Women Fitness India-May 2023

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 66

',*,7$/

127
(128*+"

AŞÎéŽĕijū ļśƌƾ
&RYHU3KRWR&UHGLW
6LPSO\GURSDQHPDLODW 3KRWRJUDSKHU'HQ\5DMSXW %RRPVWD6WXGLR #%RRPVWDVWXGLR
ZRPHQILWQHVVRUJ#JPDLOFRPDQGLQVWDQWO\JHW (GLWHU&DLUYHHWKDNNDU#LDPBFDLUYHH
DSULQWLVVXHRIRXUODWHVWPDJD]LQHGHOLYHUHG 0DNHXS KDLUE\+DUU\5DMSXW *OD]R6FKRRO #*OD]RVFKRRO

WR\RXUGRRUVWHS

ZRPHQILWQHVVRUJ
RQW HQW V
&
(GLWRU V1RWH
/LYHLQWKHPRPHQWDQGPDNHLWVR
EHDXWLIXOWKDWLWZLOOEHZRUWK
UHPHPEHULQJ²)DQQ\&URVE\

0D\6WRU\
5LFKD&KDGKDLVDQ,QGLDQDFWUHVV 
5LFKD
SURGXFHUDQGSROLWLFDODFWLYLVWZKRZRUNV &KDGKD
LQ+LQGLFLQHPD&DWFKKHULQDGHHS
KHDUWKHDUWFRQYHUVDWLRQZLWK:RPHQ
)LWQHVV,QGLDDERXWKHUFDUHHUKHDOWK\
OLIHVW\OHFKRLFHVDQGFKDQJLQJG\QDPLFV
LQWKHLQGXVWU\

:RUNRXW )LWQHVV
/DYDQ\DD1DUDLQDQG3*ODGVWRQ
SRSXODUO\NQRZQDVWKHPDUWLDODUWFRXSOH
UXQ1HR.DODULZKLFKRIIHUVWUDLQLQJLQ *LQVHQJ'LHW
.DODULSD\DWWXDJUDFHIXOPDUWLDODUWIRUP
)RUFHQWXULHV
RI.HUDOD$VVKDUHGE\/DYDQ\DDLWLV
JLQVHQJKDVSURYHQ
QHYHUWRRODWHWRVWDUWDQ\IRUPRIILWQHVV
LWVHOILQKHUEDO
URXWLQH
PHGLFLQHWRERRVWWKH
LPPXQHV\VWHPLVD
3UHJQDQF\&DUH SRZHUIXODQWLR[LGDQW
:KHQ\RXDUHSUHJQDQW\RXUERG\ DQGLQFUHDVHVHQHUJ\
JRHVWKURXJKDSOHWKRUDRIFKDQJHVVRPH OHYHOV7RGD\\RXFDQ
GHVLUDEOHRWKHUVQRW+HUHDUHVRPH WDNHDGYDQWDJHRI
W\SLFDOWKLQJVZKLFKRFFXUGXULQJ JLQVHQJ·VKHDOWK
SUHJQDQF\DQGKRZWRWDNHFDUHRIWKHP EHQHILWVE\DGGLQJ
WKLVSRWHQWKHUEWR
)RRG &XOWXUH \RXUPHDOVGULQNLQJ

7UHDWPRPWRVRPHWKLQJVSHFLDOZLWK

*LQVHQJ
LWLQWHDIRUPHWF

WKHVHGHOLFLRXV0RWKHU V'D\OXQFK 'LHW


UHFLSHV)URPFRROHUVWRVDODGVWRGHVVHUWV
ZHKDYHLGHDVIRUWKHSHUIHFWPHQX
EURXJKWWR\RXE\+ROLVWLF1XWULWLRQLVW
9DQHVVD9LWDOL
$SULO6SHFLDO
6KDPLWD6KHWW\ZDVRXU
ILUVWHYHUFRYHUJLUODQGVKH
LVEDFNRQERDUGWRVKDUHKHU
ILWQHVVVWRULHVKHDOWKWLSV
DQGPRUHH[FOXVLYHO\LQRXU
$SULO,VVXH

%RG\FDUH


6KDPLWD
6KHWW\

:HLJKW/RVV
2QHRIWKHPDLQVWUDWHJLHVIRU
%RG\FDUH RYHUFRPLQJIRRGDGGLFWLRQLVWR
7KHEHVWZD\WROHDUQDERXWIRRW DYRLGK\SHUSDODWDEOHIRRG +3) 
WHQVLRQSRLQWVLVWROHDUQDOODERXWWKH DWOHDVWIRUDSHULRGRIWLPH$ELW
SUHVVXUHSRLQWVRQIHHWDQGZKDWWKH\ KLJKHUSURWHLQLQWDNHSOHQW\RI
PHDQH[DFWO\/HDUQPRUHDERXWSRLQWV OHPRQZDWHUDQGORZVXJDUDUH
RQ\RXUIHHWWRVHOIKHDO YHU\KHOSIXOLQUHGXFLQJFUDYLQJV
DQGJHWWLQJRQDEHWWHUWUDFN

0RWKHU V'D\(GLW
)RU<RX0DPPD,I
DQ\RQHGHVHUYHVWREH
VKRZHUHGZLWKORYHRQWKHLU
VSHFLDOGD\LW VPRPV

 
<RJD 0RWKHU·V
+HDOLQJ 'D\(GLW


<RXU
)ROORZXVRQ =RGLDF

<RJD +HDOLQJ #ZRPHQILWQHVVLQGLD


7KHPDLQUHDVRQ\RJDSRVHVDLGLQ
<RXU=RGLDF
GLJHVWLRQLVWKDWWKH\IRFXVRQ ,W VWUXHWKDWRXUPRRGV
SDUDV\PSDWKHWLFDFWLYDWLRQ #ZRPHQILWQHVVRUJ DUHDEVROXWHO\DIIHFWHGE\
+HUHLVDIHZ\RJDSRVHVWKDWFDQ ERWKWKH]RGLDFVLJQWKDWZH
KHOSOLPLWGLJHVWLYHZRHV&KDQJHWR ZHUHERUQXQGHUDVZHOODV
#ZRPHQILWQHVVRUJ
+HUHDUHIHZ\RJDSRVHVWKDWFDQKHOS WKHPRRQ0DUV9HQXVDQG
OLPLWWKHGLJHVWLYHZRHV DOOWKHRWKHUSODQHWV&KHFN
RXWWKHOLVWRIZD\VHDFK
]RGLDFVLJQFDQERRVWWKHLU
PRRGZKHQIHHOLQJORZ
V1 RW H
(GLWRU
³/LYHLQWKHPRPHQWDQGPDNHLWVR
EHDXWLIXOWKDWLWZLOOEHZRUWKUHPHPEHULQJ´

²)DQQ\&URVE\²

,QGLDQ %ROO\ZRRG DFWUHVV 6KDPLWD 6KHWW\ PDGH KHU


+LQGLILOPGHEXWLQWKHPXVLFDOURPDQFHILOP0RKDEEDWHLQ
ZKLFKHDUQHGKHUWKH,,)$$ZDUGIRU6WDU'HEXWRIWKH<HDU
±)HPDOH:HOOWKDW VQRWDOOVKHZDVWKHILUVWHYHUFRYHU
JLUOIRU:RPHQ)LWQHVV,QGLDDQGVKHLVEDFNRQERDUGWR
VKDUHKHUILWQHVVVWRULHVH[FOXVLYHO\LQRXU$SULO,VVXH
)RUWKHILUVWWLPHHYHUZHKDYHIHDWXUHGDPDUWLDODUW
FRXSOH/DYDQ\DDDQG*ODGVWRQERWKRIWKHPDUHWUDLQHGWR
ZLHOGDGYDQFHGZHDSRQVVXFKDVGDJJHU NDGDUD VZRUG
DQG VKLHOG XUXPL IOH[LEOH VZRUGV  DQG PDQ\ RWKHU
ZRRGHQ ZHDSRQV DQG EDUHKDQG WHFKQLTXHV  8VLQJ WKHLU
H[SHULHQFHVWDUWHGFUDIWLQJFODVVHVWRWUDLQDQ\RQHIURP
\HDUV WR WKHLU HDUO\ V IRU UHDVRQV OLNH ILWQHVV KHDOWK\
OLYLQJ DJLOLW\ VHOIGHIHQVH PDUWLDO DUWV OHDUQLQJ D
WUDGLWLRQDOIRUPDQGVWUHQJWKHQLQJWKHERG\
$OOWKLVDQGORWVPRUHLVVWRUHGIRU\RXLQWKH$SULO0D\
LVVXH
,Q)LWQHVV 1DPLWD1D\\DU 5RKLW1D\\DU
(GLWRULQ&KLHI &KLHI%XVLQHVV2IILFHU

7KDQNV 5KHD1D\\DU
1DPLWD1D\\DU
+HDG6RFLDO0HGLD
3UHVLGHQW:RPHQ)LWQHVV

&RQWULEXWRUV
.HMDO6KDK
*XHVW:ULWHUV
9DQHVVD9LWDOL
3UDYHHQ 0DDKHN1DLU
6WLQD*DUELV

_:),1',$ZZZZRPHQILWQHVVRUJ
0$<

+%*#
$)"%)"
2Q5LVN\5ROHV
$QG$YRLGLQJ
6RFLDO0HGLD

6
WUDLJKWIRUZDUGZHOO
LQIRUPHGQRQRQVHQVH\HW
SROLWH5LFKD&KDGKDLV
3+272*5$3+(5 DOZD\VDSOHDVXUHWRFKDWZLWK
%RRPVWD6WXGLR 'HQ\5DMSXW  
+DUU\5DMSXW#GHQ\UDMSXW#KDUU\UDMSXW
0$.(83 +$,5 $IWHUGHEXWLQJLQDVPDOOUROHLQ
*OD]R6FKRRO +DUU\5DMSXW #KDUU\UDMSXW
(',7('%<&DLUYHHWKDNNDU#LDPBFDLUYHH WKHFRPHG\ILOP2\H/XFN\+HU
EUHDNWKURXJKFDPHLQZLWKD
VXSSRUWLQJUROHLQWKHQRLU
JDQJVWHUVDJD*DQJVRI
:DVVH\SXUZKHUHKHUUROHDVWKH
EHOOLFRVHDQGIRXOWRQJXHGZLIHRI
DJDQJVWHUHDUQHGKHUD)LOPIDUH
$ZDUG

_:),1',$ZZZZRPHQILWQHVVRUJ
5LFKD\RXKDYHEHHQLQWKHLQGXVWU\IRU
RYHUDGHFDGHIURP\RXUPRGHOOLQJGD\V
5LFKDEHJDQKHUFDUHHUDVDPRGHODQG
WREHLQJDQDFWRUZKDWKDVEHHQ\RXU
WKHQVKHPRYHGWRWKHDWHU6KHKDV VRXUFHRILQVSLUDWLRQDQGPRWLYDWLRQ"

SHUIRUPHGSOD\VWRXULQJLQ,QGLD ,WVWLOOIHHOVVXUUHDOWKDWLWKDVEHHQRYHUD
GHFDGHLQWKHLQGXVWU\0\VRXUFHRI
6KHJHWVLQWRDGHHSKHDUWKHDUW LQVSLUDWLRQDQGPRWLYDWLRQKDVWREHWKH
XUJHWRWHOOVWRULHV
FRQYHUVDWLRQZLWK:RPHQ)LWQHVV VWRULHVDERXWIHDUOHVVZRPHQWKDW
,QGLDRQWKHUROHVVKHFKRVHKHDOWK\ PRWLYDWHVRWKHU,KRSHWRFRQWLQXHWRGR
WKDWDQGSOD\GLIIHUHQWUROHVDQGYDULHW\RI
OLIHVW\OHFKRLFHVDQGFKDQJLQJ FKDUDFWHUVWKDWLQVSLUHRWKHUSHRSOHDQGP\
G\QDPLFVLQWKHLQGXVWU\ DXGLHQFH

&RPLQJIURPDQRQILOPEDFNJURXQGDQG
IDPLO\KRZGLG\RXGHFLGHWREHDQDFWRU
DQGJHWLQWRWKHLQGXVWU\",QLWLDO
VWUXJJOHV\RXIDFHG"
7UXHWKDWEHLQJDQRXWVLGHULWZDVGLIILFXOW
WREUHDNLQWRWKHLQGXVWU\HVSHFLDOO\ZLWK
WKHNLQGRIUROHV,FKRVHWRSOD\OLNHP\
EUHDNWKURXJKUROHZDVJDQJVRIZDVVH\SXU
ZKLFKZDVDQRWJODPRURXVUROH
%HLQJDQLQVLGHUDQGDVWDUNLGKDVLWVRZQ
SURVLW·VHDV\WRJHWDEUHDNWKURXJKUROH
DQGSHRSOHDUHORRNLQJIRUZDUGWRVHH
WKHPEXWEHVLGHVWKHPRQHWDU\VXSSRUW
ZKDW,IHHOLVPRUHLPSRUWDQWLVWKHPRUDO
VXSSRUWZKLFK,IHHOLVYHU\LPSRUWDQWDW
WKHLQLWLDOVWDJHRI\RXUFDUHHUWKDWWKH\JHW
PRUHVLQFHWKH\FRPHIURPDIDPLO\ZKLFK
NQRZVWKLVILHOGDQGFDUHHU

<RXKDYHSOD\HGVRPHRIWKHPRVW
SRSXODUDQGWUHQGLQJUROHVZKDWSLHFHRI
\RXUZRUNKDVEHHQ\RXUSHUVRQDO
IDYRXULWHDQGZK\"
0\SHUVRQDOIDYRXULWHLVYHU\KDUGWRSLFN
EXWP\UHFHQWZRUNZLWK6DQMD\/HHOD
%KDQVDOLLVDQHZIDYRXULWH´+HHUDPDQGLµ
LWVKRZVP\UROHLQDOWRJHWKHUGLIIHUHQW
OLJKWDQG,DPUHDOO\ORRNLQJIRUZDUGIRU
WKHDXGLHQFHWRVHHLWDQGORYHLW

_:),1',$ZZZZRPHQILWQHVVRUJ
$ELWRIKXPRXULV
JRRGIRUDOORIXVEXW
DQ\WKLQJGRQHLQD
QHJDWLYHZD\WRSXW
GRZQVRPHRQHLVQRW
JRRGDQGVKRXOGQRW
EHSURPRWHG

3+272*5$3+(5
%RRPVWD6WXGLR 'HQ\5DMSXW  
+DUU\5DMSXW#GHQ\UDMSXW#KDUU\UDMSXW
0$.(83 +$,5
*OD]R6FKRRO +DUU\5DMSXW #KDUU\UDMSXW
(',7('%<&DLUYHHWKDNNDU#LDPBFDLUYHH
_:),1',$ZZZZRPHQILWQHVVRUJ
:RPHQ)LWQHVV,QGLDWDONVDERXW
FHOHEULW\GLHWVDQGILWQHVVURXWLQH
ZKDWFRPSULVHVRI\RXUGLHW
URXWLQH"'R\RXIROORZDQ\VSHFLDO
GLHW"
,GRQ·WIROORZDQ\SDUWLFXODUGLHWHYHQ
,KDYHVWRSSHGDGYLVLQJSHRSOHRQ
GLIIHUHQWGLHWV,RQO\DGYLFHSHRSOHWR
VHHZKDWIRRGVVXLW\RXJRIRUDQ
DOOHUJ\WHVWVHHZKHWKHUODFWRVHVXLWV
\RX,KDYHVHHQDORWRISHRSOHZKR
DUHERUGHUOLQHGLDEHWLFFRQVXPLQJ
IRRGVOLNHIUXLWVZKLFKDUHYHU\KLJK
RQVXJDUDOVRSHRSOHZLWKFKURQLF
DFLGLW\KDYLQJZDUPZDWHUZLWK
OHPRQLQLW6RLWVYHU\LPSRUWDQWWR
XQGHUVWDQG\RXUGLHWWRLQFOXGH
SURSHUSURWHLQIDWVDQGFDUEVLQLW
:LWKVRPXFKRIKHDOWKLVVXHVFRPLQJ
XSHYHU\GD\KHDUWLVVXHVDWVXFK
\RXQJDJHLVOLNHDQDODUPFORFNIRU
XVWRXQGHUVWDQGDQGEHFRQVFLRXV
DERXWRXUOLIHVW\OH

6RFLDOPHGLDLVDERQHDQG
EDQHKRZGR\RXGHDOZLWKWKH
QHJDWLYHVLGHRIVRFLDOPHGLD
KRZGR\RXFRQQHFWDQG
GLVFRQQHFWIURPWKHPHGLD
ZRUOG
,WKLQNWKHWKLQJVRQVRFLDOJHWV
EORZQRXWRISURSRWLRQSUD\HUV
IRUVRPHRQHRURQDQRWKHUKDQG
VRPHRQHJHWWLQJFDQFHOHGFDQ
EORZXSYHU\VRRQDOVRSHRSOHDUH
LQWRRPXFKKXUU\WRPDNH
:KDWFRQVLVWVRI\RXUILWQHVVVFKHGXOHV"<RXUIDYRXULWHZRUNRXWWLPH MXGJHPHQWVDERXWHYHU\RQHDQG
DQGWDUJHWDUHDV" RSLQLRQVZKLFK,GRQRWOLNH
,GRDPL[RIIXQFWLRQDODQGFRQGLWLRQDOZRUNRXWV7KDWLQFOXGHVUXQQLQJ QHLWKHU,ZLVKWRSURPRWHDQGEH
SDUWRI,WVKRXOGEHSODFHRI
PRELOLW\DQGDJLOLW\WUDLQLQJ6RPHGD\V,GRGDQFHDVZHOODOVRYHU\
SRVLWLYLW\DQGIXQ$ELWRI
LPSRUWDQWLVWKDW,LQFOXGH\RJDDQGVWUHWFKLQJ,SXUHO\UHO\RQKRZP\ERG\
KXPRXULVJRRGIRUDOORIXVEXW
LVIHHOLQJVRPHGD\,IHHOZKHQP\ERG\LVWLUHG,MXVWGRZDONLQJ,KDYH DQ\WKLQJGRQHLQDQHJDWLYHZD\
DOZD\VEHHQLQWRILWQHVVHYHQZKHQ,ZDVQRWDQDFWRU,XVHGWREHLQWR WRSXWGRZQVRPHRQHLVQRWJRRG
ILWQHVVDQGHYHU\RQHVKRXOGGRVRPHVRUWRISK\VLFDODFWLYLW\ DQGVKRXOGQRWEHSURPRWHG

_:),1',$ZZZZRPHQILWQHVVRUJ
%HLQJLQWKHLQGXVWU\\RXLQWKH
VFUXWLQ\RIWKHSXEOLF\RXUWKRXJKWV
RQWKHSDSFXOWXUHDQGKRZGR\RX
NHHSXSZLWK\RXUSHUVRQDOOLIH"
,GRQ·WUHDOO\IDFHDORWRILVVXHVZLWK
SDSVDVLQQRZLI,WHOOWKHPWRQRW
SXEOLVKVRPHWKLQJWKH\GRQ·W,KRSHZH
GRQ·WHQGXSEHLQJOLNHLWLVLQWKHZHVW
ZKHUHFHOHEULWLHVHQGXSEHLQJIROORZHG
RQWKHLUYDFDWLRQVWKH\VKRXOG
XQGHUVWDQGWKDWZHDUHDOVRKXPDQV
DQGDUHHQWLWOHGIRUDSHUVRQDOVSDFH

%HLQJDQRXWVLGHULQWKHLQGXVWU\DQG
PDNLQJDVSDFHIRU\RXUVHOI:KDW
PHVVDJH\RXZRXOGVKDUHIRURXU
UHDGHUVZKRORRNXSWR\RXDVDFRYHU
JLUO
0\VXFFHVVLVYHU\LPSRUWDQWWRPH
HYHU\WLPH,WKRXJKWRIJLYLQJXSLWZDV
WKHIHHOLQJRIVXFFHVVRIDSHUVRQ
FRPLQJIURPDQRQILOPEDFNJURXQGDQG
PDNLQJLWVVSDFHLQWKHLQGXVWU\NHSW
PHJRLQJ6RP\PHVVDJHIRUWKH
UHDGHUVZRXOGEHNHHSJRLQJRQQR
GUHDPLVWRRELJWRDFKLHYH

3+272*5$3+(5
%RRPVWD6WXGLR 'HQ\5DMSXW  
+DUU\5DMSXW#GHQ\UDMSXW#KDUU\UDMSXW
0$.(83 +$,5
*OD]R6FKRRO +DUU\5DMSXW #KDUU\UDMSXW
(',7('%<&DLUYHHWKDNNDU#LDPBFDLUYHH

/DVWO\ZKDWDUH\RXUXSFRPLQJSURMHFWVDQGSODQVIRU"
0\XSFRPLQJSURMHFWVDUHDQXQWLWOHGILOPZLWKGLUHFWRU$EKLVKHN
$FKDU\DZKLFKLVLQHGLW+HHUDPDQGLZLWK%KDQVDOLVLUDQGP\
WKLUGLQVWDOPHQWLQFRPHG\VHULHV)XNUH\

_:),1',$ZZZZRPHQILWQHVVRUJ
( ;(5&,6( ),71(66

/ DYDQ\DD1DUDLQDQG3*ODGVWRQUXQ
1HR.DODULZKLFKRIIHUVWUDLQLQJLQ
.DODULSD\DWWXDJUDFHIXOPDUWLDODUWIRUP

/DYDQ\DD RI.HUDOD,Q.DODULSD\DWWXWKHHPSKDVLVRQ
SK\VLFDOGLVFLSOLQHLVEDODQFHGE\HTXDO
LPSRUWDQFHWRPHQWDOGLVFLSOLQH

*ODGVWRQ 7KH\DUHSUDFWLWLRQHUVRIWKH1RUWKHUQVW\OHRI
.DODULKDYLQJKDGULJRURXVWUDLQLQJXQGHUWKH
7+(0$57,$/$57 WXWHODJHRI6KDML-RKQIRUWKHODVWILIWHHQ\HDUV
&283/( 7KH\KDYHEHHQSUDFWLFLQJ.DODULS\DWWXLQDYHU\
V\VWHPDWLFGHGLFDWHGPDQQHU%RWKRIWKHPDUH
WUDLQHGWRZLHOGDGYDQFHGZHDSRQVVXFKDVGDJJHU
NDGDUD VZRUGDQGVKLHOGXUXPL IOH[LEOHVZRUG 
DQGPDQ\RWKHUZRRGHQZHDSRQVDQGEDUHKDQG
WHFKQLTXHV

_:),1',$ZZZZRPHQILWQHVVRUJ
8VLQJ WKHLU H[SHULHQFH LQ
WUDLQLQJ WKH DUW WKH GXR
VWDUWHG FUDIWLQJ FODVVHV VR
WKDW VWXGHQWV DUH DEOH WR
XQGHUVWDQGDQGGRWKHYDULHG
PRYHPHQWV WKDW WKH IRUP
FRPSULVHV $Q\RQH IURP 
\HDUVWRWKHLUHDUO\VFDQ
WDNHXS.DODULIRUUHDVRQVOLNH
ILWQHVVKHDOWK\OLYLQJDJLOLW\
VHOIGHIHQVH PDUWLDO DUWV
OHDUQLQJ D WUDGLWLRQDO IRUP
DQGVWUHQJWKHQLQJWKHERG\
7KHEHQHILWVDUHHQGOHVV

*ODGVWRQ7KHJUDFHIXOPRYHPHQWVRI
.DODULSD\DWWXDQG6LODPEDPLQWHUHVWHGPH
<RXDUHDSURIHVVLRQDOSUDFWLFLQJ$UFKLWHFWDQGKDYHEHHQDSHUIRUPLQJ
IRUDORQJWLPHDQG,ZDVDFWLYHO\ORRNLQJ
FODVVLFDOGDQFHUIRUPRUHWKDQGHFDGHV3OHDVHVKDUHWKHVHULHVRIHYHQWV
IRUDSODFHWROHDUQ0\ILUVWLQWURZDVWR
WKDWOHG\RXWRWDNHXS.DODULSD\DWWX
6LODPEDPLQ7ULFK\EXWLWODVWHGRQO\D
/DYDQ\DD±,VWDUWHGOHDUQLQJ%KDUDWDQDW\DPDWWKHDJHRIDORQJZLWKP\ FRXSOHRIPRQWKVEHIRUHZRUNWRRNPH
VLVWHU:HKDGRXUILUVWSXEOLFVWDJHSHUIRUPDQFHLQ:HZHUHYHU\ EDFNWR&KHQQDL$IWHU\HDUVRIVHDUFKLQJ
DFWLYHLQWKHSHUIRUPDQFHFLUFOHDQGGLGPDQ\WKHPDWLFVKRZVLQ,QGLDDQG IRXQGRXWDERXWWKH.DODULSD\DWWXFODVVHV
DEURDG0\*UDQGIDWKHUODWH.%DODUDPZDVDIDPRXVDUFKLWHFWLQ&KHQQDL, KDSSHQLQJLQ&KHQQDLDQGMRLQHG$PLGVW
KDYHQHYHUPHWKLP,KDGVHHQKLVEXLOGLQJVDQGDURDGQDPHGDIWHUKLPLQ ZRUNVFKHGXOHVWKDWKDGPHPRYLQJ
&KHQQDL7KLVZDVDQLQVSLUDWLRQIRUPHWRJHWLQWRDUFKLWHFWXUH,JRWLQWRWKH DURXQGDQGORQJKRXUVZDVDEOHWR
6FKRRORI$UFKLWHFWXUHDQG3ODQQLQJ*XLQG\RQHRIWKHSUHPLHULQVWLWXWHV FRQWLQXHP\SUDFWLFHLQWKHIRUPIRU
,QP\WZHQWLHV,IHOWWKHUHZDVVRPXFKHQHUJ\LQPHDQG,ZDQWHGWROHDUQ VL[WHHQ\HDUVEHIRUHZHVWDUWHG
DQGSUDFWLFHDIRUPZKHUHWKHUHZDVQRSHUIRUPDQFHSUHVVXUH%KDUDWDQDW\DP 1HR.DODUL:KHQ,ZDVORRNLQJWR
LVDSHUIRUPLQJDUWDQG$UFKLWHFWXUHLVDOVRDYLVXDODUWLQRQHVHQVH7KDWLV DXJPHQWP\ILWQHVV/DYDQ\DDSRLQWHGPH
ZKHQ,FDPHDFURVV.DODULSD\DWWXZKHUHLQWKHILUVWFODVVPDGHP\ERG\ WR6LODPEDP7KLVIRUPKDGDVSHFWVRI
RYHUIORZZLWKDEXQGDQWHQHUJ\7KHZD\P\ERG\IHOWDIWHUHYHU\VHVVLRQ ILWQHVVSOXVPDUWLDODUWZKLFKLQWHUHVWHG
PDGHPHFRQWLQXHWKHSUDFWLFHRI.DODULSD\DWWX7KHHPRWLRQDOFRQQHFWLRQ PHVRPXFKWKDW,VWDUWHGH[SORULQJ
\RXJHWZLWKWKHERG\ZDVDQDGGHGIHDWXUHIRUPHWRORRNLQWRWKHIRUPIURP GLIIHUHQWVW\OHVWKDWDUHSUDFWLFHGLQWKH
DGHHSHUSHUVSHFWLYH LQWHULRUVRI7DPLO1DGX

_:),1',$ZZZZRPHQILWQHVVRUJ
%RWKRI<RXKROGDGHHSLQWHUHVWLQPDUWLDO *ODGVWRQ.DODULSD\DWWXVWDUWVZLWKERG\VHTXHQFHVDQGPRYHVLQWR
DUWV .DODULSD\DWWX 3OHDVHLQWURGXFHXVWR PDQ\ZHDSRQVRIZRRGDQGPHWDO6LODPEDPOD\VLPSRUWDQFHRQWKH
.DODULSD\DWWXDQG6LODPEDPIRUPVWRDGG FRQWLQXRXVIORZRIPRYHPHQWVDORQJZLWKVWLFNVDQGPXOWLSOHZHDSRQV
YDULHW\WRRXUILWQHVVURXWLQH
,QERWKWKHVHIRUPVWKHUHLVDFRQVFLRXVGHYHORSPHQWRIWKHKHDOWKRI
/DYDQ\DD.DODULSD\DWWXDQG6LODPEDPDUH PXVFXODUVNHOHWDOQHUYRXVDQGLQWHUQDOSDUWV7KHYDULHGVW\OHVWKDWHDFK
ERWKLQGLJHQRXVIRUPVDQGKDYHEHHQGHYHORSHG KDYHLWVRZQVHTXHQFHVEULQJLQYDULDWLRQVDQGPDNHLWLQWHUHVWLQJWRGR
WRVXLWKXPDQDQWKURSRPHWULFV7KHUHDUHYDULHG
HYHU\GD\$VLQHYHU\WUDGLWLRQDOIRUPWKHVHDOVRKDYHWRWDNHWKH
VW\OHVSHUWDLQLQJWRHYHU\UHJLRQEXWWKHEDVLF
SUDFWLWLRQHUIURPWKHEHQHILWVRISK\VLFDOWRWHPSRUDOWRVSLULWXDO7KHUH
SRVLWLRQLQJDQGPRYHPHQWVDUHVLPLODU7KH
DUHPDQ\LQWULFDFLHVEXLOWLQRIZKLFKRQHLVWKHRULJLQDOIRRWZRUNRIWKH
ERG\VHTXHQFHVVWDQFHVDQGPRYHPHQWVDUH
SUDFWLFHGIURPWKHFRUHDQGGHVLJQHGLQVXFKD HLJKWSDWWHUQV
ZD\WKDWLWHQFRPSDVVHVDOODVSHFWVRIILWQHVV
WUDLQLQJYL]FDUGLRIOH[LELOLW\VWUHQJWKHQLQJ
EDODQFHDQGUK\WKP7KHIRUPVDUHVRYDVWDQG
RQHFDQSUDFWLFHWKHYDULRXVPRYHPHQWVZLWKRXW
UHSHWLWLRQZKLFKFUHDWHVLQWHUHVW$OVRUHSHDWHG
SUDFWLFHPDNHVWKHVHTXHQFHYLVXDOO\DSSHDOLQJ
ZLWKEHDXWLIXOOLQHVDQGHQHUJ\

_:),1',$ZZZZRPHQILWQHVVRUJ
+RZGR\RXOLNHWRNLFNVWDUW\RXUGD\"$FFRUGLQJWR ³7KHDUWIRUPVFUHDWHSRVLWLYHYLEUDWLRQZLWKLQWKH
\RXZKDWDUHWKHEDVLFVWUHWFKHVRU<RJDDVDQDVRQHFDQ ERG\DQGPLQGWKDWJLYHVWKHSUDFWLWLRQHUVDQ
LQFRUSRUDWHLQWRWKHLUURXWLQHWRHQKDQFHDJLOLW\
LQFUHDVHGVHQVHRIFRQILGHQFHDQGFRXUDJH´3OHDVH
/DYDQ\DD7KHFRQFHSWRI.DODULSD\DWWXDQG6LODPEDP HODERUDWHRQWKHYLEUDWLRQVDQGKRZLWHQKDQFHV
SUDFWLFHZLOOHQKDQFHWKHIROORZLQJ
FRQILGHQFHLQRQH¶VSHUVRQDOLW\
-DYD±$JLOLW\ /DYDQ\DD.DODULSD\DWWXDQG6LODPEDPSUDFWLFHDUH
6WKLUDWKZDP±6WHDGLQHVV
KLJKHQHUJ\ZRUNRXWV7KHUHLVDJUDGXDOVHTXHQFLQJRI
5HNKD±/LQH
PHLSD\DWWXDQGZHDSRQWUDLQLQJ:KHQSUDFWLFLQJRQH
%UDKPDUL±7XUQV
KDVWREHDOHUW7KHHQWLUHSUDFWLFHVHVVLRQLVOLNH
'ULVKWL±9LVLRQ
$VKUDPDKD±(IIRUWOHVV PHGLWDWLRQIRUDSHULRGRIWLPH2QHKDVFRPSOHWHIRFXV
0HGD±,QWHOOLJHQFH DQGDWWHQWLRQIRUWKHHQWLUHGXUDWLRQRISUDFWLFHDQGYHU\
6KUDGGKD±&RQFHQWUDWLRQ UDUHO\WKHPLQGZDQGHUV2QHKDVWREH³LQWKH]RQH³
9DFKR±6SHHFK GXULQJSUDFWLFH7KLVFUHDWHVWKHYLEUDWLRQVUHTXLUHGIRU
*HHWKDP±0XVLF5K\WKP SRVLWLYHJURZWKDQGZKHQ\RXSUDFWLFHLQFODVVWKH
7KHPHLSD\DWWXVHTXHQFHRI.DODULSD\DWWXIROORZHGE\ HQHUJ\RIDOOWKHSDUWLFLSDQWVHQKDQFHVWKHYLEUDWLRQ
6LODPEDPVWLFNPRYHVLQYDULRXVGLUHFWLRQVDQGVSHHGV 7KHUHLVQRFRQIOLFWRIWKRXJKWVDQGRQHLVFRPSOHWHO\LQ
ZRXOGEHDQLGHDOZRUNRXWDQGWRNHHSRQHHQHUJHWLFWKH V\QFZLWKWKHLUERG\DQGPLQG
ZKROHGD\:HFDQKDYHYDULDWLRQVRIGLIIHUHQWVHTXHQFHV
VXFKDVVLQJOHKDQG6LODPEDPGRXEOHKDQGVHTXHQFHHWF *ODGVWRQ7KHVHWUDGLWLRQDOIRUPVWKRXJKKDYHDPDUWLDO

$WRPLQXWHURXWLQHHYHU\PRUQLQJLVDYHU\JRRG DUWDVSHFWSUHVHQWWKHSXUSRVHLVLQWKHHYROXWLRQRIOLIH
ILWQHVVURXWLQH6XU\D1DPDVNDUDPVHTXHQFHLQ<RJDLV WKDWKDVPXOWLSOHFKDUDFWHULVWLFVRIZKLFKFRXUDJHLVD
DOVRDYHU\JRRGSUDFWLFHZKHQFRPELQHGZLWKFRUUHFW NH\FRPSRQHQW(DFKVXEMHFWRIOHDUQLQJDQGSUDFWLFLQJ
EUHDWKLQJ LQKDOLQJ H[KDOLQJ JHQHUDWHVYLEUDWLRQVLQWKHERG\EUDLQDQGPLQGWKDW
DGYDQFHOLIHLQWRWDOLW\.DODULSD\DWWXDQG6LODPEDP
*ODGVWRQ,VWDUWP\ZRUNRXWZLWKVRPHVWUHWFKHVWR
LQGXFHYLEUDWLRQVWKDWJHQHUDWHFRXUDJHZKLFKDOVROHDGV
ORRVHQWKHMRLQWVDQGPXVFOHVIROORZHGE\OHJOLIWVDQG
WKHQDURXWLQHWKDWYDULHVHDFKGD\ZKLFKFRPSULVHVD WRFRQILGHQFHLQWKHSK\VLFDOVWDWHRIEHLQJ
VHULHVRIPRYHPHQWVZLWKDQGZLWKRXWZHDSRQV
:KDWLVWKHULJKWDJHZKHQRQHFDQEHJLQZLWK
.DODULSD\DWWXDQG6LODPEDPWUDLQLQJ"

/DYDQ\DD&KLOGUHQDURXQG\HDUVRIDJHFDQVWDUW
OHDUQLQJ.DODULSD\DWWXDQG6LODPEDP7KLVLVDJRRGDJH
WRFRPSUHKHQGZKDWWKH\DUHOHDUQLQJDWWKHLUSDFH,Q
RXUH[SHULHQFHFKLOGUHQDUHDEOHWROHDUQWKHPRYHPHQWV
IDVWHUWKDQDGXOWVDQGWKHLUERG\JHQHUDWHVHQHUJ\IURP
WKHFRUHDXWRPDWLFDOO\,QWURGXFLQJFKLOGUHQWRWKHVH
IRUPVLVYHU\JRRGIRUWKHLUKHDOWKDQGILWQHVV

$GXOWVZLWKRXWDJHOLPLWVKDYHWDNHQLQWHUHVWLQOHDUQLQJ
WKHVHIRUPVIRUYDULRXVUHDVRQVRIKHDOWKILWQHVVDQG
QDWLYHIRUPV6LQFHWKHERG\DQGPLQGEHFRPHULJLGWR
VRPHH[WHQWSUDFWLFLQJWKHVHIRUPVKHOSVWKHPWRORRVHQ
XSDELWDQGXQGHUVWDQGWKHFRQFHSWRIWKHFRUH7KHEHVW
ZD\LVWRQRWFRPSHWHZLWKDQ\RQHEXWXQGHUVWDQGRQH¶V
RZQERG\DQGDOORZWKHHQHUJ\LQWKHERG\WRIORZ

_:),1',$ZZZZRPHQILWQHVVRUJ
7KHFRUHLVFRQVLGHUHGWREHWKHSLYRWRIRQH¶VERG\
6KDUHWKHEHQHILWVRIWKLVZRUNRXWLQEXLOGLQJFRUH
VWUHQJWK$UHDQ\VSHFLILFH[HUFLVHVWREXLOGFRUH
VWUHQJWKXQGHUWKLVIRUPRIWUDLQLQJ

/DYDQ\DD$VPHQWLRQHGHDUOLHUWKH.DODULSD\DWWXDQG
+RZKDV1HR.DODULEHHQDEOHWRFUHDWHDZDUHQHVV
6LODPEDPPRYHVE\GHVLJQLWVHOIPDNHWKHSUDFWLWLRQHU
RIWKHVHDUWIRUPVDQGUHDFKRXWWRSHRSOHRU
DZDUHRIWKHFRUH5HSHDWHGSUDFWLFHDQGXQGHUVWDQGLQJ
:RPHQLQVSHFLILFIURPGLIIHUHQWZDONVRIOLIH"
OHDGVWRGHULYLQJHQHUJ\IURPWKHFRUHIRUDOOWKH
:KDWLVWKHJRDO\RXVKDUHIRUWKHXSFRPLQJ\HDU"
PRYHPHQWV(YHQWKHZHDSRQSUDFWLFHRQHUHDOL]HVWKDWLI
WKHHQHUJ\LVGUDZQIURPWKHFRUHWKHPRYHPHQWVDQG /DYDQ\DD:HVWDUWHG1HR.DODULZLWKWKHLGHDRI
FRPEDWGRQRWVWUDLQDQ\SDUWRIWKHERG\$OVRWKHWUDLQLQJ JLYLQJRXULQGLJHQRXVIRUPVDQHZSHUVSHFWLYH7KH
KHOSVWRSUDFWLFHZLWKWKHERG\LQDUHOD[HGSRVLWLRQZLWK FRQFHSWVRI.DODULSD\DWWXDQG6LODPEDPKDYHWREH
QRULJLGLW\DQGDZDUHQHVV$OOWKLVIDFLOLWDWHVWKHERG\WR VKDUHGZLWKWKHSUHVHQWDQGIXWXUHJHQHUDWLRQV7KH
EHDZDUHRIWKHFRUHLQ.DODULSD\DWWXSUDFWLFHDQGIRUDOO VHOIGHIHQVHDVSHFWIRUERWKZRPHQDQGPHQDUHDQ
WKHPRYHPHQWVDVVLPSOHDVZDONLQJFOLPELQJVWDLUV LQWHJUDOSDUWRIWKHWUDLQLQJ:KHQRQHLVDZDUHRI
VHDWHGIRUZRUNGULYLQJHWF7KHYLEUDWLRQVRUHQHUJ\RQH WKHLURZQERG\DQGWKHHQHUJLHV\RXVWDUWUHVSHFWLQJ
IHHOVLQWKLVKHLJKWHQHGDZDUHQHVVDQGUHOD[HGSRVLWLRQ WKHKXPDQERG\DQGWKHLQWULFDFLHVRIWKHIXQFWLRQLQJ
IURPWKHFRUHLVWKHEDVLVRIWKHSUDFWLFH RIWKHERG\7KLVJLYHVFRQILGHQFHDQGFRXUDJHWR
KDQGOHDVLWXDWLRQ:HQHYHUWUDLQDSHUVRQWRILJKWRU
*ODGVWRQ$VDFKLOGDOOERG\PRYHPHQWVDUHJHQHUDWHG
VWDUWDILJKW,WLVWREHDZDUHRIDVLWXDWLRQDQGRQH
IURPWKHFRUH$VWKHFKLOGDJHVWKHSHUVRQZLWKDYLVXDO
QHHGVPRUHFRXUDJHWRPRYHDZD\TXLFNO\IURPDQ
SHHUDQGPDQ\PRUHLQIOXHQFHVGRWKHPRYHPHQWIURPWKH
XQSOHDVDQWVLWXDWLRQRUWKUHDW7KHEHVWILJKWVDUHWKH
VSHFLILFSDUW,Q.DODULSD\DWWXDQG6LODPEDPZHEULQJ
RQHV\RXDYRLG:HWHDFKERWKPHQDQGZRPHQ
EDFNWKHPHWKRGRIGRLQJDOOPRYHPHQWVIURPWKHFRUH
PRYHVZKHUHRQHXVHVWKHRSSRQHQW¶VHQHUJ\WR
7KHUHDUHVSHFLILFVHTXHQFHVWKDWDUHGRQHULJKWIURPWKH
GHIHQGWKHPVHOYHV<RXQJJLUOVDQGER\VVKRXOGOHDUQ
VWDUWWRPDNHWKHSUDFWLWLRQHUDZDUHDQGSUDFWLFHWKHP
WKHIRUPVWRXQGHUVWDQGDQGUHVSHFWWKHLUERG\

_:),1',$ZZZZRPHQILWQHVVRUJ
7KHILJKWVZHWDONDERXWDUHQRWMXVWSK\VLFDOEXW
HPRWLRQDODQGSV\FKRORJLFDOWKUHDWV&KLOGUHQDQG
DGXOWVVKRXOGEHWDXJKWWKHIRUPVWRLQFXOFDWH
GLVFLSOLQHIRFXVDQGDZDUHQHVVRIWKHERG\DQG
PLQG

*ODGVWRQ7KHVHDUHQDWLYHDQGWUDGLWLRQDOIRUPVWKDW
KDYHEHHQSUHVHQWIRUWKRXVDQGVRI\HDUV2YHUDOO
WKHVH\HDUVWKHUHZDVDEDVHFRQFHSWRQZKLFK
GLIIHUHQWVW\OHVKDYHEHHQDOORZHGWREHFUHDWHGDQG
GHYHORSHG1HR.DODULZDVIRUPHGWROHDUQWKHQDWLYH
IRUPVWKDWDUHSUDFWLFHGE\VSHFLILFSHRSOHWHDFKWKH
IRUPVWRHYHU\RQHSUDFWLFHWKHPVRWKDWZH :KDWLVWKHWLPHDQGGXUDWLRQRIDFODVV"$OVRWKHUROHRI
XQGHUVWDQGWKHKLGGHQQXDQFHVDQGH[SORUHWREXLOG PHGLWDWLRQDQGUHOD[DWLRQ:KDWDUHWKHVWHSVIRUWKH
RQWKHEDVHFRQFHSWV VDPH"

/DYDQ\DD2XUVHVVLRQVDUHDERXWPLQXWHVGXUDWLRQ:H
HQJDJHDOOWKHVWXGHQWVEHJLQQHUVRUDGYDQFHGIRUWKLV
GXUDWLRQ7KHILUVWKRXULVDVWUXFWXUHGSUDFWLFHVWDUWLQJZLWKD
ULJRURXVZDUPXSVHVVLRQDVHULHVRIOHJOLIWVPHLSD\DWWX
VHTXHQFHDQGEDUHKDQG6LODPEDPVHTXHQFHV:HGR
.DODULSD\DWWXDQG6LODPEDPZHDSRQWUDLQLQJIRUKDOIDQKRXU
7KHVWUXFWXUHRIWKHFODVVLVVXFKWKDWWKHUHLVDJUDGXDO
LQFUHDVHLQPRYHPHQWVDQGWKHVWXGHQWEHFRPHVKLJKO\
HQHUJHWLFWRGRWKHPRYHPHQWVDQGZHDSRQWUDLQLQJ$IWHU
PLQXWHVWKHVWXGHQWVFDQGRVHOISUDFWLFHRUREVHUYHWKH
VHQLRUV

)LYHPRYHVWREXLOGVKRXOGHUVWUHQJWKZLWK6LODPEDPVWLFN

/DYDQ\DD7KHZHDSRQSUDFWLFHLVDQH[FHOOHQWZHLJKW
WUDLQLQJURXWLQH:HDSRQVDUHVHHQDVDQH[WHQVLRQRIWKHERG\
7KHPRYHPHQWRIWKHZHDSRQVHVSHFLDOO\WKHEDVLFPRYHVLQ
6LODPEDPVXFKDV9DDUDO9HWWX9HHFKX$UXSSXZKLFKOHDGWR
WKH9HHGXVHTXHQFHDUHH[FHOOHQWXSSHUERG\ILWQHVVURXWLQHV
IRUVKRXOGHUDQGIRUHDUPLQSDUWLFXODU

_:),1',$ZZZZRPHQILWQHVVRUJ
3OHDVHHODERUDWHDOLWWOHRQHDFKWUDLQLQJFRPSRQHQW\RX
KDYHWDONHGDERXWQDPHO\0HLSD\DWWXZRRGHQZHDSRQ
.ROWKDUL PHWDOZHDSRQ $QNDWKDUL EDUHKDQGWUDLQLQJ
9HUXPNDL
0HLSD\DWWX±,WLVDERG\VHTXHQFHZLWKDFRPELQDWLRQRI
SXQFKHVOHDSVOHJOLIWVNLFNVVWUHWFKHVDQGMXPSV7KHUH
DUHVHTXHQFHVLQWKLV7KLVGHYHORSVVSHHGEDODQFHDQG
IOH[LELOLW\DQGLPSURYHVVWDPLQD7KLVVHTXHQFHDOVRKDV
VHOIGHIHQVHPRYHVLQFRUSRUDWHGLQWRWKHYDULRXV
PRYHPHQWVDQGLVWDXJKWDVDUK\WKPLFVHTXHQFH

7KHQH[WVWHSRIWUDLQLQJLV.ROWKDUL±ZRRGHQZHDSRQV
6WLFNVDQGVWDIIVRIYDULRXVVKDSHVDQGVL]HVDUHXVHGWR
FRPEDWDQGLQFDSDFLWDWHWKHRSSRQHQW7KHVHDUHOHDUQWDV
FRPEDWVHTXHQFHV
™ .HWWXNDUL±DVWLFNDERXWIHHWLQOHQJWKRUEDVHGRQ
WKHKHLJKWRIWKHSHUVRQZKRZLHOGVLW
™ 7KHQH[WOHYHOLQZRRGHQZHDSRQVLV0XFKDDQD
VKRUWVSDQVWLFNPDGHIURPKDUGZRRG
™ 2WWDLVDFXUYHGVWLFN7KLVLVDOHWKDOZHDSRQWKDW
DLPVWRDWWDFNWKHYLWDOSRLQWVLQWKHERG\

7KHQH[WVWDJHLQZHDSRQWUDLQLQJLV$QNDWKDUL±WKHXVH
RIYDULRXVPHWDOZHDSRQV
™ 6ZRUGDQG6KLHOG±%RWKDUHXVHGWRJHWKHU
™ 'DJJHU±6KRUWPHWDOZHDSRQWKDWLVXVHGZLWKDILVW
JULS
™ 6SHDU±:LWKWKH6ZRUGDQG6KLHOG
™ 8UXPL/RQJIOH[LEOHVZRUG
7KHSXUSRVHRIZHDSRQWUDLQLQJLVWRUHPRYHIHDU7KHWUDLQLQJ
0HVVDJHIRU\RXUIDQVDQGIROORZHUV
DOORZVRQHWRVHHDQGIDFHDWKUHDW$OOIRUPVRIIHDUFDQEH
UHGXFHGWREDVLFW\SHV±YLVXDODQGDXUDO7KHZHDSRQ /DYDQ\DD&RQVLVWHQF\LQWUDLQLQJDQGSUDFWLFHLVZKDW

WUDLQLQJKHOSVRQHGHYHORS'ULVKWLVWKLUDWQD±VHHLQJFOHDUO\ KDVKHOSHGXVWRDFKLHYHRXUILWQHVVJRDOVGHYHORSLQDOO

DQGZLWKVWDELOLW\ZKLFKSUHYHQWVWKHPLQGIURPSDQLFNLQJ DVSHFWVRIRXUOLIHDQGFRPSOHPHQWRXUOLIHVW\OHZLWKWKH

WKXVDOORZLQJRQHWRFDOPO\DVVHVWKHVLWXDWLRQDQGWDNH YDULRXVDFWLYLWLHVZHDUHGRLQJ

DSSURSULDWHDFWLRQ ,WLVQHYHUWRRODWHWRVWDUWDQ\IRUPRIILWQHVVURXWLQH6WDUW
HQMR\LQJWKHSURFHVVWU\QRWWRFRPSHWHZLWKDQ\RQHDQG
™ 7KHODVWVWDJHRIWUDLQLQJLV9HUXPDNLRUIUHHKDQG
XQGHUVWDQG\RXUVHOIZLWKWKHDFWLYLWLHV\RXGR
ILJKWLQJ,QWKLVVHVVLRQWKHVWXGHQWXQGHUJRHV
ULJRURXVSUDFWLFHWRXVHKLVKDQGVDQGOHJVMXVWOLNH *ODGVWRQ.DODULSD\DWWXDQG6LODPEDPE\WKHYHU\QDWXUH
ZHDSRQV7KHVWXGHQWOHDUQVWRILJKWEDUHKDQGHGHYHQ RIWKHLUGHVLJQDSDUWIURPRIIHULQJKHDOWKEHQHILWVWRWKH
LIKLVRSSRQHQWSRVVHVVHVDZHDSRQ7KHVWXGHQWQRW SUDFWLWLRQHUVDOVRPDNHWKHSHUVRQEHLQWKHPRPHQWKHQFH
RQO\OHDUQVZKHUHDQGZKHQWRKLWEXWDOVRKRZWR FOHDULQJDOOWKRXJKWVGXULQJSUDFWLFH7KLVKHOSV
TXLFNO\EORFNDQGGHIHQGDQGPRYHDZD\IURPWKH SUDFWLWLRQHUVDFURVVDJHVDQGZDONVRIOLIHWRUHIUHVK
RSSRQHQW¶VDWWDFN WKHPVHOYHV

_:),1',$ZZZZRPHQILWQHVVRUJ
%H\RQG)LWQHVV

FFRUGLQJWR
WKH1DWLRQDO
6FLHQFH
)RXQGDWLRQWKHDYHUDJH
SHUVRQKDVDERXWWR
WKRXJKWVSHUGD\2I
WKRVHDUHQHJDWLYHVHOIWDON
3UHSDUH\RXUPLQGWRKDYHDJUHDW
GD\E\VWDUWLQJ\RXUPRUQLQJZLWKD
SRVLWLYHDIILUPDWLRQ<RXFDQHDVLO\
LQFRUSRUDWHWKLVLQWR\RXU\RJD
SUDFWLFHRUDQRWKHUKHDOWK\PRUQLQJ
URXWLQH

_:),1',$ZZZZRPHQILWQHVVRUJ
3 5(*1$1&<&$5(

7LSV
7R)ROORZ'XULQJ
3UHJQDQF\

'
XULQJSUHJQDQF\D
ZRPDQ¶VERG\
XQGHUJRHVPDQ\
KRUPRQDOFKDQJHV7KHVH
FDQOHDGWRH[WUDVZHDWLQJ
GLVFKDUJHLQWKHYDJLQDOHVV
OXEULFDWLRQQLSSOHOHDNVDQG
PRUHYDU\LQJLQRXWFRPHV
DQGLQWHQVLW\LQHDFKSUHJQDQW
PRP

_:),1',$ZZZZRPHQILWQHVVRUJ
.HHS+DQGZDVKRU
 6DQLWL]HU+DQG\
9DULHGSDWKRJHQVHQWHURXUERGLHVWKURXJKWKHPRXWKDQGQRVHVR
ZDVKKDQGVHYHU\WLPH²EHIRUHDQGDIWHUXVLQJWKHWRLOHWEHIRUH
DQGDIWHUHDWLQJDQGDOVRZKHQ\RXUHWXUQKRPHRUWRXFKVRPHRQH
VXIIHULQJIURPFROGRUZKHQ\RXFRPHLQWRXFKRIGLUW

3UDFWLFH9DJLQDO
 +\JLHQH
3UHJQDQWZRPHQH[SHULHQFHLQFUHDVHGYDJLQDOGLVFKDUJHZKLFK
VRPHWLPHVVWLPXODWHVEDFWHULDOJURZWK,WFDQOHDGWR¶EDFWHULDO
YDJLQDWLV·DQGLIOHIWXQWUHDWHGFDQFDXVHFRPSOLFDWLRQVIRUWKH
PRWKHUDQGJHWSDVVHGRQWRWKHLQIDQWGXULQJGHOLYHU\$VLPSOH
VROXWLRQWRPDLQWDLQLQJ\RXUSHUVRQDOK\JLHQHLVZHDULQJRQO\
SXUHFRWWRQXQGHUJDUPHQWVDYRLGLQJYHU\WLJKWMHDQVRUSDQWVWR
PDLQWDLQDLUFLUFXODWLRQEHWZHHQ\RXUFORWKLQJDQGVNLQ7KLVZLOO
NHHS\RXUYDJLQDGU\DQGOLPLWEDFWHULDOJURZWK

_:),1',$ZZZZRPHQILWQHVVRUJ
 1RWR'RXFKLQJ

3UDFWLFHRIFOHDQLQJYDJLQDDJJUHVVLYHO\ZLWKVSHFLDOLVHG
SURGXFWVLVDQRQRVLQFHDQ\FKDQJHLQWKHGHOLFDWH
FKHPLFDOEDODQFHLQWKHYDJLQDDQGWKHYDJLQDOIORUDFDQ
FUHDWHPRUHWURXEOHWKDQJRRG,I\RXQRWLFHDQRGRXURU
XQSOHDVDQWQHVVLWLVEHVWWRFRQVXOW\RXUJ\QDHFRORJLVW

 0DLQWDLQ2UDO+\JLHQH

,QFUHDVHLQHVWURJHQGXULQJSUHJQDQF\FDQOHDGWR
LQIODPPDWLRQRIWKHJXPVDQGFDXVHSDLQDQGIUHTXHQW
EOHHGLQJ$OVRHOHYDWHGOHYHOVRISURJHVWHURQHDUHDSHUIHFW
EUHHGLQJJURXQGIRUWKHEDFWHULDSUHVHQWLQSODTXHZKLFK
FDQFDXVHJLQJLYLWLV,QFDVHRIDQ\JXPFRQGLWLRQWDNHLW
VHULRXVO\DQGVFKHGXOHDQDSSRLQWPHQWZLWKDGHQWLVW

 +\JLHQHRI%UHDVW 1LSSOHV

:HDUFRWWRQXQGHUJDUPHQWVDQGXVHEUHDVWSDGVLI\RX
H[SHULHQFHOHDNDJH)RULWFK\GU\RUVRUHQLSSOHVJHQWO\
DSSO\DQ\OLJKWRLODWKRPHEXWDYRLGPDVVDJLQJ\RXU
EUHDVWV0DVVDJLQJFDQOHDGWRVWLPXODWLRQRIWKH
PDPPDU\JODQGVDQGDJJUDYDWHWKHSUREOHPIXUWKHU
.HHSWKHVNLQGU\

_:),1',$ZZZZRPHQILWQHVVRUJ
 +\JLHQHRIWKH)RRG

,WLVQHFHVVDU\WRPD[LPL]HWKHK\JLHQHRIWKHIRRG
ZLWKDJRRGFRQVHUYDWLRQDQGSUHSDUDWLRQ$YRLG
XWHQVLOVWKDWFDQWUDQVPLWWKHWR[RSODVPRVLV

:DVK9HJHWDEOHV 

)UXLWVEHIRUH&RQVXPSWLRQ
&OHDQWKHYHJHWDEOHV IUXLWVZHOODQGGRQRWHDWLQ
SODFHVWKDWDUHQRWWUXVWHGIRUFOHDQOLQHVVRUXVH
VKDUHGJODVVHVDQGFXWOHU\

 &OHDQ.LWFKHQ8WHQVLOV

6RPHIXQGDPHQWDOLVVXHVZRXOGEHWRFRRNIRRGPRUH
WKDQGHJUHHVGRQRWHDWUDZPHDWVRUILVKFRRN
HJJVZHOOGRQRWPL[UDZDQGFRRNHGSURGXFWVWKDW
PD\FRPHLQFRQWDFWDQGNHHSWKHUHIULJHUDWRUDQG
NLWFKHQXWHQVLOVFOHDQ

_:),1',$ZZZZRPHQILWQHVVRUJ
 7DNH&DUHRIWKH+\JLHQH
RIZKDWZH%UHDWKH
'RQRWJRDVIDUDVSRVVLEOHWRFORVHGDQGORDGHG
HQYLURQPHQWVRUZKHUHWKHUHDUHWR[LFSURGXFWVDQGRI
FRXUVHQRWDURXQGVPRNLQJDOVRDYRLGH[SRVXUHWRWREDFFR
VPRNHVLQFHWKHULVNRIFRQJHQLWDOSUREOHPVDVVRFLDWHGZLWK
WREDFFRVPRNHLVDOVRUHDOLQSDVVLYHVPRNHUV

 $YRLG([SRVXUHWR
7REDFFR6PRNH
$OVRDYRLGFRPSDQ\RIDVPRNHUDVLWLVUHODWHGWRSUREOHPV
UDQJLQJIURPSUHPDWXUHELUWKSUHHFODPSVLDFRQJHQLWDO
GHIHFWVDQGLWFDQHYHQDIIHFWWKHEUDLQRIWKHEDE\

 %HZDUHRI9DULHG&KHPLFDOV

<RXPXVWEHHVSHFLDOO\FDUHIXOZLWKH[SRVXUHWRFKHPLFDOV
7KHFOHDQLQJRIWKHKRXVHVKRXOGQRWEHSUREOHPDWLFEXWLW
ZLOODOZD\VEHEHWWHUWRGRLWZLWKQRQDJJUHVVLYHRUHYHQ
QDWXUDOSURGXFWV5HJDUGLQJFRVPHWLFV\RXPXVWORRNDWWKHLU
FRPSRVLWLRQZHOODVVRPHFRXOGSRVHDULVNWRWKHEDE\6WD\
DZD\IURPFKHPLFDOVVXFKDVKDLUFRORXUVRURWKHUKDLU
VWUDLJKWHQLQJFKHPLFDOWUHDWPHQWV7KHORJLFEHKLQGLWEHLQJ
WKDWVLQFHWKHVNLQLVPRUHVHQVLWLYHGXULQJSUHJQDQF\
FKHPLFDOSURGXFWVFDQVRPHWLPHVFDXVHDQH[DJJHUDWHG
DOOHUJLFUHDFWLRQZKLFKWKHQEHFRPHVDPDMRUFRQFHUQIRUERWK
WKHGRFWRUDQGWKHPRPWREH

,QJHQHUDOWKHHQYLURQPHQWFDQSRVHDULVNWRWKH
KHDOWKRIWKHEDE\DQGLWLVFRQYHQLHQWWREHZHOO
LQIRUPHGDQGFRQVLGHUWKHK\JLHQHKDELWVHVVHQWLDO
IRUWKHSUHJQDQWZRPDQ

_:),1',$ZZZZRPHQILWQHVVRUJ
3UHJQDQF\7LS

RNRSKRELDLVWKHIHDURI
FKLOGELUWK,I\RXU
DQ[LHW\LVWLHGWR
FKLOGELUWKVLJQXSIRUDELUWKFODVV
/HDUQLQJDERXWWKHGLIIHUHQWVWDJHV
RIODERUZKDW\RXUERG\GRHVDQG
ZKDWWRH[SHFWDWHDFKWXUQPD\
KHOSGHP\VWLI\WKHSURFHVV7KHVH
FODVVHVRIWHQRIIHUVXJJHVWLRQVIRU
GHDOLQJZLWKSDLQ7KH\·OODOVRJLYH
\RXDQRSSRUWXQLW\WRFKDWZLWK
RWKHUPRWKHUVZKRPD\EHZRUULHG
DERXWVLPLODUWKLQJV

_:),1',$ZZZZRPHQILWQHVVRUJ
) 22' &8/785(

5(&,3(6
6KH·OO/RYH

0 RWKHU V'D\LVFHOHEUDWHGHYHU\\HDURQWKHVHFRQG6XQGD\RI
0D\WKLV\HDULWKDSSHQVWREHRQ0D\$GD\IRU
KRQRULQJWKHPRWKHURIWKHIDPLO\RULQGLYLGXDODVZHOODV
PRWKHUKRRGPDWHUQDOERQGVDQGWKHLQIOXHQFHRIPRWKHUVLQVRFLHW\

7UHDWPRPWRVRPHWKLQJVSHFLDOZLWKWKHVHGHOLFLRXV0RWKHU V'D\OXQFK
UHFLSHV)URPFRROHUVWRVDODGVWRGHVVHUWVZHKDYHLGHDVIRUWKHSHUIHFW
PHQXEURXJKWWR\RXE\+ROLVWLF1XWULWLRQLVW9DQHVVD9LWDOL

_:),1',$ZZZZRPHQILWQHVVRUJ
&KRFRODWH 6WUDZEHUU\
<RJXUW%DUN
6HUYLQJV+RXUV

,QJUHGLHQWV &KRFRODWH6WXIIHG5DVSEHUULHV
™ &XSV3ODLQ*UHHN<RJXUW
™ 7EVS0DSOH6\UXS 6HUYLQJV0LQXWHV
™ 7VS9DQLOOD([WUDFW ,QJUHGLHQWV
™ &XS6WUDZEHUULHV VOLFHG ™ &XSV5DVSEHUULHV ZDVKHG
™ R]'DUN&KRFRODWH FKRSSHG ™ &XS'DUN&KRFRODWH&KLSV
'LUHFWLRQV
'LUHFWLRQV
/LQHDEDNLQJVKHHWZLWKSDUFKPHQWSDSHU 3ODFHDFKRFRODWHFKLSLQWRWKHFHQWUHRIHDFKUDVSEHUU\'LYLGH
6WLUWKH\RJXUWPDSOHV\UXSDQGYDQLOODH[WUDFW LQWRERZOVDQGHQMR\
WRJHWKHULQDERZO3RXUWKHPL[WXUHRQWRWKHEDNLQJ
VKHHWDQGHYHQO\VSUHDGLWRXW
7RSZLWKWKHVOLFHGVWUDZEHUULHVDQGGDUNFKRFRODWH
6HWLQWKHIUHH]HURYHUQLJKW%UHDNDSDUWDQGHQMR\

1RWHV
/HIWRYHUV)UHH]HLQDQDLUWLJKWFRQWDLQHUIRUXSWRRQH
PRQWK%HVWVHUYHGLPPHGLDWHO\IURPWKHIUHH]HU
6HUYLQJ6L]H2QHVHUYLQJLVHTXDOWRDSSUR[LPDWHO\
FXS
'DLU\)UHH8VHFRFRQXW\RJXUWLQVWHDGRI*UHHN
\RJXUW
0RUH)DYRU$GGSHDQXWEXWWHUWRWKH\RJXUW

_:),1',$ZZZZRPHQILWQHVVRUJ
&ODVVLF9LUJLQ0RMLWR
6HUYLQJVPLQXWHV

&DSUHVH0DVRQ-DU6DODG
6HUYLQJVPLQXWHV
,QJUHGLHQWV
™ &XS4XLQRD XQFRRNHG
™ WEVS([WUD9LUJLQ2OLYH2LO
™ WEVS%DOVDPLF9LQHJDU
™ FXSV&KHUU\7RPDWRHV KDOYHG
™ FXS5HG2QLRQ VPDOOGLFHG
™ FXS%DVLO/HDYHV SDFNHGFKRSSHG
™ R]V6PDOO%RFFRQFLQL KDOYHG
™ FXSV%DE\6SLQDFK
,QJUHGLHQWV
'LUHFWLRQV
™ WEVSV0DSOH6\UXS
&RRNWKHTXLQRDDFFRUGLQJWRWKHGLUHFWLRQVRQWKHSDFNDJH
™ &XS0LQW/HDYHV DQGVHWDVLGHWRFRRO
™ ,FH&XEHV 0HDQZKLOHFRPELQHWKHRLODQGEDOVDPLFYLQHJDUDQGGLYLGH
™ WEVSV/LPH-XLFH HYHQO\EHWZHHQWKHERWWRPVRIWKHMDUV

™ TXDUWV6RGD:DWHU $GGHTXDODPRXQWVRIFKHUU\WRPDWRHVUHGRQLRQEDVLO
TXLQRDERFFRQFLQLDQGVSLQDFKWRWKHMDUV:KHQUHDG\WRHDW
'LUHFWLRQV VKDNHZHOODQGGXPSLQWRDERZO(QMR\
$GGDOORIWKHLQJUHGLHQWVLQWRDSLWFKHUDGGLQJWKH
1RWHV
VRGDZDWHUODVW*HQWO\VWLUXQWLOHYHU\WKLQJLVPL[HG
/HIWRYHUV5HIULJHUDWHLQDQDLUWLJKWFRQWDLQHUIRUXSWRWKUHH
ZHOO
GD\V
'LYLGHEHWZHHQJODVVHVDQGHQMR\
6HUYLQJ6L]HIOR] P/ PDVRQMDUVZHUHXVHGIRUWKLV
UHFLSH2QHVHUYLQJLVRQHPDVRQMDU
1RWHV
0DNHLW9HJDQ8VHDYRFDGRLQVWHDGRIERFFRQFLQLRURPLW
/HIWRYHUV5HIULJHUDWHLQWKHSLWFKHUZLWKDOLGIRUXSWR FRPSOHWHO\
WZRGD\V7RHQVXUHDIL]]\GULQNDGGPRUHVRGDZDWHU 0RUH)ODYRU6HDVRQZLWKVDOWSHSSHURU\RXUFKRLFHRIKHUEV
MXVWEHIRUHVHUYLQJ DQGVSLFHV
0RUH)DYRU0XGGOHWKHPLQWEHIRUHDGGLQJWKHUHVWRI $GGLWLRQDO7RSSLQJV+HPSVHHGVEODFNEHDQVHGDPDPH
WKHLQJUHGLHQWVLQWRWKHSLWFKHU$GGIUR]HQIUXLWWRWKH FKLFNSHDVWRIXFKLFNHQEUHDVWRUWXUNH\EUHDVW
JODVVHVDVLFHFXEHV 1R%DOVDPLF9LQHJDU8VHUHGZLQHYLQHJDURU\RXUIDYRULWH
GUHVVLQJLQVWHDGDGMXVWLQJRURPLWWLQJWKHRLODFFRUGLQJO\

_:),1',$ZZZZRPHQILWQHVVRUJ
%XUULWR%RZO0DVRQ-DU
'LUHFWLRQV
6HUYLQJVPLQXWHV 3ODFHWKHTXLQRDDQGZDWHULQDVDXFHSDQ3ODFHRYHUKLJKKHDW
,QJUHGLHQWV DQGEULQJWRDERLO2QFHERLOLQJUHGXFHKHDWWRDVLPPHUDQG
™ &XS4XLQRD FRYHU/HWVLPPHUIRUPLQXWHVRUXQWLODOOZDWHULV
™ &XSV:DWHU DEVRUEHG5HPRYHIURPKHDWIOXIIZLWKDIRUNDQGVHWDVLGH

™ OE([WUD/HDQ*URXQG&KLFNHQ &RRN\RXUH[WUDOHDQJURXQGFKLFNHQRYHUPHGLXPKHDWLQD
™ FXS6DOVD QRQVWLFNIU\LQJSDQ6HDVRQZLWKDELWRIVDOWDQGSHSSHUDQG
™ $YRFDGR SHHOHGDQGGLFHG VWLURFFDVLRQDOO\XQWLOFRRNHGWKURXJK

™ 7RPDWR GLFHG $VVHPEOH\RXUEXUULWRERZOPDVRQMDUVE\SODFLQJDYRFDGRLQ


™ FXS%DE\6SLQDFK FKRSSHG WKHERWWRPZLWKDVSODVKRIOLPHMXLFH7RSZLWKDFRXSOHRI
™ FXS%ODFN%HDQV FRRNHGGUDLQHGDQGULQVHG WDEOHVSRRQVRIVDOVD1H[WDGGLQ\RXUTXLQRDFRRNHG

™ /LPH MXLFHG FKLFNHQGLFHGWRPDWRHVVSLQDFKDQGWRSZLWKEODFNEHDQV


6HDOZLWKDOLG:KHQUHDG\WRHDWVKDNHZHOODQGGXPSLQWRD
™ 6HD6DOW %ODFN3HSSHU WRWDVWH
ERZO(QMR\

1RWHV
/HIWRYHUV5HIULJHUDWHLQDQDLUWLJKWFRQWDLQHUIRUXSWRWKUHHGD\V
6HUYLQJ6L]HIOR] P/ PDVRQMDUVZHUHXVHGKHUH2QHPDVRQMDULVRQHVHUYLQJ

_:),1',$ZZZZRPHQILWQHVVRUJ
6KULPS 0DQJR
6DOVD%RZO 'LUHFWLRQV
,QDERZOPL[WRJHWKHUWKHPDQJRDYRFDGRRQLRQ
6HUYLQJVPLQXWHV FLODQWURPLQWOLPHMXLFHDQGDRIWKHVDOW6HWDVLGH
,QJUHGLHQWV :DUPKDOIRIWKHRLOLQDSDQRYHUPHGLXPKHDWDQGDGG
™ 0DQJR GLFHG WKHFDXOLIORZHUULFH6HDVRQZLWKDRIWKHVDOW6DXWp
™ $YRFDGR GLFHG IRUWZRWRWKUHHPLQXWHVRUXQWLOWKHFDXOLIORZHULV
™ &XS5HG2QLRQ GLFHG ZDUPHGWKURXJK'LYLGHHYHQO\EHWZHHQERZOV
™ WEVSV&LODQWUR ILQHO\FKRSSHG :DUPWKHUHPDLQLQJRLOLQWKHVDPHSDQDQGDGGWKH
™ WEVSV0LQW/HDYHV ILQHO\FKRSSHG VKULPS6HDVRQZLWKWKHUHPDLQLQJVDOW&RRNRQHDFK
™ /LPH MXLFHG VLGHIRUWZRWRWKUHHPLQXWHVRUXQWLOSLQNDQGFRRNHG
™ WVS6HD6DOW GLYLGHG
WKURXJK
™ WVSV$YRFDGR2LO GLYLGHG
(YHQO\GLYLGHWKHVKULPSDQGPDQJRVDOVDRQWRSRIWKH
™ FXSV&DXOLIORZHU5LFH
FDXOLIORZHUULFH(QMR\
™ R]V6KULPS SHHOHGGHYHLQHGWDLOVUHPRYHG

1RWHV
/HIWRYHUV5HIULJHUDWHLQDQDLUWLJKWFRQWDLQHUIRUXSWRWKUHHGD\V
6HUYLQJ6L]H2QHVHUYLQJLVHTXDOWRDSSUR[LPDWHO\FXSRIFDXOLIORZHUULFHZLWKVKULPSDQGVDOVD
0RUH)ODYRU$GGPLQFHGJDUOLF

_:),1',$ZZZZRPHQILWQHVVRUJ
0DQJR6DOVD6KULPS
/HWWXFH:UDSV
6HUYLQJVPLQXWHV
,QJUHGLHQWV
™ 0DQJR GLFHG
™ $YRFDGR GLFHG
™ FXS5HG2QLRQ GLFHG 2QH3DQ+DZDLLDQ6DOPRQ
™ WEVSV&LODQWUR ILQHO\FKRSSHG
™ WEVSV0LQW/HDYHV ILQHO\FKRSSHG 6HUYLQJVPLQXWHV
™ /LPH MXLFHG ,QJUHGLHQWV
™ WVS6HD6DOW GLYLGHG ™ 5HG%HOO3HSSHU VOLFHG
™ WEVS$YRFDGR2LO ™ WEVS([WUD9LUJLQ2OLYH2LO
™ R]V6KULPS SHHOHGGHYHLQHGWDLOVUHPRYHG ™ OE6DOPRQ)LOOHW
™ KHDG%RVWRQ/HWWXFH OHDYHVSXOOHGDSDUW ™ 6HD6DOW %ODFN3HSSHU WRWDVWH
™ FXSV3LQHDSSOH FRUHGDQGVOLFHGLQWRURXQGV
'LUHFWLRQV
'LUHFWLRQV
,QDERZOPL[WRJHWKHUWKHPDQJRDYRFDGRRQLRQ
3UHKHDWRYHQWRž) ž& DQGOLQHDEDNLQJVKHHW
FLODQWURPLQWOLPHMXLFHDQGKDOIRIWKHVDOW
ZLWKSDUFKPHQWSDSHU
:DUPWKHRLOLQDSDQRYHUPHGLXPKHDWDQGDGGWKH ,QDODUJHERZOWRVVWKHVOLFHGEHOOSHSSHUVZLWKWKHROLYH
VKULPS6HDVRQZLWKWKHUHPDLQLQJVDOW&RRNRQHDFK RLO7UDQVIHUWRWKHSHULPHWHURIDEDNLQJVKHHWDQGDGG
VLGHIRUWZRWRWKUHHPLQXWHVRUXQWLOSLQNDQGFRRNHG WKHVDOPRQILOOHWVWRWKHPLGGOH
WKURXJK 6SULQNOHWKHVDOPRQZLWKVDOWDQGSHSSHUWKHQWRSZLWK
WKHSLQHDSSOHVOLFHV3ODFHWKHEDNLQJVKHHWLQWKHRYHQ
7RDVVHPEOHDGGWKHVDOVDDQGVKULPSWRWKHOHWWXFH
IRUPLQXWHV
OHDYHV(QMR\
$IWHUPLQXWHVGLYLGHWKHSHSSHUVVDOPRQDQG
SLQHDSSOHEHWZHHQSODWHV(QMR\
1RWHV
/HIWRYHUV5HIULJHUDWHLQDQDLUWLJKWFRQWDLQHUIRUXSWRWKUHH
1RWHV
GD\V
/HIWRYHUV.HHSVZHOOLQWKHIULGJHIRUWRGD\V
6HUYLQJ6L]H2QHVHUYLQJLVDSSUR[LPDWHO\WZRZUDSV
1R6DOPRQ8VHFKLFNHQEUHDVWLQVWHDG<RXPD\QHHGWR
0RUH)ODYRU$GGPLQFHGJDUOLFVKUHGGHGFDEEDJH
DGMXVWFRRNLQJWLPHWRHQVXUHFKLFNHQLVFRRNHGWKURXJK
VULUDFKDDQGRUFKHHVH

_:),1',$ZZZZRPHQILWQHVVRUJ
:DWHUPHORQ6DODG
6HUYLQJVPLQXWHV
,QJUHGLHQWV
™ WEVS0DSOH6\UXS
™ /LPH MXLFHG
™ WEVS([WUD9LUJLQ2OLYH2LO
™ 6HD6DOW
™ 6HHGOHVV:DWHUPHORQ GLFHGLQWRFXEHV
™ &XFXPEHU GLFHG
™ FXS0LQW/HDYHV
™ FXS)HWD&KHHVH FUXPEOHG

'LUHFWLRQV
,QDVPDOOPDVRQMDUFRPELQHPDSOHV\UXSOLPHMXLFH
(DV\6DOPRQ3RNH%RZO ROLYHRLODQGVDOW&RYHUZLWKOLGVKDNHWRFRPELQHDQG
VHWDVLGH
6HUYLQJVPLQXWHV ,QDVHUYLQJERZOFRPELQHFKRSSHGZDWHUPHORQ
,QJUHGLHQWV FXFXPEHUPLQWDQGIHWD
™ &XS%URZQ5LFH 'LYLGHLQWRERZOVDQGGUL]]OHZLWKGHVLUHGDPRXQWRI
™ WVSV6HVDPH2LO GLYLGHG GUHVVLQJ(QMR\
™ R]V6DOPRQ)LOOHW VXVKLJUDGHVNLQOHVVGLFHG
™ WEVSV7DPDUL
™ WVS5LFH9LQHJDU
™ &XFXPEHU VOLFHG
™ FXS5DGLVKHV WKLQO\VOLFHG
™ $YRFDGR VOLFHG
™ -DODSHQR3HSSHU WKLQO\VOLFHG
'LUHFWLRQV
&RRNWKHEURZQULFHDFFRUGLQJWRWKHGLUHFWLRQVRQWKH
SDFNDJH2QFHLWKDVILQLVKHGFRRNLQJGUL]]OHKDOIWKH
VHVDPHRLORYHUWRSDQGPL[WRFRPELQH
0HDQZKLOHLQDPHGLXPVL]HGERZODGGWKHVDOPRQ
WDPDULULFHYLQHJDUDQGWKHUHPDLQLQJVHVDPHRLO3ODFH
LQWKHIULGJHWRPDULQDWHIRUPLQXWHV
$VVHPEOH\RXUERZOE\DGGLQJEURZQULFHWRWKHERWWRP
1RWHV
7RSLWZLWKVDOPRQFXFXPEHUUDGLVKHVDYRFDGRDQG 0DNHLW*UHHN$GGWKLQO\VOLFHGUHGRQLRQDQGEODFN
MDODSHQR(QMR\ ROLYHV
1RWHV 0RUH3URWHLQ$GGHGDPDPHJURXQGIOD[KHPSKHDUWVRU
/HIWRYHUV5HIULJHUDWHLQDQDLUWLJKWFRQWDLQHUIRUXSWRRQH VHUYHZLWKDJULOOHGFKLFNHQEUHDVW
GD\ 0RUH*UHHQV$GGPRUHIUHVKKHUEVDUXJXODRUFKRSSHG
0RUH)ODYRU$GGPLQFHGJLQJHUDQGFKLOLIODNHVWRWKH EDVLO
VDOPRQZKLOHLW VPDULQDWLQJ :DWHUPHORQ6L]H7KLVUHFLSHZDVGHYHORSHGDQGWHVWHG
$GGLWLRQDO7RSSLQJV6HVDPHVHHGVFLODQWURDQGRUDVSLF\ XVLQJDOEZDWHUPHORQ
PD\R
0DNHLWYHJDQ8VHWRIXRUWHPSHKLQVWHDGRIVDOPRQ

_:),1',$ZZZZRPHQILWQHVVRUJ
&REE6DODG-DU
'LUHFWLRQV
6HUYLQJVPLQXWHV ,QDVPDOOERZOPL[WRJHWKHUOHPRQMXLFHROLYHRLO
,QJUHGLHQWV
™ /HPRQ MXLFHG PXVWDUGPDSOHV\UXSDQGDSLQFKRIVHDVDOWDQGSHSSHU
™ WEVS([WUD9LUJLQ2OLYH2LO :KLVNZHOOWKHQSRXULQWRERWWRPRIDODUJHPDVRQMDU
™ WEVS'LMRQ0XVWDUG 1RWH'LYLGHGUHVVLQJEHWZHHQMDUVLIPDNLQJPRUHWKDQ
™ WVSV0DSOH6\UXS VHUYLQJ
™ 6HD6DOW %ODFN3HSSHU WRWDVWH /D\HU\RXULQJUHGLHQWVLQWRWKHMDU V LQWKLVRUGHU
™ FXS%DE\6SLQDFK FKRSSHG
VSLQDFKFKHUU\WRPDWRHVDYRFDGRFKLFNHQHJJDQGIHWD
™ FXS&KHUU\7RPDWRHV KDOYHG
6HDOMDUDQGVWRUHLQWKHIULGJH
™ $YRFDGR GLFHG
™ R]V&KLFNHQ%UHDVW&RRNHG :KHQUHDG\WRHDWJLYHWKHMDUDJRRGVKDNHWRPL[WKH
™ (JJ KDUGERLOHGDQGVOLFHG GUHVVLQJWKURXJKRXW<RXFDQHLWKHUWUDQVIHUWKHVDODGWRD
™ )HWD&KHHVH FUXPEOHG ERZORUHQMR\VWUDLJKWIURPWKHMDU

_:),1',$ZZZZRPHQILWQHVVRUJ
'LHW7LS

WXGLHVKDYHVKRZQWLPHDQG
WLPHDJDLQWKDWFUHDWLQHFDQ
HQKDQFHVWUHQJWKLQFUHDVH
OHDQERG\PDVVDQGLPSURYHH[HUFLVH
SHUIRUPDQFH³UHJDUGOHVVRIVH[
6XSSOHPHQWLQJZLWKFUHDWLQHDOORZV
IRUPRUHFUHDWLQHSKRVSKDWHWREH
DYDLODEOHWRUHSOHQLVK$73VWRUHV
:KHQ\RXUERG\FDQUHSOHQLVKHQHUJ\
PRUHHDVLO\OLNHWKLV\RXFDQWUDLQDW
KLJKHULQWHQVLWLHVDQGZLWKKLJKHU
YROXPHZLWKRXWIDWLJXLQJDVTXLFNO\

_:),1',$ZZZZRPHQILWQHVVRUJ
8 ":450"% %

*,16(1*
7R<RXU'LHW
#Z,FKBM4IBI

LQVHQJKDVEHHQXVHGLQ
WUDGLWLRQDO&KLQHVH
PHGLFLQHIRUFHQWXULHV
7KHUHDUHPDQ\YDULHWLHVRIWKLV
KHUEEXWWKHPRVWSRSXODUDUH
$PHULFDQJLQVHQJ 3DQD[
TXLQTXHIROLXV DQG$VLDQ
JLQVHQJ 3DQD[JLQVHQJ 

_:),1',$ZZZZRPHQILWQHVVRUJ
$PHULFDQDQG$VLDQJLQVHQJYDU\LQWKHLU
FRQFHQWUDWLRQRIDFWLYHFRPSRXQGVDQGWKHLU
HIIHFWVRQWKHERG\$FFRUGLQJWRVRPHHDUOLHU
VWXGLHVLWLVWKRXJKWWKDW$PHULFDQJLQVHQJ
ZRUNVDVDVRRWKLQJDJHQWZKLOVWWKH$VLDQW\SH
KDVDQHQHUJHWLFLPSDFW*LQVHQRVLGHVDQG
JLQWRQLQDUHWZRLPSRUWDQWVXEVWDQFHVIRXQGLQ
JLQVHQJ7KHV\QHUJLVWLFHIIHFWVRIWKHVH
VXEVWDQFHVSURPRWHKHDOWK

+HDOWK$GYDQWDJHV
™ %RRVW,PPXQH6\VWHP*LQVHQJFDQLPSURYH
LPPXQRORJLFDOSHUIRUPDQFHDQGPD\UDLVH
LPPXQHFHOOFRXQWV
™ 5HGXFH,QIODPPDWLRQ*LQVHQJKDVEHHQ
GHPRQVWUDWHGWRDVVLVWLQWKHUHGXFWLRQRI
LQIODPPDWRU\LQGLFDWRUVDQGWRSURYLGH
SURWHFWLRQDJDLQVWR[LGDWLYHVWUHVV
™ (QKDQFH0HPRU\6WXGLHVKDYHLQGLFDWHGWKDW
JLQVHQJHQKDQFHVPHPRU\DQGUHGXFHVVWUHVV,W
PD\DOVREHKHOSIXOLQSUHYHQWLQJFRJQLWLYH
GHFOLQH$O]KHLPHU·VGLVHDVHGHSUHVVLRQDQG
DQ[LHW\KRZHYHUPRUHVWXG\LVUHTXLUHGLQWKLV
DUHD
™ ,PSURYHHUHFWLOHG\VIXQFWLRQ*LQVHQJPD\
OHVVHQWKHVLJQVDQGV\PSWRPVRIHUHFWLOH
G\VIXQFWLRQE\UHGXFLQJWLVVXHR[LGDWLYHVWUHVV
DQGLQFUHDVLQJEORRGIORZWRWKHSHQLOHPXVFOHV
™ &DQFHU*LQVHQRVLGHVLQJLQVHQJDSSHDUWR
FRQWUROLQIODPPDWLRQRIIHUDQDQWLR[LGDQW
GHIHQFHDQGSUHVHUYHFHOOKHDOWKZKLFKPD\KHOS
ORZHUWKHULVNRIVRPHFDQFHUV
™ 0D\ILJKWWLUHGQHVVDQGLQFUHDVHHQHUJ\
OHYHOV%\UHGXFLQJR[LGDWLYHGDPDJHDQG
ERRVWLQJFHOOXODUHQHUJ\JHQHUDWLRQJLQVHQJ
PD\DLGLQWKHEDWWOHDJDLQVWZHDULQHVVDQG
LPSURYHSK\VLFDOSHUIRUPDQFH
™ %ORRGVXJDUOHYHOUHGXFWLRQ*LQVHQJ
SDUWLFXODUO\IHUPHQWHGUHGJLQVHQJPD\KHOS
ERRVWLQVXOLQSURGXFWLRQLPSURYHWKHDEVRUSWLRQ
RIEORRGVXJDULQWRFHOOVDQGRIIHUDQDQWLR[LGDQW
GHIHQVH

_:),1',$ZZZZRPHQILWQHVVRUJ
7KHUH$UH6HYHUDO0HWKRGV ™ 6RDNFKLFNSHDVLQZDWHUIRUDWOHDVW
7R,QJHVW*LQVHQJ5RRW KRXUV7KHQGUDLQWKHZDWHUDQGNHHSLW
™ <RXPD\HDWLWUDZRUMXVWVWHDPLWWRPDNHLWVRIWHU DVLGH
™ ,QRUGHUWRSURGXFHWHDLWFDQDOVREHVWHZHGLQZDWHU ™ 1H[WSXWDOOWKHLQJUHGLHQWVLQDSRW
6LPSO\VRDNIUHVKO\FXWJLQVHQJLQKRWZDWHUIRUDIHZ 7XUQWKHVWRYHRQDQGEULQJLWWRDERLO
PLQXWHVWRGRWKLV ™ 6LPPHUWKHVRXSRQPHGLXPWRORZKHDW
™ *LQVHQJPD\DOVREHXVHGLQDYDULHW\RIUHFLSHV IRUPLQXWHV
LQFOXGLQJVRXSVDQGVWLUIULHGIRRGV ™ $GGVDOWDQGVWLUZHOO
™ 7KHH[WUDFWLVDOVRDYDLODEOHLQSRZGHUWDEOHWSLOODQGRLO ™ 3RXUWKHVRXSLQWRERZOV6HUYHKRW
IRUP

5HFLSHV7R7U\ 5HIUHVKLQJ*LQVHQJ7HD
0XVKURRP*LQVHQJ6RXS ,QJUHGLHQWV
™ SFV'ULHGJLQVHQJURRWVPDOO SHHOHG
™ WEVS+RQH\
™ FXSV:DWHU

,QVWUXFWLRQV
™ *DWKHUDQGZDVKDOOWKHLQJUHGLHQWV
1H[WSHHOWKHJLQVHQJURRWVDQGVOLFH
WKHPWKLQO\
™ ,QDERZOSRXUKRQH\DQGDGGJLQVHQJ
URRWV.HHSLWDVLGHIRUPLQXWHV
™ +HDWZDWHURYHUDKLJKIODPHLQD
VHSDUDWHSRW+HDWWKHZDWHUEXWGRQRW
ERLOLW
™ 3RXUWKLVZDWHURYHUWKHJLQVHQJ
PL[WXUH
™ /HWLWVWHHSIRUWRPLQXWHV
™ 6WUDLQDQGVHUYHKRW
,QJUHGLHQWV
™ SFV*LQVHQJURRWV *LQVHQJURRWVSFV
™ SFVPXVKURRPV
™ FXS&KLFNSHDV FKDQQD  VRDNLQZDWHUIRU
KRXUV
™ FXSV:DWHU
™ 7RWDVWH6DOW

,QVWUXFWLRQV
™ :DVKDQGFKRSWKHIUHVKPXVKURRPV,I\RXXVH
GULHGPXVKURRPVVRDNWKHPLQZDWHUIRU
PLQXWHV7KHQFXWLWLQWRSLHFHV

_:),1',$ZZZZRPHQILWQHVVRUJ
% 2'<&$5(

$FXSUHVVXUH

0 / : 0 6 3 ' & & 5 


$%DVLF*XLGH

$ FXSUHVVXUHLVDQH[FHOOHQW
SUHYHQWDWLYHIRUPRIPHGLFLQH
PDNLQJXVVWURQJHUVRWKDWZH
FDQDYRLGGLVHDVHDQGFRUUHFW
LPEDODQFHV7KHVHSRLQWVDUHDUHDVWKDW
HQHUJHWLFDOO\DOLJQZLWKFHUWDLQRWKHU
DUHDVRIWKHERG\YLDµPHULGLDQV¶RU
µFKDQQHOV¶%\SUHVVLQJRQDVSHFLILF
SRLQW\RXFDQUHPRYHHQHUJ\EORFNDJHV
LQWKDWFKDQQHOWKDWPD\EHFDXVLQJ\RX
GLVFRPIRUW
7KHEHVWZD\WROHDUQDERXWIRRWWHQVLRQ
SRLQWVLVWROHDUQDOODERXWWKHSUHVVXUH
SRLQWVRQIHHWDQGZKDWWKH\PHDQ
H[DFWO\<RXFDQGRWKLVE\OHDUQLQJ
KRZWRGHFLSKHUDIRRWUHIOH[RORJ\
FKDUWDORQJZLWKOHDUQLQJZKDWIRRW
WHQVLRQSRLQWVDUHKRZWRPDVVDJH
WKHPDQGVRPHRIWKHEHQHILWVRIIRRW
PDVVDJHVLQJHQHUDO

_:),1',$ZZZZRPHQILWQHVVRUJ
7KH)RRW7HQVLRQ3RLQWV $FFRUGLQJWRWKHWKHUDSLVWILQGLQJDQG
PDVVDJLQJWKHSUHVVXUHSRLQWVLQ\RXUIHHWFDQ
)RRWWHQVLRQSRLQWVDUHWKHSODFHVZKHUHRXUIHHWFDUU\WKH
PRVWWHQVLRQ7KHVHSRLQWVFDQDFWXDOO\DIIHFWQRWMXVWWKHIRRW
KHOSZLWKWKHIROORZLQJ
EXWGLIIHUHQWSDUWVRIWKHERG\DVZHOO
™ (\H6WUDLQ,VVXHV
$FFRUGLQJWRUHIOH[RORJ\WKHVHDUHDVFRQWDLQµPHULGLDQSRLQWV¶ ™ 5HOD[DWLRQ /HVV6WUHVV
WKDWFRQQHFWWRYDULRXVSDUWVRIRXUERG\
™ ,PSURYHG6OHHS&\FOHV
/HW¶VILQGRXW:KDWWKH'LIIHUHQW3UHVVXUH3RLQWVPHDQVR ™ 'LJHVWLRQ 6WRPDFK+HDOWK
KHUH¶VDEURNHQGRZQYHUVLRQ
/HW¶VILQGRXW:KDWWKH'LIIHUHQW3UHVVXUH3RLQWVPHDQ$V +RZWR0DVVDJH)RRW
WKLVFKDUWLVDOLWWOHKDUGWRUHDGVRKHUH¶VDEURNHQGRZQ
YHUVLRQ
3UHVVXUH3RLQWV
7KHUHDUHGLIIHUHQWZD\VWRPDVVDJHRXUIRRW
™ 5LJKW)RRW$VVRFLDWHGZLWKWKHULJKWVLGHRIWKHERG\ SUHVVXUHSRLQWVIRUTXLFNDQGHDV\SDLQUHOLHI
™ /HIW)RRW$VVRFLDWHGZLWKWKHOHIWVLGHRIWKHERG\,QRXU
ERGLHVVRPHRUJDQVDUHRQGLIIHUHQWVLGHVRIRXUERG\ IRU
:DUPXS7ZLVWLQJ
H[DPSOH\RXUVWRPDFKLVRQWKHOHIWVLGHVRLW¶VDIIHFWHGE\WKH )RUWKLVH[HUFLVH\RX¶OOZDQWWRZDUPXS\RXU
OHIWIRRW IHHWE\SODFLQJ\RXUSDOPVRQHLWKHUVLGHRIWKH
™ %RWWRPRIWKH)RRW5HODWHGWRRXUSHOYLFDUHDNQHHVDQG IRRWJHQWO\SXOOLQJWKHULGHVLGHIRUZDUGDQG
WKHOHIWVLGHEDFNDQGVZLWFKLQJ5HSHDWIRU
DSSHQGL[
DERXWDPLQXWHRQHDFKIRRW
™ &HQWHURIWKH)RRW ³WKHZDLVWOLQH´ &RUUHODWHVWRWKHVWRPDFK
DQGRUJDQVDERYHWKHZDLVWOLQH7KHORZHUFHQWHUFRUUHODWHVWR
WKHLQWHVWLQHV
™ ,QVLGHRIWKH)RRW&RUUHODWHVWRWKHVSLQH
™ 7KHDUHDXQGHUQHDWKWKH7RHV&RUUHVSRQGVWRWKHFKHVW
™ 7RHVDQG)HHW&RUUHODWHWR\RXUKHDGDQGQHFN

_:),1',$ZZZZRPHQILWQHVVRUJ
+HHO6TXHH]LQJ
7KLVLVEDVLFDOO\IRUWKRVHZKRSXWDORWRISUHVVXUH
RQWKHEDFNRIWKHLUIHHW7KLVW\SHRIPDVVDJHLVD
OLWWOHFKDOOHQJLQJWRGRVR\RXPD\ZDQWVRPHRQH
ZLOOLQJWRKHOS\RX
7RFRPSOHWHWKLVPDVVDJH\RX¶OOZDQWWRKROGWKH
WRSRI\RXUIRRWLQRQHKDQGDQGKROGWKHKHHOZLWK
WKHRWKHU$IWHUWKDW\RX¶OOZDQWWRFRQWLQXRXVO\
VTXHH]HDQGUHOHDVHWKHKHHOZLWK\RXUWKXPE

)RRW6SUHDGLQJ
([SDQG\RXUIRRW¶VZLGWK DQGUHOHDVHVRPHWHQVLRQ
IURP\RXUIRRWSUHVVXUHSRLQWV ZLWKWKLVH[HUFLVH
)LUVWKROGHDFKVLGHRIWKHIRRWZLWK\RXUKDQGV
3XOOHDFKVLGHRXWZDUGUHSHDWHGO\IRUDFRXSOHRI
PLQXWHV

$UFK5XEELQJ
7KLVLVRQHRIWKHPRVW
VDWLVI\LQJIRRWPDVVDJHVDQGLV
JUHDWIRUWKRVHZLWKIODWDUFKHV
RUDUFKGLVFRPIRUW
+ROGWKHWRSRI\RXUIRRWZLWK
RQHKDQGDQGUXEWKHOHQJWK
RIWKHDUFKZLWK\RXUWKXPE
RQWKHRWKHUKDQG0RYHIURP
WKHKHHOWRWKHEDOORIWKHIRRW
DQGYLFHYHUVD

_:),1',$ZZZZRPHQILWQHVVRUJ
,QVWHS5XEELQJ
7U\WKLVIRUIDVWWRSRIWKHIRRWUHOLHI
<RX¶OOZDQWWRXVHRQHKDQGWRVXSSRUWWKHWRSRI
\RXUIRRWDQGWKHWKXPERQ\RXURWKHUKDQGWR
SXWSUHVVXUHRQWKHWRSRI\RXULQVWHS6ORZO\
PRYHGRZQWRWKHEDFNRIWKHKHHODQGUHSHDW

7RH%HQGV
'RQ¶WIRUJHWWKHWRHV7KH\GRQ¶WPRYHWRRPXFK
VRWKLVLVDJRRGZD\WRZDNHWKHPXS
+ROG\RXUKHHOZLWKRQHKDQGDQGEHQGDOOWKH
WRHVEDFNZLWKWKHRWKHU0RYHWKHPEDFNDQG
IRUWKJHQWO\LQFUHDVLQJSUHVVXUHHDFKWLPH

7KHJRDORIDFXSUHVVXUHPDVVDJHLVWRUHVWRUH
:KHQWR$YRLG$FXSUHVVXUH
KHDOWKDQGEDODQFHWRWKHERG\řVFKDQQHOVRI 'HHSWLVVXHZRUNVXFKDVDFXSUHVVXUHPD\QHHGWREH
DYRLGHGLIDQ\RIWKHIROORZLQJFRQGLWLRQVDSSO\
HQHUJ\DQGWRUHJXODWHRSSRVLQJIRUFHVRI\LQ
QHJDWLYHHQHUJ\ DQG\DQJ SRVLWLYHHQHUJ\  € $Q\WUHDWPHQWWKDWLVLQWKHDUHDRIDFDQFHURXV
WXPRURULIFDQFHUKDVVSUHDGWRERQHV
$FXSUHVVXUHQRWRQO\WUHDWVWKHHQHUJ\ILHOGV € <RXKDYHUKHXPDWRLGDUWKULWLVDVSLQDOLQMXU\RUD
DQGERG\EXWDOVRWKHPLQGHPRWLRQVDQG ERQHGLVHDVHWKDWFRXOGEHPDGHZRUVHE\SK\VLFDO
PDQLSXODWLRQ
VSLULW € <RXKDYHYDULFRVHYHLQV
€ <RXDUHSUHJQDQW EHFDXVHFHUWDLQSRLQWVPD\LQGXFH
FRQWUDFWLRQV

_:),1',$ZZZZRPHQILWQHVVRUJ
$ 35,/63(&,$/
3KRWR&UHGLWV
3KRWRJUDSKHU6DVKD-DLUDP #VDVKDMDLUDP
6W\OLVW&KDQGDQL0HKWD #VW\OHGE\FKDQGDQL
$VVLVWHGE\$GLWLMDLVZDO #WKHFUD]\BIDWW\JLUO
0DNHXS6KD\OL1D\DN #VKD\OLQD\DN
+DLU6KHHWDOINKDQ #VKHHWDOBIBNKDQ
0DQDJHU9LQL\DUG)LOPV #YLQL\DUGILOPV
3XEOLFLVW6DQFKLWD7ULYHGL #VDQFKLWDWULYHGL#LGK\DKPHGLD

"
DQGLG
G
6+$0,7$
6 + ( 7 7 <
(FUT3FBM

KDPLWD6KHWW\LVDQ,QGLDQ%ROO\ZRRGDFWUHVV
PRGHODQGLQWHULRUGHVLJQHU6KHPDGHKHU
+LQGLILOPGHEXWLQWKHPXVLFDOURPDQFHILOP
0RKDEEDWHLQZKLFKHDUQHGKHUWKH,,)$$ZDUGIRU
6WDU'HEXWRIWKH<HDU±)HPDOH

_:),1',$ZZZZRPHQILWQHVVRUJ
5IF5FOBOUJT4IBNJUBT
VQDPNJOHGJMNXIJDIXBT
SFDFOUMZSFMFBTFEJOUIFBUSFT
5IFGJMNXIJDIXBTJOJUJBMMZ
TDIFEVMFEUPSFMFBTFJO 
HPUQVTIFECFDBVTFPGUIF
QBOEFNJD%VSJOHUIFTBNFUJNF 
4IBNJUBBQQFBSFEJOUIF
DPOUSPWFSTJBMSFBMJUZTIPX#JHH
#PTT055BOEUIFOJO4FBTPO
4IFUUZFBSMJFSBMTPBQQFBSFEJO
PGUIFTIPXCVUIBWFOUXPOBOZ
PGUIFN4IBNJUBBMTPBQQFBSFE
JOPUIFS57TIPXTMJLF+IBMBL
%JLI-BB+BBBOE,IBUSPO,F
,IJMBEJ

ǢÌŎÞǼǢÌsǼǼɴɠǣŸȖNj
¯ÞNjǣǼ˚sɚsNjOŸɚsNj¶ÞNjĶʰŘ_
ǣÌsÞǣEOĨŸŘEŸNj_ǼŸ
ǣÌNjsÌsNj¯ÞǼŘsǣǣǣǼŸNjÞsǣʰ
ÌsĶǼÌǼÞƼǣʰŘ_ŎŸNjs
sɮOĶȖǣÞɚsĶɴÞŘŸȖNjƼNjÞĶ
ÝǣǣȖsʵ

3KRWR&UHGLWV
3KRWRJUDSKHU6DVKD-DLUDP #VDVKDMDLUDP
6W\OLVW&KDQGDQL0HKWD #VW\OHGE\FKDQGDQL
$VVLVWHGE\$GLWLMDLVZDO #WKHFUD]\BIDWW\JLUO
0DNHXS6KD\OL1D\DN #VKD\OLQD\DN
+DLU6KHHWDOINKDQ #VKHHWDOBIBNKDQ
0DQDJHU9LQL\DUG)LOPV #YLQL\DUGILOPV
3XEOLFLVW6DQFKLWD7ULYHGL #VDQFKLWDWULYHGL#LGK\DKPHGLD

_:),1',$ZZZZRPHQILWQHVVRUJ
)LUVWO\ZHOFRPLQJ\RXEDFNRQ:RPHQ)LWQHVV,QGLD\RXKDYH
EHHQRQRXUYHU\ILUVWFRYHUKRZGRHVLWIHHOWREHEDFNRQERDUG
DQGKRZGR\RXDVVRFLDWHZLWK:RPHQ)LWQHVV

,WIHHOVJUHDWWREHEDFNRQERDUG+HDOWKDQGILWQHVVKDYHEHHQDQ
LQWHJUDOSDUWRIP\OLIH,W·VP\SHUVRQDOLW\,IXQFWLRQEHWWHU
SK\VLFDOO\PHQWDOO\DQGHYHQHPRWLRQDOO\EHFDXVH,DPFRQVFLRXV
DERXWZKDW,SXWLQWRP\ERG\LQWHUPVRIWKHIRRG,HDW,DPDOVR
SK\VLFDOO\WDNLQJFDUHRIP\VHOIDQGPDNLQJP\VHOIVWURQJHULQWKH
J\PWKURXJKP\ZRUNRXW

_:),1',$ZZZZRPHQILWQHVVRUJ
5HDOLW\VKRZVDQGPXVLFYLGHRV
ZKDWKDVEHHQIRU\RXOLNH"
<RXUIDYRULWHPHPRU\IURPWKH
\HDU"

,W VEHHQDZRQGHUIXO\HDU7KHUH
ZHUHORWVRIXSVDQGGRZQV, YH
GLVFRYHUHGDORWPRUHDERXWP\VHOI
WKLV\HDU,WKDVGHILQLWHO\PDGHPHD
VWURQJHUSHUVRQDQGDVDZKROH,
WKLQNLW VEHHQDZRQGHUIXO\HDUIRU
PHPHQWDOO\HPRWLRQDOO\DQGZRUN
ZLVHDVZHOO

0\IDYRULWHPHPRU\IURPWKH\HDU
ZRXOGEHP\WDNHDZD\IURP%LJJ
%RVVWKHUHDOLW\VKRZWKDW,ZDVD
SDUWRI,UHFHLYHGLPPHQVHORYHDQG
VXSSRUWIURPSHRSOHDQGWKH\
DFFHSWHGPHIRUWKHSHUVRQ,DP7KLV
ORYHDQGDFFHSWDQFHZHUH
RYHUZKHOPLQJJUDWLI\LQJDQGMXVWD
EHDXWLIXOIHHOLQJ,W·VDPHPRU\WKDW,
ZLOODOZD\VFKHULVK

:RPHQ)LWQHVV,QGLDWDONVDERXW
GLHWVDQGILWQHVVUHJLPHV:KDW
DUH\RXUGLHWULWXDOVQRZ"<RXUDOO
WLPHIDYRULWHFKHDWPHDO"

, PWU\LQJVRPHWKLQJYHU\QHZ)RU
WKHILUVWWLPHLQP\OLIH, PZHLJKLQJ
P\IRRGDQGHDWLQJLW,KDYHQHZ
WUDLQHUVRQERDUGDQGWKH\DUH
NHHSLQJDFORVHUZDWFKRQP\GDLO\
FDORULHLQWDNHDQGKRZPXFKSURWHLQ
FDUEVDQGIDWV, PSXWWLQJLQWRP\
ERG\7KLVLVVRPHWKLQJ, YHQHYHU
GRQHEHIRUH

, YHDOZD\VIROORZHGDKHDOWK\GLHW
EHIRUHEXWNHHSLQJDFKHFNRQP\
GDLO\FDORULHLQWDNHLVVRPHWKLQJ, P 3KRWR&UHGLWV
3KRWRJUDSKHU6DVKD-DLUDP #VDVKDMDLUDP
GRLQJWKDW·VYHU\QHZ,KDYHDOZD\V 6W\OLVW&KDQGDQL0HKWD #VW\OHGE\FKDQGDQL
$VVLVWHGE\$GLWLMDLVZDO #WKHFUD]\BIDWW\JLUO
IROORZHGDJOXWHQDQGGDLU\IUHHGLHW 0DNHXS6KD\OL1D\DN #VKD\OLQD\DN
+DYLQJVDLGWKDW,NQRZDORWRI +DLU6KHHWDOINKDQ #VKHHWDOBIBNKDQ
0DQDJHU9LQL\DUG)LOPV #YLQL\DUGILOPV
SHRSOHGRQRW, YHNLQGRIVDLGWKLV 3XEOLFLVW6DQFKLWD7ULYHGL #VDQFKLWDWULYHGL#LGK\DKPHGLD
VRPDQ\WLPHVWKDWDOWKRXJK,IROORZ
$VIRUP\DOOWLPHIDYRULWHFKHDWPHDO,OLNHWKLQFUXVWSL]]D,ILW VJOXWHQ
DJOXWHQDQGODFWRVHIUHHGLHW,GR
IUHHWKHQJUHDWRWKHUZLVHLW VWKHSL]]D2QFHDZHHN,FKHDWRQP\PHDOV
LQWURGXFHWKHPLQWRP\V\VWHPDW
DQG,GRLWZLWKZKROHZKHDW,OLNHP\SL]]DWRDWKLQFUXVW,GRQ WOLNH
OHDVWRQFHDZHHNRURQFHLQWHQ
WKHWKLFNFUXVWRQHV$QRWKHUFKHDWPHDO,FDQWKLQNRILVVRPHWKLQJLQ
GD\V7KLVPDNHVP\ERG\QRW
GDUNFKRFRODWHOLNHDGDUNFKRFRODWHSDVWU\7KHSDVWU\KRZHYHU,NHHS
FRPSOHWHO\LQWROHUDQWWRWKHVHWZR
JOXWHQIUHH7KHVHDUHP\IDYRULWHFKHDWPHDOVDQG,DPDOORZHGWRFKHDW
WKLQJV
RQFHDZHHN

_:),1',$ZZZZRPHQILWQHVVRUJ
)LWQHVVSOD\VDYHU\LPSRUWDQWUROH
LQ\RXUOLIH:KDWLVRQHRIWKH
ELJJHVWOHDUQLQJV\RXKDYHOHDUQHG
GXULQJ\RXUILWQHVVMRXUQH\"

7KHUH VVRPXFKWKDW\RXGLVFRYHU
RYHUWKH\HDUVDQGILWQHVVKDVEHHQD
SDUWRIP\OLIHIRURYHU\HDUVQRZ
5DWKHU,JLYHLWWKDWLPSRUWDQFHLQ
P\OLIH$V,PHQWLRQHG,IHHOEHWWHU
PHQWDOO\SK\VLFDOO\DQGHPRWLRQDOO\
DQGWKLVEDODQFHPDNHVLWLPSRUWDQW
,NQRZKRZ,IHHOZKHQ,GRQ WZRUN
RXWIRUDIHZGD\VSK\VLFDOO\LW VQRW
DJUHDWIHHOLQJ,IHHOOHWKDUJLFP\
HQHUJ\OHYHOVDUHORZDQG
HPRWLRQDOO\,GRQ WIHHOJUHDWHLWKHU
(QGRUSKLQVDQGVHURWRQLQDUH
LPSRUWDQWIRUWKHV\VWHP7KHUHDUH
ORWVRIGRVDQGGRQ WV2YHUWKH\HDUV
,·YHOHDUQHGZKDWZRUNVIRUPH,W
ZRQ WQHFHVVDULO\ZRUNIRUDQRWKHU
SHUVRQEHFDXVHZH·UHDOOPDGH
GLIIHUHQWO\SK\VLFDOO\DVZHOODV
PHQWDOO\

:KDWDUHDOOSODQVDQGSURMHFWV
\RXDUHORRNLQJDWLQ"
0HVVDJHIRU\RXUIDQV"

,KDYHDPRYLHUHOHDVLQJ7KH7HQDQW
WKLV\HDU,·PFXUUHQWO\ORRNLQJ
IRUZDUGWRWKDW2WKHUWKDQWKDWOHW V
VHHZKDWOLIHKDVLQVWRUHIRUPH,
GRQ WPDNHWRRPDQ\SODQV,MXVWOHW
WKLQJVXQIROGDWWKHULJKWWLPH
7KDW VMXVWWKHZD\P\OLIHKDVEHHQ
,W·VDOZD\VEHHQXQSUHGLFWDEOHDQG,
OLNHWRDFFHSWLWWKHZD\LWLV

$PHVVDJH,ZRXOGOLNHWRJLYHWRP\
IDQVLVWROHWJR7UXVWLQWKH
XQLYHUVH7UXVWWKDWHYHU\WKLQJWKDW V
KDSSHQLQJDWWKLVPRPHQWLVIRUWKH
EHVW<RXPD\QRWXQGHUVWDQGLWQRZ
EXWLQWLPH\RXZLOO+DYHIDLWKDQG
VWD\SRVLWLYH$OVRORYHDOLWWOH
EHFDXVH*RGNQRZVWKHZRUOGQHHGV
DORWRILW

_:),1',$ZZZZRPHQILWQHVVRUJ
%HLQJLQWKHLQGXVWU\IRUPRUHWKDQDGHFDGHZKDWKDVSOD\HGD
SLYRWDOUROHLQ\RXUMRXUQH\"3LHFHRIDGYLFHIRUXSFRPLQJDFWRUV

, YHKDGDORWRIXSVDQGGRZQVLQWKHLQGXVWU\EXWIRUPHP\ORZV
KDYHEHHQYHU\YHU\LPSRUWDQWWRPH7KH\·YHWDXJKWPHDORWDERXW
WKHSHUVRQ,DP7KH\KHOSHGPHGLVFRYHUP\RZQVWUHQJWKDQG,
UHDOO\FKHULVKDOORIWKHH[SHULHQFHV, YHKDGRXWKHUH7KH*RRGWKH
EDGWKHXJO\ZKDWHYHULWLV,ZRXOGQHYHUH[FKDQJHWKRVH
H[SHULHQFHVIRUDQ\WKLQJEHFDXVHLW VPDGHPHWKHSHUVRQ,DP
WRGD\7KH\·YHDOVRNHSWPHJURXQGHGDQGXQGHUVWDQGOLIHDORW
EHWWHU

$SLHFHRIDGYLFH,ZRXOGZDQWWKHQHZFRPHUVWRKDYHLVWREHYHU\
FOHDUDERXWWKHLUJRDOVDQGVWD\VWURQJ<RXFDQSUHSDUH\RXUVHOI
ZLWK\RXUDFWLQJVNLOOVGDQFLQJVNLOOVDQGDOORIWKDWEXW\RXKDYH
WRNQRZLW VQRWDQHDV\LQGXVWU\WREHDSDUWRI:LWKWKHXSVDQG
GRZQVWKDWFRPHZLWKIDPHDQGPRQH\\RXKDYHWRPDNHVXUHWKDW
\RX UHPHQWDOO\DQGHPRWLRQDOO\VWURQJDQGKDYHDJRRGVXSSRUW
V\VWHP0DNHVXUH\RX·UHFOHDUDERXW\RXUJRDODQGEHIRFXVHG
EHFDXVHKDUGZRUNJRHVDORQJZD\

$QRWKHUSLHFHRIDGYLFH,ZRXOGPD\EHJLYHSHRSOHMRLQLQJWKH
LQGXVWU\LVWRKDYHVRPHWKLQJHOVHWKDW\RXFDQGRRQWKHVLGHOLNH
DVHFRQGEXVLQHVVEHFDXVHWKLVLVDYHU\XQSUHGLFWDEOHLQGXVWU\WR
EHDSDUWRI6R,ZRXOGVD\KDYHVRPHWKLQJHOVHKDSSHQLQJRQWKH
VLGHDVDEDFNXS

/DVWO\ZLWKDKXJHIROORZLQJRQVRFLDOPHGLDRIPZKDWLV
WKHZRUVWDQGEHVWSDUWDFFRUGLQJWR\RXDERXWVRFLDOPHGLD"

,QP\YLHZWKURXJK\RXUVRFLDOPHGLD\RXJHWWRFRQQHFWZLWKWKH
SHRSOHWKDWORYH\RX$ORWRIORYHFRPHV\RXUZD\EXW
XQIRUWXQDWHO\DORWRIXQQHFHVVDU\KDWHRUMXGJPHQWDVZHOO
VRPHWLPHV,WKLQN\RXKDYHWROHDUQWREDODQFHWKLQJVRXWDQGEH
VWURQJ<RXVKRXOGEHOLHYHLQWKHSHUVRQ\RXDUH'RQ WOHWWKRVH
WKLQJVDIIHFW\RX,QLWLDOO\LWDIIHFWHGPHDVZHOOEXW, YHUHDFKHGD
VWDJHLQP\OLIHZKHUHQRQHRILWUHDOO\DIIHFWVPHDQ\PRUH

6RFLDOPHGLDKDVKRQHVWO\EHFRPHDQDGGLFWLRQQRZZKLFKLV
WHUULEOH,PLVVWKRVHWLPHVZKHQWKHUHZDVQR,QVWDJUDPDQG
7ZLWWHUDQGMXVWWKHVLPSOH)DFHERRN,ORYHGWKDWWLPH+RZHYHU
WKHUH VDOVRDORW\RXJHWWROHDUQDQGVHHWKURXJKVRFLDOPHGLDDV
ZHOOWKHVHGD\VVRLW VQRWDOOEDG

_:),1',$ZZZZRPHQILWQHVVRUJ
: (,*+7/266

+\SHU3DODWDEOH

)RRGV
.POJUPS:PVS'PPE$IPJDFT
BOE#PEZ8FJHIU

+
\SHUPHDQV
H[FHVVLYHDQG
SDODWDEOHPHDQV
DSSHWL]LQJDQGSOHDVLQJWR
WKHWDVWHEXGV6RK\SHU
SDODWDEOHIRRGLVRQHWKDWLV
VRWHPSWLQJLWFDQRYHUULGH
\RXUDELOLW\WRFRQWUROWKH
DPRXQW\RXHDW

_:),1',$ZZZZRPHQILWQHVVRUJ
#SBJOJNBHJOHIBTTIPXOUIBUUIFTF /LVWRI$GGLFWLYHRU
IZQFSQBMBUBCMFGPPET POFTXJUIUIF
+\SHUSDODWDEOH)RRGV
SJHIUBNPVOUPGTVHBS GBU BOETBMU 
MJHIUVQUIFSFXBSEDFOUFSJOPVS ™ 3L]]D
CSBJO8FMJLFJU XFXBOUJU BOEXF ™ &KRFRODWH
BSFNPUJWBUFEUPHFUNPSFMJLFBO ™ &KLSV
BEEJDU ™ &RRNLHV
0OFPGUIFNBJOTUSBUFHJFTGPS
™ ,FH&UHDP
™ )UHQFK)ULHV
PWFSDPNJOHGPPEBEEJDUJPOJTUPBWPJE
™ &KHHVHEXUJHUV
IZQFSQBMBUBCMFGPPE )1' BUMFBTU
™ 6RGD
GPSBQFSJPEPGUJNF$PVQMFUIBUXJUI
™ &DNH
FBUJOHSFHVMBS CBMBODFENFBMTBOE
™ &KHHVH
ZPVSCSBJOBOECPEZIBWFBDIBODF
™ %DFRQ
UPHFUUPBNPSFOPSNBMJ[FEDIFNJDBM ™ )ULHG&KLFNHQ
CBMBODF*GJOEUIBUBCJUIJHIFS ™ 5ROOV
QSPUFJOJOUBLF QMFOUZPGMFNPO ™ 3RSFRUQ
XBUFS BOEMPXTVHBSBSFWFSZ ™ %UHDNIDVW&HUHDO
IFMQGVMJOSFEVDJOHDSBWJOHTBOE ™ *XPP\&DQG\
HFUUJOHPOBCFUUFSUSBDL"OEEPOU ™ 6WHDN
GPSHFUUPFYFSDJTF ™ 0XIILQV

_:),1',$ZZZZRPHQILWQHVVRUJ
0DQDJLQJ+\SHU3DODWDEOH)RRGV
7KHILUVWVWHSWRPDQDJLQJK\SHUSDODWDEOHIRRGVLVWR +DYH\RXEHHQDEOHWRDYRLG\RXUK\SHUSDODWDEOHIRRGV
LGHQWLI\WKHPIRUWKHLQGLYLGXDOZKLFKFDQYDU\ RUGR\RXQHHGWRWU\DQHZDSSURDFK",I\RXDUHGRLQJ
TXLWHDELW ZHOONHHSRQJRLQJ,I\RXILQGWKDWWKHVWUDWHJ\LVQRW
6RPHSHRSOHILQGJHQHUDOFDWHJRULHVRIIRRGVWREH ZRUNLQJWU\WRHVWDEOLVKZK\DQGGHYHORSDVWUDWHJ\WR
K\SHUSDODWDEOHVXFKDVEUHDGRUDQ\FKRFRODWHZKLOH SUHYHQWWKLVIURPKDSSHQLQJ)RUH[DPSOHLI\RXIRXQG
RWKHUVKDYHPRUHVSHFLILFWDVWHVZKHUHE\WKH\FDQ \RXUVHOIKDYLQJLFHFUHDPIRUGHVVHUWZKHQ\RXZHUH
FRQVXPHWKUHHMHOO\OROOLHVDWZRUNHYHU\GD\EXWLI WU\LQJWRDYRLGLWILQGDQDOWHUQDWLYHGHVVHUWVXFKDV
WKH\HDWDPXVNVWLFNWKH\ZLOOHDWWKHZKROHSDFNHW,W \RJXUWDQGEHUULHVWKDW\RXFDQKDYHLQVWHDG DQGPDNH
FDQEHKDUGWROLVWWKHPDOODWWKHVWDUWVR\RXFDQ VXUHLWLVUHDG\WRJR 
XSGDWHWKLVDV\RXJR 7KHILQDOVWHSLVWRUHYLHZWKHVWUDWHJ\DQGVHHLIWKH
7KHQH[WVWHSLVWRGHYHORSDVWUDWHJ\WRDYRLG IRRGLVVWLOOK\SHUSDODWDEOH
FRQVXPSWLRQ 7U\WRFRQVXPHWKHIRRGLQDPRGHUDWHDPRXQWWRVHHLI
7KLVFDQEHDVVLPSOHDVQRWEX\LQJWKHIRRGEXW LWLVPRUHPDQDJHDEOH6RPHSHRSOHILQGWKDWWKH\DUH
VRPHWLPHV\RXUSDUWQHUKRXVHPDWHRUFROOHDJXHLVWKH DEOHWRPDQDJHWKHLQWDNHDORWHDVLHUDIWHUUHPRYLQJWKH
RQHZKRRIWHQKDVWKHIRRGLQWKHILUVWSODFH6RZLOO IRRGZKHUHDVRWKHUVVWLOOILQGLWK\SHUSDODWDEOH,ILWLV
\RXMXVWUHIXVHLWRUZLOO\RXWHOOWKHPZKDW\RXDUH PDQDJHDEOHLWFDQEHLQWHJUDWHGEDFNLQWRWKHGLHW,ILW
GRLQJ",NQRZLWVRXQGVWULYLDOEXWLWLVSUHSDULQJIRU LVQRWPDQDJHDEOH\HWLWLVEHVWWRFRQWLQXHHOLPLQDWLQJ
OLWWOHWKLQJVOLNHWKLVWKDWFDQSUHYHQW\RXUDGKHUHQFH WKHIRRGZKLOHWU\LQJWRFUHDWHDQHQHUJ\GHILFLWDQGWU\
IURPEHLQJGHUDLOHG DJDLQODWHU

7KLUGO\UHYLHZWKHVWUDWHJ\

_:),1',$ZZZZRPHQILWQHVVRUJ
< 2*$

2*
< (6$
326
)25

%HWWHU
'LJHVWLRQ

+
HUHDUHDIHZ\RJD
SRVHVWKDWFDQKHOS
OLPLWGLJHVWLYHZRHV
DVWKHIHVWLYHIXQEHJLQVDV
UHFRPPHQGHGLQ´0DELEOHGX
YHQWUHµE\GLJHVWLRQGLVRUGHU
VSHFLDOLVW'DQLqOH)HVW\DQG
HQGRFULQRORJLVWDQGQXWULWLRQLVW
3LHUUH1\V

_:),1',$ZZZZRPHQILWQHVVRUJ
 &DPHO3RVH
6WUHWFKLQJWKHERG\LQWRDQXQXVXDOSRVLWLRQ
FDQEHQHILWWKHGLJHVWLYHV\VWHPDQG
VWLPXODWHPRYHPHQWVLQWKHJXW7KHFDPHO
SRVHLQYROYHVNQHHOLQJRQWKHIORRUWKHQ
UHDFKLQJEDFNZDUGţDUFKLQJWKHEDFNţWR
JUDEKROGRI\RXUKHHOVZLWK\RXUKDQGV7KLV
DFWLRQFUHDWHVDQDEGRPLQDOPDVVDJHWKDW
UHGXFHVIDWGHSRVLWV+RZHYHUWKHSRVH
VKRXOGEHDYRLGHGLQFDVHVRIKHUQLDVFLDWLFD
EDFNSDLQRUUHFHQWVWRPDFKVXUJHU\7KH
KDOIFDPHOLVDQHDVLHURSWLRQIRUEHJLQQHUV
.QHHOLQJGRZQOHDQEDFNZDUGDQGSODFH\RXU
KDQGVRQ\RXUORZHUEDFNZKLOHORRNLQJXSDW
WKHFHLOLQJ

_:),1',$ZZZZRPHQILWQHVVRUJ
 +DOI6SLQDO7ZLVW
$VZHOODVZRUNLQJRQVSLQHPRELOLW\WKHKDOIVSLQDO
WZLVWJLYHVRUJDQVOLNHWKHSDQFUHDVWKHOLYHUDQGWKH
LQWHVWLQHVDJRRGLQWHUQDOPDVVDJH7KHSRVHFDQEH
KHOSIXOIRUSUREOHPVUHODWLQJWRFRQVWLSDWLRQRU
GLJHVWLRQ6LWWLQJRQWKHIORRU RQD\RJDPDW SODFH
\RXUULJKWIRRWRYHU\RXUOHIWWKLJK1H[WEULQJ\RXU
ULJKWDUPEHKLQGWKHERG\DQGZKLOHEUHDWKLQJRXW
WXUQ\RXUERG\DQGQHFNWRWKHULJKWZKLOHORRNLQJ
VWUDLJKWDKHDGEHKLQG\RX

 &REUD3RVH

7KHFREUDSRVHLVJRRGIRUWDFNOLQJFRQVWLSDWLRQDQGIDYRULQJ
GLJHVWLRQ/LHGRZQRQ\RXUIURQWZLWK\RXUERG\DQGOHJVVWUDLJKWDQG
\RXUIHHWWRJHWKHU3ODFH\RXUKDQGVOHYHOZLWK\RXUFKHVWDQGZKLOH
EUHDWKLQJLQJUDGXDOO\UDLVH\RXUXSSHUERG\XQWLO\RXUQDYHOQR
ORQJHUWRXFKHVWKHIORRU.HHSORRNLQJXSZDUGV7KHQORZHU\RXUERG\
EDFNGRZQRQWRWKHIORRUVORZO\ZKLOHEUHDWKLQJRXW

_:),1',$ZZZZRPHQILWQHVVRUJ
 +DOI/RFXVW3RVH
7KHKDOIORFXVWSRVHFDQEHXVHIXOIRUJHWWLQJULGRIIDWDURXQGWKHWKLJKVZKLOHDOVRKHOSLQJ
SUHYHQWLQGLJHVWLRQDQGFRQVWLSDWLRQ/LHGRZQRQ\RXUVWRPDFKZLWK\RXUDUPVDORQJVLGH\RXU
ERG\DQG\RXUIRUHKHDGRQWKHIORRU%UHDWKHLQDQGSODFH\RXUFKLQRQWKHIORRU/RRNIRUZDUGV
DQGEUHDWKHRXW2QWKHQH[WEUHDWKLQUDLVH\RXUULJKWOHJZKLOHNHHSLQJLWVWUDLJKWţGRQřW
EHQG\RXUNQHHRUDQNOH0DNHVXUH\RXNHHS\RXUKLSVVWUDLJKWWRR SDUDOOHOZLWKWKHIORRU 
.HHSWKHUHVWRIWKHERG\VWDEOHVWUDLJKWDQGDERYHDOOUHOD[HG+ROG\RXUOHJLQWKH
DLUIRUDIHZVHFRQGVZLWKRXWIRUFLQJWKHPXVFOHVWRRPXFKWKHQORZHULWJHQWO\
EDFNGRZQWRWKHJURXQGDQGUHSHDWZLWKWKHOHIWOHJ

6HDWHG
 )RUZDUG%HQG
7KHOLYHUNLGQH\VSDQFUHDVDQGRYDULHVDUHDPRQJWKH
RUJDQVWKDWEHQHILWIURPWKLVSRVH7KHIRUZDUGEHQGKDV
DSRVLWLYHHIIHFWRQGLJHVWLRQDQGDSSHWLWH7KHDLPLVWR
UHVW\RXUWRUVRRQ\RXUOHJVVWUHWFKHGRXWVWUDLJKWLQ
IURQWRI\RXZKLOHKROGLQJ\RXUWRHV,I\RXFDQřWUHDFK
\RXUWRHVKROGRQWR\RXUOHJVDWWKHIXUWKHVWSRLQW\RX
FDQUHDFKWKHQOHDQIRUZDUGDVPXFKDVSRVVLEOH

_:),1',$ZZZZRPHQILWQHVVRUJ
<RJD7LS

RZORQJZLOO,KDYHWRKROGWKH
SRVHV"7KLVGHSHQGVRQWKHW\SH
RI\RJDFODVV\RXWDNH³IRU
H[DPSOHDVORZIORZRUKDWKDFODVVPD\
UHTXLUH\RXWRKROGDSRVHIRUDQH[WHQGHG
SHULRGRIWLPH%XWLQYLQ\DVDIRU
H[DPSOHEDODQFLQJSRVHVDUHKHOG
ORQJHUWREHQHILWFRQFHQWUDWLRQ
DQGIRFXVZKLOHWUDQVLWLRQ
SRVWXUHVEXLOGVWUHQJWK
ZKLOHWHDFKLQJIOXLGLW\LQ
PRYHPHQW
)RUWKHPRVWSDUWSRVHV
DUHKHOGIRUWKUHHWRILYH
EUHDWKVGXULQJWKHILUVW
URXQGWRKHOSWKHPVLQN
LQWR\RXUPHPRU\7KHQ
WKH\ UHKHOGIRUDVLQJOH
EUHDWKZKHQ\RXUHSHDW
WKHSRVHWRKHOSDPS
XSWKHFDUGLR
FRPSRQHQW
RI\RJD

_:),1',$ZZZZRPHQILWQHVVRUJ
6 +233,1*

0RWKHU V
'D\(GLW
)
RU<RX0DPPD,I
DQ\RQHGHVHUYHVWREH
VKRZHUHGZLWKORYHRQ
WKHLUVSHFLDOGD\LW VPRPV
:KLOHZHVHHVRPDQ\RIWKHLU
VDFULILFHVHYHU\GD\WKHUHDUH
VRPDQ\DFWVRIORYHWKDWJR
XQVHHQ:KLFKLVZK\0RWKHU V
'D\LVWKHSHUIHFWWLPHWRJLIW
\RXPRPDOLWWOH RUELJ 
VRPHWKLQJWROHWKHUNQRZWKDW
\RXGRVHHKHU

_:),1',$ZZZZRPHQILWQHVVRUJ
:HKDYHFXUDWHGDVSHFLDO
EUDQGOLVWIRU\RXWRFKRRVH
IURPWKLV\HDU

6GD.HO$@KL
%NLO@MX
$W7KH/LS%DOP&RPSDQ\ZHVSHDN
ORYH²ORYHIRU\RXUOLSVDQGIRUWKH
SODQHW:KDWEHWWHUZD\WRH[SUHVV\RXU
ORYHIRU\RXUPRPE\LPSUHVVLQJKHU
ZLWKWKLVKDQGSLFNHGDUUD\RIWKHEHVW
OLSEDOPVLQWKHZRUOG
$IWHUPDQ\DWRXJK\HDURIWHQGLQJWR
URXJKOLSVUHQRZQHGGHUPDWRORJLVW'U
5HQLWD5DMDQVWDUWHGDSHUVLVWHQWDQG
UHOHQWOHVVHQGHDYRXUWRGLVFRYHUWKH
+RO\*UDLORIOLSEDOPV²DOLSEDOPWR
WUHDWVHQVLWLYHOLSV
$OORIWKLVLQDEHDXWLIXONHHSVDNHSODQHW
IULHQGO\ZRRGHQER[WKDW·VMXVWVR
PXFKORYH
3LFNWKLVSHUIHFWJLIWIRU0RWKHU·V'D\DWZZZWKHOLSEDOPFRLQ

/XRGJ@(@RGHNM
/RRNLQJIRUDVW\OLVKDQGDIIRUGDEOH0RWKHU V'D\JLIW"
/RRNQRIXUWKHUWKDQ0\VKND)DVKLRQ7KLVSRSXODU
FORWKLQJEUDQGLVFXUUHQWO\RIIHULQJGLVFRXQWVRIXSWR
RQWKHLUFROOHFWLRQPDNLQJLWHDVLHUWKDQHYHUWRILQG
WKHSHUIHFWJLIWIRU\RXUPRP
0\VKND)DVKLRQRIIHUVDZLGHUDQJHRIVW\OHVIURP
WUDGLWLRQDONXUWDVDQGVDUHHVWRFRQWHPSRUDU\GUHVVHV
DQGMXPSVXLWVVR\RX UHVXUHWRILQGVRPHWKLQJWKDWVXLWV
\RXUPRP VVW\OH
6KRSDWZZZP\VKNDVWRUHFRP

_:),1',$ZZZZRPHQILWQHVVRUJ
#QS08HMS@FD
:LWK0RWKHU V'D\MXVWDURXQGWKHFRUQHU$UW19LQWDJHLVWKHSHUIHFWGHVWLQDWLRQIRUDQ\RQHORRNLQJIRUD
VW\OLVKDQGSUDFWLFDOJLIWIRUWKHLUPRP$VDWUXVWHGEUDQGLQWKHOHDWKHUEDJLQGXVWU\$UW19LQWDJHRIIHUVD
ZLGHUDQJHRIEDJVFUDIWHGIURPKLJKTXDOLW\PDWHULDOVWKDWDUHERWKIDVKLRQDEOHDQGIXQFWLRQDO
$QGZLWKWKHLUVSHFLDO0RWKHU V'D\6DOH\RXFDQVDYHRQ\RXUSXUFKDVH,W VWKHSHUIHFWRSSRUWXQLW\WR
VKRZ\RXUPRPKRZPXFK\RXDSSUHFLDWHKHUZLWKDJLIWVKH OOORYHDOOZKLOHVWD\LQJZLWKLQ\RXUEXGJHW
ZZZDUWQYLQWDJHFRP

+S@Q@
,WDUD-HZHOOHU\IHDWXUHVDIIRUGDEOH
DQGVXVWDLQDEOHODEJURZQ
GLDPRQGMHZHOOHU\LQ.7JROG
,WDUDLVSLRQHHULQJDFRQVFLRXV
HYROXWLRQWKDW VPRUHKRQHVWPRUH
HWKLFDODQGFRQIOLFWIUHH7KH\
DLPWRPDNHGLDPRQGMHZHOOHU\
FRQWHPSRUDU\ZHDUDEOHDQG
DFFHVVLEOH7KHLU(GLWK(DUULQJVDUH
EULOOLDQWO\FUDIWHGLQDQHOHYDWHG
GRXEOHKRRSVW\OHWKDW V
OLJKWZHLJKWDQGXOWUDYHUVDWLOH
6KRSWKHLUPRGHUQFODVVLFVW\OHV
WKDWZLOOEHOLIHORQJFKHULVKHG
DGGLWLRQVWR\RXUPRWKHU V
MHZHOOHU\FROOHFWLRQ
:HEVLWHZZZLWDUDMHZHOU\FRP

_:),1',$ZZZZRPHQILWQHVVRUJ
%NKNQ%GDLHRSQX
(VWDEOLVKHGLQ-XLF\&KHPLVWU\UHFHQWO\
ODXQFKHG&RORU&KHPLVWU\DUDQJHRI(FRFHUW
&HUWLILHG2UJDQLF 1DWXUDO0DNHXS3URGXFWV
,WLVQRWMXVWDEUDQGEXWDQLGHRORJ\WRFXUDWH
RUJDQLF QDWXUDOSURGXFWVEDFNHGE\LQWHQVLYH
UHVHDUFKDQGVFLHQFH)URPVRLOWRVNLQLWLVWKHLU
XQLTXHRUJDQLFDSSURDFKWRVNLQFDUH 
PDNHXS7KHLUSURGXFWVDUHSDFNHGZLWKSRWHQW
RUJDQLFFHUWLILHGERWDQLFDOVWKDWKDYHEHHQXVHG
IRUFHQWXULHVWRWUHDWKHDODQGKLJKOLJKWQDWXUDO
EHDXW\

_:),1',$ZZZZRPHQILWQHVVRUJ
= 2',$&6,*16

ǂƒÛýëGÛÛ Ų
6OEFSTUBOEJOH
5IF$POOFDUJPO

(
YHU\SHUVRQKDVD
GLIIHUHQWSHUVRQDOLW\DQG
LW·VNLQGRIOLNHD
SDWFKZRUNTXLOWZKHUHHDFK
SODQHWDIIHFWVDGLIIHUHQWDUHD
KRZHYHUWKH\DOOZRUNWRJHWKHU
WRFUHDWHRQHELJSLFWXUH2XU
VXQVLJQLVOLNHRXULGHQWLW\KRZ
ZHZDQWWREHVHHQKRZZH
UHDFWWRWKLQJVRXUHJRDQG
LQIOXHQFHVRXUSHUVRQDOLW\
KHDYLO\

_:),1',$ZZZZRPHQILWQHVVRUJ
@fc^``_dZX_UVdTcZSVdhYRehVWVV]RS`feeYZ_Xd
`fcV^`eZ`_R]deReVdR_Ud`^VeZ^VdUZTeReVd`fc
^``UdEYV^``_TYR_XVddZX_dVgVcj#" #URjdR_U
hZeYTVceRZ_aV`a]VeYVZc^``UdTYR_XVR]`_XhZeY
eYV^``_
DeZ_R8RcSZdRac`WVddZ`_R]adjTYZTR_URdec`]`XVc
hZeY`gVc$!jVRcŶdac`WVddZ`_R]ViaVcZV_TVdYRcVdYVc
RUgZTVW`cS`eYj`fc^``_dZX_R_Udf_dZX_

7LSVWR+DQGOH<RXU0RRG
%DVHGRQ\RXU6XQ6LJQ

2cZVd

$ULHVLVDYHU\ILHU\VLJQDQGLVUXOHGE\WKHSODQHWPDUV7KH\FDQJHW
VHULRXVO\IUXVWUDWHGDQGWKHLUIUXVWUDWLRQFDQHDVLO\WXUQLQWRDQJHU
HLWKHUDWWKHPVHOYHVRUVRPHRQHHOVH0DUVLVWKHSODQHWRIDFWLRQVRLI
DQ$ULHVLVIHHOLQJRXWRILWHLWKHUZLWKGHSUHVVLRQRUUDJH,UHFRPPHQG
DEULVNZDON3LFNDQ\W\SHRISK\VLFDOPRYHPHQWWKDWJHWVWKHZKROH
ERG\JRLQJDWDTXLFNSDFHWRZRUNWKHDJJUHVVLRQRXW3HUKDSVER[LQJ
LVDJRRGRSWLRQ

ERfcfd

7DXUXVFDQJHWYHU\PRRG\DQGVHHWKHZLWKTXLHWDQJHUDQGHYHQWXDOO\
ZLOOSRSZKHQWKH\GRQ¶WJHWWKHLUZD\7DXUXVORYHVULFKWKLQJV
H[WUDYDJDQWWKLQJVWKH\ORYHPDWHULDOLVWLFSRVVHVVLRQVDQGZDWFKLQJ
WKHLUPRQH\JURZV,ID7DXUXVLVIHHOLQJJORRP\WKH\PD\EHLQIRU
VRPHUHWDLOWKHUDS\%ULJKWHQWKHLUJD]HZLWKDQHZSLHFHRIMHZHOU\RU
ZDWFKEX\VRPHSHUIXPHRUFRORJQH7KHVHGD\VHYHU\RQH¶VRQ
$PD]RQVRWKH\FDQMXVWIOLSRSHQWKHLUSKRQHDQGORRNDWGHDOVIRUWKH
GD\DQGWKH\ZLOODXWRPDWLFDOO\OLIWWKHLUVSLULW

_:),1',$ZZZZRPHQILWQHVVRUJ
8V^Z_Z GZcX`

$Q\*HPLQLFDQHDVLO\JHWIOXVWHUHGRUFRQIXVHG7KH\ 9LUJRVZRUNVRKDUG7KLVLVWKHVLJQWKDWPD\H[SHULHQFHEXUQ
PD\ILQGWKHPVHOYHVHPEDUUDVVHGRUWRQJXHWLHGDQG RXWDQGPD\EHWKHILUVWWRWHOO\RXWKDWWKH\KDYHEHHQZRUNLQJ
WKHLUEDGPRRGPD\UHVXOWLQSRRUFRPPXQLFDWLRQ DOOWKHWLPHZLWKRXWKDYLQJDQ\WLPHOHIWIRUWKHP9LUJRVORYH
*HPLQL¶VQHHGWRJHWWKHLUIHHOLQJVRIIVWKHLUFKHVWDQG RUJDQL]DWLRQDQGVRLID9LUJRLVIHHOLQJRXWRIVRUWVLWFRXOG
WKHLUKHDGVWUDLJKWDQGLIWKH\GRQ¶WKDYHDQ\RQHWRWDON PHDQWKDWWKHLUKRXVHLVGLUW\RUGLVKHYHOHG6RPHWLPHVDVLPSOH
WRWKH\FDQWXUQWRMRXUQDOLQJ7KH\PD\HYHQHQMR\ WDVNOLNHWDNLQJDGD\RIIWRJHWWKHLUKRXVHEDFNLQRUGHUPLJKW
YRLFHPHPRVZKHUHWKH\MXVWWDONWKHLUVLWXDWLRQRXW PDNHDOOWKHGLIIHUHQFHIRUD9LUJR7KH\PD\DOVRHQMR\SLFNLQJ
:KHQD*HPLQLFDQWDONRXWWKHLUSUREOHPVWKH\WHQGWR XSVRPHQHZFRQWDLQHUVWRRUJDQL]HWKHLUGUDZHUVRUIRU
ILQGVROXWLRQVYHU\HDVLO\ DQ\WKLQJWKH\ZDQWWRRUJDQL]H7KH\KDYHWKHVHVWRUDJHEDJ
RUJDQL]HUVDQGLID9LUJRGRHVQ¶WKDYHRQHDOUHDG\LW¶VWLPH

4R_TVc =ZScR

&DQFHUVDUHDYHU\PRRG\VLJQWKH\DUHUXOHGE\WKH
/LEUDVORYHWRKDYHWKHLUOLIHVWUHDPOLQHGEDODQFHGDQGVHUHQH
PRRQDQGWKHLUPRRGVFDQFKDQJHVHYHUDOWLPHVDPRQWK
,IWKHUHEDODQFHLVRIIWKHQLWWKLVVLJQPD\JHWDOLWWOHK\VWHULFDO
&DQFHULVDOVRDZDWHUVLJQDQGWKHLUPRRGLVGHHSO\WLHG
7KHVLJQRI/LEUDUXOHVWKHVHYHQWKKRXVHRIORYHUV$VLQJOH
LQWRWKHLUHPRWLRQV&DQFHUVORYHWRWDNHFDUHRIRWKHU
/LEUDPD\KHDUPHRXWILQGUHOLHIE\GRLQJVRPHRQOLQHGDWLQJ
SHRSOHVRLIWKH\FDQVSHQGWLPHEHLQJQLFHWRDQRWKHU
$WDNHQ/LEUDPD\HQMR\VRPHIXQQ\WH[WLQJZLWKWKHLUIDYRULWH
SHUVRQRUSHUIRUPLQJDQDFWRIVHUYLFHWKH\PD\IHHO
SHUVRQ7KH\QHHGFRQQHFWLRQDQGVRLIWKH\DUHIHHOLQJEOXH
ZDQWHGDQGUHGHHPHGDQGXVHIXO
WKH\QHHGWRUHDFKRXWLQVWHDGRIGLVDSSHDULQJLQWRDFKDVPRI
GHVSDLU

=V`
DT`caZ`

7KH/HR¶VOLNHWROLYHODUJHDQGLQFKDUJH7KH\FDQDOVR
WKURZVRPHVHULRXVWHPSHUWDQWUXPV7KH\DUHDQRWKHU 6SHDNLQJRIFKDVPRIGHVSDLUWKLVFDQVHHPOLNHDOORI6FRUSLRV
RQHRIWKRVHVLJQVWKDWOLNHVWREHIODVK\7KH\DUHWKH OLIH6FRUSLRVDUHERUQLQDEDGPRRG7KH\OLNHWKHGDUNWDERR
UXOHURIWKHILIWKKRXVHRIIDYRULWHSDVWWLPHVDQG DQGWKHHVRWHULF,ID6FRUSLRZDQWVWROLIWWKHLUPRRGWKH\
KREELHV6RPHWLPHVWKHOLRQQHHGVWRJHWRXWDQGSOD\ VKRXOGGHILQLWHO\JRJHWDWDURWUHDGLQJRUWKURZVRPHWDURW
0D\EHJRERZOLQJRUSOD\VRPHPLQLDWXUHJROIJRWRD FDUGVRQWKHPVHOYHVRUH[FKDQJHUHDGLQJVZLWKDIULHQG,WFDQ
PRYLH7DNHVRPHWLPHRIIEHFDXVHDOOZRUNDQGQRSOD\ VKLIWWKHPRXWRIWKHSUREOHPDQGLQWRWKHVROXWLRQ
PDNH/HRDGXOOOLRQ%XWZKDWHYHUWKH\GRPDNHVXUH
WKH\DUHZHDULQJDIDQWDVWLFRXWILWEHFDXVHLI\RX¶UH
JRLQJWRWKURZDWHPSHUWDQWUXP\RXEHWWHUORRNJRRG
ZKLOH\RX¶UHGRLQJLW

_:),1',$ZZZZRPHQILWQHVVRUJ
DRXZeeRcZfd AZdTVd

6DJLWWDULXVLVDOZD\VVRKDSS\DQGJROXFN\,W¶VKDUGWR 3LVFHVZKRLVQRUPDOO\YHU\RXWJRLQJQHHGVVSDFHDQGWLPHWR
VHHWKHPLQDEDGPRRGEHFDXVHWKH\DOZD\VVHHPWR UHIOHFW3LVFHVFDQEHYHU\HPRWLRQDODQGFDQSLFNXSRQWKH
WUDQVFHQGEDGWLPHVLQWRJRRGWLPHV7KH\WHQGWRVHHWKH HPRWLRQVRIRWKHUVDQGMXVWWKHZRUOGLQJHQHUDO6RPHWLPHV
KXPRULQHYHU\WKLQJ,IVRPHRQHUDLQVRQ6DJLWWDULXVµV 3LVFHV\RXMXVWJRWWRFU\LWRXW:ULWHDOHWWHUSDLQWDSLFWXUH
SDUDGHDQGWDNHVDZD\WKHLUWR\VWKH\FDQJHWYHU\VDG VLQJDVDGVRQJGUHVVLQDOOEODFN7DNH\RXUEOXHPRRGDQGWXUQ
:KDWWKH\QHHGLVORXGPXVLF6LWLQ\RXUFDURULQ\RXU LWLQWRDUW/HDQLQWR\RXUGHVSDLUEHFDXVHVRPHWLPHVWKDW¶V
URRPDQGEODVW\RXUWXQHV6LQJDORQJGDQFHDORQJIHHO ZKHUH\RX¶OOILQGEHDXW\$3LVFHVFDQ¶WHVFDSHWKHLUPRRGV
WKHPXVLF%HFDXVH6DJLWWDULXV\RXDUHWKHPXVLF WKH\MXVWQHHGWRIHHOWKHPDQGWXUQWKHPLQWRDZRUNRIEHDXW\

F]eZ^ReV]jeYVSVdehRje`f_UVcdeR_UR_U
^R_RXV`_Vd^``UZdeYc`fXYVgZUV_TVSRdVU
4RacZT`c_ acRTeZTVddfTYRd^Z_UWf]_VdddV]WTRcVR_U
dVV\Z_Xdfaa`ceWc`^bfR]ZWZVU^V_eR]YVR]eY
ac`WVddZ`_R]dhYV__VVUVU
:KHQ&DSULFRUQLVLQDPRRGHYHU\RQHEHWWHUEDFNXS,I
\RXDUHFORVHWRD&DSULFRUQ\RXNQRZZKDW,PHDQGR
QRWGLVWXUEWKHP&DSULFRUQVQHHGWRJHWRXWRIWKHKRXVH
LIWKH\DUHIHHOLQJORZ7KH\QHHGWRGRDQ\WKLQJEXWMXVW
$ERXWWKHDXWKRU
DZD\3HUKDSVWDNLQJDGD\WULSWRWKHPRXQWDLQVRUWRWKH 6WLQD*DUELVLVDSURIHVVLRQDOSV\FKLFDQG
VHDWRFRPPXQHZLWKQDWXUHWRJHWWKHLUKHDGVWUDLJKWLV
DVWURORJHUZLWKRYHU\HDUVSURIHVVLRQDO
ZKDWWKH\QHHG
H[SHULHQFH

2bfRcZR_d

$TXDULDQVJHWLQWRIXQQ\PRRGV:KHQWKH\¶UHEHLQJ
UHDOO\VDUFDVWLFDQGVD\FRQIXVLQJWKLQJVWKH\PD\EH
WU\LQJWRH[SUHVVWKDWWKH\DUHIHHOLQJEOXH7KHZRUVW
WKLQJIRUDQ$TXDULXVWRGRLVWRLVRODWH7KH\QHHGWKHLU
IULHQGVDURXQGWKHP3HUKDSVWKH\FRXOGKRVWDPRYLH
QLJKWDWWKHLUSODFHKDYHDQLPSURPSWXSDUW\DQ\WKLQJWR
JHWWKHPRXWRIWKHLUWZLVWHGKHDGVDQGLQWRWKHVSLULWRI
FRPPXQLW\

_:),1',$ZZZZRPHQILWQHVVRUJ
68%6&5,%(
72'$<

:RPHQ)LWQHVV,QGLD'LJLWDO
2QH<HDU,VVXHV

*UHDW5HDVRQV7R6XEVFULEH
5HFHLYHHDFKFRS\VWUDLJKWLQ\RXULQER[
%HWKHILUVWWRUHDGDERXWWKHODWHVWKDSSHQLQJVRQ:RPHQ
)LWQHVV,QGLD
7RQVRIZRUNRXWQXWULWLRQSUHJQDQF\IDVKLRQDQGZHLJKW
ORVVWLSVWRLQVSLUH\RX

+RZWR6XEVFULEH"
*R7R 0DLO8V
ZZZZRPHQILWQHVVRUJ ZRPHQILWQHVVRUJ#JPDLOFRP

#ZRPHQILWQHVVLQGLD #ZRPHQILWQHVVRUJ #ZRPHQILWQHVVRUJ


:RPHQ)LWQHVV2UJ

1DPLWD1D\\DU
3UHVLGHQW

)RU0RUH,QVSLUDWLRQ
/RJRQWR
ZZZZRPHQILWQHVVRUJ

)RU$Q\%XVLQHVV
2U+HDOWK,QTXLULHV
ZRPHQILWQHVVRUJ#JPDLOFRP

You might also like