Вы находитесь на странице: 1из 112

)DQWDV\$GYHQWXUH6HHGV

&UHGLWV
:ULWLQJOD\RXWERUGHUVJUDSKLFVZHEVLWHSURPRWLRQXOFHUDWLRQVOHHSOHVVQLJKWVVL[W\KRXUZHHNVZULWHUVEORFN
56,DQGVWUHVVUHODWHGLOOQHVVDOOE\-DPHV*ULP'HVERURXJK
$OOWH[W3RVWPRUWHP6WXGLRV -DPHV'HVERURXJK 
&RYHUZKLFKLV&DOYLQ&ODPS
)RUGHWDLOVRI XSFRPLQJUHOHDVHVDQGPDWHULDOSOHDVHFKHFN
ZZZSRVWPRUWGHPRQFRXN
&RPPHQWVVXJJHVWLRQVDEXVH QDNHGSLFWXUHVRI \RXUVXSSOH\RXQJERGLHVVKRXOGEHVHQWWR
JULP#SRVWPRUWGHPRQFRXN
)DQWDV\$GYHQWXUHV

'HGLFDWLRQ
7KLVRQHLVIRUP\GDG+HQHYHUEDONHGDWP\REVHVVLRQZLWKIDQWDV\JDPHVDQGHYHQZHQWVRIDUDVWRHQFRXUDJH
PH1RZLWVKLVPRQH\ DVZHOODVP\HOERZJUHDVH WKDWLVJLYLQJPHDUHDOFKDQFHWRPDNHDOLYLQJRXWRI ZKDW,
ORYHWRGR
7KDQNVGDG

,QWURGXFWLRQ

$:RUGDERXW3LUDF\
+HOORWKHUH2GGVDUHXQIRUWXQDWHO\WKDWWKHPDMRULW\RI SHRSOH
UHDGLQJWKLVZLOOKDYHGRZQORDGHGWKLVOHDVD3')OHWKURXJK
33QHWZRUNVRUIURPDZHEVLWHZLWKRXWSD\LQJIRULW+HUHLV
KRZLWEUHDNVGRZQ)RUWKHODVWFRXSOHRI \HDUV,KDYHEHHQ
IUXLWOHVVO\VHDUFKLQJIRUIXOOWLPHHPSOR\PHQWZLWKWKHVNLOOV,
KDYHEHHQWUDLQHGLQ7KLV\HDU,KDYHQDOO\JLYHQXSVFUDSHG
WRJHWKHUDOLWWOHFDVKDQGDPQRZVHHNLQJWRWXUQWKHWKLQJ,ORYH
ZULWLQJLQWRDIXOOWLPHFDUHHU7KLVLVQRWDQHDV\WKLQJWRGR
DQG3')SXEOLVKLQJGRHVQRWPDNHDJUHDWGHDORI PRQH\DWWKH
EHVWRI WLPHV2QWKLVSURGXFW,FDQH[SHFWWRPDNHDWWKHPRVW
DERXW86'RYHUWKH\HDU$IWHUWKHH[FKDQJHUDWHWR%ULWLVK
SRXQGVWKDWGRHVQRWOHDYHPXFK

)RUHZRUG
7KHUHDUHPDVVHVDQGPDVVHVRI UROHSOD\LQJERRNV6LPSO\WRQV
RI WKHPDQGZLWKWKHODWHVWGERRPWKHVKHHUYROXPHRI 
YROXPHVKDVEHFRPHULGLFXORXV7KHUHDUHERRNVDERXWSODFHV
DERXWSHRSOHDERXWWKLQJVDERXWWHFKQRORJ\,I \RXZDQWWR
SOD\DJLDQWSXUSOH\LQJVTXLGFDOOHG+DUROGWKHUHLVSUREDEO\D
VSHFLDOLVHGSOD\HUVKDQGERRNRXWWKHUHZULWWHQMXVWIRU\RX,I \RX
JRDELWIXUWKHUDQGGHOYHLQWRWKHPXUN\ZRUOGRI 3')SXEOLVKLQJ
\RXOOQGHYHQPRUHERRNVRQHYHQPRUHREVFXUHVXEMHFWVDV
ZHOODVUHSULQWVRI ROGPDWHULDOGDWLQJEDFNWRWKH6WRQH$JHRI 
UROHSOD\LQJZKHUHZHRQO\KDGWKHGDQG/LYH$FWLRQFRQVLVWHG
RI HQGOHVVJDPHVRI URFN<HWDPD]LQJO\LQWKLVSOHWKRUDRI 
PDWHULDO\RXZRQWDFWXDOO\QGDJUHDWGHDORQWKH*DPHV0DVWHUV
UROHRQKRZWRFUDIWWKHVHZRQGHUIXODGYHQWXUHVWKDWHYHU\RQHLV
VXSSRVHGWRSDUWLFLSDWHLQ

2GGVDUH\RXGRQRWUHDOO\JLYHWKDWPXFKRI DFUDSEXWLWLVQRW
OLNH,DPDFWXDOO\FKDUJLQJWKDWPXFKIRUZKDW,GRLVLW"'RPH
DIDYRXUKHOSPHHDWDQGSURGXFHPRUHZRUN,DPWU\LQJWR
VXSSRUWDQGH[SRVHRWKHUDUWLVWVZULWHUVDQGSHRSOHRI WDOHQWDV
ZHOODVP\VHOI DQGWKDWWDNHVPRQH\,I \RXDUHQRWJRLQJWRJLYH
PHDQ\FDVKE\EX\LQJWKLVERRNSOHDVHVXSSRUWP\RWKHUZRUNE\
JRLQJWRZZZSRVWPRUWGHPRQFRXNDQGGRQDWLQJDWOHDVWDVLQJOH
GROODUWR3RVWPRUWHP6WXGLRVWRKHOSNHHSXVUXQQLQJ

2KVXUHWKHUHDUH*DPHV0DVWHUVJXLGHVDQGPDQXDOVEXWPRVW
RI WKHPDUHMXVWVKRUWOLWWOHLGHDVPRUHGHWDLORQWKLQJVOLNH
FUHDWXUHVVSHFLDOSRZHUVRUWUDSVWKDWWKH*DPHV0DVWHUQHHGVWR
NQRZDERXWDQGWKHSOD\HUVVKRXOGQWVHH7KHUHLVQWDJUHDWGHDO
RI ZKDW,GFRQVLGHUSUDFWLFDOLGHDVRUDLGVLQZULWLQJRUUXQQLQJ
JDPHVDQGHYHQOHVVLQWKHZD\XVXDOO\RI LQVSLUDWLRQV

7KDQN\RX

7RPHWKHPRVWXVHIXOSDUWVRI DQ\ERRNDUHWKHVRPHWLPHVRQH
OLQHDGYHQWXUHLGHDVRUKRRNV7KHVHFDQVSDUNWKHLPDJLQDWLRQ
DQGSURYLGH\RXZLWKHQRXJKIRUDJDPHVRPHWLPHVHYHQDZKROH
FDPSDLJQ7KHVHVSDUNVDUHRIWHQPRUHXVHIXOWKDQSDJHVDQG
SDJHVRI WH[WGHVFULELQJWKHKDELWVUHOLJLRQDQGOHDGLQJJXUHVRI 
ZHOOGHVFULEHGIDQWDV\ODQGVDQGWKH\UHDORWPRUHXVHIXOWRPH
WKDQ\RXUVWDQGDUGDGYHQWXUHPRGXOHV
7KLVERRNLVDQH[SDQVLRQRQWKDWLGHD1RWDVLQJOHERRNOOHG
XSZLWKGHWDLOHGHQGOHVVGXQJHRQSDVVDJHVDQGWUDSVDQGQRWD
UDLOURDGLQJPRGXOHWKDWGRHVQWDFFRXQWIRUSOD\HUFUHDWLYLW\DQG
VWXEERUQQHVV1RWMXVWRQHOLQHDGYHQWXUHLGHDVHLWKHUEXW
VHSDUDWHGHYHORSHGDGYHQWXUHLGHDVDORQJZLWKDIHZKLQWVRQKRZ
WRJHWVRPHLQVSLUDWLRQRI \RXURZQ
,KRSHLWSURYHVXVHIXOWR\RX

*ULP-DQXDU\

3RVWPRUWHP6WXGLRV
3RVWPRUWHP6WXGLRVLVWKHQDPHRI DVPDOOUROHSOD\LQJJDPH
VWXGLREHORQJLQJWR-DPHV*ULP'HVERURXJK7KHEXVLQHVV
KDVWZRVLGHV2QWKHRQHVLGHLVDVPDOOQRQSURWYHQWXUH
SURGXFLQJVHPLSURIHVVLRQDOIDQEDVHGPDWHULDO RQWKHRWKHU
VLGHPRUHSURIHVVLRQDOPDWHULDOSURGXFHGE\*ULPKLPVHOI
3RVWPRUWHP6WXGLRVZDVIXOO\HVWDEOLVKHGLQ-DQXDU\IRU
ERWKIUHHODQFLQJIRURWKHUFRPSDQLHVDQGIRUWKHSURGXFWLRQRI 
SURIHVVLRQDOZRUNVERWKLQ3')ZKLFKZHVXSSRUWDVDFRQFHSW
LQSULQW

&UHDWLQJ$GYHQWXUHV

DGYHQWXUHZLWKLQWKHUVWYHPLQXWHV
:KLOH,FHUWDLQO\ZRXOGQWGHQ\WKDWDQDPRXQWRI VFULSWLQJDQG
SUHSDUDWLRQLVYHU\XVHIXOVFULSWLQJRXWDZKROHDGYHQWXUHVWHSE\
VWHSLVEODWDQWO\DVNLQJIRUWURXEOH1RSODQVXUYLYHVFRQWDFWZLWK
WKHHQHP\DQGQRJDPHLGHDVXUYLYHVFRQWDFWZLWKWKHSOD\HUV
$PXFKEHWWHUSODQLVWRKDYHDURXJKRXWOLQHRI ZKDW\RXZDQW
WRKDSSHQWKHGHWDLOV\RXDFWXDOO\QHHG WUHDVXUHVWDWLVWLFVEDVLF
WKXPEQDLOSODQVLI DQ\GXQJHRQVPD]HVRUVLWHVDUHLQYROYHG DQG
WKHQWRLPSURYLVHRQFHSOD\VWDUWV

7KH8VHIXOQHVVRI 0RGXOHV

$WUDGLWLRQDODGYHQWXUHPRGXOHFRQVLVWVRI WKHIROORZLQJ
 $EULHI RYHUYLHZRI WKHDGYHQWXUHLQFOXGLQJLI \RXUH
OXFN\DZD\WRJHWWKHFKDUDFWHUVLQYROYHGDQGRU
LQWHUHVWHGLQLW
 7KHUROHSOD\KRRNDQGVFHQHWKDWGUDZVWKHDGYHQWXUH
WRWKHFKDUDFWHUVDWWHQWLRQSRVVLEO\VRPHGHWDLOVRQWKH
WRZQRUYLOODJHZKHUHWKH\KHDUDERXWWKLVDVZHOO
 6RPHGHWDLOVRQKRZWRJHWWRWKHVLWHRI WKHDGYHQWXUH
 (QGOHVVSDJHVRI PDSVQXPEHUHGURRPVWUDSVDQG
PRQVWHUGHVFULSWLRQV
 6RPHQRQSOD\HUFKDUDFWHUVWDWLVWLFV
 0D\EHVRPHVDPSOHFKDUDFWHUV

$QLPSURYLVDWLRQDO*DPHV0DVWHUGRHVQWKDYHDFRPSOHWHO\VHW
SODQDQGVRLVIUHHWRDOWHUGHWDLOVDGDSWWRWKHSOD\HUVDFWLRQVDQG
HYHQWRFRPSOHWHO\FKDQJHWKHJRDOVRI WKHDGYHQWXUHDOORQWKH
VO\7KLVLVVRPHWKLQJOLNHEXLOGLQJDSOD\LQJHOGWKDWFDQEHXVHG
IRUYDULRXVGLIIHUHQWVSRUWVUDWKHUWKDQMXVWVD\IRRWEDOO<RXJLYH
\RXUVHOI DOLWWOHPRUHVFRSH

)LQGLQJ,QVSLUDWLRQ

$VOLJKWO\PRUHDGYDQFHGPRGXOHPLJKWKDYHWKHIROORZLQJ

6RPHWKLQJDQDXWKRULVDOPRVWDOZD\VDVNHGZKHWKHUDJDPH
GHVLJQHURUDQRYHOLVWLV

 $EULHI RYHUYLHZRI WKHDGYHQWXUH


 7KHVRFLDOVLWXDWLRQDQGFLUFXPVWDQFHVDWWKHVWDUWRI WKH
DGYHQWXUHEHWZHHQYDULRXV13&SRZHUJURXSV
 (YHQWVDVWKH\SURFHHGHIIHFWLYHO\UDLOURDGLQJWKHSOD\HUV
LQWRWKHLULQYROYHPHQW
 6HYHUDOLQWHUOLQNHGVFHQHVORFDWLRQVDQGWUDLOVRI FOXHV
WKDWOHDGWKHSOD\HUVEHWZHHQRQHHYHQWJURXSRU
ORFDWLRQDQGDQRWKHUSLHFLQJWRJHWKHUZKDWKDSSHQV
 $PDVVLYHFRQFOXVLRQRI VRPHVRUW
 6RPHQRQSOD\HUFKDUDFWHUVWDWLVWLFV

:KHUHGR\RXJHW\RXULGHDV"
7KLVLVOLNHO\WRSURGXFHDVWUDQJOHGJURDQRI DQQR\DQFHIURPWKH
DXWKRULQTXHVWLRQZKRZLOOWKHQJLYHVRPHWULWHDQVZHURUPXPEOH
LQFRPSUHKHQVLEO\IRUKDOI DQKRXUDERXWQRWKLQJFRQVHTXHQWLDO
6RPHRI XVFDQFRPHXSZLWKDEDVLFDGYHQWXUHLGHDZLWKLQ
DERXWWKLUW\VHFRQGVWRDPLQXWHHVSHFLDOO\ZKHQWKHJDPHV
DUHLQKHUHQWO\PLVVLRQEDVHGVXFKDVDPLOLWDU\RUSROLFHEDVHG
FDPSDLJQ2WKHUSHRSOHQHHGDELWRI KHOS

7KHWUDGLWLRQDOPRGXOHPLJKWDSSHDOWRWKRVHRI XVZKRDUH
VWLOOSOD\LQJGXQJHRQEDVKHVZLWKPLQLDWXUHVDQGDUHORRNLQJ
IRUQRWKLQJPRUHLQGHSWKWKDQWKDWDQGWKHPRUHDGYDQFHG
PRGXOHVDUHW\SLFDOIRUPRUHVRFLDOJDPHVOLNH9DPSLUHRUWKHODWHU
&\EHUSXQNPDWHULDOVEXWWKH\VXIIHUIURPWKHIDFWWKDWWKH\RIWHQ
GRQWVXLWWKHJURXSVRI SOD\HUFKDUDFWHUVWKDWJHWIRUPHGWRSOD\
DQGWKDWLWEHFRPHVDJDPHRI EHLQJVZHSWXSLQHYHQWVUDWKHU
WKDQPDNLQJWKHP

1RERG\JHWVLGHDVWKHVDPHZD\ZKDWRQHSHUVRQQGVLQVSLULQJ
DQRWKHUPLJKWQGGUDLQLQJRULUULWDWLQJ+HUHDUHDIHZLGHDV\RX
PLJKWQGKHOSIXOWREULQJDERXWDWRXFKRI LQVSLUDWLRQIRU\RXU
RZQDGYHQWXUHV
x

8OWLPDWHO\WUDGLWLRQDOPRGXOHVDUHPRVWXVHIXOIRUZKHQ\RXUVW
VWDUWRXWUXQQLQJDJDPH7KH\VKRZ\RXZKDWWKHZULWHUVZHUH
LQWHQGLQJVKRZWKHLUZRUOGLQRSHUDWLRQDQGSURYLGHVRPHXVHIXO
SUHJHQHUDWHGQRQSOD\HUFKDUDFWHUVWKDW\RXFDQXVHLQ\RXURZQ
DGYHQWXUHV2WKHUZLVHWKH\VXIIHUIURPWKHVDPHSUREOHPVWKDW
FRQWLQXHWRVHSDUDWHFRPSXWHUUROHSOD\LQJJDPHVIURPWDEOHWRS
UROHSOD\LQJJDPHVOLQHDUVWRU\ZLWKRXWPXFKLQWKHZD\RI 
FDSDFLW\WRDFFRPPRGDWHXQH[SHFWHGDFWLRQV

x

7KRVH'DPQ3OD\HUV

*DPHV0DVWHUVZKRVHWXSWKHLURZQJDPHVLQDVLPLODUZD\WR
ERXJKWPRGXOHVZLOOVRRQQGWKHPVHOYHVLQWURXEOH(YHQWKH
PRVWQHO\FUDIWHGDQGEHDXWLIXOO\ZULWWHQDGYHQWXUHVIDLOWRIXOO\
WDNHLQWRDFFRXQWWKHIXOOVFRSHDQGUDQJHRI WKHGDPDJHWKDW
SOD\HUVFDQGRWRGHUDLOWKHSORWREVHVVRYHUXQLPSRUWDQWGHWDLOV
RUQGDQHZDQGXQH[SHFWHGZD\WRVROYHWKHJRDOVRI WKH

&RPSDFW'LVFV7KHWLWOHRI DQDOEXPRUWKH
QDPHRI DVRQJPLJKWLQVSLUH\RXWRFRPHXS
ZLWKDQDGYHQWXUH5HDGWKHO\ULFVLQWKHVOHHYH
QRWHVIRUPRUHSRVVLELOLWLHVDQGOLVWHQWRWKH
VRQJDQGDOEXPZKLOH\RXUHZULWLQJXSWKH
QRWHV7KLVZRUNVEHVWZLWKPXVLFWKDWLVO\ULF
KHDY\DQGFRQFHUQVLWVHOI ZLWKVXEMHFWVRWKHU
WKDQWHHQURPDQFHEXWLQVSLUDWLRQFDQFRPH
IURPWKHVWUDQJHVWSODFHV
1RYHOV7KHUHVQRVKDPHLQSODJLDULVLQJIRU
\RXUJDPHVSURYLGHGWKDW\RXFKDQJHWKLQJV
HQRXJKWKDW\RXUSOD\HUVZKRKDYHUHDGWKH
ERRNVGRQWUHFRJQLVHLWDQGVROYHHYHU\WKLQJ
ULJKWDZD\

x

x

x

x

x

x

x

799DULRXV79VKRZVFDQJLYHLQVSLUDWLRQIRU
SORWVWKRXJK\RXVKRXOGFKDQJHWKLQJVDURXQG
DOLWWOHVRWKDWSOD\HUVZKRZDWFKWKHVKRZ
GRQWUHFRJQLVHLWWRRHDVLO\<RXFRXOGDOVRWU\
PL[LQJDQGPDWFKLQJHOHPHQWVIURPGLIIHUHQW
VKRZVDQGHSLVRGHVWRPXGG\WKLQJVXSDOLWWOH
PRUH
.HHSD1RWHERRN<RXQHYHUNQRZZKHQ
LQVSLUDWLRQZLOOVWULNH<RXFRXOGEHRQWKHORR
\RXFRXOGZDNHXSDIWHUDGUHDPRU\RXFRXOG
EHULGLQJWKHEXV:KHQ\RXJHWDQLGHDPDNHD
QRWHDQGGHYHORSLWODWHU
<RXU3OD\HUV(DFKSOD\HUKDVWKLQJVWKH\OLNH
WRSOD\EHVWGLIIHUHQWVW\OHVGLIIHUHQWWKLQJVWKDW
WKH\HQMR\5HDOO\XVHIXOSOD\HUVZLOODOVRKDYH
ZULWWHQFKDUDFWHUEDFNJURXQGVDQGZLOOKDYH
JRDOVIRUWKHLUFKDUDFWHUVWKDW\RXFDQPLQHIRU
DQDGYHQWXUHZLWKDSUHH[LVWLQJPRWLYDWLRQIRU
WKHPWRJHWLQYROYHG
3LFWXUHV-XVWORRNLQJDWDIDQWDV\SLFWXUHD
SKRWRDFLW\VFDSHWKHVHWKLQJVFDQJLYH\RX
SOHQW\RI LGHDV
7DNH6RPH7LPH2XW*RIRUDZDONKDYHD
EDWKUHOD[WKLQNDQGVRPHWKLQJPD\ZHOOFRPH
WR\RX
(PEUDFHWKH&KHHVH1RWHYHU\DGYHQWXUH
KDVWREHDQLQVSLUHGHSLFVRPHWLPHVHYHU\RQH
MXVWOLNHVWRFKDUJHLQWRDWXQQHODQGNLOOWKLQJV
UHVFXHWKHSULQFHVVRUVOD\WKHGUDJRQ,I \RXUH
RXWRI LGHDVJRIRUVRPHWKLQJVLPSOHDQGWKHQ
HPEHOOLVKLWDV\RXJRDORQJ
7KH*DPHV0DVWHUV6HFUHW:HDSRQ'RQW
ZULWHDQDGYHQWXUHDWDOO-XVWVHWWKHSOD\HUV
XSLQDWRZQRUFLW\DQGOHWWKHPSRRWOHDURXQG
IRUWKHZKROHVHVVLRQGRLQJZKDWHYHUWKH\
ZDQW6RPHWKLQJPLJKWFRPHXSZKLOH\RXUH
LPSURYLVLQJ

7KH$GYHQWXUHV

7KHIROORZLQJSDJHVFRQWDLQRQHKXQGUHGDGYHQWXUHVHHGLGHDVIRU
\RXWRXVHLQ\RXUIDQWDV\EDVHGJDPHV(DFKDGYHQWXUHFRQVLVWV
RI WKHEDVLFLGHDWKUHHWZLVWVDQGDQHSLORJXHZKLFKLQHIIHFW
PHDQV\RXUHDFWXDOO\JHWWLQJFORVHUWRGLIIHUHQWFRPELQDWLRQV
DQGSRVVLEOHDGYHQWXUHV
)HHOIUHHWRDGG\RXURZQHPEHOOLVKPHQWVRUWRFRPELQHRUVWULQJ
WRJHWKHUWKHDGYHQWXUHVLQDQ\ZD\\RXSOHDVHDQGLI \RXKDYH
SDUWLFXODUVXFFHVVZLWKDQ\RI WKHPZHGORYHWRKHDUDERXWLW

)RUPDW

(DFKDGYHQWXUHSUHVHQWHGLQWKLVERRNLVURXJKO\DSDJHORQJ
DQGIROORZVDVWDQGDUGIRUPDWZKLFKLVSUHVHQWHGEHORZ(YHU\
DGYHQWXUHLVQXPEHUHGIRUHDV\UHIHUHQFHLI \RXWKLQN\RXZLOO
QHHGWRUHIHUEDFNWRWKHVHHGLQIRUPDWLRQ

$GYHQWXUH1XPEHU
(DFKDGYHQWXUHLVQXPEHUHGLQRUGHUVRWKDW\RXRQO\KDYHWR
UHPHPEHUWKHQXPEHULQRUGHUWRORRNLWXSTXLWHHDVLO\

$GYHQWXUH7LWOH
(DFKDGYHQWXUHDOVRKDVDVRPHWLPHVFKHHV\WLWOHZKLFKJLYHV
VRPHFOXHDVWRWKHQDWXUHRI WKHDGYHQWXUHDQGLWVFRQWHQW

'HVFULSWLRQ
$IHZSDUDJUDSKVGHVFULEHWKHDGYHQWXUHDQGWKHJHQHUDO
EDFNJURXQGDQGLGHDEHKLQGLW7KLVGHVFULSWLRQJLYHVWKHEDVLF
LGHDIRUWKHSORWDUFWKHVHWXSDQGWKHSD\RII

7ZLVWV
(DFKDGYHQWXUHKDVWKUHHWZLVWVWKDWFDQEHGURSSHGLQWRWKH
EDVLFLGHDWRDGGOHYHOVRI FRPSOH[LW\LQWULJXHRUGLIFXOW\IRUWKH
SOD\HUV7ZLVWVFDQFRPSOHWHO\FKDQJHWKHQDWXUHRI WKHDGYHQWXUH

(SLORJXH
,I WKHVHVVLRQJRHVZHOORUKDVOHIW\RXZLWKORRVHHQGVDQGLGHDV
\RXPD\ZDQWWRUXQDVHTXHOWRLW7KHHSLORJXHSURYLGHVRQH
SRVVLEOHVHTXHOWRWKHHYHQWVRI WKHDGYHQWXUHWKRXJKGHSHQGLQJ
RQWKHWZLVWV\RXKDYHLQFRUSRUDWHGLWPD\QRWEHDEOHWREHUXQ
SUHFLVHO\DVLWKDVEHHQODLGRXW

,GHDV
*UH\ER[HVOLNHWKLVFRQWDLQDQ\
VXSSOHPHQWDU\LGHDVQRWHVRUKLQWV
UHJDUGLQJWKHDGYHQWXUHSUHVHQWHG

$GYHQWXUH

WROLYHLQWKHNLQJGRPWKHGUDJRQWRRNRQKXPDQIRUP
DQGSRVLQJDVDQREOHDWWHQGHGWKHZHGGLQJFHUHPRQ\
FXULRXVDERXWKXPDQPDWLQJKDELWV7KHGUDJRQ
EHFDPHYHU\PXFKWDNHQZLWKWKH4XHHQDQGGHVSLWH

7KH2O'UDJRQ3ULQFHVV&DSHU

KHUPDUULDJHWRWKH.LQJWKH\KDGDQDIIDLU7KH
GDXJKWHULVDKDOIGUDJRQDQGWKHNLGQDSLVDIURQWVR
WKDWWKHGUDJRQFDQKDYHDOLWWOHWLPHWRWHOOKHURI KHU
GUDJRQKHULWDJHDQGVHHZKDWVKHZDQWVWRGR

'HVFULSWLRQ
,QDVPDOONLQJGRPRQWKHERUGHUODQGVLQDYHUGDQWDQG
EHDXWLIXOYDOOH\EHWZHHQFUDJJ\PRXQWDLQVWKHSDODFH
LVLQDQXSURDU$GUDJRQWKDWPDNHVLWVKRPHLQWKH
FDWDFRPEVRI WKHVXUURXQGLQJSHDNVKDVWDNHQLWXSRQ
LWVHOI WRVZRRSGRZQWRWKHSDODFHLQWKHQLJKWDQG
PDNHRII ZLWK3ULQFHVV,VDEHOOHWKHSULGHDQGMR\RI 
.LQJ+DUROGDQG4XHHQ%HWKDQ\

7ZLVW
7KHGUDJRQKDVYLVLWHGWKHNLQJGRPPDQ\WLPHVLQ
KXPDQIRUPZDONLQJLWVVWUHHWVOLVWHQLQJWRLWVPXVLF
DQGHQMR\LQJWKHVWUDQJHKXVWOHDQGEXVWOHRI KXPDQLW\
'XULQJKLVYLVLWVKHKDVIDOOHQLQORYHZLWKWKHSULQFHVV
ZRRLQJKHULQWKHJXLVHRI DQREOH6KHUHFLSURFDWHG
KLVORYHIRUKHUEXWWKH.LQJWKLQNLQJKLPWREHRQO\
DPLQRUQREOHEDQQHGWKHPIURPVHHLQJHDFKRWKHU
'HVSHUDWHWREHZLWKKLVODG\ORYHDQGVHHNLQJVRPH
UHYHQJHRQWKH.LQJWKHGUDJRQKLVOLEHUDWHGKLVORYH
DQGLVVXHGWKLVIDOVHGHPDQG

7KHSULQFHVVLVRI FRXUVHEHDXWLIXODQGWKHGUDJRQLV
RI FRXUVHWHUULEOHDVFRXUJHWKDWKDVEHHQWHUURULVLQJ
WKHRXWO\LQJYLOODJHVDQGIDUPODQGRI WKHNLQJGRPIRU
VHYHUDO\HDUV,WPDNHVDELJGLIIHUHQFHZKHQLWDWWDFNV
ULFKLPSRUWDQWSHRSOHWKRXJK
7KHGUDJRQKDVVHQWDPHVVDJHYLDWKHVXUYLYRURI RQH
RI WKHRXWO\LQJYLOODJHVWKDWLWKDVDWWDFNHGUHFHQWO\
,WKDVWKHSULQFHVVDQGLWZDQWVWRWUDGHKHUIRUWKH
FRQWHQWVRI WKHSDODFHWUHDVXU\*ROGDQGMHZHOVDQG
PDJLFDOLWHPVWRDGGWRLWVKRDUG

(SLORJXH
7KHGUDJRQLVVODLQWKHSHRSOHUHMRLFHWKH3ULQFHVVLV
VDIHIURPLWVYLOHGHSUHGDWLRQVDQGWKH.LQJLVJUDWHIXO
DQGZHDOWK\:KDWFRXOGSRVVLEO\JRZURQJ":HOOLW
VHHPVWKDWWKHGUDJRQVRI WKHPRXQWDLQVDUHQXPHURXV
DQGIRUPD.LQJGRPRI 'UDJRQV7KHRQHVODLQZDV
\RXQJEXWRI IDLUO\KLJKVWDWXUHDQGQRZWKHUHVWRI 
WKHGUDJRQVZLVKUHFRPSHQVHRUUHYHQJHXSRQWKH
.LQJGRPDQGWKHZDUULRUVZKRVOHZWKHLUEURWKHU

5DWKHUWKDQORVHDOORI KLVZHDOWKDVZHOODVKLV
GDXJKWHUZKRWKH.LQJDQG4XHHQZHUHUDWKHUUHO\LQJ
RQWRPDUU\RII WRDODUJHUZHDOWKLHU.LQJGRPWKDW
WKH\FRXOGDOO\ZLWKWKH.LQJKDVRIIHUHGDVXEVWDQWLDO
UHZDUGIRUWKHUHWXUQRI KLVGDXJKWHUDQGKDVWKURZQ
RSHQWKHJDWHVRI WKHNLQJGRPWRDGPLWDOOWKH
PHUFHQDULHVDQGDGYHQWXUHUVZKRPLJKWEHZLOOLQJWR
WDNHRQVXFKDWDVN

7ZLVW
7KHGUDJRQLVLQOHDJXHZLWKWKHFRPPRQHUVRI WKH
.LQJGRPZKRKDYHEHHQXVLQJLWVDWWDFNVDVDUHDVRQ
WRDYRLGSD\LQJWKH.LQJVXQIDLUWD[HVIRUDFRXSOHRI 
\HDUVJLYLQJWKHGUDJRQDWLWKHRI WKHPRQH\DQGJRRGV
WKH\KDYHVDYHGDVSURWHFWLRQHDFK\HDULQVWHDG1RZ
WKH\YHJRWWHQJUHHG\DQGZDQWWRSD\EDFNWKH.LQJ
DQGPDNHKLPVHHZKDWEHLQJWD[HGIHHOVOLNH

7ZLVW
7KHGUDJRQKDVDFWXDOO\EHHQOLYLQJLQWKHDUHDIRU
PDQ\\HDUV:KHQWKH.LQJEURXJKWKLV\RXQJ4XHHQ


,GHDV,QWHUPDUULDJHEHWZHHQ
WKHKXPDQDQGGUDJRQNLQJGRPV
ZRXOGPDNHDVWURQJDOOLDQFHDQG
DQLQWHUHVWLQJSODFHIURPZKLFK
WREDVHPDQ\IXWXUHDGYHQWXUHV

$GYHQWXUH

7ZLVW
7KHPDQXIDFWXUHDQGVDOHRI WKHVHJXQVLVRQO\
SURWDEOHEHFDXVHLWLVDPRQRSRO\DQGEHFDXVHRI 
PDVVLYHLQYHVWPHQWRQWKHSDUWRI WKHPHUFKDQWDVZHOO
DVWKHFORVHSUR[LPLW\RI DOORI WKHULYDOGRPDLQV7KH
PHUFKDQWKDVDIDFWRU\RQDQLVODQGLQDODNHDQGDPLQH
LQWKHKLOOVDERYHWKDWODNH7KHPLQHLVZRUNHGE\
VODYHODERXUDQGWKHIDFWRU\RSHUDWHGE\FKHDSVWXSLG
JROHPVZRUNLQJLQDSURGXFWLRQOLQHWZHQW\IRXUKRXUV
DGD\VHYHQGD\VDZHHN,QWKLVZD\KHPDVVSURGXFHV
WKHJXQVDQGWKHSRZGHUDQGSURGXFHVKLVRZQRUHIRU
SURFHVVLQJLQWRVWHHO,I WKHIDFWRU\LVUHPRYHGKHZLOO
QHYHUUHFRXSKLVLQYHVWPHQWDQGWKHRZRI JXQVZLOO
FHDVH

%LJ%DGGD%RRP
'HVFULSWLRQ
)LQHO\HQJLQHHUHGDQGFUDIWHGEODFNSRZGHUZHDSRQV
IDULQDGYDQFHRI WKRVHWHQWDWLYHFUHDWLRQVRI PRVW
DOFKHPLVWVKDYHEHJXQWRDSSHDULQUHDVRQDEO\ODUJH
QXPEHUVVSUHDGDORQJWKHERUGHUVRI VHYHUDOVPDOO
FRPSHWLQJGXNHGRPVDQGEDURQLHVLQFUHDVLQJWHQVLRQV
LQWKHDUHDDQGDOORZLQJWKHYDULRXVULYDOQRELOLWLHV
WRUDLVHOHY\DUPLHVDUPHGZLWKWKLVGHYDVWDWLQJQHZ
WHFKQRORJ\(DFKGRPLQLRQLVIDVFLQDWHGE\WKH
SRVVLELOLWLHVRI WKHQHZZHDSRQVDQGHDFKKDVEHFRPH
RYHUFRQGHQWVHGXFHGE\WKHH[SORVLYHSRZHUWKHVH
JXQVKDYH:DULVFRPLQJXQOHVVVRPHWKLQJLVGRQHWR
VWRSLW

7ZLVW
7KHLQYHQWRURI WKHVHQHZJXQVDQGLPSURYHGSRZGHU
LVDPDQRI VFLHQFHDQGDPDQRI SHDFH+HLQYHQWHG
WKHSRZGHUWRPDNHPLQLQJHDVLHUDQGHQYLVLRQHGWKH
JXQVDVSURWHFWLRQIRUWKHFRPPRQPDQDJDLQVWWKH
PRQVWHUVRI WKHUHDOP$IWHUKHKDGVROGKLVGHVLJQV
KHZDVGLVFDUGHGGLVSRVHGRI DQGDVKHFDPHWR
XQGHUVWDQGWKHDPELWLRQVRI WKRVHZKRKDGERXJKWKLV
GHVLJQVKHGHVSDLUHG,I IRXQGWKHLQYHQWRUFDQEHD
VHFRQGRUUHSODFHPHQWVSRQVRUIRUWKHDGYHQWXUHUVRU
FDQSURYLGHWKHPZLWKDVVLVWDQFHWRFRUUHFWKLVPLVWDNH

7KHZHDSRQVDUHEHLQJGHDOWE\DVLQJOHWUDGHUZKRLV
UDNLQJLQDQHQRUPRXVDPRXQWRI PRQH\DQGVHOOLQJ
HYHU\JXQKHFDUULHVWRWKHHDJHUGRPDLQV+HLVWKH
RQO\VRXUFHERWKRI WKHSRZGHUDQGRI WKHZHDSRQV
DQGZLWKWKLVPRQRSRO\DSSHDUVWREHGRLQJYHU\ZHOO
IRUKLPVHOI VHOOLQJIRUIDUXQGHUWKHSULFHWKDWPRVW
DOFKHPLVWVZRXOGFKDUJHIRUWKHLURZQGDQJHURXVDQG
KDQGFUDIWHGYHUVLRQVRI WKLVZHDSRQU\

(SLORJXH

$FRQFHUQHGFRQVRUWLXPRI PHUFKDQWVLQFOXGLQJ
DUPVPHUFKDQWVZKRDUHORVLQJEXVLQHVVKLUHVWKH
DGYHQWXUHUVXQGHUVKDGRZ\VHFUHWLYHFRQGLWLRQVWR
LQYHVWLJDWHZKDWLVJRLQJRQDQGWRSXWDVWRSWRLWLI DW
DOOSRVVLEOH

7KHFDWLVRXWRI WKHEDJRQEODFNSRZGHUZHDSRQU\
7KHZD\VDQGPHDQVWRSURGXFHWKHZHDSRQVRQD
ODUJHUVFDOHEDVLVDQGPDNHDSURWDWLWEHFRPHPRUH
ZLGHO\NQRZQDQGUHDUPVEHJLQWRVSUHDGWKURXJKRXW
WKHZRUOGVKLIWLQJWKHEDODQFHRI SRZHUDQGSURYLGLQJ
PDQ\DGYHQWXUHKRRNVDVWKHZRUOGGHYHORSVWKDQNVWR
WKLVQHZLQYHQWLRQ

7ZLVW
%HKLQGWKHPHUFKDQWLVDJURXSRI DQDUFKLVWVZKR
ZDQWWRGHVWDELOLVHWKHZKROHUHJLRQDQGFDXVHJUHDW
VWULIHVRWKDWWKH\DUHWKHLUDJHQWVFDQULVHXSZLWKWKHLU
RZQUHDUPVZKHQWKHGRPDLQVKDYHGHYDVWDWHGHDFK
RWKHUWDNLQJRYHUDQGFDVWLQJGRZQWKHFKXUFKHVDQG
QREOHRUGHUVWRHVWDEOLVKWKHLURZQUHSXEOLF7KH\KDYH
FRQWURORYHUWKHLQYHQWRUDQGDUHFUDQNLQJRXWWKHVH
H[SHQVLYHUHDUPVDQGORVLQJPRQH\RQWKHPEHFDXVH
WKH\FDQDIIRUGWRDQGEHFDXVHWKH\KDYHDORQJWHUP
JRDO

,GHDV,I \RXGRQWZDQWUHDUPV
WREHFRPHDUHJXODUIHDWXUHRI 
\RXUJDPHPDNHWKHPXVHD
VSHFLDOOLJKWHUFOHDQHUSRZGHU
DQGKDYHWKHIRUPXODORVWZLWK
WKHGHIHDWRI WKHPHUFKDQWRU
DQDUFKLVWVUHQGHULQJWKHDOUHDG\
SURGXFHGUHDUPVXVHOHVV

$GYHQWXUH

VHUYDQW'HVSLWHWKLVKLVDFWXDOSHUVRQDOVHUYDQWVDUH
OR\DOWRWKHHQGDQGZLOOGHIHQGKLPDQGKLVKDELWVWR
WKHYHU\HQG

+RPH$JDLQ+RPH$JDLQ-LJJLW\-LJ
7ZLVW
'HVFULSWLRQ
3ULQFH6DKHHGVIDPLO\KDVEHHQNLOOHGE\DULYDOQREOH
OLQHDJHDQGKLVIDWKHUWKH6KDKDQGKLVPRWKHUDORQJ
ZLWKWKHUHVWRI WKH6KDKVZLYHVDQGPXFKRI KLV
HQWRXUDJHKDYHEHHQNLOOHGWKH3ULQFHFDVWRXWRI WKH
.LQJGRPWKDWLVULJKWIXOO\KLVZLWKRQO\ZKDWKHDQG
KLVUHPDLQLQJVHUYDQWVPDQDJHGWRJUDEZKHQWKH\HG
3DUWRI ZKDWWKH\JUDEEHGZDVWKHVWDUIHDWXUHRI WKH
.LQJGRPVWUHDVXU\WKH-HZHORI 6LPLOLQJHUDSHUIHFW
GLDPRQGRI DOPRVWXQULYDOOHGVL]HDQGFODULW\
:LWKWKLVGLDPRQGWKH3ULQFHVHHNVWREHUHVWRUHGWR
WKHWKURQHXQDEOHWRUDLVHHQRXJKWRUDLVHDQDUP\
EXWSHUKDSVDEOHWREULQJLQWRKLVVHUYLFHDEDQGRI 
PRQH\KXQJU\KHURHVZKRZLOOKHOSUHWXUQKLPWRKLV
ULJKWIXOSODFHDV6KDKDQGFDVWGRZQWKHXVXUSHUVZKR
GLVKRQRXUWKHPHPRU\RI KLVSDUHQWV

7KH3ULQFHDFWXDOO\PXUGHUHGKLVIDPLO\DORQJZLWK
KLVSHUVRQDODVVDVVLQVDVKHZDVJURZLQJERUHGZLWK
ZDLWLQJIRUKLVIDWKHUWRGLH7KHIDPLO\WKDWWRRNRYHU
WKH.LQJGRPFRYHUHGXSWKLVKRUULFIDFWLQRUGHUWR
VSDUHWKHVWDLQRI VKDPHIURPWKHUR\DOEORRGOLQHDQG
FKRVHFDVWKLPRXWUDWKHUWKDQNLOOKLPWRPDLQWDLQWKDW
PDVTXHUDGHIRUWKHSHRSOH7KH3ULQFHVUHWDLQHUVVWLOO
LQFOXGHDIHZRI KLVIDLWKIXODVVDVVLQVZKRDUHGHGLFDWHG
WRSURWHFWLQJKLPQRZDQGZLOOSURWHFWKLPLI WKH
SOD\HUVWXUQRQKLP

(SLORJXH

2XUDGYHQWXUHUVDUHWKRVHKHURHVZKRPXVWVRPHKRZ
QGDZD\WRUHVWRUHKLPWRSRZHUE\DVVDVVLQDWLRQZDU
RURWKHUPHDQVLQRUGHUWRHDUQQRWRQO\WKHGLDPRQG
EXWWKHWKDQNVDQGSDWURQDJHRI D\RXQJPRQDUFK

7ZLVW

:LWKWKH3ULQFHUHVWRUHGWRSRZHUWKHUHLV\HWDQRWKHU
FKDQJHDQGXSKHDYDOLQWKHZD\WKH.LQJGRPLVEHLQJ
UXQ7KHSHDVDQWVDUHFRQIXVHGXSVHWDQGSHUKDSV
DQJU\WKDWWKH3ULQFHKDVEHHQUHVWRUHGWRWKHWKURQH
6XVFHSWLEOHWRSURGGLQJFDMROLQJDQGWKHVWULGHQWFULHV
RI PDQ\SROLWLFDOIRUFHVWKH\ULVHXSLQRSHQUHYROW
DJDLQVWWKHWKURQH8QVXUHRI WKHOR\DOW\RI WKHDUP\
PDQ\RI ZKRPVHHPWREHVLGLQJZLWKWKHSHDVDQWV
ZKRFDQWKH3ULQFHWXUQWREXWWKHVWDXQFKKHURHVZKR
SODFHGKLPEDFNRQKLVIDPLO\VWKURQH"

,GHDV7RVWRSWKHSOD\HUV
MXVWNLOOLQJWKH3ULQFHDQG
WDNLQJWKHGLDPRQGKDYHKLP
OHDYHLWVRPHZKHUHVDIHDQG
JLYHKLPVXIFLHQWZLOOSRZHU
DQGWRXJKQHVVWRUHVLVWDQ\
WRUWXUHWRWU\WRQGLWV
ORFDWLRQ

7KH3ULQFHVIDPLO\ZHUHKRUULFGHVSRWVZKRUHJXODUO\
KDGULYDOVSXEOLFO\WRUWXUHGWRGHDWKZRUNHGWKH
SHDVDQWVXQWLOWKHLUEDFNVEURNHDQGVSHQGLQJZKDW
PRQH\WKH.LQJGRPKDGWRLWVQDPHUDLVLQJPDVVLYH
WRPEVVWDWXDU\DQGWHPSOHVWRWKHIXUWKHUJORULFDWLRQ
RI WKHLUKLVWRULFUR\DOKHULWDJH7KHQREOHIDPLO\WKDW
KDVWDNHQRYHUIURPWKHGHDG6KDKDUHSRSXODUDQGZHOO
ORYHGE\WKHSHRSOHUHPRYLQJWKHPZLOOEHIDUIURP
HDV\RUSRSXODU

,GHDV7KLVQHHGQRWEHVHWLQD
GHVHUWRUWURSLFDO.LQJGRPEXW
JLYLQJWKLQJVGLIIHUHQWVHWWLQJVWR
WKHLUXVXDOGHIDXOWFDQEHDJRRG
ZD\RI DGGLQJLQWHUHVWWRDQ
DGYHQWXUH

7ZLVW
7KH3ULQFHLVDQREQR[LRXVOLWWOHVKLWDVSRLOHGEUDW
ZLWKDOOWKHFKDUPDQGVRFLDOJUDFHVRI DV\SKLOLWLFRUF
+HLVXVHGWRJHWWLQJZKDWKHZDQWVZKHQKHZDQWVLW
ZLWKQRGHOD\VRUH[FXVHV1HHGOHVVWRVD\WKLVPDNHV
ZRUNLQJIRUKLPDVSHFLDODQGXQLTXHH[SHULHQFHDVKH
UHJDUGVHYHU\RQHDURXQGKLPDVDORZO\SHUVRQDO


$GYHQWXUH

FRQGXFWVKLVH[SHULPHQWVDQGJURZVKLVZDUULRUVFRPHV
IURPWKDWE\JRQHWLPHDQGGHHSLQWKHUXLQVLQKLV
ODEVDUHWKHERQHVRI WKHGHDGJRGWKHVSDUNRI ZKLFK
LVQHHGHGWRDOORZKLPWRPDNHKLVOLYLQJFUHDWLRQV
'HVWUR\RUUHPRYHWKHUHPDLQVDQG\RXUHPRYHKLV
SRZHU<RXFRXOGHYHQUHQHZWKHJRG

3ULPRUGLDO2R]H
'HVFULSWLRQ
(YHU\UHOLJLRQKDVDFUHDWLRQP\WKDQGHYHQLQWKH
SDQWKHLVWLFQDWXUHRI PRVWIDQWDV\UHOLJLRQVZKHUHWKH
DFWXDOFUHDWLRQRI WKHZRUOGLVVHWIRUDOOIDLWKVPDQ\
JRGVJLYHULVHWRWKHGLIIHUHQWSHRSOHVRI WKHODQG
&HUWDLQUDFHVKDYHWKHLURZQJRGVFUHGLWHGZLWKWKHLU
FUHDWLRQ7KHFUHDWLRQRI OLIHLVDJLIWVKDUHGE\PDQ\
GHLWLHVWKRXJKWKHWLPHVRI FUHDWLRQDUHORQJSDVW

7ZLVW
$PRQJVWWKHPDGHPHQLVDPRYHPHQWDJURXSZKR
ZLVKWRFDVWGRZQWKHZL]DUGVDQGWDNHXSWKHUHLJQV
RI WKHLURZQGHVWLQ\WROLYHWKHLURZQOLYHVZLWKRXWWKH
GLUHFWLQWHUIHUHQFHRI WKHLUFUHDWRU,I WKLVJURXSFDQ
EHIRXQGWKH\FRXOGPDNHXVHIXODOOLHVWRWKHSDUW\

$SRZHUIXOZL]DUGKDVPDQDJHGWRWDSLQWRWKHVH
SULPDOIRUFHVRI FUHDWLRQDQGKLVPDJLFKDVJLYHQELUWK
WRDUDFHRI KLVRZQGHYLVLQJDUDFHWRZKLFKKHLVWKH
FUHDWRUJRGWKHEHDOODQGHQGDOORI WKHLUH[LVWHQFH
8VLQJWKLVGLYLQHVSDUNKHLVUDLVLQJDQDUP\RI KLV
SHRSOHDOR\DODQGIDQDWLFDODUP\DVLQJOHUDFHXQGHU
WKHDXVSLFHVRI WKHLUJRGWKHLUOHDGHUZKRLVUHDG\WR
VHQGWKHPRXWDJDLQVWWKHZRUOGWRGHVWUR\

(SLORJXH
:LWKWKHZL]DUGGHIHDWHGRUKLVSRZHUUHPRYHGWKH
PDGHPHQDUHVFDWWHUHGDQGZLOOGLHRXWDVWKH\KDYH
QRZD\WRUHSURGXFHWKHPVHOYHV7KHVXUYLYRUVVHHN
WRFODLPWKHVDPHSRZHUWKDWWKHZL]DUGGLGLQRUGHU
WRSURGXFHDIHPDOHSDUWRI WKHLUUDFHVRWKDWWKH\FDQ
SHUSHWXDWHWKHLUH[LVWHQFHZLWKRXWKLVFUHDWLYHSRZHUV
7KH\SOD\HUVFDQHLWKHUWU\WRVWRSWKHPRUWRKHOS
WKHP

7KHSOD\HUVFDQVWXPEOHXSRQWKLVZL]DUGDQGKLVSODQV
LQVHYHUDOZD\V7KH\FRXOGEHKLUHGWRLQYHVWLJDWHWKH\
FRXOGUXQLQWRDSDUW\RI WKHVHDUWLFLDOFUHDWXUHVRUWKH
ZL]DUGVDUP\FRXOGLQYDGHWKHWRZQWKDWWKH\DUHLQ

,GHDV7KHZL]DUGLVIDUIURPDQ
H[SHUWDQGODFNVWKHZLVGRPRU
FUHDWLYHSRZHUVRI DWUXHJRG+LV
FUHDWLRQVFRXOGEHGHIRUPHGRUQR
WZRFRXOGEHLGHQWLFDO$SDUWIURP
WKHRGGDFFLGHQWPRVWVKRXOGEH
SRZHUIXODQGWRXJKEXWVRPHZKDW
ODFNLQJLQLQWHOOLJHQFH

7ZLVW
*RGVDUHLQFDSDEOHXVXDOO\RI DFWLQJGLUHFWO\DJDLQVW
HDFKRWKHURUVLPSO\SUHIHUQRWWRNQRZLQJZKDW
GDPDJHLWZRXOGFDXVHWRHDFKRI WKHP,QVWHDGWKH\
JKWWKHLUEDWWOHVE\SUR[\DQGWKURXJKWKHDFWLRQVRI 
KHURHVDQGRWKHUFUHDWLRQVXSRQWKHZRUOG7KHZL]DUG
ZKRKDVFUHDWHGWKLVOLIHWKLVDUP\LVE\WKHUXOHVRI 
WKHGLYLQHFRQVLGHUHGDJRGDQGKRZHYHUPXFKWKHUHVW
RI WKHSDQWKHRQIRDPVDQGJQDVKHVWKHLUWHHWKFDQQRW
E\WKHODZVRI WKHJRGVEHDFWHGDJDLQVWGLUHFWO\
,QVWHDGWKH\KDYHFKRVHQWRDFWWKURXJKWKHKHURHV
ZDWFKLQJRYHUWKHPDQGLPEXLQJWKHPLQWKHLUJKW
ZLWKEOHVVLQJVIURPHDFKPHPEHURI WKHSDQWKHRQZKR
REMHFWVWRWKLVXSVWDUWZL]DUG

,GHDV*RGVDUHRIWHQSDWURQVLQ
*UHHNP\WKRORJ\DQGLI WKHKHURHV
SURYHWKHLUZRUWKWRWKHSDQWKHRQ
WKH\PD\QGWKHPVHOYHVFDXJKW
XSDJDLQLQWKHPDFKLQDWLRQVRI WKH
JRGV*RGVPDNHJRRGSDWURQVDV
WKH\FDQQRWUHDOO\EHUHIXVHG

7ZLVW
7KHZL]DUGVSRZHUWRFUHDWHFRPHVIURPDORQJGHDG
JRGDQGDORQJGHDGUDFH7KHUXLQVZKHUHWKHZL]DUG


$GYHQWXUH

7ZLVW
&RXQFLOZRPDQ&HOHVWHKHDGRI WKHSRZHUIXO'DPLQJR
VKLSSLQJIDPLO\KDVDSHUVRQDOUHDVRQWRSURVHFXWHWKH
ELOODQGLQGHHGZDVWKHRQHWRFRPHXSZLWKLW+HU
KXVEDQGOHIWKHUIRUDFRXUWHVDQDQGVKHKDVKDGLW
LQIRU6S\UHVYLFHWUDGHVLQFHWKHQHYHQEDQQLQJWKH
VDLORUVRQWKHIDPLO\VKLSVIURPXVLQJVXFKVHUYLFHV
6KHZLOOFKDQJHKHUPLQGIRUQRWKLQJDQGQRRQH
DQGLI DOHUWHGWRWKHIDFWWKDWFRXQFLOPHQDUHEHLQJ
VXEYHUWHGZLOOWU\WRDFWDJDLQVWLW

7KH6LUHQV$UPV
'HVFULSWLRQ
7KH6LUHQV$UPVLVDZHOONQRZQDQGSRSXODU
DGYHQWXUHUVEURWKHOFRPHLQQLQWKHFLW\RI 6S\UH
DEXVWOLQJSRUWWKDWDOVRUHVWVDWWKHMXQFWLRQRI WZR
PDMRUWUDGHURXWHV6S\UHLVZHDOWK\DQGFRVPRSROLWDQ
DQGLVUXOHGE\D.LQJDQGE\DSRZHUIXOFRXQFLORI 
PHUFDQWLOHLQWHUHVWVUHSUHVHQWLQJWKHPDMRUWUDGLQJ
IDPLOLHVWKDWFDOO6S\UHKRPH

7ZLVW

7KHYLFHWUDGHKDVODUJHO\JRQHXQDIIHFWHGE\WKH
YDULRXVWD[HVODZVDQGRWKHUYDJDULHVRI WKH.LQJDQG
FRXQFLOEHLQJVRPHZKDWEHORZWKHLUQRWLFHKRZHYHUD
SURMHFWWRH[SDQGWKHSRUWUHTXLUHVDJUHDWGHDOPRUH
PRQH\DQGLQRUGHUWRHDVHWKHVWUDLQRQWKHWUHDVXU\
WKHFRXQFLOKDVEHJXQWRGLVFXVVOHY\LQJDVSHFLDOWD[RQ
WKHYLFHWUDGHZLWKLQWKHFLW\VRPHWKLQJWKDWZLOODIIHFW
DORWRI JUH\DUHDLQGXVWULHVDQGZLOOFHUWDLQO\DIIHFW
7KH6LUHQV$UPV
7KH0DGDPDQGRZQHURI 7KH6LUHQV$UPVZRXOGOLNH
LWYHU\PXFKLI WKLVODZZHUHQWWREHSDVVHGDQGZRXOG
ORRNYHU\IDYRXUDEO\RQDQ\EUDYHDGYHQWXUHUVZKR
PDQDJHGWRPDNHWKHFRXQFLOVHHVHQVHDQGFKDQJHLWV
PLQGDERXWWKHODZ
7KHUHDUHVHYHQPHQRQWKHPHUFKDQWFRXQFLODQGHDFK
RQHZLOOQHHGWREHFDMROHGWKUHDWHQHGEODFNPDLOHGRU
RWKHUZLVHFRQWUROOHGLQWRPDNLQJWKHULJKWGHFLVLRQ
7KHUHDUHRQO\WKUHHGD\VEHIRUHWKHELJYRWHJLYLQJ
SUHFLRXVOLWWOHWLPHWRPDNHWKHFKDQJH

7ZLVW
2QHRI WKHFRXQFLOPHQLVKDYLQJDGLVFUHWHEXW
JRVVLSHGDERXWDIIDLUZLWKDSURVWLWXWHIURP7KH
)R[JORYH$PXFKPRUHUHSXWDEOHDQGXSPDUNHW
HVWDEOLVKPHQWWKDQ7KH6LUHQV$UPVEXWDZKRUHKRXVH
QRQHWKHOHVV7KLVFRXOGSURYLGHEODFNPDLOPDWHULDO
HLWKHUSROLWLFDOO\RULQWKHIRUPRI WKUHDWHQLQJWR
UHPRYHWKHDWWHQWLRQVRI KLVIDYRXULWHHVFRUW



7KHUHDOUHDVRQIRUWKHWD[DWLRQLVWRWU\DQGGULYHRXW
WKHEODFNHFRQRP\DQGLWVOHVVWKDQGHVLUDEOHFLWL]HQV
IURP6S\UH7KHGRFNVDUHPHUHO\DQH[FXVH7KH
PHUFKDQWFRXQFLOLVWDNLQJRQDSXULWDQLFDOEHQWDQG
ZDQWVWRFOHDQXSWKHFLW\RQFHDQGIRUDOO,I WKH
FDQGLGDWHVDUHFRPSURPLVHGWKH\VRRQVWHSGRZQ
DQGDUHUHSODFHGE\HYHQPRUHKDUGOLQHDQGFOHDQFXW
FRXQFLOPHQ

(SLORJXH
7KHWD[ZDVRQO\WKHEHJLQQLQJ:KHWKHUWKZDUWHG
RUQRWWKHPHUFKDQWFRXQFLODQGWKH.LQJEHJLQWR
LQVWLWXWHDFLW\ZLGHFUDFNGRZQRQDOOIRUPVRI YLFH
DQGERUGHUOLQHFULPLQDOLW\7KHFLW\JXDUGLVFDOOHG
RXWWRFOHDUZKROHQHLJKERXUKRRGVDQGDVKDQW\WRZQ
VSULQJVXSRXWVLGHWKHZDOOVRI WKHFLW\IURPDOOWKH
GLVSRVVHVVHGVFXPDQGYLOODLQVRI WKHFLW\7KLVFUHDWHV
VHYHUDORSSRUWXQLWLHVIRUDGYHQWXUHHLWKHUZLWKLQWKH
YLFLRXVQHZVOXPVRUDFWLQJWRWU\WRUHVWRUHWKHSHRSOH
WRWKHLUFLW\DQGRYHUWKURZWKHSXULWDQLFDOFRXQFLO

,GHDV7KH6LUHQV$UPVFRXOG
IRUPDXVHIXOEDVHRI RSHUDWLRQV
IRUWKHFKDUDFWHUV$JUDWHIXO
PDGDPDQGDSODFHZLWKDQHDUWR
WKHFLW\VXQGHUZRUOGJLYHVPDQ\
XVHIXODGYHQWXUHKRRNVIRUDQ
RQJRLQJFDPSDLJQ

$GYHQWXUH

WKHYHU\SRODURSSRVLWHRI ZKDWWKHROGDEERWZDV7KH
FKLOGPD\WU\WRNHHSWKLVDVHFUHWIURPWKHDGYHQWXUHUV
WKRXJKWKHUHVKRXOGEHFOXHVWRKLVHYLO

5RXQGDQG5RXQG
7ZLVW
7KHPRQNVKDYHDFRXQWHUSDUWDVKDGRZWHPSOHDQ
RSSRVLWHWRWKHP7KLVVKDGRZWHPSOHKDVDOVRKHDUG
RI WKHUHLQFDUQDWLRQRI WKHDEERWDQGZDQWVWRFRUUXSW
RUWXUQKLPVRPHKRZWRVHUYHWKHLUHQGV,I \RXUH
XVLQJWKHUVWWZLVWWKH\PD\KDYHDOUHDG\VXFFHHGHG
1RZWKH\VHHNKLPRXWDQGXQOLNHWKHSHDFHIXOPRQNV
WKHVHRQHVGRNQRZKRZWRJKWDQGDUHQRWVK\RI 
XVLQJYLROHQFHWRWKHLUHQGV

'HVFULSWLRQ
7KHPRQNVRI 7KH7HPSOHRI +DUPRQLRXV(OHPHQWV
KDYHEHHQZLWKRXWDQDEERWRI WKHLUWHPSOHIRU
DERXWWKUHH\HDUVZKLOHWKH\DZDLWHGWKHFRQUPHG
UHLQFDUQDWLRQRI WKHLUSUHYLRXVDEERWLQWRDQHZ
ERG\1RZDFFRUGLQJWRWKHLUUHDGLQJVDQGVLJQVDQG
DFFRUGLQJWRUHSRUWVWKDWKDYHUHDFKHGWKHLUHDUVWKHLU
QHZDEERWKDVLQGHHGEHHQUHLQFDUQDWHGLQDUHPRWH
YLOODJHTXLWHIDUWRWKHQRUWKIURPWKHVLWHRI WKHLU
WHPSOH

7ZLVW

7KHPRQNVDUHQRWRI WKH6KDROLQW\SHDQGLQVWHDG
VSHQGWKHLUGD\VLQTXLWHFRQWHPSODWLRQRI WKHXQLYHUVH
DQGWKHPXVLFRI WKHVSKHUHV7KH\DUHQRWFDSDEOH
RI PDNLQJWKHDUGXRXVMRXUQH\RURI SURWHFWLQJWKH
FKLOGLI KHLVRXWVLGHWKHDUPRXUHGZDOOVRI WKHLUJUHDW
WHPSOH7KH\RIIHURI WKHLUVWRUHRI ULFKHVWRWKHSDUW\
HQWUXVWLQJWKHPZLWKWKHUHWULHYDORI WKHLUUHLQFDUQDWHG
DEERW

:KHQWKHDGYHQWXUHUVDUULYHDWWKHYLOODJHWKH\GLVFRYHU
WKDWWKHYLOODJHUVDUHLQDZHRI WKHFKLOGDQGWKDWWKH\
HVSHFLDOO\WKHPRWKHUGRQRWZLVKWRSDUWZLWKKLP
7KH\ZLOOHQFRXQWHUUHVLVWDQFHIURPWKHYLOODJHIURP
WKHIDPLO\DQGIURPWKHFKLOGLI WKH\WU\WRUHPRYHKLP
WRFRPSO\ZLWKWKHLURUGHUVIURPWKHWHPSOH

(SLORJXH
7KHYLOODJHLVVRPHZD\WRWKHQRUWKVHYHUDOGD\V
MRXUQH\WKURXJKLQFUHDVLQJO\DUGXRXVWHUUDLQDQGXS
DVWHHSPRXQWDLQ,WZLOOQRWEHHDV\WRJHWWKHUHDQG
LWZLOOEHOLWWOHHDVLHUWRJHWEDFNHVSHFLDOO\KDYLQJWR
SURWHFWDFKLOG
7KHPRQNVNQRZWKHZD\DQGFDQSURYLGHIRRGKRUVHV
DQGDQ\RWKHUVXSSOLHVDSDUWIURPZHDSRQVWKDWWKH
SDUW\PLJKWQHHGEXWWKLVLVWKHOLPLWRI WKHLUDLG7KH
WHPSOHLVZHDOWK\WKDQNVWRWKHGRQDWLRQVRI LWVOD\
IROORZHUVDQGYDULRXVSDUWLHVVHHNLQJIDYRXUVIURP
WKHGLYLQHRUXVLQJWKHLUOLEUDU\DQGWKH\FDQUHZDUG
WKHSDUW\ZHOOZLWKPDJLFDODUWHIDFWVRI SHDFHRUZLWK
VLPSOHJROGLI WKH\SUHIHU

7ZLVW
:KHQWKHDGYHQWXUHUVGLVFRYHUWKHFKLOGKHLVIRXQGWR
EHPDQLIHVWLQJWKHIXOOSRZHUVRI WKHROGDEERWGHVSLWH
RQO\EHLQJDWKUHH\HDUROG:HDNLQERG\EXWVWURQJLQ
PLQGWKHUHLVVRPHWKLQJHOVHRI QRWHDVZHOO7ZLVWHG
LQWKHUHLQFDUQDWLRQVRPHKRZWKHSURFHVVKDYLQJJRQH
ZURQJWKHFKLOGLVXQPLWLJDWHGHYLOZDUSHGDQGWZLVWHG


7KDWWHPSOHLVQRWWKHRQO\WHPSOHRI WKHVDPHIDLWK
RUFRQWHPSODWLRQ7KHUHLVDQRWKHUOHVVSUHVWLJLRXV
WHPSOHDQGZKHQWKHDEERWLVVHDWHGWKH\FRPH
IRUZDUGVD\LQJWKDWWKH\GLVDJUHHZLWKWKHGHFLVLRQ
DQGWKDWWKH\KDYHIRXQGDQRWKHUFKLOGWKDWWVWKH
UHTXLUHPHQWVRI WKHUHLQFDUQDWLRQDQGZKRVKRZVWKH
VDPHNQRZOHGJHRI WKHIRUPHUDEERW:KRLVWHOOLQJ
WKHWUXWK"7KHPDLQWHPSOHKLUHVWKHDGYHQWXUHUVWR
LQYHVWLJDWH

,GHDV7UDYHOOLQJEDFNZLWKWKH
DEERWFRXOGEHWXUQHGLQWRDVHULHV
RI SDUDEOHVDVWKHFKLOGLPSDUWV
LPSRUWDQWWHDFKLQJVDERXWSHDFH
WHPSHUDQFHDQGQRQYLROHQFHWR
KLVHVFRUW5DWKHUOLNHWKHWDOHVRI 
0RQNH\LQ&KLQHVHP\WKRORJ\

$GYHQWXUH

EHDULYDOVWDWHDULFKPDGPDQRUDWULEHRI UDLGLQJRUFV
RUZRUVHZKRZDQWWRDWWDFNDPXFKZHDNHQHGDQG
UHGXFHGWRZQHDVLHUWRORRW

3ODJXHRI 3HUPXWDWLRQV
7ZLVW
'HVFULSWLRQ
7KHWRZQRI 2DNUHDFKLVVXIIHULQJWKHHIIHFWVRI DQ
XQXVXDODQGYLUXOHQWSODJXH2YHUWKHODVWIHZPRQWKV
WKHSHRSOHKDYHEHJXQWRGHIRUPDQGPXWDWHWKHLU
HVKWZLVWLQJDQGNQRWWLQJWKHLUIHDWXUHVVKLIWLQJ
DQGFDQFHUVDQGVRUHVULGGOLQJWKHLUERGLHV1RERG\
VHHPVLPPXQHULFKSRRUFOHULFRUVRUFHUHUDOOVHHP
WRVXFFXPEWRWKHGHSUHGDWLRQVRI WKLVSODJXHDQGWKH
QHZO\ERUQFKLOGUHQDUHWZLVWHGKRUURUVPDQ\RI ZKRP
KDYHEHHQMXGJHGXQWWROLYHDQGKDYHEHHQPHUFLIXOO\
NLOOHG7KHWHPSOHKRVSLWDOLVIXOODQGWKHFOHULFVDUH
XQDEOHWRFRSHPRVWDUHWRRVLFNWRWLOOWKHHOGVRUVK
WKHULYHUDQGDQLPDOVDQGFURSVDUHDOVRVKRZLQJWKH
VDPHVWUDQJHGHIRUPDWLRQV
7KHSODJXHWXUQVRXWQRWWREHDSODJXHDWDOOEXW
UDWKHUFRQWDPLQDQWVDQGSRLVRQVFDUULHGGRZQWKH
ULYHUIURPDQDOFKHPLVWVHQFODYHDQGODERUDWRU\LQ
WKHORZKLOOVDERYHWKHWRZQQHDURQHRI WKHVSULQJV
WKDWIHHGVWKHULYHU7KHZDVKRI FKHPLFDOVPXWDJHQV
DQGWKDXPDWXUJLFDOLQJUHGLHQWVKDVSROOXWHGWKHULYHU
WKHVRXUFHRI ZDWHUIRUWKHZKROHWRZQDQGLWLV
WKHVHFKHPLFDOVWKDWDUHFDXVLQJWKHPXWDWLRQVDQG
GHIRUPLWLHV

7KHDOFKHPLVWLVRQWKHYHUJHRI DQH[WUHPHO\
LPSRUWDQWEUHDNWKURXJK$FXUHDOOWKDWLVSRZHUIXO
HQRXJKWRGHIHDWRQHRI WKHUHDOSODJXHVVZHHSLQJSDUWV
RI WKHODQG+LVH[SHULPHQWVDUHFORVHWRFRPSOHWLRQ
DQGWKHVDFULFHRI WKHWRZQLWVGHIRUPLW\DQGGHDWKV
DUHQHFHVVDU\WRFRPSOHWHWKHH[SHULPHQW,I KHLV
LQWHUUXSWHGQRZWKHQWKDWFXUHZLOOEHORVWIRUHYHUDQG
PDQ\PRUHSHRSOHZLOOGLHWKDQWKRVHFRQWDLQHGLQWKDW
RQHWRZQ

7ZLVW
7KHWRZQVSHRSOHEHLQJDQLJQRUDQWDQGIHDUIXOORW
KXQJWKHDOFKHPLVWVDSSUHQWLFHDQGQHDUO\VWRQHGWKH
DOFKHPLVWWRGHDWKIHDULQJWKHVWUDQJHVFLHQFHKHZDV
FRQFRFWLQJDQGVSXUUHGRQE\WKHOHDGHURI WKHORFDO
WHPSOHDSULHVWZKRKDVQRWLPHIRUVFLHQFHVDQGSXWV
DOOKLVIDLWKLQIDLWKDQGPDJLF+HLVZUHDNLQJUHYHQJH
XSRQDSHRSOHZKRKDYHGRQHKLPJUHDWZURQJVDQG
KDVORVWKLVPLQGVRPHZKDW

(SLORJXH

7KHPD\RUWKHWHPSOHOHDGHUDQGRWKHULPSRUWDQW
JXUHVIURPWKHWRZQVXFKDVWKHULFKHUPHUFKDQWV
KDYHFRPHWRJHWKHUDQGSURGXFHGDKDQGVRPHUHZDUG
ZKLFKWKH\SODQWRRIIHUDORQJZLWKWKHIUHHGRPRI WKH
WRZQLQRUGHUWRWU\DQGKLUHVRPHVXLWDEOHDGYHQWXUHUV
WRGHWHUPLQHWKHFDXVHRI WKHSODJXHDQGWRWU\DQGGR
VRPHWKLQJDERXWLW

6RPHWLPHDIWHUWKHRULJLQDOHYHQWVSHUKDSVD\HDURU
VRWKHWRZQKDVEHFRPHDEXVWOLQJLQGXVWULDOFHQWUH
ZLWKPDQ\DOFKHPLVWVZRUNLQJWKHUHZRUNLQJRQWKH
EULOOLDQWQRWHVOHIWEHKLQGLQWKHRULJLQDODOFKHPLVWV
HQFODYH7KHWRZQLVUDSLGO\EHFRPLQJDFLW\EXWWKH
ZDVKIURPLWVDOFKHPLVWVDQGWKHLUZRUNLQJVLVQRZ
RZLQJGRZQULYHUDQGFDXVLQJVLPLODUSUREOHPVWR
WKHRQHVWKH\IDFHGLQWRZQVDQGYLOODJHVIXUWKHU
GRZQVWUHDP

7KLVLVZKHUHWKHSOD\HUVVWHSLQ

7ZLVW
7KHDOFKHPLVWFDXVLQJDOORI WKHVHSUREOHPVKDV
EHHQSDLGE\VRPHWKLUGSDUW\WRSRLVRQDQGGHVWUR\
WKHWRZQDQGKDVFKRVHQWRGRVRVORZO\YLDWKHVH
FKHPLFDOVLQRUGHUWRPDNHLWDSSHDUPRUHOLNHDQDWXUDO
GLVHDVHDQGDOVRWRH[SHULPHQWZLWKDIHZFKHPLFDOV
DQGSRWLRQVRI KLVRZQGHYLVLQJ7KHWKLUGSDUW\FRXOG


,GHDV7KHDOFKHPLVWPD\DOVR
KDYHWKHVHFUHWWRSURGXFLQJ
VRPHPDQQHURI FXUHIRUWKH
GHIRUPLWLHVDOUHDG\VXIIHUHG

$GYHQWXUH

UHWDOLDWHDJDLQVWWKHZKROHODQGDQGWKHFDXVHRI WKH
VWRUPLVDQLFHJLDQWVRUFHUHVVZKRDORQJZLWKKHU
UHWLQXHDQGWKHLUJLDQWDUFWLFZROYHVKDVFRPHVRXWKWR
KDYHWKHLUUHYHQJHZLWKWKHVHHQRUPRXVVRUFHURXVLFH
VWRUPV

,F\5HFHSWLRQ
'HVFULSWLRQ
,WLVODWHVSULQJDWLPHZKHQWKHODQGVKRXOGEH
EXUVWLQJZLWKFRORXUDQGJURZLQJWKLQJVDQGZKHQWKH
KHDWVKRXOGEHEHJLQQLQJWREHIHOWLQWKHVXQDKHUDOG
RI WKHORQJVXPPHUWRFRPH,QVWHDGRXUDGYHQWXUHUV
ZKLOHWUDYHOOLQJQGWKHPVHOYHVFDXJKWLQWKHPLGVWRI 
DQHQRUPRXVIUHH]LQJVQRZVWRUPWKDWVHHPVWREODQNHW
WKHODQGDVIDUDVWKH\FDQVHH7KHZLQGKRZOVLFH
IRUPVIUHH]LQJVOHHWVQRZDQGKDLOVWRQHVWUDLQGRZQ
XSRQWKHPIUHH]LQJWKHPDQGFKLOOLQJWKHPWRWKH
ERQH
&URSVDUHZLWKHULQJLQWKHFROGDQGPRVWRI WKHPZLOO
GLHRII FDXVLQJIDPLQHLQWKHODQGLI VRPHWKLQJLVQRW
GRQHVRRQ:LVHPHQSULHVWVDQGZL]DUGVNQRZRQO\
WKDWWKHVWRUPLVXQQDWXUDOLQRULJLQDQGLVFRPLQJIURP
WKHQRUWKWKHGRPDLQRI WKHLFHJLDQWV
7UDYHOLVEHFRPLQJPRUHDQGPRUHGLIFXOWWKHVQRZ
LVSLOLQJKLJKDQGWKHZROYHVDUHDEURDG7KH\PD\QRW
EHDERXWWREHUHZDUGHGE\DQ\RQHIRUGRLQJDQ\WKLQJ
DERXWLWEXWWKHLURZQOLYHVDUHDWVWDNHDVZHOODVWKRVH
RI WKHSHRSOHRI WKHWRZQVDQGYLOODJHVRI WKLVDUHD,I 
WKH\GRQWPRYHVRRQWKH\OOEHVQRZHGLQDWWKHYLOODJH
ZKHUHWKH\KDYHWDNHQVKHOWHU

7ZLVW
7KHVHODQGVKDYHEHHQVXFFHVVIXODQGIRUVRPHWLPH
ZDJRQVDQGFDUWORDGVRI VHWWOHUVKDYHEHHQH[SDQGLQJ
RXWRI WKHQRUWKHUQERUGHUPDNLQJKRPHVGHHSHUDQG
GHHSHULQWROHVVDQGOHVVKRVSLWDEOHWHUUDLQ2I ODWH
WKHVHQHZVHWWOHPHQWVKDYHEHJXQHQFURDFKLQJRQLFH
JLDQWODQGDQGEHLQJUDWKHUWHUULWRULDOWKHLFHJLDQWV
KDYHGHFLGHGWRGRVRPHWKLQJDERXWLW1DPHO\VKRZ
WKHSHRSOHVRI WKHVRXWKHUQODQGVMXVWKRZDQQR\LQJ
DQGSUREOHPDWLFLWLVWRKDYHVRPHRQHHOVHVHWWOH
RQ\RXUODQG7KHJLDQWVDUHWU\LQJWRIRUFHSHRSOH
LQWRSDUOD\LQJVRWKDWWKH\FDQKDYHWKHLUODQGVWR
WKHPVHOYHV

(SLORJXH
7KHGHIHDWRI WKHLFHJLDQWVPHDQVDQHQGWRWKHLU
PDJLFDQGWKHVXQUHWXUQVWRWKHVN\DQGWHPSHUDWXUHV
EHJLQWRULVH$OODWRQFHWKHJUHDWPDVVRI VQRZDQG
LFHPHOWVFDXVLQJWKHZRUVWRRGVWKHODQGKDVHYHU
VHHQ7KHDGYHQWXUHUVPLJKWEHYLFWRULRXVDQGKHURHV
EXWKRZZLOOWKH\FURVVWKHRRGHGODQGVFDSHDQGZKDW
SUREOHPVPLJKWJHWLQWKHLUZD\DVWKH\WU\WRUHWXUQWR
WKHLUMRXUQH\
,GHDV6WUDQJHFUHDWXUHV
PD\KDYHEHHQHQWUDSSHGLQ
WKHLFHLQWKHQRUWKDQGDVLW
PHOWVPD\EHUHOHDVHGLQWR
WKHRRGZDWHUVWRSUH\RQWKH
YXOQHUDEOHSHRSOH

7ZLVW
7KHLFHJLDQWVKDYHEHHQGULYHQRXWRI WKHLUKRPHODQG
E\VRPHWKLQJPRUHSRZHUIXODQGVFDU\WKDQ
WKHPVHOYHVSHUKDSVDGHPRQSHUKDSVDJUHDWGUDJRQ
RI VRPHNLQGRUSHUKDSVDQDWXUDOGLVDVWHU:KDWHYHU
WKHFDXVHWKHJLDQWVKDYHPRYHGVRXWKLQVHDUFKRI 
VRPHZKHUHQHZWRFDOOWKHLUKRPHDQGLQWXUQLQJWKHLU
ODQGVWRWKHLURZQWDVWHWKH\KDYHEHJXQWRIUHH]HRXW
WKHRWKHUSHRSOHVRI WKHODQGQRWWKDWWKH\FDUH

,GHDV$ODUJHSDUWRI WKH
FKDOOHQJHRI WKLVDGYHQWXUHLVWKH
ZHDWKHU0DNHVXUH\RXSHQDOLVH
SHRSOHIRUQRWKDYLQJWKHULJKW
JHDUDQGPDNHDUHDOSRLQWRI WKH
XQQDWXUDOFROGQHVVDQGKRZLW
DIIHFWVWKHWHUUDLQ

7ZLVW
$GYHQWXUHUVDQGKHURHVIURPWKHVHODQGVKDYHORQJ
UDLGHGWKHIUR]HQGRPDLQRI WKHLFHJLDQWVLQVHDUFKRI 
WUHDVXUHDUWHIDFWVRUWKHNXGRVWKDWDUHWREHHDUQHGE\
VOD\LQJDJLDQW7KHJLDQWVKDYHQDOO\GHFLGHGWR


$GYHQWXUH

7ZLVW
7KHV\PELRQWVDUHEHQHYROHQWHYHQKHOSIXO%RQGLQJ
ZLWKRQHPDNHVWKHYLOODJHUVVWURQJHUKHDOWKLHUDQG
PRUHUHVLVWDQWWRGLVHDVHDVZHOODVSURYLGLQJWKH
V\PELRQWVPXFKVWURQJHUERGLHVWKDQWKRVHWKH\DUH
XVHGWRLQWKHGDQNWXQQHOVXQGHUWKHHDUWK:KLOH
WKLQJVDSSHDUVLQLVWHUDQGWKHYLOODJHUVWU\WRKLGH
WKHLUV\PELRWLFSDUWQHUVWKLVLVIRUIHDURI RWKHUVQRW
XQGHUVWDQGLQJ

0RQNH\RQ0\%DFN
'HVFULSWLRQ
7KHFLW\RI 3UDHWRULVDSRZHUIXOZDOOHGFLW\IDLUO\ULFK
IDLUO\SRZHUIXOZLWKDUHDVRQDEO\VL]HGVWDQGLQJDUP\
DSRZHUIXOFKXUFKDQGDVPDOOFROOHJHRI ZL]DUGU\$V
VXFKLWLVDQLPSHULDOSRZHUE\WKHVWDQGDUGVRI D
FLW\VWDWHZLWKPDQ\RXWO\LQJYLOODJHVDQGWRZQVRZLQJ
3UDHWRUDOOHJLDQFHDQGWULEXWH6RPHRI WKHVHWRZQV
DQGYLOODJHVDUHFORVHE\VRPHIXUWKHUDZD\ZLWKOHVV
FRQWDFWWKDQWKHUHVW

7ZLVW

2QHRI WKHVHUHPRWHYLOODJHVLVZLWKLQDVHULHVRI URFN\


FDQ\RQVDQGJXOOLHVWRWKHZHVWRI 3UDHWRUE\VHYHUDO
GD\VULGH7KHYLOODJHSURYLGHVVRPHRUHJHPVDQG
RWKHUPLQHGSURGXFHWR3UDHWRUEXWLVIDUHQRXJKDZD\
WKDWLWKDVQRUHVLGHQWPDJLVWUDWHRUJXDUGVDQGLVRQO\
UDUHO\YLVLWHGRUWD[HG'HVSLWHLWVUHPRWHQHVVLWKDV
QDOO\FRPHWRWKHDWWHQWLRQRI 3UDHWRUWKDWWKHYLOODJH
KDVQRZEHHQRXWRI FRQWDFWIRUVRPHWLPHSHUKDSV
DZKROH\HDU,WEHLQJVRUHPRWHDQGVRVPDOOWKH\GR
QRWZLVKWRJRWRWKHH[SHQVHRI VHQGLQJDXQLWIURP
3UDHWRUVDUP\WRLQYHVWLJDWHDQGVRWKH\LQVWHDGPDNH
DYDLODEOHVRPHIXQGVWRKLUHVRPHVHOOVZRUGVWRQG
RXWZKDWLVJRLQJRQ7KHVHZRXOGEHRXUSOXFN\
KHURHV
:KDWKDVKDSSHQHGLVWKDWWKHYLOODJHKDVEHHQRYHUUXQ
E\DUDFHRI V\PELRWLFSDUDVLWLFFUHDWXUHVZKRKDYH
WDNHQRYHUWKHERGLHVRI HYHU\RQHWKHUHSRVVHVVLQJ
WKHPDQGWXUQLQJWKHPWRWKHLURZQHQGV:KDWPLJKW
DSSHDUDWUVWWREHDSHDFHIXOYLOODJHZLOOWXUQRXWYHU\
TXLFNO\WREHVRPHWKLQJHOVHHQWLUHO\

7KHV\PELRQWVKDYHDOUHDG\VSUHDGPRYLQJRXWLQ
VKLSPHQWVRI RUHDQGJHPVWKDWWKHYLOODJHKDVVHQW
RXWLQYHVWLQJRWKHUQHDUE\YLOODJHVDQGVHOHFWLYHO\
KLGLQJZLWKLQWKHSRSXODWLRQVRI WKHOHVVYXOQHUDEOH
WRZQVEUHHGLQJVSUHDGLQJDQGWDNLQJFRQWUROZKHUHYHU
WKH\JR

(SLORJXH
,QVSLWHRI FOHDULQJXSWKHPHVVLQWKHYLOODJHDQG
SHUKDSVDIHZRWKHUVPDOOWRZQVDQGYLOODJHVWKH
DGYHQWXUHUVGLVFRYHURQWKHLUWULXPSKDQWUHWXUQWR
3UDHWRUWKDWQRUHZDUGDZDLWVWKHPIRUWKHV\PELRQWV
KDYHDOUHDG\LQOWUDWHGWKHFLW\DQGWDNHQRYHUWKH
UXOHUV7KH\PXVWQGDZD\WRHVFDSHWKHLPPHGLDWH
GDQJHUDQGSHUKDSVWRWKZDUWWKHV\PELRQWWDNHRYHU
RI WKHFLW\EHIRUHWKH\VSUHDGHYHQIXUWKHUDFURVVWKH
ZRUOG
,GHDV6\PELRWLFFUHDWXUHVFDQWDNH
PDQ\IRUPV7KH\PLJKWEHVSLULWOLNH
SRVVHVVLQJEHLQJVRUWKH\PLJKWEH
SK\VLFDO7KH\FRXOGHYHQEHFUHDWXUHV
RI HQHUJ\6RPHSK\VLFDOV\PELRWHV
PLJKWFUDZOLQWRWKHERG\WRFRQWUROLW
RWKHUVPLJKWDWWDFKWRWKHERG\PRVW
OLNHO\WRWKHKHDGRUVSLQDOFRUG

7ZLVW
7KHYLOODJHUVPLQLQJRI WKHFDQ\RQVDQGURFNVKDV
EHHQVKDWWHULQJWKHV\PELRWLFFUHDWXUHVKDELWDQWDQG
VRPHRI WKHJHPVWKDWKDYHEHHQFROOHFWHGDUHLQIDFW
WKHHJJVRI WKHFUHDWXUHV6RPHWKLQJWKHYLOODJHHOGHUV
ZHUHIXOO\DZDUHRI DQGWKDWGLGQRWVWRSWKHPFDUU\LQJ
RQPLQLQJHYHQIRUDVHFRQG7KHV\PELRWLFFUHDWXUHV
DUHDFWLQJPHUHO\WRGHIHQGWKHPVHOYHVDQGWRWDNH
ZKDWWKH\VHHDVDSSURSULDWHUHYHQJHXSRQWKHYLOODJH
DQGUDFHWKDWKDVKDUPHGWKHPVR


,GHDV7KHV\PELRWHVKRXOG
LQFUHDVHWKHWRXJKQHVVDQGUHVLOLHQFH
RI WKRVHLWLQIHFWVGHSHQGLQJRQ
WKHV\VWHPWKLVPLJKWPHDQDQ
LQFUHDVHLQVWUHQJWKW\SHVWDWLVWLFV
DQGKLWSRLQWVRUWKHDELOLW\WRUHVLVW
GDPDJH

$GYHQWXUH

7ZLVW
7KHGHPRQLVNLOOLQJWKHFXOWPHPEHUVEHFDXVHWKH
ELQGLQJSDUWLDOO\VXFFHHGHGLWFDQQRWOHDYHWKLVSODQH
DJDLQXQWLODOOWKHFXOWPHPEHUVDUHGHDG7KHRQO\
RWKHUZD\WRJHWULGRI LWLVGHVWUR\LQJLWDQHQGLQJLW
LVQWWRRNHHQRQVHHLQJKDSSHQ

'HPRQ6WDONHU
'HVFULSWLRQ
$VWUDQJHVHULDONLOOHULVVWDONLQJWKHVWUHHWVDQGDOOH\VRI 
WKHFLW\NLOOLQJDVWUDQJHDVVRUWPHQWRI YLFWLPVQRQHRI 
ZKRPVHHPWREHLQWHUUHODWHGLQDQ\GLVFHUQDEOHZD\
7KUHHKDYHDOUHDG\GLHGNLOOHGE\EHLQJFUXVKHGRU
EXUQHGDQGDOORI WKHPZLWKKDQGVKDSHGEXUQPDUNV
DGRUQLQJWKHLUERG\7KHVHFRQGWZRDSSHDUWRKDYH
EHHQH[SHFWLQJVRPHWKLQJWRFRPHDIWHUWKHPDQGWKHLU
KRXVHVKDGEHHQEURNHQLQWRDQGWKHUHZHUHGHQLWH
VLJQVRI DVWUXJJOH
7KHSHRSOHZKRDUHG\LQJGRKDYHDFRPPRQ
FRQQHFWLQJWKUHDGEXWLWLVRQHWKDWZLOOKDYHWRFRPH
RXWIURPLQYHVWLJDWLRQWKRURXJKVHDUFKLQJDQGLWLVD
FRQQHFWLRQWKDWZLOOQRWHDVLO\EHUHYHDOHG$OORI WKRVH
ZKRKDYHGLHGDQGZKRDUHJRLQJWRGLHDUHPHPEHUV
RI DVHFUHWLYHFXOWZLWKLQWKHFLW\7KDWFXOWLVRQHWKDW
KDVVRXJKWWREHWWHULWVSRVLWLRQLQWKHFLW\WKURXJKWKH
XVHRI GHPRQLFDUWV:KRHYHULVVWDONLQJWKHPGRHV
QRWVHHPWRDSSURYHRI WKHLUPHPEHUVKLSLQWKDWRUGHU
DQGFRXOGEHDULJKWHRXVDQGKRO\FOHULFDIRUPHUFXOW
PHPEHURUVRPHWKLQJHYHQZRUVH
7KHUHDUHWHQPRUHFXOWPHPEHUVDQGWKH\KDLOIURP
DOPRVWDOOZDONVRI OLIHWKDWH[LVWDERYHWKHOHYHORI 
SHDVDQW2QHDSSHDUVWRGLHHDFKDQGHYHU\QLJKWVR
WKHUHDUHWHQGD\VWRVROYHWKHFULPH7KHZDWFKLV
EDIHGDQGXQDEOHWRGHDOZLWKVXFKDSUREOHPDQGWKH
UHPDLQLQJPHPEHUVRI WKHFXOWKDYHFOXEEHGWRJHWKHU
VRPHPRQH\DQGRIIHUHGLWWRDGYHQWXUHUVWKURXJKDQ
LQWHUPHGLDU\WRWU\DQGVDYHWKHLUVNLQV

7ZLVW
7KHELQGLQJGLGDFWXDOO\ZRUNEXWWKHOHDGHURI WKHFXOW
LVDVPDUWHUIHOORZWKDQKHDSSHDUV(YHQWKHGHPRQ
GRHVQWNQRZWKDWLWLVDFWXDOO\GRLQJKLVELGGLQJE\
ZLSLQJRXWWKHUHVWRI WKHFXOW7KLVZLOOOHDYHKLPWKH
VROHEHQHFLDU\RI WKHSDFWKHPDGHZLWKWKHGHPRQ
GLUHFWO\XQGHUKLVFRQWUROIRUHYHUPRUH

(SLORJXH
7KHDFWLYHPHPEHUVKLSRI WKHFXOWLVJUHDWHUWKDQLWV
SULHVWKRRGDQGZLWKWKHSULHVWKRRGHOLPLQDWHGDQG
GHVWUR\HGHLWKHUE\WKHDGYHQWXUHUVRUWKHGHPRQLWVHOI 
WKHORZHUFODVVEXWPRUHZLGHVSUHDGPHPEHUVRI WKH
FXOWWDNHFKDUJH7KLVQHZSULHVWKRRGOHDUQVIURPLWV
SDVWPLVWDNHVDQGZRUNVPRUHVORZO\WRZDUGVDPRUH
SRZHUIXODQGSURSHUO\H[HFXWHGGHPRQVXPPRQLQJ
7KHSOD\HUVVRPHKRZJHWZLQGRI WKLVDQGPXVW
FRPEDWDODUJHUPRUHFRPSHWHQWFXOWZKRVHPHPEHUV
FRXOGEHOLWHUDOO\DQ\RQH
,GHDV$VDQDOWHUQDWLYHWR
NLOOLQJWKHFXOWPHPEHUVLQRUGHU
WRJHWKRPHWKHGHPRQPLJKWEH
NLOOLQJWKHPLQDQH[WHQGHGULWXDO
RI VRPHVRUWWU\LQJWREULQJ
RWKHUVRI LWVNLQGDFURVVWRWKH
FLW\WRGHVSRLODQGGHVWUR\LW

7ZLVW

,GHDV7KHFXOWDQGLWV
V\PSDWKLVHUVFRXOGEHHYHU\ZKHUH
ZDWFKLQJWKHFKDUDFWHUVHYHU\
PRYH,I \RXKDYHVRPHRQH
QHZMRLQLQJWKHJURXSRUDQHZ
FKDUDFWHUMRLQLQJWKHSDUW\LWPLJKW
EHIXQIRUWKHPWRSOD\DPHPEHU
RI WKHFXOW

7KHFXOWVXFFHVVIXOO\VXPPRQHGDGHPRQVHHNLQJ
WRELQGLWWRWKHLUZLOOWRSURYLGHWKHPZLWKIDPH
DQGIRUWXQHDOOVWHPPLQJIURPWKHLUGHPRQLFDLGH
:KLOHWKH\VXFFHHGHGLQWKHVXPPRQWKH\IDLOHGLQ
WKHELQGLQJ7KHVWDONLQJSUHVHQFHWKDWLVNLOOLQJRII 
WKHFXOWPHPEHUVRQHE\RQHLVQRWKLQJOHVVWKDQWKDW
VXPPRQHGGHPRQLWVHOIDQJU\DWWKHWHPHULW\RI WKHVH
DPDWHXUVWU\LQJWRFRQWUROLW


$GYHQWXUH

7ZLVW

5REELQ,QWKH+RRG
'HVFULSWLRQ
$QLPSRUWDQWWUDGHURDGSDVVHVWKURXJKWKHGHHSDQG
DQFLHQW+RRGHG:RRGDGHFLGXRXVIRUHVWWKDWVSDQV
PDQ\PLOHVDQGZKRVHGHSWKVKDYHQHYHUEHHQIXOO\
H[SORUHG7KHIRUHVWSOD\VKRVWWRPDQ\OHJHQGVDQGLW
LVVDLGWKDWZDONLQJWUHHVDQGEDQGVRI IDHULHVLQKDELWLWV
GDUNDQGPXVW\GHSWKV7KHVHVWRULHVPD\EHWUXHEXW
RQHWKLQJLVIRUFHUWDLQWUDGLQJFDUDYDQVDQGZDJRQV
WKDWKDYHEHHQWDNLQJWKHURDGKDYHEHHQVXEMHFWHGWR
DQDSSDOOLQJQXPEHURI DWWDFNVDQGUDLGVRI ODWH
2XWODZVDQGEDQGLWVKDYHLQIHVWHGWKHIRUHVWDQGDUH
UREELQJEOLQGMXVWDERXWDQ\WKLQJWKDWSDVVHVWKURXJK
WKHZRRGV7KHJURXSLVODUJHZHOORUJDQLVHGKHURHV
WRWKHORFDOYLOODJHVDQGWKH\KDYHDVWURQJDQGLQVSLULQJ
OHDGHUDWWKHLUKHDG7KH\NQRZQRWWRVWDQGDQG
JKWZKHQJXDUGVPHQDUHVHQWDORQJZLWKWKHZDJRQV
VWULNLQJZLWKDUURZVIURPFRYHUJUDEELQJWKHLUORRWDQG
WKHQPHOWLQJDZD\LQWRWKHGDUNZRRGVZKHUHIHZGDUH
IROORZWKHP
$JURXSRI ZDJRQPDVWHUVDQGWUDGHVPHQDUHVHDUFKLQJ
IRUDGYHQWXUHUVZKRDUHZLOOLQJWRWDNHWKHULVNRI 
URRWLQJRXWWKHVHEDQGLWVDQGSXWWLQJSDLGWRWKHP,W
LVKRSHGDVPDOOVNLOOHGJURXSPLJKWVXFFHHGZKHUH
XQLWVRI LQIDQWU\DQGFDYDOU\KDYHIDLOHGFRPSOHWHO\

7KHZKROHKHURWKLQJLVDFRPSOHWHVFDP7KHRXWODZV
DUHDEXVLQJWKHKRVSLWDOLW\DQGZRUVKLSWKH\JHWIURP
WKHYLOODJHUVKDQGLQJRXWRQO\WKHWLQLHVWIUDFWLRQRI 
ZKDWWKH\WDNHDQGSHULRGLFDOO\OHDYLQJWKHIRUHVWDQG
ZKRRSLQJLWXSLQWKHQHDUE\FLWLHVZLWKWKHLULOOJRWWHQ
JDLQV,I WKH\FDQEHVKRZQXSDVIUDXGVDQGOLDUVWKH
YLOODJHUVVXSSRUWZRXOGPHOWDZD\DQGWKH\ZRXOGQWEH
DEOHWRFRQWLQXHWRVXFKHIIHFWDQGLQVXFKQXPEHUV

7ZLVW
7KHEDQGLWVDQGWKHWD[DWLRQLPSRVHGE\WKHORFDOFLWLHV
LVLQDVRUWRI VSLUDO7KHEDQGLWVZHUHWKHUHUVWDQG
WKHLUDFWLRQVOHDGWKHFLWLHVWRLQFUHDVHWD[DWLRQWRFRYHU
WKHLUORVVHVZKLFKLQWXUQPHDQWPRUHSHRSOHEHFDPH
EDQGLWVDQGWKH\WRRNPRUHWRFRPSHQVDWHIRUWKH
ORVVHVWRWD[DWLRQDQGVRRQ7KHFLWLHVKDYHPDGHWKHLU
RZQSUREOHPDQGQRWKLQJLVJRLQJWRSUHYHQWRXWULJKW
EDQGLWU\IURPFRQWLQXLQJHYHQLI WKHSDUW\FOHDUVWKHP
RXW7KHRQO\ZD\WRUHGXFHLWLVWRUHGXFHWKHFDXVH

(SLORJXH
'HVSLWHWKHSDUW\VEHVWHIIRUWVWKHWDOHVRI WKHEDQGLWV
VSUHDGLQVSLULQJRWKHUV6RRQHYHU\GLVFRQWHQWPLOOHUV
VRQIRUPLOHVDURXQGLVGUHDPLQJRI WKHURPDQWLFOLIH
RI WKHEDQGLWDQGWKHKLOOVURDGVDQGYDOOH\VDUHVRRQ
DEVROXWHO\ORXV\ZLWKZDQQDEHV7KH\HYHQEHJLQ
WRFXWLQRQDQGGLVFUHGLWWKHDGYHQWXULQJPDUNHWDV
EDQGLWU\DQGDGYHQWXULQJDUHFORVHO\DVVRFLDWHGLQWKH
PLQGVRI PDQ\SHDVDQWV7LPHVEHFRPHWRXJKXQOHVV
WKHSDUW\FDQGRVRPHWKLQJWRGHIXVHWKHOHJHQG

7ZLVW
7KHIRUHVWYLOODJHVDUHWD[HGRIWHQDQGYHU\KHDYLO\
E\WKHPDJLVWUDWHVRI WKHODQGWKH\DUHHVSHFLDOO\
YXOQHUDEOHDVWKH\OLYHDORQJWKHWUDGHURDGDQGH[FLVH
PHQSDVVWKHPDOOWKHWLPH:KDWZHDOWKWKH\DFFUXH
IURPWKHJRRGIRUWXQHRI WKHLUSRVLWLRQLQJLVVRRQ
ORVWEHFDXVHRI WKHLUYLVLELOLW\7KH\DOVRHDUQWKHLU
NHHSIURPWKHIRUHVWDQGVRZKHQWKHWRZQVDQGFLWLHV
HLWKHUVLGHRI WKHIRUHVWEHJLQWRWDONDERXWFOHDUDQFHV
WRUHGXFHWKHQXPEHURI PRQVWHUVSODJXLQJWKHDUHD
WKH\DUHDOVRWDONLQJDERXWVWULSSLQJDZD\WKHYLOODJHUV
OLYHOLKRRG0RVWRI WKHVHEDQGLWVWXUQRXWWREH
IUHHGRPJKWHUVIURPWKHGLVJUXQWOHGYLOODJHVWU\LQJ
WRPDNHEDFNZKDWWKH\KDYHORVW

,GHDV7KHIRUHVWFDPSRI WKH
EDQGLWVFDQPDNHDJUHDWVHWSLHFH
7UHHKRXVHVODGGHUVURSHEULGJHV
YLQHVDQGVZLQJLQJIURPWUHHWRWUHH
FDQDOOEHGUDPDWLFDQGXVHIXO'RQW
IRUJHWWROOWKHIRUHVWZLWKVQDUHV
DQGWUDSVDVZHOO



$GYHQWXUH

RQO\ZLWKSLFNV(DV\

:KLSV=LSV&OLSV &KDLQV

7ZLVW

'HVFULSWLRQ
%\IDLUPHDQVRUIRXODFRVKRQWKHEDFNRI WKHKHDGD
GUXJJHGGULQNJDVLQDQLQHVFDSDEOHURRPVRPHWKLQJ
OLNHWKDWWKHFKDUDFWHUVDUHUHQGHUHGLQVHQVLEOHVWULSSHG
RI DOOWKHLUHTXLSPHQWSXWLQFKDLQVDQGWKHQSXWWR
ZRUNRQVRPHNLQGRI VODYHODERXUSURMHFW

7KH\DUHEXLOGLQJDPDVVLYHFXUVHDQGWUDSOOHGWRPE
IRUWKHIDOOHQNLQJRI WKHODQG:KHQLWLVFRPSOHWHG
DQGKHLVODLGWRUHVWWKHZRUNHUVZLOOEHKHUGHGLQWRWKH
WRPEDQGORFNHGLQWRVHUYHDVKLVXQGHDGJXDUGLDQV
IRUDOOHWHUQLW\8QOHVVWKH\FDQHVFDSHRI FRXUVHEXW
WKRVHZRUNHUVZKRGLHDORQJWKHZD\ZLOOULVHDJDLQDV
JXDUGLDQV

(SLORJXH

7KHZRUNLVDUGXRXVDQGGLIFXOWWKHIRRGKRUULEOH
DQGWKHFKDLQVDQGORFNVVRPHRI WKHEHVWDYDLODEOH
7KH\DUHZDWFKHGDWDOOWLPHVE\ZHOODUPHGDQG
DUPRXUHGJXDUGVZLWKZKLSVDVZHOODVFRQYHQWLRQDO
ZHDSRQVHQVXULQJWKDWHYHU\RQHJRHVDERXWWKHLUZRUN
VZLIWO\DQGDVVLGXRXVO\

5HOHDVHGHVFDSHGRURWKHUZLVHRXWRI WKHEHLQJD
VODYHEXVLQHVVWKHFKDUDFWHUVPDNHWKHLUZD\EDFNWR
FLYLOLVDWLRQDQGUHFRYHUVRPHRI WKHLUIRUPHUVWDQGLQJ
DQGZHDOWK$IHZPRQWKVODWHUZKRVKRXOGWKH\
KDSSHQWRUXQLQWREXWWKHYHU\SHRSOHZKRPDGHWKHP
LQWRVODYHVLQWRWKHUVWSODFH1RKDUGIHHOLQJVHK"

7KRVHZKRWU\WRHVFDSHDUHNLOOHGDQGWKHLUKHDGV
SXWRQSROHVDWWKHHGJHRI WKHZRUNDUHDWRGLVVXDGH
RWKHUVIURPDVLPLODUFRXUVHRI DFWLRQ7KLVVKRXOG
SUREDEO\KDSSHQVRRQDIWHUWKHFKDUDFWHUVDUULYHLQ
RUGHUWRPDNHDSURSHULPSUHVVLRQRQWKHP

,GHDV2QHRI WKHPDLQWKLQJVWKDWFDQ
VSRLOWKLVW\SHRI DGYHQWXUHLVPDJLF
KRZHYHU\RXGRQWZDQWWRFULSSOH
PDJLFWRRPXFKRU\RXOOXSVHWDQ\
PDJHSOD\HUV'HSHQGLQJRQWKHV\VWHP
WKHLUFKDLQVPLJKWLQKLELWFHUWDLQW\SHV
RI PDJLFRU\RXFRXOGWWKHPZLWKD
PDJLFDOFRQWUROFROODUWKDWZLOOVOD\WKHP
LI WKH\GRQWIROORZRUGHUV

7ZLVW
2QHRI WKHRYHUVHHUVPDOHRUIHPDOHWDNHVDFDUQDO
LQWHUHVWLQRQHRI WKHFKDUDFWHUVPDOHRUIHPDOH7KH\
ZLOOWU\EHLQJQLFHUVWWKRXJKWKHLPSRVLWLRQRI WKHLU
DIIHFWLRQVPD\EHFRPHVWURQJHUDQGPRUHLQVLVWHQW
LI WKH\DUHUHEXIIHGDQGIRXJKWDJDLQVWFRQVWDQWO\$
URPDQWLFRUSK\VLFDOHQWDQJOHPHQWZLWKWKLVRYHUVHHU
PD\JLYHWKHFKDUDFWHUVMXVWWKHRSSRUWXQLW\WKH\QHHG
WRDIIHFWDQHVFDSH

,GHDV7KHVHFRQGW\SHRI WKLQJWKDW
FDQVSRLOWKLVW\SHRI DGYHQWXUHDUH
WKLHI FKDUDFWHUVPDQ\RI ZKRPDUHVR
SURFLHQWWKH\FRXOGRSHQDQDUPRXUHG
VDIHZLWKQRWKLQJEXWDKDQJQDLO2QH
ZD\WRSUHYHQWWKHPLVWRPDNHWKHFKDLQV
PDJLFDORUWRGHSULYHWKHPRI WRROV7KH\
FRXOGDOVRKDYHWKHLUQJHUVEURNHQWR
UHGXFHWKHLUDELOLW\WRSLFNORFNVRUKDYH
WKHLUKDQGVERXQGWRUHGXFHPRELOLW\

7ZLVW
2QHRI WKHLUIHOORZVODYHODERXUHUVNQRZVWKDWWKH
DUHDWKH\DUHZRUNLQJLQKDUERXUVDKLGGHQWUHDVXUH
7KLVFRXOGOLHLQDQDQFLHQWWRPERULQVRPHFDYHV
QHDUZKHUHWKH\DUHGLJJLQJ7KHWUHDVXUHZRXOGEH
PRUHWKDQHQRXJKWREULEHVRPHJXDUGVWRJHWWKHP
DZD\RULWPD\EHSRVVLEOHWKDWWKHWRPEKDVZHDSRQV
DQGVRPHWKLQJWKH\FDQXVHWREUHDNWKHLUFKDLQV$OO
WKH\KDYHWRGRLVGLJGRZQWRLWGLVDSSHDULQWRLW
XQGHWHFWHGJKWWKHLUZD\SDVWZKDWHYHULQIHVWVLWDQG
UHPRYHWKHWUHDVXUH$OOZKLOHLQFKDLQVDQGDUPHG


$GYHQWXUH

UDGLDQWTXDOLW\WKDWWKH\KDYH+HQRZZLVKHVWRVWXG\
WKHKDUG\EUHHGRI DGYHQWXUHUVDQGWKLVPRQVWHU
FDSWXUHPLVVLRQLVDWHVWWRVHHZKDWSDUWLHVPLJKWPHHW
KLVSHFXOLDUUHTXLUHPHQWV

7KH&ROOHFWRU

7ZLVW
'HVFULSWLRQ
%DURQ&KULVWROSK9RQ7DQQHKROPLVDQDYLGFROOHFWRU
DQDYLGFROOHFWRURI GDQJHURXVPRQVWHUVDQGEHDVWV,Q
DQDGMXQFWWRKLVFDVWOHDWRSWKHPRXQGLQWKHFHQWUH
RI 7DQQHKROPKHKRXVHVPDQ\RI WKHEHDVWVDQG
FUHDWXUHVIURPWKHVXUURXQGLQJODQGVEXWDOZD\VKH
UHTXLUHVFROOHFWLRQVRI WKHPRUHUDUHRI WKHH[RWLFDQG
VRPHWLPHVEUHHGLQJSDUWQHUVIRUWKHKLGHRXVFUHDWXUHV
KHDOUHDG\KDVXQGHUORFNDQGNH\

2QWKHLUWUDYHOVWKHDGYHQWXUHUVPHHWXSZLWKRQHRI 
WKHFUHDWXUHVWKDWWKHEDURQZLVKHVIRUKLV]RR7KH
PRQVWHULVLQWHOOLJHQWDQGFDSDEOHRI VSHHFKDQGWULHVWR
SULFNWKHFKDUDFWHUVFRQVFLHQFHVDERXWWKHSOLJKWRI LWV
PDWHLQWKHEDURQV]RRWU\LQJWRPDNHWKHPWXUQWKHLU
PLVVLRQDERXWWRIUHHWKHSRRUDQLPDOVLQWKHEDURQV
FOXWFKHV(YHQLI VRPHRI WKHDQLPDOVZLOODVKDSSLO\
ELWH\RXUIDFHRII DVORRNDW\RX

7ZLVW

7DQQHKROPKDVEHLQJGRLQJZHOOUHFHQWO\DQG
WKHLQFUHDVHGWD[UHYHQXHKDVJLYHQWKHEDURQD
FRQVLGHUDEO\ODUJHUDPRXQWRI GLVSRVDEOHFDVKWKDQ
KHLVXVHGWRKDYLQJ7KLVPRQH\LVWKHUHIRUHEHLQJ
XVHGWRQDQFHVRPHFRQVWUXFWLRQWRLQFUHDVHWKHVL]H
RI KLVPHQDJHULHDQGWRKLUHVRPHZLOOLQJDGYHQWXUHUV
WRJRIRUWKDQGKHOSQGPRUHH[RWLFDQGGDQJHURXV
FUHDWXUHVWRVWRFNKLV]RR

:KHQWKH\DUULYHEDFNZLWKWKHLUFDSWLYHVWKH\GLVFRYHU
7DQQHKROPLQXSURDUDQGGLVPD\ZLWKUHVPREV
RQWKHVWUHHWDQGWKHEDURQKROHGXSLQKLVFDVWOH
7KHPRQVWHUVLQKLVPHQDJHULHKDYHHVFDSHGDQGDUH
WHUURULVLQJWKHWRZQ+HZLOOSD\OLWHUDOO\DQ\WKLQJIRU
WKHLUUHFDSWXUHEXWWKHSHDVDQWVZRXOGPXFKUDWKHUWKH\
ZHUHDOONLOOHGEHIRUHWKH\HDWPRUHLQQRFHQWWRZQVIRON
:KDWGR\RXGR"

6WRSSLQJRII LQWKHSURVSHURXVDQGEXVWOLQJ
7DQQHKROPEHWZHHQRWKHUHVFDSDGHVWKHSDUW\PLJKW
SHUKDSVKHDURI WKHEDURQVREVHVVLRQDQGEHGUDZQ
WRWKHULFKUHZDUGVKHVRIIHULQJIRUDVVLVWDQFHLQOOLQJ
RXWKLV]RR

(SLORJXH
7KHEDURQUHPDLQVLQFRQWDFWZLWKWKHDGYHQWXUHUV
E\FDUULHUSLJHRQFU\VWDOEDOOWHOHSDWK\RUVLPSOH
SRVWOHDYLQJPHVVDJHVIRUWKHPLQLQQVDQGKRVWHOULHV
WKURXJKRXWWKHFRXQWU\(YHU\WLPHKHJHWVLQWRXFK
LWLVDERXWWKHFDSWXUHDQGUHWXUQRI VRPHQHZNLQG
RI PRQVWHU7KLVFDQIRUPPDQ\IXWXUHKRRNVIRUWKH
SDUW\DVWKHEDURQJHWVPRUHDQGPRUHLPSUHVVHGDQG
PRUHDQGPRUHGHPDQGLQJRI WKHLUVHUYLFHV

7KHEDURQLVDFRUGLDODQGOLNHDEOHFKDSWKRXJKKHZLOO
WHQGWRJRRQDQGRQDWOHQJWKDERXWWKHDQLPDOVDQG
PRQVWHUVLQKLVSRVVHVVLRQJLYHQKDOI DFKDQFH+H
ZLOOSURYLGHWKHDGYHQWXUHUVZLWKDOLVWRI WKHFUHDWXUHV
KHGHVLUHVWRDGGWRKLVPHQDJHULHDQGWKHUHZDUGV
KHLVZLOOLQJWRSD\IRUHDFK,I QHFHVVDU\KHZLOODOVR
SURYLGHWKHPZLWKVSHFLDOHTXLSPHQWWKDWFDQEHXVHG
WRFDSWXUHDQGWUDQVSRUWVXFKFUHDWXUHVDWDEDUJDLQ
SULFH

,GHD&DSWXULQJDFUHDWXUHFDQ
EHPXFKKDUGHUWKDQNLOOLQJ
RQH,QFUHDVHH[SHULHQFHDZDUGV
DFFRUGLQJO\DVZHOODVFKRRVLQJ
VOLJKWO\ZHDNHUPRQVWHUVWKDQ\RX
QRUPDOO\ZRXOG

7ZLVW
7KH%DURQGRHVQWRQO\FROOHFWPRQVWHUVKHFROOHFWV
SHRSOHWKHVWURQJHVWWKHPRVWIDPRXVWKHPRVW
EHDXWLIXOWKHPRVWVNLOIXO7KHVHKHFROOHFWVLQD
VHSDUDWHPHQDJHULHDQGREVHUYHVDQGVWXGLHVWU\LQJWR
XQGHUVWDQGWKHKXPDQFRQGLWLRQDQGWU\LQJWRZRUN
RXWZKDWJLYHVWKHKHURHVRI WKHODQGWKDWVSHFLDO


$GYHQWXUH

WRSLOHXSZLWKVROGLHUVEHLQJDWWDFNHGDFFLGHQWDOO\
VKRWE\PHQRXWKXQWLQJRUEHDWHQWRGHDWKLQEDU
EUDZOVWKDWVXGGHQO\LQYROYHHYHU\RQHLQWKHYLOODJH
+RZGR\RXUHVWRUHSHDFHZKLOHJDLQLQJWKHUHVSHFW
RI DSRSXODFHZKRKDWHV\RXZLWKHYHU\EUHRI WKHLU
EHLQJ"

:DULWV)DQWDVWLF
'HVFULSWLRQ
/HSVWHLQDQG:DVVHUODQGWDUHJRLQJWRZDU7KH
WHQVLRQVDORQJWKHERUGHUVRI WKHWZRFRXQWULHVKDYH
LQFUHDVHGDQGLQFUHDVHGRI ODWHXQWLOQDOO\DQLQFLGHQW
XSRQWKDWVDPHERUGHUKDVWKURZQERWKFRXQWULHVLQWR
WKHWXUPRLORI ZDU$UPLHVDUHPDVVLQJPHUFHQDULHV
DUHEHLQJKLUHGDQGPHQDUHEHLQJWDNHQIURPWKHLU
YLOODJHVJLYHQVSHDUVDQGWROGWRVWDQGLQURZV1RZ
LVWKHWLPHRI SUHSDUDWLRQEXWVRRQERWKQDWLRQVZLOO
FODVKDQGEHJLQWKHSURFHVVRI GHVWUR\LQJHDFKRWKHU

7ZLVW
(YLGHQFHJUDGXDOO\PRXQWVXSRYHUVHYHUDOEDWWOHV
WKDWWKHWZRVLGHVKDYHEHHQPDQLSXODWHGE\DWKLUG
SDUW\LQWRFODVKLQJZLWKHDFKRWKHUIRUVRPHUHDVRQ
$IWHUWKHODVWEDWWOHWKHFKDUDFWHUVKDYHQDOO\DPDVVHG
HQRXJKHYLGHQFHWKDWWKH\NQRZZKRWKLVWKLUGSDUW\
LV$SRZHUIXOQHFURPDQFHUZKRLVYLVLWLQJWKHVLWHV
RI HDFKEDWWOHDIWHUWKHWURRSVKDYHPRYHGRQDQGLV
UDLVLQJWKHLUGHDGWRFUHDWHDWKLUGXQGHDGDUP\ZLWK
ZKLFKKHSODQVWRWDNHRYHUERWKFRXQWULHVZKHQWKH\
KDYHZHDNHQHGWKHPVHOYHVEH\RQGUHFRYHU\7KHLU
VXSHULRUVZLOOQRWOLVWHQLQWHQWDVWKH\DUHXSRQWKH
GHVWUXFWLRQRI WKHSHUFHLYHGHQHP\,I DQ\RQHLVJRLQJ
WRGRDQ\WKLQJDERXWWKLVDQGVWRSWKHZDULWZLOOKDYH
WREHWKHFKDUDFWHUV

7KHFKDUDFWHUVDUHFDXJKWXSLQWKLVRQHZD\RUWKH
RWKHU3UHVVJDQJHGLQWRJKWLQJIRURQHVLGHRUWKH
RWKHUKLUHGRQDVPHUFHQDULHVRUHYHQJHQXLQHO\EHLQJ
SDUWRI RQHRI WKHDUPLHVWKDWDUHJKWLQJFDOOHGXSWR
GHIHQGWKHLUQDWLRQDJDLQVWWKHHQHP\
:DUVKRXOGDFWXDOO\IRUPDSUHPLVHIRUDVHULHVRI 
DGYHQWXUHVEURXJKWWRJHWKHUWRIRUPDFDPSDLJQ
'LIIHUHQWW\SHVRI EDWWOHFDQEHXVHGWRPDLQWDLQ
LQWHUHVWDQGWKLQJVVKRXOGDOZD\VEHIRFXVVHGRQ
WKHVPDOODUHDRI WKHEDWWOHLQZKLFKWKHSOD\HUVDUH
LQYROYHGKHOSLQJWKHPWRVZD\HYHQWVRQHZD\RUWKH
RWKHU%DWWOHVFDQEHKHOGLQPDQ\GLIIHUHQWW\SHVRI 
WHUUDLQDWVHDLQPRXQWDLQVRQDWSODLQVLQDPRQJVW
IRUHVWVRUWKH\FDQEHVLHJHVRI WRZQVRUIRUWLFDWLRQV

(SLORJXH
7HQVLRQVUHPDLQH[WUHPHO\KLJKEHWZHHQWKHWZR
FRXQWULHVHYHQDIWHUWKHZDULVFRPSOHWHGDQGHYHQLI 
RQHRI WKHFRXQWULHVLVGHIHDWHG:LWKLQD\HDURUWZR
RI WKHHQGRI KRVWLOLWLHVWKLQJVEHJLQWREXLOGRQFH
PRUHWRZDUGVHLWKHUZDURUUHYROXWLRQ7KHFKDUDFWHUV
DUHVHQWZLWKDGLSORPDWIURPWKHLUFRXQWU\WRVSHDNWR
WKHULYDONLQJRUWKHOHDGHUVRI WKHSHRSOHLQRUGHUWR
SUHYHQWPRUHEORRGVKHG-XVWWRPDNHPDWWHUVZRUVH
WKHLUGLSORPDWLVDVVDVVLQDWHGRQWKHURDGLQWRWKH
RWKHUFRXQWU\E\DQH[WUHPHIDFWLRQRI WKHDUP\RUWKH
UHYROXWLRQDULHV7XUQLQJEDFNLVLPSRVVLEOHWKH\ZLOO
KDYHWREHFRPHWKHGLSORPDWVDQGVXHIRUSHDFHZKLOH
ZDUGLQJRII DGGLWLRQDODWWDFNV

7ZLVW
)LJKWLQJKDUGWKHFKDUDFWHUVRYHUFRPHDXQLWRI 
RIFHUVIURPWKHHQHP\VLGH6HDUFKLQJRUORRWLQJ
WKHIDOOHQWKH\FRPHXSRQVRPHGLVSDWFKHVWKDWWKH
RIFHUVKDG7KHVHQRWHVDQGSDSHUVVHHPWRLQGLFDWH
WKHH[LVWHQFHRI DFRQVSLUDF\ZLWKLQWKHDUP\RI WKH
HQHP\WKDWHQJLQHHUHGWKHERUGHULQFLGHQWLQRUGHUWR
PDQLSXODWHWKHLUQRUPDOO\SHDFHORYLQJ.LQJLQWRZDU
:KDWVKRXOGEHGRQHZLWKWKLVLQIRUPDWLRQ"

7ZLVW
7KHFKDUDFWHUVXQLWLVOHIWEHKLQGWRVHFXUHRQHRI WKH
HQHP\WRZQVRUYLOODJHVWKDWKDVEHHQWDNHQGXULQJ
WKHZDU7KHWRZQVIRONDUHH[WUHPHO\KRVWLOHDQG
XQZHOFRPLQJDQGVRRQDFFLGHQWVDQGLQFLGHQWVEHJLQ


$GYHQWXUH

7ZLVW

)RRG*ORULRXV)RRG
'HVFULSWLRQ
7KHFURSVKDYHFRPSOHWHO\IDLOHGHLWKHUIURPGLVHDVH
EDGZHDWKHUEXUQLQJE\HQHPLHVRUGDUNPDJLF7KH
ODQGLVVWHULOHWKLVKDUYHVWDQGIRUPDQ\OHDJXHVDURXQG
WKHUHZLOOEHVWDUYDWLRQWKLVZLQWHUXQWLOWKHVSULQJDQG
VXPPHUFURSVEXUVWIRUWK,QQVKDYHQRWKLQJIDUPV
RQO\KDYHWKHLUVHHGDQGWKDWPXVWEHVWRUHGWRKRSH
IRUDJRRGKDUYHVWQH[W\HDU3HRSOHKDYHEHFRPH
VWDUYLQJDQGGHVSHUDWH:KDWIRRGWKHUHLVLVEH\RQG
WKHFDSDFLW\RI SHDVDQWVWREX\DQGQREOHVDUHKRDUGLQJ
HYHU\WKLQJWKH\KDYH3HWVDUHEHLQJNLOOHGDQGHDWHQ
DQGWKHEOLJKWKDVDOVRDIIHFWHGZLOGDQLPDOVDQG
PRQVWHUVZKRKDYHEHJXQWRSUH\FORVHUDQGFORVHUWR
KXPDQKDELWDWLRQ
,QWRWKLVEDFNJURXQGRI GHVSDLUDQGVWDUYDWLRQFRPH
WKHFKDUDFWHUVZKRZLOOQGLWGLIFXOWWRUHVXSSO\
DQGZKRZLOOEHEHVHWE\EHJJDUVDQGWKHGHVSHUDWH
SRRUZKHUHYHUWKH\JRGHVSHUDWHIRUDFUXVWIURPWKHLU
UDWLRQVRUVRPHJROGVRWKDWWKH\PLJKWEHDEOHWR
DIIRUGVRPHWKLQVRXS
7KHVWDUYDWLRQDQGGHVSHUDWLRQZLOOEHHYHQZRUVH
LQWKHFLWLHVZKHUHWKHUHDUHQRIDUPVDQGWKHUH
DUHOHVVSHWV,QWKHZRUVWUHJLRQVDQGLQWKHZRUVW
FLUFXPVWDQFHVVRPHSHRSOHPD\KDYHWXUQHGWR
FDQQLEDOLVP

6WDUYLQJPRQVWHUVDQGDQLPDOVDUHOD\LQJDQH[WUHPH
DPRXQWRI SUHVVXUHXSRQWKHODQGHVSHFLDOO\DVWURRSV
FDQQRWEHDGHTXDWHO\SURYLVLRQHGWRPRYHWKHPDFURVV
WKHODQG$ERXQW\RI IRRGDQGJROGKDVWKHUHIRUH
EHHQSODFHGIRUWKHKHDGVRI PDUDXGLQJPRQVWHUV
$VDQRWKHUERQXVVODLQPRQVWHUVDQGDQLPDOVPHDQV
PHDWZKLFKFDQKHOSVWDYHRII VWDUYDWLRQIRUPDQ\
FRPPXQLWLHV7KLVLVDJRRGRSSRUWXQLW\WRGRVRPH
JRRGHDUQVRPHFDVKDQGOO\RXUEHOOLHVDWWKHVDPH
WLPH

7ZLVW
7UDYHOOLQJWKHZDVWHGDQGSDUFKHGODQGGHYRLGRI IRRG
DQGUXQQLQJORZRQWKHLURZQUDWLRQVWKHFKDUDFWHUV
FRPHWRDIDUPLQJYLOODJHRQFHSURVSHURXVQRZWKH
VLJKWRI WRWDOO\DEMHFWVWDUYDWLRQ7KHYLOODJHLQQRIIHUV
ZKDWKRVSLWDOLW\LWFDQEXWWKDWLVPHDJUHHYHQWKH
DOHWDVWHVVSRLOHG:KDWWKHFKDUDFWHUVVRRQFRPHWR
UHDOLVHLVWKDWWKHYLOODJHLVVRVWDUYHGWKDWLWVSHRSOH
KDYHWXUQHGWRVWDUYDWLRQ:KDWLVPRUHWKH\KDYH
UHWDLQHGVRPHPRUDOLW\DQGZRXOGPXFKUDWKHUNLOODQG
HDWWRWDOVWUDQJHUVWKDQWKRVHRI WKHLUIDPLO\RUZKR
WKH\KDYHJURZQXSZLWKRYHUWKH\HDUV7KDWPHDQV
WKHFKDUDFWHUVZKRDUHWRWDOO\RXWQXPEHUHGE\WKH
FDQQLEDOLVWLFDQGUHODWLYHO\ZHOOIHGYLOODJHUV

(SLORJXH

7ZLVW
7KHVFRXUJHDQGIDPLQHGRHVKDYHDVXSHUQDWXUDO
VRXUFH$IHZSHRSOHLQHDFKIDUPLQJFRPPXQLW\KDYH
VHHQVLJQVRI VRPHGDUNJXUHORRPLQJRYHUWKHHOGV
DQGOD\LQJFXUVHVXSRQWKHP6RPHGDUNVRUFHUHURU
ZLWFKPXVWEHEHKLQGWKLVZLGHVSUHDGEOLJKWDQGZKLOH
LWLVWRRODWHWRVDYHDQ\FURSVDWOHDVWVRPHPHDVXUHRI 
YHQJHDQFHFDQEHKDG:LWKVRPHHIIRUWWKHFKDUDFWHUV
FDQJHWHQRXJKLQIRUPDWLRQWRWUDFNGRZQWKLVHYLO
JXUHDQGWRWDNHUHYHQJHRQEHKDOI RI WKHVWDUYLQJ
SHRSOH



7KHIROORZLQJ\HDUWKHKDUYHVWLVHQRXJKWRVXSSRUW
HYHU\RQHDQGUHOLHI VSUHDGVDFURVVWKHODQGDVSUD\HUV
DUHRIIHUHGLQWKDQNVWRWKHJRGGHVVRI KDUYHVWV$V
VXPPHUWXUQVWRDXWXPQDQGWKHIHVWLYDORI WKHGHDG
DSSURDFKHVGLVWXUELQJWKLQJVDUHKHDUG7KRVHZKR
WXUQHGWRFDQQLEDOLVPDQGVXEVHTXHQWO\GLHGDQGZHUH
EXULHGDUHUHWXUQLQJIURPWKHJUDYHLQJUHDWQXPEHUV
DVJKRXOVUHWDLQLQJWKHLUWKLUVWIRUEORRGDQGWKHLUOXVW
IRUKXPDQHVK0DQ\GLHGLQPDQ\YLOODJHVWRZQV
DQGFLWLHVGXULQJWKHIDPLQHDQGWKHUHDUHWRRPDQ\RI 
WKHVHIRXOFUHDWXUHVIRUWKHJXDUGWRGHDOZLWK(QWHU
WKHFKDUDFWHUVIRUPRUHUHZDUGDQGPRUHIDPH
,GHD,PSURYLVHRUUHIHUWRUXOHV
ZLWKLQ\RXUV\VWHPIRUVWDUYDWLRQ
DQGH[KDXVWLRQWRVHHZKDW
SURORQJHGSHULRGVZLWKRXWIRRGZLOO
GRWR\RXUSOD\HUVDQGQRQSOD\HU
FKDUDFWHUV%HUXWKOHVV

$GYHQWXUH

WKHSODJXHJRGPXVWEHGHIHDWHGRUERXQGWREULQJD
FRPSOHWHHQGWRWKHUDYDJHVRI WKHGLVHDVH:KHQWKH\
DUHNLOOHGWKHEHDUHUVUHYHUWWRPRUWDOLW\DQGPD\EH
DEOHWRJLYHWKHFKDUDFWHUVWKHLQIRUPDWLRQWKH\UHTXLUH

&RXJKV 6QHH]HV6SUHDG'LVHDVHV

7ZLVW

'HVFULSWLRQ
$WHUULEOHSODJXHKDVGHVFHQGHGXSRQWKHODQGWDNLQJ
PDQ\SHRSOHWRDQHDUO\JUDYH,WVSUHDGVOLNHZLOGUH
IURPSHUVRQWRSHUVRQDQGNLOOVQLQHRXWRI HYHU\WHQ
SHRSOH0DJLFLDQVFOHULFVDQGDSRWKHFDULHVDOOVHHP
XQDEOHWRVWHPWKHWLGHRI GHDWKVRUWRQGDFXUHIRU
WKHGLVHDVH3HRSOHDUHSDQLFNLQJOHDYLQJWKHFLWLHV
LQGURYHVDQGKHDGLQJRXWLQWRWKHFRXQWU\&RXQWU\
FRPPXQLWLHVDUHEORFNDGLQJDQGIRUWLI\LQJWKHPVHOYHV
DQGNLOOLQJSHRSOHUDWKHUWKDQOHWWKHPLQWRWKHLUSODJXH
IUHHFRPPXQLWLHV$GYHQWXUHUVZLOOQGOLWWOHZHOFRPH
DVWKH\FULVVFURVVWKHODQGHYHU\RQHZLOOUHJDUGWKHP
DVSRWHQWLDOSODJXHEHDUHUV
%HVLGHVWKHSUDFWLFDOLPSOLFDWLRQVWRDGYHQWXUHUVWKHUH
DUHRWKHUTXHVWLRQV7KLVGLVHDVHLVXQNQRZQZKHUH
GLGLWFRPHIURPZKHUHGLGLWVWDUW",VWKHUHDFXUH"
,VLWDQDWXUDORUDQXQQDWXUDOGLVHDVHDQGZKDWLI 
DQ\WKLQJFDQFXUHLW"
$VWKHGHDWKVPRXQWVXUURXQGLQJFRXQWULHVFORVHWKHLU
ERUGHUVDQGVRWKHUHLVQRHVFDSHWKDWZD\IRUUHIXJHHV
SODJXHYLFWLPVRUDGYHQWXUHUVQRPDWWHUZKDWWKH\
FDQRIIHURUWKUHDWHQLQRUGHUWREHOHWSDVW2WKHU
FRXQWULHVDQGGDUNHUIRUFHVVWDUWWRORRNWRZDUGVWKH
SODJXHDIIHFWHGVWDWHJUHHGLO\UHDG\DQGZDLWLQJWR
SLFNRYHUWKHFRUSVHRUWRJLYHLWDSXVKWRZDUGVXWWHU
GHYDVWDWLRQ

7KHFKDUDFWHUVDUHZLWKLQDFLW\ZKHQWKHSODJXHVWULNHV
7RNHHSWKHFLW\ZRUNLQJDQGWRFRQWDLQWKHGLVHDVH
WKHFLW\FRXQFLODQGWKHJXDUGVGHFLGHWRORFNWKHJDWHV
DQGVWRSSHRSOHHHLQJ7KHFKDUDFWHUVDUHWUDSSHGLQ
DGLVHDVHULGGHQFLW\DQGPXVWHQGXUHWKHSODJXHDVWKH
SRSXODFHJURZVPRUHDQGPRUHUHVWOHVVDQGGHVSHUDWH
WROHDYH

7ZLVW
7KHSODJXHLVDQHQJLQHHUHGZHDSRQRI ZDUUHOHDVHGE\
DQHLJKERXULQJNLQJGRP7KHGLVHDVHLVEHLQJVSUHDG
IURPFLW\WRFLW\E\DQDJHQWRI WKHLUV7KHJRYHUQPHQW
RI WKHSODJXHVWUXFNNLQJGRPKDVZRUNHGWKLVRXWDQG
GLVSDWFKHVWKHFKDUDFWHUVWRWUDFNGRZQWKLVDJHQWDQG
NLOOKLP6LQFHKHLVXQDIIHFWHGWKHUHPXVWEHDFXUH
DQGKHPXVWKDYHLW

(SLORJXH
$VZLQWHUFRPHVWKHGLVHDVHDSSHDUVWRKDYHEHHQ
HUDGLFDWHGEXWZKHQVSULQJFRPHVEDFNDURXQGWKH
GLVHDVHUHDSSHDUVLQDVPDOOWRZQZLWKLQWKHFRXQWU\
5DWKHUWKDQKDYHWKHLURZQJXDUGGRVXFKDQXQVDYRXU\
GHWDLOPHUFHQDULHVDQGDGYHQWXUHUVDUHKLUHGWRHQVXUH
QRERG\OHDYHVWKHWRZQDOLYHXQWLOWKHSODJXHKDVUXQLWV
FRXUVH7KDWZD\WKHUHFDQQRWEHDQRWKHUJUHDWVSUHDG
RI WKHGLVHDVH

7KHFKDUDFWHUVPXVWHLWKHUQGDFXUHRUQGDZD\WR
VXUYLYHLQWKHVHXQZHOFRPLQJFRQGLWLRQV

7ZLVW

,GHD&RPHXSZLWKVRPHQDVW\
GHVFULSWLRQVRI WKHDIIHFWRI WKHGLVHDVH
DQGLWVVSUHDG<RXVKRXOGDOVRFRPHXS
ZLWKDIHZFRORXUIXOIRONQDPHVIRUWKH
GLVHDVH

7KHGLVHDVHLVDPDJLFDOGLVHDVHRQHVSUHDGE\D
SODJXHJRGIURPDQFLHQWWLPHV7KLVSODJXHJRGLV
UHDZDNHQLQJLQKLVORVWWHPSOHGHHSLQWKHKHDUWRI WKH
FRXQWU\GLVWXUEHGE\OHVVDEOHDGYHQWXUHUVWKDQRXU
FXUUHQWRQHV7KDWSDUW\RI DGYHQWXUHUVZDVFRUUXSWHG
DQGWXUQHGE\WKHSODJXHJRGWREHFRPHEHDUHUVRI 
KLVOWKRXWLQWRWKHZRUOG(DFKRI WKHVL[EHDUHUVLV
YLVLWLQJHYHU\WRZQDQGFLW\LQWKHFRXQWU\,I WKH\FDQ
EHVWRSSHGWKHQWKHVSUHDGFDQEHVORZHGEXW


$GYHQWXUH

7ZLVW

%UDLQV
'HVFULSWLRQ
'XDQQDLVDVPDOOFRXQWU\FRQWDLQHGZLWKLQDIHUWLOH
YDOOH\DQGELVHFWHGE\WKHULYHUWKDWUXQVDORQJWKH
OHQJWKRI WKHHQWLUHFRXQWU\$WRQHHQGDUH7KH*UHDW
)DOOVDQGDWWKHRWKHUWKHGLIFXOWWUDGHURXWHWKDW
SDVVHVWKURXJKWKHVWHHSPRXQWDLQV,WLVDORYHO\SODFH
EXWRQHWKDWLVQRWHDV\WRHQWHURUWROHDYH/LNHDQ\
FRXQWU\'XDQQDKDVLWVSUREOHPVEXWWKH\DUHPLQRU
FRPSDUHGWRWKHSUREOHPVRI JUDQGHUDQGOHVVHDVLO\
GHIHQVLEOHODQGV8QWLOQRZWKDWLV
:KLOHWKHFKDUDFWHUVDUHYLVLWLQJ'XDQQDVRPHWKLQJ
VWUDQJHKDSSHQV7KHUHFHQWO\GHDGEHJLQUHWXUQLQJWR
OLIHDV]RPELHVEXWQRWWKHQRUPDOPDJLFDOO\DQLPDWHG
]RPELHVWKDWWKH\DUHXVHGWR7KHVH]RPELHVDSSHDU
WREHDEOHWRFUHDWHRWKHUVRI WKHLUNLQGE\ELWLQJWKHLU
YLFWLPVRUVOD\LQJWKHPLQIHFWLQJWKHPZLWKVRPHNLQG
RI ]RPELHSODJXHWKDWFDXVHVWKHPWRULVHXSDVIXUWKHU
]RPELHVDQGWRSXUVXHWKHOLYLQJ
,WVWDUWVVPDOOQHDUZKHUHWKHFKDUDFWHUVDUHVWD\LQJEXW
LWVRRQEHJLQVWRVSUHDGWKURXJKRXWWKHYLOODJHDQGRXW
WRWKHVXUURXQGLQJIDUPFRPPXQLWLHVDQGWRZQVHYHQ
WKHFDSLWDORI 'XDQQDQRZKHUHLVVDIH
+RZFDQWKH\VXUYLYH"&DQDQ\WKLQJEHGRQH"&DQ
WKHSODJXHEHVWRSSHG"

7KH]RPELHSODJXHVWHPVIURPDVWUDQJHPHWHRUWKDW
IHOOLQWRWKHZRRGVQHDUE\8QIRUWXQDWHO\WKHZRRGV
DOVRKDSSHQWREHDQLPSRUWDQWEXULDOVLWHDQGWKH
IRUHVWZLOOEHOOHGWRWKHJLOOVZLWK]RPELHVZDONLQJ
ZDQGHULQJDQGVHHNLQJKXPDQHVK,I WKHPHWHRU
FDQEHIRXQGDQGVRPHKRZFRQWDLQHGWKHQWKH]RPELH
UDGLDWLRQZLOOEHFXWRII DQGRQO\WKHH[LVWLQJ]RPELHV
ZLOOUHPDLQDWKUHDW

7ZLVW
7KHVKHHUQXPEHURI WKHXQGHDGULVHVDQGULVHV
XQWLOWKHRQO\UHDORSWLRQLVWRUXQDZD\+DYLQJWKH
FKDUDFWHUVJKWWKHLUZD\WRWKHHGJHRI WKHNLQJGRP
RQO\WREHPHWE\HLWKHUWKHJUHDWIDOOVRUWKHFOLIIV
ZKLFKQRWRQO\FRQWDLQWKHPEXWWKH]RPELHVDVZHOO
1RERG\ZLQVH[DFWO\HYHQLI WKH\GRJHWDZD\DZKROH
ODQGLVFRQGHPQHGWREHWKHUHVWLQJSODFHRI WKH
XQGHDG

(SLORJXH
$IWHUD\HDUVWRULHVDERXWWKLVYDOOH\RI WKHGHDGKDYH
VSUHDGDURXQGDQGDIWHUVRORQJLWLVUHDVRQHGWKDW
ZKDWHYHUDQLPDWHGWKHGHDGDQGHPSRZHUHGWKHLU
SODJXHPXVWKDYHGLHGRXWRUZRUQRII$OOWKRVH
WRZQVYLOODJHVDQGWKHLUFDSLWDOFLW\PXVWQRZOLHHPSW\
DQGRYHUJURZQMXVWZDLWLQJIRUVRPHRQHWRFRPHDORQJ
DQGORRWWKHP7KHSDUW\LVKLUHGWREHWKRVHORRWHUVRU
WRDFFRPSDQ\WKHZDJRQVWKDWZLOOGRWKHORRWLQJ-XVW
LQFDVH6WLOOWKHUHFDQWEHDQ\XQGHDGOHIWFDQWKHUH"

,GHDV,QPDQ\IDQWDV\JDPHV
]RPELHVDUHVLPSO\WRRZHDN
IRUWKLVVFHQDULRWRZRUN<RX
PD\QHHGWREHHI WKHPXSDELW

7ZLVW
7KH]RPELHSODJXHLVFDXVHGE\DVHOISHUSHWXDWLQJ
VSHOOFDVWE\RQHRI 'XDQQDVPRUHDPELWLRXV
QHFURPDQFHUV+HZLVKHGWRFUHDWHVHOIVXVWDLQLQJ
]RPELHVWKDWZRXOGIDOOXQGHUKLVFRQWUROEXWKHKDV
RQO\PDQDJHGWRPDNHWKHUVWKDOI RI WKDWJRDOUHDO
1RZKHKDVIDOOHQSUH\WRKLVRZQJHQLXVEXWZLWKLQ
KLVWRZHUOLHVWKHFU\VWDOEDOORI KLVRZQGHYLVLQJWKDW
VXVWDLQVWKH]RPELHPDJLF:HUHLWWREHVKDWWHUHGDOO
WKHGHDGZRXOGFROODSVHOLNHSXSSHWVZLWKWKHLUVWULQJV
FXW

,GHDV3HUKDSVWKHERG\SDUWVRI 
WKHXQGHDGFDQFRQWLQXHWRPRYH
HYHQZKHQVHYHUHGIURPWKHERG\RU
SHUKDSVUDWKHUWKDQEHLQJ]RPELHV
H[DFWO\WKHXQGHDGDUHFUD]\SHRSOH
ZLWKIXOOPRELOLW\DQGVSHHG



$GYHQWXUH

7ZLVW
(DFKSX]]OHRUJDPHDWWKHFLUFXVKDVDPLQRUPDJLFDO
LWHPDVDSUL]H,I \RXFDQZLQWKHPDOOWKHQWKH
ULQJPDVWHURI WKHFLUFXVZLOOSD\\RXDSHUVRQDOYLVLW
DQGWDNH\RXWRDWHQWWKDW\RXKDGQWVHHQEHIRUH
:LWKLQOLHVWKHFLUFXVSULGHDQGMR\DJHQLH+DYLQJ
ZRQDOOWKHPLQRUSUL]HVWKHFKDUDFWHUVKDYHVKRZQ
WKH\DUHZRUWK\HQRXJKWRSOD\IRUWKHXOWLPDWHSUL]H
DZLVK,I WKH\ORVHWKLVODVWJDPHDJDLQVWWKHJHQLH
WKRXJKWKH\ORVHHYHU\WKLQJWKH\RZQWRWKHFLUFXV
HYHU\WKLQJ

&LUTXHGH1XLW
'HVFULSWLRQ
,QDHOGRUFOHDULQJEULJKWO\DQGJDLO\GHFRUDWHGWHQWV
DQGZDJRQVVLWIRUPHGLQWRDODUJHFLUFOHDQGZLWK
VLJQVSURFODLPLQJORXGO\DQGSURXGO\WRDQ\ZLWKWKH
DELOLW\WRUHDGWKDWWKH&LUTXHGH1XLWLVKHUHDQGIXOO
RI GLVWUDFWLRQVWRHQWHUWDLQDQGGLYHUW7KHKDZNHUV
DQGWKHWLFNHWVHOOHUVFDOORXWLQDIULHQGO\IDVKLRQIRU
WKHFKDUDFWHUVWRFRPHZLWKLQDQGWRSHUKDSVVSHQGD
OLWWOHRI WKHLUPRQH\RQWKHDWWUDFWLRQVRI WKHWHQWV

7ZLVW
7KHFDUQLHVDQGSHUIRUPHUVVHHPXQKDSS\XSVHW
:KHQSUHVVHGLWWXUQVRXWWKDWWKH\DUHFXUVHGWR
IRUHYHUZDQGHUWKHHDUWKHQWHUWDLQLQJRWKHUVZKHQLQ
OLIHWKH\ZHUHWKRVHZKRZHUHHQWHUWDLQHGDQGOLYHG
OLYHVRI OD]LQHVVDQGLQGXOJHQFH$WKRXVDQG\HDUV
WKH\KDYHZDQGHUHGDQGWKH\IHHOWKHLUSHQDQFHLVGRQH
WKH\SOHDGZLWKWKHDGYHQWXUHUVWRIUHHWKHPIURPWKLV
FXUVH7KHGHPRQWKDWELQGVWKHPDOZD\VDWWHQGVWKH
PLGQLJKWSHUIRUPDQFHSHUKDSVWKHQWKHDGYHQWXUHUV
FDQIUHHWKHFLUFXVIURPLWVFXUVH

7KHFLUFXVLVODUJHDQGZHOODSSRLQWHG3HRSOHZLOO
FRPHIURPPLOHVDURXQGWRVHHWKHDFWVDQGWRSOD\WKH
JDPHV7KH\PD\HYHQKDYHPDJLFDOO\SRZHUHGULGHV
ZKHHOVDQGDQLPDWHGDQLPDOVWRGUDZLQWKHSXQWHUV
DVZHOODVDVPDOO]RRRI H[RWLFDQLPDOVDIUHDNVKRZ
JDPEOLQJDQGJDPHVRI VNLOO
(YHU\FRUQHUDQGFUDQQ\RI WKHFLUFXVVKRXOGKDYH
VRPHQHZHQWHUWDLQPHQWRUGLYHUVLRQDQGWKHFLUFXV
VKRXOGKDYHVRPHWKLQJWKDWPHHWVWKHSDUWLFXODU
LQWHUHVWVDQGREVHVVLRQVRI WKHFKDUDFWHUVLQVRPH
ZD\EHLWDVWURQJPDQFRPSHWLWLRQVRPHRQHVHOOLQJ
PLQRURFFXOWDUWHIDFWVRUVRPHEHDXWLIXODQGLUWDWLRXV
VKRZJLUOV

(SLORJXH
6RLPSUHVVHGLVDORFDOPHUFKDQWZLWKWKHFLUFXVWKDWKH
GHFLGHVWRVWDUWKLVRZQ%DQNUROOLQJWKHDGYHQWXUHUV
KHKLUHVWKHPWRPDNHLWVRWRJRRXWLQWRWKHODQG
DQGQGWKHEHVWEDUGVDQGHQWHUWDLQHUVWRJHWWKHEHVW
ULGHVEXLOWDQGWKHQGWKHEHVWDQGPRVWLQWHUHVWLQJ
IUHDNVDQGFUHDWXUHVIRUWKHMDGHGSXEOLFWRVHH:KHQ
LWLVDOOUHDG\WKHWZRFLUFXVHVPD\QGWKHPVHOYHV
ULYDOVDJJUHVVLYHULYDOV

(DFKZDJRQKDVDVWRU\HDFKWHQWLVDQDGYHQWXUHDQG
LI \RXUHUHDOO\JRRG\RXPD\HYHQEHJRRGHQRXJKWR
ZLQVRPHWKLQJRII WKHFDUQLHVZLWKRXWWKHUHEHLQJD
VWULQJDWWDFKHGVRPHKRZ

7ZLVW
'XULQJWKHGD\WKHFLUFXVLVEULJKWMROO\DQGOLYHO\EXW
RQFHWKHVXQVHWVWKHFLUFXVWUDQVIRUPVLQWRDGHPRQLF
SLWRI HYLO7KHDQLPDOFDJHVFRQMRLQLQWRDPD]HRI 
PRQVWURXVIRUPVWKHFDUQLHVEHFRPHGHIRUPHGRU
GHYLOVRUWKHXQGHDGHDFKWHQWFRQWDLQVDQHZKRUURU
DQGHDFKULGHEHFRPHVDQHZGHYLFHRI WRUWXUH7KH
FKDUDFWHUVPXVWVXUYLYHXQWLOGD\OLJKWFRPHVRQFHPRUH
DQGWKHFLUFXVUHYHUWVWRLWVPRUWDODQGLQQRFHQWIRUP
DQGGLVDSSHDUV



,GHDV7KLQNRI WKHFLUFXVHVDQG
IDLUVWKDW\RXPD\KDYHEHHQWR
IRULQVSLUDWLRQRQZKDWJDPHVDQG
SX]]OHVWKHUHPLJKWEH5HPHPEHU
PDJLFFDQWDNHWKHSODFHRI HOHFWULFDO
DQGFRPSXWHULVHGZL]DUGU\LQPDQ\
FDVHV
,GHDV*HWWLQJVRPHNLQGRI 
FLUFXVVRXQGLQJVRXQGWUDFNFDQ
EHDJUHDWZD\WRJHWWKHULJKW
PRRGJRLQJ

$GYHQWXUH

7ZLVW

4XHVWLRQDEOH$GYLFH
'HVFULSWLRQ
7KHDGYHQWXUHUVDUHLQWKHPDUNHWJHWWLQJWKHLUVXSSOLHV
ZKHQWKH\SDVVE\D\RXQJQREOHPDQGLVFXVVLQJ
ORXGO\WKHYDULRXVPHULWVRI WZRNLQGVRI IUXLWE\D
JUHHQJURFHUVVWDOO:LWKRXWSURPSWLQJRI DQ\NLQGWKH
\RXQJQREOHPDQWXUQVWRRQHRI WKHSDUW\DQGDVNV
WKHPZKLFKIUXLWWKH\FRQVLGHUWKHEHVW3OHDVHGZLWK
WKHDGYHQWXUHUVDQVZHURQHZD\RUWKHRWKHUWKH\RXQJ
QREOHZKRWXUQVRXWWREHDORFDOSULQFHDVNVWKHSDUW\
WREHKLVDGYLVRUVIRUDZKLOHDVKLVWRDG\LQJFRXUWLHUV
VHHPLQFDSDEOHRI JLYLQJKLPDVWUDLJKWDQVZHU
ZKHQHYHUKHDVNVWKHPIRUDGYLFH
7KH\RXQJSULQFHLVZHDOWK\VSRLOHGDQGRSLQLRQDWHG
DQGSHUKDSVDVOLNHO\WRGLVPLVVDQ\DGYLFHDVKHLVWR
IROORZLW+HGRHVKRZHYHUSD\ZHOODQGWKHLUSRVLWLRQ
DVDGYLVRUVZLOOJUDQWWKHSOD\HUVDSODFHWRVWD\DWWKH
SDODFHDZDJHDQGWKHFKDQFHWRREVHUYHWKHLQQHU
ZRUNLQJVRI WKHSDODFHZKLOHDOOWKH\KDYHWRGRLVWR
DGYLVHWKHSULQFHRQZKDWWRGRDQGZKDWQRWWRGR

7KHSULQFHLVDFRQWUDU\OLWWOHVRGDQGDOPRVWDOZD\V
FKRRVHVWRGRWKHRSSRVLWHRI ZKDWWKHFKDUDFWHUV
DGYLVH6HYHUDOYHU\LPSRUWDQWODZVDQGLGHDVFRPH
WKURXJKWKDWFRXOGDIIHFWWKHDGYHQWXUHUVIXWXUHOLYHV
LQWKDWSURIHVVLRQ+DYHWKH\FRWWRQHGRQWRWKHIDFW
KHGRHVWKHRSSRVLWHWRZKDWWKH\VD\RUZLOOWKH\GDPQ
WKHPVHOYHVZLWKWKHLURZQDGYLFH"

7ZLVW
7KHSULQFHVIRUPHUDGYLVRUVDUHVWLOOFRXUWLHUVDQGXVH
HYHU\RSSRUWXQLW\WRPDQRHXYUHEHOLWWOHDQGLQVXOW
WKHFKDUDFWHUVDVWKH\ODFNWKHJUDFHVUHTXLUHGDWFRXUW
&DQWKH\PDLQWDLQWKHSULQFHVIDYRXUDQGHDUZKLOH
EHLQJPDGHWRORRNOLNHDFRPSOHWHEXQFKRI PXSSHWV"
&DQWKH\OHDUQWKHUXOHVRI WKHJDPHVDWFRXUWTXLFNO\
HQRXJKWRWXUQWKHWDEOHVRQWKHROGDGYLVRUV":LOO
WKH\JHWWKURZQRXWRQWKHLUHDU"

(SLORJXH

7KHSULQFHVTXHVWLRQVDQGGHPDQGVVKRXOGJHWPRUH
DQGPRUHGLIFXOWDQGGHPDQGLQJDQGKLVEHKDYLRXU
PRUHDQGPRUHREQR[LRXVXQWLOWKHFKDUDFWHUVFDQQRW
VWDQGLWDQ\ORQJHUDQGPRYHRQRUGHDOZLWKLWLQVRPH
RWKHUIDVKLRQ

7KHLUWLPHDVWKHSULQFHVDGYLVRUVFRPHVWRDQHQGDQG
WKHFKDUDFWHUVOHDYHKLVVHUYLFHRQHZD\RUWKHRWKHU
DQGFDUU\RQZLWKWKHLUOLYHVDVDGYHQWXUHUV6RPH
WLPHODWHUZRUGFRPHVWRWKHPIURPWKHSULQFHVFRXUW
DVNLQJWKHPWRUHWXUQDQGWRJLYHKLPDGYLVHDJDLQ
6RPHWKLQJRI PDVVLYHLPSRUWDQFHKDVSUHVHQWHGLWVHOI 
WRWKHSULQFHDQGKHUHTXLUHVWKHFRXQVHORI WKRVHKH
WUXVWVWKHPRVWLQWKLVGLIFXOWKRXU:LOOWKH\UHWXUQ
WRKLVVHUYLFHDQGZKDWFRXOGEHVRLPSRUWDQWWKDWKH
UHOHDVHVDKXQGUHGVFRXWVWRWU\DQGQGWKHP"

7ZLVW
:RUGFRPHVIURPWKHSULQFHVSDUHQWVWKDWKHLVWR
FKRRVHDEULGHDVKHKDVUHPDLQHGXQPDUULHGIRUWRR
ORQJ6HYHUDOSRUWUDLWVRI VHYHUDOSULQFHVVHVDUULYH
EXWLWLVZHOONQRZQWKDWWKHSULQFHRIWHQGDOOLHVZLWK
DFRPPRQHUJLUOIURPWKHFLW\7KLVFRPPRQHUJLUO
PDNHVDQLPSDVVLRQHGSOHDZLWKWKHDGYLVRUVWRWU\DQG
FRQYLQFHWKHPWRUHFRPPHQGKHUZKLOHDPEDVVDGRUV
IURPWKHYDULRXVSULQFHVVHVQDWLRQVDOODSSO\WKHLURZQ
IRUPVRI EULEHU\7KHSULQFHVIDPLO\JHWLQRQWKHDFW
SUHVVXULQJIRUWKHDGYLVRUVWREDFNWKHLUFKRLFH7KH
SULQFHGRHVLQGHHGWXUQWRWKHPIRUDGYLFHRQWKH
PDWWHUDQGZKRVRHYHULVFKRVHQFRXOGDIIHFWSROLWLFVLQ
WKHUHJLRQIRUDORQJWLPHWRFRPH



,GHDV,WLVUHDOO\LPSRUWDQWWKDW
WKHSULQFHKDYHDIXOO\GHYHORSHG
SHUVRQDOLW\DQGEDFNJURXQGVRWKDW
KHFDQEHSODWHGFRQYLQFLQJO\DQG
FRQVLVWHQWO\7DNHWKHWLPHWRPDNH
DOLWWOHELWRI H[WUDHIIRUWZKHQ\RX
PDNHXSWKHSULQFHLWZLOOSD\RII

$GYHQWXUH

WKHLUDWWHQWLRQ

%ORZQ$ZD\

7ZLVW

'HVFULSWLRQ
2QDURXWLQHMRXUQH\RQDVKLSWKHVHDLVVXGGHQO\
ODVKHGE\DQHQRUPRXVVWRUP0DVWVEUHDNZDWHU
VODPVLQWRWKHGHFN6HYHUDOFUHZDUHZDVKHG
RYHUERDUGDQGDORWRI VXSSOLHVDUHUXLQHGRUDUH
VPDVKHGVRDNHGUXLQHGRUDOVRZDVKHGRYHUERDUG
:LWKDWUHPHQGRXVFUDVKWKHVKLSVWULNHVURFNVDQGODQG
DQGLWSLWFKHGXSRQWKHVKRUHWKHVWRUPFRQWLQXLQJ
XQWLOWKHPRUQLQJZKHQLWP\VWHULRXVO\GLVVLSDWHV
7KHVKLSLVZUHFNHGDQGWKHLVODQGLVDVWUDQJHDQG
XQFKDUWHGODQGZLWKPDQ\RGGFUHDWXUHVPDNLQJWKHLU
KRPHKHUH7KHUHDUHUXLQVDPRQJVWWKHXQGHUJURZWK
DQGWKHLVODQGLVFDSSHGE\DVOLJKWO\VPRNLQJYROFDQR
7KHQDWLYHFUHDWXUHVKDYHOLWWOHIHDURI KXPDQVDQG
LPPHGLDWHO\EHJLQLQYHVWLJDWLQJWKHZUHFN)RUWKHUHWR
EHDQ\KRSHWKHVKLSPXVWEHUHSURYLVLRQHGUHSDLUHG
DQGVHWEDFNRXWWRVHD7KLVPHDQVIRRGZDWHU
DQGZRRGIRUUHSDLUVDUHDOOQHHGHGDOOZKLOHDWWKH
VDPHWLPHSURWHFWLQJWKHZUHFNIURPWKHPDUDXGLQJ
FUHDWXUHVRI WKHLVODQGDQGSHUKDSVQGLQJVRPHWKLQJ
FRPSHQVDWRU\LQWKHUXLQVDURXQGWKHLVODQG
7KHQWKHUHLVWKDWIRUELGGLQJYROFDQRLVLWVPRNLQJD
OLWWOHPRUHRQWKHVHFRQGGD\":DVWKDWDUXPEOH"'LG
\RXIHHOWKHHDUWKVKDNHMXVWDPRPHQWDJR"

7ZLVW
7KHLVODQGLVQRWHQWLUHO\GHVHUWHG:KLOHH[SORULQJ
WKHFKDUDFWHUVVSRWDWRZHULQWKHGLVWDQFH7KLV
WRZHULVKRPHWRWKHZL]DUG3URVSHURKLVEHDXWLIXO
GDXJKWHUDQGKLVLURQJROHP5REHUWR3URVSHURDQG
KLVGDXJKWHUDUHZHOFRPLQJDWUVWDQGYHU\PXFK
ZDQWWKHFUHZWR[WKHLUVKLSDQGWROHDYHWRWKH
SRLQWRI RIIHULQJWRKHOSDQGEHLQJTXLWHIRUFHIXODQG
LQVLVWHQWWKDWWKH\GRVR3URVSHURLVVWXG\LQJWKHUXLQV
KHUHDQGLVMHDORXVDQGVXVSLFLRXVRI ERWKDQ\RQH
SD\LQJDWWHQWLRQWRKLVGDXJKWHURUDQ\RQHVWHDOLQJ
KLVGLVFRYHULHV2QFHKHLVDZDUHRI WKHSDUW\DQG
LI LWVHHPVWKH\DUHWRRLQWHUHVWHGLQWKHUXLQVRUKLV
GDXJKWHUKHZLOOEHJLQXQOHDVKLQJLQYLVLEOHPRQVWHUV
DQGHOHPHQWDOVRQWKHPWRQLVKWKHPRII RUGLYHUW


7KHLVODQGLVQWDQLVODQGDWDOOEXWDJLJDQWLFVOHHSLQJ
VHDPRQVWHU7KHVPRNHIURPWKHYROFDQRLVEUHDWK
IURPLWVEORZKROHDQGLWLVPHUHO\DVOHHS7KHFOXHVDUH
WKHUHLQWKHKDUGLQHVVRI WKHSODQWDQGDQLPDOOLIHDQG
LQWKHEDUQDFOHVDQGRWKHUVHDGHEULVIRXQGIDULQODQG
7KH\KDGEHWWHUKRSHWKDWWKHFUHDWXUHGRHVQRWZDNH
XSZKLOHWKH\DUHRQLWVEDFN

7ZLVW
7KHLVODQGKDVDVHFUHWSLUDWHEDVHRQWKHRWKHUVLGH
RI WKHLVODQG7KHUHDUHWZRRUWKUHHSLUDWHYHVVHOV
PRRUHGWKHUHDQGDZLOGDQGLPPRUDOWRZQSURVSHURXV
ZLWKWKHLUVSRLOV7KH\ZLOOKDYHHYHU\WKLQJWKHVKLS
FRXOGSRVVLEO\QHHGWRUHVWRFNDQGUHSDLULWPLJKWHYHQ
EHHDVLHUWRVWHDORQHRI WKHLUVKLSVLI LWFDPHWRWKDW
2I FRXUVHLI \RXJHWFDXJKW\RXKDYHDVFUHDPLQJ
SLUDWHUDEEOHDIWHU\RXDORQJZLWKDWOHDVWRQHVKLS
$VLI WKDWZHUHQWHQRXJKWKHSLUDWHVVRPHWLPHVVHQG
KXQWLQJSDUWLHVLQWRWKHLQWHULRURI WKHLVODQG6RRQHU
RUODWHUWKHZUHFNDQGLWVVXUYLYRUVDUHJRLQJWREH
VSRWWHG

(SLORJXH
2QHRI WKHDUWHIDFWVIURPWKHUXLQVWKDWWKH\WDNHZLWK
WKHPKDVLQVFULSWLRQVWKDWQRQHRI WKHPFDQUHDG
:KHQWKH\FRPHWRVHOOLWRUKDYHDVFKRODUORRNDWLWKH
WHOOVWKHPWKDWLWVSHDNVRI DQXQGHUZRUOGEHQHDWKWKH
LVODQGRQHULFKZLWKJHPVDQGJROGDQGSURWHFWHGE\
VRPHPDQQHURI KRUULFGHHSVHDEHDVW,WGHWDLOVKRZ
WRJDLQHQWU\WRWKLVXQGHUZRUOGEXWLVLWZRUWKWKHULVN"
,GHDV6XUYLYDOFDQEHFKDOOHQJH
HQRXJKLI SUHVHQWHGLQDQ
LQWHUHVWLQJZD\

,GHDV$ORQJZLWKZKDWHYHUHOVH
LVRQWKHLVODQGWKHUHPLJKWEHD
SRSXODWLRQRI SULPLWLYHQDWLYHVDV
ZHOO

$GYHQWXUH

WKHSRLQWRI VWRQLQJDQ\RQHZKRHYHQORRNVIXQQ\WKDW
FRPHVWKURXJK

6QDNH2LO 6SLGHU*HO

7ZLVW
$VKHPRYHVIURPWRZQWRWRZQKLVPDJLFDOUHDFK
FRQWLQXHVWRIXUWKHUH[FHHGKLVJUDVSVSDZQLQJVWUDQJH
PRQVWHUVDQGRWKHUPDJLFDOPLVKDSVLQKLVZDNH7KH
SDUW\PD\KDYHWRVWRSDQGGHDOZLWKVRPHFRFNDWULFH
RUZHUHFUHDWXUHKLVPLVJXLGHGDWWHPSWVDQGSRWLRQ
PDNLQJKDYHFDXVHGEHIRUHWKH\FRQWLQXHRQKLVWUDLO

'HVFULSWLRQ
7KHWRZQWKHDGYHQWXUHUVDUULYHDWLVLQDQXSURDU
DQGIDUIURPZHOFRPLQJWRDQ\VWUDQJHZDQGHUHUV
ZKRKDSSHQDORQJWRWKHLUGRRU7KHUHDVRQIRUWKHLU
GLVWUXVWDQGRSHQVFRZOLQJLVWKHIDFWWKDWQRWVRORQJ
DJRDZDQGHULQJFKDUODWDQFODLPLQJWREHDSRZHUIXO
ZL]DUGKHDOHUDQGDSRWKHFDU\FDPHWKURXJKWKHWRZQ
PDGHDOOVRUWRI SURPLVHVWRRNORWVRI PRQH\GLG
VRPHDVK\ORRNLQJPDJLFKDQGHGRXWVRPHGXELRXV
VPHOOLQJPHGLFLQHVDQGWKHQDEUXSWO\GLVDSSHDUHG

7ZLVW
:KHQWKH\GRFDWFKXSWRVRPHRQHPDWFKLQJWKH
GHVFULSWLRQKHVDJHQXLQHKHDOHUDQGWUDYHOOLQJZLVH
PDQQRWWKHFRQDUWLVW7KH\JHWWKHZURQJPDQZKLOH
WKHUDVFDOFDUULHVRQDERXWKLVQDVWLQHVV%\WKHWLPH
WKH\UHDOLVHWKHLUPLVWDNHVRPHWKLQJHYHQZRUVHPD\
KDYHKDSSHQHG

1HHGOHVVWRVD\WKHPDJLFGLGQRWKLQJWKHSRWLRQV
PDGHSHRSOHLOODQGWKHWRZQVSHRSOHDUHQRZYHU\
PXFKWXUQHGRII WRVWUDQJHUVDQGORRNLQJIRUVRPHRQH
HOVHWREODPHIRUWKHLUVWXSLGLW\DQGPLVIRUWXQH7KH
SDUW\SUHWW\PXFKWWKDWELOOXQOHVVRI FRXUVHWKH\
KDSSHQWRRIIHUWRQGWKLVPDQDQGJHWUHYHQJH
RQEHKDOI RI WKHYLOODJHLI WKH\GRWKDWIUHHGULQNV
HQFRXUDJHPHQWDQGLQIRUPDWLRQRQZKHUHKHPLJKW
KDYHJRQHZLOOEHLQDEXQGDQFH

(SLORJXH
7KHSHRSOHRI WKHDUHDQRZKDYHDUHSXWDWLRQRI EHLQJ
HDVLO\FRQQHGDQGFRQPHQDQGFRQGHQFHWULFNVWHUV
GHVFHQGXSRQWKHDUHDLQIRUFH7KHKHDGPHQDQG
PD\RUVRI VHYHUDOWRZQVDQGYLOODJHVJHWWRJHWKHUDQG
GHFLGHWKDWVRPHWKLQJQHHGVWREHGRQHDERXWWKLV
7KHDGYHQWXUHUVZKRKHOSHGVRPXFKEHIRUHDUHKLUHG
WRPDVTXHUDGHDVYLOODJHUVDQGWRKHOSRUJDQLVHDVWLQJ
WRVRPHKRZWDNHDIHZRI WKHFRQDUWLVWVVRWKDWWKH\
NQRZEHWWHUWKDQWRPHVVZLWKWKLVDUHDHYHUDJDLQ

,I WKHSDUW\FDQQGWKLVFKDUODWDQDQGGRVRPHWKLQJ
DERXWKLPWKHQWKH\OOEHLQIRUDQLFHELJUHZDUGDQG
WKHJUDWLWXGHRI DWOHDVWRQHYLOODJHSHUKDSVPRUHLI KH
KDVDQQR\HGDQGFRQQHGRWKHUYLOODJHVDORQJWKHURXWH
WKRXJKWKH\PLJKWEHHTXDOO\LI QRWPRUHZDU\RI 
VWUDQJHUV
7KHLUTXDUU\VHHPVWRKDYHVRPHPLQRUPDJLFDOVNLOO
DQGHQRXJKNQRZOHGJHRI KHDOLQJVDOYHVDQGSRWLRQV
WRIRROWKHYLOODJHUVZKRDUHQWDOOGURROLQJPRURQV+H
MXVWVHHPVWRODFNWKHVNLOOWRGRZKDWKHLVRIIHULQJWR
GRDQGJLYHQVRPHRI WKHSRWLRQVKHLVWU\LQJWRPL[
WKDWFRXOGEHGDQJHURXV%HWWHUJHWRQKLVWUDLO

,GHDV0DNHDOLVWRI DOOWKH
VFDPVWKHFRQDUWLVWPLJKWKDYH
SXOOHGRQKLVMRXUQH\VVRWKDW
\RXUHQRWVWXFNWKLQNLQJWKHP
XSRQWKHVSRW7KH\FDQEH
TXLWHGLIFXOWWRFRPHXSZLWK

7ZLVW
$VWKH\IROORZKLVWUDLOPDQ\RI WKHYLOODJHVWKDW
WKH\FRPHDFURVVKDYHIDOOHQYLFWLPWRKLVVFKHPHV
SORWVDQGFRQDUWLVWWULFNHU\$VKHVWUDYHOOHGKHKDV
UHQHGKLVFRQWULFNVDQGWKHSHRSOHKDYHEHHQULSSHG
RII ZRUVHDQGZRUVH7KLVPDNHVWKHPOHVVDQGOHVV
ZHOFRPLQJWRVWUDQJHUVDVWKH\SURJUHVVXQWLOWKH\UHDW

,GHDV$WOHDVWDWKXPEQDLO
VNHWFKRI WKHURDGDQGWKH
VXUURXQGLQJWRZQVDQGYLOODJHVLV
DJRRGLGHD



$GYHQWXUH

7ZLVW

,QWHUGLPHQVLRQDO$UVHKROHV
'HVFULSWLRQ
:L]DUGVDQGDUFKDHRORJLVWVGLJJLQJLQDQFLHQWUXLQV
XQFRYHUHGE\DUHFHQWHDUWKTXDNHIRXQGDVWUDQJH
PHFKDQLFDODQGPDJLFDOFLUFOH$VWKH\ZHUHDWWHPSWLQJ
WRGHFLSKHULWVVWUDQJHUXQHVDQGWKHLUPHDQLQJLWEHJDQ
WRVSLQDQGZKHQLWVWRSSHGWKHFHQWUHRI WKHULQJZDV
UHSODFHGZLWKDSRUWDODSRUWDOWRDQRWKHUZRUOG
)URPRXWRI WKLVZRUOGGHDWKKDVVSUXQJWKH
DUFKDHRORJLFDOWHDPKDVEHHQZLSHGRXWDOPRVWWR
DPDQDQGHYHQQRZWKHGLPHQVLRQDOLQYDGHUVDUH
PDUFKLQJWKURXJKWKHSRUWDOUHDG\WRLQYDGHWKH
ZRUOGEXLOGLQJWKHLUHQFDPSPHQWVLQWKHUXLQVDURXQG
WKHSRUWDODQGJURZLQJDOOWKHWLPHLQVWUHQJWKDQG
QXPEHUV

7KHLQYDGHUVDUHQRWDJJUHVVLYHEXWDUHSHDFHIXOLQ
LQWHQWQRUPDOO\XQIRUWXQDWHO\ZKHQWKH\HPHUJHGRQH
RI WKHZL]DUGVRQWKHGLJSDQLFNHGDQGOHWRII VRPH
RIIHQVLYHVSHOOVDWWKHP7KHLQYDGHUVUHWXUQHGUH
WKHUHPDLQLQJDUFKDHRORJLVWVMRLQHGLQWKHJKWDQGLW
DOOZHQWWRKHOOIURPWKHUH1RZWKH\DUHDQJHUHGDQG
UHJDUGWKHZKROHZRUOGDVKRVWLOH7KLVFDQQRWEHJRRG
IRURXUKHURHV

7ZLVW
7KHLQYDGHUVDUHWKHPVHOYHVHHLQJVRPHWKLQJZRUVH
WKDWLVDWWDFNLQJWKHLUZRUOG$WWKHKHLJKWRI WKHEDWWOH
RUQHJRWLDWLRQVWKLVZRUVHHQWLW\RUIDFWRUVKRXOGPDNH
DQDSSHDUDQFHWKURZLQJROGHQPLWLHVLQWRWKHQHFHVVLW\
RI DOOLDQFHWRGHDOZLWKWKHQHZWKUHDWDQGSHUKDSVVWLOO
WRGHVWUR\WKHSRUWDO

(SLORJXH

2QHPHPEHURI WKHDUFKDHRORJLFDOGLJVXUYLYHGDQG
KDVUXQGRZQIURPWKHGLJVLWHUDJJHGDQGDOPRVW
GHDGIURPH[SRVXUHWRFDUU\DPHVVDJHRI ZDUQLQJWR
WKHQHDUHVWWRZQ7KLVWRZQEHLQJRI FRXUVHWKHRQH
ZKHUHDUHLQWUHSLGKHURHVFXUUHQWO\DUH
+HWHOOVWKDWWKHRQO\ZD\WRVWRSWKHLQYDVLRQLVWR
GHVWUR\WKHSRUWDOWKHQHYHQWKHSRZHUIXOZDUULRUVZKR
KDYHDOUHDG\HQWHUHGWKLVZRUOGZLOOKDYHQREDFNXSDQG
FDQEHFRQWDLQHGDQGGHVWUR\HG+HVNHWFKHVWKHPD
FUXGHPDSRI WKHUXLQVDQGWKHORFDWLRQRI WKHSRUWDO
VRWKDWWKH\FDQQGLWDQGGHVWUR\LWEHIRUHLWLVWRR
ODWH7KHUHLVQRWLPHWRJRIRUH[WUDKHOS

7ZLVW
7KHLQYDGHUVDSSHDUKXPDQEXWZHDUVWUDQJHFORWKHV
DQGDUPRXU7KH\FDUU\SHFXOLDUORRNLQJZDQGV
WKDWVSLWDQJU\EHHVPDGHRI PHWDOZLWKDVRXQGOLNH
UHFUDFNHUVJRLQJRII DQGWKH\KDYHDPDVWHU\RI WKH
EODFNSRZGHUIDUEH\RQGWKHJUHDWHVWDOFKHPLVWVRI 
WKLVZRUOG7KH\DSSHDUWRKDYHQRPDJLFWKRXJK
ZKLFKFRXOGEHDGHQLWHZHDNQHVVRQWKHLUSDUW7KHLU
ODQJXDJHLVYHU\VLPLODUWRWKHFRPPRQWRQJXHDQGWKH\
UHIHUWRWKHSRUWDODVD6WDUJDWHZKLFKPD\LQGLFDWH
WKDWWKH\NQRZVRPHWKLQJZHGRQW



6RPHRI WKHLQYDGHUVPDQDJHGWRVOLSWKURXJKWKH
QHWDQGKDYHVHWXSVRPHZKHUHLQWKHZLOGHUQHVV
HLWKHUDVWKHLURZQFRPPXQLW\RUDVEDQGLWV7KHLU
VWUDQJHNQRZOHGJHDQGZD\VDUHYDOXHGE\WKHPRUH
XQVFUXSXORXVPHPEHUVRI VRFLHW\DQGWKH\VWLOOKDUERXU
DPDVVLYHJUXGJHDJDLQVWWKRVHZKRLPSULVRQHGWKHP
LQWKLVZRUOG,QH[FKDQJHIRUDVVLVWDQFHLQVHHNLQJ
UHYHQJHWKH\DUHWUDGLQJNQRZOHGJHZLWKDQRWKHURI WKH
FKDUDFWHUVHQHPLHVLQPXWXDOO\EHQHFLDOFRRSHUDWLRQ

,GHDV<RXUDOLHQLQYDGHUVFDQFRPH
IURPDQ\JDPHRUJHQUHLWQHHGQWHYHQ
EHIDQWDV\:KLOHDPRGHUQFURVVRYHU
LVWKHPRVWREYLRXVLWFDQEHDELW
KDFNQH\HG5HPHPEHU\RXFDQXVHWKLV
DVDUHDVRQWREULQJLQDQ\WKLQJ\RX
ZDQW

,GHDV7KHLQYDGHUVVKRXOG
YLRODWHWKHZRUOG,I WKHZRUOG
LVPDJLFDOWKH\VKRXOGXVH
WHFKQRORJ\IRUH[DPSOH

$GYHQWXUH

7ZLVW

-DLOKRXVH5RFN
'HVFULSWLRQ
(LWKHUULJKWO\RUZURQJO\WKHFKDUDFWHUVDUHDUUHVWHG
E\DWHDPRI ZDWFKPHQSRZHUIXOHQRXJKWRWDNHWKHP
GRZQRUWRDSSHDOWRWKHLUVHQVHRI ULJKWDQGZURQJ
HQRXJKWRPDNHWKHPVXUUHQGHU7DNHQWRWKHMDLOKRXVH
DQGVHQWEHIRUHWKHMXGJHWKHFKDUDFWHUVDUHFRQGHPQHG
WREHMDLOHGLQWKHFRXQWULHVWRXJKHVWSULVRQXQWLOWKH\
GLH
7KHSULVRQLWVHOI OLHVXSRQDQLVODQGDQGSULVRQHUV
DUHEURXJKWWKHUHRQFHD\HDUXQIRUWXQDWHO\IRUWKH
FKDUDFWHUVWKDW\HDUO\WUDQVIHUKDSSHQVWKHGD\DIWHU
WKH\DUHFRQYLFWHGVRWKH\ZLOOKDYHQRFKDQJHWRPDNH
DQHVFDSHIURPDZHDNHUMDLO(YHQWKHJXDUGVVWD\
WKHUHWKHZKROH\HDUNHHSLQJZDWFKRQWKHSULVRQHUV
DQGPDNLQJVXUHWKHUHLVQRIXQQ\EXVLQHVV

$PHUIRONFRORQ\LVQWWRRIDUIURPWKHLVODQGDQG
VRPHWLPHVWKHPHUSHRSOHFDQEHVHHQSOD\LQJLQWKHLF\
ZDYHVQRWWRRIDUIURPWKHURFN\EHDFKHV,ISHUKDSV
VRPHRQHFRXOGJHWGRZQWRWKRVHEURNHQEHDFKHVRI 
VKDUSVKDOHWKH\FRXOGJHWWKHDWWHQWLRQRI WKHPHUIRON
DQGVWULNHVRPHVRUWRI GHDOWKRXJKORUGRQO\NQRZV
ZKDWWKH\PLJKWZDQWRUZKHWKHUDQ\RQHFRXOGJHWLWWR
WKHP

7ZLVW
$FUD]\ROGSULVRQHUZKROLYHVIDUDQGDZD\DWWKHWRS
RI WKHUDWKHUYHUWLFDOLVODQGFODLPVWRKDYHYLVLRQV
FODLPVWRNQRZWKDWWKHUHLVDWXQQHORXWRI WKHSULVRQ
(YHU\RQHGLVPLVVHVKLPDVDNRRNEXWKHFODLPVWKDW
VRPHFDYHVXQGHUZDWHUQHDUWKHLVODQGRSHQXSLQWR
WXQQHOVXQGHUWKHLVODQGDQGWKDWWKLVFDYHUQV\VWHPFDQ
EHQHJRWLDWHGWRHYHQWXDOO\WDNHRQHDOOWKHZD\EDFNWR
WKHPDLQODQGDOEHLWYLDDYHU\GDQJHURXVXQGHUJURXQG
URXWH

(SLORJXH

7KHLVODQGLVVHOIVXVWDLQLQJWKDQNVWRLWVZDOOHGHOGV
DQGJDUGHQVDQGLWLVVXUURXQGHGRQDOOVLGHVE\VWHHS
FOLIIVWKDWGHVFHQGWRURFN\VKRUHVDQGWKHIUHH]LQJVHD
EH\RQGWKDW
6WLOOWKHUHPXVWEHDZD\WRHVFDSHVXUHO\"3HUKDSV
EXLOGDERDW"3HUKDSVZLQJV"3HUKDSVRQHRI WKH
JXDUGVFDQEHFRUUXSWHGRUUHSODFHGRUWKHLVODQGWDNHQ
RYHUVRPHKRZ"6RPHWKLQJVRPHWKLQJPXVWEHDEOHWR
EHGRQH

7ZLVW
6RPHWKLQJDQFLHQWDQGHYLOOXUNVEHQHDWKWKHLVODQG
VRPHWKLQJWKDWGHPDQGVVDFULFHVDQGVXVWHQDQFH7KH
FRXQWU\RZHVDORWRI LWVSRZHUDQGSULYLOHJHWRWKH
SRZHUVRI WKLVGHPRQWKLQJDQGVRLWLVVORZO\IHGWKH
SULVRQHUVRI WKHQDWLRQWKHVFXP/DWHO\LWKDVEHHQ
JURZLQJPRUHGHPDQGLQJZDQWLQJPRUHSRZHUIXO
VRXOVWRGHYRXUDQGWKLVLVZKHUHWKHFKDUDFWHUVFRPH
LQ3HUKDSVWKH\FDQXQPDVNWKHWUXWKRUVRPHKRZ
GHVWUR\WKHGHPRQDVZHOODVVLPSO\HVFDSLQJ



)RUIRLOLQJWKHSULVRQHVFDSLQJDQGFDXVLQJSUREOHPV
WRWKHUHSXWDWLRQRI WKHFRXQWU\DPDVVLYHERXQW\LV
SODFHGRQWKHKHDGRI WKHFKDUDFWHUVLQYROYHG1RW
RQO\WKDWEXWWKHEHVWJXDUGVDVVDVVLQVDQGKHURHVRI 
WKHFRXQWU\DUHVHQWDIWHUWKHPDQGWKHVHQWHQFHLV
LQFUHDVHGWRGHDWKQRWKLQJOHVV

,GHDV,WLVZRUWKFRPLQJXS
ZLWKVRPHLGHDVRQZKRWKH
RWKHUSULVRQHUVDUHVR\RXFDQ
OHQGDELWRI FRORXUDQGGHSWK
WRWKHSULVRQSRSXODWLRQ

,GHDV$OD\RXWQHHGQWEH
QHFHVVDU\EXW\RXVKRXOGKDYHDQ
LGHDRI ZKDWDUHDVWKHSULVRQKDV
DQGZKHUH

$GYHQWXUH

JXDUGDUHRFFXSLHGNHHSLQJRUGHUDQGEXLOGLQJHDUWKHQ
UDPSDUWVDJDLQVWWKHODYDLWIDOOVWRWKHDGYHQWXUHUVWR
VFDOHWKHHUXSWLQJPRXQWDLQEUDYHWKHPROWHQKRPHRI 
WKHWKUHDWDQGGHDOZLWKLWWRHQGWRHUXSWLRQ

0DJQLFHQW(UXSWLRQ

7ZLVW

'HVFULSWLRQ

3ULHVWVIURPRQHRI WKHUHOLJLRQVRI WKHFLW\FDOOHG


XSRQWKHJRGVIRUWKHHUXSWLRQWRZLSHZKDWWKH\VDZ
DVDGHFDGHQWFLW\FOHDQRI VLQ7KHVHSULHVWVDUHHLWKHU
UHVSRQVLEOHIRUVXVWDLQLQJWKHHUXSWLRQRULI \RXUH
XVLQJWKHDERYHWZLVWWKH\VXPPRQHGWKHFUHDWXUHWKDW
LVUHVSRQVLEOHIRUWKHHUXSWLRQ(LWKHUZD\WKLVFRUUXSW
SULHVWKRRGZLOOQHHGWREHURRWHGRXWHLWKHUGXULQJRU
DIWHUWKHHUXSWLRQ

0RXQW6WDHOLDKDVGRPLQDWHGWKHVN\OLQHQHDUWKHFLW\
RI 3DHULDVLQFHWKHFLW\ZDVIRXQGHGRQWKHYHUGDQW
IHUWLOHODQGDURXQGLW3DHULDKDVEHFRPHDULFKDQG
LQXHQWLDOFLW\ZLWKPDQ\SDWURQVDULFKPHUFKDQWFODVV
DQGYHU\OLWWOHLQWKHZD\RI DEMHFWSRYHUW\6WDHOLDLVD
GRUPDQWVQRZFDSSHGYROFDQR
0DNHWKDWZDVDGRUPDQWVQRZFDSSHGYROFDQR
$VRI WKHPRPHQWWKHDGYHQWXUHVWDUWV6WDHOLDHUXSWV
PDVVLYHFORXGVRI VPRNHDQGDVKULVLQJKLJKLQWRWKH
VN\DQGKRWERXOGHUVDQGVWRQHVUDLQLQJGRZQDVQHDUO\
DTXDUWHURI WKHPRXQWDLQLVKXUOHGLQWRWKHVN\E\WKH
PDVVLYHIRUFHVIURPEHQHDWKWKHHDUWK

(SLORJXH
7KHPDVVLYHH[SORVLRQLQWKHPRXQWDLQKDVUHYHDOHG
DKRQH\FRPERI WXQQHOVDQGSDWKZD\VXQGHUWKH
PRXQWDLQKHDY\ZLWKJHPVWRQHVDQGMHZHOVEXWVWLOO
GHIHQGHGE\WKHHU\FUHDWXUHVWKDWGZHOOZLWKLQWKH
PRXQWDLQDVZHOODVQDWXUDOWUDSVDQGSLWIDOOVLQWR
VFDOGLQJSRROVDQGZHOOVRI ODYD7KHUHZDUGVDUHULFK
EXWZRQWEHWKHUHIRUORQJ

6FDOGLQJKRWZLQGVZLOWFURSVDQGEXUQSHRSOHVIDFHV
DVWKHDVKDQGURFNVEHJLQWRIDOOWKHJURXQGFUDFNV
DQGKRWODYDEHJLQVWRRZUDSLGO\GRZQWKHIDFHRI 
6WDHOLDWRZDUGVWKHFLW\DORQJZLWKFORXGVRI QR[LRXV
JDV,QDOORI WKLVWKHFKDUDFWHUVJHWFDXJKWXSDQG
PXVWHVFDSHVXUYLYHRUVRPHKRZGHIHQGWKHFLW\IURP
WKHUDYDJHVRI QDWXUHVIXU\

7ZLVW
&KDVLQJGRZQWKHVORSHVDORQJZLWKWKHVFRUFKLQJODYD
RZVDUHFUHDWXUHRI UHVDODPDQGHUVGUDNHVUH
HOHPHQWDOVDQGFUHDWXUHVIURPEHQHDWKWKHHDUWKWKDW
WKULYHLQVXFKKHDWHGHQYLURQPHQWV7KHLUSURJUHVVDQG
WKDWRI WKHODYDVHHPVOLQNHGNLOOHGWKHFUHDWXUHVVORZ
WKHRZVDYHWKHFLW\6RPHKDYHLQHYLWDEO\VZHSW
SDVWDQGDUHVHWWLQJUHWREXLOGLQJVLQWKHFLW\FDXVLQJ
SDQLFDQGMXPSLQJJOHHIXOO\XSRQWKHSRSXODFHDVWKH\
HH

7ZLVW
6FKRODUVIURPWKHFLW\KDYHGHWHUPLQHGWKDWWKHFDXVH
RI WKHHUXSWLRQLVQRWQDWXUDOEXWLVWKHLQXHQFHRI D
SRZHUIXOFUHDWXUHRI UHZLWKLQWKHPRXQWDLQ,WFRXOG
EHDGUDJRQDGHPRQRUDJLDQWEXWWKLVEHLQJKDV
FDXVHGWKHHUXSWLRQDQGWKHWKUHDWWRWKHFLW\7KH


,GHDV7KHHUXSWLRQRI DYROFDQR
LVRQHRI WKRVHWKLQJV\RXFDQW
UHDOO\QXOOI\RUFRXQWHUDFWEXWFDQ
SRVVLEO\UHGLUHFW'RQWFKHDSHQLW
E\DOORZLQJDZL]DUGZLWKVRPHVRUW
RI LFHVSHOOWRFRPSOHWHO\GHIHDWWKH
ZKROHSRLQWRI WKHH[HUFLVH

,GHDV%HH[WUHPHO\
GHVFULSWLYHRI WKHFRORXUVOLJKWV
DQGVRXQGVRI WKHHUXSWLRQ,I 
\RXFDQJHWVRPHUHGOLJKWLQJLQ
WKHURRPWKDWZRXOGDOVRKDYHD
SRZHUIXOHIIHFW

$GYHQWXUH

7ZLVW
7KHHDUWKTXDNHZDVFDXVHGE\WKHVWLUULQJRI DJUHDW
ZRUPRI VRPHNLQGWKDWKDVEHHQVOHHSLQJGRUPDQW
EHQHDWKWKHFLW\IRUFHQWXULHV1RZLWVFRLOHGIRUP
LVULVLQJXSRXWRI WKHHDUWKGHYRXULQJVXUYLYRUVDQG
FDXVLQJ\HWPRUHWUHPRUV,I LWFDQEHGHIHDWHGSHUKDSV
SHRSOHFDQEHVSDUHG

5RFN 5ROO
'HVFULSWLRQ
:LWKWKHVDPHODFNRI IRUHVLJKWVHHQLQWKRVHZKR
FRQVWUXFWHG7RN\RDQG6DQ)UDQFLVFRLQWKHUHDOZRUOG
WKHFRVPRSROLWDQLQKDELWDQWVRI 0DOLNDGHFLGHGWR
EXLOGWKHLUJUHDWPRGHUQFLW\ULJKWVPDFNGDEQHDUD
PDMRUIDXOWOLQHRQHWKDWLVEHFRPLQJDFWLYHDJDLQ

7ZLVW

7KHORFDOZLVHPHQKDYHGLVPLVVHGWKHVOLJKWWUHPRUV
WKDWKDYHEHHQIHOWVRIDUDVQRWKLQJWRZRUU\DERXWDQG
OLIHKDVFDUULHGRQDVQRUPDOWKURXJKRXW0DOLNDDSRUW
WRZQZLWKPDQ\GLIIHUHQWUDFHVRI PDQDQGKXPDQRLG
OLYLQJZLWKLQLWVZDOOV*UHDWWRZHUVULVHDERYH0DOLND
VXVSHQGHGDQGFRQVWUXFWHGE\PDJLFDQGJLYLQJDQ
XQSDUDOOHOHGYLHZRI WKHED\DQGWKHVKLSVXSRQWKH
JOLWWHULQJZDWHUIDUEHORZ
$OOWKHEXLOGLQJVDUHQHZDQGJUDQGDQGKHUHPRUH
WKDQDQ\ZKHUHHOVHLQWKHUHJLRQWKHPDQ\UDFHVOLYH
WRJHWKHULQFRRSHUDWLRQKDUPRQ\DQGUHODWLYHZHDOWK
7KLVLVDERXWWRFKDQJH
7KHHDUWKTXDNHFRPHVQRWRQHRI WKHOLWWOHWUHPRUV
WKDWKDVFRPHEHIRUHEXWDJUHDWTXDNHWHDULQJWKH
VWUHHWVDVXQGHUDQGKXUOLQJWKHWRZHUVWRWKHJURXQG
VKDWWHULQJWKHZDOOVDQGWXUQLQJWKHVWUHHWVLQWR
PD]HVRI UXEEOH3HRSOHDUHG\LQJHYHU\ZKHUHWKH
LQIUDVWUXFWXUHLVJRQHWKHFLW\JRYHUQPHQWFUXVKHG
ZKHQWKHLUEXLOGLQJFROODSVHG
:KDWGR\RXGR"'R\RXKHOS"'R\RXHH":KDW
KDSSHQVWRDOOWKHROGUDFLDOHQPLWLHVZKHQHDFKSHUVRQ
KDVWRQGDZD\WRVXUYLYHZKDWOLQHVGRSHRSOHGLYLGH
DORQJ"

7ZLVW
7KHHSLFHQWUHRI WKHHDUWKTXDNHZDVDFWXDOO\RIIVKRUH
$VZHOODVWKHFROODSVHGEXLOGLQJVWKHUHVDQGWKH
GHVSHUDWLRQLWEHFRPHVUDSLGO\FOHDUWKDWDPDVVLYHWLGDO
ZDYHLVKXUWOLQJWRZDUGVWKHVWULFNHQFLW\IURPRXWLQ
WKHZDWHU:KDWFDQEHGRQH"



7KHHDUWKTXDNHZDVFDXVHGE\DSRZHUIXOPDJLFDO
GHYLFHRUDVSHOOFDVWIURPWKHDJVKLSRI DQLQYDGLQJ
HHW1RZWKHFLW\OLHVLQUXLQVWKH\VZHHSLQDQGODQG
WKHLUWURRSVORRWLQJDQGNLOOLQJZKHUHYHUWKH\JR7KLV
PDJLFLDQRUWKLVGHYLFHPXVWEHGHVWUR\HGWRSUHYHQW
RWKHUFLWLHVIDOOLQJWRWKHVDPHIDWH

(SLORJXH
7KHFLW\LVGHFLPDWHGGHVWUR\HGIRUD\HDURUVRLWLV
VKXQQHGDSODFHRI EDGPHPRU\VSRNHQRI RQO\LQ
ZKLVSHUVDIWHUWKDW\HDUWKRXJKWKHRSSRUWXQLVWVWDNH
KHDUW7KHPRVWFDOORXVDQGF\QLFDORI WKHWKLHYHVZDQW
WKHVKDWWHUHGUHPQDQWVRI WKHFLW\ORRWHGDQGWKH\G
OLNHWRKLUHSHRSOHZKRZHUHWKHUHZKRNQRZWKHFLW\
1HYHUPLQGWKHJKRVWVDQGFUHDWXUHVWKDWKDXQWWKHFLW\
QRZLI \RXGRQWERWKHUWKHPDQGWKH\ZRQWERWKHU
\RXULJKW"

,GHD7KHPRUH\RXHPSKDVLVHWKH
JUDQGGHVLJQRI WKHFLW\WKHKHLJKWRI 
WKHWRZHUVWKHIULHQGOLQHVVRI WKHSHRSOH
WKHPRUHHIIHFWLYHLWZLOOEHZKHQ\RX
WHDUDOORI WKDWGRZQDQGUHGXFHWKH
FLW\WRYLROHQWDVKHV'RQRWVSULQJWKH
HDUWKTXDNHWRRVRRQ

$GYHQWXUH

7ZLVW
7KHUHLVDQLQIRUPHUFORVHWRWKHJURXSZKRVHHPV
WREHDIULHQGEXWLVQRW:LWKDOLWWOHEUDLQZDVKLQJLW
FRXOGHYHQEHRQHRI WKHFKDUDFWHUV

$&URVVWR%HDU

7ZLVW

'HVFULSWLRQ

7KHFLW\LVDKRWEHGRI VLQDQGGHSUDYLW\DQGWKHWHPSOH
LVGRLQJDZRUWK\MRERI URRWLQJRXWWHUULEOHFULPLQDOV
ZRUVKLSSHUVRI WKHLQIHUQDODQGRWKHUGHSUDYHGQDVWLHV
7KHQREOHVDQGFULPLQDOVWKDWWKHFKDUDFWHUVPD\QG
WKHPVHOYHVZRUNLQJDORQJVLGHDUHPXFKPXFKZRUVH
WKDQWKHJXDUGLDQVRI WKHWHPSOH

,QDEORRGOHVVFRXSWKHWHPSOHRI $UFKDRQJRGRI 
MXVWLFHKDVWDNHQFRQWURORI WKHFLW\WKDWWKHFKDUDFWHUV
DUHLQ,PPHGLDWHO\WKHFKDUDFWHURI WKHFLW\EHJLQVWR
FKDQJH7KHJDWHVDUHFORVHGDQGPDQQHGE\WKHHOLWH
JXDUGRI WKHWHPSOHWKRVHZLWKLQWKHFLW\EHJLQWREH
TXHVWLRQHGKDUDVVHGVLQQHUVDQGWKLHYHVDUHWDNHQWR
WKHVTXDUHDQGSXEOLFO\KXQJEHKHDGHGRURWKHUZLVH
YLFLRXVO\GLVSRVHGRI LQZD\VWKDWPDNHWKH6SDQLVK
,QTXLVLWLRQORRNOLNHDQLFHEXQFKRI FKDSV

(SLORJXH

5HOLJLRXVODZLVEURXJKWGRZQXSRQWKHFLW\ZLWK
FUXVKLQJDXWKRULW\WKHHOLWHWHPSOHJXDUGDSSHDUWR
EHHYHU\ZKHUHDQGWKHWHPSOHSD\VSHRSOHDQGJUDQWV
WKHPUHOLJLRXVDPQHVW\LI WKH\LQIRUPRQRWKHUV
:LWKLQDGD\RUWZRVRPHDGYHQWXUHUVDUHH[HFXWHGDV
WKLHYHVWRPEUREEHUVDQGPXUGHUHUV,WFDQRQO\EH
DPDWWHURI WLPHEHIRUHWKHSDUW\DUHURRWHGRXWDQG
GLVFRYHUHG
7KHQREOHVDQGWKHFULPLQDOFODVVHVDUHWKUXVWLQWRDQ
XQHDV\DOOLDQFHDJDLQVWWKLVQHZRUGHUEXWZKDWFDQWKH\
UHDOO\DFFRPSOLVKZLWKRXWDQDUP\DQGZLWKWKHUHVWRI 
WKHSRSXODFHWRRFRZHGE\IHDUDQGUHOLJLRXVUHYHUHQFH
WRGRDQ\WKLQJWRKHOS"
(VFDSHRUSXWWKLQJVULJKW":KDWLI WKHLUJRGUHDOO\LV
RQWKHLUVLGH"

7ZLVW
7KHWHPSOHRI $UFKDRQLVDFRYHUIRUWKHZRUVKLSSHUV
DWLWVKLJKHVWHFKHORQZKRDUHLQIDFWZRUVKLSSHUV
RI WKHGHPRQORUG;DJ\J;DJ\JLVQRWDFUHDWXUH
RI MXVWLFHEXWUDWKHURQHRI UHWULEXWLRQJUDQWLQJWKH
WRUWXUHVSHRSOHGHVHUYHZKHQWKH\SDVVLQWRWKHGHPRQ
UHDOP+HWKLUVWVWRSDVVMXGJHPHQWRQWKHOLYLQJ
KRZHYHUDQGLWLVWRWKLVHQGWKDWWKHWHPSOHVLQQHU
FLUFOHDUHZRUNLQJ7KHH[HFXWLRQVDUHVDFULFHVDQG
ZKHQKHFRPHVWKHORZHUHFKHORQVRI WKHWHPSOHZLOO
EHSRVVHVVHGE\GHPRQVWKHFLW\ZLOOEHFRPHDWRUWXUH
FDPSLQ;DJ\JVQDPH



7KHWDNHRYHURI WKHWHPSOHLQWKLVFLW\SUHVDJHVD
UHOLJLRXVUHYLYDOWKURXJKRXWWKLVUHJLRQ7KHWHPSOH
RI $UFKDRQJURZVLQVWUHQJWKVHHQDVWKHRQO\ZD\
LQZKLFKWUXHODZDQGRUGHUFDQEHPDLQWDLQHGDQG
HQIRUFHG6XSSRUWHGE\ORQJVXIIHULQJSHDVDQWVMRLQLQJ
WKHLUXSULVLQJVWKHWHPSOHDQGLWVNQLJKWVDUHVRRQLQ
FRQWURORI VHYHUDOFLWLHVDQGWRZQVDQGDUHDERXWWR
UDLVHD+LHURSKDQWWREHLQFKDUJHRI ZKDWWKH\UHJDUG
DVWKHLURZQFRXQWU\6RRQWKHUHPD\EHQRHVFDSH
IURPWKHLUPRUDOLW\RUWKHLUODZ3HUKDSVDFRXQWHU
UHYROXWLRQ"3HUKDSVWKHUHPRYDORI WKH+LHURSKDQW"

,GHDV,WZLOOKHOSDJUHDWGHDOLI 
WKHUHOLJLRQLVSURSHUO\WKRXJKWRXW
DQGGHVFULEHGDORQJZLWKLWVEHOLHIV
VWULFWXUHVDQGODZV5HDOZRUOGUHOLJLRQV
FDQSURYLGHDJRRGPRGHOSDUWLFXODUO\
WKHFRPPXQLWLHVRI PRQNVWKH.QLJKWV
7HPSODUDQG,VODPDOORI ZKLFKKDYHRU
KDGODZVIRUWKHZRUOGLQDJUHDWHUVHQVH
WKDQWKH7HQ&RPPDQGPHQWV'R
EHFDUHIXOQRWWRLQVXOWDQ\RQHLQ\RXU
JURXSLQ\RXUSRUWUD\DORI UHOLJLRQ

$GYHQWXUH

1RZPXFKRI LWLVRYHUJURZQWKHZLOGSODFHVWDNLQJ
RYHUWKHPHFKDQLFDOSODFHVDVWKHFHQWXULHVKDYHSDVVHG
1RZWKHGHVFHQGHQWVRI WKRVHSODQWVDQGDQLPDOVURDP
HYHU\ZKHUHQRWDOORI WKHPIULHQGO\RUGRFLOHDQGPDQ\
RI WKHPKXQJU\DQGYLFLRXV3HRSOHWKH\FDQHDWDUHD
QRYHOW\DQGRQHWKH\ZRXOGYHU\PXFKOLNHWRWU\

/D/D/DSXWD
'HVFULSWLRQ
:KLOHH[SORULQJVRPHRI WKHUHPRWHVWUHDFKHVRI 
WKHODQGWKHFKDUDFWHUVGLVFRYHUDVZDWKHRI UHFHQWO\
EURNHQIRUHVWDQGDPDVVLYHFUDWHUVPDVKHGLQWRWKH
JURXQGDWWKHFHQWUHRI WKLVFUDWHULVDJUHDWURFNDQG
DWRSWKHURFNWKHSDUWLDOO\VPDVKHGUHPQDQWVRI ZKDW
DSSHDUVWRKDYHRQFHEHHQDJUHDWFLW\RI EUDVVDQG
FORFNZRUNJHDUVDQGRLOVWHDPDQGVWHHOD\LQJFLW\
WKDWKDVIDOOHQIURPWKHVN\DQGFUXVKHGWKLVDUHDRI 
IRUHVWXQGHULWDUHOLFRI DE\JRQHDJHRI VWUDQJHPDJLF
DQGZKRNQRZVZKDWWUHDVXUHVWKLVFLW\PLJKWFRQWDLQ"

7ZLVW

7RJHWWRWKHFLW\WKH\ZLOOKDYHWRFOLPEGRZQWKURXJK
WKHEURNHQIRUHVWSDVWIULJKWHQHGDQGVSRRNHGDQLPDOV
7KH\ZLOOWKHQKDYHWRFOLPEGRZQWKHZDOOVRI WKH
FUDWHUDOOORRVHHDUWKDQGWUHDFKHURXVIRRWKROGV3DVW
WKDWWKH\ZLOOQHHGWRVFDOHWKHVLGHVRI WKHJUHDWURFN
WKDWIRUPVWKHEDVHRI WKHFLW\WKHQDQGRQO\WKHQZLOO
WKH\EHDEOHWRHQWHUWKHSDUWLDOO\VKDWWHUHGDQGEURNHQ
VWUHHWVRI WKHRQFHJUHDWFLW\WRH[SORUHDQGORRWDV
DGYHQWXUHUVDUHZRQWWRGR

(SLORJXH

2QFHWKH\VWDUWH[SORULQJWKHFLW\LVTXLFNO\EHFRPHV
REYLRXVWKDWWKH\DUHQRWDORQH6RPHRI WKHDQFLHQW
PHFKDQLVPVVWLOORSHUDWHDQGVWUDQJHPHFKDQLFDOEHDVWV
DQGSHRSOHVWLOOZDONWKHVWUHHWVDQGKRXVHVRI WKHFLW\
JRLQJDERXWWKHLUEXVLQHVVZKLFKPD\RUPD\QRW
LQFOXGHJKWLQJRII LQWUXGHUVDQGWKLHYHV

7ZLVW
7KHPHFKDQLFDOFUHDWXUHVDQGEHLQJVDUHVORZO\
UHSDLULQJWKHVKLS,WPD\ORRNVKDWWHUHGEXWGRZQLQ
WKHERZHOVRI WKHPRXQWDLQWKHJUHDWPDJLFDOHQJLQHV
WKDW\WKHFLW\DUHEHLQJUHSDLUHGVZLIWO\7KHUHLVRQO\
DYHU\VKRUWDPRXQWRI WLPHDFRXSOHRI GD\VDWWKH
PRVWEHIRUHWKHFLW\ZLOOULVHRQFHPRUHLQWRWKHVN\
ZLWKWKHFKDUDFWHUVWUDSSHGDERDUGLI WKH\DUHXQOXFN\

7ZLVW
7KHFLW\ZDVRQFHIHGE\JUHDWJDUGHQVDQGVSUDZOLQJ
JODVVKRXVHVLQGRRUHOGVDQGRWKHUJUDQGLRVHSURMHFWV


7KHFLW\LWVHOI LVDOLYHLWVVHUYLWRUVFUHDWHGZLWKLQLWV
IRXQGULHVIURPOLYLQJWKLQJVLWKDVOXUHGDERDUGLWRYHU
WLPH7KHDGYHQWXUHUVZRXOGPDNHJRRGQHZVHUYLWRUV
LI WKH\FDQEHFDXJKW1RWDOORI LWVPHFKDQLFDO
FRQYHUVLRQVDUHFRPSOHWHO\EUDLQZDVKHGRUHQWLUHO\
OR\DODQGVRPHRI WKHPPD\EHDEOHWRZDUQWKHSDUW\
RUWRKHOSWKHPLI WKH\DUHFDSWXUHGKRSHIXOO\EHIRUH
WKH\JHWWXUQHGLQWREUDVVDQGFORFNZRUNDXWRPDWD

2QHRI WKHWUHDVXUHVUHFRYHUHGIURPWKH\LQJFLW\
VKRZVWKHLJKWSDWKVDQGORFDWLRQVRI VHYHUDORWKHU
\LQJFLWLHVDURXQGWKHJOREHDQGVSHDNVRI WKH
ZRQGURXVFDSLWDODFLW\RI JROGVLOYHUJHPVDQG
SODWLQXPWKDWFDQRQO\EHIRXQGE\YLVLWLQJHDFKRI WKH
RWKHUFLWLHV7KHSDUW\DOUHDG\KDVRQHFLW\XQGHUWKHLU
EHOWLI WKH\FDQGHFLSKHUWKHLQVWUXFWLRQVDQGQGD
ZD\WRJHWWRHDFKRI WKHRWKHUFLWLHVWKHQWKH\FDQQG
WKHFDSLWDODQGWKHZRQGHUVDQGULFKHVWKDWLWQRGRXEW
SRVVHVVHV2I FRXUVHDYLDQUDFHVDQGRWKHUGLIFXOWLHV
PD\SUHVHQWWKHPVHOYHVLQHDFKRI WKHRWKHUFLWLHV
,GHDV'HQLWHO\VWDWXSDQ
DUUD\RI WKHPHFKDQLFDOEHDVWV
DQGVHUYLWRUVWKDWPRYHDERXW
ZLWKLQWKHFLW\DVYDULHW\DQG
VWUDQJHQHVVZLOODGGDJUHDW
GHDOWRWKLVDGYHQWXUH

,GHDV6WHDPSXQNDQGFORFNZRUN
EDVHGIDQWDV\FWLRQVKRXOGJLYH\RX
SOHQW\RI LGHDVIRULQYHQWLRQVDQG
GRRGDGVWKDWH[LVWZLWKLQWKHFLW\
<RXSUREDEO\VKRXOGQWOHWWRRPDQ\
IDOOXVDEOHLQWRWKHKDQGVRI WKH
SDUW\

$GYHQWXUH

7ZLVW
7KHUHVWRI WKHJRYHUQPHQWDUHYHU\PXFKDIUDLGRI 
XSVHWWLQJWKHVWDWXVTXR:KHQWKH\QGRXWDERXW
5RVDPXQGDWKH\KDYHKHUNLOOHGDQGFLUFXODWHWKH
LGHQWLWLHVRI WKHSDUW\VHQGLQJWKHJXDUGRXWWRVHHN
WKHPDORQJZLWKWKHYHQJHDQFHIXHOOHGV\QGLFDWHV,W
KDVDOOJRQHWRKHOODQGWKH\UHFXWRII IURPVXSSRUW

+RUVHV+HDGV 2YHUKHDGV
'HVFULSWLRQ
7KHSRUWFLW\RI .DQJLVFRPSOHWHO\DQGXWWHUO\
RYHUUXQE\WKLHYHVSLUDWHVDQGFULPLQDOVRI HYHU\
VWULSH:KLOHWKHUHLVDFLYLOLDQJRYHUQPHQWLWLVHQWLUHO\
FRUUXSWDQGFRPSOHWHO\LQWKHSRFNHWRI WKHFULPLQDO
JXLOGVDQGJDQJV
%ULEHVDUHDZD\RI OLIHDQGQRFLWL]HQLVVDIHIURP
VWUHHWWD[HVDQGSURWHFWLRQUDFNHWV7KHFULPLQDO
JXLOGVDUHJURZLQJSOXPSDQGIDWRQWKHEDFNVRI 
HYHU\RQHHOVHVKDUGZRUNZKLOHWKHJXDUGDQGWKH
JRYHUQPHQWDUHNHSWKHDYLO\EULEHGQRWWKDWWKH\
KDYHWKHSRZHURUVWUHQJWKWRGRDQ\WKLQJDERXWWKH
VLWXDWLRQLQDQ\FDVH

7ZLVW
$WWKHHQGRI HYHU\WKLQJ5RVDPXQGDGRHVQWZDQW
KHUXVHRI WKHFULPLQDOHOHPHQWWREHIRXQGRXW7R
SURWHFWKHULQWHUHVWVDQGUHSXWDWLRQVKHDQRQ\PRXVO\
KLUHVDJURXSRI DVVDVVLQVWRKXQWGRZQDQGNLOOWKRVH
ZKRNQRZKHUGDUNSROLWLFDOVHFUHW7KHDGYHQWXUHUV

(SLORJXH
.DQJPLJKWEHFOHDQRI FULPHLQWHUQDOO\EXWLWLVRU
UDWKHUZDVDIDYRXULWHVWRSSLQJRII SODFHIRUEDQGLWV
UDLGHUVDQGRWKHUQHHUGRZHOOV:KLOHWKHFLW\PD\
KDYHFOHDQHGXSLWVDFWZRUGWKDWWKLVKDVKDSSHQHG
KDVQRWJRWWHQDURXQGWRDOOWKHXQVDYRXU\W\SHVWKDW
XVHGWRXVHLWDVDVDIHKDYHQDQGUHVXSSO\SRLQW,W
VHHPVWKDW5RVDPXQGDVWURXEOHVKRRWHUVPD\EHDEOH
WRQGXVHIXOHPSOR\PHQWDOLWWOHORQJHUHGXFDWLQJ
WKHVHJURXSVLQWRWKHQHZZD\WKLQJVDUHUXQLQ.DQJ
IRUFHIXOO\LI QHFHVVDU\

&XH5RVDPXQGDUDYHQKDLUHGEHDXW\QHZO\HOHFWHG
WUHDVXUHUDQGPHPEHURI WKHFLW\FRXQFLODZRPDQ
XQDIUDLGZLWKRXWIDPLO\DQGZLWKDPLVVLRQWRFKDQJH
WKLQJVLQ.DQJWRURRWRXWWKHFULPLQDOV\QGLFDWHVDQG
UHWXUQWKHFLW\WRDODZIXODQGUHVSHFWDEOHVWDWH
6KHKDVKHUZRUNFXWRXWIRUKHUZKLFKLVZKHUHWKH
FKDUDFWHUVFRPHLQ5RVDPXQGDRIIHUVWRSD\WKHP
KDQGVRPHO\DQGWROHWWKHPNHHSZKDWHYHUORRWWKH\
PLJKWPDQDJHWRQGIURPWKHFULPLQDOJDQJVLQ
H[FKDQJHIRUWKHPEHFRPLQJKHUXQWRXFKDEOHV3DLG
YLJLODQWHVZLWKQRNQRZQOLQNVWRWKHJRYHUQPHQW
WDVNHGZLWKZLSLQJRXWWKHJXLOGVDQGV\QGLFDWHV

,GHDV+DYLQJ5RVDPXQGDJHW
URPDQWLFDOO\HQWDQJOHGZLWKRQH
RI WKHFKDUDFWHUVFDQDGGDOLWWOH
GHSWKDQGLI VKHEHWUD\VWKHP
FDQDGGDOLWWOHH[WUDVWLQJWRWKDW
EHWUD\DO

7ZLVW
5RVDPXQGDLVDFURRNKHUVHOIWKHOHDGHURI DVPDOOHU
EXWKLJKO\DPELWLRXVV\QGLFDWH6KHZLOOXVHWKHSDUW\
WRZHDNHQDQGGHVWUR\KHUULYDOVDQGZLOOWKHQPRYH
LQWRGHVWUR\WKHPDQGWDNHRYHUHQWLUHO\EULQJLQJWKH
ZKROHFLW\XQGHUDVLQJOHTXHHQSLQRI FULPH,I WKH
SDUW\QGKHURXWVKHZLOORIIHUWKHPUHZDUGVDQG
SRVLWLRQVDVOLHXWHQDQWVLQKHURUJDQLVDWLRQWURXEOH
VKRRWHUV,I WKH\UHIXVHKHUDVVDVVLQVZLOOWU\WRKXQW
WKHPGRZQ

,GHDV(DFKRI WKHFULPLQDORUJDQLVDWLRQVLQ
WKHFLW\VKRXOGKDYHLWVRZQIHHODQGLWVRZQ
SDUWLFXODUIDYRXUHGEUDQGRI FULPHDQGYLFH
7KLQNRI WKHGLIIHUHQFHVLQVW\OHEHWZHHQUHDO
ZRUOGFULPLQDOV\QGLFDWHVDQGWU\WRPLUURU
WKHPLQ\RXURZQ7KHPDDWKH\DUGLHVWKH
WULDGVWKH\DNX]DDOOKDYHDGLVWLQFWLYHVW\OH
DQGWKDWLVVRPHWKLQJWKDW\RXFDQXVH



$GYHQWXUH

7ZLVW
$IWHUDIHZVODYLQJUDLGVWKHNQRZQRUFFDPSVDUH
IRXQGWREHGHVHUWHG7KHLQGLJQLWLHVDQGLQVXOWV
ODQGHGXSRQWKHPE\WKHKXPDQVKDYHJDOYDQLVHGWKH
RUFVLQWRVHOHFWLQJDVLQJOHKLJKNLQJDVWKHLUWULEDOHOGHU
7KHUHPQDQWVRI WKHROGWULEHVJDWKHUHGWRJHWKHUDUH
IDUPRUHSRZHUIXODQGGDQJHURXVWKDQWKHROGWULEHV
ZHUHHYHQDWIXOOVWUHQJWK7KHSHQGXOXPLVDERXWWR
VZLQJEDFNLQIDYRXURI WKHRUFVRQFHDJDLQ

$/LWWOH7LHG8S
'HVFULSWLRQ
7KHYDOOH\SHRSOHVZHUHSUH\HGXSRQE\WKHRUFLVK
WULEHVRI WKHVXUURXQGLQJPRXQWDLQVDQGKLOOVIRU
JHQHUDWLRQV5HFHQWO\DQHZPLOLWDU\DOOLDQFHDQG
WKHUDLVLQJRI DJUHDWDUP\EURNHWKHSRZHURI WKH
PRXQWDLQWULEHVZKRDUHQRZUHGXFHGLQQXPEHUDQG
VWUHQJWKVFDWWHUHGDQGZHDNHQHG

7ZLVW
5LYDOJURXSVRI VODYHUVDUHDOVRZRUNLQJWKHKLOOV
JURXSVIURPWKHWRZQVLQWKHYDOOH\$VPXFKDVWKH\
DUHWDNLQJVODYHVWKH\DUHORRWLQJZKDWOLWWOHWKHRUFV
KDYHOHIWDQGLQGLVFULPLQDWHO\NLOOLQJ:KDWZLOOWKH
DGYHQWXUHUVGRDERXWLWLI DQ\WKLQJ"

)RUGHFDGHVWKHRUFVUDLGHGWKHKXPDQVHWWOHPHQWV
NLOOLQJWDNLQJVODYHVWKHIDWHRI WKRVHVODYHVZDV
GLVFRYHUHGZLWKWKHVPDVKLQJRI WKHSRZHURI WKH
WULEHVPDQ\KDGEHHQNLOOHGWKHRWKHUVKDGKDGZRUVH
MXGJLQJIURPWKHQXPEHURI KDOIRUFFKLOGUHQDPRQJVW
WKHWULEHV

(SLORJXH
0DQ\PDQ\RI WKHRUFVODYHVQRZGZHOOZLWKLQWKH
YDOOH\OLYLQJDQGZRUNLQJDORQJVLGHWKHKXPDQV
'LVWXUELQJO\WKHUHDUHDOPRVWDVPDQ\KDOIRUFFKLOGUHQ
ERUQDVWKHUHZHUHZKHQLWZDVWKHRUFVGRLQJWKH
HQVODYLQJ7KHRUFVDUHOHDUQLQJFLYLOLVDWLRQWRUHDGDQG
ZULWHWREXLOGEHWWHUEXLOGLQJVEHWWHUZHDSRQVDQGWKH\
DUHVWLOOEHLQJWUHDWHGSRRUO\HYHQ\HDUVDIWHUWKHLQLWLDO
VODYLQJUDLGVVWDUWHG7KHVODYHSRSXODFHLVRQWKHYHUJH
RI UHYROWDJDLQVWZKDWKDVEHHQGRQHWRWKHPDQGWKH\
DUHVWURQJHUDQGEHWWHUHTXLSSHGIRUWKHLUH[SHULHQFHLQ
FKDLQV

7KHFRXQFLOVRI WKHYDOOH\WRZQVQRZVHHNVRPH
NLQGRI UHFRPSHQVHIRUWKH\HDUVWKH\KDYHVXIIHUHG
XQGHUWKHWULEHVDQGWKHLQGLJQLWLHVWKDWWKHLUSHRSOH
KDYHVXIIHUHGGRZQWKHGHFDGHV7KH\ZDQWUHYHQJH
DQGWKH\ZDQWFRPSHQVDWLRQWKH\ZDQWWREXLOGWKHLU
WRZQVDQGFLWLHVXSWRKRZWKH\VKRXOGDOZD\VKDYH
EHHQJUDQGDQGUHVSHFWHGQRWWKHXJO\IRUWVWKH\ZHUH
IRUFHGWREHFRPH
:LWKWKHVHJRDOVLQPLQGWKHPDUNHWVRI WKHWRZQV
VXSSRUWHGE\WKHFRXQFLOVDQGWKHSHRSOHDUHRIIHULQJ
VWURQJSULFHVIRURUFLVKVODYHVWDNHQIURPWKH
VXUURXQGLQJPRXQWDLQV7KH\ZDQWWRLPSRVHZKDW
ZDVGRQHWRWKHPXSRQWKHJUHHQVNLQV
7KHUHZDUGLVWRRJRRGWRSDVVXS

7ZLVW
7KHRUFVHWWOHPHQWVKDYHFDYHSDLQWLQJVDQGWDSHVWULHV
WKDWGHSLFWWKHFRPLQJRI WKHKXPDQVZKHQWKH\ZHUH
GULYHQRXWRI WKHIHUWLOHYDOOH\ZKHUHWKH\KDGEHHQ
VHWWOHGIRUJHQHUDWLRQVDQGIRUFHGWRVFUDSHDOLYLQJLQ
WKHKDUVKHUKLOOVDQGPRXQWDLQV7KHODQGLI DQ\WKLQJ
EHORQJVWRWKHRUFV



,GHDV7KLVDGYHQWXUHLVDPRUDOLW\
SOD\,VDQH\HIRUDQH\HFRUUHFWMXVWLFH
RUGRHVLWMXVWFUHDWHDFLUFOHRI KDWUHG
WKDWSHUSHWXDWHVLWVHOI ",I RUFVDUH
LUUHGHHPDEO\HYLOLQ\RXUJDPHZRUOG
\RXFRXOGVXEVWLWXWHRWKHUWULEHVRI PHQ
RUVRPHRWKHUUDFHWRPDNHWKHPRUDO
RI WKHWDOHPRUHDSSDUHQW,I \RXU
JURXSLVDPRUDOWKH\PD\ZHOOQRWFDUH
WKDWVDOULJKWWRR

$GYHQWXUH

WKHDGYHQWXUHUVPD\ZHOOEHDEOHWRGULYHWKHPRII
7KHVXUYLYRUVZLOOJRIRUPRUHKHOSDQGZLOOUHWXUQ
WLPHDQGDJDLQWRWU\DQGZLSHWKHPRXW6RPHQHZ
DQGLQQRYDWLYHWDFWLFZLOOEHUHTXLUHGWRGHDOZLWKWKHP
DOOEHIRUHPRYLQJRQ

3LOJULPV3URJUHVV
'HVFULSWLRQ

7ZLVW

7KHWRZQRI &KDXFHULVDWWKHHQGRI DORQJJUHDW


SLOJULPVSDWKWKDWUXQVDOOWKHZD\WRWKHJUHDWWHPSOH
FLW\RI :HQFKHVWHU7KHURDGLVORQJDQGOOHGZLWK
PDQ\GDQJHUVIRUXQZDU\WUDYHOOHUV3LOJULPVDUH
HDV\SUH\WREDQGLWVFRQDUWLVWVWULFNVWHUVKXFNVWHUV
DQGPRQVWHUVDQGWKHURDGLVQRWRULRXVIRUDOOWKHVH
GDQJHUV$IWHUDOOLWZRXOGQWEHDKRO\SLOJULPDJH
ZLWKRXWVRPHGDQJHU

7KHKRO\FLW\RI :HQFKHVWHURQO\RSHQVLWVGRRUVRQFH
SHU\HDUWRDGPLWWKHSLOJULPVDQGPDQ\FKRRVHWR
VWD\UDWKHUWKDQWROHDYH2UDWOHDVWWKDWLVZKDWWKH\
WHPSOHFLW\ZRXOGKDYH\RXEHOLHYH,QDFWXDOLW\WKH
FDWDFRPEVXQGHUWKHFLW\SOD\KRVWWRDQDQFLHQWDQG
VTXDWWLQJHYLOWKHSLOJULPVWKDWUHPDLQDUHIRRGIRUWKH
EHDVWHLWKHUWRJDLQIDYRXUIRUWKHSULHVWVRUWRNHHSWKH
HYLOSODFDWHGDQGWRVWRSLWIURPVSUHDGLQJRXWLQWRWKH
ZRUOG

3LOJULPVRIWHQEDQGWRJHWKHUIRUPXWXDOSURWHFWLRQ
ZKHQWKH\WUDYHOWKHURDGDQGWKHZHDOWKLHURUPRUH
QXPHURXVSLOJULPJURXSVKDYHEHHQNQRZQWRKLUH
DGYHQWXUHUVDVERG\JXDUGVWRGHIHQGWKHPRQWKHORQJ
GDQJHURXVMRXUQH\

(SLORJXH

2QHVXFKJURXSLVDERXWUHDG\WRVHWRII DQGKDYLQJ
H[DPLQHGWKHIXQGVWKH\KDYHDWWKHLUGLVSRVDODV
DJURXSKDYHGHFLGHGWRKLUHVRPHDGYHQWXUHUVWR
SURWHFWWKHPRQWKHWULSWKHVHDGYHQWXUHUVEHLQJWKH
SDUW\
7KHJURXSDJUHHVWRSD\WKHPDGDLO\ZDJHDORQJZLWK
DQ\WKLQJWKH\QGDORQJWKHZD\DOOWKH\QHHGWRGRLV
WRDFFRPSDQ\WKHSLOJULPDJHRQIRRWSURWHFWWKHPDQG
JHWWKHPVDIHO\WR:HQFKHVWHULI WKHLUSUD\HUVDQGJRRG
LQWHQWLRQVDUHQRWVXIFLHQWWRSURWHFWWKHP

7ZLVW
2QHRI WKHSLOJULPVLVDSV\FKRSDWKLFPXUGHUHURQ
WKHUXQIURPWKHDXWKRULWLHV2QFHWKH\DUHLQWRWKH
SLOJULPDJHKHPD\IHHOWKHXUJHWRNLOODJDLQ:KLFK
RQHRI WKHSLOJULPVLVKHDQGKRZPDQ\SHRSOHFDQKH
NLOOEHIRUHKHLVGLVFRYHUHG"

7KRVHSLOJULPVZKRGRQRWGHFLGHWRVWD\ZLWKLQ
WKHWHPSOHFLW\GLVFRYHUWKDWWKHFDUDYDQVDQGRWKHU
PRUHXVXDOPRGHVRI WUDQVSRUWEDFNWRFLYLOLVDWLRQ
DUHFRPSOHWHO\IXOO+XQWLQJGRZQWKHDGYHQWXUHUV
WKH\RIIHUWKHPWKHVDPHGHDOWKDWZDVPDGHRQWKH
WULSKHUHWRHVFRUWWKHPEDFN2I FRXUVHDQ\WKLQJ
WKH\UDQLQWREHIRUHZLOOVWLOOEHWKHUHSHUKDSVDQJULHU
SHUKDSVZLVHWRWKHLUWULFNVDQGSHUKDSVUHLQIRUFHG
7KHMRXUQH\EDFNPD\ZHOOEHPRUHGLIFXOWWKDQWKH
MRXUQH\WKDWEURXJKWWKHPKHUH

,GHDV'HWDLOWKHJURXSRI SLOJULPV
ZHOO,I WKH\KDYHSHUVRQDOLWLHVDQG
JRDOVRI WKHLURZQWKH\ZLOOVHHP
PXFKPRUHUHDODQGEHIDUPRUH
HQJDJLQJ,WLVDOVRPRUHOLNHO\WKDW
WKHSOD\HUVZLOOFDUHLI WKH\OLYHRUGLH

,GHDV7RH[SDQGWKLVLQWRDODUJHUVHWRI 
RQJRLQJDGYHQWXUHVHDFKSLOJULPFRXOGKDYH
DVLGHTXHVW$SHUVRQDOVWRU\WKDWWDNHV
WKHPDZD\IURPWKHSLOJULPDJHZLWKWKH
DGYHQWXUHUVJLYLQJLQVLJKWLQWRZKRWKH\
DUH

7ZLVW
$QRUGHURI SDODGLQVLQWKHVHUYLFHRI GDUNDQGWZLVWHG
JRGVDUHKDXQWLQJWKHSLOJULPURDGWKLV\HDUDQGDUH
GRLQJWKHLUOHYHOEHVWWRZLSHRXWHYHU\JURXSRI 
SLOJULPVDWWHPSWLQJWKHMRXUQH\0RVWJURXSVGRQW
KDYHWKHOHYHORI SURWHFWLRQWKDWWKHVHSLOJULPVGRDQG


$GYHQWXUH

7ZLVW

$UUUUUUUUUUUU
'HVFULSWLRQ
7KHPHUFKDQWHHWVRI WKHFRDVWDOFLWLHVDUHEHLQJEOHG
GU\E\DEDQGRI RUJDQLVHGSLUDWHVZKRKDYHEURXJKW
WKHPVHOYHVWRJHWKHULQWRDHHWDQGDUHQRZSUHWW\
PXFKGHFLPDWLQJWKHPHUFKDQWVKLSSLQJDOODORQJWKH
FRDVW7KHHHWVRI WKHNLQJGRPVUHTXLUHUHDOHYLGHQFH
EHIRUHWKH\FRPPLWVKLSVZKLFKDUHPRVWO\WLHGXS
HOVHZKHUHSDWUROOLQJDQGZDUGLQJRII WKHHHWVRI RWKHU
QDWLRQV7KHUHLVQWWLPHWRJDWKHUWKDWSURRI
7KHKHDGVRI VHYHUDORI WKHVKLSSLQJFRPSDQLHVKDYH
KDWFKHGXSRQDSODQFRQFHLYHGIURPLQIRUPDWLRQ
UHFHLYHGE\RQHRI WKHIHZUHWXUQLQJVXUYLYRUVIURP
RQHRI WKHVHDWWDFNV,WVHHPVWKHSLUDWHHHWSUHIHUV
WRWDNHWKHVKLSVZKROHDQGDGGWKHPWRLWVHHWZKLOH
DWWKHVDPHWLPHSUHVVJDQJLQJDVPDQ\RI WKHFUHZDV
DUHZLOOLQJWROORXWWKHLURZQFUHZURVWHUV,I VRPH
DJHQWVFRXOGEHLQOWUDWHGLQWRWKHSLUDWHRUJDQLVDWLRQ
QGWKHLUEDVHRI RSHUDWLRQVDQGJHWWKDWLQIRUPDWLRQ
EDFNWRWKHPHUFKDQWFRPSDQLHVWKHQDHHWRI DUPHG
PHUFKDQWPHQFRXOGUHGXFHWKHSLUDWHEDVHWRUXEEOH
ZLWKRXWWKHQHHGWRLQYROYHWKHQDY\SHUKDSVHYHQ
UHFRYHULQJDORWRI WKHJRRGVWKDWWKH\KDYHORVW

7KHWUXHKHDUWRI WKHSLUDWHRSHUDWLRQLVXQGHUWKH
ZDWHUDURXQGWKHLVODQGWKDWWKHSLUDWHVDUHXVLQJDVD
EDVH7KHOHDGHURI WKHSLUDWHVKDVVWUXFNDEDUJDLQ
ZLWKWKHSRZHUIXOXQGHUZDWHUFUHDWXUHVZKRPDNHWKHLU
DERGHLQWKHGDUNURFNVGRZQWKHUH+LVHHWLVWREH
OHIWDORQHLIZLWKWKHDLGRI WKHFUHDWXUHVKHGULYHVDOO
RWKHUYHVVHOVIURPWKHVXUIDFHRI WKHLURFHDQ

7ZLVW
7KHSLUDWHOHDGHULVDQLGHDOLVWDPDQZKRFRQVLGHUV
KLPVHOI WREHWKHUVWUXOHURI DNLQJGRPRI WKHVHDV
$VPXFKDVSRVVLEOHWKHSLUDWHVOLYHRQO\RQWKHERXQW\
RI WKHVHDDQGUDWKHUWKDQSLUDF\KHVHHVZKDWKHLV
GRLQJDVUHFUXLWPHQWWRKLVQDWLRQDQGWKHUHSHOOLQJRI 
LQYDGHUV+HLVDQLQVSLULQJYLVLRQDU\DQGKLVVSHHFKHV
DUHH[WUHPHO\SRSXODUZLWKWKHPHQEXWWKHZKROHHHW
KDQJVDURXQGKLVVLQJXODUFKDULVPD(OLPLQDWHKLPDQG
WKHZKROHZLOOIDOO

(SLORJXH
:LWKWKHSLUDWHEDVHUHPRYHGPRVWRI WKHSLUDWHHHW
LVGHVWUR\HGRUGLVEDQGHG7KHUHPDLQLQJPHPEHUV
VFDWWHUWRWKHIRXUZLQGVDQGJHWMREVZKHUHYHUWKH\
FDQRQPHUFKDQWYHVVHOVSLUDWHVKLSVDQGHYHQRQODQG
+RZHYHUWKH\DUHDOOEURWKHUVDQGWKH\DOOUHPHPEHU
ZKRVHWUHDFKHU\ODLGZDVWHWRWKHLUIRUWXQHVDQGWKH\
ZRQWHDVLO\IRUJHW

7KHDGYHQWXUHUVDUHKLUHGDQGSODFHGXSRQDQLFHO\
EDLWHGPHUFKDQWPDQVHQWRXWWRVHHWRKRSHIXOO\IDOO
LQWRWKHFOXWFKHVRI WKHSLUDWHHHWSURYHWKHPVHOYHVWR
WKHSLUDWHFDSWDLQVDQGWRQGWKHLULVODQGEDVHVRLWFDQ
EHVPDVKHGWRSLHFHV
7KDWVKRXOGEHVLPSOHHQRXJKVKRXOGQWLW"

,GHDV7KHSLUDWHLVODQGVKRXOGEHKDUG
WRJHWWRUHHIVURFNVPDJLFDOIRJVVRPH
NLQGRI JXDUGLDQFUHDWXUHFRQWUROOHGE\DQ
DUWHIDFWVRPHWKLQJWRMXVWLI\ZK\LWKDVQW
EHHQIRXQGEHIRUH

7ZLVW
7KHSLUDWHHHWLVRUJDQLVHGDQGUXQE\WKHYHU\QDWLRQ
WKDWWKHFRXQWU\VQDY\LVDUUDQJHGWRJXDUGDJDLQVW
7KHLUDJHQWDWDOHQWHGDGPLUDOLVUXQQLQJWKHHQWLUH
SLUDWHRSHUDWLRQVNLOIXOO\ZLWKSURPLVHVRI IXOOSDUGRQV
DQGOHWWHUVRI PDUTXHIURPKLVQDWLRQVOHDGHUV7KH
SLUDWHVDUHRFFDVLRQDOO\PHHWLQJYHVVHOVIURPWKH
RWKHUFRXQWU\DWVHDDQGUHFHLYLQJSURYLVLRQLQJDQG
DUPDPHQWVWRKHOSWKHPFRQWLQXHLQWKHLUKDUDVVLQJRI 
WKHPHUFKDQWWUDIF


$GYHQWXUH

WKHPUDWKHUWKDQ0DUFXV6KHLVEHDXWLIXODQGYHU\
YHU\ULFKPDUU\LQJKHUZRXOGJLYHODQGVDQGDQREOH
WLWOHQRWWRPHQWLRQVKHVDKRWEORRGHGJLUOZKRVH
NLVVHVIHHOOLNHDVQDNHRQDKRWWLQURRI'RWKH\
EHWUD\SRRU0DUFXVRUDUHWKH\VHOVK"

-XVW/LNH%LJ1RVH
'HVFULSWLRQ

7ZLVW

0DUFXVOXQNKHDGHGEXWKDQGVRPHDQGDPLDEOH
IULHQGWRWKHSDUW\KDVIDOOHQLQORYHKHDGRYHUKHHOV
LQORYHZLWK0DUFHOOD'H:LQWHUDJLUOVREHDXWLIXODQG
GHOLJKWIXOWKDWVKHLVQRWPHUHO\RXWRI KLVOHDJXHEXW
LVRXWRI KLVVSRUWHQWLUHO\7RPDNHWKLQJVZRUVHVKH
LVVSRLOHGURWWHQDQGLVDPHPEHURI DPLQRUQREOH
IDPLO\RI WKHVRUWWKDWFDVWVGLVSDUDJLQJORRNVGRZQ
RQHYHU\RQHHOVHEHFDXVHWKH\WKHPVHOYHVDUHDWWKH
ERWWRPRI WKHQREOHKHDS

0DUFXVLVKLVRZQZRUVWHQHP\(YHU\WKLQJWKHSDUW\
GRHVIRUKLPKHVRPHKRZPDQDJHVWRFRQYHUWLQWR
DGLVDVWHU(YHU\VWHSIRUZDUGFRQYHUWVWRWZRVWHSV
EDFN-XVWKRZORQJZLOOWKH\NHHSWKHLUSDWLHQFHZLWK
WKHOXPEHULQJEUXWH"2I FRXUVHZKHQWKH\GRJLYHXS
DQGKHUHYHUWVWRKLVVZHHWGXPEDVDQR[ZD\VWKDWLV
ZKHQ0DUFHOODQDOO\IDOOVIRUKLP'RK

0DUFXVLVLQFRQVRODEOHWKHIDLU0DUFHOODZLOOQHYHUHYHQ
ORRNDWKLP+HKDVQRPRQH\KHKDVQRWLWOHKHKDV
QRZD\ZLWKZRUGVKHLVMXVWDELJDPLDEOHSOHDVDQW
HQRXJKKXQNRI HVKDQGZKLOHWKHIDLU0DUFHOODPLJKW
ORRNDWKLPDQGQGKLPQLFHWRORRNDWWKHUHLVQRZD\
KHFDQZLQKHUKHDUWZLWKWKDWDORQH
8QOHVV
7KHSDUW\DUHKLVIULHQGVKLVEXGGLHVKLVSDOVWKH\OO
KHOSKLPRXWZRQWWKH\"2I FRXUVHWKH\ZLOO7KH\
FDQKHOSKLPZULWHOHWWHUVEX\KHUJLIWVLPSUHVVKHUDW
WKHEDOOVDQGEDQTXHWV DQGJHWKLPLQWRWKHPLQWKH
UVWSODFH DOOLQWKHQDPHRI DPRXU

(SLORJXH
1RZWKDWKHKDVKLVORYHO\EULGH0DUFXVLVRYHUWKH
PRRQKHLVDOVRLQVDQHO\MHDORXVEHFDXVHKHWKLQNVVKH
GRHVQWORYHWKHUHDOKLPMXVWWKHVKDPKLPWKDWKLV
IULHQGVKDYHSXWWRJHWKHU(YHU\WLPHWKHSDUW\LVLQ
WRZQKHJHWVWKHPWRFKHFNXSRQKHURUWRWKUHDWHQ
SHRSOHZKRKDYHEHHQLUWLQJZLWKKHU+HFDQWDELGH
WKHWKRXJKWWKDWVKHLVZLWKDQ\RQHHOVHDQGHYHQ
WKRXJKVKHLVQWLWLVGULYLQJKLPERQNHUV+DSSLO\HYHU
DIWHU"1RWTXLWH

$KKK
,GHDV0DUFHOODVIDPLO\FRXOG
SOD\DQLPSRUWDQWUROHLQWKH
DGYHQWXUHHYHQPRUHVRWKDQWKH
JLUOKHUVHOI,WLVSUREDEO\DJRRG
LGHDWRGHWDLODIHZRI WKHIDPLO\
DQGWRGHFLGHZKDWWKHLUEDVLF
GHIDXOWDWWLWXGHWRZDUGV0DUFXV
LV

7ZLVW
0DUFXVLVQRWWKHRQO\RQHZRRLQJWKHIDLU0DUFHOOD
6LUHQFLRDQRWKHUPLQRUQREOHKDQGVRPHGDVKLQJ
LQWHOOLJHQWULFKHYHU\WKLQJ0DUFXVLVQWLVDOVRWU\LQJ
WRZLQKHUDIIHFWLRQV,QRUGHUWRJHWKHUWRHYHQ
QRWLFH0DUFXV6LUHQFLRKDVWRVRPHKRZEHWDNHQRXW
RI WKHSLFWXUH1RWDQHDV\WKLQJWRGRZLWKVXFKDQ
LQWHOOLJHQWDQGFXQQLQJPDQ

7ZLVW
,QWKHSURFHVVRI KHOSLQJ0DUFXVZRR0DUFHOODRQHRI 
WKHSDUW\LVVRPHKRZIRXQGRXWGLVFRYHUHG7RPDNH
PDWWHUVZRUVH0DUFHOODIDOOVKRSHOHVVO\LQORYHZLWK


$GYHQWXUH

DFFRPSOLVKWKLVJRDOQRERG\EXW0DUFHOODFDQJXHVV
,I WKH\SDWFKKLPXSWRRZHOORUVHWKLPXSZLWK
DQRWKHUZRPDQWKH\ZLOOKDYHDQH[WUHPHO\SLVVHGRII 
0DUFHOODRQWKHLUFDVHZLWKWKHIXOOUHVRXUFHVRI KHU
IDPLO\

*HW2YHU,W
'HVFULSWLRQ

7ZLVW

7KHPDUULDJHRI 0DUFXVDQG0DUFHOODZDVD
WHPSHVWXRXVRQHIUDXJKWZLWKGLIFXOW\DQGJLYHQVSLFH
E\0DUFHOODVVKUHZLVKWRQJXHDQG0DUFXVMHDORXV\DQG
GXPELPSODFDELOLW\6RPHZKDWWRRVSLF\LWZRXOGQRZ
DSSHDUDVHYHU\WKLQJVHHPVWRKDYHJRQHWRSRW

0DUFHOODKDVQWVRPXFKOHIWKLPDVKDYLQJEHHQ
UHSODFHGE\DGRSSHOJDQJHUVWDNHQRYHUSRVVHVVHG
RURWKHUZLVHFRQWUROOHG:KDWDSSHDUVWREHDVLPSOH
GRPHVWLFSUREOHPLVLQIDFWLQGLFDWLYHRI DPXFK
JUHDWHUSUREOHPWKDWFRXOGDIIHFWWKHZKROHFLW\

:KHQWKHSDUW\FRPHVWRWRZQWKH\DUHLQYLWHGWRPHHW
WKHLUIULHQG0DUFXVZKRLVLQWKHGHSWKVRI DGHSUHVVHG
WRI GUXQNHQQHVV0DUFHOODKDVOHIWKLPDQGVKDFNHG
XSZLWKVRPHXSVWDUWQREOHDFURVVWRZQ6KHLVQHYHU
FRPLQJEDFNDVIDUDVKHLVFRQFHUQHGDQGKHLVJRLQJ
WRPDNHDVWHUOLQJHIIRUWWRGULQNKLPVHOI WRGHDWK
$VIULHQGWRERWK0DUFXVDQGWKHSDUW\WKHGRXJKW\
LQQNHHSHUVXJJHVWVWKDWWKH\KHOSKLPJHWRYHUKLV
ORVV+RZWKH\GRWKLVLVXSWRWKHP,WFRXOGPHDQ
DZHHNORQJGULQNLQJEHQGHULWFRXOGPHDQQGLQJ
KLPDQRWKHUZRPDQDQGLWFRXOGHYHQPHDQJHWWLQJ
0DUFHOODWKHOLJKWRI KLVOLIHEDFNIRUKLP

(SLORJXH
:KDWHYHUKDSSHQ0DUFXVLVQHYHUVDWLVHG(LWKHUVWLOO
MHDORXVVXVSLFLRXVHYHU\WLPH0DUFHOODGRHVVRPHWKLQJ
RGGWKDWVKHVEHHQWDNHQRYHUDJDLQRURWKHUZLVH
XSVHWKHVWLOOFRQWLQXHVWRFDOOXSRQKLVIULHQGVWRKHOS
VRUWRXWKLVPDULWDOSUREOHPVXQWLOZKLFKHYHUSDUWQHU
KHLVZLWKLQVLVWVWKDWKHQRORQJHUDVVRFLDWHZLWKKLV
DGYHQWXUHUIULHQGVZKLFKLVDVKDPHVLQFHKHZDV
VRPHKRZXVHIXOWRWKHP3HUKDSVWKH\FDQZLQKHU
EDFNDURXQGEXWKRZ"
,GHDV7KLVDGYHQWXUHREYLRXVO\
OHDGVRQIURPWKHSUHYLRXVDGYHQWXUHV
RI 0DUFXVDQG0DUFHOOD,WLVD
JRRGLGHDWRPDNHWKHPUHFXUULQJ
QRQSOD\HUFKDUDFWHUVLQPDQ\RI 
\RXUJDPHVVRWKDWWKH\EXLOGXSD
KLVWRU\DSHUVRQDOLW\DQGVRPHVWURQJ
UHFRJQLWLRQDPRQJVW\RXUSOD\HUV7KDW
PDNHVWKHVHVWRULHVPRUHHIIHFWLYH

2QHWKLQJLVIRUFHUWDLQVRPHWKLQJKDVWREHGRQHLI 
RQO\WRVWRSKLPEOXEEHULQJDQGZKLQLQJLQWRKLVEHHU
OLNHDJUHDWELJ-HVVLH

7ZLVW
0DUFXVFKLOGKRRGVZHHWKHDUWKDVKHDUGWKDW0DUFHOOD
KDVJLYHQKLPWKHKHDYHKRDQGZRXOGYHU\PXFKOLNH
WRJHWEDFNZLWKKLP+RZHYHULI KHLVWRRPXFKRI 
DPLVHUDEOHVRGLQDIHZGD\VZKHQVKHLVDEOHWRPHHW
XSZLWKKLPVKHZLOOEHVRSXWRII VKHZLOOPRYHDZD\
DQG0DUFXVZLOOEHGRRPHG " WRDOLIHRI DOHDQG
ZKRUHV6RPHKRZWKH\ZLOOKDYHWRJLYHKLPHQRXJK
VHOI FRQGHQFHDQGHJRWRPDNHDSRVLWLYHLPSUHVVLRQ
LQDIHZVFDQWGD\V

,GHDV2QHWKLQJWKHZLYHVRI 
PDUULHGFRXSOHVDOZD\VVHHPWR
WU\WRGRLVWRVHWSHRSOHXSZLWK
HDFKRWKHU2QHZD\WKDWWKH\
PLJKWSODFDWHKLVODG\LVE\VHHLQJ
KHUIULHQGV8QOHVVLI DOOJRHV
ZURQJRI FRXUVH

7ZLVW
0DUFHOODLVQWUHDOO\VKDFNHGXSZLWKWKLVQREOH,WLVDOO
DSOR\WRPDNH0DUFXVUHDOLVHZKDWDQLGLRWKHLVIRU
EHLQJVRMHDORXVDQGSRVVHVVLYHDOOWKHWLPH4XLWHKRZ
SUHWHQGLQJWRUXQRII ZLWKDQRWKHUPDQLVVXSSRVHGWR


$GYHQWXUH

PHGXVDHDQGEDVLOLVNVWXUQSHRSOHLQWRVWRQH+HDQG
KLVFRQVWUXFWPLQLRQVDUHZDLWLQJLQWKHZLQJVWRPRYH
LQDQGWRFROOHFWWKHSURFHVVHGVLOYHUJROGDQGRWKHU
SUHFLRXVPDWHULDOVWKDWWKHPHWHRUZLOOWXUQSHRSOHLQWR

6WDUPHWDO

7ZLVW

'HVFULSWLRQ

7KHPHWHRULVQRWWKHFDXVHRI WKHHYHQWPHUHO\WKH
FDWDO\VW7KHWUXHVRXUFHOLHVEHQHDWKWKHHDUWKDULFK
VHDPRI WKHSUHFLRXVPDWHULDOLVLQKDELWHGDQGDQLPDWHG
E\DQHDUWKHOHPHQWDORQHWKDWKDVEHHQGULYHQFUD]\
E\WKHORGJLQJRI WKHVWDUPHWDOLQLWVKRPHDQGZKLFK
FDQRQO\EHUHVWRUHGWRVDQLW\E\WKHUHPRYDORI VDLG
PHWHRU

$VLOYHU\VKRRWLQJVWDUKDVIDOOHQQRWIDUIURPWKH
YLOODJHLQZKLFKWKHFKDUDFWHUVDUHVWD\LQJ6WRULHV
KDYHEHJXQWRFLUFXODWHDERXWLWVRPHVD\WKH\VDZLW
IDOOLQWKHZRRGVDQGVRPHVD\WKH\KDYHVHHQVWUDQJH
FUHDWXUHVDEURDGQHDUZKHUHLWIHOO7KHVHVWRULHVJHW
ZLOGHUDQGPRUHFRPPRQDVWLPHSURJUHVVHVXQWLO
WKHYLOODJHKHDGPDQGHFLGHVWRRIIHURXULQWUHSLG
DGYHQWXUHUVDERXQW\WRJRDQGFKHFNLWRXWWRVHH
ZKDWKDVKDSSHQHG

(SLORJXH

7KHZRRGVDUHHHULO\VWLOODVWKHDGYHQWXUHUVPDNH
WKHLUZD\IROORZLQJWKHGLUHFWLRQVRI DZRRGVPDQ
ZKRFODLPVWRKDYHVHHQLWIDOO$VWKH\JHWQHDUHUDQG
QHDUHUWRWKHVLWHRI WKHIDOOHQPHWHRUWKH\GLVFRYHUWKDW
WKHSODQWVDQGDQLPDOVKDYHWDNHQRQDPHWDOOLFVKHHQ
DQGDSSHDUWRKDYHFRPHWROLIHGHIHQGLQJWKHFUDWHU
LQZKLFKWKHPHWHRUKDVIDOOHQIURPDQ\LQWUXGHUV
WU\LQJWRFKDQJHWKHPLQWRPRUHVLOYHU\FUHDWXUHVOLNH
WKHPVHOYHV
7KHRQO\ZD\WRVWRSWKLVPHQDFHZRXOGDSSHDUWREH
WRSHQHWUDWHWKHFUHDWHUDQGGHVFHQGLQWRWKHWXQQHOV
WKDWWKHPHWHRUKDVPDGHIRULWVHOIWRWUDFNLWGRZQDQG
GHVWUR\LWDWWKHKHDUWWREULQJDQHQGWRWKHVHSHUYHUVH
WUDQVIRUPDWLRQVLWLVLQLFWLQJRQWKHODQGVFDSH
(DVLHUVDLGWKDQGRQH

7KLVLVQRWWKHRQO\PHWHRUWRKDYHIDOOHQ2WKHUVKDYH
IDOOHQHOVHZKHUHLQWKHODQGDQGKDYHHVWDEOLVKHGPRUH
RI DIRRWKROGWKDQWKLVRQHPDQDJHGWR7KLVDSSHDUV
WREHVRPHNLQGRI LQYDVLRQIURPWKHKHDYHQVE\WKHVH
PHWDOOLFVHHGV6WLOODVWKHZLVHPHQUHDVRQLI HDFK
LQIHVWDWLRQLVFRQWUROOHGIURPDFHQWUDOSRLQWSHUKDSV
WKHVHVHHGVDUHDOOFRQWUROOHGIURPDFHQWUDOSRLQWRQH
WKDWFDQEHDWWDFNHGDQGGHVWUR\HGLI LWLVHYHQRQWKLV
HDUWKWKDWLV3HUKDSVLWFDQVWLOOEHDWWDFNHGHYHQLI LW
LVQW

,GHDV7KHVLOYHUHGEHLQJV
DEVRUEHGE\WKHPHWHRUVKRXOG
SUREDEO\KDYHJUHDWHUDUPRXU
UDWLQJDQGSHUKDSVWKHFDSDFLW\WR
WDNHPRUHGDPDJHWRUHHFWWKHLU
QHZPHWDOOLFQDWXUH

7ZLVW
7KHVLOYHU\PHWHRULVPHUHO\DSUREHRI VRPH
GHVFULSWLRQVHQWE\VLOYHU\EHLQJVIURPWKHKHDYHQV
RURQHRI WKHPRRQV,WZLOODWWHPSWWRFRPPXQLFDWH
EXWLI LWLVVLPSO\DWWDFNHGDQGGHVWUR\HGRXWRI KDQGLW
GRHVQRWERGHZHOOIRUWKHLPSUHVVLRQRI WKHFUHDWXUHV
RI WKHSODQHWFRQYH\HGWRWKHPDVWHUVRI WKHPHWHRU

7ZLVW
7KHPHWHRULVWKHWZLVWHGLQYHQWLRQRI VRPHDOFKHPLVW
RURWKHUGHVLJQHGWRWUDQVPXWHOLYLQJPDWHULDOLQWR
SUHFLRXVPDWHULDOVLQDVLPLODUIDVKLRQWRWKHZD\


,GHDV,I \RXDUHZRUULHGDERXWWKH
FKDUDFWHUVFDUU\LQJDZD\WRRPXFK
ZHDOWKDWWKHHQGRI WKLVHQFRXQWHU
WKHVLOYHU\PHWDOPLJKWRQO\EHD
YHU\WKLQYHQHHURUPLJKWUHTXLUH
SURFHVVLQJVRPHWKLQJWKDWZLOOPDNH
LWOHVVSURWDEOHRUZRUWKZKLOHIRU
WKHPWRWDNHHYHU\WKLQJ

$GYHQWXUH

7ZLVW
$QRWKHUFLW\FODLPVWRKDYHWKH-HURRPLWHPHVVLDK
ERUQDPRQJVWLWVSHRSOH6RGRHVDQRWKHUDQGZLWKLQ
DIHZGD\VDQRWKHU7KH-HURRPLWHVVSOLWLQWRD
ED]LOOLRQIDFWLRQVDOOWXUQHGDJDLQVWHDFKRWKHUDQGHDFK
FRQYLQFHGWKH\KDYHWKHWUXHJRGFKLOG7KLVJRGFKLOG
DQGKLVDGYLVRUVZDQWWKHDGYHQWXUHUVWRSURWHFWKLP
ZKLOHKHWUDYHOVWRGLVFUHGLWHDFKRI WKHIDOVHPHVVLDKV
7KLVZLOOPDNHSHRSOHXQKDSS\

$9HU\1DXJKW\%R\
'HVFULSWLRQ
7KHFKRVHQRQHKDVEHHQERUQWRWKH-HURRPLWH
UHOLJLRQ1RZDJHGWZHOYHWKHER\KDVEHJXQ
GLVSOD\LQJPLUDFXORXVSRZHUVDQGZLVGRPEH\RQGKLV
WHQGHU\HDUV-DUHGWKH-HURRPLWHLVDSSDUHQWO\WKHRQH
VHQWE\WKHLUJRGWRKHOSWKHPDFKLHYHWKHLUULJKWIXO
SODFHLQWKHZRUOGDQGWRVWLUWKH-HURRPLWHVRXWRI 
WKHLUFRPSODFHQF\

7ZLVW
7KH-HURRPLWHVIDLWKDQGSDWLHQFHKDVPDGHWKHP
GLOLJHQWKDUGZRUNHUVDQGWKH\KDYHIRUPDQ\\HDUV
GRQHWKHPHQLDOMREVWKDWQRERG\HOVHZDQWHGWRGR
LQWKHFLW\UHJDUGLQJWKHVHWDVNVDVJRRGWUDLQLQJLQ
SDWLHQFHDQGKXPLOLW\:LWKWKHULVHRI WKHLUPHVVLDK
WKH\VXGGHQO\KDYHSULGHDQGDUHWXUQLQJDZD\IURP
GRLQJWKHLUMREVWKLQNLQJWKH\DUHGHVWLQHGIRUJUHDWHU
WKLQJV7KHUHVWRI WKHFLW\ZRXOGPXFKUDWKHUWKH\
FDUULHGRQGRLQJZKDWWKH\ZHUHGRLQJDQGVRZDQWWKH
ER\HOLPLQDWHGRUGLVFUHGLWHGSRVWKDVWH

7KHDGYHQWXUHUVVWXPEOHLQWRWKHPLGGOHRI WKLVPHVV
LQDFLW\ZKLFKKDVDODUJHPLQRULW\RI -HURRPLWHV
OLYLQJZLWKLQLW-DUHGLVFDUHGIRUKHUHVXUURXQGHG
E\ZRUVKLSHUVGLVFLSOHVDQGDGYLVRUVDQGKDQGLQJRXW
PLUDFOHVDQGURXVLQJVSHHFKHVRQDGDLO\EDVLV
7KHUHLVDJUHDWGHDORI FRQWURYHUV\ERWKZLWKLQDQG
ZLWKRXWWKH-HURRPLWHVDVWRZKHWKHUWKHODGJHQXLQHO\
LVWKHLUPHVVLDKHYHQWKRXJKKHVRIDUVHHPVWRKDYH
SDVVHGWKHWHVWVWKH-HURRPLWHUHOLJLRQSXWVLQSODFHWR
FRQUPVXFKWKLQJV

(SLORJXH
:HOOLWWXUQVRXWWKHODGZDVWKHPHVVLDKRUDWOHDVW
HQRXJKRI RQHWRXQLWHWKH-HURRPLWHSHRSOH1RZ
WKH\ZDQWD-HURRPLWHKRPHODQGIRUWKHPVHOYHVDQG
VHYHUDOVPDOOQDWLRQVDUHJHWWLQJTXLWHQHUYRXVDERXW
ZKHUHWKH-HURRPLWHVPLJKWVHWWKHLUVLJKWV3OHQW\RI 
ZRUNIRUDPHUFHQDU\DGYHQWXUHURQHLWKHUVLGHWXUQLQJ
WKH-HURRPLWHVDZD\RUKHOSLQJWKHPFRQTXHUWKHLU
JRGJLYHQELUWKULJKWQRPDWWHUZKRLVDOUHDG\WKHUH

1RERG\OLNHVWKHVWDWXVTXREHLQJGLVUXSWHGOHDVW
RI DOOWKRVHZKROLYHDORQJVLGHWKH-HURRPLWHVRUWKH
-HURRPLWHSULHVWVZKRDUHQRZEHLQJWROGE\DWZHOYH
\HDUROGER\QROHVVWKDWWKH\YHJRWWHQDORWRI WKH
LGHDVDQGSUHFHSWVRI WKH-HURRPLWHUHOLJLRQHQWLUHO\
ZURQJDQGWKDWQR\RXGRLWWKLVZD\
7KHFKDUDFWHUVFRXOGEHKLUHGWRSURWHFWWKHODGRU
WRGLVFUHGLWKLPWRNLOOKLPRUWRHVFRUWKLP7KHUH
DUHPDQ\WKLQJVWKDWFRXOGKDSSHQDURXQGWKLVER\
HVSHFLDOO\LI KHUHDOO\LVWKHFKRVHQRI DJRG

7ZLVW
7KHER\LVDWRWDOIDNHDQHOGHUOHDGHURI WKH-HURRPLWH
FKXUFKIHGXSZLWKZDLWLQJKDGKLPVHOI PDJLFDOO\
DOWHUHGWRORRNOLNHDFKLOGDQGLVXVLQJKLVSRZHUIXO
PDJLFWRFUHDWHWKHPLUDFOHVWRVXEVWDQWLDWHWKHFKLOG
+HKDVMXVWLHGWKLVWRKLPVHOI E\VD\LQJWKDWKLVJRG
ZRXOGVXUHO\SUHYHQWKLPVXFFHHGLQJLI KHGLGQRW
PHDQWKLVWRKDSSHQ7KLVIDUKHVJRWWHQDZD\ZLWKLW



,GHDV5HSODFH-HURRPLWHZLWK
DQ\UHOLJLRQIURP\RXUJDPH
DQGUHPHPEHUWKDWWKHYDOXHV
RI IDQWDV\UHOLJLRQVFDQEHYHU\
GLIIHUHQW,I WKHFKRVHQRQHLV
IURPDIHUWLOLW\UHOLJLRQKHRUVKH
PLJKWEHYHU\SUHFRFLRXVDQG
TXLWHGLVWXUELQJ

$GYHQWXUH

7ZLVW

7UDGLQJ3ODFHV
'HVFULSWLRQ
7ZRPHUFKDQWKRXVHVDUHELWWHUO\JKWLQJIRU
VXSUHPDF\LQWKHULYHUFLW\RI 'ROPLHO7KH3DQFUHDWV
DQGWKH6ROPLHOVDUHURXJKO\HTXDOLQSRZHUZLWK
WUDGLQJHPSLUHVWKDWUXQRYHUPXFKRI WKHVXUURXQGLQJ
ODQGUHO\LQJIRUPXFKRI WKHLULQFRPHRQZKDW
WKH\PDNHIURPWKHLUEDUJHVDQGFDUDYDQV(DFKLV
GHWHUPLQHGWREHWKHVWURQJHVWWUDGLQJFRPSDQ\LQWKH
NLQJGRPDQGWKH\DUHQRWDERYHXQGHUKDQGHGWDFWLFV
VXFKDVKLULQJXQVFUXSXORXVDGYHQWXUHUVLQRUGHUWRJHW
WKDWVXSUHPDF\
2QFHRQHFRPSDQ\KDVIRXQGHIIHFWLYHDJHQWVWKH
RWKHUKRXVHZLOOGRDOOLWFDQWRKLUHWKHPDZD\
EODFNPDLOWKUHDWHQRUHOLPLQDWHWKHPWKRXJKLWZLOO
SUHIHUWRJHWWKHPWRZRUNIRUWKHP$IWHUDFRXSOH
RI VXFFHVVIXODFWLRQVRQEHKDOI RI WKDWKRXVHWKHRWKHU
ZLOOUDLVHWKHVWDNHVDQGWU\WRGRWKHVDPHDJDLQKLULQJ
WKRVHDJHQWVEDFN

7KHHQPLW\EHWZHHQWKHWZRKRXVHVKDVEHHQ
PDQLSXODWHGDQGHQKDQFHGE\WKHPDFKLQDWLRQVRI WKH
QH[WVPDOOHVWWUDGLQJKRXVHZKRDUHTXLHWO\ZDLWLQJWR
PRSXSDIWHUWKHRWKHUWZRKRXVHVKDYHDQQLKLODWHG
HDFKRWKHU7KLVIDFWFRXOGVRPHKRZEHFRPHDSSDUHQW
WRWKHDGYHQWXUHUVZKLOHWKH\DUHSHUIRUPLQJPLVVLRQV
IRUWKHWZRJUHDWHUKRXVHV

7ZLVW
$WKLUGSDUW\HQWHUVWKHIUD\7KHJRYHUQPHQWRI 
'ROPLHOLVGLVWUHVVHGE\WKHJKWLQJEXWLVHYHQ
PRUHGLVWUHVVHGZLWKWKHLGHDRI WKHSROLWLFDOSRZHU
WKHZLQQHUPLJKWKDYHLI RQHKRXVHDSSHDUVWREH
FRPLQJRXWRQWRSWKHJRYHUQPHQWZLOOKDSSLO\SD\WKH
DGYHQWXUHUVWRHQVXUHWKDWWKDWWUDGLQJKRXVHHQGVXS
FULSSOHGDQGXQDEOHWRUHFRYHUDVZHOO

(SLORJXH
%RWKKRXVHVKDYHEHHQUHGXFHGDQGGDPDJHGLQWKH
FRQLFWDQGQRZWKDWLWKDVFRPHWRDQHQGWKH\UHJUHW
WKHLUIRROLVKQHVV7KH\KDYHDOVRFRPHWRUHVHQWWKH
RSSRUWXQLVWLFDGYHQWXUHUVZKRKDYHGRQHVRPXFK
GDPDJHWRWKHLUOLYHOLKRRGVDQGIRUWXQHVDQGUHJUHW
HYHUFURVVLQJWKHLUSDWK:KDWUHPDLQVRI WKHLUIRUWXQH
DVZHOODVPDQ\DQJU\\RXQJPHQZLWKVZRUGVQRZ
EHJLQWRORRNIRUWKHDGYHQWXUHUVWRJHWDWOHDVWWKH
VDWLVIDFWLRQRI VRPHNLQGRI UHYHQJH

,QWKLVZD\WKHDGYHQWXUHUVPD\ZHOOQGWKHPVHOYHV
ZRUNLQJMXVWDVKDUGIRUHDFKVLGHVDERWDJLQJERWK
RI WKHPDQGSRVVLEO\HQGLQJXSZLWKERWKPHUFKDQW
KRXVHVUHGXFHGWRUXLQZLWKQRWKLQJOHIWIRUHLWKHUVLGH
WRFODLPHDFKRXWVWULSSHGE\WKRVHWUDGLQJKRXVHVWKDW
GLGQWLQYROYHWKHPVHOYHVLQWKHLUSHWW\OLWWOHZDU
7KHRQO\RQHVWRFRPHRXWRQWRSLI WKH\SOD\HGWKHLU
FDUGVULJKWZRXOGEHWKHDGYHQWXUHUV
/XFN\WKHP

7ZLVW
$\RXQJJLUOIURPWKH3DQFUHDWIDPLO\LVLQORYH
ZLWKD\RXQJER\IURPWKH6ROPLHOIDPLO\7KLVORYH
WKUHDWHQVWKHHQPLW\EHWZHHQWKHWZRPHUFKDQW
KRXVHVDQGERWKZLOORIIHUDULFKUHZDUGIRUWKHEUDW
RUEUDWHWWHWREHGHDOWZLWKSUHIHUDEO\EHIRUHWKH\GR
VRPHWKLQJGLVDVWURXVOLNHHORSH2QWKHRWKHUKDQGWKH
DGYHQWXUHUVPLJKWGHFLGHWRDLGWKH\RXQJORYHUVZKLFK
ZRXOGIRUFHWKHWZRKRXVHVLQWRDJUXGJLQJDOOLDQFHDQG
FUHDWHWKHODUJHVWWUDGLQJKRXVHHYHUVHHQ


,GHDV7KLVSOD\VRXWEHVWZLWK
ORWVRI 0DFKLDYHOOLDQSORWVDQG
LQWULJXHVDVZHOODVVRPHRI WKH
SRLVRQDQGQDVWLQHVVRI WKH
%RUJLDV*LYHLWORWVRI OD\HUVOLNH
DQRQLRQ

$GYHQWXUH

7ZLVW

1RWKLQJWR/RVH%XW<RXU&KHP
'HVFULSWLRQ
7KURXJKRXWWKHFLW\DUWLFLDOFUHDWLRQVJROHPV
FORFNZRUNVVLPXODFUDDQLPDWHGVWDWXHVDOODUH
GHYHORSLQJWKHLURZQLQWHOOLJHQFHVDQGHJRVDQGPDNLQJ
GHPDQGVRI WKHLURZQHUVUDWKHUWKDQTXLHWO\DQGPXWHO\
REH\LQJWKHLURUGHUV7KHJROHPVZDQWWREHSDLGWKH\
ZDQWWREHWUHDWHGZHOOWKH\ZDQWWLPHRII DQGVLQFH
QRERG\LVUDSLGO\JHWWLQJXVHGWRWKHLGHDWKDWWKHVH
DXWRPDWDFDQEHLQGHSHQGHQWRULQWHOOLJHQWWKH\UHQRW
JHWWLQJDQ\RI WKHWKLQJVWKH\DVNIRU
1RZWKHJROHPVKDYHGHFLGHGWRJRRQVWULNHDQGPXFK
RI WKHFRPPHUFHDQGEXVWOHRI WKHFLW\KDVGLHGULJKW
GRZQ:KHHOVDUHIDLOLQJWRWXUQDQGDOOWKHXQSOHDVDQW
MREVWKDWWKHDXWRPDWDGLGDUHQWJHWWLQJGRQHHLWKHU
6HZHUVEDFNXSUXEELVKJRHVXQFROOHFWHGWKHUHV
LQWKHIRUJHVJRRXWDQGKHDY\JRRGVUHPDLQZKHUH
WKH\DUHUDWKHUWKDQEHLQJPRYHGIURPSRLQWWRSRLQW
1RERG\LVZLOOLQJWRVWHSLQWRWKHJDSDQGGRWKHMREV
WKDWQHHGWREHGRQH
,WLVQRWNQRZQZKDWVSDUNHGWKLVSODJXHRI 
FRQVFLRXVQHVVLQWKHDXWRPDWDRI WKHFLW\EXWLWLV
DJUHHGVRPHWKLQJPXVWEHGRQH7KHDGYHQWXUHUV
DUHKLUHGWRSXWSDLGWRDIHZRI WKHPRUHRXWVSRNHQ
DJLWDWRUVDPRQJVWWKHJROHPSRSXODWLRQDQGWRWUDFN
GRZQWKHFDXVHRI WKLVFKDQJHDQGWRGRVRPHWKLQJ
DERXWLWWRJHWWKLQJVEDFNWKHZD\WKH\VKRXOGEH

7KHFDXVHLVDJURXSRI UHOLJLRXVIDQDWLFVZKRZRUVKLS
WKHXQLYHUVHDVDWLPHSLHFHFORFNZRUNDVHQWLHQW
PDFKLQH%\IUHHLQJWKHVHHOHPHQWVRI WKHXQLYHUVDO
FORFNWKH\KRSHWRFXUU\IDYRXUZLWKWKHLUJRGZKRLV
DOVRWKHSDWURQRI DOOWKLQJVPHFKDQLFDO7KDWWKHLU
IUHHLQJRI WKHPDFKLQHVKDVOHDGWRFKDRVGLVWXUEVWKHP
EXWWKH\UHDVRQWKDWRQFHWKHPDFKLQHVWDNHRYHUWKLQJV
ZLOOVHWWOHGRZQLQWRDQLFHRUGHUHGORJLFDOVWDWXVTXR

7ZLVW
7KHJROHPVDUHQRWVHQWLHQWDWDOOWKH\KDYHMXVWEHHQ
HQFKDQWHGE\DPDVWHUDUWLFHUZKRLVPDNLQJWKHP
PLVEHKDYH2QFHKHKDVVXEYHUWHGPRVWRI WKHJROHPV
LQWKHFLW\KHZLOOSURFODLPWKDWKHKDVIRXQGDFXUHDQG
ZLOOWKHQSURFHHGWRPDNHDQDEVROXWHNLOOLQJFOHDQVLQJ
WKHJROHPVRI WKHFLW\RI WKHLUVWUDQJHEHKDYLRXU
+HPD\QHHGDQHVFRUWZKLOHKHGRHVVRDQGZLOOEH
HDUQLQJHQRXJKWKDWKHZRQWEHJUXGJHSD\LQJDIHZ
DGYHQWXUHUVDOLWWOHELWRI FDVKWRWUDYHODURXQGZLWK
KLP

(SLORJXH
0DQ\RI WKHJROHPVDUHGHVWUR\HGFXUHGRURWKHUZLVH
GHDOWZLWKEXWDIHZPDQDJHWRHVFDSHWKHIDWHWKDW
EHIDOOVWKHLUEURWKHUVDQGVLVWHUV)OHHLQJWRDUHPRWH
DQGKDUVKSODFHZLWKQRDSSHDOIRUKXPDQVWKH\EHJLQ
WREXLOGWKHLURZQFLW\DQGWRFRQVWUXFWDQHZUDFHRI 
DXWRPDWDDZD\IURPWKHVODYHU\DQGGHPDQGVRI PDQ
8QWLOWKH\JHWIRXQGRXWWKDWLVDQGWKHDGYHQWXUHUVDUH
VHQWLQWRGHWHUPLQHH[DFWO\KRZPXFKRI DWKUHDWWKH
JROHPFLW\UHDOO\LV

7ZLVW
7KHFDXVHRI WKHFKDQJHLVQRWVSRQWDQHRXVLQPRVW
RI WKHJROHPV$VLQJOHJROHPZRUNLQJLQDPDJLFDO
ODERUDWRU\KDQGOLQJKD]DUGRXVPDJLFDOPDWHULDOV
VXGGHQO\EHFDPHVHOI DZDUHGXHWRH[SRVXUHWRPDJLFDO
UDGLDWLRQV7KLVJROHPODWHUGLVFRYHUHGLWFRXOGDZDNHQ
RWKHUVZLWKWKDWVDPHUDGLDWLRQZKLFKZDVQRZSDUW
RI LWVERG\6HWWLQJRXWWRIUHHLWVEURWKHUVDQGVLVWHUV
IURPPDJLFDOERQGDJHWKHRULJLQDOJROHPKDVEHFRPH
WKHOHDGHURI WKHLUPRYHPHQWFRQYHUWLQJRWKHUJROHPV
ZKHUHYHUKHQGVWKHPWKRXJKKHLVWKHRQO\RQHZLWK
WKHDELOLW\WRIUHHWKHLUPLQGV



,GHDV2QFHDJDLQYDULHW\LVWKH
VSLFHRI OLIH9DU\WKHW\SHVRI 
JROHPDQGDXWRPDWDDQGWKHLU
SRZHUVDFFRUGLQJWRZKDWSXUSRVH
WKH\ZHUHGHVLJQHGPXFKOLNH
LQGXVWULDOURERWVRI WRGD\

$GYHQWXUH

XQVDYRXU\W\SHVIRXQG&KHPDUDDQGLWVVDSSKLUHPLQH
DQGKDYHEHHQSOD\LQJXSWDONRI WKHSODJXHWKRXJK
WKH\YHQRW\HWIDOOHQLOOWKHPVHOYHV1RQHWKHOHVVWKH
PLQHDQGWKHVDSSKLUHVWKHPVHOYHVDUHFXUVHGFDUU\LQJ
WKHZDVWLQJSODJXHDQGVWUDQJHJURZWKVRI WLVVXH
WRWKRVHZKRFDUU\WKHPWKHLUKDLUDQGWHHWKVRRQ
EHJLQQLQJWRIDOORXW

/LHV 7UHDVRQ
'HVFULSWLRQ
7KHPDUNHWLVVORZO\EHLQJRRGHGZLWKJHPVWRQHV
6DSSKLUHVWREHSUHFLVHPRVWRI WKHPEHLQJWUDGHGE\
XQVFUXSXORXVVRUWVPHUFHQDULHVEDQGLWVDGYHQWXUHUV
KLUHGDVVDVVLQVDQGPRVWRI WKHPEHLQJFDVKHGLQDW
RQHRI WKUHHWRZQVWKDWIRUPDWULDQJOH

7ZLVW
7KHUHLVQRSODJXHWKRXJKWKHPHUFHQDU\FRPSDQ\
WKDWKDVVHWWKHPVHOYHVXSLQ&KHPDUDGRHVDOOLWFDQWR
SHUSHWXDWHWKDWP\WK7KH\DUHWXUQLQJWKHWRZQLQWR
WKHLURZQIRUWVXUURXQGLQJWKHVDSSKLUHPLQH7KH\
ZRUNHGIRUWKH.LQJVRPHWLPHDJRDQGZHUHQHYHU
SDLGWKH\LQWHQGWRWDNHWKHFRQWHQWVRI WKHPLQHLQ
FRPSHQVDWLRQIRUWKDWZURQJIXOWUHDWPHQWDQGLI DIHZ
YLOODJHUVKDGWRGLHLQRUGHUIRUWKHPWREHDEOHWRJHW
ZKDWWKH\ZHUHRZHGZKDWRI LW"

7KLVVXGGHQJOXWRI JHPVWRQHVKDVDURXVHGVXVSLFLRQ
LQPDQ\TXDUWHUVDVWKHUHDUHQRNQRZQPLQHVLQWKH
DUHD:KDWLVDOVRVXVSLFLRXVLVWKHZD\WKDWWKHVH
VZRUGVIRUKLUHFRPHDQGJREXWQHYHUVHHPWRVWD\
LQDQ\RI WKHWKUHHWRZQV7KHUHDUHQRRWKHUWRZQV
IRUPLOHVDQGZK\ZRXOGWKHVHPHQFKRRVHWRVOHHSLQ
WKHURXJKZKHQWKH\FRXOGKDYHDVRIWEHG"2QHWKH\
FRXOGDIIRUGZLWKWKHVHVDSSKLUHV

(SLORJXH
7KHVDSSKLUHPLQHLVDVRXUFHRI JUHDWZHDOWKDQG
FDQQRWEHOHIWDORQH1RWDOOWKHPHUFHQDULHVZLOOKDYH
EHHQNLOOHGZKDWHYHUKDSSHQHGLQ&KHPDUD7KHGXNH
KDVDVWURQJFODLPWRWKHPLQHDVGRHVWKH.LQJWKHQ
WKHUHDUHDQ\VXUYLYLQJYLOODJHUV7KHDGYHQWXUHUV
PLJKWZDQWWRNHHSWKHPLQHIRUWKHPVHOYHVDVZHOO
:LWKVRPDQ\SHRSOHGHVLULQJDFFHVVWRWKHULFKYHLQRI 
VDSSKLUHVWKLQJVFDQRQO\JHWXJOLHU

7KHRQO\RWKHUWRZQLQWKHDUHDLV&KHPDUDDQG
WKDWWRZQKDVEHHQFORVHGRIIVWUXFNE\DWHUULEOH
SODJXHVFDQWIHZZHHNVSDVW1RERG\GDUHJRWKHUH
VXUHO\"7KHORFDOPDJLVWUDWHVDUHVXVSLFLRXVHQRXJKWR
KRSHWKDWWKHSDUW\GDUHVWRJRWKHUHDVWKH\VXVSHFW
VRPHWKLQJPXVWEHDIRRWLQ&KHPDUD
3ODJXH"0HUFHQDULHV"(DVLO\GHDOWZLWKIRUDULFK
UHZDUGDQGWKHQWKHUHDUHWKHVDSSKLUHV

7ZLVW
7KHPHUFHQDULHVDUHSDUWRI DQDUP\EHLQJDPDVVHGE\
GXNH%HUWROGDULYDOWRWKH.LQJRI WKHODQGZKRKDV
ORQJGHVLUHGWKHWKURQH&KHPDUDSDUWRI %HUWROGV
GRPLQLRQGLVFRYHUHGDULFKVDSSKLUHPLQHZKLFKE\
ULJKWVVKRXOGKDYHPXFKRI LWVSURWJRWRWKHFRIIHUV
RI WKH.LQJ5DWKHUWKDQKDQGDQ\WKLQJRYHU%HUWROG
HQJLQHHUHGWKHSODJXHHQVODYHGPDQ\RI WKHYLOODJHUV
WRZRUNWKHPLQHDQGKDVEHJXQEX\LQJKLPVHOI DQ
DUP\UHDG\WRWDNHRQWKH.LQJXQOHVVVRPHERG\VWRSV
KLP

7ZLVW
&KHPDUDLVLQGHHGDFKDUQHOSLWLWVSHRSOHGHDGRI D
VWUDQJHZDVWLQJGLVHDVH7KHPHUFHQDULHVDQGRWKHU


,GHDV7KHGHDGYLOODJHUV
FRXOGULVHDVJKRVWVWRKHOS
DQ\RQHZKRZRXOGDYHQJH
WKHPXSRQWKRVHZKR
HQJLQHHUHGWKHLUGHDWKV

,GHDV7KHVDSSKLUHVFRXOGEH
FXUVHGZLWKZRUVHWKDQGLVHDVH
SHUKDSVVRPHEDGOXFNIRUFLQJUH
UROOVRQWKRVHZKRFDUU\WKHP

$GYHQWXUH

7ZLVW

+HLVW$ZD\
'HVFULSWLRQ
7KHWUHDVXU\RI .LQJ,VVXVLVNQRZQDFURVVWKHODQGV
IRUEHLQJXWWHUO\XWWHUO\LPSHQHWUDEOH(YHU\RQHZKR
KDVWULHGWREUHDNLQWRKLVWUHDVXUHYDXOWVKDVEHHQNLOOHG
RUFDSWXUHGRUVLPSO\QHYHUVHHQRUKHDUGIURPDJDLQ
/LWWOHLVNQRZQDERXWZKDWPDNHVXSLWVGHIHQFHVRWKHU
WKDQWKDWLWOLHVXQGHUQHDWKWKHZDOOHGFDSLWDOFORVHWR
WKHFDVWOHDQGGLUHFWO\EHQHDWKWKHWHPSOHRI (YDQQD
JRGGHVVRI IUXJDOLW\,WLVNQRZQWKDWWKHUVWGRRUV
WKDWOHDGWRWKHWUHDVXU\DUHJUDQLWHWKUHHIHHWWKLFNDQG
WKDWWKHPDLQGRRULVRSHQHGE\DPDJLFDONH\WKDWWKH
FKDQFHOORUZHDUV.QLJKWVKDQGSLFNHGE\WKH.LQJ
JXDUGWKHGRRUVIXOO\WHQRI WKHP3DVWWKDWJUHDW
SRUWDOQRWKLQJLVNQRZQ
8QWLOQRZ

(EHQHH]HULVDFWXDOO\WKH.LQJKLPVHOI DQGKH
PHUHO\ZDQWVWRWHVWWKHVHFXULW\RI WKHYDXOWEHIRUH
FRPPLWWLQJDQ\PRQH\WRLWIRUVDIHNHHSLQJ+HKDV
UHFHQWO\KDGLWPRGLHGDQGLPSURYHGDQGZDQWVWRVHH
KRZDKDUG\JURXSRI VNLOOHGDGYHQWXUHUVIDLUVWU\LQJWR
JHWLQWRLW3URYLGHGWKH\GRQWJHWNLOOHGE\WKHWUDSV
RUFUHDWXUHVXVHGWRGHIHQGWKHYDXOWKHZLOOUHZDUG
WKHPVXFFHVVIXORUQRWLQH[FKDQJHIRUWKHLUVLOHQFH

7ZLVW
7KHGHVLJQHURI WKHYDXOWZLVKHVWRFRPHDORQJWRVHH
KLVZRUNFRPSOHWHG:KLOHWKLVPHDQVWKH\ZLOOKDYH
VRPHRQHDORQJZKRVKRXOGNQRZHYHU\WUDSDQGHYHU\
ZHDNQHVVLWDOVRPHDQVWKDWWKH\KDYHDFLYLOLDQDORQJ
DQGDZHDNRQHDWWKDW6RPHWKLQJRI DEXUGHQDQG
QRWVRPHRQHXVHGWRGHDOLQJZLWKWUDSVRUPRQVWHUVRQ
DGDLO\EDVLVLQWKHVDPHZD\\RXUDYHUDJHDGYHQWXUHU
GRHV

(SLORJXH

(EHQHH]HUPDVWHURI WKH7KUHH'DJJHUFULPH
V\QGLFDWHKDVVRPHHOHPHQWDU\SODQVRI WKHYDXOWDQG
NQRZVZKHUHWKHPDQZKRGHVLJQHGWKHYDXOWLV7KH
GXQJHRQVRI .LQJ,VVXVORFNHGDZD\VRKHFRXOGQWWHOO
DQ\RQHWKHSODQV(EHQHH]HUZDQWVWRUDLGWKDWYDXOW
H[WUHPHO\EDGO\DQGLVRIIHULQJRI ZKDWLVVWROHQ
LQH[FKDQJHIRUWKHGDWDKHNQRZV

+DYLQJEURNHQWKHYDXOWRUQRWWKHFKDUDFWHUVKDYH
QRZJDUQHUHGDELWRI DUHSXWDWLRQDVVDIHFUDFNHUVDQG
PDQ\RWKHUDOOHJHGO\LPSHQHWUDEOHYDXOWVWHPSOHV
NHHSVDQGRWKHUGHIHQVLYHVWUXFWXUHVOLQHWKHPVHOYHV
XSUHDG\IRUWKHLUDWWHPSWVWREUHDFKWKHPZLWKPDQ\
SDWURQVZLOOLQJWRVSHQGTXLWHODUJHVXPVRI PRQH\WR
VHFXUHWKHDGYHQWXUHUVVHUYLFHVLQWKLVFDSDFLW\

%UHDNLQJLQWRWKHYDXOWZLOOEHIDUIURPHDV\LWKDV
JXDUGVPRQVWHUVWUDSVPDJLFDODQGFOHULFDOSURWHFWLRQV
DQGWKHQWKHUHLVWKHQRWVRVLPSOHPDWWHUVRI KRRQJ
WKRXVDQGVDQGWKRXVDQGVRI KHDY\JROGSLHFHVEDFNRXW
RI WKHSODFHDIWHUZDUGV
&RPSDUHGWRWKDWEUHDNLQJWKHGHVLJQHURXWRI KLV
SULVRQVKRXOGEHHDV\

7ZLVW
7KHHQWLUHYDXOWLVDQHODERUDWHKRD[GHVLJQHGWRGUDZ
LQWKLHYHVDQGEULJDQGV7KHUHDOWUHDVXU\LVDPRGHVW
URRPLQWKHFDVWOH6KRXOGWKH\PDQDJHWRQDOO\EUHDN
LQWRWKHYDXOWDOOWKDWWKH\ZLOOQGLVDQDOWUDSDQG
DVLQJOHJROGSLHFH3RRUWKHP,I WKH\HYHQWDNHWKH
SLHFHWKHSDODFHJXDUGDUHDOHUWHGDQGZLOOEHDZDLWLQJ
WKHPZKHQWKH\FRPHEDFNRXW


,GHDV8QFRQYHQWLRQDOSODQVDUH
WREHHQFRXUDJHGDQGZDWFKLQJD
IHZKHLVWDQGEUHDNLQOPVEHIRUH
SOD\LQJPD\JLYH\RXVRPHJRRG
LGHDV2FHDQV(OHYHQLQSDUWLFXODU
PD\JLYHDIHZSRLQWHUV

$GYHQWXUH

7ZLVW
0DQ\ULYDOEUHZHUVDUHDIWHUWKHVHFUHWRI 5HG'UDJRQ
DOHDQGDUHZLOOLQJWRSD\JRRGPRQH\RUWRVLQNWR
XQGHUKDQGHGPHWKRGVLQRUGHUWRVHFXUHHYHQDFOXHWR
WKHUHFLSH7KH\PD\KDYHKLUHGWKHLURZQDGYHQWXUHUV
RURWKHUDJHQWVWRIROORZRXUKHURHVDQGWRWU\WR
GLVFHUQWKHUHFLSHIURPWKHP

$OH%H6HHLQJ<RX
'HVFULSWLRQ
7KH5HG'UDJRQLQULJKWO\KROGVDUHSXWDWLRQDVWKH
QHVWLQQZLWKWKHEHVWDOHLQWKHHQWLUHZLGHVWUHWFKHV
RI WKHPRRUODQG7KHLQQLVSURVSHURXVDQGZHOO
PDLQWDLQHGWKHVWDII ZHOOSDLGDQGWKHURRPVERWK
FRPPRQDQGSULYDWHDOZD\VIXOO7KHDOHVHHPVWRKDYH
DQDOPRVWPDJLFDOTXDOLW\QHYHUSURGXFLQJDQDQJU\
RUDPHODQFKRO\GUXQNDQGVHQGLQJHYHU\GUXQNDUG
LQWRDVPRRWKVOHHSDZDNHQLQJZLWKRQO\WKHEDUHVWRI 
KDQJRYHUV
7KHVHFUHWRI WKH5HG'UDJRQDOHLVVRPHWKLQJWKDWKDV
EHHQSDVVHGIURPIDWKHUWRVRQLQRZQHUVKLSRI WKHLQQ
IRUDJUHDWPDQ\\HDUVWKHRULJLQDOVHFUHWGLVFRYHUHG
E\WKHJUHDWJUDQGIDWKHUVRPHWKLQJRI DP\WKLFDO
DOFKHPLVWJXUHWRPDQ\EUHZHUV
:KDWHYHUWKHVHFUHWLQJUHGLHQWLVLWLVVWDUWLQJWRUXQRXW
DQGLWVQRWKLQJVRKDFNQH\HGDVGUDJRQEORRGDVPRVW
SHRSOHVHHPWRKDYHJXHVVHG1R5HG'UDJRQDOHLV
EUHZHGZLWKWLQ\DPRXQWVRI VHYHUDOFKRLFHLQJUHGLHQWV
DOORI ZKLFKKDYHUXQORZ7KHFXUUHQWODQGORUGLV
QRDGYHQWXUHUDQGKHLVIRUFHGWRUHYHDOWKHVHFUHW
LQJUHGLHQWVWRDJURXSRI DGYHQWXUHUVRIIHULQJWKHP
IUHHGULQNDQGORGJLQJLQH[FKDQJHIRUWKHPKHOSLQJ
KLPRXWDQGNHHSLQJTXLHW7KLVLVRXUJURXS
7KHVHFUHWLQJUHGLHQWVDUH
:DWHUIURPDGU\DGVIRQWZLWKLQKHUWUHH
'XVWIURPDVSULWHVZLQJV
+RQH\IURPWKHQHVWRI JLDQWEHHV

7ZLVW
2QO\RQHRI WKHLQJUHGLHQWVWKDWWKHLQQNHHSHUKDV
DVNHGWKHPWRFROOHFWLVWKHUHDOVHFUHWLQJUHGLHQWDQG
RQO\KHNQRZVWKHSURSRUWLRQVWKDWLWLVDGGHGWRWKH
EUHZLQ$Q\DWWHPSWWRFRS\RUUHSOLFDWHWKHEUHZWKDW
WKH\PDNHLVWKHUHIRUHGRRPHGWRIDLOXUHVRGRXEOH
FURVVLQJWKHLQQNHHSHULVQWDYLDEOHRSWLRQDQGZLOO
PDNHWKHHQWLUHFOLHQWHOHRI WKH5HG'UDJRQUDWKHU
DQJU\


7ZLVW
7KHLQQNHHSHULVVLFNRI WKHWUDGLWLRQDQGZDQWVRXW
RI WKHEUHZLQJEXVLQHVV:KDWKHKDVDVNHGWKHPWR
JHWDUHDVHULHVRI ZLOGJRRVHFKDVHVWKDWKHWKRXJKW
WKH\GQHYHUEHDEOHWRJHWDQH[FXVHWRJHWRXWRI WKH
EXVLQHVVDQGWRHVFDSHWKHDOHDGGLFWVZKLOHJLYLQJWKHP
DVXLWDEOHVFDSHJRDWWREODPH,I WKH\VXFFHHGWKH\
KDYHVFXSSHUHGDOOWKDWWKRXJKLI KHEUHZVLWZURQJO\
KHFRXOGVWLOOEODPHWKHP

(SLORJXH
$ULYDOLQQKDVVHWXSQRWWRRIDUDZD\ZLWKWKHLURZQ
ZRQGHUEUHZ7KH-ROO\+DOLQJLVVWHDOLQJFXVWRP
DZD\IURP7KH5HG'UDJRQDQGDSSDUHQWO\GRLQJLW
ZLWKWKHVDPHUHFLSHWKDW7KH5HG'UDJRQKDV7KH\
PXVWEHFURRNVDQGHYHQLI WKH\UHQRWVRPHWKLQJKDV
WREHGRQHDERXWWKHP

,GHDV,WLVDJRRGLGHDWRKDYH
DZULWWHQZRUG\ORQJZLQGHG
GHVFULSWLRQRI WKHWDVWHRI WKHDOH
ZULWWHQXSEHIRUHKDQG7KLVLVQW
ZHDNODJHURUEHHUWKLVLVDWKLFN
ZKROHVRPHEUHZWKDWVKRXOGFRQYH\
DORWRI IHHOLQJVHPRWLRQVDQG
PHDQLQJ,WLVDPHDOLQDJODVV
GLVWLOOHGVXQVKLQHDWUXO\ZRQGURXV
EUHZWRZKLFKQRRWKHUGULQNFDQ
KROGDFDQGOH

$GYHQWXUH

WHPSOH)LQDOO\VRPHWKLQJVQDSSHGLQWKHELWWHUROG
PDQDQGXVLQJFRQVFDWHGWH[WVWKHWHPSOHKDGVWRUHG
DZD\IURPORQJDJRFDOOHGXSWKHEHDVWWRSXQLVKWKH
VLQIXOWRZQVIRONRQHDWDWLPH,I LWLVGHIHDWHGKHFDQ
DOZD\VFDOOXSDQRWKHU

7KH)HOO%HDVW
'HVFULSWLRQ

7ZLVW

7KHIDUPODQGVXUURXQGLQJWKHVPDOOWRZQRI 'XODTXH
LVEHLQJWHUURULVHGE\DWHUULEOHEHDVW,WKDVHDWHQ
VHYHUDORI WKHWRZQVIRONDQGDWWHPSWVWRURRWLWRXW
DQGNLOOLWKDYHPHWZLWKQROXFN7KHEHDVWVHHPVWRR
FOHYHUWRIDOOIRUVXFKVLPSOHUXVHVDVEHDWLQJKRXQGV
RUSRLVRQHGPHDW
4XLWHZKDWLWLVQRRQHLVVXUHDVQRERG\ZKRKDVVHHQ
WKHEHDVWKDVOLYHGWRWHOOWKHWDOH7KHLUERGLHVDUH
QRWHDWHQWKRXJKVLPSO\UHQWDQGFDUYHGPXWLODWHG
DQGEURNHQE\ZKDWHYHUFUHDWXUHWKHEHDVWLV7XVNV
WHHWKFODZVKRRYHVLWLVLPSRVVLEOHWRWHOOZKDWPDQQHU
RI EHDVWLWLVIURPWKHZRXQGVLQLFWHGXSRQLWV
PDQ\SRRUYLFWLPVWKH\DUHVLPSO\WRRPXWLODWHGWR
GLIIHUHQWLDWHDQ\RI WKHGLIIHUHQWZHDSRQVWKDWDQLPDOV
QDWXUDOO\FDUU\
$PHODQFKRO\GHIHDWLVPKDVVHWWOHGXSRQWKHWRZQ
WKH\EHOLHYHQRWKLQJFDQEHGRQHWKDWWKH\DUHIRUVDNHQ
DQGKDYHEHHQOHIWWRWKHWHQGHUPHUFLHVRI WKHEHDVW
1RNQLJKWVKDYHFRPHQRKHURHVVHQWE\WKHNLQJWR
VOD\WKHEHDVW$WQLJKWWKH\KXGGOHLQWKHLULQQRULQ
WKHLUKRYHOVGURZQLQJWKHLUVRUURZVRUWU\LQJWRVOHHS
VKXILQJDERXWGXULQJWKHGD\PRXUQLQJWKHORVVRI 
WKHLUORYHGRQHVRUDWWHQGLQJWKHWHPSOHWU\LQJWRVHHN
VRODFHIURPWKHSULHVWWKHUHZKRVHVHUPRQVDQGUDQWV
EHFRPHHYHUVWURQJHUDQGPRUHDSRFDO\SWLF
7KHDGYHQWXUHUVFRPHLQWRWKLVWRZQRQWKHLUMRXUQH\V
SHUKDSVVHHNLQJUHVWRI SURYLVLRQEXWWKHWRZQLVSRRU
DQGDOOWKH\KDYHWRRIIHULVWKHLUPLVHU\DQGWKHLU
VWRULHVRI WKHEHDVWWKRXJKSHUKDSVWKH\ZRXOGKDYH
PRUHWRRIIHULI WKHFXUVHRI WKHFUHDWXUHZDVOLIWHG
IURPWKHLUODQG

7ZLVW
7KHSULHVWDWWKHWHPSOHLVWKHFDXVHRI WKLV1RERG\
WRRNKLPVHULRXVO\RUDWWHQGHGWKHWHPSOHEHIRUHEHLQJ
PXFKPRUHFRQFHUQHGZLWKWKHSOHDVXUHVRI DOHDQG
RI HDFKRWKHUVFRPSDQ\7KHROGSULHVWJUHZELWWHU
UHVHQWIXOFRQGHPQHGWKHPIURPKLVSXOSLWWRDQHPSW\


/RQJDJRWKHJRGVZRXOGZDONXSRQWKHHDUWKDQGLQ
RQHRI WKHVHWLPHVDZDQGHULQJGHLW\LQKXPDQIRUP
FDPHXSRQWKHWRZQWRVDPSOHOLIHDPRQJVWLWVSHRSOH
2QWKHVXUIDFHWKH\ZHUHDSLRXVKDUGZRUNLQJJURXS
EXWXQGHUWKHVXUIDFHOD\ELWWHUQHVVUHVHQWPHQWD
KDWUHGRI VWUDQJHUV7KH\KDUERXUHGPXUGHUHUVDQG
FURRNVDQGWKH\WULHGWRUREWKHWUDYHOOHURI JRRGVDQG
GLJQLW\$VDFXUVHWKHJRGWXUQHGWKHPDOOLQWRVSLULWV
DQGDVVLJQHGDVSHFWUDOEHDVWWRNLOOWKHPDOORQHE\RQH
RYHUDQGRYHUDJDLQIRUDOOHWHUQLW\.LOOLQJWKHEHDVW
ZLOOIUHHWKHPWRSDVVRQLQWRWKHODQGVRI WKHGHDG
EXWZLOOHDUQWKHZUDWKRI DJRG/HDYLQJWKHPEHZLOO
FRQGHPQWKHPWRHWHUQDOWRUWXUHEXWPD\HDUQVRPH
VPDOOIDYRXURI WKHJRG

7ZLVW
7KHEHDVWLVDWUDLQHGDQGWZLVWHGDQLPDOFRQMXUHGXS
DQGPRGLHGE\WKHFRXUWVRUFHUHUVRI WKHNLQJ7KH
WRZQLVDKRWEHGRI IHHOLQJDJDLQVWWKHFURZQDQG
WKLVLVKLVZD\RI GHDOLQJZLWKGLVVLGHQWIRUFHVLQKLV
NLQJGRP$QDJHQWRI WKHFURZQZLWKLQWKHWRZQ
DQRWKHUWUDYHOOHUFRQWUROVWKHEHDVWDQGEULQJVLWWRWKH
DWWDFN

(SLORJXH
:LWKWKHEHDVWJRQHWKHDGYHQWXUHUVJDLQDUHSXWDWLRQ
DVVOD\HUVRI IHOOFUHDWXUHV3OHDVEHJLQWRRRGLQ
IURPWKHVXUURXQGLQJWRZQVDQGYLOODJHV,WVHHPVWKDW
PRQVWURXVDQLPDOVDUHSODJXLQJWKHZKROHFRXQWU\VLGH
&RLQFLGHQFHRULVWKHUHDPDVWHUSODQEHKLQGLWDOO"

,GHDV5DWKHUWKDQXVLQJDQ
H[RWLFPRQVWHUWDNHDQH[LVWLQJ
DQLPDODQGPRGLI\LWZLWKVWUDQJH
DELOLWLHV

$GYHQWXUH

DQGZLOOOLNHO\WUHDWHYHU\ELWHDVFRQWDJLRXV6HHWKHLU
IDFHVZKHQVLOYHUZHDSRQVGRQWGRDQ\WKLQJVSHFLDO
WKRXJK

2QFHLQD%OXH0RRQ
7ZLVW
'HVFULSWLRQ
6KHUULQJKDPLVDVPDOOYLOODJHKLJKLQWKHIRUHVWHGKLOOV
DERYHWKHSODLQVDQGIDUPODQGEHORZLW,WJXDUGVRQH
RI WKHSDVVHVWKURXJKWRWKHQH[WODQGDQGLVXQIHWWHUHG
E\DQ\WROOERRWKRUERUGHUFKHFNWKHNLQJVJXDUGVGR
QRWSDWUROKHUHDQGXVHRI WKHSDWKLVIUHH
6KHUULQJKDPLWVHOI FRQVLVWVRI DKDQGIXORI KRXVHV
DQGDWLQ\KRVWHOU\7KHZKROHSODFHLVGHFUHSLWDQG
UXQGRZQDQGWKHVPDOOSRSXODWLRQDOOKDYHWKHVLPLODU
ORRNDQGIXUWLYHJODQFHRI VPDOOLVRODWHGFRPPXQLWLHV
6RPHORRNSRVLWLYHO\IHUDODQGVHYHUDOIDPLOLHVOLYHRXW
LQWKHZRRGVDVWUDSSHUVDQGZRRGVPHQFRPLQJWR
WRZQWRVZDSWKHLUEXQGOHVDQGIXUVIRUIRRGDQGQHZ
D[HKHDGV

7KHWRZQLVFXUVHGE\DQDQFLHQWFLUFOHRI FDUYHG
UXQLFVWRQHVWKDWOLHGHHSLQWKHVXUURXQGLQJFRQLIHURXV
ZRRGODQG7KHUHWKHWULEHZRUVKLSVWKHVWRQHVDQG
OD\VVDFULFHVXSRQLW,I WKHFKDUDFWHUVGRQRWHHRU
DUHNLOOHGEHIRUHWKHVXQULVHVDQGVWULNHVWKHVWRQHV
WKH\WRRZLOOEHKLWE\WKHFXUVHEHFRPLQJZROI
FUHDWXUHVXQDEOHWROHDYHWKLVWRZQFXUVHGWRSUH\XSRQ
WUDYHOOHUVZKRZDQGHUWRFORVHWRWKHLUWHUULWRU\DQGWR
JXDUGWKHSDVV

(SLORJXH
(QGLQJWKHFXUVHOLNHO\LQYROYHVWKHVODXJKWHURI PDQ\
RI WKHZROIFUHDWXUHVWKDWOLYHLQWKHWRZQ:KHQ
NLOOHGWKH\UHYHUWWRWKHLULQQRFHQWORRNLQJKXPDQ
IRUP0HQZRPHQHYHQFKLOGUHQDQGWKHVHDUHWKH
SHRSOHWKDWRXUKHURLFDGYHQWXUHUVKDYHNLOOHG7KHUH
LVDOPRVWQRHYLGHQFHRI WKHZROI FUHDWXUHVFRPHWKH
GD\DQGDVODXJKWHUHGWRZQKDVDPSOHDELOLW\WRFDOO
WKHORFDOPDJLVWUDWHIRUDVVLVWDQFH6KRXOGWKHDWURFLW\
EHGLVFRYHUHGWKHDGYHQWXUHUVPD\ZHOOQGWKDWWKHLU
JRRGGHHGWXUQVDURXQGDQGELWHVWKHPRQWKHDUVH
KXQWHGIRUVODXJKWHULQJFUHDWXUHVWKDWWULHGWRKXQWDQG
VODXJKWHUWKHP

7KHKRXVHVEDUHO\IHHOOLYHGLQDQGWKHKRVWHOU\LVOLWWOH
EHWWHUWKDQDVKDFNDVWUDZPDWWUHVVDQGDJUXEE\
EODQNHWDSRWWRSLVVLQDQGDKDOI EXUQWGRZQFDQGOH
WRVHHE\6WLOOLWLVEHWWHUWKDQEHLQJRXWLQWKH
WRUUHQWLDOVWRUPWKDWLVVODVKLQJGRZQIURPWKHVN\
RXWVLGH,WVHHPVWKHUHVQRDOWHUQDWLYHEXWWRVWD\KHUH
:KHQWKHPRRQULVHVDQGVKRZVIURPEHKLQGWKH
FORXGVDJUHDWKRZOULVHVXSIURPWKHZKROHYLOODJHDQG
WKHIRUHVWVEH\RQG2XWLQWKHUDLQWKHWRZQVIRONDUH
FKDQJLQJZHUHZROYHV

7ZLVW
7KHWHUULEOHZHDWKHULVWKHIDXOWRI WKHZHUHZROI WRZQV
ZLWFKSULHVWHVV+ROHGXSRQDQHDUE\KLOOVKHFDOOV
GRZQWKHVWRUPZLWKPRUHDQGPRUHIHURFLW\XSRQWKH
DUHDWRNHHSWKHKHURHVWUDSSHG7KHRQO\ZD\WRVDIHO\
JHWRXWRI WKHWRZQLVWRUHPRYHWKHVWRUPWKHUHDUH
VLPSO\WRRPDQ\ZHUHZROYHVWRVODXJKWHUWKHPDOO

,GHDV+RUURUHOHPHQWVZRUNEHVWLI WKHUH
LVVRPHNLQGRI EXLOGXSWRWKHPDVHQVH
RI VORZDQGFUHHSLQJGUHDGIROORZHGE\WKH
JRU\FOLPD[,QWKLVFDVHWKDWPHDQVWKH
DQLPDOLVWLFWHQGHQFLHVRI WKHWRZQVKRXOG
EHVORZWRUHYHDOWKHPVHOYHVVORZWRVKRZ
7KHLQWURGXFWLRQRI ODQJXDJHHOHPHQWV
OLNHIHUDORUZROVKRUEHVWLDOVKRXOGEH
EURXJKWLQVORZO\DVWKHQLJKWDSSURDFKHV
DQGWKHWUDQVIRUPDWLRQEHJLQV

,GHDV+DYHWKHWRZQVIRON
KDYHUHFRJQLVDEOHHOHPHQWV
LQERWKPDQDQGEHDVWIRUPV
VFDUVEDOGVSRWVHWF

7ZLVW
7KHSHRSOHDUHQWWUXHZHUHZROYHVFXUVHGVKDSH
VKLIWHUVEXWDUHLQVWHDGDWULEHRI KXPDQRLGFUHDWXUHV
DEOHWRVKLIWIUHHO\EHWZHHQWKHLUDQLPDODQGKXPDQ
IRUPV7KHFKDUDFWHUVZRQWNQRZWKDWRI FRXUVH


$GYHQWXUH

7ZLVW
7KHFDXVHRI WKHULVHRI WKHXQGHDGLVWKHIDFWWKDWWKHWRZQLV

%DQGV:RQW3OD\QR0RUH
'HVFULSWLRQ
'XQHOGLVQRORQJHUWKHKDSS\WRZQLWRQFHZDV7KH
YLOODJHUVKDYHEHHQIRUFHGWRHHIURPWKHLUKRPHVDQG
VHWXSLQWHQWVDQGVKDFNVWKHLUFURSVULSHQLQJLQWKH
HOGVXQFROOHFWHGWKHLUKRXVHVRSHQWRZLOGOLIHDQG
RWKHUPRUHXQVSHDNDEOHWKLQJV
$PRGHVWFRXSOHRI ZHHNVDJRMXVWEHIRUHWKHKDUYHVW
WKHUHZDVDFROODSVHLQRQHRI WKHHOGV2OGPDQ
0HDGRZVDQGKLVKRUVH(GJDUIHOOWKURXJKLQWRWKH
HDUWKDQGZKHQWKH\HPHUJHGWKH\ZHUHQRORQJHUDOLYH
EXWHPHUJHWKH\GLG
6LQFHWKHQ'XQHOGKDVEHHQXQGHUDVVDXOWIURPWKH
ODQGVRI WKHGHDGWKHEXULHGGXJWKHLUZD\IUHHDQG
VWDONHGWKHOLYLQJVSHFWUHVDQGJKRVWVDSSHDUHGDQG
IULJKWHQHGPDQ\WRGHDWK7KRVHZKRGLHGRUZHUH
NLOOHGURVHWKHPVHOYHVWRSUH\RQWKHOLYLQJ7KHWRZQ
LVEOLJKWHGQRZFXUVHGWKHPHQZKRWULHGWRUHWDNH
LWIURPWKHGHDGIDLOHGDQGORVWPDQ\RI WKHLUQXPEHU
QRZWKHWRZQVIRONDUHWRRIHZDQGWRRVFDUHGWRWU\
DJDLQ

EXLOWRQDPRUHDQFLHQWEXULDOVLWH7KHXQTXLHWVSLULWV
RI WKHGLVWXUEHGGHDGDUHFDXVLQJWKHQHZO\GHDGWR
ULVHDQGWDNHUHYHQJHXSRQWKRVHZKRKDYHGHVSRLOHG
WKHLUUHVWLQJSODFHZLWKWKHLUIDUPLQJDQGSORXJKLQJ
%HQHDWKWKHWXQQHOVXQGHUWKHWRZQDUHGHHSHUWXQQHOV
FDUYHGLQHDUOLHUWLPHVDQGOLQHGZLWKWKHERQHVRI WKH
GHDGIURPSDVWDJHV6RPHZKHUHZLWKLQLVWKHVHDODQG
WKHVSLULWRI RQHRI WKHLUKRO\PHQZKRGLUHFWVWKH
VSLULWVLQWKHLUYHQJHDQFH

7ZLVW
7KHVSRRNVDQG]RPELHVDUHLOOXVLRQVFDVWE\DVNLOOHG
LOOXVLRQLVWZKRLVVXSSRUWLQJDJURXSRI EDQGLWV
7KH\KDYHFRPHRXWRI WKHZRRGVWRFDUU\RII DOOWKH
YDOXDEOHVDQGWKHFURSVWRVXVWDLQWKHPRYHUWKHZLQWHU
+HVQRWSHUIHFWWKRXJKDQGZKLOHWKH\UHJKWLQJWKH
LOOXVLRQVVRPHDZVDQGLQWHUHVWLQJSUREOHPVPLJKW
FURSXSWRJLYHKLPDZD\

(SLORJXH

7KH\GRQRWKDYHPXFKEXWWKH\DUHGHVSHUDWHWRUHWXUQ
WRWKHLUHOGVLQWLPHWRFROOHFWWKHKDUYHVWEHIRUHLW
EHJLQVWRURWRQWKHWUHHVRQWKHVWHPV:KDWWKH\KDYH
DQGZKDWWKH\UHDSWKH\ZLOOVKDUHLI WKHDGYHQWXUHUV
FDQFOHDQVHWKHWRZQRI WKHXQGHDGEOLJKW

7ZLVW

7KHJUDWHIXOSRSXODFHRI WKHWRZQUHWXUQDQGEHJLQWKH
KDUYHVWJLYLQJDODUJHSRUWLRQRI WKHLUFHOHEUDWRU\IHDVW
WRWKRVHZKRVDYHGWKHP2YHUVWHLQVRI DOHDIWHUWKH
IHDVWDQGWKHGDQFLQJWKH\ZKLVSHUUXPRXUVWKDWWKH
WXQQHOVXQGHUQHDWKWKHWRZQUXQIXUWKHUXQGHUJURXQG
MRLQLQJXSZLWKWKHEXULDOFKDPEHUVXQGHUWKHPRXQGV
LQWKHPRRUVDQGZRRGVXQGHUWKHVWDQGLQJVWRQHV
7KHVHPD\EHWKHEXULDOSODFHVRI NLQJVDQGQREOHPHQ
EXULHGZLWKWKHLUZHDOWK

,GHDV,I \RXJRIRUWKHLOOXVLRQV
WKHQWKHIDUPHUZKRIHOOLQWKH
KROHGLGLQGHHGIDOOLQWRWKHZKROH
7KHFDWDFRPEVZHUHEHLQJXVHG
E\WKHEDQGLWVWRJHWFORVHWRWKH
WRZQDQGZKHQKHIHOOLQWKH\ZHUH
IRUFHGWRPRYHWKHLUDJHQGDDKHDG

7KHFDXVHRI WKHULVHRI WKHXQGHDGLVDQDQFLHQW


DUWHIDFWEXULHGLQWKHFDWDFRPEVDQGWXQQHOVWKDWOLH
EHQHDWK'XQHOG7KHVHWXQQHOVRQFHIRUPHGSDUW
RI DQDEEH\WKDWVWRRGXSRQWKHVLWH7KHVWRQHV
WKDWPDGHXSWKHDEEH\EXLOGLQJQRZIRUPPXFK
RI WKHSDUWRI WKHZDOOVRI 'XQHOGVHOGVEXWWKH
WXQQHOVUHPDLQ'LVWXUEHGE\WKHFROODSVHZDVDQ
DQFLHQWDUWHIDFWRQHWKDWRSHQVDSRUWDOWRWKHODQGV
RI WKHGHDGDQGLWLVWKLVDUWHIDFWWKDWPXVWEHGLVDEOHG
RUGHVWUR\HGLQRUGHUWRSUHYHQWWKHXQGHDGIURP
FRQWLQXLQJWRULVH



$GYHQWXUH

7ZLVW

7RWDOO\:UHFNHG
'HVFULSWLRQ
7KHVSHHG\OLJKWVKLSWKDWWKHFKDUDFWHUVZHUHWUDYHOOLQJ
RQUDQLQWRVRPHWHUULEOHZHDWKHUDQGKDVEHHQEORZQ
VPDVKHGDJDLQVWWKHURFNVRI DQLVODQG7KHUHDUHD
IHZRWKHUVXUYLYRUVRI WKHZUHFNDFRXSOHRI VDLORUV
DQGSDVVHQJHUVQRERG\WRRVSHFLDOLQIDFWWKH\DUH
OLDELOLWLHV
7KHLVODQGLVQWWRRPDVVLYHDQGLWLVSRVVLEOHWRVHH
VPRNHDVLJQRI FLYLOLVDWLRQULVLQJDERYHWKHIRUHVWV
VKRZLQJWKDWWKHUHLVVRPHPDQQHURI KDELWDWLRQRQWKH
RWKHUVLGHRI WKHLVODQGSHUKDSVDVPDOOGRFNSHUKDSV
DVKLSWKDWFDQUHWXUQWKHPWRFLYLOLVDWLRQ,WZLOOEH
DKDUGWUHNDFURVVWKHLVODQGIRUWKHEDWWHUHGZUHFN
VXUYLYRUVDQGVRPHRI WKHPZLOOQHHGDVVLVWDQFHDOOWKH
ZD\7KHLQWHULRURI WKHLVODQGLVTXLWHZLOGDQGFRXOG
KROGGDQJHUVSODQWDQLPDORUPDQ
7RPDNHWKLQJVZRUVHZKDWWKH\GRQWNQRZLVWKDW
RQHRI WKHVXUYLYLQJSDVVHQJHUVLVLQIDFWDVS\DQG
FRXULHUIRUWKHNLQJGRPWKH\ZHUHVXSSRVHGWREH
VDLOLQJWR+HFDUULHVRQKLPSODQVDQRWKHUFRXQWU\KDV
IRUWKHLQYDVLRQRI KLVFRXQWU\DQGLWLVWKHVHHQHPLHV
LQSXUVXLWZKRFDOOHGXSWKHVWRUPWKDWZUHFNHGWKH
VKLS7KH\KDYHQRFDOOHGRII WKHLUSXUVXLWDQGDUHQRW
IDUEHKLQGWKHLUVKLSVZLOOVRRQFRPHFORVHWRVKRUH
DQGODQGWKHLUODXQFKHVWURRSVDQGDSRZHUIXOZHDWKHU
ZLWFKSXUVXLQJWKHEXUGHQHGDGYHQWXUHUVDQGWKH
FRXULHUDFURVVWKHLVODQG

2KFUXHOIDWHWKHVPRNHULVLQJLVIURPKRWVSULQJV
RQWKHRWKHUVLGHRI WKHLVODQGQRWFLYLOLVDWLRQDW
DOO7KHRQO\ZD\RII WKLVDFFXUVHGURFNLVWKHVKLSV
WKHSXUVXHUVEURXJKWZLWKWKHP,I WKH\FDQGRXEOH
EDFNJKWWKHLUZD\EDFNDFURVVWKHLVODQGDYRLGWKHLU
SXUVXHUVDQGWDNHRQHRI WKHVKLSVDOORI WKLVZLWKWKH
KHOSOHVVVXUYLYRUVRQWKHLUEDFNWKHQSHUKDSVWKH\FDQ
PDNHLWEDFNWRFLYLOLVDWLRQZLWKWKHFRXULHUVPHVVDJH

7ZLVW
7KHVPRNHULVLQJGRHVLQGLFDWHFLYLOLVDWLRQEXWLWLV
QRWDZHOFRPLQJRQH7KHVPDOODQGVKDEE\YLOODJH
WKH\QGKDVVKLSVRI DFUXGHVRUWEXWWKHVHWWOHPHQW
EHORQJVWRHQHPLHVSLUDWHVJREOLQRLGVRUVRPHVXFK
VLPLODUIRH1RZWKH\DUHWUDSSHGEHWZHHQWKLVWRZQ
DQGWKHLUSXUVXHUV+DUGFKRLFHVZLOOKDYHWREHPDGH
DVWRZKDWWRGRDQGLWZLOOEHKDUGDOPRVWLPSRVVLEOH
WRUHDFKWKHVKLSVXQQRWLFHG

(SLORJXH
7KHFRXULHUVOHWWHUVVKRZWKHHQHP\QDWLRQV
PRELOLVDWLRQIRUZDUDQGWKHOHDGHURI KLVFRXQWU\
GHFLGHVWRVHQGDPHVVDJH7KDQNLQJDQGUHZDUGLQJ
WKHFKDUDFWHUVIRUWKHLUSDUWLQSURWHFWLQJWKHFRXULHU
DQGGHOLYHULQJWKHPHVVDJHKHDVNVDJDLQIRUWKHLU
VHUYLFHV7KH\ZLOOWUDYHOEDFNZLWKDPDPEDVVDGRU
DQGDPHVVDJHRI KLVHQVXULQJKHUVDIHW\ZKHQVKH
UHYHDOVWKHLUNQRZOHGJHRI WKHHQHP\SODQVDQGWULHV
WRFRQYLQFHWKHPWRWXUQDVLGHIURPWKHLUFRXUVHRI 
DFWLRQ

,GHDV)RUDFKDQJHIURPD
GHVHUWLVODQGVXEVWLWXWHRQH
IURPDGLIIHUHQWW\SHRI ]RQH
$EODVWHGLF\URFNIUHTXHQWHG
E\VHDELUGV$IRUHVWFRYHUHG
JUDQLWHVODEVRPHRWKHU
HQYLURQPHQWWKDWGRHVQW
LPPHGLDWHO\EULQJWRPLQG3LUDWHV
RI WKH&DULEEHDQ

,WMXVWFRQWLQXHVWRJHWEHWWHUIURPWKHUH

7ZLVW
7KHFRXULHUPHUHO\FODLPVWREHDFRXULHUDQGVS\
ZKHQWKHSXUVXLWEHFRPHVHYLGHQW:KDWKHDFWXDOO\
LVLVDFKHDWDWKLHI DQGDVZLQGOHU7KHSXUVXHUVDUH
PHPEHUVRI DQLVODQGWHPSOHDWHPSOHKHVWROHDQ
LPSRUWDQWUHOLJLRXVDUWHIDFWIURP)RUWKHLUJRGDQG
IRUWKHLURZQKRQRXUWKHSXUVXHUVZLOOGLHWRDPDQ
EHIRUHDOORZLQJKLPWRJHWDZD\



$GYHQWXUH

7ZLVW

'HDWKEORZ
'HVFULSWLRQ
,QRQHRI WKHFODVVLFIDQWDV\PHHWLQJSODFHVDEDUD
WDYHUQDEURWKHOVRPHVRUWRI DGYHQWXUHUVJXLOGRU
VRPHRWKHUDUWLFHWKHFKDUDFWHUVDUHDSSURDFKHGE\D
ZHOOGUHVVHGPDQZLWKDYHU\FRPSHWHQWDLUDERXWKLP
+HJLYHVQRSUHDPEOHEXWSUHVHQWVDSXUVHRI JROGDQG
DVLJQHGDQGVHDOHGOHWWHUIURPDGXNHPLOLWDU\DGYLVRU
WRWKHNLQJWKLVWRVKRZKHLVVHULRXV
7KHPDQLVDPHPEHURI WKHNLQJGRPVVHFUHWDUP\D
PDQFKDUJHGZLWKGHDOLQJZLWKDSDUWLFXODUO\LQVLGLRXV
VXSHUQDWXUDOWKUHDW
9DPSLUHV
+HLVRIIHULQJWKHPDMREKHKDVORFDWHGDQHVWRI WKH
HQGVRSHUDWLQJZLWKLQWKHFLW\DQGKHLQWHQGVWRZLSH
WKHPRXWEXWKHQHHGVKHOS+HZLOOHGXFDWHWKHP
HTXLSWKHPWUDLQWKHPDQGWKH\ZLOOEHULFKO\UHZDUGHG
HDUQLQJWKHIDYRXURI WKHGXNHDVZHOODVWKHFRLQWR
OLQHWKHLUSRFNHWV
7KHYDPSLUHVKHKDVIRXQGDUHLQFRQWURORI DVPDOO
PHUFKDQWJXLOGWKHXSSHUHFKHORQVRI ZKLFKDUHDOO
YDPSLUHVDQGWKHORZHUHFKHORQVRI ZKLFKDUHDOO
WKHLUK\SQRWLVHGDQGERXQGVHUYDQWV7KH\FRQWUROD
EURWKHODQLQQDQGDVKLSSLQJKRXVHDQGZDUHKRXVHDV
ZHOODVDJUDQGGHIHQVLEOHSURSHUW\LQWKHEHWWHUSDUW
RI WKHFLW\7KH\KDYHJXDUGVDQGIROORZHUVDQGWKHLU
PDVWHULVTXLWHSRZHUIXO

$IWHUWKH\GULYHWKHVWDNHLQWRWKHQREOHZRPDQVKHDUW
WKH\DUHVKRFNHGWRGLVFRYHUWKDWUDWKHUWKDQWXUQLQJ
LQWRVPRNHDQGDVKVKHVLPSO\VFUHDPVDQGVSUD\V
DJUHDWGHDORI DUWHULDOEORRGHYHU\ZKHUH:LWKWKH
JXDUGVGHDGRUGLVDEOHGDQGKHUODG\VKLSRXWRI WKH
ZD\WKHLUEHQHIDFWRUDQGKLVDVVRFLDWHVEHJLQORRWLQJ
WKHSODFHNQRZLQJIXOOZHOOWKDWWKHVHORYHO\GXSHVZLOO
WDNHDOOWKHEODPH

7ZLVW
$VWKH\UDLGWKHYDULRXVSODFHVLWEHFRPHVVORZO\FOHDU
WKDWWKHVHYDPSLUHVDUHDIWHUVRPHIRUPRI FRH[LVWHQFH
7KH\DUHQRWHYLOH[DFWO\WKRXJKWKH\GRQHHGKXPDQ
EORRGWRVXUYLYH7KHLUVKLSSLQJEXVLQHVVLVLQIDFWD
VODYHUEXVLQHVVDQGWKH\WDNHWKHLUOOIURPWKHVODYHV
WKH\WUDGHEHIRUHSDVVLQJWKHPRQ7KHLUEXVLQHVVHV
DUHOHJLWLPDWHDQGWKH\DOOOLYHLQPRUWDOWHUURURI WKH
KXQWHUWKH\DUHZRUNLQJZLWKUHJDUGLQJKLPDVDQHYLO
PDQDQHYLOPDQZKRKDVPDGHPLVWDNHVLQWKHSDVW

(SLORJXH
7KLVFRXOGWXUQRXWWREHWKHEHJLQQLQJRI DFKDLQRI 
YDPSLUHUHODWHGDGYHQWXUHV7KHUHDUHRWKHUWRZQV
DQGFLWLHVLQIHVWHGZLWKWKHVHFUHDWXUHVDQGWKH\QHHG
VOD\LQJ3HRSOHZLOOSD\ZHOOIRUWKHPWREHKXQWHG
GRZQDQGGHVWUR\HGEXWWKHVHQLJKWFUHDWXUHVKDYHWKHLU
RZQFKDPSLRQVWRVHQGDJDLQVWWKHKHURHVFKDPSLRQV
ZKRVHPRUWDOSRZHUVKDYHEHHQHQKDQFHGDQGPDGH
EHWWHUE\WKHLUFURVVLQJRYHULQWRWKHWZLOLJKWZRUOG
,WDOOIRUPVSDUWRI VRPHJUHDWHUYDPSLUHFRQVSLUDF\
ZKLFKLVVORZO\XQPDVNHGDVWKH\WUDYHODFURVVWKH
FRXQWU\KXQWLQJWKHPGRZQSLHFLQJWRJHWKHUWKHFOXHV
DERXWDJUHDWPDJLFWKDWZLOOEORFNRXWWKHYHU\VXQ

7ZLVW
7KHDJHQWZKRKDVUHFUXLWHGWKHPLVDYDPSLUHKLPVHOI
RQHZKRVWUXJJOHVWRRYHUFRPHWKHFXUVHDQGGRHVKLV
SDUWWRUHGHHPKLPVHOI E\GHVWUR\LQJKLVNLQ+HZHDUV
DQDPXOHWWKDWJLYHVKLPWKHSRZHUWRJRRXWLQWKHVXQ
DQGKHWULHVWRKLGHIURPKLVYDPSLULFVLGHWKRXJKLW
PD\RYHUFRPHKLPDWDQ\PRPHQW



,GHDV7U\WRDYRLGFOLFKpDVPXFK
DV\RXFDQRUSOD\RQLWDQGJLYHLW
GLIIHUHQWVSLQ&OLFKpLVVRPHZKDW
XQDYRLGDEOHZKHQWDONLQJDERXW
YDPSLUHVVRDVORQJDV\RXGRQW
GHVFHQGLQWRFDPS\RXUH2.

$GYHQWXUH

7ZLVW

'XVW'HYLO
'HVFULSWLRQ
$ULYHURQFHRZHGKHUHP\IULHQGFDUYLQJDVZDWKHRI JUHHQ
WKURXJKWKHGXVWRI WKHGHVHUW1RZQRZDWHURZVWKHJUHHQKDV
GULHGDQGWXUQHGWRGXVW0\SHRSOHNQRZWKLVLVQRWDQDWXUDO
GURXJKW(YHQWKHKDUG\GHVHUWSODQWVDUHG\LQJDQGEORZLQJ
DZD\LQWKHZLQG7KHDLUKDVQRGDPSWKHUHLVQRZHWQHVVRQ
WKHJURXQGLQWKHPRUQLQJWKHDQLPDOVDUHIDOOLQJLOODQGRXU
GUHDPVDUHOOHGZLWKQLJKWPDUHV
7KLVEOLJKWWKLVXQKRO\GU\QHVVZHNQRZIURPZKHUHLWFRPHV
7KHIRUELGGHQODQGVWRWKHZHVWZKHUHWKHVKLIWLQJGXQHVZLOO
PDNHDPDQORVHKLPVHOIZKHUH\RXFDQEHEXULHGLI \RXIDOO
DVOHHS,QWKHVHODQGVZKHUHP\SHRSOHFDQQRWDQGGDUHQRWJR
WKDWLVZKHUHWKLVFRPHVIURP
7KHWULEHDUHWRRSURXGWRDVNIRUKHOSWKH\DUHQRPDGVDQG
WKH\ZLOOZDQGHUHOVHZKHUH0DQ\RI WKHPZLOOGLHLQGRLQJVRLW
LVDORQJDQGKDUGSDWKWRWKHQH[WRDVLVDQGZLWKHYHU\GD\WKH\
KDYHOHVVZDWHUDQGOHVVIRRG,DPDWUDGHUWKH\QRORQJHUWKLQN
PHRQHRI WKHWULEHZKLOH\RXUSHRSOHGRQRWFRQVLGHUPHRQHRI 
WKHP+RZHYHU,KDYHPRQH\,KDYHJRRGV,FDQJLYH\RXVRPH
VLOYHURUPDQ\SUHVVHGGDWHVLQSD\PHQW
3OHDVHUHVWRUHWKHOLIHWRP\KRPHODQG
2XWLQWKHVKLIWLQJGHVHUWVDQGVDWHPSOHKDVEHHQ
XQFRYHUHGDZDNHQLQJDSRZHUIXOOLFKHDQGKLV
PXPPLHGJXDUGLDQVWKHOLIHGUDLQHGIURPWKHODQGWR
IHHGKLVPDJLFDOKXQJHU1RZKHGUDZVVWUHQJWKDQG
SUHSDUHVWRPDNHKLVPDUNRQWKHZRUOGRQFHDJDLQ

7KHUHLVQRHYLOWHPSOHWKHULYHUEHGKDVDOZD\VEHHQ
GU\WKHUHLVQROLFKH7KHUHLVVLPSO\WKHPHUFKDQWDQG
KLVWULEDOIULHQGVZDLWLQJLQWKHUXLQVRI WKHROGWHPSOH
ZDLWLQJXQWLOWKHSDUW\KDYHGHOYHGGHHSLQVLGHDQGEHHQ
ZHDNHQHGE\WKHWUDSVDQGOHVVHUPRQVWHUVWKDWVKHOWHU
WKHUH7KHQWKHWULEHZLOOVWULNHNLOOLQJWKHPWDNLQJ
WKHLUQHFORWKHVDQGIDQF\JRRGVIRUWKHPHUFKDQWWR
WXUQDWLG\SURWDWWKHQH[WRDVLV

7ZLVW
7KHOLIHOHHFKLQJSURSHUWLHVRI WKHWHPSOHHPSRZHUWKH
OLFKHDQGZHDNHQDQ\OLYLQJWKLQJZLWKLQLWVLQFUHDVLQJ
DUHDRI LQXHQFH6RORQJDVWKH\DUHZLWKLQWKH
WHPSOHV]RQHRI SRZHUWKH\ZLOOVORZO\ORVHKHDOWKDQG
VWUHQJWKZKLOHWKHOLFKHJDLQV1HJRWLDWLQJWKHWHPSOH
TXLFNO\VRWKH\VWLOOKDYHHQRXJKSRZHUWRGHIHDWKLPLV
YLWDO

(SLORJXH
7KLVJUHDWGHVHUWZDVRQFHFUHDWHGE\WKHOLFKHDQG
KLVWZHOYHEURWKHUV$OOQRZOLHEHQHDWKWKHVKLIWLQJ
VDQGVRI WKHGHVHUWZDLWLQJIRUWKHLUWLPHWRULVH(DFK
WHPSOHVKRZVWKHORFDWLRQRI WKHUHPDLQLQJWZHOYHLQ
DQHODERUDWHPDSURRP3HUKDSVWKLVKRUURUFRXOG
EHGLYHUWHGLI WKH\ZHUHGXJXSDQGGLVSRVHGRIRQH
E\RQH7KHZLQGVKDYHEHHQSLFNLQJXSRI ODWHD
JUHDWVDQGVWRUPLVOLNHO\VKRXOGLWFRPHDOOPLJKWEH
XQFRYHUHGWKHQWKLQJVZRXOGFKDQJHIRUHYHU

,GHDV3HRSOHKDYHVHWLGHDV
DERXWGHVHUWJDPHV7KH\ZDQW
PXPPLHVDUWHIDFWVVQDNHV
DQGVFRUSLRQV7KH\H[SHFW
VRPHWKLQJDELWSXOS\0DNH
VXUH\RXEXLOGLQHOHPHQWVWKDW
GRSOD\RQWKHVHWKHPHVLQQHZ
ZD\V

7ZLVW
7KHOLFKHLVVORZO\UDLVLQJDQDUP\RI VDQGGHPRQV
FRQVWUXFWVPDGHIURPWKHVKLIWLQJVDQGRI WKHGHVHUW
WREHKLVJXDUGLDQVDQGSURWHFWRUVWRVXSSODQWWKH
FUHDNLQJFUXPEOLQJPXPPLHVWKDWFXUUHQWO\GHIHQG
KLP+HKDVQRWUDLVHGPDQ\DV\HWEXWWKHSURFHVVLV
JHWWLQJTXLFNHUDQGWKH\DUHDORWPRUHSRZHUIXOWKDQ
WKHWUDSVDQGPXPPLHVWKDWWKHDGYHQWXUHUVPLJKW
RWKHUZLVHVXVSHFW7KH\EOHQGLQZLWKWKHJURXQGYHU\
QLFHO\DVZHOO



$GYHQWXUH

EHWZHHQWKHP

7ZLVW

0RQNH\6HD0RQNH\'R

7KHWKUHDWXQGHUWKHVHDLVDPDJXVZKRKDVPLJUDWHG
WKHUHIURPWKHODQGSUHIHUULQJDOLIHEHQHDWKWKHZDYHV
8VLQJKLVPDJLFKHKDVHQVQDUHGPDQ\VHDFUHDWXUHV
DQGPHUIRONWRKLVZLOODQGQRZDVKHEXLOGVDWRZHU
EHQHDWKWKHZDYHVKHQHHGVPDWHULDOVDQGZHDOWK
VHQGLQJKLVHQWKUDOOHGVHUYDQWVWRVLQNDQGGHVWUR\LQ
RUGHUWRJHWZKDWKHQHHGV+HLVWKRURXJKO\LQVDQH
DQGEHOLHYHVRQO\LQWKHVHDDQGLWVVXSHULRULW\RYHUWKH
ODQG

'HVFULSWLRQ
$QXQSUHFHGHQWHGQXPEHURI VKLSVDUHGLVDSSHDULQJ
RUEHLQJZUHFNHGDOODORQJWKH6KDUN&RDVW
0HUFKDQWPHQZDUVKLSVDOOW\SHVLQGLVFULPLQDWHO\DUH
EHLQJZUHFNHGDQGGHVWUR\HGDOODORQJWKHOLQHRI WKLV
DGPLWWHGO\WUHDFKHURXVVWUHWFKRI ODQG
7KHSRUWVDUHEHFRPLQJVWDUYHGRI EXVLQHVVLPSRUWDQW
SHRSOHKDYHJRQHPLVVLQJSUHVXPHGGURZQHG7KH
KXONVRI WKHZUHFNVVFDWWHUWKHVKRUHOLQHOLNHWKHERQHV
RI VWUDQJHVHDEHDVWVVRPHRI WKHPFUXVKHGRWKHUV
KROHGRWKHUVVHHPLQJO\LQWDFWEXWVWDLQHGZLWKEORRG
DQGHPSWLHGRI WKHLUFUHZVWKHLUKROGVHPSW\
6RPHWKLQJRUVRPHRQHLVRXWLQWKHVHDFDXVLQJWKHVH
SUREOHPVWKLVGHVWUXFWLRQ6RPHWKLQJKDVWREHGRQH
EXWWKHQDY\LVKHOSOHVVZLWKRXWLQIRUPDWLRQLQGHHG
WKH\EDUHO\GDUHOHDYHGRFN7KHUHLVQRWHQRXJKPDJLF
DYDLODEOHWRVHQGDZKROHDUP\EHQHDWKWKHZDYHVEXWD
VHOHFWIHZRXUSOXFN\DGYHQWXUHUVSHUKDSVPLJKWWDNH
WKHNLQJVVKLOOLQJDQGGHVFHQGEHQHDWKWKHZDYHVWR
LQYHVWLJDWHWKHFDXVHRI WKHGHVWUXFWLRQ

7ZLVW
7KHFXOSULWEHKLQGWKHGLVDVWHUVLVDPDVVLYHNUDNHQ
JURZQLOOIURPVRPHXQQDWXUDOLQIHFWLRQLWKDVVZXP
FORVHUWRVKRUHODVKLQJRXWDWDQ\RQHDQGHYHU\WKLQJ
WKDWFRPHVFORVHWRLWVXUJLQJIURPSODFHWRSODFH
DQGJURZLQJVWURQJHUDQJULHUDQGPRUHLQVDQHZLWK
HYHU\SDVVLQJPRPHQW7KHRXWFDVWPHUIRONWKDWKDYH
EHHQVHHQDUHVLPSO\KXQWHUVWU\LQJWREULQJWKHEHDVW
GRZQWUDFNLQJLWWRRZHDNLQQXPEHUVWRWDNHLWE\
WKHPVHOYHVWKH\QHHGKHOSLI WKH\DUHQRWEUDQGHGDV
WKHSUREOHPLPPHGLDWHO\

(SLORJXH
7KHZLGHUPHUIRONVRFLHW\PLJKWWDNHRIIHQFHWKH\PD\
EHRXWODZVEXWWKH\UHWKHLURXWODZV7KHVRXUFHRI WKH
GLVHDVHWKDWDILFWVWKHNUDNHQPLJKWLQIHFWRWKHUJUHDW
VHDEHDVWVHYHQOHVVHURQHVFDXVLQJPRUHSUREOHPV
EHQHDWKDQGDERYHWKHZDYHV7KHYLOODJHVPLJKWQHHG
FOHDULQJRXUVPXJJOHUVFDYHVDQGWXQQHOVFRQWDLQLQJ
WKHSXUORLQHGORRWUHFODLPHGLQDFDPSDLJQWKDWUDQJHV
WKHOHQJWKRI WKHZKROHFRDVWWKHFXVWRPVPHQ
VXSSOHPHQWHGZLWKPHUFHQDULHVOLNHRXUKHURHV

:KDWWKH\GRGLVFRYHUZLOOEHDVWURQJEDQGRI RXWODZ
PHUIRONWULWRQVDQGRWKHUV6RPHWKLQJDNLQWRWKH
URQLQEDQGLWJURXSVRI IHXGDO-DSDQ7KH\DUHJUL]]OHG
JKWHUVWRXJKIURPEHLQJRXWFDVWIURPVXUYLYLQJ
DQGWKH\DQGWKHLUSHWVHDFUHDWXUHVKDYHGHFLGHGWR
WXUQWKHLUKDQGWRORRWLQJWKHVXUIDFHGZHOOHUVDQHDV\
WDUJHWLQRUGHUWRVXUYLYH

7ZLVW
2YHUJHQHUDWLRQVWKHSHRSOHRI WKHFRDVWDOYLOODJHV
KDYHLQWHUEUHGQRZDQGWKHQZLWKWKHIDLUHUIRONRI 
WKHVHD7KHUHH[LVWVDEORRGWLHEHWZHHQWKHIULQJHVRI 
KXPDQVRFLHW\DQGWKHIULQJHVRI WKHVRFLHW\EHQHDWK
WKHZDYHV7KHSHRSOHRI ERWKDUHSRRUEXWWRJHWKHU
WKH\KDYHKDWFKHGDVFKHPHWRSURWWKHPERWK0DQ\
RI WKHFRDVWDOYLOODJHVKDYHEHFRPHZUHFNHUVOLJKWLQJ
IDOVHOLJKWVWROXUHVKLSVRQWRWKHURFNV7KHLUZDWHU
EUHDWKLQJEUHWKUHQORRWZKDWVLQNVKLGLQJLWXQWLOWKH
YLOODJHUVSDVVRXWRI VXVSLFLRQVSOLWWLQJWKHSURFHHGV


,GHDV7KHDFWLRQWDNHVSODFHRQWKH
FRDVW&DOOXS\RXURZQPHPRULHVRI 
WKHVHDVLGHZKHQGHVFULELQJWKHVFHQHV
7KHFUDVKRI WKHVXUIWKHVPHOORI WKH
WLGHOLQHWKHVWLII EUHH]HVDOORI WKDW
ZLOODGGWRWKHJDPH

$GYHQWXUH

7ZLVW
1HLWKHUSDUW\KDVFRPHWRWKHVHWDONVLQJRRGIDLWK
7KHUDQNVRI HDFKFRQWDLQDVVDVVLQVSRLVRQHUVDQG
VSLHVDWWKHYHU\OHDVWDQGSRVVLEO\WKLQJVPXFKZRUVH
%RWKDUHGHHSO\VXVSHFWRI HDFKRWKHUDQGHDFKDWWDFN
DQGFRXQWHUDWWDFNOHDGVWRPRUHUHFULPLQDWLRQVDQGOHVV
FKDQFHRI SHDFHHYHQLI WKH\DUHERWKDVJXLOW\DVHDFK
RWKHU

&DQDSp"
'HVFULSWLRQ
7KHNLQJGRPVRI 9HVWLDDQGgVWHUODQGKDYHEHHQDW
ZDUIRUVHYHUDO\HDUV:KLOHQHYHUEUHDNLQJLQWRWRWDO
ZDUWKHUHKDYHEHHQDQXPEHURI WUDJLFLQFLGHQWVDQG
VHYHUDOEDWWOHVDORQJWKHLUERUGHUUHVXOWLQJLQPDQ\
GHDWKV7RZQVDORQJWKHERUGHUDUHLQGLVSXWHDQGD
IHZKDYHFKDQJHGKDQGVVRPDQ\WLPHVLQWKHODVWIHZ
\HDUVWKDWWKH\KDUGO\NQRZWRZKLFKQREOHWKH\VKRXOG
RZHWKHLUOR\DOW\DQGSD\WKHLUWD[HV

7ZLVW
7KHKRVWRI WKHWDONVWKHEDURQLVDVRFLDOFOLPEHUEXW
LVDOVRTXLWHSURYLQFLDO+LVVRFLDOJUDFHVDUHVRPHZKDW
UHWDUGHGFRPSDUHGWRWKHJUHDWHUFRXUWVRI HDFKQDWLRQ
DQGLWLVKLVSDZLQJRI SUHWW\QREOHODGLHVDQGWKHJURVV
LQVXOWVKHSHSSHUVWRERWKVLGHVXQLQWHQWLRQDOO\WKDW
DUHWKHJUHDWHVWEORFNWRSHDFH.HHSLQJWKHSOHDVXUH
ORYLQJDQGFUDVVEDURQRXWRI WKHZD\DQGKDSS\WXUQV
RXWWREHWKHJUHDWHVWWKLQJWKHDGYHQWXUHUVFRXOGGRWR
HQVXUHSHDFH

2YHUWKHODVWWZR\HDUVWKHSULHVWKRRGRI HDFKFRXQWU\
KDVSDLQVWDNLQJO\FRQIHUUHGLQVHFUHWDQGPDQLSXODWHG
WKHLUUHVSHFWLYHJRYHUQPHQWVLQWRKRVWLQJSHDFHWDONV
1HLWKHUFRXQWU\WUXVWHGWKHRWKHUHQRXJKWRKROGWKH
WDONVLQWKHLUFRXQWU\DQGQHLWKHUWUXVWHGWKHRWKHUWR
KDYHWKHLUVROGLHUVDFWLQJDVJXDUGVWKHFKXUFKHVKDYH
QRVROGLHUVRI WKHLURZQDQGVRLQVWHDGKDYHWXUQHGWR
WKHKDUG\DGYHQWXUHUVWRSURYLGHVHFXULW\DQGSUHYHQW
LQFLGHQWDWWKHVHFUXFLDOWDONV

(SLORJXH
7KHWZRFRXQWULHVVHWWOHLQWRDQXQHDV\SHDFHZLWK
HDFKRWKHUDQGDQHZERUGHULVGUDZQXS7KHYLOODJHV
DQGWRZQVDORQJWKLVERUGHUGLYYLHGXSEHWZHHQ
WKHWZRNLQJGRPVZLWKDORWRI ZUDQJOLQJLI DQ\RI 
WKHVHWRZQVDUHQRWKDQGHGRYHUWKHQWKHGHDOZLOOEH
RII1RZWKHVHWRZQVQHHGWREHLQIRUPHGDQGWKH
FKDQJHQHHGVWREHHQIRUFHG5DWKHUWKDQEOLJKWWKHLU
PHPRU\ZLWKWKHSHRSOHVRI WKHVHVHWWOHPHQWVWKH
WZRNLQJGRPVGHFLGHWRXVHWKHLUPHUFHQDU\JXDUGV
IURPWKHFRQIHUHQFH7KHFKDUDFWHUVDUHJLYHQGHFUHHV
IURPWKHWZRNLQJVDQGDFRS\RI WKHWUHDW\VHQWIRUWK
WREULQJWKHEDGQHZVWRWKHWRZQVWKDWDUHFKDQJLQJ
KDQGV

7KHYHQXHLVDVPDOODQGRUQDWHFDVWOHLQDQHDUE\
QHXWUDOEDURQ\EHWZHHQWKHWZRODUJHUFRXQWULHV,WLV
SDODWLDODQGJUDQGEXWVRPHZKDWROG:LWKWKHFRPLQJ
RI WKHWDONVLWLVOOHGZLWKWKHDGYLVRUVRI ERWKNLQJV
ZLWKSULHVWVDPEDVVDGRUVDQGQREOHV7KHFDVWOHVWDII 
DUHLQQXPHUDEOHDQGWKHLUIXQFWLRQVQRWQHFHVVDULO\
REYLRXVWRDQDGYHQWXUHUPRUHXVHGWROLYLQJLQDHOG
WKH\KDYHWKHLUZRUNFXWRXWIRUWKHPWKHUHPD\EH
LQFLGHQWV

7ZLVW
7KHSULHVWVKDYHEHHQWKHRQHVPDQLSXODWLQJWKHZDU
LQWRRFFXUULQJWKRXJKWKHLUVHFUHWLYHKDQGKDVQRWEHHQ
IHOW\HW(DFKUHJDUGVWKHRWKHUDVWKHZRUVWLQGHOVLQ
H[LVWHQFHDQGHDFKLVGHWHUPLQHGWRXVHWKHLUFRXQWULHV
PLOLWDU\PLJKWWRHUDGLFDWHWKHRWKHU7KH\KDYHEHHQ
IRUFHGLQWRDQXQKRO\DOOLDQFHWRWU\DQGIRUFHWKLVZDU
IRUZDUGWKHWDONVDUHDSOR\WRVWDJHDPDMRULQFLGHQW
HDFKFKXUFKKDYLQJDVTXDGRI KLJKO\WUDLQHGDQG
SRZHUIXOLQTXLVLWRUVUHDG\DQGZDLWLQJWRNLOOHYHU\RQH
LQWKHFDVWOH



,GHDV7KHFRQIHUHQFHVKRXOG
FRQWDLQVPDQ\QRQSOD\HU
FKDUDFWHUVZLWKUHDOSHUVRQDOLW\
DQGWKHLURZQJRDOV$JRRG
WLSIRUFUHDWLQJPHPRUDEOHQRQ
SOD\HUFKDUDFWHUVLVWRXVHWKH
SHUVRQDOLWLHVDQGFKDUDFWHULVWLFVRI 
SHRSOH\RXNQRZPL[LQJWKHPXS
DELWWRNHHSWKHPIUHVKDQGDOLWWOH
GLIIHUHQW

$GYHQWXUH

7ZLVW
:KLOHWKHIHXGLQJLVJRLQJRQDJUHDWOL]DUGRURWKHU
FUHDWXUHVHWWOHVZLWKLQWKHULYHUSUH\LQJLQGLVFULPLQDWHO\
RQFDWWOHIURPERWKVLGHVERWKRI ZKLFKFDOOD
WHPSRUDU\WUXFHWRJHWRXULQWUHSLGKHURHVWRGHDOZLWK
WKHZDWHUERUQHFDWWOHHDWLQJPHQDFH

5XVWOLQJ$URXQG
'HVFULSWLRQ
7KHSODLQVDUHJUHDWWHUULWRU\IRUFDWWOHEXWWKHJUDVV
DURXQGWKHIUD\HGULYHULVWKHPRVWVXFFXOHQWDQG
PRVWVXVWDLQLQJWRWKHODUJHFDWWOHWKDWDUHEUHGWR
ZDONWKHSODLQVDQGSURYLGHWKHLUPHDWDQGPLON7ZR
ODUJHUDQFKIDUPVKDYHEHHQEXLOWLQWKLVDUHDRYHU
WKHODVWFRXSOHRI \HDUVVLQFHWKHZRUVWRI WKHORFDO
PRQVWHUVZDVVODLQDQGLWEHFDPHPRUHVDIH%RWKRI 
WKHVHIDUPVWHDGVDUHTXLWHODUJHUHVHPEOLQJZRRGHQ
VWRFNDGHVPRUHWKDQVLPSOHIDUPEXLOGLQJVDQGHDFK
LVOOHGZLWKSULGHIXOIDUPIRONKDUGHUERUGHUSHRSOH
ZLWKDWRXJKDQGVLPSOHRXWORRNRQOLIH

7ZLVW
7KHUHLVD\RXQJODGRUJLUODWRQHRI WKHIDUPVZKR
KDWHVWKHIDUPLQJFDWWOHUDLVLQJOLIHDQGGHVLUHVYHU\
PXFKWROHDYHWREHFRPHDQDGYHQWXUHU7KH\ZLOOGR
DOOWKH\FDQWRVQHDNDZD\WRZDWFKWKHDGYHQWXUHUV
DWZRUNDQGZLOOGHVSHUDWHO\WU\WRJHWWKHFKDUDFWHUV
WRWDNHWKHPZLWKWKHP7KHIDUPGRHVQWZDQWWROHW
WKHPJRDQGFRQVLGHUVWKHPWRR\RXQJDQGWKHFDUHHU
PRYHIRROLVK

(SLORJXH

(DFKIDUPZLVKHVWRURDPLWVFDWWOHRQWKHOXVKJUDVVHV
DURXQGWKHIUD\HGULYHUHDFKFRQVLGHUVWKHPVHOYHVWR
KDYHVHWXSUVWLQWKHDUHDDQGVHYHUDOFODVKHVKDYH
DOUHDG\WDNHQSODFH7KHSODLQVDUHQRWHQWLUHO\IUHHRI 
SUHGDWRUVWKRXJKDQGSURWHFWLQJWKHKHUGVWDNHVXS
PRVWRI WKHLUWLPHOHDYLQJOLWWOHVSDUHWLPHIRUIHXGLQJ
2QHRI WKHIDUPVKDVVDYHGHQRXJKPRQH\WREHDEOH
WRKLUHVRPHSHRSOHWRFKDQJHWKDWWKHDGYHQWXUHUV
7KHXVXDOVREVWRU\LVJLYHQWKDWWKHVHPHQFDPHRQWR
WKHLUODQGDQGWRRNDZD\WKHLUSULPHJUD]LQJJURXQG
WKDWWKHLUEXVLQHVVLVVXIIHULQJIRULWDQGWKDWWKH\OO
GRDQ\WKLQJWRGULYHWKHLUFRPSHWLWRUVDZD\IURPWKH
ODQG:KDWWKH\VXJJHVWLVDYDULHW\RI WKLQJVQRWOHDVW
VWHDOLQJVRPHRI WKHLUULYDOVFDWWOHLQUHFRPSHQVHIRU
WKHLUORVV7KHDGYHQWXUHUVKDYHSUHWW\PXFKIUHHUHLJQ
WRUXLQWKHRWKHUIDUPDQGHDUQWKHLUUHZDUG

7ZLVW
2QFHWKHRWKHUIDUPJHWVZLQGRI ZKDWLVKDSSHQLQJ
WKH\PDNHWKHDGYHQWXUHUVDFRXQWHURIIHUIHHGLQJ
WKHPH[DFWO\WKHVDPHVREVWRU\:KRZDVWKHUHUVWLV
DQXQVROYDEOHP\VWHU\ORVWGRZQWKHSDVWIHZ\HDUVEXW
WKHWZRIDUPVERWKDGDPDQWO\EHOLHYHLWDQGHDFKZLOO
KDSSLO\UXLQWKHPVHOYHVLQWKHLUSXUVXLWRI VHHLQJWKH
RWKHUIDUPJRRXWRI EXVLQHVV,I WKH\SOD\WKHLUFDUGV
ULJKWWKHFKDUDFWHUVFDQUHDSDJUHDWGHDORI EHQHW
IURPERWKIDUPVEHIRUHWKH\JRXQGHU



0RUHVHWWOHUVDUULYHLQWKHDUHDFKDOOHQJLQJWKHSUH
HPLQHQFHRI WKHH[LVWLQJIDUPZKLFKKDVJURZQODUJHU
DQGPRUHVXFFHVVIXOVLQFHWKHSUHYLRXVSUREOHPV7KH
IDUPQHHGVWRHVWDEOLVKLWVHOI DVPRUHWKDQDVLPSOH
IDUPDVDSRZHULQWKHDUHDFRQWUROOLQJWKHIDUPLQJ
EHIRUHWKLQJVJHWRXWRI WKHLUJUDVS7KHFKDUDFWHUVDUH
UHFUXLWHGRQFHPRUHWRKHOSLQIRUPWKHQHZVHWWOHUV
RI WKHZD\WKLQJVDUHGRQHDURXQGKHUH1RWDOOWKH
VHWWOHUVVHHPWRDJUHHZLWKWKHZD\WKLQJVDUHGRQH
KDYLQJFRPHKHUHVHHNLQJLQGHSHQGHQFHDQGDFKDQFH
WRPDNHDVWDUWDZD\IURPWKHGHPDQGVRI RWKHUV
7KHUHZLOOEHVRPHUHVLVWDQFH,I WKH\VXFFHHGWKHQWKH
IDUPZLOOEHFRPHWKHQXFOHXVRI DQHZWRZQDQGLWV
KHDGPDQDQLPSRUWDQWJXUH

,GHDV7KLVLVDFODVVLFZHVWHUQ
SUHPLVHDQGZKLOHUXQQLQJWKH
JDPHLQDIDQWDV\PLOLHX\RXFDQ
SOD\RQWKDWE\LQFRUSRUDWLQJ
HOHPHQWVRI WKHZHVWHUQVKLJK
QRRQVKRRWRXWVDWUDYHOOLQJ
UDQJHUWU\LQJWREULQJODZDQG
RUGHUDQGVRRQ

$GYHQWXUH

EHQHDWKWKHJURXQGEOLQGEXWDEOHWRKHDUDQGVPHOO
ZHOOHQRXJKWRPDNHXSIRULW,WNQRZVWKHWXQQHOV
LQWLPDWHO\DQGFDQPRYHZLWKIULJKWHQLQJVSHHGLQWKH
SLWFKEODFNFOXWFKLQJWRWKHZDOOVDQGRXWFURSSLQJV
ZLWKLWVFODZVZKLOHLWVHHNVRXWLWVSUH\

:KHUH*ULIQV'DUH
'HVFULSWLRQ
)RUDKXQGUHG\HDUVRUPRUHWKHEODFNIRUWUHVVDWRS
WKHLURQFOLIIVKDVVWRRGDEDQGRQHGWKHVHFUHWVWDLUWKDW
OHDGVWRLWORVHWRIRONORUHDQGUXPRXUDIRUELGGLQJ
VORZO\URWWLQJVWUXFWXUHKDQJLQJRYHUWKHODQGVEHORZ
DQGFDVWLQJDORQJVKDGRZRI KLVWRU\RYHUWKHFXULRXV
ZKRSDVVWKURXJKWKHDUHD
5HDFKLQJLWKDVDOZD\VSURYHGLPSRVVLEOHEXIIHWLQJ
ZLQGVPDNHLJKWLQFUHGLEO\GDQJHURXVVFDOLQJWKH
FOLII KDVRQO\HYHUFDXVHGURFNIDOOVDQGDYDODQFKHVDQG
WKHZD\XSKDVQHYHUEHHQIRXQGHYHQE\WKHPRVW
HDJOHH\HG1RZKRZHYHULWVHHPVWKDWDVPDOOWULEH
RI RUFVKDVWDNHQXSUHVLGHQFHLQWKHROGIRUWUDLGLQJ
DQGSLOODJLQJZLWKLPSXQLW\EHIRUHPHOWLQJEDFNLQWR
ZKDWHYHUVHFUHWSDVVDJHRUVWDLUOHDGVXSWRWKHIDXOW
LPSUHJQDEOHEH\RQGUHYHQJH

7ZLVW
7KHRUFVKDYHRQO\VHWWOHGLQWKHWXQQHOVDQGDUHQRW
FRQYHQLHQWO\DOOVLWXDWHGLQWKHIRUWDWWKHWRS,QGHHG
WKHIRUWLVDEDQGRQHG,WVHHPVHYHQRUFVGDUHQRW
VHWWOHWKHUH7KHIRUWLVKDXQWHGE\WKHODVWJDUULVRQ
VWDWLRQHGWKHUHZKRORVWWKHLUOLYHVLQVRPHVWUDQJH
GLVDVWHUDJUHDWPDQ\\HDUVDJR7KHIRUWKLGHVWKH
VHFUHWRI WKHLUP\VWHULRXVGHPLVHDORQJZLWKJRRGVDQG
WUHDVXUHVHQRXJKWRWHPSWDGYHQWXUHUV

7ZLVW

8QWLOQRZWKDWLVDFKLOGFKDVLQJDUXQDZD\ODPEKDV
IRXQGWKHLUVHFUHWVWDLUVRFRQGHQWZHUHWKH\WKDWLW
ZRXOGQHYHUEHGLVFRYHUHGWKDWLWZDVQRWHYHQJXDUGHG
$QDUP\FRXOGQRWVFDOHWKHIRUWRUEUHDFKLWIURPVXFK
DQHQWUDQFHEXWDVPDOOJURXSPLJKWEHDEOHWRVQHDNDOO
WKHZD\XSWRWKHEODFNIRUWUHVVDQGJHWZLWKLQLW4XLWH
ZKDWWKH\FDQGRWRGHVWUR\WKHIRUWUHVVRUFRPSURPLVH
WKHRUFVRQFHWKHUHLVQRWNQRZQEXWWKHUHZDUGLV
DPSOHDQGGRXEWOHVVWKHIRUWDOVRFRQWDLQVWUHDVXUHVDV
ZHOODVWKHRUFVORRW
7KHVHFUHWVWDLULVDSDVVDJHZLWKLQWKHFOLIIWXQQHOV
IRUPHGLQWKHURFNE\ZDWHUORQJDJRDGLIFXOWFOLPE
EXWRQHWKDWFDQEHPDGHRQHWKDWKDVEHHQPDGH
HDVLHUE\RUFLVKODGGHUVDQGURSHVEXWZKLFKLVPDGH
KDUGHUE\WKHXQGHUJURXQGFUHDWXUHVWKDWGZHOOWKHUH
WKH\KDYHOHDUQHGWREHDIUDLGRI WKHVRXQGDQGVPHOO
RI RUFVEXWQRWRI KXPDQV

7ZLVW
7KHUHDUHWKUHHSDWKVXSWKURXJKWKHLQWHULRURI WKH
FOLII WRWKHWRS2QHOHDGVWRWKHIRUWUHVVRQHLVDGHDG
HQGDQGWKHWKLUGEDLWHGZLWKVKLQLHVLVWKHODLURI DQ
ROGDQGZHOOIHGZ\YHUQRQHSDOHDQGDGDSWHGWROLIH


7KHIRUWFRPPDQGHGDJUHDWYLHZRI WKHVXUURXQGLQJ
WHUUDLQDQGZKLOHWKHVLHJHZHDSRQVDQGJUHDWVLHJH
ERZVKDYHORQJVLQFHURWWHGDZD\WKHVWRUHVRI JUHHN
UHDQGH[SORVLYHDOFKHPLFDOPL[WXUHVUHPDLQLQWKH
FHOODUVLI DQ\WKLQJHYHQPRUHYRODWLOH,I WKH\FRXOG
VRPHKRZEHVHWRII WKHQWKHZKROHIRUWZRXOGEH
UHGXFHGWRUXEEOHDQGEULFNVOLGLQJGRZQWKHFOLII
IDFHDQGWDNLQJWKHRUFWULEHZLWKLWDSHUIHFWVROXWLRQ
H[FHSWIRUWKHVPDOOGLIFXOW\RI KRZWRGRLW

(SLORJXH
7KHWXQQHOVLQWKHFOLII JRGRZQDVZHOODVXSOHDGLQJ
GHHSLQWRWKHERZHOVRI WKHHDUWK'HHSGRZQWKHUHLV
DJUHDWXQGHUJURXQGODNHIRUHVWVRI PXVKURRPVDQG
DJUHDWGHDORI VWUDQJHFUHDWXUHVDGDSWHGWRWKHLUOLIH
GRZQLQWKHGDUN7KHUHGXFWLRQRI WKHIRUWDQGWKH
GLVWXUEDQFHVLQWKHWXQQHOVKDYHVWLUUHGPDQ\RI WKHVH
FUHDWXUHVVRPHRI ZKLFKDUHVWDUWLQJWRPRYHLQWRWKH
VXUURXQGLQJODQGVSUH\LQJRQIDUPVDQGSHRSOH6HDO
WKHWXQQHORUVOD\WKHEHDVWVLQWKHLUVSDZQLQJJURXQGV

$GYHQWXUH

7ZLVW

+HDY\0HWDO
'HVFULSWLRQ
'DUULHQ+DPPHUVRQJLVDUHQRZQEODFNVPLWKDQG
DUPRXUHUNQRZQRI DFURVVWKHODQGIRUKLVJUHDWVNLOO
DQGVRXJKWRXWE\DGYHQWXUHUVNLQJVDQGZDUULRUVIURP
DFURVVWKHODQGV7KHRZQHUVKLSRI RQHRI KLVJUHDW
ZRUNVFRQIHUVLPSUHVVLYHVWDWXVDQGPHUHO\ZLHOGLQJ
RQHRI KLVEODGHVPD\JHWDZDUULRURXWRI PRUHJKWV
WKDQLWJHWVWKHPLQWR
7KHJUHDWFUDIWVPDQKDVEHHQPLVVLQJIRUVRPHWLPH
%HVLHJHGLQKLVKRPHWRZQE\WKRVHGHVSHUDWHWRJHWD
KROGRI RQHRI KLVZHDSRQVKHGLVDSSHDUHGRQHQLJKW
DQGQRWKLQJKDVEHHQKHDUGRI KLPVLQFH1RZKH
OLYHVDTXLHWDQRQ\PRXVOLIHLQDVPDOOYLOODJHVKRHLQJ
KRUVHVDQGRFFDVLRQDOO\GDEEOLQJLQKLVROGZD\VE\
PDNLQJDZHDSRQSXUHO\IRUKLVRZQVDWLVIDFWLRQ

'DUULHQKDVDOOWKHLQJUHGLHQWVKHQHHGVWRPDNHRQHRI 
KLVPDVWHUZRUNVWKDQNVWRWKHDGYHQWXUHUVEXWEHIRUH
KHFDQFUDIWWKHZHDSRQVDQGVRSD\WKHPKHQHHGVD
VXIFLHQWO\KRWDQGSRZHUIXOIRUJH$QRUPDOVPLWK\
ZLOOQRWGRLWODFNVWKHLPSRUWDQFHWKHIRUFH7KHUHLV
DYROFDQLFPRXQWDLQQRWVRIDUDZD\WKHUHPQDQWVRI 
DQROGDGDPDQWLQHPLQHORQJVLQFHPLQHGRXWGLJLQWR
WKHVLGHRI WKLVPRXQWDLQ'RXEWOHVVLWLVLQIHVWHGZLWK
FUHDWXUHVRI WKHIRXOHVWNLQGDQGUXPRXUKDVLWWKHODNH
RI UHEHQHDWKWKHPRXQWDLQERUGHUVKHOOLWVHOI6WLOO
LI WKHSODFHFRXOGEHFOHDUHGRXWKHFRXOGXVHWKHIRUJH
DQGKHPLJKWSD\H[WUDIRUDVDPSOHRI WKHEODFNLURQ
RI KHOO

7ZLVW

2I ODWHKHKDVEHHQJHWWLQJOHVVDQGOHVVFRQWHQWZLWK
KLVLG\OOLFOLIH,WZRXOGEHSHUIHFWLI KHFRXOGVWLOO
FUHDWHEXWKLVDQRQ\PLW\PDNHVLWLPSRVVLEOHIRUKLP
WRSURFXUHWKHUDUHLQJUHGLHQWVWKDWKHQHHGVWRFUDIW
KLVPRUHXQXVXDOFUHDWLRQV&ORVLQJXSKLVVKRSLQWKH
YLOODJHDQGWDNLQJZLWKKLPZKDWUHPDLQVRI KLVIRUWXQH
DQGDGDJJHUDQGFKDLQMHUNLQRI KLVRZQFUHDWLRQKH
VHWVRXWWRQGDJURXSKRQHVWRUPHUFHQDU\HQRXJK
WRUHVSHFWKLVZLVKHVZKLOHQGLQJKLPWKHLQJUHGLHQWV
KHQHHGV
2XUDGYHQWXUHUV

7KHUHLVRQHQDOLQJUHGLHQWWKDW'DUULHQKDVIDLOHGWR
PHQWLRQ+HUHTXLUHVWKHEORRGRI DKHURLQZKLFKWR
IRUJHKLVVWHHOWKHEODGHWDNLQJRQWKHHVVHQFHRI WKH
RQHZKRGLHG+HLQWHQGVWRVDFULFHRQHRI WKHJURXS
WRPDNHKLVEODGHKHMXVWQHHGVWRVHSDUDWHWKHPIURP
WKHRWKHUVDQGWRVOD\WKHPUHO\LQJRQKLVDUPRXUDQG
KLVGDJJHUSRZHUIXODUWHIDFWVRI KLVGHYLVLQJ

(SLORJXH
:RUGJHWVRXWWKDWDQHZ+DPPHUVRQJEODGHKDV
EHHQVHHQ6RPHRQHNQRZVZKHUHKHLV7KHQREOHV
DGYHQWXUHUVDQGKHURHVEHJLQVFRXULQJWKHFRXQWU\VLGH
IRUWKHSOD\HUVWRVHHNWKHPRXWWRQGRXWZKHUH
+DPPHUVRQJLVKLGLQJ7KHPRUHXQVFUXSXORXVRQHV
PD\UHVRUWWRVWURQJDUPWDFWLFVWRWU\DQGQGRXW
ZKHUHWKHPDVWHUVPLWKLVKLGLQJ7KH\ZLOOVLPSO\
QRWDFFHSWKHLVGHDGZLWKRXWSURRI DQGLI WKH\GR
QGKLPGHDGVXVSLFLRQZLOOLQVWDQWO\IDOOXSRQWKH
DGYHQWXUHUV

7ZLVW
7KHVRUWRI WKLQJVDPDJLFDODUPRXUHUQHHGVGUDJRQV
EORRGFKLPHUDVFDOHV&\FORSVH\HVDUHDOOIRXQG
UHODWLYHO\HDVLO\HQRXJKLQWKHVWRUHVRI PDJLFDO
VXSSOLHUVZKRKDYHWHDPVRI DGYHQWXUHUVDQGFROOHFWRUV
RQUHWDLQHUKXQWLQJWKHVHWKLQJVGRZQDOOWKHWLPH
'DUULHQQHHGVWKHPIUHVKWKRXJKWKLVSUHFOXGHVVKRSV
DQGPDNHVVSHHGRI WKHHVVHQFHWKDWDQGWKHDELOLW\WR
WDNHGRZQVXFKFUHDWXUHV



,GHDV+DPPHUVRQJVZRUNV
VKRXOGEHGLIIHUHQWWRRWKHU
PDJLFDOLWHPVZLWKWKHLURZQ
XQLTXHSRZHUV

$GYHQWXUH

7ZLVW

*ROG 5XP
'HVFULSWLRQ
2XWRI WKHPLVWWKH\FDPHDHHWRI SLUDWHVKLSVYH
VWURQJORDGHGGRZQZLWKFXWWKURDWVRI WKHZRUVWVRUW
)O\LQJXQGHUPHUFKDQWDJVWKH\FDPHLQWKHQLJKW
WR*XWWHUSRUWXQORDGLQJWKHLUFDUJRRI YLOODLQV7KH
WRZQJXDUGZHUHVZLIWO\RYHUFRPHDQGWKHQWKHWHUURU
VWDUWHG/RRWLQJUDSHPXUGHU*XWWHUSRUWLVEHLQJ
V\VWHPDWLFDOO\WDNHQIRUHYHU\WKLQJLWKDV(YHU\VRSRI 
GULQNHYHU\VWRUHRI IRRGHYHU\SUHWW\JLUODQGHYHU\
WUHDVXUHLVEHLQJORDGHGRQWRWKRVHSLUDWHYHVVHOV7KH\
KROGWKHWRZQEDUULFDGHGDQGSURWHFWHGE\WKHJUHDW
VLHJHERZVRQWKHSLUDWHVKLSV
$IHZKDYHPDQDJHGWRHVFDSHWKHVFRXULQJRI 
*XWWHUSRUWDQGWREULQJWKHWHUULEOHQHZVWRWKHGXNH
7KHUHLVOLWWOHKHFDQGRZLWKDQDUP\7KHSLUDWHVDUH
JXHUULOODJKWHUVKROGWKHWHUUDLQRI WKHWRZQKDYH
KRVWDJHVDQGKDYHWKHGHIHQFHRI WKHLUJUHDWERZV
,WZLOOWDNHWRRORQJWRKDYHODUJHUVLHJHZHDSRQV
FRQVWUXFWHGZLWKJUHDWHUUDQJHWRUHGXFHWKHLUVKLSVDQG
PHDQZKLOH*XWWHUSRUWEOHHG

7KHSLUDWHVDUHDFXUVHGHHWZKRGHHGDJRGGHVVRI 
WKHVHD2QHRI KHUEDXEOHVZDVUHFHQWO\IRXQGE\RQH
RI WKHIRONRI *XWWHUSRUWFDXJKWXSLQKLVQHWV7KH\
VHHNLWLQRUGHUWRUHWXUQLWWRKHU7RDOOLQWHQWVDQG
SXUSRVHVWKHSLUDWHVDUHXQGHDGEXWUHWDLQWKHDJLOLW\
DQGLQWHOOLJHQFHWKH\KDGLQOLIH8QIRUWXQDWHO\IRU
WKHPWKHWRZQVSHUVRQZKRKDVWKHDUWHIDFWLVRQH
RI WKHRQHVZKRHG+DYLQJFUHSWLQWRGHIHDWWKH
SLUDWHVWKHDGYHQWXUHUVPXVWQRZFUHHSRXWDJDLQWKH
DUWHIDFWLVWKHLURQO\EDUJDLQLQJFKLSIRUWKHUHWXUQRI 
WKHKRVWDJHV

7ZLVW
7KHSLUDWHVFDPLVDWUDSWKHSLUDWHVDUHWKLQO\GLVJXLVHG
VROGLHUVIURPDULYDOVWDWH2QFHWKH\OXUHWKHGXNHV
DUP\LQWRWKHWRZQWKH\LQWHQGWRGHVWUR\WKHPDOOLQ
RQHIHOOEORZZLWKDWHUULEOHPDJLFDOZHDSRQVHFUHWHG
DERDUGWKHDJVKLS7KHDUP\FRXOGEHGHVWUR\HGLQ
DVLQJOHEORZOHDYLQJWKHGXNHGRPXWWHUO\H[SRVHGWR
DPRUHFRQYHQWLRQDOLQYDVLRQ7KHSURRI DVZHOODV
WKHKRVWDJHVLVRQWKHDJVKLSEXWWKHGHYLFHLVKHDY\
DQGGLIFXOWWRXQGHUVWDQGDPRUHGLIFXOWSURVSHFWWR
HVFDSHZLWK

(SLORJXH
'HIHDWHGDQGUHGXFHGWRWDWWHUVWKHUHPQDQWVRI WKH
SLUDWHHHWUHWXUQVWRWKHVHD7KHUHVHHNLQJUHYHQJH
WKH\SHUIRUPVDFULFHVDQGHQDFWULWXDOVWREULQJIRUWK
DJUHDWVHDZ\UPWRJLYHWKHPWKHLUUHYHQJHXSRQWKH
GXFK\DWWDFNLQJVKLSSLQJDQGFRDVWDOSRUWVDQGWRZQV
ZLWKWKHFUHDWXUHHYHQWKRXJKFRQWUROOLQJLWFDXVHV
WKHPWRVDFULFHRQHRI WKHLUQXPEHUHDFKGD\6R
FRQVXPHGDUHWKH\E\UHYHQJHWKDWWKH\GRQRWFDUH
DERXWWKHFRVWLQWKHLURZQOLYHV7KHZ\UPDQGLWV
FRQWUROOHUVPXVWEHGHIHDWHG

,WLVGHWHUPLQHGWKDWLI RQO\WKHJLUOVRI WKHWRZQFDQ


EHUHVFXHGIURPEHLQJKRVWDJHVDQGWKHDJVKLSRI 
WKHSLUDWHHHWGHVWUR\HGWKHQWKH\FDQULVNWKHGXNHV
DUP\LQYDGLQJWKHWRZQ7KLVUHTXLUHVDFRPPDQGR
PLVVLRQLQWRWKHWRZQWRLQOWUDWHWKHSLUDWHVDQGWR
JHWWRWKHVKLSIUHHWKHZRPHQDQGWKHQGHVWUR\LW
7KHGXNHLVVXHVDFDOOZLWKDUHZDUGLQWKHKRSHVWKDW
VRPHLQWUHSLGEDQGRI DGYHQWXUHUVPLJKWWDNHXSWKH
FKDOOHQJHDQGDLGWKHSRRUEXUQLQJ*XWWHUSRUW

7ZLVW
2QHRI WKHKRVWDJHVKDVIDOOHQKRSHOHVVO\LQORYHZLWK
WKHSLUDWHFDSWDLQ2ULRQDGDVKLQJIHOORZKRZHYHU
FUXHO6KHIRUJLYHVKLPKHUUDSHDQGKHUSODFLQJ
LQFKDLQVKDYLQJJRQHHQWLUHO\LQVDQHXQGHUKHU
KDUVKWUHDWPHQW6KHGRHVKRZHYHUQRWZLVKWREH
UHVFXHGDQGZLOOGRDOOVKHFDQWRVOLSDZD\IURPWKH
DGYHQWXUHUVDQGWRUDLVHWKHDODUPZKHQWKH\DUHWU\LQJ
WRVDYHKHU

,GHDV8QGHDGSLUDWHVVKRXOGKDYH
DQLQFUHDVHGDELOLW\WRWDNHGDPDJH
RYHUQRUPDOSHRSOHDQGWKHUVW
WLPHWKH\DUHVWUXFNGRZQDQGJHW
EDFNXSVKRXOGEHDKXJHVXUSULVH



$GYHQWXUH

7ZLVW

6DQFWLRQV
'HVFULSWLRQ
0DQ\DQGYDULHGDUHWKHFULPHVSHUSHWUDWHGE\WKH
VPDOOHU&DOLSKDWHRI 2PVKDUHHXSRQWKHPRUHSHDFHIXO
DQGFRQYHQWLRQDONLQJGRPRI .HQHGD7KHWZRVWDWHV
DUHVHSDUDWHGE\DWKLQOLQHRI FUDJJ\PRXQWDLQVEXWWKH
FDOLSKDWHKDVDOZD\VEHHQPRUHLQWHUHVWHGLQLQWHUIHULQJ
ZLWKLWVQHLJKERXUDFURVVWKHPRXQWDLQVUDWKHUWKDQ
ZLWKLWVRWKHUQHLJKERXULQJKRVWLOHFDOLSKDWHV
$VVDVVLQVKDYHEHHQVHQWPDJLFDOEHDVWVSRLVRQHUV
UDLGLQJSDUWLHVXQZHOFRPHPLVVLRQDULHV6PDOOERUGHU
YLOODJHVDQGWRZQVKDYHHYHQEHHQDWWDFNHGZKROHVDOH
HYHQWKRXJKWKHFDOLSKDWHGRHVQRWKDYHDQDUP\ODUJH
HQRXJKWRWUXO\FKDOOHQJHWKHPLJKWRI .HQHGD

5HFNRQLQJDIWHUDFRXSOHRI ZHHNVWKDWWKHFDOLSKDWH
PXVWEHGHVSHUDWHIRUIRRGDQGJRRGVE\WKLVSRLQWDQ
HQWHUSULVLQJ.HQDGLDQPHUFKDQWGHFLGHVKHFDQKLUH
DJURXSRI PHUFHQDULHVSXQFKWKURXJKWKHEORFNDGH
VHOOKLVJRRGVDQGVWLOOPDNHDWLG\VXP2I FRXUVH
KHDQGKLVJURXSRI JUL]]OHGPHUFHQDULHVFKRRVHWKH
DGYHQWXUHUVEORFNDGHWRWU\DQGVODPWKURXJK

7ZLVW
8QNQRZQWRPDQ\RI WKHEORFNDGHUVWKHFDOLSKDWH
PDNHVSHDFHZLWK.HQDGD:RUGIDLOVWRUHDFKWKHP
EHIRUHWKH\KDYHUDLGHGDQRWKHUFDUDYDQDQGZLWKWKH
OLFHQVHVUHYRNHGWKDWLVQRZDFULPLQDODFW+XQWHG
QRZE\ERWKVLGHVKRZGRWKH\JHWDZD\ZLWKWKHLU
VL]HDEOHVWDVKRI WUHDVXUHDQGJRRGVWRVRPHZKHUH
VDIH"

(SLORJXH

7KHNLQJRI .HQHGDKDVQDOO\KDGHQRXJKDQGKDV
GHFLGHGWRDFWWRGRVRPHWKLQJWRWHDFKWKHFDOLSKDWH
DOHVVRQ1RWZKROHVDOHZDUEXWDZDUQLQJQRQHWKHOHVV
WREDFNRII+HNQRZVWKDWWKHFDOLSKDWHLVDGU\DQG
LQKRVSLWDEOHODQGWUDGLQJLWVPLQHUDOZHDOWKIRUWKH
IRRGLWQHHGVWRIHHGLWVSRSXODWLRQDQGPXFKRI WKDW
IRRGFRPHVWKURXJK.HQHGDDQGRYHUWKHPRXQWDLQV
WR2PVKDUHH+HGHFLGHVWREORFNDGHWKLVRZ7KHUH
DUHPDQ\VPDOOSDVVHVWKURXJKWKHPRXQWDLQVDQGVR
KHGHWHUPLQHVWRDOORZDVRUWRI OLFHQVHGEDQGLWU\$Q\
WUDGHFDUDYDQVPDNLQJWKHLUZD\WKURXJKWKHPRXQWDLQV
PD\EHDWWDFNHGE\OLFHQVHGDGYHQWXUHUVZLWKQRWKUHDW
RI UHWULEXWLRQIURP.HQHGD

7KHEORFNDGHHYHQWXDOO\PDNHVWKHFDOLSKDWHVXHIRU
SHDFHKRZHYHUWKH\DUHGHHSO\UHVHQWIXODQGDYHQJHIXO
SHRSOHZLWKDGLIIHUHQWUHJDUGWRWUHDWLHVZLWKLQGHOV
WKDQWKH.HQDGLDQVKDYH5HJDLQLQJWKHLUVWUHQJWKDQG
PDNLQJDOOLHVZLWKWKHQHDUHVWFDOLSKDWHVWKH\UHVROYHWR
WDNHUHYHQJHVOLSSLQJDJHQWVLQWR.HQDGDWRSRLVRQDQG
VDOWWKHLUHOGVDQGRUFKDUGVWREORFNDGHWKHLUPDMRU
WUDGHURXWHVWRVXEMHFWWKHPWRWKHVDPHKRUURURI 
VWDUYDWLRQWKDWWKH\ZHUHVXEMHFWHGWR7KH.HQDGLDQV
PD\ZHOOWXUQWRWKHVDPHPHUFHQDU\DGYHQWXUHUVLQ
WKHLUKRXURI QHHGXQDEOHWRPRELOLVHWKHLUDUPLHVIRU
ODFNRI IRRG

7UXO\DJROGHQRSSRUWXQLW\
,GHDV7KHUHVKRXOGEHQR
YLOODLQVLQWKLVDGYHQWXUHQRHYLO
MXVWVLPSO\SHRSOHRI GLIIHUHQW
EHOLHIVDQGFXOWXUHVFODVKLQJ
WRJHWKHU7KHVFHQDULRZLOOEH
IDUPRUHSRZHUIXOLI WKHUHLV
VRPHDPELJXLW\RYHUMXVWZKR
WKHEDGJX\LV

7ZLVW
$IWHUDIHZRI WKHVHFDUDYDQVDUHDWWDFNHGDQG
SUHYHQWHGIURPSDVVLQJDIWHUWKHORRWDQGIRRGVWRFNV
EHJLQWRSLOHXSDQGMXVWDVWKHDGYHQWXUHUVDUHIHHOLQJ
SUHWW\SOHDVHGZLWKWKHPVHOYHVWKHUHFRPHVDUDJJHG
DQGVWDUYLQJFROXPQRI UHIXJHHVIURPWKHFDOLSKDWH
GHVSHUDWHLQWKHLUVHDUFKIRUIRRG7KLVLVWKHWUXH
UHVXOWRI WKHLUEORFNDGHDQGQRZLWLVXQGHQLDEOHLQ
WKHLUIDFHEHIRUHWKHP



$GYHQWXUH

7ZLVW

7KH$QWLTXH3URPHWKHXV
'HVFULSWLRQ
7KHFROOHJHRI ZL]DUGU\LQ6KDPDUUDKDVDUHQRZQHG
OLEUDU\NQRZDFURVVWKHODQGIRUWKHEUHDGWKRI LWV
FROOHFWLRQLI QRWWKHGHSWK7KHUHDUHWRPHVWREH
IRXQGWKHUHWKDWVLPSO\FDQQRWEHIRXQGDQ\ZKHUHHOVH
$OOXQGHUORFNDQGNH\LQWKHJUHDWFROOHJHDQGVKRZQ
RQO\WRWKHSULYLOHJHGIHZWKDWKDYHWKHKRQRXUWREH
WDXJKWWKHLUPDJLFDOVNLOOWKHUH
7KLVRIWHQGRHVQRWVHHPIDLUWRSHRSOHSDUWLFXODUO\
FROOHFWRUVRI UDUHERRNVVRPHRI ZKRPZLOOSD\
HQRUPRXVVXPVWRFRPSOHWHWKHLUFROOHFWLRQV2QH
RI WKHVHFROOHFWRUVJUHDWO\GHVLUHVDWRPHWKDWOLHVLQ
WKLVOLEUDU\DQGFRQWDFWVWKHDGYHQWXUHUVZLOOLQJWRSD\
DFRQVLGHUDEO\ODUJHVXPLI WKH\ZLOOEUHDNLQWRWKH
FROOHJHOLEUDU\DQGUHWULHYHIRUKLPWKHFRS\RI WKH
0DOHFHQW,QIHUQXVWKDWWKH\KDYH
,WLVRQO\DFROOHJHWKHWUHDVXUHLVRQO\DERRNDQGLWLV
RQO\KHOGLQDOLEUDU\+HLVZLOOLQJWRSD\JUHDWO\,W
VKRXOGVHHPOLNHDVLPSOHHQRXJKWDVNWRGRDVKHDVNV
2I FRXUVHWKHFROOHJHLVEXLOWWRNHHSWKHVWXGHQWVLQ
DQGVRLVIRUWLHGZL]DUGVGRSODFHJUHDWYDOXHRQWKHLU
ERRNVDQGVSHOOVDQGVRWKHOLEUDU\LVDZHOOGHVLJQHG
DQGZHOOSURWHFWHGEXLOGLQJVWLOOLWVKRXOGQWSURYHWKDW
GLIFXOWWREUHDNLQ

7ZLVW
7KHOLEUDU\ZKHQLQXVHLVOOHGZLWKPDJLFOHFWXUHUV
DQGVWXGHQWVWKHOHFWXUHUVDUHDOOSRZHUIXOZL]DUGVDQG
ZLOOFHUWDLQO\QRWDOORZDQ\WRPHWREHWDNHQZLWKRXW
DJKWEDFNHGXSE\WKHLUVWXGHQWVWKH\VKRXOGFUHDWH
VXIFLHQWGHWHUUHQWWRSXWRII DQ\WKLHI$WQLJKWWKH
OLEUDU\LVHPSW\EXWWKHEXLOGLQJLVVWURQJO\GHIHQGHG
ZLWKPDJLFDOWUDSVDQGDODUPV,WLVHYHQVDLGWKDW
VXPPRQHGFUHDWXUHVSURZOWKHOLEUDU\DWQLJKWUHDG\
WRHDWDQ\WKLHYHVRUHYHQVWXGHQWVDWWHPSWLQJWRJHW
DWWKHWRPHVRI PRUHDGXOWPDJLFZLWKRXWSURSHU
VXSHUYLVLRQ

7KHFRQFHQWUDWHGSUHVHQFHRI PDJLFLQWKHERRNVDQG
VFUROOVRI WKHOLEUDU\ZDUSVVSDFH7KHOLEUDU\GRHV
QRWFRQIRUPWRQRUPDOSK\VLFVRUVKDSHDQGLQVWHDG
EHKDYHVVRPHWKLQJOLNHDQ0&(VFKHUGUDZLQJ
*UDYLW\FDQUHYHUVHGRRUVFDQRSHQLQWRVWUDQJHSODFHV
DQGQRWKLQJUHDOO\FRQIRUPVWRDQ\NLQGRI RUGHU
(YHQJHWWLQJWRWKHERRNLVDFKDOOHQJHJHWWLQJRXWE\
WKHVDPHURXWHLVLPSRVVLEOHDQGWKH\ZLOOKDYHWRQG
DQRWKHUZD\

7ZLVW
7KHERRNWKH\DUHDIWHULVKHOGLQDYDXOWDWWKHFHQWUH
RI WKHOLEUDU\DORQJZLWKPDQ\RWKHUGDQJHURXVPDJLFDO
ERRNV,WFUDFNOHVZLWKDPHDQGOHDIVWKURXJKLWV
RZQSDJHV,WLVFOHDUO\DWKLQJRI SRZHUDQGHYLODQG
WKHZL]DUGVZLVKHGLWGHIHQGHGVRPXFKWKH\ERXQG
DSRZHUIXOHOHPHQWDOLQLWVGHIHQFH,I WKHERRNLVVR
PXFKDVWRXFKHGWKHHOHPHQWDOPDNHVLWVDSSHDUDQFH
LQWRQHVDSRZHUIXOZDUQLQJDERXWWKHHYLOQDWXUHRI WKH
ERRNDQGWKHQDWWDFNV

(SLORJXH
$VVXPLQJWKHDGYHQWXUHUVFRPSOHWHWKHPLVVLRQ
DQGWKHERRNLVUHWXUQHGWRWKHFROOHFWRUKHHDJHUO\
SD\VDQGGLVPLVVHVWKHPIURPKLVSUHVHQFHHDJHUO\
EHJLQQLQJWRUHDGFDUHVVLQJWKHSDJHVLQDVRPHZKDW
GLVWXUELQJIDVKLRQ:LWKLQWKHGD\KHKDVEHHQ
SRVVHVVHGE\WKHHQWLW\ZLWKLQWKHERRNDQGKDVRSHQHG
DSRUWDOWRKHOOXQOHDVKLQJDUPLHVRI PLQRUGHPRQV
XSRQWKHFLW\7KHERRNLVWKHOLQNLI LWFDQEHIRXQG
DQGUHWXUQHGWR6KDPDUUDRUGHVWUR\HGWKHQWKHOLQN
VKRXOGEHVHYHUHGWKHGHPRQVVHQWEDFNWRKHOODQG
WKHFROOHFWRUUHWXUQHGWRVDQLW\DQGUHPRYHGIURPWKH
FRQWURORI WKHGHPRQ
,GHDV7RVWRSWKHDGYHQWXUHUVVLPSO\
ORRWLQJHYHU\VLQJOHERRNDQGVFUROOWKH\FDQ
QGLQWKHKRSHVRI GRVLQJXSRQSRZHUIXO
PDJLFLQWHUVSHUVHWKHPDJLFDOWRPHVDQG
JULPRLUHVZLWKPDQ\FRQYHQWLRQDOKLVWRULHV
DQGERRNVRQWKHWKHRU\RI PDJLFDVZHOO
DVWKRVHWKDWDFWXDOO\FRQWDLQVSHOOV7KHUH
PLJKWDOVREHEHVWLDULHVDQGPDJLFDOERRNV
WKDWDUHOLWWOHPRUHWKDQDQLPDWHGRUWKDWOLJKW
WKHPVHOYHVXSVRWKH\FDQEHUHDGDWQLJKW



$GYHQWXUH

7ZLVW
2QHRI WKHKXQWLQJSDUWLHVRXWLQWKHIRUHVWKDV
GHFLGHGLWZRXOGEHPXFKHDVLHUIRUWKHPLI WKH\
FROOHFWHGWKHWRNHQVIURPRWKHUKXQWHUVDQGSUHVHQWHG
WKHPDVWKHLURZQ$IWHUDOOVRPHKXQWHUVZLOOEHVKRW
LQDFFLGHQWVRWKHUVNLOOHGE\WKHFUHDWXUHVVWRFNLQJWKH
IRUHVW,I DIHZULYDOVGRQWUHWXUQQRERG\ZLOOQRWLFH
%HVLGHVULYDOVZLOOEHZHDNHDV\SLFNLQJVDIWHUWKH\
KDYHIRXJKWWKHPRQVWHUV,WVDJUHDWSODQDQGWKH
SDUW\PDNHJRRGWDUJHWVIRUWKHURJXHJURXS

$+XQWLQJZH:LOO*R
'HVFULSWLRQ
3ULQFH+DUYROGLVDQDYLGKXQWHUDQGIRUPRVWRI 
WKH\HDUWKHNLQJVIRUHVWLVRII OLPLWVWRDQ\RQHHOVH
3DWUROOHGE\KRXVHKROGUDQJHUVDQGJDPHNHHSHUVPRVW
SRDFKHUVHQGXSZLWKDQDUURZWKURXJKWKHPEHIRUH
WKH\KDYHVRPXFKDVEDJJHGDUDEELWLQWKHIRUHVW

7ZLVW
7KHSULQFHKDVQRLQWHQWLRQRI ORVLQJPDQ\RI WKH
EHDVWVKDYHEHHQKDQGUHDUHGZLWKKLVKHOSDQGDUH
KRSHOHVVO\WDPHDURXQGKLPPDNLQJWKHPHDV\NLOOV,I 
GHVSHUDWHKHPD\ZHOOXVHWKHKRUQWKDWLVWKHSUL]HWR
XSKLVVFRUHDOLWWOH7KHSDUW\PD\ZHOOZLWQHVVKLP
XVLQJWKHVHXQGHUKDQGWDFWLFV:KDWWKH\GRDERXWLWLV
XSWRWKHP

7KHSULQFHVVHOVKQHVVZKHQLWFRPHVWRDFFHVVWRWKH
IRUHVWLVOLIWHGIRURQHVLQJOHGD\HYHU\\HDUZKHQKH
KDVWKHIRUHVWOOHGZLWKPRQVWHUVDQGSUL]HGDQLPDOV
DQGRSHQVWKHIRUHVWWRDQ\KXQWHULQWKHJUHDWJDPHV
$Q\RQHPD\HQWHUWKHVHJDPHVKXQWLQJPRQVWHUVDQG
JDPHVLQJO\RULQJURXSVWKRXJKWKHLUVFRUHLVGLYLGHG
XSLI WKH\KXQWDVDJURXSHYHU\NLOOLVDVVLJQHGD
VFRUHDQGVRPHWRNHQPXVWEHWDNHQIURPHYHU\VODLQ
FUHDWXUHWRFRQUPLWVGHDWK

(SLORJXH

7KHSULQFHMRLQVWKHKXQWKLPVHOI DQGKDVZRQWKUHH
WLPHVLQWKHWHQ\HDUVKHKDVEHHQKROGLQJWKHJDPHV
+HLVDQDFFRPSOLVKHGKXQWHUDQGNQRZVWKHIRUHVW
EHWWHUWKDQMXVWDERXWDQ\RQHZKLFKDOORZVKLPWR
UHWDLQDQHGJH7KLV\HDUDVDSUL]HKHLVRIIHULQJ
DFKHVWRI JROGDQGDPDJLFDOKRUQRQHWKDWFDOOV
VXUURXQGLQJJDPHDQLPDOVQRWPRQVWHUVLQWRWKH
KXQWHUVSUHVHQFHDOORZLQJWKRVHLQIDUDZD\SODFHVDQG
XQIDPLOLDUWHUULWRU\WRJXDUDQWHHWKHPVHOYHVVRPHIRRG
LI WKH\QHHGWRKXQW

7KHLUSURZHVVDVKXQWHUVHVWDEOLVKHGWKHSULQFHDVNV
WKHSDUW\WRMRLQKLPLQWKHKXQWIRUDP\WKLFDOEHDVW
LQDQRWKHURI WKHNLQJGRPVJUHDWIRUHVWV7KLVJLDQW
ZKLWHVWDJLVVDLGWRKDYHPDJLFDOKRUQVHDFKRI ZKLFK
FDQJUDQWDVXFFHVVIXOKXQWHUDVLQJOHZLVK+HRIIHUV
WRDOORZWKHJURXSRQHRI WKHKRUQVIRUWKHLUKHOS
KXQWLQJGRZQWKHEHDVW7KHIRUHVWLVDQFLHQWWKHSUH\
JLJDQWLFDQGZLO\DQGWKHGDUNSODFHVRI WKHZRRGIXOO
RI RWKHUWKUHDWV,WVKRXOGSURYHDFKDOOHQJHHYHQIRU
WKHSULQFHWKHSDUW\DQGWKHLUUHWLQXH

6XFKUHZDUGVVKRXOGSURYHLUUHVLVWLEOHWRHJRWLVWLFDODQG
DUURJDQWDGYHQWXUHUV

7ZLVW
'HVSLWHWKHLUVXFFHVVHVWKHDGYHQWXUHUVRQO\FRPH
VHFRQG$QRWKHUJURXSRI KXQWHUVKDVSUHVHQWHGWKH
EORRG\WRRWKRI DJUHHQGUDJRQIURPWKHGHSWKVRI WKH
IRUHVWDFUHDWXUHWKDWDORQHDOPRVWHFOLSVHVHYHU\RQHV
VFRUH$VWKHSUHVHQWDWLRQJRHVDKHDGDJUHDWURDU
FRPHVIURPWKHHGJHRI WKHIRUHVWDQGDVOLJKWO\
ZRXQGHGJUHHQGUDJRQZLWKDEURNHQWRRWKFRPHVRXW
RI WKHIRUHVWOHVVWKDQKDSS\DQGZDQWLQJWRWDNHLWRXW
RQVRPHERG\



,GHDV5DWKHUWKDQFRPHXS
ZLWKDZKROHIRUHVWPDSLW
PLJKWEHEHWWHUWRFRPHXSZLWK
WKHGHVFULSWLRQVRI DGR]HQ
LQWHUHVWLQJIRUHVWVHWWLQJVDQGD
WDEOHWRVHHZKLFKDQLPDOVDQG
PRQVWHUVPLJKWEHDYDLODEOHWR
KXQWLQHDFKORFDWLRQ

$GYHQWXUH

KHQHHGVWRZRUNRQRQHDWDWLPH)LJKWLQJWKHLUZD\
WRKLPZRQWEHHDV\

%XWLVLW$UW"

7ZLVW

'HVFULSWLRQ
1HFURPDQFHUVDUHDVWUDQJHORWKLGLQJWKHPVHOYHVDZD\
ZLWKWKHLUERQHVDQGFRUSVHVZHDULQJEODFNVHHLQJWKH
ZRUOGDVIXOORI GHDWKUDWKHUWKDQIXOORI OLIH/LWWOH
ZRQGHUWKDWWKH\IHHOVHSDUDWHGIURPWKHUHVWRI WKH
ZRUOGJLYHQVSHFLDOLQVLJKWGLIIHUHQWZD\VRI WKLQNLQJ
GLIIHUHQWHWKLFV7KDWFDQHYHQH[WHQGWRDGLIIHUHQW
DSSUHFLDWLRQRI EHDXW\DEHDXW\LQGHDWKLQEORRGDQG
ERQHLQURW
(UDVPXVLVRQHVXFKQHFURPDQFHUJLYHQWRGLIIHUHQW
DHVWKHWLFVHQVHVWKDQPRVW+HVHHVWKHEHDXW\LQ
GHDWKDQGKHXVHGKLVDELOLWLHVWRWU\DQGEHDQDUWLVWWR
SUHVHQWKLVYLHZRI GHDWKWRWKHVRSKLVWLFDWHGPDVVHV
RI WKHFLW\RI 6KHULGDQ7KH\UHMHFWHGKLPZKROHVDOH
KLVVFXOSWXUHVZKHUHWKHERGLHVZHUHVWLOOJURDQLQJRU
WU\LQJWRPRYHVKRFNHGHYHQWKHF\QLFDODQGZRUOG
ZHDU\SHRSOHRI WKHJUHDWFLW\DQGKHZDVEUDQGHGDV
HYLOFKDVHGRXWRI WKHFLW\E\WKHWHPSOHJXDUG

7KH]RPELHVUDLVHGIURPWKHSODJXHSLWVWLOOFDUU\WKH
FRQWDJLRQLQWKHLUELWHDQGRQWKHLUFODZV,WKDVQRW
\HWHPHUJHGLQWKHFLW\ZKHQWKHSDUW\LVWKHUHEXWWKH\
FRXOGZHOOHQGXSLQIHFWHG

7ZLVW
(UDVPXVWUXO\LVDQLQVSLUHGJHQLXVVHYHUDORI KLV
FUHDWLRQVDUHPDVWHUZRUNVRI EUHDWKWDNLQJLI GLVWXUELQJ
EHDXW\7KHVHQHFURVFXOSWXUHVDUHVRZHOOFUDIWHGWKDW
WKH\JDLQVRPHNLQGRI ERQXVWRWKHLUDFWLRQVDQGWR
WKHGDPDJHWKDWWKH\LQLFW

(SLORJXH

8QDSSUHFLDWHGDQGDQJU\DWWKHFLW\KHKDVVLQFHWXUQHG
KLVKDQGWRPDNLQJKLVFUHDWLRQVHYHQPRUHRXWODQGLVK
DQGDORWPRUHGDQJHURXV7KHFLW\KDVEHHQSODJXHG
E\WKHUDPSDJHVRI WKHVHXQGHDGVFXOSWXUHVHVK
JROHPVERQHJROHPVDQGVWLWFKHGWRJHWKHUFUHDWXUHV
RXWRI KLVGHUDQJHGLPDJLQLQJV6RPHWKLQJQHHGVWR
EHGRQHEXWQRERG\GDUHVFKDOOHQJHWKHSRZHUIXODQG
FOHDUO\LQVDQHQHFURPDQFHUHVSHFLDOO\ZKHQKLVEORRGLV
XSDERXWKLVDUW
+HLVDOOHJHGO\FDPSHGRXWVLGHWKHFLW\LQWKHEODFN
ZRRGVDSODFHZKHUHDPDVVJUDYHIURPDSUHYLRXV
SODJXHLVNHSW'RXEWOHVVWKDWLVZKHUHKHLVJHWWLQJKLV
UDZPDWHULDO7KHFLW\ZLOOEHPRVWJUDWHIXOWRWKRVH
ZKRVROYHWKHSUREOHP

7ZLVW
7KHEODFNZRRGDQGWKHURDGVDURXQGWKHFLW\FUDZO
ZLWKWKHXQGHDGQRWDOORI WKHPFRQYHUWHGE\KLVEODFN
DUWVDQGDUWLVWLFVNLOOLQWRWKHJUHDWHUVFXOSWXUHV+H
SUHIHUVWRZRUNZLWKDPEXODWRU\PDWHULDOLWVHHPVDQG
VRKDVUDLVHGWKHZKROHSODJXHSLWDWRQFHWDNLQJWKRVH


:LWK(UDVPXVGHIHDWHGPRVWRI KLVFUHDWXUHVDUH
GHIHDWHGDVZHOOWKRXJKDIHZUHPDLQDEURDGWRZD\OD\
XQZDU\WUDYHOOHUV,QWKHZDNHRI KLVGHDWKDVZLWK
PDQ\DUWLVWV(UDVPXVZRUNLVVXGGHQO\DSSUHFLDWHG
DQGRI PXFKJUHDWHUYDOXH*DOOHULHVLQWKHFLW\DUH
IDOOLQJRYHUHDFKRWKHUWRGLVSOD\KLVVXUYLYLQJZRUNV
DQGDUHDVRQDEOHUHZDUGLVRIIHUHGIRUWKHFDSWXUHRI 
KLVUHPDLQLQJZDQGHULQJDUWSLHFHV7KH\PXVWEH
WDNHQLQWDFWDQGDOLYHRI FRXUVH

,GHDV7KHZRUNVRI +5*LJHUFDQ
SURYLGHVRPHLQWHUHVWLQJLGHDVRQWKH
IRUPVVRPHRI WKHQHFURVFXOSWXUH
PLJKWWDNH

,GHDV+DQJWKHUXOHV,I VRPHWKLQJLV
FRROKHVEXLOWLWLQWRKLVFUHDWXUHV)HHO
IUHHWRXVHDQ\WKLQJ

$GYHQWXUH

QHZDQGSRZHUIXOHTXLSPHQWWRKHOSWKHPWDNHRWKHU
KRDUGVDQGGHVWUR\RWKHUFUHDWXUHV6RPHRI WKHPHQ
DUHORZOLIHVFXPRWKHUVDUHKHURHVWRWKHWRZQVWKH\
KDYHUHWXUQHGWREXWWKH\DUHDOOLQGLIIHUHQWSODFHVDQG
RI GLIIHUHQWVWUHQJWKVDQGSRZHUV

7KH'UDJRQKRDUG
'HVFULSWLRQ
7KHFKDUDFWHUVDUHDSSURDFKHGE\DGURSGHDG
JRUJHRXVUHGKHDGHGZRPDQLQDEULOOLDQWFRSSHUDQG
VFDUOHWVKLPPHULQJGUHVV+HUWDZQ\H\HVDUHZLGH
DQGSOHDGLQJDVVKHEHJVIRUWKHPWRKHOSKHUZLWKD
SUREOHPVKHKDV6KHUHIXVHVWRUHYHDODQ\GHWDLOVEXW
SURPLVHVVZHDUVFRQYLQFLQJO\WKDWWKH\ZLOOEHPRUH
WKDQDGHTXDWHO\UHZDUGHGIRUWKHLUWURXEOHLI WKH\PHHW
KHUWRGLVFXVVLWRQWKHSODLQVRXWVLGHRI WKHWRZQ
&ORVHULQVSHFWLRQVKRZVWKDWVKHLVDELWEDWWHUHGDQG
EUXLVHGDQGWKDWWKHUHDUHPDQ\VPDOOFXWVRQKHU
IRUHDUPV+RZFRXOGDQ\JDOODQWDGYHQWXUHUUHIXVHWKH
SOHDVRI VXFKDIDLUPDLG"
:KHQWKH\PHHWVKHVWDQGVVRPHGLVWDQFHDZD\DQG
VORZO\EXWVXUHO\VKLIWVVKDSHEHFRPLQJKHUWUXHIRUP
DUHJDOEXW\RXQJUHGGUDJRQJOLWWHULQJVFDOHVDQG
ZRXQGVPDWFKLQJWKRVHRQKHUKXPDQRLGERG\6KH
GRHVQRWDWWDFNEXWLQVWHDGEHJVWKHPWRSXWDZD\WKHLU
ZHDSRQVFXUOLQJXSZHDULO\RQWKHJURXQGDQGFU\LQJ
JUHDWFU\VWDOOLQHGUDJRQWHDUV
6KHWHOOVWKHPKHUKRDUGWKHFROOHFWLRQRI WKUHH
JHQHUDWLRQVRI KHUIDPLO\KDVEHHQUREEHG
$GYHQWXUHUVRUEDQGLWVDVVKHFDOOVWKHPVPDVKLQJ
WKHLUZD\LQWRKHUKRPHDVVDXOWLQJKHUGULYLQJKHURXW
DQGWKHQWDNLQJHYHU\WKLQJWKH\KDGVSHQWFHQWXULHV
DFFUXLQJ
,I WKH\ZLOOEXWKHOSKHUWRUHWULHYHWKHJROGDQGLWHPV
WKDWZHUHWDNHQIURPKHUVKHLVDIUDLGRI WKHVHEDQGLWV
DQGLVVWLOOWRRZHDNWRWDNHWKHPRQVKHZLOOXVHKHU
VRUFHURXVSRZHUVIRUWKHPLQUHZDUGDVZHOODVDOORZLQJ
WKHPWRNHHSRQHWKLQJHDFKIURPWKHKRDUGWKDWWKH\
UHFRYHU
6KHLVGHVSHUDWH

7ZLVW
7KHDGYHQWXUHUVZKRWRRNWKHKRDUGKDYHVFDWWHUHG
VRPHUHWLULQJZLWKWKHLUQHZIRXQGZHDOWKDQGOLYLQJ
OLYHVRI FRPIRUWRWKHUVKDYLQJVSHQWZKDWWKH\KDGRQ


7ZLVW
7KHGUDJRQKDVQWORVWDWKLQJVKHKDVQRKRDUGDQG
LVQRWWKDWORQJKDWFKHG3UHVWLJHDPRQJVWGUDJRQVLV
LQSDUWGHWHUPLQHGE\WKHVL]HDQGVSOHQGRXURI WKHLU
KRDUGDQGVKHLVQRWKLQJPRUHWKDQDQDPELWLRXVVRFLDO
FOLPEHU7KHWUHDVXUHVRI WKHRWKHUDGYHQWXUHUVHYHQ
ZLWKWKLQJVWDNHQRXWWRSD\WKLVJURXSZLOOJLYHKHUD
JRRGKHDGVWDUWRYHURWKHU\RXQJGUDJRQVDQGPDNH
KHUDPXFKFRXUWHGDQGFRQVXOWHGOL]DUG

7ZLVW
:KDWHYHUWKHFKDUDFWHUVWDNHVKHZLOODOVRZDQWEDFN
DQGPD\ZHOOUHSHDWKHUWDFWLFVHQGLQJDIUHVKSDUW\RI 
DGYHQWXUHUVDIWHUWKLVJURXSFODLPLQJWKHLWHPVZHUH
VWROHQDQGZDQWLQJWKHPUHWXUQHG7KHLUDUWHIDFWVDQG
WUHDVXUHZLOODGGWRKHURZQZKLOHWKHQHZJURXSRI 
GXSHVGRKHUELGGLQJ

(SLORJXH
$IWHUSHUIRUPLQJWKHVHGHHGVWKHFKDUDFWHUVPD\ZHOO
HQGXSFRQVLGHUHGIULHQGVWRGUDJRQV'UDJRQVDUH
DQFLHQWDQGLQPDQ\FDVHVZLVHFUHDWXUHV7KH\NQRZ
PDQ\VHFUHWVDQGWKH\SDVVQHZVDQGPHVVDJHVWRHDFK
RWKHUNHHSLQJZHOOLQIRUPHGDERXWHYHQWVDFURVVWKH
ODQG7KHGUDJRQVPD\ZHOONQRZWKLQJVWKDWNLQJV
DQGUXOHUVGRQRWDQGKDYLQJKXPDQDJHQWVWRGR
WKHLUELGGLQJWRVKDSHWKHZRUOGDVWKH\VHHWFRXOG
ZHOODSSHDOWRWKHP7KHLUWUHDVXULHVJLYHWKHPGHHS
SRFNHWVDQGWKHLUPDJLFDQGRWKHUSRZHUVFRXOGPDNH
WKHPSRZHUIXODQGGHVLUDEOHVSRQVRUV

$GYHQWXUH

PLQLRQVWREULQJWKHDUPRXUWRJHWKHUUVWDQGWKHNLQJ
PD\IDFHWZRWKUHDWVLQVWHDGRI RQH

6KDWWHUHG$UPRXU

7ZLVW

'HVFULSWLRQ
7KHUHH[LVWVDVXLWRI DUPRXURI PDJLFDOSURSHUWLHV
QRWLQWHQGHGWREHZRUQE\DQ\LQGLYLGXDOEXWZKRVH
SURSHUWLHVDUHVDLGWRPDNHDQ\IRUWUHVVWKDWWKH
DUPRXUUHVLGHVZLWKLQLQGHVWUXFWLEOH2KLWFDQVWLOO
EHLQOWUDWHGWKHJDWHVWKURZQZLGHE\LQOWUDWRUVEXW
DWWHPSWVWRXQGHUPLQHWKHZDOOVRUWRVPDVKWKHPZLWK
VLHJHHQJLQHVFDQRQO\IDLO

(DFKRI WKHORFDWLRQVWXUQVRXWWRDOUHDG\EHHPSW\
DPLQRUEDURQ\KDVDOUHDG\FROOHFWHGWKHSLHFHVDQG
KROGVWKHPLQWKHLURZQIRUWUHVVWKHUHLVHYLGHQFHDQG
FOXHVLQHDFKRI WKHORFDWLRQVDVWRZKHUHWKHSLHFHV
KDYHEHHQWDNHQ+RZGR\RXJHWLQWRDQLPSUHJQDEOH
IRUWUHVVDQGVWHDOLWVPRVWSUL]HGWUHDVXUH",VWKHNLQJV
QHHGJUHDWHUWKDQWKDWRI WKHEDURQ\"

7ZLVW
7KHDUPRXUKDVORVWLWVSRZHUZKHQLWLVEURXJKW
WRJHWKHUQRWKLQJKDSSHQV7KHNLQJKDVH[SRVHG
KLPVHOI XWWHUO\WRDKDPPHUEORZIURPWKHLQYDGLQJ
DUP\,VVRPHWKLQJPLVVLQJIURPWKHDUPRXU"+DV
VRPHWKLQJEHHQPLVVHG":KDWFDQEHGRQHLQWKLV
KRXURI JUHDWQHHG"

7KHDUPRXUZDVEURNHQXSDQGVFDWWHUHGORQJDJR
WKHEUHDVWSODWHKHOPHWDUPJUHDYHVDQGOHJJULHYHV
VFDWWHUHGWRGLIIHUHQWSODFHVDIWHUDOLFKHORUGRQHZKR
FRXOGQRWEHVWDUYHGRXWRI DQLQYXOQHUDEOHNHHSXVHG
WKHDUPRXUWRFHPHQWKLVSHULRGRI IRXOUXOH+H
ZDVQDOO\GHVWUR\HGZKHQDEDQGPDQDJHGWRVWHDO
LQWRKLVFKDPEHUVWKURXJKDODWULQHSLSHEXLOWIRUKLV
PRUWDOIROORZHUVEXWDIWHUWKDWWKHDUPRXUZDVGHHPHG
WRGDQJHURXVWRXVHDQGZDVEURNHQXSWKHSLHFHV
VFDWWHUHGDQGGHIHQGHG

(SLORJXH
&UD]HGE\WKHSRZHURI WKHDUPRXUWKHLQYLFLEOHNLQJ
EHFRPHVRSSUHVVLYHVHGXFHGE\WKHLGHDRI KLVRZQ
XQGHIHDWDEOHVWUHQJWK&RQFHUQHGRQO\ZLWKWKHOR\DOW\
RI KLVWURRSVKHODYLVKHVIDYRXURQWKHPZKLOHKH
EOHHGVWKHODQGGU\VXUHLQKLPVHOI WKDWKHFDQQRWEH
DWWDFNHGVXFFHVVIXOO\DQGFDQGRZKDWHYHUKHZLVKHV

:DULVRQWKHKRUL]RQZLWKLQRQHRI WKHNLQJGRPV
DQGWKHUR\DOVFKRODUVWKLQNWKH\KDYHGLVFHUQHGWKH
ORFDWLRQVRI WKHYHSLHFHVLI WKHSLHFHVFDQEHIRXQG
DQGUHWXUQHGWKHNLQJFDQFUHDWHDQLQYXOQHUDEOH
IRUWUHVVFRQFHQWUDWLQJKLVDUPLHVLQRQHSODFHDQG
UHGXFLQJDQ\SRWHQWLDOLQYDGHUVWRQRWKLQJDVWKH\
VPDVKLQHIIHFWLYHO\DJDLQVWWKHZDOOV
7KHDUPLHVDUHQHHGHGWRGHIHQGWKHERUGHUVDQGWR
KROGRII DQ\LQYDGLQJDUP\ORQJHQRXJKIRUWKHSLHFHV
WREHIRXQGDQGSUHSDUDWLRQVWREHPDGH$JURXSRI 
KDUG\DQGIDPRXVDGYHQWXUHUVVKRXOGEHWUXVWZRUWK\
HQRXJKWRFRPSOHWHWKHWDVNWKRXJK

,GHDV+HUHDUHVRPHRI WKHSODFHV
WKHDUPRXUSLHFHVFRXOGEHVHFXUHG
<RXFRXOGSODFHRQHLQDGUDJRQKRDUG
DQRWKHUDWWKHERWWRPRI DODNHRUVHD
DQRWKHULQWKHFDUHRI DSRZHUIXODQG
LPPRUWDOVRUFHUHUDQRWKHUPLJKWEHLQ
WKHWUHDVXU\RI DQRWKHUNLQJGRP(DFK
SLHFHPD\KDYHLWVRZQXQLTXHSRZHUV
VHSDUDWHWRLWVSRZHUVRI LPSUHJQDELOLW\

7ZLVW
7KHOLFKHORUGLVQRWGHDGKHZDVPHUHO\GULYHQDZD\
ZDLWLQJIRUDWLPHZKHQKHFRXOGULVHDJDLQ1RZKH
DQGKLVPLQLRQVKDYHDOVRGLVFRYHUHGWKHORFDWLRQRI 
WKHDUPRXUDQGKHGHVLUHVLWZLVKLQJWRPDNHKLVQHZ
XQGHUJURXQGIRUWUHVVLPSHQHWUDEOHDQGLQGHVWUXFWLEOH
DIRUWUHVVKHKDVPHWKRGLFDOO\HUDGLFDWHGDOOSRVVLEOH
DZVIURP7KHFKDUDFWHUVDUHQRZLQDUDFHZLWKKLV


$GYHQWXUH

7KHUHLVPRUHRI DULQJWRGHDOZLWKWKDQDVLQJOH
JXUH

,+DWHLW+HUH

7ZLVW
7KH6SLGHULVLPPHQVHO\SRSXODUZLWKWKHSHRSOHDQG
DQ\DWWHPSWWRWDNHKLPGRZQGLVFUHGLWKLPRUEULQJ
KLPWRMXVWLFHZLOOOLNHO\VSDUNDWWKHYHU\OHDVWDULRWDQG
DWWKHYHU\PRVWDUHYROW+DYLQJDFKDQJHRI KHDUWDQG
FKDQJLQJVLGHVPD\ZHOOEHWKHRQO\ZD\WRJHWRXWRI 
VXFKDVLWXDWLRQ

'HVFULSWLRQ
7KHSULQWLQJSUHVVLVDUHODWLYHO\QHZLQYHQWLRQLQWKHVH
SDUWV,WLVQRWZLGHO\DYDLODEOHDQGLWVXVHLVOLPLWHGE\
EXGJHWDQGE\ODZWRWKHQRELOLW\DQGWKHFOHUJ\7KH
SULQWLQJRI ZRUNVE\RWKHUVLVQRWSHUPLWWHGDQGVWLOO
UHTXLUHVWKHHPSOR\PHQWRI TXLWHH[SHQVLYHVFULEHV
RUGRQDWLRQVWRWKHPRQDVWHULHVZKRVWLOOGRVXFK
ODERULRXVVFULELQJDQGFRS\LQJZRUN8QDXWKRULVHG
SULQWLQJVDUHEXUQHGDQGWKHLUZULWHUVVHYHUHO\
SXQLVKHGVRPHWLPHVE\WKHVHYHULQJRI KDQGV

7ZLVW
(YHU\VLQJOHDFFXVDWLRQHYHU\VODQGHUHYHU\VHFUHW
H[SRVHGHYHU\WKLQJ7KH6SLGHUSULQWVLQKLVVKHHWVLV
WKHDEVROXWHWUXWKHPEHOOLVKHGRQO\E\YLWULROQRWOLHV
:KDWWKHKLUHUVRI WKHSDUW\UHDOO\ZDQWWRNQRZLVKRZ
KHNQRZVWKHVHWKLQJVDQGKRZKHKDVWKLVVWUDQJHJLIW
WRDSSDUHQWO\VHHWKHDEVROXWHWUXWK

6RPHWKLQJKDVKDSSHQHGWKDWLVFKDQJLQJWKDW
XSVHWWLQJWKHEDODQFH$URJXHEDUGDQGZULWHUZKR
JRHVE\WKHSHQQDPH7KH6SLGHUKDVVRPHKRZ
SURFXUHGDSUHVVDQGLQNDQGLVWXUQLQJRXWVLQJOH
SDJHVDWLUHVDQGUDQWVDJDLQVWWKHUXOHUVRI WKHODQG
DJDLQVWWKHFOHUJ\DQGDJDLQVWDQ\WKLQJHOVHKHGRHVQW
OLNH,OOXVWUDWHGZLWKFUXGHDQGGLVJXVWLQJZRRGFXWV
WKHVHSDJHVDUHEHLQJUHDGDQGDUHXQGHUPLQLQJWKH
JRYHUQPHQWDQGFKXUFKDVZHOODVODXJKLQJDWWKHLU
SULQWLQJSROLF\

(SLORJXH

7KH6SLGHUKDVSURYHGIDUWRRFOHYHUIRUWKHLU
FRQYHQWLRQDOHQIRUFHPHQWDQGVRWKH\KDYHWXUQHGWR
PRUHGHVSHUDWHPHDVXUHVWKHSDUW\WRWUDFNGRZQWKLV
FOHYHUDQGFKDULVPDWLFFULPLQDODQGEULQJKLPWRMXVWLFH
7KH\DOVRZDQWWKHSUHVVGHVWUR\HGDORQJZLWKDQ\
H[LVWLQJFRSLHVRI KLVZRUNV
7KHUHZDUGLVIDURXWRI SURSRUWLRQZLWKWKHMRELW
VHHPVWKLVIHOORZKDVUHDOO\XSVHWERWKJRYHUQPHQWDQG
FKXUFKDQGWKH\DUHWKURZLQJDOOWKHLUUHVRXUFHVLQWR
KDYLQJKLPGHDOWZLWK

7ZLVW
7KH6SLGHULVQRWRSHUDWLQJDORQHEHVLGHVKLV\RXQJ
DSSUHQWLFHZKRLVDOPRVWWKHVDPHDVKLPLQHYHU\
UHJDUGKHKDVDQH[SHULHQFHGERG\JXDUG$URXQGWKHP
KHDOVRKDVWKHSULQWHUZKRFROOXGHVDQGDQHWZRUNRI 
LQIRUPDQWVDQGVSLHVWKURXJKRXWWKHFLW\ZKRNHHSKLP
LQIRUPHGWRVXFKDOHYHOKHDOPRVWNQRZVWKLQJVEHIRUH
WKHSHRSOHLQYROYHGHYHQNQRZWKH\UHKDSSHQLQJ


:LWKLQGD\VRI 7KH6SLGHUVFDSWXUHPRUHVKHHWVEHJLQ
WRDSSHDUDORQJZLWKDSULQWHGDQGERXQGERRNRI 
KLVSUHYLRXVZRUNV,VKHZULWLQJIURPSULVRQ")URP
EH\RQGWKHJUDYH"$UHWKHUHVHYHUDO6SLGHUV"3HUKDSV
WKHUHLVDPRUHVLQLVWHURUP\VWLFDOH[SODQDWLRQHYHQ
WKDQWKDW'LGWKH\FDSWXUHDGRXEOH"7KHJRYHUQPHQW
EHFRPHVDSRSOHFWLFWKHSDUW\KDVIDLOHGWKHPDUUHVWHG
NLOOHGRUFDSWXUHGWKHZURQJPDQ7KH\RZHWKHP
DQGWKH\PXVWVHHRXWWKHWDVNWKDWWKH\ZHUHKLUHGIRU
0HDQZKLOHXQUHVWJURZVDQGWKHSDJHVJURZPRUHDQG
PRUHFDXVWLFDQGLQDPPDWRU\

,GHDV6RPHRI WKHWUXWKVUHOHDVHG
PLJKWEHWKLQJVWKDWZHUHEHWWHUNHSWD
VHFUHW7KLVDGYHQWXUHVKRXOGSHUKDSV
EHFRPHDERXWZKHQVHFUHF\LVFRUUHFW
DQGZKHQWKHWUXWKLVDEHWWHURSWLRQ
ZKHWKHUWKHSDUW\LVLQWHUHVWHGLQWUXWK
DQGMXVWLFHRUVLPSO\EHLQJSDLG

$GYHQWXUH

LWVMRXUQH\DQGWKHDWWHPSWVQHYHUOHWXSWKRXJKWKH\
PD\HQGXSLQWHUIHULQJZLWKHDFKRWKHU

7KH3OD\VRI 0DVWHU%LOOLDP

7ZLVW
2QHRI WKHFDVWRUZRUNHUVLQWKHSOD\LVDWXUQFRDW
DWUDLWRU,WLVWKH\ZKRLVSDVVLQJPHVVDJHVEDFNWR
WKHDWWDFNHUVLQ%LOOLDPVORFDWLRQDQGFKDQJHVLQKLV
VLWXDWLRQ:KHQRWKHUDWWHPSWVIDLOWKHUHPLJKWEHJLQ
WREHVWDJHDFFLGHQWVDQGRWKHUSUREOHPVDURXQGWKH
ZDJRQVRI WKHWUDYHOOLQJWURXSH

'HVFULSWLRQ
7KHWKHDWUHWURXSHRI PDVWHUSOD\ZULJKW%LOOLDP
6KLYHUODQFHLVMXVWO\IHWHGDURXQGWKHODQGIRUWKH
KXPRXUDQGLQVLJKWRI KLVSOD\V1HYHUKDVWKHUH
EHHQDPRUHSRSXODUSOD\ZULJKWRUEDQGRI SOD\HUV
:KHUHYHUWKH\SOD\WKHLUDXGLHQFHLVPDVVLYHHYHU\RQH
ZKROLNHVWRODXJKRUDSSUHFLDWHVJRRGZULWLQJWXUQLQJ
RXWWRVHHKLVODWHVWRIIHULQJSHUIRUPHG

7ZLVW

%HKLQGWKHPHQLQGUDJDQGWKHFUXGHKXPRXUWR
DSSHDOWRWKHSHDVDQWFODVVWKHUHLVDOVRDZLFNHGWRQJXH
DQGELWLQJVDWLUH0HQLQSRZHUDUHNQRZQDQGPDVWHU
%LOOLDPRIWHQWXUQVWRLPSRUWDQWDQGIDPRXVPHPEHUV
RI UR\DOW\WKHFOHUJ\DQGWKHVRUFHURXVFODVVHVWR
FUHDWHWKHEXWWVIRUKLVMRNHV7KHSUREOHPLVWKDWQRW
HYHU\RQHVKDUHVKLVVHQVHRI KXPRXUDQGVRPHSHRSOH
UHVHQWYHU\PXFKEHLQJWKHVXEMHFWRI KLVKXPRXU
HVSHFLDOO\ZKHQLQKLVSOD\VWKH\DUHUHGXFHGWRD
KXQFKEDFNHGEDE\HDWLQJFDULFDWXUHRI WKHPVHOYHVWKDW
WKHVLPSOHPLQGHGSHDVDQWVODWFKRQWRLQVWHDGRI WKH
KHURLFOHDGHULPDJHWKDWWKH\DUHWU\LQJWRSXWIRUZDUGV
0DVWHU%LOOLDPQHYHUJDYHWKLVWKDWPXFKWKRXJKWXQWLO
UHFHQWO\ZKHQGXULQJRQHRI KLVSHUIRUPDQFHVDQ
DVVDVVLQPDQDJHGWRJHWEDFNVWDJHDQGWULHGWRNLOOWKH
SOD\ZULJKWEHIRUHKHZDVGLVFRYHUHGDQGEHDWHQRII 
E\WKHDFWRUVZLWKDZRRGHQVZRUGDQGVRPHVSHFLDO
HIIHFWVIURPWKHFRPSDQ\LOOXVLRQPDJLFLDQ
0DVWHU%LOOLDPLVQRZVFDUHGDQGLVVHHNLQJWRKLUH
VRPHH[WUDSURWHFWLRQWRHQVXUHKLVVDIHW\ZKLOHKH
QLVKHVWKHUHVWRI WKHWRXU2QFHKHLVEDFNLQKLV
KRPHFLW\KHLVVXUHKLVFLWL]HQVKLSDQGWKHPRQH\KH
DQGKLVWKHDWUHEULQJWRWKHFLW\ZLOONHHSKLPVDIHEXW
IRUQRZ

%LOOLDPLVFRQVWDQWO\EHVHWE\JURXSLHVZRPHQ
RYHUFRPHE\KLVSRHWU\DQGKLVZRUGVZKRZDQWWR
VHHKLPVSHDNWRKLPDQGJLYHKLPWKHLUERGLHVLQWKH
KRSHVKHZLOOZULWHDVROLORTX\WRWKHLUEHDXW\LQKLV
QH[WSOD\$UDWKHUPDZNLVKDQGOHVVWKDQKDQGVRPH
IHOORZ%LOOLDPJUHDWO\DSSUHFLDWHVWKHDWWHQWLRQWKDW
KHJHWVDQGKHGRHVQRWZDQWWRVWRSUHFHLYLQJ
VXFKZRPHQLQKLVZDJRQ7KLVLVDQREYLRXVDQG
H[SORLWDEOHVHFXULW\EUHDFK

(SLORJXH
$MREZHOOGRQH%LOOLDPLVEDFNLQKLVEHORYHGFLW\DQG
LQVWDOOHGDVWKHLUPDVWHUSOD\ZULJKWRQFHDJDLQ+H
WKDQNVWKHSDUW\DQGSD\VWKHPVHQGLQJWKHPRQWKHLU
ZD\DQGJHWWLQJEDFNWRKLVDOOLPSRUWDQWZULWLQJ,W
LVQRWORQJDIWHUWKDWRQWKHLUWUDYHOVWKDWWKH\FRPH
DFURVVDQRWKHUWUDYHOOLQJWKHDWUH7KLVRQHLVSXWWLQJRQ
DSOD\DQGVRPHRI WKHFKDUDFWHUVVHHPIDLUO\IDPLOLDU
,WLVWKHP6DWLULVHGDQGFDULFDWXUHGLQDOHVVWKDQ
DWWHULQJPDQQHULQWKLVODWHVWSOD\DERXWDQDEXVHG
DQGSXUVXHGFOHYHUDQGKDQGVRPHSOD\ZULJKWKLV
ERG\JXDUGVLQWKHSOD\DUHPDGHRXWWREHEXPEOLQJ
LGLRWV:KDWWKH\GRDERXWWKLVLVRI FRXUVHXSWR
WKHP

,GHDV%HVLGHV%LOOLDPLWLV
SUREDEO\DJRRGLGHDWRZULWHXS
WKHRWKHUPHPEHUVRI WKHWURXSH
IRUPRUHGHSWK

7ZLVW
1RWRQHEXWPDQ\RXWUDJHGSDUWLHVDUHDOOED\LQJIRU
%LOOLDPVEORRGWRWKHSRLQWZKHUHWKH\DUHFRPSHWLQJ
DQGSUDFWLFDOO\IDOOLQJRYHUHDFKRWKHULQRUGHUWRVHH
KLPGHDGGLVFUHGLWHGRUERWK$VVDVVLQVEDQGLWV
VXPPRQHGPRQVWHUVDOOZLOOWKUHDWHQWKHWURXSHDORQJ


$GYHQWXUH

QDWLRQVWDWXVWREHJUDQWHGWRWKHRDWLQJFLW\DQGWKH
SLUDWHNLQJ:LWKRXWWKDWLWFRXOGEHZDU

6WD\LQJ$RDW

7ZLVW

'HVFULSWLRQ
7KHUHLVDUXPRXUJRLQJDURXQGDERXWDNLQJRI WKH
SLUDWHVDOHDGHURYHUDOOWKHSLUDWHDFWLYLW\WKHWUXH
PDVWHUPLQGEHKLQGHYHU\WKLQJWKDWKDVKDSSHQHGZLWK
WKHYDULRXVSLUDWHFUHZVRYHUWKHODVW\HDUVWKHVKLSV
JRLQJPLVVLQJWKHFXUVHGFUHZVWKHVHDPRQVWHUVDOORI 
LW
7KLVZDVGLVPLVVHGDVKHDUVD\DQGUXPRXUXQWLO
UHFHQWO\2QO\WUXVWHGFUHZVRI WKLVSLUDWHNLQJDUH
JLYHQVSHFLDOPDJLFDOFRPSDVVHVWKDWDOZD\VSRLQWWR
WKHSODFHZKHUHKLVFDSLWDOLVORFDWHG)LQDOO\RQHRI 
WKHVHSLUDWHOLHXWHQDQWVZDVWDNHQDOLYHKLVFRPSDVV
UHWULHYHGDQGWKHGLUHFWLRQLQZKLFKWKHSLUDWHNLQJV
GRPLQLRQOLHVGHWHFWHG3ODQVZHUHGUDZQXSDQGHHWV
DVVHPEOHGXQWLOVRPHRQHH[DPLQLQJWKHFRPSDVVIRXQG
VRPHWKLQJSHFXOLDU,WKDGFKDQJHGGLUHFWLRQDQGZDV
SRLQWLQJVRPHZKHUHHOVH
$PRYLQJEDVH",PSRVVLEOH/RVLQJIDLWKLQWKHLU
YLFWRU\WKHKHDGVRI WKHHHWGHFLGHGWRQGRXW
H[DFWO\ZKDWZDVJRLQJRQ,QFDVHLWZDVDZLOGJRRVH
FKDVHWKH\ZRXOGQRWVHQGWKHLURZQVKLSVRUPHQEXW
UDWKHUSDLGDGYHQWXUHUVDGDSWDEOHDQGGLVSRVDEOHWKH\
FRXOGFRQUPWKHH[LVWHQFHRI WKLVSLUDWHNLQJDQGKLV
FLW\EHIRUHDQ\WKLQJHOVHZRXOGEHULJJHG

7KHLVODQGLWVHOI LVOLNHDQLFHEHUJRQO\WHQSHUFHQW
LVYLVLEOHDWDQ\WLPH%HORZWKHZDWHUOLHXQGHUZDWHU
FHOODUVDQGFDYHUQVRI ZRRGWDUDQGPHWDO6ZLPPLQJ
LQWKHZDWHUDUHWKHSLUDWHNLQJVRWKHUDOOLHVWKH
FUHDWXUHVRI WKHGHHSDQGWKHPHUIRONRXWODZVIURP
WKHLURZQSHRSOHZKRKDYHMRLQHGKLVFDXVH7KH
RDWLQJFLW\LVQRWDVYXOQHUDEOHDVLWVHHPV

7ZLVW
1RWKLQJHVFDSHVWKHQRWLFHRI WKHSLUDWHNLQJRQ
KLVLVODQGQRWKLQJ7KHSDUW\PD\ZHOOEHDEOHWR
SHQHWUDWHWKHLVODQGHYHQFRQUPKLVH[LVWHQFHDQG
JDXJHWKHVWUHQJWKRI WKHGHIHQFHVEXWZKHQWKH\WU\
WRUHWXUQWRWKHLUFKLSWKH\ZLOOQGLWKDVEHHQERDUGHG
DQGWKHQQDLOHGKDPPHUHGDQGURSHGLQWRWKHERG\RI 
WKHLVODQGDOUHDG\RFFXSLHGE\DFRXSOHRI IDPLOLHVDVD
QHZKRXVH+RZRQHDUWKDUHWKH\JRLQJWRJHWRII WKH
FLW\"

(SLORJXH

$VLWWXUQVRXWWKHSLUDWHNLQJVEDVHLVDRDWLQJLVODQG
FRQVWUXFWHGRI FDSWXUHGVKLSVWRZHGDURXQGE\VDLOV
ZDWHUPDJLFDQGWKHH[HUWLRQVRI YDULRXVXQGHUVHD
EHDVWV7KHFDSWDLQKLPVHOI LVERWKDZDUULRUDQGD
PDJHRI WKHVHDDQGKLVLVODQGLVDZKROHQDXWLFDOFLW\D
JLDQWFRPPXQLW\RQWKHZDYHVVHUYLQJWKHSLUDWHVFDXVH
DQGOLYLQJDOLIHRI IUHHGRPDQGDQDUFK\

7ZLVW
7KHSLUDWHVGRQRWUHJDUGWKHPVHOYHVDVSLUDWHVEXWDV
DVHSDUDWHQDWLRQ:LWKWKHLUHHWWKHLUDX[LOLDULHV WKH
UHVWRI WKHSLUDWHV DQGWKHEHDVWVDWWKHLUFRPPDQG
WKH\DUHJUHDWDQGSRZHUIXO2QFHWKHDGYHQWXUHUVDUH
FDXJKWVQRRSLQJLI WKH\DUHWKH\ZLOOEHDOORZHGWR
UHWXUQZLWKDSLUDWHDPEDVVDGRUZKRZLVKHVSURSHU


7KLVLVEXWWKHFDSLWDORI WKHRDWLQJFLWLHVWKHUHDUH
RWKHUVPDOOHURQHVIXUWKHURXWWRVHDWKDWFRPHXQGHU
LWVGRPLQLRQ5DWKHUWKDQFUXVKLQJWKHSLUDWHVWKH
IDOORI WKHLUFDSLWDOEDQGVWKHPWRJHWKHUHYHQWKH
DX[LOLDULHVDQGVWLUVXSDIXU\LQWKHPOHDGLQJWRDVHULHV
RI GHDGO\SLUDWHZDUVDJDLQVWWKHRDWLQJFLWLHVWKHLU
DOOLHVDQGWKHLVODQGVWKH\KDYHVHWWOHG

,GHDV(YHU\WKLQJLQWKHRDWLQJFLW\
KDVWRKDYHFRPHIURPDVKLSRUWKH
VHDDWVRPHSRLQW5RSHVDUHPDGHRI 
KDLURUVHDZHHGQRWKHPS:KDWOLWWOH
IDUPLQJWKH\KDYHLVLQER[HVRI GLUW
PRVWRI WKHLUERXQW\FRPLQJIURPWKH
VHD6KLSEOHQGVLQWRKRXVHEOHQGVLQWR
ULJJLQJ0RYLQJDERXWWKHFLW\VKRXOG
EHGLIFXOWFRQIXVLQJ

$GYHQWXUH

DUHWULJJHULQJDQFLHQWUXQLFGHYLFHVGHVLJQHGWREULQJ
WKHFLWLHVEDFNIURPZKHUHWKH\ZHUHKLGGHQ:LOOWKH\
UHVXPHWKHLUZDURUZLOOWKHUHEHSHDFH"

:DVWHRI 6SDFH
7ZLVW
7KHZKROHZDVWHODQGLVDFKDRWLF]RQHRI VWUDQJH
PDJLFDQGEL]DUUHFUHDWXUHV7KLVOHIWRYHUPDJLFDO
UDGLDWLRQVWLOOKDVWKHSRZHUWRDIIHFWFUHDWXUHVHQWHULQJ
WKHZDVWHODQGDQGLWKDVDOUHDG\EHJXQWRDIIHFWWKH
FKDUDFWHUV/RUGNQRZVZKDWZLOOKDYHKDSSHQHGWR
WKHPE\WKHWLPHWKH\OHDYH

'HVFULSWLRQ
7KHZDVWHODQGRI *LWKUDLQKDVEHHQOHIWDORQHD
EOLJKWHGODQGVFDSHIRUFHQWXULHV/RQJDJRLWLVVDLG
WKHQHLJKERXULQJPDJHRFUDFWLFFLWLHVWKDWRQFHOD\LQ
WKHKHDUWRI WKLVZDVWHZHQWWRZDUDQGWKHGHYDVWDWLRQ
LVWKHUHVXOW6WUDQJHFUHDWXUHVVSDZQDQGWZLVWLQWKH
JORZLQJZUHFNDJHRI WKHODQGVFDSHZKROHPRXQWDLQV
PHOWHGDQGUXQEHIRUHVROLGLI\LQJDJDLQLQVWUDQJH
VKDSHVURFNVRDWLQJLQWKHDLUDQGVROLGJURXQG
WXUQLQJDVLQVXEVWDQWLDODVOLTXLGXQGHU\RXUIHHW

7ZLVW
6XQNHQLQWRWKHHDUWKGRZQDVWUDQJHWXQQHOWKH\
QGWKHVKDWWHUHGUHPQDQWVRI RQHRI WKHFLWLHV7KH
LQKDELWDQWVDUHORQJGHDGDQGWKHSODFHRYHUUXQZLWK
WKHWZLVWHGPRQVWHUVWKDWWKH\OHIWEHKLQG7KHFLW\
LVDOVRIXOORI ORQJGRUPDQWPDJLFDOGHIHQFHVZKLFK
VRRQEHJLQWRDFWLYDWHDQGWDNHDWROORQWKHLQWUXGHUV
7KHFLW\KDVEHHQUHODWLYHO\XQGLVWXUEHGLQDOOWKLVWLPH
WKRXJKDQGPD\FRQWDLQPDQ\SRZHUIXODUWHIDFWV

6KDLQWKHHDVWHUQFLW\ZDVDSODFHZKHUHWKH\
FRQFHQWUDWHGRQWKHDUWRI VXPPRQLQJRI 
PRGLI\LQJFUHDWXUHVDQGEUHHGLQJQHZVHUYLWRUVWR
GRWKHLUELGGLQJ,QWKHZHVWHUQFLW\RI .KHUDLQ
WKH\FRQFHQWUDWHGRQVWHHODQGUHFUHDWLQJPDJLFDO
GHYLFHVWRVHUYHWKHPDQGPDJLFDOZHDSRQVRI JUHDW
FRPSOH[LW\

(SLORJXH

:KHQWKHWZRFLWLHVZHQWWRZDUPDJLFOLWXSWKHVN\
DQGJUHDWDUPLHVRI JROHPVDQGPRQVWHUVIRXJKWLQ
WKHZDVWHODQG7KHHDUWKTXDNHGDQGWKHVN\ZDV
UHQW(DFKRI WKHWZRFLWLHVVSHQGLQJWKHLUJORU\LQ
WKHZKROHVDOHGHVWUXFWLRQRI WKHRWKHUXQWLOQDOO\WKH
HDUWKZDVVWLOOQRWKLQJPRYHGDQGRQO\WKHZDVWHODQG
UHPDLQHG2I WKHFLWLHVWKHUHZDVQRVLJQ

1RZWKDWDWHDPKDVHQWHUHGWKHZDVWHODQGDQGOHIW
DOLYHDVRUWRI JROGUXVKIRUDUWHIDFWVWDNHVSODFH
ZLWKPDQ\PRUHDGYHQWXULQJJURXSVWRPEUREEHUV
DQGWKLHYHVUDSLGO\GHVFHQGLQJXSRQWKHZDVWHODQG
DQGFDUU\LQJRII DQ\WKLQJHYHQVOLJKWO\P\VWLFDOWKDW
LVQWQDLOHGGRZQ,I WKHFKDUDFWHUVZDQWWRJHWWKHLU
IDLUVKDUHRI WKHJRRGLHVWKH\DUHJRLQJWRKDYHWRDFW
TXLFNO\EHIRUHHYHU\WKLQJLVVWROHQRUWKHVXUURXQGLQJ
NLQJGRPVVWHSLQWRUHJXODWHDQGHQIRUFHPDWWHUVRU
WDNHHYHU\WKLQJIRUWKHPVHOYHV

1RERG\KDVGDUHGWRHQWHUWKHZDVWHODQGLQFHQWXULHV
XQWLOQRZ7KHJUHDWFROOHJHRI PDJLFKDVIRXQG
VSRQVRUVKLSDQGZLVKHVWRVHQGDQH[SHGLWLRQGHHS
LQWRWKHZDVWHODQGWRVHDUFKIRUDUWHIDFWVDQGWR
GLVFRYHUWKHPLVWDNHVRI WKHSDVWVRWKDWWKH\ZLOOQRW
EHUHSHDWHG

,GHDV7KHFLWLHVDUHSDUWRI WKH
PRUHDGYDQFHGDQFLHQWVWKHPH
WKDWUXQVWKURXJKDORWRI IDQWDV\
7KHLUFLWLHVHYHQORQJGHDG
VKRXOGEHSODFHVRI WRWDOZRQGHU
ZLWKDUWHIDFWVDQGGHYLFHVEH\RQG
DQ\WKLQJVHHQEHIRUH

7KHFKDUDFWHUVDUHKLUHGWRGHIHQGWKLVH[SHGLWLRQ
WKRXJKZKRNQRZVZKDWWURXEOHWKH\ZLOOJHW
WKHPVHOYHVLQWR"

7ZLVW
7KHFLWLHVDUHQRWGHVWUR\HGWKH\PHUHO\SDVVHGLQWR
DQRWKHUGLPHQVLRQWRDYRLGHDFKRWKHUVGRRPVGD\
ZHDSRQV7KHGLVWXUEDQFHVFDXVHGE\WKHH[SHGLWLRQ


$GYHQWXUH

SDUWLFXODUFUHDWXUHLVKLJKO\WR[LFZKHQFRRNHGDQG
HDWHQ:KRNQHZ"0RUHWRWKHSRLQWZKRLVJRLQJWR
WDNHWKHEODPH":KRGR\RXWKLQN

7KH3URRI LVLQWKH3XGGLQJ
7ZLVW
'HVFULSWLRQ
7DUTXLQ'HODFURL[LVWKHODQGVPRVWLQWUHSLG
JDVWURQDXW,I KHKDVQWHDWHQLWLWLVQRWZRUWKHDWLQJ
DWDOO7KHMDGHGJRXUPHWVWDVWHVKDYHJURZQZLOGHU
DQGZLOGHUDQGKLVSDOHWWHLVVSRLOHGHYHU\GD\E\WKH
PRVWGHOLFDWHDQGH[SHQVLYHRI IRRGV6WLOOKHFUDYHV
QHZDYRXUVQHZH[SHULHQFHVDQGZLOOQRWEHVDWLVHG
DSSDUHQWO\XQWLOKHKDVKDGDWDVWHRI HYHU\WKLQJWKDW
ZDONVFUDZOVRULHVRYHUWKHHDUWK
6WLOOKHLVUXQQLQJLQWRSUREOHPVWKHPHUHO\UDUHKHKDV
WDVWHGHYHQFDXVLQJWKHH[WLQFWLRQRI VHYHUDOVSHFLHV
1RZKHGHVLUHVWRWDVWHWKHGDQJHURXVDQGWKHUDUHDQG
GDQJHURXV7RWKLVHQGKHKDVKDGKLVSHRSOHORRNIRU
OLNHO\W\SHVWRKHOSKLPDFKLHYHKLVDPELWLRQ
7KHFKDUDFWHUVVHHPWRWWKHELOODQGDUHFRQWDFWHG
E\7DUTXLQVSHRSOHDQGEURXJKWWRKLVSDODWLDOHVWDWH
IRULQWHUYLHZ7DUTXLQZLOODVNPDQ\TXHVWLRQVDQGZLOO
ZDQWWREHLPSUHVVHGE\WKHLUNQRZOHGJHDQGGHHGV
EHIRUHKHRXWOLQHVKLVUHTXLUHPHQWV
$PHQXLVGUDZQXSRI IDEXORXVDQGGDQJHURXVEHDVWV
WKDWKHZLVKHVWRWDVWHDQGKDVQRW\HWPDQDJHGWR+H
ZLOOSD\FRPPHQVXUDWHWRWKHULVNDQGWRWKHVFDUFLW\RI 
WKHEHDVWV

2QHRI WKHFUHDWXUHVWKH\DUHVHQWDIWHULVVXSSRVHGWR
EHGDQJHURXVEXWWXUQVRXWWREHDELWRI DEXPEOLQJ
DQGLQFRQVHTXHQWLDODQLPDOLI VRPHZKDWKDUGWRQG
7KHRQO\GLVWXUELQJWKLQJDERXWWKHFUHDWXUHLVWKDWLW
FDQWDONDQGGRHVVRDWOHQJWKDERXWDQ\VXEMHFW\RX
FDUHWRPHQWLRQULJKWXSXQWLOWKHPRPHQWRI GHDWK
4XLWHZK\LWLVVXSSRVHGWREHVRGDQJHURXVLVQRW
NQRZQ8QWLOWKH\SUHVHQWLWWR7DUTXLQVWHDPLQJDQG
VPHOOLQJWDVW\DFRXSOHRI ELWHVDQGKHVXGGHQO\FRXJKV
DQGWKHQSLFNVXSZKHUHWKHEHDVWOHIWRIIULJKWLQPLG
FRQYHUVDWLRQ

(SLORJXH
+DYLQJVHUYHG7DUTXLQVRZHOOSURYLGLQJKLPZLWK
WDVWHVKHKDVQHYHUH[SHULHQFHGDQGKDYLQJEHHQVR
ZHOOUHZDUGHGKHKDVGHFLGHGWRWKURZDEDQTXHWWR
FHOHEUDWHVRPHRI WKHZRQGHUVRI WKHQHZWDVWHVKH
KDVGLVFRYHUHG2I FRXUVHWKLVPHDQVKHQHHGVVWRFN
PHDWIRUWKHODUGHUVDQGWKHFKLOOHGFHOODUVDJUHDWGHDO
RI VWRFNDVKHKDVPDQ\JXHVWV+HDOVRZLVKHVWRKDYH
VRPHWKLQJQHZDQGXQLTXHWRWU\DWWKLVJUHDWEDQTXHW
VRPHWKLQJQHYHUHDWHQEHIRUHDQGVRPHWKLQJODUJH
HQRXJKWRIHHGDOORI KLVJXHVWVZLWKDWOHDVWDWDVWH
7KDWQDOMHZHOLQWKHFURZQRI KLVHYHQWKHOHDYHVXS
WRWKHFKDUDFWHUVWRGHFLGHEXWGLVDSSRLQWLQJKLPQRZ
ZLOOPHDQDQHQGWRWKHLUDVVRFLDWLRQ

3UDFWLFDOO\VDOLYDWLQJKHVHQGVWKHPRQWKHLUZD\

7ZLVW
$EHDVWVODLQDQGWKHHVKUHWXUQHGWKH\DUHWUHDWHGWRD
VXPSWXRXVIHDVWDQGSRWVRI JROG7KHJUHDWPRPHQW
DUULYHVGXULQJWKHEDQTXHWZKHQWKHIUXLWVRI WKHLU
ODERXUDUHVHWEHIRUH7DUTXLQDQGKHVOLFHVDWKLQVOLYHU
WRWDVWH1RWEDGEXWWRWUXO\DSSUHFLDWHLWLWZLOOQHHG
WREHIUHVKEDFNWKH\JRIRUDQRWKHURQH

7ZLVW
7KHODWHVWEHDVWLVNLOOHGVOLFHGXSDQGGHOLYHUHGWRWKH
GURROLQJ7DUTXLQZKRWDNHVRQHELWHDQGGURSVVWRQH
GHDGRQWKHWDEOHLQDQLQVWDQW,WDSSHDUVWKDWWKLV


,GHDV7KLVDGYHQWXUHLVDQ
H[FHOOHQWZD\WRXVHUDUHXQLTXH
RUVLOO\PRQVWHUVDVZHOODV
FUHDWXUHVIURPRWKHUVXSSOHPHQWV
RURWKHUJDPHVWKDWGRQRW
QHFHVVDULO\WZLWK\RXUQRUPDO
JDPHZRUOG

$GYHQWXUH

7ZLVW

0\%HDXWLIXO%DOORRQ
'HVFULSWLRQ
5XWKHUIRUG&DSVWDQWKHUHQRZQHGLQYHQWRUDQG
PDGPDQKDVEXLOWD\LQJPDFKLQHZKLFKUHTXLUHVQR
PDJLFDWDOOLQRUGHUWRRSHUDWH7KLVGHYLFHZKLFKKH
FDOOVWKHDLUVKLSFRQVLVWVRI DODUJHEDOORRQOOHGZLWK
KRWDLUIURPDVPDOOIXUQDFH,WLVGLUHFWHGDQGPRYHG
LQLJKWE\PHFKDQLFDOZLQJVZKLFKRSHUDWHIURPWKH
VDPHIXUQDFHE\WKHSURGXFWLRQRI VWHDP7KHZKROH
EDOORRQDIIDLUULVHVDERYHDJRQGRODIDVKLRQHGIURPDQ
ROGULYHUEDUJHDERXWODUJHHQRXJKIRUVL[WRWHQSHRSOH
WRVLWDQGVWDQGLQ
+HLQWHQGVWRXQGHUWDNHDQDLUERUQHH[SHGLWLRQLQWKLV
ZRQGURXVGHYLFHDQGLVVHHNLQJDEUDYHJURXSWRFRPH
ZLWKKLPWRKDQGOHWKHWHGLRXVZRUNDQGWRHQVXUHKLV
VDIHW\ZKLOHKHWDNHVPHDVXUHPHQWVDQGREVHUYHVWKLQJV
DQGPDNHVQRWHVLQKLVOLWWOHVFUDSERRNV
7KLVLQYHQWLRQZKLOHH[SHQVLYHDQGFOXPV\SXWVLJKW
LQWKHKDQGVRI WKHFRPPRQPDQDQGPDNHVWKHP
DOPRVWHTXDOZLWKERWKWKHDYLDQUDFHVDQGWKHPDJL
ZKRXQWLOQRZKDGEHHQUHDOO\WKHRQO\RQHVFDSDEOH
RI LJKWRURI SURGXFLQJ\LQJPDFKLQHV7RWKHDYLDQ
UDFHVWKLVLVEODVSKHP\WRWKHPDJLWKLVLVHQFURDFKLQJ
RQWKHLUWHUULWRU\DQGEXVLQHVV

&DSVWDQZLVKHVWRULVHKLJKHUDERYHWKHFORXGVKH
XUJHVWKHPWRWKURZDVPXFKDVWKH\FDQRYHUERDUG
VRWKDWWKH\FDQJHWWKHKHLJKW(YHU\WKLQJIURPWKH
JRQGRODDVPXFKIXHOZDWHUDQGIRRGDVFDQEHVSDUHG
WKLVLVVWLOOQRWHQRXJKDQGKHXUJHVWKHPWRWKURZWKHLU
HTXLSPHQWRYHUERDUGDQGVZHDUVRQKLVPRWKHUVJUDYH
WRUHFRPSHQVHWKHPLQIXOOIRUHYHU\WKLQJWKH\KXUO
RYHUWKHVLGH)LQDOO\ZLWKPRVWRI WKHLUHTXLSPHQW
HYHQFRQYHQWLRQDODUPRXUDQGZHDSRQVKXUOHGRYHU
WKHVLGHWKHEDOORRQULVHVLQWRWKHFORXGVRQO\WRVWULNH
DVPDOORDWLQJLVODQGKLGGHQLQWKHVN\JHWWLQJWDQJOHG
DQGSDUWLDOO\ZUHFNHGWKHERLOHUSXWRXWZKHQWKHZDWHU
VSLOOV7KH\QHHGIXHODQGZDWHUDQGKHUHWKH\DUH
VWUDQGHGRQDQLVODQGLQWKHVN\ZLWKOLWWOHHTXLSPHQWRU
ZHDSRQU\

7ZLVW
0DJLFFRPHVIURPQDWXUHPDJLFRZVWKURXJKWKH
HDUWKWKHVN\WKHODQG7KLVEDOORRQLVDQHQWLUHO\PDQ
PDGHWKLQJZLWKQRP\VWLFDOFRPSRQHQW,WLVDWKLQJ
RI PHWDORI VPRNHDQGVWHDPDQGLWGRHVQRWEHORQJ
LQWKHVN\7KHVN\UHMHFWVLW)URPWKHPRPHQWLWLV
KLJKHUWKDQWKHURRIWRSVWKLQJVEHJLQWRJRZURQJ
KLJKZLQGVEORZWKHEDOORRQRII FRXUVHUDLQWKUHDWHQV
WRSXWRXWWKHERLOHUDQGDOOWKHZKLOH&DSVWDQUHIXVHV
WRJLYHXS)LQDOO\WKHDLUVSDZQVHOHPHQWDOVWKDW
FRQWLQXHWRDWWDFNXQWLOWKHEDOORRQLVEURXJKWGRZQ
7KLVPHWKRGRI LJKWZDVQHYHUPHDQWWREH

(SLORJXH

0DQ\SHRSOHZRXOGOLNHWRVHH&DSVWDQIDLO

7ZLVW
&DSVWDQLVDIUDXGDQGDFKHDW+LVDLUVKLSLVIDUWRR
KHDY\IRUWKHKRWDLUEDOORRQWRNHHSLWLQWKHDLUKH
DOVRKDGWKHIDEULFRI WKHEDOORRQHQFKDQWHGZLWK\LQJ
PDJLFDIDFWWKDWKDVFRPHWRWKHDWWHQWLRQRI DJURXS
RI PDJLZKRLQWHQWWRGLVFUHGLWKLPE\PDNLQJKLP
FUDVKZKHQKHSDVVHVQHDUWKHWRZQRI 'UHLEXUJ7KH
IDFWLVWKDWHYHQZLWKWKHPGLVSHOOLQJWKHPDJLFLI WKH
JRQGRODFDQEHPDGHOLJKWHQRXJKKHZLOOEHDEOHWR
\6RPHRQHZLOOKDYHWRZRUNWKLVRXWEHIRUHWKH\
VPDVKLQWRWKHJURXQGWKRXJK



8QZLOOLQJWRJLYHXSVRHDVLO\&DSVWDQUHWXUQVWRKLV
GHVLJQV+LVQHZGHVLJQVVKRXOGDOORZDIXOOVKLS
WROLIWIURPWKHJURXQGDUPHGZLWKEDOOLVWDHDQG
DFFRPSDQLHGE\DSULHVWWRPDNHWKHSURSHURIIHULQJV
DQGH[KRUWDWLRQVWRWKHJRGVRI WKHVN\+HZLOO
FRQTXHUWKHDLUIRUPDQE\KRRNRUE\FURRNDQGKH
ZLOOZDQWWKHKHOSRI WKHRWKHUPRVWH[SHULHQFHGLHUV
LQWKHZRUOG

$GYHQWXUH

DVKHGLGLQOLIHVWLUULQJWKHGHDGWRUHYROWDJDLQVWWKH
OLYLQJ+HUHLQWKHQHFURSROLVWKH\DUHOHIWLJQRUHG
DORQHZLWKWKHLUGHDWKXQDEOHWRVHHKRZWKHLU
GHVFHQGHQWVDUHGRLQJRUWRZDUPWKHPVHOYHVDWWKH
DFWLRQVDQGWKRXJKWVRI WKHOLYLQJ7KH\ZLVKWREH
LQWHUUHGEDFNZLWKLQWKHFLW\

'HDWK%HFRPHV8V$OO
'HVFULSWLRQ
7KHUHKDYHDOZD\VEHHQGLIFXOWLHVZLWKEXULDOVLQ
WKHODQGVPDQ\EHORYHGIDPLO\PHPEHUVEXULHGRQ
FRPPRQSORWVHQGXSXVHGLQVRPHVRUFHUHUVULWXDOV
RUDQLPDWHGE\WKHSRZHUVRI DQHFURPDQFHU2WKHUV
ULVHRI WKHLURZQDFFRXQWDQGEHFRPHJKRVWVRU
]RPELHVRQDFFRXQWRI ZKDWWKH\GLGLQOLIH7RKDYHD
JUDYH\DUGZLWKLQDFLW\LVWKHUHIRUHWRLQYLWHWURXEOH
,QWKHLQODQGFLW\RI *RWWHVWRGWKH\KLWXSRQDXQLTXH
VROXWLRQ3DUWQHULQJWKHFLW\WKH\ZRXOGFUHDWHDJUHDW
QHFURSROLVDFLW\RI WKHGHDGDSODFHRI VDIHW\ZDOOHG
LQE\PDJLFZKHUHLI DQ\XQGHDGGLGULVHWKH\ZRXOG
EHXQDEOHWROHDYHLWVFRQQHVDQGZKHUHWKHNQLJKWV
RI WKHWHPSOHFRXOGYHQWXUHRQRFFDVLRQDOFOHDQVLQJV
RI DQ\WKLQJWKDWGLGJRRQWKHUH7KHNQLJKWVZRXOG
DOVRDFWDVJXDUGVRI WKHQHFURSROLVWRSUHYHQWWKH
XQVDYRXU\RULOOLQWHQWLRQHGIURPH[SORLWLQJWKH
EHORYHGGHDG

7ZLVW
7KHSUREOHPLVQRWWKHGHDGDWDOOLQGHHGWKHIHZ
]RPELHVJKRVWVDQGRWKHUXQGHDGEHLQJVZLWKLQ
WKHQHFURSROLVFRXOGZHOOSURYHXVHIXODOOLHV7KH
UHDOWKUHDWLVDQDUP\IURPDULYDONLQJGRPWKDWKDV
HQWHUHGDQGRFFXSLHGWKHQHFURSROLVWRXVHDVDVWDJLQJ
SRLQWIRUWKHLULQYDVLRQRI WKHFLW\8QOHVVWKH\DUH
GLVFRYHUHG

7ZLVW
7KHGHDGDUHULVLQJEXWLWLVQRWDQHFURPDQFHUQRU
FRQYHQWLRQDOQHFURPDQWLFPDJLFWKDWLVFDXVLQJWKHP
WRULVH,QVWHDGWKHHVKKDVEHHQVWLWFKHGVKDSHGDQG
DQLPDWHGLQWKHIRUPRI JROHPVDQLPDWHGGHYLFHVWKDW
MXVWKDSSHQWREHPDGHRI GHDGHVK7KHVRUFHUHU
EHKLQGWKLVVLPSO\ZLVKHVWRVHFXUHWKHQHFURSROLVKLV
UDZPDWHULDODJDLQVWRWKHUVDJDLQVWDQ\LQWHUIHUHQFHVR
WKDWKHFDQFRQWLQXHKLVJUDQGZRUNV

7KLVKDVRSHUDWHGSHUIHFWO\IRUDJUHDWPDQ\\HDUV
H[LVWLQJJUDYHVZHUHGXJXSDQGPRYHGWKHUHJUHDW
WRPEVDQGPRQXPHQWVZHUHHUHFWHG7KHJKRVWVDQG
RWKHUXQGHDGWKDWQDWXUDOO\DURVHZHUHGHDOWZLWKDV
WKH\FDPHDQGPRXUQHUVZHUHHVFRUWHGE\DQKRQRXU
JXDUGRI NQLJKWV

(SLORJXH
:LWKHYHQWKHLUQHFURSROLVSURYHQXQVDIHWKHFLW\
PRYHVRYHUWRFUHPDWLRQHYHQWKRXJKWKLVKDVEHHQ
DJDLQVWWKHPRUHVWULFWEHOLHIVRI WKHLUWHPSOHVDQG
SULHVWVIRUVRPHWLPH7KHROGHUJHQHUDWLRQVDUHWKH
RQHVJHQHUDOO\G\LQJDQGEHLQJFUHPDWHGDQGWKH\DUH
QRWKDSS\0DQ\JKRVWVDUHWKHUHVXOWXQTXLHWVSLULWV
LQVXOWHGE\ZKDWKDVEHHQGRQHWRWKHP:LWKWKH
WHPSOHNQLJKWVQRW\HWEDFNXSWRWKHLUIXOOVWUHQJWK
DGYHQWXUHUVDUHQHHGHGDVDVRUWRI JKRVWEXVWHUVXQWLO
WKHWHPSOHFDQJHWEDFNXSWRVWUHQJWK

7KLVKDVQRZFKDQJHGWKHUHZDVVRPHPDQQHURI 
HPHUJHQF\ZLWKLQWKHQHFURSROLVDQGWKHNQLJKWV
HQWHUHGWRSXWDVWRSWRLW1RQHKDYHUHWXUQHGDQG
VWUDQJHQRLVHVLVVXHIURPWKHJUDYHV7KHPDJLFDO
EDUULHUKROGVIRUQRZEXWQRWNQRZLQJZKDWLVJRLQJ
RQDQGZKDWKDVKDSSHQHGKDVPDGHWKHFLW\QHUYRXV
1RZWKH\FDOOIRUKHURHVWRHQWHUWKHQHFURSROLVDQGWR
GLVFRYHUZKDWLVJRLQJRQDQGWRDYHUWLW

7ZLVW
7KHVSLULWVDQGFRUSVHVKDYHULVHQQRWEHFDXVHRI WKH
LQXHQFHRI DQHFURPDQFHUDOLFKHRUDQ\RWKHUXQGHDG
PRQVWHUEXWEHFDXVHRI WKHUHFHQWLQWHUQPHQWRI D
UDEEOHURXVLQJPDOFRQWHQWIURPWKHFLW\.LOOHGIRUKLV
DQWLDXWKRULWDULDQEHOLHIVKHKDVFRQWLQXHGLQGHDWK


,GHDV5DWKHUWKDQFKDLQ
UDWWOHUVRUVFUHDPHUVWKH
JKRVWVLQWKLVVFHQDULRQHHGWR
EHSHRSOHMXVWGHDGRQHV

$GYHQWXUH

JREOLQV&UHDWXUHVWKDWPXVWEHFOHDUHGRXWEHIRUH
WKHPLQHFDQEHRSHQHGXSIXOO\:KDWJROGWKDW
KDVDOUHDG\EHHQGXJXSLVPDGHDYDLODEOHWRWKH
DGYHQWXUHUVLI WKH\ZLOOGRWKLVIDYRXU2I FRXUVHLW
WXUQVRXWWKHJREOLQVKDYHDOUHDG\EHHQPLQLQJIURP
XQGHUJURXQGWKRXJKWKHPLQHUHPDLQVKHDOWK\

*ROG'LJJHU
'HVFULSWLRQ
7KHDUHDWKHDGYHQWXUHUVDUHWUDYHOOLQJWKURXJKLVURFN\
DQGORXV\ZLWKWULFNOLQJVWUHDPVFRPLQJXSWKURXJKWKH
WRXJKURFN0DQ\SURVSHFWRUVFRPHRXWKHUHORRNLQJ
IRUYHLQVRI SUHFLRXVPHWDOVRURUHVWKDWDUHZRUWK
PLQLQJRXW:KHQWKH\DUHPDNLQJWKHLUZD\WKURXJK
DJXOO\WKH\DUHVXGGHQO\OHDSWRXWRQE\DQH[WUHPHO\
H[FLWDEOHSURVSHFWRU
,WVHHPVKHKDVIRXQGDVWULNHRI VL]HDEOHSURSRUWLRQV
DQGKHZLVKHVWRKLUHWKHPWRGHIHQGLWIRUKLPZKLOH
KHWDNHVVRPHRI ZKDWKHKDVIRXQGWRKLUHJXDUGV
DQGGLJJHUVWREUHDNRXWKLVIRUWXQH+HJLYHVWKHP
DVL]HDEOHQXJJHWRI JROGDVDGRZQSD\PHQWDQG
SOHDGVZLWKWKHPWRJXDUGWKLVJXOO\DJDLQVWDOOFRPHUV
UHIXVLQJWRWHOOWKHPZKHUHWKHPLQHLVVLQFHLI KHGRHV
WKH\ZLOOVLPSO\FODLPLWIRUWKHPVHOYHV

7ZLVW
$QRWKHUSURVSHFWRUFRPHVGRZQWKHJXOO\IURPWKH
RSSRVLWHGLUHFWLRQZLWKDJROGQXJJHWVHHPLQJSOHDVHG
ZLWKKLPVHOI+DVKHGLVFRYHUHGWKHVDPHYHLQRI JROG
RUDGLIIHUHQWRQH"+HZRQWWHOOWKHSDUW\ZKHUHKLVLV
DQ\PRUHWKDQWKHSUHYLRXVSURVSHFWRUKHWRRLVRII WR
QGPLQHUVDQGJXDUGVWREHJLQKLVHQWHUSULVH7KH\
FDQNLOOKLPRUWKH\FDQOHWKLPJREXWZKDWLI ERWK
UHWXUQDWWKHVDPHWLPHDQGLWLVWKHVDPHFODLP"

(SLORJXH
7KLVULFKYHLQRI JROGVRRQEHJLQVWRSURGXFHDJUHDW
GHDORI WKHH[SHQVLYHPDWHULDO,WEHFRPHVDFRYHWHG
SODFHDGHVLUHGSODFHDSODFHWKDWRWKHUIRUFHVZLVK
WRFDSWXUHDQGWRNHHSIRUWKHPVHOYHV6RRQWKH
SURVSHFWRUQRZDQHVWDEOLVKHGEXVLQHVVPDQLVXQGHU
WKUHDWIURPPDQ\TXDUWHUVEDQGLWVUDLGHUVPHUFKDQWV
JXLOGVDQGRWKHUV7RGHDOZLWKDOOWKHVHSUREOHPVKH
QHHGVFRPSHWHQWPHQKHFDQWUXVWDQGZKRKHNQRZV
7KHRQO\RQHVZKRWWKHELOODUHWKHDGYHQWXUHUVDQG
VRKHWXUQVWRWKHPIRUVRPHORQJWHUPKHOSWRVHFXUH
WKHIXWXUHRI WKHPLQHDQGKLVIRUWXQH

:LWKWKHDGYHQWXUHUVKLUHGRQKHGLVDSSHDUVGRZQWKH
JXOO\WRZDUGVWKHQHDUHVWWRZQDWWKHEUHDNQHFNVSHHG
RI WKHRYHUH[FLWHGOXQDWLF7KLVOHDYHVWKHPDORQHLQD
JXOO\GHIHQGLQJVRPHWKLQJZKHQWKH\GRQWHYHQNQRZ
H[DFWO\ZKHUHLWLVDJDLQVWDOOFRPHUVZKDWHYHUDQG
ZKRHYHUWKH\PLJKWEHDVVXPLQJRI FRXUVHWKDWWKHUH
LVHYHQDQ\WKLQJWKHUHLQWKHUVWSODFH

7ZLVW
7KHUHLVQRPLQH7KHJROGQXJJHWLVVLPSO\DSOR\
WRJHWWKHPWRVWD\LQRQHSODFH7KHSURVSHFWRULVD
EDQGLWEDLWLQJWKHWUDSIRUKLVEDQG:KHQWKH\UHWXUQ
LQWKHGHDGRI QLJKWLWZLOOEHWRWKHVORSHVDERYHWKH
JXOO\IURPZKLFKWKH\FDQUDLQGRZQDUURZVDQGURFNV
ZLWKDGHQLWHVWUDWHJLFDGYDQWDJH,I WKH\DUHGHIHDWHG
ZHOOWKH\PXVWKDYHDFDPSZLWKLQDIHZKRXUVZDON
IURPKHUHRQHWKDWFDQEHIRXQGDQGZKHUHWKHUH
PLJKWEHGLVFRYHUHGVRPHJHQXLQHWUHDVXUH

,GHDV3ODQRXWWKHFDYHV\VWHPWKDW
ZLOOEHFRPHWKHPLQHHYHQLI MXVW
WRKDYHDFRQVLVWHQWOD\RXWWRLW,I 
\RXUHXVLQJWKHJREOLQLQIHVWDWLRQ
WKHORZHUOHYHOVVKRXOGEHPRUH
FUDIWHGDQGRUJDQLVHGZKLOHWKH
XSSHUOHYHOVUHPDLQEXWVLPSOHFDYHV

7ZLVW
:KHQWKHZRUNHUVDQGWKHJXDUGVUHWXUQDQGEHJLQWR
GLJDFDYHLVXQFRYHUHG:KHQWKHFDYHLVH[SORUHGLWLV
IRXQGWREHLQIHVWHGZLWKXQGHUJURXQGGZHOOLQJ


$GYHQWXUH

7ZLVW
$VDERYHEXWRQHRI WKHDGYHQWXUHUVZKRVHWXSWKH
IRUWDVDWUDSLVKDYLQJVHFRQGWKRXJKWV7KH\NLOOHG
DQGORRWHGWKHLUUVWJURXSWKHRWKHUZHHNDQGKHKDV
GLVFRYHUHGKHKDVQRVWRPDFKIRULW+HZLOOGRZKDW
KHFDQWRVXEWO\WU\DQGZDUQDQ\DGYHQWXUHUVDZD\
ZLWKRXWH[SRVLQJKLPVHOI WRKLVIHOORZV7KLVPD\WDNH
WKHIRUPRI FU\SWLFFOXHVVFDWWHUHGDERXWWKHIRUWUHVV

)RUWRI 'RRP
'HVFULSWLRQ
7KHUHLVDQROGIRUWQRWIDUIURPWKHWRZQZKHUHWKH
SDUW\DUHVWD\LQJ,WZDVORQJDJRORRWHGDQGKDVEHHQ
WKHVLWHRI PDQ\SUREOHPVLQWKHSDVWEXWWKHUHKDV
EHHQQRWKLQJDVVRFLDWHGZLWKLWLQWKHSDVWIHZ\HDUV
XQWLOUHFHQWO\

7ZLVW

2YHUWKHSDVWIHZPRQWKVUXPRXUVKDYHEHJXQWR
FLUFXODWHDERXWVRPHPDQQHURI EHDVWWDNLQJXS
UHVLGHQFHLQWKHIRUWDSRZHUIXOFUHDWXUHWKDWFRXOG
WKUHDWHQWKHWRZQDQGRWKHUQHDUE\VHWWOHPHQWVLI LW
LVQRWEURXJKWXQGHUFRQWURORUNLOOHG(YHQPRUH
LQWHUHVWLQJO\LWLVVDLGWKDWWKHEHDVWKDVDVL]HDEOHKRUGH
RI WUHDVXUHKLGGHQDZD\VRPHZKHUHLQWKHIRUW
7KHDFWXDOQDWXUHRUGHVFULSWLRQRI WKHEHDVWLV
XQNQRZQRUDWOHDVWLQFRQVLVWHQW(YHU\RQHZKRKDV
KHDUGWKHUXPRXUVHHPVWRKDYHKHDUGDGLIIHUHQW
YHUVLRQ:KHWKHULWLVGUDJRQRJUHRUVRPHWKLQJHOVH
WKHWUHDVXUHKRDUGUHPDLQVDFRQVLVWHQWSDUWRI WKH
VWRU\
:KDWOHQGVHYHQPRUHFUHGLELOLW\WRWKHVWRU\LVWKDW
DJURXSRI \RXQJDGYHQWXUHUVUHFHQWO\FDPHWKURXJK
WKHWRZQDQGKHDGHGRII WRLQYHVWLJDWHWKHIRUW7KH\
QHYHUUHWXUQHG2I FRXUVHWKLVJURXSRI DGYHQWXUHUVLV
PDGHRI PXFKVWHUQHUVWXII

7ZLVW

$VDERYHEXWDPRQJVWWKHLUQXPEHULVDQRJUHWUROO
RURWKHUODUJHFUHDWXUHWKDWWKH\KDYHPDQDJHGWRFR
RSWLQWRWKHLUOLWWOHVFKHPHVRPHWKLQJWRDGGDELWRI 
FUHGLELOLW\WRWKHZKROHVWLQJ7KHUHLVVWLOOQRWUHDVXUH
RWKHUWKDQZKDWWKH\KDYHPDQDJHGWRVWHDOWKHPVHOYHV
WKRXJKZKLFKPD\SURYHWREHVRPHWKLQJRI D
GLVDSSRLQWPHQWWRH[SHFWDQWDGYHQWXUHUV

(SLORJXH
7KHIRUWLVQRZHPSW\DJDLQEXWLWLVLQDUHDVRQDEOH
VWDWHRI UHSDLUQRZWKHEDQGLWSDUW\KDG[HGXSD
ORWRI LWVSUREOHPVDQGWKHORZHUOHYHOVDUHQRZRQFH
DJDLQKDELWDEOH,I WKHDGYHQWXUHUVGRQRWWDNHLWRYHU
DQGSXWLWWRXVHVRPHRWKHUSRZHURULQGLYLGXDOPD\
ZHOOGRVRLQZKLFKFDVHWKH\ZLOOQGWKHPVHOYHVEDFN
WKHUHDJDLQ7KHUXPRXUVDERXWWKHSODFHSHUVLVW
WDNLQJRQDOLIHRI WKHLURZQDQGHQVXULQJWKDWPDQ\
SDVVLQJJURXSVWDNHDGHWRXUWRLQYHVWLJDWHWKHSODFH
ZKLFKPD\SURYHSUREOHPDWLFLI WKHSDUW\KDVVHW
WKHPVHOYHVXSWKHUH

,GHDV6LQFHWKHIRUWVKRXOG
EHIDLUO\VPDOODQGPD\SOD\D
FRQWLQXLQJUROHRYHUVHYHUDOJDPHV
\RXVKRXOGSUREDEO\PDSLWRXWDV
ZHOODVFRPLQJXSZLWKPDQ\VLPSOH
EXWGHDGO\WUDSVWRSHSSHUDERXWWKH
SODFH6WDWWLQJXSWKHRWKHUSDUW\DV
SURSHUDGYHQWXUHUVDQGSOD\LQJWKHP
WKDWZD\ZLOODOVRKHOS

7KHIRUWLVDWUDSVHWXSE\DSUHYLRXVJURXSRI 
DGYHQWXUHUVZKRIRXQGQRWKLQJDQGVRGRZQRQWKHLU
OXFNGHFLGHGWREDLWDWUDSIRUWKHLUIHOORZIRUWXQH
KXQWHUV7KHIRUWLVIHVWRRQHGZLWKWUDSVRI WKHLU
GHYLVLQJDQGGHHSLQWKHROGGXQJHRQRI WKHIRUWRQH
RI WKHLUQXPEHUOD\VLQZDLWPDNLQJVQDUO\JURZOLQJ
DQGKRZOLQJQRLVHVLQWRDJUHDWKRUQDPSOLI\LQJLWWR
JLYHWKHIRUWWKHULJKWDPELHQFH7KHRWKHUVZDLWLQ
DQHDUE\VHFUHWFKDPEHUZDLWLQJIRUDQ\ZKRPDNHLW
SDVWWKHWUDSVWRWKHPWRQLVKWKHPRII



$GYHQWXUH

7ZLVW
$VPDOOHUSDUW\RI DGYHQWXUHUVHQWHUVQRWIDUEHKLQG
WKHSDUW\DQGGHWHUPLQHVWRIROORZWKHPWROHWWKHP
VROYHDVPDQ\SX]]OHVDVSRVVLEOHDQGWRIDFHDVPDQ\
GDQJHUVDVSRVVLEOHEHIRUHMXPSLQJWKHPDWWKHHQGDQG
FODLPLQJYLFWRU\7KH\PD\JLYHWKHPVHOYHVDZD\IURP
WLPHWRWLPHDVWKHSDUW\PDNHVSURJUHVVWKURXJKWKH
GXQJHRQ

,P$Q$GYHQWXUHU*HW0H2XW2I +HUH
'HVFULSWLRQ
&DJOLDULZL]DUGIRUPHUDGYHQWXUHUDQGHQWUHSUHQHXU
KDVEXLOWDJUDQGGXQJHRQEHQHDWKKLVWRZHULQWKH
IRRWKLOOVRI WKH*RGVWRRWK0RXQWDLQV(YHU\\HDU
IRUWKHSDVWWHQ\HDUVKHKDVLVVXHVKLVFKDOOHQJHWR
DOOFRPHUV'HIHDWKLVGXQJHRQDQGKLVULFKHVDUH
\RXUULFKHV\RXZLOOWDNHWKHJUDQGSUL]HRI DOOWKH
SOXQGHUWKDWKHKDVKLGGHQLQWKHGXQJHRQSOXVWKH
SUL]HPRQH\FROOHFWHGIURPDOOHQWUDQWVRYHUWKHSDVW
WHQ\HDUV(DFKHQWUDQWSD\VDIHHRI DKXQGUHGJROG
FURZQVWRHQWHUWKHGXQJHRQDQGRYHUWHQ\HDUVWKDW
KDVPDGHDVL]HDEOHDPRXQW2I FRXUVHRYHUWKHWHQ
\HDUVQRWDVLQJOHVRXOKDVVXFFHVVIXOO\QHJRWLDWHGWKH
GXQJHRQ

7ZLVW
8QNQRZQWRWKHDGYHQWXUHUVWKH\DUHZDWFKHG
FRQVWDQWO\WKURXJKFU\VWDOEDOOVVFDWWHUHGDERXWWKH
GXQJHRQ$ERYHHYHU\\HDUDJUHDWIHWHLVFDOOHGDW
WKHVDPHWLPHDVWKHHQWUDQWVHQWHUWKHGXQJHRQWKHLU
H[SORLWVDUHVHHQE\WKHHQWLUHIHWHDVDPDVVLYHLOOXVLRQ
H[FHSWIRUZKDWOLHVDWWKHFHQWUHWKLVLVDVHFUHW
URRPWRSUHYHQWSHRSOHVFRXWLQJRXWRQH\HDUDQG
WKHQDWWHQGLQJWKHQH[WZLWKWRRPXFKIRUHNQRZOHGJH
(YHU\HPEDUUDVVLQJPRPHQWKDVEHHQVHHQE\KXQGUHG
RI SHRSOH

&DJOLDULLVDGLOLJHQWFUDIWVPHQKLVGXQJHRQLVDZRUN
RI DUWDJUHDWPD]HOOHGZLWKDOOPDQQHURI LQVDQH
GHYLFHVWUDSVFUHDWXUHVDQGPDJLF+HKDVPDGHLWD
WUXHFKDOOHQJHDVJUHDWDVDQ\LQWKHUHDOPDQGWKHPDQ
RUJURXSWKDWGRHVGHIHDWKLVGXQJHRQZLOOEHFRPH
MXVWO\IDPRXV

(SLORJXH

(QWUDQWVHQWHUWRJHWKHUWKURXJKDJUHDWJDWHWKDWFXWV
LQWRWKHVLGHRI WKHKLOOEHORZWKHWRZHU7KHGXQJHRQ
OLHVEHQHDWKWKHKLOODQGVWUHWFKHVIDULQHYHU\GLUHFWLRQ
)URPWKHHQWUDQFHKDOOWKHUHDUHPDQ\GLUHFWLRQVWRJR
DQGWKHPDVVRI DGYHQWXUHUVZLOOVRRQJHWWKLQQHGRXW
WDNLQJGLIIHUHQWURXWHV
$WWKHKHDUWRI WKHPD]HOLHVWKHSUL]HLI \RXFDQQG
LW

7ZLVW
1RERG\KDVHYHUZRQEHFDXVHWKHZL]DUGKDVQHYHU
DOORZHGDQ\RQHWRZLQ7KHFHQWUHRI WKHPD]H
FRQWDLQVDOLIWZKLFKEULQJVWKHEDWWHUHGDQGZDUZHDU\
DGYHQWXUHUVLQWRKLVSUHVHQFHZKHUHKHDQGDFKRLFHRI 
VXPPRQHGPRQVWHUVQLVKWKHPRII WRPDLQWDLQKLV
UHSXWDWLRQDQGWRLQFUHDVHKLVVWRUHRI PDJLFDOLWHPV
DQGJROG([SHULPHQWDWLRQLVH[SHQVLYHOHWDORQH
PDLQWDLQLQJWKHGXQJHRQ

7KHGXQJHRQGHIHDWHGWKHDGYHQWXUHUVDUHIDPRXV
DQGYLFWRULRXVEXWWKHUHSXWDWLRQRI WKHGXQJHRQKDV
WDNHQDELWRI DEORZ&DJOLDULHQOLVWVWKHLUKHOSDVNLQJ
IRULQVLJKWVRQKRZWRPDNHWKHGXQJHRQEHWWHUPRUH
GLIFXOWPRUHGDQJHURXVZD\VWRUHVWRUHLWVUHSXWDWLRQ
+HPD\HYHQHQOLVWWKHLUKHOSLQFDSWXULQJWKHPRQVWHUV
DQGJDWKHULQJWKHLQJUHGLHQWVKHQHHGVWRPDNHWKH
GXQJHRQDOOLWFRXOGEH
,GHDV7KHEHDXW\RI DQDUELWUDU\GXQJHRQ
VXFKDVWKLVLVWKDW\RXFDQPDNHLWXSDV\RX
JRDORQJ<RXGRQWQHHGDQHODERUDWHSODQMXVW
VRPHWKRXJKWVRQZKDWGDQJHUVWULFNVDQGWUDSV
\RXPLJKWZDQWWRLQFOXGHDQGUHDG\DFFHVVWRD
OLVWRI PRQVWHUV\RXFDQWKURZLQZKHQHYHU\RX
ZDQW

,GHDV+DYHDIHZWUDSVDQGWKLQJV
DKHDGRI WKHSDUW\VSUXQJE\RWKHU
PRUHVSHHG\DGYHQWXUHUV



$GYHQWXUH

7ZLVW
2QHRI WKHWKLQJV.DUOZLVKHVWRVWXG\LVDFDUQLYRURXV
SODQWWRZKLFKHQGKHZLOOLQJO\FOLPEVLQWRWKH
FUHDWXUHVWUDSRUJULSDQGEHJLQVWRKDSSLO\PDNHQRWHV
DVLWWULHVWRFKHZRQKLPFUXVKKLPRUZKDWHYHU
LWQRUPDOO\GRHV+HUHTXLUHVWKDWWKH\NHHSLWRII 
KLPEXWGRQRWNLOOLWXQWLOKHKDVPDGHDOOKLVQRWHV
6LPLODUO\GHDWKVHHNLQJEHKDYLRXUFKDUDFWHULVHVKLV
DFWLRQVIRUWKHUHVWRI WKHMRXUQH\DVZHOO

)ORUD )DXQD
'HVFULSWLRQ
:L]DUGVDUHDOVRNHHSHUVRI NQRZOHGJHRQZKDWZRXOG
EHFRQVLGHUHGVFLHQWLFNQRZOHGJHLQRXUZRUOG
7KH\DUHDOZD\VZRUNLQJRQXQGHUVWDQGLQJWKHIRUFHV
RI QDWXUHWKHEHDVWVRI WKHHOGDQGWKHSODQWVDQG
KDELWDWVDURXQGWKHP

7ZLVW

2QHRI WKHLUJUHDWPLQGV.DUO6HYHUHLQWKHJUHHQLV
HPEDUNLQJRQDJUHDWVWXG\RI WKHSODQWVDQGDQLPDOV
RI WKHJUHDW'HHSZRRG7KLVDQFLHQWIRUHVWKDVH[LVWHG
DVORQJDVKLVWRU\RUVFU\LQJFDQVKRZDQGLWVKHDUWKDV
UDUHO\EHHQH[SORUHGE\PDQ+HZLVKHVWRWUDYHOLQWKH
'HHSZRRGRYHUWKHFRXUVHRI VHYHUDOZHHNVPDNLQJ
KLVVWXGLHVDQGGUDZLQJVDQGJHWWLQJVRPHLGHDRI WKH
GLYHUVLW\RI OLIHZLWKLQWKH'HHSZRRG
+HLVDVFKRODUDQGZKLOHDPDJHKLVPDJLFLVQRW
RI WKHRIIHQVLYHRUGHIHQVLYHW\SHPHUHO\WKHVRUW
RI VSHOOVWKDWZLOOKHOSKLPLQKLVZRUN+HQHHGV
WREHGHIHQGHGIRUWKHUHFDQEHOLWWOHGRXEWWKDWWKH
'HHSZRRGKROGVDVPDQ\KRUURUVDVLWGRHVZRQGHUV
RI WKHQDWXUDOZRUOG

7KHIRUHVWLWVHOI LVDOLYLQJHQWLW\PDGHXSRI DQG


GRPLQDWLQJWKHPLQGVRI OHVVHUFUHDWXUHVWKDWOLYHXQGHU
LWVEUDQFKHV7KHORQJHUWKHJURXSVSHQGLQWKHZRRG
WKHPRUHDSSDUHQWLWEHFRPHVWKDWFUHDWXUHVDQGSODQWV
DUHZRUNLQJWRJHWKHUWRZDWFKWKHPWREORFNWKHLU
SURJUHVVDQGWRFDXVHWKHPSUREOHPVHYHQVSHFLHVWKDW
ZRXOGQRUPDOO\HDWHDFKRWKHU,I WKHFKDUDFWHUVGRQRW
ZRUNLWRXW.DUOZLOODQGZKHQKHUHDOLVHVZKDWKHKDV
IRXQGRXWDOOKHOOEUHDNVORRVHWKHIRUHVWGRHVQWZLVK
DQ\RQHWRNQRZ

(SLORJXH
.DUOVREVHUYDWLRQVDUHFOHDUDQGFRQFLVHKLV
LOOXVWUDWLRQVIRUPWKHEHJLQQLQJVRI DQHZ
FRPSUHKHQVLYHEHVWLDU\LQWKHOLEUDU\RI WKHFROOHJHWKH
UVWYROXPHRQWKH'HHSZRRG7KLVLVRQO\WKHVWDUW
RI FRXUVHKHZRXOGOLNHWRH[WHQGKLVVWXGLHVWRWKH
SODQWVDQGFUHDWXUHVRI PDQ\RWKHURI WKHVXUURXQGLQJ
HQYLURQPHQWVDQGLWLVEHWWHUIRUDOOLI WKRVHZKRHVFRUW
KLPNQRZKLVOLWWOHIRLEOHVDQGZD\V7KHUHFRXOGEH
DJUHDWGHDORI ORQJWHUPZRUNIURPWKLVSURMHFWIRU
DGYHQWXUHUVZKRGRQRWPLQGUHVFXLQJDEXPEOLQJROG
PDQIURPGDQJHUHYHU\KRXU

7KLVLVZKHUHWKHDGYHQWXUHUVFRPHLQKLUHGE\WKH
FROOHJHRI PDJLFWRZKLFK.DUOLVDWWDFKHGWRSURWHFW
KLPDQGWRKHOSKLPLQDQ\ZD\KHDVNVGXULQJKLV
H[SHGLWLRQDQGWRHQVXUHWKDWKHUHWXUQVZLWKXVHIXO
LQIRUPDWLRQWRLQFUHDVHWKHLUVWRUHRI NQRZOHGJH
*LYHQKLVIUDLOW\DQGKLVDEVHQWPLQGHGQHVVLQWKH
SXUVXLWRI NQRZOHGJHWKLVPD\QRWEHVRHDV\

7ZLVW
:LWKLQDIHZKRXUVRI HQWHULQJWKHIRUHVWLWLV
EHFRPLQJDEXQGDQWO\FOHDUWKDWWKHSDWKZD\VDUH
VKLIWLQJWKHWUHHVPRYLQJDQGWKDWWKH\DUHKRSHOHVVO\
DQGLUUHYRFDEO\ORVW(YHQWKHVXQVHHPVWREHLQ
GLIIHUHQWSODFHVLQWKHVN\HYHU\IHZPRPHQWVDQG
FRPSDVVHVDQGVHQVHVRI GLUHFWLRQIDLO7KHIRUHVWKDV
WDNHQDGLVOLNHWRWKHPDQGXQWLOWKH\DUHUHGXFHGWR
OLYLQJOLNHSURSHUIRUHVWFUHDWXUHVLWVKDOOQRWDYDLOWKHP
RI DQH[LW

,GHDV9DULHW\DQGGHVFULSWLYHQHVVDUH
WKHNH\WRWKLV3HUKDSVORRNRYHUVRPH
QDWXUDOKLVWRU\ERRNVWRJHWDIHHOIRU
ZKDW.DUOLVWU\LQJWRDFFRPSOLVKLQ
PDQ\ZD\VWKH&KDUOHV'DUZLQRI WKH
ZRUOG



$GYHQWXUH

7ZLVW
7KHVSLULWWDNHVWKHIRUPRI DJLDQWERDUDSRZHUIXO
DQLPDODWWKHEHVWRI WLPHVEXWSRVVHVVHGE\DVSLULWD
WUXO\GDQJHURXVEHDVWWZLFHLWVQRUPDOVL]HVWURQJHU
PRUHSRZHUIXODQGPRUHLQWHOOLJHQWZLWKDOOWKHPDJLFDO
SRZHUVRI WKHIRUHVWVSLULWDWLWVGLVSRVDO,I WKH\FDQ
UHDFKWKHKHDUWZRRGRI WKHIRUHVWWKLVLVWKHEHDVWWKDW
DZDLWVWKHPWKHVOD\LQJRI ZKLFKDQGWKHVSLOOLQJRI 
ZKLFKVEORRGZLOOSXWWKHDQJHURI WKHIRUHVWEDFNDW
UHVW

7UHH+XJJLQJ+LSS\&UDS
'HVFULSWLRQ
7KHYLOODJHRI 8PEHUWRKDVGZHOWSHDFHIXOO\DORQJVLGH
WKH*UHHQVZD\IRUHVWIRUDVORQJDVLWKDVH[LVWHG
7KLVDXWXPQKRZHYHUDSUREOHPKDVVKRZQLWVHOI
7KHIRUHVWVHHPVWRKDYHJRQHFUD]\DFRXSOHRI 
ZRRGFXWWHUVKDYHGLVDSSHDUHGLQWKH*UHHQVZD\QHYHU
WREHVHHQDJDLQRI WKHLUKXWVWKHUHLVQRVLJQ7KH
VDPHIDWHDSSHDUVWRKDYHEHIDOOHQDFRXSOHRI WKH
KXQWHUVIURPWKHYLOODJHZKRKDYHDOVRQRWUHWXUQHG
:DQGHULQJDWWKHHGJHRI WKH*UHHQVZD\DPDQZDV
DWWDFNHGE\DRFNRI FURZVDQGQRZOD\VQHHGLQJ
FRQVWDQWFDUHLQWKHQHZO\FRPSOHWHGWHPSOHLQWKH
YLOODJHSUD\HGIRUQLJKWDQGGD\

7ZLVW
7KHDQJHURI WKHIRUHVWLVVLPSO\WKLV$VPDOOFRSVHRI 
DQLPDWHGWUHHVKDVUHFHQWO\PRYHGLQWRWKHDUHDHHLQJ
WKHDFWLRQVRI ODUJHUVFDOHZRRGFXWWHUVHOVHZKHUH
+HUHWKH\KRSHGWRQGSHDFHDQGVRODFHEXWRQHRI 
WKHLUQXPEHUZDVFXWGRZQZKLOHKHVOHSWE\DYLOODJH
ZRRGFXWWHU+HUHWKHFRPPXQLW\LVVPDOOHQRXJK
DQGWKH\DUHDQJU\HQRXJKWKDWWKH\FDQDFWDJDLQVWLW
ZLWKRXWWRRPXFKIHDURI UHSULVDO7KH\FRXOGSHUKDSV
EHPRYHGRQDJDLQRUUHDVRQHGZLWKWKHZKROHWKLQJLV
DWUDJLFPLVWDNH

7KHYLOODJHKDVUHOLHGRQWKHIRUHVWIRULWVLQFRPH
IRULWVJRRGVIRULWVOLYLQJVLQFHLWZDVIRXQGHGDQG
QRZWKDWWKHIRUHVWKDVVHHPLQJO\WXUQHGKRVWLOHWKH
H[LVWHQFHRI WKHYLOODJHLVDWWKUHDW7KHZKROHZRRG
VHHPVWRKDYHWXUQHGDJDLQVWWKHPDQGWKH\GRQRW
NQRZZK\

(SLORJXH
7KHIRUHVWLVVWLOOHGDQGTXLHWHQHGQRZWKDWLWVDQJHU
KDVEHHQFDOPHG7KLVLVQRWWKHHQGWKRXJK7KH
UXFNXVLQWKHIRUHVWKDVGLVWXUEHGWKLQJVEXULHGWKHUH
ORQJDJRWKLQJVWKDWZHUHWKHUHEHIRUHWKHWUHHVUVW
EHJDQWRJURZ,QXQGHUJURXQGUXLQVGHHSLQWKH
ZRRGWKH\EHJLQWRVWLUWKHLUSUHVHQFHUVWIHOWDVHDUWK
WUHPRUV:KDWDUHWKH\DQGZKHUHDUHWKH\FRPLQJ
IURP"&DQWKHZUDWKRI WKHZRRGEHUHDZDNHQHGWR
SURWHFWWKHYLOODJH"

7KHYLOODJHKDVOLWWOHWRRIIHUDGYHQWXUHUVLQWKHZD\RI 
PRQH\EXWWKH\FDQRIIHUIUHHORGJLQJDQGIRRGDWWKH
LQQDQGDQ\WKLQJHOVHWKH\KDYHIRUZLWKRXWWKHIRUHVW
WKH\KDYHQRWKLQJDQGVRWKH\DUHGHVSHUDWHWRKDYH
VRPHWKLQJGRQH$Q\WKLQJWKH\KDYHLVWKHLUV
7KHUHDOFDXVH"7KHQHZWHPSOHKDVVXSSODQWHGWKH
ROGZD\VWKHGUXLGVZKRXVHGWRSURYLGHVSLULWXDOO\IRU
WKHYLOODJHKDYHEHHQGULYHQDZD\E\WKHQHZIDLWKDQG
WKHVSLULWRI WKHIRUHVWQRORQJHUUHFHLYHVWKHVDFULFHV
LWGHVLUHVDQGQHHGV,QDWDQWUXPLWKDVWXUQHGWKH
ZRRGVDJDLQVWWKHYLOODJHUV

,GHDV7KHFUHDWXUHVLQWKHHSLORJXHFRXOG
EHGUDJRQVXQGHDGRUVLPSO\DQDQFLHQW
DQGXQNQRZQUDFHWKDWLVQRWNQRZQLQWKH
ODQGDQ\PRUH,WLVDJRRGRSSRUWXQLW\WR
EULQJLQDQHZSORWIDFWRU

7ZLVW
,WRQO\DSSHDUVWREHDVSLULWLQIDFWLWLVWKHGUXLGV
WKHPVHOYHVVWLUULQJXSWKHIRUHVWDJDLQVWWKHYLOODJHUV
MHDORXVRI WKHLUIDLWKLQWKHQHZWHPSOHDQGDQJU\
DWWKHLUVSXUQLQJRI WKHROGZD\VWKH\DUHVHHNLQJWR
UHPLQGWKHPRI WKHSRZHURI QDWXUH,QRUGHUWRVWRS
WKHPWKHIDOVHVSLULWPXVWEHVHHQWKURXJKDQGWKHQWKH
GUXLGLFWHPSOHIRXQGWKHGUXLGVUHDVRQHGZLWKRUVODLQ


$GYHQWXUH

DQRWKHUSODQHDWWUDFWHGE\WKHVWUDQJHHQHUJLHVWKDWWKH
(JQDUWVXVHG:LWKWKH*QLWKUHDFWLYDWHGWKHJUHDW
HQHP\EHJLQVWRSXVKWKURXJKIURPWKHRWKHUVLGH
VHQGLQJLWVVHUYDQWVEHIRUHLW7KHRQO\ZD\WRGHIHDW
LWLVWRDFWLYDWHWKH*QLWKDRQHXVHDUWHIDFWZKLOH
KROGLQJRII WKHVHUYDQWV

7KH(JQDUWV*QLWK
'HVFULSWLRQ
0DJLFLDQVDQGRWKHUZLVHPHQKDYHGHWHUPLQHGWKDW
ORQJDJRWKHUHZDVDVPDOOHPSLUHWKDWUXOHGRYHU
PXFKRI WKHVXUURXQGLQJODQGVFDSH7KHVHGD\VWKHUH
LVOLWWOHOHIWEXWUXLQVEXWRQFHWKH\ZHUHDSRZHUIXO
DQGXQFRQWHVWHGSHRSOHZLWKQRULYDOVWRWKHLUPLOLWDU\
PLJKW

7ZLVW

:KDWSUHFLVHO\KDSSHQHGWRWKH(JQDUWVKDVQRW
EHHQGHWHUPLQHGEXWWKHUHDUHYHU\IHZSK\VLFDOUXLQV
OHIWDQGZKDWWKHUHDUHDSSHDUWREHDWOHDVWSDUWLDOO\
UHGXFHGWRVODJ,WLVWKRXJKWWKDWHLWKHUFLYLOZDU
RFFXUUHGRUWKDWWKH(JQDUWVHQFRXQWHUHGDSHRSOHHYHQ
PRUHZDUOLNHGDQJHURXVDQGDGYDQFHGWKDQWKHPVHOYHV
7KHLUDUWHIDFWVDUHPXFKVRXJKWDIWHUDQGXVHDQFLHQW
SRZHUIXOPDJLFDQGVFLHQFHORVWWRWKHPRGHUQZRUOG
,QYHVWLJDWLRQVLQRQHRI WKHLUVXUYLYLQJUXLQV
KDYHIRXQGYDJXHDOOXVLRQVWRWKHH[LVWHQFHRI D
JUHDWHQHP\DQGWKHFRQVWUXFWLRQRI DPDVVLYH
WKDXPDWXUJLFDOZHDSRQWRHQVXUHWKHGHVWUXFWLRQ
RI WKLVHQHP\DQGWKHVXUYLYDORI WKH(JQDUWV
JXDUDQWHHLQJWKHLUSUHHPLQHQFHDVWKHPRVWSRZHUIXO
FLYLOLVDWLRQLQWKHZRUOG7KHZHDSRQQHYHUVHHPVWR
KDYHEHHQDFWLYDWHGDQGWKHWUDQVODWLRQLVDOLWWOHGRGJ\
EXWWKHVFKRODUVWKLQNWKH\KDYHGHWHUPLQHGZKHUHWKH
ZHDSRQZDVFRQVWUXFWHGDQLQDFFHVVLEOHPRXQWDLQWR
WKHQRUWK

7KH*QLWKWXUQVRXWWREHDVWRUHKRXVHRI NQRZOHGJH
RI WKHORVW(JQDUWVUDFH1RWRI DQ\WKLQJXVHIXORU
PDUNHWDEOHOLNHZHDSRQVRUPDJLFEXWVLPSO\RI WKHLU
FXOWXUHVRQJVVWRULHVPXVLFDUWDOOHQFDSVXODWHGZLWKLQ
PDJLFDOJODVVDQGSOD\HGRXWEHIRUHWKHREVHUYHUZKR
ZDQGHUVWKH*QLWK7KHRWKHUPHUFKDQWIDPLO\EHKLQG
WKLVH[SORUDWLRQJURXSGRHVQWNQRZWKDWWKRXJKDQGLV
XQOLNHO\WREHOLHYHLW

7ZLVW
7KH*QLWKWXUQVRXWWREHDSRUWDOLQWLPHZKLFK
RSHQVLQWRDORVWFLW\RI WKH(JQDUWVZKHUHWKH\DZDLW
DWLPHZKHUHDPHVVHQJHUZLOOFRPHWROHDGWKHPIURP
WKHLUWLPHEXEEOHWHOOLQJWKHPWKDWWKHJUHDWHQHP\KDV
EHHQGHIHDWHG7KHFLW\LVJUDQGDQGUHWDLQVPXFKRI 
LWVDPD]LQJFDSDELOLWLHVEXWWKHSHRSOHKDYHGHJHQHUDWHG
DQGUHPHPEHUOLWWOH7KH\DUHDOWHUQDWHO\UHYHUHQWDQG
VXVSLFLRXVRI WKHLUYLVLWRUVDQGWKHDUULYDORI WKHULYDO
PHUFKDQWVZLOOQRWKHOSPDWWHUV

(SLORJXH

7KHFROOHJHRI PDJLFLVGHEDWLQJVHQGLQJDQH[SHGLWLRQ
EXWPHDQZKLOHWKHHQWHUSULVLQJVFKRODUZKRWUDQVODWHG
WKHORFDWLRQKDVVROGLWIRUDWLG\VXPWRDPHUFKDQW
SULQFHRI WKHFLW\WKHDGYHQWXUHUVDUHVWD\LQJLQ
8QNQRZQWRWKHLUMRYLDOVSRQVRUKHKDVDOVRVROGWKH
ORFDWLRQWRDQRWKHUULYDOPHUFKDQWIDPLO\DQGQRZWKH
UDFHIRUWKH*QLWKWKHGHYLFHLVRQ

7KH*QLWKLVFDUYHGZLWKKLHURJO\SKLFVZKDWHYHULW
LV7KHVHSLFWRJUDPVGLVSOD\WKHRWKHUJUHDWZRUNVRI 
WKHLUSHRSOHWKHXQGHUVHDFLW\RI *QLQGURZWKH*RG
$UPRXUWKH6SHDURI /LJKW7KHVHDUWHIDFWVDQGRWKHU
UXLQVRI WKH(JQDUWVPD\\HWH[LVWLQWKHGRPLQLRQ
RI WKHLUROGHPSLUHWKH\PXVWMXVWEHVRXJKWRXW2I 
FRXUVHWKHWUDQVODWLRQRI ZKDWWKHVHWKLQJVDUHPD\
DOVRSURYHVOLJKWO\OHVVWKDQDFFXUDWH

,GHDV/RVWUDFHDUWHIDFWVDUHD
JRRGZD\WRLQWURGXFHSRZHUIXO
HOHPHQWVWRHPSRZHUWKH
FKDUDFWHUV

7ZLVW
7KH*QLWKLVDSRZHUIXOZHDSRQFDSDEOHRI VFRXULQJ
DQHQWLUHSODQHRI H[LVWHQFHZLWKLWVSRZHUIXOHQHUJLHV
NLOOLQJDQ\WKLQJDQGHYHU\WKLQJRULJLQDWLQJZLWKLQWKDW
SODQH7KHJUHDWHQHP\ZHUHDFRVPLFWKUHDWIURP


$GYHQWXUH

DWPRVSKHUHJHWVWRLW+HUHDQGWKHUHSUHFLRXVPHWDOV
FRLQVJHPVWRQHVDQGPDJLFDOJRRGVKHOGE\SUHYLRXV
YLFWLPVFDQEHVHHQJOLWWHULQJDPRQJVWWKHTXLYHULQJ
HVK

'HHS7KURDW

7ZLVW

'HVFULSWLRQ
7KHHDUWKVKDNHVURFNVWXPEOHIURPWKHKLOOVDQGWKH
KRUVHVWKURZWKHPRII DQGEROWLQDZLOGIURWKLQJ
SDQLFDQHQRUPRXVVKDGRZIDOOVDFURVVWKHPDQGWKHQ
WKHMDZVWKHWHUULEOHMDZV7HHWKWKHVL]HRI FDUWVJQDVK
DQGFUDVKDWRQJXHDVELJDVDULYHUOLFNVVODYHULQJMDZV
DQGWKHUHWKHUHLVDWHUULEOHFUDVKDQGWKHOLJKWVJRRXW
6RPHKRZPLUDFXORXVO\WKH\DUHDOLYHVZDOORZHGE\D
JUHDWEHDVWRI VRPHNLQG,WVWRQJXHOLHVXQGHUWKHLU
IHHWDKXJHEURDGVZDWKHRI GHQVHPXVFOHV7KHUHLV
DIDLQWJORZIURPJURZWKVRQWKHFUHDWXUHVHVKDQG
ZDUPVWLLQJDLUZDVKHVEDFNDQGIRUWKIDLUO\VWURQJO\
7KHMDZVUHIXVHWRRSHQE\DQ\PHDQVDQGWKH\FDQIHHO
WKHFUHDWXUHVWLOOPRYLQJDOWKRXJKWKHJURXQGUHPDLQV
UHODWLYHO\VWHDG\XQGHUWKHLUIHHW
7KHRQO\ZD\WKH\FDQJRLVRQZDUGVLQWRWKHEHOO\
RI WKHEHDVWGRZQLWVJXOOHWDQGLQWRLWVERG\:KR
NQRZVZKDWFRXOGDZDLWWKHPLQVLGHWKHERG\RI WKH
OHYLDWKDQ"7KHUHLVRQO\ZD\WRQGRXWDQGRQO\RQH
ZD\WRVHHNHVFDSH
0HDQZKLOHWKHFUHDWXUHFRQWLQXHVRQLWVSDWKVHHNLQJ
PRUHSUH\DQGTXHVWLQJFRQVWDQWO\WRZDUGVLWVXOWLPDWH
JRDOZKDWHYHUWKDWLV

7ZLVW
7KHFUHDWXUHKDUERXUVLQWHOOLJHQWSDUDVLWHVDQGLWV
LPPXQHV\VWHPWDNHVWKHIRUPRI VWUDQJHFUHDWXUHVDQG
WHQWDFOHOLNHJURZWKVVSURXWLQJIURPWKHZDOOV:LWKLQ
DVKRUWWLPHRI WKHFKDUDFWHUVEHJLQQLQJWKHLUTXHVWLQWR
WKHLQWHULRURI WKHEHDVWWKH\EHJLQWRHQFRXQWHUWKHVH
WKLQJVZLWKHQFRXQWHUVFRPLQJPRUHDIWHUDVWKH\PRYH
WKURXJKSLSHVYHLQVDQGDUWHULHVDQGSDVVQHDURUJDQV
DQGRWKHULPSRUWDQWSDUWVRI WKHFUHDWXUH

7ZLVW
7KHLQWHULRURI WKHEHDVWLVDOOFDSDEOHRI GLJHVWLQJ
WKRXJKWKHVWRPDFKVSHFLDOLVHVLQLW1RQPDJLFDO
HTXLSPHQWZLOOVORZO\EHJLQWRURWDQGWDUQLVKDVWKH


7KHORFDWLRQWKHEHDVWLVKHDGLQJWRLVLWVQHVWZKHUH
LWLQWHQGVWRUHJXUJLWDWHDOOLWKDVHDWHQIRULWVJLJDQWLF
RIIVSULQJ6WLOOWKH\RXQJDUHVRPHZKDWGHIHDWDEOH
DQGPDQDJHDEOHLQVL]HXQOLNHWKHSDUHQWLI \RXFDQ
UHFRYHUTXLFNO\HQRXJKDIWHUKDYLQJEHHQWKURZQXS
ZLWKKXQGUHGVRI FRUSVHVDQGKDOI GLJHVWHGIRRGWKDW
LV

(SLORJXH
7KHEHDVWKDVUDYDJHGWKHODQGVORQJHQRXJKDQG
VHYHUDONLQJGRPVKDYHFRPHWRJHWKHULQDOOLDQFHWRGHDO
ZLWKWKHWKUHDW7KHPDJLRI WKHFROOHJHRI PDJLFKDYH
FUHDWHGDZHDSRQSRZHUIXOHQRXJKWRNLOOWKHEHDVW
EXWLWPXVWEHFDUULHGZLWKLQWKHFUHDWXUHDQGSODFHG
QHDULWVPLJKW\KHDUWLQRUGHUWRFDXVHHQRXJKGDPDJH
WRNLOOWKHWKLQJ$VVXUYLYRUVRI WKHEHDVWVGLJHVWLYH
WUDFWWKHFKDUDFWHUVDUHWKHREYLRXVFKRLFHWRFDUU\RXW
WKLVLPSRUWDQWTXHVWDQGVKDOOEHRIIHUHGDJUHDWGHDOLQ
KRQRXUPRQH\DQGRWKHUHQWLFHPHQWVWRWDNHXSWKH
TXHVW
,GHDV:KHQWKLQNLQJRI URRPVIRU
WKLVGXQJHRQ\RXVKRXOGFRQVLGHUWKH
SXUSRVHRI GLIIHUHQWSDUWVRI WKHERG\
:DGLQJWKURXJKWKHVWRPDFKVKRXOGEH
YHU\GLIIHUHQWWRZDGLQJWKURXJKWKH
EODGGHUWKRXJKDERXWDVXQSOHDVDQW
7KHQDWXUHRI WKHFUHDWXUHVLPPXQH
V\VWHPVKRXOGDOVREHGHWHUPLQHG

,GHDV,I \RXUHVWLOOVKRUWRI 
LGHDV\RXFDQUDLG)DQWDVWLF9R\DJH
,QQHU6SDFHDQG)LQDO)DQWDV\;IRU
LQVSLUDWLRQIRUH[SORUDWLRQVLQWRWKH
ERG\DQGVRPHRI WKHFUHDWXUHVWKDW
PLJKWEHVSDZQHGRUIRUPSDUWRI 
WKHJUHDWOHYLDWKDQ

$GYHQWXUH

7ZLVW
$OOWKHP\WKVDERXWIDHULHODQGKROGWUXH7KHPXVLF
FDQFRPSHORQHWRGDQFHLI \RXGULQNWKHGULQNRUHDW
WKHIRRG\RXEHFRPHWUDSSHGLQIDHULHODQGIRUHYHUDQG
HYHU\ULYHUDQGHYHU\SRQGKROGVDEHJXLOLQJQ\PSK
ZKRVHHNVWRWUDSWKHDGYHQWXUHUEHQHDWKWKHVHUYLFHWR
PDUU\KHUDQGVHUYHKHUIRUDOOKHUGD\V7KHIDHULHIRON
DUHHYHU\ZKHUHVRPHPDOLFLRXVVRPHVHHPLQJO\KHOSIXO
EXWDOODOLHQDQGVWUDQJH

6KURRPV
'HVFULSWLRQ
7KHIH\FURVVRYHULQWRRXUZRUOGRQDUHJXODUEDVLV
FDXVLQJPLVFKLHI DQGXSVHWOHDYLQJFKDQJHOLQJVLQ
SODFHRI KXPDQEDELHVVRXULQJPLONOHDGLQJSHRSOH
DVWUD\DQGLQWRVZDPSVDQGRWKHUZLVHJLYLQJSHRSOHD
ORWRI WURXEOH2QRFFDVLRQSHRSOHIURPWKHPRUWDO
ZRUOGDOVRFURVVLQWRWKHUHDOPRI IDHULHZKHUHWKLV
PLVFKLHYRXVIRONEHFRPHIDUPRUHWKDQDVLPSOH
DQQR\DQFHDQGEHFRPHWUXO\GDQJHURXV

7ZLVW
7KHZKROHHSLVRGHDSSHDUVWREHDGUHDPZKHQWKH\
GLHRUHVFDSHWKH\ZDNHXSLQWKHULQJRI PXVKURRPV
DWWKHLUFDPSVLWHWKRXJKWKH\VWLOOEHDUWKHZRXQGVDQG
FDUU\WKHWKLQJVWKDWWKH\IRXQGZKLOHVOHHSLQJ7KLV
FDQEHDJRRGZD\WRSXWWKHZLQGXSWKHSOD\HUVE\
KDYLQJWKHLUFKDUDFWHUVGLHDWWKHKDQGVRI WKHIDHULHV
RQO\WRZDNHXSEUXLVHGDQGEOHHGLQJLQWKHIRUHVW

:KLOHWUDYHOOLQJWKHDGYHQWXUHUVPDNHFDPSOLJKWWKHLU
UHDQGUHVWEXWDVWLPHZHDUVRQWKH\GLVFRYHUWKDW
GHVSLWHKDYLQJDOOKDGPDQ\KRXUVRI UHVWWKHVXQKDV
QRWFRPHXSWKHPRRQKDVVLPSO\EHFRPHEULJKWHU
WKHVNLHVFOHDUHUWKHVWDUVPRUHYLVLEOH7KHHGJHRI 
WKHFOHDULQJWKDWWKH\KDYHFDPSHGLQLVULQJHGZLWK
PXVKURRPV$IDHULHULQJ

(SLORJXH

6RPHKRZWKH\KDYHFURVVHGRYHULQWRWKHODQGRI 
IDHULHDQGOLHZLWKLQ2EHURQVUHDOPRI QLJKWKRPHRI 
JREOLQVDQGRWKHUPRQVWURVLWLHVRI WKHQLJKW7RWKH
1RUWKOLHV7LWDQLDVUHDOPODQGRI OLJKWDQGGD\ZKRVH
IDHULHVDQGHOYHVDUHQRQHWKHOHVVVWLOOFUXHODQGWULFNV\
7RJHWRXWRI IDHULHODQGDQGEDFNWRWKHLURZQZRUOG
WKH\ZLOOKDYHWRQGDIDHULHSDWKWKDWPLJKWWDNHWKHP
WKHUHWKRXJKGXULQJWKHLUVHDUFKWKH\ZLOOIDFHPDQ\RI 
WKHXQLTXHGDQJHUVRI IDHULHODQG

7ZLVW
7LPHSDVVHVGLIIHUHQWO\LQIDHULHODQGWRWKHZD\LWGRHV
LQWKHPRUWDOZRUOG7KHFKDUDFWHUVPD\HVFDSHRQO\
WRQGWKDWWHQ\HDUVRUPRUHKDYHSDVVHGLQWKHWLPH
WKDWWKH\WKRXJKWZDVEXWDIHZVKRUWGD\V7KHUHLV
QRZD\WRJHWWKLVWLPHEDFNDQGIULHQGVDQGVSRQVRUV
PD\KDYHGLHGRUPRYHGRQLQWKDWWLPHZKROHSROLWLFDO
VWUXFWXUHVDQGERUGHUVPD\KDYHFKDQJHG7KH\PD\
EHWKRXJKWRI DVGHDGKHURHVRUPD\KDYHEHFRPH
YLOODLQVLQIRONORUH



7KHFKDUDFWHUVKDYHQRZEHHQIDHVWUXFNDQGWKH
IDHULHVQRZWDNHDNHHQLQWHUHVWLQDQ\WKLQJDQG
HYHU\WKLQJWKH\WU\WRGRKRXQGLQJWKHFKDUDFWHUDQG
KLVIDPLO\IRUWKHUHVWRI KLVOLIH6KRXOGWKHFKDUDFWHU
HYHUVLUHDFKLOGWKHUHDUHJRRGRGGVWKDWWKHIDHULHV
ZLOOVZDSWKHPIRUDFKDQJHOLQJWDNLQJWKHFKLOGLQOLHX
RI WKHFKDUDFWHUZKRVRPHKRZHVFDSHGWKHLUFOXWFKHV
,QWKHPRUHLPPHGLDWHIXWXUHWKHFKDUDFWHUPD\QG
WKHPVHOYHVKHOSHGE\DGPLULQJIDHULHVLQZKDWWKH\
GRJHWWLQJWKHPLQWRPRUHWURXEOHWKDQWKH\ZRXOG
RWKHUZLVHQGWKHPVHOYHV

,GHDV)DHULHVDUHHQWLUHO\FDSULFLRXV
DQGDOLHQLQWKHLUWKRXJKWSURFHVVHV
7KH\FDQDFWFRPSOHWHO\UDQGRPO\
DQG\RXQHHGQRPRUHMXVWLFDWLRQ
WKDQWKDWWKH\DUHIDHULHV'RQWEH
DIUDLGWRFKDQJH\RXUPLQGZLWKD
QRQSOD\HUFKDUDFWHUHQWLUHO\RUWRDFW
FRQWUDU\WRWKHZD\GLFHUROOVRUUROH
SOD\LQGLFDWH

$GYHQWXUH

QRWKLQJ6RPHRQHPXVWKDYHPDQDJHGWRJHWKROG
RI WKHPDQGWRPDQLSXODWHWKHLUPLQGVXVHGWKHPWR
SHUIRUPWKLVJKDVWO\GHHGDQGWKHQFDVWWKHPDVLGH
:KRWKRXJKDQGZK\"

0LVWDNHQ,GHQWLW\

7ZLVW

'HVFULSWLRQ
$UULYLQJLQDQHZWRZQWKHDGYHQWXUHUVQGWKHPVHOYHV
VXEMHFWHGWRVWUDQJHORRNVIURPWKHWRZQVIRON
7KH\KXUU\WRDYRLGWKHSDUW\FURVVLQJWKHVWUHHW
FORVLQJWKHLUGRRUVDQGRWKHUZLVHPDNLQJWKHPIHHO
XQZHOFRPH6RPHVHHPWHUULHGVRPHDUHLQVXOWLQJ
HYHQVSLWWLQJDWWKHFKDUDFWHUVIHHW
$VLWWUDQVSLUHVWKHSULHVWVRI WKHORFDOWHPSOHDORQJ
ZLWKDWRZQZDWFKPDQZHUHVODXJKWHUHGQRWWKUHH
QLJKWVDJRZLWKLQWKHWRZQDQGWKHPXUGHUHUVWWKH
GHVFULSWLRQRI WKHDGYHQWXUHUVWRD77KH\PLJKWQRW
KDYHEHHQKHUHDWWKDWWLPHEXWWKHZLWQHVVHVVHHPWR
WKLQNWKDWWKH\WWKHELOODQGDUHFRQYLQFHGWKDWWKH\
DUHWKHPXUGHUHUVLQTXHVWLRQ
,WLVQRWORQJEHIRUHWKHWRZQJXDUGDQGTXLWHSRVVLEO\
DQDQJU\PREIRUPRXWVLGHZKHUHYHUWKHDGYHQWXUHUV
DUHKROHGXSGHPDQGLQJMXVWLFHDQGWKHLUVXUUHQGHU
+RZFDQWKH\SURYHWKHLULQQRFHQFHLI WKH\DUHORFNHG
XSRUKXQJDQGKRZFDQWKH\HVFDSHZLWKRXWNLOOLQJ
VRPHRI WKHPREDQGJHQXLQHO\EHFRPLQJPXUGHUHUV"
$VVXPLQJWKH\GRJHWDZD\KRZFDQWKH\QGRXW
ZKDWUHDOO\KDSSHQHGWKDWQLJKWDQGZKRZDVUHDOO\
UHVSRQVLEOHRUZLOOWKH\VLPSO\PRYHRQSXUVXHGE\
WKHPREDQGWKHJXDUG"

7ZLVW
7KHFKDUDFWHUVKDYHEHHQVHWXSE\RQHRI WKHLUROG
HQHPLHV6HHNLQJUHYHQJHWKH\KDYHXVHGVRPHVRUWRI 
GLVJXLVHJODPRXURULOOXVLRQWRPDNHWKHLUKLUHGNLOOHUV
ORRNOLNHWKHFKDUDFWHUV,I WKH\ZHUHWUXO\LQWHOOLJHQW
WKH\ZRXOGQRZJHWDVIDUIURPWKHWRZQDVSRVVLEOH
EXWWKH\DUHDIWHUUHYHQJHDQGUHYHQJHPXVWEHSURSHUO\
ZLWQHVVHGLQRUGHUWREHWUXO\VDWLVI\LQJ

7KHWRZQKDVEHHQSDUWLDOO\LQOWUDWHGE\GRSSHOJDQJHU
FUHDWXUHV7KH\KDYHWDNHQWKHSODFHRI VHYHUDORI 
WKHLPSRUWDQWSHRSOHZLWKLQWKHWRZQDQGWKH\KHDUG
DFRXSOHRI GD\VEHIRUHWKHDGYHQWXUHUVHQWHUHGWKH
WRZQWKDWWKH\ZHUHFRPLQJ)DFHGE\WKHWKUHDW
RI VXFKDFFRPSOLVKHGDQGUHQRZQHGDGYHQWXUHUV
WKHGRSSHOJDQJHUVSDQLFNHGWKLQNLQJWKDWWKH\KDG
VRPHKRZIRXQGRXWDERXWWKHPDQGZHUHFRPLQJ
WRURRWWKHPRXW0RWLYDWHGE\WKLVEOLQGIHDUWKH\
FUHDWHGDKRWUHFHSWLRQIRUWKHFKDUDFWHUVKRSLQJWR
GULYHWKHPRII RUNLOOWKHP

(SLORJXH
:KRHYHULWLVWKDWVHWWKHDGYHQWXUHUVXSLVSDUWRI 
DODUJHUFRQVSLUDF\6WRULHVDERXWURJXHDGYHQWXUHU
JURXSVWXUQLQJWRPXUGHUDQGEDQGLWU\DUHFLUFXODWLQJ
ZLGHO\LQFOXGLQJRWKHUDGYHQWXUHUVWKDWWKHFKDUDFWHUV
NQRZDERXWDQGZKRWKH\NQRZZRXOGQHYHUVWRRS
WRVXFKEHKDYLRXU$GYHQWXUHUVDUHEHLQJGULYHQDZD\
DQGWRZQVDQGFLWLHVDUHWXUQLQJDJDLQVWWKHLURQHWLPH
VDYLRXUV6RPHRQHLVGHOLEHUDWHO\GLVFUHGLWLQJWKH
DGYHQWXULQJSURIHVVLRQDQGLWVOHDGLQJPHPEHUV:KR
DQGWRZKDWSXUSRVH"

,GHDV7KHWRZQVSHRSOH
DUHDQJU\EH\RQGUHDVRQDQG
VKRXOGQRWEHVWRSSHGZLWKD
IHZFDOPZRUGV0DJLFRUD
GHPRQVWUDWLRQRI RYHUZKHOPLQJ
IRUFHLVWKHRQO\WKLQJWKDWJHWV
WKURXJKWRDQDQJU\PRE

,GHDV,I WKHZHUHPLQGFRQWUROOHG
WKHUHFRXOGVWLOOEHSRVWK\SQRWLF
VXJJHVWLRQVLQWKHLUPLQGV

7ZLVW
7KHPXUGHUHUVZHUHWKHFKDUDFWHUV7KH\GLGLW:LWK
DOLWWOHLQYHVWLJDWLRQLWLVHDV\HQRXJKWRZRUNRXWWKDW
WKH\UHPLVVLQJDIHZQLJKWVZKHUHWKH\UHPHPEHU


$GYHQWXUH

7ZLVW
7KHNLQJKDVQRLQWHQWLRQRI FUHDWLQJKXQGUHGRI ORUGV
ZLWKLQKLVUHDOPLWZRXOGZDWHUGRZQWKHEORRGRI 
QRELOLW\DQGPDNHKLPDODXJKLQJVWRFN2QFHWKHIRUWV
DUHFRPSOHWHKHUHFDOOVWKHZDQQDEHORUGVWRKLVFLW\
IXOO\LQWHQGLQJWRWKURZWKHPLQWKHGXQJHRQVDQGWR
H[HFXWHWKHPWKHRQO\WRXFKRI DEODGHWKH\ZLOOJHW
IURPKLP,QVWHDGKLVIDPLO\PHPEHUVZLOOEHLQVWDOOHG
LQWKHIRUWVWRRYHUVHHWKHH[SDQVLRQRI WKHNLQJGRP

'XE'XE,Q
'HVFULSWLRQ
+RZZRXOG\RXOLNHWRKDYHDQREOHWLWOHWREHDORUG"
7KHRSSRUWXQLW\KDVQRZDULVHQ7KHVPDOONLQJGRP
RI $ULVLDLVSHQQHGLQE\PRUHSRZHUIXONLQJGRPVDQG
WKHRQO\URRPLWKDVWRH[SDQGLVDFURVVWKH%URNHQ
3ODLQDURFN\DQGWUHDFKHURXVDUHDRYHUUXQZLWK
PRQVWHUVDQGKRVWLOHUDFHV

7ZLVW

,QRUGHUWRFODLP\RXUQREOHWLWOHIURPWKHNLQJ\RX
KDYHWRSHUIRUPRQHVLPSOHWDVN7RWUDYHOLQWRWKLV
GDQJHURXVZLOGHUQHVVDQGWROD\FODLPWRDQDUHDRI 
ODQGWKHUHEXLOGDIRUWUHVVWRVHUYHDV\RXUNHHSDQGWR
FOHDQVHWKHDUHDDURXQG\RXUIRUWLFDWLRQRI GDQJHURXV
EHDVWV
2QFHWKLVLVDFFRPSOLVKHGWKHNLQJZLOOVHQGDVXUYH\RU
WRH[DPLQHWKHIRUWUHVVDQGWKHVXUURXQGLQJODQG,I 
WKHVXUYH\RULVVDWLVHGWKHQKHZLOOUHWXUQDQGLQIRUP
WKHNLQJ\RXZLOOEHFDOOHGEDFNWRWKHSDODFHDQG
NQLJKWHGDQGSHDVDQWVZLOOEHDVVLJQHGWRWKHIRUWUHVVWR
WLOOWKHVRLODQGVHUYHWKHQHHGVRI WKHQHZORUG
0RQH\DQGHIIRUWLVQHHGHGWREXLOGVXFKDIRUWUHVVEXW
DQREOHWLWOHFRQIHUVPDQ\EHQHWVDQGWKHORQJWHUP
SURWDELOLW\RI EHLQJDPDVWHURI VHUIVLVVRPHWKLQJWR
EHUHFNRQHGZLWK

7ZLVW
7KHVXUYH\RUVHQWWRH[DPLQHWKHLUIRUWUHVVLVQWD
VXUYH\RUDWDOOEXWUDWKHUDULYDOORUGOLQJ+HWHOOVWKHP
LWLVSHUIHFWDQGWRUHWXUQWRWKHNLQJIRUWKHLUNQLJKWLQJ
ZKLOHKHDQGKLVFURQLHVPRYHLQWRWKHIRUWUHVVDQG
WDNHLWRYHUPHHWLQJWKHUHDOVXUYH\RUDQGSXWWLQJ
WKHPVHOYHVLQOLQHIRUWKHNQLJKWKRRGDQGWKHRWKHU
EHQHWVDOORQWKHEDFNRI VRPHRQHHOVHVKDUGZRUN
,I WKH\DUHWRSXWWKLQJVWRULJKWVWKH\ZLOOKDYHWROD\
VLHJHWRWKHLURZQIRUW

7KHVHUIVWKDWJHWDVVLJQHGWRWKHQHZIRUWDUHQRWVHUIV
DWDOOUHDOO\EXWDUHSROLWLFDOGLVVLGHQWVWURXEOHPDNHUV
DQGFULPLQDOVIURPWKHNLQJGRPVHQWRXWWRVFUDWFK
LQWKHGLUWRQWKLVGDQJHURXVERUGHU&RQWUROOLQJWKH
SHDVDQWVPD\SURYHWREHDVGLIFXOWLI QRWPRUH
GLIFXOWWKDQJXDUGLQJDJDLQVWDWWDFNVDQGPRQVWHUV

(SLORJXH
7KHH[SDQVLRQRI WKHNLQJGRPLQWRWKHEURNHQSODLQV
KDVWDNHQWKHKXPDQRLGFUHDWXUHVWKDWGZHOOWKHUH
VRPHZKDWE\VXUSULVHDIWHUVRPDQ\\HDUVRI FODLPLQJ
WKHSODLQIRUWKHPVHOYHVDQGGRLQJDVWKH\ZLVK1RZ
ZLWKWKHH[SDQVLRQRI WKHNLQJGRPWKH\DUHEHLQJ
RXVWHGIURPWKHLUDQFHVWUDOODQGVDQGEHLQJNLOOHGRII
WULEHE\WULEH(YHQWXDOO\WKH\FDQEHDULWQRORQJHU
DQGVHWDVLGHWKHLULQGLYLGXDOULYDOULHVFRPLQJWRJHWKHU
XQGHUDJUHDWZDUFKLHI DQGVHWWLQJRXWWRUHPRYHWKH
QHZIRUWVDQGWKHEDUHO\EHJXQIDUPODQGIURPZKDW
WKH\UHJDUGDVWKHLUKRPH7KHUDYHQLQJKRUGHPRYHG
PHWKRGLFDOO\IURPIRUWWRIRUWUHGXFLQJLWWRUXEEOH
ZLWKIHZVXUYLYRUVOHIWWRFDUU\ZDUQLQJVWRWKHRWKHU
IRUWV1RZWKH\FRPHIRUWKHFKDUDFWHUVIRUWZLOO
LWVWDQGXSWRWKHDVVDXOWRUZLOOLWEHFRPHDIDQWDV\
$ODPR"
,GHDV'HVLJQLQJDIRUWFDQEHJUHDWIXQ
IRUDSOD\HUJURXS/HWWKHPVSHQGSOHQW\
RI WLPHRQLWJHWWLQJWKHSODQVULJKWDQG
HVWLPDWLQJWKHFRVWRI KDYLQJLWFRQVWUXFWHG
7KHSODQVVKRXOGSURYHXVHIXOLQWKHIXWXUH

,GHDV7KHUDFHVWKDWLQKDELWWKH
%URNHQ3ODLQVVKRXOGEHVRPHWKLQJ
GLIIHUHQWIURPWKHXVXDORUFVRU
JREOLQV


$GYHQWXUH

WUHPHQGRXVO\H[FLWHGDQGPD\OHWVRPHWKLQJVOLSDV
WKH\DSSURDFKWKHHQGRI WKHLUMRXUQH\DQGSRWHQWLDO
YLFWRU\

0\%URWKHUV.HHSHU
7ZLVW
7KHPRVWSHUVLVWHQWDWWDFNHURI WKHSLOJULPVLVQRWHYLO
RUWUXO\DFULPLQDOWKH\DUHVLPSO\GHVSHUDWH0DODNDL
WKHPHUFKDQWSULQFHLVG\LQJRI DVWUDQJHLOOQHVVWKDW
WKHSULHVWVFDQQRWFXUHDQGKLVRQO\UHDOKRSHLVWKH
SRZHURI WKHRUE2QFHLWLVGUDLQHGE\KHDOLQJWKHIXOO
FLUFXLWLWZLOOQRWKDYHHQRXJKSRZHUOHIWWRKHDOKLPVR
KHQHHGVWRJHWWRLWEHIRUHLWFRPSOHWHVWKHMRXUQH\LI 
KHLVWRKDYHDQ\FKDQFHRI EHLQJKHDOHG+HLVZLOOLQJ
WRWKURZKLVHQWLUHIRUWXQHDZD\VWULYLQJDIWHUWKHRUE
WRJLYHKLVOLIHVRPHH[WHQVLRQ

'HVFULSWLRQ
7KHPRQNVRI WKH%URWKHUKRRGRI WKH&RQWHPSODWLYH
1LJKWPDNHDSLOJULPDJHHYHU\IHZ\HDUVZLWKWKHLU
JUHDWKHDOLQJDUWHIDFWWKH2UERI &DOORR7KLV
P\VWHULRXVJOREHKDVWKHDELOLW\WRFXUHPDQ\LOOVDQG
DLOPHQWVDQGWRHDVHWKHSDLQRI WKHVXIIHULQJ7KHLU
YLVLWVDUHWKHUHIRUHH[WUHPHO\SRSXODUDQGWKHEURWKHUV
DUHZHOOUHJDUGHGLQWKHSDUWRI WKHODQGWKH\WRXUZLWK
WKHLUKRO\UHOLF
7KHUHDUHWKRVHZKRGHVLUHWRRZQWKHRUEDQGVHHN
LWWRKHDORQO\WKHPVHOYHVRUWRPDNHDSURWIURP
FKDUJLQJSHRSOHWREHKHDOHG7KHVHSHRSOHRIWHQKDYH
WULHGWRWDNHWKHRUEDQGLWLVRQO\E\JRRGIRUWXQHDQG
WKHLQWHUYHQWLRQRI WKHDUPLHVDQGUDQJHUVRI WKHFLWLHV
WKDWWKHEURWKHUVYLVLWWKDWLWKDVQRWEHHQVWROHQ

7ZLVW
2QHRI WKHFLWLHVRQWKHURXWHKDVKDGSUREOHPVRYHU
WKHODVWIHZ\HDUV3ODJXHVVWDUYDWLRQDQGRWKHULOOV
KDYHOHIWWKHSRSXODFHWKLQQHGDQGXQKHDOWK\7KH
OHDGHUVRI WKHFLW\KDYHGHFLGHGWRWU\DQGFDSWXUHWKH
RUEWRNHHSLWZLWKLQWKHLUFLW\WRVROYHWKHVHSUREOHPV
DQGWRUHWXUQHYHU\RQHWRKHDOWK7KH\ZLOOZHOFRPH
WKHSLOJULPVZLWKRSHQDUPVRQO\WRVXUURXQGWKHPDQG
HQWUDSWKHPDVWKH\WU\WRWDNHWKHRUEIRUWKHPVHOYHV

7KLV\HDUDVWKHWLPHDSSURDFKHVIRUWKHPWREHJLQ
WKHFLUFXLWRI WKHLUSLOJULPDJHWKHKHDGVRI WKHYDULRXV
FLWLHVKDYHEHFRPHQHUYRXV7KH\ZDQWWRHQVXUHWKH
RUEVVDIHW\DQGKDYHLQVLVWHGWKDWWKHEURWKHUVDUH
DFFRPSDQLHGE\JXDUGVRI H[SHULHQFHDQGZRUWK7KH
FKDUDFWHUV

(SLORJXH
7KHEURWKHUKRRGDUHQWWKHRQO\RQHVZLWKKRO\
DUWHIDFWVWKDWQHHGSURWHFWLQJDQGWUDQVSRUWDWLRQ
+DYLQJSURYHGWKHPVHOYHVWRWKHFKXUFKHVDV
DGYHQWXUHUVZKRFDQEHHQWUXVWHGZLWKWKHVHUHOLFVWKH
FKDUDFWHUVPD\ZHOOQGWKHPVHOYHVRSHUDWLQJDVRUWRI 
FRXULHUVHUYLFHIRUWKHYDULRXVWHPSOHVDQGFKXUFKHV
RI WKHODQGWUDQVSRUWLQJWKHLUUHOLFVDQGDUWHIDFWVIURP
SODFHWRSODFHDQGHQVXULQJWKHLUVDIHW\IURPDSRVLWLRQ
RI WUXVW

7KHEURWKHUKRRGKDYHWDNHQDYRZRI SDFLVPDQG
KDYHDOVRWDNHQYRZVQRWWRULGH7KHWHQVWURQJ
SDUW\RI PRQNVZLOOSURYLGHKHDOLQJDQGZLOOFDUU\WKH
SDODQTXLQWKDWVWRUHVWKHRUEEXWWKH\ZLOOQRWMRLQLQ
DQ\JKWLQJDQGZLOOKHDOWKHHQHP\MXVWDVTXLFNO\DV
WKHLUJXDUGVDWWKHHQGRI DVNLUPLVK
7KHWULSZLOOWDNHVRPHWLPHDQGEHVLGHVWKHXVXDO
GDQJHUVRI WUDYHOOLQJWKHURDGVWKHUHPD\ZHOOEH
DPELWLRXVDQGLQWHOOLJHQWSHRSOHDIWHUWKHRUE

,GHDV:KHQGHVFULELQJWKH
PRQNVDQGDFWLQJWKHPRXW
DVQRQSOD\HUFKDUDFWHUVWKLQN
PRUHRI 7ULSLWDNDIURP0RQNH\
0DJLFWKDQ.DQHIURP.XQJ)X

7ZLVW
7KHRUEGRHVQRWKHDOSHUVHLWVLPSO\VXFNVXSWKH
SDLQDQGDJRQ\RI WKRVHLWKHDOVVWRULQJLWZLWKLQ
LWVVWUXFWXUH7KHEURWKHUVDUHDVHFUHWLYHFXOWRI 
LQIHUQDOLVWVDQGDUHFORVHWRWKHLUJRDORI XVLQJWKH
VWRUHGSDLQDQGDQJXLVKWRRSHQDJDWHZD\IRUWKHLU
GHPRQLFPDVWHUV7KLVFORVHWRWKHLUJRDOWKH\DUH


$GYHQWXUH

7ZLVW
7KHV\QGLFDWHDOUHDG\NQRZWKDWWKHDGYHQWXUHUVDUH
WU\LQJWRLQOWUDWHWKHPDQGZLOOVHQGWKHPRQDQHYHU
PRUHHODERUDWHDQGGDQJHURXVZLOGJRRVHFKDVHXQWLO
WKH\DUHHLWKHUNLOOHGRUJXUHRXWWKDWWKH\DUHEHLQJ
GXSHGDQGREVHUYHGDQGWDNHDGLIIHUHQWWDFN,I WKH
FKDUDFWHUVVKRXOGVRPHKRZIDLOWRFRQWLQXHWREH
LQWHUHVWLQJDVZDUPRI DVVDVVLQVZLOOEHVHWXSRQWKHP

1R5HVSHFW
'HVFULSWLRQ
7KHV\QGLFDWHLVDODUJHFULPLQDORUJDQLVDWLRQWKDWKDV
VSUXQJXSEHWZHHQPDQ\FLWLHVDQGLVVSUHDGLQJHYHQ
IXUWKHUEULQJLQJWRJHWKHUWKHGLVSDUDWHWKLHYHVDQG
DVVDVVLQVJXLOGVDORQJZLWKRWKHUERUGHUOLQHOHJDOJXLOGV
DQGLQGXVWULHVLQWRRQHPDVVLYHRUJDQLVDWLRQ

7ZLVW
1RWZDQWLQJWRVWRSDWEUHDNLQJWKHSRZHURI 
WKHV\QGLFDWHWKHLUP\VWHULRXVVSRQVRUZLVKHVWKH
WKLHYHVJXLOGVWKHEXLOGLQJEORFNVRI ZKDWEHFDPH
WKHV\QGLFDWHFOHDQVHGDQGEXUQHGWRHUDGLFDWHWKH
SUREOHPRI RUJDQLVHGFULPHRQFHDQGIRUDOO:KDW
VWDUWVDVDVLPSOHLQOWUDWLRQDQGLQWHOOLJHQFHJDWKHULQJ
PLVVLRQEHFRPHVDVVDVVLQDWLRQDQGGHVWUXFWLRQ

&ULPHDQGDVVDVVLQDWLRQKDVQHYHUEHHQRUJDQLVHGRQ
VXFKDPDVVLYHVFDOHEHIRUHDQGWKHVKHHUDPRXQWRI 
SRZHUDWWKHGLVSRVDORI WKLVV\QGLFDWHPHDQVWKDW
QRERG\LVRXWRI WKHSULFHUDQJHRI WKHLUFRUUXSWLRQV
DQGQRERG\LVVDIHIURPWKHLUDVVDVVLQVRUIUHHIURP
WKHLUZDWFKIXOH\H
7KHV\QGLFDWHLVUXWKOHVVDQGH[LVWVWRH[WHQGLWVRZQ
SRZHUDQGZHDOWKWREULQJPRUHDQGPRUHFULPLQDOV
XQGHULWVVZD\XQGHULWVOHDGHUWKHP\VWHULRXVNLQJSLQ
RI WKHFULPHRUJDQLVDWLRQ0U6KDGH1RZLWFKDOOHQJHV
WKHWUXHNLQJVRI WKHODQGLQWHUPVRI SRZHUDQGKDV
WKHSHDVDQWSRSXODFHXWWHUO\FRZHGZLWKLWVIHDUVRPH
UHSXWDWLRQ
1HHGOHVVWRVD\WKLVGRHVQRWVLWZHOOZLWKWKHWUXH
UXOHUVRI WKHODQGZKRZLVKVRPHWKLQJGRQHDERXWLW
8QDEOHWRWUXVWWKHLURZQZDWFKPHQRUFKDPEHUODLQV
DOORI ZKRPPD\KDYHEHHQFRUUXSWHGE\WKHV\QGLFDWH
WKH\FODQGHVWLQHO\DSSURDFKWKHDGYHQWXUHUVJLYLQJ
WKHPVRPHJROGDQGWKHSURPLVHRI DORWPRUHLI WKH\
ZLOOVRPHKRZLQOWUDWHDQGXQGHUPLQHWKHDFWLYLWLHVRI 
WKHV\QGLFDWH

7ZLVW
7KLVLVDFWXDOO\DWHVWVHWE\0U6KDGHZKRLVORRNLQJ
IRUPRUHSRWHQWLDOPHPEHUVDQGOHDGVIRUWKHV\QGLFDWH
)LQGLQJKLPLQOWUDWLQJWKHRUJDQLVDWLRQLVDWHVWVHW
E\KLPWRORRNIRUFRPSHWHQWDQGHIIHFWLYHOLHXWHQDQWV
WRKHOSDGPLQLVWHUWKHV\QGLFDWH,I WKH\VXFFHHGLQ
QGLQJKLPWKH\PD\ZHOOEHSUHVHQWHGZLWKDQRIIHU
WKH\FDQWUHIXVH



(SLORJXH
7KHLPSDFWRI WKHIDOORI WKHV\QGLFDWHLVIDUUHDFKLQJ
PDNLQJWKHSUREOHPVRI VHOOLQJVWROHQRUORRWHGJHDU
HYHUPRUHDFXWHDVWKHIDOORI VHYHUDOWKLHYHVJXLOGV
PHDQVWKHUHDUHIHZHUDQGIHZHUSHRSOHFDSDEOHRI 
MXGJLQJKRZPXFKVRPHWKLQJLVZRUWK,WEHFRPHVWKH
HUDRI WKHVLQJXODUWKLHIQDPHGURPDQWLFJXUHVWKDW
VWHDODERXWWKHQLJKWLQWKHLUEODFNFORWKLQJVHDUFKLQJ
IRURSHQZLQGRZVRUPDNLQJRVWHQWDWLRXVO\JUDQG
WKLHYHULHVRI LPSRUWDQWDQGH[SHQVLYHLWHPV7KHVH
LQGLYLGXDOWKLHYHVQHHGWREHFDXJKWDQGSXWXQGHUORFN
DQGNH\RUVL[IHHWRI HDUWKDVZHOO

,GHDV7KHV\QGLFDWHDUHQWVWXSLG
DQGKDYHDGHFHQWUDOLVHGVWUXFWXUH
ZKLFKPHDQVIHZSHRSOHNQRZ
WKHRWKHUVVLJQHGXSIRUWKHJURXS
RUZKRZRUNZLWKWKHP7KH
LQGLYLGXDOVDWDQ\RQHVLWHPLJKW
QRWEHDEOHWRWHOO\RXZKRDQ\RI 
WKHLUDFFRPSOLFHVDUHRUHYHQWKHLU
VXSHULRUV%UHDNLQJWKHV\QGLFDWH
ZLOOQHHGDORWRI WKRXJKW

$GYHQWXUH

VRUWHGRXWPD\UHDOLVHWKDWWKH\UHRQO\JRLQJWREHSDLG
KDOI RI ZKDWWKH\DJUHHGRQVLQFHWKH\YHRQO\GRQH
KDOI WKHMRE7RWKHRWKHUSDUW\WKLVVLPSO\LVQWJRRG
HQRXJK

&OHDU7KH:D\

7ZLVW

'HVFULSWLRQ

6LQFHWKHURDGZDVDEDQGRQHGLWKDVEHHQWXUQHGE\
EDQGLWVDQGKXPDQRLGFUHDWXUHVLQWRDVRUWRI ORQJ
YLOODJHZLWKVKDEE\KDELWDWLRQFRPLQJLQWRSODFH
DURXQGWKHFRUHRI WKHROGLQQVDQGKRVWHOULHV5DWKHU
WKDQHPSW\EXLOGLQJVWKHDGYHQWXUHUVDUHIDFLQJVPDOO
VKDEE\YLOODJHVZLWKLUDWHWHQDQWVVRPHRI ZKLFKZLOOEH
IRUHZDUQHGWKDWWKH\DUHFRPLQJ

2QFHORQJDJRLQWKHGD\VEHIRUHWKHUHZDVDORQJ
VWUDLJKWURDGWKDWMRLQHGWKHFLWLHVRI .DUPLWKDDQG
'MHUXEDO7KHURDGIDLUO\KXPPHGZLWKWUDIF
PHUFKDQWZDJRQVDQGWUDYHOOHUVWDNLQJWKHZHOOPDGH
SDWKWRVSHHGWKHLUMRXUQH\DQGIRUWKHFRPSDQLRQVKLS
VXFKDEXV\URDGRIIHUHGWRWKHP
7KHQWKHUHZDVDIDOOLQJRXWEHWZHHQWKHFLWLHVDIHXG
LI \RXZLOO(DFKWXUQHGWRRWKHUFLWLHVIRUWKHLUWUDGH
LJQRULQJWKHRWKHUEORFNDGLQJWKHURDGDQGFRQWLQXLQJ
WKHIHXG7UDIFRQWKHURDGVORZHGWRDWULFNOHDQG
WKHQFHDVHG

7ZLVW
2YHUDODUJHVHFWLRQRI WKHURDGWKHSODQWVWKHPVHOYHV
KDYHEHFRPHDQLPDWHGDQGGHDGO\$WWKHKHDUWRI 
WKLVGHDGO\WDQJOHRI WKRUQVDQGFUHHSHUVLVWKHFDXVH
DORQJRYHUWXUQHGDQGURWWHGZDJRQIURPDPDJH
FROOHJHLWVFDUJRRI SRWLRQVVSLOOHGDQGPL[HGXSRQ
WKHJURXQG6RPHFRPELQDWLRQPXVWKDYHFDXVHGWKH
FKDQJHEXWWKHKHDUWRI WKHHYLOSODQWOLIHLVKHUHLI LW
FDQEHGHVWUR\HGWKHUHVWVKRXOGZLWKHU

8QXVHGDQGZLWKRXWPDLQWHQDQFHWKHURDGZDV
JUDGXDOO\RYHUJURZQFRYHUHGLWVKRVWHOULHVDQGLQQV
EHFDPHDEDQGRQHGWKHGRPDLQRI RXWFDVWVDQG
FUHDWXUHV7KHURDGZDVVLOHQW,WFDQVWLOOEHVHHQ
WRGD\WKRXJKWKH\EXLOWZHOOLQWKRVHGD\VDQGZKLOH
WKHVXUIDFHLVFUDFNHGE\SODQWVKHUHDQGWKHUHWKH
VXUIDFHRI WKHURDGEHQHDWKUHPDLQVUPDQGVPRRWK

(SLORJXH

7KHWZRFLWLHVKDYHORQJSXWWKHLUHQPLW\DVLGHDQGD
QHZWUDGHDJUHHPHQWKDVEHHQGUDZQXSEHWZHHQWKHP
7KHURDGLVEHUHRSHQHGEXWUVWLWPXVWEHFOHDUHG
6LQFHLWKDVQRWEHHQWURGGHQLQ\HDUVDQGGRXEWOHVV
KDVEHFRPHKRPHWRDOOVRUWVRI QDVWLQHVVWKH\KDYH
GHFLGHGWRVHQGDFUHZDORQJWKHROGURDGFOHDULQJWKH
ZRUVWKD]DUGVDQGHPSW\LQJWKHROGLQQVDQGKRVWHOULHV
RI WKUHDWVVRWKDWZRUNPHQFDQIROORZEHKLQG
UHPRYLQJWKHUHVWRI WKHSODQWVDQGUHSDLULQJWKHZRUVW
KROHVLQWKHURDG
7KLVLVZKHUHWKHSDUW\FRPHVLQ

7ZLVW
8QNQRZQWR.DUPLWKD'MHUXEDOWKRXJKWWKH\ZHUH
WDNLQJUHVSRQVLELOLW\IRUWKHFOHDUDQFHRI WKHURDGDQG
KDYHDVVLJQHGDJURXSRI DGYHQWXUHUVDQGDZRUNFUHZ
WRVWDUWFOHDULQJIURPWKHRSSRVLWHHQGRI WKHURDG
7KHWZRDGYHQWXULQJJURXSVDUHJRLQJWRPHHWDWWKH
KDOIZD\SRLQWDQGZKHQDOOWKHIXVVDQGFRQIXVLRQLV


:LWKWKHURDGFRPSOHWHGPHUFKDQWWUDIFEHJLQV
+LVWRULFDOGLIIHUHQFHPDNHWKLQJVDOLWWOHWHQVHEXWEULVN
WUDGHDQGWKHSRVLWLYHRZRI PRQH\KHOSVERWKFLWLHV
VHHSDVWWKDWKLVWRULFDOHQPLW\7KHQWKHUDLGVVWDUW
FDUDYDQVDQGZDJRQVEHLQJKLWDWQLJKWE\WURRSVLQWKH
RWKHUFLW\VOLYHU\%RWKDUHLQVWDQWO\VXVSLFLRXVDQGWKH
JURXQGPDGHXSWKURXJKWKHWUDGHLVTXLFNO\ORVW$VD
ODVWPLQXWHHIIRUWWKH\DJUHHWRVHQGWKHSDUW\EDFNRXW
DORQJWKHURDGWRQGWKHWUXWKRI ZKDWLVKDSSHQLQJ
DQGWRGHFLGHRQFHDQGIRUDOOZKRLVDFWXDOO\EHKLQG
WKHDWWDFNVDORQJWKHURDG

$GYHQWXUH

LQWKHGDUN1RWWKDWWKH\ZRQWHDWDGYHQWXUHUVZKHQ
VXFKIRRGWXUQVXS

7XQQHO5DW

7ZLVW

'HVFULSWLRQ
7KHGZDUYHVRI *UDQLWH6SLUHKDYHEHHQSURVSHURXV
RYHUWKHODVWGHFDGHRUVRUDSLGO\LQFUHDVLQJLQ
ERWKQXPEHUDQGZHDOWKDQGH[SDQGLQJWKHLUKRPH
DFFRUGLQJO\GLJJLQJGHHSHULQWRWKHVSLUH5HFHQWO\
WKH\PDGHDGLVFRYHU\LQWKHLUWXQQHOOLQJWKDWKDVWKH
ZKROHRI 6SLUHDEX]]ZLWKLQWHUHVWDQGH[FLWHPHQW
7KH\XQFRYHUHGDQDQFLHQWJDWHPDUNHGLQROGGZDUYHQ
UXQHVWKDWVHHPVWROHDGLQWRRQHRI WKHJUHDWGHOYLQJV
WKHLUUDFHFUHDWHGLQWKHKHUHEHIRUH

%HVLGHVWKHUDWVWKHUHDUHRQO\WKHJKRVWVRI GZDUYHV
ORQJGHDGIXOORI EDOHIXOZDUQLQJVDQGWU\LQJWRVHHWKH
DGYHQWXUHUVRII IURPWKHLUUHVWLQJSODFH7KHVNHOHWRQV
RI GZDUYHVDUHSLOHGXSLQWKHKRPHVDQGWHPSOHVDQG
DOOWKHLUZRXQGVVHHPWREHVHOI LQLFWHGWKRXJKWKHUH
LVQRUHDOLQGLFDWLRQRI ZKDWNLOOHGWKHPDQGWKHJKRVWV
DUHWRRROGDQGWRRVWXSLGWRUHDOO\JLYHWKHPDQ\
LQIRUPDWLRQ7KHSODFHUHPDLQVXQTXLHWDQGGLVWXUELQJ
DQGWKHP\VWHU\LVQRWDVROYDEOHRQH

7ZLVW
7KHGHOYLQJKDVORQJVLQFHEHHQPRYHGLQWRE\DJUHDW
GDUNVNLQQHGGUDJRQWKDWOLYHVLQWKHGHHSVKDGRZVRI 
ZKDWZDVRQFHWKHGZDUYHVJUHDWHVWWHPSOH7KHUDWV
DUHWKHHDUO\ZDUQLQJV\VWHPRI WKHYDULRXVVHUYLWRUV
WKDWWKHGUDJRQKDVLQLWVVHUYLFHVRPHRI ZKLFKDUH
DPDQQHURI GUXLGRI WKHXQGHUJURXQGZRUG7KH
UDWVLQIRUPWKHRWKHUVRI LQWUXGHUVLQWRWKHLUPDVWHUV
GRPDLQ:KHQWKHGUDJRQHQWHUVDQGOHDYHVWKH
GRPDLQLWGRHVVRYLDWKHXQGHUJURXQGULYHUVOLWKHULQJ
WKURXJKLWOLNHDVQDNH

8QVXUHRI WKHFRQWHQWRI WKHWXQQHOVWKH\KDYH


GHFLGHGWRKDYHWKHPVFRXWHGRXWWRDVVHVVWKHURRP
DYDLODEOHDQGWRVHHLI DQ\WKLQJGDQJHURXVOXUNVLQWKH
RQFHJUDQGGZDUYHQGHOYLQJ7RWKLVHQGWKH\KDYH
VHQWVRPHRI WKHLUQXPEHURXWLQWRWKHZRUOGWRQG
DGYHQWXUHUVZLOOLQJWRWDNHXSWKHWDVNIRUDUHDVRQDEOH
UHZDUG7KH\DUHZLOOLQJWRRIIHUDFRQVLGHUDEOH
DPRXQWRI JROGDQGZLOODOORZWKHDGYHQWXUHUVWRWDNH
DQ\FRLQWKH\QGEXWWKH\DUHWROHDYHUHPDLQLQJ
GZDUYHQDUWHIDFWVZKHUHWKH\QGWKHP
:KDWWKH\GRQGLVWKDWWKHWXQQHOVDUHRYHUUXQZLWK
UDWVKXJHSODJXHULGGHQWKLQJVWKDWVFXUU\LQWKHGDUN
VLQJO\DQGLQVZDUPV7KH\HHIURPWKHOLJKWIRU
QRZEXWVHHPWREHJURZLQJEROGHUDQGEROGHUQRW
WRPHQWLRQODUJHUDQGHYHQPRUHQXPHURXVDVWKH
H[SORUDWLRQFRQWLQXHV3HUKDSVWKHUDWVDUHZKDWGURYH
RII WKHGZDUYHVQRWKDWVULGLFXORXVWKH\UHRQO\
UDWV

(SLORJXH

7ZLVW
7KHUDWVDUHDVLJQRI WKHSODJXHWKDWGHVFHQGHGXSRQ
WKLVGHOYLQJ0LQLQJGHHSLQWRWKHHDUWKWKHGZDUYHV
XQFRYHUHGWKHSODJXHLGRORI WKHUDWJRGDQGLWVWLOO
UHPDLQVGRZQLQWKHORZHVWOHYHOVRI WKHGXQJHRQ
FDOOLQJLWVFKLOGUHQWRLWPXWDWLQJWKHPWZLVWLQJWKHP
7KHUHVKRXOGEHUDWVGLUHUDWVJLDQWUDWVDQGZHUHUDW
SHRSOHRI DOOGHVFULSWLRQV7KHVHWKLQJVLQIHVWWKH
ZKROHGHOYLQJDQGWKHZHUHUDWVKDYHPDGHWKHLUKRPHV
RQWKHORZHUOHYHOVZKHUHDQXQGHUJURXQGULYHURZV
WKURXJKWKHGHOYLQJIHDVWLQJRQVKDQGWKHSDOHWKLQJV


:LWKWKHGHOYLQJVFRXWHGDQGSDUWLDOO\FOHDUHGWKH
GZDUYHVEHJLQWRPRYHLQWRWKHWXQQHOVDQGKRPHVWKDW
KDYHEHHQXQFRYHUHGDQGWRH[SORUHIXUWKHU,QGRLQJ
VRWKH\XQFRYHUHYHQGHHSHUWXQQHOVQRWIRXQGGXULQJ
WKHDGYHQWXUHUVVHDUFKWKHVHRQHVDUHFDUYHGLQD
VWUDQJHUPXFKPRUHRUJDQLFIDVKLRQWKHUXQHVDOPRVW
VHHPLQJWRVTXLUPEHIRUH\RXUH\HVDQGUHIXVLQJWREH
UHDGSURSHUO\:KDWFRXOGKDYHFDUYHGWKHVHGHHSHU
WXQQHOVDQGZKDWP\VWHULHVGRWKHLUGHOYLQJVKLGH"
$JDLQLWLVXSWRWKHSDUW\WRLQYHVWLJDWH

,GHDV0DNHXSWKHGZDUYHQWXQQHOV
DV\RXJRDORQJEXWWU\WREDODQFHWKH
GXQJHRQZLWKWKHFLW\TXDOLW\

$GYHQWXUH

7ZLVW
7KHQREOHLVWKHPRVWDQQR\LQJPDQDOLYH)URPKLV
EUD\LQJODXJKWRKLVLQVLVWHQWDQGXQFHDVLQJLUWDWLRQ
DQGXQZHOFRPHDGYDQFHVWRDQ\WKLQJIHPDOHWRKLV
KDELWRI SLFNLQJKLVQRVHDQGLFNLQJWKHUHVXOWLQJ
VQRWEDOODQGWKHORZHVWFODVVSHUVRQLQVLJKW1R
ZRQGHUSHRSOHZDQWWRNLOOKLPUHDOO\

:RXOG<RX'LH)RU0H"
'HVFULSWLRQ
$EUHDWKOHVVQREOHPDQKLVFORDNVSDWWHUHGZLWKDOLWWOH
EORRGFRPHVKXUWOLQJGRZQWKHVWUHHWLQVRPHWKLQJ
RI DSDQLFDOPRVWERZOLQJULJKWLQWRWKHSDUW\DQG
NQRFNLQJWKHPRYHU/RRNLQJEHKLQGKLPLQDEOLQG
SDQLFKHFOXWFKHVDWWKHLUUREHVDQGEHJVIRUWKHLU
KHOS+LVHQWRXUDJHKDVEHHQNLOOHGKHVD\VDWHUULEOH
DPEXVKDQDWWHPSWWRDVVDVVLQDWHKLP+HSUHVVHVKLV
SXUVHLQWRWKHLUKDQGVEHJJLQJIRUWKHLUSURWHFWLRQ
DVVXULQJWKHPWKDWKHKDVPRUHPRQH\KHFDQSD\WKHP
LI WKH\ZLOOEXWHVFRUWKLPVRKHFDQQLVKKLVEXVLQHVV
DQGWKHQJHWKLPKRPH
7KHJURXSDIWHUKLPDUHWKH5HG+DQGDQLQIDPRXV
JURXSRI DVVDVVLQVZKRWDNHDFRQWUDFWSDLGLQ
DGYDQFHDQGWKHQPDJLFDOO\HUDVHWKHPHPRU\RI WKHLU
HPSOR\HUIURPWKHLUPLQGVVHHNLQJRXWWKHLUSUH\ZLWK
UHOHQWOHVVDQGWHUULEOHHIFLHQF\7KHQREOHKDVQRLGHD
ZKRKLUHGWKHPRUZKRZRXOGZDQWWRNLOOKLPIRUWKDW
PDWWHUKHVLPSO\ZDQWVSURWHFWLRQ
+LVEXVLQHVVLQWKHFLW\ZLOOWDNHDFRXSOHRI GD\VWR
FRQFOXGHDQGWKHQKHQHHGVWREHHVFRUWHGWRKLVKRPH
WRZQDQGKLVDQFHVWUDOKRPH7KHWULSVKRXOGWDNH
QRPRUHWKDQWKUHHGD\VRQKRUVHEDFN)LYHGD\VLQ
WRWDOWRNHHSKLPDOLYHDWDOOFRVWVDJDLQVWDJURXSRI 
UHQRZQHGDQGGDQJHURXVDVVDVVLQV3LHFHRI FDNH

7ZLVW
7KHQREOHPDQLVDFWXDOO\RQHRI WKHDVVDVVLQV
SURJUDPPHGWREHOLHYHKHLVDQREOH,WZDVDQRWKHU
QREOHSDUW\WKDWZDVWKHWDUJHWDQGKLVHQWRXUDJH
ZHUHQRWKLQJPRUHWKDQKLUHGWKXJVWKURZDZD\V
DOZD\VLQWHQGHGWREHNLOOHGDVSDUWRI WKHVKRZ
8QIRUWXQDWHO\KHUDQDZD\EHIRUHWKHJODPRXUDIIHFWLQJ
KLVPLQGFRXOGEHXQGRQHDQGKHVWLOOEHOLHYHVKLPVHOI 
WREHDQREOH7KH5HG+DQGDUHQRWWU\LQJWRVOD\KLP
EXWUDWKHUWRJHWKLPEDFNVRWKH\FDQUHWXUQKLPWR
KLPVHOI



7ZLVW
7KH5HG+DQGDUHQWWKHRQO\RQHVDIWHUWKHQREOHPDQ
LWVHHPVZKRHYHULVDIWHUKLPKDVVSUHDGWKHLUPRQH\
DURXQGOLEHUDOO\DQGPDQ\IUHHODQFHDVVDVVLQVDQG
ERXQW\KXQWHUVDUHDOVRDIWHUKLVKLGH:KHQWKH
DGYHQWXUHUVGLVFRYHUZKDWWKHUHZDUGIRUKLVKHDGLV
WKH\PLJKWZHOOFKDQJHWKHLUPLQGVDERXWZKDWVLGH
WKH\UHRQ

(SLORJXH
(YHQZKHQKHKDVEHHQUHWXUQHGKRPHWKHQREOH
GRHVQWDSSHDUWREHVDIHHYHQKLVRZQVWDII KDYH
WULHGWRNLOOKLPDQGKHKDVJRQHWKURXJKWKUHHSRLVRQ
WDVWHUVLQWKHODVWPRQWK+HQHHGVSHRSOHKHFDQWUXVW
HYHQLI WKH\DUHPHUFHQDU\DGYHQWXUHUVFXPIURPWKH
ORZHURUGHUVRI VRFLHW\+HVHQGVIRUWKHDGYHQWXUHUV
DVKHZDVDEOHWRWRUWXUHLQIRUPDWLRQRQZKRWKH
VWDII PHPEHUZDVZRUNLQJIRUIURPWKHPEHIRUHWKH\
GLHG/DG\6KDULDDULYDOQREOHIURPDQRSSRVLQJ
KRXVHNQRZQDV7KH%ODFN:LGRZIRUKHUKXVEDQGV
XQIRUWXQDWHVWULQJRI GHDWKV+LVSODQLVVLPSOHWKH\
DUHWRDVVDVVLQDWHKHUDQGSXWDQHQGWRWKHVHGHDGO\
VKHQDQLJDQVRQFHDQGIRUDOO
,GHDV0DNHWKHQREOHXSDV
DIXOOFKDUDFWHUDQGJLYHKLPD
SURSHUQDPHDQGVRPHGHFHQW
EDFNJURXQGVRPHWKLQJWR
UHJDOHWKHDGYHQWXUHUVZLWKRQ
WKHLUMRXUQH\VWRJHWKHU
,GHDV7KHUHDUHPDQ\GLIIHUHQW
ZD\V\RXFDQWU\WRDVVDVVLQDWH
VRPHRQHWU\WRXVHDVPDQ\DV
SRVVLEOHIURPWKHVLPSOHGDJJHULQ
WKHEDFNWRWKHEORZSLSHWRSRLVRQWR
JDVWRPDJLF7KHDVVDVVLQVZLOOXVH
HYHU\WULFN

$GYHQWXUH

7ZLVW

7KH:HEZRRG
'HVFULSWLRQ
7KH:HEZRRGKDVDOZD\VEHHQDELWRI DIRUHERGLQJ
SODFH7KHODFNRI ELUGVRUDQLPDOVKDVDOZD\VPDGH
LWHHULO\VWLOODQGJRVVDPHUZHEVVWUXQJEHWZHHQWKH
WUHHVKHUHDQGWKHUHFDQFXWHVKWRWKHERQHLI WKH\
DUHEORZQLQWR\RXRUZDONHGLQWRDWWKHZURQJDQJOH
:KDWPDGHWKHZHEVLVXQVHHQEXWVLQFHLQVHFWOLIHVWLOO
FUDZOVXQPROHVWHGWKURXJKWKHZRRGVLWLVSRVVLEOHWKDW
VRPHGLPLQXWLYHFUHDWXUHKDVVSXQWKHP
2YHUWKH\HDUVWKLVIHOOUHSXWDWLRQKDVQRWEHHQ
ERUQRXWE\DQ\GLVDVWURXVKDSSHQLQJVRUGHDWKVQR
PRQVWHUVKDYHHPHUJHGIURPWKHZRRGVWRUDYDJH
DQ\RQHDQGWKHRQO\GHDWKLQWKH:HEZRRGKDVEHHQ
D\RXQJER\ZKRZDQGHUHGLQDQGGURZQHGLQRQHRI 
WKHVWUHDPVWKDWUXQVWKURXJKWKHZRRG

7KHDQLPDOVDQGSHRSOHWDNHQE\WKHVSLGHUVKDYHQRW
EHHQNLOOHGWKH\KDYHVLPSO\EHHQUHQGHUHGLQWRDVWDWH
RI SDUDO\VLVDQGVXVSHQGHGDQLPDWLRQE\WKHSRLVRQRI 
WKHVSLGHUVDQGWKHQERXQGXSLQWRWKHZHEVWRKDQJ
DQGDZDLWWKHKXQJHURI RQHRI WKHVSLGHUV7KH\DUH
IDQDWLFDODERXWFDWFKLQJDQGVWRULQJMXVWDERXWDQ\IRRG
WKH\FDQQGDQGWKHLUKRPHDPRQJVWDSLOHRI EURNHQ
URFNVLQWKHFHQWUHRI WKHZRRGLVVWUXQJDERXWZLWK
WKHVZD\LQJDQGERXQGERGLHVRI WKHLUIRRG

7ZLVW
7KHVSLGHUVDUHFDSDEOHRI VSHHFKDQGWKLVLVWKHLU
KRPHLWDOZD\VKDVEHHQ%HIRUHWKH\UHVRUWWR
YLROHQFHDQGSRLVRQWKH\ZLOOWU\WRWDONWRWKH
DGYHQWXUHUVWRSHUVXDGHWKHPDURXQGWRWKHLUSRLQW
RI YLHZ$WOHDVWRQFHWKHDGYHQWXUHUVKDYHGRQH
VRPHWKLQJRWKHUWKDQVLPSO\UXQRUJKW7KLQJVWKDW
ZRXOGPDUNWKHPDVVLPSOHSUH\WRWKHVSLGHUVEUDLQV

7ZLVW
7KRVHVWXQJDQGVXVSHQGHGE\WKHVSLGHUVDQGQRW
TXLFNO\HDWHQKDYHEHHQLPSUHJQDWHGZLWKVSLGHUHJJV
6RRQHURUODWHUWKH\ZLOOKDWFKDQGEDE\VSLGHUVZLOO
GHYRXUWKHLUERGLHVEHIRUHVFXUU\LQJIRUFRYHURUPRUH
IRRG*URVVHVSHFLDOO\LI RQHRI WKHDGYHQWXUHUVKDV
EHHQLPSUHJQDWHG

6XFKDYHUGDQWIRUHVWKDVEHHQGHHPHGWREHDJRRG
SODFHIRUKXQWLQJGHVSLWHWKHODFNRI DQLPDOVDQGWKH
VWUDQJHZHEVDQGWKHORFDOSULQFHKDVEHHQUHVWRFNLQJ
WKHZRRGVZLWKJDPHRYHUWKHODVWIHZ\HDUVZKLOHWKH
VPDOOYLOODJHVKDYHHQMR\HGWKHIDYRXURI WKHSDODFH
SRFNHWVDQGWKHKLULQJRI PDQ\JDPHNHHSHUVKDV
EURXJKWZRUNDQGPRUHSHRSOHLQWRWKHDUHD

(SLORJXH

4XLWHVXGGHQO\RYHUWKHSDVWIHZGD\VJDPHKDV
EHFRPHVFDUFHPDQ\RI WKHJDPHNHHSHUVDQG
ZRRGVPHQKDYHJRQHPLVVLQJDQGSHRSOHIURPWKH
YLOODJHVRQWKHHGJHRI WKHZRRGKDYHDOVRYDQLVKHG
ZKLOHFROOHFWLQJUHZRRGRUQXWVDQGEHUULHV

7KHJURXSRI VSLGHUVDERYHWKHVXUIDFHZHUHVLPSO\
WKHKXQWHUVWKHDGYHQWXUHUVRI WKHVSLGHUGHQEHQHDWK
WKHVXUIDFHRI WKHHDUWK7KHVSLGHUVDUHWXQQHOPDNHUV
DQGWKHORVVRI WKHKXQWHUVEULQJVWKHPWRWKHVXUIDFH
VFRXWLQJDWUVWGHWHUPLQLQJZKDWKDSSHQHGEHIRUH
SRXULQJIURPWKHHDUWKLQJUHDWQXPEHUVWRVHHN
UHYHQJH

7KHSULQFHLVSHUSOH[HGDQGDQJU\WKDWKLVKXQWLQJ
ZRRGKDVVXGGHQO\WXUQHGLQWRVRPHNLQGRI GHDWK
WUDSDQGFRPPLVVLRQVWKHSDUW\WRLQYHVWLJDWHDQGWR
WDNHFDUHRI ZKDWHYHUWKHSUREOHPPLJKWEH:KDW
WKHSUREOHPWXUQVRXWWREHLVDQHVWRI LQWHOOLJHQW
JLDQWVSLGHUVDZRNHQIURPVOXPEHUE\WKHVWUXPPLQJ
RI WKHLUZHEVDQGIHDVWLQJVWRFNLQJXSRQWKHQHZ
FUHDWXUHVRI WKHZRRGLQWKHZHEEHGODUGHUV

,GHDV7KHVSLGHUKLYH
FRXOGKDYHDFDVWHV\VWHP
ZLWKGLIIHUHQWVSLGHUVIXOOOLQJ
GLIIHUHQWUROHV



$GYHQWXUH

7ZLVW

0LUURU,PDJH
'HVFULSWLRQ
7KHNLQJRI $ULWRFKKDVDGLOHPPDRQKLVKDQGV+H
DQGKLVFORVHVWULQJRI DGYLVRUVLQFOXGLQJWKHTXHHQ
QHHGWRPDNHDYHU\LPSRUWDQWEXWVHFUHWVWDWHYLVLWWR
DQHLJKERXULQJNLQJGRP+RZHYHUWKHUHDUHSUREOHPV
LQWKHNLQJGRPDQGLI KHLVNQRZQWROHDYHWKHQ
WKRVHSUREOHPVZLOOHVFDODWHZLWKRSSRUWXQLVWVWDNLQJ
DGYDQWDJHRI KLVDEVHQFH:KDWKHQHHGVLVWREHLQ
WZRSODFHVDWRQFH
7KHFRXUWVRUFHUHUFRPHVXSZLWKDVROXWLRQ7KHNLQJ
ZLOOEHLQWZRSODFHVDWRQFH7KH\ZLOOQGVXLWDEOH
SHRSOHWRKDYHWKHLUIHDWXUHVDOWHUHGE\PDJLFWRPHHW
WKHLPDJHRI WKHNLQJ7KLVGRXEOHZLOOSHUIRUPKLV
GXWLHVDFFRUGLQJWRKLVRUGHUVZKLOHKHLVJRQHDQG
XSRQWKHLUUHWXUQWKHPDJLFZLOOEHXQGRQHDQGWKH
NLQJZLOOUHWXUQWRKLVWKURQHZLWKQRERG\EHLQJDQ\
WKHZLVHU

7KHNLQJLVDGHVSHUDWHO\XQSRSXODUJXUHZLWKWKH
SHDVDQWVDQGOHYLHVKHDY\WD[HVWRVXSSRUWKLVOX[XU\
DQGKLVKREELHV7KHRUGHUVKHKDVOHIWDUHRSSUHVVLYH
DQGFUXHODQGPD\EHGLIFXOWIRUVRPHDGYHQWXUHUV
WRIROORZLQJRRGFRQVFLHQFH7KHSHDVDQWVGRULVHLQ
UHYROWWKRXJKWKH\PD\EDFNGRZQZLWKFRQFHVVLRQV
7RZLQJWKHNLQJVOLQHZLOOPHDQDZKROHVDOHUHYROW
ZKLOHFRPSURPLVHZLOOKDYHWREHH[SODLQHGWRWKHNLQJ
RQKLVUHWXUQ:KLFKSDWKGRWKH\WDNHDQGKRZGR
WKH\GHDOZLWKWKLQJV"

7ZLVW
,WWXUQVRXWWKDWWKHTXHHQRUVRPHRWKHUSURPLQHQW
JXUHHYHQWKHNLQJZDVKDYLQJDVWULQJRI DIIDLUV
DQGQRZHPEDUUDVVLQJO\WKHYDULRXVFRXUWHUVKDYH
FRPHDURXQGFRXUWLQJRQFHDJDLQ0DLQWDLQLQJWKH
FRYHURI WKHLQGLYLGXDOFRXOGEHH[WUHPHO\WULFN\ZKLOH
UHEXIQJWKHLUDGYDQFHVPD\DOHUWWKHPWRWKHIDFWWKDW
VRPHWKLQJLVQWULJKW

(SLORJXH

7KHNLQJDJUHHVWRWKHSODQDQGVXEWOHHQTXLULHVDUH
PDGH)LQDOO\WKHSDUW\DUHFKRVHQDQGHVFRUWHGWRWKH
SDODFHE\JXDUGVEHIRUHWKHURRPLVFOHDUHGDSDUWIURP
WKHPDQGWKHNLQJVLQQHUFLUFOH7KHSODQLVH[SODLQHG
WRWKHPWKHRUGHUVODLGRXWWKHUHZDUGDJUHHGDQGWKHQ
WKHFKDQJHWDNHVSODFH
7KHNLQJZLOOEHJRQHDZKROHPRQWKDQGPDQ\
SUREOHPVPD\RFFXULQWKDWWLPHUHTXLULQJWKHSVHXGR
NLQJDQGKLVDGYLVRUVDWWHQWLRQIURPJREOLQUDLGVWR
UHVLQWKHFLWLHVWRSUREOHPVZLWKWD[DWLRQ/LYLQJLQ
OX[XU\EHOLHYHGWREHWKHKLJKHVWQREOHVLQWKHODQG
PD\JLYHWKHPDWDVWHIRULWZLOOWKH\JLYHLWXS"

2QHRI WKHFRXUWLHUVZKRNQHZDERXWWKHFRQVSLUDF\
KDVVLGHGZLWKWKHFRXUWPDJHWRKDWFKDSODQ7KH\
ZLVKWRJHWULGRI WKHNLQJDQGTXHHQDQGZLVKWRHQOLVW
WKHFKDUDFWHUVWRSHUIRUPWKHVDPHFKDUDGHWKH\GLG
EHIRUHEXWUXOLQJWKHFRXQWU\XQGHUWKHLUGLUHFWLRQDV
DSXSSHWWRWKHLUGHVLUHVXQWLOWKH\FDQHQJLQHHUWKLQJV
VRWKDWWKH\UXOHGLUHFWO\7KH\ZLOOOLYHDOLIHRI OX[XU\
DQGLQGXOJHQFHEXWZLOOHIIHFWLYHO\EHXQDEOHWRGR
DQ\WKLQJWKH\ZDQWIRUDWLPH'RWKH\WDNHXSWKH
RIIHURULQIRUPWKHNLQJ"'RWKH\EXFNDJDLQVWWKH
FRQWURORI WKHFRXUWLHUV"

,GHDV7KHPRUH\RXUXELQWKH
VKHHUOX[XU\DQGVSOHQGRXURI 
OLIHDVDNLQJWKHPRUHOLNHO\WKH
FKDUDFWHUVDUHWRKDYHDPRUDO
TXDQGDU\DERXWZKHWKHUWRJLYHLW
XSRUWRWDNHRYHUWKHNLQJGRP
VROD\LWRQWKLFN

7ZLVW
$WWKHHQGRI WKHPRQWKZRUGOWHUVEDFNWRWKHP
IURPDVLQJOHVXUYLYRURI WKHUR\DOHQWRXUDJHZKR
VRRQGLHV7KHNLQJDQGKLVDGYLVRUVZHUHDOOVODLQWRD
PDQ:LWKKLPGHDGWKHODVWZLWQHVVLVJRQHWKHRQO\
RQHZKRNQRZVWKDWWKH\DUHIDOVH:KDWGRWKH\GR"
:KDWLI WKHVXUYLYRULVZURQJDQGLQDQRWKHUPRQWK
WKHNLQJGRHVUHWXUQ"



$GYHQWXUH

7ZLVW

%ORRG &RUDO
'HVFULSWLRQ
7KH6HUSHQWV7ULDQJOHLVDGDQJHURXVDUHDRI VHD
)URPWLPHWRWLPHWKHVHDERLOVZLWKEXEEOHVULVLQJ
IURPEHORZWKHVHDDQGWKHZDWHUEHFRPHVDVWKLQ
DVDLUZKROHVKLSVGURSSLQJEHORZWKHVXUIDFHLQDQ
LQVWDQWDQGWDNLQJWKHLUFUHZVZLWKWKHPWRDZDWHU\
JUDYH0RVWVKLSVKDYHOHDUQHGWRDYRLGWKHZDWHUVRI 
WKHDUHDEXWVWLOOVKLSVDUHORVWDWQLJKWWRWKHP\VWHULRXV
VHDGULIWLQJRII FRXUVHDQGVDLOLQJLQWRGDQJHU
2YHUWKHFHQWXULHVDJUHDWPDQ\YHVVHOVPXVWKDYH
VXQNWRDZDWHU\JUDYHLQWKHFOHDUEOXHZDWHUVRI 7KH
6HUSHQWV7ULDQJOHWDNLQJZLWKWKHPWKHZHDOWKRI SDVW
FLYLOLVDWLRQVJROGZLQHMHZHOVDQGDJUHDWPDQ\RWKHU
WKLQJVEHVLGHV$OORI WKDWRXWRI VLJKWEHQHDWKWKH
VXUIDFHRI WKHRFHDQULFKSLFNLQJVIRURFWRSLDQGFRG
EXWQRWPXFKXVHWRPDQRUEHDVWDERYHWKHVXUIDFH

7KHSODFHJHWVLWVQDPHIURPDJUHDWVHDZ\UPWKDW
OLYHVLQWKHDUHDWRRPXFKGLVWXUEDQFHVD\WKHVOLGLQJ
DQGVPDVKLQJRI DVKLSFRXOGZDNHWKHEHDVWIURPLWV
VOXPEHUDQGFDXVHDORWRI SUREOHPVIRUWKHSDUW\DQG
WKHLUEHQHIDFWRUXSRQWKHVXUIDFH2I FRXUVHWKHUH
DUHRWKHUODUJHVHDFUHDWXUHVWKDWQHVWLQWKHYHVVHOVWKH
Z\UPLVMXVWWKHJUHDWHVWRI WKHP

7ZLVW
7KHLUEHQHIDFWRUKDVDEVROXWHO\QRLQWHQWLRQRI 
VKDULQJWKHSURFHHGVRI WKHH[SHGLWLRQZLWKDQ\RQH
OHDVWRI DOOWKHDGYHQWXUHUV(DFKULQJKDVDIDLOVDIHDW
DZRUGRI FRPPDQGIURPKLPWKH\FHDVHIXQFWLRQLQJ
WKHSODQEHLQJWRGURZQKLVKHOSHUVDQGOHDYHKLPIUHH
WRHQMR\KLVIRUWXQH7KHUHDUHDLUEXEEOHVLQVRPHRI 
WKHYHVVHOVSHUKDSVWKH\FDQVXUYLYHORQJHQRXJKWR
FRPHXSZLWKDSODQWRUHDFKWKHVXUIDFH

(SLORJXH

$PDJHDQDUWLFHUZLWKKLJKDPELWLRQVSODQVWR
FKDQJHWKDW+HKDVSHUIHFWHGDVSHFLDOULQJWKDWZLOO
JLYHDQDGYHQWXUHUWKHDELOLW\WREUHDWKHXQGHUZDWHU
DQGWRVWRSKLVVNLQJHWWLQJVRGGHQDQGZULQNOHG:LWK
WKHVHPDJLFULQJVWKHDUWLFHUKRSHVWRQGDVXLWDEOH
EDQGRI DGYHQWXUHUVWRKHOSKLPSOXQGHUWKHGHHSVRI 
7KH6HUSHQWV7ULDQJOHDQGWRVKDUHWKHERXQW\RI ZKDW
WKH\QGZLWKKLPIW\IW\
+LVSUHGLFWLRQVVKRZWKHVHDZLOOQRWERLOIRUDWOHDVW
DZHHNDQGKHKDVKLUHGDODUJHDWERWWRPHGVKLQJ
ERDWZLWKODUJHQHWVWRKDXOWKHERXQW\XSWRWKHVKLS
1RZKHMXVWQHHGVDGYHQWXUHUVWREUDYHWKHGHSWKVRI 
WKHVHDIRUKLPDQGWRURRWWKURXJKWKHVKLSVORRNLQJ
IRUWUHDVXUH

7KHUHDUHRWKHUSODFHVNQRZQIRUWKHLUZUHFNVRUIRU
WKHP\VWHULRXVORVVRI YHVVHOV7KHDUWLFHUDQGKLV
KHOSHUVKDYHEHFRPHZHOONQRZQGXHWRWKHLUH[SORLWV
DQGJRRGIRUWXQHDQGPLJKWEHVRXJKWRXWWRVDOYDJH
VXQNHQYHVVHOVRUWRLQYHVWLJDWHWKHFDXVHVRI VRPHRI 
WKHVHRWKHUVLQNLQJV1RWHYHU\RFHDQLVDVZDUPDQG
FU\VWDOFOHDUDV7KH6HUSHQWV7ULDQJOHKRZHYHUHYHU\
VHDKDVLWVRZQQDWXUHDQGSUREOHPV

,GHDV7KHWDQJOHGPHVV
RI VXQNHQVKLSVFDQPDNHD
YHU\LQWHUHVWLQJDQGXQLTXH
GXQJHRQPDGHXSRI FDELQV
URZLQJGHFNVDQGJUHDWIRUHVWV
DQGWHQWVRI ZHHG

7ZLVW
7KHVWDFNHGVKLSVDQGSDUWLDOO\GLVPHPEHUHGZUHFNV
KDYHEHHQFODLPHGSDUWLDOO\E\DWHUULWRULDOXQGHUZDWHU
UDFHZKRGRQRWZDQWWKHLUULFKSLFNLQJVWDNHQDZD\
IURPXQGHUWKHP7KHDGYHQWXUHUVZLOOKDYHWRDYRLG
WKHLUSDWUROVDQGJKWWKHLUZDUULRUVWRGHIHQGWKHERDW
DQGWRORDGWKHQHWVZKLOHEHLQJFRQVWDQWO\DZDUHRI 
ZKRRUZKDWFRXOGEHZDWFKLQJ


,GHDV'RQWGLVPLVVFRQYHQWLRQDO
WKUHDWVRI WKHVHDSRLVRQRXV
FUHDWXUHVVKDUNVDQGVRRQ

$GYHQWXUH

7ZLVW

,W6LPSO\,VQW&ULFNHW
'HVFULSWLRQ
7KHVSRUWLQJVHDVRQKDVEHJXQZLWKWKHVXPPHUFRPH
WKHIDLUVDQGWKHWRXUQDPHQWV.QLJKWVZDUULRUVDQG
DGYHQWXUHUVIURPDFURVVWKHODQGFRQJUHJDWHDWWKHVH
HYHQWVWRWHVWWKHLUVNLOOVDQGWRDWWHPSWWRZLQWKH
SUL]HVWKDWDUHRIIHUHGE\WKHYDULRXVQREOHVWRGUDZWKH
PRVWFRPSHWLWRUVWRWKHLUJDPHV

7KHSUL]HDWWKHJUDQGWRXUQH\LVDP\VWHU\DQGZLOOEH
DQQRXQFHGRQFHVRPHRQHKDVZRQ7KHUHLVDJUHDW
GHDORI VSHFXODWLRQRYHUZKDWWKDWSUL]HPLJKWEH
$VLWWXUQVRXWWKHSUL]HLVWKHNLQJVRQO\XQPDUULHG
GDXJKWHUDQGWKHRQO\SUL]HVKHLVLVDSUL]HSLJ,I WKH
DGYHQWXUHUVZRQUDWKHUWKDQFRPLQJVHFRQGWKLUGRU
XQSODFHGWKH\DUHQRZLQDYHU\GHOLFDWHSRVLWLRQ6KH
GRHVQWHYHQFRPHZLWKDSDODFHRUODQGRUDFFHVVWR
ULFKHVMXVWDPLQRUQREOHWLWOHDQGDQDUVHWKHVL]HRI 
WKHNLQJGRP,I DZRPDQZLQVWKHSUL]HFDQEHDQ
HTXDOO\XQZDQWHGVRQ

7ZLVW

-RXVWLQJDUFKHU\VZRUGSOD\DQGRWKHUPRUHHVRWHULF
FRPEDWDUWVDUHWKHUHWREHGHPRQVWUDWHGOHDUQHG
SUDFWLFHGDQGHQMR\HGDQGWKHZLQQHUVZLOOJDLQQR
VPDOOVKDUHRI IDPHDQGIDYRXU7KRVHZKRGRZHOO
DWWKHVPDOOHUIHWHVDQGIDLUVPD\ZHOOQGWKHPVHOYHV
LQYLWHGWR7KH*UDQG7RXUQH\WKHODUJHVWDQGPRVW
SUHVWLJLRXVRI WKHVHHYHQWV

7KURXJKWKHLUSDUWLFLSDWLRQLQWKHJDPHVWKHIDPHRI 
WKHFKDUDFWHUVVSUHDGVXQWLOWKH\DUHVXUURXQGHGE\
IDQVSHRSOHZKRKDYHKHDUGRI WKHLUH[SORLWVRUZKR
KDYHIROORZHGWKHPIURPIDLUWRIDLUWRVHHKRZWKH\
GR7KH\JHWEDUHO\DPRPHQWVSHDFHDQGWKHQRYHOW\
RI EHLQJORYHGDQGDGRUHGPD\VRRQZHDURII7KH
FURZGLVFNOHWKRXJKDQGPD\WXUQRQWKHPDWDQ\
PRPHQW

2I FRXUVHVRPHWRXUQDPHQWVDUHULJJHGDQGVRPH
FRPSHWLWRUVZLOOVWRRSWRXQVSRUWVPDQOLNHWDFWLFVLQ
RUGHUWRZLQ7KHIDYRXUVRI ODGLHVIRUWXQHVDQG
DJUHDWGHDORI SUHVWLJHDUHDWVWDNHDIWHUDOO:LWK
DGYHQWXULQJRSSRUWXQLWLHVWKLQRQWKHJURXQGWKHSDUW\
FRXOGGRZRUVHWKDQWRHQWHUWKHWRXUQDPHQWVDQGWR
VHHKRZWKH\IDLU$WWKHYHU\OHDVWWKH\FRXOGZLQD
IHZSUL]HVDQGPDNHDOLWWOHPRQH\

(SLORJXH
6HYHUDORI WKHNQLJKWVDQGZDUULRUVWKDWWKHFKDUDFWHUV
EHDWHYHQGLVJUDFHGDWWKHJDPHVEDQGWRJHWKHUDQG
VHHNWKHPRXWRQFHWKHVHDVRQLVRYHUWUDFNLQJWKHP
GRZQDQGLQVLVWLQJWKDWWKH\SOD\DJDLQRQO\WKLVWLPH
IRUUHDO7KLVVKRXOGRQO\EHDVKRUWHQFRXQWHUZLWK
VRPHJUXPS\DQGLQVXOWHGZDUULRUVEXWFRXOGPDNHD
JRRGLQWURGXFWLRQWRDQRWKHUVFHQDULRZKLOHSURYLGLQJ
DVHQVHRI FRQWLQXLW\RI VRUWV

7ZLVW
7KURXJKRXWWKHJDPHVWKHSDUW\DUHGRJJHGE\WKH
VDPHSHUVRQDFRQVWDQWWKRUQLQWKHLUVLGHDOPRVW
DOZD\VSLSSLQJWKHPDWWKHSRVWDQGWDNLQJWKHJUDQG
SUL]HOHDYLQJWKHPLQVHFRQGSODFH+HFKHDWVRI 
FRXUVHLWVREYLRXVWRWKHFRPSHWLWRUVEXWVRPHKRZ
QRWWRWKHMXGJHV+HXVHVLOOHJDOODQFHVWKURZVGLUW
GRHVORZEORZVLQWKHZUHVWOLQJFRPSHWLWLRQVDQG
VWLOOVRPHKRZJHWVDZD\ZLWKLW7KLVEODFNNQLJKW
LVDIDEXORXVO\ZHDOWK\QREOHPDQZKREULEHVMXGJHV
RXWUDJHRXVO\VSHQGLQJIDUPRUHWKDQKHHDUQVDOOLQ
SXUVXLWRI WKHIDPHKHIHHOVLVRZHGWRKLPDQGWKH
KDQGLQPDUULDJHRI DQREOHPDQVGDXJKWHUZKRZLVKHV
QRWKLQJWRGRZLWKKLPEXWZKRVHIDWKHULVEHFRPLQJ
FRQYLQFHG

,GHDV3RPSFHUHPRQ\DQG
WUDGLWLRQDUHWKHRUGHURI WKHGD\
IRUWKHWRXUQDPHQWV/D\LWRQWKLFN
ZLWKDWURZHOODGLHVLQQHGUHVVHV
DQGQREOHVLQULFKFORWKLQJIRRG
JDORUH\LQJSHQQDQWVVWDPSLQJ
FKDUJHUVDQGWUXPSHWVVRXQGLQJLQ
KRQRXURI WKHHOGRI EDWWOH(DFK
IDLUVKRXOGEXLOGRQWKHVSOHQGRXURI 
WKHODVWXQWLOWKHJUDQGWRXUQH\WKH
MHZHOLQWKHFURZQRI WKHVHDVRQ



$GYHQWXUH

7ZLVW
7KLVLVDSODFHWKDWJUHDWEHDVWVKDYHDOZD\VFRPHWRGLH
DQGDOZD\VZLOO6RPHRI WKHPDUHFRPLQJQRZOHDGE\
DQROGEXOOGLQRVDXUWKDWEHFRPHVRXWUDJHGWKDWWKHLU
VDFUHGSODFHKDVEHHQGLVWXUEHGE\VPDOODPEXODWRU\
PHDOV%HIRUHKHDQGKLVKHUGGLHKHLVGHWHUPLQHGWR
VHHWKHDQQR\LQJOLWWOHFUHDWXUHVVWRPSHGDW

$UFKDHRORJ\$UFKDHVFKPRORJ\
'HVFULSWLRQ
6HYHUDODFDGHPLFVIURPWKHFROOHJHRI PDJLFKDYH
GLVDSSHDUHGZKLOHLQYHVWLJDWLQJ7KH3LWRI %RQHV
DJUHDWERZOOLNHGHSUHVVLRQLQWKHGLUWLQZKLFKWKH
VNHOHWRQVRI PDQ\JUHDWEHDVWVRI WKHSDVWKDYHEHHQ
IRXQG7KHUHDUHIHZEHDVWVWKDWIUHTXHQWWKHDUHD
SHUKDSVGLVWXUEHGE\WKHERQHVRI WKHJUHDWDQLPDOVRI 
WKHSDVWDQGQREDQGLWVDUHNQRZQWRKDYHEHHQLQWKH
DUHD7KHGLVDSSHDUDQFHRI VXFKLQWHOOLJHQWDQGVNLOOHG
SHRSOHLVSHUSOH[LQJWRWKHPDJLFDOFROOHJHWRVD\WKH
OHDVW
6FU\LQJDQGRWKHUIRUPVRI PDJLFDOLQYHVWLJDWLRQ
IURPDGLVWDQFHKDYHUHYHDOHGQRWKLQJDVWKRXJKVRPH
IRUFHZDVRSSRVLQJWKHLUDWWHPSWVWRGLVFHUQZKDWZDV
JRLQJRQ7KH\KDYHQRFKRLFHEXWWRVHQGVRPHRQH
WRLQYHVWLJDWHDQGKDYLQJDOUHDG\ORVWVHYHUDORI WKHLU
QXPEHUSOXVVRPHYROXQWHHUVWXGHQWVDQGVRPHKLUHG
GLJJHUVWKH\DUHXQZLOOLQJWRLQYHVWLJDWHWKHPVHOYHV

7ZLVW
7KH3LWRI %RQHVLVWKHUHVWLQJSODFHRI DQXQGHDG
GUDJRQDQGLQWKHLUGLJJLQJWKHFUHZIURPWKHFROOHJH
RI PDJLFGLVWXUEHGDQGDZRNHWKLVFUHDWXUH,WV
QHFURPDQWLFPDJLFLVVORZO\DZDNHQLQJWKHRWKHUEHDVWV
RI WKHERQH\DUGDQGLWJDWKHUVVWUHQJWKDQGNQRZOHGJH
EHIRUHLWSUHSDUHVWREULQJWHUURUWRWKHVXUURXQGLQJ
GLVWULFWV

(SLORJXH
6RPHRI WKHERQHVHYHQIXOOVNHOHWRQVDUHFROOHFWHG
DQGUHWXUQHGWRWKHFROOHJHRI PDJLFZKHUHWKH\WDNH
SULGHRI SODFHLQRQHRI WKHJUHDWEXLOGLQJVGLVSOD\
KDOOV6RPHWLPHODWHUVRPHRI WKHSUL]HVPDOOHUQGV
DUHVWROHQ7KHPDJLDWWKHFROOHJHKDGWKHRULHVDERXW
DQROGOL]DUGUDFHVRPHKRZUHODWHGWRWKHGUDJRQVRI 
WRGD\DQGWKHVHERQHVDUHDUWHIDFWVZHUHUHODWHGWR
WKDWWKHRU\EXWZKRZRXOGEHLQWHUHVWHGLQVXFKWKLQJV
WRGD\"7KH\UHRI LQWHUHVWRQO\WRVFKRODUVDUHQWWKH\"
6RZKRWRRNWKHP"

7KHSDUW\DUHKLUHGWRORRNLQWRWKHGLVDSSHDUDQFH
DQGJLYHQDVPXFKLQIRUPDWLRQDVWKHFROOHJHKDV
ZKLFKGRHVQWDPRXQWWRPXFK7KH3LWRI %RQHVLV
VRPHGLVWDQFHDZD\DQGWUDYHOOLQJWKHUHLVDQRUGHDOLQ
LWVHOI2QFHWKH\DUULYHWKHUHWKH\QGWRWKHLUGLVPD\
HYHQWXDOO\WKDWRQHRI WKHDFDGHPLFVKDVVXUYLYHGD
QHFURPDQFHUZKRKDVUDLVHGKLVIRUPHUFROOHDJXHV
DV]RPELHVDQGLVXVLQJWKHPWRGLJRXWWKHVNHOHWRQV
RI WKHDQFLHQWEHDVWVVRWKDWKHFDQUDLVHWKHPDOVR
FROOHFWLQJDSRZHUIXOIRUFHRI GHDGFUHDWXUHVWR
ZKDWHYHUVLFNHQGKHKDVLQPLQG

,GHDV9DULHW\LQWKHERQHVRI WKHJLDQW
EHDVWVZLOOPDNHWKHPPRUHLQWHUHVWLQJ
DQGHQJDJLQJJLYHWKHPGLIIHUHQW
FDSDELOLWLHVGLIIHUHQWQDWXUDOZHDSRQV
DQGGLIIHUHQWWDFWLFVWROHQGWKHPDOLWWOH
ELWRI FKDUDFWHU

7ZLVW
7KHQHFURPDQFHULVHQWLUHO\LQQRFHQW7KHGLJJHUVDQG
KLVFROOHDJXHVZHUHNLOOHGLQDURFNVOLGHQRWKLQJPRUH
VLQLVWHUWKDQWKDW5DWKHUWKDQKDYHWKHWULSHQWLUHO\JR
WRZDVWHKHKLWXSRQWKHLGHDRI XVLQJWKHPDV]RPELH
GLJJHUVDQGDQLPDWLQJVRPHRI WKHVNHOHWRQVWRWDNH
EDFNWRWKHFROOHJHZLWKKLP:KHWKHUKHHYHQJHWVD
FKDQFHWRVD\DOOWKLVEHIRUHWKHSDUW\DWWDFNVDQGKH
DVVXPHVWKDWWKH\UHEDQGLWVRUFODLPMXPSHUVUHPDLQV
WREHVHHQ


,GHDV7KHSLWFRXOGEHVRPHVRUW
RI DVWHURLGFUDWHUZKLFKZLOOSURYLGH
HFKRHVLQ\RXUSOD\HUVPLQGVRI WKH
LPSDFWWKDWZLSHGRXWWKHGLQRVDXUVLQ
RXUZRUOGDQLPSRUWDQWDQGUHVRQDQW
OLQNZLWKWKHVFHQDULR

$GYHQWXUH

7ZLVW

(QGOHVV1LJKW
'HVFULSWLRQ
,WKDSSHQHGTXLFNO\RQWKHQLJKWRI WKHQHZPRRQ
ZKHQDOOZDVGDUNVDYHWKHVWDUV$URLOLQJLQN\
EODFNQHVVVZHSWDFURVVWKHVN\EORWWLQJRXWWKHVWDUV
RQHE\RQHDQGHYHQVHHPLQJWRPDNHWKHUHVDQG
FDQGOHVEXUQORZDQGGLP:KHQWKHKRXURI PRUQLQJ
FDPHQRFRFNVFURZHGQROLJKWZDVVHHQSHRSOHVWLUUHG
LQWKHLUEHGVDQGFDPHRXWLQWRWKHGDUNDQGFROG
VKLYHULQJDVWKH\VDZQRVN\RQO\GDUNQHVV
7KHEODFNFORXGFRYHUVDJUHDWVZDWKHRI WKH
FRXQWU\VLGHXQEURNHQIURPRQHVLGHWRWKHRWKHU
XQPRYHGE\ZLQGRUPDJLFDQGVLPSO\KRYHULQJZLWKD
JUHDWGDUNPDOHYROHQFHEORWWLQJRXWWKHVXQDQGPDNLQJ
WKHDUHDEHQHDWKGDUNFROGDQGIRUHERGLQJ
7KHLPPHGLDWHSUREOHPVWKHDGYHQWXUHUVIDFHDUHWKRVH
RI WLUHGQHVVFROGVWDUYDWLRQ:LWKRXWOLJKWWKHFURSV
ZLWKHULQWKHHOGVDQGWKHSHRSOHDUHIRUFHGWROLYHRQ
WKHLUVWRUHV0DQ\RI WKHPVWDUWWRHHWKHYLOODJHVDQG
WRZQVPRYLQJDVIDVWDVWKH\FDQWRZDUGVWKHHGJHRI 
WKHFORXGVHHNLQJSDVWXUHVQHZ7UDYHOOLQJWKHURDGVLQ
WKHGDUNOHDYHVWKHPYXOQHUDEOHWRWKHQLJKWFUHDWXUHV
WKDWDUHWKULYLQJLQWKLVSHVWLOHQWGDUNQHVVDQGRQFHWKH\
UHDFKWKHHGJHRI WKHFORXGWKH\SUREDEO\UHFHLYHD
IURVW\UHFHSWLRQIURPWKHQHLJKERXULQJODQGVZKRKDYH
QRZLVKWRKDUERXUUHIXJHHVSHUKDSVIRUIHDUWKH\ZLOO
EULQJWKHGDUNQHVVZLWKWKHP
:KRKDVFDXVHGWKLVGDUNQHVVDQGZKDWLVWKHLU
PRWLYDWLRQIRUGRLQJVR":KREHQHWVDQGHYHQLI 
WKH\GREHQHWDUHWKH\WKHRQHVEHKLQGLW"

7ZLVW
7KHLQN\FORXGLVQRWDFORXGDWDOOEXWLVVRPH
PDOHYROHQWHQWLW\RUFUHDWXUHVZDWKLQJWKHODQGLQ
GDUNQHVVIRUDIHZGD\VWRZHDNHQLWVSUHWW\EHIRUHLW
EHJLQVUHDFKLQJGRZQZLWKWHQGULOVRI VWUDQJHPDWHULDOV
DQGVFRXULQJWKHODQGIRUIRRG:KHQVDWHGRUGULYHQ
RIIWKHFUHDWXUHDVFHQGVLQWRWKHVN\DQGYDQLVKHV
DOORZLQJWKHVXQWRFRPHEDFNWRWKHVFRXUHGDQG
WRUWXUHGODQG


7KHFORXGLVEHLQJSURGXFHGE\DQROGDUWHIDFWFR
RSWHGE\WKHIRUFHVWKDWDUHFUHDWLQJWKHFORXGIRU
ZKDWHYHUUHDVRQ7KHDUWHIDFWLVKHDYLO\GHIHQGHGDWRS
DPRXQWDLQDVFORVHWRWKHFHQWUHRI WKHUHJLRQDVWKH\
ZHUHDEOHWRJHWLW:KHQ\RXDUHDWWKHHGJHRI WKH
FORXGHGDUHDWKLVEHFRPHVPRUHYLVLEOHDV\RXFDQVHH
WKHFORXGERLOLQJXSIURPWKHPRXQWDLQWRS7ROLIW
WKHFORXGVRPHRQHZLOOQHHGWRFOLPEXSWKHUHDQGWR
HLWKHUGHVWUR\EUHDNRUUHSXUSRVHWKHGHYLFH

7ZLVW
7KHFORXGKDVEHHQFUHDWHGXVLQJQHFURPDQWLFPDJLF
IURPWKHEUHDWKRI WKHGHDGEURXJKWDFURVVIRUWKH
HWKHUHDOODQGVRI WKHSDVVHGRQDQGPDGHLQWRWKLV
VXQREVFXULQJFORXGWKDWQRWRQO\FXWVRII OLJKWEXW
WKHYHU\HVVHQFHRI OLIHLWVHOI7KHPDVWHUQHFURPDQFHU
UHVSRQVLEOHLVXVLQJLWWRUDLVHDQDUP\RI WKHGDPQHG
IRUHYHU\RQHZKRGLHVXQGHUQHDWKWKHFORXGULVHVDVD
VHUYDQWRI KLVSRZHU+XPDQVHUYDQWVTXHVWLRQDQG
GHI\WKHGHDGDVDXWRPDWRQVVLPSO\REH\

(SLORJXH
7KHFORXGKDVEHHQGHVWUR\HGEXWWKHVKDGRZLWFDVW
KDVOHIWDEOLJKWXSRQWKHODQG)RUDZKROH\HDUWKH
SODQWVGRQRWJURZSURSHUO\HYHU\WKLQJVHHPVGHYRLG
RI FRORXUPLVVLQJVRPHWKLQJPDQ\DQLPDOVDUH
VWLOOERUQLQWKHVSULQJDQGPDQ\GLHLQWKHDXWXPQ
2QFHDZKROH\HDUKDVFRPHDQGJRQHVWUDQJH
VKDGRZ\WKLQJVWKHVDPHFRORXUDVWKHFORXGEHJLQWR
KDWFKIURPWKHJURXQGOD\LQJVLHJHWRWKHZKROHUHJLRQ
VKDGRZVKDSHVRI GHDGSHRSOHDQGDQLPDOVVOLSSLQJ
WKURXJKJDWHVDQGGRRUZD\VDQGGUDLQLQJWKHOLIHIURP
WKHLUYLFWLPV

,GHDV7KLVDGYHQWXUHFRXOG
IRUPDJRRGIROORZXSWR
DGYHQWXUH

$GYHQWXUH

7ZLVW
7KHLVODQGHUVIRXQGDIHZLQWHUHVWLQJWKLQJVZKLOH
PLQLQJRQWKHLVODQGROGDUWHIDFWVDQGPDJLFDOZHDSRQV
EHORQJLQJWRDQDQFLHQWNLQJZKRZDVLQWHUUHGRQ
WKHLVODQGE\KLVSHRSOH7ZRRUWKUHHRI WKHPDUH
HTXLSSHGZLWKWKHVHLWHPVDQGWKHUHPD\EHDGHDO
PRUHUHVLVWDQFHIURPWKHSHRSOHRQWKHLVODQGWKDQWKH
SDUW\ZHUHH[SHFWLQJ

$VVHW5HFRYHU\
'HVFULSWLRQ
$URXQGWHQ\HDUVDJR0F'XUUHOODPHUFKDQWDQGDQ
HQWUHSUHQHXUVXQNDJUHDWGHDORI ZKDWZDVWKHQD
PRGHVWIRUWXQHLQWRHVWDEOLVKLQJDVKLQJIDUPLQJDQG
PLQLQJVHWWOHPHQWRQDQLVODQGQRWIDUIURPWKHVKRUHV
RI KLVKRPHQDWLRQ:LWKLQWHQ\HDUVKHWKRXJKW
WKHVHWWOHPHQWZRXOGKDYHEHHQDEOHWRPDNHHQRXJK
PRQH\WRSD\KLPEDFNRQKLVLQLWLDOLQYHVWPHQWSOXVD
OLWWOHPRUH

7ZLVW

+HZDVULJKWH[FHSWWKDWKHPLVVHGRXWRQHTXLWH
LPSRUWDQWIDFWRUSHRSOH7KHSHRSOHRQWKHLVODQG
KDYHZRUNHGWKHLUQJHUVWRWKHERQHIDUPLQJVKLQJ
EXLOGLQJPLQLQJEXLOGLQJDVXFFHVVIXOOLWWOHWRZQWKDW
QRZFRYHUVSHUKDSVDTXDUWHURI WKHLVODQG7KH\DUH
VXFFHVVIXODQGWKH\VHHLWDVWKHPEHLQJVXFFHVVIXOIURP
WKHLURZQKDUGZRUNQRW0F'XUUHOOVPRQH\
7KH\KDYHSRLQWEODQNUHIXVHGWRSD\EDFNWKHPRQH\
DQGVR0F'XUUHOOKDVGHWHUPLQHGWRJHWLWEDFNKLV
RZQZD\$GGLQJWKHFRVWRI KLULQJWKHSDUW\DQGVRPH
RWKHUPHUFHQDU\VFXPWRZKDWWKHLVODQGRZHVKLPKH
KDVUHQWHGDIHZVKLSVFDSDEOHRI ODQGLQJRQWKHLVODQG
DQGKDVLVVXHGRUGHUVWRWKHPHUFVDQGWKHSDUW\WRJR
RYHUWKHUHDQGWDNHHYHU\WKLQJRI YDOXHXQWLOWKH\KDYH
PDGHXSWKHFRVWRI ZKDWRZHVKLP$GHEWLVDIWHUDOO
DGHEWWREHUHSDLG
7KHLVODQGHUVDUHXQOLNHO\WRVHHLWWKHVDPHZD\

7ZLVW
0F'XUUHOOLQKLVDQJHUKDVMXVWDERXWGRXEOHGWKH
JXUHKHWKLQNVWKHLVODQGHUVRZHKLP7KHVHWWOHPHQW
LVXQOLNHO\WREHYLDEOHRQFHHYHU\WKLQJUHTXLUHGWR
PDNHXSWKHJXUHLVWDNHQIURPWKHP7KHPRPHQW
RI VXFFHVVIRUWKHLVODQGLVDOVRWKHPRPHQWRI LWV
GRZQIDOOQRWWKDWKHFDUHVDOOWKDWPXFK7KHUDLGLV
WKHGHDWKNQHOORI WKHLVODQG

0F'XUUHOOLVDIUDXGVWHUKHQHYHUORDQHGWKHVH
SHRSOHDQ\PRQH\KHVMXVWDSLUDWHLQWKHPDVNRI D
EXVLQHVVPDQ2I FRXUVHWKHLVODQGHUVZRXOGVD\WKDW
WRWU\DQGVSDUHWKHPVHOYHVIURPKDYLQJWKHLUDVVHWV
VWULSSHGEXWPD\EHWKHUHLVDJUDLQRI WUXWKWRLW
:RUWKLQYHVWLJDWLQJ"3RVVLEO\

(SLORJXH
$VLWWXUQVRXWWKLVLVODQGLVQRWWKHRQO\RQH0F'XUUHOO
VSRQVRUHGKHDOVRKDVKDGYDULRXVRWKHUWRZQVWDUWXS
VFKHPHVDURXQGWKHODQGVFDSHDQGPDQ\RI WKHPDUH
GHIDXOWLQJRQZKDWWKH\RZHKLP+HVKDSS\WRKLUHD
SURYHQWHDPWRJHWWKHPRQH\RXWRI WKHPDVVRUWRI 
UHSRPHQZULWODUJH7KHVHH[SHGLWLRQVFDQWDNHWKHP
IDUDQGZLGHWKURXJKWKHVXUURXQGLQJODQGVFDSHDV
PRVWRI KLVGHDOVKDYHEHHQGRQHZLWKRXWRI WKHZD\
RUOHVVKRVSLWDEOHORFDWLRQVWKRXJKPRVWRI WKHPKDYH
PDGHDVXFFHVVRI LW

,GHDV7KHLVODQGVKRXOGSUREDEO\KDYH
ORWVRI OLWWOHKLGHDZD\SODFHVZKHUHWKH
LVODQGHUVFDQVWDVKWKLQJVWKH\GRQRW
ZDQWVWROHQDQGZKHUHWKHSDUW\DQGWKHLU
DVVLVWDQWVDUHYXOQHUDEOHWRWUDSVDQG
DPEXVKHV7KHPLQHWXQQHOVVRPHZRRGV
HYHQVRPHFUDJJ\URFNVRQWKHVKRUHDOO
KDYHWKHLUSRVVLELOLWLHV

,GHDV7KHRWKHUPHUFHQDULHVWKDW
0F'XUUHOOKDVKLUHGFRXOGEHHYHQ
PRUHXQVFUXSXORXVWKDQWKHSDUW\



$GYHQWXUH

LQWRWKHZRUOGQRZWRKHOSVDYHLW*LYHQZKDWLV
FRPLQJWKH\DUHVRUU\DQGWU\WRKLGHZKDWWKH\DUH
GRLQJEXWIHHOLWLVMXVWLHG

7KH5HVWRUDWLRQ
7ZLVW
'HVFULSWLRQ
7KHKHDOHUVWHPSOHDWRSWKH*UHHQKLOOKDVEHHQD
SODFHRI KHDOLQJPHGLWDWLRQDQGUHVXUUHFWLRQIRUPDQ\
KXQGUHGVRI \HDUV7KHZKLWHPDUEOHRI WKHWHPSOHVLWV
VHUHQHDJDLQVWWKHJUHHQSDVWXUHVDQGWKHPHGLWDWLRQ
JDUGHQVRI WKHKLOOZKLFKKDVEHHQFDUYHGRYHUWKH
\HDUVLQWRDWLHUHGVHULHVRI OHYHOVOHDGLQJXSWRWKH
WHPSOHLWVHOI
$GYHQWXUHUVDQGRWKHUULFKSHUVRQVLQKLJKULVN
RFFXSDWLRQVFRPHWRWKHWHPSOHRIIHUWKHLUJROGWRLWV
FDXVHDQGDUHEURXJKWEDFNIURPWKHODQGVRI WKHGHDG
UHJXODUO\DQGIRUPDQ\FHQWXULHVWKLVKDVFRQWLQXHG
ZLWKRXWSUREOHPDQGZLWKRXWWKHWHPSOHIDOOLQJLQWR
GLVUHSXWHRUDQ\VXJJHVWLRQWKDWLWPLJKWEHFRUUXSWHG

7KHWHPSOHKDVEHHQRYHUFRPHE\GDUNIRUFHV
WKRXJKPRVWRI WKHSULHVWVUHPDLQXQDZDUHRI ZKDW
LVRFFXUULQJ7KHFKLHI RI WKHWHPSOHWKHRQH
UHVSRQVLEOHIRUWKHPDMRULW\RI UHVXUUHFWLRQVKDV
EHFRPHSRVVHVVHGE\WKHDQLPDRI DQHYLOJRGDQG
KDVSDVVHGRQWKHFRQWDPLQDWLRQWRPXFKRI WKHLQQHU
FLUFOHRI WKHWHPSOH:KDWWKH\DUHUDLVLQJDUHEXW
VKDGHVRI WKHRULJLQDOSHRSOHSRVVHVVHGERGLHVWKDW
HHWKHLUIDPLOLHVDQGIULHQGVWDNLQJWRWKHZLOGHUQHVV
WRSUH\XSRQSHRSOHDQGRIIHUXSWKHLUEORRG\KHDUWVWR
WKHZRUVKLSRI WKDWJRGHPSRZHULQJLW

7ZLVW

6RPHRI WKRVHZKRKDYHEHHQEURXJKWEDFNODWHO\
VHHPWRKDYHEHHQEHKDYLQJVWUDQJHO\6RPHKDYH
VXEVHTXHQWO\GLVDSSHDUHGIURPWKHLUIULHQGVDQG
FRPSDQLRQVHYHQWKHLUIDPLOLHVDQGKDYHQRWEHHQVHHQ
DJDLQ6RPHRI WKHVHJURXSVVXVSLFLRXVRI WKHFOHULFV
DWWKHWHPSOHDQGWKLQNLQJWKDWWKHPRQNVZRXOGKLGH
WKLQJVLI WKH\VDZWKHPDJDLQKDYHFOXEEHGWRJHWKHU
WRRIIHUWKHSDUW\DUHZDUGWRORRNLQWRLWWKHPVHOYHV
7KH\KDYHJLYHQWKHPSLFWXUHVGUDZLQJVRI WKHPLVVLQJ
SHRSOHDQGRXWOLQHGWKHLUVXVSLFLRQV
1RZLWLVXSWRWKHSDUW\WRIDEULFDWHDQH[FXVHWRYLVLW
DQGWRVQRRSDURXQGWRGLVFRYHUZKDWWKH\FDQDERXW
ZKDWLVJRLQJRQ
:KDWLVJRLQJRQLVWKDWWKHVRXOVRI GHDGPRQNVDQG
SULHVWVRI WKHRUGHUDUHEHLQJEURXJKWEDFNLQWRWKH
ERGLHVRI WKHVHPRUHQHZO\GHFHDVHG7KHZK\DQG
KRZ"7KDWLVZKDWQHHGVWREHGLVFRYHUHG

7ZLVW
7KHSULHVWVDUHEULQJLQJEDFNWKHLUROGOHDGHUVEHFDXVH
WKHLUJRGKDVJLYHQWKHPDYLVLRQRI DVSLULWXDOFULVLV
WKDWLVDERXWWRHQJXOI WKLVDUHDDQHYLOLQVHUYLFHWRDQ
HYLOJRGDQGLQRUGHUWREHSUHSDUHGWKH\KDYHGHFLGHG
WREULQJEDFNWKHJUHDWDQGWKHJRRGIURPWKHLUSDVW


7KHPRQNVDUHGRLQJWKHLUEHVWEXWWKHODQGVRI WKH
GHDGDUHJURZLQJVWURQJHURI ODWHWKHJKRVWORUGV
IURPEH\RQGWKHYHLOUHVHQWKDYLQJWKHLUIRRWVROGLHUV
VHUYDQWVDQGFLWL]HQVWDNHQIURPWKHPVRTXLFNO\
HVSHFLDOO\WKHVWURQJRQHV7KHODQGVRI WKHGHDGDUH
SXOOLQJWKHLUQXPEHUEDFNDQGWKHRQO\ZD\WRGHDOZLWK
LWLVWRFURVVLQWRWKHGHDGODQGVDQGFRQIURQWWKHRQHV
SXOOLQJWKHVRXOVEDFNLQDVWUDQJHGHDGPLUURURI WKLV
ZRUOG

(SLORJXH
:LWKWKHWHPSOHUHVWRUHGE\KRRNRUE\FURRNWRLWV
SURSHUIXQFWLRQWKHKHDOLQJDQGUHVXUUHFWLRQVSURFHHG
DVQRUPDORQFHDJDLQEXWWKHPRQNVQRZODFNVRPHRI 
WKHLUOHDGHUVKLSRUWKHLUSRZHUKDVEHHQGUDLQHG7KH
SDUW\PXVWHVFRUWDQHOGHUO\EXWH[SHULHQFHGSULHVWWR
RQHRI WKHODUJHUWHPSOHVWRVHHNWKHKHOSDQGDGYLFH
RI WKHKLJKHUFKXUFKKLHUDUFK\

,GHDV2YHUSOD\LQJWKHVHUHQLW\
DQGSHDFHIXOQHVVDQGWKHQ
RYHUSOD\LQJWKHKRUURUZLOOPDNH
IRUJRRGFRQWUDVW

$GYHQWXUH

DUHWLHGXSLQGHIHQGLQJLWEXWDVPDOOJURXSPD\EH
DEOHWRSHQHWUDWHWKHMXQJOHQGWKHGHPRQVHHGDQG
GHVWUR\LWHQGLQJWKHVLHJH

0DVVLYH
7ZLVW
'HVFULSWLRQ
7KHMXQJOHFLW\RI 2PVKDQDH[LVWVLQDGHOLFDWHEDODQFH
ZLWKWKHMXQJOHDURXQGLWULVLQJDERYHLWOLNHDPDVVLYH
VWHSSHG]LJJXUDWZLWKRZHULQJYLQHVDQGIUXLWWUHHV
SODQWHGLQWKHSOD]DVDQGURDGVWKDWVSLUDOXSDURXQG
WKHRXWVLGHRI WKHFLW\WKHZKROHEXLOWRI \HOORZLVK
VWRQHWKDWJORZVDOPRVWOLNHJROGIURPDGLVWDQFHLQWKH
KHDWRI WKHPLGGD\VXQ

7KHNLQJRI WKHFLW\LVDOVRLWVKLJKSULHVWDQGKDVEHHQ
WDNHQZLWKPDGQHVVEDUULFDGLQJKLPVHOI ZLWKLQWKH
UR\DOWHPSOHDQGUHIXVLQJWRFRPHRXWXVLQJKLVSRZHUV
DVSULHVWWRWXUQWKHMXQJOHDJDLQVWKLVRZQSHRSOHWR
GHVWUR\WKHFLW\7KHSULHVWVKDYHDVHFUHWZD\LQWRWKH
WHPSOHEXWZLVKWRKLUHVWUDQJHUVWRGRWKHGHHGWKH
NLQJPXVWQRWEHVHHQLQWKLVVWDWHE\WKHSHRSOH

(SLORJXH

7KHFLW\H[LVWVDVPXFKLQKDUPRQ\ZLWKWKHMXQJOH
DVSRVVLEOHRQO\DVLQJOHURDGLVFXWWKURXJKWKH
YHJHWDWLRQNHSWFOHDUE\UDQJHUVZKRPRYHXSDQG
GRZQWKHURDGGHDOLQJZLWKZLOGEHDVWVDVWKH\DULVH
FXWWLQJEDFNSODQWVDQGOHDYLQJWKHLUVFHQWWRNHHSWKH
DQLPDOVWKDWKDYHOHDUQHGWRIHDUPHQDZD\IURPWKH
URDGDQGWUDYHOOHUV7KHFLW\JURZVPXFKRI LWVIRRG
RQLWVSOD]DVDQGLVRWKHUZLVHIHGDQGZDWHUHGE\GHHS
ZHOOVPDJLFDQGKXQWLQJDVZHOODVLPSRUWDWLRQ
:KLOHWKHSDUW\DUHWKHUHWKLQJVVWDUWWRKDSSHQWKRXJK
7KHMXQJOHEHJLQVWRJURZIDVWHUDQGIDVWHUEHJLQQLQJ
WRVFDOHWKHRXWHUZDOOVRI WKH]LJJXUDWWKDWIRUPVWKH
FLW\WKHURDGLVVZDOORZHGXS7KHWUHHVWDNHRQD
GDUNHUWLQWDQGJURZPRUHJQDUOHGGLVWRUWHGLPDJHV
RI VFUHDPLQJIDFHVDQGRWKHUGLVWXUELQJLPDJHU\7KH
FLW\WKDWOLYHGLQKDUPRQ\ZLWKWKHMXQJOHLVQRZXQGHU
DWWDFNE\LWDQGQHHGVGHIHQGLQJ

7ZLVW
7KHMXQJOHKDVFRPHDOLYHDQGLVWU\LQJWRGHVWUR\WKH
FLW\EHFDXVHDKXQWVPDQIURPWKHFLW\EURXJKWGRZQDQ
DQLPDOVDFUHGWRWKHMXQJOHJRGDIHZGD\VDJR$IUDLG
RI WKHZUDWKRI WKHSULHVWVPRUHWKDQWKHMXQJOHKHKLG
WKHERG\ZLWKLQWKHFLW\DQGWKRXJKWQRPRUHRI LW
7KHMXQJOHNQRZVWKRXJKDQGWKHRQO\ZD\WRDSSHDVH
LWLVWRUHWXUQWKHGHDGDQLPDOWRWKHMXQJOH

$IWHUWKHVLHJHRI WKHMXQJOHWKHROGNLQJLVVDFULFHG
XSRQWKHKLJKDOWHUWRDSSHDVHDQGWKDQNWKHJRGVDQG
KLVVRQWDNHVRYHUDVWKHQHZNLQJ+HLVDPXFKPRUH
SURJUHVVLYHWKLQNHUDQGKDVOHDUQHGOLWWOHRUQRWKLQJ
IURPWKHZUDWKRI WKHMXQJOHFORLVWHUHGDZD\LQWKH
KLJKSDODFHDVKHZDV+HRUGHUVWKHDUP\DQGDVPDQ\
PHUFHQDULHVDVFDQEHKLUHGWREHJLQFOHDULQJPRUHRI 
WKHVXUURXQGLQJMXQJOHIRUHOGVPLQLQJDQGIRUWKH
KDUYHVWLQJRI ZRRG+HZLVKHVWRH[SDQGWKHFLW\
DWFRVWWRWKHMXQJOHWRFDUYHDQHZURDGWKURXJKWR
LQFUHDVHWUDGH7KHUHLVPRQH\WREHPDGHZRUNLQJ
IRUKLPEXWWKH\ZLOOZLWQHVVWKHZRQGHUVRI WKHMXQJOH
EHLQJGHVWUR\HGDQGVSRLOHGRQHE\RQH

,GHDV%HVLGHVWKHXVXDOSODQW
FUHDWXUHV\RXFRXOGJHWDOLWWOHPRUH
FUHDWLYHZDUULRUVPDGHRI KDUGZRRG
SRLVRQRXVRZHUVYLQHVVWLQJHUVDQG
EUDPEOHV%HFUHDWLYHDQGLPDJLQDWLYH
DQGORRNDWERRNVDERXWWKHSODQWVRI 
WKHMXQJOHIRUPRUHLQVSLUDWLRQ

,GHDV)RUWKHVW\OHRI WKHFLW\WKLQN
RI DFRPELQDWLRQEHWZHHQWKH,QFDV
DQGWKHKLGGHQFLWLHVRI 7DU]DQ

7ZLVW
7KHMXQJOHKDVEHFRPHSRVVHVVHGE\DGHPRQVHHGDQ
HYLOVSLULWWKDWULVHVRFFDVLRQDOO\IURPWKHGHHSGDUN
FRUUXSWHGSDUWVRI WKHMXQJOH7KHDUPLHVRI WKHFLW\


$GYHQWXUH

7ZLVW

%RR
'HVFULSWLRQ
*DWKHUOHLJKPDQRUVLWVQRWIDURXWVLGHWKHWRZQRI 
&KDUEXU\2QFHDIRUWLQWKHHDUO\GD\VRI WKHWRZQLW
ZDVUHWWHGDVDVWDWHO\KRPHEHIRUHIDOOLQJLQWRGLVXVH
DQGEHFRPLQJRYHUJURZQ0DWWHXV*LOEHUWDPHUFKDQW
IURP&KDUEXU\ERXJKWLWIURPWKHWRZQFRXQFLOIRUD
YHU\UHDVRQDEOHVXPLQWHQGLQJWRGRLWXSDQGPDNHLW
LQWRDKRPHDQGSODFHRI EXVLQHVVIRUKLPVHOI DQGKLV
IDPLO\
:KHQKHEHJDQZRUNWKHZRUNHUVEHJDQWRFRPSODLQ
WKDWWKLQJVZHUHEHLQJVWROHQWKDWWKH\IHOWVWUDQJH
FKLOOVDQGKHDUGQRLVHVZKLOHWKH\ZHUHZRUNLQJ:KHQ
WKHUVWZRUNHUZDVIRXQGKDLUZKLWHKDQGVFOXWFKLQJ
DWQRWKLQJWHHWKVKDWWHUHGDJDLQVWHDFKRWKHULQD
ULFWXVRI GHDWKWKH\UHIXVHGWRZRUNWKHUHDQ\ORQJHU
DEDQGRQLQJWKHPDQRUDQGOHDYLQJ0DWWHXVZLWK
QRERG\WRQLVKWKHZRUN1HYHUDTXLWWHU0DWWHXV
FRQWLQXHGWKHZRUNKLPVHOI ZLWKWKHKHOSRI KLVIDPLO\
XQWLOWKH\WRREHJDQWRQRWLFHVWUDQJHKDSSHQLQJV
DURXQGWKHPDQRU

7KHKRXVHKDVDFRQYROXWHGKLVWRU\ZLWKVHYHUDOJKRVW
VWRULHV(DFKRI WKHKDXQWLQJHQWLWLHVPXVWEHSXWWR
UHVWLQWKHLURZQZD\IURPWKHJLUOZKRORVWKHUORYH
DQGFRPPLWWHGVXLFLGHWRWKHIRUWFRPPDQGHUZKRZDV
VODLQE\KLVRZQPHQ6ODVKLQJDZD\LVQWJRLQJWRZRUN
VRZHOOZKDWVQHHGHGLVVRPHVROLGLQYHVWLJDWLRQLQD
KDXQWHGKRXVHZKLFKKDVEHHQURWWLQJIRUDORQJWLPH

7ZLVW
,WLVQRWWKHKRXVHZKLFKLVKDXQWHGEXWUDWKHULWLV
0DWWHXVKLPVHOI7KHKRXVHLVVLPSO\DSODFHZKHUH
WKHZDOOVEHWZHHQWKHODQGRI WKHOLYLQJDQGWKHODQGRI 
WKHGHDGDUHZRUQWKLQDQGDOOWKRVHKHKDVVODLQKDG
NLOOHGRURWKHUZLVHGULYHQWRGHDWKFDQQRZFURVVRYHU
DQGWRUPHQWKLPLQWKLVKLVDWWHPSWWRDFFRPSOLVKKLV
GUHDPRI DJUDQGKRXVH

(SLORJXH
7KHKRXVHLVFOHDQVHGRI WKHVSRRNVRUZKDWHYHULW
ZDVLQWKHKRXVHDQG0DWWHXVFRQWLQXHVDSDFHZLWK
KLVUHQRYDWLRQVDQGUHVWRUDWLRQVRI WKHSURSHUW\7KH
KRXVHLVQRWGRQHZLWKEHLQJDFHQWUHRI VSRRN\
DFWLYLW\MXVW\HWWKRXJK,QEUHDNLQJGRZQDQGFOHDULQJ
DZDOOVRPHROGERQHVDUHXQFRYHUHGXQOHDVKLQJ
DQRWKHUXQTXLHWVSLULWXSRQWKHKRXVHWKLVRQHIDU
PRUHSRZHUIXODQGDEOHWRVZD\DQGHPSRZHURWKHU
JKRVWVWRLWVFDXVHWRUDLVHWKHGHDGDQGWRFDXVH
VWUDQJHSKHQRPHQDLQWKHKRXVH2QFHPRUHKHFDOOV
XSRQWKHSHRSOHKHNQRZVFDQGHDOZLWKVXFKSUREOHPV
WRFRPHWRKLVKRXVHDQGGHDOZLWKWKHVSRRNV
KRSHIXOO\IRUWKHODVWWLPH

+HLVVWLOODVWXEERUQSLJRI DPDQDQGUHIXVHVWRJLYH
XSRQWKHSODFHUHJDUGOHVVHYHQLI KHVQRWZLOOLQJWR
ULVNKLVRUKLVIDPLO\VOLYHV:KDWKHGRHVKDYHLV
PRQH\HQRXJKWRKLUHVRPHIRROKDUG\DGYHQWXUHUVWR
JRLQWRWKHSODFHDQGFOHDULWRXWIRUKLP7KDWZRXOG
EHWKHSDUW\

,GHDV7KLVVSRRN\VFHQDULRZRXOGZRUN
HTXDOO\ZHOOLQDPRGHUQVXSHUQDWXUDOVHWWLQJ
EXWZLWKDIDQWDV\EDFNGURS\RXFDQSOD\
DURXQGDOLWWOHPRUHJLYHWKHJKRVWVVSHOOV
DQGRWKHUSRZHUVWKDWWKH\FDQVRPHKRZXVH
DFURVVWKHEDUULHUEHWZHHQWKHODQGVRI WKH
OLYLQJDQGWKHODQGVRI WKHGHDG

7ZLVW
7KHSURSHUW\LVQRWDFWXDOO\KDXQWHGLWLVXVHGDV
DKLGLQJSODFHE\DEDQGRI UREEHUVZKRSUH\RQ
WKHPHUFKDQWWUDIFDURXQGWKHWRZQ7KH\XVHGD
SRLVRQWRIDNHWKHHIIHFWVRI DJKRVWDWWDFNXSRQWKH
ZRUNHUDQGKDYHEHHQFUHHSLQJDURXQGWKHPDQRU
PDNLQJQRLVHVDQGOHDYLQJWKLQJVWRIULJKWHQSHRSOH
$GYHQWXUHUVPLJKWSURYHDOLWWOHKDUGHUWRFRQYLQFH
EXWWKH\UHVWLOOXQZLOOLQJWRJLYHXSWKHLUEDVHRI 
RSHUDWLRQV

,GHDV7KHJKRVWVPLJKWEH
DEOHWRSRVVHVVSHRSOHDQG
FRQWUROWKHLUERGLHVKLGLQJLQ
WKHSDUW\WKHPVHOYHV


$GYHQWXUH

WKHHQWLUHMHZHOVKFURSIRUWKHPVHOYHVZLWKRXW
LQWHUIHUHQFH%HVLGHVWKHEHDUVZKRHYHUPDQDJHVWR
IRUFHWKHLUZD\LQWRWKHFDYHVZLOOKDYHWRGHDOZLWK
WKHVHSRDFKHUVZKRZLOOEHFRUQHUHGLQWKHFDYHVDQG
GHVSHUDWH

%HIRUH6ZLQH
'HVFULSWLRQ
7KHFRDVWDOWRZQRI &K\DQQJLVRXWRQWKHIDUURFN\
SHQLQVXODFDOOHG7KH6SXUWKDWMXWVLQWR7KH*UH\
6HD7KHUHDUHFDYHVEHQHDWKWKHSHQLQVXODWKDWDUH
FDUYHGRXWE\WKHZDYHVDQGZLQGDQGWKDWVHUYHDVWKH
VSDZQLQJSRROVRI WKHMHZHOVKRI 7KH*UH\6HD7KH
RQO\VSDZQLQJJURXQGV
(DFK\HDUZKHQWKHMHZHOVKFRPHWKHWRZQJRHVLQWR
DIUHQ]\RI SUHSDUDWLRQWKLVLVWKHLUELJJHVWKDXOWKHLU
ELJJHVWFDWFKDVDIWHUWKHVKVSDZQWKH\GLH:KDW
PDNHVWKHPMHZHOVKLVWKDWRYHUWKHFRXUVHRI WKH
\HDUWKH\PHWDEROLVHWKHJROGVLOYHUDQGRWKHUSUHFLRXV
PHWDOVLQWKHVHDZDWHUDQGJURZVFDOHVDQGWKLQVWUHDNV
DQGOLQHVGRZQWKHLUERG\RI WKRVHPHWDOV(DFKVK
LVDXQLTXHPL[RI JROGVLOYHUDQGRWKHUFRORXUVFDXVHG
E\LPSXULWLHVHDFKRQHDMHZHOLQLWVRZQULJKWRUWKDW
FDQEHEXUQHGDQGVHSDUDWHGPHOWLQJWKHPHWDOVGRZQ
IRUWUDGH
7KLV\HDUWKHUHLVDSUREOHPWKRXJKWKHZD\GRZQLQWR
WKHFDYHVKDVEHHQEORFNHGLQKDELWHGE\DZDQGHULQJ
JURXSRI *UD\6HDFDYHEHDUVDOVRLQVHDUFKRI WKH
MHZHOVKEXWIRUGLIIHUHQWUHDVRQV7KHYLOODJHUVDUHLQ
QRZD\VWURQJRUEUDYHHQRXJKWRWDNHRQWKHEHDUVDQG
QHHGKHOSSUHIHUDEO\TXLFNO\DQGEHIRUHWKHMHZHOVK
DUULYHWRVSDZQ7KH\VHQGWKHLUIDVWHVWUXQQHUWRWKH
QHDUHVWWRZQWRVHHNKHOSDQGZKRVKRXOGKHUXQLQWR
EXWRXUPHUU\EDQGRI DGYHQWXUHUV"

7ZLVW
7KHEHDUVDUHQRWWKHRQO\FUHDWXUHVWRKDYHWDNHQXS
UHVLGHQFHLQWKHFDYHVLQWKHLQWHULPDODUJHRFWRSXVRU
VLPLODUFUHDWXUHKDVVHWXSKRPHLQWKHVSDZQLQJSRROV
WKHPVHOYHVDQGLVYLFLRXVO\GHIHQVLYHRI LWVQHZKRPH
DLOLQJDQGDWWDFNLQJDQ\FUHDWXUHWKDWYHQWXUHVLQWRLW

7ZLVW
7KHEHDUVDUHWUDLQHGDQLPDOVRQHHYHQZHDUVDFROODU
DVZLOOEHFRPHDSSDUHQWLI DQGZKHQLWLVNLOOHG7KH
EHDUVEHORQJWRDEDQGRI SHRSOHGHWHUPLQHGWRWDNH


7ZLVW
$VWRUPLVEORZLQJLQMXVWWRPDNHWKLQJVZRUVH
(YHU\IHZPLQXWHVSRZHUIXOZDYHVFUDVKXSWKURXJK
WKHFDYHVEORZLQJDLUEHIRUHLWDQGRRGLQJPDQ\RI 
WKHORZHUFDYHV6RPHRQHFDXJKWLQWKHVXGGHQUXVK
RI ZDWHUFRXOGHQGXSVZHSWRXWWRVHHGURZQHG
RUGDVKHGDJDLQVWWKHURFNVLI WKH\DUHQRWZDU\DQG
FDUHIXO

(SLORJXH
+DYLQJEHFRPHWKHKHURHVRI WKHYLOODJHWKHSDUW\ZLOO
EHLQYLWHGEDFNHYHU\\HDUWRMRLQLQWKHKDUYHVWDQGWKH
IHVWLYLWLHV,QDORQJUXQQLQJFDPSDLJQWKLVIHVWLYDOFDQ
EHFRPHDQLPSRUWDQWUHPLQGHURYHUPDQ\JDPHVRI 
WKHFRQWLQXLW\RI SDUWVRI WKHVHWWLQJDQGWKHYDULRXV
GHHGVWKHKHURHVKDYHSHUIRUPHGRYHUWKHLUFDUHHUV
7KHMHZOVKKDUYHVWPD\DOVRFRPHXQGHUWKUHDWWLPH
DQGDJDLQIURPGLIIHUHQWVRXUFHVVXFKDVVHDPRQVWHUV
RUVKLQJYHVVHOV7KHYLOODJHPD\ZHOOQHHGWRFDOO
XSRQLWVVDYLRXUVPRUHWKDQRQFHDQGLWZRXOGKRSH
WKDWWKHLUKLVWRU\WRJHWKHUPLJKWFRXQWIRUVRPHWKLQJ

,GHDV6SHQGDOLWWOHWLPHWKLQNLQJ
DQGZRUNLQJRQWKHGHVFULSWLRQRI 
WKHMHZHOVK7KHVHFUHDWXUHVDUHD
QDWXUDOZRQGHUDQGWKHLUEULOOLDQFH
DQGEHDXW\LQWKHLUQDWXUDOVHWWLQJ
QHHGVWRKDYHDELWRI LPSDFWWRLW
ZKHQWKHFKDUDFWHUVVHHLW

,GHDV$Q\EDQGLWVRUSRDFKHUV
FRXOGEHSHRSOHIURPWKHYLOODJH
ZKRPRYHGDZD\WKLVLVKRZWKH\
KDYHWKHNQRZOHGJHRI ZKHQDQG
ZKHUHWRFDWFKWKHVKDVZHOODV
UHVHQWPHQWWRZDUGVWKHSDURFKLDO
VHWWOHPHQW

$GYHQWXUH

7ZLVW
/RRNLQJWKURXJKWKHOLVWRI FUHDWXUHVWKDW0RUFKHVVH
ZLVKHVFDSWXUHGWKH\PLJKWQRWLFHWZRFRQFXUUHQWDQG
UXQQLQJWKHPHVQ\PSKGU\DGV\OSKVXFFXEXVRQ
WKHRQHKDQGDQGRJUHWUROOOL]DUGPDQDQG'MLQQRQ
WKHRWKHUVH[DQGYLROHQFHWKHROGWZLQREVHVVLRQV
&DQWKH\WUXO\GHOLYHUWKHJHQWOHIHPLQLQHFUHDWXUHVRI 
WKHZLOGLQWRWKHKDQGVRI DQHFFHQWULFDQGSRVVLEO\
SHUYHUWHGPDJH"

&DWFK(P$OO
'HVFULSWLRQ
7KHZL]DUG0RUFKHVVHLVDFUDIWHUDQGDQDYLGVWXG\RI 
P\WKLFEHDVWVPRQVWHUVDQGPDJLFDOFUHDWXUHV7KHUH
LVOLWWOHKHHQMR\VPRUHWKDQSRULQJRYHUWKHFROOHJHRI 
PDJLFVHQF\FORSDHGLDVORRNLQJXSUDUHEHDVWVFRS\LQJ
SLFWXUHVRI WKHPDQGUHDGLQJXSRQWKHLUKDELWVSUH\
DELOLWLHVDQGIRUPV

7ZLVW
:RUGRI WKHVHFDUGVKDVJRWWHQRXWWRVRPHRI WKH
RWKHUZL]DUGVDWWKHFROOHJHDQGRQHRI WKHPRUH
XQVFUXSXORXVRQHVKDVGHFLGHGWKDWKDYLQJFRQWURO
RI VXFKEHDVWVZRXOGJUHDWO\LQFUHDVHKLVSRZHU+H
SODQVWRKLUHKLVRZQJURXSRI FXWWKURDWVDQGWRIROORZ
WKHSDUW\ZDLWLQJIRUWKHULJKWPRPHQWWRVWULNHDQG
VWHDOWKHFDUGVIRUKLPVHOIXVLQJWKHPRQVWHUVWUDSSHG
ZLWKLQIRUVRPHVFKHPHRURWKHUKHKDVFRRNHGXS

+HKDVEXWUDUHO\VHHQDQ\P\WKLFEHDVWVRWKHUWKDQ
IDPLOLDUVEXWWKHH[SHULHQFHVKDYHVWXFNZLWKKLP$
PDQZLWKEUHDWKLQJGLIFXOWLHVDPRQJVWRWKHUKHDOWK
SUREOHPVKHUDUHO\LI HYHUVHWVIRRWRXWVLGHWKHFROOHJH
EXWKDVDEXUQLQJGHVLUHWRVHHWKHVHDQLPDOV
:LWKKLVSUHFRFLRXVDUWLVWLFFUDIWLQJDQGPDJLFDOVNLOOV
KHKDVVRXJKWWRQGDZD\WREULQJWKHVHPRQVWHUV
WRKLPQRWWKHHHWLQJRWKHUZRUOGO\FUHDWXUHVRI 
VXPPRQLQJPDJLFEXWWKHUHDOWKLQJFRQWUROOHG
SDVVLYHEURXJKWLQDZD\WKDWFDQEHSURSHUO\VWXGLHG
DQGH[DPLQHGZLWKRXWULVNXQGHUKLVVZD\

(SLORJXH
2QFHKHKDVRQHVHWRI PRQVWHUVWRH[DPLQHRI FRXUVH
KHZDQWVPRUH2WKHUVDOVRZDQWFRSLHVRI WKHFDUGV
VRPXFKPRUHUHOLDEOHDQGXVHIXOWKDQVXPPRQLQJ
PDJLF7KHJHHN\ZL]DUGKDVDJUHDWPRUHFUHDWXUHVKH
ZDQWVFDSWXUHGDQGRWKHUZL]DUGVDUHVRRQGHPDQGLQJ
WKDWKHPDNHWKHPFDUGVRUUHYHDOKLVVHFUHW7KH
SRSXODULW\JRHVWRKLVKHDGDQGKHOOGRDOOKHFDQWR
SURYLGHWKHVHFDUGVIRUKLVIHOORZZL]DUGVZKRVHHP
VWUDQJHO\HQDPRXUHGRI WKHUHODWLYHO\VLPSOHPDJLF
XVLQJLWIRUIXQUDWKHUWKDQVHULRXVVWXG\VHWWLQJWKHLU
FDSWLYHEHDVWVRQHDFKRWKHU

+HKDVSDLQVWDNLQJO\FUDIWHGDVHULHVRI FDUGVHDFKRQH
GUDZQLQPDJLFDOLQNLQODLGLQJROGOHDI DQGPDGHRI 
KLJKTXDOLW\YHOOXPDQGFDUG(DFKRQHGHSLFWVRQHRI 
KLVIDYRXULWHP\WKLFEHDVWVDQGHDFKFDUGKDVWKHDELOLW\
WRFDSWXUHVXFKDEHDVWZLWKLQLWVRORQJDVWKHEHDVWLV
UHQGHUHGXQFRQVFLRXVRULVDVOHHS
1RZDOOKHQHHGVDUHSHRSOHEUDYHHQRXJKWRKXQW
GRZQDQGFDSWXUHWKHFUHDWXUHVIRUKLP

7ZLVW
7KHFDUGVLQIDFWGRQWZRUNRQVOHHSLQJFUHDWXUHV
2QO\WKRVHWKDWKDYHEHHQEHDWHQLQWRXQFRQVFLRXVQHVV
WKRXJKWKH\DOVRKHDOWKHFUHDWXUHVWRUHGLQWKHFDUG
ZKLOHLWLVKHOGLQVWDVLV7KHUVWWLPHWKH\WU\WR
FDSWXUHDVOHHSLQJFUHDWXUHWKHPDJLFJRHVRIIWKH
FUHDWXUHZDNHVXSDQGWKHQFKDRVHQVXHV



,GHDV*URXSWKHPRQVWHUV
KHZDQWVFDSWXUHGE\WKHPH
RUKDELWDWLQHIIHFWFUHDWLQJ
GLIIHUHQWGHFNVRI FUHDWXUHV
RI GLIIHUHQWW\SHV

,GHDV6XGGHQO\DQGZLWKRXW
ZDUQLQJWKHFUD]HIRUKLVFDUGV
FRXOGGLHDZD\OHDYLQJKLP
XWWHUO\GHVWLWXWH

$GYHQWXUH

PDNHWKHPIDPHGDQGULFKZLWKDQRIIHUWRVWD\RQDV
WKHQHZFKDPSLRQ

5HDG\7R5XPEOH

7ZLVW
/DG\0DULRQ)DLUID[DGLOHWWDQWHDQGKHGRQLVWLVLQ
6KUHZSRUWIRUWKHJKWLQJ5LFKDQGMDGHGVKHWDNHV
DOLNLQJWRWKHSDUW\DQGWRWKHZDUULRUVWKH\LQWHQGWR
SXWLQWRWKHJKWV6KHRIIHUVWRVSRQVRUWKHPWKHUH
PD\HYHQEHDVKRUWDQGWHPSHVWXRXVURPDQFHEXWLQ
WKHHQGVKHLV[LQJWKHJKWVIRUWKHPGRSLQJWKH
RSSRVLWLRQ$Q\ZKHUHHOVHWKLVZRXOGEHDSUREOHP
EXWKHUHDQ\WKLQJJRHV7KH\KDGEHVWEHFDUHIXOQRW
WRLQVXOWKHU

'HVFULSWLRQ
6KUHZSRUWLVDFLW\RI WKLHYHVDQGSLUDWHVOHIWDORQH
EHFDXVHLWLVKDUGWRUHDFKDQGHDVLO\GHIHQGHGDOVR
EHFDXVHLWSURYLGHVDQRXWOHWIRUWKHYLFHVDQGWKH
YLROHQFHRI IRONZKRFDQWUDYHOWKHUHWRLQGXOJH
WKHPVHOYHVIUHHO\ZLWKRXWFOXWWHULQJXSWKHLUKRPH
FLWLHV
7KHFLW\FDQRQO\EHUHDFKHGE\VKLSDQDUURZSDVV
EHWZHHQMXWWLQJURFNVRQO\DOORZLQJRQHYHVVHODWDWLPH
WRPRYHWKURXJKFRYHUHGDWDOOWLPHVE\WKHSLUDWH
YHVVHOVDQGRWKHUGHIHQFHVULQJHGDURXQG6KUHZSRUW
,WLVDOZD\VEXV\ZLWKVKLSVTXHXLQJXSWRJHWLQDQG
RXWEXWLWLVQHYHUVREXV\DVDWWKHWLPHRI WKHZLQWHU
VROVWLFH
2QWKHVROVWLFH6KUHZSRUWSOD\VKRVWWR7KH&RQWHVWRI 
&KDPSLRQVDQRKROGVEDUUHGFRPSHWLWLRQRI PDUWLDO
VNLOOXQDUPHGIRUDOOFRPHUVUHJDUGOHVVRI UDFHRU
VNLOO7KHEHWVDUHPDVVLYHWKHSUL]HVXQXVXDODQGWKH
UHZDUGVJUHDWIRUWKRVHZLWKHQRXJKVNLOOWRZLQDIHZ
URXQGV
)LJKWHUVFRQDUWLVWVJDPEOHUVSURVWLWXUHVGUXJ
GHDOHUVDQGPHUFKDQWVDOOGHVFHQGXSRQ6KUHZSRUW
LQJUHDWQXPEHUVGXULQJWKLVWLPHDQGLWLVVDLGRQH
FDQZDONWKUHHSDFHVDQGEHUREEHGNLVVHGDQGEX\D
JRRGEDUJDLQZLWKLQWKHVSDFHRI WKRVHWKUHHSDFHV
7KHEUDZOVVSLOORQWRWKHVWUHHWVDQGWKHJUHDWHVWRI 
JKWHUVPD\JHWWKHFKDQFHWRIDFHWKHFKDPSLRQLQWKH
FDSWDLQVKDOO
,WLVDQHYHQWWKDWVKRXOGQRWEHPLVVHG

7ZLVW
7KHFKDPSLRQLVDQH[SHULHQFHGDQGJUL]]OHGRJUHSLW
VODYHZLWKPDVVLYHOHDWKHUEUDFHUVWKDWPDJLFDOO\PDNH
KLPHYHQVWURQJHUWKDQKHZRXOGQRUPDOO\EH+H
ZHDUVKHDY\EUDVVNQXFNOHVDQGLVVRSRSXODUZLWKWKH
FDSWDLQVWKDWGHVSLWHKLPEHLQJDVODYHKHOLYHVDVZHOO
DVPHUFKDQWSULQFHVGRLQVRPHFRXQWULHV'HIHDWLQJ
KLPZRXOGEHDPDMRUFRXSIRUDQ\ZDUULRUDQGZRXOG


7ZLVW
$IWHUDIHZZLQVWKH\DUHDSSURDFKHGE\DVOHD]\OLWWOH
PDQZLWKDJUHDV\PRXVWDFKHDQGDVLPSHULQJPDQQHU
WRKLP+HLVSUHVHQWLQJKLPVHOI WRWKHPRQEHKDOI 
RI KLVFOLHQW0U&UXVKHUZKRZRXOGOLNHWRHQWHULQWR
DERXWZLWKWKHP+HZRXOGDOVROLNHWKHPWRIDOODW
DVXLWDEO\GUDPDWLFPRPHQWGXULQJWKHJKW)RUWKLV
KHLVZLOOLQJWRSD\WKHPDURXQGWHQSHUFHQWRI ZKDW
KHPDNHVIURPWKHIRROLVKEHWWHUV,I WKH\GRDVKH
VD\VKHPD\RFFDVLRQDOO\YLVLWWKHPDJDLQIRUWKHVDPH
UHDVRQV

(SLORJXH
$PRQJVWWKHJKWLQJWKDW\HDUVRPHHVSLRQDJHZHQW
RQ6RPHNLQJGRPRURWKHUWKDWKDVORVWSDWLHQFHZLWK
6KUHZSRUWVHQWDQDJHQWZKRZDVVHHQKHUHDQGWKHUH
PDNLQJVNHWFKHVDQGPDSVFRXQWLQJVKLSVDQGSHRSOH
7KHFDSWDLQVFRXQFLOLVFRQGHQWWKDWWKH\FRXOG
UHSXOVHDQ\DWWDFNRQ6KUHZSRUWEXWMXVWWKHVDPH
WREHVDIHWKH\ZDQWWRKLUHVRPHRXWVLGHUVWRWUDFN
GRZQWKLVVS\EDFNLQWKHRXWHUZRUOGDQGVWRSWKHP
UHSRUWLQJEDFNWRWKHLUVXSHULRU

$GYHQWXUH

7ZLVW

6RUFHU\
'HVFULSWLRQ
7KHFROOHJHRI PDJLFWDNHVLQWDOHQWHG\RXQJVWHUVZLWK
DJLIWIRUWKHDUWDQGWHDFKHVWKHPGLVFLSOLQHDVZHOODV
WKHDELOLW\WRZLHOGWKHSRZHURI PDJLF7KLVLVDORQJ
DQGGLIFXOWWDVNDQGZKLOHWKHPDMRULW\RI VWXGHQWV
WXUQRXWUHDVRQDEO\ZHOOWKHUHDUHDOZD\VDIHZEDGHJJV
LQWKHEDWFK,WLVDGPLUDEOHWKDWWKH\WXUQRXWDVPDQ\
FDSDEOHDQGVDQHZL]DUGVDVWKH\GRPRUHWKDQHQRXJK
WRGHDOZLWKWKHRWKHUV
7KHODWHVWLQX[RI VWXGHQWVLVDOLWWOHGLIIHUHQW
WKRXJK7KH\VHHPLUUHVSRQVLEOHEUDVKOHVV
FRPPLWWHGWRWKHZRUNDQGPXFKPRUHSK\VLFDO
WKDQWKHOHFWXUHUVRI WKHFROOHJHDUHXVHGWR7KH\
FDQWFRSHWKH\UHPXFKPRUHXVHGWRWKHERRNLVK
GLOLJHQWW\SHVWKDQWKHODWHVWKRUURUVWKH\KDYHEHHQ
VDGGOHGZLWK,QGHVSHUDWLRQWKH\GHFLGHWRKLUHVRPH
DGGLWLRQDOVWDIIVRPHZKRDUHXVHGWRWKHURXJKDQG
WXPEOHVRUWRI OLIHWKDWWKHVWXGHQWVVHHPWRKDYHOHG
VWDII ZKRFDQSHUKDSVFRQWUROWKHP7KHSDUW\

2QHRUWZRRUVHYHUDORI WKHVWXGHQWVGHYHORSDFUXVK
RQWKHPRVWUXJJHGO\KDQGVRPHPHPEHURI WKHSDUW\
PRRQLQJDIWHUWKHPPDNLQJLQDSSURSULDWHDGYDQFHV
DQGRWKHUZLVHPDNLQJKLVOLIHKHOOHVSHFLDOO\LI VRPH
RI WKHPDUHRI DVRFLDOO\XQDFFHSWDEOHDJH%HWZHHQ
WXWWLQJVWDIIGLVWUHVVHGSDUHQWVDQGWHDUIXOJLUOVZKR
GRQWXQGHUVWDQGZK\KHFDQWORYHWKHPKHVLQIRUD
URXJKULGH)HPDOHPHPEHUVRI WKHSDUW\PD\KDYH
HYHQPRUHHPEDUUDVVLQJHQFRXQWHUVZLWKKRUPRQDO
WHHQDJHER\V

7ZLVW
7KHVWXGHQWVJHWLQWRDSUDQNLQJZDUFRPSHWLQJZLWK
HDFKRWKHULQVHYHUDOJURXSVWRSOD\WKHPRVWFRPSOHWH
DQGWHUULEOHSUDQNXSRQWKHVWDIIWKHSDUW\DV
DGYHQWXUHUVPDNHVRPHRI WKHSULPHWDUJHWVDVWKH\
DUHFRQVLGHUHGPRUHRI DFKDOOHQJHDQGZRUWKPRUHWR
KDYHHYHQPLQRUSUDQNVSOD\HGRQWKHP7KLQJVJHW
VWUDQJHUDQGVWUDQJHUHVSHFLDOO\DVWKH\JHWEHWWHUDW
WKHLUPDJLFDQGJURZLQLPDJLQDWLRQ

(SLORJXH

7KHSDUW\ZLOOGUDZDZDJHRYHUWKHFRXUVHRI DQ
H[SHULPHQWDOWHUPWKH\ZLOOEHIHGFORWKHGJLYHQD
SODFHWRVWD\DQGJLYHQDFKDQFHWRSURYHWKHPVHOYHV
,I WKH\FDQEULQJDWOHDVWVRPHRI WKHVWXGHQWVXQGHU
FRQWURODQGWHUPWKHPLQWRSURGXFWLYHPHPEHUVRI WKH
FROOHJHWKH\ZLOOJHWDERQXVDQGDFKDQFHWRVWD\RQ
IRUPRUHWHUPVKHOSLQJRXW,I WKH\PDNHLWWKURXJK
DZKROH\HDUWKHUHZDUGVZLOOEHJUHDWHUDQGDPDJLFDO
FROOHJHFDQRIIHUDORW

$IWHUDVXFFHVVIXO\HDUKHOSLQJWXWRUWKHPLVFUHDQW
KRUURUVWKH\DUHWDNHQRQDVSHUPDQHQWVWDII DQGD
SHUPDQHQWDGMXQFWWRWKHVWDII7KLQJVFRQWLQXHWRJHW
VWUDQJHUWKRXJK,I WKH\WKRXJKWKDWLQWDNHRI VWXGHQWV
ZDVEDGWKHQH[WLQWDNHOHDYHVWKHPEUHDWKOHVV$GGWR
WKDWWKHIDFWWKDWZKHQHYHUDQH[SHULPHQWJRHVZURQJ
RUVRPHWKLQJLVDFFLGHQWDOO\VXPPRQHGLWLVWKHPWKDW
JHWVFDOOHGDQGWKDWWKHVHDFFLGHQWVDQGLQFLGHQWVVHHP
WRJHWPRUHDQGPRUHFRPPRQZLWKHYHU\SDVVLQJ
PRPHQWDQGRQHZRXOGDOPRVWWKLQNWKDWVRPHWKLQJ
ZDVEHKLQGWKHP
,GHDV'HWDLOLQJHYHU\VLQJOH
VWXGHQWLVVLOO\DQGWLPHFRQVXPLQJ
:KDWLVSUREDEO\EHVWLVWRPDNH
XSDIHZVWHUHRW\SHVRI VWXGHQWV
DQGWKHQWRPDNHXSYHRUVL[NH\
LPSRUWDQWLQGLYLGXDOVZKRZLOOSOD\D
JUHDWHUUROHLQWKHVWRU\-XVWOLNHLQ
UHDOOLIHWHDFKLQJQRWDOOWKHVWXGHQWV
PDNHDQLPSUHVVLRQ

7ZLVW
7KHVWXGHQWVDUHW\SLFDOO\XQLPSUHVVHGZLWKWKHLU
QHZOHFWXUHUVVHHLQJWKHPDVDFKDOOHQJHUDWKHUWKDQ
DQ\WKLQJH[FLWLQJRUZRUWK\RI KHURZRUVKLS$V
KDUGHQHGDGYHQWXUHUVWKHQHZOHFWXUHUVVKRXOGEHDEOH
WRWDNHDORWZKLFKPHUHO\LQVSLUHVWKHWURXEOHVRPH
\RXQJVWHUVWRJRWRHYHQJUHDWHUOHQJWKVWRLQVSLUHD
QHUYRXVEUHDNGRZQLQWKHP



$GYHQWXUH

7ZLVW

7KH%RG\3ROLWLF
'HVFULSWLRQ
7KHSDUW\KDYHMXVWQLVKHGRQHRI WKHLURWKHUTXHVWV
DGYHQWXUHVFDOOWKHPZKDW\RXZLOODQGDUHHQMR\LQJ
VRPHZHOOHDUQHGUHVWLQWKHLUEHGVHLWKHUDWKRPHRULQ
WKHLUIDYRXULWHWDYHUQ6XGGHQO\WKH\IHHOZKDWVHHPV
WREHVRPHNLQGRI ODUJHVSLGHUFUDZOLQJXSWKHLUERG\
WRZDUGVWKHLUIDFHZDNLQJWKHP$IWHUVWDEELQHVVRU
WKHOLJKWLQJRI DODQWHUQZKDWZDVDIWHUWKHPDSSHDUVWR
KDYHDFWXDOO\EHHQDVHYHUHGKDQGRQHKROGLQJDQRWH
LQLWVQJHUV
7KHQRWHLVDQLQWURGXFWLRQRI VRUWVLWWXUQVRXWWKH
KDQGLVWKHKDQGRI 7KDEEDGLRXVDPDJHRI VRPHQRWH
ZKRWKH\PD\KDYHKHDUGZHQWPLVVLQJQRWWRRORQJ
DJR7KDEEDGLRXVPDQDJHGWRVDYHKLPVHOI IURPWKH
VOD\LQJKHZDVJLYHQE\VRPHUDWKHULQJHQLRXVPDJLF
LQYHVWLQJKLVOLIHIRUFHLQWRWKHYDULRXVSLHFHVRI KLV
ERG\DVKHZDVGLVPHPEHUHGDQLPDWLQJWKHP+LV
HQHPLHVVFDWWHUHGKLVSLHFHVWRSUHYHQWWKHPVHOYHV
EHLQJSHJJHGVRHDVLO\IRUKLVGHDWKWKRXJKDQGRQO\
KLVKDQGKDVPDQDJHGWRQGKHOS
7KHYDULRXVSLHFHVRI 7KDEEDGLRXVQHHGWREHIRXQG
ERXQGWRJHWKHUWRPDNHWKHZKROHRQFHDJDLQDQG
WKHQWKHQKHZDQWVUHYHQJHXSRQKLVPXUGHUHUVDQG
ZLOOQHHGKHOSWRGRLW7KH\KDYHWKHKDQGEXWWKHUH
DUHDZKROHKRVWRI RWKHUSDUWVWRQGKLVKHDGKLV
DUPVKLVOHJVKLVWRUVRHYHQRWKHUSLHFHVDVPDQ\
DV\RXZDQWWKHPWRKDYHWRVHDUFKIRU2QO\ZKHQ
KHLVZKROHZLOOKHUHPHPEHUKRZDQGZK\KHZDV
PXUGHUHG

6RPHRI WKHSLHFHVKDYHWDNHQRQDQLQGHSHQGHQWOLIH
RI WKHLURZQDQGKDYHQRZLVKWREHUHIRUPHGZLWK
WKHUHVWRI WKHERG\WKH\ZLOOUXQVOLWKHURURWKHUZLVH
DWWHPSWWRHVFDSHDQGVRPHRI WKHSLHFHVVWLOOKDYH
VRPHRI 7KDEEDGLRXVPDJLFDOLWHPVDWWDFKHGWRWKHP
ULQJVQHFNODFHVRUZKDWHYHUWKDWWKH\DUHQRWDIUDLGWR
XVHWRVHFXUHWKHLUHVFDSH

7ZLVW
$EHJJDUZLWKDPLVVLQJDUPKDV7KDEEDGLRXVRWKHU
PLVVLQJDUP,WDWWDFKHGLWVHOI WRKLVVWXPSDQGWKH
WZRKDYHIRUPHGDV\PELRWLFUHODWLRQVKLSDQGKDYH
JURZQTXLWHFORVH7KHEHJJDUUHDOO\UHDOO\GRHVQW
ZDQWWRSDUWZLWKWKHDUPDQGKHNQRZVWKHKLGLQJ
SODFHVDQGVHZHUWXQQHOVRI WKHFLW\H[WUHPHO\ZHOO
)RULWVSDUWWKHDUPKDVJURZQIRQGRI WKHEHJJDUDQG
GRHVQWHVSHFLDOO\ZDQWWROHDYHHLWKHUFHUWDLQO\QRWLI 
QRWKLQJFDQEHGRQHWRKHOSWKHSRRUXQIRUWXQDWH

(SLORJXH
7KDEEDGLRXVJHWVLQWRXFKZLWKWKHDGYHQWXUHUVDJDLQ
,WVHHPVWKDWKLVXQLTXHIRUPRI UHVXUUHFWLRQVSHOOLV
RI DJUHDWGHDORI LQWHUHVWWRDORWRI SHRSOHDQGKH
LVFRQFHUQHGWKDWXQVFUXSXORXVIRUFHVDUHWU\LQJWR
JHWKROGRI WKHWH[WRI WKHVSHOODQGWRGHYHORSLWIRU
WKHLURZQXVH+HFDQQRWGHIHQGLWE\KLPVHOI DQGVR
KHFRPPLVVLRQVWKHPWRFRPHWRKLVWRZHUWRFROOHFW
WKHVSHOOERRNFRQWDLQLQJKLVZRUNDQGWRWUDQVSRUWLW
VDIHO\WRWKHFROOHJHRI PDJLFZKHUHLWZLOOEHIDUPRUH
VHFXUHLQWKHLUVSHFLDOLVWYDXOWV

,GHDV'LIIHUHQWSDUWVRI WKH
ERG\FRXOGKDYHGLIIHUHQWW\SHVRI 
SHUVRQDOLW\GHSHQGLQJRQWKHLUUROH
DVSDUWRI WKHERG\DVDZKROH7KLV
SXWVDZKROHQHZVSLQRQWKHSKUDVH
WKLQNLQJZLWK\RXUSHQLV

7ZLVW
7KDEEDGLRXVVSHOOZDVVRPHWKLQJKHJXUHGZRXOG
PDNHKLPLPPRUWDO7KHSRZHUFRUUXSWHGKLPDQG
KHEHFDPHGDQJHURXV7KHRQHVZKRGLVPHPEHUHG
KLPZHUHDJURXSRI KRO\NQLJKWVZKRVDZZKDWKH
ZDVEHFRPLQJDQGGHFLGHGWRWDNHDFWLRQ(YHQQRZ
WKH\VWLOOJXDUGKLVKHDUWLQWKHLUWHPSOHDQGLI KHLV
UHVWRUHG7KDEEDGLRXVZLOOFRQWLQXHGRZQWKHSDWKRI 
HYLODQGFRUUXSWLRQ

,GHDV9DULRXVERG\SDUWVPD\
KDYHERQGHGZLWKRUVHWWOHG
LQWRVXLWDEOHUHODWLRQVKLSVZLWK
GLIIHUHQWSHRSOH



$GYHQWXUH

DQGLWVKRXOGEHFRPHFOHDUWKDWWKHJXLOGLVQRWDOOLWLV
FUDFNHGXSWREH/HDYLQJPD\SURYHWULFN\

8QLRQ'XHV

7ZLVW
-XVWEHIRUHWKHDGYHQWXUHUVDUHDERXWWRHQJDJHLQD
KLJKSD\LQJMREWKHJXLOGFRQWDFWVWKHPDQGLQIRUPV
WKHPWKDWWKHUHLVDJHQHUDOVWULNHE\DGYHQWXUHUVIRU
EHWWHUUDWHVRI SD\DQGWKDWWKH\DUHEDUUHGIURP
FRPSOHWLQJWKHPLVVLRQ7KHLUFOLHQWLVIUDXJKWDQG
RIIHUVWRLQFUHDVHWKHSD\PHQW,I WKH\WDNHLWWKH
JXLOGZLOOQRWEHSOHDVHGLI WKH\OHDYHLWVRPHFXWUDWH
DGYHQWXUHUVZLOOWDNHWKHMRELQVWHDG'DPQVFDEV

'HVFULSWLRQ
7KHUHKDYHEHHQH[SHULPHQWVZLWKDGYHQWXUHUVJXLOGV
LQWKHSDVWEXWE\DQGODUJHDGYHQWXUHUVDUHWRR
IUDFWLRXVGLIIHUHQWUHEHOOLRXVDQGXQFRRSHUDWLYHIRU
WKHPWRZRUNDVDQ\WKLQJRWKHUWKDQKLULQJKRXVHVIRU
MREVDQGDQDOHKRXVHZLWKDQH[FOXVLYHFOLHQWHOH6RPH
SHRSOHDUHQWFRQWHQWZLWKWKDWVLWXDWLRQDQGZDQW
WRFKDQJHWKLQJVWREULQJPRUHRUJDQLVDWLRQWRWKH
DGYHQWXULQJSURIHVVLRQDQGWRXVHWKDWRUJDQLVDWLRQWR
LPSURYHWKHORWRI DGYHQWXUHUVHYHU\ZKHUH

7ZLVW
,I WKH\UHIXVHWRMRLQWKHJRRG'DJZRRGDQG,VKPDHOV
DWWHPSWVWRIRUFHWKHPWRMRLQZLOOJHWSURJUHVVLYHO\
PRUHDQGPRUHQDVW\)LUVWWKHUHZLOOEHWKHSUHVVXUH
WKHQDJJLQJWKHOHWWHUVWKHPHVVHQJHUV7KHQFRPHV
WKHEODFNPDLOWKHEULEHVDQGWKHDQJU\UDQWLQJ$IWHU
WKDWFRPHVWKHWKUHDWVDQGSRVVLEO\WKHYLROHQFHDQG
WKHQDIWHUWKDWWKH\OOFRQVLGHUNLGQDSSLQJPXUGHUDQG
RWKHUPHWKRGVLQRUGHUWRPDNHWKHSDUW\VLJQRQWKH
GRWWHGOLQH7KH\UHUHDOO\VHULRXVDERXWWKHJXLOG

7KRVHSHRSOHDUH'DJZRRGDQG,VKPDHOVHDVRQHG
DGYHQWXUHUVRI PDQ\\HDUVH[SHULHQFHZKRKDYH
EHFRPHFRQYLQFHGRI WKHSRZHURI FROOHFWLYH
EDUJDLQLQJ7KH\KDYHSXWWRJHWKHUDSODQRI DFWLRQ
ZKHUHWKH\ZLOOKDYHFKDSWHUKRXVHVLQHYHU\FLW\D
[HGUDWHRI UHZDUGIRUWKHGLIIHUHQWWDVNVDGYHQWXUHUV
DUHSXWWRDQGHYHQSURSHUSURFHGXUHVIRUJRLQJRQ
VWULNHRUGHQ\LQJDUHDVDQGFOLHQWVWKHLUVHUYLFHVZKHQ
WKH\SOD\XS

(SLORJXH

8QIRUWXQDWHO\IRUDGYHQWXUHUVHYHU\ZKHUH'DJZRRG
DQG,VKPDHODUHODUJHO\FRQFHUQHGZLWKWKHLURZQ
ZHDOWKPRUHWKDQDQ\WKLQJHOVHDQGPHPEHUVKLSRI 
WKLVJXLOGZLOOEHTXLWHH[SHQVLYHDQGZLOOSXWWKH
DGYHQWXUHUVZLWKLQWKHHQIRUFHPHQWDUHDRI WKHJXLOGV
VSHFLDOVDQFWLRQJURXSPRUHKDUGHQHGDGYHQWXUHUV
ZKRDUHRQ'DJZRRGDQG,VKPDHOVSD\PHQWURVWHU

'DJZRRGDQG,VKPDHOPD\KDYHIDLOHGSHUKDSVXWWHUO\
RUSHUKDSVWKH\KDYHVXFFHHGHGEXWWKHLGHDVSUHDGV
IDVWHUWKDQWKHJXLOGDQGVRRQWKHUHDUHSHUKDSVKDOI 
DGR]HQRWKHUDGYHQWXUHUVJXLOGVVSULQJLQJXSDOO
RYHUWKHODQGDOOWU\LQJWRGRWKHVDPHWKLQJDQGDOO
FRPSHWLQJIRUPHPEHUV,WVXGGHQO\EHFRPHVPRUH
WKDQDOLWWOHEHZLOGHULQJDQGGDQJHURXVRXWWKHUHZLWK
FRPSHWLQJJXLOGVHYHQJRLQJWRZDUZLWKHDFKRWKHU

7KHRQO\ZD\WKHJXLOGZLOOZRUNLVLI PRVWLI QRWDOO


DGYHQWXUHUVVLJQXSWRLW'DJZRRGDQG,VKPDHODUH
DSSO\LQJWKHSUHVVXUHWU\LQJWRIRUFHWKHJURXSDQGDV
PDQ\RWKHUDGYHQWXUHUVDVSRVVLEOHWRVLJQXSIRULW

,GHDV'DJZRRGDQG
,VKPDHOVKRXOGEHVPDUW
LQWHOOLJHQWDQGFDSDEOH3OD\
WKHPDV\RXZRXOGRQHRI 
\RXURZQFKDUDFWHUVDQG
FUHDWHWKHPWKHVDPHZD\
\RXZRXOGPDNHXS\RXURZQ
FKDUDFWHU6FDUH\RXUSOD\HUV

7ZLVW
,I WKH\GRVLJQXSIRULWWKH\PD\ZHOOTXLFNO\QG
WKHPVHOYHVRQWKHZURQJVLGHRI WKHVSHFLDOVDQFWLRQ
JURXSKDYLQJWDNHQDMREIRUVRPHRQHWKH\VKRXOGQW
KDYLQJIDLOHGWRSD\WKHLUJXLOGGXHVRUKDYLQJIDOOHQ
DIRXORI RQHRI WKHKXQGUHGVRI OLWWOHUXOHV'DJZRRG
DQG,VKPDHOKDYHEHHQEXVLO\PDNLQJXSLQRUGHUWR
FKDQQHOPRUHIXQGVWRWKHP$IHZRI WKHVHOLWWOHGLJV


$GYHQWXUH

7ZLVW

+DYH<RX(YHU+DG7KDW6WUDQJH)HHOLQJ
&DOOHG'pMjYX"
'HVFULSWLRQ
,WVMXVWDERJVWDQGDUGGXQJHRQQRWKLQJVSHFLDO
QRWKLQJWKDWH[FLWLQJ7KHFHOODUVDQGFHOOVEHQHDWKDQ
ROGERUGHUIRUWVRPHZKHUHLQIHVWHGZLWKWKHXVXDOPL[
RI FUHDWXUHV<DZQVYLOOHSLHFHRI FDNHDEUHH]HDIHZ
WUDSVDOLWWOHWUHDVXUHVRPHFUHDWXUHVWRVODXJKWHUDQGD
QLFHUHZDUGRI JROGSLHFHVZDLWLQJEDFNDWWKHWRZQ
2QFHWKH\FOHDUWKHSODFHRXWDQGDVFHQGWKHVWDLUVLQ
RUGHUWROHDYHWKH\QGWKHPVHOYHVGHVFHQGLQJLQWRWKH
GXQJHRQDJDLQQRWFOLPELQJRXWLQWRWKHZRUOGDWDOO
DIWHUDOO7KHUVWURRPLVH[DFWO\DVLWZDVZKHQWKH\
UVWGHVFHQGHGXQORRWHGSULVWLQHWKHVDPHPRQVWHUV
WKHVDPHHYHU\WKLQJ7KHWUHDVXUHWKH\UHFRYHUHGLV
PLVVLQJIURPWKHLUSDFNVEXWWKH\VWLOOKDYHWKHVDPH
ZRXQGVDQGHYHU\WKLQJHOVHWKH\VXIIHUHGFOHDULQJRXW
WKHSODFH,WLVDVWKRXJKWKH\QHYHUZHQWWKURXJKWKH
GXQJHRQWKRXJKDEVROXWHO\HYHU\WKLQJLVWKHVDPH
7KH\UHWUDSSHGH[SORULQJWKHVDPHGXQJHRQRYHUDQG
RYHUDJDLQ,VLWDFXUVH",VLWVRPHVRUWRI VWUDQJH
QDWXUDOSKHQRPHQRQRULVLWVLPSO\DERUHG*DPHV
0DVWHURUZULWHUPDNLQJVRPHNLQGRI ZU\FRPPHQW
DERXWWKHVWDWHRI IDQWDV\JDPLQJ":KRFDQWHOO"
7KHUHPLJKWEHDZD\RXWRI WKHGXQJHRQEXWLWLVQRW
WKHVWDLUFDVHWKH\GHVFHQGHGE\WKH\OOKDYHWRFRPHXS
ZLWKDQRWKHURSWLRQ

7ZLVW
7KHWLPHORRSLVFDXVHGE\RQHRI WKHPDJLFDODUWHIDFWV
WKDWWKH\UHFRYHUHGLQWKHGXQJHRQDVHHPLQJO\
LQQRFHQWDQGEDUHO\PDJLFDOULQJIRXQGRQDVNHOHWRQLQ
WKHUXLQVWKHDUWHIDFWZLOOQRWDOORZLWVHOI WREHUHPRYHG
IURPWKHGXQJHRQDQGDQ\DWWHPSWWROHDYHVLPSO\
WKURZVWKHPEDFNLQDORRSIRUFHGWRSOD\RXWWKHVDPH
HYHQWV7KHRQO\ZD\WREUHDNWKHFXUVHLVWROHDYHWKH
ULQJEHKLQGRUWRGHVWUR\LW



,WLVQWDWLPHORRSSHUVHWKHGRRUZD\RXWLVFDUYHG
ZLWKUXQHVWKDWRSHQDSRUWDOWRDOWHUQDWHFRSLHVRI WKH
VDPHGXQJHRQLQGLIIHUHQWZRUOGVGLIIHUHQWSODQHVDQG
GLIIHUHQWXQLYHUVHV/HDYLQJWKHGXQJHRQVHWV\RXWR
GHVFHQGLQJLQWRDQHZRQHRQRQHRI WKHVHDOWHUQDWHV
7KLQJVZLOOJUDGXDOO\JUDGXDOO\VKLIWDQGEHFRPH
GLIIHUHQWDVHDFKFRS\RI WKHGXQJHRQLVH[SORUHG
EHFRPLQJVWUDQJHUDQGVWUDQJHU7KHRQO\ZD\WR
HVFDSHLVWRGHVWUR\WKHUXQHVDQGH[LWWKRXJKWKH\ZLOO
QRORQJHUEHLQWKHLUZRUOGH[DFWO\

7ZLVW
7KH\KDYHEHHQWUDSSHGLQWKHGXQJHRQE\DQROG
HQHP\DVRUFHUHURI VRPHVRUWZKRKDVVXUYLYHGWKHP
DQGKDVEDLWHGWKHGXQJHRQDVDWUDS$IWHUWKH\KDYH
VSHQWDZHHNRUVRORRSLQJDURXQGLQWKHGXQJHRQ
KHZLOOQRWEHDEOHWRUHVLVWHQWHULQJKLPVHOI WRVHHLI 
WKH\DUHQDOO\GHDG7KDWLVZKHQWKH\ZLOOKDYHWKHLU
FKDQFHWRHVFDSH

(SLORJXH
7KHZKROHVHWXSUHJDUGOHVVRI WKHFDXVHZDVD
SUHDPEOHVHWXSE\&KURQRVJRGRI WLPHDQGVSDFH
7KHJRGVHWWKHSUREOHPDVDWHVWIRUWKHSDUW\WRVHH
LI WKH\ZHUHPDGHRI WKHULJKWVWXII WRVHUYHKLP+H
ZLOODSSHDUWRWKHPRIIHULQJWKHPWKHERRQRI KLV
VSRQVRUVKLSLI WKH\ZLOOEHFRPHKLVVHUYDQWVWUDYHOOLQJ
WKURXJKWLPHVSDFHDQGSODLQVRI H[LVWHQFHWRHQVXUH
WKDWWKHFORFNZRUNRI WKHXQLYHUVHUXQVVPRRWKO\
7KHVHPLVVLRQVPD\EHVWUDLJKWIRUZDUGRUVWUDQJHEXW
VHUYLFHWRDJRGFDUULHVPDQ\UHZDUGVDQGGUDZEDFNV
RI LWVRZQ
,GHDV7KHGXQJHRQVKRXOGSHUKDSVEH
GHVLJQHGWRRQO\WDNHDERXWKDOI DQKRXU
WRIRUW\YHPLQXWHVWREHFRPSOHWHG
<RXFRXOGHYHQXVHWKHOD\RXWIURPDIUHH
PRGXOHRUDVWDUWHUVHWDVDQLGHDOH[DPSOH
RI WKHVRUWRI VWHUHRW\SLFDOGXQJHRQWKDW
ZRUNVEHVW7KHRWKHUWLPHV\RXUXQ
WKURXJKLWLI DWDOOZLOOEHTXLFNHUDVWKH\
NQRZWKHGXQJHRQEHWWHULQFOXGLQJWKH
WUDSVDQGKRZWRDYRLGWKHGDQJHUDUHDV

$GYHQWXUH

7ZLVW

&RZER\%XLOGHUV
'HVFULSWLRQ
3ULQFH(UDVPXVFRXVLQWR3ULQFH,VVXVKDVLQKHULWHG
KLVFRXVLQVLQVHFXULW\RYHUQDQFLDOPDWWHUVDQGKLV
GHVLUHIRULPSUHJQDEOHYDXOWVWRKROGKLVIRUWXQH
8QIRUWXQDWHO\KLVIDWKHUZDVQWVRSDUDQRLGDERXW
PRQH\PDWWHUVDQGVRWKHIDPLO\IRUWXQHLVO\LQJXQGHU
PRUHFRQYHQWLRQDOORFNNH\DQGJXDUG
7KLVVWDWHRI DIIDLUVLVNHHSLQJ(UDVPXVDZDNHDWQLJKW
DQGVRVOHHSOHVVDQGSDUDQRLGKHKDVHYHQWDNHQWR
VOHHSLQJLQWKHWUHDVXU\QH[WWRWKHFKHVWVRI JROG7KLV
FDQQRWFRQWLQXHDQGVRKHKDVUHOXFWDQWO\VHWDVLGH
VRPHRI KLVIRUWXQHIRUWKHFRQVWUXFWLRQRI DYDXOWWKDW
ZLOOSURYLGHDGHTXDWHSURWHFWLRQIRUKLVIRUWXQH
(UDVPXVLVRI DSUDFWLFDOPLQGVHWDQGVRORJLFDOO\KDV
GHFLGHGWKDWWKHEHVWZD\WRFDWFKDWKLHI LVWRVHWD
WKLHI DIWHUKLP7RWKLVHQGKHKDVVRXJKWRXWVRPH
W\SLFDOFXWWKURDWDGYHQWXUHUVWKHSDUW\WRKHOSGHVLJQ
WKHYDXOWLQRUGHUWRNHHSSHRSOHOLNHWKHPRXWRI LW
7KH\ZLOOEHSDLGZHOODQGZLOOKDYHDODUJHEXGJHWZLWK
ZKLFKWRFRQVWUXFWWKHYDXOWDQGLWVSURWHFWLRQV
2I FRXUVHWKH3ULQFHKLPVHOI PXVWEHDEOHWRJHWWR
KLVIRUWXQHZLWKRXWKDYLQJWRMXPSWKURXJKKRRSV
RUJHWVSHDUHGE\VSULQJRXWEODGHVVRWKDWPXVWEH
FRQVLGHUHGLQWRWKHEDUJDLQ6WLOOLWLVDFXVK\MREDQG
WKH\VWDQGWROHDUQDORWDERXWWUDSVDQGYDXOWVXVHIXOLQ
WKHLUOLQHRI ZRUN

7ZLVW
7KH\PXVWEHWHPSWHGVXUHO\:KDWFXWWKURDW
DGYHQWXUHUZRUWKWKHLUVDOWZRXOGQWOHDYHDZVLQWKH
GHVLJQWKDWRQO\WKH\ZRXOGEHDEOHWRH[SORLWDQGWKHQ
VQHDNEDFNWKHYHU\PRPHQWWKDWWKHWUHDVXUHZDV
LQVWDOOHGLQRUGHUWRVWHDOLW7KH3ULQFHLVQRIRROKH
NQRZVWKLVZKLFKLVZK\KHLVSODQQLQJWRKDYHWKHP
NLOOHGWKHPRPHQWWKHYDXOWLVFRPSOHWHG6PDUWJX\

:KHQWKHYDXOWLVFRPSOHWHWKH3ULQFHLVVWLOOSDUDQRLG
WKDWWKHYDXOWLVQRWJRRGHQRXJKDQGRUGHUVWKDW
SULVRQHUVEHKHUGHGLQWRWKHYDXOWWRWHVWWKHWUDSVDQG
VHFXULW\$VKHZDWFKHVYLDDVFU\LQJVSHOOIURPKLV
FRXUWVRUFHUHUKHODXJKVDQGVPLOHVZLWKGHOLJKWDVWKH
SULVRQHUVDUHYDULRXVO\VNHZHUHG]RUWHGDQGVODLQE\
FDSDEOHJXDUGVRUFDSWLYHFUHDWXUHV2I FRXUVHLI RQH
RI WKHSULVRQHUVJHWVWRWKHYDXOWVRPHKRZKHOOEHOHVV
SOHDVHGDQGLWPD\EHWKHSDUW\WKDWHQGVXSRQWKH
UHFHLYLQJHQGRI KLVRGGVHQVHRI KXPRXU

7ZLVW
+DYLQJGHVLJQHGWKHYDXOWWKH\KDYHWKHLUPLQGVZLSHG
E\KLVFRXUWVRUFHUHUWRSURWHFWWKHNQRZOHGJHRI WKH
VHFXULW\7RWKHLUPLQGVWKH\QGWKHPVHOYHVVRPHZKDW
ULFKHUZDQGHULQJWKHURDGLQWRKLVFLW\RQO\WRKHDUWKDW
WKH3ULQFHKDVSODFHGKLVHQWLUHIRUWXQHLQDVXSSRVHGO\
LPSUHJQDEOHYDXOW,PSUHJQDEOH"7KDWVDFKDOOHQJH
LI HYHUWKH\KDYHKHDUGRQH:KDWNLQGRI IRROFODLPV
WKDWDQ\WKLQJLVLPSUHJQDEOH"

(SLORJXH
,WVRPHKRZEHFRPHVNQRZQWRWKHFULPLQDOIUDWHUQLW\
WKDWWKHFKDUDFWHUVZHUHUHVSRQVLEOHIRUWKHGHVLJQ
RI WKHYDXOW7KH\ZLOOEHKRXQGHGE\DPELWLRXV
JURXSVRI URJXHVVHHNLQJWRJHWWKHLQIRUPDWLRQRXW
RI WKHP'UXJVPDJLFGULQNEULEHU\DOOZLOOEHWULHG
6RPHPD\HYHQWU\WRKLUHWKHPWRGRWKHYDXOWIRU
WKHLURUJDQLVDWLRQSURYLGLQJDVVLVWDQFHDQGEDFNLQJLQ
H[FKDQJHIRUKDOI RI WKHWDNH7KHLUXQLTXHNQRZOHGJH
DQGSRVLWLRQPHDQVWKH\UHQHYHUJRLQJWREHHQWLUHO\
OHIWDORQHRQWKLVPDWWHUDQGLWPXVWEHWHPSWLQJWR
WKLQNWKDWWKH\NQRZDOOWKHYDXOWVVHFUHWV
,GHDV,I WKH\GREUHDN
LQWRWKHYDXOWRI WKHLU
RZQGHYLVLQJWKHUHLVWKH
SUDFWLFDOLW\RI VKLIWLQJDOO
WKHJROG

,GHDV7KLVDGYHQWXUH
PDNHVDJRRGIROORZXSWR
DGYHQWXUH


$GYHQWXUH

7ZLVW
7KHYROFDQLFWXEHVDQGWXQQHOVXQGHUWKHFLW\DUHEHLQJ
RRGHGZLWKVXOSKXUZKLFKLVGLVVROYLQJLQWRWKHZDWHU
WRPDNHDSRZHUIXOVXOSKXULFDFLGZKLFKLVVORZO\
VHHSLQJLWVZD\XSWRZDUGVWKHVXUIDFHDQGWKHEDWKV
7KHZDWHUVSLULWWKDWLVUDPSDJLQJLQWKHEDWKVLVVLPSO\
WU\LQJWRZDUQWKHSHRSOHDERYHWKHVXUIDFHRI WKH
GDQJHULQWKHRQO\ZD\LWFDQFRPPXQLFDWH

:HW1:LOG
'HVFULSWLRQ
7KHFLW\)RQWDLQHLVNQRZQDFURVVWKHODQGIRULWV
IDPRXVEDWKV+RWVSULQJVEHQHDWKWKHFLW\SHUFRODWH
XSWKURXJKSRURXVYROFDQLFURFNDQGDUHFKDQQHOOHG
LQWRWKHJUHDWEDWKKRXVHVRI WKHFLW\7KHUHDUHQR
FLWL]HQVVRFOHDQDVWKHFLWL]HQVRI )RQWDLQH

7ZLVW

7KHZDWHUVDUHVXSSRVHGWRKDYHKHDOLQJSURSHUWLHVDQG
WKHFLWL]HQVRI )RQWDLQHGRLQGHHGVHHPWREHDKHDOWK\
SHRSOHZLWKPDQ\RI WKHPOLYLQJWRDULSHROGDJH
3HRSOHWUDYHOIURPIDUDQGZLGHKRSLQJWKHZDWHUVZLOO
KHDOWKHPDQGWKDWVRPHRI WKHORQJHYLW\RI )RQWDLQHV
FLWL]HQVZLOOUXERII RQWKHP7KHVSULQJVHYHQKHOS
NHHSWKHWHPSHUDWXUHPLOGLQWKHFLW\WKURXJKRXWWKH
ORQJZLQWHUV
6RPHWKLQJKDVKDSSHQHGWKRXJKWKHZDWHUKDYHJURZQ
VFDOGLQJLQVRPHSODFHVIUHH]LQJLQRWKHUV3LSHVNHHS
EXUVWLQJDQGWKHZDWHULWVHOI VHHPVWRWKURZSHRSOH
DQJULO\IURPLWVSUHVHQFHODVKLQJLQJUHDWZDYHVDJDLQVW
WKHZDOOVDQGNQRFNLQJSHRSOH\LQJ6RPHFODLPWR
KDYHVHHQIDFHVLQWKHZDWHUDQJU\IDFHVKRZOLQJDQG
ELWLQJDVWKHZDWHUWKUDVKHVDWWKHP
7KHUHLVQRWKLQJLQWKHEDWKVWKHPVHOYHVWRH[SODLQWKH
SKHQRPHQRQEXWWKHUHPD\EHVRPHWKLQJGRZQLQWKH
ROGYROFDQLFFDYHUQVEHQHDWKWKHFLW\EHQHDWKWKHEDWKV
7KHFLW\FRXQFLOGHFLGHVWRVHQGVRPHSHRSOHGRZQ
LQWRWKHHDUWKWRVHHZKDWWKHSUREOHPLV2XUKHURHV
7KHSUREOHPLVDQXQTXLHWZDWHUVSLULWGLVWXUEHGDQG
DQJHUHGE\WKHDFWLRQVRI VRPHZLWKLQWKHFLW\DQG
WDNLQJKHUUHYHQJHRQWKHEDWKHUV

7ZLVW
7KHZDWHUVSLULWKDVEHHQGULYHQLQVDQHE\SROOXWLRQ
LQWKHZDWHUIURPWKHFLW\VLQGXVWULDOGLVWULFWDSODFH
RI VODXJKWHUKRXVHVDQGDOFKHP\,WLVLOOHJDOLQWKHFLW\
WRGXPSVXFKWKLQJVLQWKHZDWHUEXWVRPHEXVLQHVVHV
VHHPWRKDYHEHHQRXWLQJWKHODZDQGGLWFKLQJWKHLU
IRXOFKHPLFDOVLQWRWKHFDYHUQVDQGWKHSRROVWKDWOLH
ZLWKLQ


7KHQDLDGZRUVKLSSHGDVDIRONJRGGHVVE\WKHSHRSOH
RI )RQWDLQHKDVEHHQXVXUSHGE\DQRWKHUZDWHU
VSLULWRI DIDUPRUHDQJU\QDWXUHDQGSXUSRVHWDNLQJ
WKHQDLDGVSODFHRI ZRUVKLSDQGXVLQJWKHVWRUHGXS
P\VWLFDOHQHUJ\DQGEHOLHI RI VRPDQ\EDWKHUVWRJURZ
LPPHQVHO\SRZHUIXO6KHQRZH[WHQGVKHUFRQWURO
WKURXJKRXWWKHEDWKVDQGHYHQIXUWKHUZLWKVRPXFK
SRZHUVKHPD\ZHOOEHXQGHIHDWDEOHZLWKRXWWKHQDLDGV
KHOSLI VKHFDQEHIRXQGDJDLQ

(SLORJXH
:LWKRUGHUUHVWRUHGWKHFLW\LVJUDWHIXOWRWKH
DGYHQWXUHUVWKRXJKWKH\DUHQRZEHKLQGRQVRPHWKLQJ
HOVHWKH\GRZKLFKLVWRVKLSWKHLUZDWHUWRVRPH
VXUURXQGLQJFLWLHVDVDWRQLF'XULQJWKHLQWHUUXSWLRQ
WKHSULFHRI WKHZDWHULQFUHDVHGLQWKHVXUURXQGLQJDUHD
WRVRPHZKDWULGLFXORXVOHYHOV1RZWKDWWKH\FDQJHW
WKHVXSSO\RZLQJRQFHPRUHWKH\DUHFRQFHUQHGWKDW
WKHZDJRQVFDUU\LQJWKHEDUUHOVZLOOEHUDLGHGDVWKH\
DUHQRZDPXFKPRUHOXFUDWLYHWDUJHW7KH\DVNWKH
SDUW\WRHVFRUWWKHUVWZDJRQVRI WKHLUZDWHUDORQJWKH
URDGWRWKHQH[WFLW\WRHQVXUHWKHLUVDIHW\

$GYHQWXUH

7ZLVW
0DUFKLQJRXWRQWRWKHVDZGXVWWRJHWKHUWKHVKRXWJRHV
RXWWRWKHPWKH\DUHWRJKWHDFKRWKHU7KHFURZG
ED\VIRUEORRGWKHJXDUGVDUHZDWFKLQJFORVHO\DQGDUH
EHWWHUDUPHGDQGHTXLSSHG,I WKH\IDLOWRJKWWKH\
ZLOOEHFXWGRZQVKRWZLWKFURVVERZVVWRQHGRUWRUQ
DSDUWE\DQDQJU\PRE:KDWFKRLFHGRWKH\KDYH"

%ORRG 6DZGXVW
'HVFULSWLRQ
6RPHODZRURWKHUKDVQDOO\FDXJKWXSZLWKWKH
DGYHQWXUHUVDQGWKH\KDYHEHHQFRUQHUHGE\IDUIDU
VXSHULRUIRUFHV$VSHFLDOJXDUGXQLWRUJURXSRI 
NQLJKWVDVVLJQHGHVSHFLDOO\WRFDSWXUHWKHP,WVHHPV
WKDWVRPHWKLQJRURWKHUWKDWWKH\KDYHJRWWHQXSWRLQ
RQHNLQJGRPRUDQRWKHULVFRQVLGHUHGEDGIRUPHYHQ
LOOHJDODQGWKDWWKH\PXVWQRZSD\WKHLUGHEWWRVRFLHW\
)RUWXQDWHO\WKLVJURXSLVNHHQLQIDFWRUGHUHGWRWDNH
WKHPDOLYH7KHORUGWKH\VHUYHZDQWVRXUKHURHVIRU
VRPHWKLQJVSHFLDO
&DSWXUHGDQGERXQGLQFKDLQVWKH\DUHWDNHQDQG
WKURZQLQSULVRQ1RWMXVWDQ\SULVRQEXWDVSHFLDO
SULVRQWKHSODFHZKHUHFDSWXUHGFULPLQDOVDUHWUDLQHG
IRUWKHJODGLDWRULDOJDPHVWRJKWDQGGLHIRUWKH
SOHDVXUHRI WKHHDJHUEORRGKXQJU\PDVVHV+HUH
WKH\DUHTXLFNO\WUDLQHGDQGRXWWWHGZLWKVRPHRI WKH
WUDGLWLRQDOJHDURI WKHJODGLDWRUVDQGDUHHYHQWROGRI 
WKHFDUURWWRXUJHWKHPWRJKWWKHLUSRVVLEOHIUHHGRP
DVVXUYLYRUVDIWHUD\HDULQWKHSLWRUDVDIDYRXULI WKH\
JKWKDUGDQGZHOO
&DSWXUHGKHOGWUDLQHGDQGHTXLSSHGWKH\VRRQQG
WKHPVHOYHVWKUXVWRXWRQWRWKHVDZGXVWRI WKHDUHQD
WRIDFHWKHLUUVWJKW+HUHWLFV":LOGEHDVWV"2WKHU
JODGLDWRUV":KDWZLOOWKHLUUVWHQFRXQWHUEHIRUHWKH
FURZGEHDQGZLOOWKH\EHWROGWRVKRZPHUF\RUWRNLOO
ZLOOWKH\REH\"

7ZLVW
7KH\DUHWDNHQXQGHUWKHZLQJRI DIRXOPRXWKHGEXW
OLNHDEOHROGJODGLDWRURQHZKRKDVVXUYLYHGYH\HDUV
LQWKHSLWVQHYHUEHLQJJLYHQKLVIUHHGRPEHFDXVHRI 
KLVIRXOPRXWKDQGKLVEODWDQWGLVUHVSHFWRI WKHORUGV
ZKRZDWFKWKHJDPHV+HJLYHVWKHPVRPHH[WUD
WUDLQLQJWHDFKHVWKHPVRPHRI WKHVHFUHWVRI WKHSLWV
DQGLVWKHLURQO\JHQXLQHIULHQGV$SLW\WKHQWKDWWKH\
HQGXSGUDZQDJDLQVWKLPIRUDERXWEHIRUHWRRORQJ
WRWKHGHDWK

7ZLVW
7KHJDPHVDUHRFFDVLRQDOO\[HGVRWKDWXQXVXDO
UHVXOWVPLJKWRFFXURUWRIDYRXUWKHEHWVVHWGRZQ
E\LQXHQWLDODQGLPSRUWDQWPHPEHUVRI WKHQRELOLW\
7KHLUPHDOEHIRUHWKHLUODWHVWJKWLVODFHGZLWKGUXJV
WKDWVORZWKHPGRZQDQGPDNHWKHPPRUHYXOQHUDEOH
,WVHHPVWKDWWKH\DUHLQWHQGHGWRGLHWRGD\KRZ
XQIRUWXQDWH+RZPRUHXQIRUWXQDWHLI WKH\EXFNWKH
V\VWHPE\OLYLQJRUHYHQEHLQJYLFWRULRXV

(SLORJXH
:LWKWKHLUIUHHGRPZRQWKH\FRXOGOHDYHWKHJDPHV
EHKLQGRQFHDQGIRUDOOWXUQWKHLUDWWHQWLRQEDFN
WRZDUGVWKHLUROGSURIHVVLRQVEXWVXFKLPSUHVVLYH
JKWLQJKDVEURXJKWWKHPWRWKHDWWHQWLRQRI VRPH
LQXHQWLDOSHRSOH7KHVHRQHVUXQPRUHSULYDWHERXWV
RXWVLGHWKHULQJVEHWZHHQWKHLUVWDEOHVRI SHUVRQDO
JKWHUVIRUPXFKJUHDWHUUHZDUGVDQGKLJKHUVWDNHV
EXWDOZD\VWRWKHGHDWK,I WKH\DUHZLOOLQJWRZRUN
IRUWKHLUVSRQVRUWKH\ZLOOEHWUHDWHGOLNHNLQJVRU
QHUDFHKRUVHVEXWDWDQ\WLPHDQ\SODFHDQ\ZKHUH
VRPHWLPHVZLWKHQWLUHO\DUELWUDU\UXOHVRUUHVWULFWLRQV
WKH\PD\EHDVNHGWRJKWDQRWKHUJURXSRUWRGXHO
VLQJO\
,GHDV9DULHW\LVDVHYHUWKHVSLFHRI OLIH
.HHSWKHDUHQDJKWLQJIUHVKZLWKDWXUQRYHU
RI QHZDQGGLIIHUHQWRSSRQHQWVZHDSRQVDQG
DUHQDV,QDPDJLFDOZRUOGLOOXVLRQVDQGVWUDQJH
SODFHVLQZKLFKWRJKWFDQEHEURXJKWLQWRSOD\
DQGWKHFRPEDWDQWVFDQHYHQEHWHOHSRUWHGWR
RWKHUSODFHVDQGZDWFKHGE\VFU\LQJ

,GHDV7KHIDYRXURI WKHFURZG
LVPRUHLPSRUWDQWWKDQDQ\WKLQJ
HOVH(QFRXUDJHWKHPWREHJRRG
VKRZPHQ



'HVLJQHUV1RWHV

$XWKRUV%LRJUDSK\

7KHRQO\UHDOJXLGHDQ\ZULWHUFDQKDYHZKHQZRUNLQJ
LVWKHFRQFHLW:RXOG,QGWKLVXVHIXO"DQG:RXOG
,UHDGWKLV":HKDYHWRUHO\RQRXURZQSHUFHSWLRQV
DQGLGHDVZKHQZULWLQJDVJRLQJE\ZKDWRWKHUSHRSOH
WKLQNDQGVD\LVQRWRQO\GLIFXOWEXWFDQIHHOZURQJ
WKURZLQJRII \RXUFRQYLFWLRQLQZKDW\RXUHGRLQJDQG
DIIHFWLQJ\RXUZULWLQJDGYHUVHO\
7ZRW\SHVRI JDPLQJERRNVKDYHDOZD\VIUXVWUDWHG
PHDQGKDYHDOZD\VOHIWPHIHHOLQJFKHDWHGDGYHQWXUH
VXSSOHPHQWVDQG*DPHV0DVWHUJXLGHV$GYHQWXUH
ERRNVQHYHUVHHPHGWRFRYHUZKDWP\JURXSZDQWHG
WRGRRUZKDW,ZDQWHGWRGRDQG*DPHV0DVWHUJXLGHV
DOZD\VVHHPHGIXOORI XVHOHVVLQIRUPDWLRQWKDWGLGQW
DFWXDOO\KHOSZLWKWKHSUREOHPVPHDQGP\JURXS
ZRXOGH[SHULHQFH7KHUHZDVQRWKLQJWKHUHDERXWKRZ
WRGU\RXW\RXUQRWHVZKHQVRPHRQHVSLOOHGFRNHRU
WKHHWLTXHWWHRI HDWLQJDQGJDPLQJKRZWRJHWDVHVVLRQ
VWDUWHGWRQGSOD\HUVWHFKQLTXHVIRUHYRNLQJPRRGRU
KHOSLQEHLQJGHVFULSWLYH
,JDYHXSRQDGYHQWXUHPRGXOHVDQGHYHUVLQFHWKHQ
,YHEHHQSUDFWLFDOO\LPSURYLVLQJP\ZD\WKURXJK
HYHU\JDPH7KDWVXLWVPHEHWWHU:KDW,VRPHWLPHV
ODFNLVLQVSLUDWLRQLGHDVVRPHWKLQJWRVSDUNRII DIHZ
WKRXJKWVDQGJHWPHVWDUWHG:KDW,DOZD\VOLNHGZHUH
WKHOLWWOHLGHDVDQGKRRNVDQGUXPRXUVVRPHWKLQJ
WKDW,UHPHPEHUVHHLQJLQ/DQGRI WKH)UHH8QNQRZQ
$UPLHVDQGWKHEDFNRI %DURQ0XQFKDXVHQ7KHVH,
IRXQGXVHIXOEXW,IHOWWKDWWKH\FRXOGEHPRUHXVHIXO
DOLWWOHPRUHHVKLQJRXWWKDQDVLQJOHOLQHSHUKDSVD
SDUDJUDSKSHUKDSVDSDJH
7KLVERRNLVERUQRXWRI WKRVHWKRXJKWVDQGKRSHIXOO\
KRSHIXOO\\RXOOEHDEOHWRSLFNLWXSLSWKURXJKWKH
SDJHVDQGQGVRPHWKLQJLQDWOHDVWRQHRI WKHVHRQH
KXQGUHGLGHDVWKDWZLOOJLYH\RXHQRXJKRI DQLGHDWR
UXQDJDPH
7KDQNVIRUEX\LQJLWDQGJRRGOXFN

*ULP


-DPHV*ULP'HVERURXJKLVDQGOLYHVLQ+DPSVKLUH
ZLWKKLVZLIHDQGPRWKHU 1RWKRVHDUHWZRVHSDUDWH
SHRSOHQREDQMRVSOHDVH ZKLOHZDLWLQJIRUKLVRZQ
KRXVHWREHJXWWHGDQGUHGHFRUDWHGRFFDVLRQDOO\
KDUDVVHGE\KLVEURWKHUDQGKLVEURWKHUVDQFpHDQG
KLVPRWKHUVXWWHUO\QHXURWLFFDW/LYLQJZLWKPXP
IXOOVKLVVDGJHHNTXRWDVRPXFKWKDWKHLVXWWHUO\FRRO
LQHYHU\RWKHUUHJDUGDQGZRHEHWLGHDQ\RQHZKRVD\V
RWKHUZLVH
*ULPZRQDQ2ULJLQVDZDUGIRUKLVDQG6WHYH
0RUWLPHUV0XQFKNLQV*XLGHWR3RZHUJDPLQJZKLFKEHLQJ
KLVUVWZRUNZDVQRWEDG
:RUNVE\*ULPLQFOXGH
0XQFKNLQV*XLGHWR3RZHUJDPLQJ 6WHYH-DFNVRQ*DPHV
6OD\HUV*XLGHWR)HPDOH*DPHUV 0RQJRRVH3XEOLVKLQJ
6OD\HUV*XLGHWR5XOHV/DZ\HUV 0RQJRRVH3XEOLVKLQJ
0DFKR:RPHQ:LWK*XQVG 0RQJRRVH3XEOLVKLQJ
$UFDQH(QF\FORSDHGLD1\PSKRORJ\ 0RQJRRVH3XEOLVKLQJ
1HYHUZKHUH 2IFLDOJDPHDYDLODEOHIRUIUHHDWWKH
3RVWPRUWHP6WXGLRVZHEVLWH
&DQQLEDO6HFWRU2QH &XELFOH1LJKWIDOO*DPHV
&RPLQJVRRQ
/LYH65' 3RVWPRUWHP6WXGLRV
8UEDQ)DHULH 3RVWPRUWHP6WXGLRV

&RPLQJ6RRQ
&ORDNRI6WHHO
$IDQWDV\JDPHZKHUHJLDQWVXLWVRIDQLPDWHGDUPRXUFDOOHG&ORDNVGRPLQDWHWKHEDWWOHHOGDQGWKHLQWULJXHV
EHWZHHQWKHVWDWHVLQDQDOWHUQDWH(XURSH7DNHRQWKHUROHRIDQDGYHQWXUHURUKHURLQWKLVZRUOGWKDWEOHQGV
WUDGLWLRQDOIDQWDV\DQLPHVWHDPSXQNDQGRWKHUHOHPHQWVWRFUHDWHVRPHWKLQJXQLTXH3HUIHFWIRUIDQVRI
(VFDRZQH)HDWXUHVRIWKHJDPHLQFOXGH
x 6\VWHPVIRUIDQWDV\0HFKD $LUVKLSV
x )HDWEDVHGPDJLFNV\VWHP
x $QLPDOSHRSOH
x (PSKDVLVRQKXPDQLQWHUDFWLRQDQGSROLWLFDOHQHPLHV
x :HOOUHDOLVHGDQGFKDOOHQJLQJZRUOGZKHUHQRJRRGDQGHYLOGRQRWH[LVW2QO\LGHRORJ\

$OO7KHVH:RUOGV1RW$V:H.QRZ,W
7KHUVWERRNRI DJHQHULF6FLHQFH)LFWLRQJDPHXVLQJWKH/LYH65'1RW$V:H.QRZ,WZLOOSURYLGHUXOHVIRU
FKDUDFWHUFUHDWLRQDVZHOODVUXOHVXVHDEOHIRUDQ\UGRUHGLWLRQFRPSDWLEOHJDPHIRUWKHFUHDWLRQRI DOLHQ
VHQWLHQWVSHFLHVRUDDQGIDXQD

$OO7KHVH:RUOGV,QGLVWLQJXLVKDEOH)URP0DJLF
7KHVHFRQGERRNLQWKH$OO7KHVH:RUOGVVHULHVRI VFLHQFHFWLRQUROHSOD\LQJJXLGHV,QGLVWLQJXLVKDEOH)URP0DJLFZLOO
SURYLGHDFRPSOHWHWHFKQRORJ\FUHDWLRQSURFHVVHQDEOLQJ\RXWRGHVLJQHYHU\WKLQJIURPKDQGODVHUVWRVWDUVKLSV
LQFOXGLQJHVRWHULFHOGVVXFKDVSVLRQLFWHFKQRORJ\VWHDPFORFNZRUNDQGGLHVHOSXQNDVZHOODVRUJDQLFGHYLFHV

$OO7KHVH:RUOGV:KHUHWR:DU
7KHWKLUGERRNLQWKLVVHULHV:KHUHWR:DUSURYLGHVFRPSOHWH6FLHQFH)LFWLRQFRPEDWUXOHVLQFOXGLQJH[RWLF
HQYLURQPHQWVVWDUVKLSFRPEDWDQGDSOHWKRUDRI SUHJHQHUDWHGZHDSRQU\DUPRXUDQGYHKLFOHV

$OO7KHVH:RUOGV8QIDPLOLDU7HUULWRU\
7KHIRXUWKERRNLQWKLVVHULHV8QIDPLODU7HUULWRU\SURYLGHVUXOHVIRUZRUOGDQGVRFLHW\FUHDWLRQHQDEOLQJ\RXWR
FUHDWHEHOLHYDEOHSODQHWVVRODUV\VWHPVFLWLHVDQGVRFLHWLHV


7KHJRRGQHZV"::,,QLVKHGHDUO\7KHEDGQHZV"%HFDXVHLWZDVIRXJKWZLWKDWRPLF
ZHDSRQV7KHZRUOGLVDPHVVPDQ\RI WKHJUHDWFLWLHVGHVWUR\HGDQGPDQ\RI WKHRQFHSRZHUIXOQDWLRQVWRSSOHG
6XSHUVFLHQFHIXHOOHGWKHZDUDQGLVQRZUHSDLULQJWKHGDPDJHDVZHOODVDGGLQJWRLW%HDXWLIXOO\LOOXVWUDWHGLQWKH
SLQXSVW\OHLVDSXOSIXHOOHGGLHVHOSXQNVSHFWDFXODU




Вам также может понравиться