'LVFODLPHU

³7KLVSXEOLFDWLRQLVGHVLJQHGWRSURYLGHDFFXUDWHDQGDXWKRULWDWLYH
LQIRUPDWLRQLQUHJDUGWRWKHVXEMHFWPDWWHUFRYHUHG,WLVVROGZLWK
WKHXQGHUVWDQGLQJWKDWWKHSXEOLVKHUDXWKRUDQGDOOFRQWULEXWRUV
DUHQRWHQJDJHGLQUHQGHULQJOHJDODFFRXQWLQJRURWKHU
SURIHVVLRQDOVHUYLFH,IOHJDORUH[SHUWDVVLVWDQFHLVUHTXLUHGWKH
VHUYLFHVRIDFRPSHWHQWSURIHVVLRQDOVKRXOGEHVRXJKW´

5HSURGXFWLRQRUWUDQVODWLRQRIDQ\SDUWRIWKLVZRUNZLWKRXW
SHUPLVVLRQRIWKHFRS\ULJKWRZQHULVXQODZIXODQGVWULFWO\
SURKLELWHG

)RUWXQH%XLOGHUV,QF
&DVV6W6XLWH
6DQ'LHJR&$
3KRQH

&RS\ULJKW)RUWXQH%XLOGHUV,QF

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP"
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &217(176
,1752'8&7,21 

&+$37(53$7+7268&&(66 
3<5$0,'2)68&&(66)25$1<%86,1(66 
3<5$0,'2)68&&(66)255($/(67$7(,19(67,1* 

&+$37(5<285,19(670(17675$7(*< 

&+$37(5<2855($/(67$7('5($07($0 
5($/7256 
5($/(67$7($77251(< 
0257*$*(%52.(5 
+$5'021(</(1'(5 
35,9$7(021(</(1'(56 
7,7/(&203$1< 7,7/($*(17 
&2175$&7,1*7($0 
,1685$1&($*(17 

&+$37(50$5.(7,1*)25'($/6 
026768&&(66)8/,19(67256$5($/:$<67+(%(670$5.(7(56
)281'$7,21$/0$5.(7,1*0$7(5,$/6 

&+$37(57230$5.(7,1*0(7+2'6 
1(7:25.0$5.(7,1* 
%$1',76,*16 
',5(&70$,/ 
'225.12&.,1*&2/'&$//,1* 
1(:63$3(5$'9(57,6,1* 
385&+$6(',17(51(7/($'6 
:+<<280867+$9($)8//$56(1$/2)0$5.(7,1*675$7(*,(6

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP"
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
&+$37(5(9$/8$7,1*/($'6 &/26,1*'($/6
35(6&5((1,1*/($'6 
(66(17,$/,1)250$7,21<280867&2//(&7 
(9$/8$7,1*'($/6 
,12)),&('($/(9$/8$7,21352&(66 
35(/,0,1$5<:$/.7+528*+ 
0((7,1*$1'1(*27,$7,1*:,7+6(//(56 
,1,7,$/0((7,1**8,'(/,1(6 
0$1$*,1*7+(&/26,1*352&(66 

&+$37(5:+2/(6$/,1*$.$)/,33,1* 
%(1(),762):+2/(6$/,1* 
7+(:+2/(6$/,1*352&(66 
:+2/(6$/,1*(;,7675$7(*,(6 
81'(567$1',1*:+2/(6$/(%8<(56 
&+226,1*%(7:((108/7,3/(2))(56 
&20021:+2/(6$/,1*48(67,216 

&+$37(5:+2/(6$/(&$6(678',(6 
0,''/(72:16,1*/()$0,/< 
1(:+$9(16,1*/()$0,/<  
1(:+$9(17:2)$0,/<&$6+385&+$6(  
3257/$1'6,1*/()$0,/<  
1(:+$9(17+5(()$0,/<  
1(:+$9(17:2)$0,/< 

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 ,1752'8&7,21
:+<'2<28:$1772/($51)5200($1'7+,6*8,'("
:HOO¿UVWRIIP\EXVLQHVVSDUWQHUVDQG,DUH5($/SHRSOHQRW
VRPHSUHWHQGH[SHUWVZKRWHDFKLQYHVWLQJFRQFHSWVIURP
\HDUVDJR:HDUHFXUUHQWO\DFWLYHLQWKHUHDOHVWDWHEXVLQHVV
DQGKDYHEHHQGRLQJLWVXFFHVVIXOO\IRUPDQ\\HDUVDOODFURVV
WKHFRXQWU\IURP&7WR1<WR1&WR)/DQGQRZ6DQ'LHJR&$
:HDOVRKDYHVXFFHVVIXOVWXGHQWLQYHVWRUVLQHYHU\RWKHUVWDWH
\RXFRXOGQDPH,QWKHSDVWIHZ\HDUVDORQHZHKDYHERXJKW
DQGVROGRYHUSURSHUWLHVDQGFRQWLQXHWRPDNHDORWRI
PRQH\E\LQYHVWLQJLQUHDOHVWDWH<(6(9(1,172'$<¶6
0$5.(7

<RXPD\UHFRJQL]HXVIURPRXUKLW79VKRZRQ$ (FDOOHG
³)/,37+,6+286(´ZKLFKIROORZVRXUWHDPDURXQGDVZH
EX\DQGVHOOUHDOHVWDWHXVLQJWKHH[DFWVWUDWHJLHVGHWDLOHGLQ
WKLVJXLGH,QIDFWWKHUHDVRQWKHVKRZVHOHFWHGXVLVEHFDXVH
RXUFRPSDQ\LVFRQVLGHUHGWREHRQHRIWKHODUJHVWUHDOHVWDWH
LQYHVWLQJFRPSDQLHVLQWKHFRXQWU\

/LNHZLVH,DPDUHDOHVWDWHLQYHVWRUZKRZLOOWHDFK\RXZKDW
ZRUNVLQWRGD\¶VPDUNHW0\W\SLQJRUJUDPPDUPD\QRWEH
SHUIHFWDQG,HQFRXUDJH\RXWR¿QGPLVWDNHVZLWKLQWKLVJXLGH
,NQRZ\RXZLOO<RXVHHWKHZRUGLQJDLQ¶WJRLQJWREHSHUIHFW
EXWDVN\RXUVHOIWKLVTXHVWLRQ:RXOG\RXUDWKHUKDYHSURSHU
JUDPPDUDQGQRWOHDUQZKDW\RXUHDOO\QHHGWRNQRZRUZRXOG
\RXUDWKHUKDYHJUHDWLQIRUPDWLRQDORQJZLWKDIHZW\SRVWKDW
KHOSV\RXPDNHWKHPRQH\DQGOLYHWKHOLIHVW\OH\RXGHVLUH",
ZRXOGDVVXPHWKHODWWHU

:+$7'2(67+,60($1)25<28"
%HIRUH,JHWDKHDGRIP\VHOIKHUHLW¶VLPSRUWDQWIRUPHWRSRLQW
RXW:+<,DPVKDULQJP\VHFUHWVWUDWHJLHVDQGV\VWHPVZLWK
\RX)LUVWRIIVKDULQJWKHVHVWUDWHJLHVLVDJUHDWZD\IRUPH
WROHYHUDJHP\LQYHVWLQJEXVLQHVV%XWEHVLGHWKDW,KDYHWR
DGPLWLW¶VSHUVRQDO«LWUHDOO\PDNHVP\EORRGERLODVHYHU\GD\
,VHHVXSSRVHG³JXUX´LQYHVWRUVWHDFKLQJFUDSS\V\VWHPVWKDW
GRQ¶WZRUN

,I\RXDUHWUXO\FRPPLWWHGWROHDUQLQJKRZWRFRQVLVWHQWO\SUR¿W
IURPVKRUWVDOHVWKHOHDVW,FDQGRLVWHDFK\RX7+(5,*+7
ZD\WRGRLW:KDW\RXDUHDERXWWRUHDGLVFHUWL¿HG
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
PHDW\FRQWHQW1RÀXII,ZLOOFXWWKURXJKDOORIWKHK\SHDQG
WHDFK\RXP\V\VWHPDWLFQRQRQVHQVHDSSURDFKWRUHDOHVWDWH
LQYHVWLQJVR\RXFDQVWDUWFORVLQJGHDOVDQGEULQJLQJLQSUHWW\
KHIW\FKHFNV6RXQGJRRGWR\RX"*UHDW«OHW¶VGLJLQ«:LWKLQ
WKLVFRXUVH,ZLOOLQWURGXFHPDQ\DVSHFWVRIWKHLQYHVWLQJDQG
ZKROHVDOLQJSURFHVVDQG,ZLOOVKRZ\RXKRZWRLPSOHPHQWP\
SURYHQVWHSE\VWHSV\VWHPVDQGVWUDWHJLHVWKDWZLOOJUHDWO\
DFFHOHUDWH\RXUVXFFHVVLQWKLVOXFUDWLYHQLFKHRIUHDOHVWDWH
LQYHVWLQJ,ZLOOJLYH\RXWKHWRROVLW¶V\RXUMREWRLPSOHPHQW
WKHP$V\RXPD\H[SHFWLWZLOOWDNHDYHU\FRQVLVWHQW
GHYRWHGZRUNHWKLFDQGDQXQZDYHULQJHDJHUQHVVWROHDUQ$V
LWLVZLWKDQ\EXVLQHVVYHQWXUHEXLOGLQJZHDOWKWKURXJKUHDO
HVWDWHUHTXLUHVVSHFLDOL]HGNQRZOHGJHDWHDPRIFRPSHWHQW
DGYLVRUVDEXVLQHVVLQIUDVWUXFWXUHEXLOWRQV\VWHPLFEXVLQHVV
SURFHVVHVDQGDZLOOLQJQHVVWRFRQVLVWHQWO\WDNHDFWLRQ<RXU
DELOLW\WRSURFHVVLQIRUPDWLRQFUHDWHV\VWHPVREWDLQOHYHUDJH
DQGKXVWOHZLOOGLUHFWO\GHWHUPLQH\RXUSHUVRQDORXWFRPH

7KLVFRXUVHGUDZVRQP\H[SHULHQFHDVERWKDVHDVRQHGUHDO
HVWDWHLQYHVWRUDQGDVDQHQWUHSUHQHXU,WLVLPSRUWDQWWR
XQGHUVWDQGWKDWWKHVHWZRFKDUDFWHULVWLFV0867JRKDQGLQ
KDQGLQRUGHUWRDFKLHYHWUXHODVWLQJVXFFHVVLQUHDOHVWDWH,W¶V
WKDWHQWUHSUHQHXULDOVSLULWWKDWLQVSLUHG\RXWRLQYHVWLQWKLV
FRXUVH$QGZLWKLQWKLVFRXUVH,¶OOVKRZ\RXKRZWRUHLJQLQ
WKDWHQWUHSUHQHXULDOVSLULWDQGWUDLQ\RXWRWDNHFDOFXODWHGULVNV
LQDQHIIRUWWRWXUQVSHFLDOL]HGNQRZOHGJHPRQH\DQGWLPH
LQWRHYHULQFUHDVLQJDPRXQWVRIFDSLWDO7KHUHYHQXH\RXFUHDWH
VKRXOGEHUHLQYHVWHGLQWR\RXUEXVLQHVVDQGXVHGWRSXUFKDVH
RWKHUW\SHVRIUHDOHVWDWH7KHVHWZRSUDFWLFHVZLOOEHWKH
FRUQHUVWRQHVIRUKHOSLQJ\RXDFKLHYHWKH¿QDQFLDOIUHHGRPDQG
LQGHSHQGHQFH\RXGHVLUH

6RLI\RXDUHUHDG\WRWDNH\RXUUHDOHVWDWHEXVLQHVVWRWKH
QH[WOHYHODQGDVVXUHDVHFXUHDQGSURVSHURXVIXWXUHIRU
\RXUVHOI\RXUVSRXVHDQG\RXUFKLOGUHQOHW¶VMXPSULJKWLQ

),567$:$51,1*
7KLVLVQRWDWH[WERRNRUDQRYHO,QIDFW,GHVSLVHGUHDGLQJ
WH[WERRNVLQFROOHJHEHFDXVHWKH\ZHUHQRWZULWWHQLQDZD\
WKDWFRXOGKROGP\DWWHQWLRQ,JXHVVWKDWLVZKDWKDSSHQV
ZKHQ\RXKDYH$''$VDUHVXOW,KDYHGHFLGHGWRZULWHWKLV
JXLGHWKH\ZD\,ZDQWLWZULWWHQ7KLVPHDQVWKHUHZLOOEHRII
FRORUVWDWHPHQWVMRNHVDQGSDUWVWKDWPD\RIIHQG\RX/HWPH
DSRORJL]HLQDGYDQFH,SUHIHUWRLQFOXGHKXPRUEHFDXVHLWKROGV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
SHRSOH¶VDWWHQWLRQDQGHYHU\RQFHLQDZKLOHJHWVDFKXFNOH
/LNHZLVH,JXDUDQWHHWKHUHZLOOEHQXPHURXVVSHOOLQJDQG
JUDPPDWLFDOHUURUV,HQFRXUDJH\RXWR¿QGWKHPDQGKLJKOLJKW
WKHP,WPDNHVIRUDUHDOO\IXQJDPHLI\RXDUHERUHG

,QDOOVHULRXVQHVVWKLVJXLGHVKRXOGEHMXGJHGRQZKHWKHULW
KHOSV\RXEHFRPHDPRUHNQRZOHGJHDEOHLQYHVWRUDQGPDNH
PRUHPRQH\,ILWGRHVWKHQLWKDVVHUYHGLWVSXUSRVH

(175(35(1(85,$/)5(('20&20(6:,7+$35,&(
$VDQHQWUHSUHQHXU\RXZLOOKDYHWKHIUHHGRPWRZRUNLQDQ\
PDQQHU\RXFKRRVH<RXZLOOKDYHWKHOLEHUW\WRGRZKDW\RX
ZDQWZKHQ\RXZDQWWRGRLW1RERG\LVJRLQJWRWHOO\RXZKDW
WRGRRQDGDLO\EDVLVRUPLFURPDQDJH\RXUHYHU\PRYH1R
ERVVQRWLPHGOXQFKEUHDNDQGQR6DWXUGD\VLI\RXFKRRVH
QRWWRZRUNRQ6DWXUGD\V,WFDQEHDQH[KLODUDWLQJIHHOLQJ
IRUDORWRISHRSOHKRZHYHULWGRHVFRPHZLWKDKHDY\SULFH
<RXZLOOPRVWOLNHO\EHWUDGLQJLQDVWHDG\SD\FKHFNIRUDQ
XQSUHGLFWDEOHRQH/LNHZLVH\RXZLOOQRORQJHUKDYHDQ\RQHWR
EDLO\RXRXWVKRXOGWKLQJVQRWJRDVSODQQHG&RPSOHWHFRQWURO
DOZD\VFRPHVZLWKDSULFHDQGWKDWSULFHPLJKWEHDORWRI\RXU
WLPHVSHQWWU\LQJWR¿JXUHWKLQJVRXW:HOODWOHDVW\RXZLOO
KDYH6DWXUGD\VRIIULJKW"'RQ¶WFRXQWRQLWIRUWKH¿UVW\HDURU
WZRDWOHDVW,QIDFW\RXPD\HYHQKDYHWRUHQDPH6XQGD\WR
:RUNGD\
1RZVD\\RXRQO\LPSOHPHQWDIHZNH\HOHPHQWVIURPWKLV
JXLGH\HVLWFDQVWLOOPDNH\RXVRPHH[WUDPRQH\WKLV\HDU
KRZHYHU,ZDQWWREHFOHDUWKLVZDVQRWP\LQWHQWLRQIRUZULWLQJ
WKLVJXLGH7KHJXLGHZDVFUHDWHGWRLQWURGXFH\RXWRFRQFHSWV
WKDWFDQOHDG\RXRQDSDWKWREXLOGLQJDVXFFHVVIXOUHDOHVWDWH
LQYHVWLQJEXVLQHVVZKLFKZLOOKHOS\RXDFKLHYH\RXUORQJWHUP
¿QDQFLDODQGSHUVRQDOJRDOV,DPDEXLOGHURIEXVLQHVVHVDQG
DVHULDOHQWUHSUHQHXU7KLVLVZKDW,HQMR\WRGRPRUHWKDQ
DQ\WKLQJHOVHLQWKHZRUOG,ZDQWWKLVWREH\RXUJRDOEHFDXVH
DQ\WKLQJHOVHLVDQXQGHUDFKLHYHPHQWDQGWKHUHLVQRWKLQJ
ZRUVHWKDQDQXQGHUDFKLHYHU,ZDQWWRFKDQJHWKHZD\\RX
WKLQNDERXWEXLOGLQJDEXVLQHVVDQGVKRZ\RXDPRGHO\RXFDQ
IROORZWRHQVXUH\RXU¿QDQFLDOVXFFHVV7KHSXUSRVHRIDOOWKLV
LVWROHDG\RXWR\RXURZQEXVLQHVVWKDW\RXZLOOHQMR\EXLOGLQJ
FDQEHSURXGRIDQGZLOOPDNH\RXPLOOLRQVRIGROODUV

7RJHWKHUZHZLOOFUHDWHWKH%(67YHUVLRQRI\RX7KLVLVP\JRDO
IRU\RXDQG,KDYHGHVLJQHGWKHJXLGHWRJHW\RXVWDUWHGGRZQ
WKLVDZHVRPHSDWKRIVXFFHVV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
$V\RXNQRZWKHUHDOHVWDWHPDUNHWKDVWDNHQDGUDPDWLF
FKDQJHLQWKHSDVWFRXSOHRI\HDUV0RVWLQYHVWRUVWKLQND
GRZQWXUQLQDPDUNHWLVDEDGWKLQJDQGPDQ\KDYHEHFRPH
IULJKWHQHGE\WKHFKDQJHV

%XWGLG\RXNQRZWKDWWKURXJKRXWKLVWRU\VRPHRIWKHPRVW
VXFFHVVIXOUHDOHVWDWHLQYHVWRUVKDYHPDGHWKHLUIRUWXQHVLQÀDW
DQGGRZQPDUNHWV",QIDFWWKHUHLVQREHWWHUWLPHLQKLVWRU\
WRPDNHKXJHSUR¿WVLQUHDOHVWDWHEHFDXVHRIWKHDPRXQWRI
GLVWUHVVHGSURSHUWLHVRXWWKHUHWKDW\RXFDQSLFNXSIRUOLWHUDOO\
SHQQLHVRQWKHGROODU«

7KDWLVLI\RXNQRZKRZWRWDNHDGYDQWDJHRIZKDWLVDOODURXQG
\RXEXWZKDWDQDYHUDJHSHUVRQQHYHUUHFRJQL]HVDVDQ
RSSRUWXQLW\6RZKDW¶VWKHVHFUHW":HOO,KDYHFUHDWHGDVWHS
E\VWHSV\VWHPIRUEX\LQJDQGVHOOLQJUHDOHVWDWHLQDGRZQ
PDUNHWDQGLQWKLVJXLGH,DPJRLQJWRVKRZ\RXH[DFWO\KRZ
<28FDQJHWLQWKHJDPHDQGUHSOLFDWHRXUVXFFHVV«

,QIDFW,JXDUDQWHHWKDWE\IROORZLQJWKLVVWHSE\VWHSJXLGH
\RXWRRFDQVWDUW/,9,1*$1(;75$25',1$5</,)()RUPH
DGH¿QLWLRQRIDQH[WUDRUGLQDU\OLIHPHDQWWDNLQJFRQWURORIP\
IXWXUHDQGDFKLHYLQJ¿QDQFLDOIUHHGRP,WZDVWKHGUHDPRI
EHLQJWKH%(67DWVRPHWKLQJLQOLIH

:KDW¶V\RXUH[WUDRUGLQDU\OLIH"$VN\RXUVHOIWKHTXHVWLRQ³:KDW
LVP\:+<"´:K\DUH\RXUHDGLQJWKLVJXLGHZKDWLVLWWKDW
\RXZDQWWRFKDQJHLQ\RXUOLIH":KDWLVLWWKDW\RXZRXOGOLNH
WRDFKLHYH":KDWLV\RXUWUXHPRWLYDWLRQ",JXDUDQWHHLW¶V
QRWPRQH\LW¶VZKDWWKDWPRQH\FDQ3529,'()25<28$1'
7+26(&/26(72<280D\EH\RXZDQWWREHDQSRXQG
JRULOODLQ\RXUPDUNHWSODFHDQGPDNHPLOOLRQVRIGROODUVWRVWDUW
DFKDULW\RUPD\EH\RXVLPSO\ZDQWWRGRDFRXSOHRIGHDOV
D\HDUVR\RXFDQEHWWHUSURYLGHIRU\RXUIDPLO\DQGUHWLUH
FRPIRUWDEO\(LWKHUZD\KDYLQJDSURSHUURDGPDSDQGOLIH
PHQWRUVLVZKDWZLOOKHOS\RXJHWWKHUH$UH\RXUHDG\IRUWKLV
MRXUQH\"<RXUOLIHZLOOQHYHUEHWKHVDPH/HW¶VJHWVWDUWHG«

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
3$7+7268&&(66
3<5$0,'2)68&&(66)25
$1<%86,1(66
.12:/('*(
.QRZOHGJHLVSRZHU7KLVVWDWHPHQWFRXOGQRWEHWUXHULQ
LWVDSSOLFDWLRQWRUHDOHVWDWHLQYHVWLQJ,QWKHUHDOHVWDWH
JDPHWKHPRVWNQRZOHGJHDEOHSOD\HUVDUHDOZD\VWKHPRVW
VXFFHVVIXO.QRZOHGJHDEOHLQYHVWRUVWKULYHRQLQIRUPDWLRQDQG
WKH\DUHFRQVLVWHQWO\VHHNLQJDQG¿QGLQJUHVRXUFHVWRLPSURYH
WKHLUNQRZOHGJH7KHLQIRUPDWLRQWKH\VHHNLVVSHFLDOL]HG
NQRZOHGJHWKH¿QHUGHWDLOV\RXPLJKWVD\ZLWKLQWKHQLFKH
LQZKLFKWKH\RSHUDWH,I\RXGRQRWFRQWLQXHWRJDLQQHZ
NQRZOHGJH\RXZLOOIDOOEHKLQGWKHFXUYH7RVWD\RQWKHFXWWLQJ
HGJHLQDQ\¿HOG\RXPXVWFRQWLQXDOO\VHHNQHZLQIRUPDWLRQ
:LWKWKHHYHUFKDQJLQJUHDOHVWDWHPDUNHWWKRVHZKRDUH
HGXFDWHGZLOODOZD\VEHLQDEHWWHUSRVLWLRQWRVXFFHHG

+RZPDQ\RI\RXZRXOGDJUHHWKDWKLJKVFKRRODQGFROOHJHGLG
QRWQHFHVVDULO\SUHSDUH\RXIRUOLIH",OHDUQHGDORWDERXWDUW
DQFLHQWKLVWRU\,QIDFWLI,ZDVRQ-HRSDUG\WKHQPD\EH,FRXOG
KDYHDFWXDOO\XVHGWKDWLQIRUPDWLRQWRPDNHPRQH\

$IWHUDHGXFDWLRQ,GLGQ¶WZDONDZD\ZLWKRQHWRRO
WREXLOGZHDOWK<RXVHH,UHDGWKHFODVVLFV«:DUDQG3HDFH
0RE\'LFNEXWXQIRUWXQDWHO\WKDWELJDVVZKDOHGLGQ¶WKHOS
PHLQFUHDVHP\EDQNDFFRXQWWKHZKDOHLVQRWLPSURYLQJWKH
TXDOLW\RIP\OLIH,OHDUQHGPRUHDWP\¿UVWUHDOHVWDWHERRW
FDPSWKHQ,GLGHDUQLQJP\IRXU\HDUFROOHJHGHJUHH0DNLQJ
\RXUVHOIDQH[SHUWLQUHDOHVWDWHLVZKDWZLOOPDNH\RXPRQH\
:KRHOVHZDQWVWREH7+(%(67DWVRPHWKLQJ\RXGR",WVWDUWV
ZLWKPDNLQJWKHGHFLVLRQWRLQYHVWLQ\RXUVHOI

%86,1(666<67(06
6\VWHPVUXQEXVLQHVVHV:KHQ\RXFUHDWHDVROLGV\VWHPDQG
LPSOHPHQWWKDWV\VWHPLQ\RXUEXVLQHVV\RXDUHVHWWLQJXSWKH
LQIUDVWUXFWXUHWREHVXFFHVVIXO7UXO\HI¿FLHQWFRPSDQLHVKDYH
GHWDLOHGV\VWHPVLQSODFH7KLVDOORZVWKHPWRLQVHUWQHZSHRSOH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
DWDQ\WLPHLQWRDQ\SRVLWLRQDQGQRWVNLSDEHDW%\GRLQJWKLV
\RXFDQUHPRYH\RXUVHOIIURPFHUWDLQUHVSRQVLELOLWLHVDVZHOO
DVUHSODFHHPSOR\HHVZKHQHYHUWKHQHHGWRGRVRDULVHV7KLV
DOORZV\RXWRUXQ\RXUEXVLQHVVUDWKHUWKDQKDYH\RXUEXVLQHVV
UXQ\RX,I\RXDUHQRWDEOHWRFUHDWHDQHIIHFWLYHV\VWHP\RX
ZLOODOZD\VEHDSULVRQHUZLWKLQ\RXURZQEXVLQHVV%XVLQHVV
6\VWHPVDOORZ\RXWRGXSOLFDWH\RXUEXVLQHVVLQRWKHUPDUNHWV
$OOVXFFHVVIXOIUDQFKLVHRSHUDWLRQVKDYHGHWDLOHGEXVLQHVV
V\VWHPVWKDWDOORZWKHPWRHI¿FLHQWO\DQGHIIHFWLYHO\UHSOLFDWH
WKHLUEXVLQHVVHVDWQHZORFDWLRQV:KHWKHU\RXUSODQLVWRRSHQ
RQHVWRUHRUDKXQGUHGVWRUHVDVROLGEXVLQHVVV\VWHPZLOO
PDNHWKLVSURFHVVSRVVLEOH

$&7,21
:LWKRXWDFWLRQNQRZOHGJHDQGV\VWHPVGRQRWDFFRPSOLVK
DQ\WKLQJ<RXFDQJRRXWDQGJDLQDOOWKHNQRZOHGJH\RX
ZLVKDQGFUHDWHDQH[FHOOHQWEXVLQHVVV\VWHPDORQJZLWKWKDW
NQRZOHGJHEXWLI\RXGRQRWWDNHDFWLRQDQGLPSOHPHQW\RXU
LGHDVWKH\DUHZDVWHG7KLVLVWKHVWHSWKDWPDQ\SHRSOHZLOO
QHYHUDFFRPSOLVK$FWLRQVHSDUDWHVWKRVHZKRGRIURPWKRVH
ZKRRQO\GUHDPRIGRLQJ0DQ\SHRSOHDUHDIUDLGWRWDNHDFWLRQ
DQGDVDUHVXOWQHYHUEHFRPHVXFFHVVIXO:KLOHWDNLQJDFWLRQ
LVDULVNWKURXJKHGXFDWLRQDQGV\VWHPGHYHORSPHQW\RXFDQ
PLQLPL]HWKDWULVN6XFFHVVIXOEXVLQHVVRZQHUVWDNHDFWLRQ
HYHU\GD\DQGDVDUHVXOWH[SRVHWKHPVHOYHVWRULVNDQGIDLOXUH
7KLVLVLQKHUHQWLQDQ\EXVLQHVVLQFOXGLQJUHDOHVWDWH:LWK
JUHDWULVNFRPHJUHDWUHZDUGV

7RS6L[4XDOLWLHV2I$6XFFHVVIXO,QYHVWRU
7DNHV$FWLRQ
6DOHV6NLOOV
:RUN(WKLF
3HRSOHDQG&RPPXQLFDWLRQ6NLOOV
8QGHUVWDQGV:RUNLQJ6PDUWHUYV+DUGHU
/HDGHUVKLS 'HFLVLRQ0DNLQJ&DSDELOLWLHV

3<5$0,'2)68&&(66)25
5($/(67$7(,19(67,1*
0$5.(7,1*
0DUNHWLQJLVWKH¿UVWDQGPRVWLPSRUWDQWVWHSLQVXFFHVVIXOUHDOHVWDWH
LQYHVWLQJ/HW¶VIDFHLW0DUNHWLQJLVWKH³OLIHEORRG´RI\RXUEXVLQHVV
:LWKRXWLW\RXZRQ¶WEHEX\LQJRUVHOOLQJPDQ\KRXVHV0DUNHWLQJLV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
ZKDWPDNHVWKHSKRQHULQJDQGJHQHUDWHVOHDGV6XFFHVVIXOPDUNHWLQJ
LVDQDUWIRUPDQGWKRVHZKRGRLWZHOOVHWWKHPVHOYHVDSDUWIURP
RWKHULQYHVWRUV7KHUHDUHPDQ\GLIIHUHQWIRUPVRIPDUNHWLQJLQUHDO
HVWDWH'LUHFW0DLOFROGFDOOLQJDQGRIFRXUVHQHWZRUNLQJ:LWKUHJDUG
WRZKROHVDOHLQYHVWLQJWKHUHLVQRVXEVWLWXWHIRUQHWZRUNLQJ0HHWLQJ
RWKHULQYHVWRUVZLWKLQ\RXUDUHDLVDJUHDWZD\WRJHQHUDWHOHDGV7KH
PRUHSHRSOH\RXPHHWDQGWDONZLWKLQUHDOHVWDWHWKHPRUHSRVVLELOLWLHV
\RXKDYHWRSXWGHDOVWRJHWKHU+DYLQJDODUJHSUHVHQFHEXWLQ\RXU
ORFDOFRPPXQLW\DQGRQOLQHFRPPXQLW\WKURXJKPDUNHWLQJKHOSVFUHDWH
DVWURQJDQGSRVLWLYHUHSXWDWLRQ,WDOVRDGGVYDOLGLW\WR\RXUFRPSDQ\
)XUWKHUPRUHZLWKWKHVKLIWWRWKHLQWHUQHW\RXPXVWUHDOL]H2QOLQH
0DUNHWLQJLVWKHIXWXUHRIUHDOHVWDWHDQGDOOEXVLQHVVIRUWKDWPDWWHU,I
\RXGRQ¶WOHDUQWKLVQRZ\RXZLOOEHDWDVHULRXVGLVDGYDQWDJHLQ\HDUVWR
FRPH

:+2/(6$/,1*
:KROHVDOLQJVRPHWLPHVUHIHUUHGWRDV³ÀLSSLQJ´SURSHUWLHVLV
DQHVVHQWLDOSDUWRIHYHU\UHDOHVWDWHLQYHVWRUVEXVLQHVV,WLV
DZD\WRJHQHUDWHLQFRPHZLWKOLWWOHRUQRULVN0DQ\WLPHV
\RXQHYHURZQWKHSURSHUW\\RXVLPSO\DUHWKHWUDQVDFWLRQ
FRRUGLQDWRU,QHVVHQFH\RXDUHEULQJLQJDEX\HUDQGDVHOOHU
WRJHWKHU7KURXJK\RXUPDUNHWLQJHIIRUWV\RXORFDWHGHDOVDQG
WKHQ\RXDVVLJQWKHPWRRWKHULQYHVWRUVWKDW\RXORFDWHWKURXJK
QHWZRUNLQJ,I\RXUPDUNHWLQJPDFKLQHLVLQPRWLRQ\RXVKRXOG
KDYHQRSUREOHP¿QGLQJVHOOHUV6XFFHVVIXOQHWZRUNLQJDQG
EHLQJDFWLYHLQWKHUHDOHVWDWHFRPPXQLW\ZLOOHQDEOH\RXWR¿QG
ZKROHVDOHEX\HUV%\GHYHORSLQJ\RXUZKROHVDOHEX\HUOLVWDQG
QHWZRUNLQJZLWKWKHVHEX\HUVWKH\ZLOOLQWXUQEULQJGHDOVWR
\RX,WLVDZLQZLQVLWXDWLRQ

5(+$%%,1*
7KHORQJDQGVKRUWRIUHKDEELQJSURSHUWLHVLVWKLV±EX\LQJORZ
DGGLQJYDOXHDQGPDNLQJKXJHSUR¿W7KHPRVWDWWUDFWLYH
EHQH¿WRIUHKDEELQJSURSHUWLHVDVRSSRVHGWRZKROHVDOLQJ
LVWKHLPPHQVHSUR¿WUHKDEVFDQ\LHOG:KROHVDOLQJDOORZV
\RXWRJDLQTXLFNFDVKZLWKOLWWOHULVN5HKDEELQJDSURSHUW\
DQG³ÀLSSLQJLW´UHTXLUHVDQLQFUHDVHLQULVNEXWPDVVLYHO\
LQFUHDVHV\RXUSRWHQWLDOUHWXUQ7KHPDUNHWLQJVWUDWHJLHVEULQJ
LQGHDOVZLWKWKHNQRZOHGJHVNLOOVDQGDELOLWLHVWRERWKUHKDE
DQGZKROHVDOHJLYH\RXWKHRSWLRQWRFKHUU\SLFNZKLFKH[LW
VWUDWHJLHV\LHOGWKHEHVWUHVXOWVLQHDFKVLWXDWLRQ

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
<285,19(670(17
675$7(*<
7KHUHLVDQROGDGDJHLQUHDOHVWDWHWKDWVD\V\RXDOZD\VPDNH
\RXUPRQH\ZKHQ\RXEX\DQGQRWZKHQ\RXVHOO7KLVVD\LQJ
HPERGLHVKRZ\RXVKRXOGWKLQNDERXWEX\LQJSURSHUWLHVLQ
\RXUUHDOHVWDWHEXVLQHVV7KLVLVDOVRSUHFLVHO\KRZ,FKRRVH
WRLQYHVWDQGWKHVDPHZD\,WHDFKRWKHUVWRLQYHVW,ZDQWWR
PDNHDSUR¿WJRLQJLQZKHWKHU,GHFLGHWRGHYHORSWKHSURSHUW\
RUQRW7KHUHDUHRWKHUDSSURDFKHVWRLQYHVWLQJDQGLWLV
LPSRUWDQWWRXQGHUVWDQGWKHLUGLIIHUHQFHV

7+($335(&,$7,21$3352$&+
$ORWRILQYHVWRUVEX\SURSHUWLHVEHWWLQJWKDWWKHSURSHUW\ZLOO
DSSUHFLDWHRYHUWLPH,QIDFWWKLVDSSURDFKIRUPDNLQJPRQH\
LQUHDOHVWDWHLVSUREDEO\WKHPRVWFRPPRQLQYHVWPHQWVWUDWHJ\
EHLQJXVHGDFURVVWKHFRXQWU\DWWKHSUHVHQWPRPHQW7KH
FRQFHSWLVVLPSOH%X\DSURSHUW\PDQDJHLWZHOOKROGLWORQJ
HQRXJKIRUWKHPDUNHWWRDSSUHFLDWHVHOOZKHQWKHPDUNHW
LVXSDQGUHWLUHSHDFHIXOO\QHYHUWREHKHDUGIURPDJDLQ2I
FRXUVHPDQ\LQYHVWRUVKDYHEHFRPHYHU\ZHDOWK\RYHUWLPH
XVLQJWKLVLQYHVWPHQWVWUDWHJ\HVSHFLDOO\ZKHQWKHPDUNHWLV
KRW7KHEX\DQGKROGDSSURDFKLVDYDOLGVWUDWHJ\IRUPDNLQJ
PRQH\LQUHDOHVWDWHKRZHYHUWKHUHDUHRWKHUVWUDWHJLHV,
FRQVLGHUWREHPXFKPRUHOXFUDWLYH7KHVHDUHWKHVWUDWHJLHV
WKHUHDOSOD\HUVLQWKHPDUNHWSODFHDUHXVLQJWREHFRPH¿OWK\
VWLQNLQJULFK7KHVHVWUDWHJLHVZLOOEULQJ\RXUHWXUQVRIWR
RQ\RXUPRQH\LQVWHDGRIDPRGHVWWRUHWXUQV
XVLQJWKHEX\DQGKROGVWUDWHJ\
:K\GR,DGYRFDWHDJDLQVWLQYHVWLQJIRUDSSUHFLDWLRQ"1RZ
GRQ¶WJHWPHZURQJ,ORYHLWZKHQSURSHUWLHV,DPKROGLQJRQWR
DSSUHFLDWH+RZHYHULQYHVWLQJIRUDSSUHFLDWLRQLVWRRULVN\DQG
,GRQ¶WKDYHWKHSDWLHQFHIRULW7KHUHDUHWRRPDQ\XQNQRZQ
YDULDEOHVLQÀXHQFLQJWKHYDOXHWKDWDQLQYHVWRUFDQQRWFRQWURO
,QFRQWUDVWLI\RXLQYHVWWKHZD\,WHDFKDQGEX\SURSHUWLHV
WREHORZPDUNHWYDOXHZKDWULVNGR\RXIDFHLIWKH
PDUNHWGURSV":KDWULVNGR\RXIDFHLIWKHPDUNHWGURSV
"
<RXVWLOOKDYHDQDVVHWZRUWKPRUHWKDQZKDW\RXSDLGIRULWDQG
\RXFDQGLVSRVHRIWKDWDVVHWTXLFNO\DQGVWLOOPDNHDSUR¿W
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
7+(9$/8($''('$3352$&+
2QHRIWKHEHVWZD\VWRLQYHVWLVWRDGGYDOXHWRDQH[LVWLQJ
SURSHUW\7KHUHDUHSOHQW\RIWHFKQLTXHVIRUDGGLQJYDOXH
WRDSURSHUW\3K\VLFDOO\LPSURYLQJWKHH[LVWLQJVWUXFWXUHRI
DSURSHUW\¿QGLQJKLGGHQZHDOWKWKURXJK]RQLQJFKDQJHV
EX\LQJLQEXONDQGVHOOLQJE\WKHXQLWFUHDWLQJGLVSURSRUWLRQDWH
UHWXUQVWKURXJKFUHDWLYH¿QDQFLQJDUHDOOH[DPSOHVRIYDOXH
DGGHGDSSURDFKHV$OORIWKHVHPHWKRGVDUHH[DPSOHVRIKRZ
DQLQYHVWRUFDQXVHVXSHULRULQIRUPDWLRQDQGNQRZOHGJHWR
LQFUHDVHWKHYDOXHRIDSURSHUW\

7KHYDOXHDGGHGDSSURDFKLVDPXFKEHWWHUVWUDWHJ\IRU
PDNLQJPRQH\LQUHDOHVWDWHFRPSDUHGWRWKHDSSUHFLDWLRQ
EHW+RZHYHUWKHUHDUHVWLOOPDQ\ULVNVDVVRFLDWHGZLWKWKLV
DSSURDFK6RPHWLPHWKHULVNVZLOORXWZHLJKWKHUHZDUGEXW
QRWHYHU\LQYHVWRUNQRZVWKLVEHIRUHWKH\JRLQWRDSURMHFW
$Q\WLPH\RXGHYHORSRUUHGHYHORSSURSHUW\WKHUHFDQEH
SUREOHPVWKDWSRSXSDORQJWKHZD\7KHVHXQNQRZQYDULDEOHV
JLYHWKHYDOXHDGGHGDSSURDFKDFHUWDLQDPRXQWRIULVN:LOO
WKHUHKDEFRVWSUHGLFWHGDFWXDOO\WXUQRXWWREHPRUH":LOO
GHDGOLQHVIRUFRQVWUXFWLRQEHPHWRUZLOOWKHSURMHFWGUDJRXW
HDWLQJXSDOOWKHSUR¿W":LOOWKHPDUNHWWXUQRQPHGXULQJWKH
GHYHORSPHQWSURFHVV"

7KLVEHLQJVDLGWKHUHLVPRUHPRQH\EHLQJPDGHLQWKHUHDO
HVWDWHPDUNHWHYHU\GD\ZLWKWKHYDOXHDGGHGDSSURDFKWKDQ
DQ\RWKHUIRUPRILQYHVWPHQW6RZK\LVWKLVVWLOOQRWP\
IDYRULWHIRUPRILQYHVWPHQW":HOOOHW¶VGLVFXVVWKLVEHORZ

%8<,1*:,7+(48,7<
7KLVLVP\IDYRULWHLQYHVWPHQWVWUDWHJ\DQGWKHQXPEHURQH
WHFKQLTXH,SUHIHUWRWHDFK7KHFRQFHSWLVVLPSOHPDUNHWZHOO
EX\DSURSHUW\IRUVLJQL¿FDQWO\OHVVWKDQWKHFXUUHQWPDUNHW
YDOXHDQGHQVXUH\RXUVHOIDKHIW\SUR¿WZKHQ\RXFORVH7KLV
PHDQV\RXFRXOGGRDEVROXWHO\QRWKLQJWRWKHSURSHUW\DQG
WXUQDURXQGDQGVHOOWKHSURSHUW\WKHQH[WGD\IRUVLJQL¿FDQWO\
PRUHWKDQ\RXSDLG7KLVPHDQV\RXGRQ¶WKDYHWRDGGYDOXHWR
WKHSURSHUW\LQDQ\ZD\WRDFKLHYHDVL]DEOHSUR¿W1REXLOGLQJ
QROHDVLQJQRUHKDEELQJQR]RQLQJFKDQJHVUHTXLUHGIRUWKLV
LQYHVWPHQWVWUDWHJ\,W¶VDEHDXWLIXOLQYHVWPHQWVWUDWHJ\DQGDOO
\RXKDYHWRGRLVOHDUQKRZWR¿QGWKHVHGHDOVSXWWKHPXQGHU
FRQWUDFWDQGZKROHVDOHWKHPWRDQRWKHULQYHVWRUIRUPRUH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
0\LQYHVWPHQWVWUDWHJ\LVVLPSOHDQGFDQEHVXPPDUL]HG
LQRQHOLQH1HYHUSXUFKDVHDSURSHUW\XQOHVV\RXFDQWXUQ
DURXQGDQGVHOOWKHSURSHUW\WKHIROORZLQJGD\IRUPRUHPRQH\
:KDWWKLVPHDQVLVWKDW,DPEX\LQJSURSHUWLHVXQGHUPDUNHW
YDOXHZLWKEXLOWLLQHTXLW\7KLVUXOHDSSOLHVWRHYHU\W\SHRI
SURSHUW\DQGHYHU\W\SHRIGHDO,ORRNDWIURPVLQJOHIDPLO\
KRXVHVWRUDZODQG,ZDQWWRSOD\WKHUHDOHVWDWHJDPHRQP\
RZQWHUPV,ZDQWWRKDYHRSWLRQVZLWKWKHSURSHUWLHV,EX\
EHFDXVHLWKHOSVHOLPLQDWHULVN$QGLI,FKRRVHWRGRDQ\WKLQJ
WRWKHSURSHUW\WKHQ,ZLOORQO\LQFUHDVHWKHSUR¿WPDUJLQ,KDYH
DOUHDG\VHFXUHG

7KLVDSSURDFKFDQQRZEHXVHGLQFRQMXQFWLRQZLWKWKHYDOXH
DGGHGDSSURDFKWRFUHDWHVRPHRIWKHPRVWSUR¿WDEOHGHDOVRXW
WKHUH,GRQ¶WOLNHWKHLGHDRIKDYLQJWRGHYHORSWKHSURSHUW\LQ
RUGHUWRPDNHDSUR¿W,ZDQWWRNQRZ,FDQPDNHDSUR¿WIURP
GD\RQHZLWKRXWKDYLQJWRGRDQ\WKLQJWRWKHSURSHUW\EXWLI,
FKRRVHWRGHYHORSWKHQ,NQRZ,DPPDNLQJDVDIHUEHW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
<2855($/(67$7(
'5($07($0
5HDOHVWDWHLQYHVWLQJLVDWHDPVSRUW7KHLQYHVWRUVZKR
DVVHPEOHWKHEHVWWHDPVZLWKWKHVWURQJHVWFRQWULEXWLQJ
PHPEHUVDUHDOZD\VWKHPRVWVXFFHVVIXO,WLV9,7$/WKDW
\RXVXUURXQG\RXUVHOIZLWKWKHULJKWSHRSOHDVLW:,//GLUHFWO\
GHWHUPLQH\RXUOHYHORIVXFFHVVDQGOHYHORILQFRPH

.(<0(0%(562)<285'5($07($0

 5HDOWRU
 $WWRUQH\
 0RUWJDJH%URNHU
 +DUG0RQH\/HQGHU
 3ULYDWH0RQH\/HQGHU
 7LWOH&RPSDQ\ 7LWOH$JHQW
 &RQWUDFWLQJ7HDP
 ,QVXUDQFH$JHQW

5($/7256
5HDOWRUVDUHLQWKHEXVLQHVVRIFRQQHFWLQJSHRSOHZLWKGHDOV
:KHWKHU\RXDUHORRNLQJIRUSURSHUWLHVWREX\VHOORUOHDVHD
UHDOWRUKDVDVSHFLDOSODFHRQ\RXUWHDP

)LQGLQJ'HDOV,I\RXGRQRWKDYH\RXUUHDOHVWDWHOLFHQVH
\RXZLOOQHHGDFFHVVWRWKH0/60XOWLSOH/LVWLQJV6HUYLFHV
ZKLFKLVDVHUYLFHH[FOXVLYHWROLFHQVHGUHDOHVWDWHDJHQWV7KH
0/6LVWKHPRVWXSWRGDWHFRPSUHKHQVLYHGDWDEDVHRILWV
NLQGJLYLQJ5HDO(VWDWH3URIHVVLRQDOVDFFHVVWRHYHU\SURSHUW\
FXUUHQWO\OLVWHGXQGHUFRQWUDFWVROGRUSUHYLRXVO\OLVWHGE\
DQ\EURNHURUUHDOWRUZLWKLQWKDW0/6V\VWHP7\SLFDOO\WKH
0/6LVXVHGWRVHOOLQJUHWDLOSURSHUWLHVWKHUHIRUH\RXPD\QRW
EHDEOHWRJHWWKHGHHSHVWGLVFRXQWVKHUHEXW\RXU5HDOWRU
PD\RIWHQPDNHFRQQHFWLRQVZLWKVHOOHUVZKRVHSURSHUWLHV
DUHQ¶WVXLWHGIRUWKH0/6EXWFRXOGSRWHQWLDOO\PDNH\RXVRPH
PRQH\,QDGGLWLRQWRWKHPKHOSLQJ\RX¿QGJRRGGHDOVWKDW
\RXFDQZKROHVDOHWKH\FDQDOVRKHOS\RX¿QGEX\HUVIRU\RXU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
ZKROHVDOHSURSHUWLHV,WPD\VHHPOLNHDVWHHSFRVWWRGLVKRXW
FRPPLVVLRQVRQDYHUDJHRIWKHVDOHVSULFHVWRDEX\HU¶V
DJHQWMXVWIRUEULQJLQJ\RXDEX\HU1RWWRHYHQPHQWLRQ
DQRWKHULI\RXKDYHWKHSURSHUW\OLVWHGZLWKD5HDOWRUEXW
LW¶VLPSRUWDQWWRNHHSLQPLQGWKDWD5HDOWRUHYHQUHSUHVHQWLQJ
WKHRWKHUSDUW\FDQEHZRUWKWKHLUZHLJKWLQJROG<RXVHHD
5HDOWRURQO\JHWVSDLGLIWKHGHDOFORVHV7KHUHIRUHWKH\KDYH
DVHULRXVLQWHUHVWLQJHWWLQJWKHWUDQVDFWLRQFORVHG,WLVDOZD\V
RIEHQH¿WWRKDYHPXOWLSOHSHRSOHSXVKLQJERWKSDUWLHVWRWKH
FORVLQJ

&211(&7,216:,7+,19(6725$1'5(7$,/%8<(56
5HDOWRUVZKRZRUNZLWKDORWRILQYHVWRUEX\HUVZLOOEHYHU\
YDOXDEOHWR\RXUEXVLQHVVDQGWKH\DUHRQHRIWKH¿UVWW\SHV
RIUHDOWRUV\RXZDQWWRVHHNRXWDQG¿QG7KHEHVWZD\WR¿QG
WKHVHSHRSOHLVWRFDOOXSHYHU\EURNHUDJHLQWRZQDQGDVNWKH
RI¿FHPDQDJHUZKLFKDJHQWVSHFLDOL]HVLQZRUNLQJZLWKLQYHVWRU
EX\HUV7KHQ\RXZDQWWRFRQWDFWWKHVHDJHQWVDQGVHWXSD
SKRQHDSSRLQWPHQWRUOXQFKPHHWLQJ$Q\SURSHUW\WKDWQHHGV
OHVVWKDQLQZRUNDQGLVEHORZWKHPHGLDQVDOHSULFH
LQ\RXUDUHDLVDSHUIHFW¿UVWWLPHKRPHEX\HUSURSHUW\7KLVLV
ZK\LWLVYDOXDEOHWRNQRZUHDOWRUVZKRZRUNZLWKDOOW\SHVRI
FOLHQWVDQGFDQKHOS\RXJHW\RXUSURSHUWLHVVROG

5($/(67$7($77251(<
:KHWKHULWLVWUDGLWLRQDOLQ\RXUKRPHVWDWHWRFORVHZLWKD
WLWOHFRPSDQ\RUDUHDOHVWDWHDWWRUQH\\RXZLOOQHHGDJRRG
UHDOHVWDWHDWWRUQH\DW\RXUGLVSRVDOLQHLWKHUFDVH,QIDFW
\RXUDWWRUQH\ZLOOEHRQHRIWKHPRVWLPSRUWDQWPHPEHUVRI
\RXUWHDPDQG\RXZLOOUHO\RQKLPRUKHUIRUPDQ\UHDOHVWDWH
UHODWHGLVVXHV,I\RXGRFORVHZLWKDWLWOHFRPSDQ\\RXDUHDOVR
JRLQJWRQHHGWRGREXVLQHVVZLWKDQDWWRUQH\DVKHRUVKHZLOO
KDYHDVROLGXQGHUVWDQGLQJRIFRQWUDFWODZDQGRWKHUDVSHFWVRI
WKHODZUHODWHGWRUHDOHVWDWHSURFHHGLQJV,UHFRPPHQGWKDW
\RXDOZD\VXVHDQDWWRUQH\RQODUJHUGHDOVLQ6WDWHVZKHUH
LWLVWUDGLWLRQDOWRFORVHZLWKDWLWOHFRPSDQ\HVSHFLDOO\LI\RX
KDYHQHYHUZRUNHGZLWKWKHWLWOHFRPSDQ\EHIRUH,I\RXKDYH
DVXEVWDQWLDODPRXQWRIPRQH\RQWKHOLQHLWRQO\PDNHVVHQVH
WRKDYHDQDWWRUQH\WREHWWHUSURWHFW\RXULQWHUHVWV

0257*$*(%52.(5
$PRUWJDJHEURNHULVWKHPLGGOHPDQDQGSRLQWRIFRQWDFW
EHWZHHQDEX\HUDQGWKHLUOHQGHU8VXDOO\PRUWJDJHEURNHUV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
KDYHHVWDEOLVKHGUHODWLRQVKLSVZLWKPDQ\GLIIHUHQWEDQNVDQG
KDYHNQRZOHGJHDERXWQXPHURXVIXQGLQJRSWLRQVDYDLODEOH
IRU\RXUZKROHVDOHEX\HUV$PRUWJDJHEURNHUGRHVQRWZRUN
IRURQHVSHFL¿FEDQNLQSDUWLFXODUKHZRUNVIRUPDQ\7KH
EHQH¿WRIXVLQJDPRUWJDJHEURNHUDVRSSRVHGWRKDYLQJ
\RXUFOLHQWVJRGRZQWRWKHLUORFDOEDQNVLQJOHOHQGHULVWKH
DFFHVVDPRUWJDJHEURNHUKDVWRGLIIHUHQW¿QDQFLQJRSWLRQV
PXOWLSOHOHQGHUVGHSHQGLQJRQWKHERUURZHU¶VFUHGLWVFRUHDQG
¿QDQFLDOV<RXVKRXOGDOVRXQGHUVWDQGKRZDPRUWJDJHEURNHU
GLIIHUVIURPDKDUGPRQH\OHQGHU7KHPDLQGLIIHUHQFHLVWKDW
PRUWJDJHEURNHUVSULPDULO\ZRUNZLWKWUDGLWLRQDOFRQYHQWLRQDO
EDQNVZKRZLOORQO\OHQGRQFHUWDLQW\SHVRISURSHUWLHV7KH
EHQH¿WRIJRLQJZLWKDWUDGLWLRQDOEDQNLVWKDWFRQYHQWLRQDO
¿QDQFLQJRIIHUVORZHULQWHUHVWUDWHVORQJHU¿QDQFLQJWHUPV
DQGZRQ¶WUHTXLUHDVPDQ\SRLQWVLQFRQWUDVWWRKDUGPRQH\
OHQGHUV$OVRWUDGLWLRQDOEDQNVGHSHQGLQJRQWKHERUURZHU¶V
FUHGLWVFRUHZLOODOVRUHTXLUHOHVVRIDGRZQSD\PHQWRU
OHVVGHSHQGLQJRQFUHGLWVFRUHVLQFRPSDULVRQWRPRVWKDUG
PRQH\OHQGHUV

:+<,6<2850257*$*(%52.(57+(0267,03257$17
3(562121<2857($0"
7KHUHDVRQLVEHFDXVHWKHPRUWJDJHEURNHULVGLUHFWO\
UHVSRQVLEOHIRUFDVKLQJ\RXRXWRIWKHWUDQVDFWLRQ7KHLU
SHUIRUPDQFHZLOOGHWHUPLQHKRZTXLFNO\DQGKRZRIWHQ\RXJHW
SDLG,IWKH\DUHQ¶WFDSDEOHRIFORVLQJGHDOVLQDWLPHO\PDQQHU
LWSXWV\RXDWDPXFKKLJKHUULVNRIORVLQJWKHGHDO,I\RXU
PRUWJDJHEURNHUGRHVQRWZRUNLQDFFRUGDQFHWR\RXUWLPHOLQHV
WKHQ\RXDUHSXWWLQJ\RXU¿QDQFLDOIXWXUHDWULVN

+$5'021(</(1'(5
$KDUGPRQH\OHQGHULVDQLQGLYLGXDORUFRPSDQ\ZKROHQGV
PRQH\WRUHKDEEHUVWRSXUFKDVHDQGUHKDELOLWDWHGLODSLGDWHG
SURSHUWLHV7KH\DUHFDOOHGKDUGPRQH\OHQGHUVEHFDXVHWKH
PRQH\WKH\ORDQLVQRWFKHDS+DUGPRQH\OHQGHUVKDYH
FUHDWHGDQLFKHIRUWKHPVHOYHVIXQGLQJGHDOVPRVWWUDGLWLRQDO
EDQNVVK\DZD\IURP7KH\PDNHXSIRUWKLVDGGLWLRQDOULVNE\
FKDUJLQJDKLJKHULQWHUHVWUDWHDQGPRUHSRLQWVWRWKHERUURZHU
+DUGPRQH\OHQGHUVZLOODOVRIXQGGHDOVLQDWLPHOLHUPDQQHUDV
FRPSDUHGWRWUDGLWLRQDOEDQNV$JRRGKDUGPRQH\OHQGHUFDQ
XVXDOO\KDYHDGHDOIXQGHGLQGD\VZKHUHPRVWWUDGLWLRQDO
EDQNVWDNHEHWZHHQGD\V

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
35,9$7(021(</(1'(56
3ULYDWHPRQH\OHQGHUVDUHDQLPSRUWDQWSDUWRI\RXUZKROHVDOH
WHDPEHFDXVHWKH\FDQSURYLGHVKRUWWHUP¿QDQFLQJEHWZHHQ
WKHSXUFKDVHDQGVDOHRIWKHSURSHUW\<RXFDQXVHSULYDWH
OHQGHUVWRIXQGWKHSXUFKDVHRIWKHSURSHUW\DQGWKHQSD\WKHP
RIIZKHQ\RXVHOOWKHSURSHUW\WRDZKROHVDOHEX\HU7KHUDWH
RILQWHUHVWDQGWKHQXPEHURISRLQWVSDLGDUHWRWDOO\QHJRWLDEOH
EHWZHHQ\RXDQGWKHSULYDWHOHQGHU0RVWOHQGHUVZKRNQRZ
WKH\DUHJRLQJWREHSDLGRIITXLFNO\ZLOOZDQWPRUHSRLQWVSDLG
XSIURQWRURQWKHEDFNHQG<RXJHQHUDOO\ZDQWWRXVHSULYDWH
OHQGHUVLI\RXGRQ¶WKDYHDZKROHVDOHEX\HUOLQHGXSWRFORVHRQ
WKHSURSHUW\,WLVDOZD\VEHWWHUWRXVH\RXUZKROHVDOHEX\HU¶V
IXQGVWRSXUFKDVHWKHSURSHUW\:KHQWKLVLVQRWWKHFDVH
KDYLQJDSULYDWHOHQGHULVFUXFLDO

7,7/(&203$1< 7,7/($*(17
,I\RXXVHWLWOHFRPSDQLHVWRFORVHUHDOHVWDWHWUDQVDFWLRQVLQ
\RXUVWDWHWKHQLWLVLPSHUDWLYH\RX¿QGRQHWKDWXQGHUVWDQGV
FUHDWLYHFORVLQJVDQGLVUHVSRQVLYHWR\RXUSDUWLFXODUQHHGV
,KDYHRIWHQIRXQGLWHDVLHUWRFORVHZLWKDWLWOHFRPSDQ\LQ
FRQWUDVWWRDVWDWHZKHUHLWLVFXVWRPDU\WRXVHUHDOHVWDWH
DWWRUQH\V7KHUHDVRQLVWKDWWKHWLWOHFRPSDQLHVDUHVXSSRVHG
WREHQHXWUDOWRERWKSDUWLHVDQGIROORZWKHFORVLQJLQVWUXFWLRQV
SURYLGHGE\WKRVHSDUWLHV2QHWKLQJ\RXVKRXOGQRWHLVWKDW
DORWRIWLWOHFRPSDQLHVDUHVK\LQJDZD\IURPFUHDWLYHUHDO
HVWDWHFORVLQJVDQGVRPHDUHHYHQUHIXVLQJWRSHUIRUPGRXEOH
FORVLQJV7KLVLVEHFDXVHUHDOHVWDWHIUDXGKDVEURXJKWWKH
KDPPHUGRZQRQDIHZWLWOHFRPSDQLHVDQGVRPHRIWKHP
DUHVWDUWLQJWRWDNHWKHIDOOIRUUHDOHVWDWHLQYHVWRUVZKRKDYH
GLVSOD\HGDODFNRIPRUDOV%HFDXVHRIWKLVIDFW\RXPD\QHHG
WRVSHQGDOLWWOHH[WUDWLPH¿QGLQJWKHULJKWFORVLQJDJHQW

&2175$&7,1*7($0
7KHUHDUHVHYHUDOGLIIHUHQWEHQH¿WVWRKDYLQJDYDULHW\RIVROLG
FRQWUDFWRUVRQ\RXUWHDP7KHWKUHHPDLQFRQWUDFWRUV\RX
VKRXOGVHHNRXWDQGIRUPDUHODWLRQVKLSZLWKDUHDFOHDQRXW
GHPRDQGJHQHUDOFRQWUDFWRUFUHZ

<285&/($1287&5(:'(02/,7,21&5(:
+DYLQJDFUHZRIJX\VZKRFDQFOHDQRXW\RXUZKROHVDOH
SURSHUWLHVZLOOEHYHU\LPSRUWDQWIRU\RXUZKROHVDOHEXVLQHVV,

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
RQO\VHQGDFOHDQRXWFUHZWRDSURSHUW\LI,NQRZ,DPJRLQJ
WRFORVHRQWKHSURSHUW\DQGWKHQVHOOLWWRDUHKDEEHU$Q\WLPH
\RX¶UHGHDOLQJZLWKDSURSHUW\WKDWLVOLWWHUHGZLWKWUDVK\RX
ZDQWWRJHWLWFOHDQHGRXWEHIRUHVHQGLQJ\RXUZKROHVDOHEX\HUV
WKURXJKEHFDXVH\RXZLOOVLJQL¿FDQWO\LQFUHDVHWKHYLVXDODSSHDO
DQGDVDUHVXOWWKHDSSDUHQWYDOXH,WLVLPSRUWDQWWRDOVRQRWH
WKDW,GRQ¶WFOHDQRXWHYHU\SURSHUW\EHIRUH,ZKROHVDOHLW7KH
GHFLVLRQWRFOHDQRXWDKRXVHLVPDGHRQDSURSHUW\E\SURSHUW\
EDVLVDQG,XVXDOO\EDVHWKDWGHWHUPLQDWLRQRQKRZXJO\WKH
SURSHUW\ORRNVDQGKRZPXFKPRUH,WKLQN,FDQJHWIRUWKH
SURSHUW\RQFHLWLVFOHDQHGRXW7KHRQO\GLIIHUHQFHEHWZHHQWKH
GHPROLWLRQFUHZDQGWKHFOHDQRXWFUHZLVWKHH[WHQWRIZRUN
WKDWLVWREHSHUIRUPHG

<285*(1(5$/&2175$&7,1*&5(:
,FDQSURPLVH\RXWKDWGXULQJ\RXUZKROHVDOLQJFDUHHU\RXZLOO
HQFRXQWHURQHLIQRWPDQ\ZKROHVDOHEX\HUVZKRDUHZHDU\
DERXWEX\LQJ\RXUSURSHUWLHV:KHWKHULW¶VEHFDXVHWKH\ODFN
WKHNQRZOHGJHFRQ¿GHQFHWRWDNHRQWKHSURSHUW\RULW¶VWKH
SURSHUW\LWVHOIWKDW¶VJLYLQJWKHPFROGIHHWKDYLQJDWHDPRI
FRQWUDFWRUZKR\RXFDQUHIHUWRWKHPZLOOKHOSWRHDVHWKHLU
IHDUV2IWHQWKHZKROHVDOHEX\HUZLOOEHVNHSWLFDODERXWWKH
DPRXQWRIUHSDLUV\RXFODLPWKHSURSHUW\QHHGVWRPHHWLWV
$59%\UHIHUULQJWKHPWR\RXUFRQWUDFWRUVRQHVWKDW\RX¶YH
JRQHWKURXJKWKH6FRSHRI:RUNZLWKWRPDNHVXUHWKHLU
SULFLQJDOLJQV\RXDUHWDNLQJDVWHSIXUWKHUWRVKRZWKHP\RXU
QXPEHUVDUHOHJLW

,1685$1&($*(17
<RXULQVXUDQFHDJHQWLVDPLQRUSOD\HUZLWKDPDMRUUROH7KH
UHDVRQKHRUVKHLVDYLWDOSDUWRI\RXUWHDPLVWKH\ZLOOEH
\RXUDGYLVRUDQGZLOOFRYHU\RXUEXWWLIDPDMRUFDWDVWURSKH
RFFXUVZLWKRQHRI\RXUSURSHUWLHV2QHLPSRUWDQWQRWHZKHQ
\RXDUHFRPSDULQJLQVXUDQFHTXRWHVLVWRPDNHVXUH\RXDUH
FRPSDULQJDSSOHVWRDSSOHV3ROLFLHVFDQUDQJHGUDVWLFDOO\DQGD
FKHDSHUSROLF\LVXVXDOO\OHVVH[SHQVLYHIRUDUHDVRQ0DNHVXUH
\RXUHDGWKH¿QHSULQWRI\RXULQVXUDQFHSROLFLHVDIHZWLPHV
RQ\RXU¿UVWVHYHUDOGHDOV8QGHUVWDQGLQJLQVXUDQFHLVDYHU\
ODERULRXVWDVN\HWLWPD\EHVRPHWKLQJZKLFKXOWLPDWHO\VDYHV
\RXUEXVLQHVV,I\RXDUHDZKROHVDOHUUHKDEEHURUODQGORUG,
FDQJXDUDQWHH\RXZLOOUHO\RQDQLQVXUDQFHSROLF\DWOHDVWDIHZ
WLPHVWREDLO\RXRXWRIGLVDVWURXVVLWXDWLRQV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
0$5.(7,1*)25'($/6
+HUHLVZKDW,GRQ¶WNQRZ«,KDYHQRLGHDKRZWRFRRN,KDYH
QRLGHDKRZWRVWRSORVLQJKDLUDQG,KDYHDEVROXWHO\QRFOXH
KRZWRNHHSP\¿DQFpKDSS\DOOWKHWLPH

+HUHLVZKDW,GRNQRZ«,NQRZKRZWRPDUNHWEHWWHUWKDQ
SUHWW\PXFKDQ\ERG\LQWKHFRXQWU\ZKHQLWFRPHVWR¿QGLQJ
PRWLYDWHGVHOOHUV0DNHQRPLVWDNHDERXWLW0$5.(7,1*
,67+,6%86,1(66,WLVWKHVLQJOHPRVWLPSRUWDQWSDUWRI
WKHEXVLQHVVDQGWKHRQH\RXVKRXOGVSHQGWKHPRVWWLPH
HGXFDWLQJ\RXUVHOIDERXW0DUNHWLQJLVWKHEDVHIURPZKLFK
WKHUHVWRI\RXUEXVLQHVVLVEXLOW<RXGRQRWQHHGDKXJH
PDUNHWLQJEXGJHWHLWKHUWRLPSOHPHQWZKDW,WHDFK,QIDFW
ZKHQ,VWDUWHGRXWLQWKHEXVLQHVVP\PDUNHWLQJEXGJHWZDV
DPRQWK7KHVHDUHWULHGDQGWUXHPHWKRGVWKDWZLOOZRUN
IRU\RXDQ\ZKHUHLQWKHFRXQWU\:K\GR,NQRZWKLV"%HFDXVH
ZHKDYHDORWRIVWXGHQWVGRLQJWRGHDOVD\HDUXVLQJWKH
H[DFWVDPHFDPSDLJQVZLWKJUHDWVXFFHVV

:KHQ\RX¶UHWKLQNLQJDERXW¿QGLQJGHDOV\RXDOZD\VZDQWWR
JHWRQHRQRQHZLWKWKHVHOOHUGLUHFWO\<RX¶OOJHWWKHSURSHUWLHV
DWWKHORZHVWSULFHE\FXWWLQJRXWWKHPLGGOHPDQ<RX¶OOLQFXU
DQDGGLWLRQDOFRVWZKHQEX\LQJWKHSURSHUW\IURPDZKROHVDOHU
RUDSURSHUW\OLVWHGRQWKH0/6ZKLFKPHDQV\RXULQFXUULQJ
UHDOHVWDWHDJHQWFRPPLVVLRQ

7KHELJJHVWPLVWDNHPRVWLQYHVWRUVPDNHLVWKH\KLWWKHZKROH
PDUNHWSODFHZLWKWKHLUPDUNHWLQJ7KDW¶VDFRPSOHWHZDVWHRI
WLPHDQGPRQH\<RXVHHWKHSUREOHPLVWKDWZKHQPDUNHWLQJ
WRWKHPDVVHVRQO\RIWKRVHVHOOHUVDUHDFWXDOO\PRWLYDWHG

,WHDFKLQYHVWRUVKRZWRJRDIWHUKLJKO\WDUJHWHGOLVWV7DUJHW
PDUNHWLQJLVKRZ\RXWXUQVPDOOGROODUVLQWRELJGROODUV
7DUJHWLQJLVZKHUHOHYHUDJHFRPHVIURP:LWKDPLQLPDO
PDUNHWLQJLQYHVWPHQW\RX¶OOWDUJHWVHOOHUVIRUH[DPSOHLQSUH
IRUHFORVXUHEDQNUXSWF\ODQGORUGZLWKEDGWHQDQWVSHUVRQZKR
UHFHQWO\LQKHULWHGDSURSHUW\¿UHGDPDJHZKRDUHDOOOLNHO\EH
PRWLYDWHGHQRXJKWRVHOO\RXDSURSHUW\DWDGLVFRXQW

%XWFRQVLGHUWKLVHDFKDQGHYHU\W\SHRIPRWLYDWHGVHOOHU
OLVWHGDERYHLVDIIHFWHGE\VRPHWKLQJGLIIHUHQW7KH\KDYH
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
GLIIHUHQWUHDVRQVIRUVHOOLQJ:KDWLVJRLQJWRFDXVHVRPHRQH
LQIRUHFORVXUHWRUHVSRQGWR\RXLVYHU\GLIIHUHQWWKHQGLYRUFH
ZKLFKLVYHU\GLIIHUHQWWKHQLIWKH\UHFHQWO\LQKHULWHGDSURSHUW\
7KLVH[SODLQVZK\JHQHULFPDUNHWLQJ\LHOGVDORZUHVSRQVH
EHFDXVH\RXZLOORQO\JHQHUDWHDUHVSRQVHLI\RXDUHDGGUHVVLQJ
WKHLUVSHFL¿FSUREOHP*HQHULFPDUNHWLQJSLHFHVDQGEDGOLVWV
ZLOOFRVW\RXUWKRXVDQGVRIGROODUVWUXVWPH,NQRZEHFDXVH,
PDGHWKHVHPLVWDNHVP\¿UVW\HDULQWKHEXVLQHVV<RXPXVW
KDYHFDPSDLJQVJHDUHGWRZDUGVWKHLQGLYLGXDOVHOOHUV

1RZ,UHDOL]H\RXPD\EHWKLQNLQJ³,GRQ¶WKDYHWKHPRQH\WR
LQYHVWLQPDUNHWLQJ´RU³,GRQ¶WKDYHWKHWLPHWRLPSOHPHQW
PXOWLSOHFDPSDLJQV´/LVWHQHYHU\LQYHVWRULQFOXGLQJP\
SDUWQHUVDQG,KDVWKHVHH[DFWURDGEORFNVZKHQ¿UVWJHWWLQJ
LQWRUHDOHVWDWH<RX¶UHHLWKHUZRUNLQJDIXOOWLPHMREZLWKOHVV
WKDQKRXUVDZHHNWRGHYRWHWRUHDOHVWDWHRULW¶VWKHH[DFW
RSSRVLWH\RXKDYHDORWRIWLPHRQ\RXUKDQGVEXWYHU\OLWWOH
PRQH\,WHDFKP\VWXGHQWVKRZWRVSHQGOLWWOHRUQRWLPHDQG
PRQH\WRJHWPRUHRXWRIWKHLUPDUNHWLQJ
2XU0DUNHWLQJ)RU'HDOV+RPH6WXG\&RXUVHLQFOXGHV
GLIIHUHQWPDUNHWLQJVWUDWHJLHVIRUHYHU\VWDJHRI\RXUUHDO
HVWDWHFDUHHU)RUWKLVLQWURGXFWRU\HERRN,¶YHQDUURZHGLW
GRZQWRWKHWRS¿YHVWUDWHJLHV\RXFDQLPSOHPHQWULJKWDZD\
DQGUXQVLPXOWDQHRXVO\WRFRQVLVWHQWO\JHQHUDWHTXDOLW\OHDGV

)LUVW\RXVWDUWRXWZLWKFDPSDLJQWKHQFDPSDLJQV7KH
OHDGVVWDUWFRPLQJLQ\RXLQYHVWDOLWWOHWKHUHWXUQLVDPD]LQJ
RQWKHVHXQGHUPDUNHWYDOXHGHDOV

026768&&(66)8/,19(67256
$5($/:$<67+(%(670$5.(7(56
7KHPRVWVXFFHVVIXOLQYHVWRUVDUHDOZD\VH[SHUWVLQPDUNHWLQJ
,QIDFWDV,FRQWLQXHWRWUDYHOWKH8QLWHG6WDWHVDQGVSHDN
WRWKRXVDQGVRIUHDOHVWDWHLQYHVWRUV,UHDOL]HWKDWWKHWRS
LQYHVWRUVDOOKDYHDQH[FHOOHQWJUDVSRIPDUNHWLQJ7KLVRQH
FKDUDFWHULVWLFLVZKDWVHSDUDWHVWKHYHU\EHVWIURPHYHU\RQH
HOVH7KHEHVWLQYHVWRUVGRQ¶WMXVWUHDGDERXWPDUNHWLQJWKH\
OLYHLW0DUNHWLQJFRQVXPHVWKHLUOLIHEHFDXVHWKH\NQRZLWLV
WKHURRWRIH[LVWHQFHIRUWKHLUEXVLQHVV7KHVHLQYHVWRUVDOVR
UHDOL]HWKDWPDUNHWLQJLVFRQVWDQWO\HYROYLQJDQGWKDWLWWDNHV
FRQVLVWHQWVHOIHGXFDWLRQWRVWD\RQWRSRIWKHLUFRPSHWLWLRQ
7KH\XQGHUVWDQGZKDWZRUNHGD\HDUDJRPD\QRWZRUNWRGD\
,QIDFWZKDWZRUNHGODVWPRQWKPD\QRWZRUNLQWKHSUHVHQW
GD\EHFDXVHRIWKHHYHUFKDQJLQJEXVLQHVVHQYLURQPHQW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
0$5.(7,1*&$1127%(/($51('29(51,*+7
8QIRUWXQDWHO\WKHLQWULFDFLHVRISURSHUPDUNHWLQJFDQQRWEH
OHDUQHGRYHUQLJKW1RUFDQWKH\EHOHDUQHGLQDVLQJOHFKDSWHU
7KLVLVZK\,KDYHGHGLFDWHGD:KROH&RXUVHWRWKHEXVLQHVV
ZLWKRYHUGLIIHUHQWZD\VWR¿QGGHDOVDQGWKHV\VWHPV
WKDWJRDURXQGWKHP,QIDFWLI\RXKDYHQRWUHDGWKHFRXUVH
,VXJJHVW\RXVWDUWZLWKWKDWEHIRUH\RXJHWWRRIDULQWRWKH
EXVLQHVVRIZKROHVDOLQJDVLWZLOOKHOS\RXVHWXS\RXUGHDO
PDFKLQH,I\RXZRXOGOLNHWRLQTXLUHIXUWKHUDERXWWKHFRXUVH
SOHDVHHPDLOXVDW6XSSRUW#4XLFN7XUQ3UR¿WVFRPDQGZHFDQ
WHOO\RXPRUHDERXWLW

:+$7,77$.(672%(&20($1())(&7,9(0$5.(7(5
,QRUGHUWREHDQHIIHFWLYHPDUNHWHU\RXPXVW¿UVWGH¿QH
DQGXQGHUVWDQGZKDWLWLVWKDW\RXVHHNWRDFFRPSOLVK
$VDQLQYHVWRULWLV\RXUJRDOWRSXUFKDVHSURSHUWLHV
VLJQL¿FDQWO\EHORZWKHLUFXUUHQWPDUNHWYDOXH7RGR
WKLV\RXPXVW¿QGSHRSOHZKRDUHPRWLYDWHGWRVHOO<RX
PD\EHDVNLQJ\RXUVHOIZK\DQ\ERG\ZRXOGEHZLOOLQJ
WRVHOOWKHLUSURSHUW\DWDVLJQL¿FDQWGLVFRXQW:HDUH
DOZD\VORRNLQJIRUWKHKLJKHVWSRVVLEOHRIIHURQWKHVDOH
RIDSURSHUW\VRLWLVKDUGIRUXVDVUHDOHVWDWHLQYHVWRUV
WRLPDJLQHZK\DQ\ERG\ZRXOGZDQWWRVHOODWVXFKODUJH
GLVFRXQWV

+RZHYHU\RXPXVWEHDEOHWRXQGHUVWDQGWKHPRWLYDWLRQ
EHKLQGDVHOOHU¶VZLOOLQJQHVVWRVHOODSURSHUW\EHORZPDUNHW
YDOXH0RVWOLNHO\WKHVHOOHUVDUHORRNLQJIRUDQLPPHGLDWHFXUH
WRDVHHPLQJO\RYHUZKHOPLQJSHUVRQDOVLWXDWLRQ7KHSUREOHP
ZLOOPRVWOLNHO\VWDUWRXWDVD¿QDQFLDORQHZKLFKFRPSRXQGV
LWVHOILQWRDQHPRWLRQDORQH,WPD\DOVRSUHVHQWLWVHOIDVD
VLWXDWLRQDOSUREOHP$QH[DPSOHRID¿QDQFLDOSUREOHPWXUQLQJ
LQWRDQHPRWLRQDOSUREOHPLVZKHQRQHVSRXVHORVHVDMRE
ZKLFKOHDGVWRDGLYRUFH0DQ\WLPHVWKHODVWWKLQJWKHFRXSOH
LVZRUULHGDERXWLVZKDWKDSSHQVWRWKHHTXLW\LQWKHKRXVH
8VXDOO\WKH\DUHPRUHIRFXVHGRQKRZXSVHWWKH\DUHZLWKRQH
RWKHUDQGZDQWWRHUDVHHYHU\PHPRU\WKH\HYHUKDGWRJHWKHU
7KLVH[SXQJLQJRIPHPRULHVEHJLQVZLWKWKHSURSHUW\WKH\RQFH
ORYHG7KHSUREOHPXVXDOO\EHFRPHVVRXQEHDUDEOHWKDWVROYLQJ
DQGSXWWLQJLWEHKLQGWKHPEHFRPHVWKHSULPDU\JRDO7KLV
SUHVHQWVDQRSSRUWXQLW\IRULQYHVWRUVZKRDUHDVWXWHLQ¿QGLQJ
VHOOHUVVHHNLQJDTXLFNVHWWOHPHQW$JDLQWKHNH\KHUHLVWR
FRQVLVWHQWO\¿QGSHRSOHZLWKWKLVVSHFL¿FQHHG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
7KHJRDORI\RXUPDUNHWLQJLVWRLGHQWLI\DQGLQWURGXFH
SURVSHFWVZKRDUHRIWHQWLPHVQRWIDPLOLDUZLWKWKHVHUYLFHV\RX
RIIHUDQG\RXUFRPSDQ\

:+(5(7+(021(<,60$'(
$ORWRIEHJLQQLQJLQYHVWRUVEHOLHYHWKHPRQH\FDQRQO\EH
PDGHLQ¿QGLQJGLVWUHVVHGSURSHUWLHVWKDWQHHGZRUN7KH\DUH
FRUUHFWWRDFHUWDLQH[WHQWKRZHYHUWKHUHLVPRUHPRQH\WREH
PDGHLQVROYLQJVLWXDWLRQDODQG¿QDQFLDOGLVWUHVVRIWKHSURSHUW\
RZQHUV,WUHTXLUHVDORWOHVVHIIRUWWRKHOSVWRSIRUHFORVXUH
RUQHJRWLDWHDOLHQWKDQLWLVWRUHKDEDIXQFWLRQDOO\REVROHWH
SURSHUW\6ROYLQJDVLWXDWLRQDOGLVWUHVVLVDYDOXHDGGHGVHUYLFH
WKDWFDQJHQHUDWHDVSUHDGDQGHQVXUHDSUR¿WDWWKHWLPH
ZKHQ\RXEX\YVFRXQWLQJRQDGGLQJYDOXHDIWHU\RXSXUFKDVH
DSURSHUW\7KHJRDOKHUHLVWRFUHDWHYDOXHZLWKRXWGRLQJ
DQ\WKLQJWRWKHSURSHUW\LWVHOIDQGWRKDYHDQRSWLRQWRVHOOLW
WKHQH[WGD\IRUDKHDOWK\SUR¿WLI\RXFKRRVHWRGRVR

&203281',1*027,9$7,21$/)$&7256
*HQHUDOO\DQ\VHOOHU\RXZDQWWRGHDOZLWKH[SHULHQFHVDVLQJOH
SUREOHPWKDWFRPSRXQGVLWVHOILQWRWZRRUPRUHSUREOHPV
:KHQPRWLYDWLRQDOIDFWRUVFRPSRXQGWKDWLVZKHQ\RXZLOO
UHFHLYHWKHEHVWGHDOV%HORZLVDOLVWRIWKHPRVWFRPPRQ
PRWLYDWLRQDOIDFWRUV,KDYHHQFRXQWHUHGLQWKLVEXVLQHVV

:+$77<3(62)3523(57,(66+28/'<28/22.)25"
)RUDQH[SHULHQFHGLQYHVWRUWKHUHLVDYDOXHLQ¿QGLQJ
SURSHUWLHVLQQHHGRIZRUN7KHVHDUHWKHW\SHVRISURSHUWLHV
P\FRPSDQ\WHQGVWRKXQWIRU*HQHUDOO\WKHPRUHZRUND
SURSHUW\QHHGVWKHPRUHWRROV\RXKDYHWRQHJRWLDWHODUJHU
GLVFRXQWV,QDQLGHDOZRUOG\RXVKRXOGSUHIHUWREX\WKH
XJOLHVWSURSHUWLHVRQWKHQLFHVWEORFNV8QIRUWXQDWHO\WKLVLV
QRWDQLQYHVWRUV¶XWRSLDVR\RXQHHGWRNQRZZKDWRWKHUW\SHV
RISURSHUWLHV\RXFDQEX\WRJHQHUDWHSUR¿W,SUHIHUSURSHUWLHV
WKDWDUHFRVPHWLFDOO\XJO\EXWPHFKDQLFDOO\DQGVWUXFWXUDOO\
VRXQG&RVPHWLFDOO\XQDSSHDOLQJSURSHUWLHVDUHWKHHDVLHVWWR
¿[DQGJHQHUDOO\WKHFKHDSHVWDQGHDVLHVWUHKDEVWRPDQDJH
*HQHUDOO\WKHROGHUWKHSURSHUW\LVWKHPRUHZRUNLWZLOOQHHG
DQGWKHPRUHYDOXH\RXFDQFUHDWHWKURXJKUHQRYDWLRQV,ORRN
DWHYHU\SURSHUW\DVLILWZDVDEODQNFDQYDVDQG,WU\WR¿QG
WKHOHDVWH[SHQVLYHDQGPRVWDSSHDOLQJZD\VWRLPSURYHWKH
SURSHUW\7KHPRVWYDOXHLVFUHDWHGZKHQ\RXFDQ¿QGDFXUH
IRUWKHIXQFWLRQDOREVROHVFHQFHRIDSURSHUW\WKHQ\RXFDQ
UHQRYDWHWKHNLWFKHQEDWKURRPVDQGH[WHULRU
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
&UHDWLQJYDOXHLQWKHSURSHUW\LWVHOILVQRWDOZD\VHDV\EXWLWLV
DJUHDWZD\WRPD[LPL]H\RXUUHWXUQ,QIDFWRQFH\RXKDYH
HVWDEOLVKHGDFDVKFXVKLRQIRU\RXUEXVLQHVVWKHEHVWZD\
WRFRQVLVWHQWO\EULQJLQELJFKHFNVLVWREHFRPHDQH[SHUWDW
UHGHYHORSLQJSURSHUWLHV7KHERWWRPOLQHLVWKHELJJHVWFKHFNV
XVXDOO\FRPHIURPZHOOPDQDJHGUHKDEGHDOV7KHRQO\FDYHDW
LVWKDW\RXUEXVLQHVVPXVWEHDEOHWRVXVWDLQLWVHOIZKLOH\RX
ZDLWIRU\RXUPRQH\

)LQGLQJKLGGHQYDOXHLQSURSHUWLHVLVDQRWKHUJUHDWZD\RI
JHQHUDWLQJUHYHQXH)RUH[DPSOHZHKDYHERXJKWQXPHURXV
SURSHUWLHVDWDKLJKHUWKDQQRUPDOSULFHEHFDXVHZHQRWLFHG
DQRSSRUWXQLW\WRVSOLWWKHORWDQGVHOORIIDSLHFHRIWKHODQG
IRUDSUR¿W8QGHUVWDQGLQJ\RXU]RQLQJUHJXODWLRQVLVRIJUHDW
LPSRUWDQFHZKHQ\RXDUHGHDOLQJZLWKKRXVHVWKDWKDYHYHU\
ODUJHORWVRUDORWRIODQGDWWDFKHGWRWKHP8QGHUVWDQGLQJ
WKHSURFHVVDQGSDSHUZRUNLQYROYHGLVVRPHWKLQJ\RXVKRXOG
WDNHWLPHWROHDUQEHFDXVH\RXGRQ¶WZDQWWRPLVVRXWRQ
RSSRUWXQLWLHVZKHQWKH\FRPH\RXUZD\<RXQHHGWREHFRPH
DSURSHUW\GHWHFWLYHDQGWUDQVDFWLRQHQJLQHHUWRUHDOO\
XQGHUVWDQGWKLVPHWKRG

:+2,6<285,'($/&86720(5"
$VDJRULOODPDUNHWHU\RXQHHGWRNQRZWKHGHPRJUDSKLFVRI
\RXULGHDOFXVWRPHULQRUGHUWRUHDFKWKHP:KDWWKHLUDJH
UDQJHLVZKDWDUHDVRIWRZQWKH\OLYHLQZKHUHWKH\VKRS
ZKHUHWKH\GULYHDQGZKDWWKHLUOLYLQJSDWWHUQVDUH7KHVHDUH
DOOWKLQJV\RXQHHGWRLQYHVWLJDWHLI\RXZDQWWRRSWLPL]H\RXU
PDUNHWLQJUHVXOWV,I\RXGRQ¶WNQRZZKR\RXUVHOOHUVZLOOEH
\RX¶OOKDYHDKDUGWLPHPDUNHWLQJWRWKHP

:+$7'2<285&86720(561(('"
<RXQHHGWRUHVHDUFKWKHVHOOHUV\RXGHDOZLWKWR¿QGRXWWKHLU
QHHGVDQGWKHLUYLHZVRI\RXUEXVLQHVV.QRZLQJZKDWLV
LPSRUWDQWWRWKHVHOOHUZLOOKHOS\RXEXLOG\RXUEXVLQHVVDQGDFW
DVWKHEDVLVIRU\RXUIXWXUHPDUNHWLQJFDPSDLJQV.QRZLQJ
ZKDW\RXRIIHULVQRWHQRXJKEHFDXVHZKDW\RXRIIHUPLJKWQRW
EHZKDWWKH\ZDQW7HOOLQJVHOOHUVWKDW\RXDUHWKHELJJHVWEHVW
DQGROGHVWLVDOO¿QHEXWQRWHQRXJK$VDUHDOHVWDWHLQYHVWRU
\RXQHHGWRXQGHUVWDQG\RXUVHOOHUV¶QHHGVDQGQRWMXVWZKDW
\RXZDQW2QFH\RXXQGHUVWDQGWKHLUQHHGVDQGZDQWV\RXFDQ
FUDIW\RXUPDUNHWLQJDQGSUHVHQWDWLRQWRDQVZHUWKHVHLWHPV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
7KURXJKWKHH[SHULHQFHRIFORVHWRPHHWLQJVZLWK
PRWLYDWHGVHOOHUVZHKDYHEHHQDEOHWRQDUURZLWGRZQWR
VHYHQRIWKHPRVWLPSRUWDQWQHHGV\RXZLOOZDQWWRDGGUHVV
ZKHQPDUNHWLQJWRRUPHHWLQJZLWKPRWLYDWHGVHOOHUV

• $1HHG)RU&DVK4XLFNO\
• $1HHG)RU$QRWKHU3ODFH7R/LYH
• $1HHG)RU$VVLVWDQFH,Q0RYLQJ
• $1HHG7R5HEXLOG7KHLU&UHGLW
• $1HHG7R5HOLHYH7KHPVHOYHV2I2WKHU'HEW
• $1HHG7R.QRZ7KH\$UH:RUNLQJ:LWK
6RPHRQH7KH\&DQ7UXVW
• $1HHG7R.QRZ6RPHRQH,V/LVWHQLQJ7R7KHLU
&RQFHUQV

+2:0$1<027,9$7('6(//(56$5(2877+(5("
1RZWKDW\RXXQGHUVWDQGZKRZHDUHORRNLQJIRUZHPXVW
GHWHUPLQHKRZPDQ\RIWKHVHW\SHVRIVHOOHUVDUHRXWWKHUH
$OWKRXJKWKHOLVWRIPRWLYDWLRQDOIDFWRUVLVORQJLWGRHVQRW
PHDQWKDWHYHU\RQHZKRH[SHULHQFHVRQHRIWKHVHIDFWRUVZLOO
EHPRWLYDWHGHQRXJKWRVHOODWDODUJHGLVFRXQW)RUH[DPSOH
DSHUVRQZKRLVJRLQJWKURXJKDGLYRUFHGRHVQRWQHFHVVDULO\
PHDQWKH\DUHJRLQJWREHPRWLYDWHG,QIDFW,¿QGWKDWRQO\
RIVHOOHUVZKRSXWWKHLUSURSHUW\RQWKHPDUNHWZLOOEH
ZLOOLQJWRVHOOWREHORZPDUNHWYDOXH7KDWPHDQV
WKDWRXWRIHYHU\SHRSOHZKRVHOOWKHLUSURSHUW\RQO\IRXU
EX\LQJRSSRUWXQLWLHVZLOOSUHVHQWWKHPVHOYHV7KLVPD\QRW
VHHPOLNHDORWXQOHVV\RXFRQVLGHUWKDWWKHUHZHUHRYHU
PLOOLRQKRPHVVROGODVW\HDULQWKH8QLWHG6WDWHV7KDWPHDQV
WKHUHZHUHRYHUEX\LQJRSSRUWXQLWLHVWKURXJKRXWWKH
FRXQWU\ODVW\HDUDORQH

+2:'2<28/2&$7(7+(0267027,9$7('3(23/("
)LQGLQJPRWLYDWHGVHOOHUVZKRQHHGWRVHOOYHUVXVRQHVZKR
ZDQWWRVHOOLVWKHNH\WRWKLVEXVLQHVV,WLV\RXUMREDVD
JXHULOODPDUNHWHUWRFRQVLVWHQWO\SURGXFHOLVWVRISRWHQWLDO
WDUJHWVDQGSXW\RXUPHVVDJHLQIURQWRIWKHP7KLVPXVWDOO
EHDFFRPSOLVKHGLQDFRVWHIIHFWLYHPDQQHU<RXZLOOZDQWWR
SXUFKDVHOLVWVRISHRSOHZKRPD\KDYHDJUHDWHUOLNHOLKRRGRI
EHLQJPRWLYDWHG$SUHIRUHFORVXUHOLVWDGLYRUFHOLVWDQGD
EXLOGLQJFRGHYLRODWLRQOLVWDUHDOOJUHDWH[DPSOHVRIOLVWV\RX
ZDQWWRWDUJHW2IFRXUVHQRWHYHU\RQHRQWKLVOLVWLVJRLQJ
WREHLQWHUHVWHGLQ\RXUVHUYLFHVKRZHYHUWKHSUREDELOLW\RI
GLVWUHVVDQGRIPRWLYDWLRQLVPXFKKLJKHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
+2:'2<285($&+7+(6(3(23/("
7KHUHDUHRQO\WZRPHWKRGVUHDOHVWDWHLQYHVWRUVXVHWRUHDFK
PRWLYDWHGVHOOHUV(LWKHUWKH\EURDGFDVWWKHLUPDUNHWLQJWR
WKHHQWLUHSRSXODWLRQLQKRSHVRIUHDFKLQJLQGLYLGXDOVHOOHUVRU
WKH\GLUHFWO\WDUJHWDVSHFL¿FJURXSRILQGLYLGXDOVHOOHUV%RWK
PHWKRGVFDQEHHTXDOO\HIIHFWLYHKRZHYHUWKH\KDYHYDVWO\
GLIIHUHQWDSSURDFKHVWRUHDFKLQJFXVWRPHUV(DFKPHWKRGDOVR
KDVSRVLWLYHVDQGQHJDWLYHVDQGLWLVLPSRUWDQWWRXQGHUVWDQG
WKHLUGLIIHUHQFHV,QWKHHQG\RXZDQWWRPD[LPL]HWKH
QXPEHURIOHDGVWKDWPXVWEHXVHGLQFRQMXQFWLRQZLWKRQH
DQRWKHU(DFKPHWKRGUHTXLUHVUHSHWLWLRQDQGFRQVLVWHQF\
LQLWVPHVVDJHV,W¶VFRXQWHUSURGXFWLYHWRUXQDEURDGFDVW
PDUNHWLQJFDPSDLJQZLWKRQHPHVVDJHDQGWKHQFKDQJH\RXU
PHVVDJHZKHQ\RXGRDGLUHFWPDUNHWLQJFDPSDLJQ

+2:'2<28/2&$7(3523(57<2:1(567+$7$5(
',)),&8/772),1'"
6RPHRIWKHPRVWSUR¿WDEOHGHDOV\RXZLOO¿QGDUHSURSHUW\
RZQHUVWKDWDUHGLI¿FXOWWRORFDWH$Q\DVWXWHUHDOHVWDWH
LQYHVWRUNQRZVKRZWRORFDWHSHRSOHTXLFNO\WKURXJKDYDULHW\
RIVHDUFKPHWKRGV7KHUHDVRQWKHVHGHDOVDUHJHQHUDOO\PRUH
SUR¿WDEOHLVEHFDXVH\RXZLOOKDYHOHVVFRPSHWLWLRQIURPRWKHU
LQYHVWRUVZKHQ\RX¿QDOO\ORFDWHWKHSURSHUW\RZQHU,WLVDORW
HDVLHUWRQHJRWLDWHZKHQWKHUHLVQRRQHHOVHLQWHUHVWHGLQWKH
SURSHUW\8QIRUWXQDWHO\PRVWLQYHVWRUVHLWKHUGRQ¶WNQRZKRZ
WR¿QGWKHVHSHRSOHDUHQRWRUJDQL]HGHQRXJKWRFRQVLVWHQWO\
IROORZXSRUMXVWQRWZLOOLQJWRSXWLQWKHHIIRUWQHFHVVDU\WR
¿QGWKHVHGLDPRQGVLQWKHURXJK

9DFDQWSURSHUW\RZQHUV¿QDQFLDOO\GLVWUHVVHGVHOOHUVDQG
KRPHRZQHUVLQSUHIRUHFORVXUHDUHDOOH[DPSOHVRISHRSOH
\RXZLOOKDYHWRORFDWHRQDUHJXODUEDVLV)RUH[DPSOHLI\RX
VHQGDGLUHFWPDLOOHWWHUWRRQHRIWKHVHSHRSOHDQGLWJHWV
UHWXUQHGWR\RXWKHQ\RXPXVWNQRZRIDQRWKHUZD\WRFRQWDFW
WKHSHUVRQRUWKHSRWHQWLDOOHDGLVORVW$PDMRULW\RIWKHVH
SHRSOHZLOOKDYHFKDQJHGSKRQHQXPEHUVLQWKHSDVW\HDUDQG
PDQ\ZLOOQRORQJHUOLYHDWWKHSURSHUW\7KHEHVWZD\WRWU\
DQGORFDWHSHRSOHWKDWDUHKDUGWR¿QGLVWRXVHZKLWHSDJHV
LQWHUQHWVLWHVOLNHZZZFRPDQGZZZDQ\ZKRFRP7KHVH
VLWHVFDQJHQHUDOO\¿QGSKRQHQXPEHUVRUUHFHQWDGGUHVVHVIRU
DERXWRIWKHSHRSOH\RXDUHDWWHPSWLQJWR¿QG

7KHUHPDLQLQJRISHRSOHZKRDUHPRUHGLI¿FXOWWRORFDWH
PXVWEHVNLSWUDFHG6NLSWUDFLQJLVDVHUYLFH\RXFDQDFFHVV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
RQWKHLQWHUQHWXVHGWRORFDWHQDPHVDGGUHVVHVDQGSKRQH
QXPEHUVWKURXJKQDWLRQDOVHDUFKGDWDEDVHV,WZLOOFRVW\RX
EHWZHHQFHQWVDQGWKUHHGROODUVSHUQDPHWR¿QGWKHVH
SHRSOHEXWLWZLOOEHZRUWKWKHWLPHDQGPRQH\LI\RXFDQSXW
DGHDOWRJHWKHU:HXVHZZZPHUOLQGDWDFRPWRVNLSWUDFH
WKHSHRSOHZHQHHGWR¿QG0DUDORJL[LVDQRWKHUVNLSWUDFLQJ
FRPSDQ\DORWRILQYHVWRUVXVHDQG\RXFDQ¿QGWKHPRQOLQHDW
ZZZPDUDORJL[FRP

)281'$7,21$/0$5.(7,1*0$7(5,$/6
2QHRIWKHPRVWLPSRUWDQWWKLQJVWRGRZKHQ\RXDUHPDUNHWLQJ
LVWRQRWZDVWHPRQH\6RXQGVREYLRXVULJKW"%XW,VHHVR
PDQ\LQYHVWRUVWKURZLQJPRQH\DZD\RQWKHLUPDUNHWLQJ
EHFDXVHWKH\KDYHQ¶WVWDUWHGZLWKWKHEDVLFV7KHUHDUHEDVLF
PDUNHWLQJPDWHULDOVWKDWHYHU\LQYHVWRUQHHGVEHIRUHWKH\
EHJLQWRPDUNHWIRUEX\HUVDQGVHOOHUV%XVLQHVV&DUGVD6HOOHU
&UHGLELOLW\3DFNHWDQGD%X\HU&UHGLELOLW\3DFNHW,QRUGHUWR
FUHDWHWKHVHPDWHULDOV\RXZLOOQHHGWKH)ROORZLQJ
• <RXU%XVLQHVV1DPH
• <RXU%XVLQHVV/RJR
• $Q(DV\7R5HPHPEHU3KRQH1XPEHU
• $:HEVLWH1DPH
• <RXU%XVLQHVV&RORU6FKHPH

,NQRZVRPHRIWKLVVWXIIVHHPVYHU\EDVLFEXW,GRQ¶WZDQW
\RXWRJRRXWGRLQJEDQGLWVLJQVRUGLUHFWPDLOXQWLO\RXKDYH
WKRXJKWWKHVHWKLQJVWKURXJKWKHULJKWZD\EHFDXVHWKH\GR
PDNHDGLIIHUHQFH7KHLQIRUPDWLRQOLVWHGDERYHLVWKHEDVHRI
\RXUPDUNHWLQJDQGLI,ZHQWLQWRGHWDLORQHDFKSRLQWWKLVERRN
ZRXOGWXUQLQWRDPDUNHWLQJERRNLQVWHDGRIDZKROHVDOLQJERRN
,I\RXZRXOGOLNHPRUHLQIRUPDWLRQDERXWWKHDERYHLQIRUPDWLRQ
ZHKDYHLQFOXGHGDZHELQDULQWKH:HHN0DUNHWLQJ-XPSVWDUW
:HELQDU6HULHV(PDLORXUVXSSRUWWHDPDW
6XSSRUW#4XLFN7XUQ3UR¿WVFRPIRUPRUHLQIRUPDWLRQRQWKLV
VHULHV

%86,1(66&$5'6
%XVLQHVVFDUGVDUHVPDOOSRUWDEOHLQH[SHQVLYHKLJKLPSDFW
DQGDQHDVLO\UHSURGXFHGIRUPRIPDUNHWLQJ0DUNHWLQJGRHV
QRWJHWPXFKPRUHEDVLFWKDQKDQGLQJRXWEXVLQHVVFDUGVWR
HYHU\RQHWKDW\RXPHHW(YHU\ZKHUH\RXJR\RXVKRXOGEH
KDQGLQJRXWEXVLQHVVFDUGV7U\DQGKDQGRXWDWOHDVW¿YH
FDUGVDGD\WRQHZSHRSOHWKDW\RXPHHW$OVRWU\WROHDYHDW
OHDVWRIWKHPDGD\DWGLIIHUHQWVSRWV\RXIUHTXHQWO\YLVLW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
GXULQJWKHGD\%XVLQHVVFDUGVDUHQRWMXVWDWKLQJ\RXJLYHWR
SHRSOHWKDW\RXQHWZRUNZLWK:KHQ\RXOHDYHWKHPDURXQG
RUVWLFNWKHPRQEXOOHWLQERDUGVSHRSOHGRFDOO\RX<RXZLOO
JHWVHOOHUVWRFDOO\RXLI\RXOHDYHHQRXJKRIWKHPDURXQG
<RXZLOODOVRJHWRWKHULQYHVWRUVZKRZLOOFDOO\RXLQWHUHVWHGLQ
ZKROHVDOLQJWR\RX$EXVLQHVVFDUGVKRXOGDFWDVDPLQLDWXUH
EURFKXUHIRU\RXEXVLQHVVDQGZKHQHYHU\RXJLYHLWWRVRPHRQH
LWLVDJUHDWRSSRUWXQLW\WRGHVFULEH\RXUVHUYLFHV

<RXVKRXOGLQFOXGHPRUHWKDQ\RXUFRQWDFWLQIRUPDWLRQRQ\RXU
EXVLQHVVFDUG7KHEDFNRIDEXVLQHVVFDUGLVDJUHDWDUHDWR
OLVWZKDWLWLVWKDW\RXUEXVLQHVVGRHV0DNHVXUHWRLQFOXGH
DOOWKHFRUHVHUYLFHVRIIHUHGE\\RXUFRPSDQ\,WLVDOVRD
JUHDWDUHDWRLQFOXGHWKHEHQH¿WVRIGRLQJEXVLQHVVZLWK\RXU
FRPSDQ\$OZD\VUHPHPEHU\RXUFXVWRPHURQO\FDUHVDERXW
ZKDWLVLQLWIRUWKHP7KLVVLPSOLVWLFPDUNHWLQJSLHFHIRU\RX
VKRXOGEHIXQDQGH[FLWLQJWRFUHDWHVRPDNHVXUHWKDW\RX
GRQRWIRUJHWWRSXWDOORI\RXUFRQWDFWLQIRUPDWLRQLQFOXGLQJ
\RXUFRPSDQ\QDPHORJRSKRQHQXPEHUVID[QXPEHUVZHE
DGGUHVVDQGHPDLODGGUHVV

6(//(5&5(',%,/,7<3$&.(7
<RXU6HOOHU&UHGLELOLW\3DFNHWLVDJUHDWWRROWRXVHZKHQ
\RXPHHWZLWKVHOOHUVRQDSSRLQWPHQWV7KLVSDFNHWLVDQ
H[WHQVLRQRI\RXUPDUNHWLQJVR\RXVKRXOGNHHSWKHVHSDFNHWV
RQ\RXRULQWKHFDUDWDOOWLPHV7KLVSDFNHWSURYLGHVLQVWDQW
FUHGLELOLW\IRU\RXDQG\RXUEXVLQHVV7KHSDFNHWDOVRLQFOXGHV
DOOWKHIHDWXUHVRIZKDW\RXDQG\RXUEXVLQHVVFDQRIIHUWR
WKHKRPHRZQHU\RXDUHPHHWLQJZLWKDORQJZLWKWHVWLPRQLDOV
,QDGGLWLRQ\RXZLOOEHOHDYLQJWKLVSDFNHWEHKLQGIRUWKH
KRPHRZQHUZKLFKLVJUHDWWHFKQLTXHZKHQPHHWLQJZLWK
VHOOHUV

%8<(5&5(',%,/,7<3$&.(7
7KH%X\HU&UHGLELOLW\3DFNHWLVXVHGZKHQ\RXDUHVHOOLQJD
SURSHUW\<RX¶OOEHJLYLQJWKHVHSDFNHWVRXWZKHQ\RXDUH
VKRZLQJDKRPHWRDSURVSHFWLYHKRPHEX\HU7KLVSDFNHW
FRQWDLQVLQIRUPDWLRQDERXWSXUFKDVLQJDKRPHDQGZLOOHYHQ
HGXFDWHWKHKRPHEX\HURQKRZWRVDYHPRQH\RQWKHLU
SXUFKDVH%\SURYLGLQJWKLVW\SHRIEHQH¿FLDOLQIRUPDWLRQ\RX
EXLOGDKLJKHUOHYHORIWUXVWZLWKWKHKRPHEX\HUDQGWKH\DUH
PRUHOLNHO\WRZRUNZLWK\RXRQWKHLUWUDQVDFWLRQEHFDXVHRI
WKLV<RXDOZD\VZDQWWRKDYHWKLVSDFNHWKDQG\VRPDNHVXUH
LWLVNHSWLQWKHFDUEHFDXVH\RXQHYHUNQRZZKHQ\RXZLOOPHHW
DSURVSHFWLYHKRPHEX\HU
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
7230$5.(7,1*0(7+2'6
7KHPRVWFULWLFDOHOHPHQWWKDWGHWHUPLQHV\RXUVXFFHVVDVD
UHDOHVWDWHLQYHVWRULV\RXUPDUNHWLQJ8QIRUWXQDWHO\WKHUH
LVQRRQHPDUNHWLQJVWUDWHJ\WKDWZLOOSURYLGH\RXDQHQGOHVV
VXSSO\RIVHOOHUOHDGVRUEX\HUOHDGV$OOVXFFHVVIXOUHDOHVWDWH
LQYHVWRUVNQRZWKH\PXVWKDYHPXOWLSOHPDUNHWLQJVWUDWHJLHV
RQERWKVLGHVRIWKHWUDQVDFWLRQ

$VDUHDOHVWDWHFRDFK,IHHOLWLVP\GXW\WRVKDUHZLWKP\
FOLHQWVWKHEHVWPDUNHWLQJVWUDWHJLHVWKDWP\VWXGHQWVDQG,XVH
LQGLIIHUHQWPDUNHWVDURXQGWKHFRXQWU\,DPDOZD\VWHVWLQJ
QHZPDUNHWLQJVWUDWHJLHVLQP\EXVLQHVVDQGIHHOLWLVLPSRUWDQW
WRDOZD\VVKDUHZKDWZRUNVDQGZKDWGRHVQ¶WZRUNZLWKP\
VWXGHQWV/LNHZLVHDIWHU\HDUVRIFRDFKLQJGLIIHUHQWVWXGHQWVLQ
GLIIHUHQWPDUNHWV,DOVRNQRZZKDWZRUNVLQGLIIHUHQWDUHDVRI
WKHFRXQWU\

1(7:25.0$5.(7,1*
7KLVVWUDWHJ\ZLOOZRUNEHVWIRUWKRVHRI\RXZKRKDYHOLWWOHRU
QRPRQH\WRLQYHVWLQPDUNHWLQJEXW'2KDYHDIHZKRXUVD
ZHHNRIWLPH(YHU\VXFFHVVIXOLQYHVWRUKDVDSDVVLRQIRUWKHLU
EXVLQHVVDQGFDQ¶WZDLWWRWDONWRSHRSOHDERXWLW+RZHYHU
WKHUHKDVWREHDV\VWHPWR\RXUHIIRUWVLQRUGHUWRPD[LPL]H
SRVLWLYHUHVSRQVH6RZKDWLVQHWZRUNPDUNHWLQJDQ\ZD\"
1HWZRUNPDUNHWLQJLVHVWDEOLVKLQJUHODWLRQVKLSVLQEXVLQHVV
IRUSXUSRVHVEH\RQGWKHUHDVRQRIWKHLQLWLDOFRQWDFW7KHVH
UHODWLRQVKLSVFDQOHDGWRPRUHEXVLQHVVHLWKHUGLUHFWO\RU
LQGLUHFWO\WKURXJKDUHIHUUDO1HWZRUNLQJLVDYHU\SURDFWLYH
IRUPRIPDUNHWLQJ,WWDNHVDGDLO\FRPPLWPHQWWRHVWDEOLVK
DQGNHHSUHODWLRQVKLSVDOLYH,W¶VQRGLIIHUHQWWKDQSHUVRQDOOLIH
<RXPXVWFRQWLQXDOO\ZRUNRQUHODWLRQVKLSVLQRUGHUWRPDNH
WKHPVXFFHVVIXO7KHELJJHVWPLVWDNHWKDWLQYHVWRUVPDNHLV
IRFXVLQJRQWKHPVHOYHVDQGWKHLURZQQHHGV¿UVWEXWLI\RX
UHPHPEHUWKDW+(/3,1*620(21((/6(,67+(685(673$7+
72+(/3,1*<2856(/)\RXDUHERXQGWRJHWORWVRIEHQH¿WV
IURPQHWZRUNLQJZLWKYDULRXVJURXSVRISHRSOH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
:+<'2,19(672561(('721(7:25.0$5.(7"
1HWZRUNLQJLVDQGRQHRIWKHPRVWHVVHQWLDOSDUWVRIDZHOO
FUDIWHGPDUNHWLQJFDPSDLJQ7KHUHDVRQQHWZRUNLQJFDQEH
VXFKDQHIIHFWLYHDYHQXHLVEHFDXVHSHRSOH\RXGHDOZLWKFDQ
DVVRFLDWHWKHEXVLQHVVZLWKDIDFHDQGDSHUVRQDOLW\7KLVLV
ZKHUH\RXULQGLYLGXDOFKDULVPDPDNHVDOOWKHGLIIHUHQFHLQWKH
ZRUOG3HRSOHOLNHWRZRUNZLWKLQGLYLGXDOWKH\NQRZDQGOLNH
7KHUHIRUHOHW\RXUEHVWTXDOLWLHVVKLQHDQGHVWDEOLVKDOHYHORI
WUXVW7KHSULPDU\ZD\WRDFFRPSOLVKWKLVLVE\VKRZLQJVLQFHUH
LQWHUHVWLQSHRSOHZKRWKH\DUHDQGZKDWWKH\GR7KHRYHUDOO
JRDORIQHWZRUNLQJLVWRSURPRWHWKHEXVLQHVVDQGWRHGXFDWH
WKHZLGHVWSRVVLEOHDXGLHQFHRQVHUYLFHVRIIHUHGE\\RXU
FRPSDQ\%URDGHUH[SRVXUHRIWHQOHDGVWRQHZRSSRUWXQLWLHV
SURVSHFWLYHFOLHQWVDQGQHZLGHDVDQGWKHUHLVQREHWWHUZD\
WRDFKLHYHWKLVJRDOWKDQWKURXJKQHWZRUNLQJ1HWZRUNLQJ
RSSRUWXQLWLHVDUHWUXO\HQGOHVVDQGRQO\OLPLWHGE\\RXU
LPDJLQDWLRQDQGWKHZLOOLQJQHVVWRLQWHUDFWZLWKSHRSOHDURXQG
\RX7KHUHLVYLUWXDOO\QRRQH\RXFRPHLQFRQWDFWZLWKWKDW
\RXVKRXOGQ¶WPDNHDZDUHRIZKDW\RXGRDQGZKDWVHUYLFHV
\RXKDYHWRRIIHU


:+$7$5(7+(%(673/$&(67267$571(7:25.,1*"
7KH¿UVWSODFHWRVWDUWQHWZRUNLQJLV\RXUORFDO5HDO(VWDWH
,QYHVWRUV$VVRFLDWLRQ$W\RXUORFDO5(,$\RXZLOO¿QGGR]HQV
LIQRWKXQGUHGVRIOLNHPLQGHGLQYHVWRUVDOOZLWKGLIIHUHQW
H[SHULHQFHOHYHOV7KLVLV\RXUPDUNHWZKHWKHU\RXDUHORRNLQJ
WREX\RUVHOO:HKDYHZKROHVDOHGGR]HQVRISURSHUWLHVWR
SHRSOHZHPHWDWRXUORFDO5(,$LQ&RQQHFWLFXW/LNHZLVHZH
KDYHERXJKWGR]HQVRISURSHUWLHVRIIRISHRSOHZHKDYHPHWDW
WKHPRQWKO\PHHWLQJV

$QRWKHUJRRGSODFHWRQHWZRUNLV\RXUORFDOKRPHEXLOGHUV
DVVRFLDWLRQDQGDSDUWPHQWRZQHUVDVVRFLDWLRQ7KH
KRPHEXLOGHUVDVVRFLDWLRQLVDGLIIHUHQWW\SHRIDVVRFLDWLRQ
ZKRVHPHPEHUVKLSXVXDOO\FRQVLVWVRIEXLOGHUVDQGVXSSOLHUV
7KHVHUHODWLRQVKLSVZLOOEHYHU\YDOXDEOHLQFDVH\RXJHWLQWR
ODQGGHYHORSPHQWRUVHULRXVUHPRGHOLQJZRUN/RFDOODQGORUG
DVVRFLDWLRQVFDQDOVREHYHU\YDOXDEOHDQGDJUHDWVRXUFHRI
ZKROHVDOHEX\HUVIRU\RXUPXOWLXQLWSURSHUWLHV

7KHUHDUHDOVRHYHQWVVSHFL¿FDOO\RUJDQL]HGIRUSXUSRVHVRI
QHWZRUNLQJ7KH\DUHDQH[FHOOHQWDYHQXHRIPHHWLQJRWKHU
SURIHVVLRQDOVWKDWZRUNLQUHDOHVWDWHDQGQRQUHDOHVWDWH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
UHODWHG¿HOGV,WLVDYHU\HI¿FLHQWZD\RIHVWDEOLVKLQJQHZ
UHODWLRQVKLSVEHFDXVHHYHU\RQHKDVWKHVDPHDJHQGDZKLFKLV
WRPDNHPRVWSRVVLEOHFRQWDFWVWKDWFDQEHQH¿WWKHLUEXVLQHVV
,W¶VOLNHJRLQJWRDVLQJOHVEDUHYHU\RQHLVWKHUHWRPLQJOH
7KLVHOLPLQDWHVDQ\DZNZDUGQHVVDERXWJHWWLQJULJKWGRZQ
WREXVLQHVV<RXZLOOPHHWPDQ\SHRSOHZKRZLOOEHYDOXDEOH
DVVHWVWR\RXUPDUNHWLQJFDPSDLJQV$WYDULRXVQHWZRUNLQJ
HYHQWV,KDYHPHWDGDJHQF\UHSVPHGLDEX\HUVSULQWHUV
DQGDORWRISULYDWHOHQGHUV,QRUGHUWREHWUXO\HIIHFWLYHDW
QHWZRUNLQJ\RXPXVWGH¿QHZKR\RXQHWZRUNZLWKDQGZKDW
WKHSXUSRVHLVEHKLQGUHDFKLQJGLIIHUHQWJURXSVRISHRSOH
6RPHLQGLYLGXDOV\RX¶OOQHWZRUNZLWKWR¿QGGHDOVRWKHURQHV
WR¿QGIXQGLQJ\HWDQRWKHUJURXSWRVHOO\RXUKRPHVDQGRU
GHYHORSIDYRUDEOHUHODWLRQVKLSIRUWKHIXWXUHRI\RXUEXVLQHVV

.(<&20321(1762)1(7:25.,1*725(0(0%(5
• 8QGHUVWDQGZKDWSURIHVVLRQVSHRSOHFDQEHQH¿W\RXU
EXVLQHVVDQGLQZKDWZD\
• 3ODQZKLFKQHWZRUNLQJHYHQWVDSSO\WR\RXUQHWZRUNLQJ
JRDOVDQGREMHFWLYHV
• 6HWQHWZRUNLQJJRDOVIRUHDFKPHHWLQJ
• .QRZ\RXUDXGLHQFHDQGXQGHUVWDQGZKDWEHQH¿WV\RX
FDQRIIHUWKHP
• %XLOGUHODWLRQVKLSVE\VKRZLQJJHQXLQHLQWHUHVWLQSHRSOH
• )ROORZXSRQUHJXODUEDVLVWRPDLQWDLQWKHUHODWLRQVKLS
• +HOSRWKHUVVXFFHHGDQGWKH\ZLOOKHOS\RXGRWKHVDPH

%$1',76,*16
$PHULFDLVDVRFLHW\RQZKHHOVDQGLQDZHOORLOHGPDUNHWLQJ
PDFKLQH\RXPXVWIROORZ\RXUFXVWRPHUV¶OLYLQJKDELWV7KLV
LVWKHUHDVRQZK\RXWGRRUVLJQVDUHDQHFHVVDU\FRPSRQHQWRI
HYHU\PDUNHWLQJSODQ6LJQVFUHDWHPXOWLSOHSRLQWVRIFRQWDFW
ZLWKSURVSHFWLYHFXVWRPHUVDQGWKH\DUHDFRVWHIIHFWLYH
PHWKRGRIHVWDEOLVKLQJDZDUHQHVVIRU\RXUVHUYLFHVLQWKH
PDUNHWSODFH7KLVLVDVXUHZD\WREULQJLQTXDOLW\OHDGVWR\RXU
EXVLQHVV/HW¶VGLVFXVVVRPHEDVLFVLJQDJHRSWLRQVSHUIHFWIRU
EHJLQQLQJLQYHVWRUV
:KHQHYDOXDWLQJW\SHVRIVLJQVDYDLODEOHWR\RXUEXVLQHVV
WKHUHLVRQHRSWLRQWKDWLVDQREUDLQHU$FKHDSVLOHQWDQG
LQFRQVSLFXRXVVHOOHU«:KDW,DPUHIHUULQJWRKHUHDUHVWUHHW
VLJQVDOVRNQRZQWRVRPHDVEDQGLWVLJQV7KH\FRPHSULQWHG
LQDYDULHW\RIVL]HV´[´´[´´[´´[´ZLWK
WKHPRVWFRPPRQVL]HEHLQJ´[´%DQGLWVLJQVVKRXOG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
EHRQHRIWKH¿UVWPHWKRGVRIPDUNHWLQJHPSOR\HG7KH\DUH
DPRQJWKHOHDVWH[SHQVLYHIRUPVRIDGYHUWLVLQJDYDLODEOHWRD
UHDOHVWDWHHQWUHSUHQHXUDQGDWWKHVDPHWLPHRQHRIWKHPRVW
HIIHFWLYHWRROVRXWWKHUH

:KDWVLJQVFDQGRIRU\RXUEXVLQHVVLVSURPRWHDZDUHQHVVDQG
PXOWLSOHSRLQWVRI³FRQWDFW´ZLWK\RXUFXVWRPHUDWDYHU\ORZ
FRVW7KLVLVHVSHFLDOO\WUXHLI\RXDUHGLOLJHQWDQGV\VWHPDWLF
LQ\RXUHIIRUWVWRSXWWKHPXS$VGLVFXVVHGUHSHWLWLRQRID
PHVVDJHLVZKDWJHWVWKHSKRQHULQJLQJVRWKHPRUHVLJQV
\RXFDQJHWLWLQIURQWRI\RXUSURVSHFWWKHPRUHOHDGV\RXFDQ
JHQHUDWH

*RRG3ODFHVIRU<RXU6LJQV

• 3URSHUWLHV<RX2ZQ
0DNHVXUHWRSODFHDODUJHVLJQRQWKHSURSHUWLHVWKDW
\RXRZQ7KHDFWLYLW\RQWKHVLWHZLOOGUDZDWWHQWLRQ
VR\RXDOZD\VZDQWSHRSOHWRNQRZWKDW\RXDUHLQWKH
EXVLQHVVRIEX\LQJDQGUHQRYDWLQJKRPHV<RXPD\IDFH
DQLVVXHZLWKWKHFLW\LIWKHVLJQLVWRRODUJHVRDOZD\V
FKHFNFLW\RUGLQDQFHVEHIRUHSXWWLQJRQHXS6RPH
WRZQVKDYHUHVWULFWLRQVRQKRZELJWKHVLJQVFDQEHVR
FDOODQGDVN

• )ULHQGV5HODWLYHVDQG2WKHUV
,I\RXKDYHIULHQGVLQWKHDUHDVZKHUH\RXW\SLFDOO\EX\
DVNWRSXWDVLJQLQWKHLUIURQW\DUG0DQ\SHRSOHDUH
ZLOOLQJWRGRLWIRUSROLWLFDORI¿FHFDQGLGDWHVVRWKH\
PD\GRWKHVDPHIRU\RX7KHVDPHJRHVIRUUHODWLYHV
7KHVHDUHMXVWDIHZPRUHSODFHVZKHUH\RXUPHVVDJH
FDQEHVHHQE\SRWHQWLDOFXVWRPHUVHVSHFLDOO\LIWKHLU
SURSHUWLHVDUHORFDWHGLQKLJKWUDI¿FDUHDV<RXFDQ
HYHQRIIHUDVPDOOPRQWKO\IHHRUSRVVLEO\DUHIHUUDOIHH
IRUHYHU\KRXVH\RXEX\DVDUHVXOWRIDOHDG\RXJHW
IURPWKHVLJQRQWKHLUSURSHUW\

• 7HOHSKRQH3ROHV
7KLVLVDJUHDWSODFHIRUVLJQV7KHVHPD\EHDELW
VPDOOHUWKDQSURSHUW\VLJQVEXWWKH\VHUYHDJRRG
SXUSRVHDQGVKRXOGEULQJ\RXFRQVLVWHQWOHDGV7KH
EHVWORFDWLRQVDUHDEXV\LQWHUVHFWLRQWKDWJHWVDORW
RIWUDI¿FDQGKLJKZD\H[LWUDPSV7KHVHORFDWLRQVDUH
H[FHOOHQWVLQFHZKHQWUDI¿FLVKHDY\DQGFDUVKDYH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 WRZDLWRQDWUDI¿FOLJKWRUDQLQWHUVHFWLRQWKHGULYHUV
KDYHWLPHWRORRNDURXQGDQGQRWLFH\RXUVLJQ$QRWKHU
JRRGSODFHFRXOGEHRXWVLGHEXV\SDUNLQJORWVHVSHFLDOO\
WKRVHRIKRPHLPSURYHPHQWVWRUHVDQGJURFHU\VWRUHV
0DNHVXUHWRXVHDKDUGSODVWLFDQGEHVXUHLWLVWLJKWO\
VHFXUHGWRWKHSROOKLJKHQRXJKVRHYHU\FDUFDQVHH
LWDQGLW¶VGLI¿FXOWIRUVRPHRQHWRUHDFKDQGSXOOLWRII
$JDLQEHDZDUHRIWRZQRUGLQDQFHVDQGORFDOXWLOLW\
UHJXODWLRQVDJDLQVWSXWWLQJXSVLJQVRQWHOHSKRQHSROHV
DQGIROORZWKHUXOHVH[SODLQHGHDUOLHULI\RXKDSSHQWR
UXQLQWRSUREOHPV

2QHLPSRUWDQWWKLQJWRUHPHPEHUDERXWJHWWLQJWKHPRVW
UHVXOWVRXWRI\RXUVLJQVLVWRDFWXDOO\SXWWKHPXS7KLVLV
RQHW\SHRIPDUNHWLQJWKDW\RXGRQ¶WZDQWWRRYHUDQDO\]HDQG
VLPSO\WDNHDFWLRQLQLPSOHPHQWLQJ1HYHUJHWOD]\DERXW
SXWWLQJWKHPXSDVWKH\DUHZHOOZRUWKWKHKDVVOH5HPHPEHU
WKDWWKH\FDQQRWEHHIIHFWLYHVLWWLQJLQWKHEDFNRI\RXUFDURU
DWWKHRI¿FH$OVRSXWWLQJXSRIVLJQVLVDMREWKDWFDQEHYHU\
HDVLO\RXWVRXUFHGIRUDORZODERUFRVWVRWKHUHLVQRH[FXVH
IRUQRWJHWWLQJWKHPXS+RZHYHUDVDOZD\V,DPDVWURQJ
SURSRQHQWRIGRLQJLW\RXUVHOI¿UVWIRUDSHULRGRIWLPHVR\RX
FDQRIIHUSURSHUJXLGDQFHIRUWKHSHUVRQ\RXKLUHWRWDNHRQWKH
SURMHFW 

:KHQPDNLQJGHFLVLRQVRQWKHGHVLJQRI\RXUVLJQWKHSRLQWLV
WRPDNHLWVLPSOH3HRSOHGULYLQJE\\RXUVLJQVGRQRWKDYHD
ORWRIWLPHWRUHDGDORQJPHVVDJHVRLWVKRXOGEHVKRUWDQGWR
WKHSRLQW+HUHDUHIHZUXOHVWRIROORZ

• )LUVWLWVKRXOGLQFOXGHDXQLTXHEHQH¿WVXFKDV³&$6+
IRU\RXUKRXVH´RU³6HOO<RXU+RXVHLQGD\V´WR
FDSWXUHWKHLUDWWHQWLRQ
• 1H[WLWVKRXOGLQFOXGHDYDQLW\WHOHSKRQHQXPEHU
ZKLFKVSHOOVRPHWKLQJRQWKHSKRQHNH\SDGRUDQHDV\
WRUHPHPEHUORFDOSKRQHQXPEHU,QWHUHVWLQJO\ZH¶YH
IRXQGWKDWDORFDOQXPEHURIWHQWLPHVZRUNVEHWWHUWKDQ
DYDQLW\QXPEHUVRLW¶VVRPHWKLQJZRUWKWHVWLQJRXWLQ
\RXUPDUNHW
• 0DNHVXUHWRLQFOXGH\RXUZHEVLWHDGGUHVV6LQFH
\RXGRQ¶WZDQWWRFURZG\RXUVLJQZLWKWRRPXFK
LQIRUPDWLRQWKHZHEVLWHLVDJUHDWSODFHIRUDSURVSHFW
WRJHWDGGLWLRQDOGHWDLOVDERXW\RXUFRPSDQ\DQG\RXU
VHUYLFHV
• )LQDOO\NHHSDVLPLODUWKHPHZLWKDOO\RXUVLJQV)URP

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 WKHVPDOOWRWKHELJWU\WRXVHWKHVLPLODUFRORUVFKHPHV
DQGDFRQVLVWHQWPHVVDJH<RXFDQXVH\RXUORJREXW
EHVXUHWRPDNHWKHZRUGVDQGWKHSKRQHQXPEHUWKH
FHQWHURIDWWHQWLRQ

$ZDUQLQJDERXWSXWWLQJXS%DQGLW6LJQV$WWKLVSRLQW\RXDUH
UHDG\WRJRRXWDQGSRVWWKRXVDQGVRIVLJQVDQGOLJKWXS\RXU
SKRQHOLQHVZLWKOHDGVEXW¿UVWWKHUHLVRQHPRUHLVVXHWR
UHVHDUFKDQGFRQVLGHU7KHUHLVDUHDVRQZK\WKHVHVWUHHWVLJQV
DUHFRPPRQO\NQRZQDV³EDQGLWVLJQV´,QPDQ\PXQLFLSDOLWLHV
WKH\DUHQRWSHUPLWWHGE\ORFDOFRGHPDNLQJWKHPLOOHJDO<RX
PXVWDOZD\VUHPHPEHUWRFKHFNZLWK\RXUFLW\RUWRZQRI¿FLDOV
EHIRUH\RXSRVWVLJQVVLQFHPRVWSODFHVKDYHVLJQUHJXODWLRQV
2IFRXUVHWKHUHJXODWLRQVYDU\IURPRQHSODFHWRDQRWKHUEXW
LQVRPHLQVWDQFHVWKHSXQLVKPHQWIRUYLRODWLRQVFDQEHDVWLII
¿QHLQDGGLWLRQWRWKHORVVRI\RXUVLJQV

',5(&70$,/
2QHRIWKHPRVWSRSXODUIRUPVRIDGYHUWLVLQJLVGLUHFWPDLO
$IWHUVWUHHWVLJQVWKLVLVWKHW\SHRIPDUNHWLQJWKDWPRVWUHDO
HVWDWHLQYHVWRUVFKRRVHWRLPSOHPHQW¿UVW:LWKGLUHFWPDLO\RX
FDQFORVHO\VHOHFW\RXUWDUJHWJURXSVRISURVSHFWVDQGHOLPLQDWH
FRVWVDVVRFLDWHGZLWKWKHVKRWJXQDSSURDFK,WLVUHODWLYHO\
LQH[SHQVLYHLQFRPSDULVRQWRRWKHUPDUNHWLQJPHWKRGVDQGLW
LVQRWGLI¿FXOWWRWHVWLWVHIIHFWLYHQHVV3URSHUO\GHVLJQHGGLUHFW
PDLOFDPSDLJQSURYLGHVQHZLQYHVWRUVZLWKVPDOOPDUNHWLQJ
EXGJHWVWKHRSSRUWXQLW\WRFRPSHWHZLWKPRUHDGYDQFHG
LQYHVWRUVZKRDUHEX\LQJELJJHUWLFNHWLWHPVVXFKDVELOOERDUGV
UDGLRDQGWHOHYLVLRQ1HJDWLYHLVLW¶VYHU\WLPHFRQVXPLQJ
0DQ\¿QGLWGLI¿FXOWWRFRQVLVWHQWO\JHWGLUHFWPDLORXWRQWLPH
WKLVLVZK\\RXQHHG$6<67(0'LUHFWPDLOVKRXOGEHRQHRI
WKHFRUQHUVWRQHVRIHYHU\UHDOHVWDWHLQYHVWRUVPDUNHWLQJSODQ

:(7$5*(7/,676,1&/8',1*

ƒ 3UH)RUHFORVXUH/LVWV
ƒ %DQNUXSWF\/LVW
ƒ (YLFWLRQ/LVWV
ƒ 'LYRUFH/LVWV
ƒ 7D[/LHQ/LVWV
ƒ )LUH'DPDJH3URSHUW\/LVWV
ƒ 3UREDWH/LVWV
ƒ %DQNUXSWF\$WWRUQH\/LVWV
ƒ 3UREDWH$WWRUQH\/LVWV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 ƒ &RGH9LRODWLRQ/LVWV
ƒ /LVWV
ƒ 0RUWJDJH%URNHU/LVWV
ƒ 5HDOWRU/LVWV
ƒ %XLOGHU/LVWV
ƒ 2XWRI6WDWH2ZQHU/LVWV
ƒ 9DFDQW3URSHUW\/LVWV
ƒ +HDOWK&RGH9LRODWLRQ
ƒ ,QYHVWRU/LVWV
ƒ 4XLW&ODLP'HHG/LVWV
ƒ 'LYRUFH$WWRUQH\/LVWV

,KDYHGHVLJQHGKLJKO\FRPSHOOLQJFDPSDLJQVWKDWZLOOLPSURYH
\RXUUHVSRQVHUDWHVGUDPDWLFDOO\&DPSDLJQVJHDUHGWRZDUGV
WKHH[DFWOLVW\RXDUHPDLOLQJWRDQGFDQKDYHVRPHRQHHOVH
SD\IRUKDYHDYHU\PLQLPDOFRVWRUHYHQEHWWHU\HWDUHIUHH

<RXQHHGWRHGXFDWH\RXUVHOIRQZKHUHWRJHWYDULRXVOLVWVLQ
\RXUDUHD<RXQHHGWRFUHDWHDVFKHGXOHWRJHW\RXUPDLOLQJV
RXW/HDUQKRZWRXVH0LFURVRIW0DLO0HUJHLI\RXGRQ¶W
DOUHDG\NQRZ'RWKHPDLOLQJV\RXUVHOIWKH¿UVWIHZWLPHV
WLPHRXWKRZORQJLWWDNHV\RXWRJHW\RXUOHWWHUVGRQH7+(1
2876285&(,7<RXKHDUGPHULJKWKLUHDSHUVRQWRGRWKLV
IRU\RX+LUHVRPHRQHIRUDQKRXUWRZRUNIRUDVSHFL¿F
WLPHEORFNWZRGD\VDZHHN&UDLJVOLVWFRPLVDJUHDWSODFH
WR¿QGFKHDSKRXUO\KHOS7KHSRLQWLV<285WLPHVKRXOGEH
ZRUWKPRUHWR\RXWKDQDQKRXU,ZDQW\RXVSHQGLQJ\RXU
SUHFLRXVWLPHHYDOXDWLQJGHDOVEX\LQJSURSHUWLHVDQGFORVLQJ
GHDOVQRWDGGUHVVLQJDQGOLFNLQJHQYHORSHV<RXZLOOQRWEXLOG
ZHDOWKE\GRLQJ\RXURZQGLUHFWPDLOE\KDQG

'225.12&.,1*&2/'&$//,1*
'RRU.QRFNLQJDQG&ROG&DOOLQJJRLQKDQGDQGKDQG7KHUH
DUHDYDULHW\RIVHOOHUV\RXFDQWDUJHWWKLVZD\EXWFXUUHQWO\
,IRFXVVROHO\RQSUHIRUHFORVXUH7HOHPDUNHWLQJJHQHUDOO\
JHQHUDWHVDEHWWHUUHVSRQVHEHFDXVH\RXFDQUHDFKPRUH
SHRSOHLQDVKRUWHUSHULRGRIWLPH5HDOLVWLFDOO\\RXFDQFDOO
IURPWRSURVSHFWVDGD\ZKLOH\RXFDQRQO\GRRU
NQRFNDERXW,DOVRZDQW\RXWRQRWHWKHVHDUHERWK
PDUNHWLQJWHFKQLTXHV\RXVKRXOGRXWVRXUFHDIWHUGRLQJLW
\RXUVHOIDIHZWLPHV

:KHQGRRUNQRFNLQJDVHOOHUZLOORQO\DQVZHUWKHGRRU
RIWKHWLPHVRZHDOZD\VOHDYHDFUHGLELOLW\SDFNHWDQGD

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
QRWHZKHQZHFDQ¶WSHUVRQDOO\VSHDNZLWKWKHVHOOHU,I\RXDUH
XQFRPIRUWDEOHGRRUNQRFNLQJ\RXDWOHDVWQHHGWRVWDUWFROG
FDOOLQJ
:KHQ\RXHGXFDWH\RXUVHOIRQWKHIRUHFORVXUHSURFHVVLQ
\RXUDUHDDQGJHWVDOHVH[SHULHQFH\RXJHWXQGHU\RXUEHOW
WKHDPRXQWVHOOHUV\RX¶OOFRQYHUWZLOOLQFUHDVH7KHUHDUH
OLVWVHUYLFHV\RXFDQ¿QGRQOLQHWKDWSURYLGHSUHIRUHFORVXUH
OLVWV,I\RXFDQ¶W¿QGDOLVWSURYLGHURQOLQHFRQWDFW\RXUORFDO
5(,$5HDO(VWDWH,QYHVWRUV$VVRFLDWLRQZKLFK\RXVKRXOG
DEVROXWHO\DOUHDG\EHDQDFWLYHPHPEHURIDQGDVNZKHUH\RX
FDQORFDWHVXFKDOLVW

<RXUELJJHVWREVWDFOHZKHQFROGFDOOLQJDQGGRRUNQRFNLQJZLOO
EHKDQGOLQJVHOOHUREMHFWLRQV<RXKDYHWRNQRZKRZWRUHVSRQG
ZKHQWKH\WKURZRXWDQREMHFWLRQ6HOOHUVLQSUHIRUHFORVXUH
DUHYHU\VHQVLWLYHDQGXVXDOO\DQJU\HVSHFLDOO\EHFDXVHWKH\
DUHQRWFDOOLQJ\RX\RXDUHFDOOLQJWKHP³XQZDQWHG´<RX
QHHGWRFRQYH\\RXUPHVVDJHDQGEXLOGUDSSRUWLQOLWHUDOO\
VHFRQGV2QFH\RX¶YHPDVWHUHGGRRUNQRFNLQJDQGFROGFDOOLQJ
DQGKDYHFRQYHUWHGDIHZGHDOV\RXUVHOIKLUHVRPHRQHHOVHWR
GRLWIRU\RX<RXFDQ¶WWHDFKVRPHRQHHOVHKRZWRJHWGHDOVIRU
\RXZKHQ\RXGRQ¶WNQRZKRZ\RXUVHOI

1(:63$3(5$'9(57,6,1*
/RRNIRU1HZVSDSHUVLQ\RXUDUHDDQGSULFHVKRS/HDUQWKH
GHPRJUDSKLFVDQGFLUFXODWLRQRIHDFKSXEOLFDWLRQ1HZVSDSHU
DGYHUWLVLQJFDQJHWTXLWHFRVWO\VRLW¶VDJRRGVWUDWHJ\WREHJLQ
ZLWKORFDODQGWKULIWQHZVSDSHUVYVUHJLRQDORQHV2QHUHDVRQ
WRVWD\ORFDOLVEHFDXVHDGYHUWLVLQJZLWKLQORFDOQHZVSDSHUVZLOO
QRWRQO\SURYHWREHFKHDSHUEXWDOVRPXFKPRUHFRVWHI¿FLHQW
LQUHDFKLQJ\RXUWDUJHWPDUNHW6HFRQGO\WKHWKULIWSDSHUVDQG
WRZQSDSHUVXVXDOO\WHQGWRUHDFKWKHGHPRJUDSKLFRISRWHQWLDO
KRPHVHOOHUVWKDW\RXDUHWU\LQJWRDLPIRU)LQDOO\LQPDQ\
LQVWDQFHVUHJLRQDOSDSHUVUHDFKIDUEH\RQGWKHDUHDVWKDW\RX
KDYHWKHFDSDFLW\WRFRYHUDQGGREXVLQHVVLQVR\RXZRXOGEH
ZDVWLQJ\RXUDGYHUWLVLQJIXQGVRQUHDFKLQJSURVSHFWVWKDWDUH
QRWZLWKLQ\RXUWDUJHWDXGLHQFH

1HZVSDSHUVFRPELQHORFDODFFHVVZLWKQHDUXQLYHUVDOLPSDFW
7KH\DOVRSURYLGHDQHDV\WRWHVWPHGLXPZKLFKFDQJXLGH
\RXWRZDUGVFUDIWLQJDVXFFHVVIXOPHVVDJH,¶YHGHVLJQHGDQG
WHVWHGKXQGUHGVRIGLIIHUHQWDGVWUDFNHGZKDWZRUNVDQGZKDW
GRHVQ¶WDQGWZHDNHGWKHPXQWLO,¶YHFHPHQWHGDGV,NQRZZLOO
JHQHUDWHDJUHDWUHVSRQVH7KHVHWHPSODWHVDUHLQYDOXDEOH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
:KHQGHVLJQLQJ\RXUDGWHPSODWHVPDNHVXUH\RX¶YHVHWXSD
YDQLW\WHOHSKRQHQXPEHUWKDWHDV\IRUUHDGHUVWRUHPHPEHU
<RXUUHVSRQVHVZLOOJRXS

86()8/7,36)251(:63$3(5$'6
• &UHDWHDVWURQJKHDGOLQH7DNHWLPHWRPDNHWKLVWKH
EHVWSDUWRI\RXUDG
• ,QFOXGHWKHEHQH¿WWRWKHUHDGHUSURVSHFW
• &OHDUO\&RPPXQLFDWH\RXURIIHULQJ
• ,QFOXGHSKRQHQXPEHUDQGWKHZHEDGGUHVV
• 3XWDERUGHUDURXQG\RXUDG7KH\KHOSVPDOODGVDFW
OLNHELJRQHV
• 'RHYHU\WKLQJLQ\RXUSRZHUWRJHW\RXUDGSODFHGLQWKH
IURQWVHFWLRQRIWKHQHZVSDSHURQWKHULJKWKDQGSDJH
DERYHWKHIROG
• 7DUJHWWKHDGDWRQHUHDGHUQRWDJURXS0DNHLW
SHUVRQDODQGLPPHGLDWH
• $VZLWKHYHU\WKLQJWHVWVHYHUDOVL]HGDGVDQGGLIIHUHQW
SXEOLFDWLRQVXQWLO\RXKDYHWKHULJKWUHVXOWVIRUWKHULJKW
SULFH
• 5HSHWLWLRQ5HSHWLWLRQ5HSHWLWLRQ<RXZLOOJHWWLUHG
RI\RXUDGORQJEHIRUHWKHFRQVXPHUZLOOEXWGRQ¶WJHW
DQ[LRXVDQGFKDQJH\RXUDG5HSHWLWLRQDQGFRQVLVWHQF\
LVWKHNH\

385&+$6(',17(51(7/($'6
7KLVLVVXFKDQHDV\FDPSDLJQWRJHWVWDUWHGJDWKHULQJOHDGV
EHFDXVH\RX¶UHSXUFKDVLQJWKHVHOHDGVIURPLQWHUQHWOHDG
FRPSDQLHV7KHVHFRPSDQLHVVSHFLDOL]HLQ6(26HDUFK(QJLQH
2SWLPL]DWLRQ*RRJOH$G:RUGVDQGQDPHFDSWXULQJRQWKH
LQWHUQHW

,QWHUQHWOHDGFRPSDQLHVZRUNOLNHWKLV$VHOOHUZLOOJRLQWR
*RRJOHDQGVHDUFKIRUZD\VWRVHOOWKHLUKRPH*RRJOHZLOOVSLW
EDFNDOLVWRIZHEVLWHVWKDWZLOOSURYLGHWKLVLQIRUPDWLRQ1RZ
LQWHUQHWOHDGFRPSDQLHVSD\*RRJOHWRFRPHXSRQ*RRJOH¶V
VLWHWRVKRZXSRQWKHWRS7KHVHVLWHVDUHJRLQJWREHRII
RQWKHVLGHRI*RRJOH¶VZHESDJH7KHQRUPDOOLVWWKDWDSSHDUV
LVFDOOHGWKHRUJDQLFOLVWDQGWKH\DSSHDUWKHUHEHFDXVHWKH\
FRQWDLQWKHYHUELDJHWKDW\RXZHUHVHDUFKLQJ:KHQ\RXFOLFN
RQRQHRIWKHVHVLWHV\RXZLOOJRWRDODQGLQJSDJHWKDWDVNV
IRUWKHVHOOHU¶VLQIRUPDWLRQ7KDWLQIRUPDWLRQZLOOWKHQJRWRWKH
UHDOWRURUUHDOHVWDWHLQYHVWRUZKRRZQVWKDWDUHDLI\RXVLJQHG
XSIRUWKDWDUHD(YHU\WLPHVRPHRQHYLVLWVRQHRIWKHVHVLWHV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WKURXJK*RRJOHWKHVLWHZLOOSD\*RRJOHDIHHIRUEULQJLQJWKH
SHUVRQWRWKHP7KHWKLQJLVQRWHYHU\RQHZKRYLVLWVWKHVLWH
ZLOODFWXDOO\¿OORXWWKHLQIRUPDWLRQVRWKLVZLOOEULQJXSWKHFRVW
SHUOHDGWKDWLVVROGE\WKHLQWHUQHWOHDGFRPSDQ\

6RKRZGR\RX¿QGWKHLQWHUQHWOHDGFRPSDQLHVWKDWSURYLGHIRU
\RXUDUHD":HOO\RXQHHGWRUHVHDUFKWKHWRSOHDGSURYLGHUV
'RWKLVE\VHDUFKLQJ*RRJOHIRUSRSXODUVHDUFKWHUPV+HUHDUH
VRPHH[DPSOHV

‡ 6HOO+RXVH)DVW
‡ 6WRS)RUHFORVXUH
‡ 6HOO+RXVH\RXUFLW\
‡ 6WRS)RUHFORVXUH\RXUFLW\

7KHQ\RXZDQWWRUDQNDQGLQWHUYLHZWKH7RSFRPSDQLHV
WKDWSRSXS<RXZDQWWRORRNIRUWKHSDLGZHEVLWHVQRWWKH
RUJDQLFZHEVLWHV+HUHLVZKDW\RX¶OOZDQWWRNQRZDERXWHDFK
FRPSDQ\

• ,V7KH7HUULWRU\$YDLODEOH"
• &RVW2I7KH7HUULWRU\
• .QRZ7KH1XPEHUV
R 2I/HDGV3HU0RQWK
R &RVW3HU/HDGNHHSLWEHORZ
R :KR(OVH,V*HWWLQJ7KH/HDGV
R +RZ,V7KH/HDG6FUHHQHG"
• 7UDFN7KH4XDOLW\

&RVW"1RZZRUVWFDVHVFHQDULROHW¶VVD\\RXDUHEX\LQJOHDGV
DWSHUOHDG,¶YHIRXQGWKDW,JHWGHDOHYHU\OHDGV
7KHUHIRUH,¶PSD\LQJIRUDGHDOWKDW,¶PJRLQJWRPDNH
WLPHVWKDWRUPRUHRQ6RLWVWLOOPDNHV¿QDQFLDOVHQVH

‡ ,QWHUQHW/HDG&RPSDQLHV
± 7R$/HDG)RU([FOXVLYH/HDGV
± 7R3HU0RQWK)RU&HUWDLQ&RXQWLHV

‡ %X\*RRJOH$G:RUGV±<RX&RXOG7U\7R'R7KLV
<RXUVHOI$QG'ULYH7KHP7R<RXU:HEVLWH
± &RVW9DULHV'HSHQGLQJ2Q<RXU([SHULHQFH,GR
QRWUHFRPPHQGGRLQJWKLV,HQGHG8S3D\LQJ
$/HDG7U\LQJ7R'R7KLV2Q0\2ZQ

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
6RPHRIWKHWKLQJVWKDW\RXQHHGWRWDNHLQWRDFFRXQWZKHQ
\RXDUHSLFNLQJDFRPSDQ\WREX\\RXUOHDGVIURPDUHOLVWHG
EHORZ

‡ ,V7KH=LS&RGH2U&RXQW\$YDLODEOH"
6RPHWLPH<RXU$UHD0D\1RW(YHQ%H$YDLODEOH

‡ +RZ$UH7KH\3UHVFUHHQLQJ7KH/HDGV"
&KHFN2XW7KH'LIIHUHQW&RPSDQ\¶V/DQGLQJ3DJH

‡ :KDW,V7KH&RVW3HU/HDG"
7KLV,V8S7R+RZ:HOO7KH\$UH3UHVFUHHQHG$V/RQJ
$V<RX$UH6WD\LQJ8QGHU<RX6KRXOG%H2N

‡ 'R7KH\+DYH0LQLPXPV2U0D[LPXPV"
<RX:DQW7R.QRZ+RZ0DQ\/HDGV7KH\:LOO%H
6HQGLQJ<RX7KH&RPSDQ\,%X\0\/HDGV)URP,
'HVLJQDWH+RZ0DQ\/HDGV,:DQW

‡ :KR(OVH$UH7KH\6HOOLQJ7KH/HDGV7R"
,I7KH\$UH6HOOLQJ7KH6DPH/HDG7R2WKHU
,QYHVWRUV7KHQ7KDW¶V1RW*RRG%HFDXVH<RX+DYH
&RPSHWLWLRQ$UH7KH\6HOOLQJ7R5HDOWRUV"$UH7KH
/HDGV&KHDS(QRXJK)RU7KHP7R'R7KLV"

‡ ,I7KH\6HOO%\&RXQW\±+RZ0DQ\/HDGV'LG<RX
*HW,Q7KH3DVW0RQWKV"
'R7KH'LYLVLRQ$QG)LJXUH2XW7KH&RVW3HU/HDG6R
<RX.QRZ<RXU&RVW

:+<<280867+$9($)8//$56(1$/2)
0$5.(7,1*675$7(*,(6

7KHLPPXWDEOHODZRIPDUNHWLQJLVWKDWWKHUHLVDGLUHFW
UHODWLRQVKLSEHWZHHQWKHQXPEHURISURVSHFWV\RXKDYHDQG
\RXULQFRPH5HDOHVWDWHLVDEXVLQHVVRIOHDGJHQHUDWLRQ,I\RX
GRQ¶WFRQVLVWHQWO\GUDZLQOHDGV\RXGRQ¶WKDYHDEXVLQHVV

,NQRZDOOWRRZHOOLWFDQEHYHU\WHGLRXVWRJHW\RXUPDUNHWLQJ
RXWWKHUH7KDWLVZK\\RXQHHGWRKDYHDV\VWHP0DUNHWLQJ
V\VWHPVDUHWKHIRXQGDWLRQRIDVXFFHVVIXOEXVLQHVV,WPDNHV
SHUIHFWVHQVHZKHQ\RXWKLQNDERXWLW³6\VWHP´LVDZRUG
WKDWPHDQVUHOLDEOHFRQVLVWHQWDQGSUHGLFWDEOH,WPHDQV
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
\RX¿JXUHVRPHWKLQJRXW\RXJHWLWZRUNLQJIRU\RXDQGWKHQ
LWZRUNVRYHUDQGRYHUDQGRYHUDJDLQUHOLDEO\SUHGLFWDEO\
FRQVLVWHQWO\

,PDJLQH\RXUVHOIDQGKRZHDV\LWZLOOEHLI\RXKDYHVRPHRQH
HOVHZKRLVGRLQJWKHZRUNIRU\RXZKLOH\RXDUHMXVWFKHUU\
SLFNLQJWKURXJKWKHOHDGV7KDW¶VZKDWPDUNHWLQJV\VWHPVZLOO
GRIRU\RX

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
(9$/8$7,1*/($'6 
&/26,1*'($/6
1RZWKDW\RX¶YHLPSOHPHQWHG\RXUPDUNHWLQJDQGKDYH
ERDWORDGVRIOHDGVFRPLQJLQ\RX¶OOQHHGWRNQRZZKDWWRGR
ZLWKWKHP%HLQJDEOHWRTXLFNO\DQGDFFXUDWHO\HYDOXDWHDGHDO
LVWKHPRVWLPSRUWDQWVNLOODSHUVRQFDQDFTXLUHDVDUHDOHVWDWH
LQYHVWRU(YHQZLWKDJUHDWPDUNHWLQJSODQLQSODFHJHQHUDWLQJ
DWRQRIOHDGVLI\RXFDQ¶WGLIIHUHQWLDWHDGHDOIURPDGXG
\RXZLOO¿QG\RXUVHOIVSHQGLQJWRRPXFKWLPHWU\LQJWRPDNH
FKLFNHQVDODGRXWRI\RXNQRZZKDW

35(6&5((1,1*/($'6
<RXQHHGWRSUHVFUHHQ\RXUOHDGV:HOODFWXDOO\,SUHIHU\RX
KDYH\RXUOHDGVSUHVFUHHQHGIRU\RXEXWLQWKHEHJLQQLQJ
\RX¶OOZDQWWRPDVWHUWKHSURFHVVDVZHOO3UHVFUHHQLQJOHDGV
UHTXLUHVRQHWKLQJDQGRQHWKLQJRQO\7KH6HOOHU&DOO,Q/HDG
,QWHUYLHZ6KHHW

%\SUHVFUHHQLQJ\RXUOHDGVXVLQJDOHDGLQWHUYLHZVKHHWDQG
FROOHFWLQJVRPHLQLWLDOHVWLPDWHVRIWKHSURSHUW\YDOXH\RX¶OO
KDYHPRVWRIWKHHVVHQWLDOVVROLGO\LQSODFHEHIRUHGRLQJDQ\
IXUWKHUHYDOXDWLRQ%XWZKDWDUHWKHVHHVVHQWLDOV"

(66(17,$/,1)250$7,21<280867
&2//(&7

21(:+$7,67+(6(//(5·6027,9$7,21726(//"
7KH¿UVWHVVHQWLDOLVWKHVHOOHU¶VUHDVRQIRUVHOOLQJKLVSURSHUW\
:KDWLVKLVQXPEHURQHPRWLYDWLRQ"7KLVLVUHDGLO\REWDLQDEOH
E\DVNLQJDVLPSOHFRQFLVHTXHVWLRQ³0URU0UV6HOOHULV
WKHUHDSDUWLFXODUUHDVRQZK\\RXDUHLQWHUHVWHGLQVHOOLQJDW
WKLVWLPH"´<RXZLOO¿QGPRVWPRWLYDWHGVHOOHUVZLOOUHDGLO\
GLYXOJHWKLVLQIRUPDWLRQDQGWKRVHZKRTXHVWLRQZK\\RXQHHG
WKLVLQIRUPDWLRQW\SLFDOO\KDYHQRPRWLYDWLRQWRVHOO7KHDQVZHU
WRWKLVTXHVWLRQZLOOQRWPDNHRUEUHDNDGHDOEXWWKHDQVZHU
LVDJUHDWVWDUWLQJSRLQWLQVHSDUDWLQJWKHGHDOVIURPWKHGXGV
,IWKHVHOOHUUHVSRQGVE\VD\LQJ³,¶PMXVWWU\LQJWRVHHLI,FDQ
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
JHWP\SULFH´WKHUHLVSUREDEO\OLWWOHPRWLYDWLRQWRVHOODQGLWLV
XQOLNHO\WRUHVXOWLQDZRUNDEOHGHDO2QWKHRWKHUKDQGLIWKH
VHOOHUUHVSRQGVE\VD\LQJ³7KHSURSHUW\QHHGVDORWRIZRUN
DQGKDVEHHQYDFDQWIRUDZKLOH´\RXPD\KDYHDOHDGWKDW
MXVWL¿HVVSHQGLQJPRUHWLPHDQGSD\LQJFORVHUDWWHQWLRQ

7:2:+$735,&($5(7+(<$6.,1*)25"
7KHQH[WLPSRUWDQWLQIRUPDWLRQ\RXQHHGIURPWKHVHOOHULV
KRZPXFKWKH\DUHFXUUHQWO\DVNLQJIRUWKHSURSHUW\7KLVLVD
TXHVWLRQ\RXVKRXOGKDYHDVNHGLQ\RXULQLWLDOSKRQHFDOOYLD
WKHOHDGLQWHUYLHZVKHHW7KLVZLOOJLYH\RXDVWDUWLQJSRLQW
LQWKHQHJRWLDWLRQV'HSHQGLQJRQKRZZHOO\RXNQRZWKH
QHLJKERUKRRG\RXFDQVRPHWLPHVGHWHUPLQHWKHOLNHOLKRRGRID
GHDOIURPWKHDQVZHUWRWKLVTXHVWLRQDORQH2FFDVLRQDOO\\RX
ZLOOKDYHDVHOOHUZKRRSHQO\VD\V³,DPMXVWORRNLQJWRJHW
RXWRIGHEW´7KLVUHVSRQVHGRHVQ¶WQHFHVVDULO\PHDQWKHGHDO
LVDVODPGXQNDVKHRUVKHPD\RZHPRUHWKDQWKHSURSHUW\
LVZRUWKKRZHYHUDUHVSRQVHRIWKLVW\SHDOZD\VFRUUHVSRQGV
ZLWKVRPHOHYHORIPRWLYDWLRQ:HZLOOQHHGPRUHLQIRUPDWLRQ
WRIXUWKHUFODVVLI\WKHOHDGDVDGHDORUDGXGEXWVHHLQJVXFK
PRWLYDWLQJIDFWRUVLVDVWHSLQWKHULJKWGLUHFWLRQ

7+5((:+$7,67+('(%7217+(3523(57<"
7KHQH[WLPSRUWDQWLQIRUPDWLRQDERXWWKHSURSHUW\DQGJHQHUDO
FLUFXPVWDQFHRIWKHGHDOIRUXVWRGHWHUPLQHLVWKHVHOOHU¶V
OHYHORIGHEW7KLVLVDQLPSRUWDQWSLHFHRIWKHRYHUDOOHTXDWLRQ
DQG\RXVKRXOGEHJLQGHWHUPLQLQJWKLVLQ\RXULQLWLDOSKRQH
FDOOZLWKWKHVHOOHUEDVHGRQWKHOHDGLQWHUYLHZVKHHW%H
VXUHWRGHWHUPLQHWKHWRWDOGHEWDJDLQVWWKHSURSHUW\DQGWKH
FRPSRVLWLRQRIWKDWGHEWZKHWKHULWEHD¿UVWPRUWJDJHDPRXQW
VHFRQGPRUWJDJHDPRXQWMXGJPHQWOLHQDPRXQWV,56OLHQ
DPRXQWVRUVRPHRWKHUIRUPRIGHEW$IWHU\RXNQRZWKHGHEW
LQIRUPDWLRQDQGKRZPXFKWKHVHOOHUZDQWVIRUWKHSURSHUW\\RX
FDQLQIHUKRZPXFKHTXLW\WKHVHOOHUWKLQNVKHKDVHVWDEOLVKHG
$JDLQWKLVDPRXQWLVMXVWWKHVHOOHU¶VSHUFHSWLRQRIKRZPXFK
KHRUVKHLVLQLWLDOO\ZLOOLQJWRVHOOWKHKRXVHIRUYHUVXVKRZ
PXFKLVRZHG

)285:+$75(3$,56'2(67+(3523(57<1(('"
,Q\RXULQLWLDOFRQYHUVDWLRQZLWKWKHVHOOHUWU\WRGHWHUPLQH
WKHH[WHQWRIWKHUHTXLUHGUHSDLUV1RZEHLQJWKHWUXVWZRUWK\
SHRSOHWKDWDOOVHOOHUVDUHPLOGKLQWRIVDUFDVPWKH\DOZD\V
SRUWUD\WKHLUSURSHUW\DVEHLQJLQPXFKEHWWHUFRQGLWLRQWKDQ
LWDFWXDOO\LV7KHUHDUHDIHZOHDGLQJTXHVWLRQV\RXFDQDVN
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WKDWZLOOPDNHWKHVHOOHUGLYXOJHDELWPRUHLQIRUPDWLRQDERXW
WKHSURSHUW\WKDQPLJKWRWKHUZLVHFRPHWROLJKW$VNLQJWKH
VHOOHULIWKHSURSHUW\QHHGVZRUNZLOOSUREDEO\JHW\RXQRZKHUH
+RZHYHUDVNLQJ³,I\RXZHUHSODQQLQJRQVWD\LQJLQWKH
SURSHUW\IRUDQDGGLWLRQDOWZRWRWKUHH\HDUVLVWKHUHDQ\WKLQJ
\RXZRXOG¿[RUUHSODFH"´«RU\RXPLJKWDVN³+RZDUHWKH
PHFKDQLFDOVWKHERLOHURUIXUQDFHDQGWKHHOHFWULFDOV\VWHP´«
RU³'R\RXNQRZWKHODVWWLPHWKHURRIZDVUHSODFHG"´DQG«
³:KHQZDVWKHODVWWLPHWKHNLWFKHQVDQGWKHEDWKURRPVZHUH
XSGDWHGRULPSURYHG"´7KHVHSRLQWHGTXHVWLRQVZLOOJRDORQJ
ZD\WRZDUGKHOSLQJ\RXGHWHUPLQHKRZPXFKZRUNWKHSURSHUW\
QHHGV7KLVLVDOHVVRQ,OHDUQHG¿UVWKDQG:KHQ,¿UVWVWDUWHG
RXW,ZRXOGVLPSO\DVNWKHVHOOHULIWKHLUKRXVHQHHGHGDQ\ZRUN
DQGWKH\ZRXOGDOPRVWLQYDULDEO\DQVZHU³1R´2IFRXUVHHYHU\
WLPH,ZHQWWRDKRXVHWRPHHWZLWKWKHVHOOHURQDUDLQ\GD\,
ZDVVXUSULVHGWRQRWLFHWKHURRIOHDNLQJLQVL[GLIIHUHQWSODFHV
7KHJRDOKHUHLVWRQRWOHWWKDWKDSSHQWR\RX

),9($1'6,;:+$7$5(7+(´$6,6µ$1'´$)7(5
5(3$,5µ9$/8(6"
7KH¿QDOWZRSLHFHVRILQLWLDOLQIRUPDWLRQ\RXQHHGWRSURSHUO\
FODVVLI\WKHGHDODVZRUWKZKLOHRUQRWDUHWKH³$V,V´DQG³$IWHU
5HSDLU´YDOXHV/LNHWKHUHSDLU¿JXUHVWKHVHYDOXHVDUHRQO\
HVWLPDWHVXQWLO\RXFDQDFWXDOO\SHUIRUPDPRUHGHWDLOHGRQ
VLWHHYDOXDWLRQ$WWKLVSRLQWEHLQJDZDUHRIPDUNHWYDOXHVDQG
WKHVHOOLQJSULFHRISURSHUWLHVLQWKHQHLJKERUKRRGLQTXHVWLRQ
EHFRPHVDYHU\LPSRUWDQWSLHFHRIWKHSX]]OH7KHEHWWHU
\RXNQRZWKHVSHFL¿FDUHDWKHPRUHDFFXUDWH\RXULQRI¿FH
$V,6DQG$59HVWLPDWHVZLOOEHFRPH2QHSLHFHRIDGYLFH
LVWKDWDQ\WLPH\RXSXOOFRPSVRUKDYHDUHDOWRUSXOOFRPSV
IRU\RX³.QRZWKDWQHLJKERUKRRG´(YHQLIWKHSURSHUW\\RX
DUHHYDOXDWLQJLVQRWDGHDOFORVHO\H[DPLQHWKHFRPSVVR
WKHQH[WWLPH\RXHYDOXDWHDGHDOLQWKDWDUHD\RXZLOOKDYHD
EHWWHUNQRZOHGJHRIPDUNHWFRQGLWLRQV.QRZLQJDQDUHDZHOO
VWUHQJWKHQV\RXUDELOLW\WRHYDOXDWHDQ\GHDO

,QDGGLWLRQWR\RXUNQRZOHGJHRIWKHVSHFL¿FDUHDDQGPDUNHWLQ
TXHVWLRQWKHUHDUHDIHZRQOLQHWRROVWKDWZLOOKHOS\RXTXLFNO\
HYDOXDWHWKHSRWHQWLDOYDOXHRIDQ\SURSHUW\IURP\RXUSHUVRQDO
FRPSXWHU

(9$/8$7,1*'($/6
+RQHVWO\VWDUWLQJRXWLQWKHEXVLQHVVWKHHOHPHQWLQYHVWRUV
IHDUWKHPRVWLVWKHLUDELOLW\WRDFFXUDWHO\HYDOXDWHDGHDODQG
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
PDNHDSUR¿WDEOHRIIHUWRWKHVHOOHU7KLVLVZKHUHDOOWKHULVN
LVLQWKHEXVLQHVVVR\RXUIHDUVDUHMXVWL¿HG,FDQWHOO\RXWKDW
SULRUWRFUHDWLQJPHWKRGVWRHDVLO\DQGDFFXUDWHO\HYDOXDWH
SURSHUWLHV,PDGHP\PRVWFRVWO\PLVWDNHVULJKWKHUHDWWKLV
YHU\VWHS:KDWKDVH[SORGHGRXUEXVLQHVVDQGDOORZHGXV
WRTXDGUXSOHRXUSUR¿WVDUHWKHV\VWHPV,¶YHGHYHORSHGWR
FRPSOHWHO\HOLPLQDWHWKHJXHVVZRUNRIDQDO\]LQJGHDOV1R
PRUHIHDUQRPRUHULVNSUREOHPVROYHG7KHPRUHFRQ¿GHQW
\RXDUHLQWKLVEXVLQHVVWKHPRUHVXFFHVVIXO\RXZLOOEH

,12)),&('($/(9$/8$7,21352&(66
%\REWDLQLQJDOOWKHQHFHVVDU\LQIRUPDWLRQPHQWLRQHGDERYH
DQGSHUIRUPLQJWKHLQLWLDOLQRI¿FHHYDOXDWLRQ\RXZLOOVDYH
\RXUVHOIDORWRIWLPHHQHUJ\DQGJDVPRQH\$IWHUWKH
HYDOXDWLRQSURFHVVLVFRPSOHWH\RXZLOOKDYHDOOWKHLQIRUPDWLRQ
LQIURQWRI\RXWRGRRQHRIWZRWKLQJVHLWKHUFDOOWKHVHOOHU
EDFNWRSROLWHO\VD\\RXDUHQRWLQWHUHVWHGLQWKHSURSHUW\RU
FRQ¿UP\RXUDSSRLQWPHQWDQGJHWUHDG\WRJHWWKDWSURSHUW\
XQGHUFRQWUDFW%HORZLVDQRXWOLQHRI\RXULQLWLDOLQRI¿FH
HYDOXDWLRQSURFHVV

/($',17(59,(:6+((7
<RX¶YHDOUHDG\SUHVFUHHQHGWKHOHDGGXULQJ\RXU¿UVW
FRQYHUVDWLRQZLWKWKHVHOOHU5HPHPEHULW¶VHVVHQWLDO\RX¶YH
FRPSOHWHO\¿OOHGRXWHYHU\DVSHFWRIWKH/HDG,QWHUYLHZ6KHHW
VRZKHQ\RXJRWRHYDOXDWHWKHGHDO\RX¶YHDOUHDG\REWDLQHG
DOOWKHQHFHVVDU\LQIRUPDWLRQ,IWKH6HOOHUUHIXVHVWRSURYLGH
LQIRUPDWLRQWR\RXKDQGOHWKDWREMHFWLRQ%RWWRPOLQHJHW
ZKDW\RXQHHGEHIRUH\RXJHWRIIWKHSKRQH

3523(57<&$5'
0RVWSURSHUW\FDUGVDUHDYDLODEOHRQOLQHDQGZLOOJLYH\RX
GHWDLOHGLQIRUPDWLRQRQWKHSURSHUW\,QFOXGHVDSLFWXUHRIWKH
SURSHUW\VTXDUHIHHWEHGVEDWKVZKDWWKHSURSHUW\YDOXH
LVDVVHVVHGDWZKDWWKHSURSHUW\ZDVODVWWUDQVIHUVROGIRU
,I\RX¶UHXQDEOHWR¿QGWKHSURSHUW\FDUGRQOLQHFDOOWKHWD[
DVVHVVRUDWWKHWRZQKDOOZKHUHWKHSURSHUW\LVORFDWHGDQG
DVNLIWKHSURSHUW\FDUGLVDYDLODEOHRQOLQH,IQRW\RXPXVW
SK\VLFDOO\JRWRWKHWRZQKDOODQGJHWDFRS\

&203$5$%/(3523(57,(6:,7+0$3
7KHUHDUHZHEVLWHVDYDLODEOHWRWKHSXEOLFVXFKDV=LOORZFRP
WKDW\RXFDQXVHDVDUXGLPHQWDU\PHDQVWRFKHFNDSURSHUW\¶V

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
YDOXH=LOORZ¶VDQGRWKHUVLPLODUVLWHVHVWLPDWHGSURSHUW\
YDOXHLVQRWYHU\IDURIIEXWGRQRWOHWWKDWPLVOHDG\RX7KLV
VLWHLVQRWWREHXVHGDVD¿QDOGHWHUPLQDQWRI$V,VRU$59EXW
RQO\IRUTXLFNUHIHUHQFHSXUSRVHVWRJLYHDJHQHUDOLQGLFDWLRQ
DQGLQLWLDOLQVLJKW

:HKDYHDFFHVVWRFRPSVFRPSDUDEOHSURSHUWLHVLQRXUDUHD

EHFDXVH,¶PD5HDOWRU,I\RX¶UHQRWD5HDOWRU\RXVKRXOGHLWKHU
EHFRPHRQHRUEXLOGDJUHDWUHODWLRQVKLSZLWKDORFDOUHDOWRU
ZKRZLOODOORZ\RXWRXVHWKHLU0/6DQGZLOOVKRZ\RXKRZWR
UXQFRPSV,ZRXOGQRWUHO\RQWKH5HDOWRUWRSXOOWKHFRPSVIRU
\RX<RXPXVWKDYHGLUHFWDFFHVVWRWKH0/6RUKDYHDUHDOWRU
RQ\RXUVLGHWKH\ZLOOJHW\RXUDFFXUDWHFRPSVZLWKLQDQKRXU
'HDOVGRQRWZDLWDURXQGDQGQHLWKHUFDQ\RX

(LWKHUZD\XVLQJ\RXUORFDO0/6VHDUFKIRUSURSHUWLHVVLPLODU
WRWKHVXEMHFWSURSHUW\5HPHPEHUZLWKWKHFRPSV\RXDUHWR
GHULYHWZR¿JXUHV±WKHDVLVYDOXHDQGWKHDIWHUUHSDLUYDOXH
+HUHDUHVRPHIDFWRUV\RX¶OOZDQWWRWDNHLQWRFRQVLGHUDWLRQ
ZKHQDVVHVVLQJFRPSDUDEOHSURSHUWLHVDQGYDOXH

6WDWXV
D ,VWKHFRPSDFWLYHVROGZLWKGUDZQRURWKHUZLVH"
E 5HPHPEHUVROGFRPSDUDEOHVVKRXOGEHW\SLFDOO\
XVHGWRGHWHUPLQHWKHYDOXHRIWKHSURSHUW\DQG
WKHRWKHUVWDWXVHVDUHW\SLFDOO\EHWWHUVXLWHGIRU
GHWHUPLQLQJPDUNHWFRQGLWLRQV

&RQGLWLRQ
F +RZGRHVWKHFRPSFRPSDUHWRWKHVXEMHFW
SURSHUW\VWULFWO\EDVHGRQFRQGLWLRQ"
G ,VWKHFRPSDQDFFXUDWHUHSUHVHQWDWLRQRIWKH$V
,VYDOXH$59RUQHLWKHUDQGLVLWDJRRGFRPS"

1HLJKERUKRRG
H ,VWKHFRPSDUDEOHORFDWHGLQDVLPLODU
QHLJKERUKRRG"
I ,QVRPHDUHDVQHLJKERUKRRGVFDQFKDQJH
GUDVWLFDOO\IURPVWUHHWWRVWUHHW
J +RZPXFKDFWLYLW\LVWKHUHLQWKHQHLJKERUKRRG"

3ULGH2I2ZQHUVKLS
K $UHWKHKRPHVZHOONHSW"

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 L +RZPDQ\RIWKHSURSHUWLHVKDYHQHJOHFWHG
ODQGVFDSLQJRURWKHUH\HVRUHV"

$WWKLVSRLQW,KDYHHQRXJKLQIRUPDWLRQWRGHFLGHLWWKLV
SURSHUW\LVMXQNRUQRW,I\RX¶YHGHFLGHGWKHSURSHUW\KDV
SRWHQWLDOFRQWLQXHWRWKHQH[WVWHS

,:,//7+(186(6,7(;'$7$&20$1'5($/48(67&20
DVVHFRQGDU\VRXUFHVWRFRQ¿UPGHEW¿JXUHVDQGFKHFNSDVW
WUDQVIHUVRIWKHVXEMHFWSURSHUW\

<RXQHHGWRNQRZZKDW\RXDUHJRLQJWRRIIHUWKHVHOOHU
EHIRUH\RXJRPHHWLQJZLWKWKHP,ZLOOQRWZDONDZD\IURPD
VHOOHUZLWKRXWPDNLQJDQRIIHU+HUH¶VZKHUHP\PRVWFRVWO\
SUREOHPFDPHLQ:KHQLWFDPHWLPHWRSHQFLOLQWKHQXPEHUV
OHWPHWHOO\RXP\SHQFLOZRUNZDVQ¶WYHU\DFFXUDWH+RZ
GLG,RYHUFRPHWKDWSUREOHP",FUHDWHGWKH'HDO$QDO\]HU
6SUHDGVKHHW7+('($/$1$1/<=(5,6<285*2/'(17,&.(7
720$.,1*+8*(352),76,15($/(67$7(<RXVLPSO\SOXJ
¿YHNH\QXPEHUVLQWRWKH'HDO$QDO\]HUDIWHUUHSDLUYDOXH
DVLVWKHGHEWZKDWSULFHWKHVHOOHULVORRNLQJIRUDQGWKH
HVWLPDWHGUHSDLUFRVW2QFH\RX¶YHSOXJJHGLQ\RXU¿JXUHVWKH
VSUHDGVKHHWLVVHWXSWRDXWRPDWLFDOO\FDOFXODWHWKHDGGLWLRQDO
FRVWVLQYROYHGFRQYH\DQFHWD[UHDOWRUFRPPLVVLRQSRLQWVRQ
\RXUORDQHWFWRGHULYHG\RXU758(352),77KHDFFXUDF\LV
LQFUHGLEOH7KLV'HDO$QDO\]HU6SUHDGVKHHWLVLQFOXGHGLQP\
&RPSOHWH%XVLQHVV,Q$%R[:KROHVDOLQJ

,W¶VLPSRUWDQWWRHYDOXDWHSURSHUWLHVWRGHWHUPLQHLIWKHOHDGLV
DGHDORUDGXGE\XVLQJ\RXUSHUVRQDOFRPSXWHUDQGZLWKRXW
OHDYLQJWKHFRPIRUWRI\RXURI¿FHFKDLU:HXVHWKHVDPHWKHVH
V\VWHPVWRHYDOXDWHRYHUOHDGVDPRQWKZLWKDQH[SHQVHRI
WLPHOLPLWHGWRDSSUR[LPDWHO\WRPLQXWHVSHUOHDG,I\RX
LQFRUSRUDWHWKHVHWHFKQLTXHVDVSDUWRI\RXURYHUDOOEXVLQHVV
VWUDWHJ\\RXWRRZLOOEHDEOHWRVDYHYDOXDEOHWLPHHYDOXDWLQJ
OHDGVULJKWIURP\RXURI¿FHGHVNWRS,QWKHQH[WFKDSWHUZHZLOO
GLVFXVVLQGHWDLOKRZWRIXUWKHUHYDOXDWHDOHDGRQFH\RXKDYH
GHWHUPLQHGLWLVGH¿QLWHO\QRWDGXGDQGKDVWKHSRWHQWLDORI
GHYHORSLQJLQWRDSUR¿WDEOHGHDO,ILW¶VSUR¿WDEOH\RXUUHDG\WR
GULYHE\WKHVXEMHFWSURSHUW\JHWD¿UVWKDQGORRNDWWKHFRPSV
\RXUSXOOHGWRFRQ¿UPDOORI\RXULQIRUPDWLRQ¿QDOL]H\RXU
GHDOHYDOXDWLRQDQGPHHWZLWKWKHVHOOHUNQRZLQJH[DFWO\ZKDW
\RX¶UHZLOOLQJWRRIIHUWKHVHOOHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
35(/,0,1$5<:$/.7+528*+
$IWHU\RXKDYHHYDOXDWHGWKHFRPSDUDEOHSURSHUWLHV\RXZLOO
QH[WLQVSHFWWKHSK\VLFDOFRQGLWLRQRIWKHSURSHUW\7KLVVHFWLRQ
ZLOOQRWFRYHU\RXUPHHWLQJZLWKWKHVHOOHUWKDWZLOOEHGLVFXVVHG
ODWHULQWKHERRN+HUHZHZLOOIRFXVRQKRZWRTXLFNO\DQG
GLVFUHWHO\HYDOXDWHWKHFRQGLWLRQRIWKHSURSHUW\LQRUGHUWR
GHWHUPLQHWKH¿QDO$V,VDQGDIWHUUHSDLUYDOXHV7KHH[WHULRURI
WKHKRXVHVKRXOGEHYLHZHGIURPWKHVWUHHWDQGRQ\RXUZDONWR
WKHIURQWGRRU7KLVLVQRWWKHWLPHIRU\RXWRFRXQWZLQGRZVRU
FKHFNHYHU\VTXDUHIRRWRIWKHH[WHULRU<RXVKRXOGWDNHDTXLFN
PHQWDOQRWHRIWKHURRIDQGZKHWKHURUQRWLWQHHGVUHSDLUDQG
WKHH[WHULRUVLGLQJ7KHZLQGRZVDUHW\SLFDOO\EHWWHUHYDOXDWHG
IURPDQLQWHULRULQVSHFWLRQRIWKHSURSHUW\$V\RX¿UVWPHHW
WKHVHOOHUKDYHWKHPVKRZ\RXDURXQGWKHKRXVHMXVWOHWWKHP
NQRZ\RXDUHWU\LQJWRJHWDJHQHUDOLGHDRIKRZPXFKZRUN
WKHSURSHUW\QHHGVLIDQ\'21¶7$&7/,.($1,163(&725
-XVWFDVXDOO\ZDONDURXQGWKHLQWHULRURIWKHSURSHUW\DQGFDUU\
DFDVXDOFRQYHUVDWLRQ7KLVLVDJUHDWWLPHIRU\RXWRGHYHORS
UDSSRUWZLWKWKHVHOOHU

$WWKLVSRLQW\RXVKRXOGSULPDULO\EHORRNLQJIRUPDMRULWHPV
WKDWQHHGZRUNDQGLWHPVWKDWZLOOTXLFNO\HDWXSDUHSDLU
EXGJHW&KHFNWKHNLWFKHQGRHVLWQHHGDFRPSOHWHRYHUKDXORU
MXVWDSDLQWLQJDQGQHZDSSOLDQFHV&KHFNWKHEDWKURRPVDJDLQ
FDQ\RXJHWE\ZLWKPDNLQJVRPHFRVPHWLFTXLFNUHSDLUVRUZLOO
HYHU\WKLQJKDYHWRJHWUHSODFHGQHZ

$OVRFKHFNWKHFHLOLQJWKURXJKRXWWKHKRXVHIRUDQ\YLVLEOH
VLJQVRIZDWHUGDPDJH7KHWKUHHPRVWW\SLFDOVLWHVIRUZDWHU
GDPDJHDUH¿UVWEHQHDWKDQ\EDWKURRPVLHLIWKHUHLVD
EDWKURRPRQWKHVHFRQGÀRRUORRNDWWKH¿UVWÀRRUFHLOLQJ
EHQHDWKWKHEDWKURRPVHFRQGWKHFHLOLQJDURXQGWKHRXWHU
ERXQGDU\ZKHUHWKHURRIWLHVLQWRWKHKRXVHDQGWKLUGDURXQG
WKHFKLPQH\DVDUHVXOWRISRRUÀDVKLQJ

7KHQH[WSODFHWRORRNIRUH[WHQVLYHUHSDLUVLVWKHEDVHPHQWRU
FUDZOVSDFHLIWKHSURSHUW\LVRQDVODEFKHFNWKHPHFKDQLFDO
URRP%HWZHHQDOOWKHPHFKDQLFDOVDQGWKHVWUXFWXUDOLVVXHV
WKDWFDQDULVHLQDEDVHPHQWHYDOXDWLRQRIWKHEDVHPHQW
FDQVDYH\RXWHQVRIWKRXVDQGVLQXQH[SHFWHGUHSDLUFRVWV
0DNHDTXLFNFKHFNRIDOOWKHPHFKDQLFDOV\VWHPV:KHQ
TXLFNO\HYDOXDWLQJDIXUQDFHERLOHURUDLUFRQGLWLRQLQJV\VWHP
LWW\SLFDOO\ORRNVDERXWDVJRRGDVLWZRUNV-XVWWDNHDTXLFN
JODQFHDQGPDNHDPHQWDOQRWHRQWKHFRQGLWLRQRIWKH
V\VWHPV7DNHDTXLFNFKHFNRIWKHHOHFWULFDOV\VWHP$JDLQLI
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WKHUHLVDQLFHFOHDQER[DQGDOOWKHZLUHVORRNDVLIWKH\DUHLQ
SODFHDQGQRWKDQJLQJORRVHDORYHUWKHSODFHWKHQLWLVPRUH
WKDQOLNHO\¿QH+RZHYHULIWKHUHDUHZLUHVHYHU\ZKHUHDQG
WKHFRYHULVPLVVLQJPRUHWKDQOLNHO\VRPHXQOLFHQVHGZRUN
ZDVGRQHRQWKHV\VWHPDQGLWPRUHWKDQOLNHO\ZLOOQRWSDVVD
KRPHLQVSHFWLRQZLWKRXW\RXDGGUHVVLQJLW7KHQH[WSRLQWRI
SRWHQWLDOSUREOHPVLVWKHVWUXFWXUDOFRQGLWLRQRIWKHSURSHUW\
%ULHÀ\FKHFNWKHÀRRUMRLVWVDQGPDNHVXUHWKHIRXQGDWLRQLV
QRWFUXPEOLQJ

$Q\DJUHHPHQW\RXVLJQZLWKWKHVHOOHUVKRXOGDOZD\V
FRQWDLQDQLQVSHFWLRQFRQWLQJHQF\WKDWZLOODOORZ\RXDQRWKHU
RSSRUWXQLW\WRLQVSHFWWKHSURSHUW\LQPRUHGHWDLO7KHREMHFWLYH
LQWKLVLQLWLDOLQVSHFWLRQLVIRU\RXWRJHWDJHQHUDOLGHDRIKRZ
PXFKZRUNWKHSURSHUW\QHHGVVR\RXFDQDFFXUDWHO\VWUXFWXUH
\RXURIIHU$QRWKHULPSRUWDQWQRWHDERXWVWUXFWXULQJRIIHUVLV
WKDWLI\RXDUHSODQQLQJRQZKROHVDOLQJWKHSURSHUW\PDNHVXUH
\RXNHHSLQPLQGWKDWDQ\LQYHVWRUSODQQLQJRQSXUFKDVLQJWKH
SURSHUW\ZLOOKDYHWKHLURZQSUR¿WUHTXLUHPHQWV

0((7,1*$1'1(*27,$7,1*:,7+6(//(56
7KH¿UVWVWHSLQDQ\GHDOLVJHWWLQJWKHSURSHUW\XQGHUFRQWUDFW
DWDSULFHWKDWLVZHOOEHORZWKHPDUNHWYDOXH6XFFHVVIXOO\
PHHWLQJDQGQHJRWLDWLQJZLWKVHOOHUVLVQRWVRPHWKLQJWREHOHIW
WRFKDQFH,GHGLFDWHDQHQWLUHGD\,QWHQVLYH%RRWFDPSWR
WKH¿QHUSRLQWVRIFRQGXFWLQJVHOOHUPHHWLQJVDQGKDQGOLQJDQ\
DQGDOOVHOOHUREMHFWLRQV,QWKLVJXLGH,¶OOIRFXVRQWKHEDVLFV
DQGIXQGDPHQWDOV

$VLQDQ\UHODWLRQVKLSHIIHFWLYHFRPPXQLFDWLRQLVNH\+DQGOLQJ
VHOOHUVREMHFWLRQVZLOOPDNHRUEUHDNWKHGHDO(9(5<7,0(<RX
ZLOORUDOUHDG\KDYHIRXQG\RXUVHOILQWKDWVDPHVLWXDWLRQ

7KHWUXWKRIWKHPDWWHULVHYHU\VHOOHUDQGVLWXDWLRQLVXQLTXH
%XWZKDW,¶YHIRXQGIURPGRLQJRYHUGHDOVLVWKDWPDQ\
RIWKHREMHFWLRQV\RX¶OOJHWIURPVHOOHUVDUHFRPPRQ,KDGWR
GHYLVHDZD\WRQRWRQO\SHUIHFWP\DELOLW\WRKDQGOHREMHFWLRQV
ULJKWHYHU\WLPHEXWWRSDVVWKRVHWHFKQLTXHVRQWRP\
WHDPPDWHVDQGIXWXUHHPSOR\HHV%()25(PHHWLQJZLWKVHOOHUV
DQGFRQIURQWLQJWKHYDULRXVREMHFWLRQV,QHHGDV\VWHPWR
LQVXUHDFRQWUDFWLQKDQG

:HOO,UHDOL]HGWKLVZDVDSUREOHP,ZDVGHWHUPLQHGWRQHYHU
KDYHLWKDSSHQDJDLQ6XFFHVVZLOOEHGHSHQGHQWRQKRZ\RX

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
FRPPXQLFDWH

$V,PHQWLRQHGHDUOLHULQWKH&ROG&DOOLQJ'RRU.QRFNLQJ
VHFWLRQ,¶YHFUHDWHGDPDQXDORIHYHU\VLQJOHVHOOHUREMHFWLRQ
,¶GFRQIURQWHGRYHUWKHODVWIRXU\HDUVDQGRXWOLQHGWKHEHVW
UHVSRQVHWRHDFKREMHFWLRQLQYDULRXVVLWXDWLRQV7KLVKDVEHHQ
,19$/8$%/(7KURXJKWKLVPDQXDOP\WHDPDQGP\VWXGHQWV
VNLSWKHGLVDVWURXVFRVWO\OHDUQLQJFXUYH,FRQIURQWHGDQGNQRZ
H[DFWO\KRZWKHKDQGOHDQ\VHOOHUREMHFWLRQSULRUWRPHHWLQJ
ZLWKWKHVHOOHU

,1,7,$/0((7,1**8,'(/,1(6
+HUHLVDEDVHOLQHIURPZKLFKWREHJLQWKLQNLQJLQDZD\WKDW
SUHSDUHV\RXIRUHYHU\HYHQWXDOLW\RIQHJRWLDWLRQDQGFOLHQW
LQWHUDFWLRQ

 3XOOXSWRWKHVXEMHFWSURSHUW\
 3D\SDUWLFXODUDWWHQWLRQWR\RXULQLWLDOWKRXJKWVDERXWWKH
QHLJKERUKRRG
 $V\RXDUHZDONLQJWRWKHKRXVHFKHFNWKHURRIDQGWKH
H[WHULRURIWKHKRXVH
 :KHQWKHVHOOHUJUHHWV\RXDWWKHGRRUKDYHDVPLOHDQGD
EXVLQHVVFDUGLQKDQG
 /RRNWKHVHOOHULQWKHH\HDQGLQWURGXFH\RXUVHOIDQGXVH
\RXUFRPSDQ\QDPHLIDSSOLFDEOH
 $VNWKHVHOOHULIKHRUVKHFDQVKRZ\RXDURXQGVR\RXFDQ
JHWDEHWWHULGHDRIWKHFRQGLWLRQRIWKHSURSHUW\
 7KLVLVWKHSRLQWZKHUH\RXKDYHWRJHWDQLGHDRIKRZPXFK
ZRUNWKHSURSHUW\QHHGVVR\RXFDQIRUPXODWH\RXURIIHU
 'RQ¶WDFWOLNHDQLQVSHFWRUFKHFNWKHLPSRUWDQWLWHPV\RX
QHHGWRFKHFNDQGXVHWKLVWLPHWRHYDOXDWHWKHVHOOHUDQG
GHYHORSDFRPIRUWDEOHUDSSRUW
 'XULQJWKLVLQVSHFWLRQDQGUDSSRUWEXLOGLQJVWDJHLQ
VRPHLQVWDQFHV\RXDUHJRLQJWRZDQWWREHJLQ\RXLQLWLDO
QHJRWLDWLRQV7KHPRVWHIIHFWLYHFLUFXPVWDQFHLQZKLFKWR
GRWKLVLVZKHQFRQIURQWHGZLWKDSURSHUW\WKDWUHTXLUHV
VLJQL¿FDQWUHSDLUV,QPDQ\FDVHV\RXZLOOZDQWWRVXEWO\
LQIRUPWKHVHOOHURIWKHFRVWWRUHSDLUDOOWKHLWHPVLQWKH
KRXVH
$IWHU\RXKDYH¿QLVKHGLQVSHFWLQJWKHLQWHULRURIWKH
SURSHUW\DQGHYDOXDWLQJ\RXUVHOOHU\RXZLOOQRZEHJLQWKH
¿QDOVWDJHRIQHJRWLDWLRQ
*HWWKDWSURSHUW\XQGHUFRQWUDFW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
0$1$*,1*7+(&/26,1*352&(66
7KHUHDUHPXOWLSOHFRQVLGHUDWLRQVDQGFKDOOHQJHVDVVRFLDWHG
ZLWKHYHU\FORVLQJ3HUVRQDOLWLHVGHWDLOVOHJDOLWLHVIRUPDOLWLHV
DQGVSHFL¿FNH\FRPSRQHQWVPXVWEHDGGUHVVHGGXULQJ
WKHFRXUVHRIWUDQVDFWLQJDQ\ZKROHVDOHRSHUDWLRQ.HHSLQJ
WUDFNRIDOODVSHFWVRIDGHDOFDQEHDGLI¿FXOWWDVNDQGJRRG
RUJDQL]DWLRQDOVNLOOVFDQEHJLQZLWKDVLPSOHFKHFNOLVW7KHJRDO
KHUHLVWRNHHSDFORVHH\HRQWKHGHWDLOVDQGQRWOHWDQ\WKLQJ
VOLSWKURXJKWKHFUDFNV

7KHEHVWWKLQJ\RXFDQGRIRU\RXUEXVLQHVVDV,¶YHGRQHLQ
PLQHLVWRGHYHORSFKHFNOLVWVIRUWKHPDQDJLQJWKHYDULRXV
VWDJHVRIWKHFORVLQJSURFHVV&RPPXQLFDWLRQZLWKDOOSDUWLHV
LQYROYHGVKRXOGFRQWLQXHWKURXJKRXWWKHFORVLQJSURFHVV$V
DJHQHUDOUXOHRIWKXPE,VSHDNZLWKP\DWWRUQH\RUFORVLQJ
DJHQWDWOHDVWRQFHHDFKGD\DQGVWD\LQWRXFKZLWKWKHEX\HU
DQGVHOOHUDWOHDVWWLPHVHDFKZHHN

0HPEHUVRIWKHFORVLQJWHDPWRPDQDJH
 <RX
 $WWRUQH\V
 %X\HU
 6HOOHU
 7LWOH&RPSDQLHV
 /HQGHUV
 $SSUDLVHUV
 7KH,QVXUDQFH%URNHUV

5(0(0%(5,7¶6$//$%2876<67(06<285*2$/
6+28/'72(/,0,1$7(7+(1(('727+,1.)2//2:
<2856<67(06720$1$*(7+(352&(66$1'86(
<285%5$,172*(73523(57,(681'(5&2175$&7



:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
:+2/(6$/,1*
$.$)/,33,1*
%(1(),762):+2/(6$/,1*
352),76$5(,00(',$7(
2QHRIWKHJUHDWWKLQJVDERXWZKROHVDOLQJSURSHUWLHVLVWKH
GHDOVFDQKDSSHQUHODWLYHO\TXLFNO\LQFRQWUDVWWRRWKHUYDOXH
DGGHGH[LWVWUDWHJLHVOLNHUHKDESURMHFWVDQGRWKHUODUJHU
GHYHORSPHQWV$Q\WLPH\RXJHWLQYROYHGLQGHYHORSLQJRU
UHGHYHORSLQJSURSHUWLHVWKHWLPHOLQHVDUHPXFKORQJHUDQG
WKHFKHFNVFDQEHIDUDQGIHZEHWZHHQ:KROHVDOLQJRQWKH
RWKHUKDQGJHQHUDOO\SURGXFHVFKHFNVZLWKLQVL[ZHHNVRU
OHVVGHSHQGLQJRQWKHWUDQVDFWLRQ7KHDYHUDJHWLPH\RXU
ZKROHVDOHGHDOVZLOOWDNHIURPVWDUWWR¿QLVKLVDERXW¿YHZHHNV
WRFRPSOHWH7KDWLQFOXGHVHYHU\DVSHFWRIWKHGHDOIURPWKH
WLPH\RXSXWWKHSURSHUW\XQGHUFRQWUDFWXQWLOWKHWLPH\RXDUH
FDVKHGRXW7KHUHDVRQLWWDNHVHYHQWKDWORQJLVEHFDXVHPRVW
RIWKHWLPHWKHVHOOHUZLOOEHOLYLQJLQWKHSURSHUW\DQGZLOOKDYH
WRPDNHDUUDQJHPHQWVWRPRYHRXWZKLFKLVVRPHWKLQJWKDW
GRHVQRWRFFXURYHUQLJKW7KHUHKDYHEHHQGHDOVZHKDYHEHHQ
LQDQGRXWRILQDZHHNEXWWKHVHDUHWKHH[FHSWLRQUDWKHUWKDQ
WKHQRUP(LWKHUZD\\RXZLOOQRW¿QGDQ\RWKHUQLFKHRIUHDO
HVWDWHZLWKWLPHOLQHVWKLVVKRUW

0,1,0$/5,6.
5HDOHVWDWHLQYHVWLQJDOZD\VLQYROYHVVRPHOHYHORIULVN<RXU
MREDVDQLQYHVWRULVWRDOZD\VXQGHUVWDQGWKRVHULVNVDQG
WU\DQGPLQLPL]HWKHPLQDQ\ZD\\RXFDQ:KROHVDOLQJRQ
DYHUDJHLVQRWQHDUO\DVULVN\DVVRPHRIWKHRWKHUQLFKHV
RIUHDOHVWDWH7KLVLVRQHRIWKHPDLQUHDVRQV,HQFRXUDJH
PRVWQHZLQYHVWRUVWRVWDUWRXWZKROHVDOLQJSURSHUWLHV$VD
ZKROHVDOHU\RXFDQHOLPLQDWHSHUFHQWRIWKHULVNLI\RX
HGXFDWH\RXUVHOISURSHUO\,QIDFWLI\RXNQRZKRZWR¿OORXW
DSXUFKDVHDQGVDOHDJUHHPHQWFRUUHFWO\\RXVKRXOGEHDEOH
WRVWUXFWXUHGHDOVZLWKYLUWXDOO\QRULVNDWDOORIWKH
SURSHUWLHV,SXWXQGHUFRQWUDFWKDYHDGHSRVLWRIOHVVWKDQ
GROODUVDQGDQLQVSHFWLRQFODXVHZKLFKZRXOGNHHSVP\GHSRVLW
VDIHLI,DPQRWDEOHWR¿QGDEX\HUIRUPRUHWKDQ,KDYH
DJUHHGWRSD\2IWHQWKHVHFODXVHVDUHZULWWHQLQWKHIRUPRI
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
DQLQVSHFWLRQRUPRUWJDJHFRQWLQJHQF\0DQ\RIWKHFRQWUDFWV,
VLJQZLWKVHOOHUVJLYHPHDQLQVSHFWLRQSHULRGXSXQWLOWKHGD\
RIWKHFORVLQJ7KLVLVDYHU\RQHVLGHGFRQWUDFWKRZHYHUZHDV
LQYHVWRUVVKRXOGQHYHUEHDIUDLGWRSURWHFWRXUVHOYHVLQHYHU\
ZD\SRVVLEOH
,QVXPPDU\IRUGROODUVRUOHVV,FDQFRQWURODSURSHUW\
ZRUWKKXQGUHGVRIWKRXVDQGVRIGROODUVIRUDFHUWDLQSHULRGRI
WLPH,ZLOOKDYHWKHDELOLW\WRVHOOWKHSURSHUW\IRUPRUHDQG
FROOHFWWKHVSUHDGZLWKYLUWXDOO\QRWKLQJRQWKHOLQH:KHUHHOVH
FDQ\RXHDUQWHQVRIWKRXVDQGVRIGROODUVZLWKOLWWOHWRQRULVN
ZKDWVRHYHU"1RZKHUHWKDW,DPDZDUHRI

0$5.(75,6.,6(/,0,1$7('
7KHUHDUHQDWLRQDOWUHQGVZKLFKDIIHFWDOOUHDOHVWDWHPDUNHWV
KRZHYHURQWKHZKROHPRVWPDUNHWVDUHORFDODQGWKHUHIRUH
PRUHVXVFHSWLEOHWRFKDQJHVLQORFDOSROLWLFV]RQLQJUHJXODWLRQV
DQGRWKHUHFRQRPLFIDFWRUV2QDYHUDJHORFDOGHYHORSPHQWV
KDYHDJUHDWHULQÀXHQFHRQWKHKHDOWKRIWKHUHDOHVWDWHPDUNHW
WKDQQDWLRQDOWUHQGV7KLVPDNHVLQYHVWLQJLQUHDOHVWDWHKLJKO\
XQLTXHWRWKHFLW\\RXFKRRVHWRGREXVLQHVVLQ

:KROHVDOLQJKLJKSULFHGVLQJOHIDPLO\KRPHVLQ6DQ)UDQFLVFR
&$LVJRLQJWREHYHU\GLIIHUHQWIURPZKROHVDOLQJORZSULFHG
VLQJOHIDPLO\KRPHVLQ7ROHGR2+:KHQ\RXGREXVLQHVVLQ
KLJKHUSULFHGDUHDV\RXZLOOEHGHDOLQJZLWKVHOOHUVZKRDUH
DOLWWOHOHVVQDLYHDQGWKHUHIRUH\RXZLOOKDYHWRDOWHU\RXU
ZKROHVDOLQJVWUDWHJLHVVOLJKWO\7KHVHVHOOHUVPD\QRWOHW
\RXJHWDZD\ZLWKVRPHRIWKHWKLQJVRWKHUVHOOHUVPLJKW
6PDOOHUGHSRVLWVEXLOWLQFRQWLQJHQFLHVDQGRWKHUFRQWLQJHQF\
FODXVHVPD\QRWEHDOORZHG7KLVPHDQV\RXZLOOKDYHVRPH
PRUHULVNZRUNLQJLQKLJKHUSULFHGDUHDVEXWWKHUHZDUG
ZLOODOVREHJUHDWHU,QKLJKHUSULFHGDUHDVWKHUHDUHDOVR
IHZHURSSRUWXQLWLHVLQWKHVLQJOHIDPLO\UHVLGHQWLDOPDUNHW
DVWKHUHDUHQRWDVPDQ\GLVWUHVVHGVHOOHUVLQPRUHDIÀXHQW
QHLJKERUKRRGV

,I\RXDUHZRUNLQJLQDQDUHDRIKRPHV\RXVKRXOG
QRWEHWU\LQJWRÀLSGHDOVIRUDVVLJQPHQWIHHVEHFDXVH
\RXZLOOEHZDVWLQJ\RXUWLPH$VWKHYDOXHRIWKHSURSHUW\
LQFUHDVHVLWEHFRPHVLQFUHDVLQJO\GLI¿FXOWWR¿QGFRPSDUDEOH
SURSHUWLHV7KXV\RXVKRXOGDOZD\VORRNIRUDWOHDVW
ZKROHVDOHIHHVQRPDWWHUZKDWWKHSULFHUDQJHRIKRPHV\RX
DUHZRUNLQJZLWKLV7KLVZD\HYHQLI\RXDUHZRUNLQJZLWK
KRPHVWKHQWKHPLQLPXPDOORZDEOHSUR¿W\RXZLOOEH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
ORRNLQJIRUZLOOEHDWOHDVWDGHDO

&$3,7$/ &5(',71271(&(66$5<
+DYLQJEDGFUHGLWLVDOLPLWLQJIDFWRUZKHQLWFRPHVWRJHWWLQJ
LQWRWKHEX\DQGKROGVWUDWHJ\RIUHDOHVWDWHLQYHVWLQJ
+RZHYHUDQXQZRUWK\FUHGLWVFRUHVKRXOGE\QRPHDQVGHWHU
\RXIURPZKROHVDOLQJ$VDZKROHVDOHUKDYLQJDJRRGFUHGLW
KLVWRU\FDQKHOS\RXEXWLVE\QRPHDQVDQHFHVVLW\,I\RX
KDYHKRUULEOHFUHGLWLWPD\FRVW\RXDIHZGHDOVGXULQJWKH
FRXUVHRID\HDUE\OLPLWLQJWKHQXPEHURIYLDEOHH[LWVWUDWHJLHV
\RXKDYH'RQ¶WOHWWKLVGLVFRXUDJH\RXDVWKHUHDUHVWLOOSOHQW\
RIGHDOVRXWWKHUHZKHUHFUHGLWLVQRWQHHGHG+RZPDQ\GHDOV
ZLOO\RXPLVVRXWRQ",ZRXOGHVWLPDWHRIWKHZKROHVDOH
GHDOV,KDYHVWUXFWXUHGUHTXLUHGVRPHRQHWRORRNDWP\
FUHGLWEHFDXVH,KDGWR¿QDQFHWKHSXUFKDVHEHIRUH,VROGWKH
SURSHUW\WRDQRWKHUEX\HU7KLVPHDQVRIWKHGHDOV,KDYH
GRQHFRXOGKDYHEHHQVWUXFWXUHGE\VRPHRQHZLWKDORZFUHGLW
VFRUHRUQRFUHGLWVFRUHZKDWVRHYHU$PRWLYDWHGVHOOHUZLOO
QHYHUDVNWRVHH\RXUFUHGLWVFRUHDQGDVORQJDV\RXFDQ¿QGD
EX\HUEHIRUH\RXKDYHWRFORVH\RXUFUHGLWZLOOQRWEHQHHGHG
$Q\ERQD¿GHZKROHVDOHVSHFLDOLVWNQRZVWKH\ZLOORQO\KDYHWR
UHO\RQWKHFUHGLWRIWKHLUSRWHQWLDOSXUFKDVHUQRWWKHLURZQ

7KHUHDVRQ\RXGRQ¶WQHHGFDSLWDOLVEHFDXVHPRVWRIWKHWLPH
\RXZLOOEHXVLQJRWKHUSHRSOH¶VPRQH\230WRRSHUDWH\RXU
EXVLQHVV:KHQ\RX¿QGDEX\HUEHIRUH\RXKDYHWRFORVHRQ
WKHGHDO\RXZLOOEHXVLQJWKHLUPRQH\WRIXQGWKHWUDQVDFWLRQ
,I\RXKDYHWRFORVHRQWKHSURSHUW\\RXUVHOIWKHQ\RXZLOO
UHO\RQHLWKHUWKHVHOOHUVH[LVWLQJGHEWKDUGPRQH\RUSULYDWH
PRQH\WRIXQGWKHGHDO)XUWKHUPRUHWKHPRUH\RXXQGHUVWDQG
DERXWWKHFUHDWLYHVLGHRIWUDQVDFWLRQVWKHOHVV\RXZLOOKDYHWR
XVH\RXURZQPRQH\

'2//$563(5+285
,UHDOL]HPDQ\RI\RXSUHVHQWO\UHDGLQJWKLVHERRNPD\EH
VHYHUHO\KDPSHUHGIRUWLPHEHFDXVH\RXDUHZRUNLQJDQRWKHU
MRE,QIDFWODFNRIWLPHLVRQHRIWKHPDMRUREVWDFOHVKLQGHULQJ
PRVWUHDOHVWDWHLQYHVWRUV,I\RXDUHZRUNLQJDQRWKHUMRERU
RZQDQRWKHUEXVLQHVV\RXUWLPHZLOOEHYHU\OLPLWHGDQGDV
DUHVXOW\RXQHHGWREHYHU\UHDOLVWLFDERXWKRZPDQ\KRXUV
\RXFDQFRPPLWRQDZHHNO\EXVLQHVV7KHJUHDWWKLQJDERXW
ZKROHVDOLQJLVWKHVPDOODPRXQWRIWLPHLWUHTXLUHVWRFRPSOHWH
WUDQVDFWLRQV2QDYHUDJHLWVKRXOGWDNH\RXOHVVWKDQKRXUV
WRSXUFKDVHSURFHVVDQGVHOODZKROHVDOHSURSHUW\0RVWRIWKLV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WLPHLQYROYHVWKHSURFHVVLQJRIWKHSDSHUZRUNFOHDULQJWLWOH
FRRUGLQDWLRQRISDUWLHVDQGRWKHUORJLVWLFDOLQIRUPDWLRQ
:KROHVDOLQJLVRQHRIWKHRQO\QLFKHVZKHUH\RXFDQGRYROXPH
RQDSDUWWLPHEDVLV2WKHUQLFKHVOLNHUHKDEELQJDQGEHLQJD
ODQGORUGFDQVXFNHQRUPRXVDPRXQWVRIWLPHRXWRI\RXUOLIH
7KHGHDOVZLOOEHVPDOOHUEXWWKHDPRXQWRIPRQH\\RXFDQ
PDNHSHUKRXUFRPPLWWHGFDQVRPHWLPHVEHDVWURQRPLFDO


7+(:+2/(6$/,1*352&(66
67$*(62):+2/(6$/,1*
6WDJH6SHQGWLPHPDUNHWLQJIRUSURSHUWLHVLQRUGHUWRJHW
\RXUSKRQHULQJLQJ
6WDJH(YDOXDWHDQGZHHGRXWWKHLQLWLDOOHDGVWRJHWWRWKH
EHVWSRWHQWLDOSURVSHFWV
6WDJH&RPSOHWHGXHGLOLJHQFHRQWKHSURSHUW\DQGDUUDQJH
DPHHWLQJZLWKWKHVHOOHU
6WDJH1HJRWLDWHWRDSULFHZKHUH\RXNQRZ\RXZLOOEHDEOH
WRZKROHVDOHWKHSURSHUW\
6WDJH6LJQWKHFRQWUDFWZLWKFRQWLQJHQFLHVDQGJLYHWKH
VHOOHUDVPDOOGHSRVLW
6WDJH0DUNHWWKHSURSHUW\WR\RXUZKROHVDOHEX\HUOLVW\RX
KDYHEXLOW
6WDJH6KRZWKHSURSHUW\WR\RXUSURVSHFWLYHZKROHVDOH
EX\HUV
6WDJH6LJQDFRQWUDFWWRVHOOWKHSURSHUW\DWDKLJKHUSULFH
ZLWKRQHRI\RXUEX\HUV
6WDJH0RQLWRUDQGSURFHVVWKHSDSHUZRUNLQRUGHUWRJHW
WKHGHDOWRFORVH
6WDJH*HWWKHGHDOWRFORVHDQGFDVK\RXUFKHFN

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
'(7(50,1,1*<285(;,7675$7(*<
&KRRVLQJWKHFRUUHFWH[LWVWUDWHJ\IRUWKHSURSHUWLHV\RXSXW
XQGHUFRQWUDFWLVDQH[WUHPHO\LPSRUWDQWSDUWRI\RXUUHDO
HVWDWHLQYHVWPHQWEXVLQHVV,KDYHVHHQIDUWRRPDQ\QHZ
ZKROHVDOHUVJHWEXUQHGEHFDXVHWKH\GLGQ¶WWKLQNWRSODQRXW
WKHLUH[LWVWUDWHJ\EHIRUHKDQG0DQ\LOOSODQQHGH[LWVWUDWHJLHV
HQGHGZLWKDGHDOIDOOLQJDSDUWDQGDQRFFDVLRQDOORVWGHSRVLW
2WKHUZKROHVDOHUVZKRDFWXDOO\FORVHGRQWKHSURSHUW\EHIRUH
SODQQLQJWKHLUH[LWVWUDWHJ\IDUHGPXFKZRUVH$Q\ZKROHVDOHU
ZKRGRHVQ¶WSODQWKHLUH[LWSURSHUO\LVRQO\DVNLQJIRUWURXEOH

,QIDFWXQGHUVWDQGLQJDQGFKRRVLQJWKHSURSHUW\H[LWVWUDWHJ\
LVWKHPRVWLPSRUWDQWSDUWRI\RXUZKROHVDOHEXVLQHVV2IWHQ
WKHH[LWVWUDWHJ\\RXFKRRVHZLOOGHWHUPLQHLIDQGZKHQ\RX
JHWSDLG,I\RXFKRRVHWKHZURQJH[LWVWUDWHJ\\RXZLOOULVN
KDYLQJWKHGHDOEORZXSLQ\RXUIDFHDQGDOO\RXUWLPHHIIRUW
DQGPRQH\FRXOGEHZDVWHG&RQWUDU\WRZKDWGLIIHUHQWJXUX¶V
WHDFKZKROHVDOLQJDSURSHUW\DQGJHWWLQJFDVKHGRXWLVQRW
DVHDV\DVVRPHZRXOGOHDG\RXWREHOLHYH.QRZLQJDOORI
WKHGLIIHUHQWZD\V\RXFDQH[LWIURPDGHDOFDQLQFUHDVH\RXU
SUR¿WDELOLW\VLJQL¿FDQWO\EHFDXVH\RXZLOONQRZKRZWRSUR¿W
RQHYHQWKHPRVWPDUJLQDOGHDOV%HFRPLQJDZKROHVDOH
WUDQVDFWLRQHQJLQHHUZLOOUHTXLUH\RXWRXQGHUVWDQGWKHGHWDLOV
RIWUDGLWLRQDODQGQRQWUDGLWLRQDOUHDOHVWDWH¿QDQFLQJDQG
FORVLQJSURFHVVHV,WZLOODOVRUHTXLUH\RXWRVWD\FXUUHQWRQ
GLIIHUHQWOHQGLQJODZVZKLFKDUHVXEMHFWFRQVWDQWFKDQJHDQG
XSGDWH

:+<<281(('72.12:<285(;,7675$7(*<%()25(
<280((7:,7+$1<21(
2QHLPSRUWDQWUXOHLVWRDOZD\VNQRZ\RXUH[LWVWUDWHJ\EHIRUH
\RXFORVHRQDZKROHVDOHSURSHUW\,QIDFW\RXVKRXOGKDYHDQ
LGHDRIKRZ\RXDUHJRLQJWRH[LWRXWRIDSURSHUW\EHIRUH\RX
HYHUPHHWIDFHWRIDFHZLWKDVHOOHU,WLVQHYHUZLVHWRHQWHU
LQWRQHJRWLDWLRQVZLWKDQ\RQHXQOHVV\RXKDYHVRPHLGHDLQ
PLQGRIKRZ\RXSODQRQH[LWLQJIURPWKHSURSHUW\DQGPDNLQJ
PRQH\LQWKHSURFHVV7KHUHDVRQIRUWKLVLVEHFDXVHLWZLOOEH
KDUGWRQHJRWLDWHWRDSRVLWLRQRIVWUHQJWKLI\RXGRQRWNQRZ
ZKDW\RXDUHJRLQJWRGRZLWKWKHSURSHUW\RQFH\RXSXUFKDVH
LW,I\RXKDYHQRLGHDZKDWWKHSURSHUW\LVFXUUHQWO\ZRUWK
ZKDWLWZLOOEHZRUWKDIWHULWLVGHYHORSHGRUZKDWWKHUHSDLU
FRVWVZLOOEHLWZLOOEHKDUGWRIRUPXODWHDYLDEOHH[LWVWUDWHJ\
<RXZLOOEHZDVWLQJDORWRIWLPHLI\RXGRQRWWKLQNDERXWZKR

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
\RXUSRVVLEOHEX\HUZLOOEHDQGKRZWKHGHDOZLOOEHVWUXFWXUHG

7KLVLVHVSHFLDOO\GLI¿FXOWLI\RXKDYHDORWRIFRPSHWLWLRQ
FRPSHWLQJIRUWKHGHDO,IDQRWKHULQYHVWRUKDVWKRXJKWRXWD
IHZSRVVLEOHH[LWVWUDWHJLHVDQG\RXKDYHQRWWKHFKDQFHVRI
WKDWGHDOEHLQJWDNHQIURP\RXJRXSVLJQL¿FDQWO\*RLQJLQWRD
QHJRWLDWLRQZLWKRXWDQH[LWVWUDWHJ\LQPLQGLVWKHHTXLYDOHQWRI
SOD\LQJSRNHUDQGQRWEHLQJDEOHWRVHHDFRXSOHRI\RXUFDUGV
<RXFDQ¶WEHDGXPP\DQGORZEDOOHYHU\VHOOHUEHFDXVH\RX
GRQ¶WNQRZZKDW\RXUH[LWVWUDWHJ\ZLOOEH7KLVZLOOUHVXOWLQD
ORWRIPLVVHGRSSRUWXQLWLHV

7KHRQO\FLUFXPVWDQFHZKHUHLWLVRND\QRWWRNQRZ\RXUH[LW
VWUDWHJ\EHIRUHKDQGLVLI\RXWKLQN\RXFDQEX\WKHSURSHUW\
DWRUOHVVRIWKHFXUUHQWPDUNHWYDOXH,IWKLVLVWKHFDVH
ZKLFKZLOOKDSSHQRQFH\RXEHFRPHDPDVWHUPDUNHWHUWKHQ
\RXGRQ¶WQHHGWRZRUU\DERXWQRWNQRZLQJ\RXUH[LWVWUDWHJ\
EHIRUHKDQGEHFDXVH\RXZLOOKDYHWLPHWR¿JXUHLWRXWRQFH\RX
SXWWKHSURSHUW\XQGHUFRQWUDFW

:+2/(6$/,1*(;,7675$7(*,(6
$66,*10(176
:+$7,6$1$66,*10(17"
$QDVVLJQPHQWRIFRQWUDFWLVWKHWHFKQLFDOWHUPZKROHVDOHU¶VXVH
ZKHQWKH\DUHVHOOLQJWKHLUULJKWVWRWKHLUH[LVWLQJFRQWUDFW,Q
OD\PHQ¶VWHUPVWKLVPHDQV\RXZLOOEHUHSODFLQJ\RXUQDPHLQ
WKHFRQWUDFWZLWKWKHQDPHRI\RXUQHZEX\HU7KHDVVLJQPHQW
IHHLVZKDWLVSDLGWR\RXDVFRQVLGHUDWLRQIRUWKHULJKWVWR
GRWKLV$VWKHZKROHVDOHU\RXDUHVHOOLQJWKHULJKWVWR\RXU
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
FRQWUDFWDVWKH\FXUUHQWO\VWDQG<RXUQHZEX\HUVWDQGVLQWKH
SODFHRI\RXDQGPXVWREOLJHWRZKDWHYHULVZULWWHQLQWRWKH
H[LVWLQJFRQWUDFW

$5($//&2175$&76$66,*1$%/("
&RQWUDU\WRSRSXODUEHOLHI\RXGRQRWKDYHWRZULWH³DQGRU
DVVLJQV´DIWHUWKHSXUFKDVHUQDPHLQWKHFRQWUDFWWRPDNH
LWDVVLJQDEOH$Q\FRQWUDFWWRSXUFKDVHUHDOHVWDWHLVDOZD\V
DVVLJQDEOHXQOHVVVSHFL¿FDOO\VWDWHGLQWKHFRQWUDFWWKDWLWLV
QRW7KLVLVZK\LWLVYHU\LPSRUWDQWIRU\RXWRUHDGWKURXJKWKH
FRQWUDFW\RXSODQRQXVLQJWRZKROHVDOHYHU\WKRURXJKO\)RU
H[DPSOHP\ORFDOERDUGRIUHDOWRUFRQWUDFWLVQRWDVVLJQDEOH
EHFDXVHRQHRIWKHSRLQWVVSHFL¿FDOO\VWDWHVWKHFRQWUDFWFDQQRW
EHDVVLJQHGWRDQ\RWKHUSDUW\,I\RXZHUHWRXVHWKLVFRQWUDFW
DVDZKROHVDOHUWKHQ\RXZRXOGKDYHWRFURVVRXWWKDWSRLQWDQG
KDYHWKHVHOOHULQLWLDOLWDQGWKHQ\RXZRXOGKDYHWKHULJKWWR
DVVLJQWKHFRQWUDFW

:+(1,6$1$66,*10(173$,'"
$QDVVLJQPHQWFDQEHSDLGDWDQ\WLPHKRZHYHULWLV
WUDGLWLRQDOO\SDLGDWFORVLQJ&XVWRPDULO\ZHZLOOJHWD
GHSRVLWIURPRXUQHZEX\HUXSIURQWDQGWKHUHPDLQGHURIWKH
DVVLJQPHQWIHHDWFORVLQJ7KLVLVQRWWRVD\\RXFDQ¶WJHW\RXU
ZKROHZKROHVDOHIHHXSIURQWZKLFKZHKDYHGRQHEXWWKLVLV
DUDUHH[FHSWLRQWRWKHUXOH7KHUHDVRQPRVWEX\HUVZLOOQRW
JLYH\RX\RXUIHHXSIURQWLVEHFDXVHVRPHWLPHVWKHFORVLQJ
ZLOOEORZXSIRURQHUHDVRQRUDQRWKHUDQGWKHQWKHEX\HUZLOO
KDYHWRFKDVH\RXGRZQWRJHWWKHLUPRQH\EDFN:KHQ,EX\
ZKROHVDOHSURSHUWLHV,QHYHUJLYHWKHZKROHVDOHUKLVIHHXS
IURQW+RZHYHURQRFFDVLRQHVSHFLDOO\LIWKHDVVLJQPHQWIHHLV
VPDOO,ZLOODVNIRUWKHZKROHIHHXSIURQWLI,DPVHOOLQJ

:+$7$5(7+(326,7,9(62)$66,*1,1*$&2175$&7"
7KHUHDUHWZRUHDVRQV\RXZLOOSUHIHUWRDVVLJQPRVWRI\RXU
FRQWUDFWV)LUVWZKHQ\RXDVVLJQDFRQWUDFW\RXZLOOQRW
KDYHDGGLWLRQDOWUDQVDFWLRQFRVWVXQOLNHDGRXEOHFORVLQJ
:KHUHLQWKHFDVHRIWKHGRXEOHFORVLQJ,WDNHWLWOHDQGWKHQ
VHOOWKHSURSHUW\7KHDVVLJQPHQWIHHVWDWHGRQWKHFRQWUDFW
LVZKDW,ZDONDZD\ZLWKDWFORVLQJ7KHUHDUHQRH[WUDIHHV
DVVRFLDWHGZLWKDGRXEOHFORVLQJXQOHVV\RXSD\DQDWWRUQH\
RUWLWOHFRPSDQ\WRPRQLWRUWKHFORVLQJSURFHVVRUGUDZXSWKH
SDSHUZRUN6RLIDQDVVLJQPHQWIHHRIGROODUVLVDJUHHG
XSRQWKHQWKLVLVXVXDOO\WKHDPRXQW\RXZLOOUHDOL]HDWFORVLQJ

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
:+$7$5(7+(1(*$7,9(62)$66,*1,1*$&2175$&7"
2QHQHJDWLYHRIDVVLJQLQJDFRQWUDFWLVWKDW\RXUSUR¿WLV
GLVFORVHGWRERWKWKHEX\HUDQGWKHVHOOHU%\ODZERWKSDUWLHV
KDYHWRSHUIRUPRQWKHLUFRQWUDFWVDVORQJDV\RX¿OOHGRXWDOO
RIWKHSDSHUZRUNFRUUHFWO\8QIRUWXQDWHO\EHFDXVHVRPHWKLQJ
LVFRQWUDFWXDOO\FRUUHFWGRHVQRWPHDQWKDWRQHRIWKHSDUWLHV
ZRQ¶WJHWXSVHWDQGZDONDZD\IURPWKHFORVLQJRQFH\RXUSUR¿W
LVUHYHDOHG$WWKLVSRLQW\RXZRXOGKDYHWR¿OHDODZVXLWDQG
IRUFHWKHSDUW\WKDWZDONHGDZD\WRSHUIRUP$VDUHDOHVWDWH
HQWUHSUHQHXUVXLQJDQRWKHUSDUW\IRU³VSHFL¿FSHUIRUPDQFH´
LVYHU\UDUHO\ZRUWKWKHWLPHDQGHIIRUW7KLVLVZK\,DOZD\V
GRXEOHFORVHZKHQHYHUWKHSUR¿WLVODUJHUWKDQRU,
WKLQNHLWKHUWKHEX\HURUVHOOHULVJRLQJWRJHWXSVHW,WLVQRW
ZRUWKULVNLQJDODUJHSUR¿WMXVWWRVDYHDFRXSOHRIWKRXVDQG
GROODUV

:+$7,)$6(//(5*(76836(7$%2877+($66,*10(17
)(("

:KHQHYHU\RXDUHDVVLJQLQJDFRQWUDFWWKHSUREDELOLW\
LQFUHDVHVRIWKHGHDOEORZLQJXSEHFDXVH\RXUIHHZLOOVKRZ
XSRQWKHFORVLQJVWDWHPHQWRU+8'7KHVHOOHUZLOOVHHWKH
DVVLJQPHQWIHHDQGPD\UHDOL]H\RXDUHQRWWKHSDUW\DFWXDOO\
FORVLQJRQWKHSURSHUW\%\ODZ\RXGRQRWKDYHWRGLVFORVHWR
WKHEX\HU\RXDUHDVVLJQLQJWKHFRQWUDFWKRZHYHUWKHUHDOLW\LV
WKDWWKH\ZLOOPRVWOLNHO\VHHWKHIHHRQWKHFORVLQJVWDWHPHQW
$WWKLVSRLQWWKHVHOOHUPD\JHWXSVHWDQGWKUHDWHQWRQRW
FORVHEHFDXVHRI\RXUIHH7KHODUJHU\RXUDVVLJQPHQWIHHWKH
JUHDWHUWKHSUREDELOLW\WKLVPD\KDSSHQ&RQVHTXHQWO\WKLVLV
VRPHWKLQJ\RXPXVWSUHSDUH\RXUVHOIIRUDQGPDNHDGHFLVLRQ
RQKRZ\RXDUHJRLQJWRKDQGOHLW7KLVLVDOVRZK\,FKRRVH
WRGRXEOHFORVHLIWKHDVVLJQPHQWIHHLVODUJHUWKDQ
GROODUV+HUHDUHDIHZZD\VWRKDQGOHWKLVREMHFWLRQ

+2:&$1,+$1'/($1<2%-(&7,21683)5217"
:KHQHYHU,PHHWZLWKDVHOOHU,DOZD\VGLVFORVHWKHIDFWWKDW
,RIWHQWU\WR¿QGWKHXOWLPDWHEX\HUIRUWKHSURSHUW\EHIRUH,
FORVHRQWKHSURSHUW\$VORQJDV\RXUHDVVXUHWKHVHOOHUWKDW
\RXZLOOFORVHRQWKHSURSHUW\HYHQLI\RXFDQ¶W¿QG\RXUHQG
EX\HUWKH\ZLOOXVXDOO\EHRND\ZLWKLW7KLVLVQRWDOZD\VEODFN
DQGZKLWHDQG\RXKDYHWRGRDJRRGMREUHDGLQJ\RXUVHOOHUV
SHUVRQDOLW\$WWKLVSRLQWWKH\PD\TXHVWLRQZKHWKHU\RXZLOO
FORVHRQWKHSURSHUW\LI\RXFDQ¶W¿QG\RXUXOWLPDWHEX\HUDQG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
,DOZD\VUHDVVXUHWKHPWKDW,ZLOOFORVHRQWKHSURSHUW\HYHQLI
,FDQ¶W¿QGWKHEX\HU7KHUHDUHVRIWZD\V\RXFDQSKUDVHWKLV
DQG,XVXDOO\PDNHLWSDUWRIWKHQHJRWLDWLRQZLWKWKHVHOOHU

:+<:,//$66,*10(176%(728*+(5,17+()8785("
5HFHQWO\EDQNVKDYHEHHQFUDFNLQJGRZQRQDVVLJQPHQWV
DFURVVWKHFRXQWU\GXHWRWKHLQFUHDVLQJUDWHRIIRUHFORVXUHV
DQGEDQNIUDXG8QIRUWXQDWHO\EDQNVKDYHWLJKWHQHGXSWKHLU
OHQGLQJSROLFLHVGXHWRWKHIDFWWKDWWKH\DUHEHJLQQLQJWR
H[SHULHQFHVRPHSUHWW\KHIW\ORVVHV/HQGHUVKDYHEHHQORRNLQJ
EDFNDWWUDQVDFWLRQVZKLFKZHQWLQWRGHIDXOWDQGKDYHPDGH
VWURQJFRUUHODWLRQVEHWZHHQFRQWUDFWVWKDWDUHDVVLJQHGDQG
WKHSUREDELOLW\RIWKHORDQJRLQJLQWRGHIDXOW$VDUHVXOWPDQ\
WUDGLWLRQDOEDQNVZKLFKIROORZ)DQQLH0DHJXLGHOLQHVDUHQRW
IXQGLQJDQ\SURSHUW\WKDWKDVEHHQDVVLJQHG7KLVLVKXUWLQJ
LQYHVWRUVDQGIRUFLQJWKHPWREHPRUHFUHDWLYH

'28%/(&/26,1*6
:+$7,6$'28%/(&/26,1*"
$GRXEOHFORVLQJRUVLPXOWDQHRXVFORVHDVLWLVVRPHWLPHV
UHIHUUHGWRR
LVZKHQ\RXWKHSXUFKDVHUDFWXDOO\WDNHWLWOHWRWKHSURSHUW\
EHIRUH\RX
VHOOLW7KLVPHDQV\RXUQDPHRU\RXUFRPSDQ\QDPHZLOOJR
RQWKH
FKDLQRIWLWOHZKHWKHU\RXVHOOWKHSURSHUW\WKHVDPHGD\RU
GD\VODWHU

:+$7$5(7+(326,7,9(62)$'28%/(&/26,1*"
7KHQXPEHURQHSRVLWLYHLVWKDW\RXUSUR¿WZLOOQRWEHGLVFORVHG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WRHLWKHUSDUW\DWWKHWLPHRIFORVLQJEHFDXVHWZRGLIIHUHQW
VHWWOHPHQWVWDWHPHQWVZLOOEHFUHDWHG7KLVLVQRGLIIHUHQWWKDQ
DQ\QRUPDOUHDOHVWDWHWUDQVDFWLRQZKHQ\RXKROGDSLHFHRI
SURSHUW\IRUDQH[WHQGHGSHULRGRIWLPH7KHRQO\GLIIHUHQFH
LVWKHDPRXQWRIWLPHLQZKLFK\RXKHOGWKHSURSHUW\DQGKRZ
\RXUSXUFKDVHZLOOPRVWOLNHO\EHIXQGHG

,6$&$6+%8<(51(&(66$5<72'2$'28%/(&/26,1*"
,6,71(&(66$5<+$9($&$6+%8<(572'2$'28%/(
&/26,1*"
:KHQ\RXEX\IURPRQHSDUW\DQGLPPHGLDWHO\UHVHOOWKH
SURSHUW\WKHUHDUHWZRVHWWOHPHQWVWDWHPHQWVFUHDWHG7KH¿UVW
VHWWOHPHQWVWDWHPHQWRU+8'LVEHWZHHQ\RXDQGWKHVHOOHU
ZKHUHWKHQXPEHUVUHÀHFWWKHRULJLQDOVDOHSULFHZKLFKZDV
QHJRWLDWHG7KHVHFRQGVHWWOHPHQWVWDWHPHQWUHÀHFWVWKHQHZ
VDOHSULFHEHWZHHQ\RXDQG\RXUQHZEX\HURIWKHWLPH,
DPIXQGLQJWKHRULJLQDOSXUFKDVHZLWKP\QHZEX\HUVIXQGLQJ
,QWRGD\¶VFXUUHQWEDQN¿QDQFLQJHQYLURQPHQW\RXPXVWKDYH
DFDVKEX\HUWRH[HFXWHPRVWGRXEOHFORVLQJV,I\RXUHQG
EX\HULVXVLQJFRQYHQWLRQDO¿QDQFLQJ\RXZLOOPRVWOLNHO\QHHG
WRH[HFXWHWUDQVDFWLRQDOIXQGLQJ KROGWKHSURSHUW\IRUD
VSHFLDOL]HGSHULRGRIWLPHDVGLFWDWHGE\WKHHQGEX\HU¶VEDQN
VHDVRQLQJUHTXLUHPHQWV

:+$7$5(7+(1(*$7,9(62)$'28%/(&/26,1*"
:KHQ\RXGRXEOHFORVHRQDSURSHUW\\RXZLOOKDYHIHHV
DVVRFLDWHGZLWKWDNLQJWLWOHDQGVHOOLQJWKHSURSHUW\WR\RXU
QHZEX\HU:KHQHYHU\RXVHOODSLHFHRISURSHUW\\RXZLOO
KDYHWRSD\DVWDWHDQGFLW\WUDQVIHUWD[ZKLFKLVXVXDOO\D
SHUFHQWDJHRIWKHVDOHSULFH7KLVIHHFDQUDQJHIURPXS
WRGHSHQGLQJRQZKHUH\RXGREXVLQHVVDQGLVXVXDOO\WKH
ODUJHVWIHH\RXZLOOKDYHWRSD\,QIDFWVRPHVWDWHVDQGWRZQV
KDYHVXFKDKHIW\WUDQVIHUWD[WKDWLWFDQHDWXSWKHPDMRULW\
LIQRWDOORI\RXUSUR¿WLI\RXDUHQRWFDUHIXO/LNHZLVHZKHQ
\RXGRXEOHFORVH\RXZLOODOVRKDYHWRSD\IRUWLWOHLQVXUDQFH
UHFRUGLQJIHHVFRXULHUZLUHIHHVDQGDWLWOHFRPSDQ\IHHRU
DQDWWRUQH\IHHGHSHQGLQJRQZKRSHUIRUPVWKHFORVLQJ7KHVH
IHHVFDQDGGXSYHU\TXLFNO\DQGHDWDZD\DW\RXUSUR¿W
6HFRQG,SUHIHUWRDVVLJQDFRQWUDFWRYHUGRXEOHFORVLQJ
EHFDXVHP\FRPSDQ\QDPHZLOOQRWHQGXSLQWKHFKDLQRIWLWOH
)RUH[DPSOHLIWKHSURSHUW\\RXVROGKDGDQHQYLURQPHQWDO
SUREOHP\RXZRXOGEHPXFKEHWWHURIIQRWEHLQJLQWKHFKDLQRI
WLWOH:KHQHYHUWKHUHLVDSUREOHPRIWKLVQDWXUHLWLVFRPPRQ
IRUHQYLURQPHQWDODJHQFLHVRUWKHEX\HUWKHPVHOYHVWRVXH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
GRZQWKHFKDLQRIWLWOH,I\RXDUH0U:HDOWK\LQYHVWRUDQGWKH
RQO\RQHZKRKDVDQ\DVVHWVWKHQZKRGR\RXWKLQNWKHODZ\HUV
ZLOOFRPHDIWHU"7KHVHDUHREYLRXVO\YHU\UDUHFDVHVDQGWKH
SUREDELOLW\RIVRPHWKLQJOLNHWKLVKDSSHQLQJDUHYHU\VOLP
KRZHYHULILWZHUHWRRFFXU,ZRXOGSUHIHUWRQRWEHLQWKHFKDLQ
RIWLWOH

$5(7+(5($1<27+(51(*$7,9(6"
6RPHWLWOHFRPSDQLHVRUDWWRUQH\VZLOOQRWEHIDPLOLDUZLWK
GRXEOHFORVLQJVDQGRUWKLQNWKH\DUHLOOHJDO,QIDFWVRPHWLWOH
FRPSDQLHVDUHQRZFKRRVLQJQRWWRZRUNZLWKLQYHVWRUVZKR
ZDQWWRSHUIRUPDGRXEOHFORVLQJEHFDXVHRIWKHLQFUHDVLQJ
DPRXQWRIORDQIUDXGFDVHVEHLQJWULHG,QDQ\KRWPDUNHW\RX
ZLOOKDYHLQYHVWRUVZKRHQWHUDQGZDQWWRPDNHDTXLFNEXFN
0DQ\WLPHVWKH\ZLOOHQWHUWKHPDUNHWSODFHDQGORRNIRUZD\V
WRFXWFRUQHUVDQGH[SORLWRWKHUV7KH\ORRNIRULQHI¿FLHQFLHV
LQWKHPDUNHWSODFHDQGDOZD\VVHHPWRHQGXSLQWKHJUH\
DUHD8QIRUWXQDWHO\WKLVKXUWVRWKHULQYHVWRUVZKRSOD\E\
WKHUXOHV5HDOHVWDWHÀLSSLQJQRZKDVDQHJDWLYHFRQQRWDWLRQ
EHFDXVHRIUHFHQWFDVHVZKHUHLQYHVWRUVKDYHGHIUDXGHGQDLYH
KRPHRZQHUV

:+$7352%/(06:,//<28(1&2817(5:,7+'2,1*$
'28%/(&/26,1*"
'RXEOHFORVLQJVDUHHDV\LIWKHEX\HULVSODQQLQJRQIXQGLQJ
WKHGHDOZLWKFDVKRUWKURXJKDSULYDWHOHQGHU+RZHYHULI
\RXUZKROHVDOHEX\HULVSODQQLQJRQXVLQJDWUDGLWLRQDOEDQN
\RXZLOOPRVWOLNHO\UXQLQWRDVHDVRQLQJLVVXH6HDVRQLQJLVD
WHUPIRUKRZORQJWKHWLWOHKDVEHHQYHVWHGLQRQHSDUWLFXODU
SHUVRQ¶VQDPH7KHPDMRULW\RIWUDGLWLRQDOEDQNVZLOOQRWIXQG
EX\HUVXQOHVVWKHWLWOHWRWKHSURSHUW\KDVUHPDLQHGLQRQH
SHUVRQ¶VQDPHIRUDWOHDVWWKUHHPRQWKV$ORWRIEDQNVDUHQRZ
UHTXLULQJWKHVHOOHUWRKDYHRZQHGWKHSURSHUW\IRUVL[PRQWKV
EHIRUHWKH\ZLOOIXQGWKHGHDO7KHVHW\SHVRIUXOHVZHUHSXW
LQWRHIIHFWWRSURWHFWKRPHRZQHUVIURPXQVFUXSXORXVLQYHVWRUV
ZKRFRXOGWDNHDGYDQWDJHRIWKHP1RZQRWDOOLQYHVWRUVDUH
XQVFUXSXORXVKRZHYHUWKHUHDUHDIHZRXWWKHUHDQGWKLVLV
SDUWRIWKHUHDVRQZK\EDQNVKDYHWKHVHUXOHV

'2(67+(5,6.*283:+(1(9(5<28'28%/(&/26("
,QDQ\UHDOHVWDWHWUDQVDFWLRQWKHUHDUHWKLQJV\RXFDQGRWR
PLQLPL]HWKHDPRXQWRIULVN\RXIDFH+RZHYHUZLWKWKDWEHLQJ
VDLG,FDQWHOO\RXWKDWLQFHUWDLQVLWXDWLRQV\RXZLOOEHUHTXLUHG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WRFORVHRQWKHSURSHUW\EHIRUH\RXUHVHOOLWWR\RXUQHZEX\HU
,IWKHGHDOLVWLJKW\RXUULVNZLOOLQFUHDVHWKHWLJKWHUWKHGHDOLV
DQGWKHORQJHU\RXSHUVRQDOO\RZQWKHSURSHUW\<RXZLOOZDQW
WRNHHSWKHRZQHUVKLSWLPHWRDPLQLPXPXVXDOO\GD\VRU
OHVV,SUHIHUWRSXUFKDVHDQGVHOOWKHSURSHUW\DOOLQWKHVDPH
GD\RWKHUZLVHWKHULVNLQFUHDVHVDQGWKHFKDQFHVRIVRPHWKLQJ
KDSSHQLQJEHWZHHQWKHWLPH\RXSXUFKDVHWKHSURSHUW\
$Q\WLPH\RXSXWDVHOOHU¶VSURSHUW\XQGHUFRQWUDFWDQGWKHQ
DVVLJQWKHFRQWUDFWWKHUHLVDJRRGSUREDELOLW\WKHVHOOHUZLOO¿QG
RXW1DWXUDOO\QRWHYHU\VHOOHULVJRLQJWREHHFVWDWLFDERXW\RX
PDNLQJDSUR¿WRQDSURSHUW\\RXDGGHGQRSK\VLFDOYDOXHWR
<RXZLOOKDYHWREHSUHSDUHGWRKDQGOHWKHVHOOHU¶VREMHFWLRQVDW
WKLVSRLQW

:+$7,)7+(6(//(5*(76836(7$%2877+('($/$7
&/26,1*"
$Q\VHDVRQHGUHDOHVWDWHLQYHVWRUNQRZVWKHUHZLOOEHWLPHV
ZKHQ¿UHVZLOOKDYHWREHSXWRXW,QIDFWVRPHWLPHV,WKLQN
WKHRQO\UHDVRQDORWRILQYHVWRUVDUHVXFFHVVIXOLVEHFDXVHWKH\
DUHJRRGFRPPXQLFDWRUVDQGNQRZKRZWRKDQGOHSHRSOHZHOO
$Q\WLPHDVHOOHURUDEX\HUJHWVXSVHWZLWKWKHQXPEHUVWKH\
VHHRQDFORVLQJVWDWHPHQW\RXPXVWEHSUHSDUHGWRKDQGOHWKH
VLWXDWLRQ,KDYHRQO\KDGRQHVHOOHUZKRZDVXSVHWZLWKWKH
DPRXQWRIPRQH\,ZDVPDNLQJRQWKHGHDODQGOLWHUDOO\JRW
XSIURPWKHWDEOHWRZDONDZD\,KDGDYHU\ORQJFRQYHUVDWLRQ
ZLWKWKHVHOOHU8QIRUWXQDWHO\WKLVZDVQRWHQRXJKDQG,KDG
WRPDNHDFRQFHVVLRQLQRUGHUWRJHWKLPWRFORVH2I
FRXUVH,ZDVQ¶WQHFHVVDULO\KDSS\DERXWKDYLQJWRJLYHXS
KRZHYHULWZDVDORWEHWWHUWKDQP\DOWHUQDWLYHZKLFK
ZDVJRLQJWRFRXUW,VWLOOZDONHGDZD\ZLWKDSUR¿WDW
WKHHQGRIWKHGD\RIIRIDERXWKRXUVRIZRUN

6+2576$/(6
:+$7$5(6+2576$/(6"
$VKRUWVDOHLVZKHQDSURSHUW\RZQHULVEHKLQGRQWKHLU
PRUWJDJHSD\PHQWVDQGSUHVHQWO\RZHVPRUHWRWKHEDQNWKDQ
WKHSURSHUW\LVZRUWKRQWKHRSHQPDUNHW$VKRUWVDOHLVZKHQ
WKHEDQNDJUHHVWRWDNHOHVVWKDQZKDWLVRZHGDVSD\PHQW
LQIXOOIRUWKHHQWLUHGHEWDJDLQVWWKHSURSHUW\$VKRUWVDOH
EHJLQVZKHQ\RXWKHLQYHVWRUPHHWZLWKWKHKRPHRZQHUDQG
JHWWKHPWRVLJQDQDXWKRUL]DWLRQWRUHOHDVHLQIRUPDWLRQDQG
DSXUFKDVHDQGVDOHDJUHHPHQWFRQWLQJHQWXSRQWKHEDQN¶V

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
DSSURYDORIWKHDPRXQW\RXDUHRIIHULQJ7KHEDQNZLOOWKHQ
VHQG\RXDVKRUWVDOHSDFNHWZKHUHE\WKH\ZLOOUHTXLUHFHUWDLQ
GRFXPHQWVWREHJDWKHUHGDQGWXUQHGLQWRWKHEDQNEHIRUH
WKH\ZLOOPDNHWKHLU¿QDOGHFLVLRQ7KHSURFHVVFDQVRPHWLPHV
WDNHDVOLWWOHDVDIHZGD\VDQGRWKHUWLPHVLWFDQWDNHDIHZ
PRQWKV

6KRUWVDOHVDUHDJUHDWZD\WRFUHDWHGHDOVRXWRIWKLQDLU7KH
UHDVRQ,VD\WKLVLVEHFDXVHDQ\GHDOZKHUHWKHGHEWLVJUHDWHU
WKDQWKHYDOXHRUWKHSURSHUW\LVQRWDGHDOXQWLO\RXQHJRWLDWH
LWLQVRPHPDQQHU7KHVHOOHUPD\EHH[WUHPHO\PRWLYDWHGEXW
XQWLO\RXGHDOZLWKWKHH[LVWLQJHQFXPEUDQFHWKHUHLVQRWPXFK
\RXFDQGRZLWKWKHSURSHUW\7KHJRRGQHZVLVWKDWZLWKDOLWWOH
NQRZOHGJHWLPHDQGRUJDQL]DWLRQ\RXFDQJHWWKHGHEWGRZQ
WRDOHYHOZKHUHE\\RXFDQZKROHVDOHWKHSURSHUW\
,QIDFWLI\RXDUHQRWIDPLOLDUZLWKVKRUWVDOHV,FDQWHOO\RX
WKDW\RXZLOOEHPLVVLQJRXWRQRQHRIWKHEHVWZD\VWREX\
SURSHUW\ZLWKOLWWOHWRQRFRPSHWLWLRQ7KLVLVEHFDXVHDORW
RILQYHVWRUVGRQ¶WZDQWWRZDVWHWKHLUWLPHZLWKVKRUWVDOHV
EHFDXVHWKH\FDQEHYHU\WLPHFRQVXPLQJ/LNHZLVHDORWRI
LQYHVWRUVGRQ¶WNQRZKRZWRSHUIRUPVKRUWVDOHVVRWKH\OHW
WKHPIDOOWKURXJKWKHFUDFNV

,6$6+2576$/($1(;,7675$7(*<"
$VKRUWVDOHLVQRWDQH[LWVWUDWHJ\,WLVDZD\RISXUFKDVLQJWKH
SURSHUW\$QH[LWVWUDWHJ\LVDSODQWRGLVSRVHRIWKHSURSHUW\
RQFHSXUFKDVHG$VKRUWVDOHLVUHDOO\DEX\LQJVWUDWHJ\XVHGE\
LQYHVWRUV,FRQVLGHULWWREHDSUR¿WHQKDQFHUIRUIRUHFORVXUH
GHDOV6RPHWLPHVDVHOOHUZKRLVEHKLQGRQWKHLUPRUWJDJH
ZLOOFDOO\RXZLWKDSURSHUW\\RXFDQZKROHVDOHDWWKHH[LVWLQJ
GHEWDQGPDNHDSUR¿WEXW\RXNQRZWKHUHLVDJRRGFKDQFH
\RXFDQGLVFRXQWWKHVWRUQGPRUWJDJHDVPDOODPRXQW
WRLQFUHDVH\RXUSUR¿WPDUJLQ7KLVLVHVSHFLDOO\WUXHLIWKH
SURSHUW\QHHGVDVLJQL¿FDQWDPRXQWRIZRUN

$JUHDWH[DPSOHRIWKLVLVDSURSHUW\,ERXJKWDOLWWOHZKLOH
DJRLQ:HVW+DYHQ&77KHVHOOHUFDOOHGPHORRNLQJWRJHW
RXWIURPXQGHUQHDWKKHUGHEWRIRQWKHKRPHVKH
ZDVOLYLQJLQ6KHZDVWKUHHPRQWKVEHKLQGRQERWKKHUVW
DQGQGPRUWJDJHV7KHWRWDOSD\RIIIRUWKHVWPRUWJDJH
ZDVDQGWKHWRWDOSD\RIIIRUWKHQGPRUWJDJHZDV
IRUDWRWDOGHEWRI7KHSURSHUW\QHHGHG
DERXWGROODUVLQUHKDEDQGWKH$IWHU5HSDLU9DOXHRI
WKHSURSHUW\ZDV,NQHZ,FRXOGZKROHVDOHWKH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
SURSHUW\IRUDERXWGROODUVSUR¿WZLWKRXWGRLQJDQ\WKLQJ
WRLWDWDOO+RZHYHU,DOVRNQHZEHFDXVHWKHSURSHUW\ZDV
VRXJO\WKDWWKHQGPRUWJDJHKROGHUPLJKWEHZLOOLQJWRWDNH
DVPDOOGLVFRXQW:LWKDIHZSKRQHFDOOVDQGDYLVLWE\WKH
EDQNVDSSUDLVHU,ZDVDEOHWRJHWWKHQGPRUWJDJHKROGHU
WRWDNHDVSD\PHQWLQIXOOIRUWKHHQWLUHEDODQFHRI
WKHPRUWJDJH:LWKLQMXVWDIHZKRXUVWLPH,LQFUHDVHGWKH
SUR¿WDELOLW\RIWKHGHDOE\GROODUV1RZWKDWLVZK\,
FDOOVKRUWVDOHVSUR¿WHQKDQFHUV,QWKHHQG,HQGHGXSJLYLQJ
WKHVHOOHUDQH[WUDGROODUVLQDELOORIVDOHIRULWHPV,
KDGSXUFKDVHGIURPKHUH

:+$7,6<285(;,7675$7(*<)25$'28%/(&/26,1*"
<RXURQO\SRVVLEOHH[LWVWUDWHJ\ZKHQHYHU\RXSHUIRUPD
VKRUWVDOHLVWRGRXEOHFORVHEHFDXVHDEDQNZLOOQRWDOORZDQ
DVVLJQPHQWIHHWREHSDLGWR\RXDVWKHLQYHVWRURQWKH+8'
RUFORVLQJVWDWHPHQW7KHUHDVRQLVVLPSO\EHFDXVHWKH
EDQNLVQRWJRLQJWRWDNHDGLVFRXQWRQPRQH\ULJKWIXOO\RZHG
WRWKHPLI\RXWKHLQYHVWRUDUHZDONLQJDZD\ZLWKPRQH\
,QIDFWWKHEDQNZKRKROGVWKHVWPRUWJDJHGRHVQ¶WHYHQ
OLNHWRVHHLQIHULRUOLHQKROGHUVQGUGPRUWJDJHKROGHUV
JHWDQ\PRQH\VRKRZDUHWKH\JRLQJWRIHHODERXW\RX0U
/RFDOLQYHVWRUZKRLVQ¶WHYHQDERQD¿GHOLHQKROGHU0DNLQJ
PLOOLRQV"8QIRUWXQDWHO\EDQNVDUHQRWWKDWIULHQGO\DQGFDUH
PRUHDERXWWKHPVHOYHVDQGWKHLUVWRFNKROGHUVWKDQWKH\GR
DERXW\RXWKHORFDOLQYHVWRU7RREDGKXK":HOOWKHRQO\ZD\
WRVWUXFWXUHWKHGHDOVR\RXFDQPDNHPRQH\LVWRSXUFKDVH
WKHSURSHUW\DQGWKHQGRXEOHFORVH:KHQ\RXWDNHWLWOHWRWKH
SURSHUW\ZKHWKHULWLVIRUPLQXWHRU\HDUV\RXKDYHHYHU\
OHJDOULJKWWRVHOOWKHSURSHUW\IRUPRUHPRQH\WKDQ\RXSDLG
ZLWKRXWHYHUQRWLI\LQJWKHEDQN

6+28/'<28*2)257+('(('21$6+2576$/("
,XVXDOO\RQO\JHWDSXUFKDVHDQGVDOHDJUHHPHQWVLJQHG
ZKHQHYHU,SHUIRUPDVKRUWVDOHDQGGRQ¶WJRIRUWKHGHHG7KH
UHDVRQLVEHFDXVH,KDYHIRXQGWKDWVRPHSHRSOHZLOOEHWXUQHG
RIIE\\RXDVNLQJIRUWKHGHHGZLWKRXWJLYLQJWKHPDQ\VRUWRI
JXDUDQWHHV1RWHYHU\RQHZLOOEHWKLVPRWLYDWHGDQGWKHUHDUH
VRPHVKRUWVDOHV\RXZLOOPLVVRXWRQE\JRLQJIRUWKHGHHG,
ZLOOXVXDOO\RQO\JRIRUWKHGHHGLIRQHRIWKHVHFRQGLWLRQVEHORZ
H[LVWV
7KHRQO\UHDVRQVWRJRIRUWKHGHHGDUHWKHVH
‡ &RPSHWLWLRQLQ\RXUDUHDLVYHU\¿HUFHDQG\RXIHHOWKDWLI
\RXGRQ¶WJHWWKHGHHGWKHQ\RXPD\EHZDVWLQJ\RXUWLPH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
‡ <RXWKLQNWKHUHLVDJRRGFKDQFHIRURQHUHDVRQRUDQRWKHU
\RXPD\QHYHUVHHRUKHDUIURPWKHVHOOHUHYHUDJDLQ
‡ <RXWKLQNWKHVHOOHULVXQVFUXSXORXVDQGZRXOGJREHKLQG
\RXUEDFNDQGVWDUWZRUNLQJZLWKVRPHRQHHOVH
‡ ,WLVDODUJHUFRPPHUFLDOWUDQVDFWLRQZKHUHE\\RXZLOO
KDYHWRVSHQGDORWPRUHWLPHWU\LQJWRQHJRWLDWHZLWKWKH
PRUWJDJHKROGHUV

35(+$%6
:+$7,6$35(+$%"
$SUHKDELVDFURVVEUHHGEHWZHHQDUHKDEDQGDZKROHVDOH
GHDO$SUHKDELVWHFKQLFDOO\DVPDOOUHKDEKRZHYHU\RXDUH
RQO\GRLQJPLQLPDOZRUNWRWKHSURSHUW\EHIRUHVHOOLQJLWWR
WKHUHKDEEHU*HQHUDOO\LWLQYROYHVFOHDQLQJRXWRUJXWWLQJ
WKHSURSHUW\6RPHWLPHV\RXPD\FKRRVHWRWDNHLWDVWHSRU
WZRIXUWKHUDQGUHPRYHZDOOVDQGPDNHVRPHIUDPLQJOD\RXW
FKDQJHV7KHSUHPLVHLVWRPDNHWKHUHKDEEHUVOLIHHDVLHUZKLOH
DWWKHVDPHWLPHLQFUHDVLQJ\RXUSUR¿WPDUJLQE\WDNLQJRQD
SRUWLRQRIWKHZRUN

(YHQWKRXJK\RXDUHJRLQJWRVHOO\RXUSUHKDEVWRUHKDEEHUV
LWLVVWLOOGLI¿FXOWIRUHYHQWKHEHVWUHKDEEHUVWRLPDJLQHZKDW
DSURSHUW\ZLOOORRNOLNHZKHQLWLVGRQH,WLVRQO\QDWXUDOIRU
DUHKDEEHUWRRIIHUOHVVLIKHKDVWRPDQHXYHUDURXQGSLOHVRI
WUDVKZKHQKHLVWU\LQJWRLQVSHFWWKHSURSHUW\,WLV\RXUMRE
WRWDNHWKLVSUREOHPRXWRIWKHHTXDWLRQIRUWKHUHKDEEHUDQG
WKHUHIRUHLQFUHDVH\RXUSUR¿WPDUJLQ

*XWWLQJDQGFOHDQLQJDSURSHUW\LVRQHRIWKHHDVLHVWDQGOHDVW
H[SHQVLYHZD\VWRLPSURYHWKHYDOXHRIWKDWSURSHUW\,WGRHV
QRWUHTXLUHKLJKO\VNLOOHGWUDGHVPHQWRSHUIRUPWKHZRUNVR\RX
FDQJHWLWGRQHYHU\LQH[SHQVLYHO\

)URPDQLQYHVWPHQWVWDQGSRLQW,KDYHIRXQGWKDWIRUHYHU\
GROODU\RXVSHQGFOHDQLQJRXWDSURSHUW\\RXZLOOVHHWKUHH
GROODUVLQUHWXUQ7KLVPHDQVWKDWLILWFRVW\RXGROODUV
WRFOHDQRXWDQGSDUWLDOO\JXWDSURSHUW\WKHQWKHYDOXHRIWKH
SURSHUW\VKRXOGLQFUHDVHE\DERXWGROODUV7KLVLVVRPH
RIWKHEHVWPRQH\\RXFDQLQYHVWZKHQLWFRPHVWRLPSURYLQJ
WKHYDOXHRIDSURSHUW\,QIDFWDQ\LQYHVWPHQWLQDQRWKHUSDUW
RIWKHKRXVHZLOOQRWEULQJ\RXWKLVNLQGRIUHWXUQ1RWLQWKH
NLWFKHQQRWLQWKHEDWKDQGGH¿QLWHO\QRWLQWKHPHFKDQLFDOV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
:+$77<3(62)3523(57,(6),77+(352),/("
$Q\WLPH\RXEX\DSURSHUW\WKDWQHHGVWREHJXWWHGRULV
FRPSOHWHO\IXOORIWUDVK\RXVKRXOGFRQVLGHUXVLQJDSUHKDE
DVRQHRI\RXUH[LWVWUDWHJLHV,I\RXFDQVLJQL¿FDQWO\LQFUHDVH
WKHYDOXHRIWKHSURSHUW\E\GRLQJVRPHVLPSOHFOHDQXSLQVLGH
RURXWVLGHWKHQLWPD\EHDYLDEOHH[LWVWUDWHJ\3URSHUWLHV
ZLWKXQUXO\WHQDQWVZKRUHFHQWO\PRYHGRXW¿UHGDPDJHG
SURSHUWLHVDQGKXUULFDQHGDPDJHGSURSHUWLHVDUHVRPHJUHDW
H[DPSOHVRISURSHUWLHVWKDWPLJKW¿WWKLVGHVFULSWLRQ

:+(16+28/',86($35(+$%$6$1(;,7675$7(*<"
7KHEHVWW\SHVRISURSHUWLHVWRSUHKDEDUHSURSHUWLHVUHTXLULQJ
DVLJQL¿FDQWDPRXQWRIZRUN,IDSURSHUW\QHHGVPRUHWKDQ
LQZRUNLWZLOOQDWXUDOO\HOLPLQDWHDFHUWDLQSHUFHQWDJH
RIEX\HUVZKRDUHDIUDLGRIODUJHUSURMHFWV7KHUHDVRQ,DP
IRQGRIGRLQJVRPHPLQLPDO¿[XSZRUNRQDSURSHUW\EHIRUH
ZKROHVDOLQJLWLVEHFDXVHLWPDNHVODUJHUMREVVHHPPRUH
PDQDJHDEOH,IDSURSHUW\LV¿UHGDPDJHG,ORYHWRJXWRXWDQG
RSHQXSWKHZDOOVRIWKHSURSHUW\VRWKHUHKDEEHUFDQVHHWKH
DPRXQWRIZRUNDKHDGRIKLP)LUHGDPDJHGSURSHUWLHVRIWHQ
GRQ¶WORRNDVEDGZKHQWKH¿UHGDPDJHGVKHHWURFNLVUHPRYHG

+2:/21*6+28/'$35(+$%7$.("
$SUHKDEVKRXOGWDNHQRORQJHUWKDQDZHHN,ILWGRHV\RX
PLJKWDVZHOOUHKDEWKHSURSHUW\\RXUVHOIDQGLQFUHDVH\RXU
SUR¿WPDUJLQRQWKHGHDO0RVWRIWKHSUHKDEVZHWDNHRQDUH
GD\VZRUWKRIFOHDQRXWDQGWUDVKUHPRYDO

:+$762572)5,6.6'2,7$.(:+(1,35(+$%"
:KHQ\RXGHFLGHWRSUHKDEDSURSHUW\\RXZLOOLQHYLWDEO\KDYH
DOLWWOHPRUHULVNWKDQLI\RXZHUHWRDVVLJQWKHFRQWUDFWDQG
QHYHUWDNHRZQHUVKLS7KLVLVEHFDXVH\RXZLOOKDYHWR¿QDQFH
WKHGHDOLQVRPHPDQQHUEHIRUH\RXVHOOWKHSURSHUW\+DYLQJ
VRPHVNLQLQWKHJDPHLVQHYHUDWHUULEOHWKLQJKRZHYHULI
\RXDUHWU\LQJWRZKROHVDOHDPDUJLQDOGHDOWKHQWKLVLVQRWD
YLDEOHH[LWVWUDWHJ\IRU\RX/LNHZLVH\RXZLOOKDYHWRFDUU\WKH
SURSHUW\XQWLOLWVHOOVDQGWKHUHLVQRURRPIRUHUURUHVSHFLDOO\
LI\RXGLGQ¶WSXWWKHSURSHUW\XQGHUFRQWUDFWDWDORZHQRXJK
SULFH

2IFRXUVH\RXFRXOGULVNGRLQJVRPHRIWKHZRUNEHIRUH\RX
FORVHKRZHYHU,:28/'1(9(55(&200(1''2,1*7+,6
IRUDYDULHW\RIUHDVRQV2QFHWKHZRUNFRPPHQFHV,FDQWHOO

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
\RXWKHVHOOHUFDQVWLOOZDONDZD\IURPWKHGHDODQGWKHQ\RX
ZRXOGKDYHWRVXHIRUVSHFL¿FSHUIRUPDQFH7KLVZLOOPHDQ\RXU
PRQH\ZLOOEHWLHGXSIRUTXLWHVRPHWLPHDQGWKDWLVDVLWXDWLRQ
ZRUWKDYRLGLQJ

:+$762572):25.6+28/','2"
2XWVLGH,ZLOODOZD\VUHPRYHDQ\WUDVKRURWKHUFOXWWHUVLWWLQJ
DURXQGWKHSURSHUW\,WLVFRPPRQIRUDVHOOHUWROHDYHDSLOH
RIWUDVKRXWVLGHDSURSHUW\ZKHQWKH\PRYHRXW,I,FKRRVH
WRSUHKDEWKHKRXVH,ZLOOPDNHVXUHDQ\UXEELVKLVUHPRYHG
,ZLOODOVRKDYHP\FOHDQRXWFUHZRUGHPROLWLRQFUHZUHPRYH
DQ\EUXVKWKDWPD\EHVXUURXQGLQJDSURSHUW\HVSHFLDOO\LILWLV
KDUGWRVHHWKHSURSHUW\IURPWKHURDG,KDYHIRXQGWKDWPRVW
EX\HUVSUHIHUSDUWVRIWKHLUKRXVHWREHYLVLEOHIURPWKHURDGVR
,ZLOODOZD\VUHPRYHDQ\EXVKHVRURYHUJURZQEUXVK

,QVLGH$Q\VRUWRIWUDVKOHIWLQVLGHWKHSURSHUW\ZLOOEH
UHPRYHGDQGKDXOHGDZD\LQDGXPSVWHU,IWKHSURSHUW\KDV
VKHHWURFNRUSODVWHUWKDWLVIDOOLQJGRZQIURPWKHZDOOVRU
FHLOLQJWKHQWKLVZLOOEHUHPRYHG,XVXDOO\JXWZDOOVDQGFHLOLQJV
RQDFDVHE\FDVHEDVLV,ZRQ¶WJRWKURXJKDQGUHPRYHDOORI
WKHVKHHWURFNLIVRPHZDOOVFDQEHVDOYDJHGEHFDXVHWKDWZRXOG
FUHDWHPRUHZRUNIRUWKHUHKDEEHU0\JRDOLVIRUWKHUHKDEEHU
WRZDONLQWRWKHSURSHUW\DQGNQRZH[DFWO\ZKDWZDOOVKDYHWR
EHVKHHWURFNHGDQGZKLFKRQHVGRQ¶W,WDNHWKHJXHVVZRUN
RXWRIWKHMRE1RZLQODUJH¿UHGDPDJHMREV,ZLOOXVXDOO\ZDON
WKHEXLOGLQJLQVSHFWRUWKURXJKDQGVHHZKLFKZDOOVKHZDQWV
JXWWHGDQGZKLFKRQHVDUHRND\WROHDYH7KHUHDVRQLVEHFDXVH
DQ\WLPHWKHUHLVD¿UHLQVLGHDSURSHUW\WKHLQWHJULW\RIWKH
HOHFWULFDOV\VWHPPD\EHLQTXHVWLRQDQGWKLVPHDQVSRUWLRQVRI
ZDOOVZLOOKDYHWREHUHPRYHGWRVQDNHRXWWKHROGZLULQJ

2WKHUSDUWVRIWKHKRXVH,ZRUNRQDUHVXEMHFWWRWKHH[SHUWLVH
DQGSULFLQJRIP\FRQWUDFWRUV)RUH[DPSOH,KDYHDUHDOO\
JRRGURRIHUZKRLVYHU\UHOLDEOHTXLFNDQGLQH[SHQVLYH+H
LVFXUUHQWO\GRLQJURRIVIRUPHIRURIWKHFRVWRIPRVW
RWKHUORFDOFRQWUDFWRUGXHWRP\UHKDEV\VWHP&RQVHTXHQWO\,
NQHZWKDWQRRWKHUUHKDEEHUZRXOGEHDEOHWRJHWWKDWNLQGRI
SULFLQJVRZHKDYHKDGKLPSXWURRIVRQDIHZSURSHUWLHVZH
SUHKDEEHG,NQHZE\FKRRVLQJWRGRWKHURRILWZRXOGUDLVH
WKHYDOXHRIWKHSURSHUW\DQG,GLGQ¶WKDYHWRZRUU\DERXWWKLV
VORZLQJGRZQWKHSURFHVV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
81'(567$1',1*:+2/(6$/(%8<(56
<285%8<(56/,67
%XLOGLQJDEX\HUVOLVWLVWKHIRXQGDWLRQWRVXFFHVVIXO
ZKROHVDOLQJKRZHYHULQRUGHUWREHDWUXHGHDOPDNHU
\RXZLOOQHHGWRWDNHWKLVSDUWRIWKHSURFHVVDQLPSRUWDQW
VWHSIXUWKHU<RXKDYHWREHFRPHHI¿FLHQWDWSUHVFUHHQLQJ
DQGHYDOXDWLQJSURVSHFWLYHZKROHVDOHEX\HUV,WFDQ¶WEH
HPSKDVL]HGHQRXJKWKDWLQWKHUHDOHVWDWHJDPHWLPHLV\RXU
PRVWYDOXDEOHDVVHWDQG\RXUWRXJKHVWRSSRQHQW<RXKDYH
WRPD[LPL]HWKHZD\WLPHLVVSHQWE\SXWWLQJHIIHFWLYHWLPH
PDQDJHPHQWV\VWHPVLQSODFHHOLPLQDWLQJJXHVVZRUNDQG
GRLQJDZD\ZLWKLQFRQVLVWHQFLHVLQWKHZD\\RXTXDOLI\DQG
GREXVLQHVVZLWK\RXULQYHVWRUEX\HUV<RXFDQDFFRPSOLVKDOO
WKLVE\FROOHFWLQJDVPXFKLQIRUPDWLRQDERXWHDFKLQYHVWRU\RX
GLVFRYHUDQGHQWHULQJWKDWGDWDLQWR\RXUGDWDEDVH7KLVZD\
ZKHQ\RXQHHGWR\RXFDQTXLFNO\LGHQWLI\DSURVSHFWLYHEX\HU
RQWKHRWKHUHQGRIDQ\GHDODQGPDNHOLJKWQLQJIDVWGHFLVLRQV
DVWRZKHWKHU\RXZDQWWRSXWDJLYHQSURSHUW\XQGHUFRQWUDFW
RUSDVVRQWKDWSDUWLFXODUGHDO

0$.(685(<285%8<(56$5(6(5,286
7KLVVWHSLVDQHVVHQWLDOEXLOGLQJEORFNWRNHHSLQJWUDQVDFWLRQV
WRJHWKHUDQGPDNLQJVXUHWKHUHDUHQRVXUSULVHVGXULQJWKH
FORVLQJSURFHVV$IWHUDOO\RXUUHSXWDWLRQDQGGHSRVLWPRQH\
LVRQWKHOLQHZKHQ\RXWLHXSDSURSHUW\DQGPDNHSURPLVHV
WRFORVHRQDGHDOLQDVSHFL¿HGSHULRGRIWLPH7KHUHDUHPDQ\
³1HZELH´LQYHVWRUVRXWWKHUHWKDWKDYHMXVWHQRXJKNQRZOHGJH
DQGFRXUDJHWR³SXOOWKHWULJJHU´RQDSXUFKDVHEXWWKDWGR
QRWKDYHDIXOOXQGHUVWDQGLQJRIKRZWRFORVHRQDWUDQVDFWLRQ
LQDWLPHO\IDVKLRQ<RXQHHGWRNQRZZKR\RXDUHGHDOLQJ
ZLWKIURPWKHYHU\VWDUWVR\RXFDQD(OLPLQDWHWKHMRNHUV
E(GXFDWH\RXUEX\HUWRWKHFORVLQJSURFHVVDQGF$VVLVW
LQEULQJLQJDWUDQVDFWLRQWRDWLPHO\FORVH<RXUGDWDEDVHRI
EX\HUVZLWKGHWDLOHGSUR¿OHVSXWV\RXLQDKLJKO\DGYDQWDJHRXV
SRVLWLRQZKHQZRUNLQJRQDZKROHVDOHGHDO

2QFHDJDLQLQIRUPDWLRQLVD.(<HOHPHQWRIDVXFFHVVIXO
:KROHVDOH%XVLQHVV

35(6&5((1,1*%8<(56
3UH6FUHHQLQJLVWKH¿UVWVWHSWRZDUGFROOHFWLQJWKLVLQIRUPDWLRQ
DQGLVDQLPSRUWDQWSDUWRIWKHSURFHVVRIHYDOXDWLQJDQ\

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
SURVSHFWLYHEX\HU,WLVGXULQJWKLVLQLWLDOSUHVFUHHQLQJ
PHHWLQJRUFRQYHUVDWLRQWKDW\RXZDQWWRJDWKHUDVPXFK
LQIRUPDWLRQDERXWWKHLQYHVWRUDVSRVVLEOH7KLVDVVXUHVWKDW
\RXGRQ¶WZDVWH\RXUYDOXDEOHWLPHRQEX\HUVZKRDUHQRW
DEVROXWHO\VHULRXVRUZKRGRQ¶WKDYHVXI¿FLHQWPHDQVWRFORVH
RQDWUDQVDFWLRQZKHQWKHRSSRUWXQLW\LVLQIURQWRIWKHP
<RXUSURGXFWLVWKHUHKDESURSHUW\DQGWKHVHEX\HUVDUH\RXU
FXVWRPHUVVR\RXUJRDOLVWROHDUQDVPXFKDV\RXFDQDERXW
WKHLUPHDQVDQGQHHGVLQDVPXFKGHWDLODVSRVVLEOH)RUWLPH
HI¿FLHQF\¶VVDNHWKLVVWHSLVEHVWGRQHRYHUWKHSKRQH,QRUGHU
WRPD[LPL]H\RXUOLVW\RX¶OOZDQWWRPHHWDVPDQ\SURVSHFWLYH
LQYHVWRUVDVSRVVLEOHDQGFROOHFWWKHLUEXVLQHVVFDUGVRUFRQWDFW
LQIRUPDWLRQDQGVHWXSDIROORZXSFDOOVR\RXFDQFROOHFWPRUH
GHWDLOHGLQIRUPDWLRQDERXW\RXUSURVSHFWDQGHQWHULWLQWR\RXU
GDWDEDVH

2QFHDWWKHRI¿FH\RX¶OOZDQWWRFDOO\RXUSURVSHFWWREHJLQWKH
SUHVFUHHQLQJSURFHVV'XULQJWKLVVWHSLQDGGLWLRQWREDVLF
FRQWDFWLQIRUPDWLRQ\RXZLOOZDQWWROHDUQSHUVRQDOLQIRUPDWLRQ
DERXWWKHEX\HUWRKHOS\RXHVWDEOLVKUDSSRUWDQGGHYHORSD
ZRUNLQJUHODWLRQVKLS0RUHLPSRUWDQWO\\RXZLOODOVRZDQWWR
DQVZHUTXHVWLRQVDERXWWKHLUVRXUFHVRI¿QDQFLQJW\SHVRI
SURMHFWVWKH\DUHORRNLQJIRUWKHWLPHOLQHVWKDWWKH\FDQFORVH
RQDQGPRVWLPSRUWDQWO\WKHLUH[SHULHQFHOHYHODQGHVWDEOLVKHG
WUDFNUHFRUGRIEX\LQJUHDOHVWDWH

/($517+('(7$,/6
/HDUQLQJDOOWKHVHGHWDLOVDERXW\RXUSURVSHFWVDOORZV\RX
WRFXOWLYDWHDQHZPDUNHWRIEX\HUVDQGFRQYHUWVRPHRI
WKH³1HZELH¶V´RUQRQLQYHVWRUVLQWRSURVSHFWLYHEX\HUV%\
XQGHUVWDQGLQJWKHLUIHDUVDQGE\KHOSLQJDQVZHUTXHVWLRQVWKDW
PD\VWDQGLQWKHZD\RIPDNLQJDQLQYHVWPHQWGHFLVLRQ\RX
DUHSUR¿OLQJDQGGHYHORSLQJDQHPHUJLQJFXVWRPHUEDVH)URP
WKDWFXVWRPHUEDVHZLOOFRPHIXWXUHEXVLQHVV

,QWHUYLHZLQJDQGVRUWLQJWKURXJKSURVSHFWLYHLQYHVWRUVFRXOGEH
DYHU\WLPHFRQVXPLQJSURFHVVZKHQQRWDSSURDFKHGFRUUHFWO\
:KHQ,EHJDQLQWKLVEXVLQHVV,ZRXOGPHHWZLWKHYHU\
SURVSHFWLYH%X\HUDQGVSHQGPXFKRIP\YDOXDEOHWLPHWDONLQJ
DERXWZRXOGEHGHDOVWRZRXOGEHLQYHVWRUV,WZDVRIWHQD
ZDVWHRIWLPHWRVD\WKHYHU\OHDVW7KLVLVQRWWKHPRVWWLPH
HI¿FLHQWZD\RIGRLQJEXVLQHVV,QRUGHUWRPDNHWKHSURFHVV
HI¿FLHQW\RXPXVWFUHDWHDV\VWHPL]HGZD\RISUHVFUHHQLQJ
\RXUEX\HUV6WDUWE\XVLQJDVFULSWHGVHWRITXHVWLRQVDQGD

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
VKRUWSURELQJJRDORULHQWHGSKRQHFRQYHUVDWLRQWRSUHVFUHHQ
WKHSURVSHFW¶VNQRZOHGJHDQGH[SHULHQFHOHYHODQGWRDVFHUWDLQ
KLVRUKHUDELOLW\WRDFWRQDQRSSRUWXQLW\WRFORVHDGHDO
:LWKDVFULSWLQSODFH\RXFDQLQYROYH\RXUHQWLUHWHDPDQG
FUHDWHDSURVSHFWLQJPDFKLQHZLWKLQ\RXUEXVLQHVV5HPHPEHU
WKHSRZHURIZKROHVDOLQJLVLQWKHGHSWKDQGZLGWKRI\RXU
GDWDEDVH

35(48$/,)<,1*%8<(56
7KHQH[WPDMRUVWHSLQHVWDEOLVKLQJD:KROHVDOH6\VWHPLVSUH
TXDOLI\LQJRISRWHQWLDOEX\HUV+RZHYHUEHIRUH,EHJLQZRUN
DQGFRPPLWWLPHWRSUHTXDOLI\LQJDQLQYHVWRU,DOZD\VPDNH
FHUWDLQWKDWKHRUVKHLVLQWHUHVWHGLQGRLQJEXVLQHVVDQGUHDG\
WRDFWXSRQDZRUWKZKLOHRSSRUWXQLW\,FDOOWKLV³6WHS$´DQG
LWLVGXULQJ6WHS$WKDW\RXZLOOFOHDUO\EHDEOHWRVHSDUDWHWKH
³$FWLRQ,QYHVWRUV´IURPWKRVHZKRDUHFRPPRQO\UHIHUUHGWRDV
WKH³7LUH.LFNHUV´RU³-RNHUV´,QGHFLVLYH7LUH.LFNHUVDUHWKRVH
ZKRFDQQRWPDNHDGHFLVLRQRUFRPPLWWRDSURMHFW%XWWKH
$FWLRQV,QYHVWRUVDUHWKHRQHVZHDUHVHHNLQJWR¿QGDQGWKHQ
WDNHLPPHGLDWHDFWLRQ7KH\DUHRXUWDUJHWFOLHQW

,QWKHFRPSHWLWLYHHQYLURQPHQWRIUHDOHVWDWHLQYHVWLQJJRRG
GHDOVFRPHDQGJRDWDOLJKWQLQJVSHHGDQGDQLQYHVWRUZKR
LVQRWDEOHWRHYDOXDWHDQGPDNHDGHFLVLRQTXLFNO\HQRXJKWR
JUDVSWKHPRPHQWZLOODOZD\VPLVVWKDWRSSRUWXQLW\<RXEHJLQ
\RXUVRUWLQJE\ORRNLQJLQWR\RXUGDWDEDVHDQGPDWFKLQJWKH
GHDODWKDQGWRWKHZDQWVRIDSURVSHFWLYHLQYHVWRU2QFH\RX
DUHDEOHWRSUR¿OHDQGLGHQWLI\\RXUNH\SURVSHFWV\RXQH[W
IRFXV\RXUHQHUJ\RQWKRVHLQGLYLGXDOVDQGRIIHUWKHPWKHGHDO
WKDW\RXKDYHXQGHUFRQWUDFW5HPHPEHUWKHNH\KHUHLV
HI¿FLHQF\DQGLI\RX¶YHGRQH\RXUSUHVFUHHQLQJFRUUHFWO\\RX¶OO
EHDEOHWRLGHQWLI\DSURVSHFWLYHEX\HUZLWKRXWVSHQGLQJPXFK
WLPHHIIRUWRUPRQH\RQPDUNHWLQJWKHGHDO7KHLQYHVWRUV
ZLWKDSURYHQWUDFNUHFRUGDQGDSURYHQDELOLW\WRFORVHDUHDW
WKHWRSRIP\OLVWDQG$/:$<6WKH¿UVWRQHVWRUHFHLYHDFDOO
DERXWP\FXUUHQWOHDG,IWKHSURSHUW\LVYDFDQWDQG,KDYH
XQUHVWULFWHGDFFHVVWRWKHSURSHUW\,ZLOOVHQGDSURVSHFWWR
GRWKHHYDOXDWLRQRQKLVRUKHURZQ¿UVWWRVHHLIWKH\DUH
JHQXLQHO\LQWHUHVWHGDQGZDQWWKHGHDOHQRXJKWRPDNHLW
KDSSHQ

:HDOZD\VSUHTXDOLI\ YHULI\¿QDQFLQJEHIRUHVLJQLQJD
FRQWUDFW,WLVDWWKLVWLPHWKDW\RXVKRXOGVSHQGPRUHWLPH
YHULI\LQJWKHLQIRUPDWLRQJLYHQE\WKH%X\HULQRUGHUWRPDNH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
FHUWDLQWKDWWKHSHUVRQ\RXDUHZRUNLQJZLWKKDVWKHDELOLW\WR
FORVHRQDGHDORQFHWKHRSSRUWXQLW\LVQDLOHGGRZQ

$/:$<6*(7$/$5*('(326,7
7KH¿UVWVWHSLQSUHTXDOLI\LQJDEX\HULVJHWWLQJDVWURQJ
GHSRVLWDWWKHWLPH\RXVLJQWKHFRQWUDFW*HQHUDOO\,UHTXLUH
DGHSRVLW7KLVGHPRQVWUDWHVDVWURQJOHYHO
RIFRPPLWPHQWIURPWKH%X\HU7KLVGHSRVLWLVDOZD\VQRQ
UHIXQGDEOH7KHRQO\WLPH,DOORZIRUD¿QDQFLQJFRQWLQJHQF\
LVLI,KDYHWKHIXOOFRQWURORYHU¿QDQFLQJRIWKHGHDODQGWKH
EX\HULVZRUNLQJZLWKP\SUHHVWDEOLVKHG¿QDQFLQJVRXUFH,Q
WKDWVFHQDULR,¿UVWSUHTXDOLI\WKHLQYHVWRUZLWKWKHOHQGHU
E\JHWWLQJGLUHFWO\LQYROYHGDQGREWDLQLQJDQVZHUVWRDOORIP\
TXHVWLRQV(YHQZLWKDVXEVWDQWLDOGHSRVLW\RXDOZD\VZDQW
WRPDNHVXUHWKDW\RXYHULI\WKHLQIRUPDWLRQDERXWVRXUFHVRI
IXQGLQJE\VSHDNLQJZLWKWKHOHQGHUDQGE\JHWWLQJFRSLHVRI
UHFHQWEDQNVWDWHPHQWVIURPWKHEX\HUVXSSRUWLQJKLVDELOLW\WR
FORVHLQFDVK

:KLOHFORVLQJGHDOVZLWKLQYHVWRUVZKRKDYHWKHDSSURSULDWH
IXQGLQJLQSODFH,DOVRZRUNZLWKEX\HUVZKRGRQRWKDYH
¿QDQFLQJWKXVEXLOGLQJDQHZPDUNHWSODFHIRUP\GHDOV,
GRWKLVE\UHIHUULQJWKHPWRKDUGPRQH\OHQGHUVWKDW,¶YH
HVWDEOLVKHGUHODWLRQVKLSVZLWKIURPSULRUWUDQVDFWLRQVDQGSUH
TXDOLI\LQJWKHPIRUIXWXUHGHDOV7KLVLVDQH[FHOOHQWZD\WR
FRQYHUWVRPHRIWKH³ZRXOGEH´EX\HUVLQWRYLDEOHFXVWRPHUV
DQGDVDUHVXOWRIVXFKSRVLWLRQLQJGUDVWLFDOO\H[SDQGWKHSRRO
RILQYHVWRUVWRZKRP\RXFDQPDUNHW\RXUGHDOV

.((3,1*,1&217$&7:,7+<285:+2/(6$/(%8<(56
3UHTXDOLI\LQJ\RXUEX\HUVDQGEXLOGLQJUHODWLRQVKLSVZLWK
WKHPLQWKHSURFHVVLVLPSRUWDQWKRZHYHULQWKHHQGWKHVH
VWHSVDORQHGRQRWDVVXUHWKDW\RXZLOOFORVHWUDQVDFWLRQVDQG
JHQHUDWHUHYHQXH7KH¿QDODQGFULWLFDOVWHSLQWKHZKROHVDOLQJ
SURFHVVLVPDNLQJVXUHWKDWWKHEX\HUVWD\VLQFRQWUDFWDQG
FORVHVRQWLPH<RXDFFRPSOLVKWKLVE\FORVHO\PDQDJLQJDOO
DVSHFWVRIWKHFORVLQJSURFHVV7KLVLVDOVRRQHRIWKHPDLQ
UHDVRQV\RXDOZD\VZDQWWRVWHHU\RXUEX\HUVWRZDUGXVLQJWKH
SUHIHUUHGVHUYLFHYHQGRUVDWWRUQH\VOHQGHUVHWFDOORIZKRP
DUHIDPLOLDUZLWKWKHZD\\RXVWUXFWXUHZKROHVDOHGHDOVDQGWKH
ZD\\RXWHQGWRPDNHDGHDOÀRZ

7KHNH\WRXOWLPDWHVXFFHVVLVPDLQWDLQLQJFRQVWDQW
FRPPXQLFDWLRQZLWKDOOWKHSDUWLHVLQYROYHGLQFORVLQJWKH
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WUDQVDFWLRQ7KLVLQFOXGHVFRQVWDQWIROORZXSZLWKWKHEX\HU
DWWRUQH\VWLWOHFRPSDQLHVDSSUDLVHUVOHQGHUVLQVXUDQFH
EURNHUVDQGDQ\RWKHUSDUWLHVWKDWFDQDIIHFWWKHRXWFRPHRI
WKHFORVLQJ'RQRWH[SHFW\RXUDWWRUQH\VWRGRWKLVZRUNIRU
\RXDQGDOZD\VYHULI\DOOWKHLQIRUPDWLRQDQGVSHDNGLUHFWO\
ZLWKHDFKSDUW\LQYROYHGWRPDNHVXUHWKDWWKHSURFHVV
LVPRYLQJIRUZDUGLQDWLPHO\PDQQHU7KLVDOVRPHDQV
ZRUNLQJFORVHO\ZLWKWKHEX\HUWRDVVLVWLQWKHFORVLQJDQG
DQ\SUHSDUDWLRQVIRUWKHSURMHFW6RPHRIWKHWKLQJV\RX¶OOEH
LQYROYHGLQDUHJHWWLQJDOOWKHSDSHUZRUNWRJHWKHUWRVHFXUH
¿QDQFLQJKDQGOLQJTXHVWLRQVDQGREMHFWLRQVIURPOHQGHU
DVVLVWLQJLQSUHSDULQJDIRUPDOVFRSHRIZRUNVWDWHPHQW
KHOSLQJZLWK¿QGLQJFRQWUDFWRUVIRUWKHMREUHIHUULQJDQ
LQVXUDQFHEURNHU

<RXZLOOZDQWWREHSUHVHQWDWDOONH\PHHWLQJVDWWKHSURSHUW\
VXFKDVPHHWLQJZLWKWKHOHQGHUZKRLV¿QDQFLQJWKHSURMHFW
7KLVLVLPSRUWDQWVR\RXFDQKDQGOHDQ\REMHFWLRQVWKDWPD\
FRPHXSDQGDOVRVR\RXFDQEHSUHVHQWWRVXSSRUW\RXU
HVWLPDWHGQXPEHUVIRUWKHUHKDEFRVWDQGWKHYDOXHDQG
VHFXULW\LQWKHSURMHFW

&+226,1*%(7:((108/7,3/(2))(56
&$6+,6.,1*
&DVKLVNLQJLQWKHZKROHVDOHEXVLQHVVEHFDXVHLWPDNHVGHDOV
VRPXFKHDVLHUWRFORVH,QIDFWZKHQHYHU,DPFKRRVLQJ
EHWZHHQGLIIHUHQWRIIHUVRQDSURSHUW\,DOZD\VSXWDORWRI
ZHLJKWRQFDVKRIIHUV/LNHZLVHFRQWLQJHQFLHVFORVLQJGDWHV
DQGGHSRVLWVVKRXOGLQÀXHQFHZKDWRIIHU\RXGHFLGHWRJRZLWK
,FDQ¶WWHOO\RXKRZPDQ\WLPHV,KDYHFKRVHQWRJRZLWKD
ORZHUFDVKRIIHURYHUDKLJKHURIIHUIURPDEX\HUZKRZDQWHG
WRXVHWUDGLWLRQDO¿QDQFLQJ,ZDQWWRNQRZP\ZKROHVDOH
WUDQVDFWLRQVDUHJRLQJWRJHWFORVHGDQGWKDW,ZRQ¶WKDYHWR
KHOSSXVKDEX\HUV¿QDQFLQJWKURXJK7LPHLVPRQH\LQWKH
UHDOHVWDWHLQYHVWPHQWZRUOGDQGLI,KDYHWRVSHQGDZKROH
ZHHNWU\LQJWRSXVKDGHDOWKURXJKEHFDXVHRIWKHEX\HUV
¿QDQFLQJWKHQ,ZLOOEHORVLQJDORWRIPRQH\LQRWKHUDUHDVRI
WKHEXVLQHVV

,19(670(17&$6(678'<
/HWPHJLYH\RXDQH[DPSOHRIDVPDOOHUGHDOZKLFKZLOOKHOS
LOOXVWUDWHP\SRLQW$IHZPRQWKVDJRDPRWLYDWHGVHOOHUFDOOHG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
PHZLWKDXQLWEXLOGLQJVKHZDVLQWHUHVWHGLQVHOOLQJLQ1HZ
+DYHQ&77KHEXLOGLQJKDGEHHQUDYDJHGE\DVHULRXV¿UHDQG
WKHHQWLUHUGÀRRUDQGURRIQHHGHGWREHUHEXLOW7KH¿UHKDG
ULSSHGWKURXJKPRVWRIWKHURRIDQGVXSSRUWEHDPV7KHVHOOHU¶V
LQVXUDQFHSDLGRIIWKHXQGHUO\LQJPRUWJDJHDQGWKHVHOOHU
UHFHLYHGWKHEDODQFHRIWKHLQVXUDQFHFKHFNZKLFKDPRXQWHG
WR+RZHYHUWKHVHOOHUKDGQRLQWHUHVWLQUHEXLOGLQJ
WKHSURSHUW\DQGZDQWHGWRVHOOLWTXLFNO\7KHVHOOHUFDOOHG
PHDQGZDVORRNLQJIRUWRVHOOWKHSURSHUW\,ZDV
IDPLOLDUZLWKWKHDUHDDQG,NQHZWKDWDVORQJDVWKHEXLOGLQJ
ZDVVWDQGLQJDQGGLGQRWQHHGWREHNQRFNHGGRZQWKDWWKLV
ZDVDVWHDO,LPPHGLDWHO\UXVKHGRXWWRWKHSURSHUW\DQGPHW
WKHVHOOHUDQGVLJQHGDFRQWUDFWIRUEHFDXVH,NQHZ
WKDW,FRXOGWXUQDURXQGDQGVHOOWKHSURSHUW\ZLWKLQWZRZHHNV
IRUVRPHZKHUHEHWZHHQDQGGHSHQGLQJ
RQKRZORQJ,KDGWRFORVH,DOVRNQHZWKLVSDUWLFXODU
SURSHUW\ZDVJRLQJWREHZRUWKDURXQGDIWHULWZDV
UHEXLOW&RQVHTXHQWO\WKHRQO\SRLQW,QHJRWLDWHGZLWKWKHVHOOHU
RQZDVWKHFORVLQJGDWH6KHZDQWHGWRFORVHLQRQHZHHNEXW
,ZDQWHGWKUHHVR,FRXOGVHOOWKHSURSHUW\WRVRPHRQHHOVHDQG
QRWKDYHWRXVHP\RZQFDVKWRSXUFKDVHWKHSURSHUW\,JDYH
WKHVHOOHUKHUSULFHDQGVKHJDYHPHWKHFORVHGDWH,GHVLUHG

7KLVLVDJUHDWH[DPSOHRIPDNLQJ\RXUPRQH\RQWKHZD\LQ,
NQHZWKHUHZDVEHWZHHQDQGLQHTXLW\,FRXOG
SLFNXSMXVWE\SXWWLQJWKHSURSHUW\XQGHUFRQWUDFW,WXUQHG
DURXQGDQGFDOOHGP\EHVWZKROHVDOHEX\HUVDQG,KDGDQ
RIIHUWKHVDPHQH[WGD\IRU7KLVLVDJUHDWH[DPSOH
RIEX\LQJDSURSHUW\DQGKDYLQJPXOWLSOHH[LWVWUDWHJLHV+DG,
FKRVHQWRUHKDEWKHSURSHUW\DQGLQYHVWDQRWKHULQWR
WKHSURSHUW\,FRXOGKDYHPDGHDORWPRUHPRQH\WKDQVHOOLQJ
LWIRUDGROODUZKROHVDOHSUR¿W$VVXPLQJFDUU\LQJ
FRVWVDQGWUDQVDFWLRQIHHVRIRIWKH¿QDOVDOH
SULFH,ZRXOGKDYHPDGHVRPHZKHUHLQWKHUDQJHRI
GROODUV1RWWRRVKDEE\KRZHYHU,ZRXOGKDYHWRFRPPLWD
ORWRIP\WLPHDQGP\SDUWQHU3DXO¶VWLPHLQRUGHUWRJHWWKLV
GRQH7KHSRLQWLVWKDW,KDGVHYHUDORSWLRQVDQGPXOWLSOH
H[LWVWUDWHJLHVZKLFKLVDSRVLWLRQ\RXDOZD\VZDQWWRSRVLWLRQ
\RXUVHOILQ

:+$7,)7+('($/:$66758&785('',))(5(17/<"
1RZOHWPHSDLQWDGLIIHUHQWSLFWXUHIRU\RX:KDWLIWKHVHOOHU
KDGFDOOHGPHDQGZDQWHGWRVHOOWKHSURSHUW\WRPHIRU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
GROODUV,VWKLVVWLOODJRRGGHDO":HOOOHW¶VH[DPLQHLW
IURPDFRXSOHRIGLIIHUHQWSHUVSHFWLYHV$VVXPLQJ,SXUFKDVHG
WKHSURSHUW\IRUDQGVSHQWRQWKHUHKDE,
ZRXOGKDYHEHHQLQWRWKHSURSHUW\IRU1RZDVVXPLQJ
WKHFDUU\LQJFRVWVDQGWUDQVIHUIHHVZHUHVWLOORI
WKH¿QDOVDOHSULFH,ZRXOGZDONDZD\ZLWKDSUR¿WRI
GROODUV1RWWRREDGULJKW":URQJ7KHGHDOLVQRWEDGIURPD
SUR¿WVWDQGSRLQWVKRXOGHYHU\WKLQJJRDFFRUGLQJWR\RXUSODQ
EXWZKDWLIWKHFRQVWUXFWLRQLVQ¶WUHDOO\D":KDWLI
\RXUFDUU\LQJFRVWVDQGWUDQVDFWLRQIHHDUHPRUHWKDQ"
7KDWGROODUVFDQGLPLQLVKYHU\TXLFNO\DQGWKHQ\RX
ZLOO¿QG\RXUVHOIZRUNLQJIRUIUHHRQDSURMHFWWKDWWDNHVVL[
WRQLQHPRQWKVRI\RXUWLPH7KLVLVFDOOHGLQYHVWLQJZLWKRXW
RSWLRQVEHFDXVH\RXRQO\KDYHRQHH[LWVWUDWHJ\DQGWKDWLV
WRUHKDEWKHSURSHUW\$QG,FDQWHOO\RXIURPH[SHULHQFHWKDW
GROODUUHKDELVDORWRIZRUNWRRQO\PDNH
7KHUHLVDQRSSRUWXQLW\FRVWWR\RXUWLPHDQGPRQH\,ZRXOG
OHWWKLVGHDOJRDQGZRXOGQ¶WWKLQNWZLFHDERXWLWDQGVRVKRXOG
\RXZKHQIDFHGZLWKDVLPLODUGHDO

&20021:+2/(6$/,1*48(67,216
'2(6:+2/(6$/,1*:25.,1(9(5<0$5.(73/$&("
0DQ\EHJLQQLQJLQYHVWRUVKDYHGRXEWVDERXWWKHYLDELOLW\RI
ZKROHVDOLQJLQWKHLUPDUNHWSODFH0DQ\WKLQNZKROHVDOLQJZLOO
QRWZRUNLQWKHLUDUHDIRURQHUHDVRQRUDQRWKHU,FDQWHOO
\RX,KDYHVWXGHQWVDOODURXQGWKHFRXQWU\ZKRDUHXVLQJP\
WHFKQLTXHVWR¿QGJUHDWZKROHVDOHGHDOVHYHU\VLQJOHGD\,
KDYHVWXGHQWVLQ$QFKRUDJH$/DQGVWXGHQWVLQ0LDPL)/ZKR
DUHDOOXVLQJP\ZKROHVDOHV\VWHPVZLWKWKHVDPHVXFFHVV
,WGRHVQ¶WPDWWHULI\RXDUHZKROHVDOLQJFRQGRV
LQ0DQKDWWDQRUPRELOHKRPHVLQ1HZ0H[LFRWKH
VWUDWHJLHVDUHVWLOOWKHVDPH,WDOOVWDUWVZLWKOHDGJHQHUDWLRQ
WKHQ\RXKDYHWRWLHWKHSURSHUW\XSDWDORZSULFHDQGJLYH
\RXUVHOIHQRXJKWLPHWR¿QGDEX\HUDWDKLJKHUSULFHVR
\RXFDQWXUQDURXQGDQGVHOOWKHSURSHUW\IRUDSUR¿W,I\RX
KDYHVSHQWWKHWLPHOHDUQLQJWKHEXVLQHVVFDQIROORZVLPSOH
V\VWHPVDQGFDQFRQVLVWHQWO\WDNHDFWLRQWKHQLWGRHVQRW
PDWWHUZKHUH\RXOLYHEHFDXVH\RXZLOOEHVXFFHVVIXO$Q\ZHOO
HGXFDWHGLQYHVWRUNQRZVKHFDQPDNHPRQH\LQDQ\FLW\LQDQ\
PDUNHW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
',))(5(170$5.(76+$9(',))(5(171,&+(6
%X\LQJDEDQGRQHGZDUHKRXVHVDQGFRQYHUWLQJWKHPWRFRQGRV
PD\EHDYHU\YLDEOHLQYHVWPHQWLQ&KLFDJR,/DQGDYHU\EDG
GHFLVLRQLQ'HWURLW0,<RXQHHGWRXQGHUVWDQG\RXUPDUNHW
DQG¿QGWKHXQLTXHRSSRUWXQLWLHVZLWKLQLW,DOZD\VUHFRPPHQG
VWDUWLQJLQ\RXURZQEDFN\DUGDQGOHDUQLQJWKHORFDOODQGVFDSH
EHIRUH\RXYHQWXUHLQWRRWKHUDUHDV'RQ¶WSLFNDPDUNHWWKDW
LVIXUWKHUDZD\MXVWEHFDXVHLWLVKRW,KDYHIRXQGWKHIXUWKHU
DZD\DQLQYHVWPHQWSURSHUW\WKHULVNLHULWJHWV,GRQ¶WOLNH
JLYLQJXSFRQWUROHVSHFLDOO\ZKHQ,KDYHWRJHWRQDSODQHLQ
RUGHUWRYLVLWWKHSURSHUW\

,I\RXDUHJRLQJWRFRQFHQWUDWHRQZKROHVDOLQJWKHPDUNHW
ZLOOKDYHOHVVRIDQHIIHFWRQZKHWKHU\RXVXFFHHGRUQRW<RX
ZLOOEHÀLSSLQJSURSHUWLHVLQVXFKDVKRUWWLPHIUDPHLWZLOOEH
YLUWXDOO\LPSRVVLEOHWREHDIIHFWHGE\VZLQJVLQWKHPDUNHW
<RXPD\¿QGIHZHUEX\HUVDQGPRUHVHOOHUVEXWDSSUHFLDWLRQ
VKRXOGQRWFRPHLQWRSOD\LQDQ\RI\RXUZKROHVDOLQJGHFLVLRQV
$VDZKROHVDOHUZKHWKHUWKHPDUNHWLVJRLQJXSRUGRZQKDV
QRWKLQJWRGRZLWKKRZZHPDNHPRQH\:HPDNHPRQH\
¿QGLQJXQGHUYDOXHGSURSHUWLHVDQGVHOOLQJWKHPDWDKLJKHU
SULFHZLWKLQDYHU\VKRUWWLPHSHULRG:HDUHQRWWU\LQJWRWLPH
WKHPDUNHWZHDUHQRWEDQNLQJRQDSSUHFLDWLRQZKDWZHDUH
ORRNLQJIRULVDVXUHEHW:HDUHWKHGD\WUDGHUVRIWKHUHDO
HVWDWHPDUNHWJHWWLQJLQDQGRXWRIWKHPDUNHWLQDYHU\VKRUW
WLPHSHULRG

&$1<28:+2/(6$/(,1$'2:10$5.(7"
7KHPDUNHW\RXDUHEX\LQJLQFDQEHGHSUHFLDWLQJD\HDU
DQG\RXFDQVWLOOPDNHVHULRXVPRQH\ZKROHVDOLQJSURSHUWLHV
,QIDFWZKHQWKHPDUNHWLVGURSSLQJPRUHEX\LQJRSSRUWXQLWLHV
ZLOOSUHVHQWWKHPVHOYHVDVRZQHUVDUHIRUFHGWRVHOO7KLV
SUHVHQWVDJUHDWRSSRUWXQLW\IRUZKROHVDOHUVDQGUHKDEEHUV
ZKRDUHKLJKO\OLTXLG,QGRZQPDUNHWV\RXVKRXOGEHDEOH
WRSLFNXSSURSHUWLHVDWWRRIWKHLUFXUUHQWPDUNHW
YDOXHDQGZKROHVDOHWKHPTXLFNO\WRRWKHULQYHVWRUVDW
WRRIWKHLUYDOXH,QIDFWLI\RXDUHEUDQGQHZWRUHDO
HVWDWHLQYHVWLQJWKLVPD\EHRQHRIWKHEHVWPDUNHWVWRVWDUW
RXWLQ7KHUHDVRQLVEHFDXVHLQRYHUWULOOLRQGROODUV
LQDGMXVWDEOHUDWHPRUWJDJHVZLOOEHFRUUHFWLQJ7KHEDQNV
FUHDWHG$50PRUWJDJHVVRWKH\FRXOGJHWPRUHPRQH\RXWLQWR
WKHPDUNHWSODFHDQGPDNHXSIRUWKHORZLQWHUHVWUDWHVZLWK
PRUHYROXPH)LQDQFLDOO\LWPD\EHGLVDVWURXVDVEDQNVZLOO
KDYHWRIRUHFORVHRQDUHFRUGQXPEHURIKRPHVZKHQWKHVH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
KRPHRZQHU¶VSD\PHQWVDGMXVW2YHUO\DJJUHVVLYHOHQGHUVZKR
SXVKHGERUURZHUVLQWRKRPHVWKH\SUREDEO\VKRXOGQ¶WKDYH
EHHQEX\LQJZLOOEHIHHOLQJWKHKHDW'LVWUHVVHGKRPHRZQHU¶V
ZLOOKDYHWRUH¿QDQFHVHOORUEHIRUHFORVHGXSRQ7KHSUREOHP
LVWKDWPDQ\KRPHRZQHU¶VSDLGLQÀDWHGSULFHVIRUWKHLUKRPHV
DQGQRZWKDWWKHPDUNHWLVDGMXVWLQJWKH\ZLOOEHLQRYHUWKHLU
KHDGV0DQ\KRPHRZQHUVZLOOQRWEHDEOHWRVHOODVWKHFXUUHQW
PDUNHWYDOXHRIWKHLUKRPHPD\EHEHORZWKHLUWRWDOGHEW
3HRSOHHYHU\ZKHUHZLOOEHORVLQJWKHLUKRPHVWRIRUHFORVXUHDQG
DVDZKROHVDOHULWZLOOEHYLWDOIRU\RXWRXQGHUVWDQGWKHVKRUW
VDOHSURFHVVDQGKRZWRQHJRWLDWHZLWKEDQNV7KLVZLOOEHD
KXJHRSSRUWXQLW\IRUDORWRIWKHVDYY\ZKROHVDOHUV

60$//6,*16,10<0$5.(73/$&(
,KDYHDOUHDG\VWDUWHGWRVHHVPDOOVLJQVRIWKLVLQP\
PDUNHWSODFHDVIRUHFORVXUHUDWHVKDYHLQFUHDVHGE\RYHU
LQWKHSDVW\HDU2QDPLFURVFDOH,DPDOUHDG\VHHLQJWKLV
WDNHSODFH7KHQXPEHURIFDOOV,KDYHUHFHLYHGLQWKHSDVW
IHZPRQWKVIURPSHRSOHZKRDUHRYHUOHYHUDJHGLVVWDJJHULQJ
,ZHQWIURPZRUNLQJRQVKRUWVDOHGHDOVDWDWLPHWRRYHU
VKRUWVDOHGHDOVDQG,WUXO\EHOLHYHWRPRQWKVIURP
QRZ,ZLOOKDYHWRSHRSOHLQP\RI¿FHGHGLFDWHGVROHO\
WRSURFHVVLQJVKRUWVDOHV7KHVLWXDWLRQLVRQO\H[DFHUEDWHG
E\KRZPDQ\SURSHUWLHVDUHRQWKHPDUNHW,QP\DUHDWKH
QXPEHURIKRPHVKDVGRXEOHGZKLFKPHDQVWKHQXPEHURI
GD\VRQPDUNHWIRUWKHDYHUDJHKRPHKDVJRQHXSVLJQL¿FDQWO\
,WLVGH¿QLWHO\DEX\HU¶VPDUNHWDVWKH\KDYHSOHQW\RIKRXVHV
WRFKRRVHIURPDQGZKHQHYHUWKHPDUNHWVORZVVHOOHUVEHFRPH
PRUHFUHDWLYH,EHOLHYHRYHUWKHQH[WFRXSOH\HDUVDORWRI
VHOOHUVZLOOEHIRUFHGWRGURSWKHSULFHRIWKHLUKRPHVEH
PRUHFUHDWLYHRURIIHURWKHULQFHQWLYHVLQRUGHUWRJHWWKHLU
SURSHUWLHVVROG,KDYHDOVRIRXQGLWHDVLHUWRQHJRWLDWHZLWK
KRPHRZQHUVLQDVRIWPDUNHWDVPDQ\DUHVFDUHGLIWKH\GRQ¶W
VHOOQRZWKHQWKHLUKRXVHPD\EHZRUWKOHVVLQDIHZPRQWKV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 &+$3(5
:+2/(6$/,1*&$6(678',(6
7KLVFKDSWHULVZKHUHDOOWKHWKHRU\EHFRPHVSUDFWLFHDQGDOO
RI\RXUTXHVWLRQVRIKRZWKHGHDOZDVVWUXFWXUHGIURPVWDUWWR
¿QLVKZLOOEHDQVZHUHG7KHFDVHVWXGLHVZLOOEHEURNHQGRZQ
LQWRVHYHQFDWHJRULHVDQGDUHDVIROORZV

 +RZ7KH/HDG:DV*HQHUDWHG
 3XUFKDVH1HJRWLDWLRQ$QG&RQWUDFW'HWDLOV
 :K\$QG:KHQ:H'HFLGHG7R:KROHVDOH7KH'HDO
 +RZ:H0DUNHWHG7KH'HDO$QG:KHUH:H)RXQG
7KH%X\HU
 7KH3URFHVV2I6KRZLQJ7KH3URSHUW\
 +RZ7KH'HDO:DV6WUXFWXUHG$QG2XU5HDVRQV
)RU'RLQJ6R
 &RQFOXVLRQ$QG'HDO6XPPDU\

:KHQ\RXDUHHYDOXDWLQJWKHVHFDVHVWXGLHVEHVXUHWR
SD\SDUWLFXODUDWWHQWLRQWRWKHUHDVRQLQJIRUZK\,FKRVHWR
VWUXFWXUHWKHGHDOWKHZD\,GLG$V\RXZLOOVRRQ¿QGRXW
VRPHWLPHV,GLGLWRXWRIQHFHVVLW\DQGRWKHUWLPHVLWLVWKH
UHVXOWRIDYRLGLQJFORVLQJFRVWVRUIRUDSSHDVLQJDVHOOHU

0,''/(72:16,1*/()$0,/<
$66,*10(172)&2175$&772&$6+%8<(5
+2:7+(/($':$6*(1(5$7('
7KLVOHDGFDPHWRXVRIIRQHRIRXUGLUHFWPDLOFDPSDLJQV
$VHULHVRIOHWWHUVZHQWRXWWRKRPHRZQHUVLQIRUPLQJWKHP
RIRXUFRPSDQ\DQGLWVVHUYLFHV7KLVKRPHRZQHUFDOOHG
UHTXHVWLQJPRUHLQIRUPDWLRQDERXWRXUDELOLW\WREX\FDVK
DQGFORVHTXLFNO\,QLWLDOO\XSRQVSHDNLQJZLWKWKHVHOOHUPRUH
LQIRUPDWLRQZDVQHHGHGWRGHWHUPLQHLIWKLVZDVDGHDO

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
$IWHUVSHDNLQJPRUHZLWKWKHVHOOHUVKHLQIRUPHGXVWKDWKHU
HQWLUHIDPLO\ZDVPRYLQJGRZQVRXWKDQGWKDWVKHQHHGHGD
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
TXLFNVDOHRIKHUKRXVH6KHDOVRVWDWHGWKDWVKHZDVZLOOLQJ
WRVLPSO\VHOOIRUKHUGHEWRIDURXQG$IWHUKHDULQJ
WKDWSLHFHRILQIRUPDWLRQDQGUXQQLQJDTXLFNVHWRIFRPSVLW
ZDVGHWHUPLQHGWKDWWKLVZDVDSRWHQWLDOGHDO:HVFKHGXOHGD
PHHWLQJODWHUWKDWGD\ZLWKWKHVHOOHUWRORRNDWWKHSURSHUW\
6KHVWDWHGRQWKHSKRQHWKDWWKHKRXVHQHHGHGUHSDLUVDQGZDV
QRWLQJRRGUHWDLOFRQGLWLRQ&RPSVZHUHVKRZLQJ$59EHWZHHQ
DQGVRDVORQJDVWKHKRXVHGLGQRWQHHGD
IXOOJXWWKHUHZDVSUR¿WLQWKHGHDO

8VLQJRXU5HSDLU(VWLPDWLQJ)RUPLWZDVGHWHUPLQHGWKDWWKH
KRXVHQHHGHGDURXQGLQUHSDLUV7KHVHOOHUDOVRVWDWHG
WKDWWKHUHZKHUHDURXQGLQZDWHUDQGVHZHUOLHQVWKDW
ZRXOGQHHGWREHSDLGRQWRSRIWKHPRUWJDJH7KHVHOOHUGLG
QRWZDQWDQ\SURFHHGVIURPWKHVDOHDQGVLPSO\ZDQWHGWR
UHOLHYHKHUVHOIIURPGHEWVRWKDWKHUIDPLO\FRXOGPRYHLQ
GD\VDWWKHHQGRIWKHPRQWK

2YHUDOOWKHSXUFKDVHFRQWUDFWQHJRWLDWLRQDQGVLJQLQJZHQW
IDLUO\VLPSOH7KHVHOOHUZDQWHGKHUPRUWJDJHRIDQG
LQOLHQVSDLGRII:HVLJQHGWKHFRQWUDFWIRU
ZKLFKZDVKHUWRWDOGHEW7KHVHOOHU¶VPDLQFRQFHUQZDVWKH
DELOLW\WRPRYHDQGQRORQJHUKDYHWKH¿QDQFLDOUHVSRQVLELOLW\RI
WKHSURSHUW\

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
7KLVSURSHUW\ZDVDZKROHVDOHGHDOIURPGD\RQH.HHSLQJLQ
FRQVWDQWFRQWDFWZLWK\RXU³3ULPDU\´EX\HUVZLOODOORZ\RX
WRNQRZZKHQDQGZKHUHWKH\DUHEX\LQJDQGZKDWWKH\DUH
ORRNLQJIRU+DYLQJKDGDFRQYHUVDWLRQZLWKRQP\OLVWD
GD\HDUOLHU,NQHZKHZDVORRNLQJIRUSURSHUWLHVLQWKLVDUHD
$1'KDGFDVKLQWKHEDQNUHDG\WRFORVH5XQQLQJWKHQXPEHUV
TXLFNO\RQWKHGHDODIWHUWKHLQLWLDOZDONWKURXJKZHNQHZWKDW
WKHUHZDVDERXWDWRZKROHVDOHVSUHDGIRU
XV:HW\SLFDOO\OLNHWRVHHPRUHSUR¿WRQDZKROHVDOHEXWWKH
FRRSHUDWLYHVHOOHUDQGIXOO\IXQGHGFDVKEX\HUZRXOGPDNHIRUD
YHU\HDV\WUDQVDFWLRQ

:HGHFLGHGZHZRXOGPDUNHWDQGZKROHVDOHWKHGHDOIRU
DQGDOUHDG\KDGRXUHQGEX\HULQPLQGDVZHZHUH
VLJQLQJWKHSXUFKDVHFRQWUDFWZLWKWKHVHOOHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
<RXU³3ULPDU\´ZKROHVDOHEX\HUVDUHVRLPSRUWDQWDQGLQWKLV
FDVHDOORZHGXVWRSXWDSURSHUW\XQGHUFRQWUDFWZLWKRXUHQG
EX\HULQPLQG7KHUHZDVQRQHHGWRVSHQGDQ\PRQH\DQG
YHU\OLWWOHWLPHPDUNHWLQJWKHGHDO

7+(352&(662)6+2:,1*7+(3523(57<
6KRZLQJWKHSURSHUW\ZDVQRWDSUREOHPDVWKHVHOOHUKDGQR
REMHFWLRQVDQGVLPSO\ZDQWHGWRVHOOTXLFNO\DQGIRUKHUGHEW
7KHRQO\LVVXHZDVWKDWWKH\ZHUHVWLOOOLYLQJLQWKHKRXVHDQG
ZHQHHGWRLQIRUPWKHPRIZKHQZHZRXOGFRPHE\$VZH
DOUHDG\KDGRXUEX\HUUHDG\WRJRZHRQO\QHHGHGWRVFKHGXOH
RQHVKRZLQJ

+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
$IWHUDTXLFNZDONWKURXJKRXULQYHVWRUEX\HUZDVUHDG\WR
VLJQDFDVKSXUFKDVHRIZLWKDQLQLWLDOFDVKGHSRVLW
RI:HKDGDOUHDG\GRQHDPDMRULW\RIWKHZRUNEH
SURYLGLQJFRPSVDVZHOODVDUHSDLUHVWLPDWHVXPPDU\+H
VLPSO\QHHGHGWRYHULI\ZLWKKLVRZQH\HVDQGYLVXDOO\VHHWKH
SURSHUW\

$VLWWXUQHGRXWWKHVHOOHU¶VDFWXDOGHEWZDVKLJKHUWKDQZKDW
VKHKDGLQLWLDOO\WKRXJKW+HUPRUWJDJHZDVMXVWRYHU
DQGKDGYDULRXVOLHQVDQGIHHVWKDWWRWDOHGPRUHWKDQ
$IWHULWZDVDOOVDLGDQGGRQHWKHUHZHUHDURXQGLQ
OLHQVEDFNWD[HVDQGDVVRFLDWHGDWWRUQH\IHHVDWWDFKHGWRWKH
KRXVH7KLVLVQRWDQXQFRPPRQVFHQDULRDVPDQ\WLPHVWKLQJV
JHWDWWDFKHGWRDSURSHUW\ZLWKRXWWKHRZQHUNQRZLQJ<RX
VKRXOGDOZD\VYHULI\WKLVZLWKDWLWOHVHDUFKRQWKHSURSHUW\
%HFDXVHZHKDGDUHDG\FDVKEX\HUZLOOLQJWRFORVHDVVRRQDV
SRVVLEOHLWVWLOOPDGHWKLVWUDQVDFWLRQDGHDOZRUWKSXUVXLQJ

7KHVWUXFWXUHZDVIDLUO\VLPSOHZHGLGDQDVVLJQPHQWRI
FRQWUDFWWRRXUEDFNHQGEX\HU:HDVVLJQHGRXURULJLQDO
FRQWUDFWZLWKWKHVHOOHUWRRXUEDFNHQGZKROHVDOHEX\HUIRUD
IHH:HQHYHUWRRNRZQHUVKLSRIWKHSURSHUW\DQGWKHUHIRUHMXVW
DFWHGDVDQLQWHUPHGLDU\FRQQHFWLQJWKHVHOOHUDQGEX\HU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
&21&/86,21$1''($/6800$5<
7KLVGHDOZDVDVLPSOHWUDQVDFWLRQWKDWWRRNYHU\IHZZRUN
KRXUVWRFRPSOHWHDQGFORVH7KHVHOOHUZDVPRWLYDWHGDQGHDV\
WRZRUNZLWKDQGWKHLQYHVWRUEX\HUZDVTXDOL¿HGKDGFDVK
DQGUHDG\WREX\KLVQH[WUHKDEGHDO$WWKHHQGRIWKHGD\
WKLVWUDQVDFWLRQWRRNMXVWRYHUZRUNKRXUVDQGSKRQHFDOOV
WREULQJWRFORVH2XUDVVLJQPHQWIHHZDVMXVWRYHUIRU
KRXUVZRUWKRIZRUNZKLFKLQFOXGHGWKHLQLWLDOGHSRVLW
DQGWKHDVVLJQPHQWIHHRQWKHFORVLQJVWDWHPHQW
:KROHVDOLQJLVDIXQJDPHZKHQ\RXDUHPDNLQJRYHU
SHUKRXU
%HIRUH3LFWXUH,Q³$V,V´&RQGLWLRQ

.LWFKHQ,Q'HVSHUDWH1HHG2I5HSDLU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 :KROHVDOHLQYHVWRU¶V¿QLVKHGSURMHFW

1(:+$9(16,1*/()$0,/<
'28%/(&/26(²+$5'021(<6$/(
+2:7+(/($':$6*(1(5$7('
7KHOHDGFDPHWRXVRIIRQHRIRXUEDQGLWVLJQV,PPHGLDWHO\
XSRQ¿QGLQJRXWWKHSURSHUW\DGGUHVVDQGZKDWWKHVHOOHUZDV
ORRNLQJIRUZHNQHZWKHSURSHUW\ZDVDGHDO

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
7KLVGHDOZDVRQHWKDWFDPHWRXVIURPWKHVRQRIDSRWHQWLDO
VHOOHU:KHQHYHUZHKDYHVRPHRQHFDOOXVZKRLVQRWRQWLWOH
EXWDFWLQJDVDQLQWHUPHGLDU\IRUWKHVHOOHUZHDOZD\VWU\WR
JHWDEHWWHULGHDRIWKHVLWXDWLRQEHIRUHGLVPLVVLQJWKHFDOOHU
FRPSOHWHO\,QWKLVFDVHWKHVRQZKRVHHPHGSUHWW\ROG
KLPVHOIZDVORRNLQJWRVHOODYDFDQWSURSHUW\IRUKLVSDUHQWV
7KHVHOOHUZDVLQLWLDOO\ORRNLQJIRUIRUWKHSURSHUW\
DQGZHNQHZWKDWLWZDVPRUHWKDQOLNHO\GHFHQWGHDOHYHQDW
WKDW¿JXUH7KHVHOOHUDOVRKDGLQGLFDWHGWKHSURSHUW\ZDVLQ
QHHGRIVLJQL¿FDQWUHKDELOLWDWLRQ,LPPHGLDWHO\SXOOHGVRPH
FRPSDUDEOHVDQGGLGP\LQRI¿FHHYDOXDWLRQWRFRQ¿UPDOO
RIP\LQLWLDOH[SHFWDWLRQVDQGLWZDVLQIDFWDGHDO$WP\
LQLWLDOPHHWLQJZLWKWKHVHOOHU,ZDQWHGWRVLPSO\FRQ¿UPP\
UHSDLUHVWLPDWHH[SHFWDWLRQV7KHSURSHUW\QHHGHGDFRPSOHWH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
UHKDELOLWDWLRQZLWKUHSDLUVRIDSSUR[LPDWHO\

$WWKLVSRLQW,ZDVVWLOOGHDOLQJZLWKWKHVRQDQG,ZDVFRQ¿GHQW
WKLVLVKRZWKHVHOOHUVSUHIHUUHGWRKDQGOHWKHVLWXDWLRQVR,
REOLJHG0\LQLWLDORIIHUZDVWKDW,MXVWL¿HGZDVGXHWR
WKHIDFWWKDWWKHSURSHUW\QHHGHGVRPXFKZRUNDQGWKHUHZDV
DSRVVLELOLW\RIVRPHVWUXFWXUDOLVVXHV7KH\ZHUHQRWWKULOOHG
ZLWKWKHRIIHUKRZHYHUWKH\LQWHQGHGWRPRYHGRZQVRXWKDV
VRRQDVSRVVLEOHDQG,FRQYLQFHGWKHPRIP\DELOLW\WRFORVH
DQGWKDW,ZRXOGQRWDVNIRUDQ\UHSDLUVRUFRQFHVVLRQV:H
¿QDOO\VHWWOHGRQDSXUFKDVHSULFHRIDQGDVZHZHUH
VLJQLQJWKHSXUFKDVHDQGVDOHVDJUHHPHQWWKH\DJUHHGWRD
GD\FORVLQJGDWH

2YHUDOOWKHSXUFKDVHFRQWUDFWQHJRWLDWLRQDQGVLJQLQJZDVDV
VWUDLJKWIRUZDUGDVLWJHWV7KHVHOOHUZDQWHG,RIIHUHG
DQGZHVHWWOHGRQ7KHVHOOHU¶VPDLQFRQFHUQ
ZDVWKDWWKH\ZHUHGHDOLQJZLWKDOHJLWLPDWHEX\HU,KDQGOHG
WKDWREMHFWLRQDQGWKH\DJUHHGWRVHOOWRPHZLWKDGD\
FORVH

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
:KHQZHZHUHLQLQLWLDOFRQWUDFWQHJRWLDWLRQVZLWKWKHVHOOHUZH
KDGDOOLQWHQWLRQVRISXUFKDVLQJUHKDEELQJDQGUHWDLOVHOOLQJWKH
SURSHUW\$FRXSOHGD\VDIWHUSXUFKDVLQJWKHSURSHUW\ZHKDG
JRWWHQDQRWKHUSURSHUW\XQGHUFRQWUDFWWKDWZDVYHU\VLPLODU
WRWKLVRQHDODUJHVLQJOHIDPLO\UHKDELQDORZLQFRPHDUHD
2XUFRQWUDFWRUZKRZHKDYHWUDGLWLRQDOO\XVHGRQWKHVHW\SHV
RISURMHFWVFRXOGRQO\KDQGOHRQHRIWKHVHSURMHFWV%HFDXVH
ZHZHUHDEOHWRQHJRWLDWHWKHVHOOHUVRORZZHZHUHDEOHWR
EXLOGVRPHHTXLW\LQWKHGHDO7KHVXEMHFWSURSHUW\KDGDQDIWHU
UHSDLUYDOXHRIDQGZLWKLQUHSDLUV
WKHUHZDVDWRQRISUR¿WVLWWLQJLQWKLVGHDO7KHRWKHUGHDO
WKDWZHZHUHDOVRFRQWHPSODWLQJZDVQRWDVIDWDQGZRXOGEHD
WRXJKZKROHVDOHEXWZDVDJUHDWUHKDESURMHFWIRUXV

:HGHFLGHGZHZRXOGZKROHVDOHWKHGHDOIRUDVWKHUH
ZRXOGVWLOOEHDWRQRISUR¿WIRUDQ\UHKDEEHUZKRZDQWHGWR
WDNHRQWKHSURMHFW

+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
$VLQGLFDWHGLQRXUZKROHVDOHPDUNHWLQJFKDSWHUZHDOZD\V
VWDUWZLWKRXUµ3ULPDU\¶%HFDXVHWKHGHDOZDVVRIDWDQG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WKHUHZDVSOHQW\RIURRPIRUDQ\LQYHVWRUZHNQHZDQ\RQH
RQRXUOLVWZRXOGSRXQFHRQWKLVGHDO,QIDFW,GRQ¶WWKLQNZH
JRWIXUWKHUGRZQWKDQQXPEHUWZRRQRXUOLVWEHIRUHLWPRYHG
$VDVLGHQRWHZKHQFDOOLQJ\RXUSULPDU\¿YHLI\RXKDYH
DSDUWQHURUSHRSOHLQ\RXURI¿FHZKRKDYHSUHHVWDEOLVKHG
UHODWLRQVKLSVZLWKDQ\RQHRI\RXUSULPDU\¿YHLQYHVWRUVKDYH
WKDWSHUVRQPDNHWKHZKROHVDOHFDOORUDWDPLQLPXPSURYLGH
DQLQWURGXFWLRQIRU\RX<RXZLOO¿QGWKHLQYHVWRUZLOOEHPXFK
PRUHUHFHSWLYHWR\RXUFDOO

7+(352&(662)6+2:,1*7+(3523(57<
2QWKLVGHDOVKRZLQJWKHSURSHUW\ZDVQRSUREOHPDVWKH
SURSHUW\ZDVYDFDQWDQGQRWVHFXUHG$VDZRUGRIFDXWLRQ
DOZD\VUHFHLYHSHUPLVVLRQIURPWKHVHOOHUWRJDLQIXUWKHU
DFFHVVWRWKHSURSHUW\<RXVKRXOGQ¶WQHHGWRJHWSHUPLVVLRQ
HYHU\WLPHMXVWDVLPSOHYHUEDOSHUPLVVLRQRQFHWRJRYLHZ
WKHSURSHUW\DQ\WLPH\RXOLNH$OVRLI\RXDUHJRLQJLQWRD
YDFDQWXQVHFXUHGSURSHUW\PDNHVXUH\RXDUHQRWDORQHDQG
XQGHUVWDQGWKHULVNV

+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
,PPHGLDWHO\DIWHUVKRZLQJWKHSURSHUW\RXULQYHVWRUVDZZKDW
DJUHDWGHDOWKHSURSHUW\ZDVDQGWRRNRXURIIHURI
$V\RXFDQLPDJLQHHYHQWKRXJKWKHEX\HUZDVJHWWLQJDJUHDW
GHDOZHZHUHPDNLQJDYHU\QLFHVSUHDGRQWKHGHDO%HFDXVH
ZHKDGGRQHEXVLQHVVZLWKWKHEX\HUEHIRUHZHZHUHQRW
FRQFHUQHGZLWKKLPNQRZLQJRXUVSUHDG2XUFRQFHUQZDVPRUH
ZLWKWKHVHOOHU$OVRWKHEX\HUZDVFORVLQJWKHGHDOZLWKKDUG
PRQH\0RVWKDUGPRQH\OHQGHUVZRQ¶WEHFRQFHUQHGZLWK\RXU
VSUHDGVRORQJDVWKHSURSHUW\MXVWL¿HVWKHORDQDQGLQWKLV
FDVHLWPRVWFHUWDLQO\GLG,QRUGHUWRNHHSWKHGHDOFOHDQZH
GHFLGHGWRVWUXFWXUHWKHGHDODVDGRXEOHFORVH7KLVFDXVHGXV
WRSD\DGGLWLRQDOFORVLQJFRVWVRQERWKWKHEX\DQGVHOOLQWKH
IRUPRIWLWOHLQVXUDQFHDWWRUQH\IHHVDQGFRQYH\DQFHWD[HV
%XWRQVXFKDVPDOOSXUFKDVHSULFHWKHVHDPRXQWVZHUHYHU\
VPDOOFRQVLGHULQJWKHULVNRIEORZLQJXSWKHGHDORUXSVHWWLQJ
WKHVHOOHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
&21&/86,21$1''($/6800$5<
7KLVGHDOLVDERXWVLPSOHDVLWJHWV,WLVDKDUGPRQH\GRXEOH
FORVHZLWKDQLQYHVWRUZHKDYHDOUHDG\GRQHEXVLQHVVZLWK
7KHPRQH\ZDVPDGHRQWKLVZKROHVDOHGHDOLQWKHLQLWLDO
QHJRWLDWLRQVZLWKWKHVHOOHU%HFDXVHZHZHUHDEOHWRQHJRWLDWH
WKHVHOOHUWRDVDOHVSULFHRIZHKDGFUHDWHGHQRXJK
RIDVSUHDGZKHUHLWZDVDZRUWKZKLOHGHDOIRUXVWRZKROHVDOH
%HFDXVHWKHUHZDVVWLOODWRQRIPRQH\WREHPDGHRQWKH
UHKDEZHSUREDEO\ZRXOGKDYHGRQHWKHZRUNLILWKDGQ¶WEHHQ
IRUWKHQHZSURMHFWZHZHUHSUHVHQWHGZLWKDQGWKH
SUR¿WZHZHUHDEOHWRPDNHRIIWKHZKROHVDOHGHDO

%HIRUH3LFWXUHRIIURQWRIKRXVH
$VLVFRQGLWLRQDQGYDFDQW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 .LWFKHQ,Q'HVSHUDWH1HHG2I5HSDLU

3RVW6DOHRIZKROHVDOHGHDO3URYLGLQJD³WXUQNH\´
VHUYLFHZHUHIHUUHGRQHRIRXUFRQWUDFWRUVWRWKH
EX\HU:HKDGDQ$GYHUWLVLQJ&RQWUDFWVLJQHGIRUWKLV
FRQWUDFWRUVYDQGLVSOD\DQGDV\RXFDQVHHZHDUHVWLOO
DEOHWRDGYHUWLVHDWDKRXVH«HYHQDIWHUWKHSURSHUW\
ZDVVROG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
1(:+$9(17:2)$0,/<&$6+385&+$6(
35(+$%²&$6+6$/(
+2:7+(/($':$6*(1(5$7('
7KHLQLWLDOVHOOHUOHDGFDPHIURPRQHRIRXUELUGGRJVZKR
KDGPHQWLRQHGWKHSURSHUW\WRXVDVDSRWHQWLDOGHDOGXHWRD
UHFHQW¿UH:HKDGSUHYLRXVO\FRPSOHWHGDFRXSOHRIODUJH¿UH
GDPDJHGUHKDEVLQWKHDUHDDQGKDGDUHSXWDWLRQRIEHLQJDEOH
WRKDQGOHWKRVHW\SHVRISURSHUWLHV

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
7KHSURSHUW\KDGVRPHVLJQL¿FDQW¿UHGDPDJHWRWKHVHFRQG
ÀRRUXQLWDQGVRPHZDWHUGDPDJHWRWKH¿UVWDQGVHFRQG
ÀRRUV:KHQZH¿UVWJRWLQFRQWDFWZLWKWKHVHOOHUZHFRXOG
QRWEHOLHYHRXUHDUV6KHZDVLQLWLDOO\ORRNLQJIRUIRUD
WZRIDPLO\LQ1HZ+DYHQ(YHQZLWK¿UHGDPDJHWKDWLVVWLOOD
GHFHQWSULFHFRQVLGHULQJWKHVWUHQJWKRIWKHPXOWLIDPLO\PDUNHW
DWWKHWLPH:HSXOOHGFRPSVDQGFRQ¿UPHGDQDIWHUUHSDLU
YDOXHRIZHGLGQ¶WUHDOO\QHHGWKHFRPSV
ZHKDGMXVWVROGWKHVDPHSURSHUW\DOO¿[HGXS¿YHGRRUVGRZQ
DPRQWKSUHYLRXVWRUHFHLYLQJWKLVOHDG

,WWXUQVRXWWKHVHOOHUGLGQ¶WKDYHDQ\SURSHUW\LQVXUDQFHDQG
MXVWZDQWHGWRJHWULGRIWKHSURSHUW\ZLWKRXWDQ\KDVVOHV:H
EHJDQQHJRWLDWLRQVZLWKWKHVHOOHUDQGRXULQLWLDORIIHUZDV
6KHLQLWLDOO\EDONHGEXWWKHQZHTXLFNO\VHWWOHGDW
MXVWRYHUWKDWDPRXQW$JDLQDVLQWKHSUHYLRXVH[DPSOHZH
ZHUHDEOHWRJHWWKHSULFHZHZDQWHGEHFDXVHZHZHUHDEOH
WRFRQYLQFHWKHVHOOHURIRXUDELOLW\WRFORVHIDVWZLWKRXWDQ\
LQFRQYHQLHQFH:KHUHWKHVHQHJRWLDWLRQVGLIIHUHGIURPWKH
SUHYLRXVH[DPSOHLVWKDWWKHVHOOHUZDVLQQRZD\VKDSHRUIRUP
JRLQJWRDOORZXVDQ\PRUHWLPHWKDQZHQHHGHGWRFORVH:H
KDGWRFORVHWKLVGHDOLQIRXUGD\V:HRUGHUHGDUXVKRQWKH
WLWOHDQGLPPHGLDWHO\XSRQUHFHLYLQJDFOHDUWLWOHZHFORVHG

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
$VZLWKDQ\RIRXUPDMRUUHKDEVWKH¿UVWVWHSLQWKHSURFHVV
ZDVWRJXWDQGFOHDQRXWWKHSURSHUW\VRRXUVNLOOHGFRQWUDFWRUV
FDQFRPHLQEHKLQGDQGGRWKHLUMRE)RUFOHDQRXWDQGWUDVK
UHPRYDOZHXVHDJURXSRIXQVNLOOHGODERUHUVZKRZLOOSHUIRUP
DFKHDSIDVWDQGHI¿FLHQWFOHDQRXW7KHQDIWHUWKHFOHDQRXW
ZHEHJDQVRPHIUDPLQJWRUHSDLUWKHEXUQGDPDJHRQWKH
VHFRQGÀRRU,WZDVDWWKLVSRLQWWKDWZHGHFLGHGZHVKRXOG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
XQORDGWKHSURSHUW\:HDOUHDG\KDGDSSUR[LPDWHO\
LQWKHSURMHFWLQDOOFDVKSXUFKDVHFORVLQJFRVWVFOHDQRXW
IUDPLQJUHSDLUWRVHFRQGÀRRUDQGWKHFDVKRXWOD\ZDVRQO\
JRLQJWRJHWZRUVH,QDGGLWLRQWRWKDWZHFDPHDFURVVDQRWKHU
GHDOWKDWZDVOHVVOLNHO\RIDZKROHVDOHDQGZDVDOVRDFDVK
LQWHQVLYHGHDO7KHRWKHUUHDVRQWKLVSURSHUW\ZDVDJUHDW
ZKROHVDOHRSSRUWXQLW\LVEHFDXVHZHDOUHDG\FORVHGRQWKH
SURSHUW\DQGWKHSURSHUW\KDGEHHQFOHDQHGXSZLWKDQHI¿FLHQW
³SUHKDE´:HDOVRKDGDQXPEHURIFORVHGFRPSVWKDWMXVWL¿HGD
YDOXHRIRYHU:LWKLQDGGLWLRQDOZRUNWREH
GRQHWRWKHSURSHUW\ZHNQHZZHFRXOGJHWa

+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
7RWKLVSRLQWZHKDGDOUHDG\FORVHGRQWKHGHDODQGWKH
SURSHUW\KDGDOUHDG\EHHQFOHDQHGRXWDQGUHIUDPHG:HNQHZ
ZHFRXOGFRPPDQGDSUHPLXPIRUWKLVSURSHUW\DQGRXULGHDO
EX\HUZRXOGEHDUHKDEEHURUFRQWUDFWRUGRLQJGHDOVSHU
\HDU:HFDOOHGDIHZLQYHVWRUVZHKDGRQRXUOLVWVWLOODOOWKH
ZKLOHNQRZLQJRXUEX\HUZDVJRLQJWRFRPHIURPDGLIIHUHQW
VRXUFH:HKDGIXOODFFHVVWRWKHSURSHUW\DQGZHUHLQQRUHDO
UXVKWRFORVHWRPRUURZ7KHEHVWSODFHWR¿QGRXULGHDOEX\HU
IRUWKLVSURSHUW\ZDVWKURXJKWKH0/6RU0XOWLSOH/LVWLQJ
6HUYLFH

6LQFHZHRZQHGWKLVSURSHUW\DQGKDGIXOODFFHVVWRVKRZLW
DWRXUOHLVXUHZHWRRNDGYDQWDJHRIWKDWIDFWDQGOLVWHGWKH
SURSHUW\LQWKH0/6,I\RXDUHDUHDOHVWDWHDJHQWRUEURNHU
\RXUVHOI\RXFDQRIIHURUWRWKHEX\HU¶VEURNHUDQG
LWZLOOEHZHOOZRUWKLWLI\RXGR7KHUHDUHDWRQRIDJHQWV
RXWWKHUHZKRZRUNZLWKLQYHVWRUVWU\LQJWR¿QGWKHPGHDOV
RQWKH0/67KHVHDJHQWVW\SLFDOO\KDYHUHODWLRQVKLSVZLWK
WKHLQYHVWRUV7KHLQYHVWRUSXUFKDVHVWKHSURSHUW\WKURXJKD
UHDOWRUDQGWKHQZLOOXVHWKHVDPHUHDOWRUWRVHOOWKHSURSHUW\
DWWKHUHWDLOOHYHO7KHVHEX\HUVDUHW\SLFDOO\DFFXVWRPHGWR
SD\LQJPRUHIRUSURSHUWLHVWKDQ\RXDQG,ZRXOGEHFRPIRUWDEOH
SD\LQJ

7+(352&(662)6+2:,1*7+(3523(57<
7KH¿UVWWKLQJZHGLGXSRQFORVLQJRQWKHSURSHUW\ZDVWR
VHFXUHWKHEXLOGLQJDQGKDQJDORFNER[RQWKHIURQWGRRU
%HFDXVHZKROHVDOHGHDOVDUHPRUHRIDQXPEHUVJDPHZLWK
LQYHVWRUV\RXFDQW\SLFDOO\SUHTXDOLI\SRWHQWLDOEX\HUV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
PXFKPRUHUHDGLO\WKHQDUHWDLOEX\HU7KLVSURSHUW\ZDVDOVR
UHODWLYHO\FORVHWRRXURI¿FHVRZHDWWHQGHGDOOVKRZLQJVZKLFK
ZDVRQO\DWRWDORIWKUHHEHIRUHWKHSURSHUW\ZDVVROG

+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
:HERXJKWWKHSURSHUW\RXWULJKWZLWKFDVKLQ¿YHGD\VEHFDXVH
LWZDVDUHTXLUHPHQWRIWKHVHOOHU$IWHUUHFHLYLQJFOHDUWLWOHWR
WKHSURSHUW\ZHNQHZZHKDGDJUHDWGHDOQRPDWWHUZKLFK
H[LWVWUDWHJ\ZHFKRVH:HFORVHGRQWKHSURSHUW\LQFDVKDQG
DZHHNRUVRODWHUUHFHLYHGDFDVKRIIHUIURPDEX\HURIIWKH
0/67RWHOO\RXWKHWUXWKZHZRXOGKDYHDFFHSWHGDQ\QRQ
WUDGLWLRQDO¿QDQFLQJRIIHUDVORQJDVWKHSULFHZDVDFFHSWDEOH

&21&/86,21$1''($/6800$5<
7KLVGHDOZDVPDGHLQWKHSXUFKDVH:HNQHZJRLQJLQWRWKLV
GHDOWKDWQRPDWWHUZKLFKH[LWVWUDWHJ\ZHFKRVHZHZHUHLQ
JUHDWVKDSH:HSXUFKDVHGWKHSURSHUW\IRUMXVWXQGHU
PDGHLQLPSURYHPHQWVDQGVROGZLWKLQWZRZHHNV
IRU7KLVZDVDJUHDWH[DPSOHRIJHWWLQJDJUHDWGHDO
EHFDXVHZHZHUHZLOOLQJWRREOLJHWRWKHVHOOHU¶VUHTXHVWRI
FORVLQJTXLFNO\6KHZDVQRWJRLQJWRVLJQDQ\WKLQJZLWKRXW
DFORVLQJGDWHDZHHNRXW$QRWKHULPSRUWDQWIDFWRULQWKLV
GHDOZDVWKHFOHDQRXWDQGIUDPLQJZHGLGWRWKHSURSHUW\
:LWKLQFOHDQRXWDQGLPSURYHPHQWVZHDGGHGDW
OHDVWWRWKH¿QDOVDOHVSULFHUHWXUQHGIRUD
LQYHVWPHQWLQWZRZHHNVZDVQRWDEDGUHWXUQRQRXU
LQYHVWPHQW

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 )URQW2I+RXVH

5HDU3RUFK)LUH'DPDJH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
QG)ORRU%HIRUH3UHKDE*XW$QG$IWHU3UHKDE*XW
0XFK(DVLHU7R6KRZ%X\HUV7KURXJK

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
%DVHPHQW%HIRUH3UHKDE*XW$QG$IWHU3UHKDE*XW
1HZ&OHDQ2XW(QFRXUDJHV6DOH

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
3257/$1'6,1*/()$0,/<
6+2576$/(75867²'28%/(&/26(²
75$',7,21$/),1$1&,1*
+2:7+(/($':$6*(1(5$7('
7KHOHDGZDVJHQHUDWHGIURPD*RRJOHFRPVHDUFK$IWHU
VSHDNLQJZLWKWKHVHOOHUDOLWWOHPRUHLQGHSWKDERXWKRZVKH
IRXQGXVVKHLQGLFDWHGVKHZDVVLPSO\ORRNLQJIRUSODFHV
WRUHQWDVVKHZDVJLYLQJXSRQKHUKRXVHDQGWKHSHQGLQJ
IRUHFORVXUH

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
7KHSXUFKDVHQHJRWLDWLRQZDVVLPSOHDQGVWUDLJKWIRUZDUG7KH
VHOOHUFDOOHGPHWZRZHHNVEHIRUHKHUVFKHGXOHGIRUHFORVXUH
ODZGDWH,Q&RQQHFWLFXWWKHUHDUHWZRW\SHVRIIRUHFORVXUH
VWULFWIRUHFORVXUHDQGMXGLFLDOIRUHFORVXUH-XGLFLDOLVFRPPRQWR
PRVWVWDWHV7KHEDQN¿OHVDQRWLFHRIGHIDXOWRUDSHWLWLRQWR
IRUHFORVHDQGWKHQKROGVDQDXFWLRQVRPHWLPHWKHUHDIWHU7KH
OHQJWKRIWLPHYDULHVIURPVWDWHWRVWDWH,Q&RQQHFWLFXWLIWKH
SURSHUW\LVGHWHUPLQHGWRKDYHQRHTXLW\WKHEDQNFDQ¿OHIRUD
VWULFWIRUHFORVXUH8QGHUDVWULFWIRUHFORVXUHLIWKHMXGJHDJUHHV
ZLWKWKHEDQNWKDWWKHUHLVQRHTXLW\LQWKHSURSHUW\WKHQWKHUH
LVDGDWHVHWDQGWLWOHZLOODXWRPDWLFDOO\WUDQVIHUWRWKHEDQNDV
RIWKHGDWHVHWIRUWKE\WKHFRXUW7KLVLVFRPPRQO\UHIHUUHG
WRDVWKHODZGDWH,QWKLVLQVWDQFHWKHKRPHRZQHUFDOOHGPH
WZRZHHNVSULRUWRWKHODZGDWHZKHQWKHEDQNZRXOGEHWDNLQJ
EDFNWKHSURSHUW\

7KHVHOOHUZDVFOHDUULJKWIURPWKHVWDUWWKDWVKHGLGQ¶WZDQW
DQ\PRQH\IURPWKHVDOHDQGXQGHUVWRRGVKHRZHGPRUH
WKDQWKHLUSURSHUW\ZDVZRUWK7KLVLVDJUHDWVWDUWLQJSRLQW
LQDQ\VKRUWVDOH7KHRWKHUSRVLWLYHIDFWRUZDVWKDWWKHEDQN
NQHZJRLQJLQWRWKLVGHDOWKDWWKH\ZHUHXSVLGHGRZQDQGWKH
SURSHUW\ZDVZRUWKOHVVWKDQZKDWZDVRZHG$IWHUDOOWKH
EDQNZDVWKHHQWLW\WKDWSHWLWLRQHGWKHFRXUWLQWKH¿UVWSODFH
IRUDVWULFWIRUHFORVXUH

7KH6HOOHURZHGDWRWDORIDSSUR[LPDWHO\ZLWKD
¿UVWPRUWJDJHDQGLQRWKHUPLVFHOODQHRXV
OLHQV7KHVHOOHUJDYHXVIUHHUHLQWRQHJRWLDWHWKHVKRUWVDOH
WRDYRLGWKHSHQGLQJIRUHFORVXUH%HFDXVHWKHODZGDWHZDVVR
FORVHWKH¿UVWWKLQJZHGLGZDVJHWLQFRQWDFWZLWKWKHEDQNWR
OHWWKHPNQRZZHZHUHLQWHUHVWHGLQSXUFKDVLQJWKHSURSHUW\

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
DQGVXEPLWWHGDQRIIHUDORQJZLWKDFRPSOHWHGVKRUWVDOH
SDFNDJH7KHEDQNZDVUHFHSWLYHWRRXULQLWLDOKDUGZRUNDQG
DJUHHGWRGHOD\WKHVDOH

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
:HNQHZIURPWKHRQVHWWKDWWKLVGHDOZDVJRLQJWREH
VWUXFWXUHGDVDZKROHVDOH7KHSURSHUW\ZDVWUXO\RYHUOHYHUDJHG
DQGWKRVHRI\RXZKRDUHIDPLOLDUZLWKVKRUWVDOHVNQRZLWLV
GLI¿FXOWWRGLVFRXQWDPRUWJDJHZKHQWKHSURSHUW\LVLQJUHDW
VKDSH7KHVXEMHFWKDGFXVWRPFDELQHWVFRQFUHWHFRXQWHUWRSV
KDUGZRRGVDQGVWDLQOHVVVWHHODSSOLDQFHV7KLVZDVGH¿QLWHO\
QRW\RXUW\SLFDOVKRUWVDOH7KHUHZDVQRSRWHQWLDOIRUDUHKDE
DVWKHSURSHUW\ZDVDOUHDG\LQJUHDWFRQGLWLRQ%HFDXVHRIWKH
GHEWDQGWKHFRPSVLQWKHDUHDZHKDGWRQHJRWLDWHDVKRUWWR
JHWDQ\WKLQJGRQH

:HLQLWLDOO\RIIHUHGVRPHZKHUHLQWKHYLFLQLW\RIDQG
NQHZEHFDXVHRIWKHIDEXORXVFRQGLWLRQRIWKHSURSHUW\WKDWLW
ZDVXQOLNHO\IRUXVWREHDEOHWRSXUFKDVHWKHSURSHUW\IRUWKDW
DPRXQW2XULQLWLDOH[SHFWDWLRQVJRLQJLQWRWKHGHDOZHUHWKDW
ZHFRXOGSXUFKDVHWKHSURSHUW\IRUDURXQGDQGWKDW
ZHFRXOGVHOOLWIRU

+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
7KLVSURSHUW\ZDVHVVHQWLDOO\DUHWDLOVDOH:HOLVWHGWKH
SURSHUW\RQWKH0/6DQGSULFHGLWWRVHOO:HPDGHLWSHUIHFWO\
FOHDUWRWKHVHOOHUZKDWZHZHUHGRLQJDQGKRZZHZHUH
VWUXFWXULQJWKHGHDO7KHSURSHUW\ZDVLQJUHDWVKDSHDQGZDV
DWWUDFWLYHWRPRVWUHWDLOEX\HUVLQ&RQQHFWLFXWSDUWLFXODUO\LQ
WKHSULFHUDQJHRIZKHUHZHVWDUWHGWKHOLVWLQJSULFH

7+(352&(662)6+2:,1*7+(3523(57<
7KHLURQLFWKLQJDERXWWKLVZKROHGHDOLVWKDWWKHVHOOHUWXUQHG
RXWWREHDUHDOHVWDWHDJHQWKHUVHOI6KHNQHZKRZWRFRQGXFW
RSHQKRXVHVDQGVKRZLQJVDQGVLQFHWKHSURSHUW\ZDVRYHU
DKDOIDQKRXUDZD\IURPRXURI¿FHZHDOORZHGKHUWRVKRZ
WKHSURSHUW\HYHU\WLPH%HFDXVHZHZHUHORRNLQJIRUDTXLFN
VDOHDQGGLGQ¶WNHHSLWDVHFUHW,WULHGWRVFKHGXOHPXOWLSOH
VKRZLQJVDWDWLPHWRJLYHWKHSHUFHSWLRQWKDWWKHSURSHUW\ZDV
JHWWLQJDWRQRIDWWHQWLRQDQGZRXOGQ¶WVWD\RQWKHPDUNHWORQJ
7KHIDFWLVRQO\WKUHHSDUWLHVVDZWKHSURSHUW\DQGZHUHFHLYHG
DVWURQJRIIHURQWKH¿UVWZHHNHQG

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
$VPHQWLRQHGHDUOLHUWKHGHDOZDVVWUXFWXUHGDVDVKRUWVDOH
ODQGWUXVWSXUFKDVHZLWKDGRXEOHFORVHWRDUHWDLOEX\HURQWKH
EDFNHQG7KLVLVSUREDEO\WKHPRVWFRPSOH[DQGVRSKLVWLFDWHG
VKRUWVDOHZHKDYHGRQHWRGDWH7KHPRVWGLI¿FXOWSDUWRIWKH
HQWLUHGHDOLVJHWWLQJWKHEX\HU¶VOHQGHUWRFRPSUHKHQGZKDWLV
JRLQJRQZLWKWKHWUDQVDFWLRQ7KHSXUFKDVHZDVDWUDGLWLRQDO
VKRUWVDOHSXUFKDVH2QWKHEDFNHQGRIWKHGHDOZHQHHGHG
WRH[SODLQWRWKHEDQNZK\WKHHQWLW\VHOOLQJWKHSURSHUW\WR
WKHEX\HUZDVQRWWKHFXUUHQWEX\HURQWLWOH$V\RXJHWPRUH
LQYROYHGZLWKZKROHVDOHV\RXZLOOVRRQOHDUQWKLVFDQEHD
PDMRUSUREOHPZLWKPRVWWUDGLWLRQDOOHQGHUV7RPLWLJDWHWKLV
SUREOHPZHFORVHGWKHIURQWHQGRIWKHWUDQVDFWLRQLQDODQG
WUXVWDQGVROGWKHSURSHUW\RXWRIWKHODQGWUXVWIRU³HVWDWH
SODQQLQJSXUSRVHV´,PDGHFHUWDLQWKDW,ZDVRQWKHSKRQH
ZLWKWKHOHQGHUHYHQEHIRUHZHDFFHSWHGWKHEX\HUVRIIHUWR
PDNHVXUHWKH\IXOO\XQGHUVWRRGWKHWUDQVDFWLRQ(YHQZLWKDOO
WKRVHSUHFDXWLRQDU\PHDVXUHVWDNHQWKHOHQGHUVWLOOTXHVWLRQHG
WKHGHDOXQWLOWKHGD\LWFORVHG7RVXPPDUL]HZHQHJRWLDWHG
DVKRUWVDOHZLWKWKH¿UVWPRUWJDJHFRPSDQ\DQGZHUHDEOHWR
GLVFRXQWVRPHOLHQVDWWDFKHGWRWKHSURSHUW\:HFORVHGRQWKH
SXUFKDVHLQDODQGWUXVWDQGVROGWKHSURSHUW\RXWRIWKHODQG
WUXVWWKDWVDPHGD\7RPDNHWKHGHDOFOHDQHURQWKHEDFNHQG
ZHSUREDEO\ZRXOGKDYHWULHGWRGRDQDVVLJQPHQWEHFDXVH
RXUVSUHDGZDVRQO\aDQGZRXOGKDYHKDGDQHDVLHU
WLPHJHWWLQJWKHGHDOFORVHG%HFDXVHZHZHUHGLVFRXQWLQJWKH
PRUWJDJHDQGOLHQVRQWKHIURQWHQGRIWKHGHDOWKHFUHGLWRUV
ZRXOGKDYHQHYHUDOORZHGWKHGHDOWRJRWKURXJK

&21&/86,21$1''($/6800$5<
7KLVZDVDQH[DPSOHRIKRZWRXVHDOOWKHWRROVLQ\RXUDUVHQDO
WRFUHDWHDQLFHZKROHVDOHVSUHDGDQGKHOSDKRPHRZQHU
DYRLGDSHQGLQJIRUHFORVXUH$WWKHFORVLQJWDEOHWKHVHOOHU
FRQFHGHGWRPHWKDWVKHWKRXJKWWKHUHZDVQRZD\,ZRXOG
EHDEOHWRKHOSKHUDYRLGWKHIRUHFORVXUH2XUQHWSXUFKDVH
RQWKHGHDOZDVaZLWKFORVLQJFRVWVWKHEDQN
DFFHSWHGDSXUFKDVHSULFHRIDQGRXUQHWVDOHSULFH
ZDVa7KLVFUHDWHGDVSUHDGRIaDQGDQ
H[WUHPHO\JUDWHIXOVHOOHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
7KLVSDUWLFXODUSURSHUW\ZDVLQEHDXWLIXOFRQGLWLRQ7KHZRUN
RQWKLVZKROHVDOHKDGHYHU\WKLQJGRZLWKWKHGHDOLQJZLWKWKH
¿QDQFLQJLVVXHVDQGQHJRWLDWLQJZLWKWKHEDQNV7KHSURSHUW\
LWVHOIQHHGHGQRZRUNRULPSURYHPHQWV

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
1(:+$9(17+5(()$0,/<
6+2576$/(385&+$6(²35(+$%²+$5'
021(<&5($7,9(),1$1&,1*6$/(
+2:7+(/($':$6*(1(5$7('
7KHOHDGIRUWKLVSURSHUW\ZDVJHQHUDWHGIURPDFROGFDOORII
DQRWLFHRIGHIDXOWOLVW:HKDYHRXUQRWLFHRIGHIDXOWOLVWWKDW
ZHVHQGDVHULHVRIPDLOLQJVWRDQGIROORZXSZLWKVRPHFROG
FDOOLQJ

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
7KHVHOOHURIWKLVSURSHUW\ZDVQRWDW\SLFDOVHOOHU,QIDFWZH
GLGQ¶WPHHWKLPDWKLVSURSHUW\:HPHWKLPDWKLVSULPDU\
SODFHRIEXVLQHVVZKLFKKDSSHQHGWREHDUHODWLYHO\VXFFHVVIXO
EXVLQHVVWKDWKHRZQHG:HNQHZJRLQJLQWRWKHGHDOWKDWLW
ZDVJRLQJWRKDYHWREHDVKRUWVDOHSXUFKDVH7KHSURSHUW\
ZDVLQFRPSOHWHGLVUHSDLUDQGKDGEHHQJXWWHGDQGYDFDQWIRUD
FRXSOHRI\HDUV2QO\WKHIRXQGDWLRQDQGWKHIRXUH[WHULRUZDOOV
ZHUHRIXVHDQGHYHU\WKLQJHOVHKDGWREHUHSODFHG7KHVHOOHU
RZHGFORVHWRRQWKHSURSHUW\

7KHVHOOHU¶VQDPHZDVRQWLWOHDQGWKHORDQDQGKHZDVFRQWHQW
ZLWKOHWWLQJWKHSURSHUW\JRWRIRUHFORVXUHDVKHGLGQ¶WWKLQN
KHKDGDQ\RWKHURSWLRQV$IWHUDEULHIFRQYHUVDWLRQZLWKWKH
VHOOHUDWKLVRI¿FH,ZDVDEOHWRH[SODLQKRZ,H[HFXWHDVKRUW
VDOHDQGDOOWKHEHQH¿WVWRKLPDVWKHVHOOHU$VLVWKHFDVHZLWK
PDQ\RYHUOHYHUDJHGSURSHUW\RZQHUVKHZDQWHGWRVLPSO\
DYRLGWKHIRUHFORVXUHSURFHHGLQJDQGJHWULGRIWKHODUJHGHEW

%HFDXVHWKHSURSHUW\ZDVLQVXFKSRRUFRQGLWLRQZHLQLWLDOO\
RIIHUHGWRWKHEDQNDQGVXEPLWWHGDVKRUWVDOH
SDFNDJH

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
$IWHUZHVXFFHVVIXOO\QHJRWLDWHGWKHVKRUWVDOHWRD
SXUFKDVHSULFHZHFORVHGWKHGHDOLQZHHNVZLWKDSULYDWH
PRUWJDJH$WWKHWLPHRIFORVLQJRXULQLWLDOLQWHQWLRQVZHUH
WRUHKDEWKHSURSHUW\DQGWKHQSXWLWXSIRUVDOH$VZLWKDOO
RXUODUJHUHKDEVWKH¿UVWVWHSLQWKHSURFHVVZDVWRVHQG
RXUXQVNLOOHGODERUHUVWKURXJKWRFOHDQRXWWKHSURSHUW\LQ
SUHSDUDWLRQIRURXUVNLOOHGWUDGHVPHQWRFRPHLQEHKLQGWKHP
,WZDVDWWKLVWLPHWKDWRQHRIRXUEHWWHUFRQWUDFWRUVZKRZH
KDGXVHGXSWRWKLVSRLQWZDVEHJLQQLQJWRIDOWHU+HZDVLQ
:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WKHSURFHVVRI³¿QLVKLQJXS´RQDVLPLODUVL]HSURMHFWIRUZKDW
VHHPHGWREHDPRQWK,QWKHPHDQWLPHZHZHUHDEOHWRJHW
DURRIHUWRUHSODFHWKHURRILQDIHZGD\VDQGWKHSURMHFWZDV
UHDG\IRUDVNLOOHGFDUSHQWHUWRWDNHRYHU7KHRQO\SUREOHPZDV
RXUXVXDOJRWRJX\ZDVQ¶WUHDG\6RLQVWHDGRIZDLWLQJDURXQG
ZHGHFLGHGWRVHOOWKHSURSHUW\DVZHNQHZZHZHUHVLWWLQJRQ
DWRQRIHTXLW\7KHSURSHUW\VWLOOQHHGHGDJRRGLQ
ZRUNEXWLWKDGDQ$59EHWZHHQDQGDQG
UHPHPEHUZHSLFNHGLWXSIRU

+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
,I\RXSDLGDWWHQWLRQWRWKHFKDSWHURQPDUNHWLQJ\RXU
ZKROHVDOHGHDOVLWZLOOFRPHDVQRVXUSULVHWR\RXWKDWZH
EHJDQE\FDOOLQJRXU³SULPDU\´:HKDGVRPHLQWHUHVWIURP
WKHEXWPRVWRIWKHPZHUHWLHGXSZLWKRWKHUSURMHFWVDQG
ZHUHQRWLQDSRVLWLRQWRWDNHRQDQDGGLWLRQDOSURMHFWRIWKLV
VL]H7KHQH[WGD\ZHVHQWRXWWKHHPDLOWHPSODWHWRRXUOLVW
DQGDWWKHVDPHWLPHOLVWHGWKHSURSHUW\IRUVDOHRQWKH0/6
:HRIIHUHGWKHSURSHUW\IRUVDOHDWDQGUHFHLYHGDWRQ
RILQWHUHVW

7+(352&(662)6+2:,1*7+(3523(57<
,QWKLVLQVWDQFHZHRZQHGWKHSURSHUW\DQGZHUHDEOHWRVKRZ
LWDQ\WLPHZHSOHDVHG7KLVSURSHUW\ZDVRQO\DIHZEORFNVIURP
RXURI¿FHVRZHGHFLGHGWRDWWHQGDOOVKRZLQJV:KHWKHURUQRW
\RXFKRVHWRDWWHQGDOOVKRZLQJVGHSHQGVRQKRZ\RXURI¿FHLV
VWUXFWXUHG,GHDOO\\RXZLOOKDYHVRPHHDJHUZHOOWUDLQHGVDOHV
DVVRFLDWHVLQ\RXURI¿FHZKRNQRZKRZWRVHOO,IWKLVLVWKH
FDVH\RXVKRXOGVHQGWKHPRXWWRDOOSRVVLEOHVKRZLQJV,ILWLV
MXVW\RXDQGSHUKDSVDSDUWQHUVRPHWLPHVLWLVPRUHHI¿FLHQW
WRSXWDORFNER[RQDSURSHUW\RQFHDQGJREDFNRQO\DVHFRQG
WLPHWRWDNHLWRIIRQFHWKHSURSHUW\LVVROG7RVDYHWLPHDQG
PRQH\DOZD\VWU\WRSUHVFUHHQWKHEX\HUDQGJLYHKLPRUKHU
DVPXFKLQIRUPDWLRQDERXWWKHSURSHUW\DVSRVVLEOH$V\RX
EHFRPHDPRUHVHDVRQHGLQYHVWRU\RXZLOOEHDEOHWRSUHGLFW
ZLWKJUHDWDFFXUDF\WKHSUREDELOLW\RIDSRWHQWLDOEX\HUSODFLQJ
DVROLGRIIHUDIWHUDEULHIWHOHSKRQHFRQYHUVDWLRQ

+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
:HZHUHFRQVWUDLQHGE\KRZZHFRXOGSXUFKDVHWKHSURSHUW\
EHFDXVHWKHXQGHUO\LQJGHEWZDVVRKLJK$VKRUWVDOHZDVRXU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
RQO\RSWLRQ2XULQLWLDOLQWHQWLRQVZHUHWRUHKDEWKHSURSHUW\
EXWGXHWRDIDOWHULQJFRQWUDFWRUFRPELQHGZLWKWKHIDFWWKDW
ZHZHUHZRUNLQJDQXPEHURIRWKHUGHDOVDWWKHWLPHZH
GHFLGHGWRZKROHVDOHWKHGHDOGXHWRWKHDEXQGDQFHRIHTXLW\
7KHRIIHUWKDWZHDFFHSWHGZDVIRURXUIXOODVNLQJSULFHDQGKDG
DWZRZHHNFORVH¿QDQFHGE\KDUGPRQH\:HNQHZWKHOHQGHU
IXQGLQJWKHGHDODQGGLGQ¶WWKLQNWKH\ZRXOGKDYHDQ\LVVXHV
EXWER\ZHZHUHZURQJ

7KHOHQGHUHYHQWKRXJKWKH\ZHUHOHQGLQJKDUGPRQH\DW
DQGSRLQWVKDGDQLVVXHZLWKKRZPXFKZHSXUFKDVHGWKH
SURSHUW\IRUDQGGLGQ¶WZDQWWRIXQGWKHGHDOWRWKHQRUPDO
DPRXQWWKH\XVXDOO\GR7KHOHQGHUZDVRQO\ZLOOLQJWRIXQG
RIWKHSXUFKDVHDQGZRXOGQRWDOORZDQ\VHFRQGDU\
PRUWJDJHVRQWKHSURSHUW\DVDWHUPRIWKHLUQRWH7KHEX\HU
ZDVQRWJRLQJWREULQJWRWKHWDEOHDQGKHKDGRYHU
LQUHKDEPRQH\KHKDGWRUDLVHDVZHOO:HNQHZWKH
EX\HUDQGNQHZKHKDGRWKHUSURSHUWLHVWKDWZHUHDOUHDG\
UHKDEEHGDQGXSIRUVDOH:HJRWFUHDWLYHDQGH[WHQGHG
WKHEX\HULQWKHIRUPRIDWZRVHSDUDWHPRUWJDJHV
DWWDFKHGWRWZRSURSHUWLHVWKDWZHUHDOUHDG\RQWKHPDUNHW

&21&/86,21$1''($/6800$5<
$WWKHHQGRIWKHGD\ZHUHDOL]HGDQHWSUR¿WRIDOPRVW
:HJRWXSIURQWZKHQZHVROGWKHSURSHUW\
DQGZHUHFHLYHGWKHUHPDLQLQJRYHUWKHQH[WPRQWK
DQGDKDOIDIWHUWKHSURSHUWLHVZHDWWDFKHGWKHQRWHVWRZHUH
VROG:HZHUHDEOHWRVKRUWVDOHDQXJO\WKUHHIDPLO\WKDW
QHHGHGDWRQRIZRUNFOHDQHGLWRXWDQGUHSODFHGWKHURRIDQG
ZLWKLQWRWKHSURSHUW\SXUFKDVHLQ
UHSDLUVDQGZHVROGLWLQDPDWWHURIGD\VIRU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 )URQW2I+RXVH%HIRUH3UHKDE

)ULHQGO\*XDUG'RJ:DWFKLQJ2YHU7KH3URSHUW\

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
1(:+$9(17:2)$0,/<
35,9$7(021(<385&+$6(²&5($7,9(/<
),1$1&('6$/(
+2:7+(/($':$6*(1(5$7('
7KLVOHDGFDPHRIIRXUDGYHUWLVHPHQWLQWKHORFDOQHZVSDSHU
7KHQHZVSDSHUGRHVQ¶WJHQHUDWHWKHPRVWOHDGVIRUXVEXWDV
\RXZLOOVHHLQWKLVGHDOLWKDVRFFDVLRQDOO\EHHQZRUWKZKLOH

385&+$6(1(*27,$7,21$1'&2175$&7'(7$,/6
:KHQWKLVOHDGFDPHWRXVZHNQHZULJKWDZD\LWZDVDGHDO
7KHVHOOHUKDGRZQHGWKHSURSHUW\IRU\HDUVDQGZDVVLFNRI
DOOWKHPDLQWHQDQFH,QIDFWVKHZDVPRYLQJLQWRDQDVVLVWHG
OLYLQJIDFLOLW\,PHWZLWKWKHVHOOHULQLWLDOO\DQGVKHZDQWHG
IRUWKHSURSHUW\7KLVSURSHUW\ZDVLQRXUEDFN\DUG
:HNQHZWKDWDVORQJDVLWZDVOLYDEOHDQGGLGQ¶WQHHGWREH
FRPSOHWHO\JXWWHGDQGUHGRQHWKDWLWZDVDGHDO7RWHOO\RXWKH
WUXWKZKHQ,SXOOHGXSWRWKHSURSHUW\,ZDVDFWXDOO\VXUSULVHG
DWKRZZHOOLWZDVPDLQWDLQHG
$IWHUWDONLQJZLWKWKHVHOOHUDQGWU\LQJVRPHLQLWLDOQHJRWLDWLQJ
WDFWLFVVKHPDGHLWSHUIHFWO\FOHDUVKHZDVQRWWDNLQJDQ\
OHVVWKDQIRUWKHSURSHUW\5DWKHUWKDQWU\LQJWR
KDJJOHZLWKKHURYHU¿YHRUWHQWKRXVDQGDQGULVNORVLQJDOOP\
UDSSRUWDQGWKHGHDO,RIIHUHGKHUZKDWVKHZDQWHGDQGZH
VLJQHGWKHGHDOWKDWGD\

7KHVHOOHUGLGQRWZDQWWRFORVHLPPHGLDWHO\EHFDXVHKHU
GDXJKWHUOLYHGLQWKHVHFRQGÀRRUXQLWDQGQHHGHGDFRXSOH
ZHHNVEHIRUHKHUQHZDSDUWPHQWZDVUHDG\WRUHQW7KHVHOOHU
DOORZHGXVDWKUHHZHHNFORVHDQGZHZRXOGKDYHFORVHGHDUOLHU
LIQHHGHGEHFDXVHLWZDVVXFKDJRRGGHDO

$IWHUWKHWLWOHFDPHEDFNZHIRXQGRXWWKHUHZDVDOHDGOLHQRQ
WKHSURSHUW\,Q1HZ+DYHQDQ\WLPHDFKLOGLVSRLVRQHGE\OHDG
SDLQWWKHKHDOWKGHSDUWPHQWSODFHVDOLHQRQWKHSURSHUW\WKDW
LQGLFDWHVZKDWQHHGVWREHUHPHGLDWHG*HQHUDOO\VSHDNLQJ
WKHSURSHUW\FDQWUDQVIHUWRDQLQYHVWRUXVLQJQRQWUDGLWLRQDO
¿QDQFLQJZLWKRXWDSUREOHP+RZHYHULWLVDOPRVWLPSRVVLEOHWR
VHOOWKHSURSHUW\WRDUHWDLOFOLHQWDQGLI\RXSODQRQGRLQJZRUN
WRWKHSURSHUW\WKHEXLOGLQJLQVSHFWRUZLOOQRWSDVVSHUPLWV
XQWLOWKHOHDGLVUHPHGLDWHG/HDGUHPHGLDWLRQLVQRWDKXJH
GHDOKRZHYHULWUHTXLUHVDOHDGDEDWHPHQWOLFHQVHGFRQWUDFWRU
ZKROLNHVWRFKDUJHPRUHWKDQWKH\GHVHUYH:HZHQWEDFN

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
WRWKHVHOOHUWRIXUWKHUQHJRWLDWHWKLVLWHPDVZHKDGQRSULRU
NQRZOHGJHRIWKLVLPSRUWDQWSLHFHRILQIRUPDWLRQ7RPDNH
WKLQJVHDV\IRUERWKSDUWLHVZHDJUHHGWRDFRQFHVVLRQ
DQGDQHWSXUFKDVHSULFHRI

:+<$1':+(1:('(&,'('72:+2/(6$/(7+('($/
)URPWKHPLQXWHZHVLJQHGWKHSXUFKDVHDJUHHPHQWZHKDG
HYHU\LQWHQWLRQRIUHKDELOLWDWLQJWKHSURSHUW\$VLQGLFDWHG
DERYHWKHSURSHUW\GLGQRWQHHGDWRQRIZRUNMXVWQHZ
NLWFKHQVEDWKVDQGDRQFHRYHU7KHPHFKDQLFDOVZHUHLQJUHDW
VKDSHDQGKDGDOOEHHQXSGDWHGZLWKLQWKHODVW¿YH\HDUV
7KHEXLOGLQJZDVRYHUVTXDUHIHHWZLWKIRXUEHGURRPV
SHUXQLWDQGLWZDVORFDWHGRQDTXLHWVWUHHWLQDZRUNLQJ
FODVVQHLJKERUKRRG7KLVZDVWKHLGHDOSURSHUW\IRUDQRZQHU
RFFXSDQWZKRZDQWHGVRPHKHOSSD\LQJWKHLUPRUWJDJHZLWK
UHQWDOLQFRPH:HKDGSLFNHGWKHSURSHUW\XSIRUDQG
WKRXJKWLWQHHGHGLQUHSDLUVDQGKDGDQDIWHU
UHSDLUYDOXHRI

$ERXWDZHHNEHIRUHZHZHUHVFKHGXOHGWRFORVH,UHFHLYHG
DFDOOIURPDZRPDQZKRZDVORRNLQJIRUDPXOWLIDPLO\UHKDE
LQ1HZ+DYHQ,WWXUQVRXWVKHZRUNHGZLWKDJHQWOHPDQZKR
KDGERXJKWDZKROHVDOHGHDOIURPXVVL[PRQWKVHDUOLHUDQG
KDGWXUQHGDQLFHSUR¿W,VSHQWDGHFHQWDPRXQWRIWLPHSUH
VFUHHQLQJKHUDQGDIWHURXUFRQYHUVDWLRQIHOWVKHKDGWKH
DELOLW\WRFORVHWKHGHDO

+2::(0$5.(7('7+('($/$1':+(5(:()281'
7+(%8<(5
7KLVGHDOZDVQ¶WHYHQPDUNHWHGWRDQ\RIRXUEX\HUV2XUEX\HU
FDPHWRXVIURPDSDVWUHODWLRQVKLS7KLVLVZKHUHEHFRPLQJDQ
HWKLFDOZKROHVDOHUFRPHVIXOOFLUFOHWREHQH¿W\RXDWWKHHQGRI
WKHGD\$VH[SHULHQFHGLQYHVWRUVPDQ\WLPHVZHKDYHHDJHU
EX\HUVZKRDUHZLOOLQJWREX\DQ\WKLQJWRJHWVWDUWHGLQWKH
JDPH7KHUHDUHSOHQW\RIFLUFXPVWDQFHVZKHUH,FRXOGKDYH
QDPHGP\SULFHDQGJRWWKHEX\HULQZD\RYHUWKHLUKHDG7KH
EX\HURQWKLVGHDOZDVUHIHUUHGWRXVE\DJHQWOHPDQZKRZDV
WKDWHDJHUEX\HUZKRZRXOGKDYHRYHUSDLGWRJHWLQWKHJDPH
:HDOZD\VWU\WRPD[LPL]HSUR¿WVEXWDUHFDUHIXOQRWWRWDNH
DGYDQWDJHRISHRSOHIRUDVKRUWWHUPJDLQDQGLQWKLVFDVHDV
ZLWKPDQ\RWKHUVLWWXUQHGRXWWREHQH¿WXVLQWKHHQG7KH
EX\HUIRUWKLVGHDOZHQWRQWREX\WKUHHRWKHUVDQGULJKWQRZ
UHPDLQVLQRXU³SULPDU\´

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
7+(352&(662)6+2:,1*7+(3523(57<
$WWKHWLPHZHVKRZHGRXUEX\HUWKURXJKWKHSURSHUW\ZH
KDGQ¶WFORVHGWKHGHDODQGQHHGHGWKHVHOOHU¶VFRRSHUDWLRQ
2XUSRWHQWLDOEX\HUDOVRZDQWHGWREULQJKHUFRQWUDFWRUDQG
SDUWQHURQWKHGHDO,VHWXSDWLPHIRUHYHU\RQHWRYLHZWKH
SURSHUW\DQGWROGWKHVHOOHUWKDWDFRQWUDFWRUDQGDSDUWQHURI
PLQHQHHGHGWRVHHWKHSURSHUW\DQGZHZRXOGQ¶WEHPRUHWKDQ
PLQXWHV,QVLWXDWLRQVZKHUHWKHVHOOHULVSUHVHQWIRUD
ZKROHVDOHVKRZLQJ,PDNHFHUWDLQWKDWWKHEX\HUXQGHUVWDQGV
WKHVLWXDWLRQDQGWKH\DUHRQO\WRWDONDERXWWKHSURSHUW\LWVHOI
DQGQRWWRWKHVHOOHUGLUHFWO\,IWKH\KDYHDQ\TXHVWLRQVWKH\
FDQGLUHFWWKHPWRPHEXW,SUHIHUWRZDLWXQWLOZHDUH¿QLVKHG
ZDONLQJWKURXJKDQGDUHRXWVLGHRUEDFNDWWKHRI¿FH

+2:7+('($/:$66758&785('$1'2855($6216)25
'2,1*62
:HSXUFKDVHGWKHSURSHUW\XVLQJDSULYDWHPRUWJDJHDW
DQGQRSRLQWV:HRYHU¿QDQFHGWKHSURSHUW\DQGERUURZHG
aSXOOLQJDOPRVWRXWZKHQZHSXUFKDVHG
WKHSURSHUW\2XUEX\HUZDVDOVRSODQQLQJRQXVLQJDSULYDWH
PRUWJDJHEXWVKHZDVSODQQLQJRQSD\LQJDQG¿YHSRLQWV
RQDQRWH:HDOUHDG\KDGWKHSURSHUW\OHYHUDJHG
IRUPRUHWKDQVKHZDVJRLQJWRERUURZDQGDWDPXFKEHWWHU
UDWHVR,DSSURDFKHGRXUEX\HUZLWKDSURSRVLWLRQWRH[WHQG
¿QDQFLQJWRKHUIRUDQGIRXUSRLQWVZLWKDQRWH
7KLVPHDQVVKHFRXOGERUURZPRUHDWDVOLJKWO\ORZHULQWHUHVW
UDWH6RDWFORVLQJZHSDLGWKHRULJLQDOQRWHRIIDQGUHLVVXHG
WKHWRWKHQHZEX\HUDWDQGIRXUSRLQWV7KH
SULYDWHOHQGHUVWLOOUHFHLYHGWKHLULQWHUHVWDQGZHWRRNWKH
IRXUSRLQWVDQGVSUHDGRYHUWKHOLIHRIWKHORDQ

$WWKHHQGRIWKHGD\ZHSXUFKDVHGWKHSURSHUW\IRU
DQGVROGLWIRUWZRZHHNVODWHU2QWRSRIRXU
VSUHDGZHUHFHLYHGDQDGGLWLRQDOSRLQWVDQGLQWHUHVW
IRUVHHLQJDQRSSRUWXQLW\WRJHQHUDWHDGGLWLRQDOUHYHQXH

&21&/86,21$1''($/6800$5<
7KLVWUXO\ZDVDJUHDWGHDOIRUDOOWKRVHLQYROYHG:HKDGDQHW
SUR¿WRIFORVHWRRQDTXLFNHDV\GHDO2XUZKROHVDOH
EX\HUERXJKWWKHSURSHUW\IRUSXWLQ
UHSDLUVVSHQW¿QDQFLQJWKHGHDODQGVROGLWWKUHH
PRQWKVODWHUIRU6KHPDGHDQLFHTXLFNSUR¿WRQKHU
¿UVWGHDODQGZHFRQWLQXHWRGRDWRQRIEXVLQHVVWRJHWKHU

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
)URQW2I+RXVH:DLWLQJ)RU,WV1H[W:KROHVDOH%X\HU

%DFN2I7KH+RXVH)ULHQGO\*XDUG'RJ«:DLWLQJ)RU,WV
1H[W9LFWLP

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF
 7KH(QG

)RUWXQH%XLOGHUV,QF
&DVV6W6XLWH
6DQ'LHJR&$
3KRQH

&RS\ULJKW)RUWXQH%XLOGHUV,QF

:RXOG\RXOLNHWREHFRDFKHGE\PHDQGP\WHDP" 
/HDUQKRZ\RXFDQTXDOLI\E\JRLQJWR
ZZZ)%0DVWHU\&RDFKLQJFRP
RUFDOOP\RI¿FH
&RS\ULJKW)RUWXQH%XLOGHUV,QF