  'DPDJHRI%XLOGLQJVHWFGXHWR)LUH
  2EMHFWLYHRI6XUYH\/DUJH QXPEHU RI ILUHV RFFXUUHG LQ ZLGH DUHD GXH WR WKH HDUWKTXDNH DQG WVXQDPLEURXJKW VHYHUH GDPDJH WR EXLOGLQJV 7KH HQWLUH LPDJH RI WKH ILUHV LV DQDO\]HG LQ WKLVFKDSWHU,QYHVWLJDWLRQKDVEHHQFRQGXFWHGLQRUGHUWRJUDVSWKHFLUFXPVWDQFHVRIWKHILUHVSUHDGLQJDQGILUHVWRSSLQJLQODUJHFLW\ILUHVDQGWKHGDPDJHRIEXLOGLQJILUHV  1XPEHURI)LUH2FFXUUHQFH

7DEOH1XPEHURI)LUHVE\SUHIHFWXUHV,Q WKLV HDUWKTXDNH GLVDVWHU HQRUPRXVWVXQDPL GDPDJH RFFXUUHG EXW ODUJH QXPEHU RI
ILUHVZHUHDOVRLGHQWLILHGLQWKHDUHDVGDPDJHGE\WVXQDPL7KLVLVDPDMRUIHDWXUHRIILUHGDPDJHLQ
WKLVHDUWKTXDNHGLVDVWHU 7KH WRWDO  ILUHV LQFOXGLQJ QRQEXLOGLQJILUHVUHSRUWHG DVRI$SULO  E\ )LUH DQG'LVDVWHU 0DQDJHPHQW $JHQF\ )'0$  RI
0LQLVWU\RI,QWHUQDO$IIDLUVDQG&RPPXQLFDWLRQV
0,&  7DEOHVKRZVWKHQXPEHURIILUHV
LQ HDFK SUHIHFWXUH ,Q 0L\DJL PRUH WKDQ KDOI RI
WKHWRWDOQXPEHURIILUHVZDVRFFXUUHG7KHVHILUHV LQFOXGH QRW RQO\ ILUHV RFFXUUHG LQ WKHPDLQVKRFNDWRQ0DUFKEXWDOVRRQHVLQDIWHUVKRFNV

3UHIHFWXUH$RPRUL,ZDWH
0L\DJL$NLWD)XNXVKLPD,EDUDNL*XQPD
6DLWDPD&KLED
7RN\R.DQDJDZD
6KL]XRND
7RWDO

1XPEHURI)LUHV)'0$DVRI$SULO  6HLVPLF,QWHQVLW\DQG)LUH2FFXUUHQFH
,Q -DSDQ WKH UHODWLRQ EHWZHHQ
ILUH EUHDNRXW UDWLR DQG VHLVPLF
LQWHQVLW\ KDV EHHQ RIWHQ GLVFXVVHG LQ
RUGHU WR LGHQWLI\ WKH IHDWXUH RIHDUWKTXDNHILUH 
7KH UHODWLRQ EHWZHHQ VHLVPLF
LQWHQVLW\ DQG ILUH EUHDNRXW UDWLR LQ
WKLVHDUWKTXDNHLVVKRZQLQ)LJ
DQG7DEOH7KHQXPEHUVRIILUHV
LQVRPHPXQLFLSDOLWLHVZLWKRXWVHLVPLF
LQWHQVLW\GDWDDUHRPLWWHG ϰ͘ϱ&ŝƌĞƉĞƌϭϬϬ͕ϬϬϬƉŽƉƵůĂƚŝŽŶ&ŝƌĞƉĞƌϭϬ͕ϬϬϬŚŽƵƐĞŚŽůĚƐϰ͘Ϭϯ͘ϱϯ͘ϬϮ͘ϱϮ͘Ϭϭ͘ϱϭ͘ϬϬ͘ϱϬ͘ϬϰϱͲϱнϲͲϲнϳKǀĞƌĂůů)LJ5HODWLRQEHWZHHQILUHEUHDNRXWUDWLRDQGVHLVPLFLQWHQVLW\‑ ɌɏɌȻ‑‑ 141 ‑7DEOH6HLVPLFLQWHQVLW\QXPEHURIILUHDQGILUHEUHDNRXWUDWLR㻿㼑㼕㼟㼙㼕㼏㼕㼚㼠㼑㼚㼟㼕㼠㼥㻠㻡㻙㻡㻗㻢㻙㻢㻗㻣㻻㼢㼑㼞㼍㼘㼘㻼㼛㼜㼡㼘㼍㼠㼕㼛㼚㻺㼡㼙㼎㼑㼞㻌㼛㼒㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟㻺㼡㼙㼎㼑㼞㻌㼛㼒㻌㼒㼕㼞㼑㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻜㻘㻜㻜㻜㼜㼛㼜㼡㼘㼍㼠㼕㼛㼚㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻘㻜㻜㻜㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟

$QG WKH GLVWULEXWLRQ RI VHLVPLF LQWHQVLW\ QXPEHU RI ILUHV DQG PXQLFLSDOLWLHVGDPDJHGE\WVXQDPLDUHJHRJUDSKLFDOO\VKRZQLQ)LJ 
7RWDO GDWD RI WKH PD[LPXPVHLVPLF LQWHQVLW\ E\ PXQLFLSDOLWLHV LV^ĞŝƐŵŝĐŝŶƚĞŶƐŝƚǇEDVHG RQ WKH UHSRUWV RQ VHLVPLF
/ŶƚĞŶƐŝƚǇŽĨϳ/ŶƚĞŶƐŝƚǇŽĨϲͲƵƉƉĞƌLQWHQVLW\UHOHDVHGRQ0D\DQG$SULO
/ŶƚĞŶƐŝƚǇŽĨϲͲůŽǁĞƌ  E\ WKH -DSDQ 0HWURORJLFDO/ŶƚĞŶƐŝƚǇŽĨϱͲƵƉƉĞƌ/ŶƚĞŶƐŝƚǇŽĨϱͲůŽǁĞƌ
$JHQF\ -0$ RI0/,7 /ŶƚĞŶƐŝƚǇŽĨϰ/ŶƚĞŶƐŝƚǇŽĨϯ)RUWKLVWRWDOLQJWKH/ŶƚĞŶƐŝƚǇŽĨϮ
PXQLFLSDOLWLHV LQ WKH SUHIHFWXUHV ZKLFKhŶĚĞƌŝŶǀĞƐƚŝŐĂƚŝŽŶDƵŶŝĐŝƉĂůŝƚŝĞƐ
VHLVPLFLQWHQVLW\  ZHUHORZHU  RUĚĂŵĂŐĞĚďǇƚƐƵŶĂŵŝ
PRUH DUH LQFOXGHG DQG WKHPXQLFLSDOLWLHV  ZKHUH VHLVPLF
LQWHQVLW\ KDV QRW EHHQ REWDLQHG RU QRW\HWEHHQLQYHVWLJDWHGDUHH[FOXGHGIURPEƵŵďĞƌŽĨĨŝƌĞƐ
WKLVWRWDOLQJ
ϭϱ,Q RQO\ RQH DUHD ZKHUH VHLVPLF
ϮϬLQWHQVLW\  ZDV REVHUYHG KRZHYHU QR
ϮϬILUHZDVUHSRUWHG7KHWHQGHQF\WKDWWKHϯϬKLJKHU WKH VHLVPLF LQWHQVLW\ WKH KLJKHUWKH ILUH EUHDNRXW UDWLR LV REVHUYHG LQWKH PXQLFLSDOLWLHV ZKHUH VHLVPLF
LQWHQVLW\  ORZHU   RU OHVV ZDVUHFRUGHG
,Q WKH FDVHV RI WKH +\RJRNHQ 1DPEX .REH  HDUWKTXDNH
DQG WKH  1LLJDWDNHQ &KXHWVX )LJ'LVWULEXWLRQRIVHLVPLFLQWHQVLW\HDUWKTXDNH LQ ZKLFK VHLVPLF LQWHQVLW\ QXPEHU RI ILUHV DQG PXQLFLSDOLWLHV ZHUH UHFRUGHG ILUH UDWLR SHU  GDPDJHGE\WVXQDPL‑ ɌɏɍȻ‑‑ 142 ‑KRXVHKROGV ZDV a FDVHV EXW DV IRU WKH  7RKRNX HDUWKTXDNH WKH ILUH EUHDNRXWUDWLRKDVEHFRPHORZHUWKDQWKHUDWLRIRUWKH+\RJRNHQ1DPEXHDUWKTXDNH +RZHYHU LQ WKH DUHDV RI VHLVPLF LQWHQVLW\  XSSHU   LQ  &KXHWVX(DUWKTXDNHWKHUDWLRZDVDURXQG7KHUHIRUHILUHEUHDNRXWUDWLRRILQWKHDUHDRIVHLVPLF LQWHQVLW\  XSSHU RI WKLV HDUWKTXDNH LV UHJDUGHG DV WKH VDPH RU D OLWWOH KLJKHUYDOXH7KHSULQFLSDOUHDVRQZK\WKHUDWLRRIWKLVHDUWKTXDNHLVWKHVDPHRUDOLWWOHKLJKHUPD\EHGXHWRWKDWPDQ\ILUHVEURNHRXWLQWKHGDPDJHGDUHDE\WVXQDPL  'DPDJHE\)LUHGXHWR7VXQDPL
7KHUHVKRXOGEHDGLVWLQFWLRQEHWZHHQILUHRFFXUUHGLQDUHDVGDPDJHGE\WVXQDPLKHUHLQDIWHU UHIHUUHG WR ³WVXQDPL ILUH´  DQG ILUH RFFXUUHG LQ RWKHU DUHDV KHUHLQDIWHU
UHIHUUHG WR ³HDUWKTXDNH ILUH´  KRZHYHU DW SUHVHQW GHWDLOHG LQIRUPDWLRQ DERXW WKH ILUH
VFHQH DUH QRW SURYLGHG 7KHUHIRUH WKLV UHSRUW GR QRW GLVWLQJXLVK WVXQDPL ILUH IURP
7DEOH1XPEHUDQGEUHDNRXWUDWLRRIWVXQDPLILUH㻿㼑㼕㼟㼙㼕㼏㼕㼚㼠㼑㼚㼟㼕㼠㼥㻠㻡㻙㻡㻗㻢㻙㻢㻗㻺㼛㼠㻌㼍㼢㼍㼕㼘㼍㼎㼘㼑㼀㼛㼠㼍㼘㻺㼡㼙㼎㼑㼞㻌㼛㼒㻼㼛㼜㼡㼘㼍㼠㼕㼛㼚㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟㻭㼞㼑㼍㻌㼛㼒㻺㼡㼙㼎㼑㼞㻌㼛㼒㻌㼒㼕㼞㼑㼠㼟㼡㼚㼍㼙㼕 㻺㼡㼙㼎㼑㼞 㼜㼑㼞㻌㻝㼗㼙㻞㻌㼍㼞㼑㼍㼕㼚㼢㼍㼟㼕㼛㼚㼛㼒㻌㼠㼟㼡㼚㼍㼙㼕㼛㼒㻌㼒㼕㼞㼑㼕㼚㼢㼍㼟㼕㼛㼚㼇㼗㼙㻞㼉㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻜㻘㻜㻜㻜㼜㼛㼜㼡㼘㼍㼠㼕㼛㼚

㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻘㻜㻜㻜㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟HDUWKTXDNHILUHRXWRIWKHILUHV 
7KHUHIRUH LW LV DVVXPHG WKH ILUHV UHSRUWHG LQ WKH PXQLFLSDOLWLHV GDPDJHG E\WVXQDPL DV WVXQDPL ILUHV DQG WKH ILUHVUHSRUWHG LQ RWKHU PXQLFLSDOLWLHV DV
HDUWKTXDNHILUHV7KHIHDWXUHVRIHDFKILUH
RQ ILUH RFFXUUHQFH FLUFXPVWDQFH ZLOO EH
UHSRUWHG7DEOHLOOXVWUDWHVWKHOLVWRI
QXPEHU DQG EUHDNRXW UDWLR RI WVXQDPLILUH 7KH GDWD KDV EHHQ DFTXLUHG E\WRWDOLQJRIWKHQXPEHURIILUHRFFXUUHQFH
E\ WKH PXQLFLSDOLW\ DUHDV RI WVXQDPLLQYDVLRQ,WZRXOGEHVDLGWKDWWKHIHDWXUHVRIWVXQDPL ILUH ZKLFK ZDV UHSRUWHG LQ 3KRWR  7VXQDPL ILUH DW DQ
GDPDJHGDUHDE\WVXQDPLWKHDUHDRIILUH HOHPHQWDU\ VFKRRO ,VKLQRPDNL FLW\VSUHDG H[WHQGHGWRZLGHUDUHDZKHUH WKH 0L\DJLSUHIHFWXUH ‑ ɌɏɎȻ‑‑ 143 ‑GHEULV RI EXLOGLQJV HWF DQG DXWRPRELOHVZKLFKGULIWHGDQGFUDVKHGZRXOGEHFRPH
FDXVHRIILUHDQGILUHVSUHDGLQJURXWH,VKLQRPDNLRQHRIWKHFRDVWDOFLWLHV
RI 0L\DJL SUHIHFWXUH KDG KXJH GDPDJHGXHWRWVXQDPLDQGDOVRKDGODUJHILUHWKDWVSUHDG ZLGHO\ $V IRU WKH LQYHVWLJDWLRQ
VRRQ DIWHU WKH HDUWKTXDNH GLVDVWHU WKHMRLQW VXUYH\ WHDP FRXOG QRW ILQG DQ\LQIRUPDWLRQ DERXW WKH LQLWLDWLRQ RI WKHILUH KRZHYHU WKH WHDP LGHQWLILHG WKHUDQJHRIILUHVSUHDG 3KRWRVKRZVDILUHVFHQHRIDQ
HOHPHQWDU\ VFKRRO EXLOGLQJ ORFDWHG DW
DERXWNPIURPWKHFRDVW$OPRVWDOORI
WKH VWRU\ VFKRRO EXLOGLQJ KDG EHHQ
EXUQW E\ WKH IODPH IODUHG XS IURP FDUVFRPEXVWLEOH GHEULV DQG RLO DQG VR IRUWKWKDW GULIWHG DQG DFFXPXODWHG E\ WVXQDPLLQWKHVFKRRO\DUGLQIURQWRIWKHEXLOGLQJ%XLOGLQJ DW D SRUW ZDV RQH RI WKH
PRVWGDPDJHGEXLOGLQJVE\WVXQDPLZLWKQRW RQO\ WLGDO ZDYH EXW DOVR GHEULV FDUVDQGVKLSVDQGVRIRUWKGULIWHGE\WVXQDPL3KRWR  DQG   6HYHUDO KXQGUHGDXWRPRELOHVZKLFKKDYHEHHQSDUNHGLQD
SDUNLQJ ]RQH EHLQJ GULIWHG WR D SRUWZDUHKRXVH E\ WKH WVXQDPL FDXVHG ILUH DW
WKHSODFHZKHUHLWDFFXPXODWHG 7KHFDXVHRIWKHILUHLVXQFOHDUEXW
LWLVDVVXPHGWKDWWKHFDUFROOLGHGVHYHUHO\HDFK RWKHU WKH JDVROLQH WDQN RI WKH FDUVZHUH GDPDJHG DQG VSDUNHG E\PDOIXQFWLRQ RI WKH HOHFWULFDO V\VWHP E\WKHVHDZDWHU7KHUHZDVQRVSUHDGRIILUH
LQ WKH LQWHULRU RI WKH EXLOGLQJ RQO\ WKHH[WHUQDOZDOOKDVEHHQGDPDJHGE\ILUH
3KRWR  VKRZV WKH ILUH DW D
FRDVWDO YLOODJH DIWHU VHYHUDO KRXUV RI
WVXQDPL LQYDVLRQ 7KH ILUH FRQWLQXHG IRU3KRWR7VXQDPLILUHDWDSRUWZDUH
KRXVH 6HQGDLFLW\0L\DJLSUHIHFWXUH 

3KRWR9HKLFOHILUHGXHWRWVXQDPLDWDSDUNLQJORW ,ZDQXPDFLW\0L\DJL
SUHIHFWXUH

3KRWR)LUHDWDVLWHRIEXLOGLQJV
GXHWRWVXQDPL 1RGDYLOODJH,ZDWH
SUHIHFWXUH &RXUWHV\RI1RGDYLOODJH‑ ɌɏɏȻ‑‑ 144 ‑RYHU  KRXUV )LUHILJKWHUV FRXOG QRW DFFHVV WR WKH VLWH EHFDXVH WKH URDG KDG EHHQ
GHVWUR\HGE\WKHWVXQDPL‑ ɌɏɐȻ‑‑ 145 ‑  'DPDJHE\)LUHGXHWR(DUWKTXDNH0RWLRQ&RQFHUQLQJ WKH ILUHVUHSRUWHG LQ WKH PXQLFLSDOLWLHVZKLFKGLGQRWKDYHWKHGDPDJH
RI WVXQDPL WKH IHDWXUH RI ILUH
RFFXUUHQFH FLUFXPVWDQFH DV DQHDUWKTXDNH ILUH LV VKRZQEHORZ 0DMRU FDXVH RI WKH ILUHZDV KHDW VRXUFHV FRQWDFWLQJVXUURXQGLQJ FRPEXVWLEOHV ZLWKWKH HDUWKTXDNH PRWLRQ DQGHOHFWULFILUHVDWWKHUHFRYHU\RIϭ͘ϰϭ͘Ϯ&ŝƌĞƉĞƌϭϬϬ͕ϬϬϬƉŽƉƵůĂƚŝŽŶϭ͘Ϭ&ŝƌĞƉĞƌϭϬ͕ϬϬϬŚŽƵƐĞŚŽůĚƐϬ͘ϴϬ͘ϲϬ͘ϰϬ͘ϮϬ͘ϬϰϱͲϱнϲͲϲнϳKǀĞƌĂůů)LJ5HODWLRQEHWZHHQEUHDNRXWUDWLRRIILUH
GXHWRHDUWKTXDNHPRWLRQDQGVHLVPLFLQWHQVLW\7DEOH1XPEHUDQGEUHDNRXWUDWLRRIILUHGXHWRHDUWKTXDNHPRWLRQ㻺㼡㼙㼎㼑㼞㻌㼛㼒 㻺㼡㼙㼎㼑㼞㻌㼛㼒㻿㼑㼕㼟㼙㼕㼏㻼㼛㼜㼡㼘㼍㼠㼕㼛㼚㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟㼒㼕㼞㼑㼕㼚㼠㼑㼚㼟㼕㼠㼥㻠㻡㻙㻡㻗㻢㻙㻢㻗㻣㻻㼢㼑㼞㼍㼘㼘㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻜㻘㻜㻜㻜㼜㼛㼜㼡㼘㼍㼠㼕㼛㼚㻲㼕㼞㼑㻌㼜㼑㼞㻝㻜㻘㻜㻜㻜㼔㼛㼡㼟㼑㼔㼛㼘㼐㼟SRZHUVXSSO\IURPSRZHUIDLOXUHDQGPLVXVHRIWKHFDQGOHZKLFKZDVXVHGIRUWKHOLJKWLQ WKH PLGVW RI EODFNRXW QLJKWV ZKLFKZHUHDOVRVHHQDVWKHSDVWFDVHV 
7KH UHODWLRQ EHWZHHQ VHLVPLF
LQWHQVLW\ DQG EUHDNRXW UDWLR RI ILUH GXHWR HDUWKTXDNH PRWLRQ LV VKRZQ LQ )LJDQG7DEOH0DVVPHGLDKDYHUHSRUWHGLQWHQVLYHO\ILUHGXHWRWVXQDPL
EXW PDQ\ ILUH FDVHV GXH WR HDUWKTXDNHPRWLRQZHUHDOVRLGHQWLILHGE\WKLVGDWD
6RPH EXLOGLQJ ILUHV ZHUH SUHVHQWHG LQ
WKHIROORZLQJ 
3KRWR  VKRZV D KRXVH ILUH 3KRWR  )LUH VFHQH RI D KRXVH 2XVKXVFHQH RI RQH YLFWLP LQ DQ LQODQG UXUDO FLW\,ZDWHSUHIHFWXUH ‑ ɌɏɑȻ‑‑ 146 ‑GLVWULFW 7KH ILUH EURNH RXW QRW VRRQDIWHUWKHPDLQVKRFNEXWDWSPRIWKH
VDPHGD\7KHFDXVHRIWKHILUHKDVQRW
EHHQLGHQWLILHGFOHDUO\EXWLWLVWKRXJKWWR EH E\ WKH VSDUN RU KRW H[KDXVW JDVOHDNHGIURPWKHJDSRIVPRNHGXFWRIDERLOHU IRU KHDWLQJ DQG EDWKLQJ GXH WRHDUWKTXDNHPRWLRQV3KRWR  VKRZV D IDFWRU\EXLOGLQJ ILUH LQ ZKLFK KDOI RI WKHEXLOGLQJEXUQHG7KHFDXVHRIWKHILUHLV
DVVXPHG WR EH LJQLWLRQ E\ IDOOLQJ RIIOXRUHVFHQW OLJKW RQ WKH FHLOLQJ WR WKHIORRU ZKHUH WKH WKLQQHU VSLOOHG GXH WRHDUWKTXDNHPRWLRQVE\WKHPDLQVKRFN3KRWR  VKRZV DQRWKHU KRXVH
ILUH FDVH LQ ZKLFK WZR ZRRGHQ KRXVHVZHUH FRPSOHWHO\ EXUQW RXW DQG WKUHH
KRXVHV ZHUH SDUWO\ EXUQW 7KH FDXVH RI
ILUH LV DVVXPHG WR EH PLVXVH RI
FDQGOHOLJKW IRU OLJKWLQJ LQ WKH PLGVW RI
SRZHU IDLOXUH RQ WKH QLJKW RI WKH QH[W
GD\RIWKHPDLQVKRFN
)RUDFRQGRPLQLXPILUHRQHFDVH
KDVEHHQLQYHVWLJDWHGWKHILUHEURNHRXWZKHQ HOHFWULFLW\ VXSSO\ KDV EHHQUHFRYHUHGDWWKHQLJKWRIWKHQH[WGD\RI
WKH PDLQVKRFN 7KH ILUH EURNH RXW RQ
WKHWKIORRURIDVWRU\PHGLXPVFDOHFRQGRPLQLXP 7KH UHVLGHQWV RI WKH
URRP RI ILUH RULJLQ ZHUH DEVHQW DW WKH
WLPHEXWVRPHQHLJKERUVZHUHDZDUHRI
WKH ILUH DQG LQIRUPHG WKH ILUH VWDWLRQ%HFDXVH RI HDUO\ VXSSUHVVLRQ E\ILUHILJKWHUVWKHUHZDVQRVSUHDGRIILUH
WR WKH XSSHU IORRU DQG WKH QH[W URRPV3KRWR 3KRWR  )LUH VFHQH DW D IDFWRU\EXLOGLQJ 2XVKXFLW\,ZDWHSUHIHFWXUH 3KRWR  )LUH VFHQH DW D KRXVH 2XVKXFLW\,ZDWHSUHIHFWXUH 3KRWR  )LUH VFHQH DW D FRQGRPLQLXP6HQGDLFLW\0L\DJLSUHIHFWXUH ‑ ɌɏɒȻ‑‑ 147 ‑5HIHUHQFHV )'0$0,&KWWSZZZIGPDJRMSEQKLJDLKRXSGIMLVKLQSGI LQ-DSDQHVHDFFHVVHG6HSWHPEHU   (GLWRULDO &RPPLWWHH IRU WKH 5HSRUW RQ WKH +DQVKLQ$ZDML (DUWKTXDNH 'LVDVWHU
5HSRUWRQWKH+DQVKLQ$ZDML(DUWKTXDNH'LVDVWHU%XLOGLQJ6HULHV9ROXPH)LUH
'DPDJH DQG &LYLO $FWLYLWLHV 'DPDJH WR ,QIRUPDWLRQ 6\VWHPV $,- ,6%1
SS2FWREHU LQ-DSDQHVH ‑ ɌɏɓȻ‑‑ 148 ‑