7+(%22.2)0,6&(//$1<
&+$37(5 6,1&(5,7$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRVRPH$KDGLWKWKHUHDVRQIRU...
39 downloads
508 Views
5MB 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
7+(%22.2)0,6&(//$1<
&+$37(5 6,1&(5,7<$1'6,*1,),&$1&(2) ,17(17,216)25$//$&7,216 $33$5(17$1'+,''(1 $OODKWKH([DOWHGVD\V
$QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQG ZRUVKLSQRQHEXW+LP$ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LP DQG SHUIRUP$V6DODW,TDPDWDV6DODW DQGJLYH=DNDWDQGWKDWLVWKHULJKW UHOLJLRQ
,WLVQHLWKHUWKHLUPHDWQRUWKHLUEORRGWKDWUHDFKHV$OODKEXWLWLVSLHW\IURP \RXWKDWUHDFKHV+LP
6D\20XKDPPDG3%8+ :KHWKHU\RXKLGHZKDWLVLQ\RXUEUHDVWVRU UHYHDOLW$OODKNQRZVLW
1DUUDWHG 8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG7KHGHHGVDUHFRQVLGHUHGE\WKHLQWHQWLRQVDQGDSHUVRQZLOOJHWWKHUHZDUGDFFRUGLQJ WRKLVLQWHQWLRQ6RZKRHYHUHPLJUDWHGIRU$OODKDQG+LV0HVVHQJHUKLVHPLJUDWLRQZLOOEHIRU$OODK DQG+LV0HVVHQJHUDQGZKRHYHUHPLJUDWHGIRUZRUOGO\EHQHILWVRUIRUDZRPDQWRPDUU\KLV HPLJUDWLRQZRXOGEHIRUZKDWKHHPLJUDWHGIRU >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRVRPH$KDGLWKWKHUHDVRQIRUWKLV+DGLWK LVWKDWDSHUVRQVHQWDSURSRVDO RIPDUULDJHWRDZRPDQQDPHG8PP4DLVZKLFKVKHWXUQHGGRZQVD\LQJWKDWKHVKRXOGKDYHWR HPLJUDWHWR$O0DGLQDKIRU LW$FFRUGLQJO\KHGLGLWIRUWKLVVSHFLILFSXUSRVHDQGWKHWZRZHUH PDUULHGWKHUH2QDFFRXQWRIWKLVHYHQWWKHPDQFDPHWREHNQRZQDPRQJWKH&RPSDQLRQVDV0XKDMLU 8PP4DLV 2QWKHEDVLVRIWKLV+DGLWK 8ODPD DUHRIWKHXQDQLPRXVRSLQLRQWKDWWKHUHDOEDVLVRIRQH VDFWLRQVLV 1L\\DKLQWHQWLRQ DQGHYHU\RQHZLOOEHUHTXLWHGDFFRUGLQJWRKLV1L\\DK,WLVWUXHWKDW1L\\DKLV IRXQGHGLQRQH VKHDUWWKDWLVWRVD\RQHKDVILUVWWRPDNHXSRQH VPLQGIRUZKDWKHLQWHQGVWRGRDQG KHVKRXOGQRWH[SUHVVLWYHUEDOO\,QIDFWWKHODWWHULVD%LGCDKLQQRYDWLRQLQUHOLJLRQ EHFDXVHQRSURRI RILWLVIRXQGLQ6KDULDK 7KHSRLQWZKLFKEHFRPHVHYLGHQWIURPWKLV+DGLWKLVWKDW,NKODVVLQFHULW\ LVDPXVWIRUHYHU\DFWLRQ ,QRWKHUZRUGVLQHYHU\ULJKWHRXV GHHGRQHVKRXOGVHHNRQO\WKH3OHDVXUHRI$OODKRWKHUZLVHLWZLOO QRWEHDFFHSWHGE\$OODK 1DUUDWHG $CLVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $Q DUP\ZLOOUDLGWKH.DCEDKDQGZKHQLWUHDFKHVDGHVHUWODQG DOORIWKHPZLOOEHVZDOORZHGXSE\WKH HDUWK
6KHDVNHG 20HVVHQJHURI$OODK:K\DOORIWKHP"
+HDQVZHUHG$OORIWKHPZLOOEH VZDOORZHGE\WKHHDUWKEXWWKH\ZLOOEHUDLVHGIRU-XGJHPHQWDFFRUGLQJWRWKHLULQWHQWLRQV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ (YHU\RQHZLOOEHUHZDUGHGRUSXQLVKHGDFFRUGLQJWRKLVDLPDQGLQWHQWLRQ7KLV+DGLWK DOVRSURYHVWKDWWKHFRPSDQ\RIGHSUDYHGSHUVRQVLVH[WUHPHO\GDQJHURXV:KRVHDUP\ZRXOGLWEH ZKLFKKDVEHHQUHIHUUHGWRLQWKH+DGLWKDQGZKHQZLOOLWLQYDGH.DCEDKLVDPDWWHUNQRZQWR$OODK $ORQH6XFKSURSKHFLHVDUHDSDUWRIWKH8QVHHQZRUOG6LQFHWKH\FRPHLQWKHFDWHJRU\RIWKHPLUDFOHV
RIWKH3URSKHW3%8+ LWLVQHFHVVDU\WREHOLHYHLQWKHLUYHUDFLW\DQGRFFXUUHQFH%HOLHYLQJLQVXFK SURSKHVLHVLVDOVRHVVHQWLDOEHFDXVHWKH\ZHUHUHYHDOHGE\$OODK $CLVKDK 0D\$OODKEHSOHDVHGZLWKKHU QDUUDWHGWKDWWKH3URSKHW3%8+ VDLG 7KHUHLVQR HPLJUDWLRQDIWHUWKHFRQTXHVWRI0DNNDK EXWRQO\-LKDG>VWULYLQJDQGILJKWLQJLQWKHFDXVHRI$OODK ZLOOFRQWLQXH@DQGJRRGLQWHQWLRQ 6RLI\RXDUHVXPPRQHGWRILJKWJRIRUWK
>$O%XNKDULDQG0XVOLP@
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
,QDQRWKHUYHUVLRQKHVDLG 7KH\VKDUHWKHUHZDUG ZLWK\RX
>0XVOLP@ ,WLVQDUUDWHGE\%XNKDULIURP$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP :HZHUHFRPLQJEDFN IURPWKHEDWWOHRI7DEXNZLWKWKH3URSKHW3%8+ ZKHQKHUHPDUNHG 7KHUHDUHSHRSOHZKRPZHOHIW EHKLQGLQ$O0DGLQDKZKRDFFRPSDQLHGXVLQVSLULWLQHYHU\SDVVDQGYDOOH\ZHFURVVHG7KH\ UHPDLQHGEHKLQGIRUDYDOLGH[FXVH
&RPPHQWDU\ :KDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIWKHLQWHQWLRQDQGVSLULWRI-LKDGDUHSUHVHQWLQ WKHKHDUWRID0XVOLPEXWSK\VLFDOO\KHLVXQDEOHWRWDNHSDUWLQLWIRUYDOLGUHDVRQVKHZLOOJHWWKH UHZDUGRI-LKDGZLWKRXWHYHQKLVDFWXDOSDUWLFLSDWLRQLQLW 0DCQELQ
6RZHZHQWWR0HVVHQJHURI$OODK3%8+ DQGSXWIRUWKWKHPDWWHUEHIRUHKLP+HVDLGWRP\ IDWKHU
$QGKHVDLGWRPH 0DCQ\RXDUH HQWLWOHGWRZKDW\RXKDYHWDNHQ
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKOHDGVXVWRWKHFRQFOXVLRQWKDWLI6DGDTDKFKDULW\ JRHVWRDQHHG\VRQRID0XVOLP WKHUHLVQRQHHGWRWDNHLWEDFNIURPKLPIRUWKHUHDVRQWKDWWKHIDWKHUKDGLQWHQGHGWRJLYHLWWRD GHVHUYLQJSHUVRQ7KHIRUPHUJHWVWKHUHZDUGIRULWRQDFFRXQWRIKLV1L\\DKLQWHQWLRQ 7KLVKRZHYHU ZLOOEHUHFNRQHGDV1DIOL6DGDTDKYROXQWDU\FKDULW\ EHFDXVHWKHREOLJDWRU\=DNDW6DGDTDK FDQQRW EHJLYHQWRWKHGRQRU VRZQGHSHQGHQWV
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
+H 3%8+ VDLG 1R ,DVNHGKLP7KHQKDOI"
+HVDLG 1R 7KHQ,DVNHG&DQ,JLYHDZD\RQH WKLUG+HVDLG *LYHDZD\RQHWKLUGDQGWKDWLVVWLOOWRRPXFK,WLVEHWWHUWROHDYH\RXUKHLUVZHOORII WKDQWROHDYHWKHPSRRUEHJJLQJSHRSOH
,VDLG2 0HVVHQJHURI$OODKZRXOG,VXUYLYHP\FRPSDQLRQV"
+HVDLG ,I\RXVXUYLYHRWKHUVDQGDFFRPSOLVK DWKLQJIRUWKHVDNHRI$OODK\RXZRXOGJDLQKLJKHUUDQNLQJDQGVWDQGLQJ
0HVVHQJHURI$OODK3%8+ IXUWKHUVDLG 2$OODKFRPSOHWHIRUP\&RPSDQLRQVWKHLU HPLJUDWLRQDQGGRQRWFDXVHWKHPWRUHWUDFW
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
&+$37(5
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
,DQVZHUHG6HDUFKIRUNQRZOHGJH+HVDLG$QJHOVVSUHDGWKHLUZLQJVIRUWKHVHHNHURI NQRZOHGJHRXWRI MR\IRUZKDWKHVHHNV,WROGKLP,KDYHVRPHGRXEWVLQP\PLQGUHJDUGLQJZLSLQJ RIZHWKDQGVRYHUOLJKWERRWVLQWKHFRXUVHRISHUIRUPLQJ:XGX DIWHUGHIHFDWLRQRUXULQDWLQJ1RZ VLQFH\RXDUHRQHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ ,KDYHFRPHWRDVN\RXZKHWKHU\RX KHDUGDQ\VD\LQJRIWKH3URSKHW3%8+ FRQFHUQLQJLW"+HUHSOLHGLQWKHDIILUPDWLYHDQGVDLG+H 3%8+ LQVWUXFWHGXVWKDWGXULQJDMRXUQH\ZHQHHGQRWWDNHRIIRXUOLJKWERRWVIRUZDVKLQJWKHIHHWXS WRWKUHHGD\VDQGQLJKWVH[FHSWLQFDVHRIPDMRULPSXULW\DIWHUVH[XDOLQWHUFRXUVH ,QRWKHUFDVHVVXFK DVVOHHSLQJUHOLHYLQJRQHVHOIRUXULQDWLQJWKHZLSLQJRIZHWKDQGVRYHUOLJKWERRWVZLOOVXIILFH
, WKHQTXHVWLRQHGKLP'LG\RXKHDUKLPVD\DQ\WKLQJDERXWORYHDQGDIIHFWLRQ"
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
H[SHGLWLRQKHVHWRXWLQH[WUHPHO\KRWZHDWKHUWKHMRXUQH\ZDVORQJDQGWKHWHUUDLQZDVZDWHUOHVV GHVHUWDQGKHKDGWRIDFHDVWURQJDUP\VRKHLQIRUPHGWKH0XVOLPVDERXWWKHDFWXDOSRVLWLRQVRWKDW WKH\VKRXOGPDNHIXOOSUHSDUDWLRQIRUWKHFDPSDLJQ$QGWKH0XVOLPVZKRDFFRPSDQLHG0HVVHQJHURI $OODK3%8+ DWWKDWWLPHZHUHLQODUJHQXPEHUEXWQRSURSHUUHFRUGRIWKHPZDVPDLQWDLQHG
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
IRU\RX ,VDLG ,VKDOONHHSZLWKPHWKDWSRUWLRQZKLFKLVLQ.KDLEDU ,DGGHG 20HVVHQJHURI$OODK 9HULO\$OODKKDVJUDQWHGPHVDOYDWLRQEHFDXVHRIP\WUXWKIXOQHVVDQGWKHUHIRUHUHSHQWDQFHREOLJHV PHWRVSHDNQRWKLQJEXWWKHWUXWKDVORQJDV,DPDOLYH
.DCEDGGHG%\$OODK,GRQRWNQRZDQ\RQH DPRQJWKH0XVOLPVZKRKDVEHHQJUDQWHGWUXWKIXOQHVVEHWWHUWKDQPHVLQFH,VDLGWKLVWRWKH3URSKHW 3%8+ %\$OODK6LQFHWKHWLPH,PDGHDSOHGJHRIWKLVWR0HVVHQJHURI$OODK3%8+ ,KDYHQHYHU LQWHQGHGWRWHOODOLHDQG,KRSHWKDW$OODKZRXOGSURWHFWPHDJDLQVWWHOOLQJOLHV IRUWKHUHVWRIP\OLIH $OODKWKH([DOWHGWKH*ORULRXVUHYHDOHGWKHVH9HUVHV
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
0HVVHQJHURI$OODK3%8+ FDOOHGKHUJXDUGLDQ DQGVDLGWRKLP 7UHDWKHUNLQGO\%ULQJKHUWRPHDIWHUWKHGHOLYHU\RIWKHFKLOG
7KDWPDQFRPSOLHG ZLWKWKHRUGHUV$WODVWWKH3URSKHW3%8+ FRPPDQGHGWRFDUU\RXWWKHVHQWHQFH+HUFORWKHVZHUH VHFXUHGDURXQGKHUDQGVKHZDVVWRQHGWRGHDWK7KH3URSKHW3%8+ OHGKHUIXQHUDOSUD\HUVC8PDU VXEPLWWHG20HVVHQJHURI$OODK6KHFRPPLWWHG=LQDDQG\RXKDYHSHUIRUPHGIXQHUDOSUD\HUIRU KHU"
+HUHSOLHG 9HULO\VKHPDGHUHSHQWDQFHZKLFKZRXOGVXIILFHIRUVHYHQW\RIWKHSHRSOHRI$O 0DGLQDKLILWLVGLYLGHGDPRQJWKHP&DQWKHUHEHDQ\KLJKHUGHJUHHRI UHSHQWDQFHWKDQWKDWVKH VDFULILFHGKHUOLIHYROXQWDULO\WRZLQWKH3OHDVXUHRI$OODKWKH([DOWHG"
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJILYHSRLQWV ,WFRQILUPVWKHYDOLGLW\RIWKHSXQLVKPHQWRI5DMPIRUWKHDGXOWHUHUWKDWLVWRVD\WKDWKHVKRXOGEH VWRQHGWRGHDWK 7KHPHULWRIVLQFHUHSDUGRQ 7KHGHVFULSWLRQRI IHDURI$OODKDVZHOODVRIDFFRXQWDELOLW\RQWKH'D\RI5HVXUUHFWLRQE\WKH 3URSKHW V&RPSDQLRQVDQGWKHLUSUHIHUHQFHIRUSXQLVKPHQWRIVLQVLQWKLVZRUOGUDWKHUWKDQLQWKH +HUHDIWHU ,WLVSHUPLVVLEOHWRSHUIRUPWKHIXQHUDOSUD\HURIRQHZKRKDVEHHQJXLOW\RIPDMRUVLQVSURYLGHGKH KDVQRWEHHQWDNLQJWKHPDVODZIXOEHFDXVHLQWKDWFDVHWKHUHLVGDQJHURIGLVEHOLHI $SUHJQDQWZRPDQFDQQRWEHSXQLVKHGZLWK5DMPXQWLOVKHJLYHVELUWKWRWKHFKLOGDQGWKHSHULRG VSHFLILHGIRUVXFNOLQJWKHEDE\ LVFRPSOHWHG ,EQ $EEDVDQG$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG ,IDVRQRI$GDPZHUHWRRZQDYDOOH\IXOORIJROGKHZRXOGGHVLUHWRKDYHWZR 1RWKLQJFDQILOOKLVPRXWKH[FHSWWKHHDUWKRIWKHJUDYH $OODKWXUQVZLWKPHUF\WRKLPZKRWXUQVWR +LPLQUHSHQWDQFH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKPDQ VJUHHGDQGKLVOXVWIRUPDWHULDOZHDOWK2QO\WKHSHUVRQ ZKRKDVDSHUIHFW)DLWKFDQVDYHKLPVHOIIURPLW $EX +XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OODK WKH([DOWHGVPLOHVDWWZRPHQRQHRIWKHPNLOOHGWKHRWKHUDQGERWKZLOOHQWHU-DQQDK7KHILUVWLV NLOOHGE\WKHRWKHUZKLOHKHLVILJKWLQJLQWKH&DXVHRI$OODKDQGWKHUHDIWHU$OODKZLOOWXUQLQPHUF\WR WKHVHFRQGDQGJXLGHKLPWRDFFHSW,VODPDQGWKHQKHGLHVDVD6KDKHHGPDUW\U ILJKWLQJLQWKH&DXVH RI$OODK
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ (YHQWKHJUHDWHVWVLQVLQFOXGLQJWKRVHZKLFKRQHKDVFRPPLWWHGEHIRUHHPEUDFLQJ ,VODPDUHIRUJLYHQE\UHSHQWDQFH 6PLOLQJLVDOVRRQHRIWKH$WWULEXWHVRI$OODKDOWKRXJKZHDUHXQDZDUHRIWKHQDWXUHRILW
&+$37(5
3$7,(1&($1'3(56(9(5$1&( $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH(QGXUHDQGEHPRUHSDWLHQW $QGFHUWDLQO\:HVKDOOWHVW\RXZLWKVRPHWKLQJRIIHDUKXQJHUORVVRIZHDOWKOLYHVDQGIUXLWV EXWJLYHJODGWLGLQJVWR$V6DELUXQWKHSDWLHQW 2QO\WKRVHZKRDUHSDWLHQWVKDOOUHFHLYHWKHLUUHZDUGLQIXOOZLWKRXWUH FNRQLQJ
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV UHFRPPHQGHGE\$OODK
6HHNKHOSLQSDWLHQFHDQG$V6DODWWKHSUD\HU 7UXO\$OODKLVZLWK$V6DELUXQWKHSDWLHQW
$QGVXUHO\:HVKDOOWU\\RXWLOO:HWHVWWKRVHZKRVWULYHKDUGIRUWKH&DXVHRI$OODK DQG$V 6DELUXQWKHSDWLHQW
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
+H3%8+ VDLG 7KHUHZLOOEHQRGLVWUHVVIRU\RXUIDWKHUDIWHUWRGD\:KHQKH GLHGVKHVDLG0\IDWKHU$OODKKDVFDOOHG\RXEDFNDQG\RXKDYHUHVSRQGHGWR+LV&DOO2IDWKHU *DUGHQRI)LUGDXVLV\RXUDERGH2IDWKHU:HDQQRXQFHWR-LEULO\RXUGHDWK
:KHQKHZDVEXULHGVKH VDLG$UH\RXVDWLVILHGQRZWKDW\RXSXWHDUWKRYHUWKHJUDYHRI 0HVVHQJHURI$OODK3%8+ "
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
6KH DJDLQVHQWIRUKLPDGMXULQJKLPIRUWKHVDNHRI$OODKWRFRPH7KH0HVVHQJHURI$OODKDFFRPSDQLHG ZLWK6DCGELQC8EDGDK0XCDGKELQ-DEDO8ED\\ ELQ.DCE=DLGELQ7KDELWDQGVRPHRWKHUPHQZHQW WRVHHKHU7KHFKLOGZDVOLIWHGXSWRWKH0HVVHQJHURI$OODKZKLOHKLVEUHDWKZDVGLVWXUEHGLQKLV FKHVW2QVHHLQJWKDWWKHH\HVRIWKH3URSKHW3%8+ VWUHDPHGZLWKWHDUV6DCGVDLG20HVVHQJHURI $OODK:KDWLVWKLV"
+HUHSOLHG ,WLVFRPSDVVLRQZKLFK$OODKKDVSODFHGLQWKHKHDUWVRI+LVVODYHV $OODKLV&RPSDVVLRQDWHRQO\WRWKRVHDPRQJ+LVVODYHVZKRDUHFRPSDVVLRQDWH WRRWKHUV
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
6KHVDLG$ZD\IURPPH0\FDODPLW\KDV QRWEHIDOOHQ\RXDQG\RXDUH QRWDZDUHRILW
7KHZRPDQZDVODWHUWROGWKDWLWZDVWKH3URSKHW3%8+ ZKRKDGDGYLVHGKHU 6KHFDPHWRKLVGRRUZKHUHVKHIRXQGQRGRRUNHHSHU6KHVDLG,DPVRUU\ , GLGQRWNQRZ\RX
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
7KH3URSKHW3%8+ UHSOLHG
,VDLG,VWKDWEHFDXVH\RXKDYHDGRXEOHUHZDUG"
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
,VDLGWRP\VHOI%\$OODK,ZLOOLQIRUP0HVVHQJHURI $OODK3%8+ RIWKLV
,ZHQWWRKLPDQGLQIRUPHGKLP+LVIDFHEHFDPHUHGDQGKHVDLG:KRZLOOGR MXVWLFHLI$OODKDQG+LV0HVVHQJHUGRQRW"
7KHQKHVDLG 0D\$OODKKDYHPHUF\RQ3URSKHW 0XVD 0RVHV KHZDVFDXVHGPRUHGLVWUHVVWKDQWKLVEXWKHUHPDLQHGSDWLHQW
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
8PP6XODLPWKHPRWKHURIWKHER\UHSOLHG%HWWHUWKDQ EHIRUH7KHQVKHSODFHGKLVHYHQLQJPHDOEHIRUHKLPDQGKHDWHLWDQGWKHUHDIWHUVOHSWZLWKKHU$W ODVWVKHVDLGWRKLP$UUDQJHIRUWKHEXULDORIWKHER\,QWKHPRUQLQJ$EX7DOKDKZHQWWR 0HVVHQJHURI$OODK3%8+ DQGLQIRUPHGKLPRIWKHHYHQW+HHQTXLUHG 'LG\RXVOHHSWRJHWKHUODVW QLJKW"
$EX7DOKDKUHSOLHGLQWKHDIILUPDWLYHRQZKLFKWKH3URSKHW3%8+ VXSSOLFDWHG 2$OODK EOHVVWKHP
7KHUHDIWHUVKHJDYHELUWKWRDER\$EX7DOKDKVDLGWRPH7DNHXSWKHER\DQGFDUU\ KLPWRWKH3URSKHW3%8+
DQGKHVHQWVRPHGDWHVZLWKKLP7KH3URSKHW3%8+ HQTXLUHG ,V WKHUHDQ\WKLQJZLWKKLP"
+HVDLG$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ%XNKDULDGGV,EQC8\DLQDKUHODWHVWKDWDPDQIURPWKH$QVDUWROGKLPWKDWKHKDG VHHQQLQHVRQVRIWKLVC$EGXOODKHYHU\RQHRIZKRPKDGFRPPLWWHGWKH1REOH4XU DQWRPHPRU\ 7KHQDUUDWLRQRI0XVOLPVD\V7KHVRQRI$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLP ZKRZDVERUQ RI8PP6XODLPGLHG6KH8PP6XODLP VDLGWRWKHPHPEHUVRIWKHIDPLO\'RQRWWHOO$EX7DOKDK DERXWKLVVRQXQWLO,PHQWLRQLWWRKLPP\VHOI
$EX7DOKDKFDPHKRPH DQGVKHJDYHKLPVXSSHU+H DWHDQGGUDQN6KHWKHQEHDXWLILHGKHUVHOIWKHEHVWZD\VKHHYHUGLGDQGKHVOHSWZLWKKHU:KHQVKH
VDZWKDWKHZDVVDWLVILHGDIWHUVH[XDOLQWHUFRXUVHZLWKKHUVKHVDLG2$EX7DOKDK,IVRPHSHRSOH ERUURZVRPHWKLQJIURPDQRWKHUIDPLO\DQGWKHQWKHPHPEHUVRIWKHIDPLO\ DVNIRULWVUHWXUQZRXOG WKH\UHIXVHWRJLYHLWEDFNWRWKHP
+HVDLG1R6KHVDLG7KHQKRSHUHZDUGIRU\RXUVRQ$EX 7DOKDKJRWDQJU\DQGVDLG
+HWKHQDUUDWRU VDLG6KHFRQFHLYHG2QHGD\ 0HVVHQJHURI$OODK3%8+ ZDVLQWKH FRXUVHRIDMRXUQH\DQGVKHZDVDORQJZLWKKLP:KHQ0HVVHQJHURI$OODK3%8+ XVHGWRFRPHEDFN WR$O0DGLQDKIURPDMRXUQH\KHZRXOGQRWHQWHULWGXULQJWKHQLJKW :KHQWKHSHRSOHFDPHQHDU$O 0DGLQDKVKHIHOWODERXUSDLQV+H$EX7DOKDK UHPDLQHGZLWKKHUDQG0HVVHQJHURI$OODK3%8+ SURFHHGHGRQ$EX7DOKDKVDLG25XEE
8PP6XODLPWKHQVDLG2$EX7DOKDK,GRQRWIHHOVRPXFKSDLQ DV,ZDVIHHOLQJHDUOLHUVR ZHEHWWHUSURFHHGRQ6RZHSURFHHGHGRQDQGVKHIHOWWKHODERXURIGHOLYHU\DVWKH\UHDFKHG$O 0DGLQDK 6KHJDYHELUWKWRDPDOHFKLOG0\PRWKHUVDLGWRPH2$QDVQRQHVKRXOGVXFNOHKLP XQWLO\RXJRWR0HVVHQJHURI$OODK3%8+ WRPRUURZ PRUQLQJ
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLQVWUXFWVRQHVHOIWRNHHSLQFRQWUROLQRUGHUWRRYHUFRPHKLVUDJH 6XODLPDQELQ6XUDG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,ZDVVLWWLQJZLWKWKH3URSKHW 3%8+ ZKHQWZRPHQEHJDQWRTXDUUHODQGFXUVHHDFKRWKHUDQGWKHIDFHRIRQHRIWKHPWXUQHGUHG DQGWKHYHLQVRIKLVQHFNZHUHVZROOHQIURPUDJH 0HVVHQJHURI$OODK3%8+ VDLG ,NQRZRID ZRUGLIKHZHUHWRXWWHUWKDWKLVUDJHZRXOGYDQLVKDQGWKDWLV$CXGKXELOODKLPLQDVK6KDLWDQQLU UDMLP,VHHNUHIXJHZLWK$OODKIURP6DWDQWKHDFFXUVHG
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
+XUUDVNHGC8PDUDQGKHDFFRUGHGSHUPLVVLRQ:KHQC8\DLQDKFDPHLQWRWKHSUHVHQFHRIC8PDUKH DGGUHVVHGKLPWKXV2VRQRI.KDWWDE\RXQHLWKHUEHVWRZPXFKRQXVQRUGHDOZLWKXVMXVWO\
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
6LQFHVFKRODUVKLSDQGSLRXVQHVVDUHWKHIRUHPRVWTXDOLILFDWLRQVIRUFRXQVHOORUVDQGDGYLVRUVWKHUHLV QRUHVWULFWLRQRIDJHIRUWKHP 7KHUXOHUVKRXOGDOZD\VEHYHU\FRQVLGHUDWHDQGWROHUDQW 7KHUXOHUVKRXOGQHYHUKHVLWDWHIURPDFFHSWLQJWUXWKDQGULJKWHRXVQHVV ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG
7KH\VXEPLWWHG:KDWGR\RX RUGHUXVWRGRXQGHUVXFKFLUFXPVWDQFHV "
+HUHSOLHG 'LVFKDUJH\RXUREOLJDWLRQVDQGDVN\RXU ULJKWVIURP$OODK >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVWKDWLI\RXKDYHUXOHUVZKRGHQ\\RXUULJKWVDQGJLYHWKHPVHOYHVDQG WKHLUUHODWLYHVSUHIHUHQFHRYHU\RXWKHQSDWLHQFHLVDEHWWHUUHFRXUVH5DWKHUWKDQUHYROWLQJDJDLQVW WKHP\RXVKRXOGVHHNSDUGRQDQGIRUJLYHQHVVIURP$OODKDQGSUD\IRU+LV3URWHFWLRQDJDLQVWWKH PLVFKLHIDQGW\UDQQ\RIWKHUXOHUVSURYLGHGWKH\GRQRWVKRZRXWULJKWGLVEHOLHI 8VDLGELQ+XGKDLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGWKDW$SHUVRQIURPDPRQJWKH$QVDU VDLG20HVVHQJHURI$OODK
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
&+$37(5
7587+)8/1(66 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH%HDIUDLGRI$OODKDQGEHZLWKWKRVHZKRDUHWUXHLQZRUGVDQGGHHGV WKHPHQDQGZRPHQZKRDUHWUXWKIXOLQWKHLUVSHHFKDQGGHHGV WKHQLIWKH\KDGEHHQWUXHWR$OODKLWZRXOGKDYHEHHQEHWWHUIRUWKHP $EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7UXWK OHDGVWRSLHW\DQGSLHW\OHDGVWR-DQQDK$PDQSHUVLVWVLQVSHDNLQJWKHWUXWKWLOOKHLVHQUROOHGZLWK $OODKDVDWUXWKIXO)DOVHKRRGOHDGVWRYLFHDQGYLFHOHDGVWRWKH)LUH+HOO DQGDSHUVRQSHUVLVWVRQ WHOOLQJOLHVXQWLOKHLVHQUROOHGDVDOLDU
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
&+$37(5
:$7&+)8/1(66 $OODKWKH([DOWHGVD\V :KRVHHV\RX20XKDPPDG3%8+ ZKHQ\RXVWDQGXSDORQHDWQLJKWIRU7DKDMMXG SUD\HUV $QG\RXUPRYHPHQWVDPRQJWKRVHZKRIDOOSURVWUDWHWR$OODKLQWKHILYHFRPSXOVRU\ FRQJUHJDWLRQDOSUD\HUV $QG+HLVZLWK\RXE\+LV.QRZOHGJH ZKHUHVRHYHU\RXPD\EH 7UXO\QRWKLQJLVKLGGHQIURP$OODKLQWKHHDUWKRULQWKHKHDYHQ 9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
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
+HUHSOLHG
+HVDLG
+HWKHQHQTXLUHG7HOOPHDERXW,KVDQ
+H3%8+ VDLG ,WLVWRZRUVKLS$OODKDV LI\RXDUH VHHLQJ+LPDQGDOWKRXJK\RXGRQRWVHH+LP+HVHHV \RX+HHQTXLUHG,QIRUPPHDERXW WKH+RXULHWKH'D\RI5HVXUUHFWLRQ +H3%8+ UHSOLHG ,KDYHQRPRUHNQRZOHGJHWKHUHRIWKDQ \RX+HVDLG,QIRUPPHDERXWVRPHRILWVVLJQV+H3%8+ VDLG 7KH\DUH WKDWDERQGVZRPDQ JLYHVELUWKWRKHURZQPDVWHUDQGWKDW\RXZLOOILQGWKHEDUHIRRWHGQDNHGSRRUVKHSKHUGVFRPSHWLQJ RQHDQRWKHULQWKHFRQVWUXFWLRQRIKLJKHUEXLOGLQJV 7KHQKHGHSDUWHG7KH0HVVHQJHURI$OODKNHSW VLOHQWIRUDZKLOHWKHQKHVDLGWRPH2C8PDU'R\RXNQRZZKRWKHTXHVWLRQHUZDV"
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
7KHDQJHOWKHQVDLG,WKLQN,UHFRJQL]H\RX:HUH\RXQRWDOHSHUZKRPSHRSOHIRXQG ORDWKVRPHDQGDSRRUPDQWRZKRP$OODKJDYHSURSHUW\"
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
6K$O$OEDQLLVWKHOHDGLQJDXWKRULW\LQWKHVFLHQFHRI+DGLWK
&+$37(5 3,(7<
$OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH)HDU$OODKDV+HVKRXOGEHIHDUHG 6RNHHS\RXUGXW\WR$OODKDQGIHDU+LPDVPXFKDV\RXFDQ
7KLVVHFRQG9HUVHH[SODLQVWKHPHDQLQJRIWKHILUVWRQH 2\RXZKREHOLHYH.HHS\RXUGXW\WR$OODKDQGIHDU+LPDQGVSHDNDOZD\V WKHWUXWK
$QGZKRVRHYHUIHDUV$OODKDQGNHHSVKLVGXW\WR+LP+HZLOOPDNHDZD\IRUKLPWRJHWRXW IURPHYHU\GLIILFXOW\ $QG+HZLOOSURYLGHKLPIURPVRXUFHV KHQHYHUFRXOGLPDJLQH
,I\RXREH\DQGIHDU$OODK+HZLOOJUDQW\RX)XUTDQ>DFULWHULRQWRMXGJHEHWZHHQULJKWDQG ZURQJ RU 0DNKUDMLHDZD\IRU\RXWRJHWRXWIURPHYHU\GLIILFXOW\ @DQGZLOOH[SLDWHIRU \RX\RXUVLQVDQGIRUJLYH\RXDQG$OODKLVWKH2ZQHURIWKHJUHDWERXQW\ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,WZDVDVNHG20HVVHQJHURI$OODK :KRLVWKHPRVWKRQRXUDEOHDPRQJVWPDQNLQG"
+H3%8+ VDLG 7KHPRVWKRQRXUDEOHRIWKHPLV RQHZKRLVWKHPRVWSLRXVRIWKHP
7KH\VDLG:HDUHQRWDVNLQJDERXWWKLV+HVDLG 7KHQWKH PRVWKRQRXUDEOHRIPHQZDV <XVXI -RVHSK WKH3URSKHWRI$OODKWKHVRQRI $OODK V3URSKHWZKR ZDVWKHVRQRI WKH3URSKHWRI$OODKZKRZDVWKHVRQRIWKH.KDOLORI$OODKLH,EUDKLP3%8+
7KH\VDLG:HDUHQRWDVNLQJ\RXDERXWWKLV
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
&+$37(5
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
$QGLQ$OODK$ORQH OHWWKHEHOLHYHUVSXWWKHLUWUXVW
7KHQZKHQ\RXKDYHWDNHQDGHFLVLRQSXW\RXUWUXVWLQ$OODK
$QGZKRVRHYHUSXWVKLVWUXVWLQ$OODKWKHQ+HZLOOVXIILFHKLP 7KHEHOLHYHUVDUHRQO\WKRVHZKRZKHQ$OODKLVPHQWLRQHGIHHODIHDULQWKHLUKHDUWVDQGZKHQ +LV9HUVHVWKLV4XU DQ DUHUHFLWHGXQWRWKHPWKH\LHWKH9HUVHV LQFUHDVHWKHLU)DLWKDQG WKH\SXWWKHLUWUXVWLQWKHLU5XEE$ORQH
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
0HVVHQJHURI$OODK3%8+ 2WKHUVVDLG3UREDEO\WKH\DUHWKHRQHVZKRKDYHEHHQERUQDV 0XVOLPVDQGKDYHQHYHUDVVRFLDWHGDQ\RQHZLWK$OODKLQZRUVKLS7KHQ0HVVHQJHURI$OODK3%8+ FDPHRXWDQGDVNHG:KDWDUH\RXGLVFXVVLQJ"
6RWKH\WROGKLP+HWKHQVDLG7KH\DUHWKRVHZKR GRQRWPDNH5XT\DKEORZLQJRYHUWKHPVHOYHVDIWHUUHFLWLQJWKH4XU DQRUVRPHSUD\HUVDQG VXSSOLFDWLRQVWKH3URSKHW3%8+ XVHGWRVD\ QRUVHHNLWQRUSHUFHLYHRPHQVLHWKH\DUHQRW SHVVLPLVWLF EXWNHHSWUXVWLQWKHLU5XEE$OODK
2QWKLV 8NDVKDKELQ0LKVDQVWRRGXSDQGDVNHG 3UD\WR$OODKWRPDNHPHRQHRIWKHP
7KH3URSKHW3%8+ VDLG
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
0HVVHQJHURI$OODK3%8+ VDLG 1R 7KHQKHVDLG:KRZLOOWKHQSURWHFW\RXIURPPH"
0HVVHQJHURI$OODK3%8+ UHSOLHG $OODK $QGLQDQDUUDWLRQRI$EX%DNU$O,VPDCLOL WKHSRO\WKHLVWDVNHG:KRZLOOSURWHFW\RXIURPPH"
0HVVHQJHURI$OODK3%8+ UHSOLHG $OODK
$VVRRQDVKHVDLGWKLVWKHVZRUGIHOOGRZQIURPKLV KDQGDQG0HVVHQJHURI$OODK3%8+ FDWFKLQJWKHVZRUGDVNHGKLP :KRZLOOSURWHFW\RXIURPPH
+HVDLG3OHDVHIRUJLYHPH
0HVVHQJHURI$OODK3%8+ VDLG 2QFRQGLWLRQ\RXWHVWLI\WKDWWKHUHLV QRQHZRUWK\RIZRUVKLSEXW$OODKDQGWKDW,DP+LV0HVVHQJHU
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
0HVVHQJHURI$OODK3%8+ VDLGWKDWLIDQ\RQHUHFLWHG WKHVHZRUGVDQGGLHGWKDWQLJKWKHZRXOGGLHLQWKHWUXHUHOLJLRQ ,QFDVHKHUHPDLQVDOLYHWLOOPRUQLQJ KHZLOOREWDLQJRRG >$O%XNKDULDQG0XVOLP@ ,QDQRWKHUQDUUDWLRQ+HUHSRUWHG0HVVHQJHURI$OODK3%8+ DVVD\LQJ ,I\RXJRWREHGSHUIRUP WKH6DODW:XGX OLHGRZQRQ\RXUULJKWVLGHDQGVD\>WKHDERYH'XCDVXSSOLFDWLRQ @DQGOHWWKHVH ZRUGVEH\RXUODVW
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
&+$37(5
835,*+71(66 67($')$671(66
$OODKWKH([DOWHGVD\V 6RVWDQGDVN$OODKWRPDNH \RX0XKDPPDG3%8+ ILUPDQGVWUDL JKWRQWKHUHOLJLRQRI ,VODPLF0RQRWKHLVP DV\RXDUHFRPPDQGHG
9HULO\WKRVHZKRVD\C2XU5XEELV$OODK$ORQH DQGWKHQWKH\VWDQGILUPRQWKHPWKH DQJHOVZLOOGHVFHQGDWWKHWLPHRIWKHLUGHDWK VD\LQJ )HDUQRWQRUJULHYH%XWUHFHLYHWKH JODGWLGLQJVRI-DQQDKZKLFK\RXKDYHEHHQSURPLVHG:HKDYHEHHQ\RXUIULHQGVLQWKHOLIHRI WKLVZRUOGDQGDUHVR LQWKH+HUHDIWHU7KHUHLQ\RXVKDOOKDYHDOO WKDW\RXULQQHU VHOYHVGHVLUH DQGWKHUHLQ\RXVKDOOKDYHDOO IRUZKLFK\RXDVN$QHQWHUWDLQPHQWIURP$OODK WKH2IW )RUJLYLQJ0RVW0HUFLIXO
9HULO\WKRVHZKRVD\C2XU5XEELVRQO\ $OODK DQGWKHUHDIWHUVWDQGILUPDQGVWUDLJKWRQWKH ,VODPLF)DLWKRI0RQRWKHLVP RQWKHPVKDOOEHQRIHDUQRUVKDOOWKH\J ULHYH6XFKVKDOOEHWKH GZHOOHUVRI-DQQDKDELGLQJWKHUHLQIRUHYHU DUHZDUGIRUZKDWWKH\XVHGWRGR
6XI\DQELQC$EGXOODK 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDLG20HVVHQJHURI$OODK WHOOPHVRPHWKLQJRI,VODPZKLFK, ZLOOQRWDVNDQ\RQHHOVHDERXWLW
+H3%8+ VDLG 6D\C,EHOLHYH LQ$OODK DQGWKHQEHVWHDGIDVW >0XVOLP@ &RPPHQWDU\ 6WHDGIDVWQHVVPHDQVDGKHULQJILUPO\WRWKHLQMXQFWLRQVRI,VODPWRDFWXSRQZKDWLV RUGDLQHGDQGDYRLGZKDWLVSURKLELWHGWRSHUIRUPGXWLIXOO\RUGHUVLQUHVSHFWRIREOLJDWLRQVDQGZKDWLV UHJDUGHGGHVLUDEOHDQGDYRLGZKDWLVXQODZIXO)DLWKLVQRWDPHUHH[SUHVVLRQRI6KDKDGDK7KHUHDO )DLWKLVRQHZKLFKLVFRXSOHGZLWKLWVDFWXDOSUDFWLFHEHFDXVHSUDFWLFHRIUHOLJLRQLVLQIDFWWKHIUXLWRI )DLWK$WUHHZKLFKGRHVQRWEHDUDQ\IUXLWKDVQRYDOXHVLPLODUO\IDLWKEHFRPHVPHDQLQJOHVVZLWKRXW SUDFWLFH6WHDGIDVWQHVVLVWKHPDUNRISHUIHFW)DLWK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG )ROORZWKH5LJKW3DWKRI)DLWKVWULFWO\DQGEHVWHDGIDVWDQGNHHSLQPLQGWKDWQRQHRI\RXFDQ DFKLHYHVDOYDWLRQWKURXJKKLVJRRG DFWLRQV
6RPHRQHDVNHG1RWHYHQ\RX20HVVHQJHURI$OODK"
+H3%8+ VDLG 1RWHYHQPHXQOHVV$OODKJUDQWVPH+LV0HUF\DQG*UDFH >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDOWKRXJKWKHLPSRUWDQFHRI)DLWKDQGLWVSUDFWLFHLVEH\RQGDQ\ VKDGRZRIGRXEWEHFDXVHWKLVLVWKHRQO\ZD\WRDWWDLQ+LV)DYRXUVDQG%OHVVLQJVEXWRQHVKRXOGQRW HQWLUHO\GHSHQGXSRQSUDFWLFHRQO\EHFDXVHDQ\VKRUWFRPLQJ ZKLFKRQHGRHVQRWHYHQNQRZ FDQUXLQ DJRRGGHHG,WLVWKHUHIRUHHVVHQWLDOWKDWZHDOVRSUD\WKDWRXUJRRGGHHGVDUHDFFHSWHGE\$OODKDQG WKDW+HJUDQWVXV+LV,QILQLWH0HUF\DQGVLQFHULW\EHFDXVHHYHQWKHJUHDWHVWQREOHGHHGLVLQYDOLG ZLWKRXWLW
&+$37(5
321'(5,1*29(57+(*5($7&5($7,212)$//$+ 7+(3$66,1*$:$<2)/,)(2)7+(:25/'7+(+255256 2)7+('$<2)5(48,7$/$1'/$;,7<2)21( 61$)6 $OODKWKH([DOWHGVD\V ,H[KRUW\RXWRRQHWKLQJ RQO\WKDW\RXVWDQGXSIRU$OODK VVDNHLQSDLUVDQGVLQJO\ DQG UHIOHFWZLWKLQ\RXUVHOYHVWKHOLIHKLVWRU\RIWKH3URSKHW3%8+ 9HULO\LQWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\ WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ SUD\HUV VWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHVDQGWKLQNGHHSO\DERXWWKHFUHDWLRQRI
WKHKHDYHQVDQGWKHHDUWKVD\LQJ 2XU5XEE
&+$37(5
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
(YHU\RQHVWUHWFKHGIRUWKKLV KDQGVD\LQJ,ZLOOWDNHLW,ZLOOWDNHLW+HWKH3URSKHW3%8+ VDLG :KRZLOOWDNHLWZLWKLWVIXOO UHVSRQVLELOLW\LHWRXVHLWWRILJKW$OODK VHQHPLHVZLWKLW "
7KH&RPSDQLRQV KHVLWDWHG$EX'XMDQDK 0D\$OODKEHSOHDVHGZLWKKLP VDLG,VKDOOWDNHLW
DQGZLWKLWKHFUDFNHGWKHVNXOOVRIWKHSDJDQV >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHFKLYDOU\DQGGLVWLQFWLRQRI$EX'XMDQDK0D\$OODKEH SOHDVHGZLWKKLP EXWLWVKRXOGQRWEHWDNHQWRPHDQWKDWRWKHU&RPSDQLRQVRIWKH3URSKHW3%8+ VKRZHGFRZDUGLFHRQWKDWRFFDVLRQ7KHODWWHUKDGLQIDFWKHVLWDWHGWRJHWWKHKRQRXUDQGUHZDUG DWWDFKHGZLWKWKH3URSKHW VVZRUG,WLVHYLGHQWIURPWKHIDFWWKDWZKHQWKH3URSKHW 3%8+ RIIHUHGLW ZLWKRXWDQ\FRQGLWLRQHYHU\RQHVWUHWFKHGKLVKDQGWRWDNHLW $]=XEDLUELQC$GLVDLG :HZHQWWR$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP DQG FRPSODLQHGWRKLPRIVXIIHULQJDWWKHKDQGVRI$O+DMMDM+HUHSOLHG6KRZHQGXUDQFHIRUQRWLPH ZLOOFRPHEXWZLOOEHIROORZHGE\RQHZRUVHWKDQWKHSUHVHQWRQH WLOO\RXPHHW\RXU5XEE,KHDUG WKLVIURP\RXU3URSKHW3%8+ >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHSUHGLFWLRQWKDWZLWKWKHSDVVDJHRIWLPHFRQGLWLRQVZLOO EHFRPHIURPEDGWRZRUVHZLWKWKHUHVXOWWKDWUXOHUVZRXOGEHFRPHPRUHDQGPRUHFUXHO,QVXFK FLUFXPVWDQFHVWKHUHPHG\VXJJHVWHGKHUHLVWKDWUDWKHUWKDQPDNLQJDQ\HIIRUWWRUHIRUPWKHUXOHUVRQH VKRXOGWU\WRUHIRUPRQHVHOIDQGZRUU\WRPDNHRQH VRZQOLIHLQWKH+HUHDIWHUDQGHQGXUHSDWLHQWO\WKH W\UDQQLHVSHUSHWUDWHGE\WKHUXOHUV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +DVWHQWRGRJRRGGHHGVEHIRUH\RXDUHRYHUWDNHQE\RQHRIWKHVHYHQDIIOLFWLRQV
7KHQJLYLQJD ZDUQLQJ KHVDLG$UH\RXZDLWLQJIRUVXFKSRYHUW\ZKLFKZLOOPDNH\RXXQPLQGIXORIGHYRWLRQRU SURVSHULW\ZKLFKZLOOPDNH\RXFRUUXSWRUGLVHDVHDVZLOOGLVDEOH\RXRUVXFKVHQLOLW\DVZLOOPDNH
\RXPHQWDOO\XQVWDEOHRUVXGGHQGHDWKRU$G'DMMDOZKRLVWKHZRUVWH[SHFWHGDEVHQWRUWKH+RXU DQGWKH+RXUZLOOEHPRVWJULHYRXVDQGPRVWELWWHU >$W7LUPLGKL@ &RPPHQWDU\ 7KHSXUSRVHRIWKLV+DGLWKLVWKDWEHIRUHRYHUFRPLQJRIWKHREVWUXFWLRQVRQHVKRXOGGR RQH VEHVWWRLPSURYHKLV+HUHDIWHUE\PHDQVRIJRRGGHHGVOHVWRQHLVGHSULYHGRIJRRGGHHGVE\VRPH REVWUXFWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QWKHGD\RIWKHEDWWOHRI.KDLEDU 0HVVHQJHURI$OODK3%8+ VDLG ,VKDOOKDQGRYHUWKLVEDQQHUWRRQHZKRORYHV$OODKDQG+LV 0HVVHQJHUDQG$OODKZLOOJLYHXVYLFWRU\WKURXJKKLP
C8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG ,KDGQHYHUORQJHGIRUOHDGHUVKLSEXWWKDWGD\,H[SHFWHGWKDW,PLJKWEHFDOOHGIRU+RZHYHU 0HVVHQJHURI$OODK3%8+ FDOOHGC$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLP DQGKDQGHG WKHEDQQHUWRKLPDQGVDLG *RIRUWKDQGGRQRWWXUQDURXQGWLOO$OODKEHVWRZVYLFWRU\XSRQ\RX 2Q KHDULQJWKLV C$OLSURFHHGHGDOLWWOHDQGWKHQKDOWHGDQGZLWKRXWWXUQLQJDURXQGLQTXLUHGLQDORXG YRLFH20HVVHQJHURI$OODKIRUZKDWVKDOO,ILJKWWKHP"
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
&+$37(5
7+(6758**/(,17+( &$86(2)$//$+ $OODK WKH([DOWHGVD\V $VIRUWKRVHZKRVWULYHKDUGLQ8V2XU&DXVH :HZLOOVXUHO\JXLGHWKHPWR2XUSDWKVLH $OODK VUHOLJLRQ ,VODPLF0RQRWKHLVP $QGYHULO\$OODKLVZLWKWKH0XKVLQXQJRRGGRHUV $QGZRUVKLS\RXU5XEEXQWLOWKHUHFRPHVXQWR\RXWKHFHUWDLQW\LHGHDWK $QGUHPHPEHUWKH1DPHRI\RXU5XEEDQGGHYRWH\RXUVHOIWR+LPZLWKDFRPSOHWHGHYRWLRQ
6RZKRVRHYHUGRHVJRRGHTXDOWRWKHZHLJKWRIDQDWRPRUDVPDOODQW VKDOOVHHLW $QGZKDWHYHUJRRG\RXVHQGEHIRUH\RXIRU\RXUVHOYHVLH1DZDILO QRQREOLJDWRU\DFWVRI ZRUVKLSSUD\HUVFKDULW\IDVWLQJ+DMMDQG8PUDKHWF \RXZLOOFHUWDLQO\ILQGLWZLWK$OODK EHWWHUDQGJUHDWHULQUHZDUG
$QGZKDWHYHU\RXVSHQGLQJRRGVXUHO\$OODKNQRZVLWZHOO
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
2QHZLOOKDYHWRIDFHVHYHUHFRQVHTXHQFHVRILWRQWKH'D\RI5HVXUUHFWLRQZKHQKHZLOOEHEURXJKW LQWRDFFRXQWIRUHYHU\WKLQJ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH3URSKHW3%8+ ZRXOGVWDQGLQSUD\HU VR ORQJWKDWWKHVNLQRIKLVIHHWZRXOGFUDFN,DVNHGKLP:K\GR\RXGRWKLVZKLOH\RXUSDVWDQGIXWXUH VLQVKDYHEHHQIRUJLYHQ"
+HVDLG 6KRXOG,QRWEHDJUDWHIXOVODYHRI$OODK"
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
ZRXOGSHUKDSVUHFLWHWKHZKROH6XUDK LQD5DNCDKEXWKHSURFHHGHGRQDQG,WKRXJKWKHZRXOG SHUKDSVERZRQFRPSOHWLQJWKLV6XUDK KHWKHQVWDUWHGUHFLWLQJ6XUDW $Q1LVD KHWKHQVWDUWHG 6XUDW $OC,PUDQDQGKLVUHFLWDWLRQZDVXQKXUULHG$QGZKHQKHUHFLWHG WKH9HUVHVZKLFKUHIHUUHGWR WKH*ORU\RI$OODKKHJORULILHG+LPE\VD\LQJ6XEKDQ$OODK 0\5XEEWKH6XSUHPHLVIDUUHPRYHG IURPHYHU\LPSHUIHFWLRQ WKH*UHDWDQGZKHQKHUHFLWHGWKH9HUVHVWKDWPHQWLRQVXSSOLFDWLRQKH VXSSOLFDWHGDQGZKHQKHUHFLWHGWKH9HUVHVWKDWPHQWLRQVHHNLQJ5HIXJHRIWKH5XEEKHVRXJKW+LV 5HIXJH7KHQKHERZHGDQGVDLG0\5XEEWKH6XSUHPHLVIDUUHPRYHGIURPHYHU\LPSHUIHFWLRQ 6XEKDQD5DEEL\DO$]LP
KLVERZLQJODVWHGDERXWWKHVDPHOHQJWKRI WLPHDVKLVVWDQGLQJ DQGWKHQ RQUHWXUQLQJWRWKHVWDQGLQJSRVWXUHDIWHU5XNXC KHVDLG$OODKOLVWHQHGWRKLPZKRSUDLVHG+LP 6DPLC$OODKXOLPDQKDPLGDK5DEEDQDZDODNDOKDPG
7KHQKHVWRRGDERXWWKHVDPHOHQJWKRIWLPH DVKHKDGVSHQWLQERZLQJ+HWKHQSURVWUDWHGKLPVHOIDQGVDLG0\5XEEWKH6XSUHPHLVIDUUHPRYHG IURPHYHU\LPSHUIHFWLRQ6XEKDQD5DEEL\DO$COD
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
,VDLG,UHTXHVWIRU\RXUFRPSDQLRQVKLSLQ-DQQDK+HLQTXLUHG ,VWKHUHDQ\WKLQJ
HOVH"
,VDLG7KDWLVDOO
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
$QRWKHURQHJDYHDZD\DIHZ6DCRIGDWHVDQGWKH\VDLG $OODKGRHVQRWVWDQGLQQHHGRIWKLVSHUVRQ VGDWHV7KHUHXSRQLWZDVUHYHDOHG
7KRVHZKRGHIDPHVXFKRIWKHEHOLHYHUVZKRJLYHFKDULW\LQ$OODK V&DXVH YROXQWDULO\DQGVXFK ZKRFRXOGQRWILQGWRJLYHFKDULW\LQ$OODK V&DXVH H[FHSWZKDWLVDYDLODEOHWRWKHP
>$O%XNKDULDQG0XVOLP@
7KLVLVWKH$\DKLQZKLFK$OODKVD\V 7DNH6DGDTDKDOPV IURPWKHLUZHDOWKLQRUGHUWRSXULI\ WKHPDQGVDQFWLI\WKHPZLWKLWDQGVXSSOLDWH$OODKIRUWKHP
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKH3RZHUDQG0DMHVW\RI$OODKDQGVWUHVVHVWKDWRQHVKRXOG VXSSOLFDWH$OODKIRUHYHU\WKLQJWKDWRQHQHHGV)URPJXLGDQFHWRVXVWHQDQFHWKHWUHDVXUHVRI HYHU\WKLQJDUHZLWK+LP WKHWUHDVXUHVZKLFKDUHXQOLPLWHGDQGDQ\ZLWKGUDZDOIURPWKHPGRHVQRW PDNHDQ\UHGXFWLRQLQWKHP6LPLODULVWKHFDVHRI+LV6RYHUHLJQW\LWLVQRWDIIHFWHGHYHQLIWKHZKROH XQLYHUVHVXSSRUWVRURSSRVHVWKHP7KXVLWLVLQWKHLQWHUHVWRIPDQWKDWKHVKRXOGGHGLFDWHKLPVHOI HQWLUHO\WR$OODKDQGEHJDOOKLVQHHGVIURP+LPDQG+LP$ORQH
&+$37(5
85*,1*72:$5'6 ,1&5($6,1**22'$&7,216 ,1/$7(53$572)/,)( $OODKWKH([DOWHGVD\V 'LG:HQRWJLYH\RXOLYHVORQJHQRXJKVRWKDWZKRVRHYHUZRXOGUHFHLYHDGPRQLWLRQ FRXOG UHFHLYHLW"$QGWKHZDUQHUFDPHWR\RX
,EQC$EEDVDQGRWKHUVVDLGWKDWORQJHQRXJK
LQWKH9HUVHPHDQVVL[W\\HDUV7KH+DGLWKZKLFK IROORZVVXSSRUWVWKLV2WKHUVVDLGLWPHDQVHLJKWHHQ\HDUV$O+DVDQ$O%DVUL$O.DOELDQG0DVUXT VDLGLWPHDQVIRUW\\HDUVLWKDVDOVREHHQUHSRUWHGE\,EQ$EEDVDQGRWKHUVWKDWZKHQHYHUWKHSHRSOHRI $O0DGLQDKWXUQHGIRUW\\HDUVRIDJHWKH\ZRXOGGHYRWHWKHPVHOYHVFRPSOHWHO\WRZRUVKLS/RQJ HQRXJK
LQWKH9HUVHKDVDOVREHHQLQWHUSUHWHGWRPHDQWKHDJHRISXEHUW\,EQC$EEDVDQGWKHPDMRULW\ RI0XVOLPVFKRODUVVDLGWKDWWKHZDUQHU
LQWKH9HUVHUHIHUVWRWKH3URSKHW3%8+ C,NULPDKELQ C8PDL\\DKDQGRWKHUVLQWHUSUHWHGWKLVZRUGDVWKHJUD\QHVVRUZKLWHQHVVRIKDLU$OODKNQRZVEHWWHU
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
C8PDUUHSOLHG%HFDXVHRIWKHVWDWXVKHKDVZKLFK\RXDOUHDG\NQRZDERXWLHEHORQJVWRWKH VRXUFHRINQRZOHGJHDQGWKHKRXVHRIWKH3URSKHW3%8+
2QHGD\C8PDUFDOOHGPHDQGVHDWHGPH LQWKHJDWKHULQJRIWKRVHSHRSOHDQG,WKLQNWKDWKHFDOOHGPHMXVWWRVKRZWKHPRIP\UHOLJLRXV NQRZOHGJH C8PDUWKHQTXHVWLRQHGWKHPLQP\SUHVHQFH +RZGR\RXLQWHUSUHWWKHD\DKRI$OODK C:KHQWKHUHFRPHVWKH+HOSRI$OODKWR\RX20XKDPPDG3%8+ DJDLQVW\RXUHQHPLHV DQGWKH &RQTXHVWRI0DNNDK
6RPHRQHVDLGWKDWZKHQ$OODK V+HOSDQGWKH&RQTXHVWRI0DNNDK FDPHWR XVZHZHUHFDOOHGXSRQWRFHOHEUDWHWKH3UDLVHRI$OODKDQGDVNIRU+LVIRUJLYHQHVV6RPHRWKHUV UHPDLQHGVLOHQWDQGGLGQRWXWWHUDZRUG7KHUHXSRQC8PDUDVNHGPH,EQC$EEDV'R\RXVD\WKH VDPH
,UHSOLHG1R+HVDLG :KDWGR\RXVD\WKHQ"
,UHSOLHG7KDWLVWKHVLJQRIWKH3URSKHW V GHDWKDERXWZKLFKKHKDGEHHQLQIRUPHG$OODKWKH([DOWHGVD\V
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
0HVVHQJHURI$OODK3%8+ XVHGWRUHFLWHLQHYHU\SUD\HU 6XEKDQDND5DEEDQDZD ELKDPGLND$OODKXPPDJKILUOL)DUUHPRYHG$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ UHFLWHGIUHTXHQWO\LQERZLQJDQGSURVWUDWLRQ 6XEKDQDND5DEEDQDZDELKDPGLND$OODKXPPDJKILUOL )DUUHPRYHG
FRPPDQGHGLQWKH1REOH4XU DQWRUHFLWH 6RJORULI\WKH3UDLVHVRI\RXU5XEEDQGDVNIRU+LV IRUJLYHQHVV9HULO\+HLVWKH2QH:KRDFFHSWVWKHUHSHQWDQFHDQG:KRIRUJLYHV 9 $QGKH WKH0HVVHQJHURI$OODK DFWHGXSRQLW $FFRUGLQJWRWKHQDUUDWLRQLQ0XVOLP0HVVHQJHURI $OODK3%8+ IUHTXHQWO\UHFLWHGWKHVHZRUGVMXVW EHIRUHKHSDVVHGDZD\ 6XEKDQDND5DEEDQDZDELKDPGLND$VWDJKILUXNDZDDWXEXLODLND
,C$LVKDK 0D\$OODKEHSOHDVHGZLWKKHU DVNHGKLP20HVVHQJHURI$OODK:KDWDUHWKHVHQHZZRUGVZKLFK, KHDUIURP\RXUHSHDWHGO\
+HUHSOLHG $VLJQKDVEHHQDSSRLQWHGIRUPHUHODWLQJWRP\SHRSOHWKDW, VKRXOGUHSHDWWKHVHZRUGVDWWKHVLJKWRIWKDWVLJQ7KHQKHUHFLWHG6XUDW$Q1DVU $QRWKHUQDUUDWLRQLQ0XVOLPUHODWHGIURPC$LVKDK0D\$OODKEHSOHDVHGZLWK KHU LV0HVVHQJHURI $OODK3%8+ RIWHQUHFLWHG*ORU\EHWR$OODKDQGSUDLVHEHWR+LP,VHHNIRUJLYHQHVVRI$OODKDQG WXUQWR+LPLQUHSHQWDQFH
,VDLGWRKLP20HVVHQJHURI$OODK,KHDU\RXUHFLWHIUHTXHQWO\C2 $OODK
+HUHSOLHG 0\5XEEKDVLQIRUPHGPHWKDW,ZRXOGVRRQVHHD VLJQUHJDUGLQJP\SHRSOHZKHQHYHU,VHHLW,UHSHDWWKLVVWDWHPHQWPRUHRIWHQRI+LV*ORULILFDWLRQ DQG3UDLVHDQGEHJSDUGRQRI+LPDQGWXUQWR+LP 1RZ,KDYHZLWQHVVHGWKHVLJQ7KHUHYHODWLRQRI 6XUDW$Q1DVUDQGWKHYLFWRU\LVWKHFRQTXHVWRI0DNNDK
:KHQWKHUHFRPHVWKH+HOSRI$OODKWR\RX20XKDPPDG3%8+ DJDLQVW\RXUHQHPLHV DQGWKH &RQTXHVWRI0DNNDK $QG\RXVHHWKDWWKHSHRSOHHQWHU$OODK VUHOLJLRQ,VODP LQFURZGV6RJORULI\ WKH3UDLVHVRI\RXU5XEEDQGDVN+LVIRUJLYHQHVV9HULO\+HLVWKH2QH:KRDFFHSWVWKHUHSHQWDQFH DQG:KRIRUJLYHV
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
&+$37(5
180(5286:$<62)'2,1**22' $OODKWKH([DOWHGVD\V
DQGZKDWHYHU\RXGRRIJRRGGHHGVWUXO\$OODKNQRZVLWZHOO
$QGZKDWHYHUJRRG\RXGREHVXUH $OODKNQRZVLW
6RZKRVRHYHUGRHVJRRGHTXDOWRWKHZHLJKWRIDQDWRPRUDVPDOODQW VKDOOVHHLW
:KRVRHYHUGRHVDJRRGGHHGLWLVIRUKLVRZQVHOI
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHG20HVVHQJHURI$OODK:KLFK DFWLRQLVWKHEHVW"
+H3%8+ VDLG )DLWKLQ$OODKDQG-LKDGLQWKHZD\RI$OODK
,DVNHG:KLFK QHFNVODYH LVEHVWIRUHPDQFLSDWLRQ "
+HVDLG 7KDWZKLFKLVGHDUHVWRIWKHPLQSULFHDQGPRVW YDOXDEOHRIWKHPWRLWVPDVWHUV,DVNHG,I,FDQQRWDIIRUGLW "
+HVDLG 7KHQKHOSDODERXUHURU ZRUNIRURQHZKRLVGLVDEOHG,DVNHG,I, FDQQRWGRLW "
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
SUD\HUV DVZHGRDQGJLYH6DGDTDKFKDULW\ RXWRIWKHLUVXUSOXVZHDOWK
8SRQWKLVKHWKH3URSKHW 3%8+ VDLG +DV$OODKQRWSUHVFULEHGIRU\RXDFRXUVH IROORZLQJZKLFK\RXFDQDOVR JLYH 6DGDTDK",QHYHU\GHFODUDWLRQRIWKHJORULILFDWLRQRI$OODKLHVD\LQJ6XEKDQ$OODK WKHUHLVD 6DGDTDKDQGLQHYHU\7DNELULHVD\LQJ$OODKX$NEDU LVD6DGDTDKDQGLQHYHU\FHOHEUDWLRQRI SUDLVHVD\LQJ$OKDPGXOLOODK LVD6DGDTDKDQGLQHYHU\GHFODUDWLRQWKDW+HLV2QH/DLODKDLOODOODK LVD6DGDTDKDQGLQHQMRLQLQJRIJRRGLVD6DGDTDKDQGLQIRUELGGLQJHYLOLVD6DGDTDKDQGLQPDQ V VH[XDOLQWHUFRXUVHZLWKKLVZLIH WKHUHLVD6DGDTDK
7KH\WKH&RPSDQLRQV VDLG20HVVHQJHURI $OODKLVWKHUHUHZDUGIRUKLPZKRVDWLVILHVKLVVH[XDOQHHGDPRQJXV"
+HVDLG 0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWZRLPSRUWDQWSRLQWV)LUVWO\WKHHQWKXVLDVPRIWKH &RPSDQLRQVRIWKH3URSKHW3%8+ IRUVXUSDVVLQJHDFKRWKHULQJRRGDFWLRQV6HFRQGO\LWWHOOVWKDW YLUWXHKDVDYDVWPHDQLQJLQ,VODPDQGLWLQFOXGHVHYHU\DFWLRQZKLFKLVGRQHZLWKJRRGLQWHQWLRQ SURYLGHGLWGRHVQRWLQYROYHGLVREHGLHQFHRI$OODK6RPXFKVRWKDWLWFRYHUVHYHQQDWXUDODFWLYLWLHVRI PDQZKLFKIDOOLQWKHFDWHJRU\RI0XEDKWKDWZKLFKLVSHUPLVVLEOHDQGPD\EHRPLWWHGZLWKRXWIHDURI VLQ DQGRQHLVUHZDUGHGIRUWKHP1RWRQO\WKDWRQHLVUHZDUGHGHYHQIRUDEVWDLQLQJIURPDVLQRQWKH FRQGLWLRQWKDWWKHDEVWHQWLRQLVIRUWKHREHGLHQFHRI$OODK7KHQDEVWHQWLRQULVHVWRWKHOHYHORIDQDFWRI REHGLHQFHDQGLVUHZDUGHGOLNHZLVH $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 'RQRWEHOLWWOH DQ\JRRGGHHGHYHQPHHWLQJ\RXUEURWKHU0XVOLP ZLWKDFKHHUIXOIDFH >0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWPHHWLQJVRPHERG\FKHHUIXOO\LVDOVRDYLUWXHIRUWZR UHDVRQV)LUVWO\LWLVDVLJQRIJRRGPDQQHUV6HFRQGO\LWFUHDWHVDIIHFWLRQDQGIULHQGVKLSDPRQJWKH 0XVOLPVZKLFKLVDPHULWRULRXVDFW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG (YHU\GD\WKHVXQULVHVFKDULW\6DGDTDK LVGXHRQHYHU\MRLQWRIDSHUVRQ\RXDGPLQLVWHUMXVWLFH EHWZHHQWZRPHQLVDFKDULW\DQGDVVLVWLQJDPDQWRPRXQWKLVEHDVWRUKHOSLQJKLPORDGKLVOXJJDJH RQLWLVDFKDULW\DQGDJRRGZRUGLVDFKDULW\DQGHYHU\VWHSWKDW\RXWDNHWRZDUGVWKHPRVTXH IRU 6DODWSUD\HU LVDFKDULW\DQGUHPRYLQJKDUPIXOWKLQJVIURPWKHURDGLVDFKDULW\ >$O%XNKDULDQG0XVOLP@ ,Q0XVOLPLWLVUHSRUWHGRQWKHDXWKRULW\RI C$LVKDK 0D\$OODKEHSOHDVHGZLWKKHU WKDW0HVVHQJHU RI$OODK3%8+ VDLG (YHU\RQHRIWKHFKLOGUHQRI$GDPKDVEHHQFUHDWHGZLWKWKUHHKXQGUHGDQG VL[W\MRLQWVVRKHZKRGHFODUHVWKH*ORU\RI$OODKLHVD\LQJ$OODKX$NEDU SUDLVHV$OODKLH$O KDPGXOLOODK GHFODUHV$OODKWREH2QHLH/DLODKDLOODOODK JORULILHV$OODKDQGVHHNVIRUJLYHQHVV IURP$OODKLH$VWDJKILUXOODK DQGUHPRYHVVWRQHRUWKRUQRUERQHIURPSHRSOH VSDWKDQGHQMRLQV JRRGDQGIRUELGVHYLOWRWKHQXPEHURIWKRVHWKUHHKXQGUHGDQGVL[W\ZLOOZDONWKDWGD\KDYLQJ UHVFXHGKLPVHOIIURP+HOO &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVWKDWHYHQDSHUVRQZKRGRHVQRWKDYHWKHFDSDFLW\WRSD\ 6DGDTDKFKDULW\DOPVSURSLWLDWRU\RIIHULQJVHWF FDQDOVRSD\LWLQWKHPDQQHUSUHVFULEHGDERYHDQG HDUQLWVUHZDUG0RUHRYHUKHFDQDOVRSD\DOPVIRUWKHMRLQWVLQKLVERG\ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG +HZKR JRHVWRWKHPRVTXHDWGDZQRUGXVNIRU6DODW $OODKSUHSDUHVDKRVSLWDEOHDERGHIRUKLPLQ-DQQDK HYHU\WLPHZKHQKHZDONVWRLWRUFRPHVEDFNIURPLW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLQGXFHVXVWRJRWRWKHPRVTXHDQGSHUIRUP6DODWLQFRQJUHJDWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 20XVOLPZRPHQQHYHUEHOLWWOHDQ\ JLIW\RXJLYH\RXUQHLJKERXUHYHQLILWLVDKRRIRIDVKHHS
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWDQ\JLIWSUHVHQWHGVLQFHUHO\E\DQHLJKERXUVKRXOGQRWEH WUHDWHGDVKXPEOHKRZHYHURUGLQDU\LWPD\EHEHFDXVHLQVSLWHRIEHLQJRIVPDOOZRUWKLWKDVDKLJK YDOXHZLWK$OODK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP 7KH3URSKHW3%8+ VDLG ,PDQKDVRYHU VHYHQW\EUDQFKHVWKHXSSHUPRVWRIZKLFKLVWKHGHFODUDWLRQC1RQHKDVWKHULJKWWREHZRUVKLSSHGEXW $OODK DQGWKHOHDVWRIZKLFKLVWKHUHPRYDORIKDUPIXOREMHFWIURPWKHURDGDQGPRGHVW\LVDEUDQFK RI,PDQ
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
7KH\VDLG
LQGHHGWKDWLV$U5LEDW >0XVOLP@ &RPPHQWDU\ 5LEDWPHDQVVWD\LQJRQWKHIURQWLHURIDQ,VODPLFFRXQWU\IRUVHFXULW\DQGGHIHQVH SXUSRVHV7KXVLWLVDFRQWLQXRXVSURFHVVRI-LKDG&RQWLQXRXVJRRGGHHGVDQGC,EDGDKKDYHEHHQ FRPSDUHGZLWK5LEDW3HUIRUPLQJIXOODEOXWLRQLQ0DNDULKZKHUHVHYHUHXQSOHDVDQWQHVVDQGKDUG ODERXULVLQYROYHG LVTXLWHGLIILFXOW)RULQVWDQFHLQZLQWHULWLVYHU\FXPEHUVRPHWRSURSHUO\ZDVKDOO WKHRUJDQVRIWKHERG\EXWD0XVOLPGRHVLWWRSOHDVH$OODK7KXVLWVUHZDUGZLOOEHPRUHLQSURSRUWLRQ WRWKHODERXU6LPLODUO\WKHQHDUQHVVRIDPRVTXHLVLQPDQ\UHVSHFWYHU\XVHIXOEXWLWVEHLQJIDUIURP WKHKRXVHLVEHWWHULQWKLVUHVSHFWWKDWWKHJUHDWHUGLVWDQFHRQHKDVWRFRYHUIRUJRLQJWRWKHPRVTXHWKH KLJKHUWKHUHZDUGIRUJRLQJWKHUHZLOOEH7KRVHZKROLYHFORVHWRWKHPRVTXHGRQRWKDYHWKLV FUHGLW $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +HZKRREVHUYHVWKH)DMUDQGC$VUSUD\HUV ZLOOHQWHU-DQQDK
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
+HVDLG,GRQRWOLNHP\KRXVHWREHE\WKHVLGHRIWKHPRVTXHIRU, HDJHUO\ GHVLUHWKDWP\VWHSVWRZDUGVWKHPRVTXHDQGEDFNIURPLWVKRXOGEHUHFRUGHGZKHQ,UHWXUQWR P\IDPLO\
8SRQWKLV0HVVHQJHURI$OODK3%8+ VDLG $OODKKDVJUDQWHG\RXDOOWKHUHZDUGVIRU \RX >0XVOLP@ $QRWKHUQDUUDWLRQVD\V
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
+H3%8+ VDLG /HWKLPZRUNZLWKKLVKDQGVWKXVGRLQJEHQHILW WRKLPVHOIDQGJLYHLQFKDULW\
,WZDVVDLGWRKLP:KDWLIKHGRHVQRWKDYHWKHPHDQV WRGRVR"
+H 3%8+ VDLG 7KHQOHWKLPDVVLVWWKHQHHG\WKHDJJULHYHG
,WZDVVDLG:KDWDERXWLIKHFDQQRWHYHQ GRWKLV"
+H3%8+ VDLG 7KHQKHVKRXOGHQMRLQJRRG
+HZDVDVNHG:KDWLIKHFDQQRWGRWKDW"
+HWKH3URSKHW3%8+ VDLG +HVKRXOG WKHQDEVWDLQIURPHYLOIRUYHULO\WKDWLVDFKDULW\IURP KLP >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGýWKHPSKDVL]HVWZRWKLQJV)LUVWO\LWLQGXFHVRQHWRZRUNKDUGVRWKDWKHFDQ IXOILOOKLVRZQQHHGVDQGDOVRVSHQGLQWKHZD\RI$OODK6HFRQGO\LWSRLQWVRXWDJUHDWYDULHW\RI YLUWXHVDQGJRRGGHHGVVRPXFKVRWKDWHYHQWRDEVWDLQIURPVLQDOVRFRPHVLQWKHFDWHJRU\RI6DGDTDK
&+$37(5
02'(5$7,21,1:256+,3 $OODKWKH([DOWHGVD\V 7D+D:HKDYHQRWVHQWGRZQWKH4XU DQXQWR\RX20XKDPPDG3%8+ WRFDXVH\RX GLVWUHVV $OODKLQWHQGVIRU\RXHDVHDQG+HGRHVQRWZDQWWRPDNHWKLQJVGLIILFXOWIRU\RX $LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ FDPHLQZKHQDZRPDQ ZDVVLWWLQJEHVLGH PH+HDVNHGPH :KRLVVKH"
,VDLG6KHLVWKHRQHZKRVHSHUIRUPDQFHRI6DODW SUD\HU KDVEHFRPHWKHWDONRIWKHWRZQ
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
RIIHU6DODWDOOQLJKWORQJ
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
+HZDVWROG7KLVLV =DLQDE VURSH:KHQGXULQJKHUYROXQWDU\SUD\HUVKHEHJLQVWRIHHOWLUHGVKHJUDVSVLWIRUVXSSRUW 7KH3URSKHW3%8+ VDLG 8QWLHLW$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKGHDOVZLWKWKHIROORZLQJWKUHHSRLQWV ,WIRUELGVXQGXHVWULFWQHVVDQGWDNLQJVXSSRUWRIDQ\WKLQJLQWKHFRXUVHRI6DODW ,IZURQJFDQEHFRUUHFWHGE\KDQGLWPXVWEHVWRSSHGLPPHGLDWHO\
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
6DOPDQVDLG,DPQRWJRLQJWRHDWXQOHVV\RXHDW
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
,VDLGWRKLP20HVVHQJHU RI$OODK,UDQVRP\RXZLWKP\SDUHQWVLWLV,ZKRVDLGWKDW
0HVVHQJHURI$OODK3%8+ VDLG
,VDLG20HVVHQJHURI$OODK,FDQGRPRUHWKDQWKDW
+HVDLG 2EVHUYHIDVWRQHGD\ DQGOHDYHRIIWKHQH[WWZRGD\V
,VDLG20HVVHQJHURI$OODK,KDYHVWUHQJWKWRGRPRUHWKDQWKDW
0HVVHQJHURI$OODK3%8+ VDLG 2EVHUYHIDVWHYHU\RWKHUGD\DQGWKDWLVWKHIDVWLQJRI'DZXG 3%8+ DQGWKDWLVWKHPRVWPRGHUDWHIDVWLQJ $FFRUGLQJWRDQRWKHUQDUUDWLRQ0HVVHQJHURI$OODK3%8+ VDLG 7KDWLVWKHEHVWIDVWLQJ
,VDLG %XW,DPFDSDEOHRIGRLQJPRUHWKDQWKLV7KHUHXSRQ0HVVHQJHURI$OODK3%8+ VDLG 7KHUHLV QRWKLQJEHWWHUWKDQWKLV
C$EGXOODKELQC$PU0D\$OODKEHSOHDVHGZLWKWKHP VDLGZKHQKHJUHZ ROG +DG,DFFHSWHGWKHWKUHHGD\VIDVWLQJGXULQJHYHU\PRQWK DVWKH0HVVHQJHURI$OODKKDG VDLGLW ZRXOGKDYHEHHQGHDUHUWRPHWKDQP\IDPLO\DQGP\SURSHUW\ ,QDQRWKHUQDUUDWLRQC$EGXOODKLVUHSRUWHGWRKDYHVDLG0HVVHQJHURI$OODK3%8+ VDLGWRPH 2 C$EGXOODK+DYH,QRWEHHQLQIRUPHGWKDW\RXREVHUYHIDVWGXULQJWKHGD\DQGRIIHUSUD\HUDOOWKH QLJKW
,UHSOLHG
0HVVHQJHURI$OODK3%8+ VDLG 'RQ WGRWKDW 2EVHUYHIDVWIRUIHZGD\VDQGWKHQOHDYHRIIIRUIHZGD\VSHUIRUPSUD\HUVDQGDOVRVOHHSDWQLJKWDV \RXUERG\KDVDULJKWXSRQ\RXDQG\RXUH\HVKDYHDULJKWXSRQ\RXDQG\RXUZLIHKDVDULJKWXSRQ \RX\RXUYLVLWRUVKDYHDULJKWXSRQ\RX,WLVVXIILFLHQWIRU\RXWRREVHUYHIDVWWKUHHGD\VLQDPRQWKDV WKHUHZDUGRIJRRGGHHGVLVPXOWLSOLHGWHQWLPHVVRLWZLOOEHOLNHIDVWLQJWKHZKROH\HDU
,LQVLVWHGRQ IDVWLQJ DQGVR,ZDVJLYHQDKDUGLQVWUXFWLRQ ,VDLG20HVVHQJHURI$OODK,KDYHVWUHQJWK
0HVVHQJHURI$OODK3%8+ VDLG 2EVHUYHIDVWOLNHWKHIDVWLQJRI3URSKHW'DZXG3%8+ DQGGRQRW IDVWPRUHWKDQWKDW
,VDLG+RZZDVWKHIDVWLQJRI3URSKHW'DZXG"
+H3%8+ VDLG +DOIRIWKH \HDULHKHXVHGWRIDVWRQHYHU\DOWHUQDWHGD\
$IWHUZDUGVZKHQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP JUHZROGKHXVHGWRVD\:RXOGWKDW, KDGDYDLOHGP\VHOIRIWKHFRQFHVVLRQJUDQWHGWRPHE\0HVVHQJHURI$OODK
,QDQRWKHUQDUUDWLRQC$EGXOODKLVUHSRUWHGWRKDYHVDLG0HVVHQJHURI$OODK3%8+ VDLG ,KDYHEHHQ LQIRUPHGWKDW\RXREVHUYHIDVWFRQWLQXRXVO\DQGUHFLWHWKHZKROHRIWKH4XU DQ HYHU\QLJKW
,VDLG 0HVVHQJHURI$OODK,WLVULJKWEXW,FRYHWWKHUHE\QRWKLQJEXWJRRG
ZKHUHXSRQKH3%8+ VDLG 7KHQREVHUYHIDVWVOLNHWKHIDVWLQJRI3URSKHW'DZXG3%8+ DVKHZDVWKHPRVWDUGHQWZRUVKLSSHU RI$OODKUHFLWHWKH4XU DQRQFHHYHU\PRQWK
,VDLG23URSKHWRI$OODK,DPFDSDEOHRIGRLQJPRUH WKDQWKDW
+HVDLG 7KHQUHFLWHLWWKHFRPSOHWH4XU DQ LQHYHU\WZHQW\GD\V
,VDLG23URSKHWRI $OODK,DPFDSDEOHRIUHFLWLQJPRUHWKDQWKDW
+HVDLG 7KHQUHFLWHLWRQFHLQHYHU\WHQGD\V
,VDLG 23URSKHWRI$OODK,DPFDSDEOHRIUHFLWLQJPRUHWKDQWKDW
+HVDLG 7KHQUHFLWHLWRQFHLQHYHU\ VHYHQGD\VEXWQRWUHFLWHPRUHWKDQWKDW
7KH3URSKHWRI$OODKDOVRVDLGWRPH
,UHSOLHG'DLO\+HDVNHGPH +RZORQJGR\RXWDNHLQ UHDGLQJWKH1REOH4XU DQFRPSOHWHO\
,VDLG2QFHHYHU\QLJKW7KHQKHQDUUDWHGWKHZKROHVWRU\+H LQKLVROGDJH ZRXOGUHFLWHRQHVHYHQWKRIKLVQLJKWO\UHFLWDWLRQWRVRPHPHPEHUVRIKLVIDPLO\GXULQJ WKHGD\WROLJKWHQKLVWDVNDWQLJKW:KHQHYHUKHZLVKHGWRKDYHDUHOLHIIURPKLVIDVWRQDOWHUQDWHGD\V KHZRXOGJLYHXSIDVWLQJIRUDIHZGD\VDQGPDNHXSGHILFLHQF\ODWHUE\REVHUYLQJWKHQXPEHURIIDVWV KHKDGPLVVHG+HZRXOGQRWJLYHXSWKHQXPEHURIIDVWVDOWRJHWKHUEHFDXVHKHGLGQRWOLNHWRDEDQGRQ ZKDWKHKDGVHWWOHGZLWK0HVVHQJHURI$OODK3%8+ &RPPHQWDU\ 7KLV+DGLWKEULQJVWKHIROORZLQJWZRWKLQJVLQWRIRFXV
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
,VDLG+DQ]DODKKDVEHFRPHDK\SRFULWH+HVDLG)DUUHPRYHGLV$OODKIURPHYHU\ LPSHUIHFWLRQZKDWDUH\RXVD\LQJ"
,VDLG:KHQZHDUHLQWKHFRPSDQ\RI0HVVHQJHURI$OODK 3%8+ DQGKHUHPLQGVXVRI+HOOILUHDQG-DQQDKZHIHHODVLIZHDUHVHHLQJWKHPZLWKRXUYHU\ H\HVDQGZKHQZHDUHDZD\IURP0HVVHQJHURI$OODK3%8+ ZHDWWHQGWRRXUZLYHVRXUFKLOGUHQ RXUEXVLQHVVPRVWRIWKHVHWKLQJVSHUWDLQLQJWROLIHKHUHDIWHU VOLSRXWRIRXUPLQGV
$EX%DNU0D\ $OODKEHSOHDVHGZLWKKLP VDLG%\$OODK,DOVRH[SHULHQFHWKHVDPHWKLQJ6R$EX%DNU0D\ $OODKEHSOHDVHGZLWKKLP DQG,ZHQWWR0HVVHQJHURI$OODK3%8+ DQG,VDLGWRKLP20HVVHQJHU RI$OODK3%8+ +DQ]DODKKDVWXUQHGK\SRFULWH
7KHUHXSRQ0HVVHQJHURI$OODK3%8+ VDLG :KDW KDVKDSSHQHGWR\RX"
,VDLG 20HVVHQJHURI$OODKZKHQZHDUHLQ\RXUFRPSDQ\DQGDUHUHPLQGHG RI+HOOILUHDQG-DQQDKZHIHHODVLIZHDUHVHHLQJWKHPZLWKRXURZQH\HVEXWZKHQZHJRDZD\ IURP\RXDQGDWWHQGWRRXUZLYHVFKLOGUHQDQGEXVLQHVVPXFKRIWKHVHWKLQJVJRRXWRIRXUPLQGV
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
&+$37(5
7+(5,*+7(286&21'8&7215(*8/$5%$6(
$OODKWKH([DOWHGVD\V +DVQRWWKHWLPHFRPHIRUWKHKHDUWVRIWKRVHZKREHOLHYHLQWKH2QHQHVVRI$OODK ,VODPLF 0RQRWKHLVP WREHDIIHFWHGE\$OODK V5HPLQGHUWKLV4XU DQ DQGWKDWZKLFKKDVEHHQUHYHDOHG RIWKHWUXWKOHVWWKH\EHFRPHDVWKRVHZKRUHFHLYHGWKH6FULSWXUH>WKH7DXUDW7RUDK DQGWKH ,QMHHO*RVSHO @EHIRUHLH-HZVDQG&KULVWLDQV DQGWKHWHUPZDVSURORQJ HGIRUWKHPDQGVR WKHLUKHDUWVZHUHKDUGHQHG"
$QG:HVHQWC,VD-HVXV VRQRI0DU\DP0DU\ DQGJDYHKLPWKH,QMHHO*RVSHO $QG:H RUGDLQHGLQWKHKHDUWVRIWKRVHZKRIROORZHGKLPFRPSDVVLRQDQGPHUF\%XWWKHPRQDVWLFLVP ZKLFKWKH\LQYHQWHGIRUWKHPVHOYHV:HGLGQRWSUHVFULEHIRUWKHPEXWWKH\VRXJKWLW RQO\WR SOHDVH$OODKWKHUHZLWKEXWWKDWWKH\GLGQRWREVHUYHLWZLWKWKHULJKWREVHUYDQFH
$QGEHQRWOLNHKHUZKRXQGRHVWKHWKUHDGZKLFKVKHKDVVSXQDIWHULWKDVEHFR PHVWURQJ
$QGZRUVKLS\RXU5XEEXQWLOWKHUHFRPHVXQWR\RXWKHFHUWDLQW\LHGHDWK
$QGWKHUHDUH$KDGLWKRQHRIWKHPLVQDUUDWHGE\C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU 0HVVHQJHU RI$OODK3%8+ OLNHGWKDWDFWRIZRUVKLS PRVWLQWKHSHUIRUPDQFHRIZKLFKDSHUVRQZDVUHJXODUDQG FRQVWDQW >0XVOLP@ C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 6KRXOGDQ\RQHIDOODVOHHSDWQLJKWDQGIDLOWRUHFLWHKLVSRUWLRQRIWKH4XU DQRUDSDUWRILWLIKH UHFLWHVLWEHWZHHQWKH)DMUSUD\HUDQGWKH=XKUSUD\HULWZLOOEHUHFRUGHGIRUKLPDVWKRXJKKHKDG UHFLWHGLWGXULQJWKHQLJKW
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
&+$37(5
2%6(59,1*7+(6811$+$1' 7+(0$11(562),762%(',(1&( $OODKWKH([DOWHGVD\V $QGZKDWVRHYHUWKH0HVVHQJHU 0XKDPPDG3%8+ JLYHV\RXWDNHLWDQGZKDWVRHYHUKH IRUELGV\RXDEVWDLQIURPLW 1RUGRHVKHVSHDNRIKLVRZQ GHVLUH,WLVRQO\D5HYHODWLRQWKDWLVUHYHDOHG
6D\20XKDPPDG3%8+ WRPDQNLQG C,I\RXUHDOO\ ORYH$OODKWKHQIROORZPHLHDFFHSW ,VODPLF0RQRWKHLVPIROORZWKH4XU DQDQGWKH6XQQDK $OODKZLOOORYH\RXDQGIRUJLYH\RXRI \RXUVLQV ,QGHHGLQWKH0HVVHQJHURI$OODK0XKDPPDG3%8+ \RXKDYHDJRRGH[DPSOHWRIROORZIRU KLPZKRKRSHVIRUWKH0HHWLQJZLWK $OODKDQGWKH/DVW'D\
%XWQRE\\RXU5XEEWKH\FDQKDYHQR)DLWKXQWLOWKH\PDNH\RX20XKDPPDG3%8+ MXGJHLQDOOGLVSXWHVEHWZHHQWKHPDQGILQGLQWKHPVHOYHVQRUHVLVWDQFHDJDLQVW\RXUGHFLVLRQV DQGDFFHSWWKHP ZLWKIXOOVXEPLVVLRQ $QG LI\RXGLIIHULQDQ\WKLQJDPRQJVW\RXUVHOYHVUHIHULWWR$OODKDQG+LV0HVVHQJHU 3%8+ +HZKRREH\VWKH0HVVHQJHU0XKDPPDG3%8+ KDVLQGHHGREH\HG$OODK
$QGYHULO\\RX20XKDPPDG3%8+ DUHLQGHHGJXLGLQJPDQNLQG WRWKH6WUDLJKW3DWK LH$OODK V'HHQRI,VODPLF0RQRWKHLVP $QGOHWWKRVHZKRRSSRVHWKH0HVVHQJHU V0XKDPPDG3%8+ FRPPDQGPHQWLHKLV 6XQQDK OHJDOZD\VRUGHUVDFWVRIZRUVKLSVWDWHPHQWV DPRQJWKHVHFWV EHZDUHOHVWVRPH )LWQDKGLVEHOLHIWULDOVDIIOLFWLRQVHDUWKTXDNHVNLOOLQJRYHUSRZHUHGE\DW\UDQW VKRXOGEHIDOO WKHPRUDSDLQIXOWRUPHQWEHLQIOLFWHGRQWKHP
$QGUHPHPEHU2\RXWKHPHPEHUVRIWKH3URSKHW VIDPLO\WKH*UDFHVRI\RXU5XEE WKDW ZKLFKLVUHFLWHGLQ\RXUKRXVHVRIWKH9HUVHVRI$OODKDQG$O+LNPDKLH3URSKHW V6XQQDK OHJDOZD\VVRJLYH\RXUWKDQNVWR$OODKDQGJORULI\+LV3UDLVHVIRUWKLV4XU DQDQGWKH 6XQQDK
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
+H3%8+ VDLG :KRHYHUREH\VPHVKDOOHQWHU-DQQDKDQGZKRVRHYHU GLVREH\VPHUHIXVHV WRHQWHU-DQQDK >$O%XNKDUL@ &RPPHQWDU\ 7KHZRUG8PPDKKHUHVWDQGVIRUWKHFRPPXQLW\ZKLFKDFFHSWHGWKHLQYLWDWLRQRIWKH 3URSKHW3%8+ WKDWLVWRVD\WKHSHRSOHZKRRQKLVFDOOHPEUDFHG,VODP2XWRIWKLVFRPPXQLW\ZKR IROORZKLPIDLWKIXOO\ZLOOJRWR-DQQDK 6DODPDKELQ$O$NZDC0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0\IDWKHUVDLGWKDWDSHUVRQ DWHLQWKHSUHVHQFHRI0HVVHQJHURI$OODK3%8+ ZLWKKLVOHIWKDQG+H3%8+ VDLG (DWZLWK\RXU ULJKWKDQG +HVDLG,FDQQRWGRWKDW
7KHUHXSRQKHWKH3URSKHW VDLG 0D\\RXQHYHUGRWKDW
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
&RPPHQWDU\ 7KHUHDOPHDQLQJRIWKLVVD\LQJLVWKDW$OODKZLOOFUHDWHGLVVHQVLRQDQGFRQIOLFWDPRQJ \RX,QDQ\FDVHWKLV+DGLWKPDNHVDEXQGDQWO\FOHDUWKHLPSRUWDQFHRIVHWWLQJWKHURZVLQ FRQJUHJDWLRQDO 6DODWWRZKLFKWKHSUHVHQWGD\0XVOLPVGRQRWSD\PXFKDWWHQWLRQ%HFDXVHRIWKHODFN
RIXQGHUVWDQGLQJRI,VODPLFSULQFLSOHVQRRQHSD\VKHHGWRWKHSURSHUIRUPDWLRQRIURZVLQPRVTXHVLQ FRQJUHJDWLRQDO6DODW $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$KRXVHLQ$O0DGLQDKFDXJKWILUHDWQLJKW DQGWKHURRIDQGZDOOV IHOOGRZQXSRQWKHRFFXSDQWV:KHQWKLVZDVUHSRUWHGWR0HVVHQJHURI$OODK3%8+ KHVDLG )LUHLV \RXUHQHP\VRSXWLWRXWEHIRUH\RXJRWREHG >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHRUGHURIWKH3URSKHW3%8+ LQWKLV+DGLWKUHODWHVWRWKHODPSVZKLFKSURGXFHG OLJKWE\PHDQVRIRLODQGZLFNZKLFKFDQFDXVHILUH6XFKODPSVZHUHXVHGLQWKHWLPHRIWKH3URSKHW 3%8+ 7KHUHLVQRVXFKULVNLQHOHFWULFEXOEVZKLFKDUHEHLQJXVHGLQWKHSUHVHQWDJH $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH VLPLOLWXGHRIJXLGDQFHDQGNQRZOHGJHZLWKZKLFK$OODKKDVVHQWPHLVOLNHD UDLQZKLFKKDVIDOOHQRQ VRPHJURXQG$IHUWLOHSDUWRIHDUWKKDVDEVRUEHGZDWHUDQGEURXJKWIRUWKPXFKJUDVVDQGKHUEV $QRWKHUSDUWZKLFKLVVROLGKHOGWKHZDWHUDQG$OODKEHQHILWVPHQWKHUHE\ZKR GUDQNDQGJDYH RWKHUVWRGULQNDQGXVHGLWIRULUULJDWLRQ%XWVRPHRILWKDVIDOOHQRQDSRUWLRQRIVDQG\ ODQGZKLFK QHLWKHUUHWDLQVWKHZDWHUQRUSURGXFHVKHUEDJH6XFKLVWKHOLNHQHVVRIWKHPDQZKRXQGHUVWDQGVWKH UHOLJLRQRI$OODKDQGZKRJHWVEHQHILWRIZKDW$OODKKDVVHQWPHZLWKKHOHDUQVDQGWHDFKHVRWKHUV,W LVDOVRWKHOLNHQHVVRIWKHPDQZKRQHLWKHUUDLVHVKLVKHDGRQWKDWDFFRXQWPHDQLQJKHGRHVQRWEHQHILW IURPZKDWWKH3URSKHW3%8+ ZDVVHQWZLWK QRUDFFHSWV$OODK V*XLGDQFHZLWKZKLFK,DPVHQW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,QWKLV+DGLWKWKHJXLGDQFHDQGNQRZOHGJHZKLFKZDVVHQWWRPDQNLQGWKURXJKWKH 3URSKHW3%8+ LVFRPSDUHGWRWKHUDLQZKLFKLVEHQHILFLDOEHFDXVHWKLVNQRZOHGJHUHVXVFLWDWHVWKH GHDGKHDUWVDVGRHVWKHUDLQWRDEDUUHQODQG2QHZKRPDNHVXVHRIWKLVNQRZOHGJHLVOLNHQHGWRDJRRG VRLODQGRQHZKRDFTXLUHVWKLVNQRZOHGJHDQGLPSDUWVLWWRRWKHUVEXWGRHVQRWSXWLWLQWRSUDFWLFHLV FRQVLGHUHGDNLQWRDKDUGODQGZKLFKKROGVZDWHUDQGRWKHUSHRSOHXWLOL]HLW$SHUVRQZKRQHLWKHU OHDUQVLWQRUDFWVXSRQLWLVOLNHDGHVRODWHODQGZKLFKQHLWKHUKROGVZDWHUQRU SURGXFHVDQ\WKLQJ6XFKD SHUVRQLVWKHZRUVWRIDOOEHFDXVHKHQHLWKHUKLPVHOIEHQHILWVIURPLWQRUOHWVRWKHUVPDNHXVHRILW7KLV +DGLWKLQGXFHVRQHWRDFTXLUHNQRZOHGJHLPSDUWLWWRRWKHUVSXWLWLQWRDFWXDOSUDFWLFHDQGZDUQV SHRSOHIURPQHJOHFWLQJWKLVGXW\ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 0\SDUDEOH DQGWKDWRI\RXUVLVOLNHDPDQZKRNLQGOHGDILUH:KHQLWKDVLOOXPLQDWHGDOODURXQGKLPWKHPRWKV DQGJUDVVKRSSHUVEHJDQWRIDOOWKHUHLQ+HWULHGWRSXVKWKHPDZD\EXWWKH\RYHUFDPHKLPDQGMXPSHG LQWRLW,DPFDWFKLQJKROGRI\RXUZDLVWVWLHVWRVDYH\RX IURPILUHEXW\RXVOLSDZD\IURPP\ KDQGV >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHH[WUHPHNLQGQHVVZKLFKWKH3URSKHW3%8+ KDGIRUWKH ZHOIDUHRIKLVIROORZHUV,WDOVRPHQWLRQVWKHPLVIRUWXQHRIWKRVHZKRZRXOGEHFRPHWKHIXHORI+HOO IRUQRWDFFHSWLQJ,VODPLQVSLWHRIWKHXWPRVWDIIHFWLRQDQGDUGRXURIWKH3URSKHW3%8+ WREULQJWKHP LQWKHIROGRI,VODP3HRSOHZKRIDLO WRDFFHSW,VODPZRXOGIDOOLQWKH+HOOILUHLQWKHVDPHZD\PRWKV IDOOLQWKHILUH -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ FRPPDQGHGWKH OLFNLQJRIILQJHUVDIWHUHDWLQJ DQGWKHFOHDQLQJRIWKHGLVKVD\LQJ 0XVOLP@ ,QDQRWKHUQDUUDWLRQ-DELUVDLG0HVVHQJHURI$OODK3%8+ VDLG :KHQDPRUVHORIDQ\RI\RXIDOOV GRZQ\RXVKRXOGSLFNLWXSDQGUHPRYHDQ\GLUWRUGXVWRQLWDQGWKHQHDWLWDQGGRQ WOHDYHLWIRU 6DWDQDQGGRQRWZLSH\RXUKDQGZLWKWKHWRZHOXQWLO\RXKDYHOLFNHG\RXUILQJHUVIRU\RXGRQRW NQRZLQZKDWSRUWLRQRIWKHIRRGWKH%DUDNDK RI$OODK OLHV
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
DQGFRQWLQXHG 7KHILUVWWREHFORWKHGRQWKH'D\RI5HVXUUHFWLRQZLOOEH3URSKHW ,EUDKLP7KHQ VRPHRIP\&RPSDQLRQVZLOOEHWDNHQWRWKHOHIWLHWRZDUGV+HOOILUH DQGZKHQ,ZLOOVD\ 7KH\ EHORQJWRP\8PPDK2P\5XEE ,WZRXOGEHVDLG LHC,VD-HVXV3%8+ @VDLG $QG,ZDVD ZLWQHVVRYHUWKHPZKLOH,ZDVDPRQJVWWKHPZKHQ$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV +DGLWKWKDWWKHSXQLVKPHQWRIDSRVWDV\LV+HOO)RUWKLVUHDVRQWKLVFULPHLV SXQLVKDEOHE\GHDWKLQ,VODP :HDOVROHDUQIURPWKLV+DGLWKWKDWWKH3URSKHW3%8+ KDGQHLWKHUNQRZOHGJHRIWKH8QVHHQQRULV KHRPQLSUHVHQWDQGRPQLVFLHQWDVLVIDOVHO\ EHOLHYHGE\GHYLDWHGSHRSOH,IKHKDGWKHNQRZOHGJHRI WKH8QVHHQRUKDGKHEHHQRPQLSUHVHQWDQGRPQLVFLHQWKHZRXOGQRWKDYHDFFHSWHGVXFKSHUVRQVDV KLV&RPSDQLRQVDQGIROORZHUVZKRZHUHLQIDFWDSRVWDWHV7KLVLVWKHUHDVRQZKHQKHZDVLQIRUPHGRI WKHLUUHDOFRQGXFWWKURXJK:DK\5HYHODWLRQ KHGLVRZQHGWKHPLQWKHVDPHZD\DV3URSKHWC,VD -HVXV KDGGLVRZQHGWKHSHRSOHZKRKDGVWDUWHGZRUVKLSSLQJKLPDQGKLVPRWKHUDV*RG C$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ SURKLELWHGIOLFNLQJSHEEOHVE\WKHLQGH[ILQJHUDQGWKHWKXPEDQGKHVDLG ,WGRHVQRWNLOODJDPH DQLPDOQRUGRHVLWLQIOLFWZRXQGRQWKHHQHP\EXWEUHDNVWKHWRRWKDQGJRUJHVWKHH\H >$O%XNKDULDQG0XVOLP@ ,QDQRWKHUQDUUDWLRQLWLVVDLG$FORVHUHODWLYHRIC$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHG ZLWKKLP ZDVKLWWLQJZLWKSHEEOHVXVLQJWKHLQGH[ILQJHUDQGWKHWKXPEKHVDLG0HVVHQJHURI$OODK 3%8+ KDVIRUELGGHQLWVD\LQJWKDWLWGRHVQRWNLOOWKHJDPH+HUHSHDWHGWKHDFWDQG,EQ0XJKDIIDO VDLGWRKLP,WROG\RXWKDWWKH3URSKHW3%8+ KDGSURKLELWHGLWEXW\RXUHSHDWHGLW,VKDOOQHYHUWDON WR\RX
&RPPHQWDU\ 7KLV+DGLWKH[KRUWVXVQRWWRGRDQ\WKLQJZKLFKLVOLNHO\WRKDUPRWKHUV
,WDOVRWHOOV XVWKDWLWLVSHUPLVVLEOHWRVHYHUFRQQHFWLRQVDQGVSHHFKZLWKWKHSHRSOHZKRGLVREH\WKH ,QMXQFWLRQVRI$OODKDQG+LV3URSKHW3%8+ C$ELVELQ5DELCDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDZC8PDUELQ$O.KDWWDE0D\ $OODKEHSOHDVHGZLWKKLP NLVVLQJWKH%ODFN6WRQH$O+DMDU$O$VZDG DQGVD\LQJ ,NQRZWKDW\RX DUHMXVWDVWRQHDQGWKDW\RXFDQQHLWKHUGRDQ\KDUPQRUJLYHEHQHILW+DG,QRWVHHQ0HVVHQJHURI $OODK3%8+ NLVVLQJ\RX,ZRXOGQRWKDYHNLVVHG\RX >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHVWDWHPHQWRIC8PDU0D\$OODKEHSOHDVHGZLWKKLP TXRWHGLQWKLV+DGLWKLVKLJKO\VLJQLILFDQW LQWKHVHQVHWKDWKHZDQWHGWRPDNHLWDEVROXWHO\FOHDUWRWKHLOOLWHUDWHDQGLJQRUDQWWKDW$O+DMDU$O $VZDG%ODFN6WRQHRIWKH.DCEDK LVQRWNLVVHGIRUEHFDXVHVWRQHVDUHYHQHUDWHGLQ,VODPDVZDVWKH SUDFWLFHLQSUH,VODPLFSHULRG:KDWKHZDQWHGWRHPSKDVL]HZDVWKDWNLVVLQJWKH%ODFN6WRQHZDVLQ DFFRUGDQFHZLWKWKH6XQQDKRIWKH3URSKHW3%8+ 2EHGLHQFHRIWKH3URSKHW3%8+ LQHYHU\DIIDLULVDPXVWZKHWKHURQHXQGHUVWDQGVWKHZLVGRP EHKLQGLWRUQRW%\DQDORJ\NLVVLQJRIWKH%ODFN6WRQHVRPHSHRSOHWKLQNLWLVSHUPLVVLEOHWRNLVVDQG VKRZUHVSHFWWRWKHWRPEVRIVDLQWV%XWWKLVLVQRWYDOLGUHDVRQEHFDXVHNLVVLQJWKH%ODFN6WRQHLVDQ C,EDGDK DFWRIZRUVKLS RUDSDUWRILWDQGHYHU\C,EDGDKLV7DXTLIL\DKSUHVFULEHGE\$OODKDQGWKH 3URSKHW3%8+ DQGLWFDQQHLWKHUEHLQFUHDVHGQRUGLPLQLVKHGQRUFDQLWEHJUDGHGDVVRPHWKLQJ HOVH
&+$37(5
2%(',(1&(727+(&200$1' 2)$//$+,6$12%/,*$725<'87< $OODKWKH([DOWHGVD\V %XWQRE\\RXU5XEEWKH\FDQKDYHQR)DLWKXQWLOWKH\PDNH\RX20XKDPPDG3%8+ MXGJHLQDOOGLVSXWHVEHWZHHQWKHPDQGILQGLQWKHPVHOYHVQRUHVLVWDQFHDJDLQVW\RXUGHFLVLRQV DQGDFFHSWWKHP ZLWKIXOOVXEPLVVLRQ
7KHRQO\VD\LQJRIWKHIDLWKIXOEHOLHYHUVZKHQWKH\DUHFDOOHGWR$OODK+LV:RUGVWKH4XU DQ DQG+LV0HVVHQJHU3%8+ WRMXGJHEHWZHHQWKHPLVWKDWWKH\VD\C:HKHDUDQGZHREH\ $QG VXFKDUHWKHVXFFHVVIXOZKRZLOOOLYHIRUHYHULQ-DQQDK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQLWZDVUHYHDOHGWR0HVVHQJHURI $OODK3%8+ 7R$OODKEHORQJVDOOWKDWLVLQWKHKHDYHQVDQGDOOWKDWLVRQWKHHDUWKDQGZKHWKHU\RX GLVFORVHZKDWLVLQ\RXURZQVHOYHVRUFRQFHDOLW$OODKZLOOFDOO\RXWRDFFRXQWIRULW
WKH&RPSDQLRQV RI0HVVHQJHURI$OODK3%8+ IHOWLWKDUGDQGVHYHUHDQGWKH\FDPHWR0HVVHQJHURI$OODK3%8+ DQGVDWGRZQRQWKHLUNQHHVDQGVDLG20HVVHQJHURI$OODKZHZHUHDVVLJQHGVRPHGXWLHVZKLFK ZHUHZLWKLQRXUSRZHUWRSHUIRUPVXFKDV6DODWSUD\HU 6DXPIDVWLQJ -LKDGVWULYLQJLQWKH&DXVH RI$OODK 6DGDTDKFKDULW\ 7KHQWKLVWKHDERYHPHQWLRQHG 9HUVHZDVUHYHDOHGWR\RXDQGLWLV EH\RQGRXUSRZHUWROLYHXSWRLW
0HVVHQJHURI$OODK3%8+ VDLG 'R\RXZDQWWRVD\ZKDWWKH SHRSOHRIWZR%RRNV-HZVDQG&KULVWLDQV VDLGEHIRUH\RX :HKHDUDQGGLVREH\"
$QGWKH\VDLG :HKHDUDQGZHREH\ZHVHHN
:KHQWKH SHRSOHUHFLWHGLWDQGLWVPRRWKO\IORZHGRQWKHLUWRQJXHVWKHQ$OODKUHYHDOHGLPPHGLDWHO\DIWHUZDUGV 7KH0HVVHQJHU0XKDPPDG3%8+ EHOLHYHVLQZKDWKDVEHHQVHQWGRZQWRKLPIURPKLV5XEEDQG VRGR WKHEHOLHYHUV(DFKRQHEHOLHYHVLQ$OODK+LV$QJHOV+LV%RRNVDQG+LV0HVVHQJHUV7KH\ VD\ :HPDNHQRGLVWLQFWLRQEHWZHHQRQHDQRWKHURI+LV0HVVHQJHUV DQGWKH\VD\ :H KHDUDQGZH REH\:HVHHN
7KH3URSKHW3%8+ VDLG
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
&+$37(5
352+,%,7,212)+(5(6,(6 ,15(/,*,21 $OODKWKH([DOWHGVD\V 6RDIWHUWKHWUXWKZKDWHOVHFDQWKHUHEHVDYHHUURU"
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
WKH&RPSDQLRQVDQGWKH7DELCXQLVWKH.KDLUXO4XUXQWKHEHVWRIDOOJHQHUDWLRQV 7KXVDQ\DFWLRQRU DFWLYLW\WKDWLVGHSULYHGRIWKHVXSSRUWRIWKHVHJHQHUDWLRQVIDOOVLQWKHFDWHJRU\RIKHUHVLHV -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ GHOLYHUHGD.KXWEDKKLVH\HVZRXOGEHFRPHUHGKLVWRQHORXGDQGKHVKRZHGDQJHUDVLIKHZHUH ZDUQLQJXVDJDLQVWDQDUP\+H3%8+ ZRXOGVD\ 7KHHQHP\LVDERXWWRDWWDFN\RXLQWKHPRUQLQJ DQGWKHHQHP\LVDGYDQFLQJDJDLQVW\RXLQWKHHYHQLQJ+HZRXOGIXUWKHUVD\ ,DPVHQWZLWKWKHILQDO +RXUOLNHWKHVHWZRILQJHUVRIPLQH
0HVVHQJHURI$OODK3%8+ KHOGXSKLVLQGH[ILQJHUDQGWKH PLGGOHILQJHUWRJHWKHUWRLOOXVWUDWH+HXVHGWRDGG 7RSURFHHGWKHEHVWVSHHFKLVWKH%RRNRI$OODK DQGWKHEHVWJXLGDQFHLVWKHJXLGDQFHRI0XKDPPDG3%8+ WKHZRUVWSUDFWLFHLVWKHLQWURGXFWLRQRI QHZSUDFWLFHVLQ,VODPDQGHYHU\%LGCDKLVDPLVJXLGDQFH+HZRXOGDOVRVD\ ,DPLQUHVSHFWRI ULJKWVQHDUHUWRHYHU\EHOLHYHUWKDQKLVRZQVHOI+HZKROHDYHVDQHVWDWHLWEHORQJVWRKLVKHLUVDQG KHZKROHDYHVDGHEWLWLVP\UHVSRQVLELOLW\WRSD\LWRII
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
&+$37(5
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
+HDOVRUHFLWHGWKH$\DKZKLFKLVLQWKHHQGRI6XUDW$O+DVKU 2\RXZKREHOLHYH)HDU$OODKDQG NHHS\RXUGXW\WR+LP$QGOHWHYHU\RQHORRNZKDWKHKDVVHQWIRUWKIRUWKHWRPRUURZ 7KHUHDIWHUHYHU\PDQJDYHLQFKDULW\'LQDU'LUKDPFORWKHVPHDVXUHIXOOVRIZKHDWDQGPHDVXUHIXOOV RIGDWHVWLOOKHVDLG *LYHLQFKDULW\ EHLWKDOIDGDWH7KHQDPDQRIWKH$QVDUFDPHZLWKDEDJ ZKLFKZDVGLIILFXOWIRUKLPWRKROGLQKLVKDQG7KHUHDIWHUWKHSHRSOHFDPHVXFFHVVLYHO\ZLWKFKDULW\
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
7KHVRQRI$GDPLQWKH+DGLWKLVVDLGWREH4DELO$OODKWHOOVXVDERXWKLVVWRU\LQ6XUDW$O0D LGDK 7KH7DEOHVSUHDGZLWK)RRG 9HUVHV &RPPHQWDU\ 7KLV+DGLWKJLYHVXVDQLGHDKRZVHULRXVLVWKHFULPHRILQLWLDWLQJDQHYLOZKLFKLV IROORZHGE\RWKHUV2QHZKRLQLWLDWHVDQHYLOZRXOGEHVLQIXOIRUDOOWKRVHZKRIROORZKLPLQWKDWFULPH WLOOWKH'D\RI5HVXUUHFWLRQ7KHVDIHVWFRXUVHWKHUHIRUHLVWKDWRQHVKRXOGDEVWDLQIURPKHUHV\DQG VWLFNWRREHGLHQFHRQO\
&+$37(5
&$//,1*725,*+7*8,'$1&( $1')25%,'',1*'(35$9,7< $OODKWKH([DOWHGVD\V $QGLQYLWHPHQ WREHOLHYHLQ \RXU5XEE>LHLQWKH2QHQHVV7DXKLG RI$OODK 2QHQHVV RIWKH5XEXEL\DKRI$OODK 2QHQHVVRIWKHZRUVKLSRI$OODK 2QHQHVVRIWKH1DPHDQG 4XDOLWLHVRI$OODK@ ,QYLWHPDQNLQG20XKDPPDG3%8+ WRWKHZD\RI\RXU5XEELH,VODP ZLWKZLVGRP LHZLWKWKH'LYLQH5HYHODWLRQDQGWKH4XU DQDQGIDLUSUHDFKLQJ +HOS\RXRQHDQRWKHULQ$O%LUUDQG$W7DTZDYLUWXHULJKWHRXVQHVVDQGSLHW\ /HWWKHUHDULVHRXWRI\RXDJURXSRISHRSOHLQYLWLQJWRDOOWKDWLVJRRG,VODP
$EX0DVCXGC8TEDKELQC$PU$O$QVDUL$O%DGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUJXLGHVVRPHRQHWRYLUWXHZLOOEHUHZDUGHGHTXLYDOHQWWR KLPZKRSUDFWLFHVWKDWJRRGDFWLRQ >0XVOLP@ &RPPHQWDU\ 7KHVWDWHPHQWTXRWHGLQWKLV+DGLWKZDVPDGHE\WKH3URSKHW3%8+ ZKHQRQD FHUWDLQRFFDVLRQVRPHRQHUHTXHVWHGKLPWRJLYHDQDQLPDOIRUULGLQJ7KH3URSKHW3%8+ UHSOLHGWKDW KHGLGQRWKDYHDQ\$PDQZKRZDVSUHVHQWWKHUHVDLGWKDWKHFRXOGVKRZKLPWKHPDQZKRFRXOGKHOS KLPLQWKHPDWWHU7KLVLVKRZWKH3URSKHW3%8+ UHYHDOHGWKHUHZDUGRIGLUHFWLQJSHRSOHWRJRRG GHHGVZKLFKLVPHQWLRQHGLQWKLV+DGLWK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG ,I DQ\RQHFDOOVRWKHUVWRIROORZULJKWJXLGDQFHKLVUHZDUGZLOOEHHTXLYDOHQWWRWKRVHZKRIROORZKLPLQ ULJKWHRXVQHVV ZLWKRXWWKHLUUHZDUGEHLQJGLPLQLVKHGLQDQ\UHVSHFWDQGLIDQ\RQHLQYLWHVRWKHUVWR IROORZHUURUWKHVLQZLOOEHHTXLYDOHQWWRWKDWRIWKHSHRSOHZKRIROORZKLPLQVLQIXOQHVV ZLWKRXW WKHLUVLQVEHLQJGLPLQLVKHGLQDQ\UHVSHFW >0XVOLP@ &RPPHQWDU\ C,QYLWDWLRQ DQGC&DOO VWDQGWRPHDQKHUHWKDWVRPHRQHLQGXFHVRWKHUVWRYLUWXHRU VHGXFHVWRVLQE\PHDQVRIKLVVSHHFKRUDFWLRQ:HFRPHWRNQRZIURPWKLV+DGLWKWKDWRQHZKR EHFRPHVDPHGLXPIRUHLWKHURIWKHPLVJLYHQDUHZDUGRUSXQLVKPHQWUHVSHFWLYHO\E\$OODK6:7 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGRQWKH GD\RIWKH.KDLEDU%DWWOH ,ZLOOJLYHWKLVEDQQHUWRDSHUVRQDWZKRVHKDQGV$OODKZLOOJUDQWYLFWRU\D PDQZKRORYHV$OODKDQG+LV0HVVHQJHU3%8+ DQG$OODKDQG+LV0HVVHQJHUORYHKLPDOVR
7KH SHRSOHVSHQWWKHQLJKWWKLQNLQJDVWRZKRPLWZRXOGEHJLYHQ:KHQLWZDVPRUQLQJWKHSHRSOH KDVWHQHGWR0HVVHQJHURI$OODK3%8+ (YHU\RQHRIWKHPZDVKRSLQJWKDWWKHEDQQHUZRXOGEH JLYHQWRKLP+HWKH3URSKHW3%8+ DVNHG :KHUHLVC$OLELQ$EX7DOLE"
7KH\VDLG2 0HVVHQJHURI$OODK+LVH\HVDUHVRUH
+H3%8+ WKHQVHQWIRUKLPDQGZKHQKHFDPH0HVVHQJHURI $OODK3%8+ DSSOLHGKLVVDOLYDWRKLVH\HVDQGVXSSOLFDWHGC$OL0D\$OODKEHSOHDVHGZLWKKLP UHFRYHUHGDVLIKHKDGQRDLOPHQWDWDOO+H3%8+ FRQIHUUHGXSRQKLPWKHEDQQHUC$OL0D\$OODKEH SOHDVHGZLWKKLP VDLGCC20HVVHQJHURI$OODKVKDOO,ILJKWDJDLQVWWKHPXQWLOWKH\DUHOLNHXV"
7KHUHXSRQKHWKH3URSKHW3%8+ VDLG $GYDQFHFDXWLRXVO\XQWLO\RXUHDFKWKHLURSHQSODFHV WKHUHDIWHULQYLWHWKHPWR,VODPDQGLQIRUPWKHPZKDWLVREOLJDWRU\IRUWKHPIURPWKH5LJKWVRI$OODK IRUE\$OODKLI$OODKJXLGHVHYHQRQHSHUVRQWKURXJK\RXWKDWLVEHWWHUIRU\RXWKDQSRVVHVVLQJD ZKROHORWRIUHGFDPHOV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %HVLGHVPHQWLRQLQJWKHH[FHOOHQFHRIC$OL0D\$OODKEHSOHDVHGZLWKKLP DQGWKH PLUDFOHRIWKH3URSKHW3%8+ WKLV+DGLWKWHOOVDERXWWKHSURFHGXUHRI-LKDG$FFRUGLQJWRSURFHGXUH ILUVWRIDOOSRO\WKHLVWVDQGLQILGHOVVKRXOGEHLQYLWHGWR,VODPDQGLIWKH\UHMHFWWKHLQYLWDWLRQWKHQ -LKDGEHPDGHDJDLQVWWKHP-LKDGLVVXFKDQDFWLRQWKDWLIDWLWVLQLWLDOVWDJHWKDWLVWRVD\DWWKHVWDJH RILQYLWDWLRQVRPHSHRSOHDFFHSWWKHJXLGDQFHWKHQWKHSHRSOHZKRZLOOSDUWLFLSDWHLQ-LKDGZLOOJHW WKHUHZDUGRIJRRGGHHGVGRQHE\WKRVHZKRZRXOGMRLQWKHIROGRI,VODP $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$\RXQJPDQIURPWKHWULEHRI$VODP VDLG20HVVHQJHURI$OODK3%8+ ,ZLVKWRILJKWLQWKH&DXVHRI$OODK EXW,GRQRWKDYHDQ\WKLQJ WRHTXLSP\VHOIZLWKIRUILJKWLQJ +HWKH3URSKHW3%8+ VDLG *RWRVRDQGVRIRUKHKDG HTXLSSHGKLPVHOIIRUILJKWLQJ EXWKHIHOOLOO
6RKHWKH\RXQJPDQ ZHQWWRKLPDQGVDLG 0HVVHQJHURI$OODK3%8+ VHQGV\RXKLVJUHHWLQJVDQGVD\VWKDW\RXVKRXOGJLYHPHWKHHTXLSPHQW WKDW\RXKDYHSURYLGHG\RXUVHOIZLWK
7KHPDQVDLGWRKLVZLIHRUVHUYDQW 2VRDQGVRJLYHKLP WKHHTXLSPHQW,KDYHFROOHFWHGIRUP\VHOIDQGGRQRWZLWKKROGDQ\WKLQJIURPKLP%\$OODKLI\RX ZLWKKROGDQ\WKLQJIURPKLPZHZLOOQRWEHEOHVVHGWKHUHLQ >0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIDSHUVRQKDVPDGHSUHSDUDWLRQVIRUGRLQJVRPHJRRGGHHGEXWKHLV XQDEOHWRGRLWGXHWRLOOQHVVRUVRPHRWKHUJHQXLQHUHDVRQDQGKHJLYHVWKHPDWHULDOWREHXVHGIRUWKDW SXUSRVHWRVRPHRQHHOVHWKHQKHZLOODOVREHHTXDOO\HOLJLEOHWRWKHUHZDUGRIWKDWJRRGGHHG
5DWKHUWKDQVSHQGLQJZHDOWKLQWKHZD\RI$OODKWKRVHZKRZLWKKROGLWGLVSOHDVH$OODKDQGWKHLU ZHDOWKEHFRPHVGHSULYHGRI+LV%OHVVLQJ
&+$37(5
*,9,1*&2816(/ $OODKWKH([DOWHGVD\V 7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ 1XKVDLG ,JLYHVLQFHUHDGYLFHWR\RX $QG+XGVDLG $QG,DPDWUXVWZRUWK\DGYLVHURUZHOOZLVKHU IRU\RX 7DPLPELQ$XV$G'DUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG $G'HHQLVVLQFHULW\ :HVDLG)RUZKRP"
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
&+$37(5
(1-2,1,1**22'$1' )25%,'',1*(9,/ $OODKWKH([DOWHGVD\V /HWWKHUHDULVHRXWRI\RXDJURXSRISHRSOHLQYLWLQJWRDOOWKDWLVJRRG,VODP HQMRLQLQJ$O 0DCUXILH,VODPLF0RQRWKHLVPDQGDOOWKDW,VODPRUGHUVRQHWRGR DQGIRUELGGLQJ$O 0XQNDU SRO\WKHLVPDQGGLVEHOLHIDQGDOOWKDW,VODPKDVIRUELGGHQ $QGLWLVWKH\ZKRDUHWKH VXFFHVVIXO
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ WSXQLVK WKHP
7KHEHOLHYHUVPHQDQGZRPHQDUH$XOL\D KHOSHUVVXSSRUWHUVIULHQGVSURWHFWRUV RIRQH DQRWKHUWKH\HQMRLQRQWKHSHRSOH $O0DCUXILH,VODPLF0RQRWKHLVPDQGDOOWKDW,VODP RUGHUVRQHWRGR DQGIRUELGSHRSOH IURP$O0XQNDULHSRO\WKHLVPDQGGLVEHOLHIRIDOONLQGV DQGDOOWKDW,VODPKDVIRUELGGHQ
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
$QGKH3%8+ PDGHDFLUFOHZLWKKLVWKXPEDQGLQGH[ ILQJHU,VDLGCC20HVVHQJHURI$OODK6KDOOZHSHULVKZKLOHVWLOOWKHUHZLOOEHULJKWHRXVSHRSOHDPRQJ XV"
+H3%8+ UHSOLHG CC$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHRPLQRXVRIVLQ,WVD\VWKDWZKHQYLFHEHFRPHV FRPPRQWKHQLQVSLWHRIWKHSUHVHQFHRIVRPHYLUWXRXVSHUVRQVWKDWFRPPXQLW\ZLOOEHGHVWUR\HG%XW
RQWKH'D\RI5HVXUUHFWLRQWKRVHQREOHSHUVRQVZKRKDGGRQHWKHLUGXW\RISUHDFKLQJYLUWXHDQG FKHFNLQJYLFHZLOOVWDQGDSDUWIURPWKHVLQQHUV7KXVWKLV+DGLWKLQGXFHVRQHWRNHHSDZD\IURPVLQV $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG %HZDUHRIVLWWLQJRQURDGVZD\V
7KHSHRSOHVDLG:HKDYHEXWWKHPDVVLWWLQJSODFHV
0HVVHQJHU RI$OODK3%8+ VDLG ,I\RXKDYHWRVLWWKHUHWKHQREVHUYHWKHULJKWVRIWKHZD\7KH\DVNHG:KDW DUHWKHULJKWVRIWKHZD\"
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
,WZDVVDLGWRWKHPDQDIWHU0HVVHQJHURI$OODK 3%8+ KDGOHIW7DNH\RXUULQJRIJROG DQGXWLOL]HLW
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
,EQ=L\DGVDLGWRKLP6LWGRZQ\RXDUHEXWKXVNIURPDPRQJWKH &RPSDQLRQVRIWKH3URSKHW3%8+
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
SXQLVKPHQWWR\RX7KHQ\RXZLOOPDNHVXSSOLFDWLRQDQGLWZLOOQRWEHDFFHSWHG >$W7LUPLGKL@ &RPPHQWDU\ 7RDEDQGRQWKHSUDFWLFHRIHQMRLQLQJYLUWXHDQGIRUELGGLQJYLFHLVOLNHO\WRLQFXUWKH GLVSOHDVXUHRI$OODK7KLVWUHQGLVLQGHHGIUDXJKWZLWKWKHGDQJHURIUHMHFWLRQRISUD\HUVDQG VXSSOLFDWLRQVE\+LP $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KH EHVWW\SHRI-LKDGVWULYLQJLQWKHZD\RI$OODK LVVSHDNLQJDWUXHZRUGLQWKHSUHVHQFHRIDW\UDQW UXOHU
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ -LKDGKDVPDQ\GHJUHHV3UHDFKLQJRIYLUWXHLVDOVR-LKDG7KHPRVWPHULWRULRXVRIDOO LVWKHHIIRUWRIFRPPXQLFDWLQJWKH0HVVDJHRI$OODKWRDQXQMXVWUXOHU6LPLODUO\LIDVRFLHW\LVVR PXFKJLYHQWRDYLFHWKDWQRRQHFDQGDUHWRXWWHUDZRUGDJDLQVWLWWKHQWRSURWHVWDJDLQVWLWFDQDOVREH UHFNRQHGDVWKHEHVW-LKDG $EX C$EGXOODK7DULTELQ6KLKDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$SHUVRQDVNHGWKH 3URSKHW3%8+ ZKHQKHKDGMXVWSXWKLVIRRWLQWKHVWLUUXS :KDWLVWKHKLJKHVWIRUPRI-LKDG"
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
7KHQKH3%8+ UHFLWHG 7KRVHDPRQJWKH&KLOGUHQRI,VUDHOZKRGLVEHOLHYHGZHUHFXUVHGE\WKHWRQJXHRI'DZXG'DYLG DQG C,VD-HVXV VRQRI0DU\DP0DU\ 7KDWZDVEHFDXVHWKH\GLVREH\HG$OODKDQGWKH0HVVHQJHUV DQG ZHUHHYHUWUDQVJUHVVLQJEH\RQGERXQGV7KH\XVHGQRWWRIRUELGRQHDQRWKHUIURPWKH0XQNDUZURQJ HYLOGRLQJVLQVSRO\WKHLVPGLVEHOLHI ZKLFKWKH\FRPPLWWHG9LOHLQGHHGZDVZKDWWKH\XVHGWRGR
7KHQKH3%8+ FRQWLQXHG 1D\E\$OODK\RXHLWKHUHQMRLQJRRGDQGIRUELGHYLODQGFDWFKKROGRI WKHKDQGRIWKHRSSUHVVRUDQGSHUVXDGHKLPWRDFWMXVWO\DQGVWLFNWRWKHWUXWKRU$OODKZLOOLQYROYHWKH KHDUWVRIVRPHRI\RXZLWKWKHKHDUWVRIRWKHUVDQGZLOOFXUVH\RXDV+HKDGFXUVHGWKHP >$EX'DZXGDQG$W7LUPLGKL@ 7KHZRUGLQJLQ$W7LUPLGKLLV0HVVHQJHURI$OODK3%8+ VDLG :KHQWKH&KLOGUHQRI,VUDHOEHFDPH VLQIXOWKHLUOHDUQHGPHQSURKLELWHGWKHPEXWWKH\ZRXOGQRWWXUQEDFN
$WWKLVVWDJH 0HVVHQJHURI$OODK3%8+ ZKRZDVUHFOLQLQJRQDSLOORZVDWXSDQGVDLG 1R%\+LPLQ:KRVH +DQGP\VRXOLVWKHUHLVQRHVFDSHIRU\RXEXW\RXSHUVXDGHWKHPWRDFWMXVWO\
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHGXW\RIC8ODPD LVWRFKHFNWKHSHRSOHIURPYLFHDQGLILQ VSLWHRIDOOWKHLUHIIRUWVSHRSOHGRQRWDEDQGRQWKHPWKH\VKRXOGDYRLGDVVRFLDWLQJZLWKWKHPEHFDXVH LWLVDPDWWHURIUHOLJLRXVUHYHUHQFHDQGYDQLW\,IWKH\GRQRWGRLWWKH\ZLOODOVREHFXUVHGOLNHWKH GLVREHGLHQWORW0D\$OODKVDYHXVIURPWKLVQHJOLJHQFH $EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2\RXSHRSOHDQG
HQMRLQZKDWLVULJKW,VODPLF0RQRWKHLVPDQGDOOWKDW,VODPRUGHUVRQHWRGR DQGIRUELGZKDWLVZURQJ SRO\WKHLVPGLVEHOLHIDQGDOOWKDW,VODPKDVIRUELGGHQ @QRKXUWFDQFRPHWR\RXIURPWKRVHZKRDUHLQ HUURU %XW,KDYHKHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ :KHQ SHRSOHVHHDQRSSUHVVRU EXWGRQRWSUHYHQWKLPIURPGRLQJHYLO LWLVOLNHO\WKDW$OODKZLOOSXQLVKWKHPDOO
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ :KDW$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP KDGVWDWHGZDVWKDWWKH $\DKPHQWLRQHGLQWKLV+DGLWKZDVJHQHUDOO\XQGHUVWRRGWRPHDQWKDWLIDSHUVRQLVRQWKH6WUDLJKW 3DWKWKHQLWLVQRWQHFHVVDU\IRUKLPWRSUHDFKYLUWXHDQGIRUELGYLFHEHFDXVHLQWKDWFDVHKHQHLWKHUKDV WKHIHDURIEHLQJKDUPHGE\WKHGLVREHGLHQFHDQGVLQVRIRWKHUVQRULVKHDQVZHUDEOHWR$OODKIRUWKHLU PLVGHHGV7KXVZKDWLWLPSOLHVLVWKDW0XVOLP8PPDKLVQRWUHVSRQVLEOHIRUWKHHQIRUFHPHQWRI ,VODPLF6KDULCDKLQWKHZRUOGDQGDOOLWLVFRQFHUQHGZLWKLVLWVRZQLPSURYHPHQWRQO\%\QDUUDWLQJ WKLV+DGLWK$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP UHIXWHGWKLVLQWHUSUHWDWLRQRIWKH $\DKDQGPDGHLWFOHDUWKDWLWLVWKHGXW\RIWKH8PPDKDQGHDFKRILWVPHPEHUWRPDNHEHVWSRVVLEOH HIIRUWVWRFKHFNWKHYLFHVSUHYDOHQWLQWKHVRFLHW\6RPXFKVRWKDWLID0XVOLPKDVWKHDELOLW\WRFKHFN WKHYLFHVE\PHDQVRIIRUFHRUVSHHFKEXWKHGRHVQRWGRLWKLVQHJOLJHQFHLQWKLVUHJDUGZLOOEHFRPHD FDXVHRI'LYLQHZUDWKDQGSXQLVKPHQW7KHWUXHVLJQLILFDQFHRIWKLVD\DKLVWKDWLILQVSLWHRIWKHEHVW HIIRUWVRQWKHSDUWRIWKHSLRXVRQHVWKHUHLVQRLPSURYHPHQWDQGSHRSOHGRQRWDEVWDLQIURPVLQVDQG GLVREHGLHQFHRI$OODKWKHQWKHSLRXVSHUVRQVZLOOQRWEHKHOGUHVSRQVLEOHIRUZKDWWKHGHIDXOWHUVGR QRUZRXOGWKH\VXIIHURQWKLVDFFRXQW7KLVLQWHUSUHWDWLRQRIWKH\DKUHPRYHVWKHFRQIOLFWWKDWVHHPVWR H[LVWEHWZHHQWKHPHDQLQJRIWKH$\DKDQGWKH+DGLWK
&+$37(5
&+$67,6(0(17)2521(:+2 (1-2,16*22'$1')25%,'6 (9,/%87$&7627+(5:,6( $OODKWKH([DOWHGVD\V (QMRLQ\RX$O%LUUSLHW\DQGULJKWHRXVQHVVDQGHYHU\DFWRIREHGLHQFHWR$OODK RQWKHSHRSOH DQG\RXIRUJHWWRSUDFWLVHLW \RXUVHOYHVZKLOH\RXUHFLWHWKH6FULSWXUH>WKH7DXUDW7RUDK @ +DYH\RXWKHQQRVHQVH" 2\RXZKREHOLHYH:K\GR\RXVD\WKDWZKLFK\RXGRQRWGR"0RVWKDWHIXOLWLVZLW K$OODKWKDW \RXVD\WKDWZKLFK\RXGRQRWGR 6KXCDLEVDLG ,ZLVKQRWLQFRQWUDGLFWLRQWR\RXWRGRWKDWZKLFK,IRUELG\RX
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
&+$37(5
',6&+$5*,1*7+(758676 $OODKWKH([DOWHGVD\V
9HULO\$OODKFRPPDQGVWKDW\RXVKRXOGUHQGHUEDFNWKHWUXVWVWRWKRVHWRZKRPWKH\DUHGXH
7UXO\:HGLGRIIHU$O$PDQDKWKHWUXVWRUPRUDOUHVSRQVLELOLW\RUKRQHVW\DQGDOOWKHGXWLHV ZKLFK$OODKKDVRUGDLQHG WRWKHKHDYHQVDQGWKHHDUWKDQGWKHPRXQWDLQVEXWWKH\GHFOLQHGW R EHDULWDQGZHUHDIUDLGRILWLHDIUDLGRI$OODK VWRUPHQW %XWPDQERUHLW9HULO\KHZDV XQMXVWWRKLPVHOI DQGLJQRUDQWRILWVUHVXOWV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KHUH DUHWKUHHVLJQVRIDK\SRFULWH:KHQKHVSHDNVKHOLHVZKHQKHPDNHVDSURPLVHKHEUHDNVLWDQG ZKHQKHLVWUXVWHGKHEHWUD\VKLVWUXVW >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQDGGVWKHZRUGV (YHQLIKHREVHUYHVIDVWVSHUIRUPV6DODWDQGDVVHUWVWKDWKHLVD 0XVOLP &RPPHQWDU\ $K\SRFULWHLVWKHRQHZKRSURIHVVHV,VODPEHIRUHWKH0XVOLPVEXWFRQFHDOVKDWUHGDQG DQLPRVLW\DJDLQVWWKHP7KLVGRXEOHGHDOLQJLVZRUVHWKDQ.XIU7KLVLVWKHUHDVRQWKH1REOH4XU DQ KDVGHFODUHGDERXWWKHPWKDWWKH\ZLOOEHLQWKHORZHVWGHSWKVRIWKH+HOO7KHK\SRFULWHVUHIHUUHGWR KHUHOLYHGDWWKHWLPHRIWKH3URSKHW3%8+ DQGKHZDVLQIRUPHGDERXWWKHPWKURXJK:DK\ 5HYHODWLRQ ,WLVYHU\GLIILFXOWWRLGHQWLI\WKHFODVVRIK\SRFULWHVLQWKLVDJH,WLVDOPRVWLPSRVVLEOHWR NQRZWKHK\SRFULV\RI)DLWK7KHSUDFWLFDOK\SRFULV\LVKRZHYHUQRZYHU\FRPPRQDPRQJWKH 0XVOLPV,WFDQEHLGHQWLILHGRQWKHVWUHQJWKRIWKHWUDLWVZKLFKKDYHEHHQVWDWHGLQWKH$KDGLWKDERXW WKHP7KHVHWUDLWVDUHYHU\FRPPRQDPRQJPDQ\RIWKHSUHVHQWGD\0XVOLPV7KHLUFRQGXFWEHDUVWKH PDUNVRIK\SRFULV\7KLVSUDFWLFDOK\SRFULV\LVKRZHYHUQRW.XIUDVLVWKHFDVHZLWKWKHK\SRFULV\RI )DLWK +XGKDLIDKELQ$O
7KHQWKH3URSKHW3%8+ WROGXVDERXWWKH UHPRYDORI$PDQDK+HVDLG 7KHPDQZRXOGKDYHVRPHVOHHSDQG$PDQDKZRXOGEHWDNHQDZD\ IURPKLVKHDUWOHDYLQJWKHLPSUHVVLRQRIDIDLQWPDUN+HZRXOGDJDLQVOHHSDQG$PDQDKZRXOGEH WDNHQDZD\IURPKLVKHDUWOHDYLQJDQLPSUHVVLRQRIDEOLVWHUDVLI\RXUROOHGGRZQDQHPEHURQ\RXU IRRWDQGLWZDVYHVLFOHG+HZRXOGVHHDVZHOOLQJKDYLQJQRWKLQJLQLW
+HWKH3URSKHW3%8+ WKHQ WRRNXSDSHEEOHDQGUROOHGLWRYHUKLVIRRWDQGVDLG 7KHSHRSOHZRXOGHQWHULQWRWUDQVDFWLRQVZLWKRQH DQRWKHUDQGKDUGO\DSHUVRQZRXOGEHOHIWZKRZRXOGUHWXUQWKLQJV HQWUXVWHGWRKLPDQGWKHUHZRXOG ORRNOLNHDQKRQHVWSHUVRQ WLOOLWZRXOGEHVDLGC,QVXFKDQGVXFKWULEHWKHUHLVDWUXVWZRUWK\PDQ $QGWKH\ZRXOGDOVRVD\DERXWDSHUVRQC+RZSUXGHQWKHLV+RZKDQGVRPHKHLVDQGKRZLQWHOOLJHQW KHLV ZKHUHDVLQKLVKHDUWWKHUHZRXOGEHQRJUDLQRI)DLWK
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
ZLOOWKHQJRWR0XVD3%8+ EXWKHZLOOVD\C,DPQRWWKHRQHWRGRWKDWJRWRC,VD-HVXV $OODK V :RUGDQGVSLULW C,VD3%8+ ZLOOVD\C,DPQRWWKHRQHWRGRWKDW 6RWKH\ZLOOFRPHWRPHDQG, ZLOOVWDQGDQGEHJLYHQSHUPLVVLRQ$PDQDKDQGWLHVRIUHODWLRQVKLSZLOOEHVHQWIRUWKDQGZLOOVWDQGRQ WKHVLGHVRIWKH6LUDWWKDWLVWKH%ULGJHVHWRYHU+HOOILUH ULJKWDQGOHIWDQGWKHILUVWRI\RXZLOOSDVV OLNHOLJKWQLQJ
,VDLGWKDWLV$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP ,UDQVRP\RXZLWKP\ IDWKHUDQGPRWKHUZKDWLVOLNHWKHPRYHPHQWRIOLJKWQLQJ"
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
$]=XEDLUWKHQZLOOHGRQH WKLUGRIWKDWSRUWLRQWRKLVVRQVQDPHO\C$EGXOODK VVRQV+HVDLG2QHWKLUGRIWKHRQHWKLUG,IDQ\ SURSHUW\LVOHIWDIWHUWKHSD\PHQWRIGHEWVRQHWKLUGRIWKHRQHWKLUGRIZKDWLVOHIWLVWREHJLYHQWR \RXUVRQV
+LVKDPDVXEQDUUDWRUDGGHG6RPHRIWKHVRQVRIC$EGXOODKZHUHHTXDOLQDJHWRWKH VRQVRI$]=XEDLUHJ.KXEDLEDQG$EEDGC$EGXOODKKDGQLQHVRQVDQGQLQHGDXJKWHUVDWWKDW WLPH 7KHQDUUDWRUC$EGXOODKDGGHG +HNHSWRQLQVWUXFWLQJPHDERXWKLVGHEWVDQGWKHQVDLG0\ VRQVKRXOG\RXILQG\RXUVHOIXQDEOHWRSD\DQ\SRUWLRQRIP\GHEWWKHQEHVHHFKP\0DVWHUIRU+LV KHOS
%\$OODK,GLGQRWXQGHUVWDQGZKDWKHPHDQWDQGDVNHG)DWKHUZKRLV\RXU0DVWHU"
+HVDLG $OODK
%\$OODK:KHQHYHU,IDFHGDGLIILFXOW\LQGLVFKDUJLQJDQ\ SRUWLRQRIKLVGHEW,ZRXOGSUD\ 20DVWHURI=XEDLUGLVFKDUJHKLVGHEW
DQG+HGLVFKDUJHGLW=XEDLUZDVPDUW\UHG+HOHIWQR PRQH\EXWKHOHIWFHUWDLQODQGVRQHRIWKHPLQ$O*KDEDKHOHYHQKRXVHVLQ$O0DGLQDKWZRLQ %DVUDKRQHLQ.XIDKDQGRQHLQ(J\SW7KHFDXVHRIKLVLQGHEWHGQHVVZDVWKDWDSHUVRQZRXOGFRPHWR KLPDVNLQJKLPWRNHHSVRPHPRQH\RIKLVLQWUXVWIRUKLP=XEDLUZRXOGUHIXVHWRDFFHSWLWDVDWUXVW IHDULQJLWPLJKWEHORVWEXWZRXOGWDNHLWDVDORDQ+HQHYHUDFFHSWHGDJRYHUQRUVKLSRUUHYHQXH RIILFHRUDQ\SXEOLFRIILFH+HIRXJKWDORQJZLWK0HVVHQJHURI$OODK3%8+ DQG$EX%DNUC8PDU DQGC8WKPDQ0D\$OODKEHSOHDVHGZLWKWKHP C$EGXOODKDGGHG ,SUHSDUHGDVWDWHPHQWRIKLVGHEWVDQGWKH\DPRXQWHGWRWZRPLOOLRQDQGWZR KXQGUHGWKRXVDQG+DNLPELQ+L]DPPHWPHDQGDVNHGPH1HSKHZKRZPXFKLVGXHIURPP\ EURWKHUDVGHEW"
,NHSWLWDVVHFUHWDQGVDLG$KXQGUHGWKRXVDQG
+DNLPVDLG%\$OODK,GRQRW WKLQN\RXUDVVHWVDUHVXIILFLHQWIRUWKHSD\PHQWRIWKHVHGHEWV
,VDLG:KDWZRXOG\RXWKLQNLIWKH DPRXQWZHUHWZRPLOOLRQDQGWZRKXQGUHGWKRXVDQG"
+HVDLG,GRQRWWKLQNWKDW\RXZRXOGEHDEOH WRFOHDURIIWKHGHEWV,I\RXILQGLWGLIILFXOWOHWPHNQRZ
$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP KDGSXUFKDVHGWKHODQGLQ$O*KDEDKIRUDKXQGUHGDQG VHYHQW\WKRXVDQGC$EGXOODKVROGLWIRUDPLOOLRQDQGVL[KXQGUHGWKRXVDQGDQGGHFODUHGWKDW ZKRVRHYHUKDGDFODLPDJDLQVW$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP VKRXOGVHHKLPLQ$O *KDEDKC$EGXOODKELQ-DCIDU0D\$OODKEHSOHDVHGZLWKKLP FDPHWRKLPDQGVDLG$]=XEDLU0D\ $OODKEHSOHDVHGZLWKKLP RZHGPHIRXUKXQGUHGWKRXVDQGEXW,ZRXOGUHPLWWKHGHEWLI\RXZLVK
C$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP VDLG1R
,EQ-DCIDUVDLGCC,I\RXZRXOGGHVLUHIRU SRVWSRQHPHQW,ZRXOGSRVWSRQHWKHUHFRYHU\RILW
C$EGXOODKVDLG1R
,EQ-DCIDUWKHQVDLG,QWKDW FDVHPHDVXUHRXWDSORWIRUPH
C$EGXOODKPDUNHGRXWDSORW7KXVKHVROGWKHODQGDQGGLVFKDUJHGKLV IDWKHU VGHEW7KHUHUHPDLQHG RXWRIWKHODQGIRXUDQGDKDOIVKDUHV+HWKHQYLVLWHG0XCDZL\DKZKR
KDGZLWKKLPDWWKHWLPHC$PUELQC8WKPDQ$O0XQGKLUELQ$]=XEDLUDQG,EQ=DPCDK0D\$OODK EHSOHDVHGZLWKWKHP 0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLP VDLG:KDWSULFHGLG\RXSXWRQ WKHODQGLQ$O*KDEDK"
+HVDLG2QHKXQGUHGWKRXVDQGIRUDHDFKVKDUH0XCDZL\DKLQTXLUHG+RZ PXFKRILWLVOHIW"
C$EGXOODKVDLG)RXUDQGDKDOIVKDUHV
$O0XQGKLUELQ$]=XEDLUVDLG,ZLOO EX\RQHVKDUHIRUDKXQGUHGWKRXVDQGC$PUELQC8WKPDQVDLG,ZLOOEX\RQHVKDUHIRUDKXQGUHG WKRXVDQG,EQ=DPCDKVDLG,ZLOOEX\RQHVKDUHIRUDKXQGUHGWKRXVDQG
7KHQ0XCDZL\DKDVNHG +RZPXFKRILWLVQRZOHIW"
C$EGXOODKVDLG2QHDQGDKDOIVKDUH0XCDZL\DKVDLG,ZLOOWDNHLWIRU RQHKXQGUHGDQGILIW\WKRXVDQG
/DWHUC$EGXOODKELQ-DCIDUVROGKLVVKDUHWR0XCDZL\DKIRUVL[ KXQGUHGWKRXVDQG :KHQC$EGXOODKELQ$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP ILQLVKHGWKHGHEWVWKHKHLUVRI$] =XEDLU0D\$OODKEHSOHDVHGZLWKKLP DVNHGKLPWRGLVWULEXWHWKHLQKHULWDQFHDPRQJWKHP+HVDLG, ZLOOQRWGRWKDWXQWLO,DQQRXQFHGXULQJIRXUVXFFHVVLYH+DMMVHDVRQVC/HWKHZKRKDVDFODLPDJDLQVW $]=XEDLUFRPHIRUZDUGDQGZHVKDOOGLVFKDUJHLW
+HPDGHWKLVGHFODUDWLRQRQIRXU+DMMVHDVRQVDQG WKHQGLVWULEXWHGWKHLQKHULWDQFHDPRQJWKHKHLUVRI$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP DFFRUGLQJWRKLVZLOO$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP KDGIRXUZLYHV(DFKRIWKHP UHFHLYHGDPLOOLRQDQGWZRKXQGUHGWKRXVDQG7KXV$]=XEDLU VWRWDOSURSHUW\ZDVDPRXQWHGWRILIW\ PLOOLRQDQGWZRKXQGUHGWKRXVDQG >$O%XNKDUL@
&+$37(5
81/$:)8/1(662)2335(66,21 $1'5(6725,1*27+(565,*+76 $OODKWKH([DOWHGVD\V 7KHUHZLOOEHQRIULHQGQRUDQLQWHUFHVVRUIRUWKH=DOLPXQSRO\WKHLVWVDQGW KHZURQJGRHUV ZKRFRXOGEHJLYHQKHHGWR
$QGIRUWKH=DOLPXQZURQJGRHUVSRO\WKHLVWVDQGGLVEHOLHYHUVLQWKH2QHQHVVRI$OODK WKHUHLV QRKHOSHU
-DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG %HZDUHRILQMXVWLFHIRURSSUHVVLRQZLOOEHGDUNQHVVRQWKH'D\RI5HVXUUHFWLRQDQGEHZDUHRI VWLQJLQHVVEHFDXVHLWGRRPHGWKRVHZKRZHUHEHIRUH\RX,WLQFLWHGWKHPWRVKHGEORRGDQGWUHDWWKH XQODZIXODVODZIXO
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
LQYLRODEOHDVRIWKLVGD\RI\RXUVLHWKH'D\RI6DFULILFH LQWKLVFLW\RI\RXUVLH0DNNDK LQWKLV PRQWKRI\RXUVLH'KXO+LMMDK /LVWHQKDYH,FRQYH\HG$OODK V0HVVDJHWR\RX"
7KHSHRSOH UHSOLHGLQDIILUPDWLYH7KHUHXSRQKHVDLG 2$OODKEHDUZLWQHVV
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
HPSOR\HHUHWXUQHGZLWKWKHFROOHFWLRQV KHVDLG23URSKHW3%8+ 7KLVLVIRU\RXDQGWKLVLV PLQHEHFDXVHLWZDVSUHVHQWHGWRPHDVJLIW
0HVVHQJHURI$OODK3%8+ URVHWRWKHSXOSLWDQGSUDLVHG $OODKDQGH[WROOHG+LP7KHQKHVDLG ,HPSOR\DPDQWRGRDMREDQGKHFRPHVDQGVD\VC7KLVLVIRU \RXDQGWKLVKDVEHHQSUHVHQWHGWRPHDVJLIW ":K\GLGKHQRWUHPDLQLQWKHKRXVHRIKLVIDWKHURUWKH KRXVHRIKLV PRWKHUDQGVHHZKHWKHUJLIWVZLOOEHJLYHQWRKLPRUQRW"%\$OODKLQ:KRVH+DQGLVWKH OLIHRI0XKDPPDGLIDQ\RQHRI\RXWRRNDQ\WKLQJZURQJIXOO\KHZLOOEULQJLWRQWKH'D\RI 5HVXUUHFWLRQFDUU\LQJLWRQKLVEDFN ,ZLOOQRWUHFRJQL]HDQ\RQHRI\RXRQWKH'D\RI5HVXUUHFWLRQ ZLWKDJUXQWLQJFDPHORUDEHOORZLQJFRZRUDEOHDWLQJHZH
7KHQKHUDLVHGKLVKDQGVWLOOZHFRXOG VHHWKHZKLWHQHVVRIKLVDUPSLWV 7KHQKHVDLGWKULFH CC2$OODKKDYH,FRQYH\HG
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
:HVDLG$OODKDQG+LV0HVVHQJHU3%8+ NQRZEHWWHU 7KH3URSKHW3%8+ UHPDLQHGVLOHQWIRUVRPHWLPHXQWLOZHWKRXJKWWKDWKHZRXOGJLYHLWDQDPHRWKHU WKDQLWVUHDOQDPH7KHQDVNHG ,VLWQRWWKHPRQWKRI 'KXO+LMMDK"
:HUHSOLHGLQWKHDIILUPDWLYH +HDVNHG :KLFKFLW\LVWKLV" :HUHSOLHG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU+HUHPDLQHG VLOHQWXQWLOZHWKRXJKWWKDWKHZRXOGJLYHLWDQRWKHUQDPH+H3%8+ DVNHG ,VLWQRW$O%DOGDK
0DNNDK "
:HVDLG
+H3%8+ UHPDLQHGVLOHQWXQWLOZHWKRXJKWWKDWKHZRXOGJLYHLWDQRWKHU QDPH+HDVNHG ,VLWQRWWKHGD\RI$Q1DKUWKHVDFULILFH ":HUHSOLHGLQWKHDIILUPDWLYH 7KHUHXSRQKHVDLG
+H3%8+ DJDLQVDLG+DYH,FRQYH\HGWKHPHVVDJHWR\RX"%HKROG+DYH,FRQYH\HG WKH&RPPDQGPHQWVRI$OODK WR\RX
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
2QHPDQDVNHG20HVVHQJHURI$OODK(YHQLILWVKRXOGEHIRUDQLQVLJQLILFDQWWKLQJ"
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
+HWKH3URSKHW3%8+ VDLG :KDWKDV KDSSHQHGWR\RX"
7KHPDQUHSOLHG,KDYHKHDUG\RXVD\LQJVXFKDQGVXFK
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
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QWKHGD\ RIWKHEDWWOH RI .KDLEDUVRPH&RPSDQLRQVRIWKH3URSKHW3%8+ FDPHDQGUHPDUNHG6RDQGVRLVDPDUW\UDQGVR DQGVRLVDPDUW\U:KHQWKH\FDPHWRDPDQDERXWZKRPWKH\VDLG6RDQGVRLVDPDUW\U
WKH 3URSKHW3%8+ GHFODUHG 1R,KDYHVHHQKLPLQ+HOOIRUDPDQWOHRUFORDN ZKLFKKHKDVVWROHQ >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHULJKWVRISHRSOHZLOOQRWEHIRUJLYHQHYHQE\PDUW\UGRP 0LVDSSURSULDWLRQLQWKHQDWLRQDOH[FKHTXHULVDKRUULEOHVLQ $EX4DWDGDK$O+DULWKELQ5LECL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG )DLWKLQ$OODKDQGVWULYLQJLQ+LV&DXVH-LKDG DUHWKHGHHGVRIKLJKHVWPHULW
$PDQ VWRRGXSVDLG20HVVHQJHURI$OODK7HOOPHLI,DPNLOOHGLQWKH&DXVHRI$OODKZLOODOOP\VLQVEH IRUJLYHQ"
+H3%8+ UHSOLHG
7KHPDQVDLG7HOOPHLI,DPNLOOHGLQWKH&DXVHRI$OODKZLOODOOP\ VLQVEHUHPLWWHG"+HUHSOLHG 0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRVKRZVWKHLPSRUWDQFHRIULJKWVRISHRSOHDQGUHSD\PHQWRIORDQ ZKLFKZLOOQRWEHSDUGRQHGLQDQ\FDVH,WLVWKHUHIRUHHVVHQWLDOWKDWHYHU\0XVOLPVKRXOGH[HUFLVH XWPRVWFDUHWRIXOILOOKLVREOLJDWLRQVLQWKHVHPDWWHUV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'R \RXNQRZZKRLVWKHEDQNUXSW"
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
&+$37(5
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
+H3%8+ LOOXVWUDWHGWKLVE\LQWHUODFLQJWKHILQJHUVRIERWKKLVKDQGV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKHQMRLQVXQLW\ LQWKH0XVOLPFRPPXQLW\HDFKPHPEHURIZKLFKLVOLNHD EULFNZKLFKZKHQWKH\DUHDOOFRPELQHGOHQGVWUHQJWKWRHDFKRWKHU6LPLODUO\0XVOLPVDUHOLNH KDQGVDQGDUPVZKLFKSK\VLFDOO\MRLQHGWRJHWKHUDUHERXQGWRFRRSHUDWHZLWKRQHDQRWKHU
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
0HVVHQJHURI$OODK 3%8+ ORRNHGDWKLPDQGVDLG +HZKRGRHVQRWVKRZPHUF\WRRWKHUVZLOOQRWEHVKRZQPHUF\ >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7RNLVVFKLOGUHQZLWKNLQGQHVVDQGDIIHFWLRQLVQRWRQO\SHUPLVVLEOHEXWDOVRDPHDQVRI DWWDLQLQJ$OODK V0HUF\ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG6RPHEHGRXLQVFDPHWR0HVVHQJHURI$OODK 3%8+ DQGDVNHG'R\RXNLVV\RXUFKLOGUHQ"
+HVDLG
7KH3URSKHW3%8+ UHSOLHG ,FDQQRWKHOS\RXLI$OODKKDVVQDWFKHGNLQGQHVVIURP\RXU KHDUWV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6KRZLQJNLQGQHVVDQGDIIHFWLRQWRFKLOGUHQLVDVLJQRIWKDWPHUF\DQGFRPSDVVLRQ ZLWKZKLFK$OODKHQGRZVPDQNLQG -DULUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +HZKRLVQRWPHUFLIXOWRSHRSOH$OODKZLOOQRWEHPHUFLIXOWRKLP
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
:KLOHRIIHULQJSUD\HUVDORQH \RXPD\SUD\DVORQJDV\RXOLNH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKWKH,PDP RQHZKROHDGVWKHFRQJUHJDWLRQDOSUD\HULV HQMRLQHGWRVKRUWHQWKHSUD\HULQFRQVLGHUDWLRQRIWKRVHZKRSUD\EHKLQGKLP6KRUWHQLQJRISUD\HU KHUHPHDQVWKDWWKH6XUDKRIWKH4XU DQUHFLWHGE\KLPLQWKHSUD\HUVKRXOGQRWEHYHU\ORQJ7KLVGRHV QRWPHDQKRZHYHUWKDWWKHSRVWXUHVRI6DODWVXFKDVVWDQGLQJERZLQJSURVWUDWLRQDQGVLWWLQJVKRXOG
QRWEHGRQHSURSHUO\DVLWLVWDNHQWRPHDQE\0XVOLPVLQJHQHUDO$OWKRXJKLWLVD6XQQDKDERXW ZKLFKWKH1REOH3URSKHW3%8+ LVUHSRUWHGWRKDYHVDLG3UD\DV\RXVHHPHSUD\LQJ
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
VKRXOGQRWEHWDNHQWRPHDQKHUH,DPQRWDKXPDQOLNH \RX
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH)DMUSUD\HULVLQWKHQDWXUHRIDQDJUHHPHQWEHWZHHQ$OODK DQG+LVVODYH0XVOLP ,WWHOOVXVWKDWKHZRXOGQRWDOOGD\ORQJGHSDUWIURPWKHZD\RI$OODKDVKHKDV QRWGRQHE\SHUIRUPLQJKLV)DMUSUD\HU+HZLOOQRWRQO\SHUIRUPDOOWKHRWKHUSUHVFULEHGSUD\HUVEXW ZRXOGDOVRGRQRWKLQJZKLFKZLOOGLVSOHDVH$OODK$0XVOLPZKRGRHVQRWFDUHWRDGKHUHWRWKLV DJUHHPHQWDQGWKHUHE\VKRZVGLVREHGLHQFHRI$OODKZLOOEHDQVZHUDEOHWR+LPIRULW RQWKH'D\RI 5HVXUUHFWLRQ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $ 0XVOLPLVDEURWKHURIDQRWKHU0XVOLP6RKHVKRXOGQRWRSSUHVVKLPQRUVKRXOGKHKDQGKLPRYHUWR KLVVDWDQRUWRKLVVHOIZKLFKLVLQFOLQHGWRHYLO :KRHYHUIXOILOOVWKHQHHGVRIKLVEURWKHU$OODKZLOO IXOILOOKLVQHHGVZKRHYHUUHPRYHVWKHWURXEOHVRIKLVEURWKHU$OODKZLOOUHPRYHRQHRIKLVWURXEOHVRQ WKH'D\RI5HVXUUHFWLRQDQGZKRHYHUFRYHUVXSWKHIDXOWRID0XVOLP$OODKZLOOFRYHUXSKLVIDXOWRQ
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
+H3%8+ VDLG $O%XNKDULDQG0XVOLP@
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
&+$37(5
&29(5,1*)$8/762) 7+(086/,06 $OODKWKH([DOWHGVD\V 9HULO\WKRVHZKROLNHWKDWWKHFULPHRI LOOHJDOVH[XDOLQWHUFRXUVHVKRXOGEHSURSDJDWHGDPRQJ WKRVHZKREHOLHYHWKH\ZLOOKDYHDSDLQIXOWRUPHQWLQWKLVZRUOGDQGLQWKH+HUHDIWHU
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG (YHU\RQHRIP\IROORZHUVZLOOEHIRUJLYHQH[FHSWWKRVHZKRH[SRVHRSHQO\ WKHLUZURQJGRLQJV$Q H[DPSOHRIWKLVLVWKDWRIDPDQZKRFRPPLWVDVLQDWQLJKWZKLFK$OODKKDVFRYHUHGIRUKLPDQGLQWKH PRUQLQJKHZRXOGVD\WRSHRSOH ,FRPPLWWHGVXFKDQGVXFKVLQODVWQLJKW ZKLOH$OODKKDGNHSWLWD VHFUHW'XULQJWKHQLJKW$OODKKDVFRYHUHGLWXSEXWLQWKHPRUQLQJKHWHDUVXSWKHFRYHUSURYLGHGE\ $OODK+LPVHOI
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
&+$37(5
)8/),//0(172)7+(1(('6 2)7+(086/,06
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
>0XVOLP@ &RPPHQWDU\ %HVLGHVRWKHUDGYDQWDJHVPHQWLRQHGLQWKLV+DGLWKZHOHDUQWKHIROORZLQJIURPLW ,WLVDQDFWRIJUHDWPHULWWRUHOLHYHD0XVOLPIURPKLVILQDQFLDOGLIILFXOW\ 7RVWULYHIRUDWWDLQLQJUHOLJLRXVNQRZOHGJHLVDKLJKO\PHULWRULRXVDFW 7RUHFLWHWKH1REOH4XU DQPDNHDUUDQJHPHQWIRULWVVWXG\DQGWHDFKLQJDQGKROGPHHWLQJVIRUWKH XQGHUVWDQGLQJDQGHOXFLGDWLRQRIWKHPHVVDJHRIWKH1REOH4XU DQDUHDFWVRIJUHDWGLVWLQFWLRQDQG UHZDUG
&+$37(5
,17(5&(66,21 $OODKWKH([DOWHGVD\V :KRVRHYHULQWHUFHGHVIRUDJRRGFDXVHZLOOKDYHWKHUHZDUGWKHUHRI
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUDQHHG\SHUVRQZRXOG FRPHWRWKH3URSKHW3%8+ KHZRXOGWXUQWRWKRVHZKRZHUHSUHVHQWDQGVD\ ,I\RXPDNH LQWHUFHVVLRQIRUKLP\RXZLOOEHUHZDUGHGEHFDXVH$OODKGHFUHHGZKDW+HOLNHVE\WKHWRQJXHRI+LV 0HVVHQJHU >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHUHFRPPHQGDWLRQPHQWLRQHGLQWKLV+DGLWKUHODWHVWRODZIXODQGSHUPLVVLEOH PDWWHUV2QHLVQRWSHUPLWWHGWRPDNHDQ\LQWHUFHVVLRQIRUXQODZIXOPDWWHUQRUIRUUHPLVVLRQRI+DGG
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHGLQFRQQHFWLRQZLWKWKHFDVHRI%DULUDK 0D\$OODKEHSOHDVHGZLWKKHU DQGKHUKXVEDQG7KH3URSKHW3%8+ VDLGWRKHU ,WLVEHWWHUIRU\RX WRJREDFNWR\RXUKXVEDQG
6KHDVNHG20HVVHQJHURI$OODKGR\RXRUGHUPHWRGRVR
+HUHSOLHG ,RQO\LQWHUFHGH
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
&+$37(5
0$.,1*3($&($021*3(23/( $OODKWKH([DOWHGVD\V 7KHUHLVQRJRRGLQPRVWRIWKHLUVHFUHWWDONVVDYHLQ KLPZKRRUGHUV6DGDTDKFKDULW\LQ$OODK V &DXVH RU0DCUXI,VODPLF0RQRWKHLVPDQGDOOWKHJRRGDQGULJKWHRXVGHHGVZKLFK$OODKKDV RUGDLQHG RUFRQFLOLDWLRQEHWZHHQPDQNLQG
DQGPDNLQJSHDFHLVEHWWHU
6RIHDU$OODKDQGDGMXVWDOOPDWWHUVRIGLIIHUHQFHDPRQJ\RX
7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ 6RPDNHUHFRQFLOLDWLRQ EHWZHHQ\RXUEURWKHUV
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
+HVDLG2 0HVVHQJHURI$OODKLWLVPH1RZKHPD\GRDVKHGHVLUHV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJIRXUPDLQSRLQWV ,WLVGHVLUDEOHWRKHOSVRPHRQHZKRLVLQVWUDLWHQHGFLUFXPVWDQFHVEHFDXVHRIDGHEW,IWKHOHQGHU IRUJLYHVDSDUWRIWKHORDQRUJLYHVFRQFHVVLRQRIWLPHLQUHSD\PHQWRIORDQLWLVDQ DFWRIJUHDWPHULW $V$OODKVD\V $QGLIWKHGHEWRULVLQDKDUGWLPHKDVQRPRQH\ WKHQJUDQWKLPWLPHWLOOLWLVHDV\IRUKLPWRUHSD\ EXWLI\RXUHPLWLWE\ZD\RIFKDULW\WKDWLVEHWWHUIRU\RXLI\RXGLGEXWNQRZ
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
+HVDLG
UHWUHDWHGWDNLQJKLVVWHSVEDFNZDUGV:KHQ0HVVHQJHURI$OODK3%8+ VDZWKDWKHZHQWDKHDGDQG OHG6DODW:KHQKHILQLVKHG6DODWKHIDFHGWKHFRQJUHJDWLRQDQGVDLG :K\GR\RXFODSZKHQ VRPHWKLQJKDSSHQVGXULQJWKH6DODW&ODSSLQJLVRQO\IRUZRPHQ,IVRPHWKLQJKDSSHQVLQWKHFRXUVH RI6DODW\RXVKRXOGVD\6XEKDQ$OODK,WLVERXQGWRDWWUDFWDWWHQWLRQ$QG\RX$EX%DNUZKDW SUHYHQWHG\RXIURPFDUU\LQJRQZLWK6DODWDIWHU,EHFNRQHGWRGRVR"
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
DORXG:RPHQPD\FODSRQO\ ,QFDVHRIQHHGLWLVSHUPLVVLEOHLQ6DODWWRWXUQRQH VIDFHVOLJKWO\WRORRNZLWKJODQFHVDQGPRYHD OLWWOHRQZDUGRUEDFNZDUG6XFKDQDFWGRHVQRWFRQVWLWXWHDGHIHFWZKLFKUHQGHUVWKHSUD\HULQYDOLG
&+$37(5
683(5,25,7<2)3225:($. $1'815(12:1('086/,06 $OODKWKH([DOWHGVD\V $QGNHHS\RXUVHOI20XKDPPDG3%8+ SDWLHQWO\ZLWKWKRVHZKRFDOORQWKHLU5XEELH \RXUFRPSDQLRQVZKRUHPHPEHUWKHLU5XEEZLWKJORULILFDWLRQSUDLVLQJLQSUD\HUVDQGRWKHU ULJKWHRXVGHHGV PRUQLQJDQGDIWHUQRRQVHHNLQJ+LV)DFHDQGOHWQRW\RXUH\HVRYHUORRNWKHP
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
7KDW PDQUHSOLHG+HLVRQHRIWKHQREOHVWPHQ%\$OODKKHLVFHUWDLQO\DSURSHUSHUVRQIRUDJLUO EHLQJ JLYHQLQPDUULDJHLIKHVHHNVWRPDUU\DQGKLVUHFRPPHQGDWLRQLVILWWREHDFFHSWHGLIKH UHFRPPHQGV0HVVHQJHURI$OODK3%8+ UHPDLQHGVLOHQW7KHQDQRWKHUPDQSDVVHG0HVVHQJHURI $OODK3%8+ HQTXLUHG :KDWLV\RXURSLQLRQDERXWWKLVPDQ"
+HUHSOLHG20HVVHQJHURI$OODK KHLVRQHRIWKHSRRU0XVOLPV+HLVQRWDSURSHUSHUVRQIRUDJLUO WREHJLYHQLQPDUULDJHWRDQGKLV UHFRPPHQGDWLRQZRXOGQRWEHDFFHSWHGLIKHPDNHVRQHLIKHVSHDNVKHLVQRWWREHOLVWHQHGWR
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
,W VHHPHGDVLI WKH\&RPSDQLRQV FRQVLGHUHGWKHPDWWHULQVLJQLILFDQW7KHQKH3%8+ VDLG 6KRZPH KHURUKLV JUDYH
:KHQLWZDVVKRZQWRKLPKHRIIHUHG-DQD]DKIXQHUDO SUD\HURYHULWDQGVDLG 7KHVHJUDYHVFRYHUWKRVHLQWKHPZLWKGDUNQHVVDQG$OODKLOOXPLQHVWKHPIRUWKHLQPDWHVDVDUHVXOW RIP\VXSSOLFDWLRQIRUWKHP >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2QWKHEDVLVRIVRPHRWKHUQDUUDWLRQVWKH 8ODPD KDYHDFFHSWHGWKDWWKHSHUVRQ PHQWLRQHGLQWKLV+DGLWKZKRXVHGWRVZHHSWKHPRVTXHZDVDZRPDQNQRZQDV8PP0LKMDQ7KLV +DGLWKKLJKOLJKWVWKHIROORZLQJIRXULPSRUWDQWSRLQWV
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
+H$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG $VWKRXJK,FDQVHH0HVVHQJHURI$OODK3%8+ DVKHLVLOOXVWUDWLQJWKHVFHQHRIKLVVXFNLQJPLONZLWK KLVIRUHILQJHULQKLVPRXWKDQGVXFNLQJWKDW+H$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP IXUWKHUUHSRUWHG0HVVHQJHURI$OODK3%8+ DVVD\LQJ 7KHUHKDSSHQHGWRSDVVE\WKHPDVODYHJLUO ZKRZDVEHLQJEHDWHQDQGWKH\ZHUHVD\LQJC
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
&+$37(5
%(1(92/(1775($70(1772:$5'6253+$16*,5/6 7+(:($.7+(3225$1' 7+(+80%/(3(56216 $OODKWKH([DOWHGVD\V $QGORZHU\RXUZLQJVIRUWKHEHOLHYHUVEHFRXUWHRXVWRWKHIHOORZEHOLHYHUV $QGNHHS\RXUVHOI20XKDPPDG3%8+ SDWLHQWO\ZLWKWKRVHZKRFDOORQWKHLU5XEELH \RXUFRPSDQLRQVZKRUHPHPEHUWKHLU5XEEZLWKJORULILFDWLRQSUDLVLQJLQSUD\HUVDQGRWKHU ULJKWHRXVGHHGV PRUQLQJDQGDIWHUQRRQVHHNLQJ+LV)DFHDQGOHWQRW\RXUH\HVRYHUORRNWKHP GHVLULQJWKHSRPSDQGJOLWWHURIWKHOLIHRIWKHZRUOG
7KHUHIRUHWUHDWQRWWKHRUSKDQZLWKRSSUHVVLRQ$QGUHSXOVHQRWWKHEHJJDU
+DYH\RXVHHQKLPZKRGHQLHVWKH5HFRPSHQVH"7KDWLVKHZKRUHSXOVH VWKHRUSKDQKDUVKO\ $QGXUJHVQRWWKHIHHGLQJRI$O0LVNLQWKHSRRU 6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG6L[RIXVZHUHZLWKWKH3URSKHW 3%8+ ZKHQWKHLQILGHOVVDLGWRKLP'ULYHWKHVHRQHVDZD\OHVWWKH\VKRXOGEHJLQWRYHQWXUH DJDLQVWXV7KHVL[ZHUHP\VHOI,EQ0DVCXGDPDQRIWKH+XGKDLOWULEH%LODODQGWZRRWKHUPHQ ZKRVHQDPHV,GRQ WNQRZ0HVVHQJHURI$OODK3%8+ WKRXJKWZKDW$OODKZLVKHGKLPWRWKLQNDQG $OODKUHYHDOHG $QGWXUQQRWDZD\WKRVHZKRLQYRNHWKHLU5XEEPRUQLQJDQGDIWHUQRRQVHHNLQJ+LV )DFH
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKRVHSHRSOHDORQHKDYHYDOXHLQWKHVLJKWRI$OODKZKRDUH HTXLSSHGZLWK)DLWKDQGJRRGGHHGVQRPDWWHUKRZKXPEOHWKH\DUHLQ WKHH\HVRISHRSOHEHFDXVHRI WKHLUSRYHUW\DQGLQGLJHQFH7KRVHZKRDUHGHSULYHGRI)DLWKDQGJRRGFRQGXFWKDYHDEVROXWHO\QR YDOXHLQ+LVVLJKWHYHQLIWKH\KROGDKLJKVWDWXVLQWKLVZRUOG
7KLV+DGLWKDOVRH[KRUWVWKHEHOLHYHUVWKDWFULWHULRQIRUUHVSHFWDQGKRQRXU VKRXOGDOVREH)DLWKQRW WKHOLQHDJHRUZHDOWK C$LGKELQC$PU$O0X]DQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$EX6XI\DQSDVVHGE\ 6DOPDQ6XKDLEDQG%LODODQGVRPHRWKHU&RPSDQLRQV 0D\$OODKEHSOHDVHGZLWKWKHP 7KH\VDLGWR KLP'LGQRWWKHVZRUGVRI$OODKH[DFWWKHLUGXHIURPWKHIRHVRI$OODK"
$EX%DNU0D\$OODKEH SOHDVHGZLWKKLP VDLGWRWKHP'R\RXVSHDNOLNHWKLVWRWKHFKLHIRIWKH4XUDLVKDQGWKHLUPDVWHU"
7KHQKHZHQWWRWKH3URSKHW3%8+ DQGUHODWHGWKLVWRKLP+H3%8+ VDLG $EX%DNUSHUKDSV\RX KDYHDQJHUHGWKHP,IVR\RXKDYHDQJHUHG\RXU5XEE
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP ZHQWEDFNWRWKHP DQGVDLG%URWKHUVGLG,RIIHQG\RX"
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
7KHQDUUDWRU
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
WRUHVSHFWWKHZHDNDQGFRRSHUDWHZLWKWKHPEHFDXVHPD\EH$OPLJKW\$OODKLVSURYLGLQJWKHP EHFDXVHRIWKHSRRU $EXG'DUGD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 6HHN DPRQJ\RXUZHDNRQHVIRU\RXDUHJLYHQSURYLVLRQDQGKHOSRQO\EHFDXVHRIWKHZHDNDPRQJVW\RX
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHUHDVRQIRUWKHDFFHSWDQFHRIWKHLQYRFDWLRQVRIWKHZHDNDQG SRRU6LQFHWKHLUKHDUWVDUHIUHHIURPWKHZRUOGO\YLFHVDQGDUHJLIWHGZLWKJUHDWHUVLQFHULW\DQGIHDURI $OODKWKHLUSUD\HUVDUHPRUHDFFHSWDEOHWR+LP7KLVSRLQWKDVEHHQPHQWLRQHGPRUHH[SOLFLWO\LQ 1DVD LZKLFKVD\V$OPLJKW\$OODKKHOSVWKH8PPDKEHFDXVHRIWKHSUD\HUVZRUVKLSDQGGHYRWLRQRI LWVZHDNSHRSOH$XQXO0DCEXG9RO1RFKDSWHU$O-LKDG 7KHZRUGVZKLFKRFFXULQPRVWRI WKHPDQXVFULSWVRI5L\DGXV6DOLKHHQDUH$EJKRZILDGGXDID DQGWKHWUDQVODWLRQTXRWHGKHUHIROORZV WKHVHZRUGV%XWLQWKHPDQXVFULSWVRI$EX'DZXGWKHZRUGIL GRHVQRWILJXUHLQWKHWH[W,QRQH PDQXVFULSWKRZHYHUZHILQGWKHZRUGV$EJKRZILDGGXDID ZKLFKPHDQV)RUPHVHDUFK0XVOLPV ZKRDUHZHDNVRWKDW,ILQGUHDVRQWRVXSSRUW\RXZLWKWKHLUSUD\HUV
&+$37(5
5(&200(1'$7,216:,7+ 5(*$5'72:20(1 $OODKWKH([DOWHGVD\V DQGOLYHZLWKWKHPKRQRXUDEO\
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
SHRSOHMXPSHGXSWRNLOOWKHVKHFDPHO
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
+HUHSOLHG $EX'DZXG@
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
:KHQC8PDU0D\$OODKEHSOHDVHGZLWKKLP FDPHWR0HVVHQJHU RI$OODK3%8+ DQGFRPSODLQHGVD\LQJ7KHZRPHQKDYHEHFRPHYHU\GDULQJWRZDUGVWKHLU KXVEDQGV
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
&+$37(5
+86%$1' 65,*+76 &21&(51,1*+,6:,)( $OODKWKH([DOWHGVD\V 0HQDUHWKHSURWHFWRUVDQGPDLQWDLQHUVRIZRPHQEHFDXVH$OODKKDVPDGHRQHRIWKHPWRH[FHO WKHRWKHUDQGEHFDXVHWKH\VSHQGWRVXSSRUWWKHP IURPWKHLUPHDQV7KHUHIRUHWKHULJKWHRXV ZRPHQDUHGHYRXWO\REHGLHQWWR$OODKDQGWRWKHLUKXVEDQGV DQGJXDUGLQWKHKXVEDQG V DEVHQFHZKDW$OODKRUGHUVWKHPWRJXDUGHJWKHLUFKDVWLW\DQGWKHLUKXVEDQG VSURSHUW\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQDPDQFDOOVKLVZLIHWRKLVEHGDQGVKHGRHVQRWUHVSRQGDQGKHWKHKXVEDQG VSHQGVWKHQLJKW DQJU\ZLWKKHUWKHDQJHOVFXUVHKHUXQWLOPRUQLQJ >$O%XNKDULDQG0XVOLP@
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
&+$37(5
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
,WLVLQIDFWDQDFWRIJUHDWPHULW$IWHUIXOILOOLQJWKHLUQHHGV LIKHVWLOOKDVVRPHWKLQJOHIWZLWKKLPWKHQ KHFDQVSHQGLWRQRWKHULWHPVLQWKHRUGHURISUHFHGHQFHPHQWLRQHGLQWKH+DGLWK 8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,DVNHG0HVVHQJHURI$OODK3%8+ :RXOG,EHUHZDUGHGIRUZKDW,VSHQGRQ$EX6DODPDK VVRQV")RU,FDQ WOHWWKHPJRKHUHDQGWKHUH WREHJSHRSOH
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
DQGKHZKRDVNV$OODK WRKHOSKLPDEVWDLQIURPWKHXQODZIXODQGWKHIRUELGGHQ$OODKZLOOIXOILOOKLV ZLVKDQGKHZKRVHHNVVHOIVXIILFLHQF\ZLOOEHPDGHVHOIVXIILFLHQWE\$OODK >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHLPSRUWDQFHRIVSHQGLQJLQWKHZD\RI$OODKSUHIHUHQFHRI RQH VIDPLO\DQGFKLOGUHQRYHURWKHUVDQGFKDVWHQHVVDQGFRQWHQWPHQW,WDOVRWHOOVXVWKDW$OODKKHOSV RQHLQJHWWLQJZKDWRQHSUD\VIRU
&+$37(5
63(1',1*)$9285,7( 7+,1*6)25$//$+ 66$.( $OODKWKH([DOWHGVD\V %\QRPHDQVVKDOO\RXDWWDLQ$O%LUUSLHW\ULJKWHRXVQHVV KHUHLWPHDQV$OODK VUHZDUGLH -DQQDK XQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYH
2\RXZKREHOLHYH6SHQGRIWKHJRRGWKLQJVZKLFK\RXKDYHOHJDOO\ HDUQHGDQGRIWKDWZKLFK :HKDYHSURGXFHGIURPWKHHDUWKIRU\RXDQGGRQRWDLPDWWKDWZKLFKLVEDGWRVSHQGIURPLW
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLP ZDVWKHULFKHVWDPRQJWKH$QVDURI$O0DGLQDKDQGSRVVHVVHGWKHODUJHVWSURSHUW\IURPSDOPWUHHV DQGDPRQJKLVSRVVHVVLRQVZKDWKHORYHGPRVWZDVKLVJDUGHQNQRZQDV%DLUXKD ZKLFKZDVRSSRVLWH WKHPRVTXHDQG0HVVHQJHURI$OODK3%8+ RIWHQYLVLWHGLWDQGGUDQNIURPLWVIUHVKZDWHU:KHQWKLV $\DKZDVUHYHDOHG %\QRPHDQVVKDOO\RXDWWDLQ$O%LUUSLHW\ULJKWHRXVQHVV KHUHLWPHDQV$OODK V UHZDUGLH-DQQDK XQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYH
$EX7DOKDK FDPHWR0HVVHQJHURI$OODK3%8+ DQGVDLG$OODKVD\VLQ+LV%RRN C%\QRPHDQVVKDOO\RXDWWDLQ $O%LUUXQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYH DQGWKHGHDUHVWRIP\SURSHUW\LV %DLUXKD VR,KDYHJLYHQLWDV6DGDTDKFKDULW\ IRU$OODK VVDNHDQG,DQWLFLSDWHLWVUHZDUGZLWK+LP VRVSHQGLW20HVVHQJHURI$OODKDV$OODKJXLGHV\RX
0HVVHQJHURI$OODK3%8+ VDLG :HOO GRQH7KDWLVSURILWHDUQLQJSURSHUW\,KDYHKHDUGZKDW\RXKDYHVDLGEXW,WKLQN\RXVKRXOGVSHQGLW RQ\RXUQHDUHVWUHODWLYHV
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
&+$37(5
85*,1*21( 6.,7+$1' .,1722%(<$//$+$1' 5()5$,1)520(9,/6 $OODKWKH([DOWHGVD\V
$QGHQMRLQ6DODWWKHSUD\HU RQ\RXUIDPLO\DQGEHSDWLHQWLQRIIHULQJWKHPLHWKH6DODW
2\RXZKREHOLHYH:DUGRII\RXUVHOYHVDQG\RXUIDPLOLHVDJDLQVWD)LUH+HOO ZKRVHIXHOLV PHQDQGVWRQHV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$O+DVDQELQC$OL0D\$OODKEH SOHDVHGZLWKWKHP WRRNRQHRIWKHGDWHVRIWKH6DGDTDKFKDULW\ DQGSXWLWLQKLVPRXWKZKHUHXSRQ 0HVVHQJHURI$OODK3%8+ VDLG /HDYHLWOHDYHLWWKURZLWDZD\'R\RXQRWNQRZWKDWZHGRQRW HDWWKH6DGDTDKFKDULW\ "
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
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV 7KHLPSRUWDQFHRIWKHSUHVFULEHGILYHGDLO\6DODW SUD\HUV :KHQZDUUDQWHGE\WKHVLWXDWLRQLWLVSHUPLVVLEOHWREHDWFKLOGUHQIRUWKHLUSURSHUXSEULQJLQJDQG HGXFDWLRQ%XWWKLVVKRXOGQRWEHLQDQ\FDVHYLROHQWDQGDJJUHVVLYH,WVKRXOGUDWKHUEHGRQHLQD PDQQHUWKDWWKHFKLOGGRHVQRWVXIIHUDQ\SK\VLFDOLQMXU\DQGUHFHLYHVWKHULJKWW\SHRIWUDLQLQJ,WLVDQ DEVXUGWKHRU\WKDWFKLOGUHQVKRXOGEHJLYHQDIUHHKDQGDQGOHDYHDORQHWKHFRUSRUDOSXQLVKPHQWWKH\ VKRXOGQRWHYHQEHUHEXNHGRQGRLQJVRPHWKLQJZURQJ6XLWDEOHSXQLVKPHQWLVHVVHQWLDOIRUWKHLU SURSHUWUDLQLQJDQGHGXFDWLRQ 0XVOLPMXULVWVKDYHZULWWHQWKDWOLNH6DODWRWKHULQMXQFWLRQVRI6KDULCDKVKRXOGDOVREHLQVWLOOHGLQ WKHPLQGVRIFKLOGUHQDQGLISRVVLEOHWKH\VKRXOGDOVREHJLYHQSUDFWLFDOWUDLQLQJIRUWKHLU SHUIRUPDQFH)RULQVWDQFHWKH\VKRXOGEHPDGHWRREVHUYH6DXP IDVW RFFDVLRQDOO\LQDFFRUGDQFH ZLWKWKHLUDJHDQGFDSDFLW\GXULQJWKHPRQWKRI5DPDGDQVRWKDWWKHLPSRUWDQFHRIREOLJDWLRQRI IDVWLQJLVLPSUHVVHGRQWKHLUPLQGVLQDQHDUO\DJH7KLVH[HUFLVHZLOOSURYHYHU\IUXLWIXOZKHQWKH\ DWWDLQPDWXULW\7KH\ZLOOWKHQEHFRQVFLRXVWKDWIRUD0XVOLPIDVWLQJLQWKHPRQWKRI5DPDGDQLV FRPSXOVRU\OLNHWKHILYHGDLO\6DODW $FKLOGJHQHUDOO\GRHVQRWDWWDLQPDWXULW\DWWKHDJHRIWHQ\HDUVEXWQHYHUWKHOHVVKHGRHVDFTXLUH VRPHVHQVH,WLV WKHUHIRUHQHFHVVDU\WKDWUDWKHUWKDQSXWWLQJFKLOGUHQLQRQHEHGWKH\DUHSURYLGHG VHSDUDWHEHGVRQFHWKH\UHDFKWKHDJHRIHVSHFLDOO\FKLOGUHQRIWKHRSSRVLWHVH[ 6DEUDKELQ0DCEDG$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHU RI$OODK 3%8+ VDLG 7HDFKDER\6DODWWKHSUD\HU ZKHQKHDWWDLQVWKHDJHRIVHYHQ\HDUVDQGSXQLVKKLP LIKHGRHVQRWRIIHULW DWWHQ >$EX'DZXGDQG7LUPLGKL@ 7KHQDUUDWLRQLQ$EX'DZXGLV0HVVHQJHURI$OODK3%8+ VDLG 2UGHUDER\WRSHUIRUP6DODWWKH SUD\HU ZKHQKHLVVHYHQ\HDUVROG &RPPHQWDU\ 2EYLRXVO\RQO\VXFKWHDFKHUVDQGSDUHQWVFDQSHUVXDGHWKHFKLOGUHQWRSHUIRUP6DODW ZKRDUHWKHPVHOYHVYHU\VWULFWDERXWLW,QWKHHDUO\SHULRGRI,VODPRQHFRXOGQRWHYHQWKLQNRID 0XVOLPZKRLJQRUHGLW,WLVYHU\XQIRUWXQDWHLQGHHGWKDWLQWKHSUHVHQWGD\0XVOLPVRFLHWLHVDODUJH PDMRULW\RI0XVOLPVDUHFDUHOHVVDERXWWKLVIXQGDPHQWDOUHOLJLRXVGXW\,QVXFKDVWDWHRIDIIDLUVZKR ZRXOGLQVWUXFWDQGSHUVXDGHWKHPWRSHUIRUPWKLVUHOLJLRXVREOLJDWLRQRIWKHILUVWRUGHU"
&+$37(5
5,*+762)1(,*+%2856 $OODKWKH([DOWHGVD\V :RUVKLS$OODKDQGMRLQQRQHZLWK+LPLQZRUVKLS DQGGRJRRGWRSDUHQWVNLQVIRONRUSKDQV $O0DVDNLQWKHSRRU WKHQHLJKERXUZKRLVQHDURINLQWKHQHLJKERXUZKRLVDVWUDQJHUWKH FRPSDQLRQE\\RXUVLGHWKHZD\IDUHU\RXPHHW DQGWKRVHVODYHV ZKRP\RXUULJKWKDQGV SRVVHVV
,EQC8PDUDQGC$LVKDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG -LEULONHSWUHFRPPHQGLQJWUHDWLQJQHLJKERXUVZLWKNLQGQHVVXQWLO,WKRXJKWKHZRXOGDVVLJQD VKDUHRILQKHULWDQFH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLOOXVWUDWHVWKHLPSRUWDQFHRIQLFHWUHDWPHQWWRQHLJKERXUVLQ,VODP
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ FRPPDQGHG PHWKXV 2$EX'KDUU:KHQHYHU\RXSUHSDUHDEURWKSXWSOHQW\RIZDWHULQLWDQGDQGJLYHVRPHRI LWWR\RXUQHLJKERXUV >0XVOLP@ ,QDQRWKHUQDUUDWLRQRI0XVOLPQDUUDWHG$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP 0\IULHQG 0HVVHQJHURI$OODK3%8+ DGYLVHGPHVD\LQJ :KHQHYHU\RXSUHSDUHDEURWKSXWSOHQW\RIZDWHU LQLWDQGJLYHVRPHWR\RXUQHLJKERXUVDQGWKHQJLYHWKHPRXWRIWKLVZLWKFRXUWHV\
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
,WZDVDVNHG:KRLV WKDW20HVVHQJHURI$OODK"
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
+H3%8+ UHSOLHG 7RWKHRQHZKRVH GRRULVQHDUHUWR\RX >$O%XNKDUL@ &RPPHQWDU\ :KHQD0XVOLPGRHVQRWKDYHWKHPHDQVWRSUHVHQWJLIWVWRKLVQHLJKERXUVDQGZDQWV WRSUHVHQWDJLIWRQO\WRRQHRIWKHPKHVKRXOGJRE\WKHSULQFLSOHODLGGRZQLQWKLV+DGLWK7KH SULQFLSOHHQXQFLDWHGKHUHLV2QHZKRLVWKHQHDUHVWQHLJKERXUVKRXOGKDYHSUHFHGHQFHRYHUDOO RWKHUV
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWRIFRPSDQLRQVZLWK$OODKLVWKHRQHZKRLVEHVWWRKLVFRPSDQLRQVDQGWKHEHVWRI QHLJKERXUVWR$OODKLVWKHRQHZKRLVWKHEHVWRIWKHPWRKLVQHLJKERXU >$W7LUPLGKL@ &RPPHQWDU\ &RPSDQLRQLVDFRPPRQZRUGZKLFKFRYHUVFRPSDQLRQVLQMRXUQH\DQGVWD\0XVOLPV DUHRUGDLQHGWRWUHDWDOORIWKHPQLFHO\%XWRQH VQHLJKERXUKDVSUHFHGHQFHRYHURWKHUV1LFHWUHDWPHQW WRKLPLVWKHEHVWPHDQVWRDWWDLQDGLVWLQFWLYHSODFHZLWK$OODK
&+$37(5
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
GLVUHVSHFWQRUVKRXWDWWKHPEXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGORZHUXQWRWKHPWKH ZLQJRIVXEPLVVLRQDQGKXPLOLW\WKURXJKPHUF\DQGVD\C0\5XEE%HVWRZRQWKHP
0HVVHQJHURI$OODK3%8+ VDLG 6DODWDWLWVSURSHU WLPH
,DVNHGCC:KDWQH[W"
+H3%8+ UHSOLHG CC.LQGQHVVWRSDUHQWV
,DVNHGCC:KDWQH[W"
+H UHSOLHG CC-LKDGLQWKHZD\RI$OODK
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$SHUVRQFDPHWR0HVVHQJHURI$OODK 3%8+ DQGDVNHG:KRDPRQJSHRSOHLVPRVWGHVHUYLQJRIP\ILQHWUHDWPHQW"
+H3%8+ VDLG
+HWKH3URSKHW3%8+ VDLGDJDLQ
+HDJDLQDVNHG7KHQZKR"
7KHUHXSRQKH3%8+ VDLG
7KHQ\RXUIDWKHU
,QDQRWKHUQDUUDWLRQ20HVVHQJHURI$OODK:KRLVPRVWGHVHUYLQJRIP\ILQHWUHDWPHQW"
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
$EX7DOKDKFDPH WR 0HVVHQJHURI$OODK3%8+ DQGVDLG$OODKVD\VLQ+LV%RRN C%\QRPHDQVVKDOO\RXDWWDLQ$O%LUU XQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYH DQGWKHGHDUHVWRIP\SURSHUW\LV%DLUXKD VR,KDYHJLYHQLWDV6DGDTDKFKDULW\ IRU$OODK VVDNHDQG,DQWLFLSDWHLWVUHZDUGZLWK+LPVRVSHQG LW20HVVHQJHURI$OODKDV$OODKJXLGHV\RX0HVVHQJHURI$OODK3%8+ VDLG :HOOGRQH7KDWLV SURILWDEOHSURSHUW\,KDYHKHDUGZKDW\RXKDYHVDLGEXW,WKLQN\RXVKRXOGVSHQGLWRQ\RXUQHDUHVW UHODWLYHV
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
+H3%8+ VDLG ,VDQ\RI\RXUSDUHQWVDOLYH"
+HVDLG
+H3%8+ WKHQDVNHG 'R\RXZDQWWRVHHNUHZDUGIURP$OODK"
+HUHSOLHGLQWKHDIILUPDWLYH 7KHUHXSRQ0HVVHQJHURI$OODK3%8+ VDLG *REDFNWR\RXUSDUHQWVDQGNHHSJRRGFRPSDQ\ZLWK WKHP >$O%XNKDULDQG0XVOLP@ ,QDQRWKHUQDUUDWLRQLWLVUHSRUWHGWKDWDSHUVRQFDPHWR0HVVHQJHURI$OODK3%8+ DQGVRXJKWKLV SHUPLVVLRQWRSDUWLFLSDWHLQ-LKDG7KH3URSKHW3%8+ DVNHG $UH\RXUSDUHQWVDOLYH"
+HUHSOLHGLQ WKHDIILUPDWLYH7KH3URSKHWD3%8+ VDLG
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
+H VDLG +DYH\RXLQGHHG"
6KHUHSOLHG
+H3%8+ WKHQUHPDUNHG +DG\RXJLYHQKHUWR\RXU PDWHUQDOXQFOHV\RXZRXOGKDYH\RXUUHZDUGLQFUHDVHG >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWZRSRLQWV $ZRPDQLVIUHHWRVSHQGDQ\WKLQJRIKHURZQSURSHUW\ZLWKRXWWKHSHUPLVVLRQRIKHUKXVEDQGEXW QRWRIWKLQJVRZQHGE\KHUKXVEDQG 7RVSHQGRQWKHQHHG\UHODWLYHVLVPRUHPHULWRULRXVWKDQWRVHWDVODYHIUHHEHFDXVHWRVHWDVODYH IUHHLVD6DGDTDK FKDULW\ RQO\ZKLOHSD\LQJ6DGDTDKWRDNLQVPDQKDVDGRXEOHPHULWDVLWFDUULHVWKH UHZDUGRI6DGDTDKDVZHOODVPDLQWDLQLQJWKHWLHVRINLQVKLS
$VPD ELQW$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKHU VDLG0\PRWKHUFDPHWRPH ZKLOHVKH ZDVVWLOODSRO\WKHLVWVR,DVNHG0HVVHQJHURI$OODK3%8+ 0\PRWKHUZKRLVLOO GLVSRVHGWR,VODPKDVFRPHWRYLVLWPH6KDOO,PDLQWDLQUHODWLRQVZLWKKHU"
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
+HDVNHGPHWKDW,VKRXOGEHWWHUJRP\VHOI,ZHQWDQGIRXQGDZRPDQ RIWKH$QVDUDWWKHGRRURI0HVVHQJHURI$OODK3%8+ ZDLWLQJWRDVNDVLPLODUTXHVWLRQDVPLQH7KH
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
0HVVHQJHURI$OODK3%8+ DGGHG &KDULW\WRZDUGVDSRRU SHUVRQLVFKDULW\DQGWRZDUGVDUHODWLRQLVERWKFKDULW\DQGPDLQWDLQLQJWKHWLHVRINLQVKLS >7LUPLGKL@ &RPPHQWDU\ :HOHDUQWZRSRLQWVIURPWKLV+DGLWK )LUVWO\LWLVPRUHUHZDUGLQJWREUHDNWKHIDVWZLWKGDWHIUXLWRUZDWHU6HFRQGO\SD\PHQWRI6DGDTDKWR RQH VSRRUUHODWLYHVFDUULHVDGRXEOHUHZDUG ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KDGDZLIHZKRP,ORYHGEXWC8PDU 0D\$OODKEHSOHDVHGZLWKKLP GLVOLNHGKHU+HDVNHGPHWRGLYRUFHKHUDQGZKHQ,UHIXVHGC8PDU 0D\$OODKEHSOHDVHGZLWKKLP ZHQWWR0HVVHQJHURI$OODK3%8+ DQGPHQWLRQHGWKHPDWWHUWR KLP0HVVHQJHURI$OODK3%8+ DVNHGPHWRGLYRUFH KHU >$W7LUPLGKLDQG$EX'DZXG@
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
>$W7LUPLGKLDQG,EQ0DMDK@ &RPPHQWDU\ 7KHZRUG:DOLG
DSSOLHVWRPRWKHUDVZHOODVIDWKHU$VWKHZRUG :DOLGDLQ
LVD GXDOIRUPDQGFRYHUVPRWKHUDQGIDWKHUERWKVLPLODUO\WKHQRXQ IDWKHU
DOVRDSSOLHVWRERWK7KLV +DGLWKDOVRVWUHVVHVWKDWREHGLHQFHRISDUHQWVDQGVXEPLVVLRQWRWKHLURUGHUPXVWKDYHSUHIHUHQFHRYHU WKHORYHIRUWKHZLIHDVORQJDVWKLVRUGHURI WKHLUVLVIDLUDQGMXVW $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ $PRWKHU VVLVWHULVHTXLYDOHQWWRUHDO PRWKHULQVWDWXV >$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGEHDVUHVSHFWIXOWRRQH VDXQW PRWKHU VUHDOVLVWHU DVRQHLVWRPRWKHUDVLWLVDYLUWXHDVZHOODVDIRUPRIPDLQWDLQLQJWKHWLHVRINLQVKLS
&+$37(5
352+,%,7,212)',62%(<,1* 3$5(176$1'6(9(5$1&( 2)5(/$7,216 $OODKWKH([DOWHGVD\V :RXOG\RXWKHQLI\RXZHUHJLYHQWKHDXWKRULW\GRPLVFKLHILQWKHODQGDQGVHYHU\RXUWLHVRI NLQVKLS"6XFKDUHWKH\ZKRP$OODKKDVFXUVHGVRWKDW+HKDVPDGHWKHPGHDIDQGEOLQGHGWKHLU VLJKW
$QGWKRVHZKREUHDNWKH&RYHQDQWRI$OODKDIWHULWVUDWLILFDWLRQDQGVHYHUWKDWZKLFK$OODK KDVFRPPDQGHGWREHMRLQHGLHWKH\VHYHUWKHERQGRINLQVKLSDQGDUHQRWJRRGWRWKHLU UHODWLYHV DQGZRUNPLVFKLHILQWKHODQGRQWKHPLVWKHFXUVHLHWKH\ZLOOEHIDUDZD\IURP $OODK V0HUF\ DQG IRUWKHPLVWKHXQKDSS\HYLO KRPHLH+HOO
$QG\RXU5XEEKDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LP$QGWKDW\RXEHGXWLIXOWR\RXU SDUHQWV,IRQHRIWKHPRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIHVD\QRWWRWKHPDZRUGRI GLVUHVSHFWQRUVKRXWDWWKHPEXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGORZHUXQWRWKHPWKH ZLQJRIVXEPLVVLRQDQGKXPLOLW\WKURXJKPHUF\DQGVD\C0\5XEE%HVWRZRQWKHP
$EX%DNUDK1XIDLCELQ$O+DULWK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG 6KDOO,QRWLQIRUP\RXRIWKHELJJHVWRIWKHPDMRUVLQV"
0HVVHQJHURI$OODK3%8+ DVNHGWKLVTXHVWLRQWKULFH:HVDLG$O%XNKDULDQG0XVOLP@
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
,W ZDVDVNHGE\WKHSHRSOH 2 0HVVHQJHURI$OODKFDQDPDQDEXVHKLVRZQSDUHQWV"
0HVVHQJHURI$OODK3%8+ VDLG +HDEXVHV WKHIDWKHURIVRPHERG\ZKRLQUHWXUQDEXVHVWKHIRUPHU VIDWKHUKHWKHQDEXVHVWKHPRWKHURI VRPHERG\ZKRLQUHWXUQDEXVHV KLVPRWKHU >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG 2QHRIWKHPDMRUVLQVLVWRFXUVHRQH V SDUHQWV,WZDVVXEPLWWHG20HVVHQJHURI$OODK+RZFDQDPDQFXUVHKLVRZQSDUHQWV"
+H 3%8+ VDLG :KHQVRPHRQHFXUVHVWKHSDUHQWVRIDQRWKHUPDQZKRLQUHWXUQDEXVHVWKHIRUPHU V IDWKHUDQGZKHQVRPHRQHDEXVHVWKHPRWKHURIDQRWKHUPDQZKRLQUHWXUQDEXVHVKLVPRWKHU
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGQRWDEXVHDQ\RQH VSDUHQWVEHFDXVHLQWKH HYHQWKHLVSDLGLQWKHVDPHFRLQKHZLOOEHUHVSRQVLEOHIRUGLVJUDFLQJKLVRZQSDUHQWV $EX0XKDPPDG-XEDLUELQ0XWCLP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI $OODK3%8+ VDLG 7KHSHUVRQZKRVHYHUVWKHERQGRINLQVKLSZLOOQRW HQWHU-DQQDK >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSRVHVDVHULRXVWKUHDWWRWKRVHZKRYLRODWHWKH'LYLQHLQMXQFWLRQVRI PDLQWDLQLQJJRRGWLHVRINLQVKLS,QVSLWHRIVXFKDVHULRXVZDUQLQJWKLVPDMRUVLQLVYHU\FRPPRQLQ RXUSUHVHQWGD\VRFLHW\7KHSXUSRVHRIWKLVZDUQLQJLVWKDW0XVOLPVSUHYHQWWKHPVHOYHVIURPLW0D\ $OODKVDYHXVIURPLW $EX ,VD$O0XJKLUDKELQ6KXCEDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW 3%8+ VDLG $OODKKDVIRUELGGHQ\RXGLVREHGLHQFHWR\RXUPRWKHUVWRZLWKKROGZKDW\RXVKRXOG JLYH RUGHPDQGZKDW\RXGRQRWGHVHUYH DQGWREXU\\RXUGDXJKWHUVDOLYH$QG$OODKGLVOLNHVLGOH WDONWRDVNWRRPDQ\TXHVWLRQVIRUWKLQJVZKLFKZLOOEHRIQREHQHILWWRRQH DQGWRZDVWH\RXU ZHDOWK >$O%XNKDULDQG0XVOLP@
&+$37(5
(;&(//(1&(,1'2,1**22' 727+()5,(1'62)3$5(176 $1'27+(55(/$7,9(6
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
+H3%8+ UHSOLHG
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
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,QHYHUIHOWMHDORXVRIDQ\RIWKHZLYHVRIWKH 3URSKHW3%8+ DVPXFKDV,GLGRI.KDGLMDK0D\$OODKEHSOHDVHGZLWKKHU DOWKRXJK,KDYHQHYHU VHHQKHUEXWWKH3URSKHW3%8+ XVHGWRPHQWLRQKHUYHU\RIWHQ:KHQHYHUKHVODXJKWHUHGDVKHHSKH ZRXOGFXWLWLQWRSLHFHVDQGVHQGWKHPWRWKHZRPHQIULHQGVRI.KDGLMDK0D\$OODKEHSOHDVHGZLWK KHU :KHQ,VRPHWLPHVVDLGWRKLP$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV$QG LIKH3%8+ VODXJKWHUHGDVKHHSKHZRXOGVHQGPHDWWRWKHIULHQGVRI .KDGLMDK0D\$OODKEHSOHDVHGZLWKKHU DVDSUHVHQWDVPXFKDVZRXOGVXIILFHWKHP $QRWKHUQDUUDWLRQLV:KHQDVKHHSZDVVODXJKWHUHGKH3%8+ ZRXOGVD\ 6HQGWKLVPHDWWR .KDGLMDK VIULHQGV
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
&+$37(5
6+2:,1*5(9(5(1&(727+()$0,/<2) $//$+ 60(66(1*(53%8+ $OODKWKH([DOWHGVD\V
$OODKZLVKHVRQO\WRUHPRYH$U5LMVHYLOGHHGVDQGVLQV IURP\RX2PHPEHUVRIWKHIDPLO\RI WKH3URSKHW3%8+ DQGWRSXULI\\RXZLWKDWKRURXJKSXULILFDWLRQ
$QGZKRVRHYHUKRQRXUVWKH6\PEROVRI$OODKWKHQLWLVWUXO\IURPWKHSLHW\RIWKHKHDUW
=DLGVDLG%\$OODK, KDYHJURZQROGDQGKDYHDOPRVWVSHQWXSP\DJHDQG,KDYHIRUJRWWHQVRPHRIWKHWKLQJVZKLFK, UHPHPEHUHGLQFRQQHFWLRQZLWK0HVVHQJHURI$OODK3%8+ VRDFFHSWZKDW,QDUUDWHWR\RXGRQRW FRPSHOPHWRQDUUDWHZKDW,IDLOWRQDUUDWH+HWKHQVDLG2QHGD\0HVVHQJHURI$OODK3%8+ VWRRG XSWRGHOLYHUD.KXWEDKDWDZDWHULQJSODFHNQRZQDV.KXPPEHWZHHQ0DNNDKDQG$O0DGLQDK+H SUDLVHG$OODKH[WROOHG+LPDQGH[KRUWHGXV DQGVDLG C$PPD%DCGX2SHRSOH,DPDKXPDQEHLQJ ,DPDERXWWRUHFHLYHDPHVVHQJHUWKHDQJHORIGHDWK IURPP\5XEEDQG,ZLOOUHVSRQGWR$OODK V&DOO EXW,DPOHDYLQJZLWK\RXWZRZHLJKW\WKLQJVWKHILUVWLVWKH%RRNRI$OODKLQZKLFKWKHUHLVULJKW JXLGDQFHDQGOLJKWVRKROGIDVWWRWKH%RRNRI$OODKDQGDGKHUHWRLW +HH[KRUWHGXVWRKROGIDVW WR WKH%RRNRI$OODK DQGWKHQVDLG C7KHVHFRQGLVWKHPHPEHUVRIP\KRXVHKROG,UHPLQG\RXWREH NLQG WRWKHPHPEHUVRIP\IDPLO\,UHPLQG\RXWREHNLQG WRWKH PHPEHUVRIP\IDPLO\ +XVDLQ VDLGWR=DLG :KRDUHWKHPHPEHUVRIKLVKRXVHKROG2=DLG"$UHQ WKLVZLYHVWKHPHPEHUVRIKLV IDPLO\"
7KHUHXSRQ=DLGVDLG+LVZLYHVDUHWKHPHPEHUVRIKLVIDPLO\%XWKHUH WKHPHPEHUVRIKLV IDPLO\DUHWKRVHIRUZKRP=DNDWLVIRUELGGHQ +HDVNHG:KRDUHWKH\"
=DLGVDLG$OLDQGWKH RIIVSULQJRIC$OLC$TLODQGWKHRIIVSULQJRIC$TLODQGWKHRIIVSULQJRI-DCIDUDQGWKHRIIVSULQJRI C$EEDV
+XVDLQDVNHG)RUDOORIWKHPWKHDFFHSWDQFHRI=DNDWLVIRUELGGHQ"
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
>$O%XNKDUL@ &RPPHQWDU\ ,QWKLV+DGLWKWKHORYHDQGUHVSHFWIRUWKHPHPEHUVRIWKH3URSKHW V3%8+ IDPLO\ KDVEHHQWLHGZLWKWKHORYHDQGUHVSHFWRIWKH3URSKHW3%8+ ,QRWKHUZRUGVDSHUVRQZKR ORYHVDQG UHVSHFWVWKHGHVFHQGDQWVRIWKH3URSKHW3%8+ ZLOOEHGHHPHGWREHDORYHUDQGDGPLUHURIWKH 3URSKHW3%8+ 2QWKHFRQWUDU\RQHZKRVHKHDUWLVGHYRLGRIWKHORYHRIWKHGHVFHQGDQWVRIWKH 3URSKHW3%8+ ZLOOEHFRQVLGHUHGGHYRLGRIWKHORYH DQGUHVSHFWRIWKH3URSKHW3%8+ %XWORYH
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
&+$37(5
5(9(5,1*7+(6&+2/$56$1' (/'(5635()(5,1*7+(072 27+(56$1'5$,6,1*7+(,567$786 $OODKWKH([DOWHGVD\V 6D\C$UHWKRVHZKRNQRZHTXDOWRWKRVHZKRNQRZQRW" ,WLVRQO\PHQRIXQGHUVWDQGLQJZKR ZLOOUHPHPEHULHJHWDOHVVRQIURP$OODK V6LJQVDQG9HUVHV
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
6RKHVWRSSHGWDONLQJDQGWKHRWKHUWZR VSRNHDERXWWKHFDVHRI WKHLUPXUGHUHG IULHQG0HVVHQJHURI$OODK3%8+ VDLG :LOO\RXWDNHDQRDWKZKHUHE\\RXZLOO KDYHWKHULJKWWRUHFHLYHWKHEORRGPRQH\RI\RXUPXUGHUHGPDQ"
$QGPHQWLRQHGWKHUHVWRIWKH +DGLWK
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
:KLFKHYHUZDVWKXVSRLQWHGRXWWRKLPZDVSODFHGE\KLPILUVWLQ WKH/DKG >$O%XNKDUL@
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
$O+XUUDVNHGC8PDUDQGKHDFFRUGHGSHUPLVVLRQ:KHQC8\DLQDKFDPHLQWR WKHSUHVHQFHRIC8PDUKHDGGUHVVHGKLPWKXV 2VRQRI$O.KDWWDE\RXQHLWKHUEHVWRZPXFKRQXV QRUGHDOZLWKXVMXVWO\
C8PDU0D\$OODKEHSOHDVHGZLWKKLP JRWDQJU\DQGZDVDERXWWREHDWKLP ZKHQ$O+XUUVDLG 2/HDGHURIWKH%HOLHYHUV$OODKKDVVDLGWRKLV3URSKHW3%8+ C6KRZ IRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ WSXQLVKWKHP >LH C8\DLQDK@ 7KLVLVRQHRIWKHLJQRUDQWRQHV
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
&+$37(5
9,6,7,1*7+(3,2863(56216 /29,1*7+(0$1'$'237,21 2)7+(,5&203$1<
$OODKWKH([DOWHGVD\V $QGUHPHPEHU ZKHQ0XVD0RVHV VDLGWRKLVER\VHUYDQWC,ZLOOQRWJLYHXSWUDYHOOLQJ XQWLO,UHDFKWKHMXQFWLRQRIWKHWZRVHDVRUXQWLO ,VSHQG\HDUVDQG\HDUVLQWUDYHOOLQJ
XSWR 0XVD0RVHV VDLGWRKLP.KLGU C0D\,IROORZ\RXVRWKDW\RXWHDFKPHVRPHWKLQJRIWKDW NQRZOHGJHJXLGDQFHDQGWUXHSDWK ZKLFK\RXKDYHEHHQWDXJKWE\$OODK " $QGNHHS\RXUVHOI20XKDPPDG3%8+ SDWLHQWO\ZLWKWKRVHZKRFDOORQWKHLU5XEELH \RXUFRPSDQLRQVZKRUHPHPEHUWKHLU5XEEZLWKJORULILFDWLRQSUDLVLQJLQSUD\HUVDQGRWKHU ULJKWHRXVGHHGV PRUQLQJDQGDIWHUQRRQVHHNLQJ+LV3OHDVXUH
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$IWHUWKHGHDWKRI0HVVHQJHURI$OODK 3%8+ $EX%DNU0D\$OODKEHSOHDVHGZLWKKLP VDLGWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP /HWXVYLVLW8PP$LPDQ 0D\$OODKEHSOHDVHGZLWKKHU DV0HVVHQJHURI$OODK3%8+ XVHGWRYLVLW KHU$VZHFDPHWRKHUVKHZHSW7KH\$EX%DNUDQGC8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG WRKHU :KDWPDNHV\RXZHHS"'R\RXQRWNQRZWKDWZKDW$OODKKDVLQVWRUHIRU+LV0HVVHQJHU 3%8+ LVEHWWHUWKDQWKLVZRUOGO\OLIH "
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
+HVDLG,LQWHQGWRYLVLWP\EURWKHULQ WKLVWRZQ
7KHDQJHOVDLG+DYH\RXGRQHDQ\IDYRXUWRKLP"
+HVDLG1R,KDYHQRGHVLUHH[FHSW WRYLVLWKLPEHFDXVH,ORYHKLPIRUWKHVDNHRI$OODKWKH([DOWHGDQG*ORULRXV
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
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ 7KHVLPLOLWXGHRIJRRGFRPSDQ\DQGWKDWRIEDGFRPSDQ\LVWKDWRIWKHRZQHURIPXVNDQGRI WKHRQHEORZLQJWKHEHOORZV7KHRZQHURIPXVNZRXOGHLWKHURIIHU\RXVRPHIUHHRIFKDUJHRU\RX ZRXOGEX\LWIURPKLPRU\RXVPHOOLWVSOHDVDQWIUDJUDQFHDQGDVIRUWKHRQHZKREORZVWKHEHOORZV LHWKHEODFNVPLWK KHHLWKHUEXUQV\RXUFORWKHVRU\RXVPHOOD UHSXJQDQWVPHOO >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWRQHVKRXOGVLWLQWKHFRPSDQ\RIWKHSLRXVSHUVRQVDQGDYRLG WKHLPSLRXVRQHVEHFDXVHWKHIRUPHUKDVWKHTXDOLW\RIDSHUIXPHVHOOHUDQGWKHODWWHURIDEODFNVPLWK ,QWKHDVVRFLDWLRQRISLRXVPHQRQHVWDQGVWRJDLQDOOWKHWLPHDQGXOWLPDWHO\EHFRPHVOLNHWKHP,Q EDGFRPSDQ\RQHLVRXWDQGRXWDORVHUDQGFDQQHYHUKRSHWRJDLQDQ\EHQHILWIURPWKHP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG $ZRPDQLV PDUULHGIRUIRXUWKLQJVIRUKHUZHDOWKIRUKHUOLQHDJHIRUKHUEHDXW\RUIRUKHUSLHW\6HOHFWWKHSLRXV PD\\RXEHEOHVVHG >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2QO\DSLRXVZRPDQLVLQWKHWUXHVHQVHIDLWKIXODQGREHGLHQW WRKHUKXVEDQGRIJRRG FRQGXFW6XFKDFRXSOHQRWRQO\OHDGDKDSS\OLIHEXWLWVIXWXUHJHQHUDWLRQLVDOVREURXJKWXSRQWKH ULJKWOLQHVZLWKWKHKHOSRIVXFKDZRPDQ7KHZRPHQRIWKHUHPDLQLQJWKUHHW\SHVDUHJHQHUDOO\D VRXUFHRIWURXEOHIRUWKHLUKXVEDQGVDQGVSRLOWKHLUIXWXUHJHQHUDWLRQV)RUWKLVUHDVRQZKLOHVHOHFWLQJD ZLIHRQHVKRXOGJLYHSUHIHUHQFHWRUHOLJLRQRYHUDOORWKHUTXDOLWLHV ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLGWR-LEULO *DEULHO :KDWSUHYHQWV\RXIURPYLVLWLQJXVPRUHIUHTXHQWO\"
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
$QRWKHUQDUUDWLRQLV7KH3URSKHW3%8+ ZDVDVNHG:KDWDERXWDSHUVRQZKRORYHVDSHRSOHEXW FDQQRWEHZLWKWKHP"
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
+HVDLG2QO\WKHORYHRI$OODKDQG +LV0HVVHQJHU
7KHQ0HVVHQJHURI$OODK3%8+ VDLG
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
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWR0HVVHQJHURI$OODK 3%8+ DQGVDLG20HVVHQJHURI$OODK:KDWGR\RXWKLQNRIDPDQZKRORYHVVRPHSHRSOHEXW GRHVQRWJRDQ\QHDUHUWRWKHLUSRVLWLRQ"
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
&RPPHQWDU\ 0HWDOVGLIIHUIURPHDFKRWKHU6RPHRIWKHPDUHSUHFLRXVDQGRWKHUVZRUWKOHVV6LPLODULVWKHFDVHRI WKHSHRSOH VFRQGXFWDQGDFWLRQV7KHUHDUHSHRSOHRIERWKNLQGVLQWKHZRUOG,IJRRGSHUVRQVRIWKH SUH,VODPLFSHULRGZKRZHUHGLVWLQJXLVKHGIRUWKHLUQREOHFKDUDFWHU HPEUDFHG,VODPDQGXQGHUVWRRG DQGDFWHGXSRQWKHLQMXQFWLRQVRI,VODPWKH\ZHUHHQWLWOHGWRWKHVDPHGLVWLQFWLRQZKLFKWKH\ZHUH KROGLQJSUHYLRXVO\LQWKHSUH,VODPLFSHULRG 7KHUHZRXOGEHQRUHGXFWLRQLQWKHLUSUHVWLJHDQGVWDWXV ZLWKWKHLUFRQYHUVLRQ 7KHZRUGVVRXOVDUHOLNHUHFUXLWHGVROGLHUV
VLJQLI\WKHQDWXUDOGLIIHUHQFHRIQDWXUHDQG WHPSHUDPHQWLQSHRSOH7KRVHZKRDUHQREOHZRXOGEHLQWURGXFHGWRWKHSLRXVRQHVDQGRWKHUVZKR DUHIDVFLQDWHGE\HYLOZLOOEHLQWURGXFHGWRWKHPLVFKLHYRXVRQHV3HRSOHRIHDFKNLQGZLOOPDLQWDLQ FRQWDFWZLWKWKHLURZQIHOORZVDVLVLQGLFDWHGE\DSURYHUE C%LUGVRIDIHDWKHUIORFNWRJHWKHUSLJHRQVJRZLWKSLJHRQVKDZNVZLWKKDZNV
6RPHVFKRODUVKDYHSRLQWHGRXWWKDWDSHUVRQZKRKDWHVWKHULJKWHRXVSHRSOHPXVWILQGRXWLWVFDXVH EHFDXVHLWLVDGDQJHURXVV\PSWRPRIRQH VEDGHQG$IWHUGLVFRYHULQJLWVFDXVHKHPXVWWU\WRFKDQJH LW 8VDLUELQC$PU,EQ-DELU UHSRUWHG:KHQGHOHJDWLRQVIURP
+HFRQWLQXHGVHDUFKLQJKLP XQWLOKHPHW2ZDLV0D\$OODKEH SOHDVHGZLWKKLP +HVDLG$UH\RX2ZDLVELQC$PLU"
+HVDLG
+HVDLG
+HVDLG
+HVDLG
+HVDLG7R.XIDK
+HC8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG/HWPHZULWHDOHWWHUIRU\RXWRLWVJRYHUQRU
ZKHUHXSRQKH2ZDLV0D\$OODKEHSOHDVHGZLWKKLP VDLG,ORYHWROLYHDPRQJVWWKHSRRUSHRSOH 7KHIROORZLQJ\HDUDSHUVRQIURP DPRQJWKHHOLWHRI.XIDK SHUIRUPHG+DMMDQGKHPHWC8PDU0D\ $OODKEHSOHDVHGZLWKKLP C8PDU0D\$OODKEHSOHDVHGZLWKKLP DVNHGKLPDERXW2ZDLV0D\ $OODKEHSOHDVHGZLWKKLP +HVDLG,OHIWKLPLQDVWDWHZLWKPHDJUHPHDQVRIVXVWHQDQFHLQD GHFD\HGKRXVH
7KHUHXSRQ C8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUG0HVVHQJHURI $OODK3%8+ VD\LQJC7KHUHZRXOGFRPHWR\RX2ZDLVELQC$PLURI4DUDQDEUDQFKRIWKHWULEH RI 0XUDGDORQJZLWKWKHUHLQIRUFHPHQWRIWKHSHRSOHRI
7KHPDQVDLG0XVOLP@ $QRWKHUQDUUDWLRQLV$GHOHJDWLRQIURP.XIDKFDPHWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP $PRQJWKHPZDVRQHZKRXVHGWRPDNHIXQRI2ZDLV0D\$OODKEHSOHDVHGZLWKKLP C8PDU0D\ $OODKEHSOHDVHGZLWKKLP HQTXLUHG,VWKHUHDQ\RQHDPRQJ\RXZKRLVIURP4DUDQ"
6RWKLVPDQ VWHSSHGIRUZDUG7KHQC8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUG0HVVHQJHURI$OODK 3%8+ VD\LQJ C$PDQZLOOFRPHWR\RXIURP
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
>$EX 'DZXGDQG$W7LUPLGKL ZKRFDWHJRUL]HGWKH+DGLWKDV+DVDQ6DKLK6KHLNK6DOLP$O+LODOLLQKLV ERRN%DKMDWXQ1D]LUHHQ6KDUK5L\DGXV6DOLKHHQ
FODVVLILHVLWDV'DCLI
WKHUHDVRQEHLQJWKDWC$VLP ELQC$EGXOODKLVZHDN
LQQDUUDWLRQ@ &RPPHQWDU\ ,WLV0XVWDKDE GHVLUDEOH WRUHTXHVWVXFKDSHUVRQIRUSUD\HUZKRLVSURFHHGLQJRQD MRXUQH\HVSHFLDOO\RQHZKRLVJRLQJZLWKWKHLQWHQWLRQRI+DMMRUC8PUDK7KHUHDVRQEHLQJ 3UD\HUIRUVRPHRQHLQKLVDEVHQFHLVLPEXHGZLWKVLQFHULW\ 7KHSODFHVDSLOJULPYLVLWVLQWKHFRXUVHRI+DMMDUHVXFKWKDWSUD\HUVPDGHWKHUHDUHDFFHSWHGE\ $OODK ,WLVDOVR0XVWDKDEWKDWGXULQJWKHFRXUVHRI+DMMZKHQDSLOJULPVXSSOLFDWHVRQVSHFLDOVLWHVDQG RFFDVLRQVKHVKRXOGQRWSUD\IRUKLPVHOIDORQHEXWDOVRLQFOXGHKLVUHODWLYHVDQGIULHQGVLQKLV VXSSOLFDWLRQV 7KHDFWRISUD\LQJIRURWKHUVJRHVWRSURYHWKHHPLQHQFHRIUHOLJLRXVIUDWHUQLW\RIWKH0XVOLPV7KH 3URSKHW3%8+ LVWKHVSLULWXDOIDWKHURIWKHHQWLUH0XVOLPFRPPXQLW\DQGLVWKHPRVWVXSHULRULQ QRELOLW\DQGH[FHOOHQFHLQWKHZKROHXQLYHUVHEXWLQUHVSHFWRI)DLWKKHLVDOVRDEURWKHURIDOOWKH 0XVOLPVDQGDOOWKH0XVOLPVDUHKLVEURWKHUV,WLVLOOXVWUDWHGE\WKHIDFWWKDWKHFDOOHGC8PDU0D\ $OODKEHSOHDVHGZLWKKLP KLVEURWKHU ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG 7KH3URSKHW3%8+ XVHGWRYLVLW4XED HLWKHUPRXQWHGRURQIRRWDQGZRXOGRIIHUWZR5DNCDKSUD\HULQWKHPRVTXHWKHUH >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV 7KH3URSKHW3%8+ XVHGWRYLVLWWKHPRVTXHDW4XED HYHU\6DWXUGD\LHHYHU\ ZHHN HLWKHUPRXQWHGRURQIRRWDQG,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP XVHGWRGRWKHVDPH WKLQJ &RPPHQWDU\
4XED ZDVDYLOODJHDERXWWZRPLOHVDZD\IURP$O0DGLQDK1RZLWLVDSDUWRIWKHFLW\$FFRUGLQJ WRD+DGLWKWKH3URSKHW3%8+ KDVUHJDUGHGWKHSHUIRUPDQFHRIRQH6DODWWKHUHHTXDOWRDQC8PUDK $W7LUPLGKL $O-DPLC$V6DJKLU 7KLV+DGLWKDOVRVKRZVWKHSDVVLRQZKLFK,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP KDGIRU IROORZLQJWKH6XQQDKIRUZKLFKKHLVZHOOUHSXWHG
&+$37(5
(;&(//(1&($1'(7,48(77( 2)6,1&(5(/29()257+( 6$.(2)$//$+ $OODKWKH([DOWHGVD\V 0XKDPPDG3%8+ LVWKH0HVVHQJHURI$OODK$QGWKRVHZKRDUHZLWKKLPDUHVHYHUHDJDLQVW GLVEHOLHYHUVDQGPHUFLIXODPRQJWKHPVHOYHV
$QGWKRVHZKREHIRUHWKHPKDGKRPHVLQ$O0DGLQDK DQGKDGDGRSWHGWKH)DLWK ORYH WKRVHZKRHPLJUDWHWRWKHP
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
+HVDLG,LQWHQGWRYLVLWP\EURWKHULQ WKLVWRZQ7KHDQJHOVDLG+DYH\RXGRQHDQ\IDYRXUWRKLP"
+HVDLG1R,KDYHQRGHVLUHH[FHSW WR YLVLWKLPEHFDXVH,ORYHKLPIRUWKHVDNHRI$OODKWKH([DOWHGDQG*ORULRXV
7KHUHXSRQWKHDQJHO VDLG,DPDPHVVHQJHUWR\RXIURP$OODKWRLQIRUP\RX WKDW$OODKORYHV\RXDV\RXORYHKLPIRU +LVVDNH >0XVOLP@ $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLGDERXW WKH$QVDU 2QO\DEHOLHYHUORYHVWKHPDQGRQO\DK\SRFULWHKDWHVWKHP$OODKORYHVKLPZKRORYHV WKHPDQG$OODKKDWHVKLPZKRKDWHVWKHP >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZD\WKH$QVDURU+HOSHUVIDLWKIXOO\VHUYHG,VODP0XVOLPVDQGWKH3URSKHW 3%8+ FRQVWLWXWHVQRWRQO\RQHRIWKHEULJKWHVWFKDSWHUVRI,VODPLFKLVWRU\EXWDOVRPDNHVWKHPD PRGHORIH[FHOOHQWFRQGXFWDQGFKDUDFWHU$OPLJKW\$OODKUHZDUGHGWKHPIRUWKHLUGHYRWLRQWR,VODP ZLWKLPPHQVHORYHIRU)DLWK WKHORYHZKLFKEHFDPHDV\PERORIWKHLU)DLWKDQGORYHIRU$OODK1RW RQO\WKDWEHFDXVHRIWKLVGHYRWLRQRIWKH$QVDUHYHU\RQHZKRHQWHUWDLQHGMHDORXV\DQGKDWUHGDJDLQVW WKHPZDVGHFODUHGDK\SRFULWHE\$OODK7KHUHZHUHWZRIDPRXVWULEHVQDPHO\$O$XVDQG$O.KD]UDM LQ$O0DGLQDK,QWKHSUH,VODPLFGD\VWKH\ZHUHHQHPLHVWRHDFKRWKHU:KHQWKH\HPEUDFHG,VODP WKH\EHFDPHFORVHEURWKHUV7KH\ZHOFRPHGWKH0XKDMLUXQ WKH(PLJUDQWV ZLWKRSHQDUPVDQG UHQGHUHGHYHU\SRVVLEOHDVVLVWDQFHWRWKHP)RUWKLVUHDVRQWKH\ZHUHQDPHG$QVDU0D\$OODKEH SOHDVHGZLWKWKHPDQGWKH\EHSOHDVHGZLWK+LP 0XCDGKELQ-DEDO 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OODKWKH([DOWHGKDVVDLGC)RUWKRVHZKRORYHRQHDQRWKHUIRUWKHVDNHRI0\*ORU\WKHUHZLOOEH
VHDWVRIOLJKWRQWKH'D\RI5HVXUUHFWLRQ DQGWKH\ZLOOEHHQYLHGE\WKH3URSKHWVDQGPDUW\UV >$W7LUPLGKL@ &RPPHQWDU\7KLV+DGLWKWHOOVXVWKDW$OODKZLOOJUDQWDQH[DOWHGSRVLWLRQWRVXFKSHRSOHZKRORYH RQHDQRWKHUIRU+LVVDNH7KH\ZLOOEHHQYLHGE\WKH3URSKHWVDQGPDUW\UV
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
+HDVNHG)RUWKHVDNHRI $OODK"
,UHSOLHG
,UHSOLHG
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
VDNH 0HVVHQJHURI$OODK3%8+ DVNHG +DYH\RXLQIRUPHGKLP"
+HVDLG1R0HVVHQJHURI $OODK3%8+ WKHQVDLG 7HOOKLPWKDW\RXORYHKLP 6RKHZHQWXSWRWKHPDQDQGVDLGWRKLP , ORYH\RXIRUWKHVDNHRI$OODK
DQGWKHRWKHUUHSOLHG0D\$OODKIRU:KRVHVDNH\RXORYHPHORYH \RX
>$EX'DZXG@
&+$37(5
6,*162)$//$+ 6/29()25 +,66/$9(6$1'7+(())2576 )25,76$&+,(9(0(17 $OODKWKH([DOWHGVD\V 6D\20XKDPPDG3%8+ WRPDQNLQG C,I\RXUHDOO\ ORYH$OODKWKHQIROORZPHLHDFFHSW ,VODPLF0RQRWKHLVPIROORZWKH4XU DQDQGWKH6XQQDK $OODKZLOOORYH\RXDQGIRUJLYH\RXRI \RXUVLQV$QG$OODKLV2IW)RUJLYLQJ0RVW0HUFLIXO
2\RXZKREHOLHYH:KRHYHUIURPDPRQJ\RXWXUQVEDFNIURPKLVUHOLJLRQ,VODP $OODKZLOO EULQJDSHRSOHZKRP+HZLOOORYHDQGWKH\ZLOOORYH+LPKXPEOHWRZDUGVWKHEHOLHYHUVVWHUQ WRZDUGVWKHGLVEHOLHYHUVILJKWLQJLQWKHZD\RI$OODKDQGQHYHUDIUDLGRIWKHEODPHRIWKH EODPHUV7KDWLVWKH*UDFHRI$OODKZKLFK+HEHVWRZVRQZKRP+HZLOOV$QG$OODKLV$OO 6XIILFLHQWIRU+LVFUHDWXUHV QHHGV$OO.QRZHU
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
KLVERG\IRUWKLQJVZKLFKDUHGLVOLNHGE\+LP,WLVZURQJWRLQIHUIURPWKLV+DGLWKDVPHQRIKHUHWLFDO DQGSRO\WKHLVWLFWUHQGWU\WRGRWKDW$XOL\D EHFRPHWKHH\HVHDUVKDQGVIHHWHWFRI$OODK7KDWLVWR VD\WKDW$OPLJKW\$OODKGHVFHQGVLQWKHP7KXVRQWKHEDVLVRIWKLVFRQWHPSWLEOHUHDVRQLQJWKH\ FRQFOXGHWKDWLWPDNHVQRGLIIHUHQFHZKHWKHURQHEHJVIURP$OODKRU$XOL\DEHFDXVHWKHWZRDUHRQH EHLQJ)RUVXFKSHRSOHVXSSOLFDWLQJ2$OODK+HOSXV
23URSKHWRI$OODK+HOSXV
DQG2$OL +HOSXV
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
8SRQWKHLUUHWXUQWR$O0DGLQDKWKH\PHQWLRQHGWKLVWR0HVVHQJHURI$OODK3%8+ ZKR VDLG $VNKLPZK\KHGRHVVR"
+HZDVDVNHGDQGKHVDLG7KLV6XUDKFRQWDLQVWKH$WWULEXWHVRI $OODKWKH*UDFLRXVDQG,ORYHWRUHFLWHLW 0HVVHQJHURI$OODK3%8+ WKHQWROGWKHP 7HOOKLPWKDW $OODKORYHVKLP >$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKH+DGLWKWKHIROORZLQJ 7KH&RPSDQLRQVDOZD\VUXVKHGWRWKH3URSKHW3%8+ WRDVNKLVRSLQLRQDERXWDQ\WKLQJWKH\ QRWLFHGVWUDQJHWRWKHP 7KHVXSHULRULW\RI6XUDW$O,NKODVDVLWFODULILHVSRLQWVRI7DXKLG 7KHSHUPLVVLELOLW\WRUHFLWHWZR6XUDKGXULQJ6DODWDSDUWIURP6XUDW$O)DWLKDKLQRQHVLQJOH 5DNCDK 7KHSHUPLVVLELOLW\RIUHFLWLQJWKHVDPH6XUDKRYHUDQGRYHUDJDLQDVWKLV6DKDEL &RPSDQLRQ ZKR OHGWKH6DODWXVHGWRUHFLWH6XUDW$O,NKODVDIWHUHDFKUHFLWDWLRQ
&+$37(5
:$51,1*$*$,167 3(56(&87,212)7+(3,286 7+(:($.$1'7+(,1',*(17 $OODKWKH([DOWHGVD\V $QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\WKH\EHDURQWKHPVHOYHV WKH FULPHRIVODQGHUDQGSODLQVLQ
7KHUHIRUHWUHDWQRWWKHRUSKDQZLWKRSSUHVVLRQ$QGUHSXOVHQRWWKHEHJJDU
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
&+$37(5
0$.,1*-8'*(0(172) 3(23/(.((3,1*,19,(: 7+(,5(9,'(17$&7,216$1' /($9,1*7+(,5+,''(1 $&7,21672$//$+6:7 $OODKWKH([DOWHGVD\V %XWLIWKH\UHSHQWDQGSHUIRUP$V6DODW,TDPDW$V6DODW DQGJLYH=DNDWWKHQOHDYHWKHLU ZD\IUHH9HULO\$OODKLV2IW)RUJLYLQJ0RVW0HUFLIXO
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
$O0LTGDGELQ$O$VZDG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDLG7HOOPH2 0HVVHQJHURI$OODKLI,PHHWDQLQILGHODQGZHILJKWWRJHWKHUDQGKHFXWVRIIP\KDQGVZLWKKLV VZRUGWKHQKLGHVIURPPHEHKLQGDWUHHDQGWKHQ VD\VKHKDVVXEPLWWHGKLPVHOIWR$OODK6KDOO,NLOO KLPDIWHUKHKDVVDLGLW"
+H3%8+ UHSOLHG 'RQRWNLOOKLP
,VXEPLWWHG%XW20HVVHQJHURI $OODKKHFXWRIIRQHRIP\KDQGVDQGRQO\WKHQKHVDLGLW
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
,VDLG20HVVHQJHURI$OODK+H SURIHVVHGLWRQO\WRVDYHKLVOLIH
0HVVHQJHURI$OODK3%8+ UHSHDWHG 'LG\RXNLOOKLPDIWHUKHKDG SURIHVVHG/DLODKDLOODOODK"
+HZHQWRQUHSHDWLQJWKLVWRPHXQWLO,ZLVKHG,KDGQRWHPEUDFHG,VODP EHIRUHWKDWGD\VRWKDW,ZRXOGKDYHQRWFRPPLWWHGWKLVVLQ >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG 'LG\RXNLOOKLPLQVSLWHRIKLVSURIHVVLQJ/D LODKDLOODOODK"
,VDLG20HVVHQJHURI$OODK+HVDLGRXWRI IHDURIRXUDUPV
+H3%8+ VDLG :K\ GLG\RXQRWFXWKLVKHDUWRSHQWRILQGRXWZKHWKHUKHKDGGRQHVRVLQFHUHO\RUQRW"
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
%XWKH8VDPDKELQ=DLG NLOOHGKLP:KHQWKHJRRG QHZVRIYLFWRU\UHDFKHG0HVVHQJHURI$OODK3%8+ KHDVNHGKLPDERXWWKHHYHQWVRIWKHEDWWOH DQG KHLQIRUPHGKLPDERXWWKHPDQ8VDPDK DQGZKDWKHKDGGRQH+H0HVVHQJHURI$OODK3%8+ VHQWIRUKLPDQGDVNHGKLPZK\KHKDGNLOOHGKLP+H8VDPDK VDLG20HVVHQJHURI$OODKKH VWUXFNWKH0XVOLPVDQGNLOOHGVXFKDQGVXFKRIWKHP
$QGKHQDPHGVRPHRIWKHP+HFRQWLQXHG , DWWDFNHGKLPDQGZKHQKHVDZWKHVZRUGKHVDLGC/DLODKDLOODOODK
0HVVHQJHURI$OODK3%8+ VDLG 'LG\RXNLOOKLP"
+H8VDPDK UHSOLHGLQWKHDIILUPDWLYH7KH0HVVHQJHURI$OODKWKHQUHPDUNHG :KDWZRXOG\RXGRZLWKUHJDUGWRWKHXWWHUDQFH /DLODKDLOODOODKZKHQLWFRPHVEHIRUH\RX RQWKH
'D\RI5HVXUUHFWLRQ"
+H8VDPDK VDLG20HVVHQJHURI$OODK%HJIRUJLYHQHVVIRUPH +HWKH 3URSKHW3%8+ VDLG :KDWZRXOG\RXGRZLWKUHJDUGWRWKHXWWHUDQFH /DLODKDLOODOODKZKHQLW FRPHVEHIRUH\RX RQWKH'D\RI5HVXUUHFWLRQ"
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
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKDOVRSURYHVWKDWWKHLQMXQFWLRQVJRZLWKWKHDSSDUHQWDFWVRIDSHUVRQDQG QRWZLWKZLOODQGLQWHQWLRQ,WDOVRLQGLFDWHVWKDWDJRRGLQWHQWLRQGRHVQRWZDLYHWKH4LVDVDQG HVWDEOLVKLQJWKHMXVWLFH
&+$37(5
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
6XODLPELQC$PLUVDLG%\$OODK,GRQRWNQRZZKHWKHUKHPHDQWE\0HHO
WKHPLOHRI WKHGLVWDQFHPHDVXUHRUWKHVWLFNXVHGIRUDSSO\LQJDQWLPRQ\SRZGHUWRWKHH\H0HVVHQJHURI$OODK 3%8+ LVKRZHYHUUHSRUWHGWRKDYHVDLG 7KHSHRSOHWKHQZLOOEHVXEPHUJHGLQSHUVSLUDWLRQ DFFRUGLQJWRWKHLUGHHGVVRPHXSWRWKHLUDQNOHVVRPHXSWRWKHLUNQHHVVRPHXSWRWKHZDLVWDQG
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
:HVDLG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU
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
$EX%DU]DK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 0DQ V IHHWZLOOQRWPRYHRQWKH'D\RI5HVXUUHFWLRQEHIRUHKHLVDVNHGDERXWKLVOLIHKRZGLGKHFRQVXPHLW KLVNQRZOHGJHZKDWGLGKHGRZLWKLWKLVZHDOWKKRZGLGKHHDUQLWDQGKRZGLGKHGLVSRVHRILWDQG DERXWKLVERG\KRZGLGKHZHDULWRXW
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
7KHQKH3%8+ LQTXLUHG 'R\RXNQRZZKDWLWVQHZVDUH"
+HZDVWROG$OODKDQG+LV0HVVHQJHU NQRZEHWWHU+HVDLG ,WVQHZVLVWKDWLWVKDOOEHDUZLWQHVVDJDLQVWHYHU\VODYHPDQDQGZRPDQWKH\ GLGRQLWVEDFN,WZLOOVD\C
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
>$OODK$ORQH LV6XIILFLHQWIRUXVDQG+HLVWKH %HVW'LVSRVHURIDIIDLUVIRUXV @
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ +HZKRLVDIUDLGRIWKHSLOODJHRIWKHHQHP\VHWVRXWLQWKHHDUO\SDUWRIWKHQLJKWDQGKHZKR VHWVRXWHDUO\UHDFKHVKLVGHVWLQDWLRQ%HRQ\RXUJXDUGWKDWWKHFRPPRGLW\ RI$OODKLVSUHFLRXV9HULO\ WKHFRPPRGLW\RI$OODKLV-DQQDK >$W7LUPLGKL@ &RPPHQWDU\ ,PDP$W7DLELKDVVWDWHGWKDWWKH3URSKHW3%8+ PHQWLRQHGWKLVH[DPSOHIRU WUDYHOOHUVWRWKH+HUHDIWHUEHFDXVH6DWDQLVVLWWLQJRQWKLVSDVVDJHDQGPDQ VVHOIDQGKLVIDOVHGHVLUHV DUHKLVKHOSHUV,IDSHUVRQLVZLGHDZDNHLQKLVWUDYHODQGH[HUFLVHVFDXWLRQLQKLVDFWLYLWLHVKHLVQRW RQO\VDYHGIURPWKHYLFHVRI6DWDQEXWKLVRZQIDOVHGHVLUHVDOVRGRQRWVWDQGLQKLVZD\7KH3URSKHW 3%8+ DOVRSRLQWHGRXWWKDWWKHZD\WRWKH+HUHDIWHULVYHU\KDUGDQGOLWWHUHGZLWKJUHDWLPSHGLPHQWV DQGREVWUXFWLRQVDQGLWLVE\QRPHDQVHDV\WRWUDYHUVHLW-DQQDKLVDQLQYDOXDEOHJLIWDQGXQOHVVPDQ JLYHVWKHVDFULILFHRIKLVOLIHDQGZHDOWKKHZLOOQRWEHFRPHHOLJLEOHIRUHQWHULQJLW$OODKKDV SXUFKDVHGWKHOLYHVDQGSURSHUWLHVRI0XVOLPVIRU-DQQDK7XKIDWXO$KZDGKL 7KLV+DGLWKHQFRXUDJHVXVWRREVHUYHREHGLHQFHRIRXU5XEEDQGWRVSDUHQRHIIRUWWRGHVLVWIURPDOO DFWVRIGLVREHGLHQFHLQRUGHUWRDFKLHYHWKHORIW\JRDORIHQWHULQJ-DQQDKE\$OODK V/HDYH C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ 7KHSHRSOHZLOOEHDVVHPEOHGRQWKH'D\RI5HVXUUHFWLRQEDUHIRRWHGQDNHGDQGXQFLUFXPFLVHG, VDLG20HVVHQJHURI$OODK:LOOWKHPHQDQGWKHZRPHQEHWRJHWKHURQWKDW'D\ORRNLQJDWRQH DQRWKHU"
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
&+$37(5
+23(,1$//$+ 60(5&< $OODKWKH([DOWHGVD\V 6D\2C,EDGL 0\VODYHV ZKRKDYHWUDQVJUHVVHGDJDLQVWWKHPVHOYHVE\FRPPLWWLQJHYLOGHHGV DQGVLQV 'HVSDLUQRWRIWKH0HUF\RI$OODKYHULO\$OODKIRUJLYHVDOOVLQV7UXO\+HLV2IW )RUJLYLQJ0RVW0HUFLIXO $QGQHYHUGR:HUHTXLWLQVXFKDZD\H[FHSWWKRVHZKRDUHXQJUDWHIXOGLVEHOLHYHUV
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
0XCDGKUHSOLHG+HUH, DPUHVSRQGLQJWR\RXDQGDW\RXUSOHDVXUH20HVVHQJHURI$OODK
+H3%8+ DJDLQFDOOHGRXW 2
0XCDGK
+HDJDLQ UHSOLHG+HUH,DPUHVSRQGLQJ\RXUFDOODQGDW\RXUSOHDVXUH
+H0HVVHQJHURI $OODK DGGUHVVHGKLPDJDLQ 20XCDGK
+HUHSOLHG+HUH,DPUHVSRQGLQJWR\RXDQGDW\RXU SOHDVXUH20HVVHQJHURI$OODK
8SRQWKLVKHWKH3URSKHW3%8+ VDLG ,IDQ\RQHWHVWLILHV VLQFHUHO\WKDWWKHUHLVQRWUXHJRGH[FHSW$OODKDQG0XKDPPDGLV+LVVODYHDQG0HVVHQJHUWUXO\IURP KLVKHDUW$OODKZLOOVDIHJXDUGKLPIURP+HOO
+H0XCDGK VDLG20HVVHQJHURI$OODKVKDOO,QRW WKHQLQIRUPSHRSOHRILWVRWKDWWKH\PD\KDYHJODGWLGLQJV
+H3%8+ UHSOLHG 7KHQWKH\ZLOOUHO\ RQLWDORQH DQGWKXVJLYHXSJRRGZRUNVDOWRJHWKHU
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDPLUDFOHRIWKH3URSKHW3%8+ DQGWKHHIIHFWRIKLVSUD\HUE\ PHDQVRIZKLFKDVPDOOTXDQWLW\RIIRRGVXIILFHGWKHZKROHDUP\7KHH[DFWQXPEHURI0XVOLPVZKR WRRNSDUW LQWKHEDWWOHRI7DEXNLVQRWPHQWLRQHGLQDQ\UHOLDEOHDFFRXQW$O+DIL],EQ+DMDUKDVVWDWHG ZLWKUHIHUHQFHWRVRPHQDUUDWLYHVRI)DWK$O%DULPHQWLRQHGLQFRQQHFWLRQZLWKWKHELRJUDSK\RIWKH 3URSKHW3%8+ DQGWKHZDUVKHKDGIRXJKWLQWKHZD\RI$OODKWKDWWKH\QXPEHUHGWKLUW\WRIRUW\ WKRXVDQGPHQ $OWKRXJKWKHVHILJXUHVDUHRSHQWRTXHVWLRQEXWRQHFDQVDIHO\LQIHUIURPWKHVHILJXUHVWKDWWKHLU QXPEHUZDVYHU\ODUJH$FFRUGLQJWR6DKLK$O%XNKDUL $ODUJHQXPEHURI0XVOLPVSDUWLFLSDWHGZLWK WKH3URSKHW3%8+ LQWKLVZDU7KHLUQXPEHUZDVVRODUJHWKDWWKH\FRXOGQRWEHGHVFULEHGLQD UHJLVWHU,WZDVGLIILFXOWIRUWKH3URSKHW3%8+ WRGLVFRYHUZKRZDVDEVHQWH[FHSWWKDWKHZDV LQIRUPHGDERXWKLPE\$OODK
6DKLK$O%XNKDUL .LWDE$O0DJKD]L %DE*KD]ZDK7DEXN+DGLWK .DCEELQ0DOLN 7KLVH[WUDFWJRHVWRSURYHWKDWDOWKRXJKWKHQXPEHURI0XVOLPVZKRWRRNSDUWLQWKLV ZDUZDVYHU\ODUJHWKHSURYLVLRQVZHLJKLQJDIHZVHHUVRQO\VXIILFHGIRUWKHPDOO
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
0HVVHQJHURI$OODK3%8+ VDLG ,ZLOOGRVR6R0HVVHQJHURI$OODK 3%8+ DQG$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP FDPHWRP\KRXVHWKHQH[W PRUQLQJDIWHUWKH VXQKDGULVHQKLJK0HVVHQJHURI$OODK3%8+ DVNHGP\SHUPLVVLRQWRHQWHUDQG,DGPLWWHGKLP+H GLGQRWVLWEHIRUHVD\LQJ :KHUHGR\RXZDQWXVWRRIIHU6DODWLQ\RXUKRXVH"
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
2QHRIWKHPUHSOLHG+HLVDK\SRFULWHDQGGRHVQRWORYH $OODKDQG+LV0HVVHQJHU2QWKDW0HVVHQJHURI$OODK3%8+ VDLG 'RQ WVD\WKLV+DYHQ W\RXVHHQ WKDWKHWHVWLILHGWKDWWKHUHLVQRWUXHJRGH[FHSW$OODK IRU$OODK VVDNHRQO\
7KHPDQUHSOLHG$OODK DQG+LV0HVVHQJHUNQRZEHWWHUEXWE\$OODKZHQHYHUVDZKLPEXWKHOSLQJDQGWDONLQJZLWKWKH K\SRFULWHV
0HVVHQJHURI$OODK3%8+ UHSOLHG 1RGRXEWZKRVRHYHUWHVWLILHVWKDWWKHUHLVQRWUXH JRGH[FHSW$OODK VHHNLQJE\VR SURIHVVLQJWKHSOHDVXUHRI$OODKRQO\$OODKZLOOVDIHJXDUGKLPDJDLQVW +HOO )LUH
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
:HVDLG%\$OODKVKHZRXOGQHYHUWKURZWKHFKLOGLQILUH
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ :KHQ$OODKFUHDWHGWKHFUHDWXUHV+HZURWHLQWKH%RRNZKLFKLVZLWK+LPRYHU+LV7KURQH C9HULO\0\0HUF\SUHYDLOHGRYHU0\:UDWK >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG $OODKZURWH C0\0HUF\GRPLQDWHG0\ :UDWK 6WLOODQRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG $OODKZURWH C0\0HUF\VXUSDVVHV0\ :UDWK &RPPHQWDU\ ,PDP$O.KDWWDELVWDWHVWKDWKHUHWKHZRUG .LWDE
WUDQVODWHGKHUHDVC%RRN PHDQV WKHGHFLVLRQRI$OPLJKW\$OODKZKLFK+HKDVDOUHDG\PDGHDQLQVWDQFHRIZKLFKLVWKHIROORZLQJ 9HUVHRIWKH1REOH4XU DQ $OODKKDVGHFUHHGC9HULO\LWLV,DQG0\0HVVHQJHUVZKRVKDOOEHWKHYLFWRULRXV ,QWKLV$\DKWKH$UDELFZRUG .DWDED
LVXVHGLQWKHVHQVHRI 4DGD GHFLGHG
RUWKHZRUG .DWDED
VLJQLILHV/DXK0DKIRR]
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
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLQ0XVOLPLVUHSRUWHGE\6DOPDQ$O)DULVL 0HVVHQJHURI$OODK3%8+ VDLG $OODKKDVKXQGUHGPHUFLHVRXWRIZKLFKRQHPHUF\LVXVHGE\KLVFUHDWLRQIRUPXWXDOORYHDQG DIIHFWLRQ1LQHW\QLQHPHUFLHVDUHNHSWIRUWKH'D\RI5HVXUUHFWLRQ
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
C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ UHFLWHGWKH:RUGVRI$OODKWKH([DOWHGDQGWKH*ORULRXVDERXW,EUDKLP3%8+ ZKRVDLG 2P\ 5XEE7KH\KDYHOHGDVWUD\PDQ\DPRQJPDQNLQG%XWZKRVRHYHUIROORZVPHKHYHULO\LVRIPH DQGWKRVHRIC,VD-HVXV 3%8+ ZKRVDLG ,I
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
,VDLG$OODKDQG+LV0HVVHQJHU NQRZEHWWHU8SRQWKLVWKH0HVVHQJHURI$OODK3%8+ VDLG $OODK V5LJKWXSRQ+LVVODYHVLVWKDW WKH\VKRXOGZRUVKLS+LP$ORQHDQGDVVRFLDWHQRWKLQJZLWK+LPDQG+LVVODYHV ULJKWXSRQ+LPLVWKDW +HVKRXOGQRWSXQLVKZKRGRHVQRWDVVRFLDWHDWKLQJZLWK+LP
+H0XCDGK DGGHG,VDLGWRWKH 0HVVHQJHURI$OODK6KDOO,JLYHWKHJODGWLGLQJVWRSHRSOH"
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
7KHUHLVQRWUXHJRGH[FHSW$OODKDQG0XKDPPDG3%8+ LVWKH 0HVVHQJHURI$OODK 7KHTXHVWLRQLQJLQWKHJUDYHLVEH\RQGTXHVWLRQDQGLVDSDUWRI0XVOLP%HOLHI(YHU\0XVOLPZLOOE\ WKH*UDFHRI$OODKJLYHWKHLUFRUUHFWDQVZHUVLQUHVSHFWRI7DXKLGDQG5LVDODK $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ LQILGHODFFRPSOLVKHVDQ\JRRGGHHGKHLVUHZDUGHGIRULWLQWKLVZRUOGDQGLQWKHFDVHRID0XVOLP
$OODKVWRUHVXSKLVJRRGDFWVIRUKLPLQWKH+HUHDIWHUDQGSURYLGHVKLPZLWKVXEVLVWHQFHLQWKLVOLIHGXH WRKLVREHGLHQFH
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
:HVDLG
8SRQWKLVKH3%8+ VDLG %\ +LPLQ:KRVH+DQG0XKDPPDG VVRXOLV,KRSHWKDW\RXZLOOFRQVWLWXWHRQHKDOIRIWKHLQKDELWDQWVRI -DQQDKDQGWKHUHDVRQLVWKDWRQO\0XVOLPVZLOOEHDGPLWWHGLQWR-DQQDKDQG\RXDUHQRPRUH FRPSDUHGWRWKHSRO\WKHLVWVWKDQDVDZKLWHKDLURQWKHVNLQRIDEODFNR[RUDEODFNKDLURQWKHVNLQRI DZKLWHR[
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKUHYHDOVWKHIROORZLQJWZRSRLQWV $VFRPSDUHGZLWKWKHEHOLHYHUVDQGWKHIDLWKIXOWKHUHZLOOEHDODUJHQXPEHURILQILGHOVLQ+HOO $VFRPSDUHGZLWKWKHIROORZHUVRIRWKHU3URSKHWVWKHUHZLOOEHDODUJHUQXPEHURI0XVOLPVLQ -DQQDKWRWKHH[WHQWWKDWKDOIRILWVRFFXSDQWVZLOOEH0XVOLPV7KLV+DGLWKKDVJODGWLGLQJVIRUWKH 0XVOLP8PPDKDQGEHVWRZVJUHDWUHVSHFWDQGKRQRXURQWKHP0D\$OODKLQFOXGHXVDPRQJWKHP
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 2QWKH'D\RI5HVXUUHFWLRQ$OODKZLOOGHOLYHUWRHYHU\0XVOLPD-HZRUD&KULVWLDQDQGVD\ C7KLVLV\RXUUDQVRPIURP+HOOILUH
$QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG 7KHUHZRXOGFRPHSHRSOHDPRQJVWWKH 0XVOLPVRQWKH'D\RI5HVXUUHFWLRQZLWKVLQVDVKHDY\DVDPRXQWDLQDQG$OODKZRXOGIRUJLYHWKHP >0XVOLP@ &RPPHQWDU\ 7KLVLV\RXUUDQVRQ
LVLQWHUSUHWHGE\WKH+DGLWKRI$EX+XUDLUDK0D\$OODKEH SOHDVHGZLWKKLP 7KHUHLVDSODFHIRUHYHU\RQHLQERWK-DQQDKDQG+HOO:KHQWKHEHOLHYHURFFXSLHVKLVSODFHLQ-DQQDK DQLQILGHOZLOOWDNHKLVSODFHLQ+HOORQDFFRXQWRIKLVLQILGHOLW\7KLVDOVRPHDQV
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
$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHSHUVRQZKRKDGFRPPLWWHGWKHVLQFDPHWRWKH3URSKHW3%8+ WRVHHN SXQLVKPHQWIRUKLVZURQJGRLQJLVVDLGWRKDYHEHHQ$EXO<XVU.DCEELQC$PUZKRVHVWRU\ZDVDOVR PHQWLRQHGLQWKHSUHYLRXV+DGLWK7KHVLQKHKDGFRPPLWWHGZDVQRWDPDMRURQHWKDWLVZK\E\6DODWLW ZDVZLSHGRXW $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OODKLVSOHDVHGZLWK+LVVODYHZKRHDWVDPHDODQGSUDLVHV+LPIRULWDQGWDNHVDGULQNDQGSUDLVHV +LPIRULW >0XVOLP@ &RPPHQWDU\ 2QHVKRXOGDOZD\VVD\$OKDPGXOLOODK
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
+H3%8+ VDLG ,DPD3URSKHW
,DVNHG:KDWLVD3URSKHW"
+HVDLG $OODKKDVVHQWPHZLWKDPHVVDJH ,DVNHG:LWKZKDWKDV+HVHQW\RX"
+HVDLG +H VHQWPHWRVWUHQJWKHQWKHWLHVRINLQVKLSWRGHVWUR\LGROVVRWKDW$OODKDORQHVKRXOGEHZRUVKLSSHGDQG QRWKLQJVKRXOGEHDVVRFLDWHGZLWK+LP,DVNHG:KRKDVIROORZHG\RXLQWKLV"
+HVDLG $IUHHPDQ DQGDVODYH $WWKDWWLPHRQO\$EX%DNUDQG%LODO0D\$OODKEHSOHDVHGZLWKKHU ZHUHZLWKKLP , VDLG,VKDOOIROORZ\RX+HVDLG
EDFNWRP\SHRSOHDQGZKLOH,ZDVZLWKP\SHRSOH0HVVHQJHURI$OODK3%8+ HPLJUDWHGWR$O 0DGLQDK,FRQWLQXHGWRDVNSHRSOHDERXWKLPWLOOVRPHRIP\SHRSOHYLVLWHG$O0DGLQDK2QWKHLU UHWXUQ,DVNHGWKHP+RZLVWKDWPDQZKRKDVDUULYHGLQ$O0DGLQDKIDULQJ"
7KH\VDLG3HRSOHDUH KDVWHQLQJWRKLP+LVRZQSHRSOHKDGSODQQHGWRNLOOKLPEXWGLGQRWVXFFHHG
7KHQ,ZHQWWR$O 0DGLQDKDQGFDPHWRKLPDQGVDLG20HVVHQJHURI$OODKGR\RXUHFRJQL]HPH"
+H3%8+ VDLG
,VDLG20HVVHQJHURI$OODKWHOOPHRIWKDWZKLFK $OODKKDVWDXJKW\RXDQGRIZKLFK,DPXQDZDUH7HOOPHDERXW6DODWILUVW
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
G:KHQWKHVXQLVULVLQJRUVHWWLQJ :XGX DQG6DODWH[SLDWHIRUVLQV)RUWKLVUHDVRQWKLV+DGLWKKDVEHHQPHQWLRQHGLQWKLVFKDSWHU (YHQLQWKH'D\VRI,JQRUDQFH SUH,VODPLFSHULRG SLRXVDQGULJKWPLQGHGSHRSOHZHUHDYHUVHWR LGRODWU\DQGWKRXJKWLWDGHYLDWLRQIURPWKH5LJKW3DWK $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG :KHQ$OODKLQWHQGVWRVKRZPHUF\WRDSHRSOH+HFROOHFWVWKHLU3URSKHWEHIRUHWKHPDQGPDNHVKLP DKHUDOGWRKDSSLQHVVIRUWKHPLQWKH+HUHDIWHUDQGZKHQ+HLQWHQGVWRGHVWUR\DSHRSOH+HSXQLVKHV WKHPZKLOHWKHLU3URSKHWLVDOLYHDQGGHVWUR\VWKHPZKLOHKHLVDOLYHDQGZDWFKHVWKHPDQGPDNHVKLP ZLWQHVVWKHLUGHVWUXFWLRQEHFDXVHWKH\GLVEHOLHYHGLQKLPDQGGLVREH\HGKLVFRPPDQGV >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWD'LYLQHODZLQUHVSHFWRI3URSKHWVZKLFKLVPHDQWWRGHWHU SHRSOHIURPRSSRVLQJWKH3URSKHW3%8+ DQGFRPPDQGVXVWRIROORZKLVIRRWVWHSVVRWKDWZHFDQ EHQHILWIURPKLVLQWHUFHVVLRQRQWKH'D\RI5HVXUUHFWLRQ
&+$37(5
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
FRPHWR0HZLWKDQHDUWKORDGRIVLQV DQGPHHW0HDVVRFLDWLQJQRWKLQJWR0H,ZRXOGPDWFKLWZLWK DQHDUWKORDGRIIRUJLYHQHVV
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
&+$37(5
&20%,1,1*+23($1')($5 2)$//$+ $OODKWKH([DOWHGVD\V 1RQHIHHOVVHFXUHIURPWKH3ODQRI$OODKH[FHSWWKHSHRSOHZKRDUHWKHORVHUV
&HUWDLQO\ QR RQH GHVSDLUV RI$OODK V0HUF\H[FHSWWKHSHRSOHZKRGLVEHOLHYH
2QWKH'D\LHWKH'D\RI5HVXUUHFWLRQ ZKHQVRPHIDFHVZLOOEHFRPHZKLWHDQGVRPHIDFHV ZLOOEHFRPHEODFN
9HULO\\RXU5XEELV4XLFNLQ5HWULEXWLRQIRUWKHGLVREHGLHQWZLFNHG DQGFHUWDLQO\+HLV2IW )RUJLYLQJ0RVW0HUFLIXOIRUWKHREHGLHQWDQGWKRVHZKREHJ$OODK VIRUJLYHQHVV
9HULO\WKH$EUDUSLRXVDQGULJKWHRXV ZLOOEHLQ'HOLJKW-DQQDK $QGYHULO\WKH)XMMDUWKH ZLFNHGGLVEHOLHYHUVVLQQHUVDQGHYLOGRHUV ZLOOEHLQWKHEOD]LQJ)LUH+HOO
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
&+$37(5
(;&(//(1&(2):((3,1*287 2))($5)520$//$+ $OODKWKH([DOWHGVD\V $QGWKH\IDOOGRZQRQWKHLUIDFHVZHHSLQJDQGLWLQFUHDVHVWKHLUKXPLOLW\
'R\RXWKHQZRQGHUDWWKLVUHFLWDWLRQWKH4XU DQ "$QG\RXODXJKDWLWDQGZHHSQRW ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLGWRPH 5HFLWH WKH4XU DQWRPH,VDLG20HVVHQJHURI$OODK6KDOO,UHFLWHWKH4XU DQWR\RXZKHQLWKDVEHHQ UHYHDOHGWR\RX"
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
$VZHFDPHWRKHUVKH ZHSW7KH\$EX%DNUDQGC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLGWRKHU :KDWPDNHV\RX
ZHHS"'R\RXQRWNQRZWKDWZKDW$OODKKDVLQVWRUHIRU+LV0HVVHQJHU3%8+ LVEHWWHUWKDQWKLV ZRUOGO\OLIH "
6KHVDLG ,ZHHSQRWEHFDXVH,DPLJQRUDQWRIWKHIDFWWKDWZKDWLVLQVWRUHIRU 0HVVHQJHURI$OODK3%8+ LQWKH+HUHDIWHU LVEHWWHUWKDQWKLVZRUOGEXW,ZHHSEHFDXVHWKH 5HYHODWLRQKDVFHDVHGWRFRPH
7KLVUHSO\PRYHGERWKRIWKHPWRWHDUVDQG WKH\EHJDQWRZHHSDORQJ ZLWKKHU >0XVOLP@ &RPPHQWDU\ +HUHWKLV+DGLWKKDVEHHQUHSURGXFHGWRIXUQLVKMXVWLILFDWLRQIRUZHHSLQJRQWKH GHSDUWXUHRIYLUWXRXVSHRSOHEHFDXVHWKHLUSUHVHQFHLVDVRXUFHRIPDQ\EOHVVLQJV:LWKWKHLUGHSDUWXUH IURPWKLVZRUOGSHRSOHDUHGHSULYHGRIPDQ\JUDFHV3LRXVSHRSOHDUHFHUWDLQO\YHU\PXFKJULHYHGRQ WKHLUGHDWK ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQWKHLOOQHVVRI0HVVHQJHURI$OODK 3%8+ EHFDPHVHULRXVKHZDVDVNHGDERXWWKHOHDGLQJRI6DODW DQGKHVDLG $VN$EX%DNUWROHDG 6DODW
:KHUHXSRQC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG$EX%DNULVYHU\WHQGHUKHDUWHG +HLVERXQGWREHRYHUFRPHE\ZHHSLQJZKHQKHUHFLWHVWKH4XU DQ
0HVVHQJHURI$OODK3%8+ UHSHDWHG $VNKLP$EX%DNU WROHDG6DODW ,QDQRWKHUQDUUDWLRQC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG :KHQ$EX%DNUVWDQGVLQ\RXU SODFHKHZLOOQRWEHDEOHWRUHFLWHWKH1REOH4XU DQWRWKHSHRSOHRQDFFRXQWRIZHHSLQJ
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
&+$37(5
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
$QGSXWIRUZDUGWRWKHPWKHH[DPSOHRIWKHOLIHRIWKLVZRUOGLWLVOLNHWKHZDWHUUDLQ ZKLFK :HVHQGGRZQIURPWKHVN\DQGWKHYHJHWDWLRQRIWKHHDUWKPLQJOHVZLWKLWDQGEHFRPHVIUHVK DQGJUHHQ%XWODWHU LWEHFRPHVGU\DQGEURNHQSLHFHVZKLFKWKHZLQGVVFD WWHU$QG$OODKLV $EOHWRGRHYHU\WKLQJ:HDOWKDQGFKLOGUHQDUHWKHDGRUQPHQWRIWKHOLIHRIWKLVZRUOG%XWWKH JRRGULJKWHRXVGHHGVWKDWODVWDUHEHWWHUZLWK\RXU5XEEIRUUHZDUGVDQGEHWWHULQUHVSHFWRI KRSH
.QRZWKDWWKHOLIHRIWKLVZRUOGLVRQO\SOD\DQGDPXVHPHQWSRPSDQGPXWXDOERDVWLQJDPRQJ \RXDQGULYDOU\LQUHVSHFWRIZHDOWKDQGFKLOGUHQ,WLV DVWKHOLNHQHVVRIYHJHWDWLRQDIWHUUDLQ WKHUHRIWKHJURZWKLVSOHDVLQJWRWKHWLOOHUDIWHUZDUGVLWGULHVXSDQG\RXVHHLWWXU QLQJ\HOORZ WKHQLWEHFRPHVVWUDZ%XWLQWKH+HUHDIWHUWKHUHLV DVHYHUHWRUPHQWIRUWKHGLVEHOLHYHUV
HYLOGRHUV DQGWKHUHLV IRUJLYHQHVVIURP$OODKDQG+LV *RRG3OHDVXUHIRUWKHEHOLHYHUV JRRGGRHUV $QGWKHOLIHRIWKLVZRUOGLVRQO\DGHFHLYLQJHQMR\PHQW %HDXWLILHGIRUPHQLVWKHORYHRIWKLQJVWKH\FRYHWZRPHQFKLOGUHQPXFKRIJROGDQGVLOYHU ZHDOWK EUDQGHGEHDXWLIXOKRUVHVFDWWOHDQGZHOOWLOOHGODQG7KLVLVWKHSOHDVXUHRIWKHSUHVHQW ZRUOG VOLIHEXW$OODKKDVWKHH[FHOOHQWUHWXUQ-DQQDKZLWKIORZLQJULYHUV ZLWK+LP
2PDQNLQG9HULO\WKH3URPLVHRI$OODKLVWUXH6ROHWQRWWKLVSUHVHQWOLIHGHFHLYH\RXDQGOHW QRWWKHFKLHIGHFHLYHU6DWDQ GHFHLYH\RXDERXW$OODK
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
WRJHWLWIRUQRWKLQJDQGZKDWVKDOOZHGRZLWKLW"7KHQKH3%8+ DVNHG :RXOG\RX OLNHWRKDYHLW IRUQRWKLQJ" 7KH\UHSOLHG+DGLWEHHQDOLYHLWZRXOGKDYHEHHQGHIHFWLYHEHFDXVHLWLVVNLQQ\EXW ZKHQGHDGLWLVRIQRXVH0HVVHQJHURI$OODK3%8+ VDLG 7UXO\WKHZRUOGLVPRUHFRQWHPSWLEOHWR $OODKWKDQWKLVWKHGHDGODPE LVWR\RX >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRVKRZVWKHIXWLOLW\RIWKLVZRUOGIRUZKLFKRQHVWUXJJOHVVRPDGO\ WKURXJKRXWKLVOLIH,WLVDOVRDQLQGLFDWLRQWKDWWKH3URSKHW3%8+ XVHGWRVHL]HWKHULJKWRSSRUWXQLWLHV WRJXLGHDQGWHDFKKLVIROORZHUV $EX'KDUU0D\DOODKEHSOHDVHGZLWKKLP UHSRUWHG,ZDVZDONLQJZLWKWKH3URSKHWRQWKHVWRQ\ JURXQGLQ$O0DGLQDKLQWKHDIWHUQRRQZKHQ8KXG0RXQWFDPHLQWRVLJKW0HVVHQJHURI$OODK 3%8+ VDLG 2$EX'KDUU
,VDLG20HVVHQJHURI$OODKKHUH,DPUHVSRQGLQJWR\RX+HVDLG ,I,KDGDVPXFKJROGDVWKHZHLJKWRI8KXGLWZRXOGQRWSOHDVHPHWRKDYHDVLQJOHGLQDURXWRILW ZLWKPHDIWHUWKHSDVVDJHRIWKUHHGD\VEXW,ZRXOGKROGEDFNVRPHWKLQJIRUWKHUHSD\PHQWRIDGHEW, ZRXOGGLVWULEXWHLWDPRQJWKHVODYHVRI$OODKOLNHWKLVDQGOLNHWKLVDQGOLNHWKLV
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
>$O%XNKDULDQG0XVOLP@
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
&RPPHQWDU\ $SHUVRQZKRZLOOFRQVLGHUWKLVZRUOGDVDWHPSRUDU\VWDJHZLOOFHUWDLQO\QRWOLNHWKDW KLVFORWKHVEHHQWDQJOHGLQWKRUQ\EXVKHVRIWKLVZRUOG7KHJUHDWHVWIDXOWRIPDQLVWKDWKHGRHVQRW XQGHUVWDQGWKLVVWDWXVRIWKHZRUOG,QVSLWHRIWKHIDFWWKDWKHLVQRWVXUHRIDPRPHQW VOLIHKHUHKH RFFXSLHVKLPVHOILQDPDVVLQJJRRGVDQGULFKHVZKLFKZRXOGODVWIRUDKXQGUHG\HDUV 6DKOELQ6DCG$V6DCLGL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH3URSKHW 3%8+ DQGVDLG20HVVHQJHURI$OODKJXLGHPHWRVXFKDQDFWLRQZKLFKLI,GR$OODKZLOOORYHPH DQGWKHSHRSOHZLOODOVRORYHPH
+H3%8+ VDLG +DYHQRGHVLUHIRUWKLVZRUOG$OODKZLOOORYH \RXDQGKDYHQRGHVLUHIRUZKDWSHRSOHSRVVHVVDQGWKHSHRSOHZLOOORYH \RX
>,EQ0DMDK@ &RPPHQWDU\ =XKG
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWWKHZRUOGDQGLWVZHDOWKDQGULFKHVKDVQRVLJQLILFDQFH WR$OODK7KXVLWVKRXOGQRWKDYHPXFKVLJQLILFDQFHWRWKHEHOLHYHUV,WVKRXOGEHFRQVLGHUHGDPHDQV WRUHIRUPWKH$IWHUOLIHRUDSODFHRIWULDO $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 9HULO\7KHZRUOGLVDFFXUVHGDQGZKDWLWFRQWDLQVLVDFFXUVHGH[FHSWUHPHPEUDQFHRI$OODKDQG WKRVHZKRDVVRFLDWHWKHPVHOYHVZLWK$OODKDQGDOHDUQHGPDQDQGDOHDUQLQJSHUVRQ
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
7KLV+DGLWKDOVREULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQRIPHQRIOHDUQLQJHVSHFLDOO\VFKRODUVRI UHOLJLRXVGLVFLSOLQHV C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'RQRWFUDYHIRUSURSHUW\OHVW\RXVKRXOGEHDEVRUEHGLQWKHGHVLUHRIZRUOGO\OLIH
>$W7LUPLGKL@ &RPPHQWDU\ 7KHZRUG 'DLCDK
WUDQVODWHGKHUHDV SURSHUW\
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
:HVDLG 7KHWKDWFKKDGJRQHZHDNDQGZHDUHUHSDLULQJLW
+H3%8+ VDLG ,VHHWKHVXUHWKLQJGHDWK DSSURDFKLQJVRRQHUWKDQWKLV
>$EX'DZXG@ &RPPHQWDU\ 7KHZRUG .KXVV
PHDQVDKXWRUDKRXVHZKLFKLVPDGHRIZRRGDQGUHHGEDPERR DQGSODVWHUHGZLWKPXG7KH+DGLWKUHPLQGVXVWREHPLQGIXORIGHDWKDWDOOWLPHVDQGEHFHUWDLQWKDW WKHUHLVQRWKLQJQHDUHUWRXVWKDQLW,WDOVRWHOOVXVWKDWZHVKRXOGQRWHQJDJHLQWKRVHZRUOGO\WKLQJV ZKLFKDUHERXQGWRPDNHXVIRUJHWDERXWRXUDSSRLQWHGWHUPLQWKLVZRUOG .DCEELQC,\DG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 9HULO\WKHUHLVD)LWQDKWULDO IRUHYHU\QDWLRQDQGWKHWULDOIRUP\QDWLRQRU8PPDK LVZHDOWK
>$W7LUPLGKL@ &RPPHQWDU\ 7KHZRUG )LWQDK
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
>$W7LUPLGKL@ C$EGXOODKELQ$VK6KLNKNKLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG ,FDPHWRWKH3URSKHW 3%8+ ZKLOHKHZDVUHFLWLQJ6XUDW$W7DNDWKXU 7KHPXWXDOULYDOU\IRUKRDUGLQJZRUOGO\WKLQJV SUHRFFXS\\RX8QWLO\RXYLVLWWKHJUDYHVLHWLOO \RXGLH 1D\
$IWHUUHFLWLQJ KH3%8+ VDLG 6RQRIDGDPVD\VC0\ZHDOWKP\ZHDOWK 'R\RXRZQRI\RXU ZHDOWKRWKHUWKDQZKDW\RXHDWDQGFRQVXPHDQGZKDW\RXZHDUDQGZHDURXWRUZKDW\RXJLYHLQ 6DGDTDKFKDULW\ WRWKRVHZKRGHVHUYHLW DQGWKDWZKDW\RXZLOOKDYHLQVWRFNIRU\RXUVHOI
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKHQMRLQVWKDWLIDSHUVRQLVJLYHQZHDOWKKHVKRXOGVSHQGLWLQWKHZD\V OLNHGE\$OODKEHFDXVHLWLVWKLV6DGDTDKZKLFKZLOOEHDYDOXDEOHWUHDVXUHLQWKH$IWHUOLIH:KDWHYHU HOVHKHFRQVXPHVLQWKLVZRUOGZLOOILQLVKRUURWLQWKLVZRUOGDQGZLOOEHRIQRDYDLOLQ+HUHDIWHU
C$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH3URSKHW 3%8+ DQGVDLG20HVVHQJHURI$OODK%\$OODK,ORYH\RX
+H3%8+ VDLG 7KLQNDERXWZKDW \RXDUHVD\LQJ
7KHPDQUHSHDWHGWKULFH,VZHDUE\$OODKWKDW,ORYH\RX
+H3URSKHW3%8+ VDLG ,I\RXORYHPH\RXVKRXOGEHUHDG\IRUDFXWHSRYHUW\EHFDXVHSRYHUW\FRPHVWRWKRVHZKRORYH PHIDVWHUWKDQDIORRGIORZLQJWRZDUGVLWVGHVWLQDWLRQ
>$W7LUPLGKL@ .CDEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7ZRKXQJU\ZROYHVVHQWLQWKHPLGVWRIDIORFNRIVKHHSDUHQRPRUHGHVWUXFWLYHWRWKHPWKDQDPDQ V JUHHGIRUZHDOWKDQGIDPHLVWRKLV'HHQ
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
+H3%8+ UHSOLHG :KDWKDYH,WRGRZLWKWKHZRUOG",DPOLNHDULGHUZKRKDGVDWXQGHUDWUHH IRULWVVKDGHWKHQZHQWDZD\DQGOHIWLW
>$W7LUPLGKL@ &RPPHQWDU\ %HVLGHPHQWLRQLQJWKHSLHW\RIWKH3URSKHW3%8+ WKLV+DGLWKWHOOVLQDYHU\HORTXHQW PDQQHUWKHUHDOLW\RIWKLVZRUOGE\PHDQVRIDQH[DPSOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH SRRUZLOOHQWHU-DQQDKILYHKXQGUHG\HDUVEHIRUHWKHULFK
>$W7LUPLGKL@ &RPPHQWDU\ $O)XTDUD WKHSRRU PHDQVWKRVH)XTDUD ZKRDUHSHUIHFWLQ)DLWK6XFKSHRSOHZLOO JRWR-DQQDKILYHKXQGHUHG\HDUVEHIRUHWKHULFKEHFDXVHWKHODWWHUZLOOKDYHWRDFFRXQWIRUWKHLUZHDOWK IURPZKHUHWKH\KDGJRWLWDQGKRZWKH\KDG VSHQWLWZKLOHWKHIRUPHUZLOOQRWEHDQVZHUDEOHIRUDQ\ VXFKWKLQJ ,EQC$EEDVDQGC,PUDQELQ$O+XVDLQ0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW 3%8+ VDLG ,ORRNHGLQWR-DQQDKDQGVDZWKDWPRVWRILWVGZHOOHUVDUHWKHSRRUDQG, ORRNHGLQWR +HOODQGVDZWKDWPRVWRILWVLQPDWHVZHUHZRPHQ
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
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KHPRVW WUXWKIXOVWDWHPHQWDSRHWKDVHYHUPDGHLVWKHVD\LQJRI/DELG(YHU\WKLQJEHVLGHV$OODKLVYDLQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWRFRPSRVHUHFLWHDQGTXRWHJRRGYHUVHVDVHYLGHQFHLVSHUPLVVLEOH 7KH9HUVHRI/DELGTXRWHGLQWKLV+DGLWKLVWKHDVPHHIIHFWDVWKHYHUGLFWRIWKH1REOH4XU DQ :KDWVRHYHULVRQWKHHDUWK ZLOOSHULVK 7KLV9HUVHDFFHSWVWKHHOHUQLW\RIWKH$IWHUOLIHDQGWKHWUDQVLWRU\QDWXUHRIWKLVZRUOG
&+$37(5
(;&(//(1&(2) 6,03/(/,9,1*$1'%(,1* &217(17:,7+/,77/( $OODKWKH([DOWHGVD\V 7KHQWKHUHKDVVXFFHHGHGWKHPDSRVWHULW\ZKRKDYHJLYHQXS$V 6DODWWKHSUD\HUV >LHPDGH WKHLU6DODWSUD\HUV WREHORVWHLWKHUE\QRWRIIHULQJWKHPRUE\QRWRIIHULQJWKHPSHUIHFWO\RUE\ QRWRIIHULQJWKHPLQWKHLUSURSHUIL[HGWLPHV@DQGKDYHIROORZHGOXVWV6RWKH\ZLOOEHWKURZQLQ +HOO([FHSWWKRVHZKRUHSHQWDQGEHOLHYHLQWKH2QHQHVVRI$OODKDQG+LV0HVVHQJHU 0XKDPPDG3%8+ DQGZRUNULJKWHRXVQHVV6XFKZLOOHQWHU-DQQDKDQGWKH\ZLOOQRWEH ZURQJHGLQDXJKW
6RKHZHQWIRUWKEHIRUHKLVSHRSOHLQKLVSRPS7KRVHZKRZHUHGHVLURXVRIWKHOLIHRIWKHZRUOG VDLGC$KZRXOGWKDWZHKDGWKHOLNHRIZKDW4DUXQ.RUDK KDVEHHQJLYHQ9HULO\KHLVWKH RZQHURIDJUHDWIRUWXQH %XWWKRVHZKRKDGEHHQJLYHQUHOLJLRXV NQRZOHGJHVDLGC:RHWR\RX 7KHUHZDUGRI$OODKLQWKH+HUHDIWHU LVEHWWHUIRUWKRVHZKREHOLHYHDQGGRULJKWHRXVJRRG GHHGV
7KHQRQWKDW'D\\RXVKDOOEHDVNHGDERXWWKHGHOLJKWV\RXLQGXOJHGLQLQWKLVZRUOG
:KRHYHUGHVLUHVWKHTXLFNSDVVLQJWUDQVLWRU\HQMR\PHQWRIWKLVZRUOG :HUHDGLO\JUDQWKLP ZKDW:HZLOOIRUZKRP:HOLNH7KHQDIWHUZDUGV:HKDYHDSSRLQWHGIRUKLP+HOOKHZLOOEXUQ WKHUHLQGLVJUDFHGDQGUHMHFWHGIDUDZD\IURP$OODK V0HUF\
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
C8UZDKIURPC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHGWKDWVKHXVHGWRVD\WR8UZDK 0D\$OODKEHSOHDVHGZLWKKLP 2VRQRIP\VLVWHUE\$OODK,XVHGWRVHHWKHQHZPRRQWKHQWKH QHZPRRQWKHQWKHQHZPRRQLHWKUHHPRRQVLQWZRPRQWKVDQGDILUHZDVQRWNLQGOHGLQWKHKRXVH RI0HVVHQJHURI$OODK3%8+ ,C8UZDK VDLG 2P\DXQW ZKDWZHUH\RXUPHDQVRIVXVWHQDQFH"
6KHVDLG 'DWHVDQGZDWHU%XWLWVRKDSSHQHG WKDW0HVVHQJHURI$OODK3%8+ KDGVRPH$QVDU QHLJKERXUVZKRKDGPLOFKDQLPDOV7KH\XVHGWRVHQG0HVVHQJHURI$OODK3%8+ VRPHPLONRIWKHLU DQLPDOV DQGKHJDYHWKDWWRXVWRGULQN
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
+HUHSOLHG 0HVVHQJHURI $OODK3%8+ QHYHUVDZDVLHYH
+HZDVDVNHG +RZGLG\RXPDQDJHWRHDWEDUOH\EUHDGPDGHRI XQVLHYHGIORXU"
+HVDLG
:HXVHGWRJURXQGLWDQGWKHQEOHZDZD\WKHKXVNDQGZKDWUHPDLQHGZH NQHDGHGLQWRGRXJK
>$O%XNKDUL@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ ZHQWRXW RIKLVKRXVH RQHGD\RURQHQLJKWDQGWKHUHKHPHW$EX%DNUDQGC8PDU0D\$OODKEHSOHDVHGZLWK WKHP DOVR+H3%8+ VDLG :KDWPDGH\RXOHDYH\RXUKRXVHVDWWKLVKRXU"
7KH\VDLG,WLVKXQJHU 20HVVHQJHURI$OODK
+HVDLG %\+LPLQ:KRVH+DQGVP\VRXOLVZKDWPDGH\RXOHDYHPDGH PHDOVROHDYH VRFRPHDORQJ
$QGKHZHQWDORQJZLWKWKHPWRDPDQIURPWKH$QVDUEXWWKH\GLGQRW ILQGKLPLQKLVKRXVH:KHQWKHZLIHRIWKDWPDQVDZWKH3URSKHWVKHVDLG
0HVVHQJHURI$OODK3%8+ VDLGWRKHU :KHUHLVVRDQGVR"
6KHVDLG+HZHQWWRIHWFKVRPHIUHVK ZDWHUIRUXV
,QWKHPHDQWLPHWKH$QVDULFDPHEDFNVDZ0HVVHQJHURI$OODK3%8+ DQGKLVWZR FRPSDQLRQVDQGVDLG3UDLVHEHWR$OODKWRGD\QRRQHKDVPRUHKRQRXUDEOHJXHVWVWKDQ,
+HWKHQ ZHQWRXWDQGEURXJKWWKHPDEXQFKRIGDWHIUXLWKDYLQJGDWHVVRPHVWLOOJUHHQVRPHULSHDQGVRPH IXOO\ULSHDQGUHTXHVWHGWKHPWRHDWIURPLW+HWKHQWRRNKLVNQLIHWRVODXJKWHUDVKHHS 0HVVHQJHU RI$OODK3%8+ VDLGWRKLP 'RQRWNLOODPLOFKVKHHS
6RKHVODXJKWHUHGDVKHHSIRUWKHP$IWHU WKH\KDGHDWHQDQGGUXQNWRWKHLUILOO0HVVHQJHURI$OODK3%8+ VDLGWR$EX%DNUDQGC8PDU0D\ $OODKEHSOHDVHGZLWKWKHP %\+LPLQ:KRVH+DQGP\VRXOLV\RXZLOOFHUWDLQO\EHTXHVWLRQHG DERXWWKLVWUHDWRQWKH'D\RI5HVXUUHFWLRQ+XQJHUEURXJKW\RXRXWRI\RXUKRPHVDQG\RXGRQRW UHWXUQWR\RXUKRPHVWLOO\RXKDYHEHHQEOHVVHGZLWKWKLVWUHDW
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEULQJVWKHIROORZLQJSRLQWVLQWRSURPLQHQFH 5HPHPEUDQFHRI$ODNKLUDK WKH+HUHDIWHU DQGWKHWRUPHQWRI+HOO 'HVFULSWLRQRIWKHIDVWGHFOLQHRIWKHZRUOGDQGLWVWUHQGWRZDUGVGHVWUXFWLRQ 'HVFULSWLRQRIWKHYDVWQHVVRI-DQQDKDQG+HOO 5HIHUHQFHWRWKHDIIOXHQFHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ ZKLFKWKH\KDGDWD VXEVHTXHQWVWDJH,WZDVLQIDFWIXOILOOPHQWRIWKH3URPLVHRI$OODKWKDW+HZLOOEHVWRZXSRQWKHP SRZHUDQGPDMHVW\LQWKLVZRUOG
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
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG%\$OODKRWKHUWKDQ:KRPWKHUHLVQRQH ZRUWK\RIZRUVKLS,XVHGWRSUHVVP\VWRPDFKDJDLQVWWKHHDUWKRZLQJWRP\KXQJHU,ZRXOGWLHD VWRQHRYHULW2QHGD\,ZDVVLWWLQJRQWKHZD\WKH\XVXDOO\WDNHZKHQWKH3URSKHW3%8+ SDVVHGE\ PH:KHQKHVDZPHKHVPLOHGDWPHDQGNQHZP\FRQGLWLRQDQGP\IHHOLQJV+HFDOOHGPHDQG, UHSOLHG$W\RXUVHUYLFH20HVVHQJHURI$OODK
+HVDLG )ROORZPH
6R,IROORZHGKLP+DYLQJ DUULYHGDWKRPHKHVRXJKWSHUPLVVLRQDQGHQWHUHG+HDOORZHGPHLQDQG,WRRHQWHUHG+HIRXQG PLONLQDERZODQGDVNHG :KHUHLVWKLVIURP"
+HZDVWROGWKDWLWZDVDJLIWIRUKLPIURPVRDQGVR +HFDOOHGPHDQG,UHVSRQGHG$W\RXUVHUYLFH20HVVHQJHURI$OODK
+HVDLG *RWRWKHSHRSOHRI $V6XIIDKDQGXVKHUWKHPLQ
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
$VWKHUHZDVQRDOWHUQDWLYHEXWWRREH\$OODKDQG+LV 0HVVHQJHU3%8+ ,ZHQWDQGFDOOHGWKHP7KH\FDPHDQG VRXJKWSHUPLVVLRQZKLFKZDVJUDQWHG
7KH\WRRNWKHLUVHDWV7KH3URSKHW3%8+ FDOOHGPHDQG,UHVSRQGHG$W\RXUVHUYLFH20HVVHQJHU RI$OODK
+HWKHQVDLG 7DNHWKHPLONDQGJLYHLWWRWKHP
,WRRNWKHERZODQGJDYHLWWRRQHPDQ ZKRGUDQNKLVILOODQGUHWXUQHGLWWRPHDQG,JDYHLWWRWKHQH[WDQGKHGLGWKHVDPH,ZHQWRQGRLQJ WKLVWLOOWKHERZOUHDFKHG0HVVHQJHURI$OODK3%8+ %\WKDWWLPHDOOKDGWDNHQWKHLUILOO+H3%8+ WRRNWKHERZOSXWLWRQKLVKDQGORRNHGDWPHVPLOHGDQGVDLG $EX+LUU
,VDLG$W\RXUVHUYLFH2 0HVVHQJHURI$OODK
+HVDLG 1RZ\RXDQG,DUHOHIW
,VDLG7KDWLVWUXH20HVVHQJHURI$OODK
+HVDLG 6LWGRZQDQGGULQN
,GUDQNEXWKHZHQWRQVD\LQJ 'ULQNVRPHPRUH
,VDLG%\+LP :KRKDVVHQW\RXZLWKWKH7UXWK,KDYHQRURRPIRULW
+HVDLG 7KHQJLYHLWWRPH
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
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:HZHUHRQFHVLWWLQJLQWKHFRPSDQ\RI 0HVVHQJHURI$OODK3%8+ ZKHQDPDQIURPWKH$QVDUFDPHDQGJUHHWHG$VKHZDVOHDYLQJ 0HVVHQJHURI$OODK3%8+ VDLGWRKLP 2EURWKHURIWKH$QVDUKRZLV P\EURWKHU6DCGELQ C8EDGDK"
+HUHSOLHG+HLVZHOO
0HVVHQJHURI$OODK3%8+ DVNHG :KLFKRI\RXLVGHVLURXVRI YLVLWLQJKLP"
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KH0XVOLPVKDYHEHHQDOORZHGUDWKHUHPSKDWLFDOO\WROGDQGFRPPDQGHGWRSRVVHVV DVPXFKZHDOWKDVFRXOGPHHWWKHLUSHUVRQDODQGIDPLO\QHHGV
6RPHC8ODPD DUHRIWKHRSLQLRQWKDWDIWHUWKHSD\PHQWRIWKHDQQXDO=DNDW SRRUGXH LWLVQRW QHFHVVDU\WRVSHQGPRUH%XWWREHDFFXUDWHLIVRPHERG\SD\V=DNDWDQG\HWUHWDLQVHQRXJKPRQH\ ZLWKKLPDQGWKHUHDUHVRPHQHHG\SHRSOHDOVRLQKLVNQRZOHGJHWKHQKHZLOOEHERXQGWRVSHQGRQ WKHP$W7LUPLGKLTXRWHGD+DGLWKLQZKLFK0HVVHQJHURI$OODK3%8+ VDLG ,QGHHGWKHUHLVDULJKW IRUSRRU LQWKHZHDOWKLQDGGLWLRQWR=DNDW
C8EDLGXOODKELQ0LKVDQ$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG :KRVRHYHUEHJLQVWKHGD\IHHOLQJIDPLO\VHFXULW\DQGJRRGKHDOWKDQGSRVVHVVLQJ SURYLVLRQIRUKLVGD\LVDVWKRXJKKHSRVVHVHGWKHZKROHZRUOG
>$W7LUPLGKL@
&RPPHQWDU\ 7RKDYHRQHGD\IRRGDQGWRHQMR\SHDFHDQGKHDOWKLVLQGHHGDJUHDWEOHVVLQJ,WPD\ EHVDLGWKDWRQHKDVWKHVDPHVDWLVIDFWLRQZKLFKRQHFDQKDYHRQJHWWLQJWKHZKROHZRUOG$QGLIRQH ODFNVSHDFHDQGKHDOWKWKHWUHDVXUHVRIWKHZKROHZRUOGZLOOEHRIQRXVHEHFDXVHWKHKHDSVRIZHDOWK FDQQRWSURYLGHSHDFHRIPLQGWRRQHQRUFDQLWPDNHRQHHQMR\VRXQGKHDOWK7KH+DGLWKDOVRLPSOLHV DQDGYLFHWRPDQWKDWLQVWHDGRIUXQQLQJDIWHUZHDOWKKHVKRXOGHQGHDYRXUWRVHHNSDWLHQFHDQG FRQWHQWPHQWZKLFKDORQHFDQJXDUDQWHHKLPSHDFHDQGVDWLVIDFWLRQ2WKHUZLVHKHLVOLNHO\WRVWDNH HYHU\WKLQJRQWKHSXUVXLWRIWKLVPLUDJH C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG 6XFFHVVIXOLVWKHRQHZKRHQWHUVWKHIROGRI,VODPDQGLVSURYLGHGZLWKVXVWHQDQFH ZKLFKLVVXIILFLHQWIRUKLVGD\ VQHHGVDQG$OODKPDNHVKLPFRQWHQWZLWKZKDW+HKDVEHVWRZHGXSRQ KLP
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKGLVVXDGHVXVIURPRYHUHDWLQJDVWKLVFDXVHVOD]LQHVVDQGDIIHFWVRQH V KHDOWK
$EX8PDPDKELQ7KDCODEDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH&RPSDQLRQVRI 0HVVHQJHURI$OODK3%8+ PHQWLRQHGWKHOLIHRIWKHZRUOGEHIRUHKLP+H3%8+ VDLG 'R\RXQRW KHDU"'R\RXQRWKHDU"6LPSOLFLW\LQOLIH LVSDUWRI)DLWKVLPSOLFLW\LVSDUWRI)DLWK
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
+HVDLG:HVXFNHGWKDWMXVWOLNHDEDE\DQGWKHQGUDQNZDWHU RYHUWKDWDQGLWZDVVXIILFLHQWIRUXVIRUWKHGD\XQWLOQLJKW:HEHDWRIIOHDYHVZLWKWKHKHOSRIRXU VWLFNVWKHQGUHQFKHGWKHPZLWKZDWHUDQGDWHWKHP:HWKHQZHQWWRWKHVHDVLGHZKHQWKHUHDSSHDUHG EHIRUHXVVRPHWKLQJOLNHDELJPRXQG:HFDPHQHDULWDQGZHIRXQGWKDWLWZDVDEHDVWFDOOHG$O $QEDU$EX 8EDLGDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,WLVGHDGVRLWXVHOHVVIRUXV
+HWKHQ VDLG1REXWLWGRHVQRWPDWWHU ZHKDYHEHHQVHQWE\0HVVHQJHURI$OODK3%8+ LQWKHZD\RI $OODKDQG\RXDUHKDUGSUHVVHGRQDFFRXQWRIWKHVFDUFLW\RIIRRG VR\RXFDQHDWWKDW
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
6L[WKO\WKLVSDUWLFXODUILVKOLNHWKHZKDOHLVDJLJDQWLF SKHQRPHQRQZKLFKLVQRUPDOO\DERXWIHHWORQJ
$VPD ELQW$W7LUPLGKL@ &RPPHQWDU\ :HDULQJORQJFORWKHVLVFRPPRQO\NQRZQWREHDVLJQRIDUURJDQFH0RUHRYHUVXFK W\SHRIGUHVVUHWUHDGVSK\VLFDOPRYHPHQWZKHUHDVVKRUWFORWKHVFDXVHLQFRQYHQLHQFHWRWKHZHDUHULQ VXPPHUDQGZLQWHU0RGHUDWLRQWKHUHIRUHLVWKHEHVWZD\DQGWKHUHIRUHWKH3URSKHWLFH[DPSOH -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QWKHGD\RIWKHEDWWOHRI$O.KDQGDTWKH 7UHQFK ZHZHUHGLJJLQJWKHWUHQFKZKHQDYHU\KDUGERXOGHUFDPHLQRXUZD\7KH&RPSDQLRQVZHQW
WR0HVVHQJHURI$OODK3%8+ DQGWROGKLPDERXWLW+HVDLG ,ZLOOJRGRZQWKHWUHQFKWRVHHLW
+H VWRRGXSDQGLWZDVQRWLFHGWKDWKHKDGWLHGDVWRQHRYHUKLVVWRPDFKGXHWRLQWHQVHKXQJHU:HKDGQRW WDVWHGDQ\WKLQJIRUWKUHHGD\V+HWRRNXSDVSDGHDQGVWUXFNWKHKDUGURFNZLWKLWDQGLWWXUQHGLQWR VDQG,VRXJKWKLVSHUPLVVLRQWRJRKRPHDIWHUUHDFKLQJKRPH, VDLGWRP\ZLIH,KDYHVHHQWKH 3URSKHW3%8+ LQDVWDWHWKDW,DPXQDEOHWRHQGXUH+DYH\RXJRWDQ\WKLQJLQWKHKRXVH"
6KHVDLG ,KDYHDVPDOOTXDQWLW\RIEDUOH\DQGDODPE
,VODXJKWHUHGWKHODPEJURXQGWKHEDUOH\DQGSXWWKH PHDWLQWKHFRRNLQJSRW7KHQ,ZHQWWRWKH3URSKHW3%8+ ,QWKHPHDQWLPHWKHIORXUKDGEHHQ NQHDGHGDQGWKHPHDWLQWKHSRWZDVQHDUO\FRRNHG,VDLGWRKLP20HVVHQJHURI $OODK,KDYHVRPH IRRGZLOO\RXFRPHDORQJZLWKRQHRUWZR&RPSDQLRQV"
+HDVNHG +RZPDQ\PHQVKRXOGJR WKHUH"
,WROGKLPWKHQXPEHU+HVDLG ,WZLOOEHEHWWHULIWKH\DUHPRUHLQQXPEHU7HOO\RXUZLIHQRW WRUHPRYHWKHSRWIURPWKHKHDUWKQRUWKHEUHDGIURPWKHRYHQWLOO,DUULYH
7KHQKHVDLGWRWKH 0XKDMLUXQDQGWKH$QVDU /HWXVJRWRHDW
7KH\DOOURVHDQGZHQWZLWKKLP ,ZHQWWRP\ZLIH DQGVDLG%OHVV\RXWKH3URSKHW3%8+ WKH0XKDMLUXQWKH$QVDUDQGWKHZKROHFRPSDQ\DUH FRPLQJ
6KHVDLG'LGKH3%8+ DVN\RX"
,UHSOLHGLQWKHDIILUPDWLYH:KHQWKH\DUULYHG 0HVVHQJHURI$OODK3%8+ VDLGWRKLV&RPSDQLRQV (QWHUEXWGRQRWFURZGLQ
7KHQKHVWDUWHG EUHDNLQJXSWKHEUHDGDQGSXWWLQJPHDWRQLW+HZRXOGWDNHIURP WKHSRWDQGWKHRYHQWKHQZRXOG FRYHUWKHPXSDSSURDFKKLV&RPSDQLRQVDQGKDQGLWRYHUWRWKHP+HZRXOGWKHQJREDFNDQG XQFRYHUWKHSRWDQGWKHRYHQ+HFRQWLQXHGWREUHDNXSWKHEUHDGDQGSXWPHDWRQLWWLOODOOKDGHDWHQWR WKHLUILOODQGVWLOOVRPHRIWKHIRRGUHPDLQHG7KHQKHVDLGWRP\ZLIH (DWIURPLWDQGVHQGLWDVD SUHVHQWIRUWKHSHRSOHKDYHEHHQDIIOLFWHGZLWKVHYHUHKXQJHU
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV-DELUVDLG:KHQWKHWUHQFKZDVEHLQJGXJ,QRWLFHGWKHVLJQVRIKXQJHURQWKH IDFHRIWKH3URSKHW3%8+ ,UHWXUQHGWRP\ZLIHDQGVDLGWRKHU+DYH\RXJRWDQ\WKLQJLQWKH KRXVH",KDYHVHHQWKHVLJQVRIVHYHUHKXQJHURQWKHIDFHRI0HVVHQJHURI$OODK3%8+
6KHEURXJKW RXWDEDJZKLFKFRQWDLQHGD6DCDPHDVXUHWKDWHTXDOVDSSUR[LPDWHO\NJ RIEDUOH\:HKDGDODPE ZKLFKZDVUHDUHGLQWKHKRPH,VODXJKWHUHGWKHODPEDQGVKHJURXQGWKHIORXUIRUEDNLQJEUHDG,WKHQ FXWWKHPHDWDQGSXWLWLQWKHFRRNLQJSRW:KHQ,ZDVUHWXUQLQJWR0HVVHQJHURI$OODK3%8+ P\ ZLIHVDLGWRPH'RQRWHPEDUDVVPHEHIRUH0HVVHQJHURI$OODK3%8+ DQGKLV&RPSDQLRQV
6KH VDLGWKLVEHFDXVHVKHWKRXJKWWKDWWKHIRRGZRXOGQRWEHHQRXJKIRUHYHU\RQHIRUKRZFDQYHU\OLWWOH IRRGFDWHUIRUDWKRXVDQGSHRSOH" :KHQ,FDPHWRKLP,VDLGWRKLPLQDORZWRQH20HVVHQJHURI $OODK3%8+ ZHKDYHVODXJKWHUHGDVPDOOODPEDQGKDYHJURXQGD6DCRIEDUOH\3OHDVHDFFRPSDQ\ PHZLWKDIHZRI\RXU&RPSDQLRQV
7KHUHXSRQKH3%8+ DQQRXQFHGLQDORXGYRLFH 2SHRSOHRI WKH7UHQFK-DELUKDVDUUDQJHGDIHDVWIRU\RXVRDOORI\RXDUHZHOFRPH
$QGDGGUHVVLQJPHKHVDLG 'RQRWWDNHWKHSRWRIIWKHILUHQRUEDNHWKHNQHDGHGIORXUWLOO,DUULYH
6R,FDPHKRPHDQGKHFDPH DKHDGRIWKHSHRSOH0\ZLIHVDLG,WZLOOEHDPDWWHURIGLVJUDFHIRU\RXEHFDXVHWKHUHLVQRWHQRXJK IRRG
,VDLG,GLGRQO\ZKDW\RXWROGPH
6KHEURXJKWRXWWKHNQHDGHGIORXUDQG0HVVHQJHURI $OODK3%8+ VSDWLQWRLWDQGLQYRNHGWKHEOHVVLQJRI$OODKRQ LWDQGWKHQKHVSDWLQWRWKHFRRNLQJ SRWDQGLQYRNHGWKHEOHVVLQJRI$OODKRQLW7KHQKHVDLG &DOODQRWKHUZRPDQWRKHOSEDNHEUHDGDQG OHWKHUWDNHRXWIURPWKHFRRNLQJSRWEXWGRQRWWDNHLWRIIWKHILUH
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
6KH VDLG
6RVKHEURXJKWRXWEDUOH\ORDYHVWRRNRIIKHUKHDGFRYHULQJLQDSDUWRIZKLFKVKH ZUDSSHGWKHVHORDYHVDQGWKHQSXWWKHPEHQHDWKP\PDQWOHDQGFRYHUHGPHZLWKDSDUWRILW6KHWKHQ VHQWPHWR0HVVHQJHURI$OODK3%8+ ,VHWIRUWKDQGIRXQG0HVVHQJHURI$OODK3%8+ VLWWLQJLQWKH PRVTXHLQWKHFRPSDQ\RIVRPHSHRSOH,VWRRGQHDUWKHPZKHUHXSRQ0HVVHQJHURI$OODK3%8+ DVNHG +DV$EX7DOKDKVHQW\RX"
,VDLG
7KHUHXSRQKHVDLGWRWKRVHZKRZHUHZLWKKLPWRJHW XS DQGIROORZKLP +HZHQWIRUWKDQGVRGLG,DKHDGRIWKHPXQWLO,FDPHWR$EX7DOKDKDQG LQIRUPHGKLP$EX7DOKDKVDLG28PP6XODLPKHUHFRPHV0HVVHQJHURI$OODK3%8+ DORQJZLWK WKHSHRSOHDQGZHGRQRWKDYHHQRXJKIRRG WRIHHGWKHP
6KHVDLG$OODKDQG+LV0HVVHQJHUNQRZ
EHWWHU
$EX7DOKDKZHQWRXWWRUHFHLYHKLP XQWLOKHPHW0HVVHQJHURI$OODK3%8+ DQGKHFDPH IRUZDUGDORQJZLWKKLPXQWLOWKH\ERWK0HVVHQJHURI$OODK3%8+ DQG$EX7DOKDK0D\$OODKEH SOHDVHGZLWKKLP FDPHLQ7KHQ0HVVHQJHURI$OODK3%8+ VDLG28PP6XODLPEULQJIRUWKZKDW \RXKDYHZLWK\RX
6RVKHEURXJKWWKHEUHDG0HVVHQJHURI$OODK3%8+ FRPPDQGHGWKDWWKHEUHDG EHEURNHQLQWRVPDOOSLHFHVDQGDIWHU8PP6XODLP0D\$OODKEHSOHDVHGZLWKKHU KDGVTXHH]HG FODULILHGEXWWHURXWRIDEXWWHUFRQWDLQHUDQGPDGHLWMXVWOLNHVRXS0HVVHQJHURI$OODK3%8+ UHFLWHG RYHULWZKDW$OODKZLVKHGKLPWRUHFLWH+HWKHQVDLG $OORZWHQJXHVWVWRFRPHLQ
7KH\DWHXQWLO WKH\KDGWKHLUILOO7KH\WKHQZHQWRXW+H0HVVHQJHURI$OODK3%8+ DJDLQVDLG $OORZWHQPRUH WRFRPHLQ
DQGKHWKHKRVW XVKHUHGWKHPLQ7KH\DWHWRWKHLUILOO7KHQWKH\ZHQWRXW+H3%8+ DJDLQVDLG $OORZWHQPRUH
XQWLODOOWKHSHRSOHDWHWRWKHLUILOO7KH\ZHUHVHYHQW\RUHLJKW\ SHUVRQV >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV$QDVVDLG :KHQDOOKDGHDWHQWKHUHPDLQLQJIRRGZDVFROOHFWHG,WZDVDVPXFK DVWKHUHZDVLQWKHEHJLQQLQJ
,ZDVWROG 'XHWRKXQJHU
, ZHQWWR$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLP WKHKXVEDQGRI8PP6XODLP0D\$OODKEH SOHDVHGZLWKKHU DQGVDLG 2IDWKHU,KDYHVHHQ0HVVHQJHURI$OODK3%8+ ZLWKDEHOWWLHGRYHUKLV ZDLVW ,DVNHGRQHRIKLV&RPSDQLRQVDERXWWKHUHDVRQRILWDQGKHVDLGWKDWLWZDVRQDFFRXQWRIVHYHUH KXQJHU
$EX7DOKDK 0D\$OODKEHSOHDVHGZLWKKLP ZHQWWRP\PRWKHUDQGDVNHG +DYH\RXJRW DQ\WKLQJ"
6KHVDLG
$QDVWKHQQDUUDWHGWKH+DGLWKLQIXOO &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHVDPHWKLQJVZHKDYHVHHQLQWKHSUHYLRXVRQH
&+$37(5
&217(170(17$1'6(/)(67((0 $1'$92,'$1&(2)811(&(66$5,/< %(**,1*2)3(23/( $OODKWKH([DOWHGVD\V $QGQRPRYLQJOLYLQJ FUHDWXUHLVWKHUHRQHDUWKEXWLWVSURYLVLRQLVGXHIURP$OODK
&KDULW\LV IRU)XTDUDWKHSRRU ZKRLQ$OODK V&DXVHDUHUHVWULFWHGIURPWUDYHO DQGFDQQRW PRYHDERXWLQWKHODQGIRUWUDGHRUZRUN 7KHRQHZKRNQRZVWKHPQRWWKLQNVWKDWWKH\DUH ULFKEHFDXVHRIWKHLUPRGHVW\
$QGWKRVHZKRZKHQWKH\VSHQGDUHQHLWKHUH[WUDYDJDQWQRUQLJJDUGO\EXWKROGDPHGLXP ZD\ EHWZHHQWKRVHH[WUHPHV
$QG,$OODK FUHDWHGQRWWKHMLQQDQGPDQNLQGH[FHSWWKDWWKH\VKRXOGZRUVKLS0H$ORQH , VHHNQRWDQ\SURYLVLRQIURPWKHPLHSURYLVLRQIRUWKHPVHOYHVRUIRU0\FUHDWXUHV QRUGR,DVN WKDWWKH\VKRXOGIHHG0HLHIHHGWKHPVHOYHVRU0\FUHDWXUHV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 5LFKQHVVLV QRWWKHDEXQGDQFHRIZHDOWKUDWKHULWLVVHOIVXIILFLHQF\
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
>0XVOLP@ &RPPHQWDU\ 7REHFRQWHQWHGZLWKWKHLQGHSHQGHQWVXEVLVWHQFH .DIDI KDVEHHQFRXQWHGDPHULWE\ WKH3URSKHW3%8+ EHFDXVHWKLVSUHYHQWVRQHIURPEHJJLQJRISHRSOH7KH+DGLWKSRLQWVRXWWKH H[FHOOHQFHRIWKRVHSHRSOHZKRUHPDLQVDWLVILHGZLWKWKHLUOLPLWHGUHVRXUFHVDQGGRQRWEHJRISHRSOH 6LPLODUO\DXWDUN\KDVLWVRZQPHULWEHFDXVHDIIOXHQFHRIWHQPDNHVDPDQSURXGZKHUHDV SHQXU\ ORZHUVKLVLPDJHLQWKHH\HVRISHRSOH
,VDLGWR KLP20HVVHQJHURI$OODKE\+LP:KRVHQW\RXZLWKWKH7UXWK,ZLOOQRWDIWHU\RXDVNDQ\RQHIRU DQ\WKLQJWLOO,OHDYHWKLVZRUOG
6R$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP ZRXOGVXPPRQ+DNLP 0D\$OODKEHSOHDVHGZLWKKLP WRJLYHKLVUDWLRQVEXWKHZRXOGUHIXVH 7KHQ 8PDU0D\$OODKEH SOHDVHGZLWKKLP ZRXOGFDOOKLPEXWKHZRXOGGHFOLQHWRDFFHSWDQ\WKLQJ6R 8PDU0D\$OODKEH SOHDVHGZLWKKLP VDLGDGGUHVVLQJ0XVOLPV20XVOLPV,DVN\RXWREHDUWHVWLPRQ\WKDW,RIIHU +DNLPKLVVKDUHRIWKHERRW\WKDW$OODKKDVDVVLJQHGIRUKLPEXWKHUHIXVHVP\RIIHU
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
$EX%XUGDK0D\$OODKEHSOHDVHGZLWKKLP VD\V $EX0XVDUHSRUWHGWKLV+DGLWKEXW UHJUHWWHGKDYLQJGRQHVR+HVDLG :RXOGWKDW,KDGQRWPHQWLRQHGLW
+HVDLGVREHFDXVHKHGLVOLNHG
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
8SRQWKLVC$PUELQ7DJKOLEVDLG%\$OODK,VKDOOQRW DFFHSWDKHUGRIUHGFDPHOVLQH[FKDQJHIRUZKDWWKH3URSKHWVDLGDERXWPH
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
$VZHKDGWDNHQRDWKRIDOOHJLDQFHVKRUWO\ EHIRUHZHVDLG:HKDYHDOUHDG\GRQHVR20HVVHQJHURI$OODK
+HDJDLQDVNHG :RXOG\RXQRW SOHGJHDOOHJLDQFHWR0HVVHQJHURI$OODK"
6RZHVWUHWFKHGRXWRXUKDQGVDQGVDLG:HKDYHDOUHDG\ PDGHRXUSOHGJHZLWK\RX20HVVHQJHURI$OODKRQZKDWVKRXOGZHPDNHDSOHGJHZLWK\RX"
+H VDLG 7RZRUVKLS$OODKDQGQRWWRDVVRFLDWHDQ\WKLQJZLWK+LPWRSHUIRUPWKHILYHGDLO\ 6DODWDQGWR REH\
7KHQKHDGGHGLQDORZWRQH $QGQRWWRDVNSHRSOHIRUDQ\WKLQJ
7KHUHDIWHU,QRWLFHGWKDW
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
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +H ZKREHJVWRLQFUHDVHKLVULFKHVLVLQIDFWDVNLQJRQO\IRUDOLYHFRDO,WLVXSWR KLPWRGHFUHDVHLWRU LQFUHDVHLW
>0XVOLP@ &RPPHQWDU\ :HFRPHWRNQRZWKDWEHJJLQJZLWKRXWDSUHVVLQJQHHGLVVXFKDGLVJUDFHIXOFULPHWKDW LWEULQJVRQHWR+HOOILUH:KDWDSLW\WKDWEHJJDU\SUHYDLOVDPRQJWKHIROORZHUVRIDUHOLJLRQZKLFK EUDQGV LWDVDQDERPLQDEOHFULPH,WLVH[WUHPHO\SLWLDEOHDQGODPHQWDEOHWKDW0XVOLPVDUHLJQRUDQWRI DQGLQGLIIHUHQWWR,VODPLFWHDFKLQJV 6DPXUDKELQ-XQGXE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG %HJJLQJLVDFXWWKDW DSHUVRQLQIOLFWVXSRQKLVIDFHH[FHSWIRUDVNLQJDUXOHURUXQGHUWKHVWUHVVRI FLUFXPVWDQFHVIURPZKLFKWKHUHLVQRHVFDSH
>$W7LUPLGKL@ &RPPHQWDU\ 7RVXEPLWKLVGHPDQGWRWKH+HDGRIVWDWHPHDQVWKDWLIDPDQGHVHUYHVKHOSKH VKRXOGJRWRWKH SXEOLFWUHDVXU\ZKLFKH[LVWVLQDQ,VODPLFFRXQWU\VRDVWRIXOILOOWKHQHHGVRIWKH QHHG\JUDFHIXOO\,IKLVDFFHVVWRLWLVQRWSRVVLEOHKHLVIUHHWRSXWKLVGHPDQGWRRWKHUVDVZHOO ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +H ZKRVXIIHUVSRYHUW\DQGVHHNVUHOLHIIURPSHRSOHKHZLOOQRWEHUHOLHYHGEXWKHZKRVHHNVUHOLHIIURP $OODK$ORQHKHZLOOEHUHOLHYHGVRRQHURUODWHU
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ ,QWKLV+DGLWKLWKDVEHHQVXJJHVWHGWKDWDPDQLQQHHGVKRXOGWXUQWR$OODK$ORQHDQG QRWWRKXPDQEHLQJVEHFDXVH+H$ORQHPHHWVWKHQHHGVRIDOOFUHDWXUHV
, VDLG,JLYH\RXWKHJXDUDQWHH
7KHQ7KDXEDQ0D\$OODKEHSOHDVHGZLWKKLP QHYHUEHJJHG DQ\WKLQJIURPDQ\RQH >$EX'DZXG@
&RPPHQWDU\ 1RWWRVHHNDQ\NLQGRIDLGIURPDQ\ERG\PHDQVWKDWDUHTXHVWVKRXOGQRWEHPDGHDV VXFKZLWKRXWQHHG%HFDXVHLQWKHKRXURIQHHGDPDQLVSHUPLWWHGE\WKH6KDULCDKWRUHTXHVWVRPHERG\ WRPHHWKLVUHTXLUHPHQW
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKH[SOLFLWO\WHOOVXVDERXWWKHWKUHHW\SHVRIPHQZKRDUHDOORZHGWREHJRI RWKHUV$GHWDLOHGGHVFULSWLRQKDVDOUHDG\EHHQPHQWLRQHGDERYH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG$ QHHG\SHUVRQLVQRWWKHRQHZKRJRHVIURPGRRUWRGRRUEHJJLQJDQGLVWXUQHGDZD\ZLWKDPRUVHORU WZRRUZLWKDGDWHRUWZR%XWDQHHG\SHUVRQLVWKHRQHZKRGRHVQRWKDYHHQRXJKWROLYHXSRQDQG QHLWKHUIURPKLVDSSHDUDQFHLWRFFXUVWKDWKHLVQHHG\DQGVKRXOGEHJLYHQDOPVQRUGRHVKHKLPVHOI EHJDQ\WKLQJIURPRWKHUV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHSURIHVVLRQDOEHJJDUVDQGWKH WUXO\QHHG\KDYHFOHDUO\EHHQLGHQWLILHGKHUH7KH SRLQWLVWKDWZHVKRXOGWU\WRILQGRXWGHVHUYLQJSHRSOHDQGVSHQGRQWKHP%HFDXVHGHVSLWHEHLQJ QHHG\WKH\GRQRWZHDUDSURIHVVLRQDOORRNQRUGRWKH\DSSURDFKDQ\ERG\WRUHFHLYHDOPV,QQRZD\ ZLOOLWEHFRXQWHGDVFKDULW\LIZHVDWLVI\RXUVHOYHVE\JLYLQJDIHZFRLQVWRDSURIHVVLRQDOEHJJDU ZKRPZHFRPHDFURVVRQWKHURDG
&+$37(5
3(50,66,%,/,7<2)$66,67$1&( :,7+287*5((' 6DOLPVRQRI$EGXOODKELQC8PDUIURPKLVIDWKHU$EGXOODKIURPC8PDU0D\$OODKEHSOHDVHG ZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ ZRXOGJLYHPHVRPHJLIWEXW,ZRXOGVD\*LYHLW WRVRPHRQHZKRQHHGVLWPRUHWKDQ,
7KHUHXSRQKH3%8+ ZRXOGVD\ 7DNHLWZKHQLWFRPHVWR \RXZLWKRXWEHJJLQJDQGZLWKRXWJUHHGDQGDGGLWWR\RXUSURSHUW\7KHQXVHLW\RXUVHOIRUJLYHLW DZD\LQFKDULW\$VIRUWKHUHVWGRQRWFRYHWLW
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
&+$37(5
(1&285$*,1*/,9(/,+22'%< :25.,1*:,7+ +$1'6$1' $%67$,1,1*)520%(**,1* $OODKWKH([DOWHGVD\V 7KHQZKHQWKH-XPXCDK 6DODWSUD\HU LVHQGHG\RXPD\GLVSHUVHWKURXJKWKHODQGDQGVHHN WKH%RXQW\RI$OODKE\ZRUNLQJ
=XEDLUELQC$ZZDP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG ,WLVIDUEHWWHUIRU\RXWRWDNH\RXUURSHJR WRWKHPRXQWDLQFXWVRPHILUHZRRG FDUU\LWRQ\RXUEDFN DQGVHOOLWDQGWKHUHE\VDYH\RXUIDFHWKDQEHJJLQJIURPSHRSOHZKHWKHUWKH\JLYH\RXRUUHIXVH
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
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 3URSKHW 'DZXG3%8+ DWHRQO\RXWRIWKDWZKLFKKHHDUQHG WKURXJKKLVPDQXDOZRUN
>$O%XNKDUL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 3URSKHW =DNDUL\\D3%8+ ZDVDFDUSHQWHU
>$O%XNKDUL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ VDLG 1RIRRGLV EHWWHUWRPDQWKDQWKDWZKLFKKHHDUQVWKURXJKKLVPDQXDOZRUN'DZXG3%8+ WKH3URSKHWRI$OODK DWHRQO\RXWRIKLVHDUQLQJVIURPKLVPDQXDOZRUN
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
&+$37(5
(;&(//(1&(2)*(1(526,7< $1'63(1',1*,1$*22' &$86(:,7+5(/,$1&(21$//$+
$OODKWKH([DOWHGVD\V $QGZKDWVRHYHU\RXVSHQGRIDQ\WKLQJLQ$OODK V&DXVH +HZLOOUHSODFHLW
$QGZKDWHYHU\RXVSHQGLQJRRGLWLVIRU\RXUVHOYHVZKHQ\RXVSHQGQRWH[FHSWVHHNLQJ$OODK V &RXQWHQDQFH$QGZKDWHYHU\RXVSHQGLQJRRGLWZLOOEHUHSDLGWR\RXLQIXOODQG\RXVKDOOQRW EHZURQJHG
$QGZKDWHYHU\RXVSHQGLQJRRGVXUHO\$OODKNQRZVLWZHOO
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG (QY\LV SHUPLWWHGRQO\LQWZRFDVHV$PDQZKRP$OODKJLYHVZHDOWKDQGKHGLVSRVHVRILWULJKWIXOO\DQGD PDQWRZKRP$OODKJLYHVNQRZOHGJHZKLFKKHDSSOLHVDQGWHDFKHVLW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ (QY\LQWKH+DGLWKPHDQV *KLEWDK
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
7KH&RPSDQLRQVVDLG20HVVHQJHURI $OODK7KHUHLVQRQHRIXVEXWORYHVKLVRZQZHDOWKPRUH
+H3%8+ VDLG+LVZHDOWKLVWKDWZKLFK KHKDVVHQWIRUZDUGEXWWKDWZKLFKKHUHWDLQVEHORQJVWRKLVKHLU
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKVSRWOLJKWVLQDZLVHIDVKLRQWKHVLJQLILFDQFHDQGSHUFHSWLRQRIVSHQGLQJLQ WKHZD\RI$OODK7KHUHDOZHDOWKRIPDQLVWKDWZKLFKKHVSHQGVLQ+LVZD\DQGWKHFKDQQHOV+H DSSURYHV2QO\WKLVZHDOWKZLOOVWDQGKLPLQJRRGVWHDGRQWKH'D\RI5HVXUUHFWLRQ2WKHUZLVHZKDW DSDUWIURPLWZLOOEHSHUVRQDOO\XVHGXSE\KLPLQWKHZRUOGO\OLIHDQGZKDWKHOHDYHVEHKLQGZLOOIDOO WRWKHORWRIKLVKHLUV,WLPSOLHVWKDWLI$OODKKDVEHVWRZHGZRUOGO\ULFKHVXSRQDPDQKHVKRXOGVSHQG WKHPWRWKHPD[LPXPLQWKHZD\WR$OODK C$GLELQ+DWLP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 3URWHFW\RXUVHOIIURP+HOOILUHHYHQE\JLYLQJDSLHFHRIGDWHDVFKDULW\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGSUHYLRXVO\,WWHOOVXVWKDWDFFRUGLQJWRRQH V UHVRXUFHFDSDFLW\RQHFDQZLQWKHSOHDVXUHRI$OODKHYHQE\VSHQGLQJDVPDOOTXDQWLW\RIZHDOWKLQ+LV ZD\ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0HVVHQJHURI$OODK3%8+ QHYHUVDLGCQR WR DQ\RQHZKRDVNHGKLPIRUDQ\WKLQJ >$O%XNKDULDQG0XVOLP@
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRWKH+DGLWKRQHZKRVSHQGVLQWKHZD\RI$OODKZLOOEHGXO\SDLG,W PHDQVWKDW$OODKZLOOHQKDQFHWKHSURYLVLRQRIVXFKDPDQDQGJUDQWKLPWKHEHVWUHFRPSHQVH C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$PDQDVNHG 0HVVHQJHURI$OODK3%8+ :KLFKDFWLQ,VODPLVWKHEHVW"
+H3%8+ UHSOLHG 7RIHHGWKHSRRU DQGWKHQHHG\ DQGWRJUHHWWKRVHZKRP\RXNQRZDQGWKRVH\RXGRQRWNQRZ
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
>0XVOLP@ &RPPHQWDU\ $VLPLODU+DGLWKUHSRUWHGE\$W7LUPLGKLKDVDOUHDG\EHHQPHQWLRQHG5HDGWKH FRPPHQWDU\RQ+DGLWK1R
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ ZDV DVNHGDWKLQJE\RQHZKRLVDERXWWRDFFHSW,VODPEXWKHZRXOGJLYHLW$PDQFDPHWRWKH 3URSKHW 3%8+ DQGKHJDYHKLPDKHUGRIVKHHSVFDWWHUHGEHWZHHQWZRPRXQWDLQV:KHQKHUHWXUQHGWRKLV SHRSOHKHVDLGWRWKHP 2P\SHRSOH(PEUDFH,VODPEHFDXVH0XKDPPDGJLYHVOLNHRQHZKRKDVQR IHDURISRYHUW\
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
+H3%8+ VDLG 7KH\KDGLQIDFWOHIWQRDOWHUQDWLYHIRU PHH[FHSWHLWKHUWKH\VKRXOGEHJRIPHLPSRUWXQDWHO\RUWKH\ZRXOGUHJDUGPHDVDPLVHUEXW,DPQRW DPLVHU
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV 7KRVHZKRIRUJLYHSHRSOHDQGSDUGRQWKHPZLOOEHJUDQWHGKRQRXUDQGHOHYDWLRQERWKLQWKLVOLIHDQG LQWKH+HUHDIWHU 7KRVHZKRKDYHVXIILFLHQWPHDQVWROLYHRQDQGVWLOO EHJRISHRSOHRXWRIJUHHGZLOOEHDIIOLFWHGZLWK SRYHUW\ 7KH+DGLWKDOVRXUJHVXVWRDFTXLUHUHOLJLRXVNQRZOHGJHDQGDOVRWKHSUDFWLVHRIWKLVNQRZOHGJH DORQJZLWKWKHLQWHQWLRQWRSOHDVH$OODK$ORQH 7KH+DGLWKDOVRFULWLFL]HVLJQRUDQFHRIUHOLJLRXVWHDFKLQJVDQGLJQRUDQWSHRSOHIRULJQRUDQFHFDQ HDVLO\OHDGRQHWRFRPPLWIRUELGGHQDFWV C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG0HVVHQJHURI$OODK3%8+ KDGVODXJKWHUHGD VKHHSDQGGLVWULEXWHGPDMRUSRUWLRQVRILWVPHDW7KHQKH 3%8+ DVNHG ,VWKHUHDQ\WKLQJOHIW"
6KH UHSOLHG1RWKLQJH[FHSWWKHVKRXOGHU
7KHUHXSRQKHVDLG $OORILWLVOHIWH[FHSWLWVVKRXOGHU
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKUHYHDOVDWUXWKWRPDQWKDWKHVKRXOGQRWHDWXSDQ\WKLQJDQGHYHU\WKLQJDOO DORQHUDWKHULQWKLVUHJDUGKHLVVXSSRVHGWRWDNHWKHPD[LPXPFDUHIRUWKHGLVWULEXWLRQRIDOPVDQG FKDULW\VRWKDWLWPD\VWDQGKLPLQJRRGVWHDGLQWKH+HUHDIWHU:KDWRQHKDVJLYHQLQFKDULW\ZLOOE\QR PHDQVEHZDVWHGIRUKHZLOOGRXEWOHVVO\ILQGLWVUHZDUGZLWK$OODKRQWKH'D\RI5HVXUUHFWLRQ $VPD ELQW$EX%DNU0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG WRPH 'RQRWKRDUGRWKHUZLVH$OODKZLOOZLWKKROGIURP\RX
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHLQLVHQVKULQHGD'LYLQHSULQFLSOH+LV5HWULEXWLRQLVGHWHUPLQHGE\WKHNLQGRI WKLQJVGRQHE\PDQ$SURYHUEPD\EHTXRWHGWRWKLVHIIHFW$V\RXVRZVRVKDOO\RXUHDS
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
+HWROGKLV QDPHZKLFKZDVWKHVDPHWKDWKHKHDUGIURPWKHFORXG7KHRZQHURIWKHJDUGHQWKHQDVNHGKLP2 VODYHRI$OODKZK\GLG\RXDVNP\QDPH"
+HUHSOLHG,KHDUGDYRLFHIURPDFORXGZKLFKSRXUHG GRZQWKLVZDWHUVD\LQJC,UULJDWHWKHJDUGHQRIVRDQGVR ,ZRXOGOLNHWRNQRZZKDWGR\RXGRZLWK LW
+HVDLG1RZWKDW\RX DVNHGPH,ZLOOWHOO\RX,HVWLPDWHWKHSURGXFHRIWKHJDUGHQDQGGLVWULEXWH RQHWKLUGRILWLQFKDULW\,VSHQGRQHWKLUGRQP\VHOIDQGP\IDPLO\DQGLQYHVWRQHWKLUGEDFNLQWRWKH JDUGHQ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEHVLGHVWKHYLUWXHRIDOPVDQGFKDULW\WRXFKHVXSRQWKHWKHPHRI FODLUYR\DQFHDQGPLUDFOHV,WLVVRPHWKLQJVXSHUQRUPDOWKDWDPDQVKRXOGKHDUDYRLFHIURPWKHFORXG
&+$37(5
352+,%,7,212) 0,6(5/,1(66 $OODKWKH([DOWHGVD\V %XWKHZKRLVJUHHG\PLVHUDQGWKLQNVKLPVHOIVHOIVXIILFLHQW$QGEHOLHV$O+XVQD:HZLOO PDNHVPRRWKIRUKLPWKHSDWKIRUHYLO$QGZKDWZLOOKLVZHDOWKDYDLOKLPZKHQKHJRHVGRZQLQ GHVWUXFWLRQ "
$QGZKRVRHYHULVVDYHGIURPKLVRZQFRYHWRXVQHVVWKHQWKH\DUHWKHVXFFHVVIXORQHV
-DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG %HZDUHRIRSSUHVVLRQIRURSSUHVVLRQZLOOEHGDUNQHVVRQWKH'D\RI5HVXUUHFWLRQDQGEHZDUHRI VWLQJLQHVVEHFDXVHLWGHVWUR\HGWKRVHZKRZHUHEHIRUH\RX,WLQFLWHGWKHPWRVKHGWKHLUEORRGDQG GHHPXQODZIXODVODZIXO
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGEHIRUH5HIHUWR+DGLWK1R
&+$37(5
6(/)/(661(66$1'6<03$7+< $OODKWKH([DOWHGVD\V $QGJLYHWKHP(PLJUDQWV SUHIHUHQFHRYHUWKHPVHOYHVHYHQWKRXJKWKH\ZHUHLQQHHGRIWKDW
$QGWKH\JLYHIRRGLQVSLWHRIWKHLUORYHIRULWRUIRUWKHORYHRI+LP WRWKHSRRUWKHRUSKDQ DQGWKHFDSWLYH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH3URSKHW3%8+ DQG VDLG,DPKDUGSUHVVHGE\KXQJHU
+H3%8+ VHQWDZRUGWRRQHRIKLVZLYHVZKRUHSOLHG%\+LP :KRKDVVHQW\RXZLWKWKH7UXWK,KDYHQRWKLQJH[FHSWZDWHU
7KHQKHVHQWWKHVDPHPHVVDJHWR DQRWKHUZLIH DQGUHFHLYHGWKHVDPHUHSO\+HVHQWWKLVPHVVDJHWRDOORIWKHPLHKLVZLYHV DQG UHFHLYHGWKHVDPHUHSO\7KHQKH3%8+ VDLG :KRZLOOHQWHUWDLQWKLVPDQ DVJXHVW"
2QHRIWKH $QVDUVDLG20HVVHQJHURI$OODK,ZLOO
6RKHWRRNKLPKRPHDQGVDLGWRKLVZLIH6HUYHWKHJXHVW RI0HVVHQJHURI$OODK3%8+
$QRWKHUQDUUDWLRQLV7KH$QVDULDVNHGKLVZLIH+DYH\RXJRWDQ\WKLQJ"
6KHDQVZHUHG1RWKLQJ H[FHSWDOLWWOHIRRGIRUWKHFKLOGUHQ
+HVDLG.HHSWKHPEXV\ZLWKVRPHWKLQJDQGZKHQWKH\DVNIRU IRRGSXWWKHPWRVOHHS:KHQWKHJXHVWHQWHUVH[WLQJXLVKWKHOLJKWDQGJLYHKLPWKHLPSUHVVLRQWKDWZH DUHDOVRHDWLQJ
6RWKH\VDWGRZQDQGWKHJXHVWDWHDQGWKH\ SDVVHGWKHQLJKWKXQJU\:KHQKHFDPHWR WKH3URSKHW3%8+ LQWKHPRUQLQJKHVDLGWRKLP $OODKDGPLUHGZKDW\RXGLGZLWK\RXUJXHVWODVW QLJKW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKGHVFULEHVDXQLTXHH[DPSOHRIKRVSLWDOLW\DQGNLQGQHVV OLNHGE\$OODK,W LPSDUWVWRPDQWKHVHQVHRIVHOIVDFULILFHDQGDIHHOLQJRIIHOORZVKLS $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH IRRGIRUWZRVXIILFHVIRUWKUHHDQGWKHIRRGIRUWKUHHVXIILFHVIRUIRXUSHUVRQV
>$O%XNKDULDQG0XVOLP@
,Q0XVOLP-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KHIRRGIRU RQHSHUVRQVXIILFHVIRUWZRWKHIRRGIRUWZRVXIILFHVIRUIRXUDQGWKHIRRGIRIIRXUVXIILFHVIRUHLJKW SHUVRQV
&RPPHQWDU\ :HDUHWROGWKDWLIRQVRPHRFFDVLRQDKRVWIHHOVWKDWWKHSUHSDUHGIRRGLVWRROLWWOHWR IHHGKLVJXHVWVDOORIWKHPVKRXOGZLOOLQJO\VKDUHLWZLWKHDFKRWKHU7KLVZLOOEHERWKEOHVVLQJDQG UHZDUGLQJIURP$OODK $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QFHZHZHUHRQDMRXUQH\ZLWK 0HVVHQJHURI$OODK3%8+ ZKHQDULGHUFDPHDQGEHJDQORRNLQJULJKWDQGOHIW0HVVHQJHURI$OODK 3%8+ VDLG :KRHYHUKDVDQH[WUDPRXQWVKRXOGRIIHULWWRKLPZKRLVZLWKRXWLWDQGZKRHYHUKDV VXUSOXVIRRGVKRXOGJLYHLWWRKLPZKRKDVQRWKLQJ
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
+HDFFHSWHGLWDVKHZDVLQQHHGRILW+HODWHUFDPHRXWZHDULQJLWDVDORZHUJDUPHQW 6RPHRQHVDLG+RZQLFHLWLV.LQGO\JLYHLWWRPH
0HVVHQJHURI$OODK3%8+ VDLG 9HU\ZHOO
+HUHPDLQHGLQRXUFRPSDQ\IRUVRPHWLPHWKHQKHZHQWEDFNIROGHGLWDQGVHQWLWWRWKHPDQ7KH SHRSOHVDLGWRWKDWPDQ
+HVDLG,VZHDUE\$OODKWKDW,GLGQRWDVNLWIRUZHDULQJ,DVNHGKLPIRULWVRWKDWLWPLJKWEHP\ VKURXGDIWHUP\GHDWK
6DKOWKHQDUUDWRURIWKLV+DGLWK VDLG$QG LQIDFWLWZDVXVHGDVKLVVKURXG >$O%XNKDUL@ &RPPHQWDU\ )LUVWWKH+DGLWKLVVXJJHVWLYHRIDFFHSWLQJDSUHVHQWEHFDXVHWKHH[FKDQJHRISUHVHQWV LQFUHDVHVPXWXDOORYH0HVVHQJHURI$OODK3%8+ VDLG2IIHUSUHVHQWVWRHDFKRWKHUDVWKHVH JHQHUDWHPXWXDOORYH
6HFRQGWKH3URSKHW3%8+ ZRXOGQHYHUWXUQGRZQDQ\RQHDVNLQJIRU VRPHWKLQJ7KLUGLWLVSHUPLVVLEOHWRJHWDWKLQJSUHSDUHGWRPHHWDIXWXUHQHHG)RXUWKZHDUHDOORZHG WRUHFHLYHDEHQHGLFWLRQIURPWKHSLRXVRQHVDVWKH&RPSDQLRQVGLGLQFDVHRIWKRVHWKLQJVZKLFKKDG WRXFKHGWKHEOHVVHGERG\RI0HVVHQJHURI$OODK3%8+
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KH\DUHRIPH DQG,DPRIWKHP
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
&+$37(5
&203(7,7,21,10$77(56 2)7+(+(5($)7(5 $OODKWKH([DOWHGVD\V /HWDOO WKRVHVWULYHZKRZDQWWRVWULYHLHKDVWHQHDUQHVWO\WRWKHREHGLHQFHRI$OODK
6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$GULQNZDVEURXJKWWRWKH0HVVHQJHURI $OODK3%8+ DQGKHGUDQNVRPHRILW2QKLVULJKWZDVDER\DQGRQKLVOHIWZHUHHOGHUO\SHRSOH+H VDLGWRWKHER\ :RXOG\RXSHUPLWPHWRJLYHWKHUHVWRIWKLVGULQNWRWKHVHRQP\OHIW"
7KHER\VDLG 20HVVHQJHURI$OODK,ZRXOGFHUWDLQO\QRWJLYHSUHIHUHQFHWRDQ\RQHLQDQ\WKLQJWKDWPLJKWFRPHWR PHIURP\RX
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
>$O%XNKDUL@ &RPPHQWDU\ 3URSKHW$\\XE3%8+ DVWKH+DGLWKWHOOVXVVWDUWHGFROOHFWLQJWKHJROGSLHFHVWKDW ORRNHGOLNHORFXVWV$VWKH+DGLWKLQYROYHVDQDVSHFWRIEOHVVHGQHVVLWKDVEHHQLQFOXGHGLQWKLV FKDSWHU,WKDVWZRRWKHUVLGHVDVZHOOILUVWRQHFDQDPDVVZHDOWKRIFRXUVHE\IDLUPHDQVDQGE\ IXOILOOLQJWKHRWKHUUHOHYDQWFRQGLWLRQV VHFRQGWKH6KDULCDKDOORZVPDQWRWDNHDEDWKLQWKHQDNHG VWDWHSURYLGHGKHLVDOODORQHDQGDZD\IURPDOOH\HV+RZHYHULWLVFRPPHQGDEOHLIRQHWDNHVDEDWK ZLWKKLVSULYDWHSDUWVEHLQJFRYHUHGHYHQLIWKHUHLVQRRQHDURXQG
&+$37(5
(;&(//(1&(2)$ *5$7()8/5,&+0$1 $OODKWKH([DOWHGVD\V $VIRUKLPZKRJLYHVLQFKDULW\ DQGNHHSVKLVGXW\WR$OODKDQGIHDUV+LPDQGEHOLHYHVLQ$O +XVQD:HZLOOPDNHVPRRWKIRUKLPWKHSDWKRIHDVHJRRGQHVV
$QG$O0XWWDTXQWKHSLRXVDQGULJKWHRXV ZLOOEHIDUUHPRYHGIURPLW+HOO +HZKRVSHQGV KLVZHDOWKIRULQFUHDVHLQVHOISXULILFDWLRQ$QGZKRKDVLQPLQG QRIDYRXUIURPDQ\RQHWREH SDLGEDFN([FHSWWRVHHNWKH&RXQWHQDQFHRIKLV5XEEWKH0RVW+LJK+HVXUHO\ZLOOEHSOHDVHG ZKHQKHZLOOHQWHU-DQQDK
,I\RXGLVFORVH\RXU6DGDTDWDOPVJLYLQJ LWLVZHOOEXWLI\RXFRQFHDOWKHPDQGJLYHWKHPWR WKHSRRUWKDWLVEHWWHUIRU\RX$OODK ZLOOH[SLDWH\RXVRPHRI\RXUVLQV$QG$OODKLV:HOO $FTXDLQWHGZLWKZKDW\RXGR
%\QRPHDQVVKDOO\RXDWWDLQ$O%LUUSLHW\ULJKWHRXVQHVV KHUHLWPHDQV$OODK VUHZDUGLH -DQQDK XQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYHDQGZKDWHYHURIJRRG\RX VSHQG$OODKNQRZVLWZHOO
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG (QY\LV SHUPLWWHGRQO\LQWZRFDVHV$PDQZKRP$ODKJLYHVZHDOWKDQGKHGLVSRVHVRILWULJKWIXOO\DQGD PDQWRZKRP$OODKJLYHVNQRZOHGJHZKLFKKHDSSOLHVDQGWHDFKHVLW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG
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
+HDVNHG +RZLVWKDW"
7KH\UHSOLHG7KH\RIIHU6DODWDVZHGRDQGREVHUYH 6DXPIDVWLQJ DVZHGREXWWKH\JLYHLQ6DGDTDKFKDULW\ DQGZHGRQRWDQGWKH\HPDQFLSDWHVODYHV DQGZHFDQQRW
+H3%8+ VDLG 6KDOO,QRWWHDFK\RXVRPHWKLQJZKHUHE\\RXZLOOFDWFKXSZLWK WKRVHZKRKDYHSUHFHGHG\RXDQGZLOOJHWDKHDGRIWKRVHZKRIROORZ\RXDQGQRRQHZLOOVXUSDVV\RX
XQOHVVKHGRHVWKHVDPHDV\RXGR"
7KH\VDLG6XUHO\20HVVHQJHURI$OODK
+HVDLG 6D\6XEKDQ $OODKDQG$OODKX$NEDUDQGSUDLVH+LPE\VD\LQJ$OKDPGXOLOODK WKLUW\WKUHHWLPHVDWWKHHQGRI HYHU\ 6DODW
7KH\UHWXUQHGWRKLPDQGVDLG2XUEURWKHUVWKHSRVVHVVRUVRIZHDOWKKDYLQJKHDUGZKDW ZHDUHGRLQJKDYHVWDUWHGGRLQJWKHVDPH
0HVVHQJHURI$OODK 3%8+ VDLG 7KLVLV*UDFHRI$OODK ZKLFK+HJLYHVWRZKRP+HZLVKHV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUGLQJRIWKH+DGLWKDSSDUHQWO\UHYHDOVWKDW6XEKDQ$OODK*ORU\EHWR$OODK
$OKDPGXOLOODK3UDLVHEHWR$OODK
DQG$DOOKX$NEDU$OODKLVWKH*UHDWHVW
VKRXOGEHUHFLWHGWKLUW\ WKUHHWLPHV,IHDFKJURXSRIZRUGVLVVDLGHOHYHQWLPHVWKHWRWDOQXPEHUZLOOEHFRPHWKLUW\WKUHH%XW $O+DIL],EQ+DMDUEHOLHYHVWKDWHDFKIRUPXODVKRXOGEHXWWHUHGWKLUW\WKUHHWLPHVWKDWLVWRVD\DIWHU HDFKSUD\HU 6XEKDQ$OODK
$OKDPGXOLOODK
DQG $OODKX$NEDU
VKRXOGEHXWWHUHGWKLUW\WKUHHWLPHV HDFK%XWDFFRUGLQJWRVRPH$KDGLWK,PDP$Q1DZDZLLVRIWKHYLHZWKDW $OODKX$NEDU
VKRXOGEH VDLGWKLUW\IRXUWLPHVDQGLQWKHHQG/DLODKDLOODOODKX:DKGDKXODVKDULND/DKX/DKXOPXONXZD /DKXOKDPGXZD+XZDCDODNXOOLVKDL LQ4DGLU
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
&+$37(5
5(0(0%5$1&(2)'($7+ $1'5(675$,172):,6+(6 $OODKWKH([DOWHGVD\V (YHU\RQHVKDOOWDVWHGHDWK$QGRQO\RQWKH'D\RI5HVXUUHFWLRQVKDOO\RXEHSDLG\RXUZDJHVLQ IXOO$QGZKRHYHULVUHPRYHGDZD\IURPWKH)LUHDQGDGPLWWHGWR-DQQDKKHLQGH HGLV VXFFHVVIXO7KHOLIHRIWKLVZRUOGLVRQO\WKHHQMR\PHQWRIGHFHSWLRQDGHFHLYLQJWKLQJ
1RSHUVRQNQRZVZKDWKHZLOOHDUQWRPRUURZDQGQRSHUVRQNQRZVLQZKDWODQGKHZLOOGLH
ZKHQWKHLUWHUPFRPHVQHLWKHUFDQWKH\GHOD\QRUFDQWKH\DGYDQFHLWDQKRXURUD PRPHQW
2\RXZKREHOLHYH/HWQRW\RXUSURSHUWLHVRU\RXUFKLOGUHQGLYHUW\RXIURPWKHUHPHPEUDQFH RI$OODK$QGZKRVRHYHUGRHVWKDWWKHQWKH\DUHWKHORVHUV$QGVSHQGLQFKDULW\ RIWKDWZLWK ZKLFK:HKDYHSURYLGHG\RXEHIRUHGHDWKFRPHVWRRQHRI\RXDQGKHVD\VC0\5XEE,IRQO\ LHSHUIRUP+DMMSLOJULPDJHWR 0DNNDK DQGRWKHUJRRGGHHGV@ $QG$OODKJUDQWVUHVSLWHWRQRQHZKHQKLVDSSRLQWHGWLPH GHDWK FRPHV$QG$OODKLV$OO$ZDUHRIZKDW\RXGR
8QWLOZKHQGHDWKFRPHVWRRQHRIWKHPWKRVHZKRMRLQSDUWQHUVZL WK$OODK KHVD\VC0\ 5XEE6HQGPHEDFN6RWKDW,PD\GRJRRGLQWKDWZKLFK,KDYHOHIWEHKLQG 1R,WLVEXWD
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
+DVQRWWKHWLPHFRPHIRUWKHKHDUWVRIWKRVHZKREHOLHYHLQWKH2QHQHVVRI$OODK ,VODPLF 0RQRWKHLVP WREHDIIHFWHGE\$OODK V5HPLQGHUWKLV4XU DQ DQGWKDWZKLFKKDVEHHQUHYHDOHG RIWKHWUXWKOHVWWKH\EHFRPHDVWKRVHZKRUHFHLYHGWKH6FULSWXUH>WKH7DXUDW7RUDK DQGWKH ,QMHHO*RVSHO @EHIRUHLH-HZVDQG&KULVWLDQV DQGWKHWHUPZDVSURORQJHGIRUWKHPDQGVR WKHLUKHDUWVZHUHKDUGHQHG"$QGPDQ\RIWKHPZHUH)DVLTXQWKHUHEHOOLRXVWKHGLVREHGLHQWWR $OODK
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHG ZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ WRRNKROGRIP\VKRXOGHUVDQGVDLG %HLQWKHZRUOGOLNHDVWUDQJHURUDZD\IDUHU
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
>$O%XNKDUL@
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ GUHZXSDVTXDUHDQG LQWKHPLGGOHRILWKHGUHZDOLQHWKHHQGRIZKLFKMXWWHGRXWEH\RQGWKHVTXDUH)XUWKHUDFURVVWKH PLGGOHOLQHKHGUHZDQXPEHURIVPDOOHUOLQHV7KHQKH3%8+ VDLG 7KHILJXUHUHSUHVHQWVPDQDQG WKHHQFLUFOLQJVTXDUHLVWKHGHDWKZKLFKLVHQFRPSDVVLQJKLP7KHPLGGOHOLQHUHSUHVHQWVKLVGHVLUHV DQGWKHVPDOOHUOLQHVDUHYLFLVVLWXGHVRIOLIH,IRQHRIWKRVHPLVVHVKLPDQRWKHUGLVWUHVVHVKLPDQGLI WKDWRQHPLVVHVKLPKHIDOOVYLFWLPWRDQRWKHU
>$O%XNKDUL@
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
7KHQJLYLQJD ZDUQLQJ KHVDLG $UH\RXZDLWLQJIRUSRYHUW\ZKLFKZLOOPDNH\RXXQPLQGIXORIGHYRWLRQRU SURVSHULW\ZKLFKZLOOPDNH\RXFRUUXSWRUDGLVHDVHZKLFKZLOOGLVDEOH\RXRUVHQLOLW\ZKLFKZLOO PDNH\RXPHQWDOO\XQVWDEOHRUVXGGHQGHDWKZKLFKZLOOWDNH\RXDOORIDVXGGHQRU$G'DMMDOZKRLV WKHZRUVWH[SHFWHGRUWKH+RXUDQGWKH+RXUZLOOEHPRVWJULHYRXVDQGPRVWELWWHU
>$W7LUPLGKL@ &RPPHQWDU\ 7KH+DGLWKIRFXVHVRQVHYHQWKLQJVZKLFKKROGEDFNPDQIURPWKHYLUWXRXVSDWK 7DNLQJLQFRQVLGHUDWLRQWKHWXUQLQJKHDOWKDQGWKHEULHIVSDQRIOLIHWRKLVDFFRXQWKHLVWKHUHIRUHDSW WRJDWKHUXSJRRGGHHGVIRUWKH+HUHDIWHUEHFDXVHDQXQWRZDUGVLWXDWLRQPD\FRQIURQWKLPDQ\PRPHQW DQGUHQGHUKLPXQDEOHWRGRJRRGWKLQJVWRKLVEHQHILWLQWKHRWKHUZRUOGO\OLIH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 5HPHPEHUPRUHRIWHQWKHGHVWUR\HURISOHDVXUHV GHDWK
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
OLIHDQGWKXVPDUNWKH5HVXUUHFWLRQ'D\ 'HDWKKDVDSSURDFKHGZLWKDOOWKDWLWFRPSULVHV'HDWKKDV DSSURDFKHGZLWKDOOWKDWLWFRPSULVHV
,VDLG20HVVHQJHURI$OODK3%8+ ,IUHTXHQWO\LQYRNH $OODKWRHOHYDWH\RXUUDQN+RZPXFKRIP\VXSSOLFDWLRQVVKRXOG,GHYRWHWR\RX"
+HVDLG
:KHQ,VXJJHVWHGDTXDUWHUKHVDLG 'RZKDWHYHU\RXZLVKEXWLWZLOO EHEHWWHUIRU\RXLI\RXLQFUHDVHLW
,VXJJHVWHGKDOIDQGKHVDLG 'RZKDWHYHU\RXZLVKEXWLWZLOOEH EHWWHUIRU\RXLI\RXLQFUHDVH
,VXJJHVWHGWZRWKLUGVDQG KHVDLG'RZKDWHYHU\RXZLVKEXWLWZLOO EHEHWWHUIRU\RXLI\RXLQFUHDVHLW
,VDLG6KDOO,GHYRWHDOOP\VXSSOLFDWLRQVLQYRNLQJ$OODKWR HOHYDWH\RXUUDQN"
+HVDLG 7KHQ\RXZLOOEHIUHHGIURP\RXUZRUULHVDQG\RXUVLQVZLOOEHIRUJLYHQ
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
&+$37(5
'(6,5$%,/,7<2)9,6,7,1* 7+(*5$9(6)250(1$1' 7+$77+(<6+28/'6$< %XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG ,QWKH SDVW ,IRUEDGH\RXIURPYLVLWLQJJUDYHVEXWYLVLWWKHPQRZ
,QDQRWKHUQDUUDWLRQ0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUZDQWVWRYLVLWDJUDYH\DUGOHWKLPGR VREHFDXVHLWUHPLQGVXVRIWKH+HUHDIWHU
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
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG:KHQHYHULWZDVKHUWXUQWRVSHQG ZLWK 0HVVHQJHURI$OODK3%8+ KHXVHGWRJRWRWKH%DTLCJUDYH\DUGLQ$O0DGLQDK DWWKHODVWSDUWRI QLJKWDQGVD\ 0D\\RXEHVDIH2DERGHRIWKHEHOLHYLQJSHRSOH:KDW\RXKDYHEHHQSURPLVHGKDV FRPHWR\RX
>0XVOLP@ &RPPHQWDU\ 7KHH[DPSOHRI0HVVHQJHURI$OODK3%8+ VKRZVWKDWLWLVULJKWWRYLVLWWKHJUDYHV HYHQDWQLJKW%XWWKHYLVLWRULVUHTXLUHGWRSUD\WKH3URSKHWLFSUD\HUWKHUHDVLWLQYRNHV'LYLQHEOHVVLQJ
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDSURYLVLRQIRUDEHOLHYHUWRYLVLWWKHJUDYH\DUGDQGWRSUD\IRUKLVGHDG UHODWLYHVEHFDXVHWKHSUD\HURIWKHOLYLQJEHQHILWVWKHGHSDUWHGVRXOV ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ SDVVHG E\ WKHJUDYHVDW$O0DGLQDK+HWXUQHGKLVIDFHWRZDUGVWKHPDQGVDLG 0D\\RXEHJUDQWHGVDIHW\2 LQPDWHVRIWKHJUDYHV0D\$OODKIRUJLYHXVDQG\RX
>$W7LUPLGKL@ &RPPHQWDU\ ,PDP$W7LUPLGKLFRQVLGHUVLWDVDFUHGLEOH+DGLWKDQG,PDP$Q1DZDZLKDVDOVR UHGXFHGLWWRZULWLQJZLWKRXWCLIV DQGCEXWV +RZHYHU6KDLNK$O$OEDQLFDOOVLWXQGHSHQGDEOHIURPWKH YLHZSRLQWRIWKHFKDLQRIUHSRUWHUV)RUDGHWDLOHGVWXG\RQHPD\UHIHUWR$KNDP$O-DQD L]E\$O $OEDQLSDJH
&+$37(5
$%20,1$7,212)/21*,1* )25'($7+ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 1RQHRI\RXVKRXOGZLVKIRUGHDWK,IKHLVULJKWHRXVSHUKDSVKHPD\DGGWRKLV JRRGZRUNVDQGLI KHLVDVLQQHUSRVVLEO\KHPD\UHSHQWLQFDVHKHLVJLYHQDORQJHUOLIH
>$O%XNKDUL@ ,Q0XVOLP$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG /HWQRQHRI\RXZLVKIRUGHDWKQRUKHDVNIRULWEHIRUHLWFRPHVWRKLPEHFDXVHZKHQKHGLHV KLVDFWLRQVZLOOEHWHUPLQDWHGFHUWDLQO\WKHDJHRIDWUXH EHOLHYHUGRHVQRWDGGEXWJRRG
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +HUHWRRDEHOLHYHUKDVEHHQSUHYHQWHGIURPZLVKLQJIRUGHDWK%HFDXVHLWEHWUD\VWKDW KHLVIDUIURPDJUHHLQJWRZKDW$OODKZLOOVRUKDVRUGDLQHG,IDWDOOKLVZLVKLQJEHFRPHVLQWHQVHDQG LQGLVSHQVDEOHXQGHUWKHSUHVVXUHRIFLUFXPVWDQFHVKHVKRXOGSUD\LQWKH3URSKHWLFZRUGVPHQWLRQHGLQ WKH+DGLWKDERYH
4DLVELQ$EX+D]LP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,ZHQWWRYLVLW.KDEEDEELQ$UDWW 0D\$OODKEHSOHDVHGZLWKKLP GXULQJKLVLOOQHVV+HKDGEHHQFDXWHUL]HGLQVHYHQSODFHV+HVDLG 2XUFRPSDQLRQVZKRKDYHGLHGKDYHOHIWWKLVZRUOG ZLWKRXWKDYLQJHQMR\HGWKHSOHDVXUHVRIWKH ZRUOGLQRUGHUWRJHWDJUHDWIXOOUHZDUGLQWKH+HUHDIWHU ZKLOHZHKDYHDPDVVHGZHDOWKH[FHHGLQJRXU QHHGVIRUZKLFKWKHUHLVQRSODFHWRNHHSH[FHSWLQWKHHDUWK +DG0HVVHQJHURI$OODK3%8+ QRW SURKLELWHGXVIURPORQJLQJIRUGHDWK,ZRXOGKDYHSUD\HGIRULW
7KHQZHYLVLWHGKLPDJDLQDQGKH ZDVEXLOGLQJDZDOO+HVDLG 7KHUHLVDUHZDUGLQVWRUHIRUD0XVOLPLQUHVSHFWRIHYHU\WKLQJRQ ZKLFKKHVSHQGVH[FHSWIRUVRPHWKLQJKHSODFHVLQWKHHDUWKLHVRPHWKLQJH[FHHGLQJRXUQHHGVRU HVVHQWLDOV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKIRUELGVDEHOLHYHUWRZLVKIRUKLVGHDWKDVWKHORQJHYLW\RIKLVDJHVXLWVKLP E\DOOPHDQV7KHORQJHUKHOLYHVWKHJUHDWHUGHJUHHRISURJUHVVKHZLOOPDNHLQWKHSXUVXLWRIYLUWXHV $QGLQFDVHKHLQIULQJHVXSRQWKH6KDULCDKUXOHVKHPD\SHUKDSVLQFOLQHWRZDUGVSHQLWHQFH$EHOLHYHU VKRXOGWKHUHIRUHFRQVLGHUKLVOLIHDVDERRQDQGWU\KLVXWPRVWWRGRJRRGWKLQJV
&+$37(5
/($',1*$1$%67(0,286/,)($1' 5()5$,1,1*)5207+('28%7)8/ $OODKWKH([DOWHGVD\V \RXFRXQWHGLWDOLWWOHWKLQJZKLOHZLWK$OODKLWZDVYHU\JUHDW
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHUHDUHVXFKPHHWLQJSRLQWVEHWZHHQZKDWLVSHUPLVVLEOHDQGZKDWLVQRWSHUPLVVLEOH LQWKHPDWWHURIUHOLJLRQRIZKLFKWKHPDMRULW\RISHRSOHDUHLJQRUDQW,IPDQDEVWDLQVIURPWKHPLW PHDQVWKDWKHLVNHHSLQJKLVGXW\WR$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $V6DGDTDKDQG=DNDWZHUHIRUELGGHQWR0HVVHQJHURI$OODK3%8+ DQGWKH PHPEHUVRIKLVIDPLO\KHDYRLGHGWRHDWWKHGDWHIUXLWKHKDGIRXQGLQWKHZD\EHFDXVHKHZDVQRWVXUH DERXWWKHDOORZDELOLW\RILWVQDWXUH,WLVDOHVVRQIRUD0XVOLPWKDWKHVKRXOGVWD\DZD\IURPDWKLQJ ZKHQKHGRXEWVLWVODZIXODVSHFW7KHSUHYLRXV+DGLWKDOVRFRQILUPVWKLVYLHZ0RUHRYHUZHFRPHWR NQRZWKDWWKHXVHRIDQLQVLJQLILFDQWWKLQJIRXQGLQWKHZD\LVQRWIRUELGGHQ6LPLODUO\RQHLV
SHUPLWWHGWRSLFNXSDQHDWDEOHWKLQJ SURYLGHGLWLVQRWGXELRXV DQGHDWLWEHFDXVHLWLQYROYHVERWK KXPLOLW\DQGUHJDUGIRUDEOHVVLQJ $Q1DZZDVELQ6DPCDQ0D\$OODKEHSOHDVHG ZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 3LHW\LVJRRGPDQQHUDQGVLQLVWKDWZKLFKFUHDWHVGRXEWDQG\RXGRQRWOLNHSHRSOHWRNQRZRILW
>0XVOLP@ &RPPHQWDU\ ,VODPOD\VPXFKLPSRUWDQFHRQFRXUWHRXVEHKDYLRXUDQGDOVRH[SODLQVDQGVWUHVVHVLWV GLIIHUHQWDVSHFWV7RPHHWSHRSOHFKHHUIXOO\WRDYRLGFDXVLQJWURXEOHWRWKHPUDWKHUWRWU\WRPDNH WKLQJVFRQYHQLHQWDQGFRPIRUWDEOHWRWKHPWRGRVRFLDOVHUYLFHWRH[WHQGFRRSHUDWLRQWRRWKHUVLQ JRRGWKLQJVDQGWREHJHQHURXVDQGWROLNHIRURWKHUVDOVRWKDW\RXOLNHIRU\RXUVHOIDUHDOOIRUPVRI PRUDOEHKDYLRXUWKDWDUHFRXQWHGDVYLUWXHVLQ,VODP$OOWKDWLVEDGDQGYLFLRXVLVFRQVLGHUHGE\,VODP DVVLQIXO7KLV+DGLWKGHVFULEHVWZRVLJQVRIDVLQ)LUVWPDQVKRXOGIHHOVFUXSOHVLQFRPPLWWLQJ LW 6HFRQGRQHGRHVQRWOLNHRWKHUVEHLQJLQIRUPHGDERXWLW7KH+DGLWKIXUWKHUWHOOVXVWKDWKXPDQQDWXUH OHDGVPDQWRFRUUHFWFRQFOXVLRQVDQGNHHSVKLPDZD\IURPHYLOVSURYLGHGLWKDVQRWEHHQGHIRUPHGE\ WKHHQYLURQPHQWDQGEDGFRPSDQ\ :DELVDK ELQ0DCEDG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,ZHQWWR0HVVHQJHURI$OODK 3%8+ DQGKHDVNHGPH +DYH\RXFRPHWRLQTXLUHDERXWSLHW\"
,UHSOLHGLQWKHDIILUPDWLYH7KHQ KHVDLG $VN\RXUKHDUWUHJDUGLQJLW3LHW\LVWKDWZKLFKFRQWHQWVWKHVRXODQGFRPIRUWVWKHKHDUWDQG VLQLVWKDWZKLFKFDXVHVGRXEWVDQGSHUWXUEVWKHKHDUWHYHQLISHRSOHSURQRXQFHLWODZIXODQGJLYH\RX YHUGLFWVRQVXFKPDWWHUVDJDLQDQGDJDLQ
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
6RKHC8TEDK URGHWR0HVVHQJHURI$OODK3%8+ LQ$O0DGLQDKDQGSXWWKHPDWWHU EHIRUHKLP7KH0HVVHQJHURI$OODK3%8+ VDLG +RZFDQ\RXFRQWLQXHWREHKHUKXVEDQG DIWHU ZKDW\RXKDYHEHHQWROG"
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKDVDOVRPHQWLRQHGSUHYLRXVO\XUJHVDEHOLHYHUWRJLYHXSZKDWDSSHDUVWR KLPGRXEWIXO
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
+HVDLG ,WZDVKLVIDWKHUZKRWRRNKLPDORQJ ZLWKKLP+H LVQRWOLNHRQHZKRHPLJUDWHGE\KLPVHOI
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
>$W7LUPLGKL@
&+$37(5
'(6,5$%,/,7<2)6(&/86,21$7 7,0(62)&255837,21&200,77(' %<7+(3(23/(2)7+(:25/' $OODKWKH([DOWHGVD\V 6RIOHHWR$OODKIURP+LV7RUPHQWWR+LV0HUF\ ,VODPLF0RQRWKHLVP YHULO\,0XKDPPDG 3%8+ DPDSODLQZDUQHUWR\RXIURP+LP
6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OODKORYHVDVODYHZKRLVSLRXVIUHHRIDOOZDQWVDQGWKHXQQRWLFHG
>0XVOLP@ &RPPHQWDU\ ,VRODWLRQDFFRUGLQJWRWKLV+DGLWKLVUHFRPPHQGDEOHIRUWKHREHGLHQFHDQGZRUVKLSRI $OODK,WLVSDUWLFXODUO\DSSURYHGZKHQWKHSUHYDOHQWFRUUXSWLRQDQGVRFLDOLQWHUFRXUVHHQGDQJHU UHOLJLRQRULWVLPSOHPHQWDWLRQORRNVQRPRUHIHDVLEOH $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG6RPHRQHDVNHG0HVVHQJHURI $OODK3%8+ :KRLVWKHEHVWPDQ"
+H3%8+ DQVZHUHG $EHOLHYHUZKRVWULYHVLQWKH&DXVHRI $OODKZLWKKLVOLIHDQGKLVZHDOWK
7KHPDQDVNHG:KRLVWKHQH[W"
+HVDLG 2QHZKRUHWLUHVLQWRD QDUURZYDOOH\DQGZRUVKLSVKLV5XEE
$QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ VDLG 2QHZKRIHDUV$OODKDQGVDIHJXDUGVSHRSOH DJDLQVWKLVRZQPLVFKLHI
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +HUH-LKDGLVFRXQWHGDVWKHVXSUHPHYLUWXHDQGQH[WWRLWFRPHVWKHVXSHULRULW\RID PDQZKRWDNHVWRVHFOXVLRQZLWKWKLVLQWHQWLRQWKDWKHZLOOZRUVKLS$OODKDQGNHHSDZD\WKHHYLORIKLV DQLPDOVHOIIURPWKHSHRSOH $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWSRVVHVVLRQRID0XVOLPZLOOEHDKHUGRIVKHHSZLWKZKLFKKHUHWLUHVWRWKHWRSRID PRXQWDLQRUSODFHVZKHUHUDLQLVH[SHFWHGWRIDOOSDVWXUHV VRDVWRVDIHJXDUGZLWKKLVIDLWKIURP WULEXODWLRQ
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
+HZDVDVNHG$QGGLG\RX"
+HUHSOLHG
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
>0XVOLP@ &RPPHQWDU\ +HUHLQWZRW\SHVRIPHQKDYHEHHQFRXQWHGDVWKHEHVWRIDOO)LUVWVXFKPDQZKR UHPDLQVHQJDJHGLQWKHSUHSDUDWLRQIRU-LKDGEHLQJHYHUUHDG\IRULW6HFRQGLVWKHPDQZKRIOHHV WRZQVKLSVDQGWDNHVVKHOWHUVLQDPRXQWDLQRUMXQJOHOLYLQJRQDIHZVKHHSWKHPRWLYHEHKLQGKLVVKLIW LVWKHSUHVHUYDWLRQDQGSUDFWLFHRIKLV)DLWKDQGUHOLJLRQ
&+$37(5
(;&(//(1&(2)0,;,1* :,7+3(23/($1'$77(1',1* 7+(,562&,$/$&7,9,7,(6 ,PDP$Q1DZDZLVD\V5HPHPEHU0L[LQJZLWKSHRSOHLQWKHZD\,KDYHPHQWLRQHGHDUOLHULVPRVW GHVLUDEOH7KLVZDVWKHZD\RI0HVVHQJHURI$OODK3%8+ DQGRWKHU3URSKHWVRI$OODKWKH5LJKWHRXV &DOLSKV0D\$OODKEHSOHDVHGZLWKWKHP WKHIROORZHUVRIWKH&RPSDQLRQVVFKRODUVDQGSLRXV
SHRSOH7KHPDMRULW\RIWKHIROORZHUVRIWKH&RPSDQLRQVDQGWKHLUIROORZHUVDGRSWHGLW,PDP$VK 6KDILCL ,PDP$KPDGDQGWKHPDMRULW\RIRWKHUMXULVWVIROORZHGLW $OODKWKH([DOWHGVD\V +HOS\RXRQHDQRWKHULQ$O%LUUDQG$W7DTZDYLUWXHULJKWHRXVQHVVDQGSLHW\
7KH4XUDQLF9HUVHVRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ
&+$37(5
02'(67<$1'&2857(6< 72:$5'67+(%(/,(9(56 $OODKWKH([DOWHGVD\V $QGEHNLQGDQGKXPEOHWRWKHEHOLHYHUVZKRIROORZ\RX
2\RXZKREHOLHYH:KRHYHUIURPDPRQJ\RXWXUQVEDFNIURPKLVUHOLJLRQ,VODP $OODKZLOO EULQJDSHRSOHZKRP+HZLOOORYHDQGWKH\ZLOOORYH+LPKXPEOHWRZDUGVWKHEHOLHYHUVVWHUQ WRZDUGVWKHGLVEHOLHYHUV
2PDQNLQG:HKDYHFUHDWHG\RXIURPDPDOHDQGDIHPDOHDQGPDGH\RXLQWRQDWLRQVDQG WULEHVWKDW\RXPD\NQRZRQHDQRWKHU9HULO\WKHPRVWKRQRXUDEOHRI\RXZLWK$OODKLVWKDW EHOLHYHU ZKRKDV$W7DTZD>KHLVRQHRIWKH0XWWDTXQWKHSLRXV @
6RDVFULEHQRWSXULW\WR\RXUVHOYHV+HNQRZVEHVWKLPZKRIHDUV$OODKDQGNHHSVKLVGXW\WR +LP>LHWKRVHZKRDUH$O0XWWDTXQWKHSLRXV @
$QGWKHPHQRQ$ODCUDIWKHZDOO ZLOOFDOOXQWRWKHPHQZKRPWKH\ZRXOGUHFRJQLVHE\WKH LU PDUNVVD\LQJC2IZKDWEHQHILWWR\RXZHUH\RXUJUHDWQXPEHUVDQGKRDUGVRIZHDOWK DQG \RXUDUURJDQFHDJDLQVW)DLWK " $UHWKH\WKRVHRIZKRP\RXVZRUHWKDW$OODKZRXOGQHYHUVKRZ WKHPPHUF\%HKROG,WKDVEHHQVDLGWRWKHP C(QWHU-DQQDKQRIHDUVKDOOEHRQ\RXQRUVKDOO \RXJULHYH
C,\DGELQ+LPDU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OODKKDVUHYHDOHGWRPHWKDW\RXVKRXOGKXPEOH\RXUVHOYHVWRRQHDQRWKHU2QHVKRXOGQHLWKHUKROG KLPVHOIDERYHDQRWKHUQRUWUDQVJUHVVDJDLQVWDQRWKHU
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
>0XVOLP@ &RPPHQWDU\ $SSDUHQWO\JLYLQJLQ6DGDTDK FKDULW\ GHFUHDVHVZHDOWKEXW$OODKIDLUO\FRPSHQVDWHV DQDOPVJLYHUE\LQFUHDVLQJKLVZHDOWK2WKHUZLVHKHLVVXUHWRUHFHLYHWKHEHVWUHFRPSHQVHLQWKH +HUHDIWHUZKLFKZLOOPDNHJRRGKLVORVV2U$OODKEOHVVHVWKHUHVWRIKLVZHDOWKLQVXFKDZD\WKDWWKH VHQVHRIORVVLVUHPRYHGIURPKLVPLQG$VIRUDOHQLHQWDQGKXPEOHDWWLWXGHLWLVVRPHWLPHVPLVWDNHQ E\PDQIRUKLVKXPLOLDWLRQ%XW0HVVHQJHURI$OODK3%8+ FDOOVVXFKDQLPSUHVVLRQDVHUURQHRXV
,QGHHGKXPLOLW\LQFUHDVHVKLVKRQRXUDQGGLJQLW\$QGDVUHJDUGVWKH+HUHDIWHUWKHEHVWUHZDUGLV ERXQGWRDFFUXHWRKLPZKHQKHZLOOEHEOHVVHGZLWKVSLULWXDOKHLJKWV $QDV0D\$OODKEHSOHDVHGZLWKKLP SDVVHGE\VRPHFKLOGUHQDQGJUHHWHGWKHPE\VD\LQJ$V VDODPXCDODLNXPWRWKHP 7KHQKHVDLG7KH3URSKHW3%8+ XVHGWRGRWKHVDPH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7RJUHHWVD\LQJ$VVDODPXCDODLNXP VPDOOFKLOGUHQLVDQH[FHOOHQWH[SUHVVLRQRI KXPEOHQHVV6LPLODUO\DEHOLHYHULVXQGHUREOLJDWLRQWRJUHHWKLVZLIHDQGFKLOGUHQZKLOHHQWHULQJKLV KRPHDQGWKLVZLOOEHDVLJQRIKLVKXPEOHQHVVDVZHOO%HVLGHVKHLVDOVRVXSSRVHGWRJUHHWKLV VXERUGLQDWHVVHUYDQWVDQGRWKHUORZO\SHRSOH(VFDSHIURPLWLVDQLQGLFDWLRQRISULGHDQGDUURJDQFH DQGVKRZVDGHYLDWLRQIURPWKHSUDFWLFHRIWKH3URSKHW3%8+ ZKLFKLVHQRXJKWRLQFXUWKH GLVSOHDVXUHRI$OODK $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG $VODYHJLUORI$O0DGLQDKZRXOGWDNH KROGRIWKHKDQGRIWKH3URSKHW3%8+ DQGWDNHKLPZKHUHYHUVKHGHVLUHG >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKHVXEOLPHFRXUWHV\DQGXQLTXHKXPEOHQHVVRI0HVVHQJHU RI$OODK3%8+ DVZHOODVKLVSDVVLRQWRPHHWWKHZDQWVRIWKHQHHG\,WSURYLGHVDOOWKH0XVOLPVZLWK DZRUWKHPXODWLQJH[DPSOH7KH+DGLWKGRHVQRWPHDQWKDWWKHVODYHJLUOZRXOGDFWXDOO\WRXFKWKH 3URSKHW VKDQGVEXWWKDWKHZRXOGVKRZKXPEOHQHVVWRDOONLQGVRISHRSOHEHWKH\\RXQJRUROGULFK RUSRRUPHQRUZRPHQ $O$VZDGELQ
6KH DQVZHUHG +HXVHGWRNHHSKLPVHOIEXV\KHOSLQJPHPEHUVRIKLVIDPLO\DQGZKHQLWZDVWKHWLPHIRU 6DODWWKHSUD\HU KHZRXOGJHWXSIRUSUD\HU
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
+HFRPPDQGHGXVWRFOHDQRXWWKHGLVKVD\LQJ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVKXPEOHQHVVVLPSOLFLW\DQGUHJDUGIRUWKH%OHVVLQJVRI$OODK 7REHXQZLOOLQJWRSLFNXSDIDOOHQPRUVHODQGHDWLWDQGWRNHHSIURPFOHDQLQJXSWKHGLVKLVWKHVW\OH
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
+HZDVDVNHG$QGGLG\RX"
+HUHSOLHG
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGHDUOLHUDSSURYLQJRIVHFOXGHGOLIHLQDSHFXOLDU VLWXDWLRQ$VWKHVDPHKDVUHOHYDQFHZLWKKXPEOHQHVVLWLVUHSHDWHGLQWKLVFKDSWHUDVZHOO,QGHHGLWLV WKHTXDOLW\RIKXPEOHSHRSOHWKDWWKH\HDUQWKHLUOLYLQJE\PDQXDOODERXU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG ,I,DP LQYLWHGWRDPHDOFRQVLVWLQJRIDVKHHS VIRRWRUVKRXOGHU,ZRXOGUHVSRQGDQG,ZRXOGDFFHSWDVDJLIWD VKRXOGHURUDIRRWRIDVKHHS
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
&+$37(5
&21'(01$7,212)35,'( $1'6(/)&21&(,7 $OODKWKH([DOWHGVD\V 7KDWKRPHRIWKH+HUHDIWHULH-DQQDK :HVKDOODVVLJQWRWKRVHZKRUHEHOQRWDJDLQVWWKH WUXWKZLWKSULGHDQGRSSUHVVLRQLQWKHODQGQRUGRPLVFKLHIE\FRPPLWWLQJFULPHV$QGWKHJRRG HQGLVIRUWKH0XWWDTXQWKHSLRXVDQGULJKWHRXVSHUVRQV
$QGZDONQRWRQHDUWKZLWKFRQFHLWDQGDUURJDQFH
$QGWXUQQRW\RXUIDFHDZD\IURPPHQZLWKSULGHQRUZDONLQLQVROHQFHWKURXJKWKHHDUWK 9HULO\$OODKOLNHVQRWDQ\DUURJDQWERDVWHU
9HULO\4DUXQ.RUDK ZDVRI0XVD V0RVHV SHRSOHEXWKHEHKDYHGDUURJDQWO\WRZDUGVWKHP $QG:HJDYHKLPRIWKHWUHDVXUHVWKDWRIZKLFKWKHNH\VZRXOGKDYHEHHQDEXUGHQWRDERG\RI VWURQJPHQ5HPHPEHUZKHQKLVSHRSOHVDLGWRKLPC'RQRWH[XOWZLWKULFKHVEHLQJXQJUDWHIXO WR$OODK 9HULO\$OODKOLNHVQRWWKRVHZKRH[XOWZLWKULFKHVEHLQJXQJUDWHIXOWR$OODKXSWR 6R:HFDXVHGWKHHDUWKWRVZDOORZKLPDQGKLVGZHOOLQJSODFH
C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG +H ZKRKDVLQKLVKHDUWDQDQW VZHLJKWRIDUURJDQFHZLOOQRWHQWHU-DQQDK
6RPHRQHVDLG $PDQOLNHV WRZHDUEHDXWLIXOFORWKHVDQGVKRHV"
0HVVHQJHURI$OODK3%8+ VDLG $OODKLV%HDXWLIXO+HORYHV EHDXW\$UURJDQFHPHDQVULGLFXOLQJDQGUHMHFWLQJWKH7UXWKDQGGHVSLVLQJSHRSOH
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
+HVDLG ,FDQQRW
7KHUHXSRQKHWKH3URSKHW3%8+ VDLG 0D\\RXQHYHUEHDEOHWRGRWKDW
,WZDV DUURJDQFHWKDWSUHYHQWHGKLPIURPGRLQJLW DQGKHFRXOGQRWUDLVHLWWKHULJKWKDQG XSWRKLVPRXWK DIWHUZDUGV >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKRFFXUUHGLQFKDSWHUFRQFHUQLQJWKHREVHUYDQFHRI6XQQDKEXWLV UHSHDWHGKHUHWRLGHQWLI\SULGHDQGLWVGHWULPHQWDQGWRGHVFULEHWKHEDGHQGRIWKHDUURJDQWSHRSOHDV ZHVHHLQLW6HHWKHFRPPHQWDU\RQ+DGLWK1R +DULWKDKELQ:DKDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 6KDOO,QRWLQIRUP\RXDERXWWKHLQPDWHVRI+HOO",WLVHYHU\YLROHQWLPSHUWLQHQWDQGSURXGSHUVRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ )ORXWLQJDW'LYLQHUXOHVQLJJDUGOLQHVVWRNHHSIURPVSHQGLQJLQWKHZD\RI$OODK DQG KDXJKWLQHVVDUHFRQGHPQDEOHKDELWVDQGWKRVHZKRLQGXOJHLQWKHPZLOOEHSXVKHGLQWR+HOO0D\ $OODKNHHSXVLQ+LV6KHOWHUIURPLW $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KHUHZDVDGLVSXWHEHWZHHQ+HOODQG-DQQDKDQG+HOOVDLGC7KHKDXJKW\DQGSURXGDUHLQPH 7KH -DQQDKVDLGC,QPHDUHWKHZHDNDQGWKHKXPEOH 7KHUHXSRQ$OODKWKH([DOWHGMXGJHGEHWZHHQWKHP VD\LQJC
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWKDXJKWLQHVVDQGSULGHDQGXUJHVXVWRREVHUYHPRGHVW\ DQGKXPLOLW\-DQQDKDQG+HOO WZRRWKHUZRUOGO\SKHQRPHQD KDYHEHHQFDOOHGDVWKHPDQLIHVWDWLRQV RI$OODK V0HUF\DQGSXQLVKPHQW7UXHRQO\WKH:LOORI$OODKSUHYDLOVHYHU\ZKHUHEXWWKHGHFLVLRQWR VHQGDPDQHLWKHUWR-DQQDKRUWR+HOOZLOOQRWEHWDNHQFDSULFLRXVO\5DWKHUVHW'LYLQHUXOHVZLOOEH ZRUNLQJEHKLQGLW$OODKZLOOSODFHVRPHSHRSOHLQ-DQQDKGXHWRWKHLUJRRGGHHGVVLPLODUO\KHZLOO SODFHVRPHSHRSOHLQ+HOOGXHWRWKHLUEDGGHHGV$OODKGRHVQRWZURQJDQ\RQH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 2Q WKH'D\RI5HVXUUHFWLRQ$OODKZLOOQRWORRNDWKLPZKRWUDLOVKLVORZHUJDUPHQWRXWRISULGH
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
>0XVOLP@ &RPPHQWDU\ +HUHZLOOQRWVSHDN
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWVHOISUDLVHDQGDUURJDQFHZKLFKPD\SHUYDGHRXUKHDUWV E\ILQHFORWKHVDQGSK\VLFDOEHDXW\,QVWHDGRIDGRSWLQJDSURXGDWWLWXGHZHVKRXOGEHVHQVLEOHHQRXJK WRWKDQN$OODKIRUWKHVHIDYRXUVDQGFRQIHVVRXUVHUYLWXGHWR+LP 6DODPDKELQ$O$NZDC0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 0DQFRQWLQXHVWRGLVSOD\KDXJKWLQHVVDQGDUURJDQFHXQWLOKHLVUHFRUGHGDPRQJWKHDUURJDQWDQG ZLOOEHWKHUHIRUHDIIOLFWHGZLWKZKDWDIIOLFWVWKHP
>$W7LUPLGKL@
&RPPHQWDU\ 7RDGRSWWKHKDELWVDQGPDQQHUVRIJRRGSHRSOHLVGHHPHGWREHGHVLUDEOH%XWRQWKH FRQWUDU\WRWDNHWRWKHEDGZD\VRIEDGSHRSOHLVFRQVLGHUHGXQGHVLUDEOH$PDQZLOOXOWLPDWHO\EH FRXQWHGDPRQJWKRVHSHRSOHZKRPKHZLOOWDNHDVDPRGHOWRHPXODWHEHFDXVHKHLVJUDGXDOO\ILWWHG LQWRWKHLUIUDPHZRUNDQGDVVLPLODWHVDOORIWKHLUTXDOLWLHV4XLWHQDWXUDOO\WKHQUHWULEXWLRQZLOOEH DGPLQLVWHUHGWRKLPDFFRUGLQJO\
&+$37(5
*22'&21'8&7 $OODKWKH([DOWHGVD\V $QGYHULO\\RX20XKDPPDG3%8+ DUHRQDQH[DOWHGVWDQGDUGRI FKDUDFWHU
7KH-DQQDKLVSUHSDUHGIRUWKRVH ZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQ
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
>0XVOLP@
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDSDUWIURPGHVFULELQJWKHUHILQHGEHKDYLRXUDQGVXEOLPHPRUDOLW\RI 0HVVHQJHURI$OODK3%8+ WHOOVXVWKDWDSHUVRQZLWKWKHKLJKHVWPRUDOVHQVHLVLQIDFWWKHEHVW DPRQJSHRSOH $EXG'DUGD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 1RWKLQJZLOO EHKHDYLHURQWKH'D\RI5HVXUUHFWLRQLQWKH6FDOHRIWKHEHOLHYHUWKDQJRRGPDQQHUV$OODKKDWHVRQH ZKRXWWHUVIRXORUFRDUVHODQJXDJH
>$W7LUPLGKL@ &RPPHQWDU\ 7KHPRVWEHQHILFLDOWKLQJRQWKH'D\RI5HVXUUHFWLRQZLOOEHDFRXUWHRXVEHKDYLRXU ZKLFKZLOORXWZHLJKDOOJRRGDFWLRQV%XWWKDWZLOOEHZLWQHVVHGLQFDVHRIDEHOLHYHUDVWKHUHLVQR TXHVWLRQRIZHLJKLQJDQRQEHOLHYHU VJRRGDFWLRQV$OODK+LPVHOIVD\VLQWKH4XU DQ6RWKHLUZRUNV DUHLQYDLQDQGRQWKH'D\RI5HVXUUHFWLRQ:HVKDOODVVLJQQRZHLJKWIRUWKHP
6RZLOODPRUDOO\ GHSUDYHGDQGQRQVHQVLFDOPDQVWDQGXQIDYRXUHGZLWK$OODK DQGWKLVZLOOEHDVLJQRIKLVIUXVWUDWLRQ DQGGLVLOOXVLRQPHQWLQWKH+HUHDIWHU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ ZDVDVNHG DERXWWKHGHHGZKLFKZLOOEHIRUHPRVWWROHDGDPDQWR-DQQDK+HUHSOLHG )HDURI$OODKDQGWKHJRRG FRQGXFW
7KHQKHZDVDVNHGDERXWLQGXOJHQFHZKLFKZLOODGPLWDPDQWR+HOO)LUH DQGKHDQVZHUHG 7KHWRQJXHDQGWKHJHQLWDOV
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKEULQJVLQWROLJKWWKHFRUROODU\RIIDLWKDQGFRPSODLVDQWPDQQHUV:HPD\ SXWLWLQWKLVZD\WKDWWKHGHJUHHRIDPDQ VH[FHOOHQWEHKDYLRXUGHWHUPLQHVWKHGHJUHHRIKLVIDLWK 2U WKHVXEOLPLW\RIIDLWKFDOOVIRUWKHVXEOLPLW\RIPRUDOV6LPLODUO\DPDQZKRLVSROLWHDQGFRXUWHRXVWR KLVZLIHZLOOEHFRQVLGHUHGDVWKHEHVW C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ $EHOLHYHUZLOODWWDLQE\KLVJRRGEHKDYLRXUWKHUDQNRIRQHZKRSUD\VGXULQJWKHQLJKWDQGREVHUYHV
IDVWLQJGXULQJWKHGD\
>$EX'DZXG@ &RPPHQWDU\ 7KHWZRSUDFWLFHVDUHGLIILFXOW%XWWKRVHZKRPDQDJHWRNHHSWKHPZLOOEHULFKO\ UHZDUGHGE\$OODK7KHUHLVDWKLUGFDWHJRU\RIPHQZKRIDLOWRREVHUYHWKHDERYHPHQWLRQHGYROXQWDU\ SUDFWLFHV
>$EX'DZXG@ &RPPHQWDU\ :LWKGUDZDOIURPRQH VULJKWLQRUGHUWRHQGDGLVSXWHLVDPDQO\DFWRIJUHDWPHULW /LNHZLVHWKLV+DGLWKWHOOVXVWKDWDPDQVKRXOGDYRLGWHOOLQJDOLHHYHQLQDOLJKWYHLQ,IKHJLYHVJUHDW LPSRUWDQFHWRWKHUXOHVRIWKH6KDULCDK,VODPLF/DZ DQGWKH&RPPDQGPHQWVRI$OODKDQG+LV3URSKHW 3%8+ KHZLOOGHILQLWHO\UHIUDLQIURPWHOOLQJDOLHHYHQLQDFKDWVHVVLRQRUMXVWIRUWKHVDNHRIMRNH 8VXDOO\SHRSOHGRQ WPLQGLIRQHWHOOVDOLHLQDMRFXODUPRRGUDWKHUVRPHZLOOSHUKDSVDSSURYHLW
7KH&RPSDQLRQVDVNHGKLP20HVVHQJHURI$OODK :HNQRZDERXWWKHSRPSRXVDQGWKHJDUUXORXVEXWZHGRQRWNQRZZKR$O0XWDIDLKLTXQDUH
+H UHSOLHG 7KHDUURJDQWSHRSOH
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKOD\VHPSKDVLVRQSROLWHDQGSROLVKHGEHKDYLRXU%HVLGHVLWWHDFKHVXVWR UHIUDLQIURPXQQHFHVVDU\LQFDXWLRXVDQGLQVLQFHUHWDONLQWHQGHGWRLQIOXHQFHRWKHUVDQGDVVHUW VXSHULRULW\RYHUWKHP%XWWRWDONOHVVDQGLQVLPSOHZRUGVLVDJRRGWKLQJ2QWKHRWKHUKDQGWRWDON PXFKVKRZLQJRIIFOHYHUQHVVZLWKDWLQJHRIDIIHFWDWLRQLVGHWHVWDEOH
&+$37(5
&/(0(1&<72/(5$1&($1' *(17/(1(66 $OODKWKH([DOWHGVD\V ZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQYHULO\$OODKORYHV$O0XKVLQXQWKHJRRGGRHUV
6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ WSXQLVK WKHP
7KHJRRGGHHGDQGWKHHYLOGHHGFDQQRWEHHTXDO5HSHOWKHHYLO ZLWKRQHZKLFKLVEHWWHULH $OODKRUGHUVWKHIDLWKIXOEHOLHYHUVWREHSDWLHQWDWWKHWLPHRIDQJHUDQGWRH[FXVHWKRVHZKR WUHDWWKHPEDGO\ WKHQYHULO\KHEHWZHHQZKRPDQG\RXWKHUHZDVHQPLW\ZLOOEHFRPH DV WKRXJKKHZDVDFORVHIULHQG%XWQRQHLVJUDQWHGLWWKHDERYHTXDOLW\ H[FHSWWKRVHZKRDUH SDWLHQW DQGQRQHLVJUDQWHGLWH[FHSWWKHRZQHURIWKHJUHDWSRUWLRQRIKDSSLQHVVLQWKH +HUHDIWHULH-DQQDKDQGRIDKLJKPRUDOFKDUDFWHU LQWKLVZRUOG
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV UHFRPPHQGHGE\$OODK
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGWR$VKDM $EGXO4DLV0D\$OODKEHSOHDVHGZLWKKLP
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVWRDGRSWDSDWLHQWPLOGDQGGLVFUHHWDWWLWXGHWRZDUGVRWKHUV 0RUHRYHUWKHUHLVDSURYLVLRQIRUSUDLVLQJVRPHERG\LQKLVSUHVHQFHSURYLGHGWKHUHLVQROLNHOLKRRGRI KLVEHLQJFRQFHLWHG7KH+DGLWKDOVRSURYLGHVLQVSLUDWLRQIRUWKHFXOWLYDWLRQRIJRRGKDELWV C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $OODK LV)RUEHDUHUDQGORYHVIRUEHDUDQFHLQDOOPDWWHUV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0LOGQHVVDOVREULQJVKXPDQEHLQJVFORVHUWRRQHDQRWKHUDQGRQWKLVFRXQW$OODKOLNHV LWYHU\PXFK C$LVKDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG $OODKLV)RUEHDUHU DQG+HORYHVIRUEHDUDQFHDQGUHZDUGVIRUIRUEHDUDQFHZKLOH+HGRHVQRWUHZDUGVHYHULW\DQGGRHVQRW JLYHIRUDQ\WKLQJEHVLGHVLWIRUEHDUDQFH
>0XVOLP@ &RPPHQWDU\ 0LOGQHVVLVWKHRSSRVLWHRIKDUVKQHVV$OODKHQMRLQVVRIWQHVVDQGGLVOLNHVVWLIIQHVV LQ KXPDQUHODWLRQV$OODKDVVXUHVRIUHZDUGIRUJHQWOHEHKDYLRXULQVRFLHW\QRWIRUXQNLQGQHVVRU DQ\WKLQJOLNHWKDW+RZHYHULQIOH[LELOLW\LVSUHIHUUHGWRIOH[LELOLW\ZKHQWKHUHDULVHVDTXHVWLRQRI UHOLJLRXVPDWWHUVDQGWKHOLPLWVVHWE\$OODK C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ VDLG :KHQHYHU IRUEHDUDQFHLVDGGHGWRVRPHWKLQJLWDGRUQVLWDQGZKHQHYHULWLVZLWKGUDZQIURPVRPHWKLQJLWOHDYHV LWGHIHFWLYH
>0XVOLP@ &RPPHQWDU\ 7REHVRIWVSRNHQLVVXFKD TXDOLW\WKDWE\YLUWXHRIZKLFKDPDQLVQRWRQO\HQGHDUHG WRSHRSOHEXWDOVRWR$OODK$QGE\EHLQJEHUHIWRILWKHQRWRQO\EHFRPHVDFRQWHPSWLQFDUQDWHLQWKH H\HVRISHRSOHEXWDOVRZLWK$OODK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$EHGRXLQXULQDWHGLQWKHPRVTXHDQG VRPHSHRSOHUXVKHGWREHDWKLPXS7KH3URSKHW3%8+ VDLG /HDYHKLPDORQHDQGSRXUDEXFNHWRI ZDWHURYHULW
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKEULQJVLQWROLJKWWKHIDFWWKDWOHQLHQF\LVDOVRYLWDOO\QHHGHGLQWKHVSKHUH RIHGXFDWLRQDQGGLVFLSOLQH7KLVLVSDUWLFXODUO\WUXHLQWKHFDVHRILJQRUDQWDQGLOOEUHGSHRSOH7KLVLV VREHFDXVHLIWKH\DUHWUHDWHGXQNLQGO\WKH\ZLOOEHFRPHPRUHLQGRFLOHRQDFFRXQWRIWKHLUZLOG WHPSHUDPHQWDQGIRROLVKQHVV$NLQGKDQGOLQJLVLQGLVSHQVDEOHIRUSXWWLQJWKHPWRGLVFLSOLQHHYHQLI WKH\PDNHGHVSHUDWHEOXQGHUV7KLV+DGLWKLVYHU\EHQHILFLDOZLWKUHJDUGWRWKHZD\RI'DCZDK JXLGDQFHDQGSUDFWLFDOHGXFDWLRQ$QRWKHUSRLQWWKLV+DGLWKGLVFORVHVLVWKDWWKHIORZRIZDWHUFDQZLSH RXWGLUWDQGLPSXULW\DQGPDNHWKHSODFHIUHHIURPLWVHIIHFW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 0DNHWKLQJVHDV\ DQGGRQRWPDNHWKHPGLIILFXOWFKHHUWKHSHRSOHXSE\FRQYH\LQJJODGWLGLQJVWRWKHPDQGGRQRW UHSXOVHWKHP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLQIRUPVXVWKDWSUHDFKLQJVHUPRQVUHOLJLRXVGLVFRXUVHVDQGPRUDODGYLFH DOOVKRXOGFRQFHQWUDWHRQVXFKWKLQJVDVPD\EHKHOSIXOWRSHRSOHLQEHLQJLQFOLQHGWRZDUGVJDLQLQJ
UHOLJLRXVNQRZOHGJH/LNHZLVHWKLVDVSHFWVKRXOGDOVREHNHSWLQYLHZLQWKHH[SRVLWLRQDQG LQWHUSUHWDWLRQRIUHOLJLRQ0RUHRYHUWKHWRQHDQGPRGHRIH[SUHVVLRQRIUHOLJLRXVOHDGHUVVKRXOGQRWEH UHSXOVLYHDQGEDVHGRQVHFWDULDQKDWUHGUDWKHULWVKRXOGSXOOKHDUWVWRUHOLJLRQ,QEULHISUHDFKHUVDQG C8ODPD PXVWEHUHJDUGIXORIWKHFHQWUDOSRLQWRIWKHFDXVHWRZKLFKWKH\DUHGHGLFDWHG -DULUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +HZKRLVGHSULYHGRIIRUEHDUDQFHDQGJHQWOHQHVVLVLQIDFWGHSULYHGRIDOOJRRG
>0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQDVNHGWKH3URSKHW3%8+ WR JLYHKLPDGYLFHDQGKH3%8+ VDLG 'RQRWJHWDQJU\
7KHPDQUHSHDWHGWKDWVHYHUDOWLPHVDQGKH 3%8+ UHSOLHGHYHU\WLPH 'RQRWJHWDQJU\
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQTXRWHG
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
1RWWRWDNHH[FHSWLRQWRODSVHVLQPXQGDQHDIIDLUVVXUHO\VSHDNVRIPRUDOH[FHOOHQFHEXWZHDUHQRW DOORZHGWRGLVSHQVHZLWKWKHHYDVLRQRIUHOLJLRXVUXOHV ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 6KDOO, QRWWHOO\RXZKRPWKH+HOO )LUHLVIRUELGGHQ WRWRXFK",WLVIRUELGGHQWRWRXFKDPDQZKRLVDOZD\V DFFHVVLEOHKDYLQJSROLWHDQGWHQGHUQDWXUH
>$W7LUPLGKLL@ &RPPHQWDU\ 7KH+DGLWKWKURZVOLJKWRQDNLQGEHDULQJZKLFKLVURRWHGLQ)DLWKDQGVDYHVPDQIURP +HOOILUH7KHVHFRQGOHVVRQLVWKDWSULRUWRGLVFXVVLQJVRPHWKLQJLPSRUWDQWZLWKVRPHERG\ZHVKRXOG PDNHKLPDWWHQWLYHDQGUHFHSWLYHVRWKDWKHPD\WDNHLQWHUHVWDQGSXWIDLWKLQZKDWZHWHOOKLP
&+$37(5
)25*,9(1(662)7+( ,*125$17 $OODKWKH([DOWHGVD\V 6KRZIRUJLYHQHVVHQMRLQZKDWLVJRRGDQGWXUQDZD\IURPWKHIRROLVKLHGRQ WSXQLVK WKHP
6RRYHUORRN20XKDPPDG3%8+ WKHLUIDXOWVZLWKJUDFLRXVIRUJLYHQHVV
/HWWKHPSDUGRQDQGIRUJLYH'R\RXQRWORYHWKDW$OODKVKRXOGIRUJLYH\RX"
$QGZKRSDUGRQPHQYHULO\$OODKORYHV$O0XKVLQXQWKHJRRGGRHUV
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV UHFRPPHQGHGE\$OODK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,DVNHGWKH3URSKHW3%8+ +DYH\RXHYHU H[SHULHQFHGDGD\KDUGHUWKDQWKHGD\RIWKHEDWWOHRI8KXG"
+HUHSOLHG ,QGHHG,H[SHULHQFHGWKHP GDQJHUV DWWKHKDQGVRI\RXUSHRSOHLHWKHGLVEHOLHYHUVIURPDPRQJVWWKH4XUDLVKWULEH 7KH KDUGHVWWUHDWPHQW,PHWIURPWKHPZDVRQWKH'D\RIC$TDEDKZKHQ,ZHQWWR,EQC$EG
%XW0HVVHQJHURI$OODK3%8+ VDLG,UDWKHUKRSH WKDW$OODKZLOOUDLVHIURPDPRQJWKHLUGHVFHQGDQWVSHRSOHDVZLOOZRUVKLS$OODKWKH2QHDQGZLOOQRW DVFULEHSDUWQHUVWR+LPLQZRUVKLS
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
0HVVHQJHURI$OODK3%8+ WXUQHGWRKLPDQGVPLOHGDQGGLUHFWHGWKDWKH VKRXOGEHJLYHQVRPHWKLQJ >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKH3URSKHW VVXEOLPHPRUDOLW\SDWLHQFHDQGVHOIFRQWURO +HVPLOHGDZD\WKHGLVFRXUWHV\RIWKHEHGRXLQDQGEDGHWKHRIIHULQJRIDJLIWWRKLP ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,FDQVHHWKH0HVVHQJHURI$OODK3%8+ ORRNOLNHRQHRIWKH3URSKHWVRI$OODKZKRVHSHRSOHEHDWDQGPDGHKLPEOHHGZKLOHKHZDVZLSLQJWKH EORRGIURPKLV IDFHDQGVXSSOLFDWLQJ 2$OODKIRUJLYHP\SHRSOHEHFDXVHWKH\NQRZQRW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHC8ODPD VD\WKDWE\UHODWLQJWKHSDLQIXOLQFLGHQWRID3URSKHW0HVVHQJHURI$OODK 3%8+ LQIDFWLPSOLHGKLVRZQH[SHULHQFHDWWKHKDQGV RIKLVSHRSOH,QGHHGWKLVH[SUHVVHVKLV H[WUHPHQXPEOHQHVVWKDWKHYDJXHO\GHVFULEHGKLVELWWHUVHOIH[SHULHQFHZLWKRXWEULQJLQJLQWROLJKWWKH XQWKLQNLQJSHUVHFXWRUVRIKLVQDWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH VWURQJPDQLVQRWWKHRQHZKRZUHVWOHVEXWWKHVWURQJPDQLVLQIDFWWKHRQHZKRFRQWUROVKLPVHOILQD ILWRIUDJH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 3HRSOHDUHXVXDOO\LPSUHVVHGE\WKHSK\VLFDOSRZHUDQGVWUHQJWKRIVRPHERG\%XWWKH UHDOVWUHQJWKRIDPDQOLHVLQWKHIDFWWKDWKHVKRXOGEHDEOHWRZUHVWOHZLWKKLVSDVVLRQVLQDILWRIDQJHU DQGDYRLGFRPPLWWLQJDQDFWIRUZKLFKKHPD\VXEVHTXHQWO\UHJUHW7KLVLVDFRPPRQREVHUYDWLRQWKDW ZLOGDQJHUOHDGVWRPDQ\DZURQJGRLQJRIZKLFKPDQUHSHQWVODWHURQRUVKHGVWHDUVRYHUWKHUXLQ UHVXOWLQJIURPLW
&+$37(5
(1'85$1&(2)$))/,&7,216
$OODKWKH([DOWHGVD\V 7KRVH ZKRUHSUHVVDQJHUDQGZKRSDUGRQPHQYHULO\$OODKORYHV$O 0XKVLQQWKHJRRG GRHUV
$QGYHULO\ZKRVRHYHUVKRZVSDWLHQFHDQGIRUJLYHVWKDWZRXOGWUXO\EHIURPWKHWKLQJV UHFRPPHQGHGE\$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQVDLGWR0HVVHQJHURI$OODK 3%8+ , KDYHUHODWLYHVZLWKZKRP,WU\WRPDLQWDLQJRRGUHODWLRQVKLSEXWWKH\VHYHUUHODWLRQVZLWK PHZKRP,WUHDWNLQGO\EXWWKH\WUHDWPHEDGO\ZLWKZKRP,DPJHQWOHEXWWKH\DUHURXJKWRPH
+H 3%8+ UHSOLHG ,I\RXDUHDV\RXKDYHVDLGWKHQLWLVDVWKRXJK\RXDUHIHHGLQJWKHPKRWDVKHVDQG \RXZLOOQRWEHZLWKRXWDVXSSRUWHUDJDLQVWWKHPIURP$OODKDVORQJDV\RXGRVR
>0XVOLP@ &RPPHQWDU\ $OVRRZLQJWRLWVREYLRXVUHOHYDQFHZLWKWKLVFKDSWHUWKLV+DGLWKKDVEHHQPHQWLRQHG KHUH7KHDERYHPHQWLRQHG9HUVHVDQGWKLV+DGLWKLPSUHVVRQDEHOLHYHUWKDWLQRUGHUWRZLQWKH SOHDVXUHRI$OODKKHVKRXOGEHIRUJLYLQJDQGWROHUDQWZLWKUHJDUGWRWKHVXIIHULQJVKHH[SHULHQFHVDW WKHKDQGVRISHRSOH%RWKJRRGEHKDYLRXUDQGWKHH[DPSOHRIWKH3URSKHW3%8+ FDOOIRUVXFKDQ DWWLWXGH
&+$37(5
,1',*1$7,21$*$,1677+( 75$16*5(66,212)',9,1(/$:6 $OODKWKH([DOWHGVD\V $QGZKRHYHUKRQRXUVWKHVDFUHGWKLQJVRI$OODKWKHQWKDWLVEHWWHUIRUKLPZLWKKLV5XEE
,I\RXKHOSLQWKH&DXVHRI $OODK+HZLOOKHOS\RXDQGPDNH\RXUIRRWKROGILUP
$EX0DVCXGC8TEDKELQC$PU$O%DGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPH WRWKH3URSKHW3%8+ DQGVDLG,MRLQWKHPRUQLQJ6DODWODWHEHFDXVHRIVRDQGVRZKROHDGVLW DQG SURORQJVLW
$EX0DVCXGVDLG ,KDYHQHYHUVHHQWKH3URSKHW3%8+ VRDQJU\ZKLOHJLYLQJDVSHHFK DVKHZDVRQWKDWGD\+H3%8+ VDLG 6RPHRI\RXFUHDWHKDWUHGDPRQJWKHSHRSOHDJDLQVWIDLWK :KRHYHUOHDGV6DODWWKHSUD\HU VKRXOGPDNHLWEULHIEHFDXVHWKHFRQJUHJDWLRQLQFOXGHVROGPHQDQG \RXQJVWHUVDQGWKRVHZKRKDYHVRPHXUJHQWZRUNWRGR
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
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ +HUHWRRZHDUHWROGWKDWODSVHVLQUHOLJLRXVPDWWHUVPD\EHUHVHQWHGYHKHPHQWO\7KH 6KDULCDKFRQGHPQVERWKWKHPDNLQJRIKXPDQSRUWUDLWVDQGWKHLUGHFRUDWLRQLQKRPHVDQGLIGLVSOD\HG DVVDFUHGREMHFWVWKH\PD\EHUHDGDVSRO\WKHLVWLFPDQLIHVWDWLRQ%HVLGHVRUWKRGR[C8ODPD DQG UHVHDUFKHUVDUHRIWKHRSLQLRQWKDWPDNLQJRUNHHSLQJRIDQ\W\SHRISLFWXUHLVIRUELGGHQDQGXQODZIXO 7KHUXOHHTXDOO\DSSOLHVWRD KDQGPDGHSLFWXUHDQGDFDPHUDSKRWRJUDSKSURYLGHGLWLVWKDWRIDQ DQLPDWHREMHFW
7KHQKHJRWXSDQGDGGUHVVHGWKHSHRSOHVD\LQJ7KHSHRSOHEHIRUH\RXZHUHUXLQHGEHFDXVHZKHQD QREOHSHUVRQDPRQJVWWKHPFRPPLWWHGWKHIWWKH\ZRXOGOHDYHKLPEXWLIDZHDNSHUVRQDPRQJVWWKHP FRPPLWWHGWKHIWWKH\ZRXOGH[HFXWHWKHOHJDOSXQLVKPHQWRQKLP%\$OODKZHUH)DWLPDKWKH GDXJKWHURI0XKDPPDGWRFRPPLWWKHWKHIW,ZRXOGKDYHFXWRIIKHUKDQG
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
7KHQKHFDXJKWKROGDFRUQHURIKLVVKHHWVSDWLQWRLW DQGIROGHGLWXSDQGVDLG2UKHVKRXOGGROLNHWKLV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :RUVKLSSHUVDUHXQGHUREOLJDWLRQWRREVHUYHFHUWDLQPDQQHUVLQWKHPRVTXHZLWKWKH PRVWLPSRUWDQWEHLQJDEVWLQHQFHIURPVSLWWLQJWRZDUGV4LEODK.DCEDK ,QVWHDGWKHPHWKRGSRLQWHG RXWLQWKH+DGLWKPD\EHSXWLQHIIHFWULJKWGXULQJ6DODW SUD\HU
&+$37(5
2%/,*$7,212)58/(56 726+2:.,1'1(6672 7+(,568%-(&76 $OODKWKH([DOWHGVD\V $QGEHNLQG DQGKXPEOHWRWKHEHOLHYHUVZKRIROORZ\RX
9HULO\$OODKHQMRLQV$OC$GOMXVWLFH DQG$O,KVDQSHUIRUPLQJGXWLHVLQDSHUIHFWPDQQHU DQGJLYLQJKHOS WRNLWKDQGNLQDQGIRUELGV$O)DKVKD HYLOGHHGVDQG$O0XQNDUDOOWKDWLV SURKLELWHG DQG$O%DJK\RSSUHVVLRQ +HDGPRQLVKHV\RXWKDW\RXPD\WDNHKHHG
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ $OORI\RXDUHJXDUGLDQVDQGDUHUHVSRQVLEOHIRU\RXUZDUGV7KHUXOHU LVDJXDUGLDQDQG UHVSRQVLEOHIRUKLVVXEMHFWVWKHPDQLVDJXDUGLDQDQGUHVSRQVLEOHIRUKLVIDPLO\WKHZRPDQLVD JXDUGLDQDQGLVUHVSRQVLEOHIRUKHUKXVEDQGVKRXVHDQGKLVRIIVSULQJDQGVRDOORI\RXDUHJXDUGLDQV DQGDUHUHVSRQVLEOHIRU\RXUZDUGV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQWKHFKDSWHUSHUWDLQLQJWRWKHGXWLHVRID ZLIHWRKHUKXVEDQG,WVUHSHWLWLRQLQWKLVFKDSWHULVPHDQWWRUHPLQGUXOHUVWKDWLIWKH\DUHQHJOLJHQWRI WKHGXWLHVGHYROYHGXSRQWKHLUVKRXOGHUVWKH\ZLOOEHZURQJGRHUVWR$OODKDQGSXWWRUHFNRQLQJRQWKH 'D\RI5HVXUUHFWLRQ $EX
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV$OODK V0HVVHQJHU3%8+ VDLG +HZKRGRHVQRWORRNDIWHUKLVVXEMHFWVZLWK JRRGZLOODQGVLQFHULW\ZLOOEHGHSULYHGRIWKHIUDJUDQFHRI-DQQDK
$QDUUDWLRQLQ0XVOLPLV0HVVHQJHURI$OODK3%8+ VDLG $UXOHUZKRKDYLQJFRQWURORYHUWKH DIIDLUVRIWKH0XVOLPVGRHVQRWVWULYHGLOLJHQWO\IRUWKHLUEHWWHUPHQWDQGGRHVQRWVHUYHWKHPVLQFHUHO\ ZLOOQRWHQWHU-DQQDKZLWKWKHP
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
PHDQVWKH\ ZLOOQRWHQWHULWZLWKWKHILUVWVXFFHVVIXOSHRSOHXQWLOWKH\JHWSXQLVKHGIRUWKHLUZURQJGRLQJV,I KRZHYHUWKH\ZHUHWUHDFKHURXVWRWKHLUVXEMHFWVZKLOHUHJDUGLQJWKLVLQMXVWLFHODZIXOWKXVGLVREH\LQJ $OODKDQG+LV&RPPDQGVWKH\ZLOOVWD\LQ+HOOIRUHYHUEHFDXVHWKLVZD\WKH\KDYHPDGHSHUPLVVLEOH DQGODZIXOZKDW$OODKKDVIRUELGGHQ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,KHDUGWKHWKH0HVVHQJHURI$OODK3%8+ VXSSOLFDWLQJLQP\KRXVH 2$OODK7UHDWKDUVKO\WKRVHZKRUXOHRYHUP\8PPDKZLWKKDUVKQHVVDQG WUHDWJHQWO\WKRVHZKRUXOHRYHUP\8PPDKZLWKJHQWOHQHVV
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
7KH&RPSDQLRQVVDLG2 0HVVHQJHURI$OODKZKDWGR \RXFRPPDQGXVWRGR"
+HVDLG )XOILOOWKHSOHGJHRIDOOHJLDQFHWR ZKLFKLVVZRUQILUVWWKHQVZHDUDOOHJLDQFHWRWKHRWKHUV &RQFHGHWRWKHPWKHLUGXHULJKWVDQGDVN $OODKWKDWZKLFKLVGXHWR\RX$OODKZLOOFDOOWKHPWRDFFRXQWLQUHVSHFWRIWKHVXEMHFWVZKRP+HKDG HQWUXVWHGWRWKHP
>$O%XNKDULDQG0XVOLP@
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
6R0XCDZL\DKDSSRLQWHGDSHUVRQWRNHHS DYLJLORQWKHQHFHVVLWLHVRIWKHSHRSOHDQGWRIXOILOOWKHP >$EX'DZXGDQG $W7LUPLGKL@ &RPPHQWDU\ 7KH+DGLWKZDUQVVXFKDUXOHUZKRLVKHHGOHVVRIWKHSUREOHPVDQGDIIDLUVRIWKHQHHG\ DQGZKRNHHSVWKHPDZD\IURPKLP2QWKH/DVW'D\$OODKWRRZLOOEHLQGLIIHUHQWWRKLP,QGHHGD VWHUQZDUQLQJLVJLYHQWRVXFKUXOHUVZKRKDYHQRGLUHFWFRQWDFWZLWKWKHQHHG\SHRSOHDQGZKRNHHS WKHLUGRRUVVKXWWRWKHP
&+$37(5
7+(-86758/(5 $OODKWKH([DOWHGVD\V 9HULO\$OODKHQMRLQV$OC$GOMXVWLFH DQG$O,KVDQSHUIRUPLQJGXWLHVLQDSHUIHFWPDQQHU
$QGEHHTXLWDEOH9HULO\$OODKORYHVWKRVHZKRDUHWKHHTXLWDEOH
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
>$O%XNKDULDQG0XVOLP@
7KH6KDGHRI$OODKWRZKLFKWKLV+DGLWKUHIHUVWRLVWKHVKDGHRI+LV7KURQH &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQGHVFULEHGLQWKHFKDSWHUDERXWWKHH[FHOOHQFHRIWKHORYH RI$OODK+HUHLWKDVEHHQFDUULHGIRUZDUGLQYLHZRILWVUHOHYDQFHZLWKWKHMXVWUXOHU VH[FHOOHQFH 5HIHUWRWKHFRPPHQWDU\RQ+DGLWK1R C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG 7KHMXVWZLOOEHVHDWHGXSRQSXOSLWVRIOLJKW
7KRVHZKRDUHIDLUZLWKUHJDUGVWR WKHLUMXGJHPHQWDQGWKHLUIDPLO\DQGWKRVHZKRDUHXQGHUWKHP
>0XVOLP@ &RPPHQWDU\ +RZZLOOEHWKHOLNHQHVVRIWKHSXOSLWVRIOLJKW"$OWKRXJKZHDUHQRWDZDUHRIWKHLU UHDOLW\\HWZHDUHVXSSRVHGWRKDYHIDLWKLQWKHP:HPXVWDOVREHOLHYHWKDWWKHVHSHRSOH MXVWUXOHUV ZLOOEHXQGHUWKHVKDGHRIWKH7KURQHRUWKH'LYLQHPHUF\ZKLOHSHRSOHZLOOEHGUHQFKHGLQWKHLUVZHDW GHSHQGLQJRQWKHLUGHHGV7KH+DGLWKWKURZVOLJKWRQWKHH[FHOOHQFHRIMXVWLFHDQGWKHKLJKUDQNRI WKRVHZKRGRMXVWLFH C$XIELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH EHVWRI\RXUUXOHUVDUHWKRVHZKRP\RXORYHDQGZKRORYH\RXDQGWKRVHZKRVXSSOLFDWH$OODKLQ\RXU IDYRXUDQG\RXVXSSOLFDWH$OODKLQWKHLUIDYRXU7KHZRUVWRI\RXUUXOHUVDUHWKRVHZKRP\RXKDWHDQG ZKRKDWH\RXDQGZKRP\RXFXUVHDQGZKRFXUVH\RX
,WZDVDVNHGE\WKRVHZKRZHUHSUHVHQW 6KRXOGQRWZHRSSRVHWKHP"
+HVDLG 1RDVORQJDVWKH\HVWDEOLVK6DODWDVORQJDVWKH\HVWDEOLVK 6DODWLQ\RXUPLGVW
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
>0XVOLP@ &RPPHQWDU\ $OOWKHWKUHHTXDOLWLHVPHQWLRQHGLQWKH+DGLWKSDUWLFXODUO\FKDUDFWHUL]HWKHPHQRI )DLWKDQGZLOOFDXVHWKHLUHQWU\WR-DQQDK(YHU\EHOLHYHULVH[SHFWHGWRVWULYHIRUEHLQJLQYHVWHGZLWK WKHVHJRRGTXDOLWLHV
&+$37(5
2%/,*$7,212)2%(',(1&(72 7+(58/(5 ,1:+$7,6/$:)8/ $1'352+,%,7,212)2%(<,1* 7+(0,1:+$7,681/$:)8/ $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH2EH\$OODKDQGREH\WKH0HVVHQJHU0XKDPPDG3%8+ DQGWKRVHRI \RX0XVOLPV ZKRDUHLQDXWKRULW\
,EQC8PDU0D\$OODK EHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG ,WLVREOLJDWRU\ XSRQD0XVOLPWROLVWHQWRWKHUXOHU DQGREH\ZKHWKHUKHOLNHVLWRUQRWH[FHSWZKHQKHLVRUGHUHGWR
GRDVLQIXOWKLQJLQVXFKFDVHWKHUHLVQRREOLJDWLRQWROLVWHQRUWRREH\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKFU\VWDOOL]HVWKHSDUDPHWHUVRIWKH0XVOLPVXEMHFWV REHGLHQFHWRWKHLU 0XVOLPUXOHUV7KHKRQRXURIWKHODWWHULVERXQGXSZLWKWKHLUVXUUHQGHUWRWKH&RPPDQGRI$OODKDQG +LV0HVVHQJHU3%8+ 2WKHUZLVHDSDUWIURPWKHWRUPHQWLQWKH+HUHDIWHUWKH\ZLOODOVREHVXEMHFWHG WRKXPLOLDWLRQLQWKLVZRUOG ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG :KHQHYHUZHWRRNDSOHGJHRIDOOHJLDQFH WR0HVVHQJHURI$OODK3%8+ WRKHDUDQGREH\KH3%8+ ZRXOGVD\WRXV$VIDUDV\RXDUH FDSDEOHRI
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
>0XVOLP@ $QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRGLHVKDYLQJGHIHFWHGIURP REHGLHQFHWRWKH$PLU DQGGLVFDUGVKLVDVVRFLDWLRQZLWKWKHPDLQERG\RIWKH0XVOLP FRPPXQLW\ GLHVWKHGHDWKRIRQHEHORQJLQJWRWKH'D\VRI-DKLOL\\DK
&RPPHQWDU\ 7KH+DGLWKPDNHVLWFOHDUWKDWLWLVELQGLQJXSRQ0XVOLPVWRVKRZREHGLHQFHWRWKHMXVW 0XVOLPUXOHUDQGWRMRLQIRUFHVZLWKWKH0XVOLP&RPPXQLW\WRJLYHDOOHJLDQFHWRKLPDVORQJDVKH GRHVQRWFDOOWRDVLQ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HDUDQG REH\HYHQLIDQ$E\VVLQLDQVODYHZKRVHKHDGLVOLNHDUDLVLQLVSODFHGLQDXWKRULW\RYHU\RX
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
0HVVHQJHURI$OODK3%8+ WXUQHGDZD\IURPKLPEXWKHUHSHDWHGWKHVDPH TXHVWLRQ7KHUHXSRQ0HVVHQJHURI$OODK3%8+ VDLG /LVWHQWRWKHPDQGREH\WKHP7KH\DUH UHVSRQVLEOHIRUWKHLUREOLJDWLRQVDQG\RXDUHDFFRXQWDEOHIRU\RXUV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWERWKWKHUXOHUDQGWKHUXOHGKDYHWKHLURZQUHVSHFWLYH REOLJDWLRQV,IDQ\RIWKHWZRVLGHVIDLOVWRSOD\LWVGXHUROHLWZLOOEHDUWKHEUXQWRILWVGHILFLHQF\RQ WKH)LQDO'D\
+HZDVDVNHG20HVVHQJHURI$OODK:KDWGR\RXFRPPDQGXVWRGRZKHQZHDUH HQFRXQWHUHGZLWKVXFKKDSSHQLQJV"
+HDQVZHUHG *LYHZKDWLVGXHIURP\RXDQGVXSSOLFDWHWR$OODK IRU\RXUULJKWV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHUHDUHWZRDVSHFWVRIWKLV+DGLWK2QWKHRQHKDQGSHRSOHDUHDGYLVHGWRSXWXS SDWLHQWO\ZLWKWKHWUDQVJUHVVLYHEHKDYLRXURIUXOHUVDVZHOODVWKHLUQHSRWLVPRUPRQRSROL]DWLRQRIDOO WKHQDWLRQDOUHVRXUFHV2QWKHRWKHUKDQGUXOHUVDUHZDUQHGWRZDUGRIIDFDSULFLRXVFRQGXFWRIOLIH OHVWWKH\VKRXOGIDFHWKH:UDWKRI$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KRVRHYHUREH\VPHREH\V$OODKDQGKHZKRGLVREH\VPHGLVREH\V$OODKDQGZKRVRHYHUREH\V WKH$PLUOHDGHU LQIDFWREH\VPHDQGKHZKRGLVREH\VWKH$PLULQIDFW GLVREH\VPH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLQIRUPVXVWKDWLWLVLPSHUDWLYHWKDWZHREH\WKHOHDGHURIWKH0XVOLP FRPPXQLW\VRORQJDVKHGRHVQRWFDOOWRDVLQEHFDXVHGRLQJVRLVLQIDFWREHGLHQFHWR$OODK 6:7 ,EQC$EEDV 0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG ,ID SHUVRQQRWLFHVLQKLVUXOHUZKDWKHGLVOLNHVKHVKRXOGVKRZSDWLHQFHEHFDXVHKHZKRGHSDUWVIURPWKH 0XVOLP FRPPXQLW\DFXELWGLHVOLNHWKRVHZKRGLHGLQWKH'D\VRI,JQRUDQFH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKXUJHVXVWREHDUSDWLHQWO\ZKHQDUXOHUPDNHVDPLVWDNHVRORQJDVKHGRHV QRWFDOOWRDVLQ,WDOVRZDUQVXVDJDLQVWGLVREHGLHQFHWRWKHUXOHUDVWKLVZLOOFDXVHPLVFKLHIDWWKHFRVW RIWKHXQLW\ DQGFRPPRQLQWHUHVWVRIWKH0XVOLPFRPPXQLW\ $EX%DNUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ +HZKRLQVXOWVWKHUXOHUV$OODKZLOOLQVXOWKLP
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
&+$37(5
81'(6,5,%,/,7<2)$63,5,1* )252)),&( $OODKWKH([DOWHGVD\V 7KDWKRPHRIWKH+HUHDIWHULH-DQQDK :HVKDOODVVLJQWRWKRVHZKRUHEHOQRWDJDLQVWWKH WUXWKZLWKSULGHDQGRSSUHVVLRQLQWKHODQGQRUGRPLVFKLHIE\FRPPLWWLQJFULPHV$QGWKHJRRG HQGLVIRUWKH0XWWDTXQWKHSLRXVDQGULJKWHRXVSHUVRQV
C$EGXU5DKPDQELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLGWR PH 'RQRWDVNIRUSRVLWLRQRIDXWKRULW\,I\RXDUHJUDQWHGWKLVSRVLWLRQZLWKRXW DVNLQJIRULW\RXZLOOEHKHOSHGE\$OODK LQGLVFKDUJLQJLWVUHVSRQVLELOLWLHVEXWLI\RXDUHJLYHQLWDVD UHVXOWRI\RXUUHTXHVW\RXZLOOEHOHIWDORQHDVLWVFDSWLYH,I\RXWDNHDQRDWKWRGRVRPHWKLQJDQGWKHQ ILQGDEHWWHUDOWHUQDWLYH\RXVKRXOGDGRSWWKHODWWHUDQGH[SLDWHIRU\RXURDWK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %\UXOHUVKLSLVPHDQWFDOLSKDWHRUDQ\RWKHUUDQNDIILOLDWHGWRLWVKLHUDUFK\
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGWRPH 2 $EX'KDUU,VHHWKDW\RXDUHZHDNDQG,OLNHIRU\RXZKDW,OLNHIRUP\VHOI'RQRWUXOHRYHUHYHQ WZRSHUVRQVDQGGRQRWPDQDJHDQRUSKDQ VSURSHUW\
>0XVOLP@ &RPPHQWDU\ $EX'KDUU$O*KLIDUL0D\$OODKEHSOHDVHGZLWKKLP ZDVRQHRIWKHPRVWDVFHWLF &RPSDQLRQVZKRZDVOLWWOHLQWHUHVWHGLQPXQGDQHDIIDLUV)LQGLQJKLPZHDNWRGRUHVSRQVLEOHMREV 0HVVHQJHURI$OODK3%8+ JDYHKLPWKLVDGYLFH,QIDFWWKHRQHZKRWDNHVLQWHUHVWLQZRUOGO\DIIDLUV DQGXQGHUVWDQGVWKHPZHOOFDQGLVFKDUJHWKHUHVSRQVLELOLWLHVDSSURSULDWHO\%XWDSHUVRQZKRKDV DYHUVLRQWRZRUOGO\SXUVXLWVDQGNHHSVFOHDURIWKHPZLOOEHFRQVLGHUHGXQILWLQWKLVUHJDUG $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDLGWR0HVVHQJHURI$OODK3%8+ :K\GR\RXQRWDSSRLQWPHWRDQRIILFLDO SRVLWLRQ"
+H3%8+ SDWWHGPHRQWKHVKRXOGHUZLWKKLV KDQGDQGVDLG 2$EX'KDUU\RXDUHDZHDNPDQ DQGLWLVDWUXVWDQGLWZLOOEHDFDXVHRIGLVJUDFHDQG UHPRUVHRQWKH'D\RI5HVXUUHFWLRQH[FHSWIRUWKHRQHZKRWDNHVLWXSZLWKDIXOOVHQVHRI UHVSRQVLELOLW\DQGIXOILOOVZKDWLVHQWUXVWHGWRKLPGLVFKDUJHVLWVREOLJDWLRQVHIILFLHQWO\
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
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKXUJHVSHRSOHSDUWLFXODUO\WKHLQFDSDEOHRQHVWRVKHGRIIWKHDPELWLRQWR DFKLHYHUXOHUVKLSDQGSRZHU,WLVIHDUHGWKDWRZLQJWRWKHLUODFNRIWDOHQWWKH\ ZLOOPLVPDQDJHWKHWDVN ZKLFKZLOOEHDVVLJQHGWRWKHP7KLVZLOOUHQGHUWKHPJXLOW\ZLWK$OODK7KH3URSKHW3%8+ GLVVXDGHVVXFKSHRSOHIURPDFFHSWLQJDQ\JRYHUQPHQWSRUWIROLRDVLQWKLVZD\WKH\ZLOOUHPDLQVDIH DQGWURXEOHIUHH
&+$37(5
$332,170(172)3,286 *29(51256$'9,6(56$1' -8'*(6 $OODKWKH([DOWHGVD\V )ULHQGVRIWKDW'D\ZLOOEHIRHVRQHWRDQRWKHUH[FHSW$O0XWWDTXQLHSLRXVDQGULJKWHRXV SHUVRQV
$EX6DCLGDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG $OODKQHLWKHUUDLVHGXSDQ\3URSKHWQRUGLG+HDXWKRUL]HDQ\SHUVRQZLWKUXOLQJSRZHU EXWIRUZKRPWKHUHZHUHWZRW\SHVRIHQWRXUDJHRQHHQMRLQVXSRQKLPWRGRJRRGDQGLQFLWHVKLPWR FDUU\LWRXWDQGWKHRWKHUHQMRLQVHYLODQGJRDGVKLPDQGWKHSURWHFWHGIURPWKHEDGHQWRXUDJH LVWKH RQHZKRP$OODKSURWHFWV
>$O%XNKDUL@
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
&RPPHQWDU\ ,QWKHUHFUXLWPHQWRIJRRGDQGVFUXSXORXVDLGHVOLHVWKH%OHVVLQJRI$OODKWRDUXOHU EHFDXVHVXFKDLGHVZLOOSURYHKHOSIXOWRKLPLQPDNLQJVRXQGMXGJHPHQWVUHDFKLQJULJKWFRQFOXVLRQV DQGJXDUGLQJKLPDJDLQVWOHDQLQJWRZDUGVHYLOZD\V
&+$37(5
352+,%,7,212)$332,17,1* $1$63,5$173(562172$ 38%/,&2)),&(2)$87+25,7< $EX0XVD$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,FDOOHGRQWKH3URSKHW3%8+ ZLWKWZRRIP\FRXVLQV2QHRIWKHPVDLGWRKLP20HVVHQJHURI$OODK3%8+ DSSRLQWPH JRYHUQRURIVRPHODQGRYHUZKLFK$OODKKDVJLYHQ\RXDXWKRULW\
7KHRWKHUDOVRUHTXHVWHGIRU VRPHWKLQJRIWKHVDPHQDWXUH0HVVHQJHURI$OODK3%8+ VDLG %\$OODKZHGRQRWDSSRLQWVRPHRQH WRWKLVSRVWZKRVHHNVLWRUVRPHRQHZKRFRQWHQGVIRULW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVXSSRUWVWKHWKHPHSUHVHQWHGLQWKLVFKDSWHUE\,PDP$Q1DZDZL WKDWLV DSHUVRQSXVKLQJKLPVHOIXSIRUDQRIILFHVKRXOGEHGHSULYHGRILW$PELWLRXVSHUVRQVXVXDOO\PDQDJH WRJHWDKLJKRIILFHIRUVHOIDJJUDQGL]HPHQWGDPDJLQJWKHLQWHUHVWVRIRWKHUSHRSOH$JRYHUQPHQW VKRXOGSULPDULO\DLPDWWKHZHOIDUHRISHRSOHDQGQRWVHUYHWKHLQWHUHVWVRIWKHSULYLOHJHGIHZRUEHQHILW WKHKROGHUVRINH\SRVWVDORQH
7+(%22.2)*22'0$11(56 &+$37(5
(;$/7$7,212)02'(67< ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ SDVVHGE\D PDQRIWKH$QVDUZKRZDVDGPRQLVKLQJKLVEURWKHUUHJDUGLQJVK\QHVV0HVVHQJHURI$OODK3%8+ VDLG /HDYHKLPDORQHIRUPRGHVW\LVDSDUWRI,PDQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH$QVDUL ZKRZDVEHLQJOHFWXUHGE\KLVEURWKHUZDVLQGHHGDQHPERGLPHQWRI PRGHVW\DQGXQSUHWHQWLRXVQHVV6XFKDPDQLVQHYHUVKDUSLQZRUOGO\DIIDLUVEHFDXVHPRGHVW\UHVWUDLQV
KLPIURPIROORZLQJZURQJZD\V)RUWKLVUHDVRQPRGHVW\KDVEHHQFDOOHGDSDUWRIWKHIDLWK7KLVLVDQ LQERUQTXDOLW\WKDWLVVRPHSHRSOHDUHXQDVVHUWLYHE\ELUWK
>$O%XNKDULDQG0XVOLP@ ,QDQDUUDWLRQRI0XVOLP0HVVHQJHURI$OODK3%8+ VDLG $OORIVK\QHVVLVJRRG
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
&+$37(5
6(&5(&<2)35,9$7(0$77(56 *8$5',1*6(&5(76 $OODKWKH([DOWHGVD\V $QGIXOILOOHYHU\ FRYHQDQW9HULO\7KHFRYHQDQWZLOOEHTXHVWLRQHGDERXW
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KHPRVWHYLORIWKHSHRSOHWR$OODKRQWKH'D\RI5HVXUUHFWLRQZLOOEHWKHPDQZKRFRQVRUWV ZLWKKLVZLIHDQGWKHQSXEOLFL]HVKHUVHFUHW
>0XVOLP@ &RPPHQWDU\ ,VODPWUHDWVFRQMXJDOXQLRQDVDVDFUHGDQGVHFUHWDFWERWKLQVRFLDODQGPRUDOWHUPV ,QGHHGWKHVDQFWLW\RIFRQMXJDOULJKWVFRQWULEXWHVWRWKHFRQVROLGDWLRQRIPRUDOQRUPVDQGVRFLDO FRKHVLRQ
UHVSHFWLYHO\7KLVLVPRUDOLQGHFHQF\ZKLFKLVLQFRPSDWLEOHZLWKKXPDQGLJQLW\DQGFLYLOL]HG EHKDYLRXU7KLV+DGLWKUHFNRQVLWDVDJUDYHVLQZKLFKPXVWEHHVFKHZHG7KHEHGH[SHULHQFHPXVWEH NHSWSULYDWHE\WKHPDUULHGFRXSOHWRWKHH[FOXVLRQRIDWKLUGSHUVRQ C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0\IDWKHUC8PDU0D\$OODKEH SOHDVHGZLWKKLP VDLG:KHQKLVGDXJKWHU +DIVDK0D\$OODKEHSOHDVHGZLWKKHU EHFDPHDZLGRZ ,PHWC8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLP DQGRIIHUHG+DIVDKIRUPDUULDJHWRKLP C8WKPDQVDLG,VKDOOWKLQNRYHUWKHPDWWHU
,ZDLWHGIRUDIHZGD\VDQGWKHQC8WKPDQPHWPHDQG VDLG ,WRFFXUUHGWRPHWKDW,VKRXOGQRWPDUU\DWSUHVHQW
7KHQ,PHW$EX%DNU0D\$OODKEH SOHDVHGZLWKKLP DQGVDLGWRKLP ,I\RXDUHZLOOLQJ,VKDOOPDUU\P\GDXJKWHU+DIVDKWR\RX
$EX %DNU0D\$OODKEHSOHDVHGZLWKKLP UHPDLQHGVLOHQWDQGGLGQRWXWWHUDQ\ZRUGWRPHLQUHSO\, JUHZPRUHDQJU\ZLWKKLPWKDQZLWKC8WKPDQ,KDGZDLWHGIRURQO\DIHZGD\VZKHQ0HVVHQJHURI $OODK3%8+ DVNHGIRUKHUKDQGLQPDUULDJHDQG,PDUULHGKHUWRKLP7KHUHDIWHU,PHW$EX%DNU 0D\$OODKEHSOHDVHGZLWKKLP ZKRVDLG 3HUKDSV\RXZHUHDQJU\ZLWKPHZKHQ\RXRIIHUHG+DIVDK WRPHDQG,VDLGQRWKLQJLQUHSO\
,VDLG
+HVDLG 1RWKLQJVWRSSHGPHWRUHVSRQGWR \RXURIIHUH[FHSWWKDW,NQHZWKDW0HVVHQJHURI$OODK3%8+ KDGPHQWLRQHGKHUDQG,FRXOGQRW GLVFORVHWKHVHFUHWRI0HVVHQJHURI$OODK3%8+ +DG0HVVHQJHURI$OODK3%8+ OHIWKHU,ZRXOG KDYHDFFHSWHGKHU
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
DQG PDGHKHUVLWRQKLVULJKWVLGHRURQKLVOHIWVLGHDQGWKHQZKLVSHUHGVRPHWKLQJWRKHUDWZKLFKVKHZHSW ELWWHUO\:KHQKHSHUFHLYHGKHUJULHIKHWDONHGVHFUHWO\WRKHUDJDLQDQGVKHVPLOHGZLWKKDSSLQHVV , VDLGWRKHU0HVVHQJHURI$OODK3%8+FKRVH\RXIURPDPRQJVWDOOKLVZLYHVWRVSHDNVHFUHWO\WR\RX DQG\HW\RXFULHG
:KHQKHOHIW,DVNHGKHU:KDWGLG0HVVHQJHURI$OODK3%8+ VD\WR\RX"
6KH VDLG,ZLOOQRWGLYXOJHWKHVHFUHWRI0HVVHQJHURI$OODK3%8+
:KHQ0HVVHQJHURI$OODK3%8+ SDVVHGDZD\,VDLGWRKHU,DGMXUH\RXE\WKHULJKW,KDYHLQUHVSHFWRI\RXWRWHOOPHZKDW0HVVHQJHU RI$OODK3%8+ KDGWROG\RX
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
,VDLG0HVVHQJHURI$OODK3%8+ VHQWPHRQDQHUUDQG
6KHDVNHG :KDWZDVLW"
,VDLG ,W LVDVHFUHW
0\PRWKHUVDLG 'RQRWGLVFORVHWRDQ\RQHWKHVHFUHWRI0HVVHQJHURI$OODK3%8+
$QDV0D\$OODKEHSOHDVHGZLWKKLP VDLGWR7KDELW0D\$OODKEHSOHDVHGZLWKKLP %\$OODKZHUH
,WRWHOOLWWRDQ\RQH,ZRXOGKDYHWROG\RX >0XVOLP@ &RPPHQWDU\ +HUHWRRDQHPSKDVLVKDVEHHQODLGRQNHHSLQJDVHFUHW:KHQ$QDV0D\$OODKEH SOHDVHGZLWKKLP WROGKLVPRWKHUDERXWWKHFDXVHRIVHFUHF\VKHUHIUDLQHGIURPLQVLVWLQJWKDWWKH VHFUHWVKRXOGEHGLVFORVHGWRKHU5DWKHUVKHOHQWVXSSRUWWRKHUVRQ VVWDQGSRLQWDQGDGYLVHGKLP WR FRQFHDOWKHVHFUHW7REHVXUHLWLVSDUWRIPRUDOWHDFKLQJWKDWZHVKRXOGNHHSWKHVHFUHWVRIIULHQGVLQ RXUKHDUWV8QOHVVZHUHFHLYHDJRDKHDGIURPDIULHQGZHPXVWQRWPDNHKLVVHFUHWSXEOLF
&+$37(5
)8/),//0(172)3520,6(6 $OODKWKH([DOWHGVD\V $QGIXOILOOHYHU\ FRYHQDQW9HULO\7KHFRYHQDQWZLOOEHTXHVWLRQHGDERXW $QGIXOILOOWKH&RYHQDQWRI$OODK%DLCDKSOHGJHIRU,VODP ZKHQ\RXKDYHFRYHQDQWHG
2\RXZKREHOLHYH)XOILOO\RXU REOLJDWLRQV
2 \RXZKREHOLHYH:K\GR\RXVD\WKDWZKLFK\RXGRQRWGR"0RVWKDWHIXOLWLVZLWK$OODKWKDW \RXVD\WKDWZKLFK\RXGRQRWGR
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KUHHDUHWKHVLJQVRIDK\SRFULWH:KHQKHVSHDNVKHOLHVZKHQKHPDNHVDSURPLVHKHEUHDNVLW DQGZKHQKHLVWUXVWHGKHEHWUD\VKLVWUXVW
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQDGGVWKHZRUGV (YHQLIKHREVHUYHV6DXPIDVWV SHUIRUPV6DODWSUD\HU DQG FODLPVWREHD0XVOLP
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
C8ODPD VD\WKDWWKHUHDUHWZRDVSHFWVRIK\SRFULV\UHODWLQJWRIDLWKDQGSUDFWLFH,QWKHILUVWFDVHD K\SRFULWHFRQFHDOVKLVGLVEHOLHILQKLVKHDUWEXWYHUEDOO\SURIHVVHV,VODP$Q\RQHZKREHORQJVWRWKLV FDWHJRU\RIK\SRFULWHVZLOOEHDVVWDWHGLQWKH4XU DQ ,QWKHORZHVWGHSWKVRIWKH)LUH
,QWKH VHFRQGFDVHDPDQGRHVKDYHIDLWKLQKLVKHDUWEXWLQSUDFWLFHKHSRUWUD\VWKHFKDUDFWHULVWLFVRID K\SRFULWHXQIRUWXQDWHO\DPDMRULW\RIWRGD\ V0XVOLPVSUDFWLFDOO\EHKDYHOLNHK\SRFULWHVDQGSRVVHVV WKHLUSURSHQVLWLHV,WLVWKLVK\SRFULWLFDODWWLWXGHDQGPRUDOGHILFLHQFLHVRI0XVOLPVWKDWKDYHGHJUDGHG WKHPDQGPDGH,VODPXQDSSHDOLQJ0D\$OODKSXW0XVOLPVRQWKHULJKWSDWK -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLGWRPH :KHQWKH UHYHQXHVRI%DKUDLQZLOODUULYH,VKDOOJLYH\RXVXFKDQGVXFKDQGVXFK
+HSDVVHGDZD\EHIRUHWKH UHYHQXHVZHUHUHFHLYHG:KHQWKH\DUULYHGXULQJWKHFDOLSKDWHRI$EX%DNU0D\$OODKEHSOHDVHG ZLWKKLP KHRUGHUHGWREHDQQRXQFHG$Q\RQHZKRP0HVVHQJHURI$OODK3%8+ SURPLVHGRURZHG DQ\WKLQJVKRXOGFRPHWRKLP
,ZHQWWRKLPDQGVDLG0HVVHQJHURI$OODK3%8+ KDGVDLGWRPH VXFKDQGVXFK
+HWRRNDGRXEOHKDQGIXORXWRIWKHPRQH\DQGJDYHLWWRPH,FRXQWHGLWDQGIRXQG WKDWLWZDVILYHKXQGUHGGLUKDP7KHQ$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP VDLGWRPH7DNH WZLFHDVPXFKPRUHRIWKDWDPRXQW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0HVVHQJHURI$OODK3%8+ DFFRUGLQJWR$O%XNKDUL VSUHDGKLVERWKKDQGVWKULFHLQD JHVWXUHDQGLQGLFDWHGWR-DELU0D\$OODKEHSOHDVHGZLWKKLP ,ZLOOJLYH\RXGRXEOHKDQGIXOVRI PRQH\WKULFH
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP KRZHYHUIXOILOOHGWKH3URSKHW VSURPLVH GXULQJKLVFDOLSKDWH 7KLV+DGLWKLVVXJJHVWLYHRIIXOILOOPHQWRIWKHGHFHDVHGSOHGJHE\WKHDVFHQGDQWWKDWLVKLVGHDWKZLOO QRWLQYDOLGDWHLW5DWKHUWKHUHVSRQVLELOLW\RIIXOILOOLQJKLVSOHGJHGHYROYHVXSRQKLVLQKHULWRUV 6LPLODUO\D QHZUXOHULVXQGHUREOLJDWLRQWRFDUU\RXWWKHFRPPLWPHQWPDGHE\KLVSUHGHFHVVRURQWKH JRYHUQPHQWOHYHO
&+$37(5
6$)(*8$5',1*$1' 3(53(78$7,1**22'+$%,76 $OODKWKH([DOWHGVD\V 9HULO\$OODKZLOOQRWFKDQJHWKHJRRG FRQGLWLRQRIDSHRSOHDVORQJDVWKH\GRQRWFKDQJHWKHLU VWDWHRIJRRGQHVV WKHPVHOYHVE\FRPPLWWLQJVLQVDQGE\EHLQJXQJUDWHIXODQGGLVREHGLHQWWR $OODK
$QGEHQRWOLNHKHUZKRXQGRHVWKHWKUHDGZKLFKVKHKDVVSXQDIWHULWKDVEHFRPHVWURQJ
OHVWWKH\EHFRPHDVWKRVHZKRUHFHLYHGWKH6FULSWXUH>WKH7DXUDW7RUDK DQGWKH,QMHHO *RVSHO @EHIRUHLH-HZVDQG&KULVWLDQV DQGWKHWHUPZDVSURORQJHGIRUWKHPDQGVRWKHLU KHDUWVZHUHKDUGHQHG"
%XWWKDWWKH\GLGQRWREVHUYHLWZLWKWKHULJKWREVHUYDQFH
C$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLGWRPH 2C$EGXOODK'RQRWEHOLNHVRDQGVRKHXVHGWRJHWXSDWQLJKWIRURSWLRQDO SUD\HUEXWDEDQGRQHGLWODWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHVDPHSRLQWWKDWLVPDQVKRXOGEHVWHDGIDVWLQKLVJRRG GRLQJV7KHUHVKRXOGEHQRFHVVDWLRQLQWKLVUHVSHFWRWKHUZLVHKHZLOOXQFRQVFLRXVO\EHJLQWRLQFOLQH WRHYLODQGWKHUHIRUHWRWKHHURVLRQRIPRUDOIRXQGDWLRQVRIKLVFKDUDFWHU6WHDGIDVWQHVVLQWKH REVHUYDQFHRIJRRGHQVXUHVPDQ VVHFXULW\DJDLQVWSLWIDOOVDQGKDV'LYLQHDSSURYDOWRR
&+$37(5
(;&(//(1&(2)0((7,1* :,7+$60,/,1* &2817(1$1&($1' 32/,7(1(66,163((&+ $OODKWKH([DOWHGVD\V $QGORZHU\RXUZLQJVIRUWKHEHOLHYHUVEHFRXUWHRXVWRWKHIHOORZEHOLHYHUV
$QGKDG\RXEHHQVHYHUHDQGKDUVKKHDUWHGWKH\ZRXOGKDYHEURNHQDZD\IURPDERXW\RX
C$GLELQ+DWLP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG *XDUG\RXUVHOYHVDJDLQVWWKH)LUHRI+HOO HYHQLILWEHRQO\ZLWKKDOIDGDWHIUXLWJLYHQLQFKDULW\ DQGLI\RXFDQQRWDIIRUGHYHQWKDW\RXVKRXOGDWOHDVWVD\DJRRGZRUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHSRLQWWKDW6DGDTDKKDVJUHDWEHQHILWVDQGHYHQLQLWV PLQLPXPVFRSHDQGTXDQWLW\LWFDQHQVXUHRXUVDIHW\DJDLQVW+HOOILUH:HDUHWROGWKDWLIZHGRQRW KDYHHYHQDVLQJOHGDWHRUKDOIRILWWRJLYHWRDQHHG\SHUVRQZHFDQPDQDJHWRKDYHWKHVDPHEHQHILW E\WDONLQJWRKLPLQDFRPSDVVLRQDWHWRQHSURYLGHGZHKDYH)DLWKLQRXUKHDUW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG ,WLVDOVR FKDULW\WRXWWHUDJRRGZRUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,Q,VODPLWLVQRWVSHQGLQJPRQH\DORQHWKDWFRXQWVDVFKDULW\WDONLQJWRVRPHERG\LQ DGHFHQWZD\DOVRFRPHVLQWKHVDPHFRQWH[W1RZRQHFDQIHHOWKHLPSRUWDQFH,VODPJLYHVWRPRUDO YDOXHVDQGJRRGPDQQHUV7KLVVD\LQJRI0HVVHQJHURI$OODK3%8+ LVSDUWRIDORQJ+DGLWK PHQWLRQHGHDUOLHU6HH+DGLWK1R $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'RQRW GLVGDLQDJRRGGHHGQRPDWWHUKRZVPDOOLWPD\VHHP HYHQLILWLV\RXUPHHWLQJZLWK\RXU0XVOLP EURWKHUZLWKDFKHHUIXOIDFH
>0XVOLP@ &RPPHQWDU\ (YHU\GHHGDSSURYHGE\WKH6KDULCDKLVFRQVLGHUHGJRRGDQGUHZDUGLQJ+RZVRHYHU VHHPLQJO\VPDOOSHRSOHPD\FRQVLGHULWLWPXVWQRWEHORRNHGDWIURPDKLJKEURZDQJOH(YHQWRPHHW SHRSOHFKHHUIXOO\LVRQHRIWKH,VODPLFYLUWXHVWKRXJKLWPD\DSSHDUTXLWHLQVLJQLILFDQWWRVRPHSHRSOH
&+$37(5
&/$5,7<2)',6&2856( $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQHYHUWKH3URSKHW3%8+ VDLGVRPHWKLQJ KHZRXOGUHSHDWKLVZRUGVWKULFHVRWKDWWKHPHDQLQJVZRXOGEHXQGHUVWRRGIXOO\DQGZKHQHYHUKH FDPHXSRQDJURXSRISHRSOHKHZRXOGJUHHWWKHPDQGKHZRXOGUHSHDWVDOXWDWLRQWKULFH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7ROD\VWUHVVRQDSRLQWWKULFHRUWRUHSHDWJUHHWLQJVDFFRUGLQJWRWKLV+DGLWKLV SUHIHUDEOH,WLVSDUWLFXODUO\VRZKHQDVLWXDWLRQVRGHPDQGVDQGZKHQH[SODLQLQJDSRLQWWRWKH DXGLHQFHRQFHDQGWZLFHPD\QRWEHHQRXJK
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
&+$37(5
/,67(1,1*$77(17,9(/< -DULUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ DVNHG PHRQWKHRFFDVLRQRIWKH)DUHZHOO3LOJULPDJHWRWHOOWKHSHRSOHWRNHHSVLOHQWWKHQKH3%8+ VDLG 'RQRWUHYHUWWRGLVEHOLHIDIWHUPHFKRSSLQJWKHKHDGVRIRQHDQRWKHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ &RPPHQWLQJRQWKLV+DGLWK,PDP$Q1DZDZLKDVDUJXHGWKDWRQHLVDOORZHGWROHQG HDUWRVRPHERG\LIKHKDVVRPHWKLQJUHDVRQDEOHWRVD\7KLVZLOOQRWEHFRQVLGHUHGDVHDYHVGURSSLQJ ZKLFKLVXQDOORZDEOHRQGRFWULQDOEDVLV6HFRQGO\VLOHQFHLVDSUHUHTXLVLWHRIVHWWLQJ HDUVWRDVHUPRQ $QGD.KDWLE RQHZKRGHOLYHUVDVHUPRQ LVSHUIHFWO\MXVWLILHGLIKHDVNVKLVDXGLHQFHWRREVHUYH VLOHQFHVRDVWREHDEOHWROLVWHQWRKLPLQUHDOHDUQHVW
&+$37(5
%5(9,7<,135($&+,1* $OODKWKH([DOWHGVD\V ,QYLWHPDQNLQG20XKDPPDG3%8+ WRWKHZD\RI\RXU5XEELH,VODP ZLWKZLVGRP LHZLWKWKH'LYLQH5HYHODWLRQDQGWKH4XU DQ DQGIDLUSUHDFKLQJ
6KDTLTELQ6DODPDKUHSRUWHG,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP XVHGWRSUHDFKWRXV RQFHHYHU\7KXUVGD\$PDQVDLGWRKLP 2$EX C$EGXU5DKPDQZHORYH\RXUWDONDQGZHZLVKWKDW \RXSUHDFKXVHYHU\GD\
+HVDLG 7KHUHLVQRWKLQJWRSUHYHQWPHIURPGRLQJVREXW,GRQ WOHVW,ERUH \RX,IROORZWKHVDPHPHWKRGLQSUHDFKLQJWR\RXWKDW0HVVHQJHURI$OODK3%8+ DGRSWHGLQ SUHDFKLQJWRXVIRUIHDURIERUHGRP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKHLQGLVSHQVDELOLW\RIHTXLOLEULXPLQVHUPRQVDQG GLVFRXUVHVVRWKDWSHRSOHPD\QRWVKXQWKHP0RQRWRQ\WKRXJKZHOO GHVLJQHGLVUHSXJQDQWWRKXPDQ QDWXUH6LPLODUO\WHDFKLQJDQGLQVWUXFWLRQDOWUDLQLQJUHTXLUHVVXFKKRXUVZKLFKPD\IDFLOLWDWHSHRSOH V ZLOOLQJSDUWLFLSDWLRQ&RPSXOVLRQDQGHFRQRPLFLQFHQWLYHVUDUHO\ZRUNLQVSLULWXDOVSKHUHV:HDUH DOVRLQIRUPHGRIWKH&RPSDQLRQV NHHQQHVVWRIROORZ0HVVHQJHURI$OODK3%8+ C$PPDUELQ
>0XVOLP@ &RPPHQWDU\ $SURORQJHG6DODW SUD\HU E\QRPHDQVLPSOLHVDGLVUHJDUGRIZRUVKLSSHU VFRQVWUDLQWV ,WLVLQGHHGIRUELGGHQ5DWKHUWKH,PDPLVHPSKDWLFDOO\WROGWRSHUIRUPDEULHIDQGFRQFLVH6DODW EHFDXVHKLVIROORZHUVDOVRLQFOXGHDPRQJVWRWKHUVWKHZHDNWKHDJHGDQGWKHVLFNSHRSOH+HUHLQDQ
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
7KHUHXSRQWKH\EHJDQWRVWULNHWKHLU WKLJKVZLWKWKHLUKDQGV:KHQ,VDZWKHPXUJLQJWRPHWRUHPDLQVLOHQW,EHFDPHDQJU\EXWUHVWUDLQHG P\VHOI:KHQ0HVVHQJHURI$OODK3%8+ FRQFOXGHGKLV6DODW,KDYHQHYHUEHIRUHVHHQDQLQVWUXFWRU ZKRJDYHEHWWHULQVWUXFWLRQWKDQKHPD\P\IDWKHUDQGPRWKHUEHVDFULILFHGIRUKLP+HQHLWKHU UHPRQVWUDWHGPHQRUEHDWPHQRUDEXVHGPH+HVLPSO\VDLG,WLVQRWSHUPLVVLEOHWRWDONGXULQJ6DODW EHFDXVHLWFRQVLVWVRIJORULI\LQJ$OODKGHFODULQJ+LV*UHDWQHVVDVZHOODVUHFLWDWLRQRIWKH4XU DQ
RU KHVDLGZRUGVWRWKDWHIIHFW
,VDLG2$OODK V0HVVHQJHU,KDYHEXWUHFHQWO\DFFHSWHG,VODP DQG $OODKKDVIDYRXUHGXVZLWK,VODP7KHUHDUHVWLOOVRPHSHRSOHDPRQJXVZKRJRWRFRQVXOW VRRWKVD\HUV
+HVDLG 'RQRWFRQVXOWWKHP
7KHQ,VDLG7KHUHDUHVRPHRIXVZKRDUHJXLGHGE\ RPHQV
+HVDLG 7KHVHWKLQJVZKLFKFRPHWRWKHLUPLQGV7KH\VKRXOGQRWEHLQIOXHQFHGE\WKHP
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
+H3%8+ VDLG ,DGPRQLVK\RXWRIHDU$OODKDQGWROLVWHQDQGREH\HYHQLIDEODFNVODYHKDVEHHQDSSRLQWHGDV\RXU OHDGHU)RUZKRHYHUDPRQJ\RXOLYHVDIWHUPHZLOOVHHPXFKGLVFRUG6RKROGIDVWWRP\6XQQDKDQG WKH6XQQDKRIWKH5LJKWO\*XLGHG&DOLSKVZKRZLOOFRPHDIWHUPH$GKHUHWRWKHPDQGKROGIDVWWR WKHP%HZDUHRI%LGCDKLQUHOLJLRQ EHFDXVHHYHU\%LGCDKLVDPLVJXLGDQFH
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKWKHEHVWVHUPRQPD\EHGHILQHGDVEULHIFRPSUHKHQVLYH DSSHDOLQJDQGEHQHILFLDO5HIHUWRWKH&RPPHQWDU\RQ+DGLWK1R
&+$37(5
',*1,7<$1'75$148,//,7< $OODKWKH([DOWHGVD\V $QGWKHIDLWKIXO VODYHVRIWKH0RVW*UDFLRXV$OODK DUHWKRVHZKRZDONRQWKHHDUWKLQ KXPLOLW\DQGVHGDWHQHVVDQGZKHQWKHIRROLVKDGGUHVVWKHPZLWKEDGZRUGV WKH\UHSO\EDFN ZLWKPLOGZRUGVRIJHQWOHQHVV
C$LVKDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG ,KDYHQHYHUVHHQ0HVVHQJHURI$OODK3%8+ ODXJKLQJVRKHDUWLO\WKDWKLVXYXODFRXOGEHVHHQ+HXVHGWRVPLOHRQO\ >$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RODXJKPXFKLVRQHRIWKHVLJQRILQGLIIHUHQFHWRWKHUHPHPEUDQFHRI$OODK%HVLGHV WKHKDELWRIODXJKLQJDORXGUREVDZD\WKHGLJQLW\DQGLPSUHVVLYHQHVVRIDPDQ
&+$37(5
(;&(//(1&(2):$/.,1* 62/(01/<72:$5'67+( 02648( 723(5)250$66$/$7 7+(35$<(5 $1'27+(55(/,*,286'87,(6 $OODKWKH([DOWHGVD\V $QG ZKRVRHYHUKRQRXUVWKH6\PEROVRI$OODKWKHQLWLVWUXO\IURPWKHSLHW\RIWKHKHDUW
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ :KHQWKH,TDPDKDUHSURQRXQFHGGRQRWFRPHWRLWUXQQLQJ\RXVKRXOGZDONFDOPO\ZLWK WUDQTXLOOLW\WRMRLQWKHFRQJUHJDWLRQ7KHQMRLQLQZKDW\RXFDWFKIRUDQGFRPSOHWHZKDW\RXPLVV
>$O%XNKDULDQG0XVOLP@ ,Q0XVOLPLWLVDGGHG0HVVHQJHURI$OODK3%8+ VDLG )RUZKHQRQHRI\RXLVZDONLQJIRU6DODW KHLVLQIDFWHQJDJHGLQ6DODW
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 3HRSOHUHWXUQIURPC$UDIDWMRVWOLQJDJDLQVWRQHDQRWKHUDVLI WKH\DUHEHLQJWKUXVW IRUZDUGIURPEHKLQG6XFKDQDFWLVLQFRPSDWLEOHZLWKGHFRUXP0HVVHQJHURI$OODK3%8+ DGYLVHG WKHPWRREVHUYHWUDQTXLOOLW\DQGRUGHUOLQHVVDQGWRDYRLGDGLVRUGHUO\KDVWH7KHUHLVLQGHHGGLUHQHHG WRDFWXSRQWKLVDGYLFHRI0HVVHQJHURI$OODK3%8+ DW+DMMVLWHVGXULQJWKHSHUIRUPDQFHRIWKH VDFUHGULWHV0D\$OODKJXLGH0XVOLPV
&+$37(5
+21285,1*7+(*8(67 $OODKWKH([DOWHGVD\V +DVWKHVWRU\UHDFKHG\RXRIWKHKRQRXUHGJXHVWV>WKUHHDQJHOV-LEULO*DEULHO DORQJZ LWK DQRWKHUWZR@RI,EUDKLP$EUDKDP ":KHQWKH\FDPHLQWRKLPDQGVDLGC6DODPSHDFHEHXSRQ \RX +HDQVZHUHGC6DODPSHDFHEHXSRQ\RX DQGVDLGCDVWKHSURSHUW\RI,EUDKLP $EUDKDP ZDVPDLQO\FRZV@$QGSODFHGLWEHIRUHWKHPVD\LQJ C:LOO\RXQRWHDW"
$QGKLV/XW V SHRSOHFDPHUXVKLQJWRZDUGVKLPDQGVLQFHDIRUHWLPHWKH\XVHGWRFRPPLW FULPHVVRGRP\ KHVDLGC2P\SHRSOH+HUHDUHP\GDXJKWHUVLHWKHZRPHQRIWKHQDWLRQ WKH\DUHSXUHUIRU\RXLI\RXPDUU\WKHPODZIXOO\ 6RIHDU$OODKDQGGHJUDFHPHQRWZLWK UHJDUGWRP\JXHVWV,VWKHUHQRWDPRQJ\RXDVLQJOHULJKWPLQGHGPDQ"
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG +HZKR EHOLHYHVLQ$OODKDQGWKH/DVW'D\OHWKLPVKRZKRVSLWDOLW\WRKLVJXHVWDQGKHZKREHOLHYHVLQ$OODK DQGWKH/DVW'D\OHWKLPPDLQWDLQJRRGUHODWLRQZLWKNLQVDQGKHZKREHOLHYHVLQ$OODKDQGWKH/DVW 'D\ OHWKLPVSHDNJRRGRUUHPDLQVLOHQW
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
+HZDVDVNHG:KDWLVKLVULJKW 20HVVHQJHURI$OODK"
+H3%8+ UHSOLHG ,WLVWRDFFRPPRGDWHKLP IRUDGD\DQGDQLJKWDQGKRVSLWDOLW\H[WHQGVIRUWKUHHGD\VDQG ZKDWLVEH\RQGWKDWLVFKDULW\
>$O%XNKDULDQG0XVOLP@ ,Q0XVOLPLWLVDGGHG0HVVHQJHURI$OODK3%8+ VDLG ,WLVQRWSHUPLVVLEOHIRUD0XVOLPWRVWD\VR ORQJZLWKKLVEURWKHUWLOOKHPDNHVKLPVLQIXO
+HZDVDVNHG20HVVHQJHURI$OODKKRZFDQKH PDNHKLPVLQIXO"
+HUHSOLHG +HSURORQJVKLVVWD\ZLWKKLPWLOOQRWKLQJLVOHIWZLWKWKHKRVWWR HQWHUWDLQKLPJXHVW
&RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQVRPHWKLQJPRUHRIWKHHWLTXHWWHDQGVFRSHRIKRVSLWDOLW\$ JXHVWRXJKWWREHJLYHQWKHEHVWHQWHUWDLQPHQWRQWKHILUVWGD\DQGQLJKW)RUWKHQH[WWZRGD\V KRVSLWDOLW\VKRXOGEHPRGHUDWH2QWKHIRXUWKGD\WKHJXHVWVKRXOGOHDYHIRUKLVGHVWLQDWLRQ
&+$37(5
(;&(//(1&(2)&219(<,1* */$'7,',1*6$1' &21*5$78/$7,216 $OODKWKH([DOWHGVD\V 6RDQQRXQFHWKHJRRGQHZVWR0\VODYHV7KRVHZKROLVWHQWRWKH:RUG>JRRGDGYLFH/DLODKD LOODOODKQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODK DQG,VODPLF0RQRWKHLVP@DQGIROORZWKH EHVWWKHUHRILHZRUVKLS$OODK$ORQHUHSHQWWR+LPDQGDYRLG7DJKXW
7KHLU5XEEJLYHVWKHPJODGWLGLQJVRID0HUF\IURP+LPDQGWKDW+HLVSOHDVHGZLWKWKHP DQGRI*DUGHQV-DQQDK IRUWKHPZKHUHLQDUHHYHUODVWLQJGHOLJKWV
%XWUHFHLYHWKHJODGWLGLQJVRI-DQQDKZKLFK\RXKDYHEHHQSURPLVHG
6RZHJDYHKLPWKHJODGWLGLQJVRIDIRUEHDULQJER\
$QGYHULO\WKHUHFDPH2XUPHVVHQJHUVWR,EUDKLP$EUDKDP ZLWKJODGWLGLQJV
$QGKLVZLIHZDVVWDQGLQJWKHUH DQGVKHODXJKHG>HLWKHUEHFDXVHWKHPHVVHQJHUVGLGQRWHDW WKHLUIRRGRUIRUEHLQJJODGIRUWKHGHVWUXFWLRQRIWKHSHRSOHRI/XW/RW @%XW:HJDYHKHUJODG WLGLQJVRI,VKDT,VDDF DQGDIWHU,VKDTRI
7KHQWKHDQJHOVFDOOHGKLPZKLOHKHZDVVWDQGLQJLQSUD\HULQ$O0LKUDEDSUD\LQJSODFHRUD SULYDWHURRP VD\LQJ C$OODKJLYHV\RXJODGWLGLQJVRI
5HPHPEHU ZKHQWKHDQJHOVVDLGC20DU\DP0DU\ 9HULO\$OODKJLYHV\RXWKHJODGWLGLQJV RID:RUG>C%H DQGKHZDVLHC,VD-HVXV WKHVRQRI0DU\DP@IURP+LPKLVQDPHZLO OEHWKH 0HVVLDKC,VD
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
$EX%DNU 0D\$OODKEHSOHDVHGZLWKKLP FDPHDQGNQRFNHGDWWKHGRRU,VDLG:KRLVWKDW"
+HVDLG$EX %DNU
,VDLG:DLWDPRPHQW
7KHQ,ZHQWWRWKH0HVVHQJHURI$OODK3%8+ DQGVDLG2 0HVVHQJHURI$OODK$EX%DNULVDWWKHGRRUVHHNLQJSHUPLVVLRQWRHQWHU
+HVDLG $GPLWKLPDQG JLYHKLPWKHJODGWLGLQJVRI-DQQDK
,UHWXUQHGDQGVDLGWR$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP FDPHLQDQGVDWGRZQRQWKHULJKWVLGHRI0HVVHQJHURI $OODK3%8+ DQGVXVSHQGHGKLVOHJVLQWRWKHZHOODQGXQFRYHUHGKLVVKDQNVDVWKH0HVVHQJHURI $OODKKDGGRQH,UHWXUQHGWRWKHGRRUDQGVDWGRZQ,KDGOHIWP\EURWKHUDWKRPHZKLOHKHZDV SHUIRUPLQJ:XGX DQGLQWHQGLQJWRMRLQPH,VDLGWRP\VHOI,I$OODKLQWHQGVJRRGIRUKLPLHWREH EOHVVHGWRFRPHDWWKLVWLPHDQGUHFHLYHWKHJODGWLGLQJVRIHQWHULQJ-DQQDK +HZLOOEULQJKLPKHUH
6RPHRQHNQRFNHGDWWKHGRRUDQG,VDLG:KRLVLW"
+HVDLG8PDUELQ$O.KDWWDE
,VDLG:DLWD PRPHQW
7KHQ,SURFHHGHGWRZDUGV0HVVHQJHURI$OODK3%8+ ,JUHHWHGKLPDQGVDLG8PDULVDW WKHGRRUVHHNLQJSHUPLVVLRQWRHQWHU+HVDLG /HWKLPLQDQGJLYHKLPWKHJODGWLGLQJVRIHQWHULQJ -DQQDK
, ZHQW EDFNWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP DQGVDLGWRKLP 0HVVHQJHURI $OODKKDVJLYHQ\RXSHUPLVVLRQDVZHOODVJODGWLGLQJVRIHQWHULQJ-DQQDK
+HHQWHUHG DQGVDWGRZQ ZLWK0HVVHQJHURI$OODK3%8+ RQKLVOHIWVLGHDQGGDQJOHGKLVIHHWLQWRWKHZHOO,UHWXUQHGWRWKH GRRUDQGVDWGRZQDQGVDLGWRP\VHOI,I$OODKLQWHQGVJRRGIRUP\EURWKHU+HZLOOEULQJKLPKHUH
6RPHRQHNQRFNHGDWWKHGRRUDQG,VDLG:KRLVLW"
+HVDLG8WKPDQELQC$IIDQ
,VDLG:DLWD PRPHQW
,ZHQWWR0HVVHQJHURI$OODK3%8+ DQGLQIRUPHGKLPDERXWKLVDUULYDO+HVDLG /HWKLP LQDQGJLYHKLPJODGWLGLQJVRIHQWHULQJ-DQQDKWRJHWKHUZLWKDWULEXODWLRQZKLFKKHZLOOKDYHWRIDFH
, FDPHEDFNWRKLPDQGVDLG
+HJRWLQDQGVDZWKDWWKH HOHYDWHGSODWIRUPURXQGWKHZHOOZDVIXOO\RFFXSLHG6RKHVDWRQRSSRVLWHVLGH6DCLGELQ$O0XVDL\DE 0D\$OODKEHSOHDVHGZLWKKLP DVXEQDUUDWRUKDVUHSRUWHG7KHRUGHULQZKLFKWKH\VDWGRZQ LQGLFDWHGWKHSODFHVRIWKHLUEXULDO >$O%XNKDULDQG0XVOLP@
$QRWKHUQDUUDWLRQDGGV$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW 3%8+ RUGHUHGPHWRJXDUGWKHGRRU:KHQC8WKPDQZDVWROGDERXWWKHPLVIRUWXQH KHSUDLVHG$OODK WKHQVDLG $OODKX0XVWDCDQ+LVKHOSLVWREHVRXJKW
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
,UHSOLHGLQWKH DIILUPDWLYH+HDVNHG :KDWLVWKHPDWWHUZLWK\RX"
,UHSOLHG
+HWKH3URSKHW3%8+ JDYHPHKLVVDQGDOVDQGVDLG 2$EX+XUDLUDK7DNH WKHVHVDQGDOVRIPLQHDQGZKRHYHU\RXPHHWRXWVLGHWKLVJDUGHQWHVWLI\LQJWKDW/DLODKDLOODOODK7KHUH LVQRWUXHJRGH[FHSW$OODK EHLQJDVVXUHGRILWLQKLVKHDUWJLYHKLPWKHJODGWLGLQJVWKDWKHZLOOHQWHU -DQQDK
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKUHHSKDVHVRIWKHOLIHRIC$PUELQ$OCDV0D\$OODKEH SOHDVHGZLWKKLP WKDWLVSUH,VODPLFSHULRGSRVWIDLWKSHULRGDQGWKHJRYHUQRUVKLSSHULRG2IWKHODVW RQHZKHQKHVKRXOGHUHGKHDY\UHVSRQVLELOLWLHVKHIHDUHGWKDWKHPLJKWKDYHFRPPLWWHGVRPHODSVHV DQGIRUWKDWKHPLJKWEHVXEMHFWHGWRDFFRXQWDELOLW\EHIRUH$OODK7KH+DGLWKLQYLWHVRXUDWWHQWLRQ WR WKHIROORZLQJSRLQWV )LUVW$PU VYHKHPHQWKRVWLOLW\RISUHIDLWKGD\VZDVWUDQVIRUPHGLQWRLQWHQVHORYHIRUWKH3URSKHW 3%8+ XSRQHPEUDFLQJ,VODP6HFRQGWKHJUHDWQHVVRIWKH3URSKHW3%8+ ZDVLQJUDLQHGLQWKH &RPSDQLRQV KHDUWV7KLUGWKHIHDU RIHUURUDQGWKHKRSHRI'LYLQHPHUF\PD\FDXVHRQHWRVKHGWHDUV DWWKHPRPHQWRIGHDWK)RXUWKLWLVGHVLUDEOHRQWKHSDUWRIUHODWLYHVDQGIULHQGVWRGRVRPHWKLQJIRU WKHFRPIRUWRIDG\LQJSHUVRQE\JLYLQJKLPWKHJODGWLGLQJVRI$OODK V0HUF\)LIWK,VODPZLSHVRXW DOOSUHYLRXVVLQVEXWDIWHUZDUGVOLIHVKRXOGEHOHGDFFRUGLQJWRWKHGLFWDWHVRIWUXH)DLWK,QWKHVDPH ZD\WKHPLQRUVLQVDUHSDUGRQHGRQDFFRXQWRI+LMUDKDQG+DMMEXWDVLQFHUHUHSHQWDQFHZLWKDOOLWV FRQGLWLRQVLVLQGLVSHQVDEOHWRWKHUHPLVVLRQRIPDMRUVLQV6L[WKODPHQWDWLRQRYHUDGHDGERG\LV IRUELGGHQ6HYHQWKRQHPD\GHVLUDEO\PDNHDZLOOEHIRUHGHDWKSDUWLFXODUO\ZLWKUHJDUGWRWKHDQWL 6KDULCDKKHUHVLHVDQGULWHVWRZKLFKWKHEHUHDYHGSHRSOHDUHOLNHO\WRWDNHUHFRXUVH (LJKWKWKHUHLVDQ DIILUPDWLRQRIWKHRUWKRGR[EHOLHIWKDW0XQNLUDQG1DNLU WZRDQJHOV DSSHDULQWKHJUDYHDQGTXHVWLRQ WKHGHDGSHUVRQDERXWKLVRUKHUUHOLJLRXVEHOLHIV1LQWKWRVWDQGRYHUWKHJUDYHDQGWRSUD\IRUWKH VDOYDWLRQRIWKHGHDGSHUVRQLVDGHVLUDEOHDFWDVWKHGHDGSHUVRQHQMR\VWKHLQWLPDF\DQGWKHYLVLWRI WKHULJKWHRXVWRKLVJUDYH7KLV+DGLWKWKHUHIRUHUHFRPPHQGVEHOLHYHUVWRSUD\IRUWKHILUPQHVVRIWKH GHDGSHUVRQ
&+$37(5
%,'',1*)$5(:(//$1' $'9,6,1*217+((9(2) '(3$5785()25$-2851(< 2527+(57+,1*6 $OODKWKH([DOWHGVD\V $QGWKLVVXEPLVVLRQWR$OODK,VODP ZDVHQMRLQHGE\,EUDKLP$EUDKDP XSRQKLVVRQVDQGE\
+HVDLG2P\FRXVLQ%\$OODK,KDYHJURZQROGDQGKDYHDOPRVWVSHQWXSP\DJHDQG, KDYHIRUJRWWHQVRPHRIWKHWKLQJVZKLFK, UHPHPEHUHGLQFRQQHFWLRQZLWK0HVVHQJHURI$OODK
3%8+ VRDFFHSWZKDW,QDUUDWHWR\RXDQGZKDW,IDLOWRQDUUDWHGRQRWFRPSHOPHWRQDUUDWHWKDW
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
,ZRXOGQRWH[FKDQJHWKHVHZRUGVRIKLVIRUWKHZKROHZRUOG $QRWKHUQDUUDWLRQLV+H3%8+ VDLG ,QFOXGHXVP\EURWKHULQ\RXUVXSSOLFDWLRQV
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
CDPDOLND ,HQWUXVW$OODKZLWK\RXU'HHQ\RXUWUXVWDQG\RXUODVWGHHGV
>$W7LUPLGKL@ &RPPHQWDU\ +HUHLQZHQRWHDSURYLVLRQIRUXWWHULQJEHQHGLFWRU\ZRUGVDQGSUD\LQJIRUDSHUVRQRQ WKHRFFDVLRQ RIVHHLQJKLPRII7KHEHQHGLFWRU\XWWHUDQFHVDUH,HQWUXVW\RXU'HHQ\RXUUHOLJLRXV WUXVWLHUHOLJLRXVREOLJDWLRQV DQG\RXUODVWGHHGVZLWK$OODK
C$EGXOODKELQ
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKSUHVHQWVWKHVDPHEHQHGLFWLRQDVVWDWHGDERYH
+H3%8+ VDLG0D\$OODK JUDQW\RXWKHSURYLVLRQRISLHW\
7KHPDQVDLG3OHDVHVXSSOLFDWHPRUHIRUPH
+H3%8+ VDLG 0D\+HIRUJLYH\RXUVLQV
7KHPDQUHSHDWHG3OHDVHVXSSOLFDWHPRUHIRUPH
0HVVHQJHURI$OODK 3%8+ VDLG 0D\+HIDFLOLWDWHIRU\RXWKHGRLQJRIJRRGZKHUHYHU\RXDUH
>$W7LUPLGKL@ &RPPHQWDU\ 6SLULWXDOO\VSHDNLQJWKHPRVWEHQHILFLDOWKLQJWKDW DWUDYHOOHUFDQEDQNXSRQLVD EHQHGLFWLRQ6RLWLVGHVLUDEOHIRUDWUDYHOOHUWRYLVLWKLVIHOORZ0XVOLPEURWKHUWRSUD\IRUKLPEHIRUH KHVWDUWVKLVMRXUQH\
&+$37(5
,67,.+$5$6((.,1* *8,'$1&()520$//$+ $1' &2168/7$7,21 $OODKWKH([DOWHGVD\V $QGFRQVXOWWKHPLQWKHDIIDLUV
$QGZKRFRQGXFW WKHLUDIIDLUVE\PXWXDOFRQVXOWDWLRQ
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
2$OODK, FRQVXOW
DIIDLUVWKHQRUGDLQLWIRUPHPDNHLWHDV\IRUPHDQGEOHVVLWIRUPH%XWLI
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ /LWHUDOO\,VWLNKDUDKPHDQVVHHNLQJJRRGQHVVIURP$OODKWKURXJKDSDUWLFXODUSUD\HU 7KLV+DGLWKOD\VHPSKDVLVRQLWDQGGLVSOD\VLWVVLJQLILFDQFH:HVKRXOGWKHUHIRUHSUDFWLVH,VWLNKDUDK UHJDUGLQJHYHU\LPSRUWDQWPDWWHU+RZHYHULWLVLPSHUDWLYHRQO\LQFDVHVZKHUHRQHLVLJQRUDQWRI JRRGDQGHYLO
&+$37(5
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
&+$37(5
(;&(//(1&(2)86,1*7+( 5,*+7+$1')253(5)250,1* 9$5,286*22'$&76 $OODKWKH([DOWHGVD\V 7KHQDVIRUKLPZKRZLOOEHJLYHQKLV5HFRUGLQKLVULJKWKDQGZLOOVD\C7DNHUHDGP\ 5HFRUG
6RWKRVHRQWKH5LJKW+DQGLHWKRVHZKRZLOOEHJLYHQWKHLU5HFRUGVLQWKHLUULJKWKDQGV KRZ IRUWXQDWH ZLOOWKRVHEHRQWKH5LJKW+DQG$VDUHVSHFWIRUWKHPEHFDXVHWKH\ZLOOHQWHU -DQQDK $QGWKRVHRQWKH/HIW+DQGLHWKRVHZKRZLOOEHJLYHQWKHLU5HFRUGLQWKHLUOHIW KDQGV KRZXQIRUWXQDWH ZLOOWKRVHEHRQWKH/HIW+DQG$VDGLVJUDFHIRUWKHPEHFDXVHWKH\ ZLOOHQWHU+HOO
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVKHGVOLJKWRQWKHHWLTXHWWHRIZHDULQJDVZHOODVUHPRYLQJVKRHV(YHU\ 0XVOLPLVVXSSRVHGWRKDYHUHJDUGIRUWKH3URSKHWLFH[DPSOHDQGWRIROORZLW +DIVDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 0HVVHQJHURI$OODK3%8+ XVHGWRXVHKLV ULJKWKDQGIRUHDWLQJGULQNLQJDQGZHDULQJKLVFORWKHVDQGXVHGWRXVHKLVOHIWKDQGIRURWKHUSXUSRVHV >$EX'DZXG@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQ\RXZHDU\RXUFORWKHVRUSHUIRUP\RXU:XGX EHJLQZLWK\RXUULJKWVLGH
>$EX'DZXGDQG$W7LUPLGKL@
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQ0HVVHQJHURI$OODK3%8+ ZHQWWR 0LQDKHFDPHWR-DPUDWXOC$TDEDKDQGWKUHZSHEEOHVDWLW$IWHUWKDWKHZHQWWRKLVORGJHLQ0LQD DQGVDFULILFHG7KHQKHFDOOHGIRUDEDUEHUDQGSRLQWHGKLVULJKWVLGHWRKLPVDLG 6KDYHIURPKHUH
7KHQKHSRLQWHGKLVOHIWVLGHDQGVDLG 7DNHKDLU IURPKHUH
7KHQKHGLVWULEXWHGKLVKDLUDPRQJWKH SHRSOH >$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV$IWHUWKH0HVVHQJHURI$OODK3%8+ KDGWKURZQSHEEOHVDW-DPUDKDQG VDFULILFHGDQDQLPDOKHWXUQHGWKHULJKWVLGHRIKLVKHDGWRZDUGVWKHEDUEHUZKRVKDYHGLWIRUKLP 7KHQKHFDOOHG$EX7DOKDK$QVDUL0D\$OODKEHSOHDVHGZLWKKLP DQGJDYHKLVKDLUWRKLP7KHQKH WXUQHGKLVKHDG WRWKHOHIWVLGHDQGDVNHGWKHEDUEHUWRVKDYHLW+HJDYHWKH KDLUWR$EX7DOKDKDQG WROGKLP 'LVWULEXWHLWDPRQJWKHSHRSOH
&RPPHQWDU\ $IWHUUHWXUQLQJIURPC$UDIDWRQWKHWKRI'KXO+LMMDKSLOJULPVWKURZSHEEOHVDW -DPUDWXO$TDEDK7KLVLVIROORZHGE\WKHVDFULILFHRIDQDQLPDOWKHVKDYLQJRIWKHKHDGDQGWKH IDUHZHOO7DZDI FLUFXPDPEXODWLRQ RIWKH+RO\+RXVH$OOWKLVLVWREHREVHUYHGRQWKH6DFULILFLDO'D\ LQWKHH[DFWRUGHURISULRULWLHV
7+(%22.$%2877+( (7,48(77(2)($7,1* &+$37(5
0(17,21,1*%,60,//$+ %()25($1'6$<,1*$/+$0'8/,//$+ $)7(5($7,1* C8PDUELQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGWRPH 0HQWLRQ$OODK V1DPHLHVD\%LVPLOODKEHIRUHVWDUWLQJHDWLQJ HDWZLWK\RXUULJKWKDQG DQGHDWIURPZKDWLVQHDU\RX
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
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKSURYLGHVXVDFRQFHVVLRQ,IZHKDYHIRUJRWWHQWRSURQRXQFHWKH1DPHRI $OODKEHIRUHEHJLQQLQJWRHDWZHFDQGRLWGXULQJHDWLQJRULQWKHHQG
-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ ,ID SHUVRQPHQWLRQVWKH1DPHRI$OODKXSRQHQWHULQJKLVKRXVHRUHDWLQJ6DWDQVD\VDGGUHVVLQJKLV IROORZHUVC
>0XVOLP@ &RPPHQWDU\ +HUHLQZHDUHWROGWKDWLQRUGHUWRZDUGRII6DWDQDQGKLVIROORZHUVZHDUHVXSSRVHG WRUHPHPEHU$OODKEHIRUHHQWHULQJRXUKRXVHDQGEHIRUHEHJLQQLQJWRHDW7KHUHPHPEUDQFHRI$OODK LPSOLHVWKRVHDSSURSULDWHSUD\HUVRIWKH3URSKHW3%8+ ZKLFKKDYHEHHQPHQWLRQHGLQ$KDGLWK)RU H[DPSOHZHDUHLQVWUXFWHGWRSURQRXQFHWKH1DPHRI$OODKEHIRUHEHJLQQLQJWRHDW2QHQWHULQJRXU KRXVHZHUHFLWHWKHIROORZLQJ3URSKHWLFSUD\HU$OODKXPPDLQQLDV DOXNDNKDLUDOPDZOLMLZDNKDLUDO PDNKUDML%LVPLOODKLZDODMQDZDELVPLOODKLNKDUDMQDZDCDO$OODKLUDEELQDWDZDNNDOQD
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
7KHQKHPHQWLRQHG WKH1DPHRI$OODKDQGEHJDQWRHDW >$EX'DZXGDQG$Q1DVD L@ &RPPHQWDU\ +HUHWRRZHDUHWROGWKDWLIZHGRQRWSURQRXQFH$OODK V1DPH6DWDQDQGKLVPLQLRQV ZLOOVKDUHRXUPHDOZLWKXV6RSULRUWRHDWLQJZHPXVWSURQRXQFHWKH1DPHRI$OODK$QLQFLGHQWLV UHODWHGLQWKLV+DGLWK2QFH0HVVHQJHURI$OODK3%8+ DQGKLV&RPSDQLRQVZHUHMXVWWRVWDUWWDNLQJ WKHLUPHDOZKHQDQXQNQRZQJLUODQGDEHGRXLQEXUVWXSRQWKHVFHQH:LWKRXWVHHNLQJWKHIRUPDO SHUPLVVLRQDQGSURQRXQFLQJWKH1DPHRI$OODKWKH\KXUULHGO\VWUHWFKHGWKHLUKDQGVWRHDW
0HVVHQJHURI$OODK3%8+ VPLOHGDWWKLVDQGVDLG 6DWDQKDGEHHQHDWLQJZLWKKLPEXWZKHQKH PHQWLRQHGWKH1DPHRI$OODK6DWDQYRPLWHGDOOWKDWZDVLQKLVVWRPDFK
>$EX'DZXGDQG$Q1DVD L@ &RPPHQWDU\ 7KLV+DGLWKDOVRLQIRUPVXVWKDW6DWDQVKDUHVIRRGDQGGULQNZLWKWKRVHSHRSOHZKRGR QRWPHQWLRQWKH1DPHRI$OODK C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG0HVVHQJHURI$OODK3%8+ ZDVHDWLQJZLWK KLVVL[&RPSDQLRQVZKHQDGHVHUW$UDEFDPHDQGDWHXSWKHIRRGLQWZRPRXWKIXOV0HVVHQJHURI $OODK3%8+ VDLG +DGKHPHQWLRQHGWKH1DPHRI$OODKLWZRXOGKDYHVXIILFHGIRUDOORI\RX
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSURQRXQFHPHQWRI$OODK V1DPHEULQJVEOHVVLQJWRWKHPHDODQGWKHRPLVVLRQRI +LV1DPHUREVEOHVVLQJDZD\ $EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH3URSKHW3%8+ ILQLVKHG DPHDOKHZRXOGVD\ $OKDPGXOLOODKLNDWKLUDQWDL\LEDQPXEDUDNDQILKLJKDLUDPDNIL\\LQZDOD PXZDGGDCLQZDODPXVWDJKQDQCDQKX5DEEXQD$OOSUDLVHLVGXHWR$OODKSUDLVHZKLFKLVDEXQGDQW SXUHDQGIXOORIEOHVVLQJVZKLFKLVLQGLVSHQVDEOHDQGWRZKLFKRQHFDQQRWEHLQGLIIHUHQW
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
$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIZHSUDLVH$OODKDIWHUWDNLQJDPHDODOORXUPLQRUVLQV FRPPLWWHGLQWKHSDVWZLOOEHIRUJLYHQE\+LP
&+$37(5
352+,%,7,212)&5,7,&,=,1* )22' $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0HVVHQJHURI$OODK3%8+ QHYHU IRXQGIDXOWZLWKIRRG,IKHKDGLQFOLQDWLRQWRHDWLQJLWKHZRXOGHDWDQGLIKHGLVOLNHGLWKHZRXOG OHDYHLW $O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWKURZVOLJKWRQWKH3URSKHW VH[FHOOHQWPDQQHUVZKLFKRXJKWWREH IROORZHGE\DOO0XVOLPV,WLVDGHSORUDEOHVWDWHRIDIIDLUVWKDWZKHQZHILQGDGLVKDELWXQVDYRXU\ZH ORVHRXUWHPSHUDQGFUHDWHTXLWHDVFHQHLQWKHKRXVH0D\ZHIROORZWKHH[FHOOHQWH[DPSOHRIRXU 3URSKHW3%8+ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ DVNHGIRUVDXFHDQGZDV WROGWKDWWKHUHZDVQRWKLQJH[FHSWYLQHJDU+HDVNHGIRULWDQGEHJDQWRHDWIURPLWVD\LQJ +RZ H[FHOOHQWLVYLQHJDUZKHQHDWHQDVVDXFH+RZH[FHOOHQWLVYLQHJDUZKHQHDWHQDV8GP
0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVSHDNVDERXWWKHVLPSOLFLW\DQGKXPLOLW\RI0HVVHQJHURI$OODK3%8+ ZLWKUHJDUGWRIRRG$VKHDEVWDLQHGIURPDOX[XULRXVOLIHVW\OHKHKDUGO\FUDYHGIRUGHOLFLRXVIRRG1R PHQWLRQRIGDLQWLHVKHZRXOGUHDGLO\HDWZKDWHYHUZDVDYDLODEOHWRKLP
&+$37(5
5(63216(72$1,19,7$7,21 (;7(1'('72$0$1 2%6(59,1*6$80)$67,1* $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RI\RXLVLQYLWHGWRDPHDOKHVKRXOGDFFHSWWKHLQYLWDWLRQ,IKHLVREVHUYLQJ6DXP
IDVWLQJ KHVKRXOGVXSSOLFDWHIRUWKH EHWWHUPHQWRIWKHKRVWDQGLIKHLVQRWIDVWLQJKHVKRXOGHDW
0XVOLP@ &RPPHQWDU\ 6KDULCDKSHUPLWVDSHUVRQWREUHDNDYROXQWDU\IDVWLQJ7KHH[DPSOHRI0HVVHQJHURI $OODK3%8+ FOHDUO\VKRZVWKDWLWLVQRWELQGLQJRQKLPWRNHHSLWDJDLQDVDUHGHHPLQJVWHS$PDQ LVWKHUHIRUHIUHHWREUHDNKLVYROXQWDU\IDVWLQJDQGSDUWLFLSDWHLQWKHIHDVWWRZKLFKKHLVLQYLWHG +RZHYHULIVRPHERG\LVUHOXFWDQWWREUHDNWKHIDVWKHVKRXOGSUD\IRUWKHJRRGDQGZHOIDUHRIWKH KRVW%XWZHVKRXOGUHIXVHWRDWWHQGVXFKWUHDWVZKLFKDUHIODJUDQWO\PDVNHGE\H[WUDYDJDQFHDQG IULYRORXVXQ,VODPLFULWHVWRWKHGLVREHGLHQFHRI$OODK
&+$37(5
:+$76+28/'21(6$<72 7+(+267,)$181,19,7(' 3(5621,6$&&203$1,(' :,7+$1,19,7('3(5621 $EX0DVCXG$O%DGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQSUHSDUHGVRPHIRRG HVSHFLDOO\IRUWKH3URSKHW3%8+ DQGLQYLWHGKLPDORQJZLWKIRXURWKHUV%XWDPDQDFFRPSDQLHG KLP+DYLQJDUULYHGDWWKHGRRU0HVVHQJHURI$OODK3%8+ VDLGWRWKHKRVW 7KLVSHUVRQKDV IROORZHGXV
+HVDLG20HVVHQJHURI $OODK,DOORZKLPWRR
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,WZLOOEHFRQVLGHUHGDQH[SUHVVLRQRIEDGPDQQHUVLIVRPHERG\SDUWLFLSDWHVLQDIHDVW DVDQXQLQYLWHGSDUDVLWLFJXHVW
&+$37(5
($7,1*)520:+$7,6,1 )52172)21( C8PDUELQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,ZDVDER\XQGHUWKHFDUH RI0HVVHQJHURI$OODK3%8+ DQGDVP\KDQGXVHGWRZDQGHUDURXQGLQWKHGLVKKH3%8+ VDLGWR PHRQFH 0HQWLRQ$OODK V1DPHLHVD\%LVPLOODK HDWZLWK\RXUULJKWKDQGDQGHDWIURPZKDWLVLQ IURQWRI\RX
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ C8PDUELQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKWKHP KDGOHDUQWWDEOHPDQQHUV IURP0HVVHQJHURI$OODK3%8+ ZKRZDVKLVVWHSIDWKHUDQGJXDUGLDQ+HQFHHYHU\ERG\LVPRUDOO\ ERXQGWRWHDFKKLVZDUGVRUFKLOGUHQJRRGPDQQHUV 6DODPDKELQ $O$NZDC0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGRQWKHDXWKRULW\RIKLVIDWKHU$ PDQDWHZLWKKLVOHIWKDQGLQWKHSUHVHQFHRI0HVVHQJHURI$OODK3%8+ ZKHUHXSRQKHVDLG (DW ZLWK\RXUULJKWKDQG
7KHPDQVDLG,FDQQRWGRWKDW
7KHUHXSRQKHWKH3URSKHW3%8+ VDLG 0D\\RXQRWEHDEOHWRGRWKDW
,WZDVYDQLW\WKDWSUHYHQWHGKLPIURPGRLQJLWDQGKHFRXOGQRWUDLVH LWWKHULJKWKDQG XSWRKLVPRXWKDIWHUZDUGV >0XVOLP@ &RPPHQWDU\7KLVUHSRUWKDVDOUHDG\EHHQJLYHQHDUOLHUDQGLVEHLQJ UHSHDWHGKHUHRZLQJWRLWV UHOHYDQFHWRWKHFKDSWHU,QWKHOLJKWRIWKLV+DGLWKZHDUHVXSSRVHGWRNHHSWDEOHPDQQHUVLQRXUIRFXV DQGDOVRWRXUJHRWKHUVWRREVHUYHWKHP)XUWKHUPRUHLWLVH[WUHPHO\XQGHVLUDEOHWRGHQ\DUHDOLW\RXW
RIVKHHUDUURJDQFH DVLWLQFXUVWKHGLVSOHDVXUHRI$OODK:HDUHDOVRLQIRUPHGRIDPLUDFOHRI 0HVVHQJHURI$OODK3%8+ ZKRVHVXSSOLFDWLRQVZHUHLQVWDQWO\DQVZHUHG
&+$37(5
352+,%,7,212)($7,1* 7:2'$7()58,76 6,08/7$1(286/< -DEDODKELQ6XKDLPUHSRUWHG:HZHUH ZLWKC$EGXOODKELQ$]=XEDLU0D\$OODKEHSOHDVHGZLWK WKHP LQDWLPHRIIDPLQHWKHQZHZHUHSURYLGHGZLWKGDWHV2QFH ZKHQZHZHUHHDWLQJC$EGXOODK ELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP SDVVHGE\XVDQGVDLG 'RQRWHDWWZRGDWHVWRJHWKHUIRU 0HVVHQJHURI$OODK3%8+ SURKLELWHGLWXQOHVVRQHVHHNVSHUPLVVLRQIURPKLVEURWKHUSDUWQHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOHVVRQIRUWRGD\ V0XVOLPVZKRVHPDMRULW\VHHPVWREHLJQRUDQWRI JRRGPDQQHUV,WLVFRPPRQO\VHHQDWIHDVWVWKDWVRPHERG\XQFRQFHUQHGDERXWRWKHUVDURXQGKLPZLOO EHHQJDJHGLQILOOLQJKLVRZQSODWHZLWKIRRG6XFKDJUHHGRIHDWLQJLVDJDLQVWWKH3URSKHW VWHDFKLQJ DQGJXLGDQFHZKLFKLQVSLUHXVWRKDYHDGXHUHJDUGIRURWKHUVDQGQRWWRVHUYHRXURZQSXUSRVHDORQH
&+$37(5
:+$76+28/'$3(56216$<25'2 :+(1+(($76%87,61276$7,6),(' :DKVKLELQ+DUE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG6RPHRIWKH&RPSDQLRQVRI 0HVVHQJHURI$OODK3%8+ VDLG :HHDWEXWDUHQRWVDWLVILHG
+H3%8+ VDLG 3HUKDSV\RXHDW VHSDUDWHO\
7KH&RPSDQLRQVUHSOLHGLQDIILUPDWLYH+HWKHQVDLG (DWWRJHWKHUDQGPHQWLRQWKH1DPH RI$OODKRYHU\RXUIRRG,WZLOOEHEOHVVHGIRU\RX
>$EX'DZXG@
&+$37(5
($7,1*)5207+(6,'(2) 7+(9(66(/ ,EQ C$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG %OHVVLQJ GHVFHQGVXSRQIRRGLQLWVPLGGOHVRHDWIURPWKHVLGHVRIWKHYHVVHODQGGRQRWHDWIURPLWVPLGGOH
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
7KHUHXSRQ0HVVHQJHURI$OODK3%8+ VDLG 9HULO\$OODKKDVPDGHPHDFRXUWHRXVVODYHQRWDILHUFH W\UDQW
7KHQKHVDLG (DWIURPWKHVLGHVRIWKHERZODQGOHDYHWKHFHQWUDOSDUWRILWVRWKDW\RXUIRRG ZLOOEHEOHVVHG
>$EX'DZXG@
&RPPHQWDU\ +HUHWRRZHDUHWROGWRHDWFROOHFWLYHO\DQGIURPRXUVLGHRIWKHWDEOH0HVVHQJHURI $OODK3%8+ FDOOVLWWKHEOHVVHGZD\7KHUHLVDOVRDSURYLVLRQIRUVLWWLQJZLWKEHQWNQHHVZKLOH UHVWLQJRQRQH VVROHV 0RUHRYHUWKHH[FHOOHQFHRI0HVVHQJHURI$OODK3%8+ DVZHOODVKLVKXPLOLW\ DUHEURXJKWWRRXUNQRZOHGJH
&+$37(5
81'(6,5$%,/,7<2)($7,1* ,1$5(&/,1,1*326785( $EX-XKDLIDK :DKE ELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI $OODK3%8+ VDLG ,GRQRWHDWUHFOLQLQJDJDLQVWDSLOORZ
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
&+$37(5
(;&(//(1&(2)($7,1* :,7+7+5((),1*(56 $1'/,&.,1*7+(0 ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQ RQHRI\RXILQLVKHVHDWLQJKHVKRXOGQRWZLSHKLVILQJHUVXQWLOKHKDVOLFNHGWKHPKLPVHOIRUKDVJLYHQ WKHPWRVRPHRQHHOVHWROLFNIRUKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0HVVHQJHURI$OODK3%8+ LQVWUXFWHGKLVIROORZHUVWKDWDIWHUWDNLQJPHDOWKH\VKRXOG OLFNXSWKHLUILQJHUVEHIRUHWKH\ZDVKRUZLSHWKHPZLWKDWRZHO2UWKH\PD\JHWWKHPOLFNHGE\ VRPHERG\ ZLIHVRQRUGLVFLSOH SURYLGHGKHRUVKHIHHOVQRDYHUVLRQWRGRLQJVR6LQFH0HVVHQJHURI $OODK3%8+ DSSURYHGRIWKLVDFWLWLVFRPPHQGDEOH$VWRLWVUDWLRQDOHWKHVXEVHTXHQW$KDGLWKZLOO RIIHUH[SRVLWLRQ .DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG ,VDZ0HVVHQJHURI$OODK3%8+ HDWLQJZLWKWKUHHILQJHUVLHWKHWKXPEWKHLQGH[ILQJHUDQGWKHPLGGOHILQJHU DQGOLFNLQJWKHPDIWHU KDYLQJILQLVKHGWKHIRRG >0XVOLP@ &RPPHQWDU\ 7RXVHOHVVWKDQWKUHHILQJHUVIRUHDWLQJVSHDNVRIWKHPDQQHURIWKHDUURJDQWZKHUHDV WRXVHERWKKDQGVWRWKLVHQGLVLQGLFDWLYHRIDQRYHUSRZHULQJJUHHG6RWKHEHVWZD\RIHDWLQJLVWKDW VKRZQE\0HVVHQJHU RI$OODK3%8+ +HUHWRRLVWKHDIILUPDWLRQRIOLFNLQJWKHILQJHUVDIWHUWDNLQJ PHDODQGQRWGXULQJLW
-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ FRPPDQGHGWKH OLFNLQJRIILQJHUVDQGWKHJOHDQLQJRIWKHGLVKVD\LQJ
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
+H3%8+ DOVR FRPPDQGHGXVWKDWZHVKRXOGJOHDQWKHSRWVD\LQJ
>0XVOLP@ 6DCLGELQ$O+DULWKUHSRUWHG,DVNHG-DELU0D\$OODKEHSOHDVHGZLWKKLP ZKHWKHULWZDV REOLJDWRU\WRPDNH:XGX IRU6DODWSUD\HU DIWHUHDWLQJFRRNHGIRRG+HVDLG 1REHFDXVHLQWKH OLIHWLPHRI0HVVHQJHURI$OODK3%8+ VXFKIRRGZDVUDUHO\DYDLODEOH:HKDGQRKDQGNHUFKLHIVVR ZKHQZHDWHVXFKIRRGZHZRXOGZLSHRXUILQJHUVDJDLQVWRXUSDOPVIRUHDUPVRUWKHVROHRIRXU IHHW DQGZRXOGRIIHU6DODWZLWKRXWIUHVK:XGX IRUSUD\HU
>$O%XNKDUL@ &RPPHQWDU\ 7KHUHDUHWKUHHSRLQWVLQWKLV+DGLWK)LUVWWKHOLIHRIWKH&RPSDQLRQVZDVVLPSOH GLYHVWHGRIDOONLQGVRIOX[XULHVDQGFRPIRUWV7KH\OLYHGRQZKDWHYHUZDVDYDLODEOHWRWKHP6HFRQGD PDQ VDEOXWLRQLVQRWQXOOLILHGE\HDWLQJDFRRNHGIRRG,QWKHHDUO\GD\VRI,VODPWKLVFRPPDQGZDV SXWLQWRSUDFWLFHEXWODWHULWZDVFDQFHOOHG7KLUGLIDKDQGNHUFKLHIRUDWRZHORUZDWHULVQRWDYDLODEOH
DPDQFDQDIWHUWDNLQJDPHDO FOHDQKLVPRXWKDQGKDQGVZLWKKLVSDOPVDQGZULVWVVRWKDWKLVFORWKHV ZLOOQRWEHVPHDUHGGXULQJ6DODW SUD\HU
&+$37(5
0(5,72)6+$5,1*)22' $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KH IRRGRIWZRSHUVRQVVXIILFHVIRUWKUHHSHUVRQVDQGWKHIRRGRIWKUHHSHUVRQVVXIILFHVIRUIRXUSHUVRQV
>$O%XNKDULDQG0XVOLP@ -DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KHIRRGRIRQHSHUVRQVXIILFHVIRUWZRWKHIRRGRIWZRSHUVRQVVXIILFHVIRUIRXUSHUVRQVDQGWKH IRRGRIIRXUSHUVRQVVXIILFHVIRUHLJKWSHUVRQV
>0XVOLP@ &RPPHQWDU\7KLV+DGLWKLQGLFDWHVWKDWLIDIHZSHUVRQVVKDUHWKHVDPHGLQQHUWDEOHDVPDOOTXDQWLW\ RIIRRGZLOOEHHQRXJKIRUPDQ\SHUVRQV0RUHRYHUWKLVLQFUHDVHVPXWXDOORYHDQGIHOORZIHHOLQJ$ GHWDLOHGOLJKWKDVDOUHDG\EHHQVKHGRQWKLVWRSLFLQ&KDSWHU1R6HH+DGLWK1R
&+$37(5
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
>$O%XNKDULDQG0XVOLP@
6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$GULQNZDVEURXJKW WR0HVVHQJHURI $OODK3%8+ DQGKHGUDQNVRPH IURPLW2QKLVULJKWZDVDER\DQGRQKLVOHIWZHUHVRPHHOGHUO\ SHRSOH+H3%8+ VDLGWRWKHER\ :RXOG\RXSHUPLWPHWRJLYHUHVWRIWKLVGULQNWRWKHVHRQP\ OHIW"
7KHER\VDLG20HVVHQJHURI$OODK,ZRXOGFHUWDLQO\QRWJLYHSUHIHUHQFHWRDQ\RQHLQ DQ\WKLQJWKDWPLJKWFRPHWRPHIURP\RX
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
&+$37(5
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
&+$37(5
81'(6,5$%,/,7<2) %/2:,1*,1727+( 9(66(/:+,/('5,1.,1* $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ SURKLELWHGXVEORZLQJLQWKHGULQNLQJZDWHU$PDQVDLG20HVVHQJHURI$OODK6RPHWLPHV,VHH VRPHOLWWHUIORDWLQJDERXWRQWKHVXUIDFH:KDWVKRXOG,GRWKHQ"
+H3%8+ UHSOLHG 3RXUWKHPRXW
7KHQWKHPDQVDLG0\WKLUVWLVQRWTXHQFKHGZLWKRQHGUDXJKW
0HVVHQJHURI$OODK3%8+ VDLG 7KHQSXWDZD\WKHFXSIURP\RXUPRXWKLQEHWZHHQWKUHHJXOSV DQGWDNHEUHDWK
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
&+$37(5
3(50,66,2172'5,1. :+,/(,1$67$1',1* 326785( ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,VHUYHG0HVVHQJHURI$OODK3%8+ =DP]DPZDWHUWRGULQN DQGKHGUDQNLWZKLOHKHZDVVWDQGLQJ >$O%XNKDULDQG0XVOLP@ $Q1D]]DOELQ6DEUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG C$OLELQ$EX7DOLE0D\$OODK EHSOHDVHGZLWKKLP DUULYHGDW%DE$U5DKEDKLQ.XIDK DQGGUDQNZDWHULQDVWDQGLQJSRVWXUH 7KHQ KHVDLG ,VDZ0HVVHQJHURI$OODK3%8+ GRLQJZKDW\RXKDYHVHHQPHGRLQJ
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
+HVDLG 7KDWLVHYHQZRUVH RUPD\EHKHVDLG PRUHGHWHVWDEOH
$QRWKHUQDUUDWLRQLV0HVVHQJHURI$OODK3%8+ UHSULPDQGHGXVIRUGULQNLQJZKLOHVWDQGLQJ >0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 1RQHRI\RXVKRXOGGULQNVWDQGLQJDQGLIDQ\RQHIRUJHWVKHPXVWYRPLW
>0XVOLP@ &RPPHQWDU\ ,QWKHSUHFHGLQJ$KDGLWKZHDUHWROGWKDWRQHFDQGULQNZDWHUHYHQLQDVWDQGLQJ SRVLWLRQLWLVEHWWHUWRHDWRUGULQNZKLOHVHDWHGLQRUGHUWREHRQWKHVDIHVLGH2WKHUZLVHWKHWUXWKRI WKHPDWWHULVWKDWRQHVKRXOGEHFDXWLRXVHQRXJKWRHDWRUGULQNVHDWHG'RXEWOHVVLWLVDQDSSURYHG SUDFWLFH1RZDGD\VSHRSOHKDYHPDGHLWD KDELWWRHDWIRRGDWIHDVWVLQDVWDQGLQJSRVWXUH7KH\DUJXH LWLVFRQYHQLHQWEHFDXVHWKHZKROHRIWKHJDWKHULQJLVGHDOWRXWDWWKHVDPHWLPH
&+$37(5
(;&(//(1&(2)&83%($5(5 '5,1.,1*/$67 $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +H ZKRVHUYHVRWKHUVZLWKGULQNLQJZDWHUVKRXOGEHWKHODVWWRGULQNKLPVHOI
>$W7LUPLGKL@ &RPPHQWDU\ 5HIHUULQJWRWKLV+DGLWK,PDP$Q1DZDZLVWUHVVHVWKHPDQQHURIVHUYLQJIRRGRU GULQNDQGVD\VWKDWWKHGLVWULEXWRUVKRXOGKDYHKLVVKDUHLQWKHHQG
&+$37(5
3(50,66,%,/,7<2)'5,1.,1* :$7(5)520&/($19(66(/6 2)$//7<3(6(;&(37*2/' $1'6,/9(521(6 $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QFHWKHWLPHIRU$V6DODWWKHSUD\HU DSSURDFKHG7KRVHZKRVHKRXVHVZHUHQHDUZHQWWRWKHLUKRXVHVWRSHUIRUP:XGX ZKLOHVRPHRIWKH SHRSOHUHPDLQHGZLWK0HVVHQJHURI$OODK3%8+ $VWRQHFRQWDLQLQJVRPHZDWHU ERZOZDVEURXJKW IRUKLP,WZDVWRRVPDOOIRUKLPWRVSUHDGKLVKDQGRYHULW+HSHUIRUPHGKLV:XGX DQGLWWKHZDWHU VXIILFHGIRUDOOWKHRWKHUVDOVR$QDVZDVDVNHG +RZPDQ\RI\RXZHUHSUHVHQWWKHUH"
+HVDLG (LJKW\RUPRUH
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLQ0XVOLPLV7KH3URSKHW3%8+ FDOOHGIRUDYHVVHOFRQWDLQLQJZDWHU$ZLGH VKDOORZYHVVHOZLWKDOLWWOHZDWHULQLWZDVEURXJKWIRUKLP+HSXWKLVILQJHUVLQLW$QDVVD\V,NHSW ORRNLQJDWWKHZDWHUSRXULQJIURPEHWZHHQKLVILQJHUV,HVWLPDWHGWKDWWKHQXPEHURISHRSOHZKRPDGH WKHLU:XGX ZLWKLWZDVIURPVHYHQW\WRHLJKW\
&RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDPLUDFOHRI0HVVHQJHURI$OODK3%8+ DQGDOVRSURYLGHVIRU WKHXVHRIDVWRQHZDUH
C$EGXOODKELQ=DLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ YLVLWHGXVDQG ZHEURXJKWZDWHUIRUKLPLQDEUDVVYHVVHOIRUKLVDEOXWLRQDQGKHSHUIRUPHGDEOXWLRQ >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWEUDVVZDUHFDQEHXVHGIRUSHUIRUPLQJDEOXWLRQDVZHOODVIRU RWKHUSXUSRVHV -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ YLVLWHGWKHKRXVHRI DPDQRIWKH$QVDUZLWKRQHRIKLV&RPSDQLRQVDQGVDLGWRKLP ,I\RXKDYHVRPHZDWHULQWKHZDWHU VNLQOHIWRYHUIURPODVWQLJKWJLYHLWWRXVIRUGULQNLQJRWKHUZLVHZHVKDOOGULQNIURPVRPHVWUHDP GLUHFWO\
>$O%XNKDUL@ &RPPHQWDU\ :LWKUHIHUHQFHWRWKLV+DGLWK,PDP$Q1DZDZLVD\VWKDWDSDUWIURPGULQNLQJZDWHU IURPDYHVVHORQHFDQDOVRGULQNDWDFLVWHUQRUVWUHDP +XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ SURKLELWHGXVIURP ZHDULQJEURFDGHRUVLONDQGGULQNLQJRXWRIJROGRUVLOYHUYHVVHOVDQGVDLG 7KHVHDUHPHDQWIRUWKHP GLVEHOLHYHUV LQWKLVZRUOGDQGIRU\RXLQWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6LONFORWKHVDUHIRUELGGHQWRPHQEXWDOORZHGWRZRPHQ
>$O%XNKDULDQG0XVOLP@ $QDUUDWLRQLQ0XVOLPLV0HVVHQJHURI$OODK3%8+ VDLG 6XUHO\KHZKRHDWVRUGULQNVLQJROG DQGVLOYHUYHVVHOV ILOOVKLVEHOO\ZLWK+HOOILUH
&RPPHQWDU\ 7RXVHXWHQVLOVRIVLOYHUDQGJROGLQYROYHVH[WUDYDJDQFH0RUHRYHULWLVDVLJQRISULGH DQGRVWHQWDWLRXVOLIHVW\OH$OODKGHWHVWVWKHPERWK2QWKLVFRXQWWKH\DUHPDMRUVLQVLQYROYLQJWKH GDQJHURIVHYHUHFKDVWLVHPHQWLQ+HOOILUH
7+(%22.2)'5(66 &+$37(5
(;&(//(1&(2):($5,1* :+,7(&/27+(6$1'7+(3(50,66,%,/,7< 2):($5,1*5('*5((1<(//2:$1'%/$&.&/27+(6 0$'()520&27721/,1(1%871276,/. $OODKWKH([DOWHGVD\V 2&KLOGUHQRIGDP:HKDYHEHVWRZHGUDLPHQWXSRQ\RXWRFRYHU\RXUVHOYHVVFUHHQ\RXU SULYDWHSDUWV DQGDVDQDGRUQPHQWDQGWKHUDLPHQWRIULJKWHRXVQHVVWKDWLVEHWWHU
$QG$OODK KDVPDGHIRU\RXJDUPHQWVWRSURWHFW\RXIURPWKHKHDWDQGFROG DQGFRDWVRI PDLOWRSURWHFW\RXIURP\RXUPXWXDO YLROHQFH
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUG0HVVHQJHURI$OODK3%8+ VD\LQJ 3XWRQZKLWHFORWKHVEHFDXVHWKH\DUHWKHEHVWDQGXVHWKHPIRUVKURXGLQJ\RXUGHDG
>$W7LUPLGKLDQG$EX'DZXG@ 6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :HDU ZKLWHFORWKHVEHFDXVHWKH\DUHWKHSXUHVWDQGWKH\DUHFORVHVWWRPRGHVW\DQGVKURXGWKHGHDGLQLW
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
,VDLG
6RKHGLVPRXQWHGIURPKLVULGLQJFDPHODQGZDONHGDZD\WRDQVZHUWKHFDOORIQDWXUH XQWLOKH GLVDSSHDUHGLQWKHGDUNQHVV:KHQKHUHWXUQHG,SRXUHGRXWVRPHZDWHUIURPDYHVVHODQGKHZDVKHG KLVIDFH+HZDVZHDULQJDORQJZRROOHQFORDNDQGFRXOGQRWWDNHRXWKLVIRUHDUPVIURPKLVVOHHYHVVR KHEURXJKWWKHPRXWIURPEHORZWKHFORDNDQGWKHQZDVKHGWKHPDQGWKHQSDVVHGKLVZHW KDQGVRYHU KLVKHDG,VWUHWFKHGRXWP\KDQGWRWDNHRIIKLV.KXIIOHDWKHUVRFNV EXWKHVDLG /HDYHWKHP,SXW WKHPRQDIWHUSHUIRUPLQJ:XGX
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
&+$37(5
(;&(//(1&(2)4$0((6 8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 2XWRIDOOJDUPHQWV0HVVHQJHURI$OODK 3%8+ OLNHG4DPHHVWKHEHVW >$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ 4DPHHVLVDSLHFHRIFORWKLQJZLWKWZRVOHHYHVJHQHUDOO\PDGHRIVHZQFRWWRQDQG ZRUQXQGHUWKHUHVWRIWKHFORWKHV,QWKHOLIHWLPHRIWKH3URSKHW3%8+ WKH$UDEVZRXOGFRPPRQO\
XVHWZRVLPSOHVKHHWVRIFORWKDVGUHVVRQHFRYHULQJWKHORZHUSDUWRIERG\DQG RQHZUDSSLQJLWVXSSHU SDUW4DPHHVZDVDOVRLQYRJXHEXWYHU\IHZSHRSOHXVHGLW1RGRXEWLWFRYHUVWKHERG\DGHTXDWHO\ DQGLVDOVRFRPSDUDWLYHO\FRQYHQLHQW6RWKH3URSKHW3%8+ OLNHGLWPRVW
&+$37(5
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
2QWKLV$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP VXEPLWWHG20HVVHQJHURI$OODK 0\ORZHUJDUPHQWNHHSVVOLGLQJGRZQWKRXJK,WDNHFDUHWRSXOOLWDQGZUDSLW
0HVVHQJHURI$OODK 3%8+ VDLG
>$O%XNKDUL@ &RPPHQWDU\ 0HVVHQJHURI$OODK3%8+ KDVJLYHQDVHYHUHZDUQLQJWRWKRVHZKRLQWHQWLRQDOO\ ZHDUDGUHVVZKLFKLVGUDJJLQJDORQJWKHJURXQGEHFDXVHWKLVLVDVLJQRIDUURJDQFH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $GLVUHJDUGRI$OODK V)DYRXUVDQGJLIWVPHDQVXQJUDWHIXOQHVVZKLFKLVHVVHQWLDOO\ PDQLIHVWHGLQDKDXJKW\DWWLWXGH,WLVDOVRDVLJQRIDUURJDQFHWKDWRQHZHDUVDGUHVVZLWKWKHKHP WUDLOLQJRQWKHJURXQG $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG :KDWLV EHORZWKHDQNOHVRIDORZHUJDUPHQWLVFRQGHPQHGWRWKH)LUH+HOO
>$O%XNKDUL@ &RPPHQWDU\ 7KHDSSDUHQWVHQVHRIWKH+DGLWKZRUGVLVWKDWWKHSDUWRIWKHGUHVVKDQJLQJGRZQ EHORZWKHDQNOHVZLOOEHSXWLQWR+HOOILUH
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ 7KHUH DUHWKUHHWRZKRP$OODKZLOOQHLWKHUVSHDNRQWKH'D\RI5HVXUUHFWLRQQRUZLOOORRNDWWKHPQRUSXULI\ WKHPLHRIWKHLUVLQV DQGWKH\ZLOOEHVHYHUHO\WRUPHQWHG
:KHQKHUHSHDWHGWKLVVWDWHPHQW WKULFH $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH\DUHGRRPHGDQGGHVWUR\HG%XW ZKRDUH WKH\20HVVHQJHURI$OODK3%8+ "
+HVDLG 2QHZKRVHORZHUJDUPHQWWUDLOVRQHZKRERDVWVRI
NLQGQHVVVKRZQWRDQRWKHUDQGRQHZKRSURPRWHVVDOHRIKLVEXVLQHVVE\WDNLQJIDOVHRDWKV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVKHGVOLJKWRQWKUHHPDMRUVLQVZKLFKXQIRUWXQDWHO\SUHYDLOLQ0XVOLP VRFLHWLHV0D\$OODKDPHQGWKHODSVHVRI0XVOLPV EHKDYLRXU ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG 2QWKH'D\RI 5HVXUUHFWLRQ$OODKZLOOQRWORRNDWRQHZKRWUDLOVKLVORZHUJDUPHQW4DPHHVRUWXUEDQDUURJDQWO\
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
+HVDLG 'RQRWVD\C$ODLNDVVDODPX 7KLVLVWKH VDOXWDWLRQWRWKHGHDGLQ-DKLOL\\DKWLPHV 6D\LQVWHDGC$VVDODPXCDODLNDPD\$OODKUHQGHU\RX VDIH
,DVNHG$UH\RX0HVVHQJHURI$OODK"
+HUHSOLHG
,VDLGWRKLP*LYHPHLQVWUXFWLRQVWRDFWXSRQ
+H3%8+ VDLG'RQRWDEXVHDQ\RQH
6LQFHWKHQ,KDYHQHYHUDEXVHGDQ\RQHQHLWKHUDIUHHPDQQRUDVODYH QRUDFDPHOQRUDVKHHS +H3%8+ FRQWLQXHG 'RQRWKROGLQFRQWHPSWHYHQDQLQVLJQLILFDQWDFWRI JRRGQHVVEHFDXVHHYHQWDONLQJWR\RXUEURWKHUZLWKDFKHHUIXOFRXQWHQDQFHLVDQDFWRIJRRGQHVV+ROG XS\RXUORZHUJDUPHQWKDOIZD\WRWKHOHJDQGDWOHDVWDERYHWKHDQNOHVIRUWUDLOLQJLWLVDUURJDQFHDQG $OODKGLVOLNHVSULGH$QGLIDPDQLPSXWHVWR\RXRIEDGWKLQJVKHNQRZV\RXSRVVHVVGRQRWLPSXWHWR KLPEDGWKLQJVWKDW\RXNQRZKHKDVIRUKHZLOODVVXPHWKHHYLOFRQVHTXHQFHVRIKLVDEXVH
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
7KDWPDQZHQWDQGFDPHEDFNKDYLQJSHUIRUPHGLW7KH0HVVHQJHURI$OODK3%8+ VDLG DJDLQ *RDQGSHUIRUP\RXU:XGX
6RPHRQHSUHVHQWVDLGWR0HVVHQJHURI$OODK3%8+ 2 0HVVHQJHURI$OODK
+H3%8+ VDLG +HSHUIRUPHG6DODWZKLOHKLVORZHUJDUPHQWZDVEHORZKLVDQNHOV $OODKGRHVQRWDFFHSWWKH6DODWRIDPDQZKRWUDLOVKLVORZHUJDUPHQW
>$EX'DZXG@ 4DLVELQ%LVKU$W7DJKOLELUHSRUWHGWKDWKLVIDWKHUZKRDWWHQGHGWKHFRPSDQ\RIC$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP WROGKLP7KHUHZDVDPDQLQ'DPDVFXVZKRZDVD&RPSDQLRQRIWKH 0HVVHQJHURI$OODK3%8+ +HZDVFDOOHG,EQ$O+DQ]DOL\\DK+HZDVDORQHVRPHSHUVRQDQGZRXOG UDUHO\VSHQGVRPHWLPHLQWKHFRPSDQ\RISHRSOH+HZRXOGVSHQGPRVWRIKLVWLPHLQSHUIRUPLQJ6DODW DQGZKHQKHILQLVKHGKHZRXOGHQJDJHKLPVHOILQ7DVELK6XEKDQ$OODK DQG7DNELU$OODKX$NEDU WLOOKHZRXOGJRKRPH+HSDVVHGE\XVRQHGD\ZKHQZHZHUHVLWWLQJZLWK$EXG'DUGD 0D\$OODKEH
SOHDVHGZLWKKLP 7KHODWWHUVDLGWRKLP7HOOXVVRPHWKLQJZKLFKZLOOEHQHILWIRUXVDQGZLOOQRW KDUP\RX
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
,EQ$O+DQ]DOL\\DK0D\$OODKEHSOHDVHGZLWKKLP FRQWLQXHGUHVSRQGLQJWLOO, DVNHG$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP QRWWRDQQR\KLP ,EQ$O+DQ]DOL\\DK0D\$OODKEHSOHDVHGZLWKKLP KDSSHQHGWRSDVVE\XVDQRWKHUGD\DQG$EXG 'DUGD VDLGWRKLP7HOOXVVRPHWKLQJZKLFKZLOOEHQHILWXVDQGZLOOQRWKDUP\RX
+HVDLG7KH 0HVVHQJHURI$OODK3%8+ WROGXV C+HZKRVSHQGVWRSXUFKDVHDKRUVHIRU-LKDG LVOLNHRQHZKR H[WHQGVKLVKDQGIRUVSHQGLQJRXWRIFKDULW\ZLWKRXWZLWKKROGLQJLW
+HSDVVHGE\XVDQRWKHUGD\DQG$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP VDLGWRKLP7HOOXV VRPHWKLQJZKLFKPLJKWEHQHILWXVDQGZLOOQRWKDUP\RX
+HVDLG7KH0HVVHQJHURI$OODK3%8+ RQFHVDLG C.KXUDLP$O8VDLGLLVDQH[FHOOHQWPDQZHUHLWQRWRIKLVORQJKDLUDQGKLVORZHUJDUPHQW ZKLFKLVKDQJLQJGRZQ :KHQ.KXUDLPKHDUGDERXWZKDWWKH3URSKHWKDGVDLGDERXWKLPKHWULPPHG KLVORQJKDLUXSWRKLVHDUVZLWKDNQLIHDQGUDLVHGKLVORZHUJDUPHQWKDOIZD\RQKLVVKDQNV
2QDQRWKHURFFDVLRQKHSDVVHGE\XVDQG$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP VDLGWRKLP 7HOOXVVRPHWKLQJWKDWZLOOEHQHILWXVDQGZLOOQRWKDUP\RX
+HVDLGWKDWKHKHDUG0HVVHQJHURI $OODK3%8+ VD\ZKLOHFRPLQJEDFNIURPDQH[SHGLWLRQ
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
,OLIWHGLWXSDQGKH WROGPHWRUDLVHLWKLJKHU,FRPSOLHGZLWKKLVRUGHUVDQGDV,ZDVVWLOOWU\LQJWRILQGWKHEHVWSODFHIRU
LW RQHRIWKHSHRSOHDVNHGZKHUHLWVKRXOGUHDFKDQGKH3%8+ UHSOLHG +DOIZD\GRZQWKHNQHHV
>0XVOLP@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 2QWKH 'D\RI5HVXUUHFWLRQ$OODKZLOOQRWORRNDWWKHRQHZKRWUDLOVKLVORZHUJDUPHQWRXWRIDUURJDQFH
8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU DVNHG:KDWVKRXOGZRPHQGRZLWKWKHKHPRIWKHLU FORWKHV"
+H3%8+ VDLG 7KH\PLJKWORZHUWKHPDKDQG VVSDQ
6KHVDLG%XWWKHLUIHHWZRXOGVWLOO UHPDLQH[SRVHG
+HVDLG /HW WKHPORZHUWKRVHHTXDOWRDUP VOHQJWKEXWQRWPRUHWKDQWKDW
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ +HUHLQZRPHQDUHFRPPDQGHGWRFRYHUWKHPVHOYHVFRPSOHWHO\XSWRDQDUP VOHQJWK IURPWKHKHPRIWKHLUFORWKHVLQRUGHUWRFRYHUWKHVROHRIWKHLUIHHWZLWKWKHLUZUDSVDQGORZHUERG\ JDUPHQWV
&+$37(5
(;&(//(1&(2)*,9,1*83 (/(*$17&/27+(6)25 +80,/,7< 0XCDGKELQ$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUJLYHVXSZHDULQJHOHJDQWDQGH[SHQVLYH JDUPHQWVRXWRIKXPEOHQHVVZKHQKHFDQGRVR $OODKZLOOFDOOKLPRQWKH'D\RI5HVXUUHFWLRQDQGEHIRUHDOOWKHFUHDWLRQV+HZLOOJLYHKLPWKHFKRLFH WRZHDUZKLFKHYHUJDUPHQWRI,PDQKHZRXOGOLNHWRZHDU
>$W7LUPLGKL@ &RPPHQWDU\ 7RDGRSWKXPLOLW\DQGQRWWRDVVHUWVXSHULRULW\RYHURWKHUVDFFRUGLQJWRWKLV+DGLWKLV DQH[FHOOHQWDFWZLWK$OODKC7KHFORWKHVRI,PDQ LPSO\WKRVHVSHFLDOFORWKLQJVRI-DQQDKWKDW$OODK KDVSUHSDUHGIRUVLQFHUHEHOLHYHUVRQO\
&+$37(5
(;&(//(1&(2)$'237,1* 02'(5$7,21,1'5(66 C$PUELQ6KXCDLERQWKHDXWKRULW\RIKLVIDWKHUDQGJUDQGIDWKHUUHSRUWHG0HVVHQJHURI$OODK 3%8+ VDLG $OODKORYHVWRVHHWKHVLJQRI+LV%RXQWLHVRQKLVVODYH
>$W7LUPLGKL@ &RPPHQWDU\ $VLPSOHGUHVVLVFRPPHQGDEOHLIRQHZHDUVLWDVDJHVWXUHRIKXPLOLW\ZLQLQJ$OODK V 3OHDVXUH
&+$37(5
352+,%,7,212):($5,1* 6,/.)250(1$1',76 3(50,66,%,/,7<)25:20(1
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'RQRWZHDUVLONFORWKHV )RUZKRHYHUZHDUVWKHP LQWKLVOLIHZLOOEHGHSULYHGRIWKHPLQWKH +HUHDIWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,WLVQRWZRPHQEXWPHQZKRKDYHEHHQIRUELGGHQWRZHDUVLONGUHVV,WLVEDQQHGIRU PHQGXHWRLWVDVSHFWRIDGRUQPHQWDQGEHDXWLILFDWLRQZKLFKLVSHFXOLDUWRZRPHQDORQH7KHVLONGUHVV LVQRWEHILWWLQJWRPHQEHFDXVHLWDIIHFWVWKHLUW\SLFDOFKDUDFWHULVWLFVVXFKDVEUDYHU\VWUHQJWKDQG IHDUOHVVQHVV6HFRQGLWEHWUD\VDUURJDQFHDQGKDXJKWLQHVVZKLFKLVFRQGHPQDEOHE\DOOQRUPVRI PRUDOLW\7KLUGLWKDVUHOHYDQFHWRGLVEHOLHYHUVDQGSRO\WKHLVWVNQRZQIRUWKHLUORYHIRUZRUOGO\ SRVVHVVLRQV)RXUWKLWVXVHLVDJDLQVWWKDWDXVWHULW\ZKLFK,VODPDLPVWRGHYHORSLQD0XVOLP VOLIH$QG WKLVLVERUQHRXWE\WKHVD\LQJRI0HVVHQJHURI$OODK3%8+ 6LPSOLFLW\LVSDUWRI)DLWK
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK 3%8+ VD\LQJ 6LONFORWKHV DUHZRUQRQO\E\KLPZKRKDVQRVKDUHLQWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWPHQZLOOIDOOLQWRDVHULRXVHUURULIWKH\ZHDUGUHVVPDGHIURP VLON$QGLIWKH\GRQRWVLQFHUHO\UHSHQWIRULWWKH\ZLOOXQGRXEWHGO\EHSXQLVKHGLQ+HOOILUH $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG +HZKR ZHDUVVLONFORWKHVLQWKLVOLIHVKDOOQRWZHDUWKHPLQWKH+HUHDIWHU
>$O%XNKDULDQG0XVOLP@ C$OL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDZ0HVVHQJHURI$OODK3%8+ KROGLQJDSLHFH RIJROGLQKLVOHIWKDQGDQGDVLONFORWK LQKLVULJKWKDQG7KHQKHVDLG 7KHVHWZRDUHIRUELGGHQIRU WKHPDOHVRIP\8PPDK
>$EX'DZXG@ $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :HDULQJRIVLONDQGJROGKDVEHHQPDGHXQODZIXOIRUPDOHVDQGODZIXOIRUWKHIHPDOHVRIP\ 8PPDK
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
&+$37(5
/$:)8/1(6672:($56,/. ,1&$6(21(,668))(5,1* )520$1,7&+
$QDV0D\$OODKEH SOHDVHGZLWKKLP UHSRUWHG 0HVVHQJHURI$OODK3%8+ SHUPLWWHG=XEDLU DQGC$EGXU5DKPDQELQC$XI0D\$OODKEHSOHDVHGZLWKWKHP WRZHDUVLONEHFDXVHWKH\ZHUH VXIIHULQJIURPDQLWFK >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLIQHHGHGHYHQPHQFDQZHDUFORWKHVPDGHIURPVLON)RU H[DPSOHLWPD\EHVXJJHVWHGLQFDVHRIDVNLQGLVHDVHOLNHLWFK$PDQPD\DOVREHDOORZHGWRZHDUD VLONGUHVVLQRUGHUWRHVFDSHH[WUHPHO\FROGRUKRWZHDWKHUSURYLGHGKHKDVQRRWKHUFORWKHV
&+$37(5
352+,%,7,212)86,1*7+( 6.,12)7+(/(23$5' 0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'RQRW ULGHRQVDGGOHVPDGHIURPVLONRUOHRSDUG VVNLQ
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
&+$37(5
6833/,&$7,21$77+(7,0( 2):($5,1*1(:'5(66 256+2(6 $EX6DCLG$O.KXGUL 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQ0HVVHQJHURI$OODK 3%8+ ZRUHDQHZJDUPHQWKHZRXOGQDPHLW)RULQVWDQFHDWXUEDQRUVKLUWRUFORDNDQGZRXOG VXSSOLFDWH $OODKXPPDODNDOKDPGX$QWDNDVDXWDQLKLDVCDOXNDNKDLUDKXZDNKDLUDPDVXQLCDODKX ZDDCXGKXELNDPLQVKDUULKLZDVKDUULPDVXQLCDODKX2$OODKDOOWKHSUDLVHLVIRU
JLYHQLWWRPHWRSXWRQ,DVN
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWZHVKRXOGUHFLWHWKHLQYRFDWLRQWDXJKWE\0HVVHQJHURI$OODK 3%8+ RQZHDULQJDQHZGUHVV,PDP$Q1DZDZLDUJXHVWKDWRQZHDULQJDQHZSDLURIVKRHVRU VRPHWKLQJOLNHWKDWRQHVKRXOGDOVRUHFLWHWKLVSUD\HU
&+$37(5
(;&(//(1&(2)67$57,1* )5207+(5,*+76,'(),567 :+,/(:($5,1*$'5(66 25$3$,52)6+2(6 $KDGLWKFRQFHUQLQJWKLVFKDSWHUKDVDOUHDG\EHHQQDUUDWHG6HHFKDSWHU
7+(%22.2)7+((7,48(77(2)6/((3,1* /<,1*$1'6,77,1*(7& &+$37(5
:+$7,672%(6$,'$77+( 7,0(2)6/((3,1* $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQHYHU0HVVHQJHURI$OODK 3%8+ ZHQWWREHGKHZRXOGOLHGRZQRQKLVULJKWVLGHDQGUHFLWH $OODKXPPDDVODPWXQDIVLLODLND ZDZDMMDKWXZDMKLLODLNDZDIDZZDGWXDPULLODLNDZD DOMD WX]DKULLODLNDUDJKEDWDQZDUDKEDWDQ LODLNDODPDOMD DZDODPDQMDLOODLODLND$PDQWXELNLWDELNDOODGKLDQ]DOWDZDQDEL\\LNDOODGKLDUVDOWD >2$OODK,KDYHVXEPLWWHGP\VHOIWR
>$O%XNKDUL@ &RPPHQWDU\ %HIRUHJRLQJWREHGDEHOLHYHUUHYLYHVKLVFRPPLWPHQWWR)DLWK,VODPDQG$OODKE\ UHFLWLQJWKLVSUD\HURI0HVVHQJHURI$OODK3%8+ 7KURXJKWKLVSUDFWLFHHYHU\QLJKWKHLVDEOHWR UHPHPEHU$OODKDQG+LV&RPPDQGPHQWVDPLGVWWKHDFWLYLWLHVRIWKHGD\WLPH $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ GLUHFWHGPHWKXV :KHQHYHU\RXJRWREHGSHUIRUP:XGX DV\RXGRIRU6DODWWKHQEHIRUHVOHHSLQJ UHFLWHC2$OODK,KDYHVXEPLWWHGP\VHOIWR
0HVVHQJHU RI$OODK3%8+ DGGHG ,IDQ\RQHUHFLWHVWKHVHZRUGVDQGGLHVGXULQJWKHQLJKWKHZLOOGLHRQWKH WUXH'HHQDQGLIKHUHPDLQVDOLYHWLOOWKHPRUQLQJKHZLOOREWDLQJRRG$QGPDNHWKLVVXSSOLFDWLRQ \RXUODVWZRUGVEHIRUHVOHHSLQJ
>$O%XNKDULDQG0XVOLP@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 7KH3URSKHW3%8+ XVHGWRRIIHUHOHYHQ 5DNCDKRIRSWLRQDO6DODWSUD\HUV LQWKHODWWHUSDUWRIQLJKW:KHQLWZDVDERXWGDZQKHZRXOGRIIHU WZRVKRUW5DNCDKDQGWKHQZRXOGOLHGRZQRQKLVULJKWVLGHWLOOWKH0X DGKGKLQRQHZKRFDOOVIRU
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
$QGZKHQKH ZRNHXSKHZRXOGVXSSOLFDWH$OKDPGXOLOODKLOODGKLDK\DQDEDCGDPDDPDWDQDZDLODLKLQQXVKXU $OOSUDLVHLVGXHWR$OODK:KRKDVEURXJKWXVEDFNWROLIHDIWHU+HKDVFDXVHGXVWRGLHDQGWR+LPLV WKHUHWXUQ
>$O%XNKDUL@ &RPPHQWDU\ ,QWKLVSUD\HURI0HVVHQJHURI$OODK3%8+ WKHVWDWHRIVOHHSLVDVVRFLDWHGZLWK GHDWKZKLOHWKHVWDWHRIEHLQJDZDNHLVDVVRFLDWHGZLWKOLIH)XUWKHUPRUHLWFRQMXUHVXSWKHYLVLRQRI 'RRPVGD\+RZHYHUWRUHFLWHWKHVHSUD\HUVSULRUWRJRLQJWRVOHHSDQGRQJHWWLQJXSZDVWKHSUDFWLFH RI0HVVHQJHURI$OODK3%8+
,ORRNHGXSDQGVDZWKDWLWZDV0HVVHQJHURI$OODK3%8+ >$EX'DZXG@ &RPPHQWDU\ 7RVOHHSLQSURQHSRVLWLRQLVH[WUHPHO\UHSXJQDQWDQG0HVVHQJHURI$OODK3%8+ KDV IRUELGGHQLW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUVLWVLQDSODFHZKHUHKHGRHVQRWUHPHPEHU$OODK6:7 KHZLOOVXIIHUORVVDQGLQFXU GLVSOHDVXUHRI$OODKDQGZKRHYHUOLHVGRZQWRVOHHS LQDSODFHZKHUHKHGRHVQRWUHPHPEHU$OODK KHZLOOVXIIHUVRUURZDQGLQFXUGLVSOHDVXUHRI$OODK
>$EX'DZXG@ &RPPHQWDU\ ,QWKHOLJKWRIWKLV+DGLWKUHPHPEUDQFHRI$OODKLVFRPPHQGDEOHHYHU\ZKHUH ,QGLIIHUHQFHWRLWGRXEWOHVVLQFXUV'LYLQHZUDWK
&+$37(5
0$11(562)/<,1*'2:1 2121( 6%$&.$1'3/$&,1* 21(/(*83217+(27+(5 C$EGXOODKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,VDZ0HVVHQJHURI$OODK 3%8+ O\LQJGRZQRQKLVEDFNLQWKHPRVTXHSODFLQJRQHOHJRQWKHRWKHU >$O%XNKDULDQG0XVOLP@ -DELUELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG $IWHUWKH)DMUGDZQ SUD\HUWKH 3URSKHW3%8+ XVHGWRVLWFURVVHGOHJJHGLQWKHVDPHSODFHLQZKLFKKHKDGSUD\HGWLOOWKHVXQVKRQH EULJKWO\ >$EX'DZXG@
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
>$EX'DZXG@ &RPPHQWDU\ 7KH-HZVDQG&KULVWLDQVDUHWKHSHRSOHXSRQZKRPFDPHWKH:UDWKRI$OODK0XVOLPV KDYHEHHQVWRSSHGIURPFRS\LQJWKHLUH[DPSOH%XWXQIRUWXQDWHO\WKH\QRZWDNHDSULGHLQLPLWDWLQJ WKHPLQHYHU\PDWWHUDQGWKLQNLWQHFHVVDU\IRUZRUOGO\SURJUHVV
&+$37(5
(7,48(77(2)$77(1',1* &203$1<$1'6,77,1* :,7+&203$1,216 ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 'RQRW DVNVRPHRQHWRJLYHXSKLVVHDWLQRUGHUWRWDNHLWEXWPDNHDFFRPPRGDWLRQZLGHDQGVLWDWHDVH
,W ZDV,EQC8PDU VKDELWWKDWLIDSHUVRQOHIWKLVVHDWIRUKLPKHZRXOGQRWWDNHLW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +HUHLQZHDUHWROGWKDWWKHVSDFHRIPHHWLQJVKRXOGEHZLGHHQRXJKWRDFFRPPRGDWH HYHU\SDUWLFLSDQW1RQHVKRXOGIHHOWKHVSDFHSUREOHP*RRGPDQQHUVGLVDOORZDQHZFRPHUWRJHWD VHDWYDFDWHGIRUKLPVHOIE\IRUFHQRPDWWHULIWKHRFFXSDQWLVDQLQIHULRU
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
WKHKRXVHVHWVIRUWKIRUWKHPRVTXHGRHVQRWIRUFLEO\ VLWEHWZHHQWZRSHUVRQVRIIHUVWKHSUD\HUWKDW LVSUHVFULEHGIRUKLPDQGOLVWHQVWRWKH,PDPVLOHQWO\KLVVLQVEHWZHHQWKLV)ULGD\DQGWKHSUHYLRXV )ULGD\ZLOOEHIRUJLYHQ
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVHLJKWSRLQWV)LUVWWRWDNHDEDWKRQ)ULGD\LVDPDWWHURI FRPPHQGDWLRQ6RPHVD\WKLVEDWKLVFRPPHQGDEOHZKLOHRWKHUVWKLQNLWLVQHFHVVDU\6HFRQGRQH VKRXOGWDNHLWLQWKHPRUQLQJRUEHIRUHJRLQJWRWKHPRVTXHWRRIIHUSUD\HU7KLUGRQWKLVRFFDVLRQWKH XVHRISHUIXPHRUKDLUFUHDPLVSUHIHUDEOH)RXUWKWKHUHLVDPHQWLRQRIJRRGPDQQHUV,QVWHDGRI FURVVLQJRYHUWKHKHDGVRIZRUVKLSSHUVRQHVKRXOGWU\WRORFDWHDQRSHQVSDFHDQGVLWWKHUH7RWKUXVW RQHVHOIEHWZHHQWZRVLWWLQJSHUVRQVORRNVDZNZDUG)LIWKHQWU\LQWRWKHPRVTXHVKRXOGEHIROORZHGE\ WKHSHUIRUPDQFHRIWZR5DNCDKSUD\HUHYHQLIWKH,PDPLVGHOLYHULQJ.KXWEDK UHOLJLRXVWDON 6L[WK DQDWWHPSWVKRXOGEHPDGHWRRIIHUYROXQWDU\SUD\HUEHIRUHWKH.KXWEDK6HYHQWKFRPSOHWHVLOHQFH VKRXOG EHREVHUYHGGXULQJWKH.KXWEDKWRWKHSRLQWWKDWRQHLVQRWDOORZHGWRVD\WRWKHRWKHUSHUVRQ .HHSVLOHQW
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDPDQLVIRUELGGHQWRSXVKKLPVHOIEHWZHHQWZRVLWWLQJ SHUVRQVXQOHVVWKH\WKHPVHOYHVDOORZKLPWRGRWKDW +XGKDLIDKELQ$O$EX 'DZXG@ &RPPHQWDU\ +HUHLQZHDUHDOVRWROGWKDWDPDQPXVWQRWSXVKKLPVHOILQWRWKHFLUFOHVRIVRPH VLWWLQJSHRSOHDVWKLVVKRZVQRFRQVLGHUDWLRQIRUWKHLUIHHOLQJV$0XVOLPVKRXOGQRWLQWUXGHRQRWKHU SHRSOH VSHUVRQDODIIDLUV $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUG0HVVHQJHURI$OODK 3%8+ VD\LQJ 7KHEHVWDVVHPEOLHVDUHWKRVHLQZKLFKSHRSOHPDNHURRPIRURQHDQRWKHU
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHFORVHO\VLWWLQJSHRSOHKDYHDIHHOLQJRIQDUURZQHVVDQG VXIIRFDWLRQ2QWKHRWKHUKDQGLQDZHOOVSDFHGPHHWLQJRQHKDVDIHHOLQJRIUHOLHIDQGFRPIRUW7KH +DGLWKXUJHVXVWRVSUHDGRXWLQDVVHPEOLHVDQGPDNHURRPIRURQHDQRWKHUWRWKHFRPIRUWRIHYHU\RQH $EX+XUDLUDK0D\$OODK EHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUVLWVLQDJDWKHULQJDQGLQGXOJHVLQXVHOHVVWDONDQGEHIRUHJHWWLQJXSVXSSOLFDWHVC6XEKDQDND $OODKXPPDZDELKDPGLNDDVKKDGXDQODLODKDLOOD$QWDDVWDJKILUXNDZDDWXEXLODLND2$OODK
>$W7LUPLGKL@ &RPPHQWDU\ $VHQVHOHVVERLVWHURXVWDONQRWUHODWHGWRWKHOLIHWRFRPHLVXQSURILWDEOHDQGZDUUDQWV GHSUHFDWLRQ%XWVLQFHLWLVDVPDOOVLQLWPD\EHSDUGRQHGLIRQHVLQFHUHO\UHSHQWVRILW
VXSSOLFDWLRQDUHPLQRUVLQVZKLFKUHODWHWRWKHYLRODWLRQRI$OODK V5LJKWVDVHYLGHQFHGE\RWKHU $KDGLWK $EX%DU]DK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7RZDUGVWKHHQGRIKLVOLIH0HVVHQJHURI $OODK3%8+ ZRXOGVXSSOLFDWHEHIRUHOHDYLQJDQDVVHPEO\WKXV 6XEKDQDND$OODKXPPDZD ELKDPGLNDDVKKDGXDQODLODKDLOOD$QWDDVWDJKILUXNDZDDWXEXLODLND2$OODK
$PDQRQFHVDLGWRKLP20HVVHQJHURI$OODK
+HVDLG ,WLVDQH[SLDWLRQRIWKDWZKLFK JRHVRQLQWKHDVVHPEO\
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
>$W7LUPLGKL@ &RPPHQWDU\7KLV+DGLWKUHYHDOVDSUD\HUWKURXJKZKLFKZHPD\EHDEOHWRUHDFKDOOWKDWZKLFKLV JRRGLQWKLVZRUOGDVZHOODVLQWKH+HUHDIWHU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 7KRVHSHRSOHZKROHDYHDJDWKHULQJLQZKLFKWKH\KDYHQRWUHPHPEHUHG$OODKZLOOFRQFOXGHLWDVLILW KDVIRXORGRXUVLPLODUWRWKDWRIDURWWHQFDUFDVVRIDGRQNH\$QGLWZLOOEHDFDXVHRIJULHIWRWKHP
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
>$W7LUPLGKL@ &RPPHQWDU\ $Q\PHHWLQJZKHUH$OODK6:7 LVQRWJORULILHGDQGSUDLVHGDQG+LVEOHVVLQJVDUHQRW LQYRNHGWRHOHYDWHWKHUDQNRI+LV3URSKHW3%8+ ZLOOFDXVHJULHIDQGSXQLVKPHQWWRWKHSDUWLFLSDQWV LQWKH+HUHDIWHU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG ,I DQ\RQHVLWVLQDJDWKHULQJZKHUHKHGRHVQRWUHPHPEHU$OODKKHZLOOEULQJJULHIXSRQKLPVHOIRQWKH 'D\RI5HVXUUHFWLRQ DQGKHZKROLHVGRZQLQDSODFHZKHUHKHGRHVQRWUHPHPEHU$OODKZLOOEULQJ
JULHIXSRQKLPVHOIRQWKH'D\RI5HVXUUHFWLRQ
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
&+$37(5
9,6,216,1'5($06$1' 0$77(565(/$7,1*727+(0 $OODKWKH([DOWHGVD\V $QGDPRQJ+LV6LJQVLV\RXUVOHHSE\QLJKWDQGE\GD\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $OO WKDWLVOHIWIURP3URSKHWKRRGLVWKHJODGWLGLQJV
+HZDVDVNHGZKDWWKHJODGWLGLQJVZHUHDQGKHVDLG 7KHJRRGGUHDP
>$O%XNKDUL@ &RPPHQWDU\ 'UHDPVDUHERWKSOHDVDQWDQGXQSOHDVDQWRUQLJKWPDULVK6RPHWLPHVDGUHDPLVEDVHG RQWUXWKDQGIRUHVKDGRZVDFRPLQJHYHQW7KHVLJQLILFDQFHRIVXFKDGUHDPLVUHDOLVHGDWDPRPHQW ZKHQRXUYLVLRQIORZVLQWRDUHDORFFXUUHQFH&RPLQJWRWKHPHDQLQJRIWKLV+DGLWKVLQFHWKH LQVWLWXWLRQRI3URSKHWKRRGLVDEROLVKHG5HYHODWLRQWRRFDQQRWGHVFHQGXSRQDQ\ERG\
>$O%XNKDULDQG0XVOLP@ 2QHQDUUDWLRQVD\V0HVVHQJHURI$OODK3%8+ VDLG 7KHPRVWWUXWKIXORI\RXLQWKHLUVSHHFKDUH WKRVHZKRVHHWKHWUXHVWYLVLRQV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7ZRWKLQJVDUHUHSRUWHGLQWKLV+DGLWK7KHQDUUDWRUIRUJHWVZKLFKRIWKHWZRKDVEHHQ XWWHUHGE\0HVVHQJHURI$OODK3%8+ ,ILWLVWKHILUVWLWPHDQVWKDWDEHOLHYHUZKRVDZ0HVVHQJHURI $OODK3%8+ LQDGUHDPZRXOGDOVRVHHKLPRQWKH'D\RI5HVXUUHFWLRQ,QDVHQVHLWYHULILHVWKH YHUDFLW\RIWKHEHOLHYHU,QWKHFDVHRIWKHVHFRQGWKHVHQVHLVFOHDU
3%8+ (YHU\0XVOLPWKHUHIRUHLVUHTXLUHGWRNQRZWKHLGHQWLW\DQGIHDWXUHVRI0HVVHQJHURI$OODK 3%8+ VRWKDW6DWDQPD\QRWGHFHLYHKLP $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ :KHQRQHRI\RXVHHVDGUHDPWKDWKHOLNHVWKHQLWLVIURP$OODK+HVKRXOGSUDLVH$OODKIRULW DQGUHODWHLWWRRWKHUV
$QRWKHUQDUUDWLRQDGGV0HVVHQJHURI$OODK3%8+ VDLG +HVKRXOGQRWUHSRUWLWH[FHSWWRWKRVH ZKRPKHORYHV$QGLIKHVHHVRQHZKLFKKHGLVOLNHVWKHQLWLVIURPWKH6DWDQ+HVKRXOGVHHNUHIXJH LQ$OODKDJDLQVWLWVHYLODQGVKRXOGQRWPHQWLRQLWWRDQ\RQH7KHQLWZLOOQRWKDUPKLP
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $VPHQWLRQHGLQWKHSUHFHGLQJ+DGLWKWKHUHDUHJRRGGUHDPVDQGEDGGUHDPV7KLV +DGLWKVKRZVXVZKDWWRGRLQRUGHUWRDYRLGWKHHYLORI6DWDQZKRFDQQRWKDUPDQ\RQHH[FHSWE\ $OODK VOHDYH -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0HVVHQJHURI$OODK3%8+ VDLG :KHQRQHRI \RXVHHVDEDGGUHDPOHWKLPEORZWKUHHWLPHVRQKLVOHIWVHHNUHIXJHLQ$OODKIURPWKH6DWDQWKUHH WLPHVLHE\VD\LQJ$CXGKXELOODKLPLQDVK6KDLWDQLU5DMLP DQGFKDQJHWKHVLGHRQZKLFKKHZDV O\LQJ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPDNHVDQDGGLWLRQWRWKHSUHFHGLQJRQHVWKDWLVRQVHHLQJDEDGGUHDP RQHVKRXOGFKDQJHKLVVLGH,IKHLVO\LQJRQKLVULJKWVLGHKHVKRXOGWXUQWRWKHOHIWDQGYLFHYHUVD%\ WKLVSUHFDXWLRQ$OODKZLOOWXUQDEDGGUHDPLQWRDJRRGRQHE\+LVOHDYH :DWKLODKELQ$O$VTDC0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG 2IWKHZRUVWOLHVDUHWRFODLPDIDOVHIDWKHURUWRSUHWHQGWRKDYHVHHQZKDWRQHKDVQRWVHHQWHOO DIDOVHGUHDP RUWRDWWULEXWHWRWKH0HVVHQJHURI$OODK3%8+ ZKDWKHKDVQRWVDLG
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
DQGSUHFHSWV$OOWKLVLVEDVHOHVVDQGQRQVHQVLFDO'UHDPVFDQQRWEHPDGHWKHWRXFKVWRQHRIYHULI\LQJ ZKDWLVODZIXORUXQODZIXORUZKDWLVWUXHRUXQWUXH:KDWZHQHHGLQGHHGDUHWKHWDQJLEOHDUJXPHQWV RIWKH6KDULCDK
7+(%22.2)*5((7,1*6 &+$37(5
(;&(//(1&(2)352027,1* *5((7,1*6 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH(QWHUQRWKRXVHVRWKHUWKDQ\RXURZQXQWLO\RXKDYHDVNHGSHUPLVVLRQDQG JUHHWHGWKRVHLQWKHP
%XWZKHQ\RXHQWHUWKHKRXVHVJUHHWRQHDQRWKHUZLWKDJUHHWLQJIURP$OODKLHVD\$V 6DODPXCDODLNXP SHDFHEHRQ\RX EOHVVHGDQGJRRG
:KHQ\RXDUHJUHHWHGZLWKDJUHHWLQJJUHHWLQUHWXUQZLWKZKDWLVEHWWHUWKDQLWRUDWOHDVW UHWXUQLWHTXDOO\
+DVWKHVWRU\UHDFKHG\RXRIWKHKRQRXUHGJXHVWV>WKUHHDQJHOV-LEULO*DEULHO DORQJZLWK DQRWKHUWZR@RI,EUDKLP$EUDKDP ":KHQWKH\FDPHLQWRKLPDQGVDLGC6DODPSHDFHEH XSRQ\RX +HDQVZHUHGC6DODPSHDFHEHXSRQ\RX
$EGXOODKELQC$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$PDQDVNHGWKH 0HVVHQJHURI$OODK3%8+ :KLFKDFWLQ,VODPLVWKHEHVW"
+H3%8+ UHSOLHG7RJLYHIRRGDQG WRJUHHWHYHU\RQHZKHWKHU\RXNQRZRU\RXGRQRW
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH,VODPLFIRUPRIJUHHWLQJ $V6DODPXC$ODLNXPPD\\RXEHVDIHIURPHYLO KDV EHHQLQH[LVWHQFHVLQFHWKHGD\VRI3URSKHW$GDP$FFRUGLQJWRVRPH$KDGLWKLWLVEHWWHUWRDGGLQ UHVSRQVHZD5DKPDWXOODKLZD%DUDNDWXKXDQGWKH0HUF\DQG%OHVVLQJVRI$OODK $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ FRPPDQGHGXVWRGRVHYHQWKLQJVWRYLVLWWKHVLFNWRIROORZWKHIXQHUDORIDGHDGEHOLHYHU WRLQYRNH WKH0HUF\RI$OODKXSRQRQHZKRVQHH]HVLHE\VD\LQJWRKLP$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 0XVOLPVKDYHREOLJDWLRQVWRZDUGVRQHDQRWKHU7KHIXOILOOPHQWRIWKLVVRFLDO UHVSRQVLELOLW\FUHDWHVDPRQJWKHPPXWXDOORYHDVHQVHRIFRKHVLRQDQGIHHOLQJVRIUHVSHFWIRURQH DQRWKHU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG %\+LPLQ:KRVH+DQGLVP\OLIH
>0XVOLP@ &RPPHQWDU\ ,PDQLVDSUHUHTXLVLWHIRUHQWU\WR-DQQDK:KHUHDVPXWXDOORYHDPRQJ0XVOLPVLV FRPSOHPHQWDU\WRLWDQGWKLVTXDOLW\FDQRQO\EHDWWDLQHGE\JLYLQJDVRFLDOFKDUDFWHUWRWKH,VODPLF IRUPRIJUHHWLQJWKDWLVWRVD\C$V6DODPXC$ODLNXP
C$EGXOODKELQ6DODP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ 2SHRSOHH[FKDQJHJUHHWLQJVRISHDFHLHVD\$V6DODPXC$ODLNXPWRRQH DQRWKHU IHHGSHRSOHVWUHQJWKHQWKHWLHVRINLQVKLSDQGEHLQSUD\HUZKHQRWKHUVDUHDVOHHS\RXZLOO HQWHU-DQQDKLQSHDFH
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
+H UHSOLHG 2$EX%DWQEHOO\ 7XIDLOKDGDODUJHEHOO\ ZHJRWRWKHPDUNHWWRJUHHWHYHU\RQHZH PHHW
>0DOLN@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVC$EGXOODKELQC8PDU VSDVVLRQIRUSURPRWLQJ6DODPZKLFKLVD SUDFWLFHRI6XQQDK6HFRQGO\ZHFDQFDOODSHUVRQE\KLVHSLWKHWLFQDPHSURYLGHGKHLVQRWRIIHQGHG E\LW
&+$37(5
:25'672%(86(')25 2))(5,1**5((7,1*6 ,WLVUHFRPPHQGHGIRUWKHRQHRIIHULQJJUHHWLQJVWRVD\C$V6DODPX$ODLNXPZD5DKPDWXOODKLZD %DUDNDWXKX 7KHUHSO\LVC:DC$ODLNXPXV6DODPXZD5DKPDWXOODKLZD%DUDNDWXKX
C,PUDQELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$PDQFDPHWRWKH3URSKHW 3%8+ DQGVDLG$V6DODPXC$ODLNXPPD\\RXEHVDIHIURPHYLO 0HVVHQJHURI$OODK3%8+ UHVSRQGHGWRKLVJUHHWLQJDQGWKHPDQVDWGRZQ7KH3URSKHW3%8+ VDLG 7HQPHDQLQJWKHPDQ KDGHDUQHGWKHPHULWRIWHQJRRGDFWV
$QRWKHURQHFDPHDQGVDLG$V6DODPXC$ODLNXPZD 5DKPDWXOODKPD\\RXEHVDIHIURPHYLODQG0HUF\RI$OODKEHXSRQ\RX
0HVVHQJHURI$OODK 3%8+ UHVSRQGHGWRKLVJUHHWLQJDQGWKHPDQVDWGRZQ0HVVHQJHURI$OODK3%8+ VDLG 7ZHQW\
$WKLUGRQHFDPHDQGVDLG$V6DODPXC$ODLNXPZD5DKPDWXOODKLZD%DUDNDWXKXPD\\RXEHVDIH IURPHYLODQGWKH0HUF\RI$OODKDQG+LV%OHVVLQJVEHXSRQ\RX
0HVVHQJHURI$OODK3%8+ UHVSRQGHGWRKLVJUHHWLQJDQGWKHPDQVDWGRZQ0HVVHQJHURI$OODK3%8+ VDLG 7KLUW\
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWZHFDQHDUQWHQIROGJRRGUHZDUGVE\JUHHWLQJDSHUVRQLQWKH ,VODPLFZD\7KHUHZLOOEHDIXUWKHUWHQIROGDGGLWLRQWRLWLIZHVD\$V6DODPXC$ODLNXPZD 5DKPDWXOODK PD\\RXEHVDIHIURPHYLODQGWKH0HUF\RI$OODKEHXSRQ\RX $QGLIZHVD\$V 6DODPXC$ODLNXPZD5DKPDWXOODKLZD%DUDNDWXKX
PD\\RXEHVDIHIURPHYLODQGWKH0HUF\RI$OODK DQG+LV%OHVVLQJVEHXSRQ\RX WKLUW\IROGJRRGUHZDUGFRPHVWRXV%XW$KDGLWKDUHVLOHQWRQ LQFUHDVLQJPRUHZRUGVWR6DODP6RWKLVPXFKZLOOVXIILFH C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGWRPH 7KLV LV-LEULO*DEULHO ZKRLVFRQYH\LQJ\RXJUHHWLQJVRISHDFH
,UHVSRQGHG:DC$ODLKLV6DODPXZD 5DKPDWXOODKLZD%DUDNDWXKXPD\KHEHVDIHIURPHYLODQGWKH0HUF\RI$OODKDQG+LV%OHVVLQJVEH XSRQKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDIILUPVWKHH[FHOOHQFHRIC$LVKDK0D\$OODKEHSOHDVHGZLWKKLP ,WDOVR WHOOVXVKRZWRUHVSRQGWRWKH6DODPRIDWKLUGSHUVRQWKDWLVZHVKRXOGVD\:DC$ODLKLV6DODPXZD 5DKPDWXOODKLZD%DUDNDWXKX
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGWKH3URSKHW3%8+ XVHGWRUHSHDWKLVZRUGV WKULFHVRWKDWWKHPHDQLQJWKHUHRIZRXOGEHIXOO\XQGHUVWRRGDQGZKHQHYHUKHFDPHXSRQDJDWKHULQJ RISHRSOHKHZRXOGJUHHWWKHP+HZRXOGUHSHDW6DODPWKULFH >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWRQHDVSHFWRIWKH3URSKHW VH[FHOOHQWPDQQHUVWKDWKHZRXOG WDNHGXHFDUHRIVKRZLQJUHJDUGIRUWKHVHQWLPHQWVRISHRSOH7KHZKROHRIDJDWKHULQJLVQRWVXSSRVHG WRKHDUWKH6DODPRIVRPHERG\DQGUHVSRQGWRKLP$VLQJOHSHUVRQFDQUHSUHVHQWWKHJDWKHULQJLQWKLV UHJDUG
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
+H VDLG 'RQRWVD\C$ODLNDV6DODPX 8SRQ\RXEHSHDFH 7KLVLVWKH6DODPWRWKHGHDG
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KLVLVSDUWRIDORQJ+DGLWKZKLFKKDVEHHQPHQWLRQHGHDUOLHURQ5HIHUWR+DGLWK DQGWKHFRPPHQWDU\IROORZLQJLW
&+$37(5
(7,48(77(2)2))(5,1* *5((7,1*6 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG $ ULGHUVKRXOGJUHHWDSHGHVWULDQDSHGHVWULDQVKRXOGJUHHWRQHZKRLVVLWWLQJDQGDVPDOOJURXSVKRXOG JUHHWDODUJHJURXSRISHRSOH
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ$O%XNKDULDGGV0HVVHQJHURI$OODK3%8+ VDLG 7KH\RXQJVKRXOGJUHHWWKH HOGHUO\
&RPPHQWDU\ 7KHJUHHWLQJRI$V6DODPX$ODLNXPVKRXOGEHXWWHUHGDFFRUGLQJWRWKHSUHVFULEHGZD\ ,WLVWKHVLWXDWLRQVXQGHUUHIHUHQFHDQGQRWWKHJUDGHVZKLFKZLOOEHWDNHQLQWRFRQVLGHUDWLRQLQWKLV UHVSHFW $EX8PDPDK6XGDL\ELQC$MODQ$O%DKLOL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH 0HVVHQJHURI$OODK3%8+ VDLG 7KHSHUVRQQHDUHVWWR$OODKLVRQHZKRLVWKHILUVWWRRIIHUJUHHWLQJ
>$EX'DZXG@ 7KHQDUUDWLRQLQ$W7LUPLGKLLV7KH0HVVHQJHURI$OODK3%8+ ZDVDVNHG20HVVHQJHURI$OODK :KHQWZRSHUVRQVPHHWZKRVKRXOGJUHHWWKHRWKHUILUVW"
7KH0HVVHQJHURI$OODK3%8+ VDLG 7KH SHUVRQQHDUHVWWR$OODKLH RQHZKRLVPRUHREHGLHQWDQGWKHUHIRUHFORVHUWR$OODKZLOOVD\$V6DODP ILUVW
&RPPHQWDU\ 7KHGHJUHHRIDPDQ VKXPEOHQHVVDQGPRGHVW\ZLOOEHPHDVXUHGE\WKHGHJUHHRIKLV QHDUQHVVWR$OODK2QHZKRLVQHDUHUWR$OODKLVDOZD\VWKHILUVWWRRIIHU$V6DODPWRRWKHUVZKLOH RWKHUVVWLFNWRWKHLUVWXFNXSEHKDYLRXU
&+$37(5
(;&(//(1&(2)*5((7,1* 7+($&48$,17$1&( 5(3($7('/< $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGLQWKH+DGLWKLQUHVSHFWRIWKHSHUVRQZKR ZDVDWIDXOWLQSHUIRUPLQJKLV6DODWSUD\HU +HFDPHWRWKH3URSKHW3%8+ DQGJUHHWHGKLP7KH 3URSKHW3%8+ UHVSRQGHGWRWKHJUHHWLQJDQGVDLG *REDFNDQGUHSHDW\RXU6DODWEHFDXVH\RXKDYH QRWSHUIRUPHGWKH6DODWSURSHUO\
+HDJDLQSHUIRUPHG6DODWDVKHKDGSUD\HGEHIRUHDQGFDPHWRWKH 3URSKHW3%8+ DQGJUHHWHGKLP7KH3URSKHW3%8+ UHVSRQGHGWRWKHJUHHWLQJVDQGUHSHDWHGKLV ZRUGVWRKLP 7KLVDFWRIUHSHDWLQJWKH6DODWDQGWKH6DODP ZDVGRQHWKULFH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXV WKDWRQHFDQJUHHWRWKHUVDIWHUVKRUWLQWHUYDOV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQRQHRI\RXPHHWVDEURWKHULQ)DLWK KHVKRXOGJUHHWKLP7KHQLIDWUHHRUDZDOORUDVWRQH LQWHUYHQHVEHWZHHQWKHPDQGWKHQKHPHHWVKLPDJDLQKHVKRXOGJUHHWKLP
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKFRQYLQFLQJO\EHDUVRXWWKHVXEMHFWPDWWHURIWKHFKDSWHU
&+$37(5
(;&(//(1&(2)*5((7,1* $77+(7,0(2)(175< ,1727+(+286( $OODKWKH([DOWHGVD\V %XWZKHQ\RXHQWHUWKHKRXVHVJUHHWRQHDQRWKHUZLWKDJUHHWLQJIURP$OODKLHVD\$V 6DODPXC$ODLNXP PD\\RXEHVDIHIURPHYLO EOHVVHGDQGJRRG
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLGWR PH 'HDUVRQZKHQ\RXHQWHU\RXUKRXVHVD\$V6DODPXC$ODLNXPWR\RXUIDPLO\IRULWZLOOEHD EOHVVLQJERWKWR\RXDQGWR\RXUIDPLO\
>$W7LUPLGKL@ &RPPHQWDU\ 0DQ\SHRSOHRQUHWXUQLQJKRPHIHHOEHOLWWOHGLQVD\LQJ$V6DODPXC$ODLNXPWRWKHLU KRXVHKROG,QIDFW$V6DODPLVDSUD\HUIRUJRRGQHVVEOHVVLQJDQGSHDFHDQGRQHVKRXOGKDYHQR FRPSOH[DERXWLW
&+$37(5
*5((7,1*7+(&+,/'5(1 $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGWKDWKHSDVVHGE\VRPHFKLOGUHQDQGJUHHWHGWKHP 7KHQKHVDLG0HVVHQJHURI$OODK3%8+ XVHGWRGRWKHVDPH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %\JUHHWLQJFKLOGUHQZHSOHDVHWKHLUKHDUWVDQGDOVRYHQWRXUPRGHVW\%HVLGHVWKH LPSRUWDQFHRI $V6DODPLVXQFRQVFLRXVO\IHOWE\WKHP$ERYHDOOLWLVWKH6XQQDKRIWKH0HVVHQJHURI $OODK3%8+ DQGVRZHDUHVXSSRVHGWRSXWLWLQWRSUDFWLFH
&+$37(5
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
$\RXQJZRPDQLVIRUELGGHQWRJUHHWPHQDQGWRUHVSRQGWRWKHLUJUHHWLQJ $JURXSRIZRPHQRUDQROGZRPDQDUHDOORZHGWRJUHHWPHQDQGWRUHVSRQGWRPHQ VJUHHWLQJV 0HQDUHDOVRDOORZHGWRJUHHWDJURXSRIZRPHQRUDQROGZRPDQ $PDQRQKLVRZQLVQRWDOORZHGWRJUHHWD\RXQJZRPDQ $PDQRQKLVRZQLVDOORZHGWRJUHHWDJURXSRIZRPHQ +RZHYHULQDOOWKHVHFDVHV,VODPLFUXOHVLQWKLVUHJDUGLQFOXGLQJWKHORZHULQJRIWKHJD]HDUHWREH REVHUYHG
&+$37(5
*5((7,1*7+(121086/,06 $1'352+,%,7,212)7$.,1* $1,1,7,$7,9( $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 'RQRWJUHHWWKH-HZVDQGWKH&KULVWLDQVEHIRUHWKH\JUHHW\RXDQGZKHQ\RXPHHWDQ\RQHRIWKHP RQWKHURDGIRUFHKLPWRJRWRWKHQDUURZHVWSDUWRILW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSURKLELWV0XVOLPVIURPJUHHWLQJQRQ0XVOLPVILUVW,WDOVRWHOOVXVWKDW ZKHQWKHURDGLVFURZGHGZHVKRXOGXVHWKHPLGGOHRIWKHURDGDQGOHWWKHQRQ0XVOLPVXVHLWVVLGHV 7KLV+DGLWKVKRZVWKHGLJQLW\RI0XVOLPVDQGWKHGLVJUDFHDQGKXPLOLDWLRQRIWKHQRQ0XVOLPV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQWKH SHRSOHRIWKH%RRNJUHHW\RXLHE\VD\LQJC$V6DPXC$ODLNXP PHDQLQJGHDWKEHXSRQ\RX \RX VKRXOGUHVSRQGZLWKC:DCDODLNXP >7KHVDPHRQ\RXLHDQGGHDWKZLOOEHXSRQ\RXIRUQRRQHZLOO HVFDSHGHDWK @
>$O%XNKDULDQG0XVOLP@ 8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ SDVVHGE\D PL[HGFRPSDQ\RISHRSOHZKLFKLQFOXGHG0XVOLPVSRO\WKHLVWVDQG-HZVDQGKHJDYHWKHPWKH JUHHWLQJLHVD\LQJ$V6DODPXC$ODLNXP >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,IWKHUHLVDPL[HGDVVHPEO\RI0XVOLPVDQGQRQ0XVOLPVRQHVKRXOGXWWHUJUHHWLQJWR LWEXWFRQVLGHU0XVOLPVDVRQH VDGGUHVVHHV
&+$37(5
(;&(//(1&(2)*5((7,1* 21$55,9$/$1''(3$5785( $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG :KHQRQHRI\RXDUULYHVLQDJDWKHULQJKHVKRXOGRIIHU6DODPWRWKRVHZKRDUHDOUHDG\WKHUHDQGKH VKRXOGDOVRGRVRZKHQKHLQWHQGVWRGHSDUW7KHILUVWDFWRIJUHHWLQJLVQRWPRUHPHULWRULRXVWKDQWKH ODVW
>$EX'DZXG@
&RPPHQWDU\ :HVKRXOGRIIHU $V6DODPWRWKRVHVLWWLQJLQDJDWKHULQJRQRXUDUULYDODVZHOODV GHSDUWXUH%RWKWKHJUHHWLQJVDUHHVVHQWLDO7KHILUVWDFWRIJUHHWLQJLVQRWPRUHPHULWRULRXVWKDQWKH ODVW
PHDQVWKDWZHVKRXOGXWWHULWRQERWKRFFDVLRQV
&+$37(5
6((.,1*3(50,66,2172 (17(5620(%2'< 6+286( $1'0$11(565(/$7,1*72,7 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH(QWHUQRWKRXVHVRWKHUWKDQ\RXURZQXQWLO\RXKDYHDVNHGSHUPLVVLRQDQG JUHHWHGWKRVHLQWKHP
$QGZKHQWKHFKLOGUHQDPRQJ\RXFRPHWRSXEHUW\WKHQOHWWKHPDOVR DVNIRUSHUPLVVLRQDV WKRVHVHQLRUWRWKHPLQDJH
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG 3HUPLVVLRQLVWREHVRXJKWWKULFH,ILWLVDFFRUGHG\RXPD\HQWHURWKHUZLVHJREDFN
>$O%XNKDULDQG0XVOLP@ 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 6HHNLQJSHUPLVVLRQWRHQWHUVRPHERG\ VKRXVH KDVEHHQSUHVFULEHGLQRUGHUWRUHVWUDLQWKHH\HV IURPORRNLQJDWVRPHWKLQJZHDUHQRWVXSSRVHGWRORRNDW
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
0HVVHQJHURI$OODK3%8+ VDLGWRWKHVHUYDQW *RRXWDQGLQVWUXFWKLPDERXWWKHPDQQHURI VHHNLQJSHUPLVVLRQ 7HOOKLPWRVD\ $V6DODPXC$ODLNXPPD\\RXEHVDIHIURPHYLO 0D\,FRPH LQ"
7KHPDQKHDUGWKLVDQGVDLG$V6DODPXC$ODLNXPPD\\RXEHVDIHIURPHYLO 0D\,FRPHLQ"
7KH3URSKHW3%8+ WKHQDFFRUGHGSHUPLVVLRQWRKLPDQGKHHQWHUHGLQ >$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVPDQQHUVRIYLVLWLQJDKRXVH2QHVKRXOGRIIHU$V6DODPWRWKH KRVWDWWKHGRRUVWHSDQGWKHQVHHNKLVSHUPLVVLRQWRHQWHU0RUHRYHUZHDUHWROGWRLPSDUWDUHOLJLRXV LQIRUPDWLRQWRDQLJQRUDQWSHUVRQVRWKDWKHPD\SXWLWLQWRSUDFWLFH .LOGDKELQ$O+DQEDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,YLVLWHGWKH3URSKHW3%8+ DQG,HQWHUHGKLVKRXVHZLWKRXWVHHNLQJSHUPLVVLRQ6RKHVDLG *REDFNDQGVD\C$V6DODPX CDODLNXPPD\\RXEHVDIHIURPHYLO 0D\,FRPHLQ"
>$EX'DZXGDQG$W7LUPLGKL@
&+$37(5
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
>$O%XNKDULDQG0XVOLP@ $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VWHSSHGRXWRQHQLJKWDQGVDZ0HVVHQJHU RI$OODK3%8+ ZDONLQJE\KLPVHOI,EHJDQWRZDONLQWKHPRRQOLWQLJKW+HWXUQHGURXQGDQGVDZ PHDQGDVNHG :KRLVWKHUH"
,UHSOLHG$EX'KDUU
>$O%XNKDULDQG0XVOLP@ 8PP+DQL0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,ZHQWWRWKH3URSKHW3%8+ ZKRZDV WDNLQJDEDWKZKLOH)DWLPDKZDVVFUHHQLQJKLP+HDVNHG :KRLVWKHUH"
,UHSOLHG,DP8PP +DQL
>$O%XNKDULDQG0XVOLP@ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,ZHQWWRWKH3URSKHW3%8+ DQGNQRFNHGDWWKH GRRUWRVHHNSHUPLVVLRQ +HDVNHG :KRLVWKHUH"
,VDLG,
+HUHSHDWHG
,,"
DVLIKHGLVOLNHG LW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $WWKHGRRUVWHSWKHYLVLWRUVKRXOGGLVFORVHKLVLGHQWLW\WRWKHKRVW6HFRQGO\WRNQRFN DWWKHGRRURUWRULQJWKHGRRUEHOOLVWDQWDPRXQWWRVHHNLQJSHUPLVVLRQWRHQWHUWKHKRXVH:KHQWKH KRVWFRPHVRXWWKHYLVLWRUVKRXOGILUVWRIIHUKLP$V6DODP
&+$37(5
6$<,1*C$/+$0'8/,//$+ 21 61((=,1*,765(3/<$1' 0$11(565(/$7,1*72 61((=,1*$1'<$:1,1* $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG $OODKOLNHV VQHH]LQJDQGGLVOLNHV\DZQLQJ:KHQDQ\RQHRI\RXVQHH]HVDQGVD\VC$OKDPGXOLOODKSUDLVHEHWR $OODK LWEHFRPHVREOLJDWRU\XSRQHYHU\0XVOLPZKRKHDUVKLPWRUHVSRQGZLWKC
>$O%XNKDUL@ &RPPHQWDU\ 6QHH]LQJOLJKWHQVWKHPLQGRIPDQDQGERGLO\KHIHHOVFRPIRUW,WLVWKHUHIRUH VRPHWKLQJJRRGDQGRQHVKRXOGJORULI\$OODKIRULW:KHUHDV\DZQLQJLVLQGLFDWLYHRIJOXWWRQ\VORWK DQGKHDYLQHVVDQGLVFRQVLGHUHG GLVDJUHHDEOH7KH3URSKHW3%8+ FRPPDQGHGXVWRVWRSLWHLWKHUE\ FORVLQJRXUPRXWKRUE\SXWWLQJRXUKDQGDFURVVLWLQRUGHUWRDYRLGDQDFWZKLFKSOHDVHV6DWDQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG :KHQ RQH RI\RXVQHH]HVKHVKRXOGVD\C$OKDPGXOLOODKSUDLVHEHWR$OODK DQGKLVEURWKHURUKLVFRPSDQLRQ VKRXOGVD\WRKLPC
DIIDLUV
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHDFKHV0XVOLPVWRKDYHJRRGZLVKHVIRURQHDQRWKHUDQGWRUHWXUQJRRG IRUJRRG7KLVUHFLSURFLW\LQFUHDVHVPXWXDOORYHDQGUHVXOWVLQWKHXQLW\SHDFHDQGG\QDPLVPRIWKH 0XVOLPVRFLHW\0D\ZHDFWXSRQWKHJROGHQSULQFLSOHVRIRXUUHOLJLRQ $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQRQHRI\RXVQHH]HVDQGSUDLVHV$OODKLHVD\V$OKDPGXOLOODK \RXVKRXOGLQYRNH$OODK V 0HUF\XSRQKLPLHVD\
>0XVOLP@ &RPPHQWDU\ 7ZRVHQVHVKDYHEHHQDWWULEXWHGWRWKLVSUD\HURI0HVVHQJHURI$OODK3%8+ ,WPHDQV WRSUD\IRUWKHJRRG DQGJURZWKRIVRPHERG\
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWZRPHQVQHH]HGLQWKHSUHVHQFHRIWKH 3URSKHW3%8+ KHUHVSRQGHGWRRQHZLWK
DQGGLG QRWUHVSRQGWRWKHRWKHU7KHODWWHUVDLGWRKLP
7KH3URSKHW3%8+ UHSOLHG+HSUDLVHG$OODKLHKHVDLG C$OKDPGXOLOODK EXW\RX GLGQRW
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ +HUHZHDUHWROGWKDWLQUHVSRQVHWRVQHH]LQJRQWKHSDUWRIQRQ0XVOLPVZHVKRXOG RQO\XWWHUWKHVHEHQHGLFWRU\ZRUGV
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQRQH\DZQVKHVKRXOGSXWKLVKDQGRYHUKLVPRXWKRWKHUZLVHWKHGHYLOZLOOHQWHU
>0XVOLP@ &RPPHQWDU\ $WWKHWLPHRI\DZQLQJRQHVKRXOGSXWKLVKDQGDFURVVKLVPRXWK,WLVDGLVOLNHGDFWRU 0DNUXKWR\DZQQRLVLO\EHFDXVHWKLVDFWSOHDVHV6DWDQ,QRWKHUZRUGVZHPXVWQRWPLVVDQ\FKDQFHWR GHJUDGHDQGIUXVWUDWH6DWDQ
&+$37(5
(;&(//(1&(2)+$1' 6+$.,1*$77+(7,0(2) 0((7,1* $EX.KDWWDE4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHG$QDV 'LGWKH &RPSDQLRQVRI0HVVHQJHURI$OODK3%8+ XVHWRVKDNHKDQGV"
+HVDLG
>$O%XNKDUL@ &RPPHQWDU\ 7RVKDNHKDQGVZLWKVRPHERG\LVDZHOFRPHVLJQDQGWKHSUDFWLFHRIWKH0HVVHQJHURI $OODK3%8+ 7KHVRFLDOEHKDYLRXURIWKH&RPSDQLRQVDOVRLQFOXGHGKDQGVKDNLQJDORQJZLWKVD\LQJ C$V6DODPXC$ODLNXP
$QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQ WKHSHRSOHRI
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWWKHFXVWRPRIKDQGVKDNLQJZDVSUHYDOHQWLQ
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
+HVDLG 1R
7KHPDQDVNHGZKHWKHUKH VKRXOGHPEUDFHDQGNLVVKLP"7KH0HVVHQJHURI$OODK3%8+ UHSOLHG 1R
+HDVNHGZKHWKHUKH VKRXOGKROGKLVKDQGDQGVKDNHLW"7KH0HVVHQJHURI$OODK3%8+ UHSOLHG
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
>$W7LUPLGKL@8QDSSURYHG+DGLWK ,QDQDUUDWLRQRI,EQ8PDU0D\$OODKEHSOHDVHGZLWKWKHP DWWKHHQGRIWKHQDUUDWLRQRI WKH +DGLWK KHVDLG :HFDPHQHDUWKH3URSKHW3%8+ DQGNLVVHGKLVKDQG
>$EX'DZXG@:HDN+DGLWK
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWK KDVDOUHDG\EHHQUHSRUWHG6HHWKHFRPPHQWDU\RQ+DGLWK1R $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ NLVVHGKLV JUDQGVRQ+DVDQELQC$OLLQWKHSUHVHQFHRI$TUDCELQ+DELV7KHUHXSRQ$TUDCUHPDUNHG,KDYHWHQ FKLOGUHQDQG,KDYHQHYHUNLVVHGDQ\RQHRIWKHP
7KH0HVVHQJHURI$OODK3%8+ FDVWDJODQFHXSRQ KLPDQGVDLG +HZKRGRHVQRWVKRZPHUF\WRRWKHUVZLOOQRWEHVKRZQPHUF\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQSODFHGHDUOLHU7RSDPSHUDQGNLVVFKLOGUHQLVDQ H[SUHVVLRQRIFRPSDVVLRQDQGNLQGQHVV2QHZKRODFNVWKLVWHQGHUTXDOLW\DQGIDLOVWREHKDYHNLQG KHDUWHGO\WRZDUGVSHRSOHPD\EHGHSULYHGRI'LYLQHPHUF\7KH0HVVHQJHURI$OODK3%8+ KDVVDLG +DYHFRPSDVVLRQIRURWKHUV$OODKZLOOKDYHPHUF\RQ\RX
2QDQRWKHURFFDVLRQWKH0HVVHQJHURI $OODK3%8+ VDLG%HPHUFLIXOWRRWKHUVDQG$OODKZLOOKDYHPHUF\RQ\RXDQGIRUJLYHRWKHUV \RX ZLOOEHIRUJLYHQ
7+(%22.2)9,6,7,1* 7+(6,&. &+$37(5
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
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HHWKHFRPPHQWDU\RQ+DGLWK1R $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 9HULO\$OODKWKH([DOWHGDQG*ORULRXVZLOOVD\RQWKH'D\RI5HVXUUHFWLRQC2VRQRI$GDP,ZDV LOOEXW\RXGLGQRWYLVLW0H +HZRXOGVD\C2P\5XEEKRZFRXOG,YLVLW\RXDQG
>0XVOLP@ &RPPHQWDU\ 7KHSHUVRQZKRLVPRUHEHQHILFLDOWRWKHVODYHVRI$OODKLVORYHGPRVWE\+LP$OODK OLNHVLWYHU\PXFKLIVRPHERG\VHUYHV+LVFUHDWXUHVDQGWUHDWVWKHPZHOO+HZLOOJLYHKLPWKHEHVW UHZDUGIRULW+HUHRQHKDVEHHQXUJHGLQDQHIIHFWLYHDQGHORTXHQWZD\WRYLVLWWKHVLFNDQGWRWUHDWWKH QHHG\QLFHO\
7KLV+DGLWKLVDFOHDUFXWSURRIUHIXWLQJSDQWKHLVPIRULWLVFOHDUWKDWWKLV+DGLWKGLIIHUHQWLDWHV EHWZHHQWKH&UHDWRUDQGWKHFUHDWXUHLQWHUPVRIIHHGLQJ JLYLQJZDWHUWRGULQNYLVLWLQJHWF
7KLV+DGLWKFRQILUPVWKHVSHHFKDV'LYLQHDWWULEXWH
7KDW$OODKUHZDUGV+LVVODYHVIRUWKHLUJRRGGHHGVDQGQHYHUZURQJVDWKLQJ
7KHGXW\RIORRNLQJDIWHUWKH0XVOLPVDQGWKHLULQWHUHVWVVHHNLQJWKHSOHDVXUHRI$OODK
7KHGXW\RIYLVLWLQJWKHVLFN
7KHGXW\RIRIIHULQJIRRGIRUWKHKXQJU\QHHG\0XVOLPV $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 9LVLWWKHVLFNIHHGWKHKXQJU\DQGDUUDQJHIRUWKH UHOHDVHRIWKHFDSWLYH
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
>0XVOLP@ C$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ :KHQD0XVOLPYLVLWVDVLFN0XVOLPDWGDZQVHYHQW\WKRXVDQGDQJHOVNHHSRQ SUD\LQJIRUKLPWLOOGXVN,IKHYLVLWVKLPLQWKHHYHQLQJVHYHQW\WKRXVDQGDQJHOVNHHSRQSUD\LQJIRU KLPWLOOWKHPRUQLQJDQGKHZLOOKDYHKLVVKDUHRI UHDSHGIUXLWVLQ-DQQDK
>$W7LUPLGKL@
&RPPHQWDU\ %RWKWKLV+DGLWKDQGWKHSUHFHGLQJRQHOD\VWUHVVRQWKHYLUWXHRIYLVLWLQJDVLFN SHUVRQVRDVWRREWDLQWKH'LYLQHUHZDUG7KH+DGLWKPHQWLRQV GDZQ
DQGHYHQLQJ
WRPHDQDWDOO WLPHVDQGQRWQHFHVVDULO\DWWKRVHSDUWLFXODUWLPHV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$\RXQJ-HZLVKER\ZKRZDVLQWKHVHUYLFHRI WKH3URSKHW3%8+ IHOOLOO7KH3URSKHW3%8+ ZHQWWRYLVLWKLP+HVDWGRZQE\KLVKHDGDQGVDLG WRKLP (PEUDFH,VODP
7KHOLWWOH ER\ORRNHGDWKLVIDWKHUZKRZDVVLWWLQJEHVLGHKLP+HVDLG2EH\ $EXO4DVLPLHWKH0HVVHQJHURI$OODK3%8+
6RKHHPEUDFHG,VODPDQGWKH3URSKHWVWHSSHG RXWVD\LQJ 3UDLVHEHWR$OODK:KRKDVVDYHGKLPIURP+HOOILUH
>$O%XNKDUL@ &RPPHQWDU\ +HUHLQWKHH[DPSOHRIWKH0HVVHQJHURI$OODK3%8+ LQVSLUHVXVWRYLVLWHYHQDVLFN GLVEHOLHYHUDQGLQYLWHKLPWRDFFHSW,VODP%HVLGHVWKH+DGLWKWHOOVWKDWWKHFRPSDQ\RIWKHYLUWXRXV GRHVEHDUIUXLWDQGWKDWZHVKRXOGFRQWLQXHWRKRSHWKDWWKH KHDUWRIDGLVEHOLHYHUZLOOWXUQWR$OODKDW DQ\PRPHQW)XUWKHUPRUHZHFRPHWREHOLHYHWKDWSDUHQWVWKRXJKQRWFOLQJLQJWRWKHULJKWZD\PD\ WHOOWKHLURIIVSULQJWRSXUVXHWKHWUXWK
&+$37(5
6833/,&$7,21)257+(6,&. C$LVKDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQDSHUVRQFRPSODLQHGWRWKH3URSKHW 3%8+ DERXWDQDLOPHQWRUVXIIHUHGIURPDVRUHRUDZRXQGWKH3URSKHW3%8+ ZRXOGWRXFKWKH JURXQGZLWKKLVIRUHILQJHUDQGWKHQUDLVHLW6XI\DQELQC8\DLQDKWKHQDUUDWRUGHPRQVWUDWHGWKLVZLWK KLVIRUHILQJHU DQGZRXOGUHFLWH C%LVPLOODKLWXUEDWXDUGLQDELULTDWLEDCGLQD\XVKIDELKLVDTLPXQLEL
LGKQL5DEELQD :LWKWKH1DPHRI$OODKWKHGXVWRIRXUJURXQGPL[HGZLWKWKHVDOLYDRIVRPHRIXV ZRXOGFXUHRXUSDWLHQWZLWKWKHSHUPLVVLRQRIRXU5XEE
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUG
HQTXLUHGDERXWWKHSDWLHQW VKHDOWKRUYLVLWHG RFFXUVLQWKH+DGLWK WH[WTXRWHGE\,PDP$Q1DZDZL %XWDFFRUGLQJWR$O%XNKDUL WKLVZRUGLV<XDZZLGX
ZKLFKVD\V ,EQ+DMDULVV\QRQ\PRXVWRWKHZRUG
EOHZRYHUWKHSDWLHQW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDLGWR7KDELW0D\$OODKKDG0HUF\XSRQ KLP 6KRXOG,QRWSHUIRUP5XT\DKLHUHFLWHVXSSOLFDWLRQ RU4XUDQLF$\DWDQGEORZ RYHU\RXVXFK VXSSOLFDWLRQDVZDVSUDFWLVHGE\WKH0HVVHQJHURI$OODK3%8+ "
+HVDLG 3OHDVHGRVR
$QDV0D\ $OODKEHSOHDVHGZLWKKLP VXSSOLFDWHG $OODKXPPD5DEEDQQDVLPXGKKLEDOED VLLVKIL$QWDVK 6KDIL ODVKDIL\D LOOD$QWDVKLID DQOD\XJKDGLUXVDTDPDQ>2$OODKWKH5XEERIPDQNLQG7DNHDZD\ WKLVGLVHDVHDQGFXUHKLPRUKHU
>$O%XNKDUL@
&RPPHQWDU\ 7KHVDLG+DGLWKWHVWLILHVWKDWWKH3URSKHW3%8+ DQGWKH&RPSDQLRQVKDGFHUWDLQO\ CEORZQRYHU WKHSDWLHQWV7KHUHLVQRGRXEWDERXWWKDW
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVLWLVQRWQHFHVVDU\WKDWDSDWLHQWVKRXOGH[FOXVLYHO\JHW5XT\DK IURPRWKHUVUDWKHUKHFDQDOVRGR5XT\DKKLPVHOIE\UHFLWLQJWKH3URSKHW VVXSSOLFDWLRQV ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG +HZKRYLVLWV DVLFNSHUVRQZKRLVQRWRQWKHSRLQWRIGHDWKDQGVXSSOLFDWHVVHYHQWLPHV$V DOXOODKDOC$]LPD5DEEDO C$UVKLOC$]LPLDQ\DVKIL\DND,EHVHHFK$OODKWKH*UHDWWKH5XEERIWKH*UHDW7KURQHWRKHDO\RX $OODKZLOOFHUWDLQO\KHDOKLPIURPWKDWVLFNQHVV
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
>$O%XNKDUL@ &RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKDSDWLHQWVKRXOGEHWROGWKDWKLVGLVHDVHZLOOSXUJHRXWKLV VLQV7RVLWEHVLGHWKHVLFNWRFRPIRUWKLVKHDUWDQGWRVD\DIHZZRUGVRIV\PSDWK\WRKLPZDVWKH 3URSKHW VSUDFWLFH $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG-LEULO*DEULHO FDPHWRWKH 3URSKHW3%8+ DQGVDLG20XKDPPDG3%8+ 'R\RXIHHOVLFN"
+H3%8+ VDLG
-LEULO VXSSOLFDWHGWKXVLHKHSHUIRUPHG5XT\DK %LVPLOODKLDUTLNDPLQNXOOLVKD\ LQ\X GKLNDPLQVKDUUL NXOOLQDIVLQDZCD\QLKDVLGL$OODKX\DVKILNDELVPLOODKLDUTLND>:LWKWKH1DPHRI$OODK,UHFLWHRYHU \RXWRFOHDQVH\RX IURPDOOWKDWWURXEOHV\RXDQGIURPHYHU\KDUPIXOPLVFKLHIDQGIURPWKHHYLORI WKHH\HVRIDQHQYLHU$OODKZLOOFXUH\RXDQGZLWKWKH1DPHRI$OODK ,UHFLWHRYHU\RX@
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKFOHDUO\WHOOVXVWKDWWKH3URSKHW3%8+ ZDVQRWIUHHIURPWKHEDVLF DWWULEXWHVRIKXPDQQDWXUHDQGRFFDVLRQDOO\KHDOVRIHOOLOO$QJHO-LEULO*DEULHO WKHUHIRUHSUD\HGIRU KLVKHDOWKDQGVDIHW\DJDLQVWDOOWKRVHWKLQJVZKLFKFRXOGKDUPKLP7KHVHSUD\HUVVKRXOGEHUHFLWHG DIWHUWKH3URSKHW VSUDFWLFH
$EX6DCLG$O.KXGULDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH 0HVVHQJHURI$OODK3%8+ VDLG ,IDSHUVRQVD\VC/DLODKDLOODOODKXZDOODKX$NEDU7KHUHLVQRWUXH JRGH[FHSW$OODKDQG$OODKLV*UHDWHVW KLV5XEEUHVSRQGVWRKLPDQGDIILUPVC
7KH0HVVHQJHURI$OODK3%8+ DGGHG +HZKRUHFLWHVWKLV GXULQJKLVLOOQHVVDQGGLHVZLOOQRWEHWRXFKHGE\WKH)LUH+HOO
>$W7LUPLGKX@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[FHOOHQFHRIWKHZRUGVPHQWLRQHGDERYH7KLVLVVREHFDXVH RIJUHDWPHDQLQJWKH\KDYHQDPHO\WKHILUPEHOLHILQ$OODK+LV2QHQHVVDQG*ORULILFDWLRQWKDWWR+LP $ORQHZHVKRXOGUHWXUQXSRQ+LP$ORQHZHVKRXOGUHO\DQGWR+LP$ORQHZHVKRXOGH[SUHVV JUDWHIXOQHVV,IVRPHERG\XWWHUVWKHPGXULQJKLVLOOQHVVKLVOLIHLVVXUHWRFRPHWRDQHQGLQDJRRG ZD\WKDWLVKHZLOOJRWR-DQQDK
&+$37(5
5(&200(1'$7,212) ,148,5,1*7+()$0,/< 0(0%(562) 7+(3$7,(17 $%287+,6&21',7,21 ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQC$OL0D\$OODKEHSOHDVHGZLWK KLP FDPHRXWDIWHUYLVLWLQJWKH0HVVHQJHURI$OODK3%8+ GXULQJKLVODVWLOOQHVVWKHSHRSOHDVNHG +RZLV0HVVHQJHURI$OODK3%8+ 2$EXO+DVDQ"
+HUHSOLHG 3UDLVHEHWR$OODKKH3%8+ LV IHHOLQJEHWWHU
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKVKRZVWKDWLIDSDWLHQWLVLQDFULWLFDOFRQGLWLRQDQGSHRSOHDUHDGYLVHGQRW WRYLVLWKLPLWZLOOEHDSSURSULDWHWRHQTXLUH RIKLVEORRGUHODWLYHVDERXWKLVKHDOWK7KHIDPLO\ PHPEHUVWRRDUHVXSSRVHGWRJLYHDQHQFRXUDJLQJUHSRUWDERXWWKHSDWLHQW VFRQGLWLRQWRHQTXLUHUV
&+$37(5
6833/,&$7,21:+(121(,6 ',6$332,17('$%287+,6/,)( C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG:KLOHWKH3URSKHW3%8+ ZDVUHFOLQLQJ DJDLQVWPHGXULQJKLVODVWLOOQHVV ,KHDUGKLPVD\LQJ $OODKXPPDJKILUOLZDUKDPQLZDDOKLTQLELU 5DILTLO$COD2$OODKIRUJLYHPHEHVWRZ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0RVWRIWKHC8ODPD EHOLHYHWKDW$OODKLVWKH6XEOLPH&RPSDQLRQ$U5DILT$O$COD $U5DILTWKH&RPSDQLRQ LVRQHRIWKH'LYLQH1DPHV6RPHWDNHLWWRPHDQWKHVXSUHPHFRPPXQLRQ RIDQJHOV3URSKHWVPDUW\UVDQGWKHULJKWHRXV3URSKHW<XVXI-RVHSK KDGSUD\HGWR$OODK $QG MRLQPHZLWKWKHULJKWHRXV
$WWKHKRXURIGHDWKPDQVKRXOGFXWRIIKLVOLQNZLWKWKHZRUOGDQGXQLWHLWZLWKWKH+HUHDIWHU%\ VHHNLQJ'LYLQHIRUJLYHQHVVWKH3URSKHW 3%8+ DLPHGDWPRUDOHOHYDWLRQDQGDEXQGDQFHRIJRRGQHVV 2WKHUZLVHKHZDVSURWHFWHGE\$OODKDQGLPPXQHDJDLQVWVLQQLQJ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,VDZWKH0HVVHQJHURI$OODK3%8+ ZKHQKH ZDVDWWKHSRLQWRIGHDWK+HKDGDGULQNLQJERZOZLWKZDWHULQLW+HZRXOGGLSKLVKDQGLQWRWKHERZO DQGZLSHKLVIDFH7KHQKHZRXOGVXSSOLFDWH 2$OODK+HOSPHRYHUSDQJVDQGDJRQ\RIGHDWK
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWRRDIILUPVWKH3URSKHW VFUHDWXUDODVSHFWWKDWLVWRVD\OLNHRWKHUKXPDQV KHZDVDOVRRYHUZKHOPHGE\WKHLQWHQVLW\RILOOQHVVDQGIHOWLWVDJRQ\,QKLVODVWGD\VKHVXIIHUHGIURP LQWHQVHIHYHU,QRUGHUWRGHFUHDVHWKHKLJKWHPSHUDWXUHKHUHSHDWHGO\ZHWKLVULJKWKDQGZLWKZDWHU DQGSDVVHGLW RYHUKLVIDFH/LNHDOOPRUWDOVKHWRRH[SHULHQFHGWKHDJRQ\RIWKHODVWPRPHQWVDQG SUD\HGWR$OODKIRULWVDOOHYLDWLRQDQGVRXJKW+LV+HOS6KHLNK$O$OEDQLFRQVLGHUVWKHDXWKHQWLFLW\RI WKLV+DGLWKDVGHILFLHQW+RZHYHUWKH3URSKHW3%8+ LVDXWKHQWLFDOO\UHSRUWHGWRKDYHORVW FRQVFLRXVQHVVGXULQJVHYHUHLOOQHVV%RWKWKH$KDGLWKRIWKLVFKDSWHUUHYHDOWKDWPDQVKRXOGVHHNKHOS IURP$OODKDWWKHKRXURIKLVGHSDUWXUHIURPWKLVZRUOG
&+$37(5
,16758&7,1*7+(3$7,(17 6)$0,/< 72%(.,1'72+,0 &2162/,1*7+( 3$7,(176$1'6+2:,1*.,1'1(6672 21()$&,1*'($7+6(17(1&( C,PUDQELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$ZRPDQEHORQJLQJWRWKH -XKDLQDKWULEHFDPHWRWKH0HVVHQJHURI$OODK3%8+ DIWHUKDYLQJFRQFHLYHGIURP=LQD6KH VXEPLWWHG20HVVHQJHURI$OODK,DPOLDEOHWR+DGGSXQLVKPHQWRUGDLQHGE\$OODK VRH[HFXWHLW
7KH0HVVHQJHURI$OODK3%8+ FDOOHGKHUJXDUGLDQDQGVDLG 7UHDWKHUZHOODQGEULQJKHUWRPHDIWHU GHOLYHU\
+HDFWHGDFFRUGLQJO\7KHQWKH0HVVHQJHU RI$OODK3%8+ FRPPDQGHGWRWLHKHUFORWKHV ILUPO\DURXQGKHUDQGWKHQVWRQHGKHUWRGHDWK+H3%8+ WKHQRIIHUHGIXQHUDOSUD\HUIRUKHU >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVUHOHYDQFHWRWKHWKHPHRIWKHFKDSWHUDVZHVHHLW0RUHRYHULWUHYHDOV WKDWLIDZRPDQEHFRPHVSUHJQDQWDIWHUFRPPLWWLQJDGXOWHU\VKHZLOOQRWEHVXEMHFWHGWRSXQLVKPHQW LPPHGLDWHO\,QVWHDGWKHSHQDOW\ZLOOWDNHSODFHDIWHUFKLOGELUWK7KLVZLOOFHUWDLQO\FRQWULEXWHWRWKH UHPLVVLRQRIKHUVLQVDQGZLOODOVREHDIDFWRULQRIIHULQJWKHIXQHUDOSUD\HUIRUKHU
&+$37(5
3(50,66,%,/,7<2) (;35(66,1*)((/,1*62) $*21<,16(5,286,//1(66 ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,YLVLWHGWKH3URSKHW^3%8+ ZKLOHKH ZDVVXIIHULQJ,VDLG20HVVHQJHURI$OODK
+HVDLG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRWKURZVOLJKWRQWKHIDFWWKDWWKH3URSKHW3%8+ ZDVPHUHO\DKXPDQ EHLQJ%HVLGHVLWWHOOVXVWKDWRQHLVDWOLEHUW\WRVSHDNRIRQH VVXIIHULQJ 6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ FDPHWRYLVLWPHZKHQ,KDGDVHYHUHSDLQ,VDLG ,DPVXIIHULQJIURPVXFKWURXEOHDV\RXDUH REVHUYLQJ,DPDZHDOWK\PDQDQGWKHRQO\KHLURIPLQHLVP\GDXJKWHU
7KHQ6DCGQDUUDWHGWKH
ZKROHLQFLGHQW >$O%XNKDULDQG0XVOLP@ $O4DVLPELQ0XKDPPDGUHSRUWHGC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG2KP\KHDG
,WZDVKXUWLQJGXHWRSDLQ 7KHUHXSRQWKH3URSKHW 3%8+ VDLG 5DWKHULWLV,ZKRVD\VC2KP\ KHDGDFKH
7KHQ$O4DVLPQDUUDWHGWKHFRPSOHWHQDUUDWLRQ >$O%XNKDUL@ &RPPHQWDU\ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU KDGDKHDGDFKHDQGVKHWROGWKH3URSKHW 3%8+ DERXWLW+HVDLG 0\KHDGWRRLVVSOLWWLQJZLWKSDLQ
7KLVPHDQVWKDWDPDQFDQH[SUHVVWKH LQWHQVLW\RIKLVSDLQDQGVXIIHULQJSURYLGHGKHKDVQRLQWHQWLRQWRFRPSODLQDJDLQVWWKH:LOORI$OODK DQGSRLQWRXWKLVVRUURZDQGIUXVWUDWLRQ$O4DVLPELQ0XKDPPDGELQ$EX%DNUWKHUHSRUWHURIWKLV +DGLWKZDVC$LVKDK VQHSKHZDQGRQHRIWKHVHYHQGLVWLQJXLVKHGMXULVWVRI$O0DGLQDK
&+$37(5
+(/3,1*$'<,1*3(562172 3521281&(C/$,/$+$ ,//$//$+
0XCDGKELQ-DEDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRVHODVWZRUGVDUHC/DLODKDLOODOODK 7KHUHLVQRWUXHJRGH[FHSW$OODK ZLOOHQWHU -DQQDK
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKVD\VWKDWLIDPDQ VWRQJXHVSRQWDQHRXVO\VWDUWVXWWHULQJWKHEDVLF WHVWLILFDWLRQRI,VODP1RQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODK
MXVWEHIRUHKLVGHDWKKHZLOO XQGRXEWHGO\HQWHU-DQQDK+RZHYHULWLVQRWGHILQLWHZKHWKHUKHZLOOJRWR-DQQDKLQWKHILUVWSKDVHRU ZLOOEHDGPLWWHGWRLWLQWKHVHFRQGSKDVHDIWHUXQGHUJRLQJDSXULILFDWLRQSURFHVV7KLVGHSHQGVRQWKH :LOORI$OODK
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLPSOLHVWKH3URSKHW VLQVWUXFWLRQWRKLVIROORZHUVWRUHFLWHWKHWHVWLILFDWLRQ RI,VODP/DLODKDLOODOODK7KHUHLVQRWUXHJRGH[FHSW$OODK EHVLGHWKHG\LQJSHRSOHVRWKDWWKH\PD\ DOVRUHFLWHLWDIWHUKHDULQJLW
&+$37(5
6833/,&$7,2172%(0$'( 6221$)7(5$ 3(5621 6'($7+ 8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ YLVLWHG $EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLP ZKHQKLVH\HVZHUHRSHQVRRQDIWHUKHGLHG+HFORVHG WKHPWKHH\HV IRUKLPDQGVDLG :KHQWKHVRXOLVWDNHQDZD\WKHVLJKWIROORZVLW
6RPHPHPEHUVRI KLVIDPLO\EHJDQWRZHHS+H3%8+ VDLG 'RQRWVXSSOLFDWHIRU\RXUVHOYHVDQ\WKLQJEXWJRRGIRU WKHDQJHOVVD\CDPLQ WRZKDW\RXVD\
7KHQKHVDLG 2$OODK)RUJLYH$EX6DODPDKUDLVHKLV UDQN DPRQJWKRVHZKRDUHULJKWO\JXLGHGDQGJUDQWKLPDVXFFHVVRUIURPKLVGHVFHQGDQWVZKRUHPDLQ EHKLQG*UDQWKLPSDUGRQDQGXVWRR25XEERIWKHZRUOGV0DNHKLVJUDYHVSDFLRXVIRUKLPDQGJLYH
KLPOLJKWLQLW
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
&+$37(5
*22':25'672 %(877(5('%()25($'<,1* 3(5621$1'+,6)$0,/< 8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU 7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQ \RXYLVLWDVLFNRUDG\LQJSHUVRQ\RXVKRXOGXWWHUJRRGZRUGVEHFDXVHWKHDQJHOVVD\C$PLQ DWZKDW \RXVD\
6KHDGGHG:KHQ$EX6DODPDK0D\$OODKEHSOHDVHGZLWKKLP GLHG,FDPHWRWKH3URSKHW 3%8+ DQGVDLG20HVVHQJHURI$OODK$EX6DODPDKKDVGLHG
+H3%8+ GLUHFWHGPHWR VXSSOLFDWHWKXV $OODKXPPDJKILUOLZDODKXZDDCTLEQLPLQKXCXTEDKDVDQDWDQ>2$OODKIRUJLYHPH DQGKLPDQGEHVWRZXSRQPHDEHWWHUIXWXUHJLYHPHDEHWWHUVXEVWLWXWH @
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
+RXVHRI3UDLVH
>$W7LUPLGKL@ &RPPHQWDU\ 7KHGHDWKRIDFKLOGLVGLVWUHVVLQJWRSDUHQWV%XWLWZLOOEHDPDWWHURIJUHDWH[FHOOHQFH RQWKHLUSDUWLIWKH\DUHSDWLHQW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $OODKWKH([DOWHGVD\VC,KDYHQRUHZDUGH[FHSW-DQQDKIRUDEHOLHYLQJVODYHRI0LQHZKRVKRZV SDWLHQFHDQGDQWLFLSDWHV0\UHZDUGZKHQ,WDNHDZD\KLVIDYRXULWHRQHIURPWKHLQKDELWDQWVRIWKH ZRUOG
>$O%XNKDUL@ 8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$GDXJKWHURIWKH3URSKHW3%8+ VHQWDPHVVDJHWRKLPWKDWKHUVRQZDVDWKLVODVWEUHDWKDQGUHTXHVWHGKLPWRFRPHWRKHU7KH 0HVVHQJHURI$OODK3%8+ VHQWEDFNWKHLQIRUPHUVD\LQJ 7R$OODKEHORQJVZKDW+HWDNHVDQGZKDW +HJLYHVDQGHYHU\WKLQJKDVDOLPLWHGSHULRGLQWKLVZRUOG 6RDVNKHUWRHQGXUHSDWLHQWO\DQGH[SHFW WKHUHZDUGRI$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKH[KRUWVXVWRNHHSVHOIFRPSRVXUHDWDPRPHQWRIWULEXODWLRQ7KH 3URSKHW VGDXJKWHUPHQWLRQHGLQWKLV+DGLWKLV=DLQDE0D\$OODKEHSOHDVHGZLWKKHU 6HHWKH &RPPHQWDU\RQ+DGLWK1R
&+$37(5
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 8QGHUWKHVWUHVVRIJULHIPDQEHFRPHVKHDY\KHDUWHGDQGWHDUVIORZRXWIURPKLVH\HV 7KLVLVVRPHWKLQJQDWXUDODQGEH\RQGKXPDQFRQWURO5DWKHUWKHRXWIORZRIWHDUVUHVXOWVIURP'LYLQH FRPSDVVLRQ7KLVLVQHLWKHUIRUELGGHQQRUVXEMHFWWRDFFRXQWDELOLW\,WLVRQO\ZDLOLQJZKLFKLV+DUDP DQGLVSXQLVKDEOH
8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$JUDQGVRQFKLOGRIWKHGDXJKWHU RI WKH0HVVHQJHURI$OODK3%8+ ZDVSUHVHQWHGWRKLPZKLOHWKHFKLOGZDVDWKLVODVWEUHDWK7HDUV EHJDQWRIORZIURPWKHH\HVRIWKH0HVVHQJHU RI$OODK3%8+ 6DCGVDLGWRKLP:KDWLVWKLV2 0HVVHQJHURI$OODK"
+H3%8+ VDLG ,WLVPHUF\ZKLFK$OODKKDVSODFHGLQWKHKHDUWVRIKLVVDOYHV $OODKEHVWRZV+LV0HUF\RQWKHPHUFLIXODPRQJ+LVVODYHV
>$O%XNKDULDQG0XVOLP@ $QDV0D\ $OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ FDPHWRKLVVRQ ,EUDKLP0D\$OODKEHSOHDVHGZLWKKLP ZKHQKHZDVEUHDWKLQJKLVODVW7KHH\HVRIWKH0HVVHQJHURI $OODK3%8+ EHJDQVKHGGLQJWHDUVC$EGXU5DKPDQELQC$XI 0D\$OODKEHSOHDVHGZLWKKLP VDLG 20HVVHQJHURI$OODK\RXWRRZHHS"
+H3%8+ VDLG 2,EQC$XI,WLVPHUF\
7KHQKHEHJDQWR ZHHSDQGVDLG7KHH\HVDUHVKHGGLQJWHDUVDQGWKHKHDUWLVJULHYHGDQGZHZLOOQRWVD\H[FHSWZKDW SOHDVHVRXU5XEE2,EUDKLP ,QGHHGZHDUHJULHYHGE\\RXUGHSDUWXUH
>$O%XNKDUL@ &RPPHQWDU\ 7KHGHDWKRIWKH3URSKHW VVRQ,EUDKLPERUQRI0LUL\DK0D\$OODKEHSOHDVHGZLWK KHU KDGRFFXUUHGLQWKHWHQWK\HDURI+LMUD7KH$KDGLWKFOHDUO\SURYHWKDWZHHSLQJRYHUDORYHGRQH V GHDWKLVSHUPLVVLEOH%XWLWVKRXOGEHYRLGRIZDLOLQJ
&+$37(5
352+,%,7,212)',6&/26,1* 7+(3+<6,&$/'()(&762)7+( '(&($6(' $EX5DILC$VODP0D\$OODKEHSOHDVHGZLWKKLP WKHIUHHGVODYHRIWKH0HVVHQJHURI$OODK 3%8+ UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRZDVKHVDGHDGERG\DQGFRQFHDOV ZKDWKHQRWLFHVRISK\VLFDOGHIHFWVKHZLOOEHIRUJLYHQIRUW\WLPHV
>$O+DNLP@ &RPPHQWDU\ ,IGXULQJZDVKLQJDPDQ VGHDGERG\WKHZDVKHUKDVQRWLFHGVRPHSK\VLFDOGHIHFWRU VRPHVRUWRIGHIRUPDWLRQLQLWKHVKRXOGDYRLGGLVFORVLQJLWWRRWKHUVVRWKDWDEDGQDPHPD\QRWFRPH WRWKHGHSDUWHGVRXO
&+$37(5
3$57,&,3$7,21,1)81(5$/35$<(5$1' 352&(66,21$1'7+(',6/,.(2) :20(13$57,&,3$7,1* ,17+()81(5$/352&(66,21 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUIROORZVWKHIXQHUDOSURFHVVLRQDQGRIIHUVWKHIXQHUDOSUD\HUIRULWZLOOJHWDUHZDUGHTXDOWR RQH4LUDWDQGZKRHYHUDWWHQGVLWWLOOEXULDOZLOOJHWDUHZDUGHTXDOWRWZR4LUDW
,WZDVDVNHG:KDW DUHWZR4LUDW"
+H3%8+ UHSOLHG (TXDOWRWZRKXJHPRXQWDLQV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 3DUWLFLSDWLRQLQD0XVOLP VIXQHUDOSURFHVVLRQDQGSUD\HUIRUKLPEULQJVD0XVOLPD JUHDWUHZDUG OLNHWKHPDVVLYHQHVVRIDELJPRXQWDLQ$QGLIKHVWD\VEHVLGHWKHJUDYHWLOOWKHEXULDO WDNHVSODFHWKHUHZDUGZLOOEHFRPHWZRIROGWKDWLVHTXDOLQJWKHPDVVLYHQHVVRIWZRKXJHPRXQWDLQV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRVRHYHUDWWHQGVWKHIXQHUDORID0XVOLPEHOLHYLQJDQGKRSLQJIRUWKHUHZDUGIURP$OODKDQG UHPDLQVZLWKLWXQWLOWKHSUD\HULVRIIHUHGRYHULWDQGWKHEXULDOLVFRPSOHWHGKHZLOOUHWXUQZLWKD UHZDUGRIWZR4LUDWHDFK4LUDWLVHTXLYDOHQWWR0RXQW8KXGDQGZKRVRHYHURIIHUVKLVSUD\HURYHULW DQGUHWXUQVEHIRUHLWVEXULDOKHZLOOFRPHEDFNZLWKRQH4LUDW
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
&+$37(5
(;&(//(1&(2)3$57,&,3$7,21 ,1)81(5$/35$<(56,1/$5*( 180%(56$1')250$7,212) 7+5((52:625025( C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,ID JURXSRI0XVOLPVQXPEHULQJDKXQGUHGSHUIRUPIXQHUDOSUD\HURYHUDGHDGSHUVRQDQGDOORIWKHPDVN $OODK VIRUJLYHQHVVIRUKLPWKHLU SUD\HUIRUKLPZLOOEHDFFHSWHG
>0XVOLP@ ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,I D0XVOLPGLHVDQGIRUW\SHRSOHZKRGRQRWDVVRFLDWHDQ\WKLQJZLWK$OODKLQZRUVKLSSDUWLFLSDWHLQWKH IXQHUDOSUD\HURYHUKLP$OODKZLOODFFHSWWKHLULQWHUFHVVLRQIRUKLP
>0XVOLP@ 0DUWKDGELQC$EGXOODK$O
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
&+$37(5
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
>$EX'DZXGDQG$W7LUPLGKL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ :KHQ\RXSUD\RYHUWKHGHDGPDNHDVLQFHUHVXSSOLFDWLRQIRUKLP
>$EX'DZXGDQG,EQ0DMDK@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VXSSOLFDWHGLQ FRXUVHRIIXQHUDOSUD\HU$OODKXPPD$QWD5DEEXKDZD$QWDNKDODTWDKDZD$QWDKDGD\WDKDOLO ,VODPZD$QWDTDEDGWDUXKDKDZD$QWDDCODPXELVLUULKDZDCDODQL\\DWLKDML QDNDVKXIDCD DODKX>LIWKH GHDGSHUVRQLVDPDQRUODKDLIWKHGHDGSHUVRQLVDZRPDQ@IDJKILUODKX>RUODKDLILWLVDZRPDQ@2 $OODK
>$EX'DZXG@ :DWKLODKELQ$O$VTDC0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ OHGWKHIXQHUDOSUD\HURID0XVOLPPDQLQRXUSUHVHQFHDQG,KHDUGKLPVD\LQJ $OODKXPPD LQQD>QDPHRIWKHGHDGSHUVRQ@ILGKLPPDWLNDZDKDEOLMLZDULNDIDTLKLILWQDWDOTDEULZDCDGKDEDQ 1DULZD$QWDDKOXOZDID LZDOKDPGL$OODKXPPDIDJKILUODKXZDUKDPKXLQQDND$QWDO*KDIXUXU 5DKLP>,IWKHGHDGSHUVRQLVDZRPDQRQHFDQFKDQJHKXLQVRPHZRUGVKHUHZLWKKD@>2$OODKVR DQGVRVRQRIVRDQGVR LVLQ
GHVHUYHWREHSUDLVHG2$OODK)RUJLYHKLPDQGEHPHUFLIXOWRKLP,QGHHG
>$EX'DZXG@ C$EGXOODKELQ$EX$XID0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG :KLOHRIIHULQJWKHIXQHUDO SUD\HURIRQHRIKLVGDXJKWHUVKHUHFLWHGIRXU7DNELUDQGDIWHUWKHIRXUWK7DNELUKHFRQWLQXHGVWDQGLQJ IRUDWLPHHTXDOWR DQLQWHUYDOEHWZHHQWZR7DNELUSUD\LQJIRUKHUDQGVHHNLQJ$OODK VIRUJLYHQHVVIRU KHU
7KHQKHVDLG7KH0HVVHQJHURI$OODK3%8+ XVHGWRGRVR
$QRWKHUQDUUDWLRQLV+H$EGXOODK UHFLWHGIRXU7DNELUDQGUHPDLQHGVWDQGLQJLQSUD\HUIRUVRPHWLPH WLOOZHWKRXJKWWKDWKHZRXOGUHFLWHWKHILIWK7DNELU7KHQKHJDYH6DODPRQWKHULJKWDQGRQWKHOHIW :KHQKHWXUQHGDVLGHZHDVNHGKLPDERXWLW+HUHSOLHG ,ZRXOGDGGQRWKLQJWRZKDW,VDZWKH 0HVVHQJHURI$OODK3%8+ GRLQJ
RUKHVDLG 7KH0HVVHQJHURI$OODK3%8+ XVHGWRGRVR
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
&+$37(5
+$67(,1%85,$/ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ +XUU\XSZLWKWKHGHDGERG\IRULWVEXULDO IRULILWLVSLRXV\RXDUHVSHHGLQJLWWRJRRGQHVVDQGLILW LVRWKHUZLVH\RXDUHOD\LQJDQHYLORII\RXUQHFNV
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
>$O%XNKDUL@ &RPPHQWDU\ 2QO\$OODKNQRZVWKHUHDOLW\DVWRKRZDGHDGERG\VSHDNV+RZHYHUQR LPSUREDELOLW\LVLQYROYHGLQWKLVPDWWHU$OODKLVHPSRZHUHGWROHWDQ\GHDGERG\VSHDNLI+HVROLNHV :HDUHVXSSRVHGWREHOLHYHLWRQWKHDXWKRULW\RIDXWKHQWLF$KDGLWK
&+$37(5
$%28763(('<5(3$<0(172) 7+('(%762)$'(&($6('3(5621$1' 35(3$5$7,212)%85,$/ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KHVRXORI WKHGHFHDVHGEHOLHYHUUHPDLQVSHQGLQJRQDFFRXQWRIWKHGHEWWLOOLWWKHGHEW LVUHSD\HG
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
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDGHOD\LQWKHEXULDORIDGHDGSHUVRQZLOOEHFRQVLGHUHGLOO DGYLVHGLIQRWVXSSRUWHGE\VROLGUHDVRQVRUD6KDULCDKDUJXPHQW
&+$37(5
$'021,7,21%(6,'( 7+(*5$9( C$OL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HZHUHDFFRPSDQ\LQJDIXQHUDOSURFHVVLRQLQ %DTLC $O*KDUTDGJUDYH\DUGLQ$O0DGLQDK ZKHQWKH0HVVHQJHURI$OODK3%8+ SURFHHGHG WRZDUGVXVDQGVDWGRZQ:HVDWDURXQGKLP+HKDGDVPDOOVWLFNLQKLVKDQG+HZDVEHQGLQJGRZQ KLVKHDGDQGVFUDSLQJWKHJURXQGZLWKWKHVWLFN+HVDLG 7KHUHLVQRQHDPRQJ\RXEXWKDVDSODFH DVVLJQHGIRUKLPHLWKHULQWKH-DQQDKRULQWKH+HOO
7KH&RPSDQLRQVVDLG20HVVHQJHURI$OODK VKRXOGZHQRWGHSHQGXSRQZKDWKDVEHHQZULWWHQIRUXVDQGJLYHXSGRLQJJRRGGHHGV "
7KH 0HVVHQJHURI$OODK3%8+ VDLG &DUU\RQGRLQJJRRGGHHGV(YHU\RQHZLOOILQGLWHDV\WRGRVXFK GHHGVDVZLOOOHDGKLPWRKLVGHVWLQHGSODFH IRUZKLFKKHKDVEHHQFUHDWHG
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
&+$37(5
6833/,&$7,21)257+( '(&($6('$)7(5+,6%85,$/ $EX C$PUDOVRFDOOHG$EX C$EGXOODKDQGDOVR$EX/DLOD IURPC8WKPDQELQC$IIDQ0D\$OODK EHSOHDVHGZLWKKLP UHSRUWHG$IWHUWKHEXULDORIDGHDGPDQWKH3URSKHW3%8+ ZRXOGVWDQGE\WKH JUDYHDQGVD\ $VN$OODKWR IRUJLYH\RXUEURWKHUDQGVXSSOLFDWHIRUKLPIRUVWHDGIDVWQHVVEHFDXVHKHLV EHLQJTXHVWLRQHGDERXWKLVGHHGV QRZ
>$EX'DZXG@ &RPPHQWDU\ :HDUHWROGLQWKLV+DGLWKWKDWWZRDQJHOVTXHVWLRQPDQLQWKHJUDYH$OODKKHOSVDWUXH EHOLHYHULQDQVZHULQJFRUUHFWO\+HVD\VWRWKHDQJHOV$OODKLVP\5XEE,VODPLVP\UHOLJLRQ$QG WKHPDQVHQWE\$OODKDV+LV3URSKHWLV0XKDPPDG
$FRQGHPQHGSHUVRQZLOOVD\$D$D,GRQRW NQRZ
:HDUHWKHUHIRUHSDUWLFXODUO\LQVWUXFWHGWKDWDIWHUWKHEXULDORIDIHOORZ0XVOLPZHVKRXOG VXSSOLFDWHEHVLGHKLVJUDYHIRUKLVEHLQJILUPIRRWHGDJDLQVWWKHRUGHDOWRZKLFKKHZLOOEHVXEMHFWHG C$PUELQ$OCDV0D\$OODKEHSOHDVHGZLWKKLP XVHGWRVD\ :KHQ\RXKDYHEXULHGPHNHHS VWDQGLQJQHDUP\JUDYHWLOOIRUWKHWLPHLWWDNHVWR DFDPHOLVVODXJKWHUHGDQGLWVPHDWLVGLVWULEXWHGVR WKDW,PD\IHHO\RXUQHDUQHVVDQGNQRZZKDWWRUHSO\WRWKHDQJHOVVHQWE\P\5XEE
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
&+$37(5
&+$5,7<21%(+$/)2) 7+('(&($6('$1'35$<,1* )25+,0 $OODKWKH([DOWHGVD\V $QGWKRVHZKRFDPHDIWHUWKHPVD\C2XU5XEE)RUJLYHXVDQGRXUEURWKHUVZKRKDYH SUHFHGHGXVLQ )DLWK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG$PDQVDLGWRWKH3URSKHW3%8+ 0\ PRWKHUKDVGLHGVXGGHQO\,WKLQNWKDWLIVKHZHUHDEOHWRWDONDOLYH VKHZRXOGKDYHJLYHQLQ6DGDTDK FKDULW\ 6RLI,JLYH6DGDTDKQRZRQ KHUEHKDOIZLOOVKHJHWWKHUHZDUG"
7KH0HVVHQJHURI$OODK 3%8+ VDLG
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
FDQQRWEHFRQVLGHUHGULJKWIXORUUHZDUGLQJWRWKHGHDG)RUIXUWKHUGHWDLORQHFDQ UHIHUWR6KHLNK$O $OEDQL V$KNDPXO-DQDL] $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDPDQGLHVKLVGHHGVFRPHWRDQHQGH[FHSWIRUWKUHH$FRQWLQXRXVFKDULW\NQRZOHGJHE\ ZKLFKSHRSOHGHULYHEHQHILWSLRXVVRQZKRSUD\VIRUKLP
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
6RORQJDVWKH\H[LVWDQGSHRSOHEHQHILWIURPWKHPWKHGHDGSHUVRQZLOONHHSUHFHLYLQJKLVGXHUHZDUG 7KHVDPHLVSHUWLQHQWWRWKHVSUHDGRINQRZOHGJHRI,VODPLFGLVFLSOLQHVWRSHRSOH VPRUDOXSOLIW)RU LQVWDQFHLIGXULQJKLVOLIHWLPHKHZURWHERRNVEDVHGRQ4XU DQDQG+DGLWKDGYRFDWHGWKH FDXVHRI ,VODPLQVWUXFWHGORWVRISXSLOVLQ,VODPLFWHDFKLQJVLWZLOOEHFRXQWHGDVDQXQHQGLQJDFWLYLW\RQKLV SDUW7RTXRWHD+DGDWK7KHRQHZKRFDOOHGSHRSOHWRDGRSWWKH5LJKW3DWKZLOOUHFHLYHUHZDUGLQWKH VDPHPHDVXUHDVGLGWKRVHZKRKDGWKHJRRGIRUWXQHWRIROORZKLP
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
&+$37(5
35$,6,1*7+('(&($6(' $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG6RPH&RPSDQLRQVKDSSHQHGWRSDVVE\DIXQHUDO SURFHVVLRQELHU DQGWKH\SUDLVHGKLPWKHGHFHDVHG 7KH3URSKHW3%8+ VDLG +HZLOOFHUWDLQO\ HQWHULW
7KHQWKH\SDVVHGE\DQRWKHUIXQHUDOSURFHVVLRQDQGWKH\VSRNHLOORIWKHGHFHDVHG7KH 3URSKHW3%8+ VDLG +HZLOOFHUWDLQO\HQWHULW
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWK KLP VDLG20HVVHQJHURI$OODK ZKDWGR\RXPHDQE\C+HZLOOFHUWDLQO\HQWHULW"
+H3%8+ UHSOLHG
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
7KHQDQRWKHUIXQHUDOSURFHVVLRQSDVVHGE\ DQGWKHSHRSOHSUDLVHGWKHGHFHDVHGC8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP VDLG+H
ZLOOFHUWDLQO\HQWHULW
$WKLUGIXQHUDOSURFHVVLRQSDVVHGE\DQGWKHSHRSOHVSRNHLOORIWKHGHFHDVHG +HVDLG+HZLOOFHUWDLQO\HQWHULW
,$EXO$VZDG DVNHG2$PLU$O0X PLQLQLH/HDGHURIWKH %HOLHYHUV :KDWGR\RXPHDQE\C+HZLOOFHUWDLQO\HQWHULW "
+HUHSOLHG,VDLGWKHVDPHDVZDVVDLG E\WKH3URSKHW3%8+ +H3%8+ VDLG C,IIRXUSHUVRQVWHVWLI\WKHULJKWHRXVQHVVRID0XVOLP$OODK ZLOOJUDQWKLP-DQQDK :HDVNHGC,IWKUHHSHUVRQVWHVWLI\KLVULJKWHRXVQHVV" +H3%8+ UHSOLHG C(YHQWKUHH 7KHQZHDVNHG C,IWZR" +H3%8+ UHSOLHG C(YHQWZR :HGLGQRWDVNKLPUHJDUGLQJ WKHWHVWLPRQ\ RIRQH
>$O%XNKDUL@
&+$37(5
683(5,25,7<2)21(:+2,6 %(5($9('2)+,6,1)$176 $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $Q\ 0XVOLPZKRORVHVWKUHHFKLOGUHQEHIRUHWKH\UHDFKWKHDJHRIPDWXULW\ZLOOEHJUDQWHG-DQQDKE\ $OODKWKH([DOWHGRXWRI+LV0HUF\IRUWKHP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2QO\WKDWPDQZKRSDWLHQWO\HQGXUHVWKHORVVRIKLVFKLOGUHQDQGH[SHFWVUHZDUGIURP $OODKZLOOHQMR\WKLVSULYLOHJH$OODKZLOOKDYHPHUF\RQVXFKSHRSOHDQGDGPLWWKHPLQWR-DQQDK RZLQJWR+LV0HUF\WRZDUGVWKHVHLQQRFHQWFKLOGUHQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $0XVOLPZKRVHWKUHHFKLOGUHQGLHLQLQIDQF\ ZLOOQRWEHWRXFKHGE\WKH)LUHRI+HOO H[FHSWIRUWKH IXOILOOPHQWRI$OODK V2DWK
>$O%XNKDULDQG0XVOLP@ >$OODK V2DWKKHUHUHIHUVWR+LV$\DK 7KHUHLVQRWRQHRI\RXEXWZLOOFURVVRYHULW+HOO
$QGWKHFURVVLQJZLOOEHDFURVVWKHC%ULGJH VHWRYHUWKH+HOO@ &RPPHQWDU\ 2QWKH'D\RI5HVXUUHFWLRQDOOKXPDQVEHOLHYHUVDQGGLVEHOLHYHUVZLOOKDYHWRFURVV WKHCC6LUDWRU%ULGJH
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
7KH0HVVHQJHURI$OODK3%8+ IL[HGDGD\DQGGLUHFWHGWKHPWRDVVHPEOH:KHQWKH\JDWKHUHGWKH3URSKHW3%8+ ZHQWWRWKHPDQG WDXJKWWKHPZKDW$OODKKDGWDXJKWKLP+H3%8+ WKHQVDLG $Q\ZRPDQRI\RXZKRVHWKUHH FKLOGUHQGLHLQLQIDQF\ WKH\ZLOOEHDJXDUGIRUKHUDJDLQVW)LUHRI+HOO
2QHRIWKHZRPHQDVNHG :KDWLIVKHORVHVWZR"
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG (YHQWZR
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,VODPUHTXLUHVXVWRGRDOOWKDWZHFDQWRLPSDUWPRUDOLQVWUXFWLRQDQGWKHNQRZOHGJHRI ,VODPLFVFLHQFHVWRZRPHQ,IDZRPDQKHUVHOIKDVUHFHLYHG,VODPLFHGXFDWLRQDQGSRVVHVVHVWKH RXWORRNRIDWUXH0XVOLPWKHFKLOG VXSEULQJLQJZLOODXWRPDWLFDOO\EHIDVKLRQHG RQ,VODPLFOLQHV7KH \RXQJHUJHQHUDWLRQ VDYHUVLRQWR,VODPDQGLWVDORRIQHVVIURP,VODPLFPDQQHUVFDQEHUHIHUUHGLQWKH ILUVWSODFHWRPRWKHU VODFNRI,VODPLFHGXFDWLRQ,QIDFWWKH0XVOLPZRPHQHVVHQWLDOO\QHHGWREH JURXQGHGLQ,VODPLFVFLHQFHVVRDVWRJXLGHWKHLUFKLOGUHQ
&+$37(5
:((3,1*:+,/(3$66,1* %<7+(*5$9(62) 7+(,1),'(/6 ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQWKH0HVVHQJHURI$OODK3%8+ DQG KLV&RPSDQLRQVUHDFKHG$O+LMUWKHGZHOOLQJVRIWKH7KDPXGSHRSOHKHDGPRQLVKHGKLV&RPSDQLRQV VD\LQJ 'RQRWSDVVE\WKHVHSHRSOHZKRDUHEHLQJWRUPHQWHGZLWKRXWZHHSLQJOHVWWKHSXQLVKPHQW VKRXOGEHIDOO\RXDVLWKDGEHIDOOHQWKHP
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG:KHQWKH0HVVHQJHURI$OODK 3%8+ SDVVHGQHDU$O+LMUKHVDLG 'RQRWHQWHUZLWKRXWZHHSLQJWKHGZHOOLQJVRIWKRVHZKR ZURQJHGWKHPVHOYHVOHVWWKHVDPHFKDVWLVHPHQWVKRXOGIDOOXSRQ\RXDVLWKDGIDOOHQXSRQWKHP
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
0D\$OODKVDYHXVIURPLW
7+(%22.2)(7,48(77( 2)75$9(//,1* &+$37(5
7+('(6,5$%,/,7<2)6(77,1*21 $-2851(<217+856'$<,17+(($5/< 3$572)7+('$< .DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ VHWRXWRQ 7KXUVGD\IRUWKHH[SHGLWLRQRI7DEXN+HOLNHGWRVHWRXWRQDMRXUQH\RQ7KXUVGD\V >$O%XNKDULDQG0XVOLP@ 6DNKUELQ:DGDCDK$O*KDPLGL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG 2$OODK%OHVVP\SHRSOHLQWKHHDUO\SDUWRIWKHGD\PRUQLQJ :KHQHYHUKH GLVSDWFKHGDGHWDFKPHQWRUDQDUP\XQLWKHZRXOGGLVSDWFKLWDWWKHEHJLQQLQJRIWKHGD\VRRQDIWHU GDZQ 7KHQDUUDWRU6DNKU0D\$OODKEHSOHDVHGZLWKKLP ZDVDPHUFKDQWDQGKHXVHGWRVHQGRII KLVPHUFKDQGLVHDWWKHEHJLQQLQJRIWKHGD\6RKLVWUDGHIORXULVKHGDQGKHPDGHDJRRGIRUWXQH >$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ 7KHWZR$KDGLWKPHQWLRQHGDERYHSRLQWRXWWKHGHVLUDELOLW\WRVHWRIIRQDMRXUQH\ EXVLQHVVWULS-LKDGRUDQ\WKLQJOLNHWKDW
&+$37(5
7+('(6,5$%,/,7<2) 81'(57$.,1*$-2851(<,1 $*5283$1'$332,17,1* $/($'(5 ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :HUHSHRSOHWRNQRZRIZKDW,NQRZDERXWWKHGDQJHUVRIWUDYHOOLQJDORQHQRULGHUZRXOGWUDYHO DORQHDWQLJKW
>$O%XNKDUL@ &RPPHQWDU\ /RQHO\WUDYHOOLQJZKDWHYHULWVIRUPLVLQDGYLVDEOHDWQLJKWDQGFDQFDXVHPDQ\ LQFRQYHQLHQFHV7KHVHLQFRQYHQLHQFHVLQFOXGHGHSULYDWLRQRISHUIRUPLQJFRQJUHJDWLRQDOSUD\HUV IHHOLQJVRIORQHOLQHVVDQGLVRODWLRQDQGIDFLQJXQH[SHFWHGVLWXDWLRQVDQGGDPDJHV%XWWKHUHDOUHDVRQV EHKLQGWKLVSURKLELWLRQRQO\$OODKNQRZV C$PUELQ6KXCDLE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $VLQJOHULGHULVDFFRPSDQLHGZLWK 6DWDQDQGWZRULGHUVDUHDFFRPSDQLHGZLWK WZR6DWDQV 7KUHHULGHUVIRUPDJURXS
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ 7KH+DGLWKWHOOVXVWKDWDW OHDVWWKUHHWUDYHOOLQJFRPSDQLRQVDUHSUHIHUDEOHEHFDXVHLI WKH\DUHRQO\WZRRQHPD\GURSGXHWRVRPHHPHUJHQF\DQGWKHRWKHUZLOOUHPDLQDORQH2QHRUWZR ULGHUV WUDYHOOHUV KDYHEHHQGHVFULEHGLQWKH+DGLWKDVDFFRPSDQLHGZLWK6DWDQ
DQGWKLVPHDQVWKDW WKH\FDQKDUGO\HVFDSHWKHGHYLO+RZHYHULQFDVHRIWKUHHWKH\ZLOOUHPDLQLPPXQHIURPVDWDQLF LQVLQXDWLRQV $EX6DCLG$O.KXGULDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH 0HVVHQJHURI$OODK3%8+ VDLG :KHQWKUHHSHUVRQVVHWRXWRQDMRXUQH\WKH\VKRXOGDSSRLQWRQHRI WKHPDVWKHLUOHDGHU
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
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ $QDUP\RIWZHOYHWKRXVDQGVROGLHUVLIHQGRZHGZLWKVWURQJIDLWKDQGUHVROYHLV HQRXJKWRIDFHHYHQDQDUP\RIODUJHVL]H,WFDQQRWEHGHIHDWHGPHUHO\RQWKHEDVLVRIQXPEHU6RPH RWKHUIDFWRUVDFFRXQWLQJIRULWVGHIHDWPD\QRWEHUXOHGRXWEXWLWZLOOQRWEHRYHUSRZHUHGIRULWVVPDOO QXPEHU
&+$37(5
(7,48(77(2)67$<,1*5,',1* (1&$03,1*$71,*+7$1'6/((3,1* '85,1*7+(-2851(<$1'27+(50$ 77(565(/$7,1*727+(-2851(< $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQ\RXWUDYHOWKURXJKJUHHQDQGOXVKODQGJLYHWKHFDPHOVWKHLUGXHIURPWKHJURXQGDQGZKHQ
\RXWUDYHOWKURXJKDGU\DQGEDUUHQODQGPDNHWKHPZDONTXLFNO\OHVWWKHLUVWUHQJWKIDOWHUV:KHQ\RX HQFDPSDWQLJKWNHHSDZD\ IURPWKHURDGVIRUEHDVWVSDVVWKHUHDQGWKH\DUHWKHUHVRUWRILQVHFWVDW QLJKW
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
>$EX'DZXG@ &RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKZHVKRXOGSUHIHUDEO\WUDYHODWQLJKWSDUWLFXODUO\ODWHDW QLJKW $IWHUKDYLQJVOHSWLQWKHILUVWSDUWRIQLJKWRQHIHHOVLQYLJRUDWHGDQGIUHVKHQRXJKWRUHVWDUWRQH V MRXUQH\ $EX7KDCODEDK$O.KXVKDQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKHSHRSOH HQFDPSHGGXULQJWKHMRXUQH\WKH\ZRXOGGLVSHUVHLQWKHPRXQWDLQSDVVHVDQGYDOOH\V:KHQ WKH 0HVVHQJHURI$OODK3%8+ QRWLFHGWKLVKHVDLG
$IWHUZDUGVWKH&RPSDQLRQVNHSWFORVHWRJHWKHUZKHQHYHUWKH\HQFDPSHG >$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVQRWWRHQFDPSGXULQJDMRXUQH\EXWLQWKHFRPSDQ\RIRWKHUVLQ RUGHUWRFUHDWHDQDWPRVSKHUHRILQWLPDF\DQGFRRSHUDWLRQ 6DKOELQC$PUNQRZQDV,EQ$O+DQ]DOL\\DKUHSRUWHG7KH0HVVHQJHURI$OODK3%8+ KDSSHQHG WRSDVVE\DFDPHOZKRVHEHOO\ZDVVWLFNLQJWRLWVEDFNEHFDXVHRIKXQJHU ZKHUHXSRQKHVDLG )HDU $OODKLQUHVSHFWRIWKHVHGXPEDQLPDOV 5LGHWKHPZKLOHWKH\DUHILWDQGVODXJKWHUWKHPDQGHDWWKHLU PHDWZKHQWKH\DUHILW
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKOD\VHPSKDVLVRQWDNLQJFDUHRIDQLPDOV%HFDXVHLIWKH\DUHKXQJU\RU\RX RYHUORDGWKHPWKH\ZLOOQRWEHDEOHWRVSHDNRXWWKHLUVXIIHULQJWR\RXLQKXPDQODQJXDJH0XVOLP@ $O%DUTDQLDGGHG7KH0HVVHQJHURI$OODK3%8+ HQWHUHGDQRUFKLGEHORQJLQJWRDQ$QVDULDQGVDZ WKHUHDFDPHO:KHQLWVDZKLPLWEHJDQWRJURDQDQGLWVH\HVVKHGWHDUV7KH0HVVHQJHURI$OODK 3%8+ DSSURDFKHGLWDQGSDWWHGLWRQWKHKXPSDQGWKHEDVHRILWVKHDGXQWLOLWTXLHWHGGRZQ7KHQKH 3%8+ DVNHG :KRLVWKHRZQHURIWKLVFDPHO"7RZKRPGRHVLWEHORQJ"
$Q$QVDUL\RXWKVWHSSHG
IRUZDUGDQGVDLG,WLVPLQH20HVVHQJHURI$OODK
+HVDLG 'R\RXQRWIHDU$OODKLQUHVSHFWRIWKLV EHDVWZKLFK$OODKKDVSODFHGLQ\RXUSRVVHVVLRQ"7KLVFDPHOLVFRPSODLQLQJWRPHWKDW\RXVWDUYHLW DQGSXWLWWRWRLO
>$EX 'DZXG@ &RPPHQWDU\ 7KH3URSKHW3%8+ PXVWKDYHGLYXOJHGWRWKH&RPSDQLRQVRPHWKLQJFRQILGHQWLDOIRU ZKLFKKHSURPLVHGVHFUHF\2WKHUZLVHDQ\WKLQJFRQFHUQLQJWKH6KDULCDKVKRXOGQRWEHFRQFHDOHG 6HFRQGLIDQDQLPDOKDVWKHFDSDFLW\WRFDUU\WZRPHQ WKHULGHUFDQOHWDQRWKHUSHUVRQVLWEHKLQGKLP 7KLUGWRJLYHVFDQW\IRRGWRDQDQLPDODQGWRJHWWKHPD[LPXPRXWRILWDPRXQWVWRLQMXVWLFH,VODP GLVDSSURYHVWKLVDFW$QLPDOVVKRXOGEHIHGWRWKHLUILOODQGWKHDPRXQWRIZRUNWREHGRQHE\WKHP PXVWDOVREHQRWEH\RQGWKHLUFDSDFLW\,QWKLV+DGLWKWKHUHLVDPHQWLRQRIWKH3URSKHW VPLUDFOHWKDWD FDPHOUHFRJQL]HGKLP+HKHDUGWKHFDPHO VFRPSODLQWDQGDOVRXQGHUVWRRGLW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQZHHQFDPSHGZHZRXOGQRWRIIHU YROXQWDU\ SUD\HUVXQWLOZHKDGXQVDGGOHGRXUEHDVWV >$EX'DZXG@ &RPPHQWDU\ ,WZDVWKHXVXDOSUDFWLFHRIWKH&RPSDQLRQVWKDWZKHQHYHUWKH\KDOWHGDWVRPHSODFHWR WDNHUHVWGXULQJWKHLUMRXUQH\WKH\ZRXOGILUVWRIDOOXQORDGWKHLUDQLPDOVWRJLYHWKHPFRPIRUWDQG UHOD[DWLRQ7KHQWKH\ZRXOGSHUIRUPYROXQWDU\6DODW7KLV+DGLWKDOVRWKURZVOLJKWRQWKHH[FHOOHQFH RIYROXQWDU\6DODWLQDMRXUQH\
&+$37(5
+(/3,1*$&203$1,21 $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KLOHZHZHUHWUDYHOOLQJZLWK WKH0HVVHQJHURI$OODK3%8+ DULGHUFDPHDQGEHJDQWRVWDUHRQWKHULJKWDQGRQWKHOHIW7KH 0HVVHQJHURI$OODK3%8+ VDLG +HZKRKDVDQH[WUDPRXQWVKRXOGKDQGLWRYHUWRRQHZKRKDV QRQHDQGKHZKRSRVVHVVHVVXUSOXVSURYLVLRQVKRXOGJLYHLWWRKLPZKRLVZLWKRXWSURYLVLRQ
+H QDPHGYDULRXVNLQGVRISRVVHVVLRQVXQWLOZHEHJDQWRWKLQNUHDOL]H WKDWQRQHRIXVKDGDQ\ULJKWWR DQ\WKLQJVXUSOXV >0XVOLP@ &RPPHQWDU\ 1RZDGD\VWKHUHLVDJUHDWIDQIDUHRIPRQH\OHQGLQJLQVWLWXWLRQVVXFKDVFRRSHUDWLYH VRFLHWLHVWKHILQDQFLQJFRPSDQLHVDQGLQVXUDQFHFRPSDQLHVZKLFKDUHDSSDUHQWO\KHOSIXOLQUHVROYLQJ WKHILQDQFLDOFULVHVRISHRSOH%XWDOODUHURRWHGLQLQWHUHVWV\VWHPZKLFKLVUHMHFWHGRXWULJKWE\,VODP IRULWVH[SORLWDWLYHQDWXUH7KHVHVRFDOOHGFRRSHUDWLYHLQVWLWXWLRQVDUHLQGHHGOLNHEORRGVXFNLQJ OHHFKHVZKLFKUXLQPDQ,VODPRQWKHFRQWUDU\KDVJLYHQXVDSRVLWLYHVLPSOHDQGPDQRULHQWDWHG IRUPXODRIPXWXDOFRRSHUDWLRQ,WWHDFKHVXVWKDWZKDWFDQEH VSDUHGVKRXOGEHJLYHQWRWKRVHZKRQHHG LW7KLVREYLDWHVWKHFKDQFHVRIKRDUGLQJDVZHOODVWKHFRQFHQWUDWLRQRIZHDOWKLQDIHZKDQGV1R GRXEWLWLVDPRUDOLQVWUXFWLRQ%XWLI0XVOLPVFDOOHGDVDVLQJOHERG\GHYHORSDWUXHVHQVHDQG DZDUHQHVVRILWZRQGHUIXOUHVXOWVFDQDFFUXHIURPLWRQDODUJHVRFLDOVFDOH:KDWLVPRUHWKH VXEOLPLW\RIPDQ V)DLWKDQGPRUDOEHKDYLRXUVWDQGVRQLW2QHZKRLVLQGLIIHUHQWWRWKHSHUIHFWLRQRI )DLWKDQGPRUDOLW\PD\VHWLWDVLGH%XWDPDQZKRUDWHV)DLWKDERYHHYHU\WKLQJFDQKDUGO\DIIRUGWR DYRLGSXWWLQJWKLVPRUDODGYLFHLQWRSUDFWLFH -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWKH0HVVHQJHURI$OODK3%8+ PDGHXS KLVPLQGWRJRLQDQH[SHGLWLRQKHZRXOGVD\WRXV 20XKDMLULQDQGWKH$QVDU7KHUHDUHDPRQJ\RX VXFKSHRSOHZKRKDYHQRSURSHUW\DQGQRNLQVIRON/HWHYHU\RQHRI\RXWDNHDORQJZLWKKLPWZRRU WKUHHPHQ1RQHRIXVKDGDVSDUHDQLPDOZHWRRNULGHVE\WXUQ
6R,WRRNWZRRUWKUHHPHQZLWKPH DQG,URGHP\FDPHOE\WXUQHTXDOO\ZLWKWKHP >$EX'DZXG@ &RPPHQWDU\ )LUVWO\WKLV+DGLWKGHVFULEHVWKH&RPSDQLRQV FRQGLWLRQLQWKHHDUO\SKDVHRI,VODP (YHU\ERG\SDUWLFLSDWLQJLQ-LKDGGLGQRWKDYHDQDQLPDODQGVRZDVWKHFRQGLWLRQLQUHVSHFWRIZHDSRQV DQGIRRG%XWLQVSLWHRIDOOWKDWWKH&RPSDQLRQV ]HDOIRU-LKDGZDVJUHDW6HFRQGO\LWSUHVHQWVWKH
SLFWXUHRIPXWXDOFRRSHUDWLRQZKLFKWKH&RPSDQLRQVH[WHQGHGWRRQHDQRWKHU)URPDOOWKHVH FRQVLGHUDWLRQVHPHUJHVWKHLUGLVWLQFWLYHSODFHLQKLVWRU\ -DELU0D\$OODKEHSOHDVHG ZLWKKLP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ XVHGWRODJ EHKLQGZKLOHWUDYHOOLQJDQGXUJHWKHZHDNWRZDONTXLFNO\+HXVHGWRWDNHXSVRPHRQHEHKLQGKLPDQG PDNHVXSSOLFDWLRQIRUKLP >$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHOHDGHURIDJURXS RU$PLU VKRXOGGXULQJDMRXUQH\ UHPDLQLQWKHUHDULQVWHDGRIWKHYDQJXDUGVRWKDWKHPD\SURSXSWKHZHDNSHRSOHDQGSURYLGHVXFFRXU WRWKHUHVRXUFHOHVVRQHV)XUWKHUPRUHKHLVSUHVXPHGWRSUD\IRUVXFKSHRSOHDVWKHEOHVVLQJRIKLV SUD\HULVOLNHO\WRPDNHXSWKHLUGHILFLHQFLHV
&+$37(5
6833/,&$7,21$77+(7,0( 2)5,',1* $OODKWKH([DOWHGVD\V DQGKDVDSSRLQWHGIRU\RXVKLSVDQGFDWWOHRQZKLFK\RXULGH,QRUGHUWKDW\RXPD\PRXQW RQWKHLUEDFNVDQGWKHQPD\UHPHPEHUWKH)DYRXURI\RXU5XEEZKHQ\RXPRXQWWKHUHRQDQG VD\C*ORU\WR+LP:KRKDVVXEMHFWHGWKLVWRXVDQGZHFRXOGQHYHUKDYHLWE\RXUHIIRUWV $QG YHULO\WR2XU5XEEZHLQGHHGDUHWRUHWXUQ
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK 3%8+ PRXQWHGKLVFDPHOIRUVHWWLQJRXWRQDMRXUQH\KHZRXOGUHFLWH$OODKX$NEDU$OODKLV *UHDWHVW
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
:KHQKHUHWXUQHGKHUHFLWHGWKLVVXSSOLFDWLRQPDNLQJDGGLWLRQRIWKHVHZRUGV $\LEXQD WD LEXQDCDELGXQDOL5DEELQDKDPLGXQ:HDUHWKRVHZKRUHWXUQWKRVHZKRUHSHQWWKRVHZKRZRUVKLS DQGWKRVHZKRSUDLVHRXU5XEE
>0XVOLP@ &RPPHQWDU\ 7KLVLVDYHU\FRPSUHKHQVLYHSUD\HU0DQLVQRWVDIHIURPGDQJHUVGXULQJDMRXUQH\ DQGLQKLVDEVHQFHVDIHW\RIKLVKRXVHKROGPD\ZRUU\KLPWRR,QWKLVSUD\HU$OODKLVHQWUHDWHGWR HQVXUHWKHVDIHW\RIWKHWZRLQPRVWHIIHFWLYHZRUGV$QGQRQHFDQKDUPWKDWSHUVRQZKRFRPHVXQGHU WKH:DWFKDQG3URWHFWLRQRI$OODK7KLVSUD\HUVKRXOGEHUHFLWHGXSRQVWDUWLQJRQDMRXUQH\DVZHOODV UHWXUQLQJIURPLW C$EGXOODKELQ6DUMLV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK 3%8+ SURFHHGHGRQDMRXUQH\KHZRXOGVHHNUHIXJHLQ$OODKIURPWKHKDUGVKLSVRIWKHMRXUQH\DQG DJDLQVWGHYLDWLRQDIWHUJXLGDQFHDQGDJDLQVWWKHVXSSOLFDWLRQRIWKHRSSUHVVHGDQGRFFXUUHQFHVRI XQSOHDVDQWHYHQWVLQWKHIDPLO\DQGSURSHUW\+HZRXOGVD\ $OODKXPPDLQQLDCXGKXELNDPLQ ZDCWKD LVVDIDULZDNDDEDWLOPXQTDODELZDOKDXULEDCGDONDXQLZDGDCZDWLOPD]OXPLZDVX LOPDQ]DUL ILODKOLZDOPDO
>0XVOLP@
&RPPHQWDU\ 7KH3URSKHW3%8+ VRXJKW'LYLQHUHIXJHDJDLQVWWKHVXSSOLFDWLRQRIWKHRSSUHVVHG EHFDXVH$OODKLPPHGLDWHO\UHVSRQGVWRLW,WLVWKHUHIRUHLPSHUDWLYHWKDWLIDPDQKDVZURQJHG DQ\ERG\KHVKRXOGUHFRPSHQVHKLVZURQJGRLQJEHIRUHHPEDUNLQJRQDMRXUQH\EHFDXVHWKH PDOHGLFWLRQRIWKHZURQJHGPD\LQYRNH'LYLQHZUDWKH[SRVLQJWKHZURQJGRHUWRDULVN\DQG WURXEOHVRPHMRXUQH\ C$OLELQ5DELCDKUHSRUWHG,QP\SUHVHQFHDEHDVWZDVEURXJKWWRC$OLELQ$EX7DOLE0D\$OODK EHSOHDVHGZLWKKLP IRUULGLQJ:KHQKHSXWKLVIRRWLQWKHVWLUUXSKHVDLG %LVPLOODK:LWKWKH1DPH RI$OODK
:KHQKHKDGVHWWOHGKLPVHOIRQLWVEDFNKHUHFLWHG $OKDPGXOLOODKLOODGKLVDNKNKDUDODQD KDGKDZDPDNXQQDODKXPXTULQLQZDLQQDLOD5DEELQDODPXQTDOLEXQ$OOSUDLVHEHORQJVWR$OODK :KRKDVPDGHWKLVVXEVHUYLHQWWRXVIRUZHKDGQRWWKHVWUHQJWKWRRYHUSRZHULWDQGWRRXU5XEEVKDOO ZHUHWXUQ
+HWKHQUHFLWHGWKULFH $OKDPGXOLOODK3UDLVHEHWR$OODK
DQGWKHQWKUHHWLPHV $OODKX $ENDU$OODKLV*UHDWHVW
7KHQKHVDLG 6XEKDQDNDLQQL]DODPWXQDIVLIDJKILUOLLQQDKXOD \DJKILUXGKGKXQXEDLOOD$QWD
7KHQKHVPLOHG,WZDVDVNHG :K\KDYH\RX VPLOHG2$PLU$O0X PLQLQ/HDGHURIWKH%HOLHYHUV "
+HUHSOLHG ,VDZWKH0HVVHQJHURI$OODK 3%8+ GRLQJDV,KDYHGRQH,LH$OL DVNHGKLPWKH0HVVHQJHURI$OODK3%8+ WKHUHDVRQIRU VPLOLQJ +H3%8+ VDLG C
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ $IWHUSXWWLQJKLVIRRWLQWRWKHVWLUUXSWKHULGHUVKRXOGVD\%LVPLOODK :LWKWKH1DPH RI$OODK
:KHQKHVLWVILUPRQWKHDQLPDOKHVKRXOGUHFLWHWKHSUD\HUVPHQWLRQHGLQWKLV+DGLWKDQG XWWHUWKH*ORULILFDWLRQDQG0DJQLILFDWLRQRI$OODK $OKDPGXOLOODK 3UDLVHEHWR$OODK
DQG$OODKX $NEDU $OODKLV*UHDWHVW
0RUHRYHUWKLV+DGLWKVKHGVOLJKWRQWKHWUHPHQGRXVDQGPDWFKOHVVIHUYRXU RIWKH&RPSDQLRQVWRIROORZWKH3URSKHW3%8+ 7KLV'XCDLVQRWUHVWULFWHGWRULGLQJDQDQLPDOEXW LQFOXGHVDOOPHDQVRIWUDQVSRUWDWLRQVXFKDVWKHSODQHWKHWUDLQDQGWKHFDU
&+$37(5
*/25,),&$7,212)$//$+%< $75$9(//(5:+,/( $6&(1',1*$1''(6&(1',1* -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQZHDVFHQGHGDKHLJKW ZHZRXOG SURFODLP$OODKX$NEDU$OODKLV*UHDWHVW
DQGZKHQZHGHVFHQGHGIURPWKHKHLJKW ZHZRXOG SURFODLP6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ
>$O%XNKDUL@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG :KHQHYHUWKH3URSKHW3%8+ DQGKLV DUP\DVFHQGHGDKHLJKWWKH\ZRXOGSURFODLP$OODKX$NEDU$OODKLV*UHDWHVW
DQGZKHQWKH\ FOLPEHGGRZQWKH\ZRXOGSURFODLP6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ
>$EX'DZXG@ &RPPHQWDU\ :KLOHFOLPELQJXSVRPHKHLJKWVXSHULRULW\FRPSOH[PD\FUHHSLQWRPDQ VKHDG+H VKRXOGWKHUHIRUHSURQRXQFH'LYLQHJUHDWQHVVVD\LQJWKDW$OODKLVWKH*UHDWHVWRIDOOWKH0RVW+LJK DQGDOOFUHDWXUHVDUHORZDQGKXPEOHDQGVXERUGLQDWHWR+LP2QFOLPELQJGRZQZHVKRXOGVD\ 6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG:KHQHYHUWKH3URSKHW3%8+ UHWXUQHG IURP+DMMRUC8PUDKDQGDVFHQGHGDKHLJKWRUKLOOKHZRXOGUHFLWHWKULFH$OODKX$NEDU$OODKLV *UHDWHVW
7KHQKHZRXOGVD\ /DLODKDLOODOODKXZDKGDKXODVKDULNDODKXODKXOPXONXZDODKXO KDPGXZD+XZDCDODNXOOLVKD\ LQ4DGHHU$\LEXQDWD LEXQDCDELGXQDOL5DEELQDKDPLGXQ6DGDT $OODKXZDCGDKXZDQDVDUDCDEGDKXZDKD]DPDODK]DEDZDKGDKX>1RQHKDVWKHULJKWWREH ZRUVKLSSHGEXW$OODK:KRKDVQRSDUWQHUWR:KRPWKHVRYHUHLJQW\EHORQJVWR:KRPDOOSUDLVHLV GXHDQG:KRLV$EOHWRGRDOOWKLQJV:HDUHWKRVHZKRUHWXUQLQVDIHW\ IHHOSHQLWHQFHZRUVKLS $OODKSURVWUDWHEHIRUHRXU5XEEDQGSUDLVH+LP$OODKKDVIXOILOOHG+LV3URPLVHKHOSHG+LVVODYHLH
0XKDPPDG3%8+ DQG+H$ORQHYDQTXLVKHGWKH&ODQV@
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQVDLG20HVVHQJHURI$OODK 3%8+ ,LQWHQGWRVHWRXWRQDMRXUQH\VRFRXQVHOPH
+H3%8+ VDLG )HDU$OODKDQGDVFHQGLQJ WRZDUGVWKHUDLVHGJURXQG\RXVKRXOGUHFLWH$OODKX$NEDU$OODKLV*UHDWHVW
:KHQWKHPDQWXUQHG DZD\KH3%8+ VDLG 2$OODK6KRUWHQWKHGLVWDQFHIRUKLPDQGPDNHWKHMRXUQH\HDV\IRUKLP
>$W7LUPLGKL@ &RPPHQWDU\ 3ULRUWRVHWWLQJRXWRQDMRXUQH\DEHOLHYHUPD\DVNSLRXVSHRSOHWRVXSSOLFDWHIRUKLP 7KH\DUHUHTXLUHGWRSUD\VLQFHUHO\IRUKLVVDIHW\DGYLVHKLPDPRQJRWKHUWKLQJVRQUHOLJLRXVPDWWHUV QRWWREHIRUJHWIXORIWKHREHGLHQFHDQGUHPHPEUDQFHRI$OODKGXULQJWKHMRXUQH\ $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HDFFRPSDQLHGWKH3URSKHW 3%8+ LQDMRXUQH\DQGZKHQZHFOLPEHGXSDKHLJKWZHSURFODLPHGDORXG/DLODKDLOODOODK7KHUH LVQRWUXHJRGH[FHSW$OODK
DQG$OODKX$NEDU$OODKLV*UHDWHVW
7KH3URSKHW3%8+ DGPRQLVKHG XVVD\LQJ 2SHRSOHWDNHLWHDV\+H:KRP\RXDUHFDOOLQJLVQRWGHDIRUDEVHQW+HLVZLWK\RXLH E\+LV.QRZOHGJH +HLV +HDULQJDQG+HLV1HDU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWLQWKHSURQRXQFHPHQWRIWKHIXQGDPHQWDOWHVWLILFDWLRQRI,VODP /DLODKDLOODOODKWKHUHLVQRWUXHJRGH[FHSW$OODK
7DKOLO DQG+LV0DJQLILFDWLRQ$OODKX$NEDU $OODKLV*UHDWHVW
7DNELU WKHYRLFHVRIWKH&RPSDQLRQVEHFDPHDELWORXGHUGXULQJDMRXUQH\7KH 3URSKHW3%8+ GLVDSSURYHGRILWDQGFRPPDQGHGWKHPQRWWRSXWWKHPVHOYHVWRKDUGVKLSE\ UHPHPEHULQJ$OODKLQDORXGYRLFHDQGGLUHFWHGWRGRWKDWFDOPO\LQDGLJQLILHGORZYRLFH
&+$37(5
'(6,5$%,/,7<2) 6833/,&$7,216'85,1*7+( -2851(< $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KUHHVXSSOLFDWLRQVDUHDQVZHUHGZLWKRXWGRXEW7KHVXSSOLFDWLRQRIWKHRSSUHVVHGWKHVXSSOLFDWLRQ RIWKHWUDYHOOHUDQGWKHVXSSOLFDWLRQRIWKHSDUHQWIRUKLVVRQ
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
&+$37(5
6833/,&$7,21,)21()($56 +$50 $EX0XVD$O$VKDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWKH0HVVHQJHURI$OODK 3%8+ IHDUHGPLVFKLHIIURPDSHRSOHKHZRXOGVXSSOLFDWH $OODKXPPDLQQDQDMCDOXNDILQXKXULKLP ZDQDCXGKXELNDPLQVKXUXULKLP2$OODK:HDVN
>$EX'DZXGDQG$Q1DVD L@
&RPPHQWDU\ $OODK V+HOSZHDUHWROGLVDSURWHFWLRQDJDLQVWDOOSHULOV7KURXJKWKLVSUD\HUZHVHHN +LV+HOSZLWKWKHFRQYLFWLRQ WKDWWKHGHFHSWLRQVDQGGHVLJQVRIWKHLQILGHOVZLOOWXUQEDFNXSRQWKHP
&+$37(5
6833/,&$7,2121$/,*+7,1* $7$+$/7 .KDXODKELQW+DNLP0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ :KRVRHYHUDOLJKWVVRPHZKHUHDQGVD\VC$CXGKXELNDOLPDWLOODKLWWDPPDWLPLQ VKDUULPDNKDODTD,VHHNUHIXJHZLWKWKH3HUIHFW:RUGVRI$OODKIURPWKHHYLORIZKDW+HKDVFUHDWHG QRWKLQJZLOOKDUPKLPXQWLOKHOHDYHVWKDWSODFH
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
>$EX'DZXG@ &RPPHQWDU\ 7KLVSUD\HUWHDFKHVXVWRVHHN$OODK V3URWHFWLRQDJDLQVWDOODQLPDOVDQGSRLVRQRXV LQVHFWVRIWKHHDUWK$PRQJHDUWKGZHOOHUVDUHDOVRLQFOXGHGMLQQ,QWKHGDUNRIQLJKWRQHPD\ HQFRXQWHUKDUPIURPDOOVXFKFUHDWXUHV:HDUHUHFRPPHQGHGWRUHFLWHWKLVSUD\HUPRUHDWQLJKWWKDQ GXULQJWKHGD\EHFDXVHKDUPLVPRUH OLNHO\WRWDNHSODFHDWQLJKWDQGZKRHYHUUHFLWHVWKLVSUD\HUZLWK WKHILUPEHOLHIWKDW$OODKZLOOSURWHFWKLPDJDLQVWDOOWKHHYLOVPHQWLRQHGLQWKH+DGLWK$OODKZLOO VXUHO\SURWHFWKLP
&+$37(5
'(6,5$%,/,7<2)5(7851,1* +20(6221$)7(57+( $&&203/,6+0(172)$7$6. $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7UDYHOOLQJLVDWRUPHQWEHFDXVHLWGHSULYHVDWUDYHOOHURIKLVIRRGGULQNDQGVOHHS6RZKHQRQHRI\RX KDVDFFRPSOLVKHGKLVSXUSRVHRIMRXUQH\OHWKLPUHWXUQKRPHTXLFNO\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7UDYHOKDVEHHQFDOOHGDWULEXODWLRQIRUWZRUHDVRQV)LUVWPDQPLVVHVKLVIDPLO\ UHODWLYHVDQGIULHQGV6HFRQGKHDOVRVXIIHUVLWVKDUGVKLSVDQGVWUDLQV+HVKRXOGWKHUHIRUHUHWXUQ KRPHZKHQWKHREMHFWRIWKHMRXUQH\LVDFKLHYHG
&+$37(5
'(6,5$%,/,7<2)5(7851,1* +20(%<'$<
-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQ RQHRI\RXVWD\VDZD\IURPKLVIDPLO\ IRUDORQJSHULRGRIWLPHOHWKLPQRWVXUSULVHKLVIDPLO\E\ QLJKW
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
&+$37(5
6833/,&$7,21$77+(7,0( 2)5(7851,1*+20($1'21 6((,1*21( 6+20(72:1 $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HUHWXUQHGZLWKWKH3URSKHW3%8+ IURPD MRXUQH\DQGZKHQZHHQWHUHGWKHVXEXUEVRI$O0DGLQDKKH3%8+ VDLG $\LEXQDWD LEXQD CDELGXQDOL5DEELQDKDPLGXQ:HDUHUHWXUQLQJLQVDIHW\WXUQLQJ WRRXU5XEEZRUVKLSSLQJ+LPDQG SUDLVLQJ+LP
+H3%8+ FRQWLQXHGUHSHDWLQJWKHVHZRUGVWLOOZHHQWHUHG$O0DGLQDK >0XVOLP@ &RPPHQWDU\ :KHQRQHUHWXUQVIURPDMRXUQH\DQGVHHVKLVWRZQ VKLJKOLJKWVKHVKRXOGVWDUW UHFLWLQJWKHLQYRFDWLRQPHQWLRQHGLQWKLV+DGLWKWLOOKHHQWHUVWKHFLW\7KHVHZRUGVH[SUHVVJUDWLWXGHWR $OODKIRUVDIHUHWXUQWRRQH VKRPHWRZQWKH\DOVRH[SUHVVUHSHQWDQFHREHGLHQFHDQGGHWHUPLQDWLRQWR ZRUVKLS$OODK
&+$37(5
'(6,5$%,/,7<2)(17(5,1*7+(02648( 1($521( 6+20(83215(7851,1*)520 $-2851(<)252))(5,1*7:25$.C$+35$<(5 .DCEELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK 3%8+ UHWXUQHGIURPDMRXUQH\KHZRXOGSURFHHGVWUDLJKWWRWKHPRVTXHDQGSHUIRUPWZR5DNCDKRI RSWLRQDO SUD\HU >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHSHUIRUPDQFHRIWZR5DNCDKRIRSWLRQDOSUD\HULVDQH[SUHVVLRQRIJUDWLWXGHWR $OODKIRUWKHVDIHUHWXUQ1DWXUDOO\RQHIHHOVKDSS\RQVXFKDQRFFDVLRQ
&+$37(5
352+,%,7,1*:20$1)520 75$9(//,1*$/21(
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,WLVQRWSHUPLVVLEOHIRUDZRPDQZKREHOLHYHVLQ$OODKDQGWKH/DVW'D\WRPDNHDMRXUQH\RIRQH GD\DQGQLJKWXQOHVVVKHLVDFFRPSDQLHGE\D0DKUDPKXVEDQGRUDQ\RWKHUUHODWLYHWRZKRPVKHLV SURKLELWHGWRPDUU\
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
$PDQVDLG20HVVHQJHURI$OODK,KDYHEHHQHQUROOHGIRUVXFKDQG VXFKH[SHGLWLRQDQGP\ZLIHOHIWIRU+DMM
+H3%8+ VDLGWRKLP *RDQGSHUIRUP+DMMZLWK\RXU ZLIH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLKSURYHVWKDWXQGHUQRFLUFXPVWDQFHZRPDQPD\WUDYHODORQH7KH6KDULCDK VWULFWO\EDQVDPHHWLQJRIWKLVNLQGEHWZHHQWZRRSSRVLWHVH[HV(YHQLIQRWKLQJREMHFWLRQDEOHKDSSHQV DPLVFKLHYRXVSHUVRQPD\H[SORLWWKLVVLWXDWLRQDQGWDONDERXWWKHPVODQGHURXVO\)DPLOLHVGLVUHJDUGIXO RI+LMDESURYLGHLQVWDQFHVRILOOLFLWUHODWLRQVKLSEHWZHHQDPDQDQGDZRPDQUHODWHGWRHDFKRWKHU
7+(%22.2)9,578(6 &+$37(5
7+( (;&(//(1&( 2) 5(&,7,1*7+(485 $1 $EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ5HDGWKH4XU DQIRULWZLOOFRPHDVDQLQWHUFHVVRUIRULWVUHFLWHUVRQWKH'D\RI5HVXUUHFWLRQ
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
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQWKH'D\RI5HTXLWDOWKH4XU DQZLWK6XUDW$O%DTDUDKDQG $OC,PUDQLQWKHIRUHIURQWZLOOLQWHUFHGHEHIRUH$OODKIRUWKRVHZKRXVHGWRUHFLWHDQGDFWXSRQWKHP LQWKHOLIHRIWKHZRUOG C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KHEHVWDPRQJVW\RXLVWKHRQHZKROHDUQVWKH4XU DQDQGWHDFKHVLW
>$O%XNKDUL@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH RQHZKRLVSURILFLHQWLQWKHUHFLWDWLRQRIWKH4XU DQZLOOEHZLWKWKHKRQRXUDEOHDQGREHGLHQWVFULEHV DQJHOV DQGKHZKRUHFLWHVWKH4XU DQDQGILQGVLWGLIILFXOWWRUHFLWHGRLQJKLVEHVWWRUHFLWHLWLQWKH EHVWZD\SRVVLEOHZLOOKDYHDGRXEOHUHZDUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 3URILFLHQWKHUHPHDQVRQHZKRUHDGVWKH4XU DQLQDFFRUGDQFHZLWKWKHUXOHVRI,OP $W7DMZLG
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
7KH DQJHOVZKREULQJ:DK\DQGFKDVWLVHPHQWIURP$OODK $EX 0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG7KHEHOLHYHUZKRUHFLWHVWKH4XU DQLVOLNHDFLWURQZKRVHIUDJUDQFHLVVZHHWDQGZKRVH WDVWHLVGHOLFLRXV$EHOLHYHUZKRGRHVQRWUHFLWHWKH4XU DQLVOLNHDGDWHIUXLWZKLFKKDVQRIUDJUDQFH EXWKDVDVZHHWWDVWH7KHK\SRFULWHZKRUHFLWHVWKH4XU DQLVOLNHDFRORF\QWKZKRVHIUDJUDQFHLVVR VZHHWEXWLWVWDVWHLVELWWHU7KHK\SRFULWHZKRGRHVQRWUHFLWHWKH4XU DQLVOLNHEDVLOZKLFKKDVQR IUDJUDQFHDQGLWVWDVWHLVELWWHU
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
>$O%XNKDULDQG0XVOLP@
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKXUJHVXVWRUHFLWHWKH4XU DQDQGDOVRPHQWLRQVWKHJUHDWUHZDUGIRUUHFLWLQJ LW ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRGRHVQRWPHPRUL]HDQ\SDUWIURPWKH4XU DQKHLVOLNHWKHUXLQHGKRXVH
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHPHULWRIWKRVHZKRFRPPLWWKH4XU DQZKROHRUSDUWWKHUHRI WRPHPRU\+XIID] 7KHZRUGCDVFHQG KHUHPHDQVWRULVHLQUDQNVLQWKH-DQQDK7KHPRUHRQH UHPHPEHUVWKH4XU DQWKHPRUHFOHDUDQGGLVWLQFWLVKLVUHFLWDWLRQRILWWKHKLJKHUZRXOGEHWKHVWDWXV WKDWKHZLOOJRRQDWWDLQLQJWKURXJKLWVEOHVVLQJV7KXVWKLV+DGLWKSURYLGHVLQGXFHPHQWIRUWKH UHPHPEUDQFHRIWKH4XU DQDQGWHOOVXVWKDWLWVIUHTXHQWUHFLWDWLRQLVDPHDQVWRDWWDLQKLJKHUUDQNVLQ -DQQDK
&+$37(5
:$51,1*$*$,167 )25*(77,1*7+(485 $1 $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ VDLG 5HDGWKH4XU DQUHJXODUO\%\WKH2QHLQ:KRVH+DQG0XKDPPDG VVRXOLVLWHVFDSHVIURPPHPRU\ IDVWHUWKDQDFDPHOGRHVIURPLWVW\LQJURSHV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7RVDIHJXDUGWKH4XU DQPHDQVWRUHFLWHLWUHJXODUO\EHFDXVHLIRQHIDLOVWRGRVRKH WHQGVWRIRUJHWLWTXLFNO\,QWKHDEVHQFHRIUHJXODUUHFLWDWLRQRQHLVERXQGWRIRUJHWLWPRUHTXLFNO\ WKDQDFDPHOEUHDNVORRVHERXQGZLWK7KHEUHDNLQJORRVHE\WKHFDPHOWROLEHUDWHLWVHOILVDVLPLOHIRU WKHTXLFNSURFHVVRIIRUJHWWLQJ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHSDUDEOHRIRQHZKRNQRZVWKH4XU DQE\KHDUWLVDVWKHSDUDEOHRIDQRZQHURIKREEOHGFDPHO,I KHUHPDLQVYLJLODQWKHZLOOUHWDLQLWDQGLIKHQHJOHFWVLWLWZLOOJRDZD\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKUHSHDWVWKHVXEMHFWPHQWLRQHGDERYH7KHSHUVRQZKRPHPRUL]HVWKH HQWLUH4XU DQRUDSRUWLRQRILWLIKHUHFLWHVLWUHJXODUO\KHZLOOUHWDLQLWRWKHUZLVHLWZLOOVWDUWVOLSSLQJ IURPKLVPHPRU\
&+$37(5
7+(0(5,72)5(&,7$7,21 2)7+(12%/(485 $1,1 $3/($6$1792,&( $E8+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OO$K 3%8+ VD\LQJ$OODKGRHVQRWOLVWHQVRDWWHQWLYHO\WRDQ\WKLQJDV+HOLVWHQVWRWKHUHFLWDWLRQRIWKH 4XU DQE\D3URSKHWZKRUHFLWHVZHOOZLWKDPHORGLRXVDQGDXGLEOHYRLFH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $OODKGRHVQRWOLVWHQVRDWWHQWLYHO\
KDVWZR IROGPHDQLQJV)LUVW$OODK VDFFHSWDQFH DQGSOHDVXUH6HFRQG+LVDWWULEXWHRI+HDULQJ2QHPXVWKDYHWREHOLHYHLQLWDOWKRXJKZHFDQQHLWKHU GHVFULEHLWQRUFRPSDUHLWZLWKDQ\WKLQJHOVH 7KHZRUG*KLQD
LVRUGLQDULO\XVHGIRUVLQJLQJEXWKHUHLWPHDQVWKHUHFLWDWLRQZKLFKLVGRQHLQ DFFRUGDQFHZLWKWKHSULQFLSOHVRI7DMZLGDQGLQDEHDXWLIXOYRLFH 7KXVWKLV+DGLWKLQGXFHVXVWRUHFLWHWKH4XU DQSURSHUO\ZLWKQLFHIHHOLQJDQGYRLFH $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLGWRKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0L]PDUPHDQV IOXWHEXWKHUHLWVWDQGVIRUWXQHDQGVZHHWYRLFH,QWKHSKUDVH$O 'DZXG3%8+ WUDQVODWHGKHUHCWKHIDPLO\RI'DZXG WKHZRUG$OLVVXSHUIOXRXVDQGZKDWLVLQIDFW PHDQWLV3URSKHW'DZXG,QDQ\FDVHVZHHWYRLFHLVDJLIWRI$OODK:KRJUDQWVLWWRZKRP+HOLNHV /XFN\LQGHHGDUHWKRVHZKRDUHJUDQWHGWKLVJLIWDQGWKH\JRDERXWXVLQJLWWRLQYLWHSHRSOHWRWKH UHOLJLRQRI$OODK $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,KHDUGWKH3URSKHW3%8+ UHFLWLQJ6XUDW:DW7HHQ:D]=DLWXQ&KDSWHU GXULQJWKHC,VKD SUD\HU,KDYHQHYHUKHDUGDQ\RQH UHFLWLQJLWLQ DPRUHEHDXWLIXOYRLFHWKDQKLV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWOLNHRWKHUYLUWXHVDQGTXDOLWLHVWKH3URSKHW3%8+ ZDVDOVR JUDQWHGDVZHHWYRLFHE\$OODK $EX/XEDEDK%DVKLUELQC$EGXO0XQGKLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH 3URSKHW3%8+ VDLG+HZKRGRHVQRWUHFLWHWKH4XU DQLQDSOHDVDQWWRQHLVQRWRIXV
>$EX'DZXG@
&RPPHQWDU\ 7KHZRUGVLVQRWRIXV
PHDQWKDWKHLVQRWIROORZLQJWKHZD\RIWKH3URSKHW3%8+ ZLWKUHJDUGWRWKHUHFLWDWLRQRIWKH4XU DQ7KLV+DGLWKDOVRLQGXFHVXVWRUHFLWHWKH4XU DQZLWKDVZHHW DQGWRXFKLQJYRLFHEHFDXVHWKHUHFLWDWLRQRIWKH4XU DQLQWKLVPDQQHUHQKDQFHVLWVHIIHFW ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLGWRPH5HFLWH WKH4XU DQWRPH
,VDLG20HVVHQJHURI$OODK6KDOO,UHFLWHLWWR\RXZKHQLWZDVUHYHDOHGWR\RX"
+H3%8+ VDLG,OLNHWRKHDULWIURPRWKHUV
7KHQ,EHJDQWRUHFLWH6XUDW$Q1LVD :KHQ,UHDFKHG WKH$\DKC+RZZLOOLWEHZKHQ:HVKDOOEULQJDZLWQHVVIURPHYHU\SHRSOHDQGEULQJ\RXDVDZLWQHVV DJDLQVWWKHP" +DYLQJKHDUGLW KHVDLG(QRXJK(QRXJK
:KHQ,ORRNHGDWKLP,IRXQGKLVH\HV ZHUHRYHUIORZLQJZLWKWHDUV >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDV EHHQPHQWLRQHGHDUOLHU,WLVUHSHDWHGKHUHIRUWKHUHDVRQWKDWLWKDVDQ DVSHFWRIKRQRXUIRUWKHSHRSOHZKRDUHEOHVVHGZLWKNQRZOHGJHDQGJUDFH0RUHRYHULWVWUHVVHVWKH QHHGWRKHDUWKHUHFLWDWLRQRIWKH4XU DQIURPWKRVHZKRUHFLWHLWEHDXWLIXOO\LQ RUGHUWRFRQWHPSODWH RYHULWDVZDVGRQHE\WKH3URSKHW3%8+ KLPVHOI
&+$37(5
,1'8&(0(1772:$5'67+( 5(&,7$7,212)620( 63(&,$/9(56(6$1'685$+ 2)7+(12%/(485 $1 $EX6DCLG$U5DILC ELQ$O0XCDOOD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH0HVVHQJHURI $OODK3%8+ VDLG6KDOO,WHDFK\RXWKHJUHDWHVW6XUDKLQWKH4XU DQEHIRUH\RXOHDYHWKHPRVTXH"
7KHQKH3%8+ WRRNPHE\WKHKDQGDQGZKHQZHZHUHDERXWWRVWHSRXW,UHPLQGHGKLPRIKLV SURPLVHWRWHDFKPHWKHJUHDWHVW6XUDKLQ WKH4XU DQ+H3%8+ VDLG,WLVC$OKDPGXOLOODKL5DEELO C$ODPLQLH6XUDW$O)DWLKDK ZKLFKLV$V6DEC$O0DWKDQLLHWKHVHYHQRIWUHSHDWHG$\DW DQG WKH*UHDW4XU DQZKLFKLVJLYHQWRPH
>$O%XNKDUL@ &RPPHQWDU\ $OODKWKH$OPLJKW\VD\V $QGLQGHHG:HKDYHEHVWRZHGXSRQ\RXVHYHQRI$O0DWKDQLWKHVHYHQUHSHDWHGO\UHFLWHG$\DW LH6XUDW$O)DWLKDK DQGWKH*UDQG4XU DQ
7KLV+DGLWKLVDQHODERUDWLRQRIWKH4XUDQLF$\DKTXRWHGDERYH7KH3URSKHW3%8+ KHOGWKDW$V 6DEC$O0DWKDQLLV6XUDW$O)DWLKDKWKH2SHQLQJ&KDSWHU EHFDXVHWKHVHVHYHQ$\DWDUHUHFLWHGQRW RQO\LQHYHU\6DODWEXWLQHYHU\5DNCDKRIHYHU\6DODWIRUWKHUHDVRQWKDWQR6DODWLVYDOLGZLWKRXWWKH UHFLWDWLRQRIWKLV6XUDKDVLVHYLGHQWIURPWKHVD\LQJRI WKH3URSKHW3%8+ 7KH6DODWRIWKDWSHUVRQ ZKRKDVQRWUHFLWHG6XUDW$O)DWLKDKLVYRLG
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
$FFRUGLQJWRDQRWKHUYHUVLRQKH3%8+ VDLGWRKLV&RPSDQLRQV,VDQ\RQHRI\RXLQFDSDEOHRI UHFLWLQJRQHWKLUGRIWKH4XU DQLQRQHQLJKW"
7KH\FRQVLGHUHGLWEXUGHQVRPHDQGVDLG20HVVHQJHU
RI$OODKZKLFKRIXVFDQDIIRUGWRGRWKDW"
+H3%8+ VDLG6XUDW$O,NKODV>6D\+HLV$OODKWKH 2QH@LVHTXLYDOHQWWR RQHWKLUGRIWKH4XU DQ
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
>$O%XNKDUL@ &RPPHQWDU\
PHDQVKHWKRXJKWWKDWLWVUHFLWDWLRQKDGQRVSHFLDOPHULWV7KH3URSKHW 3%8+ FODULILHGKLVPLVXQGHUVWDQGLQJE\HOXFLGDWLQJLWVHPLQHQFH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 6XUDW,NKODVLVHTXLYDOHQWWRRQHWKLUGRIWKH4XU DQ
>0XVOLP@ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQVDLG20HVVHQJHURI$OODK,ORYH 6XUDW$O,NKODV>6D\+HLV$OODKWKH 2QH@
+H3%8+ VDLG
>$W7LUPLGKL@ &RPPHQWDU\ 6RPHVFKRODUVKDYHKLJKOLJKWHGWKHHPLQHQFHRI6XUDW$O,NKODVE\VD\LQJWKDWLW FRPSULVHVWKHZKROHGLVFLSOLQHRI7DXKLG7KLV6XUDWGHDOVZLWK7DXKLG0DQ\RWKHUUHDVRQVKDYHDOVR EHHQJLYHQIRULWVJUHDWHPLQHQFHE\0XVOLPVFKRODUV C8TEDKELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG'R\RXQRWNQRZWKDWODVWQLJKWFHUWDLQ$\DWZHUHUHYHDOHGWKHOLNHRIZKLFKWKHUHLVQR SUHFHGHQFH7KH\DUHC6D\,VHHNUHIXJHZLWK$OODK WKH5XEERIWKHGD\EUHDN 6XUDK DQG C6D\,VHHNUHIXJHZLWK$OODK WKH5XEERIPDQNLQG 6XUDK
>0XVOLP@ &RPPHQWDU\ $ODP WDUD
PHDQV+DYHQRW\RXVHHQ"
RU$UH\RXQRWDZDUH"
7KHUHLVQRSUHFHGHQFH
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
$IWHUWKHUHYHODWLRQRIWKH6XUDK$O)DODTDQG$Q1DVODVWWZR6XUDKRIWKH4XUDQ KHVWDUWHGUHFLWLQJ WKHPEHFDXVHWKHVHZHUHUHYHDOHGIRUWKLVSXUSRVH7KHVH6XUDKDUH DOVRFDOOHG$O0XCDZZLGKDWDLQ
ZKLFKPHDQWZR6XUDKZKLFKSURYLGHSURWHFWLRQ,WLVWKHUHIRUHYHU\XVHIXOWRVHHNWKHSURWHFWLRQRI $OODKE\UHFLWLQJWKHP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ7KHUHLVD6XUDKLQWKH4XU DQZKLFKFRQWDLQVWKLUW\$\DWZKLFKNHSWLQWHUFHGLQJIRUD PDQXQWLOKLVVLQVDUHIRUJLYHQ7KLV6XUDKLVC%OHVVHGLV+HLQ:KRVH+DQGLVWKHGRPLQLRQ 6XUDW $O0XON
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQWKH'D\RI5HVXUUHFWLRQWKLV6XUDKZLOOLQWHUFHGHZLWK$OODK IRUWKHIRUJLYHQHVVRILWVUHFLWHU7KLV+DGLWKKDVEHHQQDUUDWHGLQ$UDELF LQWKHSDVWWHQVHEHFDXVH OLNHWKHSDVWLQGHILQLWHLWVRFFXUUHQFHLVGHILQLWHDQGQRWRSHQWRLQTXLU\$WVRPHSODFHVKRZHYHULW KDVDOVREHHQQDUUDWHGLQWKHSUHVHQWWHQVH $EX0DVCXG$O%DGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ+HZKRUHFLWHVWKHWZR$\DWDWWKHHQGRI6XUDW$O%DTDUDKDW QLJKWWKH\ZLOOVXIILFHKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6XIILFHKLP
KHUHPHDQVWKDWKHZLOOEHSURWHFWHGIURPWKHHYLOV,WVDQRWKHUPHDQLQJ LVWKDWWKHVHWZR$\DWZLOOWDNHWKHSODFHRI7DKDMMXGRSWLRQDOSUD\HULQWKHODWHKRXUVRIWKH QLJKW ,PDP$Q1DZDZLKDVFLWHGWKHODWWHUPHDQLQJ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ'RQRWWXUQ\RXUKRXVHVLQWRJUDYH\DUGV6DWDQUXQVDZD\IURPWKHKRXVHLQZKLFK 6XUDW$O%DTDUDKLVUHFLWHG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLQVWUXFWVXVQRWWRWXUQRXUKRPHVLQWRWKHOLNHRIDJUDYH\DUGWKURXJKWKH QHJOLJHQFHRIUHFLWLQJWKH4XU DQLQWKHP,WDOVRSRLQWVRXWWKHH[FHOOHQFHRI6XUDW$O%DTDUDKZKLFK ZKHQUHFLWHGZLOOFHUWDLQO\NHHSWKHGHYLODZD\ 8ED\\ELQ.DCE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG$EX0XQGKLU'R\RXNQRZZKLFK$\DKLQ$OODK V%RRNLVWKHJUHDWHVW"
,UHSOLHG,WLVC$OODK ODLODKDLOOD+XZDO+DL\XO4D\XP$OODKQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW+HWKH(YHU /LYLQJ
7KHUHXSRQKH3%8+ SDWWHGPHLQWKHFKHVWDQGVDLG5HMRLFHE\WKLVNQRZOHGJH 2$EX0XQGKLU
>0XVOLP@ &RPPHQWDU\ 7KHZRUGVFLWHGLQWKH+DGLWKRFFXUDWWKHEHJLQQLQJRI$\DWXO.XUVL1RRI 6XUDW$O%DTDUDKRIWKH4XU DQ 7KHPHULWVPHQWLRQHGLQWKH+DGLWKDUHIRUWKHZKROH$\DK$\DWXO .XUVLPHQWLRQVWKH0DMHVWLF$WWULEXWHVDQG0LJKW\3RZHUVRI$OODKDQGLVWKHUHIRUHYHU\PHULWRULRXV 5HMRLFHE\WKLV NQRZOHGJH
PHDQV0D\WKLVNQRZOHGJHEHDVRXUFHRIUHVSHFWKRQRXUDQGEHQHILWWR \RX
$QGNQRZOHGJHKHUHVWDQGVIRUWKHNQRZOHGJHRIWKH4XU DQDQG+DGLWKZKLFKLVFHUWDLQO\D PHDQVRIVXFFHVVLQWKLVZRUOGDQGWKH+HUHDIWHU $EX+XUDLUDK0D\ $OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ SXW PHLQFKDUJHRIFKDULW\RI5DPDGDQ6DGDTDWXO)LWU 6RPHERG\FDPHWRPHDQGEHJDQWRWDNHDZD\ VRPHIRRGVWXII,FDXJKWKLPDQGVDLG,PXVWWDNH\RXWRWKH0HVVHQJHURI$OODK3%8+
+HVDLG ,DPDQHHG\PDQZLWKDODUJHIDPLO\DQGVR,KDYHDSUHVVLQJQHHG
,OHWKLPJR:KHQ,VDZWKH 0HVVHQJHURI$OODK3%8+ QH[WPRUQLQJKHDVNHGPH2$EX+XUDLUDK:KDWGLG\RXUFDSWLYHGR ODVWQLJKW"
,VDLG20HVVHQJHURI$OODK+HFRPSODLQHGRIDSUHVVLQJQHHGDQGDELJIDPLO\,IHOW SLW\IRUKLPVR,OHWKLPJR
+H3%8+ VDLG+HWROG\RXDOLHDQGKHZLOOUHWXUQ
,ZDVVXUH DFFRUGLQJWRWKHVD\LQJRIWKH0HVVHQJHURI$OODK3%8+ WKDWKHZRXOGUHWXUQ,ZDLWHGIRUKLP+H VQHDNHGXSDJDLQDQGEHJDQWRVWHDOIRRGVWXIIIURPWKH6DGDTDK,FDXJKWKLPDQGVDLG,PXVWWDNH \RXWRWKH0HVVHQJHURI$OODK3%8+
+HVDLG/HWJRRIPH,DPDQHHG\PDQ,KDYHWREHDUWKH H[SHQVHVRIDELJIDPLO\,ZLOOQRWFRPHEDFN
6R,WRRNSLW\RQKLPDQGOHWKLPJR,ZHQWDWGDZQWR WKH0HVVHQJHURI$OODK3%8+ ZKRDVNHGPH2$EX+XUDLUDK:KDWGLG\RXUFDSWLYHGRODVW
QLJKW"
,UHSOLHG20HVVHQJHURI$OODK+HFRPSODLQHGRIDSUHVVLQJZDQWDQGWKHEXUGHQRIDELJ IDPLO\,WRRNSLW\RQKLPDQGVR,OHWKLPJR
+H3%8+ VDLG+HWROG\RXDOLHDQGKHZLOOUHWXUQ
7KDWPDQ FDPHDJDLQWRVWHDOWKHIRRGVWXII,DUUHVWHGKLPDQGVDLG,PXVWWDNH\RXWRWKH 0HVVHQJHURI$OODK3%8+ DQGWKLVLVWKHODVWRIWKUHHWLPHV
+HVDLG/HWJRRIPH,VKDOOWHDFK\RXVRPHZRUGVZLWKZKLFK$OODKPD\EHQHILW \RX
,DVNHG:KDWDUHWKRVHZRUGV"
+HUHSOLHG:KHQ\RXJRWREHGUHFLWH$\DWXO.XUVL IRUWKHUHZLOOEHDJXDUGLDQDSSRLQWHGRYHU\RXIURP$OODKDQG6DWDQZLOOQRWEHDEOHWRDSSURDFK\RX WLOOPRUQLQJ
6R,OHWKLPJR1H[WPRUQLQJWKH0HVVHQJHURI$OODK3%8+ DVNHGPH:KDWGLG\RXU SULVRQHUGRODVWQLJKW
,DQVZHUHG+HSURPLVHGWRWHDFKPHVRPHZRUGVZKLFKKHFODLPHGZLOO EHQHILWPHEHIRUH$OODK6R,OHWKLPJR
7KH0HVVHQJHURI$OODK3%8+ DVNHG:KDWDUHWKRVH ZRUGVWKDWKHWDXJKW\RX"
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
7KH0HVVHQJHURI$OODK3%8+ VDLG9HULO\KHKDVWROG \RXWKHWUXWK WKRXJKKHLVDOLDU2$EX+XUDLUDK'R\RXNQRZZLWKZKRP\RXZHUHVSHDNLQJIRUWKH ODVWWKUHHQLJKWV"
,VDLG1R
+H3%8+ VDLG +HZDV6KDLWDQ6DWDQ
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHH[FHOOHQFHRI$\DWXO.XUVLDQGWKHLPSRUWDQFHRIUHFLWLQJLW EHIRUHJRLQJWREHG $EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUFRPPLWVWRPHPRU\WKHILUVWWHQ$\DWRIWKH6XUDW$O.DKIZLOOEHSURWHFWHGIURPWKHWULDO RI $G'DMMDO$QWLFKULVW
>0XVOLP@ ,QDQRWKHUQDUUDWLRQWKH0HVVHQJHURI$OODK3%8+ VDLG:KRHYHUFRPPLWVWRPHPRU\ WKHODVW WHQ$\DWRI6XUDW$O.DKIKHZLOOEHSURWHFWHGIURPWKHWULDORI $G'DMMDO$QWLFKULVW
&RPPHQWDU\ $G'DMMDOZLOODSSHDUVRPHWLPHEHIRUH
7KHQDQDQJHOGHVFHQGHG WKURXJKLWKHVDLG7KLVLVDQDQJHOZKRKDVFRPHGRZQWRHDUWK+HQHYHUFDPHGRZQEHIRUH
+H VHQWJUHHWLQJVDQGVDLG5HMRLFHZLWKWZROLJKWVJLYHQWR\RX6XFKOLJKWVZHUHQRWJLYHQWRDQ\ 3URSKHWEHIRUH\RX7KHVHOLJKWV DUH)DWLKDKWLO.LWDE6XUDW$O)DWLKDK DQGWKHFRQFOXGLQJ$\DWRI 6XUDW$O%DTDUDK
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVWKHH[FHOOHQFHRIWKHODVW$\DWRI6XUDW$O%DTDUDK7KDWLVIURP $PDQDU5DVXO WRWKHHQGRIWKH6XUDK $Q\RQHZKRUHFLWHVWKHVH$\DWZLWKD VLQFHUHKHDUWZLOO UHFHLYHJXLGDQFHIRUJLYHQHVVDQGEOLVVLQWKLVOLIHDQGLQWKH+HUHDIWHU
&+$37(5
'(6,5$%,/,7<2)$66(0%/,1* )257+(5(&,7$7,212)7+( 12%/(485 $1 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $Q\JURXSRISHRSOHWKDWDVVHPEOHLQRQHRIWKH+RXVHVRI$OODKWRVWXG\WKH4XU DQWUDQTXLOOLW\ZLOO GHVFHQGXSRQWKHPPHUF\ZLOOHQJXOIWKHPDQJHOVZLOOVXUURXQGWKHPDQG$OODKZLOOPDNHPHQWLRQRI WKHPWRWKRVHWKHDQJHOV LQ+LVSUR[LPLW\
>0XVOLP@ &RPPHQWDU\ 7KHPHDQLQJRIWKH+DGLWKLVWKDWWKH\WHDFKRQHDQRWKHUE\GLVFXVVLQJWKH4XUDQLF VFLHQFHVDQGNQRZOHGJHWKH4XU DQFRQWDLQV7KLVPHDQLQJLVFRUUHFWEHFDXVHERWKWKHVHDFWVDUH DXVSLFLRXVDQGDUHPHDQVRIJDLQLQJWKH3OHDVXUHRI$OODK7KLV+DGLWKKRZHYHUGRHVQRWWHOOXVLQ DQ\ZD\WKDWWKLVJURXSRISHRSOHUHFLWHWKH4XU DQDOODWRQFH7KLVLV%LGCDKIRUWKLVZDVQRWWKH SUDFWLFHRIWKH0HVVHQJHURI$OODK3%8+
&+$37(5
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
$EX+XUDLUDK 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ2QWKH'D\RI5HVXUUHFWLRQP\IROORZHUVRU8PPDK ZLOOEHVXPPRQHGC$O*KXUU $O0XKDMMDOXQ IURPWKHWUDFHVRI:XGX :KRHYHUFDQLQFUHDVHWKHDUHDRIKLVUDGLDQFHVKRXOGGRVR
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUG*KXUU
LVWKHSOXUDORI $JKDUU
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
>0XVOLP@
C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKRSHUIRUPVWKH:XGX SHUIHFWO\LHDFFRUGLQJWR6XQQDK KLVVLQVZLOOGHSDUWIURPKLV ERG\HYHQIURPXQGHUKLVQDLOV
>0XVOLP@ &RPPHQWDU\ 7RSHUIRUP:XGX LQDSURSHUPDQQHUPHDQVWRSHUIRUPLWDFFRUGLQJWR6XQQDK (MHFWLRQRIVLQVIURPWKHERG\PHDQVIRUJLYHQHVVRIVLQVDQGWKHZRUGCVLQV KHUHVWDQGVIRUPLQRUVLQV EHFDXVHPDMRUVLQVDUHQRWIRUJLYHQZLWKRXWGHYRXWSHQLWHQFH C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDZWKH0HVVHQJHURI$OODK 3%8+ SHUIRUPLQJ:XGX WKH ZD\,KDYHMXVWGRQHLWDQGVDLG+HZKRSHUIRUPV:XGX OLNHWKLVKLV SUHYLRXVVLQVZLOOEHIRUJLYHQDQGKLV6DODWDQGZDONLQJWRWKHPRVTXHZLOOEHFRQVLGHUHGDV VXSHUHURJDWRU\DFWRIZRUVKLS
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHDQLQJPHQWLRQHGLQWKHSUHFHGLQJ$KDGLWK7KDWLVWRVD\ VXFKPLQRUVLQVDUHZDVKHGRIIE\:XGX ,QRWKHUZRUGV:XGX LVDPHDQVRISXULILFDWLRQRIWKHERG\ DVZHOODVWKHVRXO $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZHQW WRWKH%DTLC FHPHWHU\DQGVDLG0D\\RXEHVHFXUHGIURPSXQLVKPHQW2GZHOOHUVRIDERGHRIWKH EHOLHYHUV:HLI$OODKZLOOVZLOOIROORZ\RX,ZLVKZHVHHP\EURWKHUV
7KH&RPSDQLRQVVDLG2 0HVVHQJHURI$OODK$UHQRWZH\RXUEURWKHUV"
+H3%8+ VDLG
7KH\VDLG20HVVHQJHURI$OODK+RZZLOO \RXUHFRJQL]HWKRVHRI\RXU8PPDKZKR DUHQRWERUQ\HW"
+H3%8+ VDLG6D\LIDPDQKDVZKLWH IRRWHGKRUVHVZLWKZKLWHIRUHKHDGVDPRQJKRUVHVZKLFKDUHSXUHEODFNZLOOKHQRWUHFRJQL]HKLVRZQ KRUVHV"
7KH\VDLG&HUWDLQO\20HVVHQJHURI$OODK
+H3%8+ VDLG7KH\P\IROORZHUV ZLOO FRPHZLWKEULJKWIDFHVDQGZKLWHOLPEVEHFDXVHRI:XGX DQG,ZLOODUULYHDWWKH+DXG$O.DXWKDU DKHDGRIWKHP
>0XVOLP@ &RPPHQWDU\ 2QWKHSULQFLSOH7KHEHOLHYHUVDUHEURWKHUV
WKDWLVPDQLIHVWHGLQ6XUDW$O+XMXUDWRI WKH4XU DQ WKH3URSKHW3%8+ UHJDUGHGDOOWKHVXFFHVVLYHJHQHUDWLRQVRI0XVOLPVDVKLV EURWKHUV+LV&RPSDQLRQVKDYHDQDGGHGGLVWLQFWLRQWKDWWKH\DUHKLVEURWKHUVDVZHOODVKLV FRPSDQLRQV 7KLV+DGLWKDOVRPHQWLRQV+DXG$O.DXWKDUZKLFKLVDZDUGHGWRWKH3URSKHW3%8+ RQWKH'D\RI 5HTXLWDODQGKHZLOOJLYHZDWHUIURPLWWRKLVIROORZHUVDIWHUZKLFKWKH\ZLOOQHYHUIHHOWKLUVW7KRVH ZKRLQYHQWLQQRYDWLRQVLQUHOLJLRQZLOOEHGHSULYHGRIWKLVKRQRXUDVLVHYLGHQWIURPRWKHUQDUUDWLYHV
)DUDWLVDSHUVRQZKRJRHVDKHDGRIWKHRWKHUVLQWKHFDUDYDQDQGPDNHVDUUDQJHPHQWVIRUWKH HQFDPSPHQWDQGSURYLVLRQVRIWKHFDUDYDQ,WLVDXQLTXHGLVWLQFWLRQRIWKH0XVOLPVWKDWWKHLU3URSKHW 3%8+ ZLOOEHKROGLQJWKDWSRVLWLRQRQWKH'D\RI5HTXLWDO $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGWKDWWKH0HVVHQJHURI$OODK3%8+ VDLG6KDOO,QRWWHOO\RXVRPHWKLQJE\ZKLFK$OODKHIIDFHVWKHVLQVDQGHOHYDWHVUDQNVLQ-DQQDK "
7KH&RPSDQLRQVVDLG&HUWDLQO\20HVVHQJHURI$OODK
+H3%8+ VDLG3HUIRUPLQJWKH:XGX WKRURXJKO\LQVSLWHRIGLIILFXOWFLUFXPVWDQFHVZDONLQJZLWKPRUHSDFHVWRWKHPRVTXHDQGZDLWLQJIRU WKHQH[W$V6DODWWKHSUD\HU DIWHUREVHUYLQJ6DODWDQGWKDWLV$U5LEDWDQGWKDWLV$U5LEDW
>0XVOLP@ &RPPHQWDU\ +DUGVKLSDQG XQSOHDVDQWQHVVKHUHVWDQGIRUWKHXQHDVLQHVVWKDWRQHIHHOVZKLOH SHUIRUPLQJ:XGX LQVHYHUHFROG$U5LEDW PHDQVZDWFKLQJWKHIURQWLHUVRUEDWWOHIURQWWRFKHFNWKH LQYDVLRQRIWKHHQHP\7RZDLWIRUWKHQH[W6DODWDIWHURIIHULQJD6DODWLVUHJDUGHGDV5LEDWIRUWKH UHDVRQWKDWE\VRGRLQJDSHUVRQZKRLVSDUWLFXODULQRIIHULQJ6DODWNHHSVKLPVHOIFRQVWDQWO\HQJDJHG LQWKHREHGLHQFHDQGZRUVKLSRI$OODKWRNHHS6DWDQDZD\IURPKLP $EX0DOLN$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH 0HVVHQJHURI$OODK 3%8+ VDLG :XGX LVKDOIWKH,PDQ
>0XVOLP@ C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG:KRHYHURI\RXSHUIRUPV:XGX FDUHIXOO\DQGWKHQDIILUPVC$VKKDGXDQODLODKD LOODOODKX:DKGDKXODVKDULND/DKX ZDDVKKDGXDQQD0XKDPPDGDQCDEGXKXZD5DVXOXKX>,WHVWLI\ WKDWWKHUHVRQRWUXHJRGH[FHSW$OODK$ORQH:KRKDVQRSDUWQHUVDQGWKDW0XKDPPDG3%8+ LV+LV VODYHDQG0HVVHQJHU@ WKHHLJKWJDWHVRI-DQQDKDUHRSHQHGIRUKLP+HPD\HQWHUWKURXJKZKLFKHYHU RIWKHVHJDWHVKHGHVLUHVWRHQWHU
>0XVOLP@ ,QWKHQDUUDWLRQLQ$W7LUPLGKL LWLVDGGHG$OODKXPPDMCDOQLPLQDWWDZZDELQDZDMCDOQLPLQDO PXWDWDKKLULQ2$OODKPDNHPHDPRQJWKRVHZKRUHSHQWDQGSXULI\WKHPVHOYHV
&RPPHQWDU\ 7DKXUPHDQV:XGX ZKLFKLVWKHIRUHPRVWFRQGLWLRQIRU6DODW2QHLVQRWSHUPLWWHGWR SHUIRUP6DODWZLWKRXW:XGX LQWKHSUHVFULEHGPDQQHU:XGX LVUHJDUGHGDVKDOIRIWKH6DODW
DQGWKLV SULQFLSOHPDNHVLWVLPSRUWDQFHFOHDU
&+$37(5
7+((;&(//(1&(2)$'+$1 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :HUHSHRSOHWRNQRZWKHEOHVVLQJRISURQRXQFLQJ$GKDQDQGWKHVWDQGLQJLQWKHILUVWURZWKH\ZRXOG HYHQGUDZORWVWRVHFXUHWKHVHSULYLOHJHV$QGZHUHWKH\WRUHDOL]HWKHUHZDUGRISHUIRUPLQJ6DODW HDUO\WKH\ZRXOGUDFHIRULWDQGZHUHWKH\WRNQRZWKHPHULWVRI6DODWDIWHUQLJKWIDOOC,VKD DQGWKH GDZQ)DMU 6DODWWKH\ZRXOGFRPHWRWKHPHYHQLIWKH\KDGWRFUDZO
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
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHHPLQHQFHRI0X DGKGKLQDQG$GKDQ$GKDQPHDQVFDOOLQJ SHRSOHWRWKHZRUVKLSRI$OODK0X DGKGKLQWKHFDOOHU JHWVUHZDUGIRUWKH6DODWRIDOOWKRVHZKRKHDU KLV$GKDQ7KHSKUDVHZLOOKDYHWKHORQJHVWQHFNV
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
$EX6DCLGDGGHG,KHDUGWKLVIURPWKH0HVVHQJHURI$OODK3%8+
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUGVVLJQLI\WKDW6DWDQUXQVZLWKJUHDWVSHHGDQGKHEUHDNVZLQGRUKH LQWHQWLRQDOO\GRHVVR,QDQ\FDVHLWVKRZVWKDWKHKDVDQDYHUVLRQIRU$GKDQ7KHVHFRQGSRLQWWKDWZH OHDUQIURPWKLV+DGLWK LVWKDWWKHFRQFHQWUDWLRQRIPLQGLVDPXVWIRU6DODWWRGHIHDWDOODWWHPSWVRI 6DWDQWRGLVUXSWLW C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUGWKH 0HVVHQJHURI$OODK3%8+ VD\LQJ:KHQ\RXKHDUWKH$GKDQUHSHDWZKDWWKH0X DGKGKLQVD\V 7KHQDVN$OODKWRH[DOWP\PHQWLRQEHFDXVHHYHU\RQHZKRGRHVVRZLOOUHFHLYHLQUHWXUQWHQUHZDUGV IURP$OODK7KHQEHVHHFK$OODKWRJUDQWPH$O:DVLODKZKLFKLVDKLJKUDQNLQ-DQQDKILWWLQJIRU RQO\RQHRI$OODK VVODYHVDQG,KRSHWKDW,ZLOOEHWKDWPDQ,IDQ\RQHDVNV$O:DVLODKIRUPHLW EHFRPHVLQFXPEHQWXSRQPHWRLQWHUFHGHIRUKLP
>0XVOLP@ &RPPHQWDU\ 7RLQYRNHEOHVVLQJVXSRQWKH3URSKHW3%8+ PHDQVWRUHFLWH$OODKXPPDVDOOLCDOD 0XKDPPDGLQZDCDODDOL0XKDPPDGLQNDPDVDOODLWDCDOD,EUDKLPDZDCDODDOL,EUDKLPDLQQDND +DPLGXQ0DMLG
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWRUHSHDWWKHZRUGVRI$GKDQZKHQZHKHDULW%XWZKHQKH VD\V+D\\DCDODV6DODK
RU+D\\DCDODO)DODK
ZHPXVWVD\/DKDZODZDODTXZZDWDLOODELOODK
-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKR VD\VXSRQKHDULQJWKH$GKDQC$OODKXPPD5DEEDKDGKLKLGGDCZDWLWWDPPDWLZDVVDODWLOTD LPDWLDWL 0XKDPPDGDQLOZDVLODWDZDOIDGKLODWDZDECDWKXPDTDPDQPDKPXGDQLOODGKLZDCDGWDKX>2$OODK 5XEERIWKLVSHUIHFWFDOO'DCZDK DQGRIWKHHVWDEOLVKHGSUD\HU$V6DODW JUDQW0XKDPPDGWKH :DVLODKDQGVXSHULRULW\DQGUDLVHKLPXSWRDSUDLVHZRUWK\SRVLWLRQZKLFK
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWRIWKHSUD\HUE\PDHQVRIZKLFKRQHDWWDLQVKLV VKRXOG EHUHFLWHGLQWKHPDQQHUQDUUDWHGE\C$EGXOODKELQC$PUZKLFKVD\VWKDWRQHVKRXOGILUVWUHSHDWWKH ZRUGLQJRI$GKDQWKHQUHFLWHWKHSUD\HUDVNLQJWRH[DOWWKHPHQWLRQRIWKH3URSKHW3%8+ DQGWKHQ SUD\$OODKWRJUDQWKLPWKH:DVLODK 6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG+H ZKRVD\VDIWHUWKH$GKDQC$VKKDGXDQODLODKDLOODOODK:DKGDKXODVKDULND/DKX ZDDVKKDGXDQQD 0XKDPPDGDQCDEGXKXZD5DVXOXKXUDGKLWX%LOODKL5DEEDQZDEL0XKDPPDGLQ5DVXODQZDELO ,VODPL'LQDQ>,WHVWLI\WKDWWKHUHLVQRWUXHJRGH[FHSW$OODK$ORQH+HKDVQRSDUWQHUVDQGWKDW 0XKDPPDG3%8+ LV+LVVODYHDQG0HVVHQJHU,DPFRQWHQWZLWK$OODKDVP\5XEEZLWK 0XKDPPDGDVP\0HVVHQJHUDQGZLWK,VODPDVP\'HHQ@ KLVVLQVZLOOEHIRUJLYHQ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDQRWKHUSUD\HUZKLFKVKRXOGEHUHFLWHGEHVLGHWKHDOUHDG\ PHQWLRQHG'XCDDO:DVLODK $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH VXSSOLFDWLRQPDGHEHWZHHQWKH$GKDQDQGWKH,TDPDKLVQHYHUUHMHFWHG
>$EX'DZXGDQG$W7LUPLGKL@
&+$37(5
7+((;&(//(1&(2)$66$/$7 7+(35$<(5 $OODKWKH([DOWHGVD\V 9HULO\$V6DODWWKHSUD\HU SUHYHQWVIURP$O)DKVKD LHJUHDWVLQVRIHYHU\NLQGXQODZIXO VH[XDOLQWHUFRXUVH DQG$O0XQNDULHGLVEHOLHISRO\WKHLVPDQGHYHU\NLQGRIHYLOZLFNHG GHHG
$EX+XUDLUDKX0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ6D\LIWKHUHZHUHDULYHUDWWKHGRRURIRQHRI\RXLQZKLFKKHWDNHVDEDWKILYHWLPHV DGD\ZRXOGDQ\VRLOLQJUHPDLQRQKLP"
7KH\UHSOLHG1RVRLOLQJZRXOGOHIWRQKLP
+H3%8+ VDLG
7KDWLVWKHILYHREOLJDWRU\ 6DODWSUD\HUV $OODKREOLWHUDWHVDOOVLQVDVDUHVXOWRISHUIRUPLQJ WKHP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXV DERXWWKHPHULWDQGEHQHILWVRIWKHSHUIRUPDQFHRIWKHSUHVFULEHG ILYHGDLO\6DODWSHUIRUPLQJWKHPZLOOZDVKRIIRQH VVLQVEXWWKLVLVWUXHRIRQO\VXFK6DODWZKLFKLV SHUIRUPHGLQDFFRUGDQFHZLWK6XQQDKLHSXQFWXDOO\LQH[DFWO\WKHPDQQHUVKRZHGE\WKH3URSKHW 3%8+ DQGQRWRIWKDWZKLFKLVRIIHUHGDWZLOOLQRQH VRZQZD\ -DELUX0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH VLPLOLWXGHRIWKHILYHREOLJDWRU\ 6DODW LVOLNHDULYHUUXQQLQJDWWKHGRRU RIRQHRI\RXLQZKLFKKH WDNHVDEDWKILYHWLPHVDGD\
>0XVOLP@
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQNLVVHGDZRPDQ6RKHFDPHWR WKH0HVVHQJHURI$OODK3%8+ DQGLQIRUPHGKLPDERXWLW7KHQ$OODKUHYHDOHGWKLV$\DK$QG SHUIRUPWKH6DODWEHWZHHQWKHWZRHQGVRIWKHGD\DQGLQVRPHKRXUVRIWKHQLJKW9HULO\WKHJRRG GHHGVHIIDFHWKHHYLOGHHGVLHPLQRUVLQV
7KHPDQDVNHGWKH0HVVHQJHURI$OODK3%8+ ZKHWKHUWKLVDSSOLHVWRKLPRQO\7KH0HVVHQJHURI $OODK3%8+ VDLG,WDSSOLHVWRDOORIP\ 8PPDK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %HWZHHQWKHHQGVRIWKHGD\
PHDQV)DMUDQG0DJKULESUD\HUV6RPHSHRSOHWKLQNLW UHIHUVWRC,VKD SUD\HUZKLOHVRPHWKLQNLWPHDQVWKH0DJKULEDQGC,VKD SUD\HUV,QVRPHKRXUVRIWKH QLJKW
PHDQVWKH7DKDMMXGSUD\HUV7KLV$\DKRIWKH4XU DQKDVEHHQTXRWHGKHUHWRVWUHVVWKDW6DODWLV DQDFWRIJUHDWYLUWXHDQGDQH[SLDWLRQRIVLQVEXWRQO\IRUPLQRUVLQVEHFDXVHWKHPDMRUVLQVZLOOQRWEH SDUGRQHGZLWKRXWVLQFHUHUHSHQWDQFH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHILYHGDLO\ 6DODWSUD\HUV DQGWKH)ULGD\SUD\HU WRWKH)ULGD\SUD\HU H[SLDWHZKDWHYHUPLQRU VLQV PD\EHFRPPLWWHGLQEHWZHHQ VRORQJDVPDMRUVLQVDUHDYRLGHG
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKHLPSRUWDQFHRISHUIRUPLQJ6DODWZLWKDOOLWVHVVHQWLDO SUHUHTXLVLWHVLH:XGX DQGFRQFHQWUDWLRQRIPLQG6XFKD6DODWZLOOH[SLDWHWKHVLQV
&+$37(5
(;&(//(1&(2)7+(0251,1* )$-5 $1'C$6535$<(56 $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK3%8+ VDLG+H ZKR7KHREVHUYHV$O%DUGDQLH)DMUDQGC$VUSUD\HUV ZLOOHQWHU-DQQDK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,WLVDPXVWIRUHYHU\0XVOLPWRRIIHUHYHU\6DODWUHJXODUO\EXWWKHUHDUHVRPHSUD\HUV 6DODW ZKLFKFDQQRWEHSHUIRUPHGSXQFWXDOO\XQOHVVRQHWDNHVVSHFLDOFDUHRIWKHP7KLVLVWKHUHDVRQ VRPHDGGLWLRQDOPHULWVKDYHEHHQPHQWLRQHGLQWKLV+DGLWKVRWKDWSHRSOHH[HUFLVHH[WUDHIIRUWIRU SHUIRUPLQJWKHP2IWKHVHWZRLVWKH)DMUSUD\HUWKHSHUIRUPDQFHRIZKLFKLVPRUHGLIILFXOWWKDQWKH RWKHUSUD\HUVEHFDXVHLWRFFXUVDWDWLPHRIUHVWDQGGHHSVOHHS6LPLODULVWKHFDVHRIC$VUSUD\HUWKH SHUIRUPDQFHRIZKLFKLVGLIILFXOW'XHWRWKHVHUHDVRQVVSHFLDOPHULWVRIWKHVHWZRSUD\HUVKDYHEHHQ PHQWLRQHGLQWKLV+DGLWK $EX=XKDLUC8PDUDK5XZDLEDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH 0HVVHQJHURI$OODK3%8+ VD\LQJ+HZKRSHUIRUPV6DODWSUD\HUV EHIRUHWKHULVLQJRIWKHVXQDQG EHIRUHLWVVHWWLQJZLOOQRWHQWHUWKH+HOO
>0XVOLP@
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
>0XVOLP@ &RPPHQWDU\ 2QHPHDQLQJRIWKLV+DGLWKLVWKDWRQHVKRXOGVKRZHQHUJ\IRUWKHSHUIRUPDQFHRI)DMU SUD\HU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHDUHDQJHOVZKRWDNHWXUQVLQYLVLWLQJ\RXE\QLJKWDQGE\GD\DQGWKH\DOODVVHPEOHDWWKHGDZQ )DMU DQGWKHDIWHUQRRQC$VU SUD\HUV7KRVHZKRKDYHVSHQWWKHQLJKWZLWK\RXDVFHQGWRWKHKHDYHQ DQGWKHLU5XEE:KRNQRZVEHWWHUDERXWWKHPDVNVC,QZKDWFRQGLWLRQGLG\RXOHDYH0\VODYHV"
7KH\UHSO\C:HOHIWWKHPZKLOHWKH\ZHUHSHUIRUPLQJ6DODWDQGZHZHQWWRWKHPZKLOHWKH\ZHUH SHUIRUPLQJ6DODW
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWQRRQHFDQVHH$OODKLQWKLVZRUOGEXWLQWKH+HUHDIWHUWKH EHOLHYHUVZLOOKDYHWKHKRQRXURIVHHLQJ$OODK,WDOVRKLJKOLJKWVWKHLPSRUWDQFHDQGPHULWVRI SHUIRUPLQJWKH)DMUDQGC$VUSUD\HUVSXQFWXDOO\DQGLQFRQJUHJDWLRQ %XUDLGDKX0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRPLVVHVWKHC$VU6DODWGHOLEHUDWHO\ KLVGHHGVZLOOEHUHQGHUHGQXODQGYRLG
>$O%XNKDUL@ &RPPHQWDU\ ,WLVDVHULRXVVLQWRPLVVDQ\RIWKHSUHVFULEHG6DODWGHOLEHUDWHO\6RPHSHRSOHUHJDUGLW HYHQDQDFWRI.XIU%XWWKHZLOOIXORPLVVLRQRIC$VUSUD\HULVRQHRIWKHPRVWVHULRXVVLQV,WVRPLVVLRQ QXOOLILHVRQH VJRRGGHHGV2EVHUYLQJWKLV6DODWLVWKHUHIRUHKLJKO\HVVHQWLDO
&+$37(5
7+((;&(//(1&(2) 352&((',1*72:$5'67+( 02648(:$/.,1*
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRJRHVWRWKHPRVTXHLQWKHPRUQLQJRULQWKHHYHQLQJ$OODKSUHSDUHVIRUKLPDSODFHLQ-DQQDK ZKHQHYHUKHJRHVWRWKHPRVTXHLQWKHPRUQLQJDQG UHWXUQVIURPLWLQWKHHYHQLQJ
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
+H VDLG,GRQRWOLNHWKDWP\KRXVHVKRXOGEHVLWXDWHGFORVHWRWKHPRVTXH,GHVLUHWKDWP\ZDONLQJ WRZDUGVWKHPRVTXHDQGUHWXUQLQJKRPHEHUHFRUGHGWRP\FUHGLW
8SRQWKLVWKH0HVVHQJHURI$OODK 3%8+ VDLG$OODKKDVJDWKHUHGDOOUHZDUGV IRU\RX
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
7KH\VDLG
7KHUHXSRQWKH0HVVHQJHURI$OODK3%8+ VDLG2%DQX6DODPDK6WD\LQ\RXUKRXVHV EHFDXVH\RXUIRRWSULQWVZKHQ\RXFRPHWRWKHPRVTXH ZLOOEHUHFRUGHG
+HVDLGWKLVWZLFH7KH\ VDLG:HZRXOGQRWKDYHOLNHGLWKDGZHPRYHGQHDUWKHPRVTXH
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWDSHUVRQZKRFRPHVWRWKHPRVTXHIRU6DODWIURPDORQJHU GLVWDQFHHDUQVDJUHDWHUUHZDUGWKDQWKHRWKHUVZKROLYHQHDUWKHPRVTXH,WDOVRPHQWLRQVWKHPHULWRI SHUIRUPLQJ6DODWLQFRQJUHJDWLRQDQGZDLWLQJIRULWWLOORQHSHUIRUPVLWEHKLQGWKH,PDP
%XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG &RQYH\JODGWLGLQJVWRWKRVHZKRZDONWRWKHPRVTXHLQWKHGDUNQHVV)RUWKH\ZLOOEHJLYHQIXOOOLJKW RQWKH'D\RI5HVXUUHFWLRQ
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ ,QWKHGDUNQHVV
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
7KH &RPSDQLRQVVDLG
+HVDLG3HUIRUPLQJWKH:XGX SURSHUO\LQVSLWHRIGLIILFXOWFLUFXPVWDQFHVZDONLQJZLWKPRUHSDFHVWRWKHPRVTXHDQGZDLWLQJIRUWKH QH[W6DODWSUD\HU DIWHUDREVHUYLQJ6DODWDQGWKDWLV$U5LEDWDQGWKDWLV$U5LEDW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WKDVEHHQUHSHDWHGKHUHWRVKRZWKDW PHWLFXORXVFDUHLQUHVSHFWRISXULILFDWLRQ6DODWDQGZRUVKLSLVDNLQWR-LKDGIRUWKHVDNHRI$OODKDQG ILJKWDJDLQVWWKHHQHP\LQWKHEDWWOHILHOG6HHWKHFRPPHQWDU\RQ+DGLWK1R $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG:KHQ\RXVHHDPDQIUHTXHQWLQJWKHPRVTXHWHVWLI\WKDWKHLVDEHOLHYHUEHFDXVH$OODK VD\VC$OODK VPRVTXHVDUHYLVLWHGRQO\E\WKRVHZKREHOLHYHLQ$OODKDQGWKH/DVW'D\
>$W7LUPLGKL@ &RPPHQWDU\ 2QHZKRJRHVWRWKHPRVTXHDJDLQDQGDJDLQWRSHUIRUP6DODWLQFRQJUHJDWLRQGHVHUYHV WKDWRQHEHDUVZLWQHVVWRKLVIDLWK7KLV+DGLWKDOVREULQJVLQWRSURPLQHQFHWKHPHULWDQGGLVWLQFWLRQRI WKRVHZKRKDYH DQDWWDFKPHQWWRPRVTXHDSDVVLRQIRUZRUVKLSDQGUHPHPEUDQFHRI$OODKDQG IRQGQHVVIRUWKHFRQVWUXFWLRQDQGPDLQWHQDQFHRIWKHPRVTXH7KLV+DGLWKLVZHDNLQDXWKHQWLFLW\EXW FRUUHFWLQLWVPHDQLQJVDQGVLJQLILFDQFH
&+$37(5
7+((;&(//(1&(2):$,7,1* )25$66$/$77+(35$<(5 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG (YHU\RQHDPRQJ\RXZLOOEHGHHPHGWREHRFFXSLHGLQ6DODWSUD\HU FRQVWDQWO\VRORQJDV6DODWWKH SUD\HU GHWDLQVKLPIURPZRUOGO\FRQFHUQV DQGQRWKLQJSUHYHQWVKLPIURPUHWXUQLQJWRKLVIDPLO\EXW 6DODW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWVRIZDLWLQJIRU6DODW$VORQJDVDSHUVRQVLWVLQPRVTXH ZDLWLQJIRU6DODWDOOKLVWLPHLVUHFNRQHGDVEHLQJLQWKHVWDWHRI6DODWDQGVRHOLJLEOHIRUWKHVDPH UHZDUG $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHDQJHOVVXSSOLFDWHLQIDYRXURIRQHRI\RXVRORQJDVKHUHPDLQVLQWKHSODFHZKHUHKH KDV SHUIRUPHG6DODWSUD\HU LQDVWDWHRI:XGX 7KH\WKHDQJHOV VD\C2$OODK)RUJLYHKLP2$OODK +DYHPHUF\RQKLP
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKKDVLQGXFHPHQWIRUVLWWLQJLQWKHSODFHZKHUHRQHKDVSHUIRUPHG6DODW SURYLGHGRQHNHHSV KLV:XGX LQWDFWZKHQDSHUVRQGRHVVRDQJHOVSUD\$OODKWRIRUJLYHKLPDQGKDYH PHUF\XSRQKLP $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QFHWKH0HVVHQJHURI$OODK3%8+ GHOD\HG WKHQLJKWSUD\HUC,VKD WLOOPLGQLJKW+H3%8+ WXUQHGWRXVDIWHU6DODWSUD\HU DQGVDLG7KH SHRSOHVOHSWDIWHUSHUIRUPLQJWKHLU6DODWEXW\RXZKRZDLWHGZLOOEHDFFRXQWHGDVHQJDJHGLQ6DODW WKURXJKRXWWKHSHULRGRI\RXUZDLWLQJ
>$O%XNKDUL@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVDQDFWRI PHULWDQGUHZDUGWRVLWDQGZDLWIRUWKH ,PDPDQGWKH-DPDCDKFRQJUHJDWLRQ DQGRQHZKRGRHVVRZLOOEHWUHDWHGDVRQHZKRLVHQJDJHGLQ 6DODW:HDOVROHDUQIURPWKLV+DGLWKWKDWLIDSHUVRQSHUIRUPV6DODWZKHQLWVWLPHLVGXHLWLVTXLWH IDLUDOWKRXJKLQWKDWFDVHKHZLOOQRWJHWWKHUHZDUGRIZDLWLQJIRUWKH,PDPDQGWKH-DPDCDK
&+$37(5
7+((;&(//(1&(2) 3(5)250,1*6$/$735$<(56 ,1&21*5(*$7,21 ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 6DODWLQFRQJUHJDWLRQLVWZHQW\VHYHQWLPHVPRUHPHULWRULRXVWKDQD6DODWSHUIRUPHGLQGLYLGXDOO\
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
+H WKHUHIRUHVRXJKWKLVSHUPLVVLRQWRSHUIRUP6DODWSUD\HU LQKLVKRXVH+H3%8+ JUDQWHGKLP SHUPLVVLRQ:KHQWKHPDQWXUQHGDZD\KHFDOOHGKLPEDFNDQGVDLG'R\RXKHDUWKH$GKDQFDOOWR SUD\HU "
+HUHSOLHGLQWKHDIILUPDWLYH7KH0HVVHQJHURI$OODK3%8+ WKHQGLUHFWHGKLPWRUHVSRQG WRLW >0XVOLP@
C$EGXOODK ELQ8PP0DNWXPWKH0X DGKGKLQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDLG WRWKH0HVVHQJHURI$OODK3%8+ 7KHUHDUHPDQ\SRLVRQRXVLQVHFWVDQGZLOGEHDVWVLQ$O0DGLQDK DQG,DPEOLQG3OHDVHJUDQWPHSHUPLVVLRQWRSHUIRUP6DODWDWKRPH
+H3%8+ HQTXLUHGZKHWKHUKH FRXOGKHDUWKHFDOO+D\\DCDODV6DODK+D\\DCDODO)DODK&RPHWRWKHSUD\HUFRPHWRWKHVDOYDWLRQ :KHQKHUHSOLHGLQDIILUPDWLYHWKH0HVVHQJHURI$OODK3%8+ GLUHFWHGKLPWRFRPHWRPRVTXH IRU SUD\HU
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
$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ,IWKUHHPHQLQDYLOODJHRULQWKHGHVHUWPDNHQRDUUDQJHPHQWIRU6DODWLQFRQJUHJDWLRQ6DWDQ PXVWKDYHFHUWDLQO\RYHUFRPHWKHP6RREVHUYH6DODWLQFRQJUHJDWLRQIRUWKHZROIHDWVXSDVROLWDU\ VKHHSWKDWVWD\VIDUIURPWKHIORFN
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKDOVRVWUHVVHVWKHLPSRUWDQFHRIRIIHULQJ6DODWLQFRQJUHJDWLRQDQGPHQWLRQV WKHGLVDGYDQWDJHVRIRIIHULQJLWLQGLYLGXDOO\2QHZKRUHPDLQVDORRIIURPWKHFRQJUHJDWLRQLVOLNHWKH VKHHSZKLFKLVVHSDUDWHGIURPLWVKHUGDQGEHFRPHVDYLFWLPRIWKHZROI2QHZKROLYHVDORQHLVHDVLO\ RYHUSRZHUHGE\VDWDQLFGRXEWV
&+$37(5
85*,1*722%6(59(C,6+$
$1')$-535$<(56,1 &21*5(*$7,21 C8WKPDQELQC$IIDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ2QHZKRSHUIRUPVC,VKD SUD\HULQFRQJUHJDWLRQLVDVLIKHKDVSHUIRUPHG6DODWIRU KDOIRIWKHQLJKW$QGRQHZKRSHUIRUPVWKH)DMUSUD\HULQFRQJUHJDWLRQLVDVLIKHKDVSHUIRUPHG6DODW WKHZKROHQLJKW
>0XVOLP@ 7KHQDUUDWLRQRI$W7LUPLGKLVD\VC8WKPDQELQ$IIDQ0D\$OODKEHSOHDVHGZLWKKLP QDUUDWHG WKDWKHKDGKHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ+HZKRDWWHQGVC,VKD LQFRQJUHJDWLRQLVDV LIKHKDVSHUIRUPHG6DODWIRUKDOIRIWKHQLJKWDQGKHZKRDWWHQGVC,VKD DQG)DMU SUD\HUVLQ FRQJUHJDWLRQLVDVLIKHKDVSHUIRUPHG6DODWIRUWKHZKROHQLJKW
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKHUHZDUGRISHUIRUPLQJC,VKD DQG)DMUSUD\HUVLQ FRQJUHJDWLRQLVVRJUHDWWKDWLWHTXDOVWKHZRUVKLSRIWKHZKROHQLJKW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,IWKH\NQHZWKHPHULWVRI6DODWDIWHUQLJKWIDOOC,VKD DQGWKHPRUQLQJ)DMU 6DODWWKH\ZRXOGFRPH WRWKHPHYHQLIWKH\KDGWRFUDZOWRGRVR
>$O%XNKDULDQG0XVOLP@ 7KLVLVSDUWRIDORQJ+DGLWKZKLFKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 1R6DODWLVPRUHEXUGHQVRPHWRWKHK\SRFULWHVWKDQWKH)DMUGDZQ SUD\HUDQGWKHC,VKD QLJKW SUD\HUDQGLIWKH\NQHZWKHLUPHULWVWKH\ZRXOGFRPHWRWKHPHYHQLIWKH\KDGWRFUDZOWRGRVR
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ C,VKD DQG)DMUSUD\HUVZHUHDQGVWLOODUHYHU\KDUGIRUWKHK\SRFULWHVIRUWKHUHDVRQ WKDWWKH\SHUIRUPHG6DODWRQO\WRPDNHDVKRZRILWDQGQRWIRUWKHIHDURI$OODK7KHUHIRUH0XVOLPV VKRXOGQRWVKRZDQ\OD]LQHVVLQWKHPDWDOOOHVWWKH\GHYHORSDUHVHPEODQFHZLWKWKHK\SRFULWHV
&+$37(5
675,&725'(56)25 2%6(59$1&(2)2%/,*$725< 6$/$7 $OODKWKH([DOWHGVD\V
*XDUGVWULFWO\WKHILYHREOLJDWRU\ $V6DODZDWWKHSUD\HUV HVSHFLDOO\WKHPLGGOH6DODWLHWKH EHVWSUD\HU C$VU
%XWLIWKH\UHSHQWDQGSHUIRUP$V6DODW,TDPDWDV6DODW DQGJLYH=DNDWWKHQOHDYHWKHLUZD\ IUHH
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK3%8+ :KLFKDFWLVWKHEHVW"
+H3%8+ VDLG$V6DODWDWWKHLUIL[HGWLPHV
,DVNHG:KDWQH[W"
+H 3%8+ VDLG%HLQJGXWLIXO WRSDUHQWV
,DVNHG:KDWQH[W"
+H3%8+ VDLG6WULYLQJ-LKDG LQ WKHZD\RI$OODK
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGEHIRUH+HUHWKHZRUG$Q1DV
WUDQVODWHGCWKH SHRSOH LQWKH+DGLWKVWDQGVIRUWKRVHZKRDVVRFLDWHRWKHUVZLWK$OODKLQZRUVKLS7KHSHRSOHRIWKH %RRNDUHQRWLQFOXGHGDPRQJWKHP+DTTXO,VODP
WUDQVODWHGKHUHDVWKHULJKWVRI,VODP
GHQRWHV OHJDOFDVWLJDWLRQHWF 7KDWLVWKHSXQLVKPHQWVZKLFKDUHJLYHQIRUFULPHVOLNHIRUQLFDWLRQPXUGHUHWF 7KHLUDFFRXQWDELOLW\LVOHIWWR$OODKPHDQVZKDWLVKLGGHQLQWKHLUKHDUWVLVOHIWWR$OODKRUWKHFULPHV ZKLFKJRXQGHWHFWHGE\WKHDXWKRULWLHVFRQFHUQHGDUHLQWKH3XUYLHZRI$OODK:KRZLOOGHFLGHWKHLU FDVHLQWKH+HUHDIWHU 0XCDGK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VHQWPHDV DJRYHUQRUWR
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGLVUHSHDWHGKHUHWRHPSKDVL]HWKH LPSRUWDQFHRIREOLJDWLRQVDQGWKHLUPHWLFXORXVSHUIRUPDQFH6HH+DGLWK1R -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG %HWZHHQDPDQDQGGLVEHOLHIDQGSDJDQLVPLVWKHDEDQGRQPHQW RI6DODWSUD\HU
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KHULJKWVPHQWLRQHGLQWKLV+DGLWKDUHWKH5LJKWVRI$OODK7KHILUVWRIWKHPIRUZKLFK RQHKDV WRUHQGHUDFFRXQWLV6DODW,QWKHULJKWVRISHRSOHWKHILUVWWREHGHFLGHGZLOOEHEORRGVKHGE\D SHUVRQRIKLVIHOORZEHLQJ7KLV+DGLWKDOVRPDNHVWKHIROORZLQJSRLQWV 6WUHVVRQWKHSHUIRUPDQFHRIWKHREOLJDWRU\DFWV
,QGXFHPHQWIRUYROXQWDU\SUD\HUVWRPDNHXSWKHGHILFLHQF\RIWKHREOLJDWLRQV
&+$37(5
7+((;&(//(1&(2) 67$1',1*,17+(),56752: ,16$/$7
-DELUELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ FDPHRXWWRXVRQFH DQGVDLG:K\GR\RXQRWVWDQGLQURZVDVWKHDQJHOVGREHIRUHWKHLU5XEE"
:H DVNHG20HVVHQJHURI$OODKKRZGRWKHDQJHOVVWDQGLQURZVEHIRUHWKHLU5XEE"
+H3%8+ UHSOLHG7KH\FRPSOHWHHDFKURZEHJLQQLQJZLWKWKHILUVWDQGILOOLQJDOOWKHJDSV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,WLVUHSHDWHGKHUHWRHPSKDVL]HWKHPHULWVRI JHWWLQJDSODFHLQWKHILUVWURZ IRU6DODWZKLFKLVRIIHUHGLQFRQJUHJDWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWRIWKHPHQ VURZVLQ6DODW LVWKHILUVWURZDQGWKHZRUVWLVWKHODVWEXWWKHEHVWRIWKH ZRPDQ VURZ LVWKHODVWDQGWKHZRUVWRIWKHLUURZVLVWKHILUVW
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
$EX0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR JHQWO\SDWRXUVKRXOGHUV ZKHQZHZHUHVWDQGLQJLQURZVDWWKHWLPHRI6DODWDQGVD\.HHSWKHURZV VWUDLJKWGRQRWGLIIHUIURPHDFKRWKHUOHVW\RXUKHDUWVVKRXOGVXIIHUIURPGLVFRUG/HWWKRVHRI\RXZKR DUHPDWXUHDQGSUXGHQWEHQHDUHUWRPHDQGWKHQWKRVHZKRDUHQH[WWRWKHP
>0XVOLP@ &RPPHQWDU\ 7RJHQWO\SDWRXUVKRXOGHUV
PHDQVWKDWKHZRXOGVHWWKHLUVKRXOGHUVULJKWWRVWUDLJKWHQ WKHURZ'RQRWGLIIHUIURPHDFKRWKHU
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRKLJKOLJKWVWKHLPSRUWDQFHRIVHWWLQJWKHURZVVWUDLJKW,QIDFWWKLVLV SDUWRIWKHSHUIHFWLRQRI6DODW,QRWKHUZRUGV6DODWLQFRQJUHJDWLRQGRHVQRWEHFRPHSHUIHFWZLWKRXW VHWWLQJWKHURZVLQRUGHU $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWKH,TDPDKKDGEHHQDQQRXQFHGWKH 0HVVHQJHURI$OODK3%8+ WXUQHGKLVIDFHWRZDUGVXVDQGVDLG0DNH\RXUURZVVWUDLJKWDQGVWDQG FORVHWRJHWKHUIRU,FDQVHH\RXIURPEHKLQGP\EDFN
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
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ0XVOLPLV$Q1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH 0HVVHQJHURI$OODK3%8+ GLUHFWHGXVWRNHHSRXUURZVDVVWUDLJKWDVDUURZV+HFRQWLQXHGVWUHVVLQJ WKLVXQWLOKHUHDOL]HGWKDWZHKDGOHDUQWLWIURPKLPUHFRJQL]HGLWVVLJQLILFDQFH 2QHGD\KHFDPHLQWR WKHPRVTXHDQGVWRRGXS+HZDVMXVWDERXWWRVD\7DNELU$OODKLV *UHDWHU ZKHQKHQRWLFHGDPDQ ZKRVHFKHVWZDVSURMHFWHGIURPWKHURZVRKHVDLG2VODYHVRI$OODK\RXPXVWVWUDLJKWHQ\RXUURZV RU$OODKZLOOFHUWDLQO\SXW\RXUIDFHVLQRSSRVLWHGLUHFWLRQV
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHUDQGLVUHSHDWHGKHUHIRULWVEHLQJJHUPDQHWR WKLVFKDSWHU3XW\RXUIDFHVLQRSSRVLWHGLUHFWLRQV
VLJQLILHVWKDW$OODKZLOOFUHDWHHQPLW\LQ\RX
ZKLFKZLOOFUHDWHGLVVHQVLRQUDWKHUWKDQXQLW\ZHDNQHVVUDWKHUWKDQVWUHQJWKDQGSRZHUDQGWKH 0XVOLPVZLOOWKHQEHRYHUZKHOPHGZLWKWKHIHDUDQGWHUURURIWKHLUHQHPLHV7KLVSKUDVHFDQDOVRKDYH DOLWHUDOPHDQLQJWKDWLVLQFRQVHTXHQFHRIFRQIXVLRQLQ\RXUUDQNV$OODKZLOOWXUQ\RXUIDFHWRZDUGV WKHQDSHVRI\RXUQHFNVDQGGLVWRUWWKHP0D\$OODKVDYHWKH0XVOLPVIURPERWKWKHVHSXQLVKPHQWV $O%DUD ELQC$]LE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWRSDVVEHWZHHQWKHURZVIURPRQHHQG WRWKHRWKHUWRXFKLQJRXUFKHVWDQGVKRXOGHUVLH DUUDQJLQJWKHURZV LQOLQHDQGVD\LQJ'RQRWEHRXWRIOLQHRWKHUZLVH\RXUKHDUWVZLOOEHLQ GLVDJUHHPHQW
+HZRXOGDGG$OODKDQG+LVDQJHOVLQYRNHEOHVVLQJVXSRQWKHILUVWURZV
>$EX'DZXG@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $UUDQJHWKHURZVLQRUGHUVWDQGVKRXOGHUWRVKRXOGHUFORVHWKHJDSVEHDFFRPPRGDWLQJWR\RXU EURWKHUVDQGGRQRWOHDYHJDSVIRU6DWDQ:KRHYHUMRLQVXSDURZKHZLOOEHMRLQHGWR$OODKLHWR WKH0HUF\RI$OODK DQGZKRHYHUFXWVRIIDURZKHZLOOEHFXWRIIIURP$OODKLHIURP+LV0HUF\
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHVWUDLJKWHQLQJRIURZV+HUHWKHSKUDVHEH DFFRPPRGDWLQJWR\RXUEURWKHUV
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
7KLVLVD SUD\HUIURPWKH3URSKHW3%8+ IRU WKHSHUVRQZKRVWUDLJKWHQVWKHURZVDVZHOODVDQLPSUHFDWLRQIRU WKHRQHZKREUHDNVWKHURZV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG6WDQG FORVHWRJHWKHULQ\RXUURZVNHHSQHDUHUWRRQHDQRWKHUDQGSXW\RXUQHFNVLQOLQHIRUE\+LPLQ :KRVH+DQGVP\VRXOLV,VHHWKH6DWDQHQWHULQJWKURXJKWKHRSHQLQJLQWKHURZOLNH$OKDGKDILHD W\SHRIVPDOOEODFNVKHHSIRXQGLQ
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKDWWKHURZVPDGHIRU6DODWVKRXOGQRWRQO\EHLQWHJUDWHGOLNHD VROLGZDOOEXWEHVHWYHUWLFDOO\FORVHWRHDFKRWKHUDOVR7KLVPHDQVWKDWWKHUHVKRXOGQRWEHPXFKVSDFH EHWZHHQWKHWZRURZV7KHPD[LPXPVSDFHDOORZHGIRULWLVWKUHHVSDQV6SDFHLQH[FHVVRIWKLVLV GLVDSSURYHGDQGWDNHVDZD\WKHPHULWRIRIIHULQJ6DODWLQFRQJUHJDWLRQ7KLVIRUPXODGRHVQRWDSSO\WR WKHURZVRIZRPHQEHFDXVHDODUJHUGLVWDQFHEHWZHHQWKHURZVRIPHQDQGZRPHQLVPRUHPHULWRULRXV ,EQC$OODQ 3XW\RXUQHFNVLQOLQH
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
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWFRPSOHWLRQRIURZVLQWKHLUVHTXHQFHLVHVVHQWLDOWKDWLVWRVD\ ILUVWRIDOOWKHILUVWURZVKRXOGEHFRPSOHWHGWKHQWKHVHFRQGWKHQWKHWKLUGDQGVRRQDQGVRIRUWK 7KHODVWURZPD\EHOHIWLQFRPSOHWHLILWLVVKRUWRIDIXOOURZ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG$OODK DQG+LVDQJHOVLQYRNHEOHVVLQJVXSRQWKRVHZKRDUHRQWKHULJKWVLGHRIWKHURZV
>$EX'DZXG@ $O%DUD 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUZHSHUIRUPHG6DODWEHKLQGWKH 0HVVHQJHURI$OODK3%8+ ZHOLNHGWREHRQKLVULJKWVLGHVRWKDWKLVIDFHPLJKWWXUQWRZDUGVXVDW WKHHQGRIWKH6DODW 2QHGD\,KHDUG0HVVHQJHURI$OODK3%8+ VXSSOLFDWLQJ2P\5XEE6KLHOG PHIURP
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKGHVFULEHVWKHPHULWRIVWDQGLQJRQWKHULJKWVLGHRIWKH,PDPDQGWHOOVXV WKDWIRUWKH,PDPLWLV6XQQDKRIWKH3URSKHW3%8+ WRVLWDIWHUWKHFRQJUHJDWLRQDO6DODWZLWKKLVIDFH WRZDUGVKLVIROORZHUV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG /HWWKH,PDPVWDQGLQWKHPLGGOHVRWKDWWKRVHSUD\LQJEHKLQGKLPVKRXOGEHVWDQGLQJERWKRQKLV ULJKWDQGKLVOHIW DQGFORVHWKHJDSV
>$EX'DZXG@ &RPPHQWDU\ 6KHLNK$O$OEDQLKDVVWDWHGWKDWWZRQDUUDWRUVRIWKLV+DGLWKDUH0DMKXOXQNQRZQ 7KHVHFRQGSDUWRILWKRZHYHULVFRUUHFWEHFDXVHLWLVVXSSRUWHGE\DQDUUDWLRQRI,EQC8PDU TXRWHG HDUOLHU
&+$37(5
7+((;&(//(1&(2) 237,21$/35$<(566811$+08 $..$'$+ $/21*:,7+7+(2%/,*$725<35$<(56 8PP+DELEDK0D\$OODKEHSOHDVHGZLWKKHU WKH0RWKHURIWKH%HOLHYHUVUHSRUWHG,KHDUGWKH 0HVVHQJHURI$OODK3%8+ VD\LQJ$KRXVHZLOOEHEXLOWLQ-DQQDKIRUHYHU\0XVOLPZKRRIIHUV WZHOYH5DNCDKRIRSWLRQDO6DODWRWKHUWKDQWKHREOLJDWRU\6DODWLQDGD\DQGDQLJKWWRVHHNWKH 3OHDVXUHRI$OODK
>0XVOLP@ &RPPHQWDU\ 7DWDZZXCPHDQVWRRIIHUPRUH1DZDILORSWLRQDOSUD\HUV RQRQH VRZQDIWHU SHUIRUPLQJWKH)DUDLGREOLJDWRU\SUD\HUV 7KXVWKLV+DGLWKWHOOVXVWKHPHULWVRIRSWLRQDOSUD\HUVDQG KROGVSURPLVHRI-DQQDK IRUWKRVHZKRPDNHLWDSUDFWLFH ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,SHUIRUPHGDORQJZLWKWKH0HVVHQJHURI $OODK3%8+ WZR5DNCDKRIRSWLRQDOSUD\HUVEHIRUH=XKUDQGWZRDIWHUWKH=XKUQRRQSUD\HU DQG WZRDIWHUWKH)ULGD\SUD\HUDQGWZRDIWHUWKH0DJKULEHYHQLQJ SUD\HUDQGWZRDIWHUWKHC,VKD QLJKW SUD\HU
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
WREH2SWLRQDOSUD\HUV,QDQ\FDVH1DZDILOKDYHJUHDWLPSRUWDQFHLQFUHDWLQJDVSHFLDOOLQNEHWZHHQ WKHZRUVKLSSHUDQG$OODKDQGIRUWKLVUHDVRQWKHEHOLHYHUVGRQRWQHJOHFWWKHP%XWWKHLUVWDWXVLQ 6KDULCDKLVRI1DZDILOWKHSHUIRUPLQJRIZKLFKLVUHZDUGLQJDQGRPLVVLRQRIZKLFKLVQRWVLQIXO2QH WKLQJWKDWVKRXOGEHERUQHLQPLQG LQUHVSHFWRI$V6XQQDQ$U5DZDWLERU0X DNNDGDKLVWKDWLWLV EHWWHUWRSHUIRUPWKHPDWKRPH7KLVZDVWKHXVXDOSUDFWLFHRIWKH3URSKHW3%8+ DQGWKLVLVZKDWKH RUGDLQHGWKH0XVOLPV C$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG7KHUHLVD6DODWSUD\HU EHWZHHQHYHU\$GKDQDQG,TDPDKWKHUHLVD6DODWEHWZHHQ HYHU\$GKDQDQG,TDPDK
:KLOHVD\LQJWKHVDPHIRUWKH WKLUGWLPHKH3%8+ DGGHG ,WLVIRUKLP ZKRGHVLUHVWRSHUIRUPLW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHWZR$GKDQ KHUHPHDQV$GKDQDQG,TDPDKDVKDVEHHQHOXFLGDWHGE\,PDP$Q 1DZDZL 7KDWLVRIIHULQJRIWZR5DNCDKEHWZHHQ$GKDQDQG,TDPDKLV0XVWDKDEEGHVLUDEOH ,W FRPHVLQWKHFDWHJRU\RI*KDLU5DWLEDRU*KDLU0X DNNDGDK1DZDILO7KHVH1DZDILOFDQEHSHUIRUPHG DIWHUWKH$GKDQRIHYHU\6DODWEHIRUHWKHFRQJUHJDWLRQVWDQGVIRUWKHREOLJDWRU\6DODW
&+$37(5
(03+$6,6213(5)250,1* 7:25$.C$+6811$+%()25( '$:1)$-5 35$<(5 C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 7KH3URSKHW3%8+ QHYHURPLWWHGIRXU 5DNCDKSUD\HUEHIRUHWKH=XKUSUD\HUDQGWZR5DNCDKSUD\HUVEHIRUHGDZQ)DMU SUD\HU >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHSUDFWLFHRIWKH3URSKHW3%8+ LQUHVSHFWRIWKHIRXU5DNCDK 6XQQDKRI=XKUSUD\HUVDQGWKHWZRRI)DMUSUD\HUV+H3%8+ XVHGWRSHUIRUPERWKUHJXODUO\6XFK 5DNCDKDUHFDOOHG6XQQDK5DZDWLERU6XQQDK0X DNNDGDKFRPSXOVRU\SUD\HUV C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 7KH3URSKHW3%8+ GLGQRWDWWDFKPRUH LPSRUWDQFHWRDQ\1DZDILOSUD\HUWKDQWKHWZR5DNCDKRISUD\HUEHIRUHGDZQ)DMU SUD\HU >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOXVDERXWWKHVSHFLDOSUHSDUDWLRQZKLFKWKH3URSKHW3%8+ XVHGWR PDNHIRUSHUIRUPLQJWKHWZR5DNCDKRI)DMUSUD\HUV C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ VDLG7KHWZR5DNCDK EHIRUHWKHGDZQ)DMU SUD\HUDUHEHWWHUWKDQWKLVZRUOGDQGDOOLWFRQWDLQV
>0XVOLP@ $QRWKHUQDUUDWLRQJRHV7KHWZR5DNCDKEHIRUHWKHGDZQ)DMU SUD\HUDUHGHDUHUWRPHWKDQWKH ZKROHZRUOG
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
KHFDPHRXWKHOHG$V6DODW,VDLGWRKLPC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU NHSWPHEXV\DQG WKXVGLYHUWHGP\DWWHQWLRQE\DVNLQJDERXWVRPHWKLQJDQGWKHPRUQLQJJUHZEULJKW
%LODO0D\$OODKEHSOHDVHGZLWKKLP VDLG20HVVHQJHURI$OODK
+H3%8+ UHSOLHG(YHQLIWKHPRUQLQJKDGEHFRPHEULJKWHUWKDQ LWKDG,ZRXOGKDYHSHUIRUPHGWZR5DNCDKRISUD\HULQDQH[FHOOHQWPDQQHU
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHLPSRUWDQFHRIWKHWZR5DNCDKRI)DMUSUD\HUVDQG VWUHVVHVWKHQHHGWRSHUIRUPWKHPZLWKIXOOFRQFHQWUDWLRQ
&+$37(5
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
KHUHPHDQVWKDWKHZRXOGKDVWHQWKH WZR 5DNCDKRI)DMUSUD\HUWRWKHSRLQWWKDWRQHKDGWKHLPSUHVVLRQWKDWKHZDVKHDULQJWKHYRLFHRI,TDPDK DQGKHZDVPDNLQJKDVWHIRUIHDURIPLVVLQJRIWKH6DODW 7KLV+DGLWKDOVRPDNHVWKHIROORZLQJWKUHHSRLQWV
7KHRSWLRQDOSUD\HURIWKHQLJKWVKRXOGEHRIIHUHGLQDVHULHVRIWZR5DNCDK 2QH5DNCDKRI:LWULVDOVRFRUUHFW 7KH6XQQDKRI)DMUSUD\HUVKRXOGEHRIIHUHGVRRQDIWHUWKH$GKDQDQGRQHVKRXOGEHEULHILQWKHP ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR UHFLWHGXULQJWKHWZR5DNCDKRI)DMUSUD\HU6D\20XVOLPV :HEHOLHYHLQ$OODKDQGWKDWZKLFKKDV EHHQVHQWGRZQWRXV
ZKLFKLVLQ6XUDW$O%DTDUDKLQWKHILUVW5DNCDKDQGWKH9HUVH:H EHOLHYHLQ$OODKDQGEHDUZLWQHVVWKDWZHDUH0XVOLPVLHZHVXEPLWWR$OODK
LQWKHVHFRQG 5DNCDK $FFRUGLQJWRDQRWKHUQDUUDWLRQKH3%8+ UHFLWHGIURP6XUDW$OC,PUDQWKH9HUVHV&RPHWRD ZRUGZKLFKLVMXVWEHWZHHQXVDQG\RX
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
&+$37(5
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
KDVDOVREHHQXVHGLQWKH4XU DQDQG+DGLWK7KHZRUG7DUDZLK
GRHVQRW ILJXUHDQ\ZKHUHLQ+DGLWK7KHZRUG7DUDZLK
IRU4L\DPXO/DLO
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
&+$37(5
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
VKRXOGQRW EHWDNHQWRPHDQWKDWD0XVOLPZLOOQRWEHVHQWWR +HOOQRPDWWHUZKDWKHGRHV,I$OPLJKW\$OODKGRHVQRWIRUJLYHKLPLQWKHYHU\ILUVWLQVWDQFHKHZLOO KDYHWRVXIIHUWKHWRUPHQWRI+HOODVORQJDV+HZRXOGOLNHDQGWKHQKHZLOOEHVHQWWR-DQQDK C$EGXOODKELQ$V6D LE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ XVHGWRSHUIRUPIRXU5DNCDKSUD\HUDIWHUWKHGHFOLQLQJRIWKHVXQEHIRUH=XKUSUD\HUDQG ZRXOGVD\7KLVLVDQKRXUDWZKLFKWKHJDWHVRIKHDYHQDUHRSHQHGDQG,OLNHWKDWP\JRRGGHHGV VKRXOGULVHWRKHDYHQDWWKDWWLPH
>$W7LUPLGKL@ &RPPHQWDU\ 7KH3URSKHW3%8+ XVHGWRSHUIRUPWKHIRXU5DNCDK6XQQDKRI=XKUSUD\HUZKHQWKH VXQVWDUWHGGHFOLQLQJ,QIDFWH[FHSWIRUC,VKD SUD\HUKHZRXOGSHUIRUPHYHU\6DODWDWLWVHDUO\KRXUV 7KHSKUDVHWKHJDWHVRIKHDYHQDUHRSHQHG
WRPHDQVWKDWWKHJRRGGHHGVWKDWSHRSOHGRDUHOLIWHGWR KHDYHQVDWWKDWWLPH C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG ,IWKH3URSKHW3%8+ FRXOGQRWSHUIRUPIRXU 5DNCDKEHIRUH=XKUSUD\HUKHZRXOGSHUIRUPWKHPDIWHULWLHDIWHUWKHREOLJDWRU\SUD\HU >$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHSUHSDUDWLRQZKLFKWKH3URSKHW3%8+ XVHGWRPDNHIRU SHUIRUPLQJWKH6XQQDK(YHU\0XVOLPVKRXOGWKHUHIRUHPDNHIXOOSUHSDUDWLRQIRUSHUIRUPLQJ6XQQDK ,IRQHLVXQDEOHWRSHUIRUPLWEHIRUHWKH)DUGSUD\HUWKHQRQHPXVWGRLWDIWHUZDUGV
&+$37(5
6811$+2)7+(C$6535$<(5 C$OLELQ$EX7DOLE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ XVHGWR SHUIRUPIRXU5DNCDKEHIRUHWKHC$VUSUD\HUVHSDUDWLQJWKHPZLWK7DVOLPLHRIIHULQJEOHVVLQJV RQ WKHIDYRXULWHDQJHOVZKRDUHQHDU$OODK VSUR[LPLW\DQGWKH0XVOLPVDQGWKHEHOLHYHUVZKRFRPHDIWHU WKHP >$W7LUPLGKL@ &RPPHQWDU\ 7KHSKUDVHVHSDUDWLQJWKHPZLWK7DVOLP
PHDQVWKDWKHZRXOGSHUIRUPIRXU5DNCDKLQ WZRFRXSOHWV ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG0D\$OODK KDYHPHUF\RQDPDQZKRSHUIRUPVIRXU5DNCDKEHIRUHWKHC$VUSUD\HU
>$EX'DZXGDQG$W7LUPLGKL@
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
&+$37(5
6811$+2)7+(0$*+5,% 35$<(5
>,QWKHSUHYLRXVFKDSWHUWKHSUDFWLFHRIWKH3URSKHW3%8+ KDVEHHQUHSRUWHGE\C8PDUDQGC$LVKDK 0D\$OODKEHSOHDVHGZLWKWKHP WKDWKH3%8+ XVHGWRSHUIRUPWZR5DNCDK6XQQDKDIWHUWKH REOLJDWRU\0DJKULESUD\HU@ C$EGXOODKELQ0XJKDIIDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 3HUIRUPWZR5DNCDKEHIRUH0DJKULESUD\HU
+H3%8+ UHSHDWHGLWWZLFHZKHQUHSHDWLQJLWIRUWKH WKLUGWLPHKHDGGHG+HZKRPD\VRZLVK
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
+HUHSOLHG+HVDZXVSHUIRUPLQJLW EXWKHQHLWKHURUGHUHGXVWRSHUIRUPWKHPQRUGLGKHIRUELGXVIURP GRLQJVR
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVWKHSUDFWLFHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ LQUHVSHFW RIWZR5DNCDKSHUIRUPHGEHIRUH0DJKULESUD\HU7KH\VRPHWLPHVSHUIRUPHGWKHVH5DNCDKLQWKH
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
&+$37(5
6811$+2)7+(C,6+$ 35$<(5 >,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP KDVQDUUDWHGWKDWKHSHUIRUPHGWZR5DNCDKDIWHUWKH)DUG SUD\HURIC,VKD ZLWKWKH3URSKHW3%8+ C$EGXOODKELQ0DJKDIIDOKDVQDUUDWHGWKDWWKH0HVVHQJHURI $OODK3%8+ KDVVDLG 7KHUHLVD6DODWEHWZHHQHYHU\7DNELUDQG$GKDQ
7KLVSURYHVWKDWDSDUWIURPWKHIRXU5DNCDK)DUGWKHUHDUHDOVRWZR5DNCDK6XQQDKRIWKHC,VKD SUD\HU 6HH$KDGLWK1RDQG
&+$37(5
6811$+2))5,'$<35$<(5 C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,SHUIRUPHGDORQJZLWKWKH3URSKHW 3%8+ WZR5DNCDK6XQQDKSUD\HU DIWHUWKH-XPX DKSUD\HU >$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,I DQ\RQHRI\RXSHUIRUPVWKH)ULGD\SUD\HUKHVKRXOGSHUIRUPIRXU5DNCDK6XQQDK DIWHULW
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
$O%XNKDUL
&+$37(5
'(6,5$%,/,7<2)2))(5,1* 1$:$),/92/817$5<25 237,21$/ 35$<(56$7+20( =DLGELQ7KDELW0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG2SHRSOH SHUIRUP\RXUYROXQWDU\ 6DODWSUD\HUV LQ\RXUKRPHVEHFDXVHWKHEHVW6DODWRIDPDQLVWKHRQHKH SHUIRUPVDWKRPHH[FHSWWKHREOLJDWRU\6DODW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH1DZDILODQG6XQQDKSUD\HUVVKRXOGEHSHUIRUPHGDWKRPH ,WJRHVZLWKRXWVD\LQJWKDWDOOWKH)DUGFRQVWLWXHQWVRIHYHU\6DODWDUHWREHSHUIRUPHGLQWKHPRVTXH 0DVMLG LQFRQJUHJDWLRQ7KHRUGHUWRSHUIRUPWKH1DZDILOSUD\HUVDWKRPHVKRZVLWVPHULWV)LUVWO\LW VDYHVDSHUVRQIURPVKRZLQJRIIDQGVHFRQGO\KRXVHVDUHEOHVVHGGXHWRWKHP ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG2EVHUYHSDUW RIWKH>1DZDILOYROXQWDU\ @6DODWSUD\HUV LQ\RXUKRPHV'RQRWWXUQ\RXUKRPHVLQWRJUDYHV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2EVHUYHSDUWRIWKH6DODWSUD\HUV LQ\RXUKRPHV
KHUHPHDQV1DZDILODQG6XQQDK 7KHKRXVHVLQZKLFK1DZDILODUHQRWSHUIRUPHGDUHOLNHJUDYH\DUGV6XFKKRXVHVDUHOLNHJUDYHVZKLFK KDYHQRVFRSHIRUDFWLRQDQGZRUVKLSDQGDUHWKXVGHSULYHGRIWKHLUUHZDUGZKLFKLVDJUHDW GHSULYDWLRQLQGHHG -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG:KHQ \RXKDYHILQLVKHG\RXU)DUG 6DODWSUD\HU LQWKHPRVTXH\RXVKRXOGREVHUYHVRPHRI\RXU6XQQDK DQG1DZDILO 6DODWDWKRPH$OODKZLOOEOHVV\RXUKRPHVEHFDXVHRI\RXU6DODWLQ\RXUKRPHV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHVVDJHZKLFKLVFRQYH\HGE\WKHSUHFHGLQJ$KDGLWKQDPHO\ WKDWWKH)DUG6DODWVKRXOGEHSHUIRUPHGLQWKH0DVMLGPRVTXH ZKLOHVRPHRIWKHVXSHUHURJDWRU\ RSWLRQDODQGYROXQWDU\SUD\HUVVKRXOGEHSHUIRUPHGDWKRPH C8PDUELQC$WDUHSRUWHGWKDW1DILCELQ-XEDLUVHQWKLPWR6D LEELQ8NKW1DPLUWRDVNKLPDERXW VRPHWKLQJWKDW0XCDZL\DKKDGVHHQKLPGRLQJ LQ6DODWSUD\HU +HVDLG0XVOLP@ &RPPHQWDU\ 0DTVXUDK
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
&+$37(5
'(6,5$%,/,7<2)2))(5,1* 1$:$),/92/817$5<25 237,21$/ 35$<(56$7+20( =DLGELQ7KDELW0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG2SHRSOH SHUIRUP\RXUYROXQWDU\ 6DODWSUD\HUV LQ\RXUKRPHVEHFDXVHWKHEHVW6DODWRIDPDQLVWKHRQHKH SHUIRUPVDWKRPHH[FHSWWKHREOLJDWRU\6DODW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKH1DZDILODQG6XQQDKSUD\HUVVKRXOGEHSHUIRUPHGDWKRPH ,WJRHVZLWKRXWVD\LQJWKDWDOOWKH)DUGFRQVWLWXHQWVRIHYHU\6DODWDUHWREHSHUIRUPHGLQWKHPRVTXH 0DVMLG LQFRQJUHJDWLRQ7KHRUGHUWRSHUIRUPWKH1DZDILOSUD\HUVDWKRPHVKRZVLWVPHULWV)LUVWO\LW VDYHVDSHUVRQIURPVKRZLQJRIIDQGVHFRQGO\KRXVHVDUHEOHVVHGGXHWRWKHP ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG2EVHUYHSDUW RIWKH>1DZDILOYROXQWDU\ @6DODWSUD\HUV LQ\RXUKRPHV'RQRWWXUQ\RXUKRPHVLQWRJUDYHV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2EVHUYHSDUWRIWKH6DODWSUD\HUV LQ\RXUKRPHV
KHUHPHDQV1DZDILODQG6XQQDK 7KHKRXVHVLQZKLFK1DZDILODUHQRWSHUIRUPHGDUHOLNHJUDYH\DUGV6XFKKRXVHVDUHOLNHJUDYHVZKLFK KDYHQRVFRSHIRUDFWLRQDQGZRUVKLSDQGDUHWKXVGHSULYHGRIWKHLUUHZDUGZKLFKLVDJUHDW GHSULYDWLRQLQGHHG -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG:KHQ \RXKDYHILQLVKHG\RXU)DUG 6DODWSUD\HU LQWKHPRVTXH\RXVKRXOGREVHUYHVRPHRI\RXU6XQQDK DQG1DZDILO 6DODWDWKRPH$OODKZLOOEOHVV\RXUKRPHVEHFDXVHRI\RXU6DODWLQ\RXUKRPHV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVWKHVDPHPHVVDJHZKLFKLVFRQYH\HGE\WKHSUHFHGLQJ$KDGLWKQDPHO\ WKDWWKH)DUG6DODWVKRXOGEHSHUIRUPHGLQWKH0DVMLGPRVTXH ZKLOHVRPHRIWKHVXSHUHURJDWRU\ RSWLRQDODQGYROXQWDU\SUD\HUVVKRXOGEHSHUIRUPHGDWKRPH C8PDUELQC$WDUHSRUWHGWKDW1DILCELQ-XEDLUVHQWKLPWR6D LEELQ8NKW1DPLUWRDVNKLPDERXW VRPHWKLQJWKDW0XCDZL\DKKDGVHHQKLPGRLQJLQ6DODWSUD\HU +HVDLG0XVOLP@ &RPPHQWDU\ 0DTVXUDK
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
&+$37(5
:,7535$<(5,767,0($1' 58/,1* C$OLELQ$EX7DOLE 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH:LWUSUD\HULVQRWREOLJDWRU\ DVWKHSUHVFULEHG6DODWSUD\HUV EXWWKH0HVVHQJHURI $OODK3%8+ REVHUYHGLWDVKLVUHJXODUSUDFWLFH 6XQQDK +H3%8+ VDLG$OODKLV:LWUVLQJOHRGG DQGORYHVZKDWLV:LWU6RSHUIRUP:LWU SUD\HU2IROORZHUVRI4XU DQREVHUYH:LWUSUD\HU
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ :LWU
OLWHUDOO\PHDQVRGGQXPEHU$OODKLV:LWU
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6RPHC8ODPD DUHRIWKHRSLQLRQWKDWDIWHUSHUIRUPLQJWKH:LWUSUD\HULWLVQRW SHUPLVVLEOHWRSHUIRUPDQ\RWKHU1DZDILOSUD\HUVEHFDXVHWKH3URSKHW3%8+ RUGHUHGWRPDNHLWWKH ODVW6DODW%XW,PDP$Q1DZDZLDQGVRPHRWKHUVFKRODUVKDYHLQWHUSUHWHGLWDVGHVLUDEOH
UDWKHUWKDQ DQRUGHUEHFDXVHZHGRILQGLQVWDQFHVLQZKLFKWKH3URSKHW3%8+ SHUIRUPHGWZR5DNCDK1DIO SUD\HULQWKHVLWWLQJSRVLWLRQDIWHU:LWUSUD\HU,WLVWKHUHIRUHEHWWHUWRJRE\WKLV+DGLWK%XWLI VRPHRQHZDQWVWRSHUIRUPWZR5DNCDK1DIOSUD\HUDIWHU:LWUSUD\HULWLVSHUPLVVLEOH $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 3HUIRUP:LWUSUD\HUEHIRUHGDZQ
>0XVOLP@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 7KH3URSKHW3%8+ XVHGWRSHUIRUPKLV YROXQWDU\SUD\HUDWQLJKWLH7DKDMMXGSUD\HU ZKLOHVKHZDVVOHHSLQJLQIURQWRIKLPDQGZKHQ WKH :LWUSUD\HUZDV\HWWREHREVHUYHGKHZRXOGDZDNHQKHUWRSHUIRUPKHU:LWUSUD\HU >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPDNHVWKHIROORZLQJWKUHHSRLQWV ,WLVSHUPLVVLEOHWRSUD\ZLWKVRPHRQHVOHHSLQJLQIURQWRIXV ,WLVGHVLUDEOHWRDZDNHQRQH VRZQIDPLO\PHPEHUVIRU1DIOSUD\HU 2QHFDQSHUIRUP:LWUSUD\HUEHIRUH)DMUSUD\HU ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG+DVWHQWR SHUIRUPWKH:LWUSUD\HUEHIRUHGDZQ
>$EX'DZXGDQG$W7LUPLGKL@
-DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKR DSSUHKHQGVWKDWKHPD\QRWJHWXSLQWKHODWHUSDUWRIWKHQLJKWVKRXOGREVHUYHWKH:LWUSUD\HULQWKH ILUVWSDUWRILWDQGKHZKRLVFHUWDLQWRJHWXSLQWKHODVWSDUWRILWKHVKRXOGREVHUYH:LWUDWWKHHQGRI WKHQLJKWEHFDXVH6DODWDWWKHHQGRIWKHQLJKWLVDWWHQGHGE\WKHDQJHOV DQGWKDWLVEHWWHU
>0XVOLP@ &RPPHQWDU\ ,IDSHUVRQLVFRQILGHQWWKDWKHZLOOJHWXSWRSHUIRUP:LWUSUD\HUEHIRUHGDZQLWLV EHWWHUIRUKLPWRSHUIRUPLWLQWKHODWHKRXUVRIWKHQLJKWRWKHUZLVHLWZLOOEHZHOOWRGRVRDIWHUC,VKD SUD\HU
&+$37(5
0(5,72)7+(237,21$/ '8+$)25(1221 35$<(5 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0\.KDOLOWKH0HVVHQJHURI$OODK 3%8+ GLUHFWHGPHWRIDVWWKUHHGD\VRIHDFKPRQWKDQGWRREVHUYHWZR5DNCDK'XKDRSWLRQDO SUD\HU DWIRUHQRRQDQGWRSHUIRUPWKH:LWUSUD\HUEHIRUHJRLQJWREHG >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KUHHGD\V
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
&+$37(5
7,0()257+('8+$ )25(1221237,21$/ 35$<(5 =DLG ELQ$UTDP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDZVRPHSHRSOHSHUIRUPLQJ'XKD SUD\HUV LQWKHHDUO\IRUHQRRQDQGZDUQHGWKHPVD\LQJ 7KHVHSHRSOHPXVWNQRZWKDWSHUIRUPLQJ 6DODWDOLWWOHODWHULVEHWWHU7KH0HVVHQJHURI$OODK3%8+ VDLG7KH 6DODWRIWKHSHQLWHQWLVWREH REVHUYHGZKHQWKH\RXQJRQHVRIFDPHOVIHHOWKHKHDWRIWKHVXQLHZKHQLWEHFRPHVYHU\KRW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKFRQILUPVWKHRSLQLRQRIWKRVHZKRKROGWKDW'XKDSUD\HULVGLIIHUHQWIURP ,VKUDTSUD\HU,VKUDTSUD\HUPXVWEHSHUIRUPHGZKHQWKHVXQULVHVDERXWDODQFHLQWKHVN\ZKLOHWKH WLPHIRU'XKDSUD\HURFFXUVZKHQWKHKRRIVRIWKHDQLPDOVEHJLQWREXUQDQGWKH\IHHOWURXEOHGZLWK WKHKHDWRIWKHVXQ8VXDOO\WKHVL[5DNCDKSHUIRUPHGDIWHU0DJKULESUD\HUDUHFDOOHG6DODWXO $ZZDELQSUD\HURIWKHSHQLWHQW ZKLFKLVIRXQGHGRQDZHDN+DGLWK,QWKHSUHVHQWDXWKHQWLF+DGLWK 'XKDSUD\HULVLQWHUSUHWHGDV6DODWXO$ZZDELQ7KXV6DODWXO$ZZDELQLVLQIDFW'XKDSUD\HU
&+$37(5
,1'8&(0(17723(5)250 7$+,<<$78/0$6-,'8321 (17(5,1*7+(02648( $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RQHRI\RXHQWHUVWKHPRVTXHKHVKRXOGSHUIRUPWZR5DNCDKRIYROXQWDU\SUD\HU EHIRUH VLWWLQJ
>$O%XNKDULDQG0XVOLP@ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,FDPHWRWKH3URSKHW3%8+ ZKHQKHZDVLQ WKHPRVTXHDQGKHVDLGWRPH3HUIRUPWZR5DNCDKSUD\HU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %RWKWKHIRUHJRLQJ$KDGLWKVWUHVVRQSHUIRUPLQJWZR5DNCDKXSRQHQWHULQJWKHPRVTXH $FFRUGLQJWR,PDP$Q1DZDZL VWLWOHRIWKHFKDSWHUHYHU\RQHZKRFRPHVWRWKHPRVTXHDQGSHUIRUPV )DUG6DODWRU6XQQDK5DWLEDKFRPSXOVRU\ KHZLOOEHH[HPSWHGIURPSHUIRUPLQJWZR5DNCDK6RPH C8ODPD DUHRIWKHRSLQLRQWKDWWKHRUGHULQWKLVUHVSHFWPDNHVLWFRPSXOVRU\DQGIRUWKLVUHDVRQWKH\ KHOG7DKL\\DWXO0DVMLGDV:DMLEREOLJDWRU\ ZKLOHRWKHUVWKLQNWKDWLWLVDOLNHGDFWLH0DQGXE DQGWKXVFRPHVLQWKHFDWHJRU\RI0XVWDKDEEGHVLUDEOH
&+$37(5
7+((;&(//(1&(2)3(5)250,1* 7:25$.C$+2)92/817$5< 35$<(5$)7(5$%/87,21 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG WR%LODO0D\$OODKEHSOHDVHGZLWKKLP 7HOOPHDERXWWKHPRVWKRSHIXODFWLHRQHZKLFK\RX GHHPWKHPRVWUHZDUGLQJZLWK$OODK \RXKDYHGRQHVLQFH\RXUDFFHSWDQFHRI,VODPEHFDXVH,KHDUG WKHVRXQGRIWKHVWHSVRI\RXUVKRHVLQIURQWRIPHLQ-DQQDK
%LODOVDLG,GRQRWFRQVLGHUDQ\DFW PRUHKRSHIXOWKDQWKDWZKHQHYHU,PDNH:XGX RUWRRNDEDWK LQDQKRXURIQLJKWRUGD\,ZRXOG LPPHGLDWHO\SHUIRUP6DODWSUD\HU IRUDVORQJDVZDVGHVWLQHGIRUPHWRSHUIRUP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUG7XKXU
LVXVHGIRU:XGX*KXVODQG7D\DPPXPEHFDXVHRQHJHWVWKH ULWXDOSXULW\E\DOOWKHVHPHDQVDQGWKHQRQHFDQSHUIRUP6DODWIUHHO\,WPHDQVWKDWHYHU\WLPHGXULQJ WKHGD\RUQLJKW%LODOPDGH:XGX
RU*KXVOKHZRXOGLQYDULDEO\SHUIRUPVRPH1DIOSUD\HU6RPHRI WKH$KDGLWKH[SOLFLWO\VD\WZR5DNCDK7KLVDFWRIKLVVRPXFKSOHDVHG$OODKWKDWKHZDVEOHVVHGZLWK WKHGLVWLQFWLRQZKLFKZDVZLWQHVVHGE\WKH3URSKHW3%8+ KLPVHOI7KLV+DGLWKSURYHVWKHPHULWRI SHUIRUPLQJWZR5DNCDKSUD\HUDIWHUDEOXWLRQ6RPHC8ODPD KROGWKDWWKLVWZR5DNCDKSUD\HUDVZHOODV 7DKL\\DWXO0DVMLG DUHSHUPLVVLEOHHYHQLQKRXUVZKHQ6DODWLV0DNUXKXQGHVLUDEOH ZKLOHRWKHUV VWLFNWRWKHLQMXQFWLRQVZKLFKUHJDUG1DIO6DODWDIWHU)DMUDQGC$VUSUD\HUXQGHVLUDEOH
&+$37(5
7+((;&(//(1&(2) )5,'$<35$<(5 $OODKWKH([DOWHGVD\V 7KHQZKHQWKH-XPXCDK 6DODWLVHQGHG\RXPD\GLVSHUVHWKURXJKWKHODQGDQGVHHNWKH %RXQW\RI$OODKE\ZRUNLQJ DQGUHPHPEHU$OODKPXFKWKDW\RXPD\EHVXFFHVVIXO
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWGD\RQZKLFKWKHVXQKDV ULVHQLV)ULGD\2QWKDWGD\$GDPZDVFUHDWHGKHZDVDGPLWWHGWR -DQQDKDQGKHZDVH[SHOOHGWKHUHIURP
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVRIWKHH[FHOOHQFHRI-XPXCDK0DQ\DFKLHYHPHQWVZHUHPDGHRQ WKLVGD\ZKLFKDOVRJRWRSURYHLWVH[FHOOHQWSRVLWLRQLQ,VODP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,IDQ\RQHSHUIRUPV:XGX SURSHUO\WKHQFRPHVWRWKH)ULGD\SUD\HUOLVWHQVWRWKH.KXWEDKUHOLJLRXV WDON DWWHQWLYHO\DQGNHHSVVLOHQWKLVPLQRU VLQVEHWZHHQWKDW)ULGD\DQGWKHIROORZLQJ)ULGD\ZLOOEH IRUJLYHQZLWKWKHDGGLWLRQRIWKUHHPRUHGD\VEXWKHZKRWRXFKHVSHEEOHVKDVFDXVHGDQLQWHUUXSWLRQ
>0XVOLP@ &RPPHQWDU\ ,IDQ\RQHSHUIRUPVDEOXWLRQSURSHUO\
PHDQVGRHVLWLQDFFRUGDQFHZLWKWKH6XQQDKRIWKH3URSKHW 3%8+ WKDWLVWRVD\RQHVKRXOGQRWH[FHHGWKHSUHVFULEHGOLPLWVQRUVKRXOGRQHXVHZDWHU H[WUDYDJDQWO\2QHVKRXOGZDVKHYHU\RUJDQRIWKHERG\LQYROYHGLQ:XGX
DWWKHPRVWIRUWKUHH WLPHV2QHVKRXOGQHLWKHUXVHZDWHULQH[FHVVRIWKHQHHGQRUOHDYHDQ\RIWKHRUJDQVXQZDVKHGRU SDUWO\ZDVKHGLQ:XGX 7KLV+DGLWKDOVRPDNHVLWHYLGHQWWKDWLWLVPRUHPHULWRULRXVWRSHUIRUP:XGX DWKRPH
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
>0XVOLP@ &RPPHQWDU\ 7KH\ZLOOEHDPRQJ WKHKHHGOHVV
PHDQVWKRVHZKRZLOOEHFRPHXWWHUO\XQPLQGIXORI WKHUHPHPEUDQFHRI$OODKDQG+LV2UGHUV6XFKSHRSOHDUH0XQDILTXQK\SRFULWHV ZKRVHDERGHZLOO EH+HOO,WPHDQVWKDWQHJOLJHQFHRI-XPXCDKIRUDORQJWLPHLVVXFKDVHULRXVRIIHQFHWKDWLWFDQHYHQ VHDODPDQ VKHDUWZKLFKILQLVKHVDOOKRSHVDQGFKDQFHVRIRQH VLPSURYHPHQW ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQRQHRI\RXLQWHQGVWRFRPHIRUWKH)ULGD\SUD\HUKHVKRXOGWDNH DEDWK
>$O%XNKDULDQG0XVOLP@ $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG7DNLQJDEDWKEHIRUHFRPLQJWR)ULGD\SUD\HUV LVREOLJDWRU\RQHYHU\DGXOW
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
VSHDNVKLVPLQRU VLQVEHWZHHQWKDW)ULGD\DQGWKHIROORZLQJ)ULGD\ZLOOEHIRUJLYHQ
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
$QGKH3%8+ SRLQWHGZLWKKLVKDQGWRLQGLFDWHWKDWWKLVSHULRGRIWLPHLVYHU\VKRUW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQVDQRWKHUGLVWLQFWLRQRI-XPXCDKQDPHO\DPRPHQWLQZKLFKHYHU\ SUD\HUWKDWDSHUVRQWKHQPDNHVLVJUDQWHGZLWKWKHFRQGLWLRQWKDWZKDWRQHLVDVNLQJIRULVJRRGDQG ODZIXO,WLVDYHU\VKRUWPRPHQWDQGLWVWLPHKDVDOVRQRWEHHQUHYHDOHG)RUWKLVUHDVRQRQHVKRXOG UHPHPEHU$OODKIUHTXHQWO\DQGSUD\WR+LPRQ-XPXCDKVRWKDWRQHDWWDLQVWKDWPRPHQWZKHQSUD\HUV DUHDQVZHUHG3UD\HUVFDQDOVREHDQVZHUHGRXWVLGH6DODWLIRQHKDSSHQVWREHVXSSOLFDWLQJDWWKH VSHFLILHGPRPHQW $EX%XUGDKELQ$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG C$EGXOODKELQ C8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLGWRPH'LG\RXKHDU\RXUIDWKHUQDUUDWLQJVRPHWKLQJ IURPWKH0HVVHQJHURI$OODK3%8+ DERXWWKHVSHFLDOPRPHQWGXULQJ)ULGD\"
,VDLG
RQWKHSXOSLWDIWHUWKHILUVW.KXWEDK DQGWKHWLPH6DODWLVRYHU
>0XVOLP@ &RPPHQWDU\ 7KHUHLVDGLIIHUHQFHRIRSLQLRQDPRQJC8ODPD LQUHVSHFWRIWKLVPRPHQW6RPH C8ODPD SUHIHUWKHYHUVLRQJLYHQLQWKLV+DGLWKWKDWLVWKLVPRPHQWFRXOGEHDQ\WLPHLQWKHSHULRG IURPWKHWLPHWKH,PDPVLWVGRZQDIWHUWKHILUVW.KXWEDKDQGWKHHQGRI6DODWXO-XPXCDK%XW6KHLNK $O$OEDQLKDVUHJDUGHGWKLV+DGLWKDV0DXTXI
LWVFKDLQRIQDUUDWRUVGRHVQRWUHDFKXSWRWKH3URSKHW 3%8+ 6HH5L\DGKXV6DOLKHHQHGLWHGE\6KHLNK$O$OEDQL )RUWKLVUHDVRQRWKHUC8ODPD KDYH LQFOLQHGWRD0DUIXC +DGLWKLHLWVFKDLQRIQDUUDWRUVUHDFKHVXSWRWKH3URSKHW3%8+ DQGXUJHGWR ILQGWKLVPRPHQWLQWKHODVWKRXURIC$VUEHIRUHWKH0DJKULE $XVELQ$XV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $PRQJWKH EHVWRI\RXUGD\VLV)ULGD\2QWKDWGD\SUD\WR$OODKWRH[DOWP\PHQWLRQIUHTXHQWO\IRU \RXUVXFKVXSSOLFDWLRQVDUHSUHVHQWHGWRPH
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKEULQJVIRUWKWKHIROORZLQJWKUHHSRLQWV 7KHDXVSLFLRXVQHVVRIWLPHIXUWKHUHQKDQFHVWKHPHULWVRIYLUWXRXVGHHGVDVLVHYLGHQWIURPWKHVWUHVV RQUHFLWLQJPRUHDQGPRUHVDOXWDWLRQRQWKH3URSKHW3%8+ RQ)ULGD\ 2Q-XPXCDKVDOXWDWLRQLVSUHVHQWHGWRWKH3URSKHW3%8+ 7KLVVWDWHPHQWJRHVWRSURYHWKDWKHGRHV QRWKHDUVDOXWDWLRQRIDQ\RQHGLUHFWO\HLWKHUIURPQHDURUIURPIDU7KHUHLVDIDPRXV+DGLWKZKLFK VD\VWKDWKHKHDUVLWIURPQHDUEXWWKLVLVQRW6DKLK
WHFKQLFDOO\7KHUHIRUHWKHWUXWKRIWKHPDWWHULV WKDWKHGRHVQRWKHDULWGLUHFWO\,WLVWKHDQJHOVZKRFRQYH\LWWRKLP 7KHPRVWZHOOZRUGHG LV,EUDKLPLVDOXWDWLRQ
EHFDXVHWKH3URSKHW3%8+ KLPVHOIWDXJKWLWWRKLV &RPSDQLRQV7KHVDOXWDWLRQLV$OODKXPPDVDOOLCDOD0XKDPPDGLQZDCDODDOL0XKDPPDGLQNDPD VDOODLWDCDOD,EUDKLPDZDCDODDOL,EUDKLPDLQQDND+DPLGXQ0DMHHG$OODKXPPDEDULNCDOD 0XKDPPDGLQZDCDODDOL0XKDPPDGLQNDPDEDUDNWDCDOD,EUDKLPDZDCDODDOL,EUDKLPDLQQDND +DPLGXQ0DMHHG
&+$37(5
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
>$EX'DZXG@ &RPPHQWDU\ 7KHSKUDVH,VXSSOLFDWHGP\5XEEDQGPDGHLQWHUFHVVLRQIRUP\8PPDK
PHDQVWKDW WKH3URSKHW3%8+ SUD\HGWR$OODKWRSDUGRQKLV8PPDKDQGWRDGPLWWKHPWR-DQQDK7KH LQWHUSUHWDWLRQRIWKLV+DGLWKLVVWDWHGWREHWKDWXOWLPDWHO\DOOWKH0XVOLPVZLOOEHVHQWWR-DQQDK7KH\ ZLOOQRW DELGHLQ+HOOIRUHYHU6RPHRIWKHPZLOOJRWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWIRUWKHLU PDMRUVLQVVRPHWKURXJKWKHLQWHUFHVVLRQRIWKH3URSKHW3%8+ DQGVRPHE\WKH6SHFLDO*UDFHRI $OODK7KLVLQWHUSUHWDWLRQLVQRGRXEWWUXH7KLVLVFRQILUPHGE\RWKHU$KDGLWKDQGIRUPVWKHEHOLHIRI
WKHIROORZHUVRI6XQQDKRIWKH3URSKHW3%8+ %XWWKH+DGLWKXQGHUGLVFXVVLRQLVQRW6DKLK
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
&+$37(5
(;&(//(1&(2)67$1',1*,1 35$<(56$71,*+7 $OODKWKH([DOWHGVD\V $QGLQVRPHSDUWVRIWKHQLJKWDOVR SHUIRUPWKH6DODWSUD\HU ZLWKLWLHUHFLWHWKH4XU DQLQ WKHSUD\HU DVDQDGGLWLRQDOSUD\HU7DKDMMXGRSWLRQDOSUD\HU 1DZDILO IRU\RX20XKDPPDG 3%8+ ,WPD\EHWKDW\RXU5XEEZLOOUDLVH\RXWR0DTDP0DKPXGDVWDWLRQRISUDLVHDQG JORU\LHWKHKRQRXURILQWHUFHVVLRQRQWKH'D\RI5HVXUUHFWLRQ
7KHLUVLGHVIRUVDNHWKHLUEHGV
7KH\XVHGWRVOHHSEXWOLWWOHE\QLJKW>LQYRNLQJWKHLU5XEE$OODK DQGSUD\LQJZLWKIHDUDQG KRSH@
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ NHSWVWDQGLQJLQ SUD\HU VRORQJWKDWWKHVNLQRIKLVIHHWZRXOGFUDFN,DVNHGKLP:K\GR\RXGRWKLVZKLOH\RX KDYH EHHQIRUJLYHQRI\RXUIRUPHUDQGODWWHUVLQV"
+HVDLG6KRXOG,QRWEHDJUDWHIXOVODYHRI$OODK"
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGDOVRDZDNHQRWKHUVDWQLJKWIRUSUD\HUVRWKDWWKH\ DOVRDYDLOWKHEHQHILWVRISHUIRUPLQJSUD\HUDWWKLVSDUWLFXODUWLPH 6DOLPELQC$EGXOODKELQC8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHGRQ WKHDXWKRULW\RIKLVIDWKHUWKDWWKH0HVVHQJHURI$OODK3%8+ VDLG:KDWDQH[FHOOHQWPDQ C$EGXOODKLV,IRQO\KHFRXOGSHUIRUPRSWLRQDOSUD\HUVDWQLJKW
6DOLPVDLGWKDWDIWHUWKLVKLVIDWKHU C$EGXOODKVOHSWYHU\OLWWOHDWQLJKW >$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[FHOOHQFHRIC$EGXOODKELQC8PDU0D\$OODKEHSOHDVHG ZLWKWKHP DVZHOODVWKHPHULWVRI4L\DPXO/DLO,WDOVRWHOOVXVWKDW LWLVSHUPLVVLEOHWRSUDLVH VRPHRQHLQKLVSUHVHQFHLIRQHLVVXUHWKDWKHZLOOQRWEHFRPHSURXGGXHWRWKDWSUDLVH$QRWKHUDVSHFW RIWKLV+DGLWKLVWKDWLWLQGXFHVRQHWRZLVKIRURWKHUV ZHOIDUHDQGKDSSLQHVV C$EGXOODKELQC$PUELQ$OC$V0D\ $OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLGWRPH'RQRWEHOLNHVRDQGVR2C$EGXOODK+HXVHGWRSUD\GXULQJWKHQLJKW WKHQVWRSSHGWKHSUDFWLFH
>$O%XNKDULDQG0XVOLP@ C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HQWLRQZDVPDGHEHIRUHWKH 3URSKHW3%8+ RIDPDQZKRVOHSWWKURXJKRXWWKHQLJKWWLOOPRUQLQJ7KH0HVVHQJHURI$OODK 3%8+ UHPDUNHG+HLVDPDQLQZKRVHHDUV6DWDQXULQDWHG
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7\LQJNQRWV
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKKDVJODGWLGLQJVIRUWKRVHZKRHQWKXVLDVWLFDOO\GRDOOWKHJRRGZRUNV PHQWLRQHGLQWKLV+DGLWK(QWHU-DQQDKLQSHDFH
KHUHPHDQVWKDWWKH\ZLOOHQWHU-DQQDKZLWKRXW VXIIHULQJDQ\SXQLVKPHQWLQ+HOO $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWPRQWKIRUREVHUYLQJ6DXPIDVWLQJ DIWHU5DPDGDQLV0XKDUUDPDQGWKHEHVW6DODWDIWHUWKH SUHVFULEHG6DODWLV6DODWDWQLJKW
>0XVOLP@
&RPPHQWDU\ 7KHPRQWKRI0XKDUUDPLVUHODWHGWR$OODKZKLFKPDNHVLWVHPLQHQFHFOHDU,WVKRZV WKDWLQWKHRSWLRQDO6DXPIDVWLQJ WKHPRVWPHULWRULRXVDUHWKRVHZKLFKDUHREVHUYHGLQWKLVPRQWK $IWHUWKHREOLJDWRU\6DODWWKHPRVWPHULWRULRXV LVWKHRSWLRQDO6DODWSHUIRUPHGDWQLJKW ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG6DODWGXULQJ WKHQLJKWVKRXOGFRQVLVWRISDLUVRIEXWLI\RXIHDUWKDWPRUQLQJLVQHDUWKHQSUD\RQH5DNCDKDV:LWU
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
+H3%8+ VDLG2C$LVKDK 0\H\HVVOHHSEXWP\KHDUWGRHVQRWVOHHS
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0\KHDUWGRHVQRWVOHHS
VLJQLILHVWKDWXVXDOO\,DPQRWVRRYHUZKHOPHGE\VOHHSWKDW,PLVVWKH 6DODW
6RPHSHRSOHJLYHDGLIIHUHQWLQWHUSUHWDWLRQRIWKLVE\VD\LQJWKDWKLV:XGX UHPDLQHGLQWDFWDV
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
+HUHSOLHG ,LQWHQGHGWRVLW GRZQDQGVWRSIROORZLQJKLPLQ6DODW
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
KLVERZLQJ ODVWHGDERXWWKHVDPHOHQJWKRIWLPHDVKLVVWDQGLQJDQGWKHQRQUHWXUQLQJWRWKHVWDQGLQJSRVWXUHDIWHU 5XNXC KHZRXOGVD\6DPL $OODKXOLPDQKDPLGDK5DEEDQDODNDOKDPG $OODKOLVWHQVWRKLPZKR SUDLVHV+LP3UDLVHEHWR
DQGKHZRXOGWKHQVWDQGDERXWWKHVDPHOHQJWKRIWLPHDV KHKDGVSHQWLQERZLQJ+HZRXOGWKHQSURVWUDWHKLPVHOIDQGVD\6XEKDQD5DEEL\DO$COD0\5XEE WKH6XSUHPHLVIUHHIURPLPSHUIHFWLRQ
DQGKLVSURVWUDWLRQODVWHGQHDUO\WKHVDPHOHQJWKRIWLPHDVKLV VWDQGLQJ4L\DP >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG,QKLVFRPPHQWDU\RQ6DKLK0XVOLP,PDP $Q1DZDZLKDVLQWHUSUHWHGWKHZRUGVRFFXULQJLQWKLV+DGLWK DV,WKRXJKWKHZRXOGSHUKDSVUHFLWHLQ WKHZKROH5DNCDK
+HUH5DNCDKPHDQVFRPSOHWH6DODWWZR5DNCDK 7KLVLQWHUSUHWDWLRQLVQHFHVVDU\ IRUWKHUHDVRQWKDWLQLWVDEVHQFHWKHPHDQLQJVRIWKHQH[WVHQWHQFHJRZURQJ'XHWRWKLVUHDVRQZH
KDYHNHSWWKHVHPHDQLQJVLQYLHZLQRXUWUDQVODWLRQ,QDQ\FDVHLWIXUQLVKHVMXVWLILFDWLRQIRUWKH GHVLUDELOLW\RIORQJ4L\DPVWDQGLQJLQ6DODW WKHGHVLUDELOLW\RIFRQJUHJDWLRQLQ1DIO6DODWDQGWKH PDLQWHQDQFHRIWKHFRUUHFWVHTXHQFHLQWKHUHFLWDWLRQRIWKH6XUDKRIWKH4XU DQLQSUD\HUVZKLFKLVQRW DFFHSWHGE\PDQ\SHRSOH -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZDVDVNHG :KLFK6DODWLVWKHEHVW"
+HUHSOLHG
7KHEHVW6DODWLVWKDWLQZKLFK4L\DPWKHGXUDWLRQRIVWDQGLQJ LVORQJHU
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
>0XVOLP@ &RPPHQWDU\ /LNHWKHVSHFLDOPRPHQWLQ-XPXCDKWKHWLPHZKHQWKLVVSHFLDOPRPHQWRFFXUVHYHU\ QLJKWLVQRWGHWHUPLQHG%XWLWLVJHQHUDOO\LQWKHODWHKRXUVRIWKHQLJKWEHFDXVHWKDWLVWKHEHVWWLPHIRU ZRUVKLS$VLQWKHFDVHRI/DLODWXO4DGUWKHZLVGRPRINHHSLQJLWVHFUHWOLHVLQWKHLQGXFHPHQWWR VHDUFKLWE\PHDQVRIZRUVKLSDQGSUD\HUSUDLVHDQGUHPHPEUDQFHRI$OODK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG:KHQRQH RI\RXJHWVXSDWQLJKWWRSHUIRUP7DKDMMXG SUD\HUOHWKLPVWDUW6DODWZLWKWZRVKRUW5DNCDK
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
C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG,IDQ\RQHIDOOVDVOHHSDQGWKHUHIRUHIDLOVWRREVHUYHKLV+L]EVKDUH RUSDUWRILWLIKH REVHUYHVLWEHWZHHQWKH)DMUDQGWKH=XKUSUD\HUVLWZLOOEHUHFRUGHGIRUKLPDVWKRXJKKHKDG REVHUYHGLWGXULQJWKHQLJKW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KHZRUG+L]E
OLWHUDOO\PHDQVVKDUH
DQG WXUQ
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
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHFRQGXFWRISLRXVKXVEDQGVDQGZLYHV,WVRXWVWDQGLQJ IHDWXUHPHQWLRQHGKHUHLVWKDWWKH\KHOSHDFKRWKHULQDFWVRIYLUWXHDQGREHGLHQFHRI$OODK $EX6DCLGDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG:KHQDPDQDZDNHQVKLVZLIHGXULQJWKHQLJKWDQGWKH\ERWKSHUIRUPWZR5DNCDK 6DODWWRJHWKHUWKH\DUHUHFRUGHGDPRQJWKHPHQDQGZRPHQZKRFHOHEUDWHUHPHPEUDQFHRI$OODK
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
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RQHRI\RXVWDQGVXSIRU6DODWDWQLJKWDQGILQGVLWGLIILFXOWWRUHFLWHWKH4XU DQDFFXUDWHO\ DQGKHLVXQDZDUHRIZKDWKHLVUHFLWLQJKHVKRXOGJREDFNWRVOHHS
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
&+$37(5
7+((;&(//(1&(2) 237,21$/7$5$:æ+ 35$<(5 '85,1*5$0$'$1 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRREVHUYHVRSWLRQDOSUD\HU7DUDZLKSUD\HUV WKURXJKRXW5DPDGDQRXWRIVLQFHULW\RI)DLWKDQG LQWKHKRSHRIHDUQLQJUHZDUGZLOOKDYHKLVSDVWVLQVSDUGRQHG
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHG WRXUJHWKHSHRSOH WRSHUIRUPRSWLRQDO7DUDZLK SUD\HUDWQLJKWGXULQJWKHPRQWKRI5DPDGDQ+H GLGQRWRUGHUWKHPRUPDNHLWREOLJDWRU\RQWKHP+H3%8+ VDLG:KRVRHYHUSHUIRUPVRSWLRQDO 7DUDZLK SUD\HUVDWQLJKWGXULQJWKHPRQWKRI5DPDGDQZLWK)DLWKDQGLQWKHKRSHRIUHFHLYLQJ$OODK V UHZDUGZLOOKDYHKLVSDVWVLQVIRUJLYHQ
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
6RLQVSLWHRIWKHLUGHVLUH WRMRLQKLPLQWKLVSUD\HUKHGLGQRWOHDGWKH6DODWWKDWQLJKW+RZPDQ\5DNCDKGLGKHSHUIRUPLQ FRQJUHJDWLRQLQWKHVHWKUHHQLJKWVLVDSHUWLQHQWTXHVWLRQKHUH$FFRUGLQJWR$KDGLWKWKHLUWRWDOFRPHV WRHOHYHQHLJKW5DNCDKDQGWKUHH:LWU7KXVWKH0DVQXQQXPEHURI5DNCDKRI4L\DP5DPDGDQLV HOHYHQ 7KLV1DIO6DODWKDVEHHQLQWHUSUHWHGLQ$KDGLWKDV4L\DP5DPDGDQ/DWHURQWKH\ZHUHQDPHG 7DUDZLK7DUDZLKLVWKH SOXUDORI7DUZLKDK6LQFHWKH&RPSDQLRQVRIWKH3URSKHW3%8+ DQGWKH VXFFHVVRUVWRWKH&RPSDQLRQVXVHGWRPDNHDOHQJWK\4L\DPLQWKHPDQGWKH\ZRXOGWDNHUHVWDIWHU SHUIRUPLQJHYHU\IRXU5DNCDK7KLVLVKRZWKHVHFDPHWREHQDPHG7DUDZLK5HVWSUD\HU )RXU 5DNCDKDUHFDOOHG7DUZLKDK 7DUDZLKDUHLQIDFW7DKDMMXGSUD\HUV)RUWKHVDNHRIFRQYHQLHQFHDQGEHQHILWRIWKHPD[LPXP QXPEHURISHRSOHLWLVSHUIRUPHGLQWKHPRQWKRI5DPDGDQVRRQDIWHUC,VKD SUD\HUDORQJZLWKWKH ODWWHUZKLFKLVWKHHDUO\WLPHIRU7DKDMMXGSUD\HUV 7KDWWKH7DUDZLKZHUHSHUIRUPHGLQFRQJUHJDWLRQLVHVWDEOLVKHGIURPWKHFRQGXFWRIWKH3URSKHW 3%8+ +HOHGWKLV6DODWRQUGWKDQGWKRI5DPDGDQ'XULQJKLVFDOLSKDWHC8PDU0D\$OODK EHSOHDVHGZLWKKLP VWDUWHGLWDJDLQDQGRUGHUHG8ED\\ELQ.CDEDQG7DPLP$G'DULWRSHUIRUPWKHP LQFRQJUHJDWLRQ+HHQMRLQHGWKHPWRSHUIRUPHLJKW5DNCDK7DUDZLKDQGWKUHH5DNCDK:LWU7KLV SUDFWLFHKDVEHHQJRLQJRQHYHUVLQFH 6RPHSHRSOHVD\WKDWSHUIRUPLQJ7DUDZLKLQFRQJUHJDWLRQLVD%LGCDKLQQRYDWLRQLQUHOLJLRQ EHFDXVHLWZDVLQWURGXFHGLQWKHUHLJQRIC8PDU0D\$OODKEHSOHDVHGZLWKKLP %XWWKLVLVQRW FRUUHFWEHFDXVHLWLVHVWDEOLVKHGWKDWWKH3URSKHW3%8+ GLGQRWFRQWLQXHLWRXWRIIHDUWKDWLWZLOOEH PDGHREOLJDWRU\RWKHUZLVHKHZRXOGKDYHFDUULHGRQZLWKLW:KHQWKHIHDUWKDWWKLVSUDFWLFHEHPDGH REOLJDWRU\ZDVRYHUC8PDU0D\$OODKEHSOHDVHGZLWKKLP JDYHLWWKHIRUPRID1DIOSUD\HUDQG UHYLYHGWKHPRGHRISHUIRUPLQJLWFROOHFWLYHO\DQGWKXVIXOILOOHGWKHGHVLUHRIWKH3URSKHW3%8+ ,Q VSLWHRIDOOWKHVHIDFWVLWLVVWLOOSHUPLVVLEOHIRURQHWRSHUIRUP7DUDZLKLQGLYLGXDOO\LQWKHODWHKRXUVRI WKHQLJKW6LQFHRUGLQDU\SHRSOHDUHQRWFDSDEOHRISHUIRUPLQJLWLQGLYLGXDOO\WKHVWHSWDNHQE\C8PDU
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
&+$37(5
7+(683(5,25,7<2) /$,/$78/4$'5 7+(1,*+72)'(&5(( $OODKWKH([DOWHGVD\V 9HULO\:HKDYHVHQWLWWKLV4XU DQ GRZQLQWKH1LJKWRI$O4DGU'HFUHH $QGZKDWZLOO PDNH\RXNQRZZKDWWKH1LJKWRI$O4DGU'HFUHH LV"7KH1LJKWRI$O4DGU'HFUHH LVEHWWHU WKDQDWKRXVDQGPRQWKVLHZRUVKLSSLQJ$OODKLQWKDWQLJKWLVEHWWHUWKDQZRUVKLSSLQJ+LPD WKRXVDQGPRQWKVLH\HDUVDQGPRQWKV 7KHUHLQGHVFHQGWKHDQJHOVDQGWKH5XK>-LEULO *DEULHO @E\$OODK V3HUPLVVLRQZLWKDOO'HFUHHV$OOWKDWQLJKW WKHUHLVSHDFHDQGJRRGQHVV IURP$OODKWR+LVEHOLHYLQJVODYHV XQWLOWKHDSSHDUDQFHRIGDZQ
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
$EX+XUDLUDK 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG:KRVRHYHU SHUIRUPV4L\DPGXULQJ/DLODWXO4DGU1LJKWRI'HFUHH ZLWK)DLWKDQGEHLQJKRSHIXORI$OODK V UHZDUGZLOOKDYHKLVIRUPHUVLQVIRUJLYHQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 4L\DPKHUHPHDQVZKDWNHHSVRQHDZDNHWRRQH VFDSDFLW\DQGIRUZRUVKLSDQGPDNHV RQHSHUIRUP1DZDILOLPSHOVRQHWREHJSDUGRQIRUVLQVIURP$OODKXUJHVRQHWRSUDLVH+LP6SHFLDOO\ LIDSHUVRQSHUIRUPVC,VKDSUD\HUDQG)DMUSUD\HULQFRQJUHJDWLRQKHZLOOKRSHIXOO\DWWDLQDOOWKRVH GLVWLQFWLRQVZKLFKDUHPHQWLRQHGLQWKLV+DGLWK ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG6RPHRIWKH&RPSDQLRQVRIWKH3URSKHW 3%8+ VDZ/DLODWXO4DGU1LJKWRI'HFUHH LQWKHLUGUHDPVLQWKHODVWVHYHQQLJKWVRI5DPDGDQ
ZKHUHXSRQWKH0HVVHQJHURI$OODK3%8+ VDLG,VHHWKDW\RXUGUHDPVDOODJUHHXSRQWKHODVWVHYHQ QLJKWV:KRVRHYHUVHHNVLWOHWKLPVHHNLWLQWKHODVWVHYHQQLJKWV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7DZDW DW
OLQJXLVWLFDOO\PHDQVWRVWHSRUZDONRQWKDWLVWRSODFHIRRWRYHUWKHSODFH ZKHUHRQH VIHOORZNHSWKLVIRRW+HUHLWLVXVHGLQWKHVHQVHRIFRUUHVSRQGHQFH,QRWKHUZRUGV,VHH WKDW\RXUGUHDPVDOODJUHHXSRQWKHODVWVHYHQQLJKWV
VWDQGVWRPHDQ \RXKDGVLPLODUGUHDPV
7KLV ZDVGRQHE\VKRZLQJDOORIWKHPWKHVSHFWDFOH RI/DLODWXO4DGU2QWKHVWUHQJWKRIWKHVHGUHDPVWKH 3URSKHW3%8+ VDLGWKDW/DLODWXO4DGUVKRXOGEHVRXJKWLQWKHODVWVHYHQQLJKWVRI5DPDGDQ7KH ZLVGRPRINHHSLQJLWVHFUHWLVWRNHHSSHRSOHDZDNHWRHQJDJHLQZRUVKLSIRUDODUJHUQXPEHURIQLJKWV LQWKLVDXVSLFLRXVPRQWK C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR VHFOXGHKLPVHOILQWKHPRVTXH GXULQJWKHODVWWHQQLJKWVRI5DPDGDQ+HZRXOGVD\6HDUFKIRU /DLODWXO4DGU1LJKWRI'HFUHH LQWKHODVWWHQQLJKWVRI5DPDGDQ
>$O%XNKDULDQG0XVOLP@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR REVHUYH,CWLNDILQWKHODVWWHQGD\VRI5DPDGDQDQGVD\6HHN/DLODWXO4DGU1LJKWRI'HFUHH LQWKH RGGQLJKWVRXWRIWKHODVWWHQQLJKWVRI5DPDGDQ
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
+H3%8+ UHSOLHG
)RUJLYLQJDQG
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
&+$37(5
7+((;&(//(1&(2)86,1* 0,6:$.7227+67,&. $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +DG,QRWWKRXJKWLWGLIILFXOWIRUP\8PPDK,ZRXOGKDYHFRPPDQGHGWKHPWRXVHWKH0LVZDN WRRWKVWLFN EHIRUHHYHU\6DODW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKH3URSKHW3%8+ OLNHGWRFOHDQKLVWHHWKZLWK 0LVZDNDVRIWHQHGVWLFNXVHGDVWRRWKEUXVKIRUFOHDQLQJWKHWHHWK ZLWKHYHU\6DODWEXWKHGLGQRW PDGHLWREOLJDWRU\IRUWKHUHDVRQWKDWLWZRXOGEHLQFRQYHQLHQWIRUKLVIROORZHUV,WVKRZVWKDWKHZDV H[WUHPHO\DIIHFWLRQDWHDQGNLQGWRKLV8PPDK 7KLV+DGLWKDOVRVKRZVWKDWXVLQJ0LVZDNLVDQDGPLUDEOHDFW(YHU\0XVOLPVKRXOGPDNHLWDURXWLQH WRXVHLWDVIUHTXHQWO\DVSRVVLEOHHVSHFLDOO\EHIRUHSHUIRUPLQJSUD\HUV +XGDLIDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQHYHUWKH0HVVHQJHURI$OODK3%8+ JRWXSIURPVOHHS KHZRXOGUXEKLVWHHWKZLWK0LVZDNWRRWKVWLFN >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :KHQDSHUVRQDZDNHVIURPVOHHSKHKDVDQXQSOHDVDQWEUHDWKEHFDXVHRIWKHVPHOOLQ KLVPRXWK)RUWKLVUHDVRQWKH3URSKHW3%8+ ZRXOGFOHDQVHKLVWHHWKZLWK0LVZDN:HVKRXOGDOVR IROORZKLPDQGPDNHWKLV6XQQDKDURXWLQH C$LVKDKPD\$OODKEHSOHDVHGZLWKKHU UHSRUWHG :HXVHGWRSUHSDUHIRUWKH0HVVHQJHURI $OODK3%8+ D0LVZDNWRRWKVWLFN DQGWKHZDWHUIRUPDNLQJ:XGX :KHQHYHU$OODKZLVKHGWR DZDNHQKLPIURPVOHHSDWQLJKWKH3%8+ ZRXOGEUXVKKLVWHHWKZLWK0LVZDNPDNH:XGX DQG SHUIRUP6DODW >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVKRZVKRZSDUWLFXODUWKH3URSKHW3%8+ ZDVDERXWXVLQJ0LVZDN %HVLGHVSRLQWLQJRXWWKHLPSRUWDQFHRI0LVZDNLWDOVRWKURZVOLJKWRQWKH QREOHFRQGXFWRIWKHZLYHV RIWKH3URSKHW3%8+ DVLWVKRZVKRZNHHQWKH\ZHUHDERXWKLVQHHGVKDELWVDQGWHPSHUDPHQW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG,VWUHVV XSRQ\RXWRXVH0LVZDNWRRWKVWLFN
>$O%XNKDUL@ 6KXUDLKELQ+DQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG ,DVNHGC$LVKDKPD\$OODKEH SOHDVHGZLWKKHU :KDWZDVWKHILUVWWKLQJZKLFKWKH3URSKHW3%8+ ZRXOGGRZKHQKHHQWHUHGKLV KRXVH"
6KHUHSOLHG +HZRXOGXVH0LVZDNWRRWKVWLFN
>0XVOLP@
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG ,FDPHWRWKH3URSKHW3%8+ RQFHDQGQRWLFHGWKHWLSRI0LVZDNWRRWKVWLFN RQKLVWRQJXH >$O%XNKDULDQG0XVOLP@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ VDLG7KH0LVZDN WRRWKVWLFN FOHDQVHVDQGSXULILHVWKHPRXWKDQGSOHDVHVWKH5XEE
>$Q1DVD LDQG,EQ.KX]DLPDK@ &RPPHQWDU\ 0DWDKDUDK
PHDQVDPHGLXPDQGPHDQVRISXULILFDWLRQ0LWDKDUDKPHDQVDQ LQVWUXPHQWWRROIRUSXULILFDWLRQ,QRWKHUZRUGVRQWKHRQHVLGH0LVZDNLVDPHDQVRIFOHDQLQJDQG SXULI\LQJWKHPRXWKDQGRQWKHRWKHUDZD\WRDWWDLQWKH3OHDVXUHRI$OODK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG7KHUHDUH ILYHDFWVZKLFKFRQIRUPWRWKHSXUHQDWXUH&LUFXPFLVLRQUHPRYLQJRIWKHSXELFKDLUFOLSSLQJWKH QDLOVSOXFNLQJWKHXQGHUDUPKDLUDQGWULPPLQJWKHPRXVWDFKH
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
PHDQVWRGUDZZDWHUZLWKIXOOIRUFHLQWKHQRVWULOVDVRQHGRHVIRUVPHOOLQJSHUIXPH([FHSW GXULQJ6DXP,VWLQVKDTLVVWUHVVHGLQ:XGX 3DULQJRIWKHQDLOVLVDOVRQHFHVVDU\IRUFOHDQOLQHVV,IWKLVLVQRWGRQHILOWK\PDWWHUZLOOJRWRWKH PRXWKWKURXJKWKHQDLOV7KHIDVKLRQRINHHSLQJORQJQDLOVVLPLODUWREHDVWVDQGDQLPDOVQRZLQYRJXH LQZRPHQDVZHOODVPHQLVQRWRQO\DJDLQVWQDWXUHEXWLVDOVRDVLJQRIEHDVWOLQHVVDQGIHURFLW\ 7KHZDVKLQJRIWKHMRLQWVRIILQJHUVLVDOVRQHFHVVDU\IRUFOHDQOLQHVV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $KIX PHDQVWULPH[FHVVLYHO\7KXVNHHSLQJRIORQJPRXVWDFKHVZLOOEHDJDLQVWWKLV LQMXQFWLRQ7KHPHDQLQJVRIWKHZRUG$CIXKDYHEHHQVWDWHGDERYHWKDWLVOHDYHWKHEHDUGWRIROORZLWV QDWXUDOJURZWK
&+$37(5
7+((;&(//(1&($1' 2%/,*$7,212)7+( 3$<0(172)=$.$7 $OODKWKH([DOWHGVD\V $QGSHUIRUP6DODW,TDPDWDV6DODW DQGJLYH=DNDW
$QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQGZRUVKLSQRQHEXW+LP $ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LP DQGSHUIRUP$V 6DODW,TDPDWDV6DODW DQG JLYH=DNDWDQGWKDWLVWKHULJKWUHOLJLRQ
7DNH6DGDTDKDOPV IURPWKHLUZHDOWKLQRUGHUWRSXULI\WKHPDQGVDQFWLI\WKHPZLWKLW
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHVWUXFWXUHRI ,VODPLVEXLOWRQILYHSLOODUV 7HVWLILFDWLRQRIC/DLODKDLOODOODK QRQHKDVWKHULJKW WREHZRUVKLSSHGEXW$OODK WKDW0XKDPPDG3%8+ LVKLVVODYHDQG0HVVHQJHUWKHHVWDEOLVKPHQWRI 6DODWWKHSD\PHQWRI=DNDWWKHSLOJULPDJHWRWKH+RXVHRI$OODK.DCEDK DQG6DXPGXULQJWKH PRQWKRI5DPDGDQ
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
7KH0HVVHQJHURI$OODK3%8+ VDLG1REXWZKDWHYHU\RX REVHUYHYROXQWDULO\
+H3%8+ DGGHG7KHUHLVWKH6DXPRI5DPDGDQ
7KHLQTXLUHUDVNHG$P,
REOLJHGWRGRDQ\WKLQJEHVLGHVWKLV"
7KH0HVVHQJHURI$OODK3%8+ VDLG1REXWZKDWHYHU\RXGR RXWRI\RXURZQIUHH ZLOO
$QGWKH0HVVHQJHURI$OODK3%8+ WROGKLPDERXWWKH=DNDWREOLJDWRU\FKDULW\ 7KHLQTXLUHUDVNHG$P,REOLJHGWRSD\DQ\WKLQJ EHVLGHVWKLV"
7KH0HVVHQJHURI$OODK3%8+ VDLG1REXWZKDWHYHU\RXSD\YROXQWDULO\RXWRI\RXU RZQIUHHZLOO
7KDWPDQWXUQHGEDFNVD\LQJ%\$OODK,ZLOOQHLWKHUPDNHDQ\DGGLWLRQWRWKLVQRU ZLOO,GHFUHDVHDQ\WKLQJIURPLW
8SRQKHDULQJWKLV WKH0HVVHQJHURI$OODK3%8+ UHPDUNHG+HLV VXFFHVVIXOLIKHSURYHVWUXWKIXOWRZKDWKHLVVD\LQJ
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ([FHSWZKHQMXVWLILHGE\ODZ
PHDQVWKDWDIWHUWKHDFFHSWDQFHRI,VODPLIVRPHRQH FRPPLWVDFULPHZKLFKLVSXQLVKDEOHE\+DGGWKLVZLOOEHFHUWDLQO\LPSRVHGRQKLPRUKHULHFXWWLQJ RIKDQGLQFDVHRIWKHIWRQHKXQGUHGVWULSHVRUVWRQLQJWRGHDWKLQFDVHRIIRUQLFDWLRQFDSLWDO SXQLVKPHQWLQUHWDOLDWLRQIRUPXUGHULQJDQLQQRFHQWSHUVRQ,QWKLV+DGLWKWKHZRUGVLWLVIRU$OODKWR FDOOWKHPWRDFFRXQW
PHDQVWKDWLIWKH\DUHQRWVLQFHUHLQWKHDFFHSWDQFHRI,VODPDQGZRXOGSXWXSDQ DSSHDUDQFHRI,VODPOLNHK\SRFULWHVRUZRXOGFRPPLWDFULPHZKLFKLVOLDEOHIRU+DGGEXWLVVRPHKRZ QRWGHWHFWHGE\WKH,VODPLFFRXUWRUDXWKRULWLHVFRQFHUQHGWKH\ZLOOEHWDNHQWRDFFRXQWIRULWE\$OODK WKDWLV$OODKZLOOGHFLGHDERXWWKHPRQWKH'D\RI-XGJHPHQW,WLVHYLGHQWIURPWKLV+DGLWKWKDWVR ORQJDV.XIULVSUHVHQWLQWKLVZRUOGLWLVQHFHVVDU\WRZDJH-LKDGDJDLQVWLWWRILQLVKLWRIIDQGVRORQJ DVDOOWKHGLVEHOLHYHUVGRQRWRSHQO\DFFHSW,VODPDQGDGRSWWKH,VODPLFZD\RIOLIH0XVOLPVDUHGXW\ ERXQGWRPDNH-LKDGDJDLQVWWKHP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQWKH0HVVHQJHURI$OODK3%8+ SDVVHGDZD\$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP ZDVDSSRLQWHGDVKLVVXFFHVVRUFDOLSK $PRQJVWWKH$UDEVVRPHPHQDSRVWDWLVHG$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP UHVROYHGWRILJKW WKHPC8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP VDLGWR$EX%DNU+RZFDQ\RXILJKW
WKHPZKHQWKH0HVVHQJHURI$OODK3%8+ KDVGHFODUHGC,KDYHEHHQFRPPDQGHGWRILJKWSHRSOHWLOO WKH\WHVWLI\/DLODKDLOODOODKWKHUHLVQRWUXHJRGH[FHSW$OODK DQGLIWKH\GRLWWKHLUEORRGOLIH DQG SURSHUW\DUHVHFXUHGH[FHSWZKHQMXVWLILHGE\ODZDQGLWLVIRU$OODKWRFDOOWKHPWRDFFRXQW8SRQ WKLV$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP VDLG%\$OODK,ZRXOG GHILQLWHO\ILJKWKLPZKR PDNHVGLVWLQFWLRQEHWZHHQ6DODWDQGWKH=DNDWEHFDXVHLWLVDQREOLJDWLRQXSRQWKHULFKWRSD\=DNDW %\$OODK,ZLOOILJKWWKHPHYHQWRVHFXUHWKHSLHFHRIURSHZKLFKWKH\XVHGWRJLYHWRWKH0HVVHQJHURI $OODK3%8+
C8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLG,UHDOL]HGWKDW$OODKRSHQHGWKHKHDUWRI $EX%DNU0D\$OODKEHSOHDVHGZLWKKLP IRUILJKWLQJWKRVHZKRUHIXVHGWRSD\=DNDWDQG,IXOO\ UHFRJQL]HGWKDW$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP ZDVULJKW
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
8SRQWKLVKHWKH0HVVHQJHURI$OODK3%8+ VDLG:RUVKLS$OODKDQGQHYHUDVVRFLDWHDQ\WKLQJZLWK+LPLQZRUVKLSHVWDEOLVK6DODWSD\=DNDWDQG VWUHQJWKHQWKHWLHVRINLQVKLS
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
7KH3URSKHW3%8+ VDLG:RUVKLS$OODKDQGQHYHUDVVRFLDWHDQ\WKLQJZLWK+LPHVWDEOLVK 6DODWSD\WKH=DNDWZKLFKKDVEHHQHQMRLQHGXSRQ\RXDQGREVHUYH6DXPRI5DPDGDQ
+HWKH EHGRXLQ VDLG%\+LPLQ:KRVH+DQGP\VRXOLV,ZLOOQHYHUDGGDQ\WKLQJWR WKHVHREOLJDWLRQV
:KHQKHWXUQHGKLVEDFNWKH3URSKHW3%8+ VDLG+HZKRZDQWVWRVHHDPDQIURPWKHGZHOOHUVRI -DQQDKOHWKLPORRNDWKLPEHGRXLQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHEHGRXLQPHQWLRQHGLQWKLV+DGLWKZDVDQHZ0XVOLPDQGIRUWKLVUHDVRQWKH3URSKHW3%8+ WROGKLPVRPHHVVHQWLDOREOLJDWLRQVRI,VODPVRWKDWKHGLGQRWIHHORYHUEXUGHQHGZLWKH[KRUWDWLRQ ,PDP$W7DEDUDQLVDLG7KLV+DGLWKDQGLWVOLNHZDVDGGUHVVHGWREHGRXLQVZKRZHUHQHZO\ FRQYHUWHGWR,VODP7KH3URSKHW3%8+ WROGWKHPQRPRUHWKDQWRIXOILOOWKHPDLQREOLJDWRU\DFWVRI ,VODPVRWKDWWKH\ZRXOGQRWIHHORYHUEXUGHQHGDQGWKHUHIRUHERUHG
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
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGKDVEHHQUHSHDWHGKHUHIRULWVUHOHYDQFHWR WKLVFKDSWHU+HUHWKHSKUDVH7RSOHGJHDOOHJLDQFHWRHVWDEOLVK6DODW
DQGWRSD\WKH=DNDW
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
,WZDVDVNHG+RZDERXWVRPHRQHZKRRZQVFDPHOVDQGGRHVQRW SD\ZKDWLVGXHRQKLPLHWKHLU=DNDW "
+H3%8+ UHSOLHG,QWKHVDPHZD\WKHRZQHURIFDPHOV ZKRGRHVQRWGLVFKDUJHZKDWLVGXHLQUHVSHFWRIWKHPWKHLUGXHLQFOXGHVWKHLUPLONLQJRQWKHGD\ ZKHQWKH\DUHWDNHQWRZDWHU ZLOOEHWKURZQRQKLVIDFHRURQKLVEDFNLQDYDVWGHVHUWSODLQRQWKH'D\ RI5HVXUUHFWLRQDQGWKH\ZLOOWUDPSOHXSRQKLPZLWKWKHLUKRRIVDQGELWHKLPZLWKWKHLUWHHWK$VRIWHQ DVWKHILUVWRIWKHPSDVVHVKLPWKHODVWRIWKHPZLOOEHPDGHWRUHWXUQGXULQJDGD\WKHPHDVXUH ZKHUHRIZLOOEHILIW\WKRXVDQG\HDUVXQWLO-XGJHPHQWLVSURQRXQFHGDPRQJ$OODK V VODYHVKHZLOOEH VKRZQKLVILQDODERGHHLWKHUWR-DQQDKRUWR+HOO
,WZDVDJDLQ DVNHG20HVVHQJHURI$OODKZKDW DERXWFRZVFDWWOH DQGVKHHS"
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
,WZDVDVNHG20HVVHQJHURI$OODK ZKDWDERXWWKHKRUVHV"
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
,WZDVDVNHG20HVVHQJHURI$OODK ZKDWDERXWWKHGRQNH\V"
8SRQWKLVKH3%8+ VDLG1RWKLQJKDVEHHQUHYHDOHGWRPHLQUHJDUGWRWKH GRQNH\VLQSDUWLFXODUH[FHSWWKLVRQH9HUVHRIDFRPSUHKHQVLYHQDWXUH 6RZKRVRHYHUGRHVJRRGHTXDO WRWKHZHLJKWRIDQDWRPRUDVPDOODQW VKDOOVHHLW$QGZKRVRHYHUGRHVHYLOHTXDOWRWKHZHLJKWRIDQ DWRPRUDVPDOODQW VKDOOVHHLW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWWKRVHSHRSOHZKRGRQRWSD\=DNDWRQWKHLUSURSHUW\ZLOOEH SXQLVKHGZLWKWKLVVDPHSURSHUW\ZKLFKZLOOEHFRPHDQDQJXLVKIRUWKHPRQWKH'D\RI5HVXUUHFWLRQ 7KHSKUDVHDQGKHZLOOEHVKRZQKLVILQDODERGHHLWKHUWR-DQQDKRUWR+HOO
FOHDUO\PHDQVWKDWWKLV ZRXOGKDSSHQRQWKH'D\RI-XGJHPHQWDQGWKHSXQLVKPHQWWRGHIDXOWHUVZRXOGEHJLYHQEHIRUHRQH V HQWU\LQWR-DQQDKRU+HOO,I$OPLJKW\$OODKZLOOFRQVLGHUWKLVSXQLVKPHQWVXIILFLHQWIRUD0XVOLP+H ZLOOVHQGKLPWR-DQQDKRWKHUZLVH+HZLOOFRQVLJQKLPWR+HOO,QFDVHKHLVD0XVOLPKHZLOOEH
XOWLPDWHO\VHQWWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWLQ+HOO RWKHUZLVHKHZLOOEHVHQWWR+HOO ZKHUHKHZLOOOLYHIRUHYHU 7KHSKUDVH$VRIWHQDVWKHILUVWRIWKHPSDVVHVKLPWKHODVWRIWKHPZLOOEHPDGHWRUHWXUQ
PHDQV WKDWWKHSURFHVVZLOOEHUHSHDWHGDJDLQDQGDJDLQ6RPHSHRSOHVD\WKDWWKHUHLVVRPHDOWHUDWLRQLQWKH ZRUGLQJRIWKLV+DGLWK$FFRUGLQJWRWKHPWKHFRUUHFWZRUGLQJLV :KHQWKHILUVWFDPHOZLOOKDYH SDVVHGWKHODVWLQWKHOLQHZLOOEHUHWXUQHGRQKLP
7KLVZRUGLQJPDNHVWKHWH[WPRUHRUGHUO\DQG HYLGHQWDQGWKLVLVKRZLWRFFXUVLQVRPHRIWKHQDUUDWLRQV$OODKNQRZVWKHWUXWK ,QWKLV+DGLWKWKHZRUGV)LVDELOLOODK
IRUWKHVDNHRI$OODKRULQWKH&DXVHRI$OODK KDYHEHHQ UHSHDWHGWZLFHLQFRQQHFWLRQZLWKKRUVHV,QWKHILUVWLQVWDQFHWKHVHZRUGVDUHXVHGIRUQREOHLQWHQWLRQ 7KDWLVWRIXOILOOKXPDQO\QHHGVZLWKLWVRWKDWRQHGRHVQRWKDYHWREHJWKHPIURPRWKHUV,QWKHVHFRQG LQVWDQFHWKHVHZRUGVVWDQGIRU-LKDG7KDWLVRQHEUHHGVKRUVHVWRPDNHXVHRIWKHPLQ-LKDG7KH EUHHGLQJRIKRUVHVZLWKWKLVLQWHQWLRQLVHOLJLEOHWRUHZDUGZKLOHLQWKHIRUPHUFDVHLVDPHDQV RI FRYHULQJRQH VSRYHUW\
&+$37(5
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
>$O%XNKDULDQG0XVOLP@ ,QDQDUUDWLRQE\$O%XNKDUL WKH0HVVHQJHURI$OODK3%8+ VDLG$OODKVD\VC7KHSHUVRQ REVHUYLQJ6DXP KDVDEVWDLQHGIURPIRRGDQGGULQNDQGVH[XDO SOHDVXUHVIRU0\VDNHIDVWLQJLVIRU 0HDQG,ZLOOEHVWRZLWVUHZDUG(YHU\JRRGGHHGKDVWHQWLPHVLWVUHZDUG
,QDQDUUDWLRQE\0XVOLPWKH0HVVHQJHURI$OODK3%8+ VDLG7KHUHZDUGRIHYHU\JRRG GHHGRI DSHUVRQLVPXOWLSOLHGIURPWHQWRVHYHQKXQGUHGWLPHV$OODK6:7 VD\VC7KHUHZDUGRIREVHUYLQJ 6DXPLVGLIIHUHQWIURPWKHUHZDUGRIRWKHUJRRGGHHGV6DXPLVIRU0HDQG,$ORQHZLOOJLYHLWV UHZDUG7KHSHUVRQREVHUYLQJ6DXPDEVWDLQVIURPIRRGDQGGULQNRQO\IRU0\VDNH 7KHIDVWLQJSHUVRQ KDVWZRMR\RXVRFFDVLRQVRQHDWWKHWLPHRIEUHDNLQJKLVIDVWDQGWKHRWKHUDWWKHWLPHRIPHHWLQJKLV 5XEE6XUHO\WKHEUHDWKRIRQHREVHUYLQJ6DXPLVEHWWHUVPHOOLQJWR$OODKWKDQWKHIUDJUDQFHRIPXVN
&RPPHQWDU\ .KXOXI
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
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP VDLG2 0HVVHQJHURI$OODK3%8+ 0D\P\PRWKHUDQGIDWKHUEHVDFULILFHGIRU\RX7KRVHZKRDUHFDOOHG IURPWKHVHJDWHVZLOOVWDQGLQQHHGRIQRWKLQJ:LOODQ\ERG\EHFDOOHGIURPDOORIWKRVHJDWHV"
+H UHSOLHG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 3DLU
PHDQVWZRLQRWKHUFKDQQHOVRIWUDQVPLVVLRQLWKDVEHHQH[SODLQHGWKXV7KH\ DVNHGKLPC3DLURIZKDW" +H3%8+ VDLGC$SDLURIKRUVHVFRZVRUFDPHOV
3DLU
LQWKLV+DGLWK KRZHYHUFDQEHDOOLQFOXVLYHLHIDVWLQJWZRGD\VRUSHUIRUPLQJWZRSUD\HUVHWF7KLV+DGLWKDOVR PHQWLRQVVSHFLDOGLVWLQFWLRQRI$EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP DQGWKHHVWHHPLQ ZKLFKKHZDVKHOGE\WKH3URSKHW3%8+ ,WDOVRWUDQVSLUHVIURPWKLV+DGLWKWKDWRQHFDQSUDLVHVXFK DSHUVRQULJKWRQKLVIDFHDERXWZKRPRQHGRHVQRWIHDUWKDWLWZLOOPDNHKLPSURXG7KLV+DGLWKKDV DOVRDQLQGXFHPHQWIRUJLYLQJLQ6DGDTDKWZRLQVWHDGRIDVLQJOHLWHP 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP 7KH3URSKHW3%8+ VDLG ,Q-DQQDKWKHUHLVD JDWHZKLFKLVFDOOHG$U5DL\DQWKURXJKZKLFKRQO\WKRVHZKRREVHUYH6DXPIDVWLQJ ZLOOHQWHURQWKH 'D\RI5HVXUUHFWLRQ1RQHHOVHZLOOHQWHUWKURXJKLW,WZLOOEHFDOOHGRXW:KHUHDUHWKRVHZKR REVHUYHIDVWLQJ"
6RWKH\ZLOOVWDQGXSDQGSURFHHGWRZDUGVLW:KHQWKHODVWRIWKHPZLOOKDYH HQWHUHGWKHJDWHZLOOEHFORVHGDQGWKHQQRRQHZLOOHQWHUWKURXJKWKDWJDWH
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHVSHFLDOGLVWLQFWLRQRIWKRVHZKRREVHUYH6DXP2QO\ WKRVHZKRREVHUYH6DXP
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ (YHU\VODYHRI$OODK
LQFOXGHVPHQZRPHQWKHIUHHDQGWKHXQIUHHEHFDXVHWKH\DUH VODYHVRI$OODK7KH+DGLWKKLJKOLJKWVWKHH[FHOOHQFHRIIDVWLQJIRUWKHVDNHRI$OODKZKLFKZLOOVHUYH RQWKH'D\RI5HVXUUHFWLRQDVVKLHOGDJDLQVW+HOOILUH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG+HZKR REVHUYHVIDVWLQJGXULQJWKHPRQWKRI5DPDGDQZLWK)DLWKZKLOHVHHNLQJLWVUHZDUGIURP$OODKZLOO KDYHKLVSDVWVLQVIRUJLYHQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6LQV
KHUHPHDQVPLQRUVLQVZKLFKUHODWHWRWKH5LJKWVRI$OODK
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQ5DPDGDQEHJLQVWKHJDWHVRI-DQQDKDUHRSHQHGWKHJDWHVRI+HOODUHFORVHGDQGWKHGHYLOVDUH FKDLQHG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLVLVDVSHFLDOGLVWLQFWLRQRIWKHPRQWKRI5DPDGDQGXULQJZKLFK0XVOLPVEHFRPH PRUHLQFOLQHGWRZDUGVWKHZRUVKLSRI$OODK7KH\SD\JUHDWHUDWWHQWLRQWRWKHUHFLWDWLRQRIWKH4XU DQ UHPHPEUDQFHRI$OODKZRUVKLSDQGVHHNLQJSDUGRQIRUVLQV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 2EVHUYH6DXPIDVW RQVLJKWLQJWKHFUHVFHQWDQGWHUPLQDWHLWRQVLJKWLQJLWWKHQHZPRRQ EXWLIWKH VN\LVFORXG\EHIRUH\RXWKHQFRPSOHWHWKHQXPEHUWKLUW\GD\V RIWKHPRQWK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUGV*KDEL\D
DQG*KXPPD
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
&+$37(5
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
C$LVKDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG :KHQWKHODVWWHQQLJKWVRI5DPDGDQ ZRXOG EHJLQWKH0HVVHQJHURI$OODK3%8+ ZRXOGNHHSDZDNHDWQLJKWIRUSUD\HUDQGGHYRWLRQ DZDNHQ KLVIDPLO\DQG SUHSDUHKLPVHOIWREHPRUHGLOLJHQWLQZRUVKLS >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHHQWLUHPRQWKRI5DPDGDQLVDVSULQJVHDVRQIRUYLUWXHVZRUVKLSDQGREHGLHQFHRI $OODKEXWLWVODVWWHQGD\VDUHWKHSHDNRIWKLVVHDVRQRIZRUVKLS7KHUHIRUHRQHPXVWVWULYHKDUGLQWKH ODVWWHQGD\VDQGQLJKWVRIWKLVPRQWKWRIROORZWKHSUDFWLFHRIWKH3URSKHW3%8+ WRVHHNWKH 3OHDVXUHRI$OODKDQGWRDWWDLQWKHEHQHILWVRI/DLODWXO4DGUZKLFKRFFXUVGXULQJWKLVSHULRG7KH 3URSKHW3%8+ XVHGWRPDNHVSHFLDODUUDQJHPHQWIRUREVHUYLQJ,CWLNDIDQGZHPXVWDOVRIROORZWKLV SUDFWLFHRIKLV
&+$37(5
7+(352+,%,7,212) 2%6(59,1*6$80)$67,1* $)7(57+(0,''/(2)6+$C%$1 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG'RQRW REVHUYH6DXPIDVWLQJ IRUDGD\RUWZRGD\VSUHFHGLQJ5DPDGDQ+RZHYHULIDSHUVRQLVLQWKHKDELW RIREVHUYLQJ6DXPRQDSDUWLFXODUGD\ZKLFKPD\IDOORQWKHVHGDWHV KHPD\IDVWRQWKDWGD\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +RZHYHULI DSHUVRQLVLQWKHKDELWRIREVHUYLQJ6DXPRQDSDUWLFXODUGD\
PHDQVWKDW LILWLVKLVURXWLQHWRREVHUYH6DXPRQWKHVHGD\VWKHQKHFDQGRVRWZRGD\VEHIRUHWKHDGYHQWRI 5DPDGDQ7KHUHDVRQEHLQJWKDWLQWKDWFDVHKLV6DXPZLOOQRWEHIRUWKHUHFHSWLRQRI5DPDGDQEXWD PDWWHURIURXWLQH6RPHSHRSOHKDYHWDNHQRQHRUWZRGD\VEHIRUH
WRPHDQWKHILUVWWZRGD\VRIWKH VHFRQGKDOIRI6KDZZDORQWKHJURXQGVWKDWVRPH$KDGLWKFRQWDLQSURKLELWLRQRIREVHUYLQJ6DXPLQ WKHVHFRQGIRUWQLJKWRI6KDZZDO%HFDXVHRIWKLVLQMXQFWLRQLWLVQRWSHUPLVVLEOHWRREVHUYH6DXPLQ WKHVHGD\VH[FHSWLQFDVHLWLVRQH VURXWLQH ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 'RQRWREVHUYH6DXPIDVWLQJ EHIRUHWKHDGYHQWRI5DPDGDQ2EVHUYH6DXPDWVLJKWLQJRIWKH FUHVFHQWRI5DPDGDQDQGWHUPLQDWHLWDWVLJKWLQJWKHFUHVFHQWRI6KDZZDO ,IWKHVN\LVRYHUFDVW FRPSOHWHWKHPRQWKDV WKLUW\GD\V
>$W7LUPLGKL@ &RPPHQWDU\ %HIRUHWKHDGYHQWRI5DPDGDQ
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
>$W7LUPLGKL@ C$PPDUELQ$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 'RXEWIXOGD\
KHUHVLJQLILHVWKHGD\RIWK6KDCEDQ,QRWKHUZRUGVLIWKHPRRQLV QRWVLJKWHGRQWKRI6KDCEDQEHFDXVHRIFORXGVDQGDSHUVRQREVHUYHV6DXPKHZLOOEHLQGRXEW ZKHWKHULWLVWKHWKRI6KDCEDQRUWKHVWRI5DPDGDQ7KXVWKHUHLVQRQHHGWRREVHUYH6DXPRQD GRXEWIXOGD\DQGRQHVKRXOGFRPSOHWHWKLUW\GD\VRIWKHPRQWKRI6KDCEDQ
&+$37(5
6833/,&$7,21$77+(6,*+7 2)7+(&5(6&(17$77+( 2876(72)(9(5</81$50217+ 7DOKDKELQ 8EDLGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$WWKHVLJKWRIWKHQHZPRRQ RIWKHOXQDUPRQWK WKH3URSKHW3%8+ XVHGWRVXSSOLFDWH$OODKXPPDDKLOODKXCDODLQDELODPQL ZDOLPDQZDVVDODPDWLZDO,VODP5DEELZD5DEEXN$OODK+LODOXUXVKGLQZDNKDLULQ2$OODKOHW WKLVPRRQDSSHDURQXVZLWKVHFXULW\DQG,PDQZLWKVDIHW\DQG,VODP2PRRQ
>$W7LUPLGKL@ &RPPHQWDU\ $IWHUVLJKWLQJWKHPRRQRQHVKRXOGUHFLWHWKHSUD\HUZKLFKZDVUHFLWHGE\WKH3URSKHW 3%8+ 7KHSUD\HUFLWHGLQWKHWH[WRIWKLV+DGLWKLVRQHRIWKHP
&+$37(5
0(5,72)68+8535('$:1 0($/,15$0$'$1 $1'7+( (;&(//(1&(2)'(/$<,1* +$9,1*,77,// %()25('$:1 $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG(DW 6XKXUSUHGDZQPHDO 6XUHO\WKHUHLVDEOHVVLQJLQ6XKXU
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
+HUHSOLHG7KHWLPHUHTXLUHGIRUWKHUHFLWDWLRQRIILIW\$\DW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURP WKLV+DGLWKWKDW6XKXUVKRXOGEHWDNHQWRZDUGVWKHHQGRILWVWLPLQJ 7KLVLVWKH6XQQDKRIWKH3URSKHW3%8+ 2QHVKRXOGKRZHYHUWDNHFDUHWKDWLWLVGRQHEHIRUHGDZQ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ KDGWZR 0X DGKGKLQ%LODODQG,EQ8PP0DNWXP0D\$OODKEHSOHDVHGZLWKWKHP 7KH0HVVHQJHURI$OODK 3%8+ VDLG%LODOSURFODLPV$GKDQ>FDOOWR6DODWSUD\HU @DWIDJHQGRIQLJKWVRHDWDQGGULQNWLOO ,EQ8PP0DNWXPSURQRXQFHV$GKDQ
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP DGGHG$QGWKH JDSEHWZHHQWKHLU$GKDQZDVQRWPRUHWKDQWKHWLPHVSHQWLQRQH VJHWWLQJGRZQDQGWKHRWKHU V FOLPELQJWKHPLQDUHW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLQWKHGD\VRIWKH3URSKHW3%8+ WKHUHXVHGWREHWZR 0X DGKGKLQ DQGWZR$GKDQ LQWKHPRUQLQJ7KHILUVW$GKDQZDVPHDQWWRZDUQWKHSHRSOHZKRZHUH
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
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW6XKXULVDGLVWLQFWLYHPDUNZLWKZKLFK$OODKKDV EOHVVHGWKH0XVOLP8PPDK
&+$37(5
7+(683(5,25,7<2) +$67(1,1*72%5($.7+( )$67$1'7+( 6833/,&$7,21 726$<8321%5($.,1*,7 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 3HRSOHZLOOFRQWLQXHWRDGKHUHWRJRRGDVORQJDVWKH\KDVWHQWREUHDNWKH6DXPIDVWLQJ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $GKHUHWRJRRG
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
6KHDVNHG:KRLVWKHRQHZKRKDVWHQVWREUHDN6DXPDQG SHUIRUPWKH0DJKULESUD\HU"
0DVUXTVDLG,WLVC$EGXOODKPHDQLQJC$EGXOODKELQ0DVCXG
6KH VDLG7KH0HVVHQJHURI$OODK3%8+ XVHGWRGRVR
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHSUDFWLFHRIWKH3URSKHW3%8+ RIEUHDNLQJWKH6DXPDQG SHUIRUPLQJWKH0DJKULESUD\HULQWKHHDUO\PRPHQWVRIWKHSUHVFULEHGWLPH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $OODKWKH0RVW+LJKVD\VC)URPDPRQJVWP\VODYHVWKHTXLFNHUWKHRQHLVLQEUHDNLQJWKH6DXP IDVWLQJ WKHGHDUHULVKHWRPH
>$W7LUPLGKL@
&RPPHQWDU\ 7KHSHUVRQZKREUHDNVWKH6DXPLQLWVHDUO\WLPHLVEHVWORYHGE\$OODKEHFDXVHKHLVD WUXHIROORZHURIWKH3URSKHW3%8+ C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG:KHQWKHQLJKWDSSURDFKHVIURPWKLVVLGHLHWKHHDVW DQGWKHGD\UHWUHDWVIURPWKDW VLGHLHZHVW DQGWKHVXQVHWVWKHQLWLVWLPHIRUDSHUVRQREVHUYLQJ6DXPIDVWLQJ WREUHDNKLVIDVW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUGVEUHDNKLVIDVW
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
8SRQWKLV KHUHSOLHG20HVVHQJHURI$OODKWKHUHLVGD\OLJKWVWLOO
7KH0HVVHQJHURI$OODK3%8+ VDLG*HW GRZQDQGSUHSDUHEDUOH\GULQNIRUXV
+HVDLG%XWLWLVVWLOOGD\WLPH
7KH0HVVHQJHURI$OODK 3%8+ DJDLQVDLGWRKLP*HWGRZQDQGSUHSDUHEDUHO\GULQNIRUXV
6RKHJRWGRZQDQGSUHSDUHGD EDUOH\OLTXLGPHDOIRUKLP7KH3URSKHW3%8+ GUDQNWKDWDQGWKHQVDLG:KHQ\RXSHUFHLYHWKH QLJKWDSSURDFKLQJIURPWKDWVLGHDSHUVRQREVHUYLQJ6DXPIDVWLQJ VKRXOGEUHDNWKHIDVW
$QGKH 3%8+ SRLQWHGWRZDUGVWKHHDVWZLWKKLVKDQG >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVWUHVVHVWKDW6DXPPXVWEHEURNHQVRRQDIWHUVXQVHWDQGZLWKRXWGHOD\ 6DOPDQELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ:KHQRQHRI\RXEUHDNVKLV6DXPIDVWLQJ OHWKLPEUHDNLWRQGDWHVLIKHGRHVQRWKDYHDQ\ EUHDNKLVIDVWZLWKZDWHUIRULWLVSXUH
>$EX'DZXG@ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ XVHGWREUHDN KLV6DXPIDVWLQJ EHIRUHSHUIRUPLQJ0DJKULESUD\HUZLWKWKUHHIUHVKGDWHIUXLWVLIWKHUHZHUHQRIUHVK GDWHIUXLWVKHZLOOHDWWKUHHGU\GDWHVDQGLI WKHUHZHUHQRGU\GDWHIUXLWVKHZRXOGWDNHWKUHHGUDXJKWV RIZDWHU >$W7LUPLGKL@ &RPPHQWDU\ ,WLVZHOOWRNHHSWKHSULRULWLHVRIWKLQJVPHQWLRQHGLQWKH+DGLWKDVRQHJHWVWKHUHZDUG RIIROORZLQJWKH6XQQDKLQEUHDNLQJKLV6DXP
&+$37(5
6$)(*8$5',1*$66$80 7+()$67 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RQHRI\RXLVREVHUYLQJ6DXPIDVWLQJ RQDGD\KHVKRXOGQHLWKHULQGXOJHLQREVFHQH ODQJXDJHQRUVKRXOGKHUDLVHWKHYRLFHDQGLIDQ\RQHUHYLOHVKLPRUWULHVWRTXDUUHOZLWKKLPKHVKRXOG VD\C,DPREVHUYLQJIDVW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGLVUHSHDWHGKHUHIRULWVEHLQJUHOHYDQWWR WKLVFKDSWHU:HOHDUQIURPLWWKDWGXULQJ6DXPQRWRQO\IRRGGULQNDQGVH[DUHSURKLELWHGEXWWKH LPSURSHUXVHRIWKHWRQJXHDQGWKHRWKHURUJDQVRIWKHERG\DVZHOO:KHQRQHLVREVHUYLQJ6DXPKH VKRXOGQHLWKHUXVHDEXVLYHODQJXDJHQRUWDONIRROLVKO\QRUWHOOOLHVQRUPDNHREVFHQHFRQYHUVDWLRQQRU LQGXOJHLQEDFNELWLQJQRUTXDUUHOZLWKDQ\RQH,IVRPHRQHSURYRNHVKLPKHVKRXOGNHHSKLPVHOITXLHW
DQGUHPHPEHUWKDWKHLVREVHUYLQJ6DXPDQGKHKDVWRDEVWDLQIURPVXFKWKLQJV$VIDUDVSRVVLEOHKH VKRXOGNHHSKLVWRQJXHHQJDJHGLQWKHUHPHPEUDQFHRI$OODKDQGUHFLWDWLRQRIWKH4XU DQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG,IRQHGRHV QRWHVFKHZOLHVDQGIDOVHFRQGXFW$OODKKDVQRQHHGWKDWKHVKRXOGDEVWDLQIURPKLVIRRGDQGKLV GULQN
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
&+$37(5
0$77(565(/$7,1*72 $66$80)$67,1* $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG,IDQ\RQH RI\RXIRUJHWIXOO\HDWVRUGULQNVZKLOHREVHUYLQJIDVWLQJ KHVKRXOGFRPSOHWHKLV6DXPIDVWLQJ IRU $OODKKDVIHGKLPDQGJLYHQKLPWRGULQN
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
FDXVHZDVFRLWXVZLWKKLVZLIHEHFDXVHDFFRUGLQJWRDZHOONQRZQVD\LQJ,KWLODPLVWKHUHVXOWRI 6DWDQ VVXJJHVWLRQVIURPZKLFK3URSKHWVDUHVDIH
&+$37(5
7+((;&(//(1&(2)2%6(59,1*6$80 )$67,1* ,17+(0217+62) 08+$55$0$1'6+$C%$1 $1'7+(6$&5('0217+6 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWPRQWKIRUREVHUYLQJ6DXPIDVWLQJ QH[WDIWHU5DPDGDQLVWKHPRQWKRI$OODKWKH 0XKDUUDPDQGWKHEHVW6DODWSUD\HU QH[WDIWHUWKHSUHVFULEHG6DODWLV6DODWDWQLJKW7DKDMMXG SUD\HUV
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
REVHUYLQJ6DXPFRQWLQXRXVZLWKRXWDEUHDNLQWKHHYHQLQJ %XWKHKDVIRUELGGHQKLVIROORZHUV IURPVXFK6DXP 5HSRUWHG0XMLEDK$O%DKLOL\DKRQWKHDXWKRULW\RIKHUIDWKHURUXQFOHWKDWKHYLVLWHGWKH 0HVVHQJHURI$OODK3%8+ RQFHDQGWKHQZHQWWRVHHKLPDJDLQDIWHUD\HDU+LVDSSHDUDQFHKDG WRWDOO\FKDQJHG+HDVNHGWKH0HVVHQJHURI$OODK3%8+ LIKHKDGUHFRJQL]HGKLP7KH0HVVHQJHURI $OODK3%8+ DVNHG:KRDUH\RX"
+HUHSOLHG,DP$O%DKLOLZKRYLVLWHG\RXODVW\HDU
7KH 0HVVHQJHURI$OODK3%8+ VDLG
+HUHSOLHG6LQFHP\GHSDUWXUH IURPKHUH,KDYHQRWHDWHQDQ\WKLQJH[FHSWDWQLJKW
7KH 0HVVHQJHURI$OODK3%8+ UHPDUNHG
+HVXEPLWWHG 3HUPLWPHWRREVHUYHPRUHYROXQWDU\IDVWVEHFDXVH,KDYHFDSDFLW\WRGRVR
7KH0HVVHQJHURI$OODK 3%8+ VDLG7KHQREVHUYHIDVWVIRUWZRGD\VLQHYHU\PRQWK
+HVDLG3HUPLWPHWRREVHUYHPRUH
7KH0HVVHQJHURI$OODK3%8+ VDLG 2EVHUYHIDVWVRQWKUHHGD\VLQHYHU\PRQWK
+HUHTXHVWHGWKDW KHVKRXOGEHDOORZHGWRREVHUYHPRUHIDVWV7KH0HVVHQJHURI$OODK3%8+ VDLG)DVWWKUHHGD\V GXULQJWKHVDFUHGPRQWKVDQGRPLWIDVWLQJIRUWKUHHGD\VDOWHUQDWHO\
+H3%8+ MRLQHGKLVWKUHH ILQJHUVWRJHWKHU DQGOHIWWKHPDSDUWZKLOHUHSHDWLQJWKLVVHQWHQFHWKULFH >$EX'DZXG@
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
&+$37(5
7+((;&(//(1&(2)$66$80 7+()$67 '85,1*7+(),567 7(1'$<62)'+8/+,--$+ ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHDUHQRGD\VGXULQJZKLFKWKHULJKWHRXVDFWLRQLVVRSOHDVLQJWR$OODKWKDQWKHVHGD\VLHWKH ILUVWWHQGD\VRI'KXO+LMMDK
+HZDVDVNHG20HVVHQJHURI$OODKQRWHYHQ-LKDGLQWKH&DXVHRI $OODK"
+H3%8+ UHSOLHG1RWHYHQ-LKDGLQWKH&DXVHRI$OODKH[FHSWLQFDVHRQHJRHVIRUWKZLWK KLVOLIHDQGKLVSURSHUW\DQGGRHVQRWUHWXUQZLWKHLWKHURILW
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWZRSRLQWV 5LJKWHRXVGHHGVGXULQJWKHILUVWWHQGD\VRIWKHPRQWKRI'KXO+LMMDKDUHIDUEHWWHUDQGPRUH UHZDUGLQJWKDQULJKWHRXVGHHGVGRQHRQRWKHUGD\VRIWKH\HDUEHFDXVHWKH\DUH+DMMGD\VLQWKHVDFUHG VHDVRQRISLOJULPDJH%HFDXVHRIWKHLUH[FHOOHQFHDQGLPSRUWDQFH$OODK6:7 VZRUHE\WKHPWKXV %\WKH'DZQE\WKHWHQ1LJKWV
-LKDGKDVJUHDWHPLQHQFHLQ,VODP
&+$37(5
7+((;&(//(1&(2) 2%6(59,1*6$80217+('$<2) C$5$)$+C$6+85$ $1'7$68C$
LHWK2)08+$55$0 $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZDV DVNHGDERXWWKHREVHUYDQFHRI6DXPIDVWLQJ RQWKHGD\RIC$UDIDK+HVDLG,WLVDQH[SLDWLRQIRUWKH VLQVRIWKHSUHFHGLQJ\HDUDQGWKHFXUUHQW\HDU
>0XVOLP@ &RPPHQWDU\ 7KHQLQWKGD\RI'KXO+LMMDKLVFDOOHG
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
>0XVOLP@ ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG ,I,UHPDLQDOLYHWLOOWKHQH[W\HDU,VKDOODOVRREVHUYHIDVWRQWKHQLQWKRI0XKDUUDP
>0XVOLP@ &RPPHQWDU\ 6RPHSHRSOHWKLQNWKHVHZRUGVVWDQGWRPHDQWKDWCKHZLOOREVHUYH6DXPRQWKHWKRI 0XKDUUDPRQO\%XWWKLVLQWHUSUHWDWLRQGRHVQRWDJUHHZLWKRWKHU$KDGLWK,QRUGHUWRRSSRVHWKH-HZV KH3%8+ UHVROYHGWRREVHUYHRQHPRUH6DXPZLWKWKDWRIWKRI0XKDUUDPDQGRUGDLQHGLWIRUWKH 0XVOLPV,QWKLVFRQQHFWLRQZHKDYHTXRWHGDERYHWKHDXWKRULW\IURP0XVQDG$KPDG+HQFHWKH PHDQLQJVZHKDYHJLYHQLQWKHWUDQVODWLRQRIWKHWH[WDUHFRUUHFW
&+$37(5
7+('(6,5$%,/,7<2))$67,1* 6,;'$<6,17+(0217+2) 6+$::$/ $EX $\\XE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRREVHUYHV$V6DXPWKHIDVWV LQWKHPRQWKRI5DPDGDQDQGDOVRREVHUYHV$V6DXPIRUVL[ GD\VLQWKHPRQWKRI6KDZZDOLWLVDVLIKHKDVREVHUYHG$V6DXPIRUWKHZKROH\HDU
>0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRWKHIRUPXODWKDWWKHUHLVDWOHDVWWHQIROGUHZDUGIRUHYHU\YLUWXHWKH 6DXPRIRQHPRQWK5DPDGDQ DUHHTXLYDOHQWWR6DXPRIWHQPRQWKV,IRQHDOVRREVHUYHVVL[GD\VRI 6DXPRI6KDZZDOWKH\ZLOOEHHTXDOWR6DXPRIWZRPRQWKV7KXVRQHEHFRPHVHOLJLEOHIRUWKH UHZDUGRIRQHIXOO\HDUV 6DXP+HZKRPDNHVLWDSHUPDQHQWIHDWXUHLVOLNHRQHZKRREVHUYHV6DXP WKURXJKRXWKLVOLIH+HZLOOEHFRQVLGHUHGE\$OODKDVRQHZKRREVHUYHV6DXPSHUPDQHQWO\$OWKRXJK YROXQWDU\LQQDWXUHWKH\DUHKLJKO\LPSRUWDQW2QHFDQREVHUYHWKHVHVL[GD\6DXPDWDVWUHWFKRUZLWK LQWHUYDOVEXWWKHLUREVHUYDQFHRQHDIWHUWKHRWKHUDWWKHEHJLQQLQJRIWKHPRQWKLVEHWWHU6LPLODUO\LID SHUVRQKDVPLVVHGVRPH6DXPRI5DPDGDQGXH WRLOOQHVVWUDYHOOLQJHWFKHVKRXOGILUVWPDNHXSWKH VKRUWIDOODQGWKHQREVHUYHWKHYROXQWDU\VL[GD\6DXPRI6KDZZDO
&+$37(5
7+('(6,5$%,/,7<2) 2%6(59,1*6$80)$67,1* 21021'$<$1'7+856'$< $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZDV DVNHGDERXWIDVWLQJRQ0RQGD\V+HVDLG7KDWLVWKHGD\RQZKLFK,ZDVERUQDQGWKHGD\RQZKLFK, UHFHLYHG5HYHODWLRQ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[FHOOHQFHRIIDVWLQJRQ0RQGD\V7KH UHDVRQEHKLQGWKLV DVLVVWDWHGLQWKH+DGLWKLVWKDWWKH3URSKHW3%8+ ZDVERUQRQLWDQGWKDWLWZDVWKHGD\RQZKLFKKH UHFHLYHGWKHILUVW5HYHODWLRQ,WFRLQFLGHGZLWKWKHWK5DPDGDQDVZHOO $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 'HHGVRISHRSOHDUHSUHVHQWHGWR$OODK RQ0RQGD\VDQG7KXUVGD\V6R,OLNHWKDWP\DFWLRQVEH SUHVHQWHGZKLOH,DPIDVWLQJ
>$W7LUPLGKL@ &RPPHQWDU\ 2EVHUYDQFHRI6DXPRQ0RQGD\DQG7KXUVGD\LV0XVWDKDEE GHVLUDEOH DQGWKH UHDVRQIRULWVEHLQJVRKDVEHHQPHQWLRQHGLQWKH+DGLWK C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU XUHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ XVHGWR REVHUYHIDVWRQ0RQGD\VDQG7KXUVGD\V >$W7LUPLGKL@ &RPPHQWDU\
&+$37(5
7+('(6,5$%,/,7<2) 2%6(59,1*7+5(('$<62) )$67,1*6,1(9(5<0217+ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0\IULHQGWKH0HVVHQJHURI$OODK 3%8+ GLUHFWHGPHWRREVHUYHIDVWIRUWKUHHGD\VLQHYHU\PRQWKWRSHUIRUPWZR5DNCDKRSWLRQDO 'XKDSUD\HUDWIRUHQRRQDQGWRSHUIRUPWKH :LWUSUD\HUEHIRUHJRLQJWREHG >$O%XNKDULDQG0XVOLP@ $EXG'DUGD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 0\IULHQGWKH0HVVHQJHURI$OODK 3%8+ GLUHFWHGPHWRREVHUYH6DXPIDVWLQJ IRUWKUHHGD\VLQHYHU\PRQWKWRSHUIRUPWZR5DNCDK RSWLRQDO 'XKDSUD\HUDWIRUHQRRQDQGWRSHUIRUPWKH:LWUSUD\HUEHIRUHJRLQJWREHG >$O%XNKDULDQG0XVOLP@ C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG2EVHUYLQJ6DXPIDVWLQJ RQWKUHHGD\VRIHYHU\PRQWKLVHTXLYDOHQWWRDIXOO PRQWK VIDVWLQJ
>$O%XNKDULDQG0XVOLP@ 0XCDGKDK$OC$GDZL\DK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG ,DVNHGC$LVKDK0D\$OODK EHSOHDVHGZLWKKHU 'LGWKH0HVVHQJHURI$OODK3%8+ XVHWRREVHUYHWKUHHGD\VRI6DXPIDVWLQJ LQHYHU\PRQWK"
6KHUHSOLHG
,DVNHG2QZKLFKGD\VLQWKHPRQWKGLGKHREVHUYHGIDVW"
6KH
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
>$W7LUPLGKL@ 4DWDGDKELQ0LOKDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ GLUHFWHGXVWRREVHUYH6DXPIDVWLQJ RQWKHWKLUWHHQWKIRXUWHHQWKDQGILIWHHQWKRIWKHOXQDU PRQWK >$EX'DZXG@ ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG ,WZDVWKHSUDFWLFHRIWKH0HVVHQJHURI $OODK3%8+ WRQRWWRRPLWIDVWRQCEULJKWGD\V ZKHWKHUKHZDVVWD\LQJDWDSODFHRURQDMRXUQH\ >$Q1DVD L@ &RPPHQWDU\ %HHG
LVWKHSOXUDORI$E\DG
ZKLFKPHDQVZKLWH7KUHHGD\VRIDQGRI OXQDUPRQWKDUHFDOOHG$O$\\DPXO%HHG
IRUWKHUHDVRQWKDWWKHLUQLJKWVDUHEULJKWEHFDXVHRIWKH PRRQOLJKW7KHPRRQEHJLQVWRGLPLQLVKJUDGXDOO\DIWHUWKHVHGD\V,QDQ\FDVHLWLVHYLGHQWIURPWKH $KDGLWKPHQWLRQHGKHUHWKDWREVHUYDQFHRI6DXPRQWKHVHGD\VLVPRUHPHULWRULRXVEXWRQHFDQGRVR ZLWKEHQHILWRQRWKHUGD\VDOVR
&+$37(5
7+(0(5,72)3529,',1* 620(7+,1*727+(3(5621 2%6(59,1*6$80)$67,1* )25%5($.,1*7+()$67 =DLGELQ.KDOLG$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG +HZKRSURYLGHVDIDVWLQJSHUVRQVRPHWKLQJZLWKZKLFKWREUHDNKLVIDVWZLOOHDUQWKHVDPHUHZDUGDV WKHRQHZKRZDVREVHUYLQJWKHIDVWZLWKRXWGLPLQLVKLQJLQDQ\ZD\WKHUHZDUGRIWKHODWWHU
>$W7LUPLGKL@ 8PPC8PDUDK$O$QVDUL\DK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG2QFHWKH3URSKHW 3%8+ YLVLWHGXVDQG,VHUYHGKLPVRPHIRRG+H3%8+ DVNHGPHWRHDW,UHSOLHGWKDW,ZDV REVHUYLQJRSWLRQDO IDVW+H3%8+ VDLG:KHQSHRSOHHDWE\DSHUVRQREVHUYLQJIDVWWKHDQJHOV NHHSDVNLQJ$OODK VIRUJLYHQHVVIRUWKDWSHUVRQXQWLOWKH\KDYHKDGWKHLUILOO
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHPHULWVRIWKHSHUVRQZKRLVKLPVHOIREVHUYLQJ6DXPEXWVHUYHV PHDOVWRRWKHUV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ FDPHWRYLVLW6DCGELQ C8EDGDK0D\$OODKEHSOHDVHGZLWKKLP ZKRSUHVHQWHGEUHDGDQGROLYHRLOWRKLP7KH3URSKHW 3%8+ DWHLWDQGVDLG7KHREVHUYHUVRIIDVWKDYHEURNHQWKHLUIDVWZLWK\RXWKLVLVWKHOLWHUDO WUDQVODWLRQEXWWKHPHDQLQJLVC0D\$OODKUHZDUG\RXIRUSURYLGLQJDIDVWLQJSHRSOHZLWKIRRGWR EUHDNWKHLUIDVW WKHSLRXVSHRSOHKDYHHDW\RXUIRRGDQGWKHDQJHOVLQYRNHGEOHVVLQJVRQ\RX
>$EX'DZXG@
&RPPHQWDU\ 7KHZRUG$IWDUD
LVLQIRUPDWLYHLQQDWXUHEXWLWLVXVHGLQWKHVHQVHRIDSUD\HU7KXV ZKDWLWGHQRWHVLV0D\$OODKJLYH\RXWKHUHZDUGRIRQHZKRDUUDQJHVIRUWKH,IWDUEUHDNLQJWKH 6DXP RIVRPHERG\7KXVLWLQGXFHVRQHWRKRVSLWDOLW\DFFRUGLQJWRKLVPHDQV
7+(%22.2),C7,.$) &+$37(5
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
7+(%22.2)+$-&+$37(5
7+(2%/,*$7,212)+$-3,/*5,0$*( $1',76 (;&(//(1&( $OODKWKH([DOWHGVD\V $QG+DMMSLOJULPDJHWR0DNNDK WRWKH+RXVH.DCEDK LVDGXW\WKDWPDQNLQGRZHVWR$OODK WKRVHZKRFDQDIIRUGWKHH[SHQVHVIRURQH VFRQYH\DQFHSURYLVLRQDQGUHVLGH QFH DQGZKRHYHU GLVEHOLHYHV>LHGHQLHV+DMMSLOJULPDJHWR0DNNDK WKHQKHLVDGLVEHOLHYHURI$OODK@WKHQ$OODK VWDQGVQRWLQQHHGRIDQ\RIWKHC$ODPLQPDQNLQGMLQQDQGDOOWKDWH[LVWV
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHVXSHUVWUXFWXUHRI ,VODPLVEDVHGRQILYHSLOODUV WHVWLI\LQJWKHIDFWWKDW/DLODKDLOODOODKZDDQQD 0XKDPPDGDU5DVXOXOODK>WKHUHLVQRWUXHJRGH[FHSW$OODKDQG0XKDPPDG3%8+ LVWKH
0HVVHQJHURI$OODK@HVWDEOLVKLQJ$V6DODWWKHSUD\HUV SD\LQJ=DNDWSRRUGXH WKHSLOJULPDJHWRWKH +RXVH>RI$OODK.DCEDK @DQGWKH6DXPIDVWLQJ GXULQJWKHPRQWKRI5DPDGDQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHU+HUHLWKDVEHHQUHSHDWHGLQVXSSRUWRIWKH REOLJDWLRQRIWKHIRXUWKSLOODURI,VODP7KXV+DMMLVFRPSXOVRU\IRUDSHUVRQZKRIXOILOOVWKH TXDOLILFDWLRQVUHTXLUHGIRULWDQGKDVWKHPHDQVIRULW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ GHOLYHUHGD.KXWEDKDQGVDLG2SHRSOH+DMMSLOJULPDJHWRWKH+RXVHRI$OODK KDVEHHQPDGH LQFXPEHQWXSRQ\RXVRSHUIRUP+DMM
$PDQLQTXLUHG20HVVHQJHURI$OODKLVLWSUHVFULEHGHYHU\ \HDU"
+H3%8+ UHPDLQHGVLOHQWWLOOWKHPDQUHSHDWHGLWWKULFH7KHQKH3%8+ VDLG+DG,UHSOLHG LQWKHDIILUPDWLYHLWZRXOGKDYHVXUHO\EHFRPHREOLJDWRU\DQG\RXZRXOGQRWKDYHEHHQDEOHWRIXOILOO LW
$IWHUZDUGVKHVDLG'RQRWDVNPHVRORQJDV,GRQRWLPSRVHDQ\WKLQJ XSRQ\RXEHFDXVHWKRVH ZKRZHUHEHIRUH\RXZHUHGHVWUR\HGRQDFFRXQWRIWKHLUIUHTXHQWTXHVWLRQLQJDQGWKHLUGLVDJUHHPHQW ZLWKWKHLU3URSKHWV6RZKHQ,RUGHU\RXWRGRVRPHWKLQJGRLWDVIDUDV\RXFDQDQGZKHQ,IRUELG \RXIURPGRLQJDQ\WKLQJHVFKHZ LW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJSRLQWV +DMMLVFRPSXOVRU\RQFHLQDOLIHWLPHIRUWKRVHZKRKDYHWKHPHDQVIRULW 8QQHFHVVDU\TXHVWLRQLQJLVGLVOLNHG 7KRVHZKREHOLHYHLQ$OODKDQG+LV3URSKHW3%8+ DUHUHTXLUHGWRGRZKDWWKH\DUHRUGDLQHGDQG DEVWDLQIURPZKDWWKH\DUHIRUELGGHQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ ZDVDVNHG :KLFKGHHGLVWKHEHVW"
+H3%8+ UHSOLHG)DLWKLQ$OODKDQG+LV0HVVHQJHU
7KHQ KHZDVDVNHG :KDWLVQH[W"
+HUHSOLHG -LKDGKRO\ILJKWLQJ LQWKH&DXVHRI$OODK
7KHQKHZDVDVNHG:KDWLV DIWHUWKDW"
+H3%8+ UHSOLHG+DMM0DEUXUDQDFFHSWHGSLOJULPDJH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHIDFWWKDW+DMMLVRQHRIWKHPRVWSURPLQHQWUHOLJLRXVDFWV SURYLGHGLWLVGRQHVLQFHUHO\DQGNHHSLQJRQHVHOIDZD\IURPVLQV6RPHSHRSOHKDYHLQWHUSUHWHGWKH ZRUG+DMM0DEUXU
DVDQDFFHSWHG+DMM7KH\VD\WKDWWKHVLJQRIDQDFFHSWHG+DMMLVWKDWRQH EHFRPHVDWUXHZRUVKLSSHURI$OODKZKLFKKHZDVSUHYLRXVO\QRW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRHYHUSHUIRUPV+DMMSLOJULPDJH DQGGRHVQRWKDYHVH[XDOUHODWLRQVZLWKKLVZLIH QRUFRPPLWV VLQQRUGLVSXWHVXQMXVWO\GXULQJ+DMM WKHQKHUHWXUQVIURP+DMMDVSXUHDQGIUHHIURPVLQVDVRQWKH GD\RQZKLFKKLVPRWKHUJDYHELUWKWRKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHWUXHPHDQLQJVRI5DIDWK
VH[XDOLQWHUFRXUVHEXWLWDOVRVLJQLILHVREVFHQHDQG IULYRORXVWDONDQGWKHH[SUHVVLRQRIVH[XDOGHVLUHWRRQH VZLIH6LQFHFRLWLRQZLWKRQH VZLIHLV IRUELGGHQGXULQJ+DMMVRFRQYHUVDWLRQZLWKKHURQWKLVVXEMHFWRUWDONLQJIRUDPXVHPHQWLVDOVR GLVOLNHG)LVT
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
>$O%XNKDULDQG0XVOLP@
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
7KH0HVVHQJHURI$OODK3%8+ VDLG7KH EHVW-LKDGIRU\RXZRPHQLV+DMM0DEUXULHRQHDFFHSWHGE\$OODK
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
>0XVOLP@ &RPPHQWDU\ $OPLJKW\$OODKHPDQFLSDWHVPRVWRI+LVVODYHVERWKPHQDQGZRPHQIURPWKH+HOO ILUHRQWKLVJUHDWGD\0LOOLRQVRISLOJULPVZKRE\YLUWXHRIWKHLUVLQFHUHUHSHQWDQFH WU\WRVHHNWKH 3OHDVXUHRI$OODKFHUWDLQO\VWDQGWRHDUQ$OODK V3DUGRQIRUWKHLUVLQVDQGWKHUHE\HPDQFLSDWLRQIURP WKH+HOOILUH0D\$OODKJUDQWXVWKLVJUDFHRI+LV ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG7KH SHUIRUPDQFHRI C8PUDKGXULQJ5DPDGDQLVHTXDOWR+DMMSLOJULPDJH
2UVDLG(TXDOWRWKH SHUIRUPDQFHRI+DMMZLWKPH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ (TXDOWRWKHSHUIRUPDQFHRI+DMM
PHDQVWKHUHWXUQDQGUHZDUGWRZKLFK+DMMLV HOLJLEOH,WGRHVQRWPHDQWKDWLWZLOOVHUYHDVDVXEVWLWXWHIRU+DMMDQGDEVROYHRQHIURPWKHQHHGWR SHUIRUPLW7KLVGLVWLQFWLRQRIC8PUDKLQWKHPRQWKRI5DPDGDQLVSHUKDSVIRUWKHUHDVRQWKDWLQWKLV ZD\WZRDFWVRIZRUVKLSDUHFRPELQHGDWRQHWLPH ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG$ZRPDQFDPHWRWKH0HVVHQJHURI $OODK3%8+ DQGVDLG$OODK VREOLJDWLRQXSRQ+LVVODYHVKDVEHFRPHREOLJDWRU\RQP\IDWKHULQKLV ROGDJH0\IDWKHULVYHU\ROGDQGLQFDSDEOHRIULGLQJ0D\,SHUIRUP+DMMRQKLVEHKDOI"
+H3%8+ VDLG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +DMMKDVEHFRPHREOLJDWRU\LQROGDJH
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
/DTLWELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,FDPHWRWKH3URSKHW3%8+ DQG VDLG0\IDWKHULVDYHU\ROGPDQDQGGRHVQRWKDYHVWUHQJWKWRSHUIRUP+DMMSLOJULPDJH RUC8PUDK RUWRXQGHUWDNHWKHMRXUQH\
7KH3URSKHW3%8+ VDLG3HUIRUP+DMMDQGC8PUDKRQEHKDOIRI\RXU IDWKHU
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
+H3%8+ VDLG,DPWKH0HVVHQJHURI$OODK
7KHQDZRPDQ OLIWHGXSDER\WRKLPDQGDVNHG:RXOGWKLVFKLOGEHFUHGLWHGZLWKKDYLQJSHUIRUPHGWKH+DMM SLOJULPDJH "
:KHUHXSRQKH3%8+ VDLG
>0XVOLP@ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ SHUIRUPHGWKH SLOJULPDJHRQDQXQVDGGOHGFDPHOZKLFKDOVRFDUULHGKLVSURYLVLRQVLHKLV=DPLODK >$O%XNKDUL@ &RPPHQWDU\ =DPLODK
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
7+(%22.2)-,+$' &+$37(5
2%/,*$7,212)-,+$' $OODKWKH([DOWHGVD\V $QGILJKWDJDLQVWWKH0XVKULNXQSRO\WKHLVWVSDJDQVLGRODWHUVGLVEHOLHYHUVLQWKH2QHQHVVRI $OODK FROOHFWLYHO\DVWKH\ILJKWDJDLQVW\RXFROOHFWLYHO\%XWNQRZWKDW$OODKLVZLWKWKRVHZKR DUH$O0XWWDTXQWKHSLRXV
-LKDGKRO\ILJKWLQJLQ$OODK V&DXVH LVRUGDLQHGIRU\RX0XVOLPV WKRXJK\RXGLVOLNHLWDQGLW PD\EHWKDW\RXGLVOLNHDWKLQJZKLFKLVJRRGIRU\RXDQGWKDW\RXOLNHDWKLQJZKLFKLVEDGIRU \RX$OODKNQRZVEXW\RXGRQRWNQRZ
0DUFKIRUWKZKHWKHU\RXDUHOLJKWEHLQJKHDOWK\\RXQJDQGZHDOWK\ RUKHDY\EHLQJLOOROG DQGSRRU DQGVWULYHKDUGZLWK\RXUZHDOWKDQG\RXUOLYHVLQWKH&DXVHRI$OOD K
9HULO\$OODKKDVSXUFKDVHGRIWKHEHOLHYHUVWKHLUOLYHVDQGWKHLUSURSHUWLHVIRUWKHSULFH WKDW WKHLUVVKDOOEHWKH-DQQDK7KH\ILJKWLQ$OODK V&DXVHVRWKH\NLOORWKHUV DQGDUHNLOOHG,WLVD SURPLVHLQWUXWKZKLFKLVELQGLQJRQ+LPLQWKH7DXUDW7RUDK DQGWKH,QMHHO*RVSHO DQGWKH 4XU DQ$QGZKRLVWUXHUWRKLVFRYHQDQWWKDQ$OODK"7KHQUHMRLFHLQWKHEDUJDLQZKLFK\RXKDYH FRQFOXGHG7KDWLVWKHVXSUHPHVXFFHVV
1RWHTXDODUHWKRVHRIWKHEHOLHYHUVZKRVLWDWKRPH H[FHSWWKRVHZKRDUHGLVDEOHGE\LQMXU\ RUDUHEOLQGRUODPH DQGWKRVHZKRVWULYHKDUGDQGILJKWLQWKH&DXVHRI$OODKZLWKWKHLUZHDOWK DQGWKHLUOLYHV$OODKKDVSUHIHUUHGLQJUDGHVWKRVHZKRVWULYHKDUGDQGILJKWZLWKWKHLUZHDOWK DQGWKHLUOLYHVDERYHWKRVHZKRVLWDWKRPH 8QWRHDFK$OODKKDVSURPLVHGJRRG-DQQDK EXW $OODKKDVSUHIHUUHGWKRVHZKRVWULYHKDUGDQGILJKWDERYHWKRVHZKRVLWDWKRPH E\DKXJH UHZDUG'HJUHHVRIKLJKHU JUDGHVIURP+LPDQGIRUJLYHQHVVDQGPHUF\$QG$OODKLV(YHU2IW )RUJLYLQJ0RVW0HUFLIXO
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
7KH4XU DQLF$\DWUHODWLQJWRWKHVXEMHFWXQGHUVWXG\ DUHPDQ\7KH$KDGLWKDUHDOVRPDQ\WKHVH LQFOXGHWKHIROORZLQJ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZDV DVNHG:KLFKGHHGLVWKHEHVW"
+H3%8+ UHSOLHG)DLWKLQ$OODKDQG+LV0HVVHQJHU
+H3%8+ ZDVDVNHG:KDWLVQH[W"
+H3%8+ UHSOLHG-LKDGKRO\ILJKWLQJ LQWKH&DXVHRI$OODK
7KHQKH ZDVDVNHG:KDWLVDIWHUWKDWLQJRRGQHVV "
+H3%8+ UHSOLHG+DMM0DEUXUZKLFKLVDFFHSWHGE\ $OODK
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
/LQJXLVWLFDOO\WKHZRUG+DMM
PHDQVCMRXUQH\WRDSODFHRQHUHVSHFWV 7HFKQLFDOO\LWPHDQVCMRXUQH\ WR0DNNDKLQRUGHUWRSHUIRUPWKHSLOJULPDJHULWHV 7KHZRUG0DEUXU
LVIURP%LUU
PHDQLQJ REHGLHQFHSLHW\EXWLWVLJQLILHVKHUHDQDFWZKLFKLVGRQHVLQFHUHO\ZLWKRXWFRPPLWWLQJDVLQ ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK 3%8+ :KLFKDFWLRQLVGHDUHVWWR$OODK"
+H3%8+ UHSOLHG3HUIRUPLQJ$V6DODWWKHSUD\HU DW LWVHDUOLHVWIL[HGWLPH
,DVNHG:KDW LVQH[WLQJRRGQHVV "
+H3%8+ VDLG.LQGQHVVWRZDUGV SDUHQWV
,DVNHG:KDWLVQH[WLQJRRGQHVV "
+H3%8+ VDLG7RSDUWLFLSDWHLQ-LKDGLQWKH&DXVH RI$OODK
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
+H3%8+ UHSOLHG)DLWKLQ$OODKDQG-LKDGILJKWLQJVWUXJJOH LQ WKH&DXVHRI$OODK
>$O%XNKDULDQG0XVOLP@ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG9HULO\ 6HWWLQJRXWLQWKHHDUO\PRUQLQJRULQWKHHYHQLQJLQRUGHUWRILJKWLQ$OODK VZD\LVEHWWHUWKDQWKH ZRUOGDQGZKDWLWFRQWDLQV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH+DGLWKSRLQWVRXWWKHVXSHULRULW\RIILJKWLQJLQWKHZD\RI$OODK7KHPRPHQWRQH ILJKWVIRU$OODK VVDNHEHLWLQWKHHDUO\PRUQLQJRUWKHHYHQLQJLVEHWWHUWKDQWKHZRUOGDQGDOOWKDWLV LQLW7KHUHDVRQLVWKDWWKHZRUOGDVZHOODVZKDWLWSRVVHVVHVLVWUDQVLWRU\ZKLOHWKH+HUHDIWHULV HYHUODVWLQJDQGHWHUQDO&DQDQ\WKLQJWKDWLVWHPSRUDU\EHDPDWFKIRUZKDWLVHWHUQDO" $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH0HVVHQJHU RI$OODK3%8+ DQGVDLG:KR LVWKHEHVWDPRQJPHQ"
+H3%8+ UHSOLHG$EHOLHYHUZKRVWULYHV LQWKHZD\RI$OODKZLWKKLVZHDOWKDQGOLIH
7KHPDQDVNHGDJDLQ:KRLVQH[WWRKLPLQ H[FHOOHQFH "
+H3%8+ VDLG1H[WWRKLPLVDPDQZKRLVHQJDJHGLQZRUVKLSSLQJKLV5XEELQ D PRXQWDLQYDOOH\OHDYLQJWKHSHRSOHVHFXUHIURPKLVPLVFKLHI
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHH[FHOOHQFHRIREVHUYLQJ5LEDWDQGILJKWLQJLQWKHZD\RI $OODK,WDOVRKLJKOLJKWVWKHLQVLJQLILFDQFHRIWKLVZRUOGDQGWKHJUHDWUHZDUGLQWKH+HUHDIWHUZKLFKFDQ EHDWWDLQHGWKURXJK-LKDG
6DOPDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ DV VD\LQJ2EVHUYLQJ5LEDWLQWKHZD\RI$OODKIRUDGD\DQGDQLJKWLVIDUEHWWHUWKDQREVHUYLQJ6DXP IDVWLQJ IRUDZKROHPRQWKDQGVWDQGLQJLQ6DODWSUD\HU LQDOOLWVQLJKWV,IDSHUVRQGLHVZKLOH SHUIRUPLQJWKLVGXW\ KHZLOOJRRQUHFHLYLQJKLVUHZDUGIRUKLVPHULWRULRXVGHHGVSHUSHWXDOO\DQGKH ZLOOEHVDYHGIURP$O)DWWDQ
>0XVOLP@ &RPPHQWDU\ *RRGGHHGVRID0XVOLPZKRGLHVRULVPDUW\UHGRQWKHIURQWLHUZLOOSHUSHWXDWHDQG ZLOOEHFUHGLWHGWRKLVDFFRXQWWLOOWKH'D\RI5HVXUUHFWLRQDQGOLNHDOORWKHUPDUW\UVVXVWHQDQFHZLOO EHSURYLGHGWRKLPHYHQDIWHUKLVGHDWK$V$OODKVD\VC7KLQNQRWRIWKRVHDVGHDGZKRDUHNLOOHGLQ WKHZD\RI$OODK1D\WKH\DUHDOLYHZLWKWKHLU5XEEDQGWKH\KDYHSURYLVLRQ
$O)DWWDQ
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKDOVRPHQWLRQVWKHPHULWVRI-LKDGHVSHFLDOO\RIGHIHQGLQJWKHIURQWLHUV LH5LEDW DVLVPHQWLRQHGLQWKHSUHFHGLQJ$KDGLWK C8WKPDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ6SHQGLQJDGD\RQWKHIURQWLHULQ$OODK VZD\LVEHWWHUWKDQRQHWKRXVDQGGD\VLQDQ\RWKHU SODFH
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
$OODK$VLPLODUGHVLUHLVDOVRPDGHE\RWKHUPDUW\UV7KH\SUD\WR$OODKWKDWWKH\EHUHVWRUHGWROLIHVR WKDWWKH\FDQOD\GRZQWKHLUOLIHDJDLQDQGDJDLQIRU+LVVDNH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRHYHULVZRXQGHGZKLOHILJKWLQJLQWKHZD\RI$OODKZLOOFRPHRQWKH'D\RI5HVXUUHFWLRQZLWK EORRGRR]LQJIURPKLVZRXQGKDYLQJWKHFRORXURIEORRGEXWZLWKWKHIUDJUDQFHRIPXVN
>$O%XNKDULDQG0XVOLP@ 0XDGK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG-DQQDKEHFRPHV LQFXPEHQWIRUD0XVOLPZKRILJKWVIRUWKH&DXVHRI$OODKIRUDSHULRGDVORQJDVWKHWLPHEHWZHHQWZR FRQVHFXWLYHWXUQVRIPLONLQJDVKHFDPHO+HZKRUHFHLYHVDZRXQGRUDEUXLVHLQWKH&DXVHRI$OODK ZLOODSSHDURQWKH'D\RI5HVXUUHFWLRQDVIUHVKDVSRVVLEOHLWVFRORXUZLOOEHWKHFRORXURIVDIIURQDQG LWVIUDJUDQFHZLOOEHWKDWRIPXVN
>$W7LUPLGKLDQG$EX'DZXG@ &RPPHQWDU\ )DZDT
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
+H3%8+ UHSOLHG
7KHQDUUDWRUVDLG 7KHTXHVWLRQZDVUHSHDWHGWZLFHRU WKULFHEXWHYHU\WLPHKH3%8+ DQVZHUHG
7KHQKH3%8+ VDLG2QHZKRJRHVRXWIRU-LKDGLQWKH&DXVHRI$OODKLVOLNHDSHUVRQZKRREVHUYHV6DXPIDVWLQJ VWDQGVLQ6DODWSUD\HU FRQVWDQWO\UHFLWHVWKH$\DWRIWKH4XU DQDQGGRHVQRWH[KLELWDQ\ODVVLWXGHLQ IDVWLQJDQGSUD\HUXQWLOWKHSDUWLFLSDQWRI-LKDGLQWKHZD\RI$OODKUHWXUQV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $OTDQLW
VLJQLILHVRQHZKRPDNHVUHFLWDWLRQRIWKH$\DWRIWKH1REOH4XU DQZLWKWKH IHDURI$OODKDQGKXPLOLW\RULVVXEPLVVLYHDQGREHGLHQWWRWKH&RPPDQGVRI$OODK7KHH[DPSOHFLWHG KHUHPHDQVWKDWVRORQJD0XMDKLGLVHQJDJHGLQ-LKDGKHLVOLNHDSHUVRQZKRNHHSVKLPVHOIRFFXSLHG LQ6DODWDWQLJKWDQGREVHUYHV6DXPLQWKHGD\WLPH7KHDFWLRQRIVXFKDSHUVRQFDQEHHTXDOLQUHZDUG WRWKHFRQGXFWRID0XMDKLG7KXVLQVSHFLDOVLWXDWLRQV-LKDGLVWKHPRVWPHULWRULRXVDFW$ZRUVKLSSHU FDQQRWDWWDLQWKDWUHZDUGIRUKLVZRUVKLSZKLFKD0XMDKLGDFKLHYHVLQ-LKDG
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEHVWOLIHLVWKDWRIWKHPDQZKRKROGVKLVKRUVH VUHLQLQ$OODK VZD\DQGIOLHVRQLWVEDFNWRWKH SODFHVIURPZKHQFHKHKHDUVDZDUFU\RUWKHFODWWHURIDUPVVHHNLQJPDUW\UGRPRUVODXJKWHURQWKH EDWWOHILHOG RUWKDWRIDSHUVRQZKRJRHVWRVWD\RQWKHWRSRIWKHKLOORULQDYDOOH\DQGWKHUHKH SHUIRUPV6DODWSUD\HU SD\VWKH=DNDWDQGZRUVKLSVKLV5XEEWLOOGHDWKRYHUWDNHVKLP+HKDVQR FRQFHUQZLWKWKHDIIDLUVRIDQ\RQHH[FHSWWKHGRLQJRIJRRG
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
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHGLVWLQFWLRQRI0XMDKLGLQWKH+HUHDIWHUDQGWKHLU HOHYDWLRQWRKLJKSRVLWLRQ $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG,IDQ\RQHLVSOHDVHGZLWK$OODKDVKLV5XEEZLWK,VODPDVKLVUHOLJLRQDQGZLWK 0XKDPPDG3%8+ DV$OODK V 0HVVHQJHUVXUHO\KHZLOOEHHQWLWOHGWRHQWHU-DQQDK
$EX6DCLG ZDV GHOLJKWHGZLWKWKLVDQGUHTXHVWHGWKH0HVVHQJHURI$OODK3%8+ WRUHSHDWLW+H3%8+ UHSHDWHGLW DJDLQDQGWKHQVDLG7KHUHLVDOVRDQRWKHUDFWE\ZKLFK$OODKZLOOHOHYDWHWKHSRVLWLRQRIDSLRXV EHOLHYLQJ VODYHLQ-DQQDKWRDJUDGHRQHKXQGUHGGHJUHHVKLJKHU$QGWKHGLVWDQFHEHWZHHQDQ\WZR JUDGHVLVHTXDOWRWKHGLVWDQFHEHWZHHQKHDYHQDQGHDUWK
+HDVNHGWKH0HVVHQJHURI$OODK3%8+ ZKDWLWZDVDQGKH3%8+ UHSOLHG-LKDGLQWKHZD\RI$OODK-LKDGLQWKHZD\RI$OODK
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHSHRSOHZKRZLOOEHVHQWWR-DQQDKZLOOEHUDQNHG WKHUHGLIIHUHQWO\DFFRUGLQJWRWKLVPHULWVRIWKHLUGHHGV7KHUHZLOOEHLQQXPHUDEOHSRVLWLRQVLQ-DQQDK DQG0XMDKLGZLOOKDYHDKXQGUHGRIWKHP $EX%DNUELQ$EX0XVD$O$VKCDULUHSRUWHG,KHDUGP\IDWKHUVD\LQJLQWKHSUHVHQFHRIWKH HQHP\7KH0HVVHQJHURI$OODK3%8+ VDLG7KHJDWHVRI-DQQDKDUHXQGHUWKHVKDGHVRIWKH VZRUGV
$PDQZLWKDVKDJJ\DSSHDUDQFHJRWXSDQGVDLG2$EX0XVD'LG\RXKHDUWKH0HVVHQJHU RI$OODK3%8+ VD\WKDWLQSHUVRQ"
$EX0XVDUHSOLHGLQWKHDIILUPDWLYHVRKHUHWXUQHGWRKLV FRPSDQLRQVDQGVDLG,WHQGHU\RXIDUHZHOOJUHHWLQJV
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
>$O%XNKDUL@ &RPPHQWDU\ )HHWVRLOHGZLWKGXVW
PHDQVSDUWLFLSDWLRQLQ-LKDG7KDWLVWRVD\DSHUVRQWDNHVSDUW LQ-LKDGDQG\HWJRHVWR+HOOLVDOWRJHWKHULPSRVVLEOH:KDWLWVLJQLILHVLVWKDW-LKDGLVDPHDQVRI
H[SLDWLRQRIVLQVDQGWKDWLWJXDUDQWHHVWKHDGPLVVLRQLQWR-DQQDKSURYLGHGKHLVQRWJXLOW\RIPDMRU VLQV7KLVH[FHSWLRQLVFRQILUPHGE\RWKHU$KDGLWK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 1RRQHZKRZHHSVRXWRI)HDURI$OODKZLOOHQWHU+HOOXQWLOPLONUHFHGHVWRWKHXGGHUDQGWKHGXVW HQGXUHGZKLOHVWULYLQJLQWKH&DXVHRI$OODKDQGWKHVPRNHRI+HOOZLOOQHYHUVXEVLVWWRJHWKHU
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHHPLQHQFHRIWKHSHUVRQZKRZHHSVRXWRI)HDURI$OODK DQGDOVREULQJVLQWRSURPLQHQFHWKHGLVWLQFWLRQRIWKH0XMDKLGZKRNHHSVDYLJLOGXULQJ-LKDG =DLGELQ.KDOLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKRHTXLSVD*KD]L ILJKWHU LQWKHZD\RI$OODKLVDVLIKHKDVWDNHQSDUWLQWKHILJKWLQJ KLPVHOIDQGKHZKRORRNVDIWHUWKHGHSHQGDQWVRID*KD]LLQKLVDEVHQFHLVDVLIKHKDVWDNHQSDUWLQ WKHILJKWLQJKLPVHOI
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
>$W7LUPLGKL@ &RPPHQWDU\ +HUHWKHZRUGFDQRS\WHQW VWDQGVIRUDFRYHUHGFDQRS\WHQWZKLFKFDQSURYLGHD 0XMDKLGZLWKVKDGHIRUSHDFHDQGFRPIRUWDQGSD\ZDJHV
PHDQVWRSURYLGHDVHUYDQWZKRFDQKHOS DQGVHUYHKLP)DKO
OLWHUDOO\PHDQVFDPHODQG7DUXTDK
LVWKDW\RXQJVKHFDPHOZKLFKFDQEHDU RIIVSULQJWKDWLVD\RXQJKHDOWK\VKHFDPHOZKLFKFDQEHRIVHUYLFHWRWKH0XMDKLG:KDWDOOWKLV PHDQVLVWKDWVXFKZRUNLVKLJKO\PHULWRULRXVZKLFKFDQSURYLGHD0XMDKLGZLWKFRPIRUWSRZHUDQG IRRG$OODKKROGVSURPLVHRIDULFKUHZDUGIRULW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$\RXQJPDQIURPWKH$VODPWULEHVDLG2 0HVVHQJHURI$OODK,ZRXOGYHU\PXFKOLNHWRILJKWLQWKHZD\RI$OODKEXW,GRQRWKDYHDQ\WKLQJ ZLWKZKLFKWRHTXLSP\VHOIIRUILJKWLQJ
7KH0HVVHQJHURI$OODK3%8+ VDLG*RWRVRDQGVRIRU KHKDGHTXLSSHGKLPVHOIIRUILJKWLQJ EXWKHIHOOLOO
6RKHWKH\RXQJPDQ ZHQWWRKLPDQGVDLG 7KH0HVVHQJHURI$OODK3%8+ VHQGV\RXKLVJUHHWLQJVDQGVD\VWKDW\RXVKRXOGKDQGRYHUWRPHWKH HTXLSPHQWWKDW\RXKDYHSURFXUHG
7KHPDQVDLGWRKLVZLIH*LYHKLPWKHHTXLSPHQWZKLFK,KDYH FROOHFWHGIRUP\VHOIDQGGRQRWZLWKKROGDQ\WKLQJIURPKLP%\$OODK$OODKZRQ WEOHVVVRPHWKLQJ \RXZLWKKHOGLQWKLVUHVSHFW
>0XVOLP@
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
>0XVOLP@ $QRWKHUQDUUDWLRQLQ0XVOLPLV7KH0HVVHQJHURI$OODK3%8+ VDLG/HWRQHRIHYHU\WZRPHQJR IRUWK
DQGDGGHG:KRHYHUVWD\VEHKLQGDQGORRNVZHOODIWHUWKHIDPLO\DQGWKHSURSHUW\RIWKRVH ZKRKDYHMRLQHGWKHH[SHGLWLRQ ZLOOJHWKDOIWKHUHZDUGRIWKHZDUULRU
&RPPHQWDU\ 7KHUHZDUGZLOOEHVKDUHGDPRQJVWWKHPHTXDOO\
RUZLOOJHWKDOIWKHUHZDUG
VLJQLILHVRQHDQGWKHVDPHWKLQJ6RPHSHRSOHPLJKWPLVWDNHQO\WKLQNWKDWWKHVHWZRQDUUDWLRQVRI 6DKLK0XVOLPDSSDUHQWO\FRQWUDGLFWHDFKRWKHUEHFDXVHWKH\LPSO\WKDWKHZKRWDNHVSDUWLQ-LKDGDQG KHZKRSURYLGHVPDWHULDOWRD0XMDKLGRUORRNVDIWHUWKHIDPLO\RID0XMDKLGLQKLVDEVHQFHIURPKRPH ZRXOGJHWHTXDOUHZDUG)RUWKLVUHDVRQVRPHSHRSOHKDYHWDNHQWKHZRUGKDOI
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
+H3%8+ UHSOLHG(QWHULQWKHIROGRI,VODPDQGWKHQILJKW
+HHPEUDFHG,VODPDQGIRXJKW XQWLOKHZDVNLOOHG7KHUHXSRQWKH0HVVHQJHURI$OODK3%8+ VDLG+HDFFHSWHG,VODPIRUDVKRUW WLPHEXWZDVUHZDUGHGPXFK
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
$QRWKHUQDUUDWLRQLV2QDFFRXQWRIWKHH[FHOOHQFHDQGGLVWLQFWLRQKHZLOOH[SHULHQFHDVDUHVXOWRI PDUW\UGRP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHGLVWLQFWLRQDQGKLJKVWDWXVZKLFKDPDUW\U ZLOOJHWE\YLUWXHRIKLVPDUW\UGRPZLOO EHVXFKWKDWKHZLOOGHVLUHWRUHWXUQWRWKHZRUOGDJDLQDQGDJDLQWROD\GRZQKLVOLIHIRUWKHVDNHRI
$OODK([FHSWIRUWKHPDUW\UQRERG\HOVHIURPWKHSHRSOHLQ-DQQDKZLOOGHVLUHWRUHWXUQWRWKLVZRUOG IRUDQ\ZRUOGO\WKLQJ C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG$OODKIRUJLYHVHYHU\VLQRIDPDUW\UH[FHSWKLVGHEW
>0XVOLP@ $QRWKHUQDUUDWLRQLQ0XVOLPLV7KH0HVVHQJHURI$OODK3%8+ VDLG%HLQJPDUW\UHGLQWKH&DXVH RI$OODKH[SLDWHVIRUHYHU\WKLQJH[FHSWGHEW
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKHULJKWVRISHRSOHZLOOQRWEHIRUJLYHQHYHQE\ PDUW\UGRPQRUZRXOGPDMRUVLQVEHSDUGRQHG)RUWKHIRUJLYHQHVVRIPDMRUVLQVRQHKDVWRPDNH VLQFHUHUHSHQWDQFH $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VWRRGXSDPRQJKLV&RPSDQLRQVDQGVDLG-LKDGLQWKHZD\RI$OODKDQGEHOLHILQ$OODKZLWKDOO+LV $WWULEXWHV DUHWKHPRVWPHULWRULRXVRIDFWLRQV
$PDQVWRRGXSDQGVDLG20HVVHQJHURI$OODK ,QIRUPPHLI,DPNLOOHGLQWKHZD\RI$OODKZLOOP\VLQVEHEORWWHGRXW"
7KH0HVVHQJHURI$OODK 3%8+ VDLG
7KHQKHVDLG:KDWZDV \RXUTXHVWLRQ"
+HLQTXLUHGDJDLQ,QIRUPPHLI,DPNLOOHGLQWKHZD\RI$OODKZLOODOOP\VLQVEH EORWWHGRXW"
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG,I\RXUHPDLQHGSDWLHQWKRSHIXORIUHZDUGDQG DOZD\VIRXJKWZLWKRXWWXUQLQJ\RXUEDFNXSRQHQHP\HYHU\WKLQJH[FHSWGHEWZLOOEHIRUJLYHQ-LEULO KDVWROGPHWKLV
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
+H3%8+ UHSOLHG,Q -DQQDK
7KHPDQWKUHZDZD\WKHIHZGDWHVZKLFKKHKDGLQKLVKDQGMXPSHGLQWRWKHEDWWOHILHOGDQG IRXJKWRQWLOOKH ZDVNLOOHG >0XVOLP@ &RPPHQWDU\ 6LQFHUHLQWHQWLRQLVERXQGWREHUHZDUGHGE\-DQQDK6XFKSHRSOHFDQEHVDIHO\JLYHQ WKHJODGWLGLQJVRI-DQQDK $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ DQGKLV &RPSDQLRQVUHDFKHG%DGUEHIRUHWKHSRO\WKHLVWVDQGZKHQWKH\DUULYHGKH3%8+ GLUHFWHG/HWQR RQHRI\RXDGYDQFHDKHDGRIPH
:KHQWKHSRO\WKHLVWVFDPHQHDUWKH0HVVHQJHURI$OODK3%8+ VDLG1RZVWDQGXSDQGSURFHHGWRZDUGV-DQQDKZKLFKLVDVZLGHDVDUHWKHKHDYHQVDQGWKHHDUWK
C8PDLUELQ$O+XPDP0D\$OODKEHSOHDVHGZLWKKLP DVNHG,V-DQQDKDVZLGHDVDUHWKHKHDYHQ DQGWKHHDUWK"
7KH0HVVHQJHURI$OODK3%8+ UHSOLHGLQWKHDIILUPDWLYHC8PDLUUHPDUNHG*UHDW
7KH0HVVHQJHURI$OODK3%8+ DVNHGKLPZKDWKDGXUJHGKLPWRVD\VR+HUHSOLHG1RWKLQJ2 0HVVHQJHURI$OODK%XWKRSHWKDW,PLJKWEHFRPHRQHRIWKHLQKDELWDQWVRI-DQQDK
7KH0HVVHQJHURI $OODK3%8+ VDLG
C8PDLUWKHQWRRNVRPHGDWHVRXWRI KLV TXLYHUDQGEHJDQWRHDWWKHPEXWDIWHUDVKRUWWLPHKHVDLG,I,VXUYLYHWLOO,HDWP\GDWHVLWZLOOPHDQ DORQJOLIH
6RKHWKUHZDZD\WKHGDWHVZKLFKKHKDGZLWKKLPDQGWKHQIRXJKWZLWKWKHHQHP\WLOOKH
ZDVNLOOHG >0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJWKUHHSRLQWV 7KHLPSRUWDQFHRIWKHREHGLHQFHRIWKHOHDGHU6ROGLHUVVKRXOGZDLWIRUWKHRUGHUVRIWKHLU FRPPDQGHUDQGVKRXOGQRWWDNHDQ\VWHSZLWKRXWKLVRUGHUV ,QRUGHUWRLQIXVHWKHWUXHVSLULWRI-LKDGDPRQJWKHVROGLHUVWKH\VKRXOGEHWROGDQGUHPLQGHG DERXWWKHEOHVVLQJVRI-DQQDKVRWKDWWKH\ILJKWZLWKHQWKXVLDVPDQGYDORXUIRUDWWDLQLQJLW 7KH+DGLWKPDQLIHVWVWKHORYHRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ IRUWKH+HUHDIWHUZKLFK RYHUZKHOPHGWKHLULQWHUHVWVLQWKHDWWUDFWLRQVRIWKHOLIHRIWKHZRUOG $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG6RPHSHRSOHFDPHWRWKH3URSKHW3%8+ DQG VDLGWRKLP6HQGZLWKXVVRPHPHQZKRPD\WHDFKXVWKH4XU DQDQGWKH6XQQDK
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
7KHQDUUDWRUVDLG $ PDQDWWDFNHG+DUDPIURPEHKLQGDQG VPRWHKLPZLWKDVSHDUZKLFKSLHUFHGKLP:KHUHXSRQ+DUDPVDLG%\WKH5XEERI.DCEDK,KDYH PHWZLWKVXFFHVV7KH0HVVHQJHURI$OODK3%8+ VDLGWRKLV&RPSDQLRQV
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
2QWKH'D\RI8KXGZKHQWKH
0XVOLPVWXUQHGWKHLUEDFNVDQGIOHGKHVDLG2$OODK,DSRORJL]HWR
7KHQKHDGYDQFHG DQG6DCGELQ0X DGKPHWKLP+HVDLG26DCGELQ0X DGK%\WKH5XEERI$Q1DGU-DQQDK,DP VPHOOLQJLWVDURPDFRPLQJIURPEHIRUHWKHPRXQWDLQRI 8KXG
/DWHURQ6DCGVDLG20HVVHQJHURI $OODK,FDQQRWDFKLHYHRUGRZKDWKHLH$QDVELQ$Q1DGU GLG:HIRXQGPRUHWKDQHLJKW\ZRXQGV E\VZRUGVVSHDUVDQGDUURZVRQKLVERG\:HIRXQGKLPGHDGDQGKLVERG\ZDVPXWLODWHGVREDGO\ WKDWQRQHH[FHSWKLVVLVWHUFRXOGUHFRJQLVHKLPE\KLVILQJHU
:HXVHGWRWKLQNWKDWWKHIROORZLQJ$\DK ZDVUHYHDOHGFRQFHUQLQJKLPDQGRWKHUPHQRIKLVVRUW$PRQJWKHEHOLHYHUVDUHPHQZKRKDYHEHHQ WUXHWRWKHLUFRYHQDQWZLWK$OODKLHWKH\KDYHJRQHRXWIRU-LKDGDQGVKRZHGQRWWKHLUEDFNVWRWKH GLVEHOLHYHUV RIWKHPVRPHKDYHIXOILOOHGWKHLUREOLJDWLRQVLHKDYHEHHQPDUW\UHG
&RPPHQWDU\ 7KLV+DGLWKKDVEHHQPHQWLRQHGHDUOLHU,WZDVFODULILHGWKHUHE\,PDP$Q1DZDZLWKDW WKHZRUG/D\DUD\DQQ$OODKX
KDVEHHQPHQWLRQHGLQWZRIRUPV7KHWUDQVODWLRQJLYHQDERYHDFFRUGV ZLWKLWVILUVWIRUP,QLWVVHFRQGIRUPLWPHDQV$OODKZLOOPDQLIHVWWRWKHSHRSOHZKDW,ZLOOGR
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
+H3%8+ UHSOLHG 2PRWKHURI+DULWKDKLQLQWKHJDUGHQVRI-DQQDKWKHUHDUHPDQ\UDQNVDQG\RXUVRQKDVDWWDLQHG$O )LUGDXVWKHKLJKHVW
>$O%XNKDUL@ &RPPHQWDU\ -DQQDWXO)LUGDXV LVWKHKLJKHVW SRUWLRQRI-DQQDK7KHDOORFDWLRQRIWKLVSRUWLRQWRWKH PDUW\UVLVDSURRIWKDW-LKDGLVYHU\PXFKOLNHGE\$OODK,WRFFXUVLQ$KDGLWKWKDWZKHQVRPHRQHSUD\V WR$OODKKHVKRXOGDOZD\VSUD\IRU-DQQDWXO)LUGDXV -DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KHGHDGERG\RIP\IDWKHU ZKRZDVPXWLODWHGE\WKHHQHP\ZDVEURXJKWDQGSODFHGEHIRUHWKH3URSKHW3%8+ ,JRWXSWR XQFRYHUKLVIDFHEXWWKHSHRSOHVWRSSHGPHDQGWKH3URSKHW3%8+ VDLG7KHDQJHOVFRQWLQXHWR FRYHUKLPZLWKWKHLUZLQJV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0DQ\RIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ ZHUHWUHDWHGE\WKHLQILGHOVLQWKH EDWWOHRI8KXGLQDEHDVWO\PDQQHURXWRIVKHHUVSLWHDQGYHQJHDQFH%XW,VODPKDVVWULFWO\IRUELGGHQLWV IROORZHUVIURPGRLQJDQ\VXFKWKLQJWRLWVHQHPLHV7KLV+DGLWKPHQWLRQVWKHGLVWLQFWLRQRIC$EGXOODK ZKLFKKHUHFHLYHGE\YLUWXHRIKLVPDUW\UGRP+HZDVPDUW\UHGLQWKHEDWWOHRI8KXGDQGKLVGHDG ERG\ZDVEDGO\PXWLODWHGE\WKHHQHPLHV7KH+DGLWKDOVRPHQWLRQVWKHKRQRXUZKLFKPDUW\UVUHFHLYH IURPWKHDQJHOVWKDWVXUURXQGWKHLUERGLHVZLWKWKHLUZLQJV
6DKOELQ+XQDLI0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKRVXSSOLFDWHV$OODKVLQFHUHO\IRUPDUW\UGRP$OODKZLOOHOHYDWHKLPWRWKHVWDWLRQRIWKH PDUW\UVHYHQLIKHGLHVRQKLVEHG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HHWKH&RPPHQWDU\RQ+DGLWK1R $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRVXSSOLFDWHVVLQFHUHO\IRUPDUW\UGRPLWZLOOEHJUDQWHGWRKLPHYHQWKRXJKKHLVQRWNLOOHGRQWKH EDWWOHILHOG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKHEHQHILWDQGUHZDUGRIJRRGLQWHQWLRQ,WLQGXFHVRQHWRFKHULVK JRRGLQWHQWLRQVDQGZLVKIRUQREOHGHHGV(YHQLIRQHLVQRWDEOHWRIXOILOOVRPHRIWKHPKHZLOOJHW WKHLUUHZDUG)RUWKLVUHDVRQHYHU\0XVOLPVKRXOGZLVKIRUPDUW\UGRPVRWKDWKHFDQDWWDLQWKLV GLVWLQFWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KHPDUW\UH[SHULHQFHVQRPRUHSDLQLQEHLQJVODLQWKDQRQHRI\RXH[SHULHQFHVIURPWKH VWLQJLQJRIDQDQW
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
7KHQKH3%8+ VDLG$OODKXPPDPXQ]LODONLWDEZDPXMUL\DV VDKDEZDKD]LPDO$K]DELK]LPKXPZDQVXUQDDODLKLP2$OODK5HYHDOHURIWKH%RRN'LVSHUVHURI WKHFORXGV'HIHDWHURIWKH&RQIHGHUDWHVSXWRXUHQHP\WRURXWDQGVXSSRUWXVDJDLQVWWKHP
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
DVXSSOLFDWLRQ DIWHUWKH$GKDQKDVEHHQSURFODLPHGDQGDVXSSOLFDWLRQGXULQJWKHEDWWOHFRPEDWLQJWKHHQHP\
>$EX'DZXG@ $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ VHW RXWWRSDUWLFLSDWHLQ-LKDGKHZRXOGVXSSOLFDWH$OODKXPPD$QWDCDGXGLZDQDVLULELNDDKXOXZD ELNDDVXOXZDELNDXTDWLOX2$OODK
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ $ORQJZLWKWKHSK\VLFDOUHVRXUFHVIRUZDURQHVKRXOGDOVRSUD\IRUYLFWRU\DQGIRU WKDWLWLVHVVHQWLDOWKDWRQHVXEPLWVWR$OODKUHPHPEHUV+LPDQGVHHNV+LV+HOS3UD\HULVDJUHDW VRXUFHRIVWUHQJWKDQGVXSSRUWIRUD0XVOLPDQGKHPXVWPDNHIXOOXVHRILW7KH+DGLWKDOVRWHDFKHVXV ZKDWWRVD\ZKHQRQHVHWVRXWIRU-LKDG $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWKH3URSKHW3%8+ KDGDQ\IHDURIDQHQHP\KHXVHGWRVXSSOLFDWH$OODKXPPDLQQDQDMCDOXNDILQXKXULKLPZDQDCXGKX ELNDPLQVKXUXULKLP2$OODK:HSXW
>$KPDGDQG$EX'DZXG@ &RPPHQWDU\ :KHQRQHLVJULSSHGZLWKIHDUKHVKRXOGUHFLWHWKHSUD\HUTXRWHGLQWKHWH[WRIWKLV +DGLWK6LQFH$OODKLVWKH2QH:KRVDYHVIURPDQHQHP\RQHVKRXOGWKHUHIRUHSUD\WR+LPDQG EHVHHFK+LV+HOS ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHLVJRRGQHVVLQWKHIRUHORFNVRIKRUVHVWLOOWKH'D\RI5HVXUUHFWLRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH.KDLU
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 5HWXUQDQGUHZDUGLVDEHODWHGJDLQZKLOHERRW\LVDQLPPHGLDWHJDLQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRNHHSVDKRUVHIRU-LKDGSXUSRVHVKDYLQJIDLWKLQ$OODKDQGUHO\LQJRQ+LV3URPLVHZLOOILQG WKDWLWVIRGGHUGULQNGURSSLQJVDQGXULQHZLOODOOEHFUHGLWHGWRKLPLQKLV6FDOHVRQWKH'D\RI 5HVXUUHFWLRQ
>$O%XNKDUL@ &RPPHQWDU\ 7KXVWKLV+DGLWKSHUIRUPVDQLQGXFHPHQWIRUKRUVHEUHHGLQJIRUWKHSXUSRVHRI-LKDG ,WLVDKLJKO\UHZDUGLQJDFWEHFDXVHRQHZLOOEHUHZDUGHGIRUZKDWHYHUKHZRXOGVSHQGRQWKHPDQG ZKDWHYHULVH[FUHWHGRUGLVFKDUJHGE\WKHP $EX0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH3URSKHW3%8+ ZLWKDVKHFDPHOZHDULQJDQRVHVWULQJDQGVDLG7KLVLV DJLIW LQWKH&DXVHRI$OODK
7KH 0HVVHQJHURI$OODK3%8+ UHSOLHG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHQWLRQV WKHUHZDUGZKLFKZLOOEHJLYHQRQWKH'D\RI5HVXUUHFWLRQRQ YLUWXHV(YHU\YLUWXHZLOOEHJLYHQDWOHDVWDWHQIROGUHZDUGEXWLWZLOOJRWRWKHH[WHQWRIVHYHQ KXQGUHGWLPHVRUPRUH7KXVWKLV+DGLWKKDVJODGWLGLQJVRIDUHZDUGRIVHYHQKXQGUHGWLPHVRIDJRRG DFWLRQ C8TEDKELQC$PLU$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHU RI$OODK3%8+ VD\LQJIURPWKHSXOSLW3UHSDUHWRPHHWWKHPWKHHQHP\ ZLWKDVPXFKVWUHQJWKDV \RXFDQDIIRUG9HULO\6WUHQJWKLVLQDUFKHU\VWUHQJWKLVLQDUFKHU\VWUHQJWKLVLQDUFKHU\
>0XVOLP@
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
2UVDLG +HKDVEHHQ JXLOW\RIGLVREHGLHQFHWR0HVVHQJHURI$OODK
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
2UVDLG 2QHZKRGRHVVRLVXQJUDWHIXO
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
3%8+ VDLG6KRRW2VRQVRI3URSKHW ,VPDCLOIRU\RXUIDWKHUZDVDQDUFKHU
>$O%XNKDUL@ &RPPHQWDU\ $UDEVDUHDOVRFDOOHG%DQX,VPDCLOEHFDXVHWKH\DUHWKHGHVFHQGDQWVRI3URSKHW ,EUDKLP VVRQ,VPDCLO7KLVLVWKHUHDVRQWKDW3URSKHW,EUDKLPLVUHFNRQHGDQDQFHVWRURIWKH3URSKHW 3%8+ IRUKLVEHLQJKLVGHVFHQGDQW C$PUELQC$EDVDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ+HZKRVKRRWVDQDUURZIRUWKHVDNHRI$OODKZLOOKDYHDUHZDUGHTXDOWRWKH HPDQFLSDWLRQRIDVODYH
>$EX'DZXGDQG$W7LUPLGKL@ $EX
>$W7LUPLGKL@ $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG(YHU\VODYHRI$OODKZKRREVHUYHV6DXPIDVWLQJ IRUDGD\LQWKH&DXVHRI$OODK$OODK ZLOONHHSKLVIDFHIURP+HOOILUHDWDGLVWDQFHRIVHYHQW\\HDUV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KHDERYHPHQWLRQHG$KDGLWKJLYHWKHJODG WLGLQJVWRWKRVHZKRVSHQGLQWKHZD\RI$OODKDQGVWULYHLQ+LV&DXVH7KLVPHDQVWKDWHYHU\ HQGHDYRXULQWKH-LKDGKDVWUXWKIXOUHZDUG $EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG+HZKR REVHUYHV6DXPIDVWLQJ IRUDGD\LQWKH&DXVHRI$OODK$OODKZLOONHHSKLVIDFHIURP+HOOILUHDWD GLVWDQFHHTXLYDOHQWWRWKDWEHWZHHQKHDYHQDQGWKHHDUWK
>$W7LUPLGKL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKRGLHVZLWKRXWKDYLQJIRXJKWLQWKH&DXVHRI$OODKRUZLWKRXWKDYLQJWKRXJKWRIGRLQJVR ZLOOGLHZLWKRQHFKDUDFWHULVWLFRIK\SRFULV\LQKLP
>0XVOLP@ &RPPHQWDU\ ,WLVDGLIIHUHQWPDWWHUWKDWRQHPD\QRWJHWDFKDQFHWRWDNHSDUWLQ-LKDGEXWLWZRXOG EHDK\SRFULWLFDODWWLWXGHLIRQHGRHVQRWHYHUWKLQNWKDWLIDQRSSRUWXQLW\HYHUFRPHVLQKLVZD\KHZLOO FHUWDLQO\JRIRU-LKDGLQWKHZD\RI$OODKDJDLQVWWKHLQILGHOV7KHUHDVRQWRWKDWLVWKDWWRVWD\EDFNDW KRPHDWWKHWLPHRI-LKDGZDVDKDELWRIWKHK\SRFULWHV,QWKHOLJKWRIWKLV,PDP$O4XUWXELKDVVWDWHG WKHSULQFLSOHWKDWLIRQHLVQRWFDSDEOHRIGRLQJVRPHYLUWXRXVGHHGVKHVKRXOGWKHQPDNHDUHVROYHWKDW ZKHQHYHUKHZLOOEHFDSDEOHRILWKHZLOOGRWKDWGHHGVRWKDWKLVLQWHQWLRQWDNHVWKHSODFHRIKLVDFW +HZKRQHLWKHUSHUIRUPVDJRRGGHHGQRUDVSLUHVIRULWKDVDK\SRFULWLFDOGLVSRVLWLRQ7KLVLVVSHFLDOO\ WUXHRID0XVOLPZKRGRHVQRWHYHQDVSLUHWRWDNHSDUWLQ-LKDG6XFKD0XVOLPGHYHORSVDUHVHPEODQFH ZLWKK\SRFULWHV -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HDFFRPSDQLHGWKH3URSKHW3%8+ LQDQ H[SHGLWLRQZKHQKH3%8+ VDLG6RPHSHRSOHKDYHUHPDLQHGEHKLQGXVLQ$O0DGLQDKDQGZH QHYHUFURVVDYDOOH\EXWWKH\DUHZLWKXV7KH\VKDUHWKHUHZDUGZLWKXVEHFDXVHWKH\KDYHEHHQKHOG EDFNE\YDOLGH[FXVH
,QDQRWKHUQDUUDWLRQWKHZRUGLQJVDUHE\DQ\JHQXLQHH[FXVH
,QDQRWKHUQDUUDWLRQWKHZRUGLQJVDUH7KH\DUH\RXUSDUWQHUVLQUHZDUG
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGDQGZHOHDUQIURPLWWKDWDSHUVRQZKRGRHV QRWKDYHWKHHQHUJ\WRWDNHSDUWLQ-LKDGKLVVLQFHUHLQWHQWLRQWRVSHQGKLVZHDOWKLQWKHZD\RI$OODK
DQGWROD\GRZQKLVOLIHIRU+LVVDNHLVHQRXJKIRUKLPEHFDXVHE\YLUWXHRIKLVLQWHQWLRQKHZLOOVKDUH WKHUHZDUGRI-LKDGZLWKWKH0XMDKLGXQ $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$EHGRXLQFDPHWRWKH3URSKHW3%8+ DQGVDLG20HVVHQJHURI$OODK2QHPDQILJKWVIRUERRW\DQRWKHUILJKWVWRZLQIDPHDQGWKHWKLUG ILJKWVIRUVKRZRII
$QRWKHUQDUUDWLRQLV2QHILJKWVIRUGLVSOD\LQJKLVYDORXUDQRWKHUILJKWVRXWRI KLVIDPLO\SULGH
$QRWKHUQDUUDWLRQLV2QHILJKWVRXWRIUDJH
+HDVNHG:KLFKRIWKHPLVILJKWLQJ LQWKH&DXVHRI$OODK"
7KH0HVVHQJHURI$OODK3%8+ VDLG7KHRQHZKRILJKWVVRWKDW:RUGRI $OODK,VODP EHH[DOWHGLVWKHRQHZKRILJKWVLQWKH&DXVHRI$OODK
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWWKH0XMDKLGXQZKRUHWXUQVDIHDQGVRXQGIURPWKHEDWWOHILHOG DQGJHWWKHLUVKDUHRIERRW\DUHLQIHULRULQUHZDUGWR WKRVHZKRDUHPDUW\UHGRUZRXQGHGLQ-LKDGDQG GRQRWJHWDQ\VKDUHIURPWKHERRW\:HKDYHDVD\LQJRIWKH&RPSDQLRQVRIWKH3URSKHW3%8+ WKDW 0DQ\RIXVSDVVHGDZD\DQGZHUHPDUW\UHGLQVXFKDVLWXDWLRQWKDWWKH\GLGQRWJHWLQWKLVZRUOGDQ\ VKDUHIURPWKHLUUHZDUGEXWWKHUHDUHPDQ\RWKHUVZKRVHIUXLWVKDYHULSHQHGDQGWKH\DUHSLFNLQJ WKHP
$EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQVRXJKWSHUPLVVLRQIURPWKH 0HVVHQJHURI$OODK3%8+ WRWUDYHOLQWKHODQG+H3%8+ VDLG WRKLP7UDYHOIRUP\SHRSOHLV -LKDGLQWKH&DXVHRI$OODKJORU\EHWR+LP
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
>$EX'DZXG@ &RPPHQWDU\ :KHQD0XMDKLGUHWXUQVIURPWKHEDWWOHILHOGKHJHWVUHZDUGDWWKDWDOVREHFDXVHWKHUH KHDWWHQGVWKHGXWLHVZKLFKDUHGHYROYHGRQKLPE\KLVIDPLO\0RUHRYHUDIWHUKLVUHWXUQKHDJDLQ VWDUWVIXOOSUHSDUDWLRQIRUJRLQJWR-LKDGDJDLQFROOHFWVDUPVIRUWKLVSXUSRVHDQGUHFXSHUDWHVKLV HQHUJ\7KXVVRIDUKLVLQWHQWLRQDQGUHDGLQHVVDUHFRQFHUQHGKHLVLQDVWDWHRI-LKDGHYHQZKHQKHLV DWKRPHDQGKHZLOOEHHQWLWOHGWRUHZDUGZKLFKLVGXHRQ-LKDG $V6D LEELQ$EX'DZXG@
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
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKPHDQVWKDWRQHZKRQHLWKHUWDNHVSDUWLQ-LKDGQRUSURYLGHVDUPVWRD 0XMDKLGQRUORRNVDIWHUWKHIDPLOLHVRIWKH0XMDKLGXQGXULQJWKHLUDEVHQFHLVJXLOW\RIFULPHVIRU ZKLFKKHLVSXQLVKHGLQWKLVZRUOGE\$OODK,WLVWKHUHIRUHWKHGXW\RIWKH0XVOLP8PPDKWKDWLW VKRXOGLQQRZD\QHJOHFWWKHREOLJDWLRQRI-LKDGDQGDOOLWVUHTXLUHPHQWVRWKHUZLVHLWZLOOVXIIHU SXQLVKPHQWLQWKLVZRUOGDQGLQWKHQH[W $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG)LJKWWKH SRO\WKHLVWVZLWK\RXUZHDOWKOLYHVDQGWRQJXHV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1RDQGLWVFRPPHQWDU\ $EX+XUDLUDKDQG-DELU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG :DULVGHFHSWLRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ .KDGCDK
PHDQVGHFHSWLRQLH HPSOR\LQJDVWUDWHJ\ZKLFKFDXVHVPLVXQGHUVWDQGLQJ WRWKHHQHP\DQGRQH VUHDOLQWHQWGRHVQRWEHFRPHHYLGHQWWRWKHP7KLVLVSHUPLVVLEOHLQ,VODPLQWKH VWDWHRIZDU 7KH$KDGLWKPHQWLRQHGLQWKLVFKDSWHUPDNHWKHLPSRUWDQFHRI-LKDGDQGWKHUHDVRQIRUVRPXFKVWUHVV RQLWDEXQGDQWO\FOHDU7KHVHDOVRVKRZKRZJUHDWDFULPHLWLVWRLJQRUHLW,WLVYHU\XQIRUWXQDWHLQGHHG
WKDWSUHVHQWGD\0XVOLPVDUHJXLOW\RIUHQRXQFLQJ-LKDGLQHYHU\SDUWRIWKHZRUOG0D\$OODKKHOSXV WRRYHUFRPHWKLVQHJOLJHQFH
&+$37(5
0$57<5'20:,7+287 ),*+7,1* $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHPDUW\UVDUHRIILYHNLQGV2QHZKRGLHVRISODJXHRQHZKRGLHVRIGLVHDVHRIKLVEHOO\WKH GURZQHGRQHZKRGLHVXQGHUWKHGHEULVRIFRQVWUXFWLRQHWF DQGRQHZKRGLHVZKLOHILJKWLQJLQWKH ZD\RI$OODK
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
7KH&RPSDQLRQVUHSOLHG7KHRQHZKRLVNLOOHGLQ $OODK VZD\
+HVDLG,QWKDWFDVHWKHPDUW\UVDPRQJP\SHRSOHZRXOGEHIHZ
7KH&RPSDQLRQV DVNHG20HVVHQJHURI$OODK7KHQZKRDUHWKHPDUW\UV"
+HUHSOLHG+HZKRLVNLOOHGLQWKHZD\RI $OODK LVDPDUW\UKHZKRGLHVQDWXUDOO\LQWKH&DXVHRI$OODKLVDPDUW\UKHZKRGLHVRISODJXHLVD PDUW\UDQGKHZKRGLHVRIDEHOO\GLVHDVHLVDPDUW\UDQGKHZKRLVGURZQHGLVDPDUW\U
>0XVOLP@ 7KLV+DGLWKVKRZVWKHFDUH$OODKKDVIRUWKLV8PPDKZKLFKLVWKHEHVW8PPDKRIPDQNLQG(GLWRU V 1RWH &RPPHQWDU\ +HZKRGLHVQDWXUDOO\LQWKH&DXVHRI$OODK
KHUHVLJQLILHVVXFKDSHUVRQZKRGRHV QRWGLHEHFDXVHRIKLVEHLQJNLOOHGLQWKHZDUE\VZRUGODQFHEXOOHWHWFEXWPHHWVWKHGHDWKRQ DFFRXQWRIVRPHRWKHUFDXVHVZKLOHJRLQJIRU-LKDGVXFKDVIDOOLQJIURPWKHKRUVHRUZKRGLHVZKLOH GHIHQGLQJKLVIDPLO\RUSURSHUW\RUGHIHQGLQJRWKHU0XVOLPVDJDLQVWDWWDFNHUVRUUREEHUVHWF6XFKD SHUVRQZLOODOVR EHDPDUW\U C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG+HZKRLVNLOOHGZKLOHGHIHQGLQJKLVSURSHUW\LVDPDUW\U
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH+DGLWKKLJKOLJKWVWKHIDFWWKDWZKRHYHUJHWVNLOOHGLQDQHIIRUWWRSURWHFWKLV SURSHUW\LVDPDUW\U 6DCLGELQ=DLGELQC$PUELQ1XIDLO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHGRQHRIWKHWHQ &RPSDQLRQVZKRZHUHJLYHQWKHJODGWLGLQJVRIHQWHULQJ-DQQDKUHSRUWHG,KHDUGWKH0HVVHQJHURI $OODK3%8+ VD\LQJ+HZKRGLHVZKLOHGHIHQGLQJKLVSURSHUW\LVDPDUW\UKHZKRGLHVLQGHIHQFH RIKLVRZQOLIHLVDPDUW\UDQGKHZKRGLHVRQGHIHQVHRIKLVIDLWKLVDPDUW\UKHZKRGLHVLQGHIHQFH RIKLVIDPLO\LVDPDUW\U
>$EX'DZXGDQG$W7LUPLGKL@
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
+HUHSOLHG'RQRWKDQGRYHULWWRKLP
7KHPDQDVNHG :KDWVKDOO,GRLIKHILJKWVPH"
7KH0HVVHQJHURI$OODK3%8+ VDLG7KHQILJKWKLP
:KDWZLOO EHP\SRVLWLRQLQWKH+HUHDIWHULIKHKDVNLOOHGPH"
7KH 0HVVHQJHURI$OODK3%8+ UHSOLHG,QWKDW FDVH\RXDUHDPDUW\U
7KHPDQDVNHG:KDWLI,NLOOHGKLP"
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG+HZLOOEHLQWKH+HOOILUH
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
&+$37(5
7+( 0(5,72)(0$1&,3$7,21 2)6/$9(6 $OODKWKH([DOWHGVD\V %XWKHKDVQRWDWWHPSWHGWRSDVVRQWKHSDWKWKDWLVVWHHSLHWKHSDWKZKLFKZLOOOHDGWR JRRGQHVVDQGVXFFHVV $QGZKDWZLOOPDNH\RXNQRZWKHSDWKWKDWLVVWHHS",WLV IUHHLQJDQHFN VODYH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRVHWVIUHHD0XVOLPVODYH$OODKZLOOGHOLYHUIURPWKHILUHRI+HOOHYHU\OLPERIKLVERG\LQ UHWXUQIRUHYHU\OLPERIWKHVODYH V ERG\HYHQKLVSULYDWHSDUWV
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
+HUHSOLHG)DLWKLQ$OODKDQG-LKDGLQ+LV SDWK
,WKHQDVNHG :KLFKVODYHVDUHPRVWH[FHOOHQWWRVHWIUHH "
+HUHSOLHG7KRVHZKRDUHKHOGLQKLJKHVWHHPE\ WKHLUSHRSOHDQGZKRVHYDOXHLVKLJKHU
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ ,WLVHYLGHQWWKDWDVODYHZKRLVPRUHYDOXDEOHLQWKHH\HVRIKLVPDVWHUZLOOEHGLIILFXOW WRSDUWZLWKZKHWKHUKHLVSXUFKDVHGWRVHWIUHHRUOLEHUDWHGRQRQH VRZQDFFRUG+HQFHLWZLOOEH PRUHPHULWRULRXVWRIUHHVXFKDVODYHWKDQRUGLQDU\RQHV7KLVFRQGXFWIXUQLVKHVWKHSULQFLSOHWKDWWKH UHZDUGRIVDFULILFLQJVRPHWKLQJIRU$OODKJRHVZLWKLWVTXDOLW\7KHPRUHSUHFLRXVWKHWKLQJVDFULILFHG WKHJUHDWHULWVUHZDUGZLOOEH7KH4XU DQH[SUHVVO\VWDWHV %\QRPHDQVVKDOO\RXDWWDLQ$O%LUU SLHW\ULJKWHRXVQHVV KHUHLWPHDQV$OODK VUHZDUGLH -DQQDK XQOHVV\RXVSHQGLQ$OODK V&DXVH RIWKDWZKLFK\RXORYH
7KHLQVWLWXWLRQRIVODYHU\LVQRZILQLVKHGEXWLWVRWKHUIRUPVGRH[LVWLHGHEWRUJXDUDQWRUSULVRQHUV HWF7ROLEHUDWHWKHVHIURPWKHLUEXUGHQLVDPHULWRULRXVDFWDQGDOOWKHVHIRUPVDUHFRYHUHGE\WKH 4XUDQLFSKUDVHIUHHLQJDQHFN
VODYHHWF
&+$37(5
7+((;&(//(1&(2).,1' $77,78'(72:$5'66/$9(6 $OODKWKH([DOWHGVD\V :RUVKLS$OODKDQGMRLQQRQHZLWK+LPLQZRUVKLS DQGGRJRRGWRSDUHQWVNLQVI RONRUSKDQV $O0DVDNLQWKHSRRU WKHQHLJKERXUZKRLVQHDURINLQWKHQHLJKERXUZKRLVDVWUDQJHUWKH FRPSDQLRQE\\RXUVLGHWKHZD\IDUHU\RXPHHW DQGWKRVHVODYHV ZKRP\RXUULJKWKDQGV SRVVHVV
$O0DCUXUELQ6XZDLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,VDZ$EX'KDUU0D\$OODK EHSOHDVHGZLWKKLP ZHDULQJDQLFHJRZQDQGKLVVODYHZDVDOVRZHDULQJRQHVLPLODUWRLW,DVNHGKLP DERXWLWDQGKHVDLGWKDWKHKDGH[FKDQJHGKDUVKZRUGVZLWKDSHUVRQGXULQJWKHOLIHWLPHRIWKH 0HVVHQJHURI$OODK3%8+ DQGSXWKLPWRVKDPHE\PDNLQJDUHIHUHQFHWRKLVPRWKHU7KDWSHUVRQ FDPHWRWKH0HVVHQJHURI$OODK3%8+ DQGPDGHPHQWLRQRIWKDWWRKLP7KHUHXSRQWKH0HVVHQJHU RI$OODKVDLG
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
>$O%XNKDUL@ &RPPHQWDU\ 7KHVHQVHRIHTXDOLW\RISHRSOHLQFXOFDWHGE\,VODPZDUUDQWVWKDWLIDVHUYDQWEULQJV PHDOWRKLVPDVWHUWKLVODWWHUVKRXOGPDNHKLPVLWE\KLVVLGHWRWDNHWKHPHDOZLWKKLP,IWKLVLVQRW SRVVLEOHIRUDUHDVRQRUDQRWKHUWKHQKHVKRXOGJLYHVRPHSRUWLRQRIWKHPHDOWRWKHVHUYDQW+HPXVW QRWHDWXSWKHZKROHPHDOKLPVHOIRUOHDYHIRUKLPRQO\WKHOHIWRYHUV$ODVZHVKRXOGDGRSWWKH WHDFKLQJVRIRXUUHOLJLRQ
&+$37(5
7+(0(5,72)7+('87,)8/ 6/$9( ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ:KHQDVODYHLVVLQFHUHWRKLVPDVWHUDQGZRUVKLSV$OODKZHOO+HZLOOKDYHDGRXEOHUHZDUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ /RRNLQJWRWKHZHOIDUHRIWKHPDVWHUPHDQWKDWWKHVODYHVHUYHVKLVPDVWHUKRQHVWO\DQG WDNHVJRRGFDUHRIKLVSRVVHVVLRQV:RUVKLSRI$OODKKHUHPHDQVREHGLHQFHRI,VODPLFLQMXQFWLRQVDQG REOLJDWLRQV$VODYHZKRLVOR\DOWRKLVPDVWHUDQGDGKHUHVWRUHOLJLRXVLQMXQFWLRQVVWDQGVWRHDUQD GRXEOHUHZDUG $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHIDLWKIXODQGGLOLJHQWVODYHZLOOKDYHDGRXEOHUHZDUG
$EX+XUDLUDKDGGHG %\+LPLQ:KRVH +DQGWKHVRXORI$EX+XUDLUDKLVEXWIRU-LKDGLQWKH&DXVHRI$OODKDQG+DMMDQGNLQGQHVV WRP\ PRWKHU,ZRXOGKDYHSUHIHUUHGWRGLHDVDVODYH >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0XVOLK
WUDQVODWHGKHUHDVIDLWKIXO
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
WKHGXWLHVZKLFKDUHDVVLJQHGWRKLPE\KLVPDVWHUZLOOKDYHDGRXEOHUHZDUG
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
&+$37(5
7+((;&(//(1&(2):256+,3 ,17+(7,0(2)75,%8/$7,216 0DCTLOELQ
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
&+$37(5
(;&(//(1&(2))$,5 %$5*$,1,1*$1'0$77(56 5(/$7,1*72,7
$OODKWKH([DOWHGVD\V $QGZKDWHYHU\RXGRRIJRRGGHHGVWUXO\$OODKNQRZVLWZHOO
$QG2P\SHRSOH*LYHIXOOPHDVXUHDQGZHLJKWLQMXVWLFHDQGUHGXFHQRWWKHWKLQJVWKDWDUH GXHWRWKHSHRSOH
:RHWR$O0XWDIILIXQWKRVHZKRJLYHOHVVLQPHDVXUHDQGZHLJKW 7KRVHZKRZKHQWKH\KDYH WRUHFHLYHE\PHDVXUHIURPPHQGHPDQGIXOOPHDVXUH$QGZKHQWKH\KDYHWRJLYHE\PHDVXUH RUZHLJKWWRRWKHU PHQJLYHOHVVWKDQGXH'RWKH\QRWWKLQNWKDWWKH\ZLO OEHUHVXUUHFWHGIRU UHFNRQLQJ 2QD*UHDW'D\"7KH'D\ZKHQDOO PDQNLQGZLOOVWDQGEHIRUHWKH5XEERIWKH C$ODPLQPDQNLQGMLQQDQGDOOWKDWH[LVWV "
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQGHPDQGHGRIWKH3URSKHW 3%8+ IRUUHSD\PHQWRIDORDQDQGZDVKDUVKWRKLP+LV&RPSDQLRQVZHUHDERXWWRDWWDFNKLPEXW KH3%8+ VDLG/HDYHKLPDVWKHFUHGLWRULVHQWLWOHGWRPDNHDGHPDQG*LYHKLPDFDPHORIWKH VDPHDJHDVWKHFDPHOWKDWLVGXHWRKLP
7KH\VDLG:HILQGDEHWWHUFDPHOVHQLRUWRLWLQDJH
+H 3%8+ VDLG7KHQEX\LWDQGJLYHLWWRKLPYHULO\WKHEHVWRI\RXLVWKHRQHZKRLVWKHEHVWLQ GLVFKDUJLQJKLVREOLJDWLRQVUHSD\PHQWRIORDQV
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
>$O%XNKDUL@ &RPPHQWDU\ $GRSWVDNLQGDWWLWXGHZKHQKHVHOOVEX\VDQGGHPDQGVIRUWKHUHSD\PHQWRIORDQV
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
$EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKROLNHV$OODKWRGHOLYHUKLPIURPWKHFDODPLWLHVRIWKH'D\RI5HVXUUHFWLRQOHWKLPHLWKHUJLYH UHVSLWHWRDGHEWRURUJUDQWKLPUHPLVVLRQRIORDQV LQVWUDLWHQHGFLUFXPVWDQFHV
>0XVOLP@ &RPPHQWDU\ 2QHPHDQLQJRIWKHZRUG)DO\XQDIILV
LVWRGHIHUGHPDQGLQJSD\PHQWRIWKHDPRXQW IURPWKHRQHZKRPD\EHLQVWUDLWHQHGFLUFXPVWDQFHVXQWLOVXFKDWLPHZKHQKHKDVVXIILFLHQWPHDQVWR SD\KLVGHEWV$QRWKHUPHDQLQJLVWRUHOLHYHWKHGHEWRURIWKHWURXEOHKHLV LQE\JLYLQJKLPVRPH
PRQH\VRWKDWKHFDQVHWWOHKLVGHEWZLWKLW6XFKV\PSDWKHWLFDWWLWXGHZLOOVDYHWKDWSHUVRQIURPWKH WHQVLRQVRIWKH'D\RI-XGJHPHQWZKHQHYHU\RQHZLOOEHWHQVHZLWKZRUULHVDQGDQ[LHWLHV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHZDVDSHUVRQZKRXVHGWRORDQPRQH\WRWKHSHRSOHDQGKHXVHGWRVD\WRKLVVHUYDQWC:KHQDQ LQVROYHQWSHUVRQFRPHVWR\RXVKRZKLPOHQLHQF\VRWKDW$OODKPD\IRUEHDURXUIDXOWV 6RZKHQKH PHW$OODKLHZKHQKHGLHG $OODKIRUJDYHKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6KRZKLPOHQLHQF\
LPSOLHVWKUHHWKLQJVLQWKHSUHVHQWFRQWH[W SROLWHGHDOLQJ H[WHQVLRQLQWKHSHULRGRISD\PHQWDQGUHPLWWDQFHRIGHEW$OOWKHVHTXDOLWLHVDUHGHVLUDEOHDQG SUDLVHZRUWK\LQ6KDULCDK7KHLQFLGHQWUHSRUWHGLQWKLV+DGLWKUHODWHVWRVRPHSHUVRQRIDFRPPXQLW\RI WKHDQFLHQWWLPHVEXWLWLVVXFKDQLOOXVWULRXVH[DPSOHWKDWLWZDVOLNHGE\WKH3URSKHW3%8+ EHFDXVH KHUHFRPPHQGHGLWWRKLVIROORZHUVWKURXJKKLVDGYLFHDQGSUDFWLFH7KLVDFWLRQLVFHUWDLQO\DPHDQVRI ZLQQLQJWKH3OHDVXUHRI$OODKDVZHOO $EX0DVCXG$O%DGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG$SHUVRQIURPDPRQJVWWKHSHRSOHZKROLYHGEHIRUH\RXZDVFDOOHGWRDFFRXQWE\$OODK RQWKH'D\RI5HVXUUHFWLRQ1RJRRGGHHGVZHUHIRXQGLQKLVFUHGLWH[FHSWWKDWKHEHLQJDULFKPDQKDG ILQDQFLDO GHDOLQJVZLWKSHRSOHDQGKDGFRPPDQGHGKLVVHUYDQWVWRVKRZOHQLHQF\WRWKRVHZKRZHUH LQVWUDLWHQHGFLUFXPVWDQFHV8SRQWKLV$OODKWKH([DOWHGDQG0DMHVWLFVDLGC,DPPRUHHQWLWOHGWRWKLV DWWULEXWHVRZDLYHKLVIDXOWV
>0XVOLP@ &RPPHQWDU\ :DVFDOOHGWRDFFRXQWE\$OODKRQWKH'D\RI5HVXUUHFWLRQ
LVLQWKHQDWXUHRIDQHZV RIWKH'D\RI-XGJHPHQWZKLFKZDVUHYHDOHGWRWKH3URSKHW3%8+ DQGZKLFKKHTXRWHGDVDQ LOOXVWUDWLRQ:KDWLWVLJQLILHVLVWKDWRQWKH'D\RI5HVXUUHFWLRQ$OPLJKW\$OODKZLOOGHDOZLWKVXFK SHRSOHJHQHURXVO\DQGIRUJLYHWKHLUVLQVEHFDXVHIRUJLYHQHVVGHSHQGVRQWKHTXDOLW\RIDFWLRQVGRQHE\ DSHUVRQLQWKLVZRUOG +XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG$ VODYHRI$OODKZKRP+HKDGHQGRZHGZLWKZHDOWKZLOOEHEURXJKWEHIRUH+LP$OODKZLOODVNKLP C:KDWGLG\RXGRLQWKHZRUOG" 7KH\FDQQRWFRQFHDODQ\WKLQJIURP$OODK +HZLOOVD\C2P\5XEE
C8TEDKELQ C$PLUDQG$EX0DVCXG$O$QVDUL0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KXVZHKHDUGLWIURPWKH 0HVVHQJHURI$OODK3%8+
>0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRJLYHVUHVSLWHWRVRPHRQHZKRLVLQVWUDLWHQHGFLUFXPVWDQFHVRUJUDQWVKLPUHPLVVLRQ$OODK ZLOOVKHOWHUKLPLQWKH VKDGHRI+LV7KURQHRQWKH'D\RI5HVXUUHFWLRQZKHQWKHUHZLOOEHQRVKDGH H[FHSWLWVVKDGH
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHGHVLUDELOLW\RQSDUWRIWKHFXVWRPHURISD\LQJLQH[FHVVRIWKH DJUHHGSULFH7KHVHOOHULVLQGXFHGWRJLYHPRUHWKDQWKHDJUHHGTXDOLW\ZHLJKWQXPEHURIJRRGVHWF DJDLQVWWKHVHWWOHGSULFH7KLVLVDVWHSDKHDGRIMXVWLFH WKDWLV,KVDQZKLFKKDVYHU\VDOXWDU\HIIHFWVRQ VRFLHW\2QWKHFRQWUDU\LISHRSOHDUHLQWKHKDELWRIHQFURDFKLQJXSRWKHUV ULJKWVLWZLOOGRXEWOHVV FUHDWHMHDORXV\DQGHQPLW\ZKLFKDUHUXLQRXVWRWKHVRFLHW\
7+(%22.2).12:/('*( &+$37(5
9,578(62).12:/('*( :+,&+,6/($517$1'7$8*+7 )257+(6$.(2)$//$+ $OODKWKH([DOWHGVD\V $QGVD\C0\5XEE,QFUHDVHPHLQNQRZOHGJH
$UHWKRVHZKRNQRZHTXDOWRWKRVHZKRNQRZQRW"
$OODKZLOOH[DOWLQGHJUHHWKRVHRI\RXZKREHOLHYHDQGWKRVHZKRKDYHEHHQJUDQWHG NQRZOHGJH
,WLVRQO\WKRVHZKRKDYHNQRZOHGJHDPRQJ+LVVODYHVWKDWIHDU$OODK
0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODKVDLG:KHQ $OODKZLVKHVJRRGIRUVRPHRQH+HEHVWRZVXSRQKLPWKHXQGHUVWDQGLQJRI'HHQ
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
>$O%XNKDULDQG0XVOLP@
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %HWWHUIRU\RXWKDQUHGFDPHOV
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
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHIROORZLQJWKUHHLPSRUWDQWSRLQWV ,WVWUHVVHVWKHLPSRUWDQFHRIDFTXLULQJNQRZOHGJHRIWKH4XU DQDQG+DGLWKDQGLPSDUWLQJLWWR RWKHUV1RPDWWHUZKHWKHURQHKDVPRUHRUOHVVNQRZOHGJHKHPXVWFRPPXQLFDWHLWWRRWKHUV7KHUHLV QRMXVWLILFDWLRQWRSUHVXPHWKDWSUHDFKLQJRULQYLWLQJWRWKH0HVVDJHRI$OODKLVWKHGXW\RIUHOLJLRXV VFKRODUVDQGWKRVHZKRDUHZHOOYHUVHGLQWKLVVSKHUH,QIDFWLWLVDGXW\XSRQHYHU\0XVOLPVRPXFK
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
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG7KLV+DGLWKKDVJODGWLGLQJV IRUWKRVHZKR OHDUQWKHNQRZOHGJHRIUHOLJLRQWHDFKLWDQGLPSDUWLWWRRWKHUV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDPDQGLHVKLVGHHGVFRPHWRDQHQGH[FHSWIRUWKUHHWKLQJV6DGDTDK-DUL\DKFHDVHOHVV FKDULW\ DNQRZOHGJHZKLFKLVEHQHILFLDORUDYLUWXRXVGHFHQGDQWZKRSUD\VIRUKLPIRUWKH GHFHDVHG
>0XVOLP@ &RPPHQWDU\ +LVGHHGVFRPHWRDQHQG
PHDQVWKDWKHGRHVQRWDQ\ORQJHUUHFHLYHWKHUHWXUQDQG UHZDUGRQKLVDFWLRQV%XWWKHUHDUHWKUHHFDWHJRULHVRIDFWLRQVRQZKLFKKHUHFHLYHVUHZDUGHYHQDIWHU KLVGHDWK)LUVW6DGDTDK-DUL\DKVXFKDVEXLOGLQJDPRVTXHRUDKRVSLWDORUGLJJLQJDZHOO$VORQJDV SHRSOHZLOOEHQHILWIURPWKHVHKHZLOOUHFHLYHDUHZDUGIRUWKHP6HFRQGNQRZOHGJHZKLFKLV EHQHILFLDO
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
>$W7LUPLGKL@ &RPPHQWDU\ ,QWKLV+DGLWKWKHDFTXLVLWLRQRINQRZOHGJHKDVEHHQHTXDWHGZLWK-LKDGIRUWKHVDNHRI $OODK6KHLNK$O$OEDQLKDVUHJDUGHGWKLV+DGLWKZHDNLQKLV7DNKULMX)LTK$V6XQQDK
$EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG$EHOLHYHUQHYHUVDWLVILHVGRLQJJRRGXQWLOKHUHDFKHV-DQQDK
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
+HZHQWRQWRVD\ $OODK+LVDQJHOVWKHGZHOOHUVRIWKHKHDYHQDQG WKHHDUWKDQGHYHQWKHDQWLQLWVKROHDQGWKHILVKLQZDWHU VXSSOLFDWHLQIDYRXURIWKRVHZKRWHDFK SHRSOHNQRZOHGJH
>$W7LUPLGKL@
&RPPHQWDU\ C$OLPOHDUQHGSHUVRQ KHUHPHDQVVFKRODURIWKH4XU DQDQG+DGLWKZKRDGKHUHVWR )DUDLGDQG6XQQDKDQGUHPDLQVEXV\LQOHDUQLQJDQGLPSDUWLQJNQRZOHGJHC$ELGGHYRXWZRUVKLSSHU LVRQHZKRVSHQGVPRVWRIKLVWLPHLQWKHZRUVKLSRI$OODK7KHEHQHILWRIKLVYROXQWDU\SUD\HUDQG UHPHPEUDQFHRI$OODKLVUHVWULFWHGWRKLVRZQVHOIZKLOHWKHEHQHILWRINQRZOHGJHRIWKHVFKRODU UHDFKHVRWKHUVDOVR+HQFHRIWKHWZRWKHODWWHULVIDUVXSHULRU ,I6DODWLVPHQWLRQHGZLWKUHIHUHQFHWR$OODKLWGHQRWHV$OODK V*UDFHZLWK0HUF\
LILWLVPHQWLRQHG ZLWKUHIHUHQFHWRWKHDQJHOVLWGHQRWHVWRSUD\IRUIRUJLYHQHVV
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ /LNHWKHSUHFHGLQJ$KDGLWKWKLV+DGLWKDOVRPHQWLRQVWKHHPLQHQFHRIOHDUQLQJ UHOLJLRXVNQRZOHGJHDQGUHVSHFWLQJDQGKRQRXULQJC8ODPD ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ0D\$OODKIUHVKHQWKHDIIDLUVRIDSHUVRQZKRKHDUVVRPHWKLQJIURPXVDQGFRPPXQLFDWHVLW WRRWKHUVH[DFWO\DVKHKDVKHDUGLWLHERWKWKHPHDQLQJDQGWKHZRUGV 0DQ\DUHFHSLHQWRI NQRZOHGJHXQGHUVWDQGVLWEHWWHUWKDQWKHRQHZKRKDVKHDUGLW
>$W7LUPLGKL@ &RPPHQWDU\ %HVLGHVPHQWLRQLQJWKHHPLQHQFHRINQRZOHGJHWKLV+DGLWKFRQWDLQVLQGXFHPHQWIRU SUHDFKLQJDQGLQYLWLQJSHRSOHWRZDUGVWKHSDWKRI$OODK,WDOVRXUJHVXVWRFRPPXQLFDWHNQRZOHGJH H[DFWO\DVZHKDYHKHDUGLWZLWKRXWFKDQJLQJDQ\WKLQJLQWKHOHDVW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRLVDVNHGDERXWNQRZOHGJHRIUHOLJLRQ DQGFRQFHDOVLWZLOOEHEULGOHGZLWKDEULGOHRIILUHRQ WKH'D\RI5HVXUUHFWLRQ
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
>$EX'DZXG@ &RPPHQWDU\ 7KLV+DGLWKKDVDQLQGXFHPHQWIRUDFTXLULQJNQRZOHGJHIRUWKH3OHDVXUHRI$OODK DORQH,IDUHOLJLRXVVFKRODUDFTXLUHVLWWRPDNHLWDPHDQVRIZRUOGO\JDLQVWKHQLWWXUQVWRVXFKD VHULRXVFULPHWKDWVXFKDVFKRODUZLOOQRWHYHQVPHOOWKHIUDJUDQFHRI-DQQDKLHKHZLOOQRWHQWHULW DORQJZLWKWKHVDYHG 0D\$OODKVDYHXVIURPLW+RZHYHULIDVFKRODUJDLQVZHDOWKDQGZRUOGO\JDLQV
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
7+(%22.2)35$,6($1' *5$7,78'(72$//$+ &+$37(5
7+(2%/,*$7,212)*5$7,78'( $OODKWKH([DOWHGVD\V 7KHUHIRUHUHPHPEHU0HE\SUD\LQJJORULI\LQJ ,ZLOOUHPHPEHU\RXDQGEHJUDWHIXOWR0H IRU0\FRXQWOHVV)DYRXUVRQ\RX DQGQHYHUEHXQJUDWHIXOWR0H
,I\RXJLYHWKDQNVE\DFFHSWLQJ)DLWKDQGZRUVKLSSLQJQRQHEXW$OODK ,ZLOOJLYH\RXPRUHRI 0\%OHVVLQJV
$QGVD\C$OOWKHSUDLVHVDQGWKDQNVEHWR$OODK
$QGWKHFORVHRIWKHLUUHTXHVWZLOOEHC$OKDPGXOLOODKL5DEELOCDODPLQ>$OOWKHSUDLVHLVGXHWR $OODKWKH5XEERIC$ODPLQPDQNLQGMLQQDQGDOOWKDWH[LVWV @
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 2QWKH1LJKWRI$O,VUDWKH1LJKWRI $VFHQVLRQ WKH3URSKHW3%8+ ZDVSUHVHQWHGZLWKWZRGULQNLQJYHVVHOVRQHIXOORIZLQHDQGWKH RWKHURQHIXOORIPLON+HORRNHGDWWKHP7KHQKHWRRNWKHYHVVHOZKLFKZDVIXOORIPLON7KHUHXSRQ -LEULO*DEULHO VDLG$OKDPGXOLOODKSUDLVHEHWR$OODK :KRKDVJXLGHG\RXWRWKDWZKLFKLVLQ DFFRUGZLWK)LWUDKLH,VODPLF0RQRWKHLVPSXUHQDWXUHRI,VODP +DG\RXVHOHFWHGZLQH\RXU SHRSOHZRXOGKDYHJRQHDVWUD\
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV ,VODPLVDUHOLJLRQZKLFKPDWFKHVZLWKWKHSXUHQDWXUH(YHU\VHQVLEOHSHUVRQDFFHSWVLWLQVWLQFWLYHO\ 2QHZKRLVHQGRZHGZLWKWKHFDSDFLW\DQGDSWLWXGHWRGRJRRGVKRXOGSUDLVH$OODK :LQHLVWKHURRWRIDOOHYLOVDQGIRUWKLVUHDVRQKDVEHHQUHJDUGHGWKH0RWKHURI9LFHV
7RWDNHJRRGRPHQIURPDJUHHDEOHVLJQVLV0XVWDKDEEGHVLUDEOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $Q\PDWWHURILPSRUWDQFHZKLFKLVQRWEHJXQZLWK$OKDPGXOLOODKSUDLVHEHWR$OODK UHPDLQV GHIHFWLYH
>$EX'DZXG@ &RPPHQWDU\ 7KHUHLVDQRWKHU+DGLWKWRWKHHIIHFWWKDWHYHU\LPSRUWDQWZRUNZKLFKLVQRWVWDUWHG ZLWKWKHLQYRFDWLRQ%LVPLOODK
LVGHYRLGRI$OODK V*UDFH6KHLNK$O$OEDQL VRSLQLRQDERXWWKHVHWZR $KDGLWKLVWKDWWKHLUWH[WLVFRQIXVHGDQGLWVDXWKRULW\LVZHDN+HKDVKRZHYHUUHJDUGHGLWDV DFFHSWDEOH0XUVDO
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHHPLQHQFHRISDWLHQFHDQGWKHPHULWRISUDLVLQJ$OODKLQWKH HYHQWRIDFDODPLW\HVSHFLDOO\RQWKHGHDWKRIRQH VRZQFKLOG5DWKHUWKDQZHHSLQJ DQGZDLOLQJRQH VKRXOGVXEPLWKLPVHOIWRWKH:LOORI$OODKDQGVKRZSHUVHYHUDQFH6XFKDWWLWXGHRISDWLHQFHDQG UHVLJQDWLRQLVKLJKO\PHULWRULRXVDQGKDVJUHDWUHZDUG $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG$OODKLVSOHDVHGZLWK+LVVODYHZKRVD\VC$OKDPGXOLOODKSUDLVHEHWR$OODK ZKHQKHWDNHVD PRUVHORIIRRGDQGGULQNVDGUDXJKWRIZDWHU
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG$NODK
PHDQVWRWDNHDPHDODWRQHWLPH ZKHWKHULQWKHPRUQLQJWKHHYHQLQJRUDWDQ\RWKHUWLPH6LPLODUO\6KDUED
PHDQVWRGULQNZDWHUDW DQ\WLPH:KDWWKH+DGLWKPHDQVLVWKDWWRSUDLVH$OODKRQHDWLQJDQGGULQNLQJHYHU\WLPHLVDVRXUFHRI $OODK V3OHDVXUHQRPDWWHUZKHWKHUWKH TXDQWLW\RQHFRQVXPHVLVVPDOORUODUJH
7+(%22.2)6833/,&$7,1* $//$+72(;$/77+(0(17,21 2)$//$+ 60(66(1*(53%8+ &+$37(5
7+(2%/,*$7,212)6833/,&$7,1* $//$+72(;$/7+,60(17,21$1' ,76(;&(//(1&($1',760$11(5 $OODKWKH([DOWHGVD\V $OODKH[DOWVWKHPHQWLRQRI+LV0HVVHQJHU3%8+ DQG+LVDQJHOVVXSSOLFDWH+LPWRGRVR2 \RXZKREHOLHYHVXSSOLFDWH$OODKWRH[DOWKLVPHQWLRQDQGWRJUDQWKLPVDIHW\DQGVHFXULW\ C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUGWKH 0HVVHQJHURI$OODK3%8+ VD\LQJ:KRHYHUVXSSOLFDWHV$OODKWRH[DOWP\PHQWLRQ$OODKZLOOH[DOW
KLVPHQWLRQWHQWLPHV
>0XVOLP@ &RPPHQWDU\ 5HFLWDWLRQRI6DODWXSRQWKH3URSKHW3%8+ PHDQVWKHUHFLWDWLRQRIEHQHGLFWLRQ6XFK DVWKHRQHUHFLWHGLQ6DODW2$OODKKDYHPHUF\RQ0XKDPPDG
,WLVDSUD\HUIRUPHUF\DQG H[DOWDWLRQRIWKH3URSKHW3%8+ ZKLFKLVKLJKO\PHULWRULRXV$W7LUPLGKL +DGLWK+DVDQ ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHSHRSOHZKRZLOOEHQHDUHVWWRPHRQWKH'D\RI5HVXUUHFWLRQZLOOEHWKRVHZKRVXSSOLFDWH$OODK PRUHRIWHQIRUPH
>$W7LUPLGKL@ &RPPHQWDU\ 1HDUHVWWRPH
VLJQLILHVWKRVHZKRDUHPRVWHQWLWOHGWRP\LQWHUFHVVLRQ
7KXVWKLV +DGLWKKDVDOVRDQLQGXFHPHQWIRUYHU\IUHTXHQWUHFLWDWLRQRI6DODWRQWKH3URSKHW3%8+ $XVELQ$XV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $PRQJWKHEHVWRI\RXUGD\VLV)ULGD\VRVXSSOLFDWH$OODK PRUHRIWHQIRUPHLQLWIRU\RXU VXSSOLFDWLRQVZLOOEHGLVSOD\HGWRPH
+HZDVDVNHG20HVVHQJHURI$OODK+RZZLOORXUEOHVVLQJV EHGLVSOD\HGWR\RXZKHQ\RXUGHFD\HGERG\ZLOOKDYHPL[HGZLWKWKHHDUWK"
+H3%8+ UHSOLHG $OODKKDVSURKLELWHGWKHHDUWKIURPFRQVXPLQJWKHERGLHVRIWKH3URSKHWV
>$EX'DZXG@ &RPPHQWDU\ 7KDW$OODKKDVSURKLELWHGWKHHDUWKIURPFRQVXPLQJWKHERGLHVRIWKH3URSKHWV
PHDQV WKDWWKHHDUWKGRHVQRWFRQVXPHWKHP7KDWWKHLU6DODWVDOXWDWLRQV ZLOOEHSUHVHQWHGWRKLP
LQGLFDWHV WKDWDQJHOVSUHVHQWWKHVDOXWDWLRQSHUIRUPHGWRKLPDVLVHOXFLGDWHGLQRWKHU$KDGLWK0RUHRYHUKLV VRXOLVWKHQUHWXUQHGWRKLPDQGKHDQVZHUVWKHVDOXWDWLRQVDOVR,QWKHRSLQLRQRI0XKDGGLWKXQWKH +DGLWKUHODWLQJWRWKHUHWXUQRIWKHVRXOFRPHVLQWKHFDWHJRU\RI+DGLWK+DVDQ
LHLWLVDFFHSWDEOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 0D\KLVQRVHVRLOZLWKGXVWLQZKRVHSUHVHQFHPHQWLRQLVPDGHRIPHDQGKHGRHVQRWVXSSOLFDWHIRU PH
>$W7LUPLGKL@ &RPPHQWDU\ 0D\KLVQRVHVRLOZLWKGXVW
PHDQVWRVXIIHUKXPLOLDWLRQDQGGLVJUDFH7KDWLVPD\ VXFKSHUVRQEHKXPLOLDWHGDQGGLVJUDFHGZKRKHDUVP\QDPHDQGGRHVQRWLQYRNH$OODK VEOHVVLQJV XSRQPH
7KRVHZKRPHUHO\NLVVWKXPEVRIWKHLUKDQGVFDQDOVREHWKHDGGUHVVHHRIWKLVVD\LQJ EHFDXVHWKH\GRQRWVXSSOLFDWH$OODKIRUWKH3URSKHW3%8+ ZKLOHZKDWLVLQIDFWRUGDLQHGLV VDOXWDWLRQDQGQRWNLVVLQJRIWKXPEV7KHODWWHUJHVWXUHKDVQRWEHHQRUGDLQHGLQDQ\+DGLWK6RPH UHOLJLRXVVFKRODUVUHJDUGWKHVDOXWDWLRQREOLJDWRU\ZKLOHRWKHUVKROGWKDWLWGHVLUDEOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 'RQRWPDNHP\JUDYHDSODFHRIIHVWLYLW\DQGVXSSOLFDWH$OODKIRUPHIRU\RXUVXSSOLFDWLRQUHDFKHV PHZKHUHYHU\RXDUH
>$EX'DZXG@ &RPPHQWDU\ 'RQRWPDNHP\JUDYHDSODFHRIIHVWLYLW\
PHDQVGRQRWJDWKHUWKHUHDVSHRSOHGRRQ WKHIHVWLYDORIC(LG8QIRUWXQDWHO\DIUDFWLRQRIKHUHWLFVFRQVLGHUVXFK IHVWLYLWLHVODXGDEOH:KHQWKH 3URSKHW3%8+ GLGQRWOLNHVXFKJDWKHULQJVRQKLVRZQJUDYHKRZFDQLWEHSHUPLVVLEOHRQWKHGHDWK DQQLYHUVDULHVRIRWKHUSHRSOH"6RPHSHRSOHPLVLQWHUSUHWWKLV+DGLWKDQGFRQWHQGWKDWZKDWLWPHDQVLV WKDWC
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQHYHUVRPHRQHJUHHWV PH$OODKUHWXUQVWKHVRXOWRP\ERG\LQWKHJUDYH DQG,UHWXUQKLV JUHHWLQJ
>$EX'DZXG@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWKH3URSKHW3%8+ LVDOLYHLQKLVJUDYHDQGKH DQVZHUVWKHVDOXWDWLRQRIIHUHGE\D0XVOLP%XWWKLVOLIHRIKLVLVWKHOLIHRI%DU]DNKDQLQWHUYHQLQJ VWDWHEHWZHHQGHDWKDQGWKH'D\RI5HVXUUHFWLRQDQGZKRHYHUGLHVHQWHUVLW WKHUHDOLW\RIZKLFKLVQRW NQRZQWRXV7KXVLWLVZURQJWRVD\WKDWWKHOLIHRIWKH3URSKHW3%8+ LVOLNHZRUOGO\OLIHRUPRUH YLJRURXVWKDQLW6XFKDFODLPLVEDVHOHVVEHFDXVHLWLVQRWFRQILUPHGE\WKH4XU DQDQG+DGLWK:HUH KHWREHDOLYHWKHZD\KHZDVLQKLVOLIHWLPHWKHUHZRXOGKDYHEHHQQRQHHGIRUWKHUHWXUQLQJRIWKH VRXOWRKLVERG\
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
>$W7LUPLGKL@ &RPPHQWDU\ 0LVHU
PHDQVWRGHQ\VRPHRQHKLVULJKW,ID0XVOLPGRHVQRWVXSSOLFDWHIRUKLP XSRQKHDULQJKLVQDPHWKHQVXFKDSHUVRQLVDPLVHUEH\RQGGRXEW7KXVZHOHDUQWKDWRQHPXVWUHFLWH 6DODWZKHQKHKHDUVWKHQDPHRIWKH3URSKHW3%8+ ,WLVVXIILFLHQWWRVD\0D\$OODKUHQGHUKLPIURP HYLODQGH[DOWKLVPHQWLRQ IRUWKLVSXUSRVH )DGDODKELQC8EDLG 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ KHDUGVRPHRQHVXSSOLFDWLQJDIWHUKLVSUD\HUZLWKRXWSUDLVLQJ$OODKDQGZLWKRXWVXSSOLFDWLQJ$OODKIRU WKH3URSKHW3%8+ :LWKUHJDUGWRKLPWKH0HVVHQJHURI$OODK3%8+ VDLG7KLVPDQUXVKHG
7KHQKHFDOOHGKLPDQGVDLG:KHQDQ\RQHRI\RXKDYHSHUIRUPHG6DODWSUD\HU DQGZDQWVWR VXSSOLFDWHOHWKLPSUDLVH$OODKILUVWWKHQJORULI\+LPLQWKHEHJLQQLQJDQGWKHQKHVKRXOGVXSSOLFDWH $OODKIRUPH7KHQKHPD\VXSSOLFDWHIRUZKDWHYHUKHOLNHV
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ )LVDODWLKLPHDQVWKDWDIWHUWKH6DODWRUDWWKHHQGRI6DODWKHKHDUGVRPHRQH LQYRNLQJ$OODK6LPLODUO\LGKDVDOODDKDGXNXP
PHDQVZKHQRQHFRPSOHWHVWKH6DODWDQGLQYRNHV $OODK,QDQ\FDVHLWLVQHFHVVDU\WRSUDLVH$OODKDQGVXSSOLFDWH+LPIRUWKH3URSKHW3%8+ EHIRUH LQYRNLQJ$OODK $EX 0XKDPPDG .DCE ELQC8MUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW 3%8+ FDPHWRXVDQGZHDVNHGKLP20HVVHQJHURI$OODKZHDOUHDG\NQRZKRZWRJUHHW\RXLH VD\$VVDODPXCDODLNXP EXWKRZVKRXOGZHVXSSOLFDWHIRU\RX"
+H3%8+ VDLG6D\C$OODKXPPD VDOOLCDOD0XKDPPDGLQZDCDODCDOL0XKDPPDGLQNDPDVDOODLWDCDODCDOL,EUDKLPDLQQDND+DPLGXP 0DMLG$OODKXPPDEDULNCDOD0XKDPPDGLQZDCDODCDOL0XKDPPDGLQNDPDEDUDNWDCDODCDOL ,EUDKLPDLQQDND+DPLGXP0DMLG>2$OODKH[DOWWKHPHQWLRQRI0XKDPPDGDQGWKHIDPLO\RI 0XKDPPDGDV\RXH[DOWHGWKHIDPLO\RI,EUDKLP
>$O%XNKDULDQG0XVOLP@
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
7KH0HVVHQJHURI$OODK3%8+ NHSWVLOHQW:HZHUHPXFK SHUWXUEHGRYHUKLVVLOHQFHDQGZHZLVKHGKHGLGQRWDVNHGKLPWKLVTXHVWLRQ7KH0HVVHQJHURI$OODK 3%8+ VDLG6D\C2$OODKH[DOWWKHPHQWLRQRI0XKDPPDGDQGWKHIDPLO\RI0XKDPPDGDV\RX H[DOWHGWKHIDPLO\RI,EUDKLP$QGEOHVV0XKDPPDGDQGWKHIDPLO\RI0XKDPPDGDV
>0XVOLP@ &RPPHQWDU\ ,QWKLV+DGLWKWKH3URSKHW3%8+ KDVVKRZHGXVWKDWWKHPDQQHURIRIIHULQJ6DODP ZDVWKHVDPHDVWKHRQHPHQWLRQHGLQWKHSUHYLRXV+DGLWK$O
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
+H 3%8+ UHSOLHG6D\C$OODKXPPDVDOOLCDOD0XKDPPDGLQZDCDODD]ZDMLKLZDGKXUUL\\DWLKL NDPD VDOODLWDCDOD,EUDKLPDZDEDULNCDOD0XKDPPDGLQZDCDODD]ZDMLKLZDGKXUUL\\DWLKL NDPDEDUDNWDCDOD ,EUDKLPDLQQDND+DPLGXP0DMLG2$OODKVHQW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $]ZDM
LVWKHSOXUDORI=DXM
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
7KHSURJHQ\RIWKH3URSKHW3%8+ LQFOXGHVKLVPDOHDQGIHPDOHFKLOGUHQDQGWKHLUGHVFHQGDQWV %XWDIWHUKLVGHDWKQRQHH[FHSW)DWLPDK0D\$OODKEHSOHDVHGZLWKKHU DQGKHUFKLOGUHQUHPDLQHG DOLYH,QVKRUWKLV$O
LQFOXGHVKLVZLYHVDQGSURJHQ\
7+(%22.2)7+( 5(0(0%5$1&(2)$//$+ &+$37(5
7+((;&(//(1&(2)7+( 5(0(0%5$1&(2)$//$+ $OODKWKH([DOWHGVD\V $QGWKHUHPHPEHULQJSUDLVLQJ RI\RXE\ $OODKLQIURQWRIWKHDQJHOV LVJUHDWHULQGHHG>WKDQ \RXUUHPHPEHULQJSUDLVLQJ RI$OODKLQSUD\HUV@
7KHUHIRUHUHPHPEHU0HE\SUD\LQJJORULI\LQJ ,ZLOOUHPHPEHU\RX
$QGUHPHPEHU\RXU5XEEE\\RXUWRQJXHDQGZLWKLQ\RXUVHOIKXPEO\DQGZLWKIHDUDQG ZLWKRXWORXGQHVVLQZRUGVLQWKHPRUQLQJVDQGLQWKHDIWHUQRRQVDQGEHQRWRIWKRVHZKRDUH QHJOHFWIXO
$QGUHPHPEHU$OODKPXFKWKDW\RXPD\EHVXFFHVVIXO
9HULO\WKH0XVOLPVWKRVHZKRVXEPLWWR$OODKLQ,VODP PHQDQGZRPHQXSWR $QGWKH PHQDQGWKHZRPHQZKRUHPHPEHU$OODKPXFKZLWKWKHLUKHDUWVDQGWRQJXHV$OODKKDV SUHSDUHGIRUWKHPIRUJLYHQHVVDQGDJUHDWUHZDUGLH-DQQDK
2\RXZKREHOLHYH5HPHPEHU$OODKZLWKPXFKUHPHPEUDQFH$QGJORULI\+LV3UDLVHV PRUQLQJDQGDIWHUQRRQ>WKHHDUO\PRUQLQJ)DMU DQGC$VUSUD\HUV@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHDUHWZRVWDWHPHQWVWKDWDUHOLJKWIRUWKHWRQJXHWRUHPHPEHUKHDY\LQWKH6FDOHVDQGDUHGHDUWR WKH0HUFLIXOC6XEKDQ$OODKLZDELKDPGLKL 6XEKDQ$OODKLO$]LP>*ORU\EHWR$OODKDQG+LVLVWKH SUDLVHDQG $OODKWKH*UHDWHVWLVIUHHIURPLPSHUIHFWLRQ
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
KXQGUHGWLPHVDGD\KLVVLQVZLOOEHREOLWHUDWHGHYHQLIWKH\DUHHTXDOWRWKHH[WHQWRIWKHIRDPRIWKH RFHDQ
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6ODYHVIURPWKHSURJHQ\RI,VPDCLO
LVDVLPLOHIRUYHU\SUHFLRXVVODYHV7KDWLVLWKDV WKHVDPHUHZDUGWRZKLFKWKHHPDQFLSDWLRQRIIRXUYHU\SUHFLRXVVODYHVLVHOLJLEOH $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLGWR PH6KDOO,WHOO\RXWKHH[SUHVVLRQWKDWLVPRVWORYHGE\$OODK"
,WLVC6XEKDQ$OODKLZDELKDPGLKL $OODKLVIUHHIURPLPSHUIHFWLRQDQG+LVLVWKHSUDLVH
>0XVOLP@ $EX0DOLN$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ VDLG:XGX LVKDOIRI6DODWDQGWKHH[SUHVVLRQC6XEKDQ$OODK$OODKLVIUHHIURP LPSHUIHFWLRQ ILOOVWKH%DODQFHDQGWKHH[SUHVVLRQC$OKDPGXOLOODKSUDLVHEHWR$OODK ILOOVWKHVSDFH EHWZHHQWKHKHDYHQVDQGWKHHDUWK
>0XVOLP@ &RPPHQWDU\ 7XKXU
LVSXULILFDWLRQRU:XGX ZKLOH7DKXU
LVZDWHURUVRPHWKLQJZKLFKLVXVHG IRUSXULILFDWLRQ$FFRUGLQJWRVRPHVFKRODUVC)DLWK
PHDQV6DODW7KLVLVDOVRWKHVHQVHLQZKLFKLWKDV EHHQXVHGLQWKH4XU DQ$QG$OODKZRXOGQHYHUPDNH\RXU)DLWKWREHORVWLH\RXUSUD\HUV
>@7KXVZKHQ6DODWLVWKH)DLWKWKHSXULILFDWLRQLVDSUHUHTXLVLWHIRU6DODW6DODWLVQRWYDOLG ZLWKRXWSXULILFDWLRQ6RPHVFKRODUVDUHRIWKHRSLQLRQWKDW)DLWKKHUHPHDQV)DLWKLQJHQHUDODVWKH 6KDULCDKGHILQHVLW7RVLQFHUHO\DFFHSWDQGEHOLHYHLQDOOWKDWWKH3URSKHW3%8+ FDPHZLWKLH VLQFHUHDFFHSWDQFHRI$OODKDQG+LV3URSKHW3%8+ 3XULILFDWLRQLVKDOIRIWKH)DLWK
PHDQVWKHDFFHSWDQFHWKDWSXULILFDWLRQLVWKHPRVWLPSRUWDQWDUWLFOHRI )DLWK,WLVOLNHWKHVD\LQJRIWKH3URSKHW3%8+ WKDW+DMMLVC$UDIDK
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
+H3%8+ VDLG6D\/DLODKDLOODOODKXZDKGDKXODVKDULNDODKX$OODKX$NEDUNDELUDQZDOKDPGXOLOODKL NDWKLUDQZDVXEKDQ$OODKL5DEELOCDODPLQZDODKDZODZDODTXZZDWDLOODELOODKLOC$]L]LO+DNLP WKHUHLVQRWUXHJRGH[FHSW$OODKWKH2QHDQG+HKDVQRSDUWQHUZLWK+LP$OODKLVWKH*UHDWHVWDQG JUHDWQHVVLVIRU+LP$OOSUDLVHLVGXHWR+LP$OODKWKH5XEERIWKHZRUOGVLVIUHHIURPLPSHUIHFWLRQ WKHUHLVQRPLJKWDQGSRZHUEXWWKDWRI$OODKWKH$OO3RZHUIXODQGWKH$OO:LVH
7KHEHGRXLQVDLG $OORIWKHVHIRUP\5XEE%XWZKDWLVIRUPH"
7KHUHXSRQKH0HVVHQJHURI$OODK3%8+ VDLG
>0XVOLP@ 7KDXEDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ FRQFOXGHGKLVSUD\HUKHZRXOGEHJIRUJLYHQHVVIURP$OODKWKULFHDQGWKHQZRXOGUHFLWH$OODKXPPD
$QWDV6DODPXZDPLQNDVVDODPXWDEDUDNWD\D'KDO-DODOLZDO,NUDP2$OODK
,PDP $O$Z]DCL RQHRIWKHQDUUDWRUVRIWKLV+DGLWKZDVDVNHG+RZIRUJLYHQHVVLVWREHVRXJKW"
+HDQVZHUHG7KH0HVVHQJHURI$OODK3%8+ XVHGWRVD\C$VWDJKILUXOODK$VWDJKILUXOODK, EHVHHFK$OODKIRUIRUJLYHQHVV,EHVHHFK$OODKIRUIRUJLYHQHVV
>0XVOLP@ $O0XJKLUDKELQ6KXCEDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HVVHQJHURI$OODK 3%8+ XVHGWRVD\DWWKHFRQFOXVLRQRISUD\HU/DLODKDLOODOODKXZDKGDKXODVKDULNDODKXODKXO PXONXZDODKXOKDPGXZD+XZDCDODNXOOLVKDL LQ4DGLU$OODKXPPDODPDQLCDOLPDD WD\WDZDOD PXCWL\DOLPDPDQDCWDZDOD\DQIDCXGKDOMDGGLPLQNDOMDGGXWKHUHLVQRWUXHJRGH[FHSW$OODK+HLV 2QHDQG+HKDVQRSDUWQHUZLWK+LP+LVLVWKHVRYHUHLJQW\DQG+LVLVWKHSUDLVHDQG+HLV 2PQLSRWHQW2$OODK1RQHFDQGHQ\WKDWZKLFK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $O-DGGX
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
+HDVNHG+RZLVWKDW"
7KH\UHSOLHG7KH\RIIHU6DODWSUD\HU DVZHRIIHULWWKH\REVHUYH IDVWDVZHGRDQGDVWKH\DUHZHDOWK\ WKH\SHUIRUP+DMMDQGC8PUDKDQGJRIRU-LKDGDQGWKH\ VSHQGLQFKDULW\EXWZHFDQQRWDQGWKH\IUHHWKHVODYHVEXWZHDUHXQDEOHWRGRVR
7KH0HVVHQJHURI $OODK3%8+ VDLG6KDOO,QRWWHDFK\RXVRPHWKLQJZLWKZKLFK\RXPD\RYHUWDNHWKRVHZKR VXUSDVVHG\RXDQGZLWKZKLFK\RXZLOOVXUSDVVWKRVHZKRZLOOFRPHDIWHU\RX"1RQHZLOOH[FHO\RX XQOHVVKHZKRGRHVZKLFK\RXGR
7KH\VDLG
+H3%8+ VDLG
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
>0XVOLP@ .DCEELQC8MUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KHUHDUHVRPHZRUGVWKHUHFLWHUVRIZKLFKZLOOQHYHUEHGLVDSSRLQWHG7KHVHDUH7DVELK >VD\LQJC6XEKDQ$OODK $OODKLVIUHHIURPLPSHUIHFWLRQ @WKLUW\WKUHHWLPHV7DKPLG>VD\LQJC$O KDPGXOLOODK SUDLVHEHWR$OODK @WKLUW\WKUHHWLPHVDQG7DNELU>VD\LQJC$OODKX$NEDU $OODKLV *UHDWHVW @WKLUW\IRXUWLPHVDQGWKHVHVKRXOGEHUHFLWHG DIWHUWKHFRQFOXVLRQRIHYHU\SUHVFULEHG SUD\HU
>0XVOLP@ &RPPHQWDU\ 0XDTTLEDW
PHDQVWKHZRUGVRI3UDLVHDQG*ORULILFDWLRQRI$OODKZKLFKDUHUHFLWHG DIWHU6DODW7KLV+DGLWKVD\VWKDWWKHZRUGV$OODKX$NEDU
VKRXOGEHUHFLWHGWKLUW\IRXUWLPHV 6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ XVHGWRVHHN$OODK V SURWHFWLRQDIWHUSUD\HUVLQWKHVHZRUGV$OODKXPPDLQQLDCXGKXELND PLQDOMXEQLZDOEXNKOZDDCXGKXELNDPLQDQXUDGGDLODDUGKDOLOCXPXUZDDCXGKXELNDPLQILWQDWLG GXQ\DZDDCXGKXELNDPLQILWQDWLOTDEU2$OODK,VHHNUHIXJHZLWK
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
>0XVOLP@
&RPPHQWDU\ 7ULDOVRIOLIH
PHDQVRUGHDOVZKLFKRQHKDVWRIDFHLQOLIHDQGZKLFKFDQKDUPKLV )DLWKDQGERG\7KHWULDOVRIGHDWK
PHDQVWKHWURXEOHVZKLFKRQHKDVWRIDFHEHIRUHGHDWK0DVLK
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
>0XVOLP@ C$LVKDK0D\ $OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ XVHGWRUHFLWHIUHTXHQWO\ LQKLVERZLQJDQGSURVWUDWLRQ6XEKDQDN$OODKXPPD5DEEDQDZDELKDPGLND$OODKXPPDJKILUOL 2 $OODK
>$O%XNKDULDQG0XVOLP@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR UHFLWHLQKLVERZLQJDQGSURVWUDWLRQ6XEEXKXQ4XGGXVXQ5DEEXOPDOD LNDWLZDUUXK>0XVOLP@ &RPPHQWDU\ 6XEEXK
DQG4XGGXV
DUHWZRDWWULEXWLYH1DPHVRI$OODKZKLFKGHQRWH+LV3HUIHFW 3XULW\DQG8QLTXHQHVV$U5XK
PHDQV-LEULO*DEULHO $OWKRXJKKHWRRFRPHVLQWKHFDWHJRU\RI DQJHOVEXWKLVVSHFLDOPHQWLRQLVPDGHKHUHWRHPSKDVL]HKLVPDMHVW\DQGKRQRXU,QVKRUWWKH UHFLWDWLRQRIWKHSUD\HUVPHQWLRQHGLQWKLV+DGLWKLVLQNHHSLQJZLWKWKHSUDFWLFHRIWKH3URSKHW 3%8+ ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG *ORULI\\RXU/RUGLQ5XNXCERZLQJSRVWXUH DQGH[HUW\RXUVHOILQVXSSOLFDWLRQLQSURVWUDWLRQ7KXV \RXUVXSSOLFDWLRQVDUHOLDEOHWREHDFFHSWHG
>0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $VODYHEHFRPHVQHDUHVWWRKLV5XEEZKHQKHLVLQSURVWUDWLRQ6RLQFUHDVHVXSSOLFDWLRQVZKLOH SURVWUDWLQJ
>0XVOLP@ &RPPHQWDU\ %RWKWKH$KDGLWKPHQWLRQHGDERYHHYLGHQWO\VKRZWKDWWKHUHLVJUHDWHUSRVVLELOLW\RI DFFHSWDQFHRIDQLQYRFDWLRQZKLFKLVPDGHLQSURVWUDWLRQ7KHUHIRUHRQHPXVWGRLWLQWKHYRXOQWDU\ 6DODW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHG WRVD\LQKLVSURVWUDWLRQ$OODKXPPDJKILUOLGKDQELNXOODKXGLTTDKXZDMLOODKXZDCDZZDODKXZD DNKLUDKXZDDODQL\DWDKXZDVLUUDKX2$OODK)RUJLYHDOOP\VLQVWKHVPDOODQGWKHJUHDWILUVWDQGWKH ODVWWKHRSHQDQGWKHVHFUHW
>0XVOLP@ &RPPHQWDU\ $OWKRXJKWKH3URSKHW3%8+ ZDVLQQRFHQW DQGIUHHRIVLQVKHXVHGWRSUD\IRUWKH IRUJLYHQHVVRIKLVVKRUWFRPLQJVRXWRIKLVJUDWLWXGHWR$OODK V0LJKWDQG0DMHVW\7KXVWKLV+DGLWKKDV DJUHDWOHVVRQIRUXV,QVSLWHRIEHLQJLQQRFHQWKHZDVDOZD\VIHDUIXORIWKH:UDWKRI$OODKZKLOHZH GHVSLWHEHLQJHPERGLPHQWVRIVLQVDUHIHDUOHVVRI$OODK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG2QHQLJKW,PLVVHGWKH0HVVHQJHURI$OODK 3%8+ IURPKLVEHG,VHDUFKHGIRUKLP:KHQ,IRXQGKLPKHZDVLQERZLQJRUSURVWUDWLQJSRVWXUH DQG ZDVUHFLWLQJ 6XEKDQDNDZDELKDPGLND/DLODKDLOOD$QWD
$QRWKHUQDUUDWLRQLV0\KDQGIHOORYHUKLVIHHWZKLOHKHZDVLQSURVWUDWLRQZLWKKLVIHHWHUHFW+HZDV VXSSOLFDWLQJ$OODKXPPDLQQLDCXGKXELULGDNDPLQVDNKDWLNDZDELPXCDIDWLNDPLQCXTXEDWLNDZD DCXGKXELNDPLQNDODXKVLWKDQD DQCDODLND$QWDNDPDDWKQDLWDCDOD1DIVLND2$OODK,VHHN SURWHFWLRQDJDLQVW
6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HZHUHZLWKWKH0HVVHQJHU RI$OODK3%8+ ZKHQKHDVNHG,VDQ\RQHRI\RXXQDEOHWRHDUQDWKRXVDQGJRRGGHHGV"
2QHRI WKRVHSUHVHQWDVNHG+RZFDQRQHHDUQWKRXVDQGJRRGGHHGVLQDGD\"
+H3%8+ UHSOLHG%\ VD\LQJ6XEKDQ$OODKD KXQGUHGWLPHVWKHQRQHWKRXVDQGJRRGGHHGVZLOOEHUHFRUGHGIRUKLPRURQH WKRXVDQGVLQVZLOOEHEORWWHGRXWIURPKLVUHFRUG
>0XVOLP@ &RPPHQWDU\ 2QHWKRXVDQGJRRGGHHGVLQUHWXUQIRUVD\LQJWKHZRUG6XEKDQ$OODK
LVDPLQLPXP UHZDUGXQGHUWKHSURPLVHWKDWVD\V LHWHQIROGUHZDUGZRXOGEHJLYHQIRUHDFKJRRGGHHG7KHZRUGV $X\XKDWWX
LVRSHQWRGLVDJUHHPHQWDPRQJWKHUHOLJLRXVVFKRODUV6RPHRIWKHPKDYHPHQWLRQHGLW ZLWK$X
ZKLFKPHDQVRQHJHWVRQHWKRXVDQGJRRGGHHGVRUDWKRXVDQGVLQVDUHIRUJLYHQZKLOHRWKHUV KDYHPHQWLRQHGWKLV+DGLWKZLWKWKHZRUG:D\XKDWWX
WKDWLVRQHLVJLYHQDWKRXVDQGYLUWXHVDQGD VLPLODUQXPEHURIVLQVDUHSDUGRQHG $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG (YHU\PRUQLQJFKDULW\LVGXHIURPHYHU\MRLQWERQHRIWKHERG\RIHYHU\RQHRI\RX(YHU\XWWHUDQFH RI$OODK V*ORULILFDWLRQLH6XEKDQ$OODK LVDQDFWRIFKDULW\DQGHYHU\XWWHUDQFHRISUDLVHRI+LP LH$OKDPGXOLOODK LVDQDFWRIFKDULW\DQGHYHU\XWWHUDQFHRISURIHVVLRQRI)DLWKLH/DLODKD LOODOODK LVDQDFWRIFKDULW\DQGHYHU\XWWHUDQFHRI+LV*UHDWQHVVLH$OODKX$NEDU LVDQDFWRI FKDULW\DQGHQMRLQLQJJRRGLVDQDFWRIFKDULW\DQGIRUELGGLQJZKDWLVGLVUHSXWDEOHLVDQDFWRIFKDULW\ DQGWZR5DNCDKSUD\HUZKLFKRQHRIIHUVLQWKHIRUHQRRQ$G'XKD ZLOOVXIILFHIRUDOOWKLV
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
,UHSOLHGLQWKHDIILUPDWLYH7KHUHXSRQWKH3URSKHW VDLG, UHFLWHGIRXUZRUGVWKUHHWLPHVDIWHU,KDGOHIW\RX,IWKHVHDUHWREHZHLJKHGDJDLQVWDOO\RXKDYH UHFLWHGVLQFHPRUQLQJWKHVHZLOOEHKHDYLHU7KHVHDUH6XEKDQ$OODKLZDELKDPGLKLCDGDGDNKDOTLKL ZDULGDQDIVLKLZD]LQDWDKCDUVKLKLZDPLGDGDNDOLPDWLKL>$OODKLVIUHHIURPLPSHUIHFWLRQDQG,EHJLQ ZLWK+LVSUDLVHDVPDQ\WLPHVDVWKHQXPEHURI+LVFUHDWXUHVLQDFFRUGDQFHZLWK+LV*RRG3OHDVXUH HTXDOWRWKHZHLJKWRI+LV7KURQHDQGHTXDOWRWKHLQNWKDWPD\EHXVHGLQUHFRUGLQJWKHZRUGVIRU+LV 3UDLVH @
>0XVOLP@ &RPPHQWDU\ 7KHUHFLWDWLRQRIWKHZRUGVTXRWHGLQWKLV+DGLWKLVKLJKO\PHULWRULRXVDQGUHZDUGLQJ EHFDXVHWKH\DUHIXOORI3UDLVHDQG*ORULILFDWLRQRI$OODK $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG 7KHVLPLOLWXGHRIRQHZKRUHPHPEHUVKLV5XEEDQGRQHZKRGRHVQRWUHPHPEHU+LPLVOLNHWKDWRI WKHOLYLQJDQGWKHGHDG
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ /DFNRIUHPHPEUDQFHRI$OODKLVDNLQWRGHDWK:KHQDSHUVRQGLHVKHLVXQDEOHWRGR DQ\WKLQJ6LPLODUO\DSHUVRQZKRGRHVQRWUHPHPEHU$OODKJRHVVRIDUIURP+LPWKDWKHFDQQRWGR DQ\WKLQJZKLFKFDQEHQHILWKLP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $OODKWKH([DOWHGVD\VC,DPDVP\VODYHH[SHFWVPHWREHDQG,DPZLWKKLPZKHQKHUHPHPEHUV 0H,IKHUHPHPEHUV0HLQZDUGO\,ZLOOUHPHPEHUKLPLQZDUGO\DQGLIKHUHPHPEHUV0HLQDQ DVVHPEO\,ZLOOUHPHPEHUKLPLQDEHWWHUDVVHPEO\LHLQWKHDVVHPEO\RIDQJHOV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,DPDVP\VODYHH[SHFWVPHWREH
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KH0XIDUULGXQKDYHJRQHDKHDG
+HZDVDVNHG:KRDUHWKH0XIDUULGXQ"
+H3%8+ UHSOLHG 7KRVHPHQDQGZRPHQZKRIUHTXHQWO\FHOHEUDWHWKHUHPHPEUDQFHRI$OODK
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJWZRSRLQWV)LUVWWKHHPLQHQFHRISOHQWLIXO UHPHPEUDQFHRI$OODK3HRSOHZKRKDYHWKLVTXDOLW\ZLOOEHDKHDGRIRWKHUVLQUHZDUGRQ WKH'D\RI -XGJHPHQW6HFRQGSHRSOHZKRUHPHPEHU$OODKDQGDUHREHGLHQWWR+LPEHWKH\PHQRUZRPHQZLOO EHUHZDUGHGHTXDOO\,QWKHPDWWHURIUHZDUGQRGLVWLQFWLRQZLOOEHPDGHRQWKHEDVLVRIWKHLUJHQGHU -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ 7KHEHVWZD\WRFHOHEUDWHWKHUHPHPEUDQFHRI$OODKLVWRVD\/DLODKDLOODOODKWKHUHLVQRWUXHJRG H[FHSW$OODK
>$W7LUPLGKL@ &RPPHQWDU\ 6LQFHWKH6KDKDGDK LVWKHEDVLVRI,VODPLWVUHSHWLWLRQLQDEXQGDQFHKDVWKHJUHDWHVW HPLQHQFH6RPHUHOLJLRXVVFKRODUVUHJDUGRQO\/DLODKDLOODOODKDVHPLQHQWZKLOHRWKHUVKROGWKDWWKH VHFRQGSDUWRILW0XKDPPDGLVWKH0HVVHQJHURI$OODK LVDOVRLQFOXGHGLQLW7KXVLQWKHLURSLQLRQ ERWKWKHVHSDUWVRIWKH6KDKDGDKVKRXOGEHUHFLWHGWRJHWKHU C$EGXOODKELQ%XVU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QHRIWKH&RPSDQLRQVVDLG2 0HVVHQJHURI$OODK7KHUHDUHPDQ\LQMXQFWLRQVRI,VODPIRUPH6RWHOOPHVRPHWKLQJWRZKLFK,PD\ KROGIDVW
+HVDLG.HHS\RXUWRQJXHZHWZLWKWKHUHPHPEUDQFHRI$OODK
>$W7LUPLGKL@ &RPPHQWDU\ 6KDUD LCLVWKHSOXUDORI6KDULCDK6KDULCDKLVLQWKHVHQVHRI 0DVKUXCDK WKDWLVWKH 'LYLQHLQMXQFWLRQV7KHVH'LYLQHLQMXQFWLRQVDUHRIYDULRXVNLQGVLHVRPHRIWKHPDUHREOLJDWRU\ VRPHGHVLUDEOHDQGVRPHYROXQWDU\7KHREOLJDWRU\RQHVDUHFRPSXOVRU\DQGWKHLUFRPSOLDQFHLV
LQGLVSHQVDEOH:KDWLVWHUPHGDV0XVWDKDEEDWGHVLUDEOHV DUHDOVRKLJKO\LPSRUWDQWIRUJDLQLQJWKH 3OHDVXUHRI$OODK6LPLODUO\YROXQWDU\DFWVDUHDPHDQVRIJHWWLQJFORVHWR$OODK2UGLQDU\SHRSOHDUH VRPHWLPHVSX]]OHGE\WKHDEXQGDQFHRIWKHODWWHUDQGZDQWWRDGKHUHWRWKHILUVWWZRWKDWLVREOLJDWLRQV DQGZKDWFRPHVLQWKHFDWHJRU\RIGHVLUDEOHV$GHVLUHWRWKLVHIIHFWLVPHQWLRQHGLQWKLV+DGLWK7KH 3URSKHW3%8+ DQVZHUHGWKHTXHU\LQWKLVPDWWHUE\VD\LQJWRWKHLQTXLUHU.HHS\RXUWRQJXHZHW ZLWKWKHUHPHPEUDQFHRI$OODK
.HHSLQJWKHWRQJXHZHWZLWKWKHUHPHPEUDQFHRI$OODKKHUHPHDQV LWVDEXQGDQWUHFLWDWLRQ,QRWKHUZRUGVRQHVKRXOGPDNHWKHUHPHPEUDQFHRI$OODKDSHUPDQHQW IHDWXUH,IRQHLVQRWDEOHWRGRPDQ\YRXOQWDU\JRRGZRUNVZKLFKVRPHSHRSOHILQGGLIILFXOWWKH UHPHPEUDQFHRI$OODKZLOOPDNHXSWKHGHILFLHQF\LQWKDWUHJDUG -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG)RUKLPZKRVD\V C6XEKDQ$OODKLZDELKDPGLKL$OODKLVIUHHIURPLPSHUIHFWLRQDQG,EHJLQZLWKSUDLVLQJ+LPDQGWR +LP DSDOPWUHHZLOOEHSODQWHGLQ-DQQDK
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
7KH\VDLG&HUWDLQO\
+H3%8+ VDLG5HPHPEUDQFHRI$OODKWKH([DOWHG
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
>$W7LUPLGKL@
&RPPHQWDU\ 6KHLNK$O$OEDQLKDVDFFHSWHGWKLV+DGLWKDV+DVDQEHFDXVHRIWKHGHIHFWLQLWV DXWKRULW\+HKDVVWDWHGWKDWWKHRULJLQDOQDUUDWLRQRILWLVZLWKRXWDQ\UHIHUHQFHWRJUDYHOVDQGVWRQHV RIIUXLWV DQGWKDWLV6DKLK
DQGKDVEHHQPHQWLRQHGE\,PDP0XVOLPLQKLV6DKLKZLWKUHIHUHQFHWR -DZDLUL\DK0D\$OODKEHSOHDVHGZLWKKHU 6HH5L\DGXV6DOLKHHQHGLWHGE\6KHLNK$O$OEDQL $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLGWR PH6KDOO,QRWJXLGH\RXWRDWUHDVXUHIURPWKHWUHDVXUHVRI-DQQDK"
,VDLG
7KHUHXSRQKH3%8+ VDLG5HFLWH C/DKDZODZDODTXZZDWDLOODELOODK 7KHUHLVQRFKDQJH RIDFRQGLWLRQQRUSRZHUH[FHSWE\$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,QWKLV+DGLWKWKHLQYRFDWLRQ/DKDZODZDODTXZZDWDLOODELOODK
KDVEHHQUHJDUGHGD WUHDVXUHRI-DQQDKRURQHRIWKHPRVWSUHFLRXVVWRUHVRI-DQQDK7KHUHDVRQIRULWVKLJKHPLQHQFHVHHPV WREHWKDWWKURXJK LWRQHPDNHVDFRQIHVVLRQRIKLVXWWHUZHDNQHVVDQGKHOSOHVVQHVVDQGDWWULEXWHVDOO SRZHUDQGDXWKRULW\WR$OODKDQGWKLVLVYHU\PXFKOLNHGE\$OODK7KLVVWDWHPHQWLVDQRXWULJKW DGPLVVLRQWKDWPDQKDVQRSRZHUDQGLIKHFDQSUHYHQWKLPVHOIIURPDQ\PLVFKLHIRUGRDQ\JRRGGHHG LWLVRQO\E\WKH:LOORI$OODKDQG+LV3HUPLVVLRQ
&+$37(5
5(0(0%5$1&(2)$//$+,1 $//&21',7,216 $OODKWKH([DOWHGVD\V 9HULO\,QWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\ WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ SUD\HUV VWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHV
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ XVHG WR UHPHPEHU$OODKDWDOOWLPHV >0XVOLP@ &RPPHQWDU\ 6XFKUHOLJLRXVVFKRODUVWDNHVXSSRUWIURPWKLV+DGLWKZKRKROGWKDWWKHUHFLWDWLRQRI WKH4XU DQLVSHUPLVVLEOHLQDVWDWHRI-DQDEDKUHVXOWLQJIURPFRLWLRQ DQGPHQVHV,PDP$O%XNKDULLV DOVRLQFOXGHGDPRQJWKRVHZKRKROGWKLVYLHZ7KH\VD\WKDWWKHZRUGVDWDOOWLPHV
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
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 2QHVKRXOGUHFLWHWKHSUD\HUPHQWLRQHGLQWKLV+DGLWKEHIRUHRQHFRKDELWVZLWKKLV ZLIH7KLVZLOOVDYHKLPDQGKLVRIIVSULQJIURPWKHHYLO HIIHFWRI6DWDQ%XWLWPXVWEHERUQHLQPLQG WKDWWKLVSUD\HULVWREHUHFLWHGEHIRUHWKHLQWHUFRXUVHDQGQRWGXULQJLW
&+$37(5
6833/,&$7,21$77+(7,0(2) *2,1*72%('$1':$.,1*83 +XGKDLIDKDQG$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHU RI$OODK3%8+ ZHQWWREHGKHZRXOGVXSSOLFDWH%LVPLND$OODKXPPDDPXWZDDK\D:LWK
DQGZKHQKHZRNHXSKHZRXOGVXSSOLFDWHWKXV$OKDPGX OLOODKLOODGKLDK\DQDEDCGDPDDPDWDQDZDLODLKLQQXVKXU$OOSUDLVHEHORQJVWR$OODK:KRKDVUHVWRUHG XVEDFNWROLIHDIWHUFDXVLQJXVWRGLHDQGWR+LPVKDOOZHUHWXUQ
>$O%XNKDUL@ &RPPHQWDU\ 7KHJUHDWHVWEHQHILWRIVXFK'XCDLVWKDWRQHDOZD\VUHPHPEHUV$OODKDQGNHHSV+LP DOOWKHWLPHLQPLQG
&+$37(5
7+((;&(//(1&(2) *$7+(5,1*,1:+,&+$//$+ ,65(0(0%(5(' $OODKWKH([DOWHGVD\V $QGNHHS\RXUVHOI20XKDPPDG3%8+ SDWLHQWO\ZLWKWKRVHZKRFDOORQWKHLU5XEELH \RXUFRPSDQLRQVZKRUHPHPEHUWKHLU5XEEZLWKJORULILFDWLRQSUDLVLQJLQSUD\HUVDQGRWKHU ULJKWHRXVGHHGV PRUQLQJDQGDIWHUQRRQVHHNLQJ+LV)DFHDQGOHWQRW\RXUH\HVRYHUORRNWKHP
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $OODKWKH([DOWHGKDVWHDPVRIDQJHOVZKRJRDERXWRQWKHURDGVVHHNLQJWKRVHZKRUHPHPEHU$OODK :KHQWKH\ILQGVRPHSHRSOHUHPHPEHULQJ$OODKWKH\FDOOWRRQHDQRWKHUDQGVD\C&RPHWRZKDW\RX DUHORRNLQJIRU DQGWKH\VXUURXQGWKHPZLWKWKHLUZLQJVWLOOWKHVSDFHEHWZHHQWKHPDQGWKHORZHVW VN\LVIXOO\FRYHUHG$OODKWKH([DOWHGDQG*ORULRXVDVNVWKHPDOWKRXJK+HLVEHVWLQIRUPHGDERXW HYHU\WKLQJ C:KDWDUHP\VODYHVD\LQJ" 7KH\VD\C7KH\DUHJORULI\LQJ
>$O%XNKDULDQG0XVOLP@
7KHQDUUDWLRQLQ0XVOLPLVDOVRWKHVDPHZLWKPLQRUFKDQJHVLQZRUGLQJV &RPPHQWDU\ :KDWNLQGRIFLUFOHVDQGJDWKHULQJVRIUHPHPEUDQFHRI$OODKDUHUHIHUUHGWRKHUH" 2EYLRXVO\QRWWKRVHLQZKLFK$OODKLVUHPHPEHUHGLQWKHZD\VLQYHQWHGE\WKHSDUWLFLSDQWVWKHPVHOYHV LHUHSHWLWLRQRIWKHVORJDQV$OODK+X
+DT$OODK
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
7KH\UHSOLHG:HDUHVLWWLQJKHUHWRUHPHPEHU$OODK
+HVDLG,DGMXUH\RXE\$OODKWR WHOOPHZKHWKHUQRWKLQJHOVHKDVPDGH\RXWRVLWWRJHWKHU
7KH\UHSOLHG%\$OODK:HDUHVLWWLQJ RQO\WRUHPHPEHU$OODK
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKOLNHWKRVHSUHFHGLQJLWPHQWLRQVWKHPHULWVRIWKHPHHWLQJVZKLFKDUH KHOGIRUWKHUHPHPEUDQFHRI$OODKDVZHOODVWKHGLVWLQFWLRQRIWKRVHZKRSDUWLFLSDWHLQWKHP
&+$37(5
5(0(0%5$1&(2)$//$+,1 7+(0251,1*$1',17+( (9(1,1* $OODKWKH([DOWHGVD\V $QGUHPHPEHU\RXU5XEEE\\RXUWRQJXHDQGZLWKLQ\RXUVHOIKXPEO\DQGZLWKIHDUDQG ZLWKRXWORXGQHVVLQZRUGVLQWKHPRUQLQJVDQGLQWKHDIWHUQRRQVDQGEHQRWRIWKRVHZKRDUH QHJOHFWIXO
$QGGHFODUHWKHSHUIHFWQHVVRI\RXU5XEEEHIRUHWKHULVLQJRIWKHVXQDQGEHIRUHLWVVHWWLQJ
$QGGHFODUHWKHSHUIHFWQHVVRI\RXU5XEEDQGSUDLVH+LPLQWKHC$VKLLHWKHWLPHSHULRGDIWHU WKHPLGQRRQWLOOVXQVHW DQGLQWKH,ENDULHWKHWLPHSHULRGIURPHDUO\PRUQLQJRUVXQULVHWLOO EHIRUHPLGQRRQ
,QKRXVHVPRVTXHV ZKLFK$OODKKDVRUGHUHGWREHUDLVHGWREHFOHDQHGDQGWREHKRQRXUHG LQWKHP+LV1DPHLVPHQWLRQHGLQWKHPRUQLQJVDQGLQWKHDIWHUQRRQVRUWKHHYHQLQJV0HQ ZKRPQHLWKHUWUDGHQRUVDOHGLYHUWVIURPWKHUHPHPEUDQFHRI$OODKZLWKKHDUWDQGWRQJXH
9HULO\:HPDGHWKHPRXQWDLQVWRGHFODUHWKH3HUIHFWQHVVRI$OODKZLWKKLP>'DZXG'DYLG @LQ WKHC$VKLLHDIWHUWKHPLGGD\WLOOVXQVHW DQG,VKUDTLHDIWHUWKHVXQULVHWLOOPLGGD\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG +HZKRUHFLWHVLQWKHPRUQLQJDQGLQWKHHYHQLQJWKHVWDWHPHQWC6XEKDQ$OODKLZDELKDPGLKL$OODK LVIUHHIURPLPSHUIHFWLRQDQG,EHJLQZLWKSUDLVLQJ+LP RQHKXQGUHGWLPHVZLOOQRWEHVXUSDVVHGRQ WKH'D\RI5HVXUUHFWLRQE\DQ\RQHZLWKEHWWHUGHHGVWKDQRQHZKRXWWHUVWKHVDPHZRUGVRUXWWHUVPRUH RIWKHVHZRUGV
>0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$PDQFDPHWRWKH3URSKHW3%8+ DQGVDLG:KDWDWURXEOH,VXIIHUHGIURPDVFRUSLRQZKLFKVWXQJPHODVWQLJKW
+H3%8+ VDLG+DG \RXVDLGLQWKHHYHQLQJC$CXGKXELNDOLPDWLOODKLWWDPPDWLPLQVKDUULPDNKDODTD,VHHNWKHSURWHFWLRQ RI$OODK V3HUIHFW:RUGVIURPWKHHYLORIZKDWHYHU+HKDVFUHDWHG LWZRXOGQRWKDYHKDUPHG\RX
>0XVOLP@ &RPPHQWDU\ .DOLPDWPHDQVWKH:RUGVRI$OODK+LV'HFLVLRQVDQG+LV3RZHU$W7DPDWEHLQJIUHH IURPHYHU\GHIHFWDQGVKRUWFRPLQJ7KXVLWPHDQV,VHHNWKHSURWHFWLRQRI$OODKE\PHDQVRI IDXOWOHVV:RUGV'HFLVLRQVDQG3RZHURI$OODKIURPWKHPLVFKLHIRIHYHU\OLYLQJEHLQJ
,WLVWKHEHVW SUD\HUIRUSURWHFWLRQIURPGDQJHURXVDQLPDOVLQVHFWVDQGSHRSOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ XVHGWRVD\LQWKH PRUQLQJ$OODKXPPDELNDDVEDKQDZDELNDDPVDLQDZDELNDQDK\DZDELNDQDPXWXZDLODLNDQ QXVKXU2$OODK:LWK
,QWKHHYHQLQJKHZRXOG VD\$OODKXPPDELNDDPVDLQDZDELNDQDK\DZDELNDQDPXWXZDLODLNDQQXVKXU2$OODK:LWK
UHWXUQ
>$W7LUPLGKLDQG$EX'DZXG@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$EX%DNUDVNHG20HVVHQJHURI $OODK7HDFKPHVRPHZRUGVVRWKDW,PD\UHFLWHWKHPLQWKHPRUQLQJDQGLQWKHHYHQLQJ
7KH 0HVVHQJHURI$OODK3%8+ VDLG5HFLWHWKHVHZRUGVC$OODKXPPDIDWLUDVVDPDZDWLZDODUGLCDOLPDO JKDLELZDVKVKDKDGDWL5DEEDNXOOLVKDL LQZDPDOLNDKX$VKKDGXDQODLODKDLOOD$QWDDCXGKXELND PLQVKDUULQDIVL ZDVKDUULVK6KDLWDQLZDVKLUNLKL2$OODK&UHDWRURIWKHKHDYHQVDQGWKHHDUWK .QRZHURIWKHKLGGHQDQGWKHH[SRVHG5XEERIHYHU\WKLQJDQGHYHU\RQH,EHDUZLWQHVVWKDWQRQHKDV WKHULJKWWREHZRUVKLSSHGEXW
7KH0HVVHQJHURI$OODK3%8+ DGGHG 5HFLWHWKHVHZRUGVLQWKHPRUQLQJDQGWKHHYHQLQJDQGZKHQ\RXJRWREHG
>$EX'DZXGDQG$W7LUPLGKL@ C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQLWZDVHYHQLQJWKH 3URSKHW3%8+ XVHGWRVXSSOLFDWH$PVDLQDZDDPVDOPXONXOLOODKZDOKDPGXOLOODK/DCLODKD LOODOODKXZDKGDKXODVKDULNDODKX:HKDYHHQWHUHGXSRQHYHQLQJDQGWKHZKROHNLQJGRPRI$OODKWRR KDVHQWHUHGXSRQHYHQLQJ3UDLVHLVGXHWR$OODK7KHUHLVQRQHZKRKDVWKHULJKWWREHZRUVKLSHGEXW $OODKWKH2QHZKRKDVQRSDUWQHUZLWK+LP
+HWKHQDUUDWRU VDLG,WKLQNWKDWKH3%8+ XVHGWR IROORZWKHUHFLWDWLRQZLWKWKHVHZRUGV/DKXOPXONXZDODKXOKDPGXZD+XZDCDODNXOOLVKL LQ 4DGLU5DEELDV DOXNDNKDLUDPDILKDGKLKLOODLODWLZDNKDLUDPDEDCGDKDZDDCXGKXELNDPLQVKDUUL PDILKDGKLKLOODLODWLZDVKDUULPDEDCGDKD5DEELDCXGKXELNDPLQDONDVDOLZDVX LONLEDUL5DEEL DCXGKXELNDPLQCDGKDELQILQQDULZDCDGKDELQILOTDEUL+LVLVWKHVRYHUHLJQW\DQGWR+LPLVDOOSUDLVH GXHDQG+HLV2PQLSRWHQW0\5XEE,EHJRI\RXJRRGWKDWOLHVLQWKLVQLJKWDQGJRRGWKDWIROORZVLW DQG,VHHNUHIXJHLQ
:KHQLWZDVPRUQLQJKH 3%8+ ZRXOGUHFLWHWKHVDPHUHSODFLQJWKH ZRUGV:HKDYHHQWHUHGXSRQHYHQLQJDQGWKHZKROH NLQJGRPRI$OODKWRRKDVHQWHUHGXSRQHYHQLQJ
ZLWK:HKDYHHQWHUHGXSRQPRUQLQJDQGWKHZKROH NLQJGRPRI$OODKHQWHUHGXSRQPRUQLQJ
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 5HFLWH6XUDW$O,NKODVDQG$O0XCDZZLGKDWDLQ6XUDW$O)DODTDQG6XUDW$Q1DV WKUHHWLPHVDWGDZQDQGGXVN,WZLOOVXIILFH\RXLQ DOOUHVSHFWV
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
>$EX'DZXGDQG$W7LUPLGKL@
&RPPHQWDU\ 7KHSUD\HUFLWHGLQWKLV+DGLWKPHDQVWKDW,VHHNWKH3URWHFWLRQRI$OODKE\PHDQVRI ZKLFKRQHFDQVDYHKLPVHOIIURPHYHU\YLFHZKHWKHULWLVDQDQLPDORUPDQDMLQQRU6DWDQEHFDXVH+H LV$ZDUHRIHYHU\RQH VFRQGLWLRQDQG&DSDEOHRIKHDULQJHYHU\ERG\ VSHWLWLRQ+HZKRFRPHVLQ+LV 3URWHFWLRQQRQHFDQKDUPKLPH[FHSWWKDWZKLFK+HZLOOV
&+$37(5
6833/,&$7,21%()25( *2,1*72%(' $OODKWKH([DOWHGVD\V 9HULO\,QWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGLQWKHDOWHUQDWLRQRIQLJKWDQGGD\ WKHUHDUHLQGHHGVLJQVIRUPHQRIXQGHUVWDQGLQJ7KRVHZKRUHPHPEHU$OODKDOZD\VDQGLQ SUD\HUV VWDQGLQJVLWWLQJDQGO\LQJGRZQRQWKHLUVLGHVDQGWKLQNGHHSO\DERXWWKHFUHDWLRQRI WKHKHDYHQVDQGWKHHDUWK
+XGKDLIDKDQG$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ XVHGWRVXSSOLFDWHZKHQKHZHQWWREHGDWQLJKW%LVPLN$OODKXPPDDK\DZDDPXW:LWK
>$O%XNKDUL@ &RPPHQWDU\ (YHU\SHUVRQVOHHSVDWQLJKWDQGJHWVXSLQWKHPRUQLQJ7KXVLQDZD\VOHHSLVGHDWK DQGUHDZDNHQLQJLVJDLQLQJOLIHDJDLQ7KLVOLIHDQGGHDWKOLNHWKHOLWHUDOOLIHDQGGHDWKOLHLQWKH+DQGV RI$OODK7KHSUD\HUFLWHGLQWKLV+DGLWKHQJUDYHVWKLVFRQFHSWLQPLQGDQGZKHQRQHUHFDOOVLWHYHU\ QLJKWLWUHPDLQVDOLYHLQKLVPLQGWKDWWKLVOLIHLVIRU$OODKDQG,DPDOLYHZLWK+LV:LOO:KHQHYHU+H ZLOOVWKH OLJKWRIP\OLIHZLOOEHH[WLQJXLVKHG7KHUHIRUH,VKRXOGVSHQGWKHVHIHZGD\VRIOLIHOHQWWR PHE\+LPLQDFFRUGDQFHZLWK+LV:LOODQGQRWLQ+LVGLVREHGLHQFH
C$OL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLGWRPHDQG WR)DWLPDK0D\$OODKEHSOHDVHGZLWKKHU $OL VZLIHDQGWKH3URSKHW VGDXJKWHU :KHQ\RXJRWR EHGUHFLWH7DNELU$OODKX$NEDU WKLUW\WKUHHWLPHVDQG7DVELK6XEKDQ$OODK WKLUW\WKUHHWLPHVDQG 7DKPLG$OKDPGXOLOODK WKLUW\WKUHHWLPHV
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG5HFLWH7DVELKWKLUW\IRXUWLPHV
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG5HFLWH7DNELUWKLUW\IRXUWLPHV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,WLVDSSDUHQWIURPWKHGLIIHUHQFHLQWKHQDUUDWLRQVRIWKLV+DGLWKWKDWWKHDJJUHJDWHRI WKHZRUGLQJVKDVWREHRQHKXQGUHG)RUWKLVSXUSRVHRQHRIWKHVHLQYRFDWLRQVVKRXOGEHUHFLWHGWKLUW\ IRXUWLPHV,WZLOOEHTXLWHLQRUGHULIRQHUHFLWHVHLWKHURIWKHWKUHHIRUWKLUW\IRXUWLPHVEHFDXVHWKH $KDGLWKRQWKHVXEMHFWVD\WKLVQXPEHUIRUDQ\RIWKHP,QWKLVFRQQHFWLRQWZR$KDGLWKKDYHEHHQ PHQWLRQHGE\,PDP$Q1DZDZLDQGWKHUHFLWLQJRI$OKDPGXOLOODK
WKLUW\IRXUWLPHVRFFXUVLQ$Q 1DVD L7KLVIRUPXODRI*ORULILFDWLRQ3UDLVHDQG(OHYDWLRQRI$OODK V1DPHLVWREHUHFLWHGDIWHUHYHU\ REOLJDWRU\6DODWDQGEHIRUHJRLQJWREHG $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RI\RXJRHVWREHGKHVKRXOGVKDNHRIIRUGXVWRII KLVEHGVKHHWEHFDXVHKHGRHVQRWNQRZ ZKDWPLJKWKDYHIDOOHQRQLWDIWHUKHKDGOHIWLW7KHQKHVKRXOGUHFLWHC%LVPLND5DEELZDGDCWXMDQEL ZDELNDDUIDCXKXLQDPVDNWDQDIVLIDUKDPKDZDLQDUVDOWDKDIDKID]KDELPDWDKID]XELKLCLEDGDNDV VDOLKLQ>:LWK
>$O%XNKDULDQG0XVOLP@
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
WKH6XUDKZKLFKJLYHSURWHFWLRQ DUHWKHWKUHH6XUDKRIWKH4XU DQ ZKLFKKDYHEHHQPHQWLRQHGLQWKLV+DGLWK7KH\DUHVRQDPHGEHFDXVHWKHUHTXHVWIRUJUDQWLQJRI SURWHFWLRQLVPDGHWR$OODKE\PHDQVRIWKHP7KHODVWWZR6XUDKRIWKH4XU DQWKDWLV6XUDW$O)DODT DQG6XUDW$Q1DVDUHFDOOHG$O0XCDZZLGKDWDLQ
ZKLFKPHDQV7ZR6XUDKZKLFKJLYHSURWHFWLRQ
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLPSUHVVHVXSRQXVWKDW$OPLJKW\$OODKLVVXIILFLHQWIRUPDQNLQG7KDWLV +HVDYHVXVIURPRXUHQHPLHVJLYHVXVVXVWHQDQFHDQGSURYLGHVXVIDFLOLWLHVRIUHVLGHQFHDQGOLYLQJ 'XHWKDQNVVKRXOGEHDGGUHVVHGWR+LP DORQH +XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK 3%8+ LQWHQGHGWRJRWRVOHHSKHZRXOGSODFHKLVULJKWKDQGXQGHUKLVULJKW FKHHNDQGVXSSOLFDWH $OODKXPPDTLQL CDGKDEDND\DXPDWDECDWKXCLEDGDND2$OODK*XDUGPHDJDLQVW
>$W7LUPLGKL@ ,QDQDUUDWLRQLQ$EX'DZXG+DIVDK0D\$OODKEHSOHDVHGZLWKKHU VDLG%HIRUHJRLQJWRVOHHS WKH0HVVHQJHURI$OODK3%8+ ZRXOGUHFLWHWKLV'XCDWKUHHWLPHV &RPPHQWDU\ 7KLV+DGLWKKDVDZDUQLQJWKDWRQHVKRXOGQHYHUEHXQPLQGIXORI$OODK V:UDWK,Q IDFWRQHVKRXOGDOZD\VVHHN$OODK V3URWHFWLRQDQGGRVXFKYLUWXRXVGHHGVZKLFKSOHDVH+LPVRWKDW RQHPD\EHVDYHGIURPWKH'LYLQHUHWULEXWLRQ RQWKH'D\RI-XGJHPHQW
7+(%22.2)'8C$ 6833/,&$7,216 &+$37(5
,668(65(*$5',1* 6833/,&$7,2167+(,5 9,578(6 6833/,&$7,2162) 7+(3523+(73%8+ $OODKWKH([DOWHGVD\V $QG\RXU5XEEVDLGC,QYRNH0H>LHEHOLHYHLQ0\2QHQHVV,VODPLF0RQRWKHLVP @DQGDVN 0HIRUDQ\WKLQJ ,ZLOOUHVSRQGWR\RXULQYRFDWLRQ
,QYRNH\RXU5XEEZLWKKXPLOLW\DQGLQVHFUHW+HOLNHVQRWWKHDJJUHVVRUV
$QGZKHQ0\VODYHVDVN\RX20XKDPPDG3%8+ FRQFHUQLQJ0HWKHQDQVZHUWKHP , DPLQGHHGQHDUWRWKHPE\0\.QRZOHGJH ,UHVSRQGWRWKHLQYRFDWLRQVRIWKHVXSSOLFDQWZKHQ KHFDOOVRQ0HZLWKRXWDQ\PHGLDWRURULQWHUFHVVRU
,VQRW+HEHWWHUWKDQ\RXUJRGV :KRUHVSRQGVWRWKHGLVWUHVVHGRQHZKHQKHFDOOVRQ+LP DQG:KRUHPRYHVWKHHYLO"
$Q1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG 'XCDVXSSOLFDWLRQ LVZRUVKLS
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
>$O%XNKDULDQG0XVOLP@ ,QWKHQDUUDWLRQRI0XVOLPLWLVDGGHGWKDWZKHQHYHU$QDVVXSSOLFDWHGKHXVHGWREHVHHFK$OODKZLWK WKLV'XCD &RPPHQWDU\ ,WLVGHVLUDEOHWRUHFLWHWKLV'XCDZKLFKLVPHQWLRQHGLQWKH4XU DQ DQGZKLFK FRPSUHKHQGVDOOWKDWLVJRRGERWKLQWKLVOLIHDQGWKH+HUHDIWHU7KH3URSKHW3%8+ PDGHLWDKDELWWR UHFLWHWKLV'XCDDQGWKH&RPSDQLRQVZHUHHDJHUWRIROORZKLPLQDOOKLVZRUGVDQGDFWLRQV
C$EGXOODKELQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ XVHGWR VXSSOLFDWH$OODKXPPDLQQLDV DOXNDOKXGDZDWWXTDZDOCDIDIDZDOJKLQD2$OODK,EHVHHFK
>0XVOLP@ &RPPHQWDU\ *XLGDQFH
PHDQVJXLGDQFHWRZDUGVYLUWXHZKLFKRQHQHHGVDWHYHU\VWHS7KHDELOLW\ WRGRJRRGDQGVWHDGIDVWQHVVRQWKH5LJKW3DWKLVDOVRFRYHUHGE\WKHWHUPJXLGDQFH7RFRPSO\ZLWK WKH2UGHUVRI$OODKDQGWRSUHYHQWRQHVHOIIURPZKDW+HKDVIRUELGGHQLV7DTZDIHDURI$OODK WKH LPSRUWDQFHRIZKLFKQHHGVQRHODERUDWLRQC$IIDI LVSUHYHQWLRQIURPVLQV,WDOVRPHDQVHYDVLRQIURP VHHNLQJKHOSIURPRWKHUV*KLQD PHDQVULFKHVZKLFKPDNHVRQHLQGHSHQGHQWRIRWKHUVVRPXFKVRWKDW DOORQH VKRSHVDUHFHQWHUHGRQ$OODK$ORQH7KHSUD\HUTXRWHGLQWKLV+DGLWKLVYHU\FRPSUHKHQVLYH LQGHHG 7DULTELQ$VK\DP0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUDPDQHQWHUHGWKHIROG RI,VODPWKH3URSKHW3%8+ ZRXOGVKRZKLPKRZWRSHUIRUP6DODWDQGWKHQGLUHFWKLPWRVXSSOLFDWH $OODKXPPDJKILUOL ZDUKDPQLZDKGLQL ZDCDILQL ZDU]XTQL 2$OODK)RUJLYHPHKDYHPHUF\RQ PHJXLGHPHJXDUGPHDJDLQVWKDUPDQGSURYLGHPHZLWKVXVWHQDQFHDQGVDOYDWLRQ
>0XVOLP@ ,QDQRWKHUQDUUDWLRQ7DULTVDLG$PDQFDPHWRWKH3URSKHW3%8+ DQGVDLGWRKLP20HVVHQJHU RI$OODK:KDWVKDOO,VD\LI,ZDQWWRSUD\WRP\5XEE"
+H3%8+ VDLG6D\C$OODKXPPDJKILUOL ZDUKDPQL ZDCDILQL ZDU]XTQL 2$OODK)RUJLYHPHKDYHPHUF\RQPHSURWHFWPHDQGSURYLGHPH ZLWKVXVWHQDQFH 6XUHO\WKLVVXSSOLFDWLRQLVEHWWHUIRU\RXLQWKLVOLIHDQGLQWKH+HUHDIWHU
C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VXSSOLFDWHG$OODKXPPDPXVDUULIDOTXOXELVDUULITXOXEDQDCDODWDCDWLND2$OODK &RQWUROOHURIWKHKHDUWVGLUHFWRXUKHDUWVWR
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHWURXEOHRIDWULDOZKLFKLVXQEHDUDEOHIRUDSHUVRQDQGIURP ZKLFKKHGRHVQRW KDYHWKHSRZHUWRULGKLPVHOILVFDOOHGMXKGDOEDOD WUDQVODWHGKHUHDVCWXUPRLOV 6RPHSHRSOHDUHRI WKHRSLQLRQWKDWLWLVV\QRQ\PRXVZLWKSRYHUW\FRPELQHGZLWKDEXQGDQWFKLOGUHQ%XW$O+DIL],EQ +DMDULVRIWKHYLHZWKDWLWLVRQO\RQHRIWKHVHYHUDONLQGVRI7URXEOHVRID7ULDO
$VK6KDTD LVWKH RSSRVLWHRIJRRGIRUWXQHWKDWLVWRSUD\IRUSURWHFWLRQIURPPLVIRUWXQH1R'HFLVLRQRI$OODKLVZURQJ EXWVRPHRI+LV'HFLVLRQVPD\EHKDUPIXOIRUFHUWDLQSHRSOHZKLOHRWKHUVDUH EHQHILFLDOIRUWKHP7KLV PHDQVWKDWWKHLUJRRGQHVVRUEDGQHVVLVUHODWHGWRSHUVRQV:KDWLWVLJQLILHVLVWKDWRQHVKRXOGSUD\WR $OODKWRNHHSRQHVDIHIURPVXFKGHFLVLRQVZKLFKDUHKDUPIXOIRUKLP6KDPDWDW
WKHSOHDVXUHWKDW RQH VHQHP\IHHOVRQRQH VWURXEOH,QRWKHUZRUGVLWLVSUD\HGWKDW$OODKPD\SURWHFWRQHIURPDQ\ VXFKWURXEOHZKLFKLVSOHDVLQJWRRQH VHQHP\EHFDXVHZKHQDSHUVRQLVLQWURXEOHKLVHQHPLHVIHHO SOHDVXUHRYHULW,QWKLV+DGLWKRQHVHQWHQFHZDVDGGHGE\$EX6XI\DQDQGGXULQJKLVROGDJHKHGLG QRWUHPHPEHUZKLFKRQHLWZDV%XWZHOHDUQIURPRWKHU$KDGLWKWKDWLWZDVWKHSOHDVXUHRIHQHPLHV
,EQC$OODQ 7KLV+DGLWKDOVRVKRZVWKHKRQHVW\DQGLQWHJULW\RIWKHQDUUDWRUVRI$KDGLWK7KH\ZHUH KRQHVWWRWKHH[WHQWWKDWLI DIHZZRUGVRIVXSSOLFDWLRQZHUHDGGHGWRD+DGLWKE\LWVQDUUDWRUVWKH\ ZRXOGSRLQWLWRXW6RPHVFKRODUVKDYHUHJDUGHGWKHVHZRUGVDQDGGLWLRQLQWKH+DGLWKE\LWVQDUUDWRU ZKRLVRWKHUZLVHUHOLDEOHEXWLWLVQRWDSUREOHPRIDGGLWLRQRIDXWKRULW\
EHFDXVHLQWKDWFDVHWKH DGGLWLRQLVWKHVD\LQJRIWKH3URSKHW3%8+ ZKLFKLVPHQWLRQHGE\RQHQDUUDWRUDQGRPLWWHGE\ DQRWKHU%XWKHUHLWLVTXLWHGLIIHUHQWDVWKHQDUUDWRURIWKH+DGLWKKLPVHOILVSRLQWLQJRXWWKHDGGLWLRQ PDGHE\KLP6XFKDGGLWLRQDOZRUGVDUHWHFKQLFDOO\FDOOHG0XGUDM
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
>0XVOLP@ &RPPHQWDU\ 7KLVLVDYHU\FRPSUHKHQVLYHSUD\HUZKLFKVLPSO\PHDQV2$OODK +HOSPHVSHQGDOO P\OLIHLQFRPSOHWHGHYRWLRQWR
C$OL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLGWRPH 5HFLWHC$OODKXPPDKGLQLZDVDGGLGQL 2$OODK'LUHFWPHWRWKH5LJKW3DWKDQGPDNHPHDGKHUHWR WKH6WUDLJKW3DWK
$QRWKHUQDUUDWLRQLVC$OODKXPPDLQQLDV DOXNDOKXGDZDVVDGDG,EHJ
>0XVOLP@ &RPPHQWDU\ $V6DGDG
PHDQVFRUUHFWQHVVDQGXSULJKWQHVV+HUHLWVLJQLILHVSOHDVHJUDQWPHWKH DELOLW\WRGRHYHU\WKLQJLQDFRUUHFWPDQQHU
WKDWLVLQDFFRUGDQFHZLWKWKHSUDFWLFHRIWKH3URSKHW 3%8+ 6RPHVFKRODUVRI+DGLWKKDYHLQWHUSUHWHGLWDVVWHDGIDVWQHVVDQGPRGHUDWLRQ%RWK LQWHUSUHWDWLRQVDFFRUGZHOOZLWKLWVRULJLQDOPHDQLQJV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR VXSSOLFDWH$OODKXPPDLQQLDCXGKXELNDPLQDODM]LZDONDVDOLZDOMXEQLZDOKDUDPLZDOEXNKOLZD DCXGKXELNDPLQCDGKDELOTDEULZDDCXGKX ELNDPLQILWQDWLOPDK\DZDOPDPDW>2$OODK,VHHNUHIXJH LQ
$QRWKHUQDUUDWLRQDGGV ZDGDODCLGGDLQLZDJKDODEDWLUULMDO$QGIURPWKHEXUGHQRILQGHEWHGQHVVDQGWKHW\UDQQ\RIPHQ
>0XVOLP@ $EX%DNU$V6LGGLT0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,UHTXHVWHGWKH0HVVHQJHURI $OODK3%8+ WRWHDFKPHDVXSSOLFDWLRQZKLFK,FRXOGUHFLWHLQP\6DODWSUD\HU 7KHUHXSRQKHVDLG 5HFLWHC$OODKXPPDLQQL]DODPWXQDIVL]XOPDQNDWKLUDQZDOD\DJKILUXGKGKXQXEDLOOD$QWDIDJKILUOL PDJKILUDWDQPLQCLQGLNDZDUKDPQL LQQDND$QWDO*KDIXUXU5DKLP2$OODK,KDYHFRQVLGHUDEO\ ZURQJHGP\VHOI7KHUHLVQRQHWRIRUJLYHWKHVLQVEXW
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KH3URSKHW3%8+ ZDVVLQOHVVEXWVWLOOKHSUD\HGHDUQHVWO\WR$OODKIRUWKH IRUJLYHQHVVRIKLVVKRUWFRPLQJV,QIDFWKHGLGVRWRHGXFDWHKLVIROORZHUV7KLVSUD\HULVDQ H[SUHVVLRQ RIRQH VXWWHUKXPEOHQHVVDQGVLQFHUHUHSHQWDQFHRIVLQV
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ XVHGWRVXSSOLFDWHLQ WKHVHZRUGV $OODKXPPDLQQLDXGKXELNDPLQVKDUULPDCDPLOWXZDPLQVKDUULPDODPDCPDO2 $OODK,VHHNUHIXJHLQ
>0XVOLP@ &RPPHQWDU\ 7KLVSUD\HULVDOVRYHU\FRPSUHKHQVLYH6RPHWLPHVDSHUVRQGRHVDYLUWXRXVGHHGEXWLW LVWDLQWHGZLWKVOLJKWK\SRFULV\RUSULGH,WLVDQHOHPHQWZKLFKGHVWUR\VHYHQWKHPRVWYLUWXRXVGHHGV ,WLVWKLVPLVFKLHIDJDLQVWZKLFK$OODK V3URWHFWLRQKDVEHHQVRXJKWWKURXJKWKLVSUD\HU C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK 3%8+ XVHGWRVXSSOLFDWHWKXV$OODKXPPDLQQLDCXGKXELNDPLQ]DZDOLQLCPDWLNDZDWDKDZZXOL CDIL\DWLNDZDIXMD DWLQLTPDWLNDZDMDPLCLVDNKDWLND2$OODK,VHHNUHIXJHLQ
>0XVOLP@ &RPPHQWDU\ 7KLVLVDOVRDYHU\FRPSUHKHQVLYHSUD\HU$OODKKDVEOHVVHGPDQZLWKLQQXPHUDEOH JLIWV2QHEHFRPHVFRQVFLRXVRIWKHPZKHQRQHLVGHSULYHGRIDQ\RIWKHPKHQFHLWLVVDLGWKDWWKH YDOXHRIDEOHVVLQJLVUHDOL]HGDWLWVORVV)RUH\HVHDUVWRQJXHKHDOWKSURSHUW\FKLOGUHQDQGVXFK FRXQWOHVVEOHVVLQJVZHRZHJUDWLWXGHWR$OODK,QWKHSUD\HUFLWHGLQWKLV+DGLWKRQHHQWUHDWV$OODKQRW WRGHSULYHRIDQ\EOHVVLQJJLYHQ WRKLPC$IL\DKPHDQVVDIHIURPGLVHDVHJULHIDQGWURXEOHV3DVVLQJ RIWKHVDIHW\C$IL\DK
VLJQLILHVWKHFKDQJHIURPDVWDWHRIJRRGKHDOWKWRDVWDWHRILOOQHVVDQG ZHDNQHVVRUWKDWRQHLVRYHUWDNHQE\WURXEOHVDQGDIIOLFWLRQV =DLGELQ$UTDP 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZRXOGVXSSOLFDWH$OODKXPPDLQQLDCXGKXELNDPLQDOCDM]LZDONDVDOLZDOEXNKOLZDOKDUDPLZD CDGKDELOTDEUL$OODKXPPDDWLQDIVLWDTZDKDZD]DNNLKD$QWDNKDLUXPDQ]DNNDKD$QWDZDOL\\XKD ZDPDXODKD$OODKXPPDLQQLDCXGKXELNDPLQCLOPLQOD\DQIDXCZDPLQTDOELQOD\DNKVKDCXZDPLQ QDIVLQODWDVKEDCXZDPLQGDCZDWLQOD\XVWDMDEXODKDC>2$OODK,VHHNUHIXJHLQ
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKFRQWDLQVWKHSUD\HUIRUIHDURI$OODKEHQHILFLDONQRZOHGJHWKDWLVWKH NQRZOHGJHRIWKH4XU DQDQG+DGLWK SDWLHQFHDQGFRQWHQWPHQW ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ XVHGWR VXSSOLFDWH$OODKXPPDODNDDVODPWXZDELNDDPDQWXZDCDODLNDWDZDNNDOWXZDLODLNDDQDEWXZD ELNDNKDVDPWXZDLODLNDKDNDPWX)DJKILUOLPDTDGGDPWXZDPDDNKNKDUWXZDPDDVUDUWXZDPD DCODQWX$QWDO0XTDGGLPXZD$QWDO0XCDNKNKLUXODLODKDLOOD$QWD2$OODKWR
$QRWKHUQDUUDWLRQDGGV/DKDZODZDODTXZZDWDLOOD ELOODK7KHUHLVQRVWUHQJWKWRUHVLVWHYLODQGQRSRZHUWRGRJRRGH[FHSWWKURXJK$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHSUD\HUPHQWLRQHGLQWKLV+DGLWKLVLQIDFWD0XVOLP VGHFODUDWLRQWRWXUQLQHYHU\ PDWWHUWR$OODKDQGWRFDUHDERXW+LV3OHDVXUHDQG+LV2UGHUVUHJDUGLQJHYHU\DFW,WLVDOVRD GHFODUDWLRQWREHIULHQGSHRSOHIRU+LVVDNHDQGWRVKRZHQPLW\WRZDUGVSHRSOHIRU+LPDORQH0D\ $OODKJLYHHYHU\0XVOLPWKHDELOLW\WRPDNHWKLVSUD\HUDQGWRDFWDFFRUGLQJWRWKHGHFODUDWLRQWKDWKH PDNHVWKURXJKLW
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH3URSKHW3%8+ XVHGWRVXSSOLFDWH $OODKXPPDLQQLDCXGKXELNDPLQILWQDWLQQDULZDCDGKDELQQDULZDPLQVKDUULOJKLQDZDOIDTUL2 $OODK,VHHNUHIXJHLQ
>$EX'DZXGDQG $W7LUPLGKL@ &RPPHQWDU\ 7KHHYLOVRIZHDOWK
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KHSUD\HULVUHFLWHGWRVHHN$OODK V+HOSLQVKXQQLQJEDGPDQQHUVDQGREVHUYLQJJRRG PDQQHUVDQGULJKWHRXVGHHGV 6KDNDOELQ+XPDLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHG20HVVHQJHURI$OODK WHDFKPHDSUD\HU
+H3%8+ VDLG6D\$OODKXPPDLQQLDCXGKXELNDPLQVKDUULVDPCL ZDPLQ VKDUULEDVDUL ZDPLQVKDUULOLVDQL ZDPLQVKDUULTDOEL ZDPLQVKDUULPDQL\\L 2$OODK,VHHNUHIXJH LQ
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KHHYLOPLVFKLHIRIHDUVOLHVLQOHQGLQJWKHPWROLHVFDOXPQLHVEDFNELWLQJDQGRWKHU IRUELGGHQWKLQJVPXVLFHWF RUFORVLQJWKHHDUVWRWKHWUXWK7KHPLVFKLHIRIH\HVOLHVLQILQGLQJIDXOWV ZLWKSHRSOHORRNLQJDWZKDWLVIRUELGGHQWRORRNDWDQGLJQRULQJWKH6LJQVRI$OODKVFDWWHUHG HYHU\ZKHUHLQWKHXQLYHUVH7KHPLVFKLHIRIWKHKHDUWOLHVLQRFFXS\LQJRQH VKHDUWZLWKWKHORYHRI DQ\RQHHOVHRWKHUWKDQ$OODK0DQL
VHPHQ LVWKDWVWLFN\IOXLGZKLFKFRPHVRXWRIWKHPDOHRUJDQ DIWHUVH[XDOJUDWLILFDWLRQ+HUHLWPHDQVWKHVH[XDORUJDQV7KHPLVFKLHIRIWKHVHOLHLQXVLQJWKHPLQD VLQIXODFW2QHLVDGYLVHGWRVDIHJXDUGRQH VHDUVH\HVKHDUWVH[XDORUJDQVDQGDOOWKHRUJDQVRIRQH V ERG\DJDLQVWWKHLULPSURSHUXVHLQRUGHUWRJDLQWKH3OHDVXUHRI$OODK2QHZLOOEHDFFRXQWDEOHIRUDOO WKHVHWKLQJVRQWKH'D\RI-XGJHPHQW $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ XVHGWRVXSSOLFDWH $OODKXPPDLQQLDCXGKXELNDPLQDOEDUDVLZDOMXQXQLZDOMXGKDPLZDVD\\L LODVTDPL 2$OODK, VHHNUHIXJHLQ
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
>$EX'DZXG@ C$OL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$VODYHZKRKDGPDGHDFRQWUDFWZLWKKLVPDVWHU WRSD\IRUKLVIUHHGRPFDPHWRPHDQGVDLG,DPXQDEOHWRIXOILOOP\REOLJDWLRQVRKHOSPH
+HVDLG WRKLP6KDOO,QRWWHDFK\RXDVXSSOLFDWLRQZKLFKWKH0HVVHQJHURI$OODK3%8+ WDXJKWPH",WZLOO
VXUHO\SURYHVRHIIHFWLYHWKDWLI\RXKDYHDGHEWDVODUJHDVDKXJHPRXQWDLQ$OODKZLOOVXUHO\SD\LWIRU \RX6D\C$OODKXPPDNILQLELKDODOLNDCDQKDUDPLNDZDDJKQLQLELIDGOLNDCDPPDQVLZDND2$OODK *UDQWPHHQRXJKRIZKDW
>$W7LUPLGKL@ &RPPHQWDU\ ,WLVLPSRUWDQWWRUHFLWHWKLV'XCDLQRUGHU WRVHHN$OODK V+HOSLQSD\LQJRQH VGHEWVDQG LQDYRLGLQJWREHJRISHRSOH C,PUDQELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ WDXJKWP\ IDWKHUWZRVWDWHPHQWVWRUHFLWHLQKLV'XCD7KHVHDUH$OODKXPPDDOKLPQLUXVKGL ZDDCLGKQLPLQ VKDUULQDIVL 2$OODK,QVSLUHLQPHJXLGDQFHDQGGHOLYHUPHIURPWKHHYLOVZLWKLQP\VHOI
>$W7LUPLGKL@ &RPPHQWDU\ $O+LGD\DK
JXLGDQFH PHDQVWKHDELOLW\WRGRJRRGGHHGV,WLVDQLQGLFDWLRQRIWKH ULJKWFRXUVHIRUHYHU\DFWLRQ'HOLYHUPHIURPWKHHYLOVZLWKLQP\VHOI
UHIHUVWRWKHGHVLUHVRIWKH EDVHUVHOIZKLFKUXLQERWKWKHZRUOGO\DQGUHOLJLRXVOLIH $EXO)DGO$OC$EEDVELQC$EGXO0XWWDOLE0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHGWKH 0HVVHQJHURI$OODK3%8+ WRWHDFKPHDVXSSOLFDWLRQ+H3%8+ VDLG%HJ$OODKIRUVDIHW\IURP DOOHYLOVLQWKLVZRUOGDQGLQWKH+HUHDIWHU
,ZDLWHGIRUVRPHGD\VDQGWKHQ,ZHQWWRKLPDJDLQDQG DVNHGKLP20HVVHQJHURI$OODK7HDFKPHWRVXSSOLFDWHVRPHWKLQJIURP$OODK
+HVDLGWRPH2 $OC$EEDVWKHXQFOHRI0HVVHQJHURI$OODK%HVHHFK$OODKWRJLYH\RXVDIHW\$OD IL\DK LQWKLVOLIH DQGLQWKH+HUHDIWHU
>$W7LUPLGKL@ &RPPHQWDU\ 7KHSUD\HUIRU$OD IL\DK
LQFOXGHVSHDFHDQGVDIHW\RIRQH VUHOLJLRQDQGRQH V ZHOIDUHLQWKLVZRUOGDVZHOODVLQWKH+HUHDIWHU7KLVLVDOVRDYHU\FRPSUHKHQVLYHSUD\HU 6KDKUELQ+DXVKDEUHSRUWHG,DVNHG8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU 20RWKHU RIWKH%HOLHYHUV:KLFKVXSSOLFDWLRQGLGWKH0HVVHQJHURI$OODK3%8+ PDNHIUHTXHQWO\ZKHQKH ZDVLQ\RXUKRXVH"
6KHVDLG+H3%8+ VXSSOLFDWHGIUHTXHQWO\C
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
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKFRQWDLQVDQLQGXFHPHQWIRUWKH/RYHRI$OODKDQGKLJKOLJKWVWKH LPSRUWDQFHRIWKRVHZKRDUHGHYRWHGWR$OODKDQGWKHLUJRRGGHHGVEHFDXVHLWLVWKHYLUWXRXVGHHGV ZKLFKDUHDPHDQVRIDWWDLQLQJWKH/RYHRI$OODKDQG+LV1HDUQHVV $QDV0D\ $OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG5HFLWH IUHTXHQWO\C
>$W7LUPLGKL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWRQHVKRXOGPDNHDEXQGDQWXVHRIWKHZRUGVC
+HVDLG6KDOO,WHOO\RXD FRPSUHKHQVLYHSUD\HU"6D\C$OODKXPPDLQQLDV DOXNDPLQNKDLULPDVD DODNDPLQKXQDEL\\XND 0XKDPPDGXQVDOODOODKXCDODLKLZDVDOODP:DCDCXGKXELNDPLQVKDUULPDVWDCDGKDPLQKXQDEL\\XND 0XKDPPDGXQVDOODOODKXCDODLKLZDVDOODP:D$QWDO0XVWDCDQXZDCDODLNDOEDODJKXZDODKDZODZD ODTXZZDWDLOODELOODK2$OODK,EHJWR
>$W7LUPLGKL@ &RPPHQWDU\ )RUWKRVHZKRGRQRWUHPHPEHUPDQ\SUD\HUVRUFDQQRWUHPHPEHUWKHPWKLVLVWKH EHVWVXSSOLFDWLRQWRPDNH7KLVVKRZVSDUWRI$OODK V0HUF\XSRQKLVVODYHVDQGSDUWRIWKHHDVLQHVVRI SUDFWLVLQJ,VODP ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QHRIWKHVXSSOLFDWLRQVRIWKH 0HVVHQJHURI$OODK3%8+ ZDV$OODKXPPDLQQLDV DOXNDPXMLEDWLUDKPDWLND ZDCD]D LPD PDJKILUDWLNDZDVVDODPDWDPLQNXOOLLWKPLQZDOJKDQLPDWDPLQNXOOLELUULQZDOIDZ]DELOMDQQDWL ZDQQDMDWDPLQDQDU2$OODK,EHJ
>$O+DNLP@ &RPPHQWDU\ 6KHLNK$O$OEDQLKDVUHJDUGHGWKH+DGLWKDV'DCLI
ZHDN 2QHFDQKRZHYHUSUD\ ZLWKWKHZRUGVTXRWHGLQWKLV+DGLWKEHFDXVHWKHVHZRUGVFRQWDLQSUD\HUIRU$OODK V0HUF\DQG IRUJLYHQHVVDWWDLQPHQWRI-DQQDKDQGSURWHFWLRQIURP+HOO0D\$OODKDFFHSWWKLVSUD\HU
&+$37(5
7+((;&(//(1&(2) 6833/,&$7,1*,121( 6 $%6(1&( $OODKWKH([DOWHGVD\V $QGWKRVHZKRFDPHDIWHUWKHPVD\C2XU5XEE)RUJLYHXVDQGRXUEUHWKUHQZKRKDYH SUHFHGHGXVLQ)DLWK
$QGDVNIRUJLYHQHVVIRU\RXUVLQDQGDOVRIRUWKHVLQRI EHOLHYLQJPHQDQGEHOLHYLQJZRPHQ
2XU5XEE)RUJLYHPHDQGP\SDUHQWVDQGDOO WKHEHOLHYHUVRQWKH'D\ZKHQWKHUHFNRQLQJ ZLOOEHHVWDEOLVKHG
$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ:KHQHYHUD0XVOLPVXSSOLFDWHVIRUKLV0XVOLP EURWKHULQKLVDEVHQFHWKHDQJHOVVD\C0D\ WKHVDPHEHIRU\RXWRR
>0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKPDNHVLWHYLGHQWWKDWRQHZKRSUD\VIRUVRPHRQHLQKLVDEVHQFHDOVR VWDQGVWREHQHILWIURPLWEHFDXVHWKHDQJHODSSRLQWHGIRUWKHWDVNRISUD\LQJIRUWKRVHZKRSUD\IRU RWKHUVZLOOSUD\IRUKLPVD\LQJ2 $OODK*UDQWKLPDOVRWKHVDPHZKLFKKHKDVDVNHGIRURWKHUV
$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHVXSSOLFDWLRQRID0XVOLPIRUKLV0XVOLP EURWKHULQKLVDEVHQFHZLOOFHUWDLQO\EHDQVZHUHG (YHU\WLPHKHPDNHVDVXSSOLFDWLRQIRUJRRGIRUKLVEURWKHUWKHDQJHODSSRLQWHGIRUWKLVSDUWLFXODUWDVN VD\VC$ PHHQ0D\LWEHIRU\RXWRR
>0XVOLP@
&+$37(5
620(9(5',&763(57$,1,1* 726833/,&$7,216 8VDPDKELQ=DLG0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKRLVIDYRXUHGE\DQRWKHUDQGVD\VWRKLVEHQHIDFWRUC-D]DN$OODKNKDLUDQPD\$OODK UHZDUG\RXZHOO LQGHHGSUDLVHGWKHEHQHIDFWRU VDWLVIDFWRULO\
>$W7LUPLGKL@ &RPPHQWDU\ ,IRQHLVXQDEOHWRUHWXUQVRPHRQH VNLQGQHVVZLWKNLQGQHVVKHVKRXOGVD\-D]DN $OODKXNKDLUDQPD\$OODKUHZDUG\RXZHOO
7KLVPHDQV,DPXQDEOHWRUHFLSURFDWH\RXUNLQGQHVV 0D\$OODKJUDQW\RXWKHEHVWUHZDUGIRULW
2EYLRXVO\WKHUHLVQRPDWFKIRUWKHUHZDUGWKDWRQHJHWV IURP$OODK)RUWKLVUHDVRQWKH3URSKHW3%8+ VDLGWKDWLWZDVWKHEHVWRIWKHSUDLVHIRUDEHQHIDFWRU -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG'RQRW LQYRNHFXUVHVRQ\RXUVHOI RURQ\RXUFKLOGUHQRURQ\RXUSRVVHVVLRQVOHVW\RXVKRXOGKDSSHQWRGRLWDW DPRPHQWZKHQWKHVXSSOLFDWLRQVDUHDFFHSWHGDQG\RXUSUD\HUPLJKWEHJUDQWHG
>0XVOLP@ &RPPHQWDU\ $OPLJKW\$OODKDOZD\VOLVWHQVWRHYHU\RQH VSUD\HUEXW+HKDVIL[HGFHUWDLQWLPHVZKHQ +HJUDQWVPRUHSUD\HUVDGGUHVVHGWR+LP7KHUHIRUHRQHVKRXOGQHYHUFXUVHRQHVHOIRURQH VRZQ FKLOGUHQRURQH VRZQEXVLQHVVHWFOHVWWKLVLVGRQHDWWKHWLPHZKHQSUD\HUVDUHDFFHSWHGE\$OODK DQGWKHQRQHKDVWRUHJUHWLWDOOKLVOLIH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $VODYHEHFRPHVQHDUHVWWRKLV5XEEZKHQKHLVLQSURVWUDWLRQ6RLQFUHDVHVXSSOLFDWLRQVLQ SURVWUDWLRQV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSRLQWVRXWWKHH[HOOHQFHRIVXSSOLFDWLQJZKLOHSURVWUDWLQJLQ6DODWDVRQH JHWVFORVHUWR$OODKLQWKLVSRVLWLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ 7KH VXSSOLFDWLRQRIHYHU\RQHRI\RXZLOOEHJUDQWHGLIKH GRHVQRWJHWLPSDWLHQWDQGVD\IRUH[DPSOH C, VXSSOLFDWHGP\5XEEEXWP\SUD\HUKDVQRWEHHQJUDQWHG
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQRI0XVOLPLV7KHVXSSOLFDWLRQRIDVODYHFRQWLQXHVWREHJUDQWHGDVORQJDVKHGRHVQRW VXSSOLFDWHIRUDVLQIXOWKLQJRUIRUVRPHWKLQJWKDWZRXOGFXWRIIWKHWLHVRINLQVKLSDQGKHGRHVQRWJURZ LPSDWLHQW
,WZDVVDLG20HVVHQJHURI$OODK:KDWGRHVJURZLQJLPSDWLHQWPHDQ"
+H3%8+ VDLG ,WLVRQH VVD\LQJC,VXSSOLFDWHGDJDLQDQGDJDLQEXW,GRQRWWKLQNWKDWP\SUD\HUZLOOEHDQVZHUHG 7KHQKHEHFRPHVIUXVWUDWHGLQVXFKFLUFXPVWDQFHV DQGJLYHVXSVXSSOLFDWLRQDOWRJHWKHU
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGFRQWLQXHEHVHHFKLQJ$OODKZLWKRXWHYHU WKLQNLQJWKDWLQVSLWHRISUD\LQJIRUDORQJWLPHKLVSUD\HUKDVQRWEHHQJUDQWHG2QHVKRXOGQHYHU DOORZIUXVWUDWLRQWRRYHUFRPHLQKLVPLQG,IDSHUVRQ VVXSSOLFDWLRQLVQRWJUDQWHGIRUDORQJWLPHWKHUH
ZRXOGEHFHUWDLQO\VRPHJRRGIRUKLPLQWKDWGHOD\WKHUHDVRQRIZKLFKLVNQRZQWR$OODK$ORQH,WLV WKHUHIRUHHVVHQWLDOWKDWKHVKRXOGQHYHUFHDVHWRSUD\ZKHWKHUKLVSUD\HULVJUDQWHGRUQRW3HUVLVWHQFH LQSUD\HULVFHUWDLQO\EHQHILFLDOWRKLP $EX8PDPDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ ZDV DVNHG$WZKDWWLPHGRHVWKHVXSSOLFDWLRQILQGWKHJUHDWHVWUHVSRQVH"
+H3%8+ UHSOLHG$ VXSSOLFDWLRQPDGHGXULQJWKHPLGGOHRIWKHODVWSDUWRIWKHQLJKWDQGDIWHUWKHFRQFOXVLRQRIWKH REOLJDWRU\SUD\HUV
>$W7LUPLGKL@ &RPPHQWDU\ $O $NKLU
LVWKHFKDUDFWHULVWLFRI-DXI
DQGLQWKHSUHVHQWFRQWH[WLWPHDQVWKHODWH KRXUVRIQLJKW-DXI
FDQDOVRPHDQKHUHPLGGOH
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
8SRQWKLVVRPHRQHRIWKH&RPSDQLRQVVDLG7KHQZHVKDOOVXSSOLFDWHSOHQW\
7KH0HVVHQJHURI $OODK3%8+ VDLG$OODKLVPRUHSOHQWLIXOLQUHVSRQGLQJ
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHRQO\PHGLFLQHLQDWLPHRIGLVWUHVVLVWKHUHPHPEUDQFHRI$OODK:KRVH+HOSDORQH VKRXOGEHVRXJKW7KLV'XCDFRQWDLQVZRUGVZKLFKJORULI\$OODKDQGH[DOW+LPIDUDERYHDOOHOVH,WLV GHVLUDEOHWRUHFLWHWKHVHZRUGVZKHQRQHLVLQGLVWUHVVDVWKLVLVH[DFWO\ZKDWWKH3URSKHW3%8+ XVHG WRUHFLWHLQVXFKVLWXDWLRQV
&+$37(5
683(5,25,7<2)$8/,<$ $1' 7+(,50$59(/6
$OODKWKH([DOWHGVD\V
1RGRXEW9HULO\WKH$XOL\D RI$OODK>LHWKRVHZKREHOLHYHLQWKH2QHQHVVRI $OODKDQGIHDU$OODKPXFKDEVWDLQIURPDOONLQGVRIVLQVDQGHYLOGHHGVZKLFK
+HKDVIRUELGGHQ DQGORYH$OODKPXFKSHUIRUPDOONLQGVRIJRRGGHHGVZKLFK +HKDVRUGDLQHG @QRIHDUVKDOOFRPHXSRQWKHPQRUVKDOOWKH\JULHYH7KRVH ZKREHOLHYHGLQWKH2QHQHVVRI$OODK ,VODPLF0RQRWKHLVP DQGXVHGWRIHDU $OODKPXFKE\DEVWDLQLQJIURPHYLOGHHGVDQGVLQVDQGE\GRLQJULJKWHRXV GHHGV )RUWKHPDUHJODGWLGLQJVLQWKHOLIHRIWKHSUHVHQWZRUOGLHWKURXJKD ULJKWHRXVGUHDPVHHQE\WKHSHUVRQKLPVHOIRUVKRZQWRRWKHUV DQGLQWKH +HUHDIWHU1RFKDQJHFDQWKHUHEHLQWKH:RUGVRI$OODK7KLVLVLQGHHGWKH VXSUHPHVXFFHVV
$QGVKDNHWKHWUXQNRIGDWHSDOPWRZDUGV\RXLWZLOOOHWIDOOIUHVKULSHGDWHV XSRQ\RX6RHDWDQG GULQN
(YHU\WLPHKH=DNDUL\D HQWHUHG$O0LKUDEWRYLVLW KHUKHIRXQGKHU VXSSOLHGZLWKVXVWHQDQFH+HVDLGC20DU\DP0DU\ )URPZKHUHKDYH\RX JRWWKLV" 6KHVDLGC7KLVLVIURP$OODK 9HULO\$OODKSURYLGHVVXVWHQDQFHWR ZKRP+H ZLOOVZLWKRXWOLPLW
7KH\RXQJPHQVDLGWRRQHDQRWKHU C$QGZKHQ\RXZLWKGUDZIURPWKHPDQG WKDWZKLFKWKH\ZRUVKLSH[FHSW$OODKWKHQVHHNUHIXJHLQWKH&DYH\RXU5XEE ZLOORSHQDZD\IRU\RXIURP+LV0HUF\DQGZLOOPDNHHDV\IRU\RX\RXUDIIDLU LHZLOOJLYH\RXZKDW\RXZLOOQHHGRISURYLVLRQGZHOOLQJ $QG\RXPLJKWKDYH VHHQWKHVXQZKHQLWURVHGHFOLQLQJWRWKHULJKWIURPWKHLU&DYHDQGZKHQLWVHW WXUQLQJDZD\IURPWKHPWRWKHOHIW
C$EGXU5DKPDQELQ$EX%DNU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH &RPSDQLRQVRI$V6XIIDKZHUHSRRUSHRSOH7KH3URSKHW3%8+ VDLG:KRHYHU KDVIRRGHQRXJKIRUWZRSHRSOHVKRXOGWDNHDWKLUGRQHIURPDPRQJWKHP DQG ZKRHYHUKDVIRRGHQRXJKIRUIRXUSHUVRQVVKRXOGWDNHDILIWKRUVL[WKRUVDLG VRPHWKLQJVLPLODU
$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP WRRNWKUHHSHRSOH ZLWKKLPZKLOH0HVVHQJHURI$OODK3%8+ WRRNWHQ$EX%DNU0D\$OODKEH SOHDVHGZLWKKLP WRRNKLVVXSSHUZLWKWKH3URSKHW3%8+ DQGVWD\H GWKHUHWLOOKH RIIHUHGWKHC,VKD SUD\HUV$IWHUDSDUWRIWKHQLJKWKDGSDVVHGKHUHWXUQHGWRKLV KRXVH+LVZLIHVDLGWRKLP:KDWKDVGHWDLQHG\RXIURP\RXUJXHVWV"
+HVDLG +DYH\RXQRWVHUYHGVXSSHUWRWKHP"
6KHVDLG7KH\UHIXVHGWRWDNHVXS SHUXQWLO \RXFRPH
>$EGXU5DKPDQ$EX%DNU VVRQ RUWKHVHUYDQWV@SUHVHQWHGWKHPHDOWR WKHPEXWWKH\UHIXVHGWRHDW,WKHQDUUDWRU KLGP\VHOIRXWRIIHDU$EX%DNU0D\ $OODKEHSOHDVHGZLWKKLP P\IDWKHU UHEXNHGPH7KHQKHVDLGWRWKHP3OHDVHHDW %\$OODK,ZLOOQHYHUHDWWKHPHDO
C$EGXU5DKPDQDGGHG:KHQHYHUZHWRRND PRUVHORIWKHPHDOWKHPHDOJUHZIURPXQGHUQHDWKPRUHWKDQWKDWPRUVHOZHKDGWLOO HYHU\ERG\DWHWRKLVVDWLVIDFWLRQ\HWWKHUHPDLQLQJIRRGZDVPRUHWKDQZKDWZDVLQ WKHEHJLQQLQJ2QVHHLQJWKLV$EX%DNU0D\$OODKEHSOHDVHGZLWKKLP FDOOHGKLV ZLIHDQGVDLG2VLVWHURI%DQX)LUDV:KDWLVWKLV"
6KHVDLG2SOHDVXUHRIP\ H\HV7KHIRRGKDVLQFUHDVHGWKULFHLQTXDQWLW\
7KHQ$EX%DNU0D\$OODKEH SOHDVHGZLWK KLP VWDUWHGHDWLQJ+HVDLG0\RDWKQRWWRWDNHWKHPHDOZDVEHFDXVH RI6DWDQ
+HWRRNDPRUVHOKDQGIXOIURPLWDQGFDUULHGWKHUHVWWRWKH3URSKHW 3%8+ 7KDWIRRGUHPDLQHGZLWKKLP,QWKRVHGD\VWKHUHZDVDWUHDW\EHWZHHQXV DQGWKHSDJDQVDQGZKHQWKHSHULRGRIWKDWWUHDW\HODSVHGKH3%8+ GLYLGHGXVLQWR WZHOYHJURXSVDQGHYHU\JURXSZDVKHDGHGE\DPDQ$OODKNQRZVKRZPDQ\PHQ ZHUHXQGHUWKHFRPPDQGRIHDFKOHDGHU$Q\KRZDOORIWKHPDWHRIWKDWPHDO >$O%XNKDULDQG0XVOLP@
7KHUHDUH VRPHPRUHQDUUDWLRQVLQERWK$O%XNKDULDQG0XVOLPZLWKYHU\PLQRU GLIIHUHQFHVLQZRUGLQJVDQGLQGHWDLOV &RPPHQWDU\ :HOHDUQWKHIROORZLQJSRLQWVIURPWKLV+DGLWK
,WLVSHUPLVVLEOHWRWDNHVWXGHQWVRIUHOLJLRXVVFKRROVKRPHIRUPHDOVDVZDVWKH SUDFWLFHLQFHUWDLQDUHDVLQWKHSDVW $IDWKHUFDQDGPRQLVKKLVFKLOGUHQIRUGLVFLSOLQDU\SXUSRVHV
,IDEHWWHUVLWXDWLRQGHYHORSVRQHFDQEUHDNKLVYRZDQGJRIRUWKHQHZDQGEHWWHU FKRLFH,WLVKRZHYHUQHFHVVDU\WRH[SLDWHIRUEUHDNLQJWKHYRZ
7KLV+DGLWKDIILUPVPLUDFOHV7KLVLVHYLGHQWIURPWKHIDFWWKDWDVPDOOTXDQWLW\RI IRRGZDVVREOHVVHGE\$OODKWKDWDOOWKHPHPEHUVRIWKHIDPLO\JXHVWVWKH3URSKHW 3%8+ DQGWZHOYH$ULI
OHDGHU DORQJZLWKWKHLUFRPSDQLRQVWRRNWKDWIRRG *LVW RIWKHWH[WRI+DGLWKIURP)DWK$O%DUL .LWDE$O0DQDT
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG7KHUHZHUH0XKDGGLWKXQWKHUHFLSLHQWVRI'LYLQHLQVSLUDWLRQ DPRQJWKHQDWLRQVEHIRUH\RX ,IWKHUHLVDQ\RIVXFK0XKDGGLWKDPRQJP\IROORZHUV KHPXVWEHC8PDU
>$O%XNKDUL@ ,Q0XVOLPWKLV+DGLWKLVQDUUDWHGE\C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU DQGLQERWKWKHVHQDUUDWLRQV,EQ:DKEKDVVDLGWKDWWKHPHDQLQJRI0XKDGGLWKXQLV UHFLSLHQWVRI'LYLQHLQVSLUDWLRQ
&RPPHQWDU\ 0XOKDPXQ
>SHUVRQVHQGRZHGZLWKLQVSLUDWLRQ@LQRWKHUZRUGV WKLQJVDUHSXWLQWKHLUKHDUWVE\$OODKLWZDVGRQHLQWKHFDVHRIWKHPRWKHURI3URSKHW 0XVD,WZDVSXWLQKHUPLQGE\$OODKWKDWLIVKHIHOW DQ\IHDUVKHVKRXOGWKHQWUXVW WKHFKLOGWRWKHVHD0DU\DP0DU\ DOVRXVHGWRUHFHLYHLQVSLUDWLRQZKLFKLVDOVRD IRUPRIPDUYHO7KLV+DGLWKHYLGHQWO\VKRZVWKHGLVWLQFWLRQRIC8PDU0D\$OODKEH SOHDVHGZLWKKLP
-DELUELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KHLQKDELWDQWVRI .XIDKFRPSODLQHGWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP DJDLQVW6DCGELQ$EX :DTTDV0D\$OODKEHSOHDVHGZLWKKLP DQGC8PDU0D\$OODKEHSOHDVHGZLWK KLP DSSRLQWHGC$PPDU0D\$OODKEHSOHDVHGZLWKKLP DV*RYHUQRURI.XIDKLQ KLVSODFH7KHLUFRPSODLQWZDVWKDWKHGLGQRWHYHQFRQGXFW$V6DODWWKHSUD\HUV SURSHUO\C8PDU0D\$OODKEHSOHDVHGZLWKKLP VHQWIRU6DCGDQGVDLGWRKLP2 $EX,VKDTWKHSHRSOHFODLPWKDW\RXGRQRWRIIHUWKH6DODWSURSHUO\
6DCGUHSOLHG %\$OODK,REVHUYH6DODWDFFRUGLQJWRWKH6DODWRIWKH0HVVHQJHURI$OODK3%8+ DQG,PDNHQRGHFUHDVHLQLW,SURORQJ4L\DPVWDQGLQJ LQWKHILUVWWZR5DNCDKLQ 0DJKULEDQGC,VKD SUD\HUVDQGVKRUWHQLQWKHODVWRQHV
C8PDU0 D\$OODKEH SOHDVHGZLWKKLP VDLG7KLVLVZKDW,WKRXJKWRI\RX2$EX,VKDT
7KHQKHVHQW ZLWKKLPDPDQRUVRPHPHQ WR.XIDKWRLQYHVWLJDWHWKHPDWWHUDERXWKLPIURPWKH SHRSOHRI.XIDK 7KHLQTXLU\ZDVFRQGXFWHGLQHYHU\PRVTXHDQGDOOWKHSHRS OHLQ WKHVHPRVTXHVSUDLVHGKLPEXWLQWKHPRVTXHRIWKH%DQX C$EVDPDQZLWKWKHQDPH RI8VDPDKELQ4DWDGDKDQGVXUQDPH$EX6DCGDKVWRRGXSDQGVDLG6DCGELQ$EX
:DTTDVGLGQRWSDUWLFLSDWHLQ-LKDGDQGKHGLGQRWGLVWULEXWHWKHVSRLOVHTXLWDEO\DQG GLGQRWMXGJHMXVWO\
2QWKLV6DCGVDLG,VKDOOPDNHWKUHHVXSSOLFDWLRQVLQUHVSHFWRI KLP2$OODK,IWKLVVODYHRI
$QGVRGLGLW KDSSHQ 7KHUHDIWHUZKHQWKHPDQZDVDVNHGDERXWKLVFRQGLWLRQKHZRXOGVD\,DP DQROGPDQDIIOLFWHGZLWKWULDOVDQGRYHUWDNHQE\WKHFXUVHVRI6DCG
C$EGXO0DOLNELQC8PDLUDVXEQDUUDWRU VDLG,VDZWKLVPDQZLWKH\HEURZVKXQJ RYHUKLVH\HVDVDUHVXOWRIKLVROGDJHDQGKHZDONHGDLPOHVVO\IROORZLQJ\RXQJJLUOV DQGZLQNLQJDWWKHP >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKEULQJVRXWWKHIROORZLQJIRXUSRLQWV
7KHGLVWLQFWLRQRI6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP DQGWKH IDFWWKDWKLVSUD\HUVZHUHJUDQWHGE\$OODK
7KHSULQFLSOHWKDWLILQTXLU\LVFRQGXFWHGDJDLQVWDQ\ERG\RQHVKRXOGLQTXLUHWKH RSLQLRQRIWKHULJKWHRXVDQGZRUWK\SHRSOHDERXWWKHSHUVRQDJDLQVWZKRPFRPSODLQW LVPDGH *RYHUQPHQWRIILFLDOVFDQEHGLVPLVVHGLQWKHLQWHUHVWRISXEOLFJRRGDVC8PDU 0D\$OODKEHSOHDVHGZLWKKLP GLVPLVVHG6DCGELQ$EX:DTTDVDOWKRXJKWKH FRPSODLQWVPDGHDJDLQVWKLPZHUHIDOVHEXWC8PDUWKRXJKWLWZLVHWRGLVPLVVKLPVR WKDWQRRQHDPRQJVWKLVVXEMHFWZRXOGVKRZKDWUHGWRZDUGVKLP
7KLV+DGLWKDOVRSURYHVWKHFRUUHFWQHVVRIPDUYHOV7KHDFFHSWDQFHRIWKHSUD\HURI 6DCGELQ$EX:DTTDVLVDQLQVWDQFHRILW C8UZDKELQ$]=XEDLU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$UZDELQW $XVEURXJKWDVXLWDJDLQVW6DCLGELQ=DLGELQC$PUELQ1XIDLO0D\$OODKEHSOHDVHG ZLWKKLP 6KHFRPSODLQHGWR0DUZDQELQ$O+DNDPWKDWKHKDGZURQJIXOO\WDNHQ SRVVHVVLRQRIDSRUWLRQRIKHUODQG6DCLGVDLG+RZFDQ,WDNHDSRUWLRQRXWRIKHU ODQGZKLOH,KDYH KHDUGDGHQXQFLDWLRQIURPWKH0HVVHQJHURI$OODK3%8+
0DUZDQDVNHGKLP:KDWGLG\RXKHDUIURPWKH0HVVHQJHURI$OODK"
+HVDLG, KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJC+HZKRWDNHVDVSDQRIODQGXQMXVWO\ ZLOOEHPDGHWRZHDUVHYHQHDUWKVURXQGKLVQHFNRQWKH'D\RI5HVVXUHFWLRQ
0DUZDQVDLGWRKLP,GRQ WVHHNSURRIIURP\RXDIWHUWKLV
6DCLGVXSSOLFDWHG2 $OODK,IVKHLVDOLDUGHSULYHKHURIKHUH\HVLJKWDQGFDXVHKHUWRGLHLQKHUODQG
C8UZDKVDLG6KHGLGQRWGLHWLOOVKHEHFDPHEOLQG:KLOHVKHZDVZDONLQJLQKHU ODQGFRQFHUQLQJZKLFKWKHGLVSXWHDURVH VKHIHOOGRZQLQWRDSLWDQGGLHG
>$O%XNKDULDQG0XVOLP@
,QDQRWKHUQDUUDWLRQRI0XVOLP0XKDPPDGELQ=DLGELQC$EGXOODKELQC8PDU VDLGWKDWKHKDGVHHQ$UZDEOLQGIHHOLQJIRURQWKHZDOOVZLWKKHUKDQGDQGVD\LQJ, DPUXLQHGE\WKHFXUVHRI6DCLG
/DWHUVKHIHOOLQDZHOOLQWKHVDPHGLVSXWHGODQGDQG GLHG
&RPPHQWDU\ 6DCLGELQ=DLGZDVDQHPLQHQW&RPSDQLRQRIWKH3URSKHW3%8+ DQG KDGWKHKRQRXURI EHLQJRQHIURPWKHJURXSRI$OC$VKUDWXO0XEDVKVKDUXQDELO
-DQQDK 0DUZDQELQ$O+DNDP0D\$OODKEHSOHDVHGZLWKKLP ZDVJRYHUQRURI$O 0DGLQDKGXULQJWKHFDOLSKDWHRI0XCDZL\DKDQGWKHLQFLGHQWTXRWHGLQWKLV+DGLWK UHODWHVWRWKDWSDUWLFXODUSHULRG$IWHU0XCDZL\DKELQ
7KHGLVWLQFWLRQRI6DCLGELQ=DLGDQGWKHPDUYHOZKLFKFDPHDERXWZLWKWKH DFFHSWDQFHRIKLVSUD\HUE\$OODK
2QHVKRXOGDOZD\V VDYHRQHVHOIIURPWKHFXUVHRIWKHSLRXVSHRSOHEHFDXVHWKH SXQLVKPHQWFDQRFFXULQWKLVYHU\OLIH
-DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKWKHP VDLG0\IDWKHUFDOOHG PHRQWKHHYHQLQJEHIRUHWKHEDWWOHRI 8KXGDQGVDLG,SHUFHLYHWKDW ,VKDOOEH DPRQJWKHILUVWIURPDPRQJWKH&RPSDQLRQVRIWKH3URSKHW3%8+ WREHPDUW\UHG DQGDIWHUKLP\RXDUHWKHGHDUHVWWRPH,DPXQGHUWKHEXUGHQRIGHEW3D\LWDQGWUHDW \RXUVLVWHUVZHOO
1H[WPRUQLQJKHZDVDPRQJWKHILUVWWREHNLOOHGVR, EXULHGKLP DORQJZLWKDQRWKHULQWKHVDPHJUDYH7KHUHDIWHU,GLGQRWOLNHWKDW,VKRXOGOHDYHKLP ZLWKDQRWKHULQWKHJUDYH6R,GXJXSKLVFRUSVHDIWHUVL[PRQWKVDQGKHZDVLQWKH VDPHFRQGLWLRQLQZKLFKKHZDVRQWKHGD\ZKHQ,EXULHGKLPH[FHSWWK DWWKHUHZDVD VFUDWFKRQKLVHDU7KHQ,EXULHGKLPLQDVHSDUDWHJUDYH >$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJILYHSRLQWV
7KH&RPSDQLRQV ORYHIRUWKH3URSKHW3%8+ H[FHHGHGHYHU\WKLQJHOVHHYHQ RQH VRZQOLIHDQGFKLOGUHQ 7KH&RPSDQLRQV DUGHQWGHVLUHIRUPDUW\UGRP
7KHVL[WKVHQVHRI-DELU VIDWKHUWKDWKHZRXOGEHKRQRXUHGZLWKPDUW\UGRP
7KHPLUDFOHWKDWKLVGHDGERG\UHPDLQHGLQWDFWDQGGLGQRWGHFRPSRVHHYHQDIWHU WKHSHULRGRIVL[PRQWKV
7KHMXVWLILFDWLRQWRH[KXPHDGHDGERG\LQFDVHRIQHHG7KLVSHUPLVVLRQLVVXEMHFW WRWKHFRQGLWLRQWKDWPXFKWLPHKDVQRWSDVVHGVLQFHWKHEXULDORIWKHGHFHDVHG $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7ZR&RPSDQLRQVRIWKH 3URSKHW3%8+ OHIWKLVKRPHLQDYHU\GDUNQLJKWZLWKVRPHWKLQJOLNHOLJKWVLQIURQW RIWKHPZKHQWKH\VHSDUDWHGHDFKRIWKHPKDGRQHOLJKWLQIURQWRIKLPWLOOWKH\ DUULYHGKRPH >$O%XNKDUL@
2WKHUQDUUDWLRQVUHSRUWHGLQ$O%XNKDULVD\WKDWWKHWZRPHQZHUH8VDLGELQ+XGKDLU DQGC$EEDGELQ%LVKU0D\$OODKEHSOHDVHGZLWKWKHP &RPPHQWDU\ :KDWZDVDNLQWROLJKW"6RPHSHRSOHVD\LWZDVWKHLUZDONLQJVWLFNV ZKLFKJDYHDVKLQLQJHIIHFWLQGDUNQHVVDQGVKRZHGWKHPWKHLUZD\6RPHVD\WKDWLW
ZDVWKHOLJKWRIWKH3URSKHWKRRG 7KXVLWZDVDPDUYHORIWKH&RPSDQLRQVDQGD PLUDFOHRIWKH3URSKHW3%8+
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
C$VLPELQ7KDELW0D\$OODK EHSOHDVHGZLWKKLP VDLG%\$OODK,ZLOOQRWFRPHGRZQWREHXQGHUWKHSURWHFWLRQ RIGLVEHOLHYHUV2$OODKFRQYH\WKLVQHZVWRRXU3URSKHW3%8+
7KHQWKHLQILGHOV VKRWDUURZVDWWKHPWLOOWKH\NLOOHGC$VLP7KUHHPHQFDPHGRZQUHO\LQJRQWKHLU SURPLVHDQGFRYHQDQW7KH\ZHUH.KXEDLE=DLGELQ$G'DWKLQDKDQGDQRWKHUPDQ :KHQWKHGLVEHOLHYHUVFDSWXUHGWKHPWKH\WLHGWKHPXSZLWKWKHVWULQJVRIWKHLUERZV 7KHWKLUGRIWKHFDSWLYHVVDLG7KLVLVWKHEHJLQQLQJRIILUVWEHWUD\DO%\$OODK,ZLOO QRWJRZLWK\RX,KDYHDJRRGH[DPSOHLQWKHVHPDUW\UV
6RWKH\GUDJJHGKLPDQG WULHGWRFRPSHOKLPWRDFFRPSDQ\WKHPEXWKHUHIXVHG$WODVWWKH\NLOOHGKLP7KH\ WRRN.KXEDLEDQG=DLGELQ$G'DWKLQDZLWKWKHP DQGVROGWKHPDVVODYHVLQ0DNNDK 7KLVLQFLGHQWWRRNSODFHDIWHUWKHEDWWOHRI%DGU .KXEDLEZDVERXJKWE\WKHVRQVRI$O+DULWKELQC$PLUELQ1DXIDOELQC$EG0DQDI ,WZDV.KXEDLEZKRKDGNLOOHG$O+DULWKLQWKHEDWWOHRI%DGU.KXEDLEUHPDLQHGD SULVRQHUZLWKWKRVHSHRSOHIRUDIHZGD\VWLOOWKHVRQVRI$O+DULWKUHVROYHGWRNLOO KLP
:KHQ.KXEDLE0D\$OODKEHSOHDVHGZLWKKLP JRWZLQGRIWKLVSORWKHERUURZHGD UD]RUIURPRQHRI$O+DULWK VGDXJKWHUVLQRUGHUWRUHPRYHKLVSXELFKDLU+HUOLWWOH VRQFUDZOHGWRZDUGV.KXEDLEEHFDXVHRIKHUFDUHOHVVQHVV/DWHURQVKHVDZKHUVRQ RQKLVWKLJKDQGWKHUD]RUZDVLQKLVKDQG6KHJRWVFDUHGVRPXFKWKDW.KXEDLE QRWLFHGWKHDJLWDWLRQRQKHUIDFHDQGVDLG$UH\RXDIUDLGWKDW,ZLOONLOOKLP"1R, ZLOOQHYHUGRWKDW
6KHODWHUUHPDUNHGDIWHU$O.KXEDLEJRWPDUW\UHG %\$OODK, QHYHUVDZDSULVRQHUEHWWHUWKDQ.KXEDLE
6KHDGGHG%\$OODK,VDZKLPRQFH HDWLQJRIDEXQFKRIJUDSHVLQKLVKDQGZKLOHKHZDVFKDLQHGDQGWKHUHZDVQRVXFK IUXLWDWWKDWWLPHLQ0DNNDK3UREDEO\LWZDVDERRQZKLFK$OODKEHVWRZHGXSRQ .KXEDLE
:KHQWKH\WRRNKLPRXWRIWKH+DUDPRI0DNNDKWRNLOOKLPRXWVLGHLWVERXQGDULHV .KXEDLEUHTXHVWHGWKHPWROHWKLPRIIHUWZR5DNCDKRIYROXQWDU\SUD\HU7KH\ DOORZHGKLPDQGKHRIIHUHGWZR5DNCDKSUD\HU7KHQKHVDLG+DG,QRWDSSUHKHQGHG WKDW\RXZRXOGWKLQNWKDW,ZDVDIUDLGRIGHDWK,ZRXOGKDYHSURORQJHGWKHSUD\HU2 $OODK&RXQWWKHLUQXPEHUVOD\WKHPRQHE\RQHDQGVSDUHQRWRQHRIWKHP
+HWKHQ UHFLWHGWKHVHSRHWLFYHUVHV C,GRQRWFDUHKRZWKH\NLOOPHDVORQJDV,JHWPDUW\UHGLQWKH&DXVHRI$OODKDVD 0XVOLP,UHFHLYHGP\GHDWKIRU$OODK VVDNH,I$OODKVRGHVLUHV+HZLOOEOHVVWKH DPSXWDWHGOLPEVRIWKHWRUQERG\
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
PHDQVDJURXSRUSDUW\6RPHSHRSOHVD\LWFRQVLVWHGRIVL[ SHUVRQV C$VLPELQ7KDELW0DUWKDGELQ$EX0DUWKDG.KXEDLEELQC$GL=DLGELQ $G'DWKLQDC$EGXOODKELQ7DULTDQG.KDOLGELQ%XNDLU0D\$OODKEHSOHDVHGZLWK KLP 6RPHVD\WKDWLWFRPSULVHGWHQSHUVRQV$OODKNQRZVEHWWHU
7KHLQFLGHQWUHSRUWHGLQWKLV+DGLWKKDVPDQ\PLUDFOHVDQGPDUYHOV)RULQVWDQFH DFFRUGLQJWRKLVSUD\HUWKHQHZVRIKLVDVVDVVLQDWLRQZDVFRQYH\HGE\$OODKWKURXJK :DK\WRWKH3URSKHW3%8+ RQWKHYHU\GD\ZKHQKHZDVPDUW\UHGDQGKH3%8+ LQIRUPHGKLV&RPSDQLRQVDERXWLW
6HFRQG$OODKSURYLGHG.KXEDLEZLWKJUDSHVZKHQWKH\ZHUHRXWRIVHDVRQGXULQJKLV LPSULVRQPHQW 7KLUG$OODKVHQWZDVSVIRUWKHVDIHW\RIC$VLP VFRUSVH
)RXUWKKLVHQHPLHVPHWZLWKWKHHYLOHQGZKLFKKHKDGLPSUHFDWHGIRUWKHP 7KLV+DGLWKEULQJVIRUWKWKHIROORZLQJVL[SRLQWV
,IRQH VHQHP\VKRZVVWULFWQHVVDQGRSSUHVVLRQWKHQKHVKRXOGQRWDFFHSWWKHRIIHU RISURWHFWLRQIURPWKHPHYHQLIKHLVNLOOHGDVDUHVXOWRIWKLV2QHFDQKRZHYHUWU\ WRVDYHKLVOLIHLIKHVHHVVRPHVLJQVRIOHQLHQF\LQWKHHQHP\ VDWWLWXGH 7KHPDWFKOHVVSHUVHYHUDQFHDQGVWHDGIDVWQHVVRIWKH&RPSDQLRQVRIWKH3URSKHW 3%8+ DQGWKHLUSDWLHQFHRQWKHW\UDQQLHVSHUSHWUDWHGRQWKHPE\WKHLUHQHPLHV
(YHQLQWKHZRUVWRIFLUFXPVWDQFHVWKH&RPSDQLRQRIWKH3URSKHW3%8+ LH .KXEDLE PDLQWDLQHGWKH EHVWVWDQGDUGRIPRUDOLW\DQGGLGQRWKDUPWKHHQHP\ VFKLOG LQDQ\ZD\ ,IWKHHQHP\LVEHQWXSRQNLOOLQJWKHQLWLVSHUPLVVLEOHWRUHTXHVWWKHPIRU SHUPLVVLRQWRRIIHUWZR5DNCDKRIYROXQWDU\6DODWEHFDXVHWKLVDFWRI.KXEDLE0D\ $OODKEHSOHDVHGZLWKKLP ZDVXSKHOGE\WKH3URSKHW3%8+ ,WLVODZIXOWRLPSUHFDWHIRURSSUHVVRUVDQGGLVEHOLHYHUV
7KHUHDUHPDQ\$KDGLWKRQWKHYDOLGLW\RIPDUYHOVDQGPLUDFOHVZKLFKKDYHEHHQ PHQWLRQHGLQWKHSUHVHQWERRNLQGLIIHUHQWFKDSWHUV7KHIROORZLQJLQ VWDQFHVFDQEH TXRWHGLQWKLVUHVSHFW
7KHLQFLGHQWRIWKHER\ZKRXVHGWRYLVLWDSULHVWDQGDPDJLFLDQ6HHWKH&KDSWHU RQ3DWLHQFH 7KHVWRU\RI-XUDLMZKLFKRFFXUVLQWKH&KDSWHURQ6LQFHULW\
7KHVWRU\RIWKHPHQRIWKHFDYHWKHHQWUDQFHRIZKLFKZDVFORVHGZLWKDKXJH VWRQH7KH&KDSWHURQ*HQHURVLW\
7KHVWRU\RIWKHPDQZKRKDGKHDUGWKHYRLFHIURPWKHFORXGVRUGHULQJWKHPWR VKRZHUUDLQRQDSDUWLFXODUJDUGHQWKH&KDSWHURQ*HQHURVLW\
0DQ\RWKHULQFLGHQWVDOVRFRPHLQWKLVFDWHJRU\ZKLFKDUHVXSSRUWHGE\HYLGHQFHDQG DUHZHOONQRZQ$OODKLV&DSDEOHRIGRLQJHYHU\WKLQJ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,QHYHUKHDUGC8PDU 0D\$OODKEHSOHDVHGZLWKKLP UHODWLQJDQ\WKLQJWKDWKHFRQFHLYHGLWWRE HVRDQG VREXWWKDWLWSURYHGWREHDVKHKDGFRQFHLYHGLW
>$O%XNKDUL@
&RPPHQWDU\ 7KLV+DGLWKWHOOVXVDERXWWKHGLVWLQFWLRQRIC8PDU0D\$OODKEH SOHDVHGZLWKKLP DQGFRQILUPVWKHPDUYHOVZKLFK$OODKPDQLIHVWHGWKURXJKKLP $OPLJKW\$OODKKDG HQGRZHGKLPZLWKDEXQGDQWVDJDFLW\DQGLQWHOOLJHQFH)RUWKLV UHDVRQWKH3URSKHW3%8+ VWDWHGWKDWLIWKHUHZRXOGHYHUEHDPDQLQKLV8PPDK ZKRZLOOEHJLIWHGZLWKLQVSLUDWLRQWKLVPDQZRXOGEHC8PDU0D\$OODKEHSOHDVHG ZLWKKLP
7+(%22.2)7+( 352+,%,7('$&7,216 &+$37(5
7+(352+,%,7,212)%$&.%,7,1* $1'7+(&200$1'0(172) *8$5',1*21( 6721*8( $OODKWKH([DOWHGVD\V $QGEDFNELWHQRWRQHDQRWKHU:RXOGRQHRI\RXOLNHWRHDWWKHIOHVKRIKLVGHDGEURWKHU"
$QGIROORZQRW2PDQLHVD\QRWRUGRQRWRUZLWQHVVQRW WKDWRIZKLFK\RXKDYHQR NQRZOHGJH9HULO\WKHKHDULQJDQGWKHVLJKWDQGWKHKHDUWRIHDFKRIWKRVHRQHVZLOOEH TXHVWLRQHGE\$OODK
1RWDZRUGGRHVKHRUVKH XWWHUEXWWKHUHLVDZDWFKHUE\KLPUHDG\WRUHFRUGLW
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG+HZKR EHOLHYHVLQ$OODKDQGWKH/DVW'D\PXVWHLWKHUVSHDNJRRGRUUHPDLQVLOHQW
>0XVOLP@
$EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK 3%8+ :KRLVWKHPRVWH[FHOOHQWDPRQJWKH0XVOLPV"
+H VDLG2QHIURPZKRVHWRQJXHDQG KDQGVWKHRWKHU0XVOLPVDUHVHFXUH
>$O%XNKDULDQG0XVOLP@ 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRVRHYHUJLYHVPHDJXDUDQWHHWRVDIHJXDUGZKDWLVEHWZHHQ KLVMDZVDQGZKDWLVEHWZHHQKLVOHJV, VKDOOJXDUDQWHHKLP-DQQDK
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVKRZVWKHGLVDGYDQWDJHVZKLFKFDQEHFDXVHGE\WKHLPSURSHUXVHRIWKH WRQJXH,WLVWKHUHIRUHHVVHQWLDOWKDWRQHVKRXOGWKLQNEHIRUHKHVSHDNV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG$PDQ XWWHUVDZRUGSOHDVLQJWR$OODKZLWKRXWFRQVLGHULQJLWRIDQ\VLJQLILFDQFHIRUZKLFK$OODKH[DOWVKLV UDQNVLQ-DQQDK DQRWKHURQHVSHDNVDZRUGGLVSOHDVLQJWR$OODKZLWKRXWFRQVLGHULQJLWRIDQ\ LPSRUWDQFH DQGIRUWKLVUHDVRQKHZLOOVLQNGRZQLQWR+HOO
>$O%XNKDUL@ $EX $EGXU5DKPDQ%LODOELQ$O+DULWK$O0X]DQL0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH0HVVHQJHURI$OODK3%8+ VDLG$PDQVSHDNVDJRRGZRUGZLWKRXWNQRZLQJLWVZRUWK$OODK UHFRUGVIRUKLP+LV*RRG3OHDVXUHWLOOWKHGD\KHZLOOPHHW+LPDQGDPDQXWWHUVDQHYLOZRUGZLWKRXW UHDOL]LQJLWVLPSRUWDQFH$OODKUHFRUGVIRUKLP+LVGLVSOHDVXUHWLOOWKHGD\KHZLOOPHHW+LP
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
+H3%8+ VDLG6D\0\5XEELV $OODKDQGWKHQUHPDLQVWHDGIDVW
7KHQ,VDLG20HVVHQJHURI$OODK:KDWGR\RXIHDUPRVWDERXW PH"
+HWRRNKROGRIKLVRZQWRQJXHDQGVDLG7KLV
>$W7LUPLGKL@ &RPPHQWDU\ )DLWKLQ$OODKDQGDOO+LV$WWULEXWHVLVWKHEDVLVRIDOOYLUWXRXVGHHGV1RDFWRUGHHGLV DFFHSWDEOHE\$OODKZLWKRXWWKLVIDLWKDQGWKHQUHPDLQVWHDGIDVW
PHDQVWRFRPSO\ZLWKZKDW$OODK KDVRUGDLQHGDQGWRNHHSDZD\IURPZKDW+HKDVIRUELGGHQVRWKDWRQHFDQZLQRYHU+LV3OHDVXUH (YHU\0XVOLPLVUHTXLUHGWRJXDUGKLVVSHHFKVWULFWO\EHFDXVHHYHQWKHVOLJKWHVWFDUHOHVVQHVVRQWKLV DFFRXQWFDQFDXVH$OODK VGLVSOHDVXUH ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 'RQRWLQGXOJHLQ H[FHVVLYHWDONH[FHSWZKHQUHPHPEHULQJ$OODK([FHVVLYHWDONLQJZLWKRXWWKH 5HPHPEUDQFHRI$OODKKDUGHQVWKHKHDUWDQGWKRVHZKRDUHWKHIDUWKHVWIURP$OODKDUHWKRVHZKRVH
KHDUWVDUHKDUG
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
>$W7LUPLGKL@ 8TEDKELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP VDLG,DVNHGWKH0HVVHQJHURI$OODK 3%8+ +RZFDQVDOYDWLRQEHDFKLHYHG"
+HUHSOLHG&RQWURO\RXUWRQJXHNHHSWR\RXUKRXVHDQG ZHHSRYHU\RXUVLQV
>$W7LUPLGKL@ &RPPHQWDU\ ,WLVEHWWHUIRURQHWRVSHQGVKLVVXUSOXVWLPHDWKRPHLQWKHUHPHPEUDQFHRI$OODKWKH UHFLWDWLRQRIWKH4XU DQDQGWKHSHUIRUPDQFHRIDFWVRIREHGLHQFHLIRQHIHHOVXQDEOHWREHQHILWRWKHUV RULIRQHIHDUVWKDWKHDVZHOODVKLVUHOLJLRQZLOOQRWEHVDIHLIRQHPL[HVZLWKRWKHUV$OODKJUHDWO\ OLNHVLWWKDWRQHUHSHQWVRIKLVRZQVLQVDQGZHHSVRYHUWKHP $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG:KHQ WKHVRQRI$GDPJHWVXSLQWKHPRUQLQJDOOWKHOLPEVKXPEOHWKHPVHOYHVEHIRUHWKHWRQJXHDQGVD\ C)HDU$OODKIRURXUVDNHEHFDXVHZHDUHZLWK\RXLHZHZLOOEHUHZDUGHGRUSXQLVKHGDVDUHVXOWRI ZKDW\RXGR LI\RXDUHVWUDLJKWZHZLOOEHVWUDLJKWDQGLI\RXDUHFURRNHGZHZLOOEHFRPHFURRNHG
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKVKRZVWKHLPSRUWDQFHRIJXDUGLQJRQH VWRQJXHDJDLQVWWKDWZKLFKLV SURKLELWHG(YHQWKHVOLJKWHVWFDUHOHVVQHVVRQWKHSDUWRIWKHWRQJXHFDQPDNHDOOWKHRUJDQVVXIIHUIRU LW &URRNHGQHVVRIWKHWRQJXHPHDQVWKHFDUHOHVVXVHRIWKHWRQJXHZKLFKODQGVWKHZKROHERG\LQWURXEOH DQGNHHSLQJWKHWRQJXHVWUDLJKWPHDQVNHHSLQJRQHVHOIVDIHIURPDOONLQGVRIWURXEOHVDQGRUGHDOV 0XCDGKELQ-DEDO0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,DVNHGWKH0HVVHQJHURI$OODK 3%8+ ,QIRUPPHRIDQDFWZKLFKZLOOFDXVHPHWRHQWHU-DQQDKDQGNHHSPHIDUIURP+HOO
+H 3%8+ UHSOLHG
+HDGGHG:RUVKLS$OODKDVVRFLDWHQRWKLQJZLWK+LPLQZRUVKLSRIIHU $V6DODWWKHSUD\HU SD\WKH=DNDWREVHUYH6DXPIDVWLQJ GXULQJ5DPDGDQDQGSHUIRUP+DMM SLOJULPDJH WRWKH+RXVHRI$OODKLI\RXFDQDIIRUGLW
+H3%8+ IXUWKHUVDLG6KDOO,QRWJXLGH \RXWRWKHJDWHVRIJRRGQHVV")DVWLQJLVDVFUHHQIURP+HOO FKDULW\H[WLQJXLVKHVLHUHPRYHV WKH VLQVDVZDWHUH[WLQJXLVKHVILUHDQGVWDQGLQJLQSUD\HUVE\DVODYHRI$OODKGXULQJWKHODVWWKLUGSDUW RI WKHQLJKW
7KHQKHUHFLWHG7KHLUVLGHVIRUVDNHWKHLUEHGVWRLQYRNHWKHLU5XEELQIHDUDQGKRSHDQG WKH\VSHQGLQFKDULW\LQ$OODK V&DXVH RXWRIZKDW:HKDYHEHVWRZHGRQWKHP1RSHUVRQNQRZV ZKDWLVNHSWKLGGHQIRUWKHPRIMR\DVDUHZDUGIRU ZKDWWKH\XVHGWRGR
7KHQKHDGGHG 6KDOO,WHOO\RXRIWKHURRWRIWKHPDWWHULWVSLOODUDQGLWVKLJKHVWSRLQW"
,UHSOLHG
+HVDLG7KHURRWRIWKLVPDWWHUIRXQGDWLRQ LV,VODPLWVSLOODUPDLQVWD\LV $V 6DODWWKHSUD\HU DQGLWVKLJKHVWSRLQWLV-LKDGILJKWLQJLQWKH&DXVHRI$OODK
7KHQKHDVNHG6KDOO ,WHOO\RXRIWKDWZKLFKKROGVDOOWKHVHWKLQJV"
,VDLG
6RKHWRRNKROGRI KLVWRQJXHDQGVDLG.HHSWKLVLQFRQWURO
,DVNHG20HVVHQJHURI$OODK6KDOOZHUHDOO\EH DFFRXQWHGIRUZKDWZHWDONDERXW"
+HUHSOLHG0D\\RXUPRWKHUORVH\RX3HRSOHZLOOEHWKURZQRQ WKHLUIDFHVLQWRWKH+HOORQDFFRXQWRIWKHLUWRQJXHV
&RPPHQWDU\ %HVLGHVGHVFULELQJ$UWLFOHVRI,VODPWKLV+DGLWKPHQWLRQVWKHGDQJHUVZKLFKOLHLQWKH FDUHOHVVXVHRIWKHWRQJXH$OOJRRGDFWLRQVFDQJRZDVWHLIRQHGRHVQRWJXDUGKLVVSHHFK2QHVKRXOG WKHUHIRUHJXDUGKLVWRQJXHDJDLQVWWKDWZKLFK$OODKKDVPDGHSURKLELWHG
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'R \RXNQRZZKDWLVEDFNELWLQJ"
7KH&RPSDQLRQVVDLG$OODKDQG+LV0HVVHQJHUNQRZEHWWHU
7KHUHXSRQKHVDLG%DFNELWLQJLVWDONLQJDERXW\RXU0XVOLP EURWKHULQDPDQQHUZKLFKKHGLVOLNHV
,WZDVVDLGWRKLP:KDWLIP\0XVOLP EURWKHULVDV,VD\
+HVDLG,IKHLVDFWXDOO\DV\RXVD\ WKHQWKDWLVEDFNELWLQJEXWLIWKDWLVQRWLQKLPWKDWLVVODQGHULQJ
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
6KHPHDQVWRVD\WKDWVKHZDV DZRPDQZLWKDVKRUWVWDWXUH +HVDLG
6KHIXUWKHUVDLG,LPLWDWHGDSHUVRQEHIRUHKLPDQGKHVDLG ,GRQRWOLNHWKDW, VKRXOGLPLWDWHVRPHRQHHYHQLI,DPSDLG LQUHWXUQVXFKDQGVXFK
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ ,Q$UDELFWKHZRUG0XKDNDW
LVRIWHQXVHGIRULPLWDWLQJVRPHRQH VGHIHFWRU GHIRUPLW\HWF(YHU\LPLWDWLRQRIWKLVNLQGDOVRDPRXQWVWREDFNELWLQJ7KLVLVWKHUHDVRQWKH3URSKHW 3%8+ XVHGWKHDQDORJ\VWDWHGLQWKLV+DGLWKZKHQC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLGWKDW 6DIL\\DK0D\$OODKEHSOHDVHGZLWKKHU ZDVVKRUWVWDWXUHG,PDP$Q1DZDZLUHJDUGHGWKLVDQDORJ\ DVEDVHGRQ:DK\DQGVXSSRUWHGKLVFRQWHQWLRQE\WKH9HUVHRIWKH4XU DQ1RUGRHVKHVSHDNRIKLV RZQ GHVLUH,WLVRQO\D5HYHODWLRQUHYHDOHG
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
>$EX'DZXG@ &RPPHQWDU\ 7KHVHDUHWKHSHRSOHZKRDWHIOHVKRIRWKHUV
LVDPHWDSKRUIRUEDFNELWLQJ7R WUDPSOHSHRSOH VKRQRXU
LVDNLQWRKDUPLQJWKHLUJRRGZLOODQGKRQRXU7KHSXQLVKPHQWIRUWKHVH WKLQJVPHQWLRQHGLQ+DGLWKPDNHVWKHLUVHULRXVQHVVREYLRXV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHEORRGKRQRXUDQGSURSHUW\RID0XVOLPLVLQYLRODEOHIRUDQRWKHU0XVOLP
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRPDNHVLWFOHDUWKDWD0XVOLPLVERXQGWRSURWHFWKLVEORRGZHDOWKDQG KRQRXUDQGLWLVQRWODZIXOIRUDQ\0XVOLPWRDWWDFNDQRWKHU0XVOLP VKRQRXUDQGSURSHUW\1RULVLW ODZIXOIRUKLPWRNLOODQRWKHU0XVOLPZLWKRXWDYDOLGUHDVRQ
&+$37(5
352+,%,7,212)/,67(1,1* 72%$&.%,7,1* $OODKWKH([DOWHGVD\V $QGZKHQWKH\KHDU$O/DJKZGLUW\IDOVHHYLOYDLQWDON WKH\ZLWKGUDZIURPLW
$QGWKRVHZKRWXUQDZD\IURP$O/DJKZGLUW\IDOVHHYLOYDLQWDONIDOVHKRRGDQGDOOWKDW $OODKKDVIRUELGGHQ
9HULO\WKHKHDULQJDQGWKHVLJKWDQGWKHKHDUWRIHDFKRIWKRVHRQHVZLOOEHTXHVWLRQHGE\ $OODK
$QGZKHQ\RX0XKDPPDG3%8+ VHHWKRVHZKRHQJDJHLQDIDOVHFRQYHUVDWLRQDERXW2XU 9HUVHVRIWKH4XU DQ E\PRFNLQJDWWKHPVWD\DZD\IURPWKHPWLOOWKH\WXUQWRDQRWKHUWRSLF $QGLI6KDLWDQ6DWDQ FDXVHV\RXWRIRUJHWWKHQDIWHUWKHUHPHPEUDQFHVLWQRW\RXLQWKH FRPSDQ\RIWKRVHSHRSOHZKRDUHWKH=DOLPXQSRO\WKHLVWVDQGZURQJGRHUV
$EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+HZKRGHIHQGV WKHKRQRXURIKLV0XVOLP EURWKHU$OODKZLOOVHFXUHKLVIDFHDJDLQVWWKH)LUHRQWKH'D\RI 5HVXUUHFWLRQ
>$W7LUPLGKL@ &RPPHQWDU\ ,IVRPHRQHVD\VVRPHWKLQJGLVJUDFHIXODJDLQVWD0XVOLPRQHPXVWGHIHQGKLV0XVOLP EURWKHURUVLVWHUIRUWKDWPDWWHU DQGVD\WKDWZKDWKDVEHHQVWDWHGDERXWKLPRUKHULVZURQJDQGWKDW KHRUVKH LVIUHHIURPWKHDFFXVDWLRQPDGHDJDLQVWKLPRUKHU C,WEDQELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLGLQKLVORQJ+DGLWKFLWHGLQWKH&KDSWHU HQWLWOHGC+RSH UHSRUWHG:KHQWKH3URSKHW3%8+ VWRRGXSWRRIIHU$V6DODWWKHSUD\HU KHDVNHG :KHUHLV0DOLNELQ$G'XNKVKXP"
$PDQUHSOLHG+HLVDK\SRFULWH+HGRHVQRWORYH$OODKDQG +LV0HVVHQJHU
7KH3URSKHW3%8+ VDLG'RQRWVD\WKDW'R\RXQRWNQRZWKDWKHVDLG/DLODKD LOODOODKWKHUHLVQRWUXHJRGH[FHSW$OODK VHHNLQJ+LV3OHDVXUH$OODKKDVPDGHWKHILUHRI+HOO XQODZIXOIRUKLPZKRDIILUPVWKDWQRQHKDVWKHULJKWWREHZRUVKLSSHGEXW$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $OODKKDVPDGHWKHILUHRI+HOOXQODZIXO
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
$SHUVRQIURPWKHWULEHRI%DQX6DODPDKVDLG20HVVHQJHURI$OODKWKHHPEHOOLVKPHQWRI KLVFORDNDQGDQDSSUHFLDWLRQRIKLVVLGHVKDYHDOOXUHGKLPDQGKHZDVWKXVGHWDLQHG
0XCDGKELQ -DEDO0D\$OODKEHSOHDVHGZLWKKLP VDLG:RHEHXSRQ\RX
7KH0HVVHQJHURI$OODK 3%8+ UHPDLQHGVLOHQW >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGLQGHWDLOLQWKH&KDSWHURQ5HSHQWDQFH+HUHLW LVUHSHDWHGWRVKRZKRZLPSRUWDQWLWLVWRGHIHQGD0XVOLPZKHQVRPHRQHDFFXVHVKLPLQKLVDEVHQFH ,QWKHSUHVHQFHRIWKH3URSKHW3%8+ DSHUVRQH[SUHVVHGPLVJLYLQJVDERXW.DCEELQ0DOLNWKDWKLV REVHVVLRQIRUILQHGUHVV KDGSUHYHQWHGKLPIURPFRPLQJWRWKHEDWWOHILHOG0XCDGKLPPHGLDWHO\ GHIHQGHGKLPVD\LQJWKDWWKHUHZDVQRMXVWLILFDWLRQIRUVXFKPLVJLYLQJV7KH3URSKHW VVLOHQFHHQGRUVHG
WKHVWDQGWDNHQE\0XCDGK0D\$OODKEHSOHDVHGZLWKKLP 7KLVJRHVWRSURYHWKDWLID0XVOLP EURWKHURUVLVWHULVGLVJUDFHGLQKLVRUKHUDEVHQFHLQDJDWKHULQJWKHQLWLVLQFXPEHQWRQRWKHUVWR GHIHQGKLVRUKHUKRQRXU
&+$37(5
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
IUHTXHQWO\JRHVWRWKH JDWKHULQJVRIDQLQQRYDWRULQUHOLJLRQDQGRQHIHDUVWKDWWKLVVHHNHURINQRZOHGJH
PD\EHDIIHFWHGE\ WKLVVRFDOOHGVFKRODUWKHQKHPXVWLQWKLVFDVHJLYHFRXQVHOWR WKHVHHNHURINQRZOHGJH
E\WHOOLQJ KLPDERXWWKHLQQRYDWRU
HWF ,WLVSHUPLVVLEOHWRXVHQDPHVVXFKDV$ODCPDVK
ZKLFKPHDQVCWKHEOHDUH\HG WRWDONDERXWSHRSOH ZKRDUHNQRZQE\VXFKQDPHVIRUWKHVDNHRILGHQWLILFDWLRQDQGQRWIRUGLVSDUDJLQJSHRSOHDQG XQGHUHVWLPDWLQJWKHP7RLGHQWLI\WKHPZLWKRXWUHVRUWLQJWRVXFKQDPHVLVKRZHYHUEHWWHU C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG$PDQVRXJKWSHUPLVVLRQIRUDXGLHQFHZLWKWKH 3URSKHW3%8+ +HVDLG*LYHKLPSHUPLVVLRQEXWKHLVDEDGPHPEHURIKLVWULEH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,PDP$O%XNKDULKDVREYLRXVO\MXVWLILHGWKHEDFNELWLQJRIZLFNHGSHRSOHWRVDYH SHRSOHIURPEHLQJGHFHLYHGIURPWKHLUDSSHDUDQFH,ISHRSOHDUHQRWLQIRUPHGRIWKHUHDOFRQGXFWRI VXFKSHUVRQVWKHLUUHOLJLRXVDVZHOODVZRUOGO\OLIHZLOOEHH[SRVHGWRDJUDYHGDQJHU)RUWKLVUHDVRQ WKHEDFNELWLQJRIZLFNHGSHUVRQVIRUWKHSXUSRVHRIZDUQLQJRWKHUVLVSHUPLVVLEOH C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,GRQRW WKLQNWKDWVRDQGVRXQGHUVWDQGVDQ\WKLQJRIRXU)DLWK
>$O%XNKDUL@
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
7KH0HVVHQJHURI$OODK3%8+ VDLG0XDZL\DKLVGHVWLWXWHDQGKHKDVQRSURSHUW\DQG$EXO-DKPLVYHU\KDUGRQZRPHQ
>%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVSHUPLVVLEOHWRPHQWLRQWKHWUXHIDFWVYLUWXHVDQG YLFHVZLWKRXWHTXLYRFDWLRQDERXWWKHSDUWLHVZKRLQWHQGWRHQWHULQWRZHGORFNSURYLGHGRQHGRHVLWIRU WKHLUZHOIDUH =DLGELQ$O$UTDP0D\$OODKEHSOHDVHGZLWKKLP VDLG:HVHWRXWRQDMRXUQH\DORQJZLWK WKH0HVVHQJHURI$OODK3%8+ DQGZHIDFHGPDQ\KDUGVKLSVC$EGXOODKELQ8EDL\WKHFKLHIRIWKH K\SRFULWHVDW$O0DGLQDK VDLGWRKLVIULHQGV'RQRWVSHQGRQWKRVHZKRDUHZLWKWKH0HVVHQJHURI $OODK3%8+ XQWLOWKH\GHVHUWKLP
+HDOVRVDLG,IZHUHWXUQWR$O0DGLQDKWKHPRUHKRQRXUDEOH PHDQLQJKLPVHOILH$EGXOODKELQ8EDL\ ZLOOGULYHRXWWKHUHIURPWKHPHDQHUPHDQLQJ0HVVHQJHU RI$OODK3%8+
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +LQGZDVWKHPRWKHURI0XCDZL\DK0D\$OODKEHSOHDVHGZLWKKLP $ORQJZLWKKHU KXVEDQG$EX6XI\DQVKHHPEUDFHG,VODPLQWKH\HDURIFRQTXHVWRI0DNNDK :HOHDUQIURPWKLV+DGLWKWKDW ,QRUGHUWRNQRZUHOLJLRXVLQMXQFWLRQVKXVEDQGDQGZLIHFDQPHQWLRQHDFKRWKHU VVKRUWFRPLQJV EHIRUH D0XIWLDUHOLJLRXVVFKRODUZKRLVLQDSRVLWLRQWRLVVXHYHUGLFWVRQUHOLJLRXVPDWWHUV
,IDKXVEDQGGRHVQRWJLYHKLVZLIHHQRXJKPRQH\WRFRYHUWKHGRPHVWLFH[SHQVHVWKHQLWLV SHUPLVVLEOHIRUKLVZLIHWRWDNHVRPHRIKLVPRQH\ZLWKRXWKLVSHUPLVVLRQSURYLGHGWKHDPRXQWWKXV WDNHQLVIRUHVVHQWLDOH[SHQVHVQRWIRUVXSHUIOXRXVPDWWHUV
&+$37(5
352+,%,7,212)&$/801< $OODKWKH([DOWHGVD\V $VODQGHUHUJRLQJDERXWZLWKFDOXPQLHV
1RWDZRUGGRHVKHRUVKH XWWHUEXWWKHUHLVDZDWFKHUE\KLPUHDG\WRUHFRUGLW
+XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH SHUVRQZKRJRHVDERXWZLWKFDOXPQLHVZLOOQHYHUHQWHU-DQQDK
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ /D\DVWDWLUXPLQEDXOLKL
KDVDQRWKHUPHDQLQJQDPHO\KHGRHVQRWSDVVXULQHLQSULYDF\EXWGRHV LWVKDPHOHVVO\LQWKHSUHVHQFHRIRWKHUSHRSOH
2EYLRXVO\VKDPHOHVVQHVVLVDOVRDVLQ7DOHEHDULQJ FDUHOHVVQHVVLQVDYLQJRQHVHOIIURPVSODVKRIXULQHGURSVDQGODFNRIREVHUYDQFHRISULYDF\DUHVLQV ZKLFKDUHOLDEOHWRSXQLVKPHQW 7KH+DGLWKDOVRSURYHVSXQLVKPHQWLQWKHJUDYH ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG6KDOO,WHOO\RX ZKDWC$OC$GKX IDOVHKRRGDQGVODQGHULQJ LV",WLVFDOXPQ\ZKLFKLV FRPPLWWHGDPRQJWKHSHRSOH
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWFDOXPQ\O\LQJIDOVHKRRGDQGVODQGHULQJDUHPDMRUVLQV EHFDXVHWKH\FDXVHFRQIOLFWDQGGLVVHQVLRQLQVRFLHW\$0XVOLPPXVWNHHSKLPVHOIIUHHIURPVXFK HYLOV
&+$37(5
352+,%,7,212)&$55<,1* 7$/(6727+(2)),&(56 $OODKWKH([DOWHGVD\V
'RQRWKHOSRQHDQRWKHULQVLQDQGWUDQVJUHVVLRQ
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG1RQH RIP\&RPSDQLRQVVKRXOGFRQYH\WRPHDQ\WKLQJUHJDUGLQJDQRWKHUEHFDXVH,GHVLUHWRPHHWHYHU\RQH RI\RXZLWKDFOHDQKHDUW
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ C6KRXOGQRWFRQYH\WRPHDQ\WKLQJ KHUHVLJQLILHVDQ\WKLQJXQGHVLUDEOHRUZKLFKLV KDUPIXOIRUWKHSHUVRQFRQFHUQHG7KXVWKLV+DGLWKVWUHVVHVWKDWGHIHFWVRISHRSOHVKRXOGQRWEH XQQHFHVVDULO\UHSRUWHGWRWKRVHZKRDUHDWWKHKHOPRIDIIDLUVDVLVHYLGHQWIURPWKHFDSWLRQJLYHQWR WKLVFKDSWHUE\,PDP$Q1DZDZL
&+$37(5
&21'(01$7,212) '28%/()$&('3(23/( $OODKWKH([DOWHGVD\V 7KH\PD\KLGHWKHLUFULPHV IURPPHQEXWWKH\FDQQRWKLGHWKHP IURP$OODKIRU+HLVZLWK WKHPE\+LV.QRZOHGJH ZKHQWKH\SORWE\QLJKWLQZRUGVWKDW+HGRHVQRWDSSURYH$QG$OODK HYHUHQFRPSDVVHVZKDWWKH\GR
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 3HRSOHDUHOLNHRUHV7KRVHZKRZHUHH[FHOOHQWLQWKH'D\VRI,JQRUDQFHDUHH[FHOOHQWLQ,VODP SURYLGHGWKH\DFTXLUHWKHNQRZOHGJHDQGXQGHUVWDQGLQJRIWKHUHOLJLRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ /LNHRUHV
KHUHVLJQLILHVRULJLQRUVRXUFHZKLFKZLOOEHDPHDQVRIKRQRXUIRUWKHP7KDWLVWKH WULEHVZKLFKZHUHGLVWLQJXLVKHGIRUQRELOLW\LQWKHSUH,VODPLFSHULRGZLOODOVREHGLVWLQJXLVKHGDIWHU HPEUDFLQJ,VODP7KHUHZLOOEHQRUHGXFWLRQLQWKHLUSUHVWLJHDQGKRQRXUSURYLGHGWKH\DWWDLQWUXH XQGHUVWDQGLQJRIUHOLJLRQDQGDGKHUHWRLWVWHDFKLQJV 6XFKSHRSOHZKRGRQRWKDYHDQ\GHVLUHIRURIILFHDQGSRVLWLRQDUHPRVWVXLWDEOHIRUKROGLQJWKH UHLQVRIJRYHUQPHQW7KH\VHUYHWKHLQWHUHVWRISXEOLFEHWWHUEHFDXVHEHLQJDZDUHWRWKHLU UHVSRQVLELOLWLHVWKH\KRQHVWO\HQGHDYRXUWRIXOILOOWKHWUXVWUHSRVHGLQWKHP7KH\NHHSWKHERXQGDULHV PDUNHGE\$OODKDQGSUHIHUWKHLQWHUHVWVRIWKHQDWLRQDQGWKHLURZQFRXQWU\ $GRXEOHIDFHGSHUVRQ
LVRQHZKRPDNHVDJURXSEHOLHYHWKDWKHLVWKHLUVXSSRUWHUDQGZHOO ZLVKHUEXWZKHQKHJRHVWRWKHRSSRVLWHJURXSKHWULHVWRPDNHWKHPEHOLHYHWKDWKHLVHQWLUHO\ZLWK WKHP7KHEHVWDPRQJSHRSOHLVRQHZKRJRHVWRHYHU\JURXSDQG HDUQHVWO\WULHVWRUHIRUPLW 0XKDPPDGELQ=DLGUHSRUWHG6RPHSHRSOHVDLGWRP\JUDQGIDWKHU $EGXOODKELQ 8PDU0D\ $OODKEHSOHDVHGZLWKWKHP :HYLVLWRXUUXOHUVDQGWHOOWKHPWKLQJVFRQWUDU\WRZKDWZHVD\ZKHQZH OHDYHWKHPC$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSOLHG,QWKHGD\VRIWKH 0HVVHQJHURI$OODK3%8+ ZHFRXQWHGWKLVDFWDVDQDFWRIK\SRFULV\
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
FRQGXFWWRKLVIDFHDQGWKHVDPHDWWLWXGHVKRXOGEHPDLQWDLQHGZKHQKHLVQRWSUHVHQWEHFDXVHWKLVLV WKHZHOOPHDQLQJDWWLWXGHZKLFKKDVEHHQRUGDLQHGWRHYHU\0XVOLP$JDLQVWWKLVWKHDWWLWXGHRIWKH ILUVWNLQGLVDPDUNRIK\SRFULV\ZKLFKKDVEHHQVWURQJO\FRQGHPQHGLQWKHSUHFHGLQJ+DGLWK
&+$37(5
&21'(01$7,21$1' 352+,%,7,212))$/6(+22' $OODKWKH([DOWHGVD\V $QGIROORZQRW2PDQLHVD\QRWRUGRQRWRUZLWQHVVQRW WKDWRIZKLFK\RXKDYHQR NQRZOHGJH
1RWDZRUGGRHVKHRUVKH XWWHUEXWWKHUHLVDZDWFKHUE\KLPUHDG\WRUHFRUGLW
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 7UXWKOHDGVWRSLHW\DQGSLHW\OHDGVWR-DQQDK$PDQSHUVLVWVLQVSHDNLQJWKHWUXWKWLOOKHLVUHFRUGHG ZLWK$OODKDVDWUXWKIXOPDQ)DOVHKRRGOHDGVWRWUDQVJUHVVLRQDQGWUDQVJUHVVLRQOHDGVWRWKH+HOOILUH $PDQFRQWLQXHVWRVSHDNIDOVHKRRGWLOOKHLVUHFRUGHGZLWK$OODKDVDJUHDWOLDU
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
>$O%XNKDUL@ &RPPHQWDU\ +XOP
PHDQVDEDGGUHDPEXWKHUHLWKDVEHHQXVHGLQWKHVHQVHRIDGUHDPLUUHVSHFWLYHRILWVEHLQJ JRRGRUEDG7KLV+DGLWKKDVDVHYHUHZDUQLQJIRULQYHQWLQJDGUHDP6XFKSHUVRQVDUHLQWKH KDELWRI LQYHQWLQJGUHDPVZKRKDYHHLWKHUDOXVWIRUIDPHRUZDQWWRLPSUHVVSHRSOHZLWKWKHLUSLHW\ /LVWHQLQJWRWKHWDONRIRWKHUVVHFUHWO\LVDOVRFRQGHPQHG
7KHPDNLQJRISDLQWLQJVRISHRSOHRURWKHUFUHDWXUHVZLWKDVRXOHQWDLOVVHYHUHSXQLVKPHQW ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ DVVD\LQJ7KH ZRUVWRIOLHVLVWRSUHWHQGWRKDYHVHHQVRPHWKLQJZKLFKKHKDVQRWVHHQ
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKVWURQJO\FRQGHPQVIDOVHKRRGZKHWKHULW UHODWHVWRDGUHDPRUWRWKHUHDO ZRUOG,WLVDJUHDWVLQLQERWKFDVHV 6XPXUDKELQ-XQGXE0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ YHU\RIWHQXVHGWRDVNKLV&RPSDQLRQV'RDQ\RQHRI\RXKDVVHHQDGUHDP"
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
,WKHQDUUDWRU WKLQNWKH3URSKHW3%8+ VDLG,QWKDWRYHQWKHUHZDVPXFKQRLVH DQGYRLFHV
7KH3URSKHW3%8+ DGGHG:HORRNHGLQWRLWDQGIRXQGQDNHGPHQDQGZRPHQDQG EHKROGDIODPHRIILUHZDVUHDFKLQJWRWKHPIURPXQGHUQHDWKDQGZKHQLWUHDFKHGWKHPWKH\FULHG ORXGO\,DVNHGC:KRDUHWKHVH" 7KH\VDLGWRPHC3URFHHGSURFHHG $QGVRZHSURFHHGHGDQGFDPH DFURVVDULYHU
,WKHQDUUDWRU WKLQNKHVDLG UHGOLNHEORRG
7KH3URSKHW3%8+ DGGHG$QG EHKROGLQWKHULYHUWKHUHZDVDPDQVZLPPLQJDQGRQWKHEDQNWKHUHZDVDPDQZKRKDGFROOHFWHG PDQ\VWRQHV%HKROGZKLOHWKHRWKHUPDQZDVVZLPPLQJKHZHQWQHDUKLP7KHIRUPHURSHQHGKLV PRXWKDQGWKHODWWHURQWKHEDQN WKUHZDVWRQHLQWRKLVPRXWKZKHUHXSRQKHZHQWVZLPPLQJDJDLQ 7KHQDJDLQKHWKHIRUPHU UHWXUQHGWRKLPWKHODWWHU DQGHYHU\WLPHWKHIRUPHUUHWXUQHGKHRSHQHG KLVPRXWKDQGWKHODWWHUWKUHZDVWRQHLQWRKLVPRXWKDQGVRRQ WKHSHUIRUPDQFHZDVUHSHDWHG, DVNHGP\WZRFRPSDQLRQVC:KRDUHWKHVH" 7KH\UHSOLHGC3URFHHGSURFHHG $QGZHSURFHHGHGWLOO ZHFDPHWRDPDQZLWKDUHSXOVLYHDSSHDUDQFHWKHPRVWUHSXOVLYHDSSHDUDQFH\RXHYHUVDZDPDQ KDYLQJ%HVLGHKLPWKHUHZDVDILUHDQGKHZDVNLQGOLQJLWDQGUXQQLQJDURXQGLW,DVNHGP\WZR FRPSDQLRQVC:KRLVWKLVPDQ 7KH\VDLGWRPHC3URFHHGSURFHHG 6RZHSURFHHGHGWLOOZHUHDFKHG DJDUGHQRIGHHSJUHHQGHQVHYHJHWDWLRQKDYLQJDOOVRUWVRIVSULQJFRORXUV,QWKHPLGVWRIWKHJDUGHQ WKHUHZDVDYHU\WDOOPDQDQG,FRXOGKDUGO\VHHKLVKHDGEHFDXVHRIKLVJUHDWKHLJKWDQGDURXQGKLP WKHUHZHUHFKLOGUHQLQVXFKDODUJHQXPEHUDV,KDYHQHYHUVHHQ,VDLGWRP\WZRFRPSDQLRQVC:KRLV WKLV" 7KH\UHSOLHGC3URFHHGSURFHHG 6RZHSURFHHGHGWLOOZHFDPHWRDPDMHVWLFKXJHJDUGHQ JUHDWHUDQGEHWWHUWKDQDQ\JDUGHQ,KDYHHYHUVHHQ0\WZRFRPSDQLRQVVDLGWRPHC$VFHQGXS DQG, DVFHQGHGXS
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
PDQZKRJRHVRXWRIKLVKRXVHLQWKHPRUQLQJDQGWHOOVOLHVWKDWDUHVSUHDGDOORYHUWKHZRUOG$QG WKRVHQDNHGPHQDQGZRPHQZKRP\RXVDZLQDFRQVWUXFWLRQUHVHPEOLQJDQRYHQWKH\DUHWKH DGXOWHUHUVDQGWKHDGXOWHUHVVHV$QGWKHPDQZKRZDVJLYHQDVWRQHWRVZDOORZLVWKHHDWHURI$U5LED XVXU\ DQGWKHEDGORRNLQJPDQZKRP\RXVDZQHDUWKHILUHNLQGOLQJLWDQGJRLQJDURXQGLWLV0DOLN WKHJDWHNHHSHURI+HOODQGWKHWDOOPDQ\RXVDZLQWKHJDUGHQLV3URSKHW $EUDKDPDQGWKHFKLOGUHQ DURXQGKLPDUHWKRVHZKRGLHGXSRQ$O)LWUDKWKH,VODPLF)DLWKRI0RQRWKHLVP
7KHQDUUDWRU DGGHG6RPH0XVOLPVDVNHGWKH3URSKHW3%8+ 20HVVHQJHURI$OODK:KDWDERXWWKHFKLOGUHQRI $O0XVKULNXQLHSRO\WKHLVWVSDJDQVLGRODWHUVDQGGLVEHOLHYHUVLQWKH2QHQHVVRI$OODKDQGLQ+LV 0HVVHQJHU0XKDPPDG3%8+ "
7KH3URSKHW3%8+ UHSOLHG$QGDOVRWKHFKLOGUHQRI$O 0XVKULNXQ
7KH3URSKHW3%8+ DGGHG0\WZRFRPSDQLRQVDGGHGC7KHPHQ\RXVDZKDOI KDQGVRPHDQGKDOIXJO\ZHUHWKHVHSHRSOHZKRKDGPL[HGDQDFWWKDWZDVJRRGZLWKDQRWKHUWKDWZDV EDGEXW$OODKIRUJDYHWKHP
$QRWKHUQDUUDWLRQRI$O%XNKDULLV7KH0HVVHQJHURI$OODK3%8+ VDLG2QHQLJKWWZRPHQFDPH WRPHDQGWRRNPHWRDEOHVVHGODQG
7KH0HVVHQJHURI$OODK3%8+ WROGRIWKHVDPHLQFLGHQWDV DERYH DQGVDLG$IWHUDZKLOHRIZDONLQJZHFDPHXSRQDSLWOLNHDQRYHQQDUURZDWWKHWRSDQGZLGH DWWKHERWWRPZLWKILUHUDJLQJLQLW:KHQWKHIODPHVURVHXSWKHSHRSOHLQLW DOVRURVHXSWLOOWKH\ZHUH DERXWWRFRPHRXWDQGZKHQWKHILUHVXEVLGHGWKH\WRRZRXOGJRGRZQZLWKLW,QLWZHUHQDNHGPHQ DQGZRPHQ
7KHUHPDLQGHURIWKH+DGLWKLVWKHVDPHDVWKHDERYH+DGLWKH[FHSWWKDWDWWKHHQGRILW WKH0HVVHQJHURI$OODKVDLG:HFDPHXSRQDULYHURIEORRGLQWKHPLGGOHRIZKLFKWKHUHZDVDPDQ VWDQGLQJDQGDWWKHEDQNRIWKHULYHUWKHUHZDVDPDQZLWKSOHQW\RIVWRQHVEHIRUHKLP
,QWKLV QDUUDWLRQZHDOVRILQG7KH\PDGHPHFOLPEWKHWUHHDQGWKH\PDGHPHHQWHUDQDERGHVREHDXWLIXOWKH OLNHRIZKLFK,KDYHQHYHUVHHQEHIRUH7KHUH,VDZ ROGPHQDQG\RXWK
,QWKLVQDUUDWLRQZHDOVR ILQGC7KHILUVWKRXVH\RXHQWHUHGZDVWKHDERGHRIWKHEHOLHYHUVLQJHQHUDODQGWKHRWKHUKRXVHZDV WKHDERGHRI WKHPDUW\UV,DP-LEULO*DEULHO DQGWKLVLV0LND LO5DLVH\RXUKHDG ,ORRNHGXSDQG VDZVRPHWKLQJOLNHFORXGV7KH\VDLGWRPHC7KDWLV\RXUDERGH ,VDLGC6KDOO,HQWHULW" 7KH\VDLG C
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
&+$37(5
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
QRWWKHRQHZKRWULHVWREULQJDERXWDUHFRQFLOLDWLRQEHWZHHQWKHSHRSOHDQGVSHDNVJRRGWRDYHUW GLVSXWHRUWRFRQYH\JRRG
>$O%XNKDUL@ ,WPD\EHFRQFOXGHGWKDWIDOVHKRRGLVSHUPLVVLEOHLQWKHIROORZLQJWKUHHFDVHV L :KLOHILJKWLQJ-LKDGLQWKH&DXVHRI$OODK LL 7RFRQFLOLDWHEHWZHHQSHRSOH
LLL )RUWKHKXVEDQGWRSOHDVHKLVZLIHDQGWKHZLIHWRSOHDVHKHUKXVEDQG
&+$37(5
$6&(57$,10(172):+$7 21(+($56$1'1$55$7(6 $OODKWKH([DOWHGVD\V $QGIROORZQRW2PDQLHVD\QRWRUGRQRWRUZLWQHVVQRW WKDWRIZKLFK\RXKDYHQR NQRZOHGJH
1RWDZRUGGRHVKHRUVKH XWWHUEXWWKHUHLVDZDWFKHUE\KLPUHDG\WRUHFRUGLW
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG,WLVHQRXJKIRU DPDQWRSURYHKLPVHOIDOLDUZKHQKHJRHVRQQDUUDWLQJZKDWHYHUKHKHDUV
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVQRWIDLUWRDFFHSWHYHU\WKLQJRQHKHDUVDVWUXH ZLWKRXWYHULI\LQJLW1RULWLVULJKWWRFRPPXQLFDWHLWWRRWKHUVEHFDXVHLWLVTXLWHSRVVLEOHWKDWZKDWRQH KDVKHDUGLVXQWUXHDQGE\FRPPXQLFDWLQJLWWRRWKHUVKHDGGVLWWRKLVRZQOLHV,WLVWKHUHIRUH QHFHVVDU\WKDWRQHVKRXOGPDNHVXUHWKDWZKDWKHLVFRPPXQLFDWLQJWRRWKHUVLVWUXH 6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRUHODWHVIURPPHVRPHWKLQJZKLFKKHGHHPVIDOVHLVRQHRIWKHOLDUV
>0XVOLP@ &RPPHQWDU\ ,QVRPHRIWKHQDUUDWLRQVRIWKLV+DGLWKWKHZRUGXVHGLV.DGKLEDLQ
ZKLFKPHDQV WZROLDUV
2QHLVWKDWSHUVRQZKRWHOOVDOLHDQGDWWULEXWHVKLVVWDWHPHQWWRWKH3URSKHW3%8+ 7KH VHFRQGLVWKDWSHUVRQZKRFRQYH\VLWWRRWKHUV7KXVWKLV+DGLWKKDVDVWHUQZDUQLQJIRUWKRVHC8ODPD DQGSUHDFKHUVZKRIHHOQRKHVLWDWLRQLQUHODWLQJIDOVHDQGIDEULFDWHG$KDGLWK $VPD 0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG$ZRPDQFDPHWRWKH0HVVHQJHURI$OODK 3%8+ DQGVDLG,KDYHDFRZLIH,VWKHUHDQ\KDUPIRUPHLI,JLYHKHUWKHIDOVHLPSUHVVLRQRI JHWWLQJVRPHWKLQJIURPP\KXVEDQGZKLFKKHKDVQRWLQIDFWJLYHQPH"
7KH0HVVHQJHURI$OODK 3%8+ VDLG7KHRQHZKRFUHDWHVDIDOVHLPSUHVVLRQRIUHFHLYLQJZKDWRQHKDVQRWEHHQJLYHQLVOLNH RQHZKRZHDUVWZRJDUPHQWVRIIDOVHKRRG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6RPHSHRSOHGLVJXLVHWKHPVHOYHVDVSLRXVWRFUHDWHDIDOVHLPSUHVVLRQRIWKHLUSLHW\ VRPHSXWXSWKHDSSHDUDQFHRIVFKRODUVWRHVWDEOLVKWKHLUVFKRODUVKLSDQGVRPHWDNHWRKLJKO\ H[SHQVLYHFORWKHVWRJLYHWKHLPSUHVVLRQRIEHLQJULFK6LQFHWKHVHWKLQJVDUHIDEULFDWHGDQGIDOVHWKH\ FRQVWLWXWHJUHDWVLQV2QHVKRXOGOLYHDVRQHUHDOO\LV6LPLODUO\WKHVHFRQGZLIHVKRXOGQRWLQYHQWIDOVH VWRULHVWRJLYHZURQJLPSUHVVLRQRIKHUVHOIWRWKHRWKHUZLIH1RUVKRXOGPDNHIDOVHFODLPVRIJUHDWHU ORYHDQGDWWHQWLRQRIWKHKXVEDQGRQO\WRLQFLWHWKHMHDORXV\RIWKHRWKHURQHZKLOHWKHUHDOSRVLWLRQLV
IDUIURPWKDW,QIDFWHYHQLIWKLVLVVRVKHVKRXOGQRWH[SRVHWKHZHDNQHVVRIWKHKXVEDQGVRWKDWWKH IHHOLQJVRIKLVRWKHUZLIHDUHQRWLQMXUHG
&+$37(5
352+,%,7,212)*,9,1* )$/6(7(67,021< $OODKWKH([DOWHGVD\V $QGVKXQO\LQJVSHHFKIDOVHVWDWHPHQWV
$QGIROORZQRW2PDQLHVD\QRWRUGRQRWRUZLWQHVVQRW WKDWRIZKLFK\RXKDYHQR NQRZOHGJH
1RWDZRUGGRHVKHRUVKH XWWHUEXWWKHUHLVDZDWFKHUE\KLPUHDG\WRUHFRUGLW
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
$QGWKRVHZKRGRQRWZLWQHVVIDOVHKRRG
$EX%DNUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 6KDOO,QRWLQIRUP\RXRIRQHRIWKHJUDYHVWRIWKHFDUGLQDOVLQV"
:HVDLG
+H3%8+ VDLG7RMRLQRWKHUVDVSDUWQHUVZLWK$OODKLQZRUVKLSDQGWREHXQGXWLIXOWRRQH V SDUHQWV
7KH0HVVHQJHURI$OODK3%8+ VDWXSIURPKLVUHFOLQLQJSRVLWLRQLQRUGHUWRVWUHVVWKH LPSRUWDQFHRIZKDWKHZDVJRLQJWRVD\ DQGDGGHG,ZDUQ\RXPDNLQJDIDOVHVWDWHPHQWDQGJLYLQJD IDOVHWHVWLPRQ\,ZDUQ\RXDJDLQVWPDNLQJDIDOVHVWDWHPHQWDQGJLYLQJD IDOVHWHVWLPRQ\
7KH 0HVVHQJHURI$OODK3%8+ NHSWRQUHSHDWLQJWKLVZDUQLQJ WLOOZHZLVKHGKHVKRXOGVWRS >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHFRQWHQWVRIWKLV+DGLWKPDNHWKHJUDYLW\RIPDNLQJDIDOVHVWDWHPHQWDEXQGDQWO\ FOHDU+RZXQIRUWXQDWHLQGHHGLWLVWKDWOLNHRWKHUPDMRUVLQVWKHHYLORIJLYLQJIDOVHWHVWLPRQ\LVYHU\ FRPPRQDPRQJWKHSUHVHQWGD\0XVOLPV0D\$OODKSUHYHQWXVIURPLW
&+$37(5
352+,%,7,21 2) &856,1*21( 3$57,&8/$50$125$1,0$/ $EX=DLG7KDELWELQ$G'DKKDN$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLP KHLVRQHRIWKRVH ZKRJDYHWKHLUSOHGJHRIDOOHJLDQFHWRWKH0HVVHQJHURI$OODK3%8+ XQGHUWKH7UHH VDLG7KH 0HVVHQJHURI$OODK3%8+ VDLG+HZKRVZHDUVE\DUHOLJLRQRWKHUWKDQWKDWRI,VODPLVOLNHZKDW KHKDVSURIHVVHG+HZKRNLOOVKLPVHOIZLWKVRPHWKLQJZLOOEHWRUPHQWHGZLWKLWRQWKH'D\RI 5HVXUUHFWLRQ$SHUVRQLVQRWERXQGWRIXOILOODYRZDERXWVRPHWKLQJZKLFKKHGRHVQRWSRVVHVV &XUVLQJDEHOLHYHULVOLNHPXUGHULQJKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +HZKRVZHDUVE\DUHOLJLRQRWKHUWKDQWKDWRI,VODP
KHUHPHDQVHLWKHURIWKHWZR WKLQJVVWDWHGKHUH)RULQVWDQFHLIDSHUVRQVD\V,I,GRVXFKDQGVXFKWKHQ,DPD&KULVWLDQRUD-HZ
1RZLIKHUHDOO\LQWHQGVWRHPEUDFH&KULVWLDQLW\RU-XGDLVPKHZLOOLPPHGLDWHO\EHFRPHVREHFDXVH KLVLQWHQWLRQWREHD.DILUGLVEHOLHYHU LV.XIULQILGHOLW\ LQLWVHOI%XWLIWKHYRZLVPHDQWWRGHQ\WKH DGRSWLRQRIRWKHUUHOLJLRQVDQGLVLQWHQGHGWRH[SUHVVKLVILUPUHVROXWLRQWROLYHDVD0XVOLPWRWKHODVW HYHQWKHQVXFKDYRZLVXQGHVLUDEOHDQGLVDVLQIRUZKLFKRQHPXVWVHHN$OODK VIRUJLYHQHVV
7KHODVWVHQWHQFHRIWKLV+DGLWKHYLGHQWO\VKRZVWKDWWRFXUVHD0XVOLPLVIRUELGGHQEHFDXVHLWLVDNLQ WRNLOOLQJKLP $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,W GRHVQRWEHILWD6LGGLTULJKWHRXV0XVOLP WRIUHTXHQWO\FXUVHRWKHUV
>0XVOLP@ &RPPHQWDU\ 7DXQWVFXUVHVDQGDEXVLYHODQJXDJHDUHFRQWUDU\WRSHUIHFW)DLWKDQGILGHOLW\ $EXG'DUGD 0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KRVHZKRIUHTXHQWO\UHVRUWWRFXUVLQJSHRSOH ZRXOGQHLWKHUEHDFFHSWHGDVZLWQHVVHVQRUDV LQWHUFHVVRUVRQWKH'D\RI5HVXUUHFWLRQ
>0XVOLP@ &RPPHQWDU\ 7KH KDELWRIWDXQWLQJDQGFXUVLQJPDNHVDPDQVLQIXO6XFKDSHUVRQKDVQRYDOXHZLWK $OODKDQGKLVWHVWLPRQ\DQGLQWHUFHVVLRQZLOOQRWEHFRQVLGHUHGRQWKH'D\RI-XGJHPHQW 6DPXUDKELQ-XQGXE0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'RQRWFXUVHRQHDQRWKHULQYRNLQJ&XUVHRI$OODKRU:UDWKRI$OODKRUWKHILUHRI+HOO
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW0XVOLPVVKRXOGQHLWKHUFXUVHQRULPSUHFDWHHDFKRWKHU )RULQVWDQFHWKH\DUHIRUELGGHQWRVD\0D\WKH&XUVHRI$OODKEHXSRQ\RX
RU,ZLVK\RXWREXUQLQ +HOOILUH
HWFHWF ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG$ WUXHEHOLHYHULVQRWLQYROYHGLQWDXQWLQJRUIUHTXHQWO\FXUVLQJRWKHUV RULQLQGHFHQF\RUDEXVLQJ
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
>$EX'DZXG@ &RPPHQWDU\ $O/DCQDKFXUVH PHDQVGHSULYDWLRQRI$OODK V0HUF\:HOHDUQIURPWKLV+DGLWKWKDW WKHDFWRIFXUVLQJLVVXFKWKDWRQHZKRGRHVLWFDQEHFRPHKLPVHOIDYLFWLPRILW2QHVKRXOGWKHUHIRUH DEVWDLQIURPFXUVLQJ C,PUDQELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKKLP VDLG:HZHUHZLWKWKH0HVVHQJHURI$OODK 3%8+ RQDMRXUQH\DQGWKHUHZDVDZRPDQIURPWKH$QVDUULGLQJDVKHFDPHO6KHDEXVHGDQG LQYRNHGFXUVHXSRQLW7KH0HVVHQJHURI$OODK3%8+ KHDUGLWDQGVDLG2IIORDGWKHVKHFDPHODQG VHWLWIUHHEHFDXVHLWKDVEHHQFXUVHG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHDFKHVXVQRWWRFXUVHDQLPDOV,WDOVRWHDFKHVXVWRWUHDWWKHPQLFHO\DQG EHSDWLHQWZLWKWKHP $EX%DU]DK1DGODKELQC8EDLG$O$VODPL0D\$OODKEHSOHDVHGZLWKKLP VDLG$\RXQJ ZRPDQZDVULGLQJDVKHFDPHORQZKLFKWKHUHZDVWKHOXJJDJHRISHRSOH6XGGHQO\VKHVDZWKH
3URSKHW3%8+ 7KHSDVVRIWKHPRXQWDLQEHFDPHQDUURZIRUKHUSHRSOHEHFDXVHRIIHDU 7KH\RXQJ ZRPDQVDLGWR WKHVKHFDPHO*RDKHDG
:KHQLWGLGQRWPRYHVKHVDLG2$OODK&XUVHLW
7KH 3URSKHW3%8+ VDLG7KHVKHFDPHOWKDWKDVEHHQFXUVHGVKRXOGQRWDFFRPSDQ\XV
>0XVOLP@ &RPPHQWDU\ 6RPHSHRSOHKDYHWDNHQWKLV+DGLWKWRPHDQWKDWWKHVKHFDPHO FXUVHGE\WKH\RXQJ ZRPDQZDVDEDQGRQHGWKHUHDQGLWZDVQHLWKHUXVHGIRUWUDQVSRUWQRUFRQYH\DQFHDVZDVWKHSUDFWLFH LQWKHSUH,VODPLFSHULRGZLWKVKHFDPHOVZKLFKZHUHOHWORRVHIRUIUHHSDVWXUHIRUWKHSRO\WKHLVWV IDOVH JRGVDQGQRWKLQJZDVDOORZHGWREHFDUULHGRQWKHP6XFKVKHFDPHOVZHUHFDOOHGDV$V6D LEDK
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
&+$37(5
-867,),&$7,212)&856,1* 7+(:521*'2(56:,7+287 63(&,)<,1*21(2)7+(0 $OODKWKH([DOWHGVD\V 1RGRXEWWKH&XUVHRI$OODKLVRQWKH=DOLPXQSRO\WKHLVWVZURQJGRHUVRSSUHVVRUV
7KHQDFULHUZLOOSURFODLPEHWZHHQWKHPC7KH&XUVHRI$OODKLVRQWKH=DOLPXQSRO\WKHLVWV DQGZURQJGRHUV
,WKDVEHHQDXWKHQWLFDOO\UHSRUWHGWKDWWKH0HVVHQJHURI$OODKVDLG&XUVHRI$OODKLVXSRQWKRVH ZRPHQZKRZHDUIDOVHKDLUDQGWKRVHZRPHQZKRSUHSDUHVXFK
$QGKH3%8+ VDLG&XUVHRI $OODKLVXSRQWKHRQHZKRHDWV5LEDXVXU\
$QGKHDOVRFXUVHGWKHSDLQWHUVRISLFWXUHVRIOLYLQJ REMHFWV$QGKH3%8+ VDLG&XUVHRI$OODKLVXSRQKLPZKRPDNHFKDQJHVLQODQGERXQGDULHVWR GHSULYHRWKHUV
+H3%8+ DOVRVDLG&XUVHRI$OODKLVXSRQWKHWKLHIZKRVWHDOVHYHQ DQHJJ
+H DOVRVDLG&XUVHRI$OODKLVXSRQWKHRQHZKRFXUVHVKLVSDUHQWV
$QG&XUVHRI$OODKLVXSRQWKH RQHZKRVDFULILFHVDQDQLPDOIRURWKHUWKDQ$OODK
$QGKH3%8+ VDLG:KRLQYHQWVKHUHVLHVLQ UHOLJLRQKHUH$O0DGLQDK DQGXSRQWKRVHZKRVXSSRUWHGKLPLVWKH &XUVHRI$OODKDQGWKHDQJHOV DQGDOOWKHSHRSOH
$QGKH3%8+ VDLG2$OODK&XUVHEHXSRQ5LCO'KDNZDQDQG8VDL\\DKWKH WKUHHWULEHVRI$UDEZKRDUHGLVREHGLHQWWR$OODKDQG+LV0HVVHQJHU
+HDOVRVDLG&XUVHRI$OODKLV XSRQWKH-HZVZKRWXUQHGWKHJUDYHVRIWKHLU3URSKHWVLQWRSODFHVRIZRUVKLS
$QGKH3%8+ FXUVHG WKRVHPHQZKRLPLWDWHZRPHQDQGWKRVHZRPHQZKRLPLWDWHPHQ $OOWKHVH$KDGLWKDUHDXWKHQWLFDQGDUHUHSRUWHGE\$O%XNKDULRU0XVOLPRUE\WKHPERWK7KHVH $KDGLWKZLOOEHFLWHGXQGHUWKHLUUHVSHFWLYHFKDSWHUV,QVKD $OODK
&+$37(5
352+,%,7,212)5(9,/,1*$ 086/,0:,7+287$1<&$86( $OODKWKH([DOWHGVD\V $QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI VODQGHUDQGSODLQVLQ
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG 5HYLOLQJD0XVOLPLV)XVXTGLVREHGLHQFHRI$OODK DQGNLOOLQJKLPLVWDQWDPRXQWWR GLVEHOLHI
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ .LOOLQJKLPLVWDQWDPRXQW WRGLVEHOLHI
PHDQVWKDWLQWHUPVRIVLQDQGSURKLELWLRQLW LVDNLQWR.XIU7KLV+DGLWKPDNHVWKHVHYHULW\RIWKLVFULPHDEXQGDQWO\FOHDU $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ:KHQDQ\0XVOLPDFFXVHVDQRWKHU0XVOLPRIVLQRURIGLVEHOLHIWKHUHSURDFKUHERXQGVXSRQ WKHRQHZKRXWWHUVLWLIWKHRWKHUSHUVRQLVQRWGHVHUYLQJRILW
>$O%XNKDUL@ &RPPHQWDU\ :KDWWKLV+DGLWKVWUHVVHVLVWKDWRQHVKRXOGQHYHUVD\DERXWD0XVOLPWKDWKHLVVLQIXO )DVLT RUGLVEHOLHYHU.DILU ZKHQKHLVQRWVR7KHUHDVRQLVWKDWLQWKDWFDVHRQHZKRVD\VLWZLOOEH KHOG)DVLTRU.DILU2QHVKRXOGWKHUHIRUHVWULFWO\UHIUDLQIURPXWWHULQJVXFKVWDWHPHQWV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQWZRSHUVRQVLQGXOJHLQDEXVLQJHDFKRWKHUWKHEHJLQQHUZLOOEHWKHVLQQHUVRORQJDVWKH RSSUHVVHGGRHVQRWWUDQVJUHVVWKHOLPLWV
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
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG$GUXQNDUGZDVEURXJKWWRWKH3URSKHW 3%8+ +HVDLG*LYHKLPDEHDWLQJ
7KHQVRPHEHDWKLPZLWKWKHLUKDQGVVRPHZLWKWKHLUVKRHV DQGVRPHZLWKDIROGHG SLHFHRIFORWK:KHQKHOHIWVRPHRQHVDLGWRKLP0D\$OODKGLVJUDFH\RX
7KH3URSKHW3%8+ VDLG'RQRWKHOS6DWDQRYHUFRPHKLPE\XWWHULQJVXFKZRUGV
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
&+$37(5
352+,%,7,212)$%86,1*7+( '(&($6(':,7+287$9$/,'/(*$/ 5($621$33529('%<6+$5,C$+ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'RQRW DEXVHWKHGHDGEHFDXVHWKH\KDYHDWWDLQHGWKDWZKLFKWKH\KDGIRUZDUGHGLHWKHLUGHHGVJRRGRU EDG
>$O%XNKDUL@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWZHVKRXOGQRWFHQVXUHRUFRQGHPQWKHGHFHDVHG EHFDXVHWKH\KDYHUHDFKHGWKHLUHQGDQGWKH\DUHUHFHLYLQJLQWKH+HUHDIWHUUHWXUQIRUZKDWHYHUGHHGV WKH\GLGLQWKHLUOLIH7KHUHLVQRKDUPKRZHYHULQDEXVLQJWKHGLVEHOLHYHUVZKRGLHGLQDVWDWHRI .XIU
&+$37(5
352+,%,7,212)0$/,*1,1* $OODKWKH([DOWHGVD\V $QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI VODQGHUDQGSODLQVLQ
C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG$WUXH 0XVOLPLVRQHIURPZKRVHWRQJXHDQGKDQGWKH0XVOLPVDUHVDIHDQGD 0XKDMLU(PLJUDQW LVKH ZKROHDYHVWKHGHHGVZKLFK$OODKKDVSURKLELWHG
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKLVSDUWRIDORQJ+DGLWKZKLFKKDVDOUHDG\EHHQPHQWLRQHG6HH+DGLWK1R ,WVWUHVVHVVWHDGIDVWQHVVLQ)DLWKDQGYLUWXRXVGHHGVEHFDXVHWKHWLPHRIGHDWKLVQRWNQRZQWR DQ\RQH6LQFHRQHFDQGLHDWDQ\PRPHQWRQHVKRXOGQHYHUEHXQPLQGIXORIWKHREOLJDWLRQVRI)DLWK DQGJRRGGHHGVVRWKDWKHHPEUDFHVGHDWKLQDVWDWHRISHUIHFW)DLWK7KLV+DGLWKKDVWKHVDPH PHDQLQJVZKLFKDUHFRQWDLQHGLQWKH9HUVHRIWKH6XUDW$OC,PUDQH[KRUWLQJWKH0XVOLPVWKXV $QGGLHQRWH[FHSWLQDVWDWHRI,VODP>DV0XVOLP ZLWKFRPSOHWHVXEPLVVLRQWR$OODK@
(YHU\0XVOLPVKRXOGWUHDWSHRSOHDVQLFHO\DVKHKLPVHOIGHVLUHVWREHWUHDWHGE\RWKHUV
&+$37(5
352+,%,7,212)1856,1* 5$1&285$1'(10,7< $OODKWKH([DOWHGVD\V 7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ
KXPEOHWRZDUGVWKHEHOLHYHUVVWHUQWRZDUGVWKHGLVEHOLHYHUV
0XKDPPDG3%8+ LVWKH0HVVHQJHURI$OODKDQGWKRVHZKRDUHZLWKKLPDUHVHYHUHDJDLQVW GLVEHOLHYHUVDQGPHUFLIXODPRQJWKHPVHOYHV
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG'RQRW KDUERXUJUXGJHDJDLQVWRQHDQRWKHUQRUMHDORXV\QRUHQPLW\DQGGRQRWVKRZ\RXUEDFNVWRRQH DQRWKHUDQGEHFRPHDVIHOORZEURWKHUVDQGVODYHVRI$OODK,WLVQRWODZIXOIRU D0XVOLPWRDYRLG VSHDNLQJZLWKKLVEURWKHUEH\RQGWKUHHGD\V
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 'RQRWKDUERXUJUXGJHDJDLQVWRQHDQRWKHU
PHDQVWKDWRQHVKRXOGQRWVD\RUGRDQ\ WKLQJZKLFKLVOLNHO\WRFUHDWHLOOZLOODQGKDWUHGLQRWKHUV1RUMHDORXV\
VLJQLILHVWKDWLID0XVOLPLV JUDQWHGDQ\EOHVVLQJE\$OODKRQHVKRXOGQRWZLVKWKDWKHEHGHSULYHGRILW'RQRWVKRZ\RXUEDFNV WRRQHDQRWKHU
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
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWPXWXDOHQPLW\JUXGJHDQGPDOLFHDUHERXQGWRGHSULYH DPDQIURP-DQQDKLQWKH+HUHDIWHU
&+$37(5
352+,%,7,212)(19< $OODKWKH([DOWHGVD\V 2UGRWKH\HQY\PHQ0XKDPPDG3%8+ DQGKLVIROORZHUV IRUZKDW$OODKKDVJLYHQWKHPRI +LV%RXQW\"
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG%HZDUHRI HQY\EHFDXVHHQY\FRQVXPHVGHVWUR\V WKHYLUWXHVMXVWDVWKHILUHFRQVXPHVWKHILUHZRRG
RUKHVDLG JUDVV
>$EX'DZXG@ &RPPHQWDU\ (QY\LVRQH RIWKHPDMRUVLQVZKLFKDUHERXQGWRGHVWUR\YLUWXHVDVIDVWDVWKHILUH EXUQVWKHZRRGDQGGU\JUDVVWRDVKHV
&+$37(5
352+,%,7,212)63<,1*21 086/,06 72%(,148,6,7,9( $%28727+(56 $OODKWKH([DOWHGVD\V $QGVS\QRW
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI VODQGHUDQGSODLQVLQ
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
:KLOHVD\LQJVRKHSRLQWHG WRZDUGVKLVFKHVW,WLVHQRXJKHYLOIRUD0XVOLPWRORRNGRZQXSRQKLV0XVOLPEURWKHU$OOWKLQJVRI D0XVOLPDUHLQYLRODEOHIRUKLVEURWKHULQ)DLWKKLVEORRGKLVZHDOWKDQGKLVKRQRXU9HULO\$OODK GRHVQRWORRNWR\RXUERGLHVQRUWR\RXUIDFHVEXW+HORRNVWR\RXUKHDUWVDQG\RXUGHHGV
$QRWKHUQDUUDWLRQLV'RQRWIHHOHQY\DJDLQVWRQHDQRWKHUGRQRWQXUVHHQPLW\GRQRWVS\RQRQH DQRWKHUDQGGRQRWFKHDWRQHDQRWKHU%H$OODK VVODYHVEUHWKUHQWRRQHDQRWKHU
$QRWKHUQDUUDWLRQLV'RQRWKDYHHVWUDQJHGUHODWLRQVZLWKRQHDQRWKHU'RQRWQXUVHHQPLW\DQGGR QRWIHHOHQY\DJDLQVWRQHDQRWKHU2$OODK VZRUVKLSSHUV%HEURWKHUV
$QRWKHUQDUUDWLRQLV'RQRWHVWUDQJHPXWXDOUHODWLRQVDQGGRQRW LQWHUYHQHLQWRWKHWUDQVDFWLRQZKLFK LVOLNHO\WREHVHWWOHGZLWKDQRWKHUSHUVRQ
>0XVOLP@ &RPPHQWDU\ %HZDUHRIVXVSLFLRQ
PHDQVVXFKVXVSLFLRQDERXWD0XVOLPIRUZKLFKQRDSSDUHQW HYLGHQFHLVDYDLODEOH6LPLODULVWKHFDVHRIWKDWWKRXJKWZKLFKHPHUJHVLQRQH VPLQGZLWKRXWDQ\ ORJLF1DMVK
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
>$EX'DZXG@ &RPPHQWDU\ ,ID0XVOLPORRNVIRUWKHGHIHFWVRIDQRWKHUDQGKXQWVIRUKLVZHDNQHVVHVRWKHU 0XVOLPV ZLOODOVRDGRSWWKHVDPHDWWLWXGHWRZDUGVKLPDQGWKLVVLWXDWLRQZLOOFUHDWHGLVVHQVLRQDQG FRQIOLFWLQVRFLHW\7KLVDOVRZLOOPDNHWKHPIDOOSUH\WRVLQVDQGPDNHWKHPSHUVLVWHQWLQFRPPLWWLQJ WKHP)RUWKLVUHDVRQVS\LQJDQGILQGLQJIDXOWVZLWK0XVOLPVKDVEHHQSURKLELWHGE\6KDULCDK
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
&+$37(5
352+,%,7,212)6863,&,21 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH$YRLGPXFKVXVSLFLRQVLQGHHGVRPHVXVSLFLRQVDUHVLQV
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG %HZDUHRIVXVSLFLRQIRUVXVSLFLRQLVWKHZRUVWRIIDOVHWDOHV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG1R ,WZDUQVXVDJDLQVWVXVSLFLRQVDERXW RWKHU0XVOLPVDVWKLVLQYROYHVWHOOLQJOLHVDERXWWKHPZKLFKLVVWULFWO\IRUELGGHQ7KLVLVWKHUHDVRQ ZK\LWLVUHIHUUHGWRDVWKHZRUVWRIIDOVHWDOHV:HDOVROHDUQIURPWKLV+DGLWKWKDWWKHRUGHUVDQG SXQLVKPHQWVRI6KDULCDKDUHHQIRUFHGRQFHUWDLQW\QRWRQVSHFXODWLRQVDQGFRQMHFWXUHV
&+$37(5
352+,%,7,212)'(63,6,1* 086/,06 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH/HWQRWDJURXSVFRIIDWDQRWKHUJURXSLWPD\EHWKDWWKHODWWHUDUHEHWWHU WKDQWKHIRUPHU1RUOHWVRPH ZRPHQVFRIIDWRWKHUZRPHQLWPD\EHWKDWWKHODWWHUDUHEHWWHU WKDQWKHIRUPHU1RUGHIDPHRQHDQRWKHUQRULQVXOWRQHDQRWKHUE\QL FNQDPHV+RZEDGLVLWWR LQVXOWRQH VEURWKHUDIWHUKDYLQJ)DLWK>LHWRFDOO\RXU0XVOLPEURWKHUDIDLWKIXOEHOLHYHU DV C2VLQQHU RUC2ZLFNHG @$QGZKRVRHYHUGRHVQRWUHSHQWWKHQVXFKDUHLQGHHG=DOLPXQ ZURQJGRHUV
:RHWRHYHU\VODQGHUHUDQGEDFNELWHU
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,WLV HQRXJKHYLOIRUD0XVOLPWRORRNGRZQXSRQKLV0XVOLP EURWKHU
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+DGLWK1R ,WVPHDQLQJVDUHHYLGHQW DQGQHHGQRHODERUDWLRQ
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG7KHKDXJKW\ HYHQZLWKSULGHHTXDOWRDPXVWDUGVHHGLQKLVKHDUWZLOOQRWHQWHU-DQQDK
$PDQ HQTXLUHG:KDW DERXWWKDWDSHUVRQOLNHVILQHGUHVVDQGILQHVKRHV"
+HVDLG$OODKLV%HDXWLIXODQGOLNHVEHDXW\3ULGH DPRXQWVWRGLVFODLPLQJWUXWKRXWRIVHOIHVWHHPDQGGHVSLVLQJSHRSOH
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+DGLWK1R ,PDP$Q1DZDZLKDV LQWHUSUHWHGWKHZRUGV%DWDUXO+DT
DV'DICXO+DT
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
&+$37(5
352+,%,7,212)5(-2,&,1* 29(5$127+(5 67528%/( $OODKWKH([DOWHGVD\V 7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ
9HULO\WKRVHZKROLNHWKDWWKHFULPHRI LOOHJDOVH[XDOLQWHUFRXUVHVKRXOGEHSURSDJDWHGDPRQJ WKRVHZKREHOLHYHWKH\ZLOOKDYHDSDLQIXOWRUPHQWLQWKLVZRUOGDQGLQWKH+HUHDIWHU
:DWKLODKELQ$O$VTDC0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'RQRWH[SUHVVSOHDVXUHDWWKHPLVIRUWXQHRID0XVOLP EURWKHUOHVW$OODKVKRXOGEHVWRZPHUF\ XSRQKLPDQGPDNH\RXVXIIHUIURPDPLVIRUWXQH
>$W7LUPLGKL@ &RPPHQWDU\ $WUXHEHOLHYHULVRQHZKRIHHOVXQKDSS\WRVHH0XVOLPVVXIIHULQJDQGUHMRLFHVRQWKH KDSSLQHVVRIKLVRWKHUIHOORZVLQ)DLWK,WLVFRQWUDU\WRWKHFRQGXFWRIDWUXHEHOLHYHUWRUHMRLFHRYHUWKH WURXEOHRIDQRWKHU0XVOLPDVWKLVDWWLWXGHLVYHU\PXFKGLVOLNHGE\$OODK7KHUHLVHYHU\SRVVLELOLW\WKDW $OODKPD\SXQLVKVXFKDSHUVRQLQWKLVZRUOGDQGUHOLHYHWKHRQHZKRLVLQWURXEOH6HHDOVR+DGLWK1R
&+$37(5
352+,%,7,212)'(5,',1* 21( 6/,1($*(
$OODKWKH([DOWHGVD\V $QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI VODQGHUDQGSODLQVLQ
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 7ZRPDWWHUVDUHVLJQVRIGLVEHOLHIRQWKHSDUWRIWKRVHZKRLQGXOJHLQWKHP'HIDPLQJDQGVSHDNLQJ HYLORIDSHUVRQ VOLQHDJHDQGZDLOLQJRYHUWKHGHDG
>0XVOLP@ &RPPHQWDU\ %RWKWKHVLQVPHQWLRQHGLQWKLV+DGLWKDUHVXFKWKDWLID0XVOLPWKLQNVWKHPODZIXO DQGVWLOOFRPPLWVWKHPKHZLOOEHFRPHD.DILU7RGHIDPHVRPHRQH VOLQHDJHPHDQVWRGLVJUDFHRU KXPLOLDWHVRPHERG\E\VD\LQJWRKLPRUWRKHU
RU
RU
0RXUQLQJDQGZDLOLQJPHDQVH[SUHVVLQJTXDOLWLHVRIDGHFHDVHGSHUVRQWKURXJKZHHSLQJFU\LQJDQG ODPHQWLQJORXGO\,PDP$Q1DZDZLVDLGWKDWVXFKTXDOLWLHVDUHDWWULEXWHVDQGDFWVRIWKHGLVEHOLHYHUV DQGSUDFWLFHVRIWKHSUH,VODPLFSHULRGRU-DKLOL\\DK
&+$37(5
352+,%,7,212)'(&(,9,1* 27+(56 $OODKWKH([DOWHGVD\V $QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQWKHPVHOYHVWKHFULPHRI VODQGHUDQGSODLQVLQ
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRWDNHVXSDUPVDJDLQVWXVLVQRQHRIXVDQGKHZKRFKHDWVXVLVQRQHRIXV
>0XVOLP@ $QRWKHUQDUUDWLRQRI0XVOLPLV7KH0HVVHQJHURI$OODK3%8+ KDSSHQHGWRSDVVE\DKHDSRI FRUQ+HWKUXVWKLVKDQGLQWKDWKHDS DQGKLVILQJHUVIHOWZHWQHVV+HVDLGWRWKHRZQHURIWKDWKHDSRI FRUQ:KDWLVWKLV"
+HUHSOLHG20HVVHQJHURI$OODK7KHVHKDYHEHHQGUHQFKHGE\UDLQIDOO
+H UHPDUNHG:K\GLG\RXQRWSODFHWKLVWKHGUHQFKHGSDUWRIWKHKHDS RYHUWKHFRUQVRWKDWSHRSOH PLJKWVHHLW"+HZKRGHFHLYHVLVQRWRIXV
&RPPHQWDU\ 7RWDNHDUPVKHUHVLJQLILHVWRUHYROWDJDLQVWWKH0XVOLPFRPPXQLW\DQGD0XVOLPJRYHUQPHQWIRU WKDWPDWWHU RUGUDZDVZRUGJXQHWFWRNLOOD0XVOLP DFRPPRQSUDFWLFHLQWKHSUHVHQWGD\ WHUURULVP )RUJHU\DQGGHFHLWKDYHWZRGLIIHUHQWIRUPVRQHLVLPSOLHGDQGRWKHULVSK\VLFDODQGYLVLEOH,QWKH IRUPHUIDOVHKRRGLVJLYHQDYHQHHURIWUXWK7KHODWWHULV FRQFHDOPHQWRIVRPHGHIHFWDGXOWHUDWLRQRI VRPHLQIHULRUTXDOLW\PHUFKDQGLVHLQDVXSHULRURQHDGGLWLRQRIVRPHWKLQJWRLQFUHDVHZHLJKWRU YROXPHRUDVXEVWDQFHE\XQIDLUPHDQVDQGRWKHUPDOSUDFWLFHV +HLVQRQHRIXV
PHDQV+HLVQRWIROORZLQJWKHZD\RI0XVOLPV
RU+LVFRQGXFWLVXQOLNHWKDWRI 0XVOLPV
,WLVWKHUHIRUHQHFHVVDU\IRUHYHU\0XVOLPWRDEVWDLQIURPVXFKHYLOV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'R QRWSUDFWLVH1DMVKWRFKHDW
>0XVOLP@
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUGVPHQWLRQHGLQWKH+DGLWKIRUWKHFXVWRPHUDUHPHDQWWRSURWHFWKLVULJKW LPSO\LQJWKDWLIWKHUHLVVRPHWKLQJDPLVVLQWKHEDUJDLQKHZLOOKDYHWKHULJKWWRUHWXUQWKHFRPPRGLW\ SXUFKDVHGE\KLP7KHVHOOHUZLOOKDYHWRUHVSHFWWKLVULJKWRIWKHEX\HU $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRGHFHLYHVDQRWKHU VZLIHRUKLVVODYHLVQRQHRIXV
>$EX'DZXG@ &RPPHQWDU\ 7RLQFLWHRUSURYRNHVRPHRQH VZLIHRUVODYHDJDLQVWKHUKXVEDQGRUKLVPDVWHURUWR FUHDWHKDWUHGEHWZHHQWKHWZRLVDJUHDWFULPHEHFDXVHD0XVOLPLVUHTXLUHGWRFUHDWHSHDFHDQGDFFRUG DPRQJVWSHRSOH,WLVDJDLQVWKLVFRQGXFWWRIRPHQWGLVVHQVLRQDQGGLVFRUGEHWZHHQWKHP
&+$37(5
352+,%,7,212)7+( 75($&+(5<$1'%5($.,1* 21( 6&29(1$17 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH)XOILOO\RXU REOLJDWLRQV
$QGIXOILOOHYHU\ FRYHQDQW9HULO\7KHFRYHQDQWZLOOEHTXHVWLRQHGDERXW
C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG:KRVRHYHUSRVVHVVHVWKHVHIRXUFKDUDFWHULVWLFVLVDVKHHUK\SRFULWHDQGDQ\RQHZKR SRVVHVVHVRQHRIWKHPSRVVHVVHVDFKDUDFWHULVWLFRIK\SRFULV\WLOOKHJLYHVLWXS7KHVHDUHZKHQKHLV HQWUXVWHGZLWKVRPHWKLQJKHSURYHVGLVKRQHVWZKHQKHVSHDNVKHWHOOVDOLHZKHQKHPDNHVD FRYHQDQWKHSURYHVWUHDFKHURXVDQGZKHQKHTXDUUHOVKHEHKDYHVLQYHU\LPSUXGHQWHYLOLQVXOWLQJ PDQQHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHG+DGLWK1R 7KHWUDLWVPHQWLRQHGLQ WKLV+DGLWKDUHSHFXOLDUWRK\SRFULWHVDQGHYHU\0XVOLPLVUHTXLUHGWRDEVWDLQIURPWKHP([FHOOHQFHRI FKDUDFWHULVULYHWHGZLWK)DLWK7KHQRELOLW\RIFKDUDFWHULVLQYDULDEO\UHIOHFWHGLQ)DLWKDQGZKHUH WKHUHLVQR)DLWKWKHUHZLOOEHOLWWOHH[FHOOHQFHRIFKDUDFWHU
,EQ0DVCXG,EQC8PDUDQG$QDV0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG)RUHYHU\RQHZKREUHDNVKLVFRYHQDQWWKHUHZLOOEHDKXJH IODJRQWKH'D\RI5HVXUUHFWLRQ DQGLWZLOOEHVDLGC7KLVIODJSURFODLPVDEUHDFKRIFRYHQDQWE\VRDQGVR
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ *KDGU PHDQVEUHDFKRIRDWKDQGLWVGLVUHJDUG2QWKH'D\RI-XGJHPHQWDSHUVRQ ZLWKVXFKDTXDOLW\ZLOOEHJLYHQDKXJH IODJZKLFKZLOOEHDVLJQRIKLVODFNRIVLQFHULW\WRKLVZRUGV $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG(YHU\ RQHZKREUHDNVDFRYHQDQWZLOOKDYHDIODJE\KLVEXWWRFNVRQWKH'D\RI5HVXUUHFWLRQ,WZLOOEHUDLVHG KLJKHUDFFRUGLQJWRWKHQDWXUHRIKLVEUHDFK%HKROGWKHUHZLOOEHQRJUHDWHUDVLQZLWKUHVSHFWWR EUHDNLQJWKHFRYHQDQWWKDQWKDWRIDUXOHUZKREUHDNVKLVFRYHQDQWZLWKWKH0XVOLPPDVVHV
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKFOHDUO\VKRZVWKDWEUHDFKRIFRYHQDQWLVIRUELGGHQLQ,VODPHVSHFLDOO\RQ WKHSDUWRIDUXOHUEHFDXVHD KHLVLQDSRVLWLRQWRKRQRXUKLVFRYHQDQWDQGE KLVHYLOFDQDIIHFWWKH ZKROH0XVOLPFRPPXQLW\ ,WZDVDFXVWRPLQWKH3UH,VODPLF3HULRGRI,JQRUDQFHLQ$UDELDWRIL[IODJVRQSROHVIRUWKRVHZKR ZHUHJXLOW\RIEUHDFKRIRDWKWRKXPLOLDWHDQGGHIDPHWKHP$OPLJKW\$OODKKDVPHQWLRQHGWKH SXQLVKPHQWRIIODJVRQWKH'D\RI5HVXUUHFWLRQIRUVXFKSHRSOHZKREUHDNWKHLUFRYHQDQWVRWKDW SHRSOHFDQHDVLO\XQGHUVWDQGLWVQDWXUH:KDWDKXPLOLDWLRQWKDWZLOOEH
3ODFLQJWKHIODJE\KLVERWWRPVLJQLILHVKXPLOLDWLRQDQGGLVJUDFHEHFDXVHIODJVDUHXVXDOO\FDUULHGLQ IURQWRIWKHEHDUHUQRWEHKLQG(GLWRU V1RWH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG$OODKWKH ([DOWHGVD\VC,ZLOOFRQWHQGRQWKH'D\RI5HVXUUHFWLRQDJDLQVWWKUHHW\SHVRI SHRSOH2QHZKR PDNHVDFRYHQDQWLQ0\1DPHDQGWKHQEUHDNVLWRQHZKRVHOOVDIUHHPDQDVDVODYHDQGGHYRXUVKLV SULFHDQGRQHZKRKLUHVDZRUNPDQDQGKDYLQJWDNHQIXOOZRUNIURPKLPGRHVQRWSD\KLPKLV ZDJHV
>$O%XNKDUL@ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHLPSRUWDQFHRIIXOILOOPHQWRISURPLVHWKHSURKLELWLRQRIWKH VDOHRIDIUHHSHUVRQDQGWKHSD\PHQWRIGXHZDJHVWRWKHODERXUHUV
&+$37(5
352+,%,7,212)5(&2817,1* 2))$92856 $OODKWKH([DOWHGVD\V 2\RXZKREHOLHYH'RQRWUHQGHULQYDLQ\RXU6DGDTDKFKDULW\ E\UHPLQGHUVRI\RXU JHQHURVLW\RUE\LQMXU\
7KRVHZKRVSHQGWKHLUZHDOWKLQWKH&DXVHRI$OODKDQGGRQRWIROORZXSWKHLUJLIWVZLWK UHPLQGHUVRIWKHLUJHQHURVLW\RUZLWKLQMXU\
$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ REVHUYHG7KHUHDUH WKUHHW\SHVRI SHRSOHWRZKRP$OODKZLOOQHLWKHUVSHDNRQWKH'D\RI5HVXUUHFWLRQQRUORRNDWWKHP QRUSXULI\WKHPDQGWKH\ZLOOKDYHDSDLQIXOFKDVWLVHPHQW
7KH0HVVHQJHURI$OODK3%8+ UHSHDWHG LWWKUHHWLPHV$EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP UHPDUNHG7KH\DUHUXLQHG:KRDUHWKH\ 20HVVHQJHURI$OODK"
8SRQWKLVWKH0HVVHQJHURI$OODK3%8+ VDLG2QHZKROHWVGRZQKLV ORZHUJDUPHQWVEHORZKLVDQNHOV RXWRI DUURJDQFHRQHZKRERDVWVRIKLVIDYRXUVGRQHWRDQRWKHUDQG
ZKRVHOOVKLVJRRGVE\WDNLQJDIDOVHRDWK
>0XVOLP@ &RPPHQWDU\ 7KH+DGLWKPDNHVLWHYLGHQWWKDWLWLVIRUELGGHQIRUDPDQWROHWKLVORZHUERG\ JDUPHQWJREH\RQGKLVDQNOHVRXWRIDUURJDQFH7KH+DGLWKDOVRPDNHVLWFOHDUWKDWLWLVIRUELGGHQWR WDNHDIDOVHRDWKZLWKDYLHZWRVHOORQH VJRRGV0HVVHQJHURI$OODK3%8+ DOVRVDLGLQD+DGLWK UHSRUWHGE\$O%XNKDUL7DNLQJDIDOVHRDWK KHOSVRQHVHOORQH VJRRGVZHOOEXWWDNHVDZD\$OODK V EOHVVLQJVIURPLW
&+$37(5
352+,%,7,212)$552*$1&( $1'2335(66,21 $OODKWKH([DOWHGVD\V 6RDVFULEHQRWSXULW\WR\RXUVHOYHV+HNQRZVEHVWKLPZKRIHDUV$OODKDQGNHHSVKLVGXW\WR +LP>LHWKRVHZKRDUH$O0XWWDTXQWKHSLRXV @
7KHZD\RIEODPH LVRQO\DJDLQVWWKRVHZKRRSSUHVVPHQDQGZURQJO\UHEHOLQWKHHDUWK ZLWKRXWMXVWLILFDWLRQIRUVXFKWKHUHZLOOEHDSDLQIXOWRUPHQW
C,\DGELQ+LPDU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 9HULO\$OODKKDVUHYHDOHGWRPHWKDW\RXVKRXOGDGRSWKXPLOLW\6RWKDWQRRQHPD\ZURQJDQRWKHU DQGQRRQHPD\EHGLVGDLQIXODQGKDXJKW\WRZDUGVDQRWKHU
>0XVOLP@ &RPPHQWDU\ $Q\RQHZKRP$OODKKDVJUDQWHGZHDOWKRUDXWKRULW\EHDXW\RUVSOHQGRXUVKRXOGWDNH LWDV$OODK V*LIW+HVKRXOGWDNHWRDGRSWKXPLOLW\DQGKXPEOHQHVVDQGH[SUHVVKLVJUDWLWXGHIRULWWR $OODK+HVKRXOGEHQHILWSHRSOHZLWKWKHJLIWVEHVWRZHGXSRQKLPE\$OODKDQGQRWPDNHWKHPDPHDQV RISULGHDQGRSSUHVVLRQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDSHUVRQVD\VC3HRSOHKDYHEHHQUXLQHGKHLVWKHRQHWREHUXLQHGWKHPRVW
>0XVOLP@ ,QDQRWKHUYHUVLRQ+HKLPVHOILVWKHPRVWUXLQHGDPRQJWKHP
&RPPHQWDU\ 7KLV+DGLWKSURKLELWVD0XVOLPIURPVD\LQJWKHVWDWHPHQWLQWKH+DGLWKRUVRPHWKLQJ VLPLODUWRLWRXWRIDUURJDQFHDQGSULGH7KHUHLVQRKDUPKRZHYHULIRQHVD\VLWLQYLHZRIWKHEDG VWDWHRIDIIDLUVWRZKLFK0XVOLPVKDYHEHHQUHGXFHGDVD UHVXOWRIIRUH[DPSOHQHJOHFWLQJWKH WHDFKLQJVRI,VODP2IWKHUHOLJLRXVVFKRODUVZKRKROGWKLVYLHZDUH,PDP0DOLNELQ$QDV,PDP$O .KDWWDEL $O+XPDLGLDQGRWKHUV7KLVSRLQWKDVEHHQPDGHFOHDULQ,PDP$Q1DZDZL V$O$GKNDU
&+$37(5
352+,%,7,212)%5($.,1* 7,(6$1'5(/$7,216+,36 $OODKWKH([DOWHGVD\V 7KHEHOLHYHUVDUHQRWKLQJHOVHWKDQEURWKHUVLQ,VODPLFUHOLJLRQ 6RPDNHUHFRQFLOLDWLRQ EHWZHHQ\RXUEURWKHUV
%XWGRQRWKHOSRQHDQRWKHULQVLQDQGWUDQVJUHVVLRQ
$QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 'RQRWGHVHUWVWRSWDONLQJWR RQHDQRWKHUGRQRWQXUVHKDWUHGWRZDUGVRQHDQRWKHUGRQRWEHMHDORXV RIRQHDQRWKHUDQGEHFRPHDVIHOORZEURWKHUVDQGVODYHVRI$OODK,WLVQRWODZIXOIRUD0XVOLPWRVWRS WDONLQJWRKLVEURWKHU0XVOLP IRUPRUHWKDQWKUHHGD\V
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +LMUDQ
PHDQVWRWHUPLQDWHFRQWDFWVDQGVSHHFK$OOWKHWKLQJVPHQWLRQHGLQWKLV +DGLWKDUHSURKLELWHGIRU WKHUHDVRQWKDWWKH\JRDJDLQVWWKHVSLULWRI0XVOLPEURWKHUKRRG0XVOLPVDUH RUGDLQHGWRPDLQWDLQWKHERQGRI,VODPLFIUDWHUQLW\ $EX$\\XE$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,WLVQRWODZIXOIRUD 0XVOLPWRGHVHUWVWRSWDONLQJWR KLVEURWKHUEH\RQGWKUHHQLJKWVWKHRQH WXUQLQJRQHZD\DQGWKHRWKHUWXUQLQJWRWKHRWKHUZD\ZKHQWKH\PHHWWKHEHWWHURIWKHWZRLVRQH ZKRLVWKHILUVWWRJUHHWWKHRWKHU
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
>0XVOLP@ &RPPHQWDU\ 7RHQWHUWDLQHQPLW\ZLWKRXWDQ\PDMRUODZIXOUHDVRQLVDNLQWRLQYLWLQJWKHGLVSOHDVXUH RI$OODK0D\$OODKVDYHXVIURPLW -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ DVVD\LQJ 7KH6DWDQKDVGHVSDLUHGRIEHLQJZRUVKLSSHGE\WKRVHZKRHQJDJHLQSUD\HULQWKH$UDELDQ3HQLQVXOD EXWKDVQRWORVWKRSH LQFUHDWLQJGLVVHQVLRQDPRQJWKHP
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
PRUHWKDQWKUHHGD\VDQGWKHQGLHVZLOOFHUWDLQO\HQWHUWKH+HOO
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
&+$37(5
352+,%,7,212)7:2+2/',1* 6(&5(7&2816(/727+( (;&/86,212)&219(56,1* 72*(7+(5$7+,5' $OODKWKH([DOWHGVD\V 6HFUHWFRXQVHOVFRQVSLUDFLHV DUHRQO\IURP6KDLWDQ6DWDQ
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLGWKH0HVVHQJHURI$OODK3%8+ VDLG,QWKH SUHVHQFHRIWKUHHSHRSOHWZRVKRXOGQRWKROGVHFUHWFRXQVHOWRWKHH[FOXVLRQRIWKHWKLUG
>$O%XNKDULDQG0XVOLP@ ,Q$EX'DZXG$EX6DOLKUHODWHG,DVNHG,EQC8PDU:KDWLIWKHUHDUHIRXUSHRSOH
+HVDLG 7KHUHLVQRKDUPLQWKDW
0DOLNUHSRUWHGLQ$O0XZDWWDWKDWC$EGXOODKELQ'LQDUUHODWHG,EQC8PDUDQG,ZHUHWRJHWKHULQ .KDOLGELQC8TEDK VKRXVHZKLFKZDVVLWXDWHGLQWKHPDUNHWSODFH$PDQFDPHWRFRQVXOW,EQC8PDU 1RQHEHVLGHVPHZDVSUHVHQW,EQC8PDUFDOOHGDQRWKHUPDQLQDQGZHEHFDPHIRXUDQGVDLGWRPHDQG WKHPDQKHKDGFDOOHG0RYHDZD\DELWEHFDXVH,KDYHKHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ 7KHWZRSHRSOHVKRXOGQRWKROGVHFUHWFRXQVHOWRJHWKHUH[FOXGLQJWKHWKLUG
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
9 ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG:KHQ WKUHHRI\RXDUHWRJHWKHUWZRRI\RXPXVWQRWFRQYHUVHSULYDWHO\LJQRULQJWKHWKLUGWLOOWKHQXPEHU LQFUHDVHVOHVWWKHWKLUG VKRXOGEHJULHYHG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVWKDWKROGLQJSULYDWHFRXQVHOKDVEHHQSURKLELWHGIRUWKHUHDVRQWKDW LWKXUWVWKHIHHOLQJVRIWKH0XVOLPZKRLVLJQRUHGDQGWRKXUWWKHIHHOLQJVRID0XVOLPLVDJUHDWVLQ LQGHHG$OODKVD\V$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\EHDURQ WKHPVHOYHVWKHFULPHRIVODQGHUDQGSODLQVLQ
:KLVSHULQJRIWKHWZRLVSHUPLVVLEOHZKHQDOO WKHWKUHHPL[XSLQDFURZG7KHQWKHWZRFDQVSHDNWRHDFKRWKHULQFRQILGHQFH
&+$37(5
352+,%,7,212)&58(/7< $OODKWKH([DOWHGVD\V $QGGRJRRGWRSDUHQWVNLQVIRONRUSKDQV$O0DVDNLQWKHSRRU WKHQHLJKERXUZKRLVQHDURI NLQWKHQHLJKERXUZKRLVDVWUDQJHUWKHFRPSDQLRQE\\RXUVLGHWKHZD\IDUHU\R XPHHW DQG WKRVHVODYHV ZKRP\RXUULJKWKDQGVSRVVHVV9HULO\$OODKGRHVQRWOLNHVXFKDVDUHSURXGDQG ERDVWIXO
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$ ZRPDQZDVSXQLVKHGLQ+HOOEHFDXVHRIDFDWZKLFKVKHKDGFRQILQHGXQWLOLWGLHG6KHGLGQRWJLYHLW WRHDWRUWRGULQNZKHQLWZDVFRQILQHGQRUGLGVKHIUHHLWVRWKDWLWPLJKWHDWWKHYHUPLQRIWKHHDUWK
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
>$O%XNKDULDQG0XVOLP@
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
,GLGQRWUHFRJQL]HWKH YRLFHIRUWKHLQWHQVHDQJHU,ZDVLQ$EX0DVCXGDGGHG$VKHFDPHQHDUPH,IRXQGWKDWKHZDVWKH 0HVVHQJHURI$OODK3%8+ ZKRZDVVD\LQJ$EX0DVCXG%HDULQPLQGWKDW$OODKKDV PRUH GRPLQDQFHXSRQ\RXWKDQ\RXKDYHXSRQ\RXUVODYH
7KHQ,VDLG,ZLOOQHYHUEHDWDQ\VODYHLQ IXWXUH
$QRWKHUQDUUDWLRQLV7KHZKLSGURSSHGIURPP\KDQGLQDZHRIWKH3URSKHW3%8+ 6WLOODQRWKHUQDUUDWLRQLV,VDLG+HLVIUHHIRUWKHVDNHRI$OODK
+H3%8+ VDLG,I\RXKDGQRW GRQHWKLV\RXZRXOGKDYHEHHQVLQJHGE\WKH)LUH
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDVWHUQZDUQLQJIRUWKRVHZKRSXQLVKWKHLUVODYHVDQGVHUYDQWVZLWKRXWUHDVRQRUIDU PRUHWKDQZKDWWKH\GHVHUYH 7KLV+DGLWKDOVRJLYHVDKLQWRIWKHDXUDRIDZHDQGPDMHVW\WKDWFKDUDFWHUL]HGWKHSHUVRQRIWKH 3URSKHW3%8+ ,WDOVRVKRZVWKHUHDGLQHVVRIWKH&RPSDQLRQVWRPHQGWKHLUZD\VDQGREH\WKH 3URSKHW VFRPPDQGV ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH3URSKHW3%8+ VDLG7KH H[SLDWLRQIRUEHDWLQJRUVODSSLQJDVODYHRQWKHIDFHIRUVRPHWKLQJKHKDVQRWGRQHLVWRVHWKLPIUHH
>0XVOLP@ &RPPHQWDU\ $O4DGLC,\DGVD\VWKDWWKHUHLVFRQVHQVXVRQWKHSRLQWWKDWVHWWLQJWKHVODYHIUHHLV GHVLUDEOHQRWREOLJDWRU\6XFKOLEHUDWLRQRIWKHVODYHKRZHYHULVQRWHTXDOLQUHZDUGWRVHWWLQJKLP IUHHZLWKRXWDQ\FRQVLGHUDWLRQ ,WKDVEHHQQDUUDWHGWKDW+LVKDPELQ+DNLPELQ+L]DP0D\$OODKEHSOHDVHGZLWKWKHP KDSSHQHGWRSDVVE\VRPHQRQ$UDE IDUPHUVRI6\ULDZKRKDGEHHQPDGHWRVWDQGLQWKHVXQDQG ROLYHRLOZDVSRXUHGRQWKHLUKHDGV+HVDLG:KDWLVWKHPDWWHU"
+HZDVWROGWKDWWKH\KDGEHHQ GHWDLQHGIRUWKHQRQSD\PHQWRI-L]\DK$QRWKHUQDUUDWLRQVD\VWKDWWKH\ZHUHEHLQJWRUWXUHGIRUQRW KDYLQJSDLG$O.KDUDM 7KHUHXSRQ+LVKDPVDLG,EHDUWHVWLPRQ\WRWKHIDFWWKDW,KHDUGWKH 0HVVHQJHURI$OODK3%8+ VD\LQJC$OODKZLOOWRUPHQWWKRVHZKRWRUPHQWSHRSOHLQWKHZRUOG
7KHQ KHSURFHHGHGWRZDUGVWKHLU$PLUDQGUHSRUWHGWKLV+DGLWKWRKLP7KH$PLUWKHQLVVXHGRUGHUVIRUWKHLU UHOHDVH >0XVOLP@
&RPPHQWDU\ $O.KDUDM
LVWKDWWD[ZKLFKLVFKDUJHGRQWKHSURGXFH\LHOGHGE\ODQGZKLFKLVLQWKHSRVVHVVLRQ RIQRQ0XVOLPVLQD0XVOLP6WDWHZKLOHWKHUHYHQXHWKDWLVUHFRYHUHGIURPWKH0XVOLPVRQWKHODQGV KHOGE\WKHPLVFDOOHG$O8VKU
-L]\DK
LVWKDWDQQXDOIHHZKLFKLVFKDUJHGIURPWKHQRQ0XVOLPV IRUWKHVDIHW\DQGVHFXULW\SURYLGHGWRWKHLUOLIHSURSHUW\DQGKRQRXUE\D0XVOLP6WDWH0XVOLPVSD\ =DNDWDQGQRQ0XVOLPVSD\-L]\DK $GKDE
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
>0XVOLP@ $QRWKHUQDUUDWLRQLQ0XVOLPLV7KH0HVVHQJHURI$OODK3%8+ SURKLELWHGXVIURPKLWWLQJDFURVV WKHIDFHDQGEUDQGLQJRQWKHIDFHRIDQDQLPDO
&RPPHQWDU\ 6LQFHIDFHLVWKHPRVWVHQVLWLYHDQGGHOLFDWHSDUWRIWKHERG\0XVOLPVDUHVWULFWO\ IRUELGGHQIURPFDXVLQJHYHQWKHVOLJKWHVWKDUPWRLWQRPDWWHUZKHWKHULWLVPDQNLQGRUDQLPDO $OWKRXJKLWLVSHUPLVVLEOHWREHDWRQH VZLIHFKLOGUHQDQGVODYHVHWFIRUGLVFLSOLQHEXWWKHUHLVDVWHUQ ZDUQLQJWKDWWKH\VKRXOGQRWEHKLWRQWKHIDFH
&+$37(5
352+,%,7,212) &+$67,6(0(17:,7+),5( $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VHQWXVRQ DQH[SHGLWLRQDQGVDLGWRXV,I\RXILQGVRDQGVRKHQDPHGWZRSHUVRQVEHORQJLQJWRWKH4XUDLVK FRPPLWWKHPWRWKHILUH
:KHQZHZHUHRQWKHYHUJHRIGHSDUWXUHKHVDLGWRXV,RUGHUHG\RXWREXUQ VRDQGVREXWLWLV$OODK$ORQH:KRSXQLVKHVZLWKWKHILUH6RLI\RXILQGWKHPSXWWKHPWRGHDWK
>$O%XNKDUL@ &RPPHQWDU\ 7KH3URSKHW3%8+ KDVFOHDUO\VWDWHGWKDWQRRQHLVWREHEXUQWLQDQ\FDVH QRWHYHQ DQHQHP\
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HZHUHZLWKWKH0HVVHQJHURI$OODK 3%8+ LQDMRXUQH\ZKHQKHGUHZDSDUWWRUHOLHYHQDWXUH ,QKLVDEVHQFHZHVDZDUHGELUGZKLFK KDGWZR\RXQJRQHVZLWKLW:HFDXJKWWKHPDQGWKHUHGPRWKHUELUGFDPHEHDWLQJWKHHDUWKZLWKLWV ZLQJV,QWKHPHDQWLPHWKH3URSKHW3%8+ UHWXUQHGDQGVDLG:KRKDVSXWWKLVELUGWRGLVWUHVVRQ DFFRXQWRILWV\RXQJ"5HWXUQWKHPWRKHU
+H3%8+ DOVRQRWLFHGDPRXQGRIDQWVZKLFKZHKDG EXUQWXS+HDVNHG:KRKDVVHWILUHWRWKLV"
:HUHSOLHG:HKDYHGRQHVR
+H3%8+ VDLG1RQH FDQFKDVWLVHZLWKILUHH[FHSWWKH5XEERIWKHILUH
>$EX'DZXG@ &RPPHQWDU\ 7RFDWFKQHVWOLQJVRIDELUGDQGWRUPHQWWKHPRUWREXUQWKHKROHVRILQVHFWVDORQJZLWKWKHLULQPDWHV LVIRUELGGHQ2QHFDQKRZHYHUEXUQWKHLUYDFDQWKROHV ,IVRPHERG\KDVEXUQWDSHUVRQWRGHDWKLWLVQRWSHUPLVVLEOHWRNLOOKLPLQUHWXUQE\EXUQLQJ,IWKH KHLUVRIWKHYLFWLPZDQWWRNLOOKLPLQWKHVDPHZD\XQGHU$O4LVDVWKHODZRIHTXDOLW\LQSXQLVKPHQW WKH\FDQGRVRRWKHUZLVHKHFDQEHSXWWRWKHVZRUG
&+$37(5
352+,%,7,212) 352&5$67,1$7,1*%<$5,&+ 3(562172)8/),//+,62%/,*$7,21 $OODKWKH([DOWHGVD\V 9HULO\$OODKFRPPDQGVWKDW\RXVKRXOGUHQGHUEDFNWKHWUXVWVWRWKRVHWRZKRPWKH\DUH GXH
7KHQLIRQHRI\RXHQWUXVWWKHRWKHUOHWWKHRQHZKRLVHQWUXVWHGGLVFKDUJHKLVWUXVW IDLWKIXOO\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,WLV DQDFWRIRSSUHVVLRQRQWKHSDUWRIDSHUVRQWRSURFUDVWLQDWHLQIXOILOOLQJKLVREOLJDWLRQLIWKHUHSD\PHQW RIDGHEWGXHWRDQ\RI\RXLVXQGHUWDNHQE\DULFKSHUVRQ\RXVKRXOGDJUHHWRWKHVXEVWLWXWLRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ (YDVLRQRUSURFUDVWLQDWLRQLQWKHSD\PHQWRIGHEWZKHQDSHUVRQLVLQDSRVLWLRQWRPDNHLWVSD\PHQW LPPHGLDWHO\LVSURKLELWHG ,IIRUWKHVHWWOHPHQWRIGLVSXWHDULFKPDQLVHQWUXVWHGWRWKHOHQGHUIRUUHFRYHU\RIKLVGHEWWKH OHQGHU VKRXOGDFFHSWWKLVGHFLVLRQ7KXVWKLV+DGLWKLQGXFHVRQHIRUDQDPLFDEOHZD\RIVHWWOLQJ GLVSXWHV
&+$37(5
81'(6,5$%,/,7<2)*,9,1* $*,)7$1'7+(1$6.%$&.)25,7 ,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRJLYHVVRPHWKLQJWRVRPHRQH DVDJLIWDQGWKHQJHWVLWEDFNIURPKLPRUKHU LVOLNHDGRJZKLFK HDWVLWVRZQYRPLW
$QRWKHUQDUUDWLRQLV+HZKRJHWVEDFNKLVFKDULW\LVOLNHDGRJZKLFKYRPLWVDQGWKHQUHWXUQVWR WKDWDQGHDWV LW
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWHYHQWRSXUFKDVHVRPHWKLQJZKLFKRQHKDVDOUHDG\JLYHQ LQFKDULW\LVQRWSHUPLVVLEOH
&+$37(5
352+,%,7,212)'(9285,1* 7+(3523(57<2)$1253+$1 $OODKWKH([DOWHGVD\V 9HULO\WKRVHZKRXQMXVWO\HDWXSWKHSURSHUW\RIRUSKDQVWKH\HDWXSRQO\ILUHLQWRWKHLUEHOOLHV DQGWKH\ZLOOEHEXUQWLQWKHEOD]LQJ)LUH
$QGFRPHQRWQHDUWRWKHRUSKDQ VSURSHUW\H[FHSWWRLPSURYHLW
$QGWKH\DVN\RXFRQFHUQLQJRUSKDQV6D\C7KHEHVWWKLQJLVWRZRUNKRQHVWO\LQWKHLU SURSHUW\DQGLI\RXPL[\RXUDIIDLUVZLWKWKHLUVWKHQWKH\DUH\RXUEURWKHUV$QG$OODKNQRZV KLPZKRPHDQVPLVFKLHIHJWRVZDOORZWKHLUSURSHUW\ IURPKLPZKRPHDQVJRRGHJWRVDYH WKHLUSURSHUW\
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG.HHSDZD\ IURPWKHVHYHQIDWDOLWLHV
,WZDVDVNHG:KDWDUHWKH\20HVVHQJHURI$OODK"
+H3%8+ UHSOLHG $VVRFLDWLQJDQ\WKLQJZLWK$OODKLQZRUVKLSLHFRPPLWWLQJDQDFWRI6KLUN VRUFHU\NLOOLQJRIRQH ZKRP$OODKKDVGHFODUHGLQYLRODEOHZLWKRXWDMXVWFDXVHGHYRXULQJWKHSURSHUW\RIDQRUSKDQWKH HDWLQJRIXVXU\5LED IOHHLQJIURPWKHEDWWOHILHOGDQGDFFXVLQJFKDVWHEHOLHYLQJZRPHQZKRQHYHU HYHQWKLQNRIDQ\WKLQJWRXFKLQJWKHLUFKDVWLW\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $OOWKHVLQVPHQWLRQHGLQWKH+DGLWKDUHPDMRUVLQVEXW6KLUNLVWKHJUHDWHVWRIDOO7KH UHDVRQEHKLQGWKLVLVWKDWLWZLOOQHYHUEHSDUGRQHGDQGRQHZKRFRPPLWVLWZLOODELGHLQ+HOOIRUDOO HWHUQLW\6RIDUDVWKHRWKHUPDMRUVLQVDUHFRQFHUQHGZLWK$OODK+HPD\IRUJLYHWKHPLI+HVRZLOOV RWKHUZLVHRQHZKRLVJXLOW\RIVXFKVLQVZLOOKDYHWRVXIIHUWKHWRUPHQWVRI+HOO+HZLOOKRZHYHUEH VHQWWR-DQQDKDIWHUVXIIHULQJWKHSXQLVKPHQWLIKHLVD0XVOLP
&+$37(5
352+,%,7,212)7$.,1* $55,%$7+(8685<
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
RUWKHH[FKDQJHRIRQHGLQDUZLWKIRXUUL\DOV,IVXFKDEDUJDLQLVRQFDVKEDVLVLWZLOOEHIDLUEXWDQ\ FUHGLWLQWKLVFDVHLVQRWFRUUHFW :KHQWKHWZRWKLQJVWREHH[FKDQJHGDUHQRWRIWKHVDPHCW\SH DQGDUHDOVRGLIIHUHQWLQCYDULHW\ WKHQDQ\ LQFUHDVHRUGHFUHDVHLQWKHPLVSHUPLVVLEOHDQGWKHLUVDOHRQFUHGLWLVDOVRDOORZHG)RU H[DPSOHH[FKDQJHRIRQHNLORJUDPPHRIZKHDWZLWKDJUDPRIJROGEDUJDLQRIRQHNLORJUDPPHRI GDWHVZLWKWHQ7RODDERXWJUDPV VLOYHU$Q\LQFUHDVHRUGHFUHDVH LQWKHPLVSHUPLVVLEOHDVLV WKHLUVDOHRQFUHGLW
&+$37(5
352+,%,7,212)6+2:2)) $OODKWKH([DOWHGVD\V $QGWKH\ZHUHFRPPDQGHGQRWEXWWKDWWKH\VKRXOGZRUVKLS$OODKDQGZRUVKLSQRQHEXW+LP $ORQHDEVWDLQLQJIURPDVFULELQJSDUWQHUVWR+LP
'RQRWUHQGHULQYDLQ\RXU6DGDTDKFKDULW\ E\UHPLQGHUVRI\RXUJHQHURVLW\RUE\LQMXU\OLNH KLPZKRVSHQGVKLVZHDOWKWREHVHHQRIPHQ
DQGWREHVHHQRIPHQDQGWKH\GRQRWUHPHPEHU$OODKEXWOLWWOH
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG $OPLJKW\$OODKVD\VC,DPWKH2QH:KRLVPRVWIUHHIURPZDQWRISDUWQHUV+HZKRGRHVDWKLQJIRU WKHVDNHRIVRPHRQHHOVHEHVLGH0H,GLVFDUGKLPDQGKLVSRO\WKHLVP
>0XVOLP@ &RPPHQWDU\ +HZKRGRHVDWKLQJIRUWKHVDNHRIVRPHRQHHOVHEHVLGH0H
KHUHPHDQVWRGR VRPHWKLQJYLUWXRXVIRUPHUHVKRZIRUZRUOGO\EHQHILWRUWRJDLQWKHUHSXWDWLRQRIEHLQJSLRXV, GLVFDUGKLPDQGKLVSRO\WKHLVP
PHDQVWKDW,QXOOLI\KLVJRRGGHHGVDQGGHSULYHKLPRIWKHUHZDUG
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
&RPPDQGZLOOWKHQEHLVVXHGDERXWKLPDQGKHZLOOEHGUDJJHG RQKLVIDFHDQGWKURZQLQWR+HOO
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDW $OPLJKW\$OODKZLOOILUVWRIDOOEULQJWKHVKRZRIIVWRDFFRXQWIRUWKHLUSUHWHQWLRQV 1RYLUWXHZLOOEHDFFHSWHGZLWKRXW,NKODVVLQFHULW\ QRPDWWHUKRZ JUHDWLWPD\EH$SUHWHQGHU ZKRGRHVJRRGGHHGVIRUPHUHVKRZZLOOEHFRQVLJQHGWR+HOOUDWKHUWKDQEHLQJUHZDUGHGZLWK-DQQDK C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG6RPHSHRSOHWROGPH:HYLVLW RXUUXOHUVDQGZHWHOOWKHPWKLQJVFRQWUDU\WRWKRVHZKLFKZHVD\ZKHQZHGHSDUWIURPWKHP
C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP UHSOLHG,QWKHHUDRIWKH0HVVHQJHURI$OODK 3%8+ ZHFRQVLGHUHGWKLVWREHDQDFWRIK\SRFULV\
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKVKRZVWKHFRQVHTXHQFHVRIGLIIHUHQWDFWVRIVKRZRIIDQGLQIRUPVXVWKDW VXFKDFWVZLOOEHDFDXVHRIKXPLOLDWLRQDQGGLVJUDFHRQWKH'D\RI-XGJHPHQW $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$ SHUVRQZKRDFTXLUHVUHOLJLRXV NQRZOHGJHZKLFKLVQRUPDOO\ DFTXLUHGWRJDLQWKH3OHDVXUHRI$OODK IRUWKHVROHUHDVRQ WRVHFXUHZRUOGO\FRPIRUWVZLOOQRWHYHQVPHOOWKHIUDJUDQFHRI-DQQDKRQWKH'D\ RI5HVXUUHFWLRQLHZLOOQRWHQWHU-DQQDK
>$EX'DZXG@ &RPPHQWDU\ ,WLVDQDFWRIJUHDWYLUWXHWRDFTXLUHUHOLJLRXVNQRZOHGJHSURYLGHGLWLVDWWDLQHGIRUWKH 3OHDVXUHRI$OODK,IRQHDFTXLUHVLWIRUZRUOGO\JDLQVKHZLOOEHLQIDFWFRPPLWWLQJDJUDYHVLQIRU ZKLFKKHZLOOQRWHYHQVPHOOWKHIUDJUDQFHRI-DQQDKWKDWLVWRVD\LQWKHILUVWLQVWDQFHEHFDXVHDIWHU VXIIHULQJWKHSXQLVKPHQWIRULWLQ+HOOKHZLOOEHVHQWWR-DQQDKZKHQ$OODKZLOOVRGHVLUHLW
&+$37(5
7+,1*612772%( &216,'(5('$66+2:,1*2)) $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ ZDVDVNHG 7HOOXVDERXWDSHUVRQZKRGRHVVRPHJRRGGHHGDQGSHRSOHSUDLVHKLPZLOOWKLVEHFRQVLGHUHGDV VKRZLQJRII"
+HUHSOLHG7KLVLVWKHJODGWLGLQJVZKLFKDEHOLHYHUUHFHLYHVLQWKLVOLIH
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIDSHUVRQGRHVDYLUWXRXVDFWWRSOHDVH$OODKLHQRW ZLWKWKHLQWHQWLRQWRVKRZRII DQGSHRSOHSUDLVHKLPIRULWWKHQWKHUHLVQRWKLQJZURQJZLWKLW,QIDFW VXFKSUDLVHLVWKHJODGWLGLQJVZKLFKKHUHFHLYHVLQWKLVZRUOG([SUHVVLRQRIVXFKJRRGRSLQLRQDERXW
KLPE\WKHSXEOLFLVDNLQWRDGHFODUDWLRQWKDW$OODKLVSOHDVHGZLWK KLP6LQFHUHDGPLUDWLRQDQGSUDLVH RIVRPHRQHE\WKHSXEOLFLVQRWDGLVTXDOLILFDWLRQ,WLVLQIDFWDQHYLGHQFHRIKLVYLUWXRXVFRQGXFWDQG LWVUHFRJQLWLRQE\$OODK
&+$37(5
352+,%,7,212)*$=,1*$7 :20(1$1'%($5'/(66 +$1'620(%2<6(;&(37,1 (;,*(1&< $OODKWKH([DOWHGVD\V 7HOOWKHEHOLHYLQJPHQWRORZHUWKHLUJD]HIURPORRNLQJDWIRUELGGHQWKLQJV
9HULO\WKHKHDULQJDQGWKHVLJKWDQGWKHKHDUWRIHDFKRIWKRVHRQHVZLOOEHTXHVWLRQHGE\ $OODK
$OODKNQRZVWKH IUDXGRIWKHH\HVDQGDOOWKDWWKHEUHDVWVFRQFHDO
9HULO\\RXU5XEELV(YHU:DWFKIXORYHUWKHP
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG$OODKKDV ZULWWHQWKHYHU\SRUWLRQRI=LQDZKLFK DPDQZLOOLQGXOJHLQ7KHUHZLOOEHQRHVFDSHIURPLW7KH=LQD RIWKHH\HLVWKHOXVWIXO ORRNWKH=LQDRIWKHHDUVLVWKHOLVWHQLQJWRYROXSWXRXVVRQJVRUWDON WKH =LQDRIWKHWRQJXHLVWKHOLFHQWLRXV VSHHFKWKH=LQDRIWKHKDQGLVWKHOXVWIXO JULSWKH=LQDRIWKH IHHWLVWKHZDONLQJWRWKHSODFHZKHUHKHLQWHQGVWRFRPPLW=LQD WKHKHDUW\HDUQVDQGGHVLUHVDQGWKH SULYDWHSDUWVDSSURYHDOOWKDWRUGLVDSSURYHLW
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
+LV&RPSDQLRQVVDLG20HVVHQJHURI$OODK3%8+ WKHUHLVQRRWKHU DOWHUQDWLYHEXWWRVLWWKHUHWRWDON
7KHUHXSRQWKH0HVVHQJHURI$OODK3%8+ VDLG,I\RXKDYHWRVLW DWDOOWKHQIXOILOOWKHULJKWVRIWKHURDG
7KH\DVNHG:KDWDUHWKHLUULJKWV"
7KHUHXSRQKHVDLG /RZHULQJWKHJD]HVRWKDW\RXPD\QRWVWDUHDWXQODZIXOWKLQJV UHIUDLQLQJIURPGRLQJVRPHKDUPWR RWKHUVUHVSRQGLQJWRJUHHWLQJLHVD\LQJC:DCDODLNXPXVVDODP WRRQHDQRWKHU DQGFRPPDQGLQJWKH JRRGDQGIRUELGGLQJWKHHYLO
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6LQFHURDGVVWUHHWVODQHVDQGDOOWKRURXJKIDUHVDUHWKHFRPPRQSURSHUW\RISXEOLFLWLV XQIDLUWRXVHWKHPIRUSULYDWHPHHWLQJVDQGJDWKHULQJVEHFDXVHVXFKDVVHPEOLHVFUHDWHLQFRQYHQLHQFH IRUSHRSOHHVSHFLDOO\ZRPHQZKRKHVLWDWHDSSHDULQJEHIRUHPHQ%XWLIIRUVRPHXQDYRLGDEOHUHDVRQV RQHKDVWRVLWRQWKHPWKHQKHVKRXOGGRVXFKWKLQJVWKHUHZKLFKVKRXOGRQWKHRQHVLGHVDYHRQHIURP FRPPLWWLQJVLQVOLNHJOD]LQJDWZRPHQZKRSDVVIURPWKHUH DQGRQWKHRWKHURQHVKRXOGWDNHFDUHRI WKHSXEOLFZHOIDUHDQGPDNHXVHRIKLVSUHVHQFHIRUSUHDFKLQJUHOLJLRQ
$EX7DOKDK=DLGELQ6DKO0D\$OODKEHSOHDVHGZLWKKLP VDLG:HZHUHVLWWLQJDQGWDONLQJRQ DSODWIRUPLQIURQWRIRXUKRXVHZKHQWKH0HVVHQJHURI$OODK3%8+ VWRSSHGE\XVDQGVDLG:K\ GR\RXVLWRQURDGV"$YRLGVLWWLQJLQWKHP
:HUHSOLHG:HVLWWKHUHLQWHQGLQJQRKDUP:HRQO\VLW DQGGLVFXVVUHOLJLRXV NQRZOHGJHDQGWDON
+HVDLG,I\RXKDYHWRVLW\RXVKRXOGIXOILOOWKHULJKWVRI WKHURDG/RZHU\RXUJD]HUHVSRQGWRJUHHWLQJVDQGWDONLQDJRRGPDQQHU
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
+HUHSOLHG $UH\RXDOVREOLQGDQGXQDEOHWRVHHKLP"
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 2QHRIWKHVXEQDUUDWRURIWKLV+DGLWKLV$Q1DEKDQWKHIUHHGVODYHRI8PP6DODPDK 0D\$OODKEHSOHDVHGZLWKKLP X ZKRLV0DMKXOXQNQRZQ 7KLVLVWKHRSLQLRQRI6KHLNK$O $OEDQL 7KXVWKLV+DGLWKLVQRWFRUUHFW$JDLQVWWKLVWKHUHLVDUHOLDEOH+DGLWKDFFRUGLQJWRZKLFKWKH 3URSKHW3%8+ RUGHUHG)DWLPDKELQW4DLV0D\$OODKEHSOHDVHGZLWKKHU WRVSHQGKHUC,GGDK SUREDWLRQREVHUYHGRQGLYRUFHRUGHDWKRIWKHKXVEDQG LQWKHKRXVHRIC$EGXOODKELQ8PP0DNWXP DQGVDLGWKDW6LQFHKHLVEOLQG\RXZLOOEHLQDSRVLWLRQWR\RXUYHLOWKHUH
7KXVLWLVFOHDUWKDW NHHSLQJWKHYHLOIURPWKHEOLQGLVQRWRUGDLQHGLQ,VODP $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$PDQPXVWQRWORRNDWDPDQ VSULYDWHSDUWVQRUPXVWDZRPDQORRNDWDZRPDQ VSULYDWHSDUWV QHLWKHUVKRXOGWZRPHQOLHQDNHGXQGHURQHFRYHUQRUVKRXOGWZRZRPHQOLHQDNHGXQGHUWKHVDPH FRYHU
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVKRZ,VODPKDVFORVHGDOOGRRUVRILPPRGHVW\DQGREVFHQLW\:KHQ ,VODPGRHVQRWDOORZDPDQWRVOHHSZLWKRXWDQ\FORWKHVRQZLWKDQRWKHUPDQDQGDOVRGRHVQRWSHUPLW DZRPDQWRVOHHSZLWKRXWDQ\FORWKHVRQZLWKDQRWKHUZRPDQKRZFDQLWSRVVLEO\OHWWKHJHQWVDQG ODGLHVPL[IUHHO\")UHHPL[LQJRIPHQDQGZRPHQLVDFRPPRQHYLOLQWKH:HVWDQGLVQRZEHLQJ SURMHFWHGWKURXJKWHOHYLVLRQLQ0XVOLPFRXQWULHV0D\$OODKJXLGH0XVOLPVWRWKH6WUDLJKW3DWK
&+$37(5
352+,%,7,212)0((7,1* $ 1210$+5$0:20$1,1 6(&/86,21 $OODKWKH([DOWHGVD\V
$QGZKHQ\RXDVNKLVZLYHV IRUDQ\WKLQJ\RXZDQWDVNWKHPIURPEHKLQGDVFUHHQ
C8TEDKELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG $YRLGHQWHULQJDSODFH LQZKLFKDUHZRPHQXQFRYHUHGRUVLPSO\WRPL[ZLWKWKHPLQVHFOXVLRQ
$ PDQIURPWKH$QVDUVDLG7HOOPHDERXWWKHEURWKHURIDZRPDQ VKXVEDQG
+HUHSOLHG7KHEURWKHU RIDZRPDQ VKXVEDQGLVGHDWK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKWHOOVXVDQH[WUHPHO\LPSRUWDQWSRLQWLQUHVSHFWRIWKHYHLODERXWZKLFKWKH PDMRULW\RI0XVOLPVDUHXQDZDUHRUQHJOLJHQW7KHSRLQWWKDWLWWHOOVXVWKDWDZRPDQPXVWREVHUYHWKH YHLOIURPWKHUHDOEURWKHUVFRXVLQVHWFRIKHU KXVEDQGEHFDXVHWKHLUYLVLWVLQKHUKRPHDUHYHU\ IUHTXHQWDQGWKHUHPD\RFFXUVHYHUDORFFDVLRQVZKHQWKH\FRPHDFURVVHDFKRWKHUDORQH)RUWKLV UHDVRQWKHUHDUHJUHDWHUFKDQFHVRIPLVFKLHIZLWKWKHP7KLVH[SODLQVZK\WKHKXVEDQG VPDOHUHODWLYHV KDYHEHHQUHJDUGHGDVGHDWK
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
7KH0HVVHQJHURI$OODK3%8+ WXUQHGWRZDUG XVDQGVDLG1RZZKDWGR\RXWKLQNLHZLOOKHOHDYHDQ\WKLQJZLWKKLP "
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
&+$37(5
352+,%,7,21)250(1$1' :20(1$3(,1*21($127+(5
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
&+$37(5
352+,%,7,212))2//2:,1* 7+(0$11(562)6$7$1$1' ',6%(/,(9(56 -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ DVVD\LQJ 'RQRWHDWZLWK\RXUOHIWKDQGEHFDXVH6DWDQHDWVDQGGULQNVZLWKKLVOHIWKDQG
>0XVOLP@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG1R SHUVRQVKRXOGHDWDQGGULQNZLWKKLVOHIWKDQGIRU6DWDQHDWVZLWKKLVOHIWKDQGDQGGULQNVZLWKKLVOHIW KDQG
>0XVOLP@ &RPPHQWDU\ ,WLVDSLW\WKDWLQLPLWDWLRQRI(XURSHDQVPDQ\0XVOLPVQRZHDWDQGGULQNZLWKWKHLU OHIWKDQGDQGWKXVSOHDVH6DWDQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ DV VD\LQJ-HZVDQG&KULVWLDQVGRQRWG\HWKHLUKDLUVRDFWGLIIHUHQWO\IURPWKHP
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
&+$37(5
)25%,''$1&(72'<(+$,5 %/$&. -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG$EX4XKDIDKIDWKHURI$EX%DNU0D\$OODKEH SOHDVHGZLWKWKHP ZDVSUHVHQWHGWRWKH0HVVHQJHURI$OODK3%8+ RQWKHGD\RIWKHFRQTXHVWRI 0DNNDKDQGKLVKHDGDQGEHDUGZHUHVQRZZKLWH7KH0HVVHQJHURI$OODK3%8+ VDLG&KDQJHLW LHG\HLWDQGDYRLGEODFNFRORXU
>0XVOLP@ &RPPHQWDU\ $EX4XKDIDKZDVWKH.XQ\DKQLFNQDPH RI$EX%DNU VIDWKHU+LVUHDOQDPHZDV 8VPDQELQC$PLU+HKDGHPEUDFHG,VODPRQWKHGD\0DNNDKZDVFRQTXHUHGE\WKH0XVOLPV 6DJKDPDK
LVDKHUEZKLFKJURZVLQPRXQWDLQVDQGLVFRPSOHWHO\ZKLWH6LQFH$EX4XKDIDK VKDLU ZHUHJUD\WKH3URSKHW3%8+ RUGHUHG KLPWRG\HWKHPEXWIRUEDGHKLPIURPWXUQLQJWKHPEODFN 7KXVZHOHDUQWKDWH[FHSWIRULQHYLWDEOHFLUFXPVWDQFHVG\LQJWKHKDLURIKHDGDQGEHDUGLQEODFNLV SURKLELWHG
&+$37(5
21352+,%,7,212)6+$9,1* $3$572)+($'
,EQC8PDU0D\$OODKEH SOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ IRUEDGH VKDYLQJDSDUWRIWKHKHDG >$O%XNKDULDQG0XVOLP@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDZDER\ VRPHSRUWLRQRIZKRVHKHDGZDVVKDYHGDQGVRPHRILWZDVOHIWRXW+HSURKLELWHGWKHPIURPWKDWDQG VDLG6KDYHWKHZKROHRILWRUOHDYHWKHZKROHRILW
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
+HVDLG%ULQJDOORIP\QHSKHZVWRPH
:HZHUHDFFRUGLQJO\EURXJKWDVLI ZHZHUHFKLFNHQV7KHQKHVDLG&DOOIRUPHDEDUEHU
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
DVWKH\ZHUHJUHDWO\HQHUYDWHGE\WKH WUDJHG\7KLV+DGLWKKDVEHHQPHQWLRQHGKHUHWRFRQILUPWKHYDOLGLW\RIVKDYLQJWKHKDLURIWKHKHDG HVSHFLDOO\RIFKLOGUHQDOWKRXJKNHHSLQJEREEHGKDLULVPRUHPHULWRULRXVEHFDXVHWKH3URSKHW3%8+ KLPVHOIGLGVR%REEHGKDLUDUHFXWVKRUWDQGDOORZHGWR KDQJORRVHO\ C$OL0D\$OODKEHSOHDVHGZLWKKLP VDLG 7KH0HVVHQJHURI$OODK3%8+ SURKLELWHGDZRPDQ IURPVKDYLQJKHUKHDG >$Q1DVD L@ &RPPHQWDU\ 7KLV+DGLWKLVDOVRLQFOXGHGLQ$W7LUPLGKLEXW6KHLNK$O$OEDQLKDVUHJDUGHGLW 'DCLI
ZHDN 3OHDVHVHH$KDGLWK$G'DCLIDK+RZHYHULQRUGHUWRDYRLGUHVHPEODQFHZLWKPHQWKLV SURKLELWLRQIRUZRPHQZLOOVWDQG,ILWLVUHTXLUHGRQPHGLFDOJURXQGWKHQLWZLOOEHSHUPLVVLEOH
&+$37(5
352+,%,7,212):($5,1* )$/6(+$,57$7722,1*$1' ),//,1*2)7((7+ $OODKWKH([DOWHGVD\V 7KH\DOOWKRVHZKRZRUVKLSRWKHUVWKDQ$OODK LQYRNHQRWKLQJEXWIHPDOHGHLWLHVEHVLGHV+LP $OODK DQGWKH\LQYRNHQRWKLQJEXW6KDLWDQ6DWDQ DSHUVLVWHQWUHEHO$OODKFXUVHGKLP$QG KH>6KDLWDQ6DWDQ @VDLGC,ZLOOWDNHDQDSSRLQWHGSRUWLRQRI\RXUVODYHV9HULO\,ZLOOPLVOHDG
WKHPDQGVXUHO\,ZLOODURXVHLQWKHPIDOVHGHVLUHVDQGFHUWDLQO\,ZLOORUGHUWKHPWRVOLWWKH HDUVRIFDWWOHDQGLQGHHG,ZLOORUGHUWKHPWRFKDQJHWKHQDWXUHFUHDWHGE\$OODK
$VPD 0D\$OODKEHSOHDVHGZLWKKHU VDLG$ZRPDQFDPHWRWKH3URSKHW3%8+ DQGVDLG 20HVVHQJHURI$OODK,KDYHDGDXJKWHUZKRKDGDQDWWDFNRIVPDOOSR[DQGKHUKDLUIHOORII1RZ, ZDQWWRFHOHEUDWHKHUPDUULDJH&DQ,JHWKHUDZLJ"
7KHUHXSRQWKH3URSKHW3%8+ VDLG$OODKKDV FXUVHGWKHPDNHUDQGZHDUHURIDZLJ
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
+HUHSOLHG:K\VKRXOG,QRWFXUVHWKRVHZKRPWKH 0HVVHQJHURI$OODK3%8+ FXUVHGDQGZKRDUHFXUVHGLQ$OODK V%RRN"$OODKWKH([DOWHGKDVVDLGLQ +LV%RRN $QGZKDWVRHYHUWKH0HVVHQJHU 0XKDPPDG3%8+ JLYHV\RXWDNHLWDQGZKDWVRHYHUKHIRUELGV \RXDEVWDLQIURPLW
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
&+$37(5
352+,%,7,212)3/8&.,1* *5(<+$,56 5HSRUWHGC$PUELQ6KXCDLERQWKHDXWKRULW\RIKLVIDWKHUDQGJUDQGIDWKHUWKDWWKH3URSKHW 3%8+ VDLG'RQRWSOXFNRXWJUH\KDLUIRUWKH\DUHWKH0XVOLP VOLJKWRQWKH'D\RI5HVXUUHFWLRQ
>$EX'DZXG$W7LUPLGKLDQG$Q1DVD L@ &RPPHQWDU\ 3OXFNLQJRIJUD\KDLUXVXDOO\DVLJQRIROGDJHVKRXOGEHDYRLGHGEHFDXVHEHVLGHVWKH EHQHILWZKLFKRQHJHWVIURPWKHPLQWKH$IWHUOLIHWKH\DUHDPHDQVRIUHVSHFWLQWKLVZRUOG C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKR GRHVVRPHWKLQJFRQWUDU\WRRXUZD\LH,VODP ZLOOKDYHLWUHMHFWHG
>0XVOLP@ &RPPHQWDU\ &RQWUDU\WRRXUZD\
PHDQVVXFKDFWVZKLFKKDYHQHLWKHUEHHQDOORZHGRUMXVWLILHG QRUFDQEHMXVWLILHGE\DQ\SULQFLSOHRI6KDULCDK7KXVWKLV+DGLWKPDNHVLWDEXQGDQWO\FOHDUWKDWDOO KHUHVLHV DQGYLRODWLRQVRI6KDULCDKZLOOQRWEHDFFHSWHGE\$OODK(YHU\0XVOLPLVUHTXLUHGWREHD IDLWKIXOIROORZHURI'LYLQHRUGHUVUDWKHUWKDQDKHUHWLFDQGDUHEHO
&+$37(5
352+,%,7,212)86,1*7+( 5,*+7+$1')25&/($1,1* $)7(572,/(7:,7+287$ 9$/,'5($621 $EX4DWDGDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG'RQRWWRXFK \RXUSULYDWHSDUWVZLWK\RXUULJKWKDQGZKLOHXULQDWLQJQRUIRUZDVKLQJRUFOHDQLQJ\RXUSULYDWH SDUWV DQGGRQRWEUHDWKHLQWRWKHGULQNLQJYHVVHOIURPZKLFK\RXGULQN
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 0XVOLPVDUHUHTXLUHGWRWDNHIRRGDQGGRRWKHUVXFKWKLQJVZLWKWKHLUULJKWKDQG7KH\ KDYHEHHQRUGDLQHGWRGRDOOWKHRWKHUHVVHQWLDOEXWQRWPXFKOLNHGDFWVZLWKWKHLUOHIWKDQG7KLV GHPDUFDWLRQ KDVEHHQGRQHWRKLJKOLJKWWKHGLVWLQFWLYHSRVLWLRQRIWKHULJKWKDQG,WLVUHJUHWWDEOHLQGHHG WKDWVRPH0XVOLPVQRZDGD\VXVHWKHOHIWKDQGIRUHDWLQJ,WLVDVLJQWKDWWKHLUULJKWHRXVQDWXUHLV VSRLOHGDQGWKDWWKH\KDYHWRWDOO\LJQRUHGWKH'LYLQHLQMXQFWLRQV0D\$OODKKHOSXVREVHUYHWKH'LYLQH RUGHUV
&+$37(5
81'(6,5$%,/,7<2):($5,1* 21(6+2(2562&. $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 1RQHRI\RXVKRXOGZDONZHDULQJRQHVKRH\RXVKRXOGHLWKHUZHDUWKHPERWKRUWDNHWKHPRIIERWK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLWLVXQGHVLUDEOHWRZHDURQHVKRHLQRQHIRRWDQGOHDYH WKHRWKHUIRRWXQFRYHUHGEHFDXVHRQHGRHVQRWORRNUHVSHFWDEOHLQWKLVFRQGLWLRQDQGFDQQRWNHHSD EDODQFHLQKLVJDLW7KLVLVDOVRERXQGWREHH[SRVHGWRULGLFXOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ:KHQWKHODFHRIRQHRIWKHVKRHVRIDQ\RQHRI\RXLVFXWRIIKHVKRXOGQRWZDONZLWKWKH RWKHUXQWLOKHKDVJRWWKHODFHUHSDLUHG
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
&+$37(5
352+,%,7,212)/($9,1* 7+(),5(%851,1* ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG'RQRWNHHSWKH ILUHEXUQLQJLQ\RXUKRPHVZKHQ\RXJRWREHG
>$O%XNKDULDQG0XVOLP@ $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG$KRXVHLQ$O0DGLQDKZDVEXUQW ZLWKLWVRFFXSDQWVLQVLGHLWRQHQLJKW:KHQWKLVZDVUHSRUWHGWRWKH0HVVHQJHURI$OODK3%8+ KH VDLG)LUHLV\RXUHQHP\6RSXWLWRXWEHIRUHJRLQJWREHG
>$O%XNKDULDQG0XVOLP@ -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG 7KH0HVVHQJHURI$OODK3%8+ VDLG&RYHUXS WKHNLWFKHQ FRQWDLQHUVLHSRWVSDQVHWF WLHXSWKHPRXWKRIWKHZDWHUVNLQORFNXSWKHGRRUVDQG H[WLQJXLVKWKHODPSVEHFDXVH6DWDQFDQQHLWKHUXQWLHWKHZDWHUVNLQQRURSHQWKHGRRUQRUXQFRYHUWKH FRQWDLQHUV,IRQHFDQFRYHUWKHFRRNLQJSRWHYHQE\SODFLQJDSLHFHRIZRRGDFURVVLWDQGSURQRXQFH WKH1DPHRI$OODKRQLWOHWKLPGRLW$PRXVHFDQVRPHWLPHVFDXVHDKRXVHWREXUQDORQJLWV GZHOOHUV
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
&+$37(5
352+,%,7,212)3877,1* 21(6(/)7281'8(+$5'6+,3 $OODKWKH([DOWHGVD\V 6D\20XKDPPDG3%8+ C1RZDJHGR,DVNRI\RXIRUWKLVWKH4XU DQ QRUDP,RQHRI WKH0XWDNDOOLIXQWKRVHZKRSUHWHQGDQGIDEULFDWHWKLQJVZKLFKGRQRWH[LVW
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
,WLVDSDUWDQGSDUFHORINQRZOHGJHWKDWDPDQZKRKDVQRNQRZOHGJHRIDPDWWHUVKRXOGVD\$OODK NQRZVEHWWHU
$OODKVDLGWR+LV3URSKHW3%8+
6D\20XKDPPDG3%8+ C1RZDJHGR,DVNRI\RXIRUWKLVWKH4XU DQ QRUDP,RQHRIWKH 0XWDNDOOLIXQWKRVHZKRSUHWHQGDQGIDEULFDWHWKLQJVZKLFKGRQRWH[LVW
>$O%XNKDUL@ &RPPHQWDU\ ,IRQHGRHVQRWNQRZDERXWVRPHWKLQJKHVKRXOGQRWVD\DQ\WKLQJDERXWLWE\ZD\RI FRQMHFWXUHVSHFXODWLRQDQGJXHVVZRUNEHFDXVHWKLVLVDOVRSUHWHQVLRQZKLFKLVIRUELGGHQ:KHQ UHOLJLRXVVFKRODUVDUHDVNHGDERXWDQ\WKLQJZKLFKWKH\GRQRWNQRZWKH\VKRXOGFRQIHVVWKHLU LJQRUDQFH6XFKDFRQIHVVLRQLVDOVRDPDUNRIVFKRODUVKLS,QRWKHUZRUGVWKH\VKRXOGDEVWDLQIURP JLYLQJYHUGLFWDERXWDQ\PDWWHUZLWKRXWPDNLQJDWKRURXJKVWXG\DQGUHVHDUFKRQLW
&+$37(5
352+,%,7,212)%(:$,/,1* 7+('(&($6(' C8PDUELQ$O.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG7KH GHFHDVHGLVWRUWXUHGLQKLVJUDYHIRUEHZDLOLQJRYHUKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ %HZDLOLQJ
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
,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRRQEHIDOOLQJDFDODPLW\ VODSVKLVFKHHNVWHDUVKLVFORWKHVDQGIROORZVWKHZD\VDQGWUDGLWLRQVRI WKH'D\VRI,JQRUDQFHLVQRQHRIXV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ +HLVQRQHRIXV
KHUHVLJQLILHVWKDWKHLVQRWIROORZLQJWKHZD\VRI0XVOLPV7KH ZD\VDQGWUDGLWLRQVRIWKH'D\VRI,JQRUDQFH
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVDERXWWKHSDVVLRQRIWKH&RPSDQLRQVWRIROORZWKHVD\LQJ DQG SUDFWLFHRIWKH3URSKHW3%8+ $O0XJKLUDKELQ6KXCEDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ+HZKRDOORZVRWKHUV WRZDLORYHUKLVGHDWKZLOOEHSXQLVKHGIRULWRQWKH'D\RI 5HVXUUHFWLRQ
>$O%XNKDULDQG0XVOLP@
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
:KHQKH UHFRYHUHGKLVFRQVFLRXVQHVVKHVDLG,ZDVDVNHGGLVDSSURYLQJO\E\WKHDQJHOV DERXWHYHU\WKLQJ \RXVDLGFRQFHUQLQJPHZKHWKHU,DPDV\RXVDLG
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
7KH\UHSOLHG1R2 0HVVHQJHURI$OODK
+HDULQJWKLVWKH0HVVHQJHURI$OODK3%8+ EHJDQWRZHHS:KHQKLV &RPSDQLRQVVDZWKLVWKH\DOVREHJDQWRZHHSWRR+HVDLG/LVWHQDWWHQWLYHO\$OODKGRHVQRWSXQLVK IRUWKHVKHGGLQJRIWHDUVRUWKHJULHIRIWKHKHDUWEXWWDNHVWRWDVNRUVKRZ PHUF\EHFDXVHRIWKH XWWHUDQFHVRIWKLVDQGKHSRLQWHGWRKLVWRQJXH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWJULHIDQGWHDUVZKLFKRFFXULQYROXQWDULO\DUHQRW IRUELGGHQEHFDXVHWKH\DUHTXLWHQDWXUDOEXWLIRQHVWDUWVFU\LQJDQGEHZDLOLQJRQVXFKRFFDVLRQVKH ZLOOEHVLQIXO7KHRQO\SHUPLVVLEOHZD\RIH[SUHVVLQJRQH VJULHILQZRUGVLVWRVD\,QQDOLOODKLZD LQQDLODLKLUDMLCXQ
ZKLFKPHDQV7UXO\7R$OODKZHEHORQJDQGWUXO\WR+LPZHVKDOOUHWXUQ
7RYLVLWWKHVLFNLVDPHULWRULRXVDFWDVZHOODVDULJKWRID0XVOLPXSRQDQRWKHU0XVOLP'HSHQGLQJ XSRQWKHRFFDVLRQRQHLVDOVRUHFRPPHQGHGWRRIIHUVLQFHUHDGYLFHDQG,VODPLFWHDFKLQJV $EX0DOLN$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,IWKHZDLOLQJZRPDQGRHVQRWUHSHQWEHIRUHVKHGLHVVKHZLOOEHPDGHWRVWDQGRQWKH'D\RI 5HVXUUHFWLRQZHDULQJDJDUPHQWRISLWFKDQGDJDUPHQWRIVFDELHV$OODKNQRZVWKHQDWXUHWKHUHRI
>0XVOLP@ &RPPHQWDU\ :H OHDUQIURPWKLV+DGLWKWKDWZDLOLQJLVDPDMRUVLQDQGLIRQHGRHVQRWPDNHVLQFHUH UHSHQWDQFHIRULW$OODKGRHVQRWJUDQWSDUGRQIRULWRQHZLOOEHPDGHWRVXIIHUDWRUPHQWRILWVRZQ NLQG $VLGELQ$EX8VDLGUHSRUWHG$ZRPDQZKRKDGWDNHQDSOHGJHRIDOOHJLDQFHDWWKHKDQGRIWKH 0HVVHQJHURI$OODK3%8+ VDLG$PRQJWKHPDWWHUVLQUHVSHFWRIZKLFKZHJDYHWKH0HVVHQJHURI $OODK3%8+ WKHSOHGJHQRWWRGLVREH\KLPLQDQ\0DCUXI>LHDOOWKDW,VODPRUGDLQV9 @ZDV WKDWZHVKRXOGQRWVODSRXUIDFHVEHZDLOWHDURXUFORWKHVXSDQGWHDURXWRXUKDLULQJULHI
>$EX'DZXG@
&RPPHQWDU\ 7KHPRGHVRIH[SUHVVLQJJULHIPHQWLRQHGLQWKLV+DGLWKZHUHLQYRJXHLQWKH$UDE VRFLHW\RIWKH3HULRGRI,JQRUDQFH0XVOLPZRPHQDUHVWULFWO\IRUELGGHQIURPWKHPDQGWKH\PXVW DEVWDLQIURPWKHP $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,I DQ\RQHGLHVDQGWKHPRXUQHUJHWVXSDQGVD\VC$ODV)RUWKHPRXQWDLQDPRQJPHQ$ODV)RUWKHFKLHI DQGVXFKOLNH$OODKZLOOSXWWZRDQJHOVLQFKDUJHRIKLPZKRZLOOEHDWRQWKHEUHDVWDQGDVNKLP GLVDSSURYLQJ C:HUH\RXOLNHWKDW"
>$W7LUPLGKL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 7ZRWKLQJVDUHVLJQVRIGLVEHOLHIRQWKHSDUWRIWKRVHZKRLQGXOJHLQWKHP6ODQGHULQJRQH VOLQHDJH DQGZDLOLQJRYHUWKHGHDG
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\EHHQPHQWLRQHGEHIRUH>VHHWKH+DGLWKXQGHU&KDSWHU@ %RWKWKHHYLOVSRLQWHGRXWKHUHDUHWKRVHVLQVZKLFKLQYLWH$OODK V:UDWKDQGZLOOFHUWDLQO\WDNHRQHRXW RIWKHIROGRI,VODPLIRQHFRQVLGHUVWKHPODZIXO+HQFHDSHUVRQZKRSUDFWLFHVWKHPUHYLYHVWKHHYLOV RIWKHLQILGHOV0D\$OODKVDYHXVIURPVXFKHYLOV
&+$37(5
352+,%,7,21 2)&2168/7$7,21:,7+ 6227+6$<(56 C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG6RPHSHRSOHDVNHGWKH0HVVHQJHURI$OODK 3%8+ DERXWVRRWKVD\HUV+H3%8+ VDLG7KH\DUHRIQRDFFRXQW
8SRQWKLVWKH\VDLGWRKLP2 0HVVHQJHURI$OODK%XWWKH\VRPHWLPHVPDNHWUXHSUHGLFWLRQV
7KHUHXSRQWKH0HVVHQJHURI$OODK 3%8+ VDLG7KDWLVDZRUGSHUWDLQLQJWRWUXWKZKLFKDMLQQVQDWFKHVIURPWKHDQJHOV DQGZKLVSHUV LQWRWKHHDUVRIKLVIULHQGWKHVRRWKVD\HUV ZKRZLOOWKHQPL[PRUHWKDQDKXQGUHGOLHVZLWKLW
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ$O%XNKDULLV7KHDQJHOVGHVFHQGLQWKHFORXGVDQGPHQWLRQPDWWHUVZKLFKKDVEHHQ GHFUHHGLQKHDYHQ6DWDQVWHDOVDKHDULQJOLVWHQVWRLWVWHDOWKLO\ DQGFRPPXQLFDWHVLWWRWKH VRRWKVD\HUVZKRWHOODORQJZLWKLWDKXQGUHGOLHV
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
KLPKLV6DODWSUD\HUV ZLOOQRWEHDFFHSWHGIRUIRUW\GD\V
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWYLVLWLQJVRRWKVD\HUVDQGDVWURORJHUVIRUWKHSXUSRVHRI NQRZLQJIURPWKHPZKDWOLHVKLGGHQLQIXWXUHLVVXFKDJUHDWRIIHQVHWKDWKHZKRGRHVLWORVHVDOO PHULWVRIKLVIRUW\GD\V6DODW6RPHSHRSOHWU\WRGHWHFWWKHFXOSULWVLQYROYHGLQDWKHIWFDVHWKURXJKWKH VRFDOOHGIRUWXQHWHOOHUVRUVHHNWKHLUDGYLFHLQPDWWHUVUHODWLQJWREXVLQHVVPDUULDJHHWF$OOVXFKWKLQJV DUHXQODZIXOEHFDXVH$OODK$ORQHNQRZVWKHLQYLVLEOHZRUOG 4DELVDKELQ$O0XNKDULT0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ7KHSUDFWLFHRIC,\DIDKWKHLQWHUSUHWDWLRQRIRPHQVIURPWKHIOLJKWRIELUGVWKH SUDFWLFHRIGLYLQDWLRQE\GUDZLQJOLQHVRQWKHJURXQGDQGWDNLQJHYLORPHQVDUHDOOSUDFWLFHVRI$O-LEW WKHLGROWKHGLYLQHURUVRUFHUHU
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
+H 3%8+ UHSOLHG'RQRWYLVLWWKHP
,VDLG7KHUHDUHVRPHPHQZKRDUHJXLGHGE\RPHQV
+H UHSOLHG7KHVHDUHWKHLGHDVZKLFKFRPHXSLQWKHLUPLQGVEXW\RXVKRXOGQRWEHLQIOXHQFHGE\WKHP LHWKHVHWKLQJV VKRXOGQRWSUHYHQWWKHPIURPSXUVXLQJWKHLUZRUNV
,VDLG7KHUHDUHVRPHPHQ ZKRSUDFWLVHGLYLQDWLRQE\GUDZLQJOLQHVRQWKHJURXQG
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG 7KHUHZDVD3URSKHWZKRGUHZOLQHVWKHOLQHZKLFKDJUHHVZLWKWKHOLQHGUDZQE\WKDW3URSKHWZRXOG EHFRUUHFW
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGHDUOLHU>+DGLWK1R@7KHVHDUHWKHLGHDVZKLFKFRPHXSLQ WKHLUPLQGV
PHDQVWKDWVRPHWLPHVVRPHWKLQJDSSHDUVDQGRQH VPLQGDWRQFHWDNHVLWDVDEDGRPHQ 7KLVLVVRPHWKLQJLQVWLQFWLYHDQGQDWXUDODQGRQHLVQRWDFFRXQWDEOHIRULW%XWLIRQHDFWVLQDFFRUGDQFH ZLWKWKDWRPHQWKHQZKDWKHGRHVLVZURQJDQGLVWKHUHIRUHIRUELGGHQ)RUWKLVUHDVRQWKH3URSKHW 3%8+ VDLGLHWKHVHWKLQJV VKRXOGQRWSUHYHQWWKHPIURPSXUVXLQJWKHLUZRUNV
7KHGUDZLQJRIDOLQHPHQWLRQHGLQWKLV+DGLWKLVGLIIHUHQWIURPWKHGUDZLQJRIOLQHVLQC,\DIDK PHQWLRQHGHDUOLHU0RUHRYHUWKDWZDVDQDFWRID3URSKHWZKLFKZDVGRQHE\KLPLQWKHOLJKWRI:DK\ VHQWWRKLPE\$OODKDQGWKHUHIRUHZDVFHUWDLQO\FRUUHFW%XWQRZQRERG\SRVVHVVHVWKDWNQRZOHGJH DQGFDQQRWWKHUHIRUHEHDGRSWHG7KHVWDWHPHQWRIWKH3URSKHW3%8+ WKDW7KHOLQHZKLFKDJUHHV ZLWKWKHOLQHGUDZQE\WKDW3URSKHWZRXOGEHFRUUHFW
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
VLJQLILHVWKDWWKHVDOHDQGSXUFKDVHRIGRJVLVIRUELGGHQ7KLVD JHQHUDORUGHUZKLFKDSSOLHVWRGRJRIHYHU\NLQGZKHWKHULWLVIRUKXQWLQJRUSURWHFWLRQRIIDUPV ZKLFKLVSHUPLVVLEOH RULVDWDPHGRQH7KHUHDVRQEHLQJWKDWGRJLVDQDEVROXWHO\XQFOHDQDQLPDOQR PDWWHUZKDWEUHHGLWLV6RPHC8ODPD DUHRIWKHRSLQLRQWKDWWKHVDOHDQGSXUFKDVHRIVXFKGRJZKLFK RQHLQWHQGVWRNHHSIRUODZIXOQHHGVVXFKDVKXQWLQJDQGSURWHFWLQJIDUPVLVSHUPLVVLEOH6RIDUDV UHDVRQLQJLVFRQFHUQHGWKHYLHZVRIWKHPDMRULW\RIC8ODPD DUHTXLWHVWURQJEHFDXVHZHILQGDEVROXWH SURKLELWLRQRIGRJVLQWKLV+DGLWK 7KHHDUQLQJRIDYLOHZRPDQKDVEHHQFDOOHGC'RZHU LQWKH+DGLWKEHFDXVHRILWVHYLGHQWIRUP RWKHUZLVHLWLVXQODZIXODQGQRERG\DFFHSWVLWVMXVWLILFDWLRQ6LPLODULVWKHFDVHRIVRRWKVD\HUV DVWURORJHUVIRUWXQHWHOOHUVDQGDOOWKRVHZKRIRROSHRSOHE\WHOOLQJWKHPDERXWIXWXUHDQGWKXVVZLQGOH PRQH\IURPWKHP7KHLULQFRPHLVDOVRXQODZIXO ,WLVDOVRXQODZIXOWRPDNHDQ\SD\PHQWWRVXFKVZLQGOHUVEHFDXVHZKHQLWLVQRWODZIXOIRUWKHPWR PDNHPRQH\LQWKLVPDQQHUKRZFDQZHFRQVLGHUWKHPRQH\JLYHQWRWKHPODZIXO"
&+$37(5
)25%,''$1&(2)%(/,(9,1* ,1,//20(16 $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG1RWWKH WUDQVPLVVLRQRIGLVHDVHRIRQHSHUVRQWRDQRWKHUDQGQRHYLORPHQEXW,DPSOHDVHGZLWKJRRGRPHQV
+HZDVDVNHG:KDWLVJRRGRPHQ"
+HUHSOLHG$JRRGZRUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHSKUDVH1RWWKHWUDQVPLVVLRQRIGLVHDVHRIRQHSHUVRQWRDQRWKHU
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
QLFHDQGWROLVWHQWRZKDWLVQLFHVRWKDWLQERWKFDVHVLWRFFDVLRQVJRRGRPHQV2QHVKRXOGDOZD\V DEVWDLQIURPVD\LQJZKDWLVUHSXOVLYHWRWKHOLVWHQHUVDQGWHQGVWREHDEDGRPHQ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KHUH LVQRLQIHFWLRQDQGQRHYLORPHQEXWLIWKHUHLVDQ\WKLQJWKDWPD\EHDVRXUFHRIWURXEOH WKHQLWFRXOG EHDKRXVHDKRUVHDQGDZRPDQ
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
+HDGGHG$0XVOLPVKRXOGQRWUHIUDLQIURPDQ\WKLQJEHFDXVHRIDQRPHQ
+H3%8+ WROGWKHP :KHQDQ\RI\RXVHHVDQ\WKLQJZKLFKKHGLVOLNHVKHVKRXOGVD\C$OODKXPDOD\D WLELOKDVDQDWLLOOD $QWDZDOD \DGIDCXVVD\\L DWLLOOD$QWDZDODKDZODZDODTXZZDWDLOOD%LND2$OODK
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
&+$37(5
352+,%,7,212)'5$:,1* 32575$,76 ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KRVH ZKRGUDZSLFWXUHVZLOOEHSXQLVKHGRQWKH'D\RI5HVXUUHFWLRQDQGLWZLOOEHVDLGWRWKHPC%UHDWKH VRXOLQWRZKDW\RXKDYHFUHDWHG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWGUDZLQJSLFWXUHVRIKXPDQVDQLPDOVDQGDOOWKRVH WKLQJVWKDWKDYHDVRXOLQWKHPLVDJUHDWVLQDQGLVOLDEOHWRKHDY\SXQLVKPHQW+RZHYHURQHZLOOQRW EHWDNHQWRWDVNIRUVXFKSLFWXUHVZKLFKDUH PDGHFRPSXOVRU\E\WKH*RYHUQPHQWLHLGHQWLW\FDUGV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2QHZKRPDNHVDSLFWXUHE\DQ\PHDQVZLOOEHRUGHUHGWRSXWOLIHLQWRLW7KLVRUGHU ZLOOEHLQWKHQDWXUHRIUHSURDFKDQGUHSURRIEHFDXVHQRQHFDQGRLW2EYLRXVO\RQHZLOOQRWEHDEOHWR GRLWDQGZLOOWKXVEHDZDUGHGVWHUQSXQLVKPHQW ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ7KRVHZKRZLOOUHFHLYHWKHPRVWVHYHUHSXQLVKPHQWIURP$OODKRQWKH'D\RI5HVXUUHFWLRQ ZLOOEHSDLQWHUVRIOLYLQJREMHFWV
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH $OPLJKW\$OODKVDLGC:KRLVPRUHDQRSSUHVVRUWKDQKLPZKRJRHVWRFUHDWHOLNH0\FUHDWLRQ"/HW KLPPDNHDQDQWRUDJUDLQRIFRUQRUDJUDLQRIEDUOH\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDVWHUQZDUQLQJIRUSKRWRJUDSKHUVDQGYLGHRPDNHUVZKRWU\WRLPLWDWH WKH&UHDWLYH$WWULEXWHRI$OODK
$EX7DOKDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH DQJHOVGRQRWHQWHUDKRXVHLQZKLFKWKHUHLVDGRJRUDSRUWUDLW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $QJHOVKHUHPHDQVDQJHOVRIPHUF\ZKRVHYLVLWLVDEOHVVLQJIRUKRPHVEHFDXVHWKH DQJHOVZKRVXSHUYLVHXVDQGUHFRUGRXUGHHGVDUHZLWKXVDOOWKHWLPH ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG-LEULO*DEULHO SURPLVHGWRYLVLWWKH 0HVVHQJHURI$OODK3%8+ EXWGHOD\HGDQGWKLVJULHYHGKLPYHU\PXFK:KHQKHFDPHRXWRIKLV KRXVH-LEULOPHWKLP7KH0HVVHQJHURI$OODK3%8+ DVNHGKLPDERXWWKHUHDVRQRIGHOD\DQGKH UHSOLHG:HGRQRWHQWHUDKRXVHLQZKLFKWKHUHLVDGRJRUDSRUWUDLW
>$O%XNKDUL@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG-LEULO*DEULHO 3%8+ PDGHDSURPLVHZLWKWKH 0HVVHQJHURI$OODK3%8+ WRFRPHDWDGHILQLWHKRXUWKDWKRXUFDPHEXWKHGLGQRWYLVLWKLP7KHUH ZDVDVWDIILQWKHKDQGRIWKH0HVVHQJHURI$OODK3%8+ +HWKUHZLWIURPKLVKDQGDQGVDLG1HYHU GRHV$OODKEDFNRXWRI+LV3URPLVHQRUGR+LVPHVVHQJHUV
7KHQKHQRWLFHGDSXSS\XQGHUKLVEHG DQGVDLG2C$LVKDKZKHQGLGWKLVGRJHQWHU"
6KHVDLG%\$OODK,GRQ WNQRZ
+HWKHQ FRPPDQGHGWKDWLWVKRXOGEHWXUQHGRXW1RVRRQHUWKDQKDGWKH\H[SHOOHGLW-LEULOFDPHDQGWKH 0HVVHQJHURI$OODK3%8+ VDLGWRKLP
:KHUHXSRQKHVDLG7KHGRJNHSWPHIURPFRPLQJ:HGRQRWHQWHUDKRXVHLQZKLFKWKHUHLV DGRJRUDSLFWXUH
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
>0XVOLP@ &RPPHQWDU\ 'UDZLQJSLFWXUHVDQGUDLVLQJJUDYHVRYHUWKHKHLJKWRIDVSDQDUHIRUELGGHQDQGWKHLU UHPRYDOLVWKHUHVSRQVLELOLW\RI0XVOLPUXOHUV$Q,VODPLFVWDWHQHLWKHUDOORZVSLFWXUHVQRUGRHVLW SHUPLWSHUPDQHQWVWUXFWXUHVRYHUJUDYHVQRUJUDYHVRYHUDVSDQ VKHLJKW /HDYHQRWDKLJKJUDYHXQOHYHOOHG
GRHVQRWPHDQOHYHOOLQJWKHPWRWKHJURXQG:KDWLWUHDOO\PHDQV LVWKDWWKHVHVKRXOGEHUHGXFHGWRWKHSHUPLVVLEOHKHLJKW
&+$37(5
352+,%,7,212).((3,1*$ '2*(;&(37$6$:$7&+'2* 25+817,1*'2* ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRNHHSVDGRJRWKHUWKDQRQHIRUJXDUGLQJWKHILHOGVRUKHUGVRUKXQWLQJZLOOORVHWZR4LUDWHYHU\ GD\RXWRIKLVUHZDUGV
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRNHHSVDGRJZLOOORVHRXWRIKLVJRRGGHHGVHTXDOWRRQH4LUDWHYHU\GD\H[FHSWRQHZKRNHHSVLW IRUJXDUGLQJWKHILHOGVRUWKHKHUG
>$O%XNKDULDQG0XVOLP@ ,QDQDUUDWLRQRI0XVOLPWKH0HVVHQJHURI$OODK3%8+ LVUHSRUWHGWRKDYHVDLG+HZKRNHHSVD GRJIRUDQ\UHDVRQRWKHUWKDQWRJXDUGKLVSURSHUW\ODQGV RUKLVIORFNRIVKHHSKLVJRRGGHHGVHTXDO WRWZR4LUDWZLOOEHGHGXFWHGHYHU\GD\
&RPPHQWDU\ :HOHDUQIURPWKHVH$KDGLWKWKDWLWLVSHUPLVVLEOHWRNHHSGRJVIRUKXQWLQJDQGVHFXULW\RIKHUGVDQG IDUPVEXWQRWIRUDQ\RWKHUSXUSRVH,IDQ\RQHGRHVVRKHZLOOEHORVLQJD4LUDWRUWZRIURPKLV UHZDUGVHYHU\GD\:K\GLGWKH3URSKHW3%8+ XVHWKHZRUGV4LUDWRUWZR4LUDW"6RPHVFKRODUVVD\ WKDWDWILUVWWKH3URSKHW3%8+ VDLGRQHDQGVXEVHTXHQWO\LQFUHDVHGWKHQXPEHU6RPHVFKRODUVKROG WKDWWKHGLIIHUHQFHRIRQHDQGWZRUHODWHVWRXUEDQDQGUXUDODUHDV7KHLQKDELWDQWVRIFLWLHVZRXOGEH ORVLQJWZR4LUDWIURPWKHLUUHZDUGVGDLO\ZKLOHLQFDVHRIYLOODJHUVWKLVORVVZLOOEHRQH4LUDWRQO\ EHFDXVHWKH\VWDQGLQJUHDWHUQHHGRIGRJV :K\GRHVWKHUHGXFWLRQLQUHZDUG WDNHSODFH",QUHVSRQVHWRWKLVTXHVWLRQLWKDVEHHQVWDWHGWKDWLWLV YHU\GLIILFXOWWRHVFDSHIURPWKHILOWKRIGRJVDQGVRPHWLPHVLWDGYHUVHO\HIIHFWVHYHQ6DODWDQGUHGXFHV WKHLUUHZDUG6RPHVFKRODUVVD\WKDWVLQFHGRJVDUHDSWWREDUNRQJXHVWVDQG EHJJDUVDQGVFDUHWKHP WKHWHQVLRQFDXVHGE\WKLVDIIHFWVWKHUHZDUGRIWKHKRVW$OODK$ORQHNQRZVWKHWUXWKRIWKHPDWWHU :KDWLV4LUDW",WLVGLIIHUHQWO\LQWHUSUHWHG7KHUHLVD4LUDWZKLFKLVPHQWLRQHGLQWKHIXQHUDOSUD\HU 7KLVLVHTXDOWRWKH8KXGPRXQWDLQ'RHVLWVLJQLI\WKHVDPHKHUH"6RPHVFKRODUVDQVZHUWKLVTXHVWLRQ LQWKHDIILUPDWLYHZKLOHRWKHUVKROGWKDWLQWKHIXQHUDOSUD\HULWRFFXUVZLWKUHIHUHQFHWR$OODK V0HUF\ DQG*UDFHEXWKHUHLWUHODWHVWR+LV:UDWK$VWKHIRUPHULVIDUJUHDWHUWKDQWKHODWWHUWKHZRUGFDQQRW KDYHWKHVDPHVLJQLILFDQFHLQERWKFRQWH[WV
&+$37(5
81'(6,5$%,/,7<2)+$1*,1* %(//65281'7+(1(&.62) $1,0$/6 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG $QJHOVGR QRWDFFRPSDQ\WKHWUDYHOOHUVZKRKDYHZLWKWKHPDGRJRUDEHOO
>0XVOLP@ &RPPHQWDU\ 'RJ
KHUHVWDQGVIRUWKDWGRJZKLFKLVSURKLELWHGWRNHHS'RJVNHSWIRUWKHSXUSRVH RIKXQWLQJDQGVHFXULW\GRQRWIDOOLQWKLVFDWHJRU\$QJHOVVLJQLI\DQJHOVRIPHUF\RWKHUZLVHZHDUH DWWHQGHGDOOWKHWLPHE\WKHDQJHOVZKRUHFRUGRXUGHHGVIRUXV%HOOLQWKLVFRQWH[WUHIHUVWRWKHEHOO ZKLFKLVSODFHGLQWKHQHFNRIDQLPDOVDQGULQJVZKHQWKH\PRYH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG7KHEHOOLVRQH RIWKHPXVLFDOLQVWUXPHQWVRI6DWDQ
>0XVOLP@ &RPPHQWDU\ 0D]DPLULVWKHSOXUDORI0L]PDUPHDQLQJPXVLFDOLQVWUXPHQW,WFRYHUVWKHOXWHWKH SOHFWUXPDQGRWKHUPXVLFDOLQVWUXPHQWV$OOWKHVHDUHXVHGE\6DWDQWR OHDGWKHSHRSOHDVWUD\ 1RZDGD\VWKHVHDUWLFOHVKDYHEHFRPHDODUPLQJO\FRPPRQ7KHPDWWHUGRHVQRWHQGKHUH7KHSXEOLF PHQWDOLW\LVVRGLVWRUWHGWKDWWKH\WDNHPXVLFDVIRRGRIWKHVRXO:HVHHNWKH5HIXJHRI$OODKIURPLW ,WFDQEHWUXHRIWKRVHZKRVHVRXOVDUHRYHUSRZHUHGE\6DWDQEHFDXVHRQHZKROLYHVLQILOWKLVVRXVHG WRLWWKDWRQHFDQQRWOLYHZLWKRXWLW0D\$OODKSURWHFWXVIURPVXFKVDWDQLFRFFXSDWLRQV
&+$37(5
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
&+$37(5
352+,%,7,212)63,77,1*,1 7+(02648( $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 6SLWWLQJLQWKHPRVTXHLVDVLQDQGLWVH[SLDWLRQLVWKDWWKHVSLWWOHVKRXOGEHEXULHGLQHDUWK
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
RUDVKHVWDWHG >0XVOLP@ &RPPHQWDU\ 7KH3URSKHW3%8+ VDLGWKLVRQWKHXULQDWLRQRIDEHGRXLQLQWKHPRVTXH+HPDGHKLPXQGHUVWDQG YHU\SROLWHO\DQGSUXGHQWO\WKDWPRVTXHVDUHPHDQWIRUZRUVKLSUHPHPEUDQFHRI$OODKUHFLWDWLRQRI WKH4XU DQDQGVLPLODURWKHUDFWVRISLHW\DQGRQHVKRXOGQRWGRDQ\WKLQJWKDWYLRODWHVWKHLUVDQFWLW\ 7KHQDUUDWRUKDVDGGHGWKHZRUGVRUDVKHVWDWHG
,WZDVDSUDFWLFHZLWKWKHQDUUDWRUVRI$KDGLWKWR VD\WKHVHZRUGVE\ZD\RIFDUHWRFRYHUWKHULVNRIDQ\FKDQJHLQ WKH+DGLWKZRUGLQJ
&+$37(5
81'(6,5$%,/,7<2) 48$55(//,1*255$,6,1* 92,&(6,17+(02648( $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,I DQ\RQHKHDUVDPDQLQTXLULQJLQWKHPRVTXHDERXWVRPHWKLQJKHKDVORVWKHVKRXOGVD\C/DUDGGDKD $OODKXCDODLND0D\$OODKQRWUHVWRUHLWWR\RX IRUPRVTXHVDUHQRWEXLOWIRUWKLVSXUSRVH
>0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODKVDLG:KHQ\RX VHHVRPHRQHEX\LQJRUVHOOLQJLQWKHPRVTXHVD\WRKLPC/DDUEDKD$OODKXWLMDUDWDND0D\$OODKQRW PDNH\RXUEDUJDLQSURILWDEOH :KHQ\RXVHHVRPHRQHDQQRXQFLQJVRPHWKLQJORVWLQLWVD\C0D\ $OODKQRWUHVWRUHLWWR\RX
>$W7LUPLGKL@ %XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP VDLG$PDQDQQRXQFHGWKHORVVRIKLVFDPHO LQWKH PRVTXHXWWHULQJWKHVHZRUGV+DVDQ\RQHVHHQP\UHGFDPHO"
8SRQWKLVWKH0HVVHQJHURI$OODK 3%8+ VDLG0D\LWQRWEHUHVWRUHGWR\RX7KHPRVTXHVDUHEXLOWIRUZKDWWKH\DUHPHDQWWREHLH SUD\HUUHPHPEUDQFHRI$OODKDFTXLULQJNQRZOHGJHHWF
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
,EURXJKWWKHPDQGC8PDU0D\$OODKEHSOHDVHGZLWKKLP DVNHGWKHP :KHUHDUH\RXIURP"
2QWKHLUUHSO\LQJWKDWWKH\EHORQJHGWR$W7DLIKHVDLG+DG\RXEHHQWKH LQKDELWDQWVRI$O0DGLQDK,ZRXOG KDYHJLYHQ\RXDEHDWLQJIRUUDLVLQJ\RXUYRLFHVLQWKHPRVTXHRI WKH0HVVHQJHURI$OODK3%8+
>$O%XNKDUL@ &RPPHQWDU\ 7KHDFWLRQRIC8PDU0D\$OODKEHSOHDVHGZLWKKLP PHQWLRQHGLQWKH+DGLWKWHOOVXV WKDWWRVSHDNORXGO\LQWKHPRVTXHDPRXQWVWRGHVHFUDWLQJLWZKLFKLVDSXQLVKDEOHRIIHQVH
,IRQHLVDEOHRILWKHPXVWVWRSSHRSOHIURPDFWVZKLFKDPRXQWWRGHQLDORI'LYLQHLQMXQFWLRQVDQG FRQWUDYHQHWKH6KDULCDK
&+$37(5
81'(6,5$%,/,7<2)(17(5,1* 7+(02648($)7(5($7,1* 5$:21,2125*$5/,& ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG+HZKRKDVHDWHQ JDUOLFVKRXOGQRWFRPHWRRXUPRVTXH
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ0XVOLPLV+HZKRKDVHDWHQJDUOLFVKRXOGQRWFRPHWRRXUPRVTXHV
$QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+HZKRKDVHDWHQIURP WKLVSODQWLHJDUOLF VKRXOGQRWDSSURDFKXVDQGVKRXOGQRWRIIHU6DODWSUD\HU DORQJZLWKXV
>$O%XNKDULDQG0XVOLP@ -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+HZKRKDVHDWHQJDUOLF RURQLRQVKRXOGNHHSDZD\IURPXVRURXUPRVTXHV
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ0XVOLPLV+HZKRKDVHDWHQRQLRQRUJDUOLFRUOHHNVKRXOGQRWDSSURDFKRXUPRVTXH EHFDXVHWKHDQJHOVDUHDOVRRIIHQGHGE\WKHVWURQJVPHOOV WKDWRIIHQGWKHFKLOGUHQRI$GDP
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
&+$37(5
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
&+$37(5
352+,%,7,212)+$9,1*$ +$,5&87253$5,1*21( 6 1$,/6'85,1*7+(),5677(1 '$<62)'+8/+,--$+)25 21(:+2,17(1'672 6$&5,),&($1$1,0$/ 8PP6DODPDK0D\$OODKEHSOHDVHGZLWK KHU VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQDQ\RQHRI\RXLQWHQGVWRVDFULILFHWKHDQLPDODQGHQWHULQWKHPRQWKRI'KXO+LMMDKKHVKRXOG QRWJHWKLVKDLUFXWRUQDLOVSDUHGWLOOKHKDVRIIHUHGKLVVDFULILFH
>0XVOLP@ &RPPHQWDU\ $FFRUGLQJWRWKLV+DGLWKRQHZKRLQWHQGVWRVDFULILFHDQLPDORQC(LG$O$GKDVKRXOG DEVWDLQIURPSDULQJQDLOVKDYLQJDKDLUFXWDQGVKDYLQJWKHDUPSLWVDQGWKHSULYDWHSDUWVVRWKDWKLV VDFULILFHLVLQDFFRUGDQFHZLWKWKH6XQQDK2QHVKRXOGKDYHDKDLUFXWRQWKH WHQWKRI'KXO+LMMDKDIWHU KDYLQJRIIHUHGWKHVDFULILFH6RPH$KDGLWKWHOOXVWKDWLIDSHUVRQZKRGRHVQRWVDFULILFHDQDQLPDORQ C(LG$O$GKDEXWSDUHVKLVQDLOVDQGKDVKLVKDLUFXWRQWKHWHQWK'KXO+LMMDKZLOOEHJLYHQE\$OODK WKHUHZDUGRIVDFULILFH
&+$37(5
352+,%,7,212)6:($5,1* ,17+(1$0(2)$1<7+,1* %(6,'(6$//$+ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG$OODKKDV SURKLELWHG\RXIURPWDNLQJDQRDWKE\\RXUIDWKHUV+HZKRPXVWWDNHDQRDWKPD\GR VRE\VZHDULQJ LQWKH1DPHRI$OODKRUKHVKRXOGUHPDLQVLOHQW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWDNLQJWKHRDWKRIRQH VDQFHVWRUVLVSURKLELWHG,QWKH IRUWKFRPLQJ$KDGLWKRQHLVDOVRIRUELGGHQIURPWDNLQJWKHRDWK RIIDOVHJRGVDQGGHYLOV C$EGXU5DKPDQELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG6ZHDUQHLWKHUE\WKHQDPHRI7DJKXWLHIDOVHGHLWLHVIDOVHOHDGHUVHWF QRUE\\RXU
IDWKHUV
>0XVOLP@ %XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+HZKR VZHDUVE\$PDQDKWUXVW LVQRWRQHRIXV
>$EX'DZXGZLWKDXWKHQWLF,VQDG@ &RPPHQWDU\ 7KHRDWKRI$PDQDKPHDQVWRVD\%\$PDQDK
DVRQHVD\V%\$OODK
7KLVLV SURKLELWHGIRUWKHUHDVRQWKDWRQHFDQWDNHWKHRDWKRI$OODKRUDQ\RI+LV$WWULEXWHV$PDQDKLVRQHRI WKH&RPPDQGPHQWVRI$OODKDQGDQREOLJDWLRQSUHVFULEHGE\+LPOLNH6DODW6DXP+DMMHWF,QWKLV ZD\WKH&RPPDQGPHQWVRI$OODKDVVXPHWKHUHVHPEODQFHRI+LV*ORULRXV1DPHVDQG$WWULEXWHV ZKLFKLVQRWFRUUHFW %XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG,I DQ\RQHVZHDUVWKDWLQVXFKDQGVXFKFDVHKHZLOOEHIUHHIURP,VODPDQGDIWHUZDUGVKHWXUQVRXWWREHD OLDUKHZLOOEHDVKHKDVVZRUQEXWLIKHLVVSHDNLQJWKHWUXWKKHZLOOQRWUHYHUWVDIHO\WR,VODP
>$EX'DZXG@ &RPPHQWDU\ :KDWWKLV+DGLWKWHOOVXVLVWKDWLIVRPHRQHVD\V,I,GRVXFKDQGVXFKWKLQJ,ZLOOEH D.DILU
QRZLIKHUHDOO\PHDQWWKDWLIKHGLGWKDWKHZLOODGRSW.XIUWKHQKHZLOODWRQFHEHFRPHD .DILU%XWLIKHPHDQWWKDWKHZLOOVWULFWO\DGKHUHWR,VODPDQGQHYHUWDNHWKHZD\RI.XIUKHZLOOQRW EHFRPHD.DILUEXWWKHVW\OHLQZKLFKKHVDLGLWZDVFHUWDLQO\ZURQJ 7KHUHIRUHKHPXVWPDNH UHSHQWDQFHDQGEHJIRUJLYHQHVVIURP$OODKIRULW,WZLOOEHEHWWHULIKHUHFLWHVDJDLQ.DOLPDKWXVK 6KDKDGDKWRUHQHZKLV)DLWK ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG,KHDUGDPDQVD\LQJ1RE\WKH.DCEDK
, DGPRQLVKHGKLP'RQRWVZHDUE\DQ\WKLQJEHVLGHV$OODKIRU,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJC+HZKRVZHDUVE\DQ\RQHRUDQ\WKLQJRWKHUWKDQ$OODKKDVLQGHHGFRPPLWWHGDQDFW RI.XIURU6KLUN
>$W7LUPLGKL@ >6RPHC8ODPD DUHRIWKHRSLQLRQWKDWWKHZRUGVRIWKH3URSKHW3%8+ WKDW+HZKRVZHDUVE\ DQ\RQHRUDQ\WKLQJRWKHUWKDQ$OODKKDVLQGHHGFRPPLWWHGDQDFWRI.XIURU6KLUN
DUHLQWKHQDWXUHRI H[WUHPHDGPRQLWLRQ$QGLQIDFWLWLVQRW6KLUN7KHVDPHDSSOLHVWRWKHVD\LQJRIWKH3URSKHW3%8+ ZKRVDLGVKRZLQJRIILV6KLUN
@ &RPPHQWDU\ ,PDP$Q1DZDZLKDVUHJDUGHGWKHVD\LQJVKRZLQJRIILV6KLUN
DV+DGLWKLVQRW QDUUDWHGLQWKHVHZRUGV,WLVKRZHYHUWUXHWKDWZKDWWKH3URSKHW3%8+ KDVVWDWHGDERXWWKHHYLODQG VLQIXOQHVVRIVKRZLQJRIILPSOLHVWKDWLWLVDOVRDPLQRU 6KLUN)RULQVWDQFHKHVWDWHGWKDW+HZKR NHSWIDVWRURIIHUHG6DODWIRUPHUHVKRZKDVLQGHHGFRPPLWWHG6KLUN
,QDQ\FDVHWRWDNHRDWKRI DQ\RQHRWKHUWKDQ$OODKLVVWULFWO\IRUELGGHQ,WLVWKHUHIRUHQHFHVVDU\WRDEVWDLQIURPVZHDULQJE\ RWKHUWKDQ$OODK8QIRUWXQDWHO\VXFKRDWKVDUHYHU\FRPPRQDQGSHRSOHGRQRWUHDOL]HWKDWWKH\DUH SURKLELWHGDQGXQODZIXO
&+$37(5
,//(*$/,7<2)6:($5,1* )$/6(/< ,EQ0DVCXG0D\$OODKEHSOHDVHG ZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+HZKRWDNHV RDWKWRDFTXLUHWKHSURSHUW\RID0XVOLPXQMXVWO\ZLOOPHHW$OODKDQG+HZLOOEHDQJU\ZLWKKLP
WKHQ KHUHFLWHG 9HULO\WKRVHZKRSXUFKDVHDVPDOOJDLQDWWKHFRVWRI$OODK V&RYHQDQWDQGWKHLURDWKVWKH\VKDOO KDYHQRSRUWLRQLQWKH+HUHDIWHU1HLWKHUZLOO$OODKVSHDNWRWKHPQRUORRNDWWKHPRQWKH'D\RI 5HVXUUHFWLRQQRUZLOO+HSXULI\WKHPDQGWKH\VKDOOKDYHDSDLQIXOWRUPHQW
>$O%XNKDULDQG0XVOLP@
$EX8PDPDK,\DVELQ7KDCODEDK$O+DULWKL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH 0HVVHQJHURI$OODK3%8+ VDLG+HZKRPLVDSSURSULDWHVWKHULJKWRID0XVOLPE\WDNLQJDIDOVH RDWK$OODKZLOOFRQGHPQKLPWRWKHILUHRI+HOODQGZLOOIRUELG-DQQDKIRUKLP
$SHUVRQDVNHG2 0HVVHQJHURI$OODKHYHQLILWLVVRPHWKLQJLQVLJQLILFDQW"
+HUHSOLHG
>0XVOLP@ C$EGXOODKELQC$PUELQ$O$V0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG2IWKHPDMRUVLQVDUH $VVRFLDWLQJDQ\WKLQJLQZRUVKLSZLWK$OODKGLVREHGLHQFHWRWKHSDUHQWV NLOOLQJZLWKRXWMXVWLILFDWLRQDQGWDNLQJDIDOVHRDWKLQWHQWLRQDOO\
>$O%XNKDUL@ $QRWKHUQDUUDWLRQLV$EHGRXLQFDPHWRWKH3URSKHW3%8+ DQGDVNHGKLP20HVVHQJHURI$OODK ZKDWDUHWKHFDUGLQDOVLQV"
+H3%8+ UHSOLHG$VVRFLDWLQJDQ\WKLQJZLWK$OODKLQZRUVKLS
7KH PDQDVNHG:KDWLV QH[W"
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG$O
+H DVNHG:KDWGR\RXPHDQE\$O
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG 6ZHDULQJIDOVHO\WRXVXUSWKHSURSHUW\RID0XVOLP
&RPPHQWDU\ *KDPXV
PHDQVWRGURZQ$IDOVHRDWKGURZQVRQHLQVLQ)RUWKLVUHDVRQLWLVFDOOHG $O
&+$37(5
'(6,5$%,/,7<2)(;3,$7,1* 7+(2$7+7$.(1%<$3(5621 :+2$)7(5:$5'6%5($.6,7 )25$%(77(5$/7(51$7,9( C$EGXU5DKPDQELQ6DPXUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLGWRPH:KHQ\RXWDNHDQRDWKDQGFRQVLGHUVRPHWKLQJHOVHWREHEHWWHUWKDQLWPDNH H[SLDWLRQIRU\RXURDWKDQGFKRRVHWKHEHWWHUDOWHUQDWLYH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :KDWZHOHDUQIURPWKLV+DGLWKLVWKDWLIDSHUVRQKDVWDNHQDQRDWKWRGRVRPHWKLQJ EXWVXEVHTXHQWO\UHDOL]HVWKDWLWLVEHWWHUWRIRUHJRWKHRDWKKHVKRXOGH[SLDWHIRUWKHRDWKUDWKHUWKDQ VWLFNLQJWRLWEHFDXVHLWLVHDVLHUWRH[SLDWHIRUWKHRDWKWKDQWRVXIIHUDORVVEHLWLQUHOLJLRQRU RWKHUZLVH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG :KHQ\RXVZHDUDQRDWKDQGFRQVLGHUVRPHWKLQJHOVHWREHEHWWHUWKDQLWPDNHH[SLDWLRQIRU\RXURDWK DQGGRWKHWKLQJWKDWLVEHWWHU
>0XVOLP@ $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG9HULO\ ,VZHDUE\$OODKLI$OODKZLOOV,VKDOOQRWVZHDUWRGRVRPHWKLQJEXWWKDWLI,FRQVLGHUVRPHWKLQJHOVH WREHEHWWHUWKDQLWWKHQ,VKDOOPDNHH[SLDWLRQIRUP\RDWKDQGDGRSWWKHWKLQJWKDWLVEHWWHU
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 3HUVLVWHQFHLQUHVSHFWRIKLVRDWKDERXWKLVIDPLO\LVPRUHVLQIXOZLWK$OODKWKDQWKHSD\PHQWRILWV
H[SLDWLRQSUHVFULEHGE\$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $KO
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
&+$37(5
(;3,$7,212)2$7+6 $OODKWKH([DOWHGVD\V $OODKZLOOQRWSXQLVK\RXIRUZKDWLVXQLQWHQWLRQDOLQ\RXURDWKVEXW+HZLOOSXQLVK\RXIRU \RXUGHOLEHUDWHRDWKVIRULWVH[SLDWLRQDGHOLEHUDWHRDWK IHHGWHQ0DVDNLQSRRUSHUVRQV RQD VFDOHRIWKHDYHUDJHRIWKDWZLWKZKLFK\RXIHHG\RXURZQIDPLOLHVRUFORWKHWKHPRUPDQXPLWD VODYH%XWZKRVRHYHUFDQQRWDIIRUGWKDW WKHQKHVKRXOGREVHUYHIDVWIRUWKUHHGD\V7KDWLVWKH H[SLDWLRQIRUWKHRDWKVZKHQ\RXKDYHVZRUQ$QGSURWHFW\RXURDWKVLHGRQRWVZHDUPXFK
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH$\DK$OODKZLOOQRWSXQLVK\RXIRU ZKDWLVXQLQWHQWLRQDOLQ\RXURDWKV
ZDVUHYHDOHGLQUHVSHFWRIWKRVHSHUVRQVZKRDUHLQWKHKDELWRI UHSHDWLQJC1RE\$OODK DQGC
>$O%XNKDUL@ &RPPHQWDU\ )URPWKHSUHYLRXVDVZHOODVSUHVHQWFKDSWHUZHOHDUQWKDWWKHUHDUHWKUHHNLQGVRIRDWKV )LUVWIDOVHRDWK$O
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
&+$37(5
$%20,1$7,212)6:($5,1* ,175$16$&7,21 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ6ZHDULQJSURGXFHVDUHDG\VDOHIRUDFRPPRGLW\EXWEORWVRXWWKHEOHVVLQJ
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
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRPHQWLRQVWKHVDPHWKLQJZKLFKKDVEHHQVWDWHGLQWKHSUHFHGLQJ +DGLWK,WKDVIRRGIRUWKRXJKWWKDWZKHQRDWKUREVWKHGHDORILWVEOHVVLQJHYHQLIRQH VRDWKLV SHUIHFWO\WUXHKRZJUHDWDVLQWKRVHFRPPLWZKRWDNHIDOVHRDWKVWRVHOOWKHLUJRRGV0D\$OODKVDYHXV IURPFRPPLWWLQJWKLVVLQ
&+$37(5
$%287%(**,1*,17+( 1$0(2)$//$+ -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG1RRQH VKRXOG DVNLQWKH)DFHRI$OODKIRUDQ\WKLQJH[FHSW-DQQDK
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
WRUHTXLWHKLPJRRQSUD\LQJIRUKLPWLOO\RXDUHVXUHWKDW\RXKDYHUHTXLWHGKLPDGHTXDWHO\
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
&+$37(5
352+,%,7,212)$''5(66,1* 620(%2'<$6C7+(.,1*2) .,1*6
$EX +XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG7KHPRVW GLVJUDFHIXOPDQQHDU$OODKLVDPDQZKRFDOOVKLPVHOIRUOLNHVRWKHUVWRFDOOKLP 0DOLNXO$PODNLH NLQJRINLQJV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $OODKDSSUHFLDWHVKXPLOLW\DQGKXPEOHQHVVDQGDEKRUVSULGHDQGKDXJKWLQHVV7R DUURJDWHWRRQHVHOIWKHWLWOHRIC7KHNLQJRINLQJV UHIOHFWVSULGHDQGQRWKXPLOLW\DQGLVWKHUHIRUH IRUELGGHQ0RUHRYHUWKLVLVDQ([FOXVLYH$WWULEXWHRI$OODKDQGLWLVXQMXVWWRDVVRFLDWHLWZLWKDQ\RQH HOVH
&+$37(5
352+,%,7,212)&21)(55,1* $7,7/(2)+212858321$ 6,11(5$+<32&5,7($1' 7+(/,.( %XUDLGDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'RQRW DGGUHVVDK\SRFULWHZLWKWKHWLWOHRIFKLHIRUVLPLODUWLWOHVRIUHVSHFW IRUHYHQLIKHGHVHUYHVWKLVWLWOH \RXZLOOLQYLWH$OODK V:UDWKE\XVLQJLWIRUKLP
>$EX'DZXG@ &RPPHQWDU\ $VLQQHUGRHVQRWGHVHUYHDQ\UHVSHFW+LVUHVSHFWDPRXQWVWRLQYLWLQJWKH:UDWKRI $OODK+\SRFULWHVLQQRYDWRUVLQUHOLJLRQGLVEHOLHYHUVSRO\WKHLVWVDWKHLVWVKHUHWLFVDQGWKRVHZKR GLVREH\$OODKDQG+LV3URSKHW3%8+ IDOOLQWKLVFDWHJRU\DQGQRQHRIWKHPGHVHUYHDQ\UHVSHFW,WLV WKH0XVOLPVWKHSLRXVDQGWKRVHZKRDUHIDLWKIXOWR$OODKDQG +LV3URSKHW3%8+ ZKRDUHZRUWK\RI UHVSHFW
&+$37(5
81'(6,5$%,/,7<2)5(9,/,1* )(9(5 -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ YLVLWHG8PP 6D LERU8PP0XVDL\\DE DQGDVNHGKHU:KDWDLOV\RX28PP6D LE RU8PP0XVDL\\DE "
6KHUHSOLHG,WLVDIHYHUPD\$OODKQRWEOHVVLW
+HVDLGWRKHU'RQRWUHYLOHIHYHU IRULWFOHDQVHVRXWWKHVLQVRIWKHVRQVRI$GDPLQWKHVDPHZD\WKDWDIXUQDFHUHPRYHVWKHGLUWRILURQ
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDVGLVHDVHVDUHPHDQVRIH[SLDWLRQRIVLQVRQHVKRXOG QRWFRQGHPQWKHP0RUHVRIRUWKHSHUVRQWKDWWKH\DUHDSDUWRIIDWH WKH:LOORI$OODK+RZHYHU WKHUHLVQRKDUPLQWDNLQJQHFHVVDU\PHDVXUHVWRRYHUFRPHWKHPEHFDXVH6KDUL DKPDNHVLWREOLJDWRU\ WRGRVR
&+$37(5
352+,%,7,212)5(9,/,1* 7+(:,1' $EXO0XQGKLU8EDL\ELQ.DCE0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG'RQRWUHYLOHWKHZLQG:KHQ\RXH[SHULHQFHVRPHWKLQJDERPLQDEOHDERXWLW VXSSOLFDWHC$OODKXPPDLQQDQDV DOXNDPLQNKDLULKDGKLKLUULKLZDNKDLULPDILKDZDNKDLULPDXPLUDW ELKL:DQDCXGKXELNDPLQVKDUULKDGKLKLUULKLZDVKDUULPDILKDZDVKDUULPDXPLUDWELKL2$OODK ZHEHJRI
>$W7LUPLGKL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ7KHZLQGLVWKH%OHVVLQJRI$OODK6RPHWLPHVLWEULQJV+LV0HUF\DQGVRPHWLPHVLWEULQJV+LV &KDVWLVHPHQW:KHQ\RXH[SHULHQFHLWGRQRWUHYLOHLWEXWEHJRI$OODKLWVJRRGDQGVHHN$OODK V 5HIXJHDJDLQVWLWVHYLO
>$EX'DZXGZLWKJRRG,VQDG@ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG:KHQHYHUWKHZLQGEOHZVWURQJO\7KH3URSKHW 3%8+ ZRXOGVD\$OODKXPPDLQQLDV DOXNDNKDLUDKD ZDNKDLUDPDILKDZDNKDLUDPDXUVLODWELKL :DDCXGKXELNDPLQVKDUULKDZDVKDUULPDILKDZDVKDUULPDXUVLODWELKL2$OODK,EHJRI
>0XVOLP@ &RPPHQWDU\ /LNH+LVLQQXPHUDEOHRWKHUJLIWVWKHZLQGLVDIUHHJLIWRI$OODKZKLFKLVHVVHQWLDOIRU PDQ VKHDOWKDQGVXVWHQDQFH%XWLI$OODKZLOOV+HFDQWXUQLWLQWRDPHDQVRIGHVWUXFWLRQDQGUXLQ 7KHUHIRUHRQHVKRXOGSUD\WR$OODKWRHQDEOHKLPWREHQHILWIURPLWVJRRGHIIHFWVDQGVDYHKLPIURP EDGRQHV
&+$37(5
81'(6,5$%,/,7<2)5(9,/,1* 7+(52267(5 =DLGELQ.KDOLG$O-XKDQL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG'RQRWUHYLOHWKHURRVWHUIRULWZDNHV\RXXSIRUSUD\HU
>$EX'DZXG@
&RPPHQWDU\ 7KLV+DGLWKLVVHOIHYLGHQW7KHXWLOLW\RIWKHFRFNLVQRWUHDOL]HGPXFKQRZDGD\VDV $GKDQLVDPSOLILHGWKURXJKORXGVSHDNHUV%HIRUHWKHLQYHQWLRQRIORXGVSHDNHUVWKHYRLFHRI 0X DGKGKLQFRXOGJRWRDVKRUWGLVWDQFHRQO\DQGLWZDVFRFN VFURZZKLFKXVHGWRDZDNHQWKH 0XVOLPVIRU7DKDMMXGDQG)DMUSUD\HUV7KXVZHOHDUQIURPWKLV+DGLWKWKDWZKRVRHYHUFRRSHUDWHVLQ YLUWXHVKRXOGEHUHVSHFWHG2QHVKRXOGDOVRLQGXFHSHRSOHWRYLUWXHDQGFRRSHUDWHZLWKWKHPLQJRRG GHHGVVRWKDWRQHLVZHOOUHZDUGHGIRULWE\$OODK
&+$37(5
352+,%,7,212)$775,%87,1* 5$,1727+(67$56 =DLGELQ.KDOLG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ OHGWKH )DMUSUD\HUDW$O+XGDLEL\\DKDIWHUDUDLQIDOOGXULQJWKHQLJKW$WWKHFRQFOXVLRQRISUD\HUKHWXUQHG WRZDUGVWKHSHRSOHDQGVDLG'R\RXNQRZZKDW\RXU5XEEKDVVDLG"
7KH\UHSOLHG$OODKDQG+LV 0HVVHQJHUNQRZEHWWHU
8SRQWKLVKHUHPDUNHG+HKDVVDLGC6RPHRI0\VODYHVKDYHHQWHUHGWKH PRUQLQJDV0\EHOLHYHUVDQGVRPHDVXQEHOLHYHUV+HZKRVDLG:HKDYHKDGDUDLQIDOOGXHWRWKH *UDFHDQG0HUF\RI$OODKEHOLHYHVLQ0HDQGGLVEHOLHYHVLQWKHVWDUVDQGKHZKRVDLG:HKDYHKDGD UDLQIDOOGXHWRWKHULVLQJRIVXFKDQGVXFKVWDUGLVEHOLHYHVLQ0HDQGDIILUPVKLVIDLWKLQWKHVWDUV
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
&+$37(5
352+,%,7,212)&$//,1*$ 086/,0$1,1),'(/ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG:KHQ DSHUVRQFDOOVKLVEURWKHULQ ,VODP DGLVEHOLHYHURQHRIWKHPZLOOFHUWDLQO\GHVHUYHWKHWLWOH,IWKH DGGUHVVHHLVVRDVKHKDVDVVHUWHGWKHGLVEHOLHIRIWKHPDQLVFRQILUPHGEXWLILWLVXQWUXHWKHQLWZLOO UHYHUWWRKLP
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWWRFDOOD0XVOLPD.DILULVVWULFWO\SURKLELWHGEHFDXVHLI WKHRQHZKRKDVEHHQFDOOHGDVVXFKGRHVQRWKDYHWKHWUDLWVZKLFKPDNHVKLPD.DILUWKHQWKHRQH ZKRVD\VLWZLOOEHKHOG.DILU $EX'KDUU0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ,IVRPHERG\DFFXVHVDQRWKHURIGLVEHOLHIRUFDOOVKLPWKHHQHP\RI$OODKVXFKDQDFFXVDWLRQ ZLOOUHYHUWWRKLPWKHDFFXVHU LIWKHDFFXVHGLVLQQRFHQW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKDOVRWHOOVXVWKDWWRFDOOZLWKRXWUHDVRQDQ\0XVOLPD.DILURUHQHP\RI $OODKLVVWULFWO\SURKLELWHG
&+$37(5
352+,%,7,212)2%6&(1,7< ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$ WUXHEHOLHYHUGRHV QRWWDXQWRUFXUVHRUDEXVHRUWDONLQGHFHQWO\
>$W7LUPLGKL@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLQRUGHUIRURQHWREHDSHUIHFWEHOLHYHULWLVQRWHQRXJK WRSRVVHVVDOOWKHPRUDOTXDOLWLHVEXWRQHPXVWDOVRNHHSRQHVHOIDZD\IURPPRUDOHYLOV $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,QGHFHQF\ GRHVQRWOHDYHDQ\WKLQJXQWDLQWHGDQGGHFHQF\GRHVQRWOHDYHDQ\WKLQJXQJUDFHGDQGHPEHOOLVKHG
>$W7LUPLGKL@ &RPPHQWDU\ 7KLV+DGLWKLQGXFHVXVWRDEDQGRQLQGHQFHQF\DQGDGRSWGHFHQF\
&+$37(5
81'(6,5$%,/,7<2)35(7(17,2861(66 $1'(;$**(5$7,21'85,1* &219(56$7,21 ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG5XLQHGDUH$O 0XWDQDWWLCXQ
+HUHSHDWHGWKLVWKULFH >0XVOLP@ &RPPHQWDU\ 0XWDQDWWLCXQDUHWKRVHSHRSOHZKRDUHLQWKHKDELWRIPDNLQJXQQHFHVVDU\DQG XQUHDVRQDEO\ILQHGLVWLQFWLRQVH[DJJHUDWLRQDUWLILFLDODQGHORTXHQWVSHHFKLQVLPSOHPDWWHUV:HOHDUQ IURPWKLV+DGLWKWKDWLQDOOPDWWHUVRQHVKRXOGDGRSWVLPSOLFLW\DQGDYRLGH[DJJHUDWLRQQRPDWWHU ZKHWKHULQVSHHFKRUDFWLRQ C$EGXOODKELQC$PUELQ$O$V0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG9HULO\$OODKGLVOLNHVDQHORTXHQWSHUVRQZKRUROOVKLVWRQJXHDV DFRZUROOVLWVWRQJXH ZKLOHHDWLQJ
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ 7KHSHUVRQUHIHUUHGWRLQWKLV+DGLWKLVRQHZKRVSHDNVZLWKDIIHFWLRQWRGLVSOD\KLV HORTXHQFH -DELUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KHGHDUHVWDQGWKHFORVHVWRI\RXWRPHRQWKH'D\RI5HVXUUHFWLRQZLOOEHWKRVHZKRDUHWKH EHVWLQEHKDYLRXUDQGWKHPRVWKDWHIXODQGWKHIDUWKHVWIURPPHRQWKH'D\RI5HVXUUHFWLRQZLOOEHWKH WDONDWLYHDQGWKHPRVWSUHWHQWLRXVDQGWKHPRVWUKHWRULFDO
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
&+$37(5
$%20,1$7,212)6(/) &21'(01$7,21 C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH3URSKHW3%8+ VDLG1RQHRI\RXVKRXOG VD\C0\VRXOKDVEHFRPHHYLO +HVKRXOGVD\C0\VRXOLVLQEDGVKDSH
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ .KDEXVDWXDQG/DTLVDWXDUHV\QRQ\PRXVEXWWKHIRUPHUKDVDSSHDUDQFHRIJUHDWHU VLQIXOQHVV,PDP$O.KDWWDELVD\VWKDWWKLVLVDJXLGDQFHIRUVSHDNLQJLQDSURSHUPDQQHU2QHVKRXOG DOZD\VXVHDGHFHQWZRUGDQGDEVWDLQIURPLPSROLWHODQJXDJH
&+$37(5
81'(6,5$%,/,7<2)&$//,1* *5$3(6C$/.$50
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 1RQHRI\RXVKRXOGXVHWKHZRUG$O.DUPIRUJUDSHVIRU$O.DUPLVD0XVOLPZRUWK\RIUHVSHFW
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQLV9HULO\$O.DUPLVWKHKHDUWRIDWUXHEHOLHYHU
$QRWKHUQDUUDWLRQLV3HRSOHKDYHQDPHGJUDSHVDV$O.DUPYHULO\RQO\WKHKHDUWRIDEHOLHYHULV$O .DUP
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDOOWKHGHULYDWLYHVIURPWKHZRUG$O.DUPFDQEHXVHG OHJLWLPDWHO\IRU0XVOLPVRQO\EHFDXVH0XVOLPLV.DULP,WLVWKHUHIRUHZURQJWRFDOOJUDSHVDV.DUP :D LOELQ+XMU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG'RQRWVD\$O .DUPZKHQWDONLQJDERXWJUDSHVEXWVD\$OC,QDERU$O+DEDODK
>0XVOLP@ &RPPHQWDU\ $O+DEDODK RU+DELODKPHDQVJUDSHYLQH,WLVXQGHVLUDEOH0DNUXK WRUHIHUWRWKH JUDSHVDV$O.DUPZKLFKDOVRPHDQVJUDSHVLQ$UDELFIRULWLVWKHWUXH0XVOLPZKRGHVHUYHVWREH FDOOHGZLWKDQDPHZKLFKLVGHULYHGIURPWKHZRUG$O.DUP
&+$37(5
352+,%,7,212)'(6&5,%,1* 7+(&+$5062)$:20$172 $0$1:,7+287$9$/,' 5($621$33529('%<7+( 6+$5,C$+ ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG1R ZRPDQVKRXOGWRXFKDQRWKHUZRPDQ VERG\DQGWKHQGHVFULEHWKHGHWDLOVRIKHUILJXUHWRKHUKXVEDQG LQVXFKDPDQQHUDVLIKHZDVORRNLQJDWKHU
>$O%XNKDUL@ &RPPHQWDU\ 0XEDVKLUDK
PHDQVPHHWLQJRIWZRERGLHV
DQGKHUHLWVLJQLILHVWKDWRQHVKRXOGQRW VHHDQRWKHUSHUVRQ VERG\+HUHLWLVXVHGLQLWVOLWHUDODVZHOODVPHWDSKRULFDOVHQVH:KDWLWUHDOO\ PHDQVLVWKDWQHLWKHUDZRPDQVKRXOGVHHWKHERG\RIDQ\RWKHUZRPDQQRUVKRXOGVKHWRXFKKHURZQ ERG\ZLWKWKHERG\RIVRPHRWKHUZRPDQIRULIVKHGRHVVRVKHZLOOFRPHWRNQRZWKHSK\VLFDO
TXDOLWLHVRIWKHRWKHUZRPDQZKLFKVKHPD\GLVFORVHWRKHUKXVEDQG6XFKGLVFORVXUHVPD\LQGXFHKHU KXVEDQGWRPLVFKLHIDQGHYHQWXDOO\UXLQKHURZQOLIH2QHLVDOORZHGKRZHYHUWRGLVFORVHDZRPDQ V FKDUPVWRDPDQZKRLQWHQGVWRPDUU\KHU
&+$37(5
$%20,1$7,212)6$<,1* )25*,9(0(,)<28:,6+ 2$//$+
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG
>$O%XNKDULDQG0XVOLP@ $QRWKHUQDUUDWLRQRI0XVOLPLV$VXSSOLFDWLRQVKRXOGEHPDGHLQIXOOFRQILGHQFHDQGRQHVKRXOG SHUVLVWHQWO\H[SUHVVKLVGHVLUHEHIRUH$OODK LQKLVVXSSOLFDWLRQIRUQRERXQW\LVWRRJUHDWIRU$OODKWR EHVWRZXSRQKLVVODYHV
&RPPHQWDU\ %HJIURP$OODKZLWKFHUWLWXGH
PHDQVWKDWRQHVKRXOGQRWSUD\ZLWKCLIV DQGCEXWV EXW VKRXOGPDNHDGHILQLWHSUD\HUDQGLQVLVWXSRQLW)RUQRERXQW\LVWRRJUHDWIRU$OODK
PHDQVWKDW $OODKKDVDEVROXWHSRZHUWRDQVZHURXUSUD\HUVZKHWKHUWKH\UHODWHWRUHOLJLRXVRUZRUOGO\PDWWHUV $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG:KHQRQH RI\RXVXSSOLFDWHVOHWKLPEHGHFLVLYHDQGKHVKRXOGQRWVD\C2$OODKEHVWRZXSRQPHVXFKDQGVXFK LI
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 2QHVKRXOGSUD\WR$OODKZLOOIXOOFRQILGHQFHWKDW+HZLOODQVZHUKLVSUD\HUV2QH VKRXOGDOVRSHUVLVWLQSUD\LQJDQGQHYHUJLYHLQWRGHVSDLU
&+$37(5
$%20,1$7,212)6$<,1* :+$7$//$+:,//6$1' 62$1'62:,//6
+XGKDLIDKELQ
>$EX'DZXGZLWKDXWKHQWLF,VQDG@ &RPPHQWDU\ 7KHILUVWIRUPPHQWLRQHGLQWKLV+DGLWKLVSURKLELWHGIRUWKHUHDVRQWKDWLWFRPELQHVWKH ZLOORIVRPHRQHZLWKWKH:LOORI$OODKZKLFKLVXWWHUO\ZURQJDQGDJDLQVWWKHIDFWXDOSRVLWLRQ,QWKH VHFRQGIRUPWKH:LOORI$OODKFRPHVILUVWZKLFKLVWKHFRUUHFWSRVLWLRQDQGWKHZLOORIVRPHRQHHOVH FRPHVODWHUZKLFKLVVXEMHFWWRWKH:LOORI$OODK7KHODWHUIRUPLVTXLWHIDLU ,WLVDVLIVRPHRQHVD\VWRDSHUVRQ,KDYHRQO\$OODK V6XSSRUWDQG\RXUV
,QWKLVVWDWHPHQW$OODK DQGPDQWKHSHUVRQDGGUHVVHG DUHJLYHQWKHVDPHVWDWXVZKLFKLVPRVWXQIDLUDQGXQMXVW,WZRXOG KRZHYHUEHDOOULJKWWRVD\:HKDYHWKHVXSSRUWRI$OODKDQGWKHQ\RXUV
EHFDXVHWKLVVWDWHPHQWGRHV QRWKDYHDQ\WUDFHRI6KLUNZKLFKWKHIRUPHUVWDWHPHQWKDV
&+$37(5
$%20,1$7,212)+2/',1* &219(56$7,21$)7(5C,6+$
1,*+7 35$<(5 $EX%DU]DK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ GLVOLNHG JRLQJWREHGEHIRUHWKHC,VKD QLJKW SUD\HUDQGLQGXOJLQJLQFRQYHUVDWLRQDIWHULW
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
>$O%XNKDUL@ &RPPHQWDU\ :HOHDUQWKHIROORZLQJWKUHHSRLQWVIURPWKLV+DGLWK)LUVWC,VKD SUD\HUFDQEH GHIHUUHGWLOOPLGQLJKW 6HFRQG,WLVSHUPLVVLEOHWRNHHSDZDNHIRULWWRRIIHULWLQFRQJUHJDWLRQ,WLVDOVRSHUPLVVLEOHWRHQJDJH LQDEHQHILFLDODFWLYLW\DIWHUC,VKD SUD\HULQYROYLQJVXFKLPSRUWDQWPDWWHUVDVDFTXLULQJWHDFKLQJ NQRZOHGJHRUHYHQVSHQGLQJWLPH ZLWKRQH VZLIHRUJXHVW 7KLUG7KHSHULRGVSHQWLQZDLWLQJZLOOEHWUHDWHGDVWLPHVSHQWLQ6DODWDQGLWVUHZDUGZLOODOVREH JUHDWHULQVLPLODUSURSRUWLRQV
&+$37(5
352+,%,7,212)5()86$/%< $:20$1:+(1+(5+86%$1' &$//6+(572+,6%(' $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,ID PDQFDOOVKLVZLIHWRKLVEHGDQGVKHUHIXVHVDQGWKXVKHVSHQGVWKHQLJKWDQJU\ZLWKKHUWKHDQJHOV
FRQWLQXHFXUVLQJKHUWLOOWKHPRUQLQJ
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
&+$37(5
352+,%,7,212)2%6(59,1* $1237,21$/6$80)$67 %< $:20$1:,7+2877+( 3(50,66,212)+(5+86%$1' $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,WLV QRWODZIXOIRUDZRPDQWRREVHUYHDQRSWLRQDO6DXPIDVW ZLWKRXWWKHSHUPLVVLRQRIKHUKXVEDQGZKHQ KHLVDWKRPH1RUVKRXOGVKHDOORZDQ\RQHWRHQWHUKLVKRXVHZLWKRXWKLVSHUPLVVLRQ
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ )DVWLQJKHUHVLJQLILHVYROXQWDU\IDVWLQJ6LPLODULVWKHFDVHRIRWKHUYROXQWDU\SUD\HUV LHYROXQWDU\6DODWUHFLWDWLRQHWF,WLVQRWSHUPLVVLEOHWRGRVXFKDFWVZLWKRXWWKHSHUPLVVLRQRIWKH KXVEDQGLIKHLVSUHVHQW,WVKRXOGEHERUQHLQPLQGWKDWDZRPHQLVQRWSHUPLWWHGWROHWHYHQKHU QDWXUDOUHODWLRQVZKRDUH0DKUDP FRPHLQKHUKRPHLQWKHDEVHQFHRIKHUKXVEDQG6KHFDQ KRZHYHUDOORZVXFKSHUVRQVWRFRPHDERXWZKRPKHUKXVEDQGKDVJLYHQH[SUHVVSHUPLVVLRQRULQ UHVSHFWRIZKRPKHNHHSVVLOHQW
&+$37(5
352+,%,7,212)5$,6,1* 21( 6+($'%()25(7+(,0$0 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG'RHVKHZKR UDLVHVXSKLVKHDGEHIRUHWKH,PDPQRWIHDUWKDW$OODKZLOOPDNHKLVKHDGWKDWRIDGRQNH\RUPDNHKLV DSSHDUDQFHVLPLODUWRWKDWRIGRQNH\"
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
&+$37(5
352+,%,7,212)3/$&,1*7+( +$1'6217+(6,'(6'85,1* $66$/$77+(35$<(5
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG:HDUHSURKLELWHGIURPSODFLQJWKHKDQGRQ WKHVLGHGXULQJ$V6DODWWKHSUD\HU >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHUHDUHWZRVLGHVRIHYHU\RQHWKHOHIWDQGWKHULJKW6LQFHNHHSLQJKDQGV RQRQHRI WKHPLVDVLJQRIDUURJDQFHWKLVLVSURKLELWHGLQ6DODW$W7DEDUDQLDQG$O%DLKDTLKDYHUHSRUWHGD +DGLWKLQZKLFK0HVVHQJHURI$OODK3%8+ VDLG3ODFLQJWKHKDQGVRQWKHVLGHVGXULQJ6DODWLVDQ DFWRIWKHGZHOOHUVRIWKH)LUH
2QHFDQKRZHYHUGRVRRQO\LIWKHUHLVVXFKDSDLQWKDWKHLV FRPSHOOHGWRSODFHWKHKDQGVWKHUH
&+$37(5
$%20,1$7,212)-2,1,1* $66$/$77+(35$<(5 :+(1 7+()22',65($'<25:+(1 21(,6,1'(63(5$7(1(('72 $16:(57+(&$//2)1$785( C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG,KHDUGWKH0HVVHQJHURI$OODK3%8+ VD\LQJ 1R6DODWSUD\HU VKRXOGEHSHUIRUPHGZKHQWKHIRRGKDVEHHQVHUYHGQRUVKRXOGLWEHSHUIRUPHG ZKHQDSHUVRQLVLQQHHGRIUHOLHYLQJKLPVHOI
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWRQHVKRXOGQRWRIIHU6DODWZKHQKHLVKXQJU\DQGWKH IRRGKDVEHHQVHUYHGRUKDVWRDQVZHUWKHFDOORIQDWXUH7KHUHDVRQEHKLQGLVWKDWLIRQHRIIHUV6DODWLQ WKDWFRQGLWLRQKHZLOOQRWEHDEOHWRGRLWZLWKIXOOFRQFHQWUDWLRQ6LPLODUO\LIRQHKDVWRDQVZHUWKH FDOORIQDWXUHKHVKRXOGILUVWGRVRDQGWKHQRIIHU6DODW
&+$37(5
352+,%,7,212)5$,6,1* 21( 6(<(672:$5'67+( 6.<'85,1*$66$/$7 7+(35$<(5 $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG +RZLVLWWKDWVRPHSHRSOHUDLVHWKHLUH\HVWRZDUGVWKHVN\GXULQJ$V6DODWWKHSUD\HU "
+HVWUHVVHG WKLVSRLQW DQGDGGHG3HRSOHPXVWUHIUDLQIURPUDLVLQJWKHLUH\HVWRZDUGVKHDYHQLQ6DODWSUD\HU RU HOVHWKHLUVLJKWVZLOOFHUWDLQO\EHVQDWFKHGDZD\
>$O%XNKDUL@ &RPPHQWDU\ /RRNLQJWRZDUGVWKHVN\GXULQJSUD\HUGLVWXUEVWKHFRQFHQWUDWLRQLQ6DODWDQGWKHUHLVD VWHUQZDUQLQJDJDLQVWWKLVEDGKDELW2QHFDQKRZHYHUGRVRDIWHU6DODWLHGXULQJRQH V VXSSOLFDWLRQV
&+$37(5
81'(6,5$%,/,7<2)*/$1&,1* ,121(',5(&7,21257+( 27+(5'85,1*35$<(5
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG,DVNHGWKH0HVVHQJHURI$OODK3%8+ DERXW UDQGRPORRNVLQ6DODWSUD\HU DQGKHUHSOLHG,WLVVRPHWKLQJZKLFK6DWDQVQDWFKHVIURPWKHVODYH V 6DODW
>$O%XNKDUL@ &RPPHQWDU\ 3RXQFLQJ
RUVQDWFKLQJ
PHDQVWRWDNHDZD\VRPHWKLQJVZLIWO\IURPVRPHRQHZKLOH KHLVQRWDOHUW:KHQDSHUVRQORRNVKHUHDQGWKHUHLQWKHFRXUVHRI6DODWDQGGRHVQRWFRQFHQWUDWHRQLW 6DWDQDYDLOVWKLVRSSRUWXQLW\DQGVSRLOVKLV6DODW $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLGWRPH %HZDUHRIORRNLQJDURXQGLQ6DODWSUD\HU EHFDXVHUDQGRPORRNVLQ6DODWDUHDFDXVHRIGHVWUXFWLRQ ,IWKHUHVKRXOGEHQRKHOSIURPLWLWLVSHUPLVVLEOHLQWKHYROXQWDU\DQGQRWLQREOLJDWRU\6DODW
>$W7LUPLGKL@ &RPPHQWDU\ ,QWKHFKDLQRIWUDQVPLWWHUV>LH6DQDG@RIWKLV+DGLWKZHILQGC$OLELQ=DLGELQ-DGCDQ ZKRLVNQRZQWREH'DCLILHZHDN ,IWKLVQDUUDWLRQLVQRWUHOLDEOHWKHQVHHLQJKHUHDQGWKHUHHYHQLQ YROXQWDU\6DODWLVQRWSHUPLVVLEOH+RZHYHULIDWDOOORRNLQJLVLQHYLWDEOHRQHFDQVOLJKWO\WXUQKLVIDFH EHFDXVHLIRQHWXUQVWKHZKROHERG\KLV6DODWZRXOGEHFRPHLQYDOLGDVKHZRXOGQRWEHIDFLQJWKH 4LEODKZKLFKLVHVVHQWLDOIRU6DODW
&+$37(5
352+,%,7,212))$&,1*7+( *5$9(6'85,1*6$/$7 35$<(5 $EX0DUWKDG.DQQD]ELQ+XVDLQ0D\$OODKEHSOHDVHGZLWKKLP VDLG,KHDUGWKH0HVVHQJHU RI$OODK3%8+ VD\LQJ'RQRWRIIHU6DODWSUD\HU IDFLQJWKHJUDYHVDQGGRQRWVLWRQWKHP
>0XVOLP@ &RPPHQWDU\ ,WLVSURKLELWHGWRIDFHWKHJUDYHVZKLOHRIIHULQJ6DODW,WVUHDVRQVHHPVWREHWKDWLWFUHDWHVD UHVHPEODQFHWRSRO\WKHLVWV0RUHRYHULWKDVDWUDFHRIUHYHUHQFHIRUVRPHRQHRWKHUWKDQ$OODKZKLFK WDNHVRQHWRZDUGV6KLUN ,WLVIRUELGGHQIRU0XVOLPVWRVLWRQWKHJUDYHVEHFDXVHLWLVGLVUHVSHFWRIPDQZKRP$OODKKDV KRQRXUHG 7KHUHIRUH0XVOLPVVKRXOGDYRLGERWKSUDFWLFHVPHQWLRQHGDERYH,PDP$Q1DZDZLVDLG2XU FRPSDQLRQVWKHVFKRODUV VDLGWKDWLWLV0DNUXKXQGHVLUDEOH WRSODVWHUWKHJUDYHZKLOHVLWWLQJ OHDQLQJDJDLQVWLWRUUHVWLQJRQLWLV+DUDPIRUELGGHQ
&+$37(5
352+,%,7,212)3$66,1*,1 )52172)$:256+,33(5 :+,/(+(,62))(5,1* 6$/$735$<(5 $EXO-XKDLPC$EGXOODKELQ$O+DULWK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI $OODK3%8+ VDLG,IWKHSHUVRQZKRSDVVHVLQIURQWRIDSUD\LQJSHUVRQUHDOL]HVWKHHQRUPLW\RIWKH VLQIXOQHVVRIWKLVDFWLWZLOOKDYHEHHQEHWWHUIRUKLPWRZDLWIRUW\WKDQWRSDVVLQIURQWRIKLP
>$O%XNKDULDQG0XVOLP@
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
&+$37(5
81'(6,5$%,/,7<2)2))(5,1* 237,21$/35$<(5$)7(57+( $11281&(0(172),4$0$+ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG:KHQWKH ,TDPDKLVFDOOHGQRSUD\HUVKRXOGEHSHUIRUPHGH[FHSWWKHREOLJDWRU\SUD\HU
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
&+$37(5
$%20,1$7,212)6(/(&7,1* )5,'$<)25)$67,1* $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG'RQRW FKRRVHWKH)ULGD\QLJKWDPRQJDOORWKHUQLJKWVIRUVWDQGLQJLQ7DKDMMXG SUD\HUDQGGRQRWFKRRVH )ULGD\DPRQJDOORWKHUGD\VIRU6DXPIDVWLQJ H[FHSWWKDWRQH\RXKDYHDFFXVWRPHGWR
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
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWZHFDQIDVWRQ)ULGD\LIZHIDVWDORQJZLWKLWRQ 7KXUVGD\RU6DWXUGD\LHHLWKHURQHGD\EHIRUHRUDIWHULW 0XKDPPDGELQC$EEDG0D\$OODKEHSOHDVHGZLWKKLP VDLG,DVNHG-DELU0D\$OODKEH SOHDVHGZLWKKLP 'LGWKH3URSKHW3%8+ SURKLELWIDVWLQJRQ)ULGD\"
+HVDLG
>$O%XNKDULDQG0XVOLP@ -XZDLUL\DKELQW$O+DULWK0D\$OODKEHSOHDVHGZLWKKHU WKH0RWKHURIWKH%HOLHYHUVVDLGWKDW WKH3URSKHW3%8+ YLVLWHGKHURQD)ULGD\DQGVKHZDVREVHUYLQJIDVW+HDVNHG'LG\RXREVHUYH IDVW\HVWHUGD\"
6KHVDLG1R
+HDVNHG'R \RXLQWHQGWRREVHUYHIDVWWRPRUURZ"
6KHVDLG1R
+HVDLG,QWKDWFDVHJLYHXS\RXUIDVWWRGD\
>$O%XNKDUL@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIVRPHRQHLVNHHSLQJIDVWRQ)ULGD\DQGKDVQRWIDVWHG WKHGD\EHIRUHQRUGRHVKHLQWHQGWRIDVWWKHIROORZLQJGD\LH6DWXUGD\LWLVSHUPLVVLEOHIRUKLPWR EUHDNKLVIDVW
&+$37(5
352+,%,7,212)(;7(1',1* )$67%(<21'21('$< $EX+XUDLUDKDQGC$LVKDK0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ SURKLELWHGREVHUYLQJFRQWLQXRXVYROXQWDU\IDVWVEH\RQGRQHGD\ >$O%XNKDULDQG0XVOLP@ ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ SURKLELWHG REVHUYLQJFRQWLQXRXVIDVWVEH\RQGRQHGD\7KH&RPSDQLRQVVXEPLWWHG%XW\RXGRLW
+HUHSOLHG, DPQRWOLNH\RX,DPJLYHQWRHDWDQGWRGULQNIURP$OODK
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
GRHVQRWPHDQWKDW,DPQRWDPDQOLNH\RX
EHFDXVHVXFKDQLQWHUSUHWDWLRQ JRHVDJDLQVWDFDWHJRULFDOVWDWHPHQWRIWKH4XU DQWRWKHHIIHFWWKDW,DPDPDQOLNH\RX
:KDWWKH VWDWHPHQW,DPQRWOLNH\RX
UHDOO\PHDQVLV\RXGRQRWSRVVHVVWKDWVSHFLDOSRZHUZKLFKKDVEHHQ JUDQWHGWRPH
,DPJLYHQWRHDWDQGWRGULQN
VLJQLILHVWKDW$OODK6:7 SURYLGHVKLPZLWKWKHVWUHQJWKDQG HQHUJ\ZKLFKKHFDQGHULYHIURPIRRGDQGGULQNZLWKRXWQHFHVVDULO\KDYLQJWKHP
&+$37(5
352+,%,7,212)6,77,1*21 7+(*5$9(6 $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,WLV PXFKEHWWHUIRURQHRI\RXWRVLWRQDOLYHFRDOZKLFKZLOOEXUQKLVFORWKHVDQGJHWWRKLVVNLQWKDQWR
VLWRQDJUDYH
>0XVOLP@ &RPPHQWDU\ 7RVLWRQWKHJUDYHLVVWULFWO\SURKLELWHG>VHH+DGLWK1R@,EQ+DMDU$O+DLWKDPL DQGRWKHUVKRZHYHUUHJDUGWKLVDFWWREHRQO\0DNUXKXQGHVLUDEOH DQGPDLQWDLQWKDWWKHZDUQLQJ FRQWDLQHGLQWKH+DGLWKLVIRUWKRVHSHRSOHZKRVLWRQWKHPIRUXULQDWLQJRUGHIHFDWLQJ7KH+DGLWKDOVR HOXFLGDWHVWKHIDFWWKDWJUDYHVVKRXOGEHUHVSHFWHGDQGWKDWJORULI\LQJWKHSHRSOHLQWKHPE\SODVWHULQJ WKHPRUEXLOGLQJRYHUWKHPLVQRWSHUPLVVLEOH
&+$37(5
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
&+$37(5
352+,%,7,21)25$6/$9(72 581$:$<)520+,60$67(5 -DULUELQ$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG ,IDVODYHUXQVDZD\IURPKLVPDVWHUKLVUHVSRQVLELOLW\WRKLPLVDEVROYHG
>0XVOLP@ -DULUELQ$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG:KHQWKH VODYHUXQVDZD\IURPKLVPDVWHUKLV6DODWSUD\HU ZLOOQRWEHDFFHSWHG
>0XVOLP@ $QRWKHUQDUUDWLRQLV+HLVJXLOW\RIGLVEHOLHILHLQFDVHKHEHOLHYHVLQWKHODZIXOQHVVRIGRLQJVR
&RPPHQWDU\ 7KHLQVWLWXWLRQRIVODYHU\GRHVQRWH[LVWLQWKHPRGHUQZRUOGEXWLILWH[LVWVDQ\ZKHUH RUDVLWXDWLRQDULVHVLQZKLFKLWUHHPHUJHVWKHSULQFLSOHVWDWHGLQWKLV+DGLWKZLOOEHDSSOLFDEOH7KH +DGLWKDOVRPDNHVLWFOHDUWKDWLIVRPHRQHKDVH[SUHVVHGKLVFRPPLWPHQWWRVHUYHVRPHERG\KHVKRXOG QRWEDFNRXW,WDOVRXUJHVXVWRVKRZJUDWHIXOQHVVWRRQH VEHQHIDFWRUVDQGWRUHFLSURFDWHWKHJRRGRQH UHFHLYHV
&+$37(5
81'(6,5$%,/,7<2) ,17(5&(66,21,1 +8'8'
$OODKWKH([DOWHGVD\V 7KHZRPDQDQGWKHPDQJXLOW\RILOOHJDOVH[XDOLQWHUFRXUVHIORJHDFKRIWKHPZLWKDKXQGUHG VWULSHV/HWQRWSLW\ZLWKKROG\RXLQWKHLUFDVHLQDSXQLVKPHQWSUHVFULEHGE\$OODKLI\RX EHOLHYHLQ$OODKDQGWKH/DVW'D\
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH4XUDLVKZHUHDQ[LRXVDERXWDZRPDQ IURP%DQX0DNK]XPZKRKDGFRPPLWWHGWKHIWDQGDVNHG:KRZLOOVSHDNWRWKH0HVVHQJHURI$OODK 3%8+ DERXWKHU"
7KHQWKH\VDLG1RRQHZLOOEHEROGHQRXJKWRGRVRH[FHSW8VDPDKELQ=DLGWKH &RPSDQLRQZKRZDV GHDUO\ORYHGE\WKH0HVVHQJHURI$OODK3%8+
6R8VDPDK0D\$OODKEH SOHDVHGZLWKKLP VSRNHWRKLPDQGWKH0HVVHQJHURI$OODK3%8+ DQJULO\ VDLG$UH\RX LQWHUFHGLQJUHJDUGLQJRQH RIWKHSXQLVKPHQWVSUHVFULEHGE\$OODK"
+HWKHQJRWXSDQGGHOLYHUHGDQ DGGUHVVLQZKLFKKHVDLG,QGHHGZKDWGHVWUR\HGWKHSHRSOHEHIRUH\RXZDVMXVWWKDWZKHQDSHUVRQRI KLJKUDQNDPRQJWKHPFRPPLWWHGDWKHIWWKH\VSDUHGKLPEXWLIWKHVDPHFULPHZDVGRQHE\DSRRU SHUVRQWKH\LQIOLFWHGWKHSUHVFULEHGSXQLVKPHQWRQKLP,VZHDUE\$OODKWKDWLI)DWLPDKGDXJKWHURI 0XKDPPDGVKRXOGVWHDO,ZRXOGKDYHKHUKDQGFXWRII
>$O%XNKDULDQG0XVOLP@ ,QDQRWKHUQDUUDWLRQC$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG8SRQKHDULQJWKHLQWHUFHVVLRQ RI8VDPDK WKHIDFHRIWKH0HVVHQJHURI$OODK3%8+ FKDQJHGFRORUEHFDXVHRIDQJHU DQGKHVDLG 'R\RXGDUHWRLQWHUFHGHLQPDWWHUVSUHVFULEHGE\$OODK"
8VDPDKSOHDGHG20HVVHQJHURI$OODK 3UD\IRU P\IRUJLYHQHVV
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
&+$37(5
352+,%,7,212)5(/,(9,1* 1$785(217+(3$7+6
$OODKWKH([DOWHGVD\V
$QGWKRVHZKRDQQR\EHOLHYLQJPHQDQGZRPHQXQGHVHUYHGO\WKH\EHDURQ WKHPVHOYHV WKHFULPHRIVODQGHUDQGSODLQVLQ
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG $YRLGWZRKDELWVZKLFKSURYRNHFXUVLQJ
7KH&RPSDQLRQVVDLG:KDWDUHWKRVHWKLQJVZKLFK SURYRNHFXUVLQJ"
+HVDLG5HOLHYLQJRQWKHWKRURXJKIDUHVRUXQGHUWKHVKDGHVZKHUHSHRSOHWDNH VKHOWHUDQGUHVW
>0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWD0XVOLPPXVWDYRLGDOOVXFKWKLQJVZKLFKFDXVH LQFRQYHQLHQFHWRRWKHU0XVOLPV,IRQHXVHVWKHSODFHVPHQWLRQHGLQWKLV+DGLWKDVWRLOHWWKLVZRXOG QRWRQO\FDXVHLQFRQYHQLHQFHWRWKHSXEOLFEXWPD\DOVRFDXVHDQHSLGHPLF,WLVDOVRQHFHVVDU\WRDYRLG VXFKWKLQJVIRUWKHVDNHRIFOHDQOLQHVV6RPHUHOLJLRXVVFKRODUVDUHRIWKHRSLQLRQWKDWWKLVDFWLV GHHPHGWREHDPDMRUVLQDVLWEULQJVSHRSOH VFXUVHVXSRQWKHRQHZKRSUDFWLFHVLW
&+$37(5
352+,%,7,212)85,1$7,1* ,17267$*1$17:$7(5 -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ IRUEDGHXULQDWLQJ LQWRVWDJQDQWZDWHU >0XVOLP@ &RPPHQWDU\ 6WDJQDQWZDWHU
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
&+$37(5
352+,%,7,212)*,9,1* 35()(5(1&(72&+,/'5(1 29(521($127+(5,1 *,9,1**,)76(7& $Q1XCPDQELQ%DVKLU0D\$OODKEHSOHDVHGZLWKWKHP VDLG0\IDWKHUWRRNPHWRWKH 0HVVHQJHURI$OODK3%8+ DQGVDLGWRKLP,KDYHJLIWHGRQHRIP\VODYHVWRWKLVVRQRIPLQH
7KH 0HVVHQJHURI$OODK3%8+ VDLG+DYH\RXJLYHQVXFKJLIWWRHYHU\VRQRI\RXUV"
+HUHSOLHG1R
7KHUHXSRQKHVDLG7DNHWKLVJLIWEDFN
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG%HPLQGIXORI\RXUREOLJDWLRQWR$OODK DQGGRMXVWLFHLQUHVSHFWRI\RXUFKLOGUHQ
0\IDWKHUFDPHEDFNDQGUHYRNHGKLVJLIW $QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ DVNHG+DYH\RXRWKHUFKLOGUHQEHVLGHVWKLV RQH"
+HVDLG
7KH0HVVHQJHURI$OODK3%8+ DVNHG+DYH\RXDZDUGHGDJLIWOLNHWKLVWRDOO RIWKHP
+HVDLG1R
7KH0HVVHQJHURI$OODK3%8+ VDLG,DPQRWJRLQJWREHDUZLWQHVVWRWKLV DFWRILQMXVWLFH
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ DVNHG'R\RXQRWH[FHSWJRRGQHVVIURPDOO RIWKHPDV\RXH[FHSWIURPKLP"
+HVDLG
7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHQGRQ WGRWKLVLHGRQRWJLYHDJLIWWRRQHVRQRQO\
>$O%XNKDULDQG0XVOLP@
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
&+$37(5
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
=DLQDEVDLG,WKHQYLVLWHG=DLQDEGDXJKWHURI -DKVK0D\$OODKEHSOHDVHGZLWKKHU ZKHQKHUEURWKHUGLHGVKHVHQWIRUSHUIXPHDQGDSSOLHGLWDQG WKHQVDLG%HZDUH%\$OODK,GRQ WIHHODQ\ QHHGRISHUIXPHEXW,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJIURPWKHSXOSLWC,WLVQRWSHUPLVVLEOHIRUDZRPDQZKREHOLHYHVLQ$OODKDQGWKH/DVW 'D\WRPRXUQWKHGHDGEH\RQGWKUHHGD\VH[FHSWLQFDVHRIKHUKXVEDQGIRUZKRPWKHSHULRGLV IRXU PRQWKVDQGWHQGD\V
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
&+$37(5
352+,%,7,212) 0$/35$&7,&(6,1&200(5&( $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ IRUEDGH WKDWDSHUVRQLQWKHFLW\VKRXOGPDNHDGHDORQEHKDOIRIDYLOODJHURQFRPPLVVLRQHYHQLIKHLVKLVUHDO EURWKHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $O+DGLU
PHDQVRQHZKROLYHVLQWKHFLW\ZKLOH$O%DGL
PHDQVDYLOODJHURUD GHVHUWGZHOOHU+HVKRXOGQRWPDNHDGHDO
KHUHVLJQLILHVWKDWWKHXUEDQLWHVKRXOGQRWJRWRWKHYLOODJHU DQGSURSRVHWRKLPOHDYHKLVJRRGVZLWKKLPIRUVDOHDQGKHZRXOGVHQGKLPWKHVDOHSURFHHGVRIWKH
JRRGVSLHFHPHDODVWKH\VHOO,QWKHRSLQLRQRIVRPHC8ODPD WKLVLVSURKLELWHGLIWKHPHUFKDQGLVHLV YDOXDEOHDQGWKHYLOODJHULVQRWDZDUHRILWVUHDOZRUWKDQGWKHXUEDQLWHZDQWVWRH[SORLWKLVLJQRUDQFH %XWRQWKHFRQWUDU\LIWKHSURSRVDOLVIRUWKHZHOIDUHRIWKHYLOODJHUDQGWKHXUEDQLWHPHUHO\ZDQWVWKH RZQHUWRUHFHLYHLWVGXHSULFHWKHQWKHRIIHULVDGPLVVLEOH7KHILUVWSURSRVLWLRQLVSURKLELWHGEHFDXVH WKDWZLOOFDXVHDORVVWRWKHYLOODJHUWKHVHFRQGLVSHUPLVVLEOHDVLWLVDZHOOPHDQLQJRIIHU $SHUVRQLQWKHFLW\VKRXOGQRWPDNHDGHDORQEHKDOIRIDYLOODJHU
KDVEHHQLQWHUSUHWHGE\C$EGXOODK ELQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP WRPHDQWKDWKHVKRXOGQRWZRUNDVDEURNHUIRUD YLOODJHUEHFDXVHLQWKDWFDVHKHZLOOEHLQWHUHVWHGWRVHOOLWRQDKLJKHUSULFHLQRUGHUWRKDYHDEHWWHU FRPPLVVLRQLQWKHGHDOZKLFKZLOOXQQHFHVVDULO\UDLVHLWVFRVW 2QRQHVLGHWKHSXUFKDVHRIJRRGVFRPLQJIURPRXWVLGHKDVEHHQSURKLELWHGEHIRUHLWVDUULYDORQ WKH PDUNHWVRWKDWQRERG\FDQH[SORLWWKHLJQRUDQFHRIWKHRXWVLGHUVDQGRQWKHRWKHUVLGHYLOODJHUVDUH HQMRLQHGWRVHOOWKHLUJRRGVWKHPVHOYHVVRWKDWWKHFRPPLVVLRQRIWKHEURNHUGRHVQRWLQFUHDVHWKHSULFH RIWKHJRRGV,IDQXUEDQLWHVHOOVWKHPHUFKDQGLVHRIDQ\YLOODJHURQDIDLUSULFHZLWKRXWFKDUJLQJDQ\ FRPPLVVLRQWKHQWKLVLVSHUPLVVLEOHDVLVFRQILUPHGE\$KDGLWK,IWKHSHRSOHOLYLQJLQFLWLHVFKDUJH HDFKRWKHUFRPPLVVLRQRQWKHSXUFKDVHRUVDOHRIWKHLUJRRGVWKLVLVSHUPLVVLEOH ,EQ C8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'R QRWPHHWWKHPHUFKDQGLVHWLOOWKH\DUULYHLQWKHPDUNHW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 'RQRWPHHWWKHPHUFKDQGLVH
VLJQLILHV'RQRWPHHWWUDGHFDUDYDQVLQWUDQVLW
7KH SXUSRVHEHLQJWKDWWKRVHZKREULQJIRRGJUDLQVIURPYLOODJHVVKRXOGQRWVXIIHUDQ\ORVVEHFDXVHRI WKHLULJQRUDQFHRIWKHPDUNHWFRQGLWLRQV%XWLIVRPHRQHGRHVLWZLWKDJRRGLQWHQWLRQWKHQWKLVLV SHUPLVVLEOH ,EQC$EEDV0D\$OODK EHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH FDUDYDQVFDUU\LQJPHUFKDQGLVHVKRXOGQRWEHPHWRQWKHZD\WRSXUFKDVHIURPWKHPDPDQLQWKHFLW\ VKRXOGQRWVHOOIRUDPDQRIWKHGHVHUW
7DZXVDVNHGKLP,EQC$EEDV :KDWGRWKHVHZRUGVUHDOO\LPSO\"
+HVDLG+HVKRXOGQRWZRUNDV DQDJHQWRQKLVEHKDOI
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
PHDQVWKDW:KDWHYHULVLQKHUYHVVHOLVRYHUWXUQHG
7KLVLVD ILJXUDWLYHH[SUHVVLRQPHDQLQJ6KHZRXOGPDUU\KHU0XVOLPVLVWHU V KXVEDQGZKHQKHGLYRUFHVKHU SUHVHQWZLIH
/HDYLQJWKHDQLPDOVXQPLONHG
PHDQVWKDWDVDOHDEOHFDWWOHLVQRWPLONHGIRUWZRRUWKUHHWLPHVWR FUHDWHDQLPSUHVVLRQWKDWWKHFDWWOHLVULFKLQPLONZKLFKLVQRWWKHWUXHFDVH7KLVLVDOVRSURKLELWHG 2WKHUSRLQWVPHQWLRQHGLQWKLV+DGLWKKDYHEHHQGLVFXVVHGHDUOLHU ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$ SHUVRQVKRXOGQRWHQWHULQWRDWUDQVDFWLRQZKHQKLV0XVOLP EURWKHUKDVDOUHDG\QHJRWLDWHGQRUVKRXOG KHPDNHDSURSRVDORIPDUULDJHZKHQWKDWRIKLVEURWKHULVSHQGLQJH[FHSWZLWKWKHSHUPLVVLRQRIWKH ODWWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWLIDPDQNQRZVWKDWVXFKDQGVXFKSHUVRQKDVDVNHG VRPHZRPDQIRUPDUULDJHDQGVKHKDVDFFHSWHGWKHSURSRVDOWKHQKHVKRXOGQRWPDNHDQRIIHURI PDUULDJHWR KHU%XWLIWKHPDWWHUKDVHQGHGDQGWKHILUVWSURSRVDOSHUPLWVKLPWRWU\KLVOXFNWKHQKH FDQPDNHDSURSRVDOWRKHUIRUPDUULDJH2QWKHVDPHDQDORJ\LWLVSURKLELWHGIRUDZRPDQWRVHQGD SURSRVDORIPDUULDJHWRDPDQZLWKZKRPVRPHZRPDQLVDOUHDG\QHJRWLDWLQJRUKDVDOUHDG\ QHJRWLDWHG C8TEDKELQC$PLU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG $0X PLQLVWKHEURWKHURIDQRWKHU0X PLQDQGWKXVLWLVQRWSHUPLVVLEOHIRUD0X PLQWRPDNHDQ RIIHUZKLOHWKHRIIHURIKLVEURWKHULVSHQGLQJQRUVKRXOGKHPDNHDSURSRVDORIPDUULDJHZKLOHWKDWRI KLVEURWKHULVSHQGLQJWLOOKHZLWKGUDZVKLVSURSRVDO
>0XVOLP@ &RPPHQWDU\ $OOWKHDFWVSURKLELWHGLQWKH$KDGLWKFLWHGDERYHDUHVXFKWKDWWKH\FDQFDXVHRU LQFUHDVH LOOZLOODQGHQPLW\DPRQJSHRSOH)RUWKLVUHDVRQDOOWKHVHWKLQJVKDYHEHHQIRUELGGHQE\ ,VODPWRREYLDWHDOOSRVVLELOLWLHVRIGLVVHQVLRQDQGGLVFRUGDQGEULQJDERXWPXWXDODIIHFWLRQIUDWHUQLW\ DQGDFFRUG
&+$37(5
352+,%,7,212) 648$1'(5,1*:($/7+ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 9HULO\$OODKOLNHVWKUHHWKLQJVIRU\RXDQGGLVDSSURYHVWKUHHWKLQJVIRU\RX+HOLNHVWKDW\RXVKRXOG ZRUVKLS+LP$ORQHQRWWRDVVRFLDWHDQ\WKLQJZLWK+LPLQZRUVKLS DQGWRKROGIDVWWRWKH5RSHRI $OODKDQGQRWWREHGLYLGHGDPRQJ\RXUVHOYHVDQG+HGLVDSSURYHVIRU\RXLUUHOHYDQWWDONSHUVLVWHQW TXHVWLRQLQJDQGWKHVTXDQGHULQJRIWKHZHDOWK
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
+HDOVRZURWHWRKLPWKDWWKH3URSKHW3%8+ XVHGWRIRUELGLUUHOHYDQWWDON
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
&+$37(5
352+,%,7,212)32,17,1*:,7+ $:($321$7$127+(5%52 7+(5,1)$,7+ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 1RQHRI\RXVKRXOGSRLQWDWKLVEURWKHUZLWKDZHDSRQEHFDXVHKHGRHVQRWNQRZWKDW6DWDQPD\ PDNHLWORVHIURPKLVKDQGDQGDVDUHVXOWKHPD\IDOOLQWRDSLWRI+HOOILUHE\DFFLGHQWDOO\NLOOLQJ KLP
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQLQ0XVOLPLV$EXO4DVLPLHWKH0HVVHQJHURI$OODK 3%8+ VDLG+HZKRSRLQWVDW KLV0XVOLP EURWKHUZLWKDZHDSRQLVFXUVHGE\WKHDQJHOVHYHQLIWKHRWKHUSHUVRQVKRXOGEHKLVUHDO EURWKHU
&RPPHQWDU\ 6LODK
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
>$EX'DZXGDQG$W7LUPLGKL@ &RPPHQWDU\ ,IDQDNHGVZRUGGURSVIURPRQH VKDQGLWFDQLQMXUHRQH VKDQGIRRWRUDQ\SDUWRIWKH ERG\6LPLODULVWKHFDVH RIDVKDUSNQLIHRUDQ\RWKHUVLPLODUZHDSRQDQGWRRO2QHVKRXOGQHYHUJLYH LWWRDQ\RQHIURPLWVEODGHVLGH:KHQZHVWXG\VXFKWKLQJVZHDUHUHDOO\ZRQGHUVWUXFNWRVHHWKHFDUH ZKLFK,VODPKDVWDNHQWRUHVSHFWKXPDQLW\
&+$37(5
81'(6,5$%,/,7<2)/($9,1* 7+(02648(:,7+287 2))(5,1*6$/$735$<(5 $)7(57+($'+$1+$6%((1 352&/$,0(' $EX6KDCWKD VDLG :HZHUHVLWWLQJZLWK$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP LQWKH PRVTXHZKHQWKH0X DGKGKLQSURFODLPHGWKH$GKDQ$PDQVWRRGXSLQWKH PRVTXHDQGVWDUWHG ZDONLQJRXW$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VWDUHGDWKLPWLOOKHZHQWRXWRIWKH PRVTXH8SRQWKLV$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG,QGHHGWKLVPDQKDV
GLVREH\HG$EXO4DVLP3%8+ >0XVOLP@ &RPPHQWDU\ :HOHDUQIURPWKLV+DGLWKWKDWDIWHUKHDULQJ$GKDQRQHVKRXOGQRWOHDYHWKHPRVTXH ZLWKRXWRIIHULQJWKHREOLJDWRU\6DODWFRQQHFWHGZLWKLWXQOHVVRQHKDVDYHU\JHQXLQHUHDVRQIRUGRLQJ VR
&+$37(5
81'(6,5$%,/,7<2) 5(-(&7,1*7+(*,)72) 3(5)80( $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRLVSUHVHQWHGZLWKDIORZHURIVZHHWEDVLOVKRXOGQRWUHMHFWLWEHFDXVHLWLVOLJKWLQZHLJKWDQG SOHDVDQWLQRGRXU
>0XVOLP@ $QDVELQ0DOLN0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ QHYHUUHIXVHGD JLIWRISHUIXPH >$O%XNKDUL@ &RPPHQWDU\ :HOHDUQWKHIROORZLQJSRLQWVIURPWKLV+DGLWK $JLIWRISHUIXPHRUVRPHWKLQJVLPLODUWRLWVKRXOGEHDFFHSWHG 7KHIRQGQHVVRI WKH3URSKHW3%8+ IRUSHUIXPH7KHIDFWWKDWKHQHYHUUHIXVHGWKLVJLIWLVHQRXJK WRLOOXVWUDWHKLVSHQFKDQWIRULW 7KHGHVLUDELOLW\RIWKHXVHRISHUIXPH
&+$37(5
81'(6,5$%,/,7<2)35$,6,1* $3(5621,1+,635(6(1&( $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ KHDUGD SHUVRQODXGLQJDQRWKHUSHUVRQRUSUDLVLQJKLPWRRPXFK7KHUHXSRQKHVDLG
RU KHVDLG
>$O%XNKDULDQG0XVOLP@ $EX%DNUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG0HQWLRQRIDPDQZDVPDGHWRWKH 3URSKHW3%8+ DQGVRPHRQHSUDLVHGKLPZKHUHXSRQKH3%8+ VDLG:RHEHWR\RX
+HUHSHDWHGWKLVVHYHUDOWLPHVDQGDGGHG,IRQHRI\RXKDVWRSUDLVH KLVIULHQGDWDOOKHVKRXOGVD\C,UHFNRQKLPWREHVXFKDQGVXFKDQG$OODKNQRZVKLPZHOO LI\RX WKLQNKLPWREHVRDQGVR\RXZLOOEHDFFRXQWDEOHWR$OODKEHFDXVHQRRQHFDQWHVWLI\WKHSXULW\RI RWKHUVDJDLQVW$OODK
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKSURKLELWVXVIURPSUDLVLQJDQ\RQHLQKLVIDFH,IDWDOORQHKDVWRSUDLVH VRPHRQHKHVKRXOGVD\WKDW,QP\RSLQLRQKHLVVXFKDQGVXFK
SURYLGHGKHUHDOO\WKLQNVDVKHVD\V 7KHUHDVRQIRUWKLVLVWKDWLWLV$OODK$ORQH:KRNQRZVKLPWKRURXJKO\DQGQRQHFDQFODLPWREH LQQRFHQWEHIRUH+LP
+DPPDPELQ$O +DULWK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG$SHUVRQEHJDQWRSUDLVH C8WKPDQ0D\$OODKEHSOHDVHGZLWKKLP DQG$O0LTGDG0D\$OODKEHSOHDVHGZLWKKLP VDWXSRQ KLVNQHHVDQGEHJDQWRWKURZSHEEOHVXSRQWKHIODWWHUHU VIDFHC8WKPDQ0D\$OODKEHSOHDVHGZLWK KLP VDLG:KDWLVWKHPDWWHUZLWK\RX"
+HVDLG9HULO\WKH0HVVHQJHURI$OODK3%8+ VDLG C:KHQ\RXVHHWKRVHZKRVKRZHUXQGXHSUDLVHVXSRQRWKHUVWKURZGXVWXSRQWKHLUIDFHV
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
WKDWLV
6HH6DKLK$O%XNKDUL .LWDE )DGD LO$V6DKDEDK $QRWKHU +DGLWKRQWKHLVVXHUHODWHVWRWKHHYHQWZKHQWKH3URSKHW3%8+ VDLGWR $EX%DNU0D\$OODKEHSOHDVHGZLWKKLP
:KDWLWVLJQLILHGZDVWKDW
6HH6DKLK $O%XNKDUL 0DQDTLE$EX%DNU +HVDLGWRC8PDU0D\$OODKEHSOHDVHGZLWKKLP :KHQ6DWDQ VHHV\RXJRLQJRQVRPHZD\KHOHDYHVLWDQGSURFHHGVWRVRPHRWKHUGLUHFWLRQ
$O%XNKDUL 0DQDTLE C8PDU
&+$37(5
81'(6,5$%,/,7<2) '(3$57,1*)52025 &20,1*72$3/$&( 675,&.(1%<$1(3,'(0,& $OODKWKH([DOWHGVD\V :KHUHVRHYHU\RXPD\EHGHDWKZLOORYHUWDNH\RXHYHQLI\RXDUHLQIRUWUHVVHVEXLOWXSVWURQJ DQGKLJK
$QGGRQRWWKURZ\RXUVHOYHVLQWRGHVWUXFWLRQ
,EQC$EEDV0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHGC8PDUELQ$O.KDWWDE0D\$OODKEH SOHDVHGZLWKKLP VHWRXWIRU$VK6KDPWKHUHJLRQFRPSULVLQJ6\ULD3DOHVWLQH/HEDQRQDQG-RUGDQ $VKHUHDFKHGDW6DUJKDWRZQE\WKHVLGHRI+LMD] KHFDPH DFURVVWKHJRYHUQRURI$O$MQDG$EX C8EDLGDKELQ$O-DUUDK0D\$OODKEHSOHDVHGZLWKKLP DQGKLVFRPSDQLRQV7KH\LQIRUPHGKLPWKDW DQ
KDGEURNHQRXWLQ6\ULD,EQC$EEDVUHODWHVC8PDU0D\$OODKEHSOHDVHGZLWKKLP VDLGWRPH &DOOWRPHWKHHDUOLHVW0XKDMLUXQ(PLJUDQWV
6R,FDOOHGWKHP+HVRXJKWWKHLUDGYLFHDQGWROGWKHP WKDWDQHSLGHPLFKDGEURNHQRXWLQ$VK6KDP7KHUHZDVDGLIIHUHQFHRIRSLQLRQZKHWKHUWKH\VKRXOG SURFHHGIXUWKHURUUHWUHDWWRWKHLUKRPHVLQVXFKDVLWXDWLRQ6RPHRIWKHPVDLG
ZKHUHDVVRPHRIWKHPVDLG$V\RXKDYH DORQJZLWK\RXPDQ\HPLQHQW&RPSDQLRQVRI0HVVHQJHURI$OODK3%8+ ZHZRXOGQRWDGYLFH\RX WRVHWIRUWKWRWKHSODFHRIWKHSODJXHDQGWKXVH[SRVHWKHPGHOLEHUDWHO\WRDGDQJHU
C8PDU0D\ $OODKEHSOHDVHGZLWKKLP VDLG
+HVDLG&DOOWRPHWKH$QVDUWKH +HOSHUV
6R,FDOOHGWKHPWRKLPDQGKHFRQVXOWHGWKHPDQGWKH\GLIIHUHGLQWKHLURSLQLRQVDVZHOO +HVDLG1RZ\RXPD\JR
+HDJDLQVDLG&DOOWKHROGZLVHSHRSOH RIWKH4XUDLVKZKRKDG
HPLJUDWHGEHIRUHWKHFRQTXHVWRI0DNNDK
,FDOOHGWKHPC8PDU0D\$OODKEHSOHDVHGZLWKKLP FRQVXOWHGWKHPLQWKLVLVVXHDQGQRWHYHQWZRSHUVRQVDPRQJWKHPGLIIHUHGLQWKHRSLQLRQV7KH\VDLG :HWKLQNWKDW\RXVKRXOGJREDFNDORQJ ZLWKWKHSHRSOHDQGGRQRWWDNHWKHPWRWKLVVFRXUJHC8PDU 0D\$OODKEHSOHDVHGZLWKKLP PDGHDQDQQRXQFHPHQWWRWKHSHRSOHVD\LQJ,QWKHPRUQLQJ, LQWHQGWRJREDFNDQG,ZDQW\RXWRGRWKHVDPH
$EX 8EDLGDKELQ$O-DUUDK0D\$OODKEHSOHDVHG ZLWKKLP VDLG$UH\RXJRLQJWRUXQDZD\IURPWKH'LYLQH'HFUHH"
7KHUHXSRQC8PDU0D\$OODKEH SOHDVHGZLWKKLP VDLG2$EX 8EDLGDK+DGLWEHHQVRPHRQHHOVHWRVD\WKLV
8PDU0D\$OODK EHSOHDVHGZLWKKLP GLGQRWOLNHWRGLIIHUZLWKKLP +H VDLG
7KHUHXSRQC8PDUELQ.KDWWDE0D\$OODKEHSOHDVHGZLWKKLP SUDLVHG $OODKDQGZHQWEDFN >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $MQDG
VWDQGVIRUILYHUHJLRQVRI6\ULD3DOHVWLQH-RUGDQ'DPDVFXV+LPVDQG 4DQVDULQ$Q1DZDZL
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
>$O%XNKDULDQG0XVOLP@
&+$37(5
352+,%,7,212)0$*,& $OODKWKH([DOWHGVD\V 6XODLPDQ6RORPRQ GLGQRWGLVEHOLHYHEXWWKH6KD\DWLQGHYLOV GLVEHOLHYHGWHDFKLQJPHQ PDJLF
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG$YRLGWKH VHYHQGHVWUXFWLYHWKLQJV
,WZDVDVNHGE\WKRVHSUHVHQW :KDWDUHWKH\20HVVHQJHURI$OODK"
+H UHSOLHG$VVRFLDWLQJDQ\RQHRUDQ\WKLQJZLWK$OODKLQZRUVKLSSUDFWLVLQJVRUFHU\NLOOLQJRIVRPHRQH ZLWKRXWDMXVWFDXVHZKRP$OODKKDVIRUELGGHQGHYRXULQJWKHSURSHUW\RIDQRUSKDQHDWLQJRIXVXU\ IOHHLQJIURPWKHEDWWOHILHOGDQGVODQGHULQJFKDVWHZRPHQZKRQHYHUHYHQWKLQNRIDQ\WKLQJWRXFKLQJ FKDVWLW\DQGDUHJRRGEHOLHYHUV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKKDVDOUHDG\DSSHDUHGHDUOLHU$OOWKHDFWVPHQWLRQHGLQLWDUHXQODZIXO7KH WHDFKLQJOHDUQLQJDQGSUDFWLVLQJRIPDJLFDUHDOOXQODZIXODQG,PDP$Q1DZDZLKDVTXRWHGWKLV +DGLWKKHUHWRSURYHWKHSURKLELWLRQRIPDJLFLQ,VODP
&+$37(5
352+,%,7,212)&$55<,1* 7+(485 $1,1727+(/$1' 2)(1(0< ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ IRUEDGH WUDYHOOLQJWRWKHODQGRIWKHHQHP\FDUU\LQJWKH4XU DQ >$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLVSURKLELWLRQLVRXWRIIHDUWKDWWKHGLVEHOLHYHUVPLJKWDEDVHDQGGHPHDQWKH4XU DQ DQGZLOOQRWJLYHLWGXHUHVSHFW,WLVKRZHYHUSHUPLVVLEOHWRWDNHLWWRSODFHVZKHUHWKHUHLVQRVXFK IHDU
&+$37(5
352+,%,7,212)86,1* 87(16,/60$'(2)*2/' $1'6,/9(5 8PP6DODPDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG :KRVRHYHUGULQNVLQXWHQVLOVRIVLOYHULQIDFWNLQGOHVLQKLVEHOO\WKHILUHRI+HOO
>$O%XNKDULDQG0XVOLP@ 7KHQDUUDWLRQRI0XVOLPLV9HULO\WKHSHUVRQZKRHDWVRUGULQNVLQXWHQVLOVPDGHRIJROGDQGVLOYHU
+XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG 7KH3URSKHW3%8+ SURKLELWHGXVIURP ZHDULQJVLONRU'LEDMDQGIURPGULQNLQJRXWRIJROGDQGVLOYHUYHVVHOVDQGVDLG7KHVHDUHPHDQWIRU WKHPQRQ0XVOLPV LQWKLVZRUOGDQGIRU\RXLQWKH+HUHDIWHU
,QDQRWKHUQDUUDWLRQ+XGKDLIDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG'RQRWZHDUVLONDQG'LEDMQRUHDWRUGULQNIURPXWHQVLOVPDGHRIJROGDQGVLOYHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 'LEDMLVDNLQGRIVLON6RPHVD\WKDWWKLFNVLONLVFDOOHG'LEDM2WKHUVVD\WKDWLWLVWKH W\SHRIFORWKLQZKLFKVRPHRIWKHOHQJWKZLVHDQGEUHDGWKZLVHWKUHDGVDUHRISXUHVLONZKLOHWKHUHVWRI WKHFORWKLVPDGHRIFRWWRQ $QDVELQ6LULQ0D\$OODKEHSOHDVHGZLWKKLP VDLG ,ZDVZLWK$QDVELQ0DOLN0D\$OODKEH SOHDVHGZLWKKLP LQWKHFRPSDQ\RIVRPH0DJLDQVZKHQ)DOXGKDMDVZHHWPDGHRIIORXUDQGKRQH\ ZDVEURXJKWLQDVLOYHUXWHQVLODQG$QDVGLGQRWWDNHLW7KHPDQZDVWROGWRFKDQJHWKHXWHQVLO6RKH
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
&+$37(5
352+,%,7,212):($5,1* 6$))521&2/285(''5(66 $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ SURKLELWHGPHQIURPZHDULQJ VDIIURQG\HGFORWKHV >$O%XNKDULDQG0XVOLP@ C$EGXOODKELQC$PUELQ$OC$V0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDZPHGUHVVHGLQWZRVDIIURQFRORXUHGJDUPHQWVDQGDVNHG+DV\RXUPRWKHUFRPPDQGHG\RXWR ZHDUWKHVH"
,DVNHGKLP 6KDOO,ZDVKWKHPRXW"
+HUHSOLHG
$QRWKHUQDUUDWLRQLV7KHVHDUHJDUPHQWVRIWKHGLVEHOLHYHUV6RGRQRWZHDUWKHP
>0XVOLP@ &RPPHQWDU\ 6DIIURQDQGVDIIORZHU DUHSODQWVZLWKDEULJKWRUDQJH\HOORZFRORXU7KHLUXVHLV IRUELGGHQEHFDXVHWKLVFRORXULVJHQHUDOO\XVHGE\ZRPHQDQGGLVEHOLHYHUVDQGPHQVKRXOGVKRZQR UHVHPEODQFHWRZRPHQDQGGLVEHOLHYHUVLQWKHLUGUHVV
&+$37(5
352+,%,7,212)2%6(59,1* 6,/(1&()520'$:17,// 1,*+7
C$OL0D\$OODKEHSOHDVHGZLWKKLP VDLG,KDYHUHWDLQHGLQP\PHPRU\WKHVD\LQJRIWKH 0HVVHQJHURI$OODK3%8+ WKDW1RRQHLVFRQVLGHUHGDQRUSKDQDIWHUKHKDVDWWDLQHGWKHDJHRI PDWXULW\DQGLWLVXQODZIXOWRUHPDLQVLOHQWIURPGDZQWLOOQLJKW
>$EX'DZXGZLWK+DVDQJRRG ,VQDG@ 4DLVELQ$EX+D]LP0D\$OODKEHSOHDVHGZLWKKLP F VDLG$EX%DNU0D\$OODKEHSOHDVHG ZLWKKLP FDPHXSRQDZRPDQQDPHG=DLQDEIURPWKH$KPDVWULEHDQGQRWLFHGWKDWVKHZDVREVHUYLQJ WRWDOVLOHQFH+HVDLG:KDWKDVKDSSHQHGWRKHU":K\GRHVVKHQRWVSHDN"
3HRSOHLQIRUPHGKLPWKDW VKHKDGVZRUQWRUHPDLQVLOHQW+HWKHQVDLGWRKHU
$IWHUKHDULQJWKLV VKHVWDUWHGVSHDNLQJ >$O%XNKDUL@ &RPPHQWDU\ )URPWKHDERYHQDUUDWLRQVLWEHFRPHVFOHDUWKDWRQHFDQQRWEHFDOOHGDQRUSKDQZKHQPDWXULW\LV DWWDLQHG7KHSURRIRIPDWXULW\LVQLJKWGLVFKDUJHDQGQRWDQ\SDUWLFXODUDJH7KHDJHRIPDWXULW\PD\ GLIIHULQGLIIHUHQWFRXQWULHVDFFRUGLQJWRWKHFOLPDWHDQGLQGLYLGXDOERG\GHYHORSPHQW6RQLJKW GLVFKDUJHKDVEHHQIL[HGDVWKHFRQGLWLRQDQGFULWHULRQRUVLJQRIPDWXULW\1LJKWGLVFKDUJHPHDQV HMDFXODWLRQRIVHPHQGXULQJVOHHS 'XULQJWKHSUH,VODPLFSHULRGNHHSLQJTXLHWZDVDOVRFRQVLGHUHGDVDVRUWRIZRUVKLSRUGHYRWLRQWR *RG,VODPGRHVQRWDOORZVXFKDVFHWLFFHUHPRQLHVDQGH[WUDYDJDQFH6RVXFKDFWLRQVDUHIRUELGGHQ )XUWKHULWKDVEHHQVWUHVVHGWKDWLQVWHDGRINHHSLQJTXLHWRQHVKRXOGHQJDJHLQ JRRGDFWLRQVVXFKDV HQMRLQLQJJRRGIRUELGGLQJHYLOHQWHUWDLQLQJDJXHVWUHPHPEHULQJ$OODKDQGJORULI\LQJ+LP+RZHYHU LWLVEHWWHUWRNHHSTXLHWUDWKHUWKDQWHOOLQJOLHVLQGXOJLQJLQLQGHFHQWWDONRUEDFNELWLQJ
&+$37(5
352+,%,7,212) $775,%87,1*:521* )$7+(5+22' 6DCGELQ$EX:DTTDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+H ZKRIDOVHO\ DWWULEXWHVKLVIDWKHUKRRGWRDQ\RQHEHVLGHVKLVUHDOIDWKHUNQRZLQJWKDWKHLVQRWKLV IDWKHUZLOOEHIRUELGGHQWRHQWHU-DQQDK
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG'RQRWWXUQ DZD\IURP\RXUIDWKHUVIRUKHZKRWXUQVDZD\IURPKLVIDWKHUZLOOEHJXLOW\RIFRPPLWWLQJDQDFWRI GLVEHOLHI
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $LULVDVPDOOPRXQWDLQQHDU$O0DGLQDKDQG7KDXULVDOVRDVPDOOPRXQWDLQEHKLQG WKHIDPRXV0RXQW8KXG7KHDUHDEHWZHHQWKHVHWZR PRXQWDLQVLVWKHIRUELGGHQDUHD,WPHDQVWKDW OLNHWKH+DUDPRI0DNNDKQRJDPHVKRXOGEHNLOOHGQRWUHHVRUSODQWVRIWKLVDUHDVKRXOGEHFXWDQG QRGLVEHOLHYHURUSRO\WKHLVWVVKRXOGHQWHULWVERXQGDU\7KHZRUGVD GODQGVDUIWUDQVODWHGKHUHDV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHVHSDUWLFXODUVLQVPHQWLRQHGLQWKH+DGLWKDUHJUHDWDQGDUHVWULFWO\IRUELGGHQ (YHU\0XVOLPVKRXOGUHPDLQDZD\IURPWKHP0D\$OODKVDYHXVDOOIURPWKHVHVLQV
&+$37(5
352+,%,7,212)'2,1*7+$7 :+,&+$//$+$1'+,6 0(66(1*(5+$9(352+,%,7(' $OODKWKH([DOWHGVD\V $QGOHWWKRVHZKRRSSRVHWKH0HVVHQJHU VFRPPDQGPHQWLHKLV6XQQDKOHJDOZD\VRUGHUV DFWVRIZRUVKLSVWDWHPHQWV DPRQJWKHVHFWV EHZDUHOHVWVRPH)LWQDKGLVEHOLHIWULDOV DIIOLFWLRQVHDUWKTXDNHVNLOOLQJRYHUSRZHUHGE\DW\UDQW VKRXOGEHIDOOWKHPRUDSDLQIXO WRUPHQWEHLQIOLFWHGRQWKHP
$QG$OODKZDUQV\RXDJDLQVW+LPVHOI+LVSXQLVKPHQW
9HULO\20XKDPPDG3%8+ WKH*ULSSXQLVKPHQW RI\RXU5XEELVVHYHUH
6XFKLVWKH6HL]XUHRI\RXU5XEEZKHQ+HVHL]HVWKHSRSXODWLRQRI WRZQVZKLOHWKH\DUHGRLQJ ZURQJ9HULO\+LV6HL]XUHLVSDLQIXODQGVHYHUH
$EX+XUDLUDK0D\$OODKEHSOHDVHG ZLWKKLP VDLG7KH3URSKHW3%8+ VDLG$OODKWKH ([DOWHGEHFRPHVDQJU\DQG+LV$QJHULVSURYRNHGZKHQDSHUVRQGRHVZKDW$OODKKDVGHFODUHG XQODZIXO
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KLV+DGLWKZDUQVXVDJDLQVWFRPPLWWLQJVLQVDQGDOOWKDW$OODKKDVIRUELGGHQLQRUGHU WRDYRLGH[FLWLQJWKHDQJHURI$OODK
&+$37(5
(;3,$7,21)257+( 9,2/$7,212) &200$1'0(1762)$//$+ $OODKWKH([DOWHGVD\V $QGLIDQHYLOZKLVSHUIURP6KDLWDQ6DWDQ WULHVWRWXUQ\RXDZD\20XKDPPDG3%8+ IURPGRLQJJRRG WKHQVHHNUHIXJHLQ$OODK
9HULO\WKRVHZKRDUH$O0XWWDTXQWKHSLRXV ZKHQDQHYLOWKRXJKWFRPHVWRWKHPIURP 6KDLWDQ6DWDQ WKH\UHPHPEHU$OODK DQGLQGHHG WKH\WKHQVHHDULJKW
$QGWKRVHZKRZKHQWKH\KDYHFRPPLWWHG)DKLVKDKRUZURQJHGWKHPVHOYHVZLWKHYLO UHPHPEHU$OODKDQGDVNIRUJLYHQHVVIRUWKHLUVLQV DQGQRQHFDQIRUJLYHVLQVEXW$OODK DQGGR QRWSHUVLVWLQZKDWZURQJ WKH\KDYHGRQHZKLOHWKH\NQRZ)RUVXFKWKHUHZDUGLVIRUJLYHQHVV IURPWKHLU5XEEDQG*DUGHQVZLWKULYHUVIORZLQJXQGHUQHDWK-DQQDK ZKHUHLQWKH\VKDOO DELGHIRUHYHU+RZH[FHOOHQWLVWKLVUHZDUGIRUWKHGRHUVZKRGRULJKWHRXVGHHGVDFFRUGLQJWR $OODK V2UGHUV
$QGDOORI\RXEHJ$OODKWRIRUJLYH\RXDOO2EHOLHYHUVWKDW\RXPD\EHVXFFHVVIXO
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG+HZKRWDNHV DQRDWKDQGLQYROXQWDULO\VD\VC%\$O/DWDQG$OC8]]D VKRXOGDWRQFHDIILUPC/DLODKDLOODOODKWKHUH LVQRWUXHJRGH[FHSW$OODK DQGKHZKRVD\VWRKLVFRPSDQLRQC&RPHOHW VJDPEOH VKRXOGPDNH H[SLDWLRQE\JLYLQJVRPHWKLQJLQFKDULW\
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ $O/DWDQG$OC8]]DZHUHWKHLGROVRIWKHSRO\WKHLVWVRI$UDELD7RWDNHRDWKRU VZHDU E\WKHPRUE\DQ\WKLQJHOVHEHVLGHV$OODKLVDQDFWRIGLVEHOLHIZKLFKWDNHVRQHRXWRIWKHIROGRI UHOLJLRQ ,IDQ\SHUVRQVZHDUVE\DQ\WKLQJRUDQ\ERG\HOVHRWKHUWKDQ$OODKKHVKRXOGUHFLWH/DLODKDLOOD $OODKDQGUHIUHVKDQGUHHVWDEOLVKKLV EHOLHILQ$OODK6LPLODUO\LIVRPHRQHLQGXOJHVLQRWKHUVLQVWKHQ KHVKRXOGUHSHQWDQGJLYHLQFKDULW\DFFRUGLQJWRKLVUHVRXUFHV7KHUHDVRQLVDV$OODK6:7 VD\V 9HULO\WKHJRRGGHHGVUHPRYHWKHHYLOGHHGVLHVPDOOVLQV
7+(%22. 2)0,6&(//$1(286$+$',7+ 2)6,*1,),&$179$/8(6 &+$37(5
$+$',7+$%287'$--$/ 3257(1762)7+(+285 $Q1DZZDVELQ6DPCDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG2QHPRUQLQJWKH0HVVHQJHU RI$OODK3%8+ PDGHDPHQWLRQRI'DMMDODQGKHGHVFULEHGKLPWREHLQVLJQLILFDQWDQGDWWKHVDPH WLPHGHVFULEHGKLPVRVLJQLILFDQWWKDWZHWKRXJKWKHZDVRQWKHGDWHSDOPWUHHVLHQHDUE\ :KHQZH ZHQWWRKLPWKH3URSKHW3%8+ LQWKHHYHQLQJKHSHUFHLYHGWKHVLJQRIIHDURQRXUIDFHV+HVDLG :KDW LVWKHPDWWHUZLWK\RX"
:HVDLG20HVVHQJHURI$OODK\RXWDONHGDERXW'DMMDOWKLVPRUQLQJ
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
:HDVNHG20HVVHQJHURI $OODK+RZORQJZLOOKHVWD\RQWKHHDUWK"
+HVDLG)RUIRUW\GD\V2QHGD\ZLOOEHOLNHD\HDURQH GD\OLNHDPRQWKRQHGD\OLNHDZHHNDQGWKHUHVWRIWKHGD\VZLOOEHOLNH\RXUGD\V
:HVDLG2 0HVVHQJHURI$OODK:LOORQHGD\ V6DODWSUD\HU VXIILFHIRUWKH6DODWRIWKDWGD\ZKLFKZLOOEHHTXDO WRRQH\HDU"
7KHUHXSRQKHVDLG1REXW\RXPXVWPDNHDQHVWLPDWHRIWLPHDQGWKHQRIIHU6DODW
:H VDLG20HVVHQJHURI$OODK+RZTXLFNO\ZLOOKHZDONXSRQWKHHDUWK"
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
>0XVOLP@ &RPPHQWDU\ ,QWKHDERYHVWDWHPHQWZHILQGGHWDLOVDERXWWKHVLJQVRIWKH'D\RI5HVXUUHFWLRQWKH DSSHDUDQFHRI'DMMDO$QWLFKULVW WKHFRPLQJRI3URSKHWC,VD VRQRI0DU\DPDQGWKHDSSHDUDQFHRI *RJDQG0DJRJSHRSOH:HDOVRILQGDOOWKHLPSRUWDQWHYHQWVZKLFKZLOOKDSSHQGXULQJWKHVHWLPHV +HUHZHDOVRQRWHWKHKDYRFRI'DMMDODQGWKHGHVWUXFWLRQRI*RJDQG0DJRJSHRSOH7KHQILQDOO\WKH NLOOLQJRIWKHPE\WKHHIIRUWVRI3URSKHWC,VDDQGKLVSUD\HUV
5LECLELQ+LUDVK0D\$OODKEHSOHDVHGZLWKKLP VDLG,DFFRPSDQLHG$EX0DVCXG$O$QVDULWR +XGDLIDKELQ$O
+XGDLIDKVDLG+H3%8+ VDLG'DMMDOZLOODSSHDUDQGZLWKKLPZLOOEHZDWHUDQGILUH7KDWZKLFKSHRSOHFRQVLGHUWREHZDWHU ZLOOLQIDFWEHDEXUQLQJILUHDQGWKDWZKLFKSHRSOHZLOOFRQVLGHUWREHILUHZLOOLQIDFWEHFRRODQG VZHHWZDWHU+HZKRIURPDPRQJVW\RXKDSSHQVWRIDFHKLPVKRXOGMXPSLQWRWKDWZKLFKKHVHHVDV ILUHIRUWKDWZLOOEHQLFHDQGVZHHWZDWHU
$EX0DVCXGVDLG,KDYHDOVRKHDUGWKLVIURPWKH 0HVVHQJHURI$OODK3%8+
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
>0XVOLP@
$QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG'DMMDOWKH $QWLFKULVW ZLOOEHIROORZHGE\VHYHQW\WKRXVDQG-HZVRI,VIDKDQDQGZLOOEHGUHVVHGLQUREHVRIJUHHQ FRORXUHGVDWLQ
>0XVOLP@ &RPPHQWDU\ ,VIDKDQLVDFLW\LQ3HUVLD,UDQ 7DLODVDQJUHHQVKHHWLVWKHGUHVVRIWKH6KHLNKVRIWKH QRQ$UDEQDWLRQV 8PP6KDULN0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG,KHDUGWKH3URSKHW3%8+ VD\LQJ 3HRSOHZLOOUXQDZD\IURP'DMMDOWKH$QWLFKULVW VHHNLQJVKHOWHULQWKHPRXQWDLQV
>0XVOLP@ C,PUDQELQ+XVVDLQ0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ%HWZHHQWLPHRIWKHFUHDWLRQRI$GDPDQGWKH5HVXUUHFWLRQ'D\WKHUHLVQRWKLQJ JUHDWHUWKDQWKHPLVFKLHIRI'DMMDOWKH$QWLFKULVW
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
7KH0HVVHQJHURI$OODK3%8+ DGGHG+HZLOOEHWKHPRVWHPLQHQW DPRQJVWWKHSHRSOHZLWKUHJDUGWRPDUW\UGRPQHDUWKH5XEERIWKHZRUOGV
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
,VDLG2 0HVVHQJHURI$OODKLWLVUHSRUWHGWKDWKHZLOOKDYHZLWKKLPDPRXQWDLQRIEUHDGDQGDULYHU IXOORI ZDWHU
7KHUHXSRQKHVDLG+H'DMMDO LVIDUWRRZRUWKOHVVDQGLQVLJQLILFDQWQHDU$OODKWROHWKLP GHFHLYHWKHEHOLHYHUV
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHODVWSDUWRIWKH+DGLWKPHDQVWKDWDOWKRXJK'DMMDOZLOOKDYHJUHDWUHVRXUFHVDQG PHWKRGVRIPLVOHDGLQJSHRSOHWKHWUXHEHOLHYHUVZLOOQRWEHGHFHLYHGE\KLVWULFNVRQWKHFRQWUDU\ WKH\ZLOOLQFUHDVHLQ)DLWKDVZKDWWKH3URSKHW3%8+ VDLGDERXW'DMMDOLVWUXH $QDV0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHU RI$OODK3%8+ VDLG7KHUHKDV QRWEHHQD3URSKHWZKRKDVQRWZDUQHGKLV8PPDKRIWKDWRQHH\HGOLDU'DMMDO %HKROGKHLVEOLQGLQ RQHH\HDQG\RXU5XEE$OODK LVQRWEOLQG2QKLVIRUHKHDGDUHWKHOHWWHUV.)5 PHDQLQJ.DILU GLVEHOLHYHU
>$O%XNKDULDQG0XVOLP@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG/HW PHWHOO\RXVRPHWKLQJDERXW'DMMDOWKH$QWLFKULVW ZKLFKQR3URSKHWKDGWROGKLVSHRSOH+HLVEOLQG LQRQHH\H DQGZLOOEULQJZLWKKLPVRPHWKLQJOLNH-DQQDKDQG+HOOEXWZKDWKHFDOOV-DQQDKZLOOEH LQIDFW+HOO
>$O%XNKDULDQG0XVOLP@ C$EGXOODKELQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG2QHGD\WKH0HVVHQJHURI$OODK 3%8+ PHQWLRQHG$O0DVLK'DMMDOWKH$QWLFKULVW LQWKHSUHVHQFHRIWKHSHRSOHDQGVDLG9HULO\ $OODKLVQRWRQHH\HGEXW$O0DVLK$G'DMMDOLVEOLQGLQWKHULJKWH\HZKLFKORRNVOLNHDVZROOHQ JUDSH
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
>$O%XNKDULDQG0XVOLP@
&RPPHQWDU\ 7KHUHZRXOGEHVXFKGLVDVWHUVDQGDJRQ\LQWKHZRUOGWKDWSHRSOHZLOOSUHIHUGHDWKWR OLIHXQGHUVXFKFRQGLWLRQV7KLVVLWXDWLRQZLOODULVHEHIRUHWKH'D\RI5HVXUUHFWLRQDQGWKH'D\RI -XGJHPHQWZLOOGDZQRQVXFKZLFNHGSHRSOH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH +RXUZLOOQRWFRPHWRSDVVEHIRUHWKH5LYHU(XSKUDWHVGULHVXSWRXQYHLOWKHPRXQWDLQRIJROGIRU ZKLFKSHRSOHZLOOILJKW1LQHW\QLQHRXWRIRQHKXQGUHGZLOOGLHLQWKHILJKWLQJ DQGHYHU\PDQ DPRQJVWWKHPZLOOVD\C3HUKDSV,PD\EHWKHRQO\RQHWRUHPDLQDOLYH
$QRWKHUQDUUDWLRQLV7KHWLPHLVQHDUZKHQWKH5LYHU(XSKUDWHVZLOOGU\XSWRXQYHLODWUHDVXUHRI JROG:KRVRHYHUPD\EHDOLYHDWWKDWWLPHVKRXOGQRWWDNHDQ\WKLQJRILW
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHZRUG
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
>0XVOLP@ &RPPHQWDU\ +HUHWKHDEXQGDQFHRIZHDOWKGXULQJWKHWLPHRIDFDOLSKKDVEHHQSURSKHVLHG7KLV DOVRUHIHUVWRWKHODVWGD\VRIWKHZRUOG $EX0XVD$O$VKCDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG$WLPH ZLOOFRPHZKHQDPDQZLOOJRDERXWZLWKDOPVIURPKLVJROGDQGZLOOQRWILQGDQ\RQHWRUHFHLYHLW 2QHPDQZLOOEHVHHQEHLQJIROORZHGE\IRUW\ZRPHQGHSHQGDQWXSRQKLPRQDFFRXQWRIWKHVFDUFLW\ RIPHQDQGH[FHVVRIZRPHQ
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
>$O%XNKDULDQG0XVOLP@
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
>$O%XNKDUL@ &RPPHQWDU\ 7KH+DGLWKVKRZVWKDWWKHGHPLVHRIWKHSLRXVSHRSOHLVRQHRIWKHVLJQVRIWKHQHDUQHVV RIWKH'D\RI5HVXUUHFWLRQ,WDOVRVKRZVWKDWGXULQJWKHODVWGD\VQHDUWKH'D\RI5HVXUUHFWLRQSLRXV SHUVRQVZLOOQRWUHPDLQDQGRQO\WKHZLFNHGSHRSOHZLOOLQKDELWWKHHDUWKDQGWKH'D\RI-XGJHPHQW ZLOOGDZQRQVXFKEDGSHRSOH 5LIDCDKELQ5DILC$]=XUDTL0D\$OODKEHSOHDVHGZLWKKLP VDLG-LEULO*DEULHO FDPHWRWKH 3URSKHW3%8+ DQGDVNHGKLP+RZGR\RXHVWLPDWHDPRQJ\RXWKRVHZKRSDUWLFLSDWHGLQWKHEDWWOH RI%DGU"
+HUHSOLHG7KH\ZHUHWKHEHVWRI0XVOLPV
RUKHPD\KDYHVDLGVRPHWKLQJVLPLODUWRWKDW -LEULOVDLG7KHVDPHLVWKHFDVHZLWKWKHDQJHOVZKRZHUHDW%DGU
>$O%XNKDUL@ &RPPHQWDU\ 7KH+DGLWKKLJKOLJKWVWKHVXSHULRULW\RIWKRVH&RPSDQLRQVDVZHOOWKRVHDQJHOVZKR SDUWLFLSDWHGLQWKHEDWWOHRI%DGUDJDLQVWWKHIRUFHVRI.XIU7KH4XU DQFRQILUPVWKHIDFWWKDWWKHDQJHOV IRXJKWDORQJZLWK0XVOLPVLQWKLVKLVWRULFEDWWOH ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG,I $OODKDIIOLFWVSXQLVKPHQWXSRQDQDWLRQLWEHIDOOVWKHZKROHSRSXODWLRQLQGLVFULPLQDWHO\DQGWKHQWKH\ ZLOOEHUHVXUUHFWHGDQGMXGJHGDFFRUGLQJWRWKHLUGHHGV
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ :KHQ$OODK VSXQLVKPHQWFRPHVWRSDVVLWGRHVQRWGLVWLQJXLVKEHWZHHQWKHXSULJKW DQGWKHZLFNHG+RZHYHUWKHSLRXVSHRSOHZLOOEHVDYHGIURPSXQLVKPHQWDIWHUWKHLUGHDWKZKLOHWKH ZLFNHGRQHVZLOOEH SXQLVKHGLQWKH+HOO0D\$OODKVDYHXVIURPDOOW\SHVRISXQLVKPHQWV -DELU0D\$OODKEHSOHDVHGZLWKKLP VDLG7KHUHZDVDWUXQNRIDGDWHSDOPWUHHXSRQZKLFK WKH3URSKHW3%8+ XVHGWRUHFOLQHZKLOHGHOLYHULQJ.KXWEDKVHUPRQ :KHQDSXOSLWZDVSODFHGLQ
WKHPRVTXHZHKHDUGWKHWUXQNFU\LQJRXWOLNHDSUHJQDQWVKHFDPHOWKH3URSKHW3%8+ FDPHGRZQ IURPWKHSXOSLWDQGSXWKLVKDQGRQWKHWUXQNDQGLWEHFDPHTXLHW $QRWKHUQDUUDWLRQLV7KH3URSKHW3%8+ XVHGWRVWDQGE\DWUHHRUDGDWHSDOPRQ)ULGD\WRJLYH WKH.KXWEDK 7KHQDQ$QVDULZRPDQRUPDQVDLG20HVVHQJHURI$OODK6KDOOZHPDNHDSXOSLWIRU \RX"
+HUHSOLHG,I\RXZLVK
6RWKH\PDGHDSXOSLWIRUKLPDQGZKHQLWZDV)ULGD\WKH3URSKHW 3%8+ VDWRQWKHSXOSLW>WRGHOLYHUWKH.KXWEDKVHUPRQ @DQGWKHWUXQNRIWKHGDWHSDOPRQZKLFKKH XVHGWRUHFOLQHFULHGRXWDVLILWZRXOGVSOLWDVXQGHU $QRWKHUQDUUDWLRQLV,WFULHGOLNHDFKLOGDQGWKH3URSKHW3%8+ GHVFHQGHGIURPWKHSXOSLW DQG HPEUDFHGLWZKLOHLWFRQWLQXHGPRDQLQJOLNHDFKLOGEHLQJTXLHWHQHG7KH3URSKHW3%8+ VDLG,WZDV FU\LQJIRUPLVVLQJ ZKDWLWXVHGWRKHDURI'KLNUQHDULW
>$O%XNKDUL@ &RPPHQWDU\ ,EQ+DMDUVDLGWKDWWKHUHLVHYLGHQFHLQWKLV+DGLWKWKDW$OODKFDQHQGRZLQDQLPDWH REMHFWVZLWKDVSHFLDOVHQVHRUIHHOLQJOLNHWKDWRIDQLPDOV7KH+DGLWKDOVRVKRZVRQHRIWKHQXPHURXV PLUDFOHVRIWKH0HVVHQJHURI$OODK3%8+ $EX7KDCODEDK$O.KXVKDQL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK 3%8+ VDLG$OODKWKH([DOWHGKDVODLGGRZQFHUWDLQGXWLHVZKLFK\RXVKRXOGQRWQHJOHFWDQGKDV SXWFHUWDLQOLPLWVZKLFK\RXVKRXOGQRWWUDQVJUHVVDQGKDVNHSWVLOHQWDERXWRWKHUPDWWHUVRXWRIPHUF\ IRU\RXDQGQRWRXWRIIRUJHWIXOQHVVVRGRQRWVHHNWRLQYHVWLJDWHWKHP
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKPDNHVLWFOHDUWKDWLID0XVOLPIDFHVDORVVIURPVRPHSODFHKHVKRXOG UHPDLQFDUHIXOOHVWKHPD\EHGHFHLYHGDJDLQDQGDJDLQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 7KHUHDUHWKUHHW\SHVRI SHRSOHZLWKZKRP$OODKZLOOQHLWKHUVSHDNRQWKH'D\RI5HVXUUHFWLRQQRU SXULI\WKHPIURPVLQV DQGWKHUHZLOOEHDSDLQIXOFKDVWLVHPHQWIRUWKHP$SHUVRQZKRKDVVSDUH ZDWHULQDGHVHUWDQGKHUHIXVHVWRJLYHLWWRWKHWUDYHOOHUDSHUVRQZKRVHOOVDFRPPRGLW\WRDQRWKHU SHUVRQDIWHUWKHDIWHUQRRQSUD\HUDQGVZHDUVE\$OODKWKDWKHKDVERXJKWLWDWVXFKDQGVXFKSULFHDQG WKHEX\HUSD\VKLPDFFRUGLQJO\WKRXJKLQUHDOLW\LWZDVQRWWUXHDQGDSHUVRQZKRSOHGJHVDOOHJLDQFH WRDQ,PDPOHDGHU MXVWIRUVRPHZRUOGO\EHQHILWDQGWKHQLIWKH,PDPEHVWRZVRQKLPVRPHWKLQJRXW RIWKDW KHIXOILOOVKLVDOOHJLDQFHDQGLIGRHVQRWJLYHKLPKHGRHVQRWIXOILOOLW
>$O%XNKDULDQG0XVOLP@
$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG%HWZHHQWKH WZR%ORZLQJRIWKH7UXPSHWWKHUHZLOOEHDQLQWHUYDORIIRUW\
7KHSHRSOHVDLG2$EX+XUDLUDK'R \RXPHDQIRUW\GD\V"
+HVDLG,FDQQRWVD\DQ\WKLQJ
7KH\VDLG'R\RXPHDQIRUW\\HDUV"
+H VDLG,FDQQRWVD\DQ\WKLQJ
7KH\VDLG'R\RXPHDQIRUW\PRQWKV"
+HVDLG,FDQQRWVD\DQ\WKLQJ 7KH3URSKHWDGGHGC(YHU\WKLQJRIWKHKXPDQERG\ZLOOSHULVKH[FHSWWKHODVWFRFF\[ERQHHQGSDUWRI WKHVSLQDOFRUG DQGIURPWKDWERQH$OODKZLOOUHFRQVWUXFWWKHZKROHERG\7KHQ$OODKZLOOVHQGGRZQ ZDWHUIURPWKHVN\DQGSHRSOHZLOOJURZOLNHJUHHQYHJHWDEOHV
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
7KH0HVVHQJHURI $OODK3%8+ FRQWLQXHGKLVWDON6RPHRIWKRVHSUHVHQWWKRXJKWWKDWKHKDGKHDUGKLPEXWGLVOLNHGWKH LQWHUUXSWLRQDQGWKHRWKHUVDLGWKDWKHKDGQRWKHDUKLP:KHQWKH0HVVHQJHURI$OODK3%8+ FRQFOXGHGKLVVSHHFKKHDVNHG:KHUHLVWKHRQHZKRLQTXLUHGDERXWWKH/DVW'D\"
7KHPDQUHSOLHG +HUH,DP
7KH0HVVHQJHURI$OODK3%8+ UHSOLHG:KHQWKHSUDFWLFHRIKRQRXULQJDWUXVWLVORVW H[SHFWWKH/DVW'D\
+HDVNHG+RZFRXOGLWEHORVW"
+HUHSOLHG:KHQWKHJRYHUQPHQWLVHQWUXVWHG WRWKHXQGHVHUYLQJSHRSOHWKHQZDLWIRUWKH/DVW'D\
>$O%XNKDUL@ &RPPHQWDU\ +HUHDYHU\LPSRUWDQWVLJQRIWKHQHDUQHVVRIWKH'D\RI-XGJHPHQWKDVEHHQ PHQWLRQHG7KHDIIDLUVRIWKHZRUOGZLOOEHLQWKHKDQGVRIZLFNHGDQGXQGHVHUYLQJSHRSOH7KHVLQQHUV DQGZLFNHGSHRSOHZLOOEHFRPHWKHOHDGHUVRIWKHZRUOG7KHSUHDFKLQJSXOSLWVZRXOGDOVREHRFFXSLHG E\SHRSOHZKRZRXOGEHJUHHG\DQGLJQRUDQW7KH\ZLOOEHGHYRLGRISLHW\DQGDEVWLQHQFH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG
>$O%XNKDUL@ &RPPHQWDU\ ,QWKLVQDUUDWLRQWKHUHLVDPHQWLRQRIRQHRIWKHVLJQVRIWKHQHDUQHVVRIWKH'D\RI -XGJHPHQW0XVOLPVZLOOEHOHGLQWKHLUSUD\HUVDVZHOODVZRUOGO\DIIDLUVE\LJQRUDQW XQGHVHUYLQJ UXOHUV:KRHYHURIIHUVSUD\HUVZLWKWKHPDQGEHKLQGWKHPDFFRUGLQJWRWKH6XQQDKWKHQERWKRIWKHP ZLOOJHWWKHUHZDUG2WKHUZLVHWKHUHZDUGZLOOEHHVWDEOLVKHGZLWKWKHIROORZHUVDQGWKHEXUGHQRIWKH PLVWDNHVZLOOEHSODFHGRQWKHUXOHUV VKRXOGHUV $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLGLQWKHLQWHUSUHWDWLRQRIWKH$\DKUHSRUWHG
7KHEHVWIRU PDQNLQGDUHWKRVHZKREULQJWKHPZLWKFKDLQVURXQGWKHLUQHFNVWLOOWKH\HPEUDFH,VODPDQGWKHUHE\ VDYHWKHPIURPWKHHWHUQDOSXQLVKPHQWLQWKH+HOOILUHDQGPDNHWKHPHQWHU-DQQDKLQWKH+HUHDIWHU
>$O%XNKDUL@
&RPPHQWDU\ 7KLVLVLQDZD\WKHH[SODQDWLRQRIWKHFRQFHUQHG9HUVHRIWKH4XU DQ $EX+XUDLUDK 0D\$OODKEHSOHDVHGZLWKKLP VD\V,QWKLV9HUVHWKRVHILJKWHUVKDYHEHHQQDPHGDVWKHEHVWRIWKH 8PPDKZKRILJKWZLWKWKHLQILGHOVZKRPWKH\WDNHSULVRQHUVDQGWKH\XOWLPDWHO\DFFHSW,VODP+HQFH WKH\EHFRPHDPHDQVRIDFFHSWDQFHRI)DLWKWRWKHPDQGDUHHQWLWOHGWRPRUHUHZDUGVIURP$OODK $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLGWKH3URSKHW3%8+ VDLG$OODKPDUYHOV DWWKRVHSHRSOHZKRHQWHU-DQQDKLQFKDLQV
>$O%XNKDUL@ &RPPHQWDU\ 7KHPHDQLQJRIWKLV+DGLWKLVDOVRWKHVDPHDVWKH+DGLWKPHQWLRQHGEHIRUHLW7KLV PHDQVWKDWDIWHUWDNLQJFDSWLYHVWKH0XVOLPVLQIRUPWKHPDERXWWKHWHDFKLQJVRI,VODPVRWKDWDIWHU DFFHSWLQJ,VODPWKH\PD\GHVHUYH-DQQDKZKLFKLVWKHXOWLPDWHVXFFHVV$OODKVD\V$QGZKRHYHULV UHPRYHGDZD\IURPWKH)LUHDQGDGPLWWHGWR-DQQDKKHLQGHHGLVVXFFHVVIXO
7KLV+DGLWK XUJHV0XVOLPVWRFDOOWR,VODPLWDOVRXUJHVWKRVH0XMDKLGXQWRLQYLWHWKHLUSULVRQHUVWR,VODPWRVDYH WKHPIURPWKHFKDVWLVHPHQWRIWKH+HOOILUH $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLGWKH3URSKHW3%8+ VDLG7KHGHDUHVW SDUWVRQWKHIDFHRIWKHHDUWKQHDU$OODKDUHLWVPRVTXHVDQGWKHPRVWKDWHGSDUWVQHDU$OODKDUHLWV PDUNHWV
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
>0XVOLP@ 7KHUHDUHRWKHUQDUUDWLRQVZLWKVRPHYDULDWLRQLQWKHZRUGLQJV &RPPHQWDU\ ,WLVGLVOLNHG0DNUXK WRIUHTXHQWO\YLVLWWKHPDUNHWVZKHUHWKHUHLVRYHUZKHOPLQJ LQIOXHQFHRIWKH6DWDQ7KHPRUHRQHJRHVWKHUHWKHPRUHZLOORQHEHLQIOXHQFHGE\WKHWHPSWDWLRQVRI WKHGHYLO C$VLP$O$KZDOVDLGC$EGXOODKELQ6DUMLV0D\$OODKEHSOHDVHGZLWKKLP VDLGWRWKH 0HVVHQJHURI$OODK3%8+ 20HVVHQJHURI$OODK0D\$OODKIRUJLYHDOO\RXUVLQV
7KH0HVVHQJHU RI$OODK3%8+ VDLG$QG\RXUVDOVR
C$VLPUHSRUWHG,DVNHGC$EGXOODK'LGWKH0HVVHQJHURI $OODK3%8+ VHHNIRUJLYHQHVVIRU\RX"
+HUHSOLHG
7KHQKHUHFLWHGWKH 9HUVH6HHNIRUJLYHQHVVIRU\RXUVLQVDQGIRUWKHEHOLHYLQJPHQDQGWKHEHOLHYLQJZRPHQ
>0XVOLP@ &RPPHQWDU\ $OWKRXJKWKH3URSKHW3%8+ LVIUHHIURPVLQVLWLVSHUPLVVLEOHDVDWRNHQRI$OODK V KRQRXUDQGFDUHIRUKLPWRSUD\IRUKLVJUHDWHUVDOYDWLRQDQGEOHVVLQJV,WLVDOVRLQDZD\DPHWKRGRI SD\LQJUHVSHFWVWRKLP7KH+DGLWKDOVRVKRZVWKHQREOHFKDUDFWHURIWKH3URSKHW3%8+ ZKRXVHGWR UHFLSURFDWHFRPSOLPHQWVDQGJRRGGHHGV $EX0DVCXG$O$QVDUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG2QH RIWKHDGPRQLWLRQVRIWKHSUHYLRXV3URSKHWVZKLFKKDVEHHQFRQYH\HGWRSHRSOHLVWKDWLI\RXKDYHQR PRGHVW\\RXFDQGRZKDWHYHU\RXOLNH
>$O%XNKDUL@ &RPPHQWDU\ 7KLVGRHVQRWPHDQWKDWGRLQJHYHU\WKLQJLVDOORZHGIRUDVKDPHOHVVSHUVRQ,WLVOLNH JLYLQJDQLQIRUPDWLRQWKDWZKHQDSHUVRQORVHVWKHIHHOLQJRIVKDPHWKHQKHGRHVQRWPLQGGRLQJ DQ\WKLQJ)RUWKLVUHDVRQVWKHZHVWHUQQDWLRQVLQWHQGWRILQLVKWKHIHHOLQJRIVKDPHDQG UHPRUVHDPRQJ
WKH0XVOLPVZKLFKLVDODQGPDUNDQGDFULWHULRQRI,VODP7KH\ZDQWWRGRDZD\ZLWKWKLVFULWHULRQVR WKDW0XVOLPVPD\LQGXOJHLQVKDPHOHVVWKLQJVKDSSLO\8QIRUWXQDWHO\WKHZHVWHUQSHRSOHDUH VXFFHHGLQJLQWKHLUGHVLJQVDQGWKH,VODPLFVRFLDOOLIHLVDOVRWHQGLQJWREHVKDPHOHVVOLNHLWVZHVWHUQ FRXQWHUSDUW ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH3URSKHW3%8+ VDLG7KHILUVW PDWWHUFRQFHUQLQJZKLFKSHRSOHZLOOEHMXGJHGRQWKH'D\RI5HVXUUHFWLRQZLOOEHWKHPDWWHURIEORRG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,QDQRWKHU+DGLWKLWKDVEHHQVWDWHGWKDWRQWKH'D\RI-XGJHPHQWWKHILUVWWKLQJDERXW ZKLFKSHRSOHZLOOEHTXHVWLRQHGZLOOEH$V6DODWWKHILYHGDLO\SUD\HUV 7KHUHLVQRFRQWUDGLFWLRQLQ WKHWZRQDUUDWLRQV$PRQJWKHGXWLHVRI$OODKWKHILUVWWKLQJWREHUHFNRQHGZRXOGEH$V6DODWZKLOH DPRQJWKHPXWXDOULJKWRIKXPDQVWKHILUVWWKLQJWREHGHFLGHGZRXOGEHPXUGHU)URPWKLVQDUUDWLRQ WKHYDOXHRIKXPDQOLIHEHFRPHVYHU\VLJQLILFDQW C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG $QJHOVZHUHFUHDWHGIURPOLJKWMLQQVZHUHFUHDWHGIURPDVPRNHOHVVIODPHRIILUHDQGC$GDPZDV FUHDWHGIURPWKDWZKLFK\RXKDYHEHHQWROGLHVRXQGLQJFOD\OLNHWKHFOD\RISRWWHU\
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
,C$LVKDK VDLG20HVVHQJHURI$OODK6RIDUDVWKHIHHOLQJVRIDYHUVLRQDJDLQVWGHDWKLV FRQFHUQHGZHDOOKDYHWKLVIHHOLQJ
7KHUHXSRQKHVDLG,GRQRWPHDQWKDW:KDW,PHDQWLVWKDWZKHQ DWUXH EHOLHYHULVJLYHQWKHJODGWLGLQJVRIWKH0HUF\RI$OODK+LV3OHDVXUHVDQG+LV-DQQDKDWWKH WLPHRIGHDWK KHORYHVWRPHHW$OODKDQG$OODKDOVRORYHVWRPHHWKLP:KHQDGLVEHOLHYHULVJLYHQ WKHQHZVRIWKH7RUPHQWRI$OODKDQG+LV:UDWKDWWKHWLPHRIGHDWK KHGLVOLNHVWRPHHW$OODKDQG $OODKDOVRDEKRUVWRPHHWKLP
>0XVOLP@ &RPPHQWDU\ 7KHJODGWLGLQJVRI-DQQDKDUHJLYHQWRWKHEHOLHYHUVDQGWKHEDGQHZVRISXQLVKPHQW DUHJLYHQWRWKHGLVEHOLHYHUVDWWKHWLPHRIGHDWK6RDEHOLHYHUVWDUWVORQJLQJWRPHHW$OODKDVDUHVXOW RIWKHJRRGQHZVKHUHFHLYHVDWWKDWWLPHDQGWKHGLVEHOLHYHUEHJLQVWRZLVKWKDWKHPD\QRWGLHDQG WKHUHIRUHDYRLG$OODK VSXQLVKPHQWDVDUHVXOWRIWKHEDGQHZVKHUHFHLYHVDWWKDWWLPH 6DIL\\DKELQW+X\DL0D\$OODKEHSOHDVHGZLWKKLP WKH0RWKHURIWKH%HOLHYHUVVDLG,FDPH WRYLVLWWKH3URSKHW3%8+ ZKLOHKHZDVLQWKHVWDWHRI,CWLNDI>VHFOXVLRQ LQWKHPRVTXHGXULQJWKH ODVWWHQGD\VRI5DPDGDQ@$IWHUKDYLQJWDONHGWRKLP,JRWXSWRUHWXUQ7KH3URSKHW3%8+ DOVRJRW XSZLWKPHDQGDFFRPSDQLHGPHDSDUWRIWKHZD\$WWKDWPRPHQWWZR$QVDULPDQSDVVHGE\:KHQ WKH\VDZKLPWKH\TXLFNHQHGWKHLUSDFH7KH3URSKHW3%8+ VDLGWRWKHP'RQRWKXUU\6KHLV 6DIL\\DKGDXJKWHURI+X\DLP\ZLIH
7KH\VDLG6XEKDQ$OODK$OODKLVIUHHIURPLPSHUIHFWLRQ 2 0HVVHQJHURI$OODK
7KH0HVVHQJHURI$OODK3%8+ VDLG 6DWDQFLUFXODWHVLQDSHUVRQOLNHEORRGLQWKHEORRGVWUHDPV ,DSSUHKHQGHGOHVW6DWDQVKRXOGGURS
VRPHHYLOWKRXJKWVLQ\RXUPLQGV
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
C$EEDVFDOOHGRXWDWWKHWRSRIKLVYRLFH:KHUHDUHWKH3HRSOHRI$V 6DPXUDK
C$EEDVVDLG$VVRRQDVWKH\KHDUGP\YRLFHWKH\UXVKHGWRZDUGVWKH3URSKHW3%8+ OLNH DFRZWXUQLQJWRZDUGVKHUFDOI7KH\ZHUHVKRXWLQJ+HUHZHDUH
6RRQWKH\EHJDQWRILJKWWKH LQILGHOV7KHQWKHUHZDVDFDOOIRU$QVDU7KRVHZKRFDOOHGRXWWRWKHPVKRXWHG2\RXWKHSHRSOHRI $QVDU2\RXWKHSHRSOHRI$QVDU
7KH\HQGHGWKHLUFDOODW%DQX$O+DULWKELQ$O.KD]UDM7KH 0HVVHQJHURI$OODK3%8+ ZKRZDVULGLQJRQKLVPXOHORRNHGDWWKHLUILJKWZLWKKLVQHFNVWUHWFKHG IRUZDUGDQGKHVDLG7KLVLVWKHWLPHZKHQWKHILJKWLVUDJLQJKRW
7KHQWKH0HVVHQJHURI$OODK 3%8+ WRRNSHEEOHVDQGWKUHZWKHPLQWKHIDFHRIWKHGLVEHOLHYHUV+HVDLG%\WKH5XEERI 0XKDPPDGWKHGLVEHOLHYHUVZLOOEHGHIHDWHG
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
7KHQKH3%8+ PDGHD PHQWLRQRIWKHSHUVRQZKRWUDYHOVIRUDORQJSHULRGRIWLPHKLVKDLUDUHGLVKHYHOOHGDQGFRYHUHGZLWK GXVW+HOLIWVKLVKDQGWRZDUGVWKHVN\DQGWKXVPDNHVWKHVXSSOLFDWLRQC0\5XEE0\5XEE %XWKLV IRRGLVXQODZIXOKLVGULQNLVXQODZIXOKLVFORWKHVDUHXQODZIXODQGKLVQRXULVKPHQWLVXQODZIXOKRZ
FDQWKHQKLVVXSSOLFDWLRQEHDFFHSWHG"
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
>0XVOLP@ &RPPHQWDU\ )URPKHUHLWFDQEHFRQFOXGHGWKDWLILWLVHDV\IRUVRPHRQHWRDYRLGDVLQDQGKHGRHV QRWUHPDLQDZD\IURPLWWKHQKHLVDJUHDWHU VLQQHUWKDQDSHUVRQIRUZKRPLWLVFRPSDUDWLYHO\GLIILFXOW WRDYRLGWKDWVLQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG 6DLKDQ2[XV -DLKDQ-D[DUWHV $O)XUDW(XSKUDWHV DQG$Q1LO1LOH DUHDOOIURPWKHULYHUVRI -DQQDK
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
>0XVOLP@ &RPPHQWDU\ :KDWGRHV'D\
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
GRXEOHUHZDUGEXWZKHQKHXVHVKLVMXGJHPHQWDQGFRPPLWVDPLVWDNHKHZLOOKDYHDVLQJOHUHZDUG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,QVXFKPDWWHUVDERXWZKLFKWKHUHLVQRFOHDUFRPPDQGRULQVWUXFWLRQLQWKH4XU DQDQG 6XQQDKWKHSUREOHPLVGHFLGHGNHHSLQJLQYLHZVLPLODUDQGUHVHPEOLQJFDVHV7KLVPRGHRIGHFLGLQJ DERXWLWVEHLQJSHUPLWWHGRUSURKLELWHGLVFDOOHG,MWLKDG (YLGHQWO\WKLVSURFHVVFDQEHHPSOR\HGE\RQO\VXFKDSHUVRQZKRKDVIXOOFRPPDQGDERXWWKH YDULRXVEUDQFKHVRINQRZOHGJHSHUWDLQLQJWR4XU DQDQG6XQQDK1RWHYHU\SHUVRQFDQGRLWQRULV VXSSRVHGWRGR LW7KHUHLVDOVRDIDPRXVSURYHUEWKDWVD\VC/LWWOHNQRZOHGJHLVDGDQJHURXVWKLQJ
)URPKHUHZHFRQFOXGHWKDWWKHUXOHUMXGJHRUDEXUHDXFUDWLQD0XVOLPFRXQWU\VKRXOGEHDOHDUQHG VFKRODULHDQC$OLPZHOOYHUVHGLQ4XU DQDQG6XQQDKVRWKDWKHFDQLQWHUSUHWWKHODZVRI,VODPZLWK XWPRVWFDUHDQGLQDEHILWWLQJDQGVLQFHUHPDQQHU+HVKRXOGGRWKHMREVLQFHUHO\DQGZLWKDSLRXV LQWHQWLRQ:LWKVXFKPRGHRIZRUNKHZLOOEHEHVWRZHGZLWKUHZDUGLQHYHU\FDVH+RZHYHULIKLV LQWHUSUHWDWLRQLVFRUUHFWKHZLOOUHFHLYHDGRXEOHUHZDUG C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH3URSKHW3%8+ VDLG)HYHUFRPHVIURPWKH YHKHPHQWUDJLQJRI+HOOVRFRROLWZLWKZDWHU
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHWUHDWPHQWPHQWLRQHGLQWKHQDUUDWLRQLVTXLWHFRUUHFW,QPDQ\FDVHVGRFWRUVDOVR VXJJHVWWKDWWKHSDWLHQWVKRXOGEHFRROHGDQGWKHERG\WHPSHUDWXUHORZHUHGE\FROGFRPSUHVVLH SODFLQJFORWKGLSSHGLQFROGZDWHURQWKHERG\ C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH3URSKHW3%8+ VDLG,IDSHUVRQGLHV ZLWKRXWREVHUYLQJ6DXPIDVWV KLV:DOLVKRXOGPDNHLWXSRQKLVEHKDOI
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
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU DVNHG'LG+H C$EGXOODKELQ$]=XEDLU VD\VR"
7KHSHRSOHVDLG
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG,YRZLWEHIRUH$OODKWKDW,ZLOOQHYHUVSHDNWR,EQ$]=XEDLU
:KHQWKLVGHVHUWLRQODVWHGORQJ C$EGXOODKELQ$]=XEDLUVRXJKWLQWHUFHVVLRQZLWKKHUEXWVKHVDLG%\$OODK,ZLOOQRWDFFHSWWKH LQWHUFHVVLRQRIDQ\RQHIRUKLPDQG,ZLOOQRWFRPPLWDVLQRIEUHDNLQJP\YRZ
:KHQWKLVVWDWHRI DIIDLUVZDVSURORQJHG,EQ$]=XEDLUIHOWLWKDUGRQKLP+HVDLGWR$O0LVZDUELQ0DNKUDPDKDQG C$EGXU5DKPDQELQ$O$VZDGELQ
6R$O0LVZDUDQG C$EGXU5DKPDQWRRNKLPZLWKWKHP7KH\VRXJKWKHUSHUPLVVLRQVD\LQJ$VVDODPXCDODLNDZD UDKPDWXOODKLZDEDUDNDWXKX 6KDOO ZH FRPH LQ"
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG &RPHLQ
7KH\DVNHG$OORIXV"
6KHVDLG$OORI\RX
QRWNQRZLQJWKDW,EQ$]=XEDLUZDVDOVR ZLWKWKHP6RZKHQWKH\HQWHUHG,EQ$]=XEDLUHQWHUHGWKHVFUHHQHGSODFHDQGJRWKROGRIC$LVKDK 0D\$OODKEHSOHDVHGZLWKKHU KLVDXQW+HZDVUHTXHVWLQJKHUWRIRUJLYHKLPDQGZHSW$O0LVZDU
DQGC$EGXU5DKPDQDOVRSOHDGHGRQKLVEHKDOIDQGUHTXHVWHGKHUWRVSHDNWRKLPDQGWRDFFHSWKLV UHSHQWDQFH7KH\VDLGWRKHU7KH3URSKHW3%8+ IRUEDGHWRFXWRIIUHODWLRQVKLSEHFDXVHLWLV XQODZIXOIRUDQ\0XVOLPQRWWRWDONWRKLV0XVOLP EURWKHURUVLVWHUIRUWKDWPDWWHU IRUPRUHWKDQ WKUHHGD\V
6RZKHQWKH\SHUVLVWHGLQXUJLQJDQGUHPLQGLQJKHURIWKHVXSHULRULW\RIKDYLQJJRRG UHODWLRQZLWKNLWKDQGNLQVKHEHJDQWRZHHSVD\LQJ,KDYHPDGHDYRZZKLFKLVDPDWWHURIYHU\ VHULRXVQDWXUH
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
7KHQDUUDWRUVDLG,WZDVWKHODVW WLPHWKDW,VDZWKH0HVVHQJHURI$OODK3%8+ >$O%XNKDULDQG0XVOLP@ 7KHUHDUHVRPHPRUHQDUUDWLRQVZLWKYHU\PLQRUFKDQJHVLQLWVZRUGLQJ &RPPHQWDU\ 7KLV+DGLWKKLJKOLJKWVWKHIROORZLQJSRLQWV +DXG$O.DXWKDUH[LVWV $QDV0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQWKH3URSKHW 3%8+ ZDVPDGHWRDVFHQGWRWKHKHDYHQVKHVDLGDIWHUKLVUHWXUQ ,FDPHXSRQDULYHULQ-DQQDK WKHEDQNVRIZKLFKZHUHPDGHRIWHQWVRIKROORZSHDUOV,DVNHG-LEULO3%8+ C:KDWLVWKLVULYHU " +HUHSOLHGC7KLVLVWKH.DXWKDU
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
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU VDLG7KH3URSKHW3%8+ VDLG+HZKRYRZVWRREH\ $OODKVKRXOGREH\+LP%XWKHZKRYRZVWRGLVREH\$OODKVKRXOGQRWGLVREH\+LP
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
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG,IDQ\RQHNLOOVDFKDPHOHRQZLWKWKHILUVW EORZDKXQGUHGJRRGGHHGVZLOOEHUHFRUGHGIRUKLPOHVVWKDQWKDWZLOOEHUHFRUGHGIRUKLPLIKHNLOOV LWDWWKHVHFRQGEORZDQGVWLOOOHVVUHZDUGVZLOOEHUHFRUGHGIRUKLPLIKHNLOOVLWDWWKHWKLUGEORZ
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
VSLULWRUGHUHGWKHDQJHOVWRSURVWUDWHEHIRUH\RXDQG+HPDGH\RXGZHOOLQ-DQQDK6RSOHDVH LQWHUFHGHIRUXVZLWK\RXU 5XEE'R\RXQRWVHHRXUPLVHUDEOH FRQGLWLRQ" $GDPZLOOVD\C7RGD\P\ 5XEEKDVEHFRPHVRDQJU\DV+HKDVQHYHUEHHQEHIRUHQRUZLOO+HHYHUEHFRPHDQJU\DIWHUWKLV+H IRUEDGHPHWRDSSURDFKWKHWUHHEXW,GLVREH\HG+LP,DPZRUULHGDERXWP\VHOI*RWRVRPHRQHHOVH *RWR3URSKHW 1XK1RDK 7KH\ZLOOFRPHWR1XKDQGZLOOVD\WRKLPC21XK
DQGKHZDV ZKLFKKH EHVWRZHGRQ0DU\DP0DU\ DQGDVSLULWFUHDWHGE\+LPDQG\RXWDONHGWRWKHSHRSOHZKLOH\RXZHUH LQWKHFUDGOH3OHDVHLQWHUFHGHIRUXVZLWK\RXU5XEE'R\RXQRWVHHRXUPLVHUDEOH FRQGLWLRQ" CæVD ZLOOVD\C7RGD\P\5XEEKDVEHFRPHVRDQJU\DV+HKDVQHYHUEHHQEHIRUHQRUZLOO+HHYHUEHOLNH WKLVKHUHDIWHU C,VDZLOOQRWPHQWLRQDQ\VLQEXWZLOOVD\C,DPZRUULHGDERXWP\VHOI*RWRVRPHRQH HOVH*RWR0XKDPPDG3%8+
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODKVDLG7KH\ZLOOFRPHWRPHDQGVD\C20XKDPPDG
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
7KH0HVVHQJHURI$OODK 3%8+ IXUWKHUVDLG%\+LPLQ:KRVH+DQGP\VRXOLV7KHGLVWDQFHEHWZHHQHYHU\WZRVLGHVRIWKH JDWHVRI-DQQDKLVOLNHWKHGLVWDQFHEHWZHHQ0DNNDKDQG+DMDURUWKDWEHWZHHQ0DNNDKDQG%XVUD 6\ULD
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
DQGKHVDLG,KDYH QRWGRQHWKLV EXWWKHELJLGROKDGGRQHLW
7KHWKLUGZDV WKDWZKLOH,EUDKLPDQG6DUDKKLV ZLIH ZHUHJRLQJRQDMRXUQH\ WKH\SDVVHGE\WKHWHUULWRU\RI DW\UDQWIURPDPRQJWKHW\UDQWV 6RPHRQHVDLGWRWKHW\UDQW7KLVPDQLH,EUDKLP LVDFFRPSDQLHGE\DYHU\FKDUPLQJODG\
6RKH VHQWIRU,EUDKLPDQGDVNHGKLPDERXW6DUDKVD\LQJ:KRLVWKLVODG\"
,EUDKLPVDLG6KHLVP\ VLVWHU
,EUDKLPZHQWWR6DUDKDQGVDLG26DUDK7KHUHDUHQREHOLHYHUVRQWKHVXUIDFHRIWKHHDUWK H[FHSW\RXDQG,7KLVPDQDVNHGPHDERXW\RXDQG,WROGKLPWKDW\RXDUHP\VLVWHU6RGRQRW FRQWUDGLFWP\VWDWHPHQW
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
6KHUHSHDWHGWKDWWRKLP PDQ\WLPHVEXWKHGLGQRWORRNEDFNDWKHU7KHQVKHDVNHGKLP+DV$OODKFRPPDQGHG\RXWRGR VR"
+HVDLG
6KHVDLG7KHQ+HZLOOQRWQHJOHFWXV
6KHUHWXUQHGZKLOH,EUDKLPSURFHHGHG RQZDUGV+DYLQJUHDFKHGWKH7KDQL\DZKHUHWKH\FRXOGQRWVHHKLPKHIDFHG.DCEDKUDLVHGKLVERWK KDQGVDQGVXSSOLFDWHG2RXU5XEE,KDYHPDGHVRPHRIP\RIIVSULQJWRGZHOOLQDQXQFXOWLYDEOH YDOOH\E\
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
,EQC$EEDVIXUWKHUUHODWHG7KH3URSKHW 3%8+ VDLG7KLVLVWKHVRXUFHRIWKHWUDGLWLRQRIWKH6DC\ LHWKHJRLQJRISHRSOHEHWZHHQWKHWZR PRXQWDLQV:KHQVKHUHDFKHG$O0DUZDKIRUWKHODVWWLPH VKHKHDUGDYRLFH DQGVKHH[FODLPHG
C6KVKV 6LOHQFLQJKHUVHOI DQGOLVWHQHGDWWHQWLYHO\6KHKHDUGWKHYRLFHDJDLQDQGVDLGC2ZKRHYHU \RXPD\EH
7KH3URSKHW3%8+ IXUWKHUVDLG0D\$OODKEHVWRZPHUF\RQ,VPD LO VPRWKHU +DGVKHOHWWKH=DP]DPIORZZLWKRXWWU\LQJWRFRQWUROLWRUKDGVKHQRWVFRRSHGLQWKDWZDWHU ZKLOH ILOOLQJKHUZDWHUVNLQ=DP]DPZRXOGKDYHEHHQDVWUHDPIORZLQJRQWKHVXUIDFHRIWKHHDUWK
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
7KH3URSKHW3%8+ DGGHG,VPDCLO VPRWKHUZDVVLWWLQJQHDUWKHZDWHU 7KH\DVNHGKHUC'R\RXDOORZXVWRVWD\ZLWK\RX" 6KHUHSOLHGC
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
7KH3URSKHW3%8+ DGGHG$WWKDWWLPHWKH\GLGQRWKDYHJUDLQDQGLIWKH\ KDGJUDLQKHZRXOGKDYHDOVRLQYRNHG$OODKWREOHVVLW
7KH3URSKHW3%8+ IXUWKHUVDLG,I VRPHERG\KDVRQO\WKHVHWZRWKLQJVDVKLVVXVWHQDQFHKLVKHDOWKDQGGLVSRVLWLRQZLOOEHEDGO\DIIHFWHG EHFDXVHWKHVHWKLQJVGRQRWVXLWKLPXQOHVVKHOLYHVLQ0DNNDK
7KH3URSKHW3%8+ DGGHG7KHQ ,EUDKLPVDLGWR,VPDCLO VZLIHC:KHQ\RXUKXVEDQGFRPHVJLYHP\UHJDUGVWRKLPDQGWHOOKLPWKDWKH VKRXOGNHHSILUPWKHWKUHVKROGRIKLVGRRU :KHQ,VPDCLOFDPHEDFNKHDVNHGKLVZLIHC'LGDQ\RQH FDOORQ\RX" 6KHUHSOLHGC
7KH0HVVHQJHURI$OODK3%8+ DGGHG7KHQWKH\UDLVHGWKHIRXQGDWLRQVRIWKH+RXVHLH .DCEDK ,VPDCLOEURXJKWWKHVWRQHVDQG,EUDKLPZDVEXLOGLQJWKHKRXVH :KHQWKHZDOOVEHFDPH
KLJK,VPDCLOEURXJKWVWRQHDQGSODFHGLWIRU,EUDKLPZKRVWRRGRYHULWDQGFDUULHGRQEXLOGLQJWKH +RXVHZKLOH,VPDCLOZDVKDQGLQJRYHUWKHVWRQHVWRKLPERWKRIWKHPSUD\HGC2RXU5XEE$FFHSW WKLVVHUYLFHIURPXV9HULO\
>$O%XNKDUL@ 7KHUHDUHVRPHPRUHQDUUDWLRQVDERXWWKLVLQFLGHQWVRPHDGGLQJGHWDLOVDQGVRPHZLWKPLQRU YDULDWLRQVLQWKHZRUGLQJV &RPPHQWDU\ ,QWKLVQDUUDWLRQWKHUHLVWKHKLVWRULFDOEDFNJURXQGRIZDONLQJEULVNO\EHWZHHQWKHKLOOVRI$V6DID DQG$O0DUZDK7KLVULWXDORI+DMMDQGC8PUDKKDVEHHQIL[HGDVDUHPHPEUDQFHRIWKHLQFLGHQWDERXW ZKDW+DMLUDK0D\$OODKEHSOHDVHGZLWKKHU KDGWRIDFHDQGZKDWVKHGLGLQWKHGLIILFXOW FLUFXPVWDQFHV,QIDFWVKHZDVVRSLRXVDQGREHGLHQWWKDWVKHDJUHHGWROLYHLQVXFKZLOGHUQHVVZKHUH WKHUHZDVQRVLJQRIDQ\KXPDQEHLQJIDUDQGZLGH6HFRQGO\WKHUHZDVQRZDWHUWRGULQNRUIRRGIRU VXEVLVWHQFH )RUWKLVDFWRISLHW\VKHZDVUHZDUGHGZLWKWZRWKLQJVILUVWO\VKHZDVEHVWRZHGZLWKDQHWHUQDOO\ IORZLQJVSULQJZKLFKSURYHGIRUKHUDWWKDWPRPHQWDVRXUFHRIOLIHDQGSHRSOHVWLOOEHQHILWIURPLW WRGD\6HFRQGO\KHUEULVNPRYHPHQWDQGUXQQLQJEHWZHHQWKHWZRKLOOVZDVPDGHDQLPSRUWDQWDQG FRPSXOVRU\ULWXDOWREHSHUIRUPHGGXULQJ+DMMDQGC8PUDK7KLVULWXDOLVWRFRQWLQXHIRUDOOWLPHVWLOO WKH'D\ RI5HVXUUHFWLRQ .DCEDKZDVEXLOWE\3URSKHW,EUDKLPDQG3URSKHW,VPDCLO 7KDQNLQJ$OODKXQGHUDOOFLUFXPVWDQFHVLVDQDFWRISUDLVHDQGSLHW\ZKLOHWKHUHYHUVHRIWKLVDWWLWXGH LVGLVOLNHGDQGFRQVLGHUHGUHSUHKHQVLEOH ,IDIDWKHUDVNVKLVVRQWRGRVRPHWKLQJWKHQWKHFKLOGVKRXOGUHVSRQGWRWKHIDWKHU VUHTXHVWDVORQJ DVKHGRHVQRWRUGHUKLPWRGLVREH\$OODK 6DCLGELQ=DLG0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG,KHDUGWKH0HVVHQJHURI$OODK 3%8+ VD\LQJ7UXIIOHHGLEOHIXQJXV LVDVSHFLHVRI$O0DQQDDQGWKHLUZDWHUFXUHVH\HGLVHDVHV
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
7+(%22.2))25*,9(1(66 &+$37(5
6((.,1*)25*,9(1(66 $OODKWKH([DOWHGVD\V $QGDVNIRUJLYHQHVVIRU\RXUVLQ
$QGVHHNWKHIRUJLYHQHVVRI$OODK&HUWDLQO\$OODKLV(YHU2IW)RUJLYLQJ0RVW0HUFLIXO
$QGGHFODUHWKHIUHHGRPRI\RXU5XEEIURPLPSHUIHFWLRQEHJLQQLQJZLWK+LVSUDLVHDQGDVN +LVIRUJLYHQHVV9HULO\+HLVWKH2QH:KRDFFHSWVWKHUHSHQWDQFHDQG:KRIRUJLYHV
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
$QGZKRHYHUGRHVHYLORUZURQJVKLPVHOIEXWDIWHUZDUGVVHHNV$OODK VIRUJLYHQHVVKHZLOOILQG $OODK2IW)RUJLYLQJ0RVW0HUFLIXO
$QG$OODKZRXOGQRWSXQLVKWKHPZKLOH\RX0XKDPPDG3%8+ DUHDPRQJVWWKHPQRUZLOO +HSXQLVKWKHPZKLOHWKH\VHHN$OODK V IRUJLYHQHVV
$QGWKRVHZKRZKHQWKH\KDYHFRPPLWWHG)DKLVKDKLOOHJDOVH[XDOLQWHUFRXUVH RUZURQJHG WKHPVHOYHVZLWKHYLOUHPHPEHU$OODKDQGDVNIRUJLYHQHVVIRUWKHLUVLQV DQGQRQHFDQIRUJLYH VLQVEXW$OODK DQGGRQRWSHUVLVWLQZKDWZURQJ WKH\KDYHGRQHZKLOHWKH\NQRZ
7KH4XU DQLF$\DWRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ $O$JKDUU$O0X]DQL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG6RPHWLPHV,SHUFHLYHDYHLORYHUP\KHDUWDQG,VXSSOLFDWH$OODKIRUIRUJLYHQHVVDKXQGUHG WLPHVLQDGD\
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
>$O%XNKDUL@ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG %\ WKH2QHLQ:KRVH+DQGP\VRXOLV,I\RXGRQRWFRPPLWVLQV$OODKZRXOGUHSODFH\RXZLWKDSHRSOH ZKRZRXOGFRPPLWVLQVDQGVHHNIRUJLYHQHVVIURP$OODKDQG$OODKZLOOFHUWDLQO\IRUJLYHWKHP
>0XVOLP@ &RPPHQWDU\ 7KLV+DGLWKGRHVQRWPHDQWKDW$OODKOLNHVGLVREHGLHQFH%XWE\WKLVZD\RI GHVFULSWLRQWKHDLPLVWRHPSKDVL]HWKHLPSRUWDQFHRIVHHNLQJIRUJLYHQHVVIURP$OODK:HNQRZWKDW HYHU\PDQFRPPLWVVLQV%XW$OODKOLNHVWKRVHSHRSOHZKRDIWHUFRPPLWWLQJDVLQGRQRWVWLFNWRLW EXWULJKWDZD\VHHNIRUJLYHQHVVIRUWKHLUVLQVIURP$OODK7KH\ZHHSDQGH[SUHVVVRUURZEHIRUH$OODK %\VHHNLQJIRUJLYHQHVVDUHODWLRQVKLSZLWK$OODKLVHVWDEOLVKHGEHWZHHQPDQDQGKLV&UHDWRU6R VHHNLQJIRUJLYHQHVVLVDYHU\JRRGDFW
,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG:HFRXQWHG0HVVHQJHU VVD\LQJDKXQGUHG WLPHVGXULQJRQHVLQJOHVLWWLQJ 5DEELJKILUOL ZDWXEECDOD\\DLQQDND$QWDW7DZZDEXU5DKLP0\ 5XEE)RUJLYHPHDQGSDUGRQPH,QGHHG
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
>$EX'DZXG@ &RPPHQWDU\ 7KHFKDLQRIWKLVQDUUDWLRQLVZHDN5HIHUWRC7KH%RRNRI:HDN1DUUDWLRQV E\$O $OEDQL 9RO,SDJH1R ,EQ0DVCXG0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG+H ZKRVD\VC$VWDJKILUXOODKDOODGKLODLODKDLOOD+XZDO+DL\XO4D\\XPXZDDWXEXLODLKL,VHHNWKH IRUJLYHQHVVRI$OODKWKHUHLVQRWUXHJRGH[FHSW$OODKWKH(YHU/LYLQJWKH6HOI6XEVLVWLQJDQG,WXUQ WR+LPLQUHSHQWDQFH KLVVLQVZLOOEHIRUJLYHQHYHQLIKHVKRXOGKDYHUXQDZD\IURPWKHEDWWOHILHOG ZKLOHKHZDVHQJDJHGLQILJKWLQJIRUWKH&DXVHRI$OODK
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
>$O%XNKDUL@ 7KDXEDQ0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:KHQHYHUWKH0HVVHQJHURI$OODK3%8+ ILQLVKHGKLV6DODWSUD\HU KHZRXOGEHJIRUJLYHQHVVWKUHHWLPHV>E\VD\LQJC$VWDJKILUXOODK WLPHV @ DQGWKHQKHZRXOGVD\$OODKXPPD$QWDV6DODPXZDPLQNDV6DODPXWDEDUDNWD\D'KDO-DODOLZDO ,NUDP2$OODK
,PDP$O$X]DCL RQHRIWKHVXEQDUUDWRUV RIWKLV+DGLWKZDVDVNHG +RZIRUJLYHQHVVVKRXOGEHVRXJKW"
+HUHSOLHG,VD\$VWDJKILUXOODK$VWDJKILUXOODK,VHHN IRUJLYHQHVVIURP$OODK,VHHNIRUJLYHQHVVIURP$OODK
>0XVOLP@ &RPPHQWDU\ 7KLV'XCD ZDVD6XQQDKRIWKH3URSKHW3%8+ DQGLWLVKLJKO\UHFRPPHQGHGWR UHFLWHLWDIWHU6DODW
C$LVKDK0D\$OODKEHSOHDVHGZLWKKHU UHSRUWHG3ULRUWRKLVGHPLVHWKH0HVVHQJHURI$OODK 3%8+ XVHGWRVXSSOLFDWHIUHTXHQWO\ 6XEKDQ$OODKLZDELKDPGLKL$VWDJKILUXOODKDZDDWXEXLODLKL $OODKLVIUHHIURPLPSHUIHFWLRQDQG,EHJLQZLWKSUDLVLQJ+LP,EHJIRUJLYHQHVVIURP$OODKDQG, WXUQWR+LPLQUHSHQWDQFH
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
>$W7LUPLGKL@ &RPPHQWDU\ ,QWKLVQDUUDWLRQWKHUHLVJRRGQHZVIRUWKHVLQQHUVZKRGRQRWVWLFNWRVLQVEXWUDWKHU UHSHQWDQGDVNIRUJLYHQHVVIURP$OODK+RZHYHUQXPHURXVWKHLUVLQVPD\EH$OODKZLOOIRUJLYHDOO WKHLUVLQV%XWWKHUHLVDFRQGLWLRQZKLFKWKH\VKRXOGIXOILOOQDPHO\WKDWWKH\GRQRWSHUVLVWLQZKDW ZURQJWKH\KDYHGRQH DVZLWKSHUVLVWHQFHDQGUHSHDWHGO\FRPPLWWLQJWKHVLQWKHDFWRIVHHNLQJ IRUJLYHQHVVEHFRPHVDIXWLOHDFW ,EQC8PDU0D\$OODKEHSOHDVHGZLWKWKHP VDLG7KH3URSKHW3%8+ VDLG2ZRPHQIRON
$ZRPDQ DPRQJVWWKHPVDLG:K\LVLWWKDWWKHPDMRULW\RIWKHGZHOOHUVRI+HOODUHZRPHQ"
7KH3URSKHW 3%8+ UHSOLHG
8SRQWKLVWKH ZRPDQDVNHG:KDWLVWKHGHILFLHQF\LQRXUZLVGRPDQGLQRXUUHOLJLRQ"
+H3%8+ UHSOLHG
>0XVOLP@ &RPPHQWDU\ ,QWKLVQDUUDWLRQFHUWDLQZHDNQHVVHVRIWKHIHPDOHVH[KDYHEHHQSRLQWHGRXWZKLFKDUHQDWXUDODQG SHUWDLQWRWKHZRPDQ VELRORJ\SV\FKRORJ\DQGHPEU\RORJ\ $FFRUGLQJWRELRORJLVWVGXULQJDQGEHIRUHPHQVWUXDWLRQDIHPDOH VWKRXJKWSURFHVVLVDIIHFWHG 6LPLODUO\KHUSXOVHDQGEORRGSUHVVXUHDUHDOVRDOWHUHG)HPDOHVDUHDOVRPRUHSURQHWRK\VWHULD)RU WKHVHUHDVRQVWKH4XU DQKDVGHFODUHGWKDWZKHQ\RXKDYHWRDSSRLQWRUFKRRVHZLWQHVVHVDPRQJ ZRPHQ\RXVKRXOGFKRRVHWZRLQSODFHRIRQHPDQ0RGHUQUHVHDUFKHVKDYHSURYHGWKLVUXOHWREH FRUUHFWRQWKHEDVLVRIELRORJ\SV\FKRORJ\DQGHPEU\RORJ\ $JDLQZHNQRZWKDWSK\VLFDOO\VSHDNLQJWKHIHPDOHKDVEHHQQDPHGDVWKHZHDNHUVH[)RUWKHVH UHDVRQVIHPDOHVKDYHEHHQH[FXVHGIURPHDUQLQJWKHLUOLYHOLKRRG)RUHDUQLQJOLYHOLKRRGRQHPD\ KDYHWRJRRXWDQGZRUNKDUG:RPHQKDYHEHHQH[HPSWHGIURPWKLVGXW\EHFDXVHRIWKHLUELRORJLFDO GLIIHUHQFHVDQGRWKHUFRQVLGHUDWLRQVRI6KDULCDK3UHVHQWGD\ZRPHQZKRDUHLJQRUDQWRI,VODPDQG PRGHUQUHVHDUFKHVDUHQRWSUHSDUHGWRDFFHSWWKHVHVFLHQWLILFDOO\DQGUHOLJLRXVO\SURYHGIDFWV7KH:HVW FODLPVHTXDOLW\EHWZHHQWKHVH[HV%XWWKLVHTXDOLW\KDVQRWEHHQHVWDEOLVKHGVRIDU7RGD\DOOWKH LPSRUWDQWSRVWVDUHRFFXSLHGE\PDOHVDQGDOOWKHLQWHUQDWLRQDOSROLFLHVDUHIUDPHGE\WKHPDORQH(YHQ PDWWHUVSHUWDLQLQJWRZRPHQDUHGHFLGHGE\WKHP7KH\KDYHPRVWO\UHOHJDWHGWKHPWRWKHSRVWVRI ZRUNHUVVHFUHWDULHVDQGVWHQRJUDSKHUVIRUWKHLUVH[XDOVDWLVIDFWLRQDQGHQMR\PHQW$IWHUDVWUXJJOHIRU KXQGUHG\HDUVWKHLUFRQGLWLRQWRGD\SURYHVWKDWWKH\DUHWKHZHDNHUVH[
6RLWLVERWKEHQHILFLDODQGPRUHUHVSHFWIXOIRUKHUWROLPLWKHUVHOIWRWKHVSKHUHRIDFWLRQVXJJHVWHGIRU KHUE\,VODP,IVKHRYHUVWHSVKHUVSKHUHVKHZLOOFHUWDLQO\ORVHKHUIHPDOHGLJQLW\DQGSUHVWLJHDVKDV KDSSHQHGLQWKH:HVW+HUVWDWHDQGFRQGLWLRQWKHUHLVDQH\HRSHQHUIRUDOO :RPHQVKRXOGUHTXHVWIRUJLYHQHVVIURP$OODKYHU\RIWHQDQGEHJHQHURXVLQFKDULW\7KH\VKRXOG QRWVKRZXQJUDWHIXOQHVVWRWKHLUKXVEDQGVDQGVKRXOGDYRLGEDFNELWLQJDQGFXUVLQJRWKHUVVRWKDWWKH\ PD\VDYHWKHPVHOYHVIURP+HOO
&+$37(5
620(2)7+(%2817,(6 :+,&+$//$++$635(3$5(' )257+(%(/,(9(56,1 3$5$',6( $OODKWKH([DOWHGVD\V 7UXO\WKH0XWWDTXQWKHSLRXVDQGULJKWHRXVSHUVRQV ZLOOEHDPLGVW*DUGHQVDQGZDWHU VSULQJV-DQQDK ,WZLOOEHVDLGWRWKHP C(QWHUWKHUHLQ-DQQDK LQSHDFHDQGVHFXUL W\ $QG :HVKDOOUHPRYHIURPWKHLUEUHDVWVDQ\GHHSIHHOLQJRIELWWHUQHVVWKDWWKH\PD\KDYH 6RWKH\ ZLOOEHOLNH EURWKHUVIDFLQJHDFKRWKHURQWKURQHV1RVHQVHRIIDWLJXHVKDOOWRXFKWKHPQRUVKDOO WKH\HYHU EHDVNHGWROHDYHLW
,WZLOOEHVDLGWRWKHEHOLHYHUVRI,VODPLF0RQRWKHLVP C0\VODYHV1RIHDUVKDOOEHRQ\RXWKLV 'D\QRUVKDOO\RXJULHYH
9HULO\WKH0XWWDTXQWKHSLRXV ZLOOEHLQSODFHRIVHFXULW\-DQQDK $PRQJ*DUGHQVDQG VSULQJV'UHVVHGLQILQHVLONDQGDOVR LQWKLFNVLONIDFLQJHDFKRWKHU6RLWZLOOEH $QG:H VKDOOPDUU\WKHPWR+XUIDLUIHPDOHV ZLWKZLGHORYHO\H\HV7KH\ZLOOFD OOWKHUHLQIRUHYHU\ NLQGRIIUXLWLQSHDFHDQGVHFXULW\7KH\ZLOOQHYHUWDVWHGHDWKWKHUHLQH[FHSWWKHILUVWGHDWKRI WKLVZRUOG DQG+HZLOOVDYHWKHPIURPWKHWRUPHQWRIWKHEOD]LQJ)LUH$VDERXQW\IURP\RXU 5XEE7KDWZLOOEHWKHVXSUHPHVXFFHVV
9HULO\$O$EUDUWKHSLRXVDQGULJKWHRXV ZLOOEHLQ'HOLJKW-DQQDK 2QWKURQHVORRNLQJDW DOOWKLQJV
7KH4XU DQLF $\DWRQWKHVXEMHFWDUHPDQ\DQGZHOONQRZQ -DELU0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG7KH0HVVHQJHURI$OODK3%8+ VDLG7KH LQKDELWDQWVRI-DQQDKZLOOHDWDQGGULQNWKHUHLQEXWWKH\ZLOOQRWKDYHWRSDVVH[FUHPHQWWREORZWKHLU QRVHVRU WRXULQDWH7KHLUIRRGZLOOEHGLJHVWHGSURGXFLQJEHOFKZKLFKZLOOJLYHRXWDVPHOOOLNHWKDWRI PXVN7KH\ZLOOEHLQVSLUHGWRGHFODUHWKHIUHHGRPRI$OODKIURPLPSHUIHFWLRQDQGSURFODLP+LV *UHDWQHVVDVHDVLO\DV\RXEUHDWKH
>0XVOLP@
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
$QRWKHUQDUUDWLRQLV7KH0HVVHQJHURI$OODK3%8+ VDLG7KHLUXWHQVLOVZLOOEHRIJROGWKHLU SHUVSLUDWLRQZLOOVPHOOOLNHPXVNHYHU\RQHRIWKHPZLOOKDYHWZRZLYHVWKHPDUURZRIWKHERQHVRI WKHZLYHV OHJVZLOOEHVHHQWKURXJKWKHIOHVKRXWRIH[FHVVLYHEHDXW\7KH\LHWKHSHRSOHRI-DQQDK ZLOOQHLWKHUKDYHGLIIHUHQFHQRUHQPLW\KDWUHG DPRQJVWWKHPVHOYHVWKHLUKHDUWVZLOOEHDVLIRQH KHDUWDQGWKH\ZLOOEHJORULI\LQJ$OODKLQWKHPRUQLQJDQGLQWKHDIWHUQRRQ
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
5XEE+RZVKRXOG,HQWHUZKLOHWKHSHRSOHKDYHVHWWOHGLQWKHLUDSDUWPHQWVDQGWDNHQWKHLUVKDUHV",W ZLOOEHVDLGWRKLP:LOO\RXEHVDWLVILHGDQGSOHDVHGLI\RXKDYHDNLQJGRPOLNHWKDWRIDPRQDUFKRI WKHZRUOG"+HZLOOVD\,ZLOOEHFRQWHQWP\5XEE$OODKZLOOVD\)RU\RXLVWKDWDQGOLNHWKDWDQG OLNHWKDWDQGOLNHWKDWDQGOLNHWKDW+HZLOOVD\DWWKHILIWKWLPH,DPZHOOSOHDVHGP\5XEE$OODKZLOO VD\,WLVIRU\RXDQGWHQWLPHVPRUHOLNHLW
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
$WWKLV,LHWKHQDUUDWRU VDZWKH0HVVHQJHURI$OODK3%8+ ODXJK WLOOKLVSUHPRODUVZHUHYLVLEOHDQGKHVDLG6XFKPDQZLOOEHWKHODVWGZHOOHURI-DQQDKLQLWVORZHVW UDQN
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHJHQHUDOKDELWRIWKH3URSKHW3%8+ ZDVMXVWWRVPLOH%XWZKLOHWHOOLQJDERXWWKH JLIWVDQGKRQRXUVDERXWDQRUGLQDU\SHUVRQLQ-DQQDKKHFRXOGQRWKHOSODXJKLQJLQDPDQQHUWKDWKLV PRODUVEHFDPHYLVLEOH7KHSHUVRQRQWKHORZHVWSHGHVWDOLQ-DQQDKZLOOEHJLYHQWHQWLPHVEHWWHU WKLQJVDQGJLIWVWKDWFRXOGKHKDGRQWKLVHDUWK0D\$OODKDGPLWXVLQWR-DQQDKLQ+LV0HUF\$PLQ $EX0XVD0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG,Q-DQQDKWKH EHOLHYHUZLOOKDYHDWHQWPDGHRIDVLQJOHKROORZHGSHDUORIZKLFKWKHOHQJWKZLOOEHVL[W\PLOHVLQWKH VN\7KHEHOLHYHUZLOOKDYHKLVZLYHVZLWKKLPDQGKHZLOOYLVLWWKHPDQGWKH\ZLOOQRWEHDEOHWRVHH RQHDQRWKHU
>$O%XNKDULDQG0XVOLP@ $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH3URSKHW3%8+ VDLG7KHUHLV DWUHHLQ-DQQDKWKDWLVVRKXJHWKDWLIDULGHURIDVZLIWKRUVHKDVWRFRYHULWVGLVWDQFHIURPRQHHQGWR DQRWKHULQRQHKXQGUHG\HDUVKHZLOOQRWEHDEOHWRGRVR
$QRWKHUQDUUDWLRQIURP$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP LV7KH0HVVHQJHURI$OODK 3%8+ VDLG$ULGHUZLOOQRWEHDEOHWRFURVVLWVWKHWUHH V VKDGHHYHQDIWHUWUDYHOOLQJIRURQH KXQGUHG\HDUV
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
ZKLFKUHPDLQVLQWKHHDVWHUQRUZHVWHUQKRUL]RQVXFKZLOOEHWKHGLIIHUHQFHLQVXSHULRULW\ZKLFKVRPH RIWKHPKDYHRYHURWKHUV
7KH0HVVHQJHURI$OODK3%8+ ZDVDVNHG:LOOWKRVHEHWKHGZHOOLQJVRI WKH3URSKHWVZKLFKQRRQHHOVHZLOOEHDEOHWRUHDFK"
+H3%8+ UHSOLHG
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ ,Q-DQQDKSHRSOHZLOOKDYHGLIIHUHQWJUDGHVDFFRUGLQJWRWKHVWUHQJWKRIWKHLU%HOLHI DQGORYHRI$OODK6RPHSHRSOHZLOOEHRQDSRVLWLRQQHDUWKDWRIWKH3URSKHWV0D\$OODKJUDQWXVVXFK ORIW\SODFHV$PLQ $EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$ VSDFHLQ-DQQDKHTXDOWRWKHGLVWDQFHEHWZHHQWKHPLGGOHDQGWKHHQGRIDERZZLOOEHEHWWHUWKDQDOO WKDWXSRQZKLFKWKHVXQULVHVDQGVHWV
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
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 6HHWKH&RPPHQWDU\RQ+DGLWK1R 6DKOELQ6DCG0D\$OODKEHSOHDVHGZLWKKLP VDLG,ZDVLQWKHFRPSDQ\RIWKH3URSKHW 3%8+ +HJDYHDGHVFULSWLRQRI-DQQDKDQGFRQFOXGHGZLWKWKHVHZRUGV7KHUHZLOOEHERXQWLHV ZKLFKQRH\HKDVVHHQQRHDUKDVKHDUGDQGQRKXPDQKHDUWKDVHYHUSHUFHLYHG
+H3%8+ WKHQ UHFLWHGWKLV9HUVH 7KHLUVLGHVIRUVDNHWKHLUEHGVWRLQYRNHWKHLU5XEELQIHDUDQGKRSHDQGWKH\VSHQGLQFKDULW\LQ $OODK V&DXVH RXWRIZKDW:HKDYHEHVWRZHGRQWKHP1RSHUVRQNQRZVZKDWLVNHSWKLGGHQIRUWKHP RIMR\
>$O%XNKDUL@ &RPPHQWDU\ 7KHEOLVVRI-DQQDKZKLFKKDVEHHQPHQWLRQHGLQWKHQDUUDWLRQVRIWKH3URSKHW3%8+ KDYHDOVREHHQDOOXGHGWRLQWKHDERYHPHQWLRQHG$\DWRIWKH1REOH4XU DQ7KDWLVZK\WKH+DGLWKLV FRQVLGHUHGWREHWKHDXWKRUL]HGFRPPHQWDU\RI WKH4XU DQ,WLVFRPPHQWDU\ZLWKRXWZKLFKLWLVQRW SRVVLEOHWRJUDVSWKHUHDOPHDQLQJRIWKH4XU DQ $EX6DCLGDQG$EX+XUDLUDK0D\$OODKEHSOHDVHGZLWKWKHP UHSRUWHG7KH0HVVHQJHURI $OODK3%8+ VDLG:KHQWKHGZHOOHUVRI-DQQDKHQWHU-DQQDKDQDQQRXQFHUZLOOFDOO
\RXZLOOQHYHUIDOOLOO\RXZLOOVWD\\RXQJDQG\RXZLOOQHYHUEHFRPHROG\RXZLOOEHXQGHUDFRQVWDQW EOLVVDQG\RXZLOOQHYHUIHHOPLVHUDEOH
>0XVOLP@ &RPPHQWDU\ :HOLYHLQWKLVZRUOGDFFRUGLQJWRRXUOLIHVSDQEXWZHQHYHUNQRZZKHQWKLVOLIHPD\ FRPHWRDQHQG
>0XVOLP@ $EX6DCLG$O.KXGUL0D\$OODKEHSOHDVHGZLWKKLP VDLG7KH0HVVHQJHURI$OODK3%8+ VDLG$OODKWKH5XEERIKRQRXUDQGJORU\ZLOOVD\WRWKHLQKDELWDQWVRI-DQQDKC2LQKDELWDQWVRI -DQQDK 7KH\ZLOOUHVSRQGC+HUHZHDUH$W
>$O%XNKDULDQG0XVOLP@ &RPPHQWDU\ 7KHGHFODUDWLRQDERXW$OODKEHLQJSOHDVHGZLWKWKHGZHOOHUVRI-DQQDKZLOOFHUWDLQO\EH WKHJUHDWHVWRIWKHERRQVDQGUHZDUGVRI-DQQDK -DULUELQC$EGXOODK0D\$OODKEHSOHDVHGZLWKKLP UHSRUWHG:HZHUHVLWWLQJZLWKWKH 0HVVHQJHURI$OODK3%8+ ZKHQKHORRNHGDWWKHIXOOPRRQDQGREVHUYHG
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
>0XVOLP@
$OODKWKH([DOWHGVD\V 9HULO\WKRVHZKREHOLHYHDQGGRGHHGVRIULJKWHRXVQHVVWKHLU5XEEZLOOJXLGHWKHPWKURXJKWKHLU )DLWKXQGHUWKHPZLOOIORZULYHUVLQWKH*DUGHQVRI'HOLJKW-DQQDK 7KHLUZD\RIUHTXHVWWKHUHLQZLOO EH6XEKDQDND$OODKXPPD*ORU\WR$OO WKHSUDLVHVDQGWKDQNVDUHWR$OODKWKH5XEERIC$ODPLQPDQNLQGMLQQDQGDOO WKDWH[LVWV @