHVVGRHVQRWVLPSO\SXEOLVKLQIRUPDWLRQ
DERXWFDVHVDQGWULDOVEXWVXEMHFWVWKHHQWLUH-XVWLFH±KLHUDUFK\SROLFHSURVHFXWRUVODZ\HUV
-XGJHV&RXUWVDVZHOODVWKHMXGLFLDOSURFHVVHVWRSXEOLFVFUXWLQ\)UHHDQGUREXVWUHSRUWLQJ
FULWLFLVP DQG GHEDWH FRQWULEXWH WR SXEOLF XQGHUVWDQGLQJ RI WKH UXOH RI ODZ DQG WR D EHWWHU
FRPSUHKHQVLRQRIWKHHQWLUH-XVWLFH±V\VWHP,WDOVRKHOSVLPSURYHWKHTXDOLW\RIWKDWV\VWHP
E\VXEMHFWLQJLWWRWKHFOHDQVLQJHIIHFWRIH[SRVXUHDQGSXEOLFDFFRXQWDELOLW\´
7KHQHHGLVWKDWWKHFRXUWVEHFULWLFL]HGEXWWKHUHLVMXVWDVJUHDWDQHHGWKDWFRXUWVEH
DOORZHGWRGRWKHLUGXW\IHDUOHVVO\
          , ZRXOG OLNH WR FRQFOXGH E\ TXRWLQJ 0DKDWDPD *DQGKL ³RQH RI WKH REMHFWV RI D
QHZVSDSHULVWRXQGHUVWDQGWKHSRSXODUIHHOLQJDQGJLYHH[SUHVVLRQWRLWDQRWKHULV
WR DURXVH DPRQJ WKH SHRSOH FHUWDLQ GHVLUDEOH VHQWLPHQWV DQG WKH WKLUG LV WKH
IHDUOHVVQHVVWRH[SRVHSRSXODUGHIHFWV´
, KRSH WKLV VHPLQDU ZRXOG GLVFXVV LQ WKH DERYH FRQWH[W WKH UHFHQW DFWLYLWLHV RI WKH
PHGLDOLNHWKHVWLQJRSHUDWLRQVLQYDVLRQRIWKHSULYDF\RILQGLYLGXDOWULDOE\WKHPHGLDSDUDOOHO
WR FRXUW WULDOV DQG VHQVDWLRQDOLVP DQG WULYLDOL]DWLRQ RI QHZV DQG LQIRUPDWLRQ7KH TXHVWLRQ LV
QRWRIWKHGHILFLHQF\RIODZRQPHGLDEXWWKHREVHUYDQFHDQGHIIHFWLYHLPSOHPHQWDWLRQRIWKH
H[LVWLQJODZV:LWKWKHLPSDFWRIJOREDOLVDWLRQWKHVFHQDULRLQPHGLDUHSRUWLQJKDVXQGHUJRQH
DQGLVVWLOOXQGHUJRLQJFKDQJHVIDVWHUWKDQDQWLFLSDWHG7KHUHLVQHHGIRUGHHSLQWURVSHFWLRQE\
PHGLD SHUVRQ FKDUJHG ZLWK DYRZHG RULHQWDWLRQ IRU ³%DKXMDQ +LWD\DD ± %DKXMDQD
6XNKD\DD FKD´ %HLQJ ZDWFKGRJ RI WKH VRFLHW\ WKH PHGLD SHUVRQV FDQQRW DIIRUG WR EH
REOLYLRXV HYHQ IRU D PRPHQW RI LWV UHVSRQVLELOLWLHV DQG UHDVRQDEOH H[SHFWDWLRQ RI WKH VRFLHW\
IURP WKHP 3HUPLW PH WR TXRWH WUDQVODWHG YHUVLRQ IURP D SRHP RI 9LVZDNDYL 5DELQGUD 1DWK

KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP 
 0(',$$1'/$:

7KDNXU
³5HPDLQVWHDGIDVW5HPDLQDZDNHOLNHDQLJKWFDQGOH
,QWKLVKRXURIGDUNQHVVLI\RXIDOODVOHHS
7KHUHZKRQHHG\RXKHOSZLOOJREDFNGLVDSSRLQWHG

1DPDVNDU




$GGUHVVDW8QLYHUVLW\/DZ&ROOHJH9LGKL%KDZDQ8QLYHUVLW\RI5DMDVWKDQRQWK 0D\DWDPRQWKH
LQDXJXUDWLRQRIDWZRGD\V¶6HPLQDURQ³0HGLDDQGWKH/DZ´

KWWSSUHVVFRXQFLOQLFLQ2OG:HEVLWHVSHHFKSGIVSHHFKKWP