BDK2-07 - Spirits of Vengeance

Download as pdf or txt
Download as pdf or txt
You are on page 1of 29

%'.




63,5,762)
9(1*($1&( 

$2QH5RXQG' ' /,9,1**5(<+$:.Å Å

%DQGLW.LQJGRPV5HJLRQDO$GYHQWXUH
9HUVLRQ





E\&KULV*RUVXFK
53*$+4UHYLHZHUV&KULVWRSKHU/LQGVD\DQG6WHSKHQ5DGQH\0DF)DUODQG





,QDGHVHUWHGVWUHHWRQDFROGZLQWHUQLJKWWKHVSLULWVRIWKHSDVWFU\RXWIRUYHQJHDQFH$UH\RXFUD]\HQRXJKWRHQWHUD
WHPSOHRIXQVSHDNDEOHHYLODQGVHHNRXWWKHVRXUFHRILWVSRZHU"$QDGYHQWXUHIRUFKDUDFWHUVOHYHOV
6HTXHOWR%'.%RG\$QG6RXO


%DVHG RQ WKH RULJLQDO '81*(216  '5$*216Ì UXOHV FUHDWHG E\ ( *DU\ *\JD[ DQG 'DYH $UQHVRQ DQG WKH QHZ '81*(216  '5$*216 JDPH
GHVLJQHGE\-RQDWKDQ7ZHHW0RQWH&RRN6NLS:LOOLDPV5LFKDUG%DNHUDQG3HWHU$GNLVRQ 


7KLV:L]DUGVRIWKH&RDVWJDPHSURGXFWFRQWDLQVQR2SHQ*DPH&RQWHQW1RSRUWLRQRIWKLVZRUNPD\EHUHSURGXFHGLQDQ\IRUPZLWKRXWZULWWHQ
SHUPLVVLRQ7ROHDUQPRUHDERXWWKH2SHQ*DPLQJ/LFHQVHDQGWKHGV\VWHP/LFHQVHSOHDVHYLVLW ZZZZL]DUGVFRPG




'81*(216  '5$*216 ' ' *5(<+$:. DQG 53*$Ì DUH UHJLVWHUHG WUDGHPDUNV RI :L]DUGV RI WKH &RDVW ,QF /,9,1* *5(<+$:. LV D WUDGHPDUN RI
:L]DUGVRIWKH&RDVW,QF6FHQDULRGHWDLOFRS\ULJKWE\:L]DUGVRIWKH&RDVW,QF$//5,*+765(6(59('7KLVVFHQDULRLVLQWHQGHGIRUWRXUQDPHQW
XVHRQO\DQGPD\QRWEHUHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN

6SLULWVRI9HQJHDQFH  3DJH
7KLV LV DQ 53*$ 1HWZRUN VFHQDULR IRU WKH '81*(216  RI WKH DGYHQWXUH <RX VKRXOG UHYLHZ DOO RI WKHVH VWDWLVWLFV
'5$*216 JDPH 0RVW VDQFWLRQHG HYHQWV GHOHJDWH D IRXU EHIRUH WKH JDPH VWDUWV WR UHIUHVK \RX PHPRU\ RI WKH
KRXUWLPHEORFNIRUHDFKURXQGRIWKLVVFHQDULRZLWKDFWXDO FUHDWXUHVDELOLWLHV
SOD\LQJWLPHZLOODURXQGWKUHHKRXUV7KHUHVWRIWKHWLPHLV 
VSHQW LQ SUHSDUDWLRQ EHIRUH JDPH SOD\ DQG UHZDUG 6&25,1*
GLVWULEXWLRQ DQG VFRULQJ DIWHU WKH JDPH 7KH IROORZLQJ
JXLGHOLQHV DUH KHUH WR KHOS \RX ZLWK ERWK WKH SUHSDUDWLRQ $IWHU WKH SOD\HUV KDYH FRPSOHWHG WKH VFHQDULR RUWKHWLPH
DQGYRWLQJVHJPHQWRIWKHJDPH5HDGWKLVSDJHFDUHIXOO\VR DOORWWHGWRUXQWKHVFHQDULRKDVUXQRXWWKHSOD\HUVDQG'0
WKDW \RX NQRZ DQG FDQ FRPPXQLFDWH WR \RXU SOD\HUV WKH VFRUH WKH JDPH 7KH 53*$ KDV WKUHH ZD\V WR VFRUH LWV
VSHFLDODVSHFWVRISOD\LQJDQ53*$VFHQDULR JDPHV&RQVXOW\RXUFRQYHQWLRQFRRUGLQDWRUWRGHWHUPLQH
 ZKLFKPHWKRGWRXVHIRUWKLVVFHQDULR
 1RYRWH VFRULQJ 7KH SOD\HUV ZULWH WKHLU QDPHV DQG
35(3$5$7,21 53*$ QXPEHUV RQ WKHVFRULQJSDFNHWJULG<RXILOOLQWKH
)LUVW SULQW WKLV VFHQDULR 7KLV VFHQDULR ZDV FUHDWHG WR WRSRIWKHJULG7KDWLVDOO1RRQHLVUDWHG7KLVPHWKRGLV
VXSSRUW GRXEOHVLGHG SULQWLQJ EXW SULQWLQJ LW VLQJOH VLGHG XVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRUIXQ
ZRUNV DV ZHOO 7KHUH LV HQRXJK URRP DORQJ WKH LQVLGH  3DUWLDOVFRULQJ7KHSOD\HUVUDWHWKHJDPHPDVWHUDQG
PDUJLQWRELQGWKHDGYHQWXUHLI\RXGHVLUH WKH VFHQDULR RQ WKHLU SOD\HU YRWLQJ VKHHW DQG SURYLGH
 5HDGWKLVHQWLUHDGYHQWXUHDWOHDVWRQFHEHIRUHUXQQLQJ SHUVRQDOLQIRUPDWLRQEXWGRQWYRWHIRURWKHUSOD\HUV7KH
WKHHYHQW)DPLOLDUL]H\RXUVHOIZLWKDQ\VSHFLDOUXOHVVSHOOV JDPHPDVWHUUDWHVWKHVFHQDULRDQGFRPSOHWHVSHUVRQDODQG
RU HTXLSPHQW SUHVHQWHG LQ WKH DGYHQWXUH ,W PD\ KHOS WR HYHQWLQIRUPDWLRQEXWGRHVQRWUDWHWKHSOD\HUVDVDWHDPRU
KLJKOLJKWSDUWLFXODUO\LPSRUWDQWSDVVDJHV YRWH IRU SOD\HUV 7KLV PHWKRG LV XVHG ZKHQ WKHUH LV QR
 :KHQ \RX UXQ DQ 53*$ ' ' DGYHQWXUH ZH DVVXPH FRPSHWLWLRQ EXW WKH HYHQW FRRUGLQDWRU ZDQWV LQIRUPDWLRQ
WKDW \RX KDYH DFFHVV WR WKH IROORZLQJ ERRNV WKH 3OD\HUV RQKRZWKH'0VDUHSHUIRUPLQJRUWKHJDPHPDVWHUZDQWV
+DQGERRN WKH '81*(21 0$67(5V *XLGH DQG WKH 0RQVWHU IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
0DQXDO:HDOVRDVVXPHWKDW\RXKDYHDVHWRIGLFH DWOHDVW  9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWH WKH
RQH G G G G G DQG G  VRPH VFUDS SDSHU D HQWLUH SDFNHW LQFOXGLQJ YRWLQJ IRU EHVW SOD\HU ,I WKLV
SHQFLODQ53*$VFRULQJSDFNHWDQG\RXUVHQVHRIIXQ,WV PHWKRG LV XVHG EH VXUH WR DOORZ DERXW  PLQXWHV IRU
DOVR D JRRG LGHD WR KDYH D ZD\ WR WUDFN PRYHPHQW GXULQJ WKHSOD\HUVWREULHIO\GHVFULEHWKHLUFKDUDFWHUVWRWKHRWKHU
FRPEDW7KLVFDQEHDVVLPSOHDVDSDGRIJUDSKSDSHUDQGD SOD\HUVDQGDERXWPLQXWHVIRUYRWLQJ7KLVPHWKRGLV
SHQFLO DV KDQG\ DV D YLQ\O JULG PDS DQG FKLWV RU DV XVHGZKHQWKHSOD\HUVZDQWWRNQRZZKRSOD\HGWKH|EHVW}
HODERUDWHDVUHVLQGXQJHRQZDOOVDQGPLQLDWXUHV DPRQJVW WKH JURXS RU ZKHQ WKH DGYHQWXUH LV UXQ LQ
 ,QVWUXFW WKH SOD\HUV HLWKHU WR SUHSDUH WKHLU FKDUDFWHUV WRXUQDPHQWIRUPDWZLWKZLQQHUVDQGSUL]HV
QRZRUZDLWXQWLO\RXUHDGWKHLQWURGXFWLRQGHSHQGLQJRQ  :KHQXVLQJYRWLQJUDQNWKHSOD\HUVLQRUGHURI\RXU
WKH UHTXLUHPHQWV RI WKH VFHQDULR GHVFULEHG LQ WKH YRWLQJFKRLFHZKLOHWKH\DUHFRPSOHWLQJWKHLUIRUPVVRWKDW
LQWURGXFWLRQ \RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWVRQ\RXUDELOLWLHV
 .HHSLQPLQGWKDW\RXPXVWKDYHDWOHDVWWKUHHSOD\HUV ,WV D JRRG LGHD WR KDYH WKH SOD\HUV YRWH ZKLOH \RX
QRW FRXQWLQJ WKH '0  IRU WKH JDPH VHVVLRQ WR EH D GHWHUPLQHWUHDVXUHDQGH[SHULHQFHDZDUGVIRUWKHVFHQDULR
VDQFWLRQHG 53*$ HYHQW <RX FDQQRW KDYH PRUH WKDQ VL[  $IWHU YRWLQJ JLYH WKH 6FRULQJ 3DFNHW WR \RXU HYHQW
SOD\HUVSDUWLFLSDWLQJLQWKHJDPH FRRUGLQDWRU
 2QFH\RXDUHUHDG\WRSOD\LWLVKDQG\WRLQVWUXFWHDFK 
SOD\HU WR SODFH D QDPHWDJ LQ IURQW RI KLP RU KHU 7KH WDJ
VKRXOG KDYH WKH SOD\HUV QDPH DW WKH ERWWRP DQG WKH
FKDUDFWHUVQDPHUDFHDQGJHQGHUDWWKHWRS7KLVPDNHVLW
HDVLHUIRUERWKWKHSOD\HUVDQGWKH'0WRNHHSWUDFNRIZKR
LVSOD\LQJZKDWFKDUDFWHU
 7KH SOD\HUV DUH IUHH WR XVH WKH JDPH UXOHV WR OHDUQ
DERXWHTXLSPHQWDQGZHDSRQVWKHLUFKDUDFWHUVDUHFDUU\LQJ
%XWDVWKH'0\RXFDQEDUWKHXVHRIHYHQ&RUH5XOHERRNV
GXULQJ FHUWDLQ WLPHV RI SOD\ )RU H[DPSOH XVXDOO\ WKH
SOD\HUVDUHQRWIUHHWRFRQVXOWWKH'XQJHRQ0DVWHUV*XLGH
ZKHQ FRQIURQWHG ZLWK D WUDS RU KD]DUG RU WKH 0RQVWHU
0DQXDOZKHQFRQIURQWHGZLWKDPRQVWHU
 7H[W WKDW DSSHDUV LQ EROG LWDOLFV LV SOD\HU LQIRUPDWLRQ
ZKLFK \RX PD\ UHDG DORXG RU SDUDSKUDVH DV DSSURSULDWH
7H[WLQDSSHQGL[HVFRQWDLQVLPSRUWDQW'0QRWHVIRU\RX
RIIHULQJ LQVLJKW WR LVVXHV SDUWLFXODU WR WKH DGYHQWXUH
0RQVWHU DQG QRQSOD\HU FKDUDFWHU 13&  VWDWLVWLFV DUH
SURYLGHG ZLWK HDFK HQFRXQWHU LQ DEEUHYLDWHG IRUP )XOO
PRQVWHUVWDWLVWLFVIRUVWDQGDUGPRQVWHUVDUHSURYLGHGLQWKH
0RQVWHU 0DQXDO ZKLOH VWDWLVWLFV IRU XQXVXDO PRQVWHU DQG
XQLTXHLQGLYLGXDOVDUHSURILOHGLQWKH$SSHQGL[DWWKHHQG

6SLULWVRI9HQJHDQFH  3DJH
7KLV LV D /,9,1* *5(<+$:. DGYHQWXUH $V D /,9,1*Î HLWKHU\RXUFKDUDFWHUZDVQRWDVFKDOOHQJHGDVQRUPDORU
DGYHQWXUH LW LV H[SHFWHG WKDW SOD\HUV EULQJ WKHLU RZQ UHOLHG RQ KHOS E\ KLJKHUOHYHO FKDUDFWHUV WR UHDFK WKH
FKDUDFWHUV ZLWK WKHP ,I SOD\HUV GR QRW KDYH D /,9,1* REMHFWLYHV
*5(<+$:.FKDUDFWHUJHQHUDWHGJHWDFRS\RIWKHFXUUHQW 
/,9,1* *5(<+$:.FKDUDFWHUJHQHUDWLRQJXLGHOLQHVDQGD 1RWH /,9,1* *5(<+$:. DGYHQWXUHV DUH GHVLJQHG IRU
FKDUDFWHUVKHHWIURP\RXUFRQYHQWLRQFRRUGLQDWRURUWKH $3/DQGKLJKHU7KUHHRUIRXURUVRPHWLPHVHYHQILYH
53*$ :HE VLWH ZZZZL]DUGVFRPUSJD DQGWKHQKDYH VWOHYHO FKDUDFWHUV PD\ ILQG GLIILFXOW\ ZLWK WKH
DQ\ SOD\HUV ZLWKRXW D FKDUDFWHU FUHDWH RQH 2QFH DOO FKDOOHQJHV LQ D /,9,1* *5(<+$:. DGYHQWXUH ,I \RXU
SOD\HUV KDYH D /,9,1* *5(<+$:. FKDUDFWHU SOD\ FDQ JURXS LV $3/  WKHUH DUH WKUHH WKLQJV WKDW\RXFDQGRWR
EHJLQ KHOSHYHQWKHVFRUH
 $ORQJZLWKWKHRWKHUPDWHULDOVWKDW\RXDUHDVVXPHG    $WWHPSW WR FUHDWH D WDEOH RI VL[ VWOHYHO
WR KDYH LQ RUGHU WR UXQ D ' ' JDPH LW LV DOVR FKDUDFWHUV RU WU\ WR HQOLVW KLJKHUOHYHO FKDUDFWHUV WR SOD\
UHFRPPHQGHG WKDW \RX KDYH D FRS\ RI WKH /,9,1* DWWKDWWDEOH
*5(<+$:.*D]HWWHHU    $GYLVH FKDUDFWHUV WR EX\ ULGLQJ GRJV WR KHOS
 SURWHFW WKHP DQG ILJKW IRU WKHP $OO ULGLQJ GRJV DUH
/,9,1**5(<+$:./(9(/62)3/$< FRQVLGHUHG WUDLQHG WR DWWDFN &KDUDFWHUV ZKR ZDQW WKHLU
GRJ WR DWWDFN WKH\ PXVW VXFFHHG DW D +DQGOH $QLPDO RU
%HFDXVH SOD\HUV EULQJ WKHLU RZQ FKDUDFWHUV WR /,9,1* &KDULVPDFKHFN '& )DLOXUHLQGLFDWHVWKDWWKHDQLPDO
*5(<+$:. JDPHV WKLV DGYHQWXUH
V FKDOOHQJHV DUH ZLOOQRWDWWDFNWKDWURXQG7KLVLVXVXDOO\DIUHHDFWLRQ VHH
SURSRUWLRQHG WR WKH DYHUDJH FKDUDFWHU OHYHO RI WKH '81*(210$67(56*XLGH&KDSWHU&KDUDFWHUV WKDWPD\
FKDUDFWHU SDUWLFLSDWLQJ LQ WKH DGYHQWXUH 7R GHWHUPLQH EHDWWHPSWHGHDFKURXQG,IDQDQLPDOORVHVKDOIRUPRUH
WKH$YHUDJH3DUW\/HYHO $3/  KS LQ D VLQJOH URXQG LW IOHHV XQOHVV DQRWKHU FKHFN LV
   'HWHUPLQH WKH FKDUDFWHU OHYHO IRU HDFK FKDUDFWHU VXFFHVVIXO
SDUWLFLSDWLQJLQWKHDGYHQWXUH    $ JURXS RI $3/  DGYHQWXUHUV ZKR GHVLUH DQ
  ,IFKDUDFWHUVEULQJDQLPDOVWKDWKDYHEHHQWUDLQHG H[WUDKDQGFDQHQOLVWDQLFRQLF7KHVWDWVIRUWKHVWOHYHO
IRU FRPEDW XVXDOO\ ZDU KRUVHV DQG ULGLQJ GRJV  RWKHU YHUVLRQV RI 7RUGHN 0LDOHH /LGGD DQG -R]DQ DUH JLYHQ DW
WKDQ WKRVH EURXJKW E\ YLUWXH RI D FODVV DELOLW\ VXFK DV WKH HQG RI HDFK DGYHQWXUH 7KH JURXS PD\ SLFN RQH RI
DQLPDOFRPSDQLRQVIDPLOLDUVDSDODGLQ
VPRXQWVDQGVR WKHVHFKDUDFWHUVWRMRLQWWKHPRQWKLVDGYHQWXUH7KH'0
IRUWK XVHWKHIROORZLQJFKDUWWRGHWHUPLQHWKHQXPEHURI FRQWUROVWKDW13&
OHYHOV \RX DGG WR WKH VXP DERYH $GG HDFK FKDUDFWHU
V 
DQLPDOVVHSDUDWHO\$VLQJOHFKDUDFWHUPD\RQO\EULQJIRXU
RU IHZHU DQLPDOV RI WKLV W\SH DQGDQLPDOVZLWKGLIIHUHQW 7,0(81,76$1'83.((3
&5VDUHDGGHGVHSDUDWHO\ 7KLV LV D VWDQGDUG RQHURXQG 5HJLRQDO DGYHQWXUH VHW LQ
 WKH%DQGLW.LQJGRPV$OOFKDUDFWHUVSOD\LQJLQUHJLRQSD\
 &5       RQH 7LPH 8QLW WR SDUWLFLSDWH LQ WKH DGYHQWXUH
 DQG     $GYHQWXUHV 6WDQGDUG 8SNHHS FRVWV  JS 5LFK 8SNHHS
 DQG     FRVWVJSDQG/X[XU\8SNHHSFRVWVJS&KDUDFWHUV
        SOD\LQJRXWRIUHJLRQSD\GRXEOHWKHVHDPRXQWV
       
       
       

   6XP WKH UHVXOWV RI  DQG  DQG GLYLGH E\ WKH
QXPEHURIFKDUDFWHUVSOD\LQJLQWKHDGYHQWXUHURXQGXS
  ,I\RXDUHUXQQLQJDWDEOHRIVL[FKDUDFWHUVDGGRQH
WRWKDWDYHUDJH

%\ IROORZLQJ WKHVH IRXU VWHSV \RX KDYH GHWHUPLQHG WKH
PRGLILHG $3/ 7KURXJKRXW WKLV DGYHQWXUH $3/V
FDWHJRUL]H WKH OHYHO RI FKDOOHQJH WKDW WKH FKDUDFWHUVIDFH
$3/VDUHJLYHQLQHYHQQXPEHUHGLQFUHPHQWV,IWKH$3/
RI \RXU JURXS IDOOV RQ DQ RGG QXPEHU DVN WKHP EHIRUH
WKH DGYHQWXUH EHJLQV ZKHWKHU WKH\ ZRXOG OLNH WR SOD\ D
KDUGHU RU HDVLHU DGYHQWXUH %DVHG RQ WKHLU FKRLFH XVH
HLWKHUWKHKLJKHURUWKHORZHUDGMDFHQW$3/
 $3/ DOVR DIIHFWV WKH DPRXQW RI H[SHULHQFH \RX PD\
JDLQDWWKHHQGRIDQDGYHQWXUH,I\RXUFKDUDFWHULVWKUHH
FKDUDFWHU OHYHOV RU PRUH HLWKHU KLJKHU RU ORZHU WKDQ WKH
$3/ WKDW WKLV DGYHQWXUH LV SOD\HG DW SOD\LQJ DW WKDW
FKDUDFWHU ZLOO UHFHLYH RQO\ KDOI RI WKH H[SHULHQFH SRLQWV
DZDUGHG IRU WKH DGYHQWXUH 7KLV VLPXODWHV WKH IDFW WKDW

6SLULWVRI9HQJHDQFH  3DJH
DJDLQVW WKH JKRVWO\ SUHVHQFH WKDW HQWHUHG KLV FDVWOH ODWHU
$'9(1785(6800$5<$1' WKDW QLJKW DQG IUHHG WKH SULVRQHU LV XQFHUWDLQ 7KDW KLV
%$&.*5281' DEVHQFH KDV QHYHU EHHQ QRWLFHG LV D P\VWHU\ EXW RQH
WKLQJLVFOHDUZKHQWKHSULHVWDZRNHWKHQH[WGD\KHIHOW
6KRUWO\ DIWHU WKH *UH\KDZN :DUV FDPH WR DQ HQG WHQ OLNH D QHZ PDQ ,Q IDFW KH WUXO\ ZDV RQH IRU LQ KLV
WKRXVDQG EDQGLWV UHSUHVHQWLQJ WKH SURYLQFHV RI $EEDUUD FRQVFLRXVPLQGQRWUDFHRI%HUQHOUHPDLQHG
)UHHKROG0LGODQGV:DUILHOGVDQG:RUPKDOOZHUHFDOOHG  $V WKH IOHGJLQJ SULHVW QRZ QDPHG 3DUWLQLXV EHJDQ
WRJHWKHU E\ SULHVWV RI ,X] WR DUUDQJH IRU WKH UDLGV WKH\ KLV SUD\HUV WR KLV ORUG DQG PDVWHU ,X] WKH (YLO KH
ZRXOGXVHWRIXUWKHUKDUDVVWKHLUZDUUDYDJHGQHLJKERUV XQFRQVFLRXVO\SDWWHGWKHRUGHUVKHVRPHKRZNQHZZHUH
 $OWKRXJK WKHLU GD\V ZHUH VSHQW HPEURLOHG LQ LQ KLV YHVW SRFNHW WKH RQHV DVVLJQLQJ KLP DV WKH QHZ
PHHWLQJV ZLWK WKH ,X]LDQ SULHVW %HUQHO RI +DORUQ QLJKW PDJLVWUDWHRIWKHWRZQRI=HORVXV
IRXQGWKHPJDWKHUHGDURXQGFRXQWOHVVILUHVUHFLWLQJWDOHV  7KH%DQGLW.LQJGRPVDGYHQWXUH%'.7KH%HQGHU
RI ZDUWLPH H[SORLWV ERWK JORULRXV DQG QHIDULRXV HDFK ILUVW LQWURGXFHG %HUQHO3DUWLQLXV LQ KLV QHZ UROH DV D
PRUHGDULQJWKDQWKHODVW PDJLVWUDWH RI =HORVXV D VPDOO WRZQ WZR GD\V VRXWK RI
 +RZHYHU %HUQHO ZDV D SDUDQRLG PDQ DQG ZLWK HDFK 5RRNURRVW$V,X]KDVQHYHUUHDOL]HGWKDWWKH\RXQJSULHVW
SDVVLQJ GD\ KH JUHZ LQFUHDVLQJO\ GLVWXUEHG E\ WKHVH WKDW SUD\V WR KLP HYHU\ GD\ LV DFWXDOO\ %HUQHO KH KDV
QLJKWWLPH UHYHOULHV +LV GLVHDVHG PLQG VDZ WKHLU PDQDJHGWRUHJDLQDVPDOOSRUWLRQRIKLVSRZHUV
PHUU\PDNLQJ DV DQHODERUDWHFKDUDGHXQGHUZKLFKWKHVH  3DUWLQLXV UHWXUQHG LQ WKH %DQGLW .LQJGRPV
EDQGLWV ZHUH SORWWLQJ DJDLQVW KLP DQG SHUKDSV HYHQ ,X] DGYHQWXUH %'. %RG\ DQG 6RXO DV DQ LQPDWH LQ WKH
KLPVHOI%\WKHIRXUWKQLJKWRIWKHIHVWLYDOKHZDVFHUWDLQ LQVDQH DV\OXP LQ 5RRNURRVW $OWKRXJK KH LV IUHHG IRU D
WKH\ZHUHDERXWWRWXUQRQKLPVRKHRUGHUHGKLVDJHQWV VKRUW ZKLOH DQG XOWLPDWHO\ NLOOHG KH LV UDLVHG IURP WKH
WRNLOOWKHPDOO GHDGDQGUHWXUQHGIRUIXUWKHU~WUHDWPHQW
 &DOOLQJXSRQGHPRQLFSRZHUVWKHDJHQWVRIWKH2OG  7KH 'HPRQ /RUG RI PDGQHVV 6RFRWKEHQRWK DFWLQJ
2QH VODXJKWHUHG WKH PHQ DV WKH\ VOHSW %\ GDZQ QHDUO\ WKURXJKKLVSULHVWVDWWKHDV\OXPKDVXVHGWKHWLPHVLQFH
KDOIRIWKRVHWKDWKDGJDWKHUHGIRUWKHIHVWLYLWLHVOLHGHDG WKDW DGYHQWXUH WR WHPSW 3DUWLQLXV LQWR FRQYHUWLQJ WR KLV
RQ WKH ILHOGV RI :RUPKDOO ZKLOH WKH VXUYLYRUV EURNHQ FOHUJ\3DUWLQLXVKDVQRZWDNHQRYHUWKHDV\OXPDQGPDGH
DQG EOHHGLQJ IOHG WR WKH ODQGV RI *UHHQVNHHS WKH PDQ\ VDFULILFHV WR KLV QHZ ORUG VWDUWLQJ ZLWK KLV IHOORZ
7DQJOHVDQGWKH5LIW SULHVWVDQGDPDMRULW\RIWKHDV\OXPJXDUGV
 (LJKW\HDUVKDYHSDVVHGDQGWKHDEDQGRQHGFDPSVLWH  1RZXVLQJWKHDV\OXPLQPDWHVDVKLVQHZIROORZHUV
QRZ NQRZQ DV 6WHHOERQH 0HDGRZV LV ORQJ RYHUJURZQ 3DUWLQLXVKDVEHJXQNLGQDSSLQJRWKHUSHRSOHDURXQGWKH
5RWWLQJWHQWVUXVWHGZHDSRQVDQGVFDWWHUHGERQHVDUHDOO WRZQIRUXVHLQKLVVDFULILFHVDQGDOWKRXJKKHGRHVQRW\HW
WKDW UHPDLQ 7KH\ VHUYH DV ERWK D JULP UHPLQGHU RI WKH UHDOL]H KLV WUXH SRWHQWLDO 6RFRWKEHQRWK KRSHV WR UHOHDVH
WUDJHG\RIWKDWHYHQLQJDVZHOODVDZDUQLQJWRWKRVHZKR KLP XSRQ 5RRNURRVW +RZHYHU WKHUH LV DQRWKHU ZKR
ZRXOGDFWDJDLQVWWKHIRUFHVRI,X] NQRZVRI3DUWLQLXVWUXHLGHQWLW\2QHRIWKHJKRVWVRIWKH
 +RZHYHU ZKDWHYHU KDSSHQHG WR WKH SULHVW" ,X] KDG PHQ VODXJKWHUHG DW 6WHHOERQH PHDGRZV KDV UHFHQWO\
EHHQ GLVSOHDVHG ZLWK %HUQHO DV WKH LQFLGHQW KDG JRQH KHDUG WDOHV RI DQ LQVDQH SULHVW RI ,X] WKDW ZDV VHHQ
DJDLQVWKLVZLVKHV+RZHYHUWKHYLFLRXVFUXHOW\GLVSOD\HG WHOHSRUWLQJUDQGRPO\WKURXJKRXWWKHWRZQRI5RRNURRVW
E\ WKH SULHVW GXULQJ WKH DWWDFN KDG GHPRQVWUDWHG 7KXVVHWWLQJWKHEDFNGURSIRUWKHDGYHQWXUH
SRWHQWLDOw 
 7KHVWUHHWVRI'RUDNDDHFKRHGZLWK,X]VODXJKWHUDV (QFRXQWHU7KH*KRVW
KLV WZLVWHG PLQG FDPH XSRQ D SODQ %HUQHO ZDV VWULSSHG $ WRUPHQWHG VSLULW OHDGV WKH SDUW\ WR WKH 5RRNURRVW
RI KLV SRZHUV DQG ZLSHG RI DOO FRQVFLRXV PHPRU\ +LV DV\OXPKRSLQJWKH\NLOOWKHSULHVWWKDWZDVUHVSRQVLEOHIRU
VXEFRQVFLRXV PLQG RQ WKH RWKHU KDQG ZDV NHSW YHU\ WKHPDVVDFUHDW6WHHOERQHPHDGRZV
PXFKDZDUHRIZKRKHKDGEHHQDQGZKDWKDGEHHQWDNHQ 
IURP KLP DV SXQLVKPHQW IRU JRLQJ DJDLQVW KLV PDVWHUV (QFRXQWHU*HWWLQJ,Q2QWKH*URXQG)ORRU
ZLVKHV 7KH ILUVW IORRU RI WKH DV\OXP FRQVLVWV RI WKH NLWFKHQ
 ,X] NQHZ WKH FRQVWDQW WRUPHQW ZRXOG WZLVW WKH GLQLQJ KDOO EDUUDFNV HQWU\ FKDPEHU DQG WKH JURXQGV
SULHVW LQWR D FUHDWXUH RI YLOH GDUNQHVV ,Q D IHZ \HDUV KH WKDWVXUURXQGWKHP
ZRXOGVLPSO\UHWXUQKLVSRZHUVWRUHJDLQKLVOR\DOW\7KDW 
LQFLGHQWDW:RUPKDOOZRXOGEHQRWKLQJFRPSDUHGWRWKH (QFRXQWHU7KH&HOOV
HYLOKHZRXOGUHOHDVHWKDWGD\ 7KH VHFRQG VWRU\ LV ZKHUH WKH LQPDWHV ZHUH KHOG DQG
 ,X]WKHQLQVWUXFWHGKLVPHQWRSXW%HUQHOVRPHSODFH FDSWXUHGWRZQVIRONDUHEHLQJKHOGSULVRQHU
RXW RI WKH ZD\ ZKHUH KH FRXOGQW GR DQ\ IXUWKHU KDUP 
XQWLO KH ZDV FDOOHG IRU :LWK WKDW WKH SULHVW ZDV KDXOHG (QFRXQWHU7UHDWPHQW&KDPEHUV
RII WR WKH GXQJHRQV RI 'RUDNDD QHYHU WR EH KHDUG IURP 7KHWKLUGVWRU\LVDSODFHRIQLJKWPDUHVZKHUHWKHLQPDWHV
DJDLQ XQGHUZHQWWKHLU~WUHDWPHQWV
 ,WZDVQRWWREHIRUHYHQWKHJRGVWKHPVHOYHVFRXOG 
QRW IRUHVHH WKH FKDLQ RI HYHQWV WKDW KDG EHHQ VHW LQ
PRWLRQWKDWVWDUILOOHGQLJKWLQ:RUPKDOO:KHWKHULWZDV (QFRXQWHU7KH7HPSOH
GXH WR LQDWWHQWLRQ RU GHVLJQ WKDW ,X] WRRN QR DFWLRQ 7KHIRXUWKIORRULVWKHPDLQWHPSOHDQGZKHUHWKHSDUW\
ZLOOFRQIURQW3DUWLQLXV

6SLULWVRI9HQJHDQFH  3DJH
 6WUHQJWKFKHFNV DOVRFDXVHVWKHJKRVWWRJLYHXSKLVKROG
&RQFOXVLRQ DQGWU\VRPHRQHHOVH
7KH YLOODLQ EHKLQG WKH PDVVDFUH DW 6WHHOERQH 0HDGRZV  $VVXPLQJ WKH\ OHDYH WKH FKDUDFWHU DORQH WKH JKRVW
OLHVGHDGDQGWKHJKRVWVKDYHEHHQSXWWRUHVW7KHSDUW\ EHJLQV ZDONLQJ WKH SRVVHVVHG FKDUDFWHU GRZQ &KHDS
PD\KDYHUHZDUGVDQGRUSD\PHQWVWRFROOHFWRUPDNH 6WUHHW UHOHDVLQJ FRQWURO LQ IURQW RI WKH 5RRNURRVW
 $V\OXP 2QFH WKH\ KDYH DUULYHG RU LI WKH SRVVHVVHG
FKDUDFWHU LV RWKHUZLVH LQWHUUXSWHG DQG IUHHG HDUO\ SXOO
,1752'8&7,21 DVLGHWKHSRVVHVVHGFKDUDFWHUDQGUHDGWKHIROORZLQJ
3ULRU WR EHJLQQLQJ WKH DGYHQWXUH DVN LI WKH SOD\HUV DUH 
FRPIRUWDEOH ZLWK GHSLFWLRQV RI KRUURU DQG YLROHQFH ,I 7KHQLJKWLVFRROWKHVN\LVFOHDUDQGWKHFHOHEUDWLRQVKRZVQR
DQ\ DUH XQFRPIRUWDEOH ZLWK VXFK VXEMHFW PDWWHU SOHDVH VLJQ RI VWRSSLQJ $ PHUH WZR GD\V KDYH SDVVHG VLQFH \RX ILUVW
DGMXVW WKH GHVFULSWLRQV WKURXJKRXW WKH DGYHQWXUH VWXPEOHG XSRQ WKH FDPSVLWH \HW LQ WKDW WLPH WKH UHYHOHUV KDYH
DFFRUGLQJO\ LQFUHDVHG WR QHDUO\ WHQ WKRXVDQG &RXQWOHVV FDPSILUHV PD\ GRW
 2QFH WKDW LV FRPSOHWH UHDG RU SDUDSKUDVH WKH WKHODQGVFDSHEXWWRQLJKW\RXFRXQW\RXUVHOIDPRQJVWWKHOXFN\
IROORZLQJ IRUWKLVSDUWLFXODUILUHKRVWVWKHEDQGLWORUG$XYHULQ0RRQEODGH
 UXPRUHGE\VRPHWREHWKHSK\VLFDOHPERGLPHQWRI2OLGDPPDUD
3OHDVH UHPHPEHU WKDW WKLQJV DUH GLIIHUHQW LQ WKH %DQGLW KLPVHOI
.LQJGRPVKHURHVFDQEHPDGHERXJKWRUVROGDOOLQWKHVDPH  $ VPDOO FURZG KDV JDWKHUHG DW WKH ILUH WKLV QLJKW HDFK
GD\ DQG DOO GHSHQGLQJ RQ WKH VLWXDWLRQ DQG WKH SULFH 7KH SHUVRQ HDJHU WR ERDVW RI WKHLU H[SORLWV LQ KRSHV RI ILQGLQJ IDYRU
TXHVWLRQLVQWZKDWLVWKHULJKWWKLQJWRGRLQDJLYHQVLWXDWLRQ ZLWK WKLV OHJHQGDU\ EDQGLW 7KH KRXUV WLFN VORZO\ E\ \HW HYHQ
EXW UDWKHU ZKDW ZLOO EH WKH UDPLILFDWLRQV RI DQ\ GHFLVLRQV , ZKHQPRVWKDYHORQJVLQFHGULIWHGRIIWRVOHHS$XYHULQVWLOOOLVWHQV
PDNH":KRVHEDGVLGHGR,QRWZDQWWREHRQDQGZKHQZLOO, LQWHQWO\WRHDFKSHUVRQVWDOH
QHHGWRFDOOLQDIDYRU"5HPHPEHUHYHU\WKLQJVQHJRWLDEOHDQG  $V WKH ODVW VWRU\ HQGV $XYHULQ ULVHV WR KLV IHHW 7KRVH IHZ
VRPHWKLQJVDUHPRUHQHJRWLDEOHWKDQRWKHUV ZKR DUH VWLOO DZDNH JURZ VLOHQW DV KH VWHSV IRUZDUG WR WHOO KLV
 WDOH 7KHQ KLV IDFH VXGGHQO\ DVKHQ $XYHULQ TXLFNO\ GUDZV KLV
EODGHZLWKDVWDUWOHG\HOODVKHSRLQWVWRWKHVNLHV
(1&2817(57+(*+267  7KHVLFNHQLQJVRXQGRIVRPH~WKLQJODQGLQJRQWKHSHUVRQ
$IWHUVHYHUDOGD\VRIWUDYHO\RXKDYHILQDOO\UHDFKHGWKHRXWVNLUWV EHKLQG\RXFRQILUPVWKDWWKLVLVQRWSDUWRIKLVVWRU\5HIOHFWHGLQ
RI 5RRNURRVW 7KH EORZLQJ VQRZ REVFXUHV \RXU YLVLRQ DV FROG $XYHULQVEODGHLVWKHWZLVWHGLPDJHRIWKHGHPRQLFFUHDWXUHWKDW
ZLQWHUZLQGVFKLOO\RXWRWKHERQH1LJKWLVIDOOLQJDV\RXHQWHU WRZHUV RYHU \RX +DOI DJDLQ \RXU KHLJKW \RX WKLQN LW DOPRVW
WKHFLW\DQG\RXORRNIRUZDUGWRHQMR\LQJWKHZDUPWKRIDILUH KXPRURXV WKH ZD\ WKH LPDJH RI LWV ELUGOLNH KHDGWZLVWVRQWKH
DQGDKRWPHDO VWHHORIKLVEODGH7KHQHYHU\WKLQJJRHVGDUN
  &ODULW\UHWXUQVVORZO\DV\RXKHDUDYRLFHLQWKHGDUNQHVV
,W LV FXUUHQWO\ QLJKWIDOO DQG WKH JKRVW RI 9DOVHQ D WKLHI EHFNRQLQJ WR \RX %UHDWK FRPHV SDLQIXOO\ DQG D ILUH VHHPV WR
NLOOHG E\ %HUQHO3DUWLQLXV DW 6WHHOERQH PHDGRZV KDV EXUQLQ\RXUEHOO\EXWDWOHDVW\RXNQRZ\RXUHDOLYH2SHQLQJ
\RXUH\HV\RXVHHDZHDWKHUHGIDFHORRNLQJGRZQXSRQ\RX|<RX
VSRWWHG WKH SDUW\ DQG VQHDNV XS WR WU\ WR XVH KLV
OLYH*RRG/XFNLO\,KDGRQHKHDOLQJVSHOOOHIWDQG,VRZDQWHG
PDOHYROHQFH SRZHU RQ RQH RI WKH FKDUDFWHUV +H LV  +'
WR WHOO \RX WKH JRRG QHZV &RQJUDWXODWLRQV GHDU ER\ \RX DUH
DQG KDV D +LGH VNLOO RI  ZLWK DQ DGGLWLRQDO 
DERXWWRHQWHUWKHDUPLHVRI,X]},WLVWKHODVWWKLQJ\RXZRXOG
FLUFXPVWDQFHPRGLILHUIRUWKHZHDWKHU
HYHU KHDU DV KLV OLJKW PDFH FRPHV VPDVKLQJ GRZQ XSRQ \RXU
 2QHE\RQHKDYHWKHFKDUDFWHUVPDNH:LOO6DYHV '&
IDFH
  XQWLO VRPHRQH IDLOV RU WKH\ VSRW WKH JKRVW ,I WKH\  7KHYLVLRQSDVVHVDVTXLFNO\DVLWFDPH*ODQFLQJDERXW\RX
VSRW KLP KH IOHHV WRZDUG WKH DV\OXP EXW UHWXUQV WR WU\ ILQG\RXUVHOIRQFHDJDLQDPRQJVW\RXUIULHQGV$FROGFKLOOSDVVHV
DJDLQ XQWLO KH FDQ VXFFHVVIXOO\ SRVVHV RQH RI WKH SDUW\ RYHU\RXDV\RXIHHOD~SUHVHQFHOHDYLQJ\RXDQGWKHQLWLVJRQH
PHPEHUV RYHU WKH FRXUVH RI VHYHUDO GD\V LI QHFHVVDU\ 
:KLOH WKH JKRVW LQWHQGV WR XVH WKLV SRZHU WR OHDG WKH 7KHLPDJHRIWKHSULHVWTXLFNO\IDGHVIURPWKHSRVVHVVHG
FKDUDFWHU WR WKH DV\OXP KH DOVR WDNHV WKH RSSRUWXQLW\ WR SHUVRQVPLQG$Q\DWWHPSWVWRUHFDOOZKDWKHORRNHGOLNH
VKDUHKLVPHPRULHVRIWKHHYHQWVOHDGLQJXSWRKLVGHDWK DUHLQVWHDGPHWZLWKLPDJHVRIDWDOOIRUHERGLQJVWUXFWXUH
 $VVXPLQJ VRPHRQH EHFRPHV SRVVHVVHG UHDG WKH PDWFKLQJWKHGHVFULSWLRQRIWKH5RRNURRVWDV\OXP
IROORZLQJ DGMXVWLQJDVDSSURSULDWH   &KDUDFWHUV ZKR KDYH SOD\HG %'. ; 0DUNV 7KH
 6SRW RU WKRVH PDNLQJ D .QRZOHGJH /RFDO z %DQGLW
$V\RXZRUN\RXUZD\HDVWIURPWKH)XQDU\JDWHKHDGLQJGHHSHU .LQJGRPV FKHFN '&   UHFRJQL]H WKH QDPH $XYHULQ
LQWRWKHFLW\LQVHDUFKRIWKH'UXQNHQ'UDJRQ7DYHUQ )DLOLQJ 0RRQEODGH DV D IDPRXV EDQGLW WKDW GLHG LQ 6WHHOERQH
FKDUDFWHUV H\HVJOD]HRYHUDV KHVKH FRPHVWRDVXGGHQVWRS 0HDGRZV

 &KDUDFWHUV WDNLQJ WKH WLPH WR DVN DURXQG WRZQ FDQ
*LYHWKHFKDUDFWHUVDIHZPRPHQWVWRUHDFWWRWKLVHYHQW
PDNHD*DWKHU,QIRUPDWLRQFKHFNZLWKUHVXOWVDVIROORZV
EHIRUHFRQWLQXLQJ
EDVHGRQWKHUHVXOWVRIWKHLUFKHFN
 1RWH WKDW D SURWHFWLRQ IURP HYLO VSHOO GULYHV WKH VSLULW

IURP WKH ERG\ UHWXUQLQJ WKH FKDUDFWHU WR QRUPDO
LPPHGLDWHO\ $FWLYHO\ UHVWUDLQLQJ WKHFKDUDFWHU RSSRVHG N '&   $ JQRPH LOOXVLRQLVW ZDV PXJJHG DQG NLOOHG
UHFHQWO\

6SLULWVRI9HQJHDQFH  3DJH
N '& 3HRSOHKDYHJRQHPLVVLQJDURXQGWRZQ GUHDU\ JUD\ RYHUFRDW VLWV LQ WKH JXDUGKRXVH KLV KHDG
N '&   7KH WKLHYHV JXLOG KDV KDG D FKDQJH RI OHDQLQJIRUZDUGDWUHVW
OHDGHUVKLSUHFHQWO\ 
7KHJXDUGLVDFWXDOO\GHDGKLVWKURDWVOLWIURPHDUWRHDU
N '& 7KHPDMRULW\RIWKHPLVVLQJSHRSOHDUHIURP
$Q\RQH WRXFKLQJ WKH JXDUG FDXVHV KLV KHDG WR WLS EDFN
WKHDUHDDURXQGWKHDV\OXP
UHYHDOLQJKLVVOLWWKURDW+LVH\HVFRPHRSHQDVKHGRHVVR
N '& 7KHSULHVWVDQGJXDUGVRIWKHDV\OXPKDYHQW EXW KH LV GHDG QRQHWKHOHVV $ WKLHI ZKRVH ERG\ WKH
EHHQVHHQDURXQGDVRIODWH SDUW\ILQGVDWWKHIURQWGRRUNLOOHGKLPDERXWDQKRXUDJR
 DQGSODFHGWKHRYHUFRDWRQKLPWRKLGHWKHEORRG
,QTXLULHV DURXQG WRZQ UHJDUGLQJ WKH LPDJHV IURP WKH 
GUHDP RU D VXFFHVVIXO .QRZOHGJH ORFDO  %DQGLW
.LQJGRPV  FKHFN '&   NQRZ WKDW WKH\ DUH RI WKH )5217'225
PDVVDFUHDW6WHHOERQH0HDGRZV$FKHFNDW'&UHYHDOV 7KHIURQWHQWUDQFHWRWKHDV\OXPERDVWVDPDVVLYHVHWRIGRXEOH
WKHSXEOLFO\DYDLODEOHLQIRUPDWLRQWKDWDPDGSULHVWRI,X] GRRUVERXQGLQWKLFNLURQFKDLQV+DQJLQJDPRQJVWWKHFKDLQV
DQG KLV IROORZHUV VODXJKWHUHG  PHQ DQG WKDW WKH LV D \RXQJ PDQ LQ OHDWKHU DUPRU $OWKRXJK KLV ERG\ IDFHV WKH
SULHVWLVEHLQJKHOGLQWKHSULVRQVRI'RUDNDD GRRU KLV KHDG KDV EHHQ EUXWDOO\ WZLVWHG WR IDFH WKH VWUHHW &ROG
 ,IWKHFKDUDFWHUVGRQRWJRWRWKHDV\OXPKHDWWHPSWV H\HV VWDUH YDFDQWO\ EDFN DW \RX DSSDUHQWO\ D ZDUQLQJ DJDLQVW
WRSRVVHVVDQRWKHUFKDUDFWHU RQFHSHUFKDUDFWHUSHUGD\  RWKHUXQLQYLWHGJXHVWV
RURWKHUSHRSOHLQWKHEDU 
 ,IWKH\UHIXVHWRJRUROHSOD\LQWKHWDYHUQIRUDZKLOH 7KH WKLHI ZHDUV OHDWKHU DUPRU LV DUPHG ZLWK D EORRG\
WKHQWKHDGYHQWXUHKDVSDVVHGWKHPE\ GDJJHUDQGKDVWKHNH\VWRWKHDV\OXPLQKLVEHOWSRXFK
 $VVXPLQJ WKH SOD\HUV GHFLGH WR JR WR WKH $V\OXP +HLV/DOGDDVKDUSHUZLWKWKH5RRNURRVW7KLHYHV*XLOG
SURFHHGWR(QFRXQWHU /LNH WKH FKDUDFWHUV KH ZDV EURXJKW WR WKH IURQW RI WKH
 DV\OXP E\ 9DOVHQ DERXW DQ KRXU DJR EXW ZDV XQDEOH WR
JHWLQVLGH
(1&2817(5*(77,1*,1  7KH GRRUV DUH ORFNHG 7KH\ RSHQ RXWZDUG ZLWK
UHFHVVHG KLQJHV KLGGHQ LQ WKH IUDPH $ VXFFHVVIXO 6SRW
217+(*5281')/225 FKHFN '&   UHYHDOV WKH LURQ ORFN IRU WKH FKDLQV OLHV
5LVLQJ RXW RI WKH GDUNQHVV EHIRUH \RX LV WKH 5RRNURRVW $V\OXP RSHQRQWKHJURXQGDWWKHIRRWRIWKHGRRU
7KURXJK WKH JXVWV RI EORZLQJ VQRZ \RX DUH DEOH WR FDWFK EXW  6KRXOG DQ\RQH GLVWXUE WKH FKDLQV GRRU RU ERG\
JOLPSVHVRIWKHRGGO\VKDSHGVWUXFWXUH3URQRXQFHGJRWKLFVSLUHV ZLWKRXW EHLQJ DFFRPSDQLHG E\ WKH JXDUG ZKR LV QRZ
DQGLURQRXWFURSSLQJVKLGHEHLQJVKDOIVHHQZKLOHJDUJR\OHVUHVW GHDG WKHFKDLQVFRPHWROLIHDQGDWWDFN
ZDULO\RQWKHURRI$SLHUFLQJVFUHDPHVFDSHVWKHEDUUHGZLQGRZV  $OWKRXJK WKH FKDLQV EHJLQ WKH FRPEDW DW WKH GRRUV
EHIRUH WKH FRQVWDQW PRDQ RI WKH KRZOLQJ ZLQGV HQYHORSH \RX WKH\ DUH DEOH WR PRYH EH\RQG WKHP DQG SXUVXH WKH
RQFHPRUH FKDUDFWHUV DV IDU DV WKH HGJHRIWKHSURSHUW\LIQHFHVVDU\
 +RZHYHU VKRXOG LW EHFRPH FOHDU WKH SDUW\ LQWHQGV WR
7KH DV\OXP LV DFWXDOO\ D WHPSOH WR 6RFRWKEHQRWK WKH OHDYH WKH IURQW GRRUV EH DQG ILQG DQRWKHU ZD\ LQWR WKH
GHPRQ ORUG RI 0DGQHVV $ IW URXJK ZDOO RI VWRQH DV\OXPWKHFKDLQVUHWXUQWRJXDUGWKHGRRU
VXUURXQGV WKH SURSHUW\ 7KHUH DUH WZR HQWUDQFHV WR WKH 
DV\OXP D IURQW HQWUDQFH FRPSOHWH ZLWK IR\HU DQG D UHDU $3/ (/ 
HQWUDQFH OHDGLQJ LQWR WKH NLWFKHQ %RWK IURQW DQG UHDU
GRRUVDUHORFNHGDQGFKDLQHG7KHZLQGRZVDUHDOOVWDLQHG 0HGLXPVL]H $QLPDWHG 2EMHFW &KDLQV  KS  VHH
JODVV DQG FDQQRW EH RSHQHG VKRUW RI EUHDNLQJ RQH 7KH 0RQVWHU0DQXDO
VHFRQGWKURXJKIRXUWKIORRUZLQGRZVDUHDOZD\VRSHQHG  64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI
EXW EDUUHG VR DV WR EH LPSRVVLEOH WR FOLPE WKURXJK 7KH 
LURQ LV LQFUHGLEO\ UHVLOLHQW DQG HQWHULQJ WKURXJK D $3/ (/ 
ZLQGRZKDVDFKDQFHRIGUDZLQJXQZDQWHGDWWHQWLRQ
 7KHVH VWDWLVWLFV DSSO\ WKURXJKRXW WKH DGYHQWXUH 0HGLXPVL]H $QLPDWHG 2EMHFW &KDLQV   KS  
XQOHVVVWDWHGRWKHUZLVH VHH0RQVWHU0DQXDO
  64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI

%DUVRQ:LQGRZVKDUGQHVVKS%UHDN '&  7DFWLFV7KHFKDLQVSULPDU\PHWKRGRIDWWDFNLVWRJUDSSOH
 XQDUPHGFKDUDFWHUV
6WURQJ :RRGHQ 'RRUV  LQ WKLFN KDUGQHVV  KS  
$&%UHDN '& 2SHQ/RFN '& 
 $3/ (/ 
*8$5'+286( +XJH $QLPDWHG 2EMHFW &KDLQV  KS  VHH 0RQVWHU
0DQXDO
1HDU WKH URDG VLWV D VPDOO JXDUG VKDFN /DUJH RSHQ  64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI
ZLQGRZVSURYLGHDQH[FHOOHQWYLHZRIWKHVWUHHWZKLOHDQ 
RSHQ GRRUZD\ LQ WKH UHDU IDFHV WKH DV\OXP $ PDQ LQ D

6SLULWVRI9HQJHDQFH  3DJH
/DUJH $QLPDWHG 2EMHFW &KDLQV  KS  VHH 0RQVWHU $3/ (/ 
0DQXDO
 64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI )XVLOODGH RI 6SHDUV 7UDSV   &5   UDQJHG G
 VSHDU PXOWLSOHWDUJHWV GVSHDUVSHUWDUJHWLQDIWE\
IWDUHD6HDUFK '& 'LVDEOH'HYLFH '& 
$3/ (/  
*DUJDQWXDQ $QLPDWHG 2EMHFW &KDLQV  KS  VHH $3/ (/ 
0RQVWHU0DQXDO
 64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI *UHDWHU *O\SK RI :DUGLQJ +DUP  &5  PDJLF GHYLFH
 WRXFK WULJJHU PDQXDO UHVHW VSHOO HIIHFW KDUP WK OHYHO
+XJH $QLPDWHG 2EMHFW &KDLQV  KS  VHH 0RQVWHU FOHULF QR VDYLQJ WKURZ  6HDUFK '&   'LVDEOH 'HYLFH
0DQXDO '& 
 64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI 
 )ROORZHGE\w

$3/ (/  *UHDWHU *O\SK RI :DUGLQJ %ODVW *O\SK  &5  PDJLF
&RORVVDO$QLPDWHG2EMHFW &KDLQV KSVHH0RQVWHU GHYLFH ORFDWLRQ WULJJHU PDQXDO UHVHW G VRQLF IW
0DQXDO UDGLXV5HIOH[VDYH>'&@IRUKDOIGDPDJH 6HDUFK '&
 64+DUGQHVV ([ 7KHFKDLQVKDYHDKDUGQHVVRI  'LVDEOH'HYLFH '& 
  1RWHWKDWWKHVHFRQGJO\SKRIZDUGLQJJRHVRIIIWLQIURQW
7DFWLFV7KHFKDLQVSULPDU\PHWKRGRIDWWDFNLVWRJUDSSOH RIWKHILUVWJO\SKPDNLQJLWOLNHO\WRFDWFKWKHEXONRIWKHSDUW\
XQDUPHG FKDUDFWHUV FRQVWULFWLQJ PXOWLSOH FKDUDFWHUV DW 7KH YLFWLP RI WKH ILUVW JO\SK LV QRW VXEMHFW WR WKH HIIHFWV RI WKH
RQFHZKHQHYHUSRVVLEOH,IWKHFKDUDFWHUVDUHDOODUPHGLW VHFRQGJO\SK
DWWHPSWVWR7UDPSOH 
 (175$1&(+$//
.,7&+(1'225 7KH ODUJH HQWUDQFH KDOO WR WKH DV\OXP LV EDUUHQ 7KH IORRUV DUH
7KHEDFNGRRURIWKHDV\OXPLVDVROLGZRRGHQVWUXFWXUHERXQGLQ ZRRGHQDQGWKHKLJKZDOOVIHDWXUHOHVV7RWKHQRUWK\RXVHHWKH
FKDLQVRILURQ7KHGXVWLQJRIVQRZLQWKHDUHDUHYHDOVWKDWGRRU GLQLQJKDOOWRWKHVRXWKZKDWDSSHDUVWREHDEDUUDFNV$ODUJH
KDVQRWEHHQXVHGLQVRPHWLPH7KHVRXQGVRIPRYHPHQWFDQEH NLWFKHQOLHVWRWKHHDVW7ZRVPDOOZRRGHQFORDNURRPVVLWDORQJ
KHDUGIURPZLWKLQ WKH QRUWK ZDOO ZKLOHDQDEQRUPDOO\ORQJVWDLUFDVHOHDGVWRWKH
 VHFRQGIORRU$WWKHWRSRIWKHVWDLUV\RXQRWLFHDERRNO\LQJRSHQ
7KH GRRU DQG FKDLQV DUH ERWK ORFNHG 7KH GRRU RSHQV RQ D SRGLXP 7KH VRXQGV RI \RXU IRRWVWHSV VHHP WR HFKR
RXWZDUGZLWKUHFHVVHGKLQJHVKLGGHQLQWKHIUDPH1RWH WKURXJKRXWWKHURRPDV\RXHQWHU
WKDWDOWKRXJKWKHFRRNLVLQVLGHSUHSDULQJDPHDOKHGRHV 
QRWXQORFNWKHGRRURUOHDYHWKHNLWFKHQ 7KHHQWUDQFHKDOODQGFORDNURRPVDUHHPSW\7KHFHLOLQJV
 DUH  IHHW KLJK DQG WDSHU LQWR D WULDQJXODU VKDSHG
&KDLQVKDUGQHVVKS%UHDN '& 2SHQ/RFNV RSHQLQJ RQ WKH VHFRQG IORRU 7KH VWDLUV OHDG XS WR WKH
'&  VHFRQG VWRU\ ,I WKH SDUW\ GHFLGHV WR FOLPE WKH VWDLUV
6WURQJ:RRGHQ'RRULQWKLFNKDUGQHVVKS$& SURFHHGWR(QFRXQWHU 5P 
%UHDN '& 2SHQ/RFNV '&  
 7+(',1,1*+$//
7KH GRRU LV WUDSSHG WULJJHUHG WR WDUJHW DQ\RQH RSHQLQJ 7KH'LQLQJ+DOOIHDWXUHVWKUHHPDVVLYHWDEOHVDQGRIIHUVVHDWLQJ
WKHGRRU IRU7KHFKDLUVDUHDOOSXVKHGLQDQGHDFKKDVDSODFHVHWWLQJ
 QHDWO\ DUUDQJHG EHIRUH LW $ PDQ LQ IDQF\ FORWKHV D ZKLWH
$3/ (/  QDSNLQRQKLVDUPORRNVXSDW\RXDV\RXDSSURDFK
+DLO RI 1HHGOHV 7UDSV   &5   UDQJHG G  
6HDUFK '& 'LVDEOH'HYLFH '&  7KH ZDLWHU 5DYOR LV RQH RI WKH DV\OXPV LQPDWHV 2I
 FRXUVH KH GRHVQW UHDOL]H WKLV KH EHOLHYHV WKDW KH LV WKH
KHDGZDLWHU DQG WKLV LV /RUG 0RUWRWKV SDODFH 2EVHUYDQW
$3/ (/  FKDUDFWHUV WKDW PDNH D VXFFHVVIXO 6SRW FKHFN '&  
+DLO RI 1HHGOHV 7UDSV   &5   UDQJHG G  QRWLFH WKDW KLV FORWKHV DUH FDUHIXOO\ VSOLW DW WKH EDFN
6HDUFK '& 'LVDEOH'HYLFH '&  KDYLQJ EHHQ VWROHQ IURP D FRUSVH DW WKH 5RRNURRVW
 PRUWXDU\
 +H DVNV WKH SDUW\ WR KDYH D VHDW DQG LI SHUPLWWHG
$3/ (/  VHUYHV WKHP ZLQH IURP &< WKH \HDU RI 6WHHOERQH
)XVLOODGHRI6SHDUV7UDS&5UDQJHG GVSHDU  0HDGRZVDYHU\JRRG\HDU EHIRUHKHDGLQJWRWKHNLWFKHQ
PXOWLSOHWDUJHWV GVSHDUVSHUWDUJHWLQDIWE\IW LQ VHDUFK RI IRRG +H GRHV QRW NQRZ DQ\WKLQJDERXWWKH
DUHD6HDUFK '& 'LVDEOH'HYLFH '&  UHVWRIWKHDV\OXPDVKHLVQRWDOORZHGWRJRXSVWDLUVEXW


6SLULWVRI9HQJHDQFH  3DJH
JODGO\ VKDUHV KXVKHG UXPRUV DERXWKDSSHQLQJVLQ~FRXUW SUHSDULQJ IRU PRUH VDFULILFHV EXW KH LV QRW DOORZHGWRJR
LISUHVVHG IDEULFDWLRQVRIDGHOXGHGPLQG  XSWKHUHKLPVHOI
 
5DYORWKH:DLWHU0DOHKXPDQ&RP 6WDOGLQWKH&RRN0DOHKXPDQ&RP
 
7+(%$55$&.6 
7KHEDUUDFNVVOHHSVWKLUWHHQZLWKFKHVWVDWWKHIRRWRIHDFKEHG$ (1&2817(57+(&(//6
FDELQHW LV PRXQWHG WR WKH QHDU ZDOO ZKLOH D VPDOO WDEOH ZLWK
7KH VSLUDO VWDLUFDVH WR WKLV OHYHO IURP WKH ILUVW IORRU LV
IRXUFKDLUVUHVWLQWKHIDUFRUQHU&KHVWQXWVKHHWVFRYHUVOHHSLQJ
GHVFULEHGLQ5RRP
IRUPVLQDOOEXWWZRRIWKHEHGVWKHUHPDLQLQJEHLQJXQRFFXSLHG

DQGGUDSHGLQZKLWH$PXVN\VPHOOSHUYDGHVWKLVURRP
 $1''5($02)3($&()8/0($'2:6
7KH FKHVWQXW VKHHWV DUH VWDLQHG ZLWK GULHG EORRG 7KH 7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $
DV\OXP JXDUGV GHFD\LQJ FRUSVHV OLH LQ WKRVH EHGV 7KH\ VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH
ZHUH NLOOHG LQ ULWXDOLVWLF VDFULILFH DQG DUH PLVVLQJ WKHLU OHYHORIWKHIORRU
LQWHUQDORUJDQV6HYHUDOZHDUDVWUDQJHSHQGDQWRQDFKDLQ 
DURXQG WKHLU QHFN $ VXFFHVVIXO .QRZOHGJH UHOLJLRQ  7KHGRRULVORFNHG6KRXOGWKHSDUW\HQWHUWKHURRPUHDG
FKHFN '&   LGHQWLILHV LW DV WKH KRO\ V\PERO RI RUSDUDSKUDVHWKHIROORZLQJ
6RFRWKEHQRWK7KHUHDUH QXPEHURISDUW\PHPEHUVz  
VXFKSHQGDQWV 7KHURRPKDVDVWDOHVPHOOWRLWDVLILWKDVQRWEHHQHQWHUHGLQ
 7KHJXDUGVZHUHSODFHGKHUHVKRUWO\DIWHUWKH\GLHG VRPH WLPH $ WKLQ FRDWLQJ RI GXVW FRYHUV HYHU\WKLQJ 7KH RQO\
$ VXFFHVVIXO +HDO FKHFN '&   UHYHDOV WKDW WKH\ KDYH IXUQLVKLQJ LV D VPDOO VWUDZ ILOOHG PDWWUHVV WKDW OLHV LQ WKH IDU
EHHQGHDGIRUDERXWDZHHNEXWWKHVWHQFKGRHVQRWPDNH EDFN FRUQHU RI WKH URRP 7KURXJK WKH OD\HUV RI GXVW \RX FDQ
LWVHOIDSSDUHQWXQWLOWKHVKHHWVKDYHEHHQUHPRYHG EDUHO\PDNHRXWVWUDQJHPXUDOVWKDWFRYHUWKHZDOOV
 $OORIWKHFKHVWVDUHORFNHG7KH\FRQWDLQFORWKHVDQG 
SHUVRQDOEHORQJLQJVRIWKHJXDUGV 6KRXOGDQ\RQHH[DPLQHWKHZDOOVUHDGRUSDUDSKUDVHWKH
 IROORZLQJ
&KHVWVLQWKLFNKDUGQHVVKS$&%UHDN '& 
 2SHQ/RFNV '&  5HPRYLQJWKHGXVWIURPWKHZDOOVUHYHDOVDVHULHVRIPXUDOVWKDW
 UXQ WKH OHQJWK RI WKH URRP 'RQH HQWLUHO\ LQ UHGV DQGEURZQV
7KHZHDSRQVFDELQHWLVDOVRORFNHG,WFRQWDLQVZKLSV WKH FUXGH SDLQWLQJV GHSLFW VFHQHV RI D PDVVLYH EDWWOH ZKHUH
7KH NH\ LV KLGGHQ XQGHU WKH ILUVW EHG DQG UHTXLUHV D GHPRQLFFUHDWXUHVZDGHWKURXJKUDQNVRIKXPDQV$ILJXUHLWV
VXFFHVVIXO6HDUFKFKHFN '& WRORFDWH IDFH SXUSRVHIXOO\ REVFXUHG DSSHDUV LQ HDFK RI WKH VFHQHV DQG
 8QGHU WKH OLS RI WKH ZHDSRQV FDELQHW LV D URSH WKDW VHHPVWREHOHDGLQJWKHGHPRQLFFUHDWXUHVLQWREDWWOH
ZKHQ SXOOHG ULQJV D VPDOO EHOO LQ WKH *XDUG +RXVH $ 
VXFFHVVIXO6HDUFKFKHFN '& ORFDWHVWKHURSH 7KH LPDJHV GRQH LQ D FRPELQDWLRQ RI IHFHV DQG EORRG
 GHSLFW VFHQHV IURP WKH PDVVDFUH DW 6WHHOERQH PHDGRZV
:HDSRQV&DELQHWLQWKLFNKDUGQHVVKS$& 7KHLPSUHVVLRQRQHJHWVLVWKDWWKHGHPRQVSOD\WKHUROH
%UHDN '& 2SHQ/RFNV '&  RIJORULRXVKHURHVHOLPLQDWLQJWKHFRQVSLULQJWKLHYHVWKDW
 SORW DJDLQVW WKH FHQWUDO ILJXUH 3DUWLQLXV GUHZ WKHVH
LPDJHV ZKLOH KH ZDV LQWHUUHG LQ WKLV FHOO QHYHU
7+(.,7&+(1 XQGHUVWDQGLQJZK\WKHVHLPDJHVZHUHLQKLVPLQG$IWHU
7KH.LWFKHQLVVSRWOHVV&DELQHWVDQGVKHOYHVOLQHWKHVRXWKZDOO FRQYHUWLQJWR6RFRWKEHQRWKKHRUGHUHGWKLVURRPVHDOHG
ZKLOHDVWRYHLVEXLOWLQWRWKHHDVWZDOO$VPDOOWDEOHOLHVLQWKH DVWKHKDXQWLQJLPDJHVGLVWXUEKLPGHHSO\
PLGGOH RI WKH HDVW HQG RI WKH URRP $ PDQ LQ D ZKLWH DSURQ 
VWLUULQJDODUJHERLOLQJSRWORRNVXSDW\RXDV\RXHQWHU
 ,1)5207+(&2/'
7KH FRRN 6WDOGLQ LV RQH RI WKH DV\OXPV LQPDWHV +H LV 7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $
FRRNLQJ D PHDO IRU WKH UHVW RI WKH LQPDWHV EXW GRHVQW VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH
EHOLHYH LQ HDWLQJ DQ\WKLQJ EXWYHJHWDEOHVKLPVHOI:KHQ OHYHORIWKHIORRU
WKH KHURHV HQWHU KH ZHOFRPHV WKHP DQG RIIHUV VRPH RI 
WKHYHJHWDEOHVRXSKHLVFRRNLQJRQWKHVWRYH,IWKHSDUW\ $W$3/WKHURRPLVHPSW\H[FHSWIRUWKHFKLOG$W$3/
GHPDQGVPHDWKHUHOXFWDQWO\DJUHHVWRVHUYHWKHPRQHRI SURFHHGZLWKWKHIROORZLQJ
WKH PHDW SLHV KH LV FRRNLQJ LQ WKH VWRYH 7KH YHJHWDEOH 
VRXSLVILQHDQGDOWKRXJKWKHPHDWSLHVGRQRWLQMXUHWKH 7KHDUHDDURXQGWKHGRRUVHHPVXQQDWXUDOO\FRRO
SDUW\ WKH\ DUH PDGH IURP WKH RUJDQV RI WKH RULJLQDO 
DV\OXP JXDUGV DQG UHTXLUH D VXFFHVVIXO 6SRW FKHFN '& 7KH GRRU LV XQORFNHG DQG FRRO WR WKH WRXFK 6KRXOG
 WRUHFRJQL]HWKHPHDWDVKXPDQRUJDQV VRPHRQHRSHQWKHGRRUUHDGRUSDUDSKUDVHWKHIROORZLQJ
 7KH FRRN NQRZV WKDW WKH KLJK SULHVW DQG KLV JXDUGV 
DUH KDUG DW ZRUN LQ WKH XSSHU PRVW OHYHO RI WKH EXLOGLQJ

6SLULWVRI9HQJHDQFH  3DJH
$V \RX RSHQ WKH GRRU D FROG FKLOOVXGGHQO\IORRGVLQWRWKHKDOO 7KH RULJLQDO LQPDWHV NLGQDSSHG WKHVH SHRSOH IURP WKH
6WDUOLJKW ILOWHUV LQ WKURXJK WKLQ ZLQGRZV GLPO\ OLJKWLQJ WKH DUHDDURXQGWKHDV\OXP2FFDVLRQDOO\RQHRIWKHLQPDWHV
URRP $ EXUQW RXW WRUFK OLHV LQ WKH FHQWHU RI WKH URRP DQG FRPHV WR WDNH RQH RI WKHPDZD\QHYHUWREHVHHQDJDLQ
HYHU\WKLQJ VHHPV WR EH FRYHUHG ZLWK D OD\HU RI VRRW DQG JULPH 7KH\DUHDOOILUVWOHYHOFRPPRQHUVDQGUDQJHIURPWRz
$ORQJWKHIDUZDOO\RXFDQPDNHRXWWKHIRUPRIDQXQFRQVFLRXV KLWSRLQWV3DVRUDVPRWKHU5RDQDLVDW
FKLOGEOXHIURPWKHFROG+HUEUHDWKOLNH\RXURZQLVYLVLEOHLQ  ,I WKH SDUW\ RIIHUV WR IUHH WKHVH SHRSOH 5RDQD DVNV
WKHIULJLGDLU WKHPWRIUHHKHUKXVEDQGDQGFKLOGEXWVKHGRHVQWNQRZ
 ZKHUHWKH\DUH &KLOGLVKHOGLQ,Q)URPWKH&ROG)DWKHULV
7KHFKLOG3DVRUDRQWKHIDUVLGHRIWKHURRPLVRQHRIWKH LQ%XJV ,IWKHSDUW\VDYHVWKHHQWLUHIDPLO\WKH\RIIHUWR
PDQ\SHRSOHWKDWKDYHEHHQNLGQDSSHGIURPWKHDUHD6KH UHZDUGWKHDGYHQWXUHUVWKHQH[WGD\
LVVORZO\G\LQJIURPH[SRVXUHDQGLVFXUUHQWO\DWzKS 
 7KH FROG LV IURP WKH EURZQ PROG WKDW LQIHVWV WKH /81&+"
VHFRQGURZRIIWVTXDUHVLQWKHURRP,WFRYHUVWKHIORRU
DVZHOODVWKHFHLOLQJDORQJWKLVOLQH$Q\RQHHQWHULQJWKH 7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $
URRP WDNHV G FROG VXEGXDO GDPDJH SHU URXQG WKH\DUH VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH
ZLWKLQ  IHHW RI LW $Q\RQH UHQGHUHG XQFRQVFLRXV E\WKH OHYHORIWKHIORRU
FROGEHJLQVWDNLQJUHDOGDPDJHDWWKHVDPHUDWH 
 $OWKRXJKWKHEDFNZDOODQGKDOOZD\DUHFOHDURIWKLV 7KH GRRU LV XQORFNHG 6KRXOG WKH SDUW\ HQWHU WKH URRP
HIIHFW HYHQ WKRVH DUHDV DUH FRRO HQRXJK WR GHDO G RI UHDGRUSDUDSKUDVHWKHIROORZLQJ
GDPDJHSHUKRXURIH[SRVXUH 
 1RWHWKDWDQ\ILUHLQWURGXFHGWRWKHURRPZLOOFDXVH 7KHIORRURIWKLVURRPLVFRYHUHGLQDWKLFNOD\HURIVWUDZ:KLIIV
WKHPROGWRLPPHGLDWHO\H[SDQGWRDIIHFWKDOIRIKDOOZD\ RIGXVWDQGVQRZILOOWKHDLU)OLFNHULQJWRUFKHVPRXQWHGKLJKRQ
DQG JURZ  FORVHU WR WKH FKLOG $ VHFRQG VXFK LQVWDQFH WKHZDOOVUHYHDODGLVKHYHOHGILJXUHFURXFKHGLQWKHIDUFRUQHURI
ZLOOFDXVHLWWRDIIHFWWKHHQWLUHKDOODQGUHDFKWKHFKLOGDV WKH URRP +HDULQJ \RX HQWHU KH WXUQV KLV KHDG DQG IODVKHV D
ZHOONLOOLQJKHU EURNHQ WRRWKHG JULQ KROGLQJ RXW WKH VODE RI PHDW KH KDV EHHQ
 HDWLQJDVLIRIIHULQJ\RXDELWH

$3/21/< 7KLV LV RQH RI WKH OHVV PDQDJHDEOH DV\OXP LQPDWHV
%URZQ0ROGVHH'81*(210$67(56*XLGH $OWKRXJK QRW YLROHQW DW WKH PRPHQW KH LV QRW DEOH WR
 SHUIRUP DQ\ XVHIXO WDVN DQG KDV VLPSO\ EHHQ OHIW WR KLV
$Q\RQHDWWHPSWLQJWRUHVFXHWKHJLUOWDNHVGDVWKH\JR RZQGHYLFHV
WR WKH IDU VLGH RIWKHURRP7KH\ILQGWKHWHPSHUDWXUHLV  7KH PHDW KH LV FKHZLQJ RQ LV D KXPDQOHJ,IDVNHG
QRW TXLWH DV FROG DORQJ WKH EDFN ZDOO ,I WKH\ EULQJ KHU DERXWLWKHZLOOPXPEOHVRPHWKLQJDERXWJHWWLQJLWIURP
EDFNDFURVVWKHURRPWKH\ DQGWKHJLUO WDNHDQRWKHUG D SLOH XSVWDLUV EXW UHIXVHV WR JR ZLWK WKH SDUW\ WR VKRZ
RI FROG VXEGXDO GDPDJH ,I WKH\ KDYH QRW KHDOHG WKH JLUO WKHPZKHUH
SULRU WR EULQJLQJ KHU EDFN DFURVV VKH SUREDEO\ GRHV QRW  8QGHU KLV VKLUW KH ZHDUV D VWUDQJH SHQGDQW RQ D
VXUYLYH FKDLQ WKDW UHTXLUHV D VXFFHVVIXO 6SRW FKHFN '&   WR
 ,IWKHSDUW\LVDEOHWRUHVFXHKHUDQGEULQJKHUEDFNWR QRWLFHDQGDVXFFHVVIXO.QRZOHGJH UHOLJLRQ FKHFN '&
FRQVFLRXVQHVV VKH DVNV WKHP WR IUHH KHU SDUHQWV EXW VKH  WRLGHQWLI\DVDKRO\V\PERORI6RFRWKEHQRWK
GRHVQWNQRZZKHUHWKH\DUH 0RWKHULVKHOGLQ+ROGLQJ  +HGRHVQRWRIIHULWWRWKHPEXWLIWKHSDUW\DVNVIRU
3HQ)DWKHULVLQ%XJV ,IWKHSDUW\VDYHVWKHHQWLUHIDPLO\ WKHSHQGDQWKHOHWVWKHPERUURZLWDQGWHOOVWKHPKRZWR
WKH\RIIHUWRUHZDUGWKHDGYHQWXUHUVWKHQH[WGD\ E\SDVV WKH +DLO RI 1HHGOHV WUDS DW WKH ODQGLQJ EXW RQO\ LI
 WKH\ SURPLVH WR EULQJ KLP EDFN VRPH PRUH PHDW IURP
+2/',1*3(1 XSVWDLUVLQH[FKDQJH
 -HRUJH LV LQWHQGHG WR EH D QRQFRPEDWDQW 7KH RQO\
7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $ FRQGLWLRQV XQGHU ZKLFK KH DWWDFNV LV LI WKH SDUW\ VWDUWVD
VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH ILJKWZLWKKLPRULIWKH\PDNHKLPDGHDOIRUKLVSHQGDQW
OHYHORIWKHIORRU7KHVRXQGVRIZHDNVREELQJFDQEHKHDUGIURP EXWGRQRWUHWXUQZLWKKLVPHDW,QZKLFKFDVHKHVWHDOVD
ZLWKLQ JUHDWD[H DQG FKDLQ VKLUW EHIRUH KXQWLQJ WKH FKDUDFWHUV
 GRZQWKHQH[WHYHQLQJ
7KHGRRULVORFNHG6KRXOGWKHSDUW\HQWHUWKHURRPUHDG 
RUSDUDSKUDVHWKHIROORZLQJ
 $3/ (/ 
2SHQLQJWKHGRRU\RXUVHQVHVDUHLPPHGLDWHO\DFFRVWHGZLWKWKH )XULRXV-HRUJH0DOHKXPDQ%EQKSVHH$SSHQGL[
VWHQFKWKLVSODFH6HYHQKXGGOHGIRUPVOLHRQILOWK\SLOHVRIVWUDZ 13&V
VFDWWHUHGDERXWWKHURRP0RVWDUHXQFRQVFLRXV7KRVHIHZZKR 
UHPDLQ DZDNH DUH EDUHO\ DEOH WR PRYH $ FUXHO ZLQWHU ZLQG $3/ (/ 
VHHSVWKURXJKJDSVLQWKHFORWKHVWKDWKDYHEHHQXVHGLQDIXWLOH
DWWHPSWWRFRYHUWKHZLQGRZV )XULRXV -HRUJH 0DOH KXPDQ %EQ)WU KS  VHH
 $SSHQGL[13&V


6SLULWVRI9HQJHDQFH  3DJH
$3/ (/  7KLVURRPLVILOOHGIURPIORRUWRFHLOLQJZLWKVSLGHUZHEV6QRZ
JOLVWHQV DPRQJVW WKH VWUDQGV DV EHDPV RI VWDUOLJKW IURP GLVWDQW
)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU KS  VHH ZLQGRZVEDFNOLJKWWKHURRPJLYLQJHYHU\WKLQJDQHHULHIHHO
$SSHQGL[13&V 
 7KHURRPLVRWKHUZLVHHPSW\
$3/ (/  
)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU)UHQ]LHG %/2:1$:$<
%HUVHUNHU KSVHH$SSHQGL[13&V 7KHGRRUWRWKLVFKDPEHUKDVWKHQXPEHUEXUQHGLQWRLW7KH
 GRRUVKDNHVYLROHQWO\DQGDVWUDQJHKRZOLQJFDQEHKHDUGIURP
$3/ (/  ZLWKLQ

)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU)UHQ]LHG 7KH GRRU LV XQORFNHG EXW VWXFN UHTXLULQJ D VXFFHVVIXO
%HUVHUNHU KSVHH$SSHQGL[13&V 6WUHQJWK FKHFN '&   WR RSHQ 6KRXOG WKH SDUW\ RSHQ
 WKHGRRUUHDGRUSDUDSKUDVHWKHIROORZLQJ
%/22'%$7+ $V\RXPDQDJHWRSU\RSHQWKHGRRU\RXDUHVXGGHQO\DFFRVWHGE\
7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $ DYLROHQWZLQGZKLFKWKUHDWHQVWREORZ\RXRIIRI\RXUIHHW
VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH 
OHYHORIWKHIORRU 7KHIDUZDOOKDVKDGDSHUPDQHQWJXVWRIZLQGFDVWXSRQLW
 6PDOO FKDUDFWHUV DUH NQRFNHG GRZQ 0HGLXPVL]H
7KH GRRU LV XQORFNHG 6KRXOG WKH SDUW\ HQWHU WKH URRP FKDUDFWHUV KDYH WKHLU PRYHPHQW KDOWHG $ VXFFHVVIXO
UHDGRUSDUDSKUDVHWKHIROORZLQJ 6WUHQJWK FKHFN '&   LV UHTXLUHG WR FORVH WKH GRRU ,Q
 RUGHU WR NHHS LW FORVHG LW PXVW EH ORFNHG RU MDPPHG
7KH ZDOOV RI WKLV VPDOO URRP DUH ZDVKHG ZLWK D VWLFN\ UHG ZKLFKUHTXLUHVDVXFFHVVIXO6WUHQJWKFKHFN '& 7KH
VXEVWDQFH WKDW FDQ EH RQO\ EORRG $ ZRRGHQ EXFNHW RI WKH URRPLVRWKHUZLVHHPSW\
VXEVWDQFH VLWV QHDU WKH GRRU D EUXVK UHVWLQJ LQVLGHRILW$FRRO 
ZLQGEORZVDERXWWKHURRP 0(7+2'2872)0$'1(66
 7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $
7KHZRRGHQEXFNHWDQGEUXVKDUHWKHRQO\WKLQJVLQWKLV VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH
URRP 7KH EXFNHW LV WKUHH TXDUWHUV IXOO ZLWK WKLQQHG OHYHORIWKHIORRU
EORRG7KHZRUNDSSHDUVWRKDYHEHHQUHFHQWDIHZKRXUV 
ROGUHFHQWO\FRPSOHWHGE\)XULRXV-HRUJH 7KH GRRU LV XQORFNHG 6KRXOG WKH SDUW\ HQWHU WKH URRP
 UHDGRUSDUDSKUDVHWKHIROORZLQJ
:+27851('2877+(/,*+7" 
7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $ 7KH IDU ZDOO RI WKLV RWKHUZLVH HPSW\ URRP LV FRYHUHG LQ D
VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH FRPELQDWLRQRIVWUDQJHVKDSHVDQGFRORUV
OHYHORIWKHIORRU 
 7KLV ZDOO ZDV WKH FUHDWLRQ RI DQ LQPDWH RI JUHDW PDJLFDO
7KHGRRULVORFNHG6KRXOGWKHSDUW\HQWHUWKHURRPUHDG SRZHU WKOHYHOZL]DUG PDQ\GHFDGHVDJR$VXFFHVVIXO
RUSDUDSKUDVHWKHIROORZLQJ 6SHOOFUDIW FKHFN '&   UHYHDOV WKH V\PEROV KDYH
 PDJLFDO SURSHUWLHV EXW WKH SXUSRVH LV XQFOHDU 7KH ZDOO
2SHQLQJ WKH GRRU \RX VHH EHIRUH \RXDOLWHUDOZDOORIGDUNQHVV GHWHFWV DV D VWURQJ PDJLFDO VRXUFH DQG D VXFFHVVIXO
(YHQWKHWRUFKHVOLQLQJWKHKDOOZD\DUHXQDEOHWRSHQHWUDWHWKH 6SHOOFUDIW FKHFN '&   LGHQWLILHV LW DV 7UDQVPXWDWLRQ
GDUNHQHG URRP 7KH VRXQGV RI VKXIIOLQJ IRRWVWHSV FDQ EH KHDUG PDJLF$VXFFHVVIXO6SHOOFUDIWFKHFN '& UHYHDOVWKDW
IURPZLWKLQ LW KDV VRPHWKLQJ WR GR ZLWK WHOHSRUWDWLRQ $ VXFFHVVIXO
 'HFLSKHU 6FULSW FKHFN '&   UHYHDOV WKDW WKH V\PEROV
$ GHHSHU GDUNQHVV VSHOO KDV EHHQ FDVW LQ WKLV URRP 7KH DFWXDOO\IRUPVRPHW\SHRILPDJH
URRP LV DOVR XQGHU WKH HIIHFW RI D SHUPDQHQW JKRVW VRXQG  $Q\RQH H[DPLQLQJ WKH V\PEROV IRU RYHU D PLQXWH
VSHOO FDXVLQJ WKH IRRWVWHSV WR EH KHDUG WKH VHFUHW RI LWV WDNLQJ  RQ D VHDUFK IRU H[DPSOH  ILQG WKHLU H\HV KDYH
FUHDWLRQORVWWRWKHDJHV7KLVURRPLVRWKHUZLVHHPSW\ JRQHRXWRIIRFXVDQGWKH\QRZVHHWKHVKDSHVDVDWKUHH
 GLPHQVLRQDO YLHZ IURP EHKLQG WKH DOWDU RI WKH WHPSOH
XSVWDLUV VWDWLF URRP RQO\ QR SHRSOH  ,I WKH YLHZHU
&2%:(%6 GLVWXUEVWKHLPDJHWKH\DUHWHOHSRUWHGWRWKHDOWDU6KRXOG
7KH GRRU WR WKLV FKDPEHU KDV WKH QXPEHU  EXUQHG LQWR LW $ WKLVRFFXUGHWHUPLQHWKHUHPDLQLQJFKDUDFWHUVLQWHQWLRQV
VPDOO LQFK E\ LQFK VORW LV FXW LQWR WKH GRRU MXVW DERYH WKH EHIRUHSURFHHGLQJZLWK(QFRXQWHU 5P UXQQLQJERWK
OHYHORIWKHIORRU DUHDVFRQFXUUHQWO\5HPHPEHUWKDWLWWDNHVPLQXWHIRUD
 FKDUDFWHUWREHFRPH~DWWXQHGWRWKHZDOOEHIRUHWKH\FDQ
7KHGRRULVORFNHG6KRXOGWKHSDUW\HQWHUWKHURRPUHDG XVHLW
RUSDUDSKUDVHWKHIROORZLQJ 


6SLULWVRI9HQJHDQFH  3DJH
7+(*8(67%22. :$7(5725785(
&OLPELQJ WKH VWUDQJH VWDLUFDVH \RX ILQG \RXUVHOI RQ D ODQGLQJ  VHWV RI OLPHHQFUXVWHG PDQDFOHV DUH DWWDFKHG WR WKH FHLOLQJ RI
RYHUORRNLQJ WKH URRP EHORZ $ ERRN OLHV RSHQ RQ D QHDUE\ WKLV URRP :DWHU GULSV IURP HYHU\WKLQJ DQG D FRQVWDQW
SRGLXP$VWRQHKDOOZD\OLQHGZLWKZRRGHQGRRUVDQGERXQGLQ GDPSQHVVILOOVWKHDLU
LURQUXQVWRWKHHDVW2QHRIWKHGRRUV WRZDUGVWKHHQGRQWKH 
6RXWKZDOO VKDNHVYLROHQWO\ 7KLVURRPLVRWKHUZLVHHPSW\
 
7KH ERRN ZDV RQFH D OLVWLQJ RI LQPDWHV EXW LW KDV KDG '(9,/6
QXPHURXVFKDQJHVPDGHWRLW6SHQGLQJDPLQXWHORRNLQJ
WKURXJK WKH ERRN UHYHDOV WKDW 7KH %XWFKHU RI =HORVXV &KDLQVILOOWKLVURRP6WDQGLQJDPLGVWWKHFKDLQVLVDPDQZKR
LQKDELWHG URRP  +RZHYHU WKH RWKHU URRPV KDYH VLQFH VHHPV WR KDYH ZUDSSHG KLPVHOI LQ WKHP +H VWDUHV DW WKH GRRU
EHHQ XSGDWHG LQ D VWUDQJH VFULSW $ VXFFHVVIXO 'HFLSKHU DQG\RXUSDUW\DVLIH[SHFWLQJ\RX
6FULSW FKHFN '&   RU D FRPSUHKHQG ODQJXDJHV VSHOO 
UHYHDOVKLGGHQPHVVDJHV 7KH N\WRQ LV D SHUPDQHQW LPDJH SHU WKH VSHOO  +RZHYHU
 HYHQWKRXJKLWGRHVQRWPRYHDQGSRVHVQRWKUHDWWRWKH
+LGGHQ LQ WKH WH[W \RX ILQG WKUHH PHVVDJHV |+HDW GRHV QRW FKDUDFWHUV JR WR LQLWLDWLYH DQ\ZD\ DVVXPH WKH .\WRQ
DOZD\VUHPRYHWKHFKLOO}|%HZDUH\RXUZRUGVIRUWKH\ZLOOELQG JRHVODVWQRWWKDWKHFDQGRDQ\WKLQJDQ\ZD\ MXVWWRVHH
\RX}DQG|,I\RXDUHUHDGLQJWKLV\RXDUHDOUHDG\GHDG} KRZWKH\UHDFW
 
+DYH WKH FKDUDFWHU UHDGLQJ WKH ERRN UROO DGQRWHWKH ,5210$,'(1
QXPEHU DQG JULQ HYLOO\ 8VH WKLV QXPEHU IRU WKH QH[W $JDLQVW WKH EDFN ZDOO RI WKLV URRP DUH  UXVWHG PHWDOFDELQHWV
VDYLQJWKURZRUWRKLWUROOWKH\KDYHWRPDNHZKLFKHYHU OLQHG ZLWK VKDUSHQHG LURQ VSLNHV 7KH FDELQHWV OLH RSHQ WKHLU
FRPHVILUVW LQWHULRUVFUXVWHGZLWKEORRG
 
67$,5:(// 7KHURRPLVRWKHUZLVHHPSW\
5HDFKLQJWKHHQGRIWKHORQJKDOOZD\\RXILQGVWDLUVOHDGLQJXS 
RQHLWKHUVLGHRI\RX %('2)1$,/6
 7KUHH ZRRGHQ SODWIRUPV HPEHGGHG ZLWK VKRUW PHWDO VSLNHV ILOO
7KHODQGLQJRIWKHVWDLUZHOOLVWUDSSHG$W$3/WKHODVW WKLV URRP /HDWKHU VWUDSV DUH PRXQWHG WR WKH SODWIRUPV DW
WRUFKHV RQ WKH QRUWK DQG VRXWK ZDOOV FDQ EH WXUQHG WR YDULRXVLQWHUYDOV
GLVDEOH WKH WUDSV RQHLQHDFKIWVTXDUH $W$3/DQG 
 DQ\RQH SDVVLQJ WKLV DUHD ZLWKRXW ZHDULQJ RQH RI WKH 7KHURRPLVRWKHUZLVHHPSW\
KRO\V\PEROSHQGDQWVWULJJHUVWKHWUDS 

2%6(59$725<
$3/ (/ 
7KLV GRRU RSHQV WR WKH QLJKW VN\ 7KH WULDQJXODU URRP EH\RQG
+DLO RI 1HHGOHV 7UDSV   &5   UDQJHG G  KDVQHLWKHUZDOOVQRUFHLOLQJ7KHURRIRIWKHURRPEHORZVHUYHV
6HDUFK '& 'LVDEOH'HYLFH '&  DVWKHIORRURIWKLVRQH
 
$3/ (/  7KH IORRU RI WKH URRP EH\RQG LV GHVLJQHG DV VXFK WKDW
DQ\RQH VWHSSLQJ RQ LW FDXVHV WKH GRRU WR FORVH DQG ORFN
*O\SK RI :DUGLQJ 'LVSHO 0DJLF  &5  PDJLF GHYLFH 'HWHFWLQJ WKLV DKHDG RI WLPH LV UHTXLUHV D VXFFHVVIXO
WRXFK WULJJHU PDQXDO UHVHW VSHOO HIIHFW GLVSHO PDJLF WK 6HDUFK FKHFN '&   6WHSSLQJ RXWRIWKHURRPLQWLPH
OHYHO FOHULF DUHD GLVSHO >IW UDGLXV@  6HDUFK '&   WR DYRLG WKH WUDSUHTXLUHVD5HIOH[VDYH '& $Q\RQH
'LVDEOH'HYLFH '&  KROGLQJ WKH GRRU RSHQ FDQ PDNH D 6WUHQJWK FKHFN '&
  WRSUHYHQWLWIURPVQDSSLQJVKXW
$3/ (/   5HPRYLQJ WKH ZHLJKW IURP WKH IORRU IRU 
*UHDWHU *O\SK RI :DUGLQJ *UHDWHU 'LVSHOOLQJ  &5  FRQVHFXWLYH URXQGV XQORFNV WKH GRRU 7KHUH LV QR RWKHU
PDJLF GHYLFH WRXFK WULJJHU PDQXDO UHVHW VSHOO HIIHFW ZD\ WR GLVDEOH WKLV GHYLFH RU XQORFN WKH GRRU ZKLOH
JUHDWHU GLVSHOOLQJ WK OHYHO FOHULF DUHD GLVSHO >IW ZHLJKWLVRQWKHIORRURXWVLGH$Q\RQHRXWVLGHH[DPLQLQJ
UDGLXV@ 6HDUFK '& 'LVDEOH'HYLFH '&  WKH ZDOO DURXQGWKHGRRUQRWLFHVDWKLQOHGJHWKDWVHHPV
 WREHVOLJKWO\ZRUQ+ROGLQJRQHVZHLJKWRIIRIWKHIORRU
 XVLQJ WKH OHGJH UHTXLUHV D &OLPE &KHFN '&   IRU 
URXQGV DW ZKLFK SRLQW WKH GRRU RSHQV DQG WKH WUDS
(1&2817(575($70(17 GLVDEOHVLWVHOIIRUURXQGV DOORZLQJWKHSHUVRQWROHDYH 
EHIRUHUHVHWWLQJ
&+$0%(56  ,W LV  IW WR WKH JURXQG DQG VFDOLQJ WKH ZDOOV
 UHTXLUHV&OLPEFKHFNV '& 

6SLULWVRI9HQJHDQFH  3DJH
 1RWH WKDW WKLV GRHV QRW KDUP WKH FKDUDFWHUV LQ DQ\ )ROORZHGE\w
ZD\DQGPRVWO\VHUYHVDVDQDQQR\DQFH+RZHYHUVKRXOG 
D FKDUDFWHU EH VWXFN RXWVLGH IRU DQ H[WHQGHG SHULRG WKH *UHDWHU *O\SK RI :DUGLQJ %ODVW *O\SK  &5  PDJLF
WHPSHUDWXUH LQIOLFWV G KSV RI FROG VXEGXDO GDPDJH GHYLFH ORFDWLRQ WULJJHU PDQXDO UHVHW G VRQLF IW
HYHU\KRXU UDGLXV5HIOH[VDYH>'&@IRUKDOIGDPDJH 6HDUFK '&
  'LVDEOH'HYLFH '& 
6WRXW:RRGHQ'RRULQWKLFNKDUGQHVVKS$&  1RWHWKDWWKHVHFRQGJO\SKRIZDUGLQJJRHVRIIIWLQIURQW
%UHDN '&  RIWKHILUVWJO\SKPDNLQJLWOLNHO\WRFDWFKWKHEXONRIWKHSDUW\
 7KH YLFWLP RI WKH ILUVW JO\SK LV QRW VXEMHFW WR WKH HIIHFWV RI WKH
7+(5$&. VHFRQGJO\SK

$SDLURIZRRGHQWLPEHUVUXQVWKHOHQJWKRIWKLVURRP-RLQLQJ 
WKH WZR RQ HDFK HQG LV D VFUHZ OLNH GHYLFH WKDW FDQ EH XVHG WR
YDU\ WKH GLVWDQFH EHWZHHQ WKH WZR EHDPV 7KH FRQWUDSWLRQ KDV 6,/(1&(
VWUDSV ZLWK ZKLFK RQH FRXOG KROG VHYHUDO SHRSOH DW RQFH EXW LV 7KHURRPEH\RQGLVEDUUHQ7KHZDOOVSDLQWHGDEULOOLDQWZKLWH
FXUUHQWO\XQRFFXSLHG 
 7KLVURRPLVXQGHUWKHHIIHFWRIDSHUPDQHQWVLOHQFHVSHOO
7KHURRPLVRWKHUZLVHHPSW\ WKDW ILOOV WKH URRP H[DFWO\ 7KH URRP LV XVHG WR WRUPHQW
 WKHLQPDWHVWKHVHFUHWRILWVFUHDWLRQORVWWRWKHDJHV
7+(*5$1'+$//:$< 
7KLVIWZLGHKDOOZD\UXQVEHIRUHVWDLUVOHDGXSWRDURRP %('/$0
DERYH+DOIKHDUGVFUHDPVFDQEHKHDUGIURPDERYH 7KHURRPEH\RQGLVEDUUHQ7KHZDOOVSDLQWHGDEULOOLDQWZKLWH
 
7KH H[WHULRU ZDOO DW WKLV ORFDWLRQ KDV D IW ZLGH VHFUHW 7KLV URRP LV XQGHU WKH HIIHFWRIDSHUPDQHQWJKRVWVRXQG
GRRU WKDW RSHQV RXWZDUG 7KLV LV XVHG WR DFFRPPRGDWH VSHOO WKDW ILOOV WKH URRP H[DFWO\ EXW IRU VRPH UHDVRQ
VRPH RI WKH DV\OXPV ODUJHU JXHVWV VXFK DV DQ\ GHPRQV FDQQRW EH KHDUG RXWVLGH WKH URRP 7KH FRQVWDQW EDUUDJH
WKDWPLJKWEHVXPPRQHG$VXFFHVVIXO6HDUFKFKHFN '& RI QRLVH LV XVHG WR WRUPHQW WKH LQPDWHV WKH VHFUHW RI LWV
 DOORZVDFKDUDFWHUWRORFDWHWKHVHFUHWGRRU FUHDWLRQORVWWRWKHDJHV
 7KH IORRU KDOI ZD\ GRZQ WKH KDOOZD\ LV WUDSSHG 
$Q\RQHSDVVLQJWKLVDUHDZLWKRXWZHDULQJRQHRIWKHKRO\ ,1727+(+276($7
V\PEROSHQGDQWVWULJJHUVWKHWUDS
 7KH SURPLQHQW IHDWXUH RI WKLV URRP LV D PDVVLYH ILUH SLW ILOOHG
ZLWKEXUQLQJHPEHUV7KHWHPSHUDWXUHVHHPVWREHUHFHGLQJDVLI
$3/ (/  WKHILUHVKDYHQRWEHHQWHQGHGLQVRPHWLPH$QXPEHURIPHWDO
*O\SK RI :DUGLQJ 'LVSHO 0DJLF  &5  PDJLF GHYLFH WRQJVOLHQHDUDQLURQFKDLUZLWKOHDWKHUVWUDSVWKDWVLWVLQWKH
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW GLVSHOPDJLFWK IDUFRUQHU$FRROEUHH]HEORZVLQWKURXJKWKHRSHQZLQGRZV
OHYHO FOHULF DUHD GLVSHO >IW UDGLXV@  6HDUFK '&   
'LVDEOH'HYLFH '&  7KHURRPLVRWKHUZLVHHPSW\
 
$3/ (/  %8*6
*O\SK RI :DUGLQJ %OLQGQHVV  &5  PDJLF GHYLFH 7KHVRXQGRIEX]]LQJILOOV\RXUHDUVDV\RXRSHQWKHGRRU(YHU\
ORFDWLRQ WULJJHU PDQXDO UHVHW VSHOO HIIHFW EOLQGQHVV WK LQFK RI WKH URRP EH\RQG LV FUDZOLQJ ZLWK FUHDWXUHV RI YDULRXV
OHYHO FOHULF )RUWLWXGH VDYH >'& @ QHJDWHV  6HDUFK '& VKDSHVDQGVL]HV$PLGGOHDJHGKXPDQPDOHJDJJHGDQGERXQG
 'LVDEOH'HYLFH '&  WR D FKDLU LV FRYHUHG ZLWK WKH FUHDWXUHV D ORRN RI WHUURU LQ KLV
 H\HV

$3/ (/  9HULQ+XPDQ0DOH&RP
*UHDWHU *O\SK RI :DUGLQJ +DUP  &5  PDJLF GHYLFH 
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW KDUPWKOHYHO +LGGHQ DPLGVW WKH RWKHU EXJV DW $3/  DQG  DUH D
FOHULF QR VDYLQJ WKURZ  6HDUFK '&   'LVDEOH 'HYLFH QXPEHU RI ODUJHU YDULHWLHV 7KH\ JHW  &RQFHDOPHQW
'&  ZKLOHLQWKLVURRPGXHWRWKHRWKHULQVHFWV
 
$3/ (/  $3/ (/ 
*UHDWHU *O\SK RI :DUGLQJ +DUP  &5  PDJLF GHYLFH /DUJH&HQWLSHGHKSVHH0RQVWHU0DQXDO
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW KDUPWKOHYHO 0HGLXPVL]H6FRUSLRQKSVHH0RQVWHU0DQXDO
FOHULF QR VDYLQJ WKURZ  6HDUFK '&   'LVDEOH 'HYLFH 0HGLXPVL]H6SLGHUKSVHH0RQVWHU0DQXDO
'&  


6SLULWVRI9HQJHDQFH  3DJH
$3/ (/  
0HGLXPVL]H9LSHUV  KSVHH0RQVWHU0DQXDO :+,63(56
/DUJH&HQWLSHGHKSVHH0RQVWHU0DQXDO 7KHZDOOVRIWKLVRWKHUZLVHHPSW\URRPDUHFRYHUHGZLWKLPDJHV
0HGLXPVL]H6FRUSLRQKSVHH0RQVWHU0DQXDO RIOHHULQJIDFHVRIYDULRXVVH[HVDQGUDFHV

0HGLXPVL]H6SLGHUKSVHH0RQVWHU0DQXDO
7KLV URRP LV XQGHU WKH HIIHFWRIDSHUPDQHQWJKRVWVRXQG

VSHOO WKDW ILOOV WKH URRP H[DFWO\ EXW IRU VRPH UHDVRQ
$W $3/ WKH EXJV VLPSO\ SURYLGH FRYHU IRU WKH WUDS
FDQQRWEHKHDUGRXWVLGHWKHURRP7KHYRLFHVFRQVWDQWO\
WKDWJRHVRIIZKHQDQ\RQHHQWHUVWKHURRP
ZKLVSHUKDOIKHDUGWDXQWVDQGDFFXVDWLRQVDQGDUHXVHGWR

WRUPHQWWKHLQPDWHV7KHVHFUHWRILWVFUHDWLRQORVWWRWKH
$3/ (/  DJHV
*O\SK RI :DUGLQJ %HVWRZ &XUVH  &5  PDJLF GHYLFH  ([DPSOHV~<RXDUHJRLQJWRJHWWKHPNLOOHGLWZLOOEH
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW EHVWRZFXUVH> \RXU IDXOW ~<RXYH QHYHU EHHQ JRRG DW DQ\WKLQJ ~7KH\
HQKDQFHPHQW SHQDOW\ RQ DWWDFN UROOV VDYLQJ WKURZV WDONDERXW\RXEHKLQG\RXUEDFN\RXNQRZHWF
DELOLW\FKHFNVDQGVNLOOFKHFNV@WKOHYHOFOHULF:LOOVDYH 
>'&@QHJDWHV 6HDUFK '& 'LVDEOH'HYLFH '& 

(1&2817(57+(7(03/(
$3/ (/  7(03/(
*O\SKVRI:DUGLQJ %HVWRZ&XUVH   &5PDJLFGHYLFH &OLPELQJ WKH VWDLUV \RX EHKROG D JUL]]O\ VLJKW 3LOHV RI FRUSVHV
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW EHVWRZFXUVH> OLQHWKHQHDUZDOORIWKLVPDVVLYHFKDPEHU%HQFKHVDUHVFDWWHUHG
HQKDQFHPHQW SHQDOW\ RQ DWWDFN UROOV VDYLQJ WKURZV DERXW WKH URRP LQ GLVDUUD\ %HKLQG DQ DOWDU RQ WKHIDUVLGHRI
DELOLW\FKHFNVDQGVNLOOFKHFNV@WKOHYHOFOHULF:LOOVDYH WKHURRPVWDQGVDKXPDQPDOHLQUREHVVKRXWLQJRXWSUD\HUVWR
>'&@QHJDWHV 6HDUFK '& 'LVDEOH'HYLFH '&  WKHJRGV)RXUPHQDQGWKUHHZRPHQMRLQKLPLQKLVFULHVIURP
 YDULRXVSODFHVDURXQGWKHURRP$PDNHVKLIWEDUULFDGHKDVEHHQ
SODFHGEHIRUHDGRRUWRWKHVRXWK
$3/ (/  
*UHDWHU *O\SK RI :DUGLQJ +DUP  &5  PDJLF GHYLFH 7KHVH DUH DOO DV\OXP LQPDWHV 7KH\ DUH FRPPRQHUV
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW KDUPWKOHYHO :KHQWKHKLJKSULHVWIOHGLQWRKLVURRPGXULQJRQHRIKLV
FOHULF QR VDYLQJ WKURZ  6HDUFK '&   'LVDEOH 'HYLFH ILWV D IHZ KRXUV DJR WKH\ EDUULFDGHG KLP LQ RXW RI IHDU
'&  7KH\KDYHEHHQSUD\LQJWRWKHJRGVWRVDYHWKHP:KHQ
 WKH\ VHH WKHKHURHVWKH\VFUHDPLQWHUURUDQGDWWHPSWWR
)ROORZHGE\w IOHHZKLFKDOHUWV3DUWLQLXVWKDWVRPHWKLQJLVXS7KH\DUH
 DOO ZHDULQJ WKH KRO\ V\PEROV VR WKH\ FDQ SDVV WKH WUDSV
*UHDWHU *O\SK RI :DUGLQJ %ODVW *O\SK  &5  PDJLF IUHHO\7KH\DWWHPSWWRIOHHWR(QFRXQWHU5Pz7KH5DFN
GHYLFH ORFDWLRQ WULJJHU PDQXDO UHVHW G VRQLF IW ZKHUH WKH\ WHDU WKH EHDPV IURP WKH ZDOOV WR EDUULFDGH
UDGLXV5HIOH[VDYH>'&@IRUKDOIGDPDJH 6HDUFK '& WKHPVHOYHVLQ
 'LVDEOH'HYLFH '&  
 1RWHWKDWWKHVHFRQGJO\SKRIZDUGLQJJRHVRIIIWLQIURQW $V\OXP,QPDWHV0DOH)HPDOHKXPDQ&RP
RIWKHILUVWJO\SKPDNLQJLWOLNHO\WRFDWFKWKHEXONRIWKHSDUW\ 
7KH YLFWLP RI WKH ILUVW JO\SK LV QRW VXEMHFW WR WKH HIIHFWV RI WKH 35,(67648$57(56
VHFRQGJO\SK
 7KLVZDVREYLRXVO\RQFHWKHTXDUWHUVIRUWKHSULHVWVRIWKHWHPSOH
 7KH URRP GRHVQW VKRZ VLJQV RI KDYLQJ EHHQ RFFXSLHG LQ VRPH
,I WKH SDUW\ UHVFXHV 9HULQ KH DVNV WKHP WR IUHH KLV ZLIH WLPH
DQG FKLOG EXW KH GRHVQW NQRZ ZKHUH WKH\ DUH &KLOG LV 
KHOGLQURRP,Q)URPWKH&ROG:LIHLVLQ+ROGLQJ3HQ ,I 7KLV LV ZKHUH WKH RULJLQDO SULHVWV VWD\HG 7KH\ ZHUH WKH
WKHSDUW\VDYHVWKHHQWLUHIDPLO\WKH\RIIHUWRUHZDUGWKH ILUVWRQHVVDFULILFHGE\3DUWLQLXV+LGGHQLQDPRQJVWWKHLU
DGYHQWXUHUVWKHQH[WGD\ EHORQJLQJV LV D GLDU\ &KDUDFWHUV WKDW PDNH D VXFFHVVIXO
 6HDUFKFKHFN '& ILQGLW*LYHWKHP3OD\HUV+DQGRXW

-81*/( 
7KH URRP EH\RQG LV KRW DQG VWHDP\ WHDPLQJZLWKSODQWVWKDW +,*+35,(67}6$17(&+$0%(5
VXGGHQO\VHHPWRFRPHWROLIHDV\RXRSHQWKHGRRU
 7KH GRRU OHDGLQJ LQWR WKLV URRP LV FORVHG ORFNHG DQG
7KH URRP LV WUHDWHG DV LI XQGHU DQ HQWDQJOH VSHOO 7KH EDUULFDGHG IURP WKH RXWVLGH LH WKH WHPSOH  ,W RSHQV
SODQWV FDQ UHDFK  IHHW LQWR WKH KDOOZD\ DQG SXOO WRZDUG WKH WHPSOH 7KH PDNHVKLIW EDUULFDGH WKH LQPDWHV
FKDUDFWHUVIDLOLQJD5HIOH[VDYH '& LQWRWKHURRPDWD KDYH FRQVWUXFWHG FRQVLVWV RI  IW ORQJ KHDY\ ZRRGHQ
UDWH RI  IHHW SHU URXQG &ORVLQJ WKH GRRU HOLPLQDWHV WKH EHQFKHV ZHLJKLQJ  SRXQGV HDFK ,W PD\ WDNH WKH
WKUHDW FKDUDFWHUVVHYHUDOURXQGVWRFOHDUWKHP

6SLULWVRI9HQJHDQFH  3DJH
 FDUHLVWDNHQDQGVWDUWVFDVWLQJKLVORQJGXUDWLRQ KRXUV 
+HDY\:RRGHQ%HQFKHVLQWKLFNKDUGQHVVKS VSHOOV 2QFH KH KDV KHDUG WKHP LQ WKH $QWHFKDPEHU KH
$&%UHDN '&  EHJLQVFDVWLQJVSHOOVWKDWODVWPLQXWHV
6WRXW:RRGHQ'RRULQWKLFNKDUGQHVVKS$&  +H DWWDFNV DQ\RQH ZKR HQWHUV WKLV URRP ZLWK WKH
%UHDN '& 2SHQ/RFN '&  IROORZLQJVWLSXODWLRQV
 
$W$3/DQGKLJKHUWKHHQWUDQFHWRWKHURRPLVWUDSSHG N :KHQ JLYHQ WKH RSWLRQ 3DUWLQLXV FRQFHQWUDWHV KLV
DVZHOO2QO\HYLOSHRSOH RUFKDUDFWHUVZKRGHWHFWDVHYLO  DWWDFNV RQ FKDUDFWHUV WKDW GR QRW KDYH )DYRU RI
PD\ SDVV WKURXJK WKLV GRRUZD\ ZLWKRXW WULJJHULQJ WKH 3DUWLQLXV IURP %'. 7KH %HQGHU +H GRHV QRW JR
WUDS RXW RI WKH ZD\ WR DYRLG WKHP EXW DOO RWKHU WKLQJV
 EHLQJHTXDOWKH\DUHQRWWKHWDUJHWVRIKLVDWWDFNV+H
$3/ (/  DOVRVKRZVWKRVHZKRKDYHKLVIDYRUOHQLHQF\ZKHUH
SRVVLEOHLQFOXGLQJOHWWLQJWKHPIOHHRUDWWHPSWLQJWR
*O\SK RI :DUGLQJ 'LVSHO 0DJLF  &5  PDJLF GHYLFH VWDELOL]HWKHPLIKHLVQRORQJHUWKUHDWHQHG
ORFDWLRQWULJJHUPDQXDOUHVHWVSHOOHIIHFW GLVSHOPDJLFWK N ,I D FKDUDFWHU KDV ',6)$925 RI 3DUWLQLXV WKDW
OHYHO FOHULF DUHD GLVSHO >IW UDGLXV@  6HDUFK '&   FKDUDFWHU LV WKH WDUJHW RI KLV DWWDFNV DQG KH LV
'LVDEOH'HYLFH '&  HVSHFLDOO\YLFLRXVLQKLVDWWDFNVDJDLQVWWKDWFKDUDFWHU

N /DVWO\LIWKHFKDUDFWHUVKDYHWKHQRWHVWKH\DFTXLUHG
$3/ (/  IURPVXFFHVVIXOO\FRPSOHWLQJ%'.%RG\DQG6RXO
*UHDWHU *O\SK RI :DUGLQJ *UHDWHU 'LVSHOOLQJ  &5  WKHVKRUWVZRUGRI.XUHOO RULWVUHPDLQV DQGDWOHDVW
PDJLF GHYLFH WRXFK WULJJHU PDQXDO UHVHW VSHOO HIIHFW RQH )DYRU RI 3DUWLQLXV WKHQ D SHDFHIXO VROXWLRQ LV
JUHDWHU GLVSHOOLQJ WK OHYHO FOHULF DUHD GLVSHO >IW DYDLODEOH ,I ZLWKRXW SURPSWLQJ  WKH\WKLQNWRRIIHU
UDGLXV@ 6HDUFK '& 'LVDEOH'HYLFH '&  WKHVH LWHPV WR KLP KH EHOLHYHV WKH\ DUH KHUH LQ
 UHVSRQVHWRWKHLUODVWYLVLWDQGKHDJUHHVWROHDYHWKLV
SODFH QHYHU WR UHWXUQ 7KH SDUW\ UHFHLYHV KDOI
$3/ (/  H[SHULHQFH IRU WKLV HQFRXQWHU DQG WKH DGYHQWXUH
*UHDWHU *O\SK RI :DUGLQJ *UHDWHU 'LVSHOOLQJ  &5  HQGV ZLWK 3DUWLQLXV JRLQJ RII LQ VHDUFK RI D ZD\ WR
PDJLF GHYLFH WRXFK WULJJHU PDQXDO UHVHW VSHOO HIIHFW EUHDNIUHHRIWKHFXUVHWKDWKDXQWV=HORVXVDVVXPLQJ
JUHDWHU GLVSHOOLQJ WK OHYHO FOHULF DUHD GLVSHO >IW LWLVWKHFDXVHRIKLVSUREOHPV
UDGLXV@ 6HDUFK '& 'LVDEOH'HYLFH '&  
 2QFH3DUWLQLXVLVGHDGRUGLVDEOHGJRWRWKH&RQFOXVLRQ
7KLV URRP LV ILOOHG ZLWK YDULRXV UHOLJLRXV SDUDSKHUQDOLD 
GHGLFDWHG WR WKH ZRUVKLS RI GHPRQV $ PDVVLYH GHVN VLWV LQ WKH $3/ (/ 
FHQWHURIWKHURRP$QRWKHUGRRUZD\LVLQWKHIDUZDOO
 3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  KS
,Q WKH ERWWRP GUDZHU RI WKH GHVN DUH WKH QRWHV RI WKH VHH$SSHQGL[13&V
SUHYLRXVKLJKSULHVW:KHQWKHFKDUDFWHUVILQGWKHPJLYH 
WKHP3OD\HUV+DQGRXW $3/ (/ 

3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  KS
+,*+35,(67}648$57(56 VHH$SSHQGL[13&V
7KH GRRU WR WKLV URRP LV FORVHG ORFNHG DQG EDUULFDGHG 
IURP WKH LQVLGH ,W RSHQV LQWR WKLV URRP 7KH PDNHVKLIW 7DFWLFV 'HHSHU GDUNQHVV KDV EHHQ FDVW RQ WKH GRRUZD\ WR
EDUULFDGH 3DUWLQLXV KDV FRQVWUXFWHG PDNHV IRUFLQJ WKH WKLV URRP :KHQ WKH SDUW\ HQWHUV WKH WHPSOH KH FDVWV
GRRU UHTXLUHG DQG SUHYHQWV LW IURP RSHQLQJ PRUH WKDQ VWRQHVKDSHWRFUHDWHDIWE\IWE\IWGHHSSLW 5HIOH[
KDOI ZD\ RQFH IRUFHG 8QORFNLQJ WKH GRRU ILUVW UHGXFHV VDYH>'&@DYRLGV OHDGLQJLQWRWKHVLOHQFHGURRPEHORZ
WKH EUHDN '& E\  1RWH WKDW VSHOOV FDQQRW EH FDVW MXVWLQVLGHWKHGRRUDQGFRYHUVLWZLWKDUXJ+HWKHQFDVWV
WKURXJK WKH GRRUZD\ XQWLO LW KDV EHHQ IRUFHG RSHQ RU EXOOVVWUHQJWKDQGHQGXUDQFHDQGGULQNVKLVSRWLRQRIKLGLQJ
KDFNHGWKURXJK  2QFH WKH FKDUDFWHUV KDYH HQWHUHG WKH DQWHFKDPEHU
 DQG VWDUWHG RQ WKH VHFRQG GRRU KH FDVWV VSHOOV LQ WKH
6WURQJ:RRGHQ'RRULQWKLFNKDUGQHVVKS$& IROORZLQJRUGHUDLGEOHVVVKLHOGRIIDLWKDQGPDJLFZHDSRQ
%UHDN '& 2SHQ/RFNV '&  :KHQKHVHHVWKHSDUW\KHGULQNVWKHSRWLRQRIKDVWH
 
7KLV URRP LV PRVWO\ HPSW\ WKH IXUQLWXUH QRZ KDYLQJ EHHQ $3/ (/ 
SXVKHGLQWRDSLOHMXVWLQVLGHWKHGRRU
 3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  KS
3DUWLQLXVLVKDYLQJRQHRIKLVILWVDQGLVFHUWDLQHYHU\RQH VHH$SSHQGL[13&V
LV RXW WR NLOO KLP +H KDV ZLWKGUDZQ LQWR WKLV URRP DQG 
EDUULFDGHGKLPVHOILQVLGH+HLVOLVWHQLQJDWWKHZDOODQG 7DFWLFV*O\SKRIZDUGLQJZLWKGHHSHUGDUNQHVVKDVEHHQFDVW
KHDUVZKHQWKHSDUW\HQWHUVWKHWHPSOHXQOHVVVLJQLILFDQW RQ WKHGRRUZD\WRWKLVURRP:KHQWKHSDUW\HQWHUVWKH

6SLULWVRI9HQJHDQFH  3DJH
WHPSOHKHFDVWVVWRQHVKDSHWRFUHDWHDIWE\IWE\
IW GHHS SLW 5HIOH[ VDYH >'& @ DYRLGV  OHDGLQJLQWRWKH &21&/86,21
VLOHQFHURRPEHORZMXVWLQVLGHWKHGRRUDQGFRYHUVLWZLWK $VVXPLQJ WKH KHURHV KDYH GHFLGHG WR ILJKW RQFH WKH\
D UXJ +H WKHQ FDVWV EXOOV VWUHQJWK DQG HQGXUDQFH DQG KDYH VODLQ RU RWKHUZLVH GLVDEOHG 3DUWLQLXV JR WR WKH
GULQNVKLVSRWLRQRIKLGLQJ &RQFOXVLRQ
 2QFH WKH FKDUDFWHUV KDYH HQWHUHG WKH DQWHFKDPEHU 
DQGKDYHVWDUWHGRQWKHVHFRQGGRRUKHFDVWVVSHOOVLQWKH 6FRUHV RI VKDGRZ\ LPDJHV VXGGHQO\ ULVH XS IURP WKH ZDOOV DQG
IROORZLQJRUGHUDLGEOHVVVKLHOGRIIDLWKDQGPDJLFZHDSRQ IORRUDURXQG3DUWLQLXV7KHIUHQ]LHGFUHDWXUHVFODZDQGWHDUDW
:KHQKHVHHVWKHSDUW\KHGULQNVKLVSRWLRQRIKDVWHDQG KLVERG\DVLIVWULYLQJWRJHWDWKLVVSLULWLWVHOI+LVIRUPLVTXLFNO\
FDVWV XQKRO\ EOLJKW RQ WKH SDUW\ EHIRUH WKH\ SDVV WKURXJK VKUHGGHG XQWLO ZLWK DQ XQKRO\ \HOO WKH FUHDWXUHV YDQLVK DV
WKHGRRUZD\DQGWULJJHUWKHJO\SK TXLFNO\DVWKH\DSSHDUHGOHDYLQJRQO\WKHWUDQVOXFHQWLPDJHRID
 \RXQJ WKLHI VWDQGLQJ WKHUH +H ERZV EHIRUH \RX DQG VPLOHV DV
$3/ (/  EHIRUH WXUQLQJ WR ZDON DZD\ +LV LPDJH IDGHV ZLWK HDFK VWHS
XQWLODWODVWKHWRRLVJRQH
3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  KS 
VHH$SSHQGL[13&V :KDW WKH SDUW\ GRHV DW WKLV SRLQW LV SUHWW\ PXFK XS WR
 WKHP
7DFWLFV*O\SKRIZDUGLQJZLWKGHHSHUGDUNQHVVKDVEHHQFDVW  ,IWKH\UHVFXHGWKHHQWLUHIDPLO\DQGUHPHPEHUWRJR
RQ WKHGRRUZD\WRWKLVURRP:KHQWKHSDUW\HQWHUVWKH WR WKHLU KRPH GRZQ WKH VWUHHW D VPDOO VLPSOH KRPH RI
WHPSOHKHFDVWVVWRQHVKDSHWRFUHDWHDIWE\IWE\ PRGHVW IXUQLVKLQJV  WKH IDPLO\ RIIHUV WKH SDUW\ D VLQJOH
IW GHHS SLW 5HIOH[ VDYH >'& @ DYRLGV  OHDGLQJLQWRWKH JROGHQFKDOLFHWKDWKDVEHHQWKHLUIDPLO\IRUJHQHUDWLRQV
VLOHQFHURRPEHORZMXVWLQVLGHWKHGRRUDQGFRYHUVLWZLWK 3OD\ XS WKH IDFW WKDW LW LV WKH RQO\ WKLQJ RI YDOXH WKHVH
D UXJ +H WKHQ FDVWV PDJLF YHVWPHQW EXOOV VWUHQJWK DQG SHRSOH KDYH DQG WKDW WKH\ PXVW FDUH DERXW LW GHHSO\ WR
HQGXUDQFHDQGGULQNVKLVSRWLRQRIKLGLQJ KDYHNHSWLWWKLVORQJ
 2QFH WKH FKDUDFWHUV KDYH HQWHUHG WKH DQWHFKDPEHU 
DQGKDYHVWDUWHGRQWKHVHFRQGGRRUKHFDVWVVSHOOVLQWKH &KDOLFH9DOXH 9DULHVE\$3/ 
IROORZLQJRUGHUDLGEOHVVVKLHOGRIIDLWKDQGPDJLFZHDSRQ  $3/JSSHUFKDUDFWHU
:KHQKHVHHVWKHSDUW\KHGULQNVKLVSRWLRQRIKDVWHDQG  $3/JSSHUFKDUDFWHU
FDVWV XQKRO\ EOLJKW RQ WKH SDUW\ EHIRUH WKH\ SDVV WKURXJK  $3/JSSHUFKDUDFWHU
WKHGRRUZD\DQGWULJJHUWKHJO\SK  $3/JSSHUFKDUDFWHU
  $3/JSSHUFKDUDFWHU
$3/ (/  
,I WKH\ PDGH D GHDO ZLWK )XULRXV -HRUJH WKHQ WKH\ KDG
3DUWLQLXV0DOHKXPDQ5RJ&OU 6RFRWKEHQRWK KS
EHWWHU UHPHPEHU WR JLYH KLP KLV PHDW 2WKHUZLVH KH
VHH$SSHQGL[13&V
KXQWV WKHP GRZQ WKH QH[W HYHQLQJ 2QFH WKDW KDV EHHQ

UHVROYHGWKHDGYHQWXUHLVRYHU
7DFWLFV*O\SKRIZDUGLQJZLWKGHHSHUGDUNQHVVKDVEHHQFDVW

RQ WKHGRRUZD\WRWKLVURRP:KHQWKHSDUW\HQWHUVWKH
WHPSOHKHFDVWVVWRQHVKDSHWRFUHDWHDIWE\IWE\ 7KH(QG
IW GHHS SLW 5HIOH[ VDYH >'& @ DYRLGV  OHDGLQJLQWRWKH 
VLOHQFHURRPEHORZMXVWLQVLGHWKHGRRUDQGFRYHUVLWZLWK 
D UXJ +H WKHQ FDVWV PDJLF YHVWPHQW JUHDWHU PDJLF ZHDSRQ
VSHOO LPPXQLW\ ILUHEDOO OLJKWQLQJ EROW KROG SHUVRQ  EXOOV
(;3(5,(1&(32,17
VWUHQJWKDQGHQGXUDQFHDQGGULQNVKLVSRWLRQRIKLGLQJ 6800$5<
 2QFH WKH FKDUDFWHUV KDYH HQWHUHG WKH DQWHFKDPEHU
7RDZDUGH[SHULHQFHIRUWKLVDGYHQWXUHDGGXSWKHYDOXHV
DQGKDYHVWDUWHGRQWKHVHFRQGGRRUKHFDVWVVSHOOVLQWKH
IRU WKH REMHFWLYHV DFFRPSOLVKHG 7KHQ DVVLJQ WKH
IROORZLQJRUGHUDLGEOHVVDQGVKLHOGRIIDLWK:KHQKHVHHV
H[SHULHQFHDZDUG$ZDUGWKHWRWDOYDOXHWRHDFKFKDUDFWHU
WKH SDUW\ KH GULQNV KLV SRWLRQ RI KDVWH DQG FDVWV XQKRO\

EOLJKWRQWKHSDUW\EHIRUHWKH\SDVVWKURXJKWKHGRRUZD\
DQGWULJJHUWKHJO\SK (QFRXQWHU5P)URQW'RRU
 'HYHORSPHQW 2QFH WKH SDUW\ KDV HQWHUHG WKH 'HIHDWWKHDQLPDWHGFKDLQV
DV\OXP WKH\ KDYH XQWLO PLGQLJKW WR NLOO 3DUWLQLXV $W  $3/ ;3
PLGQLJKWKHSUD\VIRUKLVVSHOOVDIWHUZKLFKKHOHDYHVKLV  $3/ ;3
URRP DQG DWWHPSWV WR NLOO HYHU\RQH UHPDLQLQJ LQ WKH  $3/ ;3
DV\OXPDWWKDWWLPH2QFHKHKDVGRQHWKLVDVVXPLQJWKH  $3/ ;3
FKDUDFWHUVDUHQRWWKHUHWRVWRSKLPKHOHDYHVWKHDV\OXP  $3/ ;3
DQG JRHV DURXQG WRZQ NLOOLQJ SHRSOH LQGLVFULPLQDWHO\ 
6KRXOGWKHKHURHVQRWVWRSKLPXQWLODIWHUKHKDVOHIWWKH 25
DV\OXPDQGEHJXQKLVUDPSDJHWKH\UHFHLYHRQO\WKH 
H[SHULHQFHIRUGHIHDWLQJKLP (QFRXQWHU5P.LWFKHQ'RRU
 'HIHDWWKHWUDS

6SLULWVRI9HQJHDQFH  3DJH
 $3/ ;3 DERXW WKH ORRW FRLQV DQG PDJLF LWHPV WKDW PDNH XS WKH
 $3/ ;3 HQFRXQWHUVWUHDVXUHU
 $3/ ;3  7KH ORRW WRWDO LV WKH QXPEHU RI JROG SLHFHV HDFK
 $3/ ;3 FKDUDFWHU JDLQV LI WKH IRHV DUH SOXQGHUHG RI DOO WKHLU
 $3/ ;3 HDUWKO\ SRVVHVVLRQV /RRWLQJ WKH ERGLHV WDNHV DW OHDVW 
 PLQXWHSHUHYHU\HQHPLHVDQGLIWKHFKDUDFWHUVFDQQRW
(QFRXQWHU5P,Q)URP7KH&ROG WDNH WKH WLPH WR ORRW WKH ERGLHV WKH\ GR QRW JDLQ WKLV
%\SDVVWKHEURZQPROGDQGUHVFXH3DVRUD JROG ,I \RX IHHO LW LV UHDVRQDEOH WKDW FKDUDFWHUV FDQ JR
 $3/ ;3 EDFN WR ORRW WKH ERGLHV DQG WKRVH ERGLHV DUH WKHUH WKDW
 $3/ ;3 LV QRW FDUWHG RII E\ GXQJHRQ VFDYHQJHUV UHPRYHG IURP
 $3/ ;3 WKH VFHQH E\ WKH ORFDO ZDWFK DQG VR RQ  FKDUDFWHUV PD\
 $3/ ;3 UHWXUQ WR UHWULHYH ORRW ,I WKH FKDUDFWHUV GR QRW ORRW WKH
 $3/ ;3 ERG\WKHJROGSLHFHYDOXHIRUWKHORRWLVVXEWUDFWHGIURP
 WKHHQFRXQWHUWRWDOVJLYHQEHORZ
(QFRXQWHU5P/XQFK"  7KH FRLQ WRWDO LV WKH QXPEHU RI JROG SLHFH HDFK
'HIHDW)XULRXV-HRUJH FKDUDFWHU JDLQV LI WKH\ WDNH WKH FRLQ DYDLODEOH $ QRUPDO
 $3/ ;3 DGYHQWXULQJ SDUW\ FDQ XVXDOO\ JDWKHU WKLV ZHDOWK LQ D
 $3/ ;3 URXQGRUVR,IIRUVRPHUHDVRQWKH\SDVVXSWKLVWUHDVXUH
 $3/ ;3 WKH FRLQ WRWDO LV VXEWUDFWHG IURP WKH HQFRXQWHU WRWDOV
 $3/ ;3 JLYHQEHORZ
 $3/ ;3  1H[WWKHPDJLFLWHPVDUHOLVWHG0DJLFLWHPWUHDVXUH
 LV WKH KDUGHVW WR DGMXGLFDWH EHFDXVH WKH\ DUH YDULHG DQG
(QFRXQWHU5P7KH*UDQG+DOOZD\ EHFDXVH FKDUDFWHUV PD\ ZDQW WR XVH WKHP GXULQJ WKH
'HIHDWWKHWUDS DGYHQWXUH 0DQ\ WLPHV FKDUDFWHUV PXVW FDVW LGHQWLI\
 $3/ ;3 DQDO\]H GZHRPHU RU VLPLODU VSHOO WR GHWHUPLQH ZKDW WKH
 $3/ ;3 LWHP GRHV DQG KRZ WR DFWLYDWH LW 2WKHU WLPHV WKH\ PD\
 $3/ ;3 DWWHPSW WR XVH WKH LWHP EOLQGO\ ,I WKH PDJLF LWHP LV
 $3/ ;3 FRQVXPDEOH D SRWLRQ VFUROO PDJLF EROWV HWF  DQG WKH
 $3/ ;3 LWHP LV XVHG EHIRUH WKH HQG RI WKH DGYHQWXUH LWV WRWDO LV
 VXEWUDFWHGIURPWKHDGYHQWXUHWRWDOVEHORZ
(QFRXQWHU5P%XJV  2QFH \RX KDYH VXEWUDFWHG WKH YDOXH IRU XQFODLPHG
'HIHDWWKHYHUPLQ WUDS  WUHDVXUHV IURP HDFK HQFRXQWHU DGG LW XS DQG WKDW LV
 $3/ ;3 QXPEHU RI JROG SLHFHV D FKDUDFWHUV WRWDO DQG FRLQ YDOXH
 $3/ ;3 LQFUHDVHDWWKHHQGRIWKHDGYHQWXUH:ULWHWKHWRWDOLQWKH
 $3/ ;3 *S*DLQHGILHOGRIWKHDGYHQWXUHFHUWLILFDWH
 $3/ ;3 
 $3/ ;3 75($685(.(<
 /  /RRWHG JHDU IURP HQHP\ &  &RLQ *HPV -HZHOU\
(QFRXQWHU5P+LJK3ULHVWV4XDUWHUV  DQGRWKHUYDOXDEOHV0 0DJLF,WHPV
'HIHDW3DUWLQLXV 
 $3/ ;3 (QFRXQWHU5P+LJK3ULHVWV4X DUWHUV
 $3/ ;3 'HIHDW3DUWLQLXVDQGVWULSKLVJHDU
 $3/ ;3  $3//JS&JS0
 $3/ ;3  $3/  /  JS &  JS 0 SRWLRQ RI KDVWH 9DOXH
 $3/ ;3  JS SHU FKDUDFWHU  SRWLRQ RI KLGLQJ 9DOXH  JS SHU
 FKDUDFWHU   SRWLRQV RI FXUH OLJKW ZRXQGV 9DOXH  JS SHU
7RWDO3RVVLEOH([SHULHQFH SRWLRQSHUFKDUDFWHU 
 $3/ ;3  $3//JS&JS0SRWLRQRIKDVWH 9DOXH
 $3/ ;3 JS SHU FKDUDFWHU  SRWLRQ RI KLGLQJ 9DOXH  JS SHU
 $3/ ;3 FKDUDFWHU   SRWLRQV RI FXUH OLJKW ZRXQGV 9DOXH  JS SHU
 $3/ ;3 SRWLRQ SHU FKDUDFWHU  FORDN RI UHVLVWDQFH  9DOXH  JS
 $3/ ;3 SHUFKDUDFWHU 4XDDOVIHDWKHUWRNHQ ZKLS  9DOXHJSSHU
 FKDUDFWHU 
 $3/  /  JS &  JS 0 SRWLRQ RI KDVWH 9DOXH
75($685(6800$5<  JS SHU FKDUDFWHU  SRWLRQ RI KLGLQJ 9DOXH  JS SHU
'XULQJ DQ DGYHQWXUH FKDUDFWHUV HQFRXQWHU WUHDVXUH FKDUDFWHU   SRWLRQV RI FXUH OLJKW ZRXQGV 9DOXH  JS SHU
XVXDOO\ ILQGLQJ LW LQ WKH SRVVHVVLRQ RI WKHLU IRHV (YHU\ SRWLRQ SHU FKDUDFWHU  FORDN RI UHVLVWDQFH  9DOXH  JS
HQFRXQWHU WKDW IHDWXUHV WUHDVXUH KDV D |WUHDVXUH} VHFWLRQ SHUFKDUDFWHU 4XDDOVIHDWKHUWRNHQ ZKLS  9DOXHJSSHU
ZLWKLQ WKH HQFRXQWHU GHVFULSWLRQ JLYLQJ LQIRUPDWLRQ FKDUDFWHU EURRFKRIVKLHOGLQJ 9DOXHJSSHUFKDUDFWHU 

6SLULWVRI9HQJHDQFH  3DJH
 $3//JS&JS0SRWLRQRIKDVWH 9DOXH
 JS SHU FKDUDFWHU  SRWLRQ RI KLGLQJ 9DOXH  JS SHU
FKDUDFWHU   SRWLRQV RI FXUH OLJKW ZRXQGV 9DOXH  JS SHU
SRWLRQ SHU FKDUDFWHU  FORDN RI UHVLVWDQFH  9DOXH  JS
SHUFKDUDFWHU 4XDDOVIHDWKHUWRNHQ ZKLS  9DOXHJSSHU
FKDUDFWHU EURRFKRIVKLHOGLQJ 9DOXHJSSHUFKDUDFWHU 

&RQFOXVLRQ
6DYH WKH IDPLO\ DQG YLVLW WKHP DIWHU OHDYLQJ WKH DV\OXP
5HFHLYHWKHFKDOLFH
 $3//JS&JS0
 $3//JS&JS0
 $3//JS&JS0
 $3//JS&JS0
 $3//JS&JS0

7RWDO3RVVLEOH7UHDVXUH
 $3/JS
 $3/JS
 $3/JS
 $3/JS
 $3/JS


6SLULWVRI9HQJHDQFH  3DJH
$33(1',;,13&6
(1&2817(5 50 25 GD\  IUHQ]\ GD\  VXSUHPH FOHDYH 64 )DVW
PRYHPHQWXQFDQQ\GRGJH 'H[ERQXVWR$& UHPDLQ
&21&/86,21 FRQVFLRXV$/&(69)RUW5HI:LOO6WU
$3/ (/  'H[&RQ,QW:LV&KD
)XULRXV -HRUJH 0DOH KXPDQ %EQ &5  0HGLXP  6NLOOV DQG )HDWV &OLPE  ,QWLPLGDWH  ,QWXLW
VL]H KXPDQRLG KXPDQ  +' G KS  ,QLW  'LUHFWLRQ  /LVWHQ  7XPEOH  :LOGHUQHVV /RUH
6SG  IW $&  WRXFK  IODWIRRWHG   $WN   &OHDYH 'HVWUXFWLYH 5DJH  ,QWLPLGDWLQJ 5DJH 
PHOHH G FOXE  RU  PHOHH G[ JUHDWD[H  3RZHU $WWDFN 7UDFN :HDSRQ )RFXV JUHDWD[H 
6$ 5DJH GD\  64 )DVW PRYHPHQW XQFDQQ\ GRGJH :HDSRQ6SHFLDOL]DWLRQ JUHDWD[H 
'H[ERQXVWR$& $/&(69)RUW5HI:LOOz  3RVVHVVLRQVFORWKHVFOXE
6WU'H[&RQ,QW:LV&KD 6HH $SSHQGL[  1HZ 5XOHV IRU DGGLWLRQDO
 6NLOOV DQG )HDWV &OLPE  ,QWLPLGDWH  ,QWXLW LQIRUPDWLRQ
'LUHFWLRQ  /LVWHQ  7XPEOH  :LOGHUQHVV /RUH 
3RZHU$WWDFN7UDFN $3/ (/ 
 3RVVHVVLRQVFORWKHVFOXE )XULRXV -HRUJH 0DOH KXPDQ %EQ)WU)UHQ]LHG
 %HUVHUNHU  &5  0HGLXPVL]H KXPDQRLG KXPDQ 
$3/ (/  +' GG KS  ,QLW  6SG  IW $& 
)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU &5  WRXFK  IODWIRRWHG   $WN  PHOHH G
0HGLXPVL]H KXPDQRLG KXPDQ  +' GG FOXE  RU  PHOHH G[ JUHDWD[H  6$
KS  ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG 5DJH GD\  IUHQ]\ GD\  VXSUHPH FOHDYH 64 )DVW
 $WNPHOHH GFOXE RUPHOHH G[ PRYHPHQWXQFDQQ\GRGJH 'H[ERQXVWR$& UHPDLQ
JUHDWD[H  6$ 5DJH GD\  64 )DVW PRYHPHQW FRQVFLRXVGHDWKOHVVIUHQ]\$/&(69)RUW5HI
XQFDQQ\GRGJH 'H[ERQXVWR$& $/&(69)RUW :LOO6WU'H[&RQ,QW:LV&KD
5HI  :LOO z 6WU  'H[  &RQ  ,QW  :LV   6NLOOV DQG )HDWV &OLPE  ,QWLPLGDWH  ,QWXLW
&KD 'LUHFWLRQ  /LVWHQ  7XPEOH  :LOGHUQHVV /RUH
 6NLOOV DQG )HDWV &OLPE  ,QWLPLGDWH  ,QWXLW  &OHDYH 'HVWUXFWLYH 5DJH  ,PSURYHG &ULWLFDO
'LUHFWLRQ  /LVWHQ  7XPEOH  :LOGHUQHVV /RUH JUHDWD[H  ,QWLPLGDWLQJ 5DJH  3RZHU $WWDFN 7UDFN
 &OHDYH 'HVWUXFWLYH 5DJH  ,QWLPLGDWLQJ 5DJH  :HDSRQ )RFXV JUHDWD[H  :HDSRQ 6SHFLDOL]DWLRQ
3RZHU$WWDFN7UDFN JUHDWD[H 
 3RVVHVVLRQVFORWKHVFOXE  3RVVHVVLRQVFORWKHVFOXE
6HH $SSHQGL[  1HZ 5XOHV IRU DGGLWLRQDO 6HH $SSHQGL[  1HZ 5XOHV IRU DGGLWLRQDO
LQIRUPDWLRQ LQIRUPDWLRQ
 
$3/ (/  (1&2817(5 50 
)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU &5  $3/ (/ 
0HGLXPVL]H KXPDQRLG KXPDQ  +' GG 3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK 
KS  ,QLW  6SG  IW $&  WRXFK  IODWIRRWHG &5  0HGLXPVL]H KXPDQRLG KXPDQ  +'
  $WN  PHOHH G FOXE  RU  PHOHH GGKS,QLW6SGIW$& WRXFK
G[ JUHDWD[H  6$ 5DJH GD\  64 )DVW IODWIRRWHG   $WN  PHOHH G OLJKW PDFH  6$
PRYHPHQWXQFDQQ\GRGJH 'H[ERQXVWR$& $/&( 6QHDNDWWDFN G VSHOOVUHEXNHXQGHDG64(YDVLRQ
69)RUW5HI:LOO6WU'H[&RQ,QW $/&(69)RUW5HI:LOO6WU'H[&RQ
:LV&KD ,QW:LV&KD
 6NLOOV DQG )HDWV &OLPE  ,QWLPLGDWH  ,QWXLW  6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ 
'LUHFWLRQ  /LVWHQ  7XPEOH  :LOGHUQHVV /RUH 'LSORPDF\  'LVJXLVH  *DWKHU ,QIRUPDWLRQ 
 &OHDYH 'HVWUXFWLYH 5DJH  ,QWLPLGDWLQJ 5DJH  ,QQXHQGR  /LVWHQ  3URIHVVLRQ KHUEDOLVW  
3RZHU $WWDFN 7UDFN :HDSRQ )RFXV JUHDWD[H  3URIHVVLRQ ODZ\HU 5HDG/LSV6HQVH0RWLYH
:HDSRQ6SHFLDOL]DWLRQ JUHDWD[H  6SHOOFUDIW  6SRW  7XPEOH  ,URQ :LOO
 3RVVHVVLRQVFORWKHVFOXE 7RXJKQHVV:HDSRQ)LQHVVH OLJKWPDFH 
6HH $SSHQGL[  1HZ 5XOHV IRU DGGLWLRQDO  3RVVHVVLRQV FKDLQ VKLUW OLJKW PDFH KRO\ V\PERO RI
LQIRUPDWLRQ 6RFRWKEHQRWK
  6SHOOV 3UHSDUHG  EDVH '&    VSHOO
$3/ (/  OHYHO   z FXUH PLQRU ZRXQGV OLJKW UHVLVWDQFH SXULI\ IRRG
)XULRXV -HRUJH 0DOH KXPDQ %EQ)WU)UHQ]LHG DQGGULQN VW zFDXVHIHDU  GRRPSURWHFWLRQIURPJRRG 
%HUVHUNHU  &5  0HGLXPVL]H KXPDQRLG KXPDQ  QGzDLGEXOOVVWUHQJWKVKDWWHU 
+' GG KS  ,QLW  6SG  IW $&  'RPDLQVSHOO'RPDLQV&KDRV <RXFDVWFKDRVVSHOOVDW
WRXFK  IODWIRRWHG   $WN  PHOHH G  FDVWHU OHYHO  (YLO <RX FDVW HYLO VSHOOV DW  FDVWHU
FOXE  RU  PHOHH G[ JUHDWD[H  6$ 5DJH OHYHO 

6SLULWVRI9HQJHDQFH  3DJH
  6SHOOV3UHSDUHG EDVH'& 
$IWHU0LGQLJKW6SHOOV3UHSDUHG EDVH'&  VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW UHVLVWDQFH
VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW VW z FDXVH SXULI\ IRRG DQGGULQN VW zEOHVVGLYLQHIDYRUGRRPPDJLF
IHDUGRRPHQWURSLFVKLHOGSURWHFWLRQIURPJRRG QGzEXOOV ZHDSRQSURWHFWLRQIURPJRRG VKLHOGRIIDLWKQGzDLGEXOOV
VWUHQJWKKROGSHUVRQVKDWWHU  VWUHQJWK HQGXUDQFH VKDWWHU  VLOHQFH UG z GHHSHU GDUNQHVV
 JO\SKRIZDUGLQJPDJLFFLUFOHDJDLQVWJRRG VWRQHVKDSHWK
$3/ (/  zGLYLQHSRZHUSRLVRQXQKRO\EOLJKW 
3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  'RPDLQVSHOO'RPDLQV&KDRV <RXFDVWFKDRVVSHOOVDW
&5  0HGLXPVL]H KXPDQRLG KXPDQ  +'  FDVWHU OHYHO  (YLO <RX FDVW HYLO VSHOOV DW  FDVWHU
GGKS,QLW6SGIW$& WRXFK OHYHO 
IODWIRRWHG   $WN  PHOHH G OLJKW PDFH  6$ 
6QHDNDWWDFN G VSHOOVUHEXNHXQGHDG64(YDVLRQ $IWHU 0LGQLJKW 6SHOOV 3UHSDUHG  EDVH
$/&(69)RUW5HI:LOO6WU'H[&RQ '&    VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW
,QW:LV&KD UHVLVWDQFH VW z GLYLQH IDYRU HQWURSLF VKLHOG PDJLF ZHDSRQ
 6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ  SURWHFWLRQ IURP JRRG  VDQFWXDU\ VKLHOG RI IDLWK QG z EXOOV
'LSORPDF\  'LVJXLVH  *DWKHU ,QIRUPDWLRQ  VWUHQJWKHQGXUDQFHKROGSHUVRQVKDWWHU VLOHQFHUGzPDJLF
,QQXHQGR  /LVWHQ  3URIHVVLRQ KHUEDOLVW   FLUFOH DJDLQVW JRRG VXPPRQ PRQVWHU ,,,   WK z OHVVHU
3URIHVVLRQ ODZ\HU 5HDG/LSV6HQVH0RWLYH SODQDUDOO\ VXFFXEXVWDVNHGWRJXDUGKLP XQKRO\EOLJKW 
6SHOOFUDIW  6SRW  7XPEOH  %OLQG)LJKW ,URQ 
:LOO7RXJKQHVV:HDSRQ)LQHVVH OLJKWPDFH  $3/ (/ 
 3RVVHVVLRQV FKDLQ VKLUW OLJKW PDFH KRO\ V\PERO RI 3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK 
6RFRWKEHQRWKSRWLRQRIKDVWHSRWLRQRIKLGLQJSRWLRQVRI &5  0HGLXPVL]H KXPDQRLG KXPDQ  +'
FXUHOLJKWZRXQGV GGKS,QLW6SGIW$& WRXFK
 6SHOOV3UHSDUHG EDVH'& VSHOO IODWIRRWHG   $WN  PHOHH G OLJKW PDFH  6$
OHYHO   z FXUH PLQRU ZRXQGV   OLJKW UHVLVWDQFH SXULI\ 6QHDNDWWDFN G VSHOOVUHEXNHXQGHDG64(YDVLRQ
IRRG DQG GULQN VW z EOHVV FDXVH IHDU PDJLF ZHDSRQ $/ &( 69 )RUW  5HI  :LOO  6WU  'H[ 
SURWHFWLRQIURPJRRG VKLHOGRIIDLWKQGzDLGEXOOVVWUHQJWK &RQ,QW:LV&KD
HQGXUDQFH VKDWWHU  UG z GHHSHU GDUNQHVV PDJLF FLUFOH  6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ 
DJDLQVWJRRG VWRQHVKDSH 'LSORPDF\  'LVJXLVH  *DWKHU ,QIRUPDWLRQ 
'RPDLQVSHOO'RPDLQV&KDRV <RXFDVWFKDRVVSHOOVDW ,QQXHQGR  /LVWHQ  3URIHVVLRQ KHUEDOLVW  
 FDVWHU OHYHO  (YLO <RX FDVW HYLO VSHOOV DW  FDVWHU 3URIHVVLRQ ODZ\HU 5HDG/LSV6HQVH0RWLYH
OHYHO  6SHOOFUDIW6SRW7XPEOH%OLQG)LJKW&RPEDW
 &DVWLQJ ,URQ :LOO 7RXJKQHVV :HDSRQ )LQHVVH OLJKW
$IWHU0LGQLJKW6SHOOV3UHSDUHG EDVH'&  PDFH 
  VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW  3RVVHVVLRQV FKDLQ VKLUW OLJKW PDFH KRO\ V\PERO RI
UHVLVWDQFH VW z HQWURSLF VKLHOG PDJLF ZHDSRQ SURWHFWLRQ 6RFRWKEHQRWKSRWLRQRIKDVWHSRWLRQRIKLGLQJSRWLRQVRI
IURP JRRG  VDQFWXDU\ VKLHOG RI IDLWK QG z EXOOV VWUHQJWK FXUH OLJKW ZRXQGV FORDN RI UHVLVWDQFH  4XDDOV IHDWKHU
HQGXUDQFH KROG SHUVRQ VKDWWHU  UG z PDJLF FLUFOH DJDLQVW WRNHQ ZKLS EURRFKRIVKLHOGLQJ
JRRGVXPPRQPRQVWHU,,,    6SHOOV3UHSDUHG EDVH'& 
   VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW
$3/ (/  UHVLVWDQFH SXULI\ IRRG DQG GULQN VW z EOHVV GLYLQH IDYRU
3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK  GRRP PDJLF ZHDSRQ SURWHFWLRQ IURP JRRG  VKLHOG RI IDLWK
&5  0HGLXPVL]H KXPDQRLG KXPDQ  +' QG z DLG EXOOV VWUHQJWK GDUNQHVV HQGXUDQFH VKDWWHU 
GGKS,QLW6SGIW$& WRXFK VLOHQFHUG z GHHSHUGDUNQHVVJO\SKRIZDUGLQJPDJLFFLUFOH
IODWIRRWHG   $WN  PHOHH G OLJKW PDFH  6$ DJDLQVW JRRG  PDJLF YHVWPHQW VWRQH VKDSH WK z GLYLQH
6QHDNDWWDFN G VSHOOVUHEXNHXQGHDG64(YDVLRQ SRZHU SRLVRQ VSHOO LPPXQLW\ XQKRO\ EOLJKW  WK z GLVSHO
$/ &( 69 )RUW  5HI  :LOO  6WU  'H[  JRRG VOD\OLYLQJ
&RQ,QW:LV&KD 'RPDLQVSHOO'RPDLQV&KDRV <RXFDVWFKDRVVSHOOVDW
 6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ   FDVWHU OHYHO  (YLO <RX FDVW HYLO VSHOOV DW  FDVWHU
'LSORPDF\  'LVJXLVH  *DWKHU ,QIRUPDWLRQ  OHYHO 
,QQXHQGR  /LVWHQ  3URIHVVLRQ KHUEDOLVW   
3URIHVVLRQ ODZ\HU 5HDG/LSV6HQVH0RWLYH $IWHU 0LGQLJKW 6SHOOV 3UHSDUHG 
6SHOOFUDIW6SRW7XPEOH%OLQG)LJKW&RPEDW EDVH '&    VSHOO OHYHO   z FXUH PLQRU ZRXQGV  
&DVWLQJ ,URQ :LOO 7RXJKQHVV :HDSRQ )LQHVVH OLJKW OLJKW UHVLVWDQFH VW z GLYLQH IDYRU HQWURSLF VKLHOG PDJLF
PDFH  ZHDSRQSURWHFWLRQIURPJRRG VDQFWXDU\VKLHOGRIIDLWKQG
 3RVVHVVLRQV FKDLQ VKLUW OLJKW PDFH KRO\ V\PERO RI z EXOOV VWUHQJWK GDUNQHVV HQGXUDQFH KROG SHUVRQ VKDWWHU 
6RFRWKEHQRWKSRWLRQRIKDVWHSRWLRQRIKLGLQJSRWLRQVRI VLOHQFH UG z PDJLF FLUFOH DJDLQVW JRRG PDJLF YHVWPHQW
FXUH OLJKW ZRXQGV FORDN RI UHVLVWDQFH  4XDDOV IHDWKHU VXPPRQ PRQVWHU ,,,   WK z OHVVHU SODQDU DOO\ VXFFXEXV
WRNHQ ZKLS  WDVNHG WR JXDUG KLP  VSHOO LPPXQLW\ XQKRO\ EOLJKW  WK z
GLVSHOJRRG VOD\OLYLQJ

6SLULWVRI9HQJHDQFH  3DJH

$3/ (/ 
3DUWLQLXV 0DOH KXPDQ 5RJ&OU 6RFRWKEHQRWK 
&5  0HGLXPVL]H KXPDQRLG KXPDQ  +'
GGKS,QLW6SGIW$& WRXFK
IODWIRRWHG $WNPHOHH GOLJKWPDFH 6$
6QHDNDWWDFN G VSHOOVUHEXNHXQGHDG64(YDVLRQ
$/ &( 69 )RUW  5HI  :LOO  6WU  'H[ 
&RQ,QW:LV&KD
 6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ 
'LSORPDF\  'LVJXLVH  *DWKHU ,QIRUPDWLRQ 
,QQXHQGR  /LVWHQ  3URIHVVLRQ KHUEDOLVW  
3URIHVVLRQ ODZ\HU 5HDG/LSV6HQVH0RWLYH
6SHOOFUDIW  6SRW  7XPEOH  %OLQG)LJKW
&RPEDW &DVWLQJ ,URQ :LOO 6LOHQW 6SHOO 7RXJKQHVV
:HDSRQ)LQHVVH OLJKWPDFH 
 3RVVHVVLRQV FKDLQ VKLUW OLJKW PDFH KRO\ V\PERO RI
6RFRWKEHQRWKSRWLRQRIKDVWHSRWLRQRIKLGLQJSRWLRQVRI
FXUH OLJKW ZRXQGV FORDN RI UHVLVWDQFH  4XDDOV IHDWKHU
WRNHQ ZKLS EURRFKRIVKLHOGLQJ
 6SHOOV 3UHSDUHG  EDVH
'&    VSHOO OHYHO   z FXUH PLQRU ZRXQGV   OLJKW
UHVLVWDQFHSXULI\IRRGDQGGULQNVWzEOHVVGLYLQHIDYRU  
GRRP PDJLF ZHDSRQ SURWHFWLRQ IURP JRRG  VKLHOG RI IDLWK
QG z DLG EXOOV VWUHQJWK GDUNQHVV HQGXUDQFH VKDWWHU 
VLOHQFHUGzGHHSHUGDUNQHVVGLVSHOPDJLFJO\SKRIZDUGLQJ
PDJLFFLUFOHDJDLQVWJRRG PDJLFYHVWPHQWVWRQHVKDSHWKz
GLVSHO PDJLF VLOHQW  GLYLQH SRZHU JUHDWHU PDJLF ZHDSRQ
VSHOO LPPXQLW\ XQKRO\ EOLJKW  WK z GLVSHO JRRG  JUHDWHU
FRPPDQGVOD\OLYLQJWKzDQLPDWHREMHFWV KDUP
'RPDLQVSHOO'RPDLQV&KDRV <RXFDVWFKDRVVSHOOVDW
 FDVWHU OHYHO  (YLO <RX FDVW HYLO VSHOOV DW  FDVWHU
OHYHO 

$IWHU 0LGQLJKW 6SHOOV 3UHSDUHG
 EDVH '&    VSHOO
OHYHO   z FXUH PLQRU ZRXQGV   OLJKW UHVLVWDQFH VW z
GLYLQH IDYRU HQWURSLF VKLHOG PDJLF ZHDSRQ REVFXULQJ PLVW
SURWHFWLRQ IURP JRRG  VDQFWXDU\ VKLHOG RI IDLWK QG z EXOOV
VWUHQJWK GDUNQHVV HQGXUDQFH KROG SHUVRQ VKDWWHU  VLOHQFH
UG z PDJLF FLUFOH DJDLQVW JRRG PDJLF YHVWPHQW VXPPRQ
PRQVWHU ,,,   WK z GLVSHO PDJLF VLOHQW  JUHDWHU PDJLF
ZHDSRQ OHVVHU SODQDU DOO\ YURFNWDVNHGWRJXDUGKLP VSHOO
LPPXQLW\XQKRO\EOLJKW WKzGLVSHOJRRG VOD\OLYLQJ  
WKzFUHDWHXQGHDG KDUP


6SLULWVRI9HQJHDQFH  3DJH
$33(1',;1(:58/(6
'(6758&7,9(5$*(>*(1(5$/@$635(6(17(',10$67(562)7+(:,/'
<RXVKDWWHUEDUULHUVDQGREMHFWVZKHQHQUDJHG
 3UHUHTXLVLWHV$ELOLW\WRUDJH
 %HQHILW:KLOH\RXUHUDJLQJ\RXJDLQDERQXVRQDQ\6WUHQJWKFKHFNV\RXPDNHWREUHDNRSHQGRRUVRUEUHDN
LQDQLPDWHLPPRELOHREMHFWV

,17,0,'$7,1*5$*(>*(1(5$/@$635(6(17(',10$67(562)7+(:,/'
<RXUUDJHHQJHQGHUVIHDULQ\RXURSSRQHQWV
 3UHUHTXLVLWHV$ELOLW\WRUDJH
 %HQHILW:KLOH\RXDUHUDJLQJ\RXGHVLJQDWHDVLQJOHIRHZLWKLQIHHWRI\RXZKRPXVWPDNHD:LOOVDYH '& 
RQHKDOI\RXUFKDUDFWHUOHYHO\RXU&KDULVPDPRGLILHU RUEHFRPHVKDNHQIRUDVORQJDV\RXFRQWLQXHWRUDJHDQGWKH
WDUJHWFDQVHH\RX $VKDNHQFUHDWXUHVXIIHUVDzPRUDOHSHQDOW\RQDWWDFNUROOVVDYHVDQGFKHFNV $WDUJHWZKRPDNHV
WKHVDYHUHPDLQVLPPXQHWRWKHLQWLPLGDWLQJHIIHFWRI\RXUUDJHIRURQHGD\&UHDWXUHVLPPXQHWRIHDUDQGWKRVHZLWK
QRYLVXDOVHQVHVDUHLPPXQHWRWKLVHIIHFW

)5(1=,('%(56(5.(5$635(6(17(',10$67(562)7+(:,/'
7KH UDQGRP PDGQHVV RI WKH WKXQGHUVWRUP DQG WKH XQSUHGLFWDELOLW\ RI WKH VODDGL FRPH WRJHWKHU LQ WKH VRXO RI WKH
IUHQ]LHGEHUVHUNHU8QOLNHPRVWRWKHUFKDUDFWHUVVKHGRHVQRWILJKWWRDFKLHYHVRPHKHURLFJRDORUGHIHDWDORDWKVRPH
YLOODLQ7KRVHDUHPHUHH[FXVHVzLWLVWKHWKULOORIFRPEDWWKDWGUDZVKHU)RUWKHIUHQ]LHGEHUVHUNHUWKHLQVDQLW\RIEDWWOH
LVPXFKOLNHDQDGGLFWLYHGUXJzVKHPXVWFRQVWDQWO\VHHNRXWPRUHFRQIOLFWWRIHHGKHUFUDYLQJIRUEDWWOH
 $ORQJ WKH ZLOG ERUGHUODQGV DQG LQ WKH HYLO NLQJGRPV RI WKH ZRUOG IUHQ]LHG EHUVHUNHUV RIWHQ OHDG ZDUEDQGV WKDW
LQFOXGH D YDULHW\ RI FKDUDFWHU W\SHV z DQG HYHQ RWKHU IUHQ]LHG EHUVHUNHUV 6RPH VXFK JURXSV WXUQ WR EDQGLWU\ DQG
EULJDQGDJH RWKHUV VHUYH DV VSHFLDOL]HG PHUFHQDULHV :KDWHYHU WKHLU RULJLQ VXFK ZDUEDQGV QDWXUDOO\ JUDYLWDWH WRZDUG
VLWXDWLRQV RI LQVWDELOLW\ DQG FRQIOLFW EHFDXVH ZDUV DQG FLYLO VWULIH DUH WKHLU EUHDG DQG EXWWHU ,QGHHG WKH FRPLQJ RI D
IUHQ]LHGEHUVHUNHULVWKHPRVWREYLRXVKHUDOGRIWURXEOHGWLPHV
 7KHIUHQ]LHGEHUVHUNHUVSDWKLVXQVXLWHGIRUPRVWDGYHQWXUHUVzDIDFWIRUZKLFKWKHSHDFHORYHUVRIWKHZRUOGFDQ
EH WKDQNIXO %HFDXVH RI WKHLU WUDGLWLRQDO ORYH IRU EDWWOH RUF DQG KDOIRUF EDUEDULDQV DUH WKH RQHV ZKR PRVW IUHTXHQWO\
DGRSWWKLVSUHVWLJHFODVVWKRXJKKXPDQDQGGZDUYHQEDUEDULDQVDOVRILQGLWDSSHDOLQJ,WPLJKWVHHPWKDWHOYHVZRXOGEH
JRRGFDQGLGDWHVEHFDXVHRIWKHLUFKDRWLFQDWXUHEXWWKHHOYHQDHVWKHWLFDQGORYHRIJUDFHDUHDWRGGVZLWKWKHIUHQ]LHG
EHUVHUNHUVGHYDOXDWLRLQRIWKHVHOI6SHOOFDVWLQJFKDUDFWHUVDQGPRQNVDOPRVWQHYHUEHFRPHIUHQ]LHGEHUVHUNHUV
 +LW'LHG

5HTXLUHPHQWV
7REHFRPHDIUHQ]LHGEHUVHUNHUDFKDUDFWHUPXVWIXOILOOWKHIROORZLQJFULWHULD
 $OLJQPHQW$Q\QRQODZIXO
 %DVH$WWDFN%RQXV
 )HDWV&OHDYH'HVWUXFWLYH5DJH,QWLPLGDWLQJ5DJH3RZHU$WWDFN

&ODVV6NLOOV
7KHIUHQ]LHGEHUVHUNHUVFODVVVNLOOV DQGWKHNH\DELOLW\IRUHDFKVNLOO DUH&OLPE 6WU ,QWLPLGDWH &KD -XPS 6WU 5LGH
'H[ DQG6ZLP 6WU 6HH&KDSWHURIWKH3OD\HUV+DQGERRNIRUVNLOOGHVFULSWLRQV

 6NLOO3RLQWVDW(DFK/HYHO,QWPRGLILHU

&ODVV %DVH )RUW 5HI :LOO 
/HYHO $WWDFN%RQXV 6DYH 6DYH 6DYH 6SHFLDO
VW     )UHQ]\GD\5HPDLQ&RQVFLRXV
QG     6XSUHPHFOHDYH
UG     )UHQ]\GD\
WK     'HDWKOHVVIUHQ]\
WK     )UHQ]\GD\LPSURYHGSRZHUDWWDFN
WK     ,QVSLUHIUHQ]\GD\
WK     )UHQ]\GD\
WK     *UHDWHUIUHQ]\LQVSLUHIUHQ]\GD\
WK     )UHQ]\GD\

6SLULWVRI9HQJHDQFH  3DJH
WK     ,QVSLUHIUHQ]\GD\QRORQJHUZLQGHGDIWHUIUHQ]\VXSUHPH
SRZHUDWWDFN

&ODVV)HDWXUHV
7KHIROORZLQJDUHFODVVIHDWXUHVRIWKHIUHQ]LHGEHUVHUNHUSUHVWLJHFODVV
 :HDSRQDQG$UPRU3URILFLHQF\)UHQ]LHGEHUVHUNHUVJDLQQRZHDSRQRUDUPRUSURILFLHQFLHV
 )UHQ]\ ([  %HJLQQLQJ DW VW OHYHO WKH IUHQ]LHG EHUVHUNHU FDQ HQWHU D IUHQ]\ GXULQJ FRPEDW :KLOH IUHQ]LHG VKH
JDLQV D  ERQXV WR 6WUHQJWK DQG D VLQJOH H[WUD DWWDFN HDFK URXQG DW KHU KLJKHVW ERQXV 7KLV ODWWHU HIIHFW LV QRW
FXPXODWLYHZLWKKDVWH +RZHYHUVKHDOVRVXIIHUVDzSHQDOW\WR$&DQGWDNHVSRLQWVRIVXEGXDOGDPDJHSHUURXQG$
IUHQ]\ODVWVIRUDQXPEHURIURXQGVHTXDOWRWKHIUHQ]LHGEHUVHUNHUV&RQVWLWXWLRQPRGLILHU7RHQGWKHIUHQ]\EHIRUH
LWV GXUDWLRQ H[SLUHV WKH FKDUDFWHU PD\ DWWHPSW D :LOO VDYH '&   RQFH SHU URXQG DV D IUHH DFWLRQ 6XFFHVV HQGV WKH
IUHQ]\LPPHGLDWHO\IDLOXUHPHDQVLWFRQWLQXHV7KHHIIHFWVRIIUHQ]\VWDFNZLWKWKRVHIURPUDJH
 $WVWOHYHOWKHFKDUDFWHUFDQHQWHUDIUHQ]\RQFHSHUGD\7KHUHDIWHUVKHJDLQVRQHDGGLWLRQDOXVHSHUGD\RIWKLV
DELOLW\IRUHYHU\WZRIUHQ]LHGEHUVHUNHUOHYHOVVKHDFTXLUHV7KHFKDUDFWHUFDQHQWHUDIUHQ]\DVDIUHHDFWLRQ(YHQWKRXJK
WKLV WDNHV QR WLPH VKH FDQGRLWRQO\GXULQJKHUDFWLRQQRWLQUHVSRQVHWRDQRWKHUVDFWLRQ,QDGGLWLRQLIVKHVXIIHUV
GDPDJHIURPDQDWWDFNVSHOOWUDSRUDQ\RWKHUVRXUFHVKHDXWRPDWLFDOO\HQWHUVDIUHQ]\DWWKHVWDUWRIKHUQH[WDFWLRQDV
ORQJ DV VKH VWLOO KDV DW OHDVW RQH GDLO\ XVDJH RI WKH DELOLW\ OHIW 7R DYRLG HQWHULQJ D IUHQ]\ LQ UHVSRQVH WR GDPDJH WKH
FKDUDFWHUPXVWPDNHDVXFFHVVIXO:LOOVDYH '&SRLQWVRIGDPDJHVXIIHUHGVLQFHKHUODVWDFWLRQ DWWKHVWDUWRIKHU
QH[WDFWLRQ
 :KLOH IUHQ]LHG WKH FKDUDFWHU FDQQRW XVH VNLOOV RU DELOLWLHV WKDW UHTXLUH SDWLHQFH RU FRQFHQWUDWLRQ VXFK DV 0RYH
6LOHQWO\ QRUFDQVKHFDVWVSHOOVGULQNSRWLRQVDFWLYDWHPDJLFLWHPVRUUHDGVFUROOV6KHFDQXVHDQ\IHDWVKHKDVH[FHSW
([SHUWLVHLWHPFUHDWLRQIHDWVPHWDPDJLFIHDWVDQG6NLOO)RFXVLQDVNLOOWKDWUHTXLUHVSDWLHQFHRUFRQFHQWUDWLRQ6KHFDQ
KRZHYHUXVHKHUVSHFLDODELOLW\WRLQVSLUHIUHQ]\ VHHEHORZ QRUPDOO\
 'XULQJDIUHQ]\WKHIUHQ]LHGEHUVHUNHUPXVWDWWDFNWKRVHVKHSHUFHLYHVDVIRHVWRWKHEHVWRIKHUDELOLW\6KRXOGVKH
UXQ RXW RI HQHPLHV EHIRUH KHU IUHQ]\ H[SLUHV KHU UDPSDJH FRQWLQXHV 6KH PXVW WKHQ DWWDFN WKH QHDUHVW FUHDWXUH
GHWHUPLQH UDQGRPO\ LI VHYHUDO SRWHQWLDO IRHV DUH HTXLGLVWDQW  DQG ILJKW WKDW RSSRQHQW ZLWKRXW UHJDUG WR IULHQGVKLS
LQQRFHQFHRUKHDOWK WKHWDUJHWVRUKHURZQ 
 :KHQDIUHQ]\HQGVWKHIUHQ]LHGEHUVHUNHULVIDWLJXHG zSHQDOW\WR6WUHQJWKDQG'H[WHULW\XQDEOHWRFKDUJHRU
UXQ IRUWKHGXUDWLRQRIWKHHQFRXQWHURUXQWLOVKHHQWHUVDQRWKHUIUHQ]\ZKLFKHYHUFRPHVILUVW$WWKOHYHOVKHLVQR
ORQJHUIDWLJXHGDIWHUDIUHQ]\WKRXJKVKHVWLOOVXIIHUVWKHVXEGXDOGDPDJHIRUHDFKURXQGLWODVWV
 6WDUWLQJDWWKOHYHOWKHFKDUDFWHUVIUHQ]\ERQXVWR6WUHQJWKEHFRPHVLQVWHDGRI
 5HPDLQ&RQVFLRXV7KHIUHQ]LHGEHUVHUNHUJDLQV5HPDLQ&RQVFLRXVDVDERQXVIHDW
 6XSUHPH&OHDYH$WQGOHYHOWKHIUHQ]LHGEHUVHUNHUFDQWDNHDIRRWVWHSEHWZHHQDWWDFNVZKHQXVLQJWKH&OHDYH
RU*UHDW&OHDYHIHDW6KHLVVWLOOOLPLWHGWRRQHVXFKDGMXVWPHQWSHUURXQGVRVKHFDQQRWXVHWKLVDELOLW\GXULQJDURXQG
LQZKLFKVKHKDVDOUHDG\WDNHQDIRRWVWHS
 'HDWKOHVV)UHQ]\ ([ $WWKOHYHOWKHIUHQ]LHGEHUVHUNHUFDQVFRUQGHDWKDQGXQFRQVFLRXVQHVVZKLOHLQDIUHQ]\
6KRXOGKHUKLWSRLQWVWRIDOOWRRUEHORZEHFDXVHRIKLWSRLQWORVVVKHFRQWLQXHVWRILJKWQRUPDOO\XQWLOKHUIUHQ]\HQGV
$WWKDWSRLQWWKHHIIHFWVRIKHUZRXQGVDSSO\QRUPDOO\7KLVDELOLW\GRHVQRWSUHYHQWGHDWKIURPVSHOOHIIHFWVVXFKDVVOD\
OLYLQJRUGLVLQWHJUDWH
 ,PSURYHG3RZHU$WWDFN%HJLQQLQJDWWKOHYHOWKHIUHQ]LHGEHUVHUNHUJDLQVDERQXVRQKHUPHOHHGDPDJHUROOV
IRUHYHU\zSHQDOW\VKHWDNHVRQKHUPHOHHDWWDFNUROOVZKHQXVLQJWKH3RZHU$WWDFNIHDW
 ,QVSLUH)UHQ]\ 6X %HJLQQLQJDWWKOHYHOWKHIUHQ]LHGEHUVHUNHUFDQLQVSLUHIUHQ]\LQKHUDOOLHVZKLOHVKHKHUVHOILV
IUHQ]LHG:KHQVKHXVHVWKLVDELOLW\DOODOOLHVZLWKLQIHHWRIKHUJDLQWKHEHQHILWVDQGWKHGLVDGYDQWDJHVRIIUHQ]\DVLI
WKH\KDGWKDWDELOLW\WKHPVHOYHV7KRVHZKRGRQRWZLVKWREHDIIHFWHGFDQPDNHD:LOOVDYH '&IUHQ]LHGEHUVHUNHU
OHYHO  IUHQ]LHG EHUVHUNHUV &KDULVPD PRGLILHU  WR UHVLVW WKH HIIHFW 7KH IUHQ]\ RI DIIHFWHG DOOLHV ODVWV IRU D QXPEHU RI
URXQGVHTXDOWRWKHIUHQ]LHGEHUVHUNHUV&RQVWLWXWLRQPRGLILHUUHJDUGOHVVRIZKHWKHUWKH\UHPDLQZLWKLQIHHWRI
KHU
 7KH IUHQ]LHG EHUVHUNHU JDLQV RQH DGGLWLRQDO XVH RI WKLV DELOLW\ SHUGD\IRUHYHU\WZRDGGLWLRQDOIUHQ]LHGEHUVHUNHU
OHYHOVVKHDFTXLUHVWKRXJKWKHDELOLW\LVVWLOOXVDEOHRQO\RQFHSHUHQFRXQWHU
 6XSUHPH3RZHU$WWDFN$WWKOHYHOWKHIUHQ]LHGEHUVHUNHUJDLQVDERQXVRQKHUPHOHHGDPDJHUROOVIRUHYHU\z
SHQDOW\VKHWDNHVRQKHUPHOHHDWWDFNUROOVZKHQXVLQJWKH3RZHU$WWDFNIHDW7KLVHIIHFWGRHVQRWVWDFNZLWKWKDWRI
,PSURYHG3RZHU$WWDFN



6SLULWVRI9HQJHDQFH  3DJH
3/$<(5}6+$1'287(;75$&76)520-$'5<6}',$5<

+LJK3ULHVW1DQWRUDQQRXQFHGWRXVGXULQJVHUYLFHVWKLVHYHQLQJWKDWRXUORUGKDVJUDQWHGKLPDYLVLRQ,ZRXOGTXHVWLRQKLPDERXW
LWEXWIHDUZKDWKHPLJKWGR3HUKDSVKHZLOOWHOOXVLQWLPH

1DQWRUKDVEHHQVSHQGLQJDORWRIWLPHZLWKWKHSULVRQHUIURPFHOOQXPEHURQH,WLVWKDWFUD]HGSULHVWRI,X]WKDWVODXJKWHUHGDOORI
WKRVHSHRSOHVRXWKRIWRZQDQGHVFDSHGVHYHUDOPRQWKVDJR,RYHUKHDUGWKHPWDONLQJWKHRWKHUGD\EXWVZHDU,KHDUGWKUHHGLVWLQFW
YRLFHV,ZRQGHUZKDWLVJRLQJRQw

1DQWRU KDV UHOHDVHG WKH SULVRQHU IURP FHOO QXPEHU RQH +H VD\V WKH SULHVW KDV EHHQ FRQYHUWHG WR RXU FDXVH DQG QRZ ZRUVKLSV
6RFRWKEHQRWKDVZHOO&RQYHUWLQJRQHRI,X]VPLQLRQVWRRXUFDXVHFRXOGEULQJXQZDQWHGDWWHQWLRQWRXVDQG,IHDUZKDWDFWLRQVWKH\
ZRXOGWDNHLIWKH\NQHZ$QGZKDWLVWKHPHDQLQJEHKLQGWKHLPDJHVKHGUHZRQKLVFHOOZDOOV"

7KLVQHZSULHVWVHHPVWREHJURZLQJLQSRZHUHYHU\GD\(YHQDVKHJDLQVDFFHVVWRQHZVSHOOVWKH\VRPHKRZVHHPWRFRPHQDWXUDOO\WR
KLPDOPRVWDVLIKHKDVFDVWWKHPEHIRUH+HVWD\VWRKLPVHOIDVLIKHGRHVQRWWUXVWDQ\RQHEXW1DQWRU

1DQWRUKDVDVNHGPHWRMRLQKLPLQWKHWHPSOHWKLVHYHQLQJ,IHDUWKDWKHPD\KDYHGLVFRYHUHGP\MRXUQDO






3/$<(5}6+$1'287+,*+35,(671$1725}6127(6


1RWHVRQVXEMHFW7KH%XWFKHURI=HORVXV

7KHVXEMHFWDKXPDQPDOHLQKLVODWHVLVHVSHFLDOO\JDXQWDQGIUDLOIRUKLVDJH+HZDVFRYHUHGLQPXGDQGGULHGEORRGZKHQKH
DUULYHGDWWKHDV\OXP7KH3DODFH*XDUGVWKDWGHOLYHUHGKLPSURYLGHGVSHFLILFRUGHUVWR~ILQGRXWZKDWKDSSHQHGDQGIL[KLPE\RUGHU
RI/RUG0RUWRWK

7KUHHZHHNVDIWHUKHDUULYHG,GLVFRYHUHGWKDWWKHSULHVWLVDFWXDOO\WZRSHRSOH7KHFRQVFLRXVSHUVRQDOLW\LVWKDWRI3DUWLQLXVZKLOHKLV
VXEFRQVFLRXV KDV DQRWKHU IRUFH D SRZHUIXO FUHDWXUH NQRZQ DV %HUQHO ZKR ZDQWV WR JHW RXW , KDYH UHSRUWHG WKHVH ILQGLQJV WR
6RFRWKEHQRWKLQP\SUD\HUV

0\UHVHDUFKFRQWLQXHVUHJDUGLQJWKLV~%HUQHOSHUVRQD6RIDUWKHRQO\UHIHUHQFH,KDYHIRXQGLVWRWKDWFUD]HGSULHVWIURP+DORUQWKDW
PDVVDFUHGDOOWKRVHSHRSOHVRPHHLJKW\HDUVDJR%XWZRUGLVKHLVEHLQJKHOGLQWKHGXQJHRQVRI'RUDNDDVR,PXVWNHHSVHDUFKLQJIRU
RWKHUPHDQLQJV

7ZRPRQWKVDIWHUUHSRUWLQJP\ILQGLQJVWR6RFRWKEHQRWKKHVSRNHWRPHLQP\SUD\HUVWKDW,DPWRUHOHDVHWKHSDWLHQW$SSDUHQWO\KH
KDVFRQYHUWHGWRRXUFDXVH

7KHQHZSULHVWLVJDLQLQJIDYRUZLWKRXUORUGHDFKGD\/DVWQLJKWKHVDFULILFHGRQHRIWKHSULHVWV+RSHIXOO\WKLVLVDQLVRODWHGLQFLGHQW

2XUORUGKDVRUGHUHGPRUHVDFULILFHVPRVWRIWKHSULHVWVDQGJXDUGVDUHQRZJRQH

,WRRDPWREHDVDFULILFHG2XUORUGKDVRUGHUHGLW$OOSUDLVH6RFRWKEHQRWK

6SLULWVRI9HQJHDQFH  3DJH


6SLULWVRI9HQJHDQFH  3DJH


6SLULWVRI9HQJHDQFH  3DJH


6SLULWVRI9HQJHDQFH  3DJH


6SLULWVRI9HQJHDQFH  3DJH

(1/,67,1*7+(,&21,&
7RUGHN PDOH GZDUI )WU &5 0HGLXPVL]HKXPDQRLG GZDUI +'GKS,QLW6SGIW$&
 WRXFKIODWIRRWHG $WNVPHOHH G[GZDUYHQZDUD[H RUUDQJHG G[VKRUWERZ 64
'ZDUYHQ WUDLWV $/ /1 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE-XPS([RWLF:HDSRQ3URILFLHQF\ GZDUYHQZDUD[H :HDSRQ)RFXV GZDUYHQ
ZDUD[H  
 3RVVHVVLRQV 7UDYHOHUV RXWILW VFDOH PDLO ODUJH ZRRGHQ VKLHOG GZDUYHQ ZDUD[H VKRUWERZ TXLYHU ZLWK 
DUURZV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ WUDLO UDWLRQV EHGUROO VDFN DQG IOLQW DQG VWHHO

0LDOHH IHPDOH HOI :L] &5  0HGLXPVL]H KXPDQRLG HOI  +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG $WNVPHOHH GTXDUWHUVWDII RUzPHOHH GTXDUWHUVWDII DQGzPHOHH G
TXDUWHUVWDII RUUDQJHG G[VKRUWERZ 64(OYHQWUDLWV$/169)RUW5HI:LOO6WU'H[
 &RQ  ,QW  :LV  &KD  
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  .QRZOHGJH DUFDQH   /LVWHQ  6HDUFK  6SHOOFUDIW  6SRW 
6FULEH 6FUROO YLUWXDO  7RXJKQHVV 
 6SHOOV 3UHSDUHG  EDVH '&    VSHOO OHYHO  {GD]H UD\ RI IURVW UHDG PDJLF VW{PDJH DUPRU VOHHS 
 6SHOOERRN {DOO RI WKHP VW{FKDUP SHUVRQ PDJH DUPRU PDJLF PLVVLOH VOHHS VXPPRQ PRQVWHU , 
 3RVVHVVLRQV7UDYHOHUVRXWILWTXDUWHUVWDIIVKRUWERZTXLYHURIDUURZVEDFNSDFNZLWKZDWHUVNLQGD\WUDLO
UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO  FDQGOHV PDS FDVH  SDJHV SDUFKPHQW LQN DQG SHQ VSHOO SRXFK
VSHOOERRN 

/LGGD IHPDOH KDOIOLQJ 5RJ &5  6PDOO KXPDQRLG KDOIOLQJ  +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG $WNVPHOHH GVKRUWVZRUG RUUDQJHG GOLJKWFURVVERZ RU
 PHOHH G GDJJHU  RU  UDQJHG G GDJJHU  6$ 6QHDN DWWDFN G 64+DOIOLQJWUDLWV$/
&* 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ+LGH-XPS/LVWHQ0RYH
6LOHQWO\  2SHQ /RFNV  6HDUFK  6SRW  7XPEOH  8VH 0DJLF 'HYLFH  ,PSURYHG ,QLWLDWLYH
 3RVVHVVLRQV([SORUHUVRXWILWOHDWKHUDUPRUVKRUWVZRUGOLJKWFURVVERZFURVVERZEROWVGDJJHU%DFNSDFN
ZLWKZDWHUVNLQGD\WUDLOUDWLRQVEHGUROOVDFNIOLQWDQGVWHHOWKHLYHVWRROVKRRGHGODQWHUQSLQWVRIODQWHUQ
RLO 

-R]DQPDOHKXPDQ&OU&50HGLXPVL]HKXPDQRLG KXPDQ +'GKS,QLWz6SGIW$&
 WRXFK  IODWIRRWHG   $WN  PHOHH G KHDY\ PDFH  RUz UDQJHG G OLJKW FURVVERZ  6$
7XUQ8QGHDGGD\G$/1*69)RUW5HIz:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  +HDO  /LVWHQ  .QRZOHGJH UHOLJLRQ   6SHOOFUDIW  6SRW 
$OHUWQHVV 6FULEH 6FUROO
 6SHOOV 3UHSDUHG  EDVH '&   VSHOO OHYHO  {GHWHFW SRLVRQ JXLGDQFH UHDG PDJLF VW{EOHVV SURWHFWLRQ
IURP HYLO  VKLHOG RI IDLWK 
 'RPDLQVSHOO'HLW\3HORU'RPDLQV*RRG JRRGVSHOOVFDVWDWFDVWHUOHYHO DQG+HDOLQJ KHDOLQJVSHOOV
FDVW DW  FDVWHU OHYHO 
 3RVVHVVLRQV &OHULFV YHVWPHQWV VFDOH PDLO ODUJH ZRRGHQ VKLHOG KHDY\ PDFH OLJKW FURVVERZ  FURVVERZ
EROWV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ RI WUDLO UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO ZRRGHQ KRO\ V\PERO VXQ
GLVN RI 3HORU   WRUFKHV   


You might also like