Documentos de Académico
Documentos de Profesional
Documentos de Cultura
)5
81,7('67$7(6',675,&7&2857
($67(51',675,&72)1(:<25.
;
81,7('67$7(62)$0(5,&$ 72%(),/('81'(56($/
±DJDLQVW± &203/$,17$1'$)),'$9,7,1
68332572)$1$55(67:$55$17
'28*/$660$&.(<
DOVRNQRZQDV³5LFN\9DXJKQ´ 05(5
'HIHQGDQW 86&
;
($67(51',675,&72)1(:<25.66
0$(*$15((6EHLQJGXO\VZRUQGHSRVHVDQGVWDWHVWKDWVKHLVD6SHFLDO
$JHQWZLWKWKH)HGHUDO%XUHDXRI,QYHVWLJDWLRQGXO\DSSRLQWHGDFFRUGLQJWRODZDQGDFWLQJDV
VXFK
,QRUDERXWDQGEHWZHHQ6HSWHPEHUDQG1RYHPEHUERWKGDWHVEHLQJ
DSSUR[LPDWHDQGLQFOXVLYHLQWKH(DVWHUQ'LVWULFWRI1HZ<RUNDQGHOVHZKHUHWKHGHIHQGDQW
FRQVSLUHGWRLQMXUHRSSUHVVWKUHDWHQDQGLQWLPLGDWHSHUVRQVLQWKHIUHHH[HUFLVHDQGHQMR\PHQW
RIDULJKWDQGSULYLOHJHVHFXUHGWRWKHPE\WKH&RQVWLWXWLRQDQGODZVRIWKH8QLWHG6WDWHVWRZLW
WKHULJKWWRYRWHLQYLRODWLRQRI7LWOH8QLWHG6WDWHV&RGH6HFWLRQ
7LWOH8QLWHG6WDWHV&RGH6HFWLRQ
7KHVRXUFHRI\RXUGHSRQHQW¶VLQIRUPDWLRQDQGWKHJURXQGVIRUKHUEHOLHIDUHDV
IROORZV
KDYHEHHQVRIRUPRUHWKDQWKUHH\HDUV,DPUHVSRQVLEOHIRUFRQGXFWLQJDQGDVVLVWLQJLQ
LQYHVWLJDWLRQVLQWRWKHDFWLYLWLHVRILQGLYLGXDOVDQGFULPLQDOJURXSVHQJDJHGLQSXEOLFFRUUXSWLRQ
RIIHQVHVDQGRIIHQVHVDJDLQVWWKHSXEOLF7KHVHLQYHVWLJDWLRQVDUHFRQGXFWHGLQERWKDQ
XQGHUFRYHUDQGRYHUWFDSDFLW\'XULQJWKDWWLPH,KDYHSDUWLFLSDWHGLQLQYHVWLJDWLRQVRIFULPLQDO
FRQVSLUDF\DPRQJRWKHUVWDWXWHVDQG,KDYHFRQGXFWHGRUSDUWLFLSDWHGLQVXUYHLOODQFHZLWQHVV
LQWHUYLHZVDQGWKHH[HFXWLRQRIVHDUFKZDUUDQWVDQGDUUHVWZDUUDQWV7KURXJKP\WUDLQLQJ
HGXFDWLRQDQGH[SHULHQFH,KDYHEHFRPHIDPLOLDUZLWKWKHPDQQHULQZKLFKFULPLQDODFWLYLW\LV
FDUULHGRXWDQGWKHHIIRUWVRISHUVRQVLQYROYHGLQVXFKDFWLYLW\WRDYRLGGHWHFWLRQE\ODZ
HQIRUFHPHQW,DPIDPLOLDUZLWKWKHIDFWVDQGFLUFXPVWDQFHVVHWIRUWKEHORZIURPP\
SDUWLFLSDWLRQLQWKHLQYHVWLJDWLRQDQGIURPP\UHYLHZRIWKHLQYHVWLJDWLYHILOHDQGUHSRUWVRIRWKHU
ODZHQIRUFHPHQWRIILFHUVLQYROYHGLQWKHLQYHVWLJDWLRQ
%HFDXVHWKHSXUSRVHRIWKLV$IILGDYLWDQG&RPSODLQWLVWRVHWIRUWKRQO\WKRVHIDFWV
QHFHVVDU\WRHVWDEOLVKSUREDEOHFDXVHWRDUUHVW,KDYHQRWGHVFULEHGDOOWKHUHOHYDQWIDFWVDQG
FLUFXPVWDQFHVRIZKLFK,DPDZDUH
%DFNJURXQG
,QRUDERXW0$&.(<ZRUNLQJZLWKRWKHULQGLYLGXDOVGHVFULEHGLQ
JUHDWHUGHWDLOEHORZPDGHFRRUGLQDWHGXVHRIVRFLDOPHGLDWRVSUHDGGLVLQIRUPDWLRQUHOHYDQWWR
LQGLYLGXDOVRIWHQWRRNWKHIRUPRI³PHPHV´0$&.(<DQGKLVFRFRQVSLUDWRUVYDULRXVO\
GLVFXVVHGDQGGHEDWHGDVSHFWVRIWKHVHPHPHVLQFOXGLQJWKHLUFRQWHQWWKHLUIRUPDWWLQJDQGWKH
WLPLQJRIWKHLUUHOHDVHDQGH[SUHVVHGDGHVLUHWKDWWKHPHPHVZRXOGLQIOXHQFHWKHEHKDYLRUVRI
WKRVHZKRVDZWKHP
$VWKH(OHFWLRQDSSURDFKHG0$&.(<LQFRQMXQFWLRQZLWKRWKHUVNQRZQ
DQGXQNQRZQVSUHDGGLVLQIRUPDWLRQDERXWWKHPDQQHUE\ZKLFKFLWL]HQVFRXOGDQGVKRXOGFDVW
WKHLUYRWHVGXULQJWKH(OHFWLRQ²FRQGXFWWKDWFRQVWLWXWHGFULPLQDOLQIULQJHPHQWRIWKHULJKWWR
YRWH6SHFLILFDOO\LQRUDERXWDQGEHWZHHQ6HSWHPEHUDQG1RYHPEHU0$&.(<
WRJHWKHUZLWKKLVFRFRQVSLUDWRUVIRUPXODWHGFUHDWHGDQGGLVVHPLQDWHGLQIRUPDWLRQRYHUVRFLDO
PHGLDWKDWFODLPHGDPRQJRWKHUWKLQJVWKDWVXSSRUWHUVRID3UHVLGHQWLDOFDQGLGDWHIURPRQHRI
,QWKHFRQWH[WRILQWHUQHWDFWLYLW\D³PHPH´UHIHUVWR³DQDPXVLQJRULQWHUHVWLQJLWHP
VXFKDVDFDSWLRQHGSLFWXUHRUYLGHRRUJHQUHRILWHPVWKDWLVVSUHDGZLGHO\RQOLQHHVSHFLDOO\
WKURXJKVRFLDOPHGLD´0HPH0HUULDP:HEVWHU'LFWLRQDU\DYDLODEOHDWKWWSVZZZPHUULDP
ZHEVWHUFRPGLFWLRQDU\PHPH
SRVWLQJDVSHFLILFKDVKWDJRQ7ZLWWHURU)DFHERRNRUE\WH[WLQJWKH&DQGLGDWH¶VILUVWQDPHWRD
GHVLJQDQGGLVWULEXWHWKHVHPHVVDJHVZLWKWKHLQWHQWWKDWVXSSRUWHUVRIWKH&DQGLGDWHZRXOG
EHOLHYHWKHIUDXGXOHQWLQIRUPDWLRQFRQWDLQHGWKHUHLQDWWHPSWWRFDVWWKHLUYRWHVYLDVRFLDOPHGLD
RUWH[WPHVVDJHDQGDVDUHVXOWIDLOWRFDVWWKHLUYRWHVLQWKH(OHFWLRQLQDOHJDOO\YDOLGPDQQHU
0DFNH\DQGWKH0DFNH\$FFRXQWV
$WDOOWLPHVUHOHYDQWWRWKLV&RPSODLQW0$&.(<ZDVDUHVLGHQWRI1HZ
<RUN&LW\
$VVHWIRUWKLQJUHDWHUGHWDLOEHORZ0$&.(<XVHGWKHIROORZLQJ7ZLWWHU
,QWKHFRQWH[WRILQWHUQHWDFWLYLW\D³KDVKWDJ´LVD³ZRUGRUSKUDVHSUHFHGHGE\WKH
V\PEROWKDWFODVVLILHVRUFDWHJRUL]HVWKHDFFRPSDQ\LQJWH[WVXFKDVDWZHHW´+DVKWDJ
0HUULDP:HEVWHU'LFWLRQDU\DYDLODEOHDWKWWSVZZZPHUULDPZHEVWHUFRPGLFWLRQDU\KDVKWDJ
7KHGDWHUDQJHVIRUWKH0$&.(<$FFRXQWVUHIOHFWLQIRUPDWLRQUHFHLYHGIURP7ZLWWHU
DVWRWKHGDWHVHDFKDFFRXQWZDVUHJLVWHUHGDQGVXEVHTXHQWO\VXVSHQGHG$FFRUGLQJWRUHFRUGV
REWDLQHGIURP7ZLWWHUSXUVXDQWWRDMXGLFLDOO\DXWKRUL]HGVHDUFKZDUUDQW0$&.(<$FFRXQW
ZDVFUHDWHGRQ6HSWHPEHU+RZHYHU7ZLWWHUGRHVQRWSRVVHVVDQ\GLUHFWPHVVDJHV
SDUWLFLSDWLRQLQJURXSGLUHFWPHVVDJHVRUWZHHWVIRU0$&.(<$FFRXQWSULRUWR1RYHPEHU
VKRUWO\DIWHUWKHVXVSHQVLRQRI0$&.(<$FFRXQWRQ1RYHPEHU
'HF
#95LFKDUG 0$&.(<$FFRXQW
$SULO
,QWKHPRQWKVOHDGLQJXSWRWKH(OHFWLRQ0$&.(<¶VWUXHLGHQWLW\DVWKH
XVHURI0$&.(<$FFRXQWVDQGZDVQRWSXEOLFO\NQRZQ
9DULRXVLQGLYLGXDOVZKRLQWHUDFWHGZLWK³5LFN\9DXJKQ´KDYHFRQILUPHG
WKDWWKHLQGLYLGXDONQRZQDV³5LFN\9DXJKQ´LVLQGHHG0$&.(<
2QRUDERXW0DUFK0$&.(<XVLQJKLVDOLDV³5LFN\9DXJKQ´ZDV
LQWHUYLHZHGRQDSRGFDVW$WWKHFORVHRIWKHLQWHUYLHZ0$&.(<VWDWHGWKDWKHZDVXVLQJWKH
7ZLWWHUKDQGOH#95LFKDUG5HFRUGVSURYLGHGE\7ZLWWHUFRQILUPWKDW#95LFKDUGDQG
0$&.(<$FFRXQWZHUHERWKKDQGOHVXVHGE\WKH7ZLWWHUDFFRXQWFRUUHVSRQGLQJWR,'
QXPEHU
%DVHGRQP\WUDLQLQJH[SHULHQFHDQGWKHLQYHVWLJDWLRQWRGDWH,XQGHUVWDQGWKDW*DELV
DVRFLDOQHWZRUNLQJZHEVLWHWKDW³FKDPSLRQVIUHHVSHHFKLQGLYLGXDOOLEHUW\DQGWKHIUHHIORZRI
LQIRUPDWLRQ´*DE+RPHSDJHDYDLODEOHDWZZZJDEFRPODVWYLVLWHG-DQXDU\,QODWH
*DEZDVQRWDYDLODEOHIRUXVHE\WKHJHQHUDOSXEOLFDQGZDVRQO\DYDLODEOHWRLQYLWHG
XVHUV6HH³%DQQHGIURP7ZLWWHU"7KLVVLWHSURPLVHV\RXFDQVD\ZKDWHYHU\RXZDQW´
:DVKLQJWRQ3RVW1RYDYDLODEOHDWKWWSVZZZZDVKLQJWRQSRVWFRPQHZVWKH
LQWHUVHFWZSEDQQHGIURPWZLWWHUWKLVVLWHSURPLVHV\RXFDQVD\ZKDWHYHU\RX
ZDQWQRWLQJWKDWYDULRXVVRFLDOPHGLDXVHUVKDGPRYHGWR*DEIROORZLQJVXVSHQVLRQIURP
RWKHUVRFLDOPHGLDSODWIRUPVVXFKDV7ZLWWHU
VWDWHGWKDWKHKDG³MXVWJRWGR[HGKDUGFRUHE\>WKH3RGFDVW+RVW@´DQG
UHIHUHQFHGDSKRWRDQGVDLG³LW¶VRQ>3RGFDVW+RVW¶V@ZHEVLWH´
F $FFRUGLQJWRDQ$SULODUWLFOHLQWKH+XIILQJWRQ3RVWD
ILOPPDNHUWKH³)LOPPDNHU´LQWHUYLHZHGDQLQGLYLGXDOZKRLGHQWLILHG
KLPVHOIDV³5LFN\9DXJKQ´LQDQGPHWKLPLQSHUVRQ)ROORZLQJ
WKH&RQJUHVVLRQDO&DQGLGDWH¶VVWDWHPHQWVWKH)LOPPDNHUFRQILUPHGWR
WZRQHZVSXEOLFDWLRQVWKDWDSKRWRRI0$&.(<GHSLFWHGWKHVDPH
LQGLYLGXDOVKHZDVLQWURGXFHGWRDV³5LFN\9DXJKQ´0$&.(<KDG
SUHYLRXVO\GLVFXVVHGKLVUROHLQWKH)LOPPDNHU¶VILOPLQ0D\
0$&.(<XVLQJ0$&.(<$FFRXQWVWDWHGLQDGLUHFWPHVVDJH
³,¶PJRQQDEHLQ>)LOPPDNHU¶V@GRFXPHQWDU\´$7ZLWWHUXVHU
LQTXLUHG³LQSHUVRQ>"@´WRZKLFK0$&.(<UHVSRQGHG³ORO\HDK,
ZDVOLNHDQDQRQ\PRXVVKDGRZ´%DVHGRQP\UHYLHZRIWKHILOPLQ
TXHVWLRQ,NQRZWKDW0$&.(<¶VIDFHQHYHUDSSHDUHGLQWKH
GRFXPHQWDU\UDWKHUKLVYRLFHZDVSUHVHQWHGRYHUDGUDZLQJRIKLV
³5LFN\9DXJKQ´SHUVRQD
G 2QRUDERXW2FWREHU)%,DJHQWVFRQGXFWHGDYROXQWDU\
LQWHUYLHZZLWKWKH&RQJUHVVLRQDO&DQGLGDWH7KH&RQJUHVVLRQDO
&DQGLGDWHFRQILUPHGWKDW³5LFN\9DXJKQ¶V´WUXHQDPHZDV
0$&.(<DQGWKDW0$&.(<KDGRIIHUHGKLVVHUYLFHVWRKLVKHU
FDPSDLJQ7KH&RQJUHVVLRQDO&DQGLGDWHDGGHGWKDWDOWKRXJKVKHKDG
QHYHUPHW0$&.(<LQSHUVRQVKHIUHTXHQWO\FRPPXQLFDWHGZLWK
0$&.(<E\WHOHSKRQHDQGYLD0$&.(<¶VSHUVRQDOHPDLODFFRXQWV
H 2QRUDERXW2FWREHU)%,DJHQWVFRQGXFWHGDYROXQWDU\
LQWHUYLHZRIWKH)LOPPDNHUZKRDJDLQFRQILUPHGWKDWVKHKDG
LQWHUYLHZHG0$&.(<LQDQGWKDWVKHNQHZ0$&.(<DWWKDW
WLPHE\KLV7ZLWWHUQDPHRI³5LFN\9DXJKQ´7KH)LOPPDNHUIXUWKHU
FRQILUPHGWKDWVKHKDGVXEVHTXHQWO\EHHQVKRZQDSKRWRJUDSKRI
0$&.(<DQGFRQILUPHGWKDWWKHLQGLYLGXDOLQWKHSKRWRJUDSKZDVWKH
LQGLYLGXDOWKH)LOPPDNHUKDGPHWDV³5LFN\9DXJKQ´
7R³'R[´LV³WRSXEOLFO\LGHQWLI\RUSXEOLVKSULYDWHLQIRUPDWLRQDERXWVRPHRQH
HVSHFLDOO\DVDIRUPRISXQLVKPHQWRUUHYHQJH´'R[0HUULDP:HEVWHU'LFWLRQDU\DYDLODEOHDW
KWWSVZZZPHUULDPZHEVWHUFRPGLFWLRQDU\GR[
0$&.(<SRVWHGQXPHURXVVWDWHPHQWVWR0$&.(<$FFRXQW
FRQVLVWHQWZLWK0$&.(<EHLQJLWVXVHU$PRQJRWKHUWKLQJVLQFRPPXQLFDWLRQVERWKSXEOLF
DQGSULYDWH0$&.(<UHYHDOHGKLVSODFHRIUHVLGHQF\QRWLQJKHOLYHVLQ³1<&´³0DQKDWWHQ
WR³DQHOLWHVFKRRO´WKDWKLV³ROGVFKRRO´ZDV³0LGGOHEXU\´DQGWKHVSRUWKHSOD\HGLQFROOHJH
LQFOXGLQJVSHFLILFVDERXWKLVJUHDWHVWDWKOHWLFDFKLHYHPHQWVQRWLQJWKDWKH³UDQFURVVFRXQWU\´
DQGKLVJUHDWHVWPHWHUWLPHZDV³´%DVHGRQP\NQRZOHGJHH[SHULHQFHDQGWKH
LQYHVWLJDWLRQWRGDWHHDFKRIWKHVHIDFWVPDWFKWKHNQRZQELRJUDSK\RI0$&.(<0$&.(<
DOVRSURYLGHGLQIRUPDWLRQFRQQHFWLQJKLVDFFRXQWV)RUH[DPSOH0$&.(<UHYHDOHGLQSULYDWH
FRPPXQLFDWLRQVRYHU0$&.(<$FFRXQWDQG0$&.(<$FFRXQWWKDWKHZDVXVLQJWKH
VDPH)DFHERRNDFFRXQWWKDWKHKDGSUHYLRXVO\DQGSXEOLFO\DVVRFLDWHGZLWK0$&.(<$FFRXQW
WKH³0$&.(<)DFHERRN$FFRXQW´
7KH&R&RQVSLUDWRUV
9DULRXVLQGLYLGXDOVNQRZQDQGXQNQRZQLQFOXGLQJ0$&.(<
FROODERUDWHGWRFUHDWHDQGGLVVHPLQDWHIDOVHLQIRUPDWLRQUHJDUGLQJWKHPDQQHULQZKLFKFLWL]HQV
FRXOGDQGVKRXOGYRWH0$&.(<¶VFRFRQVSLUDWRUVGHVFULEHGLQJUHDWHUGHWDLOEHORZLQFOXGHG
WKHIROORZLQJ7ZLWWHUXVHUV
6HHKWWSVZZZWIUUVRUJDWKOHWHV0LGGOHEXU\'RXJB0DFNH\QRWLQJWKDW
0$&.(<¶VEHVWPHWHUWLPHZDV
7ZLWWHU8VHU,'1XPEHU 'HILQHG7HUP
&R&RQVSLUDWRU
&R&RQVSLUDWRU
&R&RQVSLUDWRU
&R&RQVSLUDWRU
3UREDEOH&DXVH
8VHRI6RFLDO0HGLD3ODWIRUPV
'XULQJWKHWLPHSHULRGUHOHYDQWWRWKLV&RPSODLQW0$&.(<DQGKLVFR
FRQVSLUDWRUVZHUHXVHUVRI7ZLWWHUDPRQJRWKHUVRFLDOPHGLDSODWIRUPV8VHUVRI7ZLWWHUFDQ
WLPHVWUHDPRIWZHHWVVKDUHGE\RWKHUDFFRXQWVWKHXVHUIROORZV7LPHOLQHVDUHGLVWLQFWWRHDFK
XVHU$Q\RQHRQ7ZLWWHUFDQIROORZRUXQIROORZDQ\RWKHUXVHUDWDQ\WLPHZLWKWKHH[FHSWLRQ
RIEORFNHGDFFRXQWV8VHUVPD\DOVRUHWZHHWZKLFKLVDWZHHWWKDWDXVHUIRUZDUGVWRKLVKHU
IROORZHUV,QDGGLWLRQWRLWVSXEOLFDVSHFWV7ZLWWHUSHUPLWVLWVXVHUVWRPHVVDJHHDFKRWKHU
³*URXS'0V´ZKLFKSHUPLWXVHUVWRVHQGDQGUHFHLYHGLUHFWPHVVDJHVZKLFKPD\LQFOXGH
WH[WYLGHRVLPDJHVDQGK\SHUOLQNVWRDQGIURPDJURXSRIGHVLJQDWHGXVHUV7KHVHJURXSVDUH
SULYDWHDQGXVHUVPD\RQO\EHDGGHGE\DQRWKHUPHPEHURIWKHJURXS
,QRUDERXW0$&.(<XVLQJ0$&.(<$FFRXQWHVWDEOLVKHGD
ODUJHDXGLHQFHRQ7ZLWWHUZLWKDSSUR[LPDWHO\IROORZHUVDWWKHWLPHRIKLVVXVSHQVLRQ$
)HEUXDU\DQDO\VLVE\WKH0,70HGLD/DEUDQNHG0$&.(<$FFRXQWDVWKHWK
PRVWLPSRUWDQWLQIOXHQFHURIWKHWKHQXSFRPLQJ(OHFWLRQUDQNLQJLWDERYHPRUHZLGHO\NQRZQ
DPRQJRWKHUV,QD*URXS'0GDWHG0DUFK0$&.(<WRRNQRWHRIKLVRZQ
UDQNLQJFRPPHQWLQJWKDWLWZDV³XQUHDO´0$&.(<GLGQRWSXEOLFO\LGHQWLI\KLPVHOIDVWKH
XVHURI0$&.(<$FFRXQWGXULQJWKHWLPHWKDWLWZDVDFWLYH
2QRUDERXW2FWREHU7ZLWWHUVXVSHQGHG0$&.(<$FFRXQWIRU
YLRODWLQJ7ZLWWHU¶VUXOHV²VSHFLILFDOO\IRU³SDUWLFLSDWLQJLQWDUJHWHGDEXVH´6KRUWO\WKHUHDIWHU
0$&.(<VKDUHGDVFUHHQVKRWRI7ZLWWHU¶VPHVVDJHDQQRXQFLQJWKHEDQYLDWKHVRFLDOPHGLD
ZHEVLWH*DE7KHVFUHHQVKRWXSORDGHGWR*DELQFOXGHGWKHIROORZLQJPHVVDJHIURP0$&.(<
$FFRXQW³:HDOONQHZWKLVZDVFRPLQJ'RQ¶WZRUU\,ZLOOUHWXUQWRWZLWWHUVRRQ´
2QRUDERXW2FWREHUDSSUR[LPDWHO\WKUHHGD\VDIWHU0$&.(<
$FFRXQWDQGVXEVHTXHQWO\WUDQVIHUUHGFRQWURORIWKHDFFRXQWWR0$&.(<7KHSURILOHLPDJH
XVHGIRU0$&.(<$FFRXQWZDVWKHVDPHLPDJHXVHGIRU0$&.(<$FFRXQWZLWKVRPH
PRGLILFDWLRQV$VQRWHGDERYH0$&.(<UHYHDOHGLQSULYDWHFRPPXQLFDWLRQVRYHU0$&.(<
$FFRXQWWKDWKHZDVXVLQJWKH0$&.(<)DFHERRN$FFRXQWWKDWKHKDGSUHYLRXVO\DQG
SXEOLFO\DVVRFLDWHGZLWK0$&.(<$FFRXQW6KRUWO\DIWHULWVFUHDWLRQPXOWLSOH7ZLWWHUXVHUV
2QRUDERXW1RYHPEHU)%,DJHQWVFRQGXFWHGDYROXQWDU\LQWHUYLHZZLWKWKH
$VVRFLDWH6KHFRQILUPHGWKDWVKHKDGFUHDWHGD7ZLWWHUDFFRXQWEHIRUHWKH(OHFWLRQDQGWKHQ
WUDQVIHUUHGRZQHUVKLSRIWKHDFFRXQWWR0$&.(<
ZKRSUHYLRXVO\FRUUHVSRQGHGZLWK0$&.(<$FFRXQWDGGHG0$&.(<$FFRXQWWRYDULRXV
SUHH[LVWLQJ*URXS'0V6RPHRIWKHVHXVHUVH[SODLQHGWKDW0$&.(<KDGXVHGKLV)DFHERRN
DFFRXQWWRFRQILUPWKDW0$&.(<$FFRXQWZDVKLVQHZ7ZLWWHUDFFRXQW$VVXFK
SDUWLFLSDQWVLQVSHFLILF*URXS'0VZKRXVHGWKLVIHDWXUHWRFRPPXQLFDWHZLWK0$&.(<XVLQJ
0$&.(<$FFRXQWZHUHQRZDEOHWRFRPPXQLFDWHZLWKKLPWKURXJK0$&.(<$FFRXQW
)RULQVWDQFH0$&.(<XVLQJ0$&.(<$FFRXQWZDVLQYLWHGWRMRLQJURXSVWKDWZHUHDW
SDUWLFLSDWHGLQXVLQJ0$&.(<$FFRXQW0\UHYLHZRIWKHVH7ZLWWHUUHFRUGVUHIOHFWVWKDWWKH
SDUWLFLSDQWVLQWKH*URXS'0VEHOLHYHGWKDWWKHXVHURI0$&.(<$FFRXQWDQG0$&.(<
$FFRXQWZHUHWKHVDPHLQGLYLGXDO
0$&.(<$FFRXQWKDGPRUHWKDQIROORZHUVRQRUDERXW
1RYHPEHUZKHQ7ZLWWHUVXVSHQGHG0$&.(<$FFRXQW7KHQH[WGD\RQRUDERXW
1RYHPEHU0$&.(<$FFRXQWZDVLQYLWHGLQWRWKH)HG)UHH+DWHFKDWDQG:DU
*URXS'0VFRQWDLQDODEHOWKDWFDQEHFKDQJHGE\DQ\PHPEHURIWKHJURXS7KH
*URXS'0DOVRFRQWDLQVDQLQGH[QXPEHUWKDWVWD\VWKHVDPHUHJDUGOHVVRIZKHWKHUWKHODEHO
FKDQJHV
2QRUDERXW1RYHPEHU0$&.(<XVLQJ0$&.(<$FFRXQWWZHHWHGWKH
PHVVDJH³WIZ>WKDWIHHOZKHQ@\RXKDSKD]DUGO\SRVWDSROPHPHDQGLWZLQGVXSRQ>FDEOH
QHWZRUN@´7KHWZHHWHPEHGGHGDOLQNWRDVFUHHQVKRWRIDFDEOHQHZVEURDGFDVWRQRUDERXW
1RYHPEHU7KHEURDGFDVWLPDJHLQFOXGHGDGHSLFWLRQRIDWZHHWIURP0$&.(<
$FFRXQWWKDWLQFOXGHGRQHRIWKH'HFHSWLYH,PDJHVGHILQHGEHORZ%DVHGRQWKH
LQYHVWLJDWLRQWRGDWHDQGWKHODQJXDJHRIWKHWZHHW,EHOLHYHWKDW0$&.(<ZDVFRQILUPLQJWKDW
5RRPLQDPDQQHUVLPLODUWRKRZ0$&.(<$FFRXQWKDGEHHQLQYLWHGE\WKRVHVDPHJURXSV
IROORZLQJWKHVXVSHQVLRQRI0$&.(<$FFRXQW0$&.(<$FFRXQWUHPDLQHGLQDFWLYHXVH
EHWZHHQ1RYHPEHUDQGLWVVXVSHQVLRQE\7ZLWWHURQ1RYHPEHU
8VHRI7ZLWWHUE\0$&.(<DQG+LV&R&RQVSLUDWRUV
6WDUWLQJLQDWOHDVW0$&.(<SDUWLFLSDWHGLQQXPHURXV*URXS'0V
7KHVHJURXSVZKLFKDWWLPHVLQFOXGHGGR]HQVRILQGLYLGXDOVDQGDWWLPHVKDGRYHUODSSLQJ
PHPEHUVKLSVHUYHGDVIRUXPVIRUWKHSDUWLFLSDQWVWRVKDUHDPRQJRWKHUWKLQJVWKHLUYLHZV
FRQFHUQLQJKRZEHVWWRLQIOXHQFHWKH(OHFWLRQ$PRQJRWKHUWKLQJV0$&.(<DQGWKHPHPEHUV
RIWKHVHJURXSVXVHGWKH*URXS'0VWRFUHDWHUHILQHDQGVKDUHPHPHVDQGKDVKWDJVWKDW
PHPEHUVRIWKHJURXSVZRXOGVXEVHTXHQWO\SRVWDQGGLVWULEXWH
)RUH[DPSOHRQRUDERXW'HFHPEHU0$&.(<DQGKLV
DVVRFLDWHVH[FKDQJHGPHVVDJHVLQWKH)HG)UHH+DWHFKDWUHODWLQJWRPHPHVVXJJHVWLQJWKDW
FHUWDLQYRWHUVZHUHKLGLQJWKHLUGHVLUHWRYRWHIRUD3UHVLGHQWLDOFDQGLGDWHIURPRQHRIWKHWZR
DFWXDOO\DJUHDWPHPHWRVSUHDGPDNHDOOWKHVHVKLWOLEVWKLQNWKH\¶UH>VLF@IULHQGVDUHVHFUHWO\
YRWLQJIRU>&DQGLGDWH@´$SDUWLFLSDQWLQWKHJURXSFRQYHUVDWLRQD7ZLWWHUXVHUGHVFULEHGLWDV
³SHUIHFWSV\RSV´WRZKLFK0$&.(<ODWHUUHSOLHG³:H¶YHKLWXSRQPHPHPDJLF
PRWKHUORGH´7KHQH[WGD\0$&.(<XVHG0$&.(<$FFRXQWWRUHWZHHWDWZHHWWKDW
FRQWDLQHGRQHRIWKHGLVFXVVHGPHPHVZLWKWKHIROORZLQJWH[W³,I\RXQHHGVXSSRUW,DPKHUH
IRU\RX>&DQGLGDWH@&ORVHW´
6HYHUDOPRQWKVODWHURQRUDERXW$SULO0$&.(<DQGKLV
DVVRFLDWHVH[FKDQJHGPHVVDJHVLQD*URXS'0ODEHOHG³,QIRZDUV0DGPDQ´WKH³0DGPDQ
*URXS´UHODWLQJWRSODQVWRDOWHULPDJHVRIYDULRXVFHOHEULWLHVLQDPDQQHUWKDWIDOVHO\VXJJHVWHG
WKDWWKHFHOHEULWLHVZHUHVXSSRUWLQJ&DQGLGDWH¶VFDQGLGDF\&R&RQVSLUDWRUVXJJHVWHGWRWKH
JURXSWKDWWKH\QHHGHGWR³NHHSLWLQZDYHVFRQVLVWHQWWRGD\LV>&HOHEULW\@WRPRUURZFDQ
EH>2WKHU&HOHEULW\@RUPD\EHHYHQOHW>&HOHEULW\@ULGHFX]LWVWRRJRRG´$7ZLWWHUXVHU
VXJJHVWHGWKDWWKH\³JHWWKH>2WKHU&HOHEULW\@VWXIIUHDG\´EXWWKDWWKH\³OHW>&HOHEULW\@EHWKH
WRSLFRIGLVFXVVLRQIRUDZKLOH´$IWHU&R&RQVSLUDWRUDGGHGWKDWLWZRXOGEHPRUH³HIIHFWLYH´
WREH³FRRUGLQDWHG´DQG³DOOEHRQWKHVDPHWDUJHWWRJHWKHUVSUHDGLQJWKHVHUXPRUV´0$&.(<
UHVSRQGHGXVLQJ0$&.(<$FFRXQW³,UHDOO\OLNHWKLVLGHD´QRWLQJWKDWWKH\QHHGHGWR
³RXWPHPH´WKHLURSSRQHQWV7KDWVDPHGD\0$&.(<XVHG0$&.(<$FFRXQWWRUHWZHHWD
SRVWE\&R&RQVSLUDWRUFRQWDLQLQJRQHRIWKHGLVFXVVHGPHPHVVWDWLQJ³%5($.,1*1(:6
>&(/(%5,7<@-2,167+(>&$1','$7(@75$,1´$SSUR[LPDWHO\RQHZHHNODWHURQ
0$&.(<DQGKLVDVVRFLDWHVSHULRGLFDOO\GHVFULEHGWKHLUFUHDWLRQDQGGLVWULEXWLRQRI
SROLWLFDOPHPHVDV³SV\RSV´%DVHGRQP\WUDLQLQJH[SHULHQFHDQGWKHLQYHVWLJDWLRQWRGDWH,
EHOLHYHWKDW³SV\RSV´VWDQGVIRU³3V\FKRORJLFDO2SHUDWLRQV´DQGW\SLFDOO\UHIHUVWRPLOLWDU\
RSHUDWLRQVPHDQWWRLQIOXHQFHWKHSV\FKRORJLFDOVWDWHRIDWDUJHWDXGLHQFH
RUDERXW$SULO0$&.(<XVHG0$&.(<$FFRXQWWRSRVWDVLPLODUPHPHWR7ZLWWHU
FRQFHUQLQJDGLIIHUHQWFHOHEULW\VWDWLQJ³%5($.,1*>&HOHEULW\@IHHOLQJWKHEDFNODVKIURP
IDQVIRUKHUVXSSRUWIRU>&DQGLGDWH@´$IHZPLQXWHVODWHU&R&RQVSLUDWRUUHWZHHWHG
0$&.(<¶VSRVW
)LQDOO\RQRUDERXW2FWREHUDSSUR[LPDWHO\WHQGD\VEHIRUHWKH
(OHFWLRQWKHSDUWLFLSDQWVRIERWKWKH)HG)UHH+DWHFKDWDQGWKH:DU5RRPGLVFXVVHGWKH³'UDIW
2XU'DXJKWHUV´PHPHZKLFKVXJJHVWHGWKDWWKH&DQGLGDWHZRXOGSURYRNHDUPHGFRQIOLFWDQG
GUDIWZRPHQWRILJKWWKHUHVXOWLQJZDUV0$&.(<ZDVDSDUWLFLSDQWLQERWKJURXSVXVLQJ
0$&.(<$FFRXQW0HPEHUVLQERWKJURXSVVXJJHVWHGWKDWWKHPHPHZRXOGLQIOXHQFH
ZRPHQYRWHUVDQGWKXVVKRXOGEHGLVWULEXWHG³'UDIW2XU'DXJKWHUVLVWUHQGLQJ´³>L@W¶VWUHQGLQJ
DQGQRUPLHOLEHUDOZRPHQDUHIUHDNLQJRXWDERXWLW´³,QHHGWRGRDWZHHWRQWKDW,W¶VIXFNLQJ
KLODULRXV´³LW¶VHOLFLWLQJVKHHUWHUURUIURPWKHZRPDQYRWH/HDQLQRQLW´DQG³,KDYHQ¶WVHHQD
VLQJOHLVVXHPDNHWKHVKLWOLEZRPDQYRWHZDYHULQWKLVHOHFWLRQXQWLOWKLV7KLVLVUHVRQDWLQJ
KXJHO\´7KDWVDPHGD\0$&.(<XVHG0$&.(<$FFRXQWWRWZHHWRUUHWZHHWWKH
'UDIW2XU'DXJKWHUVPHPHQXPHURXVVHSDUDWHWLPHVLQFOXGLQJUHWZHHWVRIWZHHWVE\&R
&RQVSLUDWRUDQG&R&RQVSLUDWRU
³1RUPLH´LVDQRXQDQGDGMHFWLYHGHVFULELQJVRPHRQHRIWHQSHMRUDWLYHO\RULURQLFDOO\
ZKRVHWDVWHVDQGOLIHVW\OHVDUHPDLQVWUHDP1RUPLH0HUULDP:HEVWHU'LFWLRQDU\DYDLODEOHDW
KWWSVZZZPHUULDPZHEVWHUFRPZRUGVDWSOD\ZRUGVZHUHZDWFKLQJQRUPLH
QRUPFRUHaWH[W 1RUPLHLVDULVLQJQRXQEHLQJGHOLEHUDWHO\EODQGR
UXQUHPDUNDEOH
7KHFRFRQVSLUDWRUVFRQWLQXHGWKHLUHIIRUWVWKURXJKRXWWKHHOHFWLRQVHDVRQ
0$&.(<DQGKLVFRFRQVSLUDWRUVXVHG7ZLWWHU¶VPHVVDJLQJIXQFWLRQVWRGLVFXVVDQGUHILQH
PHPHVDQGXVHG7ZLWWHU¶VWZHHWIXQFWLRQWRVSUHDGWKHPHPHVWRRWKHUXVHUV,QERWK'0VDQG
*URXS'0V0$&.(<DQGKLVFRFRQVSLUDWRUVGLVFXVVHGWHFKQLTXHVIRUXVLQJVRFLDOPHGLD
SODWIRUPVWRUHDFKODUJHUDXGLHQFHVVXFKDV³KLMDFN>LQJ@´SRSXODUKDVKWDJVZLWKPHPHV
³OHYHUDJLQJ>0$&.(<¶V@QHWZRUN´WRJHWDKDVKWDJWUHQGLQJDQGXVLQJPHPHVWRDSSHDOWR
³QRUPLHV´0$&.(<DSSHDUHGWRKDYHRXWVL]HGLQIOXHQFHLQWKHVHHIIRUWVGXHWRKLVVLJQLILFDQW
VRFLDOPHGLDIROORZLQJDQGKLVUHODWHGDELOLW\WRJHQHUDWHFRQYHUVDWLRQVRQWKHLQWHUQHWWKURXJK
KLVSRVWLQJDFWLYLW\
'XULQJFRQYHUVDWLRQVZLWKLQWKH)HG)UHH+DWHFKDW0$&.(<URXWLQHO\GHVFULEHG
FUHDWLQJPHPHV³,¶PHGLWLQJWKHSLFVLQWRDPHPHULJKWQRZ´KLVH[FLWHPHQWWKDWKLVPHPHV
ZHUHWDNLQJKROG³:($5(7+(0(0(6:(¶9(%((1:$,7,1*)25´³7+(0(0(6
$5(635($',1*´³,¶PVWDUWLQJWREHOLHYHLQ0HPH0DJLF´DQGKLVDELOLW\WRJHWRWKHUVWR
FUHDWHPHPHVIRUKLP³,ORYHKRZ,FDQDVNIRUSKRWRVKRSVDQGJHWWKHPEDFNLQOLNHKRXU´
0$&.(<DQGKLVDVVRFLDWHVIUHTXHQWO\HVSRXVHGWKHLUSUHIHUHQFHIRUXVLQJPHPHVDVWKHLU
SULPDU\PHDQVRIPHVVDJLQJ)RUH[DPSOHLQRUDURXQG-DQXDU\0$&.(<VWDWHGLQWKH
)HG)UHH+DWHFKDW³,DJJUHJDWHFRQWHQWWUROOPHPHDQGFRPPHQW<RXFDQFROOHFWDUHDOO\
JRRGLPDJHPHPHFROOHFWLRQDQGMXVWUHVSRQGWRKLJKSURILOHFKDUDFWHUVZLWKWKHSHUIHFWLPDJH
PHPHUHVSRQVH,PDJHVZRUNEHWWHUWKDQZRUGV3ODQWHGDORWRIVHHGV´'XULQJWKHVDPH
FRQYHUVDWLRQD7ZLWWHUXVHUVXJJHVWHGWKDWWKHJURXS³FROODERUDWLYHO\>VLF@ZRUNRQDJXLGH´WR
H[SODLQWKHLUPHPHPHWKRGRORJLHVDQGRXWOLQH³VWHSE\VWHSHDFKPDMRUDVSHFWRIWKH
LGHRORJLFDOGLVUXSWLRQWRRONLW´
,QYDULRXVJURXSV0$&.(<DQGKLVDVVRFLDWHVH[SUHVVHGDZDUHQHVVRI0$&.(<¶V
SDUWLFXODUDELOLW\WRFRQYH\PHVVDJHV)RUH[DPSOHDIWHUWZHHWLQJDUHVSRQVHFULWLFDORID
WHOHYLVLRQDSSHDUDQFHE\D8QLWHG6WDWHVVHQDWRUD7ZLWWHUXVHUVWDWHG³GDPQULFN\\RXU
IROORZHUVUHDOO\ZDWFK\RXUWZHHWV7KHDFWLYLW\OHYHOZKHQ\RXUHWZHHWLVDEVXUG´0$&.(<
UHVSRQGHG³\HDK>@,KDYHWKHPRVWDFWLYHIDQV´,QD'0DURXQGWKHVDPHWLPHSHULRGWKH
$VVRFLDWHZURWH0$&.(<DQGDVNHG³'R\RXKDYHJRDOV"DWHDP"WDVNV"DVVLJQPHQWV"
'LVVHPLQDWLRQRI'LVLQIRUPDWLRQ$ERXW9RWLQJ
6WDUWLQJLQRUDURXQG6HSWHPEHU0$&.(<DQGKLVFRFRQVSLUDWRUV
EHJDQGLVFXVVLQJGHVLJQLQJDQGFLUFXODWLQJPHPHVUHODWHGWRWKHWLPHSODFHDQGPDQQHURI
YRWLQJ7KHVHPHPHVDPRQJRWKHUWKLQJVIDOVHO\FODLPHGWKDWVXSSRUWHUVRIWKH&DQGLGDWH
FRXOGFDVWDYRWHLQWKH(OHFWLRQE\SRVWLQJRQ)DFHERRNRU7ZLWWHURUE\VHQGLQJDWH[WPHVVDJH
&RQWHPSRUDQHRXVFRPPXQLFDWLRQVEHWZHHQDQGDPRQJ0$&.(<DQGKLVFRFRQVSLUDWRUV
GHPRQVWUDWHWKDWWKHJRDORIWKH'HFHSWLYH,PDJHVZDVWRLQIOXHQFHYLHZHUVRIWKH'HFHSWLYH
,PDJHVWRYRWHLQDOHJDOO\LQYDOLGPDQQHU7KHVHGLVFXVVLRQVIUHTXHQWO\WRRNSODFHRYHU'0V
DQG*URXS'0V
2QRUDERXW6HSWHPEHURQH7ZLWWHUXVHUVHQWDPHVVDJHWRWKH
0DGPDQ*URXSZKLFKLQFOXGHG0$&.(<$FFRXQW&R&RQVSLUDWRUDQG&R&RQVSLUDWRU
7KHPHVVDJHLQFOXGHGDQLPDJHWKDWIDOVHO\LQIRUPHGYRWHUVLQWKH8QLWHG.LQJGRPWKDWWKH\
FRXOGFDVWWKHLUYRWHLQWKH-XQH8QLWHG.LQJGRPUHIHUHQGXPE\SRVWLQJ³9RWH5HPDLQ´RQ
WKHLU)DFHERRNRU7ZLWWHUDFFRXQWZLWKWKHKDVKWDJ³(85HIHUHQGXP´$ORQJZLWKWKHLPDJHWKH
7ZLWWHUXVHUZURWH³&DQZH>P@DNHVRPHWKLQJOLNHWKLVIRU>WKH&DQGLGDWH@"1RY´
+DSS\WRWDNHRQVRPHWKLQJLILW¶VKHOSIXO´0$&.(<UHVSRQGHG³,VKRXOGULJKW",KDYHOLNH
WKHPRVWOR\DODUP\RQ7ZLWWHU´
7KHDXWKRURIWKHPHVVDJHVWDWHG³IDNH´UDWKHUWKDQ³PDNH´DQGFRUUHFWHGWKHW\SRLQD
VXEVHTXHQWPHVVDJH
$SSUR[LPDWHO\ILYHPLQXWHVODWHUDQRWKHUPHPEHURIWKHJURXSUHVSRQGHG³7\SLFDOWKDWDOOWKH
GRSH\PLQRULWLHVIHOOIRULW´
2QRUDERXW2FWREHU7ZLWWHUVXVSHQGHG0$&.(<$FFRXQWIRU
³WDUJHWHGDEXVH´$OWKRXJK0$&.(<FRXOGQRORQJHUXVH0$&.(<$FFRXQWWRDFFHVVWKH
0DGPDQ*URXSWKHPHPEHUVRIWKHJURXSLQFOXGLQJ&R&RQVSLUDWRU&R&RQVSLUDWRUDQG
RWKHUVFRQWLQXHGWRIRUPXODWHFLUFXODWHDQGGLVFXVVWKH'HFHSWLYH,PDJHV
D 2QRUDERXW2FWREHU&R&RQVSLUDWRUSRVWHGD'HFHSWLYH
,PDJHWRWKH0DGPDQ*URXS7KH'HFHSWLYH,PDJHSRVWHGE\&R
&RQVSLUDWRULQFOXGHGDSKRWRRIWKH&DQGLGDWHZLWKWKHIROORZLQJ
WH[W³<RXUYRWHPDWWHUV$QGQRZLW¶VHDVLHUWKDQHYHUWRFDVW\RXU
YRWH6LPSO\SRVW>&DQGLGDWHQDPHZLWK9LFH3UHVLGHQW&DQGLGDWH
QDPH@ZLWKWKHKDVKWDJ3UHVLGHQWLDO(OHFWLRQRQ\RXU)DFHERRNRU
7ZLWWHUDFFRXQWEHWZHHQ$0(67DQG30(67RQ
1RYHPEHUWK7RJHWKHUZHFDQGHIHDW>&DQGLGDWH@DQGHOHFW
>&DQGLGDWH@´
E :LWKLQPLQXWHVPHPEHUVRIWKH0DGPDQ*URXSGLVFXVVHGZD\VWR
PDNHWKH'HFHSWLYH,PDJHPRUHHIIHFWLYH2QHPHPEHURIWKHJURXS
UHVSRQGHG³'RQ¶WSRVWLW\HWWKRXJKDZHHNRUOHVVEHIRUHWKH
HOHFWLRQ«,¶PPDNLQJDYHUVLRQP\VHOI´&R&RQVSLUDWRU
UHVSRQGHG³PDNHVXUHWRXVHWKHODWHVWFRORUVFKHPHVWKH\KDYH´
$QRWKHUPHPEHUUHVSRQGHG³,ZRXOGJHWULGRIWKH?´DQGHOHFW
>&DQGLGDWH@?´SDUWDWWKHERWWRPWKRXJK7RJHWKHUZHFDQGHIHDW
>&DQGLGDWH@LVPRUHDVVHUWLYH´7KDWVDPHGD\&R&RQVSLUDWRU
VWDWHG³>7ZLWWHUXVHU@XQHHGWRPDNHDWH[WPHVVDJHYHUVLRQRIWKDW
WRR´WRZKLFK&R&RQVSLUDWRUUHVSRQGHG³>&R&RQVSLUDWRU@KROG
RQ´
F $SSUR[LPDWHO\PLQXWHVODWHU&R&RQVSLUDWRUSRVWHGWKUHH
DGGLWLRQDO'HFHSWLYH,PDJHVWRWKH0DGPDQ*URXS(DFKRIWKHVH
'HFHSWLYH,PDJHVGHSLFWHGLPDJHVRIWKH&DQGLGDWHDQGLQFOXGHGWKH
OLQH³6LPSO\SRVW>&DQGLGDWHZLWK9LFH3UHVLGHQW&DQGLGDWHQDPH@
ZLWKWKHKDVKWDJ3UHVLGHQWLDO(OHFWLRQRQ\RXU)DFHERRNRU7ZLWWHU
DFFRXQWEHWZHHQ$0(67DQG30(67RQ1RYHPEHUWK
´
G %DVHGRQP\WUDLQLQJH[SHULHQFHDQGWKHLQYHVWLJDWLRQWRGDWH,
EHOLHYHWKDWWKHFRQFHUQVH[SUHVVHGE\WKHFRFRQVSLUDWRUVDQGRWKHUV
UHJDUGLQJWKHWLPLQJDQGDSSHDUDQFHRIWKH'HFHSWLYH,PDJHVLQGLFDWH
WKDWWKH\LQWHQGHGWKDWWKH'HFHSWLYH,PDJHVZRXOGEHXVHGWRGHFHLYH
WKHLUWDUJHWVDQGWKXVVRXJKWWRPDNHWKH'HFHSWLYH,PDJHVDSSHDUDV
DXWKHQWLFDVSRVVLEOH
H 2QRUDERXW2FWREHU&R&RQVSLUDWRUVHQWDQRWKHU
'HFHSWLYH,PDJHWRWKH0DGPDQ*URXS7KH'HFHSWLYH,PDJH
IHDWXUHGDSKRWRJUDSKRIWKH&DQGLGDWHDQGWKHIROORZLQJWH[W³:H
DUHSURXGWRDQQRXQFHDQHZSDUWQHUVKLSEHWZHHQ)DFHERRNDQG
7ZLWWHUDQGWKH8QLWHG6WDWHV6WDWH'HSDUWPHQW1RZ\RXZRQ¶W
HYHQKDYHWROHDYH\RXUEHGURRPLQRUGHUWRYRWH6LPSO\SRVW
>&DQGLGDWHQDPHZLWK9LFH3UHVLGHQW&DQGLGDWHQDPH@ZLWKWKH
KDVKWDJ3UHVLGHQWLDO(OHFWLRQRQ\RXU)DFHERRNRU7ZLWWHUDFFRXQW
EHWZHHQ$0(67DQG30(67RQ1RYHPEHUWK´
I 2QRUDERXW2FWREHU&R&RQVSLUDWRUVHQWDQRWKHU
'HFHSWLYH,PDJHWRWKH0DGPDQ*URXS7KH'HFHSWLYH,PDJH
IHDWXUHGDVLOKRXHWWHRIDPDSRIWKH8QLWHG6WDWHVDQGWKHIROORZLQJ
WH[W³9RWLQJMXVWEHFDPHHDVLHU3RVW>&DQGLGDWHQDPHZLWK9LFH
3UHVLGHQW&DQGLGDWH@RQ\RXU)DFHERRNRU7ZLWWHUDFFRXQWRQ
1RYHPEHUWKWRFDVW\RXUYRWH7KDW¶VLW´
J 2QRUDERXW2FWREHU&R&RQVSLUDWRUSRVWHGDQRWKHUFRS\
RID'HFHSWLYH,PDJHDQGWKHZRUG³KHK´7KUHHPLQXWHVODWHUD
SDUWLFLSDQWLQWKH0DGPDQ*URXSUHVSRQGHG³'RSH\VKLWOLEVZLOOIDOO
IRULWWRR´6HYHQPLQXWHVODWHU&R&RQVSLUDWRUSRVWHGDQRWKHU
'HFHSWLYH,PDJH
2QRUDERXW2FWREHUDPHPEHURIWKH:DU5RRPZKRVH
PHPEHUVKLSDWWKHWLPHDOVRLQFOXGHG&R&RQVSLUDWRUVDQG0$&.(<WKURXJK
0$&.(<$FFRXQWSRVWHGD'HFHSWLYH,PDJHWRWKHJURXS7KHLPDJHGHSLFWHGDSKRWRRI
0$&.(<KDGSUHYLRXVO\SDUWLFLSDWHGLQWKH:DU5RRP*URXS'0XVLQJ0$&.(<
$FFRXQW
WKH&DQGLGDWHDQGWKHIROORZLQJWH[W³9RWHIRU>WKH&DQGLGDWH@3RVW>&DQGLGDWH¶VILUVWQDPH@
XVLQJ3UHVLGHQWLDO(OHFWLRQ2Q1RYHPEHUWKWZHHWDQGSRVWWKHZRUG>&DQGLGDWH¶VILUVWQDPH@
XVLQJWKHKDVKWDJ³3UHVLGHQWLDO(OHFWLRQ´RQ)DFHERRNRU7ZLWWHUEHWZHHQDPDQGSP(67WR
FDVW\RXUYRWHIRU>WKH&DQGLGDWH@6WURQJHUWRJHWKHU>&DQGLGDWH¶VZHEVLWHDGGUHVV@´7KH
LPDJHDOVRLQFOXGHGWKHORJRRIWKH&DQGLGDWH¶VFDPSDLJQ
/HVVWKDQDPLQXWHODWHUWKHVDPH7ZLWWHUXVHUSRVWHGDQRWKHU'HFHSWLYH
,PDJHWRWKH:DU5RRP7KHLPDJHGHSLFWHGDSKRWRRIWKH&DQGLGDWHDQGWKHIROORZLQJWH[W
³9RWH(DUO\7H[Wµ>&DQGLGDWH¶VILUVWQDPH@¶WR7RGD\3DLGIRUE\>&DQGLGDWH@IRU
3UHVLGHQW0XVWEH\HDUVRUROGHUWRYRWH0XVWEHDOHJDOFLWL]HQRIWKH8QLWHG6WDWHV9RWH
E\7H[W1RW$YDLODEOHLQ*XDP3XHUWR5LFR$ODVNDRU+DZDLL´7KHLPDJHDOVRLQFOXGHGWKH
ORJRRIWKH&DQGLGDWH¶VSUHVLGHQWLDOFDPSDLJQ$VGHWDLOHGEHORZ³´LVWKHVDPH7H[W
&RGHLQFOXGHGLQ'HFHSWLYH,PDJHVODWHUGLVWULEXWHGE\0$&.(<
2QRUDERXW2FWREHU&R&RQVSLUDWRUWZHHWHGWKHIROORZLQJ
³5HPHPEHU#>&DQGLGDWH@YRWHUVRQ1RYWK\RXFDQYRWHIURPKRPHE\7ZHHWLQJ
?>&DQGLGDWH¶VILUVWQDPH@?WKLVLVRQO\VHWXSIRU#>WKH&DQGLGDWH@YRWHUV´7KLVWZHHWZDV
UHWZHHWHGWLPHV&R&RQVSLUDWRUWKHQVHQWDVFUHHQVKRWRIKLVKHUWZHHWWRWKH:DU5RRP
ZKLFKLQFOXGHG0$&.(<DQG&R&RQVSLUDWRUVDQG$QRWKHUSDUWLFLSDQWLQWKH:DU
5RRPVWDWHGWKDWKH³OLNHGWKHLGHD´EXWVWDWHG³ZKDWLIZHPDNHLWPRUHEHOLHYDEOHDFWLQJOLNH
LW¶VXQIDLUWKDWWKH\FDQWH[WDQGYRWHDQGZHFDQ¶W´$QRWKHU:DU5RRPPHPEHUUHVSRQGHG
³)XFN\HDK>@6PDUW´&R&RQVSLUDWRUUHVSRQGHG³\HDKWUXH>@,¶PZRUNLQJRQLWOHWPH
VHHZKDW,FDQFRPHXSZLWK´
6KRUWO\WKHUHDIWHU&R&RQVSLUDWRUSRVWHGWRWKH:DU5RRPDVFUHHQVKRW
RIDQDSSDUHQWVXSSRUWHURI&DQGLGDWHZKRUHDGWKHWZHHWDQGDSSHDUHGWRQRZEHOLHYHWKDW
YRWLQJE\WZHHWZDVSRVVLEOH&R&RQVSLUDWRUVWDWHG³KHUH¶VZKDW,ZRUULHGDERXW>@SHRSOHRQ
>&DQGLGDWH¶V@VLGHWKLQNLQJWKLVLVOHJLWDQGWKH\VWD\KRPH,¶PSORWWLQJZLOOKDYHVRPHWKLQJ
VRRQ´$QRWKHUPHPEHUUHVSRQGHG³>&R&RQVSLUDWRU@ZKDWDERXWLIZHVD\VRPHWKLQJDERXW
LWVWRRODWHEFZHGLGQ¶WUHJLVWHUIRULW>DQG@ZH¶OOKDYHWRGRLWQH[WHOHFWLRQRUVRPHVKLW´&R
&RQVSLUDWRUUHVSRQGHG³<HS,WKLQNVR´
$VGHVFULEHGLQJUHDWHUGHWDLOEHORZRQRUDERXW1RYHPEHUDQG
1RYHPEHU0$&.(<XVHG0$&.(<$FFRXQWWRSRVWWZR'HFHSWLYH,PDJHVWR
7ZLWWHU7ZLWWHUVXVSHQGHG0$&.(<$FFRXQWVKRUWO\WKHUHDIWHU
2QRUDERXW1RYHPEHU&R&RQVSLUDWRUSRVWHGDOLQNWRDQHZV
DUWLFOHWRWKH0DGPDQ*URXSGLVFXVVLQJ0$&.(<¶VVXVSHQVLRQIRUGLVWULEXWLQJWKH'HFHSWLYH
,PDJHVDQGDGGHG³KKDKDKD´$QRWKHU0DGPDQ*URXSPHPEHUUHVSRQGHG³/2/5LFN\´
2QRUDERXW1RYHPEHUD)HG)UHH+DWHFKDWPHPEHUDXWKRUL]HG
0$&.(<WRUHMRLQWKHJURXSXVLQJ0$&.(<$FFRXQW6KRUWO\DIWHUKLVUHHQWU\WRWKH)HG
)UHH+DWHFKDW0$&.(<$FFRXQWSRVWHGDPHVVDJHVWDWLQJ³KHOORWHDP´7ZLWWHUXVHUVLQWKH
JURXSUHVSRQGHG³+H\5LFN\ORO,ZRQGHULI-DFNZLOOOLJKWHQWKHKHOOXSDIWHU7XHVGD\:WI´
DQG³:HOFRPHEDFN5LFN\´$WRUDURXQGWKHVDPHWLPH0$&.(<ZDVDOVRDGGHGLQWRWKH
:DU5RRPXVLQJ0$&.(<$FFRXQW7KHRWKHUSDUWLFLSDQWVRIWKH:DU5RRPUHVSRQGHG
VLPLODUO\WRWKRVHLQWKH)HG)UHH+DWHFKDW2QH:DU5RRPPHPEHUZURWH³20*5LFN\\RX
NQRZWKLVNLFNVP\WZLWWHUORYHIRU\RXLQWKHRUELW´³9RWHUPLVLQIRUPDWLRQ/2/´DQG
³KDKDKDKDVRDZHVRPH´$QRWKHUPHPEHUUHVSRQGHG³5LFN\´0$&.(<XVLQJ0$&.(<
$FFRXQWUHSOLHG³OROORORO´
2QRUDERXW1RYHPEHUDQG1RYHPEHU0$&.(<XVHG
0$&.(<$FFRXQWWRFRQILUPWKDWKHZDVVWLOOXVLQJWKH0$&.(<)DFHERRN$FFRXQW
SUHYLRXVO\DVVRFLDWHGZLWK0$&.(<$FFRXQWVDQG2QRUDERXW1RYHPEHU
0$&.(<VWDWHGLQDGLUHFWPHVVDJH³WKLVLVP\WKLUG>7ZLWWHU@DFFRXQWEUR´DQG³WKLVRQHLV
DERXWDZHHNROG´%DVHGRQP\WUDLQLQJH[SHULHQFHDQGWKHLQYHVWLJDWLRQWRGDWH,NQRZWKDW
0$&.(<$FFRXQWZDVVXVSHQGHGRQRUDERXW1RYHPEHUDSSUR[LPDWHO\QLQHGD\V
EHIRUHWKHDIRUHPHQWLRQHGPHVVDJHDQGWKDW0$&.(<EHJDQXVLQJ0$&.(<$FFRXQWRQRU
DERXW1RYHPEHUDSSUR[LPDWHO\HLJKWGD\VEHIRUHWKHDIRUHPHQWLRQHGPHVVDJH7KH
IROORZLQJGD\RQRUDERXW1RYHPEHU0$&.(<XVHG0$&.(<$FFRXQWWRHQJDJH
LQWKHIROORZLQJGLUHFWPHVVDJHH[FKDQJHZLWKDQRWKHU7ZLWWHUXVHU
7ZLWWHU8VHU 7KHRULJLQDO5LFN\:KDWGLG\RXGR
WKDWJRW\RXVXVSHQGHGVRPDQ\
WLPHV
0$&.(< QRWVXUHWKHILUVWWLPHZDVJLYHQQR
UHDVRQ
0$&.(< WKHVHFRQGWLPHLWZDVEHFDXVH,
SRVWHGDPHPHWKDWWROG>&DQGLGDWH@
VXSSRUWHUVWKH\FRXOGWH[WWRYRWH
ORO
7ZLWWHU8VHU 7ZLWWHULVVRSHWW\
0$&.(< >SRVWVDOLQNWRD%X]]IHHGDUWLFOH
GLVFXVVLQJVXVSHQVLRQRI0$&.(<
$FFRXQWIRUGLVWULEXWLQJ'HFHSWLYH
,PDJHVDYDLODEOHDWKWWSV
ZZZEX]]IHHG
FRPDPSKWPOFKDUOLHZDU]HOWZLWWHU
GRHVQWWKLQNWKLVDWWHPSWWR
GLVHQIUDQFKLVHYRWHUVY@
7ZLWWHU8VHU $WOHDVW\RXWULHGORO
0$&.(< OROWHOOPHDERXWLWVRSHWW\
0$&.(<'LVWULEXWHV'LVLQIRUPDWLRQ$ERXW9RWLQJ
,QWKHILQDOZHHNVEHIRUHWKH(OHFWLRQ0$&.(<VWDWHGKLVRSLQLRQWKDW
WKHRXWFRPHRIWKHHOHFWLRQZRXOGEHDIIHFWHGE\YRWHUWXUQRXW2QRUDERXW2FWREHU
0$&.(<VHQWWKHIROORZLQJWZRWZHHWVLQVKRUWVXFFHVVLRQIURP0$&.(<$FFRXQW³'RQ¶W
EHRYHUFRQILGHQW>VLF@5HDOLW\LVLI>WKH&DQGLGDWH@JHWVWXUQRXWDQGLIHOHFWRUDWHUHDOO\LV
KHDYLO\>IURPWKH&DQGLGDWH¶VSDUW\@ZHZLOOORVHLQDODQGVOLGH'RXEWIXO>@´DQG³>,@I
HOHFWRUDWHLV>IURPWKH&DQGLGDWH¶VSDUW\@DQG>WKH&DQGLGDWH¶VSDUW\@WXUQRXWWKHLUSHRSOH>WKH
&DQGLGDWH@ZLQV?Q?QLIHOHFWRUDWHOHVV>IURPWKH&DQGLGDWH¶VSDUW\@DQGWXUQRXWSRRUIRU>WKH
&DQGLGDWH@ZHZLQ´$SSUR[LPDWHO\WZRZHHNVODWHURQRUDERXW1RYHPEHU
0$&.(<WZHHWHGWKHIROORZLQJ³2EYLRXVO\ZHFDQZLQ3HQQV\OYDQLD7KHNH\LVWRGULYHXS
WXUQRXWZLWKQRQFROOHJHZKLWHVDQGOLPLWEODFNWXUQRXW´
2QRUDERXW1RYHPEHUWKHGD\EHIRUHKHVHQWWKHWZHHW
VXJJHVWLQJWKHLPSRUWDQFHRIOLPLWLQJ³EODFNWXUQRXW´0$&.(<XVHG0$&.(<$FFRXQWWR
WZHHWD'HFHSWLYH,PDJH7KHSLFWXUHIHDWXUHGDQ$IULFDQ$PHULFDQZRPDQVWDQGLQJLQIURQWRI
DQ³$IULFDQ$PHULFDQVIRU>WKH&DQGLGDWH@´VLJQ7KH'HFHSWLYH,PDJHLQFOXGHGWKHIROORZLQJ
WH[W³$YRLGWKH/LQH9RWHIURP+RPH7H[Wµ>&DQGLGDWH¶VILUVWQDPH@¶WR>@9RWHIRU
>WKH&DQGLGDWH@DQGEHDSDUWRIKLVWRU\´7KHILQHSULQWDWWKHERWWRPRIWKH'HFHSWLYH,PDJH
VWDWHGWKHIROORZLQJ³0XVWEHRUROGHUWRYRWH2QHYRWHSHUSHUVRQ0XVWEHDOHJDOFLWL]HQ
RIWKH8QLWHG6WDWHV9RWLQJE\WH[WQRWDYDLODEOHLQ*XDP3XHUWR5LFR$ODVNDRU+DZDLL3DLG
IRUE\>&DQGLGDWH@IRU3UHVLGHQW´7KHWZHHWLQFOXGHGWKHW\SHGKDVKWDJV³*R
>&DQGLGDWH@´DQGDQRWKHUVORJDQIUHTXHQWO\XVHGE\WKH&DQGLGDWHWRJHWKHUWKH³&DQGLGDWH
+DVKWDJV´$FFRUGLQJWR7ZLWWHUUHFRUGVWKLVWZHHWZDVUHWZHHWHGDSSUR[LPDWHO\WLPHV
DQG³IDYRULWHG´WLPHV
7KHQH[WGD\0$&.(<XVHG0$&.(<$FFRXQWWRWZHHWDQRWKHU
'HFHSWLYH,PDJH7KHLPDJHGHSLFWHGDZRPDQVLWWLQJDWDFRQIHUHQFHWDEOHDQGXVLQJKHU
WHOHSKRQHDVLIVKHZDVHQWHULQJDWH[WPHVVDJH7KLV'HFHSWLYH,PDJHFRQWDLQHGVLPLODUZULWWHQ
PHVVDJHVWRWKHRQHGHVFULEHGDERYHXVLQJWKHVDPHGLVWLQFWLYHIRQWHPSOR\HGE\WKHFDPSDLJQ
RIWKH&DQGLGDWHDOWKRXJKWKLV'HFHSWLYH,PDJHZDVZULWWHQHQWLUHO\LQ6SDQLVK,QDGGLWLRQ
WKLV'HFHSWLYH,PDJHLQFOXGHGDFRS\RIWKHORJRRIWKH&DQGLGDWH¶VFDPSDLJQDVZHOODVDOLQN
WRWKH&DQGLGDWH¶VFDPSDLJQZHEVLWH/LNHWKHSUHYLRXV'HFHSWLYH,PDJH0$&.(<¶VWZHHW
IURP0$&.(<$FFRXQWLQFOXGHGWKH&DQGLGDWH+DVKWDJV$FFRUGLQJWR7ZLWWHUUHFRUGVWKLV
WZHHWZDVUHWZHHWHGDSSUR[LPDWHO\WLPHVDQG³IDYRULWHG´WLPHV
%HFDXVHWKHWZHHWVFRQWDLQLQJWKH'HFHSWLYH,PDJHVLQFOXGHGWKH
&DQGLGDWH+DVKWDJV7ZLWWHUXVHUVZKRVHDUFKHGIRUWZHHWVFRQWDLQLQJHLWKHURIWKH&DQGLGDWH
+DVKWDJVFRXOGKDYHEHHQH[SRVHGWRWKH'HFHSWLYH,PDJHV$FFRUGLQJO\WKHXVHRIWKH
&DQGLGDWH+DVKWDJVHQDEOHG0$&.(<WRVSUHDGWKH'HFHSWLYH,PDJHVWRDZLGHUDXGLHQFHWKDQ
MXVWWKRVHXVHUVZKRVSHFLILFDOO\IROORZHGRURWKHUZLVHDFFHVVHGKLVWZHHWV
2QRUDERXW1RYHPEHU7ZLWWHUEHJDQUHPRYLQJWKH'HFHSWLYH
,PDJHVSRVWHGE\0$&.(<$FFRXQWIURPWKH7ZLWWHUSODWIRUPDQGVXVSHQGHG0$&.(<
$FFRXQW7KDWVDPHGD\&R&RQVSLUDWRUDPHPEHURIWKH:DU5RRPZLWK0$&.(<&R
&RQVSLUDWRUDQG&R&RQVSLUDWRUWZHHWHGD'HFHSWLYH,PDJHDQGWKHIROORZLQJPHVVDJH
³#5LFN\9DXJKQWKDQNVIRUVSUHDGLQJWKHZRUG&DQGLGDWH+DVKWDJ9RWH>&DQGLGDWH@IURP
KRPH6DYHWLPH $YRLGWKHOLQH´
7H[W&RGH5HFRUGV
$FFRUGLQJWRL9LVLRQ0RELOHWKHFRPSDQ\WKDWRZQHGWKH7H[W&RGHOLVWHG
LQWKHWZR'HFHSWLYH,PDJHVGLVWULEXWHGE\0$&.(<DWOHDVWXQLTXHWHOHSKRQHQXPEHUV
WH[WHG³>&DQGLGDWH¶VILUVWQDPH@´RUVRPHGHULYDWLYHWRWKH7H[W&RGHRQRUDERXWDQGEHIRUH
(OHFWLRQ'D\LQFOXGLQJPDQ\EHORQJLQJWRLQGLYLGXDOVORFDWHGLQWKH(DVWHUQ'LVWULFWRI1HZ
<RUN2IWKHDSSUR[LPDWHO\QXPEHUVWKDWFRUUHVSRQGHGZLWKWKH7H[W&RGH
DSSUR[LPDWHO\RUVHQWWKHLUWH[WVDIWHU0$&.(<ILUVWWZHHWHGD'HFHSWLYH,PDJH
IURP0$&.(<$FFRXQW
January 22