)LYH&65IRFXVDUHDV
:HKDYHGH¿QHG¿YH&65IRFXVDUHDV±WKH³SLOODUV´±
WKDWDUHLPSRUWDQWWRRXUEXVLQHVV2XU&XVWRPHUV2XU
6XSSOLHUV2XU3ODQHW2XU3HRSOHDQG2XU1HLJKERXUV
7KH\SURYLGHDQRYHUYLHZDQGJXLGHXVLQVHWWLQJREMHFWLYHV
DQGIRFXVRXUUHVRXUFHV
&65REMHFWLYHVDQG*5,
7RPDLQWDLQPRPHQWXPDQGGULYHLPSURYHPHQWZHGH¿QH
REMHFWLYHVZLWKLQHDFKRIWKH¿YHIRFXVDUHDV$FKLHYHPHQWV
DQGIXWXUHREMHFWLYHVDUHSXEOLFO\DYDLODEOHLQRXU6XVWDLQ
DELOLW\5HSRUW)XUWKHUEDVHGRQWKH*OREDO5HSRUWLQJ
,QLWLDWLYH*5,*JXLGHOLQHVZHJOREDOO\PRQLWRULQGLFDWRUV
RILPSRUWDQFHWRRXUVWDNHKROGHUVDQGRXUVHOYHV7RLGHQWLI\
LQGLFDWRUVRILPSRUWDQFHZHXVHWKHPDWHULDOLW\DQDO\VLV
PHWKRGRORJ\RXWOLQHGLQ*
*OREDO&65WHDP
7KHHQJLQHEHKLQGDOORIRXU&65DFWLYLWLHVLVRXUGHFHQWUDO
LHGJOREDO&65WHDPHVWDEOLVKHGLQ,WFRQVLVWVRI
ORFDO&65WHDPVSRVVHVVLQJFRPSHWHQFLHVFRYHULQJRXU
&65VFRSH7KH*OREDO&650DQDJHUUHSRUWVWRWKH&02
&KLHI0DUNHWLQJ2I¿FHUZKRLVDPHPEHURI$$.¶V(HFX
WLYH&RPPLWWHH
6KDULQJDQGSDUWQHUVKLSV
6KDULQJRXUNQRZOHGJHREMHFWLYHVDQGDFKLHYHPHQWVZLWK
RXUVWDNHKROGHUVLVDIXQGDPHQWDOSDUWRIRXUDSSURDFK,Q
RXUDQQXDO6XVWDLQDELOLW\5HSRUWZHVKDUHJOREDOLQIRUPDWLRQ
EDVHGRQWKH*5,IUDPHZRUNVXSSRUWHGE\DYDULHW\RIORFDO
SURMHFWVDQGLQLWLDWLYHVLOOXVWUDWLQJKRZRXU&65ZRUNFRPHV
DOLYH)XUWKHUZHUHJXODUO\UHSRUWSURJUHVVRQWKHLPSOH
PHQWDWLRQRIRXUSDOPRLOSROLF\LQ$$.¶V3URJUHVV5HSRUW
RQ6XVWDLQDEOH3DOP2LO5HSRUWVDQGSROLFLHVDUHSXEOLFO\
DYDLODEOHDW$$.¶VZHEVLWH
7KH81*OREDO&RPSDFWHQFRXUDJHVFRPSDQLHVWR
HQJDJHLQSDUWQHUVKLSVWRWDFNOHJOREDOFKDOOHQJHVPRUH
HIIHFWLYHO\$$.HPEUDFHVWKHYLHZWKDWLQSDUWQHUVKLSV
\RXFRPELQHFRPSHWHQFLHVDQGDUHOLNHO\WRDFFRPSOLVK
PRUHWKDQ\RXFRXOGGRRQ\RXURZQ3DUWQHULQJZLWKRWKHU
EXVLQHVVHV1*2VDQGJRYHUQPHQWDODJHQFLHVDUHZD\V
WRDFFRPSOLVKPRUH7RQDPHDIHZHDPSOHV$$.LV
SDUWLFLSDWLQJLQRUSDUWQHULQJZLWK56325RXQGWDEOHRQ
6XVWDLQDEOH3DOP2LO*6$*OREDO6KHD$OOLDQFHDQG
3URIRUHVW
0RQLWRULQJDQGGLDORJXH
2XU&65V\VWHPLVQRWVWDWLFDGMXVWLQJLQVWHDGWRLQSXW
IURPVWDNHKROGHUVVXFKDVFXVWRPHUVLQYHVWRUV1*2VDQG
HPSOR\HHV:HPRQLWRUQHZDQGXSFRPLQJOHJLVODWLRQIROORZ
WUHQGVLQRXUFRPPXQLWLHVDQGEHQFKPDUNRXU&65SUDF
WLFHVDJDLQVWWKRVHRIUHWDLOHUVFXVWRPHUVDQGFRPSHWLWRUV
$$.VXVWDLQDEOHJURZWK
2XURYHUDOOREMHFWLYHLVWRJURZ$$.VXVWDLQDEO\DQG
SURJUHVVZLWKLQVXVWDLQDELOLW\DVDZKROH
:DWFKWKHVKRUWDQLPDWHGPRYLHWKDWHSODLQVRXU
+RXVHRI6XVWDLQDELOLW\RQWKHIROORZLQJOLQN
KWWSVSOD\HUYLPHRFRPYLGHR