Sie sind auf Seite 1von 24

/)$















7ZL¶OLJKW6WRUP

$2QH5RXQG/LYLQJ)RUFH7RXUQDPHQW


E\/HH3LFNOHU
(GLWHGE\-DH:DONHU






0DVWHU'HYDQRIWKH$OPDV-HGL$FDGHP\QHHGVDJURXSRIKHURHVWRWUDYHOWRWKH7ZL¶OHNKRPHSODQHWRI
5\ORWKILQGD-HGL0DVWHU LQVHOILPSRVHGH[LOHDQGFRQYLQFHKLPWRUHWXUQWR$OPDV6KRXOGEH HDV\
ULJKW"$/,9,1* )25&(DGYHQWXUHIRU+HURHVOHYHOVWR:DUQLQJ&RQWDLQVVSRLOHUVIRUWKH)RUFHVRI
&XODULQWULORJ\DQGLVEHVWSOD\HGDIWHUWKRVHHYHQWV











‹/XFDVILOP/LPLWHGDQG70$//5,*+765(6(59('53*$LVDUHJLVWHUHGWUDGHPDUN
RI:L]DUGVRIWKH&RDVW,QF8VHGXQGHUDXWKRUL]DWLRQ7KLVVFHQDULRLVLQWHQGHGIRUWRXUQDPHQWXVH
RQO\DQGPD\QRWEHUHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN
7ZL¶OLJKW 6WRUP LV D VWDQGDUG 53*$ 1HWZRUN HPSOR\HGWKH\UHFHLYHWKHLUSD\1RPDWWHUKRZPXFK
WRXUQDPHQW $ IRXUKRXU WLPH EORFN KDV EHHQ VHW DVLGH WLPH KDV SDVVHG VLQFH WKH SUHYLRXV URXQG WKH\ UHFHLYH
IRU WKLV HYHQW EXW WKH DFWXDO SOD\LQJ WLPH VKRXOG EH SD\ IRU RQH ZHHN &KDUDFWHUV ZKR DUH QRW HPSOR\HG
DERXWWKUHHDQGDKDOIKRXUV EXW ZKR KDYH (QWHUWDLQ *DPEOH RU 3URIHVVLRQ VNLOOV
,WLVDJRRGLGHDWRDVNHDFKSOD\HUWRSXWDQDPHWDJ PD\UROODJDLQVWWKRVHVNLOOVWRVHHKRZPXFKWKH\KDYH
LQIURQWRIKLPRUKHU7KHWDJVKRXOGKDYHWKHSOD\HU¶V HDUQHGLQWKHODVWZHHN5DWKHUWKDQXVLQJWKHPHWKRGLQ
QDPH DW WKH ERWWRP DQG WKH KHUR¶V QDPH VSHFLHV DQG WKHFRUHUXOHVIRU(QWHUWDLQRU*DPEOHKRZHYHUXVHWKH
JHQGHU DW WKH WRS 7KLV PDNHV LW HDVLHU IRU SOD\HUV WR PHWKRG GHVFULEHG IRU WKH 3URIHVVLRQ VNLOO RQ SDJH 
NHHSWUDFNRIZKRLVSOD\LQJZKLFKFKDUDFWHU WKDW LV UROO WKH FKHFN DQG WKHQ PXOWLSO\ WKH UHVXOW E\
  FUHGLWV WR GHWHUPLQH WKH DPRXQW \RX PDGH WKDW
6FRULQJ WKH JDPH IRU 53*$ SRLQWV 7KH 53*$ KDV ZHHN 1RWH WKDW FKDUDFWHUV PD\ XVH RQO\ RQH RI WKH
WKUHHZD\VWRVFRUHWKLVJDPH&RQVXOW\RXUFRQYHQWLRQ DERYH PHWKRGV HDFK URXQG DQG PXVW FKRRVH ZKLFK
FRRUGLQDWRUWRGHWHUPLQHZKLFKPHWKRGWRXVH EHIRUH UROOLQJ (PSOR\PHQW (QWHUWDLQ *DPEOH RU
 1RYRWHVFRULQJ7KHSOD\HUVZULWHWKHLUQDPHVDQG 3URIHVVLRQ 3HUWKHUXOHV\RXPD\WDNHRQ(QWHUWDLQ
QXPEHUVRQWKHVFRULQJSDFNHWJULG\RXILOOLQWKH RU 3URIHVVLRQ FKHFNV EXW QRW RQ *DPEOH  7KHUH LVQR
WRSRIWKHJULG7KDWLVDOO1RRQHLVUDWHG7KLV SD\IRUXQVNLOOHGODERULQWKH/,9,1* )25&(FDPSDLJQ
PHWKRGLVXVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRU 
IXQ ,VVXLQJ)RUFHDQG'DUN6LGH3RLQWV
 3DUWLDO VFRULQJ 7KH SOD\HUV UDWH WKH JDPH PDVWHU ,VVXLQJ )RUFH 3RLQWV  :KHQ KHURHV SHUIRUP
DQG WKH VFHQDULR RQ WKHLU SOD\HUYRWLQJ VKHHW EXW FLQHPDWLFDOO\ KHURLFDFWLRQV GRQ¶WIRUJHWWKDW \RX PD\
GRQ¶W YRWH IRU RWKHU SOD\HUV  7KH JDPH PDVWHU LVVXHD)RUFHSRLQWIRUVXFKDFWLYLWLHV%HFDXVHWKLVLVD
UDWHVWKHVFHQDULRDQGFRPSOHWHVSHUVRQDODQGHYHQW KHURLF FDPSDLJQ ZH H[SHFW KHURLVP  DQG HQFRXUDJH
LQIRUPDWLRQEXWGRHVQRWUDWHWKHSOD\HUVDVDWHDP MXGJHVWRUHZDUGLW,QWKHFRXUVHRIDVWDQGDUG/,9,1*
RU YRWH IRU SOD\HUV   7KLV PHWKRG LV XVHG ZKHQ )25&(HYHQWWKHUHDUHPDQ\RSSRUWXQLWLHVIRUKHURLVP
WKHUH LV QR FRPSHWLWLRQ EXW WKH FRQYHQWLRQ ,I D /,9,1* )25&( KHUR SHUIRUPV LQ D ZD\ WKDW LV
FRRUGLQDWRUZDQWVLQIRUPDWLRQDVWRKRZWKHJDPH KHURLF GUDPDWLF DQG FLQHPDWLF WKHQ D )RUFH 3RLQW LV
PDVWHUV DUH SHUIRUPLQJ RU WKH JDPH PDVWHU ZDQWV GHILQLWHO\LQRUGHU2XUIDYRULWHVWRU\LQYROYHGWKHKHUR
IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH DW WKH SUHPLHUH ZKR OHDSW IURP D PRYLQJ VSHHGHU
 9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWH WKH JUDEEHG D YLQH DQG VZXQJ RQ WKDW YLQH WR DWWDFN
HQWLUH SDFNHW LQFOXGLQJ YRWLQJ IRU EHVW SOD\HU  ,I VRPHRQH LQ DQRWKHU PRYLQJ VSHHGHU  7+$7 LV
WKLV PHWKRG LV XVHG EH VXUH WR DOORZ DERXW  GUDPDWLFFLQHPDWLFKHURLVP
PLQXWHV IRU WKH SOD\HUV WR EULHIO\ GHVFULEH WKHLU 1RWHYHU\WKLQJZLOOEHWKDWH[WUHPHDQG\RXGRQ¶WKDYH
FKDUDFWHUV WR WKH RWKHU SOD\HUV DQG DERXW  WR MXPS IURP D PRYLQJ VSHHGHU WR HDUQ D )RUFH 3RLQW
PLQXWHVIRUYRWLQJ7KLVPHWKRGLVXVHGZKHQWKH EXWLIDKHURGRHVVRPHWKLQJWKDWPDNHV\RXWKHMXGJH
SOD\HUVZDQWWRNQRZZKRSOD\HGWKHEHVWDPRQJVW VD\µ:RZ¶WKHQWKH\VKRXOGSUREDEO\JHWD)3
WKHP RU ZKHQ WKH DGYHQWXUH LV UXQ LQ WRXUQDPHQW 
IRUPDW ZLWK ZLQQHUV DQG SUL]HV  0XOWLURXQG  7KHFRUHUXOHV SJ GHILQH³'UDPDWLF+HURLVP´
DGYHQWXUHV XVXDOO\ UHTXLUH DGYDQFLQJ D VPDOOHU DVIROORZV
QXPEHU RI SOD\HUV WKDQ SOD\HG WKH ILUVW URXQG VR  7RTXDOLI\DVDQDFWRIGUDPDWLFKHURLVPDQDFWLRQ
YRWLQJLVUHTXLUHGIRUPXOWLURXQGDGYHQWXUHV PXVWIXOILOOWKUHHFULWHULD
 N ,W PXVW DFFRPSOLVK D VLJQLILFDQW WDVN LQ WKH
:KHQ XVLQJ 9RWLQJ UDQN WKH SOD\HUV LQ RUGHU RI GHIHQVHRIJRRGRUWKHGHIHDWRIHYLO
\RXU YRWLQJ FKRLFH ZKLOH WKH\ DUH FRPSOHWLQJ WKHLU N ,W PXVW RFFXU DW D GUDPDWLFDOO\ DSSURSULDWH WLPH
IRUPVVRWKDW\RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWV XVXDOO\WKHFOLPD[RIWKHDGYHQWXUH DQG
RQ\RXUDELOLWLHV N ,W VKRXOG UHTXLUH VLJQLILFDQW ULVN RQ WKH SDUW RI
 $ QRWH DERXW WKH WH[W 6RPH RI WKH WH[W LQ WKH WKHKHUR
PRGXOHLVZULWWHQVRWKDW\RXPD\SUHVHQWLWDVZULWWHQ  
WR WKH SOD\HUV ZKLOH RWKHU WH[W LV IRU \RXU H\HV RQO\ ,VVXLQJ 'DUN 6LGH 3RLQWV  8QIRUWXQDWHO\ LW LV
7H[W IRU WKH SOD\HUV ZLOO EH LQ EROG LWDOLFV  ,W LV LPSRVVLEOH WR SURGXFH DQ H[KDXVWLYH OLVW RI DOO WKH
VWURQJO\ UHFRPPHQGHG WKDW \RX SDUDSKUDVH WKH SOD\HU SRVVLEOH ZD\V SHRSOH FDQ JHW 'DUN 6LGH SRLQWV 7KHUH
WH[W LQVWHDG RI UHDGLQJ LW DORXG DV VRPH RI WKH WH[W LV DUHMXVWWRRPDQ\ZD\VWKDWWKHEHJLQQLQJVRI³HYLO´FDQ
JHQHUDODQGPXVWEHDGDSWHGWRWKHVSHFLILFVLWXDWLRQRU PDQLIHVWWKHPVHOYHV
WRDFWLRQVRIWKHSOD\HUFKDUDFWHUV  7R TXRWH 7KH 'DUN 6LGH 6RXUFHERRN ³(YLO LV QRW
 DOZD\V HDV\ WR UHFRJQL]H $Q LQQRFHQW DFW PD\
+HUR(DUQLQJV XOWLPDWHO\ UHVXOW LQ JUHDW VXIIHULQJ $Q DFW RI UHYHQJH
$W WKH EHJLQQLQJ RI WKH URXQG LI WKH FKDUDFWHUV DUH PD\ VDYH WKH OLYHV RI PLOOLRQV RI SHRSOH 7KH SXUH DW


7ZL¶OLJKW6WRUP  3DJH
KHDUW FDQ ODVK RXW LQ DQJHU (YLO PD\ OXUN EHQHDWK D
PDVNRIYLUWXH:KHWKHUDQDFWLVHYLORUQRWRIWHQERLOV
*02YHUYLHZ
GRZQ WR D TXHVWLRQ RI PRWLYDWLRQ DQG PRWLYDWLRQ FDQ $SSUR[LPDWHO\ D \HDU EHIRUH WKH EDWWOH RI *HRQRVLV D
EHKDUGWRLGHQWLI\ 7ZL¶OHN -HGL 0DVWHU QDPHG 9KLLQ 7KRUOD DQG KLV
 ³:KHQD*DPHPDVWHULVLQGRXEWDERXWZKHWKHUWR 3DGDZDQ UHFHLYHG DQ DVVLJQPHQW IURP WKH -HGL &RXQFLO
DZDUGD'DUN6LGH3RLQWWRDFKDUDFWHUKHRUVKHVKRXOG WR LQYHVWLJDWH D EDQG RI UXWKOHVV SLUDWHV RSHUDWLQJ LQ WKH
FRQVLGHUWKHFKDUDFWHU¶VPRWLYHV'LGWKHFKDUDFWHUDFW 0LG5LP7ZRPRQWKVODWHUWKHSLUDWHEDQGZDVLQUXLQV
RXW RI DQJHU" +DWUHG" &UXHOW\" 9HQJHDQFH" 3ULGH" DQG0DVWHU7KRUOD¶V3DGDZDQZDVGHDG
'LG WKH FKDUDFWHU FKRRVH DQ RSWLRQ VLPSO\ EHFDXVH LW  7KH H[DFW HYHQWV ZHUH QHYHU EURXJKW WR OLJKW  7KH
ZRXOGDOORZKHUWRVSLOODQHQHP\¶VEORRG":DVJUHHG &RXQFLO DEVROYHG 9KLLQ 7KRUOD RI DQ\ QHJOLJHQFH LQ KLV
RUHQY\LQYROYHG"-HDORXV\"´ *UHDWVHFWLRQEHJLQQLQJ DSSUHQWLFH¶VGHDWKEXW9KLLQFRXOGQRWIRUJLYHKLPVHOI
RQ SDJH  ZKLFK LOOXVWUDWHV WKH SUREOHP IDLUO\  7KH7ZL¶OHN-HGL0DVWHUVHWRXWIRUKLVKRPHSODQHW
SUHFLVHO\ 7KH*0PXVWDVVHVVWKHPRWLYDWLRQVRIWKH RI 5\ORWK  +H KDG QRW YLVLWHG IRU PDQ\ \HDUV EXW KH
FKDUDFWHUDQGLIWKRVHPRWLYDWLRQVGHULYHIURPWKHEDVH NQHZWKHUHZHUHPDQ\SODFHVRQWKHVWRUPVZHSWSODQHW
HPRWLRQVWKDWDUHWKHSDWKWRWKHGDUNVLGHWKHQD'63 ZKHUHRQHFRXOGEHDORQHWRPHGLWDWHDQGUHIOHFW
LVDSSURSULDWH  2QFHKHDUULYHG9KLLQLPPHGLDWHO\VRXJKWVROLWXGH
 :RRNLHHV 5DJH DQG 'DUN 6LGH 3RLQWV 3HU WKH LQ 5\ORWK¶V EDGODQGV  +RZHYHU WKH )RUFH VHHPHG WR
VLGHEDU RQ SDJH  RI WKH 6WDU :DUV 5ROHSOD\LQJ KDYHRWKHUSODQVIRUWKH7ZL¶OHN-HGL
*DPH 5HYLVHG &RUH 5XOH %RRN :RRNLHH )RUFH XVHUV  $V9KLLQPHGLWDWHGRQKRZKHFRXOGKDYHVDYHGKLV
GRQRWJDLQ'DUN6LGH3RLQWVIRUIROORZLQJWKHLUQDWXUDO 3DGDZDQRWKHULPDJHVEHJDQWRDSSHDUWRKLP7ZL¶OHNV
WHQGHQFLHV DQG XVLQJ WKH :RRNLHH UDJH VSHFLHV DELOLW\ ZDQGHULQJ WKH EDGODQGV DEDQGRQHG WR GLH VODYHUV
7KH\ GR UHFHLYH D 'DUN 6LGH 3RLQW KRZHYHU LI WKH\ VWULNLQJIDPLOLHVORFDWHGLQUHPRWHDUHDV
LQFRUSRUDWH:RRNLHHUDJHZLWKDQ\RIWKHLU)RUFHVNLOOV  0DVWHU 7KRUOD FROOHFWHG KLPVHOI DQG ZLWK UHQHZHG
 ,Q DGGLWLRQ ZKLOH LQ D :RRNLHH UDJH D :RRNLHH SXUSRVH YHQWXUHG RXW WR KHOS VDYH VRPH RI KLV SHRSOH
)RUFHXVHUFDQ¶WFDOOXSRQWKH)RUFH H[FHSWIRUFDOOLQJ )RUDOPRVWD\HDUQRZ9KLLQKDVUHVFXHG7ZL¶OHNVIURP
XSRQ WKH 'DUN 6LGH ZKHQ XVLQJ D )RUFH SRLQW   $OO FHUWDLQGHDWKRUHQVODYHPHQWDQGEURXJKWWKHPEDFNWRD
RWKHU XVHV RI WKH )RUFH UHTXLUH PRUH FDOP DQG SHDFH FRPPXQLW\KHVLPSO\FDOOVWKH(QFODYH
WKDQ WKH :RRNLHH FDQ PDQDJH ZKLOH LQ WKH QDWXUDO 
IUHQ]\ (QFRXQWHU$)ULHQG¶V5HTXHVW
 0DVWHU'HYDQUHTXHVWVWKHKHURHVPHHWKHUDWWKH$OPDV
*HQHUDO1RWHVWRWKH*0 -HGL$FDGHP\.LUORFFD¶VGHDWKKDVOHIWWKH$FDGHP\LQ
:KHQ UXQQLQJ WKLV DGYHQWXUH RU DQ\ 6WDU :DUV QHHG RI D ZHDSRQV PDVWHU  'HYDQ ZLWK /DQLXV¶
DGYHQWXUH NHHS LQ PLQG WKH 6WDU :DUV DGYHQWXUHV SHUPLVVLRQ ZLVKHV WR LQYLWH DQ ROG DFTXDLQWDQFH WR ILOO
VKRXOG VHHP OLNH WKH 6WDU :DUV PRYLHV  7KH DFWLRQ WKDWUROH7KH7ZL¶OHN-HGLLVUXPRUHGWREHRQ5\ORWK
VKRXOG IORZ TXLFNO\ DQG WKH SOD\HUV VKRXOG QRW JHW EXWQRRQHNQRZVH[DFWO\ ZKHUH'HYDQZRXOGOLNHWKH
FDXJKW XS LQ WRR PDQ\ GHWDLOV RI ZKDW WKH\ DUH GRLQJ KHURHVWRWUDYHOWR5\ORWK ILQGWKH-HGLDQGLISRVVLEOH
'HVFULEH WKLQJV LQ VZHHSLQJ VWDWHPHQWV DQG UHFDOO FRQYLQFHKLPWRUHWXUQZLWKWKHPWR&XODULQ
VFHQHVIURPWKHPRYLHVZKHQQHFHVVDU\WRKHOSSOD\HUV 
YLVXDOL]H ZKDW LV JRLQJ RQ  0RUH WKDQ DQ\WKLQJ HOVH (QFRXQWHU:HOFRPHWR5\ORWK
KDYHIXQ
 7KHSRLQWRI/,9,1* )25&(LVQRWWRNLOOFKDUDFWHUV 7KH KHURHV DUULYH DW 5\ORWK D EDUUHQ SODQHW WKDW VKRZV
,I \RX EHOLHYH D FRPEDW LV WRR WRXJK IRU D JURXS \RX RQHVLGHDOZD\VWRWKHVXQWKHRWKHUQHYHU$KHDWVWRUP
DUHUXQQLQJVFDOHLWGRZQ,I\RXEHOLHYHLWZLOOEHIDU HUXSWV DV WKH KHURHV DSSURDFK WKH VHWWOHPHQW RI %DVKND
WRRVLPSOHVFDOHLWXS²ZLWKLQUHDVRQ'R\RXUEHVWWR WKH VWDUWLQJ SRLQW IRU WKHLU VHDUFK IRU 9KLLQ  SURYLQJ
NHHS ILJKWV FLQHPDWLF DQG LQWHUHVWLQJ DQG LI VRPHRQH ZK\ WKH\ DUH ZLGHO\ IHDUHG  $IWHU VXUYLYLQJ WKH VWRUP
GLHVEHFDXVHWKH\PDGHDJORULRXVVDFULILFHWKDW¶VILQH WKHKHURHVPXVWODQGDW%DVKNDDQGGHDOZLWKLWVFXVWRPD
%XWOHW¶VQRWKDYHDQ\³GXPE´GHDWKV7KDW¶VQRWZKDW RIILFLDOV
6WDU:DUVRU/,9,1*)25&(LVDERXW 
 7KLV LV DQ DGYHQWXUH IRU ORZ WR KLJKOHYHO /LYLQJ (QFRXQWHU7KH)XQJXV3LW
)RUFH FKDUDFWHUV DQG WKHUHIRUH FKDUDFWHUV OHYHOV  $VWKHKHURHVPDNHWKHLUZD\WRWKHFDQWLQDNQRZQDVWKH
WKURXJK  DUH DSSURSULDWH ,I D SOD\HU EULQJV D KLJKHU )XQJXV 3LW WKH\ JHW D JOLPSVH RI GDLO\ OLIH RQ 5\ORWK
OHYHOFKDUDFWHUWR\RXUWDEOHH[SODLQWKDWKHRUVKHPXVW 7KHVHHGLHUVLGHRIJDODFWLFVRFLHW\LVUHSUHVHQWHGKHUHLQ
XVH D ORZHUOHYHO KHUR WR SOD\ LQ WKLV HYHQW ,I \RXU IRUFH  6PXJJOHUV VSLFH GHDOHUV VODYHUV DQG SLUDWHV
SOD\HUVGRQRWKDYHKHURHVKHOSWKHPFUHDWHQHZRQHV PLQJOHZLWKWKHQDWLYH7ZL¶OHNSRSXODWLRQ
VHH \RXU HYHQW FRRUGLQDWRU IRU KHUR FUHDWLRQ  7KH )XQJXV 3LW LV D SRSXODU FDQWLQD  7KH KHURHV
LQVWUXFWLRQV  DUULYHDQGEHJLQPDNLQJWKHLUSODQVWRILQGWKHLUFRQWDFW


7ZL¶OLJKW6WRUP  3DJH
ZKHQ D VODYHU JHWV URXJK ZLWK RQH RI WKH ZDLWUHVVHV 
&KRLFHV PXVW EH PDGH DQG JRRG FKRLFHV DUH UHZDUGHG
ZLWKDLGWRZDUGWKHJRDO
2SHQLQJ&UDZO
 $ VKURXG RI GDUNQHVV KDV RQFH DJDLQ IDOOHQ RYHU
(QFRXQWHU,QWRWKH%DUUHQV &XODULQ.LUORFFDWKH:RRNLHH-HGL0DVWHUKDVEHHQ
VWUXFNGRZQE\WKHSRZHURIWKHGDUNVLGH
-DF\QLWKOHDGVWKHKHURHVRXWLQWRWKHWZLOLJKWEDGODQGVRI
 5HPHPEUDQFHFHUHPRQLHVKDYHEHHQKHOGDOORYHU
5\ORWK  7KH\ JHW DQ HYHQ FORVHU YLHZ RI D 5\ORWK KHDW
WKH V\VWHP  %HLQJV IURP DOO ZDONV RI OLIH KDYH
VWRUP DV WKH\ DUH PDNLQJ WKHLU ZD\ WR 9KLLQ¶V HQFODYH
UHIOHFWHG RQ KRZ WKH PLJKW\ :RRNLHH WRXFKHG WKHLU
4XLFN WKLQNLQJ DQG TXLFNHU DFWLQJ DUH DOO WKDW FDQ NHHS
OLYHV$QG\HW«PDQ\RIWKHFLWL]HQVGRQRWUHDOL]HWKH
WKHPIURPSHULVKLQJ
YRLG OHIWE\ .LUORFFD¶V GHDWK  7KH $OPDV $FDGHP\ LV

QRZZLWKRXWLWVSULPDU\OLJKWVDEHULQVWUXFWRUDQGRQH
(QFRXQWHU7KH(QFODYH RILWVWZR-HGL0DVWHUV
$IWHUPDNLQJLWWKURXJKWKHKHDWVWRUPWKHKHURHVILQDOO\  2WKHUV KRZHYHU GR UHDOL]H DQG UHMRLFH  ,Q WKH
DUULYH DW WKH HQFODYH  -DF\QLWK WDNHV WKHP LQ DQG GDUNHVWVKDGRZVRI&XODULQWKHUHLVFHOHEUDWLRQ:LWK
LQWURGXFHV WKHP WR WKH 7ZL¶OHN -HGL  9KLLQ WXUQV DZD\ D PLJKW\ FKDPSLRQ RI OLJKW IDOOHQ WKH FDXVH RI
H[SUHVVLQJ QR GHVLUH WR PHHW ZLWK WKH KHURHV  -DF\QLWK GDUNQHVVPD\ILQGLWVSDWKDOLWWOHHDVLHU«
UHTXHVWVWKH KHURHV ZDQGHUDPRQJVWWKHUHVLGHQWVRIWKH
HQFODYH DQG WDON ZLWK WKHP ZKLOH VKH VSHDNV ZLWK KHU 
EURWKHU
 7KH KHURHV JHW WR LQWHUDFW ZLWK WKH RXWFDVWV DQG
(QFRXQWHU
VDYHGVODYHVWKDWUHVLGHKHUH7KH\OHDUQDORWDERXWWKH
HQFODYH¶V SHRSOH DQG LWV OHDGHU  $IWHU D ZKLOH -DF\QLWK
$)ULHQG¶V5HTXHVW
DVNV WKH KHURHV WR FRPH ZLWK KHU 9KLLQ KDV DJUHHG WR .H\LGHDVRIWKLVHQFRXQWHU$JHQWVRI0DVWHU'HYDQRI
VSHDNZLWKWKHPRYHUGLQQHU WKH $OPDV $FDGHP\ FRQWDFW WKH KHURHV  6KH QHHGV D
 JURXSWRWUDYHOWR5\ORWKDQGILQG9KLLQ7KRUODDQROG
(QFRXQWHU6ODYHUV IULHQG  'HYDQ ZDQWV WKH -HGL WR FRPH DQG WHDFK DW
$OPDV
$VODYHUDWWDFNLQWHUUXSWVWKHKHURHV¶GLQQHU ZLWK9KLLQ 
%ODPLQJ WKH KHURHV IRU OHDGLQJ WKHP WR WKH HQFODYH 7KHUH DUH WZR ZD\V \RX FDQ VWDUW WKLV DGYHQWXUH  7KH
9KLLQ OHDYHV WR GHDO ZLWK WKH DWWDFN  7KH KHURHV PXVW ILUVWLVSUHWW\ PXFKWKHVWDQGDUG³\RXDUHFRQWDFWHGE\
GHFLGH ZKHWKHU RU QRW WKH\ DUH JRLQJ WR KHOS ILJKW WKH «´PHWKRG7KHVHFRQGVHQGV-HGLKHURHVWRIHWFKWKH
VODYHUVDQGVDYHWKHUHVLGHQWVRIWKHHQFODYH RWKHUVDQGLVPXFKPRUHSHUVRQDOEXWFRXOGHDVLO\WDNH
 PRUH WLPH  2SWLRQ WZR LV SUHIHUUHG LI WKH JURXS
(QFRXQWHU'HFLVLRQV FRPSRVLWLRQILWVDQGWLPHDOORZV
:LWK WKH VODYHU¶V WKUHDW HQGHG WKH KHURHV IDFH VHYHUDO 
FKRLFHV&OHDUO\0DVWHU7KRUODLVGRLQJDORWRIJRRGRQ 0HWKRG2QH
5\ORWK  7KH\ PXVW GHFLGH ZKHWKHU WR SHUVXDGH KLP WR 7KH KHURHV VWDUW WKH DGYHQWXUH DW WKHLU UHVLGHQFH
FRPHWR&XODULQRUDOORZKLPWRUHPDLQKHUHRQ5\ORWK DSDUWPHQW IUHLJKWHU RU EDUUDFNV  ,W GRHVQ¶W PDWWHU
 7KHWLPHLVDERXWWKUHHDP&XODULQWLPH
,PSRUWDQW1RWHWR-XGJHV  7KLV DGYHQWXUH VKRXOG 
EH SOD\HG DIWHU )RUFH &RQYHQWLRQ (SLVRGH ,,, RI WKH 7KH FKLUSLQJ LV ZKDW EULQJV \RX RXW RI WKH GDUN  $V
)RUFHV RI &XODULQ WULORJ\   7KLV VFHQDULR SURYLGHV FRQVFLRXVQHVV UHWXUQV \RX UHDOL]H WKDW WKH VRXQG LV
LQIRUPDWLRQ WKDW PLJKW VSRLO WKH VHULHV VR SOHDVH ZDUQ IURP \RXU GRRU ULQJHU DQQRXQFHU HWF!  *ODQFLQJ
WKHSOD\HUVDKHDGRIWLPH DW WKH WLPH \RX ZRQGHU ZKR LQ WKH 6LWK FRXOG EH
 6HYHUDO RI WKH HQFRXQWHUV DUH UXQ LQ D IUHHIRUP FDOOLQJ RQ \RX DW WKLV WLPH RI GD\ « QLJKW «
VW\OH  %H VXUH WR UHDG WKH DGYHQWXUH VR \RX FDQ EH ZKDWHYHU
IDPLOLDUZLWKWKHVHSDUWV  2SHQLQJ WKH GRRU UHYHDOV WZR ILJXUHV  %RWK
 GUHVVHGLQWKHEURZQUREHVRI-HGL2QHLVD+XPDQ
&ODULILFDWLRQ UHJDUGLQJ WLHULQJ QRWDWLRQ ZKHQ \RX IHPDOHDVOLPEUDLGDQGGLVWLQFWLYHUREHVLGHQWLI\KHU
VHH VRPHWKLQJ OLNH ³'& ´ XVH WKH ORZHVW '& DV D 3DGDZDQ /HDUQHU  7KH RWKHU LV D IHPDOH
IRU WKH ORZHVW WLHU WKH PLGGOH IRU PLGWLHU DQG WKH 'HYDURQLDQVLPLODUO\GUHVVHG
KLJKHVW IRU KLJK WLHU  ,Q WKLV VFHQDULR WLHUV DUH IRU  7KH+XPDQVPLOHVDW\RX+HUEOXHH\HVDUHIDU
FKDUDFWHUOHYHOVDQG+LJKHUOHYHOKHURHV WRR DOHUW IRU WKLV WLPH RI GD\  ³*UHHWLQJV KHUR¶V
DUH XQOLNHO\ WR ILQG WKH FRPEDWV LQ WKLV VFHQDULR QDPH!  , DP -DQ,UD 7RUX  7KLV LV .HHOLQ =DDULT
FKDOOHQJLQJ :H DUH KHUH DW WKH UHTXHVW RI 0DVWHU 'HYDQ RI WKH


7ZL¶OLJKW6WRUP  3DJH
$OPDV$FDGHP\´ SUDFWLFH URRP  $ QXPEHU RI -HGL DUH KHUH IURP
 3DGDZDQ /HDUQHUV ZKR FDQ EDUHO\ WRGGOH WR IXOO
-DQ,UDDQG.HHOLQDUHORRNLQJIRUDQ\VRUWRIUHVSRQVH .QLJKWV EXW LW LV WKH RQH ZLHOGLQJ D WHDOEODGHG
7KH\KDYHEHHQWROGWKHKHURHVDUHLPSRUWDQWEHLQJVLQ OLJKWVDEHUZKRFDWFKHV\RXUDWWHQWLRQ
&XODULQ $Q\KHURZLWKD5HSXWDWLRQRIRUDERYHLV  +HU UHG KDLU ERXQG WLJKWO\ LQ D EUDLG VHHPV WR
NQRZQWRWKH3DGDZDQV7KH\TXLFNO\PHQWLRQRQHRI FRXQWHUEDODQFH KHU WZLUOLQJ IRUP  6KH JXLGHV KHU
WKH KHUR¶V PRVW UHFHQW H[SORLWV   7KH SDLU ZLVKHV WR OLJKWVDEHU WKURXJK IRUPV XVHG E\ WKH -HGL IRU
JDXJHWKHKHURHV¶UHVSRQVHWR-DQ,UD¶VVWDWHPHQWEHIRUH JHQHUDWLRQV KHU PRYHPHQWV IOXLG DOPRVW GDQFHOLNH
SURJUHVVLQJ FHUWDLQO\ WKH IRUP RI D 0DVWHU  ,Q D JUDFHIXO PRYH
 WKDWLVSDUWERZSDUWVDOXWHVKHVWRSVDQGGHDFWLYDWHV
³0DVWHU'HYDQDVNVWKDW\RXMRLQKHUDWWKH$FDGHP\ KHUOLJKWVDEHU
IRUEUHDNIDVW´ 
 'HYDQWXUQVKHUDWWHQWLRQWRWKHKHURHV+HUOLJKWVDEHU
<HV  ,W LV WKDW HDUO\  $VVXPLQJ WKH KHURHV DJUHH WKH EOXH H\HV DFNQRZOHGJH HDFK RQH DV VKH DSSURDFKHV
3DGDZDQV WDNH WKHP WR D VKXWWOH HPEOD]RQHG ZLWK WKH 'HYDQ JUHHWV WKH KHURHV E\ QDPH DQG WKDQNV WKHP IRU
-HGL LQVLJQLD  -DQ,UD DQG .HHOLQ GR QRW NQRZ ZK\ FRPLQJ WR $OPDV6KHDVNV RQHRIWKH-HGLKHURHV RU
'HYDQ ZLVKHV WR VSHDN ZLWK WKHP  7KH\ ZHUH VLPSO\ -DQ,UD LI WKHUH DUH QR -HGL KHURHV DW WKH WDEOH  WR WDNH
JLYHQ D OLVW RI QDPHV DQG WROG WR DVN WKHVH LQGLYLGXDOV WKH JURXS WR WKH OHYHO WKUHH JDUGHQ  'HYDQ H[FXVHV
FRPHWR$OPDVDQGKDYHEUHDNIDVWZLWK'HYDQ KHUVHOIWRJHWFOHDQHGXSWKHQMRLQVWKHPLQWKHJDUGHQ
 7KH WULS WR $OPDV WDNHV VHYHUDO KRXUV 7KH KHURHV IRUEUHDNIDVW
DUHIUHHWRVOHHSWDONZLWKHDFKRWKHUHWF-DQ,UDDQG  $WXUEROLIWWDNHVWKHKHURHVWUDYHOWRWKHWKLUGOHYHO
.HHOLQDUHLQWKHFRFNSLWSLORWLQJWKHVKXWWOH RI WKH $FDGHP\  $ VKRUW ZDON ODWHU WKH\ ILQG
 WKHPVHOYHV LQ DQ LPSUHVVLYH LQGRRU JDUGHQ  7R WKHLU
127(  -HGL KHURHV DUH DZDNHQHG LQ WKHLU TXDUWHUV OHIW DQ ,WKRULDQ UHYHUHQWO\ WHQGV WR VRPH SODQWV  7KH
7KH\DUHWROG0DVWHU'HYDQZLVKHVWKHPWRMRLQKHUIRU DWPRVSKHUHLQWKLVURRPLVFDOPVRRWKLQJDQGSHDFHIXO
PRUQLQJ PHGLWDWLRQ DQG OLJKWVDEHU GULOOV  'HYDQ GRHV  $EODQNHWOLHVRQWKHJURXQGLQWKHJDUGHQ¶VFHQWHU
QRWGLVFXVVDQ\WKLQJGXULQJWKLVWLPH  DQXPEHURIIUXLWVMXLFHVDQGRWKHUEUHDNIDVWIRRGVODLG
 RXW RQ LW  /DUJH SLOORZV DUH SRVLWLRQHG DURXQG WKH
0HWKRG7ZR EODQNHW RQH IRU HDFK KHUR  $IWHU ILIWHHQ PLQXWHV
2QFH\RXKDYH\RXUSOD\HUVDWWKHWDEOHJDWKHUDOOZKR 'HYDQMRLQVWKHP
DUH SOD\LQJ -HGL DQG WDNH WKHP DVLGH  7KH\ DUH FDOOHG  +HURHV ZKR SDUWLFLSDWHG LQ ³&RUXVFDQL 'DZQ´
EHIRUH0DVWHU'HYDQDQGJLYHQDOLVWRIQDPHV7KHVH ³3KLORORJ\´ DQGRU ³)RUFH &RQFHVVLRQ´ KDYH PHW
DUH EHLQJV ZKR KDYH SURYHQ WKHPVHOYHV KHURHV RI 'HYDQEHIRUH6KHUHPHPEHUVHDFKRQHDQGDVNV KRZ
&XODULQ6KHZDQWVWKH-HGLKHURHVWRDVNWKHVHEHLQJV WKLQJV KDYH EHHQ JRLQJ IRU WKHP  'HYDQ TXHVWLRQV
WR FRPH DQG KDYH EUHDNIDVW ZLWK KHU DW WKH $FDGHP\ KHURHV VKH GRHV QRW NQRZ FOHDUO\ VHHNLQJ WR NQRZ
'HYDQGRHVQRWH[SODLQWKLVDQ\IXUWKHU/HWWKHSOD\HUV PRUH RI WKHLU FKDUDFWHU  6KH FRQWLQXHV WR PDNH VPDOO
RIWKH-HGLKHURHVUHFUXLWWKHRWKHUSOD\HUVDWWKHWDEOHWR WDONXQWLOHYHU\RQHLVILQLVKHGHDWLQJ
FRPHZLWKWKHPWR$OPDV-XVWGRQ¶WOHWLWGUDJRQWRR 
ORQJ ³7KDQN \RXIRU FRPLQJ KHUH WRGD\  ,W LV DSSUHFLDWHG
 PRUHWKDQDQ\RI\RXNQRZ
0HHWLQJZLWK0DVWHU'HYDQ  ³$V\RXNQRZWKH$FDGHP\KDVUHFHQWO\VXIIHUHG
7KH KHURHV DOO DUULYH RQ $OPDV DV WKH NDOXWKLQ JUDVV D PDMRU ORVV  :KDW .LUORFFD PHDQW FDQQRW EH
XQIROGVEULQJLQJWKHVRIWOLJKWRIDQHZGD\ZLWKLW PHDVXUHG LQ ZRUGV  , PRXUQ KLP DV GR 0DVWHU
 /DQLXVDQGWKHUHVWRIWKH$FDGHP\
<RX VWHS LQWR WKH $OPDV -HGL $FDGHP\ WKURXJK LWV  ³7KH &ORQH :DUV KDYH GHSOHWHG WKLV VFKRRO RI
PHWDO DQG FU\VWDO GRRUV  7KH JOHDPLQJ ZKLWH PDUEOH PRVWRXU0DVWHUV%HIRUH.LUORFFD
VGHDWKWKHUHZHUH
ZDOOVOLQHGZLWKWKLFNYHLQV RIVLOYHUOHDGWRDODUJHU RQO\ WKUHH RI XV DQG , ZDV QHYHU PHDQW WR EH D
FKDPEHU SHUPDQHQW IL[WXUH  1RZ WKHUH DUH WZR  :KHQ , JR
 :DONLQJ WKURXJK WKH HQWU\ KDOO SDVW SODTXHV WKHUH ZLOO EH RQO\ 0DVWHU /DQLXV DQG ZKLOH KH¶V
EHDULQJ WKH QDPHV RI 3DGDZDQV ZKR KDYH DWWDLQHG EULOOLDQWKHFDQ¶WGRHYHU\WKLQJDORQH
.QLJKWKRRG DQG RI -HGL ZKR IHOO LQ EDWWOH \RX PDNH  ³,ZRXOGDVNDIDYRU7KHUHLVD-HGL,ZRXOGOLNH
\RXU ZD\ WRZDUGV D ODUJH RSHQ FKDPEHU ZLWK D WRUHTXHVWWDNHRYHUIRU.LUORFFD:HNQHZHDFKRWKHU
IRXQWDLQLQWKHFHQWHU DV 3DGDZDQV ± DQG ODWHU DV .QLJKWV ± DW WKH
 <RXUJXLGHVWXUQGRZQDFRUULGRUDZD\IURPWKH &RUXVFDQW WHPSOH  ,7 PLJKW EH D ELW FKDOOHQJLQJ WR
IRXQWDLQ FKDPEHU  6HYHUDO WXUQV ODWHU \RX ILQG ILQG KLP DV KH ZDV ODVW VHHQ GLVDSSHDULQJ LQWR WKH
\RXUVHOI VWDQGLQJ EHIRUH WKH $FDGHP\¶V OLJKWVDEHU ZDVWHODQGVRI5\ORWKRYHUD\HDUDJR


7ZL¶OLJKW6WRUP  3DJH
 ³,QHHG\RXWRILQGKLPDQGLISRVVLEOHFRQYLQFH PRWLRQVWRWKHKHURHV!FRXOGULGWKHHQWLUHSODQHWRI
KLPWRFRPHKHUH´ VODYHUV DQG WKHQ UHPDLQ WR NHHS QHZ RQHV IURP
 DUULYLQJ"
)DYRUV DUH QLFH EXW GDWDULHV DUH EHWWHU , XQGHUVWDQG 
7KH $FDGHP\ LV SUHSDUHG WR SD\ IRU \RXU VHUYLFHV LI *RWDVKLS",GRQ¶W<HVWKH$FDGHP\ZLOOSURYLGH\RX
QHHGHG  0DVWHU /DQLXV KDV DXWKRUL]HG WKH $FDGHP\ ZLWK WUDQVSRUW DQG D SLORW LI QHHGHG  <RX ZLOO EH
WRSD\HDFKRI\RXGDWDULHV-HGLDUHQRWRIIHUHG SURYLGHGZLWKGRFXPHQWVQRWLQJ\RXUSRVLWLRQDVHQYR\V
DQ\ SD\PHQW GR QRW UHFHLYH DQ\ SD\PHQW DQG VKRXOG RIWKH$OPDV$FDGHP\7KDWZLOOJHW\RXWKURXJKDQ\
QRW H[SHFW DQ\  'HYDQ VKRXOG QRW RIIHU SD\PHQW DQG 5HSXEOLF FKHFNSRLQWV  %XW , ZRXOGQ¶W IODVK WKHP RQ
VKRXOG TXHVWLRQ DQ\ KHURHV ZKR DVN IRU LW WR EH VXUH 5\ORWK
WKDW³FUHGLWVDUHDOOWKDW\RXFDUHIRU´ 
 ,KDYHDVKLS0LQGLIZHXVHLW"1RWDWDOO:H¶OOHYHQ
5\ORWK:KHUHDQG ZKDWLVWKDW"5\ORWKLV ORFDWHGLQ IXHO LW IRU \RX  <RX ZLOO EH SURYLGHG ZLWK GRFXPHQWV
WKH2XWHU5LP,WLVWKHKRPHSODQHWRIWKH7ZL¶OHNV QRWLQJ\RXUSRVLWLRQDVHQYR\VRIWKH $OPDV $FDGHP\
DQGDKDUVKSODFH2QHVLGHLVSHUPDQHQWO\EDNHGE\ 7KDW ZLOO JHW \RX WKURXJK DQ\ 5HSXEOLF FKHFNSRLQWV
WKHV\VWHP¶VVXQWKHRWKHUIUR]HQLQHWHUQDOQLJKW %XW,ZRXOGQ¶WIODVKWKHPRQ5\ORWK
 
2YHUD\HDU7KDW¶VDORQJWLPH:KDWPDNHV\RXWKLQN 6D\7KH &ORQH:DUV DUH JRLQJRQULJKW":KLFK VLGH
KHLVVWLOOWKHUH"9KLLQ¶7KRUODWKH-HGLKDVQRWEHHQ GRHV 5\ORWK VXSSRUW"  6HQDWRU 2UQ )UHH 7DD LV D
VHHQVLQFHKHZDQGHUHGLQWRWKHZDVWHODQGVRI5\ORWK VWDXQFK /R\DOLVW DQG VXSSRUWV 6XSUHPH &KDQFHOORU
:LWKWKHFXUUHQWKDSSHQLQJVLQWKHJDOD[\ZHZRXOG 3DOSDWLQH
KDYH NQRZQ KDG KH UHWXUQHG  , WKLQN DV ZHOO ZH 
ZRXOGNQRZLIKHKDGEHFRPHRQHZLWKWKH)RUFH 7KH\KDYHVSLFHRQ5\ORWKGRQ¶WWKH\"*RRGVWXIIIURP
 ZKDW,KHDU<HV,I\RXZLVKWRXVHFKHPLFDOVWRPDNH
6R ZH JRWWD ZDQGHU DURXQG WKH SODQHW ORRNLQJ IRU WKLV WKH ILQDO MXPS PXFK HDUOLHU LQ \RXU OLIH WKDQ LW ZRXOG
RQHSHUVRQZKR PD\ QRW ZDQWWREHIRXQG8P<HV QRUPDOO\ RFFXU WKRXJK GR LW RQ \RXU RZQ WLPH  'R
,W LV LPSRUWDQW \RX ORFDWH KLP DQG SUHVHQW KLP ZLWK QRWJHWVLGHWUDFNHG
P\RIIHU 
 +P/RRNLQJIRURQHEHLQJRQDSODQHW7KDW¶VJRQQDEH
0D\EH WKLV 9KLLQJX\ ZDQWV WR VWD\ ORVW  0D\EH KH KDUG$Q\OHDGVWRPD\EHKHOSXVQDUURZWKLQJVGRZQ"
GRHV,ZDQWWKHHIIRUWPDGHWRORFDWHKLP 9KLLQ ZDV ODVW VHHQ LQ WKH FLW\FDYHUQ RI %DVKND  +H
 XVHG WR EH DFTXDLQWHG ZLWK D FDQWLQD RZQHU WKHUH
:K\"  +H LV D JRRG -HGL  +LV H[SHUWLVH ZLWK WKH &KHLE¶.DOOD LV KLV QDPH 7KH SODFH LV WKH )XQJXV 3LW
OLJKWVDEHULVVXFKWKDWKHFRXOGILOO0DVWHU.LUORFFD¶V 7KDW¶VSUREDEO\DVJRRGDSODFHDVDQ\WRVWDUW
SODFH  :LWK WKH &ORQH :DUV VWLOO UDJLQJ WKH &RXQFLO 
FDQQRW DSSRLQW DQRWKHU 0DVWHU WR $OPDV ULJKW QRZ *HH]0RUHGLUW\ZRUNIRUWKH-HGL:K\GRQ¶W\RXJR
DQG $OPDV FDQQRW DIIRUG WR EH ZLWKRXW D OLJKWVDEHU \RXUVHOI LI WKLV 9KLLQ JX\ LV VR LPSRUWDQW"  VPLOHV
PDVWHU SROLWHO\   0DVWHU /DQLXV DQG , DUH FXUUHQWO\ WKH RQO\
 WZR 0DVWHUV DW WKH $FDGHP\  :HUH WKDW GLIIHUHQW ,
:K\GLGKHOHDYH"9KLLQGLGQRWOHDYHWKH2UGHU+H ZRXOG WDNH FDUH RI WKLV PDWWHU P\VHOI  %XW , PXVW
DQG KLV 3DGDZDQ FDPH LQWR FRQIOLFW ZLWK D SRZHUIXO UHPDLQKHUHWRDVVLVWLQWKHWUDLQLQJRIWKH3DGDZDQV
SLUDWHEDQG0DVWHU7KRUOD¶V3DGDZDQZDVNLOOHGDQG 
KH EODPHV KLPVHOI  +H IHOW KH QHHGHG VRPH WLPH WR :KHQWKHKHURHVDUHWKURXJKTXHVWLRQLQJ0DVWHU'HYDQ
PHGLWDWH VKH UHVWDWHV KHU WKDQNV DQG SUHSDUHV WR ZDON WKHP RXW
 6KHVWRSVPRPHQWDULO\DQGORRNVEDFNDWWKHJURXS
+H\GRQ¶WWKH\KDYHVODYHUVRQ5\ORWK":KDWGRZHGR 
DERXW WKDW"  <HV  6ODYHUV URXWLQHO\ SUH\ XSRQ WKH ³2K , DOPRVW IRUJRW  ,W LV D FXVWRP DPRQJVW WKH
LQKDELWDQWVRI5\ORWK7KLVVRXQGVYHU\KDUVKEXW\RXU 7ZL¶OHN WR SURYLGH \RXU KRVW ZLWK D JLIW  7KLV KDV
PLVVLRQLVQRWWREDWWOHWKH VODYHUV , QHHG\RXWRILQG WUDQVODWHG LQWR JLYLQJ WKH 7ZL¶OHN FXVWRPV RIILFLDOV D
9KLLQ JLIWZKHQWKH\FRPHDERDUGDVKLSWRLQVSHFWLW,ZRXOG
 DVN \RX GR WKH VDPH  , ZLOO SURYLGH D VXLWDEOH JLIW IRU
)LJXUHV  <RX -HGL LJQRUH WKHVH WKLQJV ZKHQ LW LV \RX WR JLYH  ,W VKRXOG PDNH WKLQJV D OLWWOH HDVLHU DQG
FRQYHQLHQW DQG RQO\ SD\ DWWHQWLRQ ZKHQ \RX KDYH JXDUDQWHHWKHVDIHW\RI\RXUVKLS«IRUWKHPRVWSDUW
VRPHWKLQJ WR JDLQ  1R  :H GR QRW FRQGRQH VODYHU\  ³0D\ WKH )RUFH EH ZLWK \RX DQG JXLGH \RXU
DQ\ZKHUH  %XW ULJKW QRZ ZH DUH IRUFHG WR ORRN DW VHDUFK´
HYHQWV RQ D ODUJHU VFDOH  'R \RX WKLQN WKLV JURXS 


7ZL¶OLJKW6WRUP  3DJH
7KH KHURHV DUH QRZ IUHH WR JDWKHU WKHLU HTXLSPHQW DQG VRPHWKLQJILUVW
ZKDWHYHUWKH\IHHOWKH\QHHG,IWKH\GRQRWKDYHDVKLS 
RI WKHLU RZQ D <7 LV SURYLGHG EHIRUH WKH\ GHSDUW $V WKH\ QHDU %DVKND DQ HQRUPRXV KHDW VWRUP HUXSWV
$OPDV  7KH\ PD\ XVH LW WR FROOHFW DQ\RQH¶V SHUVRQDO DURXQG WKHP  %HIRUH UHDGLQJ EHORZ KDYH DQ\ )RUFH
JHDUWKH\QHHGEHIRUHVWDUWLQJIRU5\ORWK 6HQVLWLYHKHURPDNHD'&:LVGRPFKHFN6XFFHVV
 'HYDQJLYHVWKHJLIWWRWKHKLJKHVWUDQNLQJ-HGLKHUR PHDQV WKH\ IHHO D WLQJH RI GUHDG  6RPHWKLQJ EDG LV
LQ WKH SDUW\ RU LI WKHUH LV QR -HGL WKH PRVW UHVSHFWDEOH JRLQJWRKDSSHQ
KHUR,WLVDVPDOOEODFNFXEHDERXWFPRQHDFKVLGH 
7KHUHLVQRDSSDUHQWORFNRQLWEXWLWKDVDVHDO,IDQ\RI :LWKRXW ZDUQLQJ \RXU YLVLRQ IURP WKH FRFNSLW LV
WKH KHURHV GHFLGH WR OHW FXULRVLW\ JHW WKH EHWWHU RI WKHP REVFXUHG DQG WKH VKLS LV WRVVHG DERXW OLNH SUH\ LQ D
WKH ER[ LV HDVLO\ RSHQHG DQG FRQWDLQV WKUHH VPDOO UDQFRU¶VPRXWKDVDKHDWVWRUPIRUPVDURXQGLW
SHUIHFWFXW JUHHQ JHPV  7KHVH DUH QRW $GHJDQ FU\VWDOV  <RXUVHQVRUVVFUHDPLQRYHUORDGDWWKHDPRXQWRI
DQG DUH WRR VPDOO IRU D OLJKWVDEHU  7KH\ DUH KRZHYHU GDWDVXGGHQO\SRXULQJLQWRWKHP(YHU\OLJKWRQ\RXU
YDOXDEOH  $ FRQVHUYDWLYH SULFH ZRXOG EH DURXQG  FRQWUROV SDQHO LV DOLYH WU\LQJ WR JHW VRPH SDQLFNHG
GDWDULHV  $Q\ KHUR VWHDOLQJ WKH JHPV GHVHUYHV D 'DUN PHVVDJHWR\RX
6LGHSRLQW  7KH FRQWUROV RI \RXU VKLS ILJKW \RX DV WKH VKHHU
 IRUFH RI WKH ZLQG RXWVLGH WKUHDWHQV WR WRVV WKH YHVVHO
(QFRXQWHU LQWR JURXQG RU PRXQWDLQ  'HEULV ULSSHG IURP
5\ORWK¶VVXUIDFHSHOWV\RXUVKLSPHUFLOHVVO\DGGLQJWR
:HOFRPHWR5\ORWK WKHGDQJHUIURPWKHZLQGV

.H\ LGHDV RI WKLV HQFRXQWHU  7KH KHURHV DUULYH DW 7KHKHURIO\LQJWKHVKLSQHHGVWRUROOD3LORWFKHFN'&
5\ORWK'HVFHQGLQJLQWRWKHSODQHW¶VDWPRVSKHUHWKH\   )DLOXUH LQGLFDWHV WKDW WKH ZLQGV DUH GULYLQJ
PXVW QDYLJDWH WKURXJK RQH RI 5\ORWK¶V IHDUHG KHDW WKHVKLSWRWKHURFN\VXUIDFHRI5\ORWK$VHFRQGKHUR
VWRUPV$IWHUVXUYLYLQJWKHEDWWHULQJZLQGVDQGGHEULV PD\ VHUYH DV FRSLORW DQG ZLWK D VXFFHVVIXO '& 
WKH\ ODQG LQ WKH FDYHUQFLW\ RI %DVKND DQG EHJLQ WKHLU 3LORW FKHFN SURYLGH D  FLUFXPVWDQFH ERQXV WR WKH
VHDUFKIRU9KLLQ7KRUOD SLORW
  2WKHUKHURHVLQWKHVKLSQHHGWRPDNHDVXFFHVVIXO
7KHWULSIURP &XODULQ WR5\ORWKWDNHV IURPRQHWRWZR 5HIOH[ VDYH '&   )DLOXUH PHDQV WKH\ KDYH
GD\V GHSHQGLQJ RQ K\SHUGULYH TXDOLW\   ,W LV EHHQ WKURZQ WR WKH IORRUSODWHV DQG VXIIHU G YLWDOLW\
XQHYHQWIXO DQG WKH KHURHV FDQ VOHHS PHGLWDWH JHW GDPDJH  ,I VXFFHVVIXO WKH KHUR LV DEOH WR JUDE RQWR
DFTXDLQWHG HWF  $OORZ WKH SOD\HUV WR GHVFULEH WKHLU VRPHWKLQJEHIRUHEHLQJSLWFKHGDURXQG $Q\KHURZKR
KHURHVWRHDFKRWKHUDQGLQWHUDFWZLWKRQHDQRWKHUDELW VWDWHV WKH\ DUH EHOWHG LQWR D VHDW SULRU WR WKH VWRUP
LIWKH\GRQRWNQRZHDFKRWKHU $OORWPLQXWHVRUVR EHJLQQLQJ ± ZLWKRXW SURPSWLQJ IURP \RX ± GRHV QRW
IRUWKLVDVWKHUHLVDORWRIVFHQDULR\HWWRFRPH  QHHGWRPDNHDVDYH 
  ,I WKH ILUVW 3LORW FKHFN IDLOV WKHQ DOORZ D VHFRQG
:KHQWKH\DUULYHUHDGRUSDUDSKUDVHWKHIROORZLQJ RQH DIWHU VRPH GUDPDWLF GHVFULSWLRQ RI WKH VKLS WRVVHG
 YLROHQWO\WRZDUGWKHPRXQWDLQV)HHOIUHHWRPRGLI\WKH
%HIRUH \RX OLNH D EOHHGLQJ ZRXQG LQ WKH EODFN RI VNLOOFKHFN'&WRPDNHLWSRVVLEOHIRUWKHSLORWWRPDNH
VSDFHLVWKHUHGSODQHWRI5\ORWK+DOIRIWKHSODQHW¶V WKH VHFRQG FKHFN DIWHU DSSURSULDWH HGJHRIWKHVHDW
VXUIDFHLVFRQVWDQWO\EDNHGE\WKH V\VWHP¶VVXQ ZKLOH WHQVLRQ:LWKDVXFFHVVWKHSLORW V PDQDJHVWRUHJDLQ
RWKHU KDOI LV IUR]HQ LQ GDUNQHVV  )DU EHORZ LQ WKH FRQWURO MXVW EHIRUH WKH VKLS VODPV LQWR WKH VXUIDFH EH
ODQG WKDW RFFXSLHV WKH DUHD EHWZHHQ ± NQRZQ DV WKH GUDPDWLF   7KH SRLQW KHUH LV WR FUHDWH D YHU\ WHQVH
WZLOLJKWODQGV±LV\RXUGHVWLQDWLRQWKHFDYHUQFLW\RI GUDPDWLFPRPHQWIRUWKHKHURHVQRWNLOOWKHP7KLVLV
%DVKND WKHLU ILUVW LQWURGXFWLRQ WR WKH VDYDJH QDWXUH RI 5\ORWK
 7KHUH LV OLWWOH WUDIILF YLVLEOH DURXQG WKH SODQHW DV ,IWKHXQIRUWXQDWHSLORWUROOVDWKH\PD\EHZDONLQJWR
\RX EHJLQ \RX DSSURDFK  <RX UHFHLYH FOHDUDQFH WR %DVKND1RGDPDJHLVOLVWHGIRUWKHFUDVKEHFDXVHWKLV
ODQG DQG SXQFKLQJ WKH FRRUGLQDWHV LQ IRU %DVKND LV QRW D SODFH ZKHUH WKH KHURHV VKRXOG EH GDPDJHG RU
\RXGLYHIRUWKHUHGEURZQVXUIDFH NLOOHG7KHLUDGYHQWXUHLVMXVWEHJLQQLQJ
  %DVKNDLVFDUYHGLQWRDPRXQWDLQ$FFHVVLQWRDQG
$V WKH\ GHVFHQG LQWR 5\ORWK¶V DWPRVSKHUH WKH KHURHV RXW RI LW LV OLPLWHG  6WDUVKLSV HQWHU WKURXJK D
FDQ GHWHFW RWKHU VKLSV LQ WKH DUHD  0RVW DUH HLWKHU FRQVWUXFWHG FRUULGRU  $ ODUJH KHDY\ EODVW GRRU VHDOV
DUULYLQJ RU GHSDUWLQJ 5\ORWK EXW D IHZ DSSHDU WR EH WKHLQWHULRUIURPWKHUDYDJHVRXWVLGH
³KDQJLQJ DURXQG´  7KHVH VKLSV SUREDEO\ EHORQJ WR 
HLWKHU VODYHUV RU SLUDWHV ZDWFKLQJ IRU DQ HDV\ WDUJHW <RX DSSURDFK %DVKND VORZO\  7KH EHDWLQJ \RXU VKLS
1RRQHSLFNVRQWKHKHURHV¶VKLSXQOHVVWKHKHURHVVWDUW WRRNLVVWLOODSSDUHQWLQWKHQXPEHURI\HOORZDQGUHG


7ZL¶OLJKW6WRUP  3DJH
ZDUQLQJOLJKWVVWLOOEOLQNLQJ  $ERXW WHQ PLQXWHV SDVVHV EHIRUH D JURXS RI VL[
 7KH FLW\FDYHUQ LV LQVLGH RI D PRXQWDLQ D IHZ 7ZL¶OHNVDSSURDFKHVWKHKHURHV¶VKLS2QHDEOXHVNLQ
NLORPHWHUV LQVLGH WKH ³WZLOLJKW´ ODQGV RI 5\ORWK  7KH LV GUHVVHG LQ ZHOOIDVKLRQHG UREHV PDGH RI D VLONOLNH
GLPHHULHUHGOLJKWPDNHVOHQGVDVXUUHDOEHQWWR\RXU FORWK7KHRWKHUV DPL[WXUHRIJUHHQDQGSXUSOHVNLQ 
WUDYHODVWKRXJK\RXUVKLSLVVZLPPLQJWKURXJKDVHD ZHDU PRUH IXQFWLRQDO FORWKLQJ DQG FDUU\ VKRUW EODVWHU
RI EORRG  $SSUR[LPDWHO\ WKUHH NLORPHWHUV IURP WKH FDUELQHV7KLVLV'HHOOVWD0DURRMMDQGKLVUHWLQXH+HLV
HQWUDQFH \RX QRWLFH VWUREH OLJKWV PDUNLQJ WKH WKH PRVW SURPLQHQW RI %DVKND¶V LQVSHFWRUV DQG TXLWH
HQWUDQFHWR%DVKND ZHDOWK\+HVPLOHVDORWXQQHUYLQJPDQ\EHLQJVZLWK
 $WRQHNLORPHWHU\RXUFRPPSDQHOFRPHVWROLIH KLV VKDUSHQHG WHHWK  'HHOOVWD H[SHFWV WR UHFHLYH JLIWV
³$SSURDFKLQJ YHVVHO´ VWDWHV WKH 7ZL¶OHN DFFHQWHG ZRUWK\ RI KLV VWDWXV DQG JHWV YHU\ LUULWDWHG LI WKH\ GR
YRLFH´ZKDWLV\RXUEXVLQHVV"´ QRWOLYHXSWRKLVVWDQGDUGV
 
$Q\ DQVZHU ZLOO GR  7KH IOLJKW FRQWURO DQG FXVWRPV $1RWH$ERXW+HUR7ZL¶OHNV-HGLDQG%DVKND
EHLQJVDUHMXVWWU\LQJWRJDXJHKRZPXFKWKH\FDQWDNH 0DQ\ RI WKH 7ZL¶OHNV RQ 5\ORWK ORRN GRZQ RQ WKRVH
WKHKHURHVIRU,IWKHKHURHVDUHKRQHVWWKHODQGLQJIHHV ZKR KDYH OHIW WKHLU KRPHZRUOG  7KXV KHUR 7ZL¶OHNV
IDOO LQ WKH QHLJKERUKRRG RI  GDWDULHV  7KLV LV PD\ ILQG LW GLIILFXOW WR JHW DQ\ FRRSHUDWLRQ IURP WKH
QHJRWLDEOH  :H GR ZDQW WKH ³WDONHUV´ RI WKH SDUW\ WR LQKDELWDQWV RI 5\ORWK  7KHVH SUREOHPV FRXOG EH DV
KDYH DQ RSSRUWXQLW\ WR VKLQH  ,I WKH\ OLH RU DUH WRR VLPSOHDVJODULQJORRNVVWDUHVDQGQRWVSHDNLQJWRQDPH
YDJXH *0¶V FDOO  UHGXFH WKH VWDUWLQJ SULFH WR DERXW FDOOLQJDQGGHQ\LQJVHUYLFHWRWKHKHUR7KLVWUDQVODWHV
GDWDULHV$JDLQQHJRWLDWLRQVDUHDFFHSWHG DVD±SHQDOW\RQDQ\&KDULVPDFKHFNVDQG&KDULVPD
 2QFH WKH\¶YH QHJRWLDWHG WKHLU ODQGLQJ IHH WKH EDVHGVNLOOVXVHGZKLOHLQ%DVKND
PDVVLYH GRRU VSOLWV RSHQ IRU WKH VKLS WR HQWHU  7KH  -HGLKHURHVDUHJRLQJWRUXQLQWRPXFKRIWKHVDPH
FRUULGRULVPRUHWKDQZLGHHQRXJKIRUWKHLUVPDOOVKLS WURXEOH LI WKH\ FDQ EH HDVLO\ VSRWWHG DV -HGL ZHDULQJ
DVDQ\WKLQJXSWRD&(&$FWLRQ,9FDQPDQHXYHUKHUH -HGL UREHV DQG D OLJKWVDEHU RSHQO\   -HGL 7ZL¶OHNV DUH
7KH GRRU LPPHGLDWHO\ EHJLQV WR FORVH EHKLQG WKHP DV HYHQ PRUH OLNHO\ WR VXIIHU  7KH VDPH SHQDOW\ DSSOLHV
VRRQ DV WKH KHURHV KDYH SDVVHG WKURXJK  0LOLWDU\ IRU -HGL DV IRU 7ZL¶OHN KHURHV DQG VWDFNV IRU 7ZL¶OHN
PLQGHG KHURHV PD\ QRWH WKH WKLFNQHVV RI WKH GRRUV -HGL RQWKRVHVRFLDOFKHFNV 
VKRXOG SURYLGH SURWHFWLRQ DJDLQVW WKH VWURQJHVW RI  $Q H[DPSOH RI WKH DERYH LV WKH LQWHUDFWLRQ ZLWK
VWDUVKLS ZHDSRQV LQFOXGLQJ SURWRQ WRUSHGRHV  7KLV LV 'HHOOVWD 0DURRMM  +H GRHV QRW VSHDN ZLWK D 7ZL¶OHN
H[FHOOHQWDWNHHSLQJWKLQJVRXW±DQGLQ KHUR  'HHOOVWD FRPSOHWHO\ LJQRUHV WKHP DV LI WKH\ DUH
 7KHUH DUH WZR PRUH VHWV RI GRRUV WR SDVV WKURXJK QRWWKHUH$Q\DWWHPSWWRIRUFHDQLQWHUDFWLRQUHVXOWVLQ
EHIRUHDUULYLQJLQWKHPDLQFDYHUQ7KHSRUWLRQFORVHVW DLQFUHDVHLQIHHV
WR WKH HQWU\ FRUULGRU LV WKH GHVLJQDWHG ODQGLQJ DUHD IRU  <RX WKH *0 VKRXOG XVH WKLV DV D UROHSOD\LQJ
%DVKND7KLVDUHDLVDERXWILOOHGULJKWQRZ7KH RSSRUWXQLW\  3OHDVH LQIRUP DQ\ SOD\HUV ZLWK 7ZL¶OHN
KHURHVDUHLQVWUXFWHGWRODQGLQWKHPLGVWRIDQXPEHURI KHURHV WKDW WKLV LV D SDUW RI 7ZL¶OHN VRFLHW\  )HHO RXW
OLJKWIUHLJKWHUV DQ\ SOD\HUV DW \RXU WDEOH ZKRVH KHURHV DUH 7ZL¶OHNV
 %DVHWKHGHJUHHRIWKHVKXQQLQJRQZKDW\RXWKLQNWKH\
$V \RX SDVV WKURXJK WKH ODVW VHW RI GRRUV WKH FLW\ FDQWDNHDQGQRWJHWXSVHW5HPHPEHUDERYHDOOWKLVLV
FDYHUQ RI %DVKND FRPHV LQWR YLHZ  &KHFNLQJ \RXU VXSSRVHGWREHIXQ
VHQVRUV\RXVHHWKDWWKHPDLQSRUWLRQRIWKHFDYHUQLV  ,I WKH KHURHV GR QRW KDYH WKH ERDUGLQJ UDPS
DOPRVW  NP LQ OHQJWK DQG DERXW  NP ZLGH  6FDQV ORZHUHGE\WKHWLPH'HHOOVWDDUULYHVKHLVVFRZOLQJDQG
UHYHDO DQ H[WHQVLYH QHWZRUN RI VPDOOHU FDYHV DQG LUULWDWHG IRU WKH HQWLUH LQVSHFWLRQ  7KH KHURHV KDYH WR
WXQQHOV H[LWLQJ WKH FDYHUQ  ,PSUHVVLYH ± YHU\ SD\ D KHIW\ SULFH WR HQVXUH WKHLU VKLS LV DGHTXDWHO\
LPSUHVVLYHLQGHHG ³SURWHFWHG´,IWKHSOD\HUVGRQRWWKLQNRIORZHULQJWKH
 <RX VHW \RXU VKLS GRZQ DV LQVWUXFWHG E\ ODQGLQJ UDPS SULRU WR 'HHOOVWD¶V DUULYDO JLYH 7ZL¶OHN KHURHV
FRQWURO DQG ZDLW IRU \RXU FXVWRPV RIILFLDO WR FRPH UDLVHG RQ 5\ORWK VPXJJOHUV RU QREOHV DQ ,QWHOOLJHQFH
DERDUG FKHFN'&WRWKLQNRILW,IQRRQHWKLQNVRIWKLVRU
 IDLOV WKH ,QW FKHFN 'HHOOVWD ³VXJJHVWV´ WKDW WKH KHURHV
%DVKND LV ILOOHG ZLWK DFWLYLW\ LQ %DVKND  1XPHURXV PD\ ZDQW WR SD\ IRU SUHPLXP VHFXULW\ VHUYLFHV 
EHLQJVRIDOOPDQQHUVSHFLHVZDQGHUDURXQGWKHFDYHUQ GDWDULHV   7KHUH KDYH EHHQ PDQ\ WKHIWV ODWHO\ IURP
0RVW ORRN OLNH WKH\ SUREDEO\ EHORQJ WR WKH VHHGLHU VKLSV DQG WKH DXWKRULWLHV DUH DW D ORVV DV WR ZKR WKH
SRUWLRQ RI JDODFWLF VRFLHW\  6HYHUDO JURXSV RI DUPHG FXOSULWVDUH
DQG DUPRUHG 7ZL¶OHNV FDQ EH VSRWWHG RQ SDWURO  7KH\  7KH LGHDO WLPH IRU WKH KHURHV WR SUHVHQW 'HHOOVWD
DUH DOO DUPHG ZLWK IXOOVL]H KHDY\ EODVWHU ULIOHV  $ ZLWK KLV JLIW LV EHIRUH KH EHJLQV KLV LQVSHFWLRQ  7KH
TXLFN VFDQ UHYHDOV WKDW PRVW RI WKH EHLQJV LQ VLJKW DUH JLIW DORQJ ZLWK DQ\ DFFRODGHV WKH KHURHV ZLVK WR
SDFNLQJKHDY\KDUGZDUH EHVWRZ XSRQ KLP JRHV IDU WR HQGHDULQJ WKH KHURHVWR


7ZL¶OLJKW6WRUP  3DJH
WKH 7ZL¶OHN  +LV GLVSRVLWLRQ LPSURYHV LPPHGLDWHO\ ODUJH ED]DDUPDUNHW FRPSULVHG RI WHQWV DQG IL[HG
XSRQRSHQLQJWKHER[DQGKLVLQVSHFWLRQLVPRVWO\GRQH EXLOGLQJV  9HQGRUV VHOO DOO VRUWV RI VWXII KHUH  )RRG
DWWKDWSRLQW GULQNJRRGVZHDSRQVDQGDFRXSOHHYHQGHDOLQVSLFH
 ,IWKHKHURHV ZDLWXQWLO'HHOOVWDKDVDOUHDG\EHJXQ DQGVXFK
WKHLQVSHFWLRQRUWLOODIWHUKHKDV ILQLVKHGWKH7ZL¶OHN 
LVVWLOORYHUMR\HGDWKLVJLIWEXWLUULWDWHGWKHKHURHVOHWLW ([DPSOHVRIVRPHPHUFKDQWV
GUDJRXWVRIDU+HILQGVVRPHPLVFHOODQHRXVFKDUJHRI )RRGYHQGRUV
GDWDULHVWRKLWWKHKHURHVZLWK $URPDV IURP WKH IRRG YHQGRUV ILOO WKLV DUHD DQG PDQ\
 2QFH 'HHOOVWD KDV KLV JLIW DQG KDV ILQLVKHG WKH ZDON DURXQG ZLWK VRPH VRUW RI IRRG LQ KDQG 7\SLFDO
LQVSHFWLRQ KH DQVZHUV TXHVWLRQV IRU WKH KHURHV IRU D IRRGV DUH IXQJXV FRRNHG LQ YDULRXV IDVKLRQV IULHG
SULFH QRPRUHWKDQGDWDULHV  VWHDPHG HWF DQG D SRSXODU IRRG RQ 5\ORWK  QHUI
 NDEREV DQG FRRNHG WXEHUV  3ULFHV UDQJH IURP  WR 
+RZGR \RX JHWWRWKH)XQJXV3LW" SRLQWV 7KDWHQG GDWDULHVSHUERZOSODWH
RIWKHFDYHUQ)LUVWWXQQHO&DQ¶WPLVVLW  'ULQNV DUH ZKDWHYHU GRHVQ¶W KDYH WR EH PL[HG
 $OHZKLVNH\DQGQHUIPLONDUHVRPHH[DPSOHV3ULFHV
:KDWGR\RXNQRZDERXW&KHLE¶.DOOD"+HUXQVDJRRG DUHVLPLODUWRWKHSULFHVIRUIRRG
EDU*RRGGULQN*RRGIRRG([FHOOHQW VHUYLQJJLUOV 
6RPHRIWKHEHVWLQ%DVKND9HU\SRSXODUSODFH &ORWKLQJPHUFKDQWV
 'LVSOD\LQJ WKH ODWHVW LQ 7ZL¶OHN IDVKLRQ WKHVH YHQGRUV
*UHDW%XWLVKHLQWRZHOO«\RXNQRZ":KDW" VHOO RIIWKHUDFN PHUFKDQGLVH  9DULRXV VKDSHV DQG
 FRORUVRIUREHVDUHZLGHO\DYDLODEOH7KHTXDOLW\RIWKH
6SLFH"1R+HLVQRWDPHUFKDQW PDWHULDO YDULHV JUHDWO\ IURP YHU\ FKHDS WR JRRG DQG
 GXUDEOH  $ FRXSOH RI YHQGRUV HYHQ KDYH WKH VNLPS\
6ODYHV"+DK7KDWRQH1HYHU%XWWKH\VWLOOWU\WR FORWKLQJ DVVRFLDWHG ZLWK 7ZL¶OHN GDQFHUV  3ULFHV DUH
EX\KLVJLUOV DQ\ZKHUHIURPGDWDULHVDOOWKHZD\XSWRKXQGUHGVRI
 GDWDULHV
6D\ GR \RX NQRZ RI D ³PHUFKDQW´" 2I FRXUVH  $QG  $OVR D QXPEHU RI QHUIKLGH JRRGV DUH IRU VDOH
IRUDPRGHVWIHH,FRXOGSXW\RXLQFRQWDFWZLWKWKHP ERRWVJORYHVEHOWVKROVWHUVHWF 7KHVHJRRGVUXQD
 'HYDQ¶V YRLFH ULQJV LQ WKHLU KHDG DW WKLV SRLQW ELWKLJKHUXVXDOO\WRGDWDULHV
UHPLQGLQJWKHKHURRIZK\WKH\DUHKHUH  
 :HDSRQPHUFKDQWV
+RZ DERXW VRPH JX\ QDPHG DK 9KLLQ 7KRUOD"  1R <HV WKHUH DUH D IHZ RI WKHVH  5\ORWK LV WHFKQLFDOO\ D
1HYHUKHDUGRIDQ\RQHE\WKDWQDPH PHPEHURIWKH5HSXEOLFEXWLWLVVRIDURXWLQWKH2XWHU
 5LPWKDWWKHODZVDUHORRVHO\REVHUYHG:HDSRQVDOHV
$UH\RXVXUH",DPVXUH DUH PDGH RXW LQ WKH RSHQ WR ZKRHYHU KDV WKH GDWDULHV
 +HURHV PD\ SXUFKDVH DQ\ OHJDO ZHDSRQV SHU WKH
6R RWKHU WKDQ WKH )XQJXV 3LW ZKDW HOVH LV SRSXODU /,9,1* )25&(+HUR&UHDWLRQ*XLGHOLQHV
DURXQG KHUH"  VPLOHV  <RX DUH IXQQ\  7KLV LV QRW D  6RPH SHUPLWRQO\ ZHDSRQV FDQ DOVR EH IRXQG IRU
WRXULVW UHVRUW  :H KDYH PDQ\ SODFHV WKDW FDWHU WR VDOH KHDY\ EODVWHU SLVWROV EODVWHU FDUELQHV DQG EODVWHU
PDQ\QHHGVLIRQHNQRZVZKHUHWRORRN ULIOHV  7KHVH DUH WKH JHQHULF YHUVLRQV IRXQG LQ WKH
 5&5% QRW VSHFLILF PRGHOV IURP WKH $UPV DQG
:KDW LV %DVKND
V ZHDSRQ SROLF\"  7R HDFK KLV RZQ (TXLSPHQW*XLGH ,IDQ\KHURGHVLUHVWRSXUFKDVHRQH
7KHUHDUHSULYDWHJXDUGVSDWUROOLQJDQGZHKDWHRSHQ RI WKHVH ZHDSRQV WKH\ PD\ GR VR D WRWDO RI RQH
EORRGVKHG%XW\RXPD\FDUU\ZKDWHYHU\RXZLVK SXUFKDVH SHU KHUR ± FHUWV DUH SURYLGHG   7KH FRVW LV
 $QVZHU DQ\ RWKHU TXHVWLRQV DSSURSULDWHO\ GRXEOHWKDWOLVWHGLQWKH5&5% 7KH&ORQH:DUVKDYH
'HHOOVWDUHDOO\GRHVQ¶WZLVKWRWDONDQ\PRUH+HZDQWV GULYHQ XS SULFHV RI PLOLWDU\JUDGH KDUGZDUH DOO DFURVV
WRJHWEDFNWRKLVRIILFHDQGVWDUHDWWKHJHPV$VVRRQ WKHJDOD[\ 3XUFKDVHRIWKHVHLWHPVLQQRZD\FRQIHUV
DVSRVVLEOH'HHOOVWDOHDYHVWKHKHURHV¶VKLSEHKLQG DSHUPLWWROHJDOO\FDUU\LWLQ&XODULQ
 7KHKHURHVDUHIUHHWRZDQGHUDURXQGWKHFDYHUQLI 
WKH\ ZLVK  %HLQJ QHZ PHDW WKH\ DUH FRQVWDQWO\ 
ZDWFKHG DQG VL]HGXS E\ RWKHUV PDLQO\ SLUDWHORRNLQJ
RIIZRUOGHUV   ,I WKH VKLS VHFXULW\ IHH ZDV SDLG WKH
(QFRXQWHU
KHURHV KDYH QRWKLQJ WR ZRUU\ DERXW FRQFHUQLQJ WKHLU
VKLS¶VVDIHW\
7KH)XQJXV3LW
 2QFH DZD\ IURP WKH ODQGLQJ DUHD WKH KHURHV FDQ .H\ LGHD RI WKLV HQFRXQWHU 7KH KHURHV ILQG WKHLU ZD\
H[SORUHDELW7KHUHVWRIWKHFDYHUQVLVRFFXSLHGE\D WRWKHFDQWLQDNQRZQDVWKH)XQJXV3LW:KLOHFKDWWLQJ


7ZL¶OLJKW6WRUP  3DJH
ZLWKWKHRZQHU&KHLE¶.DOODDJURXSRIVODYHUVGHFLGHV GRHVQ¶WNQRZWKHQDPHEXWWHOOVWKHKHURHVVKHFDQDVN
WR JHW URZG\  7KH KHURHV PXVW FDOP WKH VLWXDWLRQ DQG &KHLELIWKH\ZDQW
VDYH WKHLU FRQWDFW IURP EHFRPLQJ RQH RI WKH VODYHUV  &KHLE LV QRW FXUUHQWO\ EHKLQG WKH EDU  +H LV
QHZHVWDFTXLVLWLRQV FRQGXFWLQJDOLWWOHSULYDWHEXVLQHVVLQWKHEDFN/DQLWKD
 GLVDSSHDUVRQFHVKHGHOLYHUVWKHKHURHV¶GULQNVWRWKHP
7KH)XQJXV3LWLVDELWRIIWKHEHDWHQSDWKLQ%DVKND,W WRJRVSHDNZLWK&KHLE
LV DOVR RQH RI %DVKND¶V PRUH SRSXODU KDQJRXWV  7KH  $OORZWKHKHURHVWRPHDQGHUDELW7KHUHLVPXFK
GULQNV DUH JRRG WKH LQIR WR EH KDG LV EHWWHU DQG WKH LQIRUPDWLRQ DQG PDQ\ UXPRUV IORDWLQJ DURXQG WKH 3LW
EHDXW\ DQG FKDUP RI WKH ZDLWUHVVHV LV WKH EHVW  7KH ULJKW QRZ  )HHO IUHH WR VSUHDG WKH UXPRUV EHORZ DV
RZQHU LV DQ ROGHU SXUSOH 7ZL¶OHN QDPHG &KHLE¶.DOOD ZHOODVDQ\\RXFRPHXSZLWK
ZKR WUHPHQGRXVO\ GLVOLNHV VODYHUV DQG WKH 7ZL¶OHNV 
ZKR KHOS WKHP RXW  +H DQG KLV VWDII UXQ D VRUW RI N 7KHUH LV D JURXS RI -HGL WKDW KDYH VSOLQWHUHG RII
³XQGHUJURXQG´RUJDQL]DWLRQWRKHOS7ZL¶OHNVHVFDSHWKH IURP &RUXVFDQW  7KH\ DUH VHHNLQJ D ZD\ WR
VODYHUV¶ZUDWK TXLFNO\ HQG WKH ZDU ZLWK WKH 6HSDUDWLVWV
 &KHLE¶.DOOD¶V VWDII FRQVLVWV PDLQO\ RI 7ZL¶OHN $SSDUHQWO\ WKLV JURXS KDV IRXQG D FDFKH RI ORQJ
IHPDOHV  +H KDV KLUHG ZKDW PDQ\ FRQVLGHU WR EH WKH ORVW 6LWK ZHDSRQV WKDW WKH\ IHHO FDQ EH XVHG WR
EHVW ORRNLQJ IHPDOHV RQ WKH SODQHW LQ KRSHV RI VDYLQJ GHIHDWWKH6HSDUDWLVWVDUPLHV
WKHPIURPUXWKOHVVVODYHUV7KHFRORUUDQJHFURVVHVWKH N 7KH 5HSXEOLF KDV GHFLGHG 5\ORWK VKRXOG EH KRPH
VSHFWUXP UHG EOXH JUHHQ SXUSOH RUDQJH DQG WRDQHZPLOLWDU\IDFLOLW\
SDOHZKLWH  7KHLU EHDXW\ EULQJV PDQ\ LQWR WKH FDQWLQD N 7KH 6HSDUDWLVWV DUH SODQQLQJ D WDNHRYHU RI 5\ORWK
DQGWKHLUPDUWLDOSURZHVVVHQGVPDQ\RXWZLWKEUXLVHV 7KH ORVV RI 5\ORWK WR WKH 5HSXEOLF ZRXOG EH
7KHZDLWUHVVHVDUHFRXUWHRXVDVORQJDVWKHSDWURQVDUH VWDJJHULQJ,QIDFW6HSDUDWLVWVSLHVDUHDOUHDG\RQ
SHUKDSVHYHQDOLWWOHIOLUW\DVORQJDVWKHOLQHLVQRWEH 5\ORWK  &DUHIXOO\ H\HLQJ DQ\ QRQ7ZL¶OHN LQ WKH
FURVVHG FDQWLQDHVSHFLDOO\WKHQHZO\DUULYHGKHURHV 
 &KHLE KDV D WULR RI EXUO\ 2MRP ERXQFHUV WKDW KHOS N 7ZL¶OHN VHQDWRU 2UQ )UHH 7DD LV UHWXUQLQJ WR
WRSURWHFWWKH3LWKLPVHOIDQGWKHVWDII 2MRPDUHWKH 5\ORWK WR XQLI\ WKH PDMRU FLWLHV DQG IRUP D
VDPH VSHFLHV DV 'H[VWHU -HWWVWHU LQ6WDU :DUV (SLVRGH SODQHWDU\GHIHQVHIRUFH
,,$WWDFNRIWKH&ORQHV &KHLEPDNHVVXUHDOOWKUHHDUH N $QXPEHURISLUDWHDQGVODYHUEDQGVDUHVXSSO\LQJ
SUHVHQW ZKHQHYHU D ODUJH QXPEHU RI VODYHUV DUH LQ KLV WKH 6HSDUDWLVWV ZLWK IUHH ³ODERU´ WR KHOS ZLWK WKHLU
HVWDEOLVKPHQW  7KH SUHVHQFH RI WKHLU DUPRUHG DQG ZDUHIIRUW
DUPHGILJXUHVLVHQRXJKWRGHWHUPRVW 
 $VWKHKHURHVDUHILQLVKLQJWKHLUGULQNV1RULF*HVWDOD
<RX SXVK WKURXJK WKH FXUWDLQHG HQWUDQFH DQG VWHS ORFDOVODYHUSLUDWHGHFLGHVWKDWQRZLVWKHWLPHWRVHWWOH
LQWR WKH )XQJXV 3LW  7KH ODUJH FRVLO\ GLP FRPPRQ DQROGVFRUHZLWK&KHLE7KH*RWDOVODYHUKDVWULHGDQG
URRP LV PRVWO\ ILOOHG DW WKLV KRXU  1RW VS\LQJ DQ\ WULHG WR JHW &KHLE WR VHOO VRPH RI KLV KHOS WR KLP
RSHQVHDWVDWWKHSDFNHGEDU\RXUJURXSILQGVDVPDOO .QRZOHGJH $OLHQ VSHFLHV  '&  FKHFN WR UHFRJQL]H
ERRWK WR RQH VLGH RI WKH URRP  6OLGLQJ LQ \RX ORRN 1RULF
VVSHFLHV 7KHFDQWLQDRZQHUDOZD\VUHIXVHV
DURXQG ZKLOH ZDLWLQJ IRU D ZDLWUHVV WR QRWLFH \RXU  *HVWDO
V DQJHU DW EHLQJ GHQLHG D QLFH SURILW IURP
DUULYDO WKH7ZL¶OHNVZRUNLQJIRU&KHLEKDVJURZQWRZKHUHLWLV
 QRZ XQFRQWUROODEOH  +H DQG KLV FUHZ FXUUHQWO\ LQ WKH
/DQLWKDDUHG7ZL¶OHNDSSURDFKHVWKHJURXSVRRQDIWHU 3LW JUDE WZR RI WKH JLUOV DQG EHJLQ PDNLQJ WKHLU ZD\
WKHLU DUULYDO  $ VPLOH RQ KHU OLSV VKH DVNV HDFK KHUR RXW
ZKDWVKHFDQJHWWKHP6KHGRHVQRWRIIHU±RUJLYH± 
KHUQDPHEXWIOLUWVLQQRFHQWO\ZLWKDQ\PDOHKHUR 2Q WKH RSSRVLWH VLGH RI WKH URRP \RX VHH D IXU
 $Q\GULQNWKHKHURHVFDQFRPHXSZLWKLVDYDLODEOH FRYHUHGEHLQJZLWKWZRKRUQVJUDERQHRIWKH)XQJXV
KHUH DW WKH 3LW ZLWK WKH H[FHSWLRQ RI WKH 'RXEOH 'LS 3LW¶VVHUYLQJJLUOV6KHVFUHDPVDQGWULHVWRVOLSRXWRI
2XWHU5LP5XPGURSDVSHFLDOW\RI6KD\QH*HUDUUHWKH KLV JUDVS  $ VKDUS SXQFK VLOHQFHV KHU VFUHDPV DQG
&HUHDQ EDUWHQGHU DW 6SLULWHG 6SLULWV RQ &XODULQ   ,I FHDVHV KHU VWUXJJOHV  +H JURZOV VRPHWKLQJ WR RQH RI
&KHLE GRHVQ¶W NQRZ WKH UHFLSH KH KDV DQ H[WHQVLYHO\ WKHRWKHUEHLQJVDURXQGKLP
SURJUDPPHGSURWRFROGURLGWKDWGRHV$OVRWKHFXUUHQW  $OO QRLVH LQ WKH FDQWLQD VWRSV DV WKH ERXQFHUV
EDUWHQGHUD.XED]QDPHG)LWUHKDVDEURDGNQRZOHGJH EHJLQ WR PDNH WKHLU ZD\ WR WKH GLVUXSWLRQ  6WXQ
RIEHYHUDJHVDQGFDQSUREDEO\FRPHXSZLWKDIHZWKH EDWRQVKXPLQWKHLUKDQGV
KHURHVKDYHQHYHUHYHQGUHDPHGRI  $ UHG EODVWHU EROW VWULNHV RQH LQ WKH EDFN
 /DQLWKDLVQRWWKHKHURHV¶FRQWDFW7KHUHG7ZL¶OHN 7XUQLQJ \RX VHH D VHFRQG JURXS RI EHLQJV HQWHULQJ
UHDFWV ZLWK SOHDVDQW LJQRUDQFH WR DQ\ TXHVWLRQV DERXW WKHFDQWLQDIURPWKHRWKHUVLGH
9KLLQ 7KRUOD RU DQ\RQH ZKR PD\ NQRZ KLP  6KH  7KHKRUQHGEHLQJVKRXWV³*UDEDVPDQ\DV\RX


7ZL¶OLJKW6WRUP  3DJH
FDQ&KHLEZLOOSD\GHDUO\IRUGHQ\LQJPH´ VDIHW\RIP\FKDUJHVVHULRXVO\³
  $FRUSXOHQWSXUSOH7ZL¶OHNVWHSVLQWRWKHOLJKW³,
7KH )XQJXV 3LW EUHDNV LQWR D ZKLUOZLQG RI ILJKWLQJ DP&KHLE¶.DOOD+RZPD\,KHOS\RX"´
1RULF KDV WZRGR]HQ RI KLV VODYHUV LQ WKH FDQWLQD VL[ 
ZLWK KLP DQG HLJKWHHQ UXVKLQJ LQ  7KH\ KDYH QR :KDWZDVDOOWKDWRXWWKHUH"$*RWDOVODYHUNQRZQDV
UHVHUYDWLRQVDERXWXVLQJGHDGO\IRUFH7KHLUJRDOLVWR 1RULF*HVWDODQGKLVFUHZ+HFRQVWDQWO\WULHVWREX\
VQDWFKDQGJUDEDVPDQ\RIWKHIHPDOH7ZL¶OHNVHUYHUV WKHZRPHQ,HPSOR\KHUH,GHQ\KLP
DVWKH\FDQDQGVFUDWFKJUDYHO 
 7KH JRRG QHZV LV WKH KHURHV GR QRW KDYH WR ILJKW :K\"  6XUHO\ WKH GDWDULHV ZRXOG EH JUHDW IURP VXFK D
WKHVH VODYHUV DORQH  <HV WKH\ VKRXOG JHW LQYROYHG GHDO+PPI1RGRXEW%XW,GRQRWFRQWULEXWHWRWKH
KHUH,IQRWKLQJHOVHKHOSLQJVDYH&KHLE¶VVWDIIVKRXOG HQVODYHPHQWRIP\SHRSOH
LQJUDWLDWH WKH FDQWLQD RZQHU LQWR DLGLQJ WKH KHURHV 
5HPLQGWKHPRIWKLVLIWKH\GHFLGHWRWDNHD³ZDLWDQG :H DUH ORRNLQJ IRU VRPHRQH  $ -HGL NQRZQ DV
VHH´ DSSURDFK   0DQ\ RI WKH RWKHU SDWURQV LQ WKH 9KLLQ¶7KRUOD  /RRNV DW WKH JUHHQ IHPDOH   :K\ GR
FDQWLQDOLNHWKHSODFHDQG&KHLE¶VVWDIIVRDUHLQFOLQHG \RXVHHNWKLVRQH"+HKDVERWKHUHGQRRQH
WRKHOSRXW2WKHUVMXVWOLNHDJRRGEDUEUDZO 
 7KHUH LV QR RUJDQL]DWLRQ WR WKLV ILJKW  ,W LV WRWDO :H DUH RQ D PLVVLRQ IURP -HGL 0DVWHU 'HYDQ RI WKH
FKDRVLQWKH)XQJXV3LW$OORZWKHKHURHVWKHFKDQFHWR $OPDV-HGL$FDGHP\LQWKH &XODULQV\VWHP6KHLVDQ
VDYH D FRXSOH RI &KHLE¶V 7ZL¶OHNV EHIRUH WKH\ DUH ROGDFTXDLQWDQFHDQGZLVKHVXVWRGHOLYHUDPHVVDJHWR
SXOOHGIURPWKHILJKW KLP  , VHH  <HV , GR NQRZ 9KLLQ¶7KRUOD  %XW , GR
 7KHVODYHUVDUHZRUNLQJLQJURXSVRI2QHSLUDWH QRWWKLQNKHZLOOZDQWWRPHHWZLWK\RXP\IULHQGV,W
VQDWFKHV WKH VHUYLQJ JLUO ZKLOH WKH RWKHU WZR SURYLGH LVP\XQGHUVWDQGLQJKHLVKDSS\ZKHUHKHLVQRZ
FRYHU7KHLUEODVWHUVDUHVHWNLOODQG YLEURGDJJHUVDUH 
XVHGLQPHOHH 3OHDVH  $OO ZH DVN LV WKH FKDQFH WR VSHDN ZLWK KLP
 1RWH WKH PHOHH FRQWLQXHV HYHQ LI WKH KHURHV 7KDWLVQRWIRUPHWRGHFLGH<RXPXVWXQGHUVWDQGWKH
PDQDJHWREULQJ1RULFGRZQ7KHILJKWKDVJRWWHQWRR WUXVWKHKDVLQPH
ELJ IRU DQ\RQH WR QRWLFH  7KHUH DUH VLPSO\ WRR PDQ\ 
EHLQJVKHUHWKDWZDQWDJRRGEUDZODQGZRQ¶WVWRSXQWLO $Q\RQH SD\LQJ DWWHQWLRQ PD\ QRWLFH WKDW &KHLE¶V DQG
WKH\ DUH GHDG RU XQFRQVFLRXV  2QO\ WKH VODYHUV VHHP WKH JUHHQ 7ZL¶OHN¶V OHNNX DUH WZLWFKLQJ ZLOGO\  7KH
WREHXVLQJGHDGO\ZHDSRQVWKRXJK  SDLULV³VSHDNLQJ´IXULRXVO\WRHDFKRWKHU$VXFFHVVIXO
 $IWHU WKH KHURHV KDYH VDYHG WZR 7ZL¶OHNV WKH 6SRWFKHFN '& QRWLFHVWKLV$Q\KHUR ZKR
OLJKWV EOLQN IRXU WLPHV RQH ORQJ WZR VKRUW RQH ORQJ XQGHUVWDQGV/HNNXXQGHUVWDQGVWKHFRQYHUVDWLRQ
DQG RQH RI WKHP JHWV D OLJKW WDS RQ WKH VKRXOGHU  $  &KHLE DQG WKH IHPDOH -DF\QLWK DUH GLVDJUHHLQJ
JUHHQ 7ZL¶OHN IHPDOH VWDQGV WKHUH PRWLRQLQJ XUJHQWO\ DERXW &KHLE¶V UHOXFWDQFH  6KH IHHOV WKH KHURHV DUH
IRUWKHKHURHVWRIROORZKHU6KHWHOOVWKHPWKDWWKHEDU HQWLWOHG WR PHHW ZLWK 9KLLQ  ,W VKRXOG EH WKH 7ZL¶OHN
LVDERXWWREHJDVVHG8QOHVVWKHKHURHVKDYHDVWURQJ -HGL¶VGHFLVLRQQRW&KHLE¶VVKHWHOOVKLP
GHVLUH WR EH XQFRQVFLRXV WKH\ VKRXOG IROORZ KHU 
6KRXOG WKH KHURHV GHFLGH WR VWD\ DQG ILQG RXW ZKDW 7KH JUHHQ 7ZL¶OHN ORRNV DW \RX  $ GHILDQW VWDUH DW
YDULHW\RIVWXQJDVLVEHLQJXVHGWKDWLVWKHLUFKRLFH,W &KHLEVLOHQFHVWKHFDQWLQDRZQHU³,ZLOOWDNH\RXWR
LVDQDVW\ JUHHQFRORUWKDWVWLQNVOLNHD ZHWEDQWKDDQG 9KLLQ¶7KRUODHPLVVDULHVRIWKH-HGL´
WDVWHV HYHQ ZRUVH  $ VXFFHVVIXO )RUW VDYH '&  LV  ³-DF\Q´&KHLEVSXWWHUV
UHTXLUHG WR DYRLG EHLQJ NQRFNHG XQFRQVFLRXV IRU G  ³12 &KHLE¶.DOOD 7KLV LV 0< GHFLVLRQ  2U ZLOO
PLQXWHV \RXWDNHDZD\P\IUHHGRPWRPDNHP\RZQGHFLVLRQV
 7KHKHURHVPDNHWKHLUZD\WKURXJKWKHFDQWLQDWRD DV1RULF*HVWDOZRXOGGR"´
EDFN URRP  +DYH HDFK PDNH D FRXSOH RI 6WUHQJWK RU  $ KXUW ORRN FURVVHV &KHLE¶V IDFH  ³9HU\ ZHOO
'H[WHULW\ FKHFNV WR SXVKZHDYH WKHLU ZD\ WKURXJK WKH -DF\QLWK,IWKDWLV\RXUZLVK,ZLOOQRWVWRS\RX´
FURZG  +H ORRNV DW \RXU JURXS  ³,W LV KHU GHFVLRQ DQG
 FOHDUO\WKHGHFLVLRQLVPDGH6DIHMRXUQH\P\IULHQGV
<RXVWXPEOHLQWRGDUNQHVVDQGDGRRUVOLGHVVKXW $ 0D\WKH)RUFHSURWHFW\RX6RPHWKLQJZLOOQHHGWR´
ORZ LQWHQVLW\ JORZSDQHO DFWLYDWHV ILOOLQJ WKLV VPDOO 
URRP ZLWK MXVW HQRXJK OLJKW WKDW \RX FDQ VHH LWV &KHLEDQGWKHUHVFXHG7ZL¶OHNVOHDYHWKHURRPWKURXJK
RFFXSDQWV DGLIIHUHQWGRRUWKDQRQHWKHKHURHVFDPHWKURXJKZKHQ
 ,Q IURQW LV WKH JUHHQ 7ZL¶OHN ZKR OHG \RX KHUH WKH\HQWHUHG
+HUGDUNH\HVORRN\RXHDFKRYHU)URPEHKLQGKHU 
DGHHSYRLFHVRXQGVIURPWKHGDUNQHVV³7KDQN\RX -DF\QLWK PRWLRQV IRU \RX WR IROORZ KHU  ³&RPH
IULHQGV  <RX KDYH KHOSHG PH LPPHQVHO\  , WDNH WKH IULHQGV  :H PXVW JDWKHU RXU VXSSOLHV IRU WKH


7ZL¶OLJKW6WRUP  3DJH
MRXUQH\´ 
 7KH FORWKLQJ VXSSOLHG WR WKH KHURHV JLYHV SURWHFWLRQ
-DF\QLWK OHDGV WKH KHURHV WKURXJK D GRRU DQG GRZQ D HTXLYDOHQW WR DQ DOOWHPSHUDWXUH FORDN SDJH 
VKRUW FRUULGRU  ,QVLGH DQRWKHU URRP DUH SDFNV DQG 5&5%   7KHUH LV DOVR D SDFN FRQWDLQLQJ VXSSOLHV
FORWKLQJ6KHJUDEVDVHWRIFORWKLQJDQGVWDUWVSXWWLQJ VLPLODUWRDILHOGSDFN SDJH5&5% 
LWRQRYHUKHURXWILW$Q\KHURVFRXWUHFRJQL]HVWKHPDV 
SURWHFWLYHJDUPHQWV+HUDWWLWXGHWRZDUGVWKHKHURHVLV 
OLJKWKHDUWHGDQGJHQXLQHO\DSSUHFLDWLYH

(QFRXQWHU
8P:KHUHDUHZHJRLQJ"7RVHH9KLLQ¶7KRUODVLOO\
1RZJHWGUHVVHG
,QWRWKH%DUUHQV
 .H\LGHDVRIWKLVHQFRXQWHU7KHKHURHVPDNHWKHLUZD\
<HDK EXW ZK\ GR ZH KDYH WR ZHDU WKLV VWXII"  7KH LQWR WKH EDGODQGV RI 5\ORWK ZLWK WKHLU JXLGH -DF\QLWK
EDGODQGV FDQ EH WRXJK RQ \RXU VNLQ ZLWKRXW :KLOH QR VODYHUV RU SLUDWHV DSSHDU WR EH IROORZLQJ
SURWHFWLRQ  $ VXGGHQ KHDW VWRUP FDQ FOHDQ WKH VNLQ WKHP WKH KHURHV PXVW GHDO ZLWK VHYHUDO QDWXUDO
RII\RXUERQHV REVWDFOHV
 
$KWKHEDGODQGV"<HV:HPXVWZDONWRJHWWR9KLLQ 7KLVHQFRXQWHULVIDLUO\IUHHIRUP,WFDQEHDVORQJRU
,WLVDVKRUWWULSRQO\WZRGD\V DV VKRUW DV \RX OLNH EDVHG XSRQ WKH WLPH \RX KDYH LQ
 WKHVORW 7KHLGHDLVWRDOORZWKHKHURHVWRH[SHULHQFH
:K\ FDQ¶W ZH IO\ RU XVH D VSHHGHU"  2XU GHSDUWXUH DELWRI5\ORWK¶VWUHDFKHURXVHQYLURQPHQWILUVWKDQG
ZRXOGEHQRWLFHGLQDYHKLFOHDQGZHGRQ¶WZDQWWKDW  6HYHUDO GLIIHUHQW SRVVLEOH HYHQWV DUH SUHVHQWHG
7KHUHDUHPDQ\ZKRGRQRWOLNH9KLLQ¶7KRUOD EHORZ  7U\ WR UXQ DW OHDVW D FRXSOH RI WKHP  ,I WKH
 0DQ\RIWKHVODYHUEDQGVXVHVHQVRUVWRVFDQIRU KHURHVKDYHQRVFRXWLQWKHSDUW\WKHQ\RXPLJKWZDQW
YHVVHOV WUDYHOLQJWRUHPRWHDUHDV7KH\DPEXVKVXFK WRVLPSO\GHVFULEHWKHLUMRXUQH\DVYLEUDQWO\DV\RXFDQ
YHKLFOHVDIWHUWKH\KDYHDUULYHGDQGWDNHWKH7ZL¶OHNV  5\ORWK LV D FUXHO ZRUOG  2QH KDOI RI WKH SODQHW LV
LQWRVODYHU\,WLVYHU\YHU\GLIILFXOWWRWUDFNVRPHRQH FRQVWDQWO\EDNHGLQWKHKHDW RI5\ORWK¶VVXQ ZKLOHWKH
RQIRRW RWKHU LV HWHUQDOO\ GDUN GXH WR ODFN RI H[SRVXUH WR
1RWH-DF\QLWKUHIXVHVOHDGWKHKHURHVWR9KLLQLIWKH\ VXQOLJKW7KHGDUNVLGHRQO\UHPDLQVKDELWDEOHEHFDXVH
LQVLVW RQ XVLQJ D VKLS  7KH DERYH UHDVRQV VKRXOG EH RIWKHKHDWVWRUPVWKDWVZHHSDFURVVLW
HQRXJK WR FRQYLQFH WKHP  ,I QRW WKH\ ORVH WKHLU RQO\  ,Q EHWZHHQ WKH WZR ³VLGHV´ DUH WKH WZLOLJKW ODQGV
JXLGH  $IIHFW 0LQG GRHV QRW ZRUN EHFDXVH VKH WUXO\ 7KHVH ]RQHV DUH D PL[WXUH RI HDFK VLGH  7KH\ KDYH
EHOLHYHV XVLQJ D YHKLFOH RU VKLS ZRXOG SXW KHU WKH VRPHOLJKWDQGDUHPXFKFRROHUWKDQWKHEDNHGVLGHEXW
KHURHVDQGWKHHQFODYHLQGDQJHU  VWLOOVXIIHUWKHUDYDJHVRIWKHKHDWVWRUPV
  $ QXPEHU RI 7ZL¶OHN FLWLHV DUH IRXQG LQ WKH
:KR DUH \RX"  , DP -DF\QLWK \RXU JXLGH  , RIWHQ WZLOLJKW ODQGV EXULHG GHHS LQ WKH JURXQG RU LQVLGH
VHUYHDVDJREHWZHHQIRU&KHLEDQG9KLLQZKHQWKHUH PRXQWDLQV%DVKNDLVEXWRQHRIWKHVHFLWLHV
LVQHHG  7KH KHURHV¶ MRXUQH\ WDNHV WKHP WR WKH HGJH RI WKH
 EDGODQGV WKH DUHD RI WKH SODQHW FRQVWDQWO\ H[SRVHG WR
+RZ GR \RX NQRZ 9KLLQ"  *LYHV WKH KHUR D WKH VXQ   9KLLQ¶7KRUOD KDV GHFLGHG WKDW IHZHU EHLQJV
GHYDVWDWLQJ VPLOH   ,QWLPDWHO\  0XFK EHWWHU WKDQ KH DUHOLNHO\WRFRPHORRNLQJIRUKLPWKHUH
ZRXOGOLNH,WKLQN  $Q LUUHJXODU ZDUP EUHH]H EORZV WKURXJK WKH DUHD
 7KH JURXQG YDULHV IRUP URFN\ WR ILQH VDQG  7KH OLJKW
:K\ DUH \RX GRLQJ WKLV"  :H FRXOG EH VODYHUV \RX KHUHLVHHULH,WLVDVSRRN\UHGJORZWKDWFUHDWHVMXVWDV
NQRZ ,GRQRWWKLQN VR<RXFDPHWRWKHDLGRIP\ PDQ\ VKDGRZV DV LW KLGHV  (VWDEOLVK WKLV YHU\ DOLHQ
IULHQGV  0DQ\ RXW WKHUH MXVW IRXJKW EHFDXVH WKH\ HQYLURQPHQWIRUWKHSOD\HUV,PPHUVHWKHPLQLW7KHLU
KDWHG1RULFRUMXVWEHFDXVHWKH\ZDQWHGWRILJKWEXW KHURHV KDYH QRW H[SHULHQFHG DQ\ OLNH WKLV LQ /,9,1*
\RX IRXJKW WR KHOS  %HVLGHV WKHUH LV VRPHWKLQJ )25&(VRIDUDQGZHUHO\XSRQ\RXWRPDNHLWDVYLYLG
GLIIHUHQWDERXW\RX&DOOLWDKXQFK DVSRVVLEOH
  ,I DVNHG -DF\QLWK WHOOV WKH KHURHV WKDW WKHUH DUH
2QFHWKHKHURHVKDYHILQLVKHGTXHVWLRQLQJ-DF\QLWKVKH VHYHUDOZD\SRLQWVWRUHVWLQDORQJWKHMRXUQH\7KH\DUH
ZUDSVKHUKHDGDQGGRQVDVHWRIJRJJOHV$VKRUWMDXQW FDPRXIODJHG LQ WKH WHUUDLQ DQG YHU\ YHU\ GLIILFXOW WR
EULQJV WKHPWRDWKLFNEODVWGRRU6KHSXQFKHVDFRGH VSRW
LQWR D SDQHO DQG WKH GRRU FUHDNV RSHQ  -DF\QLWK VWHSV  %HORZ DUH VHYHUDO HQYLURQPHQWDO HQFRXQWHUV \RX
RXWLQWRWKHZLOGVRI5\ORWKDQGZDLWVIRUWKHKHURHVWR FDQUXQWRPDNHWKLQJVLQWHUHVWLQJ<RXGRQRWKDYHWR
MRLQKHU XVHDOORIWKHP3LFNDFRXSOHDQGJRZLWKWKHP


7ZL¶OLJKW6WRUP  3DJH
 E\KDOI
+HDW 6WRUP  $V -DF\QLWK DQG WKH KHURHV DUH SDVVLQJ  8VH WKLV WLPH WR JHW WKH SOD\HUV LQWR WKH IHHO RI
WKURXJK D FDQ\RQ WKH DLU VXGGHQO\ EHJLQV WR KHDW  $ 5\ORWK  'HVFULEH WKH VFHQHU\ EDUUHQ UHG URFN DQG
KHDW VWRUP LV ERLOLQJ WKURXJK WKH FDQ\RQ WRZDUGV WKH VDQG MXWWLQJ URFN KDUVK DQG DQJU\ WHUUDLQ  7KH RQO\
JURXS7KH\KDYHRQHURXQGWRUHDFW YLVLEOH SODQW OLIH LV D GDUN IXQJXV WKDW JURZV LQ DUHDV
 7KHUHLVFRYHUDYDLODEOHLIWKH\GRQ¶WJHWORVWLQWKH VKHOWHUHGE\URFN$VWKHKHURHVFOLPEDWUDLOOHWWKHP
EOLQGLQJVWRUPDSSURDFKLQJ$VXFFHVVIXO'& ZDWFK D UDYDJLQJ KHDW VWRUP VFRXU WKH VXUIDFH DQG
6SRWFKHFNORFDWHVVXLWDEOHVKHOWHUWRZDLWRXWWKHVWRUP ORZHUDWPRVSKHUHVHYHUDONLORPHWHUVDZD\
 7KRVH ZKRIDLO]UHFDXJKWLQ WKHVWRUP IRUDWOHDVW  7KHLU FDPSLQJ DUHDV DUH VLPSOH FDYHV WKDW SURWHFW
RQH URXQG  6HDULQJ KRW DLU DQG IO\LQJ GHEULV PDUN WKH IURP WKH HQYLURQPHQW DQG VODYHU GHWHFWLRQ  7KH\ DUH
KHDW VWRUP¶V DUULYDO  (DFK KHUR WDNHV GGG QRWFRPIRUWDEOHEXWVHUYHWKHSXUSRVHRIPHUHVKHOWHU
GDPDJH 5HIOH[VDYHYHUVXV'&IRUKDOI IURP 
WKHGHEULV$OVRYLVLRQLVGHFUHDVHGGUDPDWLFDOO\7KH 
6SRW FKHFN WR ORFDWH D VKHOWHUHG DUHD EHFRPHV '&

(QFRXQWHU
 ,IQRRQHORFDWHVDQ\VKHOWHUHDFKKHURPXVWPDNH
DQRWKHU 5HIOH[ VDYH '& DV DERYH  SOXV D )RUWLWXGH
7KH(QFODYH
.H\ LGHD RI WKLV HQFRXQWHU 7KH KHURHV DUULYH DW 9KLLQ
VDYH '&  WR DYRLG G GDPDJH IURP WKH
7KRUOD¶VVHFOXGHGUHWUHDWDQGILQGPXFKPRUHWKDQMXVW
H[WUHPHKHDW7KH6SRWFKHFNUHPDLQV'&
WKHUHFOXVLYH-HGL0DVWHU9KLLQKDVUHVFXHGDQXPEHU
 7KH KHDW VWRUP LV IOHHWLQJ DQG RQO\ ODVWV IRU 
RI 7ZL¶OHNV IURP YDULRXV VODYHUV¶ FOXWFKHV DQG KH LV
URXQGV
QRQHWRRKDSS\DERXWVWUDQJHUVEHLQJEURXJKWKHUH


6DQGWUDS  $V WKH KHURHV DUH SDVVLQJ RYHU VDQG\
$IWHU ZDONLQJ IRU WZR GD\V -DF\QLWK DQG WKH KHURHV
JURXQG SDUW RI LW FROODSVHV  5DQGRPO\ GHWHUPLQH RQH
ILQDOO\DUULYHDWWKHLUGHVWLQDWLRQ
KHURWRJHWFDXJKWE\WKH³TXLFNVDQG´7KDWKHURPXVW

PDNHD5HIOH[VDYHYHUVXV'&WRDYRLGEHLQJ
7KH KRW ZLQGV SLFNHG XS DV \RX SDVVHG LQWR WKH
WUDSSHG LQ D TXLFNVDQG VLQN  7KH KHUR¶V FRPSDQLRQV
ERXQGDULHV RI WKH EDGODQGV  7KH OLJKW KHUH LV IDU
PD\SXOOKLPRXWZLWKD6WUHQJWKFKHFNDJDLQVWD'&RI
VWURQJHU  6R DUH WKH VWRUPV  7KLV LV LQGHHG DQ LGHDO

SODFH WR KLGH IURP FLYLOL]DWLRQ  1R RQH LQ WKHLU ULJKW
 7KH HQWUDSSHG KHUR KDV  URXQGV EHIRUH KH LV
PLQGZRXOGUHVLGHKHUH
VXFNHG EHQHDWK WKH VXUIDFH RI WKH VDQG  ,I KH LV QRW
 -DF\QLWK OHDGV \RX LQWR D VPDOO FDYH WKDW GHDG
IUHHGEHIRUHWKLVWLPHXVHWKHVWDQGDUGVXIIRFDWLRQUXOHV
HQGV  6KH VWDQGV EHIRUH WKH EDFN ZDOO DQG VSHDNV
SUHVHQWHGRQSDJHRIWKH5&5%
VRIWO\LQWRDFRPOLQN
 +LVIULHQGVPD\FRQWLQXHWRDWWHPSWDUHVFXH7KLV
 0RPHQWV ODWHU WKH ³ZDOO´ UROOV RSHQ UHYHDOLQJ D
LV PHDQW WR EH DQ DGUHQDOLQHLQVSLULQJ HQFRXQWHU EXW
PXFKODUJHUURRP)DFLQJ\RXLVDJURXSRI7ZL¶OHNV
QRWLQWHQGHGWREHOHWKDO'RQ¶WDOORZEDGGLFHUROOVWR
7KHLUDJHDQGFRORUDWLRQYDUL\JUHDWO\DQGWKH\ZDWFK
NLOO D FKDUDFWHU DQG GR DOORZ D UHDVRQDEOH SODQ WR
\RXUJURXSLQWHQWO\DV\RXVWHSLQWRWKHURRP
VXFFHHG
 $PDOH7ZL¶OHNVWDQGVDWIURQWRIWKHJURXS+HLV

MXVWDERYHDYHUDJHKHLJKWIRUD7ZL¶OHNDQGKDVJUHHQ
:HDNHQHG %ULGJH  7KH KHURHV DUH FURVVLQJ D URFN
KXHG VNLQ  +LV GDUN H\HV ORRN LQWR HDFK RI \RX DQG
EULGJH RYHU D GHHS UDYLQH ZLWK -DF\QLWK LQ WKH OHDG
KLV ULJKW KDQG EUXVKHV WKH OLJKWVDEHU KLOW KDQJLQJ
7LPH DQG KHDW VWRUPV KDYH ZHDNHQHG WKLV WZRPHWHU
IURPKLVEHOW
ZLGH EULGJH  :KHQ -DF\QLWK UHDFKHV WKH PLGGOH LW

JLYHV ZD\  6KH PDQDJHV WR JHW D PHDJHU KROG RQ WKH
7KH JUHHQ 7ZL¶OHN LV 0DVWHU 9KLLQ¶7KRUOD  +H LV
HGJHEXWTXLFNO\EHJLQVWRORVHKHUJULS
GLVSOHDVHG WKDW -DF\QLWK EURXJKW DQ\RQH KHUH ZLWKRXW
 7KH KHURHV KDYH RQH URXQG WR UHDFW DQG VDYH WKHLU
KLVDSSURYDO
7ZL¶OHNJXLGH,IWKH\IDLOVKHSOXQJHVPHWHUVWRWKH
 ³-DF\QLWK \RX VKRXOG QRW KDYH EURXJKW WKHP
ERWWRP G YLWDOLW\ GDPDJH ± VKH KDV HQRXJK VFULSW
KHUHZLWKRXWP\SHUPLVVLRQ<RXSXWXVDOODWULVN´
LPPXQLW\WKDWVKHPDNHVKHU5HIOH[VDYH'& 
 ³7KH ULVN LV ZRUWK\ 9KLLQ  7KH\ FRPH IURP

0DVWHU'HYDQDQGIURPWKHZD\\RX¶YHVSRNHQRIKHU
$YDODQFKH  $ KHDW VWRUP SDVVHG WKURXJK WKLV FDQ\RQ
,NQRZ\RXZLOOZDQWWRKHDUWKHP´
QRWORQJDJRORRVHQLQJDSLOHRIURFNV&RLQFLGHQWDOO\
 0DVWHU 7KRUOD PRVWO\ LJQRUHV WKH KHURHV $Q\
WKH\WXPEOHGRZQMXVWDVWKHKHURHVSDVV
3DGDZDQ RU .QLJKW WU\LQJ WR H[SODLQ LV FXUWO\ DVNHG WR
 (DFK KHUR QHHGV WR PDNH D 5HIOH[ VDYH '&
EHVLOHQWZKLOHRWKHUVDUH³SROLWHO\´WROGWKLVLVQRWWKHLU
 $Q\ KHUR QRW PDNLQJ WKHLU VDYH VXIIHUV G
DIIDLU  -DF\QLWK EHOLHYHV WKDW 9KLLQ KDV KLGGHQ KHUH
YLWDOLW\GDPDJH$VXFFHVVIXOVDYHUHGXFHVWKHGDPDJH


7ZL¶OLJKW6WRUP  3DJH
ORQJ HQRXJK KLV JXLOW LV KLV MDLOHU  6KH IHHOV LW KDV  +LV RSLQLRQ RI 9KLLQ LV YHU\ KLJK  7KH -HGL GLG
FDXVHG KLP WR ORVH VLJKW RI KLV JRDOV DQG WKH )RUFH VDYHKLVOLIHDIWHUDOO-HEEL]IHHOVWKDWWKHPHPEHUVRI
:KLOHVKH PD\ QRW VD\VRLQ VR PDQ\ ZRUGV VKHGRHV WKH HQFODYH QHHG 9KLLQ DQG 9KLLQ QHHGV WKHP  7KH
WU\WRSHUVXDGHKLPWRDWOHDVWJLYHWKHKHURHVDKHDULQJ RQO\ WKLQJ WKDW FRQIXVHV WKH ROG 7ZL¶OHN LV WKDW 9KLLQ
%H FUHDWLYH DQG GRQ¶W VSHQG WRR ORQJ WDONLQJ WR VHHPVWRKDYHQRGHVLUHWROHDGRUUXOHWKHVHEHLQJV$V
\RXUVHOI DOLIHORQJSROLWLFLDQKHFDQ¶WJUDVSWKDW9KLLQPLJKWODFN
 9KLLQ XQPRYHG E\ -DF\QLWK¶V DUJXPHQWV VLPSO\ DQDPELWLRQIRUSRZHU
ORRNVDWKHUWKHQWKHKHURHVDQGZDONVDZD\ 
 -DF\QLWKWXUQVWR\RXZLWKDORRNRIH[DVSHUDWLRQ /XPLD¶6LOERVVD  $ SXUSOH 7ZL¶OHN /XPLD LV WKH
³/HWPHVSHDNZLWKP\EURWKHUSULYDWHO\+H¶VDOZD\V UHVLGHQWKHDOHUIRUWKHHQFODYH6KHLVDPRWKHUO\W\SH
EHHQVWXEERUQLW¶VQRWDOZD\VDYLUWXH6SHQGVRPH ZKRGRWHVRQKHUFKDUJHV WKHHQWLUHHQFODYH DVLIWKH\
WLPH FLUFXODWLQJ DURXQG WKH HQFODYH DQG PHHW WKH ZHUHKHURZQFKLOGUHQ
UHVLGHQWV,¶OOILQG\RXODWHU´  /XPLD GHWHFWV DV )RUFH VHQVLWLYH LI 6HH )RUFH LV
 ,I WKH KHURHV LQVLVW RQ JRLQJ ZLWK KHU -DF\QLWK XVHGRQKHU '&VKHKDVFKDUDFWHUOHYHORI)RUFH
DVVXUHVWKHPWKDWQRZLVQRWWKHWLPHIRUWKHPWRVSHDN $GHSW 6KHKDVJUHDWZLVGRPLQKHUGDUNH\HV
ZLWK9KLLQDQGWKHQKXUULHVRIIDIWHUKLP  /XPLD ZDQGHUV DURXQG WKH HQFODYH WHQGLQJ WR
 KXUWVDQGVXFK(DFKLQGLYLGXDOVKHWUHDWVJHWVDSDWRQ
7KH HQFODYH LV D FROOHFWLRQ RI UHVFXHG RXWFDVWV DQG WKHKHDGDVVKHOHDYHV1RRQHTXHVWLRQVKHUUHPHGLHV
IRUPHU VODYHV  9KLLQ KDV GRQH ZKDW KH FRXOG RYHU WKH RUDGYLFH
SDVW \HDU DQG KHOSHG WR VDYH PDQ\ RI WKHVH EHLQJV  7KH7ZL¶OHNKHDOHULVPRUHWKDQJODGWRVSHDNZLWK
7KH\ GHFLGHG UHPDLQ KHUH DQG KDYH HVWDEOLVKHG D WKHKHURHV,IDQ\DUHKXUWVKHWHQGVWRWKHLULQMXULHVDV
FRPPXQLW\  ,W LV DPD]LQJO\ FUXGH E\ PRVW VWDQGDUGV WKH\VSHDN0DNHVXUHDQLQMXUHGKHURXQGHUVWDQGVWKDW
EXW KDV IDFLOLWLHV WR SURYLGH IRU DOO WKH LQKDELWDQWV /XPLD
V RIIHU WR KHOS WKHP LV QRW RSHQ WR GLVFXVVLRQ
QHFHVVLWLHV 6KHLVGHWHUPLQHGWRORRNDIWHUWKHP
 $ ODUJH SDUW RI WKH HQFODYH LV IRUPHG RI QDWXUDO  /XPLD ORYHV 9KLLQ LI KH ZHUH KHU RZQ VRQ  6KH
FDYHUQVDQGFDYHV/LJKWLQJLVSURYLGHGE\DQXPEHURI GRHVQRWZLVKWRVSHDNRIKRZVKHFDPHWREHKHUHEXW
IXVLRQODPSVDQGJHQHUDWRUSRZHUHGJORZSDQHOV6RPH ± IURP WKH ORRN LQ KHU H\HV ± OLIH EHIRUH ZDV QRW
DUHDV ZHUH REYLRXVO\ FUDIWHG  &DUHIXO H[DPLQDWLRQ RI SOHDVDQW/XPLDWHOOVWKHKHURHVWKDWDOOZKRUHVLGHKHUH
WKHVH ORFDWLRQV UHYHDOV VFRUFK PDUNV WKDW RQO\ D DUH IUHH WR OHDYH DW DQ\ WLPH  9KLLQ KDV QHYHU
OLJKWVDEHUFRXOGOHDYH GHPDQGHG DQ\RQH VWD\ EXW WKRVH WKDW GR VWD\ DUH
 7KHHQFODYHLVVSUHDGRXWWKURXJKWKHFDYHVVRWKDW H[SHFWHGWRKHOSRXW
HDFK RI WKH UHVLGHQWV KDV VSDFH WR EH FRPIRUWDEOH 
7KHUHDUHDFRXSOHRIODUJHFDYHUQVWKDWVHHPWREHWKH -DUUWL¶.ORPDV  $ \RXQJ EOXH 7ZL¶OHN ZLWK D PLOLWDQW
IRFDOSRLQWVIRUJDWKHULQJV EHQW DQG D EODVWHU FDUELQH  -DUUWL KHDGV WKH HQFODYH¶V
 :KLOH PRVW RI WKH LQKDELWDQWV NHHS DQ H\H RQ WKH IOHGJOLQJGHIHQVHIRUFH+HIHHOV9KLLQVKRXOGEHPRUH
KHURHV WKH\ DUH WUHDWHG ZLWK NLQGQHVV DQG UHVSHFW VR DJJUHVVLYHLQGHDOLQJZLWKWKHVODYHUV,IPRUH7ZL¶OHNV
ORQJDVWKH\GRQRWKLQJWRORVHWKDWUHJDUG-HGLKHURHV ZHUH IUHHG IURP WKHLU JUDVS WKHQ WKH\ FRXOG ILJKW WKH
DUH WUHDWHG ZLWK QHDUUHYHUHQFH DJDLQ XQOHVV WKH\ GR VODYHUVDQGULG5\ORWKRIWKHLUVKDGRZ
VRPHWKLQJWRFKDQJHWKHRSLQLRQRIWKHUHVLGHQWV   -DUUWLWKLQNVWKDW9KLLQLVH[WUHPHO\JUDWHIXOIRUWKH
 7ZL¶OHN-HGLUHVFXLQJKLPIURPVODYHUVEXWPRUHQHHGV
7KHUH DUH MXVW RYHU WZR VFRUH UHVLGHQWV LQ WKH HQFODYH WR EH GRQH  9KLLQ LV WRR JRRGQDWXUHG WR GR LW LQ
$ IHZ RI WKH PRUH LQWHUHVWLQJ LQKDELWDQWV DUH QRWHG -DUUWL¶VQRWHYHQUHPRWHO\KXPEOHRSLQLRQ+H¶GWKLQN
EHORZ  7KH KHURHV VKRXOG ILQG WKHLU ZD\ WR PHHWLQJ WKDW WKH\ XQPDQQHG KLP DW WKDW -HGL $FDGHP\ H[FHSW
VHYHUDORIWKHP,WDOORZVWKHKHURHVWROHDUQDERXWWKH WKDW 9KLLQ KDV SURYHQ WKDW KH FDQ ILJKW ZKHQ KH QHHGV
HQFODYHDQG0DVWHU7KRUOD WR-DUUWLUXHIXOO\DGPLWVWKDW9KLLQKDVKDQGHGKLPKLV
 OHNNXPRUHWKDQRQFHLQVSDUULQJ,W¶VIDLUO\FOHDUWKDW
-HEEL]¶)RUHDQGD$SDOHHOGHUO\7ZL¶OHN-HEEL]ZDV 9KLLQKDVEHHQKHOSLQJWRFKDQQHOWKHER\¶VHQHUJ\LQWR
RQFH D PHPEHU RI %DVKND¶V UXOLQJ FRXQFLO  /LNH KLV GHIHQGLQJWKHHQFODYHUDWKHUWKDQ ZDJLQJD ZDURQWKH
IHOORZ FRXQFLO PHPEHUV -HEEL] ZDV IRUFHG LQWR WKH VODYHUV WKDW ZRXOG RQO\ JHW KLP DQG KLV VXSSRUWHUV 
EDGODQGV ZKHQ RQH RI WKHP GLHG  7KLV LV D 7ZL¶OHN NLOOHG
FXVWRP   9KLLQ¶7KRUOD IRXQG KLP DQG EURXJKW KLP WR  -DUUWLVHHNVRXWKHURHVZKRORRNOLNHVROGLHUVRUDW
WKHHQFODYHZKHUHKHKDVUHPDLQHG OHDVW OLNH WKH\ FDQ KROG WKHLU RZQ LQ D ILJKW WR WU\ DQG
 -HEEL] LV D FKDULVPDWLF 7ZL¶OHN ZKR ORYHV WR WDON JHWWKHLUVXSSRUW+HVWD\VDZD\IURP-HGLKHURHV
+H VRDNV XS VWRULHV RI ZKDW LV JRLQJ RQ RXWVLGH RI WKH 
HQFODYHDQG5\ORWK$VORQJDVDKHURSURYLGHVDQHDU )HQG¶$OORPLQ  )HQG ZRXOG KDYH EHHQ D VODYH KDG
-HEEL]ZLOOWDONLQWRLW 9KLLQ QRW VDYHG KLP  7KH SDOH 7ZL¶OHN KDV QR VHW


7ZL¶OLJKW6WRUP  3DJH
³GXW\´RUVSHFLDOW\+HKHOSVHYHU\RQHWKHEHVWKHFDQ VQHDNVLQ
WKRXJK KH SUHIHUV WR FRRN  +H¶V JRRGQDWXUHG DQG 
IULHQGO\ EXW WKHUH LV D KDXQWHG ORRN LQ WKH 7ZL¶OHN¶V $IWHU WKH KHURHV KDYH KDG WKH FKDQFH WR VSHDN ZLWK
H\HV  +H NQRZV ZKDW KRUURU DZDLWHG KLP DQG RWKHU VRPHRIWKHUHVLGHQWV-DF\QLWKILQGVWKHP
ZRXOGEHVODYHV 
 ³+HOOR P\ IULHQGV  , KDYH PDQDJHG WR FRQYLQFH
'DWK 7URU DQG 0HHYD  7KUHH 7ZL¶OHN FKLOGUHQ WKDW 9KLLQWROLVWHQWR\RX+HKDVKDGDGLQQHUSUHSDUHG
9KLLQUHVFXHG7KH\DUHDURXQGIRXUVWDQGDUG\HDUVROG ,I\RXZLOOSOHDVHFRPHZLWKPH"´
DQGYLHZWKHKHURHVDVFXULRVLWLHV7KHWULRLV³EHVWHVW´ 
RI IULHQGV DQG LV DOZD\V IRXQG WRJHWKHU 7KH\ EDUUDJH -DF\QLWK OHDGV WKH KHURHV WKURXJK VHYHUDO WXQQHOV DQG
WKH KHURHV ZLWK TXHVWLRQV DERXW DQ\WKLQJ DQG URRPV  6KH VWRSV LQ D ODUJH URRP ZLWK D WDEOH LQ WKH
HYHU\WKLQJ PLGGOH
 
7KHDERYHDUHMXVWDIHZRIWKHSHUVRQDOLWLHVSUHVHQWLQ 7KH VRIW JORZ RI IXVLRQ ODPSV LOOXPLQDWHV WKLV URRP
WKH HQFODYH  )HHO IUHH WR DGG PRUH LI \RX WKLQN LW $ WDEOH FDUYHG IURP URFN RFFXSLHV PRVW RI WKH
QHFHVVDU\%HORZDUHVRPHQXJJHWVRILQIRUPDWLRQWKDW IORRUVSDFH6HDWHGDWRQHHQGRIWKHWDEOHLVWKHVDPH
WKH KHURHV FDQ OHDUQ E\ WDONLQJ ZLWK WKH UHVLGHQWV JUHHQ 7ZL¶OHN \RX HQFRXQWHUHG XSRQ HQWHULQJ WKH
6SUHDGWKHPDURXQGWKHYDULRXV13&V HQFODYH6HDWHGDWKLVULJKWLVD7ZL¶OHNER\RIDERXW
 \HDUV GUHVVHG LQ WKH VDPH EURZQ UREHV DV WKH ROGHU
N 0DVWHU 7KRUOD KDV QRW VRXJKW WR EH WKH OHDGHU  ,Q 7ZL¶OHN
IDFWLWVHHPVWRSDLQWKHPZKHQHYHUKHLVUHIHUUHG  ³3OHDVH KDYH D VHDW´ -HGL 0DVWHU 9KLLQ 7KRUOD
WRLQWKDWPDQQHU PRWLRQV IRU \RX WR MRLQ KLP DW WKH WDEOH  (\HLQJ KLV
N $Q\ UHVLGHQW RI WKH HQFODYH LV IUHHWR OHDYH DW DQ\ VLVWHU KH DGGV ³-DF\QLWK WKLQNV ZH KDYH VRPHWKLQJ
WLPH  9KLLQ IRUFHV QR RQH WR FRPH KHUH RU VWD\ LPSRUWDQWWRWDONDERXW´
KHUH 
N 9KLLQLV KLJKO\UHJDUGHGE\WKHUHVLGHQWV1RRQH 7KH WDEOH LV ODLG RXW ZLWK W\SLFDO 7ZL¶OHN IRRGV
KDVHYHUOHIWRUKDVUHDOO\FRQVLGHUHGOHDYLQJ )XQJXVSUHSDUHGLQDYDULHW\RIZD\VLVSUHVHQWLQIRUFH
N -DF\QLWK LV 9KLLQ¶V VLVWHU  6KH WUDFNHG KLP GRZQ 7KH PDLQ GLVK KDV VRPH VRUW RI PHDW LQ LW D ORFDO
ZKHQ KH UHWXUQHG WR 5\ORWK VLQFH RI FRXUVH KH YDULHW\RIQHUI 
ZDV WDNHQ WR WKH -HGL 7HPSOH RQ &RUXVFDQW ZKHQ  $IWHU HYHU\RQH KDV JRWWHQ VWDUWHG 9KLLQ DVNV ZK\
KH ZDV D EDE\   6KH FRPHV WR YLVLW HYHU\ IHZ WKH KHURHV DUH KHUH   $OORZ WKHP WR PDNH WKHLU
ZHHNVQHYHUVWD\LQJPRUHWKDQDGD\RUVR DUJXPHQWV KHUH  ,W LV D SODFH IRU WKH QREOH WKH
N 7KHUH LV D VPDOO JURXS RI 7ZL¶OHNV OHG E\ GLSORPDW WKH -HGL DQG HYHQ WKH VFRXQGUHO WR VKLQH
-DUUWL¶.ORPDV ZKR ZDQW WR EHJLQ RUJDQL]LQJ 9KLLQ OLVWHQV WR WKHP DOO ZLWK SDWLHQFH $W WKH HQG
RIIHQVLYH VWULNHV DJDLQVW WKH VODYHU EDQGV  2QO\ WKRXJKKHVKDNHVKLVKHDGUHJUHWIXOO\
9KLLQ¶VRSSRVLWLRQWRWKHLUVWDQFHKDVVWRSSHGWKHP 
WKLVIDU ³,DPVRUU\EXW,KDYHQRZLVKWROHDYHWKLVSODFH,
N 9KLLQ ORVW KLV 3DGDZDQ MXVW EHIRUH DUULYLQJ RQ KDYH IRXQG SXUSRVH KHUH DQG WKHVH SHRSOH QHHG P\
5\ORWK+HVHHPVWREODPH KLPVHOI IRUWKH \RXQJ KHOS,UHJUHWWKDW\RXKDYHFRPHVRIDUIRUQRWKLQJ
-HGL¶VGHDWK,WLVRQHUHDVRQKHLVVRSURWHFWLYHRI EXW , FDQQRW DJUHH WR \RXU UHTXHVW  7R GR VR ZRXOG
WKHHQFODYH¶VLQKDELWDQWV PHDQ«´

N 0DVWHU 7KRUOD WRRN RQ D 3DGDZDQ /HDUQHU VHYHUDO
)URPVRPHRWKHUSRLQWLQWKHHQFODYHDORZUXPEOHLV
PRQWKV DJR  7KH ER\ LV D \RXQJ UHG 7ZL¶OHN
ERWK KHDUG DQG IHOW  $OO WKH KHURHV LPPHGLDWHO\
'RUY¶7LOVWD7KH7ZL¶OHNKDVMXVWUHDFKHGKLVILIWK
UHFRJQL]HLWDVDODUJHH[SORVLRQ9KLLQNQRZVZKDWLW
ELUWKGD\  'RUY LV HQWKXVLDVWLF DERXW EHFRPLQJ D
LVDVZHOO+HOHDSVWRKLVIHHWOLJKWVDEHULQKDQG
-HGL ,QGHHGWKHKHURHVPD\FDWFKDJOLPSVHRID

\RXQJUHG7ZL¶OHNPDOHZDWFKLQJWKHPVK\O\+LV
FORWKHV DUH IDVKLRQHG LQ WKH -HGL VW\OH  'RUY GRHV ³6ODYHUV,IHDU\RXKDYHOHGWKHPKHUH,QWHQWLRQDO
QRW VSHDN WR DQ\ RI WKH KHURHV DQG UXQV DZD\ LI RUQRW\RXKDYHEURXJKWWKHPKHUHDQGSXWP\SHRSOH
WKH\DSSURDFKKLP  LQGDQJHU,VKDOOILQGWKHLUOHDGHUDQGGHDOZLWKKLP
3OHDVHKHOSSURWHFWP\IULHQGVVWRSWKHVODYHUVIURP
N -HEEL] DQG /XPLD DUH WKH ILUVW 7ZL¶OHNV 9KLLQ
WDNLQJWKHP´
VDYHG DQG WKH WZR RULJLQDO LQKDELWDQWV RI WKH
 /RRNLQJ EDFN DW WKH \RXQJ UHG 7ZL¶OHN 9KLLQ
HQFODYH7KH\KDYHEHHQKHUHMXVWRYHUD\HDU
DGGV³'RUYVWD\KHUH'RQRWOHDYHWKLVURRP´
N 7KH LQKDELWDQWV JHW WKHLU QHFHVVLWLHV E\ HLWKHU

JURZLQJ RU SURGXFLQJ WKHP RU ZKDW -DF\QLWK FDQ
:LWK WKDW 9KLLQ VSULQWV GRZQ WKH FRUULGRU DQG RXW RI


7ZL¶OLJKW6WRUP  3DJH
VLJKW  3URFHHG WR (QFRXQWHU    +HURHV EHLQJ KHURHV &KXQNV RI GHEULV DUH HYHU\ZKHUH  6ODYHUV HQWHU
WKH\PD\ZDQWWRJRZLWKKLP±KHTXLWHXUJHQWO\ZDQWV WKURXJKKHUHWKLUVW\IRUVRPHYLROHQFH
WKHPWRKHOSSURWHFWWKHUHVLGHQWV+HHVWLPDWHVWKDWWKH N 9KLLQRUGHUHG'RUYWRVWD\EHKLQGZKHUHLWLVVDIH
PDLQ IRUFH LV JRLQJ WR WU\ WR WDNH WKH UHIXJHHV ZKLOH 2IFRXUVHWKHOLWWOH7ZL¶OHN3DGDZDQGLGQ¶WOLVWHQ
KH¶VRFFXSLHGDQG KH QHHGV HYHU\RQH ZKRFDQWR KHOS $ WULR RI VODYHUV KDV IRXQG 'RUY  7KH KHURHV
VWRSWKHP KDSSHQXSRQWKHPDVRQHRIWKHVODYHUVKLWVWKHER\
 ZLWKDVWXQEDWRQ
 
(QFRXQWHU )HHO IUHH WR FRPH XS ZLWK \RXU RZQ VLWXDWLRQV  8VH
DQ\ZKHUH EHWZHHQ WKUHH DQG ILYH RI WKHVH HQFRXQWHUV
6ODYHUV 7KHQXPEHURIVODYHUVDSSHDULQJGHSHQGVRQWKHPDNH
XSDQGVWUHQJWKRIWKHSDUW\$QHYHQPDWFKLVILQHEXW
.H\ LGHDV RI WKLV HQFRXQWHU  $ JURXS RI VODYHUV KDV GRQRWRYHUSRZHUWKHP
WUDFNHG -DF\QLWK DQG WKH KHURHV WR WKH HQFODYH  /HW WKH VXFFHVV RI WKH KHURHV DJDLQVW WKH VODYHUV
$UULYLQJ HQ PDVVH WKH VODYHUV ODXQFK DQ DWWDFN GHWHUPLQH KRZ WKH EDWWOH LV VZLQJLQJ LQ WKH UHVW RI WKH
GHVLJQHG WR GHDO ZLWK 9KLLQ DQG KLV OLWWOH JURXS RQFH HQFODYH
DQGIRUDOO7KHKHURHVPXVWKHOS0DVWHU7KRUODUHSHO  7KH HQFRXQWHU HQGV ZLWK 9KLLQ VWULNLQJ GRZQ WKH
WKHDWWDFN OHDGHU D 'XURV  7KH UHPDLQLQJ VODYHUV WU\ WR HVFDSH
 DIWHUWKDW7U\WRNHHS9KLLQDQGWKH'XURVRXWRIVLJKW
6RPHRQH LQ WKH )XQJXV 3LW VODSSHG D VPDOO EHDFRQ RQ IRU WKH PDMRULW\ RI WKH HQFRXQWHU ± WKLV LV DERXW WKH
-DF\QLWK GXULQJ WKH EUDZO  7KH GHYLFH¶V VLJQDO ZDV KHURHV QRW WKH 13&V DQG WKH VSRWOLJKW VKRXOG EHORQJ
EURNHQXSE\WKHKHDWVWRUPDQGWKHQUHDFTXLUHG7KH WR WKH KHURHV  7R HQVXUH WKDW WKH 'XURV VWD\V RXW RI
LQGLYLGXDO WUDLOLQJ WKHP ZDV YHU\ JRRG DQG VWD\HG IDU ILJKWV ZLWK WKH KHURHV ZH¶YH GHFOLQHG WR GR VWDWLVWLFV
HQRXJK EDFN WR HOXGH GLVFRYHU\ RXW RI YLVXDO UDQJH  IRU KLP  &RQVLGHU KLP D UHDVRQDEO\ HYHQ PDWFK IRU
2QFH KH IRXQG WKHLU GHVWLQDWLRQ WKH VKDGRZ ZLWKGUHZ 9KLLQ
DQG VHQW D FRPP PHVVDJH WR KLV HPSOR\HU RQH RI 
VHYHUDOVODYHUJURXSV
 7KH UHVSRQVH ZDV WR PRXQW DQ LPPHGLDWH DWWDFN (QFRXQWHU
9KLLQ KDV EHHQ D WKRUQ LQ WKH VODYHUV¶ VLGH IRU TXLWH D
ZKLOHQRZ7KH\DOOZDQWKLPGHDG 'HFLVLRQV
 8VH3OD\HU+DQGRXW±WKHPDSRIWKHHQFODYH± .H\ LGHDV RI WKLV HQFRXQWHU  7KH KHURHV DWWHPSW WR
WRKHOS\RX7KLVHQFRXQWHUGRHVQRWQHHGWRKDSSHQLQ FRQYLQFH0DVWHU7KRUODWRFRPHZLWKWKHPWR &XODULQ
DQ\ FHUWDLQ RUGHU  9KLLQ KDV FKDUJHG WKH KHURHV ZLWK %XWKHDQGKLVFKDUJHVDUHGRXEWIXOWKLVLVDJRRGLGHD
KHOSLQJ WR GHIHQG WKH HQFODYH UHVLGHQWV ZKLOH KH VHHNV 7KHKHURHVDUHIDFHGZLWKDGLIILFXOWGHFLVLRQWRPDNH
WKHLUOHDGHU7KH7ZL¶OHN-HGLGRHVQRWZDQWDQGGRHV 
QRWDOORZDQ\KHURHVWRDFFRPSDQ\KLP+HIHHOVWKH $VWKHEDWWOH ZLWKWKHVODYHUVHQGVWKHKHURHVDUHDEOH
KHURHV DUH UHVSRQVLEOH IRU WKH VODYHUV EHLQJ KHUH DQG WR ORRN DW WKH WHUURU DQG YLROHQFH WKDW WKH\ EULQJ WR
MXVWZDQWVKLVFKDUJHVVDYHG 5\ORWK  7KHUH DUH PDQ\ ZRXQGHG IURP WKH ILJKW
 <RXPD\UXQWKLVDVYDULRXVHQFRXQWHUVZLWKVODYHU /XPLD LV RYHUZKHOPHG ZLWK 7ZL¶OHNV WR H[DPLQH DQG
JURXSV DWWDFNLQJ WKH 7ZL¶OHNV RU RUJDQL]H WKHP D ELW WUHDW$Q\KHURZKRRIIHUVWRDVVLVWKHUJHWVDFRXSOHRI
(YHU\WKLQJVKRXOGKDSSHQDVUXQQLQJEDWWOHV$QHZELW VPDOO MDUV RI W¶SDOD SDVWH DQG LQVWUXFWLRQV RQ XVLQJ LW
RI WURXEOH SRSV XS DV RQH VLWXDWLRQ LV WDNHQ FDUH RI 7¶SDODLVU\OOVSLFHDQGFKXEDIXQJXVPL[HGWRIRUPD
5HPHPEHU WKH SRZHU RI WKH VWXQ JUHQDGH ERWK IRU WKH SDVWH  ,W LV HIIHFWLYH WR KHOS KHDO ZRXQGV DQG IRU
EDGJX\VDQGIRUWKHKHURHV WUHDWLQJSRLVRQVDQGGLVHDVH7KHSDVWHLVXVHGLQVWHDG
 <RXGHFLGHH[DFWO\ZKDWLVKDSSHQLQJEHWZHHQWKH RIPHGSDFVZKLFKDUHYLUWXDOO\QRQH[LVWHQWRXWKHUH 
HQFODYHUHVLGHQWVDQGVODYHUVZKHQWKHKHURHVHQWHUWKH /XPLDWXUQVWKHPORRVHWRWUHDWWKHZRXQGHG+DYHWKH
SLFWXUH$IHZLGHDVDUHOLVWHGEHORZ KHUR HV  PDNH D IHZ 7UHDW ,QMXU\ +HDO $QRWKHU HWF
N $JURXSRI7ZL¶OHNFKLOGUHQDQGWKHLUJXDUGLDQDUH FKHFNV  9DU\ WKH '&V EDVHG RQ WKH KHUR¶V DELOLW\
VWUXJJOLQJ DJDLQVW VRPH VODYHUV  7KH FKLOGUHQ 7KH\DUHKHUHWRKHOSQRWKXUW
VKULHNLQWHUURUDVWKHVODYHUVEHDWWKHLUNHHSHU  2WKHUKHURHVFDQKHOSFOHDQXSDQGVHFXUHWKHDUHD
N $VPDOOSRFNHWRI7ZL¶OHNVDWWHPSWWRILJKWRIIWKH 9KLLQ KDV D IHZ RI WKH UHVLGHQWV PRYLQJ GHDG VODYHUV
VODYHUV  7KH UHVLGHQWV DUH RXWQXPEHUHG DQG RXWRIWKHHQFODYHDQGLQWRWKHLU PDLQ VKLS±DEHDWXS
RXWVNLOOHG &RUHOOLDQ VSDFH FUXLVHU  +H GRHV DVVLJQ VRPH EHLQJV
N ,I WKH KHURHV UHWXUQ WR WKH FRPSOH[ HQWUDQFHWKH\ SHUKDSV HYHQ WKH KHURHV  WR VWULSSLQJ WKH VKLS RI
ILQG WKH HQWU\ GRRUVWRQH JRQH  %ODFNHQHG URFN VXSSOLHV VXFK DV IRRG PHGLFLQH SRZHU FHOOV HWF  ,I
VXJJHVWVWKDWWKHH[SORVLRQWKH\KHDUGGHVWUR\HGLW DQ\ RI WKH KHURHV DUH DEOH WR SURJUDP D VWDUVKLS IOLJKW


7ZL¶OLJKW6WRUP  3DJH
FRPSXWHU 9KLLQ DVNV WKHP WR VHW LW WR IO\ WRZDUGV D
GLVWDQW DUHD RI 5\ORWK DQG FUDVK  ,I WKH\ LQVSHFW WKH
&RQFOXVLRQ
VKLS¶VFRPSXWHUWKH\ORFDWHWKHWUDFNLQJGHYLFHSODQWHG 8SRQ WKHLU UHWXUQ WR WKH $OPDV $FDGHP\ WKH KHURHV
RQ -DF\QLWK  ,I WROG VKH LV XWWHUO\ GHYDVWDWHG WKDW VKH UHSRUW WR 0DVWHU 'HYDQ  6KH OLVWHQV LQWHQWO\ WR WKHLU
ZDVUHVSRQVLEOHIRUWKHHQFODYHEHLQJGLVFRYHUHG WDOHZDWFKLQJHDFKKHURZLWKWKRXJKWIXOOLJKWVDEHUEOXH
 'XULQJWKLVWLPHLOOXVWUDWHWRWKHKHURHVKRZPXFK H\HV6KHLVUHJUHWIXOWKDW9KLLQZRXOGQRWUHWXUQZLWK
9KLLQ FDUHV IRU WKH RWKHU 7ZL¶OHNV DW WKH HQFODYH  +H WKHPEXWSOHDVHGLIWKHKHURHVVHFXUHG9KLLQ¶VSURPLVH
PRYHV DPRQJ WKHP UHDVVXULQJ WKHP KHDOLQJ WKHP WR YLVLW  $Q\ KHURHV ZKR UHTXHVWHG SD\ DW WKH
VRRWKLQJWKHP&DOPIROORZVLQKLVZDNH EHJLQQLQJUHFHLYHWKHSURPLVHGFUHGLWV1RQ-HGL
 ,WVKRXOGEHFOHDUWRWKHKHURHVWKDW9KLLQLVGRLQJD KHURHVZKRGLGQRWUHTXHVWSD\DUHJLYHQFUHGLWV
ORW RI JRRG KHUH  SUREDEO\ PRUH JRRG WKDQ KH FRXOG ZLWK D VPLOH DQG WKH FRPPHQW WKDW JRRG ZRUN
GR RQ $OPDV  )RU WKH KHURHV WKLV PD\ EH D PRUDO SHUIRUPHG ZLWKRXW H[SHFWDWLRQ RI SD\PHQW GHVHUYHV D
TXDQGDU\  7KHLU DVVLJQPHQW LV WR EULQJ KLP EDFN WR UHZDUG
$OPDV EXW WKH\ VKRXOG EHJLQ WR GRXEW ZKHWKHU WKDW LV 
WKHEHVWWKLQJWRGR 5HDGRUSDUDSKUDVHWKHIROORZLQJ
 ,I WKH KHURHV KDYH QRW DOUHDG\ EHJXQ WR WDON DERXW ³2Q EHKDOI RI 0DVWHU /DQLXV DQG WKH $FDGHP\ ,
WKLV RQ WKHLU RZQ /XPLD DSSURDFKHV WKH SDUW\ DQG WKDQN\RX<RXSHUIRUPHGDGLIILFXOWWDVNDQGKDGD
PHQWLRQVLWWRWKHP6KHORRNVRYHUDVWKH7ZL¶OHN-HGL KDUGGHFLVLRQWRPDNHDVGLG9KLLQ:KLOHKLVFKRLFH
FDUHV IRU RQH RI KLV LQMXUHG FKDUJHV WR HPSKDVL]H WKH PD\EHWKHULJKWRQHIRUKLPDQGKLVSHRSOH,ZRUU\
SRLQW ³+H¶V EHWWHU RII VDYLQJ OLYHV KHUH WKDQ WUDLQLQJ IRU&XODULQ´
VROGLHUV HOVHZKHUH´  2QFH /XPLD KDV SODQWHG WKLV  6KH VPLOHV ZDUPO\ DW \RX  ³.QRZLQJ WKHUH DUH
WKRXJKWVKHKDQGVHDFKKHURDVPDOOMDURIW¶SDODSDVWH KHURHVOLNH\RXUVHOYHVKHUHWKRXJKJLYHVPHKRSHIRU
DQG PRYHV DZD\ WR WUHDW RWKHU ZRXQGHG DQG WR JLYH DEULJKWHUIXWXUH0D\WKH)RUFH%H:LWK<RX´
WKHKHURHVSULYDF\
 6LW EDFN DQG OHW WKH KHURHVSOD\HUV GHEDWH  7KLV +HUH(QGV7ZL¶OLJKW6WRUP
VKRXOGEHD PRUDOGLOHPPD IRUWKHP'RNHHSDQH\H

RQ WKH WLPH WKRXJK DQG WU\ QRW WR OHW WKH HQGLQJ

EHFRPHDQDQWLFOLPD[
 6KRXOG WKH KHURHV GHFLGH WKDW WKH\ VWLOO ZDQW WR ([SHULHQFH3RLQW6XPPDU\
FRQYLQFH 0DVWHU 7KRUOD WR FRPH WR $OPDV OHW WKHP ([SHULHQFH LV FDOFXODWHG DV IROORZV IRU /LYLQJ )RUFH
DWWHPSWLW8QIRUWXQDWHO\DIWHUWKHVODYHUDWWDFN9KLLQ HYHQWV
IHDUVWKDWRWKHUVPD\NQRZRIWKLVORFDWLRQQRZDQGKH   ([SHULHQFHDZDUGVLQWKH6:53*DUHQRWPDGHIRU
QHHGV WR JHW WKH UHVLGHQWV PRYHG WR DQ DOWHUQDWH DFKLHYLQJ REMHFWLYHV EXW LQVWHDG IRU VXFFHVVIXOO\
ORFDWLRQ FRPSOHWLQJ DQ DGYHQWXUH RI D JLYHQ OHQJWK  7KXV
 9KLLQ JUDFLRXVO\ WKDQNV WKHP IRU WKHLU KHOS EXW LI WKH KHURHV VXUYLYHG DQG DFFRPSOLVKHG WKH
UHSOLHVWKDWKHFDQQRWOHDYH5\ORWKULJKWQRZ+HKRSHV SULPDU\ JRDO RI WKH DGYHQWXUH WKH\ UHFHLYH IXOO
WKH\XQGHUVWDQGDQGDVNVWKH\SDVVKLVWKLVRQWR0DVWHU $GYHQWXUH ([SHULHQFH  [S IRU FRUH /) SORW
'HYDQ VFHQDULRVIRUQRQFRUH/)VFHQDULRV 
 ,IWKHKHURHVZHUHSHUVXDVLYHLQWKHLUDUJXPHQWVIRU   $VVLJQ GLVFUHWLRQDU\ UROHSOD\LQJ H[SHULHQFH 
9KLLQ WR DFFRPSDQ\ WKHP EDFN WR $OPDV EXW  SRLQWV  7KHVH VKRXOG UHZDUG DFFXUDWH
XQGHUVWDQGLQJZKHQKHGHFOLQHGWKH-HGL0DVWHUDJUHHV FKDUDFWHU SRUWUD\DO WKURXJKRXW WKH DGYHQWXUH QRW
WR YLVLW WKH $OPDV DFDGHP\ RQFH KH KDV IRXQGD QHZ MXVWKRZZHOOWKH3&LQWHUDFWHGVRFLDOO\'R127
ORFDWLRQIRUWKHHQFODYHDQGJRWWHQWKHPVHWWOHG'RQRW DXWRPDWLFDOO\DZDUGPD[UROHSOD\LQJ;3FRQVLGHU
IHHODVLI\RXKDYHWRGRWKLVEXWXVHLWDVDUHZDUGIRU FDUHIXOO\ KRZ ZHOOWKHSOD\HUVVWD\HGLQFKDUDFWHU
JRRGUROHSOD\LQJ 7KLV LV \RXU RSSRUWXQLW\ WR UHZDUG DSSURSULDWHO\
 ,IWKHKHURHVGHFLGHQRWWRDVN9KLLQWRUHWXUQZLWK FLQHPDWLFEHKDYLRUVRXVHLW
WKHP KH VPLOHV DQG WKDQNV WKHP IRU XQGHUVWDQGLQJ 
9KLLQNQRZVKHKDVPXFKZRUNWRGRDQGIHHOVWKLVLV $GYHQWXUH([SHULHQFH$ZDUG
WKHULJKWSODFHIRUKLPWREH
 'LGWKHKHURHV KHOSVDYHWKHHQFODYH¶VUHVLGHQWV",IVR
7KHKHURHVDUHDEOHWRJHWEDFNWR%DVKNDDQGWKHLUVKLS HDFKKHURZKRVXUYLYHGUHFHLYHV[S
ZLWKRXW DQ\WKLQJ HOVH KDSSHQLQJ   7KH WULS EDFN WR 
&XODULQLVXQHYHQWIXO $GYHQWXUH([SHULHQFH [S
 5ROHSOD\LQJ([SHULHQFH [S
 
7RWDO3RVVLEOH([SHULHQFH [S


7ZL¶OLJKW6WRUP  3DJH

,I WKH KHURHV GLG QRW FRPSOHWH WKH VFHQDULR EHFDXVH RI
WLPH FRQVWUDLQWV EXW ZHUH ³RQ WKH ULJKW WUDFN´ \RX
PD\ DZDUG ò DGYHQWXUH H[SHULHQFH  ,I WKH KHURHV
VXFFHHGHG LQ JHWWLQJ WR WKH HQFODYH DZDUG WKHP ô
DGYHQWXUHH[SHULHQFH


/RRW6XPPDU\
,ILW¶VQRWRQWKLVOLVWWKHKHURHVFDQQRWNHHSLW7KLVLVD
KRXVH UXOH WKDW RYHUULGHV ZKDW WKH\ PD\ DFWXDOO\ KDYH
WKHRSSRUWXQLW\WRDFTXLUHLQWKHVFHQDULR

(QFRXQWHU
9DULRXV UHVWULFWHG ZHDSRQV IURP DUPV PHUFKDQWV
KHDY\ EODVWHU SLVWRO EODVWHU FDUELQH RU EODVWHU ULIOH 
2QHSHUKHUR FHUWLILHG 5HPHPEHUWKDWWKHFRVWLV
WLPHVWKHFRVWLQWKHERRN

(QFRXQWHU,QWRWKH%DUUHQV
'HVHUW 6XUYLYDO $SWLWXGH RQH SHU KHUR   7KH KHUR
QDPHG DERYH KDV VXUYLYHG D OHQJWK\ WUHN WKURXJK WKH
KDUVKGHVHUWRIWKH5\ORWK%DUUHQV$VDUHVXOWWKHKHUR
JDLQV D  DSWLWXGH ERQXV WR 6XUYLYDO FKHFNV PDGH
ZKLOHLQDGHVHUW7KLVERQXVGRHVQRWDSSO\WRWUDFNLQJ
FKHFNV

(QFRXQWHU'HFLVLRQV
-DU RI 7¶3DOD 3DVWH RQH SHU KHUR   7KH KHUR QDPHG
DERYHKDVEHHQJLYHQDVPDOOMDURIW¶SDODKHDOLQJSDVWH
7KLVPL[WXUHRIU\OOVSLFHDQGFKXEDIXQJXVUHVXOWVLQD
YHU\ HIILFLHQW DQG XVHIXO SDVWH IRU WUHDWLQJ LQMXULHV RI
YDULRXV VRUWV  (DFK DSSOLFDWLRQ SURYLGHV D 
HTXLSPHQWERQXVWRD7UHDW,QMXU\FKHFNIRURQHRIWKH
IROORZLQJ FRQGLWLRQV WUHDW GLVHDVH RU WUHDW SRLVRQ
7¶SDOD SDVWH FDQ DOVR EH XVHG RQ D ZRXQG LQVWHDG RI D
PHGSDF WR KHOS UHVWRUH ORVW ZRXQG SRLQWV  :LWK D
VXFFHVVIXO '&  7UHDW ,QMXU\ FKHFN  ZRXQG SRLQWV
DUH UHVWRUHG ZLWK HDFK DSSOLFDWLRQ QR PRUH WKDQ RQH
SHUKRXUSHULRG 
 7¶SDODSDVWHPD\QRWEHXVHGZLWKDPHGSDFRQO\
LQOLHXRIRQH
 7KHMDURIW¶SDODSDVWHKDVWKUHHDSSOLFDWLRQV0DUN
RIIRQHER[XSRQXVLQJDQDSSOLFDWLRQ

&RQFOXVLRQ
N  FUHGLWV WR HDFK QRQ-HGL KHUR ZKR UHTXHVWHG
SD\PHQWEHIRUHDJUHHLQJWRWKHUHTXHVW
N FUHGLWVWRHDFKQRQ-HGLKHURZKRWRRNRQWKH
DVVLJQPHQWZLWKRXWUHTXHVWLQJSD\
N -HGL DUH QRW RIIHUHG DQ\ SD\PHQW GR QRW UHFHLYH
DQ\SD\PHQWDQGVKRXOGQRWH[SHFWDQ\





7ZL¶OLJKW6WRUP  3DJH
3OD\HU+DQGRXW±7KH(QFODYH


7ZL¶OLJKW6WRUP  3DJH
*0$LG13&6WDWV

(QFRXQWHU$)ULHQG¶V5HTXHVW +XWWHVH6SHDN/HNNX6SHDN2MRP6SHDN5\O
0DVWHU 'HYDQ +XPDQ )HPDOH -HGL &RQVXODU  )HDWV  $OHUWQHVV )DPH ,URQ :LOO 6NLOO
-HGL0DVWHU,0'HI ZLWKOLJKWVDEHU (PSKDVLV %OXII  7UXVWZRUWK\ :HDSRQ *URXS
LJQLWHG  6SG P 93:3  $WN  3URILFLHQF\ EODVWHU SLVWROV SULPLWLYH ZHDSRQV
PHOHH G OLJKWVDEHU   UDQJHG G VLPSOHZHDSRQV 
RUVWXQ'&KHDY\EODVWHUSLVWRO 64-HGL.QLJKW 
+HDOLQJ 'HIOHFW DWWDFN  GHIHQVH  H[WHQGHG  'RYRXO -HEELV *DWZHU ± )XQJXV 3LW %RXQFHUV
)RUFH6HFUHW %DWWOHPLQG 69)RUW5HI 0DOH2MRP6ROGLHUV,0'HI FODVV
:LOO6=0)3'635HS6WU'H[ IHDW  6SG P 93:3  $WN  PHOHH
&RQ,QW:LV&KD GFULWXQDUPHG PHOHH VWXQ'&
 (TXLSPHQW-HGLUREHVOLJKWVDEHU  WHDOEODGH   VWXQ EDWRQ  RU  UDQJHG G RU VWXQ '& 
KHDY\EODVWHUSLVWROZLWK5HSXEOLFPLOLWDU\SHUPLW EODVWHU SLVWRO  64  VSHFLHV ERQXV WR FROGZHDWKHU
 6NLOOV  %OXII  &RPSXWHU 8VH  &UDIW 6XUYLYDOFKHFNV'5 DUPRU 69)RUW5HI
OLJKWVDEHU   'LSORPDF\  ,QWLPLGDWH  :LOO6=0)3'635HS6WU'H[
.QRZOHGJH -HGL/RUH 6HQVH0RWLYH7UHDW &RQ,QW:LV&KD
,QMXU\  7XPEOH  5HDG:ULWH %DVLF 6SHDN  (TXLSPHQW6WXQEDWRQSDGGHGIOLJKWVXLW
%DVLF 6SHDN 'RVK 6SHDN +XWWHVH 6SHDN 5\O  6NLOOV  ,QWLPLGDWH  .QRZOHGJH FORVH
8QGHUVWDQG6K\ULLZRRN TXDUWHUVWDFWLFV 3URIHVVLRQ )XQJXV3LWERXQFHU 
 )RUFH 6NLOOV $IIHFW 0LQG  %DWWOHPLQG   6SRW  7UHDW ,QMXU\  5HDG:ULWH %DVLF
(PSDWK\  (QKDQFH $ELOLW\  )RUFH 'HIHQVH 5HDG:ULWH 2MRP 6SHDN %DVLF 6SHDN +XWWHVH
 )ULHQGVKLS  +HDO $QRWKHU  +HDO 6HOI 6SHDN2MRP6SHDN5\O8QGHUVWDQG/HNNX
0RYH2EMHFW6HH)RUFH  )HDWV  $UPRU 3URILFLHQF\ OLJKW  &OHDYH
 )HDWV &RPEDW ([SHUWLVH ([RWLF :HDSRQ 'HIHQVLYH 0DUWLDO $UWV *UHDW &OHDYH 0DUWLDO $UWV
3URILFLHQF\ /LJKWVDEHU  )RUFH 6HQVLWLYH +HURLF +HURLF6XUJH GD\ ,PSURYHG0DUWLDO $UWV3RZHU
6XUJH GD\  6NLOO (PSKDVLV $IIHFW 0LQG  6NLOO $WWDFN :HDSRQ *URXS 3URILFLHQF\ EODVWHU SLVWROV
(PSKDVLV (QKDQFH $ELOLW\  6NLOO (PSKDVLV 6HQVH EODVWHUULIOHVKHDY\ZHDSRQVVLPSOHZHDSRQVYLEUR
0RWLYH  :HDSRQ )LQHVVH /LJKWVDEHU  :HDSRQ ZHDSRQV 
)RFXV /LJKWVDEHU  :HDSRQ *URXS 3URILFLHQF\ 
EODVWHUSLVWROVVLPSOHZHDSRQV  )XQJXV 3LW :DLWUHVVHV  )HPDOH 7ZL¶OHN
)RUFH )HDWV  $OWHU %XUVW RI 6SHHG &RPSDVVLRQ 6FRXQGUHOV  ,0  'H[  'HI   FODVV 
&RQWURO 'LVVLSDWH (QHUJ\ .QLJKW 'HIHQVH 'H[  6SG P 93:3  $WN  PHOHH G
/LJKWVDEHU'HIHQVH6HQVH FULW  XQDUPHG  RU UDQJHG G RU VWXQ '& 
 KROGRXW EODVWHU  64 /RZOLJKW YLVLRQ  VSHFLHV
(QFRXQWHU7KH)XQJXV3LW ERQXVRQ)RUWVDYHV,OOLFLWEDUWHU/XFN\ GD\ 69
&KHLE¶.DOOD 2ZQHU RI WKH )XQJXV 3LW  0DOH )RUW  5HI  :LOO  6= 0 )3  '63  5HS
7ZL¶OHN 3XUSOH  )ULQJHU 6FRXQGUHO 1REOH  6WU'H[&RQ,QW:LV&KD
,0  'HI   FODVV  6SG P 93:3   (TXLSPHQW+ROGRXWEODVWHU
$WNPHOHH VWXQ'&VWXQEDWRQ RUUDQJHG  6NLOOV  %OXII  (VFDSH $UWLVW  *DPEOH 
GRUVWXQ'&KROGRXWEODVWHU 64/RZOLJKW *DWKHU ,QIRUPDWLRQ  .QRZOHGJH 5\ORWK  
YLVLRQVSHFLHVERQXVRQ)RUWVDYHV%DUWHU,OOLFLW .QRZOHGJH VWUHHWZLVH   /LVWHQ  6HDUFK 
EDUWHU /XFN\ GD\  3UHFLVH DWWDFN  )DYRU  6OHLJKW RI +DQG  6SRW  5HDG:ULWH %DVLF
,QVSLUHFRQILGHQFH69)RUW5HI:LOO6= 5HDG:ULWH 5\O 6SHDN %DVLF 6SHDN /HNNX 6SHDN
0)3'635HS6WU'H[&RQ,QW 2MRP6SHDN5\O
:LV&KD )HDWV  0DUWLDO $UWV :HDSRQ *URXS 3URILFLHQF\
 (TXLSPHQW  +ROGRXW EODVWHU VWXQ EDWRQ 7KH EODVWHUSLVWROVVLPSOHZHDSRQV 
)XQJXV3LW 
 6NLOOV  $SSUDLVH  %OXII  &RPSXWHU 8VH /RZ7LHU DYHUDJH+HUROHYHO  
 'LSORPDF\  *DPEOH  *DWKHU ,QIRUPDWLRQ 6ODYHUV9DULRXV7KXJ,0 'H[ 'HI 
 .QRZOHGJH 5\ORWK   .QRZOHGJH FODVV'H[ 6SGP93:3$WNPHOHH
VWUHHWZLVH   /LVWHQ  3LORW  3URIHVVLRQ VWXQ '&  VWXQ EDWRQ   PHOHH G
FDQWLQD RZQHU   6HQVH 0RWLYH  6SRW  YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW
6XUYLYDO  5HDG:ULWH %DVLF 5HDG:ULWH +XWWHVH EODVWHUFDUELQH 64QRQH69)RUW5HI
5HDG:ULWH 5\O 6SHDN %DVLF 6SHDN 'XURV 6SHDN :LOO6=0)3'635HS6WU'H[


7ZL¶OLJKW6WRUP  3DJH
&RQ,QW:LV&KD XQDUPHG  RU  UDQJHG G RU VWXQ '&  EODVWHU
(TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU SLVWRO  64 (QHUJ\ UHDGLQJ ,OOLFLW EDUWHU /XFN\
FDUELQH GD\ 3UHFLVHDWWDFN69)RUW5HI:LOO
6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU   6SRW 6=0)3'635HS6WU'H[&RQ
 ,QW:LV&KD
)HDWV  7RXJKQHVV :HDSRQ *URXS 3URILFLHQF\  (TXLSPHQW6WXQEDWRQEODVWHUSLVWRO
EODVWHUULIOHVVLPSOHZHDSRQVYLEURZHDSRQV   6NLOOV  $SSUDLVH  *DWKHU ,QIRUPDWLRQ 
 ,QWLPLGDWH  .QRZOHGJH 5\ORWK   3URIHVVLRQ
1RULF *HVWDO 6ODYHU /HDGHU  0DOH *RWDO 6ROGLHU VODYHU   6SRW  7UHDW ,QMXU\  7XPEOH 
6FRXQGUHO   ,0  'H[  'HI   FODVV  5HDG:ULWH %DVLF 5HDG:ULWH *RWDO 6SHDN %DVLF
'H[  6SG P 93:3  $WN  PHOHH VWXQ 6SHDN*RWDO
'&  VWXQ EDWRQ   PHOHH G FULW   )HDWV  $UPRU 3URILFLHQF\ OLJKW  +HURLF 6XUJH
XQDUPHG  RU  UDQJHG G RU VWXQ '&  EODVWHU GD\  0DUWLDO $UWV :HDSRQ *URXS 3URILFLHQF\
SLVWRO  64 (QHUJ\ UHDGLQJ ,OOLFLW EDUWHU /XFN\ EODVWHUSLVWROVEODVWHUULIOHVKHDY\ZHDSRQVVLPSOH
GD\  69 )RUW  5HI  :LOO  6= 0 )3  ZHDSRQVYLEURZHDSRQV 
'635HS6WU'H[&RQ,QW:LV  6SHFLDO4XDOLWLHV(QHUJ\5HDGLQJ±*RWDOVFDQ
&KD UHDGWKHHPRWLRQVRIDQ\EHLQJWKH\IRFXVRQZLWKLQD
 (TXLSPHQW6WXQEDWRQEODVWHUSLVWRO PHWHUUDGLXV7KH\UHFHLYHDVSHFLHVERQXVRQ
 6NLOOV  $SSUDLVH  *DWKHU ,QIRUPDWLRQ  %OXII 'LSORPDF\ ,QWLPLGDWH DQG 6HQVH 0RWLYH
,QWLPLGDWH  .QRZOHGJH 5\ORWK   3URIHVVLRQ FKHFNVZLWKPHWHUV*RWDOVZKRSRVVHVVWKH7UDFN
VODYHU   6SRW  7UHDW ,QMXU\  7XPEOH  IHDW FDQ XVH WKHLU FRQHV WR ORFDWH PHPEHUV RI D
5HDG:ULWH %DVLF 5HDG:ULWH *RWDO 6SHDN %DVLF VSHFLILF VSHFLHV RU EHLQJV ZKRP WKH\ KDYH PHW
6SHDN*RWDO EHIRUHZLWKLQNPRIWKHLUORFDWLRQ
 )HDWV  $UPRU 3URILFLHQF\ OLJKW  +HURLF 6XUJH 
GD\  0DUWLDO $UWV :HDSRQ *URXS 3URILFLHQF\ +LJK7LHU DYHUDJH+HUROHYHO  
EODVWHUSLVWROVEODVWHUULIOHVKHDY\ZHDSRQVVLPSOH  6ODYHUV9DULRXV7KXJ,0 'H[ 'HI
ZHDSRQVYLEURZHDSRQV   FODVV  'H[  6SG P 93:3  $WN 
 6SHFLDO4XDOLWLHV(QHUJ\5HDGLQJ±*RWDOVFDQ PHOHH VWXQ '&  VWXQ EDWRQ   PHOHH G
UHDGWKHHPRWLRQVRIDQ\EHLQJWKH\IRFXVRQZLWKLQD YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW
PHWHUUDGLXV7KH\UHFHLYHDVSHFLHVERQXVRQ EODVWHUFDUELQH 64QRQH69)RUW5HI
%OXII 'LSORPDF\ ,QWLPLGDWH DQG 6HQVH 0RWLYH :LOO6=0)3'635HS6WU'H[
FKHFNVZLWKPHWHUV*RWDOVZKRSRVVHVVWKH7UDFN &RQ,QW:LV&KD
IHDW FDQ XVH WKHLU FRQHV WR ORFDWH PHPEHUV RI D  (TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU
VSHFLILF VSHFLHV RU EHLQJV ZKRP WKH\ KDYH PHW FDUELQH
EHIRUHZLWKLQNPRIWKHLUORFDWLRQ  6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU  
 6SRW7UHDW,QMXU\
0LG7LHU DYHUDJH+HUROHYHO    )HDWV  +HURLF 6XUJH GD\  7RXJKQHVV
 6ODYHUV9DULRXV7KXJ,0 'H[ 'HI :HDSRQ *URXS 3URILFLHQF\ EODVWHU ULIOHV VLPSOH
 FODVV  'H[  6SG P 93:3  $WN  ZHDSRQVYLEURZHDSRQV 
PHOHH VWXQ '&  VWXQ EDWRQ   PHOHH G 
YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW 1RULF *HVWDO 6ODYHU /HDGHU  0DOH *RWDO 6ROGLHU
EODVWHUFDUELQH 64QRQH69)RUW5HI 6FRXQGUHO   ,0  'H[  'HI   FODVV 
:LOO6=0)3'635HS6WU'H[ 'H[IHDW 6SGP93:3$WNPHOHH
&RQ,QW:LV&KD VWXQ '&  VWXQ EDWRQ   PHOHH G FULW 
 (TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU XQDUPHG  RU  UDQJHG G RU VWXQ '&  EODVWHU
FDUELQH SLVWRO  64 (QHUJ\ UHDGLQJ ,OOLFLW EDUWHU /XFN\
 6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU   GD\ 3UHFLVHDWWDFN69)RUW5HI:LOO
6SRW7UHDW,QMXU\ 6=0)3'635HS6WU'H[&RQ
 )HDWV  +HURLF 6XUJH GD\  7RXJKQHVV ,QW:LV&KD
:HDSRQ *URXS 3URILFLHQF\ EODVWHU ULIOHV VLPSOH  (TXLSPHQW6WXQEDWRQEODVWHUSLVWRO
ZHDSRQVYLEURZHDSRQV   6NLOOV  $SSUDLVH  *DWKHU ,QIRUPDWLRQ 
 ,QWLPLGDWH  .QRZOHGJH 5\ORWK   3URIHVVLRQ
1RULF *HVWDO 6ODYHU /HDGHU  0DOH *RWDO 6ROGLHU VODYHU   6SRW  7UHDW ,QMXU\  7XPEOH 
6FRXQGUHO   ,0  'H[  'HI   FODVV  5HDG:ULWH %DVLF 5HDG:ULWH *RWDO 6SHDN %DVLF
'H[  6SG P 93:3  $WN  PHOHH VWXQ 6SHDN*RWDO
'&  VWXQ EDWRQ   PHOHH G FULW   )HDWV  $UPRU 3URILFLHQF\ OLJKW  'HIHQVLYH


7ZL¶OLJKW6WRUP  3DJH
0DUWLDO $UWV +HURLF 6XUJH GD\  0DUWLDO $UWV 0RYH2EMHFW6HH)RUFH
3RZHU $WWDFN 6NLOO (PSKDVLV $SSUDLVH  :HDSRQ  )HDWV  &RPEDW ([SHUWLVH 'HIHQVLYH 0DUWLDO
*URXS 3URILFLHQF\ EODVWHU SLVWROV EODVWHU ULIOHV $UWV ([RWLF :HDSRQ 3URILFLHQF\ OLJKWVDEHU  )RUFH
KHDY\ZHDSRQVVLPSOHZHDSRQVYLEURZHDSRQV  6HQVLWLYH +HURLF 6XUJH GD\  0DUWLDO $UWV
 6SHFLDO4XDOLWLHV(QHUJ\5HDGLQJ±*RWDOVFDQ :HDSRQ )LQHVVH OLJKWVDEHU  :HDSRQ *URXS
UHDGWKHHPRWLRQVRIDQ\EHLQJWKH\IRFXVRQZLWKLQD 3URILFLHQF\ EODVWHUSLVWROVVLPSOHZHDSRQV 
PHWHUUDGLXV7KH\UHFHLYHDVSHFLHVERQXVRQ  )RUFH )HDWV  $OWHU %XUVW RI 6SHHG &RQWURO
%OXII 'LSORPDF\ ,QWLPLGDWH DQG 6HQVH 0RWLYH .QLJKW'HIHQVH/LJKWVDEHU'HIHQVH0HWWOH6HQVH
FKHFNVZLWKPHWHUV*RWDOVZKRSRVVHVVWKH7UDFN 
IHDW FDQ XVH WKHLU FRQHV WR ORFDWH PHPEHUV RI D (QFRXQWHU6ODYHUV
VSHFLILF VSHFLHV RU EHLQJV ZKRP WKH\ KDYH PHW *DXJHWKHFRPEDWVWUHQJWKRI\RXUSDUW\±VWDUWZLWK
EHIRUHZLWKLQNPRIWKHLUORFDWLRQ D QXPEHU RI VODYHUV HTXDO WR WKH QXPEHU RI SDUW\
 PHPEHUV  7KHVH UHSUHVHQW WKH VODYHUV WKH KHURHV
(QFRXQWHU,QWRWKH%DUUHQV HQFRXQWHUDQGQRWWKHIXOOVWUHQJWKRIWKHVODYHUSDUW\
-DF\QLWK  )HPDOH 7ZL¶OHN )ULQJHU 6FRXW  ,0 
 'H[  'HI   FODVV  'H[  6SG P 7KHVODYHUVZDQWFDSWLYHVDVGHDGERGLHVGRQ¶WEULQJ
93:3$WNPHOHH GYLEURGDJJHU RU PXFK RQ WKH VODYH EORFN  (DFK KDV D VWXQ JUHQDGH
UDQJHG GRUVWXQ'&KROGRXWEODVWHU 64 WKDWWKH\XVHRQJURXSVRIWKHHQFODYH¶VUHVLGHQWVRU
/RZOLJKW YLVLRQ  VSHFLHV ERQXV RQ )RUW 6DYHV WKHKHURHVLIWKH\¶UHWKRXJKWIXOHQRXJKWRFOXPSLQWR
%DUWHU 7UDLOEOD]LQJ +HDUW  69 )RUW  5HI  VWXQJUHQDGHZRUWK\JURXSV
:LOO6=0)3'635HS6WU'H[ 
&RQ,QW:LV&KD 2QFHWKHLUOHDGHUIDOOVWKHVODYHUVIOHH RUDWWHPSWWR
 (TXLSPHQW  +ROGRXW EODVWHU YLEURGDJJHU IOHH 
VXUYLYDOFORWKLQJDQGSDFN 
 6NLOOV&OLPE(QWHUWDLQ GDQFHU *DPEOH /RZ7LHU DYHUDJH+HUROHYHO  
 +LGH  -XPS  .QRZOHGJH 5\ORWK   6ODYHUV9DULRXV7KXJ,0 'H[ 'HI 
.QRZOHGJH VWUHHWZLVH   0RYH 6LOHQWO\  6SRW FODVV'H[ 6SGP93:3$WNPHOHH
6XUYLYDO5HDG:ULWH%DVLF5HDG:ULWH5\O VWXQ '&  VWXQ EDWRQ   PHOHH G
6SHDN%DVLF6SHDN/HNNX6SHDN2MRP6SHDN5\O YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW
 )HDWV  (QGXUDQFH )RUFH 6HQVLWLYH 5XJJHG EODVWHUFDUELQH 64QRQH69)RUW5HI
6NLOO (PSKDVLV 6XUYLYDO  :HDSRQ *URXS :LOO6=0)3'635HS6WU'H[
3URILFLHQF\ EODVWHU SLVWROV SULPLWLYH ZHDSRQV &RQ,QW:LV&KD
VLPSOHZHDSRQV   (TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU
 FDUELQHVWXQJUHQDGH  
(QFRXQWHU7KH(QFODYH  6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU  
9KLLQ 7KRUOD 0DOH 7ZL¶OHN -HGL *XDUGLDQ 6SRW
-HGL0DVWHU,0 'H[ 'HI FODVV  )HDWV  7RXJKQHVV :HDSRQ *URXS 3URILFLHQF\
'H[ IHDW   ZLWKOLJKWVDEHULJQLWHG 6SGP EODVWHUULIOHVVLPSOHZHDSRQVYLEURZHDSRQV 
93:3$WNPHOHH GFULW 
 OLJKWVDEHU  GFULWXQDUPHG RU 0LG7LHU DYHUDJH+HUROHYHO  
UDQJHG64/RZOLJKWYLVLRQVSHFLHV 6ODYHUV9DULRXV7KXJ,0 'H[ 'HI 
ERQXV RQ )RUW 6DYHV'HIOHFW GHIHQVH  DWWDFN FODVV'H[ 6SGP93:3$WNPHOHH
H[WHQG GHIHQVH  DWWDFN EORFN  -HGL .QLJKW )RUFH VWXQ '&  VWXQ EDWRQ   PHOHH G
6HFUHW %DWWOHPLQG   69 )RUW  5HI  :LOO YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW
6=0)3'635HS6WU'H[&RQ EODVWHUFDUELQH 64QRQH69)RUW5HI
,QW:LV&KD :LOO6=0)3'635HS6WU'H[
 (TXLSPHQW /LJKWVDEHU FRQVWUXFWHG E\ 9KLLQ &RQ,QW:LV&KD
7KRUODEULOOLDQWEOXHEODGH -HGLUREHV  (TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU
 6NLOOV  &UDIW OLJKWVDEHU   'LSORPDF\  FDUELQHVWXQJUHQDGH  
,QWLPLGDWH  .QRZOHGJH -HGL ORUH   7XPEOH  6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU  
 5HDG:ULWH %DVLF 5HDG:ULWH 5\O 6SHDN 6SRW7UHDW,QMXU\
%DVLF6SHDN&HUHDQ6SHDN+XWWHVH6SHDN5\O  )HDWV  +HURLF 6XUJH GD\  7RXJKQHVV
 )RUFH 6NLOOV  %DWWOHPLQG  (PSDWK\  :HDSRQ *URXS 3URILFLHQF\ EODVWHU ULIOHV VLPSOH
(QKDQFH $ELOLW\  )RUFH'HIHQVH  )RUFH 3XVK ZHDSRQVYLEURZHDSRQV 
 )ULHQGVKLS  +HDO $QRWKHU  +HDO 6HOI  


7ZL¶OLJKW6WRUP  3DJH
+LJK7LHU DYHUDJH+HUROHYHO  
6ODYHUV9DULRXV7KXJ,0 'H[ 'HI 
FODVV'H[ 6SGP93:3$WNPHOHH
VWXQ '&  VWXQ EDWRQ   PHOHH G
YLEURGDJJHU  RU  UDQJHG G RU VWXQ '&  FULW
EODVWHUFDUELQH 64QRQH69)RUW5HI
:LOO6=0)3'635HS6WU'H[
&RQ,QW:LV&KD
 (TXLSPHQW  6WXQ EDWRQ YLEURGDJJHU EODVWHU
FDUELQHVWXQJUHQDGH  
 6NLOOV  ,QWLPLGDWH  3URIHVVLRQ VODYHU  
6SRW7UHDW,QMXU\
 )HDWV  +HURLF 6XUJH GD\  7RXJKQHVV
:HDSRQ *URXS 3URILFLHQF\ EODVWHU ULIOHV VLPSOH
ZHDSRQVYLEURZHDSRQV 


7ZL¶OLJKW6WRUP  3DJH
&ULWLFDO(YHQW6XPPDU\
7ZL·OLJKW6WRUP


 'LGWKHKHURHVVLGHDJDLQVWWKHVODYHUVLQWKH)XQJXV3LW"

<HV   1R

 'LGWKHKHURHVYROXQWDULO\KHOS0DVWHU7KRUODILJKWWKHVODYHUV"

<HV   1R

 'LG9KLLQSURPLVHWKHKHURHVWKDWKHZRXOGYLVLW$OPDVDWDODWHUGDWH"

<HV   1R




*01DPH53*$     


*0(PDLO$GGUHVV


&RQYHQWLRQ1DPH'DWH


&RQYHQWLRQ&RRUGLQDWRU 
7R UHSRUW WKHVH UHVXOWV IRU HYHQWV GXULQJ WKH PRQWKV RI )HEUXDU\ DQG 0DUFK  RQO\ \RX PD\ 86 PDLO
WKHPWR53*$/,9,1*)25&(32%R[(DVW/DQVLQJ0,
2UHPDLOWR/)3ORWV#OLYLQJIRUFHQHW
2UID[WR  $WWHQWLRQ/,9,1*)25&(&ULWLFDO(YHQWV
&KHFNKWWSZZZOLYLQJIRUFHQHWIRURWKHUPHWKRGV




7ZL¶OLJKW6WRUP  3DJH

Das könnte Ihnen auch gefallen