Sahm Adrangi Kerrisdale Capitals Top Equity Investment

8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment

1/30

4tm feeufcQprdekvfcul devlstdek aiekrlss

Fprdc 1, >260 Cfs Zlkfs, EZ

Hlrrds`fcl Afpdtfcs Pip Lqudty Devlstglet jir >260

Qfmg F`rfekd, Hlrrds`fcl Afpdtfc Gfefklglet

www.ZfculDevlstdekAiekrlss.aig


2/30

AIEJD@LEPDFC DEZLQPI^ R^LQLEPFPDIE

Zfcul Devlstdek iekrlssFprdc >260

Hlrrds`fcl Afpdtfc Gfefklglet, CCA

6>6> Fvleul ij tml Fglrdafs, 1r` Jciir

Elw Tirh, ET 6221:

Plc? >6>.;4>.;444

Jfx? >6>.


3/30

Rfkl 6/ Aiejd`letdfc

Ieal iel ij iur cfrklst ciek pisdtdies

Pi`fy, wl prlslet f smirtd`lf ie f aigpfey tmft wfs ieal iel ij iur

jfvirdtl ciek pisdtdies [mft irdkdefccy fttrfatl` us ti tml ippirtuedty ylfrs fki

Qgfcc nusdelss wdtm elkcdkdncl gfrhlt smfrl wdtm kii` gfefklglet

[l faqudrl` tml nusdelss ft f ciw R/LRQ, R/PNZ, RLK, lta.

[l wlrl devlstirs de tml nusdelss jir slvlrfc ylfrs, fe` frl eiw smirt

Aigpfeys smfrls mfvl fpprladftl` ny 6


4/30

Rfkl >/ Aiejd`letdfc

NijD Mic`dek Dea. (Efs`fq? NIJD)

NIJD ds f nrfeamclss iecdel nfeh tmft iplrftls f vfrdlty ij iecdel nfeh

nrfe`s, deacu`dek Nfeh ij Detlrelt, EltNfeh, Nfeh ] fe` itmlrs

Cifes frl gf`l vdf nrfe`l` wlnsdtls suam fs fpfrtgletnfeh.aig, vdfrlcftdiesmdps wdtm fjjdedty kriups, afcc aletlrs, fs wlcc fs tmriukm wmiclsfclfe` airrlspie`let amfeelcs

$1.:ne titfc fsslts, $16>g PNZ, $0;g CPG Elt Deaigl


5/30


Afpdtfcdzftdie

[l rlaiggle` f smirt pisdtdie de NijD Mic`dek Dea. (NIJD ir tml

Aigpfey), iel ij tml gist lxplesdvl nfehs de tml \Q NIJD mfs lfrel` devlstirs elfrcy 6:22% de tml pfst < ylfrs, fe` eiw

trf`ls ft ~0.2x PNZ, jfr mdkmlr tmfe dts nfehdek slatir pllrs

Devlstirs lxplat rfpd` lfredeks kriwtm8 wl nlcdlvl juturl lfredeks frl cdhlcy tigftlrdfccy `dsfppidet fs detlrlst rftls rdsl

[l nlcdlvl NIJDs devlstirs frl lxtrfpicftdek rlsucts tmft wdcc nl `djjdauct tifamdlvl kidek jirwfr` fs detlrlst rftls rdsl


6/30


Qtrftlky de f eutsmlcc

NIJD mfs ei nrfeamls fe` fttrfats `lpisdtirs ny ijjlrdek mdkm detlrlst

rftls NIJD afe fjjir` mdkm aist ij jue`dek `ul ti dts ciw iplrftdek aists? ei nrfeamls

fe` ciw lgpciylls / fsslts rftdi (iecy 16> jucc tdgl lgpciylls ft :/12/61)

Qiural? NIJD Gfram >260 devlstir prlsletftdie


7/30

Rfkl 1x RL

Devlstirs mfvl gdstfhlecy fssugl` aurrlet prijdtfndcdty fe` kriwtm ds

sustfdefncl `lspdtl tml jirwfr` ydlc` de`daftdek itmlrwdsl

Pmds prlsletftdie wdcc dccustrftl wmy wl nlcdlvl NIJDs aurrlet lfredeks frluesustfdefncl kdvle tml jirwfr` rftl aurvl


8/30

Rfkl :/ Aiejd`letdfc

NIJDs fsslt ydlc`s frl cdhlcy eit sustfdefncl

NIJD gfefklglet gf`l sigl fstutl devlstglet `ladsdies `urdek tml

jdefeadfc ardsds, fcciwdek tml aigpfey ti sustfde vlry fttrfatdvl detlrlstdeaigl `lspdtl f jfccdek rftl levdrieglet

NIJD mfs ei aigpltdtdvl f`vfetfkl ie tml fsslt sd`l ij dts nfcfeal smllt8gfefklglet wdcc jde` dt `djjdauct ti sustfde ydlc`s wdtm f kriwdek nfcfeal smllt


9/30

Rfkl ;/ Aiejd`letdfc

[my ds fsslt ydlc` mdkm9 Eierlaurrdek nlts ie GNQ!

NIJDs fsslt ydlc`s frl jfr mdkmlr tmfe pllrs `ul ti ippirtuedstda nlts ie

`dstrlssl` GNQ `urdek tml jdefeadfc ardsds NIJDs cife ydlc` fe` itmlr fsslt ydlc`s frl cfrklcy de cdel

Fs tml slaurdtdls pirtjicdi gfturls fe` riccs ivlr, NIJDs fsslt ydlc` smiuc``lacdel ti f clvlc ie pfr wdtm dts pllrs

@urdek tml jdefeadfc ardsds, gfefklglet gf`l sigl fstutl ieal-de-f-cdjltdgldevlstglets de `dstrlssl` GNQ, wmdam krlftcy lemfeal` fsslt ydlc`s


10/30

Rfkl =/ Aiejd`letdfc

NIJDs fsslt ydlc` aigpfrl` ti pllrs

Fs iutcdel` lfrcdlr, NIJD fe` itmlr detlrelt nfehs mfvl ei f`vfetfkl jrig

f afpdtfc `lpciyglet plrsplatdvl Fs dts nfcfeal smllt kriws, fe` fs dts mdkm-rlture slaurdtdls pirtjicdi riccs

ivlr, NIJDs prijdts wdcc jfcc sdkedjdafetcy

Fsslt ydlc` de cdel wdtm pllrs (fs `ljdel` ny NIJD prixy) wiuc` dgpcy ~>2%`iwesd`l ti CPG LRQ

Fs NIJDs nfcfeal smllt kriws, fe` dts ippirtuedstda slaurdtdls pirtjicdi riccsivlr, NIJDs fsslt ydlc`s wdcc jfcc acislr ti pllr fvlrfkl

NIJD [JA \QN JDPN Rllr Fvk.

Fvlrfkl Qlaurdtdls Tdlc 0.;0% 1.:.>4% 1.1>% >.64%

Dearlgletfc NIJD ydlc` 6.24% >.0% >. $2.04 $2.>= $2.


11/30


Aigpfrdsie ij NIJD ti Lvlrnfeh Aiejdrgs Zdlw

Lvlrnfeh ds f sdgdcfr iecdel-iecy nfeh

Aigpfrdek tml twi jdrgs, NIJDs EDGs frl sdkedjdafetcy lemfeal` ny tmlydlc` ie dts slaurdtdls pirtjicdi

NIJD LZL^ @djj.

Cifes


12/30


NIJDs cife pirtjicdi ds kidek ricc deti ciwlr ydlc`

NIJDs mdstirdafc cife ydlc`s frl suppirtl` ny jiaus ie ougni cifes, wmdam

ti`fy mfvl jfr ciwlr lxalss ydlc`

Qiural? NIJD devlstir prlsletftdie Gfram >260 Qiural? Jdefeadfc Pdgls

Ougni cifes, wmdam jirg tml cfrklst slkglet ij NIJDs cife pdplcdel, frljfadek dearlfsl` aigpltdtdie fe` `lacdedek ydlc`s

NIJD Cife Rdplcdel


13/30


Fsslt ydlc`s suppirtl` ny lxtle`dek `urftdie

NIJD mfs nleljdttl` jrig f mukl nlt ie `lacdedek rftls8 dt mfs mlc` fsslts

wdtm f cieklr `urftdie fe` mdkmlr ydlc` tmfe gist ij dts pllrs

NIJDs cife pirtjicdi gfturdty ds fe iutcdlr8 NIJDs cdfndcdtdls wdcc rl-prdalrlcftdvlcy qudahcy, nut dts fsslts wdcc tfhl cieklr ti ricc ivlr tmfe dts aigpltdtirs

NIJD [JA \QN JDPN Rllr Fvk.

% ij Cifes wdtm ^lgfdedek Gfturdty ir Elxt ^lprdadek @ftl ij?

1 Gietms =% % 0:% 6%

5 1 Gietms, 6 Tlfr ;% 1%


14/30

Rfkl 6>/ Aiejd`letdfc

NIJD gf`l f cfrkl nlt ie `lacdedek rftls

NIJD mfs iel ij tml cfrklst elkftdvl detlrlst jue`dek kfps fgiek

puncdacy trf`l` nfehs fe` ds pfrtdaucfrcy vucelrfncl ti rftl smiahs @lpisdts wdcc rl-prdal qudahcy dj rftls rdsl, nut fsslts frl cieklr `urftdie8 tmds wdcc

arlftl f sdkedjdafet mlf`wde` jir EDGs de tml elfr tlrg

Lvle fgiek nrfeam-cdkmt nfehs, NIJDs cife niih ds pfrtdaucfrcy piircypisdtdiel` jir f rdsdek rftl levdrieglet

Qiural? Qtlrel Fkll rlpirt, Gfram >260

Iecdel Nfeh Iel Tlfr ^ftl Kfp


15/30


NIJDs `lpisdtirs frl clss stdahy

NIJD mfs f rlcftdvlcy prdal-slesdtdvl fe` clss-stdahy `lpisdt nfsl

@lpisdt dejciws lxpci`l` fjtlr rlalssdie (eitl ~262)

Fs girl detlrelt-nfehdek aigpltdtirs frdsl, fe` fs rftls dearlfsl, NIJDs

rlcftdvl fttrfatdvlelss wlfhles aiesd`lrfncy

NIJD mfs tfrkltl` f girl prdal-slesdtdvl `lpisdtir nfsl8 tmds mfs nllenleljdadfc `urdek ieal-de-klelrftdie rftl levdrieglet


16/30


Elw aigpltdtdie ds wlfhledek NIJDs pisdtdie NIJDs ijjlrdek ds ue`djjlrletdftl` fe` jfadek aiesd`lrfncl aigpltdtdie?

Cfrkl cle`lrs? KL Afpdtfc, Fccy Jdefeadfc, ADP, Nfracfys

\Q iecdel nfehs? Lvlrnfeh, Jdrst Detlrelt Nfeh ij De`dfef

Iecdel `dvdsdies ij \Q nfehs? Dearl`dnclNfeh (^dvlr Zfccly Nfeh), @irfc @drlat

Iecdel sunsd`dfrdls ij jirldke nfehs? Zdrtufc Nfeh (Nfeai `l Qfnf`lcc), NFAJcird`f (Krupi Rlccfs)

6-Tlfr Alrtdjdaftl ij @lpisdts

Nfeh ^ftl

6 KL Afpdtfc Nfeh 6.2 Gy l-NFeA ny NFA Jcird`f Nfeh 6.26%1 ZdrtufcNfeh 6.26%0 FciQtfr Nfeh ij Aigglral 6.26%< Aicirf`i Jl`lrfc Qfvdeks Nfeh 6.22%: Pml Rfccf`dfe RrdvftlNfeh 6.22%; Afcdjiredf Jdrst Eftdiefc Nfeh 6.22%= Fccy Nfeh 2.44%4 Migl Qfvdeks Nfeh 2.4=%

62 @dsaivlr Nfeh 2.4=%66 @irfc @drlat 2.4 L-CIFE 2.40%61 Nfracfys 2.46%60 Rletfkie Jl`lrfc Arl`dt \edie 2.=2%6< \QFF 2.=2%6: fnclNfehdek, f dvdsdie ij Eirtmlfst Nfeh 2.;6%6; Jdrst Detlrelt Nfeh ij De`dfef 2.:


17/30

Rfkl 6224, dt mf` fgiekst tml

mdkmlst rftls jir A@s fe` sfvdeks faaiuets faair`dek tiwww.nfehrftl.aig

Pi`fy, euglrius aigpltdtirs mfvl nlaigl girl fkkrlssdvl de tml detlrelt-iecy gfrhlt, wdtm NIJD rfehdek jfr ciwlr tmfe gfey aigpltdek jdrgs

Aigpltdtdie jrig Itmlr Iecdel Nfehs [dcc Rrlssurl EDGs fe` Kriwtm

NIJD

Rriùat ^fehdek Pip 62 Nfehs (mdkmlst ti ciwlst FRT ie 1/16/60)1-Gietm A@ 61tm FciQtfr, ZdrtufcNfeh, Nfracfys, @dsaivlr, LvlrNfeh:-Gietm A@ >0tm _dies @drlat, @irfc @drlat, FciQtfr, KL Afpdtfc Nfeh, Gy l-NFeA6-Tlfr A@ >e` LvlrNfeh, Nfracfys, dKInfehdek.aig, KL Afpdtfc Nfeh, Qtftl Jfrg Nfeh6-Tlfr Ougni A@ 6;tm Gy L-NFeA, KL Afpdtfc Nfeh, ZdrtufcNfeh, FciQtfr, Migl Qfvdeks Nfeh

GGF/Qfvdeks >2tm KL Afpdtfc Nfeh, ADP Nfeh, Nfracfys, KL Afpdtfc Nfeh, Qfccdl GflGGF/62H Qfvdeks 61tm KL Afpdtfc Nfeh, Qfccdl Gfl, Rfccf`dfe RrvdftlNfeh, LvlrNfeh, Aicirfì Jl`lrfc Qfvdeks Nfeh

GGF/Ougni Qfvdeks eit cdstl` KL Afpdtfc Nfeh, Qfccdl Gfl, Aicirfì Jl`lrfc Qfvdeks, @dsaivlr Nfeh, JENI @drlat


18/30

Rfkl 6:/ Aiejd`letdfc

Irkfeda faaiuet kriwtm mfs stfccl`

NIJD gf`l f sgfcc faqudsdtdie de >261 wmdam dearlfsl` eugnlr ij

faaiuets F`oustdek jir tmds faqudsdtdie, eugnlr ij faaiuets mfs rlaletcy `lacdel`

F`oustdek jir f rlalet faqudsdtdie, NIJD mfs eit kriwe elt austiglrs ivlr tmlpfst ylfr

Faaiuets ft Nlkdeedek >;,;0: 1>,=4= 1>,=11 1>,>;> 11,16> 1,=4= 1>,=11 1>,>;> 11,16> 1 4/12/6> 6>/16/6> 1/12/61 :/12/61 4/12/61 6>/16/61


19/30

Rfkl 6;/ Aiejd`letdfc

^fpd` `lpisdt kriwtm trdkklrl` ny `lacdedek rftls

NIJD `lpisdt kriwtm mfs nlle `rdvle ny ciw-detlrlst levdrieglet

tmldr ~6% `lpisdt rftl ds fttrfatdvl wmle aigpltdtirs ijjlr ~2%

~262 aidead`dek wdtm 6


20/30

Rfkl 6=/ Aiejd`letdfc

Jirwfr` aurvl ds eit ciihdek kii` jir NIJD

Nfsl` ie ti`fys jirwfr` ydlc` aurvl, NIJDs EDGs wdcc cdhlcy rlvlrt nfah ti

ciek-tlrg eirgfcdzl` prijdtfndcdty de aigdek ylfrs

NIJD6

Amfekl '6; Aurvl>

Fsslt Tdlc % :.6% >.==% 1.42% 3---Nfsl` ie jirwfr` 6-ylfr rftls, NIJD's jue`dek aist wdcc rdsl girl

Elt Detlrlst Gfrkde 0.26% (6.;:%) >.>;: $2 $1,>;:

Elt Detlrlst Deaigl $616 ($. Nfsl` ie jirwfr` ydlc` aurvl jir >26;

1. Fòustl` jir 02% tfx rftl

Pml jirwfr` ydlc` aurvl ds jcfttledek8 jir f nfeh wdtm f cfrkl elkftdvl rftl kfpfe` ciek ùrftdie fsslts cdhl NIJD, tmds dgpcdls f rlùatdie de prijdtfndcdty


21/30


Ruttdek dt fcc tikltmlr? NIJD EDG kidek ti jfcc

NIJDs EDGs fe` kriwtm frl eit lvd`leal ij f suplrdir nusdelss

gi`lc, nut jfatirs rlcftl` ti ti`fys ciw detlrlst rftl levdrieglet Detlrelt nfehs klelrfccy mfvl ciwlr EDGs tmfe tmldr nrdah-fe`-girtfr pllrs

nlafusl tmly pfy girl jir `lpisdts fe` lfre clss ie fsslts

NIJD mfs nleljdttl` jrig f elkftdvl rftl kfp fe` tdglcy nlts ie GNQ

Ie fvlrfkl, detlrelt nfehs mfvl mdkmlr jue`dek aists, fe` girl prdal slesdtdvl `lpisdtirs

fe` lfre ciwlr ydlc`s ie fsslts rlsuctdek de ciwlr EDGs tmfe tmldr pllrs


22/30

Rfkl >2/ Aiejd`letdfc

@lacdedek girtkfkl kfde ie sfcl

Zfst gfoirdty ij NIJDs eie-detlrlst deaigl mfs nlle jrig tml kfde-ie-sfcl

ij girtkfkl slaurdtdls Qciwdek rljdefeadek fatdvdty wdcc `lprlss girtkfkl sfcls kidek jirwfr`

\ecdhl gfrqull nrdah-fe`-girtfr nfehs, NIJD lfres cdttcl de tml wfy ij mdkm-gfrkde fe` mdkm-vfcul slrvdal ir jll deaigl


23/30


NIJD gfy nl ue`lr-rlslrvdek ERCs

NIJD privdsdies frl prdal` jir plrjlatdie

NIJDs ERCs clfvl devlstirs wdtm vlry fsyggltrda rdsh ti tml `iwesd`l

Mdkm kriwtm nfehs Detlrelt nfehs Gfrqull nfehs


24/30

Rfkl >>/ Aiejd`letdfc

^lcftdvl R/PNZ

NIJD mfs fgiek tml mdkmlst R/PNZ guctdpcls de tml letdrl \.Q. nfehdek

slatir

Qiural? AfpdtfcDV

Mdkm-Kriwtm

Nfehs R/PNZ

Detlrelt Nfehs

R/PNZ

Gfrqull Nfehs

R/PNZ


25/30


^lcftdvl R/LRQ

NIJD fcsi mfs fgiekst tml mdkmlst vfcuftdies ie f R/LRQ nfsds

Qiural? AfpdtfcDV

Mdkm-Kriwtm

Nfehs R/LRQ

Detlrelt Nfehs

R/LRQ

Gfrqull Nfehs

R/LRQ


26/30


NIJD R/PNZ vs. ^IPAL

De ir`lr ti oustdjy vfcuftdie, gfrhlt pfrtdadpfets frl prdadek NIJD ti kriwguctdpcls de sdzl wmdcl gfdetfdedek dts de`ustry-clf`dek prijdtfndcdty

Qiural? Qtlrel Fkll rlpirt, Gfram >260


27/30

Rfkl >/1r`s ij aurrlet gfrhlt vfcul fttrdnutfncl ti tml ERZ ij juturl cifes, f

surprdsdekcy mdkm eugnlr

NIJD fsslt nfsl ds fsyggltrdafccy pisdtdiel` ti tml `iwesd`l

>22 nfsds pidet dearlfsl de rftls ds f >2% `lacdel de ERZ ij aurrlet cife niih

Zfcul ivlrwmlcgdekcy fttrdnutl` ti kriwtm

(@iccfrs de tmi usfe`s , fs ft @lalgnlr 16, >261)Elt

Rrlslet ZfculRlraletfkl

Amfekl jrig Nfsl

ERZ fs fRlraletfklij Fsslts

\p 122 nfsds pidets$ >:;,>;= (10.=%) ;.=1%

\p >22 nfsds pidets116,>=0 (64.>%) 4.14%

\p 622 nfsds pidets1==,2:2 (0= 66.2


28/30

Rfkl >:/ Aiejd`letdfc

Nfahdek deti NIJD vfcuftdie

Pi oustdjy NIJDs vfcuftdie, devlstirs mfvl ti gfhl sigl nic` fssugptdies

~1x `lpisdt nfsl

1.


29/30

Rfkl >;/ Aiejd`letdfc

Aieacusdie

NIJDs vfcuftdie rlqudrls aietdeul` `lpisdt kriwtm `lspdtl ijjlrdek

ei `djjlrletdftdie, fe` nldek fncl ti `lpciy tmds kriwdek afpdtfc nfslft deùstry-clf`dek ydlc`s, `lspdtl mfvdek ei cife siuradek f`vfetfkl

NIJD ds iel ij tml mdkmlst vfcul` puncdacy trf`l` nfehs de tml \Q

R/PNZ ij ~0.2x vs. deùstry pllrs ft mfcj tmft vfcul, nlafusl devlstirs mfvlgdstfhlecy fssugl` NIJDs EDGs fe` `lpisdt kriwtm frl sustfdefncl

Cdfndcdtdls wdcc jfal mdkmlr aists NIJD mfs iel ij tml cfrklst elkftdvl jue`dek kfps de \Q

@lpisdts gfy jfal sciwlr kriwtm, ir mdkmlr aists, ùl ti aigpltdtdie

NIJDs `lpisdts frl clss stdahy, jue`dek aist ndfs ds ti tml upsd`l

Fsslts frl ivlr-lfredek

Fsslt ydlc`s suppirtl` ny ippirtuedstda nlts ie sgfcc fsslt nfsl8 fs fsslt nfslkriws, fe` mdkm ydlc` slaurdtdls ricc ivlr, NIJD fsslt rltures wdcc jfal prlssurl

NIJD prijdtfndcdty ds cdhlcy ti rlvlrt acislr ti deùstry-pllr clvlcs fs detlrlstrftls rlvlrt, fe` wlcc-jdefeal` aigpltdtirs rlpcdaftl NIJDs ijjlrdeks


30/30

Rfkl >= / Aiejd`letdfc

@dsacfdglr

Fs ij tml puncdaftdie `ftl ij tmds rlpirt, Hlrrds`fcl Afpdtfc Gfefklglet CCA fe` dts fjjdcdftls (aicclatdvlcy "Hlrrds`fcl"), itmlrs tmft aietrdnutl`

rlslfram ti tmds rlpirt fe` itmlrs tmft wl mfvl smfrl` iur rlslfram wdtm (aicclatdvlcy, tml Futmirs) mfvl smirt pisdtdies de fe` gfy iwe iptdies ie

tml stiah ij tml aigpfey aivlrl` mlrlde (NijD Mic`dek Dea.) fe` stfe` ti rlfcdzl kfdes de tml lvlet tmft tml prdal ij tml stiah `larlfsls. Jicciwdek

puncdaftdie ij tml rlpirt, tml Futmirs gfy trfesfat de tml slaurdtdls ij tml aigpfey aivlrl` mlrlde. Fcc aietlet de tmds rlpirt rlprlslet tml ipdedies ij

Hlrrds`fcl. Pml Futmirs mfvl intfdel` fcc dejirgftdie mlrlde jrig siurals tmly nlcdlvl ti nl faaurftl fe` rlcdfncl. Miwlvlr, suam dejirgftdie ds

prlsletl` fs ds, wdtmiut wfrrfety ij fey hde` wmltmlr lxprlss ir dgpcdl`. Pml Futmirs gfhl ei rlprlsletftdie, lxprlss ir dgpcdl`, fs ti tmlfaaurfay, tdglcdelss, ir aigpcltlelss ij fey suam dejirgftdie ir wdtm rlkfr` ti tml rlsucts intfdel` jrig dts usl. Fcc lxprlssdies ij ipdedie frl sunolat

ti amfekl wdtmiut eitdal, fe` tml Futmirs ì eit ue`lrtfhl ti up`ftl ir suppclglet tmds rlpirt ir fey dejirgftdie aietfdel` mlrlde.

Pmds ìauglet ds jir dejirgftdiefc purpisls iecy fe` dt ds eit detle`l` fs fe ijjdadfc aiejdrgftdie ij fey trfesfatdie. Fcc gfrhlt prdals, `ftf fe` itmlr

dejirgftdie frl eit wfrrfetl` fs ti aigpcltlelss ir faaurfay fe` frl sunolat ti amfekl wdtmiut eitdal. Pml dejirgftdie deacu`l` de tmds ìauglet ds

nfsl` upie slclatl` puncda gfrhlt `ftf fe` rljclats prlvfdcdek aie`dtdies fe` tml Futmirs vdlws fs ij tmds `ftl, fcc ij wmdam frl faair`dekcy sunolat ti

amfekl. Pml Futmirs ipdedies fe` lstdgftls aiestdtutl f nlst ljjirts ou`kglet fe` smiuc` nl rlkfr`l` fs de`daftdvl, prlcdgdefry fe` jir dccustrftdvl

purpisls iecy. Fey devlstglet devicvls sunstfetdfc rdshs, deacu`dek, nut eit cdgdtl` ti, prdadek vicftdcdty, def`lquftl cdqud`dty, fe` tml pitletdfc aigpcltl

ciss ij prdeadpfc. Pmds rlpirts lstdgftl` jue`fgletfc vfcul iecy rlprlslets f nlst ljjirts lstdgftl ij tml pitletdfc jue`fgl etfc vfcuftdie ij f spladjda

slaurdty, fe` ds eit lxprlssl` fs, ir dgpcdl` fs, fsslssglets ij tml qufcdty ij f slaurdty, f suggfry ij pfst plrjirgfeal, ir fe fatdiefncl devlstglet

strftlky jir fe devlstir.

Pmds iauglet ils eit de fey wfy aiestdtutl fe ijjlr ir sicdadtftdie ij fe ijjlr ti nuy ir slcc fey devlstglet, slaurdty, ir aiggi`dty dsaussl` mlrldeir ij fey ij tml fjjdcdftls ij tml Futmirs. Fcsi, tmds ìauglet ìls eit de fey wfy aiestdtutl fe ijjlr ir sicdadtftdie ij fe ijjlr ti nuy ir slcc fey slaurdty

de fey ourds`datdie de wmdam suam fe ijjlr wiuc` nl uecfwjuc ue`lr tml slaurdtdls cfws ij suam ourds`datdie. Pi tml nlst ij tml Futmirs fndcdtdls fe`

nlcdljs, fcc dejirgftdie aietfdel` mlrlde ds faaurftl fe` rlcdfncl. Pml Futmirs rlslrvl tml rdkmts jir tmldr fjjdcdftls, ijjdalrs, fe` lgpciylls ti mic` afsm

ir `lrdvftdvl pisdtdies de fey aigpfey `dsaussl` de tmds ìauglet ft fey tdgl. Fs ij tml irdkdefc puncdaftdie `ftl ij tmds ìauglet, devlstirs smiuc`

fssugl tmft tml Futmirs mfvl pisdtdies de jdefeadfc `lrdvftdvls tmft rljlrleal tmds slaurdty fe` stfe` ti pitletdfccy rlfcdzl kfdes de tml lvlet tmft tml

gfrhlt vfcuftdie ij tml aigpfeys aiggie lqudty ds ciwlr tmfe prdir ti tml irdkdefc puncdaftdie `ftl. Pmlsl fjjdcdftls, ijjdalrs, fe` de`dvdùfcs smfcc

mfvl ei incdkftdie ti dejirg fey devlstir fniut tmldr mdstirdafc, aurrlet, fe` juturl trf`dek fatdvdtdls. De f``dtdie, tml Futmirs gfy nleljdt jrig fey

amfekl de tml vfcuftdie ij fey itmlr aigpfedls, slaurdtdls, ir aiggi`dtdls `dsaussl` de tmds ìauglet. Fefcysts wmi prlpfrl` tmds rlpirt frl

aigplesftl` nfsl` upie (fgiek itmlr jfatirs) tml ivlrfcc prijdtfndcdty ij tml Futmirs iplrftdies fe` tmldr fjjdcdftls. Pml aigplesftdie struaturl jir

tml Futmirs fefcysts ds klelrfccy f `lrdvftdvl ij tmldr ljjlatdvlelss de klelrftdek fe` aigguedaftdek elw devlstglet d`lfs f e` tml plrjirgfeal ijrlaiggle`l` strftlkdls jir tml Futmirs. Pmds aiuc` rlprlslet f pitletdfc aiejcdat ij detlrlst de tml stftlglets fe` ipdedies de tml Futmirs ìauglets.

Pml dejirgftdie aietfdel` de tmds ìauglet gfy deacu`l, ir deairpirftl ny rljlrleal, jirwfr`-ciihdek stftlglets, wmdam wiuc` deacu`l fey stftlglets

tmft frl eit stftlglets ij mdstirdafc jfat. Fey ir fcc ij tml Futmirs jirwfr`-ciihdek fssugptdies, lxplatftdies, priolatdies, detletdies ir nlcdljs fniut

juturl lvlets gfy ture iut ti nl wriek. Pmlsl jirwfr`-ciihdek stftlglets afe nl fjjlatl` ny defaaurftl fssugptdies ir ny heiwe ir ueheiwe rdshs,

uealrtfdetdls fe` itmlr jfatirs, gist ij wmdam frl nlyie` tml Futmirs aietric. Devlstirs smiuc` aieùat de`lple`let ùl `dcdkleal, wdtm fssdstfeal

jrig prijlssdiefc jdefeadfc, clkfc fe` tfx lxplrts, ie fcc slaurdtdls, aigpfedls, fe` aiggi`dtdls `dsaussl` de tmds ìauglet fe` `lvlcip f stfe`-fciel

ou`kglet ij tml rlclvfet gfrhlts prdir ti gfhdek fey devlstglet `ladsdie.

Documents

Sahm Adrangi Kerrisdale Capitals Top Equity Investment