internet share

7/30/2019 internet share

1/6

1R+DUPE\/LHO/HLERYLW]7DEOHW0DJD]LQH-HZLVK1HZVDQG3ROLWLFV-HZLVK$UWVDQG&XOWXUH-HZLVK/LIHDQG5HOLJLRQ

ZZZWDEOHWPDJFRPMHZLVKOLIHDQGUHOLJLRQQRKDUP

+RPH 1H[WERRN,QF 1H[WERRN3UHVV -HZF\ )ROORZXV

(QWHU\RXUHPDLODGGUHVV

;^LL[;^LL[ /LNH

$DURQ6ZDUW]'HFHPEHU)UHG%HQHQVRQ:LNLSHGLD

2%6(59$1&(

1R+DUP7KHJRYHUQPHQWVKRXOGIROORZ0RVHVH[DPSOHDQGGURSLWVSURVHFXWLRQRIKDFNHU$DURQ6ZDUW]ZKRGRZQORDGHGPLOOLRQVRIDFDGHPLFDUWLFOHVEXWEURNH

QRGLVFHUQLEOHODZ

%\/LHO/HLERYLW] _ -XO\$0 _ FRPPHQWV

,WPD\YHU\ZHOOEHWKDWZKHQWKH

KLVWRU\RIPRGHUQLW\LV

FRQFOXVLYHO\FRPPLWWHGWRSDSHU

WKHWKUHHPRVWPHDQLQJIXOZRUGV

LQWKH(QJOLVKODQJXDJHZLOOWXUQ

RXWWRKDYHEHHQQRWLWLV

EHQLJQRUHYHQ,ORYH\RXEXW

UDWKHUWHUPVRIVHUYLFH

-XVWDVN$DURQ6ZDUW]1RZWKH,QWHUQHWHQWUHSUHQHXUDQG

DFWLYLVWKDVDOUHDG\OLYHGDOLIH

WKDWZRXOGPDNHHYHQWKHPRVW

LQGXVWULRXVDPRQJXVVORXFK

ZLWKVKDPH$WKHKHOSHG

GHYHORSWKHQRZXELTXLWRXV566IRUPDWZKLFKDOORZVFRQWHQWSXEOLVKHUVWRVWUHDPOLQHDQG

V\QGLFDWHWKHLURIIHULQJV+HWR\HGZLWKKLJKHUHGXFDWLRQIRUDZKLOHEXW6WDQIRUGZDVQR

PDWFKIRUWKHWKULOORIVWDUWLQJDFRPSDQ\6ZDUW]FDOOHGKLV,QIRJDPLDVRFLDOQHZVVHUYLFH

WKDWPHUJHGZLWKDVLPLODUVHUYLFH5HGGLWDQGZDVHYHQWXDOO\ERXJKWE\&RQGp1DVW

5DWKHUWKDQGHYRWHKLVQHZIRXQGIDPHDQGIRUWXQHWRWKHSXUVXLWRIVKLQ\REMHFWVDVPDQ\

&DOLIRUQLDZKL]NLGVGRRQFHWKH\YHIRXQGDZD\WRWXUQFRGHLQWRFDVK6ZDUW]KHDGHGWR

+DUYDUGZKHUHKHZDVDIHOORZDWWKHXQLYHUVLW\VSUHVWLJLRXV&HQWHUIRU(WKLFV0RVWRIKLVZRUNIRFXVHGRQIUHHGRPRILQIRUPDWLRQZKLFKLVQRWDVSHDFHDEOHDVLWPD\VRXQG$IWHU

6ZDUW]XVHGD&KLFDJROLEUDU\FRPSXWHUWHUPLQDOWRGRZQORDGPLOOLRQVRIIHGHUDOFRXUW

UHFRUGVGRFXPHQWVWKDWZHUHIUHHWRWKHSXEOLFRQWKHOLEUDU\VWHUPLQDOEXWHOVHZKHUHFRVW

FHQWVDSDJHWKHIHGHUDOJRYHUQPHQWEHJDQNHHSLQJDFORVHZDWFKRQKLPFODLPLQJWKDWKH

KDGLOOHJDOO\H[ILOWUDWHGGRFXPHQWV1RWKLQJHYHUFDPHRIWKHLQYHVWLJDWLRQ6ZDUW]LWZDV

FOHDUKDGGRQHQRWKLQJZURQJ+HGRQDWHGWKHGRFXPHQWVWR SXEOLFUHVRXUFHVRUJDQRSHQ

JRYHUQPHQWLQLWLDWLYHGHGLFDWHGWRPDNLQJSXEOLFUHFRUGVIUHHO\DYDLODEOHWRZHOOWKHSXEOLF

7KLVZHHN6ZDUW]ZDVDUUHVWHGRQVLPLODUFKDUJHVWKHVHLQYROYLQJ-6725WKHRQOLQHDUFKLYH

RIDFDGHPLFMRXUQDOVWKDWFKDUJHVXQLYHUVLWLHVSUHPLXPVXEVFULSWLRQIHHVIRUDOORZLQJ

VWXGHQWVDFFHVVWRDYDVWDUUD\RIVFKRODUO\DUWLFOHV6ZDUW]DFFRUGLQJWRWKH LQGLFWPHQWXVHG

DQ0,7JXHVWDFFRXQWDQGDSLHFHRIVRIWZDUHWKDWDOORZHGKLPWRGRZQORDGPLOOLRQ

DUWLFOHVDQGRWKHUGRFXPHQWV

6RZKDWGLG$DURQ6ZDUW]GRZURQJ",I\RXDVNWKHIHGHUDOJRYHUQPHQWDORWLQFOXGLQJZLUH

IUDXGFRPSXWHUIUDXGXQODZIXOO\REWDLQLQJLQIRUPDWLRQIURPDSURWHFWHGFRPSXWHU

UHFNOHVVO\GDPDJLQJDSURWHFWHGFRPSXWHUDLGLQJDQGDEHWWLQJDQGFULPLQDOIRUIHLWXUHD

ERXTXHWRIDOOHJDWLRQVWKDWFRXOGODQG6ZDUW]LQSULVRQIRU\HDUVDQGFRVWKLPXSWR

RI

RI

521'(50(5 ,65$(/,(/(&7,216 7+(%,//


2/6



PLOOLRQLQILQHV&DUPHQ2UWL]WKH8QLWHG6WDWHV$WWRUQH\IRU0DVVDFKXVHWWVZKRLV

SURVHFXWLQJ6ZDUW]DQGLVDQDYLGDILFLRQDGRRIDOOLWHUDWLRQVDLGLQDVWDWHPHQWWKDWVWHDOLQJ

LVVWHDOLQJZKHWKHU\RXXVHDFRPSXWHUFRPPDQGRUDFURZEDUDQGZKHWKHU\RXWDNH

GRFXPHQWVGDWDRUGROODUV,WLVHTXDOO\KDUPIXOWRWKHYLFWLPZKHWKHU\RXVHOOZKDW\RXKDYH

VWROHQRUJLYHLWDZD\

7KHYLFWLP-6725ZDVIDUPLOGHU,QDVWDWHPHQWWKHRUJDQL]DWLRQVDLGWKDW6ZDUW]KDG

VWRSSHGKLVGRZQORDGLQJDQGUHWXUQHGDOOWKHGRFXPHQWVKHKDGGRZQORDGHGDQGWKDW

RQFHWKLVZDVDFKLHYHGZHKDGQRLQWHUHVWLQWKLVEHFRPLQJDQRQJRLQJOHJDOPDWWHU

$QRQJRLQJOHJDOPDWWHUKRZHYHULWYHU\PXFKLV$QGOLNHRWKHUFDVHVRIWKHVDPHQDWXUHWKLVRQHLVOLNHO\WRGLHZLWKDZKLPSHU$VLVRIWHQWKHFDVHZKHQWKHJRYHUQPHQWWULHVWR

HQIRUFHLWVRUGHURQWKHHYHUVKLIWLQJWHUUDLQRIRXUGLJLWDOZLOGHUQHVVWKHUHDOLW\LVIDUPRUH

FRPSOH[WKDQLWVIHGHUDOYHUVLRQ,QDSSO\LQJGLJLWDOQLQMLWVXWRGRZQORDGDPDVVRIDUWLFOHV

6ZDUW]YLRODWHG-6725VWHUPVRIVHUYLFHDVZHOODVWKRVHLPSRVHGE\0,7%XWWKHDUWLFOHV

WKHPVHOYHVZHUHDFFHVVHGOHJDOO\DQ\0,7JXHVWXVHUFDQVLPSO\ORJLQDQGUHDGDVPDQ\DV

KHZDQWVDOO$DURQ6ZDUW]GLGZDVJUDEDUHDOO\ODUJHSLOH

7KLVPDNHVQRVHQVH6ZDUW]VIULHQG'DYLG6HJDOZKRUXQV'HPDQG3URJUHVVDQRQSURILW

RUJDQL]DWLRQ6ZDUW]IRXQGHGGHGLFDWHGWRJRYHUQPHQWWUDQVSDUHQF\DQGDFFRXQWDELOLW\WROG

:LUHG,WVOLNHWU\LQJWRSXWVRPHRQHLQMDLOIRUDOOHJHGO\FKHFNLQJWRRPDQ\ERRNVRXWRIWKH

OLEUDU\

7KH6ZDUW]FDVHLVQWWKHILUVWWLPHWKHIHGHUDOJRYHUQPHQWKDVWULHGWRXVHDYLRODWLRQRIWHUPV

RIVHUYLFHDVDUDEELWKROHWKURXJKZKLFKWRFUDZOLQWRDPXFKODUJHUFDVH,QDIWHU

0LVVRXULPRP/RUL'UHZVHWXSDIDNH0\6SDFHDFFRXQWSUHWHQGHGWREHDORFDOWHHQDJHER\

DQGKDUDVVHGKHUGDXJKWHUVFODVVPDWHKDUDVVPHQWWKDWHYHQWXDOO\OHGWRWKHJLUOVVXLFLGH

86$WWRUQH\7KRPDV2%ULHQILOHGFKDUJHVRQVLPLODUJURXQGVWRWKRVHDUJXHGE\2UWL]+LV

WKHRU\ZDVDPDUYHORXVELWRIOHJDOLVWLFVRSKLVWU\,WJRHVVRPHWKLQJOLNHWKLV6LQFH0\6SDFHV

WHUPVRIVHUYLFHUHTXLUHXVHUVWRSURYLGHWUXWKIXODQGDFFXUDWHLQIRUPDWLRQZKHQWKH\

UHJLVWHUDUHTXLUHPHQWWKDWLVZLGHO\LJQRUHGLWVKRXOGEHQRWHGE\PDQ\RIWKHVHUYLFHV

XVHUVDQGVLQFH'UHZUHJLVWHUHGIRUDQDFFRXQWSUHWHQGLQJWREHDWHHQDJHER\DQGVLQFH

VXFKDQDFWYLRODWHVWKHWHUPVRIVHUYLFHDQGFRQVWLWXWHVXQDXWKRUL]HGDFFHVVWR0\6SDFHV

VHUYHUVDQGVLQFHXQDXWKRUL]HGDFFHVVYLRODWHGWKHIHGHUDO&RPSXWHU)UDXGDQG$EXVH$FW

'UHZZDVJXLOW\

,WGLGQWWDNH86'LVWULFW-XGJH*HRUJH+:XZKRZDVKHDULQJWKHFDVHORQJWRGLVPLVV

WKHSURVHFXWLRQDVEDVHOHVV,VDPLVGHPHDQRUFRPPLWWHGE\WKHFRQGXFWZKLFKLVGRQHHYHU\

VLQJOHGD\E\PLOOLRQVDQGPLOOLRQVRISHRSOH":XDVNHGIURPWKHEHQFK,IWKHVHSHRSOHGR

UHDG>WKHWHUPVRIVHUYLFH@DQGVWLOOVD\WKH\UHZKHQWKH\DUHLVWKDWDPLVGHPHDQRU"

7KHDQVZHUZDVQR,WVVWLOOQRDVWKRVHHDJHUOHJDOHDJOHVQRZSURVHFXWLQJ6ZDUW]ZLOO

SUREDEO\VRRQOHDUQ

%XWDVWKHJRYHUQPHQWGRHVQWVHHPWROHDUQIURPLWVRZQPLVWDNHVSHUKDSV0RVHVFDQEHRI

VHUYLFH,QWKLVZHHNVSDUDVKDKHLVFRQIURQWHGE\WKHWULEHVRI5HXEHQDQG*DGZLWKDQ

XQRUWKRGR[UHTXHVW$VWKH,VUDHOLWHVSUHSDUHWRHQWHUWKH3URPLVHG/DQG WKHVHWZRWULEHV

FDWWOHKHUGHUVE\WUDGHDVNWRUHPDLQRQWKHHDVWHUQEDQNRIWKH-RUGDQZKHUHWKH

SDVWXUHODQGLVSULPR

$WILUVW0RVHVLVOLYLG$VKHVHHVLWWKH,VUDHOLWHVKDYHDOOVLJQHGDFRQWUDFWZLWKWKH/RUGD

FRQWUDFWZLWKWHUPVRIVHUYLFHWKDWFOHDUO\VWLSXODWHWKDWDOO+HEUHZVPXVWHQWHU&DQDDQ

WRJHWKHUILJKWDJDLQVWLWVLQKDELWDQWVDQGLQKHULWWKHODQG%XWWKHPHQRI5HXYHQDQG*DG

ZDQWVRPHIUHHGRPDQG0RVHVLVLQIXULDWHG,I\RXWXUQDZD\KHWHOOVWKHGLVVLGHQWV*RG

ZLOOOHDYH\RXLQWKHGHVHUWDJDLQDQG\RXZLOOGHVWUR\WKLVHQWLUHSHRSOH7KHGLVVLGHQWV

*RGEOHVVWKHPDUHQWFRZHUHGE\0RVHVILHU\ZRUGVUDWKHUWKDQDEDQGRQWKHLUSODQWKH\

VXJJHVWDFRPSURPLVHWKH\OOEXLOGWKHLUKRPHVRQWKHHDVWHUQHQGRIWKH-RUGDQWKHQULGH

LQWR&DQDDQZLWKWKHRWKHUWULEHVKHOSILJKWDJDLQVWWKH0HGLDQLWHVZKRLQKDELWPXFKRIWKH

ODQGDQGRQFHWKHZDULVRYHUFURVVWKHULYHURQFHPRUHDQGUHWXUQWRWKHLUKRPHV

0RVHVLVDSSHDVHG$VPXFKDVKHGOLNHWRKDYHDOOKLVSHRSOHFRQWDLQHGZLWKLQWKHFRQILQHV

RI&DQDDQKHUHDOL]HVWKDWGLIIHUHQWWULEHVKDYHGLIIHUHQWQHHGVDQGWKDWWKHZD\WRJRYHUQ

WKHPLVQWE\HQIRUFLQJGUDFRQLDQPHDVXUHVEXWE\OHWWLQJWKHVSLULWRIWKHODZUDWKHUWKDQLWV

OHWWHUUHLJQVXSUHPH$VORQJDVWKHPHQRI5HXYHQDQG*DGDUHZLOOLQJWRIXOILOOWKHLUFLYLF

GXWLHVDQGMRLQWKHLUEUHWKUHQLQZDUWKH\PXVWQWEHSXQLVKHG

7KHVDPHORJLFVKRXOGSUHYDLOLQWKHFDVHRI$DURQ6ZDUW]+HKDGQWGRQHDQ\WKLQJLOOLFLW

ZLWKWKHGRFXPHQWVKHGRZQORDGHGLWLVTXLWHSRVVLEOHWKDWKHLQWHQGHGWKHPIRUSHUVRQDO

UHVHDUFKXVHDVKHKDGGRQHEHIRUHZKHQKHGRZQORDGHGDQGDQDO\]HGDJUHDWQXPEHURI

ODZDUWLFOHVWRDVFHUWDLQZKLFKOHJDOVFKRODUVZHUHUHFHLYLQJUHPXQHUDWLRQIURPFRUSRUDWLRQV

-VSSV^-VSSV^ 2MVSSV^LYZ 30

#7$%/(70$*217:,77(5

'LJLWDODFWLYLVW$DURQ6ZDUW]GLHGRYHU

WKHZHHNHQG#/LHOZURWHLQKLV

GHIHQVHODVW\HDU

KWWSWFRXOS(SX4

7DEOHW0DJD]LQHRQ)DFHERRN

/LNH

285:((./


3/6



025(,1

-HZLVK&RQYHUVLRQ7KH%LOO\-RHO

([SHULPHQW

&KDUOHV'DUZLQ:DV$%DG-HZ

-HZ,V1RZ6ODQJIRU&RROLQ

'XWFK

(J\SW6D\V,VUDHO6WROH6DQG

7KH%LEL%HQQHWW'DQFH

:K\,V(YHU\RQH'XPSLQJ7KHLU

L3KRQHV"UHG2UELW

-DQHW-DFNVRQHQJDJHGWR0XVOLP

ELOOLRQDLUHZLOOWRFRYHUWWR,VODP

OH[Z[OPZ&9,*644,5+,+-69@6VTLU*V

.V4VIPSL!/LYLZ>OH[@V\5LLKMVY[OL7LYMLJ[4VIPSL6MMPJL *P[P>VTLU*V

(UNLS0U]LZ[VY,_WSHPUZ>OH[:OL3VVRZ-VYPUH:[HY[\W *P[P>VTLU*V

(^LZVTL(\[VTV[P]L.PM[ZMVY/PT>P[O:HML[`HUK:[`SL7HY[ *P[P>VTLU*V

+LHK:LH:JYVSSZ.V[V*V\Y[ JVTTLU[Z

;OL5L^6UL:[H[L:VS\[PVU JVTTLU[Z

7HYLU[Z4PUK@V\Y4HUULYZ JVTTLU[Z

;OL7YL[LUKLYZ JVTTLU[Z

3LH]LHTLZZHNL

+PZJ\ZZPVU+PZJ\ZZPVU *VTT\UP[`*VTT\UP[` :OHYL:OHYL

5HSO\

0DQGLG\RXHYHUJHWLWULJKWWRREDGWKHIHGVDUHEOLQGHGE\UHYHQJHDQGMHDORXV\

$DURQV8QFOH$ODQ

(SHU>VSM H`LHYHNV

7KLVLVQRWKLQJQHZWKHUHDUHFDVHVLQ%ULWDLQRILQWHUQHWKDFNHUVZKRPWKH86

JRYHUQPHQWLVWU\LQJWRH[WUDGLWH,QWHUQHWKDFNLQJLVDFULPH,WGRHVQRWPDWWHULI\RX

ZDQWHGWRGRLWDVDMRNHRUVHOOWKHVHFUHWVWRDQHQHP\DJHQW

7KHSUREOHPWKDW\RXKDYHLVWKDWDORWRIWKH\RXQJHUFRPSXWHUVHWKDYHQRFRQFHSWRI

ERXQGDULHVDQGWKLQNWKHLQWHUQHWLVDIUHHIRUDOO7KH\WKLQNWKDWVLQFHWKH\FDQGRLWWKH\

KDYHHYHU\ULJKWWRGRLW+RZHYHUWKHUHDUHFRQVHTXHQFHVWRDFWLRQVHVSHFLDOO\ZKHQ\RX

0UKLWLUKLU[7H[YPV[,SPZL H`LHYHNV

6KDUH

*LUOVDQGJRYHUQPHQWZLQDWWKH*ROGHQ*OREHV

7KH5LVHDQG)DOORI%HWKHQQ\)UDQNHO

6SLHOEHUJ"V\HDU""/LQFROQ"QDEV2VFDUQRPLQDWLRQV

7KH7RUDKRI/HV0LV UDEOHV

$$5216:$57= &$50(1257,= *$' *(25*(+:8 +$&.,1* ,1)250$7,21 -6725 026(6 5(89(1


4/6



5HSO\

UHD W H DZDQ VRPHRQHVPDUWHQRXJ WR HD+DUYDU H RZV RX DYH QRZQW DW

:KLOHIUHHGRPRIDFFHVVLVHVVHQWLDOLQDQ\GHPRFUDWLFVRFLHW\VRWRLVWKHSURWHFWLRQRI\RXU

ZRUNSURGXFWDQGWKHULJKWRIWKH86WRSURWHFWLWVHOIIUR PF\EHUWHUURUWKLQNHOHFWULFJULG

ZDWHUVXSSO\DQGFRPSXWHUL]HGQXFOHDUPLVVLOHV

7KDWEHLQJVDLGZKHQLWFRPHVWRDOOWKHVHKDFNHUVEHLQJSURVHFXWHGE\WKH86JRYHUQPHQW

LQWKLVVWRU\DQGLQ%ULWDLQLWWUXO\ZRXOGEHKRRYHWKHJRYWWKDWLQVWHDGRIVWLFNLQJWKHVH

LQGLYLXGDOVLQMDLOWKH\VKRXOGVLJQWKHPXSIRUF\EHUVSDFHFRXQWHUWHUUR ULVPXQLW

5HSO\

(YHQVRLWVHHPHGOLNHDQXQXVXDOFRLQFLGHQFHLQZKLFKFDVHWKHUHZHUHDWKRXVDQG

EDGMRNHVFU\LQJRXWWREHKHDUG%HWWHUWKDWLWVQRW

9V` H`LHYHNV

5HSO\

,PQRWVXUHKRZDQHOHFWURQLFGRZQORDGJHWVUHWXUQHG1HYHUWKHOHVVWKHUHLVD

FRQIOLFWRXWWKHUHEHWZHHQWKRVHZKRWKLQNLQIRUPDWLRQVKRXOGEHIUHHO\DYDLODEOHWRDOODQG

WKRVHZKRZDQWWRNHHSH[WHQGLQJRZQHUVKLSSRVVLEO\LQSHUSHWXLW\$OWKRXJKDQDXWKRU

VKRXOGEHDEOHWRJHWDIDLULQFRPHIURPKLVHIIRUWV,PQRWVXUHLWLVULJKWWKDWGRFXPHQWDU\

ILOPPDNHUVDUHEORFNHGIURPXVLQJ\HDUROGQHZVFOLSV$EDODQFHQHHGVWRH[LVWDQG

FXUUHQWO\LWVHHPVWRKDYHVKLIWHGWRWKHRZQHUVRIFDSLWDO

4HY]4VZRV^P[a H`LHYHNV

5HSO\

:HUHEOHVVHGZLWKDERXQW\RI6ZDUW]HV6FKZDUW]HV%XWDVWKH6ZDUW],ZURWH

DERXWLVQRWWRRIDUUHPRYHGIURPKLVRZQ%DU0LW]YDK,GRXEWLWVKLP

3PLS3LPIV]P[a H`LHYHNV

5HSO\

:HOOWKHQWKHUHVREYLRXVO\QRGD\OLJKWEHWZHHQXV/LHO1RZLVWKH$DURQ6FKZDU]

UHIHUH QFHGLQWKHSUHYLHZRI-DQLFH(UOEDXPVSLHFHWKHVDPHSHUVRQZHUHWDONLQJDERXW

KHUH$DURQ6ZDUW]"

9V` H`LHYHNV

5HSO\

,DJUHHZLWKWKDW5R\$QG,WKLQN6ZDUW]LVUHDG\+HVXUUHQGHUHGKLPVHOIDVVRRQ

DVKHZDVQRWLILHGRIWKHSURVHFXWLRQDQGLVQRZSUHSDULQJWRILJKWWKHFDVHLQFRXUW,WKLQN

WKHSXEOLFGHEDWHWKHVRUWZHUHKDYLQJULJKWQRZZDVYHU\PXFKZKDWKHKDGLQPLQG

DQGDJUHHZLWKKLPWKDWLWVDGHEDWHZHOOZRUWKKDYLQJ


5HSO\

,PZLWK\RXWRDSRLQWDQGIUDQNO\ZLVK,FRXOGDFFHVVDOOWKRVH-6725ILOHVIRUIUH H

EXWJLYHQZKDWKDSSHQHGWRKLPWKHILUVWWLPHDURXQGKHPLJKWDWOHDVWKDYHJLYHQQRWLFH

DERXWKLVLQWHQWLRQVXQOHVVRIFRXUVHKHPHDQWLWDVDSURYRFDWLRQ6XJJHVWLQJRWKHUZLVH

VHHPVXQGXO\OHJDOLVWLFWRPHLHDUJXLQJKHKDGQRLGHDKRZ-6725ZRXOGUHDFWDQGWKDW

WKLVZDVDOOGRQHLQQRFHQWO\2EYLRXVO\KHVQRWVWXSLG:KLFKEULQJVPHEDFNWRP\SRLQWLI\RXUHJRLQJWRFUHDWHDWHVWFDVHWRWU\WRSXVKEDFNWKHERXQGDULHVRIFRQWHQWVKDULQJRQWKH

LQWHUQHW\RXRXJKWWREHSUHSDUHGIRUWKHFRQVHTXHQFHVWKDWLVLI\RXUHDOO\EHOLHYHLQWKH

YDOXHRIZKDW\RXUHGRLQJDQGLWVQRWMXVWWKHDWHU

9V` H`LHYHNV

5HSO\

,VKDUH\RXUEDVLFLQVWLQFWVEXWWKH6ZDUW]FDVHLVPRUHFRPSOH[+HKDGQR

FRPSODLQWWRUHPHG\QRUDODZVXLWWRILOH,QDOOOLNHOLKRRGDOOKHZDVWU\LQJWRGRZDVDFFHVV

DGDWDEDVHKHZDVSHUPLWWHGWRDFFHVVDQGYLRODWLQJWHUPVRIVHUYLFHGRZQORDGHGDODUJH

QXPEHURIDUWLFOHVDWRQFHIRUUHVHDUFKSXUSRVHV:KHQWKHFRPSDQ\FRPSODLQHGKH

UHWXUQHGWKHGRFXPHQWV7KLVVWULNHVPHDVUHDVRQDEOHEHKDYLRUDQGDVDUHVSRQVLEOHZD\WR

FKDOOHQJHWKHSRURXVDQGVKLIWLQJUHODWLRQVKLSEHWZHHQXVHUVDQGVHUYLFHDQGFRQWHQW

SURYLGHUV6ZDUW]SXVKHG-6725SXVKHGEDFNDQGQRODZ\HUVZHUHQHFHVVDU\WRUHVROYH

WKHVHLVVXHV8QWLOWKDWLVWKHJRYHUQPHQWVSRWWHGDQRSSRUWXQLW\WRVHQGDPHVVDJHDQG

PRXQWHGLWVVLOO\FDPSDLJQ,WVDVKDPH


9V` H`LHYHNV

6KDUH

6KDUH

6KDUH

6KDUH

6KDUH

6KDUH

6KDUH

6KDUH


5/6



5HSO\

,KDYHQWUHDGWKURXJKDOOWKHFRPPHQWVDQG,VKRXOGSUREDEO\UHUHDG\RXUSLHFH

EXWKDG6ZDUW]H[KDXVWHGDOOWKHRWKHUFKDQQHOVIRUUHPHG\LQJKLVFRPSODLQW",PQRWD

ODZ\HUMXVWWU\LQJWRVRXQGOLNHRQH$QGLIKHKDGFRXOGQWKHKDYHMXVWPRXQWHGDODZVXLW"

,PVXUHWKHUHDUHSOHQW\RIODZ\HUVZLWKDSHQFKDQWIRUIUHHVSHHFKFDVHVZKRZRXOGKDYH

WDNHQWKLVRQSURERQR7KDWVQRWDYHU\URPDQWLFZD\RIJRLQJDERXWWKLQJVEXWLWVDQ

HIIHFWLYHDQGWLPHKRQRUHGRQHZLWKGHHSURRWVLQWKLVFRXQWU\VFLYLOULJKWVKLVWRU\

0\EDVLFLQVWLQFWVDERXWWKLVDUH.DQWLDQ,GRQWWKLQNWKLVLVWKHNLQGRIWKLQJUDQVDFNLQJ

RQOLQHGDWDHYHQIRUWKHSXUHVWRIPRWLYHVWKDWZHGZDQWWRVHHXQLYHUVDOL]HG

5HSO\

7KDQN\RX5R\IRU\RXUFRPPHQW%XWWKHSRLQWLVSUHFLVHO\WKDWLWUHPDLQVXQFOHDU

WKDW6ZDUW]KDGEURNHQDQ\ODZV+HFHUWDLQO\YLRODWHGWHUPVRIVHUYLFHLPSRVHGE\ERWK

-6725DQG0,7EXWWKDWGRHVQRWFRQVWLWXWHFULPLQDODFWLYLWLHV


5HSO\

,I\RXEUHDNWKHODZWRPDNHDODUJHUSRLQWDERXWFXPEHUVRPHUHVWULFWLRQVRQRXU

FLYLFIUHHGRPVKRXOGQW\RXEHZLOOLQJWRDELGHE\WKHFRQVHTXHQFHV"(YHQLILWZDVQWGRQH

IRUVHOIHQULFKPHQWLWZDVGRQHNQRZLQJO\DQGPRUHWKDQRQFH

,VQWVWRLFHQGXUDQFHLQWKHIDFHRIRIILFLDOZURQJGRLQJDWUDLWFRPPRQWRDOOWKHFLYLOULJKWV

OHDGHUVZRUWK\RIRXUDGPLUDWLRQ"

,GRQWWKLQNWKLVNLGGHVHUYHVSULVRQWLPHEXWLWVHHPVXQEHFRPLQJRIDQDSRVWOHRIWKHFDXVH

RIIUHHVSHHFKWRWU\WRDYRLGDQ\NLQGRISHQDOW\7KDWGRHVVWULNHPHDVDOLWWOHVHOIVHUYLQJ

WRFXOWLYDWHWKHJODPRURIWKHEDQGLWZLWKRXWWDNLQJWKHULVNV

9V` H`LHYHNV

5HSO\

'HDU5LYND

7KDQN\RXIRUWDNLQJWKHWLPHWRFRPPHQW


6/6



5HSO\

$PHQWRWKDWDQGDJRRGVKDEERVWR\RXWRR

5HSO\

/

7KDQN\RXIRU\RXUUHVSRQVH

:KLOH/RUL'UHZEURNHQRGLVFHUQLEOHODZDV\RXVD\DQGWKHUHIRUHLVQRWJXLOW\RIDQ\

FULPHOHJDOO\,GRQRWNQRZLIZHFDQVD\WKDWKHUJHWWLQJRIILVMXVWLFHLQWKHWUXHVHQVHRI

MXVWLFH/HJDOO\QRWJXLOW\DQGMXVWLFHDUHQRWWKHVDPHLQP\YLHZ

2IFRXUVHZHGRQRWNQRZLI/RUL'UHZJRWRIILQDODUJHUVHQVHWKDQWKHOHJDORQH

+DYHDJRRGVKDEERV

LSP H`LHYHNV

5HSO\

(OL

7KDQN\RXIRU\RXUWKRXJKWIXOUHSO\$IHZREVHUYDWLRQV

$VZHMXGJHSHRSOHEDVHGQRWRQWKHFRQWHQWRIWKHLUFKDUDFWHUEXWRQWKHLUDFWLRQVDQGDV

/RUL'UHZVZKLOHOHDGLQJWRDGHDWKRIDWHHQDJHGJLUOEURNHQRGLVFHUQLEOHODZZHYHQR

FKRLFHEXWWRILQGKHULQQRFHQW,WLVPDGGHQLQJEXWLQHYLWDEOH7KLVLQRWKHUZRUGVLVQR

OHJDOORRSKROHWKLVLVMXVWLFH

$QGDVIRU6ZDUW]WKHUHLVDEVROXWHO\QRLQGLFDWLRQWKDWKHLQWHQGHGWRVKDUHWKHVH

GRFXPHQWVZLWKRWKHUV,QIDFWPXFKLQKLVSUHYLRXVDFWLRQVVXJJHVWVWKDWKHPLJKWKDYH

LQWHQGHGWRXVHWKHPDWHULDOVIRUKLVRZQUHVHDUFKSXUSRVHVDVKHGGRQHLQWKHFDVH

PHQWLRQHGLQWKHDUWLFOHVODVWSDUDJUDSK$QGHYHQLIKHGVKDUHGKLVFRQWHQWZLWKWKHSXEOLF

RIWKHPLOOLRQDUWLFOHVKHGGRZQORDGHGRQO\PLOOLRQZHUHDFWXDOO\FRS\ULJKW

SURWHFWHGLWLVQRWLQFRQFHLYDEOHWKDW6ZDUW]DQHWKLFVPLQGHGPDQZRXOGYHPDGHWKDW

GLVWLQFWLRQSULRUWRUHOHDVLQJWKHGRFXPHQWV

6WLOOLWLVMXVWWKHVHSRLQWVZHVKRXOGEHGLVFXVVLQJLQOLJKWRIWKHFDVH7KDQN\RXWKHQDJDLQ

IRU\RXUUHSO\

6LQFHUHO\

/


5HSO\

6LQFH\RXUDLVHWKH/RUL'UHZFDVHDQGWKHGHDWKVKHGLUHFWO\FDXVHGWRD\RXQJWHHQ

DJHUWKURXJKKHUUHSHDWHGZLOOIXODFWLRQVPD\EH\RXVKRXOGDVNKRZWRGHDOZLWKWKDW

KHLQRXVEHKDYLRURWKHUWKDQOHJDOORRSKROHVWRHYDGHUHVSRQVLELOLW\"

6ZDUW]XVHGKLVJXHVWVWDWXVDW0,7WRJUDEPRUHDQGWKHQDWWHPSWWRJLYHLWWRRWKHUV

DWWHPSWLQJWRVWHDOFRS\ULJKWHGPDWHULDORQDODUJHVFDOHIURPWKHVPDOODFDGHPLFMRXUQDOV

HWFZKREDUHO\PDNHHQRXJKWRNHHSSXEOLVKLQJDQGSURYLGLQJDVHUYLFH/RRNFORVHO\DWWKH

FRPPHQWDULHV7DOPXGDQGHOVHZKHUHDERXWWKHIWDQGLQWHQWLRQDQG6ZDUW]VXUHO\VKRXOGEH

DGMXGLFDWHG/HWWKHFRXUWGHFLGHHVSHFLDOO\JLYHQ6ZDUW]VUHSHDWHGDFWLRQV

LSP H`LHYHNV

6KDUH

6KDUH

6KDUH

6KDUH

$576&8/785(

%RRNV

)LOP

0XVLF

7HOHYLVLRQ7KHDWHU'DQFH

9LVXDO$UW'HVLJQ

/,)(5(/,*,21

2EVHUYDQFH

)RRG

)DPLO\

3HUVRQDO+LVWRU\1RWHERRN

1(:632/,7,&6

8QLWHG6WDWHV

0LGGOH(DVW

:RUOG

6SRUWV

7+(6&52//

92;7$%/(7

$%28786

&217$&7

7$%/(7566)(('6

6HDUFK

7DEOHW0DJD]LQHLVDSURMHFWRI1H[WERRN,QF&RS\ULJKW1H[WERRN,QF$OOULJKWVUHVHUYHG _ 7HUPVRI6HUYLFH3ULYDF\3ROLF\ )ROORZXV

=LRQLVPV1HZ%RVV%\/LHO/HLERYLW]8QGHUURRNLH

SROLWLFLDQ1DIWDOL%HQQHWWUHOLJLRXV

=LRQLVPLVILQDOO\EHFRPLQJ,VUDHOV

SROLWLFDOPDLQVWUHDP

0RUHRQ7DEOHW

Documents

internet share