,QWURGXFWLRQ

&OHULF
V &KDOOHQJH LV D 21(2121(ΠDGYHQWXUH
GHVLJQHG IRU D VLQJOH SOD\HU FKDUDFWHU DQG D '81*(21
0$67(5Π7KH DGYHQWXUH FDQ EH XVHG DV SDUW RI D VPDOO
FDPSDLJQRUWRJLYHDFKDUDFWHUDFKDQFHWRHDUQVRPHH[WUD

&OHULF
V
H[SHULHQFH RXWVLGH RI WKH QRUPDO SDUW\ RI DGYHQWXUHUV
&OHULF
V &KDOOHQJH FDQ HYHQ EH XVHG E\ D ODUJH JURXS RI

&KDOOHQJH
SOD\HUFKDUDFWHUVEXWWKH'0VKRXOGQRWDOORZWKHSOD\HUVWR
ILQGDVPDQ\13&DOOLHV
7KLV DGYHQWXUH LV VXLWDEOH IRU D QG WKURXJK WKOHYHO
SULHVW 3& &OHULFV ZLOO KDYH WKH EHVW FKDQFH RI VXFFHVVIXOO\
E\/5LFKDUG%DNHU,,, FRPSOHWLQJ WKH DGYHQWXUH²LI WKH 3& LV D VSHFLDOW\ SULHVW
PDNHVXUHWKDWKHRUVKHFDQWXUQXQGHDG,WLVDOVRLPSRUWDQW
,QWURGXFWLRQ  WKDW WKH FKDUDFWHU
V VSKHUHV RI DFFHVVRUVHOHFWLRQRINLWZLOO
'0
V2YHUYLHZ  VWLOODOORZKLPDJRRGFKRLFHRIDUPRUZHDSRQVDQGVSHOOV
7KH7RZQRI3RPPHYLOOH  &KDUDFWHUV RI RWKHU FODVVHV FDQ DWWHPSW WKLV DGYHQWXUH $
$OOLHVDQG+LUHOLQJV  SDODGLQRIVXIILFLHQWOHYHOWRWXUQXQGHDGZRXOGGRZHOOEXW
%HJLQQLQJWKH$GYHQWXUH  3&V RI DQ\ RWKHU FODVV ZLOO QHHG WR EH WK WR WKOHYHO WR
3DUW2QH$1LJKWRQWKH7RZQ  FRPSHQVDWHIRUWKHLUODFNRIWXUQLQJDELOLW\

3DUW7ZR$*UDYH6LWXDWLRQ 
3DUW7KUHH7KH0LVVLQJ5RG 
3DUW)RXU&RQFOXVLRQ 
(GLWLQJ $QGUHZ6FKXE&RYHU,OOXVWUDWLRQ /DUU\(OPRUH
,QWHULRU,OOXVWUDWLRQV .HQDQG&KDUOHV)UDQN
&DUWRJUDSK\ -RKQ.QHFKW7\SRJUDSK\ $QJHOLND
/RNRW]
$'9$1&(''81*(216 '5$*216DQG$' 'DUHUHJLVWHUHGWUDGHPDUNVRZQHGE\
765,QF021675286&203(1',80'81*(210$67(521(2121(DQG
WKH765 ORJRDUHWUDGHPDUNVRZQHGE\765,QF$OO765FKDUDFWHUVFKDUDFWHUQDPHVDQG
WKHGLVWLQFWLYHOLNHQHVVHVWKHUHRIDUHWUDGHPDUNVRZQHGE\765,QF‹765,QF$OO
ULJKWVUHVHUYHG3ULQWHGLQWKH86$5DQGRP+RXVHDQGLWVDIILOLDWHFRPSDQLHVKDYH
ZRUOGZLGHGLVWULEXWLRQULJKWVLQWKHERRNWUDGHIRU(QJOLVKODQJXDJHSURGXFWV'LVWULEXWHGWR
WKHERRNDQGKREE\WUDGHLQWKH8QLWHG.LQJGRPE\765/WG'LVWULEXWHGWRWKHWR\DQG
KREE\WUDGHE\UHJLRQDOGLVWULEXWRUV
7KLVSURGXFWLVSURWHFWHGXQGHUWKHFRS\ULJKWODZVRIWKH8QLWHG6WDWHVRI$PHULFD$Q\
UHSURGXFWLRQRURWKHUXQDXWKRUL]HGXVHRIWKHPDWHULDORUDUWZRUNFRQWDLQHGKHUHLQLV
SURKLELWHGZLWKRXWWKHH[SUHVVZULWWHQSHUPLVVLRQRI765,QF
$OOLHVDQG+LUHOLQJV
7KHNH\WRWKLVDGYHQWXUHLVWKHSRRORISURVSHFWLYHDOOLHV
DQG KHQFKPHQ LQ 3RPPHYLOOH $ VLQJOH FKDUDFWHU DFWLQJ
DORQH FDQ HDVLO\ EH RYHUZKHOPHG E\ WURXEOH 2Q WKH RWKHU
KDQG D 3& ZKR KLUHV D FRXSOH RI VWXUG\ PHQDWDUPV DQG
SXWV WRJHWKHU DQ HIIHFWLYH VWULNLQJ IRUFH ZLOO PXOWLSO\ KLV
ILUHSRZHU H[SRQHQWLDOO\ DV ZHOO DV LQFUHDVH KLV FKDQFHV RI
VXUYLYLQJ7KH'0VKRXOGKHOSWKHSOD\HUWRVHHWKDWDVNLQJ
IRU RU KLULQJ KHOS LV DOORZHG DQG HQFRXUDJHG $IWHU DOO
FOHULFVDUHJRRGDWRUJDQL]LQJDQGZRUNLQJZLWKSHRSOH
,QVRPHUHVSHFWVWKH'0LVH[SHFWHGWRWDNHWKHSODFHRI
DZHOOEDODQFHGSDUW\5ROHSOD\WKHVH13&VFDUHIXOO\WKH\
HDFKKDYHVSHFLDOPRWLYDWLRQVDQGPDQQHULVPVWRPDNHWKHP
XQLTXHDQGLQDVPDOODGYHQWXUHOLNHWKLVWKH13&VZLOOEH
PXFK ODUJHU DQG PRUH LPSRUWDQW WKDQ LQ D PXOWLSOD\HU
VFHQDULR /DVW EXW QRW OHDVW UHPHPEHU WR OHW WKH SOD\HU
UHPDLQLQFKDUJHDQGFDOOWKHVKRWV


 '02YHUYLHZ
&OHULF
V &KDOOHQJH EHJLQV DV WKH SOD\HU FKDUDFWHU DUULYHV LQ SULHVW RI WKH WHPSOH ZDV D SRZHUIXO DQG HYLO FOHULF QDPHG
3RPPHYLOOH DIWHU D ORQJ GD\ RI WUDYHO 3RPPHYLOOH LV D
VOHHS\ OLWWOH WRZQ LQ D UHODWLYHO\ FLYLOL]HG DUHD 7KH '0
VKRXOG QRW KHVLWDWH WR FKDQJH WKH QDPH WR PDWFK KLV RZQ
FDPSDLJQ7KHWRZQDQGLWVUHVLGHQWVDUHGHVFULEHGLQGHWDLO
LQWKHQH[WIHZSDJHV
V
7KLQJVVHHPSUHWW\URXWLQHXQWLOQLJKWIDOOV$VWKHPRRQ
V VRXO ZDV WUDSSHG LQ D FU\VWDO
ULVHVDWHUULI\LQJFDWDVWURSKHEHIDOOVWKHWRZQ²WKHGHDGULVH
DQGZDONWKURXJKWKHYLOODJHVOD\LQJDQ\RQHWKH\FDQFDWFK
7KLV ILUVW VFHQH LV FRYHUHG LQ 3DUW 2QH $ 1LJKW RQ WKH
7RZQ
$W VXQULVH WKH ]RPELHV VKDPEOH EDFN WR WKHLU JUDYHV ,Q
3DUW7ZR $*UDYH6LWXDWLRQ WKH3&LQYHVWLJDWHVWKHHYHQWV
RI WKH QLJKW EHIRUH DQG UHFUXLWV DOOLHV WR KHOS KLP $Q
V KLGGHQ FU\SW $VWDUD NQHZ WKDW
H[SORUDWLRQ RI WKH JUDYH\DUG UHYHDOV D VHFUHW WHPSOH KLGGHQ
VPHQ
EHQHDWKWKHWRZQ
7KHWHPSOHLVDQHYLOSODFHDQGLQDVHFUHWYDXOWWKHKHUR
GLVFRYHUVWKHUHPDLQVRIWKHKLJKSULHVW,WLVFOHDUWKDWWKH\
KDYHEHHQUHFHQWO\GLVWXUEHGDQGXSRQLQYHVWLJDWLRQWKH3&
GLVFRYHUV WKDW D VHDO WKDW KDG LPSULVRQHG WKH HYLO RI WKH
VGDUNKLVWRU\$ZHHNDJRDFOHULFQDPHG
WHPSOHLVQRZEURNHQ7RVDYH3RPPHYLOOHWKHVHDOPXVWEH
UHVWRUHG²EXWDFUXFLDOSDUWWKH5RGRI$VWDUDLVPLVVLQJ
,Q 3DUW 7KUHH 7KH 0LVVLQJ 5RG WKH 3& EHJLQV D TXHVW
IRUWKH5RGRI$VWDUD7KH'0FDQFXVWRPL]HWKHDGYHQWXUH
DQGDGMXVWWKHGLIILFXOW\LQWKLVFKDSWHU7KHPRVWGDQJHURXV
VURG1RWUHDOL]LQJ
UHVROXWLRQ RI WKLV SDUW UHTXLUHV WKH 3& WR YHQWXUH LQWR WKH
FRXQWU\VLGH LQ VHDUFK RI D ODPLD
V ODLU 7KH KHUR DOVR OHDUQV *LOHV DQG KLV FRPSDQLRQV GLG QRW JHW IDU 7R PDNH WKH
PRUHRIWKHWHPSOH
VKLVWRU\DQG3RPPHYLOOH
VWURXEOHV DGYHQWXUH HDVLHU WKH '0 FDQ SODFH *LOHV LQ 3RPPHYLOOH RU
$IWHU GHIHDWLQJ WKH ODPLD DQG UHFRYHULQJ WKH 5RG RI
$VWDUD WKH FOHULF ZLOO EH UHDG\ WR UHWXUQ WR WKH DQFLHQW
WHPSOH ,Q 3DUW )RXU &RQFOXVLRQ WKH KHUR DWWHPSWV WR
UHVWRUH WKH VHDO 2I FRXUVH WKH HYLO EHQHDWK WKH WRZQ KDV
JURZQVWURQJZKLOHWKH3&VHDUFKHGIRUWKHPHDQVWRGHVWUR\
LW
7KH5HDO6WRU\
&HQWXULHV DJR 3RPPHYLOOH ZDV WKH VLWH RI D WHPSOH
GHGLFDWHGWRDGDUNSRZHU7KHKLJK

1HGUH]DU +LV VHUYDQWV FRQWUROOHG PXFK RI WKH VXUURXQGLQJ
DUHD
1HGUH]DUDVSLUHGWROLFKGRPVHHNLQJWRH[WHQGKLVSRZHU
EH\RQG WKH JUDYH 'XULQJ WKH SURFHVV RI WUDQVIRUPDWLRQ KH
ZDV EHWUD\HG E\ D OLHXWHQDQW ZKR ZDQWHG WKH KLJK SULHVW
SRZHU IRU KLPVHOI 1HGUH]DU
VNXOO DQG KLV ERG\ ZDV HQWRPEHG 1HGUH]DU IHOO VKRUW RI
WUDQVIRUPDWLRQ DQGGLGQRWEHFRPHDOLFK
7KHIDFWLRQVRIWKHHYLOWHPSOHIHOOLQWRDSRZHUVWUXJJOH
WKDW ZHDNHQHG WKHP DOO $ IHZ \HDUV ODWHU WKH IRUFHV RI D
QHDUE\JRRGNLQJGRPDWWDFNHGWKHHYLOWHPSOHDQGGHVWUR\HG
LW7KHIRUFHZDVDFFRPSDQLHGE\%LVKRS$VWDUD7UXHKHDUW
ZKR GLVFRYHUHG 1HGUH]DU
VRPHHYLOVOXPEHUHGZLWKLQDQGKHSUHYHQWHGWKHNLQJ
IURPUHPRYLQJWKHVNXOO+HDOVRFRQVHFUDWHGWKHVLWHDQGVHW
DKRO\VHDOXSRQWKHFU\SWGRRUWRFRQWDLQWKHHYLOZLWKLQ
$VWKH\HDUVSDVVHGWKHWRZQRI3RPPHYLOOHJUHZXSRQ
WKH VLWH RI WKH ROG UXLQV 7KH SHRSOH RI 3RPPHYLOOH NQHZ
OLWWOHRIWKHUHJLRQ
*LOHVDUULYHGLQ3RPPHYLOOHVHDUFKLQJIRUWKHWHPSOH*LOHV
ZDV IROORZLQJ WKH WUDLO RI %LVKRS $VWDUD DV UHFRUGHG LQ WKH
KLVWRULHVRIWKHQHLJKERULQJNLQJGRPDQGKHGLVFRYHUHGWKH
ROGWHPSOH*LOHVDQGKLVFRPSDQLRQVHQWHUHGWKHWHPSOHDQG
XQZLVHO\EURNHWKHVHDOUHPRYLQJ$VWDUD
ZKDWWKH\KDGGRQHWKH\OHIW
$UGHQ ZKHUH WKH 3& ZLOO EH DEOH WR TXLFNO\ ILQG KLP
2WKHUZLVH *LOHV DQG KLV FRPSDQLRQV ZHUH VHW XSRQ E\ D
ODPLD DQG KHU PLQLRQV D IHZ PLOHV QRUWK RI WRZQ DQG ZHUH
NLOOHGRUFDSWXUHG
:LWK WKH URG UHPRYHG 1HGUH]DU KDV DZDNHQHG DQG LV
VHHNLQJHVFDSH+HUHTXLUHVWKHHQHUJ\RIOLYLQJFUHDWXUHVWR
EUHDNIUHHRIKLVLPSULVRQPHQWDQGLVDQLPDWLQJWKH]RPELHV
WREULQJKLPYLFWLPV

3RPPHYLOOH OLHV LQ WKH VKDGRZ RI D GDUN URFN\ NQROO
NQRZQ DV WKH &DLUQ 7KH &DLUQ RYHUORRNV WKH 9RODU ULYHU D
V QR UHDVRQ WR EH VXVSLFLRXV RU KRVWLOH WRZDUGV
GHHS DQG VZLIW PRXQWDLQ VWUHDP WKDW LV IRUGDEOH KHUH $Q
DQFLHQWURDGNQRZQDVWKH6WRQHZD\FURVVHVWKH9RODULQWKH
UHZHOFRPHWRVWD\
&DLUQ
V VKDGRZ DQG PDQ\ FDUDYDQV DQG WUDYHOOHUV SDVV
WKURXJKWKHWRZQDORQJWKLVSDWK
+LVWRU\
7KH WRZQ LV ROGHU WKDQ PRVW RI LWV UHVLGHQWV EHOLHYH LW WR
EH)RUKXQGUHGVRI\HDUVWKH6WRQHZD\KDVFDUULHGWUDGHDQG
DUPLHV EHQHDWK WKH &DLUQ 3HRSOH KDYH DOZD\V OLYHG LQ WKLV
DUHD IDUPLQJ WKH ODQG DQG NHHSLQJ LQQV IRU WKH SDVVLQJ
 0DQRU 7KH /RUG 6TXLUH LV DQ DJLQJ
WUDGHUV1HDUE\UHDOPVKDYHRFFDVLRQDOO\SRVWHGJDUULVRQVRU
EXLOWVWRFNDGHVRQWKHVLWH
$ERXW  \HDUV DJR D GDUN WHPSOH ZDV UDLVHG RQ WKH
&DLUQ 7KH WHPSOH ZDV DOOLHG ZLWK PRQVWHUV DQG DPELWLRXV
QREOHV RI WKH QHDUE\ UHDOPV DQG ZDV WKH VHDW RI PXFK HYLO
RYHU WKH QH[W  \HDUV $IWHU WKH IDOO RI WKH +LJK 3ULHVW
V ZLIH GLHG VRPH \HDUV DJR DQG KLV RQO\
1HGUH]DU WKH WHPSOH ZDV GHVWUR\HG DV D VHULHV RI ZDUV
UDYDJHGWKHDUHD
)RUDIHZGHFDGHVWKHUXLQVRIWKHWHPSOHDQGWKHIRUGRI
WKH 9RODU ZHUH VKXQQHG $V WKH ZDUV IDGHG LQWR KLVWRU\ D
QHZ JHQHUDWLRQ RI IDUPHUV DQG KXQWHUV ZDQGHUHG LQWR WKH
DUHD 3RPPHYLOOH ZDV IRXQGHG DERXW  \HDUV DJR DORQJ
WKHULYHU
VEDQNV7KHWRZQKDVJURZQDQGSURVSHUHGVLQFH RFFDVLRQDOO\ KLUHV D FRXSOH RI ILHOGKDQGV IURP WKH WRZQ WR
7KH7RZQ
3RPPHYLOOH LV VKRZQ RQ WKH LQVLGH IURQW FRYHU RI WKLV
ERRNOHW ,W LV VXUURXQGHG E\ FXOWLYDWHG ILHOGV DQG RUFKDUGV
WKDWDUHWHQGHGE\SHRSOHZKROLYHLQWKHRXWO\LQJIDUPV7KH
WRZQ LWVHOI LV UDWKHU VPDOO DQG WKH WRWDO SRSXODWLRQ LV RQO\
7KH7RZQRI3RPPHYLOOH
IULHQGO\ WKH ODQG KDV EHHQ DW SHDFH IRU PDQ\ \HDUV DQG
WKHUH
VWUDQJHUV $V ORQJ DV WUDYHOOHUV NHHS WKHLU VZRUGV LQ WKHLU
VKHDWKVDQGVSHQGPRQH\WKH\
3RPPHYLOOHLVUXOHGE\WKH/RUG6TXLUH7RPDV$YHUJQRQ
LQWKHQDPHRIWKH/RUG%DURQ*HUDOG/HPLHX[,QSUDFWLFH
/RUG 7RPDV DOORZV WKH YLOODJH WR JRYHUQ LWVHOI 7KH
WRZQVSHRSOH HOHFW D 0D\RU HYHU\ WKUHH \HDUV WR ORRN DIWHU
WKLQJV &XUUHQWO\ WKH 0D\RU LV D SRSXODU IDUPHU DQG
ODQGKROGHUQDPHG1LFKROH7KHQHXVH
 /RUG 7RPDV
QREOHPDQZKRHQMR\VKLVTXLHWUHWLUHPHQW7RPDV$YHUJQRQ
LVDIULHQGO\EXWGLJQLILHGJHQWOHPDQZKROLNHVWRGLVFXVVWKH
ZHDWKHUDQGKLVDSSOHRUFKDUGV+HFDQRIWHQEHIRXQGZLWKD
SDLU RI FOLSSHUV WULPPLQJ DQG SUXQLQJ WKH WUHHV RQ KLV
PDQRU
/RUG 7RPDV
FKLOG LV KLV GDXJKWHU &HUHQH&HUHQHLVDVWURQJZLOOHGDQG
LQWHOOLJHQWZRPDQRIZKRKDVVWXGLHGWKHDUFDQHDUWVDW
VRPH OHQJWK 6KH LV RIWHQ DZD\ LQ WKH FDSLWRO EXW LV
FXUUHQWO\YLVLWLQJKHUIDWKHU
/RUG 7RPDV HPSOR\V D EXWOHU QDPHG 6WHYHQ D JDUGHQHU
QDPHG(OLDVWZRFKDPEHUPDLGVQDPHG/LVDDQG(OVLHDQG
KHOS KLP GXULQJ SODQWLQJ RU KDUYHVW +LV KRPH LV FRP
IRUWDEOH ZHOODSSRLQWHG DQG YHU\ VWURQJ LI EDUULFDGHG LW
ZLOONHHSRXWDQ\WKLQJVKRUWRIDEDWWHULQJUDP
/RUG 7RPDV DQG WKH UHVW RI KLV VWDII ZLOO DLG WKH 3& LQ
DQ\ZD\WKH\FDQRQFHWURXEOHVWDUWVEXWWKH\DUHDOOOHYHO
YLOODJHUV ZLWK QR ZHDSRQV RU DUPRU )LYH VKLHOGV DQG WZR
DERXWSHRSOHLQFOXGLQJWKHRXWO\LQJIDUPV
0RVWRIWKHWRZQVSHRSOHPDNHWKHLUOLYLQJDVIDUPHUVRU
VHUYH WKH FDUDYDQV ZKR SDVV DORQJ WKH 6WRQHZD\
3RPPHYLOOHLVQRWHGIRULWVDSSOHDQGSHDURUFKDUGVDQGLWV
ILHOGV SURGXFH DQ DPSOH VXSSO\ RI JUDLQ YHJHWDEOHV EHHI
DQGGDLU\SURGXFWV
7KHIRONRI3RPPHYLOOHWHQGWREHRSHQDQG
ORQJ VZRUGV FDQ EH IRXQG LQ WKH PDQRU LI WKH 3& ORRNV
&HUHQHLVDSRWHQWLDODOO\
 3RUWRV WKH &DUWZULJKW 3RUWRV OLYHV LQ D ODUJH
FRPIRUWDEOH FRWWDJH ZLWK D VSDFLRXV ZRUNVKRS EHVLGH LW
:DJRQV ZKHHOV DQG ILWWLQJV OLH VFDWWHUHG DERXW LQ YDULRXV
VWDWHVRIUHSDLURUFRQVWUXFWLRQ3RUWRVKLPVHOILVDVXUO\PDQ
RIDERXW

 7KH7RZQRI3RPPHYLOOH
 ZLWK D VKRUW DQG EXUO\ EXLOG DQG D EXVK\ EODFN EHDUG 7KH6LJQRIWKH*UHHQ*ULIIRQ2QHRIWKH
3RUWRVVKDUHVKLVKRPHZLWKKLVZLIH0DULDZKRVHHPVWREH ODUJHVWEXLOGLQJVLQWKHWRZQWKH*UHHQ*ULIIRQLVDILQHLQQ
WKHRQO\SHUVRQ3RUWRVLVFLYLOWR3RUWRVDQG0DULDKDYHIRXU WKDW FDWHUV WR WUDYHOOHUV DORQJ WKH 6WRQHZD\ ,WV FRPPRQ
VPDOOFKLOGUHQ URRP SDVVHV IRU D WRZQ KDOO DQG LQ WKH HYHQLQJ GR]HQV RI
YLOODJHUVJDWKHUWRHQMR\DPXJRIDOHDQGDVRQJRUVWRU\
 *ZDOPDL WKH 6PLWK *ZDOPDL LV D MRXUQH\PDQ ZKR 7KH *UHHQ *ULIIRQ LV RZQHG E\ D VKRUW VWRFN\ PDQ
ZDQGHUHG ZLGHO\EHIRUHVHWWOLQJLQ3RPPHYLOOH+LVVKRSLV QDPHG *HRUJH 0DUVHWW ZKRVH IDPLO\ KDV RSHUDWHG WKH LQQ
YHU\ GLVRUGHUO\ DQG *ZDOPDL KLPVHOI VHHPV VRPHZKDW KHUH IRU VHYHUDO JHQHUDWLRQV *HRUJH LV DVVLVWHG E\ KLV ZLIH
DEVHQWPLQGHG 'HVSLWH DSSHDUDQFHV KH LV DFWXDOO\ D YHU\ $XEUH\ KLV \RXQJHU EURWKHU 0DUFR DQG 0DUFR
V IDPLO\
VNLOOHG VPLWK *ZDOPDL OLYHV DORQH KHUH EXW LV FRXUWLQJ *HRUJH
V GDXJKWHUV DQG 0DUFR
V \RXQJ VRQV ZRUN DV
2ZHQ
VGDXJKWHU5RVDOLH FKDPEHUPDLGV DQG VWDEOHKDQGV ZKLOH $XEUH\ UXQV WKH
*ZDOPDL
V VKRS FRQWDLQV PDQ\ VHUYLFHDEOH KDPPHUV DQG NLWFKHQ
EODGHV WKDW FDQ EH XVHG DV ZHDSRQV 7KH VPLWK KLPVHOI LV D 7KH LQQ KDV D WRWDO RI HLJKW JXHVW URRPV XSVWDLUV 7KH
IDLUZDUULRUDQGDSRWHQWLDOKLUHOLQJ URRPVDUHVPDOOEXWZHOONHSWDQGFRPIRUWDEOH*HRUJHUHQWV
WKHPIRUJSSHUQLJKWRUJSIRUDIXOOZHHN7KUHHRIWKH
7KHULDXOWWKH0LOOHU 2QHRIWKHZHDOWKLHVWPHQLQWRZQ URRPVDUHFXUUHQWO\RFFXSLHGRQHE\DSDVVLQJWUDGHUQDPHG
7KHULDXOW LV D VWRXW WRZQVPDQ RI DERXW  ZLWK DQ HQGOHVV 6KDQQD :KLWHORFN RQH E\ D ZDQGHULQJ PRQN QDPHG )ULDU
VWRUHRIJRRGFKHHU+HEXLOWWKHPLOOZLWKKLVRZQKDQGV 1LFKRODVDQGWKHODVWE\&DSWDLQ0LOHVRIWKH.LQJ
VDUP\
\HDUVDJRDQGNHHSVLWVSRWOHVV7KHULDXOW
VZLIHLVDQDSSOH )ULDU 1LFKRODV 6KDQQD DQG &DSWDLQ 0LOHV DUH DOO
FKHHNHG ZRPDQ QDPHG (GQD ZKR VKDUHV KLV JRRG QDWXUH SRWHQWLDODOOLHVIRUWKH3&
DQGORYHRIVWRULHV
$QQHOOH
V6WDEOHV 7KLVZHDWKHUHGROGEXLOGLQJLVLQSRRU
2ZHQWKH6KLHOG 2ZHQLVDUHWLUHGVROGLHUZKRPRYHGWR UHSDLUDQGWKHKRUVHVDUHRIDYHUDJHWRSRRUTXDOLW\ $QQHOOH
3RPPHYLOOH VHYHUDO \HDUV DJR WR WDNH XS IDUPLQJ 2ZHQ
V KHUVHOILVDOD]\ZRPDQRIPLGGOH\HDUVZLWKDYLFLRXVVWUHDN
ODQG UXQV IRU VRPH GLVWDQFH WR WKH VRXWK EXW KH ZRUNV LW WRKHUWHPSHU6KHVXSHUYLVHVDSDLURI\RXQJVWDEOHER\VWKH
KLPVHOIZLWKQRKHOS+HLVDWDOOVWRQHIDFHGPDQZKRQHYHU VRQVRIORFDOIDUPHUV
XVHV WZR ZRUGV ZKHQ RQH ZLOO GR +LV KRPH LV NHSW E\ KLV
ZLIH<YRQQDDQGWKHWZRKDYHWKUHHGDXJKWHUV  5HQH WKH &DELQHWPDNHU 5HQH 0DUDXOW LV DQ ROG
2ZHQ NHHSV D VXLW RI PDLO DQG D VZRUG EHQHDWK KLV EHG FUDIWVPDQ ZKR OLYHV DORQH LQ WKLV WLG\ FRWWDJH +H DYRLGV
EXWZLOORQO\ILJKWLQWKHGHIHQVHRIKLVKRPHRUQHLJKERUV SHRSOH VSHQGLQJ KLV GD\V ZRUNLQJ ZLWK ZRRG 5HQH ZDV D
IRUPLGDEOHKXQWHUDQGZDUULRULQKLV\RXWKEXWZLOOQRWDOO\
'DULDQWKH7DQQHU 9DULRXVKLGHVDQGSHOWVFDQEHIRXQG ZLWKWKH3&
KDQJLQJRXWWRFXUHE\WKLVKRXVHDQGWKHDUHDUHHNVRIWKH
WDQQHU
V WUDGH 7KH EXVLQHVV LV RZQHG DQG RSHUDWHG E\ D  $QGUHV 6LOYHUVPLWK $QGUHV LV D VNLOOHG MHZHOHU DQG
JUDFHIXO DQG HQHUJHWLF ZRPDQ QDPHG 'DULDQ $ERXW WHQ SHZWHUVPLWK ZKR PDQXIDFWXUHV D YDULHW\ RI XVHIXO DQG
\HDUVDJRVKHEHFDPHDZLGRZDWD\RXQJDJHDQGWRRNXS GHFRUDWLYHLWHPV+HLVDWKLQEDOGLQJPDQRIDERXWZKR
WDQQLQJWRVXSSRUWKHUVHOIDQGKHUVRQ5REHUWQRZDJH OLYHVKHUHZLWKKLVZLIH$QQHWWHDQGIRXU\RXQJFKLOGUHQ+H
LVDNLQGEXWWLPLGPDQ$QGUHVKDVDEUDZQ\


 7KH7RZQRI3RPPHYLOOH
DSSUHQWLFHE\WKHQDPHRI/DUVZKRLVDSRWHQWLDOKLUHOLQJ  6DGLH WKH %DNHU 6DGLH LV DQ ROGHU ZRPDQ ZKR KDV
UHWLUHG6KHRQO\FRRNVIRUKHURZQSOHDVXUHQRZVHOOLQJ SLHV
 3LHUUH WKH 7UDGHU 7KLV JHQHUDO VWRUH LV RSHUDWHG E\ DQG EUHDG ZKHQ VKH ZDQWV D OLWWOH VSHQGLQJ PRQH\ 6DGLH
3LHUUH 4XDQWULOO D IDVWLGLRXV DQG VWXII\ PDQ RI  3LHUUH OLYHVDORQHLQWKLVVPDOOFRWWDJH
VHUYHV SDVVLQJ FDUDYDQV DQG WKH ORFDO IDUPHUV DQG NHHSV D
ZLGH VHOHFWLRQ RI JRRGV LQ VWRFN 0RVW URXWLQH LWHPV RI 7KH6KULQHRI5HIOHFWLRQ ,PSRUWDQWQRWH
FORWKLQJ HTXLSPHQW WDFN DQG KDUQHVV RU UDWLRQV IURP WKH WKLVVKULQHLVGHGLFDWHGWRWKH3&
VSDWURQGHLW\,WLVDVPDOO
3+%FDQEHERXJKWKHUHIRUDPDUNXSRI:HDSRQVDUH UZLGRZQ WHPSOH XVHG E\ WUDYHOOHUV DQG D IHZ RI WKH
QRWLQGHPDQGVR3LHUUHRQO\VWRFNVGDJJHUVERZVDUURZV WRZQVSHRSOH 7KH VKULQH LV WHQGHG E\ %URWKHU 0RQWUHO D
DQG VOLQJ EXOOHWV 2WKHU LWHPV WKDW FRXOG FRPH LQ KDQG\ SULHVW RI WKH 3&
V IDLWK %URWKHU 0RQWUHO LV D YHU\ ROG PDQ
LQFOXGHVPDOOKDPPHUVD[HVNQLYHVVLFNOHVFURZEDUVDQG ZKRPDLQWDLQVWKHVKULQHZLWKDOLWWOHKHOSIURPVRPHRIWKH
RWKHUWRROV PRUHJHQHURXVYLOODJHUV+HLVGHOLJKWHGWRVHHDIHOORZSULHVW
3LHUUH
V ZLIH SDVVHG RQ UHFHQWO\ EXW KH KDV WZR \RXQJ DQG ZLOO JODGO\ DLG WKH 3& LQ DQ\ ZD\ KH FDQ 7KH VKULQH
V
VRQVZKRKHOSKLPZLWKWKHVWRUH PRVW LPSRUWDQW UHVRXUFH LV LWV OLEUDU\ RI ORFDO KLVWRU\ DQG
OHJHQG EXWWKH3&SUREDEO\ZRQ
WQHHGWKDWXQWLOODWHULQWKH
 *HUDUG
V :DUHV 6HYHUDO ODUJHZDUHKRXVHVDQGDVPDOO DGYHQWXUH
RIILFHEXLOGLQJPDNHXSWKLVEXVLQHVV*HUDUGLVDWRXJKROG
WUDGHUZKRUHQWVVSDFHLQKLVEXLOGLQJVWRPHUFKDQWVIURPRXW  7RZHU RI 5HJLQDUG 5HJLQDUG 5XQHVWDYH LV WKH ORFDO
RI WRZQ ZKR QHHG D SODFH WR VWRFNSLOH VXSSOLHV RU JRRGV VDJH DQG ZL]DUG D NLQGKHDUWHG ROG PDQ ZKR DEVROXWHO\
%XVLQHVV KDV EHHQ VORZ ODWHO\ DQG *HUDUG LV YHU\ IRXO GHVSLVHVGLVRUGHURUFKDRVRIDQ\NLQG+LVWDOHQWVDVDPDJH
WHPSHUHG+HLVKLGLQJDVHFUHWVWRFNRIDUPVIRUDPHUFKDQW DUHRQWKHZDQHEXWKHFRXOGVWLOOEHYHU\KHOSIXOWRWKH3&
LQRQHZDUHKRXVH7KHFDFKHLQFOXGHVVXLWVRIFKDLQPDLO
 VXLWV RI ULQJ PDLO  VKLHOGV  VSHDUV DQG  VKRUW  7KH *UDYH\DUG 7KH IRON RI 3RPPHYLOOH KDYH EHHQ
VZRUGV *HUDUG FDQ EH SHUVXDGHG WR SDUW ZLWK WKLV JHDU IRU LQWHUULQJWKHLUGHFHDVHGKHUHIRUPRUHWKDQ\HDUV7KH3&
WKHWRZQ
VEHQHILWLIWKH3&GLVFRYHUVWKHVHFUHWFDFKH ZLOOEHFRPHPXFKPRUHIDPLOLDUZLWKWKLVDUHDVRRQ

 0D\RU 7KHQHXVH

V +RXVH $Q HOHJDQW KRPH RQ WKH  7KH 5XLQV 0RVW RI WKH SHRSOH RI 3RPPHYLOOH KDYH QR
KLOOVLGHWKLVPDQRURYHUORRNVWKHWRZQ,WVVWDWHO\SLOODUVDQG LGHD ZKDW WKHVH UXLQV PLJKW EH 0DQ\ VPDOO WUDLOV ZLQG
JDUGHQVFDQEHVHHQIURPPRVWRIWKHVWUHHWVLQ3RPPHYLOOH DURXQG RQ WRS RI WKH &DLUQ WKH DUHD LV SRSXODU ZLWK ORFDO
1LFKROH7KHQHXVHLVDVHULRXVZRPDQRIDERXWZKRRZQV FKLOGUHQ DQG ORYHUV 7KH UXLQV DUH WKLFNO\ RYHUJURZQ DQG
H[WHQVLYHRUFKDUGVDQGIDUPODQGVRXWVLGHRIWRZQ1LFKROHLV EDUHO\YLVLEOHIURPWKHYLOODJH
DFKLOGOHVVZLGRZEXWKHU\RXQJHUEURWKHU7HUHQFHDQGKLV
IDPLO\ OLYH LQ WKH PDQRU $ EXWOHU DQGDSDLURIPDLGVKHOS
WKHPNHHSKRXVH
1LFKROH LV TXLHW DQG OLVWHQV ZHOO EXW VKH LV YHU\
FRQVHUYDWLYHDQGVNHSWLFDO7HUHQFHLVDERLVWHURXVDQGJRRG
QDWXUHGPDQZKRVSHQWVHYHUDO\HDUVDGYHQWXULQJZLGHO\+H
LVDSRWHQWLDODOO\IRUWKH3&


 $OOLHVDQG+LUHOLQJV
0RVW RI WKH SHRSOH LQ 3RPPHYLOOH DUH OHYHO WRZQVIRON :HDSRQ3URILFLHQFLHVORQJVZRUGFURVVERZ
ZLWKOLWWOHGHVLUHWRMRLQWKH3&LQDQ\GDQJHURXVXQGHUWDNLQJ KDPPHUGDJJHU1RQZHDSRQ3URILFLHQFLHVEODFNVPLWKLQJ
+RZHYHUDQXPEHURIXQXVXDOSHUVRQDOLWLHVFDQEHUHFUXLWHG ILUH
WR KHOS WKH 3& DJDLQVW WKH WKUHDW RI 1HGUH]DU 7KH SOD\HU EXLOGLQJDUPRUHU
VKRXOG QRW EH IRUFHG WR DFFHSW 13& DVVLVWDQFH EXW WKH 3&
(TXLSPHQW FKDLQ PDLO VKLHOG KHOP ORQJ VZRUG OLJKW
VWDQGV D PXFK EHWWHU FKDQFH RI VDYLQJ 3RPPHYLOOH LI KH RU
FURVVERZ  EROWV DQG  VLOYHUKHDGHG EROWV ERRWV FORDN
VKHLVZLVHHQRXJKWRJHWKHOS
ZDWHUVNLQWRUFKHVWLQGHUER[
URSH
&HUHQH$YHUJQRQ: +XPDQ$&EUDFHUVRIGHIHQVH
*ZDOPDL VHUYHG DV D PDQDWDUPV DQG PHUFHQDU\ EHIRUH
$& 'H[09KS$7'PJOGOGDJJHU
WDNLQJ XS VPLWKZRUN +H GRHVQ
W VSHDN RI KLV PLOLWDU\
6WU  'H[  &RQ  ,QW  :LV  &KD  $/ /*
H[SHULHQFH VLQFH WKH FRPSDQLHV KH IRXJKW ZLWK ZHUH QRW
7+$&2
FDUHIXO LQ FKRRVLQJ WKHLU FDXVHV +H LV D TXLHW VRPEHU PDQ
:HDSRQ3URILFLHQFLHVGDJJHU1RQZHDSRQ3URILFLHQFLHV ZKRZLOODYRLGJHWWLQJLQYROYHGLQWKHWRZQ
VWURXEOHVXQOHVV
HWLTXHWWHULGLQJ WKH3&PDNHVLWZRUWKKLVZKLOH*ZDOPDLFDQEHKLUHGIRU
KHUEDOLVPDQFLHQWKLVWRU\6SHOOVFKDUP JSSHUGD\RUKHFDQEHSHUVXDGHGWRDOO\KLPVHOIIRUIUHHE\
SHUVRQFKLOOWRXFKSURWHFWLRQIURP DQH[FHSWLRQDOO\VWURQJDSSHDOWRKLVVHQVHRIUHVSRQVLELOLW\
HYLOIODPLQJVSKHUHOHYLWDWH
/DUVWKH6LOYHUVPLWK
V$SSUHQWLFH)2
(TXLSPHQW QREOH ULGLQJ FORWKHV FORDN SRXFK ZLWK VSHOO +XPDQ$&OHDWKHUDUPRU09KS$7'PJE\
FRPSRQHQWVVSHOOERRNEUDFHUVRIGHIHQVH$&GDJJHU ZHDSRQ 6WU'H[&RQ,QW:LV&KD$/
ZDQGRIPDJLFPLVVLOHV FKDUJHVSRWLRQRIKHDOLQJ 1(7+$&2

&HUHQHLVDKDXJKW\DQGFRPPDQGLQJZRPDQZKRLVXVHG :HDSRQ 3URILFLHQFLHV GDJJHU FOXE FURVVERZ 1RQZHDSRQ

WR EHLQJ LQ FKDUJH 6KH FDQ EH GRZQULJKW LF\ DW WLPHV EXW 3URILFLHQFLHVVLOYHUVPLWKLQJJDPLQJDQLPDOKDQGOLQJ
XQGHUQHDWK VKH LV D ZLVH DQG FRPSDVVLRQDWHSHUVRQ&HUHQH 
ZLOOWKURZLQZLWKWKH3&RQO\DIWHULWKDVEHFRPHFOHDUWKDW
WKHWRZQLVLQLPPHGLDWHDQGVHULRXVGDQJHUEXWZLOOZDQWWR (TXLSPHQW OHDWKHU DUPRU FORDN GDJJHU FOXE UXFNVDFN
VHH WKLQJV WKURXJK RQFH VKH EHFRPHV LQYROYHG ,I &HUHQH ZDWHUVNLQZLQHIODVN
ZLWQHVVHVDQDFWRIFRZDUGLFHRUVWXSLGLW\RQWKHSDUWRIWKH
/DUVLVDEUDZQ\\RXQJPDQZLWKDEDGDWWLWXGH+HLVWKH
3&VKHZLOOQRWKHVLWDWHWRSRLQWRXWWKHFKDUDFWHU
VIODZDQG
WRZQ EXOO\ SLFNLQJ RQ VPDOOHU DQG ZHDNHUODGV,IKHKHDUV
VWULNH RXW RQ KHU RZQ &HUHQH SUHIHUV WR DYRLG SK\VLFDO
WKDW WKH 3&LVFROOHFWLQJDEDQGWRILJKWIRU3RPPHYLOOHKH
FRPEDW
ZLOO LQVLVW RQ JRLQJ ZLWK WKH SDUW\ WR LPSUHVV WKH RWKHU
*ZDOPDL WKH 6PLWK )O +XPDQ $&  FKDLQ PDLO DQG WRZQVIRONDQGSURYHKLPVHOIDWUXHKHUR8QIRUWXQDWHO\KH
VKLHOG09KS$7'PJOGORQJVZRUG6WU LVFRQFHUQHGRQO\ZLWKKLVRZQKLGH+HZRXOGOHWWKHRWKHU
RUOG6WU'H[&RQ,QW:LV&KD$/ FKDUDFWHUVPHHWDJULVO\GRRPLILWPHDQWWKDWKHFRXOGVWXII
17+$&2ZLWK6WUHQJWKERQXV KLV RZQ SRFNHWV ZLWK JROG /DUV KDV QR DJHQGD RU SODQV WR
EHWUD\WKHSDUW\KH
VMXVWDEDGHJJ


 $OOLHVDQG+LUHOLQJV
&DSWDLQ 0LOHV ) +XPDQ $&  SODWH PDLO  VKLHOG %URWKHU 0RQWUHO ZLOO RIIHU DQ\ DVVLVWDQFH KH FDQ WR WKH 3&
09KS$7ZLWKEDVWDUGVZRUG'PJOG LQFOXGLQJKHDOLQJIUHHVSHOOVDQGDFFHVVWRWKHVKULQHOLEUDU\
EDVWDUGVZRUG 6WUVSHFLDOL]HG6WU'H[&RQ
,QW:LV&KD$/1*7+$&2 )ULDU1LFKRODV3, +XPDQ$&09KS
$7'PJOGOPDFH6WU6WU'H[&RQ,QW
:HDSRQ 3URILFLHQFLHV EDVWDUG VZRUG VSHFLDOLVW GDJJHU
FURVVERZ VSHDU 1RQZHDSRQ 3URILFLHQFLHV GLUHFWLRQ
VHQVH
KHUDOGU\ULGLQJWUDFNLQJ
(TXLSPHQWSODWHPDLO VKLHOGKHOPKHDY\FURVVERZ
TXDUUHOV EDVWDUG VZRUG   GDJJHUV KRRGHG FORDN
ODQWHUQIODVNRIRLO
&DSWDLQ 0LOHV LV DQ RIILFHU RI WKH .LQJ
V DUP\ SDVVLQJ
WKURXJK3RPPHYLOOHRQKLVZD\WRKLVQH[WDVVLJQPHQW+HLV
DQKRQHVWIRUWKULJKWPDQZKR ZRQ
WOHDYH3RPPHYLOOHXQWLO DQ RUGHU WKDW ZDQGHUV WKURXJK WKH ODQG DLGLQJ WKH FRPPRQ
KH NQRZV WKH WRZQ LV VDIH 0LOHV LV ZLOOLQJ WR GHIHU
OHDGHUVKLS WR WKH SHUVRQ KH WKLQNV LV PRVW TXDOLILHG WR GHDO
V
ZLWK XQGHDG +H YLHZV HYHU\WKLQJ LQ PLOLWDU\ WHUPV
UHIHUULQJ WR YLOODJHUV DV IULHQGO\ DX[LOLDULHV DQG WKH
]RPELHVDVHQHP\DVVDXOWWURRSV
VKHOS
:LV&KD$//*7+$&2
:HDSRQ 3URILFLHQFLHV PDFH VOLQJ 1RQZHDSRQ
3URILFLHQFLHVDQLPDOKDQGOLQJ
FREEOLQJORFDOKLVWRU\UHOLJLRQ6SHOOVFXUH
OLJKWZRXQGVGHWHFWHYLOOLJKW
(TXLSPHQW UREHV VDQGDOV EDFNSDFN RQH ZHHN RI UDWLRQV
ZDWHUVNLQKRO\V\PERO
)ULDU1LFKRODVLVDVWUDSSLQJ\RXQJPRQNZKREHORQJVWR
IRON +H LV YHU\ TXLHW DQG HDVLO\ HPEDUUDVVHG DQG WULHV WR
DYRLGPRVWVRFLDOLQWHUDFWLRQ7KHIULDUFDQEHORQJWRWKH3&
UHOLJLRQLIWKH'0FKRRVHVEXWWKLVLVQRWQHFHVVDU\²KHZLOO
ZLOOLQJO\IROORZDFKDULVPDWLFSULHVWRIDOHYHOKLJKHUWKDQKLV
RZQ VR ORQJ DV WKH UHOLJLRQV DUH QRW GLDPHWULFDOO\ RSSRVHG
$OOWKH3&QHHGGRLVDVNIRUWKH)ULDU
%URWKHU0RQWUHO3 +XPDQ$&09DJHKS
$7'PJE\ZHDSRQ6WU'H[&RQ,QW:LV 5HJLQDUG5XQHVWDYH :+XPDQ$& ULQJRISURWHFWLRQ
 &KD  $/ /* 7+$&2   SHQDOW\ IRU ORZ 09DJHKS$7'PJE\ZHDSRQ6WU'H[
6WUHQJWK &RQ,QW:LV&KD$//*7+$&2

:HDSRQ3URILFLHQFLHVVWDIIVOLQJ1RQZHDSRQ :HDSRQ3URILFLHQFLHVGDJJHUVWDII1RQZHDSRQ
3URILFLHQFLHVKHDOLQJDQFLHQW 3URILFLHQFLHVDQFLHQWKLVWRU\
KLVWRU\ORFDOKLVWRU\6SHOOVEOHVVFXUHOLJKW DQFLHQWODQJXDJHUHDGLQJZULWLQJ
ZRXQGVOLJKWSURWHFWLRQ VSHOOFUDIWKHUEDOLVP6SHOOVFRPSUHKHQG
IURPHYLO ODQJXDJHVGHWHFWPDJLFIULHQGV
VOHHSLQYLVLELOLW\NQRZDOLJQPHQWSURWHFWLRQ
(TXLSPHQWUREHVKRO\V\PEROVWDII IURPHYLO
UDGLXVVXJJHVWLRQ

%URWKHU 0RQWUHO WHQGV WKH 6KULQH RI 5HIOHFWLRQ DQG LV D (TXLSPHQWUREHVFORDNVWDIISRXFKZLWKVSHOOFRPSRQHQWV
IHOORZ SULHVW RI WKH 3&
V IDLWK +H LV DQ ROG PDQ ZKR LV VSHOOERRNVLOYHUGDJJHUSRWLRQ RIIO\LQJSRWLRQRIKHDOLQJ
ORVLQJKLVYLJRUEXWKHVWLOOKDVDVKDUSDQGFOHDUPLQG+H ULQJRISURWHFWLRQZDQGRIILUH FKDUJHV
ZLOOZDQWWRDFFRPSDQ\WKH3&DQGDLGKLPDJDLQVWWKHHYLO
WKUHDWHQLQJ 3RPPHYLOOH EXW LW LV REYLRXV WKDW WKH HOGHUO\
SULHVWLVIDUWRRIUDJLOHIRUVXFKDFWLYLWLHV


 $OOLHVDQG+LUHOLQJV
5HJLQDOG LV D OLNDEOH ROG VDJH DQG DOFKHPLVW ZKR VSHQGV 6KDQQD ZLOO ZDQW WR DYRLG EHFRPLQJ HQWDQJOHG LQ
PXFKRIKLVWLPHSRULQJWKURXJKDQFLHQWWRPHVLQKLVWRZHU 3RPPHYLOOH
VWURXEOHVEHOLHYLQJWKDWVKHLVRXWRIKHUGHSWK
+HHQMR\VVKDULQJKLVNQRZOHGJHLHUDPEOLQJRQIRUKRXUV LQ GHDOLQJ ZLWK WKH ]RPELHV 6KH ZLOO SRLQW RXW WKDW VKH LV
FO2XXLFXOOLXVLGQ\+-SQDL/X
OLFFLVDQ\YLLQOR“ MXVWDWUDGHU
ZDUPO\ 5HJLQDUG LV YHU\ SRSXODU ZLWK WKH FKLOGUHQ RI WKH 2/$I2OOAA0,/´- BOW[LO&YAWW
´-/O´ O
A6A
/
 ³B00/A --AAAA

YLOODJH ZKR FRQVWDQWO\ EHVLHJH KLP ZLWK UHTXHVWV IRU EOHGHPRQVWUDWLRQRIWKHFKDUDFWHU

VHIIHFWLYHQHVVDJDLQVWWKH
GHPRQVWUDWLRQVRIUHDOPDJLF7KHJURZQXSVRI3RPPHYLOOH XQGHDG
JHQHUDOO\ WKLQN RI 5HJLQDUG DV D KDUPOHVV LI HFFHQWULF ROG
PDQ 7HUHQFH 7KHQHXVH 5 +XPDQ $&  VWXGGHG OHDWKHU
5HJLQDUGZLOOEHKDSS\WRKHOSWKH3&LQDQ\ ZD\KHFDQ FORDN RISURWHFWLRQ  09  KS  $7  DQG  'PJ
EXWOLNH%URWKHU0RQWUHOKLVDGYHQWXULQJGD\VDUHORQJSDVW OG EDWWOH D[H 6WU DQG OG KDQG D[H  6WU 6WU
5HJLQDUG UHFRJQL]HV WKLV DQG LI KH DFFRPSDQLHV WKH 3& KH  'H[  &RQ  ,QW  :LV  &KD  $/ 1*
ZLOODYRLGFRQIOLFWRUVHULRXVSK\VLFDOH[HUWLRQ0RQWUHODQG
5HJLQDUG DUH WKH EHVW RI IULHQGV EXW EDGJHU HDFK RWKHU
HQGOHVVO\
7+$&2EDWWOHD[HKDQGD[H
:HDSRQ 3URILFLHQFLHV EDWWOH D[H KDQG D[H GDJJHU ORQJ
ERZ1RQZHDSRQ3URILFLHQFLHVWUDFNLQJULGLQJ
6KDQQD:KLWHORFN7 +DOIHOI$&OHDWKHUDUPRU GLUHFWLRQVHQVHKXQWLQJDQLPDOORUH
PRXQWDLQHHULQJ5DQJHU$ELOLWLHV+LGHLQ6KDGRZV
'H[09KS$7DQG'PJOGOVKRUWVZRUG
0RYH
 DQGOGGDJJHU6WU'H[&RQ,QW:LV
6LOHQWO\VSHFLHVHQHP\RUHV
&KD$/&*
7+$&2VZRUGGDJJHU (TXLSPHQW VWXGGHG OHDWKHU DUPRU FORDN RI SURWHFWLRQ 
ERRWV ORQJ ERZ TXLYHU ZLWK  IOLJKW DUURZV EDWWOH D[H
:HDSRQ3URILFLHQFLHVVKRUWVZRUGGDJJHUOLJKWFURVVERZ
KDQG D[H  GDJJHU EDFNSDFN RQH ZHHN RI UDWLRQV
1RQZHDSRQ 3URILFLHQFLHV DSSUDLVLQJ  GLVJXLVH 
ZDWHUVNLQ
WLJKWURSH ZDONLQJ  WXPEOLQJ  ULGLQJ  VZLPPLQJ
 7HUHQFHLVVRPHWKLQJRIDORFDOKHUR$VWKH\RXQJHUVRQ
7KLHI $ELOLWLHV 3LFN 3RFNHWV  2SHQ /RFNV  RI WKH 7KHQHXVH IDPLO\ KH ZDQGHUHG ZLGHO\ LQ WKH IRUHVWV
)LQG5HPRYH 7UDSV  0RYH 6LOHQWO\  +LGH LQ DQGKLOOVDURXQG3RPPHYLOOHDVD\RXQJPDQ+HHYHQWXDOO\
6KDGRZV  'HWHFW 1RLVH  &OLPE :DOOV  EHFDPHD VNLOOHGUDQJHU7HUHQFHLVRIWHQJRQHIRUGD\VDWD
5HDG/DQJXDJHV WLPHSDWUROOLQJWKHUHJLRQ+HLVIDPHGIRUNLOOLQJIRXURUHV
LQRQHILJKWWRVDYHDQRXWO\LQJKRPHVWHDGIURPWKHUDLGLQJ
(TXLSPHQWOHDWKHUDUPRUVKRUWVZRUG GDJJHUULGLQJ
PRQVWHUV
FORWKHV FORDN ULGLQJ KRUVH EHOW SRXFK ZLWK WKLHYHV
 SLFNV
7HUHQFH LV D FKHHUIXO DQG KDSS\JROXFN\ VRUW ZKR JHWV
ZDWHUVNLQ
DORQJZHOOZLWKRWKHUV+LVZLVHFUDFNVDQGDWWLWXGHEHOLHKLV
6KDQQDLVDEHDXWLIXODQGYLYDFLRXVKDOIHOYHQZRPDQZKR ILJKWLQJVNLOOV+HZLOODLGWKH3&LIDVNHG
SDVVHVKHUVHOIRIIDVDZDQGHULQJPHUFKDQWDQGLQYHVWRU6KH
GRHVEX\DQGVHOOJRRGVRQRFFDVLRQEXWWKHPDMRUSRUWLRQRI
KHU LQFRPH LV GHULYHG IURP KHU WKLHYLQJ DFWLYLWLHV 6KDQQD
IHHOV WKDW LW LV RQO\ ULJKW WR WDNHIURPSHRSOHZKRFDQVSDUH
WKHORVVDQGEHOLHYHVWKHEHVWWKHIWLVRQHWKDWZRQ
WHYHQEH
QRWLFHG


 %HJLQQLQJWKH$GYHQWXUH
&OHULF
V &KDOOHQJH EHJLQV ZKHQ WKH 3& DUULYHV LQ <RX DUH IROORZLQJ DQ DQFLHQW URDG NQRZQ DV WKH
3RPPHYLOOH 7KH '0 ZLOO KDYH WR LQYHQW D UHDVRQ IRU WKH 6WRQHZD\ $V GDUNQHVV IDOOV \RX ILQG \RXUVHOI GHVFHQGLQJ
FKDUDFWHU
V YLVLW WKH 3& PD\ KDYH EHHQ VXPPRQHG WR D WKURXJK D ZRRGHG YDOOH\ WRZDUGV WKH IRUG RI WKH ULYHU
GLVWDQW WHPSOH KH PD\ KDYH JRQH WR YLVLW UHODWLYHV RU KH 9RODUDQGWKHVPDOOWRZQRI3RPPHYLOOH<RXDUHWLUHGDQG
PD\ EH HQJDJHG LQ DQRWKHU PLVVLRQ FDUU\LQJ D PHVVDJH FROGDQGLW
VDJRRGWLPHWRVWRS
VHHNLQJDVDJHRUZKDWHYHU7KHLPSRUWDQWWKLQJLVIRUWKH
'0WRSURYLGHWKHSOD\HUFKDUDFWHUZLWKDUHDVRQDEOHH[FXVH
IRUSDVVLQJWKURXJK3RPPHYLOOH
:KHQ\RXDUHUHDG\WRVWDUWUHDGWKHER[HGWH[WEHORZWR
WKHSOD\HU WRZQKLGLQJLY\JURZQUXLQVRQLWVFURZQ
<RX KDYH VSHQW WKH GD\ WUDYHOOLQJ WKURXJK WKH UROOLQJ KLOOV
DQG IDUPODQGV RI 9RVJRQH D SHDFHIXO UHJLRQ WKDW KDV EHHQ
VHWWOHGIRUJHQHUDWLRQV<RXKDYHSDVVHGWKURXJKWKLVDUHDRQ
VHYHUDORFFDVLRQVLQ\RXUFDUHHU7KHJUH\VNLHVDQGFKLOOLQJ
VKRZHUVRIHDUO\6SULQJKDYHEHHQZLWK\RXDOOGD\DQG\RX
DUHORRNLQJIRUZDUGWRDKRWPHDODQGDZDUPEHG
7KH 9RODU LV FROG DQG VZLIW DQG \RX OHDG \RXU KRUVH
DFURVV WKH IRUG DQG LQWR WKH WRZQ 3RPPHYLOOH LV D
SURVSHURXV YLOODJH DQG \RX FDQ VHH VWRUHV DQG FRWWDJHV WR
HLWKHUVLGHRIWKHURDG$VWHHSZRRGHGKLOOULVHVDERYHWKH
<RXVS\WKHZHOFRPHOLJKWRIDQLQQZLWKWKHVLJQRID
JUHHQ JULIIRQ SURXGO\ GLVSOD\HG )HZ SHRSOH DUH RXW DQG
DERXW EXW IURP LQVLGH WKH LQQ \RX FDQ KHDU YRLFHV LQ
FRQYHUVDWLRQDQGWKHFOLQNDQGFODWWHURIGLVKHV
7KHKHURFDQGRZKDWHYHUKHRU VKHZLVKHVEXWVKRXOGEH
HQFRXUDJHGWRVWRSDQGUHVWDWWKHLQQ,WZLOOEHYHU\KDUGWR
SUHVVRQLQWKHGDUN
 %HJLQQLQJWKH$GYHQWXUH
QHVVDQGGUL]]OH7KH3&PD\DOVRZDQWWRWU\6SHDNLQJWRD
9LOODJHU RUORRNLQJIRU 7KH6KULQHRI5HIOHFWLRQ
YH
7KH6LJQRIWKH*UHHQ*ULIIRQ
WWKLQNWKH\IRXQGDQ\WKLQJ
7KHLQQLVWKH*UHHQ*ULIIRQDUHDRQWKHPDS$WVRPH
SRLQWLQWKHHYHQLQJWKH3&VKRXOGHQGXSKHUHDVKHWULHVWR
VHFXUH D SODFH WR VWD\ IRU WKH QLJKW :KHQ WKH 3& DUULYHV
UHDGWKHWH[WEHORZ 6SHDNLQJWRD9LOODJHU
6KDNLQJ RII WKH FROG \RX KLWFK \RXU KRUVH DQGVWHSLQVLGH
7KHLQQ
VFRPPRQURRPLVFRPIRUWDEOHZLWKDGR]HQRUVR
YLOODJHUV DQG WUDYHOOHUV HQMR\LQJDURDULQJILUHDQGWDQNDUGV
RI DOH $ VKRUW EURDGVKRXOGHUHG PDQ ZLWK D GURRSLQJ
PXVWDFKH DSSURDFKHV ZLWK D VPLOH :HOFRPH WR WKH *UHHQ
*ULIIRQKHVD\V0\QDPHLV*HRUJH0DUVHWWHDQG,
PWKH
RVWOHU+DYHDVHDWE\WKHILUHDQG,
OOKDYHP\QHSKHZORRN
DIWHU\RXUKRUVH
7DNLQJDVHDW\RXORRNRYHUWKH FURZG0RVWDSSHDUWREH
YLOODJHUV²DWDOOPDQLQDVPLWK
VDSURQDEUDVK\RXQJPDQ <RX QRWH WKDW WKH SURSHU REVHUYDQFHV KDYH EHHQ NHSW EXW
GUHVVHGDVDFUDIWVPDQDSDLURIZHDWKHUHGROGIDUPHUV²EXW
\RX DOVR VHH D FRXSOH RI WUDYHOOHUV 2QH LV D KDQGVRPH
VROGLHU LQ XQLIRUP RQH LV D WRZHULQJ PRQN DQG D WKLUG
VEHHQD
DSSHDUVWREHDKDOIHOYHQWUDGHURUPHUFKDQWRIVRPHNLQG
,I WKH 3& LQTXLUHV DERXW WKH UXLQV RQ WRS RI WKH KLOOWKH
ORFDOV VKUXJ DQG VD\ VRPHWKLQJ WR WKH HIIHFW RI 7KH\
DOZD\V EHHQ WKHUH /DVW ZHHN D FRXSOH RI DGYHQWXUHUV
H[SORUHGWKHPEXW,GRQ
:KHQWKH3&UHWLUHVIRUWKHHYHQLQJJRRQWR3DUW2QH$
1LJKWRQWKH7RZQ
7KH 3& FDQ NQRFN RQ MXVW DERXW DQ\ GRRU LQ WRZQ DQG
PHHW WKH SHRSOH RI 3RPPHYLOOH 0RVW YLOODJHUV DUHIULHQGO\
DQG KHOSIXO DQG ZLOO GLUHFW WKH 3& WR WKH 6KULQH RI
5HIOHFWLRQ RU WKH 6LJQ RI WKH *UHHQ *ULIIRQ 1RQH RI WKH
YLOODJHUV NQRZ DQ\WKLQJ PRUH DERXW WKH UXLQV RU KDYH DQ\
VSHFLDOLQIRUPDWLRQWRSDVVRQ
7KH6KULQHRI5HIOHFWLRQ
$KHDG RI \RX ULVHV D VPDOO WHPSOH GHGLFDWHG WR \RXU GHLW\
,QVLGH\RXILQGDIHZZHOOSROLVKHGSHZVDQGDVLPSOHDOWDU
WKDWLWDSSHDUVWKDWIHZSHRSOHKDYHEHHQ KHUHUHFHQWO\,QD
IHZ PLQXWHV DQ DJHG SULHVW VKXIIOHV RXW WR JUHHW \RX
:HOFRPHZHOFRPHKHVD\VLQDZDUPYRLFH,W
ORQJWLPHVLQFHDQRWKHURIRXURUGHUYLVLWHGPH,DP%URWKHU
0RQWUHODQG,KDYHWHQGHGWKLVVKULQHIRUPDQ\\HDUV

7KH 3& FDQ WDON WR DV PDQ\ RI WKH WDYHUQ
V FXVWRPHUV DV 7KH WHPSOH KDV QR IDFLOLWLHV IRU YLVLWRUV VR %URWKHU
KH ZLVKHV EXW VLQFH QRWKLQJ XQXVXDO KDV KDSSHQHG LQ 0RQWUHOZLOORIIHUWRSXWWKH3&XSDWWKH*UHHQ*ULIIRQ+H
3RPPHYLOOH \HW WKH KHUR ZRQ
W KHDU DQ\WKLQJ DODUPLQJ RU LV GHVSHUDWH IRU QHZV RI WKH GRLQJV RI WKHFKXUFKDQGZLOO
GLVWXUELQJ 7KH VPLWK LV *ZDOPDL WKH EUDVK FUDIWVPDQ LV HDJHUO\ TXHVWLRQ WKH 3& FRQFHUQLQJ RWKHU SULHVWV DQG ELVK
/DUVWKHIDUPHUVDUH2ZHQDQGRQHRIKLVQHLJKERUVWKHVRO RSV0RVWRIWKHVHKDYHSDVVHGRQRUUHWLUHG,IWKH3&YLVLWV
GLHU LV &DSWDLQ 0LOHV WKH PRQN LV )ULDU 1LFKRODV DQG WKH 0RQWUHO EHIRUH WURXEOH VWDUWV WKHUH
V QRW PXFK IRU WKHP WR
WUDGHU LV 6KDQQD :KLWHORFN $V ORQJ DV WKH 3& LV FLYLO WKH WDONDERXWEHVLGHVJRVVLS0RQWUHOZLOOVKRZRIIKLVOLEUDU\
LQQ
V SDWURQV ZLOO KDSSLO\ DQVZHU DQ\ URXWLQHTXHVWLRQVDQG RIORFDOKLVWRU\
SDVVDORQJDIHZXQLPSRUWDQWUXPRUV 0RQWUHO NQRZV WKDW WKH UXLQV RQ WRS RI WKH KLOO DUH WKH
,I WKH 3& PHQWLRQV WKDW KH LV D SULHVW RU DVNV DIWHU ORFDO UHPDLQV RI DQ HYLO WHPSOH EXW KH EHOLHYHV LW WR EH VDIH
WHPSOHV RQH RI WKH 13&V ZLOO WHOO WKH 3& DERXW %URWKHU FKLOGUHQ RIWHQ VFDPSHU DQG SOD\ DURXQG WKH UXLQV ,W ZRQ
W
0RQWUHODQGWKH6KULQHRI5HIOHFWLRQIXUWKHUXSWKHURDG RFFXUWRKLPWRPHQWLRQWKHUXLQVXQOHVVDVNHG


 3DUW2QH$1LJKWRQWKH7RZQ
'XULQJ WKH QLJKW 1HGUH]DU DQLPDWHV WKH GHDG RI WKH 7KHKDOOZD\LVGDUNDQGILOOHGZLWKWKHVWHQFKRIWKHJUDYH
FHPHWHU\DQGVHQGVWKHPDJDLQVWWKHYLOODJH7KH'0VKRXOG <RXFDQVHHWKHRWKHUJXHVWVILJKWLQJIRUWKHLUOLYHVGUHVVHG
IHHOIUHHWRKDYHIXQZLWKWKLVVFHQH=RPELHVVKDPEOHDERXW RQO\LQQLJKWVKLUWVRUUREHV7KHWUDGHU6KDQQDLVWUDSSHGDW
DIWHU VFUHDPLQJ SDQLFNLQJ YLOODJHUV GUDJJLQJ WKHP RII LQ RQH HQG ILJKWLQJ RII WZR ]RPELHV DQG \RX FDQ VHH WZR
WHUURUWRDQXQNQRZQIDWH PRUH DW WKH RWKHU HQG RI WKH KDOO DWWDFNLQJ *HRUJH DQG KLV
7KH ILUVW HQFRXQWHU LV $ 5XGH $ZDNHQLQJ ZKLFK IDPLO\ <RX FDQ DOVR KHDU ILJKWLQJ LQ 1LFKRODV
 URRP EXW
DFWXDOO\ RFFXUV LQ WKH 6LJQ RI WKH *UHHQ *ULIIRQ $IWHU WKH 0LOHV
URRPLVGLVWXUELQJO\VLOHQW
3&ILJKWVRIIWKH]RPELHVLQWKHLQQJRRQWR 7KH:DONLQJ
'HDG 7KLVSDUWRIWKHDGYHQWXUHHQGVDVWKH]RPELHVUHWUHDW 7KH3&FDQHDUQDOOLHVE\DLGLQJ6KDQQDRUJHWWLQJWRWKH
LQ'DZQ
V(DUO\/LJKW ]RPELHLQ0LOHV
TXDUWHUVEHIRUHLWNLOOVWKHVOHHSLQJFDSWDLQ
1LFKRODVZLOOIROORZWKH3&LIWKHKHURPDNHVDQ\HIIRUWWR
$ 5XGH$ZDNHQLQJ UHFUXLWKLPRURUJDQL]HDGHIHQVH7KHUHLVQRWLPHWDEOHIRU
,QWKHPLGGOHRIWKHQLJKW1HGUH]DU
VXQGHDGPLQLRQVULVH ZKHQ WKH ]RPELHV EHJLQ WR VWULNH DQG NLOO YLFWLPV WKH '0
DQGKHDGWRZDUGVWKHYLOODJH7KH3&LVVOHHSLQJVRXQGO\LQ VKRXOGOHWSHRSOHGRZQ]RPELHVRUYLFHYHUVDIRUGUDPDWLF
KLVRUKHUURRPZKHQWKH]RPELHVDUULYH HIIHFWLQSRUWUD\LQJWKLVVFHQH
=RPELHV WKDW DUH VXFFHVVIXOO\ WXUQHG ZLOO UHWUHDW WR WKH
<RXDUHDZDNHQHGE\VFUHDPVLQWKHGLVWDQFH6LWWLQJXSLQ JUDYH\DUG
EHG \RX OLVWHQ DQG IRU D PRPHQW DOO \RX KHDU LV WKH
PRDQLQJRIWKHZLQGDQGWKHUXVWOLQJRIOHDYHV7KHQWKHUHLV *HRUJH0DUFRDQGIDPLO\ OHYHOKXPDQV
D SLHUFLQJ VKULHN IURP WKH KDOOZD\ DQG VRPHWKLQJ WKXPSV $&  09  KS  *HRUJH DQG 0DUFR RU  HYHU\RQH
DQGIXPEOHVDW\RXUGRRU HOVH$7'PJOGFOXE$/1
<RXVSULQJWR\RXUIHHWMXVWDVWKHGRRUJLYHVZD\,QWKH 7+$&2
GDUNQHVV\RXFDQPDNHRXWDKRUULEOHVKDPEOLQJIRUPWKDW
DGYDQFHVRQ\RXFODZVRXWVWUHWFKHG<RXUVWRPDFKWXUQVDW =RPELHV $&09+'KSHDFK
WKHVWLQNRIWKHWKLQJLQ\RXUURRP 7+$&2$7'PJOG6=0$/1;3HDFK

$ ]RPELH LV IRUFLQJ LWV ZD\ LQWR WKH URRP WR DWWDFN WKH $V WKH ODVW RI WKH KRUULG WKLQJV IDOO *HRUJH EODQFKHV DQG
3&7KHKHURKDVQRWKDGWLPHWRGRQDUPRUEXWKHPD\EH FULHVRXWLQGHVSDLU7KDWZDVP\XQFOH$QGWKHUH
V5HJLO
DEOHWRVHL]HDZHDSRQDQGDVKLHOGDWWKH'0
VGLVFUHWLRQ WKHIDUPHU7KH\ZHUHEXULHG\HDUVDJR
7KHUHLVDZLQGRZEHKLQGWKH3&
VEHGDQGLIKHZLVKHVWR 7KH VXUYLYRUV WXUQ DZD\ KRUULILHG E\ WKH JULVO\ VFHQH
KH FDQ OHDYH WKH URRP E\ WKDW PHDQV 7KH URRP LV RQ WKH 6XGGHQO\ \RX KHDU D ZKLQQ\ RI WHUURU IURP WKH LQQ
V
VHFRQGIORRUDQGWKHGURSZLOOLQIOLFWOGSRLQWVRIGDPDJH FRXUW\DUG*HRUJHGDVKHVSDVW\RXWRWKHZLQGRZDQGORRNV
2XWLQWKHKDOOWZR]RPELHVKDYH6KDQQDFRUQHUHGRQH RXWVLGH 7KH WRZQ 7KH GHDG DUH ZDONLQJ 7KHUH PXVW EH
]RPELH LV LQ &DSWDLQ 0LOHV
 URRP DQG DQRWKHU LVDWWDFNLQJ KXQGUHGVRIWKHP
%URWKHU1LFKRODV7ZRPRUHDUHLQWKHRVWOHU
VTXDUWHUVDQG
*HRUJH DQG KLV EURWKHU 0DUFR DUH YDOLDQWO\ WU\LQJ WR IHQG
WKHPRIIZKLOHWKHLUIDPLOLHVFRZHUEHKLQGWKHP 7KH:DONLQJ'HDG
2EYLRXVO\ WKLV LV D YHU\ JRRG WLPH IRU D KHUR WR VWHS
IRUZDUGDQGWDNHFKDUJHRIWKHVLWXDWLRQ


 3DUW2QH$1LJKWRQWKH7RZQ
,I WKH 3& LV WLPLG RU KHVLWDQW WKH '0 FDQ KDYH *HRUJH
6WUDWHJLHV
FKDUJHRXWRIWKHLQQWRGRVRPHWKLQJKLPVHOIZKLOH$XEUH\ 7KHUH DUH VHYHUDO EDVLF VWUDWHJLHV WKH 3& PD\ IROORZ LQ
VKRXWV IRU VRPHRQH WR JR DQG ORRN DIWHU KLP ,I WKH 3& GHIHQGLQJ WKH WRZQ IURP WKH DWWDFN RI WKH ]RPELHV ,I WKH
VLPSO\UXQVRXWWRVHHZKDW
VKDSSHQLQJWKHRWKHU13&VZLOO SOD\HU IHHOV RYHUZKHOPHG E\ WKH FKDRV DQG FRQIXVLRQ WKH
IROORZ '0FDQRIIHUDKLQWRUWZRWRJHWKLPPRYLQJDJDLQ6RPH
7KHUH DUH DERXW  ]RPELHV VKDPEOLQJ WKURXJK WKH RIWKHVWUDWHJLHVDUH
VWUHHWV RI 3RPPHYLOOH 7KH\ ZLOO FRQWLQXH WR WHUURUL]H WKH +XQWWKH+XQWHUV 7KH3&DVVHPEOHVDVPDQ\YLOODJHUV
WRZQ DOO QLJKW 7KH 3& PD\ FKRRVH WR GHDO ZLWK WKLV LQ D DVKHFDQDQGWULHVWRH[WHUPLQDWHWKH]RPELHV:KHQWKH3&
QXPEHU RI ZD\V GHVFULEHG LQ WKH 6WUDWHJLHV VHFWLRQ EHORZ VHHPVH[KDXVWHGWHOOKLPWKDWGDZQLVQHDUDQGWKHGHDGDUH
+HRUVKHPD\DOVRQHHGWRFROOHFWDTXLFNEDQGRI $OOLHV VORZO\PRYLQJRXWRIWRZQ
2QFH WKH 3& KDV GHFLGHG RQ D FRXUVH RI DFWLRQ WKH '0 %DUWKH'RRU 7KH3&WULHVWRJURXSWKHWRZQVSHRSOHLQD
ZLOOQHHGWRSUHVHQWVHYHUDOHQFRXQWHUVGXULQJWKHFRXUVHRI VLQJOHGHIHQVLEOHSODFH0RVWRIWKH13&VZLOOVXJJHVWWKH
WKH QLJKW LQFOXGLQJ 7KH 0D\RU
V %DQG &DUULHG 2II DQG 6KULQHRUWKH/RUG
V0DQRU$VWKHWRZQVSHRSOHDVVHPEOHD
7KH 6KULQH %HVLHJHG ,Q DGGLWLRQ WR WKHVH HQFRXQWHUV WKH PDVVLYHZDYHRI]RPELHVDWWDFNVWKHEXLOGLQJWKH\DUHLQ
'0 VKRXOG XVH 7KH 7KLUVW RI WKH 'HDG VHYHUDO WLPHV WR )OHH 7KH 3& WULHV WR JHW SHRSOH WR VDIHW\ E\ OHDGLQJ DQ
NHHSWKH3&RIIEDODQFHDQGIULJKWHQHG HYDFXDWLRQRIWKHWRZQ
$OOLHV 7KH7KLUVWRIWKH'HDG
7KH3&KDVVHYHUDOSRWHQWLDODOOLHVZLWKKLPDWWKHHQGRI 8VH WKLV HQFRXQWHU DV PDQ\ WLPHV DV QHFHVVDU\
$5XGH$ZDNHQLQJ 7KHVHDUH WKURXJKRXWWKHQLJKW(DFKWLPHDOWHUWKHH[DFWORFDWLRQDQG
*HRUJH DQG 0DUFR (LWKHU RI WKHVH WZR YLOODJHUV ZLOO 13&VLQYROYHG)RUH[DPSOHWKHVHFRQGWLPHWKLVHQFRXQWHU
FRPHZLWKWKH3&LIDVNHG+RZHYHURQHZLOOUHPDLQEHKLQG LV XVHG LW PD\ RFFXU LQ WKH GDUN DOOH\ZD\V E\ *HUDUG
V
WREDUWKHGRRUDQGZDWFKRYHUWKHZRPHQDQGFKLOGUHQ ZDUHKRXVHVDQGLWPD\EH*HUDUGKLPVHOIZKRLVLQGDQJHU
&DSWDLQ 0LOHV 7KH &DSWDLQ LQWHQGV WR JR RXW DQG ILJKW 7KHNH\WRWKLVSDUWRIWKHDGYHQWXUHLVWRNHHSWKHSOD\HU
]RPELHV EXW UHFRJQL]HV WKDW DVVHPEOLQJ D SDUW\ LV D YHU\ RQ WKH HGJH RI KLV VHDW EXW QRW WR ERUH KLP ZLWK HQGOHVV
JRRGLGHD,IWKH3&UHIXVHVWRWDNHFKDUJHRIWKHVLWXDWLRQ ZDYHV RI ]RPELHV %H FUHDWLYH DQG LQYHQWLYH LQ SUHVHQWLQJ
&DSWDLQ0LOHVZLOO+H
OODVNWKH3&WRJRZLWKKLPDQGKHOS WKHVH ]RPELH DWWDFNV DQG GRQ
W EH DIUDLG WR UHZDUG FOHYHU
KLPGHIHQGWKHWRZQ UROHSOD\LQJRUFRXUDJHRXVDFWLRQ
)ULDU1LFKRODV 1LFKRODVZDQWVWRGHIHQGWKHWRZQDQG
ZLOOIROORZDQ\OHDGHUZKRDVNVKLPIRUKLVKHOS+HZRXOG ,WLVFROGDQGZHWRXWVLGHZLWKDQHYLOPLVWULVLQJIURPWKH
SUHIHU WR OHW WKH 3& OHDG SRLQWLQJ RXW WKDW $V SULHVWV ZH JURXQG 7KHUH LV RQO\ D VOLYHU RI D PRRQ WRQLJKW DQG WKH
DUHEHVWVXLWHGIRUOD\LQJWKHVHGHDGWRUHVW VKDGRZVDUHGHHSDQGWKUHDWHQLQJ%XUVWLQJRXWRIWKHLQQ
V
6KDQQD ,WZLOOWDNHDIDLUSLHFHRIDUJXPHQWWRFRQYLQFH FRPPRQURRP\RXDUHKRUULILHGWRVHHGR]HQVRIPRDQLQJ
6KDQQD WKDW VKH VKRXOG ULVN KHU OLIH IRU WKH YLOODJHUV $ ]RPELHV SURZOLQJ WKURXJK WKH WRZQ $ YLOODJHU DFURVV WKH
SDUWLFXODUO\ FKDULVPDWLF RU ZHOOVSRNHQ DQG FRXUDJHRXV 3& URDGVFUHDPVDQGIDOOVEHQHDWKWKHFOXWFKLQJFODZVRIWKUHH
FDQZLQKHURYHU,IWKH3&FDQ
WH[SODLQWR6KDQQDZK\VKH RIWKHDZIXOWKLQJV(YHQDV\RXWDNHLQWKLVWHUULEOHVFHQH
VKRXOG MRLQ WKH EDQG VKH ZLOO ZDLW DQG ZDWFK RYHU WKH \RX UHDOL]H WKDW \RX PD\ EH QH[W 'DUN OHHULQJ IRUPV DUH
LQQNHHSHUV
IDPLOLHV FORVLQJLQRQ\RXIURPHYHU\GLUHF


 3DUW2QH$1LJKWRQWKH7RZQ
WLRQ <RX FRXQW KDOI D GR]HQ LQ D VLQJOH JODQFH ZLWK PRUH
VWDJJHULQJGRZQWKHURDGWRZDUGVWKHLQQ
YH VHHQ WKH
(LJKW]RPELHVDUHPRYLQJWRDWWDFNWKH3&DQGKLVDOOLHV
,I WKH FKDUDFWHU LV DUPHG WKH ]RPELHV VWULNH WR NLOO
RWKHUZLVHWKH\ZLOODWWHPSWWRJUDSSOHWKH3&DQGGUDJKLP
RIIWRIDFH1HGUH]DU,QVXEVHTXHQWHQFRXQWHUVWKHUHZLOOEH
G]RPELHVSUHVHQWDQG OGYLOODJHUV
W
FRPSDQLRQVDQG,ZLOOWU\WRPRYHHYHU\RQHLQWRWKHVKULQH
VR WKDW ZH FDQ GHIHQG WKHP DOO WRJHWKHU :H
FUHDWXUHV GUDJJLQJ SHRSOH RII WRZDUGV WKH QRUWKHDVW ZKHUH
WKH ROG JUDYH\DUG LV &DQ \RX DQG \RXU EDQG IROORZ WKHP
DQGWU\WRUHVFXHWKHSHRSOHZKRKDYHEHHQFDUULHGRII"
,IWKH3&DJUHHVJRWR &DUULHG2II ,IQRW1LFKROHZLOO
EH YHU\ GLVDSSRLQWHG DQG ZLOO QRW DLG WKH 3& LQ 3DUW 7ZR
6KHZLOOVFRZODQGPXWWHUVRPHWKLQJWRWKHHIIHFWRI'RQ
=RPELHV $&09+'KSHDFK WURXEOH \RXUVHOI WKHQ VSOLW KHU RZQ EDQG DQG LJQRUH WKH
7+$&2$7'PJOG6=0$/1;3HDFK 3&DQGKLVFRPSDQLRQV

7KH0D\RU
V%DQG &DUULHG2II
1LFKROH7KHQHXVHKHUEURWKHU7HUHQFHDQGDJURXSRIVL[ 7KH]RPELHVZHUHVHQWE\1HGUH]DUWREULQJKLPFDSWLYHV
DUPHG YLOODJHUV DUH DOVR ZRUNLQJ WR VDYH DV PDQ\ RI WKH WR IHHG XSRQ EXW WKHLU XQGHUVWDQGLQJ RI WKH RUGHUV ZDV
SHRSOH RI 3RPPHYLOOH DV WKH\ FDQ 7KLV HQFRXQWHU SURYLGHV OLPLWHG0DQ\RIWKH]RPELHVZHUHFRQVXPHGE\EORRGOXVW
WKH 3& ZLWK D FKDQFH WR PHHW 1LFKROH DQG VWHHUV WKHP RQFHWKH\UHDFKHGWKHWRZQDQGEHJDQWRPLQGOHVVO\DWWDFN
WRZDUGV7KH6KULQH%HVLHJHG DQ\WKLQJ WKDW PRYHG 2QO\ D IHZ UHPHPEHUHG WR FDSWXUH
'LVWDQW VFUHDPV DQG WKH VRXQGV RI ILJKWLQJ VWLOO UHDFK \RXU YLFWLPVIRUWKHLUPDVWHU1HGUH]DU
HDUVDV\RXSDXVHWRWDNHVWRFNRIWKHVLWXDWLRQ<RXUVPDOO 7KRVH ]RPELHV DUH EULQJLQJ WKHLU FDSWLYHV WR WKH
EDQG JDWKHUV DURXQG UHVWLQJ IRU D PRPHQW 6XGGHQO\ \RX JUDYH\DUG DQG KROGLQJ WKHP WKHUH ZKLOH 1HGUH]DU IHHGV
VLJKW D JURXS RI VWHDOWK\ VKDGRZV PRYLQJWRZDUGV\RXDQG 7KHXQGHDGSULHVWLVWKHUHDQLPDWLQJDFRUSVHZLWKKLVRZQ
\RXUFRPSDQLRQV VSLULW,QHIIHFWKLVVSLULWRFFXSLHVDERG\DQGWUDQVIRUPVLW
:KR JRHV WKHUH" FULHV D YRLFH LQ WKH GDUN 7KH LQWRDZLJKW
VKDGRZV FUHHS FORVHU DQG \RX VHH WKDW WKH\ DUH DUPHG
YLOODJHUVOHGE\DVWHUQIDFHGZRPDQZHDULQJOHDWKHUDUPRU 7KH ]RPELHV
 WUDLO LV QRWKDUGWRIROORZ7DWWHUVRIFORWKLQJ
2QH RI \RXU FRPSDQLRQV QXGJHV \RX 7KDW
V 1LFKROH DQGVSODWWHUVRIEORRGFOHDUO\VKRZWKHLUSDWK7KH\GUDJJHG
WKHPD\RUKHVD\V WKHLU YLFWLPV QRUWK DORQJ 3RPPHYLOOH
V PDLQ URDG DQG
WXUQHGRIIDWDZLQGLQJODQHWKDWOHDGVLQWRWKHZRRGV<RXU
1LFKROH LV D TXLHW DQG UHVHUYHG ZRPDQ EXW VKH ZLOO EH FRPSDQLRQVWHOO\RXWKDWWKHSDWKJRHVWRWKHFHPHWHU\
YLVLEO\ SOHDVHG WR ILQG DGYHQWXUHUV KHOSLQJ WKH SHRSOH RI $V\RXDSSURDFK\RXFDQPDNHRXWDQHHULHZLWFKOLJKW
3RPPHYLOOH6KHZLOOLQWURGXFHKHUVHOIDQGDVNWKH3&LIKH SXOVLQJ RYHU WKH JUDYH\DUG 7KH HOGULWFK IR[ILUH SOD\V RQ
KDVDQ\LGHDRIZKDW
VKDSSHQLQJRUZK\ WKH FROG VWRQHV DQG VLOKRXHWWHV D PDFDEUH VFHQH 7HQ
]RPELHV DUH VWDQGLQJ LQ D FLUFOH LQ WKH JUDYH\DUG
V FHQWHU
<RX
UH D SULHVW" *RRG 1LFKROH VD\V ,
OO QHHG WR WDON WR FOXWFKLQJILYHYLOODJHUVLQWKHLUILOWK\KDQGV
\RXZKHQWKLVLVILQLVKHG0\ ,Q WKH PLGGOH RI WKH ULQJ D WDOO DQG ZHOOSUHVHUYHG
]RPELHVWDQGVZLWKLWVKDQGVORFNHG


 3DUW2QH$1LJKWRQWKH7RZQ
DURXQG WKHKHDGRIDVKULHNLQJYLOODJHU(YLOOLJKWEXUQVOLNH 1RWHWKDW1HGUH]DU
VVSLULWFDQEHGULYHQRXWRIWKHFRUSVH
JUHHQ ILUH LQ WKH ]RPELH
V H\HV DQG ZLWK D PRDQ RI KHOOLVK LW LVDQLPDWLQJE\DGLVSHOPDJLFVSHOODQGSUHYHQWHGIURP
SOHDVXUH LW GUDLQV WKH OLIH IURP WKH KDSOHVV IDUPHU ZKRVH DSSURDFKLQJE\DSURWHFWLRQIURPHYLO VSHOO
DVKJUH\ FRUSVH WXPEOHV WR WKH JURXQG 7KH RWKHU]RPELHV
GUDJ D IUHVK YLFWLP EHIRUH WKH FUHDWXUH LQ WKH FHQWHU RI WKH 1HGUH]DU
V:LJKW)RUP $&09+'
ULQJ KS7+$&2$7'PJOG6$HQHUJ\GUDLQ6'
KLWRQO\E\VLOYHURURUEHWWHUPDJLFZHDSRQV6=0$/
/(;3
1HGUH]DUZLOONLOOWKHQH[WYLOODJHULQRQHURXQGLIWKH3&
GRHV QRW LQWHUYHQH 2QFH WKH 3& DQG KLV JURXS PDNH WKHLU
=RPELHV $&09+'KSHDFK
SUHVHQFH NQRZQ 1HGUH]DU ZLOO OHDG KLV PLQLRQV WR WKH 7+$&2$7'PJOG6=0$/1;3HDFK
DWWDFN 7KH YLOODJHUV ZLOO EH WHPSRUDULO\ IRUJRWWHQ DQG
TXLFNO\IOHHWKHVFHQH :KHQ1HGUH]DULVGHIHDWHGRUDOOWKH]RPELHVDUHGRZQHG
3ULHVWV VXIIHU D  SHQDOW\ WR WXUQ DWWHPSWV LQ 1HGUH]DU
V KH DEDQGRQV WKH FRUSVH KH LV DQLPDWLQJ DQG UHWXUQV WR KLV
LPPHGLDWH SUHVHQFH 7KH DQFLHQW SULHVW ZLOO JORDW DV KH WRPE +H ORVHV FRQWURO RI WKH ]RPELHV IRU RQH URXQG WKH
DWWDFNV WKH KHURHV KLVVLQJ WKUHDWV DQG SURFODLPLQJ KLV KHURHVPD\VWULNHZLWKDWRKLWDQGGDPDJHDQGWKHQUH
VWUHQJWK)RROV,KDYHPDVWHUHGGHDWKLWVHOI,VKDOOGULQNRI DQLPDWHVWKHP5HDGWKHIROORZLQJWH[W
\RXUVRXOVDQG\RXVKDOOVHUYHPHIRUDOOHWHUQLW\


 3DUW2QH$1LJKWRQWKH7RZQ
6XGGHQO\ WKH HYLO OLJKW IDGHV IURP WKH FRUSVH
V H\HV DQG LW $JURXSRIVL[YLOODJHUVDUPHGZLWKVWRQHVDQGFOXEVZLOO
VDJVWRWKHJURXQG$VSLQQLQJEDOORIJUHHQZLWFKILUHOHDSV KHOSWKH3&DQGKLVFRPSDQLRQVWRGHIHQGWKHPDLQJDWHRI
RXWRIWKHERG\DQGVWUHDNVDZD\WRWKHVRXWKGLVDSSHDULQJ WKHWHPSOH(DFKJURXSRI]RPELHVWULHVWRSXVKWKURXJK WKH
LQWKHWKLFNWDQJOHRIWUHHV7KHRWKHU]RPELHVVORZDQGVWRS GHIHQGHUV WR JHW DW WKH GHIHQVHOHVV SHRSOH MXVW LQVLGH $W D
VRPH HYHQ VLQN WR WKHLU NQHHV $IWHU D ORQJ SDXVH WKH FULWLFDO PRPHQW WKH WZR MXMX ]RPELHV PRYH LQ WR FRPPLW
]RPELHVDZDNHQDQGUHQHZWKHLUDWWDFN WKHPVHOYHVWRWKHDWWDFN
,I WKH 3& LV RXWVLGH DQG DWWDFNLQJ WKH ]RPELHV IURP WKH

7KH6KULQH%HVLHJHG
UHDUOG]RPELHVSHUURXQGZLOOWXUQDZD\IURPWKHWHPSOH
WRGHDOZLWKWKHKHURHV7KHYLOODJHUVLQVLGHZLOOEDUHO\KROG
$WVRPHSRLQWLQWKHQLJKW0D\RU7KHQHXVHDQGWKHRWKHU
YLOODJHUV ZLOO JDWKHU WKH VXUYLYRUV LQ WKH 6KULQH RI
5HIOHFWLRQ 7KH ]RPELHV PDVV DQG DWWDFN WKH VKULQH ,I WKH
3&KHOSHGWRJDWKHUWKHWRZQVSHRSOHDQGVWD\HGZLWKWKHP
KHLVLQVLGHWKHVKULQHZKHQWKHDWWDFNFRPHV2WKHUZLVHWKH
FKDUDFWHULVVRPHZKHUHRXWVLGHDQGZLOOEHDEOHWRLQWHUYHQH
E\ FRXQWHUDWWDFNLQJ IURP WKH UHDU 2QO\ UHDG WKH
SDUHQWKHWLFDOLQIRUPDWLRQLIWKH3&WUDYHOOHGWRWKHJUDYH\DUG
DQGIRXJKWZLWK1HGUH]DU
WKH ]RPELHV RII EXW ZLOO ORVH VHYHUDO PHQ LQ WKH SURFHVV
2QFHWKHKHURHVKDYHGLYHUWHGWHQRUPRUH]RPELHVIURPWKH
DWWDFN WKH MXMX ]RPELHV ZLOO PRYH WR WKH UHDU WR GULYH WKH
3&DQGKLVFRPSDQLRQVDZD\
7KH MXMX ]RPELHV ZHUH FUHDWHG ZKHQ 1HGUH]DU HQHUJ\
GUDLQHG WZRRIWKHYLOODJHUVWKDWZHUHFDSWXUHGDQGEURXJKW
WRKLP7KHDSSHDUDQFHRIWKHMXMX]RPELHVEULQJVFULHVRI
WHUURUIURPWKHLUIRUPHUIDPLOLHVDQGIULHQGV
9LOODJHUV  $&  09  OHYHO ILJKWHUV KS  HDFK
'R]HQVRI]RPELHVVXUURXQGWKHVPDOOWHPSOHPLOOLQJDERXW
7+$&2$7'PJOGFOXE
XQFHUWDLQO\ ,QVLGH PRUH WKDQ RQH KXQGUHG YLOODJHUV KDYH
JDWKHUHGWRPDNHWKHLUVWDQG&KLOGUHQZDLOLQIHDUDQGWKH
=RPELHV $&09+'KSHDFK
DEOHERGLHG PHQ RI 3RPPHYLOOH WDNH XS FOXEV RU KHDY\
7+$&2$7'PJOG6=0$/1;3HDFK
URFNVWRGHIHQGWKHLUIDPLOLHVIURPWKHJKDVWO\KRUGH
6XGGHQO\ WKH ]RPELHV OXUFK DQG WXUQ WRZDUGV WKH -XMX =RPELHV  $&  09  +'  KS  HDFK
WHPSOH ,Q WKH PLGGOH RI WKHLU UDQNV WZR KRUULEOH ILJXUHV 7+$&2  $7'PJG6'KLWRQO\E\RUEHWWHU
DSSHDU<RXUHFRJQL]HWZRRIWKHYLOODJHUVZKRZHUHNLOOHG PDJLF ZHDSRQV W\SH % DQG 3 FDXVH  GDPDJH VSHOO
LQWKHFHPHWHU\RUGHULQJWKHRWKHU]RPELHVWRDWWDFN7KHLU
H\HV EXUQ ZLWK HHULH JUHHQ ILUH DQG WKH\ DUH PXFK VZLIWHU
DQGVWURQJHUWKDQWKHOHVVHU]RPELHVDURXQGWKHP
V(DUO\/LJKW
VDFWLYLWLHVDUHDWDQ
,I WKH 3& LV LQVLGH WKH VKULQH IRU WKLV HQFRXQWHU WKH
]RPELHVSRXQGRQWKHGRRUIRUDIHZURXQGVXQWLOWKHGRRU
JLYHV ZD\ (DFK URXQG ILYH ]RPELHV HQWHU WKURXJK WKH
VKDWWHUHG JDWH 0RVW RI WKH YLOODJHUV DUH EXV\ IHQGLQJ RII
]RPELHV ZKR WU\ WR FOLPEWKURXJKWKHZLQGRZVRUFRPHLQ
WKURXJKWKHEDFNGRRURIWKHWHPSOH
LPPXQLWLHV6=0$/1(;3HDFK
'DZQ
$IWHUWKHVKULQHLVGHIHQGHGWKHQLJKW
HQG5HDGWKHWH[WEHORZ
([KDXVWHG DQG ZRXQGHG \RX DUH VXUSULVHG WR VHH WKH
]RPELHVVXGGHQO\JLYHXSWKHLUDVVDXOW7KHKRUULGWKLQJV
WXUQ DQG EHJLQ WR VWDJJHU DZD\ OHDYLQJ WKH WRZQ $OO
DURXQG\RXWKH]RPELHVKDYHJLYHQXSDQGDUHUHWXUQLQJ
WRWKHJUDYH\DUG<RXDUHTXLWHSX]]OHGE\WKLVXQWLO\RX
QRWLFHDURV\JORZLQWKHVN\WRWKHHDVW6XQULVHLVRQO\D
IHZPLQXWHVDZD\

 3DUW7ZR$*UDYH6LWXDWLRQ
,Q WKLV SDUW RI WKH DGYHQWXUH WKH 3& KHOSV WKH WRZQ
UHFRYHUIURPWKHDWWDFNDQGRUJDQL]HVDQH[SHGLWLRQWRORFDWH
DQG GHVWUR\ WKH VRXUFHRIWKHHYLOLQIOXHQFH,Q $IWHUPDWK
WKHKHURVXUYH\VWKHGDPDJHDQGLVDVNHGWRKHOSSXWDQHQG
WRWKHUHVWOHVVQHVVRIWKHGHDG,Q &ROOHFWLQJ$OOLHV WKH3&
FDQDVVHPEOHDJURXSRIIULHQGVDQGKLUHOLQJVWRKHOSKLPLQ
SDUHGWKLVWLPHDQGZLOOJDWKHULQDIHZHDVLO\GHIHQGHG
VWURQJSRLQWVWRILJKWRIIWKHDWWDFNV9HU\IHZSHRSOHZLOOEH
NLOOHG RU WDNHQ E\ WKH ]RPELHV LQ WKH WRZQ EXWWKHXQGHDG
ZLOO EHJLQ WR UDQJH DFURVV WKH ORFDO FRXQWU\VLGH VHHNLQJ
HDVLHU SUH\ 7UDYHOOLQJ DURXQG WKH WRZQ DQG LWV YLFLQLW\ E\
QLJKW ZLOO UHVXOW LQ UHSHDWHG HQFRXQWHUV ZLWK WKH ]RPELHV
KLVWDVN7KH ,QYHVWLJDWLRQV HQFRXQWHUFRYHUVWKHUHVXOWVRI VHH 7KH7KLUVWRIWKH'HDG
DQ\ UHVHDUFK RU H[SORUDWLRQ LQ WKH DUHD /DVWO\ 1HGUH]DU
V 7KH ]RPELHV UHVLVW PRVW DWWHPSWV DW GHVWUXFWLRQ (YHQ
&U\SW GHVFULEHVWKHUXLQVRIWKHDQFLHQWWHPSOH RQHV WKDW ZHUH NLOOHG RQ SUHYLRXV QLJKWV UHWXUQ WKH QH[W
7KH SOD\HU VKRXOG VWDUWLQWKH $IWHUPDWKHQFRXQWHUEXW GD\%OHVVLQJ WKHERGLHVZLOOKDYHQRHIIHFW,IWKH3&ZDQWV
DIWHU WKDW WKH FRXUVH RI DFWLRQ LV XS WR KLP ,I KH ZDQWV WR WRH[KXPHDQGEXUQRUGLVPHPEHUHYHU\ERG\LQWKHFHPH
LQYHVWLJDWHILUVWDQGFROOHFWDOOLHVODWHUWKDW
VKLVSUHURJDWLYH WHU\WKHIRONRI3RPPHYLOOHZLOOYHU\UHOXFWDQWO\IROORZKLV
8QWLO 1HGUH]DU
V FU\SW LV VHDOHG DJDLQ WKH ]RPELHV ZLOO RUGHUV DQG VHW DERXW WKH JULVO\ ZRUN² EXW QRWH WKDW
DZDNHQHDFKQLJKWZKHQWKHPRRQULVHV7KH\ZLOOFRQWLQXH 1HGUH]DUZLOOVWLOOEHIUHHWRZRUNPLVFKLHILQRWKHUZD\V
WRWHUURUL]HWKHWRZQZKLOHWKH3&WULHVWRILJXUHRXWKRZWR
OD\WKHPWRUHVW7KHSHRSOHRI3RPPHYLOOHZLOOEHSUH


 3DUW7ZR$*UDYH 6LWXDWLRQ
7KH$IWHUPDWK SXWDQHQGWRLW<RXIRXJKWFRXUDJHRXVO\RQ3RPPHYLOOH
V
$IWHU WKH VOHHSOHVV WHUURUILOOHG QLJKW PRVW RI WKH EHKDOIODVWQLJKWDQG,WKLQNZH
OOQHHG\RXUKHOSWRVHHXV
WRZQVSHRSOH EHJLQ WKH QHZ GD\ ZLWK D FRXSOH RI KRXUV RI WKURXJKWKLV
H[KDXVWHG VOXPEHU %\ PLGPRUQLQJ WKH YLOODJHUV ZLOO EH 7KH \RXQJ PDQ EHVLGH KHU VSHDNV ,
P 7HUHQFH
KDUGDWZRUNFOHDQLQJXSWKHEDWWOHVLWHVFRXQWLQJWKHGHDG 7KHQHXVH1LFKROH
VEURWKHU,
GOLNHWRKHOS\RXLI,FRXOG
DQG VWUHQJWKHQLQJ WKH GHIHQVHV RI WKHLU KRPHV DJDLQVW D
1LFKROHZRXOGSUHIHUWRDSSHDOWRWKH3&
VVHQVHRIGXW\
SRVVLEOH UHWXUQ RI WKH ]RPELHV 6FRXWV ZLOO FKHFN RQ WKH
EXW LI QHFHVVDU\ VKH ZLOO RIIHU D VXEVWDQWLDO UHZDUG XS WR
JUDYH\DUG DQG UHSRUW EDFN WKDW WKH ZDONLQJ GHDG RI WKH
V
SUHYLRXV QLJKW KDYH UHWXUQHG WR WKHLU JUDYHV DQG DUH
TXLHVFHQWLQWKHLUFRIILQVDQGPDXVROHXPV
$)ULHQGLQ1HHG
:KLOH WKH 3& LV RXW DQG DERXW VXUYH\LQJ WKH GDPDJH D
WDOO ERQ\ ODG UXQV XS DQG WXJV RQ KLV FORDN 3OHDVH P\
ORUGWKHER\FULHV0\PDLVKXUW&DQ\RXKHOSKHU"
7KH ER\ LV 5REHUW DQG KLV PRWKHU LV WKH WDQQHU 'DULDQ
6KHIRXJKWRIID]RPELHODVWQLJKWEXWZDVKLWDQGUHGXFHG
 JS IRU SURRI WKDW WKH FDXVH RI WKH SUHYLRXV QLJKW
WURXEOHVKDVEHHQIRXQGDQGGHDOWZLWK
,IWKH3&KDVQRLGHDZKHUHWREHJLQRUZKDWWRGRQH[W
1LFKROH VXJJHVWV WKDW KH ILQG D IHZ VWXUG\ PHQDWDUPV RU
DGYHQWXUHUV WR KHOS KLP RXW 1LFKROH FDQ UHFRPPHQG PRVW
RIWKH13&VWKDWDSSHDULQWKH &ROOHFWLQJ$OOLHV VHFWLRQ6KH
WKLQNV WKDW WKH 3& VKRXOG H[DPLQH WKH JUDYH\DUG ZKLFK LV
ZKHUHWKHWURXEOHVHHPHGWRVWDUW6KHPD\DOVRVXJJHVWWKDW
WKH3&YLVLW5HJLQDUGRU%URWKHU0RQWUHO
WRKLWSRLQWVRXWRIKHUQRUPDO,IWKH3&JRHVZLWKWKH
ER\DQGKHOSV'DULDQHLWKHUE\FDVWLQJFXUHOLJKWZRXQGVRU
&ROOHFWLQJ$OOLHV
7KHUHDUHDQXPEHURI13&VZKRFDQEHJDWKHUHGLQWRD
XVLQJ WKH KHDOLQJ QRQZHDSRQ SURILFLHQF\ WR WHQG WR KHU
WRXJK DGYHQWXULQJ SDUW\ LI WKH SOD\HU FKDUDFWHU WULHV WR JHW
LQMXULHVKHZLOOILQGWKDWKLVFKDULW\ZLOOKHOSZLQDOOLHV
WKHLU KHOS 7KH\ DUH DOO GHVFULEHG XQGHU WKH 13& VHFWLRQ
7KH0D\RU5HWXUQV HDUOLHULQWKHDGYHQWXUH
,IWKH3&KDVDFWHGKHURLFDOO\LQWKHGHIHQVHRIWKHWRZQ &HUHQH $YHUJQRQ &HUHQH LV UHFRPPHQGHG E\ 1LFKROH
1LFKROH 7KHQHXVH VHHNV KLP RXW DW VRPH SRLQW LQ WKH RQO\LIWKH3&KHOSHG5REHUW
VPRWKHU'DULDQ7KH3&PXVW
PRUQLQJ,IWKH3&UHVFXHGWKHYLOODJHUV ZKRZHUH &DUULHG YLVLW &HUHQHDWWKHPDQRUZKHUHKHZLOOILUVWHQFRXQWHUKHU
2II 1LFKROH LV PXFK ZDUPHU DQG PRUH UHVSHFWIXO RI WKH IDWKHU /RUG 7RPDV ,I WKH KHUR LV UHVSHFWIXO DQG VLQFHUH LQ
3&
VDELOLWLHVDQGZLOORIIHUDQ\KHOSWKDWVKHFDQLQWKH3&
V GHDOLQJ ZLWK 7RPDV DQG DVNLQJ IRU KHU KHOS &HUHQH ZLOO
LQYHVWLJDWLRQV RU LQ FROOHFWLQJ DOOLHV LQFOXGLQJ YROXQWHHULQJ DJUHHWRMRLQWKHSDUW\DVDIXOOSDUWQHU
7HUHQFH
VDVVLVWDQFH *ZDOPDLWKH6PLWK 0RVWYLOODJHUVNQRZWKDW*ZDOPDL
LV D JRRG PDQ LQ D ILJKW 7KH VPLWK UHPDLQV QHXWUDO
<RXDUHDSSURDFKHGE\WKHPD\RU1LFKROH7KHQHXVHDQGD FDUHIXOO\ FRQVLGHULQJ DQ RIIHU WR MRLQ DQG WKHQ UHSOLHV WKDW
VWUDSSLQJ \RXQJ IHOORZ ZKR EHDUV D IDPLO\ UHVHPEODQFH WR KH
OOQHHGWREHFRPSHQVDWHGIRUWDNLQJWLPHWRDLGWKH3&
KHU 1LFKROH
V IDFH LV VHW LQ D KDUG IURZQ DQG \RX FDQ VHH +HFDQEHKLUHGIRUJSSHUGD\
GHHSDQJHUVPROGHULQJLQKHUH\HV /DUV WKH $SSUHQWLFH 2QFH WKH 3& KDV DOOLHG ZLWK DW
%\ P\ FRXQW ZH ORVW VL[ SHRSOH ODVWQLJKWDQGGR]HQV OHDVW RQH 13& /DUV WUDFNV WKH KHUR GRZQ DQG GHPDQGV WR
PRUHZHUHLQMXUHGVKHVD\VTXLHWO\:HQHHGWRILQGRXW MRLQWKHSDUW\+HERDVWVWKDWKHLVWKHEHVWILJKWHULQWRZQ
ZKDWFDXVHGWKLVDQG


 3DUW7ZR$*UDYH6LWXDWLRQ
&DSWDLQ0LOHV 0LOHVMRLQVWKHSDUW\LIWKH3&SHUVRQDOO\
VDYHG KLV OLIH LQ $ 5XGH $ZDNHQLQJ DQG KH LV DVNHG WR
KHOS ,I WKH FDSWDLQ VXUYLYHG ZLWKRXW WKH 3&
V KHOS KH ZLOO ZLOO HYHQ WKLQN WR DVVRFLDWH WKH DUULYDO RI WKH DGYHQWXUHUV
EHJLQRUJDQL]LQJKLVRZQH[SHGLWLRQDQGDVNVWKH3&WRMRLQ
KLP
)ULDU1LFKRODV 7KHIULDUZLOODFFRPSDQ\WKH3&LIDVNHG
6KDQQD :KLWHORFN ,I WKH 3& DLGHG 6KDQQD LQ $ 5XGH
$ZDNHQLQJ VKHFDQEHSHUVXDGHGWRMRLQWKHSDUW\,IWKH3&
LJQRUHG KHU SOLJKW 6KDQQD UHDOL]HV WKDW WKH KHUR FRQVLGHUV
KHU H[SHQGDEOH DQG ZLOO RQO\ MRLQ LI WKH 3& LV H[WUHPHO\
SHUVXDVLYHDQGVLQFHUH
7HUHQFH 7KHQHXVH ,I WKH 3& VDYHG WKH YLOODJHUV LQ
&DUULHG 2II 1LFKROHZLOOYROXQWHHU7HUHQFH
VDVVLVWDQFH,I 7KH SHRSOH RI 3RPPHYLOOH HQMR\ WKH VWRULHV DQG PDJLF
WKHKHURGLGQRWKHOSWKHYLOODJHUV7HUHQFHZLOOMRLQLIWKH3&
FXUHG 'DULDQ 2WKHUZLVH 7HUHQFH ZLOO GHFLGH WR ZRUN
LQGHSHQGHQWO\
,QYHVWLJDWLRQV
2EYLRXVO\ WKHUH DUH D IHZ TXHVWLRQV WKDW WKH 3& PXVW
ILQG DQVZHUV WR LI 3RPPHYLOOH LV WR UHWXUQ WR QRUPDO :K\
GLG WKH ]RPELHV ULVH":KDWZHUHWKH\DIWHU"+RZFDQLWEH
VLQWHUHVWDQGDWWHQ
VWRSSHG"
7KHUHDUHVHYHUDOSODFHVWKDWWKH3&FDQJRWRILQGVRPH
DQVZHUV +H FDQ WDON WR 7KH 9LOODJHUV YLVLW 5HJLQDUG RU
%URWKHU 0RQWUHO VHDUFK 7KH *UDYH\DUG RU VHDUFK 7KH
5XLQV 7KHUH PD\ EH RWKHU VRXUFHV RI LQIRUPDWLRQ IRU D
UHVRXUFHIXOSOD\HUVXFKDVXVLQJDVSHDNZLWKGHDG VSHOOWR
TXHVWLRQD]RPELHRUPDNLQJXVHRIRWKHUGLYLQDWRU\PDJLF
7KH'0VKRXOGKDQGOHWKHVHVSHFLDOFDVHVDVWKH\DULVH
V KLVWRU\ EXW KH ZLOO
7KH9LOODJHUV
0RVWRIWKHYLOODJHUVNQRZOLWWOHPRUHWKDQWKH3&GRHV²
WKH\ZHUHDZDNHQHGLQWKHPLGGOHRIWKHQLJKWE\WKHDWWDFN
RI WKH ]RPELHV DQG KDYH QR LGHD ZKDW FDXVHG WKH GHDG WR
ULVH 0DQ\ RI WKH YLOODJHUV DUH VWULFNHQ ZLWK JULHI DW WKH
GHDWKVRIIULHQGVRUORYHGRQHV
,I WKH 3& WDNHV VHYHUDO KRXUV WR VSHDN WR SHRSOH DQG
LQWHUYLHZ WKHP DW OHQJWK KH ZLOO FRPH XS ZLWK D OLWWOH
LQIRUPDWLRQ7KHRQO\WKLQJWKDWVHHPVWRKDYHEHHQXQXVXDO
LQ3RPPHYLOOHRYHU

WKH ODVW IHZ GD\V ZDV WKH DUULYDO RI D VPDOO EDQG RI
DGYHQWXUHUVOHGE\D\RXQJSULHVWQDPHG*LOHV)HZSHRSOH
ZLWKWKHULVHRIWKH]RPELHV
*LOHVDQGKLVIULHQGVH[SORUHGWKHUXLQVRQWKH&DLUQDQG
IRXQGVRPHWKLQJRILQWHUHVWEXWWKH\GLGQRWVSHDNWRDQ\RI
WKHWRZQVSHRSOHDERXWWKHLUGLVFRYHU\DQGURGHRIIWKHQH[W
GD\7KHYLOODJHUVNQRZWKDW*LOHVDQGKLVEDQGZHUHKHDGHG
IRU WKH YLOODJH RI $UGHQ DERXW HLJKW PLOHV WR WKH HDVW RI
3RPPHYLOOH
5HJLQDUG
WULFNVRIWKHLUORFDOZL]DUGWKHYHQHUDEOH5HJLQDUG,IWKH3&
DVNV WKH YLOODJHUV DERXW SHRSOH ZKR PLJKW NQRZ DERXW
PDJLF RU ]RPELHV KH ZLOO EH UHIHUUHG WR 5HJLQDUG ZKR
NQRZVMXVWDERXWHYHU\WKLQJDVWKHYLOODJHUVVD\
5HJLQDUG FDQ EH IRXQG LQ KLV WRZHU ZKHUHKHKDVVSHQW
WKH GD\ VFU\LQJ DQG WU\LQJ WR LGHQWLI\ WKH PDJLF WKDW ZDV
XVHGWRDQLPDWHWKH]RPELHV+HLVDSOHDVDQWDQGFKDWW\ROG
IHOORZZKRVLQFHUHO\DSSUHFLDWHVWKH3&
WLRQ
5HJLQDUG FDQ WHOO WKH KHUR WKDW WKH ]RPELHV ZHUH
FRQWUROOHG E\ SRZHUIXO DQLPDWH GHDG PDJLF +H EHOLHYHV
WKDWQRRUGLQDU\VSHOOFDVWHUFRXOGUDLVHVXFKDODUJHQXPEHU
RI]RPELHVDWRQFHDQGVXVSHFWVWKHLQIOXHQFHRIVRPHNLQG
RI PDJLFDO DUWLIDFW +H WKLQNV WKDW WKH OLIHGUDLQLQJ ]RPELH
ZDVDQRUPDOFRUSVHLQKDELWHGE\DQHYLOVSLULWRIVRPHVRUW
DQGWKHQDEDQGRQHG
5HJLQDUG NQRZV D OLWWOH RI WKH DUHD
UHIHU WKH 3& WR %URWKHU 0RQWUHO +H KDV D VXUSULVLQJO\
FRPSOHWH OLEUDU\ DIWHU DOO <RX VKRXOG DVN KLP DERXW WKH
UXLQV
%URWKHU0RQWUHO
7KHDJHGSULHVWLVPRUHWKDQKDSS\WRRIIHUDQ\DVVLVWDQFH
SRVVLEOHWRWKH3&+HKDVVSHQWPRVWRIWKHGD\WHQGLQJWR
WKHLQMXUHGDVEHVWKHFDQDQGUHLQWHUULQJWKH]RPELHVZKR
ZHUHGHVWUR\HGLQWKHWRZQ+HKDVQRLGHDZKDWPD\KDYH
FDXVHGWKH]RPELHVWRULVHEXWKHLVVXVSL
 3DUW7ZR$*UDYH6LWXDWLRQ
FLRXVRIWKHDGYHQWXUHUVZKRFDPHWKURXJKWKHYLOODJHDQG VPDVKHG IURP WKH LQVLGH KHDY\ PDUEOH VODEV KDYH EHHQ
WKHLUVHDUFKRIWKHUXLQV SXVKHGDVLGHYDXOWGRRUVKDQJRSHQRQWKHLUKLQJHVDQG
VR RQ ,W ZLOO WDNH D FRQFHUWHG HIIRUW WR UHEXU\ DOO WKH
0RVWSHRSOHKHUHGRQ
WNQRZLWEXWWKDWSODFHKDVDQHYLO
WRZQ
VGHDGDQG\RX
UHQRWVXUHWKDWUHLQWHUPHQWZLOOVWRS
KLVWRU\$ERXW\HDUVDJRLWZDVDSRZHUIXOHYLOWHPSOH
WKHPIURPZDONLQJDJDLQ
WKDW ZDV GHVWUR\HG E\ WKH .LQJ
V PHQ 7KH UXLQV VHHPHG
<RX DUH JHWWLQJ UHDG\ WR OHDYH ZKHQ \RX QRWLFH
KDUPOHVV HQRXJK EXW , VXSSRVH WKDW PD\EH *LOHV DQG KLV
VRPHWKLQJ RGG²WKHUHLVDQROGZHDWKHUHGYDXOWWKDWKDV
IULHQGV GLVWXUEHG VRPHWKLQJ WKDW VKRXOG KDYH EHHQ OHIW
QRW EHHQ RSHQHG ,Y\ JURZV RYHU WKH ZDOOV DQG WKH GRRU
DORQH
VHHPVWREHVKHDWKHGRUSODWHGLQJUHHQEURQ]H
%URWKHU 0RQWUHO
V FROOHFWLRQ RI WH[WV DQG VFUROOV
,IWKH3&VHDUFKHVWKHJURXQGDURXQGWKHGRRUZD\KDYH
FRQFHUQLQJWKHKLVWRU\RIWKHDUHDFDQEHVZLIWO\SHUXVHGLQ
WKH FKDUDFWHU PDNH D :LVGRP RU ,QWHOOLJHQFH FKHFN
OGKRXUVZLWKDVXFFHVVIXOUHDGLQJSURILFLHQF\FKHFNRU
ZKLFKHYHULVKLJKHU,IWKH3&VXFFHHGVKHQRWLFHVWKDWWKH
OG KRXUV LI WKH FKHFN IDLOV 7KH 3& OHDUQV RI
GRRU KDV EHHQ RSHQHG WKHUH DUH IUHVK VFUDSH PDUNV RQ WKH
3RPPHYLOOH
VKLVWRU\VHHSDJHDQGDOVROHDUQVWKDW%LVKRS
JURXQGDQGWKDWVHYHUDOSHRSOHKDYHHQWHUHGDQGH[LWHGWKH
$VWDUD 7UXHKHDUW D OHDGHU RI WKH YLFWRULRXV DUP\ VHW KLV
YDXOW
VHDOXSRQWKHFU\SWRIWKH+LJK3ULHVW1HGUH]DU
7KHGRRULVORFNHGEXWWKHORFNFDQEHSLFNHGE\DWKLHI
7KH*UDYH\DUG ZLWK D VXFFHVVIXO 2SHQ /RFNV DWWHPSW 7KH GRRU LV YHU\
7KHWRZQ
VJUDYH\DUGLVOLWWHUHGZLWKWKHVFDWWHUHGERGLHV VWXUG\ DQG FKDUDFWHUV WU\LQJ WR IRUFH LW UROO DV LI WKH GRRU
RI WKH ]RPELHV 6RPH KDYH UHWXUQHG WR WKHLU FU\SWV RU ZHUHEDUUHG
PDXVROHXPV RWKHUV KDYH EXUURZHG LQWR WKHLU RZQ VKDOORZ
7KHFU\SWLVYHU\GDUNDQGPROG\DQGVHHPVIDUROGHUWKDQ
JUDYHV ZKLOH GR]HQV PRUH VLPSO\ FROODSVHG RQFH WKH\
WKH RWKHUV \RX KDYH LQYHVWLJDWHG WRGD\ 7KH FHLOLQJ LV ORZ
UHDFKHGWKHFHPHWHU\,WLVDKRUULEOHVLJKW
DQG WKH VWRQH IORRULQJ LV FUDFNHG DQG XQHYHQ %ODFN PXG
1RQHRIWKH]RPELHVZLOOUHVSRQGWRDQ\DWWDFNRUDFWLRQ
RR]HVLQWKHMRLQWVDQGFUDFNVRIWKHVWRQHGUHVVLQJ7RHLWKHU
GXULQJ WKH GD\ :LWKRXW 1HGUH]DU
V PDJLF WKH\ DUH RQO\
VLGH FREZHEIRXOHG EXULDO QLFKHV KROG WKH PROGHULQJ
FRUSVHV 7KH 3& FDQ GHVWUR\ G ]RPELHV SHU KRXU E\
UHPDLQVRIDQFLHQWZDUULRUVLQUXVWHGKDXEHUNVRIPDLO
GLVPHPEHULQJ RU EXUQLQJ WKH ERGLHV SURYLGHGKHKDVVRPH
$W WKH EDFN RI WKH FU\SW \RX FDQ VHH DQ XQXVXDOVLJQRU
DVVLVWDQFH
VHDORIVRPHNLQGJOLQWLQJLQWKHZHDNGD\OLJKW
7KHUHLVQRVLJQRIWKHFUHDWXUHWKDWWKH3&VDZGXULQJWKH
&DUULHG 2II HQFRXQWHU $ VHDUFK RI WKH WRPEV DQG YDXOWV
,IRQHRUPRUHFKDUDFWHUVHQWHUWKHFU\SWWRH[DPLQHWKHVHDO
ZLOOUHTXLUHDFRXSOHRIKRXUVWKH'0LVHQFRXUDJHGWRUROH
FRQWLQXHZLWKWKHWH[WEHORZ
SOD\DFRXSOHRIWKHVHMXVWWRSXWWKH3&RQKLVJXDUG2QFH
WKH 3& KDV EHHQ LQ WKH JUDYH\DUG IRU D WLPH UHDG WKH WH[W <RX FUHHS FORVHU WU\LQJ WR VHH ZKDW NLQG RI HPEOHP
EHORZ ZDWFKHV RYHU WKH ZDUULRUV
 UHVW <RX KHDU DQ RGG FUHDNLQJ
VRXQG DQG ZKLUO MXVW LQ WLPH WR VHH WKH EURQ]H GRRU VODP
<RXKDYHVHDUFKHGWKURXJKWKHJUDYH\DUGIRUDQKRXURUVR
VKXW7KHGDUNQHVVLVWRWDODQGDV\RXKXUU\WRVWULNHDOLJKW
H[DPLQLQJ FU\SWV DQG RSHQHG JUDYHV (YHU\WKLQJ \RX KDYH
\RXKHDUWKHUXVWOHDQGFOLQNLQJRIUXVW\PDLODOODURXQG\RX
VHHQLVFRQVLVWHQWZLWKWKHULVLQJRIWKH]RPELHVXQGHUVRPH
PDJLFDOLQIOXHQFH²FRIILQVDUHVSOLQWHUHGDQG


 3DUW7ZR$*UDYH6LWXDWLRQ
7KHHPEOHPDWWKHEDFNRIWKHFU\SWLVDODUJHGHFRUDWLYH LQWHUHVWLQWKHUXLQV²DSDUWLDOO\H[FDYDWHGKDOORUEDVHPHQW
EDVUHOLHI RU HPERVVPHQW RI WKH DQFLHQW WHPSOH
V VHDO ,W ZLWK D ZRRGHQ ZLQFKIUDPH DQG HYLGHQFH RI D FDPSVLWH
FRQFHDOV D VHFUHW GRRU WKDW OHDGV WR 7KH 7HPSOH $ YHU\ $SSDUHQWO\ WKLV LV WKH VLWH RI WKH SUHYLRXV DGYHQWXUHUV

REVHUYDQW3&ZLOOQRWHWKHWUDFNVLQWKHPXGDQGPROGRIWKH H[SORUDWLRQV
FU\SWOHDGLQJXSWRWKHHPEOHP1HGUH]DUXVHVWKLVHQWUDQFH
WREULQJYLFWLPVWRKLVFKDPEHUVDQGLVWU\LQJWRGLVFRXUDJH 7KH H[FDYDWLRQ WKDW *LOHV ZDV ZRUNLQJ RQ LV D ODUJH
WKH3&IURPIXUWKHULQYHVWLJDWLRQ H[SRVHG IRXQGDWLRQ $ ZRRGHQ IUDPH VWDQGV RYHU WKH RSHQ
7KH DQFLHQW SULHVW XVHG KLV SRZHUV RI WHOHNLQHVLV WR VODP EDVHPHQWDQGDZRRGHQODGGHUOHDGVGRZQLQWRWKHZRUNLQJ
WKHGRRUVKXWEHKLQGWKHH[SORUHUV1HGUH]DUZDQWVWRWUDSDV DUHD ,W DSSHDUV WKDW WKH H[SORUHUV OHIW LQ D KXUU\ +HDSV RI
PDQ\SHRSOHDVKHFDQEXWKH
OOVHWWOHIRUJHWWLQJRQHRUWZR UXEEOHVXUURXQGDGDUNVWDLUZD\OHDGLQJGRZQ:KHQWKH3&
2QFHWKHGRRULVVKXWKHDQLPDWHVWKHVNHOHWRQVRIWKHGHDG DQGKLVJURXSGHVFHQGWKHVWDLUVJRRQWR 7KH7HPSOH
WHPSOH JXDUGV DQG GLUHFWV WKHP WR DWWDFN WKH WUDSSHG
7KH7HPSOH
FKDUDFWHUV
7KH &DLUQ LV KRQH\FRPEHG ZLWK SDVVDJHV WKDW ZHUH
6NHOHWRQV $&FKDLQPDLOKDXEHUNV09+'
KSHDFK7+$&2$7'PJOG6=0$/1;3
V IDOO QR
HDFK
,IWKHSDUW\SURFHHGVWKURXJKWKHVHFUHWGRRUJRRQWR 7KH
7HPSOH
7KH5XLQV
2Q WRS RI WKH &DLUQ DUH WKH UHPDLQV RI 1HGUH]DU
V GHEULV
IRUWUHVV WKH HYLO 7HPSOH RI 0DXU 7KH WHPSOH ZDV UD]HG DW
WKH HQG RI WKH ZDUV WKDW UDYDJHG WKH NLQJGRP ORQJ EHIRUH
3RPPHYLOOH
VIRXQGLQJDQGWKHUXLQVDUHQRPRUHWKDQDIHZ FDQ PDNH \RXU ZD\ GRZQ ZLWK FDUH 7KH DLU LV FROG DQG
ZHDWKHUHG VWRQHV DQG EURNHQ ZDOOV ,Y\ JURZV RYHU WKH
UXEEOHDQGVPDOODQLPDOSDWKVOHDGKHUHDQGWKHUHRQWRSRI
WKHKLOO7KHIRONRI3RPPHYLOOHOLNHWRFRPHXSWRWKHUXLQV
IRUWKHYLHZDQGWKHVXQVKLQH
$IWHU D VKRUW VFUDPEOH XS WKH VWHHS EUDPEOHJURZQ
KLOOVLGH\RXUHDFKWKHWRSRIWKH&DLUQ7KHWRZQLVVSUHDG
RXWEHORZ\RXDQG\RXFDQIROORZWKHVLOYHUULEERQRIWKH
9RODUIRUPLOHVEHIRUHLWGLVDSSHDUVDURXQGDEHQG
7KHUXLQVOLHDURXQG\RXFRYHUHGLQPRVVDQGLY\$W
ILUVW JODQFH WKH\ GR QRW VHHP XQXVXDO&KLOGUHQ
VJUDIILWL FKDPEHUVDQGDVHWRIORZVWHSVWRWKHULJKWWKDWOHDGVXS
LVVFUDZOHGLQVHYHUDOSODFHV6SUHDGLQJRXWWRVHDUFKWKH
VLWH\RXFRPHDFURVVWKHHYLGHQFHRIDPRUHVHULRXV

FUHDWHGZKHQWKH7HPSOHRI0DXUZDVDFWLYH6LQFHPRVWRI
WKH SDVVDJHV KDYH EHHQ VHDOHG VLQFH WKH WHPSOH
QDWXUDOPRQVWHUVKDYHFUHSWLQWRPDNHODLUVKHUH+RZHYHU
WKHUH DUH VRPH WUDSV DQG WULFNV WKDW WKH 3& VKRXOG EHZDU\
RI
0RVW RI WKH GXQJHRQ LV PDGH RI VWRQHGUHVVHG FRUULGRUV
WKDW DUH LQ JRRG VKDSH $ IHZ VPDOO LQVHFWV FDQ EH IRXQG
VXFK DV VSLGHUV DQG FHQWLSHGHV EXW WKHUH LV OLWWOH GHFD\ RU
7KH VWDLUV DUH VWLOO FKRNHG ZLWK UXEEOH DQG GHEULV EXW \RX
GDPS DQG WKH PXVW\ VPHOO RI DJH LV WKLFN LQ \RXU QRVWULOV
<RX ZLQG GRZQ  WR  IHHW EHIRUH WKH VWDLUZD\ HQGV
RSHQLQJLQWRDGDUNFRUULGRU
7KH/RZHU+DOO
7ZR RSHQ FKDPEHUV DUH MRLQHG E\ D QDUURZ SDVVDJHZD\
7KH VWDLUV \RX IROORZHG EURXJKW \RX LQWR WKH MRLQLQJ
SDVVDJHEHWZHHQWKHWZRURRPV$QRWKHUVHWRIVWDLUVOLNH
WKH RQH \RX MXVW GHVFHQGHG KHDGV EDFN XS LQWR GDUNQHVV
DFURVV WKH KDOO <RX FDQ VHH VHYHUDO GRRUV LQ WKH RXWHU
WR D JUHDW GRXEOHGRRU $Q XQXVXDO VHDO RU V\PERO LQ WKH
VKDSH RI D FRLOLQJ GUDJRQ LV HPEOD]RQHG DFURVV WKH
GRRUZD\
 3DUW7ZR$*UDYH6LWXDWLRQ
7KH IORRU RI WKLV URRP LV OLWWHUHG ZLWK VHYHUDO VNHOHWRQV DQGWKHFKDUDFWHUZLOOVXIIHUGGDPDJHDVKHIDOOVIHHW
DQGDIHZELWVDQGVFUDSVRIDUPRUDQGZHDSRQU\7KHZDOOV LQWRWKHERWWRPRIWKHZHOO
DUHOLQHGZLWKVHYHUDOUXLQHGWDSHVWULHVEURNHQVFRQFHVDQG
VRLOHG EDQQHUV ,Q RQH FRUQHU WKHUH LV D QHZ ODQWHUQ ZLWK  6DFULVW\
IODVNV RI RLO EHVLGH LW D 
 FRLO RI URSH  SLWRQV DQG D 6SOLQWHUHG IXUQLWXUH DQG KHDSV RI GHEULV ILOO WKLV URRP $W
VPDOO KDPPHU 7KH HTXLSPHQW ZDV OHIW E\ *LOHV DQG KLV RQH WLPH D URZ RI ZRRGHQ SHJV DORQJ WKH ZDOO SUREDEO\
IULHQGV KHOG D QXPEHU RI GDUN KRRGHG UREHV EXW WKH SHJV KDYH
7KHUHLVQRWKLQJHOVHRILQWHUHVWKHUH GLVLQWHJUDWHGDQGWKHUREHVDUHVPDOOSLOHVRIURWWHQFORWKRQ
WKHIORRU$JDLQVWRQHZDOOWKHUHDUHVHYHUDOVDFNVRIURWWHQ
:HOO5RRP JUDLQDQGWKHVRXUVPHOORIROGYLQHJDUILOOVWKHURRP
7KLV FKDPEHU VHHPV WR KDYH EHHQ WKH ZHOO IRU WKH IRUWUHVV 5XPPDJLQJDURXQGWKHROGVDFNVRIJUDLQZLOOWXUQXSD
DERYH$ULFNHW\ZRRGHQIUDPHDQGVHYHUDOVPDVKHGSDLOVOLH QHVWRIJLDQWFHQWLSHGHV7KHSHUVRQZKRVHDUFKHGWKHJUDLQ
EHVLGH D GDUN ZHOO OLQHG E\ D ORZ ZDOO RI EULFN <RX FDQ VDFNV VXIIHUV D  SHQDOW\ WR KLV RU KHU VXUSULVH FKHFN 7KH
KHDUWKHGULSSLQJRIZDWHUIURPVRPHZKHUHIDUEHORZ FHQWLSHGHV FDQ VFXWWOH WKURXJK DUHDV RWKHUZLVH FKRNHG E\
7KH IUDPHZRUN LV WRR ZHDN WR VXSSRUW DQ\ ZHLJKW LI D UXEEOH DQG RFFDVLRQDOO\ VFDYHQJH WKURXJK WKH GXQJHRQ IRU
FKDUDFWHUWULHVWRVHFXUHDURSHWRLWWRH[SORUHWKHZHOOWKH IRRG
IUDPHZRUNZLOOFROODSVH ,QWKHSRFNHWVRIRQHRIWKHUREHVLVDJROGHQ


 3DUW7:2$*UDYH6LWXDWLRQ
PHGDOOLRQ ZRUWK  JS ,W IHDWXUHV D VPDOOHU YHUVLRQ RI WKH
FRLOHGGUDJRQVHDO7KHUHLVDVHFUHWGRRUORFDWHGLQWKHHDVW
ZDOO
VWUHQJWKGUDLQ6'RUEHWWHUZHDSRQWRKLW6=0$/&(
;3HDFK
7KH ZDUULRU VWDWXH WR WKH QRUWK KDV D FRQFHDOHG
*LDQW&HQWLSHGHV $&09KS FRPSDUWPHQWLQLWVFKHVW7KHVWDWXHLVPRUHWKDQWHQIHHWWDOO
7+$&2$7'PJQLO6$SRLVRQ6=7$/1;3
HDFK
7KH/RZHU6KULQH
7KHGRXEOHGRRUVOHDGLQJWRWKLVFKDPEHUDUHSURSSHGRSHQ
E\ D VKLQ\ QHZ KHOPHW ,QVLGH \RX VHH D ODUJH URRP ZLWK
GHHS QLFKHV DORQJ WKH ZDOOV DQG D GDUN DOWDU DW WKH IDU HQG
V ZKR ZDQWHG D SODFH WR VWDVK VRPH HPHUJHQF\
7KHIORRULVWLOHGZLWKDPRVDLFGHSLFWLQJWKHFRLOHGVHUSHQW
RU GUDJRQ HPEOHP RI WKH ROG WHPSOH 2YHUKHDG D JURLQHG
YDXOWVXSSRUWVDFHLOLQJIHHWDERYHWKHIORRU
VFU\SW7KHWRSRIWKHDOWDUVOLGHVDVLGHWRUHYHDOD
7KH QLFKHV FRQWDLQ JURWHVTXH VWDWXHV RI KRUULI\LQJ
FUHDWXUHVZLWKIDQJILOOHGPDZVDQGYLFLRXVVSLNHV7KHDOWDU
VLWV RQ D UDLVHG GDLV DQG LV GHFRUDWHG ZLWKVLQLVWHUFDUYLQJV
DQGKXPDQVNXOOV)ODQNLQJWKHDOWDUDUHWZRLURQEUD]LHUV,Q
WKHFRUQHUVRIWKLVHYLOVKULQHVWDQGWZRWDOOHUVWDWXHVRI GDUN
DUPRUFODGZDUULRUV
7KLV FKDPEHU ZDV RQFH D KLGGHQ VKULQH IRU WKH ODUJHU
WHPSOH DERYH ,W ZDV XVHG E\ D VHOHFW FLUFOH RI 1HGUH]DU
V 7KH VHFUHW GRRU LQ WKH QRUWKHUQ QLFKH LV RSHQHG E\
SULHVWV 7KH VWDWXHV DUH WKUHDWHQLQJ EXW KDUPOHVV 7KH
PRVDLFRQWKHIORRULVQRW²LIDJRRGDOLJQHGFKDUDFWHUVHWV
IRRW RQ WKH VHUSHQW HPEOHP  FKDQFH IRU DQ\RQH
 SDVVDJHZD\ FRQQHFWV WKLV
HQWHULQJ WKH URRP XQOHVV WKH 3& VWDWHV WKDW WKH\ DUH
VRDFKDUDFWHUZRXOGDFWXDOO\KDYHWRFOLPERQWRWKHVWDWXHWR
ILQG WKH FRPSDUWPHQW ,QVLGH LV D SRXFK FRQWDLQLQJ VL[
HPHUDOGV ZRUWK  JS HDFK WZR VWDU RSDOV ZRUWK  JS
HDFK D VFUROO ZLWK FXUH VHULRXV ZRXQGV QHXWUDOL]H SRLVRQ
UHPRYH SDUDO\VLV DQG GLVSHO PDJLF RQ LW DQG D ULQJ RI
SURWHFWLRQ 7KHFDFKHZDVSODFHGWKHUHE\DQXQGHUOLQJRI
1HGUH]DU
VXSSOLHV
7KH DOWDU DOVR FRQFHDOV D VHFUHW GRRU WKDW OHDGV WR
1HGUH]DU
VWDLUZD\OHDGLQJGRZQ7KHGRRULVWULJJHUHGE\WKHVNXOOV²
WKHVHDUFKHUPXVWSUHVVWKHUHDUWZRVNXOOVGRZQWRJHWKHUWR
RSHQ WKH GRRU 7KH IURQW VNXOOV HDFK FRQFHDO D SRLVRQHG
QHHGOHWKDWZLOOSULFNDQ\RQHZKRKDQGOHVWKHVNXOOZLWKEDUH
KDQGV7KHSRLVRQLVW\SH%DQGFDXVHVSRLQWVRIGDPDJH
LI WKH YLFWLP IDLOV KLV VDYLQJ WKURZ DQG  SRLQWV LI WKH
YLFWLP VXFFHHGV 7KH SRLVRQ LV ROG DQG ZHDN DQG YLFWLPV
VDYHZLWKDERQXV
SUHVVLQJDFRQFHDOHGEXWWRQLQWKHEDFNRIWKHVWDWXH
 7KH 8SSHU &U\SW $ 
PDXVROHXP ZLWK WKH UHVW RI WKH XQGHUJURXQG FRPSOH[ 7KH
VSHFLILFDOO\DYRLGLQJLWKHRUVKHVXIIHUVDQHOHFWULFDOVKRFN FU\SWLVWKHVDPHRQHGHVFULEHGLQ 7KH*UDYH\DUG
WKDW LQIOLFWV OG SRLQWV RI GDPDJH 7KH VHUSHQW HPEOHPFDQ
HDVLO\EHDYRLGHGRQFHLWLV WULJJHUHG 3ULHVWV
4XDUWHUV
7KHDOWDULVHYHQPRUHGDQJHURXV,IDFKDUDFWHUVHWVIRRW 7KH ZUHFNDJH RI ROG IXUQLWXUH DQG GHFRUDWLRQV OLWWHUV WKLV
RQ WKH GDLV ZLWKRXW PDNLQJ WKH SURSHU REHLVDQFHVWKHIRXU URRP <RX FDQ VHH WKH UHPDLQV RI IRXU RU ILYHVLPSOHFRWV
VNXOOVRQWKHDOWDUZLOOGDUNHQDQGIRXUVKDGRZVZLOOHPHUJH VHYHUDOVPDVKHGWUXQNVDVFRUFKHGZULWLQJGHVNDQGVHYHUDO
WR DWWDFN WKH RIIHQGHU 7KH VKDGRZV LJQRUH RWKHU SHRSOH LQ PROGHULQJWDSHVWULHVDQGULSSHGXSSDLQWLQJV7RWKHVRXWKLV
WKHLU HIIRUW WR VOD\ WKH RIIHQGHU XQOHVV RQH RI WKH YLFWLP
V DQRWKHUGRRU
FRPUDGHVDOVRVWHSVRQWKHGDLV
$VHDUFKRIWKHZUHFNHGGHVNUHYHDOVDEORWFK\ROGVFUROO
6KDGRZV  $&  09  +'  KS    WKDWGHVFULEHVWKHJHVWXUHVDQGSUD\HUV
7+$&2$7'PJVSHFLDO6$


 3DUW7ZR$*UDYH6LWXDWLRQ
UHTXLUHG WRDSSURDFKWKHDOWDULQDUHDZLWKRXWVXPPRQLQJ KDQJ IURP WKHLU FKDLQV RU OLH WUDSSHG LQ WKH GHYLFHV WKDW
WKH VKDGRZV ,I D 3& SULHVW XVHV WKHVH REHLVDQFHV WKH NLOOHGWKHP
FKDUDFWHU
V GHLW\ PD\ EHFRPH DQJU\ DQG GHQ\ WKH FKDUDFWHU
VSHOOV XQWLO WKH FOHULF VSHQGV D GD\ LQ DWRQHPHQW DQG 7KHUH DUH D WRWDO RI VL[ FRUSVHV LQ WKH WRUWXUH URRP 8QOLNH
UHIOHFWLRQ PRVW RI WKH RWKHU VNHOHWRQV WKH 3& KDV PHW VR IDU WKHVH
7KHDUHDWRWKHVRXWKDLVDSULYDWHSULHVW
VURRP,QWKH XQIRUWXQDWHVZLOOQRWDQLPDWHDQGDWWDFN
WHPSOH
V KH\GD\ WKH DFRO\WHV ZKR OLYHG LQ WKH RXWHU URRP
ZHUH VXSHUYLVHG E\ D PDVWHU RI WUDLQLQJ ZKR OLYHG KHUH $ 7KH'XQJHRQ
$ UXVW\ GRRU RI LURQ OHDGV LQWR D GDQN QDUURZ FRUULGRU
FRPIRUWDEOH EHG D ODUJH GHVN DQG D VWDQGLQJ DUPRLUH KDYH
,QVLGH D IHZ WRUFKHV JXWWHU ZHDNO\ 6HYHUDO GRRUV RI LURQ
DOO EHHQ VPDVKHG WR SLHFHV DQG VFDWWHUHG DURXQG WKH URRP
VKHDWKHGZRRGOLQHWKHKDOOZD\ZLWKVPDOOEDUUHGZLQGRZV
7KHUXLQVRIWKHDUPRLUHFRQFHDODVHFUHWFRPSDUWPHQWZLWK
VHWLQWKHP7KHGRRUVOHDGLQWRVPDOOFHOOV$V\RXEHJLQWR
JHPVZRUWKJSHDFKDQGDVHDOHGOHWWHUWKDWQRWHVWKHORFD
H[SORUH\RXKHDUDZHDNFRXJKIURPWKHHQGRIWKH KDOODQG
WLRQRIWKHFDFKHLQWKHVWDWXHLQDUHD
DYRLFHFDOOV3OHDVHKHOSPH

*XDUG&KDPEHU 7KHFHOOVDUHHPSW\H[FHSWIRUWKHDUHDPDUNHGD,QWKLV
<RXQRWLFHWKDWWKHGRRUWRWKLVURRPLVPDGHRIVWXUG\RDN FHOO D YLOODJHU QDPHG 0DUFHO KDV EHHQ FKDLQHG WR WKHZDOO
ERXQGZLWKLURQDQGILWWHGZLWKDKHDY\ORFN)RUWXQDWHO\LW 0DUFHORZQVDQRXWO\LQJIDUPWRWKHQRUWKDQGZDVFDSWXUHG
LVQ
W ORFNHG RU EDUUHG ,QVLGH \RX VHH D VPDOO JXDUG URRP HDUO\LQWKH]RPELHV
DWWDFN+H ZDVEURXJKWKHUHDQGWKURZQ
ZLWK WRUFKHV EXUQLQJ LQ WKH VFRQFHV DQG D UDFN RI SROHDUPV LQWRWKHFHOO
DJDLQVWRQHZDOO $V\RXRSHQWKHGRRU\RXVHHDFRXSOHRI 0DUFHO LV D SRUWO\ IHOORZ DQG LV FXUUHQWO\ VFDUHG RXW RI
KXONLQJVKDSHVWXUQWRIDFH\RX7KH\UHVHPEOHRJUHVEXWLW
V KLVZLWV+HZDVKDQGOHGURXJKO\E\WKH]RPELHVDQGLVLQ
REYLRXV WKDW WKH\ KDYH EHHQ GHDG IRU D ORQJ WLPH 6LOHQWO\ SUHWW\EDGVKDSH$OOKHZDQWVLVWREHVHWIUHHDQGVKRZQWKH
WKH\OXUFKWRZDUGV\RX ZD\RXW
1HGUH]DUKDGLQWHQGHGWRVDYH0DUFHOIRUODWHURUWRXVH
7KLVFKDPEHUZDVXVHGDVDJXDUGSRVWDQGMDLORU
VURRP
KLPDVDOXUHWRGUDZUHVFXHUVLQWRDWUDS
LQ WKH GD\V RI WKH WHPSOH 1HGUH]DU KDV VHYHUDO YLOODJHUV
LPSULVRQHGLQWKHGXQJHRQDQGLVXVLQJWKHPRQVWHU]RPELHV
7KH%ODFN&KDPEHU
WR PDNH VXUH WKDW KLV FDSWLYHV GRQ
W HVFDSH 7KH ]RPELHV
7KHVHFUHWVWDLUFDVHIURPWKHDOWDUZLQGVGRZQWKURXJKVROLG
KDYH EHHQ RUGHUHG WR DWWDFN DQ\ OLYLQJ FUHDWXUH WKDW HQWHUV
URFN GHVFHQGLQJ DERXW  IHHW IXUWKHU LQWR WKH &DLUQ ,W
WKLVURRPEXWZLOOQRWOHDYHWKHURRP
HPHUJHV LQ D GDUN FKDPEHU RI SROLVKHG EODFN JUDQLWH
0RQVWHU =RPELHV  $&  09  +'  KS   'LUHFWO\ DKHDG RI \RX LV D ODUJH GRXEOHGRRU HPEOD]RQHG
7+$&2$7'PJG6'XQGHDGLPPXQLWLHV6=/ ZLWK WKH FRLOHG VHUSHQW VHDO \RX
YH VHHQ HOVHZKHUH LQ WKH
$/1;3HDFK UXLQV%HVLGHWKHGRRUDVHULHVRIVRIWJORZLQJZRUGVDUHFXW
LQWR WKH URFN 2Q \RXU OHIW DQG ULJKW D FRXSOH RI VPDOOHU
,QWHUURJDWLRQ&KDPEHU GRRUVOHDGEDFNWRZDUGVWKHQRUWK7KHURRPLVXQQDWXUDOO\
7KHIXQFWLRQRIWKLVURRPLVFOHDU,PSOHPHQWVRIWRUWXUHOLQH FROG\RXUEUHDWKKDQJVLQWKHDLUDQG\RXFDQ
WVXSSUHVVD
WKH ZDOOV PRVW RI WKHP ZUHFNHG RU EURNHQ 6HYHUDO RI WKH ZDYHRIVKLYHULQJWKDWVWULNHV\RX
FKDPEHU
VYLFWLPVVWLOO


 3DUW7ZR$*UDYH6LWXDWLRQ
7KHGRRUWRWKHVRXWKLVWUDSSHGLQWKHVDPHPDQQHUDVWKH
&U\SW
PRVDLFLQWKHXSSHUWHPSOH$Q\FKDUDFWHURIJRRGDOLJQPHQW
ZKR WRXFKHV WKH HPEOHP ZLOO EH VKRFNHG IRU OG SRLQWV RI
GDPDJH 7KH ZRUGV ZHUH SODFHG E\ WKH GRRU E\ %LVKRS
$VWDUDDVDZDUQLQJ7KH\UHDG EDQQHUVDQGWDSHVWULHVDQG FRUURGHGZHDSRQVDQGDUPRUDUH
,QWKLV<HDUWKHWKRIWKH5HDOP,VHWP\VHDO
XSRQ WKH &U\SW EH\RQG WKLV 'RRU (YLO VOXPEHUV
ZLWKLQ 7R :DUG WKH 5HDOP , KDYH SODFHG P\ 6WDYH
RYHUWKH7RPEOHWQR3HUVRQGLVWXUELW+HHGWKLVP\
:DUQLQJ
YHEHHQLQDILJKW
²3UHIHFWDQG%LVKRS$VWDUD7UXHKHDUW
3ULHVWV
7KH DLU UHHNV RI PXVW\ GHDWK DV \RX RSHQ WKH GRRU WR WKLV
URRP ,QVLGH \RX FDQ PDNH RXW WKH GDUN VKDSHV RI VWRQH
WRPEV 6HYHUDO FKHVWV DQG FRIIHUV UHPQDQWV RI UXLQHG
VFDWWHUHGWKURXJKRXWWKHURRP
,QVLGH WKH URRP \RX VHH IRXU SDOH DQG KDJJDUGORRNLQJ
DGYHQWXUHUV 2QH VHHPV WR EH D GZDUYHQ ILJKWHU RQH D
KXPDQ SULHVW RQH D KDOIHOYHQ PDJH DQG RQH D KXPDQ
PLQVWUHO7KH\JODQFHXSDW\RXZLWKGXOOH[SUHVVLRQVDV\RX
HQWHU7KH\ORRNOLNHWKH\
,I WKH 3& LV DFFRPSDQLHG E\ DQ\ YLOODJHU &HUHQH
 9DXOW 7KH SDVVDJHZD\ OHDGLQJ WR WKLV URRP LV JXDUGHG *ZDOPDL /DUV RU 7HUHQFH WKH 13& UHFRJQL]HV *LOHV DQG
E\DSLWWUDSDWWKHVSRWPDUNHG
[
2QWKHZDOOEHVLGHWKHSLW KLVSDUW\,IWKH3&WKLQNVWRSRLQWRXWWKDW*LOHVVXSSRVHGO\
LV D FRQFHDOHG FDWFK WKDW ZLOO ORFN WKH SLW FORVHG EXW DW WKH OHIWWRZQDOORZWKH13&DQLQWHOOLJHQFHFKHFNWRVHHLIWKH
PRPHQWLWLVQRWVHWDQGWKHWUDSZLOOIXQFWLRQ7KHSLWLV FKDUDFWHUUHDOL]HVWKDWWKLVLVDUXVH
IHHWGHHSDQGWKHERWWRPLVOLQHGZLWKUXVW\LURQVSLNHV7KH $V SDUW RI KLV SUHSDUDWLRQ IRU OLFKGRP 1HGUH]DU
IDOOGRHVOGGDPDJHDQGWKHYLFWLPVXIIHUVOGOVSLNH
KLWV IRU OG GDPDJH HDFK 7KH YLFWLP PD\ DWWHPSW D VDYLQJ
WKURZYHUVXVSDUDO\]DWLRQZLWKDSHQDOW\WROHDSWRVDIHW\
RQFHWKHSLWRSHQV
VGRPLQDWLRQ
7KH GRRU WR WKH YDXOW LV PDGH RI LURQ SODWH ZLWK WZR
VWXUG\ ORFNV WUHDW DV EDUUHG IRU 2SHQ 'RRUV DWWHPSWV WKH
PXUGHUHG VHYHUDO OR\DO IROORZHUV :KHQ KH ZDV EHWUD\HG
KLPVHOI WKH OHVVHU SULHVWV KDG DOUHDG\ EHHQ NLOOHG DQG WKHLU
WRPE VHDOHG 7KH SULHVWV EHFDPH KHXFXYDV EXW HVFDSHG
1HGUH]DU
7KHKHXFXYDVZHUHXQDEOHWROHDYHWKHLUFU\SWXQWLO*LOHV
DQG KLV FRPSDQLRQV RSHQHG WKH GRRU D IHZ GD\V DJR 7KH\
ORFNVPXVWERWKEHSLFNHG
7KLVFKDPEHUZDVRQFHXVHGDVDWUHDVXUHYDXOW$GR]HQRU
PRUHKHDY\FKHVWVKDYHEHHQEURNHQRSHQDQGWKHLUFRQWHQWV
WDNHQ7KHUHDUHDOVRVHYHUDOVWXUG\FRLQVDFNVWKDWKDYHEHHQ
DUH XVLQJ WKHLU SRO\PRUSK DELOLW\ WR OXUH WKH 3& DQG KLV
FRPSDQLRQV LQWR VWULNLQJ UDQJH ,I WKH SOR\ ZRUNV WKH
KHXFXYDV JDLQ D  ERQXV RQ WKHLU FKDQFH WR VXUSULVH WKH
SDUW\
ULSSHG RSHQ DQG HPSWLHG 2QH ZDOO KROGV D ZHDSRQV UDFN
ZLWKDSDLURIUXVWHGROGORQJVZRUGVDQGPDQ\HPSW\VORWV
ZKHUHRWKHUZHDSRQVRQFHKXQJ
$WKRURXJKVHDUFKRIWKLVURRPZLOOWXUQXSDWRWDORI
JSVSDQGFSWKDWWKHUDLGHUVPLVVHG2QHRIWKHFKHVWV
VLWV RYHU D IDNH IODJVWRQH 7KH FRPSDUWPHQW LQVLGH KROGV D
SRXFKRIUXELHVZRUWKJSHDFKSOXVDSHULDSWRISURRI
DJDLQVWSRLVRQ

+HXFXYDV $&09+'KS7+$&2
$7'PJOG6$GLVHDVH6'KLWRQO\E\VLOYHURU
RUEHWWHUPDJLFZHDSRQV
6=0$/&(;3HDFK
7KH FKHVWV DQG FRIIHUV RI WKH FKDPEHU FRQWDLQ D VPDOO
KRDUGRIVSJSDQGSS7ZRJROGHQVWDWXHVDUH
ZRUWK  JS HDFK DQG D FRSSHU EUDFHOHW VWXGGHG ZLWK
JHPVWRQHVLVZRUWKJS1RWHWKDWKHXFXYDVDUHWXUQHGDV
ZLJKWV
 3DUW7ZR$*UDYH6LWXDWLRQ
1HGUH]DU
V&U\SW VLPLODU QXPEHU RI UHLQIRUFHPHQWV ZLOO DUULYH HYHU\ RWKHU
,QWKHFHQWHURIWKLVURRPOLHVDPDVVLYHVWRQHVDUFRSKDJXV URXQGXQWLOWKH3&LVGULYHQRXWRIWKHWRPE1HGUH]DUZLOO
RQDUDLVHGGDLV7KHFKDPEHUKDVDKLJKYDXOWHGFHLOLQJRI ZDLWIRUKLVILUVWGHIHQGHUVWRDUULYHDQGWKHQRFFXS\RQHRI
GDUN JUDQLWH DQG IRXU EUD]LHUV LQ WKH FRUQHUV EXUQ ZLWK D WKH ]RPELHVLQKLVZLJKWIRUPWROHDGWKHDWWDFN+HZLOODOVR
VPRNHOHVV JUHHQ IODPH WKDW FDVWV HYLO VKDGRZV WKURXJKRXW DQLPDWH WKHERGLHVRIDQ\13&VWKDWIDOOLQEDWWOH(DFKWLPH
WKHFKDPEHU$FURVVWKHURRP\RXVHHDVKHOIRUVPDOODOWDU 1HGUH]DU XVHV RQH RI KLV SRZHUV WKH VNXOO JORZV ZLWK DQ
ZLWKDVNXOOPDGHRISXUHFU\VWDOUHVWLQJRQLW7KHZDOOVDQG HYLOJUHHQOLJKW
IORRUDUHEDUHRIDQ\GHFRUDWLRQDQGWKHDLULVDVFROGLQKHUH ,IDFKDUDFWHUDWWDFNVWKHVNXOOZLWKDPDJLFDOZHDSRQLW
DV LW ZDV LQ WKH FKDPEHU RXWVLGH 7KH JUHHQ OLJKW RI WKH VKDWWHUV RQ WKH ILUVW VWULNH ,W FDQ DOVR EH GHVWUR\HG E\ D
WRUFKHVGDQFHVLQWKHH\HVRIWKHFU\VWDOOLQHVNXOO YDULHW\RIVSHOOV
6WHSSLQJ FORVHU \RX VHH WKDW WKH VDUFRSKDJXV LQ WKH 7KH WRPE LQ WKH URRP
V FHQWHU LV PDGH IURP WKH VDPH
URRP
VFHQWHULVHQFLUFOHGE\DSURWHFWLYHFLUFOHRIUXQHVFXW KHDY\SROLVKHGJUDQLWHDVWKHUHVWRIWKHURRP,WLVFDUYHG
LQWRWKHVWRQHIORRU ZLWK KRUULEOH EDVUHOLHIV DQG DURXQG LWV OLG LV FDUYHG D
WHUULEOHFXUVHDJDLQVWZRXOGEHWRPEUREEHUV$Q\FKDUDFWHU
1HGUH]DU LV QRZ DZDUH RI WKH 3&
V LQWUXVLRQ DQG ZLOO
ZKR RSHQV WKH WRPE PXVW VDYH YHUVXV VSHOO RU EH VWUXFN
EHJLQWRVXPPRQ]RPELHVDQGVNHOHWRQVWRKLVGHIHQVH2QH
EOLQG IRU  GD\V $ FXUH EOLQGQHVV RU UHPRYH FXUVH VSHOO
WXUQ DIWHU WKH KHUR HQWHUV OG ]RPELHV DQG OG VNHOHWRQV
ZLOOUHVWRUHWKHYLFWLP
VVLJKW
DUULYH$
,QVLGH WKH WRPE OLHV WKH ZLWKHUHG UHPDLQV RI 1HGUH]DU
V
FRUSRUHDOIRUP,IWKHIRUPLV


 3DUW7ZR$*UDYH6LWXDWLRQ
DWWDFNHG 1HGUH]DU ZLOO LPPHGLDWHO\ UHWXUQ WR GHIHQG LW
2WKHUZLVHKHZLOOOHWLWOLHSUHIHUULQJWRGRKLVILJKWLQJIURP
DQRWKHU ERG\ +LV UHPDLQV DUH ULFKO\ DSSRLQWHG ZLWK D
JROGHQ SHFWRUDO ZRUWK  JS JHPVWXGGHGEUDFHUVWKDWDUH
DFWXDOO\EUDFHUVRIGHIHQVH$& DMHZHOHGPLWHUZRUWK
WRZDUGV OLFKGRP EXW KH ORVHV WKH DELOLW\ WR PRYH KLV VSLULW
IURPERG\WRERG\
1HGUH]DU FDQ EH GHVWUR\HG E\ NLOOLQJ KLVFRUSRUHDOIRUP
VPDVKLQJWKHVNXOODQGUHVWRULQJWKHVSHFLDOSURWHFWLRQ FLUFOH
DURXQGKLVWRPEWRSUHYHQWKLVVSLULWIURPLQKDELWLQJDQRWKHU
JSDQGDJLOGHGPDFHDFWXDOO\DPDFH  ERG\+HFDQEHWUDSSHGIRUHYHUE\UHVWRULQJWKHFLUFOH
,Q D VHFUHW FRPSDUWPHQW EHORZ WKH ERG\ WKHUH LV D VLON
SRXFKFRQWDLQLQJURXJKFXWGLDPRQGVZRUWKJSHDFKD
V:LJKW)RUP $&09+'
ULQJ RIZDUPWK DQGDQHFNODFHRIVLOYHUDQGHPHUDOGZRUWK
JS
$QH[DPLQDWLRQRIWKHFLUFOHRIUXQHVRQWKHIORRUVKRZV
WKDW LW LV LQFRPSOHWH WKH NH\ HOHPHQW KDV EHHQ UHPRYHG
)URPWKHVL]HDQGVKDSHRIWKHGHSUHVVLRQLQWKHIORRUWKH3&
V&RUSRUHDO)RUP $&09+'
FDQ JXHVV WKDW WKH NH\ SDUW RI WKH PDJLFDO SURWHFWLRQ ZDV D
PHWDOURGDERXWWZRIHHWORQJ,IWKHKHURFDQUHDGRUKDVWKH
UHOLJLRQ RU VSHOOFUDIW SURILFLHQFLHV KH RU VKH FDQ GHWHUPLQH
WKDW WKH FLUFOH ZDV GHVLJQHG WR WUDS DQ HYLO VSLULW ZLWKLQ LWV
FRQILQHV DQG NHHS LW WKHUH IRUHYHU 7KH FLUFOH QR ORQJHU
IXQFWLRQVZLWKWKHURGUHPRYHG
7KH EXUQLQJ EUD]LHUV DUH VLPSO\ FXVWRPWDLORUHG YHUVLRQV
RIDFRQWLQXDOOLJKW VSHOO
1HGUH]DU
7KHFU\VWDOVNXOOLVWKHYHVVHOWKDW1HGUH]DUFRQVWUXFWHGWR
KROG KLV VSLULW ZKLOH KLV WUDQVIRUPDWLRQ LQWR D OLFK ZDV LQ
SURJUHVV:KLOHLWLVLQWDFWKHLVDEOHWRPDJLFMDU LQWRDQ\
GHDGERG\ZLWKLQDRQHPLOHDUHDDQGRFFXS\LWDVDZLJKW
%HFDXVHWKHSURFHVVZHQWDZU\1HGUH]DUFDQQRWRFFXS\WKH
ERG\RIDOLYLQJFUHDWXUH
'HVWUR\LQJ WKH VNXOO SUHYHQWV 1HGUH]DU IURP RFFXS\LQJ
DQ\ERG\KHZLVKHVWRDQGWUDSVKLPLQKLVRZQERG\ZLWKLQ
WKHFU\SW+HZLOOQHYHUEHDEOHWRWDNHWKHZLJKWIRUPDJDLQ
+RZHYHU ZKHQ KLV ERG\ LV GHVWUR\HG 1HGUH]DU FDQ WDNH
DQRWKHUGHDGERG\IURPZLWKLQDRQHPLOHDUHDUHFUHDWLQJ
KLVFRUSRUHDOIRUP,WUHTXLUHVKRXUVWRGRWKLV1HGUH]DU
FDQQRWYROXQWDULO\OHDYHKLVFRUSRUHDOERG\RQFHWKHVNXOOLV
GHVWUR\HG
:KHQ LQ KLV FRUSRUHDO IRUP 1HGUH]DU FDQ GUDLQ OLIH
HQHUJ\GLUHFWO\WRPDNHSURJUHVV

1HGUH]DU
KS7+$&2$7'PJOG6$HQHUJ\GUDLQ6'
KLWRQO\E\VLOYHURURUEHWWHUPDJLFZHDSRQV6=0$/
/(;3
1HGUH]DU
KS7+$&2$7'PJOGO6$HQHUJ\GUDLQ
6'KLWRQO\E\VLOYHURURUEHWWHUPDJLFZHDSRQV6=0
$//(;3
:KLOH WKH VNXOO LV LQWDFW 1HGUH]DU FDQ DQLPDWH GHDG DW
ZLOOZLWKLQDUDQJHRIRQHPLOHKHFDQDVVXPHZLJKWIRUP
E\ LQKDELWLQJ D FRUSVH ZLWKLQ RQH PLOH KH FDQ XVH
WHOHNLQHVLV RQFHSHUGD\ZLWKLQWKHERXQGDULHVRIWKHUXLQHG
WHPSOHDQGKHFDQXVHFODLUYR\DQFH DQGFODLUDXGLHQFH RQFH
SHUGD\ZLWKLQDRQHPLOHUDQJH
1HGUH]DU GUDLQV RQH HQHUJ\ OHYHO E\ WRXFK ,Q KLV
FRUSRUHDO IRUP KH FDQ XVH WKH IROORZLQJ DELOLWLHV DW ZLOO
FRPPDQG GHWHFW JRRGGHWHFWPDJLFGDUNQHVVFDXVHIHDU
DQG DQLPDWH GHDG 2QFH SHU GD\ KH FDQ FDXVH VHULRXV
ZRXQGV GLVSHO PDJLF DQG FDVW D JO\SK RI ZDUGLQJ
5HJDUGOHVV RI KLV IRUP 1HGUH]DU LV LPPXQH WR FKDUPV RU
PLQGDIIHFWLQJ VSHOOV DQG FROGEDVHG DWWDFNV DQG FDQ RQO\
EH KLW E\ VLOYHU RU PDJLFDO ZHDSRQV ,Q DQ\ IRUP KH
FRPPDQGVXQGHDGDVDQHYLOSULHVWRIWKOHYHO
1HGUH]DU QHHGV WR GUDLQ HQHUJ\ OHYHOV WR SRZHU WKH
FRPSOHWLRQ RI KLV WUDQVIRUPDWLRQ LQWR D OLFK 7KH '0 FDQ
XVHWKLVDVDSORWGHYLFHWRPDNHWKHDQFLHQWSULHVWWRXJKHU
DVWLPHJRHVE\DQGKHGUDLQVPRUHDQGPRUHOHYHOV
 3DUW7KUHH7KH0LVVLQJ6WDII
+RSHIXOO\ WKH 3& GLVFRYHUHG 1HGUH]DU
V FU\SW LQ WKH *HRUJHRQO\UHSHDWVZKDWHYHU\RQHHOVHVDLGEXWLIDVNHG
SUHYLRXV VHFWLRQ DQG UHDOL]HG WKDW WKH NH\ HOHPHQW RI WKH
VSLULW
V SULVRQ KDG EHHQ UHPRYHG²WKH 5RG RI $VWDUD ,I WKH VD\V2K\HV,DOPRVWIRUJRWDERXWWKDWZKDWZLWKDOOWKH
SOD\HUPLVVHGWKHFOXHVWKDWLQGLFDWHGWKDWWKHURGZRXOGEH
QHHGHG WR ILQDOO\ GHIHDW 1HGUH]DU KDYH RQH RI WKH 13&V
DSSURDFK WKH FKDUDFWHU DQG YRLFH KLV RU KHU FRQFHUQV
5HJLQDUG 0RQWUHO DQG &HUHQH DUH DOO OHDUQHG HQRXJK WR
UHDOL]H WKDW $VWDUD
V VHDO KDV EHHQ EURNHQ DQG D FULWLFDO 5HSRUWLQJWRWKH0D\RU
HOHPHQWUHPRYHG
7KH13&PD\DOVRSRLQWRXWWKDWWKHSULHVW*LOHVDQGKLV
DGYHQWXULQJFRPSDQ\KDGUHFHQWO\H[SORUHGWKHUXLQV0DQ\
RIWKHYLOODJHUVEHOLHYHWKDWWKHDGYHQWXUHUVIRXQGVRPHWKLQJ
RILQWHUHVWLQWKHUXLQV1DWXUDOO\*LOHV OHIWWRZQDFRXSOHRI
GD\VDJR
$W WKLV SRLQW WKH 3& PD\ WKLQN WR WU\ 0RUH 5HVHDUFK
)LQGLQJ*LOHVRU5HSRUWLQJWRWKH0D\RU (YHQWXDOO\WKH
3&ZLOOKDYHWRVHWRXW,Q6HDUFKRIWKH5RG
OO SD\
0RUH5HVHDUFK
7KH 3& PD\ GHFLGH WKDW KLV LQYHVWLJDWLRQ RI WKH FU\SW
WXUQHGXSQHZDQGLPSRUWDQWIDFWV,IKHUHWXUQVWR0RQWUHORU
5HJLQDUG WR DWWHPSW PRUH UHVHDUFK KH ZLOO ILQG WKDW $VWDUD
HQFKDQWHG KLV URG RI RIILFH DQG XVHG LW DV WKH IRFXV IRU WKH
SURWHFWLYHVHDOKHSODFHGRYHU1HGUH]DU
VFU\SW,WLVFOHDUWKDW
WKHLQWHJULW\RIWKHZDUGGHSHQGHGRQWKHSUHVHQFHRIWKHURG
ZKLFK$VWDUDOHIWEHKLQG
7KH URG LV GHVFULEHG DV D 5RG RI %URQ]H WZR IHHW ORQJ
JUDYHQZLWKWKH6XQEXUVWDQG6ZRUGRI*RRG
)LQGLQJ*LOHV
0RVW RI WKH YLOODJHUV FDQ WHOO WKH 3& WKDW *LOHV DQG KLV
FRPSDQ\URGHHDVWKHDGLQJIRUWKHWRZQRI$UGHQ$UGHQLV
RQO\DERXWHLJKWPLOHVDZD\DQGVRPHSHRSOHREVHUYHWKDW
<RX FDQ SUREDEO\ FDWFK
HP LI \RX KXUU\ 7KH\VDLGWKH\
G
EHLQ$UGHQIRUDZHHNRUPRUHDQGWKH\RQO\OHIWWZRGD\V
V$UHD
DJR <RX NQRZ WKH\ VWD\HG DW WKH *UHHQ *ULIIRQ 0D\EH
*HRUJHNQRZVPRUH
DERXWDURGRUVWDIIRIVRPHNLQGKHVFUDWFKHVKLVKHDGDQG
H[FLWHPHQW 7KH \RXQJ SULHVW KDG D IXQQ\ORRNLQJ PHWDO
ZDQG ZLWK KLP WKDW KH DQG WKH PDJHOLQJ ZHUH ORRNLQJ DW
7KH\WKRXJKWLWPLJKWEHPDJLF
1LFKROH LV VXUSULVHG WR OHDUQ WKDW VXFK D GDQJHURXV DUHD
H[LVWV VR FORVH WR KHU WRZQ 7KH UXLQV KDG QHYHU EHHQ D
VRXUFHRIWURXEOHXQWLO*LOHVDQGKLVFRPSDQLRQVRSHQHGWKH
VWDLUVDQGH[SORUHGWKHP,IWKH3&LVFOXHOHVVDQGUHODWHVDOO
WKH IDFWV RI WKH LQYHVWLJDWLRQ WRKHU1LFKROHZLOOILJXUHRXW
WKDWWKHURGPXVWEHSXWEDFNWRHQGWKHWKUHDW
:KHQ WKH 3& DQGRU 1LFKROHUHDOL]HZKDWKDVKDSSHQHG
1LFKROH GHSXWL]HV WKH 3& RQ WKH VSRW )LQG WKH URG DQG
EULQJ LW EDFN 7HOO *LOHV DQG KLV IULHQGV WKDW ZH
DQ\WKLQJWKH\ZDQWIRULWEXWWKHULJKWWKLQJWRGRLVWRSXW
WKLQJVEDFNWKHZD\WKH\IRXQGWKHP
1LFKROHRIIHUVWRSURYLGHPRXQWVIRUWKH3&DQGKLVHQWLUH
SDUW\ DQG FDQ VHQG D GHOHJDWLRQ RI YLOODJHUV LI WKH 3&
GHVLUHV$Q\RIWKHORFDO13&VFDQDFWDVDJXLGHDQGVKRZ
WKHFKDUDFWHUWKHZD\WR$UGHQ
,Q6HDUFKRIWKH5RG
7KHUHDUHWZRRSWLRQVIRUWKH'0LQWKLVHQFRXQWHU7KH
ILUVW LV GHVFULEHG XQGHU $UGHQ 7KH VHFRQG LV GHVFULEHG
XQGHU 7KHULVH DQG FRQWLQXHV LQ 7KH 5XLQHG .HHS 7KH
$UGHQ VFHQH LVPXFKHDVLHUDQGDOORZVWKH3&WRFRQIURQW
*LOHV GLUHFWO\ DQG JHW WR WKH URRW RI WKH SUREOHP 7KH
5XLQHG.HHS DVVXPHVWKDW*LOHVDQGKLVIULHQGVQHYHUPDGH
LWWR$UGHQDQGWKH3&ZLOOKDYHWRUHWULHYHWKHVWDIIIURPD
GDQJHURXVODPLD
3RPPHYLOOH
7KH PDS RQ WKH QH[W SDJH VKRZV WKH DUHD VXUURXQGLQJ
3RPPHYLOOH 7KH PDS LV LQWHQWLRQDOO\ OHIW RSHQ VR WKDW WKH
'0 FDQ LQFRUSRUDWH 3RPPHYLOOH LQWR KLV RZQ FDPSDLJQ RU
H[SDQGWKHUHJLRQDVKHVHHVILW

 3DUW7KUHH7KH0LVVLQJ6WDII
$UGHQ
7KH MRXUQH\ WR $UGHQ FDQ EH FRYHUHG XQGHU QRUPDO $IWHU WKH 3& H[SODLQV WKH VLWXDWLRQ WKH VPDOO EDQG SXWV
2YHUODQG 0RYHPHQW UXOHV VHH SDJH  RI WKH '0* RU WKHLU KHDGV WRJHWKHU DQG GLVFXVVHV WKH VLWXDWLRQ 7KH GZDUI
EHFDXVHLWLVVRQHDUWKH'0FDQMXVWJORVVRYHUWKHWULS,W IHHOV WKDW WKH\ VKRXOGQ
W VXUUHQGHU WKH REYLRXVO\YDOXDEOH
VKRXOGQ
WWDNHPRUHWKDQDKDOIGD\E\KRUVHEDFN:KHQWKH URG 7KH EDUG IHHOV WKH\ VKRXOG JLYH LW EDFN ULJKW DZD\
3&UHDFKHV$UGHQUHDGWKHIROORZLQJ *LOHVDQGWKHPDJHDUHXQGHFLGHG7KHURGLVRIVRPHYDOXH
DVDKLVWRULFDODUWLIDFWRIWKH%LVKRS
VGD\V

<RX ILQG *LOHV DW WKH 9RODUZD\ $UPV LQ WKH YLOODJH RI :H ZHQW WR VRPH WURXEOH WR UHFRYHU $VWDUD
V URG WKH
$UGHQ +H DQG KLV FRPSDQ\ DUH SODQQLQJ VRPH QHZ SULHVW VD\V ,
P QRW HQWLUHO\ FRQYLQFHG WKDW ZH
UH
PLVDGYHQWXUH DURXQG D FRUQHU WDEOH <RXU FRPSDQLRQV UHVSRQVLEOHIRU3RPPHYLOOH
VSUREOHPV%XWZH
UHZLOOLQJWR
UHFRJQL]HKLPLQVWDQWO\DQG\RXDOODSSURDFKFDXWLRXVO\ FRQVLGHU D WUDGH IRU DQ DUWLIDFW RU REMHFW RI DERXW WKH VDPH
*LOHV LV D \RXQJ HQWKXVLDVWLF VFKRODU ZLWK VSHFWDFOHV YDOXH
DQG D FOHDQVKDYHQ IDFH +LV FRPSDQLRQV LQFOXGH D
7KH 3& FDQ DUUDQJH ZKDWHYHU GHDO KH WKLQNV LV
GZDUYHQ PDQDWDUPV D SUHWW\ KXPDQ EDUG DQG D
DSSURSULDWH 6RPH WUDGLQJ SRLQWV PLJKW EH PLQRU PDJLFDO
VFRZOLQJ KDOIHOYHQ PDJH 7KH SULHVW ORRNV XS DV \RX
LWHPVEHORQJLQJWRWKH3&DSURPLVHRIJROGIURPWKHWRZQ
FRPHQHDU<HV":KDWFDQ,GRIRU\RX"
WUHDVXU\RUDJUHHLQJWRSHUIRUPDVHUYLFHRIVRPHNLQGIRU


 3DUW7KUHH7KH0LVVLQJ6WDII
*LOHV DQG KLV IULHQGV 7KH '0 LV HQFRXUDJHG WR LPSURYLVH
DQGGULYHDKDUGEDUJDLQ
7KHULVH
,QWKHVHFRQGVFHQDULR*LOHVDQGKLVEDQGQHYHUPDGHLW
WR $UGHQ IDOOLQJ SUH\ WR D ODPLD DQG KHU PLQLRQV ZKR
ZD\OD\ WUDYHOOHUV DORQJ WKH SDWK 7KH 3& ZLOO KDYH WR
UHFRYHUWKHURGIURPWKHODPLD
WNQRZLIWKH\DUHVWLOODOLYHRUQRW
<RXDUHDERXWILYHPLOHVRXWVLGHRI3RPPHYLOOHIROORZLQJD
7KHULVH IHHOV WKDW VKH KDV QR UHDVRQ WR FRQFHDO DQ\WKLQJ
IURPWKH3&,IDVNHGDERXWWKHUXLQVVKHZLOOFRQILUPWKDW
VKH H[SORUHGWKHPZLWK*LOHVDQGWKHUHVWRIWKHSDUW\DQG
VKH ZLOO DOVR PHQWLRQ WKDW WKH\ IRXQG D PDJLFDO VFHSWHU RU
URGWKDW*LOHVZDVYHU\LQWHUHVWHGLQ*LOHVZDVFDUU\LQJWKH
URGLQKLVSDFNZKHQWKHILJKWEHJDQ
7KHULVH ZLOO DVN WKDW WKH 3&V KHOS KHU WR JR DIWHU KHU
FRPSDQLRQV 6KHGRHVQ
EXW VKH GLG VHH WKH EDQGLWV DQG WKHLU PRQVWURXV OHDGHU D
KRUULEOH EHDVW WKDW VSRNH ZLWK D ZRPDQ
V YRLFH GUDJ KHU
OLWWOHXVHG FDUW WUDFN WKDW SDUDOOHOV WKH FRXUVH RI WKH 9RODU IULHQGVRIIWRZDUGVWKHQRUWKZHVW7KHULVHWKLQNVWKHPRQVWHU
$UGHQ LV DQRWKHU KRXU RU VR DZD\ 7KH SDWK ZLQGV RYHU D PD\KDYHDODLUQHDUE\
VPDOO ULVH DQG GRZQ LQWR D JUDVV\ GHOO $V \RX ULGH E\ D ,IWKH3&KHDGVRIILQSXUVXLWRI7KHULVH
VDWWDFNHUVJRRQ
WKLFNHW FORVH WR WKH URDG \RX KHDU D ZHDN PRDQ DQG WKH WR 7KH5XLQHG.HHS
UXVWOHRIVRPHWKLQJPRYLQJLQWKHEXVKHV
7KHULVH WKH 0LQVWUHO % +XPDQ $&  OHDWKHU DUPRU
 'H[ 09  KS   $7  'PJ OGO ^VKRUW
2QH RI *LOHV
 FRPSDQLRQV WKH KXPDQ EDUG 7KHULVH LV
VZRUG 6WU'H[&RQ,QW:LV&KD
O\LQJLQWKHEXVKHVEHVLGHWKHSDWK6KHKDVEHHQZRXQGHG
EDGO\ DQG KDV JRQH PRUH WKDQ IRXU GD\V ZLWKRXW IRRG RU
VKHOWHU7KHULVHLVLQDYHU\EDGZD\DQGLIVKHLVQRWDLGHG
LPPHGLDWHO\VKHZLOOGLH
2QFH 7KHULVH KDV EHHQ WHQGHG WR D FXUH OLJKW ZRXQGV
VSHOORUWKHXVHRIWKHKHDOLQJSURILFLHQF\DQGVRPHIRRGDQG
$/1*7+$&2
:HDSRQ3URILFLHQFLHVVKRUWVZRUGGDJJHUVOLQJ
1RQZHDSRQ3URILFLHQFLHVORFDOKLVWRU\UHDGLQJZULWLQJ
PXVLFDOLQVWUXPHQWGLVJXLVHWXPEOLQJODQG
EDVHGULGLQJ6SHOOVVOHHSFKDUPSHUVRQLQYLVLELOLW\
ZDWHUZLOOKHOSVKHZLOOEHFRPHOXFLGHQRXJKWRDQVZHUWKH
3&
VTXHVWLRQVDQGWKDQNKLPIRUVDYLQJKHUOLIH
7KH ZRPDQ LV GUHVVHG LQ FRPIRUWDEOH ULGLQJ FORWKHV DQG
ZHDUV D MHUNLQRIVRIWOHDWKHUDUPRUDQGDUHGFORDN6KHLV
TXLWH SUHWW\ DQG DPRQJ KHU SRVVHVVLRQV \RX ILQG D VKRUW
VZRUG D GDJJHU DQG D IOXWH $IWHU KHU LQMXULHV KDYH EHHQ
WHQGHGWRVKHEHJLQVWRFRPHDURXQG
7KDQN \RX IRU KHOSLQJ PH WKH ZRPDQ PXUPXUV ,
GRQ
W WKLQN , FRXOG KDYH ODVWHG PXFK ORQJHU 0\ QDPH LV
VEDQGRIDGYHQWXUHUV6KHZLOOYLHZKHUUHVFXHUVLQD
7KHULVHDQG,DPDZDQGHULQJPLQVWUHO0\FRPSDQLRQVDQG
, ZHUH DWWDFNHG E\ D KRUULEOH FUHDWXUH DQG LWV IROORZHUV ,
WKLQNWKHRWKHUVZHUHNLOOHGRUFDSWXUHG,PDQDJHGWRHVFDSH
E\FDVWLQJDVSHOOEXWQRWEHIRUH,ZDVZRXQGHG
%DUG$ELOLWLHV&OLPE:DOOV'HWHFW1RLVH3LFN
3RFNHWV5HDG/DQJXDJHVLQIOXHQFHUHDFWLRQV
LQVSLUHDOOLHV
(TXLSPHQW OHDWKHU DUPRU  VKRUW VZRUG  VOLQJ WZR
GDJJHUV ULGLQJ FORWKHV ERRWV FORDN SRXFK ZLWK VSHOO
FRPSRQHQWVZDWHUVNLQ
7KHULVHLVDPHPEHURIWKH&RPSDQ\RIWKH6LOYHU6ZRUG
*LOHV
YHU\ JRRG OLJKW XQOHVV WKH\ WUHDW KHU EDGO\ 6KH ZLOO
DFFRPSDQ\WKH3&EXWZLOOVWD\RXWRIWKHZD\XQWLOVKHLV
LQEHWWHUKHDOWK
,I WKH 3& LVYLVLEO\DQJU\DW*LOHVIRUUHPRYLQJWKHURG
7KHULVHZLOOKROGKHUWRQJXHILJXULQJWKDWWKHILUVWRUGHURI
EXVLQHVVLVJHWWLQJWKH

 3DUW7KUHH7KH0LVVLQJ6WDII
SULHVW RXW RI WURXEOH 6KH KRSHV WR DUUDQJH D UHDVRQDEOH
GLVFXVVLRQ DERXW WKH GLVSRVLWLRQ RI WKH URG DIWHU KHU
FRPSDQLRQVDUHVDIH

7KH5XLQHG.HHS
*LOHV 7KHULVH DQG WKH RWKHUV ZHUH DWWDFNHG E\ D ODPLD
QDPHG&KDPLOOHZKRSUH\VRQWUDYHOOHUVDQGWKHRFFDVLRQDO
FDUHOHVV YLOODJHU &KDPLOOH LV TXLWH LQWHOOLJHQW DQG PDNHV D
SRLQWRIUHVWUDLQLQJKHUVHOIWRDYRLGGUDZLQJDWWHQWLRQ2YHU
WKH SDVW IHZ \HDUV PDQ\ WUDYHOOHUV KDYH GLVDSSHDUHG LQ WKH
DUHDEXWWKH\ZHUHQRWPLVVHG
&KDPLOOH ODLUV LQ WKH UXLQV RI DQ ROG ZL]DUG
V NHHS 6KH
ZDQGHUHGLQWRWKH3RPPHYLOOHDUHDDIWHUEHLQJFKDVHGIURP
KHU ROG ODLU E\ DGYHQWXUHUV 6KH LV VWLOO DQJU\ DERXW
DEDQGRQLQJKHUROGKRPHDQGNHHSVDFRXSOHRIFKDUPHG RU
ZLVGRPGUDLQHG KHQFKPHQ DURXQG WR KHOS KHU GHIHDW RU
GHFHLYHLQWUXGHUV

$TXLFNVHDUFKRIWKHVLWHZKHUH7KHULVHZDVDPEXVKHGWXUQV
XS D WUDLO KHDGLQJ WR WKH QRUWK %\ \RXU JXHVV VHYHUDO PHQ
ZHUH LQ WKH DPEXVKLQJ SDUW\ <RX DOVR ILQG WKH WUDFNV RI D
ODUJH SRZHUIXO VWDJ LQ DQG DPRQJ WKH IRRWSULQWV RI WKH
EDQGLWV
<RXIROORZWKHWUDFNVIRUDERXWWZRPLOHVLQWRDUDQJHRI
ORZ IRUHVWHG KLOOV $V GXVN EHJLQV WR IDOO \RX VLJKW WKH
PRVVFRYHUHG UXLQV RI DQ ROG WRZHU RU NHHS SHUFKHG RQ D ,I WKH 3& LV VXUSULVHG E\ D VHQWU\ WKH VHQWU\ ZLOO DYRLG
KLOOVLGH$VIDUDV\RXFDQWHOOWKHNHHSVHHPVDEDQGRQHG WKHHQFRXQWHUDQGJREDFNWRZDUQ&KDPLOOHDQGWKHRWKHUV
DW WKH NHHS :KHQ WKH 3& LQYHVWLJDWHV WKH UXLQV XVH WKH
5HIHU WR WKH PDS RQ WKLV SDJH ,W VKRZV WKH DUHD HQFRXQWHU GHVFULEHG XQGHU &KDPLOOH 3UHSDUHG ,I WKH 3&
VXUURXQGLQJ WKH ODPLD
V ODLU &KDPLOOH WKLQNV WKDW VRPHRQH GRHV QRW VXUSULVH WKH VHQWU\ WKH VHQWU\ ZLOO WU\ WR IOHH WKH
PD\ KDYH HVFDSHG KHU DPEXVK DQG LV WDNLQJ SUHFDXWLRQV HQFRXQWHU WR ZDUQ &KDPLOOH 8VH QRUPDO HQFRXQWHU DQG
6KHKDVSRVWHGPRVWRIKHUIROORZHUVDVVHQWULHVDWWKHVSRWV FRPEDWUXOHVWRGHWHUPLQHLIWKHVHQWU\HVFDSHVWRZDUQWKH
PDUNHG
[
RQWKHPDS ODPLDLQWKHNHHS
:KHQWKHKHURHVSDVVZLWKLQIHHWIRXUVTXDUHVRID
VHQWU\ WKH\ PD\ KDYH DQ HQFRXQWHU &KHFN QRUPDOO\ IRU
VXUSULVH,IWKH3&DQGKLVJURXSDUHEHLQJFDUHIXOVFRXWLQJ
DKHDGZLWKDUDQJHURUWKLHIFDUU\LQJQROLJKWVSURFHHGLQJ
,I WKH 3& LV DEOH WR WDNH FDUH RI WKH VHQWU\ EHIRUH WKH
ODPLD LV ZDUQHG XVH WKH HQFRXQWHU GHVFULEHG XQGHU
&KDPLOOH6XUSULVHG
XQGHUDVLOHQFH VSHOOHWFWKH'0VKRXOGDVVLJQWKHVHQWULHV 6HQWULHV  OYO EDQGLW $&  VWXGGHG OHDWKHU VKLHOG
D VPDOO SHQDOW\ RQ WKHLU VXUSULVH UROO RU JLYH WKH KHURHV D 09  +'  KS  HDFK 7+$&2  $7  'PJ OG
ERQXV FURVVERZRUOGVKRUWVZRUG6=0$/YDULHVPRVWDUH
FKDUPHG ;3HDFK

&KDPLOOH3UHSDUHG
,IWKHODPLDLVH[SHFWLQJWKH3&DQGKLVIULHQGVVKHLVD
YHU\GDQJHURXVIRH6KHZLOO


 3DUW7KUHH7KH0LVVLQJ6WDII
VHQGWKHVHQWU\ZKREURXJKWKHUWKHZDUQLQJRILQWUXGHUVWR &KDPLOOH /DPLD$&09+'KS
JR FROOHFW WKH RWKHU VHQWULHV DQG EULQJ WKHP WR WKH NHHS ,W 7+$&2  $7  'PJ OG RU E\ ZHDSRQ 6$ ZLVGRP
ZLOO WDNH  OGO2 URXQGV IRU WKH IHOORZ WR JHW WKH GUDLQ6=0$/&(;3
EDQGLWVWRJHWKHUDQGEULQJWKHPWRWKHNHHSZKHUHWKH\ZLOO
6SHOOV FKDUP SHUVRQ PLUURU LPDJH VXJJHVWLRQ LOOXVLRQ
DWWDFNLQWUXGHUVRQVLJKW
RQFHSHUGD\
,QVLGHWKHODPLD
VODLU&KDPLOOHZLOOSUHSDUHE\XVLQJKHU
LOOXVLRQ SRZHUV WR DVVXPH WKH IRUP RI D KHOSOHVV PDLGHQ
*LOHV3 +XPDQ$&FKDLQPDLO09
ERXQGDQGJDJJHG6KHKDVWZRJXDUGVLQKHUODLU²WKHGZDUI
KS$7'PJOGOPDFH6WU'H[&RQ
7KHUHNRQHRI7KHULVH
VEDQGDQG*LOHVKLPVHOI7KHUHNKDV
,QW:LV&KD$/1*
EHHQZLVGRPGUDLQHGWRDQG*LOHVLVFKDUPHG7KHPDJH
7+$&2 
ZDV XQIRUWXQDWHO\ GHYRXUHG %RWK ZLOOLQJO\ IROORZ
&KDPLOOH
VRUGHUV 6SHOOV EOHVV FXUH OLJKW ZRXQGV HQWDQJOH OLJKW DLG ILQG
*LOHVDQG7KHUHNWHOOWKH3&WKDWWKH\KDYHMXVWGULYHQRII WUDSVKROGSHUVRQ
WKH EDQGLWV ZKR FDSWXUHG WKHP DQG DUH DERXW WR UHVFXH WKH
PDLGHQ 7KH\ VWDOO IRU WLPH ZDLWLQJ IRU UHLQIRUFHPHQWV 7KHUHN )'ZDUI$&SODWHPDLO09KS
EHIRUHDWWDFNLQJ$QREVHUYDQWFKDUDFWHUZLOOQRWLFHWKDWWKH\ $7 'PJOGEDWWOHD[H6WU6WU'H[&RQ
NHHSORRNLQJWR&KDPLOOHIRUDQVZHUVWRWRXJKTXHVWLRQVE\ ,QW:LV&KD$//17+$&2
PDNLQJDQLQWHOOLJHQFHFKHFN,I7KHULVHLVZLWKWKHSDUW\VKH
,I WKH 3& ILQGV VRPH ZD\ WR DSSURDFK &KDPLOOH
DXWRPDWLFDOO\QRWLFHV
SHDFHIXOO\ DQG RIIHU WR QHJRWLDWH WKH ODPLD LV ZLOOLQJ WR
:KHQ WKH JDWKHUHG VHQWULHV DUULYH &KDPLOOH RUGHUV*LOHV
OLVWHQ +RZHYHU VKH GRHV QRW SODQ WR OHW DQ\RQH OLYH ZLWK
DQG7KHUHNWRDWWDFNLQDQDWWHPSWWRWDNHWKHKHURHVDWWKH
NQRZOHGJH RI WKH ORFDWLRQ RI KHU ODLU 6KH PD\ IHLJQ
UHDU RI WKH SDUW\ E\ VXUSULVH 6KH XVHV KHU RZQ FKDUP DQG
DJUHHPHQW RU HYHQ RIIHU WR DFFRPSDQ\ WKH 3& SODQQLQJWR
VXJJHVWLRQ SRZHUV WR ZUHDN KDYRF DYRLGLQJ SK\VLFDO FRP
GR DZD\ ZLWK WKH FKDUDFWHU DW KHU OHLVXUH $Q DSSHDO WR
EDW
UHWXUQWKH5RGRI$VWDUDLVXVHOHVV² WKHODPLDFRXOGQ
WFDUH
&KDPLOOH6XUSULVHG OHVV DERXW ZKDW KDSSHQV WR 3RPPHYLOOH²EXW VKH PD\ VHH
,I WKH ODPLD UHFHLYHV QR ZDUQLQJ WKDW WKH 3& LV FRPLQJ MXVWKRZIDUWKH3&ZLOOJRWRJHWWKHURGEDFN
VKHZLOOQRWKDYHWLPHWRSUHSDUHDQDPEXVK,QVWHDGPDNHD +LGGHQ LQ WKH UXEEOH EHKLQG&KDPLOOH
VODLULVKHUFDFKH
QRUPDO VXUSULVH FKHFN ZKHQ WKH 3& HQWHUV WKH UXLQHG KDOO RI WUHDVXUH 2YHU WKH \HDUV VKH KDV DFFXPXODWHG  VS
&KDPLOOH LV FDXJKW LQ KHU RZQ WUXH IRUP KDOIGHHU KDOI  JS D VKLHOG  D ORQJ VZRUG  D SRWLRQ RI H[WUD
ZRPDQ DQG *LOHV DQG 7KHUHN ZLOO EH VWDQGLQJ DERXW ZLWK KHDOLQJ DFORDNRIGLVSODFHPHQW DVFUROOZLWKGHWHFWFKDUP
EODQNIDFHV GLVSHO PDJLF DQG FXUH VHULRXV ZRXQGV DQG WKH 5RG RI
&KDPLOOHZLOORUGHUWKHSULHVWDQGWKHGZDUILQWRWKHIUD\ $VWDUD ZKLFK VKH UHPRYHG IURP *LOHV ZKHQ VKH FKDUPHG
ZKLOHVKHDWWHPSWVWRVRZFRQIXVLRQLQWKHKHURHV
UDQNVE\ KLP 7KH ODPLD
V WUHDVXUH LV ORFNHG LQ IRXU ZRRGHQ WUXQNV
XVLQJ KHU FKDUP VXJJHVWLRQ DQG LOOXVLRQ SRZHUV WR WKHLU WKHNH\VWRZKLFKVKHFDUULHVRQDVPDOOFKDLQ
EHVW HIIHFW 7KH ODPLD KDV QR FRQFHUQ IRU KHU PLQLRQV DQG :LWKWKHURGUHFRYHUHGWKHRQO\WKLQJOHIWIRUWKH3&WR
ZLOO IRUFH WKHP WR ILJKW WR WKH GHDWK +RZHYHU D GLVSHO GR LV WR UHWXUQ LW WR 1HGUH]DU
V FU\SW DQG UHVWRUH $VWDUD
V
PDJLF RUFRXQWHUFLIOPFRXOGEULQJVRPHDOOLHVEDFNRYHUWR VHDO+RZHYHUWKHDQFLHQWSULHVWH[SHFWVWKHKHURHVWRUHWXUQ
WKHKHURHV
VLGHLQWKHEDWWOH DQGZLOOEHUHDG\IRUWKHPWKLVWLPH


 $IWHUWKHILUVWQLJKWRIKLVDWWDFNRQ3RPPHYLOOH1HGUH]DU
KDV QRW KDG DV PXFK VXFFHVV LQ FDSWXULQJ YLOODJHUV²PDQ\
SHRSOH KDYH WDNHQ VKHOWHU ZLWK UHODWLYHV RU IRUWLILHG WKHLU
KRPHVDJDLQVWKLVXQGHDGKRUGHV+RZHYHUKHKDVPDQDJHG
WR NLOO D IHZ YLOODJHUV DQG WUDQVIRUP WKHP LQWR XQGHDG
VHUYLWRUV
8VHWKHPDSRQWKHLQVLGHEDFNFRYHUDQGWKHGHVFULSWLRQV
RI WKH UXLQV DQG GXQJHRQV IURP 3DUW 7ZR DV WKH 3& UH
H[SORUHVWKHFU\SW6RPHDUHDVKDYHFKDQJHGVLQFHWKH3&
V
V &U\SW ,I WKH FU\VWDO VNXOOZDVGHVWUR\HGLQ
ODVWYLVLWDVGHVFULEHGEHORZ
V ODVW YLVLW 1HGUH]DU LV KHUH LQ KLV FRUSRUHDO IRUP
7KH/RZHU+DOO 1HGUH]DUKDVFRQFHQWUDWHGKLVGHIHQVHV
KHUH (LJKW VNHOHWRQV DQG IRXU MXMX ]RPELHV VWDQG UHDG\ WR
DWWDFN DQ\ LQWUXGHUV 7KH VNHOHWRQV DQG WZR RI WKH ]RPELHV
DWWDFN DQ\RQH FRPLQJ GRZQ WKH VWDLUV ZKLOH WKH RWKHU WZR
]RPELHV VWDQG VHYHUDO VWHSV XS RQ WKH IDFLQJ VWDLUZD\ DQG
XVHORQJERZVDJDLQVWWKHLQYDGHUV
V
7KH'XQJHRQ ,IWKH3&GLGQRWUHVFXH0DUFHOEHIRUHWKH
SRRU IHOORZ KDV PHW KLV HQG DQG LV QRZ RQH RI WKH MXMX
]RPELHVLQDUHD
 7KH %ODFN &KDPEHU 7ZR MXMX ]RPELHV DUH VWDQGLQJ
ZDWFKLQKHUHDQGZLOODWWDFNDQ\LQWUXGHUV7KHGRRUOHDGLQJ
WR DUHD  LV JXDUGHG E\ D JO\SK RI ZDUGLQJ VLPLODU WR WKH
RQHLQDUHD
 1HGUH]DU
WKH 3&
2WKHUZLVH KH LV RFFXS\LQJ WKH ERG\ RI D ]RPELH LQ ZLJKW
IRUP6L[]RPELHVVWDQGDURXQGWKHURRPDVJXDUGLDQV,IWKH
3& PDNHV LW WKLV IDU 1HGUH]DU UHDOL]HV WKDW KLV EDFN LV
DJDLQVW WKH ZDOO DQG KH ZLOO GR HYHU\WKLQJ LQ KLV SRZHU WR
SUHYHQWWKH3&IURPUHSODFLQJWKHURG
$V WKH 3& QHDUV WKHDQFLHQWFLUFOHWKDWEDUUHG1HGUH]DU
6NHOHWRQV $&09+'KSHDFK7+$&2 WRPE WKH 5RG RI $VWDUD EHJLQV WR JORZ ZLWK D VRIW EOXH
$7'PJOG6=0$/1;3HDFK OLJKW ,I WKH URG LV UHSODFHG LQ LWV VRFNHW WKH UXQHV RI WKH
FLUFOHIODVKZLWKDEULOOLDQWOLJKWDVWKHVHDOLVUHVWRUHG7KHQ
-XMX =RPELHV  $&  09  +'  KS  HDFK
ZLWK D FU\ RI DQJXLVK 1HGUH]DU ZLWKHUV LQWR GXVW DQG
7+$&2  $7  'PJ G RU G 6'  RU EHWWHU
PDJLFZHDSRQVWRKLWW\SH%DQG3FDXVHGDPDJHVSHOO
LPPXQLWLHV6=0$/1(;3HDFK
 7KH /RZHU 6KULQH 7KH KHOPHW SURSSLQJ RSHQ WKH GRRU
KDVEHHQUHPRYHGDQG1HGUH]DUKDVVHWDJO\SKRIZDUGLQJ
V &KDOOHQJH 7KH 3& KDV GRQH ZHOO WR
RQ ERWK WKH PDLQ DQG VHFUHW HQWUDQFHV 7KH JO\SKV FDXVH
EOLQGQHVV DQG LQIOLFW SRLQWVRIDFLGGDPDJHLIWKHYLFWLP
IDLOVWRVDYHYHUVXVVSHOOV
 7KH 8SSHU &U\SW ,I WKH VNHOHWRQV LQ WKLV DUHD ZHUH
GHVWUR\HG 1HGUH]DU UHSODFHV WKHP ZLWK  QHZ VNHOHWRQV
V JURXS DQG OHWWLQJ WKHP KDYH D VKRW DW HQGLQJ
7KHQHZVNHOHWRQVZLOOQRWKDYHFKDLQPDLOKDXEHUNV
V WKUHDW 2U WKH SOD\HU FRXOG FRQWLQXH WR SOD\ DV
 *XDUG &KDPEHU ,I WKH PRQVWHU ]RPELHV LQ KHUH ZHUH
GHVWUR\HGWKH\KDYHEHHQUHSODFHGE\QRUPDO]RPELHV
FROODSVHVWRWKHIORRU7KH]RPELHVFUXPSOHWKHHYLOZLOOWKDW
DQLPDWHGWKHPQRZJRQH
&RQFOXVLRQ
7KLV HQGV &OHULF
RYHUFRPHVXFKGLIILFXOWRGGVDQGDVSHFLDOERQXVRI
RU[SLVFHUWDLQO\DSSURSULDWHLQDGGLWLRQWRWKHQRUPDO
DZDUGVIRUGHIHDWLQJKLVIRHV
:KDWLIWKH3&GLHGLQWKHDWWHPSWWRIUHH3RPPHYLOOH"
&RQVLGHU EULQJLQJ LQ WKH UHVW RI WKH SOD\HU FKDUDFWHUV IURP
WKH SOD\HU
1HGUH]DU
RQHRIWKHPDQ\13&DOOLHVLQWKHDGYHQWXUH
$IWHUWKH3&GHVWUR\VRULPSULVRQV1HGUH]DUWKHIRONRI
3RPPHYLOOH DUH JUDWHIXO DQG RIIHU D VXEVWDQWLDO UHZDUG IRU
=RPELHV $&09+'KSHDFK7+$&2
VDVVLVWDQFHLQWKHLUKRXURIQHHG,IWKH'0ZDQWVWR
$7'PJOG6=0$/1;3HDFK

WKH3&
FRQWLQXHWRXVH3RPPHYLOOHDVDEDVHIRUFDPSDLJQLQJWKH
3& SULHVW PLJKW WDNH RYHU IRU 0RQWUHO DQG PDQDJH WKH
6KULQHRI5HIOHFWLRQDVKLVRZQSDULVK