&DUERQ0DUNHW'DLO\ $3RLQW&DUERQ1HZVSXEOLFDWLRQ

9ROXPH,VVXH         -XO\

5XVVLDDSSURYHV¿UVW-,SURMHFWV
%\0DUWRQ.UXSSD
5XVVLDWRGD\JDYHWKHJUHHQOLJKWWRSURMHFWVDLPLQJ XQWLOWKHPLQLVWHULDORUGHURQWKHDSSURYDOJHWVSXEOLVKHG
WRHDUQFDUERQFUHGLWVXQGHUWKH.\RWRSURWRFRO KHDGGHGZLWKRXWJLYLQJDVSHFLÀFGDWH
7KHDSSURYHGSURMHFWVKDYHWKHSRWHQWLDOWRJHQHUDWH ,Q)HEUXDU\5XVVLDODXQFKHGDWHQGHUWKURXJKVWDWH
PLOOLRQHPLVVLRQUHGXFWLRQXQLWV(58VXSWRD RZQHGEDQN6EHUEDQNZKLFKDWWUDFWHGFRPSDQLHV
VHQLRURIÀFLDOZLWKWKH5XVVLDQPLQLVWU\RIHFRQRP\WROG VHHNLQJWRFXWHPLVVLRQVLQUHWXUQIRU(58V
3RLQW&DUERQ1HZV 7KHSURMHFWVVXEPLWWHGE\WKHVHFRPSDQLHVDLPWR
7KHSURMHFWVDUHDPRQJWKHLQLWLDWLYHVWKDWDS UHGXFHHPLVVLRQVE\DWRWDORIPLOOLRQWRQQHVRI
SOLHGIRUFDUERQÀQDQFHXQGHUWKH.\RWRSURWRFRO·VMRLQW FDUERQGLR[LGHHTXLYDOHQWGXULQJWKH\HDUV
LPSOHPHQWDWLRQ-,PHFKDQLVPHDUOLHUWKLV\HDU2OHJ 7KHDSSURYDOIROORZV\HDUVRIGHOD\VLQJHWWLQJJRYHUQ
3OX]KQLNRYVDLG PHQWFRQVHQWIRU5XVVLDQ-,SURMHFWV
7KHDSSURYDOKDGEHHQH[SHFWHGWREHJLYHQE\WKH ´7KLVLVDPDMRUKXUGOH7KHPDLQREVWDFOHVRIDUKDV
JRYHUQPHQWLQ$SULOZKLFKZRXOGKDYHDOORZHGWKHÀUVW EHHQDSSURYDOE\KRVWFRXQWULHVDQG5XVVLDKDVEHHQ
LVVXDQFHRI(58VLQ2FWREHU DODUJHERWWOHQHFNEHFDXVHWKH\KDYHDOLRQ·VVKDUHRI-,
´1RYHPEHULVPRUHUHDOLVWLFQRZIRUWKHÀUVWSURMHFWV SURMHFWVDQGWKH\KDYHQ·WGRQHDQ\WKLQJWRGDWHµ%HQRLW
WREHLVVXHGZLWKFDUERQFUHGLWVµ3OX]KQLNRYVDLG /HJXHWFKDLURIWKH81·VMRLQWLPSOHPHQWDWLRQVXSHUYL
7KHOLVWRIDSSURYHGSURMHFWVZLOOQRWEHPDGHSXEOLF VRU\FRPPLWWHHWROG5HXWHUV

(8$VGURSWRZHHNORZ (8(7627&(8$DQG&(5FORVLQJSULFHV½W

%\-HII&RHOKR 'HOLYHU\ (8$  &(5  'LII
6SRW     
(XURSHDQ&2DOORZDQFHVZHUHKDPPHUHGRQ0RQGD\
'HF     
DPLGDVOLGHLQHQHUJ\SULFHVQRWDEO\JDV
%\&(7WKHEHQFKPDUNFDUERQSULFHIRU'H 'HF     
FHPEHUGHOLYHU\ZDVYDOXHGDW½GRZQ½ 'HF     
IURPWKHSUHYLRXVGD\·VFORVHLQWKHFOHDUHGEURNHU 'HF   1$ 1$ 1$
PDUNHWDWWKHVDPHWLPH
6WULS     
,WZDVWKHFRQWUDFW·VORZHVWFORVHLQWKHEURNHUHG
6WULSHTXDOVWKHDYHUDJHFORVLQJSULFHIRUWKHDQGFRQWUDFWVDQG'LII
PDUNHWVLQFH$SULOZKHQLWÀQLVKHGDW½DF HTXDOVWKHSULFHGLIIHUHQFHEHWZHHQ(8$VDQG&(5VIRUWKDWYLQWDJH)RUPRUHLQIRUPDWLRQ
FRUGLQJWR3RLQW&DUERQGDWD RQSULFHVLQFOXGLQJIUHHGRZQORDGVRISULFHVFOHDQDGMXVWHGVSDUNDQGGDUNVSUHDGVDQG
IXHOVZLWFKOHYHOVSOHDVHYLVLWKWWSZZZSRLQWFDUERQFRPQHZVPDUNHWGDWD
2QWKH(XURSHDQ&OLPDWH([FKDQJHWKHEHQFKPDUN
FDUERQSURGXFWKLWDQLQWUDGD\ÁRRURI½LWVORZ
HVWVLQFH$SULODQGPRUHWKDQSHUFHQWGRZQIURP (8$&(5SULFHV½
LWVRSHQLQJWUDGHRI½WRGD\ 19
EUA
$OWKRXJKFDUERQZDVZHDNHULQOLQHZLWKÁDJJLQJ 17 CER

*HUPDQSRZHUDQG8.JDVSULFHVWKLVPRUQLQJDFWLYH
15
VHOOLQJNLFNHGLQZKHQWKH'HFHPEHU(8$EURNH
EHORZNH\WHFKQLFDOVXSSRUWLQODWHWUDGHRQ(XURSH·V 13

PRVWOLTXLGFDUERQH[FKDQJH 11
´2QFHZHEURNHWKDW½OHYHOWKHUHZHUHDORWRI
9
RIIHUVFRPLQJWRWKHPDUNHWµRQHWUDGHUVDLG
7UDGHUVVDLGWKHDEVHQFHRIVXSSRUWIURPFRPSOL 7
03 May 18 May 02 Jun 17 Jun 02 Jul 17 Jul
DQFHEX\HUVKDGH[DFHUEDWHGWKHGRZQZDUGVSLUDOLQ
&RQWLQXHGRQSDJH

)RUPRUHFKDUWVDQGWDEOHVSOHDVHYLVLWZZZSRLQWFDUERQFRPQHZV 
 &DUERQ0DUNHW'DLO\

&RQWLQXHGIURPSDJH 'DLO\(8$YROXPH¶(8$V

FDUERQ 50,000
´,WKLQNLW·VDZDLWDQGVHHJDPHQRZµRQHWUDGHU 45,000
VDLG´,IZHJRORZHUWRWKHORZ½VDJDLQWKDWZLOOEH 40,000
QHJDWLYHIRUWKHFDUERQPDUNHWDVZKROHµ 35,000

,QNH\HQHUJ\PDUNHWVWKH8.QDWXUDOJDVIRUZLQWHU 30,000
25,000
GHOLYHU\ZDVWUDGLQJGRZQSHUFHQWDW 20,000
SHQFHSHUWKHUPDWWKHWLPHRIZULWLQJ 15,000
7UDGHUVVDLGWKH'HFHPEHU(8$DQGZLQWHU 10,000
QDWXUDOJDVFRQWUDFWVKDYHEHHQSRVLWLYHO\FRU 5,000

UHODWHGIRUWKHSDVWVHYHQZHHNVPHDQLQJWKHLUSULFHV 0
03 May 18 May 02 Jun 17 Jun 02 Jul 17 Jul
PRYHLQVLPLODUSDWWHUQV
´$WWKHPRPHQWJDVLVGULYLQJFDUERQµRQHWUDGHU
VDLG
´,ISRZHUDQGJDVFRPHRIIWKHQFDUERQLVFRPLQJRII (8$WUDGLQJUDQJHDQGFORVLQJSULFHV½
²WKDW·VWKHJHQHUDOFRUUHODWLRQµDQRWKHUWUDGHUVDLG 16
´%XWRQVRPHGD\VWKHUHLVDEUHDNLQWKHFRUUHOD
WLRQµKHDGGHG
15
7KH*HUPDQSRZHUEDVHORDGFRQWUDFWZKLFK
JHQHUDOO\PRYHVLQOLQHZLWKFDUERQVHWWOHGDW½
14
0:KDGHFOLQHRI½IURPWKHSUHYLRXVVHVVLRQ·V
FORVHRQWKH(XURSHDQ(QHUJ\([FKDQJH
$URXQGPLOOLRQ(8$VKDGFKDQJHGKDQGVDFURVV 13
13 Jul 16 Jul 19 Jul 22 Jul 25 Jul
DOOSODWIRUPVDWWKHWLPHRIZULWLQJ
,Q81EDFNHGRIIVHWVWKHIURQW\HDU&(5SULFHZDV
YDOXHGDW½LQWKHVHFRQGDU\PDUNHWDW
&(7GRZQ½IURP)ULGD\

&(5VWULS½ (8$PRYLQJDYHUDJHV½
17.00
10 day
14 16.50 15 day
5 day
16.00

12 15.50

15.00

10
03 May 18 May 02 Jun 17 Jun 02 Jul 17 Jul
14.50

14.00
13 Jul 19 Jul 25 Jul

*HUPDQ3RZHUDQG(8$GDLO\ *HUPDQGDUNVSUHDG½0:KDQG(8$½

FKDQJH
27
5%
Dark spread

EUA
0%

22
-5%

-10%

17
-15% German power EUA

-20%
03 May 18 May 02 Jun 17 Jun 02 Jul 17 Jul
12
03 May 18 May 02 Jun 17 Jun 02 Jul 17 Jul

)RUPRUHFKDUWVDQGWDEOHVSOHDVHYLVLWZZZSRLQWFDUERQFRPQHZV 
 &DUERQ0DUNHW'DLO\

(8KRWDLUVXUSOXVHVWLPDWHV DUHFXUUHQWO\OLVWHGE\WKH1HZ<RUN0HUFDQWLOH([FKDQJH
1\PH[ZKLFKLVLWVHOIRZQHGE\WKH&KLFDJR0HUFDQWLOH
JURZ ([FKDQJH&0(
%\0DUWRQ.UXSSD ,WRIIHUVIXWXUHVFRQWUDFWVLQ(8DOORZDQFHV(8$VFHU
WLÀHGHPLVVLRQUHGXFWLRQV&(5V5HJLRQDO*UHHQKRXVH
7KH(8FRXOGHQGXSZLWKQHDUO\ELOOLRQVXUSOXV *DV,QLWLDWLYH5**,DOORZDQFHVDQGFOLPDWHUHVHUYH
HPLVVLRQULJKWVE\HVWLPDWLRQVVKRZ WRQQHVLVVXHVE\WKH&OLPDWH$FWLRQ5HVHUYH
7KLVLVWKHSRWHQWLDODPRXQWRIXQXVHGDVVLJQHG 7KH86FOHDUDQFHZDVJLYHQWKHGD\DIWHUWKHODZPDN
DPRXQWXQLWV$$8VWKDWFRXOGEHOHIWRYHUIURPWKHÀUVW HUVLQWKH6HQDWHDGPLWWHGGHIHDWLQWKHLUDWWHPSWWR
FRPPLWPHQWSHULRGRIWKH.\RWRSURWRFRODQGEDQNHGWR YRWHRQDELOOIRUDQDWLRQDOFDSDQGWUDGHV\VWHPEHIRUH
DQ\SRVWV\VWHPDFFRUGLQJWRDQ(8FRPPLVVLRQ 6HSWHPEHU
VXEPLVVLRQWRWKH81 +RZHYHU*UHHQ([FKDQJH&(27RP/HZLVVDLGWKH
7KHHVWLPDWLRQFRPHVWZRZHHNVDKHDGRIWKHQH[W 6HQDWHVHWEDFNIRU86EDVHGFDUERQWUDGHZDVQRWD
URXQGRI81FOLPDWHWDONVZKLFKZLOOKRSHWRDGGUHVV VXUSULVHDQGZRXOGQRWDOWHUKLVÀUP·VIRFXV
WKHWKRUQ\LVVXHRIZKHWKHUWRDOORZFRXQWULHVWRWUDQVIHU ´:HKDGUHODWLYHO\QRFRQÀGHQFHWKDWDELOOZRXOG
VXUSOXV.\RWRULJKWVLQWRDQ\IXWXUHFRPPLWPHQWSHULRG SDVVWKLV\HDUDQ\ZD\DOWKRXJKZHDUHPXFKPRUH
7KH(8·VSURMHFWLRQRIELOOLRQVXUSOXV$$8VLVVXE RSWLPLVWLFDERXWWKH86PDUNHWLQWKHORQJWHUPµKHWROG
VWDQWLDOO\KLJKHUWKDQZKDWFDUERQPDUNHWDQDO\VWVKDYH 3RLQW&DUERQ1HZV
SUHGLFWHGVRIDU ´2XUFXUUHQWIRFXVKDVEHHQRQ(XURSHDQGZLOOFRQ
/DVW\HDU3RLQW&DUERQFRQVXOWDQWVSURMHFWHGWKDW WLQXHWREHµKHVDLG
WKH.\RWRSHULRGFRXOGEHRYHUVXSSOLHGE\ *UHHQ([FKDQJHLVH\HLQJDVKDUHRIWUDGHLQWKH(8
DURXQGELOOLRQ$$8VRIZKLFKRQO\DURXQGELOOLRQ (76PDUNHWE\IDUWKHELJJHVWFDUERQPDUNHWLQWKH
ZHUHIURPWKH(8 ZRUOGDQGKDVDSSOLHGIRUSHUPLVVLRQIURPWKH8.·V
7KH(8SDSHUHVWLPDWHGWKDWDURXQGELOOLRQVXUSOXV )LQDQFLDO6HUYLFHV$XWKRULW\WRRSHUDWHDVDVWDQGDORQH
$$8VZLOODULVHIURPWKHIDFWWKDWPDQ\PHPEHUVWDWHV H[FKDQJHLQWKHFRXQWU\
DUHRQWUDFNWREHDWWKHLU.\RWRWDUJHWV
%XWFRPSDQLHVVXUUHQGHULQJFDUERQFUHGLWVWRPHHW $YLDWLRQFDSGRXEWVOLQJHU
WDUJHWVXQGHUWKH(8HPLVVLRQVWUDGLQJV\VWHPQDWLRQDO
%\%HQ*DUVLGH
EXGJHWVIRUEX\LQJ&'0DQG-,FUHGLWVDQGJUHDWHUXVH
RIVLQNVVXFKDVIRUHVWVFRXOGGLVSODFHDIXUWKHU
$LUOLQHVZLOOKDYHWRZDLWXQWLO4WROHDUQZKDWWKHLU&2
PLOOLRQXQLWV
FDSVZLOOEHLQWKH(8(76
7KH(8LVVSOLWRYHUZKHWKHUWRVXSSRUWEDQNLQJRI
:RUNRQVHWWLQJWKHWRWDOSROOXWLRQOHYHOIRUSODQHVFRY
$$8VLQWRDQHZSRVWFOLPDWHIUDPHZRUNZLWK
HUHGE\WKHFDSDQGWUDGHVFKHPHIURPKDVEHHQ
PDQ\ZHVWHUQQDWLRQVNHHQWRVFUDSWKHPDWWKHHQGRI
H[WHQGHGIROORZLQJDZUDQJOHZLWKWKHLQGXVWU\RYHUWKH
WKHÀUVW.\RWRSHULRGLQ
FDOFXODWLRQV
0HDQZKLOHPRVWHDVWHUQ(XURSHDQFRXQWULHVKDYH
7KHGDWDLVH[SHFWHGWREHUHDG\E\DURXQG2FWREHU
OREELHGIRUWKHULJKWWREDQNVXUSOXVXQLWVDVPRVWRI
DFFRUGLQJWRFRPPLVVLRQVRXUFHV$GHFLVLRQKDGEHHQ
WKHPKROGVSDUH$$8VGXHWRDQHFRQRPLFFROODSVHLQ
H[SHFWHGEHIRUH$XJXVW
WKHIRUPHU6RYLHW8QLRQLQWKHHDUO\V
7KHFRPPLVVLRQDJUHHGWRUHYLHZLWVPHWKRGRORJ\RQ
GHWHUPLQLQJDQDLUFUDIW·VHPLVVLRQVHDUOLHUWKLV\HDUDIWHU
*UHHQ([FKDQJHZLQVLQGHSHQ DLUOLQHUVDWWDFNHG%UXVVHOV·SODQVIRUQRWWDNLQJLQWRDF
GHQWVWDWXV FRXQWWKHXVHRIDX[LOLDU\SRZHUXQLWV
7KHLQFOXVLRQRIWKHXQLWVZKLFKSURYLGHSRZHUWRVWDUW
%\%HQ*DUVLGH WKHSODQHV·PDLQHQJLQHVDQGUXQKHDWLQJDQGFRROLQJ
V\VWHPVEHIRUHWDNHRIIDUHQHHGHGWRDFFXUDWHO\DF
(QYLURQPHQWDOIXWXUHVSODWIRUPWKH*UHHQ([FKDQJHKDV FRXQWIRUWKHVHFWRU·VIXOOHPLVVLRQVRXWSXWWKHLQGXVWU\
ZRQ86DSSURYDOWRUXQDVDVWDQGDORQHFDUERQERXUVH DUJXHV
*UHHQ([FKDQJH·VDSSOLFDWLRQWRWKH&RPPRGLW\ $%UXVVHOVEDVHGVRXUFHWROG3RLQW&DUERQ1HZVWKDW
)XWXUHV7UDGLQJ&RPPLVVLRQ&)7&KDGEHHQDFFHSWHG (XURFRQWUROWKHDLUVDIHW\DJHQF\UHVSRQVLEOHIRUDVVHVV
WKHERXUVHVDLGLQDVWDWHPHQWODWH)ULGD\ LQJWKHGDWDZDVVWLOOZRUNLQJRQWKHUHYLVHGFDOFXODWLRQ
´:HDUHRQHVWHSFORVHUWRSURYLGLQJDQLQGHSHQGHQW 7KHGDWDZLOOFRYHUWKHVHFWRU·VSROOXWLRQOHYHOVIRU
VHFXUHDQGFRPSHWLWLYHRIIHULQJWRWKHFDUERQPDUNHW ZKLFKZLOOGHWHUPLQH(76HPLVVLRQOLPLWVIRU
SODFHµVDLG*UHHQ([FKDQJHFKLHIUHJXODWRU\RIÀFHU.DUL DYLDWLRQZKHQLWMRLQVWKHVFKHPHIURP-DQXDU\
/DUVHQLQWKHVWDWHPHQW $LUOLQHVWDNLQJRIIDQGODQGLQJLQ(8WHUULWRU\ZLOOQHHG
*UHHQ([FKDQJH·VHQYLURQPHQWDOGHULYDWLYHVSURGXFWV WROLPLWWKHLUHPLVVLRQVWRSHUFHQWRIWKHFDSLQ

)RUPRUHFKDUWVDQGWDEOHVSOHDVHYLVLWZZZSRLQWFDUERQFRPQHZV 
 &DUERQ0DUNHW'DLO\

(8PDUNHWVKUXJVRII86ELOO ÀJKWRQFOLPDWHSROLF\LIWKH\VXIIHUORVVHVIROORZLQJ1R
YHPEHUFRQJUHVVLRQDOHOHFWLRQV
GHOD\ ,WDOVRPHDQVWKHZRUOGKDVWDNHQDVWHSEDFNLQWU\LQJ
%\-HII&RHOKR WROLQNHPHUJLQJFDUERQPDUNHWVZLWKHVWDEOLVKHGRQHV
VXFKDVWKH(8(76
$QDO\VWVDQGWUDGHUVVDLGODVWZHHN·VDQQRXQFHPHQWE\ ´7KH86OHJLVODWLRQGRHVVHHPWREHGHDGDWWKHPR
WKH866HQDWHPDMRULW\SDUW\OHDGHUWRSRVWSRQHGHEDWH PHQWDQGWKLVPHDQVLWZLOOQRWSDVVEHIRUHWKHUHZLOOEH
RIFOLPDWHOHJLVODWLRQZRXOGQRWDIIHFWPDUNHWVHQWLPHQW PLGWHUPVZKHQWKH5HSXEOLFDQVZLOOOLNHO\LQFUHDVHWKHLU
LQWKH(8HPLVVLRQVWUDGLQJVFKHPH(76WKHZRUOG·V FRQWURORYHUWKH6HQDWHµVDLG6LNRUVNL
ELJJHVWFDUERQPDUNHW ´7KHEURDGHQLQJRIWKHPDUNHWWKDWZHZHUHDQWLFLSDW
´7KHLPSOLFDWLRQIRUWKH(8(76LVOLNHO\WREHPXWHGµ LQJQRZORRNVOLNHDPRUHUHPRWHSRVVLELOLW\DVGRHVWKH
VDLG7UHYRU6LNRUVNLD/RQGRQEDVHGDQDO\VWDW8.EDQN SURVSHFWIRUDQHYHQWXDOHYROXWLRQWRDJOREDOFDUERQ
%DUFOD\V&DSLWDO PDUNHWµKHVDLG
'HVSLWHWKH86VHWEDFN6LNRUVNLH[SODLQHGWKHIXWXUH 7KH(8(76LVWKHELJJHVWEX\HURI.\RWRSURWRFROHPLV
RIWKH(8PDUNHWZDVQRWLQGRXEWEHFDXVHRIDFRP VLRQRIIVHWVLQGHYHORSLQJFRXQWULHVNQRZQDVFHUWLÀHG
PLWPHQWE\WKH(XURSHDQFRPPLVVLRQDQG(8OHDGHUVWR HPLVVLRQUHGXFWLRQV&(5V
FRQWLQXHZLWKWKHFDSDQGWUDGHVFKHPHWKURXJK $OWKRXJKWKH86KDVQRWUDWLÀHGWKH.\RWRSDFW
´:HGRQRWH[SHFWLQWHUPVRISKDVH WKHOHJLVODWLRQWLHGXSLQWKH6HQDWHDOORZVWKHXVHRI
SULFHG\QDPLFVWRVHHPXFKFKDQJHµ6LNRUVNLVDLG VRPHPLOOLRQLQWHUQDWLRQDORIIVHWVDIWHU
/DVWZHHN6HQDWHPDMRULW\OHDGHU+DUU\5HLGZKR ´,WGHOD\GRHVPHDQWKDWSRWHQWLDOFRPSHWLWLRQIRU
VHWVWKHFKDPEHU·VOHJLVODWLYHVFKHGXOHGHFLGHGWRSRVW &(5VLVOLNHO\WREHVHHQWREHYHU\ORZLQSKDVHRIWKH
SRQHGHEDWHRQDELOOWRFDSJUHHQKRXVHJDVHVWRWKH (8(76ZKLFKZRXOGKDYHEHHQWKHPDLQDUHDZKHUH
DXWXPQDIWHUIDLOLQJWRÀQGHQRXJKVXSSRUWLYHVHQDWRUV WKHWZRPDUNHWV86DQG(8PLJKWKDYHLQWHUDFWHGµ
<HWRWKHUDQDO\VWVDQGWUDGHUVDJUHHGWKHQHZVIURP DGGHG6LNRUVNL
WKH86ZRXOGQRWDIIHFW(8(76PDUNHWVHQWLPHQWHYHQ %XWDSDUWIURP&(5GHPDQGWKH(8(76DQGDQ
WKRXJKFDUERQSULFHVKDYHUHWUHDWHGRYHUWKHSDVWWZR HPHUJLQJ86FDUERQPDUNHWDUHWRRGLIIHUHQWLQQDWXUHWR
WUDGLQJVHVVLRQV KDYHDQ\LPPHGLDWHOLQNVDQDO\VWVDQGWUDGHUVVDLG
´)UDQNO\,GRQ·WWKLQNVRµVDLG(PPDQXHO)DJHV ´(YHQLIWKHUHZHUHDELOOWRGD\WKHUHZRXOGQ·WEHDQ\
FDUERQDQDO\VWDW3DULVEDVHG2UEHRDXQLWRI6RFLHWH LPSDFWRQVXSSO\RUGHPDQGLQWKH(8(76µ)DJHVVDLG
*HQHUDOHDQG5KRGLD(QHUJ\6HUYLFHV SRLQWLQJRXWWKDWLWZRXOGVWLOOWDNH\HDUVIRUWKHVFKHPH
´)RUPHLWZDVDSHUFHQWFKDQFHWKDWQRWKLQJ WROLQND86FDUERQPDUNHWGXHWRWKHGLIIHUHQWVWUXF
ZRXOGKDSSHQE\WKHHQGRIWKH\HDUµKHVDLG WXUHVRIWKHWZRPDUNHWV
+RZHYHUDGHOD\LQ86FOLPDWHOHJLVODWLRQPHDQVWKH ´7KHRQO\WKLQJOLQNLQJWKHPWRGD\LVVHQWLPHQWµKH
'HPRFUDWVZKRFRQWURO&RQJUHVVFRXOGIDFHDWRXJKHU VDLG

&DUERQ0DUNHW'DLO\ 'LVFODLPHU3RLQW&DUERQ1HZV
$3RLQW&DUERQSXEOLFDWLRQ 7KHQHZVDQGGDWDSURYLGHGLQWKLVSXEOLFDWLRQZHUHSUHSDUHGE\3RLQW&DUERQ·V
&RS\ULJKW‹ 1HZVGLYLVLRQ3XEOLFDWLRQVRI3RLQW&DUERQ·V1HZVGLYLVLRQDUHSURYLGHGIRULQ
$OOULJKWVUHVHUYHG IRUPDWLRQSXUSRVHVRQO\3ULFHVDUHLQGLFDWLYHDQG3RLQW&DUERQGRHVQRWRIIHUWR
(GLWHGE\ EX\RUVHOORUVROLFLWRIIHUVWREX\RUVHOODQ\ÀQDQFLDOLQVWUXPHQWRURIIHUUHFRP
PHQGDWLRQVWRSXUFKDVHKROGRUVHOODQ\FRPPRGLW\RUPDNHDQ\RWKHULQYHVW
%HQ*DUVLGH
PHQWGHFLVLRQ7KHLQIRUPDWLRQFRQWDLQHGLQWKLVSXEOLFDWLRQKDVEHHQREWDLQHG
(GLWRULDOWHDP IURPVRXUFHVWKDW3RLQW&DUERQEHOLHYHVWREHUHOLDEOH
$QG\$OODQ%HQ*DUVLGH
-HII&RHOKR-RKQ0F*DUULW\ 3RLQW&DUERQ·V1HZVGLYLVLRQUHSRUWVDUHSXEOLVKHGRQDVXEVFULSWLRQEDVLVDQG
0DUWRQ.UXSSD6XVDQQD DUHQRWLVVXHGDWWKHUHTXHVWRIDQ\FOLHQW
7ZLGDOH
7HO 7KH1HZVGLYLVLRQUHQGHUVHGLWRULDOGHFLVLRQVLQGHSHQGHQWO\RIWKHEXVLQHVVLQ
6DOHVHQTXLULHV WHUHVWVRIRWKHUFRPSRQHQWVRIWKH3RLQW&DUERQFRPSDQ\
/HH7XPHOW\
)RUPRUHQHZVSOHDVHYLVLWZZZSRLQWFDUERQFRPQHZV
OW#SRLQWFDUERQFRP

)RUPRUHFKDUWVDQGWDEOHVSOHDVHYLVLWZZZSRLQWFDUERQFRPQHZV