:HWHVWHGWKH+VHWXVLQJD.OHLQ.FRORULPHWHUD0XULGHR6,;
VLJQDOJHQHUDWRUDQG3RUWUDLW'LVSOD\¶V&DOPDQVRIWZDUH2QRXU6'5FRQWUDVW
WHVWVWKH+*VKRZHGDSHDNEULJKWQHVVRIFGPAZKHQPHDVXUHG
ZLWKDIXOOVFUHHQZKLWH¿HOGDQGFGPAZKHQPHDVXUHGZLWKDQ
SHUFHQWZKLWH¿HOG,WGHOLYHUHGDUHDVRQDEO\GDUNEODFNOHYHORIFG
PA7KDWZRUNVRXWWRDUHVSHFWDEOHFRQWUDVWUDWLRZKLFKLVMXVW
VOLJKWO\ORZHUWKDQWKH5)
:LWKDQ+'5VLJQDOWKH+PDQDJHGDSHDNEULJKWQHVVRIFGPA
RQDIXOOVFUHHQZKLWH¿HOGDQGFGPARQDQSHUFHQWZKLWH¿HOG
:LWKDEODFNOHYHORIFGPAWKH+¶V+'5FRQWUDVWUDWLRFRPHVLQDWD
YHU\JRRGWKRXJKQRWTXLWHDVLPSUHVVLYHDVWKH9L]LR36HULHV
4XDQWXP;3;¶VFRQWUDVWUDWLR7KH7&/5JHWVEULJKWHU
WKDQWKH+FGPAEXWLWVKLJKHUEODFNOHYHOVFGPA
DGGXSWRDORZHUFRQWUDVWUDWLR
7KH+GHOLYHUVYHU\DFFXUDWH6'5VWDQGDUGG\QDPLFUDQJHFRORUVULJKWRXW
RIWKHER[:KLWHVUHGVJUHHQVDQGEOXHVDUHDOOYHU\FORVHWRWKHLULGHDO
WDUJHWVDVDUHVHFRQGDU\FRORUVPDJHQWDDQGF\DQ<HOORZLVVSRWRQ7KH+¶V
+'5FRORUSHUIRUPDQFHLVQRWTXLWHDVDFFXUDWHDVLWV6'5SHUIRUPDQFH7KDW
VDLGDOWKRXJKJUHHQVDQGZKLWHVDUHDELWR̆WKH\KDYHQRH̆HFWRQRYHUDOO
SLFWXUHTXDOLW\
,QIDFWWKH+*GLGDZRQGHUIXOMRERIGLVSOD\LQJ.YLGHRLQWHVWLQJ&RORUV
DSSHDUHGVDWXUDWHGDQGXQLIRUPLQ0DUYHO¶V$YHQJHUV,Q¿QLW\:DU and image
GHWDLOZDVH[TXLVLWH7KHSDQHO¶VEODFNOHYHOSURZHVVFDPHLQWRSOD\LQ1HWÀL[¶V
³6WUDQJHU7KLQJV ́ZKLFKLVQRWRULRXVIRULWVGDUNFLQHPDWRJUDSK\6KDGRZ
GHWDLOVZHUHVKDUSHVSHFLDOO\GDUNLPDJHVDJDLQVWDEODFNRUYHU\GDUN
EDFNJURXQGLQWKHRSHQLQJVFHQHRI³7KH0DOO5DWV ́HSLVRGH
,QSXWODJPHDVXUHGPVLQ7KHDWHUPRGHZKLFKLVXQDFFHSWDEOHIRUJDPLQJ
%XWZKHQZHHQDEOHGWKH+¶VDPLQJPRGHWKDWQXPEHUGURSSHGWRPV
7KLVPHDVXUHPHQWLVWDNHQXVLQJROGHUHTXLSPHQWGXHWRRXUFXUUHQWWHVWLQJ
HQYLURQPHQWVDQGLVQRWGLUHFWO\FRPSDUDEOHZLWKWKHPHDVXUHPHQWZHJRWZLWK
ODVW\HDU¶V+LVHQVH5)PVEXWWKHPHDVXUHGLQSXWODJLVVWLOOZHOOEHORZ
WKHPVWKUHVKROGZHXVHWRFRQVLGHUZKHWKHUD79LVJRRGIRUJDPLQJ