)URP E

7R $'$0652:'<
&F E
6XEMHFW )Z5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

'DWH :HGQHVGD\-DQXDU\30

+H\%RVV

$WWDFKHGLVZKDWE VHQW


2ULJLQDO0HVVDJH
)URPE
7RE
6HQW:HG-DQ
6XEMHFW5H5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

7KLVLVLQUHVSRQVHWRWKHLWHPVZLWKTXHVWLRQPDUNV

E LVWKHSHUVRQZKRVSRNHWR5RZG\$GDPV,EHOLHYHKHKROGDSRVLWLRQLQWKH1DWXUH
&RQVHUYDQF\DWWKHQDWLRQDOOHYHO0V E LVWKHORFDOPDQDJHU

7KHDJHQWVZKRVSRNHWR0V E ZHUH6%3$E DQG63$E IURPWKH)RUW

%URZQVWDWLRQ

2ULJLQDO0HVVDJH
)URPE
7RE
&FE
6HQW:HG-DQ
6XEMHFW5(5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

'RQ
WZRUU\DERXWLW,WKLQNZHDUHRN,
OOOHW\RXNQRZ

7KDQNVDJDLQ

E

2ULJLQDO0HVVDJH
)URPE
6HQW:HGQHVGD\-DQXDU\30
7RE
6XEMHFW5H5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

E
,DPWU\LQJWRUXQWKLVGRZQIRU\RX,DPRQWUDYHODQGGRQ
WKDYHDFFHVVWRP\ILOHV
,ZLOOOHW\RXNQRZDVVRRQDV,KHDUEDFN
7K[
E

2ULJLQDO0HVVDJH
)URPE
7RE
&FE
6HQW:HG-DQ
6XEMHFW):5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU
+H\E

$WWDFKHGLVWKHUHVSRQVH,KDYHUHFHLYHGIURP7,PLQXVDFRXSOHRILWHPV"

&DQ\RXDVVLVW""

 DPP\
E


BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW:HGQHVGD\-DQXDU\$0
7RE
&FE
6XEMHFW5(5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

E SXWWRJHWKHUWKHEHORZH[SODQDWLRQUHJDUGLQJWKH1DWXUH&RQVHUYDQF\,ZDV
ZRQGHULQJKRZZHZRXOGOLNHWRPRYHIRUZDUGRQWKLVDVZHKDYHQRWUHFHLYHGDQ\FRRUGLQDWLRQIURP
5RZG\RUE :HDUHZDLWLQJRQWKHDQVZHUVH[SODQDWLRQRILWHPVEHORZLQ
\HOORZTXHVWLRQPDUNVEXWRWKHUWKDQWKDWKDYHUHFHLYHGDOOLQIRUPDWLRQZHFDQIURPWKH86$&(3OHDVH
OHWPHNQRZKRZZHVKRXOGPRYHIRUZDUGLQFRPSOHWLQJWKLVWDVNHUTXLFNO\IRU0U*LGGHQV$OVRZH
ZLOOEHSXWWLQJWKLVLQWRDZRUGGRFEXWKDYHQ¶W\HWDVFRRUGLQDWLRQLVVRPHWLPHVHDVLHUWKURXJKHPDLO
7KDQNVIRU\RXUKHOSDQGSDWLHQFH

E

E

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

)URPE
6HQW:HGQHVGD\-DQXDU\$0
7RE 
6XEMHFW5HVSRQHWR1DWXUH&RQVHUYDQF\7DVNHU

E

3OHDVHILQGWKHIROORZLQJVXPPDU\H[SODLQLQJFRRUGLQDWLRQHIIRUWVZLWKWKH1DWXUH&RQVHUYDQF\
7KH1DWXUH&RQVHUYDQF\RZQVWZRWUDFWVRIODQGORFDWHGLQ5LR*UDQGH9DOOH\6HFWRU7H[DVIRUZKLFK
ZHDUHLQQHJRWLDWLRQV7KH\DUHGHVFULEHGDVIROORZV

7UDFW1RE FRYHUVDSSUR[LPDWHO\PLOHVRIIHQFHVHJPHQW2,WLVFRPSULVHG
RIRQHSDUFHOWRWDOLQJDFUHVDQGLVORFDWHGLQ+LGDOJR&RXQW\7;0F$OOHQ6WDWLRQ0&6$25
7UDFW1RE FRYHUVDSSUR[LPDWHO\PLOHVRIIHQFHVHJPHQW2,WLV
FRPSULVHGRIWZRSDUFHOVWRWDOLQJDFUHVDQGLVORFDWHGLQ&DPHURQ&RXQW\7;)RUW%URZQ
6WDWLRQ)7%$25

7KHUHKDVEHHQQRGLUHFWFRRUGLQDWLRQZLWKWKH1DWXUH&RQVHUYDQF\UHODWLYHWRHQYLURQPHQWDO1(3$
GRFXPHQWV7KH\VXEPLWWHGFRPPHQWVRQWKHGUDIW5*9(,6ZKLFKDUHEHLQJFRQVLGHUHGHYDOXDWHG
+RZHYHUZHKDYHQRSODQVWRSURYLGHDVSHFLILFUHVSRQVHWRWKHPRUDQ\RQHHOVHWKDWVXEPLWWHG
FRPPHQWV

86$&(DQG2%3PDGHDWWHPSWHGFRQWDFWZLWKWKH1DWXUH&RQVHUYDQF\UHODWLYHWRDFFHVVIRU5LJKWRI
(QWU\IRU6XUYH\DQG([SORUDWLRQ52(IRU6 (EHJLQQLQJ-XQHZLWKWKHODVWFRQWDFWPDGH
-DQXDU\7KHVHLQWHUDFWLRQVDUHGRFXPHQWHGLQQHJRWLDWRUUHSRUWVWKHGHWDLOVRIZKLFKDUH
GHVFULEHGEHORZ7KHUHLVQRIXUWKHUQRWLFHUHTXLUHGWRWHOOWKH1DWXUH&RQVHUYDQF\WKDWFRQGHPQDWLRQ
RIWKHLUQRQFRQWLJXRXVSURSHUW\ORFDWHGLQWZRGLIIHUHQWFRXQWLHVZLOOSURFHHGLQWZRVHSDUDWHFLYLO
DFWLRQV7KHQRWLFHOHWWHUFOHDUO\GHVFULEHGWKH1DWXUH&RQVHUYDQF\SURSHUW\WRZKLFKZHUHTXLUHULJKW
RIHQWU\52(

7KHIROORZLQJLQIRUPDWLRQZDVFRQYH\HGE\$JHQWE $JHQWE DQG$JHQW

E RIWKH86&XVWRPVDQG%RUGHU3URWHFWLRQ$JHQF\5LR*UDQG9DOOH\6HFWRU)RUW%URZQ
6WDWLRQ7;

2

2%3$JHQWVZHUHUHIHUUHGE\0UE "WRFRQWDFW0VE 6RXWK

7H[DV0DQDJHUWRWKH1DWXUH&RQVHUYDQF\
$JHQWE 0VE DQGVKHH[SUHVVHGJUHDWRSSRVLWLRQWRWKHSURMHFW
DQGZRXOGQRWVLJQD5LJKWRI(QWU\52(IRU6XUYH\6
XQNQRZQVSHFLILFGDWH$JHQWVPHWZLWK0V E DWWKH1DWXUH&RQVHUYDQF\RIILFHDQG
GLVFXVVHGWKHSURMHFWDQG0VE GHFOLQHGWRVLJQWKH52(6
$JHQWVDJDLQFRQWDFWHG0VE WRIROORZXSRQWKH52(6DQGVKHVWDWHGWKDWVKH
DQGWKH$UHD&RRUGLQDWRUZHUHZLOOLQJWRPHHWZLWKWKH6HFWRU&KLHIIRUSRVVLEOHGLVFXVVLRQVRIDOWHUQDWH
VWUDWHJLHVUHJDUGLQJWKH%RUGHU)HQFH6KHVWDWHGWKDWVKHZRXOGEHFRQWDFWLQJ2%3DWDODWHUGDWHWR
VFKHGXOHDGDWHDQGWLPHIRUWKHPHHWLQJ
,"FRQWDFWHG0VE DQGVKHFRQILUPHGWKDWWKH1DWXUH&RQVHUYDQF\GLGQRWZLVK
WRVLJQD52(DWWKLVWLPH
$OHWWHUZDVPDLOHGWRWKH1DWXUH&RQVHUYDQF\QRWLI\LQJWKHPRIWKH*RYHUQPHQW¶V
LQWHQWWRREWDLQWKH52(6WKURXJKWKHILOLQJRID'HFODUDWLRQRI7DNLQJ'7
E 86$&(VSRNHZLWKE 86$&(5HDOW\6SHFLDOLVWDQGKH
UHDIILUPHGWKHHQWU\LQWKHUHSRUWDQGDGGHGWKDWKHFDOOHG0VE DQGOHIWDYRLFHPDLODV
DIROORZXSWRWKHOHWWHUPDLOHG+LVYRLFHPDLODVNHG0VE IVKHZRXOGEHZLOOLQJWR
VLJQD52(DQGRULIVKHZLVKHGWRPHHWZLWK86$&(DVDPHDQVWRDYRLGWKH'7SURFHVV0UE ZLOO
OHW0UE NQRZLIKHKHDUVEDFNIURP0V E 
7KHIROORZLQJLQIRUPDWLRQZDVFRQYH\HGE\6%3$E RIWKH86&XVWRPVDQG%RUGHU
3URWHFWLRQ$JHQF\5LR*UDQG9DOOH\6HFWRU0F$OOHQ6WDWLRQ7;

2

XQNVSHFLILFGDWH$QLQWURGXFWRU\OHWWHUDQG52(ZDVPDLOHGFHUWLILHGWRWKH1DWXUH

&RQVHUYDQF\DVSDUWRIDQLQLWLDORXWUHDFK
7KH1DWXUH&RQVHUYDQF\UHVSRQGHGWRWKLVFRUUHVSRQGHQFHZLWKDOHWWHURIWKHLURZQ
VLJQHGE\0VE GHFOLQLQJWRVLJQD52(
$OHWWHUZDVPDLOHGWRWKH1DWXUH&RQVHUYDQF\QRWLI\LQJWKHPRIWKH*RYHUQPHQW¶V
LQWHQWWRREWDLQWKH52(WKURXJKILOLQJRID'HFODUDWLRQRI7DNLQJ'7

5HVSHFWIXOO\

E

7,3URMHFW6XSSRUW6%,302

86&XVWRPVDQG%RUGHU3URWHFWLRQ

E