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8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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>.
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 1/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 0/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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.
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 4/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 62/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 66/ Aiejd`letdfc
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%
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
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Rfkl 61/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl 60/ Aiejd`letdfc
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.:
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
Rri`uat ^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, Aicirf`i Jl`lrfc Qfvdeks Nfeh
GGF/Ougni Qfvdeks eit cdstl` KL Afpdtfc Nfeh, Qfccdl Gfl, Aicirf`i Jl`lrfc Qfvdeks, @dsaivlr Nfeh, JENI @drlat
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
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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. F`oustl` jir 02% tfx rftl
Pml jirwfr` ydlc` aurvl ds jcfttledek8 jir f nfeh wdtm f cfrkl elkftdvl rftl kfpfe` ciek `urftdie fsslts cdhl NIJD, tmds dgpcdls f rl`uatdie de prijdtfndcdty
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Rfkl 64/ Aiejd`letdfc
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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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Rfkl >6/ Aiejd`letdfc
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
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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
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Rfkl >1/ Aiejd`letdfc
^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
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Rfkl >0/ Aiejd`letdfc
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
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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
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Rfkl >:/ Aiejd`letdfc
Nfahdek deti NIJD vfcuftdie
Pi oustdjy NIJDs vfcuftdie, devlstirs mfvl ti gfhl sigl nic` fssugptdies
~1x `lpisdt nfsl
1.
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Rfkl >;/ Aiejd`letdfc
Aieacusdie
NIJDs vfcuftdie rlqudrls aietdeul` `lpisdt kriwtm `lspdtl ijjlrdek
ei `djjlrletdftdie, fe` nldek fncl ti `lpciy tmds kriwdek afpdtfc nfslft de`ustry-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. de`ustry 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, `ul 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 de`ustry-pllr clvlcs fs detlrlstrftls rlvlrt, fe` wlcc-jdefeal` aigpltdtirs rlpcdaftl NIJDs ijjlrdeks
8/12/2019 Sahm Adrangi Kerrisdale Capitals Top Equity Investment
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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 `i eit ue`lrtfhl ti up`ftl ir suppclglet tmds rlpirt ir fey dejirgftdie aietfdel` mlrlde.
Pmds `iauglet 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 `iauglet 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 `iauglet `ils 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 `iauglet ft fey tdgl. Fs ij tml irdkdefc puncdaftdie `ftl ij tmds `iauglet, 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`dvd`ufcs 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 `iauglet. 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 `iauglets.
Pml dejirgftdie aietfdel` de tmds `iauglet 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` aie`uat de`lple`let `ul `dcdkleal, wdtm fssdstfeal
jrig prijlssdiefc jdefeadfc, clkfc fe` tfx lxplrts, ie fcc slaurdtdls, aigpfedls, fe` aiggi`dtdls `dsaussl` de tmds `iauglet fe` `lvlcip f stfe`-fciel
ou`kglet ij tml rlclvfet gfrhlts prdir ti gfhdek fey devlstglet `ladsdie.