L^aYlddY IVWaZd[8dciZcih EgZ[VXZ###############################################################( 3URGXFW6XPPDU\...
14 downloads
342 Views
19MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
L^aYlddY IVWaZd[8dciZcih EgZ[VXZ###############################################################( 3URGXFW6XPPDU\ 7KH2DWKRIWKH+XQW
8]VeiZg&/>cigdYjXi^dcidi]Z;dg\Z###################### ) 6HYHQ'RPDLQVDQGWKHLU0DVWHUV 5DFHVRIWKH)RUJH 7KH1DWXUHRIWKH)RUJH
8]VeiZg'/6cDkZgk^Zld[L^aYlddY################# ''
8]VeiZg(/:Xdad\nd[L^aYlddY########################### )& )RUHVWV -XQJOHV &RQLIHURXV)RUHVWV 6ZDPSV &DYHUQVDQG3LWV 5LYHUVDQG/DNHV
8]VeiZg)/I]ZIVb^c\d[i]ZL^aYZgcZhh#############). 3LQGDUD 9HUWXPQRV %RULWDUUD 3HQXPEUD &DQRSXV 2SSXODPPHO 7DQDVWDGW (ULQJDOO (GDQQH 1DJJWXXJ 6HYHQLO 9LFLQLW\
8]VeiZg*/I]Z;dgW^YYZcL^aYZgcZhh##################+* 7KH:LWFK·V0DUVK /DNHRI6RUURZ 7KH&KDUUHG:RRGV 7KH6FDUOHW)RUHVW 7KH'UDJRQV·*UDYH\DUG *DUGHQRI)DVDODL 7KH&UDWHURI+DLHO 7KH*URYHRI1DOWDQVHHUD 7KH6WRQHVRI%ORRG 7KH&LUFOHRIWKH:HHSLQJ7UHHV 7KH0HORGLRXV&RSVH &UHVFHQW)DOOV +HDUWRIWKH1NROO 5XQHJDWHV 7KH'HDG([FKDQJH
8]VeiZg+EgZYVidgh###########################################-. +DLHO 0DVWXX'DUJXV 7KH+H[HG
8]VeiZg,/Adhi8^k^a^oVi^dch############################# &') 3HRKDXWLODQ $QDZDO 7KHEE\ODU /DVKX0LFKR +VDQJ7DR 0RQQGDQW 4XD\PRQJ0RQDVWHU\
8]VeiZg-/I]Z7djcind[i]ZHZV######################&(+ 7KH1RUWKHUQ2FHDQ 7KH&HQWUDO2FHDQ /DNHV 5LYHUV
8dciZcih
$UULYDOLQ:LOGZRRG *HQHUDO)HDWXUHV *HRJUDSK\RI:LOGZRRG ,QKDELWDQWVRI:LOGZRRG 9HQWXULQJWKURXJK:LOGZRRG 3ROLWLFVRI:LOGZRRG
7UHVVHQ*RQDZD\ 0RODPRUW .DQVX$VDPPHO 0DQHDX*DOOH 9DDP5DQDV\U 'LDPHVWUHVV 3LPEDWWX 5D]RUFODZ ,VKLUDFFDQ 6KDWFK3DOLQDJJRQ
8]VeiZg./I]ZI]g^aad[i]Z=jci###################### &)& 7KH0HFKDQLFVRI+XQWLQJ )HDWVDQG6NLOOV 6NLOOV :LOGHUQHVV(TXLSPHQW
8]VeiZg&%/I]Z7gZVYi]d[A^[Z#########################&*) $UPDPHQ %HUQ 0XVDL 2ORJDWX 8UJRGD 3UHVWLJH5DFLDO/HYHOV 3UHVWLJH5DFLDO/HYHOV *LIWV
8]VeiZg&&/HnbW^dih######################################### &-( 7KH3URFHVV +DUYHVW 7UDQVSODQW $FFHSWDQFH %HQHÀWVDQG'UDZEDFNV $SSHQGDJHVDQG/LPEV %RGLO\2UJDQV 6HQVRU\2UJDQV 6WUXFWXUHV &RQFOXVLRQ
8]VeiZg&'/I]Z7Zaand[i]Z7ZVhih####################&.+ $GYHQWXUH%DFNJURXQG $GYHQWXUH6\QRSVLV 3UHSDUDWLRQ 6FDOLQJWKH$GYHQWXUH
&
$GYHQWXUH+RRNV (SLVRGH$Q,QWULJXLQJ3URSRVLWLRQ (SLVRGH,QWRWKH:RRGV (SLVRGH5LYHU$OOXXQ (SLVRGH7DPXUDVRWW (SLVRGH7KH7HOHVSRQGHU &RQFOXGLQJWKH$GYHQWXUH
6eeZcY^m6/HiVih########################################## '&) (SLVRGH7KH0LVVLRQ5HYHDOHG (SLVRGH)RHV5HYHDOHG (SLVRGH8QGHU$WWDFN (SLVRGH+XQWLQJ3DUW\ (SLVRGH5LYHU$OOXXQ (SLVRGH7DPXUDVRWW (SLVRGH7HOHVSRQGHU
6eeZcY^m7/8dgZVcYEgZhi^\Z8aVhhZh##############'&)HUDO:DUULRU +XQWHU 3DWKÀQGHU 6HNDUD
6eeZcY^m8/HeZaahVcYBV\^X>iZbh################'', 6SHOOV 0DJLF,WHPV
6eeZcY^m9/BdchiZgh#####################################'(* $UERUHDO'HIHQGHU7HPSODWH %D\RZXOI %D\RZXOI+XQWPDVWHU %ORRGIURJ &RREDFKDUD 0DDNDQWX 1NROO:LOG 7KDJHHUD
8gZY^ih
8gZY^ih 9Zh^\cZgh 7KRPDV.QDXVVDQG'DUULQ'UDGHU
:Y^i^c\ 6WHYHQ&UHHFK 6KDQQRQ%HQQHWW
7gVcYBVcV\Zg -LP%XWOHU
8dkZg>aajhigVi^dc 6KDZQ
Dg^\^cVaDVi]WdjcY8dcXZei *UHJ'HQW-LP%XWOHUDQG7RGG0RUDVFK
>ciZg^dg>aajhigVi^dch %UXFH&ROHUR&KULVWRSKHU3LFNUHOO-DVRQ(QJOH -HII:DUG7HUU\3DYOHWDQG7RGG0RUDVFK
8Vgid\gVe]n -HII9LVJDLWLVDQG-DVRQ5RVHQVWDUN
8gZVi^kZ9^gZXidg .HYLQ0HOND
Egdd[gZVY^c\ )UHG:RONH.HQ0DUDEOHDQG6KDQQRQ%HQQHWW
'
/LQG\0HW]JHU0LJXHO*RQ]DOH]0LNH*HQWLOL0LNH .HVVOHU0LNH.RJDQ3DXO*URVVH3HWH*UDÀXV5LFK :HKU5RFLR(QFLVR5RQ)UHNLQJ5RVDULR0+ROVHQ 5XEHQ+HUQDQGH]6HUJLR-XUDGR6KDQQRQ%HQQHWW 7D\ORU+HFNDQG9LQFHQW%DFRQ
3OD\WHVWLQJ $OH[ 3DXO $QGUHZ &KDYHUV $QWRQLR - %ODVFR %HQ 6KDORP %UDG .QLSSHU %ULDQ (DVW %ULDQ : +DEHQLFKW &KULV *HRUJH 'DUUHQ 5LFKOH\ 'DYH9HUVKDZ'DYLG3DXO'XVWLQ+XLEUHJWVH(ULF 'REU]HOHZVNL(ULF'ULNV-DPHV*ULIÀWK-HII-DFREV -RKQ / %HOODQGR -RKQ
6X`cdlaZ\bZcih 7KRPDV .QDXVV ² ,·G OLNH WR WKDQN HYHU\RQH ZKR JDYH XV WKH RSSRUWXQLW\ WR EULQJ :LOGZRRG WR OLIH 7RWKHGHYHORSPHQWWHDPRI%DVWLRQ3UHVVHVSHFLDOO\ -LP%XWOHU.HYLQ0HOND6WHYH&UHHFK+DO*UHHQEHUJ DQG 'DUULQ 'UDGHU DQG RXU GHGLFDWHG JURXS RI SOD\WHVWHUV IRU WKHLU VXSSRUW DQG FRQWULEXWLRQV WRZDUGWKLVSURMHFW2QDPRUHSHUVRQDOQRWH,·GOLNH WRWKDQNP\ZLIH9HURQLFDIRUSXWWLQJXSZLWKWKH ORQJKRXUV,VSHQWZULWLQJDORQJZLWKHQGXULQJP\ RFFDVLRQDOQHHGWRYHQW,NQRZWKDWVKHQHYHUZDQWV WRKHDUWKHWHUP´SUHVWLJHUDFLDOOHYHOµHYHUDJDLQ7R P\ ZHHNO\ JDPLQJ JURXS WRJHWKHU VLQFH IRU OLVWHQLQJWRP\LGHDVDQGODVWO\WRP\IHOLQHPXVH +ROO\ ZKR LQVLVWV WKDW P\ DUP PDNHV D OX[XULRXV KHDGUHVWIRUKHUWRVOHHSRQ 'DUULQ 'UDGHU ² ,·G OLNH WR WKDQN P\ ZLIH IRU KHU LQÀ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¶G6\VWHP·DQGWKH¶G6\VWHP·ORJRDUHWUDGHPDUNVRZQHGE\:L]DUGVRI WKH&RDVWDQGDUHXVHGDFFRUGLQJWRWKHWHUPVRIWKHG6\VWHP/LFHQVHYHUVLRQ 'XQJHRQV 'UDJRQV DQG :L]DUGV RI WKH &RDVW DUH UHJLVWHUHG WUDGHPDUNV RI :L]DUGVRIWKH&RDVW,QFDQGDUHXVHGZLWKSHUPLVVLRQ$FRS\RIWKLV/LFHQVHFDQ EHIRXQGDWZZZZL]DUGVFRP%DVWLRQ3UHVV,QF$OO5LJKWV5HVHUYHG 2SHQ&RQWHQW2QO\PDWHULDOVLQGLFDWHGLQ6HFWLRQRIWKH2SHQ*DPLQJ/LFHQVH DUHFRQVLGHUHG2SHQ&RQWHQW$OORWKHUFRQWHQWLV3URGXFW,GHQWLW\DQGFRS\ULJKWHG E\%DVWLRQ3UHVV,QF
EgZ[VXZ
&KDSWHU SURYLGHV D EULHI RYHUYLHZ RI WKH ZRUOG RI WKH )RUJH GHVFULELQJ DOO VHYHQ GRPDLQV DQG WKH :LOGZRRGLVDVXSSOHPHQWIRUWKH2DWKERXQGFDPSDLJQ )HDWKHUHG )RZO ORUGLQJ RYHU WKHP 7KLV FKDSWHU DOVR VHWWLQJ SXEOLVKHG E\ %DVWLRQ 3UHVV $OWKRXJK SURYLGHVDEULHIGHVFULSWLRQDQGUDFLDOWUDLWVIRUPDQ\ :LOGZRRG LV RQH RI WKH )RUJH·V VHYHQ GRPDLQV WKLV RI WKH UDFHV IURP WKH FRUH UXOHERRN DV ZHOO DV WKH VXSSOHPHQWSURYLGHVHQRXJKEDFNJURXQGPDWHULDOWR VXSSOHPHQWV 7KLV FKDSWHU LV SULPDULO\ LQWHQGHG WR UXQD:LOGZRRGFDPSDLJQZLWKRXWWKHFRUHUXOHERRN VHUYHDVDUHVRXUFHIRU*0·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ÁRUD IDXQD DQG KD]DUGV UXQD:LOGZRRGFDPSDLJQZLWKRXWWKHDIRUHPHQWLRQHG HQFRXQWHUHG LQ HDFK RI WKH SURGXFWV VL[YDU\LQJHFRV\VWHPV :LOGZRRGLVWKH)RUJH·V &KDSWHU KLJKOLJKWV VHFRQG ODUJHVW GRPDLQ D VHYHUDO RI WKH LPSRUWDQW SULPHYDO ZRUOG RYHUUXQ :LWKYLQHVDQGVDSOLQJVZHELQGWKHH VHWWOHPHQWV DORQJ ZLWK D E\ SUROLÀF YHJHWDWLRQ DQG ,QIRUHVWVRIJUHHQVKDOO\RXEH QXPEHURIOHVVHUWRZQVDQG WHUULI\LQJ EHDVWV :KLOH FLWLHV VHQWLHQW EHLQJV DQG WKH $ULQJRIWUHHVWREH\RXUFDJH &KDSWHU GHWDLOV IRUFHV RI FLYLOL]DWLRQ UHLJQ )RUHYHU\RXUZDQWRQKHDUWVKDOOUDJH VSHFLÀF ZLOGHUQHVV DUHDV VXSUHPH LQ RWKHU GRPDLQV :KHUHFUXHOLQVWLQFWDQGEORRGOXVWURDP WKDWGHI\WKHODZVRIQDWXUH QDWXUH LV WKH GRPLQDQW ,QWKLVUHDOP\RX·OOPDNH\RXUKRPH &RPPRQO\ UHIHUUHG WR DV SRZHU LQ WKH SULPRUGLDO WKH )RUELGGHQ :LOGHUQHVV MXQJOHIRUHVWVDQGVZDPSRI 7RFKDVHWRKXQWDQGWKHQWRNLOO WKHVH WUDFWV RI ODQG H[KLELW :LOGZRRG )HUDO FUHDWXUHV $OOIRUJORU\DQGWKHWKULOO XQLTXH SURSHUWLHV QRW DV ZHOO DV LWV EHOHDJXHUHG 2QHWKHSUHGDWRUWKHRWKHUSUH\ IRXQG HOVHZKHUH LQ +DLHO·V KXPDQRLG SRSXODWLRQ 1DU\WKHKXQWHUUXHVWKHGD\ NLQJGRP PHUHO\ VWUXJJOH WR VXUYLYH &KDSWHU RXWOLQHV WKH LQ D KHDUWOHVV ZRUOG ZKHUH :KHUHOLIHDQGGHDWKIRUHYHUGXHO PRVW SRZHUIXO SUHGDWRUV HYHQ WKH ÀHUFHVW SUHGDWRUV 2QO\WKHÀWWHVWKHUHVKDOOUXOH LQKDELWLQJ :LOGZRRG HYHQWXDOO\ SOD\ WKH UROH RI H[SODLQLQJWKHLUUROHZLWKLQ SUH\ WKH HFRV\VWHP DV ZHOO DV 0LOOLRQV RI \HDUV DJR D GHVFULELQJ WKHLU WHUULWRULHV FRDOLWLRQ RI SRWHQW GHLWLHV LPSULVRQHGRQHRIWKHLUGLYLQHHQHPLHVZLWKLQWKHKHDUW DQGODLUV &KDSWHU GHVFULEHV VRPH RI WKH DEDQGRQHG RIDOLIHOHVVSODQHWIRUFLQJVHYHQRIKLVPRVWZRQGURXV DQGEHORYHGFUHDWLRQVWRVHUYHDVKLVSHUSHWXDOMDLORUV FLYLOL]DWLRQVIRXQGVFDWWHUHGWKURXJKRXW:LOGZRRG &KDSWHU SURYLGHV D FRQFLVH RYHUYLHZ RI 6ZRUQWRUHPDLQKHUHDVSDUWRIWKHLUVROHPQRDWKWKH :LOGZRRG·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ÀYH QHZ 3& UDFHV DQG DVWKH)RUJH SUHVWLJHUDFLDOOHYHOVZKLFKUHSODFHWKHSUHVWLJHUDFHV DORQJZLWKDKRVWRIQHZDUULYDODQGHDUQHGJLIWVIRU FKDUDFWHUVGZHOOLQJZLWKLQ:LOGZRRG &KDSWHUGHWDLOVWKHPHFKDQLFVDQGFRQVHTXHQFHV 7KLVVRXUFHERRNLVGLYLGHGLQWRWZHOYHFKDSWHUVSOXV RI WUDQVSODQWLQJ OLYLQJ WLVVXH IURP RQH EHLQJ WR IRXU DSSHQGLFHV *DPH PDVWHUV DUH HQFRXUDJHG WR DQRWKHU UHDG WKH HQWLUH ERRN EHIRUH EHJLQQLQJ SOD\ ZKLOH &KDSWHU LV D IUHHVWDQGLQJ DGYHQWXUH WKDW WDNHV SOD\HUV VKRXOG DYRLG UHDGLQJ FKDSWHUV IRXU WKURXJK FKDUDFWHUVIURPWKHQRUWKHUQVHWWOHPHQWRI3HQXPEUD VHYHQLQFOXVLYH LQWRWKHFRQLIHURXVIRUHVWLQVHDUFKRIDORVWFLYLOL]DWLRQ DQGLWVZRQGURXVWUHDVXUH
I]ZDVi]d[i]Z=jci
EgZ[VXZ
EgdYjXiHjbbVgn
(
8]VeiZg&/>cigdYjXi^dc idi]Z;dg\Z
FRPSHOOHG VHYHQ RI KLV PRVW WUXVWHG DQG IDYRUHG VHUYDQWV WKH %ODFN )ORFN RU WKH )HDWKHUHG )RZO DV WKH\DUHVRPHWLPHVNQRZQE\ WRXSKROGDQRDWKWR HWHUQDOO\GHIHQGHDFKRIWKHLUDSSRLQWHGFLWDGHOV$IWHU DFTXLHVFLQJWRWKHH[DFWLQJWHUPVRIWKHLUVROHPQYRZV ´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ÀQHG WR WKHLU RZQ ZDV VZLIW DV EORRG SRROHG LQ WKH VWUHHWV DV UDLQ DIWHU D SHQLWHQWLDULHV ZLWKLQ WKHLU EDUUHQ DQG GHVRODWH ÀHIGRPV+RZHYHUFHDVHOHVVERUHGRPDQGDORQJLQJ PLJKW\VWRUPµ $UD[ :ROO D GUXLG GHVFULELQJ WKH GHVWUXFWLRQ RI IRU IUHHGRP SURPSWHG VRPH RI WKHP WR FDUHIXOO\ VFUXWLQL]H WKH ZRUGLQJ RI WKHLU FRPSOH[ RDWKV DQG ,]\PDU QOLNH FRXQWOHVV RWKHU ZRUOGV WKH )RUJH RYHUWLPHWKH\GLVFRYHUHGDFULWLFDOÁDZWKDWHQDEOHG LV QRW WKH SURGXFW RI DQ RUGHUO\ QDWXUDO WKHP WR VKDSH WKH YHU\ IDEULF RI WKHLU GRPDLQ DQG SURJUHVVLRQRUWKHFXOPLQDWLRQRIHRQVRI SHUKDSV FXOPLQDWH LQ WKHLU HYHQWXDO OLEHUDWLRQ 7KH HYROXWLRQDU\ GHYHORSPHQW :KLOH WKHVH *UHDW 2DWK DOORZHG WKHP WR LPSRUW FUHDWXUHV DQG SURFHVVHVXQGRXEWHGO\H[HUWVRPHLQÁ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À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·V YDOXDEOH LQVLJKW LQWR WKH DPELWLRXV SODQV KLV WKRXJKWV DQG GHVLUHV RI DOPLJKW\HQHPLHVEDQGHG WKH HQWLW\ UHVSRQVLEOH IRU WRJHWKHU DQG VHW DERXW LWV FUHDWLRQ 6LPLODUO\ WKH GDXQWLQJ WDVN RI WKH SROLWLFDO HFRQRPLF GHVWUR\LQJDOOWKDWKHKDG DQG UHOLJLRXV LQVWLWXWLRQV FUHDWHG :LWK PHWKRGLFDO HVWDEOLVKHG E\ WKH %ODFN SUHFLVLRQWKH\REOLWHUDWHG )ORFN·V VXEMHFWV UHLQIRUFH DOO RI KLV ZRUOGV EHIRUH WKHWUDLWVGLVSOD\HGE\WKH FRQÀ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
8]VeiZg&
J
)
HZkZc9dbV^ch VcYi]Z^g BVhiZgh
,OOXVWUDWHGE\7HUU\3DYOHW
WKHLPSHWXVIRUWKHGHYHORSPHQWRIWKHLULQGLYLGXDO NLQJGRPV
6ck^a
6gZc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ÁDZ WKDW RIWHQ OHDGV WR GLVDVWURXV FRQVHTXHQFHV
%DWKHG LQ SHUSHWXDO GDUNQHVV WKH URFN\ ODUJHO\ VXEWHUUDQHDQUHDOPZDVIRUPHGZKHQWKHUXVWPRRQ ZUHQFKHG LWVHOI IURP WKH SODQHW·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
>cigdidi]Z;dg\Z
7KHGRPLQLRQRI2ULI·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·HOOH LV WKH SURGLJ\ RI ,VUDIHO DQG WKH FDSWLYH JRG FRQÀQHG WR WKH FRUH RI WKH SODQHW %HIRUH WKH LPSULVRQPHQW RI KHU GLYLQH IDWKHU VKH VHUYHGDVWKH%ULQJHURIWKH6WRUPDUROHWKDWVKHVWLOO SHUIRUPV ZLWK JUHDW ]HDO 7KH DORRI PLVWUHVV RI WKH ZLQGVVKRZVOLWWOHUHJDUGIRUKHUVXEMHFWVH[FHSWIRUD VPDOOEXWSRZHUIXOVHFWFRPPRQO\UHIHUUHGWRDVWKH 6WRUPEULQJHUV7KURXJKKHULQWHUYHQWLRQVKHSODQV WR WUDQVIRUP WKH WLQ\ EDQG RI EHLQJV LQWR FRSLHV RI KHUVHOIVRWKDWRQHRIWKHLUUDQNVPD\VRPHGD\UHSODFH KHUDV$QYLO·VUXOHUDQGWKXVVXQGHUKHUERQGV
:Xa^ehZ
I]Z@^ac (DVLO\ WKH VPDOOHVW DQG PRVW LVRODWHG RI WKH VHYHQ GRPDLQVWKH.LOQLVDYROFDQLFODQGSODJXHGE\MDUULQJ HDUWKTXDNHVDQGFDWDFO\VPLFHUXSWLRQV&RPSOHWHO\ VXUURXQGHGE\WKHLQKRVSLWDEOHGRPDLQRI$QYLOWKH UHPRWHUHDOPLVVKURXGHGLQP\VWHU\DQGLQWULJXH7KH RYHUZKHOPLQJPDMRULW\RILWVSRSXODWLRQLVFRQÀQHG WRWKHVXUIDFHFLWLHVIRXQGLQWKHVKDOORZZDWHUVRIWKH &HQWUDO2FHDQDORQJWKHVRXWKHUQFRDVWOLQH+LJKO\ FRPSHWLWLYH DQG WHUULWRULDO WKHVH ULYDO FLYLOL]DWLRQV FRQWLQXDOO\ YLH DJDLQVW RQH DQRWKHU IRU WKH UHJLRQ·V OLPLWHGDQGH[WUHPHO\FRYHWHGUHVRXUFHV+RZHYHUD PXFKVPDOOHUVRFLHW\RIPRQNVDQGRWKHULQGLYLGXDOV VHHNLQJ ZLVGRP DQG HQOLJKWHQPHQW UHVLGH LQ FORVH SUR[LPLW\ WR WKH YROFDQLF VWURQJKROG RI WKH )RUJH·V PRVW UHFOXVLYH DQG FHUHEUDO PHPEHU RI WKH %ODFN )ORFN %DWKNRO LV WKH HQLJPDWLF UXOHU RI WKH LVRODWHG GRPDLQRIWKH.LOQ:KLOHWKHRWKHUPHPEHUVRIWKH %ODFN )ORFN HQGHDYRU WR VXQGHU WKH SK\VLFDO ERQGV W\LQJWKHPWRWKH)RUJHWKHKHUPHWLF)HDWKHUHG)RZO·V SV\FKHKDVDSSDUHQWO\DFKLHYHGZKDWKLVERG\IDLOHG WR GR +LV HQOLJKWHQHG PLQG ZDQGHUV WKURXJK WKH XQLYHUVHRIHQGOHVVSRVVLELOLWLHVRQDTXHVWWRDWWDLQ DKLJKHUVWDWHRIFRQVFLRXVQHVVEH\RQGWKHUHDOPRI WKH WDQJLEOH ZRUOG :KHWKHU KH KDV DFFRPSOLVKHG WKLVWDVNUHPDLQVWKHVXEMHFWRILQWHQVHGHEDWHVLQFH QRRQHKDVVHHQ%DWKNROIRUQHDUO\DWKRXVDQG\HDUV
*
8]VeiZg&
EZcVc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ÁXHQWLDOPHPEHURIWKH%ODFN)ORFN6KH GLVFRYHUHG WKH ORRSKROH WKDW DOORZHG KHU DQG KHU FRXQWHUSDUWVWRLPSRUWOLYLQJEHLQJVDQGREMHFWVIURP RWKHU ZRUOGV RQWR WKH )RUJH DQG XVHV LW WR KHU EHVW DGYDQWDJH
I]ZKVjai 3UHYLRXVO\NQRZQDVWKHGRPDLQRIWKH*OLPPHUWKH DFWLRQVRIDPDOHYROHQWEHLQJWUDQVIRUPHGWKHRQFH EULJKWDQGYLEUDQWODQGVFDSHLQWRDIULJLGZDVWHODQG $ IHZ LVRODWHG WULEHV RI EDUEDURXV KXPDQRLGV HNH RXW D PHDJHU OLYLQJ DORQJ WKH GRPDLQ·V FRDVWDO DUHDV KRZHYHU PRVW RI WKH LF\ WHUUDLQ LV LQKDELWHG E\WKH:DUORFNVWKHXQGHDGVHUYDQWVRIWKH9DXOW·V OLIHOHVV PDVWHU 1HPDPLDK 7KLV DVVHPEO\ RI OLFKHV FHDVHOHVVO\WRLOVXQGHUWKHGLUHFWLRQRIWKHLUEHQHIDFWRU LQDQHIIRUWWRIDEULFDWHDP\VWLFDODUWLIDFWFDSDEOHRI HQGLQJ1HPDPLDK·VPLVHUDEOHH[LVWHQFH 7KHROGHVWPHPEHURIWKH%ODFN)ORFN1HPDPLDK SUHYLRXVO\ VHUYHG DV WKH &KDULRWHHU RI WKH 6XQ SUHVLGLQJRYHUDOXVKDQGIHUWLOHODQGVFDSH+RZHYHU DGHUDQJHGPDGPDQHQGHGKLVLG\OOLFH[LVWHQFHZKHQ KHVKDWWHUHGWKHPLUURUVEHVWRZLQJOLJKWDQGZDUPWK WR 1HPDPLDK·V SDUDGLVH 7KH WUDQVIRUPDWLRQ RI KLV GRPDLQDOVRVKDWWHUHGWKHZLOORILWVPDVWHU8QDEOH WR EHDU WKH GHYDVWDWLRQ ZURXJKW E\ WKH DFWLRQV RI D OXQDWLF WKH EURNHQ )HDWKHUHG )RZO QRZ NQRZQ DV WKH /HSHU GHVLUHV QRWKLQJ RWKHU WKDQ KLV RZQ GHVWUXFWLRQ
L^aYlddY
-
:KLOH WKH 9DXOW VHUYHV DV WKH UHDOP RI WKH GHDG :LOGZRRG LV LWV DQWLWKHVLV /LIH DERXQGV LQ WKH YHUGDQWGRPDLQDVFRXQWOHVVSUHGDWRUVURDPWKURXJK LWVOXVKZRRGODQGVLQWKHGDLO\ULWXDORIWKHKXQW,WV IRUHVWV DQG MXQJOHV WHHP ZLWK HQGOHVV YDULHWLHV RI LQVHFWVDQLPDOVEHDVWVDQGSODQWVLPSRUWHGIURPD SOHWKRUDRIDOLHQZRUOGVE\LWVDORRIRYHUORUG+DLHO
%HIRUHWKHLPSULVRQPHQWRIWKHERXQGJRG+DLHO VHUYHGDVWKH'HIHQGHURI1DWXUHDUROHWKDWJUHDWO\ LQÁXHQFHGWKHPHWDPRUSKRVLVRIKLVGRPDLQ+DLHO·V PRWLYDWLRQV DQG RXWORRN DV ZHOO DV :LOGZRRG·V LQKDELWDQWVDUHGLVFXVVHGLQPXFKJUHDWHUGHWDLOODWHU LQWKLVVRXUFHERRN
GVXZhd[i]Z;dg\Z
>
PEXHG ZLWK WKH DELOLW\ WR ULS D PXOWLWXGH RI EHLQJV IURP WKHLU LQGLJHQRXV HQYLURQPHQW WKH %ODFN)ORFNKDVSRSXODWHGWKH)RUJHZLWKFRXQWOHVV UDFHV SXOOHG IURP DQ DVVRUWPHQW RI DOLHQ ZRUOGV 7KHRYHUZKHOPLQJPDMRULW\RIWKHPDUHFRQÀQHGWR UHPRWH LVRODWHG FRUQHUV RI WKH ZRUOG KRZHYHU DQ HOLWH KDQGIXO RI KDUG\ VSHFLPHQV KDYH PDQDJHG WR WKULYHLQWKHZLOGO\GLYHUVHOLYLQJFRQGLWLRQVRIWKH YDU\LQJGRPDLQV7KLVVHFWLRQLVLQWHQGHGWRSURYLGH *0·VDQGSOD\HUVXQIDPLOLDUZLWKWKH2DWKERXQG VHWWLQJ HQRXJK LQIRUPDWLRQ WR XVH WKHVH UDFHV LQ D :LOGZRRG FDPSDLJQ 0RUH FRPSOHWH GHVFULSWLRQV DSSHDU LQ 2DWKERXQG 'RPDLQV RI WKH )RUJH DV ZHOO DV WKH VXEVHTXHQW VRXUFHERRNV KRZHYHU WKHVH HQWULHV KDYH DOVR EHHQ XSGDWHG WR FRPSO\ ZLWK WKH YHUVLRQRIWKH3+%'0*DQG007KRUQVDQG ZLOG IUH\ LQLWLDOO\ DSSHDUHG LQ 2DWKERXQG 3ODLQV RI 3HQDQFH ZKLOH YRJHOV DUH IRXQG LQ 2DWKERXQG $UHQD &KDSWHUSURYLGHVPRUHGHWDLOHGH[DPSOHV RIUDFHVH[FOXVLYHWR:LOGZRRG
GVX^VaAZkZah ,QOLHXRIJDLQLQJH[SHULHQFHLQDSDUWLFXODUFKDUDFWHU FODVV VRPH LQGLYLGXDOV SXUVXH D GLYHUJHQW SDWK WKURXJK WKH GLVFRYHU\ DQG UHÀ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·V LQQHU EHLQJ LV D VLQJOH PLQGHGSXUVXLW
6h]ZgV`Z 7KLVDJJUHVVLYHVSHFLHVRIZLQJHGKXPDQRLGVDUHWKH GRPLQDQWUDFHRI$UHQDFRPSULVLQJURXJKO\RI WKH ZDUPRQJHULQJ GRPDLQ·VWRWDO SRSXODWLRQ 7KH\ ÀOOPDQ\LPSRUWDQWSRVLWLRQVZLWKLQWKHUDQNVRIWKH YLROHQWUHDOP·VPXOWLWXGLQRXVDUPLHVRIWHQVHUYLQJ DV HOLWH VKRFN WURRSV RU IURQW OLQH RIÀFHUV $Q HOLWH KDQGIXO OHG E\ WKH PLJKW\ *UDQG $VKHUDNH KDV
IDPLOLDO RULJLQV ,Q DGGLWLRQ WR WKHLU JLYHQ PRQLNHUV PDQ\ DOVR DGRSW D WHUULI\LQJ QLFNQDPH GHVFULELQJ RQH )RUW 5HÁH[ :LOO /HYHO %$% 6SHFLDO RUPRUHRIWKHLUXQLTXHWUDLWVVXFKDV 6DYH 6DYH 6DYH ´WKHÁHVKVKUHGGHUµRU´QHFNULSSHUµ VW 'LYHERPEHU 0DOH1DPHV*UDVKQDN.DUDQWK QG %ORRGIHDVW %UXQGODJ7KUHNOLQ UG *RIRUWKHNLOO )HPDOH 1DPHV .ULQWDUND -DUOHQGD1DQIHO6KHLORQ &ODQ 1DPHV /DNUDWDNN 6N\GDUN )XU\·V )HO HYHQ DWWDLQHG WKH FRYHWHG WLWOH RI ZDUORUG $OWKRXJK WKH\ DUH PRVW RIWHQ HQFRXQWHUHG RQ WKH FULPVRQ %ORRGUDLQ)HDUFDOOHU VDQGV RI %DUEHOOR·V EORRGWKLUVW\ UHDOP WKH\ DUH DOVR 5DFLDO7UDLWV x $VKHUDNHVJDLQDWR'H[WHULW\DQG6WUHQJWK IRXQG LQ VLJQLÀFDQWO\ OHVVHU QXPEHUV LQ WKH IRUHVWHG ZKLOHVXIIHULQJDSHQDOW\WR&KDULVPDDQG UHJLRQVERUGHULQJWKHQHLJKERULQJGRPDLQVRI$QYLO ,QWHOOLJHQFH 3HQDQFHDQG:LOGZRRG7KHDYHUDJHDVKHUDNHVWDQGV x 7KH\DUHFRQVLGHUHG/DUJHFUHDWXUHVVXIIHULQJ DSSUR[LPDWHO\ ô IHHW WDOO DQG ZHLJKV SRXQGV DSHQDOW\WR$&DQGDWWDFNUROOVDVZHOODV 3K\VLFDOO\ WKH\ VSRUW DQ RGG FRPELQDWLRQ RI DYLDQ DSHQDOW\WR+LGHFKHFNV7KHLUEDVHVSHHG IHOLQH DQG KXPDQRLG WUDLWV 7KH\ KDYH D KXPDQRLG LV IW DQG WKHLU Á\ VSHHG LV IW ERG\VKDSHZLWKDFOHDUO\GHÀQHGWRUVRWZR DYHUDJH 7KHLUVSDFHUHDFKLV DUPV WZR OHJV DQG D KHDG KRZHYHU IWIW WKHLU KXPDQRLG VLPLODULWLHV x $VKHUDNHV DUH PRQVWURXV SULPDULO\ HQG WKHUH /LNH D ELUG KXPDQRLGV RISUH\WKH\KDYHDFRORUIXOSDLU x 'DUNYLVLRQIW RILPPHQVHIHDWKHUHGZLQJVWKDW x 1RWSURÀFLHQWZLWKDUPRURU SURWUXGHVIURPWKHLUXSSHUEDFN ZHDSRQV ZKLOH WKHLU IHHW DUH OLWWOH PRUH x QDWXUDODUPRUERQXV WKDQ VWXPS\ FODZHG WDORQV x 6FHQW $IÀ[HGWRWKHEDVHRIWKHVSLQH x 7KH DVKHUDNH·V WZR FODZV LV D VOHQGHU IXUU\ WDLO VLPLODU GHDO G SRLQWV RI GDPDJH WRDOLRQ·VWDLO:LFNHGO\VKDUS ZKLOHLWVELWHLQÁLFWVGSRLQWV FODZV DUH DWWDFKHG WR WKH RI GDPDJH 7KHVH DWWDFNV DUH HQGV RI WKHLU ÀQJHUV \HW WKHLU FRQVLGHUHG QDWXUDO ZHDSRQV KDQGV DUH FDSDEOH RI JUDVSLQJ 7KH DVKHUDNH·V FODZ DWWDFNV DUH DQG PDQLSXODWLQJ REMHFWV LWVSULPDU\ZHDSRQVZKLOHLWVELWH ZLWK DVWRXQGLQJ SUHFLVLRQ 7KH LVLWVVHFRQGDU\ZHDSRQ DVKHUDNH·V VNXOO UHVHPEOHV WKDW RI x $VKHUDNHVUHDFKPLGGOHDJH D SUHGDWRU\ FDW ZLWK VRPH QRWDEOH DWROGDJHDWDQGYHQHUDEOHDW GLIIHUHQFHV ,WV IDFLDO IHDWXUHV DUH IDU x 5DFLDO +LW 'LFH $VKHUDNHV VWDUW ZLWK PRUH DQJXODU DQGHORQJDWHGWKDQ DW\SLFDO WZR OHYHOV RI PRQVWURXV KXPDQRLG JLYLQJ IHOLQHDQGLWDOVRKDVHLJKWSRLQWHGKRUQV WKHPG+LW'LFHDEDVHDWWDFNERQXVRI RI YDU\LQJ VKDSHV DQG VL]HV MXWWLQJ RXW DQG EDVH VDYLQJ WKURZ ERQXVHV RI )RUW IURP WKH WRS RI LWV KHDG $V D UHVXOW RI 5HIDQG:LOO WKHVH GLYHUJHQW WUDLWV LW LV LPSRVVLEOH v 5DFLDO6NLOOV$QDVKHUDNH·VPRQVWURXV WR DFFXUDWHO\ SLQSRLQW WKH DVKHUDNH·V KXPDQRLGOHYHOVEHVWRZ[,QWPRGLÀHU DQFHVWU\ PLQLPXP VNLOO SRLQWV ,WV FODVV VNLOOV DUH 2XWORRN %OHVVHG ZLWK WUHPHQGRXV ,QWLPLGDWH/LVWHQ6SRWDQG6XUYLYDO VWUHQJWK DQG DJLOLW\ DVKHUDNHV UHDGLO\ v 5DFLDO )HDWV 7KH DVKHUDNH·V WZR PRQVWURXV DVVHUWWKHLUSK\VLFDOVXSHULRULW\LQWKHLUUHODWLRQVKLSV KXPDQRLGOHYHOVJLYHLWRQHIHDW ZLWKRWKHUKXPDQRLGV5HQRZQHGIRUWKHLUEDUEDURXV v $XWRPDWLF /DQJXDJHV $YLDQ DQG %DWWOHVSHDN FUXHOW\ DQG PDUWLDO LGHRORJLHV DVKHUDNHV WKULYH E\ %RQXV /DQJXDJHV VHOHFW IURP &HSWX LQVWLOOLQJ IHDU LQ WKHLU SRWHQWLDO ULYDOV 0RVW RI WKHLU &RPPRQ 'UDFRQLF 'ZDUYHQ *REOLQ DQG IHOORZ KXPDQRLGV LQWHQVHO\ GLVOLNH WKHP KRZHYHU 2UF WKHLU UHPDUNDEOH FRPEDW SURZHVV DQG LQWLPLGDWLQJ x /HYHO$GMXVWPHQW GHPHDQRUHDUQWKHPDPHDVXUHRIUHVSHFWIURPWKHLU v )DYRUHG&ODVV%DUEDULDQ W\SLFDOO\ RXWPDWFKHG RSSRQHQWV ,Q DFFRUGDQFH ZLWK WKHLUJULPSHUVSHFWLYHRIWKHZRUOGWKHRYHUZKHOPLQJ PDMRULW\ RI DVKHUDNHV SD\ OLWWOH LI DQ\ DWWHQWLRQ WR $FFRUGLQJ WR WKH UDFH·V DUFKHW\SLFDO EHOLHIV DUPRU GHLWLHV DOWKRXJK D VPDOO SHUFHQWDJH RI WKRVH LQ WKH DQG ZHDSRQV DUH WKH LPSOHPHQWV RI WKH ZHDN 7KH DUPLHV RI $UHQD FRPH WR SURIHVV WKHLU IDLWK LQ WKH DVKHUDNH·VSRWHQWQDWXUDOZHDSRQU\DQGULJLGVNLQDUH DQRWKHUH[DPSOHRIKLVVXSUHPDF\LQFRPSDULVRQWRKLV PLOLWDULVWLFJRGVRIWKHLUFRPUDGHVLQDUPV 1DPHV%XLOGLQJXSRQWKHSUHFHGLQJSKLORVRSK\ LQQDWHO\GHIHQVHOHVVKXPDQRLGIRHV$VKHUDNHVWDNLQJ DVKHUDNHV W\SLFDOO\ DVVXPH IHDUVRPH VRXQGLQJ UDFLDOOHYHOVHPEUDFHWKHVDYDJHEHVWLDOQDWXUHRIWKHLU QDPHV ZLWK OLWWOH HPSKDVLV RQ WKH LQGLYLGXDO·V GLVWDQW DQFHVWRUV UHYHOLQJ LQ WKH EOLVVIXO GHOLJKW RI
6h]ZgV`ZGVX^VaAZkZah
>cigdidi]Z;dg\Z
,OOXVWUDWHGE\-HUHP\-DUYLV
.
8]VeiZg&
WHDULQJWKHLUHQHPLHVDSDUWZLWKWKHLUZLFNHGO\VKDUS FODZVDQGSRZHUIXOMDZV +LWGLHG 6NLOOSRLQWVDWHDFKUDFLDOOHYHO,QWERQXV 5DFLDO 6NLOOV +LGH 'H[ ,QWLPLGDWH &KD .QRZOHGJH JHRJUDSK\ $UHQD .QRZOHGJH KLVWRU\ $UHQD .QRZOHGJH ORFDO $UHQD /LVWHQ :LV 0RYH6LOHQWO\'H[ 6SRW:LV DQG6XUYLYDO :LV :HDSRQ DQG DUPRU SURÀFLHQF\ $VKHUDNHV HVSRXVH WKH YLUWXHV RI ÀJKWLQJ ZLWK WKHLU QDWXUDO ZHDSRQU\ WKHUHIRUH WKH\ JDLQ QR DUPRU VKLHOG RU ZHDSRQSURÀ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ôDVKHUDNH·V+'KLV&KDPRGLÀHU>WUHDWDQHJDWLYH &KDULVPDPRGLÀHUDVDSRVLWLYHPRGLÀ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ÀWVJDLQHGIURPWKLV DELOLW\GLVDSSHDUDWWKHHQGRIWKHDVKHUDNH·VWXUQ *R IRU WKH NLOO ([ :KHQHYHU DQ DVKHUDNH VFRUHV D FULWLFDO KLW WKDW GHDOV PD[LPXP GDPDJH KHFDQLPPHGLDWHO\WDNHDQH[WUDDWWDFNDJDLQVWWKDW RSSRQHQWXVLQJWKHVDPHDWWDFNERQXVDVWKHDWWDFN WKDWVFRUHGWKHFULWLFDOKLW+HFDQRQO\WDNHWKLVH[WUD DWWDFNDJDLQVWWKHVDPHWDUJHWDVKLVSUHYLRXVDWWDFN DQGKHFDQRQO\XWLOL]HWKLVDELOLW\IRUDWWDFNVPDGH GXULQJ KLV WXUQ )XUWKHUPRUH KH FDQ RQO\ UHFHLYH WKHEHQHÀWVRIWKLVDELOLW\DVWKHUHVXOWRIDGLHUROO WKHUHIRUHDQ\VSHOORUVSHOOOLNHHIIHFWWKDWFDXVHVKLP WR DXWRPDWLFDOO\ GHDO PD[LPXP GDPDJH GRHV QRW VDWLVI\WKHSUHUHTXLVLWHVIRUWKHXVDJHRIWKLVDELOLW\
9dkZg
&%
'RYHUVDUHQREOHELSHGDOFDQLQHVZLWKDSURIRXQGORYH RIQDWXUH0RVWGRYHUVLQVWLQFWLYHO\JUDYLWDWHWRZDUG WKHSULPHYDOIRUHVWVDQGMXQJOHVRI:LOGZRRGZKHUH WKH\FRPSULVHWKHODUJHVWSHUFHQWDJHRIWKHGRPDLQ·V KXPDQRLG SRSXODWLRQ ZKHUHDV WKH PLQRULW\ VHWWOHV
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·IHHWDUHYHU\VLPLODUWR DZROI·VSDZ7KHVHGLVWLQFWO\GLIIHUHQWDSSHQGDJHV HQDEOHWKHPWRHQMR\WKHEHQHÀWVDWWULEXWDEOHWRERWK VSHFLHVDOORZLQJWKHGRYHUWRJUDVSDQGPDQLSXODWH REMHFWV ZLWK KLV KXPDQRLG KDQGV ZKLOH KLV QLPEOH SDZV JUDQW KLP DGGHG WUDFWLRQ DQG VSHHG ZKHQ PRYLQJWKURXJKZLOGHUQHVVDUHDV7KHW\SLFDOGRYHU UHDFKHVDKHLJKWRIôIHHWDQGZHLJKVDURXQG SRXQGV 2XWORRN 'RYHUV DUH JHQHUDOO\ WROHUDQW RI RWKHU UDFHV DQG QRW VXUSULVLQJO\ PRVW RWKHU FUHDWXUHV UHFLSURFDWH WKHLU EHQLJQ DWWLWXGHV 5HJDUGOHVV RI ZKHWKHUWKH\DUHFXUUHQWO\WDNLQJXSUHVLGHQFHLQDQ XQWDPHGIRUHVWRULQWKHKHDUWRIDEXVWOLQJFLW\WKH SUHVHUYDWLRQRIWKHQDWXUDOZRUOGLVDIRFDOSRLQWLQ WKHOLYHVRIQHDUO\DOOGRYHUV$WVRPHSRLQWGXULQJ WKHLU OLYHV GRYHUV WKURXJKRXW WKH )RUJH PDNH WKH DUGXRXV WUHN WR WKH UDFH·V FXOWXUDO DQG VSLULWXDO FHQWHUWKHIDEOHGVHWWOHPHQWRI3LQGDUDGHHSLQWKH IRUHVW RI FHQWUDO :LOGZRRG +HUH WKH\ SD\ KRPDJH WR WKHLU UDFH·V ZRQGURXV DFKLHYHPHQWV DQG WR WKHLU UHYHUHGGHLW\9DDOGDUXWKHJRGGHVVRIWKHJUHHQ+HU PRVW GHYRXW ZRUVKLSSHUV HPERG\ KHU R[\PRURQLF PDQWUD ´SHDFHIXO DJJUHVVLRQ RYHUFRPHV YLROHQFH DQGRSSUHVVLRQµ 1DPHV )DPLO\ QDPHV DUH H[WUHPHO\ LPSRUWDQW LQ GRYHU FXOWXUH 7KH DFKLHYHPHQWV RU IDLOLQJV RI RQH·V DQFHVWRUV KDYH DQ LPSRUWDQW EHDULQJ RQ WKH LQGLYLGXDO·V VWDWXV LQ WKHLU VRFLHW\ 7KH PRVW UHQRZQHG IDPLOLHV NHHS H[WHQVLYH ZULWWHQ MRXUQDOV UHFRUGLQJ WKHLU OLQHDJH·V JUHDWHVW GHHGV DQG KHURLF DFWV &RQYHUVHO\ GRYHUV KDLOLQJ IURP IDPLOLHV ZLWK D FKHFNHUHG SDVW IDFH D OLIHWLPH RI VKDPH DQG GHJUDGDWLRQIURPWKHLUSHHUV 0DOH1DPHV$ODJRU0DQ\RQ2G\DU=DOORQ )HPDOH 1DPHV &HORQ *UHQLV 0HJDHUD 4XL\RQD &ODQ1DPHV.KDQ7DVPRQ 5DFLDO7UDLWV x 'RYHUV DUH 0HGLXP FUHDWXUHV WKHUHIRUH WKHLUDWWDFNUROOVDQG$&DUHXQDIIHFWHG E\ WKHLUVL]H7KHLUEDVHVSHHGLVIW x 'RYHUVDUHKXPDQRLGVFDQLQH x UDFLDOERQXVWR/LVWHQFKHFNV x 7KH GRYHU·V ELWH GHOLYHUV G SRLQWV RI GDPDJH DQG LV FRQVLGHUHG D QDWXUDO ZHDSRQ x 'RYHUV DUH ERUQ DPELGH[WURXV WKHUHIRUH WKH\ DXWRPDWLFDOO\ VWDUW WKHLU FDUHHUV ZLWK WKH7ZR:HDSRQ)LJKWLQJIHDWHYHQLIWKH\ GRQRWPHHWWKHIHDW·VSUHUHTXLVLWHV
WKH FULWHULD ,Q DGGLWLRQ D GRYHU WKDWPRYHVDWOHDVWIWGXULQJKLV WXUQFDQQHJDWHDVXFFHVVIXOUDQJHG )RUW 5HÁH[ :LOO DWWDFNPDGHDJDLQVWKLPDVORQJDV /HYHO %$% 6SHFLDO 6DYH 6DYH 6DYH KHLVLQDQDUHDWKDWSURYLGHVFRYHU DV GHVFULEHG SUHYLRXVO\ DQG KH LV VW 'RGJHSURMHFWLOHV DZDUH RI WKH DWWDFN 7R GR VR WKH GRYHU PDNHV D 5HÁH[ VDYH XVLQJ QG $SSUHKHQVLYH WKH VXFFHVVIXO DWWDFN UROO DV WKH UG 9HUVDWLOLW\ 'LIÀFXOW\ &ODVV ,I KH PDNHV KLV 5HÁH[VDYHWKHGDPDJHLVQHJDWHG +HPXVWGHFODUHKLVLQWHQWLRQWRXVH x 6FHQW WKLVDELOLW\LPPHGLDWHO\DIWHUEHLQJKLWDQGKHLVRQO\ x 'RYHUVUHDFKPLGGOHDJHDWROGDJHDW HQWLWOHGWRRQH5HÁH[VDYHSHUVXFFHVVIXOKLW+HFDQ DQGYHQHUDEOHDW XWLOL]HWKLVDELOLW\WZRWLPHVSHUGD\SOXVDQDGGLWLRQDO v $XWRPDWLF /DQJXDJHV &DQLQH %RQXV QXPEHU RI WLPHV HTXDO WR KLV UDFLDO OHYHO WKHUHIRUH D /DQJXDJHVVHOHFWIURP&RPPRQ'UDFRQLF QGOHYHOGRYHUFDQGRGJHSURMHFWLOHVXSWRIRXUWLPHV 'UXLGLF (OYHQ )HOLQH *UHHQ *QROO DQG SHUGD\ 6\OYDQ $SSUHKHQVLYH ([ 'RYHUV DUH UHQRZQHG IRU v )DYRUHG&ODVV5DQJHU NHHSLQJ WKHLU FRRO HYHQ XQGHU WKH PRVW H[WUHPH FRQGLWLRQV $ QXPEHU RI WLPHV SHU GD\ HTXDO WR KLV 'RYHUVHPEUDFLQJWKHWHQHWVRIWKHLUUDFLDOLGHRORJLHV &KDULVPD PRGLÀHU WKH FKDUDFWHU FDQ DWWHPSW WR FRPELQH WKHLU DIÀQLW\ IRU QDWXUH ZLWK WKHLU QREOH GLIIXVH D WHQVH VLWXDWLRQ WKURXJK D FRPELQDWLRQ RI DQG FXOWXUDOO\ VRSKLVWLFDWHG WHQGHQFLHV :KLOH PRVW ERG\ ODQJXDJH XQLYHUVDOO\ UHFRJQL]HG JHVWXUHV DQG GRYHUV RSW WR SXUVXH FDUHHUV DV UDQJHUV RU GUXLGV YHUEDO FRPPXQLFDWLRQ $ GRYHU ZLWK D &KDULVPD WKRVH IROORZLQJ WKLV XQFRPPRQ SDWK DUH HTXDOO\ DW PRGLÀHURIRUOHVVFDQVWLOOXWLOL]HDSSUHKHQVLYHRQFH KRPHLQDQXQWDPHGZLOGHUQHVVRULQWKHUHJDOFRXUW SHUGD\ 7KLVDELOLW\LVHIIHFWLYHDJDLQVWDGHVLJQDWHG RIDSRPSRXVPRQDUFK OLYLQJ FUHDWXUH ZLWKLQ IHHW +LWGLHG WKDW LV FDSDEOH RI VHHLQJ DQG 6NLOOSRLQWVDWVWUDFLDOOHYHO KHDULQJ KLP 7KH DIIHFWHG ,QWHOOLJHQFHPRGLÀHU [ FUHDWXUH PXVW PDNH D :LOO 6NLOO SRLQWV DW KLJKHU UDFLDO VDYH'&ôKLV+'KLV OHYHOV,QWHOOLJHQFHPRGLÀHU &KD PRGLÀHU RWKHUZLVH 5DFLDO FODVV VNLOOV &OLPE WKH GRYHU·V PHUH SUHVHQFH 6WU &RQFHQWUDWLRQ &RQ PDNHV KLP WUHPHQGRXVO\ &UDIW,QW 'LSORPDF\&KD XQHDV\ :KLOH XQGHU WKH +DQGOH$QLPDO&KD +LGH LQÁXHQFHRIWKLVDELOLW\DOO 'H[ .QRZOHGJHQDWXUH RIKLVDWWDFNDQGGDPDJH .QRZOHGJH QRELOLW\ DQG UROOV DJDLQVW WKH GRYHU UR\DOW\ /LVWHQ:LV 0RYH VXIIHU D SHQDOW\ ,Q 6LOHQWO\ 'H[ 3URIHVVLRQ DGGLWLRQWKHRSSRQHQW·V :LV 6HQVH 0RWLYH :LV $&DQGVDYLQJWKURZV 6SRW :LV 6XUYLYDO :LV DQG DOVR UHFHLYH D 6ZLP6WU SHQDOW\ DJDLQVW WKH :HDSRQDQGDUPRUSURÀFLHQF\'RYHUV GRYHU·V DWWDFNV IDYRUSURWHFWLYHGHYLFHVWKDWGRQRWLPSHGH 7KHVH SHQDOWLHV WKHLU PRELOLW\ $V D UHVXOW WKH\ DUH UHPDLQ LQ HIIHFW SURÀFLHQW ZLWK OLJKW DUPRU DQG VKLHOGV IRU G URXQGV $OWKRXJKWKH\DUHFDSDEOHRIGHOLYHULQJ $SSUHKHQVLYH KDV DSRZHUIXOELWHWRWKHLUHQHPLHVGRYHUV QR HIIHFW DJDLQVW FDQZLHOGDQ\VLPSOHZHDSRQLQFRPEDW QRQOLYLQJ FUHDWXUHV ZLWKRXWSHQDOW\ VXFK DV FRQVWUXFWV 'RGJH 3URMHFWLOHV ([ $Q ROG DQG XQGHDG RU DJDLQVW DGDJHULJKWIXOO\FODLPVWKDWLWLVGLIÀ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ÀFDWLRQEXWDVDJHQHUDOUXOH FDQGRXEOHKLVDELOLW\PRGLÀHUWRDQ\GLHUROOKHQFHD DQ\VLWHZLWKQDWXUDORUPDQPDGHREVWDFOHVVXFKDV GRYHUZLWKD6WUHQJWKPRGLÀHULQVWHDGDGGVWR WUHHV EXVKHV URFNV EXLOGLQJV RU IXUQLWXUH VDWLVÀHV
9dkZgGVX^VaAZkZah
>cigdidi]Z;dg\Z
,OOXVWUDWHGE\-HUHP\-DUYLV
&&
8]VeiZg&
DQ\ DWWDFN RU GDPDJH UROO DV D UHVXOW RI YHUVDWLOLW\ +HPXVWGHFODUHKLVLQWHQWLRQWRXVHWKLVDELOLW\SULRU WRPDNLQJWKHGLHUROODQGWKHXVDJHRIWKLVDELOLW\ FRXQWV WRZDUG KLV GDLO\ DOORWPHQW UHJDUGOHVV RI WKH GLHUROO·VRXWFRPH
&'
SUHIHUWKHFRPSDQ\RIRXWVLGHUVWRWKHLURZQNLQD VXUSULVLQJWUDLWXQGRXEWHGO\ERUQIURPWKHLUÀHUFHO\ WHUULWRULDOQDWXUH'HVSLWHWKHLUDELOLW\WRFRH[LVWZLWK RWKHUVHQWLHQWEHLQJVWKHLUUHSXWDWLRQIRUWUHDFKHU\LV RIWHQZHOOGHVHUYHG7KH\DUHH[FHSWLRQDOO\H[DFWLQJ LQWKHLULQWHUSUHWDWLRQRIWKHLUHPSOR\HU·VLQVWUXFWLRQV DQG IUHTXHQWO\ FRQVWUXH HYHQ WKH VOLJKWHVW IDX[ SDV ;Vjhi DVDWHUULEOHLQVXOW$Q\RQHLQFLWLQJWKHLUHRIDIDXVW 7KLV UDFH RI GDUNVNLQQHG JDXQW KXPDQRLGV LVYLUWXDOO\JXDUDQWHHGWRPHHWDVZLIWHQGFRXUWHV\ SUHGRPLQDWHO\ GZHOOV LQ WKH IRUHVWV RI FHQWUDO DQG RIDSUHFLVHO\SODFHGEODGHWRWKHKHDUW QRUWKHUQ:LOGZRRGZKLOHDVPDOOSHUFHQWDJHPDNHV 1DPHV )DXVW VSHDN DQ DUFKDLF IRUP RI *REOLQ LWV DERGH ZLWKLQ 3HQDQFH SURSHU DQG WR D OHVVHU HPSKDVL]LQJ WKH JXWWXUDO DQG JORRP\ VRXQGV GHJUHH LWV VSUDZOLQJ :UDFN 7KH\ VWDQG URXJKO\ FRPPRQ WR WKLV DQFLHQW WRQJXH $V D UHVXOW RI WKHLU ô IHHW WDOO DQGZHLJK DPHDJHUSRXQGVFDXVLQJ OLQJXLVWLFKHULWDJHPDQ\IDXVWQDPHV PDQ\ IRHV WR ZURQJO\ XQGHUHVWLPDWH DUH SUDFWLFDOO\ LGHQWLFDO WR WKHLU VXUSULVLQJ VWUHQJWK DQG WKRVH VKDUHG E\ WKHLU DJLOLW\6RPHHYHQPLVWDNHWKHP JREOLQ FRXQWHUSDUWV IRU ZLJKWV RU RWKHU IRUPV RI /LNH PRVW KXPDQRLGV XQGHDG EDVHG XSRQ WKHLU WKH\ W\SLFDOO\ KDYH IHUDO DSSHDUDQFH DQG D ÀUVW QDPH DQG D WKHSURWUXVLRQRIERQH VXUQDPH ZLWK WKH WKURXJK WKHLU WLJKWO\ ODWWHU PRQLNHU DOVR ZUDSSHG OHDWKHU\ VHUYLQJ WKH SXUSRVH ÁHVK$OWKRXJKWKH\ RI GLVWLQJXLVKLQJ DUH XQGRXEWHGO\ WKH LQGLYLGXDO·V ELSHGV WKHLU FODQDIÀOLDWLRQ DQDWRP\ LV PRUH 0DOH 1DPHV EHVWLDO WKDQ &KXNX] *DODN KXPDQRLG 7KHLU 7KRUVK