. 1
( 6 .)



>>

&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 




*(73$,'726+23




*HW3DLGWR(DW
*HW3DLGWR&UXLVHWKH:RUOG«
7DNH/X[XU\+ROLGD\V«
3OD\ *ROI«
6WD\LQWKH:RUOG¶V%HVW+RWHOV«
9LVLW:RUOGZLGH7KHPH3DUNVDQG/HLVXUH5HVRUWV«
%DVNRQD&DULEEHDQ,VODQG«
7DNHDQ$IULFDQ6DIDUL

&RS\ULJKW$YULO+DUSHU0HDQGHU3UHVV


'LVFODLPHU

$OOLQIRUPDWLRQLVSURYLGHGLQJRRGIDLWKDQGLVDFFXUDWHWRWKHEHVWRIRXUNQRZOHGJH7KLVGRFXPHQWLVIRULQIRUPDWLRQ
SXUSRVHVRQO\DQGGRHVQRWLPSDUWOHJDORUILQDQFLDODGYLFHWRUHDGHUVZKRPXVWFRQVXOWWKHLURZQOHJDODQGSURIHVVLRQDO
DGYLVRUVEHIRUHVSHQGLQJPRQH\RUWDNLQJDFWLRQRIDQ\NLQGEDVHGRQDFFHSWLQJDVVLJQPHQWVRURSHUDWLQJDEXVLQHVVVXFK
DVRXWOLQHGLQWKLVGRFXPHQW


1RSDUWRIWKLVERRNFDQEHFRSLHGE\DQ\PHDQVZKDWVRHYHULQSDUWRUWRWDOZLWKRXWWKHH[SUHVVZULWWHQSHUPLVVLRQRI WKH
FRS\ULJKWKROGHUV
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 




&217(176 3$*(


&RQWHQWV 3DJH 1XPEHU
&RQWHQWV 3DJH 1XPEHU
7KH0\VWHU\6KRSSLQJ([SHULHQFH 

,QWURGXFWLRQ7R0\VWHU\6KRSSLQJ 

:K\)LUPV8VH0\VWHU\6KRSSHUV 

0DLQ&DWHJRULHVRI0\VWHU\6KRSSLQJ 

7\SLFDO$VVLJQPHQWV 

:KDW<RX:LOO1HHG 

*HWWLQJ$VVLJQPHQWV 

$7\SLFDO:RUNLQJ'D\ 

3DSHUZRUN 

*HWWLQJ3DLG 

7LSV 

6XPPDU\ 

,OOXVWUDWLRQ2QH 
6DPSOH/HWWHULQ5HVSRQVHWR$GYHUWLVHPHQWIRU
0\VWHU\6KRSSHUV

,OOXVWUDWLRQ7ZR 
7\SLFDO&RYHU/HWWHUDQG5HVXPH&XUULFXOXP9LWDH

:RUOGZLGH0\VWHU\6KRSSLQJ&RPSDQLHV 
1HZVJURXSVDQG'LVFXVVLRQ*URXSV/LQN6LWHVHWF
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 

7KH 0\VWHU\ 6KRSSLQJ ([SHULHQFH




:KR :DQWWV WWR *HWW SDLLG WWR 6KRS (DWW DWW 7RS &OODVV 5HVWWDXUDQWWV
:KR :DQ V R *H SD G R 6KRS (D D 7RS & DVV 5HV DXUDQ V
7DNH D :RUOOG &UXLLVH 6XQEDWWKH RQ &DULLEEHDQ 6KRUHV"
7DNH D :RU G &UX VH 6XQED KH RQ &DU EEHDQ 6KRUHV"

6RXQGVWRRJRRGWREHWUXHOLNHDQLPSRVVLEOHGUHDPSHUKDSV"

:HOOLWLVQ¶WDGUHDPWKLVVRUWRIWKLQJKDSSHQVHYHU\GD\WRP\VWHU\VKRSSHUV

$VFRPSHWLWLRQJURZVDQGSUHVVXUHLQFUHDVHVRQFRPSDQLHVWRPDLQWDLQRUEHWWHUVWLOOLPSURYHWKHLU
PDUNHWVKDUHPRUHDQGPRUHRSHQLQJVZLOODSSHDUIRUP\VWHU\VKRSSHUVLQDOODUHDVRIFRPPHUFHLQ
EDQNVDQGEXLOGLQJVRFLHWLHVVKRSVDQGVXSHUPDUNHWVKRWHOVDQGJDUDJHVRQKROLGD\IOLJKWVDQG
FUXLVHVKLSVDQGPXFKPRUH

1R %HWWWWHU 7LLPH WWR %HFRPH D 0\VWWHU\ 6KRSSHU « 1R %HWWWWHU 7LLPH WWR 6WWDUWW
1R %H HU 7 PH R %HFRPH D 0\V HU\ 6KRSSHU « 1R %H HU 7 PH R 6 DU
<RXU 2ZQ 0\VWWHU\ 6KRSSLLQJ %XVLLQHVV
<RXU 2ZQ 0\V HU\ 6KRSS QJ %XV QHVV

)LUPVQHHGWRNQRZKRZWKH\DUHSHUFHLYHGE\FXVWRPHUVDQGLIULYDOILUPVDUHVHWWLQJHYHQKLJKHU
VWDQGDUGVDQGDWWUDFWLQJFXVWRPHUVIURPWKHP

+HQFHWKHQHHGIRUUHJXODUFKHFNVWREHPDGHRQDOODVSHFWVRIDEXVLQHVVIURPSURGXFWUDQJHDQG
TXDOLW\RIFKRLFHWRVWDIIDWWLWXGHVFXVWRPHUFDUHDIWHUVDOHVVHUYLFH

%XWWKHUH¶VQR HDV\ZD\IRUILUPVWRLQYHVWLJDWHWKHPVHOYHV6WDIIZKRNQRZWKH\DUHEHLQJZDWFKHG
ZRUNKDUGHUJLYLQJDIDOVHLPSUHVVLRQWRUHVHDUFKHUVRUZRUVHVWLOOWKH\FRQVLGHUWKHLUHPSOR\HUVDUH
VS\LQJRQWKHPLQWHQWRQFDWFKLQJWKHPRXWDQGOHDGLQJWRVWDIIWHUPLQDWLRQDQGUHGXQGDQF\6R
EXVLQHVVRZQHUVDVNPDUNHWUHVHDUFKFRPSDQLHVWRVHQGHYHU\GD\VKRSSHUVWRHYDOXDWHWKHPVHFUHWO\
DQGUHSRUWRQWKHLUILQGLQJV

0\VWHU\VKRSSHUVJRXQGHWHFWHGLQWRDEXVLQHVVVHHLQJWKLQJVDVWKH\UHDOO\DUHWKURXJKWKHH\HVRI
SHRSOHZKRUHDOO\PDWWHU FXVWRPHUV:KDWWKH\VHHDQGWKHVHUYLFHWKH\UHFHLYHZLOOQRWEH
DIIHFWHGE\ZKRWKH\DUHDQGZKDWLQIOXHQFHWKH\KDYHRYHUVWDII
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 


:RXOOG <RX /LLNH WWR %H 3DUWW RII D %XVLLQHVV 7KDWW¶¶V  7ULLHG 7HVWWHG DQG 3URYHQ
:RX G <RX / NH R %H 3DU R D %XV QHVV 7KD V  7U HG 7HV HG DQG 3URYHQ
WWR :RUN « $QG :RUNV (YHQ %HWWWWHU LLQ D 5HFHVVLLRQ"
R :RUN « $QG :RUNV (YHQ %H HU Q D 5HFHVV RQ"

+HUH¶VZK\WKRXVDQGVRIILUPVQHHGSHRSOHOLNH\RX

N &RPSDQLHVSUHIHUWRKLUHH[SHULHQFHGIUHHODQFHVKRSSHUVWKDQHPSOR\QHZVWDIILQYHVWLJDWRUV
ZKRZLOOTXLFNO\EHFRPHUHFRJQL]HGDQGRIOLWWOHIXUWKHUXVH

N 3RRUVHUYLFHLVWKHQXPEHURQHUHDVRQFXVWRPHUVPRYHHOVHZKHUHPHDQLQJQRFRPSDQ\FDQ
DIIRUGWREHFRPSODFHQWRUIDLOWRFKHFNVWDQGDUGVRIFXVWRPHUFDUH(YHQWDNLQJWRRORQJWR
DQVZHUWKHWHOHSKRQHRUUHSOHQLVKVKHOYHVKDYLQJLQDGHTXDWHSDUNLQJIDFLOLWLHVHPSOR\HH
WKHIWDQGSRRUVWDIIFXVWRPHUUHODWLRQVFDQIRUFHILUPVRXWRIEXVLQHVVIDVW

N 2QHGLVVDWLVILHGFXVWRPHUWHOOVDQHVWLPDWHGVL[WHHQSHRSOHPRUHDERXWWKHLUH[SHULHQFH
PHDQLQJHYHQJUHDWHUORVVRISDWURQDJHDQGSURILWVIRUEXVLQHVVRZQHUV

<RX +DYH D &DSWLLYH $XGLLHQFH RI &OOLLHQWV
<RX +DYH D &DSW YH $XG HQFH RI & HQWV
%\EHFRPLQJDP\VWHU\VKRSSHURUVWDUWLQJ\RXURZQEXVLQHVV\RX¶OOEHSURYLGLQJDPXFKQHHGHG
VHUYLFHWRFRPSDQLHVRIDOOW\SHVDQGVL]H7KHZRUNLVH[FLWLQJ\RX¶UHZRUNLQJ XQGHUFRYHUYLVLWLQJ
PDQ\W\SHVRIEXVLQHVVKHOSLQJWKHPLQYHVWLJDWHWKHPVHOYHVKHOSLQJWKHPLQFUHDVHWKHLUPDUNHW
VKDUHKHOSLQJH[SORGHWKHLUSURILWVKHOSLQJWKHPVXUYLYHZKLOHRWKHUVIORXQGHU)RUWKLVWKH\¶OO
SD\\RXZHOO

<RX¶OO +HDU 6HYHUDO 1DPHV 8VHG WR 'HVFULEH WKH %XVLQHVV DQG 3HRSOH ,QYROYHG
0\VWHU\ 6KRSSLQJ *KRVW 6KRSSLQJ )RFXV *URXSV 6HFUHW 6KRSSLQJ
6HUYLFH (YDOXDWLRQ 0DUNHW 5HVHDUFK 4XDOLW\ $VVXUDQFH &RPPHUFLDO
,QWHOOLJHQFH $JHQW DQG 0RUH

0RVWW 0\VWWHU\ 6KRSSHUV 6WWDUWW %HFDXVH ,WW¶V )XQ «
0RV 0\V HU\ 6KRSSHUV 6 DU %HFDXVH , ¶V )XQ «
«WKH\OLNHWRVKRSHDWRXWWDNHJUHDWKROLGD\VDQGHYHQJHWSDLGWRFROOHFWDOOWKLVDPD]LQJ
IUHHVWXII

7KH\HQMR\WKHYDULHW\RIWKHLUµZRUNLQJ¶GD\WKHIDFWWKDWQRWZRµMREV¶DUHHYHUWKHVDPHWKH
FHUWDLQW\RIPRUHWKDQHQRXJKRSSRUWXQLWLHVH[LVWLQJHYHU\GD\WRHQVXUHWKH\QHYHUILQG
WKHPVHOYHVXQHPSOR\HGWKHVLPSOHWUXWKWKDWDVEXVLQHVVEHFRPHVPRUHFRPSHWLWLYHWKH
QXPEHURIRSSRUWXQLWLHVDQGUHZDUGVZLOOFRQWLQXHWRJURZ

$UHJXODUP\VWHU\VKRSSHUFDQHDVLO\HDUQDIXOOWLPH ZDJHIRUMXVWDIHZKRXUVZRUNHDFKGD\
VRPHWLPHVPXFKPRUHGHSHQGLQJRQZRUNLWVHOIDQGWKHWLPHLQYROYHG,I\RXFDQFDOOWKLVµZRUN¶

3HRSOHRIDOODJHVFDQDSSO\WREHFRPHP\VWHU\VKRSSHUVHYHQFKLOGUHQZLWKWKHLUSDUHQWV¶
SHUPLVVLRQDQGPDQ\VSHFLDOLVWRSHQLQJVH[LVWIRUROGHUPLQRULW\DQGVSHFLDOJURXSVVXFKDV
ZKHHOFKDLUXVHUVDQGKRXVHERXQGVKRSSHUV
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 


/RWWV RII µµ:RUN WWR *R 5RXQG
/R V R :RUN R *R 5RXQG

,WVHHPVKLULQJFRPSDQLHVDUHFRQVWDQWO\VHHNLQJPRUHKHOSHUV 7KHEXVLQHVVLVJURZLQJUDSLGO\DV
ILUPVILJKWKDUGWRPDLQWDLQWKHLUPDUNHWVKDUHDQGNHHSRQHVWHSDKHDGRIWKHRSSRVLWLRQ

:KHWKHU\RX¶UHORRNLQJWRVXSSOHPHQW\RXULQFRPHRUPDNHJRRG DQGSURILWDEOH XVHRI\RXUVSDUH
WLPHSHUKDSV\RXDUHVHHNLQJDQHZHUPRUHH[FLWLQJDQGIOH[LEOHZD\WRHDUQPRQH\LQ\RXUVSDUH
WLPH IXOOWLPHLI\RXOLNH HYHQVWDUW\RXURZQZHOOSDLGEXVLQHVVWKHQWKHP\VWHU\VKRSSLQJ
H[SHULHQFHLVMXVWULJKWIRU\RX

:RUNIRUVL[VHYHQRUHYHQPRUHFRPSDQLHVDQG\RXUUDQJHRIWDVNVSD\PHQWVDQGSHUNVFDQ
LQFUHDVHVLJQLILFDQWO\,QIDFWRXUH[SHUWFRQVXOWDQWVKLJKO\VXFFHVVIXOP\VWHU\VKRSSHUVWKHPVHOYHV
VKRZKRZWRJDLQSURILWDEOHDVVLJQPHQWVHYHU\GD\RIWKHZHHNDQG«

«%HVWRI$OO«<RX&DQ(YHQ6WDUW<RXU2ZQ,QWHUQDWLRQDO0\VWHU\
6KRSSLQJ%XVLQHVV:RUNLQJ$ORQHWR.HHS$OO7KRVH)DEXORXV)UHH*RRGVDQG
6HUYLFHV)RU<RXUVHOIRU5HFUXLWLQJ2WKHUVWR'R7KH:RUN:KLOH<RX%DQN
)HHV5DQJLQJ)URP+XQGUHGVRI'ROODUVD:HHNWR6HYHUDO7KRXVDQG
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 

,QWURGXFWLRQ WR 0\VWHU\ 6KRSSLQJ
+DYH\RXHYHUKDGDKRUULEOHPHDOLQDUHVWDXUDQWRUHQFRXQWHUHGDUXGH
VDOHVSHUVRQLQDVXSHUPDUNHW"

+DYH\RXHYHUUHFHLYHGH[FHSWLRQDOVHUYLFHDWWKHJDUDJHLQDGRFWRUV¶VXUJHU\
DWWKHKDLUGUHVVHUVSHUKDSV"

:RXOG\RXOLNH\RXURSLQLRQVWRPDNHDGLIIHUHQFHWRWKHNLQGRIVHUYLFH
SHRSOHUHFHLYHLQVKRSVDQGRWKHUFRPPHUFLDORXWOHWV"




&DQ <RX 7HOOOO &KHDS 3OORQN )URP 9LLQWWDJH :LLQH"
&DQ <RX 7H &KHDS 3 RQN )URP 9 Q DJH : QH"

,IVR\RX¶UHMXVWWKHNLQGRISHUVRQPLOOLRQVRIILUPVDOORYHUWKHZRUOGHPSOR\WRMXGJHWKHLU
EXVLQHVVWKURXJKWKHH\HVRIWKRVHZKRUHDOO\PDWWHU FXVWRPHUV

)LUPVRIDOOVL]HVHPSOR\SHRSOHWRVKRSDQGFRPSOHWHDTXHVWLRQQDLUHRUUHSRUWEDFNRQYDULHW\DQG
FKRLFH RISURGXFWVSULFHVLQVWRUHK\JLHQHDQGFOHDQOLQHVVHIILFLHQF\RIVWDIIVWRUHOD\RXWOHQJWKRI
TXHXHVDWWKHFKHFNRXWDQGVRRQLQWKHLURZQDQGFRPSHWLQJRXWOHWV

7DVNVYDU\DFFRUGLQJWRFOLHQWVDQGUHTXLUHPHQWV2QHFOLHQWPLJKWQHHGWRNQRZKRZTXLFNO\VWDII
DQVZHUWHOHSKRQHFDOOVVRPHWKLQJDP\VWHU\VKRSSHUFDQHVWLPDWHIURPKRPHZKLOHDQRWKHUZDQWV
WRNQRZDWZKDWWLPHVRIGD\FKHFNRXWTXHXHVDUHORQJHUWKDQVL[SHRSOHGHHSPHDQLQJRQHRUD
WHDPRIP\VWHU\VKRSSHUVZLOOYLVLWVWRUHVRYHU VHYHUDOGD\V
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 

:K\ )LUPV 8VH 0\VWHU\ 6KRSSHUV




³0\VWHU\ 6KRSSHUV *R 8QGHWHFWHG ,QWR D %XVLQHVV
&ULWLTXH WKH 3URGXFWV DQG 6HUYLFHV DQG 6XEPLW
D &RPSOHWHG 5HSRUW WR 7KHLU (PSOR\HU´
/HDGLQJ 86 PDUNHW UHVHDUFK FRPSDQ\
VSHFLDOL]LQJ LQ SODFHPHQW RI P\VWHU\ VKRSSHUV
:KDWWKH\VHHDQGWKHVHUYLFHWKH\UHFHLYHZLOOQRWEHGLVWRUWHGE\ZKRWKH\DUHRUZKDWLQIOXHQFH
WKH\KDYHRYHUVWDII ,W¶VD ELWOLNHUROHSOD\LQJRUDFWLQJZKHUHWKHPDNHEHOLHYHVHVVLRQLVGHVLJQHG
WRUHVHPEOHWKHUHDOOLIHH[SHULHQFHDVFORVHO\DVSRVVLEOH

7KHUH¶¶V D ELLWW RII DQ DFWWRU LLQ HYHU\ VXFFHVVIIXOO P\VWWHU\ VKRSSHU
7KHUH V D E R DQ DF RU Q HYHU\ VXFFHVV X P\V HU\ VKRSSHU
(PSOR\HHVZKRNQRZWKH\¶UHEHLQJZDWFKHGWHQGWRSHUIRUPEHWWHUKHQFHWKHSUHIHUHQFHIRUD
P\VWHU\VKRSSHUZKRDSSHDUVOLNHDQ\RWKHUFXVWRPHUDQGZLOOEHWUHDWHGH[DFWO\WKHVDPH

6RP\VWHU\VKRSSHUVHYDOXDWLQJKLJKVWUHHWVKRSVDQGVXSHUPDUNHWVSUHWHQGWREHJHQXLQHFXVWRPHUV
DQGZLOOVHOHFWJRRGVDVNTXHVWLRQVDSSURDFKVWDIIYLVLWWKHWRLOHWVHDWLQWKHFDIHWHULDDQGJR
WKURXJKWKHFKHFNRXWLQWKHVDPHZD\DVHYHU\RQHHOVH1RRQHZLOONQRZZKRWKH\DUHRUZKDWWKH\
DUHUHDOO\GRLQJQRWHYHQPDQDJHPHQW

7KHJUHDWWKLQJDERXWP\VWHU\VKRSSLQJLVWKDW\RXFDQRIWHQZRUNKRXUVWKDWVXLW\RXEHVW$QG
\RX¶OOHYHQILQGRXUDGYLFHKHOSV\RXSLFNDQGFKRRVHMREV\RX¶OOUHDOO\HQMR\DQGHYHQWKHJRRGV
\RXZDQWWRWDNHKRPHIUHH

7DNHDORRNDWMXVWDKDQGIXORIKXQGUHGVRIRIIHUVLQP\HPDLOWRGD\

N 6HYHUDORSHQLQJVH[LVWIRU,QWHUQHWXVHUVWRVKRSRQOLQHZLWKPDMRUVKRSVDQGWR
UHSRUWEDFNRQDSSHDUDQFHRIZHEVLWHVHDVHDQGVSHHGRIQDYLJDWLQJEHWZHHQOLQNV
FKRLFHRIJRRGVDQGVHUYLFHVSULFHFRPSDULVRQVGHOLYHU\WLPHVDQGVRRQ0DMRU
SOD\HUVLQWKLVOHDJXHLQFOXGH7R\V58V JUHDWIRUJHWWLQJJLIWVIRUWKHNLGVDW
&KULVWPDV DQG$PD]RQERRNV3D\PHQWYDULHVEHWZHHQFRPSDQLHVDQGPRVWJRRGV
DUH\RXUVWRNHHSIUHHRIFKDUJH$OOZLWKRXWHYHUOHDYLQJKRPH
&RS\ULJKW$YULO+DUSHU KWWSZZZDYULOKDUSHUFRP 


N $QLQWHUQDWLRQDOP\VWHU\VKRSSLQJDJHQF\ZDQWVLQGLYLGXDOVWRKDQGRXWGULQNV
FRXSRQVLQUHWDLOORFDWLRQVDFURVV(XURSH7KHMRESD\VDQKRXUDQG\RXFRXOG
HYHQWUDYHODFURVV(XURSHIXQGLQJ\RXUWULSIURPWKLVRQHRSSRUWXQLW\DORQH:KDW
EHWWHUZD\IRUVWXGHQWVDQGEDFNSDFNHUVWRVHHWKHZRUOGRQDVKRHVWULQJEXGJHW"

N $OHDGLQJ86P\VWHU\VKRSSLQJDJHQF\VHHNVLQGLYLGXDOVLQDOO(QJOLVK VSHDNLQJ
FRXQWULHVWRFROOHFWGLUHFWPDLORIIHUV± FRPPRQO\FDOOHGµMXQN¶PDLO GURSSLQJ
WKURXJKWKHLUOHWWHUER[HVHDFKGD\ZKLFKPXVWEHEXQGOHGDQGSRVWHGEDFNWRWKH
FRPSDQ\3D\PHQWLVSHULWHPUHWXUQSRVWDJHLVSURYLGHG$QRWKHUJUHDWZD\WR
ZRUNIURPKRPHFDVKLQJLQRQVWXII\RXQRUPDOO\KDWH

. 1
( 6 .)



>>