Crown Publishing Group Spring 2010 Catalog by Crown Publishing Group

Table of Contents All eBook Pricing Matches the Hardcover/ Paperback Counterpart

Ten Speed Press

Broadway Hardcovers

Broadway Paperbacks

Broadway Business

Doubleday Religion

Crown, Crown Business, Crown Forum

Harmony Books and Shaye Areheart Books

107

Three Rivers Press

129

Clarkson Potter

177

Potter Craft

193

Watson-Guptill

203

Potter Style

219

Author/Title Index

241

Foreign Reps/Agents

244

Ordering Information

248

www.CrownPublishing.com

7KH ,QYHQWRU V %LEOH UG (GLWLRQ +RZ WR 0DUNHW DQG /LFHQVH <RXU %ULOOLDQW ,GHDV

7KH ,QYHQWRU V %LEOH UG (GLWLRQ 5RQDOG /RXLV 'RFLH 6U +RZ WR 0DUNHW DQG /LFHQVH <RXU %ULOOLDQW ,GHDV

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

21 6$/( 7(1 63((' 35(66 &DQ 75$'( 3$3(5%$&.

%,6$&Â¬&DW Â¬/DZ ,QWHOOHFWXDO 3URSHUW\ 3DWHQW &DQ

2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 /$: 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬/DZ ,QWHOOHFWXDO 3URSHUW\ &DUWRQ &RXQW 3DWHQW ,OOXVWUDWLRQV Â¬21( &2/25 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 /$: /RDGÂ¬*URXS Â¬ 3DJH &RXQW 7ULP 6L]H [ (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 &DUWRQ &RXQW 3URGÂ¬7\SH Â¬763 75 ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 3URGÂ¬7\SH Â¬763 75 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR LQYHQWRU DQG SDWHQWLQJ ZHEVLWHV DQG EORJJHUV 7DUJHWHG VHDUFK DGYHUWLVLQJ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR LQYHQWRU DQG SDWHQWLQJ ZHEVLWHV DQG EORJJHUV 7DUJHWHG VHDUFK DGYHUWLVLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $WKHQV 2KLR

521$/' /28,6 '2&,( V FDUHHU LQ WKH ZRUOG RI LQYHQWLRQV VSDQV QHDUO\ WKUHH GHFDGHV +LV RZQ FUHDWLRQV DUH IRXQG LQ :DO 0DUW .PDUW DQG RWKHU PDMRU RXWOHWV +H LV WKH IRXQGHU DQG SUHVLGHQW RI 'RFLH 0DUNHWLQJ D FRPSDQ\ GHGLFDWHG WR HGXFDWLQJ LQYHQWRUV DQG SURYLGLQJ FRPPHUFLDOL]DWLRQ VHUYLFHV 'RFLH KDV QHJRWLDWHG RYHU ILIW\ OLFHQVHV DQG FRQWUDFWV IRU LQYHQWLRQV DQG LQYHQWLRQ EDVHG SURMHFWV DQG LV D SDVW SUHVLGHQW RI WKH 2KLR ,QYHQWRUV $VVRFLDWLRQ 5LJKWV 506 7HUULWRULHV World 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW Yes $XGLR Yes %RRN &OXE Yes VW 6HULDO Yes %ULWLVK Yes 7UDQVODWLRQ Yes 6SHFLDO 0DUNHWV 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ $JHQW 7HUULWRULHV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW $XGLR %RRN &OXE VW 6HULDO +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %ULWLVK 7UDQVODWLRQ 6SHFLDO 0DUNHWV 7KH ,QYHQWRU V %LEOH QG HG 'RFLH 5RQDOG /RXLVÂ« 7HQ 6SHHG 3UHVV 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ $JHQW &DQ

5LJKWV 506

7KH ,QYHQWRU V %LEOH VW HG 'RFLH 5RQDOG /RXLVÂ« 5R\DOWLHV LQ <RXU )XWXUH 'RFLH 5RQDOG /RXLV 75 +LVW 3UHY 7LWOHV &RPS 7LWOHV 7KH ,QYHQWRU V %LEOH QG HG 'RFLH 5RQDOG /RXLVÂ« /LWWOH %ODFN %N (QWUHSUHQHXU 7ULDV 'H %HV ) 75 7KH ,QYHQWRU V %LEOH VW HG 'RFLH 5RQDOG /RXLVÂ« 7KH 2QH 0LQXWH (QWUHSUHQHXU %ODQFKDUG .HQ +& 5R\DOWLHV LQ <RXU )XWXUH 'RFLH 5RQDOG /RXLV 75 7KH )XWXUH 2I ,GHDV /HVVLJ /DZUHQFH 75 *RRG +DUG .LFN ,Q 7KH $VV $ $GDPV 5RE +& &RPS 7LWOHV /LWWOH %ODFN %N (QWUHSUHQHXU 7ULDV 'H %HV ) 75 7KH 2QH 0LQXWH (QWUHSUHQHXU %ODQFKDUG .HQ +& 7KH )XWXUH 2I ,GHDV /HVVLJ /DZUHQFH 75 *RRG +DUG .LFN ,Q 7KH $VV $ $GDPV 5RE +&

4 www.CrownPublishing.com

,6%1 ,6%1

7HQ 6SHHG 3UHVV 'RFLH 0DUNHWLQJ 2Q VDOH 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV %URDGZD\ %XVLQHVV 'RFLH 0DUNHWLQJ 9LQWDJH &URZQ %XVLQHVV 2Q VDOH 3XEOLVKHU 7HQ 6SHHG 3UHVV %URDGZD\ %XVLQHVV 9LQWDJH &URZQ %XVLQHVV

3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

7KH 2YHUQLJKW 5pVXPp UG (GLWLRQ 7KH 2YHUQLJKW 5pVXPp UG (GLWLRQ 7KH )DVWHVW :D\ WR <RXU 1H[W -RE 7KH )DVWHVW :D\ WR <RXU 1H[W -RE

'RQDOG $VKHU 'RQDOG $VKHU

21 6$/( 21 6$/( 7(1 63((' 35(66 7(1 63((' 35(66 75$'( 3$3(5%$&. 75$'( 3$3(5%$&.

&DQ &DQ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV -RE %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV -RE +XQWLQJ +XQWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &$5((56 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &$5((56 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW &DUWRQ &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 3URGÂ¬7\SH Â¬763 75 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW

1DWLRQDO SULQW 1DWLRQDO GULYH WLPH UDGLR FDPSDLJQ 1DWLRQDO GULYH WLPH UDGLR FDPSDLJQ $GYHUWLVLQJ DQG SURPRWLRQ RQ EXVLQHVV $GYHUWLVLQJ DQG SURPRWLRQ RQ EXVLQHVV DQG FDUHHU ZHEVLWHV DQG FDUHHU ZHEVLWHV 2XWUHDFK WR PDMRU FDUHHU VLWHV 2XWUHDFK WR PDMRU FDUHHU VLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG SURPRWLRQ SURPRWLRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ (EODVW WR DXWKRU V FXVWRPHUV (EODVW WR DXWKRU V FXVWRPHUV

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

PLOOLRQ $PHULFDQV DUH FXUUHQWO\ GUDZLQJ XQHPSOR\PHQW EHQHILWV PLOOLRQ $PHULFDQV DUH FXUUHQWO\ GUDZLQJ XQHPSOR\PHQW EHQHILWV 7ZR SUHYLRXV HGLWLRQV DQG KDYH FRSLHV LQ SULQW 7ZR SUHYLRXV HGLWLRQV DQG KDYH FRSLHV LQ SULQW 7KH 2YHUQLJKW 5HVXPH KDV EHHQ XVHG E\ WKH 3URIHVVLRQDO $VVRFLDWLRQ RI 5HVXPH 7KH 2YHUQLJKW 5HVXPH KDV EHHQ XVHG E\ WKH 3URIHVVLRQDO $VVRFLDWLRQ RI 5HVXPH :ULWHUV DV D WH[WERRN IRU WKHLU FHUWLILFDWLRQ WHVW :ULWHUV DV D WH[WERRN IRU WKHLU FHUWLILFDWLRQ WHVW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH *HUODFK 19

$XWKRU 5HVLGHQFH *HUODFK 19 '21$/' $6+(5 LV WKH DXWKRU RI ERRNV DOO ZLWK 7HQ 6SHHG 3UHVV RQ WKH

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV World

7HUULWRULHV $XGLR Yes $XGLR %ULWLVK Yes %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes %RRN &OXE 7UDQVODWLRQ Yes 7UDQVODWLRQ $JHQF\ $JHQF\

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

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 3XEOLVKHU 3XEOLVKHU %URDGZD\ %URDGZD\ 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV

5HSULQW Yes 5HSULQW VW 6HULDO Yes VW 6HULDO 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW $JHQW 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

5 www.CrownPublishing.com

6PDOO 3ORW +LJK <LHOG *DUGHQLQJ 6PDOO 3ORW +LJK <LHOG *DUGHQLQJ +RZ WR *URZ /LNH D 3UR 6DYH 0RQH\ DQG (DW :HOO E\ +RZ WR *URZ /LNH D 3UR 6DYH 0RQH\ DQG (DW :HOO E\ 7XUQLQJ <RXU %DFN RU )URQW RU 6LGH <DUG ,QWR $Q 7XUQLQJ <RXU %DFN RU )URQW RU 6LGH <DUG ,QWR $Q 2UJDQLF 3URGXFH *DUGHQ 2UJDQLF 3URGXFH *DUGHQ $Q\RQH ZLWK D OLWWOH GLUW FDQ GR LW $Q\RQH ZLWK D OLWWOH GLUW FDQ GR LW

6DO *LOEHUWLH 6DO *LOEHUWLH /DUU\ 6KHHKDQ /DUU\ 6KHHKDQ

21 6$/( 21 6$/( 7(1 63((' 35(66 7(1 63((' 35(66 75$'( 3$3(5%$&. 75$'( 3$3(5%$&.

&DQ &DQ +LVWRU\ +LVWRU\ $WKHQHXP +& +LVWRU\ +LVWRU\ $WKHQHXP +& Â« Â« %,6$&Â¬&DW Â¬*DUGHQLQJ 9HJHWDEOHV %,6$&Â¬&DW Â¬*DUGHQLQJ 9HJHWDEOHV 2UGHUÂ¬)RUPÂ¬&DW Â¬*$5'(1,1* 2UGHUÂ¬)RUPÂ¬&DW Â¬*$5'(1,1* 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW &DUWRQ &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 : &2/25 ,OOXVWUDWLRQV Â¬21( &2/25 : &2/25 ,16(57 /,1( ,//8675$7,216 ,16(57 /,1( ,//8675$7,216 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75 3URGÂ¬7\SH Â¬763 75

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

:KHWKHU \RX UH ILOOLQJ \RXU ILUVW [ VDQGER[ RU GHYHORSLQJ D [

SURGXFH JDUGHQ WKLV FRPSOHWHO\ UHYLVHG HGLWLRQ LQFOXGHV DGDSWLQJ WR VPDOOHU SURGXFH JDUGHQ WKLV FRPSOHWHO\ UHYLVHG HGLWLRQ LQFOXGHV DGDSWLQJ WR VPDOOHU XUEDQ SORWV ZKLOH PDLQWDLQLQJ JHQHURXV FURS \LHOGV LQFRUSRUDWLQJ DQWL SHVW XUEDQ SORWV ZKLOH PDLQWDLQLQJ JHQHURXV FURS \LHOGV LQFRUSRUDWLQJ DQWL SHVW FRPSDQLRQ SODQWLQJV SODQQLQJ D IORZHU FXWWLQJ JDUGHQ WUHQGV LQ KHLUORRP KHUE FRPSDQLRQ SODQWLQJV SODQQLQJ D IORZHU FXWWLQJ JDUGHQ WUHQGV LQ KHLUORRP KHUE DQG YHJHWDEOH YDULHWLHV UHFRPPHQGDWLRQV IRU RUJDQLF IHUWLOL]HUV DQG DQG YHJHWDEOH YDULHWLHV UHFRPPHQGDWLRQV IRU RUJDQLF IHUWLOL]HUV DQG GURXJKW UHVLVWDQW SODQWLQJV DQG FRVW HIIHFWLYH FRQFHSWV IRU UDLVHG EHG JDUGHQV GURXJKW UHVLVWDQW SODQWLQJV DQG FRVW HIIHFWLYH FRQFHSWV IRU UDLVHG EHG JDUGHQV ZLWKRXW KDUGVFDSH SHULPHWHUV ZLWKRXW KDUGVFDSH SHULPHWHUV 6R LI \RX ZDQW WR IHHG \RXU IULHQGV DQG IDPLO\ LQFRPSDUDEO\ IUHVK DOO RUJDQLF 6R LI \RX ZDQW WR IHHG \RXU IULHQGV DQG IDPLO\ LQFRPSDUDEO\ IUHVK DOO RUJDQLF WRWDOO\ VXVWDLQDEOH SURGXFH OHW 6PDOO 3ORW +LJK <LHOG *DUGHQLQJ VKRZ \RX KRZ WRWDOO\ VXVWDLQDEOH SURGXFH OHW 6PDOO 3ORW +LJK <LHOG *DUGHQLQJ VKRZ \RX KRZ $OPRVW DQ\RQH ZLWK D OLWWOH GLUW FDQ GR LW $OPRVW DQ\RQH ZLWK D OLWWOH GLUW FDQ GR LW

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\

1DWLRQDO SXEOLFLW\ 2XWUHDFK WR PDMRU JDUGHQLQJ EORJJHUV 2XWUHDFK WR PDMRU JDUGHQLQJ EORJJHUV DQG ZHEVLWHV DQG ZHEVLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR JUHHQ ZHEVLWHV 2XWUHDFK WR JUHHQ ZHEVLWHV (EODVW WR DXWKRU V PDLO RUGHU FXVWRPHU (EODVW WR DXWKRU V PDLO RUGHU FXVWRPHU OLVW OLVW

2Q WUHQG 7KH XUEDQ DJULFXOWXUH NLWFKHQ JDUGHQ SKHQRPHQRQ LV RQ WUHQG WKDQNV WR 2Q WUHQG 7KH XUEDQ DJULFXOWXUH NLWFKHQ JDUGHQ SKHQRPHQRQ LV RQ WUHQG WKDQNV WR IDPHG UHVWDXUDWHXU VORZ IRRG FKDPSLRQ DQG XUEDQ JDUGHQ SLRQHHU $OLFH :DWHUV ,Q IDPHG UHVWDXUDWHXU VORZ IRRG FKDPSLRQ DQG XUEDQ JDUGHQ SLRQHHU $OLFH :DWHUV ,Q 0DUFK EDFN\DUG YLFWRU\ JDUGHQV UHFHLYHG D QDWLRQDO ERRVW IURP )LUVW /DG\ 0LFKHOOH 0DUFK EDFN\DUG YLFWRU\ JDUGHQV UHFHLYHG D QDWLRQDO ERRVW IURP )LUVW /DG\ 0LFKHOOH 2EDPD DQG KHU PXFK SXEOLFL]HG :KLWH +RXVH YLFWRU\ JDUGHQ 2EDPD DQG KHU PXFK SXEOLFL]HG :KLWH +RXVH YLFWRU\ JDUGHQ 5HVSHFWDEOH SODWIRUP /DXUHQFH 6KHHKDQ KDV DQ RSLQLRQDWHG EXW IULHQGO\ YRLFH WKDW 5HVSHFWDEOH SODWIRUP /DXUHQFH 6KHHKDQ KDV DQ RSLQLRQDWHG EXW IULHQGO\ YRLFH WKDW NHHSV WKH WH[W OLYHO\ DQG DFFHVVLEOH ZKLOH 6DO *LOEHUWLH V ILUVW KDQG NQRZOHGJH DV D NHHSV WKH WH[W OLYHO\ DQG DFFHVVLEOH ZKLOH 6DO *LOEHUWLH V ILUVW KDQG NQRZOHGJH DV D WKLUG JHQHUDWLRQ JURZHU DQG WKH ODUJHVW KHUE VXSSOLHU LQ WKH 8 6 PDNHV KLP DQ WKLUG JHQHUDWLRQ JURZHU DQG WKH ODUJHVW KHUE VXSSOLHU LQ WKH 8 6 PDNHV KLP DQ XQGLVSXWHG DXWKRULW\ LQ WKH ILHOG XQGLVSXWHG DXWKRULW\ LQ WKH ILHOG

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH (DVWRQ &7 DQG ZHVWHUQ 0$

$XWKRU 5HVLGHQFH (DVWRQ &7 DQG ZHVWHUQ 0$ 7KLUG JHQHUDWLRQ JDUGHQHU DQG KHUE JURZHU 6$/ *,/%(57,( UXQV *LOEHUWLH V +HUE

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV :RUOG

7HUULWRULHV :RUOG $XGLR <HV $XGLR <HV %ULWLVK <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV %RRN &OXE <HV 7UDQVODWLRQ <HV 7UDQVODWLRQ <HV $JHQF\ $JHQF\

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

,6%1 ,6%1 ,6%1 ,6%1

6 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV 5HSULQW <HV VW 6HULDO <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW $JHQW

3XEOLVKHU 3XEOLVKHU $WKHQHXP $WKHQHXP &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU $WKHQHXP 0FPLOODQ $WKHQHXP 0FPLOODQ %DQWDP %DQWDP 3XEOLVKHU 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV

3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ

7KH 7HD (QWKXVLDVW V +DQGERRN $ *XLGH WR WKH :RUOG V %HVW 7HDV 7KH 7HD (QWKXVLDVW V +DQGERRN $ *XLGH WR WKH :RUOG V %HVW 7HDV

0DU\ /RX +HLVV 5REHUW - +HLVV 0DU\ /RX +HLVV 5REHUW - +HLVV $ SRFNHW JXLGH RIIHULQJ FRQFLVH DXWKRULWDWLYH DGYLFH RQ XQGHUVWDQGLQJ

21 6$/( 7(1 63((' 35(66 21 6$/( 75$'( 3$3(5%$&. 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO

%,6$&Â¬&DW Â¬&RRNLQJ &RIIHH 7HD 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* %,6$&Â¬&DW Â¬&RRNLQJ &RIIHH 7HD 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 3URGÂ¬7\SH Â¬763 75 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV 7KH DXWKRUV DUH WZR RI WKH ZRUOG V OHDGLQJ DXWKRULWLHV LQ WKH ILHOG RI WHD

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1RUWKDPSWRQ 0DVVDFKXVHWWV $ERXW WKH $XWKRU ,OOXVWUDWRU 0$5< /28 DQG 52%(57 - +(,66 KDYH RZQHG DQG RSHUDWHG &RRNV 6KRS +HUH $XWKRU 5HVLGHQFH 1RUWKDPSWRQ 0DVVDFKXVHWWV D SXUYH\RU RI ILQH WHD DQG RWKHU VSHFLDOW\ IRRG SURGXFWV VLQFH 7KH\ DUH

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

5LJKWV 506 7HUULWRULHV :RUOG 5LJKWV 506 $XGLR <HV

7HUULWRULHV :RUOG %ULWLVK <HV $XGLR <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ <HV %RRN &OXE <HV $JHQF\ The Lisa Ekus Group 7UDQVODWLRQ <HV $JHQF\ /,6$ (.86 *5283 //& ,6%1 2Q VDOH 3XEOLVKHU

7KH 6WRU\ 2I 7HD +HLVV /RX 0DU\ +& +RW 'ULQNV +HLVV /RX 0DU\ +& +LVW 3UHY 7LWOHV *UHHQ 7HD +HLVV 0DU\ /RX +& 7KH 6WRU\ 2I 7HD +HLVV /RX 0DU\ +& +RW 'ULQNV +HLVV /RX 0DU\ +& &RPS 7LWOHV *UHHQ 7HD +HLVV 0DU\ /RX +& 7HD )RU <RX 6WHUQ 7UDF\ +& 7KH *UHHQ 7HD 8VHU 6 0DQXDO *XVWDIVRQ +HOHQ +& &RPS 7LWOHV 7HD )RU <RX 6WHUQ 7UDF\ +& 7KH *UHHQ 7HD 8VHU 6 0DQXDO *XVWDIVRQ +HOHQ +&

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO <HV $JHQW Lisa Ekus 6SHFLDO 0DUNHWV $JHQW 3ULFH

7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 3XEOLVKHU +DUYDUG &RPPRQ 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 3XEOLVKHU +DUYDUG &RPPRQ 3UHVV &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

&DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

7 www.CrownPublishing.com

0\ )DYRULWH ,QJUHGLHQWV 0\ )DYRULWH ,QJUHGLHQWV $Q HQWLFLQJ FROOHFWLRQ RI UHFLSHV

6N\H *\QJHOO $Q HQWLFLQJ FROOHFWLRQ RI UHFLSHV 6N\H *\QJHOO $ FHOHEUDWHG 8. FKHI VKDUHV KHU VL[WHHQ EHVW ORYHG LQJUHGLHQWV DQG

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&. 21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

+LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO

%,6$&Â¬&DW Â¬&RRNLQJ 6HDVRQDO 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬&RRNLQJ 6HDVRQDO &DUWRQ &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* ,OOXVWUDWLRQV Â¬ &2/25 3DJH &RXQW 7ULP 6L]H [ 3+272*5$3+6 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ &2/25 3URGÂ¬7\SH Â¬763 75 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\

1DWLRQDO UDGLR FDPSDLJQ 1DWLRQDO SXEOLFLW\ $XWKRU LQWHUYLHZV IURP /RQGRQ 1DWLRQDO UDGLR FDPSDLJQ 2XWUHDFK WR PDMRU IRRGLH EORJV DQG VLWHV $XWKRU LQWHUYLHZV IURP /RQGRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR PDMRU IRRGLH EORJV DQG VLWHV )LQLVKHG FRS\ PDLOLQJV WR WRS IRRG 7DUJHWHG VHDUFK DGYHUWLVLQJ EORJJHUV )LQLVKHG FRS\ PDLOLQJV WR WRS IRRG EORJJHUV

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p ZKHUH FRRNLQJ IROORZV WKH HEE DQG IORZ RI QDWXUH +HU IODYRU HQKDQFHUV OLNH YLQHJDU *\QJHOO LV KHDG FKHI DW /RQGRQ V DFFODLPHG VW\OLVK UHFLSHV DUH SURGXFH GULYHQ LQ PDQ\ FDVHV KLJKOLJKWLQJ XQXVXDO YDULWLHV RI 3HWHUVKDP 1XUVHULHV &DIp ZKHUH FRRNLQJ IROORZV WKH HEE DQG IORZ RI QDWXUH +HU VWDQGDUG LQJUHGLHQWV VXFK DV WRPDWRHV OHDI\ JUHHQV DQG KRQH\ (DFK FKDSWHU VW\OLVK UHFLSHV DUH SURGXFH GULYHQ LQ PDQ\ FDVHV KLJKOLJKWLQJ XQXVXDO YDULWLHV RI IHDWXUHV RQH IDYRULWH LQJUHGLHQW DQG RIIHUV FRPELQDWLRQV EDVHG RQ D ZLGH UDQJH RI VWDQGDUG LQJUHGLHQWV VXFK DV WRPDWRHV OHDI\ JUHHQV DQG KRQH\ (DFK FKDSWHU RWKHU IRRGV :LWK PRUH WKDQ UHFLSHV DQG SKRWRJUDSKV WKH GHVLJQ RI WKLV IHDWXUHV RQH IDYRULWH LQJUHGLHQW DQG RIIHUV FRPELQDWLRQV EDVHG RQ D ZLGH UDQJH RI OXVK FROOHFWLRQ VKRZFDVHV WKH EHDXW\ DQG ERXQW\ RI WKH VHDVRQDO ZKROH IRRGV RWKHU IRRGV :LWK PRUH WKDQ UHFLSHV DQG SKRWRJUDSKV WKH GHVLJQ RI WKLV UHFLSHV DQG ZLOO DSSHDO WR DQ\RQH ORRNLQJ WR FUHDWH PRUH ORFDO VLPSOH DQG OXVK FROOHFWLRQ VKRZFDVHV WKH EHDXW\ DQG ERXQW\ RI WKH VHDVRQDO ZKROH IRRGV KHDOWKIXO GLVKHV UHFLSHV DQG ZLOO DSSHDO WR DQ\RQH ORRNLQJ WR FUHDWH PRUH ORFDO VLPSOH DQG KHDOWKIXO GLVKHV

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV $ VW\OLVK OLIHVW\OH WUHDWPHQW RI LQFUHDVLQJO\ SRSXODU JDUGHQ DQG IDUP WR WDEOH HDWLQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ (QJODQG $ERXW WKH $XWKRU ,OOXVWUDWRU 6.<( *<1*(// LV WKH KHDG FKHI DW WKH DZDUG ZLQQLQJ 3HWHUVKDP 1XUVHULHV $XWKRU 5HVLGHQFH /RQGRQ (QJODQG &DIp LQ VRXWKZHVW /RQGRQ 6KH ZULWHV D ZHHNO\ FROXPQ ZLWK UHFLSHV IRU WKH

6.<( *<1*(// LV WKH KHDG FKHI DW WKH DZDUG ZLQQLQJ 3HWHUVKDP 1XUVHULHV ,QGHSHQGHQW *\QJHOO WUDLQHG LQ 3DULV XQGHU $QQH :LOODQ DW /D 9DUHQQH DQG &DIp LQ VRXWKZHVW /RQGRQ 6KH ZULWHV D ZHHNO\ FROXPQ ZLWK UHFLSHV IRU WKH ZRUNHG DW YDULRXV UHVWDXUDQWV LQ /RQGRQ EHIRUH EHFRPLQJ D SULYDWH FKHI ZLWK ,QGHSHQGHQW *\QJHOO WUDLQHG LQ 3DULV XQGHU $QQH :LOODQ DW /D 9DUHQQH DQG QXPHURXV KLJK SURILOH FOLHQWV LQFOXGLQJ 0DGRQQD ZRUNHG DW YDULRXV UHVWDXUDQWV LQ /RQGRQ EHIRUH EHFRPLQJ D SULYDWH FKHI ZLWK QXPHURXV KLJK SURILOH FOLHQWV LQFOXGLQJ 0DGRQQD

5LJKWV 506 7HUULWRULHV 86 RQO\ 5LJKWV 506 $XGLR 1R

%ULWLVK 1R 7HUULWRULHV 86 RQO\ 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ +LVW 3UHY 7LWOHV

$ <HDU LQ 0\ .LWFKHQ *\QJHOO 6N\H +& &RPS 7LWOHV +LVW 3UHY 7LWOHV 3XUH 6LPSOH &RRNLQJ +HQU\ 'LDQD 75 $ <HDU LQ 0\ .LWFKHQ *\QJHOO 6N\H +& &KRFRODWH $QG =XFFKLQL 'XVRXOLHU &ORWLOGH 75 &RPS 7LWOHV 6XSHU 1DWXUDO &RRNLQJ 6ZDQVRQ +HLGL 75 3XUH 6LPSOH &RRNLQJ +HQU\ 'LDQD 75 7KH )RVWHU 6 0DUNHW &NEN )RVWHU 6DUD +& &KRFRODWH $QG =XFFKLQL 'XVRXOLHU &ORWLOGH 75 6XSHU 1DWXUDO &RRNLQJ 6ZDQVRQ +HLGL 75 7KH )RVWHU 6 0DUNHW &NEN )RVWHU 6DUD +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $JHQF\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,6%1 2Q VDOH 3XEOLVKHU

,6%1 ,6%1

8 www.CrownPublishing.com

2Q VDOH 2Q VDOH

4XDGULOOH 3XEOLVKHU 7HQ 6SHHG 3UHVV 4XDGULOOH %URDGZD\ 3XEOLVKHU &HOHVWLDO $UWV 7HQ 6SHHG 3UHVV 5DQGRP +RXVH %URDGZD\ &HOHVWLDO $UWV 5DQGRP +RXVH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 5HSULQW <HV $JHQW VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

:KDW , (DW 0\ )DYRULWH ,QJUHGLHQWV $URXQG WKH :RUOG LQ 'LHWV :KDW , (DW $URXQG WKH :RUOG LQ 'LHWV

3HWHU 0HQ]HO $Q HQWLFLQJ FROOHFWLRQ RI UHFLSHV )DLWK ' $OXLVLR 6N\H *\QJHOO 3HWHU 0HQ]HO )DLWK ' $OXLVLR $ VPDUW JRUJHRXV FRIIHH WDEOH ERRN IRU DUPFKDLU DGYHQWXUHUV VRFLDOO\ $ FHOHEUDWHG 8. FKHI VKDUHV KHU VL[WHHQ EHVW ORYHG LQJUHGLHQWV DQG

21 6$/( 21 6$/( 7(1 63((' 35(66

21 6$/( +$5'&29(5 75$'( 3$3(5%$&. +$5'&29(5

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p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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV $ SURYHQ IRUPXOD IURP DQ DZDUG ZLQQLQJ WHDP 0HQ]HO DQG ' $OXLVLR V 0DWHULDO :RUOG ERRNV JDUQHU VWURQJ VDOHV PDMRU QDWLRQDO DQG LQWHUQDWLRQDO SUHVV DQG QDWLRQDO .H\ 3RLQWV 4XRWHV $ SURYHQ IRUPXOD IURP DQ DZDUG ZLQQLQJ WHDP 0HQ]HO DQG ' $OXLVLR V 0DWHULDO DZDUGV

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DQ

%,6$&Â¬&DW Â¬3KRWRJUDSK\ 3KRWRMRXUQDOLVP 2UGHUÂ¬)RUPÂ¬&DW Â¬3+272*5$3+< %,6$&Â¬&DW Â¬&RRNLQJ 6HDVRQDO %,6$&Â¬&DW Â¬3KRWRJUDSK\ 3KRWRMRXUQDOLVP 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 2UGHUÂ¬)RUPÂ¬&DW Â¬3+272*5$3+< &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬ &2/25 &DUWRQ &RXQW &DUWRQ &RXQW 3+272*5$3+6 3/86 0$36 ,OOXVWUDWLRQV Â¬ &2/25 ,OOXVWUDWLRQV Â¬ &2/25 /RDGÂ¬*URXS Â¬ 3+272*5$3+6 3+272*5$3+6 3/86 0$36 3URGÂ¬7\SH Â¬0DWHULDO :RUOG +& /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75 3URGÂ¬7\SH Â¬0DWHULDO :RUOG +&

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ

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

XQGHUVWDQGV WKLV DQG LQVLVWV RQ VHDVRQDO ULSH DQG VXVWDLQDEO\ SURGXFHG $ERXW WKH $XWKRU ,OOXVWUDWRU IRRGV 7KLV ERRN LV EHDXWLIXO DQG LPSRUWDQW HPSKDVL]LQJ WKH TXDOLW\ RI $XWKRU 5HVLGHQFH 1DSD &DOLIRUQLD LQJUHGLHQWV DQG VLPSOH FRRNLQJ WHFKQLTXHV $OLFH :DWHUV $ERXW WKH $XWKRU ,OOXVWUDWRU 3(7(5 0(1=(/ LV D IUHHODQFH SKRWRMRXUQDOLVW SXEOLVKHG LQ 7LPH 1DWLRQDO $XWKRU 5HVLGHQFH 1DSD &DOLIRUQLD *HRJUDSKLF DQG 6PLWKVRQLDQ DPRQJ RWKHUV )$,7+ ' $/8,6,2 ZKR LV PDUULHG

6N\H VR FOHDUO\ DGRUHV KHU JRUJHRXV LQJUHGLHQWV WKDW RQH DOPRVW IRUJHWV D

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p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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 5LJKWV 506 5LJKWV 506

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

9 www.CrownPublishing.com

7KH 8WHULQH +HDOWK &RPSDQLRQ +ROLVWLF 3UDFWLFHV IRU /LIHORQJ :HOOQHVV

(YH $JHH

7KH 8WHULQH +HDOWK &RPSDQLRQ

+ROLVWLF 3UDFWLFHV IRU /LIHORQJ :HOOQHVV )RU ZRPHQ LQWHUHVWHG LQ D KROLVWLF DSSURDFK WR PDLQWDLQLQJ RSWLPDO XWHULQH

21 6$/( &(/(67,$/ $576 75$'( 3$3(5%$&.

21 6$/( &DQ &(/(67,$/ $576 +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬+HDOWK )LWQHVV :RPHQ V +HDOWK &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 %,6$&Â¬&DW Â¬+HDOWK )LWQHVV :RPHQ V /RDGÂ¬*URXS Â¬ +HDOWK 3URGÂ¬7\SH Â¬&$ 75 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬&$ 75 2XWUHDFK WR PDMRU ZRPHQ V KHDOWK VLWHV DQG EORJJHUV 7DUJHWHG VHDUFK DGYHUWLVLQJ (EODVW WR KRVSLWDO DQG PHGLFDO VFKRRO FROOHFWLRQ GHYHORSPHQW OLEUDULDQV 1DWLRQDO SXEOLFLW\ (EODVW WR LQWHJUDWLYH KHDOWK FDUH 2XWUHDFK WR PDMRU ZRPHQ V KHDOWK VLWHV SUDFWLWLRQHUV DQG EORJJHUV 7DUJHWHG VHDUFK DGYHUWLVLQJ (EODVW WR KRVSLWDO DQG PHGLFDO VFKRRO FROOHFWLRQ GHYHORSPHQW OLEUDULDQV (EODVW WR LQWHJUDWLYH KHDOWK FDUH SUDFWLWLRQHUV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

KHDOWK DQG DGGUHVVLQJ VSHFLILF KHDOWK GLVRUGHUV RI WKH XWHUXV IURP PHQDUFKH WR PHQRSDXVH DQG EH\RQG (YH $JHH 7KH 8WHULQH +HDOWK &RPSDQLRQ IRFXVHV RQ WKH RYHUDOO KHDOWK RI WKH XWHUXV LQFOXGLQJ LQGLYLGXDO XWHULQH KHDOWK GLVRUGHUV VXFK DV ILEURLGV HQGRPHWULRVLV DQG )RU ZRPHQ LQWHUHVWHG LQ D KROLVWLF DSSURDFK WR PDLQWDLQLQJ RSWLPDO XWHULQH LQIHUWLOLW\ 7KH ERRN RIIHUV D FXOWXUDO DQDO\VLV RI ZK\ XWHULQH KHDOWK KDV EHHQ KHDOWK DQG DGGUHVVLQJ VSHFLILF KHDOWK GLVRUGHUV RI WKH XWHUXV IURP LJQRUHG DORQJVLGH D SUHVFULSWLYH KROLVWLF SODQ IRU RSWLPDO XWHULQH KHDOWK LQYROYLQJ PHQDUFKH WR PHQRSDXVH DQG EH\RQG QXWULWLRQ EUHDWKZRUN FRJQLWLYH UHVWUXFWXULQJ YLVXDOL]DWLRQ DQG RWKHU PLQG ERG\ 7KH 8WHULQH +HDOWK &RPSDQLRQ IRFXVHV RQ WKH RYHUDOO KHDOWK RI WKH XWHUXV KHDOLQJ SUDFWLFHV LQFOXGLQJ LQGLYLGXDO XWHULQH KHDOWK GLVRUGHUV VXFK DV ILEURLGV HQGRPHWULRVLV DQG 7KH XWHULQH ZHOOQHVV SODQ LQYROYHV VLPSOH FRVW HIIHFWLYH GDLO\ SUDFWLFHV DQG LQIHUWLOLW\ 7KH ERRN RIIHUV D FXOWXUDO DQDO\VLV RI ZK\ XWHULQH KHDOWK KDV EHHQ DGGUHVVHV FRQYHQWLRQDO PHGLFDO WKHUDSLHV 7KLV ERRN GHVFULEHV DOO XWHULQH LJQRUHG DORQJVLGH D SUHVFULSWLYH KROLVWLF SODQ IRU RSWLPDO XWHULQH KHDOWK LQYROYLQJ GLVRUGHUV FUXFLDO EHFDXVH RIWHQ ZRPHQ ZKR VXIIHU IURP RQH GLVRUGHU DW RQH QXWULWLRQ EUHDWKZRUN FRJQLWLYH UHVWUXFWXULQJ YLVXDOL]DWLRQ DQG RWKHU PLQG ERG\ VWDJH RI WKHLU OLIH HYHQWXDOO\ KDYH V\PSWRPV RI RWKHU XWHULQH GLVRUGHUV ODWHU LQ WKHLU KHDOLQJ SUDFWLFHV OLYHV 7KLV HPSRZHULQJ UHVRXUFH JURXQGV LWV PLQG ERG\ DSSURDFK WR XWHULQH 7KH XWHULQH ZHOOQHVV SODQ LQYROYHV VLPSOH FRVW HIIHFWLYH GDLO\ SUDFWLFHV DQG ZHOOQHVV LQ ELRORJLFDO DQG FOLQLFDO GDWD PDNLQJ D FRPSHOOLQJ DUJXPHQW WKDW ZH DGGUHVVHV FRQYHQWLRQDO PHGLFDO WKHUDSLHV 7KLV ERRN GHVFULEHV DOO XWHULQH QHHG WR WKLQN DERXW XWHULQH SUHYHQWDWLYH FDUH LQ WKH ZD\ WKDW ZH YH OHDUQHG WR WUHDW GLVRUGHUV FUXFLDO EHFDXVH RIWHQ ZRPHQ ZKR VXIIHU IURP RQH GLVRUGHU DW RQH RWKHU RUJDQV VWDJH RI WKHLU OLIH HYHQWXDOO\ KDYH V\PSWRPV RI RWKHU XWHULQH GLVRUGHUV ODWHU LQ WKHLU OLYHV 7KLV HPSRZHULQJ UHVRXUFH JURXQGV LWV PLQG ERG\ DSSURDFK WR XWHULQH ZHOOQHVV LQ ELRORJLFDO DQG FOLQLFDO GDWD PDNLQJ D FRPSHOOLQJ DUJXPHQW WKDW ZH QHHG WR WKLQN DERXW XWHULQH SUHYHQWDWLYH FDUH LQ WKH ZD\ WKDW ZH YH OHDUQHG WR WUHDW $XWKRU V EDFNJURXQG DV D KHDOWK HGXFDWRU PHPEHU RI WKH &OLQWRQ KHDOWK DGPLQVWUDWLRQ RWKHU RUJDQV

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ The Gail Ross Literary Agency

7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU $XGLR <HV 7KH :RPDQ 6 *W +\VWHUHFWRP\ +DDV $GHODLGH 75%RRN &OXE <HV &HOHVWLDO $UWV %ULWLVK <HV 7UDQVODWLRQ 1R 3PV /DUN 6XVDQ 0 75 &HOHVWLDO $UWV 7KH 9 %RRN 6WHZDUW (OL]DEHWK * 0G 75 %DQWDP 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ :RPDQ $QJLHU 1DWDOLH 75

$QFKRU

&RPS 7LWOHV 7KH :RPDQ 6 *W +\VWHUHFWRP\ +DDV $GHODLGH 75 3PV /DUN 6XVDQ 0 75 7KH 9 %RRN 6WHZDUW (OL]DEHWK * 0G 75 :RPDQ $QJLHU 1DWDOLH 75

,6%1

2Q VDOH

3XEOLVKHU &HOHVWLDO $UWV &HOHVWLDO $UWV %DQWDP $QFKRU

10 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW Howard Yoon 5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV &DQ &DQ $JHQW

&DQ

3ULFH &DQ &DQ &DQ &DQ

*RXUPHW 9HJHWDULDQ 6ORZ &RRNHU

6LPSOH DQG 6RSKLVWLFDWHG 0HDOV IURP $URXQG WKH :RUOG

/\QQ $OOH\

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬&RRNLQJ 9HJHWDULDQ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ /RFDO DXWKRU SURPRWLRQ 6DQ 'LHJR &$ 7DUJHW IRRG EORJJHUV IRU SURPRWLRQ DQG JLYHDZD\V 0DMRU RXWUHDFK WR YHJHWDULDQ ZHEVLWHV 7DUJHWHG VHDUFK DGYHUWLVLQJ &URVV SURPRWLRQ ZLWK PDMRU UHWDLOHUV DQG PDQXIDFWXUHUV RI VORZ FRRNHUV

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

.H\ 3RLQWV 4XRWHV 7KHUH DUH PLOOLRQ YHJHWDULDQV LQ WKH 8 6 DQG PLOOLRQ SHRSOH VD\ WKH\ ODUJHO\ IROORZ D YHJHWDULDQ LQFOLQHG GLHW IRU UHDVRQV UDQJLQJ IURP HWKLFV DQG FRPSDVVLRQ WR KHDOWK DQG HFRQRPLFV $FFRUGLQJ WR VRPH VRXUFHV RI $PHULFDQ KRXVHKROGV RZQ D VORZ FRRNHU

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DQ 'LHJR &DOLIRUQLD

/<11 $//(< LV D IUHHODQFH IRRG DQG ZLQH MRXUQDOLVW LQWHUHVWHG LQ WUDGLWLRQDO IRRGV DQG WHFKQLTXHV IURP DURXQG WKH ZRUOG 7KH DXWKRU RI /RVW $UWV VKH KDV FRQWULEXWHG DUWLFOHV WR )LQH &RRNLQJ &RRN V ,OOXVWUDWHG WKH 6DQ )UDQFLVFR &KURQLFOH DQG $SSHOODWLRQ PDJD]LQH 6KH IUHTXHQWO\ ZULWHV IRU :LQH 6SHFWDWRU DQG LWV ZHEVLWH $OOH\ KDV DOVR WDXJKW FODVVHV DW FRRNLQJ VFKRROV DURXQG WKH 8QLWHG 6WDWHV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 7KH *RXUPHW 6ORZ &RRNHU $OOH\ /\QQ 75 7KH *RXUPHW 6ORZ &NHU 9 ,L $OOH\ /\QQ 75 7KH *RXUPHW 7RDVWHU 2YHQ $OOH\ /\QQ 75 /RVW $UWV $OOH\ /\QQ 75 &RPS 7LWOHV *ORULRXV 2QH 3RW 0HDOV <DUQHOO (OL]DEHWK 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 3XEOLVKHU %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ

11 www.CrownPublishing.com

*RXUPHW *DPH 1LJKW

%LWH 6L]HG 0HVV )UHH (DWLQJ IRU %RDUG *DPH 3DUWLHV %ULGJH &OXEV 3RNHU 1LJKWV %RRN *URXSV DQG 0RUH

&\QWKLD 1LPV

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO

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

.H\ 3RLQWV 4XRWHV $W KRPH HQWHUWDLQLQJ LV RQ WUHQG 8 6 ERDUG JDPH VDOHV URVH SHUFHQW ODVW \HDU ZKLOH WRWDO WR\ VDOHV GHFOLQHG SHUFHQW *DPH VDOHV KDYH ULVHQ VLQFH ODVW VXPPHU DV GZLQGOLQJ GLVSRVDEOH LQFRPH KDV PDGH DW KRPH IDPLO\ DFWLYLWLHV PRUH SRSXODU $ UHFHQW 9DQLW\ )DLU DUWLFOH WRXWHG WKH 5HWXUQ RI WKH 'LQQHU 3DUW\ VWDUWLQJ ZLWK GULQNV DQG GLQQHU DQG WKHQ VWUDLJKW WR WKH GRPLQRV 7KHUH KDV EHHQ D GHOXJH RI HFRQRPL]LQJ FRRNERRNV EXW WKLV ERRN V XQLTXH IRFXV RQ JDPH QLJKWV WDNHV DGYDQWDJH RI FKHDS DW KRPH HDWLQJ HQWHUWDLQLQJ ZLWKRXW RYHUWO\ FDVKLQJ LQ RQ WKRVH QRZ WLUHG EX]]ZRUGV &RQWHPSRUDU\ LQQRYDWLYH IRRG +HDOWKIXO ZKROH IRRGV YHUVLRQV RI IDYRULWH GLSV DQG DSSHWL]HUV IURP &URVWLQL ZLWK :LOG 0XVKURRP 7DSHQDGH WR &DHVDU 'LS ZLWK %LJ &URXWRQV DQG 5RPDLQH WR &DVVLV 6RUEHW ZLWK &KDPSDJQH &\QWKLD DOVR LQFOXGHV LQVWUXFWLRQV IRU FUHDWLQJ ZKROH PHDOV RI VPDOO ELWH HDWLQJ DSSHWL]HUV PDLQV DQG VZHHWV

%,6$&Â¬&DW Â¬&RRNLQJ $SSHWL]HUV 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU LQWHUYLHZV DQG HYHQWV RXW RI 6HDWWOH :$ %ORJJHU RXWUHDFK IRU SURPRWLRQV DQG JLYHDZD\V &URVV SURPRWLRQ RQ WKH DXWKRU V EORJ 0RQ $SSpWLW ZZZ F\QWKLDQLPV FRP EORJ 2XWUHDFK WR JURXS FRRUGLQDWRUV IRU ERRN FOXEV DQG NQLWWLQJ JURXSV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6HDWWOH :DVKLQJWRQ

&<17+,$ 1,06 VWXGLHG DW /D 9DUHQQH (FROH GH &XLVLQH DQG DVVLVWHG RZQHU $QQH :LOODQ ZLWK YDULRXV FRRNERRN SURMHFWV 6KH KDV ZULWWHQ RU FRZULWWHQ WZHOYH FRRNERRNV PRVW UHFHQWO\ 0HPRUDEOH 6XSSHUV ZLWK 6XU /D 7DEOH SUHVLGHQW HPHULWXV 5HQHH %HKQNH &\QWKLD KDV EHHQ HGLWRU RI 6LPSO\ 6HDIRRG PDJD]LQH DQG IRRG HGLWRU IRU 6HDWWOH 0DJD]LQH 6KH FRQWULEXWHV WR &RRNLQJ /LJKW &RDVWDO /LYLQJ DQG 6XQVHW

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 0HPRUDEOH 5HFLSHV %HKQNH 5HQHH ZLWK 1LPV & +& %HVW 3ODFHV 1RUWKZHVW &NEN QG HG 1LPV & 75 5RYHU 6 5DXWXUHDX 7KLHUU\ +& &RPS 7LWOHV 6PDOO %LWHV %LJ 1LJKWV $UPVWURQJ *RYLQG +&

12 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1

2Q VDOH 3XEOLVKHU

3ULFH

$QGUHZV 0F0HHO

,6%1

2Q VDOH

6DVTXDWFK %RRNV 7HQ 6SHHG 3UHVV 3XEOLVKHU &ODUNVRQ 3RWWHU

&DQ 3ULFH &DQ

7KH 7DEOHKRSSHU V *XLGH WR 'LQLQJ DQG 'ULQNLQJ LQ 6DQ )UDQFLVFR )LQG WKH 5LJKW 6SRW IRU (YHU\ 2FFDVLRQ

0DULFD *DJOLDUGL

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&¬&DW ¬7UDYHO 8QLWHG 6WDWHV :HVW 3DFLILF $. &$ +, 19 25 :$

2UGHU¬)RUP¬&DW ¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV ¬7:2 &2/25 /RDG¬*URXS ¬ 3URG¬7\SH ¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU LQWHUYLHZV DQG HYHQWV RXW RI 6DQ )UDQFLVFR &$ 2XWUHDFK WR IRRG DQG WUDYHO EORJJHUV IRU SURPRWLRQ DQG JLYHDZD\V 3URPRWLRQ RQ DXWKRU ZHEVLWH DQG EORJ ZZZ WDEOHKRSSHU FRP (EODVW WR DXWKRU V H QHZVOHWWHU VXEVFULEHUV 3RWHQWLDO FURVV SURPRWLRQ ZLWK DXWKRU V UHFRPPHQGHG UHVWDXUDQWV

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

.H\ 3RLQWV 4XRWHV 7KH WDEOHKRSSHU FRP ZHEVLWH UHFHLYHV PRUH WKDQ XQLTXH YLVLWRUV SHU PRQWK 6QDSS\ ZHOO LQIRUPHG ZULWLQJ DQG LQVLGHU WLSV ZLOO DSSHDO WR ERWK ORFDOV DQG WKH PLOOLRQ YLVLWRUV WKDW FRPH WR 6DQ )UDQFLVFR HDFK \HDU 3UDFWLFDO LQIRUPDWLRQ ZLWK D XQLTXH WZLVW

$V WKH PDUNHWLQJ GLUHFWRU DW <HOS , P DOZD\V RQ WKH ORRNRXW IRU KRW QHZV DERXW WKH %D\ $UHD GLQLQJ DQG QLJKWOLIH VFHQH , FRXQW RQ WKH WDEOHKRSSHU WR NHHS PH LQ WKH ORRS RQ ZKDW V KDSSHQLQJ LQ WKH LQGXVWU\ (YHQ ZKHQ , P IDPLOLDU ZLWK WKH UHVWDXUDQWV VKH V FRYHULQJ , VWLOO OHDUQ VRPHWKLQJ QHZ QRWHZRUWK\ DQG RK VR GURSSDEOH LQWR FRQYHUVDWLRQ 1LVK 1DGDUDMD PDUNHWLQJ GLUHFWRU <HOS

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DQ )UDQFLVFR &DOLIRUQLD

0$5&,$ *$*/,$5', V WDEOHKRSSHU H QHZVOHWWHU ODXQFKHG MXVW WZR \HDUV DJR KDV TXLFNO\ EHFRPH RQH RI WKH PRVW SRSXODU WUXVWHG JXLGHV WR WKH ORFDO GLQLQJ VFHQH 6KH EORJV IRU WKH 6DQ )UDQFLVFR &RQYHQWLRQ DQG 9LVLWRUV %XUHDX DQG KHU ZRUN KDV DSSHDUHG LQ 6DQ )UDQFLVFR PDJD]LQH 7UDYHO DQG /HLVXUH WKH 6DQ )UDQFLVFR %D\ *XDUGLDQ 'LQLQJ2XW PDJD]LQH DQG (GLEOH 6DQ )UDQFLVFR 6KH ZDV WKH QRUWKHUQ &DOLIRUQLD UHJLRQDO PDQDJLQJ HGLWRU IRU *D\RW FRP DQG KDV DOVR ZULWWHQ IRU &LW\VHDUFK FRP DQG )RGRUV FRP

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV %ODFN%N *G WR 6DQ )UDQ *DJOLDUGL 0 HG 75 :KHUH 6DQ )UDQFLVFR (DW *DJOLDUGL 0DUFLD HG +« &RPS 7LWOHV 6) )RRG /YUV 3NWJGH 8QWHUPDQ 3DWULFLD 75 )RGRU 6DQ )UDQFLVFR )RGRU 6 75 )RGRU ([SORULQJ 6DQ )UDQ WK )RGRU 6 75

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1

2Q VDOH 3XEOLVKHU 3ULFH %ODFN%RRN 0HGLD &RUS

*33 7UDYHO

,6%1

2Q VDOH

3XEOLVKHU 7HQ 6SHHG 3UHVV )RGRU V )RGRU V

3ULFH &DQ &DQ &DQ

13 www.CrownPublishing.com

7KH 5HDO /LIH %RG\ %RRN

$ <RXQJ :RPDQ V &RPSOHWH *XLGH WR +HDOWK DQG :HOOQHVV

+RSH 5LFFLRWWL 0RQLTXH 'R\OH 6SHQFHU

21 6$/( &(/(67,$/ $576 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬+HDOWK )LWQHVV :RPHQ V +HDOWK 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬7:2 &2/25 : 3+2726 ,//86 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&$ 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV 1DWLRQDO UDGLR FDPSDLJQ 2XWUHDFK WR WRS KHDOWK ILWQHVV DQG OLIHVW\OH ZHEVLWHV IRU \RXQJ ZRPHQ %ORJJHU RXWUHDFK 7DUJHWHG VHDUFK DGYHUWLVLQJ (EODVW WR DXWKRUV FRQWDFWV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %RVWRQ 0$

+23( 5,&&,277, 0 ' LV D SUDFWLFLQJ FOLQLFLDQ DQG DQ $VVRFLDWH 3URIHVVRU RI 2EVWHWULFV *\QHFRORJ\ DQG 5HSURGXFWLYH %LRORJ\ DW +DUYDUG 0HGLFDO 6FKRRO 6KH LV WKH DXWKRU RI SUHYLRXV ERRNV RI SRSXODU ZRPHQ V KHDOWK DQG QXWULWLRQ 021,48( '2</( 63(1&(5 LV D FRQWULEXWLQJ KXPRU FROXPQLVW IRU WKH RS HG SDJH RI WKH %RVWRQ *OREH DQG WKH DXWKRU RI WZR FDQFHU UHODWHG ERRNV D PHPRLU DQG D ERRN IRU FDUHJLYHUV

5LJKWV 506 7HUULWRULHV U.S. and Canada $XGLR Yes %ULWLVK No 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 2QO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ No $JHQF\ The Tomasino Agency

+LVW 3UHY 7LWOHV +RZ &DQ , +HOS" 6SHQFHU 73 , P 3UHJQDQW 1RZ :KDW 'R , (DW" 5LFFLRWWL 73 7KH &RXUDJH 0XVFOH 6SHQFHU 73 7KH +HDOWK\ )DPLO\ &RRNERRN 5LFFLRWWL DQG &RQQHOÂ« &RPS 7LWOHV 'U 1LHFD *ROGEHUJ V &RPSOHWH *ROGEHUJ 1LHFD 75 :RPHQ V %RGLHV :PQ V 5HY (G 1RUWKUXS & 75 0RWKHU 'DXJKWHU :LVGRP 1RUWKUXS &KULVWLDQH 0G 75 'RFWRU V &RPSOHWH &ROOHJH *LUO :LGHU - 75

14 www.CrownPublishing.com

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW Chris Tomasino

,6%1

2Q VDOH

3XEOLVKHU $GDPV 'RUOLQJ .LQGHUVOH\ &KDQGOHU +RXVH 3UHVV

3ULFH

1RUWRQ

,6%1 2Q VDOH 3XEOLVKHU %DOODQWLQH %RRNV %DQWDP

3ULFH &DQ &DQ

%DQWDP

&DQ

%DQWDP

&DQ

%XUJHU 3DUWLHV

5HFLSHV IURP 6XWWHU +RPH :LQHU\ V %XLOG D %HWWHU %XUJHU &RQWHVW

-DPHV 0FQDLU -HIIUH\ 6WDUU

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&¬&DW ¬&RRNLQJ 2XWGRRU 2UGHU¬)RUP¬&DW ¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV ¬ &2/25 3+272*5$3+6 /RDG¬*URXS ¬ 3URG¬7\SH ¬763 75

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

7KLV FROOHFWLRQ RI PHQXV IRU EXUJHU FHQWULF HQWHUWDLQLQJ IHDWXULQJ UHFLSHV IRU SUL]H ZLQQLQJ EXUJHUV DSSHWL]HUV VLGHV DQG GHVVHUWV SOXV ZLQH SDLULQJV IRU HDFK PHDO ZLOO VDWLVI\ EDFN\DUG JULOOHUV RI DOO VWULSHV DQG IUHTXHQW HQWHUWDLQHUV LQ VHDUFK RI QHZ ZD\V WR VSLFH XS JDWKHULQJV (DFK \HDU WKRXVDQGV RI FRRNV FRPSHWH LQ WKH %XLOG D %HWWHU %XUJHU UHFLSH FRQWHVW D QDWLRQDO FRRN RII LQ 1DSD 9DOOH\ 7KLV FROOHFWLRQ PDUNLQJ WKH WK DQQLYHUVDU\ RI WKH FRRN RII IHDWXUHV FRQWHVW ZLQQLQJ EXUJHUV DORQJ ZLWK DOO LQFOXVLYH WKHPHG SDUW\ PHQXV ZLWK ZLQH DQG EHYHUDJH SDLULQJV GHVVHUWV DQG VLGH GLVKHV ERXQG WR EH D KLW DW DQ\ EDFN\DUG EDVK 7KH ZLGH YDULHW\ RI SDUW\ UHDG\ PHQXV UDQJH IURP %LJ )DW *UHHN 1LJKW WR 6RXWKZHVW )LHVWD %XUJHUV %OXHV D 1HZ 2UOHDQV MD]] EUXQFK WR %XUJHUV LQ 3DUDGLVH D WURSLFDO SDWLR SDUW\ DQG -DPDLFDQ 0H +XQJU\ WR )HVWD ,WDOLDQD +LJKO\ LOOXVWUDWHG ZLWK RYHU IXOO FRORU SKRWRJUDSKV %XUJHU 3DUWLHV VKRZFDVHV WKH QHZ IURQWLHU LQ EXUJHUV ZLWK LQYHQWLYH UHFLSHV ORDGHG ZLWK IODYRU HQKDQFLQJ DFFRXWUHPHQWV OLNH 2FHDQ 6WDWH 6ZRUGILVK %XUJHUV 6PRN\ 6ZHHW %DFRQ %XUJHUV ZLWK $SSOH %OXH &KHHVH 6ODZ DQG 3LQHDSSOH 8SVLGH 'RZQ -HUN %XUJHUV 7KH FRUQHUVWRQH RI VSULQJ DQG VXPPHUWLPH HQWHUWDLQLQJ WKHVH SUL]H ZLQQLQJ EXUJHUV DQG WKH DOO VWDU FKHI GHYHORSHG UHFLSHV IRU PDWFKLQJ DSSHWL]HUV VLGHV DQG GHVVHUWV DUH WKH HPERGLPHQW RI IXQ LQ WKH VXQ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1DSD &DOLIRUQLD

-$0(6 0&1$,5 LV WKH DXWKRU SKRWRJUDSKHU DQG GHVLJQHU RI D EHVWVHOOLQJ ERRN VLQJOH VXEMHFW FRRNERRN VHULHV 7KUHH RI KLV ERRNV KDYH EHHQ QRPLQDWHG IRU WKH ,$&3 -XOLD &KLOG &RRNERRN $ZDUG -())5(< 67$55 VHUYHV DV WKH FXOLQDU\ GLUHFWRU DQG H[HFXWLYH FKHI IRU 7ULQFKHUR )DPLO\ (VWDWHV DQG LV D UHJXODU JXHVW MXGJH RQ 7KH )RRG 1HWZRUN &KDOOHQJH 7KH\ DUH WKH VSRNHVPDQ KHDG MXGJH DQG FXOLQDU\ GLUHFWRU UHVSHFWLYHO\ IRU WKH %XLOG D %HWWHU %XUJHU 1DWLRQDO 5HFLSH &RQWHVW

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV %XLOG $ %HWWHU %XUJHU 0FQDLU -DPHV 75 -DPHV 0F1DLU *RXUPHW %XUJHUV -DPHV 0F1DLU &ROG 3DVWD -DPHV 0F1DLU V )DYRULWHV &RPS 7LWOHV %REE\ )OD\ 6 %XUJHUV )ULHV $ )OD\ %REE\ +&

,6%1 ,6%1

2Q VDOH 3XEOLVKHU 7HQ 6SHHG 3UHVV % 1 % 1 % 1 2Q VDOH 3XEOLVKHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ 3ULFH &DQ

15 www.CrownPublishing.com

(FR 6H[ *R *UHHQ %HWZHHQ WKH 6KHHWV DQG 0DNH <RXU /RYH /LIH (FR 6H[ *R *UHHQ %HWZHHQ WKH 6KHHWV DQG 0DNH <RXU /RYH /LIH 6XVWDLQDEOH 6XVWDLQDEOH

6WHIDQLH ,ULV :HLVV 6WHIDQLH ,ULV :HLVV 7KH ILUVW ERRN OHQJWK JXLGH IRU JUHHQLQJ \RXU VH[ OLIH (FR 6H[ LV SHUIHFW IRU

21 6$/( 7(1 63((' 35(66 21 6$/( 75$'( 3$3(5%$&. 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DQ

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV *URXQGEUHDNLQJ ERRN $OWKRXJK WKHUH KDYH EHHQ DUWLFOHV RQ JUHHQLQJ \RXU VH[ OLIH

+LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO

%,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV /RYH 5RPDQFH %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV /RYH 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( 5RPDQFH 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬7:2 &2/25 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬7:2 &2/25 3URGÂ¬7\SH Â¬763 75 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

$XWKRU DSSHDUDQFHV LQ 1HZ <RUN &LW\ 1DWLRQDO SXEOLFLW\ 0DMRU RXWUHDFK WR JUHHQ EORJJHUV DQG $XWKRU DSSHDUDQFHV LQ 1HZ <RUN &LW\ VLWHV 0DMRU RXWUHDFK WR JUHHQ EORJJHUV DQG 2XWUHDFK WR XUEDQ VH[ VLWHV DQG VLWHV PRPP\ EORJJHUV DQG ZHEVLWHV IRU 2XWUHDFK WR XUEDQ VH[ VLWHV DQG SURPRWLRQV DQG JLYHDZD\V PRPP\ EORJJHUV DQG ZHEVLWHV IRU 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG SURPRWLRQV DQG JLYHDZD\V SURPRWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG &URVV SURPRWH RQ DXWKRU V ZHEVLWH SURPRWLRQ (DUWK 'D\ QDWLRQDO FDPSDLJQ &URVV SURPRWH RQ DXWKRU V ZHEVLWH (DUWK 'D\ QDWLRQDO FDPSDLJQ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1HZ <RUN

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

5LJKWV 506 7HUULWRULHV :RUOG 5LJKWV 506

$XGLR <HV 7HUULWRULHV :RUOG %ULWLVK <HV $XGLR <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

+LVW 3UHY 7LWOHV 6SLULW $QLPDOV +LVW 3UHY 7LWOHV 7KH )DWH RI <RXU 'DWH 6SLULW $QLPDOV 6XUYLYLQJ 6DWXUQ V 5HWXUQ 7KH )DWH RI <RXU 'DWH &RPS 7LWOHV 6XUYLYLQJ 6DWXUQ V 5HWXUQ 8UEDQ 7DQWUD &DUUHOODV %DUEDUD 75 &RPS 7LWOHV 6DUD 6QRZ 6 )UHVK /LYLQJ 6QRZ 6DUD 75 8UEDQ 7DQWUD &DUUHOODV %DUEDUD 75 5HDG\ 6HW *UHHQ +LOO *UDKDP 75 6DUD 6QRZ 6 )UHVK /LYLQJ 6QRZ 6DUD 75 6H[ 2Q 7KH %UDLQ $PHQ 'DQLHO * 0G 75 5HDG\ 6HW *UHHQ +LOO *UDKDP 75 6H[ 2Q 7KH %UDLQ $PHQ 'DQLHO * 0G 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ <HV %RRN &OXE <HV $JHQF\ 7UDQVODWLRQ <HV $JHQF\

,6%1 ,6%1 ,6%1 ,6%1

16 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &KURQLFOH %RRNV 3XEOLVKHU &KURQLFOH %RRNV &KURQLFOH %RRNV 0F*UDZ +LOO &KURQLFOH %RRNV 3XEOLVKHU 0F*UDZ +LOO &HOHVWLDO $UWV 3XEOLVKHU %DQWDP &HOHVWLDO $UWV 9LOODUG %RRNV %DQWDP 7KUHH 5LYHUV 3UHVV 9LOODUG %RRNV 7KUHH 5LYHUV 3UHVV

5HSULQW <HV VW 6HULDO 1R 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO 1R $JHQW 6SHFLDO 0DUNHWV $JHQW

3ULFH 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ

:KDW &RORU ,V <RXU 3DUDFKXWH" IRU 7HHQV QG (GLWLRQ 'LVFRYHULQJ <RXUVHOI 'HILQLQJ <RXU )XWXUH :KDW &RORU ,V <RXU 3DUDFKXWH" IRU 5LFKDUG 1 %ROOHV 7HHQV QG (GLWLRQ &DURO &KULVWHQ 'LVFRYHULQJ <RXUVHOI 'HILQLQJ <RXU )XWXUH

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7(1 63((' 35(66 75$'( 3$3(5%$&.

%,6$&Â¬&DW Â¬-XYHQLOH 1RQILFWLRQ &DUHHUV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬-XYHQLOH 1RQILFWLRQ &DUHHUV (GLWLRQÂ¬'HVF Â¬6(&21' (',7,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬763 75 &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬6(&21' (',7,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

<RXU 3DUDFKXWH" KDV VROG RYHU PLOOLRQ FRSLHV ZRUOGZLGH DQG ZDV FKRVHQ E\ WKH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV World $XGLR Yes %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\

7HUULWRULHV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU $XGLR %RRN &OXE :KDW &OU 3DUDFKXWH" 7HHQV %ROOHV 5LFKDUG 1 75 7HQ 6SHHG 3UHVV %ULWLVK 7UDQVODWLRQ :KDW &OU 3DUDFKXWH" %ROOHV 5LFKDUG 1 75 7HQ 6SHHG 3UHVV 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ :KDW &OU 3DUDFKXWH" 5HWLUH %ROOHV 5LFKDUG 1 75 7HQ 6SHHG 3UHVV +LVW 3UHY 7LWOHV :KDW &OU 3DUDFKXWH" 7HHQV %ROOHV 5LFKDUG 1 75 :KDW &OU 3DUDFKXWH" %ROOHV 5LFKDUG 1 75 :KDW &OU 3DUDFKXWH" 5HWLUH %ROOHV 5LFKDUG 1 75

,6%1

2Q VDOH

3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW 5HSULQW 3ULFH VW 6HULDO &DQ 6SHFLDO 0DUNHWV &DQ $JHQW &DQ 3ULFH &DQ &DQ &DQ

17 www.CrownPublishing.com

/HFWXUH 1RWHV

$ 3URIHVVRU V ,QVLGH *XLGH WR &ROOHJH 6XFFHVV

3KLOLS 0LWFKHOO )UHHPDQ

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬(GXFDWLRQ *XLGDQFH 2ULHQWDWLRQ 2UGHUÂ¬)RUPÂ¬&DW Â¬('8&$7,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR SDUHQWLQJ VLWHV DQG EORJJHUV (EODVW WR VHOHFW FROOHJH FRXQVHORUV 2XWUHDFK WR ILUVW \HDU FROOHJH VWXGHQWV

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

.H\ 3RLQWV 4XRWHV /HFWXUH 1RWHV LV D TXLFN LQIR SDFNHG LQVSLUDWLRQDO UHDG IRU FROOHJH ERXQG KLJK VFKRRO VHQLRUV DQG D UHDVVXULQJ UHFRPPHQGDWLRQ IRU WKHLU UHFHVVLRQ VHQVLWLYH WXLWLRQ SD\LQJ SDUHQWV 3KLOLS )UHHPHQ EULQJV GHFDGHV RI ILUVW KDQG H[SHULHQFH DV D IDFXOW\ DGYLVRU DQG DFDGHPLF PHQWRU WR WKLV HDV\ WR GLJHVW FRPSDQLRQDEOH OLWWOH YROXPH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 'HFRUDK ,$

3+,/,3 0,7&+(// )5((0$1 3K' LV WKH FKDLU RI FODVVLFDO ODQJXDJHV DW /XWKHU &ROOHJH LQ 'HFRUDK ,RZD 3UHYLRXVO\ KH WDXJKW FODVVLFV DW :DVKLQJWRQ 8QLYHUVLW\ LQ 6W /RXLV 0LVVRXUL +H KROGV D GRFWRUDWH IURP +DUYDUG 8QLYHUVLW\ DQG LV WKH UHFLSLHQW RI QXPHURXV DZDUGV DQG KRQRUV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV -XOLXV &DHVDU 6W 3DWULFN RI ,UHODQG &RPS 7LWOHV *HWWLQJ 7KH %HVW 2XW 2I &RO )HDYHU 3HWHU 75 &ROOHJH 5XOHV 1LVW 2OHMQLN 6KHUULH 75 +RZ 7R :LQ $W &ROOHJH 1HZSRUW &DO 75

,6%1 ,6%1

18 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH 3ULFH &DQ &DQ &DQ

(IIHFWLYH ,PPHGLDWHO\

+RZ WR )LW ,Q 6WDQG 2XW DQG 0RYH 8S 2Q <RXU )LUVW 5HDO -RE

(PLO\ %HQQLQJWRQ 6NLS /LQHEHUJ

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV &DUHHUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &$5((56 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR FDUHHU GHYHORSPHQW EORJJHUV DQG VLWHV IRU \RXQJ SURIHVVLRQDOV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG SURPRWLRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ (EODVW WR DXWKRUV FRQWDFWV

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

)LOOHG ZLWK JRRG ZLVGRP IURP DXWKRUV ZKR KDYH OHG DQG LQVSLUHG RWKHUV +DUU\ %HFNZLWK DXWKRU RI <RX ,QF DQG 6HOOLQJ WKH ,QYLVLEOH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &KDUOHVWRQ :HVW 9LUJLQLD

$ PHQWRU DQG KLV SURWpJpH 6.,3 /,1(%(5* DQG (0,/< %(11,1*721 KDYH PDGH HPSRZHULQJ QHZ SURIHVVLRQDOV WKHLU OLIH V ZRUN 7KH\ GHYHORS SURGXFWV DQG VHPLQDUV GHVLJQHG WR WUDQVIRUP PRWLYDWHG JUDGXDWHV LQWR UHPDUNDEOH H[HFXWLYHV 6NLS LV D IRXQGLQJ SDUWQHU RI 0DSOH &UHDWLYH DQG KRVW RI 0DUNHWLQJ *HQLXV UHFHQWO\ YRWHG RQH RI WKH WRS EXVLQHVV EORJV %RWK (PLO\ DQG 6NLS DUH IUHTXHQW FRQWULEXWRUV WR UHJLRQDO EXVLQHVV SXEOLFDWLRQV DQG UHJXODUO\ VSHDN WR FROOHJH VWXGHQWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV %DVLF %ODFN %ODFN &DWKLH 75 7KH (QFRUH (IIHFW 6DQERUQ 0DUN +& <RXU VW <HDU 1HWZN 0WQJ <DUQHOO 0DUN 75

,6%1

2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV %URDGZD\ %XVLQHVV 7KUHH 5LYHUV 3UHVV

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ

19 www.CrownPublishing.com

%RQJRORJ\

Q 7KH $UW RI &UHDWLQJ RI WKH :RUOG V 0RVW %RQJWDVWLF 0DULMXDQD ,QJHVWLRQ 'HYLFHV

&KULV 6WRQH

21 6$/( 7(1 63((' 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬6RFLDO 6FLHQFH 3RSXODU &XOWXUH 2UGHUÂ¬)RUPÂ¬&DW Â¬62&,2/2*< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ &URVV SURPRWH RQ DXWKRU V ZHEVLWH <RX7XEH KRZ WR EXLOG D ERQJ YLGHR (EODVW WR DXWKRU V VXEVFULEHUV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG SURPRWLRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ (QJODQG

&+5,6 6721( ZDV WKH FRPPLVVLRQLQJ HGLWRU IRU 6SOLIIV DQG 6SOLIIV 0RUH UHFHQWO\ KH DXWKRUHG RXU YHU\ RZQ 6SOLIILJDPL 7KLV LQGXVWULRXV DXWKRU VSHDNV WKH :RUG RI :HHG DQG URDG WHVWV HYHU\ SURMHFW LQ WKH ERRN OLYLQJ XS WR KLV UDWKHU DSSURSULDWH QDPH +H UHFHQWO\ DXWKRUHG 7KH %RRN RI 6H[\ *DPHV IRU $QGUHZV 0F0HHO DQG KDV DOVR ZULWWHQ KXPRU WULYLD ERRNV RQ VRFFHU FULFNHW SLQJ SRQJ DQG JROI

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\

+LVW 3UHY 7LWOHV 6SOLIILJDPL 6WRQH &KULV 75 7KH %RRN RI 6H[\ *DPHV )LQJHU 6RFFHU &RPS 7LWOHV 7KH &DQQDELEOH &ROOHFWLRQ .LQJ -DVRQ %; 7KH &DQQDELEOH .LQJ -DVRQ 75 7KH 0DULMXDQD /RJXHV %HQVRQ 'RXJ 75 7KH &DQQDELEOH .LQJ -DVRQ SDSHU

,6%1 ,6%1

20 www.CrownPublishing.com

2Q VDOH 2Q VDOH

5HSULQW 2WKHU VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU 7HQ 6SHHG 3UHVV $QGUHZV 0F0HHO 5XQQLQJ 3UHVV 0LQL (GV 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7KUHH 5LYHUV 3UHVV 7HQ 6SHHG 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ

5HDG\ IRU 'HVVHUW 0\ %HVW 5HFLSHV

'DYLG /HERYLW]

21 6$/( 7(1 63((' 35(66 +$5'&29(5

&DQ %,6$&Â¬&DW Â¬&RRNLQJ 'HVVHUWV 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI 3DULV (EODVW WR DXWKRU V VXEVFULEHU OLVW 7DUJHW PDMRU IRRG EORJJHUV IRU SURPRWLRQ DQG JLYHDZD\V 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ ZZZ GDYLGOHERYLW] FRP 7DUJHWHG VHDUFK DGYHUWLVLQJ %X]] PDLOLQJ WR WRS IRRG ELJ PRXWK OLVWV 2XWUHDFK WR FRRNLQJ DQG SDVWU\ VFKRROV

$ OXVFLRXV IXOO FRORU GHVVHUW FRRNERRN ZLWK GHSWK DQG KXPRU IURP D WRS IRRG EORJJHU DQG SURWpJp RI $OLFH :DWHUV SHUIHFW IRU 'DYLG V PDQ\ IDQV DQG DOO RWKHU ORYHUV RI EULOOLDQWO\ FRQFHLYHG HDV\ WR H[HFXWH GHVVHUWV 'DYLG /HERYLW] LV D SDVW PDVWHU RI SHUIHFWO\ SLWFKHG GHVVHUWV DQG RII NLOWHU ZLW D FRPELQDWLRQ WKDW KDV ZRQ KLP KLV HSRQ\PRXV EORJ DQG KLV ERRNV WKRXVDQGV RI IDQV RI KLV EHVW UHFLSHV IURP WKH ODVW GHFDGH DUH JDWKHUHG KHUH DQG XSGDWHG DORQJ ZLWK QHYHU EHIRUH SXEOLVKHG UHFLSHV +LV FDNHV FRRNLHV FDQGLHV LFH FUHDPV WDUWV SLHV SDVWULHV FXVWDUGV DQG VRXIIOpV VKDUH D SDUHG GRZQ VRSKLVWLFDWLRQ DQG IRFXV RQ IUHVK SXUH IODYRUV DQG VHDVRQDOLW\ 7KH UHFLSHV LQ WKLV FROOHFWLRQ UDQJH IURP VLPSOH WR VKRZ\ OLJKW WR ULFK DQG FODVVLF WR HGJ\ DQG DUH WLHG WRJHWKHU E\ 'DYLG V KXPRU UHILQHG SDODWH DQG REVHVVLYHO\ SHUIHFWHG WHFKQLTXH $SSUR[LPDWHO\ FRORU SKRWRV E\ -DPHV %HDUG DZDUG ZLQQLQJ SKRWRJUDSKHU 0DUHQ &DUXVR FRPSOHWH WKH VZHHW SDFNDJH

.H\ 3RLQWV 4XRWHV $ JUHDW SODWIRUP 'DYLG V EORJ ZZZ GDYLGOHERYLW] FRP ZDV QDPHG RQH RI WKH WRS IRRG EORJV LQ WKH ZRUOG E\ WKH 7LPHV RI /RQGRQ DQG LV SDUW RI 0DUWKD 6WHZDUW V FLUFOH RI EORJV $ GLVWLQFWLYH WUXVWHG YRLFH 'DYLG LV ORYHG E\ VHULRXV IRRGLHV DPDWHXUV DQG SURIHVVLRQDOV DOLNH IRU KLV EULOOLDQW HYHU\ WLPH UHFLSHV DQG KLV ZU\ VW\OH &RPSOHWH DQG FODVVLF 7KLV RPQLEXV FROOHFWLRQ ZLOO DOORZ 'DYLG V OHJLRQV RI IDQV DFFHVV WR KLV EHVW GHVVHUWV IURP WKH ODVW GHFDGH

%ULQJ DQ\ RI 'DYLG V GHVVHUWV IRUZDUG DW WKH FORVH RI D PHDO DQG \RX OO KDYH D KDUG WLPH UHPDLQLQJ KXPEOH XQGHU WKH VKRZHUV RI SUDLVH %XW ZKDW , HVSHFLDOO\ OLNH DERXW 'DYLG V ERRN LV WKDW KH DQG KLV GHVVHUWV DUH VR DSSURDFKDEOH UHOD[HG DQG IULHQGO\ 'HERUDK 0DGLVRQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3DULV )UDQFH

'$9,' /(%29,7= ZDV D SDVWU\ FKHI DW &KH] 3DQLVVH IRU \HDUV +H LV WKH DXWKRU RI SUHYLRXV GHVVHUW FRRNERRNV DQG RI D PHPRLU ZLWK UHFLSHV 'DYLG KDV OLYHG LQ 3DULV VLQFH ZKHUH KH WHDFKHV DQG OHDGV FXOLQDU\ WRXUV IRFXVLQJ RQ FKRFRODWH LFH FUHDP EUHDGV DQG SDVWULHV 1RW OHDVW KH LV DOVR WKH FUHDWRU RI RQH RI WKH PRVW SRSXODU IRRG EORJV LQ WKH ZRUOG ZZZ GDYLGOHERYLW] FRP

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV +LVW 3UHY 7LWOHV 7KH 6ZHHW /LIH ,Q 3DULV /HERYLW] 'DYLG +& 7KH 3HUIHFW 6FRRS /HERYLW] 'DYLG +& 7KH *UHDW %RRN 2I &KRFRODWH /HERYLW] 'DYLG 75 5LSH IRU 'HVVHUW /HERYLW] +& &RPS 7LWOHV 'HVVHUW )RXUSOD\ ,X]]LQL -RKQQ\ +& 'HPROLWLRQ 'HVVHUWV )DONQHU (OL]DEHWK +& &KRFRODWH $QG 9DQLOOD *DQG *DOH +& *DOH *DQG 6 -XVW $ %LWH *DQG *DOH +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ ,6%1 ,6%1

2Q VDOH

3XEOLVKHU %URDGZD\ 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 0RUURZ 2Q VDOH 3XEOLVKHU &ODUNVRQ 3RWWHU 7HQ 6SHHG 3UHVV &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

21 www.CrownPublishing.com

'HILQLWLYH *XLGH WR &DQFHU UG (GLWLRQ

$Q ,QWHJUDWLYH $SSURDFK WR 3UHYHQWLRQ 7UHDWPHQW DQG +HDOLQJ 'HILQLWLYH *XLGH WR &DQFHU UG

(GLWLRQ /LVH $OVFKXOHU

$Q ,QWHJUDWLYH $SSURDFK WR 3UHYHQWLRQ 7UHDWPHQW DQG .DURO\Q $ *D]HOOD +HDOLQJ

21 6$/( &(/(67,$/ $576 75$'( 3$3(5%$&.

21 6$/( &DQ &(/(67,$/ $576 +LVWRU\ &HOHVWLDO $UWV +& Â« 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬0HGLFDO 2QFRORJ\ 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 &DQ 3DJH &RXQW 7ULP 6L]H [ +LVWRU\ &HOHVWLDO $UWV +& Â« &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬0HGLFDO 2QFRORJ\ (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3URGÂ¬7\SH Â¬&$ 75 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬21( &2/25 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬7+,5' (',7,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬&$ 75 0DMRU RXWUHDFK WR FDQFHU VLWHV DQG EORJJHUV (EODVW WR DXWKRUV FRQWDFWV (EODVW WR LQWHJUDWLYH SUDFWLLRQHUV VSHFLDOL]LQJ LQ RQFRORJ\ 1DWLRQDO SXEOLFLW\ (EODVW WR KRVSLWDO DQG PHGLFDO VFKRRO 0DMRU RXWUHDFK WR FDQFHU VLWHV DQG FROOHFWLRQ GHYHORSPHQW OLEUDULDQV EORJJHUV (EODVW WR DXWKRUV FRQWDFWV (EODVW WR LQWHJUDWLYH SUDFWLLRQHUV VSHFLDOL]LQJ LQ RQFRORJ\ (EODVW WR KRVSLWDO DQG PHGLFDO VFKRRO FROOHFWLRQ GHYHORSPHQW OLEUDULDQV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV World English $XGLR No %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ No $JHQF\

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $XGLR %RRN &OXE VW 6HULDO $OW 0HG 0DJ 'HI *W &DQFHU $OVFKXOHU / +& &HOHVWLDO $UWV &DQ %ULWLVK 7UDQVODWLRQ 6SHFLDO 0DUNHWV &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ $JHQW $OW 0HGLFLQH *ROGEHUJ %XUWRQ +& &HOHVWLDO $UWV &DQ $OW 0HG 'HI *W &DQFHU 'LDPRQG : +& )XWXUH 0HGLFLQH 3XE ,QF 'U 5RVHQIHOG 6 *XLGH 7R $OWHU 5RVHQIHOG , 75 %DOODQWLQH %RRNV &DQ +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $OW 0HG 0DJ 'HI *W &DQFHU $OVFKXOHU / +& &HOHVWLDO $UWV &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $OW 0HGLFLQH *ROGEHUJ %XUWRQ +& &HOHVWLDO $UWV $OW 0HG 'HI *W &DQFHU 'LDPRQG : -RKQ +& )XWXUH 0HGLFLQH 3XEOLVKLQJ ,QF www.CrownPublishing.com 'U 5RVHQIHOG 6 *XLGH 7R $OWHU 5RVHQIHOG , 75 %DOODQWLQH %RRNV

0L[W 6DODGV

$ &KHI V %ROG &UHDWLRQV

$QGUHZ 6ZDOORZ $QQ 9RONZHLQ

21 6$/( 7(1 63((' 35(66 +$5'&29(5

&DQ %,6$&Â¬&DW Â¬&RRNLQJ 6DODGV 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬763 +&

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

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO WHOHYLVLRQ FDPSDLJQ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU LQWHUYLHZV DQG HYHQWV RXW RI 6DQ )UDQFLVFR &$ &R SXEOLFLW\ DQG SURPRWLRQV ZLWK ODXQFK RI QHZ UHVWDXUDQW ORFDWLRQV 2XWUHDFK WR IRRG JDUGHQLQJ DQG JUHHQ EORJJHUV IRU SURPRWLRQ DQG JLYHDZD\V &URVV SURPRWH DW ZZZ PL[WJUHHQV FRP %X]] PDLOLQJ WR WRS IRRG ELJ PRXWK OLVWV 0DWHULDOV DYDLODEOH IRU SURPRWLRQ DW UHVWDXUDQW ORFDWLRQV 3RWHQWLDO FURVV SURPRWLRQ ZLWK DXWKRU V YHQGRU SDUWQHUV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DQ )UDQFLVFR DQG 1HZ <RUN &LW\ $XVWLQ

$IWHU ZRUNLQJ XQGHU 7RP &ROLFFKLR V JXLGDQFH DW *UDPHUF\ 7DYHUQ FKHI $1'5(: 6:$//2: JUDGXDWHG IURP WKH &,$ LQ +\GH 3DUN 1HZ <RUN :KLOH ZRUNLQJ DV D PDQDJHU RI *DU\ 'DQNR $QGUHZ GHFLGHG WR FUHDWH D EHWWHU IDVW FDVXDO RSWLRQ 0L[W *UHHQV $11 92/.:(,1 LV D IRRG DQG OLIHVW\OH ZULWHU DQG HGLWRU EDVHG LQ 1HZ <RUN &LW\ DQG $XVWLQ 7H[DV $ IRUPHU FXOLQDU\ SURGXFHU IRU WKH )RRG 1HWZRUN VKH KDV ZULWWHQ IRXU FRRNERRNV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 'LQHUV 'ULYH LQV DQG 'LYHV )LHUL ZLWK 9RONZHLQ 7Â« &KLQDWRZQ 1HZ <RUN 9RONZHLQ $QQ +& 7KH $UWKXU $YHQXH &RRNERRN 9RONZHLQ $QQ +& &RPS 7LWOHV 7KH 5HDO )RRG 'DLO\ &RRNERRN *HQWU\ $QQ 75 5XVWLF )UXLW 'HVVHUWV 6FKUHLEHU &RU\ +& 5DZ 7URWWHU &KDUOLH 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU :LOOLDP 0RUURZ +DUSHU&ROOLQV (FFR 3XEOLVKHU 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV 7HQ 6SHHG 3UHVV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH 3ULFH &DQ &DQ &DQ

23 www.CrownPublishing.com

24 www.CrownPublishing.com

www.CrownPublishing.com

+HDOLQJ +HDUWV

7KH 0DNLQJ RI D )HPDOH +HDUW 6XUJHRQ DQG WKH /HVVRQV WKDW :LOO 6DYH <RXU /LIH

.DWK\ 0DJOLDWR 0 '

21 6$/( %52$':$< +$5'&29(5

&DQ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ 0HGLFDO 6XUJHU\ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ 5HJLRQDO 135 FDPSDLJQ $XWKRU LQWHUYLHZV DQG HYHQWV RXW RI /RV $QJHOHV 7LH LQ ZLWK PHGLFDO FRQIHUHQFHV VSHDNLQJ HQJDJHPHQWV $GYHUWLVLQJ RQ OHDGLQJ ZRPHQ V KHDOWK OLIHVW\OH ZHEVLWHV 3URPRWLRQ RQ KHDUW GLVHDVH SUHYHQWLRQ ZHEVLWHV 3URPRWLRQ LQ 7KH %HDW # %URDGZD\ %RRNV H QHZVOHWWHU 6SDQ DXGLR LQWHUYLHZ DYDLODEOH %X]] 0DLOLQJV WR PHGLFDO DVVRFLDWLRQV ZRPHQ V FRPPXQLWLHV DQG FDUHHU FRXQVHORUV 2XWUHDFK WR UHDGLQJ JURXSV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3DFLILF 3DOLVDGHV &$

.$7+< 0$*/,$7,2 0 ' LV WKH GLUHFWRU RI :RPHQ V &DUGLDF 6HUYLFHV DW 6DLQW -RKQ V 0HGLFDO &HQWHU LQ 6DQWD 0RQLFD &DOLIRUQLD 6KH OLYHV LQ 3DFLILF 3DOLVDGHV &DOLIRUQLD ZLWK KHU KXVEDQG DQG WKHLU WZR \RXQJ VRQV

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 0\ 6WURNH RI ,QVLJKW %ROWH 7D\ORU -LOO +& $QRWKHU 'D\ ,Q )URQWDO /REH )LUOLN .DWULQD 75 $QRWKHU 'D\ ,Q )URQWDO /REH )LUOLN .DWULQD +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 75,'(17 0(',$ *5283 //& ,6%1 2Q VDOH ,6%1 2Q VDOH

26 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW '$1 67521(

3XEOLVKHU %URDGZD\ 3XEOLVKHU 9LNLQJ 5DQGRP +RXVH 7UDGH 3DSHUEDFNV

3ULFH &DQ 3ULFH

5DQGRP +RXVH

&DQ

7KH 0DOH %UDLQ

$ %UHDNWKURXJK 8QGHUVWDQGLQJ RI +RZ 0HQ DQG %R\V 7KLQN 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI 7KH )HPDOH %UDLQ

/RXDQQ %UL]HQGLQH 0 '

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

21 6$/( %52$':$< +$5'&29(5

&DQ &DWHJRU\ Â¬6FLHQFH 3V\FKRORJ\ 1HXURSV\FKRORJ\ %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ FLW\ DXWKRU WRXU 1<& %RVWRQ DQG &DPGHQ 0( 3RS 7HFK

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

LV D OHDQ PHDQ SUREOHP VROYLQJ PDFKLQH )DFHG ZLWK D SHUVRQDO SUREOHP D PDQ ZLOO XVH KLV DQDO\WLFDO EUDLQ VWUXFWXUHV QRW KLV HPRWLRQDO RQHV WR ILQG D VROXWLRQ WKULYHV XQGHU FRPSHWLWLRQ LQVWLQFWLYHO\ SOD\V URXJK DQG LV REVHVVHG ZLWK UDQN DQG KLHUDUFK\ KDV DQ DUHD IRU VH[XDO SXUVXLW WLPHV ODUJHU WKDQ WKH IHPDOH EUDLQV FRQVXPLQJ KLP ZLWK VH[XDO IDQWDVLHV DERXW IHPDOH ERG\ SDUWV

7KH 0DOH %UDLQ RYHUWXUQV WKH VWHUHRW\SHV DERXW PHQ DQG ER\V ,PSHFFDEO\ UHVHDUFKHG DQG DW WKH FXWWLQJ HGJH RI VFLHQWLILF NQRZOHGJH WKLV LV D ERRN WKDW HYHU\ PDQ DQG HVSHFLDOO\ HYHU\ ZRPDQ EHGHYLOOHG E\ D PDQ ZLOO QHHG WR RZQ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DXVDOLWR &$

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 48((1 /,7(5$5< $*(1&<

+LVW 3UHY 7LWOHV 7KH )HPDOH %UDLQ %UL]HQGLQH /RXDQQ 0G 75 &RPS 7LWOHV $QDWRP\ 2I /RYH )LVKHU +HOHQ 75 :RPDQ $QJLHU 1DWDOLH 75 5HDO %R\V 5HVFXLQJ 2XU 6RQV ) 3ROODFN : +& 5DLVLQJ &DLQ .LQGORQ 'DQ 3KG 75 7KH 7URXEOH :LWK %R\V 7\UH 3HJ +& 0HQ $UH )URP 0DUV :RPHQ $UH )U -RKQ *UD\ 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW /,6$ 48((1

3XEOLVKHU %URDGZD\ 3XEOLVKHU %DOODQWLQH %RRNV $QFKRU 5DQGRP +RXVH %DOODQWLQH %RRNV &URZQ +DUSHU 3DSHUEDFNV

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

27 www.CrownPublishing.com

,I ,W 7DNHV D 9LOODJH %XLOG 2QH

+RZ , )RXQG 0HDQLQJ 7KURXJK D /LIH RI 6HUYLFH DQG :D\V <RX &DQ 7RR

,I ,W 7DNHV D 9LOODJH %XLOG 2QH 0DODDN &RPSWRQ 5RFN

+RZ , )RXQG 0HDQLQJ 7KURXJK D /LIH RI 6HUYLFH DQG , ZDQW WR KHOS %XW ZKHUH GR , VWDUW" 6LQFH KHU VHDVRQ DV D MXGJH RQ :D\V <RX &DQ 7RR

21 6$/( %52$':$< +$5'&29(5

21 6$/( &DQ

%52$':$< +$5'&29(5 &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &DQ 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ &DUWRQ &RXQW 3HUVRQDO 0HPRLUV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV &RPS 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ ,17(51$7,21$/ &5($7,9( 0$1$*(0 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV %URDGZD\ $JHQF\ ,17(51$7,21$/ &5($7,9( ,6%1 2Q VDOH 3XEOLVKHU 0$1$*(0

7KH 6HD LV 6R :LGH DQG 0\ %RDW LV 6R 6PDOO 0DULDQÂ« .DEXO %HDXW\ 6FKRRO 5RGULJXH] 'HERUDK +& 2WKHU (GLWLRQV 1RW RQ 2XU :DWFK 'RQ &KHDGOH -RKQ ( ERRN 3UHQGHUJDVW Â« &RPS 7LWOHV :D\V 7R %H $ &KDPSLRQ ,Q %X -RKQVRQ (DUYLQ 7KH 6HD LV 6R :LGH DQG 0\ %RDW LV 6R 6PDOO 0DJÂ« 0DULDQÂ« 7KHUH LV 1R 0H :LWKRXW <RX 0HOLVVD )D\ *UHHQH +& .DEXO %HDXW\ 6FKRRO 5RGULJXH] 'HERUDK +& 1RW RQ 2XU :DWFK 'RQ &KHDGOH -RKQ 3UHQGHUJDVW Â« :D\V 7R %H $ &KDPSLRQ ,Q %X -RKQVRQ (DUYLQ 0DJÂ« 7KHUH LV 1R 0H :LWKRXW <RX 0HOLVVD )D\ *UHHQH +&

www.CrownPublishing.com

+\SHULRQ

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (67+(5 1(:%(5* 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW (67+(5 3ULFH 1(:%(5*

,6%1 2Q VDOH ,6%1 2Q VDOH

5DQGRP +RXVH 3XEOLVKHU %URDGZD\ +\SHULRQ 3XEOLVKHU &URZQ %XVLQHVV +\SHULRQ %ORRPVEXU\ 5DQGRP +RXVH

&DQ 3ULFH &DQ 3ULFH &DQ &DQ

+\SHULRQ

&URZQ %XVLQHVV

&DQ

%ORRPVEXU\

/RYH ,V WKH %HVW 0HGLFLQH

:KDW 7ZR 'RJV 7DXJKW 2QH 9HWHULQDULDQ DERXW +RSH +XPLOLW\ DQG (YHU\GD\ 0LUDFOHV

/RYH ,V WKH %HVW 0HGLFLQH 1LFKRODV 7URXW

:KDW 7ZR 'RJV 7DXJKW 2QH 9HWHULQDULDQ DERXW +RSH $PHULFD V -DPHV +HUULRW WDNHV DQLPDO ORYHUV RQ D WRXFKLQJ KXPRURXV DQG +XPLOLW\ DQG (YHU\GD\ 0LUDFOHV XSOLIWLQJ MRXUQH\ WKURXJK WKH OLYHV RI WZR UHPDUNDEOH GRJV DQG WKHLU RZQHUV

21 6$/( %52$':$< +$5'&29(5

21 6$/( &DQ

%52$':$< +$5'&29(5 %,6$&Â¬&DW Â¬3HWV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬3(76 3DJH &RXQW 7ULP 6L]H [ &DQ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV %,6$&Â¬&DW Â¬3HWV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬3(76 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV FRQWLQXH WR EH UREXVW

7KH SHUIHFW IROORZ XS :KLOH 7HOO 0H :KHUH ,W +XUWV GHDOW PRUH ZLWK WKH GD\ WR GD\ .H\ 3RLQWV 4XRWHV EHKLQG WKH VFHQHV RI YHWHULQDU\ PHGLFLQH KHUH 1LFN WUDLQV KLV OHQV RQ WKH PRUH WRXFK\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ /,1'67520 /,7(5$5< 0$1$*(0(17

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV 8QDEULGJHG &' %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %RRN &OXE <HV VW 6HULDO <HV 5DQGRP +RXVH $XGLR &DQ 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV %URDGZD\ &DQ $JHQF\ /,1'67520 /,7(5$5< $JHQW ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 0$1$*(0(17

5LJKWV 506

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www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

%URDGZD\ %URDGZD\ 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH $XGLR :LOOLDP 0RUURZ %URDGZD\ 6W 0DUWLQV UHSULQW

3XEOLVKHU 9LOODUG %RRNV %URDGZD\ 5DQGRP +RXVH %URDGZD\ 3RFNHW %RRNV %DOODQWLQH %RRNV 3XEOLVKHU :LOOLDP 0RUURZ 6W 0DUWLQV UHSULQW

9LOODUG %RRNV 5DQGRP +RXVH 3RFNHW %RRNV %DOODQWLQH %RRNV

&DQ &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ

(YHU\ 'D\ LQ 7XVFDQ\ 6HDVRQV RI DQ ,WDOLDQ /LIH

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

.H\ 3RLQWV 4XRWHV 21 6$/( %52$':$< +$5'&29(5

&DQ %,6$&Â¬&DW Â¬7UDYHO (XURSH ,WDO\ 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHJLRQDO 135 FDPSDLJQ &LW\ $XWKRU 7RXU 6DQ )UDQFLVFR $WODQWD DQG WZR RWKHU FLWLHV 7%' /RFDO HYHQWV DQG LQWHUYLHZV RXW RI 5DOHLJK 'XUKDP 1& $GYHUWLVLQJ RQ 1<7LPHV FRP DQG 1HZ<RUNHU FRP 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ IUDQFHVPD\HVERRNV FRP 5HDG ,W )RUZDUG SURPRWLRQ 'LVFXVVLRQ JXLGH DYDLODEOH DW %URDGZD\%RRNV FRP 2XWUHDFK WR WUDYHO IRRG DQG JDUGHQLQJ EORJV 3URPRWLRQ LQ 7KH %HDW # %URDGZD\ %RRNV H QHZVOHWWHU &URVV SURPRWLRQ ZLWK WUDYHO IRRG DQG ZLQH FRPSDQLHV

%HVWVHOOLQJ 7XVFDQ\ WUDFN UHFRUG 7KHUH DUH RYHU PLOOLRQ FRSLHV RI )UDQFHV 0D\HV

ERRNV DERXW 7XVFDQ\ LQ SULQW /RQJ DZDLWHG UHWXUQ WR 7XVFDQ\ 6LQFH V %HOOD 7XVFDQ\ WKH FRPSDQLRQ WR 8QGHU WKH 7XVFDQ 6XQ 0D\HV KDV ZULWWHQ D QRYHO WZR LOOXVWUDWHG ERRNV DQG DQ DURXQG WKH ZRUOG WUDYHO ERRN +HU OHJLRQV RI IDQV ZLOO ZHOFRPH KHU UHWXUQ WR WKH SODFH DQG JHQUH WKDW VWDUWHG LW DOO 'HHSO\ GHYRWHG IDQ EDVH +HU EHVWVHOOLQJ ERRNV DQG KHU IUHTXHQW VSHDNLQJ HQJDJHPHQWV DURXQG WKH FRXQWU\ KDYH HDUQHG 0D\HV D KXJH EXLOW LQ DXGLHQFH 6WURQJ WKUHH SHDW VDOHV SRWHQWLDO 7KHUH LV D WUXH SUHFHGHQW IRU FRQVLVWHQW EHVWVHOOLQJ VXFFHVV RI HDFK RI D WKUHH YROXPH PHPRLU DERXW OLIH LQ D EHORYHG IRUHLJQ SODFH VHH WKH SHUIRUPDQFH RI 3HWHU 0D\OH V $ <HDU LQ 3URYHQFH 7RXMRXUV 3URYHQFH DQG (QFRUH 3URYHQFH $SSHWLWH IRU ,WDO\ $V 5XWK 5HLFKO KDV ZULWWHQ 2XU DSSHWLWH IRU DOO WKLQJV ,WDOLDQ LV QHYHU VDWLVILHG 1R RQH FHOHEUDWHV ZKDW PDNHV OLIH LQ ,WDO\ VR HQGOHVVO\ DSSHDOLQJ EHWWHU WKDQ )UDQFHV 0D\HV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &RUWRQD ,WDO\ 'XUKDP 1RUWK &DUROLQD

$XWKRU +RPHWRZQ )LW]JHUDOG *HRUJLD

,Q DGGLWLRQ WR WKH EHVWVHOOLQJ PHPRLUV 8QGHU WKH 7XVFDQ 6XQ %HOOD 7XVFDQ\ DQG $ <HDU LQ WKH :RUOG )5$1&(6 0$<(6 LV WKH DXWKRU RI ,Q 7XVFDQ\ DQG ZLWK (GZDUG 0D\HV %ULQJLQJ 7XVDQ\ +RPH 6ZDQ D QRYHO 7KH 'LVFRYHU\ RI 3RHWU\ D WH[W IRU UHDGHUV DQG ILYH ERRNV RI SRHWU\

5LJKWV 506 7HUULWRULHV 86 &DQDGD 3KLOLSSLQHV $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ &857,6 %52:1 /7'

2WKHU (GLWLRQV $EULGJHG &' +LVW 3UHY 7LWOHV <HDU ,Q 7KH :RUOG $ 0D\HV )UDQFHV 75 <HDU ,Q 7KH :RUOG $ 0D\HV )UDQFHV +& %ULQJLQJ 7XVFDQ\ +RPH 0D\HV )UDQFHV +& 8QGHU 7KH 7XVFDQ 6XQ 0RYLH 7LH 0D\HV )UDQFHV 75 &RPS 7LWOHV <HDU ,Q 3URYHQFH $ 0D\OH 3HWHU +& <HDU ,Q 3URYHQFH $ 0D\OH 3HWHU 75 7RXMRXUV 3URYHQFH 0D\OH 3HWHU +& 7RXMRXUV 3URYHQFH 0D\OH 3HWHU 75

30 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3(7(5 *,16%(5*

,6%1 2Q VDOH ,6%1 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ %URDGZD\ %URDGZD\

3ULFH &DQ 3ULFH &DQ &DQ &DQ

%URDGZD\

&DQ

,6%1

2Q VDOH

3XEOLVKHU .QRSI 9LQWDJH .QRSI 9LQWDJH

3ULFH &DQ &DQ &DQ &DQ

7KH /XQDWLF ([SUHVV

&RXUWLQJ 'LVDVWHU DQG 'LVFRYHULQJ WKH :RUOG YLD ,WV :RUVW %XVHV %RDWV 7UDLQV DQG 3ODQHV

6FUHDP)UHH 0DUULDJH &DUO +RIIPDQ

7XUQLQJ &RPPRQ &RQIOLFWV LQWR D 'HHSHU /LIHORQJ -RXUQDOLVW &DUO +RIIPDQ SUHVHQWV KLPVHOI ZLWK D XQLTXH GDUHGHYLO WUDYHO &RQQHFWLRQ FKDOOHQJH FLUFXPQDYLJDWH WKH JOREH H[FOXVLYHO\ E\ PHDQV RI WKH

21 6$/( %52$':$< +$5'&29(5

21 6$/( &DQ

%52$':$< +$5'&29(5 %,6$&Â¬&DW Â¬7UDYHO $GYHQWXUH 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV &DWHJRU\ Â¬6HOI +HOS

%,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ 0DUNHWLQJÂ¬&RQWDFW Â¬0DUNHWLQJ -XOLH 6LOOV 3XEOLFLVW &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (OOHQ )RODQ &LW\ $XWKRU 7RXU 1HZ <RUN 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ DQG SURPRWLRQ ([WHQVLYH RXWUHDFK WR ZRPHQ V SDUHQWLQJ GDWLQJ DQG JHQHUDO LQWHUHVW VLWHV DQG EORJV 2QJRLQJ SURPRWLRQ DW ZZZ 6FUHDP)UHH FRP $XWKRU V EORJ ZZZ VFUHDPIUHHOLIH EORJVSRW FRP 3URPRWLRQ DW WKH $PHULFDQ $VVRFLDWLRQ RI 0DUULDJH DQG )DPLO\ 7KHUDS\ &RQIHUHQFH 7DUJHWHG PDLOLQJV WR IDPLO\ WKHUDSLVWV DQG PDUULDJH FRXQVHORUV 37$ OLVWV IDPLO\ SUDFWLFH GRFWRUV $XWKRU YLGHR SUHVHQWDWLRQ 6HOO VKHHW

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i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

.H\ 3RLQWV 4XRWHV

,Q WKH VPDUW IXQQ\ HSLF MRXUQH\ WUDGLWLRQ RI 3DXO 7KHURX[ DQG 7RQ\ +RUZLW]

.H\ 3RLQWV 4XRWHV +RIIPDQ V EL]DUUH DQG HQWHUWDLQLQJ VWUDQJHU LQ D VWUDQJH ODQG DGYHQWXUH RIIHUV UHDGHUV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

-HQQ\ DQG WKHLU WZR FKLOGUHQ +DQQDK DQG %UDQGRQ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 5(*$/ /,7(5$5< ,1&

2WKHU (GLWLRQV ,6%1 2Q VDOH 3XEOLVKHU 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $EULGJHG &' %URDGZD\ $XGLR 1R %RRN &OXE <HV &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU %ULWLVK <HV 7UDQVODWLRQ <HV 7UDYHOV :LWK +HURGRWXV .DSXVFLQVNL 5\V]DUG 75 $JHQF\ 0$186 $662&,$7(6 /,7 9LQWDJH 5HVWULFWLRQ 1R 5HVWULFWLRQV 7UDYHOV :LWK +HURGRWXV .DSXVFLQVNL 5\V]DUG +&$*(1&< .QRSI

7UDZOHU 2 +DQORQ 5HGPRQG 75 7UDZOHU 2 +DQORQ 5HGPRQG +& 2WKHU (GLWLRQV ,6%1 /DVW %UHDWK 6WDUN 3HWHU 75 2Q VDOH 8QDEULGJHG &' 7KH 6KDGRZ 2I 7KH 6XQ .DSXVFLQVNL 5\V]DUG 75 ( ERRN /DVW %UHDWK 6WDUN 3HWHU +& 7KH 6KDGRZ 2I 7KH 6XQ .DSXVFLQVNL 5\V]DUG +&,6%1 2Q VDOH +LVW 3UHY 7LWOHV 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG 75 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG +&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW -2( 5(*$/ 3ULFH 5HSULQW <HV &DQ VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW '(1$ ),6&+(5

9LQWDJH .QRSI 3XEOLVKHU %DOODQWLQH %RRNV 5DQGRP +RXVH $XGLR 9LQWDJH %URDGZD\ %DOODQWLQH %RRNV .QRSI 3XEOLVKHU %URDGZD\ %URDGZD\

&DQ 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

31 www.CrownPublishing.com

)LOWK\ /XFUH -RVHSK +HDWK

)LOWK\ /XFUH $UH SURILWV DOO EDG DV WKH OHIW EHOLHYHV" $UH IUHH PDUNHWV DOO JRRG DV WKH

21 6$/( %52$':$< +$5'&29(5

21 6$/(

%52$':$< +$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %XVLQHVV (FRQRPLFV (FRQRPLF

&RQGLWLRQV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO

2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %XVLQHVV &DUWRQ &RXQW (FRQRPLFV (FRQRPLF /RDGÂ¬*URXS Â¬ &RQGLWLRQV 3URGÂ¬7\SH Â¬%URDGZD\ %NV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHJLRQDO 135 FDPSDLJQ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 'ULYHWLPH UDGLR FDPSDLJQ 7LH LQ ZLWK DXWKRU V DSSHDUDQFH OHFWXUH VFKHGXOH 1HZ <RUN 7LPHV RQOLQH FDPSDLJQ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR SROLWLFDO DQG ILQDQFH 1DWLRQDO UHJLRQDO 135 FDPSDLJQ EORJJHUV 'ULYHWLPH UDGLR FDPSDLJQ 7LH LQ ZLWK DXWKRU V DSSHDUDQFH OHFWXUH VFKHGXOH 1HZ <RUN 7LPHV RQOLQH FDPSDLJQ 2XWUHDFK WR SROLWLFDO DQG ILQDQFH EORJJHUV

0DUNHWLQJ DQG 3XEOLFLW\

ULJKW DOZD\V DUJXHV" 7KLV HQWLUHO\ IUHVK DQG H\H RSHQLQJ HFRQRPLFV SULPHU VNHZHUV WKHVH DQG RWKHU FRPPRQO\ KHOG IDOODFLHV WKH OHIW DQG ULJKW KDYH DERXW FDSLWDOLVP ZLWK WKH JRDO RI PDNLQJ LW FOHDU RQFH DQG IRU DOO ZKDW WKH -RVHSK +HDWK DFWXDO SURV DQG FRQV RI FDSLWDOLVP DUH %\ WDNLQJ D ORRN DW WKH 5($/ HFRQRPLFV RI FDSLWDOLVP )LOWK\ /XFUH IRFXVHV RQ $UH SURILWV DOO EDG DV WKH OHIW EHOLHYHV" $UH IUHH PDUNHWV DOO JRRG DV WKH WKH HFRQRPLF IDOODFLHV SHRSOH RQ WKH OHIW DQG WKH ULJKW KDYH DERXW FDSLWDOLVP )RU ULJKW DOZD\V DUJXHV" 7KLV HQWLUHO\ IUHVK DQG H\H RSHQLQJ HFRQRPLFV SULPHU H[DPSOH LW LOOXVWUDWHV ZK\ WKH ULJKW VR ZURQJO\ EHOLHYHV WKDW FDSLWDOLVP LV WKH VNHZHUV WKHVH DQG RWKHU FRPPRQO\ KHOG IDOODFLHV WKH OHIW DQG ULJKW KDYH QDWXUDO RUGHU RI WKLQJV WKDW DQ\ WD[ FXW LV D JRRG WD[ FXW DQG SHUVRQDO DERXW FDSLWDOLVP ZLWK WKH JRDO RI PDNLQJ LW FOHDU RQFH DQG IRU DOO ZKDW WKH UHVSRQVLELOLW\ FDQ VROYH DQ\ SUREOHP DQG ZK\ WKRVH RQ WKH OHIW PXVW UHVLVW WKH DFWXDO SURV DQG FRQV RI FDSLWDOLVP DUH XUJH WR ILGGOH ZLWK SULFHV ZK\ WKH SXUVXLW RI SURILW LVQ W VXFK D EDG WKLQJ DQG ZK\ %\ WDNLQJ D ORRN DW WKH 5($/ HFRQRPLFV RI FDSLWDOLVP )LOWK\ /XFUH IRFXVHV RQ GHVSLWH HIIRUWV WR LPSURYH RU HYHQ IL[ ZDJHV VRPH MREV ZLOO DOZD\V VXFN WKH HFRQRPLF IDOODFLHV SHRSOH RQ WKH OHIW DQG WKH ULJKW KDYH DERXW FDSLWDOLVP )RU H[DPSOH LW LOOXVWUDWHV ZK\ WKH ULJKW VR ZURQJO\ EHOLHYHV WKDW FDSLWDOLVP LV WKH QDWXUDO RUGHU RI WKLQJV WKDW DQ\ WD[ FXW LV D JRRG WD[ FXW DQG SHUVRQDO UHVSRQVLELOLW\ FDQ VROYH DQ\ SUREOHP DQG ZK\ WKRVH RQ WKH OHIW PXVW UHVLVW WKH XUJH WR ILGGOH ZLWK SULFHV ZK\ WKH SXUVXLW RI SURILW LVQ W VXFK D EDG WKLQJ DQG ZK\ +RW FDWHJRU\ %RRNV WKDW HOXFLGDWH KRZ WKH GLVPDO VFLHQFH RI HFRQRPLFV FDQ KHOS H[SODLQ WKH P\VWHULHV RI HYHU\GD\ OLIH KDYH UHSHDWHGO\ ULVHQ KLJK RQ WKH EHVWVHOOHU OLVWV GHVSLWH HIIRUWV WR LPSURYH RU HYHQ IL[ ZDJHV VRPH MREV ZLOO DOZD\V VXFN

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 DQG 2SQ 0.

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV 7HUULWRULHV $ 1DWLRQ RI 5HEHOV +HDWK -RVHSK 73 $XGLR &RPS 7LWOHV %ULWLVK

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

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

32 www.CrownPublishing.com

6FUHDP)UHH 0DUULDJH

7XUQLQJ &RPPRQ &RQIOLFWV LQWR D 'HHSHU /LIHORQJ &RQQHFWLRQ

6FUHDP)UHH 0DUULDJH +DO (GZDUG 5XQNHO

7XUQLQJ &RPPRQ &RQIOLFWV LQWR D 'HHSHU /LIHORQJ 7KURXJK 6FUHDP)UHH 3DUHQWLQJ +DO 5XQNHO VKRZHG WKRXVDQGV RI SDUHQWV &RQQHFWLRQ

21 6$/( %52$':$< +$5'&29(5

21 6$/( &DQ

%52$':$< +$5'&29(5 &DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬6HOI +HOS 3URGÂ¬7\SH Â¬%URDGZD\ %NV %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

+DO (GZDUG 5XQNHO LV D OLFHQVHG PDUULDJH DQG IDPLO\ WKHUDSLVW +H LV D IRXQGLQJ SULQFLSDO RI 6FUHDP)UHH /LYLQJ ,QF +H OLYHV LQ $WODQWD *HRUJLD ZLWK KLV ZLIH -HQQ\ DQG WKHLU WZR FKLOGUHQ +DQQDK DQG %UDQGRQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $WODQWD *$

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR 1R 2WKHU (GLWLRQV %ULWLVK <HV 8QDEULGJHG &' 5HVWULFWLRQ 1R 5HVWULFWLRQV ( ERRN +LVW 3UHY 7LWOHV 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG 75 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG +& 2WKHU (GLWLRQV 8QDEULGJHG &' ( ERRN +LVW 3UHY 7LWOHV 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG 75 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ 0$186 $662&,$7(6 /,7 $JHQW '(1$ ),6&+(5 $*(1&< 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 5DQGRP +RXVH $XGLR &DQ $JHQF\ 0$186 $662&,$7(6 /,7 $JHQW '(1$ ),6&+(5 %URDGZD\ &DQ $*(1&< ,6%1 2Q VDOH 3XEOLVKHU 3ULFH ,6%1 ,6%1

2Q VDOH 2Q VDOH

%URDGZD\ %URDGZD\ 3XEOLVKHU 5DQGRP +RXVH $XGLR %URDGZD\ 3XEOLVKHU %URDGZD\ %URDGZD\

&DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

33 www.CrownPublishing.com

6HL]HG

%DWWOLQJ 3LUDWHV DQG 5HFRYHULQJ 6WROHQ 6KLSV LQ WKH :RUOG V 0RVW 7URXEOHG :DWHUV

6HL]HG 0D[ +DUGEHUJHU

%DWWOLQJ 3LUDWHV DQG 5HFRYHULQJ 6WROHQ 6KLSV LQ WKH 'DYLG )LVKHU :RUOG V 0RVW 7URXEOHG :DWHUV

21 6$/( %52$':$< +$5'&29(5

21 6$/( &DQ %52$':$<

+$5'&29(5 %,6$&Â¬&DW Â¬7UDYHO $GYHQWXUH 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬7UDYHO $GYHQWXUH 3URGÂ¬7\SH Â¬%URDGZD\ %NV 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 0DUNHWLQJÂ¬&RQWDFW Â¬0DUNHWLQJ -XOLH 6LOOV 3XEOLFLVW 3URGÂ¬7\SH Â¬%URDGZD\ %NV (OOHQ )RODQ

0DUNHWLQJ DQG 3XEOLFLW\

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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV 0D[ +DUGEHUJHU

.H\ 3RLQWV 4XRWHV 0D[ V DGYHQWXUHV KDYH DWWUDFWHG WKH DWWHQWLRQ RI +ROO\ZRRG KH KDV ILOPHG D SLORW IRU D

+LVWRU\ &KDQQHO VHULHV RQ D WUDPS IUHLJKWHU VDLOLQJ WKH ZDWHUV RI WKH &DULEEHDQ DQG D :KDW , GR LV VR XQFRPPRQ WKDW , P SUREDEO\ WKH RQO\ SHUVRQ LQ WKH ZRUOG ZKR GRHV LW WKHDWULFDO PRWLRQ SLFWXUH EDVHG RQ KLV OLIH LV FXUUHQWO\ LQ GHYHORSPHQW 0D[ +DUGEHUJHU

0D[ V DGYHQWXUHV KDYH DWWUDFWHG WKH DWWHQWLRQ RI +ROO\ZRRG KH KDV ILOPHG D SLORW IRU D $ERXW WKH $XWKRU ,OOXVWUDWRU +LVWRU\ &KDQQHO VHULHV RQ D WUDPS IUHLJKWHU VDLOLQJ WKH ZDWHUV RI WKH &DULEEHDQ DQG D

0$; +$5'%(5*(5 KDV EHHQ DQ DLUSODQH SLORW D ODZ\HU D KLJK VFKRRO WHDFKHU WKHDWULFDO PRWLRQ SLFWXUH EDVHG RQ KLV OLIH LV FXUUHQWO\ LQ GHYHORSPHQW D ZULWHU DQ DGYHQWXUHU DQG D VHD FDSWDLQ SLORWLQJ FRPPHUFLDO IUHLJKWHUV :RUOG UHQRZQHG LQ KLV DUHD RI H[SHUWLVH KH KDV VSHQW WKH ODVW ILIWHHQ \HDUV UHSRVVHVVLQJ LOOHJLWLPDWHO\ VHL]HG IUHLJKWHUV

$ERXW WKH $XWKRU ,OOXVWUDWRU

0$; +$5'%(5*(5 KDV EHHQ DQ DLUSODQH SLORW D ODZ\HU D KLJK VFKRRO WHDFKHU D ZULWHU DQ DGYHQWXUHU DQG D VHD FDSWDLQ SLORWLQJ FRPPHUFLDO IUHLJKWHUV :RUOG UHQRZQHG LQ KLV DUHD RI H[SHUWLVH KH KDV VSHQW WKH ODVW ILIWHHQ \HDUV UHSRVVHVVLQJ LOOHJLWLPDWHO\ VHL]HG IUHLJKWHUV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ /,7(5$5< $*(1&< ($67 /7'

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV &RPS 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV %URDGZD\ $JHQF\ /,7(5$5< $*(1&< ($67 /7' ,6%1 2Q VDOH 3XEOLVKHU

%URDGZD\ 5DQGRP +RXVH

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 1R 6KRUWFXWV 7R 7KH 7RS 9LHVWXUV (G +& 6KDGRZ 'LYHUV .XUVRQ 5REHUW +&

,6%1 ,6%1

3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ 5DQGRP +RXVH

5LJKWV 506

1R 6KRUWFXWV 7R 7KH 7RS 9LHVWXUV (G +& 6KDGRZ 'LYHUV .XUVRQ 5REHUW +&

34 www.CrownPublishing.com

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW )5$1. :(,0$11 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW )5$1. 3ULFH :(,0$11 &DQ &DQ

3ULFH &DQ 3ULFH &DQ &DQ

5HDOO\ 8VHIXO *UDQGSDUHQWV %RRN 5HDOO\ 8VHIXO *UDQGSDUHQWV %RRN (OHR *RUGRQ 7RQ\ /DFH\ (OHR *RUGRQ

21 6$/( %52$':$< +$5'&29(5 21 6$/( %52$':$< +$5'&29(5

&DWHJRU\ Â¬)DPLO\ *UDQGSDUHQWLQJ

%,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV *UDQGSDUHQWLQJ &DWHJRU\ Â¬)DPLO\ *UDQGSDUHQWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV 3DJH &RXQW 7ULP 6L]H [ *UDQGSDUHQWLQJ &DUWRQ &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( ,OOXVWUDWLRQV Â¬025( 7+$1 % : 3+2726 3DJH &RXQW 7ULP 6L]H [ $1' ,//8675$7,216 &DUWRQ &RXQW 7+528*+287 ,OOXVWUDWLRQV Â¬025( 7+$1 % : 3+2726 /RDGÂ¬*URXS Â¬ $1' ,//8675$7,216 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7+528*+287 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\

0DUNHWLQJ DQG 3XEOLFLW\ $XWKRU LQWHUYLHZV RXW RI /RQGRQ

3URPRWLRQ RQ SDUHQWLQJ DQG 1DWLRQDO SXEOLFLW\ JUDQGSDUHQWV WKHPHG ZHEVLWHV DQG $XWKRU LQWHUYLHZV RXW RI /RQGRQ EORJV 3URPRWLRQ RQ SDUHQWLQJ DQG %X]] PDLOLQJV WR 37$ PHPEHUV JUDQGSDUHQWV WKHPHG ZHEVLWHV DQG EORJV %X]] PDLOLQJV WR 37$ PHPEHUV

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

.H\ 3RLQWV 4XRWHV 7HUULILF JLIW :LWK D FKDUPLQJ SDFNDJH FOHYHU IDPLO\ WUHH HQGSDSHUV DQG LOOXVWUDWLRQV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ (QJODQG $ERXW WKH $XWKRU ,OOXVWUDWRU 721< /$&(< KDV ZRUNHG DV DQ HGLWRU DW 3HQJXLQ IRU WKLUW\ \HDUV +H KDV WZR JURZQ XS FKLOGUHQ DQG D JUDQGGDXJKWHU DQG JUDQGVRQ (/(2 *25'21 DOVR $XWKRU 5HVLGHQFH /RQGRQ (QJODQG

ZRUNV LQ SXEOLVKLQJ +HU SDUHQWV OLYHG DEURDG DQG DV D FKLOG VKH VSHQW PRVW RI KHU 721< /$&(< KDV ZRUNHG DV DQ HGLWRU DW 3HQJXLQ IRU WKLUW\ \HDUV +H KDV WZR KROLGD\V ZLWK KHU JUDQGSDUHQWV JURZQ XS FKLOGUHQ DQG D JUDQGGDXJKWHU DQG JUDQGVRQ (/(2 *25'21 DOVR ZRUNV LQ SXEOLVKLQJ +HU SDUHQWV OLYHG DEURDG DQG DV D FKLOG VKH VSHQW PRVW RI KHU KROLGD\V ZLWK KHU JUDQGSDUHQWV

5LJKWV 506 7HUULWRULHV 86 RSHQ PDUNHW QR (XURSH 5LJKWV 506 QR &DQDGD

$XGLR <HV 7HUULWRULHV 86 RSHQ PDUNHW QR (XURSH %ULWLVK 1R QR &DQDGD

5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ 2WKHU (GLWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

%RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ 1R $JHQF\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,6%1 2Q VDOH 3XEOLVKHU

VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV $JHQW VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH

( ERRN &RPS 7LWOHV 2WKHU (GLWLRQV 7KH 'DULQJ %RRN IRU *LUOV %XFKDQQDQ $QGUHD +& ( ERRN 7KH ,QWHOOHFWXDO 'HYRWLRQDO $PHULFDQ +LVWRU\ .LGGÂ« &RPS 7LWOHV 7KH 'DQJHURXV %RRN IRU %R\V ,JJXOGHQ &RQQ DQG 7KH 'DULQJ %RRN IRU *LUOV %XFKDQQDQ $QGUHD +& +DOÂ« 7KH ,QWHOOHFWXDO 'HYRWLRQDO $PHULFDQ +LVWRU\ .LGGÂ« ,QWHOOHFWXDO 'HYRWLRQDO .LGGHU 'DYLG 6 +& 7KH 'DQJHURXV %RRN IRU %R\V ,JJXOGHQ &RQQ DQG %H 7KH &RROHVW 'DG 2Q 7KH %ORF 5RVH 6LPRQ 75 +DOÂ« &RQGHQVHG .QRZOHGJH 3HDUVRQ :LOO 75 ,QWHOOHFWXDO 'HYRWLRQDO .LGGHU 'DYLG 6 +& 'DGV $QG 'DXJKWHUV .HOO\ -RH +& %H 7KH &RROHVW 'DG 2Q 7KH %ORF 5RVH 6LPRQ 75 &RQGHQVHG .QRZOHGJH 3HDUVRQ :LOO 75 'DGV $QG 'DXJKWHUV .HOO\ -RH +&

,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

%URDGZD\ 3XEOLVKHU 3XEOLVKHU &ROOLQV %URDGZD\ 0RGHUQ 7LPHV 3XEOLVKHU &ROOLQV 0RGHUQ 7LPHV 5RGDOH %URDGZD\ &ROOLQV &ROOLQV 5RGDOH %URDGZD\ %URDGZD\ &ROOLQV %URDGZD\

3ULFH 3ULFH 3ULFH

&DQ &DQ &DQ &DQ

35 www.CrownPublishing.com

&LUFOH RI *UHHG

7KH 6SHFWDFXODU 5LVH DQG )DOO RI $PHULFD V 0RVW )HDUHG DQG /RDWKHG /DZ\HU

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

.H\ 3RLQWV 4XRWHV

21 6$/( %52$':$< +$5'&29(5

&DQ &DWHJRU\ Â¬%LRJUDSK\ %XVLQHVV %LRJUDSK\ 5LFK DQG )DPRXV %XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ %XVLQHVV 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO 5HJLRQDO 135 FDPSDLJQ FLW\ UDGLR VDWHOOLWH WRXU $XWKRU HYHQWV DQG LQWHUYLHZV RXW RI :DVKLQJWRQ ' & 6DQ )UDQFLVFR DQG 6LOLFRQ 9DOOH\ $GYHUWLVLQJ RQ QHZV ZHEVLWHV 2XWUHDFK WR EXVLQHVV WKRXJKW OHDGHU SROLWLFDO DQG OHJDO EORJV %X]] PDLOLQJV WR )RUWXQH &(2V SROLWLFDO ELJ PRXWKV EXVLQHVV HWKLFV SURIHVVRUV LQYHVWPHQW EDQNHUV FODVV DFWLRQ OLWLJDWRUV DQG EH\RQG

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $UOLQJWRQ 9$ &DQQRQ DQG 6DQ )UDQFLVFR &$ 'LOORQ

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 7+( 678$57 $*(1&<

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV &RQVSLUDF\ 2I )RROV (LFKHQZDOG .XUW +& &RQVSLUDF\ 2I )RROV (LFKHQZDOG .XUW 75 7KH ,QIRUPDQW (LFKHQZDOG .XUW +& 7KH ,QIRUPDQW (LFKHQZDOG .XUW 75 %DUEDULDQV DW WKH *DWH %XUURXJK %U\DQ +& 7KH 6PDUWHVW *X\V LQ WKH 5RRP 0F/HDQ +& 'HQ RI 7KLHYHV 6WHZDUW -DPHV +& 'LVQH\ :DU 6WHZDUW -DPHV +&

,6%1 ,6%1

36 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ &ROOLQV %XVLQHVV 3RUWIROLR 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $1'5(: 678$57 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ

*ROG 0HGDO $EV DQG 0RUH )LYH :HHNV WR D 6XSHU 7RQHG %RG\

'DUD 7RUUHV

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

.H\ 3RLQWV 4XRWHV 21 6$/( %52$':$< +$5'&29(5

&DQ

Â© Andrea Mead Cross

21 6$/(

%52$':$< %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO +$5'&29(5 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ ,OOXVWUDWLRQV Â¬ % : 3+2726 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO

2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ ,OOXVWUDWLRQV Â¬ % : 3+2726 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV /RDGÂ¬*URXS Â¬ 5DGLR VDWHOOLWH WRXU 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

LQWHUHVW DQG PRPP\ EORJV 3URPRWLRQ LQ 7KH %HDW # %URDGZD\ %RRNV H QHZVOHWWHU &URVV SURPRWLRQ ZLWK WKH DXWKRU V VSRQVRUV LQFOXGLQJ 6SHHGR *RW 0LON DQG WKH 37$

HYHU\ZKHUH 1RZ VKH VKDUHV KHU VHFUHW WR JHWWLQJ WKH FRUH VWUHQJWK DQG WKH

ORRN \RX YH DOZD\V GUHDPHG RI .H\ 3RLQWV 4XRWHV 1HZ <RUN 7LPHV0DJD]LQH IHDWXUH 'DUD DQG 'DUD V DEV FDSWXUHG WKH IDQF\ DQG

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

1HZ <RUN 7LPHV 0DJD]LQH IHDWXUH 'DUD DQG 'DUD V DEV FDSWXUHG WKH IDQF\ DQG $XWKRU 5HVLGHQFH 3DUNODQG )/ HQY\ RI ZRPHQ HYHU\ZKHUH ZKHQ WKH 1HZ <RUN 7LPHV 0DJD]LQH IHDWXUHG D IXOO SDJH '$5$ 7255(6 KDV VHW WKUHH ZRUOG UHFRUGV DQG KDV EURXJKW KRPH WZHOYH SKRWR RI KHU LQ D ELNLQL LQ DQ DUWLFOH OHDGLQJ XS WR WKH *DPHV LQ %HLMLQJ 2O\PSLF PHGDOV LQFOXGLQJ IRXU JROGV 6KH LV WKH ILUVW VZLPPHU IURP WKH 8QLWHG

6WDWHV WR FRPSHWH LQ ILYH 2O\PSLFV DQG 0RVW +LJK SURILOH HQGRUVHPHQW GHDOV 'DUD KDV HQGRUVHPHQW GHDOV ZLWK 6SHHGR %3 UHFHQWO\ VKH ZRQ WKUHH VLOYHU PHGDOV LQ WKH %HLMLQJ 2O\PSLF *DPHV LQ WKH +HZOHWW 3DFNDUG 0LON *XQWK\ 5HQNHU SHUVRQDO FDUH DQG WKH 37$ PHWHU IUHHVW\OH Ã® PHGOH\ UHOD\ DQG Ã® IUHHVW\OH UHOD\ 6KH OLYHV LQ )ORULGD

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3DUNODQG )/

'DUD 7RUUHV KDV VHW WKUHH ZRUOG UHFRUGV DQG KDV EURXJKW KRPH WZHOYH 2O\PSLF PHGDOV LQFOXGLQJ IRXU JROGV 6KH LV WKH ILUVW VZLPPHU IURP WKH 8QLWHG 6WDWHV WR FRPSHWH LQ ILYH 2O\PSLFV DQG 0RVW UHFHQWO\ VKH ZRQ WKUHH VLOYHU PHGDOV LQ WKH %HLMLQJ 2O\PSLF *DPHV LQ WKH PHWHU IUHHVW\OH Ã® PHGOH\ UHOD\ DQG Ã® IUHHVW\OH UHOD\ 6KH OLYHV LQ )ORULGD

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506 2WKHU (GLWLRQV 7HUULWRULHV :RUOG ( ERRN $XGLR <HV &RPS 7LWOHV %ULWLVK <HV 0DNLQJ 7KH &XW 0LFKDHOV -LOOLDQ +& 5HVWULFWLRQ 1R 5HVWULFWLRQV 6OLP $QG 6H[\ )RUHYHU 6RPHUV 6X]DQQH +& 2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 0DNLQJ 7KH &XW 0LFKDHOV -LOOLDQ +& 6OLP $QG 6H[\ )RUHYHU 6RPHUV 6X]DQQH +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 35(0,(5 0$1$*(0(17 *5283 //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (9$1 025*(167(,1

,6%1 2Q VDOH 3XEOLVKHU 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %URDGZD\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV &URZQ $JHQF\ 35(0,(5 0$1$*(0(17 &URZQ *5283 //&

3ULFH 5HSULQW <HV &DQ VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW (9$1 &DQ 025*(167(,1

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU &URZQ &URZQ

3ULFH &DQ 3ULFH &DQ &DQ

37 www.CrownPublishing.com

6HDVRQDO )UXLW 'HVVHUWV 6HDVRQDO )UXLW 'HVVHUWV )URP 2UFKDUG )DUP DQG 0DUNHW )URP 2UFKDUG )DUP DQG 0DUNHW

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV 21 6$/( 21 6$/( %52$':$< %52$':$< +$5'&29(5 +$5'&29(5

&DQ &DQ %,6$&Â¬&DW Â¬&RRNLQJ 'HVVHUWV %,6$&Â¬&DW Â¬&RRNLQJ 'HVVHUWV 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW &DUWRQ &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 7 287 ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 7 287 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 3URGÂ¬7\SH Â¬%URDGZD\ %NV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

6HDVRQDO UHFLSH SURPRWLRQ ZLWK IDUPHUV

PDUNHW ZHEVLWHV PDUNHW ZHEVLWHV %X]] PDLOLQJV WR IRRG QRLVHPDNHUV %X]] PDLOLQJV WR IRRG QRLVHPDNHUV ([WHQVLYH SURPRWLRQV DQG PDLOLQJV WR ([WHQVLYH SURPRWLRQV DQG PDLOLQJV WR IDUPHUV PDUNHWV IDUPHUV PDUNHWV

7KH ULJKW ERRN IURP WKH EHVW VRXUFH 'HERUDK 0DGLVRQ LV FRQVLGHUHG RQH RI 7KH ULJKW ERRN IURP WKH EHVW VRXUFH 'HERUDK 0DGLVRQ LV FRQVLGHUHG RQH RI $PHULFD V OHDGLQJ DXWKRULWLHV RQ FRRNLQJ ZLWK WKH ILQHVW ORFDO SURGXFH 7KLV ERRN LV D $PHULFD V OHDGLQJ DXWKRULWLHV RQ FRRNLQJ ZLWK WKH ILQHVW ORFDO SURGXFH 7KLV ERRN LV D QDWXUDO FRPSOHPHQW WR KHU PDVWHUZRUN RQ YHJHWDULDQ FRRNLQJ QDWXUDO FRPSOHPHQW WR KHU PDVWHUZRUN RQ YHJHWDULDQ FRRNLQJ %HVWVHOOLQJ FRRNERRN DXWKRU 7KLV ERRN ZLOO WDNH LWV SODFH EHVLGH 'HERUDK 0DGLVRQ V %HVWVHOOLQJ FRRNERRN DXWKRU 7KLV ERRN ZLOO WDNH LWV SODFH EHVLGH 'HERUDK 0DGLVRQ V FRRNERRN FODVVLFV %HVLGHV 9HJHWDULDQ &RRNLQJ )RU (YHU\RQH %URDGZD\ V FRRNERRN FODVVLFV %HVLGHV 9HJHWDULDQ &RRNLQJ )RU (YHU\RQH %URDGZD\ V EHVWVHOOLQJ FRRNERRN WKHUH LV 7KH *UHHQV &RRNERRN /RFDO )ODYRUV 7KLV &DQ W %H EHVWVHOOLQJ FRRNERRN WKHUH LV 7KH *UHHQV &RRNERRN /RFDO )ODYRUV 7KLV &DQ W %H 7RIX DQG WKH UHFHQW DQG SRSXODU 9HJHWDULDQ 6XSSHUV DQG 9HJHWDEOH 6RXSV 7RIX DQG WKH UHFHQW DQG SRSXODU 9HJHWDULDQ 6XSSHUV DQG 9HJHWDEOH 6RXSV 7DSV LQWR D VWLOO JURZLQJ WUHQG 7KH ORFDO VXVWDLQDEOH IRRG PRYHPHQW FRQWLQXHV WR 7DSV LQWR D VWLOO JURZLQJ WUHQG 7KH ORFDO VXVWDLQDEOH IRRG PRYHPHQW FRQWLQXHV WR JURZ LQ WKLV FRXQWU\ 'HERUDK 0DGLVRQ KDV EHHQ D OHDGLQJ DGYRFDWH IRU IRRG WKDW KDV JURZ LQ WKLV FRXQWU\ 'HERUDK 0DGLVRQ KDV EHHQ D OHDGLQJ DGYRFDWH IRU IRRG WKDW KDV EHHQ JURZQ DQG UDLVHG DSDUW IURP WKH IDFWRU\ IDUP 2WKHU ERRNV WKDW KDYH PDGH D KXJH EHHQ JURZQ DQG UDLVHG DSDUW IURP WKH IDFWRU\ IDUP 2WKHU ERRNV WKDW KDYH PDGH D KXJH LPSDFW LQ WKLV FDWHJRU\ LQFOXGH 0LFKDHO 3ROODQ V 7KH 2PQLYRUH V 'LOHPPD DQG %DUEDUD LPSDFW LQ WKLV FDWHJRU\ LQFOXGH 0LFKDHO 3ROODQ V 7KH 2PQLYRUH V 'LOHPPD DQG %DUEDUD .LQVROYHU V $QLPDO 9HJHWDEOH 0LUDFOH .LQVROYHU V $QLPDO 9HJHWDEOH 0LUDFOH :KDW ZH NQRZ ZH VKRXOG HDW EXW GRQ W 0RVW RI XV ILQG LW KDUG WR ILJXUH RXW KRZ WR JHW :KDW ZH NQRZ ZH VKRXOG HDW EXW GRQ W 0RVW RI XV ILQG LW KDUG WR ILJXUH RXW KRZ WR JHW HQRXJK IUXLW LQ RXU GLHWV 'HERUDK 0DGLVRQ JLYHV XV D P\ULDG RI EULOOLDQW LGHDV IRU KRZ WR HQRXJK IUXLW LQ RXU GLHWV 'HERUDK 0DGLVRQ JLYHV XV D P\ULDG RI EULOOLDQW LGHDV IRU KRZ WR PDNH IUXLW GHVVHUWV D GDLO\ SDUW RI RXU OLYHV LQ D WRWDOO\ SOHDVXUDEOH DQG HYHQ KHDOWKIXO PDNH IUXLW GHVVHUWV D GDLO\ SDUW RI RXU OLYHV LQ D WRWDOO\ SOHDVXUDEOH DQG HYHQ KHDOWKIXO ZD\ $OWKRXJK VKH DOVR JLYHV XV SOHQW\ RI ULFK DQG GHOLJKWIXOO\ VLQIXO GHVVHUWV WRR

ZD\ $OWKRXJK VKH DOVR JLYHV XV SOHQW\ RI ULFK DQG GHOLJKWIXOO\ VLQIXO GHVVHUWV WRR

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH *DOLVWHR 1HZ 0H[LFR $XWKRU 5HVLGHQFH *DOLVWHR 1HZ 0H[LFR

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

5LJKWV 506 5LJKWV 506

7HUULWRULHV :RUOG 7HUULWRULHV :RUOG $XGLR 2 $XGLR 2 %ULWLVK <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV %RRN &OXE <HV 7UDQVODWLRQ <HV 7UDQVODWLRQ <HV $JHQF\ 7+( '2( &229(5 $*(1&< $JHQF\ 7+( '2( &229(5 $*(1&<

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

,6%1 ,6%1 ,6%1 ,6%1 ,6%1 ,6%1

38 www.CrownPublishing.com

5HSULQW <HV 5HSULQW <HV VW 6HULDO <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW '2( &229(5 $JHQW '2( &229(5

2Q VDOH 3XEOLVKHU 2Q VDOH 3XEOLVKHU

3ULFH 3ULFH

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH 3ULFH

3XEOLVKHU 3XEOLVKHU %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ 3XEOLVKHU 3XEOLVKHU :LOOLDP 0RUURZ :LOOLDP 0RUURZ :LOOLDP 0RUURZ :LOOLDP 0RUURZ

www.CrownPublishing.com

6WDUW 2YHU )LQLVK 5LFK

6WHSV WR *HW <RX %DFN RQ 7UDFN IRU 5HFRPPLW WR :HDOWK

'DYLG %DFK

2XU KRPHJURZQ SHUVRQDO ILQDQFH JXUX DVNV $PHULFD WR UHFRPPLW WR ZHDOWK ZLWK D TXLFN DQG HDV\ WHQ VWHS DFWLRQ SODQ IRU JHWWLQJ \RXU ILQDQFHV EDFN RQ WUDFN LQ IRU XQGHU WHQ EXFNV

6WDUW 2YHU )LQLVK 5LFK .H\ 3RLQWV 4XRWHV

'DYLG %DFK 7KH WLPH LV ULJKW WR JHW EDFN RQ WUDFN ZDV DERXW FROODSVH ZDV DERXW

PLQLPL]LQJ WKH GDPDJH RU KLGLQJ RXW DQG LV DERXW JHWWLQJ EDFN RQ WUDFN DQG

2XU KRPHJURZQ SHUVRQDO ILQDQFH JXUX DVNV $PHULFD WR UHFRPPLW WR PDNLQJ PRQH\ DJDLQ 'DYLG V PHVVDJH LV ,W LV 7LPH WR 5HFRPPLW WR )LQLVKLQJ 5LFK ZHDOWK ZLWK D TXLFN DQG HDV\ WHQ VWHS DFWLRQ SODQ IRU JHWWLQJ \RXU ILQDQFHV 'DYLG V VWUHQJWK KDV DOZD\V EHHQ KLV LQFUHGLEO\ PRWLYDWLQJ YRLFH DQG TXLFN WDNH DFWLRQ EDFN RQ WUDFN LQ IRU XQGHU WHQ EXFNV DGYLFH +H PDNHV \RX EHOLHYH DJDLQ WKDW \RX FDQ DFKLHYH \RXU GUHDPV RI ILQDQFLDO HDVH

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH 0RWLYDWLRQDO 0RQH\ 21 6$/( 0DQDJHPHQW %52$':$< %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 75$'( 3$3(5%$&. 3HUVRQDO )LQDQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH 0RWLYDWLRQDO 0RQH\ 0DQDJHPHQW %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH *HQHUDO 1DWLRQDO SXEOLFLW\ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( FLW\ UDGLR VDWHOOLWH WRXU 3DJH &RXQW 7ULP 6L]H [ 7LH LQ WR DXWKRU V VSHDNLQJ HYHQWV &DUWRQ &RXQW $XWKRU V EL PRQWKO\ FROXPQ LQ 5HGERRN /RDGÂ¬*URXS Â¬ PDJD]LQH (GLWLRQÂ¬'HVF Â¬25,*,1$/ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

'DYLG %DFK LV D PHGLD UHJXODU 'DYLG KDV EHFRPH D IDPLOLDU IDFH RQ 79 ZLWK PXOWLSOH

DSSHDUDQFHV RQ WKH 7RGD\ VKRZ *RRG 0RUQLQJ $PHULFD &%6 7KLV 0RUQLQJ 5HJLV DQG .H\ 3RLQWV 4XRWHV .HOO\ &11 )R[ %XVLQHVV 1HZV DQG PRUH WR H[SODLQ ZKDW WKH ILQDQFLDO FULVLV PHDQV IRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 68=$11( */8&.

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www.CrownPublishing.com 6PDUW :RPHQ )LQLVK 5LFK %DFK 'DYLG 75 %URDGZD\ 6PDUW &RXSOHV )LQLVK 5LFK %DFK 'DYLG 75 %URDGZD\

5LJKWV 506

:K\ 0HQ :DQW 6H[ $QG :RPHQ 1HHG /RYH 8QUDYHOOLQJ WKH 6LPSOH 7UXWK

$XWKRUV RI :K\ 0HQ 'RQ W /LVWHQ DQG :RPHQ &DQ W 5HDG 0DSV

%DUEDUD 3HDVH $OODQ 3HDVH

Â© Jasmine Pease

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ FLW\ UDGLR VDWHOOLWH WRXU FLW\ DXWKRU WRXU 1HZ <RUN 'HQYHU 3KRHQL[ /DV 9HJDV 2XWUHDFK WR ZRPHQ V LQWHUHVW KHDOWK VFLHQFH UHODWLRQVKLS VLWHV $XWKRU 4 $ TXL]]HV H[FHUSWV IRU DFFRXQWV DQG YLUDO SURPRWLRQV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH (QJODQG DQG $XVWUDOLD

$OODQ 3HDVH LV WKH ZRUOG V IRUHPRVW H[SHUW RQ ERG\ ODQJXDJH DQG UHODWLRQVKLSV +H WUDYHOV WKH ZRUOG OHFWXULQJ RQ KXPDQ FRPPXQLFDWLRQ %DUEDUD 3HDVH LV &(2 RI 3HDVH ,QWHUQDWLRQDO ZKLFK SURGXFHV YLGHRV WUDLQLQJ FRXUVHV DQG VHPLQDUV IRU EXVLQHVVHV DQG JRYHUQPHQWV ZRUOGZLGH

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV ,6%1 'HILQLWLYH %RRN 2I %RG\ /DQJXD 3HDVH %DUEDUD +& :K\ 0HQ 'RQ 7 +DYH $ &OXH 3HDVH %DUEDUD 75 :K\ 0HQ 'RQ 7 /LVWHQ $QG :RPHQ 3HDVH $OODQ 75

2Q VDOH

3XEOLVKHU %DQWDP %URDGZD\ %URDGZD\

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ

41 www.CrownPublishing.com

$ /LWWOH %LW .LQN\

$ &RXSOH V *XLGH WR 5HGLVFRYHULQJ WKH 7KULOO RI 6H[ Dr. Natasha Jamina Valdez with Francine Lasala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

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬6HOI +HOS 6H[XDO ,QVWUXFWLRQ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ /RFDO (YHQWV DQG ,QWHUYLHZV RXW RI /RV $QJHOHV &$ $GYHUWLVLQJ RQ *RRJOH $G 1HWZRUN 3URPRWLRQ RQ VH[ DQG UHODWLRQVKLS ZHEVLWHV DQG EORJV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 'U1DWDVKD FRP

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RV $QJHOHV &$

$XWKRU +RPHWRZQ 6DQ $QWRQLR 7;

'5 1$7$6+$ -$1,1$ 9$/'(= LV D UHODWLRQVKLS DQG VH[ WKHUDSLVW DQG D FOLQLFDO VH[RORJLVW 6KH KDV ZULWWHQ IRU :RPDQ V 2ZQ +XVWOHU DQG WKH (QTXLUHU DPRQJ PDQ\ RWKHU SXEOLFDWLRQV 6KH KDV DOVR VROG PRUH WKDQ FRSLHV RI KHU LQVWUXFWLRQDO VH[ '9'V )5$1&,1( +251%(5*(5 /$6$/$ LV DQ H[SHULHQFHG DXWKRU FROODERUDWRU DQG JKRVWZULWHU ZKR KDV SXEOLVKHG RU KHOSHG RWKHUV SXEOLVK PRUH WKDQ ERRNV LQFOXGLQJ 7KH %DE\ %RRPHUV *XLGH WR 6H[ 7KDW 6WLOO

6L]]OHV $OSKD

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 7+( 0,//(5 /,7(5$5< $*(1&< //&

2WKHU (GLWLRQV ,6%1 ( ERRN &RPS 7LWOHV ,6%1 +RZ 7R %H $ *UHDW /RYHU 3DJHW /RX +& +RW 6H[ &R[ 7UDFH\ 75 +RZ 7R *LYH +HU $EVROXWH 3OHDV 3DJHW /RX +& 2UJDVPV 3DJHW /RX 75 7KH /RZ 'RZQ 2Q *RLQJ 'RZQ 0LFKDHOV 0DUF\ 75 %ORZ +LP $ZD\ 0LFKDHOV 0DUF\ 75 3DVVLRQ 3DUWLHV *XLGH 7R *UHDW 'DYLV 3DW +& 5HG +RW 7RXFK -DL\D 75

42 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ %DQWDP %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\ %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 6+$521 %2:(56 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

)HHOLQJ *RRG 7RJHWKHU

7KH 6HFUHW WR 0DNLQJ 7URXEOHG 5HODWLRQVKLSV :RUN

'DYLG ' %XUQV 0 ' )HHOLQJ *RRG 7RJHWKHU

7KH 6HFUHW WR 0DNLQJ 7URXEOHG 5HODWLRQVKLSV :RUN ,Q KLV EHVWVHOOLQJ ERRN )HHOLQJ *RRG 'U 'DYLG %XUQV LQWURGXFHG &RJQLWLYH

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$<

75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ ,QWHUSHUVRQDO 5HODWLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ /RDGÂ¬*URXS Â¬ ,QWHUSHUVRQDO 5HODWLRQV (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH $XWKRU LQWHUYLHZV RXW RI /RV $OWRV +LOOV &$ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 2QOLQH UHODWLRQVKLS TXL] 1DWLRQDO SXEOLFLW\ 3URPRWLRQ DW DXWKRU V VLWH $XWKRU LQWHUYLHZV RXW RI /RV $OWRV +LOOV )HHOLQJ*RRG FRP &$ 2XWUHDFK WR ZRPHQ V LQWHUHVW VLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3RVWFDUG PDLOLQJ WR DXWKRU FRQWDFWV 2QOLQH UHODWLRQVKLS TXL] IDPLO\ WKHUDSLVWV DQG SV\FKRORJLFDO 3URPRWLRQ DW DXWKRU V VLWH DVVRFLDWLRQV )HHOLQJ*RRG FRP 2XWUHDFK WR ZRPHQ V LQWHUHVW VLWHV 3RVWFDUG PDLOLQJ WR DXWKRU FRQWDFWV IDPLO\ WKHUDSLVWV DQG SV\FKRORJLFDO DVVRFLDWLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

'U %XUQV LV D OHDGHU LQ KLV ILHOG +H KDV ZRQ QXPHURXV UHVHDUFK WHDFKLQJ DQG PHGLD

DZDUGV ,Q D QDWLRQDO VXUYH\ RI $PHULFDQ PHQWDO KHDOWK SURIHVVLRQDOV SXEOLVKHG LQ .H\ 3RLQWV 4XRWHV 7KH $XWKRULWDWLYH *XLGH WR 6HOI +HOS %RRNV 'U %XUQV V )HHOLQJ *RRG DQG )HHOLQJ *RRG

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

$ERXW WKH $XWKRU ,OOXVWUDWRU 7KLV LV WKH ILQHVW ZRUN RI LWV NLQG DQG ZLOO VWDQG IRU JHQHUDWLRQV DV WKH UHODWLRQVKLS

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

HDUQHG KLV 0 ' DQG KDV VHUYHG DV YLVLWLQJ VFKRODU DW +DUYDUG 0HGLFDO 6FKRRO 3XEOLFLW\ DERXW KLV ZRUN KDV DSSHDUHG LQ PDJD]LQHV DQG RQ UDGLR DQG WHOHYLVLRQ +H HDUQHG KLV % $ IURP $PKHUVW &ROOHJH DQG GLG KLV SV\FKLDWU\ UHVLGHQF\ DW WKH 8QLYHUVLW\ RI 3HQQV\OYDQLD 6FKRRO RI 0HGLFLQH

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV :KHQ 3DQLF $WWDFNV %XUQV 'DYLG ' 0G 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV %URDGZD\ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ %URDGZD\

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW &DQ

5LJKWV 506

:KHQ 3DQLF $WWDFNV %XUQV 'DYLG ' 0G +& )HHOLQJ *RRG 'DYLG %XUQV 00 2WKHU (GLWLRQV 7HQ 'D\V WR 6HOI (VWHHP 'DYLG %XUQV 73 ( ERRN 7KH )HHOLQJ *RRG +DQGERRN 'DYLG %XUQV 73 +LVW 3UHY 7LWOHV ,QWLPDWH &RQQHFWLRQV 'DYLG %XUQV 73 :KHQ 3DQLF $WWDFNV %XUQV 'DYLG ' 0G 75 &RPS 7LWOHV :KHQ 3DQLF $WWDFNV %XUQV 'DYLG ' 0G +& +RZ 7R ,PSURYH <RXU 0DUULDJH : /RYH 3DWULFLD )HHOLQJ *RRG 'DYLG %XUQV 00 (GG Â« 7HQ 'D\V WR 6HOI (VWHHP 'DYLG %XUQV 73 5HODWLRQVKLS &XUH *RWWPDQ -RKQ 3KG 75 7KH )HHOLQJ *RRG +DQGERRN 'DYLG %XUQV 73 ,QWLPDWH &RQQHFWLRQV 'DYLG %XUQV 73 &RPS 7LWOHV +RZ 7R ,PSURYH <RXU 0DUULDJH : /RYH 3DWULFLD (GG Â« 5HODWLRQVKLS &XUH *RWWPDQ -RKQ 3KG 75

www.CrownPublishing.com

2Q VDOH ,6%1 ,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

%URDGZD\ $YRQ 3XEOLVKHU 4XLOO %URDGZD\ 3OXPH 3XEOLVKHU 6LJQHW %URDGZD\ 3XEOLVKHU %URDGZD\ $YRQ %URDGZD\ 4XLOO 7KUHH 5LYHUV 3UHVV 3OXPH 6LJQHW 3XEOLVKHU

&DQ 3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH

%URDGZD\

&DQ

7KUHH 5LYHUV 3UHVV

&DQ

7KH 0DQ :KR 2ZQV WKH 1HZV ,QVLGH WKH 6HFUHW :RUOG RI 5XSHUW 0XUGRFK

0LFKDHO :ROII

7KH 0DQ :KR 2ZQV WKH 1HZV

7KH H[SORVLYH FRPSXOVLYHO\ UHDGDEOH LQVLGH VWRU\ RI WKH PRVW SRZHUIXO ,QVLGH WKH 6HFUHW :RUOG RI 5XSHUW 0XUGRFK

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$< +LVWRU\ %URDGZD\ +DUGFRYHU 75$'( 3$3(5%$&. Â« %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &DQ *HQHUDO +LVWRU\ %URDGZD\ +DUGFRYHU 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< Â« 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ (GLWLRQÂ¬'HVF Â¬&219(56,21 *HQHUDO 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW 1DWLRQDO 3XEOLF 5DGLR FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI 1HZ <RUN $GYHUWLVLQJ RQ QHZV DQG JRVVLS ZHEVLWHV 7DUJHWHG VHDUFK DGYHUWLVLQJ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR PHGLD DQG JRVVLS EORJJHUV 1DWLRQDO 3XEOLF 5DGLR FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI 1HZ <RUN $GYHUWLVLQJ RQ QHZV DQG JRVVLS ZHEVLWHV 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR PHGLD DQG JRVVLS EORJJHUV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

0DQ :KR 2ZQV WKH 1HZV VSRWOLJKWV D UHPDUNDEOH HYHQW WKDW FDSWLYDWHG WKH QDWLRQ

1HZV LQ WKH QHZV $V WKH QHZVSDSHU EXVLQHVV FRQWLQXHV WR XQUDYHO WKH 1HZV &RUS .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN &LW\

0,&+$(/ :2/)) D FROXPQLVW IRU 9DQLW\ )DLU DQG WZR WLPH 1DWLRQDO 0DJD]LQH $ZDUG ZLQQHU LV RQH RI WKH QDWLRQ V PRVW LQIOXHQWLDO ZULWHUV DERXW PHGLD FXOWXUH DQG SROLWLFV +H LV WKH DXWKRU RI IRXU RWKHU ERRNV LQFOXGLQJ $XWXPQ RI WKH 0RJXOV DQG %XUQ 5DWH +H OLYHV LQ 1HZ <RUN &LW\

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 7+( :</,( $*(1&< ,1&

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV ( ERRN %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU %URDGZD\ 7UDQVODWLRQ <HV $JHQF\ 7+( :</,( $*(1&< ,1& ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

$XWXPQ RI WKH 0RJXOV :ROII 0LFKDHO +& 7KH 0DQ :KR 2ZQV 7KH 1HZV :ROII 0LFKDHO +& &RPS 7LWOHV 2WKHU (GLWLRQV &RQVSLUDF\ 2I )RROV (LFKHQZDOG .XUW 75 ( ERRN 'LVQH\ :DU 6WHZDUW -DPHV +& +LVW 3UHY 7LWOHV $XWXPQ RI WKH 0RJXOV :ROII 0LFKDHO +& 7KH 0DQ :KR 2ZQV 7KH 1HZV :ROII 0LFKDHO +& &RPS 7LWOHV &RQVSLUDF\ 2I )RROV (LFKHQZDOG .XUW 75 'LVQH\ :DU 6WHZDUW -DPHV +&

,6%1 ,6%1 ,6%1 ,6%1

44 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

+DUSHU &ROOLQV %URDGZD\ 3XEOLVKHU 3XEOLVKHU %URDGZD\ %URDGZD\ 6LPRQ 6FKXVWHU 3XEOLVKHU +DUSHU &ROOLQV %URDGZD\ 3XEOLVKHU %URDGZD\ 6LPRQ 6FKXVWHU

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW $1'5(: :</,( 5HSULQW <HV VW 6HULDO 1R 3ULFH &DQ 6SHFLDO 0DUNHWV $JHQW $1'5(: 3ULFH :</,( &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ 3ULFH &DQ

:K\ :H 0DNH 0LVWDNHV

+RZ :H /RRN :LWKRXW 6HHLQJ )RUJHW 7KLQJV LQ 6HFRQGV DQG $UH $OO 3UHWW\ 6XUH :H $UH :D\ $ERYH $YHUDJH :K\ :H 0DNH 0LVWDNHV +RZ :H /RRN :LWKRXW 6HHLQJ )RUJHW 7KLQJV LQ -RVHSK 7 +DOOLQDQ 6HFRQGV DQG $UH $OO 3UHWW\ 6XUH :H $UH :D\ $ERYH 3XOLW]HU 3UL]H ZLQQHU -RVHSK 7 +DOOLQDQ QRZ VHWV RXW WR H[SORUH WKH $YHUDJH

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ

%52$':$< 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' % : %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ 3+2726 *HQHUDO /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< (GLWLRQÂ¬'HVF Â¬&219(56,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' % : 3+2726 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW 5DGLR SKRQHU FDPSDLJQ $XWKRU HYHQWV RXW RI &KLFDJR ,/ $GYHUWLVLQJ RQ OHDGLQJ SV\FKRORJ\ ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ 1DWLRQDO SXEOLFLW\ :K\:H0DNH0LVWDNHV FRP 5DGLR SKRQHU FDPSDLJQ 2XWUHDFK WR DFDGHPLF PDUNHW $XWKRU HYHQWV RXW RI &KLFDJR ,/ $GYHUWLVLQJ RQ OHDGLQJ SV\FKRORJ\ ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ :K\:H0DNH0LVWDNHV FRP 2XWUHDFK WR DFDGHPLF PDUNHW

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

0,7 DQG SV\FKRORJLVWV IURP +DUYDUG DUH JHWWLQJ PLOOLRQ GROODU ERRN GHDOV WR H[SODLQ WKH KLJK WRQHG VFLHQFH RI ZKDW PDNHV XV KDSS\ DQG ZK\ ZH DUH WHUULEOH ZLWK PRQH\ -RH +DOOLQDQ V ERRN LV WKH SRS KLJKO\ DFFHVVLEOH YHUVLRQ RI WKLV VFLHQFH LQ WKH VDPH ZD\ WKDW WKH 3HDVHV :K\ 0HQ 'RQ W /LVWHQ DQG :RPHQ &DQ W 5HDG 0DSV ZULWH WKH SRSXODU YHUVLRQ RI ERRNV DERXW JHQGHU GLIIHUHQFHV :K\ ZH DUH WKH ZD\ ZH DUH LV D KRW WRSLF 6XGGHQO\ EHKDYLRUDO HFRQRPLVWV IURP $XWKRU V H[FHOOHQW FUHGHQWLDOV 'HVSLWH WKH IDFW WKDW KH LV D OLJKW IXQ DQG OLYHO\ ZULWHU 0,7 DQG SV\FKRORJLVWV IURP +DUYDUG DUH JHWWLQJ PLOOLRQ GROODU ERRN GHDOV WR H[SODLQ WKH -RH +DOOLQDQ LV DFWXDOO\ D 3XOLW]HU 3UL]H ZLQQLQJ MRXUQDOLVW ZKR ZDV XQWLO UHFHQWO\ D VWDII KLJK WRQHG VFLHQFH RI ZKDW PDNHV XV KDSS\ DQG ZK\ ZH DUH WHUULEOH ZLWK PRQH\ -RH ZULWHU DW WKH :DOO 6WUHHW -RXUQDO 7KLV ERRN JUHZ RXW RI D IURQW SDJH VWRU\ KH ZURWH RQ +DOOLQDQ V ERRN LV WKH SRS KLJKO\ DFFHVVLEOH YHUVLRQ RI WKLV VFLHQFH LQ WKH VDPH ZD\ WKDW KRZ DQHVWKHVLRORJLVWV WHDPHG XS WR UHGXFH WKHLU UDWH RI HUURUV DQG WKH FRVW RI WKH 3HDVHV :K\ 0HQ 'RQ W /LVWHQ DQG :RPHQ &DQ W 5HDG 0DSV ZULWH WKH SRSXODU PDOSUDFWLFH LQVXUDQFH YHUVLRQ RI ERRNV DERXW JHQGHU GLIIHUHQFHV $FFHVVLEOH DQG IXQH DQG HYHQ SUDFWLFDO :K\ GR ZH IRUJHW RXU SDVVZRUGV" :K\ GR $XWKRU V H[FHOOHQW FUHGHQWLDOV 'HVSLWH WKH IDFW WKDW KH LV D OLJKW IXQ DQG OLYHO\ ZULWHU \RX RYHUSD\ DW WKH J\P" :K\ GR \RX EX\ PRUH WKDQ \RX QHHG WR DW WKH VXSHUPDUNHW" -RH +DOOLQDQ LV DFWXDOO\ D 3XOLW]HU 3UL]H ZLQQLQJ MRXUQDOLVW ZKR ZDV XQWLO UHFHQWO\ D VWDII :K\ GR ZH ORRN ULJKW DW WKH ZDLWHU EXW FDQ W UHPHPEHU ZKLFK RQH LV RXUV ZKHQ ZH ZDQW ZULWHU DW WKH :DOO 6WUHHW -RXUQDO 7KLV ERRN JUHZ RXW RI D IURQW SDJH VWRU\ KH ZURWH RQ WKH FKHFN" 7KH ERRN LV IXOO RI IXQ IDFWV DQG HDV\ H[SODQDWLRQV IRU RXU PRVW KXPDQ KRZ DQHVWKHVLRORJLVWV WHDPHG XS WR UHGXFH WKHLU UDWH RI HUURUV DQG WKH FRVW RI IRLEOHV DQG LW HYHQ VXJJHVWV VROXWLRQV :H PDNH IHZHU PLVWDNHV ZKHQ ZH DUH KDSS\ PDOSUDFWLFH LQVXUDQFH IRU LQVWDQFH

$FFHVVLEOH DQG IXQH DQG HYHQ SUDFWLFDO :K\ GR ZH IRUJHW RXU SDVVZRUGV" :K\ GR &UHDWLYH SDFNDJH /LYHO\ ERRN GHVLJQ LQFOXGHV VXEKHDGV DQG IXQ IDFWV WKDW SRS RXW \RX RYHUSD\ DW WKH J\P" :K\ GR \RX EX\ PRUH WKDQ \RX QHHG WR DW WKH VXSHUPDUNHW" IURP WKH PDUJLQV DV ZHOO DV YLVXDO SX]]OHV &DQ \RX UHPHPEHU ZKDW D SHQQ\ ORRNV :K\ GR ZH ORRN ULJKW DW WKH ZDLWHU EXW FDQ W UHPHPEHU ZKLFK RQH LV RXUV ZKHQ ZH ZDQW OLNH" ,W V KDUGHU WKDQ \RX WKLQN

WKH FKHFN" 7KH ERRN LV IXOO RI IXQ IDFWV DQG HDV\ H[SODQDWLRQV IRU RXU PRVW KXPDQ IRLEOHV DQG LW HYHQ VXJJHVWV VROXWLRQV :H PDNH IHZHU PLVWDNHV ZKHQ ZH DUH KDSS\ IRU LQVWDQFH

&UHDWLYH SDFNDJH /LYHO\ ERRN GHVLJQ LQFOXGHV VXEKHDGV DQG IXQ IDFWV WKDW SRS RXW IURP WKH PDUJLQV DV ZHOO DV YLVXDO SX]]OHV &DQ \RX UHPHPEHU ZKDW D SHQQ\ ORRNV $XWKRU 5HVLGHQFH &KLFDJR ,/ OLNH" ,W V KDUGHU WKDQ \RX WKLQN

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

-26(3+ 7 +$//,1$1 D IRUPHU ZULWHU IRU WKH :DOO 6WUHHW -RXUQDO LV D ZLQQHU RI WKH 3XOLW]HU 3UL]H DQG D IRUPHU 1LHPDQ )HOORZ DW +DUYDUG 8QLYHUVLW\ +H OLYHV ZLWK KLV ZLIH DQG FKLOGUHQ LQ &KLFDJR

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &KLFDJR ,/

-26(3+ 7 +$//,1$1 D IRUPHU ZULWHU IRU WKH :DOO 6WUHHW -RXUQDO LV D ZLQQHU RI WKH 3XOLW]HU 3UL]H DQG D IRUPHU 1LHPDQ )HOORZ DW +DUYDUG 8QLYHUVLW\ +H OLYHV ZLWK KLV ZLIH DQG FKLOGUHQ LQ &KLFDJR

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ '<67(/ *2'(5,&+ /,7(5$5<$JHQW -$1( '<67(/

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

5LJKWV 506

www.CrownPublishing.com

$JH ,V -XVW D 1XPEHU

$FKLHYH <RXU 'UHDPV DW $Q\ 6WDJH LQ <RXU /LIH

'DUD 7RUUHV $JH ,V -XVW D 1XPEHU (OL]DEHWK :HLO $FKLHYH <RXU 'UHDPV DW $Q\ 6WDJH LQ <RXU /LIH

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$< +LVWRU\ %URDGZD\ +&

75$'( 3$3(5%$&.

%,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< +LVWRU\ %URDGZD\ +&

3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ (GLWLRQÂ¬'HVF Â¬&219(56,21 *HQHUDO 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH $GYHUWLVLQJ RQ 1<7 FRP +HDOWK 2XWUHDFK WR VZLPPHUV VFKRRO VZLPPLQJ FOXEV PRPP\ EORJV DQG ILWQHVV ZHEVLWHV 3URPRWLRQ LQ 7KH %HDW # %URDGZD\ 1DWLRQDO SULQW DWWHQWLRQ %RRNV H QHZVOHWWHU $GYHUWLVLQJ RQ 1<7 FRP +HDOWK 2XWUHDFK WR VZLPPHUV VFKRRO VZLPPLQJ FOXEV PRPP\ EORJV DQG ILWQHVV ZHEVLWHV 3URPRWLRQ LQ 7KH %HDW # %URDGZD\ %RRNV H QHZVOHWWHU

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

,QVSLUDWLRQ IRU ZRPHQ 'DUD 7RUUHV KDV EHFRPH D V\PERO IRU DOO WKDW ZRPHQ FDQ

.H\ 3RLQWV 4XRWHV DFFRPSOLVK HYHQ LQ PLGGOH DJH 6KH LV D WLPH 2O\PSLF VZLPPHU DQG ZRQ VLOYHU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

'$5$ 7255(6 LV WKH ILUVW VZLPPHU IURP WKH 8QLWHG 6WDWHV WR FRPSHWH LQ ILYH 2O\PSLFV DQG 6KH FRPSHWHG LQ WKH %HLMLQJ 2O\PSLF *DPHV LQ WKH PHWHU IUHHVW\OH Ã® PHGOH\ UHOD\ DQG Ã® IUHHVW\OH UHOD\ DQG ZRQ PHGDOV LQ DOO WKUHH RI WKHVH HYHQWV (/,=$%(7+ :(,/ LV D $XWKRU 5HVLGHQFH 3DUNODQG )/ FRQWULEXWLQJ ZULWHU IRU 7KH 1HZ <RUN 7LPHV 0DJD]LQH 6KH OLYHV LQ 6DQ )UDQFLVFR '$5$ 7255(6 LV WKH ILUVW VZLPPHU IURP WKH 8QLWHG 6WDWHV WR FRPSHWH LQ ILYH ZLWK KHU KXVEDQG WKH ZULWHU 'DQLHO 'XDQH DQG WKHLU WZR GDXJKWHUV 2O\PSLFV DQG 6KH FRPSHWHG LQ WKH %HLMLQJ 2O\PSLF *DPHV LQ WKH PHWHU IUHHVW\OH Ã® PHGOH\ UHOD\ DQG Ã® IUHHVW\OH UHOD\ DQG ZRQ PHGDOV LQ DOO WKUHH RI WKHVH HYHQWV (/,=$%(7+ :(,/ LV D FRQWULEXWLQJ ZULWHU IRU 7KH 1HZ <RUN 7LPHV 0DJD]LQH 6KH OLYHV LQ 6DQ )UDQFLVFR ZLWK KHU KXVEDQG WKH ZULWHU 'DQLHO 'XDQH DQG WKHLU WZR GDXJKWHUV 5LJKWV 506

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV +LVW 3UHY 7LWOHV

$JH ,V -XVW $ 1XPEHU 7RUUHV 'DUD +& &RPS 7LWOHV (YHU\ 6HFRQG &RXQWV $UPVWURQJ /DQFH 75 2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV $JH ,V -XVW $ 1XPEHU 7RUUHV 'DUD +& &RPS 7LWOHV (YHU\ 6HFRQG &RXQWV $UPVWURQJ /DQFH 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 35(0,(5 0$1$*(0(17 *5283 //& 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV %URDGZD\ $JHQF\ 35(0,(5 0$1$*(0(17 ,6%1 2Q VDOH 3XEOLVKHU *5283 //& %URDGZD\ ,6%1 ,6%1 ,6%1 ,6%1

46 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (9$1 025*(167(,1 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW (9$1 3ULFH 025*(167(,1 &DQ 3ULFH &DQ 3ULFH &DQ 3ULFH &DQ 3ULFH &DQ

$ /LRQ &DOOHG &KULVWLDQ

7KH 7UXH 6WRU\ RI WKH 5HPDUNDEOH %RQG %HWZHHQ 7ZR )ULHQGV DQG D /LRQ

$ /LRQ &DOOHG &KULVWLDQ $QWKRQ\ %RXUNH

7KH 7UXH 6WRU\ RI WKH 5HPDUNDEOH %RQG %HWZHHQ 7ZR -RKQ 5HQGDOO )ULHQGV DQG D /LRQ

)RUHZRUG E\ *HRUJH $GDPVRQ $QWKRQ\ %RXUNH 7KH 1HZ <RUN 7LPHV EHVWVHOOHU QRZ LQ SDSHUEDFN -RKQ 5HQGDOO 7KH XQIRUJHWWDEOH WUXH VWRU\ EHKLQG WKH <RX7XEH YLGHR VHQVDWLRQ $ /LRQ )RUHZRUG E\ *HRUJH $GDPVRQ &DOOHG &KULVWLDQ LV WKH LQFUHGLEOH WDOH RI D OLRQ FXE DGRSWHG DQG UDLVHG LQ

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$<

75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬1DWXUH $QLPDOV 2UGHUÂ¬)RUPÂ¬&DW Â¬1$785( 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬1DWXUH $QLPDOV 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW 2UGHUÂ¬)RUPÂ¬&DW Â¬1$785( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

$17+21< $&( %285.( LV RQH RI $XVWUDOLD V OHDGLQJ DUW FXUDWRUV +H OLYHV LQ 6\GQH\ -2+1 5(1'$// LV D PHPEHU RI WKH 5R\DO *HRJUDSKLF 6RFLHW\ DQG D WUXVWHH RI WKH *HRUJH $GDPVRQ 7UXVW +H GLYLGHV KLV WLPH EHWZHHQ /RQGRQ DQG 6\GQH\

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $XVWUDOLD /RQGRQ

$17+21< $&( %285.( LV RQH RI $XVWUDOLD V OHDGLQJ DUW FXUDWRUV +H OLYHV LQ 6\GQH\ -2+1 5(1'$// LV D PHPEHU RI WKH 5R\DO *HRJUDSKLF 6RFLHW\ DQG D 5LJKWV 506 WUXVWHH RI WKH *HRUJH $GDPVRQ 7UXVW +H GLYLGHV KLV WLPH EHWZHHQ /RQGRQ DQG 6\GQH\ 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW QR 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV

(XURSH

$XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW QR (XURSH

2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW /LRQ &DOOHG &KULVWLDQ $ %RXUNH $QWKRQ\ +&

5LJKWV 506

&RPS 7LWOHV 'HZH\ WKH &DW 9LFNL 0\URQ +& 2WKHU (GLWLRQV %RUQ )UHH $GDPVRQ -R\ 75 ( ERRN +LVW 3UHY 7LWOHV /LRQ &DOOHG &KULVWLDQ $ %RXUNH $QWKRQ\ +& &RPS 7LWOHV 'HZH\ WKH &DW 9LFNL 0\URQ +& %RUQ )UHH $GDPVRQ -R\ 75

%RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 %RRN &OXE <HV 7UDQVODWLRQ 1R ,6%1 $JHQF\ ,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5HSULQW <HV

3XEOLVKHU 3ULFH VW 6HULDO <HV %URDGZD\ &DQ 6SHFLDO 0DUNHWV 3XEOLVKHU 3ULFH $JHQW %URDGZD\ &DQ 3XEOLVKHU 3ULFH *UDQG &HQWUDO 3XEOLVKLQJ 3XEOLVKHU 3ULFH 3DQWKHRQ %URDGZD\ &DQ 3XEOLVKHU 3ULFH %URDGZD\ &DQ 3XEOLVKHU 3ULFH *UDQG &HQWUDO 3XEOLVKLQJ 3DQWKHRQ

47 www.CrownPublishing.com

, &DQ W %HOLHYH ,W V 1RW )DWWHQLQJ

2YHU 5LGLFXORXVO\ (DV\ 5HFLSHV IRU WKH 6XSHU %XV\

, &DQ W %HOLHYH ,W V 1RW )DWWHQLQJ 'HYLQ $OH[DQGHU

2YHU 5LGLFXORXVO\ (DV\ 5HFLSHV IRU WKH 6XSHU %XV\

21 6$/( %52$':$< 75$'( 3$3(5%$&.

Â© Stewart Volland

21 6$/( %52$':$< &DQ 75$'( 3$3(5%$&.

+LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬&RRNLQJ 4XLFN (DV\ &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO

3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW %,6$&Â¬&DW Â¬&RRNLQJ 4XLFN (DV\ ,OOXVWUDWLRQV Â¬ &2/25 3+2726 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 7+528*+287 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ &DUWRQ &RXQW (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. ,OOXVWUDWLRQV Â¬ &2/25 3+2726 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO 7+528*+287 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO 1DWLRQDO SXEOLFLW\ 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV $XWKRU LQWHUYLHZV RXW 1<& /$ DQG 3KLODGHOSKLD 1DWLRQDO SXEOLFLW\ 7LH LQ ZLWK DXWKRU V 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV DSSHDUDQFH VSHDNLQJ VFKHGXOH $XWKRU LQWHUYLHZV RXW 1<& /$ DQG 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3KLODGHOSKLD 7DUJHWHG VHDUFK DGYHUWLVLQJ 7LH LQ ZLWK DXWKRU V 2XWUHDFK WR GLHW DQG KHDOWK\ OLYLQJ EORJV DSSHDUDQFH VSHDNLQJ VFKHGXOH DQG ZHEVLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URPRWLRQ ZLWK 7DVWHERRN DQG RWKHU 7DUJHWHG VHDUFK DGYHUWLVLQJ UHFLSH VKDUH VLWHV 2XWUHDFK WR GLHW DQG KHDOWK\ OLYLQJ EORJV 6ZHHSVWDNHV WR ZLQ DXWKRU V EUDQGHG DQG ZHEVLWHV FRRNZDUH SURGXFWV 3URPRWLRQ ZLWK 7DVWHERRN DQG RWKHU UHFLSH VKDUH VLWHV 6ZHHSVWDNHV WR ZLQ DXWKRU V EUDQGHG FRRNZDUH SURGXFWV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 2WKHU (GLWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ 0(',$ 027,21 ,17(51$7,21$/ $JHQW -8/,( 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV &$5621 0$< %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ 0(',$ 027,21 ,17(51$7,21$/ $JHQW -8/,( &$5621 0$<

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

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU 5RGDOH 5RGDOH 3XEOLVKHU %URDGZD\ 5RGDOH %URDGZD\ 5RGDOH &ODUNVRQ 3RWWHU 3XEOLVKHU %URDGZD\ %URDGZD\

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

&ODUNVRQ 3RWWHU

&DQ

$ 7DVWH RI +RQH\ 6WRULHV

-DEDUL $VLP

Â© Rohan Preston

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 5HJLRQDO 135 FDPSDLJQ $XWKRU HYHQWV RXW RI %DOWLPRUH 0' DQG :DVKLQJWRQ ' & $GYHUWLVLQJ RQ ERRN ZHEVLWHV $IULFDQ $PHULFDQ UHDGLQJ JURXS VLWH SURPRWLRQ DQG JLYHDZD\V $IULFDQ $PHULFDQ EORJJHU RXWUHDFK %RRN VLWH VLJQHG FRS\ JLYHDZD\V &RUSRUDWH ILFWLRQ H QHZVOHWWHU SURPRWLRQ 3URPRWLRQ WR %ODFN ,QN PDLOLQJ OLVW &URZQ %X]] OLVW SURPRWLRQ 0DLOLQJ WR $IULFDQ $PHULFDQ VRURULWLHV DQG IUDWHUQLWLHV

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

.H\ 3RLQWV 4XRWHV $Q LPSUHVVLYH SODWIRUP -DEDUL $VLP LV D ZHOO UHVSHFWHG DQG DFFODLPHG ZULWHU DQG FULWLF LQ WKH $IULFDQ $PHULFDQ FRPPXQLW\ $V D IRUPHU SUHVLGHQW RI WKH 1DWLRQDO %RRN &ULWLFV &LUFOH IRUPHU FROXPQLVW IRU WKH :DVKLQJWRQ 3RVW DQG FXUUHQW HGLWRU LQ FKLHI IRU 7KH &ULVLV $VLP LV ZHOO SRVLWLRQHG DQG FRQQHFWHG IRU OLWHUDU\ VXFFHVV +LV SUHYLRXV WZR QRQILFWLRQ ZRUNV 7KH 1 :RUG DQG :KDW 2EDPD 0HDQV JDUQHUHG ZLGH DFFODLP DQG KLV GHEXW ILFWLRQ VKRXOG H[SHFW WKH VDPH 8QLYHUVDO DQG DIIHFWLQJ ZLWK FURVVRYHU DSSHDO /LNH WKH ILFWLRQ RI 7RQL 0RUULVRQ DQG (GZDUG -RQHV $VLP V ZRUN WKRXJK GHDOLQJ ZLWK WKH XQLTXH SHUVSHFWLYH DQG H[SHULHQFH RI D GLYHUVH FDVW RI $IULFDQ $PHULFDQ FKDUDFWHUV ZLOO DSSHDO WR D XQLYHUVDO DXGLHQFH RI UHILQHG ILFWLRQ UHDGHUV $ /LWHUDU\ WDOHQW WR ZDWFK $VLP VWDQGV WR KDYH D ORQJ DQG VXFFHVVIXO QRYHO ZULWLQJ FDUHHU :H KDYH D UHDO FKDQFH WR EXLOG DQG QXUWXUH KLV DEXQGDQW WDOHQW

$ERXW WKH $XWKRU ,OOXVWUDWRU -$%$5, $6,0 LV WKH DXWKRU RI :KDW 2EDPD 0HDQV )RU 2XU &XOWXUH 2XU 3ROLWLFV 2XU )XWXUH 7KH 1 :RUG DQG VHYHUDO ERRNV IRU FKLOGUHQ +H LV DOVR D VFKRODU LQ UHVLGHQFH DW WKH 8QLYHUVLW\ RI ,OOLQRLV DW 8UEDQD &KDPSDLJQ DQG HGLWRU LQ FKLHI RI 7KH &ULVLV WKH IODJVKLS PDJD]LQH RI WKH 1$$&3 +LV ZULWLQJ KDV DSSHDUHG LQ WKH :DVKLQJWRQ 3RVW WKH /RV $QJHOHV 7LPHV WKH 1HZ <RUN 7LPHV (VVHQFH (ERQ\ DQG RWKHU SXEOLFDWLRQV +H UHFHQWO\ ZDV KRQRUHG ZLWK D *XJJHQKHLP )HOORZVKLS

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ -2< +$55,6 /,7(5$5< $*(1&< ,1&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV :KDW 2EDPD 0HDQV $VLP -DEDUL +& 7KH 1 :RUG $VLP -DEDUL +& &RPS 7LWOHV 7KH )XWXUH +DV $ 3DVW &RRSHU - &DOLIRUQLD +& $OO $XQW +DJDU V &KLOGUHQ (GZDUG -RQHV +& , *RW 6RPHERG\ LQ 6WDXQWRQ :LOOLDP +HQU\ /HZLV +&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW -2< +$55,6

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3ULFH %URDGZD\ &DQ 3XEOLVKHU 3ULFH :LOOLDP 0RUURZ +RXJKWRQ 0LIIOLQ +DUFRXUW 3XEOLVKHU 3ULFH ''D\ *HQ $GXOW &DQ $PLVWDG

$PLVWDG

49 www.CrownPublishing.com

7KH 6NLQQ\

2Q /RVLQJ :HLJKW :LWKRXW %HLQJ +XQJU\ 7KH 8OWLPDWH *XLGH WR :HLJKW /RVV 6XFFHVV

7KH 6NLQQ\ &DQ W 6KHG 7KRVH 3RXQGV" ,W V 1RW <RXU )DXOW 'LHWLQJ ,V 1RW $ERXW 2Q /RVLQJ :HLJKW :LWKRXW %HLQJ +XQJU\ 7KH 8OWLPDWH :LOOSRZHU *XLGH WR :HLJKW /RVV 6XFFHVV

/RXLV - $URQQH 0 ' &DQ W 6KHG 7KRVH 3RXQGV" ,W V 1RW <RXU )DXOW 'LHWLQJ ,V 1RW $ERXW $OLVD %RZPDQ :LOOSRZHU

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$< 75$'( 3$3(5%$&.

&DWHJRU\ Â¬+HDOWK )LWQHVV 'LHWV %,6$&Â¬&DW Â¬+HDOWK )LWQHVV 'LHWV 2UGHUÂ¬)RUPÂ¬&DW Â¬+($/7+ 1875,7,21 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬+HDOWK )LWQHVV 'LHWV ,OOXVWUDWLRQV Â¬ % : 3+2726 %,6$&Â¬&DW Â¬+HDOWK )LWQHVV 'LHWV /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬+($/7+ 1875,7,21 (GLWLRQÂ¬'HVF Â¬&219(56,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : 3+2726 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH 1DWLRQDO UDGLR FDPSDLJQ /RFDO HYHQWV DQG LQWHUYLHZV RXW RI 1HZ <RUN &LW\ DQG &RQQHFWLFXW 7DUJHWHG VHDUFK DGYHUWLVLQJ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR KHDOWK GLHW DQG ILWQHVV VLWHV 1DWLRQDO UDGLR FDPSDLJQ %URFKXUH IRU VHOO LQ /RFDO HYHQWV DQG LQWHUYLHZV RXW RI 1HZ <RUN &LW\ DQG &RQQHFWLFXW 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR KHDOWK GLHW DQG ILWQHVV VLWHV %URFKXUH IRU VHOO LQ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

SHUVRQDO SK\VLFLDQ DQG KDV DSSHDUHG GR]HQV RI WLPHV RQ WKH /DWH 6KRZ ZLWK 'DYLG

/HWWHUPDQ DV ZHOO DV RQ 7KH &KDUOLH 5RVH 6KRZ 7RGD\ 'DWHOLQH 1%& DQG .H\ 3RLQWV 4XRWHV +RXUV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 9,*/,$12 $662&,$7(6 /7'

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 0,.( +$55,27

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV %URDGZD\ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ 9,*/,$12 $662&,$7(6 /7'

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW 0,.( +$55,27

7KH 6NLQQ\ $URQQH /RXLV - 0G +& &RPS 7LWOHV 2WKHU (GLWLRQV 7KH )DW 5HVLVWDQFH 'LHW *DOODQG /HR 0G 75 ( ERRN +LVW 3UHY 7LWOHV 7KH 6NLQQ\ $URQQH /RXLV - 0G +& &RPS 7LWOHV 7KH )DW 5HVLVWDQFH 'LHW *DOODQG /HR 0G 75

,6%1 ,6%1 ,6%1 ,6%1

50 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

%URDGZD\ 3XEOLVKHU 3XEOLVKHU %URDGZD\ %URDGZD\ 3XEOLVKHU %URDGZD\ 3XEOLVKHU %URDGZD\

&DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ 3ULFH &DQ

7KH 6ZHHW /LIH LQ 3DULV

'HOLFLRXV $GYHQWXUHV LQ WKH :RUOG V 0RVW *ORULRXV DQG 3HUSOH[LQJ &LW\

'DYLG /HERYLW] 7KH 6ZHHW /LIH LQ 3DULV

'HOLFLRXV $GYHQWXUHV LQ WKH :RUOG V 0RVW *ORULRXV DQG %URDGZD\ $EURDG )RRGLHV IUDQFRSKLOHV DQG DQ\RQH ZKR ORYHV WR KDWH WKH 3HUSOH[LQJ &LW\ )UHQFK ZLOO ODS XS DFFODLPHG SDVW\ FKHI 'DYLG /HERYLW] V GHOLFLRXVO\ IXQQ\

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ 21 6$/(

%52$':$< 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬7UDYHO (VVD\V 7UDYHORJXHV 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ :5,7,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ ,OOXVWUDWLRQV Â¬ % : &+$37(5 23(1,1* 3+2726 %,6$&Â¬&DW Â¬7UDYHO (VVD\V 7UDYHORJXHV /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ :5,7,1* (GLWLRQÂ¬'HVF Â¬&219(56,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : &+$37(5 23(1,1* 3+2726 /RDGÂ¬*URXS Â¬ 1DWLRQDO 3XEOLFLW\ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URPRWLRQ RQ DXWKRU V ZHEVLWH 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

PRQWK 7KH ,QGHSHQGHQW /RQGRQ QDPHG KLV WKH EHVW IRRG EORJ LQ WKH ZRUOG

3DULV WRXMRXUV 3DULV %RRNV RQ 3DULV VHOO DQG VHOO +HUH LV D FKDQFH WR H[SHULHQFH .H\ 3RLQWV 4XRWHV YLFDULRXVO\ WKH VKHHU GHOLJKW RI EHLQJ DQ $PHULFDQ SDVWU\ FKHI LQ WKH FLW\ RI VWUDZEHUU\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

'DYLG /HERYLW] LV WKH JUHDWHVW WKLQJ WR KDSSHQ WR GHVVHUW VLQFH WKH VSRRQ EXW WKLV WLPH KH VKRZV WKDW EH\RQG KLV DUWIXO QRVH DQG IODZOHVV WDVWH KH DOVR KDV D NHHQ $XWKRU 5HVLGHQFH 3DULV )UDQFH UHSRUWHU V H\H ,I 3DULV LQWULJXHV H[FLWHV RU PHUHO\ LQWHUHVWV \RX UHDG WKLV ERRN '$9,' /(%29,7= LV WKH DXWKRU RI 5RRP IRU 'HVVHUW DV ZHOO DV 7KH 3HUIHFW 0RUW 5RVHQEOXP DXWKRU RI $ *RRVH LQ 7RXORXVH 6FRRS ZKLFK ZDV LQVWDQWO\ KDLOHG DV WKH IUR]HQ GHVVHUW FDWHJRU\ NLOOHU 7KH

*UHDW %RRN RI &KRFRODWH 5LSH IRU 'HVVHUW DQG 7KH %DNHU V 'R]HQ &RRNERRN +H $ERXW WKH $XWKRU ,OOXVWUDWRU ZDV D SDVWU\ FKHI DW $OLFH :DWHUV V IDPHG &KH] 3DQLVVH UHVWDXUDQW IRU WZHOYH \HDUV 1DPHG RQH RI WKH 7RS )LYH 3DVWU\ &KHIV LQ WKH %D\ $UHD E\ WKH 6DQ $XWKRU 5HVLGHQFH 3DULV )UDQFH

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

5LJKWV 506

$JHQF\ )5('(5,&. +,// %211,( 1$'(// ,

$JHQW )5(' +,//

7HUULWRULHV :RUOG

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

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www.CrownPublishing.com )UHQFK /HVVRQV 0D\OH 3HWHU 75 9LQWDJH &DQ

/D %HOOD /LQJXD

0\ /RYH $IIDLU ZLWK ,WDOLDQ WKH :RUOG V 0RVW (QFKDQWLQJ /DQJXDJH

/D %HOOD /LQJXD 'LDQQH +DOHV

0\ /RYH $IIDLU ZLWK ,WDOLDQ WKH :RUOG V 0RVW (QFKDQWLQJ /DQJXDJH 7KH IRUPHU 3DUDGH PDJD]LQH FRQWULEXWLQJ HGLWRU V FKDUPLQJ ORYH OHWWHU WR

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$<

75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬7UDYHO (XURSH ,WDO\ 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬7UDYHO (XURSH ,WDO\ (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬%URDGZD\ 75 5HSULQW $XWKRU LQWHUYLHZV RXW RI 6DQ )UDQFLVFR $GYHUWLVLQJ RQ QLFKH ,WDOLDQ ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ %HFRPLQJ,WDOLDQ FRP 1DWLRQDO SXEOLFLW\ $XWKRU LQWHUYLHZV RXW RI 6DQ )UDQFLVFR $GYHUWLVLQJ RQ QLFKH ,WDOLDQ ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH DQG EORJ %HFRPLQJ,WDOLDQ FRP

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU 'LDQQH WDXJKW PH P\ RZQ ODQJXDJH :KDW D EHOOD ILJXUD WKDQNV WR /D %HOOD

/LQJXD 0ROWH JUD]LH VLJQRUD +DOHV $XWKRU 5HVLGHQFH 0LOO 9DOOH\ &$ %HSSH 6HYHUJQLQL DXWKRU RI &LDR $PHULFD DQG /D %HOOD )LJXUD ',$11( +$/(6 LV RQH RI WKH PRVW ZLGHO\ SXEOLVKHG DQG KRQRUHG IUHHODQFH MRXUQDOLVWV LQ WKH FRXQWU\ $ FRQWULEXWLQJ HGLWRU IRU 3DUDGH VKH LV WKH DXWKRU RI WUDGH ERRNV LQFOXGLQJ 7KLQN 7KLQ %H 7KLQ DQG HGLWLRQV RI EHVWVHOOLQJ FROOHJH KHDOWK WH[WERRNV 6KH KDV DSSHDUHG RQ WKH 7RGD\ 6KRZ 5HJLV 3KLOELQ &%6 $XWKRU 5HVLGHQFH 0LOO 9DOOH\ &$ 1LJKWO\ 1HZV DQG KXQGUHGV RI UDGLR VWDWLRQV 6KH OLYHV LQ 0DULQ &RXQW\ ZLWK KHU ',$11( +$/(6 LV RQH RI WKH PRVW ZLGHO\ SXEOLVKHG DQG KRQRUHG IUHHODQFH KXVEDQG ZKHQ VKH LVQ W WUDYHOLQJ LQ ,WDO\ MRXUQDOLVWV LQ WKH FRXQWU\ $ FRQWULEXWLQJ HGLWRU IRU 3DUDGH VKH LV WKH DXWKRU RI WUDGH ERRNV LQFOXGLQJ 7KLQN 7KLQ %H 7KLQ DQG HGLWLRQV RI EHVWVHOOLQJ FROOHJH KHDOWK WH[WERRNV 6KH KDV DSSHDUHG RQ WKH 7RGD\ 6KRZ 5HJLV 3KLOELQ &%6 1LJKWO\ 1HZV DQG KXQGUHGV RI UDGLR VWDWLRQV 6KH OLYHV LQ 0DULQ &RXQW\ ZLWK KHU KXVEDQG ZKHQ VKH LVQ W WUDYHOLQJ LQ ,WDO\

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR 2 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ -2< +$55,6 /,7(5$5< $*(1&< ,1& 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R %URDGZD\ $JHQF\ -2< +$55,6 /,7(5$5< ,6%1 2Q VDOH 3XEOLVKHU $*(1&< ,1& %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -2< +$55,6 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW -2< +$55,6

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

,6%1 ,6%1

2Q VDOH 2Q VDOH

%URDGZD\ %DQWDP 3XEOLVKHU %DQWDP %URDGZD\ 3XEOLVKHU %URDGZD\ %URDGZD\ %DOODQWLQH %RRNV %DQWDP $QFKRU %DQWDP

3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

&RPS 7LWOHV /D %HOOD )LJXUD 6HYHUJQLQL %HSSH 75 /D %HOOD )LJXUD 6HYHUJQLQL %HSSH +& 7KRXVDQG 'D\V ,Q 9HQLFH $ 'H %ODVL 0DUOHQD 75 6SUH]]DWXUD ' (SLUR 3HWHU 75

,6%1

2Q VDOH

3XEOLVKHU %URDGZD\ %URDGZD\ %DOODQWLQH %RRNV $QFKRU

3ULFH &DQ &DQ &DQ &DQ

www.CrownPublishing.com

$PHULFDQ +LVWRU\ 5HYLVHG 6WDUWOLQJ )DFWV WKDW 1HYHU 0DGH LW LQWR WKH $PHULFDQ +LVWRU\ 5HYLVHG 6WDUWOLQJ )DFWV WKDW 1HYHU 0DGH LW LQWR WKH 7H[WERRNV 7H[WERRNV

6H\PRXU 0RUULV -U 6H\PRXU 0RUULV -U 3URYRFDWLYH VXUSULVLQJ SUHVHQWHG ZLWK ZLW DQG EDFNHG E\ VHULRXV

21 6$/( %52$':$< 21 6$/( 75$'( 3$3(5%$&. %52$':$< 75$'( 3$3(5%$&.

&DQ &DQ

&DWHJRU\ Â¬+LVWRU\ 8QLWHG 6WDWHV %,6$&Â¬&DW Â¬+LVWRU\ 8QLWHG 6WDWHV *HQHUDO &DWHJRU\ Â¬+LVWRU\ 8QLWHG 6WDWHV 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< %,6$&Â¬&DW Â¬+LVWRU\ 8QLWHG 6WDWHV *HQHUDO 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬ % : 3+2726 7+528*+287 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ % : 3+2726 7+528*+287 (GLWLRQÂ¬'HVF Â¬25,*,1$/ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV %HVWVHOOLQJ FDWHJRU\ )URP $Q ,QFRPSOHWH (GXFDWLRQ 'RQ W .QRZ 0XFK $ERXW +LVWRU\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1<

6(<0285 0,.( 0255,6 -5 LV DQ LQWHUQDWLRQDO EXVLQHVV HQWUHSUHQHXU DQG $XWKRU 5HVLGHQFH 1HZ <RUN 1<

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5LJKWV 506

$XGLR <HV 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW %ULWLVK 1R $XGLR <HV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ 1R %RRN &OXE <HV $JHQF\ 7+( )5,('5,&+ $*(1&< //& 7UDQVODWLRQ 1R $JHQF\ 7+( )5,('5,&+ $*(1&< //&

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

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO <HV $JHQW 3$8/ &,521( 6SHFLDO 0DUNHWV $JHQW 3$8/ &,521(

3XEOLVKHU %URDGZD\ 3XEOLVKHU 3XEOLVKHU %URDGZD\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU %DOODQWLQH %RRNV 7KUHH 5LYHUV 3UHVV +DUPRQ\ %DOODQWLQH %RRNV %DOODQWLQH %RRNV +DUPRQ\ 7KUHH 5LYHUV 3UHVV %DOODQWLQH %RRNV $QFKRU 7KUHH 5LYHUV 3UHVV ''D\ *HQ $GXOW $QFKRU 0DLQ 6WUHHW %RRNV ''D\ *HQ $GXOW 0DLQ 6WUHHW %RRNV

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

53 www.CrownPublishing.com

)LUVW &RPHV /RYH WKHQ &RPHV 0DODULD +RZ D 3HDFH &RUSV 3RVWHU %R\ :RQ 0\ +HDUW DQG D 7KLUG :RUOG $GYHQWXUH &KDQJHG 0\ /LIH )LUVW &RPHV /RYH WKHQ &RPHV 0DODULD (YH %URZQ :DLWH

+RZ D 3HDFH &RUSV 3RVWHU %R\ :RQ 0\ +HDUW DQG D 7KLUG :RUOG $GYHQWXUH &KDQJHG 0\ /LIH /LNH 0DDUWHQ 7URRVW 7KH 6H[ /LYHV RI &DQQLEDOV DQG 6DUDK 0DF'RQDOG

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/(

&DQ %52$':$< +LVWRU\ %URDGZD\ +&

75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬7UDYHO (VVD\V 7UDYHORJXHV 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ :5,7,1* &DQ 3DJH &RXQW 7ULP 6L]H [ +LVWRU\ %URDGZD\ +&

&DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬7UDYHO (VVD\V 7UDYHORJXHV (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬75$9(/ :5,7,1* 3URGÂ¬7\SH Â¬%URDGZD\ %NV 7UDGH 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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w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wYH $QJHOLQD -ROLH ZDQQD EH WR VHDVRQHG LQWHUQDWLRQDO DLG ZRUNHU $ UHIUHVKLQJ FKDQJH IURP WKH XVXDO RYHUWO\ HDUQHVW SHDFH FRUSV PHPRLU (YH H[SORUHV ZLWK DQ HQGHDULQJ YRLFH DQG PXFK KXPRU DQG SRLJQDQF\ KHU XQLQWHQGHG SUHMXGLFHV DQG WKH FXOWXUDO FODVKHV WKDW DULVH ZKHQ WKH ILUVW DQG WKLUG 7KH SHUIHFW LQWHUVHFWLRQ RI KLJK FRQFHSW FKLFN OLW DQG WUDYHO DGYHQWXUH PHPRLU (YH ZRUOGV FROOLGH LQ WKH IRUP RI RQH ZRPDQ V OLIH

.H\ 3RLQWV 4XRWHV

%URZQ LV ZDFN\ OLYHO\ IXQQ\ VPDUW SROLWLFDOO\ HQJDJHG DQG DPELWLRXV LQ RWKHU ZRUGV

LQVWDQWO\ OLNHDEOH 5HDGHUV ZLOO EH ZKROO\ ZRQ RYHU E\ WKLV 3HDFH &RUSV GURS RXW V .H\ 3RLQWV 4XRWHV KLODULRXV WDNH RQ WKH GRZQVLGHV RI GRLQJ JRRG OLNH VD\ LQWHVWLQDO SDUDVLWHV DQG KHU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XWKRU 5HVLGHQFH 'HHUILHOG 0DVVDFKXVHWWV $XWKRU +RPHWRZQ 1HZ <RUN :LWK DQ DSSHDOLQJ GRZQ WR HDUWK YRLFH %URZQ :DLWH FKURQLFOHV KHU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 'HHUILHOG 0DVVDFKXVHWWV

$XWKRU +RPHWRZQ 1HZ <RUN

)RU QHDUO\ VHYHQ \HDUV (9( %52:1 :$,7( OLYHG LQ (FXDGRU 8JDQGD DQG 8]EHNLVWDQ 6KH ZDV D ILQDOLVW IRU ERWK DQ ,RZD 5HYLHZ $ZDUG DQG D *OLPPHU 7UDLQ $ZDUG IRU VWRULHV VKH ZURWH DERXW KHU WLPH DEURDG %URZQ KDV D PDVWHUV LQ SXEOLF KHDOWK DQG KDV ZRUNHG DV D KXPRU FROXPQLVW D VWDII ZULWHU DQG PRVW UHFHQWO\ DV WKH KHDOWK DQG QXWULWLRQ PDQDJHU IRU D +HDG 6WDUW SURJUDP 6KH OLYHV ZLWK KHU KXVEDQG DQG WZR FKLOGUHQ 7KLV LV KHU ILUVW ERRN

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR 2 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ )2/,2 /,7(5$5< 0$1$*(0(17 //& 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV %URDGZD\ $JHQF\ )2/,2 /,7(5$5< ,6%1 2Q VDOH 3XEOLVKHU 0$1$*(0(17 //&

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

www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW /$1(< %(&.(5 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW /$1(< 3ULFH %(&.(5

3ULFH 3ULFH &DQ 3ULFH 3ULFH

6XUYLYLQJ <RXU 6WXSLG 6WXSLG 'HFLVLRQ WR *R WR *UDG 6FKRRO $GDP 5XEHQ

6XUYLYLQJ <RXU 6WXSLG 6WXSLG $ KLODULRXV DQG LUUHYHUHQW JXLGH IRU WKH PRUH WKDQ PLOOLRQ JUDG VWXGHQWV 'HFLVLRQ WR *R WR *UDG 6FKRRO DFURVV WKH FRXQWU\ LQFOXGLQJ HVVD\V OLVWV FKDUWV DQG LOOXVWUDWLRQV DOO

21 6$/( %52$':$< 75$'( 3$3(5%$&.

21 6$/( &DQ %52$':$< +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO 75$'( 3$3(5%$&.

&DWHJRU\ Â¬+XPRU %,6$&Â¬&DW Â¬+XPRU *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬+8025 +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬% : ,//8675$7,216 &DWHJRU\ Â¬+XPRU 7+528*+287 %,6$&Â¬&DW Â¬+XPRU *HQHUDO /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬+8025 (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬% : ,//8675$7,216 7+528*+287 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

8QLWHG 6WDWHV DQG LQ WKH FXUUHQW MRE PDUNHW WKH QXPEHU LV UDSLGO\ LQFUHDVLQJ 7KLV LV WKH

.H\ 3RLQWV 4XRWHV ILUVW PDMRU KXPRU ERRN JHDUHG VSHFLILFDOO\ WRZDUG JUDG VWXGHQWV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\ '(),25( $1' &203$1<

7HUULWRULHV $XGLR 2WKHU (GLWLRQV %ULWLVK ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW &RPS 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ %URDGZD\ $JHQF\ '(),25( $1' &203$1< ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

7KH 1DNHG 5RRPPDWH $QG 2WKHU ,VVXHV <RX 0LJKWÂ« 7KH &ROOHJH +XPRU *XLGH WR 2WKHU (GLWLRQV &ROOHJH &ROOHJHKXPRU FRÂ« ( ERRN 7KH :RUVW &DVH 6FHQDULR 6XUYLYDO +DQGERRN &RPS 7LWOHV &ROOHJHÂ« 7KH 1DNHG 5RRPPDWH $QG 2WKHU ,VVXHV <RX 7KH 6HOI 'HVWUXFWLRQ +DQGERRN :DVVRQ $GDP 75 0LJKWÂ« +LSVWHU +DQGERRN /DQKDP 5REHUW 75 7KH &ROOHJH +XPRU *XLGH WR 5XPLQDWLRQV RQ &ROOHJH /LIH .DUR $DURQ 75 &ROOHJH &ROOHJHKXPRU FRÂ« 7KH :RUVW &DVH 6FHQDULR 6XUYLYDO +DQGERRN &ROOHJHÂ« 7KH 6HOI 'HVWUXFWLRQ +DQGERRN :DVVRQ $GDP 75 +LSVWHU +DQGERRN /DQKDP 5REHUW 75 5XPLQDWLRQV RQ &ROOHJH /LIH .DUR $DURQ 75

www.CrownPublishing.com

6RXUFHERRNV

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW /$85,( $%.(0(,(5 5HSULQW VW 6HULDO 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW /$85,( 3ULFH $%.(0(,(5

2Q VDOH 3HQJXLQ *URXS 86$ ,6%1 3XEOLVKHU %URDGZD\ 2Q VDOH &KURQLFOH %RRNV ,6%1 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 6RXUFHERRNV $QFKRU 6LPRQ 6FKXVWHU 3HQJXLQ *URXS 86$

3ULFH &DQ 3ULFH

&KURQLFOH %RRNV

7KUHH 5LYHUV 3UHVV $QFKRU 6LPRQ 6FKXVWHU

&DQ &DQ

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

.H\ 3RLQWV 4XRWHV

21 6$/( %52$':$< 75$'( 3$3(5%$&.

&DQ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. 3URGÂ¬7\SH Â¬%URDGZD\ 75 2ULJLQDO

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO 8UEDQ 5DGLR FDPSDLJQ $XWKRU HYHQWV RXW RI 1HZ <RUN $GYHUWLVLQJ RQ ERRN ZHEVLWHV $IULFDQ $PHULFDQ UHDGLQJ JURXS VLWH SURPRWLRQ DQG JLYHDZD\V $IULFDQ $PHULFDQ EORJJHU RXWUHDFK %RRN VLWH VLJQHG FRS\ JLYHDZD\V &RUSRUDWH ILFWLRQ H QHZVOHWWHU SURPRWLRQ 3URPRWLRQ WR %ODFN ,QN PDLOLQJ OLVW 2XWUHDFK WR DXWKRU V PHGLD FRQWDFWV 0DLOLQJ WR $IULFDQ $PHULFDQ VRURULWLHV DQG IUDWHUQLWLHV %HDXW\ VKRS SURPRWLRQ 2XWUHDFK WR XUEDQ UDGLR DQG UHFRUG ODEHOV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1<

$XWKRU +RPHWRZQ 5RFNYLOOH &HQWUH /RQJ ,VODQG

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 0$5< (9$16 ,1&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV +XQJ 3RXOVRQ %U\DQW 6FRWW 75 +XQJ 3RXOVRQ %U\DQW 6FRWW +& &RPS 7LWOHV -XVW 7RR *RRG 7R %H 7UXH +DUULV ( /\QQ +& *ROG 'LJJHUV +RZDUG 7UDFLH 75 /RYHUV 3OD\HUV -DFNLH &ROOLQV +& 6FUXSOHV .UDQW] -XGLWK 00 /DFH 6KLUOH\ &RQUDQ +& /DFH 6KLUOH\ &RQUDQ 3%

,6%1 ,6%1 ,6%1

56 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ 3XEOLVKHU +DUOHP 0RRQ ''D\ *HQ $GXOW 3XEOLVKHU ''D\ *HQ $GXOW +DUOHP 0RRQ 6W 0DUWLQ V 3UHVV %DQWDP 6LPRQ 6FKXVWHU 3RFNHW

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 7$1<$ 0&.,1121 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ

www.CrownPublishing.com

1R 0RUH 'UHDGHG 0RQGD\V 1R 0RUH 0RQGD\V ,QVSLUH <RXUVHOI $QG 2WKHU 5HYROXWLRQDU\ :D\V WR 'LVFRYHU <RXU 7UXH &DOOLQJ DW :RUN

'DQ 0LOOHU $XWKRU RI 'D\V WR WKH :RUN <RX /RYH 'DQ 0LOOHU %HVWVHOOLQJ DXWKRU 'D\V WR WKH :RUN <RX /RYH DQG LQVSLUDWLRQDO WDON

21 6$/( %52$':$< %86,1(66 21 6$/( 75$'( 3$3(5%$&. %52$':$< %86,1(66 75$'( 3$3(5%$&.

&DQ &DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 0RWLYDWLRQDO %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 0RWLYDWLRQDO 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ &DUWRQ &RXQW (GLWLRQÂ¬'HVF Â¬&219(56,21 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7 (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV

$XGLR 7HUULWRULHV %ULWLVK $XGLR 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV 2WKHU (GLWLRQV ( ERRN 2WKHU (GLWLRQV +LVW 3UHY 7LWOHV ( ERRN 1R 0RUH 0RQGD\V 0LOOHU 'DQ +& +LVW 3UHY 7LWOHV &RPS 7LWOHV 1R 0RUH 0RQGD\V 0LOOHU 'DQ +& :KDW 6KRXOG , 'R :LWK 0\ /LIH" %URQVRQ &RPS 7LWOHV 3R 75 :KDW 6KRXOG , 'R :LWK 0\ /LIH" %URQVRQ 3R 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ %RRN &OXE $JHQF\ 7UDQVODWLRQ $JHQF\ ,6%1 2Q VDOH 2Q VDOH ,6%1 ,6%1 2Q VDOH 2Q VDOH ,6%1 ,6%1 2Q VDOH

3XEOLVKHU %URDGZD\ %XVLQHVV 3XEOLVKHU 3XEOLVKHU %URDGZD\ %XVLQHVV %URDGZD\ %XVLQHVV 3XEOLVKHU 3XEOLVKHU %URDGZD\ %XVLQHVV 5DQGRP +RXVH 7UDGH ,6%1 2Q VDOH 3XEOLVKHU 3DSHUEDFNV 5DQGRP +RXVH 7UDGH 3DSHUEDFNV

58 www.CrownPublishing.com

5HSULQW VW 6HULDO 5HSULQW 6SHFLDO 0DUNHWV VW 6HULDO $JHQW 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ 3ULFH &DQ &DQ

0LQG RYHU 0RQH\

2YHUFRPLQJ WKH 0RQH\ 'LVRUGHUV WKDW 7KUHDWHQ RXU )LQDQFLDO +HDOWK :KDW RXU SDVW KLVWRU\ UHYHDOV DERXW RXU SUHVHQW VHOI

0LQG RYHU 0RQH\ %UDG .ORQW]

2YHUFRPLQJ WKH 0RQH\ 'LVRUGHUV 7KDW 7KUHDWHQ 2XU 7HG .ORQW] )LQDQFLDO +HDOWK

21 6$/( %52$':$< %86,1(66 +$5'&29(5

&DQ

21 6$/(

%52$':$< %86,1(66 %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV +$5'&29(5 3HUVRQDO )LQDQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DQ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV + %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

KHOSHG KXQGUHGV RI SDWLHQWV FKDQJH WKHLU GLVRUGHUHG ILQDQFLDO EHKDYLRU

:LWK WKH FRXQWU\ VWLOO UHHOLQJ IURP D UHFHVVLRQ FDXVHG LQ SDUW E\ GLVRUGHUHG ILQDQFLDO .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

,Q DGGLWLRQ WR WKHLU FOLQLFDO ZRUN WKH\ VSHDN WR DXGLHQFHV RYHU WLPHV D \HDU DERXW LVVXHV UHODWLQJ WR EHKDYLRUDO ILQDQFH PRQH\ GLVRUGHUV DQG ILQDQFLDO KHDOWK

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 '56 %5$' $1' 7(' ./217= IDWKHU DQG VRQ SLRQHHUV LQ WKH HPHUJLQJ ILHOG RI

ILQDQFLDO SV\FKRORJ\ DUH SUHVLGHQW DQG &(2 RI .ORQW] &RDFKLQJ DQG &RQVXOWLQJ 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV $XGLR 2 %RRN &OXE <HV VW 6HULDO 1R ,Q DGGLWLRQ WR WKHLU FOLQLFDO ZRUN WKH\ VSHDN WR DXGLHQFHV RYHU WLPHV D \HDU %ULWLVK 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV DERXW LVVXHV UHODWLQJ WR EHKDYLRUDO ILQDQFH PRQH\ GLVRUGHUV DQG ILQDQFLDO KHDOWK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW /$85,( /,66

5LJKWV 506

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

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 5DQGRP +RXVH $XGLR %URDGZD\ %XVLQHVV 3XEOLVKHU %URDGZD\ %XVLQHVV &URZQ %XVLQHVV

3ULFH &DQ &DQ 3ULFH &DQ &DQ

59 www.CrownPublishing.com

%X\RORJ\

7UXWK DQG /LHV $ERXW :K\ :H %X\

0DUWLQ /LQGVWURP )RUHZRUG E\ 3DFR 8QGHUKLOO :LWK D QHZ FKDSWHU E\ WKH DXWKRU

21 6$/( %52$':$< %86,1(66 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ %XVLQHVV UDGLR SKRQHU FDPSDLJQ 0DMRU EXVLQHVV ZHEVLWH DGYHUWLVLQJ %XVLQHVV EORJJHU RXWUHDFK DQG JLYHDZD\ 7DUJHWHG VHDUFK FDPSDLJQ 3URPRWLRQ WR DXWKRU V FRQWDFWV 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV %X]] PDLOLQJ WR EXVLQHVV VFKRROV DQG JURXSV 3XEOLVKLQJ PDUNHWHU EX]] PDLOLQJ

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

.H\ 3RLQWV 4XRWHV $ SDJH WXUQHU 1HZVZHHN /LQGVWURP KDV DQ HQF\FORSHGLF NQRZOHGJH RI DGYHUWLVLQJ KLVWRU\ DQG DQ DEXQGDQFH RI UHDO ZRUOG EXVLQHVV H[SHULHQFH :DVKLQJWRQ 3RVW 6KDWWHUV FRQYHQWLRQDO ZLVGRP &1%& /LQGVWURP KDV DQ RULJLQDO LQTXLVLWLYH PLQG +LV QHZ ERRN LV D IDVFLQDWLQJ ORRN DW KRZ FRQVXPHUV SHUFHLYH ORJRV DGV FRPPHUFLDOV EUDQGV DQG SURGXFWV 7LPH /LQGVWURP V UHVHDUFK VKRXOG EH RI LQWHUHVW WR DQ\ FRPSDQ\ ODXQFKLQJ D QHZ SURGXFW RU EUDQG 86$ 7RGD\

$ERXW WKH $XWKRU ,OOXVWUDWRU 0$57,1 /,1'67520 LV WKH &(2 DQG FKDLUPDQ RI WKH /LQGVWURP &RPSDQ\ ZKLFK GUDZV RQ UHVHDUFK E\ D WHDP RI PRUH WKDQ VFLHQWLVWV DFDGHPLFV DQG SK\VLRORJLVWV LQ RUGHU WR LQYHQW QHZ DQG LQQRYDWLYH ZD\V WR EXLOG DQG PDLQWDLQ ZRUOG OHDGLQJ EUDQGV LQ WKH IXWXUH

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ /(9,1( *5((1%(5* /,7(5$5< $JHQW -,0 /(9,1(

2WKHU (GLWLRQV 8QDEULGJHG &' ( ERRN +LVW 3UHY 7LWOHV %X\RORJ\ /LQGVWURP 0DUWLQ +& &RPS 7LWOHV 7KH :LVGRP 2I &URZGV 6XURZLHFNL -DPHV 75

,6%1 ,6%1 ,6%1

60 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 5DQGRP +RXVH $XGLR %URDGZD\ %XVLQHVV 3XEOLVKHU %URDGZD\ %XVLQHVV 3XEOLVKHU $QFKRU

3ULFH &DQ &DQ 3ULFH &DQ 3ULFH &DQ

7KH *UHDWHVW 7UDGH (YHU

7KH %HKLQG WKH 6FHQHV 6WRU\ RI +RZ -RKQ 3DXOVRQ 'HILHG :DOO 6WUHHW DQG 0DGH )LQDQFLDO +LVWRU\

7KH *UHDWHVW 7UDGH (YHU *UHJRU\ =XFNHUPDQ

7KH %HKLQG WKH 6FHQHV 6WRU\ RI +RZ -RKQ 3DXOVRQ $ VXSHUEO\ ZULWWHQ QDUUDWLYH DERXW D FRQWUDULDQ ZKR IRUHVDZ WKH HVFDODWLQJ 'HILHG :DOO 6WUHHW DQG 0DGH )LQDQFLDO +LVWRU\

21 6$/( %52$':$< %86,1(66 +$5'&29(5

21 6$/( &DQ %52$':$< %86,1(66

+$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV + %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

SDVW \HDUV +H ZULWHV WKH ZLGHO\ UHDG +HDUG RQ WKH 6WUHHW FROXPQ DQG DSSHDUV RQ &1%& WZLFH D ZHHN +H ZDV SDUW RI D WHDP WKDW ZRQ WKH 1HZ <RUN 3UHVV &OXE -RXUQDOLVP DZDUG DQG ZDV QRPLQDWHG IRU D *HUDOG /RHE DZDUG ,Q DQG KH ZDV SDUW RI D WHDP WKDW ZRQ *HUDOG /RHE DZDUGV IRU FRYHUDJH *5(*25< =8&.(50$1 KDV EHHQ D UHSRUWHU DW 7KH:DOO 6WUHHW -RXUQDO IRU WKH RI WKH GHPLVH RI :RUOGFRP DQG WKH FROODSVH RI WKH KHGJH IXQG $PDUDQWK SDVW \HDUV +H ZULWHV WKH ZLGHO\ UHDG +HDUG RQ WKH 6WUHHW FROXPQ DQG DSSHDUV RQ &1%& WZLFH D ZHHN +H ZDV SDUW RI D WHDP WKDW ZRQ WKH 1HZ <RUN 3UHVV &OXE -RXUQDOLVP DZDUG DQG ZDV QRPLQDWHG IRU D *HUDOG /RHE DZDUG ,Q DQG KH ZDV SDUW RI D WHDP WKDW ZRQ *HUDOG /RHE DZDUGV IRU FRYHUDJH RI WKH GHPLVH RI :RUOGFRP DQG WKH FROODSVH RI WKH KHGJH IXQG $PDUDQWK

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 2WKHU (GLWLRQV %ULWLVK 1R 8QDEULGJHG &' 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW ( ERRN &RPS 7LWOHV 5LFKLVWDQ )UDQN 5REHUW +& 7KH /DVW 7\FRRQV &RKDQ :LOOLDP ' +& 2WKHU (GLWLRQV 7KH ,QIRUPDQW (LFKHQZDOG .XUW +& 8QDEULGJHG &' ( ERRN &RPS 7LWOHV 5LFKLVWDQ )UDQN 5REHUW +& 7KH /DVW 7\FRRQV &RKDQ :LOOLDP ' +& 7KH ,QIRUPDQW (LFKHQZDOG .XUW +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 0&&250,&. :,//,$06 //&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW '$9,' 0&&250,&. 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV 5DQGRP +RXVH $XGLR &DQ $JHQF\ 0&&250,&. :,//,$06 //& %URDGZD\ %XVLQHVV$JHQW '$9,' &DQ 0&&250,&. ,6%1 2Q VDOH 3XEOLVKHU 3ULFH ,6%1 2Q VDOH ,6%1 2Q VDOH

&URZQ ''D\ *HQ $GXOW 3XEOLVKHU %URDGZD\ 5DQGRP +RXVH $XGLR %URDGZD\ %XVLQHVV 3XEOLVKHU &URZQ ''D\ *HQ $GXOW %URDGZD\

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ

61 www.CrownPublishing.com

7KH $UW RI :DU IRU :RPHQ

6XQ 7]X V 8OWLPDWH *XLGH WR :LQQLQJ :LWKRXW &RQIURQWDWLRQ ,W V $ERXW WKH $UW 1RW WKH :DU

&KLQ 1LQJ &KX

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

21 6$/( %52$':$< %86,1(66 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ $GYHUWLVLQJ FDPSDLJQ WDUJHWLQJ ZRPHQ V EXVLQHVV EORJV 3URPRWLRQ RQ DXWKRU V ZHEVLWH FKLQQLQJFKX FRP 7LH LQ ZLWK DXWKRU V OHFWXUH VFKHGXOH

.H\ 3RLQWV 4XRWHV &KLQ 1LQJ &KX LV FRQVLGHUHG WKH IRUHPRVW DXWKRULW\ RQ 6XQ 7]X V 7KH $UW RI :DU DQG ZDV WKH PDMRU FRPPHQWDWRU IRU WKH 'LVFRYHU\ 7HOHYLVLRQ *UHDW %RRNV 6HULHV RQ WKH ERRN

,I HYHU WKHUH ZDV D WLPH LQ KLVWRU\ ZKHQ ZRPHQ V OHDGHUVKLS ZDV HVVHQWLDO WKDW WLPH LV QRZ DQG 7KH $UW RI :DU IRU :RPHQ SURYLGHV D EOXHSULQW IRU KRZ ZRPHQ FDQ VWHS FRQILGHQWO\ LQWR WKH OHDGHUVKLS ]RQH 'U /RLV )UDQNHO DXWKRU RI 1LFH *LUOV 'RQ W *HW WKH &RUQHU 2IILFH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $QWLRFK &$

&+,1 1,1* &+8 LV DQ LQWHUQDWLRQDOO\ UHQRZQHG VSHDNHU DQG EHVWVHOOLQJ DXWKRU RI 7KLFN )DFH %ODFN +HDUW 6KH LV WKH SUHVLGHQW RI $VLDQ 0DUNHWLQJ &RQVXOWDQWV ,QF WKH &KDLUSHUVRQ RI 6WUDWHJLF /HDUQLQJ ,QVWLWXWH DQG WKH SUHVLGHQW RI 1HXURVFLHQFH ,QGXVWULHV ,QF

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 7KH $UW 2I :DU )RU :RPHQ &KX &KLQ 1LQJ +& 7KLFN )DFH %ODFN +HDUW &RPS 7LWOHV &XVWRPHUV )RU /LIH 6HZHOO &DUO 75 1LFH *LUOV 'RQ W *HW WKH &RUQHU 2IILFH )UDQNHO +& 3OD\ /LNH $ 0DQ :LQ /LNH $ (YDQV *DLO +& 7KH 3ULQFHVVD 5XELQ +DUULHW 75 7KH 3ULQFHVVD 5XELQ +DUULHW +& 7KH $UW 2I :DU 6XQ 7]X 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6&29,/ &+,&+$. *$/(1 /,7(5$5< ,6%1 ,6%1 ,6%1

62 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $11$ *+26+

3XEOLVKHU %URDGZD\ %XVLQHVV 3XEOLVKHU %URDGZD\ %XVLQHVV :DUQHU %XVLQHVV 3XEOLVKHU %URDGZD\ %XVLQHVV :DUQHU %URDGZD\ 'HOO 7UDGH 3SU %URDGZD\ %XVLQHVV 'HOWD

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

*HWWLQJ 2UJDQL]HG LQ WKH *RRJOH (UD +RZ WR *HW 6WXII RXW RI <RXU +HDG )LQG ,W :KHQ <RX 1HHG ,W DQG *HW ,W 'RQH 5LJKW

'RXJODV 0HUULOO -DPHV $ 0DUWLQ

Â© EMI

21 6$/( %52$':$< %86,1(66 +$5'&29(5

&DQ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV +

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU HYHQWV DQG LQWHUYLHZV RXW RI 1HZ <RUN 6DQ )UDQFLVFR DQG /RV $QJHOHV 7LH LQ ZLWK DXWKRU V OHFWXUH VFKHGXOH $GYHUWLVLQJ DW WRS QHZV WHFKQRORJ\ DQG EXVLQHVV ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH ZZZ GRXJODVFPHUULOO FRP 2XWUHDFK WR EXVLQHVV WHFK DQG FDUHHU VLWHV DQG EORJV 4 $ DQG DGGLWLRQDO FRQWHQW DYDLODEOH IRU DFFRXQWV %X]] PDLOLQJV WR EXVLQHVV DQG WHFK FRPPXQLW\ 6HOO 6KHHW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU '28*/$6 0(55,// PRVW UHFHQWO\ WKH SUHVLGHQW RI WKH (0, *URXS PXVLF ODEHO ZDV WKH FKLHI LQIRUPDWLRQ RIILFHU DW *RRJOH XQWLO $SULO 3UHYLRXVO\ KH ZDV D VHQLRU YLFH SUHVLGHQW DW &KDUOHV 6FKZDE DQG &R DQG DQ LQIRUPDWLRQ VFLHQWLVW DW WKH 5$1' &RUSRUDWLRQ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 2WKHU (GLWLRQV 8QDEULGJHG &' $EULGJHG &' &RPS 7LWOHV 6L[ )XQGDPHQWDOV 2I 6XFFHVV /HYLQH 6WXDUW +& 7KH 7HQ )DFHV 2I ,QQRYDWLRQ .HOOH\ 7KRPDV +& 7KH +RXU :RUNZHHN )HUULVV 7LPRWK\ +& *(77,1* 7+,1*6 '21( 'DYLG $OOHQ KF *(77,1* 7+,1*6 '21( 'DYLG $OOHQ SEN

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ ,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU 5DQGRP +RXVH $XGLR %URDGZD\ %XVLQHVV 3XEOLVKHU %URDGZD\ %XVLQHVV %URDGZD\ %XVLQHVV &URZQ 9LNLQJ 9LNLQJ

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ

63 www.CrownPublishing.com

6ZLWFK

+RZ WR &KDQJH 7KLQJV :KHQ &KDQJH ,V +DUG

&KLS +HDWK 6ZLWFK

+RZ WR &KDQJH 7KLQJV :KHQ &KDQJH ,V +DUG 'DQ +HDWK

21 6$/( %52$':$< %86,1(66 +$5'&29(5

21 6$/( %52$':$< %86,1(66 &DQ +$5'&29(5

%,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV + 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

FRSLHV DQG KDV EHHQ D :DOO 6WUHHW -RXUQDO DQG 1HZ <RUN 7LPHV EHVWVHOOHU ,W ZDV

QDPHG WKH EXVLQHVV ERRN RI E\ $PD]RQ FRP V HGLWRUV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

%RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ )/(7&+(5 3$55< //& $JHQW &+5,67< )/(7&+(5 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU 6SHFLDO 0DUNHWV 3ULFH %URDGZD\ %XVLQHVV $JHQW &+5,67< &DQ $JHQF\ )/(7&+(5 3$55< //& 5DQGRP +RXVH $XGLR &DQ )/(7&+(5

8QDEULGJHG &' +LVW 3UHY 7LWOHV 0DGH 7R 6WLFN +HDWK &KLS +& 2WKHU (GLWLRQV &RPS 7LWOHV ( ERRN 1HYHU (DW $ORQH )HUUD]]L .HLWK +& 8QDEULGJHG &'

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 5DQGRP +RXVH 3XEOLVKHU 3XEOLVKHU %URDGZD\ %XVLQHVV %URDGZD\ %XVLQHVV 5DQGRP +RXVH $XGLR

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ &DQ

+LVW 3UHY 7LWOHV 0DGH 7R 6WLFN +HDWK &KLS +& &RPS 7LWOHV 1HYHU (DW $ORQH )HUUD]]L .HLWK +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 5DQGRP +RXVH 3XEOLVKHU %URDGZD\ %XVLQHVV

3ULFH &DQ 3ULFH &DQ

64 www.CrownPublishing.com

5XELHV LQ WKH 2UFKDUG

+RZ WR 8QFRYHU WKH +LGGHQ *HPV LQ <RXU %XVLQHVV 7KH 320 4XHHQ V 6HFUHWV WR 0DUNHWLQJ -XVW $ERXW $Q\WKLQJ

/\QGD 5HVQLFN 5XELHV LQ WKH 2UFKDUG +RZ WR 8QFRYHU WKH +LGGHQ *HPV LQ <RXU %XVLQHVV )UDQFLV :LONLQVRQ

21 6$/( %52$':$< %86,1(66 75$'( 3$3(5%$&.

&DQ 21 6$/(

%52$':$< %86,1(66 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 /RDGÂ¬*URXS Â¬ &URVV SURPRWLRQ ZLWK $FDGHPLF DQG (GLWLRQÂ¬'HVF Â¬&219(56,21 /LEUDU\ 0DUNHWLQJ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7 %XVLQHVV VFKRRO SURPRWLRQDO PDLOLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 5H SLWFK 1DWLRQDO 0HGLD 0RUQLQJ

6KRZV &%6 6XQGD\ 0RUQLQJ 7RGD\ 0DUNHWLQJ DQG 3XEOLFLW\ *RRG 0RUQLQJ $PHULFD DQG FDEOHQHZV 1DWLRQDO SXEOLFLW\ RXWOHWV /DUU\ .LQJ /LYH

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

KXVEDQG RZQ WKHVH DQG VHYHUDO RWKHU FRPSDQLHV DQG DUH WKH ELJJHVW SURGXFHUV RI QXWV DSULFRWV DQG SRPHJUDQDWHV LQ WKH ZRUOG

$ERXW WKH $XWKRU ,OOXVWUDWRU

/<1'$ 5(61,&. LV WKH PDUNHWLQJ JHQLXV EHKLQG 320 WKH FRPSDQ\ WKDW SXW SRPHJUDQDWHV RQ WKH PDS DV ZHOO DV ),-, ZDWHU DQG 7HOHIORUD 6KH DQG KHU KXVEDQG RZQ WKHVH DQG VHYHUDO RWKHU FRPSDQLHV DQG DUH WKH ELJJHVW SURGXFHUV RI QXWV DSULFRWV DQG SRPHJUDQDWHV LQ WKH ZRUOG

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

2WKHU (GLWLRQV $XGLR 2 ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 5XELHV ,Q 7KH 2UFKDUG 5HVQLFN /\QGD +& &RPS 7LWOHV &XVWRPHUV )RU /LIH 6HZHOO &DUO 75 2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 5XELHV ,Q 7KH 2UFKDUG 5HVQLFN /\QGD +& &RPS 7LWOHV &XVWRPHUV )RU /LIH 6HZHOO &DUO 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW -(11,)(5 58'2/3+ :$/

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

,6%1 2Q VDOH 3XEOLVKHU 3ULFH %RRN &OXE <HV %URDGZD\ %XVLQHVV VW 6HULDO 1R &DQ 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ :,//,$0 0255,6 $*(1&< //& %URDGZD\ %XVLQHVV $JHQW -(11,)(5 &DQ 58'2/3+ :$/ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %URDGZD\ %XVLQHVV &DQ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %URDGZD\ %XVLQHVV &DQ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %URDGZD\ %XVLQHVV &DQ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %URDGZD\ %XVLQHVV &DQ

65 www.CrownPublishing.com

8EXQWX

$Q ,QVSLULQJ 6WRU\ $ERXW DQ $IULFDQ 7UDGLWLRQ RI 7HDPZRUN DQG &RRSHUDWLRQ

8EXQWX %RE 1HOVRQ

$Q ,QVSLULQJ 6WRU\ $ERXW DQ $IULFDQ 7UDGLWLRQ RI 6WHSKHQ /XQGLQ 7HDPZRUN DQG &RRSHUDWLRQ

21 6$/( %52$':$< %86,1(66 +$5'&29(5

21 6$/( &DQ %52$':$< %86,1(66

+$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV + %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

PLOOLRQ FRSLHV VLQFH LWV SXEOLFDWLRQ E\ :RUNPDQ WZHQW\ \HDUV DJR 6WHYH /XQGLQ LV WKH FR DXWKRU RI )LVK )LVK 6WLFNV DQG )LVK 7DOHV ZKLFK KDYH VROG PLOOLRQV RI FRSLHV ZRUOG ZLGH ,Q 8EXQWX WKH\ WHDP XS IRU WKH ILUVW WLPH %DVHG RQ DQ LQFUHDVLQJO\ SRSXODU $IULFDQ SKLORVRSK\ 'RF 5LYHUV WKH FRDFK RI WKH :RUOG &KDPSLRQ %RVWRQ &HOWLFV XVHV 8EXQWX WR JLYH KLV WHDP WKH HGJH WKH\ QHHG %HVWVHOOLQJ DXWKRUV %RE 1HOVRQ V :D\V WR 5HZDUG (PSOR\HHV KDV VROG RYHU LQ WKH FRPSHWLWLYH ZRUOG RI WKH 1%$ %LOO &OLQWRQ DQG 5LFKDUG %UDQVRQ RI 9LUJLQ $LUOLQHV PLOOLRQ FRSLHV VLQFH LWV SXEOLFDWLRQ E\ :RUNPDQ WZHQW\ \HDUV DJR 6WHYH /XQGLQ LV WKH DUH ELJ DGYRFDWHV DV ZHOO FR DXWKRU RI )LVK )LVK 6WLFNV DQG )LVK 7DOHV ZKLFK KDYH VROG PLOOLRQV RI FRSLHV *UHDW PHVVDJH 8EXQWX RIIHUV D SKLORVRSK\ RI FRRSHUDWLRQ DQG WHDPZRUN WKDW FDQ PDNH ZRUOG ZLGH ,Q 8EXQWX WKH\ WHDP XS IRU WKH ILUVW WLPH WKH HQWLUH FRPSDQ\ PRUH SURGXFWLYH DQG PDNH HPSOR\HHV DQG PDQDJHUV PRUH %DVHG RQ DQ LQFUHDVLQJO\ SRSXODU $IULFDQ SKLORVRSK\ 'RF 5LYHUV WKH FRDFK RI WKH VXFFHVVIXO DQG IXOILOOHG LQ WKHLU ZRUN :RUOG &KDPSLRQ %RVWRQ &HOWLFV XVHV 8EXQWX WR JLYH KLV WHDP WKH HGJH WKH\ QHHG LQ WKH FRPSHWLWLYH ZRUOG RI WKH 1%$ %LOO &OLQWRQ DQG 5LFKDUG %UDQVRQ RI 9LUJLQ $LUOLQHV DUH ELJ DGYRFDWHV DV ZHOO *UHDW PHVVDJH 8EXQWX RIIHUV D SKLORVRSK\ RI FRRSHUDWLRQ DQG WHDPZRUN WKDW FDQ PDNH WKH HQWLUH FRPSDQ\ PRUH SURGXFWLYH DQG PDNH HPSOR\HHV DQG PDQDJHUV PRUH '5 %2% 1(/621 RQH RI WKH QDWLRQ V SUHPLHU VSHDNHUV DQG WUDLQHUV LV D VXFFHVVIXO DQG IXOILOOHG LQ WKHLU ZRUN

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

NH\QRWH VSHDNHU DQG OHFWXUHU DW RYHU EXVLQHVV HYHQWV D \HDU $PRQJ KLV EHVWVHOOLQJ ERRNV LV :D\V WR 5HZDUG (PSOR\HHV '5 67(3+(1 /81',1 LV D QDWLRQDO DQG LQWHUQDWLRQDO VSHDNHU ZULWHU DQG HQWUHSUHQHXU +H LV WKH SULPDU\ FR DXWKRU RI WKH EHVWVHOOLQJ )LVK ERRNV '5 %2% 1(/621 RQH RI WKH QDWLRQ V SUHPLHU VSHDNHUV DQG WUDLQHUV LV D NH\QRWH VSHDNHU DQG OHFWXUHU DW RYHU EXVLQHVV HYHQWV D \HDU $PRQJ KLV EHVWVHOOLQJ ERRNV LV :D\V WR 5HZDUG (PSOR\HHV '5 67(3+(1 /81',1 LV D QDWLRQDO DQG LQWHUQDWLRQDO VSHDNHU ZULWHU DQG HQWUHSUHQHXU +H LV WKH SULPDU\ FR DXWKRU RI WKH EHVWVHOOLQJ )LVK ERRNV

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV 8QDEULGJHG &' 5HVWULFWLRQ 1R 5HVWULFWLRQV ( ERRN

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ :$7(56,'( 352'8&7,216 $JHQW %,// ,1& */$'6721( 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 5DQGRP +RXVH $XGLR &DQ $JHQF\ :$7(56,'( 352'8&7,216 %URDGZD\ %XVLQHVV$JHQW %,// &DQ ,1& */$'6721( ,6%1 2Q VDOH 3XEOLVKHU 3ULFH

+LVW 3UHY 7LWOHV )LVK /XQGLQ 6 3DXO + DQG &KULVWHQVHQ - +& :D\V WR 5HZDUG (PSOR\HHV 1HOVRQ %RE 75 2WKHU (GLWLRQV &RPS 7LWOHV 8QDEULGJHG &' 7KH )UHG )DFWRU 6DQERUQ 0DUN +& ( ERRN <RX 'RQ 7 1HHG 7LWOH 7R %H $ 6DQERUQ 0DUN +& +LVW 3UHY 7LWOHV

)LVK /XQGLQ 6 3DXO + DQG &KULVWHQVHQ - +& :D\V WR 5HZDUG (PSOR\HHV 1HOVRQ %RE 75 &RPS 7LWOHV 7KH )UHG )DFWRU 6DQERUQ 0DUN +& <RX 'RQ 7 1HHG 7LWOH 7R %H $ 6DQERUQ 0DUN +&

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

+\SHULRQ :RUNPDQ 3XEOLVKLQJ 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH $XGLR %URDGZD\ %XVLQHVV %URDGZD\ %XVLQHVV 3XEOLVKHU +\SHULRQ :RUNPDQ 3XEOLVKLQJ 3XEOLVKHU %URDGZD\ %XVLQHVV %URDGZD\ %XVLQHVV

3ULFH 3ULFH &DQ &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ

7KH 1HFHVVDU\ 5HYROXWLRQ

+RZ ,QGLYLGXDOV DQG 2UJDQL]DWLRQV $UH :RUNLQJ 7RJHWKHU WR &UHDWH D 6XVWDLQDEOH :RUOG

7KH 1HFHVVDU\ 5HYROXWLRQ 3HWHU 0 6HQJH

+RZ ,QGLYLGXDOV DQG 2UJDQL]DWLRQV $UH :RUNLQJ %U\DQ 6PLWK 7RJHWKHU WR &UHDWH D 6XVWDLQDEOH :RUOG

1LQD .UXVFKZLW] -RH /DXU 3HWHU 0 6HQJH 6DUD 6FKOH\ %U\DQ 6PLWK 1LQD .UXVFKZLW] $ JURXQGEUHDNLQJ FDOO WR DUPV VKRZLQJ ZK\ EXVLQHVVHV PXVW ILQG ORQJ WHUP VXVWDLQDEOH VROXWLRQV WKDW ZLOO DOORZ WKHP WR VXUYLYH LQ WKH ORQJ WHUP ZKLOH -RH /DXU UHPDLQLQJ SURILWDEOH WRGD\ 7KH SDSHUEDFN HGLWLRQ ZLOO IHDWXUH D QHZ 6DUD 6FKOH\ LQWURGXFWLRQ E\ WKH DXWKRUV 21 6$/( %52$':$< %86,1(66 75$'( 3$3(5%$&.

21 6$/( &DQ

%52$':$< %86,1(66 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV 7 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ EXVLQHVV DQG HQYLURQPHQWDO EORJV DQG ZHEVLWHV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ EXVLQHVV DQG HQYLURQPHQWDO EORJV DQG ZHEVLWHV

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

WKH IRXQGLQJ FKDLU RI 6R/ DQG D UHQRZQHG SLRQHHU WKHRULVW DQG ZULWHU LQ WKH ILHOG RI PDQDJHPHQW LQQRYDWLRQ +H KDV VSHQW RYHU \HDUV UHVHDUFKLQJ HQYLURQPHQWDO DQG JOREDO LVVXHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

3(7(5 6(1*( LV D VHQLRU OHFWXUHU DW WKH 0DVVDFKXVHWWV ,QVWLWXWH RI 7HFKQRORJ\ 5LJKWV 506 WKH IRXQGLQJ FKDLU RI 6R/ DQG D UHQRZQHG SLRQHHU WKHRULVW DQG ZULWHU LQ WKH ILHOG RI PDQDJHPHQW LQQRYDWLRQ +H KDV VSHQW RYHU \HDUV UHVHDUFKLQJ 7HUULWRULHV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV HQYLURQPHQWDO DQG JOREDO LVVXHV %RRN &OXE <HV $XGLR 2 VW 6HULDO <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7UDQVODWLRQ 1R $JHQF\ 7+( 63,(/(5 $*(1&<

6SHFLDO 0DUNHWV $JHQW -2( 63,(/(5

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

67 www.CrownPublishing.com

7KH 3HQJXLQ DQG WKH /HYLDWKDQ 7KH 7ULXPSK RI &RRSHUDWLRQ 2YHU 6HOI ,QWHUHVW

<RFKDL %HQNOHU

7KH 3HQJXLQ DQG WKH /HYLDWKDQ

2YHUWXUQLQJ WKH ORQJ KHOG DVVXPSWLRQ WKDW QDNHG VHOI LQWHUHVW LV WKH URRW RI 7KH 7ULXPSK RI &RRSHUDWLRQ 2YHU 6HOI ,QWHUHVW

21 6$/( %52$':$< %86,1(66 +$5'&29(5

21 6$/( &DQ

%52$':$< %86,1(66 +$5'&29(5 %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'RXEOHGD\ %XVLQHVV + %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

<2&+$, %(1./(5 LV WKH %HUNPDQ 3URIHVVRU RI (QWUHSUHQHXULDO /HJDO 6WXGLHV DW +DUYDUG 8QLYHUVLW\ 6LQFH WKH V KH KDV EHHQ D OHDGLQJ VFKRODU LQ WKH UROH RI FROODERUDWLRQ LQ LQIRUPDWLRQ WHFKQRORJ\ EXVLQHVV VRFLHW\ DQG FXOWXUH DQG KDV ZRQ DZDUGV IURP D QXPEHU RI FLYLO ULJKWV DQG VRFLDO RUJDQL]DWLRQV

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW 0$; %52&.0$1 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV $XGLR 1R %RRN &OXE <HV VW 6HULDO 1R 2WKHU (GLWLRQV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %ULWLVK 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV ( ERRN %URDGZD\ %XVLQHVV &DQ 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW $JHQF\ %52&.0$1 ,1& $JHQW 0$; +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %52&.0$1 7+( :($/7+ 2) 1(7:25.6 <RFKDL %HQNOHU SEN <DOH 8QLYHUVLW\ 3UHVV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ %52&.0$1 ,1&

7+( :($/7+ 2) 1(7:25.6 <RFKDL %HQNOHU +& &RPS 7LWOHV 2WKHU (GLWLRQV 7KH %ODFN 6ZDQ 7DOHE 1DVVLP 1LFKRODV +& ( ERRN 7KH /RJLF 2I /LIH +DUIRUG 7LP +& +LVW 3UHY 7LWOHV :,.,120,&6 'RQ 7DSVFRWW +& 7+( :($/7+ 2) 1(7:25.6 <RFKDL %HQNOHU SEN 7+( :($/7+ 2) 1(7:25.6 <RFKDL %HQNOHU +& &RPS 7LWOHV 7KH %ODFN 6ZDQ 7DOHE 1DVVLP 1LFKRODV +& 7KH /RJLF 2I /LIH +DUIRUG 7LP +& :,.,120,&6 'RQ 7DSVFRWW +&

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

<DOH 8QLYHUVLW\ 3UHVV 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH %URDGZD\ %XVLQHVV 5DQGRP +RXVH 3XEOLVKHU 3RUWIROLR <DOH 8QLYHUVLW\ 3UHVV <DOH 8QLYHUVLW\ 3UHVV 3XEOLVKHU 5DQGRP +RXVH 5DQGRP +RXVH 3RUWIROLR

3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ

www.CrownPublishing.com

/RYH DQG :DU

)LQGLQJ WKH 0DUULDJH <RX YH 'UHDPHG 2I $XWKRUV RI WKH %HVWVHOOLQJ &DSWLYDWLQJ DQG :LOG DW +HDUW

-RKQ (OGUHGJH 6WDVL (OGUHGJH

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

&DQ %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV +&

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &RORUDGR 6SULQJV &2

-2+1 (/'5('*( LV WKH IRXQGHU DQG GLUHFWRU RI 5DQVRPHG +HDUW 70 0LQLVWULHV LQ &RORUDGR 6SULQJV &RORUDGR D IHOORZVKLS GHYRWHG WR KHOSLQJ SHRSOH GLVFRYHU WKH KHDUW RI *RG -RKQ LV WKH DXWKRU RI QXPHURXV ERRNV LQFOXGLQJ (SLF :DNLQJ WKH 'HDG :LOG DW +HDUW DQG 'HVLUH DQG FRDXWKRU RI &DSWLYDWLQJ DQG 7KH 6DFUHG 5RPDQFH 67$6, (/'5('*( ZKR LV SDVVLRQDWH DERXW PHQWRULQJ ZRPHQ LQ ILQGLQJ WKHLU WUXH LGHQWLW\ DV WKH %HORYHG RI &KULVW KDV EHHQ OHDGLQJ ZRPHQ V %LEOH VWXGLHV IRU \HDUV :LWK D %$ LQ 6RFLRORJ\ DQG IRUPHUO\ RQ VWDII ZLWK <RXWK IRU &KULVW 6WDVL QRZ OHDGV WKH ZRPHQ V PLQLVWU\ RI 5DQVRPHG +HDUW 6KH KDV EHHQ PDUULHG WR -RKQ IRU QLQHWHHQ \HDUV DQG KDV WKUHH VRQV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ <$7(6 <$7(6 //3

2WKHU (GLWLRQV ( ERRN 8QDEULGJHG &' +LVW 3UHY 7LWOHV :DONLQJ ZLWK *RG +DUGFRYHU (SLF +DUGFRYHU &DSWLYDWLQJ 7UDGH 3DSHUEDFN :LOG DW +HDUW 3DSHUEDFN &RPS 7LWOHV )RU :RPHQ 2QO\ )HOGKDKQ 6KDXQWL +& 6HYHQ 3ULQFLSOHV )RU 0DNLQJ 0D * +& 6HYHQ 3ULQFLSOHV 0DUULDJH *RWWPDQ - 75 2QH 0RQWK 7R /LYH 6KRRN .HUU\ +&

,6%1 ,6%1 ,6%1

70 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW &857,6 <$7(6

3XEOLVKHU ''D\ 5HOLJLRQ 5DQGRP +RXVH $XGLR 3XEOLVKHU 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 3XEOLVKHU 0XOWQRPDK %RRNV &URZQ 7KUHH 5LYHUV 3UHVV :DWHU%URRN 3UHVV

3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ

&RPSODLQW )UHH 5HODWLRQVKLSV

7UDQVIRUPLQJ <RXU /LIH 2QH 5HODWLRQVKLS DW D 7LPH

:LOO %RZHQ &RPSODLQW )UHH 5HODWLRQVKLSV

7UDQVIRUPLQJ <RXU /LIH 2QH 5HODWLRQVKLS DW D 7LPH $ UHYROXWLRQDU\ DSSURDFK WR LPSURYLQJ HYHU\ UHODWLRQVKLS LQ \RXU OLIH

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/( &DQ '28%/('$< 5(/,*,21

+$5'&29(5 %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DQ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV +& %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

KDYH EHHQ ZULWWHQ DERXW LQ RYHU QHZVSDSHUV 3HRSOH PDJD]LQH 2 7KH 2SUDK 0DJD]LQH 6HOI PDJD]LQH DQG &KLFNHQ 6RXS IRU WKH 6RXO ,Q KH ZDV 5LJKWV 506 GXEEHG RQH RI WKH PRVW LQQRYDWLYH &KULVWLDQ OHDGHUV LQ WKH 8 6 E\ &KXUFK 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV 6ROXWLRQV PDJD]LQH $XGLR <HV %RRN &OXE <HV VW 6HULDO <HV

%ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV 8QDEULGJHG &' 5HVWULFWLRQ 1R 5HVWULFWLRQV

+LVW 3UHY 7LWOHV &RPSODLQW )UHH :RUOG $ %RZHQ :LOO +& &RPS 7LWOHV 2WKHU (GLWLRQV 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG +& 8QDEULGJHG &' 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG 75 +LVW 3UHY 7LWOHV &RPSODLQW )UHH :RUOG $ %RZHQ :LOO +& &RPS 7LWOHV 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG +& 6FUHDPIUHH 3DUHQWLQJ 5XQNHO +DO (GZDUG 75

7UDQVODWLRQ <HV $JHQF\ /(9(/ ),9( 0(',$ //&

6SHFLDO 0DUNHWV $JHQW 67(9( +$16(/0$1 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 5DQGRP +RXVH $XGLR &DQ $JHQF\ /(9(/ ),9( 0(',$ //& $JHQW 67(9( ,6%1 2Q VDOH 3XEOLVKHU 3ULFH +$16(/0$1 ''D\ 5HOLJLRQ &DQ ,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3XEOLVKHU %URDGZD\ 5DQGRP +RXVH $XGLR %URDGZD\ 3XEOLVKHU ''D\ 5HOLJLRQ 3XEOLVKHU %URDGZD\ %URDGZD\

3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ

71 www.CrownPublishing.com

0DLPRQLGHV

7KH /LIH DQG :RUOG RI 2QH RI &LYLOL]DWLRQ V *UHDWHVW 0LQGV

0DLPRQLGHV -RHO / .UDHPHU

7KH /LIH DQG :RUOG RI 2QH RI &LYLOL]DWLRQ V *UHDWHVW 0LQGV 0RVHV 0DLPRQLGHV LV RQH RI WKH PRVW LQIOXHQWLDO LQWHOOHFWV LQ DOO RI KXPDQ

'28%/('$< 5(/,*,21 75$'( 3$3(5%$&.

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

21 6$/(

+LV LQIOXHQFH LQ SKLORVRSK\ LV HTXDO WR WKDW RI 3ODWR $ULVWRWOH 6SLQR]D DQG .DQW .H\ 3RLQWV 4XRWHV ,Q UHOLJLRQ KH LV DV VLJQLILFDQW DV 0RVHV 0DUWLQ /XWKHU DQG 6DLQW $XJXVWLQH

21 6$/(

&DQ '28%/('$< 5(/,*,21 75$'( 3$3(5%$&.

%,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ +LVWRULFDO (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3URGÂ¬7\SH Â¬'' 5HOLJLRXV 75 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

.H\ 3RLQWV 4XRWHV PRGHUQ PHGLFLQH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

/LYHO\ OXFLG DQG HQJDJLQJ -RQDWKDQ .LUVFK /$ 7LPHV $XWKRU 5HVLGHQFH &KLFDJR ,/

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ .1((5,0 :,//,$06

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -,// .1((5,0

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR 2 ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV ''D\ 5HOLJLRQ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ .1((5,0 :,//,$06

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW -,// .1((5,0

5LJKWV 506

0DLPRQLGHV .UDHPHU -RHO / +& &RPS 7LWOHV ,6%1 2WKHU (GLWLRQV 0RVW )DPRXV 0DQ ,Q $PHULFD $SSOHJDWH 'HEE\ 75 ,6%1 ( ERRN 0DLPRQLGHV 1XODQG 6KHUZLQ % +& +LVW 3UHY 7LWOHV ,6%1 0DLPRQLGHV .UDHPHU -RHO / +& &RPS 7LWOHV ,6%1 0RVW )DPRXV 0DQ ,Q $PHULFD $SSOHJDWH 'HEE\ 75 0DLPRQLGHV 1XODQG 6KHUZLQ % +&

72 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

''D\ 5HOLJLRQ 3XEOLVKHU 3XEOLVKHU 7KUHH /HDYHV ''D\ 5HOLJLRQ 6FKRFNHQ 3XEOLVKHU ''D\ 5HOLJLRQ 3XEOLVKHU 7KUHH /HDYHV 6FKRFNHQ

&DQ 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ

&RQIXFLXV 7KURXJK WKH $JHV

7KH 0DQ\ /LYHV RI &LYLOL]DWLRQ V *UHDWHVW 6DJH

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

.H\ 3RLQWV 4XRWHV 21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/( &DQ

'28%/('$< 5(/,*,21 +$5'&29(5 %,6$&Â¬&DW Â¬+LVWRU\ &KLQD 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬,PDJH +& %,6$&Â¬&DW Â¬+LVWRU\ &KLQD 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $XGLR <HV VW 6HULDO <HV )LYH &RQIXFLDQ &ODVVLFV 0LFKDHO 1\ODQ +DUGFRYHU%RRN &OXE <HV <DOH 8QLYHUVLW\ 3UHVV %ULWLVK <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 2Q 6DFUHG *URXQGV 7KRPDV $ :LOVRQ HW +DUYDUG 8QLYHUVLW\ DO +DUGFRYHÂ« 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ $JHQW &RPS 7LWOHV 7KH *UHDW 7UDQVIRUPDWLRQ $UPVWURQJ .DUHQ +& +LVW 3UHY 7LWOHV 5DEEL -HVXV &KLOWRQ %UXFH +& )LYH &RQIXFLDQ &ODVVLFV 0LFKDHO 1\ODQ +DUGFRYHU 7KH $QDOHFWV 2I &RQIXFLXV :DOH\ $UWKXU 75 2Q 6DFUHG *URXQGV 7KRPDV $ :LOVRQ HW 7KH $QDOHFWV 2I &RQIXFLXV $PHV 5RJHU 7 75 DO +DUGFRYHÂ« &RPS 7LWOHV 7KH *UHDW 7UDQVIRUPDWLRQ $UPVWURQJ .DUHQ +& 5DEEL -HVXV &KLOWRQ %UXFH +& 7KH $QDOHFWV 2I &RQIXFLXV :DOH\ $UWKXU 75 7KH $QDOHFWV 2I &RQIXFLXV $PHV 5RJHU 7 75

,6%1 2Q VDOH ,6%1 2Q VDOH

3XEOLVKHU .QRSI 3XEOLVKHU ''D\ 5HOLJLRQ <DOH 8QLYHUVLW\ 3UHVV 9LQWDJH +DUYDUG 8QLYHUVLW\ %DOODQWLQH %RRNV

3ULFH 3ULFH &DQ &DQ

,6%1 2Q VDOH

3XEOLVKHU .QRSI ''D\ 5HOLJLRQ 9LQWDJH %DOODQWLQH %RRNV

3ULFH &DQ &DQ

73 www.CrownPublishing.com

%HLQJ :LWK $QLPDOV

:K\ :H $UH 2EVHVVHG ZLWK WKH )XUU\ 6FDO\ )HDWKHUHG &UHDWXUHV :KR 3RSXODWH 2XU :RUOG

%HLQJ :LWK $QLPDOV %DUEDUD - .LQJ

:K\ :H $UH 2EVHVVHG ZLWK WKH )XUU\ 6FDO\ )HDWKHUHG :KDW GR 0LFNH\ 0RXVH *DQHVK D OHRSDUG VNLQ SLOOER[ KDW $ /LRQ &DOOHG &UHDWXUHV :KR 3RSXODWH 2XU :RUOG &KULVWLDQ DQG WKH $IODF GXFN KDYH LQ FRPPRQ" 7KH\ DOO UHSUHVHQW KXPDQ

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/( &DQ

'28%/('$< 5(/,*,21 +$5'&29(5 %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DQ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬,PDJH +& %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO 3XEOLFLW\ 3URGÂ¬7\SH Â¬,PDJH +& 5HJLRQDO 135 FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI :DVKLQJWRQ ' & $GYHUWLVLQJ RQ SHW EORJV 2XWUHDFK WR SHW DQG DQLPDO 1DWLRQDO 3XEOLFLW\ RUJDQL]DWLRQV LQFOXGLQJ 3(7$ DQG 5HJLRQDO 135 FDPSDLJQ $63&$ $XWKRU LQWHUYLHZV RXW RI :DVKLQJWRQ %LJ PRXWK PDLOLQJ WR DQWKURSRORJLVWV ' & DQG ELRORJLFDO DQWKURSRORJLVWV $GYHUWLVLQJ RQ SHW EORJV 2XWUHDFK WR SHW DQG DQLPDO RUJDQL]DWLRQV LQFOXGLQJ 3(7$ DQG $63&$ %LJ PRXWK PDLOLQJ WR DQWKURSRORJLVWV DQG ELRORJLFDO DQWKURSRORJLVWV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

EHLQJV GHHSO\ LQJUDLQHG FRQQHFWLRQ WR WKH DQLPDO NLQJGRP ,Q %HLQJ :LWK %DUEDUD - .LQJ $QLPDOV DQWKURSRORJLVW %DUEDUD .LQJ XQUDYHOV WKH FRPSOH[LW\ DQG HQRUPRXV VLJQLILFDQFH RI WKLV UHODWLRQVKLS :KDW GR 0LFNH\ 0RXVH *DQHVK D OHRSDUG VNLQ SLOOER[ KDW $ /LRQ &DOOHG $QLPDOV UXOH RXU H[LVWHQFH <RX FDQ VHH WKLV LQ WKH ELOOLRQV RI GROODUV ZH SRXU &KULVWLDQ DQG WKH $IODF GXFN KDYH LQ FRPPRQ" 7KH\ DOO UHSUHVHQW KXPDQ RXW HDFK \HDU IRU RXU SHWV LQ WKH VXFFHVV RI ERRNV DQG ILOPV VXFK DV 0DUOH\ DQG EHLQJV GHHSO\ LQJUDLQHG FRQQHFWLRQ WR WKH DQLPDO NLQJGRP ,Q %HLQJ :LWK 0H LQ WKH VWRULHV WKDW KDYH HQWHUWDLQHG DQG LQVWUXFWHG FKLOGUHQ IURP 7KH &DW LQ $QLPDOV DQWKURSRORJLVW %DUEDUD .LQJ XQUDYHOV WKH FRPSOH[LW\ DQG WKH +DW DOO WKH ZD\ EDFN WR $HVRS V IDEOHV LQ WKH DQLPDO GHLWLHV WKDW SHUYDGH WKH HQRUPRXV VLJQLILFDQFH RI WKLV UHODWLRQVKLS PRVW DQFLHQW IRUPV RI UHOLJLRQ DQG ZKLFK VWLOO DSSHDU LQ VXEOLPDWHG IRUPV WRGD\ $QLPDOV UXOH RXU H[LVWHQFH <RX FDQ VHH WKLV LQ WKH ELOOLRQV RI GROODUV ZH SRXU WR WKH SDLQWLQJV RQ WKH FDYH ZDOOV RI /DVFDX[ 'HVSLWH FRQVWDQW DQG GUDPDWLF RXW HDFK \HDU IRU RXU SHWV LQ WKH VXFFHVV RI ERRNV DQG ILOPV VXFK DV 0DUOH\ DQG FKDQJHV LQ RXU FLUFXPVWDQFHV DQLPDOV KDYH GRPLQDWHG RXU OLYHV IRU WHQV RI 0H LQ WKH VWRULHV WKDW KDYH HQWHUWDLQHG DQG LQVWUXFWHG FKLOGUHQ IURP 7KH &DW LQ WKRXVDQGV RI \HDUV :K\" WKH +DW DOO WKH ZD\ EDFN WR $HVRS V IDEOHV LQ WKH DQLPDO GHLWLHV WKDW SHUYDGH WKH %DUEDUD .LQJ GLJV GHHS LQWR WKH LPSRUWDQFH RI WKH KXPDQ DQLPDO ERQG DV NH\ WR PRVW DQFLHQW IRUPV RI UHOLJLRQ DQG ZKLFK VWLOO DSSHDU LQ VXEOLPDWHG IRUPV WRGD\ RXU HYROXWLRQ DQG DV D VLJQLILFDQW DVSHFW RI SHRSOH V VSLULWXDO OLYHV QRZ DV PXFK WR WKH SDLQWLQJV RQ WKH FDYH ZDOOV RI /DVFDX[ 'HVSLWH FRQVWDQW DQG GUDPDWLF DV HYHU %HLQJ :LWK $QLPDOV H[SODLQV ZKDW WUXO\ PDNHV XV KXPDQ DQG ORRNV WR FKDQJHV LQ RXU FLUFXPVWDQFHV DQLPDOV KDYH GRPLQDWHG RXU OLYHV IRU WHQV RI WKH IXWXUH DW KRZ RXU IXUWKHU WHFKQRORJLFDO GHYHORSPHQW PD\ RU PD\ QRW DIIHFW WKRXVDQGV RI \HDUV :K\" WKHVH LPSRUWDQW WLHV %DUEDUD .LQJ GLJV GHHS LQWR WKH LPSRUWDQFH RI WKH KXPDQ DQLPDO ERQG DV NH\ WR RXU HYROXWLRQ DQG DV D VLJQLILFDQW DVSHFW RI SHRSOH V VSLULWXDO OLYHV QRZ DV PXFK DV HYHU %HLQJ :LWK $QLPDOV H[SODLQV ZKDW WUXO\ PDNHV XV KXPDQ DQG ORRNV WR WKH IXWXUH DW KRZ RXU IXUWKHU WHFKQRORJLFDO GHYHORSPHQW PD\ RU PD\ QRW DIIHFW 7LPHOHVV WRSLF $QLPDOV DUH HQGXULQJ REMHFWV RI IDVFLQDWLRQ IRU SHRSOH DQG .LQJ V IUHVK WKHVH LPSRUWDQW WLHV ORRN DW WKH KXPDQ DQLPDO UHODWLRQVKLS ZLOO UHVRQDWH GHHSO\ ZLWK DQLPDO ORYHUV WKH

.H\ 3RLQWV 4XRWHV

HQYLURQPHQWDOO\ PLQGHG DQG WKH DUPFKDLU VFLHQWLVW

0DQ\ SURPRWLRQDO DQJOHV .LQJ V ZRUN FDQ EH ORRNHG DW LQ WHUPV RI SRSXODU FXOWXUH .H\ 3RLQWV 4XRWHV

KXPDQ HYROXWLRQ KXPDQ SV\FKRORJ\ KLVWRU\ DQG UHOLJLRQ 7LPHOHVV WRSLF $QLPDOV DUH HQGXULQJ REMHFWV RI IDVFLQDWLRQ IRU SHRSOH DQG .LQJ V IUHVK ORRN DW WKH KXPDQ DQLPDO UHODWLRQVKLS ZLOO UHVRQDWH GHHSO\ ZLWK DQLPDO ORYHUV WKH HQYLURQPHQWDOO\ PLQGHG DQG WKH DUPFKDLU VFLHQWLVW 0DQ\ SURPRWLRQDO DQJOHV .LQJ V ZRUN FDQ EH ORRNHG DW LQ WHUPV RI SRSXODU FXOWXUH $XWKRU +RPHWRZQ :LOOLDPVEXUJ 9$ KXPDQ HYROXWLRQ KXPDQ SV\FKRORJ\ KLVWRU\ DQG UHOLJLRQ %$5%$5$ - .,1* LV D ELRORJLFDO DQWKURSRORJLVW DQG SURIHVVRU RI DQWKURSRORJ\ DW

$ERXW WKH $XWKRU ,OOXVWUDWRU

7KH &ROOHJH RI :LOOLDP DQG 0DU\ .LQJ V UHVHDUFK LQWHUHVWV FRQFHUQ WKH VRFLDO FRPPXQLFDWLRQ RI WKH JUHDW DSHV WKH FORVHVW OLYLQJ UHODWLYHV WR KXPDQV 6KH KDV VWXGLHG DSH DQG PRQNH\ EHKDYLRU LQ *DERQ .HQ\D DQG DW WKH /DQJXDJH $XWKRU +RPHWRZQ :LOOLDPVEXUJ 9$ 5HVHDUFK &HQWHU DW *HRUJLD 6WDWH 8QLYHUVLW\ %$5%$5$ - .,1* LV D ELRORJLFDO DQWKURSRORJLVW DQG SURIHVVRU RI DQWKURSRORJ\ DW 7KH &ROOHJH RI :LOOLDP DQG 0DU\ .LQJ V UHVHDUFK LQWHUHVWV FRQFHUQ WKH VRFLDO FRPPXQLFDWLRQ RI WKH JUHDW DSHV WKH FORVHVW OLYLQJ UHODWLYHV WR KXPDQV 6KH KDV VWXGLHG DSH DQG PRQNH\ EHKDYLRU LQ *DERQ .HQ\D DQG DW WKH /DQJXDJH 5HVHDUFK &HQWHU DW *HRUJLD 6WDWH 8QLYHUVLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ /(9,1( *5((1%(5* /,7(5$5<

7HUULWRULHV :RUOG +LVW 3UHY 7LWOHV (YROYLQJ *RG .LQJ %DUEDUD - +& $XGLR 1R 7KH '\QDPLF 'DQFH +DUGFRYHU %ULWLVK <HV &RPS 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU 5HSULQW <HV 3ULFH ''D\ 5HOLJLRQ VW 6HULDO <HV &DQ %RRN &OXE <HV +DUYDUG 8QLYHUVLW\ 3UHVV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ /(9,1( *5((1%(5* /,7(5$5< $JHQW -,0 /(9,1(

5LJKWV 506

1LQH (PRWLRQDO /LYHV 2I &DWV 0DVVRQ -HIIUH\ 0RXVVÂ« +LVW 3UHY 7LWOHV :KDW 6KDPX 7DXJKW 0H $ERXW 6XWKHUODQG $P\ +& (YROYLQJ *RG .LQJ %DUEDUD - +& 7KH '\QDPLF 'DQFH +DUGFRYHU &RPS 7LWOHV 1LQH (PRWLRQDO /LYHV 2I &DWV 0DVVRQ -HIIUH\ 0RXVVÂ« :KDW 6KDPX 7DXJKW 0H $ERXW 6XWKHUODQG $P\ +&

74 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -,0 /(9,1(

,6%1 2Q VDOH ,6%1 2Q VDOH

%DOODQWLQH %RRNV &DQ 3XEOLVKHU 3ULFH 5DQGRP +RXVH &DQ ''D\ 5HOLJLRQ &DQ +DUYDUG 8QLYHUVLW\ 3UHVV 3XEOLVKHU 3ULFH

%DOODQWLQH %RRNV

&DQ

5DQGRP +RXVH

&DQ

7HD ZLWK +H]EROODK

2XU -RXUQH\ WR 6LWWLQJ 'RZQ ZLWK 2XU (QHPLHV

7HG 'HNNHU 7HD ZLWK +H]EROODK &DUO 0HGHDULV 2XU -RXUQH\ WR 6LWWLQJ 'RZQ ZLWK 2XU (QHPLHV

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/( &DQ '28%/('$< 5(/,*,21

+$5'&29(5 &DWHJRU\ Â¬5HOLJLRQ &XUUHQW $IIDLUV ,QWHUQDWLRQDO %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬5HOLJLRQ &XUUHQW $IIDLUV /RDGÂ¬*URXS Â¬ ,QWHUQDWLRQDO 3URGÂ¬7\SH Â¬'' 5HOLJLRXV +& %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV +& 1DWLRQDO 3XEOLF 5DGLR FDPSDLJQ 5HJLRQDO 135 FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI 7H[DV :DVKLQJWRQ ' & 2QOLQH DGYHUWLVLQJ RQ &KULVWLDQ ZHEVLWHV 1DWLRQDO SXEOLFLW\ )HDWXUHG RQ DXWKRU V ZHEVLWH 1DWLRQDO 3XEOLF 5DGLR FDPSDLJQ 7HG'HNNHU FRP 5HJLRQDO 135 FDPSDLJQ %X]] FDPSDLJQ RQ )DFHERRN ZLWK $XWKRU LQWHUYLHZV RXW RI 7H[DV FRQWHVW :DVKLQJWRQ ' & 9LGHR WUDLOHU 2QOLQH DGYHUWLVLQJ RQ &KULVWLDQ ZHEVLWHV ,QFOXGHG LQ :DWHU%URRN 0XOWQRPDK V )HDWXUHG RQ DXWKRU V ZHEVLWH DQG 'RXEOHGD\ 5HOLJLRQ V HPDLO EODVWV 7HG'HNNHU FRP DQG RQOLQH FDPSDLJQV %X]] FDPSDLJQ RQ )DFHERRN ZLWK 0DMRU RXWUHDFK WR DXWKRU V IDQ EDVH FRQWHVW 7DUJHWHG PDLOLQJ WR PHPEHUV RI 9LGHR WUDLOHU FRQJUHVV SULRU WR WKH 1DWLRQDO 3UD\HU ,QFOXGHG LQ :DWHU%URRN 0XOWQRPDK V %UHDNIDVW DQG 'RXEOHGD\ 5HOLJLRQ V HPDLO EODVWV DQG RQOLQH FDPSDLJQV 0DMRU RXWUHDFK WR DXWKRU V IDQ EDVH 7DUJHWHG PDLOLQJ WR PHPEHUV RI FRQJUHVV SULRU WR WKH 1DWLRQDO 3UD\HU %UHDNIDVW

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ &5($7,9( 75867 ,1&

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R ''D\ 5HOLJLRQ $JHQF\ &5($7,9( 75867 ,1& ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

%RQH0DQ V 'DXJKWHUV 'HNNHU 7HG +& %ODFN 5HG :KLWH 7KH &LUFOH 7ULO 'HNNHU 7 +& 7KU H 7HG 'HNNHU 75 2WKHU (GLWLRQV +RXVH 7HG 'HNNHU )UDQN 3HUHWWL 00 ( ERRN &RPS 7LWOHV +LVW 3UHY 7LWOHV 1R *RG %XW *RG $VODQ 5H]D +& %RQH0DQ V 'DXJKWHUV 'HNNHU 7HG +& 7KH 5LGH 2I 2XU /LYHV /HRQDUG 0LNH +& %ODFN 5HG :KLWH 7KH &LUFOH 7ULO 'HNNHU 7 +& 7KU H 7HG 'HNNHU 75 +RXVH 7HG 'HNNHU )UDQN 3HUHWWL 00 &RPS 7LWOHV 1R *RG %XW *RG $VODQ 5H]D +& 7KH 5LGH 2I 2XU /LYHV /HRQDUG 0LNH +&

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&HQWHU 6WUHHW 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 3XEOLVKHU 7KRPDV 1HOVRQ ''D\ 5HOLJLRQ 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH &HQWHU 6WUHHW %DOODQWLQH %RRNV 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 7KRPDV 1HOVRQ 3XEOLVKHU 5DQGRP +RXVH %DOODQWLQH %RRNV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW '$1,(/ 5 5$,1(6 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW '$1,(/ 5 3ULFH 5$,1(6 3ULFH &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ

6HHN *RG (YHU\ZKHUH

5HIOHFWLRQV RQ WKH 6SLULWXDO ([HUFLVHV RI 6W ,JQDWLXV

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

.H\ 3RLQWV 4XRWHV 21 6$/( ,0$*( 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬5HOLJLRQ &DWKROLFLVP 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬,PDJH 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ ( EODVW WR 'RXEOHGD\ 5HOLJLRQ H QHZVOHWWHU VXEVFULEHUV 3URPRWLRQ RQ DXWKRU V ZHEVLWH GH0HOOR RUJ *DOOH\ 0DLOLQJV WR &%3$ VWRUHV DQG LQ WKH &DWKROLF %R[ 6SULQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $QWKRQ\ 'H 0HOOR ZDV D -HVXLW SULHVW NQRZQ WKURXJKRXW WKH ZRUOG IRU KLV ZULWLQJV DQG VSLULWXDO FRQIHUHQFHV $ QDWLYH DQG OLIHORQJ UHVLGHQW RI ,QGLD KH GLHG VXGGHQO\ LQ +LV PDQ\ ERRNV KDYH EHHQ WUDQVODWHG LQWR PRUH WKDQ WKLUW\ ILYH ODQJXDJHV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV $ZDUHQHVV 'H 0HOOR $QWKRQ\ 75 7KH :D\ 7R /RYH 'H 0HOOR $QWKRQ\ 75 6DGKDQD 'H 0HOOR $QWKRQ\ 75 6RQJ 2I 7KH %LUG 'H 0HOOR $QWKRQ\ 75 2QH 0LQXWH :LVGRP 'H 0HOOR $QWKRQ\ 75 :HOOVSULQJV 'H 0HOOR $QWKRQ\ 75 &RPS 7LWOHV 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH 75 5DGLFDO $FFHSWDQFH %UDFK 7DUD 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ -26(3+ '85(326 ,6%1 ,6%1 ,6%1

76 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU ,PDJH 3XEOLVKHU ,PDJH ,PDJH ,PDJH ,PDJH ,PDJH ,PDJH 3XEOLVKHU 7KUHH 5LYHUV 3UHVV %DQWDP

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

+ROGHU RI WKH :KLWH /RWXV 7KH /LYHV RI WKH 'DODL /DPD

$OH[DQGHU 1RUPDQ +ROGHU RI WKH :KLWH /RWXV )RUHZRUG E\ 'DODL /DPD 7KH /LYHV RI WKH 'DODL /DPD

21 6$/( '28%/('$< 5(/,*,21 75$'( 3$3(5%$&.

21 6$/( '28%/('$< 5(/,*,21 +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP 7LEHWDQ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 3DJH &RXQW 7ULP 6L]H [ +LVWRU\ 7UDGH 3DSHUEDFN 2ULJLQDO &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP 7LEHWDQ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV 75 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3$3(5%$&. 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV 75 5HJLRQDO 135 FDPSDLJQ $GYHUWLVLQJ RQ OHDGLQJ %XGGKLVW ZHEVLWHV 2XWUHDFK WR %XGGKLVW RUJDQL]DWLRQV 2XWUHDFK WR DFDGHPLF PDUNHW 1DWLRQDO SXEOLFLW\ 5HJLRQDO 135 FDPSDLJQ $GYHUWLVLQJ RQ OHDGLQJ %XGGKLVW ZHEVLWHV 2XWUHDFK WR %XGGKLVW RUJDQL]DWLRQV 2XWUHDFK WR DFDGHPLF PDUNHW

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XWKRU 5HVLGHQFH 2[IRUG 8. , FRPPHQG WKLV ERRN WR DQ\RQH ZLVKLQJ WR GHHSHQ WKHLU NQRZOHGJH RI 7LEHWDQ $/(;$1'(5 1250$1 KDV NQRZQ +LV +ROLQHVV WKH 'DODL /DPD VLQFH DQG KLVWRU\ DQG FXOWXUH +LV +ROLQHVV WKH 'DODL /DPD KDV SUHYLRXVO\ ZRUNHG FORVHO\ ZLWK KLP RQ KLV EHVWVHOOLQJ WLWOHV )UHHGRP LQ ([LOH (WKLFV IRU WKH 1HZ 0LOOHQLXP DQG $QFLHQW :LVGRP 0RGHUQ :RUOG +H LV D PHPEHU RI %ODFNIULDUV +DOO DW 2[IRUG 8QLYHUVLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 2[IRUG 8.

$/(;$1'(5 1250$1 KDV NQRZQ +LV +ROLQHVV WKH 'DODL /DPD VLQFH DQG KDV SUHYLRXVO\ ZRUNHG FORVHO\ ZLWK KLP RQ KLV EHVWVHOOLQJ WLWOHV )UHHGRP LQ ([LOH (WKLFV IRU WKH 1HZ 0LOOHQLXP DQG $QFLHQW :LVGRP 0RGHUQ :RUOG +H LV D PHPEHU RI %ODFNIULDUV +DOO DW 2[IRUG 8QLYHUVLW\

5LJKWV 506 7HUULWRULHV 86 RSHQ PDUNHW QR (XURSH QR &DQDGD

$XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ 7HUULWRULHV 86 RSHQ PDUNHW QR (XURSH QR &DQDGD

$XGLR 2 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ &RPS 7LWOHV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

%RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ $,7.(1 $/(;$1'(5 $662&,$7(6 /7 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW *,//21 $,7.(1 5HSULQW <HV

%RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R ''D\ 5HOLJLRQ $JHQF\ $,7.(1 $/(;$1'(5 ,6%1 2Q VDOH 3XEOLVKHU $662&,$7(6 /7 7KUHH /HDYHV

VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV $JHQW *,//21 3ULFH $,7.(1 &DQ

=HQ %XGGKLVP 6X]XNL 'DLVHW] 7 75 *RRG 0XVOLP %DG 0XVOLP 0DPGDQL 0DKPRRG 75 7KH 'LDPRQG &XWWHU 5RDFK *HVKH 0LFKDHO 75 2WKHU (GLWLRQV 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH 75 ( ERRN 7KH 2SHQ 5RDG ,\HU 3LFR 75 &RPS 7LWOHV =HQ %XGGKLVP 6X]XNL 'DLVHW] 7 75 *RRG 0XVOLP %DG 0XVOLP 0DPGDQL 0DKPRRG 75 7KH 'LDPRQG &XWWHU 5RDFK *HVKH 0LFKDHO 75 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH 75 7KH 2SHQ 5RDG ,\HU 3LFR 75

www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

7KUHH /HDYHV 7KUHH /HDYHV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV ''D\ 5HOLJLRQ 9LQWDJH 3XEOLVKHU 7KUHH /HDYHV 7KUHH /HDYHV 7KUHH /HDYHV 7KUHH 5LYHUV 3UHVV 9LQWDJH

&DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

7KH )LIWHHQ )DFHV RI *RG

$ 4XHVW WR .QRZ *RG 7KURXJK WKH 3DUDEOHV RI -HVXV

)DWKHU 0LFKDHO 0DQQLQJ 7KH )LIWHHQ )DFHV RI *RG

$ 4XHVW WR .QRZ *RG 7KURXJK WKH 3DUDEOHV RI -HVXV :LWK D ZULWLQJ VW\OH UHPLQLVFHQW RI +HQUL 1RXZHQ 79 KRVW )DWKHU 0LFKDHO

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/(

&DQ '28%/('$< 5(/,*,21 +$5'&29(5 %,6$&Â¬&DW Â¬5HOLJLRQ 6SLULWXDOLW\ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DQ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬'' 5HOLJLRXV +& %,6$&Â¬&DW Â¬5HOLJLRQ 6SLULWXDOLW\ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ 1DWLRQDO 3XEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

RQ WKH ZRUOGZLGH 8 6 $PHULFDQ )RUFHV 1HWZRUN +LV JRDO LV WR SUHVHQW &DWKROLF SHUVSHFWLYHV RQ OLIH V LVVXHV DQG KH KDV D GULYLQJ GHVLUH WR EXLOG EULGJHV DPRQJ SHRSOH RI GLIIHUHQW GHQRPLQDWLRQV DQG UHOLJLRQV +LV WHDFKLQJV EULQJ IUHVK DQG H[FLWLQJ LQVLJKWV LQWR WKH %LEOH DQG WKH &DWKROLF IDLWK

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

&RPS 7LWOHV 5HQGHU 8QWR &DHVDU &KDSXW &KDUOHV - +& 6ZHDU 7R *RG +DKQ 6FRWW +& 0RWKHU $QJHOLFD 6 3ULYDWH $UUR\R 5D\PRQG +& 2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 5HQGHU 8QWR &DHVDU &KDSXW &KDUOHV - +& 6ZHDU 7R *RG +DKQ 6FRWW +& 0RWKHU $QJHOLFD 6 3ULYDWH $UUR\R 5D\PRQG +&

5HWXUQ LQGLFDWRU %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ /25(77$ %$55(77 %22.6 ,1& 5HWXUQ LQGLFDWRU %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R ''D\ 5HOLJLRQ $JHQF\ /25(77$ %$55(77 %22.6 ,6%1 2Q VDOH 3XEOLVKHU ,1& ''D\ 5HOLJLRQ ,6%1 ,6%1

78 www.CrownPublishing.com

2Q VDOH 2Q VDOH

''D\ 5HOLJLRQ ''D\ 5HOLJLRQ 3XEOLVKHU ''D\ 5HOLJLRQ 3XEOLVKHU ''D\ 5HOLJLRQ ''D\ 5HOLJLRQ ''D\ 5HOLJLRQ

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW 3ULFH &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ

7RZDUG D 7UXH .LQVKLS RI )DLWKV +RZ WKH :RUOG V 5HOLJLRQV &DQ &RPH 7RJHWKHU

'DODL /DPD

7RZDUG D 7UXH .LQVKLS RI )DLWKV

,Q WRGD\ V ZRUOG LW LV GLIILFXOW WR ILQG D VWUXJJOH WKDW GRHV QRW KDYH VRPH +RZ WKH :RUOG V 5HOLJLRQV &DQ &RPH 7RJHWKHU

21 6$/( '28%/('$< 5(/,*,21 +$5'&29(5

21 6$/( &DQ

'28%/('$< 5(/,*,21 +$5'&29(5 %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬,PDJH +& %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬,PDJH +& 7LH LQ ZLWK DXWKRU V DSSHDUDQFHV OHFWXUH VFKHGXOH SRVVLEOH 1HZ <RUN :DVKLQJWRQ ' & HYHQWV

1HZ <RUN 7LPHV DQG 7KH 1HZ <RUNHU RQOLQH FDPSDLJQ 1DWLRQDO SXEOLFLW\ 3URPRWLRQDO YLGHR DYDLODEOH IRU DFFRXQWV 7LH LQ ZLWK DXWKRU V DSSHDUDQFHV OHFWXUH 2XWUHDFK WR %XGGKLVW RUJDQL]DWLRQV DQG VFKHGXOH SRVVLEOH 1HZ <RUN VSLULWXDO DQG SROLWLFDO OHDGHUV :DVKLQJWRQ ' & HYHQWV

(DVHO %DFNHG SRVWHUV DYDLODEOH 1HZ <RUN 7LPHV DQG 7KH 1HZ <RUNHU RQOLQH FDPSDLJQ 3URPRWLRQDO YLGHR DYDLODEOH IRU DFFRXQWV 2XWUHDFK WR %XGGKLVW RUJDQL]DWLRQV DQG VSLULWXDO DQG SROLWLFDO OHDGHUV (DVHO %DFNHG SRVWHUV DYDLODEOH

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

7KH 8QLYHUVH LQ D 6LQJOH $WRP LQ ZKLFK WKH 'DODL /DPD KDV EHHQ FRPSOHWHO\ LQYROYHG

KDV UHDG DQG DSSURYHG HYHU\ ZRUG DQG SURYLGHG WKH LPSHWXV IRU JHWWLQJ WKH SURMHFW .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 5$/3+ 9,&,1$1=$ /7'

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW +LVW 3UHY 7LWOHV $XGLR 1R 7KH 8QLYHUVH ,Q $ 6LQJOH $WRP 'DODL /DPD +& %ULWLVK 1R 7KH 8QLYHUVH ,Q $ 6LQJOH $WRP 'DODL /DPD 75 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU %URDGZD\ 7UDQVODWLRQ 1R %URDGZD\ $JHQF\ 5$/3+ 9,&,1$1=$ /7'

5LJKWV 506

&RPS 7LWOHV 7KH 7KLUG -HVXV &KRSUD 'HHSDN +&

,6%1 2Q VDOH 3XEOLVKHU +DUPRQ\

+LVW 3UHY 7LWOHV 7KH 8QLYHUVH ,Q $ 6LQJOH $WRP 'DODL /DPD +& 7KH 8QLYHUVH ,Q $ 6LQJOH $WRP 'DODL /DPD 75 &RPS 7LWOHV 7KH 7KLUG -HVXV &KRSUD 'HHSDN +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU %URDGZD\ %URDGZD\ 3XEOLVKHU +DUPRQ\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5$/3+ 9,&,1$1=$ 5HSULQW <HV VW 6HULDO <HV 3ULFH &DQ 6SHFLDO 0DUNHWV &DQ $JHQW 5$/3+ 3ULFH 9,&,1$1=$ &DQ

3ULFH &DQ &DQ 3ULFH &DQ

79 www.CrownPublishing.com

80 www.CrownPublishing.com

www.CrownPublishing.com

7RR 0XFK 0RQH\ $ 1RYHO

'RPLQLFN 'XQQH

7RR 0XFK 0RQH\

$ 1RYHO ,Q WKLV VHTXHO WR KLV PHJD EHVWVHOOLQJ 3HRSOH /LNH 8V 'RPLQLFN 'XQQH

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ &52:1

+$5'&29(5 &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

WDNHV XV EDFN WR WKH VXPSWXRXV DQG VFDQGDORXV KDOOV RI 1HZ <RUN V KLJKHVW VRFLHW\ LQ ZKDW SURPLVHV WR EH D FXOPLQDWLQJ DFKLHYHPHQW LQ KLV ORQJ DQG 'RPLQLFN 'XQQH VWRULHG FDUHHU <HDUV KDYH SDVVHG VLQFH ZH ODVW HQFRXQWHUHG ZULWHU *XV %DLOH\ DQG WKH VHW RI ,Q WKLV VHTXHO WR KLV PHJD EHVWVHOOLQJ 3HRSOH /LNH 8V 'RPLQLFN 'XQQH 1HZ <RUN HOLWHV WKDW DUH ERWK KLV IULHQGV DQG WKH VXEMHFWV RI KLV ZULWLQJ 6LQFH WDNHV XV EDFN WR WKH VXPSWXRXV DQG VFDQGDORXV KDOOV RI 1HZ <RUN V KLJKHVW WKHQ WKLQJV KDYH FKDQJHG LQ WKH KLJKHVW HFKHORQV RI VRFLHW\ ROG PRQH\ LV G\LQJ VRFLHW\ LQ ZKDW SURPLVHV WR EH D FXOPLQDWLQJ DFKLHYHPHQW LQ KLV ORQJ DQG RXW RU IDGLQJ DZD\ DQG WKH QRXYHDX ULFKH DUH EHFRPLQJ WKH ELJJHVW SRZHU VWRULHG FDUHHU EURNHUV RQ :DOO 6WUHHW DQG LQ WKH )RXU 6HDVRQV GLQLQJ URRP DOLNH ,Q WKLV <HDUV KDYH SDVVHG VLQFH ZH ODVW HQFRXQWHUHG ZULWHU *XV %DLOH\ DQG WKH VHW RI FRPSHOOLQJ DQG HQJURVVLQJ VHTXHO WR 3HRSOH /LNH 8V *XV VWUXJJOHV WR XQFRYHU 1HZ <RUN HOLWHV WKDW DUH ERWK KLV IULHQGV DQG WKH VXEMHFWV RI KLV ZULWLQJ 6LQFH WKH WUXWK EHKLQG WKH JKDVWO\ PXUGHU RI RQH RI WKH ZRUOG V ULFKHVW PHQ ZKLOH IDFLQJ WKHQ WKLQJV KDYH FKDQJHG LQ WKH KLJKHVW HFKHORQV RI VRFLHW\ ROG PRQH\ LV G\LQJ RSSRVLWLRQ IURP WKH ELOOLRQDLUH V P\VWHULRXV \HW FDOFXODWLQJ ZLIH SRVHXUV DQG RXW RU IDGLQJ DZD\ DQG WKH QRXYHDX ULFKH DUH EHFRPLQJ WKH ELJJHVW SRZHU VFKHPHUV ZLWKLQ KLV RZQ VHW DQG HYHQ WKH ZRUOG UHQRZQHG PDJD]LQH WKDW KDV EURNHUV RQ :DOO 6WUHHW DQG LQ WKH )RXU 6HDVRQV GLQLQJ URRP DOLNH ,Q WKLV SXEOLVKHG KLV FROXPQ IRU GHFDGHV $W WKH VDPH WLPH UHDGHUV ZLOO KDYH WKH FKDQFH FRPSHOOLQJ DQG HQJURVVLQJ VHTXHO WR 3HRSOH /LNH 8V *XV VWUXJJOHV WR XQFRYHU WR FDWFK XS ZLWK ROG IULHQGV OLNH /LO $OWHPXV DQG 5XE\ DQG (OLDV 5HQWKDO 7RR WKH WUXWK EHKLQG WKH JKDVWO\ PXUGHU RI RQH RI WKH ZRUOG V ULFKHVW PHQ ZKLOH IDFLQJ 0XFK 0RQH\ LV WKH VWRU\ RI XQLPDJLQDEOH ZHDOWK DQG RSXOHQFH DQG WKH RSSRVLWLRQ IURP WKH ELOOLRQDLUH V P\VWHULRXV \HW FDOFXODWLQJ ZLIH SRVHXUV DQG XQLPDJLQDEOH LQWULJXH WKDW LV DOZD\V D SDUW RI WKDW ZRUOG VFKHPHUV ZLWKLQ KLV RZQ VHW DQG HYHQ WKH ZRUOG UHQRZQHG PDJD]LQH WKDW KDV SXEOLVKHG KLV FROXPQ IRU GHFDGHV $W WKH VDPH WLPH UHDGHUV ZLOO KDYH WKH FKDQFH WR FDWFK XS ZLWK ROG IULHQGV OLNH /LO $OWHPXV DQG 5XE\ DQG (OLDV 5HQWKDO 7RR 0XFK 0RQH\ LV WKH VWRU\ RI XQLPDJLQDEOH ZHDOWK DQG RSXOHQFH DQG WKH /RQJ DZDLWHG VHTXHO IURP D SHUHQQLDOO\ EHVWVHOOLQJ DXWKRU 3HRSOH /LNH 8V ZDV D XQLPDJLQDEOH LQWULJXH WKDW LV DOZD\V D SDUW RI WKDW ZRUOG

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< ,1&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ 1R &URZQ $JHQF\ :,//,$0 0255,6 $*(1&< ,1& &URZQ

5HSULQW <HV 3ULFH VW 6HULDO 1R &DQ 6SHFLDO 0DUNHWV &DQ $JHQW &DQ

5LJKWV 506

,6%1

82 www.CrownPublishing.com

2Q VDOH

&URZQ &URZQ 3XEOLVKHU &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ

&DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

(OYLV 0\ %HVW 0DQ

5DGLR 'D\V 5RFN Q 5ROO 1LJKWV DQG 0\ /LIHORQJ )ULHQGVKLS ZLWK (OYLV 3UHVOH\

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

21 6$/( &52:1 +$5'&29(5

&DQ &DWHJRU\ Â¬0XVLF +LVWRU\ &ULWLFLVP 5RFN %LRJUDSK\ $XWRELRJUDSK\ 0XVLF %,6$&Â¬&DW Â¬0XVLF +LVWRU\ &ULWLFLVP 2UGHUÂ¬)RUPÂ¬&DW Â¬086,& 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 5DGLR VDWHOOLWH WRXU $XWKRU HYHQW DW *UDFHODQG 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 7DUJHWHG RXWUHDFK WR (OYLV IDQ FOXEV PXVLF DQG FHOHEULW\ EORJV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 0HPSKLV 71

$XWKRU +RPHWRZQ 0HPSKLV 71

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 0H DQG D *X\ 1DPHG (OYLV -HUU\ 6FKLOOLQJ +& (OYLV %\ 7KH 3UHVOH\V 3ULVFLOOD 3UHVOH\ +& 0RWRZQ 3RVQHU *HUDOG / +& &DUHOHVV /RYH 3HWHU *XUDOQLFN +& /DVW 7UDLQ WR 0HPSKLV 3HWHU *XUDOQLFN +& (OYLV DQG 0H 3ULVFLOOD 3UHVOH\ +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6&277 :$;0$1 $*(1&< ,1&

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU 3HQJXLQ &URZQ 5DQGRP +RXVH /LWWOH %URZQ /LWWOH %URZQ 3XWQDP

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 6&277 :$;0$1 3ULFH &DQ 3ULFH &DQ &DQ 1 $ &DQ

83 www.CrownPublishing.com

<RX 6D\ 0RUH 7KDQ <RX 7KLQN

8VH WKH 1HZ %RG\ /DQJXDJH WR *HW :KDW <RX :DQW 7KH 'D\ 3ODQ

<RX 6D\ 0RUH 7KDQ <RX 7KLQN 5HDG DQG )L[ $Q\ 6LWXDWLRQ LQ 0LQXWHV RU /HVV

8VH WKH 1HZ %RG\ /DQJXDJH WR *HW :KDW <RX :DQW -DQLQH 'ULYHU 7KH 'D\ 3ODQ

0DULVND YDQ $DOVW

5HDG DQG )L[ $Q\ 6LWXDWLRQ LQ 0LQXWHV RU /HVV $W D WLPH ZKHQ HYHU\ DGYDQWDJH FRXQWV DQG ILUVW LPSUHVVLRQV PDWWHU HYHQ

PRUH WKDQ HYHU WKLV ERRN RQ UHDGLQJ SHRSOH LV UHTXLUHG UHDGLQJ -DQLQH 'ULYHU %RG\ ODQJXDJH ERRNV KDYH EHHQ D SHUHQQLDOO\ VWURQJ IURQWOLVW DQG EDFNOLVW 0DULVND YDQ $DOVW VDOHV FDWHJRU\ DQG ZLWK <RX 6D\ 0RUH 7KHQ <RX 7KLQN FRPHV D IUHVK QHZ YRLFH

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬6HOI +HOS 3V\FKRORJ\ 6RFLDO 3V\FKRORJ\ %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬6HOI +HOS 3V\FKRORJ\ 6RFLDO ,OOXVWUDWLRQV Â¬ % : 3+2726 7+528*+287 3V\FKRORJ\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 3URGÂ¬7\SH Â¬&URZQ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : 3+2726 7+528*+287 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬&URZQ +& 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ FLW\ UDGLR VDWHOOLWH WRXU 7LH LQ ZLWK DXWKRU OHFWXUH VFKHGXOH 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR FDUHHU GDWLQJ DQG VHOI KHOS 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ ZHEVLWHV DQG EORJV FLW\ UDGLR VDWHOOLWH WRXU 7LH LQ ZLWK DXWKRU OHFWXUH VFKHGXOH 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR FDUHHU GDWLQJ DQG VHOI KHOS ZHEVLWHV DQG EORJV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :5,7(56 +286( //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW '$1 /$=$5

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

84 www.CrownPublishing.com

7KH 5RDG IURP 5XLQ

5HYLYLQJ &DSLWDOLVP IRU 5HQHZHG 3URVSHULW\

0DWWKHZ %LVKRS 7KH 5RDG IURP 5XLQ 0LFKDHO *UHHQ 5HYLYLQJ &DSLWDOLVP IRU 5HQHZHG 3URVSHULW\

21 6$/( &52:1 %86,1(66 +$5'&29(5

21 6$/( &DQ

&52:1 %86,1(66 +$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

WKH *UHDW 'HSUHVVLRQ WKURXJK WKH FXUUHQW ILQDQFLDO PHOWGRZQ DQG KRZ WKH\ FDQ EH DSSOLHG WR VDYLQJ WKH V\VWHP DQG PDNLQJ LW ZRUN DJDLQ

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 6$1)25' - *5((1%85*(5 $662& 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $XGLR <HV %RRN &OXE <HV 2WKHU (GLWLRQV ,6%1 2Q VDOH 3XEOLVKHU %ULWLVK <HV 7UDQVODWLRQ <HV ( ERRN &URZQ %XVLQHVV 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ 6$1)25' - *5((1%85*(5 +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3KLODQWKURFDSLWDOLVP +RZ WKH 5L %LVKRS 0 DQG $662&

5LJKWV 506

*UÂ« &RPS 7LWOHV 2WKHU (GLWLRQV 7KH )XWXUH )RU ,QYHVWRUV 6LHJHO -HUHP\ - +& ( ERRN :KHQ *HQLXV )DLOHG /RZHQVWHLQ 5RJHU +& +LVW 3UHY 7LWOHV /RUGV RI )LQDQFH /LDTXDW $KDPHG +& 3KLODQWKURFDSLWDOLVP +RZ WKH 5L %LVKRS 0 DQG 7KH 7ULOOLRQ 'ROODU 0HOWGRZQ &KDUOHV 5 0RUULV Â« *UÂ« 7KH $VFHQW RI 0RQH\ 1LDOO )HUJXVRQ +& &RPS 7LWOHV 3DQLF 0LFKDHO /HZLV +& 7KH )XWXUH )RU ,QYHVWRUV 6LHJHO -HUHP\ - +& 7KH 5HWXUQ RI 'HSUHVVLRQ (FRQ 3DXO .UXJPDQ +& :KHQ *HQLXV )DLOHG /RZHQVWHLQ 5RJHU +& /RUGV RI )LQDQFH /LDTXDW $KDPHG +& 7KH 7ULOOLRQ 'ROODU 0HOWGRZQ &KDUOHV 5 0RUULV Â« 7KH $VFHQW RI 0RQH\ 1LDOO )HUJXVRQ +& 3DQLF 0LFKDHO /HZLV +& www.CrownPublishing.com 7KH 5HWXUQ RI 'HSUHVVLRQ (FRQ 3DXO .UXJPDQ +&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW '$1 0$1'(/ 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW '$1 0$1'(/ 3ULFH

%ORRPVEXU\

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3XEOLVKHU &URZQ %XVLQHVV &URZQ %XVLQHVV 5DQGRP +RXVH 3XEOLVKHU 3HQJXLQ 3UHVV 3HUVHXV %ORRPVEXU\ 3HQJXLQ 3UHVV 3XEOLVKHU : : 1RUWRQ &R &URZQ %XVLQHVV : : 1RUWRQ &R 5DQGRP +RXVH 3HQJXLQ 3UHVV 3HUVHXV 3HQJXLQ 3UHVV : : 1RUWRQ &R : : 1RUWRQ &R

3ULFH 3ULFH &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ

7KH /DZV RI (QGXULQJ 6XFFHVV 7KH /DZV RI (QGXULQJ 6XFFHVV 0DULD %DUWLURPR ZLWK &DWKHULQH :KLWQH\

0DULD %DUWLURPR 0DULD %DUWLURPR ZLWK &DWKHULQH :KLWQH\ &DWKHULQH :KLWQH\ 0DULD %DUWLURPR &DWKHULQH :KLWQH\ 7KH ERRN IRU DOO VHDVRQV DV UHOHYDQW IRU SURVSHURXV WLPHV DV WKH FXUUHQW

21 6$/(

Â© Jay Sullivan

&52:1 %86,1(66 +$5'&29(5 21 6$/( &52:1 %86,1(66 +$5'&29(5

&DQ &DQ

&DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO &DUWRQ &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 /RDGÂ¬*URXS Â¬ 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV $Q HVWHHPHG DXWKRULW\ 0DULD %DUWLURPR LV WKH DQFKRU RI &1%& V WZR KRXU GDLO\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU 0DULD %DUWLURPR LV WKH DQFKRU RI &1%& V &ORVLQJ %HOO ZLWK 0DULD %DUWLURPR DQG $ERXW WKH $XWKRU ,OOXVWUDWRU KRVW DQG PDQDJLQJ HGLWRU RI WKH QDWLRQDOO\ V\QGLFDWHG WR RYHU VWDWLRQV :DOO

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5LJKWV 506 $XGLR <HV %ULWLVK 1R 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 2WKHU (GLWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $JHQF\ :,//,$0 0255,6 $*(1&< //& %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< //& ,6%1 2Q VDOH 3XEOLVKHU

8QDEULGJHG &' ( ERRN 2WKHU (GLWLRQV +LVW 3UHY 7LWOHV 8QDEULGJHG &' 8VH WKH 1HZV 0DULD %DUWLURPR +& ( ERRN &RPS 7LWOHV +LVW 3UHY 7LWOHV %DVLF %ODFN %ODFN &DWKLH +& 8VH WKH 1HZV 0DULD %DUWLURPR +& 7UXPS %LOOLRQDLUH 7UXPS 'RQDOG - +& &RPS 7LWOHV 7UXPS 7KH :D\ 7R 7KH 7RS 7UXPS 'RQDOG - +& %DVLF %ODFN %ODFN &DWKLH +& 7UXPS %LOOLRQDLUH 7UXPS 'RQDOG - +& 7UXPS 7KH :D\ 7R 7KH 7RS 7UXPS 'RQDOG - +&

86 www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 5HSULQW <HV $JHQW :$<1( .$%$. VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW :$<1( .$%$. 3ULFH

5DQGRP +RXVH $XGLR &URZQ %XVLQHVV 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH $XGLR +DUSHU&ROOLQV &URZQ %XVLQHVV 3XEOLVKHU &URZQ %XVLQHVV +DUSHU&ROOLQV 5DQGRP +RXVH 3XEOLVKHU &URZQ %XVLQHVV &URZQ %XVLQHVV 5DQGRP +RXVH &URZQ %XVLQHVV

&DQ &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

7KH 3RZHU RI 0DQ\ 7KH 3RZHU RI 0DQ\ 0HJ :KLWPDQ 0HJ :KLWPDQ 6HDPOHVVO\ LQWHUZHDYLQJ VWRULHV RI KHU H[WUDRUGLQDU\ FDUHHU DQG KHU

Â© Deborah Feingold 21 6$/(

&52:1 %86,1(66 21 6$/( +$5'&29(5 &52:1 %86,1(66 +$5'&29(5

&DQ &DQ

&DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %XVLQHVV (FRQRPLFV /HDGHUVKLS &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %XVLQHVV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO (FRQRPLFV /HDGHUVKLS 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ &DUWRQ &RXQW 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ

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wYH 0HJ VKRZV ZLWK PDQ\ RI WKH MR\V DQG VDWLVIDFWLRQV RI KHU SULYDWH OLIH 9DOXHV DPRQJ WKHP XV DQG GHILQLWHO\ QRW D OX[XU\ 7KH\ DUH HVVHQWLDO WRROV IRU VXFFHVV WKDW JR KDQG LQ WUXVW DXWKHQWLFLW\ FRXUDJH DQG VKDULQJ LGHDV DUH QRW VLPSO\ QDw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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV $ PDMRU VWDU LQ WKH EXVLQHVV ZRUOG 8VLQJ KHU H[SHUWLVH LQ FRQVXPHU PDUNHWLQJ 0HJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $WKHUWRQ &$ $XWKRU +RPHWRZQ /RQJ ,VODQG 1< $ERXW WKH $XWKRU ,OOXVWUDWRU 0(* :+,70$1 ZDV WKH &(2 RI H%D\ IURP WR JURZLQJ WKH FRPSDQ\

$XWKRU 5HVLGHQFH $WKHUWRQ &$ $XWKRU +RPHWRZQ /RQJ ,VODQG 1< WR PRUH WKDQ HPSOR\HHV DQG QHDUO\ ELOOLRQ LQ UHYHQXH DQG WXUQLQJ LW LQWR

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

5LJKWV 506 7HUULWRULHV 5LJKWV 506 $XGLR

7HUULWRULHV %ULWLVK $XGLR 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

&RPS 7LWOHV %DVLF %ODFN %ODFN &DWKLH +& .QRZ +RZ &KDUDQ 5DP +& &RPS 7LWOHV :KDW *RW <RX +HUH :R *ROGVPLWK 0DUVKDOO +& %DVLF %ODFN %ODFN &DWKLH +& 7KH 6SHHG RI 7UXVW &RYH\ 6WHSKHQ +& .QRZ +RZ &KDUDQ 5DP +& 7KH 3RZHU 2I 1LFH 7KDOHU /LQGD .DSODQ +& :KDW *RW <RX +HUH :R *ROGVPLWK 0DUVKDOO +& &RQILGHQFH .DQWHU 5RVDEHWK 0RVV +& 7KH 6SHHG RI 7UXVW &RYH\ 6WHSKHQ +& *RRG WR *UHDW &ROOLQV -LP +& 7KH 3RZHU 2I 1LFH 7KDOHU /LQGD .DSODQ +& &RQILGHQFH .DQWHU 5RVDEHWK 0RVV +& *RRG WR *UHDW &ROOLQV -LP +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ %RRN &OXE $JHQF\ 7UDQVODWLRQ $JHQF\ ,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW VW 6HULDO 5HSULQW 6SHFLDO 0DUNHWV VW 6HULDO $JHQW 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU &URZQ %XVLQHVV &URZQ %XVLQHVV 3XEOLVKHU +\SHULRQ &URZQ %XVLQHVV )UHH 3UHVV &URZQ %XVLQHVV %URDGZD\ %XVLQHVV +\SHULRQ &URZQ %XVLQHVV )UHH 3UHVV &ROOLQV %XVLQHVV %URDGZD\ %XVLQHVV &URZQ %XVLQHVV &ROOLQV %XVLQHVV

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

87 www.CrownPublishing.com

7KH 3URSKHWHVV $ 1RYHO

0DU\ 5RXUNH

7KH 3URSKHWHVV

$ 1RYHO 7KH FULWLFDOO\ DFFODLPHG DXWKRU RI 7ZR :RPHQ RI *DOLOHH EULQJV WR GD]]OLQJ OLIH DQRWKHU FRQWURYHUVLDO ELEOLFDO ILJXUH WKH FOHYHU DQG ILHUFH SURSKHWHVV <DHO ZLIH RI ,VDLDK LQ D VHFRQG QRYHO WKDW ZLOO DSSHDO WR UHDGHUV ZKR ORYH 0DU\ 5RXUNH $QLWD 'LDPDQW DQG 0DUHN +DOWHU

7KH FULWLFDOO\ DFFODLPHG DXWKRU RI 7ZR :RPHQ RI *DOLOHH EULQJV WR GD]]OLQJ OLIH DQRWKHU FRQWURYHUVLDO ELEOLFDO ILJXUH WKH FOHYHU DQG ILHUFH SURSKHWHVV <DHO ZLIH RI ,VDLDK LQ D VHFRQG QRYHO WKDW ZLOO DSSHDO WR UHDGHUV ZKR ORYH &ULWLFDOO\ DFFODLPHG DXWKRU 7ZR :RPHQ RI *DOLOHH UHFHLYHG SUDLVH IURP 3XOLW]HU 3UL]H $QLWD 'LDPDQW DQG 0DUHN +DOWHU

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV 21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬)LFWLRQ +LVWRULFDO %,6$&Â¬&DW Â¬)LFWLRQ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ +LVWRULFDO 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬)LFWLRQ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ +& 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU

0$5< 5285.( HDUQHG D PDVWHU V GHJUHH LQ UHOLJLRQ DW <DOH 'LYLQLW\ 6FKRRO 6KH LV DOVR WKH DXWKRU RI 7ZR :RPHQ RI *DOLOHH 6KH OLYHV LQ /RV $QJHOHV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RV $QJHOHV

0$5< 5285.( HDUQHG D PDVWHU V GHJUHH LQ UHOLJLRQ DW <DOH 'LYLQLW\ 6FKRRO 6KH LV DOVR WKH DXWKRU RI 7ZR :RPHQ RI *DOLOHH 6KH OLYHV LQ /RV $QJHOHV

0DUNHWLQJ DQG 3XEOLFLW\ $GYHUWLVLQJ DQG SURPRWLRQ RQ ERRN DQG

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV +LVW 3UHY 7LWOHV

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ /$85$ '$,/ /,7(5$5< $*(1&< ,1 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R &URZQ $JHQF\ /$85$ '$,/ /,7(5$5< ,6%1 2Q VDOH 3XEOLVKHU $*(1&< ,1 0LUD

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

0LUD 3XEOLVKHU 3XEOLVKHU &URZQ &URZQ &URZQ 3XEOLVKHU &URZQ 0LUD 3LFDGRU 0LUD %DQWDP 3XEOLVKHU 3LFDGRU &URZQ &URZQ &URZQ 3LFDGRU %DQWDP 3LFDGRU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW /$85$ '$,/ 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW /$85$ '$,/ 3ULFH 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

3D\EDFN 7LPH

(LJKW 6WHSV WR 2XWVPDUWLQJ WKH 6\VWHP 7KDW )DLOHG <RX DQG *HWWLQJ <RXU ,QYHVWPHQWV %DFN RQ 7UDFN 0DNLQJ 0RQH\ ,V WKH %HVW 5HYHQJH

3KLO 7RZQ

21 6$/( &52:1 %86,1(66 +$5'&29(5

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

.H\ 3RLQWV 4XRWHV

&DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO ,QYHVWLQJ %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH ,QYHVWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬*5$3+6 $1' &+$576 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO WHOHYLVLRQ DSSHDUDQFHV 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ FLW\ 79 VDWHOOLWH WRXU FLW\ UDGLR VDWHOOLWH WRXU 7LH LQ ZLWK DXWKRU OHFWXUH VFKHGXOH $GYHUWLVLQJ LQ WRS QHZV RU EXVLQHVV SXEOLFDWLRQV $GYHUWLVLQJ RQ 7RS ,QYHVWLQJ DQG %XVLQHVV :HEVLWHV 3URPRWLRQ RQ $XWKRU V :HEVLWH DQG %ORJ SKLOWRZQ FRP

7LPHO\ 3D\EDFN 7LPH LVQ W MXVW WKH LGHDO LQYHVWLQJ VWUDWHJ\ IRU D UHFHVVLRQ LW LV D GDPQLQJ H[SRVp RI WKH IXQG PDQDJHUV ZKR KDYH VZLQGOHG WKH SXEOLF IRU \HDUV )RU DQ\RQH PDGH IULJKWHQHG FRQIXVHG RU MXVW SODLQ DQJU\ E\ WKH IDLOXUHV RI WKH ILQDQFLDO V\VWHP WKLV LV WKH DQVZHU WKH\ YH EHHQ ZDLWLQJ IRU :HOO FRQQHFWHG DXWKRU 3KLO 7RZQ V ILUVW ERRN 5XOH ZDV DQ LQVWDQW EHVWVHOOHU KH LV D SRSXODU VSHDNHU IRU WKH *HW 0RWLYDWHG DQG 3RZHU :LWKLQ VHPLQDUV DQG KH KDV WDXJKW KXQGUHGV RI WKRXVDQGV RI DPDWHXU LQYHVWRUV LQ KLV ZRUNVKRSV DURXQG WKH FRXQWU\

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH -DFNVRQ +ROH :\RPLQJ

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 62/2: /,7(5$5< (17(535,6(6 ,1

2WKHU (GLWLRQV $EULGJHG &' ( ERRN +LVW 3UHY 7LWOHV 5XOH 7RZQ 3KLO +& 5XOH 7RZQ 3KLO 75 &RPS 7LWOHV 7KH $XWRPDWLF 0LOOLRQDLUH %DFK 'DYLG +& 2QH 0LQXWH 0LOOLRQDLUH +DQVHQ 0DUN 9LFWRU +& 6WHSV 7R )LQDQFLDO )UHHGRP 2UPDQ 6X]H +& 7KH /LWWOH %RRN 7KDW %HDW WKH 0DUNHW *UHHQEODWW +& <RX UH )LIW\ 1RZ :KDW" 6FKZDE &KDUOHV +&

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU 5DQGRP +RXVH $XGLR &URZQ %XVLQHVV 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 'RXEOHGD\ &DQDGD +DUPRQ\ &URZQ :LOH\ &URZQ

3ULFH &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

89 www.CrownPublishing.com

7KH ,PPRUWDO /LIH RI +HQULHWWD /DFNV 5HEHFFD 6NORRW

7KH ,PPRUWDO /LIH RI +HQULHWWD /DFNV

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬6FLHQFH +LVWRU\ %LRJUDSK\ DQG $XWRELRJUDSK\ 6RFLDO 6FLHQFH %,6$&Â¬&DW Â¬6FLHQFH +LVWRU\ &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬6FLHQFH +LVWRU\ %LRJUDSK\ DQG /RDGÂ¬*URXS Â¬ $XWRELRJUDSK\ 6RFLDO 6FLHQFH 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬6FLHQFH +LVWRU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

6XSUHPHO\ ZHOO FRQQHFWHG DXWKRU 5HEHFFD LV D KXE RI OLWHUDU\ DFWLYLW\ ZLWK DUWLFOHV

HYHU\ZKHUH IURP WKH 1<7 0DJD]LQH WR 2 7KH 2SUDK 0DJD]LQH WR 3RSXODU 6FLHQFH 6KH .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

$JHQF\ :5,7(56 +286( //&

$JHQW 6,021 /,36.$5

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www.CrownPublishing.com )OX .RODWD *LQD +& )6* 7KH 2UFKLG 7KLHI 2UOHDQ 6XVDQ +& 5DQGRP +RXVH &DQ

<RX 6D\ 7RPDWR , 6D\ 6KXW 8S $ /RYH 6WRU\

$QQDEHOOH *XUZLWFK <RX 6D\ 7RPDWR , 6D\ 6KXW 8S -HII .DKQ $ /RYH 6WRU\ $ KLODULRXV DQG XOWLPDWHO\ PRYLQJ PHPRLU DERXW RQH FRXSOH V UHOLDQFH RQ FRPSODLQLQJ FR GHSHQGHQFH DQG D KHDOWK\ VXSSO\ RI 3LQRW 1RLU WR NHHS $QQDEHOOH *XUZLWFK WKHLU PDUULDJH DQG VDQLW\ LQWDFW

-HII .DKQ

.H\ 3RLQWV 4XRWHV $ KLODULRXV DQG XOWLPDWHO\ PRYLQJ PHPRLU DERXW RQH FRXSOH V UHOLDQFH RQ

FRPSODLQLQJ FR GHSHQGHQFH DQG D KHDOWK\ VXSSO\ RI 3LQRW 1RLU WR NHHS $XWKRUV DUH ZHOO FRQQHFWHG DQG HIIHFWLYH SURPRWHUV $QQDEHOOH V ILUVW ERRN ZDV WKHLU PDUULDJH DQG VDQLW\ LQWDFW IHDWXUHG HYHU\ZKHUH IURP WKH 2SUDK 6HOHFWV OLVWV WR 3HRSOH V *UHDW 5HDGV WR WKH 1HZ <RUN 7LPHV LQ DGGLWLRQ WR KHU UHJXODU UDGLR 79 DQG SULQW DSSHDUDQFHV 6KH JDUQHUHG

.H\ 3RLQWV 4XRWHV PRVW RI WKLV SXEOLFLW\ WKURXJK UHODWLRQVKLSV VKH KDV FXOWLYDWHG RYHU WKH \HDUV DQG VKH 21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬%LRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬%LRJUDSK\ 3HUVRQDO 0HPRLUV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3URGÂ¬7\SH Â¬&URZQ +& 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

$OWKRXJK DIWHU \HDUV RI SXUH XQLQWHUUXSWHG PDULWDO EOLVV , GRQ W UHODWH DW ,I \RX DUH PDUULHG \RX ZLOO ILQG WKLV ERRN ODXJK RXW ORXG IXQQ\ DQG DV LPSRUWDQW D DOO WR WKH VXEMHFW PDWWHU , VWLOO IRXQG -HII DQG $QQDEHOOH V ERRN WR EH KLODULRXV GRFXPHQW DV WKH 0DJQD &DUWD LI \RX DUH FRQVLGHULQJ JHWWLQJ PDUULHG , ZRXOG -XGG $SDWRZ VNLS LW DQG FKHFN RXW WKH 7UDYHO VHFWLRQ %HQ 6WLOOHU

$ERXW WKH $XWKRU ,OOXVWUDWRU $OWKRXJK DIWHU \HDUV RI SXUH XQLQWHUUXSWHG PDULWDO EOLVV , GRQ W UHODWH DW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ /$85$ '$,/ /,7(5$5< $JHQW /$85$ '$,/ $*(1&< ,1 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV &URZQ &DQ $JHQF\ /$85$ '$,/ /,7(5$5< $JHQW /$85$ '$,/ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $*(1&< ,1 6LPRQ 6FKXVWHU

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

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

6LPRQ 6FKXVWHU 3XEOLVKHU 3XEOLVKHU 6LPRQ 6FKXVWHU &URZQ &URZQ 3XEOLVKHU 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU 3HQJXLQ 6LPRQ 6FKXVWHU +DUSHU&ROOLQV 3XEOLVKHU 9LOODUG %RRNV 6LPRQ 6FKXVWHU &URZQ 6LPRQ 6FKXVWHU 3HQJXLQ +DUSHU&ROOLQV 9LOODUG %RRNV

3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ

7KH 'HDWK RI $PHULFDQ 9LUWXH &OLQWRQ YV 6WDUU

.HQ *RUPOH\

7KH 'HDWK RI $PHULFDQ 9LUWXH

7KH GHILQLWLYH DQG GUDPDWLF DFFRXQW RI WKH .HQ 6WDUU LQYHVWLJDWLRQ DQG WKH &OLQWRQ YV 6WDUU

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬+LVWRU\ 8QLWHG 6WDWHV 3ROLWLFDO 6FLHQFH +LVWRU\ 7KHRU\ %,6$&Â¬&DW Â¬+LVWRU\ 8QLWHG 6WDWHV *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬+LVWRU\ 8QLWHG 6WDWHV 3ROLWLFDO ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 6FLHQFH +LVWRU\ 7KHRU\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬+LVWRU\ 8QLWHG 6WDWHV *HQHUDO 3URGÂ¬7\SH Â¬&URZQ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬&URZQ +& 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ FLW\ UDGLR VDWHOOLWH WRXU $GYHUWLVLQJ RQ SROLWLFDO DQG QHZV VLWHV DQG EORJV LQFOXGLQJ 86$7RGD\ 7RZQ+DOO 3ROLWLFR DQG +XIILQJWRQ 3RVW 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR SROLWLFDO DQG FXUUHQW HYHQWV 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ EORJJHUV DQG ZHEVLWHV FLW\ UDGLR VDWHOOLWH WRXU $GYHUWLVLQJ RQ SROLWLFDO DQG QHZV VLWHV DQG EORJV LQFOXGLQJ 86$7RGD\ 7RZQ+DOO 3ROLWLFR DQG +XIILQJWRQ 3RVW 2XWUHDFK WR SROLWLFDO DQG FXUUHQW HYHQWV EORJJHUV DQG ZHEVLWHV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

ZULWWHQ DV WKH VFDQGDOV ZHUH XQIROGLQJ

.H\ DFFHVV ,Q H[FOXVLYH LQWHUYLHZV %LOO &OLQWRQ .HQ 6WDUU 0RQLFD /HZLQVN\ /LQGD .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

.(1 *250/(< LV WKH GHDQ RI 'XTXHVQH 8QLYHUVLW\ /DZ 6FKRRO VSHFLDOL]LQJ LQ FRQVWLWXWLRQDO ODZ DV ZHOO DV D QDWLRQDOO\ UHQRZQHG H[SHUW RQ :DWHUJDWH DQG VSHFLDO SURVHFXWRUV +H LV WKH DXWKRU RI WKH FULWLFDOO\ DFFODLPHG $UFKLEDOG &R[ &RQVFLHQFH RI D 1DWLRQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3LWWVEXUJK 3$

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 0(/ %(5*(5

7HUULWRULHV :RUOG 2WKHU (GLWLRQV ( ERRN $XGLR <HV %ULWLVK <HV +LVW 3UHY 7LWOHV $UFKLEDOG &R[ *RUPOH\ .HQ +& 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU &URZQ %RRN &OXE <HV 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $GGLVRQ :HVOH\ $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV 3ULFH &DQ VW 6HULDO <HV 6SHFLDO 0DUNHWV 3ULFH $JHQW 0(/ %(5*(5

5LJKWV 506

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

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU ''D\ *HQ $GXOW 3XEOLVKHU 5HJQHU\ &URZQ 6W 0DUWLQ V 3UHVV 3XEOLVKHU 5DQGRP +RXVH $GGLVRQ :HVOH\ &URZQ 3XEOLVKHU 5HJQHU\ ''D\ *HQ $GXOW 6 6 5HJQHU\ 6W 0DUWLQ V 3UHVV 5DQGRP +RXVH &URZQ 5HJQHU\ 6 6

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ

$QFHVWRU $ 1RYHO

1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU

6FRWW 6LJOHU $QFHVWRU $ 1RYHO

21 6$/( &52:1 +$5'&29(5

&DQ 21 6$/(

&52:1 +$5'&29(5 &DWHJRU\ Â¬)LFWLRQ +RUURU )LFWLRQ 7KULOOHUV %,6$&Â¬&DW Â¬)LFWLRQ +RUURU 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ +RUURU )LFWLRQ 7KULOOHUV 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬)LFWLRQ +RUURU 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

D FDXWLRQDU\ WDOH DERXW WKH SHULOV RI PRGHUQ VFLHQFH DQG KXPDQ KXEULV ,Q WKLV FDVH WKH

VXEMHFW LV WKH VFLHQFH RI [HQRWUDQVSODQWDWLRQ LPSODQWLQJ DQLPDO RUJDQV LQWR .H\ 3RLQWV 4XRWHV KXPDQV DQG WKH YHU\ VFDU\ VWULGHV WKDW ILHOG KDV PDGH RI ODWH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

6&277 6,*/(5 LV WKH 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI &RQWDJLRXV DQG ,QIHFWHG DQG KLV ILFWLRQ SRGFDVWV KDYH GUDZQ D PDVVLYH RQOLQH IROORZLQJ &KHFN KLP RXW DW VFRWWVLJOHU FRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DQ )UDQFLVFR &$

6&277 6,*/(5 LV WKH 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI &RQWDJLRXV DQG ,QIHFWHG DQG KLV ILFWLRQ SRGFDVWV KDYH GUDZQ D PDVVLYH RQOLQH IROORZLQJ &KHFN KLP RXW DW VFRWWVLJOHU FRP

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 6&277 :$;0$1 $*(1&< ,1&

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

,6%1 2Q VDOH 3XEOLVKHU 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ &URZQ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV &URZQ $JHQF\ 6&277 :$;0$1 $*(1&< ,1& 7KUHH 5LYHUV 3UHVV &URZQ ,6%1 2Q VDOH 3XEOLVKHU &URZQ ,6%1 2Q VDOH 6W 0DUWLQV 3XEOLVKHU +DUSHU&ROOLQV &URZQ ''D\ *HQ $GXOW 7KUHH 5LYHUV 3UHVV &URZQ &URZQ ,6%1 2Q VDOH 3XEOLVKHU 6W 0DUWLQV +DUSHU&ROOLQV ''D\ *HQ $GXOW &URZQ

5LJKWV 506

www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW %<5' /($9(// 3ULFH

5HSULQW <HV &DQ VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW %<5' /($9(// &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

7KH 6HFUHW +LVWRU\ RI WKH 0RQJRO 4XHHQV

+RZ WKH 'DXJKWHUV RI *HQJKLV .KDQ 5HVFXHG +LV (PSLUH 7KH 6HFUHW +LVWRU\ RI WKH 0RQJRO

4XHHQV %HVWVHOOLQJ $XWKRU RI *HQJKLV .KDQ DQG WKH 0DNLQJ RI WKH 0RGHUQ +RZ WKH 'DXJKWHUV RI *HQJKLV .KDQ 5HVFXHG +LV :RUOG (PSLUH -DFN :HDWKHUIRUG

%HVWVHOOLQJ $XWKRU RI *HQJKLV .KDQ DQG WKH 0DNLQJ RI WKH 0RGHUQ $ PDJQLILFHQWO\ UHVHDUFKHG KLVWRU\ RI WKH UXOLQJ ZRPHQ RI WKH 0RQJRO (PSLUH UHYHDOLQJ WKHLU VWUXJJOH WR KDQJ RQ WR WKHLU SDWULPRQ\ DQG WR :RUOG

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬+LVWRU\ $VLD %LRJUDSK\ :RPHQ %,6$&Â¬&DW Â¬+LVWRU\ $VLD 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< &DQ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬+LVWRU\ $VLD %LRJUDSK\ :RPHQ 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬+LVWRU\ $VLD 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

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

5LJKWV 506

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

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&URZQ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU &URZQ &URZQ 3XEOLVKHU 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV 3HQJXLQ &URZQ :DONHU 7KUHH 5LYHUV 3UHVV %DOODQWLQH %RRNV &URZQ 3XEOLVKHU &URZQ 3HQJXLQ :DONHU %DOODQWLQH %RRNV

&DQ &DQ 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ

5HZRUN -DVRQ )ULHG 5HZRUN 'DYLG +HLQHPHLHU +DQVVRQ

21 6$/( &52:1 %86,1(66 +$5'&29(5

21 6$/( &DQ

&52:1 %86,1(66 +$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 1DWLRQDO EXVLQHVV UDGLR FDPSDLJQ $XWKRU HYHQWV DQG LQWHUYLHZV RXW RI 6DQ )UDQFLVFR $XVWLQ &KLFDJR DQG 1HZ <RUN 1DWLRQDO SXEOLFLW\ 7LH LQ ZLWK DXWKRUV OHFWXUH VFKHGXOH 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ $GYHUWLVLQJ RQ WHFK QHZV DQG EXVLQHVV 1DWLRQDO EXVLQHVV UDGLR FDPSDLJQ ZHEVLWHV $XWKRU HYHQWV DQG LQWHUYLHZV RXW RI 6DQ 3URPRWLRQ RQ DXWKRUV ZHEVLWH )UDQFLVFR $XVWLQ &KLFDJR DQG 1HZ VLJQDOV FRP DQG EORJ 6LJQDOV YV <RUN 1RLVH 7LH LQ ZLWK DXWKRUV OHFWXUH VFKHGXOH 2XWUHDFK WR WHFK DQG EXVLQHVV EORJV $GYHUWLVLQJ RQ WHFK QHZV DQG EXVLQHVV 0DLOLQJV WR WHFK DQG +5 FRPPXQLWLHV ZHEVLWHV 3URPRWLRQ RQ DXWKRUV ZHEVLWH VLJQDOV FRP DQG EORJ 6LJQDOV YV 1RLVH 2XWUHDFK WR WHFK DQG EXVLQHVV EORJV 0DLOLQJV WR WHFK DQG +5 FRPPXQLWLHV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

ODUJHU FRUSRUDWLRQV DQG WKHLU EORJ LV UHDG E\ OR\DO IDQV %XVLQHVV JXUX 6HWK

*RGLQ UDYHV DERXW WKHP 7KH\ DUH DV FORVH DV ZH JHW WR GHPLJRGV RQOLQH .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

%ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

7UDQVODWLRQ <HV $JHQF\ /$5. 352'8&7,216 //&

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $EULGJHG &' $XGLR <HV ( ERRN %ULWLVK <HV &RPS 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5DQGRP +RXVH $XGLR &DQ %RRN &OXE <HV VW 6HULDO <HV &URZQ %XVLQHVV 6SHFLDO 0DUNHWV &DQ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ /$5. 352'8&7,216 //& $JHQW 3ULFH

5LJKWV 506

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

www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

6SHFLDO 0DUNHWV $JHQW

&URZQ %XVLQHVV &URZQ 3XEOLVKHU 5DQGRP +RXVH 5DQGRP +RXVH $XGLR 3HQJXLQ &URZQ %XVLQHVV +\SHULRQ 3XEOLVKHU 'HODFRUWH 3UHVV &URZQ %XVLQHVV +DUYDUG %XVLQHVV &URZQ 3HQJXLQ 5DQGRP +RXVH 3HQJXLQ +\SHULRQ 'HODFRUWH 3UHVV +DUYDUG %XVLQHVV 3HQJXLQ

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

7KH 4XDQWV

+RZ D 1HZ %UHHG RI 0DWK :KL]]HV 1HDUO\ 'HVWUR\HG WKH :RUOG V )LQDQFLDO 0DUNHWV

7KH 4XDQWV 6WDII 5HSRUWHU 7KH :DOO 6WUHHW -RXUQDO

+RZ D 1HZ %UHHG RI 0DWK :KL]]HV 1HDUO\ 'HVWUR\HG 6FRWW 3DWWHUVRQ WKH :RUOG V )LQDQFLDO 0DUNHWV

21 6$/( &52:1 %86,1(66 +$5'&29(5

21 6$/( &DQ

&52:1 %86,1(66 +$5'&29(5 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +& %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

WKHVH FKDUDFWHUV DUH ODUJHU WKDQ OLIH DQG WKHLU VWRULHV SOD\ RXW RQ WKH ELJJHVW VWDJH

LPDJLQDEOH ZLWK ELOOLRQV RI GROODUV DQG WKH ZRUOG V HFRQRP\ ULGLQJ RQ WKHVH TXDQWV

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV $EULGJHG &' %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ (1'($925 $*(1&< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 6+$:1 &2<1( 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5DQGRP +RXVH $XGLR &DQ 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV &URZQ %XVLQHVV $JHQW 6+$:1 &DQ $JHQF\ (1'($925 $*(1&< //& ,6%1 2Q VDOH 3XEOLVKHU 3ULFH &2<1( ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH

0F*UDZ +LOO 3HUVHXV 3XEOLF $IIDLUV 3XEOLVKHU ''D\ *HQ $GXOW 5DQGRP +RXVH $XGLR 5DQGRP +RXVH &URZQ %XVLQHVV 'HODFRUWH 3UHVV 3XEOLVKHU %URDGZD\ 0F*UDZ +LOO 6LPRQ 6FKXVWHU 3HUVHXV 3XEOLF $IIDLUV 5DQGRP +RXVH ''D\ *HQ $GXOW 5DQGRP +RXVH 'HODFRUWH 3UHVV %URDGZD\ 6LPRQ 6FKXVWHU 5DQGRP +RXVH

3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ

8QOLPLWHG

+RZ WR %XLOG DQ ([FHSWLRQDO /LIH %LJJHVW /RVHU &RDFK DQG WKH 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI 0DVWHU <RXU 0HWDEROLVP DQG 0DNLQJ WKH &XW

8QOLPLWHG

+RZ WR %XLOG DQ ([FHSWLRQDO /LIH -LOOLDQ 0LFKDHOV

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬6HOI +HOS 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ IURP 1HZ <RUN /$ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

:KDW DUH \RX ZDLWLQJ IRU" 6XFFHVV JRHV WR WKH VWURQJ %LJJHVW /RVHU &RDFK DQG WKH 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI )RU WKH PLOOLRQ ZHHNO\ IDQV ZKR ZDWFK -LOOLDQ RQ 7KH %LJJHVW /RVHU WKH 0DVWHU <RXU 0HWDEROLVP DQG 0DNLQJ WKH &XW PLOOLRQ UHFLSLHQWV RI KHU GDLO\ QHZVOHWWHU IURP KHU WRS UDWHG ZHEVLWH -LOOLDQ 0LFKDHOV ZZZ MLOOLDQPLFKDHOV FRP KHU UDGLR IDQV DQG WKH UHDGHUV ZKR KDYH WZLFH PDGH KHU D PXOWL ZHHN 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU -LOOLDQ 0LFKDHOV PRYHV KHU :KDW DUH \RX ZDLWLQJ IRU" 6XFFHVV JRHV WR WKH VWURQJ EUDQG LQWR D QDWXUDO QHZ GLUHFWLRQ VHOI KHOS DQG PRWLYDWLRQ 1RZ ZLWK KHU )RU WKH PLOOLRQ ZHHNO\ IDQV ZKR ZDWFK -LOOLDQ RQ 7KH %LJJHVW /RVHU WKH WUDGHPDUN FRPSDVVLRQ DQG ILHUFHQHVV VKH KHOSV UHDGHUV EXLOG WKHLU LQQHU VWUHQJWK PLOOLRQ UHFLSLHQWV RI KHU GDLO\ QHZVOHWWHU IURP KHU WRS UDWHG ZHEVLWH DQG UHVHUYHV VR WKH\ FDQ PRYH DOO REVWDFOHV VWDQGLQJ EHWZHHQ WKHP DQG WKH ZZZ MLOOLDQPLFKDHOV FRP KHU UDGLR IDQV DQG WKH UHDGHUV ZKR KDYH WZLFH PDGH OLYHV WKH\ WUXO\ ZDQW WR EH OLYLQJ KHU D PXOWL ZHHN 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU -LOOLDQ 0LFKDHOV PRYHV KHU EUDQG LQWR D QDWXUDO QHZ GLUHFWLRQ VHOI KHOS DQG PRWLYDWLRQ 1RZ ZLWK KHU WUDGHPDUN FRPSDVVLRQ DQG ILHUFHQHVV VKH KHOSV UHDGHUV EXLOG WKHLU LQQHU VWUHQJWK DQG UHVHUYHV VR WKH\ FDQ PRYH DOO REVWDFOHV VWDQGLQJ EHWZHHQ WKHP DQG WKH %HVWVHOOLQJ WUDFN UHFRUG :LWK ZHHNV RQ WKH 1HZ <RUN 7LPHV OLVW ZHHNV RQ 86$ OLYHV WKH\ WUXO\ ZDQW WR EH OLYLQJ 7RGD\ PXOWLSOH DSSHDUDQFHV RQ RWKHU OLVWV WKURXJKRXW WKH FRXQWU\ DQG PDQ\ WULSV EDFN

.H\ 3RLQWV 4XRWHV

WR SUHVV 0DNLQJ WKH &XW EURNH WKURXJK WKH ILWQHVV VKHOI V LQHUWLD DQG KDV LQ H[FHVV RI

FRSLHV LQ SULQW DIWHU D OLWWOH RYHU D \HDU RQ VDOH +HU PRVW UHFHQW KDUGFRYHU .H\ 3RLQWV 4XRWHV 0DVWHU <RXU 0HWDEROLVP LV RQ ILUH ZLWK SULQWLQJV DQG FRSLHV LQ SULQW LQ MXVW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

VHULHV 7KH %LJJHVW /RVHU 7KH FRPSHWLWLYH ZHLJKW ORVV UHDOLW\ 79 VKRZ LV VHHQ E\ QHDUO\ PLOOLRQ YLHZHUV HYHU\ ZHHN 6KH LV WKH PXOWL ZHHN 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI 0DNLQJ WKH &XW DQG 0DVWHU <RXU 0HWDEROLVP 6LQFH $XWKRU 5HVLGHQFH /RV $QJHOHV &$ -LOOLDQ KDV KHOG WZR SHUVRQDO WUDLQLQJ FHUWLILFDWHV IURP WKH OHDGLQJ FHUWLILFDWLRQ -LOOLDQ 0LFKDHOV LV EHVW NQRZQ DV D VWUHQJWK WUDLQHU DQG OLIH FRDFK IRU 1%& V KLW SURJUDPV LQ WKH FRXQWU\ WKH 1DWLRQDO (QGXUDQFH DQG 6WUHQJWK 7UDLQLQJ VHULHV 7KH %LJJHVW /RVHU 7KH FRPSHWLWLYH ZHLJKW ORVV UHDOLW\ 79 VKRZ LV VHHQ E\ $VVRFLDWLRQ 1(67$ DQG WKH $PHULFDQ )LWQHVV $VVRFLDWLRQ RI $PHULFD $)$$ QHDUO\ PLOOLRQ YLHZHUV HYHU\ ZHHN 6KH LV WKH PXOWL ZHHN 1HZ <RUN 7LPHV 'XULQJ WKDW WLPH VKH KDV KHOSHG VKDSH DQG LQVSLUH WKH OLYHV RI PLOOLRQV EHVWVHOOLQJ DXWKRU RI 0DNLQJ WKH &XW DQG 0DVWHU <RXU 0HWDEROLVP 6LQFH -LOOLDQ KDV KHOG WZR SHUVRQDO WUDLQLQJ FHUWLILFDWHV IURP WKH OHDGLQJ FHUWLILFDWLRQ SURJUDPV LQ WKH FRXQWU\ WKH 1DWLRQDO (QGXUDQFH DQG 6WUHQJWK 7UDLQLQJ 5LJKWV 506 $VVRFLDWLRQ 1(67$ DQG WKH $PHULFDQ )LWQHVV $VVRFLDWLRQ RI $PHULFD $)$$ 'XULQJ WKDW WLPH VKH KDV KHOSHG VKDSH DQG LQVSLUH WKH OLYHV RI PLOOLRQV 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

%RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

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

,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV 5DQGRP +RXVH $XGLR &DQ %RRN &OXE <HV VW 6HULDO <HV &URZQ &DQ 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ $JHQW &URZQ &DQ 7KUHH 5LYHUV 3UHVV &DQ ,6%1 2Q VDOH &URZQ 3XEOLVKHU 3ULFH &DQ 2Q VDOH 5DQGRP +RXVH $XGLR &DQ ,6%1 3XEOLVKHU 3ULFH &URZQ &DQ &URZQ &DQ ,6%1 2Q VDOH &URZQ 3XEOLVKHU 3ULFH &DQ &URZQ &DQ 7KUHH 5LYHUV 3UHVV &DQ &URZQ &DQ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH &URZQ &DQ &URZQ &DQ

5LJKWV 506

www.CrownPublishing.com

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

:KDW :LOO ,W 7DNH"

$PHULFD V +DQJ XS ZLWK D :RPDQ 3UHVLGHQW

$QQH .RUQEOXW :KDW :LOO ,W 7DNH"

$PHULFD V +DQJXS ZLWK D :RPDQ 3UHVLGHQW

21 6$/( &52:1 +$5'&29(5

21 6$/( &52:1 &DQ +$5'&29(5

&DWHJRU\ Â¬3ROLWLFDO 6FLHQFH 6RFLDO 6FLHQFH :RPHQ V 6WXGLHV &DQ %,6$&Â¬&DW Â¬3ROLWLFDO 6FLHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬3ROLWLFDO 6FLHQFH 6RFLDO 6FLHQFH &DUWRQ &RXQW :RPHQ V 6WXGLHV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬3ROLWLFDO 6FLHQFH *HQHUDO 3URGÂ¬7\SH Â¬&URZQ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725<

3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ RXW RI 1HZ <RUN DQG 3URGÂ¬7\SH Â¬&URZQ +& '& 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ FLW\ UDGLR VDWHOOLWH WRXU $GYHUWLVLQJ FDPSDLJQ RQ QHZV SROLWLFDO 1DWLRQDO SXEOLFLW\ RXW RI 1HZ <RUN DQG DQG LVVXHV ZHEVLWHV DQG EORJV '& 2XWUHDFK WR SROLWLFDO QHZV DQG 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ ZRPHQV LVVXHV EORJJHUV FLW\ UDGLR VDWHOOLWH WRXU &RRUGLQDWHG RXWUHDFK WR ZRPHQ V $GYHUWLVLQJ FDPSDLJQ RQ QHZV SROLWLFDO VWXGLHV SROLWLFDO VFLHQFH DQG DQG LVVXHV ZHEVLWHV DQG EORJV JRYHUQPHQW VWXGLHV GHSDUWPHQWV 2XWUHDFK WR SROLWLFDO QHZV DQG

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

,Q WKH VSLULW RI %DFNODVK :KDW :LOO ,W 7DNH" LV D FRQWUDULDQ DQG FRQWURYHUVLDO FRUUHFWLRQ WR KRZ ZRPHQ DUH WUHDWHG DQG SRUWUD\HG LQ WKH UHDOPV RI SROLWLFV DQG JRYHUQPHQW &RQWUDULDQ DQG FRQWURYHUVLDO .RUQEOXW SRNHV KROHV WKURXJK DOO WKH FRQYHQWLRQDO ZLVGRP DERXW KRZ ZRPHQ UXQ IRU SROLWLFDO RIILFH DQG SRLQWV D ILQJHU DW ZRPHQ

WKHPVHOYHV LQ WHUPV RI KRZ WKH\ VXSSRUW IHPDOH FDQGLGDWHV .H\ 3RLQWV 4XRWHV

%H\RQG +LOODU\ DQG 6DUDK :KLOH GLVVHFWLQJ DOO WKDW ZDV ULJKW DQG ZURQJ DERXW +LOODU\ V KLVWRULF FDPSDLJQ DQG WKH 3DOLQ PHGLD FLUFXV WKLV ERRN DOVR ORRNV DKHDG WR WKH QH[W &RQWUDULDQ DQG FRQWURYHUVLDO .RUQEOXW SRNHV KROHV WKURXJK DOO WKH FRQYHQWLRQDO JHQHUDWLRQ RI ZRPHQ FRPLQJ XS ZKR DUH UHGHILQLQJ WKHPVHOYHV DQG KRZ WKH JHQGHU ZLVGRP DERXW KRZ ZRPHQ UXQ IRU SROLWLFDO RIILFH DQG SRLQWV D ILQJHU DW ZRPHQ JDPH LV SOD\HG WKHPVHOYHV LQ WHUPV RI KRZ WKH\ VXSSRUW IHPDOH FDQGLGDWHV

0DUNHWLQJ DQG 3XEOLFLW\

ZRPHQV LVVXHV EORJJHUV &RRUGLQDWHG RXWUHDFK WR ZRPHQ V VWXGLHV SROLWLFDO VFLHQFH DQG JRYHUQPHQW VWXGLHV GHSDUWPHQWV

%H\RQG +LOODU\ DQG 6DUDK :KLOH GLVVHFWLQJ DOO WKDW ZDV ULJKW DQG ZURQJ DERXW +LOODU\ V KLVWRULF FDPSDLJQ DQG WKH 3DOLQ PHGLD FLUFXV WKLV ERRN DOVR ORRNV DKHDG WR WKH QH[W JHQHUDWLRQ RI ZRPHQ FRPLQJ XS ZKR DUH UHGHILQLQJ WKHPVHOYHV DQG KRZ WKH JHQGHU JDPH LV SOD\HG $XWKRU 5HVLGHQFH :DVKLQJWRQ '&

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ (1'($925 $*(1&< //&

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 7UDQVODWLRQ 1R 2Q VDOH 3XEOLVKHU &URZQ $JHQF\ (1'($925 $*(1&< //&

5LJKWV 506

&RPS 7LWOHV &RQGROHH]]D 5LFH $Q $PHUL %XPLOOHU ( +& 7KH :D\ 7R :LQ +DOSHULQ 0DUN +& 2WKHU (GLWLRQV *UHDW 'DPHV %UHQQHU 0DULH +& ( ERRN +LOODU\ V &KRLFH 6KHHK\ *DLO +& &RPS 7LWOHV :KDW ,W 7DNHV &UDPHU 5LFKDUG %HQ +& &RQGROHH]]D 5LFH $Q $PHUL %XPLOOHU ( +& %DFNODVK )DOXGL 6XVDQ +& 7KH :D\ 7R :LQ +DOSHULQ 0DUN +& 7KH %HDXW\ 0\WK 1DRPL :ROI +& *UHDW 'DPHV %UHQQHU 0DULH +& +LOODU\ V &KRLFH 6KHHK\ *DLO +& :KDW ,W 7DNHV &UDPHU 5LFKDUG %HQ +& %DFNODVK )DOXGL 6XVDQ +& 7KH %HDXW\ 0\WK 1DRPL :ROI +&

,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' $%$7( 5HSULQW <HV

VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW 5,&+$5' $%$7(3ULFH

3XEOLVKHU 5DQGRP +RXVH 5DQGRP +RXVH 3XEOLVKHU &URZQ &URZQ 5DQGRP +RXVH 3XEOLVKHU 5DQGRP +RXVH 5DQGRP +RXVH &URZQ 5DQGRP +RXVH +DUSHU&ROOLQV :LOOLDP 0RUURZ &URZQ 5DQGRP +RXVH 5DQGRP +RXVH &URZQ +DUSHU&ROOLQV :LOOLDP 0RUURZ

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

0DQGHOD V :D\

)LIWHHQ /HVVRQV RQ /LIH /RYH DQG &RXUDJH )RUHZRUG E\ 1HOVRQ 0DQGHOD

5LFKDUG 6WHQJHO 0DQGHOD V :D\ )RUHZRUG E\ 1HOVRQ 0DQGHOD )LIWHHQ /HVVRQV RQ /LIH /RYH DQG &RXUDJH

21 6$/( &52:1 +$5'&29(5

&DQ

21 6$/(

&52:1 &DWHJRU\ Â¬6HOI +HOS 0RWLYDWLRQDO 6HOI +HOS +$5'&29(5 3HUVRQDO *URZWK %,6$&Â¬&DW Â¬6HOI +HOS 0RWLYDWLRQDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 &DQ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬6HOI +HOS 0RWLYDWLRQDO 6HOI +HOS 3URGÂ¬7\SH Â¬&URZQ +& 3HUVRQDO *URZWK %,6$&Â¬&DW Â¬6HOI +HOS 0RWLYDWLRQDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK 1DWLRQDO SXEOLFLW\ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO PHGLD IURP 1HZ <RUN 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

&ORVH IULHQGVKLS EHWZHHQ DXWKRU DQG VXEMHFW 6WHQJHO FROODERUDWHG ZLWK 0DQGHOD RQ

/RQJ :DON WR )UHHGRP PRUH WKDQ FRSLHV VROG LQ WKH 8 6 DQG WKH 8 . DQG .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

$JHQF\ -2< +$55,6 /,7(5$5< $*(1&< ,1&

$JHQW -2< +$55,6

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www.CrownPublishing.com 7XHVGD\V :LWK 0RUULH $OERP 0LWFK +& ''D\ *HQ $GXOW &DQ /HWWHU 7R 0\ 'DXJKWHU $QJHORX 0D\D +& 5DQGRP +RXVH &DQ

&ODXGH &DPLOOH $ 1RYHO RI 0RQHW

6WHSKDQLH &RZHOO

&ODXGH &DPLOOH

6WUXJJOLQJ DUWLVW &ODXGH 0RQHW V OLIH ZDV LUUHYRFDEO\ FKDQJHG ZKHQ KH PHW $ 1RYHO RI 0RQHW WKH EHDXWLIXO DQG P\VWHULRXV &DPLOOH 'RXFLHX[ 7KURXJK \HDUV RI SDLQWLQJ PLVXQGHUVWDQGLQJ DQG ORYH WKH\ FDUYH RXW D OLIH WRJHWKHU EXW FDQ &DPLOOH 6WHSKDQLH &RZHOO HYHU HVFDSH KHU SDVW DQG FDQ 0RQHW HYHU IRUJHW LW"

6WUXJJOLQJ DUWLVW &ODXGH 0RQHW V OLIH ZDV LUUHYRFDEO\ FKDQJHG ZKHQ KH PHW WKH EHDXWLIXO DQG P\VWHULRXV &DPLOOH 'RXFLHX[ 7KURXJK \HDUV RI SDLQWLQJ PLVXQGHUVWDQGLQJ DQG ORYH WKH\ FDUYH RXW D OLIH WRJHWKHU EXW FDQ &DPLOOH &ULWLFDOO\ DFFODLPHG DQG DZDUG ZLQQLQJ DXWKRU ,Q 6WHSKDQLH &RZHOO ZRQ WKH HYHU HVFDSH KHU SDVW DQG FDQ 0RQHW HYHU IRUJHW LW" $PHULFDQ %RRN $ZDUG IRU 7KH 3K\VLFLDQ RI /RQGRQ +HU IRXU SXEOLVKHG QRYHOV KDYH DOO

.H\ 3RLQWV 4XRWHV

UHFHLYHG UDYH UHYLHZV LQ PDLQVWUHDP SXEOLFDWLRQV IURP WKH /$ 7LPHV WR WKH :DVKLQJWRQ

.H\ 3RLQWV 4XRWHV 3RVW WR 3HRSOH 2I KHU ODVW ERRN 0DUU\LQJ 0R]DUW WKH +LVWRULFDO 1RYHO 5HYLHZ VDLG 21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ &52:1 +LVWRU\ $ &URZQ RULJLQDO +$5'&29(5

&DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ +LVWRU\ $ &URZQ RULJLQDO 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

ZLWKRXW D GRXEW WKLV LV RQH RI WKH EHVW ERRNV , KDYH UHDG LQ WKH ODVW \HDU 6WDUYLQJ DUWLVWV LQ ORYH VHOO QRYHOV 7KHUH KDV DOZD\V EHHQ D FRPSHOOLQJ DLU RI &ULWLFDOO\ DFFODLPHG DQG DZDUG ZLQQLQJ DXWKRU ,Q 6WHSKDQLH &RZHOO ZRQ WKH URPDQFH DQG LQWULJXH VXUURXQGLQJ DUWLVWV ZH YH FRPH WR NQRZ DQG ORYH 6XVDQ 9UHHODQG $PHULFDQ %RRN $ZDUG IRU 7KH 3K\VLFLDQ RI /RQGRQ +HU IRXU SXEOLVKHG QRYHOV KDYH DOO DQG 7UDF\ &KHYDOLHU KDYH ERWK FUHDWHG VXFFHVVIXO IUDQFKLVHV EDVHG RQ SDLQWHUV DQG UHFHLYHG UDYH UHYLHZV LQ PDLQVWUHDP SXEOLFDWLRQV IURP WKH /$ 7LPHV WR WKH :DVKLQJWRQ WKHLU PXVHV 0RQHW LV SHUKDSV WKH PRVW IDPRXV DQG FRPPHUFLDO DUWLVW RI DOO DW OHDVW LQ 3RVW WR 3HRSOH 2I KHU ODVW ERRN 0DUU\LQJ 0R]DUW WKH +LVWRULFDO 1RYHO 5HYLHZ VDLG WHUPV RI FROOHJH GRUP SRVWHUV DQG KLV VWRU\ KDV QRW EHHQ WROG LQ QRYHO IRUP ZLWKRXW D GRXEW WKLV LV RQH RI WKH EHVW ERRNV , KDYH UHDG LQ WKH ODVW \HDU &RZHOO EULQJV WKH ,PSUHVVLRQLVW PRYHPHQW WR OLIH 6WHSKDQLH V FLQHPDWLF ZULWLQJ VW\OH 6WDUYLQJ DUWLVWV LQ ORYH VHOO QRYHOV 7KHUH KDV DOZD\V EHHQ D FRPSHOOLQJ DLU RI WUDQVSRUWV WKH UHDGHU EDFN WR QLQHWHHQWK FHQWXU\ 3DULV ZKHQ WKH ,PSUHVVLRQLVWV WKDW DUH URPDQFH DQG LQWULJXH VXUURXQGLQJ DUWLVWV ZH YH FRPH WR NQRZ DQG ORYH 6XVDQ 9UHHODQG KRXVHKROG QDPHV WRGD\ DUH PHUHO\ D JURXS RI XQVXFFHVVIXO SHQQLOHVV DUWLVWV ZKR DQG 7UDF\ &KHYDOLHU KDYH ERWK FUHDWHG VXFFHVVIXO IUDQFKLVHV EDVHG RQ SDLQWHUV DQG GHVSHUDWHO\ WU\ WR JDLQ UHVSHFW LQ WKH DUWLVWLF FRPPXQLW\ 7KHLU VWURQJ FDPDUDGHULH DV WKHLU PXVHV 0RQHW LV SHUKDSV WKH PRVW IDPRXV DQG FRPPHUFLDO DUWLVW RI DOO DW OHDVW LQ WKH\ VKDUH VXFFHVV DQG IDLOXUH PDNHV IRU D PRYLQJ DQG GUDPDWLF VWRU\ )DPLOLDU WHUPV RI FROOHJH GRUP SRVWHUV DQG KLV VWRU\ KDV QRW EHHQ WROG LQ QRYHO IRUP FKDUDFWHUV LQFOXGH 3LVVDUUR 5HQRLU 0DQHW DQG %D]LOOH &RZHOO EULQJV WKH ,PSUHVVLRQLVW PRYHPHQW WR OLIH 6WHSKDQLH V FLQHPDWLF ZULWLQJ VW\OH $XWKRU LV H[SHUW RQ WKH VXEMHFW &RZHOO KDV GRQH H[WHQVLYH UHVHDUFK DQG FDQ VSHDN DW WUDQVSRUWV WKH UHDGHU EDFN WR QLQHWHHQWK FHQWXU\ 3DULV ZKHQ WKH ,PSUHVVLRQLVWV WKDW DUH OHQJWK DERXW WKH ,PSUHVVLRQLVWV DQG WKH UHODWLRQVKLS EHWZHHQ &DPLOOH DQG 0RQHW 6KH LV KRXVHKROG QDPHV WRGD\ DUH PHUHO\ D JURXS RI XQVXFFHVVIXO SHQQLOHVV DUWLVWV ZKR D IDVFLQDWLQJ VWRU\WHOOHU DQG ZLOO EH JUHDW LQ UDGLR DQG SULQW LQWHUYLHZV GHVSHUDWHO\ WU\ WR JDLQ UHVSHFW LQ WKH DUWLVWLF FRPPXQLW\ 7KHLU VWURQJ FDPDUDGHULH DV WKH\ VKDUH VXFFHVV DQG IDLOXUH PDNHV IRU D PRYLQJ DQG GUDPDWLF VWRU\ )DPLOLDU FKDUDFWHUV LQFOXGH 3LVVDUUR 5HQRLU 0DQHW DQG %D]LOOH $XWKRU LV H[SHUW RQ WKH VXEMHFW &RZHOO KDV GRQH H[WHQVLYH UHVHDUFK DQG FDQ VSHDN DW OHQJWK DERXW WKH ,PSUHVVLRQLVWV DQG WKH UHODWLRQVKLS EHWZHHQ &DPLOOH DQG 0RQHW 6KH LV $XWKRU 5HVLGHQFH 1HZ <RUN &LW\ D IDVFLQDWLQJ VWRU\WHOOHU DQG ZLOO EH JUHDW LQ UDGLR DQG SULQW LQWHUYLHZV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

100

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ (00$ 6:((1(< $*(1&< //&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW (00$ 6:((1(< 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV &URZQ &DQ $JHQF\ (00$ 6:((1(< $*(1&< //& $JHQW (00$ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 6:((1(< 3HQJXLQ

0DUU\LQJ 0R]DUW &RZHOO 6WHSKDQLH 75 0DUU\LQJ 0R]DUW &RZHOO 6WHSKDQLH +& 7KH 3OD\HUV &RZHOO 6WHSKDQLH +& 2WKHU (GLWLRQV 1LFKRODV &RRNH &RZHOO 6WHSKDQLH 75 ( ERRN &RPS 7LWOHV +LVW 3UHY 7LWOHV 9UHHODQG 6XVDQ /XQFKHRQ RI WKH %RDWLQJ 3DUW\ +& 0DUU\LQJ 0R]DUW &RZHOO 6WHSKDQLH 75 $UWKXU *HRUJH %DUQHV -XOLDQ +& 0DUU\LQJ 0R]DUW &RZHOO 6WHSKDQLH +& 7XOLS )HYHU 0WL 0RJJDFK 'HERUDK +& 7KH 3OD\HUV &RZHOO 6WHSKDQLH +& &KHYDOLHU 7UDF\ *LUO ZLWK D 3HDUO (DUULQJ +& 1LFKRODV &RRNH &RZHOO 6WHSKDQLH 75 &RPS 7LWOHV 9UHHODQG 6XVDQ /XQFKHRQ RI WKH %RDWLQJ 3DUW\ +& $UWKXU *HRUJH %DUQHV -XOLDQ +& 7XOLS )HYHU 0WL 0RJJDFK 'HERUDK +& &KHYDOLHU 7UDF\ *LUO ZLWK D 3HDUO (DUULQJ +&

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3HQJXLQ : : 1RUWRQ 3XEOLVKHU %DOODQWLQH %RRNV &URZQ 3XEOLVKHU 3XEOLVKHU 3HQJXLQ 3HQJXLQ .QRSI 3HQJXLQ 'HODFRUWH 3UHVV : : 1RUWRQ 3HQJXLQ %DOODQWLQH %RRNV 3XEOLVKHU 3HQJXLQ .QRSI 'HODFRUWH 3UHVV 3HQJXLQ

3ULFH &DQ &DQ 3ULFH 3ULFH &DQ 3ULFH

'LIIHUHQW

:K\ &RPSHWHQFH ,V .LOOLQJ <RX

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

21 6$/( &52:1 %86,1(66 +$5'&29(5

&DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ %XVLQHVV +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 1DWLRQDO EXVLQHVV UDGLR FDPSDLJQ $XWKRU HYHQWV RXW RI %RVWRQ 1HZ <RUN 6DQ )UDQFLVFR DQG 6HDWWOH &URVV SURPRWLRQ ZLWK +DUYDUG DQG +DUYDUG RUJ 2QOLQH DGYHUWLVLQJ RQ WKRXJKW OHDGHU VLWHV 2XWUHDFK WR EXVLQHVV DQG WKRXJKW OHDGHU EORJV *DOOH\V WR 7RS %XVLQHVV $FFRXQWV

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 5$3+$(/ 6$*$/<1 ,1&

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 7KH :LVGRP 2I &URZGV 6XURZLHFNL -DPHV 75 0DGH 7R 6WLFN +HDWK &KLS +& $V 7KH )XWXUH &DWFKHV <RX (QULTXH] -XDQ +& 7KH +RXU :RUNZHHN )HUULVV 7LPRWK\ +& 7KH 7LSSLQJ 3RLQW 0DOFROP *ODGZHOO +& %OLQN 0DOFROP *ODGZHOO +& 7KH /RQJ 7DLO &KULV $QGHUVRQ +& 2XWOLHUV 0DOFROP *ODGZHOO +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5$)( 6$*$/<1

3XEOLVKHU &URZQ %XVLQHVV 3XEOLVKHU $QFKRU 5DQGRP +RXVH &URZQ %XVLQHVV &URZQ /LWWOH %URZQ DQG &RPSDQ\ /LWWOH %URZQ DQG &RPSDQ\ +\SHULRQ /LWWOH %URZQ DQG &RPSDQ\

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ

101 www.CrownPublishing.com

$QDWRP\ RI DQ (SLGHPLF

0DJLF %XOOHWV 3V\FKLDWULF 'UXJV DQG WKH $VWRQLVKLQJ 5LVH RI 0HQWDO ,OOQHVV LQ $PHULFD $XWKRU RI 0DG LQ $PHULFD $QDWRP\ RI DQ (SLGHPLF

0DJLF %XOOHWV 3V\FKLDWULF 'UXJV DQG WKH $VWRQLVKLQJ 5REHUW :KLWDNHU 5LVH RI 0HQWDO ,OOQHVV LQ $PHULFD

21 6$/( &52:1 +$5'&29(5

21 6$/( &DQ

&52:1 +$5'&29(5 &DWHJRU\ Â¬&XUUHQW $IIDLUV 0HGLFDO 3KDUPDFRORJ\ 0HGLFDO 0HQWDO +HDOWK &DQ %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬&XUUHQW $IIDLUV 0HGLFDO &DUWRQ &RXQW 3KDUPDFRORJ\ 0HGLFDO 0HQWDO /RDGÂ¬*URXS Â¬ +HDOWK 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO

2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 3URGÂ¬7\SH Â¬&URZQ +& $GYHUWLVLQJ DW VFLHQFH KHDOWK DQG ZHOOQHVV ZHEVLWHV DQG EORJV 2XWUHDFK WR VFLHQFH PHQWDO KHDOWK DQG PHGLFDO ZHEVLWHV DQG EORJV 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR PHQWDO KHDOWK VXSSRUW 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ JURXSV $GYHUWLVLQJ DW VFLHQFH KHDOWK DQG

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

.H\ 3RLQWV 4XRWHV

VWRULHV RI KRZ GRFWRUV DQG GUXJ FRPSDQLHV KDYH EHWUD\HG XV

+XJHO\ &RQWURYHUVLDO 7KLV ERRN LV FHUWDLQ WR EH D OLJKWQLQJ URG IRU FULWLFLVP IURP WKH .H\ 3RLQWV 4XRWHV SV\FKLDWULF FRPPXQLW\ DQG WKH SKDUPDFHXWLFDO LQGXVWU\ FKDOOHQJLQJ DV LW GRHV DOO WKH

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

0DUNHWLQJ DQG 3XEOLFLW\

ZHOOQHVV ZHEVLWHV DQG EORJV 2XWUHDFK WR VFLHQFH PHQWDO KHDOWK DQG PHGLFDO ZHEVLWHV DQG EORJV 2XWUHDFK WR PHQWDO KHDOWK VXSSRUW JURXSV

3UL]H ZLQQLQJ VFLHQFH MRXUQDOLVW 5REHUW :KLWDNHU LV D VFLHQFH MRXUQDOLVW ZKR KDV ZRQ D *HRUJH 3RON $ZDUG IRU 0HGLFDO :ULWLQJ DQG D 1DWLRQDO $VVRFLDWLRQ RI 6FLHQFH :ULWHUV $ZDUG +H ZDV DOVR D ILQDOLVW IRU WKH 3XOLW]HU 3UL]H IRU 3XEOLF 6HUYLFH :LWK WKLV ERRN KH UHWXUQV WR D VXEMHFW KH NQRZV ZHOO DQG KDV KDG SUHYLRXV DFFODLP IRU ZLWK KLV ERRN 0DG LQ $XWKRU 5HVLGHQFH &DPEULGJH 0$ $PHULFD 52%(57 :+,7$.(5 LV WKH DXWKRU RI WKUHH SUHYLRXV ERRNV 0DG LQ $PHULFD

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

%RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 7+( 3$5. /,7(5$5< *5283 //&

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 7+(5(6$ 3$5.

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 2WKHU (GLWLRQV $XGLR 2 ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ 7+( 3$5. /,7(5$5< *5283 &URZQ //&

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW 7+(5(6$ 3$5. &DQ

5LJKWV 506

102

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www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

'HOWD %DVLF 3XEOLVKHU %DVLF %RRNV &URZQ 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH &URZQ %ORRPVEXU\ 'HOWD 6FULEQHU %DVLF 6LPRQ 6FKXVWHU %DVLF %RRNV 3XEOLVKHU 5DQGRP +RXVH %ORRPVEXU\ 6FULEQHU 6LPRQ 6FKXVWHU

&DQ 3ULFH &DQ 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ

8QWLWOHG 0HPRLU %HOLQGD &DUOLVOH $V ERWK D VROR DUWLVW DQG WKH OHDG VLQJHU RI WKH *R *R V %HOLQGD &DUOLVOH LV UHVSRQVLEOH IRU VRPH RI WKH PRVW LFRQLF VRQJV RI WKH HLJKWLHV +HU PHPRLU LV D VSHOOELQGLQJ ORRN DW OLIH LQ WKH IDVW ODQH RI WKH URFN ZRUOG DQG DQ H[SORUDWLRQ RI KHU VWUXJJOHV ZLWK ZHLJKW VREULHW\ VSLULWXDOLW\ DQG VHOI HVWHHP

.H\ 3RLQWV 4XRWHV

21 6$/(

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

Â© BJ PAPPAS

&52:1 +$5'&29(5

&DQ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ %LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ +&

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU %(/,1'$ &$5/,6/( LV QRW RQO\ NQRZQ DV WKH OHDG VLQJHU RI WKH *R *R V WKH PRVW VXFFHVVIXO DOO IHPDOH EDQG RI DOO WLPH EXW DOVR DV RQH RI WKH ODWH V PRVW JODPRURXV DGXOW SRS VRORLVWV 6LQFH WKHQ %HOLQGD KDV UHOHDVHG PRUH DOEXPV DQG FRQWLQXHV WR WRXU LQWHUQDWLRQDOO\ ERWK ZLWK KHU *R *R V VLVWHUV DQG DV D VROR DUWLVW 6KH OLYHV LQ WKH VRXWK RI )UDQFH

1DWLRQDO SXEOLFLW\ RXW RI 1HZ <RUN 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 7HOHYLVLRQ 6DWHOOLWH 7RXU 5DGLR 6DWHOOLWH 7RXU $GYHUWLVLQJ RQ PXVLF FHOHEULW\ DQG SRS FXOWXUH ZHEVLWHV $GYHUWLVLQJ RQ VRFLDO QHWZRUNLQJ VLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ &URVV SURPRWLRQ ZLWK 1XWULV\VWHP 2XWUHDFK WR PXVLF SRS FXOWXUH DQG FHOHEULW\ ZHEVLWHV DQG EORJV 2XWUHDFK WR ILWQHVV DQG \RJD ZHEVLWHV DQG EORJV

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 75,'(17 0(',$ *5283 //&

2WKHU (GLWLRQV $EULGJHG &' ( ERRN &RPS 7LWOHV /RVLQJ ,W %HUWLQHOOL 9DOHULH +& V7RUL 7HOOLQJ 6SHOOLQJ 7RUL +& :RQGHUIXO 7RQLJKW %R\G 3DWWLH +& 0\ /LIH 6R )DU )RQGD -DQH +& $ 3DSHU /LIH 2 1HDO 7DWXP +& 6FDU 7LVVXH .LHGLV $QWKRQ\ +& %URNHQ 0XVLF 6WLQJ +& 7KH 7UXWK ,V (WKHULGJH 0HOLVVD +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW '$1 67521(

3XEOLVKHU 5DQGRP +RXVH $XGLR &URZQ 3XEOLVKHU 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU +DUPRQ\ 5DQGRP +RXVH +DUSHU&ROOLQV +\SHULRQ 7KH 'LDO 3UHVV 9LOODUG %RRNV

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

103 www.CrownPublishing.com

%XLOGLQJ :HDOWK LQ &KLQD

7UXH 6WRULHV RI &KLQHVH 0LOOLRQDLUHV DQG +RZ 7KH\ 0DGH 7KHLU )RUWXQHV

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

21 6$/( &52:1 +$5'&29(5

&DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬&URZQ +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 2XWUHDFK WR EXVLQHVV DQG HFRQRPLFV ZHEVLWHV DQG EORJJHUV %X]] PDLOLQJV WR NH\ FRQWDFWV LQ WKH EXVLQHVV DQG HFRQRPLFV FRPPXQLW\ 3URPRWLRQ WR EXVLQHVV VFKRROV

$ERXW WKH $XWKRU ,OOXVWUDWRU =+8 /,1* KDV EHHQ WKH HGLWRU LQ FKLHI RI &KLQD 'DLO\ WKH RQO\ QDWLRQDO (QJOLVK ODQJXDJH QHZVSDSHU SURGXFHG LQ &KLQD VLQFH

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV (GXFDWLRQ 2I $Q $FFLGHQWDO &HR 1RYDN 'DYLG +& 7KH *DPH &KDQJHU /DIOH\ $ * +& /LIH (QWUHSUHQHXUV &KULVWRSKHU *HUJHQ DQG *UHJJÂ«

104 www.CrownPublishing.com

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ %XVLQHVV &URZQ %XVLQHVV

3ULFH &DQ 3ULFH &DQ &DQ

:LOH\

7KH (PSHURU RI 3RZGHU

+RZ , 5DQ D &RFDLQH (PSLUH 0DGH DQG /RVW %LOOLRQV $QG /LYHG WR 7HOO WKH 7DOH

-RQ 5REHUWV 7KH (PSHURU RI 3RZGHU

+RZ , 5DQ D &RFDLQH (PSLUH 0DGH DQG /RVW %LOOLRQV 7KH UHPDUNDEOH PHPRLU RI DQ DOO $PHULFDQ 6FDUIDFH UDLVHG LQ D 0DILD IDPLO\ ZKR URVH WR EHFRPH WKH FKLHI VPXJJOHU IRU WKH 0HGHOOLQ FDUWHO IRUP $QG /LYHG WR 7HOO WKH 7DOH

21 6$/( &52:1 +$5'&29(5

&DQ

21 6$/(

&52:1 &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ +$5'&29(5 &ULPLQDOV 2XWODZV %LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &DQ &ULPLQDOV 2XWODZV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ &DUWRQ &RXQW &ULPLQDOV 2XWODZV %LRJUDSK\ /RDGÂ¬*URXS Â¬ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV 3URGÂ¬7\SH Â¬&URZQ +& %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &ULPLQDOV 2XWODZV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

$ OLVW FROODERUDWRU -RQ LV FROODERUDWLQJ ZLWK (YDQ :ULJKW ZKRVH *HQHUDWLRQ .LOO ZDV

.H\ 3RLQWV 4XRWHV DPRQJ WKH PRVW FULWLFDOO\ DFFODLPHG ERRNV RQ WKH ,UDT :DU

3URYHQ DXGLHQFH 5REHUW V VWRU\ KHOSHG PDNH WKH +%2 '9' &RFDLQH &RZER\V LQWR D

$ERXW WKH $XWKRU ,OOXVWUDWRU UXQDZD\ KLW WKDW VSDZQHG D VHTXO DQG D ILOP EDVHG RQ KLV OLIH LV FXUUHQWO\ EHLQJ GHYHORSHG E\ 3DUDPRXQW 3LFWXUHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

$JHQF\ (1'($925 $*(1&< //&

$JHQW 5,&+$5' $%$7(

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www.CrownPublishing.com 6W 0DUWLQ V

105

106 www.CrownPublishing.com

Harmony Shaye Areheart Books

harmony title page

www.CrownPublishing.com

7KH 8OWLPDWH +DSSLQHVV 3UHVFULSWLRQ .H\V WR -R\ DQG (QOLJKWHQPHQW

7KH 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU

7KH 8OWLPDWH +DSSLQHVV 3UHVFULSWLRQ 'HHSDN &KRSUD .H\V WR -R\ DQG (QOLJKWHQPHQW

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

.H\ 3RLQWV 4XRWHV

21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ +$5021<

+$5'&29(5 &DWHJRU\ Â¬5HOLJLRQ %XGGKLVP %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬5HOLJLRQ %XGGKLVP /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP 3URGÂ¬7\SH Â¬+DUPRQ\ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬+DUPRQ\ +& FLW\ UDGLR VDWHOOLWH WRXU

0DUNHWLQJ DQG 3XEOLFLW\

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

0DUNHWLQJ DQG 3XEOLFLW\

108

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

WKLUW\ ILYH ODQJXDJHV LQFOXGLQJ QXPHURXV 1HZ <RUN 7LPHV EHVWVHOOHUV LQ ERWK WKH ILFWLRQ DQG QRQILFWLRQ FDWHJRULHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

'((3$. &+235$ LV WKH DXWKRU RI PRUH WKDQ ILIW\ ERRNV WUDQVODWHG LQWR RYHU WKLUW\ ILYH ODQJXDJHV LQFOXGLQJ QXPHURXV 1HZ <RUN 7LPHV EHVWVHOOHUV LQ ERWK WKH ILFWLRQ DQG QRQILFWLRQ FDWHJRULHV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE +DUPRQ\ 7UDQVODWLRQ ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ +DUPRQ\ 7KUHH 5LYHUV 3UHVV ,6%1 2Q VDOH +DUPRQ\ 3XEOLVKHU +DUPRQ\ +DUPRQ\ 7KUHH 5LYHUV 3UHVV ,6%1 2Q VDOH +DUPRQ\ 3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV +DUPRQ\ +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

5HSULQW 3ULFH VW 6HULDO &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW &DQ

5LJKWV 506

www.CrownPublishing.com

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

%UHDNLQJ 2XW RI %HGODP $ 1RYHO

$XWKRU RI 6OLSVWUHDP

%UHDNLQJ 2XW RI %HGODP /HVOLH /DUVRQ $ 1RYHO

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

21 6$/( &DQ

6+$<( $5(+($57 %22.6 +$5'&29(5 &DWHJRU\ Â¬)LFWLRQ /LWHUDU\ %,6$&Â¬&DW Â¬)LFWLRQ /LWHUDU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ /LWHUDU\ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +& %,6$&Â¬&DW Â¬)LFWLRQ /LWHUDU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

3UDLVH IRU /HVOLH /DUVRQ DQG 6OLSVWUHDP >/DUVRQ V@ H[TXLVLWHO\ FDOLEUDWHG SURVH PDNHV FOHDU VKH NQRZV WKHVH SHRSOH WR WKHLU

$ERXW WKH $XWKRU ,OOXVWUDWRU ERQHV (QWHUWDLQPHQW :HHNO\

/DUVRQ LV D PDVWHU RI GHWDLOV >6KH@ GHIWO\ VWHHUV KHU FKDUDFWHUV RQ D FROOLVLRQ FRXUVH $XWKRU 5HVLGHQFH %HUNHOH\ &$ $XWKRU +RPHWRZQ 6DQ 'LHJR &$ SLOLQJ XS WZLVWV DQG WXUQV DORQJ WKH ZD\ 6DQ )UDQFLVFR &KURQLFOH

/(6/,( /$5621 V ZRUN KDV DSSHDUHG LQ )DXOWOLQH WKH (DVW %D\ ([SUHVV DQG WKH :RPHQ V 5HYLHZ RI %RRNV DPRQJ RWKHU SXEOLFDWLRQV 6KH LV WKH DXWKRU RI WKH QRYHO 6OLSVWUHDP ZKLFK ZRQ WKH $VWUDHD $ZDUG IRU )LFWLRQ DQG ZDV D ILQDOLVW IRU WKH /DPEGD /LWHUDU\ $ZDUG

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %HUNHOH\ &$

$XWKRU +RPHWRZQ 6DQ 'LHJR &$

5LJKWV 506 7HUULWRULHV :RUOG H[FHSW 8. $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV :RUOG H[FHSW 8. $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ 678$57 %(5167(,1 $JHQW 5(35(6(17$7, 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 6KD\H $UHKHDUW %RRNV &DQ $JHQF\ 678$57 %(5167(,1 $JHQW ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5(35(6(17$7, 6KD\H $UHKHDUW %RRNV &DQ ,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV 3XEOLVKHU 3XEOLVKHU 5DQGRP +RXVH 6KD\H $UHKHDUW %RRNV 5DQGRP +RXVH 3XEOLVKHU 5DQGRP +RXVH 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 7KUHH 5LYHUV 3UHVV .QRSI 3XEOLVKHU $OJRQTXLQ 5DQGRP +RXVH 5DQGRP +RXVH 5DQGRP +RXVH 6KD\H $UHKHDUW %RRNV .QRSI $OJRQTXLQ

&DQ 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

109

(WHUQLW\ 6RXS

,QVLGH WKH 4XHVW WR (QG $JLQJ

*UHJ &ULWVHU

(WHUQLW\ 6RXS $ IDVFLQDWLQJ DQG DW WLPHV KLODULRXV MRXUQH\ WKURXJK WKH VWUDQJH DQG

,QVLGH WKH 4XHVW WR (QG $JLQJ ZRQGURXV ZRUOG RI ORQJHYLW\ VFLHQFH DQG DQWLDJLQJ PHGLFLQH WZR ILHOGV WKDW

21 6$/( +$5021< +$5'&29(5

&DQ

21 6$/(

+$5021< &DWHJRU\ Â¬6FLHQFH +$5'&29(5 %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DQ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : ,//8675$7,216 7+528*+28 &DWHJRU\ Â¬6FLHQFH /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO 3URGÂ¬7\SH Â¬+DUPRQ\ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : ,//8675$7,216 7+528*+28 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬+DUPRQ\ +& 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ FLW\ UDGLR VDWHOOLWH WRXU $XWKRU LQWHUYLHZV RXW RI /RV $QJHOHV

0DUNHWLQJ DQG 3XEOLFLW\

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pV )DW /DQG +RZ PHDO DERXW RXU TXHVW IRU LPPRUWDOLW\ VSLFHG ZLWK KXPDQ YDQLW\ FKLFDQHU\ DQG $PHULFDQV %HFDPH WKH )DWWHVW 3HRSOH LQ WKH :RUOG DQG *HQHUDWLRQ 5[ +RZ FXWWLQJ HGJH VFLHQFH

.H\ 3RLQWV 4XRWHV

3UHVFULSWLRQ 'UXJV $UH $OWHULQJ $PHULFDQ /LYHV 0LQGV DQG %RGLHV (VWDEOLVKHG VFLHQFH ZULWHU &ULWVHU V ZRUN KDV DSSHDUHG LQ GR]HQV RI PDJD]LQHV DQG QHZVSDSHUV IURP +DUSHU V 7KH 1HZ <RUNHU DQG 1DWLRQDO *HRJUDSKLF WR WKH 1HZ <RUN 7LPHV WKH / $ 7LPHV DQG 7KH 7LPHV RI /RQGRQ ,Q KLV HVVD\ IRU +DUSHU V /HW 7KHP (DW )DW ZDV QDPHG RQH RI WKH PRVW LPSRUWDQW VFLHQFH DUWLFOHV RI WKDW \HDU DQG %HVWVHOOLQJ DXWKRU &ULWVHU KDV ZULWWHQ WZR FULWLFDOO\ DFFODLPHG H[SRVp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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

%RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ (1'($925 $*(1&< //&

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV *HQHUDWLRQ 5[ &ULWVHU *UHJ +& )DW /DQG &ULWVHU *UHJ +& &RPS 7LWOHV 7KH $UW 2I $JLQJ 1XODQG 6KHUZLQ % +& 2WKHU (GLWLRQV )LQDO ([DP &KHQ 3DXOLQH : +& ( ERRN 7KH $QDWRP\ 2I +RSH *URRSPDQ -HURPH +& +LVW 3UHY 7LWOHV *HQHUDWLRQ 5[ &ULWVHU *UHJ +& )DW /DQG &ULWVHU *UHJ +& &RPS 7LWOHV 7KH $UW 2I $JLQJ 1XODQG 6KHUZLQ % +& )LQDO ([DP &KHQ 3DXOLQH : +& 7KH $QDWRP\ 2I +RSH *URRSPDQ -HURPH +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %RRN &OXE <HV VW 6HULDO <HV +DUPRQ\ &DQ 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ (1'($925 $*(1&< //& $JHQW 5,&+$5' +RXJKWRQ 0LIIOLQ +DUFRXUW +RXJKWRQ 0LIIOLQ +DUFRXUW $%$7(

5LJKWV 506

110

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' $%$7(

3XEOLVKHU 5DQGRP +RXVH 3XEOLVKHU .QRSI +DUPRQ\ 5DQGRP +RXVH 3XEOLVKHU +RXJKWRQ 0LIIOLQ +DUFRXUW +RXJKWRQ 0LIIOLQ +DUFRXUW 3XEOLVKHU 5DQGRP +RXVH .QRSI 5DQGRP +RXVH

3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ

7KH ,QIRUPHU $ 1RYHO

%HVWVHOOLQJ $XWKRU RI 7KH *RRG 6RQ

7KH ,QIRUPHU &UDLJ 1RYD $ 1RYHO

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

21 6$/( &DQ

6+$<( $5(+($57 %22.6 +$5'&29(5 &DWHJRU\ Â¬)LFWLRQ /LWHUDU\ %,6$&Â¬&DW Â¬)LFWLRQ /LWHUDU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ /LWHUDU\ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +& %,6$&Â¬&DW Â¬)LFWLRQ /LWHUDU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

WKH :DVKLQJWRQ 3RVW DQG WKH 3DULV 5HYLHZ DV ZHOO DV LQ RWKHU SXEOLFDWLRQV DQG KH ZDV RQH RI WKH MXGJHV IRU WKH 1DWLRQDO %RRN $ZDUGV

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW 3(7(5 0$7621 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV 6KD\H $UHKHDUW %RRNV &DQ $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW 3(7(5 ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7KUHH 5LYHUV 3UHVV 0$7621 &DQ

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

9LQWDJH 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 9LQWDJH 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 3XEOLVKHU 1DQ $ 7DOHVH 7KUHH 5LYHUV 3UHVV 5DQGRP +RXVH 9LQWDJH .QRSI 6KD\H $UHKHDUW %RRNV $QFKRU 9LQWDJH 3XEOLVKHU 1DQ $ 7DOHVH 5DQGRP +RXVH .QRSI $QFKRU

&DQ &DQ 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

111

5HG &DUSHW 5HDG\

6HFUHWV IRU 0DNLQJ WKH 0RVW RI $Q\ 0RPHQW <RX UH LQ WKH 6SRWOLJKW

0HOLVVD 5LYHUV 7LP 9DQGHKH\

21 6$/( +$5021< +$5'&29(5

&DQ

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

&DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬+DUPRQ\ +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UDGLR FDPSDLJQ $XWKRU LQWHUYLHZV RXW RI 1HZ <RUN DQG /RV $QJHOHV $GYHUWLVLQJ FDPSDLJQ DQG RXWUHDFK RQ WRS HQWHUWDLQPHQW EHDXW\ IDVKLRQ JRVVLS EORJV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ $XWKRU YLGHR IRU DFFRXQW DQG &URZQ YLGHR FKDQQHO SURPRWLRQ $UH <RX 5HG &DUSHW 5HDG\" UHDGHU FRQWHVW ZLWK SUL]HV WR LQFOXGH 5HG &DUSHW 5HDG\ NLWV DQG JUDQG SUL]H RI SHUVRQDO FRQVXOWDWLRQ ZLWK DXWKRU )OLFNU FRQWHVW ZLWK UHDGHUV VXEPLWWLQJ WKHLU RZQ EHVW ZRUVW UHG FDUSHW PRPHQW SKRWRV 3URPRWLRQ RQ DXWKRU ZHEVLWH 0HOLVVD5LYHUV FRP 6SHFLDO 2VFDU VHDVRQ PDLOLQJ WR WRS ERRNVHOOHUV LQFOXGLQJ 5HG &DUSHW 5HDG\ NLWV 3URPRWLRQDO WLH LQ ZLWK 5HG &DUSHW 5HDG\ NLWV UHWDLOHUV DQG 49&

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RV $QJHOHV &$

$XWKRU +RPHWRZQ 1HZ <RUN 1<

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 0$186 $662&,$7(6 /,7 $*(1&<

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV %RRJHUV $UH 0\ %HDW %DUU\ 'DYH +& %RRJHUV $UH 0\ %HDW %DUU\ 'DYH 75 , 5DQW 7KHUHIRUH , $P 0LOOHU 'HQQLV +& , 5DQW 7KHUHIRUH , $P 0LOOHU 'HQQLV 75 :KDW , .QRZ 1RZ 6SUDJLQV (OO\Q +& :KDW , .QRZ 1RZ 6SUDJLQV (OO\Q 75 %DVLF %ODFN %ODFN &DWKLH +& %DVLF %ODFN %ODFN &DWKLH 75

,6%1 ,6%1

112 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU +DUPRQ\ 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV ''D\ *HQ $GXOW %URDGZD\ %URDGZD\ %URDGZD\ &URZQ %XVLQHVV 7KUHH 5LYHUV 3UHVV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -,//,$1 0$186

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

6HFUHWV RI (GHQ $ 1RYHO

1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI 0LGZLYHV DQG 7KH 'RXEOH %LQG

&KULV %RKMDOLDQ

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

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

&DQ &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +&

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 9HUPRQW

&+5,6 %2+-$/,$1 LV WKH DXWKRU RI WZHOYH QRYHOV LQFOXGLQJ WKH 1HZ <RUN 7LPHV EHVWVHOOHUV 6NHOHWRQV DW WKH )HDVW 7KH 'RXEOH %LQG DQG 0LGZLYHV +LV QRYHO 0LGZLYHV ZDV D QXPEHU RQH 1HZ <RUN 7LPHV EHVWVHOOHU D VHOHFWLRQ RI 2SUDK V %RRN &OXE D 3XEOLVKHUV :HHNO\ %HVW %RRN DQG D 1(,%$ 'LVFRYHU\ SLFN +LV ZRUN KDV EHHQ WUDQVODWHG LQWR PRUH WKDQ ODQJXDJHV DQG WZLFH EHFDPH PRYLHV 0LGZLYHV DQG 3DVW WKH %OHDFKHUV +H OLYHV LQ 9HUPRQW ZLWK KLV ZLIH DQG GDXJKWHU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

2WKHU (GLWLRQV ( ERRN /DUJH 3ULQW 8QDEULGJHG &' +LVW 3UHY 7LWOHV 6NHOHWRQV $W 7KH )HDVW %RKMDOLDQ &KULV +& 7KH 'RXEOH %LQG %RKMDOLDQ &KULV +& %HIRUH <RX .QRZ .LQGQHVV %RKMDOLDQ &KULV +& ,G\OO %DQWHU %RKMDOLDQ &KULV +& 7KH %XIIDOR 6ROGLHU %RKMDOLDQ &KULV +& 7UDQV 6LVWHU 5DGLR %RKMDOLDQ &KULV +& 7KH /DZ 2I 6LPLODUV %RKMDOLDQ &KULV +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ *(/)0$1 6&+1(,'(5 /,7(5$5< $*( ,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 5+ /DUJH 3ULQW 5DQGRP +RXVH $XGLR 3XEOLVKHU 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV +DUPRQ\ 6KD\H $UHKHDUW %RRNV +DUPRQ\ +DUPRQ\

3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ

113 www.CrownPublishing.com

$OO 2YHU WKH 0DS 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI 7KH ,WDOLDQ $IIDLU $OO 2YHU WKH 0DS

/DXUD )UDVHU

21 6$/( +$5021< +$5'&29(5

21 6$/( +$5021< &DQ +$5'&29(5

&DWHJRU\ Â¬$XWRELRJUDSK\ 3HUVRQDO 0HPRLU %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &DQ 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬$XWRELRJUDSK\ 3HUVRQDO 0HPRLU &DUWRQ &RXQW %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ 3HUVRQDO 0HPRLUV 3URGÂ¬7\SH Â¬+DUPRQ\ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+<

3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

.H\ 3RLQWV 4XRWHV

ZDV D 6DQ )UDQFLVFR &KURQLFOH 1&%$ 1(%$ DQG 6(%$ EHVWVHOOHU

0HPRLULVW $OO 2YHU WKH 0DS LV D IROORZ XS WR )UDVHU V SUHYLRXV EHVWVHOOLQJ PHPRLU $Q .H\ 3RLQWV 4XRWHV ,WDOLDQ $IIDLU \HW VWDQGV RQ LWV RZQ IRU QHZ UHDGHUV DV ZHOO

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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

DQG 5HGERRN DPRQJ RWKHUV 6ZHHW VPDUW :H DUH VPLWWHQ IURP WKH VWDUW 2 7KH 2SUDK 0DJD]LQH 9LFDULRXV OLYLQJ %RRNV OLNH $Q ,WDOLDQ $IIDLU DQG (DW 3UD\ /RYH DQG 8QGHU WKH 7XVFDQ $ EHDFK ERRN IRU \RXU EUDLQ $ VH[\ LQWHOOHFWXDO UHDG 5HGERRN 6XQ DOORZ WKH UHVW RI XV WR HQMR\ SODFHV DQG UHODWLRQVKLSV ZH RWKHUZLVH ZRXOG QHYHU H[SHULHQFH

$ERXW WKH $XWKRU ,OOXVWUDWRU 6ZHHW VPDUW :H DUH VPLWWHQ IURP WKH VWDUW 2 7KH 2SUDK 0DJD]LQH $ EHDFK ERRN IRU \RXU EUDLQ $ VH[\ LQWHOOHFWXDO UHDG 5HGERRN $XWKRU 5HVLGHQFH 6DQ )UDQFLVFR 6SDLQ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW (5,1 0$/21(

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV +DUPRQ\ 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ :,//,$0 0255,6 $*(1&< //&

5HSULQW <HV 3ULFH VW 6HULDO 1R &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW (5,1 0$/21(

,WDOLDQ $IIDLU $Q )UDVHU /DXUD 75 ,WDOLDQ $IIDLU $Q )UDVHU /DXUD +& 2WKHU (GLWLRQV ,6%1 &RPS 7LWOHV ,6%1 ( ERRN (DW 3UD\ /RYH *LOEHUW (OL]DEHWK +& +LVW 3UHY 7LWOHV ,6%1 7DOHV 2I $ )HPDOH 1RPDG *HOPDQ 5LWD *ROGHQ +& ,WDOLDQ $IIDLU $Q )UDVHU /DXUD 75 (DW 3UD\ /RYH *LOEHUW (OL]DEHWK 75 ,WDOLDQ $IIDLU $Q )UDVHU /DXUD +& 7DOHV 2I $ )HPDOH 1RPDG *HOPDQ 5LWD *ROGHQ 75 &RPS 7LWOHV ,6%1 (DW 3UD\ /RYH *LOEHUW (OL]DEHWK +& 7DOHV 2I $ )HPDOH 1RPDG *HOPDQ 5LWD *ROGHQ +& (DW 3UD\ /RYH *LOEHUW (OL]DEHWK 75 7DOHV 2I $ )HPDOH 1RPDG *HOPDQ 5LWD *ROGHQ 75

114 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

9LQWDJH 3DQWKHRQ 3XEOLVKHU 3XEOLVKHU +DUPRQ\ 9LNLQJ 3XEOLVKHU &URZQ 9LQWDJH 3HQJXLQ *URXS 3DQWKHRQ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 9LNLQJ &URZQ 3HQJXLQ *URXS 7KUHH 5LYHUV 3UHVV

&DQ &DQ 3ULFH 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

%ODFN +HDUWV

2QH 3ODWRRQ V 'LVLQWHJUDWLRQ LQ WKH 7ULDQJOH RI 'HDWK DQG WKH $PHULFDQ 2UGHDO LQ ,UDT

%ODFN +HDUWV -LP )UHGHULFN

2QH 3ODWRRQ V 'LVLQWHJUDWLRQ LQ WKH 7ULDQJOH RI 'HDWK )RU UHDGHUV RI 7KH $VVDVVLQV *DWH DQG -DUKHDG DQ XQIOLQFKLQJ DFFRXQW RI DQG WKH $PHULFDQ 2UGHDO LQ ,UDT RQH RI WKH PRVW KHLQRXV ZDU FULPHV FRPPLWWHG E\ 8 6 IRUFHV LQ WKH ,UDT ZDU $ UHDO OLIH 3ODWRRQ WKLV LV WKH JULSSLQJ WUXH VWRU\ RI D SODWRRQ IURP WKH QG

-LP )UHGHULFN ,QIDQWU\ 5HJLPHQW NQRZQ DV 7KH %ODFN +HDUWV DQG WKH ZLGHVSUHDG EUHDNGRZQ RI

21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ

+$5021< +$5'&29(5 &DWHJRU\ Â¬&XUUHQW $IIDLUV %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 &DWHJRU\ Â¬&XUUHQW $IIDLUV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO 3URGÂ¬7\SH Â¬+DUPRQ\ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

XQSUHFHGHQWHG DFFHVV LQFOXGLQJ LQWHUYLHZV ZLWK WKH VXUYLYLQJ PHPEHUV RI WKH ,UDTL

IDPLO\ ZLOO HQDEOH KLP WR XQGHUVWDQG KRZ DQG ZK\ VXFK D WUDJHG\ FRXOG RFFXU .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ &857,6 %52:1 *5283 /7'

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW &RPS 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU +DUPRQ\ 7UDQVODWLRQ 1R $JHQF\ &857,6 %52:1 *5283 /7' ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

&REUD ,, *RUGRQ 0LFKDHO 5 +& -DZEUHDNHU %HUQWVHQ *DU\ +& 7KH $VVDVVLQV *DWH 3DFNHU *HRUJH +& 2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV &REUD ,, *RUGRQ 0LFKDHO 5 +& -DZEUHDNHU %HUQWVHQ *DU\ +& 7KH $VVDVVLQV *DWH 3DFNHU *HRUJH +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (/,=$%(7+ 6+(,1.0$1 5HSULQW <HV VW 6HULDO <HV 3ULFH &DQ 6SHFLDO 0DUNHWV $JHQW (/,=$%(7+ 3ULFH &DQ 6+(,1.0$1

3DQWKHRQ &URZQ )DUUDU 6WUDXV DQG *LURX[ 3XEOLVKHU +DUPRQ\ 3XEOLVKHU 3DQWKHRQ &URZQ )DUUDU 6WUDXV DQG *LURX[

&DQ 3ULFH &DQ 3ULFH &DQ &DQ

115 www.CrownPublishing.com

)UDJLOH %HDVWV $ 1RYHO

%HVWVHOOLQJ $XWKRU RI %DFN 5RDGV

7DZQL 2 'HOO

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

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

&DQ &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ $GYHUWLVLQJ DQG SURPRWLRQ RQ ERRN ZHEVLWHV DQG EORJV LQFOXGLQJ JDOOH\ JLYHDZD\V 2XWUHDFK WR OLWHUDU\ EORJJHUV DQG IDQV RI DXWKRU V EDFNOLVW LQFOXGLQJ H[FHUSW GRZQORDG *DOOH\ GLVWULEXWLRQ WKURXJK &URZQ V 5HDG ,W )RUZDUG SURJUDP LQFOXGLQJ QHZVOHWWHU IHDWXUH 5HDGHU V JXLGH DYDLODEOH DW 5HDG,W)RUZDUG FRP &URVV SURPRWLRQ RQ DXWKRU ZHEVLWH 7DZQL2'HOO FRP %RRN *URXS LQ D %R[ PDLOLQJ WR ERRN JURXS FRRUGLQDWRUV QDWLRQZLGH

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

5LFK FRPSDVVLRQDWH VWRU\WHOOLQJ (QWHUWDLQPHQW :HHNO\ 7DZQL 2 'HOO LV D JUHDW $PHULFDQ VWRU\WHOOHU $GULDQD 7ULJLDQL DXWKRU RI +RPH WR %LJ 6WRQH *DS :LWK GHIW SURVH DXWKHQWLFLW\ RI FKDUDFWHU DQG VKHHU WHQGHUQHVV 2 'HOO LV WKH DEVROXWH PDVWHU RI KHU FUDIW 'HQYHU 3RVW

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3HQQV\OYDQLD

7$:1, 2 '(// LV WKH 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI 6LVWHU 0LQH &RDO 5XQ DQG %DFN 5RDGV ZKLFK ZDV DQ 2SUDK %RRN &OXE VHOHFWLRQ DQG D %RRN RI WKH 0RQWK &OXE 0DLQ 6HOHFWLRQ 6KH OLYHV LQ 3HQQV\OYDQLD ZLWK KHU WZR FKLOGUHQ DQG KHU KXVEDQG OLWHUDU\ WUDQVODWRU %HUQDUG &RKHQ

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ /,=$ '$:621 $662&,$7(6 //&$JHQW /,=$ '$:621

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 6LVWHU 0LQH 2 'HOO 7DZQL 75 6LVWHU 0LQH 2 'HOO 7DZQL +& %DFN 5RDGV 2 'HOO 7DZQL 3% &RDO 5XQ 2 'HOO 7DZQL 3% &RPS 7LWOHV 7KH 4XHHQ 2I 7KH %LJ 7LPH 7ULJLDQL $GULDQD +& %LJ &KHUU\ +ROOHU 7ULJLDQL $GULDQD +& 7KH 4XHHQ 2I 7KH %LJ 7LPH 7ULJLDQL $GULDQD 75 %LJ &KHUU\ +ROOHU 7ULJLDQL $GULDQD 75

,6%1 ,6%1 ,6%1

116 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 6KD\H $UHKHDUW %RRNV 1$/ 1$/ 2Q VDOH 3XEOLVKHU 5DQGRP +RXVH 5DQGRP +RXVH %DOODQWLQH %RRNV %DOODQWLQH %RRNV

3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

&KDQJH <RXU %UDLQ &KDQJH <RXU %RG\

8VH <RXU %UDLQ WR *HW DQG .HHS WKH %RG\ <RX +DYH $OZD\V :DQWHG &KDQJH <RXU %UDLQ &KDQJH <RXU

%RG\ %RRVW <RXU %UDLQ WR ,PSURYH <RXU :HLJKW 6NLQ (QHUJ\ 0HPRU\ 8VH <RXU %UDLQ WR *HW DQG .HHS WKH %RG\ <RX +DYH 6OHHS DQG )RFXV $OZD\V :DQWHG 'DQLHO * $PHQ 0 '

)URP WKH EHVWVHOOLQJ DXWKRU RI &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH DQG %RRVW <RXU %UDLQ WR ,PSURYH <RXU :HLJKW 6NLQ (QHUJ\ 0HPRU\ 0DJQLILFHQW 0LQG DW $Q\ $JH FRPHV D EUHDNWKURXJK DSSURDFK RI 6OHHS DQG )RFXV

21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ

+$5021< +$5'&29(5 &DWHJRU\ Â¬+HDOWK )LWQHVV %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' 3+2726 &DWHJRU\ Â¬+HDOWK )LWQHVV 7+528*+287 %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3URGÂ¬7\SH Â¬+DUPRQ\ +& 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' 3+2726 7+528*+287 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

%ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ 6$1)25' - *5((1%85*(5 $JHQW $662& 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV $XGLR <HV %RRN &OXE <HV VW 6HULDO <HV 2WKHU (GLWLRQV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 8QDEULGJHG &' 5DQGRP +RXVH $XGLR &DQ %ULWLVK 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW $JHQF\ 6$1)25' - *5((1%85*(5 $JHQW 3ULFH +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 0DJQLILFHQW 0LQG $W $Q\ $JH $PHQ 'DQLHO +& $662& +DUPRQ\ &DQ

5LJKWV 506

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

www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 5DQGRP +RXVH $XGLR +DUPRQ\ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV +DUPRQ\ &URZQ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV &URZQ

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

117

,Q WKH $EVHQFH RI *RG

'ZHOOLQJ LQ WKH 3UHVHQFH RI WKH 6DFUHG %HVWVHOOLQJ $XWKRU RI )LUH LQ WKH %HOO\

,Q WKH $EVHQFH RI *RG 6DP .HHQ

'ZHOOLQJ LQ WKH 3UHVHQFH RI WKH 6DFUHG

21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ

+$5021< +$5'&29(5 &DWHJRU\ Â¬5HOLJLRQ %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬5HOLJLRQ 3URGÂ¬7\SH Â¬+DUPRQ\ +& %,6$&Â¬&DW Â¬5HOLJLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 1(' /($9,77

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV /HDUQLQJ 7R )O\ .HHQ 6DP 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV +DUPRQ\ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ 1(' /($9,77 %URDGZD\

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW &DQ

5LJKWV 506

118

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

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

%URDGZD\ %DQWDP 3XEOLVKHU %DQWDP +DUPRQ\ 3XEOLVKHU 3XEOLVKHU +DUPRQ\ %URDGZD\ 7KUHH 5LYHUV 3UHVV %URDGZD\ :DWHU%URRN 3UHVV %DQWDP :DWHU%URRN 3UHVV %DQWDP 3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV :DWHU%URRN 3UHVV :DWHU%URRN 3UHVV

&DQ &DQ 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ

7KH &DOLIRUQLD 5ROO $ 1RYHO

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

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

.H\ 3RLQWV 4XRWHV +LODULRXV DQG VPDUW 6R FOHYHU VR ZLWW\ DQG VR ODXJK RXW ORXG IXQQ\ WKLV ERRN ZLOO JUDE \RX IURP WKH ILUVW OLQH DQG QRW OHW \RX JR XQWLO WKH YHU\ ODVW ZRUG $ ZRUG VSRNHQ LW VKRXOG EH QRWHG LQ WKH +RW 7XE RI 7UXWK

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

&DQ &DWHJRU\ Â¬)LFWLRQ 0\VWHU\ %,6$&Â¬&DW Â¬)LFWLRQ 0\VWHU\ 'HWHFWLYH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬0<67(5< 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +&

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 0RQURYLD &$

$XWKRU +RPHWRZQ 6DQWD 0RQLFD &$

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ %(76< $067(5 /,7(5$5< (17(535,

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 8QGHU WKH *XQ 9RUKDXV -RKQ .LOOHU 3RNHU 2QOLQH 9RUKDXV -RKQ 7KH &RPLF 7RROER[ 9RUKDXV -RKQ &RPS 7LWOHV 2EHGLHQFH /DYHQGHU :LOO +& 7KH $VVDVVLQV *DOOHU\ 5REELQV 'DYLG / +& 6NLQQ\ 'LS +LDDVHQ &DUO +& /DPE 0RRUH &KULVWRSKHU +&

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW %(76< $067(5

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 3LQQDFOH /\OH 6WXDUW 6LOPDQ -DPHV 3UHVV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV %DQWDP .QRSI :LOOLDP 0RUURZ

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ &DQ

119 www.CrownPublishing.com

$ /LIH RI %HLQJ +DYLQJ DQG 'RLQJ (QRXJK $XWKRU RI 6DEEDWK $ /LIH RI %HLQJ +DYLQJ DQG 'RLQJ :D\QH 0XOOHU (QRXJK

21 6$/( +$5021< +$5'&29(5

21 6$/( +$5021< &DQ +$5'&29(5

&DWHJRU\ Â¬%RG\ 0LQG 6SLULW ,QVSLUDWLRQDO %,6$&Â¬&DW Â¬%RG\ 0LQG 6SLULW ,QVSLUDWLRQ &DQ 3HUVRQDO *URZWK 2UGHUÂ¬)RUPÂ¬&DW Â¬%2'< 0,1' 63,5,7 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬%RG\ 0LQG 6SLULW ,QVSLUDWLRQDO &DUWRQ &RXQW %,6$&Â¬&DW Â¬%RG\ 0LQG 6SLULW ,QVSLUDWLRQ /RDGÂ¬*URXS Â¬ 3HUVRQDO *URZWK 3URGÂ¬7\SH Â¬+DUPRQ\ +& 2UGHUÂ¬)RUPÂ¬&DW Â¬%2'< 0,1' 63,5,7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

.H\ 3RLQWV 4XRWHV

SHRSOH DUH SD\LQJ FORVHU DWWHQWLRQ WR WUXH YDOXH DQG OHDUQLQJ KRZ WR PDNH GR ZLWK OHVV

7KLV ERRN QRW RQO\ WHDFKHV KRZ WR PDNH GR LW WHDFKHV KRZ WR ILQG MR\ DQG VDWLVIDFWLRQ LQ .H\ 3RLQWV 4XRWHV

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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

FR RS JURFHU\ VWRUHV \RJD VWXGLRV PHGLWDWLRQ FHQWHUV DQG PHJDFKXUFKHV QDWLRQZLGH 7DUJHWHG ERRNVHOOHU PDLOLQJ

120

1HDOH 'RQDOG :DOVFK DQG 5RJHU +RXVGHQ ZLOO IXOO\ VXSSRUW WKLV SXEOLFDWLRQ %HVWVHOOLQJ VDOHV WUDFN :D\QH 0XOOHU V IRXU SUHYLRXV ERRNV LQFOXGH WKH EHVWVHOOLQJ /HJDF\ RI WKH +HDUW ZKLFK :D\QH SURPRWHG RQ 7KH 2SUDK 6KRZ 3%6 DQG &11 DQG 6DEEDWK ZKLFK VROG RYHU LQ KDUGFRYHU DQG LQ SDSHUEDFN $XWKRU 5HVLGHQFH 6DQWD )H 10

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV 2WKHU (GLWLRQV $XGLR ( ERRN %ULWLVK +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE +DUPRQ\ 7UDQVODWLRQ ,6%1 2Q VDOH 3XEOLVKHU $JHQF\

5HSULQW 3ULFH VW 6HULDO &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW

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

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

%DQWDP %DQWDP 3XEOLVKHU %DQWDP +DUPRQ\ %DQWDP 3XEOLVKHU %DQWDP %DQWDP %DQWDP 3XEOLVKHU %DQWDP +DUPRQ\ %DQWDP +DUPRQ\ %DQWDP %DQWDP 3XEOLVKHU +DUPRQ\ +DUPRQ\

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

:DONLQJ WR *DWOLQEXUJ $ 1RYHO

%HVWVHOOLQJ $XWKRU RI $ 6WUDQJHU LQ WKH .LQJGRP

+RZDUG )UDQN 0RVKHU

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

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

.H\ 3RLQWV 4XRWHV :HOO NQRZQ QDPH +RZDUG )UDQN 0RVKHU LV WKH HVWHHPHG DXWKRU RI WHQ ERRNV DQG D OHDGLQJ FRQWULEXWRU WR WKH OLWHUDWXUH RI WZHQWLHWK FHQWXU\ $PHULFD 9LYLG KLVWRULFDO QRYHO 7KH &LYLO :DU ZDV D GHILQLQJ FKDSWHU RI $PHULFDQ KLVWRU\ DQG WKLV QRYHO EHDXWLIXOO\ GHSLFWV WKH SHRSOH HPRWLRQV DQG RYHUDOO VHQWLPHQWV WKDW DFFRPSDQLHG $PHULFDQ OLIH GXULQJ WKH &LYLO :DU HUD

&DQ &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +&

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

0RVKHU LV DQ ROG IDVKLRQHG ZULWHU D VWRU\WHOOHU RI WKH ILUVW RUGHU KH KDV ZULWWHQ D SDJH WXUQHU LQ WKH EHVW VHQVH RI WKH ZRUG %RVWRQ *OREH $ FRPELQDWLRQ RI (UQHVW +HPLQJZD\ +HQU\ 'DYLG 7KRUHDX DQG -LP +DUULVRQ /RV $QJHOHV 7LPHV +RZDUG )UDQN 0RVKHU LV IRU P\ PRQH\ WKH PRVW QDWXUDO VWRU\WHOOHU DURXQG 5LFKDUG 5XVVR 0RVKHU FDOOV WR PLQG WKH EHVW RI 0DUN 7ZDLQ PLVFKLHYRXV WRXFKLQJ DQG YHU\ IXQQ\ &DUO +LDDVHQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 9HUPRQW

+2:$5' )5$1. 026+(5 LV WKH DXWKRU RI WHQ ERRNV QLQH ILFWLRQ DQG RQH QRQILFWLRQ +H LV WKH UHFLSLHQW RI WKH /LWHUDWXUH $ZDUG EHVWRZHG E\ WKH $PHULFDQ $FDGHP\ DQG ,QVWLWXWH RI $UWV DQG /HWWHUV +LV QRYHO $ 6WUDQJHU LQ WKH .LQJGRP ZRQ WKH 1HZ (QJODQG %RRN $ZDUG IRU )LFWLRQ DQG ZDV ODWHU PDGH LQWR D PRYLH DV ZHUH KLV QRYHOV 'LVDSSHDUDQFHV DQG :KHUH WKH 5LYHUV )ORZ 1RUWK

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 2Q .LQJGRP 0RXQWDLQ +RZDUG )UDQN 0RVKHU +& 'LVDSSHDUDQFHV +RZDUG )UDQN 0RVKHU 73 0DULH %O\WKH +RZDUG )UDQN 0RVKHU 73 $ 6WUDQJHU LQ WKH .LQJGRP +RZDUG 0RVKHU 73 1RUWKHUQ %RUGHUV +RZDUG )UDQN 0RVKHU 73 &RPS 7LWOHV %XIIDOR 6ROGLHU %RKMDOLDQ &KULV +& 7KH :KRUH V &KLOG 5XVVR 5LFKDUG +& &ROG 0RXQWDLQ )UD]LHU &KDUOHV +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 6$1)25' - *5((1%85*(5 $662& ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW '$1 0$1'(/

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 3XEOLVKHU +RXJKWRQ 0LIIOLQ 0DULQHU %RRNV VW 8QLYHUVLW\ RI 9HUPRQW 0DULQHU %RRNV 0DULQHU %RRNV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV .QRSI $WODQWLF 0RQWKO\ 3UHVV

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ

121 www.CrownPublishing.com

-HQQLHPDH -DPHV $ 0HPRLU LQ %ODFN DQG :KLWH

%URRNH 1HZPDQ

-HQQLHPDH -DPHV

21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ

+$5021< +$5'&29(5 &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3URGÂ¬7\SH Â¬+DUPRQ\ +& *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

DQG EHVWVHOOLQJ DXWKRU SOD\HG D SLYRWDO UROH LQ WKH LVVXHV RI DWRPLF HQHUJ\ ZDV SROLWLFDOO\ DFWLYH LQWURGXFHG WKH WHUP JRRJRO DND JRRJOH DQG FDOOHG VFLHQWLILF JUHDWV VXFK DV $OEHUW (LQVWHLQ KLV IULHQGV DQG FROOHDJXHV +H OHG D IDVFLQDWLQJ WKRURXJKO\ XQFRQYHQWLRQDO OLIH ZKLFK KLV GDXJKWHU FDSWXUHV LQ KDXQWLQJ HYRFDWLYH SURVH $ VQDSVKRW RI D SDVW WLPH LQ KLVWRU\ 7KLV VWRU\ WDNHV SODFH LQ WKH \HDUV IROORZLQJ 1RWHZRUWK\ FKDUDFWHUV -DPHV 1HZPDQ ZDV D ZRUOG UHQRZQHG PDWKHPDWLFDO SURGLJ\ ::,, ZKHQ WKH 8QLWHG 6WDWHV ZDV UHEXLOGLQJ DQG WKH &LYLO 5LJKWV (UD ZDV DERXW WR DQG EHVWVHOOLQJ DXWKRU SOD\HG D SLYRWDO UROH LQ WKH LVVXHV RI DWRPLF HQHUJ\ ZDV EHJLQ 1HZPDQ VHDPOHVVO\ ZHDYHV KLVWRULFDO HYHQWV LQWR WKH VWRU\ DQG GHVFULEHV D FLW\ SROLWLFDOO\ DFWLYH LQWURGXFHG WKH WHUP JRRJRO DND JRRJOH DQG FDOOHG VFLHQWLILF JUHDWV WKDW ZDV UDGLFDOO\ GLIIHUHQW IURP WKH :DVKLQJWRQ ' & ZH NQRZ WRGD\ VXFK DV $OEHUW (LQVWHLQ KLV IULHQGV DQG FROOHDJXHV +H OHG D IDVFLQDWLQJ WKRURXJKO\ XQFRQYHQWLRQDO OLIH ZKLFK KLV GDXJKWHU FDSWXUHV LQ KDXQWLQJ HYRFDWLYH SURVH $ VQDSVKRW RI D SDVW WLPH LQ KLVWRU\ 7KLV VWRU\ WDNHV SODFH LQ WKH \HDUV IROORZLQJ ::,, ZKHQ WKH 8QLWHG 6WDWHV ZDV UHEXLOGLQJ DQG WKH &LYLO 5LJKWV (UD ZDV DERXW WR EHJLQ 1HZPDQ VHDPOHVVO\ ZHDYHV KLVWRULFDO HYHQWV LQWR WKH VWRU\ DQG GHVFULEHV D FLW\ $XWKRU 5HVLGHQFH $VSHQ &2 WKDW ZDV UDGLFDOO\ GLIIHUHQW IURP WKH :DVKLQJWRQ ' & ZH NQRZ WRGD\

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

%522.( 1(:0$1 LV WKH PRWKHU RI IRXU FKLOGUHQ DQG OLYHV DQG ZULWHV LQ $VSHQ &2 $Q DQLPDO ORYHU DQG HQYLURQPHQWDOLVW VKH VSHQGV KHU VXPPHUV LQ 7UXUR 0$ LQ D FRWWDJH E\ WKH ED\ 6KH LV WKH DXWKRU RI 7KH /LWWOH 7HUQ D IDEOH IRU DGXOWV WKDW KDV VROG PRUH WKDQ D PLOOLRQ FRSLHV ZRUOGZLGH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $VSHQ &2

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

7KH /LWWOH 7HUQ <$ 1HZPDQ %URRNH +& &RPS 7LWOHV :RUG )UHDN )DWVLV 6WHIDQ +& 2WKHU (GLWLRQV :RUG )UHDN )DWVLV 6WHIDQ 75 ( ERRN 2QH 'URS %UR\DUG %OLVV +& +LVW 3UHY 7LWOHV 7KH /LWWOH 7HUQ <$ 1HZPDQ %URRNH +& &RPS 7LWOHV :RUG )UHDN )DWVLV 6WHIDQ +& :RUG )UHDN )DWVLV 6WHIDQ 75 2QH 'URS %UR\DUG %OLVV +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1& 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 2Q VDOH 3XEOLVKHU ,6%1 7UDQVODWLRQ 1R +DUPRQ\ $JHQF\ 67(5/,1* /25' /,7(5,67,& ,6%1 2Q VDOH 3XEOLVKHU ,1& +LGGHQ6SULQJ ,6%1 ,6%1 ,6%1 ,6%1

122 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 67(5/,1* /25' 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW 67(5/,1* 3ULFH /25'

3XEOLVKHU +RXJKWRQ 0LIIOLQ +DUFRXUW 3XEOLVKHU 3HQJXLQ +DUPRQ\ /LWWOH %URZQ DQG &RPSDQ\ 3XEOLVKHU +LGGHQ6SULQJ 3XEOLVKHU +RXJKWRQ 0LIIOLQ +DUFRXUW 3HQJXLQ /LWWOH %URZQ DQG &RPSDQ\

3ULFH 3ULFH &DQ 3ULFH 3ULFH

7HQ 0LQXWHV IURP +RPH $ 0HPRLU

%HWK *UHHQILHOG

7HQ 0LQXWHV IURP +RPH ,Q WKH WUDGLWLRQ RI VXFK SRZHUIXO SHUVRQDO PHPRLUV DV 0\ /RERWRP\ E\ $ 0HPRLU

21 6$/( +$5021< +$5'&29(5

&DQ 21 6$/(

+$5021< +$5'&29(5 &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3URGÂ¬7\SH Â¬+DUPRQ\ +& *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

/HLVXUH 2XW 2XW 7UDYHOHU WKH 9LOODJH 9RLFH DQG 7LPH 2XW 1HZ <RUN 6KH LV KLJKO\

VRXJKW DIWHU DV D IUHHODQFH ZULWHU DQG ZLOO XVH KHU DUUD\ RI PHGLD FRQWDFWV WR KHOS .H\ 3RLQWV 4XRWHV SURPRWH DQG SXEOLFL]H WKH ERRN

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 5(1$,66$1&( /,7(5$5< 7$/(17

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV &RPS 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV +DUPRQ\ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ 5(1$,66$1&( /,7(5$5< &URZQ 7$/(17

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW

5LJKWV 506

0\ /RERWRP\ 'XOO\ +RZDUG +& 0\ /RERWRP\ 'XOO\ +RZDUG 75 *LUO 1DPHG =LSS\ $ .LPPHO +DYHQ +& 2WKHU (GLWLRQV *LUO 1DPHG =LSS\ $ .LPPHO +DYHQ 75 ( ERRN 1DPH $OO WKH $QLPDOV 6PLWK $OLVRQ 75 1DPH $OO WKH $QLPDOV 6PLWK $OLVRQ +& &RPS 7LWOHV 7KH (QG RI 7ZLQV 'LVNLQ 6DXO +& 0\ /RERWRP\ 'XOO\ +RZDUG +& 0\ /RERWRP\ 'XOO\ +RZDUG 75 *LUO 1DPHG =LSS\ $ .LPPHO +DYHQ +& *LUO 1DPHG =LSS\ $ .LPPHO +DYHQ 75 1DPH $OO WKH $QLPDOV 6PLWK $OLVRQ 75 1DPH $OO WKH $QLPDOV 6PLWK $OLVRQ +& 7KH (QG RI 7ZLQV 'LVNLQ 6DXO +&

,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV ''D\ *HQ $GXOW 3XEOLVKHU %URDGZD\ +DUPRQ\ 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU 3XEOLVKHU 2YHUORRN &URZQ 7KUHH 5LYHUV 3UHVV ''D\ *HQ $GXOW %URDGZD\ 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU 2YHUORRN

&DQ &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

123

7KH +DQGERRN IRU /LJKWQLQJ 6WULNH 6XUYLYRUV $ 1RYHO

7KH +DQGERRN IRU /LJKWQLQJ 6WULNH 0LFKHOH <RXQJ 6WRQH 6XUYLYRUV

21 6$/( 6+$<( $5(+($57 %22.6 +$5'&29(5

21 6$/( &DQ 6+$<( $5(+($57 %22.6

+$5'&29(5 &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ 3URGÂ¬7\SH Â¬6KD\H $UHKHDUW +& %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

124

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

.H\ 3RLQWV 4XRWHV

SXEOLFLW\ ZLWK KHU RZQ VWRU\ RI EHLQJ VWUXFN E\ OLJKWQLQJ /LNH %HFFD LQ WKH QRYHO VKH KDV D GUDZHU IXOO RI ZDWFKHV WKDW QR ORQJHU NHHS WLPH IRU KHU EXW GR LI VRPHRQH HOVH SXWV WKHP RQ )UHVK GHEXW D ORQJ FDUHHU DKHDG $ KLJK FRQFHSW VWRU\ EHDXWLIXOO\ WROG IURP WZR XQLTXH SRLQWV RI YLHZ LV LQWHUVSHUVHG ZLWK H[FHUSWV IURP WKH +DQGERRN WR ZKLFK WKH WLWOH 2XU DXWKRU LV D OLJKWQLQJ VWULNH VXUYLYRU 0LFKHOH FDQ SURYLGH RII WKH ERRN SDJH UHIHUV 0LFKHOH LV D SUROLILF ZULWHU DQG DUWLVW ZKR ZLOO KDYH D VHFRQG QRYHO WR VKDUH YHU\ SXEOLFLW\ ZLWK KHU RZQ VWRU\ RI EHLQJ VWUXFN E\ OLJKWQLQJ /LNH %HFFD LQ WKH QRYHO VKH KDV VRRQ D GUDZHU IXOO RI ZDWFKHV WKDW QR ORQJHU NHHS WLPH IRU KHU EXW GR LI VRPHRQH HOVH SXWV 3HUIHFW ILW IRU 6KD\H $UHKHDUW %RRNV 7KLV QRYHO EULGJHV WKH OLWHUDU\ FRPPHUFLDO GLYLGH WKHP RQ LQ WKH WUDGLWLRQ RI $OLFH +RIIPDQ DQG /HDK 6WHZDUW ZLWK WKH HFFHQWULF FKDUDFWHUV DQG )UHVK GHEXW D ORQJ FDUHHU DKHDG $ KLJK FRQFHSW VWRU\ EHDXWLIXOO\ WROG IURP WZR 6RXWKHUQ IODYRU RI 6KHUL 5H\QROGV DQG 7DZQL 2 'HOO XQLTXH SRLQWV RI YLHZ LV LQWHUVSHUVHG ZLWK H[FHUSWV IURP WKH +DQGERRN WR ZKLFK WKH WLWOH UHIHUV 0LFKHOH LV D SUROLILF ZULWHU DQG DUWLVW ZKR ZLOO KDYH D VHFRQG QRYHO WR VKDUH YHU\ VRRQ 3HUIHFW ILW IRU 6KD\H $UHKHDUW %RRNV 7KLV QRYHO EULGJHV WKH OLWHUDU\ FRPPHUFLDO GLYLGH LQ WKH WUDGLWLRQ RI $OLFH +RIIPDQ DQG /HDK 6WHZDUW ZLWK WKH HFFHQWULF FKDUDFWHUV DQG $XWKRU 5HVLGHQFH 5LFKPRQG 9$ $XWKRU +RPHWRZQ 9LUJLQLD 6RXWKHUQ IODYRU RI 6KHUL 5H\QROGV DQG 7DZQL 2 'HOO

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

0,&+(/( <281* 6721( HDUQHG KHU 0)$ LQ ILFWLRQ ZULWLQJ IURP 9LUJLQLD &RPPRQZHDOWK 8QLYHUVLW\ 6KH FXUUHQWO\ OLYHV LQ 5LFKPRQG 9LUJLQLD ZLWK KHU KXVEDQG 'DQQ\ DQG VRQ &KULVWRSKHU 5RELQ 2QFH PDQ\ \HDUV DJR VKH ZDV VWUXFN E\ OLJKWQLQJ LQ KHU GULYHZD\ 6KH VXUYLYHG

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 5LFKPRQG 9$

$XWKRU +RPHWRZQ 9LUJLQLD

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW &RPS 7LWOHV

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ :(1'< 6+(50$1 $662&,$7(6$JHQW 0,&+(//( %52:(5 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV 2Q VDOH 3XEOLVKHU VW 6HULDO 1R ,6%1 3ULFH 7UDQVODWLRQ 1R 6KD\H $UHKHDUW %RRNV6SHFLDO 0DUNHWV &DQ $JHQF\ :(1'< 6+(50$1 $662&,$7(6$JHQW 0,&+(//( ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 6KD\H $UHKHDUW %RRNV%52:(5 &DQ ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH

6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV /LWWOH %URZQ DQG &R 6KD\H $UHKHDUW %RRNV +DUSHU&ROOLQV 5HJDQ%RRNV 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV 6KD\H $UHKHDUW %RRNV /LWWOH %URZQ DQG &R +DUSHU&ROOLQV 5HJDQ%RRNV

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ

7KH 6RXO RI /HDGHUVKLS

$SSO\LQJ 6SLULWXDO ,QWHOOLJHQFH WR %XVLQHVV DQG WR /LIH %HVWVHOOLQJ $XWKRU RI 7KH %RRN RI 6HFUHWV

7KH 6RXO RI /HDGHUVKLS 'HHSDN &KRSUD

$SSO\LQJ 6SLULWXDO ,QWHOOLJHQFH WR %XVLQHVV DQG WR /LIH

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

.H\ 3RLQWV 4XRWHV 21 6$/( +$5021< +$5'&29(5

21 6$/( &DQ

+$5021< +$5'&29(5 &DWHJRU\ Â¬5HOLJLRQ 6SLULWXDOLW\ %,6$&Â¬&DW Â¬5HOLJLRQ 6SLULWXDOLW\ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬5HOLJLRQ 6SLULWXDOLW\ 3URGÂ¬7\SH Â¬&KRSUD +& %,6$&Â¬&DW Â¬5HOLJLRQ 6SLULWXDOLW\ 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

7KH &KRSUD &HQWHU IRU :HOOEHLQJ +H KDV WDXJKW 7KH 6RXO RI /HDGHUVKLS ZRUNVKRS WR

H[HFXWLYHV DW +HZOHWW 3DFNDUG 3HSVL +HDUVW %XVLQHVV:HHN DQG +DUYDUG 0HGLFDO .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

'((3$. &+235$ LV WKH DXWKRU RI PRUH WKDQ ILIW\ ERRNV WUDQVODWHG LQWR RYHU WKLUW\ ILYH ODQJXDJHV LQFOXGLQJ QXPHURXV 1HZ <RUN 7LPHV EHVWVHOOHUV LQ ERWK WKH ILFWLRQ DQG QRQILFWLRQ FDWHJRULHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

'((3$. &+235$ LV WKH DXWKRU RI PRUH WKDQ ILIW\ ERRNV WUDQVODWHG LQWR RYHU WKLUW\ ILYH ODQJXDJHV LQFOXGLQJ QXPHURXV 1HZ <RUN 7LPHV EHVWVHOOHUV LQ ERWK WKH ILFWLRQ DQG QRQILFWLRQ FDWHJRULHV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $EULGJHG &' $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU 5HSULQW <HV 3ULFH 5DQGRP +RXVH $XGLR &DQ %RRN &OXE <HV VW 6HULDO <HV +DUPRQ\ &DQ 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ $JHQW 3ULFH

5LJKWV 506

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

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

+DUPRQ\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +DUPRQ\ 5DQGRP +RXVH $XGLR +DUPRQ\ +DUPRQ\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 3XEOLVKHU +DUPRQ\ &URZQ %XVLQHVV 7KUHH 5LYHUV 3UHVV &URZQ %XVLQHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU &URZQ %XVLQHVV &URZQ %XVLQHVV 7KUHH 5LYHUV 3UHVV

&DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ

125

$ 0DQ IRU $OO 6SHFLHV

7KH 5HPDUNDEOH $GYHQWXUHV RI DQ $QLPDO /RYHU DQG ([SHUW 3HW .HHSHU

0DUF 0RUURQH 1DQF\ (OOLV %HOO

21 6$/( +$5021< +$5'&29(5

&DQ &DWHJRU\ Â¬3HWV %,6$&Â¬&DW Â¬3HWV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬3(76 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬+DUPRQ\ +&

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 3DUURW :KR 7KRXJKW 6KH :DV $ (OOLV %HOO 1DQF\ +& 3DUURW :KR 7KRXJKW 6KH :DV $ (OOLV %HOO 1 75 &RPS 7LWOHV 7HOO 0H :KHUH ,W +XUWV 7URXW 1LFN +& 7HOO 0H :KHUH ,W +XUWV 7URXW 1LFN 75 :LOG 3DUURWV 2I 7HOHJUDSK +LOO %LWWQHU 0DUN +& :LOG 3DUURWV 2I 7HOHJUDSK +LOO %LWWQHU 0DUN 75

126 www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 1$1&< (//,6 %(//

3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU %URDGZD\ %URDGZD\ +DUPRQ\ 7KUHH 5LYHUV 3UHVV

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

7KHUH V D :RUG IRU ,W

+RZ DQG :K\ WKH $PHULFDQ /DQJXDJH ([SORGHG 6LQFH

6RO 6WHLQPHW]

21 6$/( +$5021< +$5'&29(5

&DQ %,6$&Â¬&DW Â¬5HIHUHQFH :RUG /LVWV 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬+DUPRQ\ +&

0DUNHWLQJ DQG 3XEOLFLW\ 3XEOLFLVW Â¬0DUJDUHW 5XVKWRQ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ 2XWUHDFK WR ZRUG ORYHU EORJJHUV &RS\ / FDUG 'LVSOD\ $YDLODEOH &RRUGLQDWHG RXWUHDFK WR OLQJXLVWLFV GHSDUWPHQWV 2XWUHDFK WR HW\PRORJ\ DQG VSHOOLQJ EHH RUJDQL]DWLRQV QDWLRQZLGH :LGH ERRNVHOOHU PDLOLQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ 5RFKHOOH 1<

62/ 67(,10(7= D ZHOO NQRZQ OH[LFRJUDSKHU KDV SXEOLVKHG RYHU GLFWLRQDULHV DQG UHIHUHQFH ERRNV +LV PRVW UHFHQW ERRN IURP 5DQGRP +RXVH 5HIHUHQFH LV 6HPDQWLF $QWLFV +RZ DQG :K\ :RUGV &KDQJH 0HDQLQJ +H LV D IRUPHU HGLWRULDO GLUHFWRU RI 5DQGRP +RXVH 5HIHUHQFH

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\

+LVW 3UHY 7LWOHV

,6%1

2Q VDOH

6HPDQWLF $QWLFV 6WHLQPHW] 6RO +&

7KH /LIH 2I /DQJXDJH 6WHLQPHW] 6RO 75

&RPS 7LWOHV

,6%1

:RUG )UHDN )DWVLV 6WHIDQ +& :RUG )UHDN )DWVLV 6WHIDQ 75 7KH %RRN 2I *HQHUDO ,JQRUDQFH 0LWFKLQVRQ -RKQ +&

2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU

3ULFH

5+ 5HIHUHQFH ,QIRUPDWLRQ 3XE 5+ 5HIHUHQFH ,QIRUPDWLRQ 3XE

&DQ &DQ

3XEOLVKHU

3ULFH

+RXJKWRQ 0LIIOLQ +DUFRXUW 3HQJXLQ

+DUPRQ\

127 www.CrownPublishing.com

128 www.CrownPublishing.com

www.CrownPublishing.com

$QJHOV RI 'HVWUXFWLRQ $ 1RYHO

$XWKRU RI WKH 1DWLRQDO %HVWVHOOHU 7KH 6WROHQ &KLOG

.HLWK 'RQRKXH

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

.H\ 3RLQWV 4XRWHV 21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬)LFWLRQ /LWHUDU\ %,6$&Â¬&DW Â¬)LFWLRQ /LWHUDU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬6$% 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ %RRN VLWH DGYHUWLVLQJ %ORJJHU RXWUHDFK DQG ERRN JLYHDZD\V %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 5HDG ,W )RUZDUG SURPRWLRQ 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV

1H[W QRYHO RQ WKH ZD\ $QJHOV RI 'HVWUXFWLRQ LV WKH ILUVW ERRN LQ D WZR ERRN GHDO ZLWK .HLWK 'RQRKXH 6KD\H $UHKHDUW %RRNV SODQV WR SXEOLVK KLV QH[W QRYHO LQ WKH IDOO RI DQG WKH EX]] JHQHUDWHG E\ WKH KDUGFRYHU SXEOLFDWLRQ VKRXOG GUDZ DWWHQWLRQ EDFN WR WKLV SDSHUEDFN ,QWHUQDWLRQDO DFFODLP 'RQRKXH V ZRUN KDV EHHQ SXEOLVKHG DURXQG WKH ZRUOG DQG KH LV UHFRJQL]HG DV RQH RI WKH PRVW SURGLJLRXVO\ LPDJLQDWLYH ZULWHUV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH :KHDWRQ 0'

.(,7+ '212+8( LV WKH DXWKRU RI WKH DFFODLPHG QRYHO 7KH 6WROHQ &KLOG )RU VHYHUDO \HDUV KH ZDV D VSHHFKZULWHU DW WKH 1DWLRQDO (QGRZPHQW IRU WKH $UWV LQ :DVKLQJWRQ ' & DQG KH QRZ ZRUNV DW DQRWKHU IHGHUDO DJHQF\ +H OLYHV ZLWK KLV IDPLO\ LQ :KHDWRQ 0DU\ODQG

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 7+( 67(,1%(5* $*(1&< ,1&

2WKHU (GLWLRQV ( ERRN 8QDEULGJHG &' +LVW 3UHY 7LWOHV $QJHOV 2I 'HVWUXFWLRQ 'RQRKXH .HLWK +& 7KH 6WROHQ &KLOG 'RQRKXH .HLWK 75 7KH 6WROHQ &KLOG 'RQRKXH .HLWK +& &RPS 7LWOHV 7KH 7KLUG $QJHO +RIIPDQ $OLFH 75

,6%1 ,6%1 ,6%1

130 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW 3(7(5 67(,1%(5*

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 5DQGRP +RXVH $XGLR 3XEOLVKHU 6KD\H $UHKHDUW %RRNV $QFKRU 1DQ $ 7DOHVH 3XEOLVKHU 7KUHH 5LYHUV 3UHVV

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ

$ -RXUQDO IRU -RUGDQ $ 6WRU\ RI /RYH DQG +RQRU 1HZ <RUN 7LPHV %HVWVHOOHU

$ -RXUQDO IRU -RUGDQ 'DQD &DQHG\ $ 6WRU\ RI /RYH DQG +RQRU

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ &DQ 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ &DUWRQ &RXQW 3HUVRQDO 0HPRLUV ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ 3HUVRQDO 0HPRLUV (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

3HQWDJRQ DQG VKH EORJV DW $-RXUQDOIRU-RUGDQ FRP

,QVSLUDWLRQ DQG PHPRLU ZRUN LQ SDSHUEDFN 7KHUH LV D SDSHUEDFN DXGLHQFH IRU .H\ 3RLQWV 4XRWHV

SRZHUIXO PHPRLUV RI ORVV IURP (OL]DEHWK (GZDUGV V 6DYLQJ *UDFHV WR 0DULDQH 3HDUO V $ 0LJKW\ +HDUWWR .HOO\ &RUULJDQ V 7KH 0LGGOH 3ODFH 0DJQHWLF LQ GHPDQG DXWKRU 'DQD SURPRWHG WKH KDUGFRYHU RQ 7KH 2SUDK :LQIUH\ 'HQ]HO :DVKLQJWRQ PRYLH RSWLRQ (VFDSH $UWLVWV RI &ROXPELD 3LFWXUHV KDV RSWLRQHG 6KRZ *RRG 0RUQLQJ $PHULFD 1LJKWOLQH GR]HQV RI UDGLR VKRZV DQG HYHQ DW WKH WKLV ZLWK 'HQ]HO :DVKLQJWRQ WR SURGXFH DQG VWDU DV .LQJ 3HQWDJRQ DQG VKH EORJV DW $-RXUQDOIRU-RUGDQ FRP 6WURQJ DSSHDO WR PLOLWDU\ IDPLOLHV 'DQD VSRNH DW WKH WK $QQXDO 7$36 1DWLRQDO ,QVSLUDWLRQ DQG PHPRLU ZRUN LQ SDSHUEDFN 7KHUH LV D SDSHUEDFN DXGLHQFH IRU 0LOLWDU\ 6XUYLYRU 6HPLQDU RYHU 0HPRULDO 'D\ :HHNHQG DQG UHFHLYHG DQ H[FHSWLRQDOO\ SRZHUIXO PHPRLUV RI ORVV IURP (OL]DEHWK (GZDUGV V 6DYLQJ *UDFHV WR 0DULDQH 3HDUO V $ VWURQJ UHVSRQVH 7KHUH LV XQWDSSHG SRWHQWLDO DPRQJ WKDW UHDGHUVKLS 0LJKW\ +HDUWWR .HOO\ &RUULJDQ V 7KH 0LGGOH 3ODFH 'HQ]HO :DVKLQJWRQ PRYLH RSWLRQ (VFDSH $UWLVWV RI &ROXPELD 3LFWXUHV KDV RSWLRQHG *ULSSLQJ ,PSRUWDQW $ KDXQWLQJO\ EHDXWLIXO DFFRXQW RI D IDPLO\ IUDFWXUHG E\ WKLV ZLWK 'HQ]HO :DVKLQJWRQ WR SURGXFH DQG VWDU DV .LQJ ZDU ILOOHG ZLWK YLYLG DQG KHDUWEUHDNLQJ GHWDLOV 1HZ <RUN 7LPHV %RRN 5HYLHZ 6WURQJ DSSHDO WR PLOLWDU\ IDPLOLHV 'DQD VSRNH DW WKH WK $QQXDO 7$36 1DWLRQDO %UXWDOO\ KRQHVW 7KLV ERRN LV D JLIW DQG QRW RQO\ WR -RUGDQ 86$ 7RGD\ 0LOLWDU\ 6XUYLYRU 6HPLQDU RYHU 0HPRULDO 'D\ :HHNHQG DQG UHFHLYHG DQ H[FHSWLRQDOO\ *XW ZUHQFKLQJ &RQYH\V WKH FRPSOH[LWLHV RI ORYH :DVKLQJWRQ 3RVW VWURQJ UHVSRQVH 7KHUH LV XQWDSSHG SRWHQWLDO DPRQJ WKDW UHDGHUVKLS

,W V LPSRVVLEOH QRW WR EH DIIHFWHG E\ KHU VWRU\ (QWHUWDLQPHQW :HHNO\ *ULSSLQJ ,PSRUWDQW $ KDXQWLQJO\ EHDXWLIXO DFFRXQW RI D IDPLO\ IUDFWXUHG E\ 0HDQLQJIXO WR FRXQWOHVV RWKHUV LQ VLPLODU VLWXDWLRQV 6DQ )UDQFLVFR &KURQLFOH ZDU ILOOHG ZLWK YLYLG DQG KHDUWEUHDNLQJ GHWDLOV 1HZ <RUN 7LPHV %RRN 5HYLHZ :ULWWHQ ZLWK VHUHQH JUDFH SDUW PHPRLU SDUW ORYH VWRU\ DOO KHDUW -DPHV %UXWDOO\ KRQHVW 7KLV ERRN LV D JLIW DQG QRW RQO\ WR -RUGDQ 86$ 7RGD\ 0F%ULGH DXWKRU RI 7KH &RORU RI :DWHU *XW ZUHQFKLQJ &RQYH\V WKH FRPSOH[LWLHV RI ORYH :DVKLQJWRQ 3RVW ,W V LPSRVVLEOH QRW WR EH DIIHFWHG E\ KHU VWRU\ (QWHUWDLQPHQW :HHNO\ 0HDQLQJIXO WR FRXQWOHVV RWKHUV LQ VLPLODU VLWXDWLRQV 6DQ )UDQFLVFR &KURQLFOH $XWKRU 5HVLGHQFH 1HZ <RUN 1< $XWKRU +RPHWRZQ 5DGFOLII .< :ULWWHQ ZLWK VHUHQH JUDFH SDUW PHPRLU SDUW ORYH VWRU\ DOO KHDUW -DPHV '$1$ &$1('< LV D VHQLRU HGLWRU DW WKH 1HZ <RUN 7LPHV ZKHUH VKH KDV EHHQ D 0F%ULGH DXWKRU RI 7KH &RORU RI :DWHU MRXUQDOLVW IRU WZHOYH \HDUV ,Q VKH ZDV SDUW RI D WHDP WKDW ZRQ D 3XOLW]HU 3UL]H IRU QDWLRQDO UHSRUWLQJ IRU +RZ 5DFH ,V /LYHG LQ $PHULFD D VHULHV RQ UDFH UHODWLRQV LQ WKH 8QLWHG 6WDWHV 7KH GDXJKWHU RI D UHWLUHG $UP\ GULOO VHUJHDQW 'DQD $XWKRU 5HVLGHQFH 1HZ <RUN 1< $XWKRU +RPHWRZQ 5DGFOLII .< JUHZ XS LQ 5DGFOLII .HQWXFN\ D WRZQ RI UHVLGHQWV RQ WKH ERUGHU RI )RUW '$1$ &$1('< LV D VHQLRU HGLWRU DW WKH 1HZ <RUN 7LPHV ZKHUH VKH KDV EHHQ D .QR[ PLOLWDU\ EDVH 6KH JUDGXDWHG IURP WKH 8QLYHUVLW\ RI .HQWXFN\ ZLWK D MRXUQDOLVW IRU WZHOYH \HDUV ,Q VKH ZDV SDUW RI D WHDP WKDW ZRQ D 3XOLW]HU EDFKHORU V GHJUHH LQ MRXUQDOLVP 3UL]H IRU QDWLRQDO UHSRUWLQJ IRU +RZ 5DFH ,V /LYHG LQ $PHULFD D VHULHV RQ UDFH UHODWLRQV LQ WKH 8QLWHG 6WDWHV 7KH GDXJKWHU RI D UHWLUHG $UP\ GULOO VHUJHDQW 'DQD 5LJKWV 506 JUHZ XS LQ 5DGFOLII .HQWXFN\ D WRZQ RI UHVLGHQWV RQ WKH ERUGHU RI )RUW 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV .QR[ PLOLWDU\ EDVH 6KH JUDGXDWHG IURP WKH 8QLYHUVLW\ RI .HQWXFN\ ZLWK D $XGLR <HV VW 6HULDO 1R EDFKHORU V GHJUHH LQ MRXUQDOLVP %RRN &OXE <HV

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

%ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV ( ERRN %ULWLVK 1R $EULGJHG &' 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

+LVW 3UHY 7LWOHV -RXUQDO )RU -RUGDQ $ &DQHG\ 'DQD +& &RPS 7LWOHV 2WKHU (GLWLRQV 6DYLQJ *UDFHV (GZDUGV (OL]DEHWK 75 ( ERRN $ 0LJKW\ +HDUW 3HDUO 0DULDQH 75 $EULGJHG &' 7KH 0LGGOH 3ODFH &RUULJDQ .HOO\ +& +LVW 3UHY 7LWOHV )RU /DFL 5RFKD 6KDURQ 75 -RXUQDO )RU -RUGDQ $ &DQHG\ 'DQD +& /RYH *UHJ /DXUHQ 0DQQLQJ *UHJ 75 &RPS 7LWOHV 6DYLQJ *UDFHV (GZDUGV (OL]DEHWK 75 $ 0LJKW\ +HDUW 3HDUO 0DULDQH 75 7KH 0LGGOH 3ODFH &RUULJDQ .HOO\ +& )RU /DFL 5RFKD 6KDURQ 75 /RYH *UHJ /DXUHQ 0DQQLQJ *UHJ 75

7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW 3+,/,33$ %523+< 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU VW 6HULDO 1R 3ULFH &DQ 7UDQVODWLRQ 1R &URZQ 6SHFLDO 0DUNHWV 5DQGRP +RXVH $XGLR &DQ $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW 3+,/,33$ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %523+<

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&URZQ 3XEOLVKHU 3XEOLVKHU %URDGZD\ &URZQ 6FULEQHU 5DQGRP +RXVH $XGLR +\SHULRQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ %DQWDP 3XEOLVKHU %URDGZD\ 6FULEQHU +\SHULRQ 7KUHH 5LYHUV 3UHVV %DQWDP

&DQ 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ

131

7KH 'LIIHUHQFH

+RZ $Q\RQH &DQ 3URVSHU LQ (YHQ 7KH 7RXJKHVW 7LPHV 'LVFRYHU 7KH 6XUSULVLQJ +DELWV RI WKH 5LFK 7KH 7UDLWV <RX &DQ W 6XFFHHG :LWKRXW +RZ 3HRSOH :HQW )URP =HUR WR :HDOWK

7KH 'LIIHUHQFH -HDQ &KDW]N\

+RZ $Q\RQH &DQ 3URVSHU LQ (YHQ 7KH 7RXJKHVW 7LPHV )RU -HDQ &KDW]N\ V GHYRWHG IDQV ERWK PHQ DQG ZRPHQ DQG WKH UHDGHUV 'LVFRYHU 7KH 6XUSULVLQJ +DELWV RI WKH 5LFK 7KH 7UDLWV <RX &DQ W ZKR PDGH WKLV D KDUGFRYHU VXFFHVV )RU SHUVRQDO ILQDQFH DQG VHOI KHOS UHDGHUV ZKR DUH ORRNLQJ WR EXLOG D PRUH VHFXUH IXWXUH 6XFFHHG :LWKRXW +RZ 3HRSOH :HQW )URP =HUR WR :HDOWK 7KLV LV 7RGD\ VKRZ ILQDQFLDO HGLWRU -HDQ &KDW]N\ V IROORZ XS WR WKH VXFFHVVIXO -HDQ &KDW]N\ 0DNH 0RQH\ 1RW ([FXVHV %DVHG RQ D VWXG\ RI RYHU SHRSOH 7KH 'LIIHUHQFH ORRNV DW WKH WUDLWV DQG KDELWV RI WKRVH ZKR EUHDN WKURXJK IURP D )RU -HDQ &KDW]N\ V GHYRWHG IDQV ERWK PHQ DQG ZRPHQ DQG WKH UHDGHUV SD\FKHFN WR SD\FKHFN H[LVWHQFH WR RQH RI ILQDQFLDO IUHHGRP ZKR PDGH WKLV D KDUGFRYHU VXFFHVV )RU SHUVRQDO ILQDQFH DQG VHOI KHOS UHDGHUV ZKR DUH ORRNLQJ WR EXLOG D PRUH VHFXUH IXWXUH 7KLV LV 7RGD\ VKRZ ILQDQFLDO HGLWRU -HDQ &KDW]N\ V IROORZ XS WR WKH VXFFHVVIXO 0DNH 0RQH\ 1RW ([FXVHV %DVHG RQ D VWXG\ RI RYHU SHRSOH 7KH 6WURQJ WUDFN VWURQJ IDQ EDVH -HDQ &KDW]N\ V ODVW ERRN 0DNH 0RQH\ 1RW ([FXVHV 'LIIHUHQFH ORRNV DW WKH WUDLWV DQG KDELWV RI WKRVH ZKR EUHDN WKURXJK IURP D ZDV D 1<7 DQG :6- EHVWVHOOHU DQG VROG RYHU FRSLHV LQ KDUGFRYHU +HU PHGLD SD\FKHFN WR SD\FKHFN H[LVWHQFH WR RQH RI ILQDQFLDO IUHHGRP RXWUHDFK UHPDLQV XQPDWFKHG VKH KDV D GDLO\ UDGLR VKRZ RQ 2SUDK 5DGLR ZKLFK UXQV

.H\ 3RLQWV 4XRWHV

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ

21 6$/(

7+5(( 5,9(56 35(66 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO 75$'( 3$3(5%$&. )LQDQFH %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO /RDGÂ¬*URXS Â¬ )LQDQFH (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬&URZQ %XV 75 &RQYHUV 3HUVRQDO )LQDQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO UDGLR FDPSDLJQ 3URGÂ¬7\SH Â¬&URZQ %XV 75 &RQYHUV $GYHUWLVLQJ RQ PDMRU ZRPHQ V LQWHUHVW VLWHV :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK DQG JLYHDZD\V 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 1DWLRQDO SULQW DWWHQWLRQ 3URPRWLRQ RQ DXWKRU V ZHEVLWH 1DWLRQDO UDGLR FDPSDLJQ -HDQ&KDW]N\ FRP $GYHUWLVLQJ RQ PDMRU ZRPHQ V LQWHUHVW VLWHV :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK DQG JLYHDZD\V 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URPRWLRQ RQ DXWKRU V ZHEVLWH -HDQ&KDW]N\ FRP

0DUNHWLQJ DQG 3XEOLFLW\

WKUHH WLPHV D GD\ VKH DSSHDUV RQ WKH 7RGD\ VKRZ DQ DYHUDJH RI RQFH D ZHHN VKH V DQ

HGLWRU DW ODUJH IRU 0RQH\ 0DJD]LQH VKH VHUYHV DV $2/ V PRQH\ FRDFK VKH V D IHDWXUHG .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,1.:(// 0$1$*(0(17 //&

5LJKWV 506

132

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' 3,1(

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

www.CrownPublishing.com

)RRO V 3DUDGLVH

3OD\HUV 3RVHXUV DQG WKH &XOWXUH RI ([FHVV LQ 6RXWK %HDFK

)RRO V 3DUDGLVH 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI 3KLOLVWLQHV DW WKH +HGJHURZ 3OD\HUV 3RVHXUV DQG WKH &XOWXUH RI ([FHVV LQ 6RXWK 6WHYHQ *DLQHV %HDFK

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬6RFLRORJ\ %,6$&Â¬&DW Â¬6RFLDO 6FLHQFH 6RFLRORJ\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬62&,2/2*< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬6RFLRORJ\ ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 %,6$&Â¬&DW Â¬6RFLDO 6FLHQFH 6RFLRORJ\ /RDGÂ¬*URXS Â¬ *HQHUDO (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬62&,2/2*< 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV *RVVLS EORJ DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ %X]] PDLOLQJ WR 0LDPL KRWHO FRQFLHUJHV 3URPRWLRQDO PDWHULDOV DYDLODEOH 1DWLRQDO SULQW DWWHQWLRQ *RVVLS EORJ DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ %X]] PDLOLQJ WR 0LDPL KRWHO FRQFLHUJHV 3URPRWLRQDO PDWHULDOV DYDLODEOH

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

LQFOXGHV IHDWXUHV RQ WKH IURQW SDJHV RI WKH 1HZ <RUN 7LPHV V 6W\OH VHFWLRQ DQG WKH

0LDPL +HUDOG V /HLVXUH VHFWLRQ UHYLHZV RU IHDWXUHV LQ 9DQLW\ )DLU 86$ 7RGD\ .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

67(9(1 *$,1(6 LV WKH EHVWVHOOLQJ DXWKRU RI WKLUWHHQ ERRNV LQFOXGLQJ 3KLOLVWLQHV DW WKH +HGJHURZ +LV MRXUQDOLVP KDV DSSHDUHG LQ WKH 1HZ <RUN 2EVHUYHU DQG WKH 1HZ <RUN 7LPHV DV ZHOO DV LQ 9DQLW\ )DLU /RV $QJHOHV :RUWK DQG &RQQRLVVHXU

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 0DQKDWWDQ (DVW +DPSWRQ 0LDPL %HDFK

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ ,1.:(// 0$1$*(0(17 //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' 3,1(

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU &URZQ %RRN &OXE <HV 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU &URZQ $JHQF\ ,1.:(// 0$1$*(0(17 //&

5HSULQW <HV 3ULFH &DQ VW 6HULDO <HV 6SHFLDO 0DUNHWV 3ULFH &DQ $JHQW 5,&+$5' 3,1(

5LJKWV 506

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

/LWWOH %URZQ 3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ %URDGZD\ 3XEOLVKHU 6 6 &URZQ 7KUHH 5LYHUV 3UHVV /LWWOH %URZQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV %URDGZD\ 6 6 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ

133

7KH ,QKHULWDQFH

7KH :RUOG 2EDPD &RQIURQWV DQG WKH &KDOOHQJHV WR $PHULFDQ 3RZHU

7KH ,QKHULWDQFH &KLHI :DVKLQJWRQ &RUUHVSRQGHQW RI WKH 1HZ <RUN 7LPHV 7KH :RUOG 2EDPD &RQIURQWV DQG WKH &KDOOHQJHV WR 'DYLG ( 6DQJHU $PHULFDQ 3RZHU

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬&XUUHQW $IIDLUV %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 3+272 &DWHJRU\ Â¬&XUUHQW $IIDLUV ,16(57 %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ (GLWLRQÂ¬'HVF Â¬&219(56,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 3+272 ,16(57 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR FLW\ UDGLR VDWHOOLWH WRXU 5HJLRQDO 135 FDPSDLJQ 7DUJHWHG VRFLDO QHWZRUN FDPSDLJQ 7DUJHWHG VHDUFK FDPSDLJQ 3ROLWLFDO EORJJHU RXWUHDFK 1DWLRQDO SULQW DWWHQWLRQ %X]] PDLOLQJ WR MRXUQDOLVP VFKRROV FLW\ UDGLR VDWHOOLWH WRXU &URVV SURPRWLRQ ZLWK DFDGHPLF DQG 5HJLRQDO 135 FDPSDLJQ OLEUDU\ PDUNHWLQJ 7DUJHWHG VRFLDO QHWZRUN FDPSDLJQ 7DUJHWHG VHDUFK FDPSDLJQ 3ROLWLFDO EORJJHU RXWUHDFK %X]] PDLOLQJ WR MRXUQDOLVP VFKRROV &URVV SURPRWLRQ ZLWK DFDGHPLF DQG OLEUDU\ PDUNHWLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

LQWURGXFWLRQ DQG HSLORJXH WR UHIOHFW 2EDPD V ILUVW \HDU

.H\ 3RLQWV 4XRWHV %HVWVHOOLQJ KDUGFRYHU 7KH KDUGFRYHU KLW EHVWVHOOHU OLVWV IURP WKH 1HZ <RUN 7LPHV WR

WKH 6DQ )UDQFLVFR &KURQLFOH DQG WKH H[FHSWLRQDO PHGLD FRYHUDJH LQFOXGHG 7DON RI WKH 1DWLRQ &KDUOLH 5RVH 7KH 'DLO\ 6KRZ DQG 0HHW WKH 3UHVV DV ZHOO DV D ILUVW VHULDO WR WKH 1HZ LQWURGXFWLRQ DQG HSLORJXH 7KH SDSHUEDFN ZLOO EH IXOO\ XSGDWHG ZLWK D QHZ 1HZ <RUN 7LPHV 0DJD]LQH LQWURGXFWLRQ DQG HSLORJXH WR UHIOHFW 2EDPD V ILUVW \HDU

%HVWVHOOLQJ KDUGFRYHU 7KH KDUGFRYHU KLW EHVWVHOOHU OLVWV IURP WKH 1HZ <RUN 7LPHV WR WKH 6DQ )UDQFLVFR &KURQLFOH DQG WKH H[FHSWLRQDO PHGLD FRYHUDJH LQFOXGHG 7DON RI WKH 3UHVFLHQW UHOHYDQW DQG JUHDW UHDGLQJ IRU SHRSOH ZKR ZDQW WR KDYH LQVRPQLD 1DWLRQ &KDUOLH 5RVH 7KH 'DLO\ 6KRZ DQG 0HHW WKH 3UHVV DV ZHOO DV D ILUVW VHULDO WR WKH -RQ 6WHZDUW 7KH 'DLO\ 6KRZ 1HZ <RUN 7LPHV 0DJD]LQH

6DQJHU V EHKLQG WKH VFHQHV DFFRXQW RI WKH %XVK $GPLQLVWUDWLRQ V IRUHLJQ SROLF\ LV ODFHG ZLWK VFRRSV DQG VHFUHW FRQYHUVDWLRQV DERXW D ZRUOG VSLQQLQJ RXW RI 3UHVFLHQW UHOHYDQW DQG JUHDW UHDGLQJ IRU SHRSOH ZKR ZDQW WR KDYH LQVRPQLD $PHULFD V FRQWURO 7,0( -RQ 6WHZDUW 7KH 'DLO\ 6KRZ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,1.:(// 0$1$*(0(17 //&

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R +DUPRQ\ $JHQF\ ,1.:(// 0$1$*(0(17 //& ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

134

7KH ,QKHULWDQFH 6DQJHU 'DYLG ( +& &RPS 7LWOHV ,PSHULDO /LIH ,Q (PHUDOG &LW\ &KDQGUDVHNDUDQ 2WKHU (GLWLRQV 5DMÂ« ( ERRN 7KH /RRPLQJ 7RZHU :ULJKW /DZUHQFH 75 +LVW 3UHY 7LWOHV +XEULV ,VLNRII 0LFKDHO 75 7KH ,QKHULWDQFH 6DQJHU 'DYLG ( +& &RPS 7LWOHV ,PSHULDO /LIH ,Q (PHUDOG &LW\ &KDQGUDVHNDUDQ 5DMÂ« 7KH /RRPLQJ 7RZHU :ULJKW /DZUHQFH 75 +XEULV ,VLNRII 0LFKDHO 75

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 0,&+$(/ &$5/,6/( 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW 0,&+$(/ 3ULFH &$5/,6/( &DQ

+DUPRQ\ 3XEOLVKHU 3XEOLVKHU 9LQWDJH +DUPRQ\ 9LQWDJH 3XEOLVKHU 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU

3ULFH 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ 3ULFH

9LQWDJH

&DQ

9LQWDJH 7KUHH 5LYHUV 3UHVV

&DQ &DQ

7KH -R\ RI 6H[

7KH 8OWLPDWH 5HYLVHG (GLWLRQ 7KH 7LPHOHVV *XLGH WR /RYHPDNLQJ

$OH[ &RPIRUW

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

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( 7+5(( 5,9(56 35(66

75$'( 3$3(5%$&. &DQ &DQ &DWHJRU\ Â¬6HOI +HOS 6H[XDO ,QVWUXFWLRQ

%,6$&Â¬&DW Â¬6HOI +HOS 6H[XDO ,QVWUXFWLRQ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 &DWHJRU\ Â¬6HOI +HOS 6H[XDO ,QVWUXFWLRQ 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬6HOI +HOS 6H[XDO ,QVWUXFWLRQ &DUWRQ &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 ,OOXVWUDWLRQV Â¬ & 3+2726 % : 3DJH &RXQW 7ULP 6L]H [ 3+2726 $1' & &DUWRQ &RXQW ,//8675$7,216 ,OOXVWUDWLRQV Â¬ & 3+2726 % : /RDGÂ¬*URXS Â¬ 3+2726 $1' & (GLWLRQÂ¬'HVF Â¬&219(56,21 ,//8675$7,216 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\

0DUNHWLQJÂ¬&RQWDFW Â¬-D\ 6RQHV 1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 1DWLRQDO SULQW DWWHQWLRQ 'DWLQJ VLWH DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ :RPHQ V LQWHUHVW VLWH DGYHUWLVLQJ 'DWLQJ VLWH DGYHUWLVLQJ %ORJJHU JLYHDZD\ :RPHQ V LQWHUHVW VLWH DGYHUWLVLQJ 0DLOLQJ WR VH[ WKHUDSLVW OLVW %ORJJHU JLYHDZD\ 0DLOLQJ WR VH[ WKHUDSLVW OLVW

0DUNHWLQJ DQG 3XEOLFLW\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

5LJKWV 506

7HUULWRULHV 7HUULWRULHV $XGLR $XGLR %ULWLVK %ULWLVK 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 2QO\ 2QO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE %RRN &OXE 7UDQVODWLRQ 7UDQVODWLRQ $JHQF\ $JHQF\

2WKHU (GLWLRQV 2WKHU (GLWLRQV +DUGFRYHU +DUGFRYHU +LVW 3UHY 7LWOHV +LVW 3UHY 7LWOHV 7KH -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH -R\ RI 6H[ &RPIRUW 75 7KH -R\ RI 6H[ &RPIRUW 75 -R\ 2I 6H[ 7KH &RPSDFW 6L]H &RPIRUW $OH[ +& -R\ 2I 6H[ 7KH &RPSDFW 6L]H &RPIRUW $OH[ +& 7KH -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH 1HZ -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH 1HZ -R\ 2I 6H[ &RPIRUW $OH[ +& 7KH 1HZ -R\ RI 6H[ &RPIRUW 75 7KH 1HZ -R\ RI 6H[ &RPIRUW 75 0RUH -R\ RI 6H[ &RPIRUW 75 0RUH -R\ RI 6H[ &RPIRUW 75

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3XEOLVKHU &URZQ &URZQ 3XEOLVKHU 3XEOLVKHU &URZQ &URZQ 6LPRQ 6FKXVWHU 6LPRQ 6FKXVWHU &URZQ &URZQ &URZQ &URZQ &URZQ &URZQ 3RFNHW 3RFNHW 3RFNHW 3RFNHW

5HSULQW 5HSULQW VW 6HULDO VW 6HULDO 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW $JHQW 3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

135 www.CrownPublishing.com

0DJQLILFHQW 0LQG DW $Q\ $JH

1DWXUDO :D\V WR 8QOHDVK <RXU %UDLQ V 0D[LPXP 3RWHQWLDO 7UHDW $Q[LHW\ 'HSUHVVLRQ 0HPRU\ 3UREOHPV $'' DQG ,QVRPQLD %HVWVHOOLQJ $XWKRU RI &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH

0DJQLILFHQW 0LQG DW $Q\ $JH

1DWXUDO :D\V WR 8QOHDVK <RXU %UDLQ V 0D[LPXP 'DQLHO * $PHQ 0 ' 3RWHQWLDO

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ

21 6$/(

7+5(( 5,9(56 35(66 &DWHJRU\ Â¬+HDOWK +HDOWK )LWQHVV 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' 3+2726 7+528*+287 /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬+HDOWK +HDOWK )LWQHVV (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬+HDOWK )LWQHVV *HQHUDO 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 $1' 3+2726 7+528*+287 1DWLRQDO SXEOLFLW\ /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 $GYHUWLVLQJ FDPSDLJQ RQ SV\FKRORJ\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

)URP WKH EHVWVHOOLQJ DXWKRU RI &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH FRPHV D SUDFWLFDO ORRN DW ZD\V WR LPSURYH EUDLQ KHDOWK WUHDW LOOQHVVHV OLNH 7UHDW $Q[LHW\ 'HSUHVVLRQ 0HPRU\ 3UREOHPV $'' DQG ,QVRPQLD GHSUHVVLRQ ZLWKRXW PHGLFDWLRQ DQG GHYHORS TXDOLWLHV DOO VXFFHVVIXO SHRSOH %HVWVHOOLQJ $XWKRU RI &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH KDYH PRWLYDWLRQ FUHDWLYLW\ HIIHFWLYH VRFLDO VNLOOV DQG LPSXOVH FRQWURO %HVWVHOOLQJ DXWKRU DQG PHGLFDO GLUHFWRU RI WKH LQWHUQDWLRQDOO\ UHFRJQL]HG $PHQ 'DQLHO * $PHQ 0 ' &OLQLFV 'DQLHO * $PHQ 0 ' KDV GHYHORSHG D UHYROXWLRQDU\ ZD\ WR DFKLHYH \RXU SHUVRQDO DQG SURIHVVLRQDO JRDOV 8QOLNH PRVW VHOI KHOS ERRNV ZKLFK IRFXV RQ )URP WKH EHVWVHOOLQJ DXWKRU RI &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH FRPHV FKDOOHQJLQJ SHRSOH WR FKDQJH WKHLU DWWLWXGHV 'U $PHQ DUJXHV WKDW WKH UHDO NH\ WR D SUDFWLFDO ORRN DW ZD\V WR LPSURYH EUDLQ KHDOWK WUHDW LOOQHVVHV OLNH PD[LPL]LQJ VXFFHVV LV D KHDOWK\ EDODQFHG EUDLQ 8VLQJ WKH PRVW XS WR GDWH GHSUHVVLRQ ZLWKRXW PHGLFDWLRQ DQG GHYHORS TXDOLWLHV DOO VXFFHVVIXO SHRSOH UHVHDUFK KH VKDUHV ZD\V WR ERRVW \RXU DELOLW\ WR ERXQFH EDFN IURP DGYHUVLW\ KDYH PRWLYDWLRQ FUHDWLYLW\ HIIHFWLYH VRFLDO VNLOOV DQG LPSXOVH FRQWURO KRZ WR WKLQN PRUH LQGHSHQGHQWO\ DQG FUHDWLYHO\ DQG PXFK PRUH +H DOVR VKRZV %HVWVHOOLQJ DXWKRU DQG PHGLFDO GLUHFWRU RI WKH LQWHUQDWLRQDOO\ UHFRJQL]HG $PHQ KRZ GLHW H[HUFLVH DQG VXSSOHPHQWV FDQ WUHDW VXFK EUDLQ UHODWHG LOOQHVVHV DV &OLQLFV 'DQLHO * $PHQ 0 ' KDV GHYHORSHG D UHYROXWLRQDU\ ZD\ WR DFKLHYH \RXU GHSUHVVLRQ $'' DQ[LHW\ DQG PHPRU\ SUREOHPV )RU UHDGHUV ORRNLQJ IRU SHUVRQDO DQG SURIHVVLRQDO JRDOV 8QOLNH PRVW VHOI KHOS ERRNV ZKLFK IRFXV RQ DOO QDWXUDO ZD\V WR RYHUFRPH WKHVH PHQWDO FKDOOHQJHV WKRVH ORRNLQJ WR LPSURYH FKDOOHQJLQJ SHRSOH WR FKDQJH WKHLU DWWLWXGHV 'U $PHQ DUJXHV WKDW WKH UHDO NH\ WR WKHLU SHUVRQDO DQG SURIHVVLRQDO OLYHV RU DQ\RQH LQWHUHVWHG LQ ZKDW WKH ODWHVW GDWD PD[LPL]LQJ VXFFHVV LV D KHDOWK\ EDODQFHG EUDLQ 8VLQJ WKH PRVW XS WR GDWH WHOOV XV DERXW WKH EUDLQ 0DJQLILFHQW 0LQG DW $Q\ $JH LV DQ H\H RSHQLQJ DFFRXQW UHVHDUFK KH VKDUHV ZD\V WR ERRVW \RXU DELOLW\ WR ERXQFH EDFN IURP DGYHUVLW\ WKDW FDQ KHOS SHRSOH WDNH FKDUJH RI WKHLU VXFFHVV KRZ WR WKLQN PRUH LQGHSHQGHQWO\ DQG FUHDWLYHO\ DQG PXFK PRUH +H DOVR VKRZV KRZ GLHW H[HUFLVH DQG VXSSOHPHQWV FDQ WUHDW VXFK EUDLQ UHODWHG LOOQHVVHV DV GHSUHVVLRQ $'' DQ[LHW\ DQG PHPRU\ SUREOHPV )RU UHDGHUV ORRNLQJ IRU DOO QDWXUDO ZD\V WR RYHUFRPH WKHVH PHQWDO FKDOOHQJHV WKRVH ORRNLQJ WR LPSURYH 6XFFHVVIXO 3%6 VSHFLDOV $PHQ V &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH VSHFLDO ZDV WKHLU SHUVRQDO DQG SURIHVVLRQDO OLYHV RU DQ\RQH LQWHUHVWHG LQ ZKDW WKH ODWHVW GDWD VXFK D VXFFHVV IRU 3%6 WKDW WKH QHWZRUN GHFLGHG WR GHEXW $PHQ V 0DJQLILFHQW 0LQG DW WHOOV XV DERXW WKH EUDLQ 0DJQLILFHQW 0LQG DW $Q\ $JH LV DQ H\H RSHQLQJ DFFRXQW $Q\ $JH SURJUDP GXULQJ WKHLU ZLQWHU SOHGJH GULYH /RFDO VWDWLRQV FRQWLQXH WR UXQ WKDW FDQ KHOS SHRSOH WDNH FKDUJH RI WKHLU VXFFHVV

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506 2WKHU (GLWLRQV

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 8QDEULGJHG &' $XGLR <HV ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 0DJQLILFHQW 0LQG $W $Q\ $JH $PHQ 'DQLHO *

136

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6$1)25' - *5((1%85*(5 $662&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW )$,7+ +$0/,1

,6%1

2Q VDOH 3XEOLVKHU

3ULFH

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 5DQGRP +RXVH $XGLR 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU 3XEOLVKHU %DOODQWLQH %RRNV

&DQ &DQ 3ULFH &DQ &DQ &DQ &DQ 3ULFH 3ULFH &DQ

,6%1

2Q VDOH

7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU %DOODQWLQH %RRNV

&DQ &DQ &DQ &DQ 3ULFH &DQ

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV 5DQGRP +RXVH $XGLR &DQ %RRN &OXE <HV VW 6HULDO <HV +DUPRQ\ &DQ 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ 6$1)25' - *5((1%85*(5 $JHQW )$,7+ +$0/,1 +DUPRQ\ &DQ $662&

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www.CrownPublishing.com &RPS 7LWOHV 7UDLQ <RXU 0LQG &KDQJH <R %HJOH\ 6KDURQ 75

%DOODQWLQH %RRNV +DUPRQ\

&DQ &DQ

0RYH D /LWWOH /RVH D /RW

8VH 1 ( $ 7 6FLHQFH WR %XUQ &DORULHV D :HHN DW WKH 2IILFH %H 6PDUWHU LQ DV /LWWOH DV +RXUV 5HGXFH )DWLJXH E\ ([WHQG \RXU /LIHVSDQ E\ <HDUV QRQ H[HUFLVH DFWLYLW\ WKHUPRJHQHVLV RU WKH FDORULHV \RX EXUQ UHDOO\ OLYLQJ

-DPHV /HYLQH 0' 6HOHQH <HDJHU

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬+HDOWK )LWQHVV 'LHWV +HDOWK )LWQHVV ([HUFLVH %,6$&Â¬&DW Â¬+HDOWK )LWQHVV 'LHWV 2UGHUÂ¬)RUPÂ¬&DW Â¬+($/7+ 1875,7,21 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ :RPHQ V KHDOWK ZHEVLWH DGYHUWLVLQJ +HDOWK EORJJHU RXWUHDFK )LQLVKHG ERRN PDLOLQJ WR WRS +5 PDQDJHUV 'RFWRU V RIILFH ZDLWLQJ URRP PDLOLQJ

)RU WKH PLOOLRQV RI $PHULFDQV ZKR VSHQG QHDUO\ KRXUV D GD\ GHVN VHQWHQFHG DQG IRU WKRVH ZKR ZDQW WR LQFRUSRUDWH VPDOO FKDQJHV LQWR WKHLU GDLO\ URXWLQHV DQG ORVH ZHLJKW )RU WKH UHDGHUV ZKR YH PDGH ERRNV OLNH 0DNLQJ WKH &XW DQG 7KH 6SHFWUXP EHVWVHOOHUV EXW ZKR ZDQW DQ HDV\ HDV\ SODQ WR IROORZ /HYLQH V UHVHDUFK VKRZV SHRSOH KRZ WR EXUQ PRUH FDORULHV HDFK GD\ ZLWKRXW KLWWLQJ WKH J\P RU ZRUNLQJ XS D VZHDW 6FLHQFH KDV VKRZQ WKDW WKRVH ZKR LQFUHDVH WKHLU GDLO\ 1 ( $ 7 DUH WKLQQHU KHDOWKLHU VPDUWHU DQG KDSSLHU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU 352)(6625 -$0(6 /(9,1( 0' 3+' LV D ZRUOG DXWKRULW\ RQ SUHYHQWLQJ DQG WUHDWLQJ WKH JOREDO REHVLW\ HSLGHPLF +H LV WKH GLUHFWRU RI WKH 1($7 &HQWHU DW WKH 0D\R &OLQLF +LV UHVHDUFK KDV EHHQ SXEOLVKHG LQ MRXUQDOV VXFK DV 6FLHQFH 1DWXUH DQG WKH 1HZ (QJODQG -RXUQDO RI 0HGLFLQH +H OHFWXUHV RQ REHVLW\ DURXQG WKH ZRUOG DQG LV D VHQLRU DFDGHPLF DGYLVHU WR 8 6 JRYHUQPHQW DJHQFLHV WKH 8QLWHG 1DWLRQV DQG &KLQD DV ZHOO DV VHYHUDO $IULFDQ QDWLRQV 'U /HYLQH KDV PDGH IRXU GRFXPHQWDULHV DQG KDV DSSHDUHG UHSHDWHGO\ RQ WHOHYLVLRQ DQG LQ SULQW

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 0RYH $ /LWWOH /RVH $ /RW /HYLQH -DPHV 0G +& &RPS 7LWOHV 7KH 6SHFWUXP 2UQLVK 'HDQ 0G 75 *RRG &DORULHV %DG &DORULHV 7DXEHV *DU\ 75 0DNLQJ 7KH &XW 0LFKDHOV -LOOLDQ 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ =$&+$5< 6+867(5 +$506:257+ //& ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ 3XEOLVKHU %DOODQWLQH %RRNV $QFKRU 7KUHH 5LYHUV 3UHVV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (9( %5,'%85*

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ

137 www.CrownPublishing.com

3RVLWLYLW\

7RS 1RWFK 5HVHDUFK 5HYHDOV WKH WR 5DWLR 7KDW :LOO &KDQJH <RXU /LIH %DUEDUD / )UHGULFNVRQ 3K ' .HQDQ 'LVWLQJXLVKHG 3URIHVVRU 81& &KDSHO +LOO $ZDUG :LQQLQJ 'LUHFWRU RI WKH 3(3

%DUEDUD )UHGULFNVRQ

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

21 6$/(

.H\ 3RLQWV 4XRWHV

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

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

&DQ &DWHJRU\ Â¬3V\FKRORJ\ (PRWLRQV %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ (PRWLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK 9LUDO SRVLWLYLW\ TXL] %X]] PDLOLQJ WR WKHUDSLVWV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &KDSHO +LOO 1RUWK &DUROLQD

'U %DUEDUD )UHGULFNVRQ LV WKH .HQDQ 'LVWLQJXLVKHG 3URIHVVRU RI 3V\FKRORJ\ DQG 3ULQFLSDO ,QYHVWLJDWRU RI WKH 3RVLWLYH (PRWLRQV DQG 3V\FKRSK\VLRORJ\ /DE DW WKH 8QLYHUVLW\ RI 1RUWK &DUROLQD 6KH LV D OHDGLQJ VFKRODU ZLWKLQ VRFLDO SV\FKRORJ\ DIIHFWLYH VFLHQFH DQG SRVLWLYH SV\FKRORJ\ 9LVLW ZZZ SRVLWLYLW\UDWLR FRP IRU PRUH

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,1.:(// 0$1$*(0(17 //&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 3RVLWLYLW\ )UHGULFNVRQ %DUEDUD +& &RPS 7LWOHV +DSS\ IRU 1R 5HDVRQ 6KLPRII 0DUFL 75 :K\ *RRG 7KLQJV +DSSHQ 7R *RRG 3RVW 6WHSKHQ 3KG 7Â« 7KH *HRJUDSK\ RI %OLVV :HLQHU (ULF 75 6WXPEOLQJ 2Q +DSSLQHVV *LOEHUW 'DQLHO 75 /HDUQHG 2SWLPLVP 6HOLJPDQ 0DUWLQ ( 75 3RVLWLYH (QHUJ\ 2UORII -XGLWK 0G 75

138 www.CrownPublishing.com

2Q VDOH 2Q ,6%1 VDOH 2Q ,6%1 VDOH

,6%1

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' 3,1(

3XEOLVKHU

3ULFH

&URZQ

&DQ

3XEOLVKHU

3ULFH

&URZQ

&DQ

3XEOLVKHU

3ULFH

6LPRQ 6FKXVWHU

%URDGZD\

&DQ

+DFKHWWH 9LQWDJH 9LQWDJH 7KUHH 5LYHUV 3UHVV

&DQ &DQ

2UDQJXWDQ

7KH 6WRU\ RI DQ ,ULVK 'UXQN LQ WKH &RQFUHWH -XQJOH

&ROLQ %URGHULFN ,W V DPD]LQJ WKH FXUDWLYH SRZHUV RI DOFRKRO +RZ ZLOO , HYHU GULQN LW DOO" 7KLQN RI WKH PRVW ZDVWHG \RX YH HYHU EHHQ 2I \RXU PRVW VHDULQJ KDQJRYHU 2I \RXU EODFNHVW PRPHQW RI GHVSDLU 7KDW ZDV &ROLQ %URGHULFN V OLIH RQ D JRRG GD\ )XHOHG E\ ERR]H DQG GUXJV EXUQLQJ WKURXJK ORYHUV DQG PDUULDJHV HDUQLQJ UHQW PRQH\ ZRUNLQJ FRQVWUXFWLRQ ZLWK KLV IHOORZ ,ULVK LPPLJUDQWV ZKLOH FKDVLQJ KLV GUHDP RI EHFRPLQJ D ZULWHU KH IOLSSHG RII GHDWK IRU D GHFDGH SOXV EXW OLYHG DQG UHJDLQHG VREULHW\ WR ZULWH WKLV D PHPRLU WKDW \RX GRQ W VR PXFK UHDG EXW UDWKHU JDSH DW OLNH D EORRG\ ZUHFN DW WKH VLGH RI WKH URDG &KHHUV

.H\ 3RLQWV 4XRWHV

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQ UHYLHZ DQG IHDWXUH DWWHQWLRQ 1DWLRQDO UDGLR FDPSDLJQ *LYHDZD\ IRU ERRN VLWHV ( EODVW WR SRS FXOWXUH OLVW %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ &URZQ %X]] /LVW JDOOH\ PDLOLQJ ,ULVK FRPPXQLW\ RXWUHDFK 3URPRWLRQDO PDWHULDOV DYDLODEOH 3XEOLVKLQJ LQGXVWU\ EX]] PDLOLQJ %RRNVHOOHU EX]] PDLOLQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN &LW\

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ '<67(/ *2'(5,&+ /,7(5$5<$JHQW -$1( '<67(/

2WKHU (GLWLRQV ,6%1 ( ERRN &RPS 7LWOHV ,6%1 *RDW /DQG %UDG 75 3LHFH 2I &DNH $ %URZQ &XSFDNH 75 /RYH ,V $ 0L[ 7DSH 6KHIILHOG 5RE 75 $QRWKHU %XOOVKLW 1LJKW LQ 6XFN &LW\ $ 0HPRLU )O\QÂ« 7KH 7HQGHU %DU $ 0HPRLU 0RHKULQJHU - 5 75

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 5+ 7UDGH 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV : : 1RUWRQ +\SHULRQ

3ULFH &DQ 3ULFH &DQ &DQ &DQ

139 www.CrownPublishing.com

,V WKH 1HZ

$QG 2WKHU 7KLQJV 0\ &KLOGUHQ 7DXJKW 0H :KLOH , :DV +DYLQJ D 1HUYRXV %UHDNGRZQ %HLQJ 7KHLU 0RWKHU

%HWK - +DUSD]

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ 2XWUHDFK WR ZRPHQ V LQWHUHVW ZHEVLWHV 2XWUHDFK DQG JLYHDZD\V WR SDUHQWLQJ EORJJHUV 2XWUHDFK WR 37$V

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

.H\ 3RLQWV 4XRWHV 6WURQJ WUDGH SDSHU SRWHQWLDO %RWK PHPRLUV DQG SDUHQWLQJ ERRNV VHOO ZHOO LQ WUDGH SDSHU $XWKRU D KLSSHU PRGHUQ GD\ (UPD %RPEHFN +DUSD] ZKR ZULWHV IRU WKH $VVRFLDWHG 3UHVV FRPHV WR WKH UROH RI FKLOG UHDULQJ DOUHDG\ KROGLQJ GRZQ D IXOO WLPH GD\ MRE DQG DV D FKLOG RI WKH VL[WLHV VKH ZHOO NQRZV WKH PLVFKLHI NLGV FDQ JHW LQWR /LNH PDQ\ RI KHU JHQHUDWLRQDO SHHUV VKH FRQVWDQWO\ XSEUDLGV KHUVHOI IRU QRW KDYLQJ WKH WLPH RU LQJHQXLW\ WR FXUE KHU FKLOGUHQ V H[FHVVHV ZKHWKHU WKH\ EH LQ IURQW RI D YLGHR JDPH RU DW WKH FKHFNRXW OLQH RI D KLS KRS FORWKLQJ VWRUH +HU IUHTXHQW ODPHQW , DP D 7(55,%/( PRWKHU &RPSHOOLQJ GUDPDWLF DUF ,V WKH 1HZ LV QRW D UDQGRP FROOHFWLRQ RI ULIIV EXW UDWKHU +DUSD] V VWRU\ RI WU\LQJ ZLWK YDU\LQJ VXFFHVV RYHU WKH FRXUVH RI D \HDU WR PRGHUDWH KHU VRQ V LQFUHDVLQJO\ UHEHOOLRXV EHKDYLRU ,Q XOWLPDWHO\ ULVLQJ WR WKH FKDOOHQJH DQG PHHWLQJ KHDG RQ KHU VRQ V FOLPDFWLF DFWV RI GHILDQFH +DUSD] LQWURVSHFWV DERXW KHU RZQ \RXWK DQG HQWU\ LQWR PLGGOH DJH LQ WKH SURFHVV DFKLHYLQJ KDUG ZRQ ZLVGRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %URRNO\Q 1<

%(7+ - +$53$= LV DQ DZDUG ZLQQLQJ ZULWHU IRU WKH $VVRFLDWHG 3UHVV 6KH LV WKH DXWKRU RI 7KH *LUOV LQ WKH 9DQ DERXW +LOODU\ &OLQWRQ V 6HQDWH FDPSDLJQ DQG )LQGLQJ $QQLH )DUUHOO DQ LQYHVWLJDWLRQ LQWR KHU PRWKHU V WUDXPDWLF FKLOGKRRG DQG PDQLF GHSUHVVLRQ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV ,V 7KH 1HZ +DUSD] %HWK - +& &RPS 7LWOHV , )HHO %DG $ERXW 0\ 1HFN (SKURQ 1RUD 75 , :DV $ 5HDOO\ *RRG 0RP % $VKZRUWK 7ULFLD 73 4XHHQ %HH 0RPV .LQJSLQ :LVHPDQ 5 75 :KHQ :H UH LQ 3XEOLF %RURZLW] 6XVDQ 73 $XJXVWD *RQH 'XGPDQ 0DUWKD 73 *HW 2XW RI 0\ /LIH %XW )LUVW :ROI $QWKRQ\ 73 5DLVLQJ &DLQ .LQGORQ 'DQ 3KG 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ '<67(/ *2'(5,&+ /,7(5$5<$JHQW -$1( '<67(/ ,6%1 ,6%1 ,6%1

140 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ 3XEOLVKHU 9LQWDJH &KURQLFOH 7KUHH 5LYHUV 3UHVV +DFKHWWH +DUSHU &ROOLQV )6* %DOODQWLQH %RRNV

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ

&RQWDJLRXV $ 1RYHO

7KH 1HZ <RUN 7LPHV %HVWVHOOHU

6FRWW 6LJOHU

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

21 6$/(

.H\ 3RLQWV 4XRWHV

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

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

&DQ &DWHJRU\ Â¬)LFWLRQ +LVWRULFDO 7KULOOHUV %,6$&Â¬&DW Â¬)LFWLRQ +RUURU 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ +RUURU VLWH DGYHUWLVLQJ 0DMRU VRFLDO QHWZRUN DGYHUWLVLQJ ( EODVW WR SRS FXOWXUH OLVW &RUSRUDWH VFL IL EORJ SURPRWLRQ 3URPRWLRQ RQ DXWKRU V ZHEVLWH 6FRWW6LJOHU FRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DQ )UDQFLVFR &$

6&277 6,*/(5 LV WKH 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI &RQWDJLRXV DQG ,QIHFWHG +LV QRYHOV DUH EHLQJ SXEOLVKHG LQ D GR]HQ FRXQWULHV DQG ,QIHFWHG LV EHLQJ DGDSWHG IRU ILOP E\ 5DQGRP +RXVH )LOPV 5RJXH 3LFWXUHV &KHFN 6FRWW RXW RQOLQH DW 6FRWW6LJOHU FRP ZKHUH KLV ILFWLRQ SRGFDVWV KDYH GUDZQ D KXJH DQG GHYRWHG IROORZLQJ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 6&277 :$;0$1 $*(1&< ,1&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV &RQWDJLRXV 6LJOHU 6FRWW +& ,QIHFWHG 6LJOHU 6FRWW 75 ,QIHFWHG 6LJOHU 6FRWW +& &RPS 7LWOHV 7KH 5XLQV 6PLWK 6FRWW 75 'HHS 6WRUP &KLOG /LQFROQ 00 :RUOG :DU = %URRNV 0D[ 75 7KH 5XLQV 6PLWK 6FRWW 00 %XOOHWV :HOOLQJWRQ 'DYLG 75

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW %<5' /($9(//

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV &URZQ 3XEOLVKHU 9LQWDJH $QFKRU 0DVV 0DUNHW 7KUHH 5LYHUV 3UHVV 9LQWDJH 0DVV 0DUNHW 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

141 www.CrownPublishing.com

/LYLQJ :HOO %H\RQG %UHDVW &DQFHU

$ 6XUYLYRU V *XLGH IRU :KHQ 7UHDWPHQW (QGV DQG WKH 5HVW RI <RXU /LIH %HJLQV )XOO\ 8SGDWHG QG (GLWLRQ 2ULJLQDOO\ 3XEOLVKHG DV /LYLQJ %H\RQG /LYLQJ :HOO %H\RQG %UHDVW &DQFHU %UHDVW &DQFHU $ 6XUYLYRU V *XLGH IRU :KHQ 7UHDWPHQW (QGV DQG WKH 0DULVD :HLVV 5HVW RI <RXU /LIH %HJLQV

(OOHQ :HLVV

)XOO\ 8SGDWHG QG (GLWLRQ 2ULJLQDOO\ 3XEOLVKHG DV /LYLQJ %H\RQG 7KH IXOO\ UHYLVHG DQG XSGDWHG HGLWLRQ RI /LYLQJ %H\RQG %UHDVW &DQFHU IURP %UHDVW &DQFHU

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ 21 6$/(

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬+HDOWK :RPHQ V

%,6$&Â¬&DW Â¬+HDOWK )LWQHVV :RPHQ V +HDOWK 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬+HDOWK :RPHQ V ,OOXVWUDWLRQV Â¬ ,//8675$7,216 %,6$&Â¬&DW Â¬+HDOWK )LWQHVV :RPHQ V /RDGÂ¬*URXS Â¬ +HDOWK (GLWLRQÂ¬'HVF Â¬5(9,6(' (',7,21 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ ,//8675$7,216 /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬5(9,6(' (',7,21 :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 3URPRWLRQ ZLWK DXWKRU V VLWH EUHDVWFDQFHU RUJ +HDOWK EORJ RXWUHDFK 'RFWRUV RIILFH ZDLWLQJ URRP ILQLVKHG 1DWLRQDO SULQW DWWHQWLRQ FRS\ EX]] PDLOLQJ :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK 3URPRWLRQ WR ZRPHQ V KHDOWK LQWHUHVW 3URPRWLRQ ZLWK DXWKRU V VLWH JURXSV EUHDVWFDQFHU RUJ +HDOWK EORJ RXWUHDFK 'RFWRUV RIILFH ZDLWLQJ URRP ILQLVKHG FRS\ EX]] PDLOLQJ 3URPRWLRQ WR ZRPHQ V KHDOWK LQWHUHVW JURXSV

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

\HDUV DQG PRUH EH\RQG WUHDWPHQW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

$JHQF\ ,17(51$7,21$/ &5($7,9( 0$1$*(0

$JHQW

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV 7UDGH 3DSHU 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH %RRN &OXE <HV VW 6HULDO <HV 7KUHH 5LYHUV 3UHVV &DQ 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ ,17(51$7,21$/ &5($7,9( $JHQW +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 0$1$*(0 /LYLQJ %H\RQG %UHDVW &DQFHU :HLVV 0DULVD 75 7KUHH 5LYHUV 3UHVV &DQ

142

7DNLQJ &DUH 2I <RXU *LUOV :HLVV 0DULVD & 0G 75 2WKHU (GLWLRQV &RPS 7LWOHV ( ERRN 'U 6XVDQ /RYH 6 +RUPRQH %R /RYH 6XVDQ 0 7UDGH 3DSHU 0G 75 +LVW 3UHY 7LWOHV /LYLQJ %H\RQG %UHDVW &DQFHU :HLVV 0DULVD 75 7DNLQJ &DUH 2I <RXU *LUOV :HLVV 0DULVD & 0G 75 &RPS 7LWOHV 'U 6XVDQ /RYH 6 +RUPRQH %R /RYH 6XVDQ 0 0G 75

www.CrownPublishing.com

,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

&DQ 3ULFH &DQ &DQ

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU

3ULFH &DQ &DQ 3ULFH

7KUHH 5LYHUV 3UHVV

&DQ

1R 0DQ V /DQGV

2QH 0DQ V 2G\VVH\ 7KURXJK 7KH 2G\VVH\

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

.H\ 3RLQWV 4XRWHV

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬+LVWRU\ $QFLHQW *UHHFH 6HOI KHOS 0RWLYDWLRQDO 7UDYHO 6SHFLDO ,QWHUHVWV %,6$&Â¬&DW Â¬+LVWRU\ $QFLHQW *UHHFH 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 0$3 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ ZLWK UHYLHZV LQ QHZVSDSHU SDSHUEDFN UHYLHZ FROXPQV %RRN VLWH DGYHUWLVLQJ 7UDYHO EORJJHU RXWUHDFK %RRN VLWH JLYHDZD\ 3URPRWLRQ ZLWK )RGRUV FRP 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV &RRUGLQDWHG SURPRWLRQ ZLWK DFDGHPLF DQG OLEUDU\ PDUNHWLQJ

$ XQLYHUVDO VWRU\ D SHUVRQDO MRXUQH\ +XOHU WRRN D VWRU\ ZH DOO NQRZ DQG XVHG LW DV D WHPSODWH IRU KLV RZQ MRXUQH\ ,W V D VHULRXV OLWHUDU\ ZRUN UHLQWHUSUHWHG IRU PRGHUQ OLIH DQG ZLWK +XOHU V VZHHW DQG IXQQ\ YRLFH WKH VWRU\ LV SHUIHFW IRU ERRN JURXS GLVFXVVLRQV /RWV RI PHGLD DWWHQWLRQ VHWWLQJ XS WKH SDSHUEDFN ,Q DGGLWLRQ WR JORZLQJ UHYLHZV +XOHU KDV DSSHDUHG RQ 135 V 7DON RI WKH 1DWLRQ DQG 7UDYHO ZLWK 5LFN 6WHYHV ;0 V 7KH %RE (GZDUGV 6KRZ DQG KRPHVWDWH 1RUWK &DUROLQD V VWDWHZLGH 3%6 VKRZ %RRNZDWFK SOXV ORWV RI ORFDO KLWV +H LV D IHDWXUHG H[SHUW LQ WKH XSFRPLQJ +LVWRU\ &KDQQHO VHULHV &ODVK RI WKH *RGV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 5DOHLJK 1RUWK &DUROLQD

$XWKRU +RPHWRZQ &OHYHODQG 2KLR

6&277 +8/(5 LV WKH DXWKRU RI 2Q %HLQJ %URZQ $ /LWWOH %LW 6LGHZD\V 2QH :HHN ,QVLGH D 1$6&$5 :LQVWRQ &XS 7HDP DQG 'HILQLQJ WKH :LQG +LV ZRUN LV KHDUG UHJXODUO\ RQ 135 +H OLYHV LQ 5DOHLJK 1RUWK &DUROLQD ZLWK KLV ZLIH ZULWHU -XQH 6SHQFH DQG WKHLU VRQV

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 2QO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 7(66/(5 /,7(5$5< $*(1&< //&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 1R 0DQ V /DQGV +XOHU 6FRWW +& 'HILQLQJ 7KH :LQG +XOHU 6FRWW 75 'HILQLQJ 7KH :LQG +XOHU 6FRWW +& 2Q %HLQJ %URZQ +XOHU 6FRWW 75 &RPS 7LWOHV :DONLQJ WKH %LEOH )HLOHU %UXFH 75 +RZ 3URXVW &DQ &KDQJH <R 'H %RWWRQ $ 75 %OXH /DWLWXGHV +RUZLW] 7RQ\ 75 6DLOLQJ 7KH :LQH 'DUN 6HD &DKLOO 7KRPDV 75

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV &URZQ *UD\ &R 3XEOLVKHU +DUSHU 3HUHQQLDO 9LQWDJH 3LFDGRU $QFKRU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ

143 www.CrownPublishing.com

'RLQJ :KDW 0DWWHUV

+RZ WR *HW 5HVXOWV 7KDW 0DNH D 'LIIHUHQFH 7KH 5HYROXWLRQDU\ 2OG 6FKRRO $SSURDFK

-DPHV 0 .LOWV 'RLQJ :KDW 0DWWHUV 5REHUW /RUEHU +RZ WR *HW 5HVXOWV 7KDW 0DNH D 'LIIHUHQFH 7KH -RKQ ) 0DQIUHGL 5HYROXWLRQDU\ 2OG 6FKRRO $SSURDFK

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ 21 6$/( +LVWRU\ &URZQ %XVLQHVV 7+5(( 5,9(56 35(66 FRQYHUVLRQ 75$'( 3$3(5%$&.

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

.H\ 3RLQWV 4XRWHV

VWXGHQWV QHZ UHFUXLWV DQG ORZHU WR PLG OHYHO PDQDJHUV

+LJKO\ 3UDFWLFDO %DVHG RQ KLV LGHDV DQG H[SHULHQFH .LOWV SURYLGHV D FRPSOHWH V\VWHP .H\ 3RLQWV 4XRWHV

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

&DWHJRU\ Â¬%XVLQHVV (FRQRPLFV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 +LVWRU\ &URZQ %XVLQHVV 3DJH &RXQW 7ULP 6L]H [ FRQYHUVLRQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3URGÂ¬7\SH Â¬&URZQ %XV 75 &RQYHUV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SULQW DWWHQWLRQ /RDGÂ¬*URXS Â¬ %XVLQHVV ZHEVLWH DGYHUWLVLQJ (GLWLRQÂ¬'HVF Â¬&219(56,21 7DUJHWHG VHDUFK DGYHUWLVLQJ 3URGÂ¬7\SH Â¬&URZQ %XV 75 &RQYHUV 6PDOO EXVLQHVV EORJJHU SURPRWLRQ %XVLQHVV VFKRRO PDLOLQJ

0DUNHWLQJ DQG 3XEOLFLW\

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ %XVLQHVV ZHEVLWH DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 6PDOO EXVLQHVV EORJJHU SURPRWLRQ %XVLQHVV VFKRRO PDLOLQJ

FXUUHQW &(2V RI PDQ\ FRPSDQLHV VXFK DV +HUVKH\ .UDIW 0DWWHO &DPSEHOO 6RXS )ULWR /D\ 4XDNHU 2DWV 0DUNV 6SHQFHU <RXQJ 5XELFDP DQG &96 )LUVW SHUVRQ QDUUDWLYH YLYLG VWRULHV 6XFK DV KRZ *LOOHWWH GHVSLWH LWV JUHDW KLVWRU\ PDQ\ VWUHQJWKV DQG JUHDW SURGXFWV KDG HQWHUHG WKH FLUFOH RI GRRP EHFDXVH RI WUDGH $XWKRU 5HVLGHQFH 5\H 1< ORDGLQJ DQG FKDQQHO VWXIILQJ DQG KRZ KH OHG WKHP RXW RI LW DQG UHYHUVHG \HDUV RI SRRU -$0(6 0 .,/76 ZDV XQWLO UHFHQWO\ WKH FKDLUPDQ DQG &(2 RI *LOOHWWH SRVLWLRQV SHUIRUPDQFH

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5HVWULFWLRQ 1R 5HVWULFWLRQV

$JHQF\ 0&%5,'( /,7(5$5<

5LJKWV 506 2WKHU (GLWLRQV 7HUULWRULHV ( ERRN $XGLR $EULGJHG &' %ULWLVK +DUGFRYHU 5HVWULFWLRQ 1R 5HVWULFWLRQV

144

$JHQW 0$5*5(7 0&%5,'(

,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW &URZQ %XVLQHVV VW 6HULDO &DQ %RRN &OXE 5DQGRP +RXVH $XGLR &DQ 7UDQVODWLRQ 6SHFLDO 0DUNHWV &URZQ %XVLQHVV $JHQW 0$5*5(7 &DQ $JHQF\ 0&%5,'( /,7(5$5< ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 0&%5,'(

+LVW 3UHY 7LWOHV 'RLQJ :KDW 0DWWHUV .LOWV -DPHV 0 +& &RPS 7LWOHV 2WKHU (GLWLRQV (YHU\ %XVLQHVV ,V $ *URZWK %XV &KDUDQ 5DP 75 ( ERRN $EULGJHG &' +DUGFRYHU +LVW 3UHY 7LWOHV 'RLQJ :KDW 0DWWHUV .LOWV -DPHV 0 +& &RPS 7LWOHV (YHU\ %XVLQHVV ,V $ *URZWK %XV &KDUDQ 5DP 75

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&URZQ %XVLQHVV 3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ %XVLQHVV 5DQGRP +RXVH $XGLR &URZQ %XVLQHVV 3XEOLVKHU &URZQ %XVLQHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV

&DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ

(DW :HOO )HHO :HOO

0RUH 7KDQ 'HOLFLRXV 6SHFLILF &DUERK\GUDWH 'LHW 70 &RPSOLDQW 5HFLSHV 0HDOV WR KHOS PDQDJH &URKQ V GLVHDVH XOFHUDWLYH FROLWLV FHOLDF GLVHDVH GLYHUWLFXOLWLV ,%6 DQG RWKHU GLJHVWLYH FRQGLWLRQV

.HQGDOO &RQUDG )RUHZRUG E\ (ODLQH *RWWVFKDOO

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&RRNLQJ +HDOWK %,6$&Â¬&DW Â¬&RRNLQJ +HDOWK 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬3RWWHU 75 &RQYHUVLRQ

1RZ DYDLODEOH LQ SDSHUEDFN WKH FRPSDQLRQ FRRNERRN WR WKH PXOWLPLOOLRQ FRS\ EHVWVHOOHU %UHDNLQJ WKH 9LFLRXV &\FOH :LWK PLOOLRQV RI SHRSOH DURXQG WKH JOREH VXIIHULQJ IURP FRPPRQ GLJHVWLYH GLVRUGHUV (DW :HOO )HHO :HOO ILOOV WKH QHHG IRU D FRRNERRN WKDW DSSOLHV WKH UHYROXWLRQDU\ 6&'LHW EXW WKDW GRHV VR LQ D ZD\ WKDW DOORZV VXIIHUHUV DQG WKHLU IDPLOLHV WR HQMR\ KHDOWK\ PHDOV WKDW WDVWH VXSHUE &RYHULQJ WKH EDVLFV RI WKH 6&'LHW HOLPLQDWLQJ DOPRVW DOO FDUERK\GUDWHV IURP WKH PHQX H[FHSW WKRVH IRXQG LQ IUXLWV KRQH\ VSHFLILF YHJHWDEOHV DQG QXWV DQG KRPHPDGH \RJXUW WKLV ERRN VKDUHV VLPSOH DQG VDWLVI\LQJ UHFLSHV WKDW .HQGDOO &RQUDG GHYHORSHG ZKHQ KHU GDXJKWHU VXIIHUHG IURP GLJHVWLYH LVVXHV 7KH ZKROH IDPLO\ ZLOO ORYH VXFK GLVKHV DV )UHVK 6SULQJ 5ROOV ZLWK 6SLF\ &KLOH 'LSSLQJ 6DXFH 6KULPS 6NHZHUV ZLWK 0LQW 3HVWR DQG 3HDQXW %XWWHU 7RIIHHV )HDWXULQJ RYHU UHFLSHV DQG D EHDXWLIXO IXOO FRORU LQVHUW (DW :HOO )HHO :HOO RIIHUV D ZLGH UDQJH RI LQFUHGLEOH GLVKHV EDVHG RQ WKLV WUXO\ OLIH FKDQJLQJ ZD\ RI HDWLQJ DQG PDLQWDLQLQJ D KHDOWK\ OLIHVW\OH

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

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ )RRG DQG KHDOWK EORJ DGYHUWLVLQJ FDPSDLJQ :RPHQ V LQWHUHVW ZHEVLWH RXWUHDFK %ORJJHU RXWUHDFK 3RWWHU 5HFLSH &OXE SURPRWLRQ ( EODVW WR KHDOWK IRRG HQWKXVLDVW OLVW

$ERXW WKH $XWKRU ,OOXVWUDWRU .(1'$// &215$' LV D VHOI WDXJKW FRRN DQG IRUPHU PRGHO ZKR KDV DSSHDUHG ZLWK (ODLQH *RWWVFKDOO WR SURPRWH WKH JOREDO EHVWVHOOHU %UHDNLQJ WKH 9LFLRXV &\FOH DQG KDV VKDUHG WKH H[SHULHQFH RI KHU GDXJKWHU V QHDU PLUDFXORXV UHFRYHU\ RQ WKH 6SHFLILF &DUERK\GUDWH 'LHW

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV (DW :HOO )HHO :HOO &RQUDG .HQGDOO +& &RPS 7LWOHV 1HZ $KD &RRNERRN WK (G $+$ +& 6PDOO &KDQJHV %LJ 5HVXOWV .ULHJHU (OOLH 75 9HJHWDULDQ )DPLO\ &RRNERRN $WODV 1DYD 75 7KH 5DZ $OW &DURO 75 7KH 5HDO )RRG 'DLO\ &RRNERRN *HQWU\ $QQ 75 9HJHWDULDQ 6XSSHUV )URP 'HERUD 0DGLVRQ ' 75 %UHDNLQJ WKH 9LVFLRXV &\FOH (ODLQH *RWWVFKDOO 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU 7KUHH 5LYHUV 3UHVV %URDGZD\ &ODUNVRQ 3RWWHU 7HQ 6SHHG 3UHVV %URDGZD\ .LUNWRQ 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

145 www.CrownPublishing.com

.HLWK DQG 7KH *LUO V 6PDUW $QVZHUV WR <RXU 6WXSLG 5HODWLRQVKLS 4XHVWLRQV 0RGHUQ $GYLFH IRU 0RGHUQ &RXSOHV

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

.H\ 3RLQWV 4XRWHV 21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ FLW\ UDGLR VDWHOOLWH WRXU 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ ( EODVW WR SRS FXOWXUH OLVW %ORJJHU RXWUHDFK DQG JLYHDZD\ %ORJ EDGJH FDPSDLJQ 3URPRWLRQ RQ DXWKRUV SRGFDVW DQG ZHEVLWH DW .HLWK$QG7KH*LUO FRP 3URPRWLRQDO PDWHULDOV DYDLODEOH 6H[ WKHUDSLVW PDLOLQJ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 4XHHQV 1HZ <RUN

.(,7+ 0$//(< DQG &+(0'$ .$+,,/, DND .HLWK DQG 7KH *LUO DUH QRW KHOG EDFN E\ WKH )&& RU DQ\RQH HOVH 7KH\ FUHDWH KLODULRXV WDON VKRZV ILYH GD\V D ZHHN DORQJ ZLWK D RQFH D ZHHN YLGHR SRGFDVW ,Q DGGLWLRQ WR WKH SRGFDVW .HLWK KDV D VXFFHVVIXO FDUHHU DV D VWDQG XS FRPLF DQG &KHPGD LV D VLQJHU VRQJZULWHU ZKR SHUIRUPV UHJXODUO\ LQ 1HZ <RUN NHLWKDQGWKHJLUO FRP

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6&277 :$;0$1 $*(1&< ,1&

2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 7KH 0DQXDO 6DQWDJDWL 6WHYH 75 ,W V &DOOHG $ %UHDNXS %HFDXVH %HKUHQGW *UHJ 75

146 www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW %<5' /($9(//

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV %URDGZD\

3ULFH &DQ 3ULFH &DQ &DQ

,QYLWLQJ *RG WR <RXU :HGGLQJ DQG .HHSLQJ *RG LQ <RXU 0DUULDJH

([HFXWLYH 3URGXFHU RI 7RXFKHG E\ DQ $QJHO

0DUWKD :LOOLDPVRQ ,QYLWLQJ *RG WR <RXU :HGGLQJ DQG .HHSLQJ *RG LQ <RXU 0DUULDJH

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ 21 6$/(

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬5HIHUHQFH :HGGLQJV 5HOLJLRQ 6SLULWXDOLW\ %,6$&Â¬&DW Â¬5HIHUHQFH :HGGLQJV 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬5HIHUHQFH :HGGLQJV 5HOLJLRQ ,OOXVWUDWLRQV Â¬ % : 3+2726 6SLULWXDOLW\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬5HIHUHQFH :HGGLQJV (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : 3+2726 /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

,GHDO DV D SDSHUEDFN 7KLV LV D ERRN WKDW D PRWKHU JLYHV WR KHU GDXJKWHU RU D

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

%RRN &OXE 7UDQVODWLRQ $JHQF\

VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

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

www.CrownPublishing.com

,6%1 2Q VDOH 3XEOLVKHU &ODUNVRQ 3RWWHU :DWHU%URRN 3UHVV

3ULFH &DQ &DQ

%URDGZD\

&DQ

%URDGZD\

&DQ

147

0V 7\SHG

'LVFRYHU <RXU 7UXH 'DWLQJ 3HUVRQDOLW\ DQG 5HZULWH <RXU 5RPDQWLF )XWXUH 'R <RX 6HWWOH IRU %HLQJ " 0V 6HFRQG 3ODFH 0V 6H[ 0DFKLQH 0V 0V 7\SHG

'LVFRYHU <RXU 7UXH 'DWLQJ 3HUVRQDOLW\ DQG 5HZULWH <RXU 'UDPD 4XHHQ 0V %DJ /DG\ 0V ,QGHSHQGHQW 0V 5RVH &RORUHG *ODVVHV 0V 3HUIHFW 5RPDQWLF )XWXUH

0LFKHOOH 5 &DOODKDQ 3K '

'R <RX 6HWWOH IRU %HLQJ " 0V 6HFRQG 3ODFH 0V 6H[ 0DFKLQH 0V 0V 7\SHG LV IRU WKH UHDGHUV ZKR PDGH ERRNV OLNH )LQG D +XVEDQG $IWHU 'UDPD 4XHHQ 0V %DJ /DG\ 0V ,QGHSHQGHQW 0V 5RVH &RORUHG 7KH 0DQXDO DQG 7KH 7UXWK $ERXW &KHDWLQJ EHVWVHOOHUV DV ZHOO DV DQ\RQH *ODVVHV 0V 3HUIHFW ZKR HQMR\V KRZ WR GLVFRYHU \RXU SHUVRQDOLW\ W\SH ERRNV 'U 0LFKHOOH KDV D IUHVK DSSURDFK WR XQGHUVWDQGLQJ ZKDW GULYHV VR PDQ\ 0LFKHOOH 5 &DOODKDQ 3K '

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ 21 6$/(

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬6HOI +HOS 6HOI +HOS 3HUVRQDO *URZWK %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬6HOI +HOS 6HOI +HOS 3HUVRQDO /RDGÂ¬*URXS Â¬ *URZWK (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV :RPHQ V LQWHUHVW EORJJHU RXWUHDFK 3URPRWLRQ RQ DXWKRU V ZHEVLWH 'U0LFKHOOH FRP

0DUNHWLQJ DQG 3XEOLFLW\

1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ :RPHQ V LQWHUHVW EORJJHU RXWUHDFK 3URPRWLRQ RQ DXWKRU V ZHEVLWH 'U0LFKHOOH FRP

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

.H\ 3RLQWV 4XRWHV

PDQ\ PDQ\ PRUH QDWLRQDO WHOHYLVLRQ SURJUDPV 6KH KDV EHHQ IHDWXUHG RU TXRWHG LQ

&RVPRSROLWDQ 6HYHQWHHQ 86 :HHNO\ (ERQ\ DQG 7KH :DVKLQJWRQ 3RVW .H\ 3RLQWV 4XRWHV 7HUULILF FUHGHQWLDOV $ JUDGXDWH RI WKH 1DWLRQDO ,QVWLWXWH RI 0HQWDO +HDOWK 1,0+

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ (1'($925 $*(1&< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5(%(&&$ 2/,9(5

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ (1'($925 $*(1&< //&

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW 5(%(&&$ &DQ 2/,9(5

5LJKWV 506

148

0V 7\SHG &DOODKDQ 0LFKHOOH +& &RPS 7LWOHV 7KH 0DQXDO 6DQWDJDWL 6WHYH 75 2WKHU (GLWLRQV /LHV DW WKH $OWDU 6PLWK 5RELQ / 75 ( ERRN +H V -XVW 1RW 7KDW ,QWR <RX %HKUHQGW *UHJ 75 +LVW 3UHY 7LWOHV )LQG $ +XVEDQG $IWHU *UHHQZDOG 5DFKHO 75 0V 7\SHG &DOODKDQ 0LFKHOOH +& &RPS 7LWOHV 7KH 0DQXDO 6DQWDJDWL 6WHYH 75 /LHV DW WKH $OWDU 6PLWK 5RELQ / 75 +H V -XVW 1RW 7KDW ,QWR <RX %HKUHQGW *UHJ 75 )LQG $ +XVEDQG $IWHU *UHHQZDOG 5DFKHO 75

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&URZQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +\SHULRQ &URZQ 6LPRQ 6FKXVWHU 3XEOLVKHU %DOODQWLQH %RRNV &URZQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV +\SHULRQ 6LPRQ 6FKXVWHU %DOODQWLQH %RRNV

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

1R $QJHO

0\ +DUURZLQJ 8QGHUFRYHU -RXUQH\ WR WKH ,QQHU &LUFOH RI WKH +HOOV $QJHOV

1R $QJHO 7KH 1HZ <RUN 7LPHV %HVWVHOOHU

0\ +DUURZLQJ 8QGHUFRYHU -RXUQH\ WR WKH ,QQHU &LUFOH RI -D\ 'RE\QV WKH +HOOV $QJHOV 1LOV -RKQVRQ 6KHOWRQ 7KH 1HZ <RUN 7LPHV %HVWVHOOHU )HGHUDO DJHQW -D\ 'RE\QV V 1HZ <RUN 7LPHV EHVWVHOOLQJ DFFRXQW RI

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬7UXH &ULPH %,6$&Â¬&DW Â¬7UXH &ULPH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬758(&5,0( 758( /,)( &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 &DWHJRU\ Â¬7UXH &ULPH /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬7UXH &ULPH *HQHUDO (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬758(&5,0( 758( /,)( 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( &2/25 ,16(57 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV FLW\ UDGLR VDWHOOLWH WRXU /DZ HQIRUFHPHQW LQWHUHVW EORJ DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ ( EODVW WR SRS FXOWXUH OLVW 1DWLRQDO SULQW DWWHQWLRQ %LNHU EORJ RXWUHDFK FLW\ UDGLR VDWHOOLWH WRXU 3URPRWLRQ RQ DXWKRU V ZHEVLWH /DZ HQIRUFHPHQW LQWHUHVW EORJ -D\'RE\QV FRP DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ ( EODVW WR SRS FXOWXUH OLVW %LNHU EORJ RXWUHDFK 3URPRWLRQ RQ DXWKRU V ZHEVLWH -D\'RE\QV FRP

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

*UHDW SDSHUEDFN FDWHJRU\ %RRNV OLNH +HOO V $QJHOV 8QGHU DQG $ORQH 6HH 1R (YLO

DQG 6KDGRZ 'LYHUV VKRZ WKDW KLJK DGUHQDOLQH QDUUDWLYH QRQILFWLRQ LQ JHQHUDO DQG ERRNV .H\ 3RLQWV 4XRWHV

DERXW ELNHUV LQ SDUWLFXODU GR IDQWDVWLF WUDGH SDSHU EXVLQHVV $FWLRQ SDFNHG 'RE\QV GHVFULEHV EHLQJ VKRW LQ WKH FKHVW DV D URRNLH DJHQW DQG WKHQ 6XFFHVVIXO KDUGFRYHU 7KH KDUGFRYHU VSHQW QLQH ZHHNV RQ WKH 1HZ <RUN 7LPHV ODWHU EDUWHULQJ IRU PDFKLQH JXQV PRWRULQJ GRZQ WKH KLJKZD\ DW VSHHGV ZHOO RYHU EHVWVHOOHU OLVW )LOP ULJKWV KDYH EHHQ VROG WR )R[ ZLWK 7RQ\ 6FRWW DWWDFKHG WR GLUHFW PSK DV SDUW RI D ELNHU SRVVH DQG EHLQJ RQ WKH VFHQH WKH QLJKW WKH $QJHOV EDWWOHG WKH *UHDW SDSHUEDFN FDWHJRU\ %RRNV OLNH +HOO V $QJHOV 8QGHU DQG $ORQH 6HH 1R (YLO 0RQJROV LQ /DXJKOLQ 1HYDGD 7RZDUG WKH VWRU\ V HQG KLV OLIH LV RQ WKH OLQH ZKHQ GRXEWV DQG 6KDGRZ 'LYHUV VKRZ WKDW KLJK DGUHQDOLQH QDUUDWLYH QRQILFWLRQ LQ JHQHUDO DQG ERRNV VXUIDFH DPRQJ WKH ELNHUV WKDW KH LV WHOOLQJ WKH WUXWK DERXW ELNHUV LQ SDUWLFXODU GR IDQWDVWLF WUDGH SDSHU EXVLQHVV (VFDODWLQJ VXVSHQVH 0RUH ULYHWLQJ WKDQ WKH GUDPD RI 'RE\QV V WU\LQJ WR JHW RYHU RQ $FWLRQ SDFNHG 'RE\QV GHVFULEHV EHLQJ VKRW LQ WKH FKHVW DV D URRNLH DJHQW DQG WKHQ WKH $QJHOV EUDVV LV KLV ILJKW WR UHPDLQ FORVH WR KLV ZLIH DQG WZR \RXQJ FKLOGUHQ ZKR VHH ODWHU EDUWHULQJ IRU PDFKLQH JXQV PRWRULQJ GRZQ WKH KLJKZD\ DW VSHHGV ZHOO RYHU KLP WXUQLQJ LQWR VRPHRQH WKH\ GRQ W UHFRJQL]H $V WKH PRQWKV ZHDU RQ 'RE\QV EHJLQV PSK DV SDUW RI D ELNHU SRVVH DQG EHLQJ RQ WKH VFHQH WKH QLJKW WKH $QJHOV EDWWOHG WKH WR UHDOL]H KH LV ORVLQJ KLV VRXO :LOO -D\ ORVH KLPVHOI XWWHUO\ EHIRUH REWDLQLQJ WKH SDWFK 0RQJROV LQ /DXJKOLQ 1HYDGD 7RZDUG WKH VWRU\ V HQG KLV OLIH LV RQ WKH OLQH ZKHQ GRXEWV WKDW GHVLJQDWHV KLP D IXOO IOHGJHG $QJHO" VXUIDFH DPRQJ WKH ELNHUV WKDW KH LV WHOOLQJ WKH WUXWK (VFDODWLQJ VXVSHQVH 0RUH ULYHWLQJ WKDQ WKH GUDPD RI 'RE\QV V WU\LQJ WR JHW RYHU RQ WKH $QJHOV EUDVV LV KLV ILJKW WR UHPDLQ FORVH WR KLV ZLIH DQG WZR \RXQJ FKLOGUHQ ZKR VHH KLP WXUQLQJ LQWR VRPHRQH WKH\ GRQ W UHFRJQL]H $V WKH PRQWKV ZHDU RQ 'RE\QV EHJLQV WR UHDOL]H KH LV ORVLQJ KLV VRXO :LOO -D\ ORVH KLPVHOI XWWHUO\ EHIRUH REWDLQLQJ WKH SDWFK $XWKRU 5HVLGHQFH $UL]RQD WKDW GHVLJQDWHV KLP D IXOO IOHGJHG $QJHO" -$< '2%<16 KDV ZRUNHG IRU WKH %XUHDX RI $OFRKRO 7REDFFR DQG )LUHDUPV $7)

$ERXW WKH $XWKRU ,OOXVWUDWRU

IRU RYHU \HDUV DV D KLJKO\ GHFRUDWHG DJHQW 7KH FDVH UHFRXQWHG LQ 1R $QJHO HDUQHG KLP WKH $7) 0HGDO RI 9DORU DQG D 7RS &RSV DZDUG IURP WKH 1DWLRQDO $VVRFLDWLRQ RI 3ROLFH 2IILFHUV DPRQJ RWKHU DZDUGV %HIRUH MRLQLQJ $7) 'RE\QV $XWKRU 5HVLGHQFH $UL]RQD ZDV D VWDU ZLGH UHFHLYHU DW $UL]RQD 6WDWH ZKHUH KH ZDV QDPHG WR WKH VFKRRO V -$< '2%<16 KDV ZRUNHG IRU WKH %XUHDX RI $OFRKRO 7REDFFR DQG )LUHDUPV $7)

DOO FHQWXU\ IRRWEDOO WHDP 1,/6 -2+1621 6+(/721 LV D IRUPHU DGYHUWLVLQJ IRU RYHU \HDUV DV D KLJKO\ GHFRUDWHG DJHQW 7KH FDVH UHFRXQWHG LQ 1R $QJHO YLGHR DQG ILOP HGLWRU HDUQHG KLP WKH $7) 0HGDO RI 9DORU DQG D 7RS &RSV DZDUG IURP WKH 1DWLRQDO $VVRFLDWLRQ RI 3ROLFH 2IILFHUV DPRQJ RWKHU DZDUGV %HIRUH MRLQLQJ $7) 'RE\QV ZDV D VWDU ZLGH UHFHLYHU DW $UL]RQD 6WDWH ZKHUH KH ZDV QDPHG WR WKH VFKRRO V DOO FHQWXU\ IRRWEDOO WHDP 1,/6 -2+1621 6+(/721 LV D IRUPHU DGYHUWLVLQJ YLGHR DQG ILOP HGLWRU

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ ,1.:(// 0$1$*(0(17 //&

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 2WKHU (GLWLRQV ( ERRN $XGLR <HV %ULWLVK 1R &RPS 7LWOHV 1R $QJHO 'RE\QV -D\ +& 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

,6%1 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 2Q VDOH 3XEOLVKHU &URZQ %RRN &OXE <HV 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU &URZQ $JHQF\ ,1.:(// 0$1$*(0(17 //& %DOODQWLQH %RRNV )DZFHWW ,6%1 2Q VDOH 3XEOLVKHU 5DQGRP +RXVH 7UDGH &URZQ 3DSHUEDFNV ,6%1 3XEOLVKHU 2Q VDOH %DOODQWLQH %RRNV &URZQ 7KUHH 5LYHUV 3UHVV %DOODQWLQH %RRNV +DUSHU )DZFHWW %DOODQWLQH %RRNV 5DQGRP +RXVH 7UDGH 3DSHUEDFNV %DOODQWLQH %RRNV 7KUHH 5LYHUV 3UHVV +DUSHU %DOODQWLQH %RRNV

5LJKWV 506

8QGHU $QG $ORQH 4XHHQ :LOOLDP 75 8QGHU $QG $ORQH 4XHHQ :LOOLDP 00 2WKHU (GLWLRQV 6KDGRZ 'LYHUV .XUVRQ 5REHUW 75 ( ERRN &RPS 7LWOHV 6KDGRZ 'LYHUV .XUVRQ 5REHUW 00 1R $QJHO 'RE\QV -D\ +& 6HH 1R (YLO %DHU 5REHUW 75 8QGHU $QG $ORQH 4XHHQ :LOOLDP 75 +HOO V $QJHO %DUJHU 6RQQ\ 73 8QGHU $QG $ORQH 4XHHQ :LOOLDP 00 +HOO 6 $QJHOV 7KRPSVRQ +XQWHU 6 75 6KDGRZ 'LYHUV .XUVRQ 5REHUW 75 6KDGRZ 'LYHUV .XUVRQ 5REHUW 00 6HH 1R (YLO %DHU 5REHUW 75 +HOO V $QJHO %DUJHU 6RQQ\ 73 +HOO 6 $QJHOV 7KRPSVRQ +XQWHU 6 75

www.CrownPublishing.com

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW 5HSULQW <HV 3ULFH &DQ VW 6HULDO 1R 6SHFLDO 0DUNHWV 3ULFH $JHQW &DQ

&DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

149

:K\ +H 'LGQ W &DOO <RX %DFN

*X\V 5HYHDO :KDW 7KH\ 5HDOO\ 7KRXJKW $ERXW <RX $IWHU <RXU 'DWH

:K\ +H 'LGQ W &DOO <RX %DFN 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU

*X\V 5HYHDO :KDW 7KH\ 5HDOO\ 7KRXJKW $ERXW 5DFKHO *UHHQZDOG <RX $IWHU <RXU 'DWH

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬6HOI +HOS %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬6HOI +HOS (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 'DWLQJ VLWH DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URPRWLRQ RQ DXWKRU V ZHEVLWH :K\+H'LGQ W&DOO<RX%DFN FRP ( FDUG IRU DXWKRU FRQWDFWV 1DWLRQDO SULQW DWWHQWLRQ 6H[ WKHUDSLVW SRVWFDUG PDLOLQJ 'DWLQJ VLWH DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 3URPRWLRQ RQ DXWKRU V ZHEVLWH :K\+H'LGQ W&DOO<RX%DFN FRP ( FDUG IRU DXWKRU FRQWDFWV 6H[ WKHUDSLVW SRVWFDUG PDLOLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

5$&+(/ *5((1:$/' LV D SURIHVVLRQDO GDWLQJ FRDFK PDWFKPDNHU DQG WKH LQWHUQDWLRQDO EHVWVHOOLQJ DXWKRU RI )LQG D +XVEDQG $IWHU 8VLQJ :KDW , /HDUQHG DW +DUYDUG %XVLQHVV 6FKRRO 6KH OLYHV LQ 'HQYHU &RORUDGR ZLWK KHU KXVEDQG DQG WKUHH FKLOGUHQ 3OHDVH YLVLW KHU ZHEVLWH ZZZ :K\+H'LGQW&DOO<RX%DFN FRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 'HQYHU &2

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ 1R 5HVWULFWLRQV +LVW 3UHY 7LWOHV

150

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ ,17(51$7,21$/ &5($7,9( 0$1$*(0 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV &URZQ $JHQF\ ,17(51$7,21$/ &5($7,9( ,6%1 2Q VDOH 3XEOLVKHU 0$1$*(0

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www.CrownPublishing.com ,I , P 6R :RQGHUIXO :K\ $P , 3DJH 6XVDQ 75

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $1'< %$5=9, 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW $1'< %$5=9, 3ULFH

&URZQ

&DQ

,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

%DOODQWLQH %RRNV 3XEOLVKHU &URZQ %DOODQWLQH %RRNV 3XEOLVKHU 3XEOLVKHU &URZQ 7KUHH 5LYHUV 3UHVV %URDGZD\ %DOODQWLQH %RRNV 6LPRQ 6FKXVWHU %DOODQWLQH %RRNV 7KUHH 5LYHUV 3UHVV

&DQ 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

,6%1 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV %URDGZD\ 6LPRQ 6FKXVWHU 7KUHH 5LYHUV 3UHVV

3ULFH &DQ &DQ &DQ

:KDW WKH *UHDW $WH 0DWWKHZ -DFRE 0DUN -DFRE

:KDW WKH *UHDW $WH

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ

21 6$/(

7+5(( 5,9(56 35(66 &DWHJRU\ Â¬+LVWRU\ 5HIHUHQFH 7ULYLD 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬+LVWRU\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DQ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 &DWHJRU\ Â¬+LVWRU\ 5HIHUHQFH 7ULYLD %,6$&Â¬&DW Â¬+LVWRU\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+,6725< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW 1DWLRQDO SULQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO UDGLR FDPSDLJQ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 )RRG EORJJHU DGYHUWLVLQJ 7DUJHWHG VHDUFK IRU KLVWRU\ NH\ZRUGV 3RWWHU 5HFLSH &OXE SURPRWLRQ 3URPRWLRQ DQG JLYHDZD\V RQ WKH DXWKRU V EORJ )RRGSKRULD EORJVSRW FRP 1DWLRQDO SULQW 9LUDO RQOLQH TXL] 1DWLRQDO SULQW DWWHQWLRQ 1DWLRQDO UDGLR FDPSDLJQ )RRG EORJJHU DGYHUWLVLQJ 7DUJHWHG VHDUFK IRU KLVWRU\ NH\ZRUGV 3RWWHU 5HFLSH &OXE SURPRWLRQ 3URPRWLRQ DQG JLYHDZD\V RQ WKH DXWKRU V EORJ )RRGSKRULD EORJVSRW FRP 9LUDO RQOLQH TXL]

0DUNHWLQJ DQG 3XEOLFLW\

)RU DQ\RQH ZKR LV D SDUW RI WKH EXUJHRQLQJ IRRGLH FUD]H DQG IRU DOO WKRVH ORYHUV RI WULIOHV DQG WULYLD FRPHV :KDW WKH *UHDW $WH D IXQ DQG LPSUHVVLYHO\ UHVHDUFKHG SRS KLVWRU\ DQG VDPSOLQJ RI WKH SHFXOLDU FXOLQDU\ KDELWV RI WKH 0DWWKHZ -DFRE IDPRXV DQG RIWHQ QRWRULRXV ILJXUHV LQ KLVWRU\ 7KHVH GHOLFLRXV ELWH VL]HG WLGELWV ZLOO VDWLDWH UHDGHUV DSSHWLWHV IRU ERWK IRRG IDFWV DQG JRVVLS 0DUN -DFRE :KDW WKH *UHDW $WH LV IXOO RI VFUXPSWLRXVO\ VWUDQJH DQHFGRWHV DERXW KRZ IRRG KDV LQIOXHQFHG WKH PRVW DFFRPSOLVKHG KXPDQ EHLQJV LQ KLVWRU\ 7KH FDVW RI )RU DQ\RQH ZKR LV D SDUW RI WKH EXUJHRQLQJ IRRGLH FUD]H DQG IRU DOO WKRVH FKDUDFWHUV LQFOXGHV ORYHUV RI WULIOHV DQG WULYLD FRPHV :KDW WKH *UHDW $WH D IXQ DQG LPSUHVVLYHO\ 3UHVLGHQW *HRUJH + : %XVK ZKR EDQQHG EURFFROL IURP WKH :KLWH +RXVH UHVHDUFKHG SRS KLVWRU\ DQG VDPSOLQJ RI WKH SHFXOLDU FXOLQDU\ KDELWV RI WKH $OLFH % 7RNODV *HUWUXGH 6WHLQ V ORYHU ZKR SXEOLVKHG D UHFLSH IRU KDVKLVK IXGJH IDPRXV DQG RIWHQ QRWRULRXV ILJXUHV LQ KLVWRU\ 7KHVH GHOLFLRXV ELWH VL]HG $QJHOLQD -ROLH ZKR FRXQWV URDFKHV DQG FULFNHWV DPRQJVW KHU IDYRULWH IRRGV WLGELWV ZLOO VDWLDWH UHDGHUV DSSHWLWHV IRU ERWK IRRG IDFWV DQG JRVVLS (OYLV 3UHVOH\ ZKRVH GDLO\ FDORULH LQWDNH H[FHHGHG WKDW RI \RXU DYHUDJH $VLDQ :KDW WKH *UHDW $WH LV IXOO RI VFUXPSWLRXVO\ VWUDQJH DQHFGRWHV DERXW KRZ IRRG HOHSKDQW KDV LQIOXHQFHG WKH PRVW DFFRPSOLVKHG KXPDQ EHLQJV LQ KLVWRU\ 7KH FDVW RI /RUG %\URQ ZKR FRQVXPHG YLQHJDU GDLO\ DV KH WKRXJKW LW ZRXOG KHOS KLP ORVH FKDUDFWHUV LQFOXGHV ZHLJKW 3UHVLGHQW *HRUJH + : %XVK ZKR EDQQHG EURFFROL IURP WKH :KLWH +RXVH $OLFH % 7RNODV *HUWUXGH 6WHLQ V ORYHU ZKR SXEOLVKHG D UHFLSH IRU KDVKLVK IXGJH

.H\ 3RLQWV 4XRWHV $QJHOLQD -ROLH ZKR FRXQWV URDFKHV DQG FULFNHWV DPRQJVW KHU IDYRULWH IRRGV

(OYLV 3UHVOH\ ZKRVH GDLO\ FDORULH LQWDNH H[FHHGHG WKDW RI \RXU DYHUDJH $VLDQ $Q LQWHOOLJHQW KLVWRULFDO SHUVSHFWLYH +LVWRULFDO UHIHUHQFH ERRNV OLNH 7HQ 'D\V 7KDW HOHSKDQW 8QH[SHFWHGO\ &KDQJHG $PHULFD GR ZHOO IRU 7KUHH 5LYHUV 3UHVV DQG WKLV ERRN ILWV WKH /RUG %\URQ ZKR FRQVXPHG YLQHJDU GDLO\ DV KH WKRXJKW LW ZRXOG KHOS KLP ORVH PROG 0RUH WKDQ MXVW D FROOHFWLRQ RI FXULRVLWLHV WKLV ERRN LV D ZHOO UHVHDUFKHG DQG ZHLJKW

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

/RV $QJHOHV 7LPHV 86$ 7RGD\ %RVWRQ *OREH 6DQ )UDQFLVFR &KURQLFOH 'HWURLW )UHH 3UHVV DQG $OWHUQHW RUJ 9LVLW KLV SRSXODU IRRG EORJ DW )RRGSKRULD EORJVSRW FRP 0$5. -$&2% GHSXW\ PHWUR HGLWRU DW WKH &KLFDJR 7ULEXQH ZDV SDUW RI WKH WHDP WKDW ZRQ WKH 3XOLW]HU 3UL]H IRU H[SODQDWRU\ $XWKRU 5HVLGHQFH :DVKLQJWRQ '& MRXUQDOLVP +H LV WKH DXWKRU RI WKH QHZVSDSHU V SRSXODU 7KLQJV <RX 0LJKW 1RW 0$77+(: -$&2% LV D VHQLRU DVVRFLDWH GLUHFWRU IRU WKH $PHULFDQ )HGHUDWLRQ RI .QRZ IHDWXUH 0DUN LV WKH FR DXWKRU RI WKUHH ERRNV 7KH *DPH 7KDW :DV 7KH 7HDFKHUV LQ :DVKLQJWRQ ' & +LV RSLQLRQ FROXPQV KDYH EHHQ SXEOLVKHG E\ WKH *HRUJH %UDFH %DVHEDOO 3KRWR &ROOHFWLRQ :ULJOH\ )LHOG $ &HOHEUDWLRQ RI /RV $QJHOHV 7LPHV 86$ 7RGD\ %RVWRQ *OREH 6DQ )UDQFLVFR &KURQLFOH 'HWURLW WKH )ULHQGO\ &RQILQHV DQG &KLFDJR 8QGHU *ODVV (DUO\ 3KRWRJUDSKV IURP )UHH 3UHVV DQG $OWHUQHW RUJ 9LVLW KLV SRSXODU IRRG EORJ DW WKH &KLFDJR 'DLO\ 1HZV )RRGSKRULD EORJVSRW FRP 0$5. -$&2% GHSXW\ PHWUR HGLWRU DW WKH &KLFDJR 7ULEXQH ZDV SDUW RI WKH WHDP WKDW ZRQ WKH 3XOLW]HU 3UL]H IRU H[SODQDWRU\ MRXUQDOLVP +H LV WKH DXWKRU RI WKH QHZVSDSHU V SRSXODU 7KLQJV <RX 0LJKW 1RW 5LJKWV 506 .QRZ IHDWXUH 0DUN LV WKH FR DXWKRU RI WKUHH ERRNV 7KH *DPH 7KDW :DV 7KH 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV *HRUJH %UDFH %DVHEDOO 3KRWR &ROOHFWLRQ :ULJOH\ )LHOG $ &HOHEUDWLRQ RI $XGLR <HV %RRN &OXE <HV VW 6HULDO <HV WKH )ULHQGO\ &RQILQHV DQG &KLFDJR 8QGHU *ODVV (DUO\ 3KRWRJUDSKV IURP %ULWLVK <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV WKH &KLFDJR 'DLO\ 1HZV 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ ),1( 35,17 /,7(5$5< $JHQW

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 2WKHU (GLWLRQV

7HUULWRULHV :RUOG ( ERRN $XGLR <HV &RPS 7LWOHV %ULWLVK <HV 'D\V 8QH[SHFWHGO\ &KDQ *LOORQ 6WHYHQ 5HVWULFWLRQ 1R 5HVWULFWLRQV 7KH %LJ 2\VWHU .XUODQVN\ 0DUN 75

0$1$*(0(17 ,6%1

2Q VDOH 3XEOLVKHU

3ULFH

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7KUHH 5LYHUV 3UHVV5HSULQW <HV &DQ %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 7KUHH 5LYHUV 3UHVV6SHFLDO 0DUNHWV $JHQF\ ),1( 35,17 /,7(5$5< $JHQW 5+ 7UDGH &DQ 7KUHH 5LYHUV 3UHVV &DQ 0$1$*(0(17

)RRG ,Q +LVWRU\ 7DQQDKLOO 5HD\ 75 :KR &RRNHG 7KH /DVW 6XSSHU" 0LOHV 5RVDOLQG 75

2WKHU (GLWLRQV ,6%1 ( ERRN &RPS 7LWOHV ,6%1 'D\V 8QH[SHFWHGO\ &KDQ *LOORQ 6WHYHQ 7KH %LJ 2\VWHU .XUODQVN\ 0DUN 75 www.CrownPublishing.com )RRG ,Q +LVWRU\ 7DQQDKLOO 5HD\ 75 :KR &RRNHG 7KH /DVW 6XSSHU" 0LOHV 5RVDOLQG 75

7KUHH 5LYHUV 3UHVV

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 5+ 7UDGH 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ

151

$ %RRN RI $JHV

$Q (FFHQWULF 0LVFHOODQ\ RI *UHDW DQG 2IIEHDW 0RPHQWV LQ WKH /LYHV RI WKH )DPRXV DQG ,QIDPRXV $JHV WR

$ %RRN RI $JHV (ULF +DQVRQ

$Q (FFHQWULF 0LVFHOODQ\ RI *UHDW DQG 2IIEHDW 0RPHQWV 7KLV ZLWW\ FROOHFWLRQ VKDUHV \HDU E\ \HDU IURP LQIDQF\ WR WKH IDFWV DQG LQ WKH /LYHV RI WKH )DPRXV DQG ,QIDPRXV $JHV WR

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬5HIHUHQFH +XPRU %,6$&Â¬&DW Â¬5HIHUHQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬5HIHUHQFH +XPRU (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬5HIHUHQFH *HQHUDO 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬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

.H\ 3RLQWV 4XRWHV

$ ORQJ OLIH LQ SDSHUEDFN 7KH HQWULHV LQ $ %RRN RI $JHV ZLOO QHYHU JR RXW RI GDWH

6WUXFWXUHG LQ D \HDU E\ \HDU IRUPDW WKLV LGHDO ELUWKGD\ JLIW RIIHUV VRPHWKLQJ IRU .H\ 3RLQWV 4XRWHV

0DUNHWLQJ DQG 3XEOLFLW\

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

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU $ ZLWW\ FRPSLODWLRQ RI IXQ IDFWV 6DQ )UDQFLVFR ([DPLQHU $XWKRU 5HVLGHQFH 01

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV ( ERRN %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 0$5/< 5862)) $662&,$7(6 ,1& 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU +DUPRQ\ 7UDQVODWLRQ 1R $JHQF\ 0$5/< 5862)) ,6%1 2Q VDOH 3XEOLVKHU +DUPRQ\ $662&,$7(6 ,1&

%RRN 2I $JHV $ +DQVRQ (ULF +& &RPS 7LWOHV :K\ 'R 0HQ +DYH 1LSSOHV" /H\QHU 0DUN 75 2WKHU (GLWLRQV :K\ 'R 0HQ )DOO $VOHHS $IWHU 6 /H\QHU 0DUN 75 ( ERRN /HW 6 3OD\ 'RFWRU /H\QHU 0DUN 75 +LVW 3UHY 7LWOHV %RRN 2I $JHV $ +DQVRQ (ULF +& &RPS 7LWOHV :K\ 'R 0HQ +DYH 1LSSOHV" /H\QHU 0DUN 75 :K\ 'R 0HQ )DOO $VOHHS $IWHU 6 /H\QHU 0DUN 75 /HW 6 3OD\ 'RFWRU /H\QHU 0DUN 75

,6%1 ,6%1 ,6%1 ,6%1

152 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 0$5/< 5862)) 5HSULQW <HV VW 6HULDO <HV 3ULFH &DQ 6SHFLDO 0DUNHWV $JHQW 0$5/< 3ULFH &DQ 5862))

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +DUPRQ\ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ

0RQH\ 0DQDJHPHQW IRU WKH ,QGHSHQGHQW :RUNIRUFH )HHG WKH 0RQNH\ $ 3HUVRQDO )LQDQFH 6\VWHP IRU 6HOI (PSOR\HG DQG )UHHODQFH :RUNHUV

7ZR )UHHODQFHUV 6KDUH 7KHLU 6WUDWHJ\ IRU 3D\LQJ <RXUVHOI )LUVW

-RVHSK ' $JQHVH 'HQLVH .LHUQDQ

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

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

&DQ &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 3(5621$/ ),1$1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 7LH LQ ZLWK DXWKRUV OHFWXUH VFKHGXOH $GYHUWLVLQJ RQ IUHHODQFH LQWHUHVW ZHEVLWHV 7DUJHWHG VHDUFK DGYHUWLVLQJ ( FDUG IRU DXWKRU FRQWDFWV 3URPRWLRQ RQ DXWKRUV ZHEVLWH )UHHODQFH )LQDQFH FRP 2XWUHDFK DQG JLYHDZD\V WR IUHHODQFH ZHEVLWHV 3URPRWLRQDO PDWHULDOV DYDLODEOH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $VKHYLOOH 1&

$XWKRU +RPHWRZQ YLVLW ZZZ IHHG WKH PRQNH\ FRP

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

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ )281'5< 0(',$ //&

2WKHU (GLWLRQV ,6%1 ( ERRN +LVW 3UHY 7LWOHV ,6%1 ,QGLDQD -RQHV +DQGERRN ' $JQHVH DQG .LHUQDQ +& ' $JQHVH DQG .LHUQDQ 75 6FLHQFH &KHPLVWU\ ' $JQHVH DQG .LHUQDQ 75 1HZPDQ V 2ZQ 2UJDQLFV *XLGH 1HZPDQ 1HOO 75 &RPS 7LWOHV ,6%1 $PHULFD V &KHDSHVW )DPLO\ (FRQRPLGHV 6WHYH 75 *HW $ )UHHODQFH /LIH 5DJODQG 0DUJLW )HXU\ 75 <RXQJ (QWUHSUHQHXU V *XLGH 0DULRWWL 6WHYH 75

2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW <)$7 5(,66 *(1'(//

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU &KURQLFOH 4XLUN &KURQLFOH 4XLUN &ROOLQV 9LOODUG %RRNV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ

153 www.CrownPublishing.com

$ )DYRULWH RI WKH 4XHHQ

7KH 6WRU\ RI /RUG 5REHUW 'XGOH\ DQG (OL]DEHWK , $ 1RYHO RI WKH 7XGRUV

-HDQ 3ODLG\ $ )DYRULWH RI WKH 4XHHQ

7KH 6WRU\ RI /RUG 5REHUW 'XGOH\ DQG (OL]DEHWK ,

7KH LQLPLWDEOH -HDQ 3ODLG\ ILQLVKHV KHU 1RYHOV RI WKH 7XGRUV VHULHV E\ WDNLQJ XV LQWR WKH OLIH RI (OL]DEHWK , WHOOLQJ WKH VWRU\ RI WKH ORYH DIIDLU $ 1RYHO RI WKH 7XGRUV EHWZHHQ (OL]DEHWK , DQG 5REHUW 'XGOH\ DQG WKH FKRLFH WKH 4XHHQ KDG WR PDNH EHWZHHQ ORYH DQG GXW\ WR KHU FRXQWU\ -HDQ 3ODLG\

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( +LVWRU\ $ SDSHUEDFN UHLVVXH 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DWHJRU\ Â¬)LFWLRQ +LVWRULFDO %,6$&Â¬&DW Â¬)LFWLRQ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ +LVWRU\ $ SDSHUEDFN UHLVVXH &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ +LVWRULFDO (GLWLRQÂ¬'HVF Â¬5(,668( %,6$&Â¬&DW Â¬)LFWLRQ +LVWRULFDO 6HULHV Â¬$ 1RYHO RI WKH 7XGRUV 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 6HULHVÂ¬ 6XEVHULHV Â¬127 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬5(,668( 6HULHV Â¬$ 1RYHO RI WKH 7XGRUV 1DWLRQDO SULQW DWWHQWLRQ 6HULHVÂ¬ 6XEVHULHV Â¬127 +LVWRULFDO ILFWLRQ EORJJHU RXWUHDFK 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 -HDQ 3ODLG\ OLEUDU\ EORJ FRQWHVW %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW KLVWRULFDO ILFWLRQ 1DWLRQDO SULQW DWWHQWLRQ FRQIHUHQFH +LVWRULFDO ILFWLRQ EORJJHU RXWUHDFK -HDQ 3ODLG\ OLEUDU\ EORJ FRQWHVW %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW KLVWRULFDO ILFWLRQ FRQIHUHQFH

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

7KH ILQDO 7XGRU ERRNV QRZ UHLVVXHG $V RI 6SULQJ DOO RI -HDQ 3ODLG\ V 1RYHOV RI

WKH 7XGRUV ZLOO EH UHLVVXHG $ )DYRULWH RI WKH 4XHHQ DQG )RU $ 4XHHQ V /RYH ZLOO EH .H\ 3RLQWV 4XRWHV UHOHDVHG RQ WKH VDPH GD\ VR UHDGHUV ZKR YH UHDG WKH ILUVW VHYHQ ERRNV ZLOO EH HDJHUO\

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

3UDLVH IRU -HDQ 3ODLG\

, ILUVW PHW WKH SUROLILF DQG ZRQGHUIXO DQG P\VWHULRXV (OHDQRU +LEEHUW DV 9LFWRULD +ROW , $ERXW WKH $XWKRU ,OOXVWUDWRU FDQ VWLOO UHPHPEHU UHDGLQJ 0LVWUHVV RI 0HOO\Q DQG WKULOOLQJ RYHU LWV SORW DQG FKDUDFWHUV

$XWKRU 5HVLGHQFH GHFHDVHG $V -HDQ 3ODLG\ VKH PDGH KXQGUHGV RI JLUOV ORYH KLVWRULFDO ILFWLRQ :KDW D ZULWHU -($1 3/$,'< LV WKH SHQ QDPH RI WKH SUROLILF (QJOLVK DXWKRU (OHDQRU +LEEHUW DOVR .DUOHHQ .RHQ 1HZ <RUN 7LPHV EHVWVHOOLQJ DXWKRU RI 'DUN $QJHOV

NQRZQ DV 9LFWRULD +ROW 0RUH WKDQ PLOOLRQ FRSLHV RI KHU ERRNV KDYH VROG ZRUOGZLGH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH GHFHDVHG

5LJKWV 506 -($1 3/$,'< LV WKH SHQ QDPH RI WKH SUROLILF (QJOLVK DXWKRU (OHDQRU +LEEHUW DOVR NQRZQ DV 9LFWRULD +ROW 0RUH WKDQ PLOOLRQ FRSLHV RI KHU ERRNV KDYH VROG 7HUULWRULHV 86 DQG RSHQ PDUNHW QR 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW &DQDGD

ZRUOGZLGH

$XGLR %ULWLVK 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\

%RRN &OXE <HV 7UDQVODWLRQ $JHQF\ 0&,1726+ 27,6 ,1&

7HUULWRULHV 86 DQG RSHQ PDUNHW QR &DQDGD

2WKHU (GLWLRQV $XGLR ( ERRN %ULWLVK +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ 7KH .LQJ V &RQILGDQWH 3ODLG\ -HDQ 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5LJKWV 506

154

7R +ROG 7KH &URZQ 3ODLG\ -HDQ 75 0XUGHU 0RVW 5R\DO 3ODLG\ -HDQ 75 7KH 6L[WK :LIH 3ODLG\ -HDQ 75 2WKHU (GLWLRQV .DWKDULQH 2I $UDJRQ 3ODLG\ -HDQ 75 ( ERRN 7KH 7KLVWOH $QG 7KH 5RVH 3ODLG\ -HDQ 75 +LVW 3UHY 7LWOHV 0DU\ 4XHHQ 2I )UDQFH 3ODLG\ -HDQ 75 7KH .LQJ V &RQILGDQWH 3ODLG\ -HDQ 75 7R +ROG 7KH &URZQ 3ODLG\ -HDQ 75 0XUGHU 0RVW 5R\DO 3ODLG\ -HDQ 75 7KH 6L[WK :LIH 3ODLG\ -HDQ 75 .DWKDULQH 2I $UDJRQ 3ODLG\ -HDQ 75 7KH 7KLVWOH $QG 7KH 5RVH 3ODLG\ -HDQ 75 0DU\ 4XHHQ 2I )UDQFH 3ODLG\ -HDQ 75

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (/,=$%(7+ :,1,&. 5HSULQW

,6%1

2Q VDOH

3XEOLVKHU

3ULFH

,6%1 ,6%1

2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH

%RRN &OXE <HV VW 6HULDO <HV 7KUHH 5LYHUV 3UHVV 7UDQVODWLRQ 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ 0&,1726+ 27,6 ,1& $JHQW (/,=$%(7+ 7KUHH 5LYHUV 3UHVV :,1,&. 7KUHH 5LYHUV 3UHVV

www.CrownPublishing.com

)RU D 4XHHQ V /RYH

7KH 6WRULHV RI WKH 5R\DO :LYHV RI 3KLOLS ,, $ 1RYHO RI WKH 7XGRUV

-HDQ 3ODLG\

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

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

+LVWRU\ $ SDSHUEDFN UHLVVXH &DWHJRU\ Â¬)LFWLRQ +LVWRULFDO %,6$&Â¬&DW Â¬)LFWLRQ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬5(,668( 6HULHV Â¬$ 1RYHO RI WKH 7XGRUV 6HULHVÂ¬ 6XEVHULHV Â¬127 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ +LVWRULFDO ILFWLRQ EORJJHU RXWUHDFK -HDQ 3ODLG\ OLEUDU\ EORJ FRQWHVW %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW +LVWRULFDO )LFWLRQ &RQIHUHQFH

3UDLVH IRU -HDQ 3ODLG\ -HDQ 3ODLG\ WKH TXHHQ RI KLVWRULFDO ILFWLRQ ZKR PDGH KLVWRU\ KHU VSHFLDO SOD\JURXQG DQG WKHQ LQYLWHG XV DOO LQ WKH KLVWRU\ ZULWHU V KLVWRU\ ZULWHU HYHU\ QRYHO D PDVWHU FODVV LQ KRZ WR GR LW ULJKW 5RVDOLQG 0LOHV EHVWVHOOLQJ DXWKRU RI , (OL]DEHWK

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH GHFHDVHG

-($1 3/$,'< LV WKH SHQ QDPH RI WKH SUROLILF (QJOLVK DXWKRU (OHDQRU +LEEHUW DOVR NQRZQ DV 9LFWRULD +ROW 0RUH WKDQ PLOOLRQ FRSLHV RI KHU ERRNV KDYH VROG ZRUOGZLGH

5LJKWV 506 7HUULWRULHV 86 DQG RSHQ PDUNHW QR &DQDGD

$XGLR %ULWLVK 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW

%RRN &OXE <HV 7UDQVODWLRQ $JHQF\ 0&,1726+ 27,6 ,1&

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (/,=$%(7+ :,1,&.

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 7KH .LQJ V &RQILGDQWH 3ODLG\ -HDQ 75 7R +ROG 7KH &URZQ 3ODLG\ -HDQ 75 7KH 6L[WK :LIH 3ODLG\ -HDQ 75 .DWKDULQH 2I $UDJRQ 3ODLG\ -HDQ 75 7KH 7KLVWOH $QG 7KH 5RVH 3ODLG\ -HDQ 75 0DU\ 4XHHQ 2I )UDQFH 3ODLG\ -HDQ 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH

155 www.CrownPublishing.com

-R\IXO :LVGRP

(PEUDFLQJ &KDQJH DQG )LQGLQJ )UHHGRP $XWKRUV RI WKH 1HZ <RUN 7LPHV %HVWVHOOHU 7KH -R\ RI /LYLQJ

-R\IXO :LVGRP <RQJH\ 0LQJ\XU 5LQSRFKH

(PEUDFLQJ &KDQJH DQG )LQGLQJ )UHHGRP

(ULF 6ZDQVRQ

$XWKRUV RI WKH 1HZ <RUN 7LPHV %HVWVHOOHU 7KH -R\ RI /LYLQJ )URP WKH DXWKRU RI WKH EHVWVHOOLQJ 7KH -R\ RI /LYLQJ D UHPDUNDEOH VHTXHO

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7+5(( 5,9(56 35(66

75$'( 3$3(5%$&. &DWHJRU\ Â¬5HOLJLRQ %XGGKLVP %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬5HOLJLRQ %XGGKLVP /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬5HOLJLRQ %XGGKLVP (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬5(/,*,21 ($67(51 5(/,*,21 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR $GYHUWLVLQJ DW PDMRU VSLULWXDOLW\ DQG \RJD ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 0LQJ\XU RUJ 1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ $GYHUWLVLQJ DW PDMRU VSLULWXDOLW\ DQG \RJD ZHEVLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 0LQJ\XU RUJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

WKH VRXUFHV RI RXU XQHDVH GHVFULEHV PHWKRGV RI PHGLWDWLRQ WKDW HQDEOH XV WR WUDQVIRUP RXU H[SHULHQFH LQWR GHHSHU LQVLJKW DQG DSSOLHV WKHVH PHWKRGV WR FRPPRQ HPRWLRQDO SK\VLFDO DQG SHUVRQDO SUREOHPV 7KH UHVXOW LV D ZRUN DW RQFH %HVWVHOOHU LQ SDSHUEDFN 7KH -R\ RI /LYLQJ ZDV D 1HZ <RUN 7LPHV SDSHUEDFN EHVWVHOOHU ZLVH DQHFGRWDO IXQQ\ LQIRUPHG DQG JUDFHG ZLWK WKH DXWKRU V LUUHVLVWLEOH FKDUP

.H\ 3RLQWV 4XRWHV

DQG D \HDU DIWHU LQLWLDO SXEOLFDWLRQ KDV VROG QHDUO\ FRSLHV DQG ULJKWV LQ RYHU FRXQWULHV

.H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

$XGLR <HV %ULWLVK <HV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV 2WKHU (GLWLRQV %ULWLVK <HV ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

+LVW 3UHY 7LWOHV -R\IXO :LVGRP 0LQJ\XU <RQJH\ 5LQSRFKH +& 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH 75 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH +& 2WKHU (GLWLRQV ( ERRN &RPS 7LWOHV 6WXPEOLQJ 2Q +DSSLQHVV *LOEHUW 'DQLHO 75 +LVW 3UHY 7LWOHV -R\IXO :LVGRP 0LQJ\XU <RQJH\ 5LQSRFKH +& 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH 75 7KH -R\ 2I /LYLQJ 0LQJ\XU <RQJH\ 5LQSRFKH +& &RPS 7LWOHV 6WXPEOLQJ 2Q +DSSLQHVV *LOEHUW 'DQLHO 75

%RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ (00$ 6:((1(< $*(1&< //& $JHQW (00$ 6:((1(< 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV +DUPRQ\ &DQ $JHQF\ (00$ 6:((1(< $*(1&< //& $JHQW (00$ ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 6:((1(< +DUPRQ\ &DQ ,6%1 ,6%1 ,6%1 ,6%1

156 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU +DUPRQ\ 3XEOLVKHU 9LQWDJH 3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU 9LQWDJH

&DQ &DQ 3ULFH &DQ 3ULFH 3ULFH &DQ &DQ &DQ 3ULFH

0H 1XMRRG $JH DQG 'LYRUFHG 1XMRRG $OL 0H 1XMRRG $JH DQG 'LYRUFHG 'HOSKLQH 0LQRXL

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬%LRJUDSK\ 3HUVRQDO 0HPRLUV 6RFLDO 6FLHQFH 0DUULDJH 6RFLDO 6FLHQFH ,VODPLF 6WXGLHV &DQ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ 3HUVRQDO 0HPRLUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< &DWHJRU\ Â¬%LRJUDSK\ 3HUVRQDO 0HPRLUV 3DJH &RXQW 7ULP 6L]H [ 6RFLDO 6FLHQFH 0DUULDJH 6RFLDO &DUWRQ &RXQW 6FLHQFH ,VODPLF 6WXGLHV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3HUVRQDO 0HPRLUV 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ )HPLQLVW DQG ZRPHQ V LVVXHV EORJ RXWUHDFK DQG JLYHDZD\ %RRN JURXS RXWUHDFK &URVV SURPRWLRQ ZLWK DFDGHPLF 1DWLRQDO SXEOLFLW\ PDUNHWLQJ WR ZRPHQ V VWXGLHV FRXUVHV 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ :RPHQ V PDJD]LQH PDVWKHDG PDLOLQJ )HPLQLVW DQG ZRPHQ V LVVXHV EORJ :RPHQ V +LVWRU\ 0RQWK SURPRWLRQ RXWUHDFK DQG JLYHDZD\ 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV %RRN JURXS RXWUHDFK 5HDG ,W )RUZDUG SURPRWLRQ &URVV SURPRWLRQ ZLWK DFDGHPLF &URZQ %X]] /LVW JDOOH\ PDLOLQJ PDUNHWLQJ WR ZRPHQ V VWXGLHV FRXUVHV :RPHQ V PDJD]LQH PDVWKHDG PDLOLQJ :RPHQ V +LVWRU\ 0RQWK SURPRWLRQ 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV 5HDG ,W )RUZDUG SURPRWLRQ &URZQ %X]] /LVW JDOOH\ PDLOLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

SUH WHHQ JLUOV LQ <HPHQ DQG 6DXGL $UDELD WR VXH IRU GLYRUFH DQG VSXUUHG <HPHQL

ODZPDNHUV WR UDLVH WKH PLQLPXP DJH RI PDUULDJH .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

18-22' $/, ZDV WKH ILUVW FKLOG EULGH LQ <HPHQ WR ZLQ D GLYRUFH $ *ODPRXU ZRPDQ RI WKH \HDU LQ VKH KDV EHHQ SURILOHG LQ WKH 1HZ <RUN 7LPHV WKH /RV $QJHOHV 7LPHV DQG 7LPH PDJD]LQH 6KH OLYHV LQ <HPHQ '(/3+,1( 0,128, D UHFLSLHQW RI WKH $OEHUW /RQGUHV 3UL]H KDV EHHQ FRYHULQJ ,UDQ DQG WKH 0LGGOH (DVW $XWKRU 5HVLGHQFH 6DQDD <HPHQ $XWKRU +RPHWRZQ .KDUGML <HPHQ VLQFH 6KH OLYHV LQ %HLUXW /,1'$ &29(5'$/( LV D &KHYDOLHU GH O 2UGUH GHV 18-22' $/, ZDV WKH ILUVW FKLOG EULGH LQ <HPHQ WR ZLQ D GLYRUFH $ *ODPRXU $UWV HW GHV /HWWUHV DQG D UHFLSLHQW RI WKH 6FRWW 0RQFULHII 3UL]H WKH ,03$& 'XEOLQ ZRPDQ RI WKH \HDU LQ VKH KDV EHHQ SURILOHG LQ WKH 1HZ <RUN 7LPHV WKH /RV /LWHUDU\ $ZDUG DQG WKH )UHQFK $PHULFDQ )RXQGDWLRQ 7UDQVODWLRQ 3UL]H 6KH OLYHV $QJHOHV 7LPHV DQG 7LPH PDJD]LQH 6KH OLYHV LQ <HPHQ '(/3+,1( 0,128, D LQ %URRNO\Q UHFLSLHQW RI WKH $OEHUW /RQGUHV 3UL]H KDV EHHQ FRYHULQJ ,UDQ DQG WKH 0LGGOH (DVW VLQFH 6KH OLYHV LQ %HLUXW /,1'$ &29(5'$/( LV D &KHYDOLHU GH O 2UGUH GHV 5LJKWV 506 $UWV HW GHV /HWWUHV DQG D UHFLSLHQW RI WKH 6FRWW 0RQFULHII 3UL]H WKH ,03$& 'XEOLQ 7HUULWRULHV :RUOG 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV /LWHUDU\ $ZDUG DQG WKH )UHQFK $PHULFDQ )RXQGDWLRQ 7UDQVODWLRQ 3UL]H 6KH OLYHV $XGLR <HV %RRN &OXE <HV VW 6HULDO <HV LQ %URRNO\Q

$ERXW WKH $XWKRU ,OOXVWUDWRU

%ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

7UDQVODWLRQ 1R $JHQF\

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 6SLHJHO *UDX %RRN &OXE <HV VW 6HULDO <HV )DUUDU 6WUDXV *LURX[ 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV )UHH 3UHVV $JHQF\ $JHQW (/6$ /$)21

5LJKWV 506

,6%1

www.CrownPublishing.com

6SHFLDO 0DUNHWV $JHQW (/6$ /$)21

2Q VDOH

5+ 7UDGH 5+ 7UDGH 3XEOLVKHU 3XEOLF$IIDLUV 6SLHJHO *UDX 5+ 7UDGH )DUUDU 6WUDXV *LURX[ 3OXPH )UHH 3UHVV 5+ 7UDGH 5+ 7UDGH 3XEOLF$IIDLUV 5+ 7UDGH 3OXPH

&DQ &DQ 3ULFH &DQ &DQ &DQ &DQ

157

/XF\ V /HJDF\

7KH 4XHVW IRU +XPDQ 2ULJLQV $XWKRU RI /XF\ 7KH %HJLQQLQJV RI +XPDQNLQG

'U 'RQDOG -RKDQVRQ .DWH :RQJ

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ +LVWRU\ $ +DUPRQ\ %RRNV &RQYHUVLRÂ« &DWHJRU\ Â¬6FLHQFH 3DOHRQWRORJ\ %,6$&Â¬&DW Â¬6FLHQFH 3DOHRQWRORJ\ 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( 3+272 ,16(57 $1' 0$3 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR

0DUNHWLQJ DQG 3XEOLFLW\

,Q WKLV VHTXHO WR WKH 1HZ <RUN 7LPHV EHVWVHOOHU /XF\ 7KH %HJLQQLQJV RI +XPDQNLQG FHOHEUDWHG SDOHRDQWKURSRORJLVW 'RQDOG -RKDQVRQ H[SORUHV WKH H[WURDUGLQDU\ GLVFRYHULHV VLQFH /XF\ ZDV XQHDUWKHG PRUH WKDQ \HDUV DJR 'RQDOG -RKDQVRQ LV DUJXDEO\ WKH ZRUOG V PRVW FHOHEUDWHG SDOHRDQWKURSRORJLVW IRU WKH VWXQQLQJ GLVFRYHU\ KH PDGH DIWHU XQHDUWKLQJ D SDUWLDO VNHOHWRQ VRPH PLOOLRQ \HDUV ROG WKDW ZRXOG IRUHYHU FKDQJH KRZ VFLHQWLVWV WKLQN DERXW KXPDQ RULJLQV /XF\ V /HJDF\ LV D IDVFLQDWLQJ WRXU RI WKH ODVW WKUHH GHFDGHV RI SDOHRDQWKURSRORJLF VWXG\ WKH PRVW H[FLWLQJ SHULRG RI GLVFRYHU\ WKXV IDU )RFXVLQJ RQ GUDPDWLF QHZ IRVVLO ILQGV DQG EUHDNWKURXJK DGYDQFHV LQ '1$ UHVHDUFK -RKDQVRQ ZLWK WKH FROODERUDWLRQ RI .DWH :RQJ RI 6FLHQWLILF $PHULFDQ WDNHV UHDGHUV RQ DQ H[WUDRUGLQDU\ MRXUQH\ LQWR WKH DQFLHQW ODQGVFDSH RI +DGDU (WKLRSLD ZKHUH PDQ\ RI WKH PRVW H[FLWLQJ GLVFRYHULHV KDYH EHHQ PDGH DQG SURYLGHV DQVZHUV WR TXHVWLRQV VXFK DV +RZ GLG +RPR VDSLHQV HYROYH" :KHQ DQG ZKHUH GLG RXU VSHFLHV RULJLQDWH" :KDW VHSDUDWHV KRPLQLGV IURP WKH DSHV" :KDW P\VWHULHV DERXW KXPDQ HYROXWLRQ UHPDLQ WR EH VROYHG"

.H\ 3RLQWV 4XRWHV 'LVWLQJXLVKHG DXWKRU -RKDQVRQ LV D PDYHULFN SDOHRDQWKURSRORJLVW ZKR LV FHOHEUDWHG LQWHUQDWLRQDOO\ DQG ZHOO NQRZQ LQ WKH SUHVV DQG PHGLD 3XEOLFLW\ IRU SDSHUEDFN WLH LQ )RU WKH ILUVW WLPH HYHU /XF\ LV RQ WRXU LQ WKH 8QLWHG 6WDWHV 7KH WRXU LWVHOI KDV EHHQ FDXVH IRU FRQWURYHUV\ KRZHYHU VLQFH WKH H[KLELW LV YLVLWLQJ PXOWLSOH FLWLHV LW DOORZV IRU PDQ\ RSSRUWXQLWLHV WR GUDZ DWWHQWLRQ WR WKH SDSHUEDFN

&RQYHUVDWLRQDO NQRZOHGJHDEOH IORZLQJ ORJLFDOO\ IURP RQH WRSLF WR WKH QH[W WKH ERRN LV SDFNHG ZLWK LQIRUPDWLRQ RI WKH NLQG WKDW ZLOO EH HVSHFLDOO\ LQWULJXLQJ WR JHQHUDO UHDGHUV 6FLHQWLILF $PHULFDQ 3RV>HV@ WKRXJKWIXO TXHVWLRQV DV WR ZKDW H[DFWO\ PDNHV XV ZKR ZH DUH 7LPH

$ERXW WKH $XWKRU ,OOXVWUDWRU 3LRQHHULQJ SDOHRDQWKURSRORJLVW DQG ZLQQHU RI WKH $PHULFDQ %RRN $ZDUG '21$/' -2+$1621 IRXQGHG WKH ,QVWLWXWH RI +XPDQ 2ULJLQV LQ QRZ DW $UL]RQD 6WDWH 8QLYHUVLW\ LQ 7HPSH .$7( :21* KDV EHHQ FRYHULQJ KXPDQ HYROXWLRQ IRU 6FLHQWLILF $PHULFDQ IRU PRUH WKDQ D GHFDGH

1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 6FLHQFH EORJ EDQQHU DGYHUWLVLQJ 3URPRWLRQDO PDWHULDOV DYDLODEOH

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW 67(5/,1* /25'

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV /XF\ 6 /HJDF\ -RKDQVRQ 'RQDOG 'U +& $QFHVWRUV -RKDQVRQ 'RQDOG 'U +& /XF\ -RKDQVRQ 'RQDOG +& &RPS 7LWOHV 7KH )HPDOH %UDLQ %UL]HQGLQH /RXDQQ 0G 75 <RXU ,QQHU )LVK 6KXELQ 1HLO 75

,6%1 ,6%1 ,6%1

158 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU +DUPRQ\ 3XEOLVKHU +DUPRQ\ 9LOODUG %RRNV 6LPRQ 6FKXVWHU 3XEOLVKHU %URDGZD\ 9LQWDJH

3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

3HUIHFW )LIWKV $ 1RYHO

0HJDQ 0F&DIIHUW\

3HUIHFW )LIWKV

$ 1RYHO 1RZ LQ SDSHUEDFN WKH LQVWDQW 1HZ <RUN 7LPHV EHVWVHOOHU DQG ILIWK DQG ILQDO

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

.H\ 3RLQWV 4XRWHV 21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7+5(( 5,9(56 35(66 +LVWRU\ $ &URZQ FRQYHUVLRQ 75$'( 3$3(5%$&. &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ +LVWRU\ $ &URZQ FRQYHUVLRQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

0(*$1 0F&$))(57< LV WKH DXWKRU RI WKH KLW QRYHOV 6ORSS\ )LUVWV 6HFRQG +HOSLQJV DQG WKH 1HZ <RUN 7LPHV EHVWVHOOHUV &KDUPHG 7KLUGV DQG )RXUWK &RPLQJV 6KH OLYHV LQ 1HZ -HUVH\ ZLWK KHU KXVEDQG DQG VRQ 7R ILQG RXW PRUH YLVLW ZZZ 0HJDQ0F&DIIHUW\ FRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 3ULQFHWRQ 1-

0DUNHWLQJ DQG 3XEOLFLW\

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 2QO\ 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD +LVW 3UHY 7LWOHV 2QO\ 3HUIHFW )LIWKV 0F&DIIHUW\ 0HJDQ +&

5LJKWV 506

)RXUWK &RPLQJV 0FFDIIHUW\ 0HJDQ 75 )RXUWK &RPLQJV 0FFDIIHUW\ 0HJDQ +& 2WKHU (GLWLRQV &KDUPHG 7KLUGV 0FFDIIHUW\ 0HJDQ 75 ( ERRN &KDUPHG 7KLUGV 0FFDIIHUW\ 0HJDQ +& +LVW 3UHY 7LWOHV 6HFRQG +HOSLQJV 0FFDIIHUW\ 0HJDQ 75 3HUIHFW )LIWKV 0F&DIIHUW\ 0HJDQ +& 6ORSS\ )LUVWV 0FFDIIHUW\ 0HJDQ 75 )RXUWK &RPLQJV 0FFDIIHUW\ 0HJDQ 75 )RXUWK &RPLQJV 0FFDIIHUW\ 0HJDQ +& &KDUPHG 7KLUGV 0FFDIIHUW\ 0HJDQ 75 &KDUPHG 7KLUGV 0FFDIIHUW\ 0HJDQ +& 6HFRQG +HOSLQJV 0FFDIIHUW\ 0HJDQ 75 6ORSS\ )LUVWV 0FFDIIHUW\ 0HJDQ 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ -2$11$ 38/&,1, /,7(5$5< 0$1$*( 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 1R &URZQ $JHQF\ -2$11$ 38/&,1, /,7(5$5< ,6%1 2Q VDOH 3XEOLVKHU 0$1$*( &URZQ

,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV &URZQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ &URZQ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV &URZQ 7KUHH 5LYHUV 3UHVV &URZQ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -2$11$ 38/&,1, 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW -2$11$ 3ULFH 38/&,1, &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

159

8SULYHU DQG 'RZQVWUHDP

7KH %HVW )O\ )LVKLQJ DQG $QJOLQJ $GYHQWXUHV IURP WKH 1HZ <RUN 7LPHV

8SULYHU DQG 'RZQVWUHDP

,QWURGXFWLRQ E\ 9HUO\Q .OLQNHQERUJ

7KH %HVW )O\ )LVKLQJ DQG $QJOLQJ $GYHQWXUHV IURP WKH 1HZ <RUN 7LPHV 1HZ <RUN 7LPHV (GLWRU 6WHSKHQ 6DXWQHU ,QWURGXFWLRQ E\ 9HUO\Q .OLQNHQERUJ ,QWURGXFWLRQ E\ 9HUO\Q .OLQNHQERUJ

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬6SRUWV 5HFUHDWLRQ )LVKLQJ %,6$&Â¬&DW Â¬6SRUWV 5HFUHDWLRQ )LVKLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬63257 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 &DWHJRU\ Â¬6SRUWV 5HFUHDWLRQ )LVKLQJ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬6SRUWV 5HFUHDWLRQ )LVKLQJ (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬63257 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 7DUJHWHG VHDUFK DGYHUWLVLQJ 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR %RRN JLYHDZD\V IRU ILVKLQJ EORJJHUV 6RFLDO QHWZRUN SURPRWLRQ )LVKLQJ PDJD]LQH PDVWKHDG PDLOLQJV

0DUNHWLQJ DQG 3XEOLFLW\

1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ %RRN JLYHDZD\V IRU ILVKLQJ EORJJHUV 6RFLDO QHWZRUN SURPRWLRQ )LVKLQJ PDJD]LQH PDVWKHDG PDLOLQJV

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

.H\ 3RLQWV 4XRWHV

PDJD]LQHV VXFK DV 2XWGRRU /LIH 2XWVLGH )LHOG 6WUHDP DQG HYHQWV VXFK DV WKH 7URXW

1DWLRQDO &RQYHQWLRQ WKH :RUOG )O\ )LVKLQJ ([SRVLWLRQ DQG WKH ,QWHUQDWLRQDO 6SRUWVPHQ V .H\ 3RLQWV 4XRWHV ([SRVLWLRQ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

$ERXW WKH $XWKRU ,OOXVWUDWRU 67(3+(1 6$871(5 LV DQ DYLG RXWGRRUVPDQ DQG KDV FRQWULEXWHG WR WKH 2XWGRRUV FROXPQ LQ WKH 1HZ <RUN 7LPHV VLQFH

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6$1)25' - *5((1%85*(5 $662&

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV 3ULFH VW 6HULDO 1R &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW

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

160 www.CrownPublishing.com

&DQ 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ

6HFRQG 6LJKW

$Q ,QWXLWLYH 3V\FKLDWULVW 7HOOV +HU ([WUDRUGLQDU\ 6WRU\ DQG 6KRZV <RX +RZ 7R 7DS <RXU 2ZQ ,QQHU :LVGRP

6HFRQG 6LJKW 1HZ <RUN 7LPHV %HVWVHOOLQJ $XWKRU RI (PRWLRQDO )UHHGRP $Q ,QWXLWLYH 3V\FKLDWULVW 7HOOV +HU ([WUDRUGLQDU\ 6WRU\ -XGLWK 2UORII 0 ' DQG 6KRZV <RX +RZ 7R 7DS <RXU 2ZQ ,QQHU :LVGRP

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬3V\FKRORJ\ 3V\FKLDWU\ 6HOI +HOS %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬3V\FKRORJ\ 3V\FKLDWU\ 6HOI +HOS /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ (GLWLRQÂ¬'HVF Â¬5(,668( *HQHUDO 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*<

3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ (GLWLRQÂ¬'HVF Â¬5(,668( 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 $XWKRU LQWHUYLHZV RXW RI /RV $QJHOHV :HOOQHVV DQG VSLULWXDOLW\ ZHEVLWH DGYHUWLVLQJ 2XWUHDFK WR DXWKRU FRQWDFWV 1DWLRQDO SXEOLFLW\ 3URPRWLRQ RQ DXWKRU V ZHEVLWH 1DWLRQDO SULQW DWWHQWLRQ 'U-XGLWK2UORII FRP $XWKRU LQWHUYLHZV RXW RI /RV $QJHOHV +HDOWK DQG ZRPHQ V LQWHUHVW EORJJHU :HOOQHVV DQG VSLULWXDOLW\ ZHEVLWH RXWUHDFK DGYHUWLVLQJ %X]] PDLOLQJ WR WKHUDSLVWV 2XWUHDFK WR DXWKRU FRQWDFWV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

3URPRWLRQ RQ DXWKRU V ZHEVLWH 'U-XGLWK2UORII FRP +HDOWK DQG ZRPHQ V LQWHUHVW EORJJHU RXWUHDFK %X]] PDLOLQJ WR WKHUDSLVWV

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

.H\ 3RLQWV 4XRWHV

SUDFWLFH RI LQWXLWLYH PHGLFLQH ,W KDV JRQH RQ WR VHOO QHDUO\ FRSLHV LQ ERWK

KDUGFRYHU DQG SDSHUEDFN .H\ 3RLQWV 4XRWHV

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

LQFOXGLQJ 1HZVZHHN PDJD]LQH D FHQWHUIROG LQ 86$ 7RGD\ DQG DQ DSSHDUDQFH RQ *RRG 0RUQLQJ $PHULFD (PRWLRQDO )UHHGRP ZDV DQ LQVWDQW 1HZ <RUN 7LPHV EHVWVHOOHU DQG DOVR KLW WKH OLVWV DW WKH :DOO 6WUHHW -RXUQDO DQG 6DQ )UDQFLVFR &KURQLFOH 6KH LV LQ WRXFK ZLWK KHU OR\DO UHDGHUV WKURXJK P\VSDFH IDFHERRN DQG \RXWXEH DQG KHU SURPLQHQFH LQ WKH PLQG ERG\ KHDOWK ILHOG FRQWLQXHV WR JURZ $XWKRU 5HVLGHQFH 0DULQD GHO 5D\ &$

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\ *5$1' &(175$/

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

2WKHU (GLWLRQV 7HUULWRULHV ( ERRN $XGLR +LVW 3UHY 7LWOHV %ULWLVK (PRWLRQDO )UHHGRP 2UORII -XGLWK 0' +& 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 3RVLWLYH (QHUJ\ 2UORII -XGLWK 0' 75 3RVLWLYH (QHUJ\ 2UORII -XGLWK 0' +& 2WKHU (GLWLRQV 'U -XGLWK 2UORII V *XLGH 2UORII -XGLWK 0' 75 ( ERRN 'U -XGLWK 2UORII V *XLGH 2UORII -XGLWK 0' +& 6HFRQG 6LJKW 2UORII -XGLWK 0' 75 +LVW 3UHY 7LWOHV 6HFRQG 6LJKW 2UORII -XGLWK 0' +& (PRWLRQDO )UHHGRP 2UORII -XGLWK 0' +& 3RVLWLYH (QHUJ\ 2UORII -XGLWK 0' 75 3RVLWLYH (QHUJ\ 2UORII -XGLWK 0' +& 'U -XGLWK 2UORII V *XLGH 2UORII -XGLWK 0' 75 'U -XGLWK 2UORII V *XLGH 2UORII -XGLWK 0' +& 6HFRQG 6LJKW 2UORII -XGLWK 0' 75 6HFRQG 6LJKW 2UORII -XGLWK 0' +&

,6%1 2Q VDOH 3XEOLVKHU 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7KUHH 5LYHUV 3UHVV %RRN &OXE ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ +DUPRQ\ $JHQF\ *5$1' &(175$/ 7KUHH 5LYHUV 3UHVV +DUPRQ\ ,6%1 2Q VDOH 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ ,6%1 2Q VDOH *UDQG &HQWUDO 3XEOLVKHU *UDQG &HQWUDO +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV &URZQ *UDQG &HQWUDO *UDQG &HQWUDO

3ULFH 5HSULQW &DQ VW 6HULDO 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW

5LJKWV 506

www.CrownPublishing.com

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

161

:HGORFN

7KH 7UXH 6WRU\ RI WKH 'LVDVWURXV 0DUULDJH DQG 5HPDUNDEOH 'LYRUFH RI 0DU\ (OHDQRU %RZHV &RXQWHVV RI 6WUDWKPRUH

:HQG\ 0RRUH

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬%LRJUDSK\ +LVWRULFDO %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ +LVWRULFDO 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ ERRN VLWHV +LVWRULFDO ILFWLRQ EORJJHU RXWUHDFK %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW KLVWRULFDO ILFWLRQ FRQIHUHQFH

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

6SHFWDFXODU :HGORFN LV VHULRXV SHUFHSWLYH WKRXJKWIXO DQG E\ QR PHDQV OHDVW FRPSXOVLYHO\ UHDGDEOH -RQDWKDQ <DUGOH\ :DVKLQJWRQ 3RVW &LQHPDWLF LQ VFRSH WKLV ELRJUDSK\ UHDGV OLNH KDLU UDLVLQJ ILFWLRQ %RRNOLVW $ UROOLFNLQJ JRRG WDOH .LUNXV 5HYLHZV 0RRUH VNLOOIXOO\ GHSLFWV 0DU\ V OLIH ZLWK SRLJQDQW GHWDLO LQ DQ H[KDXVWLYHO\ UHVHDUFKHG ERRN /LEUDU\ -RXUQDO

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ 8.

:(1'< 0225( LV WKH DXWKRU RI 7KH .QLIH 0DQ QDPHG D 7RS 6FLHQFH %RRN RI WKH <HDU E\ 'LVFRYHU PDJD]LQH 6KH KDV EHHQ D MRXUQDOLVW DQG ZULWHU IRU PRUH WKDQ \HDUV VSHFLDOL]LQJ LQ KHDOWK DQG PHGLFDO WRSLFV +HU ZRUN KDV EHHQ SXEOLVKHG LQ WKH 8. LQ WKH *XDUGLDQ 7LPHV DQG 2EVHUYHU DQG KDV ZRQ VHYHUDO DZDUGV 6KH OLYHV LQ /RQGRQ ZLWK KHU KXVEDQG DQG WZR FKLOGUHQ

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ )/(7&+(5 3$55< //&

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV :HGORFN 0RRUH :HQG\ +& 7KH .QLIH 0DQ 0RRUH :HQG\ 75 7KH .QLIH 0DQ 0RRUH :HQG\ +& &RPS 7LWOHV 4XHHQ ,VDEHOOD :HLU $OLVRQ 75 0DULH $QWRLQHWWH )UDVHU $QWRQLD 75 *HRUJLDQD )RUHPDQ $PDQGD 75 *DOLOHR V 'DXJKWHU 6REHO 'DYD 75

,6%1 ,6%1 ,6%1

162 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ %URDGZD\ %URDGZD\ 3XEOLVKHU %DOODQWLQH %RRNV $QFKRU 0RGHUQ /LEUDU\ 3HQJXLQ

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW (00$ 3$55< 3ULFH &DQ 3ULFH &DQ 3ULFH

<RXU )LUVW <HDU LQ 6DOHV QG (GLWLRQ <RXU )LUVW <HDU LQ 6DOHV QG (GLWLRQ 0DNLQJ WKH 7UDQVLWLRQ IURP 7RWDO 1RYLFH WR 6XFFHVVIXO 0DNLQJ WKH 7UDQVLWLRQ IURP 7RWDO 1RYLFH WR 6XFFHVVIXO 3URIHVVLRQDO 3URIHVVLRQDO 8SGDWHG QG (GLWLRQ 8SGDWHG QG (GLWLRQ

7LP &RQQRU 7LP &RQQRU

21 6$/( 21 6$/( 7+5(( 5,9(56 35(66 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. 75$'( 3$3(5%$&.

&DQ &DQ +LVWRU\ $ 7KUHH 5LYHUV 3UHVV UHYLÂ« +LVWRU\ $ 7KUHH 5LYHUV 3UHVV UHYLÂ«

7KLV XSGDWHG VHFRQG HGLWLRQ LV DQ LQYDOXDEOH UHVRXUFH IRU QRYLFH 7KLV XSGDWHG VHFRQG HGLWLRQ LV DQ LQYDOXDEOH UHVRXUFH IRU QRYLFH VDOHVSHRSOH ZKR ZDQW WR HQMR\ WKHLU QHZ FDUHHU DQG EH ILQDQFLDOO\ VDOHVSHRSOH ZKR ZDQW WR HQMR\ WKHLU QHZ FDUHHU DQG EH ILQDQFLDOO\ VXFFHVVIXO IURP GD\ RQH FUHDWH DQG PDLQWDLQ SURIHVVLRQDO VDOHV VXFFHVVIXO IURP GD\ RQH FUHDWH DQG PDLQWDLQ SURIHVVLRQDO VDOHV UHODWLRQVKLSV DQG DGRSW WKH H[SHULHQFHG DQG FRPSHWHQW DWWLWXGH WKDW ZLOO UHODWLRQVKLSV DQG DGRSW WKH H[SHULHQFHG DQG FRPSHWHQW DWWLWXGH WKDW ZLOO KHOS WKHP DFKLHYH WKHLU GHVLUHG ILQDQFLDO UHVXOWV KHOS WKHP DFKLHYH WKHLU GHVLUHG ILQDQFLDO UHVXOWV 7LP &RQQRU V VHFRQG HGLWLRQ RI <RXU )LUVW <HDU LQ 6DOHV GHWDLOV ZKDW LW WDNHV 7LP &RQQRU V VHFRQG HGLWLRQ RI <RXU )LUVW <HDU LQ 6DOHV GHWDLOV ZKDW LW WDNHV IRU DQ DVSLULQJ VDOHVSHUVRQ WR ILQG VXFFHVV LQ WKH FXUUHQW ILQDQFLDO HQYLURQPHQW IRU DQ DVSLULQJ VDOHVSHUVRQ WR ILQG VXFFHVV LQ WKH FXUUHQW ILQDQFLDO HQYLURQPHQW DQG RIIHUV VLPSOH VWHS E\ VWHS DGYLFH RQ KRZ WR FDSLWDOL]H RQ \RXU RZQ VNLOOV DQG DQG RIIHUV VLPSOH VWHS E\ VWHS DGYLFH RQ KRZ WR FDSLWDOL]H RQ \RXU RZQ VNLOOV DQG WDOHQWV WR TXLFNO\ DQG HIIHFWLYHO\ EHFRPH D VDOHV OHDGHU <RXU )LUVW <HDU LQ 6DOHV WDOHQWV WR TXLFNO\ DQG HIIHFWLYHO\ EHFRPH D VDOHV OHDGHU <RXU )LUVW <HDU LQ 6DOHV LV QRW MXVW D ERRN WR EH UHDG )LOOHG ZLWK TXL]]HV VWUDWHJLHV DQG UHVRXUFHV LW LV D LV QRW MXVW D ERRN WR EH UHDG )LOOHG ZLWK TXL]]HV VWUDWHJLHV DQG UHVRXUFHV LW LV D ERRN WR EH VWXGLHG DQG D ERRN WKDW VDOHVSHRSOH ZLOO FDUU\ ZLWK WKHP IRU WKH UHVW RI ERRN WR EH VWXGLHG DQG D ERRN WKDW VDOHVSHRSOH ZLOO FDUU\ ZLWK WKHP IRU WKH UHVW RI WKHLU FDUHHUV WKHLU FDUHHUV

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

&DWHJRU\ Â¬%XVLQHVV (FRQRPLFV &DUHHUV &DWHJRU\ Â¬%XVLQHVV (FRQRPLFV &DUHHUV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV &DUHHUV %,6$&Â¬&DW Â¬%XVLQHVV (FRQRPLFV &DUHHUV 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &$5((56 2UGHUÂ¬)RUPÂ¬&DW Â¬%86,1(66 &$5((56 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ 1DWLRQDO SULQW DWWHQWLRQ 7DUJHWHG VHDUFK DGYHUWLVLQJ 7DUJHWHG VHDUFK DGYHUWLVLQJ 2XWUHDFK WR EXVLQHVV EORJV 2XWUHDFK WR EXVLQHVV EORJV 0DVWKHDG PDLOLQJ WR VDOHV UHODWHG 0DVWKHDG PDLOLQJ WR VDOHV UHODWHG PDJD]LQHV PDJD]LQHV

)LUVW UHYLVLRQ LQ WKH SRSXODU <RXU )LUVW <HDU VHULHV 7KH <RXU )LUVW <HDU VHULHV ZKLFK )LUVW UHYLVLRQ LQ WKH SRSXODU <RXU )LUVW <HDU VHULHV 7KH <RXU )LUVW <HDU VHULHV ZKLFK LQFOXGHV <RXU )LUVW <HDU LQ 5HDO (VWDWH DQG <RXU )LUVW <HDU DV D 1XUVH KDV VHHQ D VROLG LQFOXGHV <RXU )LUVW <HDU LQ 5HDO (VWDWH DQG <RXU )LUVW <HDU DV D 1XUVH KDV VHHQ D VROLG OLIH LQ EDFNOLVW 7KLV LV WKH ILUVW UHYLVLRQ LQ WKH VHULHV DQG ZLOO IHDWXUH QRW RQO\ DQ XSGDWHG OLIH LQ EDFNOLVW 7KLV LV WKH ILUVW UHYLVLRQ LQ WKH VHULHV DQG ZLOO IHDWXUH QRW RQO\ DQ XSGDWHG SDFNDJH EXW DOVR UHYLVHG FRQWHQW DERXW QHZ WHFKQRORJLHV XSGDWHG WHFKQLTXHV DQG SDFNDJH EXW DOVR UHYLVHG FRQWHQW DERXW QHZ WHFKQRORJLHV XSGDWHG WHFKQLTXHV DQG PRUH PRUH )LOOHG ZLWK QHZO\ GHYHORSHG VDOHV WHFKQLTXHV 7LP &RQQRU KDV GHFDGHV RI )LOOHG ZLWK QHZO\ GHYHORSHG VDOHV WHFKQLTXHV 7LP &RQQRU KDV GHFDGHV RI H[SHULHQFH XQGHU KLV EHOW DQG VLQFH WKH SXEOLFDWLRQ RI KLV ODVW ERRN KH KDV JDLQHG HYHQ H[SHULHQFH XQGHU KLV EHOW DQG VLQFH WKH SXEOLFDWLRQ RI KLV ODVW ERRN KH KDV JDLQHG HYHQ PRUH LQVLJKW LQWR ZKDW VNLOOV DQ DVSLULQJ VDOHVSHUVRQ QHHGV 7KH UHYLVHG VHFRQG HGLWLRQ PRUH LQVLJKW LQWR ZKDW VNLOOV DQ DVSLULQJ VDOHVSHUVRQ QHHGV 7KH UHYLVHG VHFRQG HGLWLRQ LQFOXGHV QHZ VHFWLRQV RQ WKLQJV UDQJLQJ IURP RYHUFRPLQJ DGYHUVLW\ WR PDLQWDLQLQJ SULFH LQFOXGHV QHZ VHFWLRQV RQ WKLQJV UDQJLQJ IURP RYHUFRPLQJ DGYHUVLW\ WR PDLQWDLQLQJ SULFH LQWHJULW\ GXULQJ WLJKW HFRQRPLF WLPHV LQWHJULW\ GXULQJ WLJKW HFRQRPLF WLPHV (DV\ DFFHVVLEOH ODQJXDJH 7LP &RQQRU LV NQRZQ RQ WKH VSHDNHU FLUFXLW IRU KLV (DV\ DFFHVVLEOH ODQJXDJH 7LP &RQQRU LV NQRZQ RQ WKH VSHDNHU FLUFXLW IRU KLV HQWHUWDLQLQJ DQG VWUDLJKIRUZDUG GHOLYHU\ )LOOHG ZLWK SHUVRQDO DQHFGRWHV VHQVLEOH DQG HQWHUWDLQLQJ DQG VWUDLJKIRUZDUG GHOLYHU\ )LOOHG ZLWK SHUVRQDO DQHFGRWHV VHQVLEOH DQG FRPSUHKHQVLEOH DGYLFH DQG PXFK QHHGHG LQVSLUDWLRQ DQG HQFRXUDJHPHQW <RXU )LUVW FRPSUHKHQVLEOH DGYLFH DQG PXFK QHHGHG LQVSLUDWLRQ DQG HQFRXUDJHPHQW <RXU )LUVW <HDU LQ 6DOHV ZLOO DSSHDO WR \RXQJ VDOHVSHRSOH ZKR DUH QRW QHFFHVVDULO\ H[SHULHQFHG RU <HDU LQ 6DOHV ZLOO DSSHDO WR \RXQJ VDOHVSHRSOH ZKR DUH QRW QHFFHVVDULO\ H[SHULHQFHG RU ZHOO YHUVHG LQ EXVLQHVV MDUJRQ ZHOO YHUVHG LQ EXVLQHVV MDUJRQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

$XWKRU 5HVLGHQFH 'DYLGVRQ 1& $XWKRU 5HVLGHQFH 'DYLGVRQ 1& 7,0 &21125 &63 LV D IXOO WLPH VSHDNHU DQG WUDLQHU DV ZHOO DV WKH DXWKRU RI

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV

7HUULWRULHV $XGLR $XGLR %ULWLVK %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV %RRN &OXE <HV 7UDQVODWLRQ 7UDQVODWLRQ $JHQF\ $JHQF\

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

,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

5HSULQW <HV 5HSULQW <HV VW 6HULDO <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW $JHQW

3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH &DQ &DQ

3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 6RXUFHERRNV ,QF 6RXUFHERRNV ,QF 6RXUFHERRNV ,QF 6RXUFHERRNV ,QF 6RXUFHERRNV ,QF 6RXUFHERRNV ,QF 3XEOLVKHU 3XEOLVKHU -RKQ :LOH\ DQG 6RQV -RKQ :LOH\ DQG 6RQV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ

163 www.CrownPublishing.com

)DLWK 8QGHU )LUH

$Q $UP\ &KDSODLQ V 0HPRLU

5RJHU %HQLPRII )DLWK 8QGHU )LUH (YH &RQDQW

$Q $UP\ &KDSODLQ V 0HPRLU

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬%LRJUDSK\ $XWRELRJUDSK\ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬%LRJUDSK\ $XWRELRJUDSK\ (GLWLRQÂ¬'HVF Â¬&219(56,21 *HQHUDO 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬%,2*5$3+< $872%,2*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 0LOLWDU\ EORJ DGYHUWLVLQJ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 5HDGLQJ JURXS VLWH DGYHUWLVLQJ 3RVWFDUG PDLOLQJ WR VSHFLDO LQWHUHVW JURXSV LQFOXGLQJ VHPLQDULHV UHOLJLRXV RUJDQL]DWLRQV SRVW WUDXPDWLF VWUHVV 1DWLRQDO SULQW DWWHQWLRQ GLVRUGHU SURIHVVLRQDOV FRXQVHORUV 0LOLWDU\ EORJ DGYHUWLVLQJ YHWHUDQV RUJDQL]DWLRQV 5HDGLQJ JURXS VLWH DGYHUWLVLQJ %RRN *URXS LQ D %R[ SURPRWLRQ 3RVWFDUG PDLOLQJ WR VSHFLDO LQWHUHVW 5HDGLQJ *URXS *XLGH JURXSV LQFOXGLQJ VHPLQDULHV UHOLJLRXV 5HDG ,W )RUZDUG SURPRWLRQ RUJDQL]DWLRQV SRVW WUDXPDWLF VWUHVV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

GLVRUGHU SURIHVVLRQDOV FRXQVHORUV YHWHUDQV RUJDQL]DWLRQV %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 5HDG ,W )RUZDUG SURPRWLRQ

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

.H\ 3RLQWV 4XRWHV

1RW \RXU W\SLFDO ZDU PHPLRU EXW D VSULWXDO MRXUQH\ $V DQ DSROLWLFDO VWRU\ DERXW ZDU

DQG LWV HIIHFWV RQ D FKDSODLQ V IDLWK WKLV ERRN EUHDNV WKH WUDGLWLRQDO PROG RI D ZDU .H\ 3RLQWV 4XRWHV

QDUUDWLYH 3HUIHFW IRU UHDGLQJ JURXSV )DLWK 8QGHU )LUH ZLOO LQFOXGH D UHDGLQJ JURXS JXLGH DQG ZLOO 7LPHO\ SDSHUEDFN $V ZLWKGUDZLQJ WURRSV UHWXUQ IURP ,UDT VROGLHUV WKHLU IDPLOLHV DQG VSDUN GLVFXVVLRQV DERXW IDLWK IDPLO\ DQG ZDU WKH PHGLD ZLOO EH WDONLQJ DERXW WKH UHSHUFXVVLRQV RI ZDU 1RW \RXU W\SLFDO ZDU PHPLRU EXW D VSULWXDO MRXUQH\ $V DQ DSROLWLFDO VWRU\ DERXW ZDU DQG LWV HIIHFWV RQ D FKDSODLQ V IDLWK WKLV ERRN EUHDNV WKH WUDGLWLRQDO PROG RI D ZDU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 7H[DV :DVKLQJWRQ ' &

52*(5 %(1,02)) ZDV DQ 2UGDLQHG &RRSHUDWLYH %DSWLVW )HOORZVKLS &KDSODLQ LQ WKH 8 6 $UP\ IURP (9( &21$17 LV D VWDII ZULWHU IRU 1HZVZHHN FRYHULQJ WKH HYDQJHOLFDO PRYHPHQW SROLWLFV VRFLDO LVVXHV DQG KHDOWK

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 7+( 0$57(// $*(1&<

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $/,&( 0$57(//

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ 7+( 0$57(// $*(1&<

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW $/,&( &DQ 0$57(//

5LJKWV 506

164

)DLWK 8QGHU )LUH %HQLPRII 5RJHU +& &RPS 7LWOHV +HUH ,I <RX 1HHG 0H .DWH %UDHVWUXS 75 2WKHU (GLWLRQV /HDYLQJ &KXUFK %DEDUD 7D\ORU 75 ( ERRN 1R 7UXH *ORU\ $ )URQWOLQH $FF :HVW %LQJ 75 +LVW 3UHY 7LWOHV 2QH %XOOHW $ZD\ 1DWKDQLHO )LFN 75 )DLWK 8QGHU )LUH %HQLPRII 5RJHU +& /HDYLQJ 7KH 6DLQWV %HFN 0DUWKD 75 &RPS 7LWOHV +HUH ,I <RX 1HHG 0H .DWH %UDHVWUXS 75 /HDYLQJ &KXUFK %DEDUD 7D\ORU 75 1R 7UXH *ORU\ $ )URQWOLQH $FF :HVW %LQJ 75 2QH %XOOHW $ZD\ 1DWKDQLHO )LFN 75 /HDYLQJ 7KH 6DLQWV %HFN 0DUWKD 75

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

&URZQ 3XEOLVKHU +DFKHWWH %RRN 3XEOLVKHU +DUSHU&ROOLQV &URZQ %DQWDP 3XEOLVKHU +RXJKWRQ 0LIIOLQ &URZQ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +DFKHWWH %RRN +DUSHU&ROOLQV %DQWDP +RXJKWRQ 0LIIOLQ 7KUHH 5LYHUV 3UHVV

3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

7KH %LUWKGD\ 3UHVHQW $ 1RYHO

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

.H\ 3RLQWV 4XRWHV 21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DWHJRU\ Â¬)LFWLRQ )LFWLRQ 0\VWHU\ 'HWHFWLYH %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬6$% 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ %RRN VLWH DGYHUWLVLQJ 0\VWHU\ EORJ RXWUHDFK DQG JLYHDZD\V (PDLO EODVW WR IDQV

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

>9LQH V@ SULPDU\ FKDUDFWHUV DUH DPRQJ WKH PRVW GHOLFLRXVO\ REVHVVLYH LQ FRQWHPSRUDU\ ILFWLRQ UHIOHFWLQJ RQ WKHLU ORWV LQ OLIH WR WKH SRLQW ZKHUH JORRP RIWHQ OHDGV WR GRRP %RVWRQ *OREH $ W\SLFDOO\ FUXHO DQG VXEWOH SLHFH RI ZRUN 1HZ <RUN 7LPHV %RRN 5HYLHZ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ 8.

%$5%$5$ 9,1( V DFFODLPHG QRYHOV LQFOXGH 7KH 0LQRWDXU 7KH %ORRG 'RFWRU *UDVVKRSSHU $QQD V %RRN DQG $ 'DUN $GDSWHG (\H 6KH KDV ZRQ PDQ\ DZDUGV IRU OLWHUDU\ DFFRPSOLVKPHQW XQGHU ERWK SHQ QDPH %DUEDUD 9LQH DQG DV 5XWK 5HQGHOO LQFOXGLQJ WKUHH (GJDU $ZDUGV DQG IRXU *ROG 'DJJHUV

5LJKWV 506 7HUULWRULHV 86 RQO\ $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 7KH %LUWKGD\ 3UHVHQW 9LQH %DUEDUD +& 7KH 0LQRWDXU 9LQH %DUEDUD 75 7KH 0LQRWDXU 9LQH %DUEDUD +& %ORRG 'RFWRU 9LQH %DUEDUD 75 7KH %ORRG 'RFWRU 9LQH %DUEDUD +& &RPS 7LWOHV 7KH :DWHU V /RYHO\ 5HQGHOO 5XWK 75 (QG ,Q 7HDUV 5HQGHOO 5XWK 75 6WHSV 'RZQ 5HQGHOO 5XWK 75

,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV 9LQWDJH 6KD\H $UHKHDUW %RRNV 9LQWDJH 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 9LQWDJH 9LQWDJH 9LQWDJH

3ULFH 3ULFH 3ULFH

165 www.CrownPublishing.com

1R 5LJKW WR 5HPDLQ 6LOHQW

:KDW :H YH /HDUQHG IURP WKH 7UDJHG\ DW 9LUJLQLD 7HFK )RUPHU &KDLU RI WKH 'HSDUWPHQW RI (QJOLVK

1R 5LJKW WR 5HPDLQ 6LOHQW /XFLQGD 5R\

:KDW :H YH /HDUQHG IURP WKH 7UDJHG\ DW 9LUJLQLD 7HFK

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7+5(( 5,9(56 35(66 +LVWRU\ $ +DUPRQ\ %RRNV 75$'( 3$3(5%$&. &RQYHUVLRÂ« &DWHJRU\ Â¬&XUUHQW $IIDLUV &DQ %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO +LVWRU\ $ +DUPRQ\ %RRNV 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ &RQYHUVLRÂ« 3DJH &RXQW 7ULP 6L]H [

&DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬&XUUHQW $IIDLUV (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬&XUUHQW $IIDLUV *HQHUDO 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 2UGHUÂ¬)RUPÂ¬&DW Â¬121),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬+DUPRQ\ 75 &RQYHUVLR 1HZV ZHEVLWH DGYHUWLVLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ &ROOHJH VWXGHQW JRYHUQPHQW DQG VWXGHQW DIIDLUV RIILFH PDLOLQJ 3URPRWLRQ WR DQWL VFKRRO YLROHQFH JURXSV 1DWLRQDO SULQW DWWHQWLRQ &RRUGLQDWHG SURPRWLRQ ZLWK DFDGHPLF 1HZV ZHEVLWH DGYHUWLVLQJ DQG OLEUDU\ PDUNHWLQJ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ &ROOHJH VWXGHQW JRYHUQPHQW DQG VWXGHQW DIIDLUV RIILFH PDLOLQJ 3URPRWLRQ WR DQWL VFKRRO YLROHQFH JURXSV &RRUGLQDWHG SURPRWLRQ ZLWK DFDGHPLF DQG OLEUDU\ PDUNHWLQJ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

$ PXVW IRU FRXUVH DGRSWLRQ 7KLV WUDJLF EXW PRYLQJ PHPRLU LV DQ HVVHQWLDO UHVRXUFH IRU

.H\ 3RLQWV 4XRWHV HGXFDWRUV VWXGHQWV DQG SDUHQWV DOLNH DQG WKH SDSHUEDFN IRUPDW PDNHV LW DFFHVVLEOH WR

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

SHUVRQ 7KH (FRQRPLVW 1R 5LJKW WR 5HPDLQ 6LOHQW H[SRVHV JDSLQJ IODZV LQ WKH V\VWHP IRU GHDOLQJ ZLWK GDQJHURXVO\ WURXEOHG VWXGHQWV :DVKLQJWRQ 3RVW

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

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

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE +DUPRQ\ 7UDQVODWLRQ ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ +DUPRQ\

5HSULQW 3ULFH VW 6HULDO &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW &DQ

5LJKWV 506

166

,6%1 ,6%1 ,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

+DUSHU 3HUHQQLDO +DUSHU&ROOLQV 3XEOLVKHU +DUSHU 3HUHQQLDO +DUPRQ\ +DUSHU&ROOLQV 3XEOLVKHU 3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUSHU 3HUHQQLDO 7KUHH 5LYHUV 3UHVV +DUSHU&ROOLQV 7KUHH 5LYHUV 3UHVV +DUSHU 3HUHQQLDO +DUSHU&ROOLQV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH 3ULFH &DQ &DQ

&DQ &DQ

3ULFH &DQ &DQ &DQ

6KLIW <RXU +DELW 6KLIW <RXU +DELW (DV\ &KDQJHV WR 6DYH <RXU 0RQH\ 7LPH 3ODQHW (DV\ &KDQJHV WR 6DYH <RXU 0RQH\ 7LPH 3ODQHW &RDXWKRU RI 7KH *UHHQ %RRN &RDXWKRU RI 7KH *UHHQ %RRN

(OL]DEHWK 5RJHUV (OL]DEHWK 5RJHUV

Â© Ingrid Franz Moriarty

21 6$/( 21 6$/( 7+5(( 5,9(56 35(66 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. 75$'( 3$3(5%$&.

&DQ &DQ &DWHJRU\ Â¬1DWXUH (QYLURQPHQWDO &DWHJRU\ Â¬1DWXUH (QYLURQPHQWDO &RQVHUYDWLRQ %XVLQHVV &RQVHUYDWLRQ %XVLQHVV (FRQRPLFV 3HUVRQDO )LQDQFH (FRQRPLFV 3HUVRQDO )LQDQFH %,6$&Â¬&DW Â¬1DWXUH (QYLURQPHQWDO %,6$&Â¬&DW Â¬1DWXUH (QYLURQPHQWDO &RQVHUYDWLRQ 3URWHFWLRQ &RQVHUYDWLRQ 3URWHFWLRQ 2UGHUÂ¬)RUPÂ¬&DW Â¬1$785( 2UGHUÂ¬)RUPÂ¬&DW Â¬1$785( 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬*5$3+6 $1' &+$576 ,OOXVWUDWLRQV Â¬*5$3+6 $1' &+$576 7+528*+287 7+528*+287 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

$XWKRU 5HVLGHQFH 9HQLFH &$ $XWKRU 5HVLGHQFH 9HQLFH &$ %HVWVHOOLQJ DXWKRU (OL]DEHWK 5RJHUV LV DQ HQYLURQPHQWDO FRQVXOWDQW DQG

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV $XGLR <HV %ULWLVK 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV %RRN &OXE <HV 7UDQVODWLRQ 1R 7UDQVODWLRQ 1R $JHQF\ ,1.:(// 0$1$*(0(17 //& $JHQF\ ,1.:(// 0$1$*(0(17 //&

2WKHU (GLWLRQV ,6%1 2WKHU (GLWLRQV ,6%1 ( ERRN ( ERRN +LVW 3UHY 7LWOHV ,6%1 +LVW 3UHY 7LWOHV ,6%1 7KH *UHHQ %RRN 5RJHUV (OL]DEHWK 75 7KH *UHHQ %RRN 5RJHUV (OL]DEHWK 75 &RPS 7LWOHV ,6%1 &RPS 7LWOHV ,6%1 ,W V $OO 7RR 0XFK :DOVK 3HWHU 75 ,W V $OO 7RR 0XFK :DOVK 3HWHU 75 $PHULFD 6 &KHDSHVW )DPLO\ *HWV (FRQRPLGHV 6 75 $PHULFD 6 &KHDSHVW )DPLO\ *HWV (FRQRPLGHV 6 75 7KH &RPSOHWH 7LJKWZDG *D]HWWH 'DF\F]\Q $P\ 75 7KH &RPSOHWH 7LJKWZDG *D]HWWH 'DF\F]\Q $P\ 75

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

5HSULQW <HV 5HSULQW <HV VW 6HULDO 1R VW 6HULDO 1R 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' 3,1( $JHQW 5,&+$5' 3,1(

3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 3XEOLVKHU )UHH 3UHVV )UHH 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 9LOODUG %RRNV 9LOODUG %RRNV

3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ &DQ

167 www.CrownPublishing.com

7KH ,QJHQLRXV (GJDU -RQHV $ 1RYHO

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

21 6$/(

.H\ 3RLQWV 4XRWHV

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

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

&DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ %RRN VLWH DGYHUWLVLQJ %RRN VLWH JLYHDZD\ FRQWHVW 4XRWH VKHHW PDLOLQJ WR ERRNVHOOHUV

3UDLVH IRU 7KH ,QJHQLRXV (GJDU -RQHV +HDUWEUHDNLQJ H[KLODUDWLQJ DQG XQIRUJHWWDEOH (GJDU V ULWH RI SDVVDJH LQWR DGXOWKRRG LV DOVR D 'DUZLQLDQ SRUWUDLW RI D VRFLHW\ LQ XSKHDYDO %RRNOLVW VWDUUHG UHYLHZ *DUQHU V ZULWLQJ LV FULVS DQG VWUDLJKWIRUZDUG %RVWRQ *OREH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 2[IRUG (QJODQG

(/,=$%(7+ *$51(5 ZDV ERUQ LQ &KHVKLUH (QJODQG DQG QRZ OLYHV LQ 2[IRUG 7KH ,QJHQLRXV (GJDU -RQHV LV KHU $PHULFDQ GHEXW

5LJKWV 506 7HUULWRULHV 86 DQG RSHQ PDUNHW QR &DQDGD

$XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

%RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 3)' 1(: <25.

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW =2( 3$*1$0(17$

2WKHU (GLWLRQV ( ERRN +LVW 3UHY 7LWOHV 7KH ,QJHQLRXV (GJDU -RQHV *DUQHU ( +& &RPS 7LWOHV 7KH 6RPQDPEXOLVW %DUQHV -RQDWKDQ 75 $QJHOLFD 3KLOOLSV $UWKXU 75 +H\GD\ $QGHUVHQ .XUW 75 7KH 7KLUWHHQWK 7DOH 6HWWHUILHOG 'LDQH +& 7KH $OFKHPLVW V 'DXJKWHU 0F0DKRQ . 75 7KH (J\SWRORJLVW 3KLOOLSV $UWKXU 75

,6%1 ,6%1 ,6%1

168 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU &URZQ 3XEOLVKHU &URZQ 3XEOLVKHU +DUSHU&ROOLQV 5+ 7UDGH 5+ 7UDGH 6LPRQ 6FKXVWHU 7KUHH 5LYHUV 3UHVV 5+ 7UDGH

3ULFH 3ULFH 3ULFH &DQ &DQ &DQ

7KH /DVW 6HFUHW $ 1RYHO

%HVWVHOOLQJ $XWKRU RI 6RQJV LQ 2UGLQDU\ 7LPH 7KH /DVW 6HFUHW

$ 1RYHO 0DU\ 0F*DUU\ 0RUULV

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( 7+5(( 5,9(56 35(66 &DQ 75$'( 3$3(5%$&.

&DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬)LFWLRQ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3URGÂ¬7\SH Â¬6$% 75 7ULP 6L]H [ 3DJH &RXQW &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬6$% 75 1DWLRQDO SULQW DWWHQWLRQ %RRN EORJJHU RXWUHDFK DQG JLYHDZD\V %RRN VLWH JLYHDZD\ 3URPRWLRQ RQ DXWKRU V ZHEVLWH 0DU\0F*DUU\0RUULV FRP 1DWLRQDO SULQW DWWHQWLRQ %RRN *URXS LQ D %R[ SURPRWLRQ %RRN EORJJHU RXWUHDFK DQG JLYHDZD\V 5HDGLQJ *URXS *XLGH %RRN VLWH JLYHDZD\ 5HDG ,W )RUZDUG SURPRWLRQ 3URPRWLRQ RQ DXWKRU V ZHEVLWH 0DU\0F*DUU\0RUULV FRP %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 5HDG ,W )RUZDUG SURPRWLRQ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

$ JULSSLQJ WDOH RI D ZRPDQ ZKR XQFRYHUV KHU KXVEDQG V DIIDLU ZKLOH D GDUN %HVWVHOOLQJ $XWKRU RI 6RQJV LQ 2UGLQDU\ 7LPH VHFUHW IURP KHU SDVW VXGGHQO\ UHHPHUJHV ZLWK GHYDVWDWLQJ FRQVHTXHQFHV 0DU\ 0F*DUU\ 0RUULV 1RUD +DPPRQG VHHPV WR KDYH LW DOO D ORYLQJ KXVEDQG WZR FKLOGUHQ D MRE DW KHU KXVEDQG V IDPLO\ QHZVSDSHU LQ D VWDLG 1HZ (QJODQG WRZQ DQG DQ LPSRUWDQW $ JULSSLQJ WDOH RI D ZRPDQ ZKR XQFRYHUV KHU KXVEDQG V DIIDLU ZKLOH D GDUN UROH LQ KHU FRPPXQLW\ V FKDULWDEOH DFWLYLWLHV %XW KHU SULYLOHJHG OLIH WKUHDWHQV WR VHFUHW IURP KHU SDVW VXGGHQO\ UHHPHUJHV ZLWK GHYDVWDWLQJ FRQVHTXHQFHV XQUDYHO ZKHQ VKH OHDUQV RI KHU KXVEDQG V DIIDLU MXVW DV WKH VSHFWUH RI KHU RZQ 1RUD +DPPRQG VHHPV WR KDYH LW DOO D ORYLQJ KXVEDQG WZR FKLOGUHQ D MRE SDVW UHWXUQV ZLWK WHUULI\LQJ IRUFH $ WDXWO\ WROG WDOH WKDW DFFHOHUDWHV WR D VKDWWHULQJ DW KHU KXVEDQG V IDPLO\ QHZVSDSHU LQ D VWDLG 1HZ (QJODQG WRZQ DQG DQ LPSRUWDQW FRQFOXVLRQ 7KH /DVW 6HFUHW H[SORUHV WKH LUUHSDUDEOH FRQVHTXHQFHV RI RQH UROH LQ KHU FRPPXQLW\ V FKDULWDEOH DFWLYLWLHV %XW KHU SULYLOHJHG OLIH WKUHDWHQV WR IDPLO\ V FULPHV RI WKH KHDUW XQUDYHO ZKHQ VKH OHDUQV RI KHU KXVEDQG V DIIDLU MXVW DV WKH VSHFWUH RI KHU RZQ SDVW UHWXUQV ZLWK WHUULI\LQJ IRUFH $ WDXWO\ WROG WDOH WKDW DFFHOHUDWHV WR D VKDWWHULQJ FRQFOXVLRQ 7KH /DVW 6HFUHW H[SORUHV WKH LUUHSDUDEOH FRQVHTXHQFHV RI RQH IDPLO\ V FULPHV RI WKH KHDUW

.H\ 3RLQWV 4XRWHV

6WURQJ SDSHUEDFN UHFRUG 7KLV LV 0DU\ 0F*DUU\ 0RUULV V VHYHQWK KLJKO\ DFFODLPHG .H\ 3RLQWV 4XRWHV QRYHO DQG LV D JUHDW DGGLWLRQ WR WKH 7KUHH 5LYHUV 3UHVV ILFWLRQ OLVW RQH WKDW LV NQRZQ IRU WKH TXDOLW\ RI LWV VXVSHQVH QRYHOV

8QEHOLHYDEOH UHYLHZV 7KH KDUGFRYHU UHFHLYHG JUHDW FRYHUDJH LQFOXGLQJ DQ 6WURQJ SDSHUEDFN UHFRUG 7KLV LV 0DU\ 0F*DUU\ 0RUULV V VHYHQWK KLJKO\ DFFODLPHG DSSHDUDQFH RQ WKH 'LDQH 5HKP 6KRZ QRYHO DQG LV D JUHDW DGGLWLRQ WR WKH 7KUHH 5LYHUV 3UHVV ILFWLRQ OLVW RQH WKDW LV NQRZQ IRU WKH TXDOLW\ RI LWV VXVSHQVH QRYHOV

7KH /DVW 6HFUHW LV VNLOOIXOO\ SDFHG LWV FKDUDFWHUV HQJURVVLQJO\ VQDUHG LQ FRPSOLFDWHG UHODWLRQVKLSV 1HZ <RUN 7LPHV %RRN 5HYLHZ 8QEHOLHYDEOH UHYLHZV 7KH KDUGFRYHU UHFHLYHG JUHDW FRYHUDJH LQFOXGLQJ DQ DSSHDUDQFH RQ WKH 'LDQH 5HKP 6KRZ

$ ZLFNHG WKULOOHU 3DLQIXOO\ LQVLJKWIXO ,QFUHGLEO\ H[FLWLQJ 5RQ &KDUOHV 7KH 7KH /DVW 6HFUHW LV VNLOOIXOO\ SDFHG LWV FKDUDFWHUV HQJURVVLQJO\ VQDUHG LQ :DVKLQJWRQ 3RVW FRPSOLFDWHG UHODWLRQVKLSV 1HZ <RUN 7LPHV %RRN 5HYLHZ $ FODVVLF WDOH RI ORYH JRQH ZURQJ ZLWK D FKLOOLQJ SV\FKRORJLFDO WZLVW 3DUDGH $ ZLFNHG WKULOOHU 3DLQIXOO\ LQVLJKWIXO ,QFUHGLEO\ H[FLWLQJ 5RQ &KDUOHV 7KH :DVKLQJWRQ 3RVW

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 2 %ULWLVK 1R 2WKHU (GLWLRQV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW ( ERRN

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ -($1 9 1$**$5 /,7(5$5< $JHQW -($1 1$**$5 $*(1&< 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $JHQF\ -($1 9 1$**$5 /,7(5$5< $JHQW -($1 1$**$5 6KD\H $UHKHDUW %RRNV &DQ $*(1&< ,6%1 2Q VDOH 3XEOLVKHU 3ULFH

+LVW 3UHY 7LWOHV 7KH /DVW 6HFUHW 0RUULV 0DU\ 0FJDUU\ +& )LRQD 5DQJH 0F*DUU\ 0RUULV 0DU\ 75 2WKHU (GLWLRQV )LRQD 5DQJH 0F*DUU\ 0RUULV 0DU\ +& ( ERRN 9DQLVKHG 0F*DUU\ 0RUULV 0DU\ +& +LVW 3UHY 7LWOHV 6RQJV LQ 2UGLQDU\ 7LPH 0F*DUU\ 0RUULV 0DU\ 75 7KH /DVW 6HFUHW 0RUULV 0DU\ 0FJDUU\ +& 6RQJV LQ 2UGLQDU\ 7LPH 0F*DUU\ 0RUULV 0DU\ +& )LRQD 5DQJH 0F*DUU\ 0RUULV 0DU\ 75 &RPS 7LWOHV )LRQD 5DQJH 0F*DUU\ 0RUULV 0DU\ +& 7KH 7KLUG $QJHO +RIIPDQ $OLFH 75 9DQLVKHG 0F*DUU\ 0RUULV 0DU\ +& 6KDUS 2EMHFWV )O\QQ *LOOLDQ 75 6RQJV LQ 2UGLQDU\ 7LPH 0F*DUU\ 0RUULV 0DU\ 75 6RQJV LQ 2UGLQDU\ 7LPH 0F*DUU\ 0RUULV 0DU\ +& &RPS 7LWOHV 7KH 7KLUG $QJHO +RIIPDQ $OLFH 75 6KDUS 2EMHFWV )O\QQ *LOOLDQ 75

www.CrownPublishing.com

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

6KD\H $UHKHDUW %RRNV 3HQJXLQ 3XEOLVKHU 9LNLQJ 6KD\H $UHKHDUW %RRNV 9LNLQJ 3XEOLVKHU 3HQJXLQ 6KD\H $UHKHDUW %RRNV 9LNLQJ 3HQJXLQ 3XEOLVKHU 9LNLQJ 7KUHH 5LYHUV 3UHVV 9LNLQJ 7KUHH 5LYHUV 3UHVV 3HQJXLQ 9LNLQJ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

&DQ 3ULFH &DQ

3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ &DQ

169

$ 3URSHU (GXFDWLRQ IRU *LUOV $ 1RYHO

(ODLQH GL5ROOR

$ 3URSHU (GXFDWLRQ IRU *LUOV 1HZ LQ SDSHUEDFN D GD]]OLQJ GHEXW QRYHO WKDW LOOXPLQDWHV WKH GDUN KHDUW RI $ 1RYHO 9LFWRULDQ K\SRFULV\ DQG FKDPSLRQV WKH SRZHUIXO GHYRWLRQ RI VLVWHUKRRG

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( +LVWRU\ $ &URZQ FRQYHUVLRQ 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

&DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ +LVWRU\ $ &URZQ FRQYHUVLRQ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 $GYHUWLVLQJ RQ ERRN DQG UHDGLQJ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV ZHEVLWHV %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW +LVWRULFDO )LFWLRQ 1DWLRQDO SULQW DWWHQWLRQ &RQIHUHQFH $GYHUWLVLQJ RQ ERRN DQG UHDGLQJ ZHEVLWHV %RRN *URXS LQ D %R[ SURPRWLRQ 5HDG ,W )RUZDUG SURPRWLRQ 3RVWFDUG SURPRWLRQ DW +LVWRULFDO )LFWLRQ &RQIHUHQFH

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

(/$,1( GL52//2 ZDV ERUQ LQ 2UPVNLUN /DQFDVKLUH DQG QRZ OLYHV LQ (GLQEXUJK ZKHUH VKH LV D OHFWXUHU DW 1DSLHU 8QLYHUVLW\ 6KH KDV D 3K ' LQ WKH VRFLDO KLVWRU\ RI PHGLFLQH IURP (GLQEXUJK 8QLYHUVLW\ $ 3URSHU (GXFDWLRQ IRU *LUOV LV KHU ILUVW QRYHO

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH (GLQEXUJK 6FRWODQG

5LJKWV 506 7HUULWRULHV 86 RQO\ $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ /<216 /,7(5$5< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -21$7+$1 /<216

7HUULWRULHV 86 RQO\ 2WKHU (GLWLRQV $XGLR 1R ( ERRN %ULWLVK 1R +LVW 3UHY 7LWOHV 5HVWULFWLRQ $YDLODEOH LQ 86 RQO\ 3URSHU (GXFDWLRQ )RU GL5ROOR ( +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ 1R ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ /<216 /,7(5$5< //& &URZQ

5HSULQW <HV 3ULFH VW 6HULDO <HV 6SHFLDO 0DUNHWV 3ULFH $JHQW -21$7+$1 /<216

5LJKWV 506

170

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www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 6SLHJHO *UDX 3XEOLVKHU 5+ 7UDGH &URZQ $QFKRU 3XEOLVKHU 9LQWDJH &URZQ 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +RXJKWRQ 7KUHH 5LYHUV 3UHVV 6SLHJHO *UDX 5+ 7UDGH $QFKRU 9LQWDJH 7KUHH 5LYHUV 3UHVV +RXJKWRQ

3ULFH &DQ 3ULFH &DQ &DQ 3ULFH 3ULFH &DQ &DQ &DQ

$ 7HUULEOH 6SOHQGRU

7KUHH ([WUDRUGLQDU\ 0HQ D :RUOG 3RLVHG IRU :DU DQG WKH *UHDWHVW 7HQQLV 0DWFK (YHU 3OD\HG

$ 7HUULEOH 6SOHQGRU 0DUVKDOO -RQ )LVKHU

7KUHH ([WUDRUGLQDU\ 0HQ D :RUOG 3RLVHG IRU :DU DQG $ WRXU GH IRUFH RI QDUUDWLYH QRQILFWLRQ WKDW FDSWXUHV WKH FXOWXUDO VSHFWDFOH WKH *UHDWHVW 7HQQLV 0DWFK (YHU 3OD\HG DQG SROLWLFDO GUDPD VXUURXQGLQJ WKH PRVW VWRULHG WHQQLV PDWFK RI WKH WK

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬6SRUWV 5HFUHDWLRQ 7HQQLV %,6$&Â¬&DW Â¬6SRUWV 5HFUHDWLRQ 7HQQLV 2UGHUÂ¬)RUPÂ¬&DW Â¬63257 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 &DWHJRU\ Â¬6SRUWV 5HFUHDWLRQ 7HQQLV /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬6SRUWV 5HFUHDWLRQ 7HQQLV (GLWLRQÂ¬'HVF Â¬&219(56,21 2UGHUÂ¬)RUPÂ¬&DW Â¬63257 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*( % : ,16(57 /RDGÂ¬*URXS Â¬ 1DWLRQDO SULQW DWWHQWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 $GYHUWLVLQJ RQ WHQQLV ZHEVLWHV 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 6SRUWV EORJJHU RXWUHDFK

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

.H\ 3RLQWV 4XRWHV

)LQDQFLDO 7LPHV 6DQ )UDQFLVFR &KURQLFOH DQG 7HQQLV :HHN ,W DOVR ERDVWV D NLOOHU

OLQHXS RI DGYDQFH SUDLVH IURP VSRUWV DQG OLWHUDU\ KHDY\ZHLJKWV DOLNH .H\ 3RLQWV 4XRWHV

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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ WHQQLV ZHEVLWHV 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 6SRUWV EORJJHU RXWUHDFK

+LJK VWDNHV 9RQ &UDPP D GHYDVWDWLQJO\ KDQGVRPH DULVWRFUDW ZDV ZRUOG UHQRZQHG IRU KLV VSRUWVPDQVKLS EXW KLV UHMHFWLRQ RI WKH 1D]LV DQG KLV FORVHWHG KRPRVH[XDOLW\ SODFHG KLP LQ H[WUHPH SHULO , P SOD\LQJ IRU P\ OLIH YRQ &UDPP FRQIHVVHG WR KLV $PHULFDQ PHQWRU 7LOGHQ 7KH GDVKLQJ *HUPDQ IHDUHG WKDW LI KH ORVW KLV UDQNLQJ WKH 1D]LV 0$56+$// -21 ),6+(5 KDV ZULWWHQ IRU 7KH $WODQWLF 0RQWKO\ +DUSHU V DQG ZRXOG VHH WKDW KH GLVDSSHDUHG

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ $/%(57 5,&( /$)$5*(

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $/%(57 /$)$5*(

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV &RPS 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV &URZQ 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ $/%(57 5,&( /$)$5*(

5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW $/%(57 &DQ /$)$5*(

5LJKWV 506

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

,6%1 ,6%1

www.CrownPublishing.com

2Q VDOH 2Q VDOH

&URZQ 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 3XEOLVKHU +\SHULRQ &URZQ %URDGZD\ %DOODQWLQH %RRNV 3XEOLVKHU 9LOODUG %RRNV &URZQ %DOODQWLQH %RRNV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV +\SHULRQ %URDGZD\ %DOODQWLQH %RRNV 9LOODUG %RRNV %DOODQWLQH %RRNV

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

171

:DWHU 6WRQH +HDUW $ 1RYHO

$XWKRU RI 7KH /RQJ :DON +RPH

:DWHU 6WRQH +HDUW :LOO 1RUWK $ 1RYHO

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬)LFWLRQ %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ &DWHJRU\ Â¬)LFWLRQ (GLWLRQÂ¬'HVF Â¬&219(56,21 %,6$&Â¬&DW Â¬)LFWLRQ *HQHUDO 3URGÂ¬7\SH Â¬6$% 75 2UGHUÂ¬)RUPÂ¬&DW Â¬),&7,21 *(1(5$/ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬6$% 75 $GYHUWLVLQJ DQG JLYHDZD\V RQ ERRN VLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH :LOO1RUWK2QOLQH FRP %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 1DWLRQDO SULQW DWWHQWLRQ 5HDG ,W )RUZDUG SURPRWLRQ $GYHUWLVLQJ DQG JLYHDZD\V RQ ERRN VLWHV 3URPRWLRQ RQ DXWKRU V ZHEVLWH :LOO1RUWK2QOLQH FRP %RRN *URXS LQ D %R[ SURPRWLRQ 5HDGLQJ *URXS *XLGH 5HDG ,W )RUZDUG SURPRWLRQ

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

1RUWK GHIWO\ FUHDWHV DQ HQFKDQWLQJ DQG WRXFKLQJ ORYH VWRU\ UHPLQLVFHQW RI WKRVH E\ 1LFKRODV 6SDUNV %RRNOLVW $ WUXO\ PDJLFDO HQGLQJ $ VLPSOH PLOGO\ ROG IDVKLRQHG LQWHOOLJHQWO\ ZULWWHQ ORYH VWRU\ .LUNXV

$ERXW WKH $XWKRU ,OOXVWUDWRU

1RUWK GHIWO\ FUHDWHV DQ HQFKDQWLQJ DQG WRXFKLQJ ORYH VWRU\ UHPLQLVFHQW RI WKRVH $XWKRU 5HVLGHQFH 6HDWWOH :$ DQG 8. E\ 1LFKRODV 6SDUNV %RRNOLVW :,// 1257+ LV WKH DZDUG ZLQQLQJ DXWKRU FRDXWKRU DQG JKRVWZULWHU RI D KDOI D GR]HQ QRQILFWLRQ ERRNV +H GLYLGHV KLV WLPH EHWZHHQ 6HDWWOH :DVKLQJWRQ DQG %ULWDLQ 7KLV LV KLV ILUVW QRYHO 9LVLW KLP RQOLQH DW :LOO1RUWK2QOLQH FRP

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6HDWWOH :$ DQG 8.

:,// 1257+ LV WKH DZDUG ZLQQLQJ DXWKRU FRDXWKRU DQG JKRVWZULWHU RI D KDOI D GR]HQ QRQILFWLRQ ERRNV +H GLYLGHV KLV WLPH EHWZHHQ 6HDWWOH :DVKLQJWRQ DQG %ULWDLQ 7KLV LV KLV ILUVW QRYHO 9LVLW KLP RQOLQH DW :LOO1RUWK2QOLQH FRP

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

:DWHU 6WRQH +HDUW 1RUWK :LOO +& 7KH /RQJ :DON +RPH 1RUWK :LOO 75 7KH /RQJ :DON +RPH 1RUWK :LOO +& 2WKHU (GLWLRQV &RPS 7LWOHV ( ERRN 'XUDEOH *RRGV %HUJ (OL]DEHWK 75 +LVW 3UHY 7LWOHV :DWHU 6WRQH +HDUW 1RUWK :LOO +& 7KH /RQJ :DON +RPH 1RUWK :LOO 75 7KH /RQJ :DON +RPH 1RUWK :LOO +& &RPS 7LWOHV 'XUDEOH *RRGV %HUJ (OL]DEHWK 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ (1'($925 $*(1&< //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5,&+$5' $%$7( 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV 6KD\H $UHKHDUW %RRNV &DQ $JHQF\ (1'($925 $*(1&< //& $JHQW 5,&+$5' ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $%$7( 6KD\H $UHKHDUW %RRNV &DQ

,6%1 ,6%1 ,6%1 ,6%1

172 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV 6KD\H $UHKHDUW %RRNV 3XEOLVKHU 3XEOLVKHU 6KD\H $UHKHDUW %RRNV %DOODQWLQH %RRNV 3XEOLVKHU 6KD\H $UHKHDUW %RRNV 7KUHH 5LYHUV 3UHVV 6KD\H $UHKHDUW %RRNV 3XEOLVKHU %DOODQWLQH %RRNV

&DQ &DQ 3ULFH 3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ

:HOOHU V :DU

$ /HJHQGDU\ )RUHLJQ &RUUHVSRQGHQW V 6DJD RI :RUOG :DU ,, RQ )LYH &RQWLQHQWV

:HOOHU V :DU *HRUJH :HOOHU

$ /HJHQGDU\ )RUHLJQ &RUUHVSRQGHQW V 6DJD RI :RUOG (GLWRU $QWKRQ\ :HOOHU :DU ,, RQ )LYH &RQWLQHQWV

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ

7+5(( 5,9(56 35(66 75$'( 3$3(5%$&. &DWHJRU\ Â¬+LVWRU\ 0LOLWDU\ :: ,, %,6$&Â¬&DW Â¬+LVWRU\ 0LOLWDU\ :RUOG :DU ,, 2UGHUÂ¬)RUPÂ¬&DW Â¬:$5 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*(6 2) % : 3+2726 $1' &DWHJRU\ Â¬+LVWRU\ 0LOLWDU\ :: ,, ,//8675$7,216 0$36 %,6$&Â¬&DW Â¬+LVWRU\ 0LOLWDU\ :RUOG :DU ,, /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬:$5 (GLWLRQÂ¬'HVF Â¬&219(56,21 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3$*(6 2) % : 3+2726 $1' ,//8675$7,216 0$36 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 1DWLRQDO SULQW DWWHQWLRQ 3URGÂ¬7\SH Â¬&URZQ 75 &RQYHUVLRQV $GYHUWLVLQJ RQ ERRN VLWHV 7DUJHWHG VHDUFK FDPSDLJQ IRU :RUOG :DU ,, WHUPV :RUOG :DU ,, EORJJHU RXWUHDFK %X]] PDLOLQJ WR MRXUQDOLVP VFKRROV 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ ERRN VLWHV 7DUJHWHG VHDUFK FDPSDLJQ IRU :RUOG :DU ,, WHUPV :RUOG :DU ,, EORJJHU RXWUHDFK %X]] PDLOLQJ WR MRXUQDOLVP VFKRROV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

(OHFWULI\LQJ EOHQG RI MRXUQDOLVP DQG KLVWRU\ %RWK D WKULOOLQJ ILUVW SHUVRQ DGYHQWXUH

.H\ 3RLQWV 4XRWHV DQG DQ LPSRUWDQW KLVWRULFDO GRFXPHQW :HOOHU V :DU DOVR KDV DFDGHPLF DSSHDO

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

GHVFULSWLYH SRZHU EULQJ DOO WRR DOLYH WKH VFDU\ PHVV\ UHOHQWOHVV EORRG\ EXVLQHVV RI 6KUHZG DQG YHUEDOO\ SLFWRULDO D UHZDUGLQJ UHPLQGHU RI >:HOOHU V@ SURPLQHQFH %RRNOLVW ZDUIDUH )LQDQFLDO 7LPHV $GGV VFRSH DQDO\VLV DQG HPRWLRQDO LPPHGLDF\ WR D FULWLFDO ERG\ RI KLVWRU\ .LUNXV )HDUOHVV DQG SUROLILF &RPSHOOLQJ DQG SUHFLVH %RVWRQ *OREH 5HYLHZV VWDUUHG UHYLHZ

:HOOHU KDG QR VHQVH RI KLPVHOI DV D *UHDW -RXUQDOLVW ZKLFK SHUKDSV LV ZK\ KH ZDV RQH 7KLV DQWKRORJ\ VKRXOG JLYH KLP WKH UHFRJQLWLRQ KLV ZRUN PHULWV 3XEOLVKHUV :HHNO\ VWDUUHG UHYLHZ

6KUHZG DQG YHUEDOO\ SLFWRULDO D UHZDUGLQJ UHPLQGHU RI >:HOOHU V@ SURPLQHQFH %RRNOLVW $GGV VFRSH DQDO\VLV DQG HPRWLRQDO LPPHGLDF\ WR D FULWLFDO ERG\ RI KLVWRU\ .LUNXV $XWKRU 5HVLGHQFH *ORXFHVWHU 0$ $XWKRU +RPHWRZQ %RVWRQ 0$ 5HYLHZV VWDUUHG UHYLHZ

$ERXW WKH $XWKRU ,OOXVWUDWRU

*(25*( :(//(5 FRYHUHG :RUOG :DU ,, IRU WKH &KLFDJR 'DLO\ 1HZV ZRQ QXPHURXV DZDUGV IRU KLV UHSRUWLQJ DQG UHPDLQHG ZLWK WKH SDSHU IRU \HDUV +H GLHG LQ DW WKH DJH RI $17+21< :(//(5 LV D QRYHOLVW DQG PXVLFLDQ +H OLYHV LQ WKH %RVWRQ DUHD

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH *ORXFHVWHU 0$

$XWKRU +RPHWRZQ %RVWRQ 0$

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV 2WKHU (GLWLRQV %ULWLVK 1R ( ERRN 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW +LVW 3UHY 7LWOHV

)LUVW ,QWR 1DJDVDNL :HOOHU *HRUJH 75 &RPS 7LWOHV /RYH 6WRULHV 2I :RUOG :DU ,L .LQJ /DUU\ 75 2WKHU (GLWLRQV 7KH *KRVW 0RXQWDLQ %R\V &DPSEHOO -DPHV 75 ( ERRN +LVW 3UHY 7LWOHV )LUVW ,QWR 1DJDVDNL :HOOHU *HRUJH 75 &RPS 7LWOHV /RYH 6WRULHV 2I :RUOG :DU ,L .LQJ /DUU\ 75 7KH *KRVW 0RXQWDLQ %R\V &DPSEHOO -DPHV 75

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV $JHQF\ '812: &$5/621 /(51(5 $JHQW +(15< /,7(5$ '812: 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO 1R ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 7UDQVODWLRQ 1R 6SHFLDO 0DUNHWV &URZQ &DQ $JHQF\ '812: &$5/621 /(51(5 $JHQW +(15< ,6%1 2Q VDOH 3XEOLVKHU 3ULFH /,7(5$ 7KUHH 5LYHUV 3UHVV '812: &DQ ,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV &URZQ

3ULFH &DQ 3ULFH &DQ &DQ

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ

173 www.CrownPublishing.com

(YHU\WKLQJ ,V *RLQJ WR .LOO (YHU\ERG\ 7KH 7HUULI\LQJO\ 5HDO :D\V WKH :RUOG :DQWV <RX 'HDG

5REHUW %URFNZD\ (YHU\WKLQJ ,V *RLQJ WR .LOO (YHU\ERG\

7KH 7HUULI\LQJO\ 5HDO :D\V WKH :RUOG :DQWV <RX 'HDG :H UH DOO REVHVVHG ZLWK WKH HQG RI WKH ZRUOG EXW SHUKDSV WKHUH LV VRPH VPDOO FRPIRUW LQ NQRZLQJ WKDW PD\EH LW V VRPHWKLQJ ZH FRXOG DOO GR WRJHWKHU DV D WHDP 7KHUH LV DIWHU DOO QR , LQ DSRFDO\SVH 5REHUW %URFNZD\

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7+5(( 5,9(56 35(66 +LVWRU\ $ 7KUHH 5LYHUV 3UHVV RULJÂ« 75$'( 3$3(5%$&. &DWHJRU\ Â¬6FLHQFH +XPRU %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( +LVWRU\ $ 7KUHH 5LYHUV 3UHVV RULJÂ« 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DWHJRU\ Â¬6FLHQFH +XPRU ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 %,6$&Â¬&DW Â¬6FLHQFH *HQHUDO /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬6&,(1&( (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ

0DUNHWLQJ DQG 3XEOLFLW\

$XWKRU LQWHUYLHZV RXW RI 3RUWODQG DQG 6HDWWOH 3RS FXOWXUH ZHEVLWH DGYHUWLVLQJ 1DWLRQDO SXEOLFLW\ 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 1DWLRQDO UHYLHZ DQG IHDWXUH DWWHQWLRQ ( EODVW WR SRS FXOWXUH OLVW $XWKRU LQWHUYLHZV RXW RI 3RUWODQG DQG ( FDUG IRU DXWKRU FRQWDFWV 6HDWWOH 3URPRWLRQ RQ DXWKRU V ZHEVLWH 3RS FXOWXUH ZHEVLWH DGYHUWLVLQJ ,)LJKW5RERWV FRP 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ ( EODVW WR SRS FXOWXUH OLVW ( FDUG IRU DXWKRU FRQWDFWV 3URPRWLRQ RQ DXWKRU V ZHEVLWH ,)LJKW5RERWV FRP

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

52%(57 %52&.:$< LV RQH RI RQO\ VL[ UHJXODU ZHHNO\ FROXPQLVWV IRU &UDFNHG FRP +H DOVR UXQV WKH VXFFHVVIXO KXPRU VLWH , )LJKW 5RERWV ZKHUH D GHGLFDWHG UHDGHUVKLS DYLGO\ DQWLFLSDWHV KLV ZHHNO\ XSGDWHV DQG NLQGO\ WROHUDWHV KLV PDQLF WHFKQR HYDQJHOL]LQJ +H OLYHV LQ 3RUWODQG 2UHJRQ ZLWK KLV JLUOIULHQG $XWKRU 5HVLGHQFH 3RUWODQG 25

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6&277 :$;0$1 $*(1&< ,1&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW %<5' /($9(//

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

174 www.CrownPublishing.com

2Q VDOH 2Q VDOH

7KUHH 5LYHUV 3UHVV %URDGZD\ 3XEOLVKHU +DUSHU 7KUHH 5LYHUV 3UHVV %ORRPVEXU\ 3XEOLVKHU 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV %URDGZD\ +DUSHU %ORRPVEXU\ 7KUHH 5LYHUV 3UHVV

&DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

%ODFN ,V WKH 1HZ %ODFN $ 3RVW 5DFLDO (QF\FORSHGLD

3DWULFH (YDQV

%ODFN ,V WKH 1HZ %ODFN

21 6$/( 7+5(( 5,9(56 35(66 75$'( 3$3(5%$&.

21 6$/( &DQ 7+5(( 5,9(56 35(66

75$'( 3$3(5%$&. &DWHJRU\ Â¬+XPRU %,6$&Â¬&DW Â¬+XPRU *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+8025 &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : 3+2726 $1' &DWHJRU\ Â¬+XPRU %,6$&Â¬&DW Â¬+XPRU *HQHUDO ,//8675$7,216 /RDGÂ¬*URXS Â¬ 2UGHUÂ¬)RUPÂ¬&DW Â¬+8025 (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3DJH &RXQW 7ULP 6L]H [ 3URGÂ¬7\SH Â¬753 2ULJLQDOV 75 &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : 3+2726 $1' ,//8675$7,216 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

3DWULFH (YDQV LV D ZULWHU DQG FRQWHQW SURGXFHU OLYLQJ LQ 1<& 7KURXJK KLV EORJ DQG RQOLQH SHUVRQD 7$1 DND 7KH $VVLPLODWHG 1HJUR ZZZ WKHDVVLPLODWHGQHJUR FRP KH KDV EHFRPH D YLUWXDO FURVVLQJ JXDUG RI FRQWHQW DW WKH LQWHUVHFWLRQ RI UDFH FXOWXUH DQG FODVV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ /-. /,7(5$5< 0$1$*(0(17

7HUULWRULHV :RUOG 2WKHU (GLWLRQV $XGLR <HV ( ERRN %ULWLVK <HV &RPS 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ ,6%1 2Q VDOH 3XEOLVKHU %RRN &OXE <HV 7KUHH 5LYHUV 3UHVV 7UDQVODWLRQ <HV ,6%1 2Q VDOH 3XEOLVKHU $JHQF\ /-. /,7(5$5< 0$1$*(0(17 5DQGRP +RXVH 7UDGH 6WXII :KLWH 3HRSOH /LNH /DQGHU &KULVWLDQ 75 3DSHUEDFNV 5LJKW 7R %H +RVWLOH $ 0FJUXGHU $DURQ 75 ,6%1 2Q VDOH 7KUHH 5LYHUV 3UHVV 2WKHU (GLWLRQV 3XEOLVKHU ( ERRN &RPS 7LWOHV

7KUHH 5LYHUV 3UHVV ,6%1 2Q VDOH 3XEOLVKHU 5DQGRP +RXVH 7UDGH 6WXII :KLWH 3HRSOH /LNH /DQGHU &KULVWLDQ 75 3DSHUEDFNV 5LJKW 7R %H +RVWLOH $ 0FJUXGHU $DURQ 75 7KUHH 5LYHUV 3UHVV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW -8' /$*+, 5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ 6SHFLDO 0DUNHWV 3ULFH $JHQW -8' /$*+,

&DQ

&DQ 3ULFH &DQ 3ULFH &DQ &DQ

175 www.CrownPublishing.com

176 www.CrownPublishing.com

www.CrownPublishing.com

$PHULFDQ +HDUW $VVRFLDWLRQ &RPSOHWH *XLGH WR :RPHQ V +HDUW +HDOWK 7KH *R 5HG )RU :RPHQ :D\ WR /RQJ /LIH DQG 9LWDOLW\ $PHULFDQ +HDUW $VVRFLDWLRQ &RPSOHWH *XLGH WR :RPHQ V +HDUW $PHULFDQ +HDUW $VVRFLDWLRQ +HDOWK

21 6$/( &/$5.621 3277(5 +$5'&29(5

21 6$/( &DQ

&/$5.621 3277(5 +$5'&29(5 &DWHJRU\ Â¬+HDOWK 'LVHDVHV +HDUW +HDOWK :RPHQ V %,6$&Â¬&DW Â¬+HDOWK )LWQHVV 'LVHDVHV &DQ +HDUW 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬+HDOWK 'LVHDVHV +HDUW +HDOWK &DUWRQ &RXQW :RPHQ V /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬+HDOWK )LWQHVV 'LVHDVHV 3URGÂ¬7\SH Â¬3RWWHU +& +HDUW 2UGHUÂ¬)RUPÂ¬&DW Â¬',(7 +($/7+ ),71(66 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

ZRPHQ DERXW WKH LPSRUWDQFH RI KHDUW KHDOWK

.H\ 3RLQWV 4XRWHV 0RUH WKDQ PLOOLRQ $PHULFDQ ZRPHQ KDYH KHDUW GLVHDVH WKDW V DOPRVW WKH HQWLUH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

KHDOWK ,WV EHVWVHOOLQJ OLEUDU\ RI FRRNERRNV DQG JXLGHV LQFOXGHV $PHULFDQ +HDUW $VVRFLDWLRQ +HDOWK\ )DPLO\ 0HDOV 7KH 1HZ $PHULFDQ +HDUW $VVRFLDWLRQ &RRNERRN WK (GLWLRQ $PHULFDQ +HDUW $VVRFLDWLRQ 1R )DG 'LHW $PHULFDQ +HDUW $VVRFLDWLRQ /RZ 6DOW &RRNERRN UG (GLWLRQ $PHULFDQ +HDUW $VVRFLDWLRQ 7+( $0(5,&$1 +($57 $662&,$7,21 LV WKH QDWLRQ V SUHPLHU DXWKRULW\ RQ KHDUW /RZ &DORULH &RRNERRN DQG $PHULFDQ +HDUW $VVRFLDWLRQ 4XLFN (DV\ &RRNERRN KHDOWK ,WV EHVWVHOOLQJ OLEUDU\ RI FRRNERRNV DQG JXLGHV LQFOXGHV $PHULFDQ +HDUW )RU PRUH LQIRUPDWLRQ YLVLW ZZZ DPHULFDQKHDUW RUJ $VVRFLDWLRQ +HDOWK\ )DPLO\ 0HDOV 7KH 1HZ $PHULFDQ +HDUW $VVRFLDWLRQ &RRNERRN WK (GLWLRQ $PHULFDQ +HDUW $VVRFLDWLRQ 1R )DG 'LHW $PHULFDQ +HDUW $VVRFLDWLRQ /RZ 6DOW &RRNERRN UG (GLWLRQ $PHULFDQ +HDUW $VVRFLDWLRQ /RZ &DORULH &RRNERRN DQG $PHULFDQ +HDUW $VVRFLDWLRQ 4XLFN (DV\ &RRNERRN )RU PRUH LQIRUPDWLRQ YLVLW ZZZ DPHULFDQKHDUW RUJ 5LJKWV 506

$ERXW WKH $XWKRU ,OOXVWUDWRU

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\

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

178 www.CrownPublishing.com

2Q VDOH 2Q VDOH

&ODUNVRQ 3RWWHU %DQWDP 3XEOLVKHU &URZQ &ODUNVRQ 3RWWHU +DUSHU&ROOLQV &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU %DQWDP &URZQ +DUSHU&ROOLQV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 5HSULQW <HV 3ULFH VW 6HULDO <HV &DQ &DQ 6SHFLDO 0DUNHWV $JHQW 3ULFH

&DQ &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ &DQ

<RX .QRZ <RX :DQW ,W <RX .QRZ <RX :DQW ,W 6W\OH ,QVSLUDWLRQ &RQILGHQFH 6W\OH ,QVSLUDWLRQ &RQILGHQFH

(ULF 'DPDQ (ULF 'DPDQ )RUHZRUG E\ /HLJKWRQ 0HHVWHU )RUHZRUG E\ /HLJKWRQ 0HHVWHU

21 6$/( 21 6$/( &/$5.621 3277(5 &/$5.621 3277(5 +$5'&29(5 +$5'&29(5

&DQ &DQ &DWHJRU\ Â¬6HOI +HOS )DVKLRQ &DWHJRU\ Â¬6HOI +HOS )DVKLRQ %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO %,6$&Â¬&DW Â¬6HOI +HOS *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 6(/) +(/3 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ )8// &2/25 ,OOXVWUDWLRQV Â¬ )8// &2/25 3+272*5$3+6 3+272*5$3+6 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +& 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

2QH RI WKH VHYHQ LQQRYDWRUV ZKR FRXOG FKDQJH HYHU\WKLQJ DERXW WKH ZD\ ZH 2QH RI WKH VHYHQ LQQRYDWRUV ZKR FRXOG FKDQJH HYHU\WKLQJ DERXW WKH ZD\ ZH ORRN $OOXUH ORRN $OOXUH )DVKLRQ LV WKH IURVWLQJ RQ *RVVLS *LUO V VLQIXO VZHHWQHVV 9DQLW\ )DLU )DVKLRQ LV WKH IURVWLQJ RQ *RVVLS *LUO V VLQIXO VZHHWQHVV 9DQLW\ )DLU

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1HZ <RUN $XWKRU +RPHWRZQ 0RQURH 0LFKLJDQ

$XWKRU 5HVLGHQFH 1HZ <RUN 1HZ <RUN $XWKRU +RPHWRZQ 0RQURH 0LFKLJDQ (5,& '$0$1 LV WKH FRVWXPH GHVLJQHU IRU *RVVLS *LUO DQG SUHYLRXVO\ ZRQ DQ

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV $XGLR <HV %ULWLVK 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV %RRN &OXE <HV 7UDQVODWLRQ 1R 7UDQVODWLRQ 1R $JHQF\ (1'($925 $*(1&< //& $JHQF\ (1'($925 $*(1&< //&

&RPS 7LWOHV ,QIOXHQFH 0DU\ .DWH 2OVHQ DQG $VKOH\ 2OVHQ +& &RPS 7LWOHV 7KH 2QH +XQGUHG *DUFLD 1LQD +& ,QIOXHQFH 0DU\ .DWH 2OVHQ DQG $VKOH\ 2OVHQ +& 7LP *XQQ $ *XLGH WR 4XDOLW\ 7DVWH DQG 6W\OH +& 7KH 2QH +XQGUHG *DUFLD 1LQD +& 'UHVV <RXU %HVW .HOO\ &OLQWRQ 75 7LP *XQQ $ *XLGH WR 4XDOLW\ 7DVWH DQG 6W\OH +& 4XHHU (\H )RU 7KH 6WUDLJKW *X\ $OOHQ 7HG +& 'UHVV <RXU %HVW .HOO\ &OLQWRQ 75 6H[ DQG &LW\ .LVV 7HOO &PSQ %N 6RKQ $P\ 75 4XHHU (\H )RU 7KH 6WUDLJKW *X\ $OOHQ 7HG +& *RVVLS *LUO 9RQ =LHJHVDU &HFLO\ 75 6H[ DQG &LW\ .LVV 7HOO &PSQ %N 6RKQ $P\ 75 *RVVLS *LUO 9RQ =LHJHVDU &HFLO\ 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW <HV 5HSULQW <HV VW 6HULDO <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 6SHFLDO 0DUNHWV $JHQW 5(%(&&$ $JHQW 5(%(&&$ 2/,9(5 2/,9(5

3XEOLVKHU 5D]RUELOO 3XEOLVKHU &ROOLQV /LYLQJ 5D]RUELOO $EUDPV ,PDJH &ROOLQV /LYLQJ 7KUHH 5LYHUV 3UHVV $EUDPV ,PDJH &ODUNVRQ 3RWWHU 7KUHH 5LYHUV 3UHVV 6 6 3RFNHW %NV &ODUNVRQ 3RWWHU /LWWOH %URZQ 6 6 3RFNHW %NV /LWWOH %URZQ

3ULFH 3ULFH &DQ &DQ &DQ &DQ

179 www.CrownPublishing.com

7KH :KLPVLFDO %DNHKRXVH

)XQ WR 0DNH &DNHV 7KDW 7DVWH DV *RRG DV 7KH\ /RRN )RUHZRUG E\ 0HUHGLWK 9LHLUD

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

21 6$/( &/$5.621 3277(5 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&RRNLQJ %DNLQJ &RRNLQJ &DNHV %,6$&Â¬&DW Â¬&RRNLQJ %DNLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬3RWWHU 75 &RQYHUVLRQ

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ /RFDO (YHQWV DQG 5HYLHZV 5DGLR 7RXU $GYHUWLVLQJ RQ IRRG DQG EDNLQJ ZHEVLWHV 3RWWHU 5HFLSH &OXE )HDWXUH %ORJJHU RXWUHDFK

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

$ERXW WKH $XWKRU ,OOXVWUDWRU .$<( +$16(1 LV D VHOI WDXJKW EDNHU DQG WKH RZQHU RI WKH 5LYLHUD %DNHKRXVH LQ :HVWFKHVWHU WKH EDNHU\ RI FKRLFH IRU GHYRWHG FXVWRPHUV IURP $OEDQ\ WR 1HZ <RUN &LW\ /,9 +$16(1 ZDV WUDLQHG DV D SDLQWHU EHIRUH WXUQLQJ KHU H\H IRU FRORU DQG FRPSRVLWLRQ WR EXWWHUFUHDP DQG PHOWHG FKRFRODWH 7KH EDNHU\ KDV EHHQ IHDWXUHG LQ WKH 1HZ <RUN 7LPHV DQG WKH +DQVHQV KDYH DSSHDUHG RQ WKH 7RGD\ VKRZ )RRG 1HWZRUN DQG 7KH 9LHZ %RWK .D\H DQG /LY UHVLGH LQ 5RFNODQG &RXQW\

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV .LGV &DNHV IURP :KLP %NHKVH /LY +DQVHQ +& /LWWOH &DNHV )URP :KLP +DQVHQ .D\H +& &KULVWPDV &RRNLHV )URP 7KH +DQVHQ /LY +& 7KH :KLPVLFDO %DNHKRXVH +DQVHQ .D\H +& &RPS 7LWOHV 3UHWW\ 3DUW\ &DNHV 3RUVFKHQ 3HJJ\ +& +HOOR &XSFDNH .DUHQ 7DFN 73

,6%1 ,6%1

180 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU +RXJK 0LI +DUFRXUW

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ 3ULFH &DQ

*URZ *UHDW *UXE

2UJDQLF )RRG IURP 6PDOO 6SDFHV

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

21 6$/( &/$5.621 3277(5 75$'( 3$3(5%$&.

&DQ

.H\ 3RLQWV 4XRWHV *URZLQJ IRRG DW KRPH FDQ FRVW MXVW SHQQLHV DQG VDYH UHDGHUV WKRXVDQGV RI GROODUV D \HDU *D\OD V ILUVW JDUGHQLQJ ERRN ZKHW UHDGHUV DSSHWLWHV WRXFKLQJ RQO\ EULHIO\ XSRQ HGLEOHV :KDW WKH 0DVRQ 'L[RQ JLUOV GLG IRU NQLWWLQJ *D\OD LV SRLVHG WR GR IRU VPDOO VSDFH IRRG JDUGHQHUV )RU RYHU WHQ \HDUV VKH KDV JURZQ JRUJHRXV SURGXFH RQ KHU URRIWRS DQG ZLQGRZVLOOV DQG LQ D FRPPXQLW\ JDUGHQ LQ 7RURQWR 5HDO 6LPSOH QDPHG <RX*URZ*LUO FRP RQH RI WKH EHVW EORJV RI ,W UHFHLYHV PRUH WKDQ XQLTXH YLVLWRUV DQG PLOOLRQ SDJH YLHZV SHU PRQWK *HW )UHVK LQFOXGHV GR]HQV RI OLIHVW\OH SURMHFWV WKDW ',<HUV ZLOO ORYH VXFK DV D VPRFN ZLWK SRFNHWV IRU WRROV GHOLFLRXV RYHQ GULHG WRPDWRHV DQG PRUH 8 6 VDOHV RI RUJDQLF IRRG DQG EHYHUDJHV JUHZ IURP ELOOLRQ LQ WR DQ HVWLPDWHG ELOOLRQ LQ 7KH WLPH LV ULJKW IRU D ERRN RQ KRPH JURZLQJ RUJDQLF IRRG

&DWHJRU\ Â¬*DUGHQLQJ *DUGHQLQJ 9HJHWDEOHV %,6$&Â¬&DW Â¬*DUGHQLQJ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬*$5'(1,1* 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬3RWWHU 75 2ULJLQDOV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ 2QOLQH DGYHUWLVLQJ RQ IRRG DQG JDUGHQLQJ ZHEVLWHV &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH <RX*URZ*LUO FRP 2XWUHDFK WR IRRG JDUGHQLQJ GHVLJQ DQG FUDIW EORJJHUV 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU DXWKRU V RQJRLQJ JDUGHQLQJ HYHQWV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 7RURQWR &DQDGD

*$</$ 75$,/ LV WKH FUHDWRU RI WKH WKULYLQJ RQOLQH FRPPXQLW\ <RX*URZ*LUO FRP 6KH LV D UHJXODU FRQWULEXWRU WR PDJD]LQHV DQG IUHTXHQWO\ VSHDNV RQ XUEDQ JDUGHQLQJ HFRORJ\ DQG FRPPXQLW\ DW PDMRU JDUGHQ HYHQWV +HU ZRUN DV D ZULWHU DQG SKRWRJUDSKHU KDV DSSHDUHG LQ WKH 1HZ <RUN 7LPHV 1HZVZHHN 5HDG\0DGH 'RPLQR %XGJHW /LYLQJ 6LHUUD &OXE 0DJD]LQH *DUGHQLQJ /LIH /$ 7LPHV /LIH 0DJD]LQH DQG PRUH 6KH LV WKH DXWKRU RI <RX *URZ *LUO 7KH *URXQGEUHDNLQJ *XLGH WR *DUGHQLQJ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 7+( &5($7,9( &8/785( ,1&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW /$85$ 12/$1

+LVW 3UHY 7LWOHV

,6%1

2Q VDOH 3XEOLVKHU 6LPRQ 6FK )LUHVLGH %NV ,6%1 2Q VDOH 3XEOLVKHU 3RWWHU &UDIW &ODUNVRQ 3RWWHU &RRO 6SULQJV 3UHVV

3ULFH

<RX *URZ *LUO *URXQGEUHDNLQJ *XLGH WR *DUG

:RUNPDQ 3XEOLVKLQJ

:RUNPDQ 6WRUH\ 3XE &KHOVHD *UHHQ

&RPS 7LWOHV 0DVRQ 'L[RQ .QLWWLQJ *DUGLQHU .D\ +& 3 $OOHQ 6PLWK 6 &RQWDLQHU 6PLWK 3 +& $OO 1HZ 6T )RRW *DUGHQLQJ %DUWKRORPHZ 3% 0F*HH 6WXFNH\ V %RXQWLIXO 0F*HH 5RVH DQG 6WXFNHÂ« 7KH 9HJHWDEOH *DUGHQHU V %LEOH 6PLWK ( 3% )RXU 6HDVRQ +DUYHVW (OLRW &ROHPDQ 3%

3ULFH &DQ &DQ

181 www.CrownPublishing.com

7KH &RQVFLRXV .LWFKHQ

7KH 1HZ :D\ WR 6KRS IRU DQG &RRN )RRG WR 3URWHFW WKH (DUWK 6DIHJXDUG <RXU +HDOWK DQG 0D[LPL]H )ODYRU

7KH &RQVFLRXV .LWFKHQ $OH[DQGUD =LVVX

7KH 1HZ :D\ WR 6KRS IRU DQG &RRN )RRG WR 3URWHFW WKH (DUWK 6DIHJXDUG <RXU +HDOWK DQG 0D[LPL]H )ODYRU ,Q 'HIHQVH RI )RRG PHHWV 7KH *UHHQ %RRN LQ 7KH &RQVFLRXV .LWFKHQ D

21 6$/( &/$5.621 3277(5 75$'( 3$3(5%$&.

21 6$/( &DQ &/$5.621 3277(5

75$'( 3$3(5%$&. &DWHJRU\ Â¬&RRNLQJ 1DWXUH (QYLURQPHQWDO &RQVHUYDWLRQ 3UHVHUYDWLRQ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO &DQ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DWHJRU\ Â¬&RRNLQJ 1DWXUH (QYLURQPHQWDO &DUWRQ &RXQW &RQVHUYDWLRQ 3UHVHUYDWLRQ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO (GLWLRQÂ¬'HVF Â¬25,*,1$/ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3URGÂ¬7\SH Â¬3RWWHU 75 2ULJLQDOV 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 1DWLRQDO 3XEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

DQG %DUEDUD .LQJVROYHU KDYH SUROLIHUDWHG GLVFXVVLRQV RQ IRRG LVVXHV WR WKH SRLQW WKDW

WKHVH TXHVWLRQV DUH D SDUW RI HYHU\GD\ FRQYHUVDWLRQV :LWK 7KH &RQVFLRXV .LWFKHQ .H\ 3RLQWV 4XRWHV $PHULFDQV ILQDOO\ KDYH D SUDFWLFDO UHIHUHQFH WR KHOS WKHP ZHLJK WKH PDQ\ LVVXHV WKHVH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506

7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 0&&250,&. :,//,$06 //&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW $0< +8*+(6

7HUULWRULHV :RUOG

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\

5HSULQW <HV

5LJKWV 506

+LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $XGLR <HV %RRN &OXE <HV VW 6HULDO <HV 7KH &RPSOHWH 2UJDQLF 3UHJQDQF\ =LVVX 75 &ROOLQV /LYLQJ %ULWLVK <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH 5HVWULFWLRQ 1R 5HVWULFWLRQV $JHQF\ 0&&250,&. :,//,$06 //& $JHQW $0< +8*+(6 7KH *UHHQ %RRN 5RJHUV (OL]DEHWK 75 7KUHH 5LYHUV 3UHVV &DQ &RRO *UHHQ 6WXII (YDQV 'DYH 75 &ODUNVRQ 3RWWHU &DQ )RRG 0DWWHUV 0DUN %LWWPDQ +& +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 6LPRQ 6FKXVWHU %NVQ

3XEOLVKHU 3ULFH 7KH 2PQLYRUH V 'LOHPPD 0LFKDHO 3ROODQ 75 3HQJXLQ %NVQ

7KH &RPSOHWH 2UJDQLF 3UHJQDQF\ =LVVX 75 &ROOLQV /LYLQJ ,Q 'HIHQVH RI )RRG 0LFKDHO 3ROODQ +& 3HQJXLQ %NVQ

&RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3ULFH $QLPDO 9HJHWDEOH 0LUDFOH %DUEDUD .LQJVROYHU 75 +DUSHU 3HUHQQLDO %NVQ

7KH *UHHQ %RRN 5RJHUV (OL]DEHWK 75 7KUHH 5LYHUV 3UHVV &DQ *RUJHRXVO\ *UHHQ 6RSKLH 8OLDQR 75 &ROOLQV /LYLQJ %NVQ

&RRO *UHHQ 6WXII (YDQV 'DYH 75 &ODUNVRQ 3RWWHU &DQ )RRG 0DWWHUV 0DUN %LWWPDQ +& 6LPRQ 6FKXVWHU %NVQ 7KH 2PQLYRUH V 'LOHPPD 0LFKDHO 3ROODQ 75 3HQJXLQ %NVQ

,Q 'HIHQVH RI )RRG 0LFKDHO 3ROODQ +& 3HQJXLQ %NVQ

$QLPDO 9HJHWDEOH 0LUDFOH %DUEDUD .LQJVROYHU 75 +DUSHU 3HUHQQLDO %NVQ *RUJHRXVO\ *UHHQ 6RSKLH 8OLDQR 75 &ROOLQV /LYLQJ %NVQ

182 www.CrownPublishing.com

(YHU\GD\ )RRG )UHVK )DVW )ODYRUIXO 5HFLSHV IRU (DV\ 'HOLFLRXV 0HDOV $OO 'D\ /RQJ

0DUWKD 6WHZDUW /LYLQJ 0DJD]LQH

21 6$/( &/$5.621 3277(5 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&RRNLQJ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU 75 2ULJLQDOV

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 0RUQLQJ 6KRZV 1DWLRQDO 3ULQW $WWHQWLRQ 1DWLRQDO 5DGLR &DPSDLJQ $GYHUWLVLQJ LQ (YHU\GD\ )RRG 0DMRU RQOLQH DGYHUWLVLQJ DW 86$7RGD\ FRP DQG L9LOODJH FRP $GYHUWLVLQJ RQ IRRG ZHEVLWHV DQG RQ ZRPHQ V EORJ KLYH 1HZ <RUN 7LPHV 2QOLQH &DPSDLJQ 0RWKHU V 'D\

&URVV SURPRWLRQ DW PDUWKDVWHZDUW FRP 3RWWHU 5HFLSH &OXE )HDWXUH %ORJJHU 2XWUHDFK 3 2 3 FRS\ IORRU GLVSOD\ 3 2 3 FRS\ PL[HG IORRU GLVSOD\ %ORZ XSV DYDLODEOH XSRQ UHTXHVW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU (YHU\GD\ )RRG PDJD]LQH LV SXEOLVKHG E\ 0DUWKD 6WHZDUW /LYLQJ 2PQLPHGLD WHQ WLPHV D \HDU DQG LV D FRPSDQLRQ WR WKH VXFFHVVIXO 3%6 VHULHV RI WKH VDPH QDPH 0$57+$ 67(:$57 LV WKH DXWKRU RI GR]HQV RI EHVWVHOOLQJ ERRNV RQ FRRNLQJ HQWHUWDLQLQJ JDUGHQLQJ ZHGGLQJV DQG GHFRUDWLQJ 6KH LV WKH KRVW RI 7KH 0DUWKD 6WHZDUW 6KRZ WKH VXFFHVVIXO GDLO\ V\QGLFDWHG WHOHYLVLRQ VKRZ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV ,6%1 (YHU\GD\ )RRG 0DUWKD 6WHZDUW /LYLQJ 0DJD]LQH 75 0DUWKD 6WHZDUW V &XSFDNHV 0DUWKD 6WHZDUW /LYLQ 75 0DUWKD 6WHZDUW V &RRNLHV 0DUWKD 6WHZDUW /LYLQ 75 0DUWKD 6WHZDUW V &RRNLQJ 6FKRR 6WHZDUW 0DUWKD +&

2Q VDOH

3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ &DQ

183 www.CrownPublishing.com

3HUIHFW 3RUFKHV 'HVLJQLQJ :HOFRPLQJ 6SDFHV IRU 2XWGRRU /LYLQJ 3HUIHFW 3RUFKHV 'HVLJQLQJ :HOFRPLQJ 6SDFHV IRU 2XWGRRU /LYLQJ 3DXOD 6 :DOODFH $ FHOHEUDWLRQ RI WKH SRUFK DV D FDQYDV IRU FUHDWLYH GHVLJQ D MR\IXO JDWKHULQJ 3DXOD 6 :DOODFH

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

21 6$/( &/$5.621 3277(5 +$5'&29(5 21 6$/( &/$5.621 3277(5 +$5'&29(5

&DQ &DQ &DWHJRU\ Â¬+RXVH +RPH

%,6$&Â¬&DW Â¬+RXVH +RPH *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+20( &DWHJRU\ Â¬+RXVH +RPH 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬+RXVH +RPH *HQHUDO &DUWRQ &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬+20( ,OOXVWUDWLRQV Â¬ &2/25 3DJH &RXQW 7ULP 6L]H [ 3+272*5$3+6 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ &2/25 3URGÂ¬7\SH Â¬3RWWHU +& 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ

2QOLQH DGYHUWLVLQJ RQ KRPH DQG GHVLJQ 1DWLRQDO 3XEOLFLW\ VLWHV 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ %ORJJHU RXWUHDFK 2QOLQH DGYHUWLVLQJ RQ KRPH DQG GHVLJQ %RRNVHOOHU EX]] PDLOLQJ WR IHDWXUHG VLWHV ORFDOHV %ORJJHU RXWUHDFK %RRNVHOOHU EX]] PDLOLQJ WR IHDWXUHG ORFDOHV

.H\ 3RLQWV 4XRWHV $UFKLWHFWXUH ORYHUV ZLOO GHYRXU WKLV ERRN DV D FHOHEUDWLRQ RI FUDIWVPDQVKLS DQG LQJHQXLW\ .H\ 3RLQWV 4XRWHV IURP JUDFHIXO VWDLUFDVHV WR KLGGHQ MRLQWV DV ZHOO DV GHWDLOV VXFK DV WUDGLWLRQDO ZLFNHU IXUQLWXUH FODVVLF $GLURQGDFN FKDLUV YLEUDQW DUWZRUN DQG KDQJLQJ SODQWV WKDW UHYROYH LQ $UFKLWHFWXUH ORYHUV ZLOO GHYRXU WKLV ERRN DV D FHOHEUDWLRQ RI FUDIWVPDQVKLS DQG LQJHQXLW\ WKH EUHH]H IURP JUDFHIXO VWDLUFDVHV WR KLGGHQ MRLQWV DV ZHOO DV GHWDLOV VXFK DV WUDGLWLRQDO ZLFNHU 7KLV FRORUIXO ERRN LV WKH LGHDO VL]H IRU DIWHUQRRQV RI WXUQLQJ SDJHV DQG ORVLQJ RQHVHOI LQ IXUQLWXUH FODVVLF $GLURQGDFN FKDLUV YLEUDQW DUWZRUN DQG KDQJLQJ SODQWV WKDW UHYROYH LQ WKH EHDXWLIXO SKRWRJUDSK\ WKDW LV HYRFDWLYH RI PRRG DQG SODFH 7KH LPSHFFDEOH WDVWH RI WKH EUHH]H DXWKRU 3DXOD :DOODFH D PDMRU IRUFH LQ WKH ZRUOG RI GHVLJQ DQG WKH UHFLSLHQW RI WKH 7KLV FRORUIXO ERRN LV WKH LGHDO VL]H IRU DIWHUQRRQV RI WXUQLQJ SDJHV DQG ORVLQJ RQHVHOI LQ ILUVW HYHU (OOH 'HFRU 9LVLRQ $ZDUG LV HYLGHQW RQ HYHU\ SDJH RI WKLV ERRN WKH EHDXWLIXO SKRWRJUDSK\ WKDW LV HYRFDWLYH RI PRRG DQG SODFH 7KH LPSHFFDEOH WDVWH RI 0RUH WKDQ DQ\ RWKHU ERRN RQ WKH PDUNHW WKLV YROXPH VKRZV WKH VFRSH RI ZKDW D SRUFK DXWKRU 3DXOD :DOODFH D PDMRU IRUFH LQ WKH ZRUOG RI GHVLJQ DQG WKH UHFLSLHQW RI WKH FDQ EH $ VOHHN OLQHG XOWUDPRGHUQ SRUFK QH[W WR D SLHU LQ )ORULGD GHOLJKWIXOO\ FRQWUDVWV ILUVW HYHU (OOH 'HFRU 9LVLRQ $ZDUG LV HYLGHQW RQ HYHU\ SDJH RI WKLV ERRN ZLWK WKH FRORUIXO JLQJHUEUHDG DGRUQHG YHUVLRQ LQ 0DUWKD V 9LQH\DUG D EOXHJUDVV FRXQWU\ 0RUH WKDQ DQ\ RWKHU ERRN RQ WKH PDUNHW WKLV YROXPH VKRZV WKH VFRSH RI ZKDW D SRUFK PDUYHO LQ .HQWXFN\ SURYLGHV D EHDXWLIXO IRLO IRU D 3DFLILF 1RUWKZHVW SRUFK RYHUORRNLQJ FDQ EH $ VOHHN OLQHG XOWUDPRGHUQ SRUFK QH[W WR D SLHU LQ )ORULGD GHOLJKWIXOO\ FRQWUDVWV LQILQLWH ZDWHU ZLWK WKH FRORUIXO JLQJHUEUHDG DGRUQHG YHUVLRQ LQ 0DUWKD V 9LQH\DUG D EOXHJUDVV FRXQWU\ PDUYHO LQ .HQWXFN\ SURYLGHV D EHDXWLIXO IRLO IRU D 3DFLILF 1RUWKZHVW SRUFK RYHUORRNLQJ LQILQLWH ZDWHU

$ERXW WKH $XWKRU ,OOXVWUDWRU 3UHVLGHQW DQG FRIRXQGHU RI WKH 6DYDQQDK &ROOHJH RI $UW DQG 'HVLJQ 3$8/$ $ERXW WKH $XWKRU ,OOXVWUDWRU :$//$&( UHFHLYHG (OOH 'HFRU V ILUVW HYHU 9LVLRQ $ZDUG IRU KHU ZRUN IRVWHULQJ

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 7HUULWRULHV :RUOG 5HVWULFWLRQ 1R 5HVWULFWLRQV $XGLR <HV

5LJKWV 506

%ULWLVK <HV +LVW 3UHY 7LWOHV 5HVWULFWLRQ 1R 5HVWULFWLRQV

+RXVH ,Q 7KH 6RXWK 6FKXOW] )UDQFHV +& &RPS 7LWOHV +LVW 3UHY 7LWOHV 2XWGRRU /LYLQJ 5RRP %DNHU 0DUWKD +& +RXVH ,Q 7KH 6RXWK 6FKXOW] )UDQFHV +& 2Q WKH 3RUFK -DPHV &ULVS +& &RPS 7LWOHV 3RUFKHV 6XQURRPV 5RJHU *HUPDQ 3% 2XWGRRU /LYLQJ 5RRP %DNHU 0DUWKD +& 3RUFKHV :\Q :KHOGRQ +& 2Q WKH 3RUFK -DPHV &ULVS +& 2XW RQ WKH 3RUFK 5H\QROGV 3ULFH +& 3RUFKHV 6XQURRPV 5RJHU *HUPDQ 3% 3RUFKHV :\Q :KHOGRQ +& 2XW RQ WKH 3RUFK 5H\QROGV 3ULFH +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $JHQF\ %RRN &OXE <HV 7UDQVODWLRQ <HV

,6%1 2Q VDOH $JHQF\ ,6%1 2Q VDOH ,6%1 2Q VDOH ,6%1 2Q VDOH

184 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV 5HSULQW <HV $JHQW VW 6HULDO <HV 6SHFLDO 0DUNHWV

3XEOLVKHU $JHQW 3ULFH &ODUNVRQ 3RWWHU &DQ 3XEOLVKHU 3ULFH 3XEOLVKHU 3ULFH &ODUNVRQ 3RWWHU &DQ &ODUNVRQ 3RWWHU &DQ ,QJUDP 3XE 6HUY 7DXQWRQ 3UHVV 3XEOLVKHU 3ULFH &UHDWLYH +RPHRZQHU 3UHVV &ODUNVRQ 3RWWHU &DQ %DUURQV ,QJUDP 3XE 6HUY 7DXQWRQ 3UHVV :RUNPDQ $OJRQTXLQ %RRNV &UHDWLYH +RPHRZQHU 3UHVV %DUURQV :RUNPDQ $OJRQTXLQ %RRNV

7KH 6R1R %DNLQJ &RPSDQ\ &RRNERRN

7KH %HVW 6ZHHW DQG 6DYRU\ 5HFLSHV IRU (YHU\ 2FFDVLRQ )RUHZRUG E\ 0DUWKD 6WHZDUW

-RKQ %DUULFHOOL )RUHZRUG E\ 0DUWKD 6WHZDUW

21 6$/( &/$5.621 3277(5 +$5'&29(5

&DQ &DWHJRU\ Â¬&RRNLQJ &RRNLQJ %DNLQJ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ /RFDO (YHQWV 5HYLHZV 5DGLR 7RXU /RFDO &RQQHFWLFXW 7UDQVLW $GYHUWLVLQJ &URVV 3URPRWLRQ DW 6RQR%DNLQJ FRP ( EODVW WR DXWKRU V IDQ GDWDEDVH 3RWWHU 5HFLSH &OXE )HDWXUH )RRG %ORJJHU 2XWUHDFK 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU SUH SXEOLFDWLRQ HYHQWV DQG XVH DW %DNHU\ %ORZ XSV DYDLDOEOH XSRQ UHTXHVW

)RU IDQV RI 3%6 V (YHU\GD\ %DNLQJ IURP (YHU\GD\ )RRG DQG KRPH EDNHUV VHHNLQJ RQH HDV\ WR IROORZ UHIHUHQFH IRU DOO WKHLU VZHHW DQG VDYRU\ EDNLQJ QHHGV IURP EUHDNIDVW EUHDGV WR EHDXWLIXO SDUW\ FDNHV -RKQ %DUULFHOOL RZQHU RI WKH 6R1R %DNLQJ &RPSDQ\ &DIp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

.H\ 3RLQWV 4XRWHV 0DUWKD 6WHZDUW FRQQHFWLRQ $ UHJXODU RQ 7KH 0DUWKD 6WHZDUW 6KRZ DQG KRVW RI (YHU\GD\ %DNLQJ %DUULFHOOL GHYHORSHG KLV RZQ IROORZLQJ IURP 0DUWKD V IDQ EDVH DQG VKDUHV KHU SKLORVRSK\ RI VLPSOH \HW HOHJDQW EDNLQJ 7DONHG DERXW EDNHU\ :KHQ WKH 6R1R %DNLQJ &RPSDQ\ &DIp RSHQHG WKH 1HZ <RUN 7LPHV JXVKHG 7KLV QHZ EDNHU\ LV VXSHUE DQG SURYHV LW GDLO\ 6R1R KDV D OR\DO IROORZLQJ DQG LV D GHVWLQDWLRQ IRU GLVFHUQLQJ SDVWU\ DILFLRQDGRV DFURVV WKH 1RUWKHDVW ,QGLVSHQVLEOH UHVRXUFH %DUULFHOOL WHDFKHV WHFKQLTXHV DQG WLSV WKDW PDNH KLV EURZQLHV WKH EHVW DQG KLV PHULQJXHV WKH OLJKWHVW 7KH FRRNERRN LQFOXGHV D JORVVDU\ UHVRXUFH OLVW EDNHU V SDQWU\ DQG FRORU SKRWRJUDSKV

, HVSHFLDOO\ ORYH -RKQ V EUHDGV DQG , KDYH WULHG DOPRVW DOO RI WKHP -RKQ V FDUHIXO WHFKQLTXHV GR WHQG WR PDNH DOO RI XV EHWWHU EDNHUV 0DUWKD 6WHZDUW IURP WKH IRUHZRUG

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH )DLUILHOG &7

$ WKLUG JHQHUDWLRQ EDNHU -2+1 %$55,&(//, JUDGXDWHG IURP WKH &XOLQDU\ ,QVWLWXWH RI $PHULFD DQG ZRUNHG DW 5LYHU &DIp /H %HUQDUGLQ DQG WKH )RXU 6HDVRQV 5HVWDXUDQW +H RZQHG DQG UDQ &RXVLQ -RKQ V &DIp DQG %DNHU\ LQ %URRNO\Q IRU WHQ \HDUV -RKQ ZRUNHG DW 0DUWKD 6WHZDUW /LYLQJ 2PQLPHGLD EHFRPLQJ D IHDWXUHG FKHI RQ (YHU\GD\ )RRG DQG LQ KH EHFDPH KRVW RI WKH VSLQ RII (YHU\GD\ %DNLQJ ,Q -RKQ RSHQHG WKH 6R1R %DNLQJ &RPSDQ\ DQG &DIH LQ 6RXWK 1RUZDON &RQQHFWLFXW 7KH 1HZ <RUN 7LPHV FDOOHG LW VXSHUE DQG 6R1R KDV EHFRPH D GHVWLQDWLRQ IRU IRRGLHV DFURVV WKH 1RUWKHDVW

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 2 %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ $//(1 2 6+($ /,7(5$5< $*(1&<

&RPS 7LWOHV ,6%1 *UHDW &RIIHH &DNHV 6WLF :DOWHU &DUROH +& *DOH *DQG 6 %UXQFK *DQG *DOH +& 0DUWKD 6WHZDUW V %DNLQJ +EN 6WHZDUW 0DU +& %DNLQJ )URP 0\ +RPH WR *UHHQVSDQ 'RULH +& %DNHZLVH +RZV :K\V 6XFFHVV %DN &RUULKHU 6 +& 7KH 0RGHUQ %DNHU 1LFN 0DOJLHUL +& %DNHG 1HZ )URQWLHUV LQ %DN /HZLV 0DWW +&

2Q VDOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW &2/((1 2 6+($

3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU +RXJKWRQ 0LIIOLQ +DUFRXUW 6LPRQ 6FKXVWHU 6FULEQHU '. 3XEOLVKLQJ $EUDPV 6WHZ 7DE&KDQJ

3ULFH &DQ &DQ &DQ

185 www.CrownPublishing.com

%URPEHUJ %URV %OXH 5LEERQ %URPEHUJ %URV %OXH 5LEERQ &RRNERRN &RRNERRN %HWWHU +RPH &RRNLQJ %HWWHU +RPH &RRNLQJ

%UXFH %URPEHUJ %UXFH %URPEHUJ (ULF %URPEHUJ (ULF %URPEHUJ 0HOLVVD &ODUN 0HOLVVD &ODUN

21 6$/( &/$5.621 3277(5 21 6$/( +$5'&29(5 &/$5.621 3277(5 +$5'&29(5

&DQ &DQ

&DWHJRU\ Â¬&RRNLQJ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO &DWHJRU\ Â¬&RRNLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 6SLQH 'HSWK 7ULP 6L]H [ &DUWRQ &RXQW 3DJH &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 3URGÂ¬7\SH Â¬3RWWHU +& /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

1DWLRQDO 7HOHYLVLRQ $SSHDUDQFHV 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW 0DJD]LQH )HDWXUHV 1DWLRQDO 7HOHYLVLRQ $SSHDUDQFHV 5DGLR 7RXU 1DWLRQDO 3ULQW 0DJD]LQH )HDWXUHV /RFDO (YHQWV 5DGLR 7RXU $GYHUWLVLQJ RQ WKH JDZNHU QHWZRUN /RFDO (YHQWV $GYHUWLVLQJ RQ IRRG VLWHV $GYHUWLVLQJ RQ WKH JDZNHU QHWZRUN &URVV SURPRWLRQ DW $GYHUWLVLQJ RQ IRRG VLWHV %OXH5LEERQ5HVWDXUDQWV FRP &URVV SURPRWLRQ DW 2XWUHDFK WR EORJJHUV %OXH5LEERQ5HVWDXUDQWV FRP 3RWWHU 5HFLSH &OXE )HDWXUH 2XWUHDFK WR EORJJHUV 0DWHULDOV DYDLDOEOH IRU SURPRWLRQ DW 3RWWHU 5HFLSH &OXE )HDWXUH UHVWDXUDQW ORFDWLRQV 0DWHULDOV DYDLDOEOH IRU SURPRWLRQ DW 3RWHQWLDO FURVV SURPRWLRQ ZLWK DXWKRU V UHVWDXUDQW ORFDWLRQV YHQGRU SDUWQHUV 3RWHQWLDO FURVV SURPRWLRQ ZLWK DXWKRU V YHQGRU SDUWQHUV

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

IDPLOLDU ZLWK WKH UHVWDXUDQWV RU QRW UHDGHUV ZLOO ILQG LQVWDQW IDYRULWHV LQ WKHVH FRRNLQJ WLSV WKDW FDQ KHOS HOHYDWH GLVKHV WR WKH QH[W OHYHO UHFLSHV IRU KRQHVW H[FHOOHQW KRPH FRRNLQJ DQG ZLOO EHQHILW IURP WKH EURWKHUV

FRRNLQJ WLSV WKDW FDQ KHOS HOHYDWH GLVKHV WR WKH QH[W OHYHO

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU (5,& DQG %58&( %520%(5* ZHUH ERUQ LQ 1HZ -HUVH\ DQG JRW WKHLU VWDUW DV

FKHIV E\ DWWHQGLQJ FXOLQDU\ VFKRRO DW /H &RUGRQ %OHX LQ 3DULV $IWHU ZRUNLQJ LQ (5,& DQG %58&( %520%(5* ZHUH ERUQ LQ 1HZ -HUVH\ DQG JRW WKHLU VWDUW DV UHVWDXUDQWV LQ 3DULV DQG WKH 8QLWHG 6WDWHV WKH\ WHDPHG XS LQ WR RSHQ %OXH FKHIV E\ DWWHQGLQJ FXOLQDU\ VFKRRO DW /H &RUGRQ %OHX LQ 3DULV $IWHU ZRUNLQJ LQ 5LEERQ LQ 1HZ <RUN &LW\ $Q LPPHGLDWH VXFFHVV WKH UHVWDXUDQW KDV VLQFH UHVWDXUDQWV LQ 3DULV DQG WKH 8QLWHG 6WDWHV WKH\ WHDPHG XS LQ WR RSHQ %OXH VSDZQHG HLJKW DGGLWLRQDO ORFDWLRQV ,Q WKH\ ODXQFKHG D OLQH RI SHUFHQW 5LEERQ LQ 1HZ <RUN &LW\ $Q LPPHGLDWH VXFFHVV WKH UHVWDXUDQW KDV VLQFH DOO QDWXUDO EUHDGLQJ IUHH FKLFNHQ QXJJHWV FDOOHG 7KH %URPEHUJ %URV %OXH 5LEERQ VSDZQHG HLJKW DGGLWLRQDO ORFDWLRQV ,Q WKH\ ODXQFKHG D OLQH RI SHUFHQW 1DNHG 1XJJHWV ZKLFK DUH VROG QDWLRQZLGH DOO QDWXUDO EUHDGLQJ IUHH FKLFNHQ QXJJHWV FDOOHG 7KH %URPEHUJ %URV %OXH 5LEERQ 1DNHG 1XJJHWV ZKLFK DUH VROG QDWLRQZLGH

5LJKWV 506 5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

$XGLR 1R 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW %ULWLVK 1R $XGLR 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ 1R %RRN &OXE <HV $JHQF\ -$1,6 $ '211$8' 7UDQVODWLRQ 1R $662&,$7(6 $JHQF\ -$1,6 $ '211$8' $662&,$7(6

&RPS 7LWOHV ,6%1 7KH %DOWKD]DU &RRNERRN 0FQDOO\ .HLWK +& &RPS 7LWOHV ,6%1 6XQGD\ 6XSSHUV $W /XFTXHV *RLQ 6X]DQQH +& 7KH %DOWKD]DU &RRNERRN 0FQDOO\ .HLWK +& 7KH )RVWHU 6 0DUNHW &NEN )RVWHU 6DUD +& 6XQGD\ 6XSSHUV $W /XFTXHV *RLQ 6X]DQQH +& 7KLQN /LNH $ &KHI &ROLFFKLR 7RP +& 7KH )RVWHU 6 0DUNHW &NEN )RVWHU 6DUD +& /HH %URV 6RXWKHUQ &RRNERRN 0DWW DQG 7HG /HH +& 7KLQN /LNH $ &KHI &ROLFFKLR 7RP +& /HH %URV 6RXWKHUQ &RRNERRN 0DWW DQG 7HG /HH +&

186 www.CrownPublishing.com

2Q VDOH 2Q VDOH

5HSULQW <HV VW 6HULDO 1R 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO 1R $JHQW -$1,6 6SHFLDO 0DUNHWV '211$8' $JHQW -$1,6 '211$8'

3XEOLVKHU &ODUNVRQ 3RWWHU 3XEOLVKHU .QRSI &ODUNVRQ 3RWWHU 5DQGRP +RXVH .QRSI &ODUNVRQ 3RWWHU 5DQGRP +RXVH : : 1RUWRQ %NVQ

&ODUNVRQ 3RWWHU : : 1RUWRQ %NVQ

3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ

*LDGD V +RPH &RRNLQJ

)DPLO\ 5HFLSHV IURP ,WDO\ DQG &DOLIRUQLD

*LDGD 'H /DXUHQWLLV

21 6$/( &/$5.621 3277(5 +$5'&29(5

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 0RUQLQJ 6KRZV 1DWLRQDO 3ULQW )HDWXUHV &LW\ $XWKRU 7RXU 0DMRU RQOLQH DGYHUWLVLQJ DW 86$7RGD\ FRP L9LOODJH FRP )RRG 1HWZRUN FRP DQG 3HRSOH FRP 7DUJHWHG VRFLDO QHWZRUN DGYHUWLVLQJ 1HZ <RUN 7LPHV RQOLQH FDPSDLJQ 0RWKHU V 'D\

&URVV SURPRWLRQ DW *LDGD'H/DXUHQWLLV FRP 3RWWHU 5HFLSH &OXE IHDWXUH %ORZ XSV DYDLDOEOH XSRQ UHTXHVW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU *,$'$ '( /$85(17,,6 DWWHQGHG WKH &RUGRQ %OHX LQ 3DULV DQG WKHQ ZRUNHG LQ D YDULHW\ RI /RV $QJHOHV UHVWDXUDQWV EHIRUH VWDUWLQJ KHU RZQ FDWHULQJ FRPSDQ\ *'/ )RRGV *LDGD LV WKH DXWKRU RI WKH 1HZ <RUN 7LPHV EHVWVHOOHUV (YHU\GD\ ,WDOLDQ *LDGD V )DPLO\ 'LQQHUV (YHU\GD\ 3DVWD DQG *LDGD V .LWFKHQ DQG WKH KRVW RI IRXU H[WUHPHO\ SRSXODU )RRG 1HWZRUN VKRZV (YHU\GD\ ,WDOLDQ %HKLQG WKH %DVK *LDGD V :HHNHQG *HWDZD\V DQG WKH QHZ *LDGD DW +RPH *LDGD V +RPH &RRNLQJ LV KHU ILIWK ERRN

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

+LVW 3UHY 7LWOHV *LDGD V .LWFKHQ 'H /DXUHQWLLV *LDGD +& (YHU\GD\ 3DVWD 'H /DXUHQWLLV *LDGD +& *LDGD V )DPLO\ 'LQQHUV 'H /DXUHQWLLV *LDGD +& (YHU\GD\ ,WDOLDQ 'H /DXUHQWLLV *LDGD +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ :,//,$0 0255,6 $*(1&< //&

,6%1

2Q VDOH

3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 68=$11( */8&. 3ULFH &DQ &DQ &DQ &DQ

187 www.CrownPublishing.com

$PHULFDQ +HDUW $VVRFLDWLRQ /RZ )DW /RZ &KROHVWHURO &RRNERRN WK HGLWLRQ 'HOLFLRXV 5HFLSHV WR +HOS /RZHU <RXU &KROHVWHURO 2YHU PLOOLRQ FRSLHV VROG

$PHULFDQ +HDUW $VVRFLDWLRQ

21 6$/( &/$5.621 3277(5 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&RRNLQJ /RZ )DW %,6$&Â¬&DW Â¬&RRNLQJ /RZ )DW 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ /,1( '5$:,1*6 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬&219(56,21 3URGÂ¬7\SH Â¬3RWWHU 75 &RQYHUVLRQ

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ &URVV 3URPRWLRQ ZLWK WKH $PHULFDQ +HDUW $VVRFLDWLRQ 1HZ <RUN 7LPHV RQOLQH KHDOWK H EODVW $GYHUWLVLQJ RQ 3UHYHQWLRQ FRP 0DWHULDOV DYDLODEOH IRU $+$ XVH DW HYHQWV DQG FRQIHUHQFHV

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

.H\ 3RLQWV 4XRWHV 'UDZLQJ PRUH WKDQ ELOOLRQ PHGLD LPSUHVVLRQV VLQFH *R 5HG IRU :RPHQ $+$ V FDPSDLJQ WR LQFUHDVH DZDUHQHVV RI KHDUW GLVHDVH DQG ULVN IDFWRUV DPRQJ ZRPHQ KDV OHG WR D QHZ EURDGHU NQRZOHGJH RI WKH IDFW WKDW KHDUW GLVHDVH LV WKH QXPEHU RQH NLOOHU DQG WKDW D KHDOWK\ GLHW FDQ KHOS FKDQJH WKDW /)/& LQFOXGHV WKH ODWHVW PHGLFDO UHVHDUFK DQG LQIRUPDWLRQ DERXW ERWK JRRG DQG EDG FKROHVWHURO DQG DOO QHZ LQIRUPDWLRQ RQ VDWXUDWHG IDW DV ZHOO DV WKH PRVW XS WR GDWH LQIRUPDWLRQ RQ ZD\V WR SUHYHQW KHDUW GLVHDVH 3UHYLRXV HGLWLRQV RI WKLV $+$ FODVVLF +& 3% 00 KDYH PRUH WKDQ PLOOLRQ FRSLHV LQ SULQW 7KH SDSHUEDFN RI WKH UG HGLWLRQ KDV PRUH WKDQ FRSLHV LQ SULQW

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV $KD /RZ 6DOW &NEN UG (G $PHULFDQ +HDUW $VVRF 75 $KD /RZ 6DOW &NEN UG (G $PHULFDQ +HDUW $VVRF +& $KD /RZ )DW /RZ &KRO UG $PHU +HDUW $VVRF +& &RPS 7LWOHV $KD /RZ )DW /RZ &KRO $PHU +HDUW $VVRF +& $KD /RZ )DW /RZ &KRO UG $PHU +HDUW $VVRF 75

188 www.CrownPublishing.com

,6%1

2Q VDOH 3XEOLVKHU

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH

&ODUNVRQ 3RWWHU

&DQ

&ODUNVRQ 3RWWHU

&DQ

,6%1

&ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

&DQ 3ULFH &DQ &DQ

2Q VDOH

&RRNLQJ IRU )DPLO\ DQG )ULHQGV 5HFLSHV DQG 6WRULHV WR 6KDUH

7ULVKD <HDUZRRG

&RRNLQJ IRU )DPLO\ DQG )ULHQGV

5HFLSHV DQG 6WRULHV WR 6KDUH )RU IDQV RI 7ULVKD <HDUZRRG V 1HZ <RUN 7LPHV EHVWVHOOHU *HRUJLD &RRNLQJ

21 6$/( &/$5.621 3277(5 +$5'&29(5

21 6$/( &DQ

&/$5.621 3277(5 +$5'&29(5 &DWHJRU\ Â¬&RRNLQJ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* &DQ 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 &DWHJRU\ Â¬&RRNLQJ /RDGÂ¬*URXS Â¬ %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 3URGÂ¬7\SH Â¬3RWWHU +& 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ 1DWLRQDO 3XEOLFLW\ 3URGÂ¬7\SH Â¬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

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ 9,*/,$12 $662&,$7(6 /7'

7HUULWRULHV :RUOG $XGLR <HV +LVW 3UHY 7LWOHV %ULWLVK <HV *HRUJLD &RRNLQJ ,Q $Q <HDUZRRG 7ULVKD +& 5HVWULFWLRQ 1R 5HVWULFWLRQV &RPS 7LWOHV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ <HV &ODUNVRQ 3RWWHU $JHQF\ 9,*/,$12 $662&,$7(6 /7' ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

6FUHHQ 'RRUV $QG 6ZHHW 7HD )RRVH 0DUWKD +& 3DXOD 'HHQ )ULHQGV 3DXOD 'HHQ +& /DEHOOH &XLVLQH /DEHOOH 3DWWL +& +LVW 3UHY 7LWOHV *HRUJLD &RRNLQJ ,Q $Q <HDUZRRG 7ULVKD +& &RPS 7LWOHV 6FUHHQ 'RRUV $QG 6ZHHW 7HD )RRVH 0DUWKD +& 3DXOD 'HHQ )ULHQGV 3DXOD 'HHQ +& /DEHOOH &XLVLQH /DEHOOH 3DWWL +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

&ODUNVRQ 3RWWHU 6 6 %URDGZD\ 3XEOLVKHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU 6 6 %URDGZD\

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW '$9,' 9,*/,$12 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW '$9,' 3ULFH 9,*/,$12 &DQ &DQ 3ULFH &DQ 3ULFH &DQ &DQ

189 www.CrownPublishing.com

6LPSO\ 6SHFWDFXODU &DNHV

%HDXWLIXO 'HVLJQV IRU ,UUHVLVWLEOH &DNHV DQG &RRNLHV

3HJJ\ 3RUVFKHQ

21 6$/( &/$5.621 3277(5 +$5'&29(5

&DQ &DWHJRU\ Â¬&RRNLQJ &DNHV %,6$&Â¬&DW Â¬&RRNLQJ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 7+528*+287 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW 5HYLHZ $WWHQWLRQ 2QOLQH DGYHUWLVLQJ RQ IRRG DQG EDNLQJ ZHEVLWHV DQG EORJV $GYHUWLVLQJ DW &UDIWVWHU RUJ %ORJJHU RXWUHDFK 3RWWHU 5HFLSH &OXE )HDWXUH 2XWUHDFK WR FRRNLQJ EDNLQJ VFKRROV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 8QLWHG .LQJGRP

3(**< 3256&+(1 EHJDQ KHU FDUHHU DV D SDVWU\ FKHI DW /RQGRQ V /DQHVERURXJK +RWHO 4XLFNO\ GHYHORSLQJ D KLJKO\ LQGLYLGXDOL]HG VW\OH VKH VWDUWHG KHU RZQ EXVLQHVV DQG EHJDQ PDNLQJ FDNHV DQG FRRNLHV IRU FHOHEULW\ HYHQWV PRYLH SUHPLHUHV SDUWLHV IRU VWDUV OLNH *Z\QHWK 3DOWURZ DQG 7UDF\ &KDSPDQ DQG FRUSRUDWH SDUWLHV IRU FRPSDQLHV OLNH 3XPD DQG &KDQHO 6KH DOVR VXSSOLHV )RUWQXP 0DVRQ ZLWK D FROOHFWLRQ RI FRRNLHV VSHFLDOW\ FRQIHFWLRQV DQG ZHGGLQJ FDNHV

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\

+LVW 3UHY 7LWOHV 3UHWW\ 3DUW\ &DNHV 3RUVFKHQ 3HJJ\ +& &RPS 7LWOHV 7KH :KLPVLFDO %DNHKRXVH +DQVHQ .D\H +& +HOOR &XSFDNH 5LFKDUGVRQ $ DQG 7DFN . +& 7KH *LQJHUEUHDG $UFKLWHFW 0DWKHVRQ 6XVDQ +&

,6%1 ,6%1

190 www.CrownPublishing.com

2Q VDOH 2Q VDOH

5HSULQW 2WKHU VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU +RXJKWRQ 0LIIOLQ ENVFDQ

&ODUNVRQ 3RWWHU

3ULFH &DQ 3ULFH &DQ &DQ

/LYLQJ ZLWK :KDW <RX /RYH /LYLQJ ZLWK :KDW <RX /RYH 'HFRUDWLQJ ZLWK )DPLO\ 3KRWRV &KHULVKHG +HLUORRPV 'HFRUDWLQJ ZLWK )DPLO\ 3KRWRV &KHULVKHG +HLUORRPV DQG &ROOHFWLEOHV DQG &ROOHFWLEOHV

0RQLFD 5LFK .RVDQQ 0RQLFD 5LFK .RVDQQ

21 6$/( 21 6$/( &/$5.621 3277(5 &/$5.621 3277(5 +$5'&29(5 +$5'&29(5

&DQ &DQ &DWHJRU\ Â¬+RXVH +RPH 'HFRUDWLQJ &DWHJRU\ Â¬+RXVH +RPH 'HFRUDWLQJ %,6$&Â¬&DW Â¬+RXVH +RPH 'HFRUDWLQJ %,6$&Â¬&DW Â¬+RXVH +RPH 'HFRUDWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+20( 2UGHUÂ¬)RUPÂ¬&DW Â¬+20( 3DJH &RXQW 7ULP 6L]H [ 3DJH &RXQW &DUWRQ &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 3+272*5$3+6 /RDGÂ¬*URXS Â¬ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU +& 3URGÂ¬7\SH Â¬3RWWHU +&

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ 1DWLRQDO 5HYLHZ DQG )HDWXUH $WWHQWLRQ &URVV 3URPRWLRQ RQ DXWKRU V ZHEVLWH &URVV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 0RQLFD5LFK.RVDQQ FRP 0RQLFD5LFK.RVDQQ FRP %X]] SRVWFDUG PDLOLQJ WR ERWK QDWLRQDO %X]] SRVWFDUG PDLOLQJ WR ERWK QDWLRQDO DQG LQGHSHQGHQW UHWDLOHUV ZKR FDUU\ KHU DQG LQGHSHQGHQW UHWDLOHUV ZKR FDUU\ KHU MHZHOU\ OLQH MHZHOU\ OLQH 6SUHDGV DYDLODEOH

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU

$XWKRU 5HVLGHQFH 1HZ &DQDDQ &7 $XWKRU 5HVLGHQFH 1HZ &DQDDQ &7 021,&$ 5,&+ .26$11 LV D QDWLRQDOO\ UHFRJQL]HG ILQH DUW SRUWUDLW SKRWRJUDSKHU

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV :RUOG

7HUULWRULHV :RUOG $XGLR 2 $XGLR 2 %ULWLVK <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ '<67(/ *2'(5,&+ /,7(5$5<$JHQW 67$&(< */,&. $JHQF\ '<67(/ *2'(5,&+ /,7(5$5<$JHQW 67$&(< */,&.

+LVW 3UHY 7LWOHV ,6%1 +LVW 3UHY 7LWOHV 7KDQN +HDYHQ )RU /LWWOH *L 1DZUDFDM .RVDQQ +& ,6%1 7KDQN +HDYHQ )RU /LWWOH *L 1DZUDFDM .RVDQQ +& &RPS 7LWOHV ,6%1 &RPS 7LWOHV 3DVVLRQ )RU $QWLTXHV $ 2KUEDFK %DUEDUD 0LOR +& ,6%1 3DVVLRQ )RU $QWLTXHV $ 2KUEDFK %DUEDUD 0LOR +& 9LQWDJH 9DYRRP (GLWRUV 5RPDQWLF +RPHV +& 9LQWDJH 9DYRRP (GLWRUV 5RPDQWLF +RPHV +& 3KRWRFUDIW +HUWHU DQG )UDQNHO +& 3KRWRFUDIW +HUWHU DQG )UDQNHO +&

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3XEOLVKHU $GDPV 0HGLD %NVQ

$GDPV 0HGLD %NVQ

3XEOLVKHU 3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU %XOILQFK %NVQ

%XOILQFK %NVQ

3ULFH 3ULFH 3ULFH 3ULFH &DQ &DQ &DQ &DQ

191 www.CrownPublishing.com

5DFKDHO 5D\ V %RRN RI 7HQ 5DFKDHO 5D\ V %RRN RI 7HQ )RUHZRUG E\ -RKQ &XVLPDQR )RUHZRUG E\ -RKQ &XVLPDQR 5DFKDHO 5D\

5DFKDHO 5D\ )RUHZRUG E\ -RKQ &XVLPDQR )RUHZRUG E\ -RKQ &XVLPDQR

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

21 6$/( &/$5.621 3277(5 21 6$/(

Â© Jim Wright

75$'( 3$3(5%$&. &/$5.621 3277(5 75$'( 3$3(5%$&.

&DQ &DQ &DWHJRU\ Â¬&RRNLQJ $PHULFDQ %,6$&Â¬&DW Â¬&RRNLQJ $PHULFDQ *HQHUDO &DWHJRU\ Â¬&RRNLQJ $PHULFDQ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* %,6$&Â¬&DW Â¬&RRNLQJ $PHULFDQ *HQHUDO 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬&22.,1* &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬ 3$*( & ,16(576 &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ ,OOXVWUDWLRQV Â¬ 3$*( & ,16(576 (GLWLRQÂ¬'HVF Â¬25,*,1$/ /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬5DFKDHO 5D\ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬5DFKDHO 5D\

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

1DWLRQDO 0RUQLQJ 6KRZV 1DWLRQDO 1DWLRQDO 3XEOLFLW\ 1LJKWWLPH 7DON 6KRZV 1DWLRQDO 0RUQLQJ 6KRZV 1DWLRQDO 3URPRWLRQ RQ 5DFKDHO 5D\ 6KRZ LQ 1LJKWWLPH 7DON 6KRZV (YHU\GD\ ZLWK 5DFKDHO 5D\ 0DJD]LQH 3URPRWLRQ RQ 5DFKDHO 5D\ 6KRZ LQ 5DGLR 7RXU (YHU\GD\ ZLWK 5DFKDHO 5D\ 0DJD]LQH $XWKRU ,QWHUYLHZV RXW RI 1HZ <RUN 5DGLR 7RXU )RRG1HWZRUN FRP 3UHKHDW 2Q VDOH

$XWKRU ,QWHUYLHZV RXW RI 1HZ <RUN 86$7RGD\ FRP 3UHKHDW 2Q VDOH

)RRG1HWZRUN FRP 3UHKHDW 2Q VDOH

L9LOODJH FRP 2Q 6DOH

86$7RGD\ FRP 3UHKHDW 2Q VDOH

:RPHQ V EORJ +LYH L9LOODJH FRP 2Q 6DOH

)DFHERRN $GYHUWLVLQJ :RPHQ V EORJ +LYH 1HZ <RUN 7LPHV 2QOLQH +ROLGD\

)DFHERRN $GYHUWLVLQJ &URVV SURPRWH DW 5DFKDHO5D\ FRP 1HZ <RUN 7LPHV 2QOLQH +ROLGD\

3RWWHU 5HFLSH &OXE )HDWXUH &URVV SURPRWH DW 5DFKDHO5D\ FRP 3 2 3 FRS\ PL[HG IORRU GLVSOD\ 3RWWHU 5HFLSH &OXE )HDWXUH 3 2 3 FRS\ PL[HG IORRU GLVSOD\ 3 2 3 FRS\ IORRU GLVSOD\ 3 2 3 FRS\ IORRU GLVSOD\

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU 5$&+$(/ 5$< LV D EHVW VHOOLQJ FRRNERRN DXWKRU DQG WKH KRVW RI )RRG 1HWZRUN V SRSXODU 0LQXWH 0HDOV 7DVW\ 7UDYHOV DQG 5DFKDHO V 9DFDWLRQ DV ZHOO DV KHU 5$&+$(/ 5$< LV D EHVW VHOOLQJ FRRNERRN DXWKRU DQG WKH KRVW RI )RRG 1HWZRUN V V\QGLFDWHG VKRZ 5DFKDHO 5D\ 6KH LV DOVR WKH IRXQGHU RI <XP 2 D FKDULWDEOH SRSXODU 0LQXWH 0HDOV 7DVW\ 7UDYHOV DQG 5DFKDHO V 9DFDWLRQ DV ZHOO DV KHU RUJDQL]DWLRQ GHGLFDWHG WR KHOSLQJ SDUHQWV DQG FKLOGUHQ GHYHORS D KHDOWK\ V\QGLFDWHG VKRZ 5DFKDHO 5D\ 6KH LV DOVR WKH IRXQGHU RI <XP 2 D FKDULWDEOH UHODWLRQVKLS ZLWK IRRG DQG 5DFKDHO V 5HVFXH ZKLFK IXQGV SURJUDPV WKDW KHOS RUJDQL]DWLRQ GHGLFDWHG WR KHOSLQJ SDUHQWV DQG FKLOGUHQ GHYHORS D KHDOWK\ DQLPDOV LQ QHHG 7KLV LV KHU VL[WHHQWK FRRNERRN UHODWLRQVKLS ZLWK IRRG DQG 5DFKDHO V 5HVFXH ZKLFK IXQGV SURJUDPV WKDW KHOS DQLPDOV LQ QHHG 7KLV LV KHU VL[WHHQWK FRRNERRN

5LJKWV 506 5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW

$XGLR 1R 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW %ULWLVK 1R $XGLR 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ 1R %RRN &OXE <HV $JHQF\ :,//,$0 0255,6 $*(1&< //& 7UDQVODWLRQ 1R $JHQF\ :,//,$0 0255,6 $*(1&< //&

+LVW 3UHY 7LWOHV 5DFKDHO 5D\ V %LJ 2UDQJH %RRN 5D\ 5DFKDHO 75 +LVW 3UHY 7LWOHV <XP 2 7KH )DPLO\ &RRNERRN 5D\ 5DFKDHO +& 5DFKDHO 5D\ V %LJ 2UDQJH %RRN 5D\ 5DFKDHO 75 5DFKDHO 5D\ -XVW ,Q 7LPH 5D\ 5DFKDHO 75 <XP 2 7KH )DPLO\ &RRNERRN 5D\ 5DFKDHO +& 5DFKDHO 5D\ 5D\ 5DFKDHO 75 5DFKDHO 5D\ -XVW ,Q 7LPH 5D\ 5DFKDHO 75 5DFKDHO 5D\ ([SUHVV /DQH 0HDOV 5D\ 5DFKDHO 75 5DFKDHO 5D\ 5D\ 5DFKDHO 75 5DFKDHO 5D\ 1R 5HSHDWV 5D\ 5DFKDHO 75 5DFKDHO 5D\ ([SUHVV /DQH 0HDOV 5D\ 5DFKDHO 75 5DFKDHO 5D\ 6 0LQXWH *HW 5H 5D\ 5DFKDHO 75 5DFKDHO 5D\ 1R 5HSHDWV 5D\ 5DFKDHO 75 5DFKDHO 5D\ 6 0LQXWH *HW 5H 5D\ 5DFKDHO 75

192 www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU &ODUNVRQ 3RWWHU 3XEOLVKHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO <HV $JHQW 68=$11( 6SHFLDO 0DUNHWV */8&. $JHQW 68=$11( */8&. 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ &DQ

www.CrownPublishing.com

)HOW 0H D 6PLOH

+HDUW 0DGH 3URMHFWV WR 0DNH DQG *LYH

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

.H\ 3RLQWV 4XRWHV 21 6$/( 3277(5 &5$)7 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬&UDIWV +REELHV 1HHGOHZRUN 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 ,//86 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬3$3(5%$&. :,7+ )/$36 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75

-DSDQHVH 6W\OH &UDIW %RRNV 6HOO 7KH -DSDQHVH DSSUHFLDWLRQ RI FXWHQHVV KDV IRXQG D PDLQVWUHDP $PHULFDQ DXGLHQFH (DV\ WR 0DNH 3URMHFWV :LWK FORVH WR SKRWRJUDSKV LOOXVWUDWLRQV DQG WHPSODWHV DOO VL[WHHQ SURMHFWV DUH FOHDUO\ H[SODLQHG DQG HDV\ WR FRQVWUXFW ,QVWDQWO\ $SSHDOLQJ 7KH EHDXWLIXO GHVLJQ DQG KLJK TXDOLW\ SURGXFWLRQ RI WKLV ERRN PDNH LW D FKDUPLQJ SDFNDJH

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $XVWUDOLD

$XWKRU +RPHWRZQ 2VDND -DSDQ

72<2.2 68*,:$.$ ZDV ERUQ LQ 2VDND -DSDQ DQG VWXGLHG JUDSKLF GHVLJQ DW WKH 2VDND &ROOHJH RI 'HVLJQ 6KH FRPHV IURP D IDPLO\ RI FUDIWHUV ,Q VKH PRYHG WR $XVWUDOLD DV WKH DUW GLUHFWRU IRU D SULQWLQJ FRPSDQ\ EHIRUH EHFRPLQJ D IUHHODQFH JUDSKLF GHVLJQHU 7R\RNR UHFHLYHG WUDLQLQJ LQ IHOWLQJ WHFKQLTXHV IURP LQWHUQDWLRQDOO\ UHQRZQHG 6RXWK $XVWUDOLDQ DUWLVW IHOWHU DQG G\HU ,QGLD )OLQW ZLWK ZKRP VKH FR ZURWH +DQGPDGH 6W\OH )HOW

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ $GYHUWLVH RQ NH\ FUDIW EORJV DQG ZHEVLWHV )HDWXUH LQ &UDIWHUQHZV FRP &UDIW EORJJHU RXWUHDFK 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIW +REE\ $VVRFLDWLRQ 7UDGH 6KRZV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV /LWWOH )HOWHG $QLPDOV +RUYDWK 0DULH 1RHOOH 75 $UDQ]L &XWH 6WXII 6RIWLHV

,6%1

194 www.CrownPublishing.com

2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO 9HUWLFDO &KURQLFOH %RRNV

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ

0DVRQ 'L[RQ .QLWWLQJ

7KH &XULRXV .QLWWHU V *XLGH 6WRULHV 3DWWHUQV $GYLFH 2SLQLRQV 4XHVWLRQV $QVZHUV -RNHV DQG 3LFWXUHV &UHDWHG IRU .QLWWHUV (YHU\ZKHUH :KR 6KDUH WKH *LYH (P +HOO 6SLULW RI -XVW 3LFNLQJ 8S WKH 1HHGOHV DQG 0DNLQJ 6WXII

.D\ *DUGLQHU $QQ 6KD\QH

21 6$/( 3277(5 &5$)7 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬&UDIWV +REELHV .QLWWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ & 3+2726 & ,//86 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ $GYHUWLVLQJ RQ WRS NQLWWLQJ ZHEVLWHV DQG EORJV )HDWXUH LQ &UDIWHUQHZV FRP 0RWKHU V 'D\ H FDUG &URVV 3URPRWLRQ RQ DXWKRU V ZHEVLWH PDVRQGL[RQNQLWWLQJ FRP 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIW +REE\ $VVRFLDWLRQ 7UDGH 6KRZV

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

.H\ 3RLQWV 4XRWHV .QLWWLQJ 6WDUV 7KH DXWKRUV IULHQGO\ FRQYHUVDWLRQDO VW\OH DQG GRZQ WR HDUWK JHQLXV KDYH HQGHDUHG WKH SDLU WR NQLWWHUV RI DOO DJHV 7KH RQOLQH 0DVRQ 'L[RQ .QLWWLQJ FRPPXQLW\ ERDVWV PRUH WKDQ XQLTXH UHDGHUV IDQV SHU PRQWK LQ WKH 86 DORQH )URP %ORJ WR %RRN .D\ DQG $QQ V XQLTXH WDNH RQ NQLWWLQJ WUDQVODWHV SHUIHFWO\ WR WKH SDJH .QLW /LW LV D +LW 7KH VXFFHVV RI 753 V .QLW/LW VHULHV 3RWWHU V <DUQ *LUOV ERRNV DQG :RUNPDQ V 6WHSKDQLH 3HDUO 0F3KHH ERRNV LV WHVWLPRQ\ WR NQLWWHUV HQWKXVLDVWLF VHDUFK IRU ERRNV WKDW ZLOO RIIHU IUHVK LGHDV QHZ SDWWHUQV VWRULHV DQG LQVSLUDWLRQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1<

.$< *$5',1(5 OHDUQHG WR NQLW DV D FKLOG EXW SXW DVLGH KHU QHHGOHV IRU WZHQW\ \HDUV WR REWDLQ D ODZ GHJUHH IURP &ROXPELD EHFRPH DQ $VVLVWDQW 8QLWHG 6WDWHV $WWRUQH\ LQ 0DQKDWWDQ DQG VWDUW D IDPLO\ /XFN\ IRU XV VKH UHWXUQHG WR NQLWWLQJ ZLWK D YHQJHDQFH $IWHU VWLQWV LQ WKH 1HZ <RUN SXEOLVKLQJ ZRUOG $11 6+$<1( UHWXUQHG WR KHU KRPHWRZQ RI 1DVKYLOOH WR HGLW %RRN3DJH 6KH KDV VLQFH FKRVHQ WR GHYRWH KHU WLPH WR KHU IDPLO\ DQG NQLWWLQJ

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE 7UDQVODWLRQ $JHQF\ '$9,' %/$&. /,7(5$5<

+LVW 3UHY 7LWOHV 0DVRQ 'L[RQ .QLWWLQJ 2XWVLGH *DUGLQHU .D\ +& &RPS 7LWOHV 0DVRQ 'L[RQ .QLWWLQJ *DUGLQHU .D\ +& <DUQ *LUOV *XLGH 7R 6LPSOH .Q &DUOHV -XOLH +& <DUQ *LUOV *XLGH 7R .LG .QLWV &DUOHV -XOLH +& .QLWOLW 5RJKDDU /LQGD 75 .QLWOLW 7RR 5RJKDDU /LQGD 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 3RWWHU &UDIW 3XEOLVKHU 3RWWHU &UDIW 3RWWHU &UDIW 3RWWHU &UDIW 7KUHH 5LYHUV 3UHVV 7KUHH 5LYHUV 3UHVV

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW -2< 787(/$ 3ULFH &DQ 3ULFH &DQ &DQ &DQ &DQ &DQ

195 www.CrownPublishing.com

%XLOW E\ :HQG\ 'UHVVHV %XLOW E\ :HQG\ 'UHVVHV 7KH 6HZ 8 *XLGH WR 0DNLQJ D *LUO V %HVW )URFN 7KH 6HZ 8 *XLGH WR 0DNLQJ D *LUO V %HVW )URFN

:HQG\ 0XOOLQ :HQG\ 0XOOLQ

21 6$/( 3277(5 &5$)7 21 6$/( +$5'&29(5 3277(5 &5$)7 +$5'&29(5

&DQ &DQ &DWHJRU\ Â¬&UDIWV +REELHV 6HZLQJ %,6$&Â¬&DW Â¬&UDIWV +REELHV 6HZLQJ &DWHJRU\ Â¬&UDIWV +REELHV 6HZLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 %,6$&Â¬&DW Â¬&UDIWV +REELHV 6HZLQJ 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬ &2/25 &DUWRQ &RXQW ,//8675$7,216 &2/25 ,OOXVWUDWLRQV Â¬ &2/25 3$77(51 6+((76 ,//8675$7,216 &2/25 /RDGÂ¬*URXS Â¬ 3$77(51 6+((76 (GLWLRQÂ¬'HVF Â¬&21&($/(' :,5( 2 32% /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU &UDIW +& (GLWLRQÂ¬'HVF Â¬&21&($/(' :,5( 2 32% 3URGÂ¬7\SH Â¬3RWWHU &UDIW +&

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1<

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV :RUOG

$XGLR <HV 7HUULWRULHV :RUOG %ULWLVK <HV $XGLR <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ <HV %RRN &OXE <HV $JHQF\ 7+( $*(1&< *5283 /7' 7UDQVODWLRQ <HV $JHQF\ 7+( $*(1&< *5283 /7'

+LVW 3UHY 7LWOHV ,6%1 6HZ 8 +LVW 3UHY 7LWOHV ,6%1 6HZ 8 +RPH 6WUHWFK 6HZ 8 6HZ 8 +RPH 6WUHWFK &RPS 7LWOHV ,6%1 :D\V 7R &XW 6HZ 7ULP $QG %ODNHQH\ )DLWK +& ,6%1 &RPS 7LWOHV %HQG 7KH 5XOHV 6HZLQJ .DURO $P\ 75 :D\V 7R &XW 6HZ 7ULP $QG %ODNHQH\ )DLWK +& %HQG 7KH 5XOHV 6HZLQJ .DURO $P\ 75

196 www.CrownPublishing.com

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU %XOILQFK 3UHVV 3XEOLVKHU /LWWOH %URZQ %XOILQFK 3UHVV /LWWOH %URZQ 3XEOLVKHU 3RWWHU &UDIW 3XEOLVKHU 3RWWHU &UDIW 3RWWHU &UDIW 3RWWHU &UDIW

5HSULQW <HV VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO <HV $JHQW &$52/,1( 6SHFLDO 0DUNHWV *5((9(1 $JHQW &$52/,1( *5((9(1 3ULFH 3ULFH 3ULFH &DQ 3ULFH &DQ &DQ &DQ

0DUWKD 6WHZDUW V (QF\FORSHGLD RI 6HZLQJ DQG )DEULF &UDIWV

%DVLF 7HFKQLTXHV DQG ,QVSLUHG ,GHDV IRU 6HZLQJ (PEURLGHU\ $SSOLTXH 4XLOWLQJ '\HLQJ DQG 3ULQWLQJ

0DUWKD 6WHZDUW /LYLQJ 0DJD]LQH

21 6$/( 3277(5 &5$)7 +$5'&29(5

&DQ &DWHJRU\ Â¬&UDIWV +REELHV &UDIWV +REELHV 1HHGOHZRUN %,6$&Â¬&DW Â¬&UDIWV +REELHV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ 3+2726 % : ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU &UDIW +&

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %HGIRUG 1<

0DUWKD 6WHZDUW /LYLQJ PDJD]LQH ZDV ILUVW SXEOLVKHG LQ 2YHU WKH \HDUV PRUH WKDQ WKUHH GR]HQ ERRNV KDYH EHHQ SXEOLVKHG E\ WKH PDJD]LQH V HGLWRUV 0DUWKD 6WHZDUW LV WKH DXWKRU RI GR]HQV RI EHVWVHOOLQJ ERRNV RQ FRRNLQJ HQWHUWDLQLQJ JDUGHQLQJ ZHGGLQJV DQG GHFRUDWLQJ 6KH LV WKH KRVW RI 7KH 0DUWKD 6WHZDUW 6KRZ WKH VXFFHVVIXO GDLO\ V\QGLFDWHG WHOHYLVLRQ VKRZ

5LJKWV 506 7HUULWRULHV :RUOG $XGLR 1R %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

&RPS 7LWOHV 0DUWKD 6WHZDUW V (QF\F 0DUWKD 6WHZDUW /LYLQJ +& 0DUWKD 6WHZDUW V +RPHNHHSLQJ 6WHZDUW 0DUWKD +& 0DUWKD 6WHZDUW V %DNLQJ +DQGEN 6WHZDUW 0DUWK +&

,6%1

2Q VDOH

3XEOLVKHU 3RWWHU &UDIW &ODUNVRQ 3RWWHU &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ

197 www.CrownPublishing.com

7KH $UW RI *LIW :UDSSLQJ

,QQRYDWLYH ,GHDV 8VLQJ 2UJDQLF 8QLTXH DQG 8QFRPPRQ 0DWHULDOV

:DQGD :HQ

21 6$/( 3277(5 &5$)7 +$5'&29(5

&DQ &DWHJRU\ Â¬&UDIWV +REELHV 3DSHUFUDIWV %,6$&Â¬&DW Â¬&UDIWV +REELHV 3DSHUFUDIWV 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬3$3(5 29(5 %2$5' 3URGÂ¬7\SH Â¬3RWWHU &UDIW +&

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ $XWKRU (YHQWV RXW RI /RV $QJHOHV 2XWUHDFK WR ZHGGLQJ DQG VW\OH VLWHV DQG EORJJHUV 7DUJHWHG VHDFK DGYHUWLVLQJ )HDWXUH LQ &UDIWHUQHZV FRP &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH VRROLS FRP 3URPRWLRQ DW WKH &UDIWV +REE\ $VVRFLDWLRQ 6KRZ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RV $QJHOHV &$

:$1'$ :(1 LV WKH )RXQGHU DQG &UHDWLYH 'LUHFWRU RI 6RROLS D SDSHULH EXVLQHVV VKH VWDUWHG \HDUV DJR RXW RI D OLIH ORQJ SDVVLRQ IRU OHWWHU ZULWLQJ DQG WKH SDSHU DUWV 6RROLS QRZ KDV WKUHH FKDUPLQJ ERXWLTXHV DORQJ 0HOURVH $YHQXH LQ WKH KHDUW RI /RV $QJHOHV GHVLJQ GLVWULFW :HQ DQG 6RROLS KDYH EHHQ IHDWXUHG LQ 0DUWKD 6WHZDUW :HGGLQJV 7UDYHO /HLVXUH 9RJXH ,Q6W\OH (OOH DQG (OOH 'HFRUDWLRQ

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

&RPS 7LWOHV +RZ 7R 0DNH %RRNV 6PLWK (VWKHU . +& 5HDG\PDGH %HUJHU 6KRVKDQD +& 3UHVHQWDWLRQV 3DVVLRQ )RU 5RHKP &DURO\QH +& *LIW )RU *LYLQJ $ /DQJ 'RQQD +&

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ )281'5< 0(',$ //&

,6%1

198 www.CrownPublishing.com

2Q VDOH

3XEOLVKHU 3RWWHU &UDIW &ODUNVRQ 3RWWHU %URDGZD\ &ODUNVRQ 3RWWHU

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3(7(5 0&*8,*$1 3ULFH &DQ &DQ &DQ &DQ

7RH 8S 6RFNV IRU (YHU\ %RG\

$GYHQWXURXV /DFH &DEOHV DQG &RORUZRUN IURP :HQG\ .QLWV

:HQG\ ' -RKQVRQ

21 6$/( 3277(5 &5$)7 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&UDIWV +REELHV .QLWWLQJ %,6$&Â¬&DW Â¬&UDIWV +REELHV .QLWWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬3$3(5%$&. :,7+ )/$36 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ $GYHUWLVLQJ RQ WRS NQLWWLQJ ZHEVLWHV DQG NH\ FUDIW EORJV 7DUJHWHG VHDUFK FDPSDLJQ )HDWXUH LQ &UDIWHUQHZV FRP &UDIW EORJJHU RXWUHDFK &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH :HQG\.QLWV FRP 3URPRWLRQDO 0DWHULDOV $YDLODEOH IRU $XWKRU V &ODVVHV DQG &UDIW 6KRZ $SSHDUDQFHV 6RFN &OXE 2XWUHDFK 3URPRWLRQ DW WKH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIW +REE\ 7UDGH 6KRZV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH $OH[DQGULD 9LUJLQLD

:(1'< ' -2+1621 LV D OLIHORQJ NQLWWHU DQG FUHDWRU RI :HQG\.QLWV FRP RQH RI WKH PRVW SRSXODU NQLWWLQJ EORJV 6KH KDV EHHQ IHDWXUHG LQ PDQ\ PDMRU NQLWWLQJ PDJD]LQHV DQG KDV FUHDWHG GHVLJQV DQG WDXJKW FODVVHV IRU .QLW +DSSHQV WKH FHOHEUDWHG \DUQ VKRS LQ $OH[DQGULD 9$ 6KH LV WKH DXWKRU RI :HQG\ .QLWV DQG 6RFNV IURP WKH 7RH 8S

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\ %2% 0(&2<

+LVW 3UHY 7LWOHV 6RFNV )URP 7KH 7RH 8S -RKQVRQ :HQG\ ' 75 &RPS 7LWOHV /LRQ %UDQG <DUQ -XVW 6RFNV /LRQ %UDQG 75 2GG %DOO .QLWWLQJ $OEULJKW %DUEDUD 75 6HQVDWLRQDO .QLWWHG 6RFNV $W $ 7LPH 6RFNV 0HOLVVD 0RUJDQ 2DNHV

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 3RWWHU &UDIW 3XEOLVKHU 3RWWHU &UDIW 3RWWHU &UDIW 0DUWLQJDOH :RUNPDQ

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ 3ULFH &DQ &DQ

199 www.CrownPublishing.com

&URFKHW IRU %HDUV WR :HDU

0RUH 7KDQ 3HUIHFW 3URMHFWV IRU <RXU )DYRULWH 7HGGLHV DQG )ULHQGV

$P\ 2 1HLOO +RXFN

21 6$/( 3277(5 &5$)7 75$'( 3$3(5%$&.

&DQ &DWHJRU\ Â¬&UDIWV +REELHV &URFKHWLQJ %,6$&Â¬&DW Â¬&UDIWV +REELHV &URFKHWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬25,*,1$/ 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ $GYHUWLVLQJ DQG SURPRWLRQ RQ WRS FUDIW ZHEVLWHV DQG NH\ WHGG\ EHDU EORJV &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH WKHKRRNDQGL FRP )HDWXUH LQ &UDIWHUQHZV FRP 2XWUHDFK WR FUDIW DQG WHGG\ EHDU EORJJHUV 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIWV +REE\ $VVRFLDWLRQ 7UDGH 6KRZV %X]] 0DLOLQJ WR 7HGG\ %HDU (QWKXVLDVWV

:KHWKHU LW V \RXU FKLOG V IDYRULWH %XLOG $ %HDU \RXU QLHFH V $PHULFDQ *LUO 'ROO RU DQRWKHU EHORYHG WR\ &URFKHW IRU %HDUV WR :HDU SURYLGHV HDV\ WR IROORZ LQVWUXFWLRQV IRU WKH SHUIHFW DQG SHUIHFWO\ WDLORUHG RXWILW &URFKHWHUV RI HYHU\ OHYHO ZLOO DGRUH WKHVH IXQ WHGG\ IDVKLRQV 0HHW 3HDUO (GG\ DQG -RH\ WKH PRVW IDVKLRQDEOH WHGG\ EHDUV LQ $ODVND &URFKHW IRU %HDUV WR :HDU WKH IROORZ XS WR .QLWV IRU %HDUV WR :HDU IHDWXUHV PRUH WKDQ RI WKHLU IDYRULWH FORWKHV DQG DFFHVVRULHV LQFOXGLQJ VZHDWHUV KDWV SDUW\ ZHDU D YDUVLW\ MDFNHW DQG DQ DPLJXUXPL EDVHEDOO VHW &KLOGUHQ ORYH WR SHUVRQDOL]H DQG GUHVV WKHLU WHGG\ EHDUV GROOV DQG RWKHU FXGGO\ IULHQGV RXWILWWLQJ WKHP IRU HYHU\ RFFDVLRQ :LWK LQVWUXFWLRQV RQ KRZ WR PHDVXUH DQG VL]H HDFK RI WKH DGRUDEOH GHVLJQV LQ WKLV ERRN FDQ EH FXVWRP ILW IRU DQ\ WR\ )LOOHG ZLWK SKRWRJUDSKV RI WHGG\ EHDUV DW SOD\ DQG TXLFN FURFKHW SDWWHUQV &URFKHW IRU %HDUV WR :HDU LV DQ LUUHVLVWLEOH JXLGH WR NHHSLQJ DOO \RXU IDYRULWH WR\V LQ VW\OH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &RUGRYD $ODVND

:ULWHU DQG GHVLJQHU $0< 2 1(,// +28&. LV NQRZQ IRU KHU VW\OLVK SDWWHUQV DWWHQWLRQ WR GHWDLO DQG NQDFN IRU IXQ WR PDNH FURFKHW FRQVWUXFWLRQV 6KH SURGXFHV D SRSXODU OLQH RI SDWWHUQV DQG KHU FURFKHW GHVLJQV KDYH EHHQ IHDWXUHG LQ QXPHURXV ERRNV DQG RQ WKH FRYHUV RI WKH PRVW SRSXODU FURFKHW PDJD]LQHV &URFKHW 7RGD\ DQG ,QWHUZHDYH &URFKHW +HU EORJ WKHKRRNDQGL FRP UHFHLYHV PRUH WKDQ XQLTXH YLVLWRUV SHU PRQWK

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 5HSULQW <HV %RRN &OXE <HV VW 6HULDO <HV 7UDQVODWLRQ <HV 6SHFLDO 0DUNHWV $JHQF\ 67(5/,1* /25' /,7(5,67,& ,1&$JHQW -8'< +(,%/80

+LVW 3UHY 7LWOHV .QLWV )RU %HDUV 7R :HDU +RXFN $P\ 2 1HLOO 75 &RPS 7LWOHV 6LPSOH &URFKHW .QLJKW (ULND 75 7KH .QLWWHG 7HGG\ %HDU 3ROOH\ 6DQGUD 75

,6%1 ,6%1

200 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU 3RWWHU &UDIW 3XEOLVKHU 3RWWHU &UDIW 3RWWHU &UDIW

3ULFH &DQ 3ULFH &DQ &DQ

&URFKHW /DFH ,QQRYDWLRQV &URFKHW /DFH ,QQRYDWLRQV 'D]]OLQJ 'HVLJQV LQ %URRPVWLFN +DLUSLQ 7XQLVLDQ 'D]]OLQJ 'HVLJQV LQ %URRPVWLFN +DLUSLQ 7XQLVLDQ DQG ([SORGHG /DFH DQG ([SORGHG /DFH

'RULV &KDQ 'RULV &KDQ

21 6$/( 3277(5 &5$)7 21 6$/( 75$'( 3$3(5%$&. 3277(5 &5$)7 75$'( 3$3(5%$&.

&DQ &DQ &DWHJRU\ Â¬&UDIWV +REELHV &URFKHWLQJ %,6$&Â¬&DW Â¬&UDIWV +REELHV &URFKHWLQJ &DWHJRU\ Â¬&UDIWV +REELHV &URFKHWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 %,6$&Â¬&DW Â¬&UDIWV +REELHV &URFKHWLQJ 3DJH &RXQW 7ULP 6L]H [ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 &DUWRQ &RXQW 7ULP 6L]H [ 3DJH &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 &DUWRQ &RXQW &2/25 ,//8675$7,216 ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ &2/25 ,//8675$7,216 (GLWLRQÂ¬'HVF Â¬3$3(5%$&. :,7+ )/$36 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75 (GLWLRQÂ¬'HVF Â¬3$3(5%$&. :,7+ )/$36 3URGÂ¬7\SH Â¬3RWWHU &UDIW 75

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\

1DWLRQDO 3ULQW $WWHQWLRQ 1DWLRQDO 3XEOLFLW\ $GYHUWLVLQJ RQ WRS FURFKHW DQG FUDIW 1DWLRQDO 3ULQW $WWHQWLRQ ZHEVLWHV $GYHUWLVLQJ RQ WRS FURFKHW DQG FUDIW )HDWXUH LQ &UDIWHUQHZV FRP ZHEVLWHV 2XWUHDFK WR FURFKHW DQG FUDIW EORJJHUV )HDWXUH LQ &UDIWHUQHZV FRP &URVV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 2XWUHDFK WR FURFKHW DQG FUDIW EORJJHUV GRULVHYHU\GD\FURFKHW EORJVSRW FRP &URVV 3URPRWLRQ RQ DXWKRU V ZHEVLWH 3URPRWLRQDO 0DWHULDOV $YDLODEOH IRU GRULVHYHU\GD\FURFKHW EORJVSRW FRP $XWKRU V &ODVVHV DQG &UDIW 6KRZ 3URPRWLRQDO 0DWHULDOV $YDLODEOH IRU $SSHDUDQFHV $XWKRU V &ODVVHV DQG &UDIW 6KRZ 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $SSHDUDQFHV $VVRFLDWLRQ DQG 7KH &UDIWV +REE\ 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV 7UDGH 6KRZV $VVRFLDWLRQ DQG 7KH &UDIWV +REE\ 7UDGH 6KRZV

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $ERXW WKH $XWKRU ,OOXVWUDWRU '25,6 &+$1 FURFKHWHG TXLHWO\ IRU GHFDGHV EXW LQ RQH RI KHU FURFKHWHG

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

5LJKWV 506 5LJKWV 506 7HUULWRULHV :RUOG

$XGLR <HV 7HUULWRULHV :RUOG %ULWLVK <HV $XGLR <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ 7UDQVODWLRQ <HV %RRN &OXE <HV $JHQF\ 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV $PD]LQJ &URFKHW /DFH &KDQ 'RULV 75 +LVW 3UHY 7LWOHV (YHU\GD\ &URFKHW &KDQ 'RULV 75 $PD]LQJ &URFKHW /DFH &KDQ 'RULV 75 (YHU\GD\ &URFKHW &KDQ 'RULV 75 &RPS 7LWOHV &RRO &URFKHW /HDSPDQ 0HOLVVD 75 &RPS 7LWOHV &RRO &URFKHW /HDSPDQ 0HOLVVD 75

,6%1 ,6%1 ,6%1 ,6%1

2Q VDOH 2Q VDOH 2Q VDOH 2Q VDOH

3XEOLVKHU 3RWWHU &UDIW 3XEOLVKHU 3RWWHU &UDIW 3RWWHU &UDIW 3RWWHU &UDIW 3XEOLVKHU :DWVRQ *XSWLOO 3XEOLVKHU :DWVRQ *XSWLOO

5HSULQW <HV VW 6HULDO <HV 5HSULQW <HV 6SHFLDO 0DUNHWV VW 6HULDO <HV $JHQW 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ 3ULFH &DQ &DQ &DQ 3ULFH &DQ 3ULFH &DQ

201 www.CrownPublishing.com

&RORU .QLWWLQJ %DVLFV

(VVHQWLDO 7HFKQLTXHV 3HUIHFW 3DOHWWHV DQG )UHVK 'HVLJQV

0HOLVVD /HDSPDQ

21 6$/( 3277(5 &5$)7 75$'( 3$3(5%$&.

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ 7LH ,Q ZLWK WKH DXWKRU V WUDYHO VFKHGXOH $GYHUWLVLQJ RQ WRS NQLWWLQJ ZHEVLWHV DQG NH\ FUDIW EORJV )HDWXUH RQ &UDIWHUQHZV FRP &UDIW %ORJJHU RXWUHDFK 3URPRWLRQDO 0DWHULDOV $YDLODEOH IRU $XWKRU V &ODVVHV DQG &UDIW 6KRZ $SSHDUDQFHV 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG &UDIWV +REE\ $VVRFLDWLRQ 7UDGH 6KRZV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN 1<

0(/,66$ /($30$1 LV D ZLGHO\ SXEOLVKHG NQLWZHDU GHVLJQHU ZKRVH SDWWHUQV KDYH DSSHDUHG LQ HYHU\ SUHPLHU QHHGOHZRUN SXEOLFDWLRQ LQ WKH FRXQWU\ LQFOXGLQJ 9RJXH .QLWWLQJ .QLWWHU V 0F&DOO V )DPLO\ &LUFOH %HWWHU +RPHV DQG *DUGHQV DQG ,QWHUZHDYH .QLWV 6KH KDV EHHQ D IHDWXUHG JXHVW RQ ',< V .QLWW\ *ULWW\ /LIHWLPH 79 V +DQGPDGH E\ 'HVLJQ DQG +*79 V 6HZ 0XFK 0RUH

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV &RRO &URFKHW /HDSPDQ 0HOLVVD 75 &RQWLQXRXV &DEOHV /HDSPDQ 0HOLVVD +& 0HOLVVD /HDSPDQ 6 .QLWWL /HDSPDQ 0HOLVVD 75 &RPS 7LWOHV &DEOHV 8QWDQJOHG /HDSPDQ 0HOLVVD +& +RW .QLWV /HDSPDQ 0HOLVVD 75

,6%1 ,6%1

202 www.CrownPublishing.com

2Q VDOH 2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO 3RWWHU &UDIW :DWVRQ *XSWLOO 3XEOLVKHU 3RWWHU &UDIW :DWVRQ *XSWLOO

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ 3ULFH &DQ &DQ

www.CrownPublishing.com

:KDW 7KH\ OO 1HYHU 7HOO <RX $ERXW WKH 0XVLF %XVLQHVV 7KH 0\WKV WKH 6HFUHWV WKH /LHV D )HZ 7UXWKV

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

.H\ 3RLQWV 4XRWHV 21 6$/( %,//%2$5' %22.6 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬0XVLF %XVLQHVV $VSHFWV 2UGHUÂ¬)RUPÂ¬&DW Â¬086,& 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ &URVV SURPRWLRQ ZLWK ELOOERDUG FRP $FDGHPLF 0DUNHWLQJ WR PXVLF VFKRROV 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU DXWKRU V FODVVHV

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

,QWHOOLJHQW DQG DFFHVVLEOH ULFK LQ UHIHUHQFHV EXW HDVLO\ XQGHUVWDQGDEOH 'DYLG *HIIHQ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1HZ <RUN &LW\

3(7(5 0 7+$// LV D YHWHUDQ RI PRUH WKDQ \HDUV RI SUDFWLFLQJ ODZ ZKR KDV UHSUHVHQWHG PDQ\ RI WKH ZRUOG V JUHDWHVW DUWLVWV IURP 6LPRQ *DUIXQNHO DQG %DUU\ 0DQLORZ WR $%%$ DQG 3DW %HQDWDU +H LV D IUHTXHQW FRQWULEXWRU WR WUDGH PDJD]LQHV VXFK DV %LOOERDUG DQG %URDGFDVWLQJ DQG KDV DSSHDUHG RQ QHZV SURJUDPV DV DQ H[SHUW RQ FRS\ULJKW ODZ DQG WKH )LUVW $PHQGPHQW +H SURPRWHV WKH ERRN RQ KLV ODZ RIILFH ZHEVLWH ZZZ WKDOOHQWODZ FRP

5LJKWV 506 7HUULWRULHV World $XGLR Yes %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\

&RPS 7LWOHV ,6%1 :KDW 7KH\ OO 1HYHU 7HOO 7KDOO 3HWHU +& 7KLV %XVLQHVV 2I 0XVLF WK ( .UDVLORYVN\ 0 :LOÂ« 7KH 0XVLFLDQ V +DQGERRN 5HYLV %RUJ %REE\ 75 0XVLFLDQ V +DQGERRN %RUJ %REE\ 75

204 www.CrownPublishing.com

2Q VDOH

3XEOLVKHU %LOOERDUG %RRNV %LOOERDUG %RRNV %LOOERDUG %RRNV %LOOERDUG %RRNV

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ &DQ

([SHULPHQWDO 'UDZLQJ WK $QQLYHUVDU\ (GLWLRQ

&UHDWLYH ([HUFLVHV ,OOXVWUDWHG E\ 2OG DQG 1HZ 0DVWHUV

5REHUW .DXSHOLV 7KLV FODVVLF FROOHFWLRQ RI LQYHQWLYH DQG VWLPXODWLQJ GUDZLQJ SURMHFWV LV GHVLJQHG WR KHOS EHJLQQLQJ WR VHULRXV DUWLVWV GHYHORS WKHLU RZQ FUHDWLYLW\ DQG GLVFRYHU WKHLU RZQ ZD\ WR GUDZ %DVHG RQ WKH DXWKRU V UHQRZQHG GUDZLQJ FRXUVH DW 1HZ <RUN 8QLYHUVLW\ ([SHULPHQWDO 'UDZLQJ LV DERXW WKH H[SHULHQFH RI GUDZLQJ VHHLQJ DQG XQGHUVWDQGLQJ GUDZLQJ DQG DERXW WKH SRVVLELOLWLHV RI H[WHQGLQJ WUDGLWLRQDO FRQFHSWV FRQFHUQLQJ WKH SDUDPHWHUV RI GUDZLQJ

.H\ 3RLQWV 4XRWHV 21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬$UW 'UDZLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ LQ 7KH $UW %XOOHWLQ $FDGHPLF PDUNHWLQJ WR DUW VFKRROV 3URPRWLRQ DW 1DWLRQDO $UWV 0DWHULDOV 7UDGH $VVRFLDWLRQ DQG &ROOHJH $UW $VVRFLDWLRQ WUDGH VKRZV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH <RUNWRZQ +LJKWV 1HZ <RUN

52%(57 .$83(/,6 ZDV 3URIHVVRU RI $UW DQG $UW (GXFDWLRQ DW 1HZ <RUN 8QLYHUVLW\ IRU WKUHH GHFDGHV +LV SDLQWLQJV KDYH ZRQ DFFODLP LQ PRUH WKDQ RQH PDQ H[KLELWLRQV +H ZDV FLWHG E\ +HUEHUW /LYHVH\ LQ 7KH 3URIHVVRUV DV RQH RI WKH RXWVWDQGLQJ WHDFKHUV RI DUW LQ WKH QDWLRQ DQG DQ HQWLUH FKDSWHU LQ WKH ERRN ZDV GHYRWHG WR KLV FDUHHU .DXSHOLV KDV FRQGXFWHG ZRUNVKRSV IURP $ODVND WR )ORULGD

5LJKWV 506 7HUULWRULHV World $XGLR Yes %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\

+LVW 3UHY 7LWOHV ([SHULPHQWDO 'UDZLQJ .DXSHOLV 5REHUW 75 &RPS 7LWOHV 3HQFLO 'UDZLQJ 7HFKQLTXHV /HZLV 'DYLG 75 9LWDPLQ ' 1HZ 3HUVSHFWLYHV LQ 'H[WHU ( +& 'UDZLQJ 1RZ +RSWPDQ /DXUD +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU :DWVRQ *XSWLOO 3XEOLVKHU :DWVRQ *XSWLOO 3KDLGRQ %RRNVFDQ

0XVHXP RI 0RGHUQ $UW

3ULFH &DQ 3ULFH &DQ

205 www.CrownPublishing.com

7KH 0XVLFLDQ V *XLGH WR /LFHQVLQJ 0XVLF

+RZ WR *HW <RXU 0XVLF LQWR )LOP 79 $GYHUWLVLQJ 'LJLWDO 0HGLD %H\RQG

'DUUHQ :LOVH\ 'D\OOH 'HDQQD 6FKZDUW] 7KLV ERRN RQ PXVLF OLFHQVLQJ LV D PXVW KDYH IRU PXVLFLDQV DQG FRPSRVHUV RI DOO PXVLFDO JHQUHV ZKR ZDQW WR WDS LQWR WKH KRWWHVW QHZ LQFRPH VWUHDPV DQG RSSRUWXQLWLHV IRU H[SRVXUH RIIHUHG E\ PXVLF OLFHQVLQJ ,Q WRGD\ V HYHU HYROYLQJ PXVLF LQGXVWU\ PXVLF OLFHQVLQJ SURYLGHV PRUH PXVLFLDQV ZLWK JUHDWHU RSSRUWXQLWLHV IRU FRPPHULFDO H[SRVXUH DQG LQFUHDVHG FDVK IORZ ZKHWKHU WKH\ UH XQNQRZQ DUWLVWV RU ELJ ODEHO VWDUV 7KH DXWKRUV WZR PXVLF LQGXVWU\ LQVLGHUV FRYHU WKH UDQJH RI WHFKQRORJLHV XVHG RSSRUWXQLWLHV DYDLODEOH DQG SLWIDOOV WR DYRLG IRU PXVLFLDQV WU\LQJ WR EUHDN LQ DQG RU WDNH IXOO DGYDQWDJH RI WKH PXVLF OLFHQVLQJ VFHQH

.H\ 3RLQWV 4XRWHV 21 6$/( %,//%2$5' %22.6 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬0XVLF %XVLQHVV $VSHFWV 2UGHUÂ¬)RUPÂ¬&DW Â¬086,& 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ (YHQWV RXW RI /RV $QJHOHV DQG 1<& &URVV SURPRWLRQ RQ ELOOERDUG FRP $FDGHPLF 0DUNHWLQJ WR PXVLF LQVWLWXWLRQV 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU DXWKRU V ZRUNVKRSV DQG WUDGH VKRZ DSSHDUDQFHV 3URPRWLRQ DW $FWRU)HVW

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH ,UYLQH &DOLIRUQLD

'$55(1 :,/6(< LV DQ DZDUG ZLQQLQJ FRPSRVHU VRQJZULWHU PXVLF SURGXFHU DQG PXVLF VXSHUYLVRU ZKR KDV ZULWWHQ SURGXFHG DQG PL[HG PXVLF IRU DQ LOOXVWULRXV OLVW RI PRYLH VRXQGWUDFNV DGYHUWLVHPHQWV DQG QHWZRUN WHOHYLVLRQ LQFOXGLQJ 7KLUG :DWFK 6H[ WKH &LW\ 7KH +LOOV DQG 4XHHU DV )RON +LV FR DXWKRU LV '$<//( '($11$ 6&+:$57= D UHVSHFWHG PXVLF LQGXVWU\ LQVLGHU DXWKRU DQG HGXFDWRU ZKR UDQ KHU RZQ UHFRUG ODEHO IRU ILYH \HDUV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV , 'RQ W 1HHG $ 5HFRUG 'H 6FKZDUW] ' 75 5HDO 'HDO 5HYLVHG (GLWL 6FKZDUW] ' 75 &RPS 7LWOHV 7KLV %XVLQHVV 0XVLF 0DUN /DWKURS 7DG +& 6WDUW 5XQ <RXU 2ZQ 5HF 6FKZDUW] ' 75 6WDUW 5XQ <RXU 2ZQ 5HFRUG /D 6FKZDUW] ' 75 +RZ WR *HW <RXU 0XVLF LQ )LOP 79 5LFKDUG - 75

206 www.CrownPublishing.com

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU %LOOERDUG %RRNV %LOOERDUG %RRNV 3XEOLVKHU %LOOERDUG %RRNV %LOOERDUG %RRNV %LOOERDUG %RRNV 6FKLUPHU %RRNV

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ 3ULFH &DQ &DQ

7KH :HHNHQG 1RYHOLVW 5HZULWHV WKH 1RYHO $ 6WHS E\ 6WHS *XLGH WR 3HUIHFWLQJ <RXU :RUN

7KH :HHNHQG 1RYHOLVW 5HZULWHV WKH 5REHUW - 5D\ 1RYHO

7KLV ERRN D IROORZ XS WR WKH DXWKRU V EHVWVHOOLQJ 7KH :HHNHQG 1RYHOLVW LV $ 6WHS E\ 6WHS *XLGH WR 3HUIHFWLQJ <RXU :RUN D JXLGH IRU QRYHOLVWV RI DOO OHYHOV WR UHYLVLQJ DQG UHZRUNLQJ D ILUVW GUDIW RI WKHLU QRYHOV 5REHUW - 5D\ 7KH :HHNHQG 1RYHOLVW 5HZULWHV WKH 1RYHO LV 5REHUW - 5D\ V IROORZ XS WR WKH EDFNOLVW EHVWVHOOHU 7KH :HHNHQG 1RYHOLVW ZKLFK JXLGHV ZULWHUV WR FRPSOHWLQJ D 7KLV ERRN D IROORZ XS WR WKH DXWKRU V EHVWVHOOLQJ 7KH :HHNHQG 1RYHOLVW LV VROLG ILUVW GUDIW RI D QRYHO XVLQJ D SUDFWLFDO SURYHQ ZHHNHQG SURJUDP 7KLV D JXLGH IRU QRYHOLVWV RI DOO OHYHOV WR UHYLVLQJ DQG UHZRUNLQJ D ILUVW GUDIW RI ERRN RIIHUV D VLPLODU JXLGH WR UHYLVLQJ DQG SHUIHFWLQJ WKDW ILUVW GUDIW ZLWK OHVVRQV WKHLU QRYHOV IRFXVLQJ RQ SORW DQG VXESORW UHYLVLRQV DQG RYHUDOO VWRU\ VWUXFWXUH 7KH :HHNHQG 1RYHOLVW 5HZULWHV WKH 1RYHO LV 5REHUW - 5D\ V IROORZ XS WR WKH EDFNOLVW EHVWVHOOHU 7KH :HHNHQG 1RYHOLVW ZKLFK JXLGHV ZULWHUV WR FRPSOHWLQJ D VROLG ILUVW GUDIW RI D QRYHO XVLQJ D SUDFWLFDO SURYHQ ZHHNHQG SURJUDP 7KLV ERRN RIIHUV D VLPLODU JXLGH WR UHYLVLQJ DQG SHUIHFWLQJ WKDW ILUVW GUDIW ZLWK OHVVRQV 7KHUH LV QR VKRUWDJH RI DVSLULQJ ZULWHUV RXW WKHUH ZKLFK NHHSV WKH PDUNHW IRU IRFXVLQJ RQ SORW DQG VXESORW UHYLVLRQV DQG RYHUDOO VWRU\ VWUXFWXUH

.H\ 3RLQWV 4XRWHV 21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

21 6$/( &DQ

:$7621 *837,// 75$'( 3$3(5%$&. %,6$&Â¬&DW Â¬/DQJXDJH $UWV &RPSRVLWLRQ &UHDWLYH :ULWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬:5,7,1* &DQ 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : *5$3+,&6 %,6$&Â¬&DW Â¬/DQJXDJH $UWV &RPSRVLWLRQ /RDGÂ¬*URXS Â¬ &UHDWLYH :ULWLQJ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU 2UGHUÂ¬)RUPÂ¬&DW Â¬:5,7,1* 3DJH &RXQW 7ULP 6L]H [ 6SLQH 'HSWK &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : *5$3+,&6 /RDGÂ¬*URXS Â¬ 1DWLRQDO SXEOLFLW\ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU 1DWLRQDO SULQW DWWHQWLRQ /RFDO HYHQWV LQ 6HDWWOH :ULWHU V EORJJHU RXWUHDFK $FDGHPLF PDUNHWLQJ WR ZULWHUV ZRUNVKRSV DQG FODVVHV 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ /RFDO HYHQWV LQ 6HDWWOH :ULWHU V EORJJHU RXWUHDFK $FDGHPLF PDUNHWLQJ WR ZULWHUV ZRUNVKRSV DQG FODVVHV

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ /25(//$ %(//, /,7(5$5< $*(1&< 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW 5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ $XGLR 1R %RRN &OXE <HV +LVW 3UHY 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU %ULWLVK 1R 7UDQVODWLRQ 1R 7KH :HHNHQG 1RYHOLVW 5D\ 5REHUW - 75 'HOO 7UDGH 3SU 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW $JHQF\ /25(//$ %(//, /,7(5$5< :HHNHQG 1RYHOLVW :ULWHV $ 0\VW 5D\ 5REHUW - 75 'HOO 7UDGH 3SU $*(1&< &RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU

5LJKWV 506

:HHNHQG 1RYHOLVW 5HYLVH 5D\ 5REHUW - 75 +RZ 1RW 7R :ULWH $ 6FUHH )OLQQ 'HQQ\ 0DUWLQ 75 +LVW 3UHY 7LWOHV 7KH :HHNHQG 1RYHOLVW 5D\ 5REHUW - 75 :HHNHQG 1RYHOLVW :ULWHV $ 0\VW 5D\ 5REHUW - 75 &RPS 7LWOHV :HHNHQG 1RYHOLVW 5HYLVH 5D\ 5REHUW - 75 +RZ 1RW 7R :ULWH $ 6FUHH )OLQQ 'HQQ\ 0DUWLQ 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

:DWVRQ *XSWLOO /RQH (DJOH 3XEOLVKHU 'HOO 7UDGH 3SU 'HOO 7UDGH 3SU 3XEOLVKHU :DWVRQ *XSWLOO /RQH (DJOH

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW /25(//$ %(//, 5HSULQW <HV VW 6HULDO <HV 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW /25(//$ %(//, &DQ 3ULFH &DQ 3ULFH &DQ &DQ 3ULFH &DQ

207 www.CrownPublishing.com

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

.H\ 3RLQWV 4XRWHV 21 6$/( $03+272 %22.6 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬3KRWRJUDSK\ 1DWXUH :LOGOLIH 2UGHUÂ¬)RUPÂ¬&DW Â¬3+272*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\

/RQJ UHTXHVWHG E\ UHDGHUV WKLV UHYLVHG HGLWLRQ EULQJV DQ DFFODLPHG ERRN XS WR GDWH IRU WRGD\ V GLJLWDO ZRUOG 1DWXUH SKRWRJUDSK\ LV RQH RI WKH PRVW SRSXODU JHQUHV HVSHFLDOO\ ZLWK DPDWHXU SKRWRJUDSKHUV %UHQGD 7KDUS LV D ZHOO UHVSHFWHG DFWLYH PHPEHU RI WKH SKRWRJUDSKLF FRPPXQLW\ )HDWXUHV PRUH WKDQ DOO QHZ VWXQQLQJ FRORU SKRWRJUDSKV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 0DULQ &RXQW\ &$

%5(1'$ 7+$53 LV DQ DZDUG ZLQQLQJ SKRWRJUDSKHU ZULWHU DQG WHDFKHU VSHFLDOL]LQJ LQ ORFDWLRQ QDWXUH DQG WUDYHO SKRWRJUDSK\ +HU LPDJHV KDYH EHHQ IHDWXUHG LQ QXPHURXV PDJD]LQHV DQG VKH WHDFKHV DW SKRWRJUDSK\ VFKRROV WKURXJKRXW WKH 8QLWHG 6WDWHV LQFOXGLQJ 0DLQH 0HGLD :RUNVKRSV 6DQWD )H 3KRWRJUDSKLF :RUNVKRSV WKH 5RFN\ 0RXQWDLQ 6FKRRO RI 3KRWRJUDSK\ 3RLQW 5H\HV )LHOG 6HPLQDUV DQG %HWWHU3KRWR FRP

1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH 7DUJHWHG VHDUFK FDPSDLJQ $FDGHPLF 0DUNHWLQJ WR 3KRWRJUDSK\ 'HSDUWPHQWV DQG 6FKRROV 3URPRWLRQ DW 3KRWR3OXV 6KRZ

5LJKWV 506 7HUULWRULHV World $XGLR No %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\

+LVW 3UHY 7LWOHV &UHDWLYH 1DWXUH 2XWGRR 7KDUS %UHQGD 75 &RPS 7LWOHV /HDUQLQJ 7R 6HH &UHDWLYH 3HWHUVRQ %U\DQ 75 -RKQ 6KDZ V 1DWXUH 3KRWR 6KDZ -RKQ 75 $ = 2I &UHDWLYH 3KRWRJUD )URVW /HH 75 'LJLWDO 1DWXUH 3KRWRJUDSK\ *HUODFK -RKQ DQG %DUEDÂ« 7KH 3KRWRJUDSKHU V (\H )UHHPDQ 0LFKDHO 75 )LQH $UW )ORZHU 3KRWRJUDSKHU 6ZHHW 7RQ\ 75

208 www.CrownPublishing.com

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU $PSKRWR %RRNV 3XEOLVKHU $PSKRWR %RRNV $PSKRWR %RRNV $PSKRWR %RRNV

3ULFH &DQ 3ULFH &DQ &DQ &DQ

)RFDO 3UHVV

)RFDO 3UHVV 6WDFNSROH %RRNV

)DLULHV $UW 6WXGLR

(YHU\WKLQJ <RX 1HHG WR &UHDWH <RXU 2ZQ 0DJLFDO )DLU\ :RUOG

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

21 6$/( :$7621 *837,// +$5'&29(5

&DQ %,6$&Â¬&DW Â¬$UW 7HFKQLTXHV 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ ,//8675$7,216 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬32% : &' ,1 &/$06+(// 3URGÂ¬7\SH Â¬:* +DUGFRYHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ $GYHUWLVLQJ RQ ,&9 FRP &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWHV IDLULHVZRUOG FRP DQG IDLU\DUWLVW FRP 2XWUHDFK WR IDLU\ EORJJHU VLWHV 3URPRWLRQ DW &RPLF &RQ LQ 1HZ <RUN DQG 6DQ 'LHJR

.H\ 3RLQWV 4XRWHV -XPSVWDUW IRU EHJLQQHUV ,QFOXGHV VLPSOH VWHS E\ VWHS WXWRULDOV WKDW WHDFK UHDGHUV WKH WHFKQLTXHV QHHGHG WR FUHDWH DQG FRORU IDLULHV DQG WKHLU HQFKDQWHG ZRUOGV (WHUQDOO\ SRSXODU VXEMHFW $UGHQW IDLU\ IDQV DUH IRXQG WKURXJKRXW WKH ZRUOG DQG :DWVRQ *XSWLOO V KRZ WR GUDZ DQG SDLQW IDLU\ ERRNV KDYH DOO SURYHQ WR EH VWURQJ VHOOHUV ,QFOXGHV &' 6WDUW LQVWDQWO\ ZLWK KLJK UHVROXWLRQ DUWZRUN PRUH WKDQ LPDJHV RI GLIIHUHQW IDLU\ SRVHV IDFHV ERGLHV DFFHVVRULHV DQG EDFNJURXQGV WKDW FDQ EH DVVHPEOHG HDVLO\ E\ PL[LQJ DQG PDWFKLQJ WKH 3KRWRVKRS OD\HUHG ILOHV 1RWDEOH LOOXVWUDWRU <LVKDQ /L LV DQ DUWLVW ZLWK LQWHUQDWLRQDO VWDQGLQJ $OORZV XVHUV WR FXVWRPL]H 7KH ERRN DQG DFFRPSDQ\LQJ &' VKRZV VLPSOH DQG IXQ ZD\V WR SHUVRQDOL]H WKHLU IDLU\ DUWZRUN

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 1RUWKDPSWRQ (QJODQG ,OOXVWUDWRU 5HVLGHQFH (GLQEXUJK 6FRWODQG /L

1RUWKDPSWRQ (QJODQG 3HWWLW

'$9,' 5,&+( LV WKH IRXQGHU RI WKH OHDGLQJ IDLU\ ZHEVLWH IDLULHVZRUOG FRP DQG WKH DXWKRU RI :DWHUFRORU )DLULHV :DWVRQ *XSWLOO <,6+$1 /, V DUWZRUN KDV EHHQ SXEOLVKHG LQ WKH 86 8. )UDQFH *HUPDQ\ DQG 6ZLW]HUODQG 6KH GUDZV WKH PRQWKO\ VWULS 7KH $GYHQWXUHV RI &* IRU &RVPR*LUO 6KH LV DOVR WKH DXWKRU DUWLVW IRU 6KRXMR $UW 6WXGLR :DWVRQ *XSWLOO DQG DUWLVW IRU 0DQJD &KDUDFWHUV &ROOLQV 'HVLJQ 0<5($ 3(77,7 LV WKH DXWKRU DUWLVW IRU )DLU\ 0RWLIV &ROOLQV %URZQ

5LJKWV 506 7HUULWRULHV 86 &DQDGD 3KLOLSSLQHV $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ $YDLODEOH 86 DQG &DQDGD 2QO\

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ Ilex Press

+LVW 3UHY 7LWOHV :DWHUFRORU )DLULHV 5LFKH 'DYLG 75 &RPS 7LWOHV +RZ 7R 'UDZ $QG 3DLQW )DLULHV 5DYHQVFURIW /LQGD 75 (QFKDQWLQJ )DLULHV +RZ WR 3DLQW /DQ]D %DUEDUD 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

5HSULQW 2WKHU VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU :DWVRQ *XSWLOO 3XEOLVKHU :DWVRQ *XSWLOO ,PSDFW %RRNVFDQ

3ULFH 3ULFH

209 www.CrownPublishing.com

'LJLWDO $UW 5HYROXWLRQ

&UHDWLQJ )LQH $UW ZLWK 3KRWRVKRS

6FRWW /LJRQ 7KH HVVHQWLDO JXLGH WR FUHDWLQJ RULJLQDO GLJLWDO DUWZRUN WKDW WDNHV 3KRWRVKRS EH\RQG WKH WHFKQLFDO DQG LQWR WKH FUHDWLYH UHDOP IRU DUWLVWV DW DOO VNLOO OHYHOV ,Q WKLV ERRN GLJLWDO DUWLVW DQG DUWV HGXFDWRU 6FRWW /LJRQ GHPRQVWUDWHV WKH YDULHG DQG DPD]LQJ FUHDWLYH SRWHQWLDO RI GLJLWDO DUW DOO IURP D WUXO\ ILQH DUW SHUVSHFWLYH %HJLQQLQJ ZLWK DQ RYHUYLHZ RI WKH IXQGDPHQWDOV RI YLVXDO ODQJXDJH DQG KRZ WR DSSO\ WKRVH SULQFLSDOV WR GLJLWDO DUW /LJRQ WKHQ GHWDLOV D VWHS E\ VWHS VXPPDU\ RI WKH EDVLFV RI WKH 3KRWRVKRS HQYLURQPHQW (DFK FKDSWHU WKDW IROORZV SUHVHQWV D VHULHV RI H[HUFLVHV DQG SURMHFWV WKDW H[SORUH WKH FUHDWLYH SRVVLELOLWLHV LQKHUHQW LQ WKH PHGLXP VWDUWLQJ ZLWK EDVLF SKRWR PDQLSXODWLRQ DQG ZRUNLQJ WKURXJK D YDULHW\ RI RSWLRQV IRU FUHDWLQJ FRKHVLYH FRPSRVLWLRQV :KLOH JHDUHG WRZDUG 3KRWRVKRS EHJLQQHUV LQ HDUO\ FKDSWHUV WKH ERRN EXLOGV RQ SUHVHQWHG FRQFHSWV DQG RIIHUV WHFKQLTXHV DQG SURMHFWV RI LQFUHDVLQJ FRPSOH[LW\ ,QFOXGHV WKH LQVSLULQJ ZRUN RI D ZLGH DUUD\ RI GLJLWDO DUWLVWV

21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬$UW 'LJLWDO 9LGHR 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ 7DUJHW $UW 'LJLWDO &RPSXWHU DQG 7HFK PHGLD $XWKRU HYHQWV LQ &OHYHODQG &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH OLJRQ DUW FRP $FDGHPLF 0DUNHWLQJ WR $UW 6FKRROV 3URPRWLRQDO 0DWHULDOV $YDLODEOH IRU $XWKRU V &ODVVHV 3URPRWLRQ DW WKH &ROOHJH $UW $VVRFLDWLRQ 6KRZ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 5HPLQGHUYLOOH 2KLR

6&277 /,*21 LV DQ DZDUG ZLQQLQJ GLJLWDO DUWLVW ZKR IUHTXHQWO\ OHFWXUHV RQ WKH VXEMHFWV RI FUHDWLYLW\ ILOPPDNLQJ DQG GLJLWDO DUW DQG WKH FRRUGLQDWRU IRU WKH GLJLWDO IRXQGDWLRQ FXUULFXOXP DW WKH &OHYHODQG ,QVWLWXWH RI $UW +H LV DOVR WKH DXWKRU GLUHFWRU RI WKH VKRUW ILOP (VFDSH 9HORFLW\ ZLQQHU RI %HVW ([SHULPHQWDO )LOP DW WKH 86$ )LOP )HVWLYDO LQ 'DOODV ZKLFK KDV SOD\HG LQ WKHDWHUV DQG IHVWLYDOV DOO RYHU WKH ZRUOG

5LJKWV 506 7HUULWRULHV World $XGLR Yes %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\ :$7(56,'( 352'8&7,216

&RPS 7LWOHV 'LJLWDO $UW 6WXGLR /KRWND %RQQ\ 75 &ROODJH $VVHPEODJH $OWHU $UW 0DXUHU 0DWKLVRQ 'LÂ«

210 www.CrownPublishing.com

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW 0$5*27 +87&+,621

,6%1 2Q VDOH 3XEOLVKHU :DWVRQ *XSWLOO

3ULFH &DQ

&DQ

:DWVRQ *XSWLOO

3RUWUDLW 3DLQWLQJ $WHOLHU

2OG 0DVWHU 7HFKQLTXHV DQG &RQWHPSRUDU\ $SSOLFDWLRQV

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

21 6$/( :$7621 *837,// +$5'&29(5

&DQ %,6$&Â¬&DW Â¬$UW 7HFKQLTXHV 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 % : ,//86 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* +DUGFRYHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $XWKRU HYHQWV DQG LQWHUYLHZV RXW RI 6HDWWOH $GYHUWLVLQJ LQ $UW %XOOHWLQ $FDGHPLF PDUNHWLQJ WR DUW VFKRROV 3URPRWLRQ DW WKH 1DWLRQDO $UWV 0DWHULDO 7UDGH $VVRFLDWLRQ DQG &ROOHJH $UW $VVRFLDWLRQ WUDGH VKRZV

.H\ 3RLQWV 4XRWHV )LOOV YRLG LQ PDUNHW )LUVW ERRN LQ D YHU\ ORQJ WLPH WR FRYHU LQ GHSWK WKH FRQFHSWV DQG WHFKQLTXHV RI WUDGLWLRQDO SRUWUDLWXUH D SDLQWLQJ JHQUH WKDW LV XQLYHUVDOO\ FRPSHOOLQJ WR DUWLVWV DQG QRQ DUWLVWV DOLNH &ODVVLF DSSURDFK WR VXEMHFW 3URIHVVLRQDO ERRN IRFXVHG RQ IRXQGDWLRQDO SULQFLSOHV RI DUW DQG LOOXVWUDWHG E\ ROG DQG FRQWHPSRUDU\ PDVWHUV ZLOO KDYH EURDG DQG ODVWLQJ DSSHDO 8QLYHUVDO VXEMHFW &RQWHPSODWLRQ RI WKH KXPDQ IDFH LV XQLYHUVDOO\ FRPSHOOLQJ DQG KDV EHHQ WKH VXEMHFW PDWWHU RI SDLQWLQJ WKURXJKRXW DUW KLVWRU\ )HDWXUHV WKH ZRUN RI ROG DQG FRQWHPSRUDU\ PDVWHUV %RRN LV JHQHURXVO\ LOOXVWUDWHG ZLWK WKH ZRUN RI VXFK SUHHPLQHQW PDVWHUV DV 0LOOHW )UDQV +DOV *HULFDXOW &H]DQQH DQG 9DQ *RJK DV ZHOO DV WKH ZRUN RI VRPH RI WRGD\ V OHDGLQJ SRUWUDLW DUWLVWV ,Q GHSWK DQG FRPSUHKHQVLYH %RRN LQFOXGHV WHQ GHWDLOHG VWHS E\ VWHS SRUWUDLW GHPRQVWDWLRQV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6HDWWOH :DVKLQJWRQ

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

&RPS 7LWOHV &ODVVLFDO 3DLQWLQJ $WHOLHU $ULVWLGHV -XOLHWWH +& &ODVVLFDO 'UDZLQJ $WHOLH $ULVWLGHV -XOLHWWH +& 3RUWUDLW 'UDZLQJ %ODNH :HQGRQ 75 'UDZLQJ 7KH +XPDQ +HDG +RJDUWK %XUQH 75 $UWLVW V *XLGH 7R )DFLDO ([SUH )DLJLQ *DU\ 75 $UWLVW V *XLGH WR )DFLDO ([SUHV )DLJLQ *DU\ +& 'UDZLQJ DQG 3DLQWLQJ 3HRSOH %ORFNVLGJH -HII %XU]ODÂ« ([SUHVVLYH 3RUWUDLWV 3HGHUVRQ -HDQ +&

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1 2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO

3ULFH &DQ &DQ &DQ

1RUWK /LJKW %RRNVFDQ

211 www.CrownPublishing.com

3KRWR 7UHNNLQJ

$ 7UDYHOLQJ 3KRWRJUDSKHU V *XLGH WR &DSWXULQJ 0RPHQWV $URXQG WKH :RUOG

1LFN 2QNHQ

21 6$/( $03+272 %22.6 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬3KRWRJUDSK\ 7UDYHO 2UGHUÂ¬)RUPÂ¬&DW Â¬3+272*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+272*5$3+6 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ )RGRUV FRP &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH QLFNRQNHQ FRP 3KRWRJUDSK\ DQG WUDYHO EORJJHU RXWUHDFK $FDGHPLF 0DUNHWLQJ WR SKRWRJUDSK\ VFKRROV 3URPRWLRQ DW 3KRWR3OXV

$VSLULQJ WUDYHO SKRWRJUDSKHUV DQG WUDYHO HQWKXVLDVWV JHW D EHKLQG WKH VFHQHV ORRN DW SURIHVVLRQDO WUDYHO SKRWRJUDSK\ ZLWK WKLV LQVLGHU V JXLGH WR SODQQLQJ D VXFFHVVIXO SKRWR WULS 3URIHVVLRQDO WUDYHO SKRWRJUDSKHU 1LFN 2QNHQ VKDUHV H[SHULHQFH DQG DGYLFH LQ WKLV LQVSLULQJ JXLGH WR WKH LQGXVWU\ )URP DQ RYHUYLHZ RI ZKR KLUHV WR WKH PDQ\ ORJLVWLFDO GHFLVLRQV EHKLQG D VXFFHVVIXO WULS JHDU FRQVLGHUDWLRQV WHFKQLTXHV RQ WKH URDG DQG PRUH 3KRWR 7UHNNLQJ LV IRU \RXQJ SKRWRJUDSKHUV DVSLULQJ WR HQWHU WKH WUDYHO JHQUH SURV VHHNLQJ D VHFRQG FDUHHU RU DQ\RQH ZLVKLQJ WR FDSWXUH SODFHV DQG SHRSOHV DURXQG WKH ZRUOG

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RV $QJHOHV &$

1,&. 21.(1 KDV WUDYHOHG WKH ZRUOG WR SURGXFH VWXQQLQJ LPDJHV IRU VXFK FOLHQWV DV 1LNH %DQN RI $PHULFD DQG /DPERUJKLQL DV ZHOO DV IRU QRQSURILW RUJDQL]DWLRQV DQG SXEOLFDWLRQV +LV ZRUN KDV EHHQ SXEOLVKHG LQ 0DULH &ODLUH 6HYHQWHHQ )UHQFK &RVPRSROLWDQ 6PDUW 0RQH\ DQG HOVHZKHUH 1LFN FDQ EH IRXQG DW ZZZ QLFNRQNHQ FRP

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

&RPS 7LWOHV 'LJLWDO 1DWXUH 3KRWRJ &R[ -RQ 75 &UHDWLYH 1DWXUH 2XWGRR 7KDUS %UHQGD 75 1DWLRQDO $XGXERQ 6RFLHW\ *XLGH WR /DQGVFDSH 3KRWRJÂ« 'LJLWDO 7UDYHO 3KRWRJUDSK\ +HOOHU 'DQ 75 7UDYHO 3KRWRJUDSK\ , $QVRQ 5LFKDUG 75

212 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1

2Q VDOH 3XEOLVKHU $PSKRWR %RRNV $PSKRWR %RRNV

3ULFH &DQ &DQ

)LUHIO\ %RRNV

6WHUOLQJ /DUN /RQHO\ 3ODQHW

6KHUUL +DDE -HZHOU\ ,QVSLUDWLRQV 7HFKQLTXHV DQG 'HVLJQV IURP WKH $UWLVW V 6WXGLR

6KHUUL +DDE

21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬&UDIWV +REELHV -HZHOU\ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬3$3(5%$&. :,7+ )/$36 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ (YHQWV DQG ORFDO PHGLD LQ 6DOW /DNH &LW\ $GYHUWLVLQJ RQ WRS FUDIW ZHEVLWHV &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH &UDIW EORJJHU RXWUHDFK )HDWXUH LQ &UDIWHUQHZV FRP 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU DXWKRU V FODVVHV DQG FUDIW VKRZ DSSHDUDQFHV 3URPRWLRQ DW WKH &UDIW +REE\ 7UDGH $VVRFLDWLRQ 6KRZ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6SULQJYLOOH 8WDK

6+(55, +$$% LV DQ DZDUG ZLQQLQJ DXWKRU LOOXVWUDWRU DQG SURGXFW GHVLJQHU RI KRZ WR ERRNV DQG PDJD]LQH DUWLFOHV IRU NLGV DQG DGXOWV ZLWK PRUH WKDQ WZHQW\ WLWOHV WR KHU FUHGLW +HU EHVWVHOOLQJ DGXOW ERRNV IRU :DWVRQ *XSWLOO LQFOXGH 7KH $UW RI 0HWDO &OD\ %HDGHG 0DFUDPp -HZHOU\ DQG 7KH $UW RI 5HVLQ -HZHOU\ ,Q DGGLWLRQ WR ZULWLQJ ERRNV 6KHUUL JLYHV FUDIWLQJ VHPLQDUV WKURXJKRXW WKH 8 6 DQG DEURDG

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV $UW 2I 0HWDO &OD\ +DDE 6KHUUL 75 $UW 2I 0HWDO &OD\ :LWK 'YG +DDE 6KHUUL 75 $UW 2I 5HVLQ -HZHOU\ +DDE 6KHUUL 75 $UW 2I 5HVLQ -HZHOU\ 'YG (GLW +DDE 6KHUUL 75 %HDGHG 0DFUDPH -HZHOU\ +DDE 6KHUUL 75 0HWDO &OD\ $QG 0L[HG 0HG +DDE 6KHUUL 75

,6%1

2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ

213 www.CrownPublishing.com

6FXOSWLQJ WKH )LJXUH LQ &OD\

$Q $UWLVWLF DQG 7HFKQLFDO -RXUQH\ WR 8QGHUVWDQGLQJ WKH &UHDWLYH DQG '\QDPLF )RUFHV LQ )LJXUDWLYH 6FXOSWXUH

3HWHU 5XELQR 7DUJHWHG WR EHJLQQLQJ WR LQWHUPHGLDWH DUWLVWV VHHNLQJ WKH IXQGDPHQWDOV RI ILJXUDWLYH VFXOSWXUH 6FXOSWLQJ WKH )LJXUH LQ &OD\ LV DQ DOO LQFOXVLYH YROXPH WKDW OD\V RXW DQ HDV\ WR IROORZ VWHS E\ VWHS PHWKRG RI EORFNLQJ RXW WKH SODQH VWUXFWXUH DQG DQDWRP\ RI WKH SRVHG ILJXUH $XWKRU 3HWHU 5XELQR V XQLTXH DSSURDFK XWLOL]HV D JHRPHWULF V\VWHP FRQVLVWLQJ RI EORFNV VLPSOH VKDSHV DQG JXLGHOLQHV ZKLFK LQVWUXFWV VWXGHQWV LQ D QHZ DQG LQVWLQFWLYH VFXOSWXUDO VW\OH

.H\ 3RLQWV 4XRWHV 21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬$UW 7HFKQLTXHV 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ % : ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ LQ $UW %XOOHWLQ $FDGHPLF 0DUNHWLQJ WR $UW 6FKRROV 3URPRWLRQDO PDWHULDOV DYDLODEOH IRU DXWKRU V DODVVHV 3URPRWLRQ DW WKH 1DWLRQDO $UW 0DWHULDOV 7UDGH $VVRFLDWLRQ DQG &ROOHJH $UW $VVRFLDWLRQ WUDGH VKRZV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %HWKHO &RQQHFWLFXW

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 3RUWUDLW ,Q &OD\ 5XELQR 3HWHU 75 &RPS 7LWOHV 0RGHOLQJ 7KH )LJXUH ,Q &OD\ /XFFKHVL %UXQR 75 )URP &OD\ 7R %URQ]H /DQJODQG 7XFN 75 7KH )LJXUH LQ &OD\ &RQWHPSRUDU\ 6FXOSWLQJ 7HFKQLTÂ«

214 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO 3XEOLVKHU :DWVRQ *XSWLOO :DWVRQ *XSWLOO

3ULFH &DQ 3ULFH &DQ

/DUN %RRNV %RRNVFDQ

0DQJD IRU WKH %HJLQQHU &KLELV

(YHU\WKLQJ <RX 1HHG WR 6WDUW 'UDZLQJ WKH 6XSHU &XWH &KDUDFWHUV RI -DSDQHVH &RPLFV

&KULVWRSKHU +DUW )RU WKH OHJLRQV RI PDQJD IDQV ZKR FDQ W JHW HQRXJK RI WKH FXWHVW W\SH RI PDQJD FKDUDFWHU WKH FKLEL &KULV +DUW V IROORZ XS WR KLV EHVWVHOOLQJ 0DQJD IRU WKH %HJLQQHU VKRZV UHDGHUV VWHS E\ VWHS H[DFWO\ KRZ WR GUDZ WKH PDQ\ NLQGV RI EHORYHG FKLEL FKDUDFWHUV UDQJLQJ IURP WKH DGRUDEOH FKLEL PLQL SHRSOH DQG DQLPDOV WR WKH KDUPOHVV DQG KLODULRXV OLWWOH EDG JX\V

.H\ 3RLQWV 4XRWHV 21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬$UW 'UDZLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬$57 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 % : ,//86 ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

$87+25 75$&. 5(&25' &KULV +DUW LV WKH ZRUOG V EHVWVHOOLQJ DXWKRU RI FDUWRRQLQJ PDQJD DQG GUDZLQJ ERRNV 3238/$5 68%-(&7 0DQJD IDQV ORYH FKLELV WKH FXWHVW IXQQLHVW PRVW LUUHVLVWLEOH RI DOO WKH PDQJD FKDUDFWHU W\SHV %(*,11(5 $33($/ &KULV +DUW V ERRNV WKDW DUH WDUJHWHG WR EHJLQQHUV DUH FRQVLVWHQWO\ VWURQJ VHOOHUV

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH :HVWSRUW &RQQHFWLFXW

&+5,6723+(5 +$57 LV WKH ZRUOG V EHVWVHOOLQJ DXWKRU RI GUDZLQJ DQG FDUWRRQLQJ ERRNV +LV ERRNV KDYH VHW WKH VWDQGDUG IRU DUW LQVWUXFWLRQ ERWK QDWLRQDOO\ DQG LQWHUQDWLRQDOO\ DQG DUH LQ SULQW LQ HLJKWHHQ ODQJXDJHV 5HQRZQHG IRU XS WR WKH PLQXWH FRQWHQW DQG HDV\ WR IROORZ VWHSV +DUW V ERRNV KDYH EHFRPH VWDSOHV IRU D QHZ JHQHUDWLRQ RI DVSLULQJ DUWLVWV DQG SURIHVVLRQDOV DQG WKH\ KDYH EHHQ VHOHFWHG E\ WKH $PHULFDQ /LEUDU\ $VVRFLDWLRQ IRU VSHFLDO QRWLFH

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $GYHUWLVLQJ RQ ,&9 FRP 2XWUHDFK WR PDQJD ZHEVLWHV DQG EORJJHUV &URVV SURPRWLRQ RQ DXWKRU V ZHEVLWH 3URPRWLRQ DW &RPLF &RQ LQ 1HZ <RUN DQG 6DQ 'LHJR

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV 0DQJD 0DQLD &KLEL )XUU +DUW &KULVWRSKHU 75 0DQJD )RU 7KH %HJLQQHU +DUW &KULVWRSKHU 75 0DQJD 0DQLD 6KRXMR +DUW &KULVWRSKHU 75 &RPS 7LWOHV

,6%1 2Q VDOH ,6%1 2Q VDOH

0DQJD IRU 'XPPLHV 2NDED\DVKL .HQVXNH 75

7KH &RPSOHWH ,GLRW V *XLGH WR 0DQJD )DQWDV\ &UHDWXÂ«

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

3XEOLVKHU :DWVRQ *XSWLOO :DWVRQ *XSWLOO :DWVRQ *XSWLOO 3XEOLVKHU )RU 'XPPLHV %RRNVFDQ

3ULFH &DQ &DQ &DQ 3ULFH

$OSKD %RRNVFDQ

215 www.CrownPublishing.com

7KH 6RFN .QLWWHU V :RUNVKRS

(YHU\WKLQJ .QLWWHUV 1HHG WR .QLW 6RFNV %HDXWLIXOO\

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

21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬&UDIWV +REELHV .QLWWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH )UDQNIXUW *HUPDQ\

(:$ -267(6 DQG 67(3+$1,( 9$1 '(5 /,1'(1 DUH H[SHULHQFHG NQLWWHUV DQG WHDFKHUV RI VRFN NQLWWLQJ WHFKQLTXHV DQG DUH FR DXWKRUV RI VHYHUDO ERRNV RQ WKH VXEMHFW %RWK (ZD V DQG 6WHSKDQLH V ZRUN FDQ EH VHHQ RQ 5DYHOU\ DQG 6WHSKDQLH LV D FRQWULEXWRU WR WKH ,QWHUQHW NQLWWLQJ PDJD]LQH ZZZ WZLVWFROOHFWLYH FRP

1DWLRQDO SULQW DWWHQWLRQ $GYHUWVLQJ RQ WRS NQLWWLQJ ZHEVLWHV DQG NH\ FUDIW EORJV &UDIW EORJJHU RXWUHDFK 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIW +REE\ WUDGH VKRZV

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ &/$8',$ %2+0( 5,*+76 /,7(5$5

&RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 6RFNV )URP 7KH 7RH 8S -RKQVRQ :HQG\ ' 75 3RWWHU &UDIW &DEOHV 8QWDQJOHG /HDSPDQ 0HOLVVD +& 3RWWHU &UDIW

216 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW &/$8',$ %2(+0 3ULFH &DQ &DQ

2QH %DOO .QLWV *LIWV

6W\OLVK 'HVLJQV 0DGH ZLWK D 6LQJOH %DOO 6NHLQ +DQN RU 6SRRO

)DWHPD +DELEXU 5DKPDQ .KDGLMD +DELEXU 5DKPDQ +DMHUD +DELEXU 5DKPDQ

21 6$/( :$7621 *837,// 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬&UDIWV +REELHV .QLWWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬+2%%< &5$)7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ & % : ,//86 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO 3XEOLFLW\ 1DWLRQDO 3ULQW $WWHQWLRQ 7DUJHW .QLWWLQJ &UDIW :RPHQ V PHGLD &UDIW EORJJHU RXWUHDFK )HDWXUH LQ &UDIWHUQHZV FRP %X]] PDLOLQJ WR NQLWWLQJ VWRUHV 3URPRWLRQ DW 7KH 1DWLRQDO 1HHGOH$UWV $VVRFLDWLRQ DQG 7KH &UDIW +REE\ $VVRFLDWLRQ 7UDGH 6KRZV

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

.H\ 3RLQWV 4XRWHV .QLWWHUV DUH DOZD\V ORRNLQJ IRU LGHDV IRU NQLWWLQJ XS VRPHWKLQJ TXLFNO\ IRU ZHHNHQG SURMHFWV DQG ODVW PLQXWH JLIWV H[SHULPHQWLQJ ZLWK D QHZ \DUQ ZLWKRXW PDNLQJ D VLJQLILFDQW LQYHVWPHQW RU XVLQJ XS WKHLU VWDVK RI RGG EDOOV 7KH VSHFLDO GHWDLOV XVHG IRU ILQLVKLQJ HPEURLGHU\ OHDWKHU DQG RWKHU HPEHOOLVKPHQWV JLYH WKH SURMHFWV D GHVLJQHU ORRN

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH %HDYHUFUHHN 2KLR

)$7(0$ .+$',-$ DQG +$-(5$ +$%,%85 5$+0$1 DUH DFFRPSOLVKHG NQLWZHDU GHVLJQHUV DQG WKH DXWKRUV RI 2QH %DOO .QLWV 3XUVHV DQG 2QH %DOO .QLWV $FFHVVRULHV ,Q DGGLWLRQ WR FUHDWLQJ SDWWHUQV IRU VHYHUDO OHDGLQJ $PHULFDQ \DUQ FRPSDQLHV WKHLU GHVLJQV KDYH DSSHDUHG LQ PDQ\ NQLWWLQJ SXEOLFDWLRQV LQFOXGLQJ .QLWWLQJ 'LJHVW PDJD]LQH DQG RQ WKH NQLWWLQJ ZHEVLWH .QLWQHW

5LJKWV 506 7HUULWRULHV World $XGLR Yes %ULWLVK Yes 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE Yes 7UDQVODWLRQ Yes $JHQF\

+LVW 3UHY 7LWOHV 2QH %DOO .QLWV $FFHVVRULHV )DWHPD .KDGLMD 75 2QH %DOO .QLWV 3XUVHV )DWHPD .KDGLMD 75 &RPS 7LWOHV 2GG %DOO .QLWWLQJ $OEULJKW %DUEDUD 75

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU :DWVRQ *XSWLOO :DWVRQ *XSWLOO 3XEOLVKHU 3RWWHU &UDIW

5HSULQW Yes VW 6HULDO Yes 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ 3ULFH &DQ

217 www.CrownPublishing.com

%HWWHU3KRWR %DVLFV

7KH $EVROXWH %HJLQQHU V *XLGH WR 7DNLQJ 3KRWRV /LNH WKH 3URV

-LP 0LRWNH

21 6$/( $03+272 %22.6 75$'( 3$3(5%$&.

&DQ %,6$&Â¬&DW Â¬3KRWRJUDSK\ *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬3+272*5$3+< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ & 3+2726 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬:* 7UDGH 3DSHU

0DUNHWLQJ DQG 3XEOLFLW\ 1DWLRQDO SXEOLFLW\ 1DWLRQDO SULQW DWWHQWLRQ $XWKRU HYHQWV LQ 6HDWWOH &URVV SURPRWH RQ %HWWHU3KRWR FRP 2XWUHDFK WR PRPP\ EORJJHUV 2XWUHDFK WR SKRWRJUDSK\ EORJJHUV 7DUJHWHG VHDUFK FDPSDLJQ 3URPRWLRQ DW 3KRWR3OXV 6KRZ

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

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 6DPPDPLVK :DVKLQJWRQ

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

5LJKWV 506 7HUULWRULHV :RUOG $XGLR <HV %ULWLVK <HV 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU )XOO FRSLHV RQO\ %RRN &OXE <HV 7UDQVODWLRQ <HV $JHQF\

+LVW 3UHY 7LWOHV %HWWHUSKRWR *W 3KRWRJUDSKLQJ &KLOGUHQ 0LRWNH -LP Â« %HWWHUSKRWR *W 'LJLWDO 1DWXUH 0LRWNH -LP 75 &RPS 7LWOHV %HWWHUSKRWR *W 'LJLWDO 3KRWRJU 0LRWNH -LP 75 8QGHUVWDQGLQJ 'LJLWDO 3K 3HWHUVRQ %U\DQ 75 %HWWHUSKRWR *XLGH 7R ([SRVXUH $UEDEL 6HDQ 75 +RZ WR 3KRWRJUDSK $EVROXWHO\ (YHU\WKLQJ $QJ 7RP 7Â« 7KH %DVLF %RRN RI 3KRWRJUDSK\ *ULPP 7RP DQG 0LFKHÂ« 3KRWRJUDSK\ IRU 'XPPLHV +DUW 5XVVHOO 75

218 www.CrownPublishing.com

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1 2Q VDOH ,6%1 2Q VDOH

3XEOLVKHU $PSKRWR %RRNV $PSKRWR %RRNV 3XEOLVKHU $PSKRWR %RRNV $PSKRWR %RRNV $PSKRWR %RRNV

3ULFH &DQ &DQ 3ULFH &DQ &DQ &DQ

3OXPH

)RU 'XPPLHV

www.CrownPublishing.com

%HGURRP %XFNV %HGURRP %XFNV /HJDO 7HQGHU IRU /RYHUV %LOOV

/HJDO 7HQGHU IRU /RYHUV %LOOV

3RWWHU 6W\OH 3RWWHU 6W\OH

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

.H\ 3RLQWV 4XRWHV .H\ 3RLQWV 4XRWHV )RUPDW &KHFNERRN [ ELOOV 21 6$/( 3277(5 67</( 21 6$/( 3277(5 67</( 121 75$',7,21$/ %22. 121 75$',7,21$/ %22.

&DQ &DQ &DWHJRU\ Â¬)DPLO\ /RYH 5RPDQFH %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV /RYH &DWHJRU\ Â¬)DPLO\ /RYH 5RPDQFH %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV /RYH 5RPDQFH 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( 5RPDQFH 3DJH &RXQW 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( 7ULP 6L]H [ &DUWRQ &RXQW 3DJH &RXQW 7ULP 6L]H [ ,OOXVWUDWLRQV Â¬/,1( ,//8675$7,216 &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬/,1( ,//8675$7,216 7+528*+287 /RDGÂ¬*URXS Â¬ 7+528*+287 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

)RUPDW &KHFNERRN [ ELOOV &RQWHQW FRQWHQW ILOO LQ WKH EODQN FKHFNV

&RQWHQW FRQWHQW ILOO LQ WKH EODQN FKHFNV

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

$ERXW WKH $XWKRU ,OOXVWUDWRU 3277(5 67</( DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG 7KH SHUIHFW JLIW IRU XQGHU WHQ GROODUV 7KH ,28 PHVVDJHV RQ WKHVH ELOOV DUH DSSURSULDWH VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV IRU DOO NLQGV RI FRXSOHV DQG DW WKLV PDNHV D JUHDW LPSXOVH SXUFKDVH QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV

$ERXW WKH $XWKRU ,OOXVWUDWRU

3RWWHU 6W\OH DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV

5LJKWV 506 5LJKWV 506 7HUULWRULHV

7HUULWRULHV $XGLR %ULWLVK $XGLR 5HVWULFWLRQ 1R 5HVWULFWLRQV %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 5HWXUQ LQGLFDWRU 7UDQVODWLRQ %RRN &OXE $JHQF\ 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV 6H[ &KHFNV 3RWWHU 6W\OH 17 &RPS 7LWOHV .DUPD &KHFNV 5RVHQWKDO $P\ .URXVH 17 6H[ &KHFNV 3RWWHU 6W\OH 17 *UHDW 6H[ &RXSRQV .DUPD &KHFNV 5RVHQWKDO $P\ .URXVH 17 6H[ 6FUDWFKHUV 6H[\ /RWWHU\ 7LFNHWV WR 6FUDWFÂ« *UHDW 6H[ &RXSRQV ,28 6H[ 6H[ 6FUDWFKHUV 6H[\ /RWWHU\ 7LFNHWV WR 6FUDWFÂ« ,28 6H[

220 www.CrownPublishing.com

,6%1 ,6%1

5HSULQW VW 6HULDO 5HSULQW 6SHFLDO 0DUNHWV VW 6HULDO $JHQW 6SHFLDO 0DUNHWV $JHQW 2Q VDOH 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3XEOLVKHU 3RWWHU 6W\OH 6RXUFHERRNV 3RWWHU 6W\OH &KURQLFOH %RRNV 6RXUFHERRNV &KURQLFOH %RRNV &KURQLFOH %RRNV

3ULFH &DQ 3ULFH &DQ &DQ &DQ

$QWLTXDULDQ 1RWH &DUG %RRN $ %RRN RI 1RWH &DUGV

3RWWHU 6W\OH %RXQG LQWR D ERRN OLNH ER[ WKHVH JRUJHRXVO\ GHVLJQHG QRWH FDUGV UHYLWDOL]H WKH ILQH FUDIWVPDQVKLS RI PDUEHOL]HG DQWLTXH ERRNV -XVW ORRN WKURXJK WKH FROOHFWLRQ RI KDQGVRPH SDWWHUQV WR ILQG WKH SHUIHFW FDUG IRU HDFK SHUVRQ LQ \RXU OLIH 3DJH WKURXJK WKLV JRUJHRXV ERRN RI PDUEHOL]HG QRWH FDUGV WKDW PLPLF DQWLTXH ERRNELQGLQJ DQG SLFN RXW D FDUG WR VXLW HYHU\ RFFDVLRQ DQG UHFLSLHQW <RX OO ILQG DQ DEXQGDQFH RI VXPSWXRXVO\ GHVLJQHG FDUGV FRORUV RI EOXHV JROGV HPHUDOGV FRUDOV DQG FULPVRQV VZLUOHG WRJHWKHU WR FKRRVH IURP DV ZHOO DV PDWFKLQJ HQYHORSHV ,GHDO IRU ELUWKGD\V FRQJUDWXODWLRQV RU MXVW WR VD\ \RX FDUH WKHVH QRWH FDUGV ZLOO HVSHFLDOO\ DSSHDO WR SHRSOH ZKR DSSUHFLDWH ERRNV DQWLTXHV DQG HOHJDQW GHVLJQ 7KH\ OO ILW SHUIHFWO\ LQWR \RXU ERRNVKHOI RU VHFUHWDU\ GHVN VLQFH WKH SDFNDJLQJ ORRNV DQG IHHOV OLNH D ERRN

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬127( &$5' %22. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

.H\ 3RLQWV 4XRWHV )RUPDW 1RWH &DUG %RRN [ QRWH FDUGV HQYHORSHV &RQWHQW %ODQN 3UDFWLFDO IRUPDW QRWH FDUGV DQG HQYHORSHV DUH ERXQG LQWR WKH ERRN VR WKDW \RX FDQ VHH DOO RI WKH GHVLJQV DQG VWRUH WKH ER[ RQ \RXU ERRNVKHOI QH[W WR \RXU UHDO ERRNV GLIIHUHQW SDWWHUQV IHDWXULQJ GLIIHUHQW FRORU FRPELQDWLRQV JXDUDQWHHLQJ D SHUIHFW PDWFK IRU HDFK SHUVRQ LQ \RXU OLIH *UHDW YDOXH IRU JRUJHRXVO\ GHVLJQHG QRWH FDUGV

6HULHV 2YHUYLHZ 3DUW RI WKH $QWLTXDULDQ VHULHV WKDW DOVR LQFOXGHV WKH SRFNHW SDGV MRXUQDO DQG ERRNSODWH ODEHOV 7KH $QWLTXDULDQ VHULHV ZLOO HVSHFLDOO\ DSSHDO WR ERRNORYHUV DQWLTXH IDQV DQG DQ\RQH ZKR OLNHV PDUEHOL]HG SDSHUV DQG SURGXFWV

$ERXW WKH $XWKRU ,OOXVWUDWRU 3277(5 67</( DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV $QWLTXDULDQ %RRN 3ODWHV $QWLTXDULDQ )OH[L -RXUQDO $QWLTXDULDQ 3RFNHW 3DGV 7ZR 'R]HQ 5RVHV 1RWH &DUG %RRN *OHQW]HU 0ROO\ 17 $OLFH ,Q :RQGHUODQG 1RWH &DUG 6XQVKLQH /LQGD 17

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

,6%1 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH

3RWWHU 6W\OH

&DQ

3RWWHU 6W\OH

&DQ

221 www.CrownPublishing.com

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

.H\ 3RLQWV 4XRWHV 21 6$/(

)RUPDW [ IOH[L ELQGLQJ ZLWK VSLQH SDJHV &RQWHQW %ODQN

3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬1(: -2851$/ 3URGÂ¬7\SH Â¬-RXUQDO 6WDQGDUG

0DUNHWLQJ DQG 3XEOLFLW\

&RQYHQLHQW IRUPDW 'XUDEOH EXW OLJKWZHLJKW HQRXJK WR WDNH ZLWK \RX WR WKH FRIIHH VKRS RU ZKLOH WUDYHOLQJ *UHDW JLIW IRU DQ\RQH ZKR OLNHV ERRNV DQWLTXHV ZULWLQJ RU HOHJDQW GHVLJQ

6HULHV 2YHUYLHZ 3DUW RI WKH $QWLTXDULDQ VHULHV WKDW DOVR LQFOXGHV WKH QRWH FDUG ERRN SRFNHW SDGV DQG ERRNSODWH ODEHOV 7KH $QWLTXDULDQ VHULHV ZLOO HVSHFLDOO\ DSSHDO WR ERRNORYHUV DQWLTXH IDQV DQG DQ\RQH ZKR OLNHV PDUEHOL]HG SDSHUV DQG SURGXFWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV $QWLTXDULDQ %RRN 3ODWHV $QWLTXDULDQ 1RWH &DUG %RRN $QWLTXDULDQ 3RFNHW 3DGV -DQH $XVWHQ -RXUQDO 3RWWHU 6W\OH 17

,6%1

222 www.CrownPublishing.com

2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ

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

.H\ 3RLQWV 4XRWHV 21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬32&.(7 3$'6 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

)RUPDW 3RFNHW SDGV VHW RI IRXU MRXUQDOV [ SDJHV HDFK &RQWHQW %ODQN 3RFNHW 3DGV PDNH DQ H[FHOOHQW DQG DIIRUGDEOH JLIW IRU DQ\RQH ZKR OLNHV WR WDNH QRWHV *UHDW YDOXH LPSXOVH SXUFKDVH IRU

6HULHV 2YHUYLHZ 3DUW RI WKH $QWLTXDULDQ VHULHV WKDW DOVR LQFOXGHV WKH QRWH FDUG ERRN MRXUQDO DQG ERRNSODWH ODEHOV 7KH $QWLTXDULDQ VHULHV ZLOO HVSHFLDOO\ DSSHDO WR ERRNORYHUV DQWLTXH IDQV DQG DQ\RQH ZKR OLNHV PDUEHOL]HG SDSHUV DQG SURGXFWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV )RXU 6HDVRQV 3RFNHW 3DGV 3RWWHU 6W\OH 17 %ODFN $QG :KLWH 3RFNHW 3DGV 3RWWHU 6W\OH 17 $QWLTXDULDQ %RRNSODWHV $QWLTXDULDQ )OH[L -RXUQDO $QWLTXDULDQ 1RWH &DUG %RRN

,6%1

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ

223 www.CrownPublishing.com

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

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

.H\ 3RLQWV 4XRWHV )RUPDW %R[ RI /DEHOV [ ERRNSODWHV &RQWHQW ,QFOXGHV TXRWHV

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬/$%(/6 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

*UHDW IRUPDW ERRNSODWHV SUHVHQWHG LQ URZV RI ODEHOV VR WKDW \RX FDQ VHH DOO RI WKH GHVLJQV DQG TXRWHV \RX UH JHWWLQJ *UHDW JLIW IRU DQ\RQH ZKR OLNHV ERRNV DQWLTXHV ZULWLQJ RU HOHJDQW GHVLJQ

6HULHV 2YHUYLHZ 3DUW RI WKH $QWLTXDULDQ VHULHV WKDW DOVR LQFOXGHV WKH QRWH FDUG ERRN SRFNHW SDGV DQG MRXUQDO 7KH $QWLTXDULDQ VHULHV ZLOO HVSHFLDOO\ DSSHDO WR ERRNORYHUV DQWLTXH IDQV DQG DQ\RQH ZKR OLNHV PDUEHOL]HG SDSHUV DQG SURGXFWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV $QWLTXDULDQ )OH[L -RXUQDO $QWLTXDULDQ 1RWH &DUG %RRN $QWLTXDULDQ 3RFNHW 3DGV +RPH 2IILFH %R[ 2I /DEHOV 3RWWHU 6W\OH 17

,6%1

224 www.CrownPublishing.com

2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ

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

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

.H\ 3RLQWV 4XRWHV )RUPDW )ODVKFDUG 'HFN FDUGV &RQWHQW IURP &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH &URZQ

&DQ

([FLWLQJ QHZ IRUPDW IRU D EHVWVHOOLQJ ERRN 2ULJLQDO ERRN KDV EHHQ RQ WKH 1<7LPHV EHVWVHOOHU OLVW IRU PDQ\ PRQWKV DQG KDV VROG RYHU KDOI D PLOOLRQ FRSLHV LQ SDSHUEDFN ,W V D SHUSHWXDO KRW VHOOHU ZLWK QR VLJQV RI VORZLQJ GRZQ 7KH GHFN IHDWXUHV WKH VDPH EUHDNWKURXJK EUDLQ SUHVFULSWLRQV EXW RUJDQL]HV WKH H[HUFLVHV LQ DQ H[WUHPHO\ HDV\ WR UHIHUHQFH DQG HDV\ WR XVH ZD\ 'DQLHO * $PHQ 0 ' V SODWIRUP FRQWLQXHV WR JURZ +LV YDULRXV ERRNV VWLOO VHOO YHU\ ZHOO KH V H[WHQGHG KLV EUDQG WR YLWDPLQV '9'V &'V SURIHVVLRQDO UHVRXUFHV DQG WKH 3%6 VSHFLDO $ 0DJQLILFHQW 0LQG DW $Q\ $JH +H KDV QHZ ERRNV GXH IURP +DUPRQ\ IRU VSULQJ DQG 1RQ SUHVFULSWLRQ DGYLFH WKDW PDNHV KXJH FKDQJHV SRVVLEOH ZLWKRXW XSVHWWLQJ \RXU URXWLQH RU EDQN DFFRXQW 6OHHN GHVLJQ WKDW DSSHDOV WR D ZLGH UDQJH RI SHRSOH DQG DJH JURXSV

&DWHJRU\ Â¬3V\FKRORJ\ 3K\VLRORJLFDO 6HOI +HOS %,6$&Â¬&DW Â¬3V\FKRORJ\ 3V\FKLDWU\ 3K\VLRORJLFDO 3V\FKRORJ\ 2UGHUÂ¬)RUPÂ¬&DW Â¬36<&+2/2*< 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU '$1,(/ * $0(1 0 ' LV D SV\FKLDWULVW EUDLQ LPDJLQJ VSHFLDOLVW EHVWVHOOLQJ DXWKRU DQG PHGLFDO GLUHFWRU RI 7KH $PHQ &OLQLFV LQ &DOLIRUQLD :DVKLQJWRQ DQG 9LUJLQLD +H KDV SXEOLVKHG RYHU ERRNV DQG &KDQJH <RXU %UDLQ &KDQJH <RXU /LIH D 1<7LPHV EHVWVHOOHU LV DYDLODEOH LQ ODQJXDJHV ZLWK QHDUO\ FRSLHV VROG ZRUOGZLGH +LV ERRN 0DJQLILFHQW 0LQG DW $Q\ $JH LV DOVR WKH IRFXV RI D SRSXODU 3%6 VSHFLDO )RU PRUH LQIRUPDWLRQ SOHDVH YLVLW ZZZ DPHQFOLQLFV FRP

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR 1R %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 6$1)25' - *5((1%85*(5 $662&

+LVW 3UHY 7LWOHV &KDQJH <RXU %UDLQ &KDQJH <RXU $PHQ 'DQLHO * 0G Â« 6H[ 2Q 7KH %UDLQ $PHQ 'DQLHO * 0G +& 6H[ 2Q 7KH %UDLQ $PHQ 'DQLHO * 0G 75 0DNLQJ $ *RRG %UDLQ *UHDW $PHQ 'DQLHO * 0G +& 0DNLQJ $ *RRG %UDLQ *UHDW $PHQ 'DQLHO * 0G 75 0DJQLILFHQW 0LQG $W $Q\ $JH $PHQ 'DQLHO * 0G +& &RPS 7LWOHV &HVDU 6 :D\ 'HFN 0LOODQ &HVDU 17 &KDQJH <RXU %UDLQ &KDQJH <RXU $PHQ ' 75

5HSULQW <HV VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

,6%1

2Q VDOH 3XEOLVKHU

3ULFH

&URZQ

&DQ

+DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU 3RWWHU 6W\OH 7KUHH 5LYHUV 3UHVV

&DQ &DQ &DQ &DQ &DQ 3ULFH &DQ &DQ

,6%1 2Q VDOH

225 www.CrownPublishing.com

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

Two-Sided Journal! 21 6$/(

3277(5 67</( Flip it to display 121 75$',7,21$/ %22. both covers.

&DQ &DWHJRU\ Â¬%RG\ 0LQG 6SLULW 'UHDPV %,6$&Â¬&DW Â¬%RG\ 0LQG 6SLULW 'UHDPV 2UGHUÂ¬)RUPÂ¬&DW Â¬%2'< 0,1' 63,5,7 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬-RXUQDO 6WDQGDUG

0DUNHWLQJ DQG 3XEOLFLW\

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

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

3RWWHU 6W\OH

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

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

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU 5LJKWV 506 7HUULWRULHV 5HWXUQ LQGLFDWRU 5HSULQW 3277(5 67</( DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG $XGLR %RRN &OXE VW 6HULDO VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV %ULWLVK 7UDQVODWLRQ 6SHFLDO 0DUNHWV QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV 5HVWULFWLRQ 1R 5HVWULFWLRQV

$JHQF\

&RPS 7LWOHV :KDW , 'UHDPW 0LQL -RXUQDO 6XQVKLQH /LQGD 17 $GYHQWXUHV ,Q :RQGHUODQG 'UHDP 6XQVKLQH /LQGD 17 'UHDP 0LQL -RXUQDO $UFKHU -DQH 17 7KH 'UHDP 'LDU\ 7D\ORU -RXOHV 17

226 www.CrownPublishing.com

5LJKWV 506

$JHQW

,6%1 2Q VDOH 3XEOLVKHU 3RWWHU 6W\OH

3ULFH &DQ

3RWWHU 6W\OH

&DQ

3RWWHU 6W\OH 3RWWHU 6W\OH

&DQ &DQ

-DQH $XVWHQ 0LQL -RXUQDO ,OOXVWUDWHG

3RWWHU 6W\OH ,W LV D WUXWK XQLYHUVDOO\ DFNQRZOHGJHG WKDW D SHUVRQ LQ SRVVHVVLRQ RI VSOHQGLG LGHDV RU ORWV RI WR GR OLVWV PXVW EH LQ ZDQW RI D SHUIHFW SODFH WR ZULWH 7KLV MRXUQDO LQFOXGHV SOHQW\ RI EODQN SDJHV WR ZULWH GRZQ \RXU RZQ DGYHQWXUHV LW DOVR IHDWXUHV LQVLJKWIXO TXRWHV IURP WKH EHORYHG DXWKRU VFDWWHUHG WKURXJKRXW

.H\ 3RLQWV 4XRWHV )RUPDW 0LQL -RXUQDO SDJHV &RQWHQW 4XRWHV IURP -DQH $XVWHQ VFDWWHUHG WKURXJKRXW

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬0,1, -2851$/ 3URGÂ¬7\SH Â¬-RXUQDO 0LQL

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

0DUNHWLQJ DQG 3XEOLFLW\

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV -DQH $XVWHQ $GGUHVV %RRN 3RWWHU 6W\OH 17 -DQH $XVWHQ 0LQL -RXUQDO 3RWWHU 6W\OH 17 -DQH $XVWHQ 1RWH &DUGV 3RWWHU 6W\OH 17 -DQH $XVWHQ 3RFNHW 3DGV 3RWWHU 6W\OH 17

,6%1

2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ &DQ &DQ

227 www.CrownPublishing.com

-DQH $XVWHQ 1RWH &DUGV 3ULGH DQG 3UHMXGLFH 3RWWHU 6W\OH 5HQHZ WKH ORVW DUW RI OHWWHU ZULWLQJ ZLWK WKHVH HOHJDQW QRWH FDUGV IHDWXULQJ TXRWHV IURP WKH EHORYHG DXWKRU -DQH $XVWHQ LV D WLPHOHVV DQG EHORYHG DXWKRU ZLWK DQ HYHU UHIUHVKLQJ WDNH RQ PRQH\ ORYH IULHQGVKLS DQG IDPLO\ 7KHVH QRWH FDUGV IHDWXUH TXRWHV IURP WKH SRSXODU QRYHO 3ULGH DQG 3UHMXGLFH 0RGHUQ DXGLHQFHV QHYHU WLUH RI WKH FODVVLF ORYH VWRU\ EHWZHHQ (OL]DEHWK %HQQHW DQG 0U 'DUF\

.H\ 3RLQWV 4XRWHV )RUPDW 6PDOO QRWH FDUG ER[ [

&RQWHQW QRWH FDUGV RI GHVLJQV HQYHORSHV

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬1RWH &DUG 6PDOO

0DUNHWLQJ DQG 3XEOLFLW\

-DQH $XVWHQ VWDWLRQHU\ FRQWLQXHV WR VHOO ZHOO LQ WUDGLWLRQDO ERRNVWRUHV DQG LQ WKH JLIW PDUNHW 1RWH FDUGV DUH ZHOO VXLWHG WR D YDULHW\ RI RFFDVLRQV IURP HYHU\GD\ FRUUHVSRQGHQFH WR VSHFLDO RFFDVLRQ FDUGV 9LQWDJH LOOXVWUDWLRQV DUH RULJLQDO WR WKH ERRNV +HU ZRUN FRQWLQXHV WR DSSHDO WR WKH PDLQVWUHDP 7KH FRQWLQXRXV VWUHDP RI PRYLHV PLQL VHULHV DQG VSLQ RIIV SURYHV WKDW -DQH $XVWHQ KROGV D VSHFLDO SODFH LQ WKH JLIW PDUNHW $XVWHQ WKHPHG SURGXFWV DUH SHUIHFW RQ SURPRWLRQDO WDEOHV DQG RQ GLVSOD\

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV -DQH $XVWHQ 1RWH &DUGV 3RWWHU 6W\OH 17 -DQH $XVWHQ -RXUQDO 3RWWHU 6W\OH 17 -DQH $XVWHQ $GGUHVV %RRN 3RWWHU 6W\OH 17 -DQH $XVWHQ 3RFNHW 3DGV 3RWWHU 6W\OH 17

,6%1

228 www.CrownPublishing.com

2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ &DQ &DQ

-DQH $XVWHQ 1RWH &DUGV 6HQVH DQG 6HQVLELOLW\ 3RWWHU 6W\OH 5HQHZ WKH ORVW DUW RI OHWWHU ZULWLQJ ZLWK WKHVH HOHJDQW QRWH FDUGV IHDWXULQJ TXRWHV IURP WKH EHORYHG DXWKRU -DQH $XVWHQ LV D WLPHOHVV DQG EHORYHG DXWKRU ZLWK DQ HYHU UHIUHVKLQJ WDNH RQ PRQH\ ORYH IULHQGVKLS DQG IDPLO\ 7KHVH QRWH FDUGV IHDWXUH TXRWHV IURP WKH $XVWHQ V SRSXODU QRYHO 6HQVH DQG 6HQVLELOLW\ LQ ZKLFK WZR VLVWHUV PXVW OHDUQ IURP HDFK RWKHU (OLQRU QRW WR LJQRUH KHU SDVVLRQ DQG 0DULDQQH WR WHPSHU KHU LPSXOVHV

.H\ 3RLQWV 4XRWHV )RUPDW 6PDOO QRWH FDUG ER[ [ &RQWHQW QRWH FDUGV RI GHVLJQV HQYHORSHV

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬1RWH &DUG 6PDOO

0DUNHWLQJ DQG 3XEOLFLW\

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV -DQH $XVWHQ 1RWH &DUGV 3RWWHU 6W\OH 17 -DQH $XVWHQ -RXUQDO 3RWWHU 6W\OH 17 -DQH $XVWHQ $GGUHVV %RRN 3RWWHU 6W\OH 17 -DQH $XVWHQ 3RFNHW 3DGV 3RWWHU 6W\OH 17

,6%1

2Q VDOH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ &DQ &DQ

229 www.CrownPublishing.com

(FR &OHDQ 'HFN

5HFLSHV IRU 1RQ 7R[LF +RXVHKROG &OHDQHUV

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

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬+RXVH +RPH ',< 1DWXUH (QYLURQPHQWDO &RQVHUYDWLRQ DQG 3URWHFWLRQ %,6$&Â¬&DW Â¬+RXVH +RPH 'R ,W <RXUVHOI 2UGHUÂ¬)RUPÂ¬&DW Â¬+20( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬'(&. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

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

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH 5KLQHEHFN 1<

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV

,6%1

+RPH (QOLJKWHQPHQW 75 7KH *UHHQ .LWFKHQ +DQGERRN 75 &OHDQ DQG *UHHQ 75

&RPS 7LWOHV

,6%1

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH 2Q VDOH

%HWWHU %DVLFV )RU 7KH +RPH %HUWKROG %RQG $QQLH 75 0RRVHZRRG 5HVWDXUDQW 6RXS 'HFN 7KH 0RRVHZRRG &ROOHÂ«

230 www.CrownPublishing.com

3XEOLVKHU

3ULFH

5RGDOH %RRNV +DUSHU 3HUHQQLDO &HUHV 3UHVV

3XEOLVKHU

3ULFH

7KUHH 5LYHUV 3UHVV

&DQ

3RWWHU 6W\OH

&DQ

%R[ RI %HDVWLHV

%H:,/'HULQJ 7ULYLD )ODVKFDUGV

-RKQ 0LWFKLQVRQ -RKQ /OR\G 7ULYLD HQWKXVLDVWV DQLPDO ORYHUV NQRZOHGJH VHHNHUV DQG DQ\RQH ZLWK D KHDOWK\ GRVH RI FXULRVLW\ DQG KXPRU ZLOO ORYH WKLV FROOHFWLRQ RI DQLPDO WULYLD FDUGV IURP WKH DXWKRUV RI WKH SRSXODU 7KH %RRN RI $QLPDO ,JQRUDQFH 3DFNHG ZLWK ZLOG IDFWV DERXW WKH VKRFNLQJ VSOHQGLG DQG VRPHWLPHV VFDQGDORXV ZRUOG RI WKH DQLPDO NLQJGRP WKLV GHFN DQVZHUV TXHVWLRQV DERXW IDYRULWH DQLPDOV UDQJLQJ IURP WKH ELUGV WR WKH EHHV DQG HYHU\ FUHDWXUH LQ EHWZHHQ )LQG RXW

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬5HIHUHQFH 7ULYLD +XPRU %,6$&Â¬&DW Â¬5HIHUHQFH 7ULYLD 2UGHUÂ¬)RUPÂ¬&DW Â¬5()(5(1&( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,//8675$7,216 7+528*+287 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬'(&. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

+RZ PDQ\ EUDLQV D OHHFK KDV :KHUH D YDPSLUH EDW PRVW RIWHQ ELWHV KXPDQV :KDW SHUFHQWDJH RI WKH ZRUOG V JUHHQKRXVH JDV HPLVVLRQV LV FDXVHG E\ FRZ EXUSV :K\ ZRRGSHFNHUV KHDGV GRQ W VKDWWHU ZKLOH WKH\ SHFN

$QG PXFK PRUH <RX OO ILQG SOHQW\ RI DPXVLQJ WDQJHQWV DQG IDVFLQDWLQJ IDFWRLGV WR NHHS \RX VWRFNHG ZLWK IXQQ\ DQHFGRWHV IRU PDQ\ FDU WULSV DQG IDPLO\ GLQQHUV WR FRPH

.H\ 3RLQWV 4XRWHV )RUPDW )ODVK FDUG 'HFN WULYLD FDUGV &RQWHQW IURP 7KH %RRN RI $QLPDO ,JQRUDQFH +DUPRQ\

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

6HULHV 2YHUYLHZ )ROORZ XS WR 7KH %R[ RI *HQHUDO ,JQRUDQFH WULYLD GHFN VSULQJ

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH /RQGRQ (QJODQG

-2+1 //2<' LV WKH SURGXFHU RI WKH WHOHYLVLRQ VKRZV :LWK -RKQ 0LWFKLQVRQ KH LV D ZULWHU DQG SURGXFHU IRU WKH KLW %%& VKRZ 4, -2+1 0,7&+,1621 XVHG WR EH D SXEOLVKHU DQG D ERRNVHOOHU 1RZ KH V PRVWO\ D ZULWHU IRU WKH WHOHYLVLRQ SURJUDP 4, 3OHDVH YLVLW 4, FRP

5LJKWV 506 7HUULWRULHV 86 RSHQ PDUNHW QR (XURSH QR &DQDGD

$XGLR 2 %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU

5HSULQW <HV

%RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\

VW 6HULDO <HV 6SHFLDO 0DUNHWV $JHQW

+LVW 3UHY 7LWOHV 7KH 'HHSHU 0HDQLQJ 2I /LII $GDPV 'RXJODV 75 4XRWH ,QWHUHVWLQJ /OR\G -RKQ +& &RPS 7LWOHV 7KH %RRN 2I $QLPDO ,JQRUDQFH 0LWFKLQVRQ -RKQ +& 7KH %RRN 2I *HQHUDO ,JQRUDQFH 0LWFKLQVRQ -RKQ +& %R[ 2I *HQHUDO ,JQRUDQFH 0LWFKLQVRQ -RKQ 17

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU +DUPRQ\

3ULFH 3ULFH

+DUPRQ\

3RWWHU 6W\OH

&DQ

231 www.CrownPublishing.com

/LW :LW 'HFN

7ULYLD &DUGV WR %RRVW <RXU %RRN 6PDUWV

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

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

.H\ 3RLQWV 4XRWHV )RUPDW 'HFN FDUGV &RQWHQW IURP 5LFKDUG /HGHUHU V &ODVVLF 7ULYLD DQG 5LFKDUG /HGHUHU V /LWHUDU\ 7ULYLD

&DQ &DWHJRU\ Â¬/DQJXDJH $UWV 5HDGHUV %,6$&Â¬&DW Â¬/DQJXDJH $UWV 5HDGHUV 2UGHUÂ¬)RUPÂ¬&DW Â¬/$1*8$*( $576 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 ,//8675$7,216 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬'(&. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU 5,&+$5' /('(5(5 KDV SXEOLVKHG PRUH WKDQ DUWLFOHV DERXW ODQJXDJH +LV DUWLFOHV KDYH DSSHDUHG LQ SXEOLFDWLRQV VXFK DV WKH 1HZ <RUN 7LPHV DQG 5HDGHU V 'LJHVW DQG KH KDV SXEOLVKHG RYHU ERRNV RQ ODQJXDJH OLWHUDU\ SX]]OHV DQG KXPRU LQFOXGLQJ $QJXLVKHG (QJOLVK DQG &UD]\ (QJOLVK +LV PRVW UHFHQW ERRN LV DERXW SUHVLGHQWLDO WULYLD &KHFN RXW KLV ZHEVLWH DW YHUELYRUH FRP

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR %ULWLVK 5HVWULFWLRQ $YDLO 86 &$1 2SQ 0NW

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV $QJXLVKHG (QJOLVK /HGHUHU 5LFKDUG 00 &UD]\ (QJOLVK 7KH 0LUDFOH RI /DQJXDJH &RPS 7LWOHV /LWHUDU\ 7ULYLD /HGHUHU 5LFKDUG 75 %R[ 2I *HQHUDO ,JQRUDQFH 0LWFKLQVRQ -RKQ 17

,6%1 ,6%1

232 www.CrownPublishing.com

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH 2Q VDOH

3XEOLVKHU 'HOO %RRNV 3RFNHW 3RFNHW 3XEOLVKHU 9LQWDJH 3RWWHU 6W\OH

3ULFH &DQ 3ULFH &DQ &DQ

%RWDQLFDO 'UDZLQJV 1RWH &DUGV :HQG\ +ROOHQGHU $ JRUJHRXV FROOHFWLRQ RI ERWDQLFDO QRWH FDUGV MXVW LQ WLPH IRU VSULQJ FHOHEUDWLRQV 0RWKHU V 'D\ JUDGXDWLRQV DQG DQ\ HYHQW WKDW FDOOV IRU D VSHFLDO FDUG 6D\ LW ZLWK IORZHUV E\ VHQGLQJ RQH RI WKHVH ORYHO\ QRWH FDUGV LOOXVWUDWHG ZLWK FRORUIXO ERWDQLFDO GUDZLQJV 7KH FDUGV FDQ EH XVHG IRU PDQ\ GLIIHUHQW RFFDVLRQV DQG DUH VXUH WR VKRZ VRPHRQH \RX WUXO\ FDUH )ORZHU WKHPHG QRWH FDUGV FRQVLVWHQWO\ VHOO ZHOO EHFDXVH WKH\ DUH FODVVLF DQG WLPHOHVV

.H\ 3RLQWV 4XRWHV )RUPDW 6WDQGDUG QRWH FDUGV [ &RQWHQW FDUGV ZLWK HQYHORSHV

21 6$/(

%RWDQLFDO QRWH FDUGV DUH D SHUHQQLDOO\ EHVWVHOOLQJ GHVLJQ FRQFHSW 7KH WDVWHIXO DQG HOHJDQW LPDJHV DUH LGHDO IRU D QXPEHU RI RFFDVLRQV 8VH WKLV VHW WR FRYHU D YDULHW\ RI HYHQWV 7KH FDUGV PHUFKDQGLVH ZHOO ZLWK RWKHU VSULQJWLPH JDUGHQLQJ RXWGRRU 0RWKHU V 'D\ SURGXFW DQG GLVSOD\V EXW ZLOO VHOO ZHOO \HDU URXQG EHFDXVH D IORZHU QRWH FDUG QHYHU IDGHV

3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬1RQ FODVVLILDEOH %,6$&Â¬&DW Â¬121 &/$66,),$%/( 2UGHUÂ¬)RUPÂ¬&DW Â¬67$7,21(5< %22.6 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬127( &$5'6 3URGÂ¬7\SH Â¬1RWH &DUG 6PDOO

0DUNHWLQJ DQG 3XEOLFLW\

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV )ORUD )OLJKW 1RWH &DUGV 3RWWHU 6W\OH 17 %RWDQLFDO 6PDOO 1RWH &DUGV 3RWWHU 6W\OH 17 $PDU\OOLV &DUGV ,Q SLHFH %R[ 2FNHQJD 6WDUU 17 )ORZHU 3RZHU 3XUSOH 1RWH &DUG &ROH 5HEHFFD 17 6HHGOLQJV 1RWH &DUGV 3RWWHU 6W\OH 17

,6%1

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ &DQ &DQ &DQ

233 www.CrownPublishing.com

0\ %LEOLRILOH

$ 5HDGLQJ -RXUQDO IRU %RRN /RYHUV

3RWWHU 6W\OH

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬/DQJXDJH $UWV 5HDGHUV %,6$&Â¬&DW Â¬/DQJXDJH $UWV 5HDGHUV 2UGHUÂ¬)RUPÂ¬&DW Â¬/$1*8$*( $576 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬-RXUQDO 6WDQGDUG

0DUNHWLQJ DQG 3XEOLFLW\

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

.H\ 3RLQWV 4XRWHV )RUPDW [ MRXUQDO SDJHV &RQWHQW HQWU\ SDJHV IRU UHFRUGLQJ QRWHV DERXW WKH ERRNV \RX UHDG UHFRPPHQGHG DQG QRWDEOH UHDGLQJ OLVWV DQG LQWHUDFWLYH SURPSWV 5HDGLQJ MRXUQDOV FRQVLVWHQWO\ VHOO ZHOO 6DOHV SURYH WKDW ERRN ORYHUV VWLOO DSSUHFLDWH UHFRUGLQJ ZKDW WKH\ YH UHDG LQ D JRRG ROG IDVKLRQHG MRXUQDO )XOO RI UHIHUHQFH LQIRUPDWLRQ IURP GHSHQGDEOH VRXUFHV ,QFOXGHV GLVWLQJXLVKHG UHDGLQJ FKHFNOLVWV RI DZDUG ZLQQLQJ DQG FHOHEUDWHG WLWOHV VR WKDW \RX OO DOZD\V NQRZ ZKDW WR UHDG QH[W 3HRSOH ORYH WR FKHFN RII OLVWV 3OHQW\ RI LQWHUDFWLYH SDJHV IRU ZULWLQJ DERXW \RXU OLWHUDU\ SUHIHUHQFHV OLVWLQJ \RXU IDYRULWH ERRNVWRUHV FDVWLQJ \RXU RZQ ILOP DGDSWDWLRQ RI D ERRN NHHSLQJ WUDFN RI ERUURZHG DQG ORDQHG ERRNV QRWLQJ DQ\ DXWKRUV \RX VHH UHDG LQ SHUVRQ UHFRUGLQJ \RXU IDYRULWH SDVVDJHV SODQQLQJ OLWHUDU\ SLOJULPDJHV DQG PRUH /LVWLQJ LV SRSXODU 2QOLQH FRPPXQLWLHV VXFK DV *RRG5HDGV 6KHOIDUL DQG )DFHERRN KDYH PDGH OLVWLQJ UHYLHZLQJ DQG UDQNLQJ \RXU IDYRULWH ERRNV D VLJQLILFDQW WUHQG EXW ERRN ORYHUV VWLOO WUHDVXUH NHHSLQJ D KDUG FRS\ RI WKHVH OLVWV WRR )UHVK PRGHUQ DQG FRORUIXO FRYHU GHVLJQ WKDW ZLOO HVSHFLDOO\ DSSHDO WR \RXQJHU DUWV\ WUHQG\ FURZG

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV :KDW , 5HDG 0LQL -RXUQDO 3RWWHU 6W\OH 17 :KDW , 5HDG 5HG 0LQL -RXUQDO 3RWWHU 6W\OH 17 0\ )DYRULWH %RRNV 0LQL -RXUQDO 3RWWHU 6W\OH 17 2XU )DYRULWH %RRNV -RXUQDO 3RWWHU 6W\OH 17 -DQH $XVWHQ -RXUQDO 3RWWHU 6W\OH 17 %RRNV WR &KHFN 2XW &KURQLFOH :LUH 2 -RXUQDO %RRN /XVW -RXUQDO 1DQF\ 3HDUO -RXUQDO $ %RRN /RYHU V 'LDU\ 6KHODJK :DOODFH -RXUQDO

,6%1

234 www.CrownPublishing.com

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH &KURQLFOH 6DVTXDWFK %RRNV )LUHIO\ %RRNV

3ULFH &DQ &DQ &DQ &DQ &DQ

7KH %DE\ %RRN

$ .HHSVDNH -RXUQDO IRU %DE\ V )LUVW <HDU

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

.H\ 3RLQWV 4XRWHV )RUPDW (QFORVHG :LUH 2 -RXUQDO SDJHV &RQWHQW OLJKWO\ JXLGHG

21 6$/(

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

3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬)DPLO\ 3DUHQWLQJ %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV 3DUHQWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬/,1( ,//8675$7,216 7+528*+287 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬-RXUQDO /DUJH

0DUNHWLQJ DQG 3XEOLFLW\

$ERXW WKH $XWKRU ,OOXVWUDWRU $XWKRU 5HVLGHQFH &KLFDJR ,OOLQRLV

$0< .5286( 526(17+$/ LV WKH DXWKRU RI VHYHUDO DGXOW ERRNV (QF\FORSHGLD RI DQ 2UGLQDU\ /LIH &URZQ PDQ\ FKLOGUHQ V ERRNV /LWWOH 3HD /LWWOH +RRW DQG &RRNLHV DQG QRYHOW\ 3RWWHU 6W\OH JLIW SURGXFWV 7KH %HOO\ %RRN <RXU %LUWKGD\ %RRN .DUPD &KHFNV :RUGV WR 5HPHPEHU 6KH LV DOVR D IUHTXHQW UHYLHZHU RI FKLOGUHQ V ERRNV IRU WKH 1HZ <RUN 7LPHV %RRN 5HYLHZ DQG D KRVW RI WKH OLWHUDU\ DQG PXVLFDO YDULHW\ VKRZ :ULWHUV %ORFN 3DUW\ )RU PRUH LQIRUPDWLRQ SOHDVH YLVLW PRPP\PRPP\ FRP ZKRLVDP\ ZRUGSUHVV FRP

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV 7KH %HOO\ %RRN 5RVHQWKDO $P\ .URXVH 17 <RXU %LUWKGD\ %RRN 5RVHQWKDO $P\ .URXVH 17 .DUPD &KHFNV 5RVHQWKDO $P\ .URXVH 17 (QF\FORSHGLD 2I $Q 2UGLQDU\ 5RVHQWKDO $P\ .URXVH Â« &RPS 7LWOHV %DE\ 6 )LUVW <HDU 0LOHVWRQH -R 5LFFL /\GLD 17 7LPH 7R )HHG %DE\ 3RWWHU 6W\OH 17 %DE\ V )LUVW <HDU -RXUQDO $ &KULVWLQH +DUULV 3K'Â« +HOOR %DE\ %DE\ %RRN (XQLFH 0R\OH 'LDU\

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW

,6%1 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

3ULFH &DQ &DQ &DQ

&URZQ

&DQ

,6%1 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH &KURQLFOH &KURQLFOH

3ULFH &DQ &DQ

235 www.CrownPublishing.com

%RQ 9R\DJH

3DSHU %RDW 1RWH &DUGV

3RWWHU 6W\OH &RPH VDLO DZD\ ZLWK WKHVH QDXWLFDO WKHPHG QRWH FDUGV WKDW IROG LQWR SDSHU ERDWV 6HQG D PHVVDJH WKDW FDQ DFWXDOO\ IORDW QR ERWWOH QHFHVVDU\ ,QVSLUHG E\ PDSV DQG RWKHU QDXWLFDO LPDJHU\ WKHVH FKDUPLQJ QRWHV DUH SHUIHFW IRU DQ\ RFFDVLRQ )ROGLQJ LQVWUXFWLRQV IRU WXUQLQJ WKH QRWH LQWR DQ RULJDPL ERDW DUH SULQWHG RQ WKH QRWH SDSHU

.H\ 3RLQWV 4XRWHV )RUPDW 2ULJDPL 1RWH &DUGV LQ ORQJ SXOO GUDZHU ER[ &RQWHQW QRWH FDUGV RI HDFK GHVLJQ 1DXWLFDO LPDJHU\ LV SHUIHFW IRU VSULQJ DQG VXPPHU JHWDZD\ SURPRWLRQV VHD VLGH VSHFLDOW\ VWRUHV DQG QRYHOW\ JLIW VWRUHV *UHDW QHZ GLUHFWLRQ IRU RXU RULJDPL QRWH FDUGV )ROORZLQJ 3DU $YLRQ DQG 3RVW +DVWH ZH UH PRYLQJ IURP WKH IULHQGO\ VNLHV WR WKH VDOW\ VHD 7KHVH IXQ QRYHOW\ QRWH FDUGV PDNH D JUHDW JLIW RU VHOI SXUFKDVH 7KH QRWH FDUG GHVLJQV DUH LQVSLUHG E\ PDULQH PDSV QDXWLFDO LPDJHV DQG ERDWV 7KH DUW KDV EHHQ FRORUHG IRU D IUHVK PRGHUQ ORRN

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

0DUNHWLQJ DQG 3XEOLFLW\

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV ,6%1 2Q VDOH 3XEOLVKHU 3DU $YLRQ 1RWH &DUGV 3RWWHU 6W\OH 17 3RWWHU 6W\OH 3RVW +DVWH 3DSHU $LUSODQH 1RW 3RWWHU 6W\OH 17 3RWWHU 6W\OH

236 www.CrownPublishing.com

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 3ULFH &DQ &DQ

0RPP\ 0RQH\

3ULFHOHVV )DYRUV IRU 0RPV

0RPP\ 0RQH\ 3RWWHU 6W\OH

3ULFHOHVV )DYRUV IRU 0RPV

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

21 6$/( 3277(5 67</( &DQ 121 75$',7,21$/ %22.

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

.H\ 3RLQWV 4XRWHV

&RQWHQW FRQWHQW ILOO LQ WKH EODQN FKHFNV

.H\ 3RLQWV 4XRWHV

)RUPDW FKHFNERRN [ ELOOV +XEE\ %XFNV .LGG\ &DVK

7KLV XQLTXH IRUPDW LV D EHVW VHOOHU )URP .DUPD &KHFNV WR 6H[ &KHFNV WKLV XQLTXH IDX[ &RQWHQW FRQWHQW ILOO LQ WKH EODQN FKHFNV

FKHFNERRN IRUPDW KDV D JUHDW WUDFN UHFRUG IRU VHOOLQJ ZHOO LQ ERRN VWRUHV DQG VSHFLDOW\

&DWHJRU\ Â¬)DPLO\ 3DUHQWLQJ %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV &DQ

3DUHQWLQJ 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( &DWHJRU\ Â¬)DPLO\ 3DUHQWLQJ 3DJH &RXQW 7ULP 6L]H [ %,6$&Â¬&DW Â¬)DPLO\ 5HODWLRQVKLSV &DUWRQ &RXQW 3DUHQWLQJ ,OOXVWUDWLRQV Â¬/,1( ,//8675$7,216 2UGHUÂ¬)RUPÂ¬&DW Â¬)$0,/< &+,/'&$5( 7+528*+287 3DJH &RXQW 7ULP 6L]H [ /RDGÂ¬*URXS Â¬ &DUWRQ &RXQW (GLWLRQÂ¬'HVF Â¬'(&. ,OOXVWUDWLRQV Â¬/,1( ,//8675$7,216 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX 7+528*+287 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬'(&. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\ 0DUNHWLQJ DQG 3XEOLFLW\

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

$ERXW WKH $XWKRU ,OOXVWUDWRU

3277(5 67</( DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV 0RP KXPRU LV SHUHQQLDOO\ SRSXODU LQ WKH JLIW PDUNHW 6RPH RI WKH KLJKOLJKWV IURP WKLV QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV FDWHJRU\ LQFOXGH 3RUQ IRU :RPHQ 3RUQ IRU 0RPV DQG <RX 2ZH 0H )DYRUV IRU 0RP WR EH

$ERXW WKH $XWKRU ,OOXVWUDWRU 3RWWHU 6W\OH DQ LPSULQW RI WKH &URZQ 3XEOLVKLQJ *URXS LV D KLJK HQG JLIW DQG VWDWLRQHU\ OLQH VSHFLDOL]LQJ LQ UHFLSH WULYLD DQG KRZ WR GHFNV JXLGHG MRXUQDOV QRWH FDUGV DQG RWKHU SDSHU EDVHG QRYHOW\ SURGXFWV

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV 7HUULWRULHV $XGLR &RPS 7LWOHV %ULWLVK .DUPD &KHFNV 5RVHQWKDO $P\ .URXVH 17 5HVWULFWLRQ 1R 5HVWULFWLRQV

5LJKWV 506

6H[ &KHFNV 3RWWHU 6W\OH 17 7KH %HOO\ %RRN 5RVHQWKDO $P\ .URXVH 17 &RPS 7LWOHV .DUPD &KHFNV 5RVHQWKDO $P\ .URXVH 17 6H[ &KHFNV 3RWWHU 6W\OH 17 7KH %HOO\ %RRN 5RVHQWKDO $P\ .URXVH 17

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\ 5HWXUQ LQGLFDWRU %RRN &OXE ,6%1 2Q VDOH 3XEOLVKHU 7UDQVODWLRQ 3RWWHU 6W\OH $JHQF\

,6%1

2Q VDOH

3RWWHU 6W\OH 3RWWHU 6W\OH 3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 5HSULQW VW 6HULDO 3ULFH 6SHFLDO 0DUNHWV &DQ $JHQW

&DQ &DQ 3ULFH &DQ &DQ &DQ

237 www.CrownPublishing.com

7KH 1LQMD :LVGRP 'HFN

'HDGO\ 0HGLWDWLRQV IRU WKH 1RQ 1LQMD

'RXJODV 6DULQH .HQW 1LFKROV

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ &DWHJRU\ Â¬+XPRU %,6$&Â¬&DW Â¬+XPRU *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬+8025 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬% : ,//8675$7,216 7+528*+287 /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬'(&. 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

7KH FRPSDQLRQ GHFN WR WKH VWUDLJKW IDFHG ULGLFXORXV JXLGH IRU QRQ QLQMDV $VN D 1LQMD 3UHVHQWV WKH 1LQMD +DQGERRN 7KH 1LQMD :LVGRP 'HFN LV WKH JLIWDEOH TXLFN UHIHUHQFH SDFNDJH RI IXOO\ LOOXVWUDWHG IODVKFDUGV 7KH FDUGV IHDWXUH PHGLWDWLRQV VDJH DGYLFH DQG XQIRUJHWWDEOH TXRWHV RQ WKH IURQW DQG D ELW RI QLQMD NQRZ KRZ KRZ WR RU KLVWRU\ RQ WKH EDFN 7KLQN RI WKLV GHFN DV WKH PDVWHU RI DOO VWXG\ JXLGHV OLNH 6$7 YRFDE FDUGV WKLV GHFN LV DQ LQGLVSHQVDEOH DLG WR EHFRPLQJ D NLFN DVV PLQG EORZLQJ QLQMD LW ZLOO QRW KHOS \RX JHW D EHWWHU VFRUH RQ WKH 6$7 ,W V WKH SHUIHFW JLIW IRU WKH KXQGUHGV RI WKRXVDQGV RI IDQV RI WKH DXWKRUV YLGHR SRGFDVW $VN D 1LQMD DQG WKH QHUG WDVWLF IDQV RI IDX[ UHIHUHQFH ERRNV OLNH =RPELH 6XUYLYDO *XLGH +RZ WR 6XUYLYH D 5RERW 8SULVLQJ $UHDV RI 0\ ([SHUWLVH DQG 6FKRWW V 0LVFHOODQ\

.H\ 3RLQWV 4XRWHV )RUPDW 'HFN FDUGV &RQWHQW IURP $VN D 1LQMD 3UHVHQWV WKH 1LQMD +DQGERRN 7KUHH 5LYHUV 3UHVV 6HSWHPEHU

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

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

+LVW 3UHY 7LWOHV $VN $ 1LQMD 3UHVHQWV 7KH 1LQMD 6DULQH 'RXJODV 75 &RPS 7LWOHV =RPELH 6XUYLYDO *XLGH 'HFN %URRNV 0D[ 17 7KH =RPELH 6XUYLYDO *XLGH %URRNV 0D[ 75

238 www.CrownPublishing.com

,6%1 ,6%1

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH 2Q VDOH

3XEOLVKHU 7KUHH 5LYHUV 3UHVV 3XEOLVKHU 3RWWHU 6W\OH 7KUHH 5LYHUV 3UHVV

3ULFH &DQ 3ULFH &DQ &DQ

3XSS\KRRG 'HFN

7LSV IRU 5DLVLQJ WKH 3HUIHFW 'RJ

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

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ

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

&DWHJRU\ Â¬3HWV 'RJV %,6$&Â¬&DW Â¬3HWV 'RJV *HQHUDO 2UGHUÂ¬)RUPÂ¬&DW Â¬3(76 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW ,OOXVWUDWLRQV Â¬ &2/25 3+2726 /RDGÂ¬*URXS Â¬ 3URGÂ¬7\SH Â¬3RWWHU 6W\OH 8QLTX

0DUNHWLQJ DQG 3XEOLFLW\

6HULHV 2YHUYLHZ )ROORZ XS WR WKH &HVDU V :D\ 'HFN VSULQJ

$ERXW WKH $XWKRU ,OOXVWUDWRU &(6$5 0,//$1 LV WKH DXWKRU RI WKH 1HZ <RUN 7LPHV EHVWVHOOLQJ &HVDU V :D\ DV ZHOO DV WKH KLWV %H WKH 3DFN /HDGHU DQG 0HPEHU RI WKH )DPLO\ +H KDV D 'RJ 3V\FKRORJ\ &HQWHU LQ /RV $QJHOHV &$ DQG KH LV KRVW RI KLV RZQ GDLO\ VKRZ 7KH 'RJ :KLVSHUHU RQ WKH 1DWLRQDO *HRJUDSKLF &KDQQHO 9LVLW KLP DW KLV ZHEVLWH ZZZ &HVDU0LOODQLQF FRP

5LJKWV 506 7HUULWRULHV 86 &DQDGD RSHQ PDUNHW $XGLR <HV %ULWLVK 1R 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE <HV 7UDQVODWLRQ 1R $JHQF\ 75,'(17 0(',$ *5283 //&

+LVW 3UHY 7LWOHV &HVDU V :D\ 0LOODQ &HVDU +& &HVDU V :D\ 0LOODQ &HVDU 75 &HVDU V :D\ 'HFN 0LOODQ &HVDU 17 &HVDU V :D\ -RXUQDO 0LOODQ &HVDU 17 %H 7KH 3DFN /HDGHU 0LOODQ &HVDU +& %H 7KH 3DFN /HDGHU 0LOODQ &HVDU 75 0HPEHU 2I 7KH )DPLO\ $ 0LOODQ &HVDU +& &RPS 7LWOHV 7KH $UW RI 5DLVLQJ D 3XSS\ 7KH 0RQNV RI +&

,6%1 ,6%1

2Q VDOH 2Q VDOH

3XEOLVKHU +DUPRQ\ 7KUHH 5LYHUV 3UHVV 3RWWHU 6W\OH 3RWWHU 6W\OH +DUPRQ\ 7KUHH 5LYHUV 3UHVV +DUPRQ\ 3XEOLVKHU /LWWOH %URZQ

5HSULQW <HV VW 6HULDO 1R 6SHFLDO 0DUNHWV $JHQW 6&277 0,//(5 3ULFH &DQ &DQ &DQ &DQ &DQ &DQ &DQ 3ULFH

239 www.CrownPublishing.com

5HDGLQJ -RXUQDO )RU %RRN /RYHUV

3RWWHU 6W\OH

21 6$/( 3277(5 67</( 121 75$',7,21$/ %22.

&DQ

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

.H\ 3RLQWV 4XRWHV )RUPDW [ MRXUQDO SDJHV &RQWHQW HQWU\ SDJHV IRU UHFRUGLQJ QRWHV DERXW WKH ERRNV \RX UHDG UHFRPPHQGHG DQG QRWDEOH UHDGLQJ OLVWV DQG LQWHUDFWLYH SURPSWV

&DWHJRU\ Â¬/DQJXDJH $UWV 5HDGHUV %,6$&Â¬&DW Â¬/DQJXDJH $UWV 5HDGHUV 2UGHUÂ¬)RUPÂ¬&DW Â¬/$1*8$*( $576 3DJH &RXQW 7ULP 6L]H [ &DUWRQ &RXQW /RDGÂ¬*URXS Â¬ (GLWLRQÂ¬'HVF Â¬-2851$/ 3URGÂ¬7\SH Â¬-RXUQDO 6WDQGDUG

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

0DUNHWLQJ DQG 3XEOLFLW\

5LJKWV 506 7HUULWRULHV $XGLR %ULWLVK 5HVWULFWLRQ 1R 5HVWULFWLRQV

5HWXUQ LQGLFDWRU %RRN &OXE 7UDQVODWLRQ $JHQF\

&RPS 7LWOHV :KDW , 5HDG 0LQL -RXUQDO 3RWWHU 6W\OH 17 0\ )DYRULWH %RRNV 0LQL -RXUQDO 3RWWHU 6W\OH 17 :KDW , 5HDG 5HG 0LQL -RXUQDO 3RWWHU 6W\OH 17 2XU )DYRULWH %RRNV -RXUQDO 3RWWHU 6W\OH 17 -DQH $XVWHQ -RXUQDO 3RWWHU 6W\OH 17 %RRNV WR &KHFN 2XW &KURQLFOH :LUH 2 -RXUQDO $ %RRN /RYHU V 'LDU\ 6KHODJK :DOODFH -RXUQDO %RRN /XVW -RXUQDO 1DQF\ 3HDUO -RXUQDO

,6%1

240 www.CrownPublishing.com

5HSULQW VW 6HULDO 6SHFLDO 0DUNHWV $JHQW 2Q VDOH

3XEOLVKHU 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH 3RWWHU 6W\OH &KURQLFOH )LUHIO\ %RRNV 6DVTXDWFK %RRNV

3ULFH &DQ &DQ &DQ &DQ &DQ

Author/Title Index Title/Author

Page Number

10 Laws of Enduring Success, The

Bowen, Will

Dalai Lama, The

Bowman, Alisa

Damon, Eric*

179

Box of Beasties

231

De Laurentiis, Giada

187

Breaking Out of Bedlam

109

De Mello, Anthony

13 Is the New 18

140

Adamson, George

Brizendine, Louann, M.D.

Death of American Virtue, The

Age Is Just a Number

Brockway, Robert*

174

Definitive Guide to Cancer, 3rd Edition

Agee, Eve

Broderick, Colin

139

Dekker, Ted

Alexander, Devin

Bromberg Bros. Blue Ribbon Cookbook

186

Difference, The

132

Ali, Nujood*

157

Bromberg, Bruce

186

Different

101

All Over the Map

114

Bromberg, Eric

186

Digital Art Revolution

210

Alleym Lynn

Brooker, Suzanne

211

Dillon, Patrick

Alschuler, Lise

Brown-Waite, Eve

diRollo, Elaine

170

Dobyns, Jay

149

Amen, Daniel G., M.D. American Heart Association

117, 136, 225 178, 188

American Heart Association Complete Guide to Women’s Heart Health

178

American Heart Association Low-Fat, Low-Cholesterol Cookbook, 4th edition American History Revised* Anatomy of an Epidemic Ancestor*

188 46 102

93, 141

Built By Wendy Dresses

196

Burger Parties

Docie, Sr., Ronald Louis

Burns, David D., M.D.

Doing What Matters

144

Donohue, Keith

130

Buyology

California Roll, The

119

Driver, Janine

Callahan, Michelle R., Ph.D., M.A

148

Dunne, Dominick

Canedy, Dana

131

Eat Well, Feel Well

145

Eco-Clean Deck

230

84 82

Cannon, Carl M.

Carlisle, Belinda

103

Eco-Sex

Chan, Doris J.

201

Effective Immediately*

Change Your Brain, Change Your Body

117

Eldredge, John

Angels of Destruction

130

Antiquarian Bookplates

224

Antiquarian Flexi Journal

222

Antiquarian Note Card Book

221

Change Your Brain, Change Your Life Deck

225

Antiquarian Pocket Pads

223

Ellis-Bell, Nancy*

Chatzky, Jean

132

Elvis: My Best Man

China, Inc.

104

Emperor of Powder

105

Eternity Soup

110

Evans, Patrice

175

Aronne, Louis J., M.D. Art of Gift Wrapping, The Art of War for Women, The Asher, Donald M. Asim, Jabari Baby Book, The Bach, David Barricelli, John Bartiromo, Maria Bedroom Bucks Being With Animals* Benimoff, Roger Benkler, Yochai Bennington, Emily*

50 198

Eldredge, Stasi

chin-ning chu

70 126

Chopra, Deepak

108, 125

Christen, Carol*

Every Day in Tuscany

Circle of Greed

Everyday Food: Fresh, Fast, Flavorful

183

49 235 40 185 86 220 74 164

Clark, Melissa

186

Everything Is Going to Kill Everybody*

174

Claude & Camille

100

Color Knitting Basics

202

Experimental Drawing, 30th Anniversary Edition

205

Comfort, Alex

135

Fairies Art Studio*

209

Complaint-Free Relationships

Faith Under Fire

164

Compton-Rock, Malaak*

Favorite of the Queen, A

154

Conant, Eve

Confucius Through the Ages

164 73

Feeling Good Together Felt Me a Smile

43 194

Connor, Tim

163

Fifteen Faces of God, The

Berthold-Bond, Annie

230

Conrad, Kendall

145

Filthy Lucre

BetterPhoto Basics*

218

Conscious Kitchen, The

182

First Comes Love, then Comes Malaria

Birthday Present, The

165

Contagious

141

Fisher, David

Cooking For Family and Friends

189

Fisher, Marshall Jon

171

100

Fool’s Paradise

133

For a Queen’s Love

155

Bishop, Matthew

Black Hearts

115

Cowell, Stephanie

Black Is the New Black

175

Bohjalian, Chris

113

Creative Nature & Outdoor Photography, Revised Edition

208

Fragile Beasts*

116

Cretara, Domenic

211

Fraser, Laura

114

Frederick, Jim

115 138

Bolles, Richard N.*

Bon Voyage

236

Bongology*

Crisafulli, Chuck

Crister, Greg

110

Fredrickson, Barbara

Book of Ages, A

152

Crochet for Bears to Wear*

200

Freman, Phillip Mitchell, Ph.D.

Botanical Note Cards

233

Crochet Lace Innovations

201

Fried, Jason

D’Agnese, Joseph

153

Gagliardi, Marcia

Bourke, Anthony*

241 www.CrownPublishing.com

Gaines, Steven

133

Gardiner, Kay

195

Garner, Elizabeth

168

Gazella, Karolyn A.

Getting Organized in the Google Era

Giada’s Home Cooking Gilbertie, Sal

187 6

Gold Medal Abs and More

Gordon, Eleo

Gormley, Ken

Gottschall, Elaine, M.Sc.

145

Gourmet Game Night*

Gourmet Vegetarian Slow Cooker

Greatest Trade Ever, The

Green, Michael

Greenfield, Beth*

122

Greenwald, Rachel

150

Grow Great Grub

181

Gurwitch, Annabelle Gyngell, Skye

91 8

Jane Austen Mini Journal (Illustrated) Jane Austen Note Cards— Pride & Prejudice

227 228

Jane Austen Note Cards— Sense and Sensibility

229

Jenniemae & James

123

Johanson, Donald C.

158

Johnson, Wendy D.

199

Johnson-Shelton, Nils

149

Jostes, Ewa

216

Journal for Jordan, A

131

Joy of Sex, The

135

Joyful Wisdom

156

Kahn, Jeff

Kaupelis, Robert

205

Keen, Sam

118

Keith and The Girl

146

Keith and The Girl’s Smart Answers to Your Stupid Relationship Questions

146

Kiernman, Denise

153

Kilts, James M.

144

Haab, Sherri

213

Habibur-Rahman, Fatema*

217

King, Barbara J.*

Habibur-Rahman, Hajera*

217

Klein, George

Habibur-Rahman, Khadija*

217

Klontz, Brad

Klontz, Ted

Kornblut, Anne

Hales, Dianne Hallinan, Joseph T.

52 45

Handbook for Lightning Strike Survivors, The*

124

Hansen, Kaye

180

Hansen, Liv

180

Hanson, Eric

152

Hansson, David Heinemeier

Happiness Prescription, The

108

Hardberger, Max*

Harpaz, Beth J.

141

Hart, Christopher*

215

Healing Hearts

Heath, Chip

Heath, Dan

Heath, Joseph

Heiss, Mary Lou Heiss, Robert J. Hoffman, Carl Holder of the White Lotus

Kosann, Minica Rich

191

Kraemer, John L.

Kruschwitz, Nina

La Bella Lingua

Lacey, Tony

Larson, Leslie

109

LaSala, Francine

Last Secret, The

169

Laur, Joe

Leapman, Melissa Lebovitz, David Lecture Notes

202 21, 51 18

Lederer, Richard

232

Levine, James A., M.D., Ph.D.

137

Life of Being, Having, and Doing Enough, A

120

Ligon, Scott

210

Lindstrom, Martin

Lineberg, Skip*

Houck, Amy O’Neil*

200

Huler, Scott

143

Ling, Zhu

104

I Can’t Believe it’s Not Fattening!

Lion Called Christian, A*

If It Takes a Village, Build One*

Lit Wit Deck

Immortal Life of Henrietta Lacks, The

Little Bit Kinky, A

47 232 42

In the Absence of God

118

Living Well Beyond Breast Cancer

142

Informer, The

111

Living with What You Love

191

Ingenious Edgar Jones, The

168

Lloyd, John

231

Inheritance, The

134

Lorber, Robert L.

144

Inventor’s Bible, 3rd Edition, The

Love and War

70 29

Inviting God to Your Wedding

147

Love Is the Best Medicine*

Jacob, Mark*

151

Lucy’s Legacy

Jacob, Matthew*

151

Lunatic Express, The

242 www.CrownPublishing.com

158 31

Lundin, Stephen

Madison, Deborah

Magliato, Kathy, M.D.

Magnificent Mind at Any Age Maimonides Male Brain, The Man for All Species, A* Man Who Owns the News, The Mandela’s Way

136 72 27 126 44 99

Mandredi, John F.

144

Manga for the Beginner Chibis*

215

Manning, Father Michael, S.V.D. Martha Stewart Living magazine Martha Stewart’s Encyclopedia of Sewing and Fabric Crafts Martin, James A. Mason-Dixon Knitting Mayes, Frances McCafferty, Megan* Mcnair, James Me, Nujood, Age 10 and Divorced* Medearis, Carl Meester, Leighton Merrill, Douglas C. Michaels, Jillian Millan, Cesar Miller, Dan Mind over Money

78 183, 197 197 63 195 30 159 15 157 75 179 63 97 239 58 59

Minoui, Delphine*

157

Miotke, Jim*

218

Mitchinson, John

231

Mixt Salads Mommy Money

23 237

Money Management for the Independent Workforce: Feed the Monkey 153 Moon, Youngme

101

Moore, Wendy

162

Morris, Mary McGarry

169

Morris, Seymour Jr.*

Morrone, Marc*

126

Mosher, Howard Frank*

121

Move a Little, Lose a Lot

137

Ms. Typed

148

Muller, Wayne

120

Mullin, Wendy

196

Musician’s Guide to Licensing Music, The

206

My Bibliofile

234

My Favorite Ingredients Necessary Revolution, The Nelson, Bob

8 67 66

Newman, Brooke

123

Nichols, Kent

238

Nims, Cynthia*

Ninja Wisdom Deck, The

238

No Angel

149

No More Dreaded Mondays

No Right to Remain Silent

166

Sarine, Douglas

238

Unlimited

No-Man’s Lands

143

Sautner, Stephen

160

Untitled Memoir

103

Upriver and Downstream

160

Norman, Alexander

Schley, Sara

North, Will

172

Schwartz, Daylle Deanna

Nova, Craig

111

ScreamFree Marriage

Nylan, Michael

Sculpting the Figure in Clay

O’Dell, Tawni*

116

Seasonal Fruit Desserts

One Ball Knits Gifts*

217

Second Sight

Onken, Nick

212

Orangutan

139

Orloff, Judith, M.D.

161

Overnight Résumé, 3rd Edition, The

67 206 33 214 38 161

Uterine Health Companion, The

V.I.P.s, The

Valdez, Dr. Natasha Janina

van Aalst, Mariska

van der Linden, Stephanie

216

Secret History of the Mongol Queens, The 94

Vandehey, Tim

112

Secrets of Eden

113

Vine, Barbara

165

Seek God Everywhere

Volkwein, Ann

Seized!*

Vorhaus, John

119

Walking to Gatlinburg*

121

Wallace, Paula

184

Water, Stone, Heart

172

Patterson, Scott

Senge, Peter

Payback Time

Shayne, Ann

195

Pease, Allan

Sheehan, Larry

Pease, Barbara

Sherri Haab Jewelry Inspirations

213

Weatherford, Jack

Penguin and the Leviathan, The

Shift Your Habit

167

Wedlock

162

Weekend Novelist Rewrites the Novel, The

207

Perfect Fifths*

159

Sigler, Scott*

Perfect Porches

184

Simply Spectacular Cakes

Photo Trekking Plaidy, Jean

212 154, 155

Skloot, Rebecca

Weiss, Ellen

Small-Plot, High-Yield Gardening

Portrait Painting Atelier

211

Smith, Brian

Positivity

138

Sock Knitter’s Workshop, The

Poulson-Bryant Power of Many, The Proper Education for Girls, A Prophetess, The Puppyhood Deck Quants, The

190

Skinny, The

190

220-240

Weil, Elizabeth

Porschen, Peggy

Potter Style

SoNo Baking Company Cookbook, The

Weller, Anthony

173

185

Weller, George

173 173 198

Soul of Leadership, The

125

Spencer, Monique Doyle

Wen, Wanda

Starr, Jeffrey

Start Over, Finish Rich

What Color Is Your Parachute? for Teens, 2nd Edition*

Steinmetz, Sol

Stone, Chris*

239 96 192

Sugiwaka, Toyoko

Ray, Rachael

192

Ray, Robert J.

207

Surviving Your Stupid, Stupid Decision to Go to Grad School

Reading Journal, The

240

Swallow, Andrew

194

Ready for Dessert

Swanson, Eric

156

Real Life Body Book, The

Sweet Dreams/Nightmares Journal

226

Sweet Life in Paris, The

Switch

Red Carpet Ready*

112

Rendall, John*

Resnick, Lynda

Rework

Riccitotti, Hope, MD

Riche, David*

209

Rinpoche, Yongey Mingyur

156

Rivers, Melissa*

112

Road from Ruin, The

Roberts, Jon

105

Rogers, Elizabeth

167

Rosenthal, Amy Krouse

235

Rourke, Mary

Roy, Lucinda

166

Ruben, Adam

Rubies in the Orchard

Rubino, Peter Runkel, Hal Edward, LMFT Sanger, David E.

214 33 134

Tablehopper’s Guide to Dining and Drinking in San Francisco, The

Taste of Honey, A

Tea Enthusiast’s Handbook, The Tea with Hezbollah

7 75

Ten Minutes from Home*

122

Terrible Splendor, A

171

Thall, Peter M.

204

Tharp, Brenda

208

There’s a Word For It

127

Toe-Up Socks for Every Body

199

Too Much Money Torres, Dara

82 37, 46

Toward a True Kinship of Faiths

Town, Phil

Trail, Gayla

216

142 142

Weller’s War

170

Weiss, Marisa C., M.D.

Rachael Ray’s Book of Ten

Really Useful Grandparents’ Book

Weiss, Iris

181

Trout, Dr. Nick*

Ubuntu

What the Great Ate*

151

What They’ll Never Tell You About the Music Business

204

What Will It Take?

Whimsical Bakehouse, The

180

Whitaker, Robert

102

Whitman, Meg Why He Didn’t Call You Back

87 150

Why Men Want Sex . . . And Women Need Love

Why We Make Mistakes

Wilkinson, Francis

Williamson, Martha

147

Wilsey, Darren

206

Wilson, Thomas

Wolff, Michael

Wong, Kate

158

Yeager, Clinic

137

Yearwood, Trisha

189

You Know You Want It*

179

You Say More Than You Think You Say Tomato, I Say Shut Up

84 91

Young-Stone, Michele*

124

Your First Year in Sales, 2nd Edition

163

Zissu, Alexandra

182

Zuckerman, Gregory

*Books of interest to Young Readers

243 www.CrownPublishing.com

Foreign Representatives CROWN, POTTER, HARMONY, SHAYE AREHEART BOOKS, THREE RIVERS PRESS BRAZIL Mr. Joao Riff Agência Riff joaopaulo@agenciariff.com.br BULGARIA Ms. Anna Droumeva Andrew Nurnberg Assoc. anas@tea.bg CHINA Ms. Jackie Huang Andrew Nurnberg Associates JHuang@nurnberg.com.cn CHINA (Potter) Ms. Joanne Yang joanne@bardon.com.tw CROATIA/SERBIA Mr.Vuk Perisic Plima Literary Agency mila.p@eunet.yu CZECH REPUBLIC SLOVENIA/SLOVAKIA Ms. Petra Tobiskova Andrew Nurnberg Prague nurnprg@mbox.vol.cz FRANCE Ms. Eliane Benisti Agence Benisti eliane@elianebenisti.com GERMANY Mr. Bastian Schlück Thomas Schlück Literary Agency b.schlueck@schlueckagent.com GREECE Mr. John Moukakou JLM Literary Agency jlm@jlm.gr HOLLAND Ms. Caroline van Gelderen C. van Gelderen Literary Agency cvgelderen@carvang.nl

HUNGARY Mr. Peter Bolza Katai & Bolza Literary Agents peter@kataibolza.hu INDONESIA Santo Manurung Maxima Creative Agency santo@cbn.net.id ISRAEL Ms. Gabi Hertzmann I. Pikarski Agency gabi@pikarskiagency.co.il ITALY Mr. Luigi Bernabó Bernabó Associates bernabo.luigi@tin.it JAPAN Ms. Miko Yamanouchi Japan UNI Agency miko.yamanouchi@japanuni.co.jp KOREA Ms. Sue Yang The Yang Agency sueyang@ericyangagency.co.kr POLAND Ms. Maria Strarz-Kanska Graal Ltd. maria@graal.com.pl ROMANIA Ms. Simona Kessler Intern. Copyright Agency simona@kessler-agency.ro RUSSIA/ESTONIA/LATVIA LITHUANIA/UKRAINE Ms. Natasha Sanina Synopsis Literary Agency nat@synopsis-agency.ru SCANDINAVIA Ms. Ann-Christine Danielsson Ann-Christine Danielsson Agency acd.agency@swipnet.se

SPAIN/PORTUGAL/LATIN AMERICA Ms. Maribel Luque Carmen Balcells Agency ma.luque@ag-balcells.com SPAIN/PORTUGAL/LATIN AMERICA (Potter) Ms. Angela Reynolds IE Ilustrata SL reynolds@ilustrata.com TAIWAN Ms. Ming-Ming Lui Bardon-Chinese Media Agency mingming@bardon.com.tw THAILAND/VIETNAM Ms. Pimolporn Yutisri Tuttle-Mori Agency pimolporn@tuttlemori.co.th TURKEY Ms. Hatice Gök Onk Literary Agency hatice@onkagency.com

BROADWAY AND DOUBLEDAY RELIGION BRAZIL Ms. Karin Schindler Caixa Postal 19051 kschind@terra.com.br BULGARIA Ms. Anna Droumeva Andrew Nurnberg Assoc. anas@tea.bg CHINA/TAIWAN Ms. Annie Chen Bardon Chinese Media Agency annie@bardon.com.tw CZECH REPUBLIC SLOVAKIA Ms. Kristin Olson Kristin Olson Literary Agency s.r.o. kristin.olson@litag.cz

244 www.CrownPublishing.com

ESTONIA, LATVIA, LITHUANIA Ms. Tatjana Zoldnere Andrew Nurnberg Associates zoldnere@anab.apollo.lv FRANCE Ms. Eliane Benisti Agence Benisti eliane@elianebenisti.com FRENCH CANADA Mr. Luc Jutras Montreal-Contacts ljutras@montreal-contacts.com GERMANY Ms. Ruth Weibel Liepman AG ruth.weibel@liepmanagency.com GREECE Ms. Nelly Moukakou JLM Literary Agency jlm@jlm.gr HOLLAND Ms. Caroline van Gelderen C. van Gelderen Literary Agency cvgelderen@carvang.nl HUNGARY Mr. Peter Bolza Katai & Bolza Literary Agents peter@kataibolza.hu INDONESIA Santo Manurung Maxima Creative Agency santo@cbn.net.id ISRAEL Ms. Ilana Kurshan The Deborah Harris Agency ilana@thedeborahharrisagency.com ITALY Mr. Roberto Santachiara Agenzia Santachiara agenzia@robertosantachiara.com POLAND Ms. Maria Strarz-Kanska Graal Ltd. maria@graal.com.pl

PORTUGAL Ms. Maribel Luque Carmen Balcells Agency ma.luque@ag-balcells.com

GERMANY/ITALY Mr. Roberto Toso Tipress Deutschland tipress@t-online.de

CROATIA/SERBIA Mr.Vuk Perisic Plima Literary Agency mila.p@eunet.yu

JAPAN Ms. Miko Yamanouchi Japan UNI Agency miko.yamanouchi@japanuni.co.jp

ROMANIA Ms. Simona Kessler Intern. Copyright Agency simona@kessler-agency.ro

JAPAN Ms. Miko Yamanouchi Japan UNI Agency miko.yamanouchi@japanuni.co.jp

CZECH REPUBLIC SLOVENIA/SLOVAKIA Ms. Petra Tobiskova Andrew Nurnberg Prague nurnprg@mbox.vol.cz

KOREA Mr. Jaesik Jun Korean Copyright Center rylee@kccseoul.com

RUSSIA Ms. Ludmilla Sushkova Andrew Nurnberg sushkova@awax.ru

KOREA Mr. Jaesik Jun Korean Copyright Center Gyonghigung-achim Office rylee@kccseoul.com

FRANCE Ms. Eliane Benisti Agence Benisti eliane@elianebenisti.com

POLAND Ms. Maria Strarz-Kanska Graal Ltd. maria@graal.com.pl

GERMANY Mr. Bastian Schlück Thomas Schlück Literary Agency b.schlueck@schlueckagent.com

RUSSIA Ms. Natasha Sanina Synopsis Literary Agency nat@synopsis-agency.ru

GREECE Mr. John Moukakou JLM Literary Agency jlm@jlm.gr

RUSSIA/ESTONIA/LATVIA LITHUANIA/UKRAINE Ms. Natasha Sanina Synopsis Literary Agency nat@synopsis-agency.ru

SPAIN/PORTUGAL/LATIN AMERICA Ms. Angela Reynolds reynolds@ilustrata.com

HOLLAND Ms. Caroline van Gelderen C. van Gelderen Literary Agency cvgelderen@carvang.nl

SCANDINAVIA Ms. Ann-Christine Danielsson Ann-Christine Danielsson Agency acd.agency@swipnet.se

TURKEY Ms. Hatice Gök Onk Literary Agency hatice@onkagency.com

HUNGARY Mr. Peter Bolza Katai & Bolza Literary Agents peter@kataibolza.hu

SPAIN/PORTUGAL/LATIN AMERICA Ms. Maribel Luque Carmen Balcells Agency ma.luque@ag-balcells.com

SCANDINAVIA Ms. Ann-Christine Danielsson Ann-Christine Danielsson Agency acd.agency@swipnet.se SPAIN/LATIN AMERICA Ms. Montse Yañez Julio Yañez Literary Agency montse@yanezag.com THAILAND/VIETNAM Ms. Pimolporn Yutisri Tuttle-Mori Agency pimolporn@tuttlemori.co.th

WATSON-GUPTILL BRAZIL Mr. Joao Riff Agência Riff joaopaulo@agenciariff.com.br

TEN SPEED PRESS CHINA/TAIWAN Ms. Joanne Yang Bardon-Chinese Media Agency joanne@bardon.com.tw CZECH REPUBLIC Ms. Kristin Olson Kristin Olson Literary Agency kolson@vol.cz FRANCE Ms. Eliane Benisti Agence Benisti eliane@elianebenisti.com

BRAZIL Mr. Joao Riff Agência Riff joaopaulo@agenciariff.com.br BULGARIA Ms. Anna Droumeva Andrew Nurnberg Assoc. anas@tea.bg CHINA/TAIWAN Ms. Annie Chen Bardon Chinese Media Agency annie@bardon.com.tw

ISRAEL Ms. Gabi Hertzmann I. Pikarski Agency gabi@pikarskiagency.co.il ITALY Mr. Luigi Bernabó Luigi Bernabó Associates bernabo.luigi@tin.it INDONESIA Santo Manurung Maxima Creative Agency santo@cbn.net.id

POLAND Ms. Maria Strarz-Kanska Graal Ltd. maria@graal.com.pl ROMANIA Ms. Simona Kessler Intern. Copyright Agency simona@kessler-agency.ro

SPAIN/PORTUGAL/LATIN AMERICA (Illustrated Books) Angela Reynolds IE Ilustrata SL reynolds@ilustrata.com THAILAND/VIETNAM Ms. Pimolporn Yutisri Tuttle-Mori Agency pimolporn@tuttlemori.co.th TURKEY Ms. Hatice Gök Onk Literary Agency hatice@onkagency.com

245 www.CrownPublishing.com

Agents Acme Talent & Literary Agency 4727 Wilshire Blvd., Suite 333 Los Angeles, CA 90010 Tel: 323-954-2263 Fax: 323-954-2262 The Agency Group, Ltd. 1880 Century Park East, Suite 711 Los Angeles, CA 90067 Tel: 310-385-2800 carolinegreeven@theagencygroup.com Aitken Alexander Associates LTD. 18-21 Cavaye Place London SW10 9PT UK Tel: 020 7373 8672 Fax: 020 7373 6002 Allen O’Shea Literary Agency 615 Westover Road Stamford, CT 06902 Tel: 203-222-9004 Fax: 203-222-1149 Artists & Artisans Inc. 244 Madison Avenue Suite 334 New York, NY 10016 Tel: 212-924-9619 Fax: 212-931-8377 Betsy Amster Literary Enterprises 2151 Kenilworth Avenue Los Angeles, CA 90039 Tel: 323-662-1987 Betsy Nolan Literary Agency 214 West 29th Street, Suite 1002 New York, NY 10001 Tel: 212-967-8200 Fax: 212-967-7292 Bob Mecoy/ Creative Book Services 66 Grand Street, Suite 1 New York, NY 10013 Tel: 212-226-1936 mecoy@aol.com Brockman Inc. 5 East 59th Street, 8th Floor New York, NY 10022 Tel: 212-935-8900 Fax: 212-935-5535 Claudia Bohme Rights & Literary Agency Goseriede 4 - Tiedthof (C) Hanover 30159 Germany Tel: 49 511 6008484 claudia.boehme@agencyboehme.com

The Creative Culture 72 Spring Street, Suite 304 New York, NY 10012 Tel: 212-680-3510 Creative Trust, Inc. 5141 Virginia Way Suite 320 Brentwood, TN 37027 Tel: 615-297-5010 Curtis Brown Group Ltd Haymarket House 28-29 Haymarket, London SW1Y 4SP England Tel:+44 (0)20 7393 4400 Fax: +44 (0)20 7393 4401/2 David Black Literary Agency 156 Fifth Avenue, Suite 608 New York, NY 10010 Tel: 212-242-5080 Fax: 212-924-6609 DC Comics Inc. 1700 Broadway, 7th Fl. New York, NY 10019-5905 Tel: 212-636-5400 Fax: 212-636-5481 Defiore and Company. 47 East 19th Street, 3rd Floor New York, NY 10003 Tel: 212-925-7744 lauren@defioreandco.com The Doe Coover Agency PO Box 668 Winchester, MA 01890 Tel: 781-721-6000 amanda@doecooveragency. com Dorie Simmons Agency 67 Upper Berkley Street London W1H 7QX UK Tel: 020 7569 8686 Fax: 020 7569 8696 Dunow, Carlson & Lerner Literary Agency 27 West 20th Street, Suite 1107 New York, NY 10011 Tel: 212-645-7606 Fax: 212-645-7614 Dupree Miller & Associates 100 Highland Park Village, Suite 350 Dallas, TX 75205 Tel: 214-559-2665 Fax: 214-559-2665 Dystel & Goderich Literary Management One Union Square West, #904 New York, NY 10003 Tel: 212-627-9100 Fax: 212-627-9313

Ed Victor Ltd 6 Bayley Street, Bedford Square London WC1B 311B UK Tel: +44 (0)20 7304 4100 Fax: +44 (0)20 7304 4111 Elaine Markson Literary Agency 44 Greenwich Avenue New York, NY 10011 Tel: 2l2-243-8480 Elizabeth Kaplan Literary Agency 80 Fifth Avenue, Suite 1101 New York, NY 10011 Tel: 212-675-5556 Elyse Cheney Literary Associates 270 Lafayette Street, Suite #1504 New York, NY 10012 Tel: 212-277-8007 Fax: 212-691-3540 Emma Sweeney Agency 245 East 80th Street, #7E New York, NY 10021 Tel: 646-827-4381 Endeavor Agency 152 West 57th Street, 25th Floor New York, NY 10019 Tel: 310-248-3075 Fax: 310-248-2020 Faber & Faber 3 Queen Square London WC1N 3AU United Kingdom Tel: +44 (0)20 7465 0045 Fax: +44 (0)20 7465 0034 Fine Print Literary Management 240 West 35th Street, Suite 500 New York, NY 10001 Tel: 212-279-1412 Fletcher & Parry LLC 78 Fifth Avenue, 3rd floor New York, NY 10011 Tel: 212-614-0778 Fax: 212-614-0728 Folio Literary Management, LLC 505 Eighth Avenue #603 New York, NY 10018 Tel: 212-400-1494 Foundry Media, LLC 33 West 17th Street, 11th Floor New York, NY 10011 Tel: 212-929-5064

246 www.CrownPublishing.com

The Friedrich Agency 136 East 57th Street, 19th Floor New York, NY 10022 Tel: 212-317-8810 lcarson@friedrichagency. com Frederick Hill Bonnie Nadell 8899 Beverly Blvd Suite 805 Los Angeles, CA 90048 Tel: 310-860-9605 Fax: 310-860-9672 Gail Ross Literary Agency 1666 Connecticut Ave NW #501 Washington, DC 2009 Tel: 202-328-3282 gail@gailross.com Gelfman Schneider Literary Agents 250 West 57th Street, Suite 2515 New York, NY 10107 Tel: 212-245-8540 The Gernert Company 136 East 57th Street, 18th Floor New York, NY 10022 Tel: 212-838-7777 Fax: 212-838-6020 Hachette Living 43 Quai de Grenelle Paris 75905 France Tel: +01 43 92 30 00 Ilex Press The Old Candlemakers West Street Lewes East Sussex BN7 2NZ England Tel: +44 (0)1273 403 124 Fax: +44 (0)1273 487 441 International Creative Management 825 Eigth Avenue New York, NY 10019 Tel: 212-556-1700 Fax: 212-556-5665 InkWell Management 521 Fifth Avenue, Suite 2600 New York, NY 10175 Tel: 212-922-3500 Fax: 212-922-0535 Irene Goodman Literary Agency 80 Fifth Avenue, Suite 1101 New York, NY 10011 Tel: 212-604-0330 Fax: 212-675-1381

Jane Rotrosen Agency 318 East 51st Street New York, NY 10022 Tel: 212-593-4330 Fax: 212-935-6985 Janis A. Donnaud & Associates 525 Broadway, Suite 201 New York, NY 10012 Tel: 212-431-2664 Fax: 212-431-2667 Janklow & Nesbit Associates 445 Park Avenue New York, NY 10022 Tel: 212-421-1700 Fax: 212-980-3671 Jacqui Small, LLP 7 Greenland Street London NW1 OND England Tel: +44 (0)20 7284 7161 Fax: +44 (0)20 7485 4902 Jean V Naggar Literary Agency 216 East 75 Street, Suite 1E New York, NY 10021 Tel: 212-794-1082 Fax: 212-794-3605 Joanna Pulcini Literary Management 211 South Street #511 Philadelphia, PA 19147 Tel: 215-279-7360 Fax: 215-279-7364 Joseph Durepos Agency 2700 O’Hare Court Woodridge, IL 60517 Tel: 630-852-5298 jdurepos@comcast.net Joy Harris Literary Agency 156 Fifth Avenue #617 New York, NY 10010 Tel: 212-924-6269 Fax: 212-924-6609 Kneerim & Williams 225 Franklin Street Boston, MA 02110 submissions@fr.com Kuhn Projects 126 Fifth Avenue, Suite 3A New York, NY 10011 Tel: 212-929-2227 Fax: 212-929-2583 Kyle Cathie Ltd 122 Arlington Road London NW1 7HP England Tel: +44 (0)20 7692 7215 Fax: +44 (0)20 7692 7260 Lark Productions 45 Main Street, Suite 3R Hastings-on-Hudson, NY 10706 Tel: 914-674-4995

Laura Dail Literary Agency, Inc. 350 Seventh Avenue, Suite #2003 New York, NY 10001 Tel: 212-239-2859 Fax: 212-947-0460

Lyons Literary LLC 116 West 23rd Street, Suite 500 New York, NY 10011 Tel: 212-851-8428

The Miller Agency 630 Ninth Avenue, Suite 1102 G New York, NY 10036 Tel: 212-206-0913 Fax: 212-206-1473

Level Five Media, LLC 130 West 42nd Street, Suite 1902 New York, NY 10036 Tel: 212-575-4600

Manus & Associates LIT Agency 425 Sherman Avenue, Suite 200 Palo Alto, CA 94306 Tel: 650-470-5151 Fax: 650-470-5159

Levine Greenberg Literary 307 Seventh Avenue, Suite 2407 New York, NY 10001 Tel: 212-337-0934 Fax: 212-337-0948

Margret McBride Literary Agency 7744 Fay Avenue, Suite 200 La Jolla, CA 92037 Tel: 858-454-1550

LJK Literary Management 708 Third Avenue, 16th Floor New York, NY 10017 Tel: 212-221-8797 Fax: 212-221-8722

Marie Brown Associates Inc. 412 West 154th Street New York, NY 10032-6302 Tel: 212-939-9725 Fax: 212-939-9728

The Park Literary Group, LLC 270 Lafayette Street, Suite 1504 New York, NY 10012 Tel: 212-691-3500

Marly Rusoff & Associates 811 Palmer Road, Suite AA Bronxville, NY 10708 Tel: 914-961-7939

PFD New York 78 Fifth Avenue, 3rd Floor New York, NY 10011 Tel: 212-626-6510

Martell Agency 1350 Avenue of the Americas Suite 1205 New York, NY 10019 Tel: 212-317-2672 Fax: 212-317-2767

Quadrille Publishing 5th Floor, Alhambra House 27-31 Charing Cross Road London WC2H OLS UK Tel: +44 (0)20 7839 7117 Fax: +44 (0)20 7839 7118

Lindstrom Literary Management 871 North Greenbrier Street Arlington, VA 22205 Tel: 703-522-4730 lindstromlit@aol.com Literary Agency East LTD The Stanford Building 51 East 25th Street, Suite 401 New York, NY 10010 Tel: 212-274-1616 Fax: 203-744-6010 Liz Dawson Associates LLC 240 West 35 St.,Suite 500 New York, NY 10001 Tel: 212-868-1365 Fax: 212-947-0460 Loretta Barrett Books, Inc. 101 Fifth Avenue, 11th Floor New York, NY 10003 Tel: 212-242-3420 Loretta Belli Literary Agency 54 Hartford Hs 35 Tavistock Crest, Notting Hill London W11 1AY UK Tel: 020 7727 8547 lorella@lorellabelliagency. com Lowenstein-Yost Associates 121 West 27th Street, Suite 601 New York, NY 10001 Tel: 212-206-1630 Fax: 212-727-0280 Lukeman Literary Management, Ltd. 157 Bedford Avenue Brooklyn, NY 11211 Tel: 718-599-8988 Fax: 718-599-8988

Martha Stewart Living Omnimedia 11 West 42nd Street, 25th floor New York, NY 10036 Tel: 212-827-8000

Murdoch Books UK Limited Erico House, 6th Floor 93-99 Upper Richmond Road, Putney London SW15 2TG United Kingdom Tel: +44 (0) 20 8785 5995 Fax: +44 (0) 20 8785 5985 Ned Leavitt Agency 70 Wooster Street #4F New York, NY 10012 Tel: 212-334-0999

Queen Literary Agency 850 7th Avenue, Suite 704 New York, NY 10019 Tel: 212-974-8334 Fax: 212-974-8347

Mary Evans Inc. 242 East 5th Street New York, NY 10003 Tel: 212-979-0880 info@maryevansinc.com

The Ralph Vicinanza Agency 303 West 18th Street New York, NY 10011 Tel: 212-924-7090 Fax 212-691-9644

Mccormick & Williams LLC 37 West 20th Street, Suite 606 New York, NY 10011 Tel: 212-691-9726 pm@mccormickwilliams. com

Random House UK 20 Vauxhall Bridge Road London SW1V 2SA UK Tel: +44(0)20 7840 8400 Fax: +44(0)20 7233 8791

Mcintosh & Otis, Inc. 353 Lexington Avenue, 15th Floor New York, NY 10016 Tel: 212-687-7400 Fax: 212-687-6894 Media Motion International 860 Via de la Paz, Suite F5 Pacific Palisades, CA 90272 Tel: 310-573-5060 juliecarsonmay@mac.com

Raphael Sagalyn, Inc. 4922 Fairmont Ave, Suite 200 Bethesda, MD 20814 Tel: 301-718-6440 Fax: 301-718-6444 Regal Literary 1140 Broadway New York, NY 10001 Tel: 212-684-7900 Fax: 212-684-7906 Renaissance Literary & Talent Agency P.O. Box 17379 Beverly Hills, CA 90209 (323) 848-8305

RotoVision SA Sheridan House 112-116A Western Road, Hove, East Sussex BN3 1DD, England Tel: +44 (0)1273 716 010 Fax: +44 (0)1273 727 269 Sanford J. Greenburger Associates 55 Fifth Avenue, 15th Floor New York, NY 10003 Tel: 212-206-5608 Fax: 212-463-8718 Scott Waxman Agency, Inc. 80 5th Avenue, Suite 1101 New York, NY 10011 Tel: 212-675-5556 Fax: 212-675-1381 Scovil Chichak Galen Literary Agency 276 Fifth Avenue, Suite 708 New York, NY 10001 Tel: 212-679-8686 Fax: 212-679-6710 The Spieler Agency 154 West 57 Street, 13th Floor New York, NY 10019 Tel: 212-757-4439 Fax: 212-333-2019 Solow Literary Enterprises, Inc. 862 Sir Francis Drake Blvd. #252 San Anselmo, CA 94960 Tel: 415-456-2358 bsolow@solowliterary.com

Trident Media Group 41 Madison Avenue, 36th Floor New York, NY 10010 Tel: 212-751-0965 Fax: 212-838-6672 Vigliano Associates, LTD 405 Park Avenue, Suite 1700 New York, NY 10022 Tel: 212-888-8525 Fax: 212-888-8550 Wallace Literary Agency 301 East 79 Street #14J New York, NY 10075 Tel: 212-570-9090 walliter@aol.com Waterside Productions, Inc. 2055 Oxford Avenue Cardiff, CA 92007 Tel: 760-632-9190 maureen@waterside.com Wendy Sherman Associates 450 Seventh Avenue, Suite 2307 New York, NY 10123 Tel: 212-279-9027 William Morris Agency 1325 Avenue of the Americas 16th Floor New York, NY 10019 Tel: 212-586-5100 Fax: 212-246-3583 The Writers House 21 West 26th Street New York, NY 10010 Tel: 212-685-2400 Fax: 212-685-1781

The Steinberg Agency, Inc. 234 Fifth Avenue, Ste 421 New York, NY 10001 Tel: 212-213-9120 Fax: 212-213-9462

Writersâ&#x20AC;&#x2122; Representatives, LLC 116 W. 14th St., 11th Fl. New York, NY 10011-7305 Tel: 212-620-9009 Fax: 212-620-0023

Sterling Lord Literistic 65 Bleecker Street New York, NY 10012 Tel: 212-780-6050 Fax: 212-780-6095

The Wylie Agency 250 West 57th Street, Suite 2114, New York, NY 10107 Tel: 212-246-0069 Fax: 212-586-8953

The Stuart Agency 260 West 52nd Street, 24C New York, NY 10019 Tel: 212-586-2711 Fax: 212-977-1488 Stuart Bernstein Representation 63 Carmine Street #3D New York, NY 10014 Tel: 212-924-1894 Fax: 212-924-6467 Stuart Krichevsky Literary Agency 381 Park Avenue South, Suite 914 New York, NY 10016 Tel: 212-725-5288 Fax: 212-725-5288

Yates & Yates 1100 Town & Country Rd, Suite 1300 Orange, CA 92868 Tel: 714-480-4000 kristina@yates2.com Zachary Shuster Harmsworth LLC 1776 Broadway, Suite 1405 New York, New York 10019 Tel: 212-765-6900 Fax: 212-765-6490

247 www.CrownPublishing.com

Ordering Information To order by phone or to reach Customer Service: 1.888.523.9292 Monday–Friday 8:30 am–5:00 pm EST Electronic Orders (EDI) 1.800.258.4233 Telebook I.D. S2013975

The Crown Publishing Group New York Office 1745 Broadway New York, NY 10019 212.572.2600 CrownPublishing.com

To order by fax: 1.888.562.9924 Minimum order: $100 retail value Canadian prices do not include GST. For pricing to schools and libraries, contact the Library Department: 905.624.0672

INTERNATIONAL DIVISION Send International orders (except Canada) to: Kathy Wiess The Crown Publishing Group 1745 Broadway New York, NY 10019 212.572.2488 Fax: 212.572.6045

Titles, prices, and other contents of this catalog are subject to change without notice. All orders are subject to acceptance and availability, and are F.O.B. publisher’s shipping point. Orders will be filled at prices and on terms in effect on date of shipment.

SPECIAL MARKETS 1745 Broadway New York, NY 10019 Phone Orders: 1.800.800.3246, Premium Sales 1.800.729.2960, Gift Market Representation 1.888.591.1200, Retail/Wholesale 1.800.292.9071, Fax Monday–Friday, 9:00 am–5:00 pm EST

All prices shown are Publisher’s Suggested Prices. Any reseller is free to charge whatever price he or she wishes for the books listed in this catalog. All books carry Cataloging-in-Publication (CIP) data as provided by the Library of Congress. For complete lists of Crown books, write: Random House, Inc., Sales Department 1745 Broadway New York, NY 10019 RandomHouse.com

information for Schools and Libraries All Random House Inc. titles are available from your local/preferred book distributor. The Library and Academic Marketing Department is available to provide title information, review copies, desk and examination copies, and any other educational materials. For Libraries, visit the Library Marketing website: http://www.randomhouse.com/library or e-mail: library@randomhouse.com

Send orders to: Random House, Inc., Customer Service 400 Hahn Road Westminster, MD 21157 Or call 1.800.733.3000 When ordering books, please use the publisher’s ISBN.

For High Schools, visit the High School Marketing website: http://www.randomhouse.com/highschool or e-mail: highschool@randomhouse.com

Crown Group ISBN prefixes: 0-307, 0-517, 0-609, 0-676, 0-7615, 0-8129, 1-4000, 1-55958, and 1-57805.

For Colleges and Universities, visit the Academic website: http://www.randomhouse.com/academic or e-mail: RHAcademic@randomhouse.com

Broadway, Broadway Business, and Doubleday Religion ISBN prefixes: 0-7679, 0-385

Or write to: Random House, Inc. (Specify which department you wish to contact) 1745 Broadway New York NY 10019 Fax: 212.940.7381 For Special Markets: Tel: 888.264.1745 Fax: 212.572.4961

Customer Service 1.800.733.3000

Canada In Canada, orders may be sent to: Random House of Canada, Ltd. 2775 Matheson Blvd. East Mississauga, Ontario, Canada L4W 4P7

Watson-Guptill ISBN prefixes: 0-8320, 0-8174

The alphanumeric code that appears in parentheses following the general category is the BISAC subject category code. For the literal translation, please contact BISAC directly at 212.929.1393. Printed in the U.S.A. Copyright © 2009 by The Crown Publishing Group Cover Design: Jennifer Reierson This catalog is printed on recycled paper (with 10% post-consumer content).

248 www.CrownPublishing.com