Hillam News

Page 1

7KH YRLFH RI +LOODP YLOODJH 1RUWK <RUNVKLUH 'HOLYHUHG IUHH WR DOO UHVLGHQWV 9ROXPH ,VVXH )(%À 0$5

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¶ OXQFKHRQ FOXE WKH &RPPXQLW\ $VVRFLDWLRQ SOD\V DQ LPSRUWDQW UROH LQ WKH OLIH RI RXU WZR YLOODJHV 7KH &RPPXQLW\ $VVRFLDWLRQ LV WKH OHDG JURXS EHKLQG WKH DQQXDO 6XPPHU )D\UH 7KHLU PRVW UHFHQW HYHQW ZDV D VHOO RXW 4XL] 1LJKW 3DULVK &RXQFLO IXQGV FRPH IURP D µSUHFHSW¶ DGGHG WR FRXQFLO WD[ DQG PRVW YLOODJHUV ZRXOG VXUHO\ QRW REMHFW WR D VPDOO LQFUHDVH VD\ WKH FRVW RI D FKHDS ERWWOH RI ZLQH WR VXSSRUW WKH &RPPXQLW\ $VVRFLDWLRQ 7KLV ZRXOG VSUHDG WKH &RPPXQLW\ $VVRFLDWLRQ¶V FRVWV PRUH IDLUO\ DQG OHDG WR WKH JURXS ODXQFKLQJ PRUH ORFDO LQLWLDWLYHV +LOODP¶V SDULVK SUHFHSW LV FXUUHQWO\ RQH RI WKH ORZHVW LQ 6HOE\ GLVWULFW +LOODP 1HZV LV MXVW WKH SODFH IRU YLOODJHUV DQG SDULVK FRXQFLOORUV WR H[SUHVV WKHLU RSLQLRQV RQ WKHVH LVVXHV /HW¶V KHDU IURP \RX +LOODP 1HZV FRUUHVSRQGHQW

,V WKHUH DQ\RQH WKHUH"

+LOODP 1HZV DOZD\V OLNHV WR UHFHLYH OHWWHUV IURP UHDGHUV EXW VRPH WLPHV ZH HQG XS ZLWK DQ HPSW\ VSDFH ZKLFK ZDV UHVHUYHG IRU FRU UHVSRQGHQFH 7KLV PRQWK LV VXFK DQ RFFDVLRQ DQG LW PDGH XV ZRQ GHU ZKDW *HRII +DOO PLJKW KDYH GRQH 7KLV OHG XV WR WKH ILUVW IURQW SDJH DIWHU *HRII¶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µ,V WKHUH DQ\RQH WKHUH"¶ ZKLFK ZDV JUHHWHG ZLWK VLOHQFH %XW WKHUH KDYH DOZD\V EHHQ ORWV RI SHRSOH RXW WKHUH ZKR UHDG WKH 1HZV ± DQG IURP FRYHU WR FRYHU $IWHU KLV GHDWK *HRII¶V JURXS RI VXSSRUWHUV VHQW RXW DQ DSSHDO WR +LOODPLWHV WR KHOS FRQWLQXH KLV GUHDP +H ZRXOG KDYH EHHQ GHOLJKWHG DW WKH UHVSRQVH 2YHU WZHQW\ FURZGHG LQWR +LOODP¶V RQO\ WHPSHUDWH PHHWLQJ KDOO ZLWK PDQ\ QHZ IDFHV 6RPH RI WKHP PLJKW HYHQ KDYH EHHQ HQFRXUDJHG E\ *HRII¶V H[KRUWDWLRQV WR JHW LQYROYHG ZLWK FRPPXQLW\ DIIDLUV $QG +LOODP 1HZV LV EDFN /LNH 3ULYDWH (\H LW LV JRLQJ WR KDYH µJXHVW HGLWRUV¶ VR ZDWFK RXW IRU VRPH LQWHUHVWLQJ RSLQLRQV LQ RXU SDJHV DQG OHW¶V KHDU \RXUV LI \RX IHHO VWURQJO\ DERXW VRPHWKLQJ ,W LV JRLQJ WR EH WUXH WR *HRII¶V PHPRU\ DQG KRSHIXOO\ FRQWLQXH WR EH HDJHUO\ SLFNHG XS ZKHQ LW GURSV RQ WKH YLOODJH¶V GRRUPDWV -DQXDU\

+LOODP 1HZV ZHOFRPHV FRPSHWLWLRQ 6W :LOIULG¶V &KXUFK PDJD]LQH KDV D QHZ HGLWRU 3HWHU :DWNLQVRQ LV EDFN IRU D VHFRQG JR DW WKH MRE +H WDNHV RYHU IURP 0HOLVVD %R\HV ZKR KDV HGLWHG WKH WHQ LVVXHV SHU \HDU SXEOLFDWLRQ IRU RYHU WZHOYH PRQWKV 3HWHU OLYHV LQ +LOODP DQG DOVR UXQV WKH +LOODP 9LOODJH ZHEVLWH ZLWK LWV +LOODP +LVWRULDQV VHFWLRQ DQG WKH MRLQW ZHEVLWH IRU 6W :LOIULG¶V DQG 6W 0DU\¶V FKXUFKHV +LOODP 1HZV ZLVKHV 3HWHU DOO WKH EHVW DQG ZLOO HQMR\ FRPSHWLQJ WR EH ILUVW ZLWK DOO WKH ORFDO VWRULHV IURP +LOODP 0RQN )U\VWRQ DQG %XUWRQ 6DOPRQ

(GLWRU IRU WKLV LVVXH $QGUHZ 6FRWW +,//$0 1(:6 LV ILQDQFHG VROHO\ E\ DGYHUWLVLQJ UHYHQXH DQG WKH JHQHURVLW\ RI FRQWULEXWRUV SKRWRFRSLHUV DQG GLVWULEXWRUV 7KH (GLWRU LV VROHO\ UHVSRQVLEOH IRU WKH SDSHU¶V FRQWHQWV ,I \RX KDYH D YLHZ \RX ZRXOG OLNH SXEOLVKHG RU LI \RX ZLVK WR DGYHUWLVH SKRQH 'DYLG $WNLQVRQ RQ RU HPDLO DW GVD XN#\DKRR FR XN


4 v 5-v v 4 .-vv 5XWK .HOVH\ WK 0D\ ± WK 'HFHPEHU +LOODP 1HZV LV VDG WR DQQRXQFH WKH GHDWK RI 5XWK .HOVH\ QpH +XGVRQ 5XWK DQG KHU IRXU VLEOLQJV ZHUH ERUQ LQWR D IDPLO\ RI VHYHUDO JHQHUDWLRQV¶ VWDQGLQJ LQ +LOODP 7KH IDPLO\ OLYHG ILUVW LQ WKHLU FREEOHU¶V VKRS QRZ :KLWH &RWWDJH LQ WKH 6TXDUH WKHQ PRYHG LQ WKH V WR WKH QHZO\ EXLOW $VKILHOG 9LOODV ,Q UHFHQW \HDUV 5XWK ZDV D UHVLGHQW RI 0RQN )U\VWRQ EXW WKDW GLG QRW SUHYHQW KHU IURP EHLQJ D IRXQGHU PHPEHU RI +LOODP +LVWRULDQV +HU FU\VWDO FOHDU UHFROOHFWLRQV RIWHQ FDPH WR WKH UHVFXH RI JHQHDORJLFDO HQTXLUHUV 2QH SDUWLFXODU EHQHILFLDU\ ZDV 0LNH +DUZRRG ZKRP VKH ZDV DEOH WR KHOS QRW RQO\ E\ SLQSRLQWLQJ 0DQRU &RWWDJH DV EHLQJ KLV UHODWLYHV¶ KRPH LQ WKH V EXW DOVR E\ IXUQLVKLQJ GHWDLOV RI WKH VXUURXQGLQJ KRXVHV DQG WKHLU RFFXSDQWV DW WKH WLPH 5XWK ZDV DOVR D IULHQG RI +LOODP 1HZV D \HDU DJR WRJHWKHU ZLWK KHU EURWKHU 7RQ\ VKH SURYLGHG DQ DFFRXQW RI WKH GUDPDWLF ³+ROH LQ WKH ZDOO´ LQFLGHQW ZKHQ LQ DQ LQH[SHULHQFHG EXV GULYHU IDLOHG WR QHJRWLDWH WKH VKDUS FRUQHU LQ WKH 6TXDUH 7KH UHVXOW ZDV WKDW WKH EXV EHFDPH HPEHGGHG LQWR RQH RI WKH GZHOOLQJV FDXVLQJ VXFK GDPDJH WKDW WKH URZ KDG WR EH GHPROLVKHG 5XWK DQG KHU FRQWULEXWLRQV WR RXU DUFKLYH RI +LOODP¶V KLVWRU\ ZLOO EH PXFK PLVVHG ²²²²²²²²²²²²²²²²²²²²²²² 7RQ\ DQG 'RURWK\ +XGVRQ WRJHWKHU ZLWK 5XWK¶V IDPLO\ ZRXOG OLNH WR WKDQN HYHU\RQH IRU WKHLU NLQG PHV VDJHV RI FRQGROHQFH RQ WKH GHDWK RI 7RQ\¶V VLVWHU 5XWK 6KH ZDV D PXFK ORYHG NLQG DQG FDULQJ ODG\ ZKR ZLOO EH PLVVHG E\ DOO ZKR NQHZ KHU

:HOFRPH WR WKH YLOODJH )RU /L] DQG $QG\ IURP /HHGV LW ZDV D FDVH RI D QHZ \HDU DQG D QHZ KRPH 7KH\ KDYH MXVW PRYHG LQWR ZKDW ZDV WKH *DUQHUV¶ KRXVH GRZQ DW WKH UDLOZD\ FURVVLQJ

7UDIILF FDOPLQJ LQ 0RQN )U\VWRQ 0RQN )U\VWRQ 3DULVK &RXQFLO LV WU\LQJ WR ILQG RXW ZK\ Â… RULJLQDOO\ HDUPDUNHG IRU WUDIILF FDOPLQJ PHDVXUHV DORQJ WKH $ LQ WKH YLOODJH LV QR ORQJHU DYDLODEOH 7KLV PRQH\ ZDV SURPLVHG ZKHQ WKH URDG ZDV GHWUXQNHG ODVW \HDU 5HVLGHQWV GHVSHUDWHO\ QHHG DFWLRQ DV WKH URXWH KDV EHFRPH D PLQL UDW UXQ IRU YHKLFOHV KHDGLQJ IURP WKH $ WR WKH 6HOE\ E\SDVV HQ URXWH IRU WKH $ DQG 0 HDVWERXQG

%2//<:22' (9(1,1* &855,(6 $1' ',6&2 )ULGD\ WK $SULO &XPLQ /RXQJH QU 6KHUEXUQ SP &RVWXPH RSWLRQDO EXW ZRXOG EH IXQ )XQGUDLVHU IRU &KHUQRE\O &KLOGUHQ¶V 3URMHFW 8. 7DEOHV RI 7LFNHWV DYDLODEOH IURP -XOLH %HY 7D[L KRPH FDQ EH DUUDQJHG 7LFNHWV Â…


, -. -v{~_~v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¶W EHHQ DEOH WR JHW WKURXJK WKH GULIWV VR WKH )DLUEXUQ 6LQJHUV OHG WKH FDUROV ZLWK DGPLUDEOH VSLULW 2XU JUDWLWXGH WR WKHP IRU VWHSSLQJ LQ DW VXFK VKRUW QRWLFH 2I FRXUVH RXU ORFDO ILUH EULJDGH ZDV WKHUH RYHUVHHLQJ HYHQWV LQ FDVH RI DQ HPHUJHQF\ )RUWXQDWHO\ WKHUH ZDVQ¶W RQH VR WKH FKLOGUHQ HQMR\HG VFUDEEOLQJ URXQG WKH HQJLQH LQVWHDG 5DIIOH 7KLV \HDU VDZ WKH LQWURGXFWLRQ RI D UDIIOH ZKLFK ZDV GUDZQ RQ WKH QLJKW 7KHUH ZHUH VRPH H[FHOOHQW SUL]HV WR EH ZRQ DQG WLFNHWV VROG OLNH KRW PLQFH SLHV $ WRWDO RI Â… ZDV UDLVHG $ KXJH WKDQN \RX WR HYHU\RQH ZKR ERXJKW D WLFNHW $ IXOO OLVW RI WKH OXFN\ ZLQQHUV LV RQ WKH QRWLFH ERDUG LQ WKH &URVV .H\V 7KH &OXE ± MRLQ QRZ 7KH IRUP LV RQ SDJH 7KH &OXE LV WKH PDLQ PHDQV RI IXQGLQJ WKH 5LQJWUHH &KULVWPDV /LJKWV DQG RXU DQQXDO VZLWFK RQ HYHQW 1R LW¶V QRW D FOXE IRU FHQWHQDULDQV ± LW¶V D FOXE WKDW QHHGV PHPEHUV 0HPEHUVKLS FRVWV MXVW Â… D \HDU ,Q DGGLWLRQ WR UDLVLQJ YLWDO IXQGV IRU WKH &KULVWPDV /LJKWV HDFK PHPEHU LV HQWHUHG LQ D PRQWKO\ GUDZ ZLWK FDVK SUL]HV RI Â… Â… DQG Â…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¶YH EHHQ XS ODGGHUV RQ URRIV PDNLQJ VRXS VHUYLQJ PLQFH SLHV FKDQJLQJ EXOEV GRRU NQRFNLQJ IRU IXQGV DQG XQGHUWDNLQJ ULVN DVVHVVPHQWV ± WR QDPH EXW D IHZ WDVNV :LWKRXW WKHP WKH DQQXDO HYHQW VR PDQ\ RI XV HQMR\ ZRXOG QRW KDYH KDSSHQHG ,W LV SHRSOH ZKR PDNH HYHQWV OLNH WKLV KDSSHQ DQG WRJHWKHU WKH\ KDYH SXW LQ KXQGUHGV RI KRXUV RI HIIRUW WR PDNH VXUH HYHU\RQH LQ WKH YLOODJH FDQ HQMR\ D VSHFLDO YLOODJH QLJKW ±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


, -. -v{~_~vv +LOODP 6TXDUH LQ 'HFHPEHU

&KULVWPDV DQG 1HZ <HDU LQ WKH YLOODJH

:K\ DUH WKH YLOODJH ERQILUH DQG +LOODP¶V &KULVWPDV /LJKWV RXU WZR PRVW VXFFHVVIXO ORFDO HYHQWV" , WKLQN LW LV EHFDXVH WKH\ FDQ ERWK EH HQMR\HG E\ DOO DJH JURXSV -XVW EHIRUH WKH +LOODP /LJKWV VZLWFK RQ +LOODP 1HZV UHFHLYHG D SKRQH FDOO DVNLQJ ZK\ WKH HYHQW ZDV VR ODWH SP HVSHFLDOO\ DV LW ZDV DLPHG DW \RXQJ FKLOGUHQ LQ XQSUHGLFWDEOH ZHDWKHU DQG LW JHWV GDUN LQ 'HFHPEHU DW R¶FORFN $ JRRG TXHVWLRQ ± EXW DQ HDUOLHU VWDUW PLJKW FODVK ZLWK VKRSSLQJ VSRUWV HYHQWV WHDWLPHV HWF $QG RQ 'HFHPEHU WK LW VRRQ EHFDPH FOHDU ZK\ SP ZDV D JRRG WLPH IRU 6DQWD WR DUULYH DV E\ WKH WLPH KHOSHUV KDG WLGLHG XS LW ZDV D UHVSHFWDEOH KRXU WR KHDG IRU WKH &URVV .H\V /HH DQG &KULV KDG ³IRUZDUG SODQQHG´ ZLWK ORWV RI H[WUD VWDII LQFOXGLQJ /HH¶V LGHQWLFDO WZLQ EURWKHU 0RUH WKDQ RQH SHUVRQ UHPDUNHG KRZ JUHDW LW ZDV WR KDYH WKH SXE IXOO DJDLQ DQG ZLWK ORFDO SHRSOH ,¶OO GULQN WR WKDW «« +LOODP 1HZV FRUUHVSRQGHQW

,Q P\ RSLQLRQ +LOODP DQG 0RQN )U\VWRQ DUH WZR ORYHO\ YLOODJHV ZKLFK DOZD\V PDNH WKH IHVWLYH SHULRG HQMR\DEOH DQG WKH\ JR WKH H[WUD PLOH WR PDNH VXUH WKDW HYHU\RQH HQMR\V WKH VHDVRQ 2Q WKH HYHQLQJ RI WK 'HFHPEHU LW ZDV WKH DQQXDO WXUQ RQ RI WKH +LOODP 5LQJWUHH &KULVWPDV OLJKWV ZKLFK ZDV D JUHDW HYHQW 5HIUHVKPHQWV DQG DQ DUHD ZLWK 6DQWD DQG KLV (OYHV PDGH WKH HYHQLQJ DOO WKH PRUH ZRUWKZKLOH ,¶YH UHFHQWO\ MRLQHG WKH 6W :LOIULG¶V DQG 6W 0DU\¶V <RXWK )HOORZVKLS DQG RQ WKH WK DQG WK 'HFHPEHU ZH GLG PRUQLQJ &KULVWPDV FDUG GHOLYHULHV DURXQG 6RXWK 0LOIRUG 0RQN )U\VWRQ DQG +LOODP ZKHUH SHRSOH IURP WKH YLOODJH FRXOG SXW FDUGV WR WKHLU IULHQGV LQ SRVW ER[HV DW HLWKHU FKXUFK DQG WKHQ WKH <RXWK )HOORZVKLS ZRXOG GHOLYHU WKHP :H KDG ORDGV WR KDQG RYHU VR LW ZDV KDUGO\ VXUSULVLQJ WKDW ZH JRW ORVW 2EYLRXVO\ 6W :LOIULG¶V KDV KDG D ORW RI VHUYLFHV RQ WKURXJKRXW WKLV SHULRG 7KH IDPLO\ &KULVWLQJOH VHUYLFH DW SP RQ WKH WK ZDV YHU\ QLFH DQG LW LQFOXGHG D VKRUW QDWLYLW\ SOD\ IURP WKH 6W :LOIULG¶V 6XQGD\ &OXE ZKLFK ZDV ORYHO\ $QG RI FRXUVH , FDQ¶W ILQLVK ZLWKRXW FRPSOLPHQWLQJ HYHU\RQH LQ WKH YLOODJH RQ WKHLU EHDXWLIXO IHVWLYH GHFRUDWLRQV 7KDQNV HYHU\RQH DQG KHUH¶V WR D JUHDW LQ WKH YLOODJH 'DQLHO 'D\NLQ

$ WUXH &KULVWPDV VWRU\ 2Q WKH EOHDNHVW &KULVWPDV (YH IRU PDQ\ \HDUV (ULF ZHQW WR &DVWOHIRUG WR VHH KLV IDWKHU DQ $O]KHLPHU¶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

%HDULQJ JLIWV ZH WUDYHUVH DIDU (ULF ZDV EDFN LQ +LOODP VRRQ DIWHU 7ZHOIWK 1LJKW WR UHQHZ FRQWDFW ZLWK KLV &KULVWPDV (YH EHQHIDFWRU 7KLV WLPH KH ZDONHG RQO\ IURP WKH EXV VWRS LQ 0RQN )U\VWRQ +H ZDV EXU GHQHG GRZQ ZLWK VHDVRQDO JLIWV DQG KH IRXQG KLV SDO XS D ODG GHU LQ +LOODP 6TXDUH $IWHU D MR\RXV UHXQLRQ KLV ROG IULHQG JDYH KLP D OLIW EXW WKLV WLPH MXVW DV IDU DV WKH EXV VWRS

6723 35(66 /$7(67 1(:6

%XUJODU\ LQ %HGIRUG¶V )ROG 7KHUH ZDV D EXUJODU\ LQ %HGIRUG¶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


7KH URRI GLG QRW QHHG PHQGLQJ ", v 5-v;v 4 .-v 0RQN )U\VWRQ &HPHWHU\

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± DQG VXUSULVLQJ ± GHQRXHPHQW $Q XUEDQH DQG 0XUGHU P\VWHU\ GLQQHU DW 0RQN )U\VWRQ +DOO VRSKLVWLFDWHG WZLVW ULGGHQ WKULOOHU WK )ULGD\ 0DUFK FRXUVH 6XQGD\ OXQFK ZLWK FRIIHH IROORZHG E\ WKH WKHDWUH SUHVHQWDWLRQ SP DSSUR[ '867 72 '867 Â… SHU SHUVRQ 7HO 7RQLJKW ZH DUH WUDQVSRUWHG EDFN WR WKH V ZKHUH ZH OHDUQ WKDW WKH ,WDOLDQ 0DILD LV DOLYH DQG WKULYLQJ LQ WKH VOHHS\ WRZQ RI 6RXWKHUQ &DYH 7KH 0DILD¶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µZDNH¶ WKHPH IRU SRRU PXUGHUHG /XLJL QHZ 79 VHW RU DHULDO ± WKDW LV QRW QHFHVVDU\ $QG WKH 7HO &RVW Â…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


3U FLV RI 3& 0LQXWHV IRU WKH 0HHWLQJ 'HFHPEHU 3UHYLRXV PLQXWHV DSSURYHG 0DWWHUV DULVLQJ 1R IRUPDO LQWHUHVW VKRZQ LQ 3& YDFDQF\ &OOU 5REHUWVRQ DVNHG WR IROORZ XS DQG FXOWLYDWH D SHUVRQ ZKR KDG H[SUHVVHG DQ LQWHUHVW SULYDWHO\ ,QWUXVLYHO\ VLWHG VHOOLQJ DJHQW VLJQV KDYH FKDQJHG 6WUHHW OLJKWV %HWWHUDV +LOO 5G LQ QHHG RI DWWHQWLRQ )LQDQFHV &XUUHQW D F +LJK LQWHUHVW D F &KHTXHV GUDZQ 0UV - &ROOLQVRQ VXEVFULSWLRQ 6RFLHW\ RI /RFDO &RXQFLO &OHUNV &65 (OHFWULFDO VWUHHW OLJKWLQJ UHSDLUV 1HZ EDQN VLJQDWRU\ PDQGDWH WR EH FRPSOHWHG )HEUXDU\ E\ &OOU 6KHSSDUG ,W ZDV DJUHHG WKDW WKH 3& ZRXOG WKURXJK

0U 3 :DWKHUVWRQ SXUFKDVH EDJV RI JULW VDOW IRU WKH URDGZD\ DW WKH ERWWRP RI %HWWHUDV +LOO 5G &RUUHVSRQGHQFH LQ 6/&& VXEVFULSWLRQ SD\PHQW DXWKRULVHG 0) 3& LQIRUPLQJ WKDW WKH\ KDG FOHDUHG IRRWSDWKV DW 0DQRU &RXUW &OOU /RUULPDQ ± DGYLVLQJ WKDW IRRWSDWK QRZ IHQFHG DW 5RH /DQH &OHUN WR UHSRUW WR 1<&& IRRWSDWKV RIILFHU IRU LQYHVWLJDWLRQ &DPH DQG &R 3& LQVXUHUV JXLGDQFH DQG FRQVHTXHQFHV IRU FOHDUDQFH RI VQRZ E\ LQGLYLGXDOV 6'& QRWLILFDWLRQ WKDW 3& FDQ FR RSW D PHPEHU WR WKH YDFDQF\ 6'& 3ODQQLQJ DGYLVLQJ RI DSSHDOV WR WKH 6HFUHWDU\ RI 6WDWH UH SODQQLQJ DSSOLFDWLRQV 0UV /DVNH\ IRU +RQH\SRW )LHOG +LOODP &RPPRQ /DQH DQG 7 0DVVHU IRU ILHOG RQ /RZILHOG 5G &RPPXQLW\ $VVRFLDWLRQ WKDQNV IRU GRQDWLRQ RIIHUHG E\ WKH 3&

&RUUHVSRQGHQFH RXW 0) 3& UH UHYLVHG JUDVV FXWWLQJ DUUDQJHPHQWV IRU &RPPXQLW\ $VVRFLDWLRQ UH UHYLVHG JUDVV FXWWLQJ DUUDQJHPHQWV IRU 6'& UH UHYLVHG 3DULVK 3UHFHSW UHTXLUHPHQWV IRU 3ODQQLQJ PDWWHUV 'HFLVLRQ 0U &RRN 0LQRUX 0DLQ 6W XSJUDGLQJ DOWHUDWLRQ DQG H[WHQVLRQ ZRUN 5HIXVHG &RQVHUYDWLRQ $UHD FRQVHQW IRU GHPROLWLRQ RI VLQJOH VWRUH\ VHFWLRQ RI GZHOOLQJ DQG ERXQGDU\ ZDOO 5HIXVHG 5HSRUW &OOU 5REHUWVRQ WR DWWHQG WKH QH[W &$ PHHWLQJ DV WKH 3& UHSUHVHQWDWLYH

$ERXW +LOODP 1HZV

7KH +LOODP 1HZV LV D IUHH QHZVSDSHU SURGXFHG E\ YROXQWHHUV :H PDNH UHDVRQDEOH HQGHDYRXUV WR HQVXUH WKH DFFXUDF\ RI WKH FRQWHQW EXW ZH GR QRW JXDUDQWHH WKH DFFXUDF\ RI QRU HQGRUVH WKH RSLQLRQV RI WKLUG SDUW\ FRQWULEXWLRQV LQFOXGLQJ DGYHUWV :H SXEOLVK RXU PDWHULDO LQ JRRG IDLWK DQG VWULYH WR FRPPHQW IDLUO\ ,I ZH PDNH D PLVWDNH ZH DUH ZLOOLQJ WR FRUUHFW LW ZKHQ LW LV SRLQWHG RXW WR XV %HFDXVH WKH SDSHU LV IUHH ZH GR QRW SHUPLW FRS\LQJ IRU JDLQ EXW ZH DUH KDSS\ WR JUDQW SHUPLVVLRQ IRU UHSURGXFWLRQ

5HF\FOLQJ DW WKH &RPPXQLW\ &HQWUH

,QFRPH IURP WKH UHF\FOLQJ ELQV DW WKH &RPPXQLW\ &HQWUH RYHU WKH ODVW \HDU ZDV d 7KLV LV D YDOXDEOH VRXUFH RI LQFRPH IRU &RPPXQLW\ $VVRFLDWLRQ IXQGV $ ELJ WKDQN \RX WR DOO ZKR EULQJ WKHLU UHF\FODEOH LWHPV WR WKH EDQNV


," v"/,v ",, -*" .-v 2Q D FROG 'HFHPEHU PRUQLQJ

+LJK VSHHG EURDGEDQG

5LFKDUG :ULJKW +LOODP 1HZV¶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¶W :HOO LI \RX¶G ORRNHG LQ WKH ULJKW GLUHFWLRQ \RX ZRXOG KDYH VHHQ WKH PRVW ZRQGHUIXO HFOLSVH DW DERXW ,W ZDV ORZ LQ WKH QRUWKZHVW DQG ZDV DOPRVW FRPSOHWH ZKHQ , VDZ LW $V , ZDV LQ P\ GUHVVLQJ JRZQ DQG LQ D PRVW GLVRUGHUO\ VWDWH RI XQGUHVV DQG DV LW ZDV IUHH]LQJ FROG DQG DV WKH PRRQ ZDV RQO\ MXVW YLVLEOH RQ D YHU\ ORZ WUDMHFWRU\ , GLGQ¶W WDNH D SKRWR EXW MXVW ³WLFNHG´ LW DQG UHWLUHG EDFN LQVLGH %UUUUU &RPH EDFN 5LFKDUG :ULJKW ZH PLVV \RX

<RX GRQ¶W KDYH WR EH D JHHN WR ZDQW IDVWHU EURDGEDQG +LOODP KDVQ¶W WKH EHVW VHUYLFH DV LW VXIIHUV IURP EHLQJ DW WKH HQG RI WKH OLQH IURP WKH 6RXWK 0LOIRUG H[FKDQJH +RZHYHU WKH ILEUH RSWLF UROO RXW LV DOUHDG\ XQGHU ZD\ ZLWK DGYHUWLVHG VSHHGV RI XS WR 0% %7 LV LQYLWLQJ XVHUV WR µYRWH¶ IRU LWV QHZ IDVW VHUYLFH 7KLV LV D JRRG LGHD ZKHWKHU \RX DUH D %7 XVHU RU QRW *R WR ZZZ EW FRP LQILQLW\ RU VHDUFK IRU %7 ,QILQLW\ RQ *RRJOH +DOIZD\ GRZQ WKH SDJH RQ WKH ULJKW KDQG VLGH LV DQ LQYLWDWLRQ WR YRWH IRU %7 ,QILQLW\ LQ \RXU DUHD ,I \RX FRQWLQXH IURP KHUH \RX FDQ YRWH DQG UHJLVWHU :KHQ , YRWHG RQO\ RXW RI 6RXWK 0LOIRUG XVHUV KDG UHJLVWHUHG /HW¶V KRSH LW¶V PRUH E\ WKH WLPH \RX UHDG WKLV LQ +LOODP 1HZV 7KH +LOODP 1HUG

$UWLFOHV IRU +LOODP 1HZV +LOODP 1HZV LV PDGH XS RI DUWLFOHV IURP D ODUJH DQG GLYHUVH JURXS RI FRQWULEXWRUV :H YDOXH WKHP 3OHDVH NHHS VHQGLQJ WKHP LQ 8QOHVV WKHUH LV VRPH DUWZRUN RU D ORJR FRS\ LV EHVW LQ WKH IRUP RI D :RUG GRFXPHQW DWWDFKHG WR DQ HPDLO 3OHDVH JHW WKHP LQ E\ RXU SUHVV GD\ WK 0DUFK IRU WKH $SULO 0D\ LVVXH RWKHU GDWHV DYDLODEOH RQ UHTXHVW $OVR SOHDVH EH EULHI


, P* ,.v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

'RJ PDQ DUUHVWHG DQG FDU LPSRXQGHG )LYH PDOHV ZLWK IRXU GRJV LQ D )RUG 0RQGHR ZHUH FDXJKW RQ IDUPODQG KDUH FRXUVLQJ 2QH PDOH ZDV DUUHVWHG DQG WKH YHKLFOH ZDV LPSRXQGHG )RXU RWKHU PDOHV IURP 6WRNHVOH\ QHDU 7KLUVN OHIW WR PDNH RWKHU DUUDQJHPHQWV WR JHW KRPH DQG ZHUH VHHQ ZDONLQJ GRZQ +LOODP &RPPRQ /DQH DQG XS /RZILHOG 5RDG

&DURO VLQJHUV ,Q WKH UXQ XS WR &KULVWPDV , UHFHLYHG D FRPSODLQW DERXW WZR PDOHV RQH IHPDOH DQG D VPDOO FKLOG JRLQJ IURP KRXVH WR KRXVH DQG DFWLQJ VXVSLFLRXVO\ , UDQJ WKH SROLFH DQG UHSRUWHG SHRSOH¶V FRQFHUQ $ERXW WHQ PLQXWHV ODWHU WKH JURXS KDG PDGH LWV ZD\ DV IDU DV P\ KRXVH DQG SHRSOH ZHUH ORRNLQJ URXQG DOO WKH KRXVHV :KHQ DSSURDFKHG WKH\ VDLG WKH\ ZHUH FDURO VLQJLQJ DOWKRXJK , GLG QRW KHDU DQ\ VLQJLQJ , UDQJ WKH SROLFH DJDLQ DQG ZDV

LQIRUPHG WKDW DQ RIILFHU ZDV RQ KLV ZD\ WR FKHFN WKHP RXW , ODWHU UHFHLYHG D FDOO IURP WKH SROLFH WR VD\ WKDW 3& .HYLQ .HOO\ KDG FKHFNHG WKH JURXS DQG ZDV VDWLVILHG WKDW WKH\ ZHUH J\SVLHV FDURO VLQJLQJ 7RQ\ +XGVRQ

1HLJKERXUKRRG SROLFLQJ ,I DQ\ UHVLGHQWV ZRXOG OLNH WR PHHW DQG VSHDN WR WKHLU QHLJKERXUKRRG RIILFHU UHJDUGLQJ DQ\ LVVXHV LQ WKH YLOODJH WKHQ WKH\ FDQ FRQWDFW PH HLWKHU RQ GLRQ ZRRG#QRUWK\RUNVKLUH SQQ SROLFH XN RU RQ WKH QRQ HPHUJHQF\ QXPEHU 'LRQ :RRG 3ROLFH &RPPXQLW\ 6XSSRUW 2IILFHU +LOODP 0RQN )U\VWRQ 0RELOH 3ROLFH 2IILFH ,Q WKH &URVV .H\V FDU SDUN RQ :HGQHVGD\ WK )HE WK 0DUFK DQG WK $SULO WR SP ,Q WKH 0RQN )U\VWRQ 6FKRRO OD\ E\ RQ WKH VDPH GDWHV DP QRRQ


, P* ,.v{v '$<6 72 7+,1. %HZDUH RI %RJXV &DOOHUV DQG 5RJXH 7UDGHUV

7KH URRI GLG QRW QHHG PHQGLQJ

7KDQNV WR D TXLFN WKLQNLQJ ZRUNHU DW (JJERURXJK 3RVW 2IILFH GLVKRQHVW EXLOGHUV ZKR KDG WDNHQ DQ HOGHUO\ ODG\ WKHUH WR 2YHU UHFHQW GD\V WKHUH KDYH EHHQ ³%RJXV 7UDGHVPHQ´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Â…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¶V KXVEDQG UHWXUQHG ODWHU KH ZDV VXVSLFLRXV DERXW ZKDW KDG KDSSHQHG DQG FKHFNHG KHU KDQG ³&$5,1* <28´ EDJ $ ODUJH DPRXQW RI FDVK ZDV PLVVLQJ $OO UHVLGHQWV HVSH FLDOO\ WKH HOGHUO\ DUH UHPLQGHG WR FKHFN WKH LGHQWLW\ RI FDOOHUV DQG WR QRW OHW WKHP LQWR \RXU SURSHUW\ LI \RX KDYH DQ\ GRXEWV DERXW 1RUWK <RUNVKLUH 7UDGLQJ 6WDQGDUGV WKHP 1RUWK <RUNVKLUH 3ROLFH 3OHDVH FRQWDFW 1RUWK <RUNVKLUH 3ROLFH RQ LI \RX KDYH DQ\ LQIRUPDWLRQ DERXW WKLV RU DQ\ RWKHU VLPLODU LQFLGHQWV


v" v/- v\v*

v ** . " -vv

3ODQQLQJ DSSHDOV HQIRUFHPHQW QRWLFHV DQG SODQQLQJ GHFLVLRQV

)LHOG DQG VWDEOHV EXLOW ZLWKRXW SODQQLQJ SHUPLVVLRQ RQ /RZILHOG 5RDG

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

:LQG IDUPV :RRGODQH DQG RWKHUV LQFOXGLQJ D QHZ RQH DW 'DUULQJWRQ 7KHVH DSSOLFDWLRQV KDYH QRW JRQH DZD\ 7KH :RRGODQH DSSOLFDWLRQ ZDV VXEPLWWHG LQ $SULO DQG KDV QRW \HW UHDFKHG D VWDJH ZKHUH LW FDQ EH FRQVLGHUHG E\ WKH 3ODQQLQJ &RPPLWWHH %XW LW LV RQO\ D PDWWHU RI WLPH $W IHHW KLJK WKH ZLQG IDUP ZRXOG FKDQJH WKH FKDUDFWHU RI WKH DUHD )XUWKHU LQIRUPDWLRQ RQ WKH ZLQG IDUP SDJH LQ WKLV LVVXH

6KRZPHQ¶V VLWHV RQ /RZILHOG 5RDG DQG RQ WKH ROG PXVKURRP IDUP DW *DWHIRUWK

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³:KDW LV WR EHFRPH RI WKH SURSHUW\"´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


v4 5v ," v. v "/ ,7v 1(: &5,&.(7 3$9,/,21 :RUN LV PRUH RU OHVV FRPSOHWH RQ WKH H[WHULRU RI WKH EXLOGLQJ :RUN RQ WKH LQWHULRU KDV EHJXQ 3DLQWLQJ RI ZDOOV LV QHDUO\ FRPSOHWH DQG ILUVW IL[LQJV RI WKH HOHFWULFV KDYH EHJXQ 6DQLWDU\ ZDUH KDV EHHQ ILWWHG DQG VRRQ WKH NLWFKHQ ZLOO EH FRPSOHWH 0RUH SHRSOH DUH VWLOO QHHGHG WR KHOS DV RXU JRDO LV WR KDYH WKH SDYLOLRQ UHDG\ IRU WKH VWDUW RI WKH QHZ VHDVRQ

:,17(5 1(76 :LQWHU QHWV ZLOO VWDUW RQ 6XQGD\ UG -DQXDU\ DW .LQJ¶V 6FKRRO 3RQWHIUDFW <RX FDQ FRQWDFW (ULF )UDQNODQG RQ IRU PRUH GHWDLOV

35 6($621 0((7,1* 7KLV PHHWLQJ ZLOO EH KHOG RQ QG 0DUFK DW WKH &URZQ 0RQN )U\VWRQ DW SP

:(7+(5%< &5,&.(7 /($*8( 7KH ILUVW PDWFK RI WKH VHDVRQ ZLOO EH RQ 6DWXUGD\ WK $SULO 'LYLVLRQ ± VW ;, Y 6FKROHV DZD\ 'LYLVLRQ ± QG ;, Y 6FKROHV ³$´ KRPH

*5$1' 23(1,1* 7KH RIILFLDO RSHQLQJ RI WKH QHZ SDYLOLRQ WDNHV SODFH RQ 6XQGD\ WK -XO\ 7KHUH ZLOO EH 7ZHQW\ DJDLQVW D <RUNVKLUH ;, KRJ URDVW FULFNHW WHDV VLGH VWDOOV VSRQVRUV¶ PDUTXHH OLYH PXVLF SOD\HUV IURP /HHGV 8QLWHG DQG PXFK PRUH $OO LV VWLOO WR EH FRQILUPHG 7KLV VKRXOG EH DQ H[FLWLQJ GD\ LQ WKH OLIH RI WKH FULFNHW FOXE /RRN IRUZDUG WR VHHLQJ \RX DOO WKHUH

$118$/ ',11(5 '$1&( 7KLV ZLOO EH KHOG DW 0RQN )U\VWRQ +DOO RQ 6DWXUGD\ WK 1RYHPEHU

:(%6,7( 7KH FOXE¶V ZHEVLWH LV JRLQJ WKURXJK VRPH FKDQJHV +RSHIXOO\ \RX ZLOO EH DEOH WR JHW PRUH GHWDLOV RQ WKH DERYH HYHQWV VRRQ

ZZZ KPIFF FR XN


, v\v 5v7 ,n-v, -" /. " -vv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¶W

ZRUN KRZ FRXOG \RX DGDSW LW" $OZD\V WDNH D QRWHERRN DQG SHQFLO ZLWK \RX IRU LGHDV , DP DOZD\V HQHUJLVHG DQG HQWKXVHG DIWHU YLVLWLQJ D JDUGHQ DQG FRPH EDFN UDULQJ WR ZRUN LQ P\ RZQ :LQWHU ORVVHV 7KLV ZLQWHU KDV EHHQ EUXWDO WR PDQ\ HVWDEOLVKHG VKUXEV HVSHFLDOO\ HYHUJUHHQV ZKLFK VDLOHG WKURXJK ODVW ZLQWHU XQVFDWKHG ZLWK KDUGO\ D EOHPLVK , KDYH GHILQLWHO\ ORVW VHYHUDO KHEHV DQG P\ SLWWRVSRUXPV ZKLFK KDYH EHHQ LQ WKH JDUGHQ IRU DW OHDVW ILIWHHQ \HDUV KDYH ORVW DOO WKHLU OHDYHV 0\ FDPHOOLDV KDYH EURZQ IORZHU EXGV DQG VFRUFKHG OHDYHV EXW , KRSH WKH\ ZLOO UHFRYHU HYHQ P\ YDULHJDWHG KROOLHV KDYH XQVLJKWO\ EURZQLQJ RI WKH OHDYHV , WKLQN LW PXVW KDYH EHHQ WKH VXGGHQ DQG SURORQJHG FROG VSHOO VR HDUO\ LQ WKH VHDVRQ DQG DIWHU D PLOG VWDUW WR 1RYHPEHU ZKLFK PHDQW WKDW SODQWV GLG QRW KDYH WLPH WR JUDGXDOO\ JHW XVHG WR WKH FROGHU ZHDWKHU 0DQ\ RI P\ VXPPHU SODQWV ZHUH VWLOO IORZHULQJ ZKHQ WKH H[WUHPH FROG KLW WKHP +RZHYHU EHIRUH \RX GLJ HYHU\WKLQJ XS DQG VWDUW DJDLQ JLYH WKH SODQWV D FKDQFH 0DQ\ ZLOO UHFRYHU DQG SXW RQ QHZ JURZWK LQ WKH VSULQJ DQG \RX FDQ WKHQ SUXQH RXW DQ\ GHDG ELWV ,I WKHUH LV QR VLJQ RI OLIH E\ -XQH WKH SODQW LV SUREDEO\ GHDG 5HVROYH WR XVH WKLV \HDU¶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¶W IRUJHW WR ZDWHU DQG IHHG LW 7KH VSDFH FRXOG ZHOO EH XVHG IRU DQQXDOV 6SULQNOH SRSS\ VHHGV RU SODQW WDOO FRVPRV RU D GDKOLD IRU LQVWDQW VXPPHU FRORXU 6XVDQ )HUJXVRQ


-.v5 , n-v /, v 0HVVDJH IURP WKH 5HFWRU <RX NQRZ VRPH RI WKH SHRSOH WKDW KDYH LPSUHVVHG PH PRVW LQ P\ OLIH KDYH EHORQJHG WR UHOLJLRXV FRPPXQLWLHV ± , JXHVV P\ ZLIH SUREDEO\ WKLQNV ,¶YH JRW D WKLQJ DERXW QXQV %XW , GRQ¶W NQRZ ZKHWKHU LW¶V WKH ZD\ WKH\ VWDQG RXW WKURXJK WKH ZD\ WKH\ SURXGO\ ZHDU WKHLU KDELWV WKH OLIH WKH\ KDYH FKRVHQ RU ZKHWKHU LW¶V VLPSO\ WKH NLQG RI SHRSOH WKH\ DUH :KDW , GR NQRZ LV WKDW WKH\ DOZD\V VHHP VR NHHQ WR WU\ DQG KHOS RWKHUV , UHDG D VWRU\ DERXW D QXQ UHFHQWO\ ± KHU QDPH ZDV 6LVWHU +HOHQ 0RULD ,W ZDV UHFRXQWLQJ D GD\ PDQ\ \HDUV DJR ZKHQ VKH ZDV LQYROYHG LQ MXQLRU VFKRRO WHDFKLQJ 7KH NLGV LQ FODVV ZHUH JHWWLQJ ULRWRXV DQG EHJLQQLQJ WR ILJKW HDFK RWKHU ± VR VKH UDLVHG KHU YRLFH DQG VWRSSHG WKHP 6KH WKHQ DVNHG WKHP WR VLW GRZQ OLVW WKH QDPHV RI DOO WKH RWKHU VWXGHQWV RQ D SLHFH RI SDSHU DQG WKHQ ZULWH GRZQ VRPHWKLQJ WKH\ OLNHG DERXW HDFK RI WKHP 6KH WRRN WKH VKHHWV DZD\ DQG ZURWH WKH QDPH RI HDFK FKLOG DW WKH WRS RI D IUHVK VKHHW RI SDSHU DQG WKHQ VKH OLVWHG DOO WKH WKLQJV WKDW RWKHU FKLOGUHQ KDG VDLG DERXW WKDW FKLOG DQG JDYH LW WR HDFK RQH $V WKH VWXGHQWV UHDG WKHP LQ DPD]HPHQW WKH\ HDFK VDLG ³, QHYHU NQHZ WKH\ IHOW WKDW ZD\ ´ 6KH PRYHG DZD\ IURP WKH DUHD EXW PDQ\ \HDUV ODWHU ZKHQ VKH FDPH EDFN WR YLVLW KHU IDWKHU WROG KHU WKDW WKH -RKQVRQV KDG FDOOHG WKH QLJKW EHIRUH WR VD\ WKDW WKHLU VRQ 0DUN ZDV NLOOHG LQ D FDU FUDVK LQ $XVWUDOLD DQG WKH\¶G OLNH 6LVWHU +HOHQ WR FRPH WR WKH IXQHUDO $IWHU WKH VHUYLFH 0DUN¶V IRUPHU FODVVPDWHV JDWKHUHG LQ WKH IDPLO\ KRPH DORQJ ZLWK +HOHQ WKHLU ROG WHDFKHU 6XGGHQO\ 0DUN¶V IDWKHU VDLG WR KHU ³,¶G OLNH WR VKRZ \RX VRPHWKLQJ ± , IRXQG LW LQ 0DUN¶V ZDOOHW ZKHQ LW ZDV UHWXUQHG ´ 2SHQLQJ WKH ZDOOHW KH UHPRYHG WKH IDPLOLDU VKHHW RI SDSHU QRZ \HOORZ DQG ZRUQ OLVWLQJ DOO WKH JRRG WKLQJV HDFK RI KLV FODVVPDWHV KDG VDLG DERXW KLP 7KHQ RQH E\ RQH DOO WKH RWKHUV RSHQHG WKHLU SXUVHV DQG ZDOOHWV DQG SURGXFHG WKHLUV WRR ,W GRHVQ¶W VXUSULVH PH WKDW LW ZDV D QXQ ZKR GLG WKDW ± EXW ZKDW PDGH WKHP NHHS WKHP IRU VR ORQJ" :KDW PDGH 0DUN FDUU\ D ILIWHHQ \HDU ROG SLHFH RI SDSHU HYHU\ZKHUH KH ZHQW HYHQ WR KLV GHDWK LQ WKDW IDWDO FDU FUDVK RQ D EDFN URDG LQ WKH $XVWUDOLDQ EXVK" 7KH DQVZHU PLJKW EH DSSUHFLDWLRQ 7KHUH DUH ORWV RI SHRSOH DOO DURXQG XV HDFK DQG HYHU\ GD\ ZKR DUH KXQJU\ DQG KXUWLQJ IRU DSSUHFLDWLRQ DQG DFFHSWDQFH 3HUKDSV ZH VKRXOG WU\ D OLWWOH KDUGHU WR JLYH LW WR WKHP %OHVVLQJV -RKQ

6HUYLFHV DW 6W :LOIULG¶V VW 6XQGD\ RI HDFK PRQWK DP +RO\ &RPPXQLRQ DW 6W :LOIULG¶V 0RQN )U\VWRQ DP 3DULVK &RPPXQLRQ DW 6W 0DU\¶V 6RXWK 0LOIRUG DP 3DULVK &RPPXQLRQ DW 6W :LOIULG¶V 0RQN )U\VWRQ DP 6XQGD\ &OXE LQ 6W :LOIULG¶V &KXUFK +DOO DJHV

QG 6XQGD\ RI HDFK PRQWK DP )DPLO\ &RPPXQLRQ DW 6W 0DU\¶V 6RXWK 0LOIRUG DP 3DULVK &RPPXQLRQ DW 6W :LOIULG¶V 0RQN )U\VWRQ SP (YHQVRQJ DW 6W 0DU\¶V 6RXWK 0LOIRUG

UG 6XQGD\ RI HDFK PRQWK DP +RO\ &RPPXQLRQ DW 6W :LOIULG¶V 0RQN )U\VWRQ DP 3DULVK &RPPXQLRQ DW 6W 0DU\¶V 6RXWK 0LOIRUG DP )DPLO\ 6HUYLFH 6W :LOIULG¶V 0RQN )U\VWRQ

WK 6XQGD\ RI HDFK PRQWK DP )DPLO\ 6HUYLFH DW 6W 0DU\¶V 6RXWK 0LOIRUG DP 3DULVK &RPPXQLRQ DW 6W :LOIULG¶V 0RQN )U\VWRQ SP +RO\ &RPPXQLRQ DW 6W 0DU\¶V 6RXWK 0LOIRUG

$/3+$ ,1 021. )5<6721

7KH $OSKD &RXUVH WKDW ZDV SRVWSRQHG IURP WKH DXWXPQ RI ODVW \HDU ZLOO QRZ UXQ LQ 0DUFK DQG $SULO 7KH LQWURGXFWLRQ VHVVLRQ ZLOO WDNH SODFH RQ 0RQGD\ WK 0DUFK EHJLQQLQJ DW SP DQG EH KRVWHG E\ -RKQ DQG <YRQQH DW WKH 5HFWRU\ 7KH FRXUVH LV RSHQ WR DOO ZKR ZLVK WR ORRN D OLWWOH PRUH FORVHO\ DW WKH &KULVWLDQ )DLWK DQG HDFK HYHQLQJ VRPHRQH IURP ZLWKLQ RXU FRPPXQLW\ ZLOO WDON DERXW WKHLU IDLWK MRXUQH\ ,I \RX ZRXOG OLNH WR DWWHQG SOHDVH FDOO -RKQ RQ RU HPDLO DW KHWKHULQJWRQ #EWLQWHUQHW FRP )XUWKHU GHWDLOV RI WKH FRXUVH FDQ EH IRXQG DW ZZZ DOSKD FR XN )XUWKHU GHWDLOV DERXW 6W :LOIULG¶V RQ RXU ZHEVLWH ZZZ VWZLOIULGDQGVWPDU\ RUJ XN


v -.", -vZZZ KLOODP YLOODJH FR XN :H +LOODP +LVWRULDQV ZHUH VKRFNHG DQG VDGGHQHG E\ WKH VXGGHQ GHDWK LQ 1RYHPEHU RI RQH RI RXU ORQJ VWDQGLQJ PHPEHUV 5DOSK $WNLQV +H ZDV D PDQ RI PDQ\ WDOHQWV DQG ZLGH UDQJLQJ LQWHUHVWV DQG WKLV LVVXH VHHPV D JRRG RSSRUWXQLW\ WR VKDUH ZLWK \RX RQH RI WKH PDQ\ IDVFLQDWLQJ FRQWULEXWLRQV KH EURXJKW WR RXU JURXS ,Q WKH ODWH V RQH PHPEHU XVHG WR WUDYHO UHJXODUO\ E\ EXV IURP /HHGV WR 3RQWHIUDFW DQG HQ URXWH RQ +XQVOHW 5RDG SDVVHG WKH LPSRVLQJ :DGGLQJWRQ¶V SULQW ZRUNV 6KH UHPHPEHUV WKH VLJQ RQ WKH ZDOO ZKLFK SURXGO\ GHFODUHG LW WR EH µ7KH KRPH RI 0RQRSRO\¶ 7KXV WKLV WDOH RI ZDUWLPH LQWULJXH IURP 5DOSK KDV ORFDO OLQNV SULQWLQJ RQ VLON DQG WKDW ZDV -RKQ :DGGLQJWRQ /WG

*HW RXW RI MDLO IUHH 6WDUWLQJ LQ DQ LQFUHDVLQJ QXPEHU RI %ULWLVK DLUPHQ IRXQG WKHPVHOYHV DV WKH LQYROXQWDU\ JXHVWV RI WKH 7KLUG 5HLFK DQG WKH &URZQ ZDV FDVWLQJ DERXW IRU ZD\V DQG PHDQV WR IDFLOLWDWH WKHLU HVFDSH 1RZ REYLRXVO\ RQH RI WKH PRVW KHOSIXO DLGV WR WKDW HQG LV DQ DFFXUDWH PDS RQH VKRZ LQJ QRW RQO\ ZKHUH VWXII ZDV EXW DOVR VKRZLQJ WKH ORFDWLRQV RI µVDIH KRXVHV¶ ZKHUH D 32: RQ WKH UXQ FRXOG JR IRU IRRG DQG VKHOWHU

:KHQ DSSURDFKHG E\ WKH *RYHUQPHQW WKH ILUP ZDV RQO\ WRR KDSS\ WR GR LWV ELW IRU WKH ZDU HIIRUW %\ SXUH FRLQFLGHQFH :DGGLQJWRQ ZDV DOVR WKH 8. OLFHQVHH IRU WKH SRSXODU ERDUG JDPH 0RQRSRO\ $V LW KDSSHQHG µJDPHV DQG SDVWLPHV¶ ZDV D FDWHJRU\ RI LWHP ZKLFK TXDOLILHG IRU LQVHUWLRQ LQWR SDFNDJHV GLVSDWFKHG E\ WKH ,QWHUQDWLRQDO 5HG &URVV WR SULVRQHUV RI ZDU ,Q D VHFXUHO\ JXDUGHG DQG LQDFFHVVLEOH ROG ZRUNVKRS LQ :DGGLQJWRQ¶V JURXQGV D JURXS RI VZRUQ WR VHFUHF\ HPSOR\HHV EHJDQ PDVV SURGXFLQJ HVFDSH PDSV NH\HG WR HDFK UHJLRQ RI *HUPDQ\ RU ,WDO\ ZKHUH $OOLHG 32: FDPSV ZHUH ORFDWHG 5HG &URVV SDFNDJHV ZHUH GHOLYHUHG WR SULVRQHUV LQ DFFRUGDQFH ZLWK WKDW VDPH UHJLRQDO V\VWHP :KHQ SURFHVVHG WKHVH PDSV FRXOG EH IROGHG LQWR VXFK D VPDOO VSDFH WKDW WKH\ ZRXOG DFWXDOO\ ILW LQVLGH D 0RQRSRO\ SOD\LQJ SLHFH 7KH FOHYHU ZRUNPHQ DW :DGGLQJWRQ¶V DOVR PDQDJHG WR DGG $ SOD\LQJ WRNHQ FRQWDLQLQJ D VPDOO PDJQHWLF FRPSDVV $ WZR SDUW PHWDO ILOH WKDW FRXOG HDVLO\ EH VFUHZHG WRJHWKHU 3DSHU PDSV KDG 8VHIXO DPRXQWV RI JHQXLQH KLJK GHQRPLQDWLRQ *HUPDQ ,WDOLDQ VRPH UHDO DQG )UHQFK FXUUHQF\ KLGGHQ ZLWKLQ WKH SLOHV RI 0RQRSRO\ GUDZEDFNV ± PRQH\ WKH\ PDNH D ORW RI QRLVH ZKHQ %ULWLVK DQG $PHULFDQ DLU FUHZV ZHUH DGYLVHG EHIRUH WDNLQJ RII \RX RSHQ DQG IROG WKHP WKH\ RQ WKHLU ILUVW PLVVLRQ KRZ WR LGHQWLI\ D µULJJHG¶ 0RQRSRO\ VHW ±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¶W GHFODVVLILHG XQWLO ZKHQ WKH VXUYLYLQJ FUDIWVPHQ LGHD RI SULQWLQJ IURP :DGGLQJWRQ¶V DV ZHOO DV WKH ILUP LWVHOI ZHUH ILQDOO\ HVFDSH PDSV RQ KRQRXUHG LQ D SXEOLF FHUHPRQ\ VLON ,W¶V GXUDEOH FDQ EH <RX ZLOO EH YHU\ ZHOFRPH DW WKH QH[W PHHWLQJ RI +LOODP VFUXQFKHG XS LQWR WLQ\ ZDGV DQG XQIROGHG DV PDQ\ WLPHV DV +LVWRULDQV :HGQHVGD\ UG 0DUFK SP &RPH DQG MRLQ XV QHHGHG DQG PDNHV QR QRLVH ZKDWVRHYHU $W WKDW WLPH RQO\ RQH PDQXIDFWXUHU LQ *UHDW %ULWDLQ KDG SHUIHFWHG WKH WHFKQRORJ\ RI

'DYLG 'DL -RQHV 'LS $UFK 5,%$

$UFKLWHFW

)OHWWRQ +RXVH 7KH 6TXDUH +,//$0 1RUWK <RUNVKLUH /6 +(

3KRQH &RQVXOWDWLRQ :HOFRPH ± ,QLWLDO 'LVFXVVLRQ )UHH


5-v ," v / -v v ,"/*-v 021. )5<6721 $57 &/8% ,Q 'HFHPEHU WKH ODVW WKUHH PHHWLQJV ZHUH FDQFHOOHG GXH WR LQFOHPHQW ZHDWKHU ± DQG WKLV LQFOXGHG RXU &KULVWPDV OXQFKHRQ :KHQ WKH GHFLVLRQ KDG WR EH PDGH WKH ZHDWKHU ZDV DW LWV YHU\ ZRUVW VR WKH FRPPLWWHH FRQFOXGHG WKDW ZH VKRXOG KHHG WKH DGYLFH DQG QRW ULVN DFFLGHQWV %XW LW ZDV VRG¶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¶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

-XQH (OVH\ KDV DUUDQJHG D IXOO LQWHUHVWLQJ DQG EXV\ SURJUDPPH IRU WKH FOXE ZKLFK ZLOO WDNH XV WKURXJK WKH ZLQWHU PRQWKV DQG LQWR VSULQJ 7KHUH ZLOO EH DQ RSHQ GHPRQVWUDWLRQ E\ 'DYH 1HZEROG D VWLOO OLIH ZRUNVKRS OHG E\ PHPEHU 1DWDOLD .RPLVVDURYD ZKR ZRUNV LQ D PRGHUQ VW\OH D JRXDFKH GHPRQVWUDWLRQ E\ %UXFH 0XOFDO\ OLIH GUDZLQJ ZLWK D PDOH PRGHO D GUDZLQJ ZRUNVKRS OHG E\ PHPEHU 5RG :DUG DQG D ZDWHUFRORXU ZRUNVKRS ZLWK 0LNH 'REVRQ &OXE PHPEHUV ZLVK <28 D KDSS\ 1HZ <HDU

&+85&+ :$/.,1* *5283

)HEUXDU\ WK 9HQXH %DUORZ &RPPRQ 1DWXUH 5HVHUYH :H ZHOFRPH \RX WR D PLOH FLUFXODU ZDON DURXQG WKH UHVHUYH DQG WKH YLOODJH 0HHW DW WKH QDWXUH UHVHUYH FDU SDUN DW DP IRU D DP VWDUW 3OHDVH EULQJ IRRG DQG D GULQN %HLQJ DW WKH HQG RI )HEUXDU\ WKH ZDON FRXOG EH ³PXGG\´ 3OHDVH FRQWDFW 6WXDUW 7ZLGDOH RQ

=80%$ /DWLQ LQVSLUHG GDQFH ILWQHVV ZRUNRXW 0RQN )U\VWRQ &RPPXQLW\ &HQWUH (YHU\ 7KXUVGD\ SP Â… 2YHU V GDQFH ZRUNRXW (YHU\ VW 7KXUVGD\ RI PRQWK SP Â… )(%58$5< UG 0$5&+ UG $35,/ WK )RU PRUH GHWDLOV FRQWDFW +DQQDK +RZFURIW 4XDOLILHG )LWQHVV ,QVWUXFWRU

5HPHPEHU WKH &RPPXQLW\ &HQWUH LV DYDLODEOH WR KLUH IRU SULYDWH JDWKHULQJV DQG SDUWLHV FRQWDFW %HFN\ RQ ,I LWªV FKDLUV WDEOHV PDUTXHHV JD]HERV RU HYHQ FURFNHU\ \RX ZDQW WR ERUURZ JLYH .DWK 5DWFOLIIH D FDOO RQ

%2$5',1* .(11(/6 $1' &$77(5< &RPPRQ /DQH 6RXWK 0LOIRUG /HHGV /6 %; &RPH DQG VHH RXU VSDFLRXV SXUSRVH EXLOW DFFRPPRGDWLRQ ³<285 3(7¶6 +2/,'$< +20(´ 3KRQH .DWKU\Q %HDO RQ 2SHQ DP SP GDLO\ 9,6,7256 :(/&20(


7KH &URVV .H\V

+RRNHG ¶1¶ &RRNHG

,Q D GHSDUWXUH IURP WKH XVXDO GHOLJKWV RI ORJ ILUHV FRXQWU\ SXEV $ QRWH IURP EHKLQG WKH EDU DQG ORFDOO\ EUHZHG DOHV \RXU LQWUHSLG IRRGLHV GHFLGHG WR YHQWXUH RXW QR IXUWKHU WKDQ WKH HQG RI WKH YLOODJH WR VDPSOH +LOODP¶V 7KH &URVV .H\V ,QQ KDV RYHU WKH ODVW WZR PRQWKV KDG VRPH DQVZHU WR +DUU\ 5DPVGHQ¶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¶V (YH ¶1¶ &RRNHG KDYH GHFLGHG WKDW RXU SDODWHV DUH UHDG\ WR VDPSOH SLSLQJ KRW EDWWHUHG ILVK IURP WKH VLGH RI DQ\WKLQJ EXW D ILVK DQG FKLS YDQ :H DUH QRZ ORRNLQJ IRUZDUG WR ZLWK PRUH HYHQWV )HEUXDU\ VHHV RXU 9DOHQWLQH¶V 'D\ RQ 0RQGD\ WK ZLWK D VSHFLDO RU FRXUVH PHQX IUHVKO\ SUHSDUHG E\ RXU QHZ FKHI /LVD (YHQ PRUH YRFDO HQWHUWDLQPHQWV DUH EHLQJ SODQQHG IRU 6DWXUGD\ QLJKWV ZKLFK LQ WKH SDVW KDYH EHHQ D KXJH VXFFHVV ZLWK D EULOOLDQW YLOODJH DWPRVSKHUH /LVD LV QRZ XQGHUZD\ ZLWK WKH QHZ PHQX NHHSLQJ VRPH ROG IDYRXULWH GLVKHV DV ZHOO DV LQWURGXFLQJ QHZ RQHV $ VSHFLDO YHJHWDULDQ PHQX LV DOVR EHLQJ FRQVWUXFWHG 7KLV LV KLJK HQG GHOLYHU\ VHUYLFH ± D JOHDPLQJ SXUSRVH EXLOW NLWFKHQ LQ WKH EDFN RI D )LDW YDQ WKDW RIIHUV FOLHQWV WKH XVXDO IDUH 7KH SXE ZRXOG SDUWLFXODUO\ OLNH WR DGYHUWLVH RXU FKDULW\ HYHQW HYHQLQJ µ-DPLH DW +RPH¶ 7KLV ZLOO EH KHOG RQ :HGQHVGD\ UG \RX¶G H[SHFW LQ D FKLSSLH :H ERWK ZHQW IRU WKH FODVVLF ILVK DQG )HEUXDU\ DW SP LQ DLG RI WKH 0DFPLOODQ FDQFHU RUJDQLVDWLRQ FKLSV ± DERXW TXLG IRU WZR 7KH EDWWHU ZDV ILUP DQG FULVS DQG WKH FKLSV KDG WKDW FODVVLF VPHOO ZKHQ VPRWKHUHG LQ VDOW DQG 7KH SDUW\ ZLOO KDYH D UHSUHVHQWDWLYH IURP µ-DPLH DW +RPH¶ WR YLQHJDU $GGHG WR WKH QRYHOW\ RI ZDONLQJ XS WKH URDG WR VHH VKRZ \RX D IDQWDVWLF UDQJH RI FRRNHU\ DQG KRPH SURGXFWV IRU YLOODJHUV TXHXLQJ LQ WKH VQRZ WR JHW IRRG WKLV LV DQ H[SHULHQFH VDOH IURP -DPLH 2OLYHU 3URFHHGV ZLOO WKHQ JR VWUDLJKW WR 0DFPLOODQ¶V LQ DLG RI FDQFHU UHVHDUFK DQG FDUH VR SOHDVH VKRZ WKDW H[SDQGV WKH FXOLQDU\ ODQGVFDSH RI +LOODP DQG 0RQN )U\VWRQ $ VLGH QRWH WR WKH OLWWOH ODG ZKR TXHXHG EUDYHO\ LQ WKH \RXU VXSSRUW E\ MRLQLQJ XV DQG KDYLQJ IXQ FROG IRU KLV FKLSV ± GHVSLWH WHDUV DW WKH FROG KH ZDV GHWHUPLQHG WR .HHS DQ H\H RXW IRU DGYHUWLVHPHQWV RQ DOO IRUWKFRPLQJ HYHQWV DW ZDLW ZLWK KLV JUDQGDG IRU WHD ± D JUHDW IHVWLYH PRPHQW \RXU ORFDO SXE $QG WR WRS LW DOO \RX JHW LW LQ D SRVK SDSHU EDJ ± WKLV LV D FKLSSLH &KULV DQG /HH ZLWK VQRE YDOXH +RRNHG ¶1¶ &RRNHG VHUYH 7XHVGD\V IRUWQLJKWO\ ± WK -DQXDU\ RQZDUGV +LOODP 1HZV UDWLQJ

RXW RI ³D IXQ H[SHULHQFH WKDW GHOLYHUV ZKDW LW VD\V RQ WKH WLQ RU RQ WKH YDQ DFWXDOO\ ´ :DWVRQ DQG +ROPHV ± *UHDW &KLS 'HWHFWLYHV

*DUGHQ WRROV *URZ \RXU RZQ YHJ 6SULQJ EHGGLQJ DQG KRXVH SODQWV


/* . v" v- 7v , v5 v , -vvv :LQG IDUPV SURGXFH OHDVW ZKHQ SRZHU LV PRVW QHHGHG ,I \RX ZDWFKHG ³/RRN 1RUWK´ RQ WK -DQXDU\ \RX ZRXOG KDYH KHDUG 3DXO +XGVRQ VD\ WKDW RQ VW 'HFHPEHU WKH FROGHVW GD\ RI WKH \HDU WKH FRDO SRZHU VWDWLRQV ZHUH UXQQLQJ DW IXOO FDSDFLW\ WR HQVXUH WKDW WKH OLJKWV GLGQ¶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

6HOE\ 3ODQQLQJ PLVVLRQ VWDWHPHQW

7R LPSURYH WKH TXDOLW\ RI OLIH IRU WKRVH ZKR OLYH DQG ZRUN LQ WKH GLVWULFW

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

:LQG IDUPV DUH LQ DGGLWLRQ WR WKH SRZHU 7KH ERWWRP OLQH VWDWLRQVÀ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

2QO\ RQH SODQHW 2QO\ RQH FRXQWU\VLGH 7KH ZLQG LQGXVWU\ SHRSOH DVVHUW WKDW WKHLU REMHFWLYH LV WR VDYH WKH SODQHW E\ UHGXFLQJ &2 HPLVVLRQ 7KH\ GR QRW SODFH DQ\ YDOXH RQ WKH FRXQWU\VLGH :RRGODQH ZLQG IDUP ZRXOG RFFXS\ RI WKH JDS EHWZHHQ )HUU\EULGJH DQG (JJERURXJK DQG FKDQJH WKH FKDUDFWHU RI WKH DUHD IURP UXUDO WR ZLQG IDUP

6HOE\ KDV H[FHHGHG WDUJHWV IRU &2 UHGXFWLRQÀZLWKRXW PRUH ZLQG IDUPV

'UD[ SRZHU VWDWLRQ LV LQWURGXFLQJ DGYDQFHG FR ILULQJ ZKLFK ZLOO VDYH WKH VDPH DPRXQW RI &2 DV ZLQG WXUELQHV ,W ZLOO SURGXFH SRZHU ZKHQ QHHGHG DQG SURYLGH ORFDO MREV 7KLV DQG RWKHU SURMHFWV KDYH HQDEOHG 6HOE\ WR H[FHHG UHQHZDEOH HQHUJ\ WDUJHWV IRU WKH ZKROH RI 1RUWK <RUNVKLUH 7KH FKDQJHV WR 'UD[ ZLOO UHGXFH &2 E\ PLOOLRQ WRQV SHU \HDU RU WR WLPHV PRUH WKDQ WKH DPRXQW WKDW :RRGODQH ZLQG IDUP FODLPV WKDW LW ZLOO VDYH

KHUH WR VWD\ WKH IDUPHUV VWDQG WR JDLQ Â… . SHU \HDU SHU WXUELQH WKH ZLQG IDUP GHYHORSHU VWDQGV WR JDLQ RYHU Â… N SHU \HDU SURILW SHU WXUELQH :H WKH UHVLGHQWV ORVH RXU RSHQ FRXQWU\VLGH VRPH PLJKW ORVH DV PXFK DV RI WKH YDOXH RI WKHLU KRPHV ZH ZLOO KDYH XSZDUGV RI ORUULHV WUXQGOLQJ XS DQG GRZQ RXU FRXQWU\ URDGV 7KH FRXQFLO GHFOLQHV WR DQVZHU DQ\ RI RXU TXHVWLRQV $QG WR DGG LQVXOW WR LQMXU\ ZH ZLOO EH SD\LQJ KLJKHU HOHFWULFLW\ FKDUJHV WR FRYHU WKH LQGLUHFW VXEVLG\ SDLG WR ZLQG IDUP GHYHORSHUV 1RW TXLWH ZKDW WKH PLVVLRQ VWDWHPHQW FODLPV

:HEVLWH DQG H H PDLO XSGDWHV ZZZ VWRSZRRGODQHZLQGIDUP FR XN

)RU WKH ODWHVW LQIRUPDWLRQ YLD H PDLO UHJLVWHU E\ VHQGLQJ DQ H PDLO WR QHZVOHWWHUV#VWRSZRRGODQHZLQGIDUP FR XN


. v , v " / v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¶W NQRZ KRZ EXW FOHDUO\ WKH\ KDYH EHFDXVH ZKLOVW ZDONLQJ IURP 1HZWKRUSH DORQJ WKH GDOH WR 0LFNOHILHOG RQ WK -DQXDU\ , JOLPSVHG WKH EULOOLDQW IODVK RI D EULJKW EOXH .LQJILVKHU GDUWLQJ DORQJ WKH G\NH LQ IURQW RI PH 0\ DWWHQWLRQ ZDV QH[W GUDZQ WR D ³SLQN EDOO RI IOXII RQ D VWLFN´ D /RQJ WDLOHG 7LW IOLWWLQJ LQ WKH XSSHUPRVW EUDQFKHV RI D EXVK LQ IURQW RI PH RQ WKH SDWK VRRQ WR EH IROORZHG E\ DQRWKHU ± DQG DQRWKHU ,Q DOO WKHUH ZHUH QLQH WLWV DQG WKLV LV D VSHFLHV WKDW LV VDLG WR VXIIHU PRVW RI DOO LQ FROG ZHDWKHU VR PD\EH WKLQJV KDYHQ¶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¶W VHH DQ\ WKHLU URRVWLQJ SODFH RI ORQJ JUDVVHV KDYLQJ EHHQ IODWWHQHG E\ DOO WKH VQRZ 0D\EH WKH\ PRYHG RQ VRPHZKHUH HOVH DV ELUGV XVHG WR EUHHGLQJ LQ WXQGUD FRQGLWLRQV VKRXOG EH H[SHFWHG WR WROHUDWH FROG ZHDWKHU" , GLG KRZHYHU VHH WKH 5RXJK OHJJHG %X]]DUG D EHDXWLIXO MXYHQLOH ELUG ZLWK D VQRZ ZKLWH WDLO ZLWK EODFN WHUPLQDO EDQG DQG SDOH JUH\ KHDG ZKLFK KDV VSHQW WKH HQWLUH ZLQWHU DW 6RXWK )HUULE\

/RQJ WDLOHG 7LW

+RZDUG )HUJXVRQ KDG WKUHH :KRRSHU 6ZDQV LQ WKH ILHOGV EHKLQG KLV KRXVH RYHU D FRXSOH RI GD\V LQ HDUO\ -DQXDU\ D VLJKWLQJ ZKLFK WHPSWHG PH WR JR RXW ORRNLQJ IRU WKHVH ZLQWHU PLJUDQWV IURP ,FHODQG , HYHQWXDOO\ IRXQG D IORFN RI WZHQW\ WZR :KRRSHUV LQFOXGLQJ VHYHQ MXYHQLOHV LQ WKH ILHOGV ZKHUH WKH ZLQG IDUP LV WR EH VLWHG WRJHWKHU ZLWK D IXUWKHU VHYHQ 0XWH 6ZDQV )LQDOO\ GRQ¶W IRUJHW WR ORRN RXW IRU ZLQWHULQJ JHHVH RQ WKHLU ZD\ EDFN WR WKHLU EUHHGLQJ JURXQGV LQ *UHHQODQG ,FHODQG LQ WKH FRPLQJ ZHHNV ± XVXDOO\ LW LV D VWULQJ RI ELUGV VWUHWFKHG RXW LQ 9 IRUPDWLRQ KHDGLQJ LQ D QRUWK ZHVWHUO\ GLUHFWLRQ IURP PLG PRUQLQJ RQZDUGV KDYLQJ OHIW WKH :DVK DW GDZQ *UDKDP 7RGG


" v ,7-." v- "" v, *",.v

+$33< 1(: <($5 )520 021. )5<6721 6&+22/ , ZRXOG OLNH WR VWDUW WKLV 1HZ <HDU ZLWK D SOHD WR DOO 0RQN )U\VWRQ DQG +LOODP UHVLGHQWV DERXW QRW XVLQJ WKH VFKRRO ILHOG WR H[HUFLVH GRJV 7KLV ZHHN D FODVV RI FKLOGUHQ ZHQW RXW RQ WKH ILHOG WR GR WKHLU 3( OHVVRQ 7KH\ FDPH EDFN LQ ZLWK GRJ GLUW DOO RYHU WKHLU WUDLQHUV ,¶P VXUH WKDW \RX ZLOO DOO DJUHH WKDW WKLV LVQ¶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± LQ WKH SROLWHVW SRVVLEOH ZD\ RI FRXUVH 0DQ\ WKDQNV &DUROH 0LGGOHWRQ


/,." v- " v *v- "" v :KDW D EXV\ KDOI WHUP ZH KDG ODVW \HDU 7KH &KULVWPDV SOD\ ZDV D KXJH VXFFHVV ZKHQ LW HYHQWXDOO\ WRRN SODFH RQ WK 'HFHPEHU KDYLQJ EHLQJ SRVWSRQHG GXH WR WKH VQRZ DQG LFH HDUOLHU LQ WKH PRQWK $ ELJ WKDQN \RX WR WKH FKLOGUHQ IRU SHUIRUPLQJ VR ZHOO WKH\ ZHUH DOO IDQWDVWLF ,W ZDV ORYHO\ WR VHH VR PDQ\ SHRSOH DW WKH FKXUFK ZH WKDQN \RX DOO IRU \RXU VXSSRUW 0DQ\ WKDQNV WR WKH FKXUFKZDUGHQV IRU DOORZLQJ XV WR XVH 6W :LOIULG¶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± ZKHUH WKH FKLOGUHQ FDPH WR VFKRRO ZLWK ³PDG KDLU´ DQG GRQDWHG FDVK :H KDYH KDG D EDJV VFKRRO FROOHFWLRQ DQG VXSSRUWHG WKH &KULVWPDV FKLOG VKRHER[ DSSHDO DV ZHOO DV WKH KDUYHVW FROOHFWLRQ IRU WKH 0DUWLQ +RXVH +RVSLFH ³/LJKW 8S $ /LIH´ DSSHDO &KLOGUHQ IURP &ODVV HQMR\HG D YLVLW WR 6KHUEXUQ /LEUDU\ LQ 1RYHPEHU DQG ZH WKDQN WKH VWDII WKHUH IRU WKHLU KHOS 7KH FKLOGUHQ DOVR ORRNHG DW RWKHU W\SHV RI VKRS RQ 6KHUEXUQ +LJK 6WUHHW DV SDUW RI WKHLU ZRUN RQ FRPSDULQJ ORFDO DUHDV &ODVV HQMR\HG D WULS WR %HQLQJERURXJK +DOO DQG *DUGHQV DV SDUW RI WKHLU VWXGLHV RQ 9LFWRULDQ OLIH $OO WKH FKLOGUHQ GUHVVHG XS DQG OHDUQW DERXW WDVNV VHUYDQWV ZRXOG KDYH GRQH LQ \HDUV JRQH E\

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

%85721 6$/021 0(7+2',67 &+85&+

0LQLVWHU 5HY :D\QH *UHZFRFN WHO &KXUFK 6WHZDUG 3HWHU :DGVZRUWK WHO 6XQGD\ :RUVKLS DP DP IURP 0DUFK IROORZHG E\ FRIIHH 6XQGD\ &OXE DP IRU FKLOGUHQ DJHG \HDUV 6DQGUD 6DUJHQW WHO &RIIHH 0RUQLQJV 7KXUVGD\V DP (YHU\RQH ZHOFRPH IRU D IULHQGO\ FKDW


&KLNZD WZLQQHG ZLWK 6W :LOIULGÂV $IWHU WKHLU YLVLW WR 0DODZL <RXWK )HOORZVKLS PHPEHUV KDYH EHHQ EXV\ WHOOLQJ ORFDO JURXSV DERXW WKHLU H[SHUL HQFHV DQG SODQV 7KH ODWHVW SUHVHQWDWLRQ ZDV LQ 'HFHPEHU DW WKH 6RXWK 0LOIRUG &KLQD 3DODFH EHIRUH D ODUJH JURXS ZKLFK LQFOXGHG IRUPHU 5HFWRU *Z\QQH 5LFKDUGVRQ :KLOVW LQ &KLNZD WKH JURXS REVHUYHG KRZ WKH YLOODJHUV KDG EHHQ YLFWLPV RI D VHULHV RI IDOVH SURPLVHV DQG EHHQ OHIW ZLWK VHYHUDO XQILQLVKHG EXLOGLQJV LQFOXGLQJ D FKXUFK EHFDXVH RI ODFN RU ZLWKGUDZDO RI IXQGLQJ 7KHVH EXLOGLQJV DUH ZLWKRXW URRIV ZKLFK DUH WKH PRVW H[SHQVLYH SDUWV RI DQ\ VWUXFWXUH <RXWK )HOORZVKLS LV KRSLQJ LW FDQ FRPSOHWH D VHFRQG VFKRRO EXLOGLQJ IRU DQ HVWLPDWHG … FRQWLQXH ZRUN RQ DQ XQILQLVKHG

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


63257

,1 1(:6v

:HOO WKH &ULFNHW %R\V KDYH GRQH LW VHFXULQJ WKH $VKHV ZLWK D ZDOORSLQJ VHULHV YLFWRU\ GRZQ XQGHU ,Q WKH HQG LW ZDV DOO WRR HDV\ EXW WKHUH ZDV D SRLQW DIWHU WKH 3HUWK WHVW ZKLFK $XVWUDOLD ZRQ ZKHUH WKH VHULHV ZDV OHYHO DW RQH HDFK DQG WKLQJV ZHUH QRW ORRNLQJ VR JRRG 7KDQNIXOO\ IURP (QJODQG¶V SHUVSHFWLYH WKH\ SOD\HG RXWVWDQGLQJ FULFNHW LQ WKH ODVW WZR PDWFKHV DW 0HOERXUQH DQG 6\GQH\ WR VHFXUH D ZHOO GHVHUYHG YLFWRU\ ,QGHHG LI \RX ORRN EDFN DW WKH VHULHV DV D ZKROH WKHUH ZHUH DURXQG WZHQW\ GD\V¶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¶V YHU\ KDUVK IRU VRPHRQH ZKR KDV SOD\HG D NH\ UROH QRW OHDVW D GRXEOH FHQWXU\ DW $GHODLGH IRXU \HDUV DJR LQ (QJODQG¶V SURJUHVV :LWK (RLQ 0RUJDQ SXVKLQJ KDUG IRU D WHVW VSRW LW¶V DOO FUHGLW WR &ROOLQJZRRG WKDW KH FKRVH WR JR EHIRUH KH ZDV SXVKHG 7KDW VD\V HYHU\WKLQJ DERXW WKH PDQ DQG ,¶P VXUH KH ZLOO EH PLVVHG LQ WKH GUHVVLQJ URRP )RRWEDOO¶V PDQDJHPHQW PHUU\ JR URXQG KDV VSXQ LQWR RYHUGULYH VLQFH &KULVWPDV ZLWK DW OHDVW WHQ PDQDJHUV EHLQJ GLVPLVVHG DW WKH WLPH RI ZULWLQJ 7KH KLJKHVW SURILOH KDV EHHQ 5R\ +RGJVRQ DW /LYHUSRRO ZKR ZDV GLVPLVVHG DIWHU D VOXJJLVK DQG VRPH ZRXOG VD\ GLVDSSRLQWLQJ VWDUW WR WKH VHDVRQ ,¶OO FRQIHVV DW WKLV SRLQW DQG VD\ , DP QRW D /LYHUSRRO IDQ EXW KROG RQ WKLV LV D FOXE ZKR RQO\ D IHZ VHDVRQV DJR ZHUH SOD\LQJ LQ WKH &KDPSLRQV¶ /HDJXH ILQDO 6LQFH WKDW SRLQW WKH\ KDYH EHHQ LQ GHFOLQH DQG GRPHVWLFDOO\ WKH\ KDYH QRW EHHQ D IRUFH LQ WHUPV RI ZLQQLQJ WKH 3UHPLHU /HDJXH IRU QHDUO\ WZHQW\ \HDUV 6R ZKDW DUH WKH /LYHUSRRO %RDUG¶V H[SHFWDWLRQV" 7KH\ EURXJKW D PDQ LQ GXULQJ WKH VXPPHU DQG DOORZHG KLP WR EULQJ LQ RQH RU WZR SOD\HUV +H¶V WKHUHIRUH XVLQJ D VTXDG KH LQKHULWHG UDWKHU WKDQ RI KLV RZQ FKRRVLQJ +H KDV JXLGHG WKHP WR PLG WDEOH ZKLFK WR

EH KRQHVW LV WKH QRUPDO SRVLWLRQ IRU /LYHUSRRO DW WKLV WLPH RI \HDU DQG KH KDV QDYLJDWHG WKHP WKURXJK WR WKH NQRFN RXW VWDJHV RI WKH (XURSD &XS , DFFHSW WKH &DUOLQJ &XS GHIHDW ZDV D VKRFNHU EXW FRPH RQ ± KH¶V EHHQ WKHUH RQO\ VL[ PRQWKV ,I WKH\ WKRXJKW KH ZDV JRRG HQRXJK LQ WKH VXPPHU , SHUVRQDOO\ GLGQ¶W EXW WKDW¶V QRW WKH SRLQW WKH\ VKRXOG EH SUHSDUHG WR VWDQG E\ KLP IRU ORQJHU &OXEV GHPDQG OR\DOW\ IURP VRPH SOD\HUV EXW KDYH GRXEOH VWDQGDUGV ZKHQ LW FRPHV WR PDQDJHPHQW $ IHZ PRQWKV DJR , PDGH PHQWLRQ RI WKH QHHG IRU &DVWOHIRUG WR ILQG D QHZ JURXQG RU ULVN EHLQJ VKXQWHG RXW RI WKH WRS WLHU RI 5XJE\ /HDJXH DQG LW ORRNV DV LI WKDW LV KDSSHQLQJ DOWKRXJK , ZLOO EHOLHYH LW ZKHQ , VHH LW 7KH PRUH LPPHGLDWH FRQFHUQ KRZHYHU LV :DNHILHOG 7ULQLW\ ZKR DSSHDU WR EH RQ WKH YHUJH RI H[WLQFWLRQ 0RQH\ SUREOHPV DV HYHU OLH DW WKH KHDUW RI WKHLU LVVXHV DQG ZLWK WKHPVHOYHV KDYLQJ D GHVSHUDWH QHHG WR EXLOG D QHZ JURXQG LW LV DOO ORRNLQJ YHU\ JORRP\ 2QH SRLQW ZKLFK WKH\ KDYH UDLVHG KRZHYHU LQ FRQQHFWLRQ ZLWK WKHLU ILJKW IRU VXUYLYDO LV WKH SD\PHQWV RZHG WR +0 5HYHQXH LQ WHUPV RI 3OD\HU ,PDJH 5LJKWV HVVHQWLDOO\ WKHVH SD\PHQWV DUH PDGH WR DOORZ WKH FOXEV WR XVH WKH SOD\HU¶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« ,I /HHGV ZLQ WKH FDVH LW FRXOG VSHOO D UHSULHYH IRU D QXPEHU RI FOXEV EXW LI WKH\ ORVH WKHQ ± ZKR NQRZV" <RXUV LQ 6SRUW 'RXJ +RXJKW


,"7 v5 v 5R\DO ZHGGLQJ :KHQ IULHQGV RI 3ULQFH :LOOLDP DQG .DWH 0LGGOHWRQ PDUULHG LQ <RUNVKLUH WKH UR\DO FRXSOH SDLG D IO\LQJ YLVLW WR $OGERURXJK QHDU %RURXJKEULGJH 6W :LOIULG¶V IRUPHU PLQLVWHU 6XVDQQH -XNHV ZDV IRU D VKRUW ZKLOH $VVRFLDWH 0LQLVWHU RI $OGERURXJK 3DULVK &KXUFK ZKHUH WKH ZHGGLQJ WRRN SODFH 6KH KDG DOUHDG\ PRYHG RQ WR EH &KDSODLQ DW )XOO 6XWWRQ 3ULVRQ DQG VR PLVVHG .DWH DQG :LOOLDP :KHQ ODVW LQ RXU GLVWULFW 6XVDQQH VDLG KRZ VKH PLVVHG RIILFLDWLQJ DW FKULVWHQLQJV DQG ZHGGLQJV 1RZ LI VKH KDG VWD\HG DW $OGERURXJK «

*2,1* 1$7,9( )DUHZHOO $OO JRRG WKLQJV PXVW FRPH WR DQ HQG DQG LW LV QRZ WLPH WR GUDZ WKLV VHULHV WR D FORVH 6LQFH VXPPHU WKH +LOODP 1HZV KDV IOLUWHG ZLWK D P\ULDG RI ODQJXDJHV DQG GLDOHFWV 7KH H[SHUWLVH ZDV SURYLGHG E\ +LOODPLWHV DQG IULHQGV RI +LOODPLWHV ± ZKLFK MXVW JRHV WR VKRZ ZKDW D EUHDGWK RI NQRZOHGJH ZH FDQ FROOHFWLYHO\ PXVWHU 7R HDFK RI RXU FRQWULEXWRUV PHUFL PLOHVNHU WUXJDUH] ³PP JRVV H\H´ KYDOD GDQN X WlQDQ GDQNH İȣȤĮȡȚıIJȫ WDNN TXMDQDN JR UDLEK PDLWK DJDW JUD]LH ³VK \HK VK \HK´ G]LĊQNXMĊ REULJDGRV ɫɩɚɫɢɛɨ GDTXLHP JUDFLDV KRR URR DVDQWH WHúHNN U HGHULP GLROFK (H E\ JXP

/HDYLQJ +LOODP" ,I \RX DUH OHDYLQJ +LOODP ZH DUH VRUU\ WR VHH \RX JR +RZHYHU +LOODP 1HZV FDQ KHOS HDVH WKH SDLQ -XVW WDNH RXW D VXEVFULSWLRQ IRU WZR \HDUV DQG NHHS LQ WRXFK 7ZR \HDUV ² WZHOYH LVVXHV ² 3OHDVH VHQG SD\PHQW DQG GHWDLOV WR WKH WUHDVXUHU !

- v - 2QO\ d SHU LVVXH SOHDVH FRQWDFW 'DYLG $WNLQVRQ RQ


/ -v;v ,"/*-vvvvvvvvvvvvvvvvvvvvvvvvvvv 7R DPHQG RU WR DGG WR WKH LQIRUPDWLRQ EHORZ SOHDVH SKRQH -HQQ\ +RDUH

&/8% 25 *5283 /2&$7,21 '$< 7,0( &217$&7 0RQN )U\VWRQ +LOODP &RPPXQLW\ $VVRFLDWLRQ

%L PRQWKO\ &RPPXQLW\ &HQWUH UG :HG SP

%RRNLQJ %HFN\ *DWHQE\ 6HFUHWDU\ 7RQ\ +XGVRQ

&KXUFK +DOO ERRNLQJ

3DGG\ 7ZLGDOH

&URVV .H\V

2FFDVLRQDO

.DUHQ 0HUU\

5LQJWUHH /LJKWV &RPPLWWHH 0RQN )U\VWRQ 6RXWK 0LOIRUG 0RWKHUV¶ 8QLRQ

&KXUFK +DOO 2FW 0DU UG :HG SP

3DGG\ 7ZLGDOH

:RPHQ ZLWK ,QWHUHVWV

8VXDOO\ DW &RPPXQLW\ &HQWUH

UG 7KXUV SP

.DWK 5DWFOLIIH

&RPPXQLW\ $VVRFLDWLRQ /XQFKHRQ &OXE IRU DQ\RQH RYHU

&RPPXQLW\ &HQWUH IRU FDWHULQJ SXUSRVHV SOHDVH ERRN \RXU SODFH

VW :HG IURP DP

.DWK 5DWFOLIIH

6W :LOIULG¶V 6W 0DU\¶V <RXWK )HOORZVKLS

9DULDEOH QG WK 6DW WHUP WLPH

$JHV SP $JHV SP

$OLVRQ +ROPHV

6 0LOIRUG <RXWK &OXE

60 &KXUFK +DOO

:HG SP

-HDQ *LEVRQ

%UHDNIDVW $IWHU 6FKRRO &OXEV

&RPPXQLW\ &HQWUH +DPEOHWRQ 3OD\ 6DIH &OXE

DP SP

0) 3OD\VFKRRO

&KXUFK +DOO

/LWWOH 0RQNH\V 0RWKHUV 7RGGOHUV

&RPPXQLW\ &HQWUH

5DLQERZV JLUOV

&KXUFK +DOO

$SU 6HS UG 7XH SP

0RQ )UL DP 7XH 7KXU SP 7XH DP WHUP WLPH )ULGD\

5DFKDHO 3HDFRFN -D\QH :RRG 3OD\VFKRRO KRXUV RQO\ .LUVWHQ 6KHSKHUG %HFN\ *DWHQE\

6 0LOIRUG *XLGHV +DPEOHWRQ *XLGHV 6KHUEXUQ &XEV DQG 6FRXWV $LU &DGHWV DJHV

5$) &KXUFK )HQWRQ

0RQ )UL SP

&KHUQRE\O &KLOGUHQ¶V 3URMHFW 8. 0) *URXS

3DXOD 6SHQFHU

0) +LOODP %XUWRQ 6DOPRQ 'HILEULOODWRU *URXS

&URZQ ,QQ

2FFDVLRQDO 7XHV SP

-RKQ &ROWRQ

+LOODP 0) &ULFNHW &OXE

ZZZ KPIFF FR XN

%XUWRQ 6DOPRQ &ULFNHW &OXE

-RKQ 1HVELWW

0RQN )U\VWRQ 8QLWHG )&

6WRFNLQJ /DQH

6WHYH 7RSH

,QQWHU &URZQ )&

/RZILHOG 5RDG

/HH +DPPHUWRQ

&DVWOHIRUG 'LVW 6RFLHW\ RI $QJOHUV

+LOODP 3RQG %HWWHUDV +LOO 5RDG

' 0DODQF]DF

6W :LOIULG¶V 3DULVK :DONV

9DULDEOH

WK 6DW DP

6WXDUW 7ZLGDOH

+LOODP 5XQQLQJ &OXE

5LQJWUHH

.DWH 9DNV

9DULRXV

/LVD 6DJH

&LUFXLW 7UDLQLQJ FKLOGUHQ DGXOWV 0) 6FKRRO

0RQ 7KXU SP

3DW %LUFK

=XPED ILWQHVV ZRUNRXW

&RPPXQLW\ &HQWUH

7KXU SP

+DQQDK +RZFURIW

'DQFLQJ DJHV WR DGXOW

&KXUFK +DOO

7XH :HG SP

/XFLH )R[

'DQFLQJ IRU 7RWV

&RPPXQLW\ &HQWUH

7KXU DP

&ODLUH &ROOLQV

=XPED GDQFH IRU WKH RYHU V

&RPPXQLW\ &HQWUH

VW 7KXU SP

+DQQDK +RZFURIW

3LODWHV

&RPPXQLW\ &HQWUH

0RQ DP WHUP WLPH

%HYHUOH\ )OHWFKHU

+LOODP +LVWRULDQV

+LOODP 1XUVHULHV

%L PRQWKO\ WK :HG SP -HQQ\ +RDUH

0) $UW &OXE

&KXUFK +DOO

0RQ SP

8QLYHUVLW\ RI WKH 7KLUG $JH 6KHUEXUQ DQG 9LOODJHV EUDQFK

9DULRXV JURXSV ORFDWLRQV DQG WLPHV GHWDLOHG DW ZZZ VKHUEXUQX D FR XN

/RUQD 3RSH

/RFDO HYHQLQJ GD\WLPH FODVVHV

$GXOW /HDUQLQJ 6HUYLFH 6HOE\ 6KHUEXUQ

6KHUEXUQ /LEUDU\

+DV D OLVW RI ORFDO VRFLHWLHV FRYHULQJ D ZLGH DUHD

-HDQ 'HDUQ


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.