Energy Pro USA Industrial GlobalFund Underwriting Perspective

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    DGD]KR^]L/KILMAIBGETXU]BAI KILMAI@TGE) IIH

    Ag Tged}{}bubgk ^d}x~dhubpd

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    DGD]KR^]L/KILMAIBGETXU]BAI KILMAI@TGE) IIH

    Ag Tged}{}bubgk ^d}x~dhubpd

    UAMID L@ HLGUDGUXB' Bgu}lethublgBB' ^t}~lxd l` ucd @tgeBBB' Mahjk}ltgeBP' Dxuamibxcodgu l` a ^d}`lggaghd Maxde Hlgu}ahuP' Ed}bpaublg l` ucd Maxdibgd Xuaubxubhai OledixPB' @bgaghbgk ucd Bo~}lpdodgu age Oagakdodgu l` ucd @tgePBB' ]bxj OagakdodguPBBB' Bo~idodguaublg age Oagakdodgu l` ucd Bo~}lpdodguBS' Odaxt}bgk age Xca}bgk ucd Bgh}daxde ^}l`buambiburS' Ha~buai ^}lfdhu Dsao~idxA~~dgebhbdx Apabiamid6A~~dgebs A / Dsao~id Dgd}kr Xd}pbhdx Ak}ddodgu `l} Ha~buai ^}lfdhux

    Dsao~id Dgd}kr age ^}lethubpbur Hlxu Xapbgkx Ak}ddodgux `l} L~d}aublgai ^}lfdhuxA~~dgebs M / Bged~dgedgu Paibeaublg l` Xuaubxubhai Oledix Dxuamibxcbgk Mdghcoa}jx

    Bged~dgedgu Oa}jdu Axxdxxodgu ]d~>i1 lg Mtxbgdxx OlediA~~dgebs H / ^caxd lgd ^}lfdhu Udo~iaud l` Haxc @il{x `l} uc}dd rda} dgd}kr hlxu xapbgkx ak}ddodgu

    Hl~r}bkcu =>>2Bgetxu}bai Kilmai@tgeDgd}kr ^}l/TXA14544 Hlg{ar ]lae' XB' Iltbx) OL 08>1;

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    Bgui+lethublgDgd}kr ^}l+x #D^" ~}l~}bduaiR mtxbgdxx oledi edpdil~x ilgk/ud}o ~a}ugd}bgk }diaublgxcb~x {buc bgetxu}baioagt`ahut}d}x maxde t~lg a h}debmbibur/e}bpdg xu}audkr' Ucd xu}audkr }dqtb}dx a u{l/~caxd hlgu}ahu a~~}lahc'^caxd lgd mdkbgx {buc ucd dsdhtublg l` D^+x Dgd}kr Hlxu Xapbgkx Ak}ddodgu' Ucbx uc}dd/rda} ak}ddodgu)mdu{ddg ucd oagt`ahut}d} age D^) `lhtxdx lg edh}daxbgk dgd}krhlxux age mr }dethbgk dgd}kr txd bg aii bux `l}ox'D^ xua}ux {buc dgd}kr mdhatxd bu ~}lpbedxa il{ }bxj) ibobude hca}ud} {buc xbkgb`bhagu }dpdgtd~ludgubai' Xthhdxx bg ucd ~caxd lgd ak}ddodguedibpd}x mdgd`bux ul ucd htxulod} age da}gbgkxul D^ age bux bgpdxul}x `}lo xca}de dgd}kr xapbgkx'Daobgkx `}lo ucd ~caxd lgd ak}ddodgu l``xduaii ucd edpdil~odgu hlxux axxlhbaude {buc ucdia}kd} axxdu }dgd{ai age bg`}axu}thut}d ~}lfdhuxucau hlgxubutud lt} ~caxd u{l ak}ddodgux'Hlgxdqtdguir) ucd ~caxd lgd Dgd}kr Hlxu XapbgkxAk}ddodgu hlgpd}ux a edpdil~odgu hlxu hdgud} bgula ~}l`bu hdgud}'Ucd bo~l}uaghd l` ~caxd lgd bg bo~idodgubgk hlxu xapbgk bo~}lpdodgux age ahcbdpbgk `bgaghbai ~d}`l}oaghddxuamibxcdx D^+x h}debmbibur e}bpdg xu}audkr age idaex ul hlgu}ahu dsudgxblgx) ahhdxx ul aii jdr edhbxblg oajd}x)gd{ ~}lfdhux au ucd l}bkbgai ~iagu) aeebublgai ~}lfdhux au ucd oagt`ahut}d}+x lucd} `ahbibubdx) `apl}amid }d`d}dghdxage }d`dgaix) age bg dxxdghd) a `b}xu }bkcu l` }d`txai ul edpdil~ ~}lethubpbur age ha~buai ~}lfdhux {buc lgd/) u{lage uc}dd/rda} ~armahjx {bucltu mdbgk mbe' Ucdxd `liil{ ailgk ~}lfdhux) aii tged} xd~a}aud hlgu}ahux) oajd t~~caxd u{l l`D^+x mtxbgdxx oledi ate a}d lgir ~lxxbmid mdhatxd D^ bx ai}daer dgkakde bg aeebgk paitd au ucdhtxulod}+x `ahbibur tged} ucd ~caxd lgd Dgd}kr Hlxu Xapbgkx Ak}ddodgu'Hlo~dububpd Iagexha~dUcd ia}kdxu xdkodgu l` ucd dgd}kr hlgxd}paublgoa}jdu bx xd}pde mr hlo~atbdx }d`d}de ul axdgd}kr xd}pbhdx hlo~agbdx #DXHL+x") xd}pbhbgkhlood}hbai age bgxubutublgai mtbiebgkx glubgetxu}bai oagt`ahut}bgk ~iagux' Lucd} dgd}krhlo~atbdx {cl ua}kdu ucd bgetxu}bai xdhul}a}d `lhtxde lg bgebpbetai xt~~ir/xbed ~}lfdhuxxthc ax {axud cdau mlb id} }dhlpd}r xrxudox agekdgd}aublg `ahbibubdx ul }dethd ucd hlxu,~}bhd l`ucd didhu}bhai xt~~ir'

    }'666'+ w - '} i ! ww Jdr Xu}audkbh Mdgd`bux l`H}debmbibur E}bpdg Xu}audkr

    Dqtbur/ibjd }diaublgxcb~ {buc gl hdbibgk lg `ddxAhhdxx ul aii ~iagu Bgudiidhutai ~}l~d}urEaiir ahhdxx ul aii jdr edhbxblg oajd}x

    Xu}audkbh mdgd`bux aiil{ `l} edpdil~odgu l` 1) =age 8 rda} ~armahj ~}lfdhux {bucltu mdbgk mbeibjd a hloolebur'

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    w t i b l g l` lt} MTXbgd6x w l e d i '}K6Lerda} Ub}d B/RTB+ Ca}mbxlg [aijd}' A'^' K}ddg ]d`}ahul}bdx [akgd} Haxubgkxiahided Xuddi Hlgubgdguai Kdgd}ai Ub}dDucri ^du}lidto Xtg HcdobhaiKti` Xuaudx Xiddi Xcdii >11TXXB Jlmd Xiddi KD ^iaxibhxHia}j Lbi Maii @lxud} KiaxxJ}l~~/@l}kd H^HMducidcdo Xuddi/ PdixbhliX~a}}l{x ^lbgu Ebpbxblg Ucd}oai Hd}aobhxMt}gx Ca}ml} Ebpbxblg Tgb}lrai^dggxripagba Xuddi Udhcglilkbdx EXOIahja{agga Ebpbxblg X^BT'X Dg}bhcodgu Hl}~l}aublg Tgbqdoa^lxhl/Xltuc Jl}da Hbukl

    Tgubi D^ mdkag edpdil~bgk lt} mtxbgdxx oledi bg1221) gl `bgaghbai ~}lulhlix cae mddg dxuamibxcde)udxude age ~}lpdg ul hlgxd}pd dgd}kr mr }dethbgkucd bgetxu}bai oagt`ahut}d}+x dgd}kr edoage: ucdaoltgu l` dgd}kr ~d} tgbu l` ~}lethublg' Bg lucd}{l}ex) ucd}d bx lgir xt~~ir/xbed tged}{}bubgk {bucgl edoage/xbed tged}{}bubgk bg ucbx %3=> mbiiblgoa}jdu'Ucd D^ `bgaghd oledi) ~utedguir edpdil~de `}lo}dai {l}ie ds~d}bdghd) bx {cau ucd bgetxu}baioagt`ahut}d} gddex' Lt} `bgaghd oledi bx cbkcirdplipde age bghitedx ucd `bgaghbgk ~}lulhlix)xuagea}e hlgu}ahu ~}lulur~dx) htxulod} `bgaghbaitged}{}bubgk) idkai elhtodgux) bgpdxuodgu h}bud}ba age }dut}gx) hlgu}ahu xu}thut}d age }bxj obubkaublg xu}audkbdx/ucd ullix bgpdxul}x gdde ul xthhdxx`tiir tge{}bud dgd}kr d``dhbdghr ~}lk}aox `l} ia}kd bgetxu}bai oagt`ahut}d}x'D^ ua}kdux `lt} dgd}kr bgudgxbpd bgetxu}bdx kilmaiir6Xuddi) aitobgto) ~ti~ age ~a~d}) age lbi }d`bgbgk'

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    Jdr `daut}dx l` ucd D^ mtxbgdxx age `bgaghbai oledix bghited6Aepaguakde Bgetxu}bai ^i-Lethdi+ XO / Lt} ambibur ul akk}dkaud }dxlt}hdx age lt} hloobuodgu ulhliiaml}aublg) htux hlxux age bgh}daxdx bgglpaublg mdrlge {cau hag md ahcbdpde bg a xbgkid u}agxahublgaixt~~ibd} }diaublgxcb~'Ha~buai/ Ucd D^ `bgaghd oledi `tgex aii agairxbx) xua``bgk age bo~idodguaublg l` dgd}kri~}lethubpbur ~}lfdhux' Ucbx }dxtiux bg m}bgkbgk l~ubobvaublg lg ibgd qtbhjd} {buc vd}l ltu l` ~lhjdu hlxux`l} lt} hibdgu' Lt} oduclelilkr aiil{x ucd oagt`ahut}d} ul ahcbdpd ag bg bgbud Bgud}gai ]aud l`]dut}g #B]]"' D^+x `bgaghbai oledi bghl}~l}audx }bxj obubkaublg xu}audkbdx ul oajd ~}tedgu bgpdxuodguedhbxblgx' Mr glu `bsbgk ucd hlxu l`olgdr ul ucd hibdgu+x ~arodgu) D^ ahcbdpdx a cbkcd} }dut}g']dxlt}hdx / [d xua``lt} ~}lfdhux {buc D^ ~d}xlggdi bg l}ed} ul `}dd ucd clxu+x ubod age }dxlt}hdx ul `lhtx lghl}d ~}lethubpbur' Capbgk lt} ~}lfdhu udao lg/xbud eabir) lpd} ucd hlt}xd l`lt} uc}dd/rda} hlgu}ahu) aiil{x tx ul}lii ltu lt} dgd}kr oagakdodgu ~}lk}ao age h}daud a htxulod} bgbuoaud }diaublgxcb~ {buc `}dd ahhdxx ul aiiedhbxblg oajbgk bg ucd ~iagu age hb}htopdgubgk ucd mbeebgk ~}lhdxx {bucbg ucd htxulod}x+ l}kagbvaublg'Odaxt}dodgu / D^ ~}lpbedx a ~}l~}bdua}r age qtagub`bamid Dgd}kr Oagakdodgu Xrxudo' Lt} Dgud}~}bxdL~ubobvaublg Oledi #DLO" odaxt}dx `l} oagakdodgu age `l} eliia}bvde paitdx' Ucd DLO hag edibgdauddsbxubgk bgbubaubpdx age odaxt}d oafl} dqtb~odgu ~}lhdxx ah}lxx ucd dgud}~}bxd' Oledix a}d dsu}dodir ahht}aud#~itx l} obgtx B$ ~d} rda}" age a}d a~~}lpde mr lt} hibdgu md`l}d bo~idodguaublg' Ucd oledix a}d ag dxxdgubaihlo~lgdgu l` ucd `bgaghbai oledi ul odaxt}d age h}daud paitd `l} ucd htxulod} age qtagub`R }dut}gx ul ucdbgpdxul}x'Xapbgkx / Ahutai xapbgkx age ~}lethubpbur bo~}lpdodgux a}d odaxt}de mr ucd DLO age x~ibu 4>,4> lpd} ucduc}dd/rda} ~caxd lgd hlgu}ahu' D^ }dbomt}xdx buxdi``l} edpdil~odgu age bo~idodguaublg hlxux `l} mluc ~caxdlgd age ~caxd u{l l` ucd ~}lhdxx ltu l` bux xca}d l` ucd xapbgkx' A ud} 80 olgucx) lt} hibdgu l{gx aiibo~}lpdodgux age }dhdbpdx 1>>$ l` ucd xapbgkx' Xca}de xapbgkx age ~}lethubpbur bo~}lpdodgux lg ha~buai~}lfdhux a}d aixl odaxt}de mr ucd DLO age gdklubaude lg a hlgu}ahu/mr/hlgu}ahu maxbx'Ucd dplitublg l` a ~caxd lgd Dgd}kr Hlxu Xapbgkx Ak}ddodgu Hibdgu xbkgx ucd dgd}kr hlxu xapbgkx ak}ddodgu `l} a ~iagu {buc %=4)>>>)>>> ~itx bg rda}ir dgd}kr x~dgeage a ibxu l` pbamid ha~buai bo~}lpdodgu ~}lfdhux' Ag a~~}lsboaud 2>/ear agairxbx ~d}ble au ucd xdidhude ~iagu ul axxbobiaud bgul ucd hibdgu+x htiut}d) otutaiiragairvd l~~Luutgbubdx age mtbie ~}debhubpd oledibgk maxde t~lg uc}dd rda}x l`l~d}aublgai eaua' Ag a~~}lsboaud 2>/ear ~d}ble {cd}d ucd oledix age ~}lfdhux a}d udxude) aeftxude age a~~}lpde: ~}lk}aobo~idodguaublg mdkbgx' A 80/olguc hlgu}ahu {cd}dmr xapbgkx a}d odaxt}de ax ucd eb `d}dghd mdu{ddg ~}debhude dgd}kredoage #~}lethubpbur mdghcoa}j" age ahutai dgd}kr edoage #~}lethubpbur bo~}lpdodgu"'

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    Ucd dplitublg l` a ~caxd u{l Dgd}kr Hlxu Xapbgkx Ak}ddodgu ^caxd u{l axxdu }dgd{ai,bg`}axu}thut}d ~}lfdhux a}d dgkbgdd}de ul }dethd dgd}kr edoage) bo~}lpd dgd}kr

    hlxux age bgh}daxd ~}lethublg' Ucd `bgaghbai xu}thut}d age ~}lulhlix eb``d} {buc dahc ~}lfdhu' Mluc ucdudhcgbhai age `bgaghbai dgkbgdd}bgk l` ~}lfdhux a}d edxbkgde age ak}dde ul mr ucd oagt`ahut}d}) D^age ucd bgpdxul}x et}bgk ucd agairxbx ~d}ble l` ucd ~caxd lgd dgd}kr hlxu xapbgkx ak}ddodgu'Aol}ubvaublg xhcdetidx `l} ha~buai ~}lfdhux por maxde t~lg ~armahj ~d}blex axxlhbaude {buc x~dhb`bh~}lfdhux' Ucd aol}ubvaublg ud}o }agkdx `}lo `bpd ul u{dgur rda}x'

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    ^t}~lxd l` ucd @tge6Ucd ~t}~lxd l` ucd `tge bx ul ~}lpbed a pdcbhid `l} m}bgkbgk ulkducd} bgpdxul}x xddjbgk a ~}dobto }dut}g {bucbgetxu}bai oagt`ahut}bgk hlo~agbdx ucau capd hdiuabg ibobuaublgx bg kabgbgk `bgaghbgk uc}ltkc u}aebublgaioduclex'@l} bgpdxul}x ucd `tge ~}lpbedx6

    Ahhdxx ul a ~}dpbltxir tgds~ilbude oa}jdu~iahd {buc ~}dobto }duTi11x' Obubkaublg l` }bxj uit+ltkc ebpd}xb bhaublg aolgk otiub~id hlo~agbdx,bgetxu}bdx' Obubkaublg l` }bxj uit/ltkc hlgu}li l` h}bubhai l~d}aubgk ~a}aodud}x mr D^ lg/xbud udhcgbhai

    xua``' Ahht}aud odaxt}dodgu l` udhiobhai age `bgaghbai ~d}`l}oaghd l` bgpdxuodgux'

    @l} oagt`ahut}bgk hlo~agbdx ucd `tge ~}lpbedx6Ahhdxx ul ~}dpbltxir tgapabiamid ha~buai `tgex au oled}aud ~}dobto ul }bxj `}dd }audx'

    Bo~}lpde maiaghd xcddu xu}dgkuc age l~d}aubgk ]LU uc}ltkc l``/maiaghd xcddu `bgaghbgk' Udhcgbhai xua``}dxlt}hdx ul oagakd bo~idodguaublg age ~d}`l}oaghd hlgu}li l` gd{ oagt`ahut}bgk

    axxdux' Ahht}aud odaxt}dodgu age oagakdodgu l` udhcgbhai age `bgaghbai ~d}`l}oaghd l` bgpdxuodgux: ha~buai

    {buc ahhltguambibur'Mahjk}ltge6Ucbx hlghd~utai ~}l~lxai `l} ag bgetxu}bai edpdil~odgu `tge bx hlgxu}thude lg ucd ~}dobxd ucau bgetxu}baiidgebgk ulear bx maxde lg ucd hlxu l` gd{ dqtb~odgu) h}debu/{Liucbgdxx age axxlhbaude hliiaud}ai age eldx gluuajd bgul hlgxbed}aublg ucd odaxt}amid paitd l` ~}lethubpbur bo~}lpdodgu' Bgetxu}bai oagt`ahut}bgk hlo~agbdxhag cb}d a hlgxtiuagu ul agairvd ucdb} ~}lhdxx age bedgub`r bgpdxuodgu l~~l}utgbubdx `l} ~}lhdxx bo~}lpdodgux'Mtu l`udg ucd hlgxtiuagu+x }d~l}u ul ucd l{gd} bx ucd lgir uagkbmid }dxtiu' Ucd hlgxtiuagu+x }dhloodgeaublgx oarl} oar glu md bo~idodgude age ucd }bxj l` `abit}d / bg aeebublg ul ucd hlxu l` ucd hlgxtiuagu / `aiix dgub}dir t~lgucd oagt`ahut}bgk hlo~agr' Axxdu/maxde idged}x age kdgd}ai idgebgk bgxubutublgx hag ~}lpbed `tgex `l} gd{dqtb~odgu) mtu iahj ucd ds~d}ubxd ul agairvd ucd ~}lhdxx age xdidhu ucd olxu ~}l`buamid oleb`bhaublgx' Bgaeebublg) ucdr idapd ucd bo~idodguaublg l` ucd oleb`bhaublg ul ucd ml}}l{d}' Tubibur hlo~agbdx age dqtb~odguxt~~ibd}x hag ~}lpbed ds~diubxd) dqtb~odgu age `bgaghbgk) mtu lgir bg ucdb} a}da l` bgud}dxu' Dgkbgdd}bgkhlo~agbdx capd ucd xjbiix ul ha}}r ltu ucd agairxbx) mtu }dqtb}d ~arodgu `l} ucdb} {l}j b}}dx~dhubpd l` bux tiuboaudxthhdxx' Bg hlgxdqtdghd) oagr ~ludgubai ha~buai bo~}lpdodgux ul dsbxubgk bgetxu}bai ~}lhdxxdx kl tgbedgub`bdeage glu bo~idodgude etd ul iahj l`6

    A oducle ul aibkg bgud}dxux xl ucau mluc bgpdxul}x age oagt`ahut}bgk hlo~agbdx mdgd`bu `}lo ucdtiuboaud xthhdxx l` ucd ~}lfdhu'

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    A oducle ucau ~}lpbedx xtbuamid age auu}ahubpd bghdgubpd `l} mluc bgpdxul}x age oagt`ahut}bgkhlo~agbdx'

    A oducle ucau d``dhubpdir a~~Liublgx mtxbgdxx) udhcgbhai age `bgaghbai }bxj' A oducle ucau ~d}obux ucd `bgaghbgk l` ha~buai ds~dgebut}dx l`` ucd maiaghd xcddu l` ucd oagt`ahut}bgk

    hlo~agr'Bg edpdil~bgk age ed~ilrbgk ucd ~}l~lxde `tge) D^+x mtxbgdxx oledi {ltie md tubibvde ul m}bgk ulkducd}bgpdxul}x xddjbgk a ~}dobto }dut}g {buc bgetxu}bai oagt`ahut}bgk hlo~agbdx gddebgk `bgaghbgk `l} ha~buaibo~}lpdodgux' Bgetxu}bai Aod}bha cax mddg xrxudobhaiir ebxbgpdxude bg bux ha~buai axxdu maxd etd ul cbkc ct}eid}audx age bgud}gai hlo~dubublg `l} `tgex' @bgaghbai tged}{}bubgk h}bud}ba maxde xlidir lg h}debu/{Liucbgdxx `tiucd}hlgu}bmtudx ul ucd xha}hbur l` apabiamid ha~buai `l} ucdxd hlo~agbdx'Ucd D^ mtxbgdxx oledi ~}lpbedx a gd{ ~a}aebko `l} bgetxu}bai `bgaghd age edpdil~odgu ul ahcbdpd ucd mdgd`buxl` cbkcd} l~d}aubgk d``bhbdghbdx age bgh}daxde ]LB' Ucd k}daudxu l~~Liutgbur bg ucd bgetxu}bai oa}jdu~iahd}dxbedx {buc hlo~agbdx {buc hlgxu}abgde h}debu `ahbibubdx' Ucd xu}thut}d l` ucd `tge {bii bghl}~l}aud `bgaghbai }bxjobubkaublg xu}audkbdx ul oagakd ucd `bgaghbai) edpdil~odgu age udhcglilkr }bxjx axxlhbaude {buc bgpdxubgk bgucdxd hlo~agbdx' Ucd ibgj mdu{ddg bgpdxul}x age oagt`ahut}bgk hlo~agbdx {bii md ~}lpbede uc}ltkc D^+xmtxbgdxx oledi) a ~ougd}bgk a~~}lahc ucau `lhtxdx lg bgh}daxde ~}l buambibur age kta}agudde ~d}`l}oaghd `l} aii~a}ubdx'Ucd D^ mtxbgdxx oledi ~}lpbedx ucd xrxudox age }bxj oagakdodgu ullix ul edibpd} ~}lfdhux capbgk a 1/)=/) l} 8rda} ~armahj) {cbhc {ltie glu md ha}}bde ul hlo~idublg tged} htuUdgu bgpdxuodgu hlgxu}abgux' Ucd }dxtiux a}dol}d ~}lfdhux hlo~idude {buc mtbiu/bg ahhltguambibur ul dgxt}d ucdxd bgpdxuodgux oddu l} dshdde ua}kdu klaix'Ucd oagt`ahut}bgk hlo~agr bo~}lpdx ilgk/ud}o ~}l buambibur age }daibvdx a ~}dobto }dut}g `l} ucd `tge age buxbgpdxul}x'Ucd D^ mtxbgdxx oledi bx bedaiir xtbude ul m}bgk `tge bgpdxul}x ulkducd} {buc oagt`ahut}bgk hlo~agbdx ulahcbdpd ucd lmfdhubpdx l` mluc k}lt~x' @b}xu) a ~d}`l}oaghd/maxde hlgu}ahu bx dxuamibxcde mdu{ddg D^ age agbgetxu}bai oagt`ahut}bgk hlo~agr' Ucbx aiil{x D^ ul el ag agairxbx l` ucd ~}lhdxx age edpdil~ xuaubxubhaioaucdoaubhai oledix ul edxh}bmd ~}lethubpbur,~}l`buambibur/}diaude ~a}aodud}x `l} dahc l` ucd oagt`ahut}d}+x~}lhdxxdx' [cbid ucbx bx mdbgk elgd) D^ bedgub`bdx ha~buai bo~}lpdodgu ~}lfdhux {buc auu}ahubpd }dut}gx age~}dxdgux ucdxd ul ucd `tge `l} hlgxbed}aublg `l} `bgaghbgk' T~lg a~~}lpai l` aii ~oubdx) D^ dsdhtudx ageoagakdx ucd bo~idodguaublg l` ucd ha~buai bo~}lpdodgu) tubibvbgk a gtomd} l` bibiilpaubpd }bxj oagakdodguoduclelilkbdx' [cdg ucd ~}lfdhu bx bgxuaiide age xua}ude t~) ucdg D^ bx }dx~lgxbmid `l} odaxt}bgk ucd bo~ahu lg~}l`buambibur l` ucd bo~}lpdodgu) aiil{bgk aii ~oubdx ul xca}d bg mdgd`bux hloodgxt}aud {buc ~}lfdhu }bxj'

    B' D^ dxuamibxcdx ~d}`l}oaghd/maxde hlgu}ahux {buc bgetxu}bai oagt`ahut}bgk hlo~agbdx'=' D^ agairxux ed}bpd xuaubxubhai oaucdoaubhai oledix ul edxh}bmd ~}lethubpbur }diaude

    ~a}aodud}x `l} ucd ~}lhdxxdx l` uclxd oagt`ahut}d}x bg ud}ox l` bged~dgedgu pa}bamidx'8' D^ ~}dxdgux ul ucd `tge bedgub`bde ha~buai bo~}lpdodgux'5' D^ edpdil~x age tubibvdx tgbqtd }bxj oagakdodgu xu}audkbdx'

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    4' D^ bo~idodgux age oagakdx ucd ha~buai bo~}lpdodgu ~}lfdhu'0' D^ odaxt}dx ucd bgh}daxde ~}l`buambibur';' D^ ed}bpdx ag aeebublgai mdgd`bu `}lo ucd idpd}akd d``dhu }dhlkgbve `}lo bgh}daxde l~d}aubgk ~}l`buambibur

    l` ucd dgub}d ~}lhdxx) {cbhc hag md k}daud} ucag ucd }dut}g }daibvde xlidir `}lo axxdux ed~ilrde `}loucd `tge+x bgpdxuodgu'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    10/28

    Dxuamibxcodgu l` a ^d}`l}oaghd/Maxde Hlgu}ahu6-^difl}oaghd hlgu}ahux ul bgxt}d ucau hlo~agbdx edibpd} lgflm/h}daublg age bgpdxuodgu~}lobxdx {bii mdhlodtmbqtbultx) -

    @bpd ^}debhublgx `l} ucd =1 xu Hdgu,ii"bFaodx A) Xhc}bgd}BgetxuiR [ddjir

    ^t}~lxd6 Ucd ~d}`l}oaghd/maxde hlgu}ahu bx a odagx l` ahcbdpbgk ucd mdgd`bux l` a idkai ~a}ugd}xcb~ {bucltu ucdebxaepaguakdx age ilgk/ud}o hloobuodgux l` a u}aebublgai ~a}ugd}xcb~) Ucbx D^ ~a}ugd}xcb~ pdcbhid aeex paitdbg a gtomd} l` {arx) {cbhc u}agxiaudx bgul ia}kd} dqtbur/ibjd }dut}gx `l} aii ~auubdx)Ucd ~d}`l}oaghd/maxde hlgu}ahu lg {cbhc ucd ~}l~lxde `tge bx maxde bx a hlgu}ahu capbgk au idaxu ucdoagt`ahut}bgk hlo~agr age D^ ax ~a}ubdx age {cbhc ed`bgdx ucd }dx~dhubpd etubdx age }dx~lgxbmbibubdx l` dahc~a}ur {buc }dx~dhu ul edpdil~odgu age bo~idodguaublg l` ha~buai ~}lfdhux ul lmuabg xapbgkx bg ag bgetxu}bai~}lhdxx l} ~iagu' [cdg bu bx xabe ucau ucd hlgu}ahu bx -mdu{ddg ucd oagt`ahut}bgk hlo~agr age D^-) bu bx ul mdtged}xulle ucau) au idaxu ucdxd u{l ~a}ubdx a}d bghitede)Ucd hlgu}ahu ~}lpbedx ucau D^ {bii lmuabg `bgaghbgk `l} a ha~buai ~}lfdhu {cbhc {bii bo~}lpd ucd d``bhbdghr age~d}`l}oaghd l` ag bgetxu}bai ~}lhdxx) age ucau D^ {bii bo~idodgu ucd ~}lfdhu' Bu bx mdibdpde {cdg ucd hlgu}ahu~}lpbedx xthc udgiix) bu xd}pdx ul a~~Lbublg ucd }bxj l` `abit}d mdu{ddg ucd oagt`ahut}bgk hlo~agr age D^) ageaxxbkgx ~}boa}r }dx~lgxbmbibur `l} ucd xthhdxx l` dahc xud~ l` ucd ~}lfdhu ul ucau ~auur olxu ha~amid l` hlgu}liibgkbux xthhdxx) @l} dsao~id) xbghd D^ cax ds~d}ubxd bg bedgub Rbgk age edxbkgbgk udhcgbhai oleb`bhaublgx agebgxuaiibgk age xuauubgk t~ gd{ l} oleb`bde dqtb~odgu) uclxd uaxjx a}d axxbkgde ul D^) Ax aglucd} dsao~id) xbghducd oagt`ahut}d} cax k}daud} ahhdxx ul cbxul}bhai ~}lhdxx l~d}aubgk eaua age ul ~d}xlggdi {buc ds~d}bdghd bgl~d}aubgk ucd ~}lhdxx) ucd }dx~lgxbmbibur `l} ~}lpbebgk ahhdxx ul eaua age ul ds~d}bdghde l~d}aubgk ~d}xl}odi bxaxxbkgde bg ucd hlgu}ahu ul ucd oagt`ahut}d}'Ucd hlgu}ahu ~}lpbedx ucau ucd oagt`ahut}bgk hlo~agr {bii xca}d ucd ~}l`buambibur }dxtiubgk `}lo ucdbo~}lpdodgu {buc D^ age bux bgpdxul}x) ax {dii ax ~ar a oa}jdu/maxde bgud}dxu }aud a~~ibhamid ul ucdg htgdguhlgxd}paubpd) il{/}bxj bgpdxuodgux) Bu bx mdibdpde ucau mr ~arbgk D^ `}lo ahutai bgh}daxde ~}l`buambibur ahcbdpdemr ucd bo~}lpdodgu) bgud}dxux l` mluc ucd oagt`ahut}d} age D^ bg ucd xthhdxx l` ucd bo~}lpdodgu hag mdaibkgde) Ucbx aepaguakdltx aibkgodgu obgbobvdx `}bhublg mdu{ddg ucd ~auubdx age oajdx bu ol}d ~}lmamid aedhbxblg mr lgd ~auur {bii md bg ucd mdxu bgud}dxux l` mluc ~a}ubdx)Ucd ~d}`l}oaghd/maxde hlgu}ahu aixl ~}lpbedx ucau ucd oagt`ahut}bgk hlo~agr age D^ ak}dd lg ucdodaxt}dodgu oledix ~}bl} ul ucd bo~idodguaublg l` ucd ha~buai ~}lfdhu) age ucau D^ cax xt``bhbdgu atucl}bur uloagakd ucd bo~idodguaublg l` ucd ~}lfdhu' Mr }dahcbgk ak}ddodgu lg ucd oledi#x" ucau edxh}bmd ucd bgh}daxded``bhbdghr age bo~}lpde ~d}`l}oaghd l` ucd ~}lhdxx etd ul bo~idodgubgk ucd ha~buai ~}lfdhu) ucd ~auubdxdxuamibxc a xu}lgk maxbx `l} otcoi u}txu age h}debmbibur) [cd}dax) b` ucd ~}lfdhu {d}d ul md bo~idodgude ~}bl} ulxthc ak}ddodgu) ol}d l~~l}utgbubdx `l} obxtged}xuagebgk age ebxak}ddodgu hltie a}bxd' [cdg ucd hlgu}ahu~}lpbedx D^ {buc xt``bhbdgu atucl}bur ul oagakd ucd bo~idodguaublg l` ucd ~}lfdhu) ucd }bxj l` `abit}d bx }dethde'Tged} xthc a hlgu}ahu) D^ hag dgkakd bg ahubpbubdx) ax `liil{x6 D^ hag capd bux l{g ~d}xlggdi lg ucd ~iagu xbud)xhcdetid ahubpbubdx l` ucd ~}lfdhu) xtmhlgu}ahu pa}bltx ~l}ublgx l` ucd oleb`bhaublg ul xtmhlgu}ahul}x age hlgu}liucd ahubpbubdx l` uclxd xtmhlgu}ahul}x' Ucd oagt`ahut}d} {bii ~}lpbed D^ ahhdxx ul bux l~d}aubgk ~d}xl}odi `l}xu}audkr udao/mtbiebgk age bo~idodguaublg l` ucd ~}lfdhu) age ~}lpbed D^ ahhdxx ul cbxul}bhai l~d}aubgk eaua'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    11/28

    Aiucltkc ucd ~d}`l}oaghd/maxde hlgu}ahu hag md `l} agr idgkuc l` ubod) ucd ud}o otxu md ilgk dgltkc ul ~d}obu`tii ~iaggbgk) bo~idodguaublg age l~d}aublg l` ucd bo~}lpdodgu) age aixl ilgk dgltkc ul ~}lpbed `l} ucd}d~arodgu l` ml}}l{de `tgex age `l} ucd ak}dde/t~lg xca}bgk bg ~}l bux' Kdgd}aiir) ucd ud}o l` xthc hlgu}ahux bxmdu{ddg `bpd age `b`uddg rda}x'Ucd oledi otxu ~}lpbed a paibe odagx `l} edud}obgbgk ucd xapbgkx bg d``bhbdghr age bo~}lpde ~d}`l}oaghd}dxtiubgk `}lo bo~idodgubgk ucd ha~buai ~}lfdhu' Bu bx bo~l}uagu ucd oledi odaxt}dx age oledix {cau bu bxbgudgede ul odaxt}d age oledi) }aucd} ucag ul xbo~ir md a klle `bu l` ~axu eaua' [cdg ucd oledi bx txde ax ucdmaxbx `l} haihtiaubgk ucd aoltgu l` xapbgkx ax ahht}aud) aii ~au1bdx bgplipde hag ~}lhdde {buc a cbkcd} idpdi l`hlg`bedghd ucau ~arodgux etd age ~abe ul bgpdxul}x {bii md dqtbuamid' [cdg D^ cax ed}bpde ucd oledi) bu bx~}dxdgude ul ucd oagt`ahut}bgk hlo~agr oagakdodgu `l} a~~}lpai ~}bl} ul ~}lhddebgk `T11cd} {buc ucdbedgub`bhaublg age bo~idodguaublg l` ha~buai ~}lfdhux ul bo~}lpd ~}lethubpbur' B` ucd oledi bx glu a~~}lpde) ucdoledi ed}bpaublg ~}lhdxx bx mdktg akabg' Ucbx bud}aublg bx }d~daude tgubi ucd oledi bx a~~}lpde) xbkgde agebghl}~l}aude bgul ucd hlgu}ahu mdu{ddg ucd oagt`ahut}bgk hlo~agr age D^'A`ud} a ha~buai bo~}lpdodgu ~}lfdhu ul }dethd dgd}kr age dgpb}lgodguai hlgxto~ublg,hlxux) bgh}daxd d` bhbdghrage bo~}lpd ~d}`l}oaghd l` ucd ~}lhdxx bx bedgub`bde age bo~idodgude) ucd hcagkdx a}d odaxt}de,edud}obgdetxbgk ucd oledi age a eliia} paitd bx axxbkgde }dxtiubgk `}lo ucd hcagkdx age xca}de aolgk ucd oagt`ahut}d})D^ age ucd `tge bgpdxul}x' Bg xlod haxdx `bgaghbai mdgd`bux `}lo ucd bo~}lpdodgu bgh}daxde `}lo ucd t~xudaoage el{gxu}dao d``dhux l` bgh}daxde ~}lethubpbur age,l} hlxu xapbgkx bx aixl kabgde ax }d`idhude bg ucd aii/bg}dut}g lg axxdux' Ucbx xlodubodx aiil{x `l} a k}daud} eliia} paitd }duto ucag `}lo `bgaghbai mdgd`bux odaxt}dexlidir `}lo ucd dqtb~odgu bo~}lpdodgux'

    Ed}bpaublg l` ucd Maxdibgd Xuaubxubhai Oledix6Ucd ~}lethubpbur l` ag bgetxu}bai ~}lhdxx hag md ds~}dxxde lg ucd maxbx l` ubod) dgd}kr txd) dgpb}lgodguai hlxu)hlgxtoamidx txd) iaml}) {daucd}) ucd aoltgu l` ha~buai bgpdxude bg ucd ~}lhdxx) l} lg ucd xbvd l` ucd ~}lhdxxdqtb~odgu) l} lucd} maxbx' ^}lethubpbur ~d} tgbu ubod bx l`udg ds~}dxxde ax) `l} dsao~id) gtomd} l` tgbux l`~}lethu ~}lethde #-~}lethublg-" ~d} tgbu l` ubod #-~}lethublg }aud-"' Lucd} ~}lethubpbur ~a}aodud}x bghited~}lethublg ~d} tgbu l` dgd}kr txd) ~}lethublg ~d} tgbu l` iaml}) ~}lethublg ~d} tgbu l` dqtb~odgu xbvd)~}lethublg ~d} tgbu l` bgpdxude ha~buai) age ucd ibjd' Ucd bgpd}xd l` ucd ~}lethubpbur `tghublg / b' d' dgd}kr txd~d} tgbu l` ~}lethublg / l} agr ~a}aodud} ucau bx eb}dhuir l} bgpd}xdir }diaude ul ~}lethubpbur) xthc ax dgd}kr txd~d} tgbu ~d}ble l` ubod) {bii xd}pd ucd xaod ~t}~lxd l` odaxt}bgk ~}lethubpbur age hag ahu ax ucd~}lethubpbur/}diaude ~a}aodud}'@l} ucd ~t}~lxd l` ucbx ebxhtxxblg) xlod l` ucd edxh}b~ublg {bii md bg ud}ox l` ~}lethubpbur lg ucd maxbx l` dgd}kr#~}lethublg ~d} tgbu l` dgd}kr txd") l} l` ucd bgpd}xd ~a}aodud} / dgd}kr txd ~d} tgbu l` ~}lethublg) l} dgd}krtxd ~d} tgbu l` ubod' Cl{dpd}) bu bx ul md tged}xulle ucau {cdg dgd}kr txd bx txde ax ag dsao~id) xbobia}oduclex age dqtaublgx hltie md ed}bpde `l} agr lucd} ~}lethubpbur/}diaude ~a}aodud}) xbo~ir mr xtmxubutubgk ucda~~}l~}baud pa}bamidx age ~a}aodud}x'Bgetxu}bai dgd}kr hlgxto~ublg bx a `tghublg l` gtod}ltx hlgu}bmtubgk `ahul}x) hatxde mr dqtb~odgu txbgk dgd}krbg }dx~lgxd ul edoagex ~iahde lg bu mr ucd txd} age ahhl}ebgk ul bux ~au1bhtia} edxbkg' Dgd}kr d``bhbdghrbo~}lpdodgux txtaiir hlghdgu}aud lg bgebpbetai ~au1x l} xrxudox) {cbid lpd}aii dgd}kr hlgxto~ublg bx l`udg

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    12/28

    agairvde mr dsaobgbgk ucd txd l` dgd}kr bg bux x~dhb`bh `tdi `l}ox' Mdhatxd bged~dgedgu pa}bamidx a``dhuhlgxto~ublg l` ucdxd `tdix) ahht}aud hlo~a}bxlgx l` ucd dgd}kr hlgxto~ublg `l} ubod odaxt}de ~d}blex `l} a~}lhdxx otxu bghited ucd d` dhu l` dahc l` ucdxd pa}bamidx']dethublgx bg bgetxu}bai dgd}kr hlgxto~ublg ur~bhaiir }dxtiu bg dgd}kr hlxu }dethublgx' Cl{dpd}) bu xcltie md}dhlkgbvde ucau dgd}kr hlxu hag aixl md }dethde mr txbgk dgd}kr au aiud}gaubpd ubodx #d'k') mr txbgk didhu}bhburet}bgk -l`` ~daj- clt}x") txbgk aiud}gaubpd `l}ox l` dgd}kr #d'k') `tdi x{buhcbgk") l} gdklubaubgk ol}d `apl}amidtubibur }audx' D^ hag bo~idodgu hlxu/d``dhubpd xhcdetibgk l` dgd}kr txd age `tdi x{buhcbgk age oar axxbxu ucdoagt`ahut}bgk hlo~agr bg gdklubaubgk ol}d `apl}amid }audx `l} ucd ~t}hcaxd l` dgd}kr age ~l{d}'Bu xcltie md tged}xulle ucau agrlgd l` ucdxd oledix l} agr hlombgaublg l` u{l l} ol}d l` ucdxd oledix hag md)age l`udg a}d) txde ul edxh}bmd ucd hcagkdx bg pa}bltx ~}lethubpbur/}diaude ~a}aodud}x `l} ucd xaod ~}lhdxx' Ucdrhag daxbir md haihtiaude age }d~l}ude au agr ubod ucd paitdx l` ucd xbkgb`bhagu bged~dgedgu pa}bamidx `l} aii l` ucdoledix a}d odaxt}de'Lgd bo~l}uagu hlgxbed}aublg l` a oledi bx bux paibebur ax a ~}debhubpd ulli' Ucd ol}d ahht}audir ucd oledi~}debhux ucd ~}lethubpbur/}diaude ~a}aodud}) ucd idxx -glbxd- ucd}d bx bg ucd haihtiaude paitdx age ucd daxbd} bu bx ulglubhd age bedgub`r x~dhbai hatxdx l` pa}baublg bg ucd ~}lhdxx #hatxdx ucau a}d glu hatxde mr hcagkdx bg ucdbged~dgedgu pa}bamidx" age ul uajd ubodir hl}}dhubpd ahublg' Xdhlge) b` ucd oledi bx ul md txde ax ucd maxbx `l}haihtiaubgk ucd aoltgu l` dgd}kr xapbgkx) dgpb}lgodguai hlxux) ha}mlg h}debux ucau a}d ahutaiir mdbgk ahcbdpde)aii ~a}ubdx bgplipde hag ~}lhdde {buc a cbkcd} idpdi l` hlg`bedghd {cdg ucd oledi oddux ucd }dqtb}de ahht}ahrxuagea}ex {cbhc ~}lpbed a~~}l~}baud mdghcoa}jx ul odaxt}d ucd paitd aeede mr ucd ha~buai bo~}lpdodgux agelucd} `liil{/ailgk `bgaghbai mdgd`bux'Bu bx aixl bo~>i1agu ucd oledi u}tir odaxt}dx ucd hcagkdx bg ucd ~}lethubpbur/}diaude ~a}aodud} hatxde mrhcagkdx bg ucd bged~dgedgu pa}bamidx' Ucbx qtaibur hag md odaxt}de mr haihtiaubgk ucd hl}}diaublg hld``bhbdgu#]"' Xuaubxubhai ~a}aodud}x) xthc ax ucd paitd l`]/xqta}de #l} ] =") a}d odaxt}dx l` ucd edk}dd l` hcagkd bg ucded~dgedgu pa}bamid #ucd ~}lethubpbur/}diaude ~a}aodud}" ucau bx ds~iabgde mr hcagkdx bg ucd bged~dgedgupa}bamidx ucau capd mddg xdidhude `l} ucd oledi' Bu bx mdibdpde ucau b` ]/xqta}de bx il{d} ucag >'0) ucdg bu bx ibjdirucd oledi {bii glu ahht}audir ~}debhu paitdx l` dgd}kr txd' Ucd aepaguakd kabgde `}lo capbgk a oledi ucau `tiirds~iabgx aii) l} olxu) l` ucd edk}dd l` hcagkd bg ucd ed~dgedgu pa}bamid ax a `tghublg l` hcagkdx bg ucdbged~dgedgu pa}bamidx bx bu ~}lpbedx a cbkcd} hlg`bedghd idpdi ucd hcagkdx ~}debhude mr ucd oledi u}tir }d`idhuucd hcagkd hatxde mr jgl{g dpdgux'Aglucd} {ar ul paibeaud a oledi bx ul a~~ir ucd oledi ul `tut}d lmxd}paublgx et}bgk a udxu ~d}ble' Bg lucd}{l}ex) ul ~}debhu ucd dgd}kr txd `l} dahc ear maxde lg ucd paitdx l` ucd xbkgb`bhagu bged~dgedgu pa}bamidx `l}ucau xaod ear age ucdg ul hlo~a}d ucd ~}debhude paitd {buc ucd odaxt}de paitd l` dgd}kr txd' B` ucbx hag mdelgd lpd} a udxu ~d}ble l` xdpd}ai olgucx) a klle hcdhj l` ucd paibebur l` ucd oledi hag md lmuabgde' Cl{dpd})ucbx oducle lmpbltxir }dqtb}dx aeebublgai ubod `l} oledi pd}b`bhaublg / ubod ucau hltie lucd}{bxd md txde ulbo~}lpd age mdgd`bu `}lo ucd ~}lethubpbur l` ucd ~}lhdxx' Ucd}d`l}d) a ~}d`dgde oducle `l} paibeaubgk ucd oledibx ul {bucclie a ~>i1blg l` ucd cbxul}bhai eaua ax a paibeaublg xao~id' Ucdg) ax edxh}bmde amlpd) a oledi ed}bpdelg ucd maxbx l` haibm}aublg eaua hag md paibeaude `l} ahht}ahr mr udxubgk bux ~}debhubpd ahht}ahr pd}xtx ucd eaua l`ucd paibeaublg xao~id'[cdg D^ cax ed}bpde ucd oledi) bu bx ~}dxdgude ul ucd oagt`ahut}bgk hlo~agr+x oagakdodgu `l} a~~}lpai ~}bl}ul ~}lhddebgk `t}ucd} {buc ucd bedgub bhaublg age bo~idodguaublg l` ha~buai ~}lfdhux ul bo~}lpd ~}lethubpbur' B`ucd oledi bx glu a~~}lpde) ucd oledi ed}bpaublg ~}lhdxx bx mdktg akabg ahhl}ebgk ul a {}buudg ~}lhdet}d

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    ltuibgde bg ucd hlgu}ahu mdu{ddg ucd ~oubdx' Ucbx bud}aublg bx }d~daude tgubi ucd oledi bx a~~}lpde mr ucdoagt`ahut}bgk hlo~agr'A jdr `daut}d l` ucd xuaubxubhai oaucdoaubhai oledi bx bu edxh}bmdx a ~}lethubpbur/}diaude ~a}aodud} bg ud}ox l` apaibeaude xdu l` bged~dgedgu pa}bamidx' A`ud} a ha~buai bo~}lpdodgu ~}lfdhu ul bo~}lpd ucd ~}lethubpbur l` ucd~}lhdxx bx bedgub`bde age bo~idodgude) ucd hcagkd bg ucd ~}lethubpbur/}diaude ~a}aodud} hatxde mr ucdbo~}lpdodgu bx odaxt}de mr edud}obgbgk ucd eb` d}dghd mdu{ddg a odaxt}de paitd l` ucd ~a}aodud} age a paitdl` ucd ~a}aodud} ~}debhude mr ucd oledi txbgk odaxt}de paitdx l` dahc bged~dgedgu pa}bamid' A eliia} paitd hagmd axxbkgde ul ucd hcagkd bg ucd ~}lethubpbur/}diaude ~a}aodud} age lucd} paitdx xthc ax qtaibur) dgpb}lgodguaiage dgd}kr age ucd xapbgkx ahcbdpde mr ucd bo~}lpdodgu hag md xca}de aolgk ucd oagt`ahut}d}) D^ age ucd`tge bgpdxul}' Ucd bgh}daxde eliia} paitd hag xlodubodx md k}daud} ucag ucd ]LB axxlhbaude {buc ucd x~dhb`bhbo~}lpdodgu' Ucbx -idpd}akd d``dhu- ahcbdpde `}lo kidagbgk a ~d}hdguakd l` ucd dgub}d l~d}aubgk mtekdu oarxd}pd ax ag aeebublgai -dqtbur jbhjd}-' Ucbx `il{x `}lo ucd `bgaghbai paitdx h}daude uiT+ltkcltu ucd dgub}d~}lethublg ~}lhdxx age glu gdhdxxa}bir ftxu `}lo ucd bo~}lpdodgux'

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    @bgaghbgk ucd Bo~}lpdodgu age Oagakdodgu l` ucd @tge[cdg D^ bo~idodgux ucd bo~}lpdodgux) ucd hlxu l` ucd bo~}lpdodgux hag md ml}gd mr dbucd} ucd oagt`ahut}bgkhlo~agr l} mr D^' Bu bx aepaguakdltx) cl{dpd}) ucau D^ mda} ucd hlxux l` bo~idodgubgk ucd ~}lfdhu mdhatxd D^cax hagbde ltu ucd agairxbx age oledibgk l` ucd ~}lhdxx) age cax ~obbhb~aude {buc ucd oagt`ahut}bgk hlo~agrbg ucd bedgub bhaublg age xdidhublg l` hlxu/d``dhubpd ~}lfdhux: D^ bx bg ucd mdxu ~lxbublg ul jgl{ ucd }bxjx l` ucd~}lfdhu age ul kta}e akabgxu `bgaghbai ilxx ucau hltie md hatxde mr xthc }bxj' D^ {bii lmuabg ucd `bgaghbgk agemda} xtmxuagubaiir aii l` ucd hlxux axxlhbaude {buc ~t}hcaxd l` ucd ha~buai dqtb~odgu) ~t}hcaxd ucd ha~buaidqtb~odgu age ahu ax ucd bgbubai xlid l{gd} l` }dhl}e `l} ucd ha~buai dqtb~odgu'Ucd}d a}d xdpd}ai aepaguakdx ul ucbx a~~}lahc' Ucd dqtb~odgu hlxu hag md xcl{g lg D^+x maiaghd xcddu) }aucd}ucag ucd oagt`ahut}bgk hlo~agr+x maiaghd xcddu' D^ `bgaghdx ucd ~t}hcaxd age bgxuaiiaublg l` ha~buai dqtb~odgu`}lo ha~buaibvaublg ~}lpbede `}lo ucd `tge ~t}xtagu ul ucd tged}{}bubgk h}bud}ba dxuamibxcde' Ucbx ilag hag md l`agr `l}o oddubgk ucd x~dhb`bh gddex l` ucd oagt`ahut}d}) ucd `tge age D^) age {bii md }d~abe `}lo ucd xapbgkx}dxtiubgk `}lo ucd ha~buai bo~}lpdodgu'Xthc xapbgkx hag hlod `}lo dgd}kr xapbgkx) bgh}daxde ~}lethublg }aud) }dethublg bg ucd txd l` iaml} l}hlgxtoamidx) dgpb}lgodguai mdgd`bux) qtaibur bo~}lpdodgux) l} agr lucd} odaxt}amid paitd/aeede mdgd`buxhatxde mr ucd bo~}lpdodgu'Ol}dlpd}) b` D^ ~}lpbedx xthc `bgaghbgk `l} ha~buai dqtb~odgu `l} au idaxu u{l l} ol}d xd~a}aud oagt`ahut}bgkhlo~agbdx) ucdg D^ hag x~}dae ucd }bxj l` ilxx `l} ucd `tge mr lmuabgbgk aii ucd `bgaghbgk `l} ucd }dqtb}de ha~buaidqtb~odgu bg aii l` ucd ~}lfdhux tged} h}lxx/hliiaud}aibvde ilagx ul D^'Ucbx oducle l` `bgaghbgk ~}lpbedx aepaguakdx lpd} hlgpdgublgai ilagx ul a oagt`ahut}bgk hlo~agr `l} {cbhcucd ha~buai bo~}lpdodgu bx ha}}bde mr ucd l{gd} lg bux maiaghd xcddu' Mr {ar l` hlgu}axu) D^ l{gx ucd axxdu ageha}}bdx bu lg bux maiaghd xcddu' Mr xthc l``/maiaghd xcddu `bgaghbgk) ucd oagt`ahut}bgk hlo~agr hag jdd~ ucd}dxtiubgk ha~buai axxdux age axxlhbaude edmu mt}edgx l`` bux maiaghd xcddu) ucd}dmr ua~~bgk a gd{ xlt}hd l` ha~buaiul goe bo~}lpdodgux age xu}dgkucdg bux l{g `bgaghbai ~lxbublg `}lo ucd xapbgkx kdgd}aude `}lo ucd ha~buaibo~}lpdodgu' Ax edxh}bmde ~}dpbltxir) xthc l``/maiaghd xcddu `bgaghbgk `l} ucd l{gd} ~di111bux ucdbo~idodguaublg l` ha~buai ~}lfdhux bu lucd}{bxd hltie glu tged}uajd etd ul `bgaghbai ibobuaublgx' Ucd amlpdglu{bucxuagebgk) ucd `tge age ucd oagt`ahut}d} oar tged}{}bud ucd bo~}lpdodgu ax a ha~buai idaxd l} kabg lucd}u}aebublgai kta}aguddx mr ucd oagt`ahutd} maxde t~lg ak}ddodgu l` ucd ~obbdx'Ul dgxt}d ucd ha~buai ~}lfdhu edibpd}x ucd mdgd`bux }dqtb}de ul }dha~ut}d ucd edmu age da}g a `apl}amid }dut}g) D^{bii u}abg ucd l~d}aubgk ~d}xlggdi l` ucd oagt`ahut}bgk hlo~agr ul txd age oabguabg ucd gd{ dqtb~odgu' T~lgucd hlo~idublg l` ucd ~}lfdhu) ucd ~}lhdxx bx xuobde t~ age l~d}aude {buc ucd bo~}lpdodgu#x") ucd}dmr lmuabgbgkucd mdgd`bux l` ucd ~}lethubpbur bo~}lpdodgux }dxtiubgk `}lo ucd ~}lfdhu#x"'

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    Dsao~idx l` `bgaghbai h}bud}ba `l} ucd bgetxu}bai oagt`ahut}d} age ha~buai ~}lfdhux6B' Ucd bgetxu}bai oagt`ahut}d} cax ol}d lgd/) u{l/ age uc}dd/rda} qtaibur ~armahj ~}lfdhux ucag apabiamid

    ctoag age ha~buai }dxlt}hdx hag dgkakd'=' Ucd ~}lfdhu {bii ~}lpbed gd{ dqtb~odgu l} a oafl} }du}l bu ul bo~}lpd ucd oa}kbgai ~d}`l}oaghd l`

    ~}lethubpbur) qtaibur) ha~ahbur) l} ha~ambibur ul ~}lethd a gd{ ~}lethu'8' Ucd dqtb~odgu ul md bgxuaiide bx h}bubhai ul ucd ~}l`buambibur l` ucd bgetxu}bai oagt`ahut}d}'5' Ucd dqtb~odgu glu lgir dgxt}dx ucd ~}lethublg) qtaibur) age oaud}bai hlgxto~ublg }audx) {cbhc {d}d

    dsbxubgk ~}bl} ul bux bgu}lethublg) mtu aixl xtmxuagubaiir bgh}daxdx ucdxd ~d}`Lboaghdx'4' B` ~lxxbmid) ucd dqtb~odgu hag md }dolpde `}lo ucd xbud l` ucd bgetxu}bai oagt`ahut}d} age oa}jdude ul

    aglucd} bgetxu}bai oagt`ahut}d}'0' Ucd ~armahj ~d}ble age ]LB otxu md xtbuamid `l} ucd idpdi l` }bxj bgplipde age {bii md edud}obgde lg a

    haxd/mr/haxd maxbx';' Ucd `oaghbai dgkbgdd}bgk axxlhbaude {buc ucd bo~}lpdodgu bx edxbkgde et}bgk ucd -^caxd Lgd- agairxbx

    l` ucd uiT+dd/rda} Dgd}kr Hlxu Xapbgkx Ak}ddodgu mdu{ddg D^ age ucd oagt`ahut}d}' Ucd`bgaghbai dgkbgdd}bgk bx xu}thut}de eb``d}dguir {buc dpd}r ~}lfdhu,bo~}lpdodgu' Ucd `bgaghbai xu}thut}d)hlgu}ahu `l}o) ahhltgubgk ~}d}lkaubpdx l` ucd `tge) oagt`ahut}d}) age D^ a}d dpaitaudeage {dbkcde ul oddu ucd gddex l` aii ~a}ubdx'

    Hlgebublgx `l} tged}{}bubgk ucd bgpdxuodgu61' Ucd bgetxu}bai oagt`ahut}d}) ucd `tge) age D^ {bii xca}d ucd bgh}daxde ~}l`buambibur auu}bmtuamid ul ucd

    bo~}lpdodgu ahhl}ebgk ul a xhcdetid {cbhc }dut}gx amlpd oa}jdu }audx ul `tge bgpdxul}x) da}gxa~~}l~}baud hlo~dgxaublg `l} D^ age }dut}gx ucd maiaghd l` ucd mdgd`bu ul ucd bgetxu}bai oagt`ahut}d}'=' Ucd bgetxu}bai oagt`ahut}d} {bii l~d}aud ucd dqtb~odgu bg ahhl}eaghd {buc ucd xuagea}e l~d}aubgk

    ~}ahubhd #XL^" ~}lpbede mr D^' #Ucbx XL^ {bii md e}a{g t~ {buc bg~tux `}lo ucd dqtb~odgu pdgel})~}lhdxx age qtaibur hlgu}li) age xa`dur }dqtb}dodgux"'

    8' D^ {bii }dpbd{ ucd ~d}`l}oaghd l` ucd dqtb~odgu {buc ucd bgetxu}bai oagt`ahut}d} lg a eabir age {ddjirmaxbx'

    5' Ucd bgetxu}bai oagt`ahut}d} {bii md }dqtb}de ul hlgdhu agr edpbaublg `}lo ucd XL^ ax xllg ax D^ m}bgkxxthc edpbaublgx ul ucd auudgublg l` ucd oagt`ahut}d}'

    4' D^ {bii capd ucd }bkcu ul bo~}lpd l} aee ol}d dqtb~odgu bg haxd agr ed`bhbdghbdx a}d ebxhlpd}de' Ucdhlxu l` xthc hcagkdx {bii md edethude `}lo ucd xapbgkx etd ul ucd bgetxu}bai oagt`ahut}d}'

    0' D^ {bii capd ucd }bkcu ul }dolpd ucd dqtb~odgu `l} }dxaid l} idaxd ul aglucd} bgetxu}bai oagt`ahut}d} b`ucd ~d}`lggaghd hlgubgtdx ul }doabg mdil{ ucd oagt`ahut}bgk age l~d}aubgk xuagea}e l` ucdoagt`ahut}bgk ~}lhdxx `l} a hd}uabg ~d}ble' Ucd bgetxu}bai oagt`ahut}d} {bii md }dqtb}de ul hlo~dgxaudD^ age ucd `tge `l} agr hlgubgkdgu ilxx etd ul ucbx'

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    ;' Aii ha~buai bo~}lpdodgu ~}lfdhux a}d xtmfdhu ul dpaitaublg mr ag bged~dgedgu dgkbgdd}'3' L~d}aublg) hlgebublg) age ~d}`l}oaghd l` dqtb~odgu oar md hlpd}de mr bgxt}aghd `}lo a oafl}

    bgxt}aghd tged}{}bud}'

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    Oagakdodgu l` ucd `tge6Ucd `tge {bii md oagakde mr D^' D^ {bii xd}pd ax oagakbgk odomd} ul ucd `tge ~}lpbebgk aii edai `il{)edpdil~odgu) hlgxu}thublg) dgkbgdd}bgk age ear/ul/ear oagakdodgu xd}pbhdx `l} ucd `tge age `l} xd}pbhbgk ucdhlgu}ahux mdu{ddg D^ age ucd oagt`ahut}d}x' D^ bx ~abe `l} ucd xd}pbhdx au ~}dpabibgk oa}jdu `ddx ax ltuibgde bgucd tged}{}bubgk h}bud}ba age ~}lfdhu udo~iaudx dxuamibxcde mr ucd `tge'Ucd `bgaghbai ud}ox `l} `tge bgpdxuodgux age }dut}gx a}d ltuibgde bg ucd ~}lfdhu udo~iaudx' Aii idkai elhtodguxage tged}{}bubgk h}bud}ba mdu{ddg ucd oagt`ahut}d}) D^ age ucd bgpdxul}x ul ucd `tge capd mddg dxuamibxcde' Axa }dxtiu ucd}d a}d gl plubgk }dqtb}dodgux l} gd{ idkai elhtodgux }dqtb}de ul bgbubaud a `tge bgpdxuodgu'Htxulod} hlgu}ahux,~}lfdhux {bii md a~~}lpde maxde t~lg oddubgk ucd bgpdxuodgu tged}{}bubgk h}bud}ba l` ucd`tge' A hlo~}dcdgxbpd oagakdodgu ~libhr age ~}lhdet}dx oagtai) hlpd}bgk l~d}aublgx l` ucd `tge bx ul md{}buudg mr D^ age a~~}lpde mr ucd bgbubai bgpdxul} x~lgxl}x' Ucd `tge {bii aiilhaud ~}lfdhu }dpdgtdx agebgpdxuodgux ahhl}ebgk ul ucd amlpd aiilhaublgx }d`idhude bg ucd tged}{}bubgk age ~}lfdhu udo~iaudx age maxdet~lg a xhcdetid ucau axxt}dx }dahcbgk ua}kdu }dut}gx `l} ucd `tge age lucd} `bgaghbai }bxj obubkaublg xu}audkbdx'X~dhb`bh bgpdxuodgux {bii md a~~}lpde maxde t~lg oddubgk ucd bgpdxuodgu h}bud}ba tged}{}buudg bg ucd ~}lfdhuudo~iaudx age oagt`ahut}d}+x ~}l bid' Bg ucd dpdgu l` ed`atiu mr ucd oagt`ahut}d}) aeebublgai oagakdodgu}dx~lgxbmbibubdx l` ucd oagt`ahut}d} {ltie md uajdg lpd} mr D^' Ucd oagakbgk odomd}) D^) {ltie ucdgtged}1ajd ahublgx ul `tu1cd} xdht}d ucd hliiaud}ai) }dgdklubaud ud}ox) }dilhaud ucd dqtb~odgu) age tubibvd ucd~llibgk l` h}debux age bgetxu}bdx ul oabguabg ua}kdu }dut}gx `l} ucd `tge'Dsbu xu}audkbdx a}d maxde lg a }dpbd{ l` ucd ahutai ~l}u`libl age aoLi1bvaublg ud}o l` ucd bgpdxuodgux' A`ud}}dahcbgk ag ak}dde t~lg xtmxh}b~ublg idpdi) ucd `tge {bii edud}obgd {cducd} ul md aol}ubvde ltu) l} tubibvd axdht}bubvaublg xu}audkr'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    18/28

    ]bxj oagakdodgu6Olxu ~}lfdhux ucau `abibgk ul ~}lethd edxb}de }dxtiux {d}d `ia{de `}lo ucdb} bghd~ublg' @d{ a`ud}/ucd/`ahu}dodebdx hag oajd t~ `l} ucd iahj l` etd ebibkdghd au ucd mdkbggbgk l` ucd ~}lfdhu' Ucd olxu d``dhubpd oducle`l} }bxj obubkaublg bx ul hlo~idud a ucl}ltkc bgpdxubkaublg l` ucd ~}lfdhu axxto~ublgx) age ul hida}ir axxbkg hlxuxage }dx~lgxbmbibubdx'Ucd `liil{bgk a}d xlod l` ucd ~ludgubai hatxdx l` a xcLib`aii bg ~d}`l}oaghd6 Bgxt` bhbdgu eaua apabiamid `l} ~}lhdxxbgk' ^ll} qtaibur age ~}lhdxx hlgu}li' Iahj l` xrxudox bgudk}aublg mdu{ddg ucd dqtb~odgu age lucd} }diaude ~iagu) dqtb~odgu age xrxudox' ^ll} oabgudgaghd ~}ahubhd mr ucd bgetxu}bai oagt`ahut}d} }dxtiubgk bg `}dqtdgu m}dajel{gx' Dshdxxbpd ediarx hatxbgk edh}daxd bg ucd dqtb~odgu tubibvaublg' Iahj l` hlootgbhaublg age hll}ebgaublg mr ucd {l}j`l}hd l` ucd bgetxu}bai oagt`ahut}d} }dxtiubgk bg

    ~d} Lboaghd mdil{ xuagea}ex' Iahj l` ~}l~d} u}abgbgk l` bgetxu}bai oagt`ahut}d} {l}j`l}hd ul l~d}aud age,l} oabguabg ucd dqtb~odgu' Iahj l` edoage `l} ucd ltu~tu `}lo ucd dqtb~odgu' @l}hd oafdt}d hlgebublgx'@l} dahc l` ucd amlpd hatxdx) D^ {bii edpdil~ a hatxai/u}dd agairxbx age edpdil~ a ~iag l` ahublg bg hll~d}aublg{buc ucd bgetxu}bai oagt`ahut}d}' Bg aeebublg) D^ {bii6

    B' Tgedibajd a eduabide `daxbmbibur agairxbx {buc }dx~dhu ul ucd h}bubhaibur l` ucd dqtb~odgu ul ucd bgetxu}baioagt`ahut}d}+x ~}lethublg ha~ambibur' Ucbx agairxbx {bii hlpd} aii dgkbgdd}bgk `daut}dx) oa}jdu agehlood}hbai hlgebublgx) ucd }lid l`{l}j`l}hd) duh'

    =' Txd ucd mdxu apabiamid x~dhbaiur age kdgd}ai hlgu}ahul}x) jgl{idekd) ds~dibbxd age ds~d}bdghd ul e}a{ t~ucd dgkbgdd}bgk x~dhb`bhaublgx {cbhc {bii dgxt}d xthhdxx `}lo ucd edxb}de bo~}lpdodgu' Dgedapl} ulxdidhu a ~}lfdhu ucau hlguabgx lucd} hliiaud}ai mdgd`bux age bx hl}d,hdgu}ai ul ucd l~d}aublgx l` ucd ~}lhdxx'

    8' Xdidhu ag dqtb~odgu pdgel} {cl {bii kta}agudd ucd x~dhb bde ~d}`l}oaghd'5' ]dahc a hlgu}ahutai ak}ddodgu {buc ucd pdgel} ul bghited ~dgaiubdx `l} ibqtbeaude age hlgubgkdgu

    eaoakdx'4' ^}lpbed bgxt}aghd akabgxu tgxaubx`ahul}r ~d}`l}oaghd'0' Odaxt}d age olgbul} ucd ~d}`l}oaghd l` ucd dqtb~odgu lg a eabir maxbx age m}bgk agr ed`bhbdghr ul ucd

    auudgublg l` ucd bgetxu}bai oagt`ahut}d}';' Bg ucd dpdgu l` a ~d}`l}oaghd ed`bhbdghr) e}a{ t~ a eduabide ahublg ibxu ul m}bgk ucd ~d}`l}oaghd ul ucd

    ds~dhude idpdi' B` gdhdxxa}r) D^ {bii m}bgk bg ds~dibx bghitebgk dqtb~odgu pdgel}+x qtaib`bde ~d}xlggdiul }dxul}d ucd ~d}`l}oaghd l` ucd dqtb~odgu' Ucd hlxu `l} ucbx {bii md odu ltu l` ucd xapbgkx etd ucdbgetxu}bai oagt`ahut}d}'

    Dahc bgetxu}bai oagt`ahut}d} }d~}dxdgux a tgbqtd gdde age xu}thut}d bg edpdil~bgk ucdxd `bgaghbail~~l}utgbubdx' D^ {bii bedgub`R age bghl}~l}aud h}daubpd }bxj obubkaublg xu}audkbdx' Ucd `liil{bgk a}d ~}dxdgudeax dsao~idx l` lucd} hliiaud}ai ucau hag md h}daude bged~dgedgu l` ucd dqtb~odgu bo~}lpdodgu mtu {bii glua~~ir bg dpdiR haxd'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    19/28

    1' Bgh}dodguai Paitd l`Bgpdgul}rBg oagr haxdx) ucd bgxuaiiaublg l` a ha~buai bo~}lpdodgu ul a oagt`ahut}bgk ~}lhdxx ~}lpbedx mdgd`bux bg ucd`l}o l` mluc bgh}daxde ~}lethublg age bgh}daxde paitd #qtaibur" l` ucd ~}lethu' Dsbxubgk h}debu ibgdx a}d maxdelg ht}}dgu ~}lethublg }audx age ~}lethu paitdx' Bu hag md a}ktde ucau ucd xtmfdhu bo~}lpdodgu cax h}daude agtgdghtomd}de axxdu bg ucd `l}o l` ag bgh}daxd bg mluc ucd xbvd l` ucd bgpdgul}r age ucd paitd l` dahc tgbu'Ucbx axxdu hag md txde ax hliiaud}ai `l} ucd xtmfdhu bo~}lpdodgu' Ucd paitd l` ucd axxdu bx haihtiaude ax`liil{x6Ap?#^=SP=S G"/#^)SP)SG"

    [cd}d6Ap bx ucd paitd l` ucd gd{ axxdu'^= bx ucd eabir ~}lethublg }aud l` ucd ~}lethu a`ud} bgxuaiiaublg l` ucd bo~}lpdodgu'

    P= bx ucd tgbu paitd l` ucd ~}lethu a`ud} bgxuaiiaublg l` ucd bo~}lpdodgu'G bx ucd gtomd} l` earx l` bgpdguLir gl}oaiir oabguabgde'^) bx ucd eabir ~}lethublg }aud md`l}d bgxuaiiaublg l` ucd bo~}lpdodgu'P bx ucd tgbu Paitd l` ucd ~}lethu md`l}d bgxuaiiaublg l` ucd bo~}lpdodgu'

    =' K}ltge Idaxd lg H}bubhai Dqtb~odguBu bx glu xt``bhbdgu xdht}bur ul capd hiabo ul a ~bdhd l` dqtb~odgu h}bubhai ul ucd ~}lhdxx b` ucd ltu~tu l` ucaudqtb~odgu bx glu xaiamid ~}lethu' Ag dsao~id bx ucd `bgaghbgk l` ag didhu}bh a}h `toahd' Ucd ltu~tu l` ucbxdqtb~odgu bx ibqtbe xuddi {cbhc cax ibuuid bgu}bgxbh paitd mdhatxd bu hagglu md xlie bg bux -ax bx- hlgebublg' Bgl}ed} `l} ucbx hiabo ul md aedqtaud xdht}bur) ahhdxx otxu md apabiamid ul a hlgubgtltx haxud} ul hlgpd}u ucdibqtbe xuddi ul xlibe millox l} xiamx' Lgd {ar l` ahhlo~ibxcbgk ucbx bx ul idaxd aii l} xlod l` ucd iagetged}irbgk h}bubhai ~bdhdx l` dqtb~odgu l` ucd bgetxu}bai `ahbibur'Ucd iage idaxd {ltie capd a ubd/bg odhcagbxo {buc ucd idaxd l` ucd gd{ dqtb~odgu {cbhc {ltie ~}lpbed ucdiage idaxd age ucd dqtb~odgu idaxd ~arodgu bgxd~a}amid' Bg ucd dpdgu l` a ed`atiu lg ucd ~arodgu) ucd clxu{ltie md ed`atiubgk glu lgir lg ucd ~arodgu l`ucd gd{ dqtb~odgu mtu aixl {ltie ilxd ahhdxx ul ucd txd l`ucdb} lucd} dxxdgubai dqtb~odgu' Ucd iage idaxd {ltie hlguabg ~}lpbxblgx ~}lcbmbubgk #b" ucd }dolpai l}}dilhaublg l` ucd dqtb~odgu xbutaude ucd}dlg) age #bb" ucd clxu edpdil~bgk dxxdgubaiir }detgeagu ha~ahbur l`xbobia} dqtb~odgu {bucbg ag dsudgede }aebtx'

    8' Olgdubvbgk ucd @tut}d Paitd l` Dgd}kr Xapbgkx6Ax a odagx ul `l}o ha~buai ul hlo~idud ag dgd}kr xapbgkx ~}lfdhu {buc ~}debhuamid dgd}kr }dethublgx a`ud}bgxuaiiaublg) ucd oagt`ahut}d} hltie {l}j {buc a xdidhude dgd}kr ~}lpbed} ul hlgu}bmtud ucd ~}dxdgu paitd l`ucd dgd}kr xapbgkx ax a ito~ xto hlgu}bmtublg ul ucd ~}lfdhu `bgaghbgk' Bg hlgxbed}aublg l` ucbx ha~buaihlgu}bmtublg mr ucd dgd}kr ~}lpbed}) ucd oagt`ahut}d} {ltie hlgubgtd ul ~ar ucdb} dgd}kr mbii ax ucltkc gldgd}kr xapbgkx {d}d ahhlo~ibxcde' @l} dsao~id) b` a clxu edxb}de ul bgxuaii dqtb~odgu {cbhc {ltie }dethddgd}kr hlgxto~ublg au ucd }aud l` 1>> J{C ~d} xcb`u) ucd clxu {ltie ak}dd ul ~ar #bg hlgxbed}aublg l` a

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    gdklubaude ha~buai hlgu}bmtublg `}lo ucd dgd}kr ~}lpbed}" ucd ahutai dgd}kr txde ~d} xcb`u ~itx 1>> J{C ~d}xcb`u' Ucbx a~~}lahc aiiliPx Bcd clxi ul aplbe~arbgk afbsde cbkcd} }aid bg ~d}blex a,}dethde~}lethibli1'Ucd ud}o l` xthc ag ak}ddodgu hltie md edud}obgde mr ucd ahutai }dut}g kdgd}aude ul ucd dgd}kr ~}lpbed}) xlucd idpdi l` dgd}kr tubibvaublg {ltie glu md xcb`ude ul ucd ~}lpbed}' B` ag bgetxu}r xil{el{g }dxtiude bg `d{d}xcb`ux l} clt}x l` l~d}aublgx) ucd ud}o l` ucd ak}ddodgu {ltie md dsudgede' Bg `ahu) ucd daxbdxu {ar uledud}obgd ucd ud}o oar md bg clt}x l` l~d}aublg ubodx ag aggtai }aud l` }dut}g' Ucbx {ar ucd ha~buai ~}lpbed}#ucd dgd}kr xt~~ibd}" {bii jgl{ ucdr {bii kdu a ~}dobto J{C }aud ~itx a hlxu a,olgdr aeftxid} `l} a ~d}blel` ubod ilgk dgltkc ul ftxub`r ucdb} bgpdxuodgu {bucltu uajbgk a ~}lethublg idpdi }bxj'

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    Bo~idodguaublg age Oagakdodgu l` ucd Bug~i+lpdodgu6Oagr bgetxu}bai ~iagux capd dsudgxbpd bg`l}oaublg kaucd}bgk xrxudox ul }d~l}u eaua `l} ucdb} ~}lhdxxdx' Xlod l`ucbx eaua bx }d~l}ude `l} ~}lethubpbur/}diaude ~a}aodud}x) xthc ax dgd}kr txd) hlgxtoamidx txd) iaml} txd)~}lethublg }aud) age ucd ibjd' Cl{dpd}) {cau bx iahjbgk bx ag ahht}aud xuagea}e akabgxu {cbhc ul hlo~a}d~}lethubpbur' L udg {cau bx txde bx ag ahhltgubgk xuagea}e) xthc ax ag apd}akd l` ~axu ~d} l}oaghd' Cl{dpd})xthc a xuagea}e eldx glu uajd bgul ahhltgu hcagkdx bg ~}lethublg idpdix) ~}lethu obs) {daucd} hlgebublgx)l~d}aublg l` eb``d}dgu ~bdhdx l` dqtb~odgu bg ucd ~}lhdxx) age ucd ibjd / aii l`{cbhc hag a``dhu ~}lethubpbur'Hlo~a}de ul ucbx xuagea}e) odaxt}de ~}lethubpbur hag md dbucd} ~lxbubpd l} gdkaubpd) mtu ucd xuagea}e ~}lpbedxgl maxbx `l} edud}obgbgk {cducd} ucd odaxt}de ~}lethubpbur bx klle l} mae' Xthc a xbutaublg ~tux oagakdodgu bgucd ~lxbublg l` xlipbgk glg/dsbxudgu ~}lmidox) l} bkgl}bgk }dai ~d}`l}oaghd edud}bl}aublg'Bu cax mddg `ltge xuaubxubhai ~}lethubpbur oledix lg {cbhc ucd `tge bx maxde hag md a }dibamid edhbxblg xt~~l}uxrxudo `l} bo~}lpde oagakdodgu l` ~}lhdxx ~}lethubpbur' Ucd ~}lethubpbur oledi) l} oledix) hag md a~~ibde ulucd odaxt}de paitdx l` ucd bged~dgedgu pa}bamidx / ax xllg ax ucdr a}d apabiamid / ul ~}lpbed ag aiolxubgxuaguagdltx hlo~a}bxlg l`ucd ~}lhdxx ~}lethubpbur {buc ucd ~}lethubpbur ucau {ltie capd mddg ds~dhude{bucltu ~}dxdgu bo~}lpdodgux' Bg lucd} {l}ex) ucd oledi bgebhaudx {cducd} ~}lhdxx ~}lethubpbur bx ahutaiirbo~}lpbgk l} edkdgd}aubgk'D^ cax a kdgd}ai ~}lhdet}d `l} txbgk ucd oledix ax oagakdodgu ullix' @liil{bgk a~~}lpai l` ucd ~}lfdhu mr ucdoagt`ahut}bgk hlo~agr) D^ age ucd oagt`ahut}bgk hlo~agr txd ucd oledi#x" ul olgbul} ucd mdgd`bux etd ul ucd~}lfdhu' Ucbx olgbul}bgk bx ~d}`Liode mr txbgk oledix hlpd}bgk ucd uluai bgetxu}bai ~}lhdxx / l} dpdg ol}d ucaglgd ~}lhdxx b` ~}dxdgu bg ucd bgetxu}bai ~iagu / age aixl mr txbgk ucd oledix `l} dahc l` ucd tgbu ~}lhdxxdx' Eaua`l} dahc ed~dgedgu pa}bamid age dahc bged~dgedgu pa}bamid bg ucd paibeaude xdu bx hliidhude age xdk}dkaude bgulolgucx' @}lo ucdxd olgucir eaua xdux) olgucir }d~l}ux hag md kdgd}aude' Ucd olgucir }d~Libx bgebhaud / `l}dahc ear l` ucd olguc / ucd htotiaubpd xapbgkx }dxtiubgk `}lo ucd ~}lfdhu) age aixl) bg ucd haxd l` a olgucir~iagu/{bed }d~l}u) xd}pd ax ucd maxbx `l} xca}bgk ucd }dxtiubgk hlxu xapbgkx l} ~}lethubpbur bo~}lpdodgux mr{cbhc D^ bx ~abe #ax edxh}bmde amlpd"'Ucd a~~ibhaublg l` hd}uabg hlgu}li }tidx ul ucd eabir eaua) ax ed`bgde mdil{) bgebhaud {cdg olgbul}de eaua }dpdaix~}lhdxxdx ul md ltuxbed xuaubxubhai hlgu}li) au {cbhc ~lbgu pa}bltx }dodebai odaxt}dx hag md qtbhjir uajdg'Lgd x~dhb`bh {ar oledix a}d txde ax oagakdodgu ullix bx ~iluubgk ucd ~}lethubpbur/}diaude ~a}aodud} pd}xtxubod bg ucd `l}o l`a eabir }d~Lib' B` ucd paitd l` ucd ~}lethubpbur/}diaude ~a}agidud} ~}debhude `}lo dahc ear+xpaitdx l` ucd bged~dgedgu pa}bamidx bx aixl ~iluude lg ucd xaod hcaib) l} lucd}{bxd hlo~a}de akabgxu ucd ahutaipaitd l` ucd ~a}aodud}) ucd ~lxbubpd l} gdkaubpd edpbaublg `}lo ucd ~}debhude paitd hag md }daebir dgpbxblgde'Ol}dlpd}) b`eaua `}lo xdpd}ai {ddjx l} olgucx bx bghitede bg ucd hca}u) agr u}dgex bg ucd ~}lethubpbur hag aixlmd xddg' Ucbx hag md xddg {cd}d eabir dgd}kr -xapbgkx- bx ~iluude pd}xtx ubod' Ucd a~~ibhaublg l` xbo~idxuaubxubhai hlgu}li ullix ul ~ilux xthc ax ucbx) ax {bii md ebxhtxxde bg ol}d eduabi mdil{) hag ~}lpbed ag ahht}audodagx l` edudi111bgbgk {cdg ul oajd a ~}lhdxx hcagkd l} {cdg ul agairvd ucd ~}lhdxx `t}ucd} ul xlipd a ~}lmidol} uajd aepaguakd l` ag l~~l}utgbur ul bgh}daxd }dutiiix axxlhbaude {buc dqtb~odgu'Agr hlxu/d``dhubpd ~}lfdhu ~}lethbgk ag bo~}lpdodgu bg ~}lethubpbur hag md bo~idodgude mr agr ~a}ur) dbucd}ucd l{gd}) l} D^' Bu bx ~}d`d}amid ucd ~}lfdhu md bo~idodgude mr D^ mdhatxd D^ hagbde ltu ucd agairxbx ageoledibgk l` ucd ~}lhdxx) age mdhatxd D^ {ax bgplipde bg ucd bedgub`bhaublg age xdidhublg l` ~ludgubai ~}lfdhux'Ag aepaguakd l` capbgk D^ bo~idodgu ucd bo~}lpdodgu bx D^) bx bg kdgd}ai) bx `}dd l` ucd }dx~lgxbmbibur l`l~d}aubgk ucd ~}lhdxx age }tggbgk ucd ~iagu' Uctx) D^ hag `lhtx aii bux dgd}kbdx t~lg ucd }a~be age ahht}audedxbkg) l}ed}bgk) hlgxu}thublg) xcajd/el{g) udxubgk) age xua}u/t~ l` ucd ~}lhdxx a`ud} ucd bo~}lpdodgu' A`ud}

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    22/28

    hlgxu}thublg l` ucd bo~}lpdodgu) D^ dgxt}dx hlgubgtde ~d}`l}oaghd l` ucd bo~}lpdodgu maxde t~lg ucdbo~l}uagu `bgaghbai mdghcoa}jx dxuamibxcde ax ~a}u l` ucd ~}lfdhu'Ucd }bxj bx xcb`ude ul ucd hlgu}ahul} `l} ahcbdpdodgu l` ucd `bgaghbai lmfdhubpdx age ~d}`l}oaghd l` ucdoleb bhaublg) age `l} ucd ~}lpbxblg l` ahhltguambibur `l} bux xthhdxx' Ul dgxt}d ucd xthhdxx l` ucd oleb`bhaublg)D^ tged}uajdx a gtomd} l` xud~x6 Olgbul}x ~}lfdhu ~d}`l}oaghd bg udii11X l` oddubgk obgboto }dqtb}dodgux)mtbiex udaox mdu{ddg D^ age ucd oagt`ahut}bgk hlo~agr) cliex eabir udao oddubgkx) mtbiex a oagakdodguxrxudo `l} ucd l~d}aubgk ~d}x~dhubpd) u}abgx oagt`ahut}bgk hlo~agr ~d}xlggdi ul oabguabg ucd ~}lhdxx) dgxt}dxucd ~}lfdhu bx mdbgk l~d}aude mr ucd XL^ #Xuagea}e L~d}aubgk ^}lhdet}dx") dgxt}dx ~}l~d} oabgudgaghd bxhlo~idude) age dgxt}dx a ~l}ublg l` ucd bgbubai ha~buai bx jd~u ax }dxd}pd `l} agr aeebublgai dqtb~odgu l}hlgubgkdghbdx' Ucbx iauud} ahubpbur hag md ahhlo~ibxcde mr dxuamibxcbgk a h}debu ibgd) {cd}d ucd h}debu hag md bgucd `l}o l` ag bgxt}aghd ~libhr l} lucd} `bgaghbai bgxu}todgu' Lucd} ahublgx D^ tged}uajdx ul dgxt}d xthhdxxbghited bo~}lpbgk l} aeebgk dqtb~odgu ax gddede ul oddu obgboto }dqtb}dodgux) a}}agkbgk,~}lpbebgk aiudoaudxd}pbhdx l} `bgaghbgk bg haxd l` `abit}d ul oddu obgboto }dqtb}dodgux) age ag+agkbgk,~}lpbebgk l~d}aubgkhlgxtiuaublg ul dgxt}d oddubgk obgboto }dqtb}dodgux,oasbobvde ~d} >ii11aghd'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

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    Odaxt}bgk age Xca}bgk ucd Bgh}daxde ^}l`buambibur6A`ud} ucd ~}lfdhu cax mddg bo~idodgude) bu bx gdhdxxaur ul odaxt}d ucd hcagkd bg ~}lethubpbur) qtaibur)dgpb}lgodguai) dgd}kr age lucd},~}l`buambibur hatxde mr ucd bo~}lpdodgu bg a oabod} ul ebxubgktbxc ucd d``dhuxl` ucd bo~}lpdodgu `}lo d``dhux hatxde mr lucd} }daxlgx' Ucbx bx elgd mr edud}obgbgk ucd eb``d}dghd mdu{ddg aodaxt}de paitd l` ucd ~}lethubpbur/}diaude ~a}aodud} age a paitd l` ucd xaod ~a}aodud} ~}debhude mr ucd oleditxbgk odaxt}de paitdx l` lgd l} ol}d bged~dgedgu pa}bamidx'Ucd oledi hag md txde ul odaxt}d dgd}kr xapbgkx) xthc ax xapbgkx etd ul a ha~buai bo~}lpdodgu' Ucbx bx elgdmr odaxt}bgk ucd ahutai paitd l` ucd dgd}kr txd) dgd}kr txd }aud) l} ~a}aodud} ~}l~Liublgai ul dbucd} l` ucdxd'Ucd oledi hag ucdg odaxt}d `l} ucd ~}lhdxx #ucd -ahutai dgd}kr txd-") age xbotuagdltxir odaxt}d ucd ahutaipaitdx `l} aii bged~dgedgu pa}bamidx a~~da}bgk bg ucd dgd}kr txd oledi' Ucd paitdx `l} ucd bged~dgedgu pa}bamidxa}d txde {buc ucd oledi ul haihtiaud a ~}debhude dgd}kr txd ucd ~}lhdxx {ltie capd ds~d}bdghde {bucltu ucdbo~}lpdodgu #ucd -~}debhude dgd}kr txd-"' Ucd dgd}kr xapbgkx a}d haihtiaude mr hlo~a}bgk ucd ahutai dgd}krtxd {buc ucd ~}debhude dgd}kr txd' Ucd eb``d}dghd mdu{ddg ucd u{l bgebhaudx ucd dgd}kr xapbgkx etd ul ucdoleb`bhaublg #ucd -dgd}kr xapbgkx-"'Ax odgublgde ~}dpbltxir) ucd xaod a~~}lahc hag md txde ul haihtiaud ucd bo~}lpdodgu bg agr~}lethubpbur/}diaude ~a}aodud} xbo~ir mr xtmxubutubgk a~~}l~}baud ~a}aodud}x `l} dgd}kr bg ucd oducle edxh}bmdeamlpd' Mr {ar l` dsao~id) ucd xapbgkx bg hlgxtoamidx txd hag md odaxt}de ax ~}debhude hlgxtoamidx txdobgtx ahutai hlgxtoamidx txd dqtai xapbgkx bg hlgxtoamidx txd: l}) ucd xapbgkx etd ul bgh}daxde ~}lethublg}aud hag md odaxt}de ax6 ahutai ~}lethublg }aud obgtx ~}debhude ~}lethublg }aud dqtai bgh}daxd bg ~}lethublg}aud' Bg haxd agr l` ucd haihtiaude paitdx }dxtiu bg gdkaubpd gtomd}x) ucd gdkaubpd gtomd}x hag xbo~ir md txdeax bx' @l} dsao~id) gdkaubpd xapbgkx hag md ~iluude lg a k}a~c ax gdkaubpd gtomd}x'Lgd `daut}d l` ucd ~}l~lxde `tge bx }d~arodgu l` agr ilag `l} ucd ~t}hcaxd age bgxuaiiaublg l` ha~buai dqtb~odgubx ul hlod `}lo ~}l`buambibur bgh}daxdx etd ul ucd bo~}lpdodgu #xapbgkx ed}bpde `}lo ucd ~}lfdhu"' [cdg ucdud}o xapbgkx ed}bpde `}lo ucd ~}lfdhu bx txde) {cau bx odagu bx ucd xapbgkx l} bgh}daxde ~}l bux) ds~}dxxde bgudi111X l` olgdr) ahh}td ul ucd ~}lhdxx ax a }dxtiu l` ucd ~}lfdhu' Mr {ar l` dsao~id) ucdxd hltie md dgd}krxapbgkx) xapbgkx bg ucd aoltgu age ur~d l` }a{ oaud}baix l} hlgxtoamidx) l} iaml}) bgh}daxde ~}lethublg }aud)dgpb}lgodguai mdgd`bux) qtaibur bo~}lpdodgux) duh'Bu bx ucd bgudgu l` ucd `tge ucau xapbgkx dshdde hlxux ul ucd dsudgu a `apl}amid }dutuUB bx da}gde mr ucdoagt`ahut}bgk hlo~agr) D ) age ucd `tge' Ucd dshdxx l` xapbgkx lpd} hlxux l` oleb`bhaublg }d~}dxdgux ucddhlglobh bghdgubpd ul mluc D^ age ucd oagt`ahut}bgk hlo~agr ul tged}uajd ucd ~}lfdhu age bx xca}de mdu{ddgucd u{l ~auubdx' Ucd xca}bgk l` ~}l`bu bo~}lpdodgux mdu{ddg ucd oagt`ahut}bgk hlo~agr age D^ xua}u ax xllg axbo~}lpdodgux }dxtiubgk `}lo ucd oleb bhaublg a}d bedgub`bde' Ucd xapbgkx hag md xca}de bg agr {ar ucd ~a}ubdxotutaiir edhbed' Kdgd}aiir) D^ `b}xu }dhlpd}x bux hlxux) bghitebgk edmu xd}pbhd) age ucd maiaghd l` ucd xapbgkx a}dxca}de mdu{ddg ucd ~a}ubdx lg ucd maxbx l` a ~}dedud}obgde ~}l~l}ublg ed`bgde bg ucd ~d}`l}oaghd/maxdehlgu}ahu'[cdg ha~buai dqtb~odgu bx ~t}hcaxde) ucd ~t}hcaxd} bx gl}oaiir }dqtb}de ul xcl{ ucd dqtb~odgu lg bux maiaghdxcddu' Uctx) b` ucd oagt`ahut}bgk hlo~agr ~t}hcaxdx ha~buai dqtb~odgu) ucd hlxu bx gl}oaiir xcl{g lg buxmaiaghd xcddu' Cl{dpd}) aiil{bgk D^ ul ~t}hcaxd agr ha~buai dqtb~odgu }dqtb}de `l} ucd ~}lfdhu bx aepaguakdltxmdhatxd bu ~d}obux ucd oagt`ahut}bgk hlo~agr ul lmuabg age uajd aepaguakd l` ucd gd{ ha~buai dqtb~odgu {cbid`}ddbgk bux l{g ha~buai `l} lucd} ~}lfdhux age bgh}daxbgk lpd}aii }dut}g lg axxdux'

  • 8/14/2019 Energy Pro USA Industrial GlobalFund Underwriting Perspective

    24/28

    Hlghitxblg6Bgetxu}bai Oagg`ahut}bgk+x Dgd}kr ^}l`bid age Ha}mlg @llu~}bguTgbude Xuaudx bgetxu}bai oagt`ahut}bgk bx ucd ia}kdxu dgd}kr/hlgxtobgk xdhul} l` ucd dhlglor) bg ucd `d{dxuilhaublgx) hlgxtobgk lpd} 88$ l` ucd gaublg+x uluai dgd}kr x~dge'Gaut}ai kax) ~du}lidto ~}lethux age didhu}bhbur hlo~}bxd ucd oafl} dgd}kr xlt}hdx txde ul cdau age ~l{d}bgetxu}bai oagt`ahut}bgk `ahbibubdx' Ucd bgetxuir+x ds~dgebut}dx `l} cdau age ~l{d} uluaide lpd} %3> mbiiblg iaxurda}' Bg aeebublg ul cdau age ~l{d}) ucd bgetxuir txde amltu xdpdg qtaex l` `lxxbi `tdix ax `ddexulhj ul ~}lethdbgetxu}bai oaud}baix age ~}lethux' Txakd) hlombgde {buc e}aoaubh ~}bhd bgh}daxdx) `l}dmledx a gdkaubpd bo~ahulg ~}l buambibur' Ucd ua}kdu oa}jdux `l} D^ a}d oagt`ahut}d}x bg ucd dgd}kr bgudgxbpd ~}lhdxxdx' Ucdxdoagt`ahut}bgk xdhul}x hlgxtod ucd ia}kdxu aoltgux l` dgd}kr ~di+ tgbu l` ~}lethublg,~}lethu ltu~tu'Ucd Xuaud l` Bgetxu}bai Bg`}axu}thut}d age ucd Ht}}dgu ^}dxxt}dx @ahbgk Dgd}kr Bgudgxbpd Bgetxu}bdxXbghd ucd lgxdu l` ucd gbgd/rda} dhlglobh mllg mdkbiobgk bg 122>) ol}d ebxh}dublgor ha~buai cax klgd ulbgpdxuodgux bg gd{ udhcglilkr ax hlo~a}de ul bgpdxuodgux bg lie/ibgd GLbuc Aod}bhag bgetxu}bai bg }axu}thut}d:x~dhb`bhaiir) }d`bgbgk) hcdobhaix) xuddi) aitobgto) age `l}dxu ~}lethux' Ucbx ebpd}xblg l` ha~buai a{ar `b+lobgetxu}bai bg`}axu}thut}d cax }dxu}bhude ucd bgetxu}bai+x ambibur ul k}l{ age }doabg hlo~dububpd' Ucd }dxtiu bx}dethde l~d}aubgk mtekdux) }dethde ~d}xlggdi) age }dethde ha~buai mtekdux gdhdxxor ul bo~idodgubo~}lpdodgux age oabguabg ~}l`buambibur'Mdhatxd ucdxd lie/ibgd bgetxu}bai ~iagux a}d ~ou l` ucd bg`}axu}thut}d Gl}uc Aod}bha }dibdx t~lg `l} hltguidxx~}lethux age flmx) ucdxd ~iagux {bii glu md xctu el{g' [cbid l{gd}xcb~ oar hcagkd) ucd bo~l}uagu `ahu bx ucdxd~iagux {bii hlgubgtd l~d}aubgk ax ~auu l` lt} bgetxu}bai iagexha~d age {bii hlgubgtd ul gdde ahhdxx ul ha~buai'Tg`l}utgaudir) mdhatxd l` edh}daxde paitd) l} ucd h}debu cbxuLir l` ~a}dgu hlo~agbdx) oagr bgetxu}bai ~iagux {biiglu md amid ul ahqtb}d ha~buai uc}ltkc u}aebublgai idgebgk bgxubutublgx {bucltu }dxu}bhubpd kta}aguddx l} ibdgx lglucd} axxdux' @l} olxu l` ucd bgetxu}bai ~iagux) ucdxd hlgxu}abgux oajd ucd ha~buai `l} dgd}kr,~}lethubpburbo~}lpdodgux udo~l}a}bir ltu l` }dahc' Ulear) bgetxu}bai ~iagux gdde daxbd} ahhdxx ul ha~buai ul }doabghlo~dububpd'Ucd D^ A~~}lahc Cax a U{l/@lie ^armahj'^}bpaud bgpdxuodgu bgul ucbx l~~l}utgbur h}daudx bgh}daxde haxc `il{ `}lo ucd gd{ bo~}lpdodgux bgxbed ucdoagt`ahut}bgk `ahbibur' Cl{dpd}) ucd bgh}daxde haxc `il{ bx kdgd}aude glu lgir `}lo dgd}kr d``bhbdghrbo~}lpdodgux mtu a hLiUdx~lgebgk bo~}lpdodgu bg ~}lethubpbur' Bgxbed dgd}kr bgudgxbpd bgetxu}baix)~}lethubpbur e}bpdx dgd}kr edoage age dgd}kr }d~}dxdgux =>$ ul 8>$ l`uluai ~}lethublg hlxux' Ul oagkdel{g dgd}kr hlgxto~ublg age mdhlod ol}d dgd}kr d``bhbdgu bg ag bgetxu}bai ~}lhdxx rlt otxu oagakd ucd~}boa}r hlgtxod} l` dgd}kr / ucd ~}lethublg ~}lhdxx' Hlgxdqtdguir) dgd}kr d``bhbdghr bo~}lpdodgux ailgd{bii glu e}bpd el{g dgd}kr edoage bg a hlo~}dcdgxbpd oaggd}' Mr bkgl}bgk ucd bo~ahu l` ucd ~}lethublg~}lhdxx) {cbhc hlgxtodx ucd oafl}bur l` dgd}kr edoage) dgd}kr d` bhbdghr bgpdxuodgux ailgd ~}lpbed ibobudedhlglobh mdgd`bu) xbobia} ul a mtxbgdxx `l}otiaubgk gd{ ~}lethu edpdil~odgu age bkgl}bgk ucd edoage l` ucdhlgxtod}'[buc a ~}l~d}ir edxbkgde `bgaghbai bg`}axu}thut}d) bo~}lpdodgux bgxbed dgd}kr bgudgxbpd bgetxu}baix hag mdodaxt}de age edibpd} a u{l/`lie ~armahj ul bgpdxul}x6 Lgd ~armahj `}lo dgd}kr hlgxd}paublg age aglucd}~armahj `}lo ~}lethubpbur,rbdie bo~}lpdodgux) dgpb}lgodguai mdgd`bux age axxlhbaude ha}mlg h}debux' Ucd

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    dgd}kr oa}jdu `l} bgetxu}baix bx ag %3> mbiiblg bgetxu}r {buc ucd dgd}kr bgudgxbpd bgetxu}bdx hlgxtobgk 34$ l`uclxd eliia}x' Ucd ~}lethubpbur oa}jdu ax }diaude ul ucdxd bgetxu}bdx) ucd xdhlge ~armahj l~~l}utgbur) bx a %;5=mbiiblg mtxbgdxx'Ucd AB^ Paitd ^i+l~lxbublg[bucbg ucd }d`bgbgk) hcdobhai) xuddi) aitobgto age `l}dxu ~}lethux bgetxu}bdx) oagr xrxudox age l~d}aublgaibo~}lpdodgux ul oasbobvd ~}lethubpbur age dgd}kr d``bhbdghr a}d glu bo~idodgude' Ucd}d a}d ol}d lgd/rda} ul`lt}/rda} ~armahj ~}lfdhux #8>/0>/2>$ }dut}gx" ucag ucd ha~buai oa}jdux hag ahhlgtiileaud pba ht}}dgu `bgaghbgk~}lulhlix' [cau dgd}kr bgudgxbpd bgetxu}bdx }dqtb}d a}d6 b" bged~dgedgu dgububdx ul ~}lpbed ha~buai) oagakdodgu)xrxudox bgudk}aublg age edpdil~odgu }dxlt}hdx: dgububdx {buc a cbxuLir l` edpdil~bgk ha~buai ~}lfdhux {buc qtbhj~armahjx) age bb" a `bgaghbai bg`}axu}thut}d {biibgk ul ~}lpbed ha~buai maxde t~lg bgh}daxde haxc `il{ `}lo ucdbo~}lpdodgux' D^ cax tged}{}buudg a gd{ `bgaghbgk oledi ucau ~}lpbedx ucbx gd{ ur~d l` ha~buai age `bgaghbaibg`}axu}thut}d ua}kdude au ucd olxu dgd}kr bgudgxbpd hlgxtod}x kilmaiir6 Oagt`ahut}bgk'D^ bx ucd {l}ie+x ~}dobd}d Aepaguakde Bgetxu}bai ^}lethd} #Ai^": lt} hlo~agr edpdil~x) oagakdx) `bgaghdxage l{gx ucd bo~}lpdodgux `l} a xca}de dqtbur ~lxbublg ul ucd }dxtiubgk haxc `il{ bgxbed bgetxu}baioagt`ahut}bgk ~}lhdxxdx' Lt} ambibur ul oagakd ucd ~}lethublg ~}lhdxx l` ag dgd}kr bgudgxbpd oagt`ahut}bgk~iagu ax {dii ax dgd}kr,dgpb}lgodguai bgpdxuodgux kbpdx lt} mtxbgdxx a tgbqtd hlo~dububpd aepaguakd bg ucdoa}jdu~iahd' D^ glu lgir xapdx dgd}kr) }dethdx dobxxblgx age bo~idodgux lucd} dgpb}lgodguai bo~}lpdodgux)mtu aixl bgh}daxdx ~}lethubpbur,rbdie / ucd ia}kdxu h}bubhai `ahul} bg ucd ~iagu+x dgd}kr hlgxto~ublg' Oagr ol}dbgetxu}baix {ltie bo~idodgu Ai^ bo~}lpdodgux mtu iahj ucd oagakdodgu xrxudo) odaxt}dodgu oledibgk) agegd{ `bgaghbgk ullix ul aplbe xdht}bgk ilagx {buc htomd}xlod hl}~l}aud kta}aguddx' Ucdr aixl iahj dgkbgdd}bgkage oagakdodgu ~d}xlggdi ul agairvd age bo~idodgu bo~}lpdodgux' D^ ~}lpbedx ucdxd gddede }dxlt}hdx ulbgetxcr }dxtiubgk bg dgd}kr hlgxd}paublg age ~}lethubpbur bo~}lpdodgux bgxbed ia}kd bgetxu}bai `ahbibubdx)ucd}dmr bgh}daxbgk rbdiex age ~}l`buambibur ul bgpdxul}x age oagt`ahci}d}x)

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    Ha~buai ^u+lfdhu Dsao~idxUcd auuahcde ~}lfdhu xtooa}bdx age xdidhublg h}bud}ba a}d bghitede ul biitxu}aud ucd ur~dx l` `bgaghbai }dciuiiX`}lo bgetxu}bai ha~buai ~}lfdhux age ucd dqtbur paitd aeede mr ucd }diaude D^ l~d}aublgai bo~}lpdodgu ~}lfdhux'Dahc l` ucdxd ~}lfdhux cax a xbo~id ~armahj ~d}ble l` lgd ul uc}dd rda}x' ^}lfdhux `bgaghde ubt+ltkc ucd `tge {biikdgd}aiir md ia}kd} age ol}d hlo~ids) mtu xbobia} `bgaghbai ~d}`l}oaghd bx auuabgamid'Ds~agxblg Ut}mbgd^}lfdhu Edxh}b~ublg

    ^}lfdhu {bii ~}lht}d age bgxuaii a 18 O[ ha~ahbur ul~ kax ~}dxxt}d }dhlpd}r ut}mbgd) tubibvbgk miaxu`t}gahd kax' Txbgk ucd ut}mbgd `l} ~l{d} kdgd}aublg {bii }dethd ~l{d} edoage age didhu}bhai dgd}kr~t}hcaxde `}lo ucd tubibur'Ftxub`bhaublgBgh}daxde didhu}bhai ~}lethelgLucd} Hlgxbed}aublgx

    Idpd}akd ul oajd dgd}kr edaix@}ddelo ul xhcdetid mlbid} l~d}aublgxBo~}lpde hlgu}li l` `t}gahd kax mahj/~}dxxt}dLgd ear oasboto xctuel{g `l} clljt~

    Daxd l` XaidHibdgu cax a~~}lahcde D^ `l} edpdil~odgu l` ~}lfdhu'^iagu ^}dxbedgu) ^iagu Pbhd ^}dxbedgu) ^l{d} & Tubibubdx Oagakd}) Hlgu}liid}) Hl}~l}aud ^}lk}aoOagakd}) age Miaxu @t}gahd Oagakd} xt~~l}uHl}~l}aud a~~}lpde ha~buai ~}lfdhu

    X~dde l` Bo~idodguaublg1= /13 olgucx

    Atuloaubh ]lii Hcagkd}x^}lfdhu Edxh}b~ublgOagtai }lii hcagkd}x `l} uc}dd `obxcbgk xuagex au ucd Clu Xu}b~ Obii {bii md atuloaude tged} ucbx ~}lfdhu'Ucbx {bii xtmxuagubaiir ds~debud }lii hcagkd) }dxtiubgk bg }dethde ediarx age ag bgh}daxd bg ~}lethubpbur'Aixl) ucd aoltgu l` xh}a~ age gaut}ai kax txakd {bii md }dethde'Ftxub`bhaublgBgh}daxdx ~}lethubpburLucd} Hlgxbed}aublgx

    Bo~}lpdx xhcdetibgk `l} Clu Xu}b~ Obii^}lpbedx ~ludgubai `l} clu hca}kbgk ucd clu xu}b~ obiiTgblg xt~~l}ux ~}lfdhu / ]dethublg xh}a~Dgd}kr Xapbgkx

    Daxd l` XaidHl}~l}aud a~~}lpde ha~buai ~}lfdhu^}lfdhu cax kdgd}ai age a}da oagakdodgu xt~~l}u

    X~dde l` Bo~idodguaublgIdxx ucag 0 olgucx

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    Iaeid OduaiiTi+kbhai @t}gahd #IO@"^}lfdhu Edxh}b~ublgUcbx ~}lfdhu {bii dgamid ~}lethublg l`ol}d cdaux au cbkcd} qtaibur xbghd hcdhjbgk l` udo~d}aut}d agehcdobxu}r odaxt}dodgu age }dqtb}de aeftxuodgux {bii md elgd ol}d qtbhjir age d``bhbdguir au ucd gd{IO@' Ahhlo~agrbgk mdgd`bux bghited idxx {da} age uda} lg ucd ML@ ibgbgk age ol}d d``bhbdgu txd l`}d`bgbgk aiilrx'Ftxub`bhaublg

    Lsrkdg xapbgkxEdh}daxde oabgudgaghd lg ucd ML@

    Lucd} Hlgxbed}aublgxXhcdetibgk bo~}lpdodgux / Qtaibur bo~}lpdodguxUbdx ul ds~agxblg ut}mbgd ~}lfdhu / Tgblg xt~~l}u / Bgpdgul}r }dethublg / Xcl{ ~bdhdMduud} tubibvaublg l` u}agxbublg oaud}bai

    Daxd l` XaidML@ Xt~d}bgudgedgu) Tgblg) ^l{d} & Tubibubdx Oagakd}) age ~iagu ^}dxbedgu xt~~l}u

    X~dde l` Bo~idodguaublg1= / 14 olgucx

    ^l{di+ @ddex ul Oabg L``bhd age [axud [aud} @ahbibur^}lfdhu Edxh}b~ublgD^ ~}l~lxdx ul ebxhlggdhu ucd {axud{aud} u}dauodgu ~iagu age oabg l``bhd a}da `}lo ucd tubibur agebgxuaii xd~a}aud 18'3 jP didhu}bh ~l{d} `dded}x `}lo ucd ~iagu ebxu}bmtublg xrxudo'Ftxub`bhaublg

    Edh}daxde didhu}bhai ~d} tgbu hca}kdx'Lucd} Hlgxbed}aublgx

    Hliiaud}ai gdklubaubgk mdgd`bu `l} hibdgu {buc didhu}bh tubiburDaxd l` Xaid

    Glu ~libubhai) ~}lfdhu xuagex ailgd lg ~armahj #lgd rda}"^l{d} & Tubibubdx Oagakd} XT~~>11xX~dde l`Bo~idodguaublg0 / 1> olgucx

    Idpdi 11 L~ubobvaublg Hlo~tud} au Clu Xu}b~ Obii^}lfdhu Edxh}b~ublgD^ ~}l~lxdx ul bgxuaii a gd{ l~ubobvaublg hlo~tud} ha~amid l` hlgu}liibgk t~ ul `lt} `t}gahdx) t~k}aedhlootgbhaublg ul dsbxubgk ]lxdoltgu EHX) t~k}aed `bdie bgxu}todgux age aee ~lxbublg `ddemahj agebgud}`ahd ul ~}dxdgu ]liibgk Obii Hlo~tud}x' Bo~}lpdodgux {bii bo~}lpd hlomtxublg d``bhbdghr agedgcaghd qtaibur hlgu}li'Ftxub`bhaublg

    Dgd}kr xapbgkxBgh}daxde rbdieEdh}daxde }dfdhux]dethde hiabox

    Lucd} Hlgxbed}aublgxOabguabgx hibdgu+x idaed}xcb~ bg clu xu}b~ oa}jdu

    Daxd l` XaidHl}~l}aud a~~}lpde ha~buai ~}lfdhu^}lfdhu cax kdgd}ai age a}da oagakdodgu xt~~l}u

    X~dde l`Bo~idodguaublg

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    3 / 1= olgucxIdpdiii L~ubobvaublg Hlo~tud} au iiL/Bghc ^iaud Obii

    ^}lbdhu Edxh}b~ublgD^ ~}l~lxdx ul ~}lpbed a gd{ Idpdi BB Hlomtxublg Hlgu}li hlo~tud} xrxudo `l} ucd 11> Bghc ^iaudObii' D^ {bii aixl ~}lpbed hlootgbhaublg bgud}`ahdx ul ucd ]liibgk Obii+x Idpdi BB hlo~tud} age^}lethublg Xhcdetibgk Xrxudo' Ucd D^ bo~}lpdodgux xcltie bo~}lpd qtaibur hlgu}li) ~}lpbed ediar agecdaubgk xu}audkbdx age bo~}lpd hlomtxublg d``bhbdghr'Ftxub`bhaublg

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