Вы находитесь на странице: 1из 17



$OO*ORU\WR6UHH*XUXDQG*DXUDQJD

U%KDMDQ5DKDV\D
5DKDV\HU3UJEDQGKD >3ULRUREOLJDWRU\UHJXODWLRQIRUEHLQJHOLJLEOHWRUHDOL]HRQWRORJLFDOP\VWHU\RI%KDMDQ@
%\6ULOD%KDNWL6LGGK QWD6DUDVZDWL*RVZ PL7KNXU

7UDQVODWHG &RPPHQWHGE\6ULOD%KDNWL%DOODEKD7LUWKD*RVZDPL0DKDUDM ~U%KDMDQ5DKDV\D{%RRNLVFRPSLOHGE\5HYHUHG6ULOD%KDNWLYLQRGH7KNXU+HKDVVKRZQ DIHZKLQWVDERXWKLVRZQPRGHRIZRUVKLSLQWKHIRUPRIDERRNDVDQLQVWDQFHWRKLVRZQGHYRWHG IROORZHUV , DQ LQVLJQLILFDQW SHUVRQ REVHUYHG KLP D IHZ \HDUV EHIRUH RYHUZKHOPHG ZLWK 7UDQVFHQGHQWDO'LYLQH/RYHZKLOHUHOLVKLQJVHYHUDOVFULSWXUDOYHUVHVLQFHVVDQWO\LQWKLVZD\   >7KHUH DUHVWDJHVRIDGYDQFHPHQWRISXUHGHYRWLRQ{)LUVWVWDJH{~.DQLKDVHFRQGKLJKHU

VWDJH{~0DGK\DP PLGGOH DQGWKLUGKLJKHVWVWDJH{~8WWDP$FFXUDWHXQGHUVWDQGLQJRIWKHZRUGV ~.DQLKD ~0DGK\DP DQG ~8WWDP LV QHFHVVDU\ IRU SURSHU UHDOL]DWLRQ RI WKH RQWRORJLFDO P\VWHU\ RI %KDMDQDVH[SRXQGHGRULQWHUSUHWHGE\6ULOD%KDNWL6LGGKDQWD6DUDVZDWL*RVZPL7KNXU@  3URYLVLRQIRU~$UFDQ{:RUVKLSRI'HLWLHVLVUHFRPPHQGHGLQWKHGRPDLQRISXUHGHYRWLRQLQ

FRQVLGHUDWLRQ RI WKH HOLJLELOLW\ RI WKH GHYRXWQHVV RI ~.DQLKD GHYRWHH{ ILUVW DGYDQFHG VWDJH RI GHYRWLRQ 0DQ\ YRWDULHV EHLQJ XQDEOH WR UHIOHFW XSRQ WKH GLVWLQFWLRQ EHWZHHQ ~$UFDQ DQG ~%KDMDQ LQGLFDWHV WKH ZRUGV WR EH VDPH DV ~$UFDQ LV ~%KDMDQ :KHQ EKDMDQ LV SRVVLEOH RQ WKH EDVLV RI QLQH IRUPVRIGHYRWLRQDV~$UFDQLVLQFOXGHGZLWKLQLW~$UFDQVKRXOGEHDFFHSWHGDV~%KDMDQWKDWLVWKHLU LGHD7RWDOEKDMDQDQGSUDFWLFHRIRQHIRUPRIEKDMDQDWOHDVWRIWKHDIRUHVDLGILUVWDGYDQFHGVWDJHRI GHYRWLRQVKRXOGQRWEHFRQVLGHUHGWRLQGLFDWHWKHVDPHVLJQLILFDQFH  7KHUH DUH WZR NLQGV RI ZRUVKLS{   :RUVKLS RI 'HLWLHV ZLWK WKHKHOSRIDUWLFOHVDQGZLWK

UHYHUHQFHLV~$UFDQ  6HUYLFHRIWKHREMHFWRIZRUVKLSZLWKWKHIHHOLQJRIHWHUQDOVZHHWGHOLJKWIXO UHODWLRQ YL] GHOLJKWIXO UHODWLRQ EHWZHHQ GHYRWHH DQG GHYRWHG DV ERVRP IULHQGV VZHHW SDUHQWDO DIIHFWLRQZLWKRXWWKHREVWUXFWLRQRIIHDUDQGUHYHUHQFHHWFDUHUHIHUUHGWRDV~3UHPD7KHUHLVDJXOIRI GLIIHUHQFHEHWZHHQWKHVHWZRZD\VRIVHUYLFHRIWKH2EMHFWRIZRUVKLS$UFDQLVFRQQHFWHGZLWKWKH ZRUVKLS RI 'HLW\ ZLWK UHYHUHQFH :LWKRXW VZHHW GHOLJKWIXO HWHUQDO UHODWLRQ WKHUH FDQQRW EH WRWDO VHUYLFHRIWKH+LJKHVW2EMHFWLYH6XSUHPH/RUG :RUVKLS RI 'HLW\{ 6XSUHPH /RUG LQ FRQVLGHUDWLRQ RI +LV DSSHDUDQFH LQ WKLV ZRUOG ZLWK DUWLFOHV DQG UHYHUHQFH LV WHUPHG ~$UFDQ $OWKRXJK LQVSLWH RI WKH FRJQLWLRQ RI WKH GLPQHVV RI WKH VFRUFKLQJUD\VRIUHYHUHQWLDOPDMHVWLFZRUVKLSLQWKLVZRUOGH[FHOOHQFHRIWKHVZHHWQHVVRIWKHVHUYLFH RIWKH'HLW\ZLWKGHOLJKWIXOFKDUPLQJORYHUHODWLRQOLNHSOHDVDQWPRRQOLJKWFDQQRWEHGHQLHG$EULHI PHWKRGRIZRUVKLS $UFDQ LVDQQH[HGWRWKHDSSHQGL[RIWKHERRN7KHXQGHUO\LQJLPSOLFDWLRQRI EKDMDQ LV VWDWHG LQ WKH ERG\ RI WKH ERRN 5HODWLRQ ZLWK JURVV DQG VXEWOH ERGLHV LV PRUH RU OHVV LQYROYHGLQ~$UFDQZKLOHLQWKHGRPDLQRIEKDMDQWKHGHYRWHHLVGLUHFWO\LQFRQWDFWZLWKWKHREMHFWRI GHYRWLRQ 6XSUHPH /RUG %KDJDYQ :KR LV EH\RQG JURVV DQG VXEWOH ERGLHV DQG LV WKH ,QGZHOOLQJ

Created by Neevia docuPrinter LT trial version http://www.neevia.com Created by Neevia docuPrinter LT trial version

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~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~.DUPV~-QVRUSHUVRQVRIXOWHULRUGHVLUHVKDYHJRWQROLNLQJ IRU%KDMDQ5DKDV\D$VWKH\KDYHJRWQRHOLJLELOLW\WRHQWHULQWRWKHHLJKWSHULRGVRISDVWLPHVRIU .D LQ WKH 7UDQVFHQGHQWDO 5HDOP WKLV ERRN %KDMDQ5DKDV\D  FDQQRW EHFRPH DOZD\V YHU\ DSSUHFLDWLYHWRWKHP 'D\DQGQLJKW KRXUV LVGLYLGHGLQWRHLJKWSHULRGV2QHSHULRGLVVWDWHGDV~<DP1LJKW FRQVLVWVRIWKUHH\DPV WKUHHSHULRGV GD\FRQVLVWVRIWKUHH\DPV WKUHHSHULRGV DORQJZLWKWKHVHVL[ SHULRGVLI~GDZQDQG~HYHQLQJDUHDGGHGVXPWRWDO{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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

  3HULRGRI'HYRWLRQDO3UDFWLFH VW<PD6GKDQD 
VW

%KDMDQDWFORVHRIQLJKW{UDGGK )LUP)DLWK  7KHUHIRUH JORZ RI WKH +RO\ 1DPH FDQ GHVWUR\ DOO VLQV DQG GHOLYHU FRQGLWLRQHG VRXOV IURP ZRUOGO\ERQGDJH$VIRULQVWDQFHU%KDNWL5DVPWD6LQGKX'DNL3DUW WDQLUY\MDPEKDMDJXDQLGKHSYDQDSYDQQ UDGGKUDM\DQPDWLUDWLWDUPXWWDPDORNDPDXOLP SURG\DQQDQWDNDUDDNXKDUHKDQWD\DQQPDEKQRU EKVR
SLNDSD\DWLPDKSWDNDGKYQWDULP 7KDWSHUVRQLVDGGUHVVHGDV*XDQLGKH RQHZKRLVULFKO\HQGRZHGZLWKJRRGTXDOLWLHV ZKR KDVJRWWKHDSWLWXGHWRXWWHUZLWKRXWGHOD\WKH+ROLHVW'LYLQH1DPH~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

ZLWKRXW GHFHLWIXOQHVV *ORZ RI WKH +RO\ 1DPH OLNH GDZQ RI VXQULVH HQWHULQJ LQWR WKH KHDUW ZLOO GHVWUR\ DOO JUHDW VLQV DQG UHPRYH DOO NLQGV RI QHVFLHQFH{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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

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{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{WKH IRXU REMHFWV RI KXPDQ SXUVXLWV{ PXQGDQHYLUWXHZHDOWKVHQVXRXVHQMR\PHQWDQGGHVLUHIRUVDOYDWLRQZLOOGLVDSSHDU VWYHUVHRIULNDND FHWRGDUSDDPUMDQDEKDYDPDKGYJQLQLUYSDD UH\DNDLUDYDFDQGULNYLWDUDDYLG\YDGKMYDQDP QDQGPEXGKLYDUGKDQDSUDWLSDGDSUPWVYGDQD VDUYWPDVQDSDQDSDUDYLMD\DWHUNDVDNUWDQDP &KDQWLQJ RI WKH +RO\ 1DPH U .D FRPSOHWHO\ ORXGO\LQWKHFRPSDQ\RIGHYRWHHVDQGZLWKRXW WHQIROG RIIHQFHV ZKLFK FDQ EHVWRZ VHYHQ DWWDLQPHQWV{ YL] FOHDQVLQJ RI WKH PLQGPLUURU H[WLQJXLVKLQJ RI WKH IRUHVW ILUH RI ELUWKGHDWK DQG WKUHHIROG DIIOLFWLRQV EHVWRZLQJ HWHUQDO VRRWKLQJ EHQHILWOLNHPRRQOLJKWOLIHRIVSLULWXDOOHDUQLQJLHDZDNHQLQJRIWKHUHDOVHOILQFUHDVLQJRIWKHRFHDQ  RIEOLVVEHVWRZLQJDWHYHU\VWHSVZHHWWDVWHRIFRPSOHWHWUDQVFHQGHQWDODPEURVLDKRO\LPPHUVLRQRI ERG\PLQGUHDOVHOI{EHVXSUHPHO\JORULILHG 7KLQNLQJRI.DOO SDVWLPHVRI.D  $WWKHFORVHRIQLJKWDEVRUELQJPHGLWDWLRQRIWKHEUHDNRIVOHHSRI5GKNDLQWKHLUVHFUHWJURYH $ZDNHQLQJVRQJ 3URYLVLRQIRUUHOLVKLQJ.DOO{7UDQVFHQGHQWDOVZHHWSDVWLPHVRI5GKND FDQRQO\EHUHOLVKHGE\&LWWD PLQG JUDGXDOO\>&LWWDLQGLFDWHVVWRUHRIWKRXJKWV$FWXDOO\WKHUHLVQR V\QRQ\PRI~&LWWDLQ(QJOLVK@ UWU\DQWHWUDVWDYQGHULWDEDKXYLUDYDLERGKLWDXNLUDVU SDG\DLUKGK\DLUDSLVXNKDD\DQGXWWKLWDXWDXVDNKLEKL GDXKDXWDGWYRGLWDUDWLODOLWDXNDNNKDJVDDNDX

Created by Neevia docuPrinter LT trial version http://www.neevia.com

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~.DNNKDWLWRVHUYH 5GKNDE\KHURZQFDSDFLW\DQGVKHZDQWVSHUPLVVLRQRIWKHJRSVWRPDNHDKDUVKORXGVRXQG WRDZDNH.D%XWJRSVDUHQRWJLYLQJSHUPLVVLRQFRQVLGHULQJE\KHDULQJKHUKDUVKYRLFH.D ZLOO EH GLVWXUEHG %XW .D LV JUDFLRXV WR DOO +H ZDQWV WR JLYH VFRSH RI VHUYLFH WR DOO GHYRWHHV ZLWKRXWFRQVLGHULQJWKHLUTXDOLWLHV.DGRHVQRWRSHQ+LVH\HVDQGJRSVDUHFRPSHOOHGWRDOORZ IHPDOHPRQNH\WRPDNHDKDUVKVRXQG2QKHDULQJWKHKDUVKVRXQG.DRSHQV+LVH\HV.DDQG 5GK{ERWKDUHDIUDLGWKDWLWLVKLJKWLPHWRUHWXUQWRWKHLUUHVSHFWLYHKRXVHV7KH\TXLFNO\UXQWR WKHLU UHVSHFWLYH KRXVHV DQG HQWHULQJ LQWR WKHLU KRXVHV JR WR EHG WR VOHHS %\ WKH LQIOXHQFH RI <RJDP\1DQGD0DKUMD<DRG'HYLPRWKHULQODZRI5GKUQL~-DWLODQGKHUKXVEDQG~\DQ *KRFDQQRWGHWHFWWKHP  6HFRQG3HULRGRIGHYRWLRQDO3UDFWLFH QG<PD6GKDQD  0RUQLQJ%KDMDQ{$VVRFLDWLRQRIGHYRWHHVGKXVWDNLQJVKHOWHURISXUHGHYRWHH{ERQDILGH*XUX 6SLULWXDO*XLGH GHYRWLRQDOSUDFWLFHDVSHUGLUHFWLRQRI*XUXDQGUHPRYDORIXOWHULRUGHVLUHV QGYHUVHRIULNDND QPQPDNULEDKXGKQLMDVDUYDDNWLV WDWUUSLWQL\DPLWDVPDUDHQDNOD HWGLWDYDNSEKDJDYDQPDPSL GXUGDLYDPGDPLKMDQLQQXUJD 7KHUH LV QR FRQVLGHUDWLRQ RI XWWHULQJ +RO\ 1DPH +RO\ 1DPH FDQ EH XWWHUHG DQ\ZKHUH DQG HYHU\ZKHUH{DXVSLFLRXV RU LQDXVSLFLRXV WLPH +RO\ 1DPH LV $OO3RZHUIXO $PRQJVW DOO IRUPV RI GHYRWLRQDOSUDFWLFHVXWWHULQJRI+DULQPLVWKHEHVW

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 26XSUHPH/RUG<RXU+RO\1DPHEHVWRZVDOONLQGVRIHWHUQDOZHOIDUHWRWKHFRQGLWLRQHGVRXOV)RU WKDWUHDVRQ\RXU3ULQFLSDO+RO\1DPHV .D*RYLQGD*RSQWKHWF {2ULJLQDO7UDQVFHQGHQWDO 6SLULWXDO 1DPHV KDYH QR GLUHFW RU LQGLUHFW FRQQHFWLRQ ZLWK WKH QRQHWHUQDO PDWHULDO ZRUOG 7KHVH +RO\1DPHVKDYHGHVFHQGHGLQWKLVZRUOG6XSUHPH/RUGKDVEHVWRZHGDOOSRZHUVWR+LV1DPHVDQG QR UHVWULFWLRQ LV LPSRVHG WR XWWHU WKH +RO\ 1DPHV 1R UHVWULFWLRQ RI WLPH VSDFH{ UXOHV DQG UHJXODWLRQVIRUXWWHUDQFHDQGUHPHPEUDQFHRIWKH+RO\1DPHV2/RUG<RXDUHVRPHUFLIXOWRWKH FRQGLWLRQHGVRXOVLHRXWRIFRPSDVVLRQ\RXKDYHPDGHHDV\IRUWKHFRQGLWLRQHGVRXOVWRUHPHPEHU DQG FKDQW +RO\ 1DPHV EXW GXH WR P\ WHQIROG RIIHQFHV DQG P\ JUHDWHVW PLVIRUWXQH , KDYH JRW QR OLNLQJIRU+RO\1DPHZKLFKKDVEHHQPDGHVRFKHDSLHHDVLO\REWDLQDEOH DQHNDORNHUDYFKDQHNDSUDNUD NULSWHNDULODDQHNDQPHUDSUDNUD NKLWHXWH\DWKWDWKQPDOD\D GHDNODQL\DPDQKLVDUYDVLGGKLKD\D VDUYDDNWLQPHGLODNDUL\YLEKJD PUDGXUGDLYDQPHQKLDQXUJD 0DQ\ SHUVRQV KDYH JRW PDQ\ GHVLUHV 7KH VLJQLILFDQFH RI WKHVH PDQ\ GHVLUHV LV { PDQ\ GHVLUHV IRU VHUYLFHRI.DZLWKGLIIHUHQWGHOLJKWIXOUHODWLRQV{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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 NDNSKD\DLJUKDDQ\VHWDUH UDGGKNDULVGKXVDQJHNDQPDOD\H DQDUWKDVDNDODM\HQLKXSDMD\H SUWDDNOHQLW\DOONDULEHFLQWDQD FLQWLWHFLQWLWHEKYHUDKDLEHVGKDQD $3XUHGHYRWHHZKRKDVJRWRQHSRLQWHGGHYRWLRQWR/RUGKDVJRWOLNLQJRQO\WRSHUIRUPGHYRWLRQRI FKDQWLQJDQGUHPHPEHULQJU.D+HFDQQRWEHSHUVXDGHGWRFKDQJHKLVWDVWHWRDQ\RWKHUIRUPRI GHYRWLRQ 7KH\ VHUYH .D ZLWK GHOLJKWIXO UHODWLRQ RI ORYH $FFRUGLQJ WR WKHLU GHOLJKWIXO UHODWLRQ WKHUHLVLQVSLUDWLRQRIJUDGXDOGHYHORSPHQWRIORYH'HYRWHGGHYRWHHVDOODFWLRQVDUHLQVSLUHGE\SXUH ORYH RULJLQDWLQJ IURP GHOLJKWIXO UHODWLRQ 6XFK GHYRWHHV DFWLRQV PD\ VHHP WR EH DJDLQVW UHJXODWHG GHYRWLRQ SHUVXDGHG E\ UHYHUHQFH EXW WKH SXUSRVH RI VHUYLFH LV WR VDWLVI\ WKH REMHFW RI ZRUVKLS +HQFHGHYRWLRQRIDSXUHGHYRWHHZLWKGHOLJKWIXOUHODWLRQZKLFKLVJLYLQJVDWLVIDFWLRQWRWKHREMHFWRI ZRUVKLS FDQQRW EH DJDLQVW WKH SXUSRVH RI GHYRWLRQ :H FDQ UHQRXQFH HYHU\WKLQJ EXW LW LV YHU\ GLIILFXOWWRJLYHXSWKHGHVLUHIRUQDPHDQGIDPH7KHZLVHYRWDU\ZKRZDQWVGHYHORSPHQWRISXUH GHYRWLRQ PXVW EH YHU\ FDUHIXO LQ UHJDUG WR WKLV 7KH YRWDU\ ZKR ZDQWV 5DJD%KDNWL VKRXOG GR +DULQPJLYLQJXSDOOXOWHULRUGHVLUHVLQWKHPRUQLQJPLGQLJKWPLGGD\DQGLQWKHHYHQLQJLH{ DOZD\V:LWKWKLVGHYRXWQHVVZKHQWKHVDLGYRWDU\SHUIRUPV~.UWDQDQG~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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 P\EHORYHGVRQWDNHVWKHIRRGSUHSDUHGE\5GKUQL+LVVSDQRIOLIHZLOOEHLQFUHDVHGDV5GKUQL KDVJRWVXFKERRQIURP'XUYV1DQGD0DKUMDDQG<DRG'HYLFDQQHYHUWKLQN~.DWREH 6XSUHPH /RUG /RUG RI DOO ORUGV EXW DOZD\V WKLQN +LP DV WKHLU EHORYHG OLWWOH FKLOG 7KLV LV WKH VSHFLDOLW\ RI SXUH ORYH RI 1DQGD<DRG LQ %UDMD 'KP 3DVWLPHV RI .DLQWKHPRUQLQJRIEHLQJ DZDNHQHG IURP WKH VOHHS LV DOVR WR VDWLVI\ +LV SDUHQWV 1DQGD 0DKUMD DQG <DRG 'HYL 1DQGD 0DKUMDDQG<DRG'HYLGRQRNQRZZKDWKDSSHQHGLQWKHQLJKW7KH\DUHKDSS\VHHLQJWKHLUVRQ ULVLQJIURPWKHEHG.DLVDOZD\VFDUHIXOWRJLYHVDWLVIDFWLRQWRWKHFRZVDQGFRZKHUGER\V {RWKHU SHUVRQDODVVRFLDWHV$VSHU+LVUHJXODUGXW\JLYHQE\WKHSDUHQWVWR+LP+HJRHVWRWKHFRZVKHGWR PLONWKHFRZVWRJLYHWKHPVDWLVIDFWLRQE\WRXFKLQJWKHPDQGDIWHUUHWXUQLQJIURPFRZVKHGFDOOVWKH FRZKHUGER\VZKRDUH+LVERVRPIULHQGVDQGDOZD\VDQ[LRXVRIJHWWLQJ+LVFRPSDQ\WRWDNHEDWK $IWHUWDNLQJEDWK.DVLWVGRZQZLWKRWKHUFRZKHUGER\VWRHDWWKHIRRGFRRNHGE\ 5GKUQLDQG GLVWULEXWHGE\<DRG'HYL'XULQJWKHVHSDVWLPHVXQLRQRI5GKNDDOVRRFFXUV,DOVRWDNHWKH VKHOWHU RI WKH /RWXV )HHW RI VXFK ~.D 7KH DVSLUDQWV IRU JHWWLQJ VXFK %UDMD 3UHPD VKRXOG WKLQN DERXWWKHVHSDVWLPHVRI5GKNDZKLOHGRLQJ+DULQPLQWKHFRPSDQ\RIXGGKDEKDNWDV{SXUH GHYRWHHVLQWKHPRUQLQJ%\WKLQNLQJDERXWWKHSDVWLPHVDQGGRLQJVDNUWDQWKHDVSLUDQWVFDQJHW LQVSLUDWLRQRI'LYLQH/RYHLPPHGLDWHO\  7KLUG3HULRGRI'HYRWLRQDO3UDFWLFH UG<PD6GKDQD  1LKEKDMDQD{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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 MYHVDPPQDGLEHMQL~NDDGKLKQD U&DLWDQ\D&DULWPWD$QW\D U &DLWDQ\D 0DKSUDEKX DGGUHVVLQJ 6YDUSD 'PRGDUD DQG 5L 5PQDQGD KDV VDLG |+HDU DERXW WKH VFULSWXUDO YHUVH H[SUHVVLQJ WKH FKDUDFWHULVWLFV RI KRZ WR GR +DULQP E\ ZKLFK SXUH GHYRWLRQDO ORYH FDQ EH PDQLIHVWHG ,QVSLWH RI EHLQJ HQGRZHG ZLWK JRRG TXDOLWLHV RQH ZKR FRQVLGHUV KLPVHOI PRUHDERPLQDEOHWKDQEODGHRIJUDVVZKR KDVJRWWKHTXDOLW\RIIRUEHDUDQFHLQWZRZD\V{WKHWUHH LQVSLWHRIEHLQJORSHGGRHVQRWVD\DQ\WKLQJEXWWROHUDWHVDQGKDVQRWJRWWKHDSWLWXGHWRJLYHWURXEOH WR DQ\ERG\ IRU LWV RZQ VDNH IRU JHWWLQJ ZDWHU HYHQ LI WKH WUHH LV GULHG XS EXW LV DOZD\V UH DG\ IRU JLYLQJLWVRZQZHDOWKLHIRUVDFULILFLQJLWVRZQLQWHUHVWWRIXOILOWKHGHVLUHRIDQ\ERG\ZKRVHHNVLWV KHOS7UHHLVVRWROHUDQWDQGEHQHYROHQWHYHQLIDQ\ERG\GRHVKDUPWRLWE\ORSLQJLWVEUDQFKDQG FRPHVWRWDNHLWVVKHOWHUIURPKHDWDQGUDLQVWUHHGRHVQRWGHSULYHKLPEXWJLYHVLWVDGYDQWDJHWRWKH SHUVRQ ZKR SUD\V IRU LW 9DLDYD HQGRZHG ZLWK JRRG TXDOLWLHV VKRXOG EH DOZD\V PRGHVW ZLWKRXW YDQLW\ DQG FRQVLGHULQJ WKDW 6XSUHPH /RUG U .D UHVLGLQJ LQ WKH KHDUWV RI HYHU\ OLYLQJ EHL QJ{ ZLWKWKLVNQRZOHGJHLVJLYLQJUHVSHFWWRHYHU\OLYLQJEHLQJ )RUHQRRQ3DVWLPHVRI5GKND 7KHEOHVVHGYRWDU\VKRXOGWKLQNDERXWLWZKLOHGRLQJ+DULQP{ SUYKHGKHQXPLWUDLUYLSLQDPDQXVWDJRKDORNQX\WD NDUGKSWLORODWDGDEKLVWLNWHSUSWDWDWNXDWUDP UGKFORN\DNDNWDJKDJDPDQPU\D\UNUFDQ\DL GLNDSUDYW\DLSUDKLWDQLMDVDNKYDUWPDQHWUVPDUPL *RYLQGDOOPWD :KHQ .D ZLWK FDOYHV RU FRZV  DQG FRZKHUGER\VJRHVWRIRUHVW1DQGD0DKUMD<DRG'HYL DQGRWKHUPLONPHQDQGPLONZRPHQRI%UDMDGKPDUHIROORZLQJ.DDVORQJDVWKH\FDQVHH+LP 7KH\ DUH JRLQJ EXW ZKHQ WKH\ FDQQRW VHH +LP WKH\ UHWXUQ GLVDSSRLQWHG.DGHOLJKWVWKHFDOYHV DQG GHYRWLRQ RI 5GKUQL JRHV WR WKH ERUGHU RI 5GKNXD WR PHHW 5GKUQL ZKR KDV EHHQ DQ[LRXVO\ ZDLWLQJ DW 5GKNXD WR VHH .D DQG WR JHW +LV FRPSDQ\ .D RI FRXUVH DIWHU SDFLI\LQJWKHFDOYHVRUFRZVDQGFRZKHUGER\VVSHDNLQJWRWKHPWKDW+HLVJRLQJWRVRPHSODFHIRU VRPHWLPHIRUVRPHXUJHQWEXVLQHVVDQG+HZLOOUHWXUQWRWKHPDVHDUO\DVSRVVLEOH,UHPHPEHUWKH /RWXV)HHWRIVXFK.DLQWKHIRUHQRRQSDVWLPHV 5GKUQLLVDOZD\VDQ[LRXVWRPHHWU.DDQGVKHWRRNDGYLFHRI.DKRZVKHFRXOGFRPHDQG PHHW +LP EHFDXVH PRWKHULQODZ ~-DLO ZLOO QRW DOORZ KHU WR FRPH .D KDV DGYLVHG 5GKUQL |<RX VKRXOG QRW VD\ \RX DUH FRPLQJ WR VHH PH WKHQ \RX ZLOO QRW JHW KHU SHUPLVVLRQ +RXVHKROG SHUVRQV DUH PRUH LQFOLQHG WR ZRUVKLS GHPLJRGV WR JHW ZRUOGO\ EHQHILWV <RX VKRXOG SUD\ WR \RXU PRWKHULQODZ WKDW \RX ZDQW WR ZRUVKLS 6XQ*RG 7KHQ \RXU PRWKHULQODZ ZLOO LPPHGLDWHO\ DSSURYH LW DQG DOORZ \RX WR ZRUVKLS 6XQ*RG IRU JHWWLQJ PXQGDQH EHQHILWV 8QGHU WKH SUHWH[W RI

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 ZRUVKLSSLQJ6XQ*RG\RXZLOOEHDEOHWRPHHWPH} 5GKUQLZLWKJUHDWSHUWXUEDWLRQRIKHDUWKDV VHQW RQH FRQILGDQWH VDNKL  WR VHDUFK IRU .D DQG KRZ VKH FDQ JR WR WKH SDUWLFXODU SODFH ZKHUH .DLVUHVLGLQJDQGVKHFDQPHHW.D 5GKUQLLVYHU\DQ[LRXVO\DZDLWLQJIRUWKHUHWXUQRIWKH FRQILGDQWH WR JHW WKH LQIRUPDWLRQ ZKHUH WR JR WR VHH .D , UHPHPEHU WKH /RWXV )HHW RI VXFK 5GKUQLLQWKHIRUHQRRQSDVWLPHV  )RXUWK3HULRGRI'HYRWLRQDO3UDFWLFH WK<PD6GKDQD  0LGGD\SDVWLPHV{%KDMDQZLWKWDVWH 7KHWUXHZRUVKLSSHURI+DULQPKDVJRWQRRWKHUGHVLUHH[FHSWFDXVHOHVVGHYRWLRQWRU.D WK9HUVHRIULNDND QDGKDQDQDMDQDQDVXQGDU NDYLWYMDJDGDNPD\H PDPDMDQPDQLMDQPDQYDUH EKDYDWGEKDNWLUDKDLWXNWYD\L 2 6XSUHPH /RUG , KDYH JRW QR GHVLUH IRU ZHDOWK PDQSRZHU RU HUXGLWLRQ GHVLUH IRU GHFHLWIXO 7ULYDUJD{ ZRUOGO\ SLHW\ PRQH\ DQG OXVW RU HYHQ WR PHUJH RQHVHOI ZLWK WKH ,PSHUVRQDO )RUPOHVV %UDKPD LH ~0XNWL{ VDOYDWLRQ ZKLFK LV PRUH GHFHLWIXO  0\ RQO\ SUD\HU LV WR JHW FDXVHOHVV RQH SRLQWHGGHYRWLRQWR<RXWKHUHVKRXOGQRWEHDQ\REVWDFOHRIXOWHULRUGHVLUHV JULKDGUDY\DL\DSDXGLGKDQD VWULSXWUDGVDGVLNXXPEGLMDQD NY\DDODQNUDGLVXQGDULNDYLW SUWKLYDYLD\DHVDEDYUW HLVDEDSEUDQKLNDUL XGGKDEXGGKLGHKDPRUHNDNSNDUL SUHPHUDVYDEKYDMQKSUHPHUDVDPEDQGKD VHLPQHNDPRUDQKLEKDNWLJDQGKD 6ULOD%KDNWLYLQRGH7KNXUKDVHODERUDWHGHDFKGHVLUHVSHFLILFDOO\LQGHWDLO'HVLUHIRUZHDOWK {GHVLUH IRU D JRRG KRXVH SURSHUW\ RU QRQHWHUQDO WKLQJV RI WKH ZRUOG GHVLUH IRU PDNLQJ GLVFLSOHV ZLWK ZRUOGO\ PRWLYH GHVLUH IRU GRPHVWLF DQLPDOV GHVLUH IRU SDGG\{ FURSV HWF 'HVLUH IRU PDQSRZHU{ GHVLUHIRUZLIHFKLOGUHQVHUYDQWVPDLGVHUYDQWVDQGRWKHUUHODWLYHV'HVLUHIRUHUXGLWLRQ {.Y\D{ ERRNRIYHUVHUHODWLQJWRSRHWLFGUDPDUKHWRULFDUWSRHWLFDOWDOHQW$OOWKHVHUHODWHWRZRUOGO\PDWWHUV DV VXFK , GR QRW ZDQW DVVXUDQFH WR JHW WKHVH 2 6XSUHPH /RUG U .D .LQGO\ EHVWRZ PH SXUH GHYRWLRQ+HUHLWLVQHFHVVDU\WRXQGHUVWDQGWKHVLJQLILFDQFHRISXUHORYHDQGLWVUHODWLRQ:KHQWKHUH ZLOOEHDFWXDOSXUHORYHWKHYRWDU\ZLOOKDYHWKHIHHOLQJRIKXPEOHQHVVZLWKLQKLVKHDUWDQGKHZLOO

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 DGPLW WKDW KH KDV JRW QRW HYHQ D WLQJH RI GHYRWLRQ )RU HYLGHQFH UHIHUHQFH RI 0DKSUDEKXV RZQ VD\LQJLQU&DLWDQ\D&DULWPWD0DGK\D{ QDSUHPDJDQGKRVWLGDUSLPHKDUDXNUDQGPLVDXEKJ\DEKDUDSUDNLWXP YDELOV\QDQDORNDQDELQELEKDVPL\DWSUDDSDWDJDNQYULWK 0DKSUDEKXVSHDNVWR6YDUSD'PRGDUDDQG5L5PQDQGD|,KDYHJRWQRWHYHQDQLRWDRIORYHIRU U .D} 7KHQ LI LW LV TXHVWLRQHG ZK\ 0DKSUDEKX LV FU\LQJ VR PXFK IRU .D" 0DKSUDEKXV UHSO\|,DPFU\LQJRQO\WRVKRZRWKHUVP\UHSXWDWLRQWKDW,DPJUDFHGE\.DWRJHWVXFKSUHPD $PSOHSURRIRIP\GHYRLGQHVVRIDFWXDOORYHIRU.DLVWKDWZLWKRXWVHHLQJWKHVZHHWIDFHRI.D ZLWKIOXWH,DPVWLOOOLYLQJ} ,QGLFDWLRQRI0LGGD\3DVWLPHVRI5GKND PDGK\KQH
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{ HLJKW SULQFLSDO HFVWDWLF IHHOLQJV WKLUW\ WKUHH NLQGV RI RWKHU VXERUGLQDWH HFVWDWLF IHHOLQJV{ VDQFKUL $OO NLQGV RI KLJKHVW VZHHW LQFLWLQJ WUDQVFHQGHQWDO HFVWDWLF IHHOLQJV DUH PDQLIHVWHG LQ 5GKNXD ,Q QR RWKHU SDVWLPHV VXFK H[FHOOHQW FKDUPQHVV RI VZHHW HFVWDWLF IHHOLQJV FDQ EH IRXQG 6RPH H[WUDRUGLQDU\ HFVWDWLF IHHOLQJV KDYH EHHQ PHQWLRQHG KHUH ~9P\D{ FURRNHGQHVV RI SUHPD H[WHUQDO H[SUHVVLRQ RI UXGHQHVV KDUVKQHVV LV WKHUH EXW LQVLGH DFWXDOO\MXVWWKHUHYHUVH{ZKLFKLVLQH[SOLFDEOH~8WNDK{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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 )LIWK3HULRGRI'HYRWLRQDO3UDFWLFH WK<PD6GKDQD  $IWHUQRRQ%KDMDQ{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{ ~$PWNHO ~.DUSXUNHO HWF IRU SUHVHQWDWLRQ WR EHORYHG U .D 5GKUQL DOVR WDNHV EDWK QLFHO\ GUHVVHV KHUVHOI ZLWK JRRG JDUPHQWV WR VDWLVI\ U .D DQG YHU\ DQ[LRXVO\ ZDLWV RQ WKH SDWK IRU WKH UHWXUQ RI .D IURP SDVWXUHDQGLVH[WUHPHO\GHOLJKWHGWRVHHWKH/RWXV)DFHRIU.D>,WLVWREHYHU\FDUHIXOO\QRWHG KHUH WKDW ZKDWHYHU 5GKUQL LV GRLQJ LV QRWWRVDWLVI\KHURUWRVDWLVI\RWKHUSHUVRQVKHUXOWLPDWH WDUJHWLVWRVDWLVI\.DDQG.DDORQH0HDQVLVMXVWLILHGE\WKHHQG@ .DVSDVWLPHVLQWKHDIWHUQRRQ{.DZLWKFRZVRUFDOYHVDQGFRZKHUGER\VUHWXUQVIURPWKH JUD]LQJ JURXQG RI WKH FRZV{ %UDMD 'KP DQG RQ VHHLQJ 5GKUQL RQ WKH ZD\ LV H[WUHPHO\ GHOLJKWHG >.D LV DWWUDFWHG E\ WKH SXUH ORYH RI 5GKUQL@ $IWHU UHWXUQLQJ WR WKH KRXVH .D PHHWV+LVIDWKHU1DQGD0DKUMDDQGRWKHUIDWKHUOLNHPLONPHQDVZHOODVPRWKHU<DRGDQGRWKHU PRWKHUOLNH PLONZRPHQ $OO JRSDJRSV DUH H[WUHPHO\ GHOLJKWHG WR JHW .DEDFNDQGWRVHH+LP <DRG'HYLRXWRIDIIHFWLRQHPEUDFHVDQGFOHDQVHV.D,UHPHPEHUVXFK.DLQWKHDIWHUQRRQ   

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 6L[WK3HULRGRI'HYRWLRQDO3UDFWLFH WK<PD6GKDQD  (YHQLQJ%KDMDQ{%KY 3ULRUVWDJHRISUHPD  WK9HUVHRIULNDND ([WHUQDOV\PSWRPVRIUHDOL]HGVWDWH QD\DQDJDODGDUXGKUD\ YDGDQDJDGJDGDUXGGKD\JLU SXODNDLUQLFLWDYDSXNDG WDYDQPDJUDKDHEKDYL\DWL 26XSUHPH/RUGU.D:KHQE\XWWHULQJ\RXU+RO\1DPHP\H\HVZLOOEHDGRUQHGZLWKVDFUHG JODPRXURIWKHUROOLQJGRZQRIWHDUVZKLOHXWWHULQJP\YRLFHZLOOEHFKRNHG ZLOOQRWEHDEOHWRXWWHU WKHFRPSOHWH+RO\1DPHZRUGVZLOOEHLQFRKHUHQW{QRWXQGHUVWDQGDEOHWRRUGLQDU\SHUVRQV WKH ZKROHERG\ZLOOEHKRUULSLODWHG VDWXUDWHGZLWKWKULOOLQJVHQVDWLRQ  6ULOD %KDNWLYLQRGH 7KNXU LQ KLV RZQ ZULWLQJ %HQJDOL K\PQ KDV FOHDUO\ QDUUDWHG HLJKW SULQFLSDO HFVWDWLFIHHOLQJV{UROOLQJGRZQRIWHDUVIURPWKHH\HVFKRNLQJRIWKHYRLFH LQFRPSOHWHXWWHUDQFHRI WKH+RO\1DPH KRUULSLODWLRQVZHDWLQJVKLYHULQJPRWLRQOHVVQHVVDQGSDOHQHVV SUHPDGKDQDELQY\UWKDGDULGUDMLYDQD GVDNDULYHWDQDPRUHGHKDSUHPDGKDQD :LWKRXWWKHZHDOWKRI~3UHPD{SXUHGHYRWLRQDOORYHOLIHLVIXWLOHDQGSRRU.LQGO\DFFHSWLQJPHDV \RXUVHUYDQWDQGSD\PHVDODU\{WKHZHDOWKRIGLYLQHORYH +LQWRIHYHQLQJSDVWLPHVRI5GKND V\DUGKVYDVDNK\QLMDUDPDDNWHSUHLWQHNDEKRM\ VDNK\QWHDHDQDPXGLWDKGDWFDWDFDYUDMHQGUXP VXVQWDUDP\DYHDJKDPDQXMDQDQOOLWDSUSWDJRKD QLUY\KR
VUOLGRKDVYDJKDPDQXSXQDUEKXNWDYDQWDVPDUPL *RYLQGDOOPWD 5GKUQLVHQGVWKHJRRGSUHSDUDWLRQVRIIRRGFRRNHGE\KHULQWKHDIWHUQRRQIRU.DWKURXJKRQH FRQILGDQWH VDNKL WR1DQGDJUPLQWKHHYHQLQJ6DNKLEULQJVWKRVHJRRGSUHSDUDWLRQVRIIRRGIURP -YDWR1DPGDJUPDQGRIIHUVWR<DRG'HYL<DRG'HYLIHHGVKHUFKLOG.DZLWKJUHDWDIIHFWLRQ DQG VDWLVIDFWLRQ $IWHU .DV WDNLQJ IRRG WKH UHPQDQW{ SUDVG KDV EHHQ EURXJKW EDFN E\ VDNKL IURP1DQGDJUPWR-YDDQGLVRIIHUHGWR5GKUQL5GKUQLWDNHVWKHUHPQDQW{.DV3UDVDG ZLWKJUHDWVDWLVIDFWLRQ,UHPHPEHUVXFKVZHHWSDVWLPHVRI5GKUQL .DVSDVWLPHV{<DRG'HYLEDWKHVWKHFKLOGQLFHO\DQGGUHVVHVWKHFKLOGZLWKJRRGJDUPHQWVDQG DGRUHVWKHFKLOGRQKHUODSLQVLGHWKHKRXVHVKRZVDIIHFWLRQWRWKHFKLOGIRUWDNLQJVRPXFKWURXEOH IRU WHQGLQJ WKH FRZV LQ WKH SDVWXUH PRYLQJ WKURXJK WKH IRUHVW ZLWK VRIW )HHW RYHU VWRQH FKLSV DQG WKRUQV$IWHUSDFLI\LQJWKHFKLOG<DRG'HYLSHUVXDGHVWKHFKLOG WRJRWRWKHFRZVKHGWRPLONWKH

Created by Neevia docuPrinter LT trial version http://www.neevia.com

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~3UHPD{'LYLQH/RYHLQVHSDUDWLRQ WK9HUVHRIULNDND ,QWHUQDOV\PSWRPVRIUHDOL]HGVWDWHRUKLJKHVWREMHFWLYH{~3UHPDEKDNWL \XJ\LWDQLPHHDFDNXSUY\LWDP Q\\LWDMDJDWVDUYDJRYLQGDYLUDKHDPH 6\PSWRPVRIVHSDUDWLRQJULHI{HYHQDPRPHQWVVHSDUDWLRQIURP*RYLQGDZLOOEHFRQVLGHUHGDVDQ HSRFKWHDUVZLOOUROOGRZQIURPWKHH\HVOLNHUDLQIDOOUHDOL]DWLRQRIWKHYRLGQHVVRIWKHZKROHZRUOG 6ULOD%KDNWLYLQRGH7KNXUVZULWLQJ 'XH WR VHSDUDWLRQ JULHI WKHVH V\PSWRPV ZLOO EH PDQLIHVWHG{ HYHU\ GD\ LV VSHQW ZLWK DQ[LHW\ RQH PRPHQW RI VHSDUDWLRQLVHTXDOWR DQHSRFKWHDUVDUHUROOLQJGRZQIURPWKHH\HVOLNHWKHFORXGVRI UDLQ\ VHDVRQ YRLGQHVV RI WKUHH ZRUOGV GXH WR H[WUHPH VHSDUDWLRQ JULHI IURP *RYLQGD EXUQLQJ VHQVDWLRQOLNHLQH[WLQJXLVKDEOHILUHPDGHZLWKKXVN\HWOLIHLVQRWFROODSVLQJ 'HYRWLRQDOK\PQZULWWHQE\6ULOD%KDNWLYLQRGH7KNXUHODERUDWHO\LQUHJDUGWRWKLVLQ%HQJDOL JLWHJLWHQPDNLGDKRLOR CNDQLW\DGVDPXLKGR\HVSKXULOR MQLOPP\SHHMDDMDJDWH JRYLQGDYLUDKHGXNKDSLQQPDWH UMHVDVUDPRUQKLOJHEKOR NKMLNDKHUL{HFLQWYLOR NGLWHNGLWHPRUNKLYDULR\ YDUGKUKHQRFDNHKRLORXGR\ QLPHHKRLORPRUDDWD\XJDVDP JRYLQGDYLUDKDUVDKLWHDNDP QLPHHKRLORPRUDDWD\XJDVDP JRYLQGDYLUDKDUVDKLWHDNDP Q\DGKDUWDODFDXGLNHGHNKL\H

Created by Neevia docuPrinter LT trial version http://www.neevia.com

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

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 RWKHUV LQWKHFRPSDQ\RIVDNKLV FRQILGDQWHV ZLWKIHPDOHPHVVHQJHU JRS JRHVWR6DQNHW.X MD SDUWLFXODUVXJJHVWHGJURYH XQGHUZLVK\LHOGLQJWUHHVDWXUDWHGE\EHDXWLIXOVDFUHGVXUURXQGLQJVDW WKHEDQNRIWKH<DPXQDWRPHHWEHORYHG.DDWWKHDSSRLQWHGWLPHDQGSODFH 2QWKHRWKHUVLGH.DVSDVWLPHVDWGXVN{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~.D WR SDFLI\ WKH FKLOG DQGWRDVNWKHZUHVWOHUVWR VWRSVKRZLQJZUHVWOLQJDQGWKHLUVNLOOIXOQHVV6KHEULQJVWKHFKLOGWREHGDQGVLQJVVRQJVWRPDNHWKH FKLOGVOHHS:KHQ.DKDVVRXQGVOHHS1DQGD0DKUMDDQG<DRG'HYLDUHKDSS\7KH\DOVRJR WREHGIRUVOHHSEXWZKDWKDSSHQV{.DEHLQJDWWUDFWHGE\SXUHGHYRWLRQRI5GKVHFUHWO\OHDYHV WKHEHGDQGJRHVWR6DQNHW.XMD WKHVDLGSDUWLFXODUJURYH WRPHHW5GKUQLDWGXVN ,UHPHPEHUVXFK5GKDQG.D  (LJKWK3HULRGRI'HYRWLRQDO3UDFWLFH WK<PD6GKDQD  1LJKWSDVWLPHV 3UHPD%KDMDQLQGLUHFWFRQWDFW *UHDWGHYRXWQHVVWRFRPSOHWHUHDOL]HGVWDWHRUWRKLJKHVWREMHFWLYH{~3UHPDEKDNWL WK9HUVHRIULNDND ([FHVVLYHVXEVHUYLHQFHWR.DDORQH OL\DYSGDUDWSLQDXPP DGDUDQQPDUPDKDWNDURWXY \DWKWDWKYYLGDGKWXODPSDR PDWSUQDQWKDVWXVDHYDQSDUD -HZHO DPRQJVW DOO EHORYHG JRSV 6UPDWL 5GKLNV DSRSKWKHJP{ U .D FDQ FUXVK WKLV PDLG VHUYDQW GHYRWHG WR +LV /RWXV )HHW E\ ILUPO\ HPEUDFLQJ PH RU PRUWLI\LQJ PH DQ\ZKHUH DQG HYHU\ZKHUHE\+LVSURIOLJDWHEHKDYLRXUZLWKDQ\RI+LVEHORYHGJRSV\HW+HLVP\GHDUHVWEHORYHG DQGQRERG\HOVH ,Q WKLV FRQWH[W LW ZLOO EH UHOHYDQW WR JR WKURXJK RQH YHUVH RI U &DLWDQ\D &DULW PWD $QW\D OO  ZULWWHQE\6ULOD.DGV.DYLUM*RVZPL

Created by Neevia docuPrinter LT trial version http://www.neevia.com

 QJDLSDQDGXNKDVDEHYFKLWUDVXNKD WUDVXNKDPURWWSDU\D PRUH\DGLGL\GXNKDWUDKDLORPDKVXNKD VHLGXNKDPRUDVXNKDYDUM\D U &DLWDQ\D 0DKSUDEKX DFFHSWLQJ WKH PRGH RI ZRUVKLS DQG IRUP RI 5GKUQL ZLWK H[WUHPH VHSDUDWLRQJULHIKDVVWDWHGWKXV{5GKUQLVDSRSKWKHJP2QO\5GKUQLFDQVSHDNOLNHWKLV{|, GR QRW FRQVLGHU P\ RZQ JULHI , RQO\ ZDQW +LV FRQWHQWPHQW P\ SXUSRVH LV +LV VDWLVIDFWLRQ ,I E\ JLYLQJVXIIHULQJWRPH+HEHFRPHVYHU\KDSS\WKDWGLVWUHVVWRPHZLOOEHP\KLJKHVWFRQWHQWPHQW} 1RERG\RQHDUWKFDQLQIOLFWVXIIHULQJWRDQ\SHUVRQZKRLVZHOOHVWDEOLVKHGLQVXFKWKRXJKWRUDWOHDVW VLQFHUHO\HQGHDYRXULQJWRDWWDLQVXFKVWDWHRIPLQG ,QGLFDWLRQRIQLJKWSDVWLPHVRI5GKND WYXWNDXODEGKDVDJDXEDKXSDULFDUDDLUYQGD\UGK\DPQDX SUHKOEKLUODVDQWDXYLSLQDYLKDUDDLUJQDUVGLOV\DL QQOOQLWQWDXSUDD\DVDKDFDUYQGDVDVHY\DPQDX UGKNDXQL\VXNXVXPDD\DQHSUSWDQLGUDXVPDUPL *RYLQGDOOPWD 2QO\GHDUHVWFRQILGDQWHVDUHHQWLWOHGWRHQWHULQWRWKHQLJKWSDVWLPHVRI5GKND6DNKLVDOZD\VWU\ IRUWKHXQLRQRI5GKND$FWXDOO\5GKNDDUHYHU\PXFKHDJHUIRUPXWXDOXQLRQDWQLJKW :KHQ5GKNDVXQLRQLVPDQLIHVWHG9QG'HYLZLWKGHDUHVWVDNKLVZRUVKLS5GKNDLQ YDULRXVZD\V$IWHUWKDW5GKNDZLWKWKRVHVDNKLVPRYHLQWKHIRUHVWVLQJVRQJVGR5 VDOOZLWK GDQFLQJHWF:KHQ5GKNDE\GRLQJVRPXFKSDVWLPHVEHFRPHH[WUHPHO\IDWLJXHGPRVWEHORYHG VDNKLVVHUYHWKHPQLFHO\DQGDWWKHHQGPDNHQLFHEHGZLWKIORZHUVZKHUH5GKNDPDNHWKH SDVWLPHVRIVOHHS,UHPHPEHUVXFKVZHHWSDVWLPHVRI5GKND 2XU5HYHUHG*XUXYDUJDVXVHGWRFDXWLRQXVE\VD\LQJ{RQO\HOLJLEOHYRWDULHVFDQUHPHPEHUWKH SDVWLPHVRI5GKNDRIPLGGD\DW5GKNXDGXVNSDVWLPHVDQGQLJKWSDVWLPHVRI5VOO 

Created by Neevia docuPrinter LT trial version http://www.neevia.com

Вам также может понравиться