7i6r k6u

Page 1

/21* %$55(//(' Ȇ:Ζ7%(.ȇ )/Ζ17/2&.

7Ζ36 72 3527(&7 <285 ($56

+2: 72 28760$57 *$0(

LQ :

ȏ ȏ Ȃ 6QHDN\ 1\DOD FKDOOHQJH ΖPSDOD LQ WKH :DWHUEHUJ

'HIHQFH +DQGJXQ

5LPȴUH ΖV LW HQRXJK JXQ"

:Ζ1 $ %(5(77$ $3; 3Ζ672/ <DUG $LUJXQ %HQFKUHVW

ƵŐƵƐƚ ϮϬϮϭ ZϳϬ͕ϬϬ ŝŶĐů s d EĂŵŝďŝĂ EΨϳϬ͕ϬϬ




VOLUME 46

Features ϭϮ ϭϲ ϮϬ Ϯϰ ϯϬ ϯϲ ϰϬ ϰϰ ϱϬ ϱϰ ϲϯ

Z dd ϵϮy W Z&KZD E ĞƌĞƚƚĂ͛Ɛ ƐƉŽƌƚŝŶŐ ƉĞƌĨŽƌŵĞƌ

WŚŝůůŝƉ ,ĂLJĞƐ

d, ZK Z K& K Z Ŷ ŽƌŝŐŝŶĂů͕ ĞĂƌůLJ ŽĞƌ ĨůŝŶƚůŽĐŬ

ZŽďŝŶ ĂƌŬĞƐ

'hE&/Z E zKhZ , Z/E' ,ĞĂƌŝŶŐ ůŽƐƐ ŝƐ Ă ƉĞƌŵĂŶĞŶƚ ƉƌŽďůĞŵ d, W, EdKD , ^ & >> E &ŽƵƌƚŚ ƚŝŵĞ ůƵĐŬLJ ǁŝƚŚ ďƵĨĨĂůŽ

zŽůĂŶĚĠ ǀĂŶ ĚĞƌ tĞƐƚŚƵŝnjĞŶ

ĂǀŝĚ ^ĐŚŽĞŵĂŶ

ϭϬϬ z Z /Z'hE E ,Z ^d ĨĂƐƚͲŐƌŽǁŝŶŐ ŝŶƚĞƌŶĂƚŝŽŶĂů ƐƉŽƌƚ

DĂƚƚ ƵďďĞƌ

^ĂŬŽ ϴϱ sĂƌŵŝŶƚ >ĂŵŝŶĂƚĞĚ ^ƚĂŝŶůĞƐƐ ƚƌƵĞ ŚƵŶƚĞƌ͛Ɛ ƌŝĨůĞ

WŚŝůůŝƉ ,ĂLJĞƐ

^d s t Z ^ ʹ &Z/ E WZK /'z ʹ W Zd Ϯ ƉŝĐ ƐŽůŽ ĂŵďĞnjŝ ĂĚǀĞŶƚƵƌĞ

'ƌĞŐŽƌ tŽŽĚƐ

h^ zKhZ Z /E dK &Ky zKhZ ' D Ͳ W Zd ϭ dŚĞƌĞ͛Ɛ ŵŽƌĞ ƚŽ ŚƵŶƚŝŶŐ ƚŚĂŶ ƐƚĂůŬŝŶŐ

:ŽŬů ůĞ ZŽƵdž

/DW > /E W Z^W d/s tĂƚĞƌďĞƌŐ ďŝůƚŽŶŐ ŚƵŶƚ

ŶĚƌĠ 'ĞƌďĞƌ

t Zd,K'^ ,ƵŶƚŝŶŐ ǁĂƌƚŚŽŐƐ ʹ ǁĂƌƚƐ ĂŶĚ Ăůů

<ŽŽƐ ĂƌŶĂƌĚ

E s Z hE Z ^d/D d Ez > YƵĞƐƚ ĨŽƌ ƐƉŝƌĂů ŚŽƌŶƐ

ĞƌƌŝĐŬ ƌĞŵĞƌ


& @3+#89)#3) ' $& ' (' !(:'/ */? & 1% :$& $(! 5* * 1$ %2 (

>((<** * 2 >((<** 1 7*1$

9

9@

$&))&/ B 6 /$&))&/2$ B 6 * +* #+>*2 -2C 5 #-5 -- 6 ) -)* - 5 + -&6 ? + ** + 6 &) 6 -5+ #-6 -5+ * +* #+>*2 -2C ) * +6 *&;$ ) * +626*&;$ * +* #+>*2 -2C

' $& 2: 2 ' $ 9 / *' & ,"*( @ 3#8 8#+8@@ & ,"*( (7 1( 7$*( & 093#9+#@4 #@@88 " 72 ,, @ 3#8 8#+888 ' !(:'2: 2 7* 8984+ - +/ @ , 1 . *= 8 9@ *17"< > @4

Departments dZ /> d >< ʹ ϲ dĂŬŝŶŐ ĐƚŝŽŶ Z Z^ > dd Z^ ʹ ϴ ZŽďŝŶ ĂƌŬĞƐ͛Ɛ tŝƐŚ >ŝƐƚ DLJ ϰϱ zĞĂƌƐ ŽĨ ^ŚŽŽƚŝŶŐ ŝŶ ^ &K ZĞĐŽŐŶŝƚŝŽŶ ͘ϯϬϴ DĂŶŶůŝĐŚĞƌ ^ĐŚƂŶĂƵĞƌ ĂƌďŝŶĞ DW&/Z d > ^͘​͘​͘ ʹ ϭϬ d ^d Z WKZd^ ^ŝŐŚƚƌŽŶ ^s ϭϬͲϱϬdžϲϬ ^ĐŽƉĞ ʹ Ϯϴ Z<d DŝŶŝŵĂůŝƐƚ <ŶŝǀĞƐ ʹ ϲϳ & E , E 'hE ʹ ϯϰ ͘ϮϮ ZŝŵĨŝƌĞ͗ >ŝĨĞͲƐĂǀĞƌ Žƌ tŝĚŽǁͲŵĂŬĞƌ zKhZ sK/ ʹ ϰϴ ŝǀŝůŝnjĞĚ Đƚ 'KK &KK ʹ ϱϴ sĞŶŝƐŽŶ WŽƚƌŽĂƐƚ ŝŶ 'ƌĂǀLJ >KK</E' < ʹ ϲϬ ƵŐƵƐƚ ϮϬϬϯ ʹ ĨƚĞƌ ƚŚĞ ^ŚŽƚ

&) 6 -5+ ) 66& & 6 * +* #+>*2 -2C

; 17$2$(! ' (' !(:'/ */? &5( */5 $; D.=%" !%,<!8 &5(2) */5 $; * & ="2 -*

3> 6 -6$- D7,%!= % 7,< ' 3> 62 -6$- * & ="2 -* ) + )( 5 D=.%7,7%8"", -5 D7=%." %!<.8 @ )( 52 ) +)<7! #* &)2 -* 9 0 ()B # C&+ 61 &6 /> )&6$ + &6;5& >; B & =" &?&6&-+ - 6/ 56 $ >+6 +; 5 5* + 66 )* +

-5 B 66-/ D=.%"D %<!=. >+; > )&6$&+# 0 ;B1 ; -?>6 5&+; + ;$ ? +; - 5 ; &) 6>//)B /5- ) *6 -+; ; 5* + 66 )* + D=.%!D<%7.8"

^ ,' ^ƵďƐĐƌŝďĞƌƐ & $ ) $- * + *& $ ) 6 $>+;2 -2C ) D.=% D %,<DD

^h ^ Z/Wd/KE^ ʹ ϲϮ Z Z͛^ D Z< d ʹ ϲϲ ' >> Zz ʹ ϲϴ ^ƵnjƵŬŝ :ŝŵŶLJ 'ŽĞƐ ,ƵŶƚŝŶŐ EĞǁ /ŵƉŽƌƚĞƌ ĨŽƌ <ĂŚůĞƐ KƉƚŝĐƐ '& ĂŶŶŚĂƵƐĞƌ :ŽŚŶ tĂŵďĂĐŬ ŝĞƐ

/&+&-+6 A/5 66 &+ ? 5;&6 * +;6 -5 5;& ) 6 5 +-; + 66 5&)B ;$-6 - ;$ &;-56 -5 > )&6$ 562 56 6$->) ; ( ? 5B 5 @&;$ 5 5*6 + **>+&;&-+2 $ 6 +- -+;5-) -? 5 5 564 -*/-+ +;6 -5 ; $+&3> 6 + ++-; +; 5; &+ ) &*6 - +B + ;>5 @$ ;6- ? 52 $ &;-56 5 6 5? ;$ 5&#$; ;- $ +# + 9-5 6$-5; + 5;& ) 6 + ) ;; 562 $ > )&6$ 5 /;6 +- 5 6/-+6& &)&;B -5 ;$ -+; +; - ? 5;&6 * +;62


3326,1* WKH SURSRVHG )LUHDUPV &RQWURO $FW $PHQGPHQW )&$ %LOO ZLOO EH D VHYHUH WHVW RI ILUHDUP RZQHUV¶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

7KX7 7 + 1 8 ?7

$XJXVW

WKDQH /HEDND *D3KDDKOD 0DGLNZH RI /LPSRSR SXEOLVKHG LQ $SULO LQ WKH 6RZHWDQ QHZVSDSHU ³0RUH WKDQ SHR SOH DUH NLOOHG HYHU\ GD\ LQ 6$ ZKLOH PRUH WKDQ DUH NLOOHG HDFK \HDU 2QO\ RI FULPLQDOV ZKR FRPPLW PXUGHU LQ WKLV FRXQWU\ DUH DUUHVWHG (YHQ LQ FRXQ WULHV ZKHUH WKHUH DUH FLYLO ZDUV SHRSOH GRQ¶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´ 7KDW¶V RQH YLHZ EXW , PXVW DGPLW , WHQG WR DJUHH ZLWK PRVW RI LW 7HUHQFH &RUULJDQ D SURMHFW PDQDJHU DW WKH ,QVWLWXWH RI 5DFH 5HODWLRQV ZURWH LQ WKH 'DLO\ )ULHQG WKDW DQ\ SURVSHFWLYH SLHFH RI OHJLVODWLRQ PXVW EH HYDOXDWHG IURP WZR SHUVSHFWLYHV 7KH ILUVW LV ZKHWKHU WKH JRDO LV WR EH VXSSRUWHG 7KH VHFRQG LV ZKHWKHU WKH PHDQV E\ ZKLFK WKLV LV GRQH LV FRQVRQDQW ZLWK JRRG JRY HUQDQFH DQG D KHDOWK\ UHODWLRQVKLS EHWZHHQ WKH VWDWH DQG LWV SHRSOH LI HLWKHU LV GHILFLHQW ± QR PDWWHU KRZ DSSHDOLQJ LWV FRXQWHUSDUW LV ± WKH OHJLVOD WLRQ VKRXOG EH YLHZHG ZLWK JUHDW VFHSWL FLVP ,QGHHG LW VKRXOG EH UHMHFWHG +H VWDWHV WKDW LI WKH )&$ ELOO GRHV QRW EDQ FLYLOLDQ ILUHDUP RZQHUVKLS GLUHFWO\ LW LPSRVHV VR PDQ\ OLPLWDWLRQV WKDW LW SXVKHV 6RXWK $IULFD GHFLVLYHO\ GRZQ WKDW URDG 7KLV LV QRW RQO\ DERXW WKH UHPRYDO RI WKH SRVVLELOLW\ RI RZQLQJ D JXQ IRU VHOI GHIHQFH DQG WKH XVH RI RQH IRU WKLV SXUSRVH EXW WKH VXPPDU\ SURKLELWLRQ RI ILUHDUP FROOHFWLQJ DQG OLPLWDWLRQV RQ JXQ RZQHUVKLS IRU VSRUWV DQG KXQWLQJ SXUSRVHV ± SOXV WKH LPSRVLWLRQ RI D UDIW

RI PHDVXUHV WKDW DSSHDU FDOFXODWHG WR PDNH EXUGHQVRPH ZKDWHYHU OHJDO RZQ HUVKLS LV SRVVLEOH ,W¶V SUREDEOH WKDW LQ D IHZ \HDUV HYHQ WKHVH UHPDLQLQJ JURXQGV ZLOO EH VWULSSHG DZD\ $IWHU DOO D SROLFH GRFXPHQW H[SOLFLWO\ VWDWHV µ$ UHVWULFWLYH ILUHDUP SROLF\ SRVLWLRQ ZLOO JUDGXDOO\ PRYH WRZDUGV WKH UHDOLVDWLRQ RI WKH LGHDO RI D JXQ IUHH VRFLHW\¶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¶V WRR ODWH 2QH RSWLRQ LV WR MRLQ 6DIH &LWL]HQ $W WKH KHOP LV -RQDWKDQ 'HDO ZKR IRXQGHG 7UHDVXUH .DURR $FWLRQ *URXS LQ DQG VWLOO VHUYHV DV &(2 $IWHU FXWWLQJ KLV WHHWK RQ D QDWLRQDO FDPSDLJQ DJDLQVW 5R\DO 'XWFK 6KHOO DQG WKH 'HSDUWPHQW RI 0LQHUDO 5HVRXUFHV ± SUHVHQW WR SUHYHQW VKDOH JDV PLQLQJ IUDFNLQJ LQ 6RXWK $IULFD KH KDV EHHQ LQIOXHQWLDO LQ FUHDWLQJ 6DIH &LWL]HQ ± D FLYLO ULJKWV JURXS FRQFHUQHG ZLWK WKH VDIHW\ RI 6RXWK $IULFDQV -RQDWKDQ ZDV DZDUGHG WKH *ROGPDQ (QYLURQPHQWDO 3UL]H KHOG WR EH WKH µJUHHQ¶ HTXLYDOHQW RI WKH 1REHO 3UL]H DQG LV DQ H[FHOOHQW OREE\LVW <RX FDQ UHDG PRUH RI -RQD WKDQ¶V YLHZV RQ S 7R VZHHWHQ WKH GHDO RQH OXFN\ SHUVRQ ZKKR MRLQV XS ZLOO ZLQ D %HUHWWD $3; SLVWRO VSRQVRUHG E\ 1RU PDUN $IULFD 6HH S IRU WKH FRPSHWL WLRQ GHWDLOV



5RELQ %DUNHV¶V :LVK /LVW , DOZD\V HQMR\ 5RELQ %DUNHV¶V DUWLFOHV DQG , VKDUH KLV HQWKXVLDVP IRU ILUHDUPV RI WKH WK FHQWXU\ ,I 5RELQ VKRXOG HYHU EH LQ WKH YLFLQLW\ RI )LFNVEXUJ LQ WKH (DVWHUQ )UHH 6WDWH , FRXOG KHOS KLP WR WLFN RII D FRXSOH RI ILUHDUPV IURP KLV -XQH DUWLFOH ³ *UHDW *XQV VWLOO RQ P\ ZLVK OLVW´ , KDYH D 5HPLQJWRQ 5ROOLQJ %ORFN FLUFD LQ ERUH VKRWJXQ DQG D 6WDUU UHYROYHU ZKLFK KH LV ZHOFRPH WR FRPH DQG VKRRW :KLOH KH¶V DW LW KH LV DOVR ZHOFRPH WR WU\ RXW D QXPEHU RI RWKHU ³ZLOG ZHVW´ ILUHDUPV LQ P\ FROOHFWLRQ

,W LV DOZD\V PRUH HQMR\DEOH VKRRWLQJ ZLWK DQRWKHU HQWKXVL DVW WKDQ RQ RQH¶V RZQ DQG VRPH RI P\ ILUHDUPV DUH ORQJ RYHU GXH VRPH DFWLRQ ± 0RUJDQ %DUUHWW )UHH 6WDWH

0\ <HDUV RI 6KRRWLQJ LQ 6$

%XLOW RQ DQ $QVRQ 'HHOH\ ER[ORFN DQG WKH *UHHQHU ORFNLQJ PHFKDQLVP WKH 0HUNHO $( LV RQH RI WKH IDYRXUHG FKRLFHV RI JXQV IRU PDQ\ SURIHVVLRQDO KXQWHUV $YDLODEOH 1 ( _ 1 ( _ 1 (

7KH +HOL[ %ODFN LV ZKHUH FUDIWVPDQVKLS DQG UHOLDELOLW\ KDYH UHDOO\ FRPH WRJHWKHU ,QFRUSRUDWLQJ WKH VWUDLJKW SXOO EROW DFWLRQ V\VWHP ZLWK D VOXJ ORFNLQJ PHFKDQLVP WKH +HOL[ %ODFN UHGHILQHV UHOLDELOLW\ DQG DFFXUDF\ $YDLODEOH 5HP _ :LQ _ :LQ _ :LQ 6SU _ :LQ _ [

$ & # % # # # ' ( " ( ! ! ("

7KX7 7 + 1 8 ?7

$XJXVW

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


SHRSOH ± PDQ\ ZKR DUH VWLOO P\ IULHQGV WRGD\ , KDYH ORYHG HYHU\ PLQXWH RI P\ LQYROYHPHQW ZLWK YDULRXV ZHDSRQV DQG WKH VKRRWLQJ VSRUWV /RQJ PD\ LW FRQ WLQXH 0\ FRQJUDWXODWLRQV WR 0DQ 0DJQXP IRU \HDUV RI SURGXFLQJ WKH JUHDWHVW JXQ PDJD]LQH HYHU ± DQG P\ JRRG ZLVKHV JR ZLWK \RX LQWR WKH IXWXUH 0D\ \RX VWLOO EH SULQWLQJ WKLV VXSHUE PDJD]LQH IRU DQRWKHU IRUW\ ILYH \HDUV ± .HLWK )OHLVFKPDQ (DVWHUQ &DSH

')2 5HFRJQLWLRQ , UHIHU WR *UHJRU :RRGV¶V OHWWHU HQWLWOHG ³6$36 ')2V ± &UHGLW :KHUH 'XH´ , FRQFXU ZLWK KLV OHWWHU DQG ZDQW WR DGG WKDW *UHJRU¶V H[SHULHQFH ZDV QRW D RQFH RII 7KH OHYHO RI VHUYLFH GHVFULEHG LQ KLV OHWWHU LV KRZ PDWWHUV DUH KDQGOHG HYHU\ GD\ DQG WKH YLHZV KH KROGV DUH VKDUHG E\ PDQ\ 7KH RQO\ VDG WKLQJ LV WKDW WKH HIIRUWV RI WKHVH KDUG ZRUNLQJ RIILFHUV GR QRW DSSHDU WR EH UHFRJQLVHG E\ 6$36 WRS PDQDJHPHQW 6RPH IRUP RI UHFRJQLWLRQ DQG UHZDUG PXVW VXUHO\ EH LQ RUGHU ± 0LFKDHO 6PLWK .ZD=XOX 1DWDO

0DQQOLFKHU 6FK|QDXHU &DUELQH , YHU\ PXFK HQMR\HG *UHJRU :RRGV¶V DUWLFOH RQ WKH EXVKEXFN , RQFH VDLG WKDW LI , FRXOG IRU WKH UHVW RI P\ KXQWLQJ OLIH , ZRXOG OLNH WR KXQW D NXGX EXOO D EXVK EXFN UDP DQG D IHZ VSULQJEXFN WKHQ , ZRXOG KDYH QR IXUWKHU GHVLUHV , DP VWLOO ZRUNLQJ WRZDUG WKDW µSLH LQ WKH VN\¶ *UHJRU ZURWH WKDW KH VKRW D UDP ZLWK D 0DQQOLFKHU FDUELQH DQG LQ WKH SKRWR KH LV KROGLQJ D 0DQQOLFKHU FDUELQH , DP YHU\ FXULRXV WR NQRZ ZKDW KDS SHQHG WR WKDW ULIOH

7KH UHDVRQ IRU P\ FXULRVLW\ LV WKDW 0DQQOLFKHUV LQ :LQ FDOLEUH DUH 9(5< VFDUFH LQ 6RXWK $IULFD , KDYH EHHQ FRO OHFWLQJ 0DQQOLFKHU 6FK|QDXHUV IRU \HDUV DQG KDYH PRVW RI WKH UDUH FDOLEUHV VXFK DV [ %UHQQHNH :LQ 0DJ [ [ %UHQQHNH :LQ 0DJ HWF 2QH ZRXOG WKLQN WKDW :LQ DQG [ ZRXOG EH YHU\ FRPPRQ 0DQQOLFKHU 6FK|QDXHU FDOLEUHV KRZHYHU WKLV LV QRW WKH FDVH 2QO\ UHFHQWO\ ZDV , DEOH WR REWDLQ D 06 LQ HDFK RI WKHVH FDOLEUHV 7KH [ LV LQ P\ VDIH EXW WKH LV VWLOO XQGHUJRLQJ WKH OLFHQVLQJ SURFHVV , NQRZ RI WZR RWKHUV LQ [ EXW QR RWKHU LQ :LQ ,I *UHJRU NQRZV WKH ZKHUH DERXWV RI WKH RQH KH XVHG , ZRXOG EH PRVW LQWHUHVWHG WR OHDUQ RI LW ± 6DUHO (VWKHUKXL]HQ )UHH 6WDWH Q $ 'XUEDQ JXQ GHDOHU DVNHG *UHJRU WR VHOHFW IURP KLV VKRS VKHOYHV WKH ULIOH KH FRQVLGHUHG WKH PRVW LGHDO IRU EXVKEXFN KXQWLQJ LQ GHQVHO\ IRUUHVWHG WHUUDLQ DQG XVH LW RQ WKH :H]D KXQW 7UDJLFDOO\ WKH GHDOHU GLHG LQ D FDU DFFLGHQW MXVW GD\V DIWHU WKLV KXQW +LV SDUWQHU FRQWLQXHG WR UXQ WKH VKRS IRU D ZKLOH EXW WKHQ LW FORVHG GRZQ ,I DQ\ 0DJQXP UHDGHU ZKR NQRZV RI D IXOO OHQJWK VWRFNHG 0DQQOL FKHU FDUELQH LQ :LQ SXUFKDVHG LQ 'XUEDQ DURXQG UHVSRQGV WR WKLV ZH¶OO SXW KLP KHU LQ WRXFK ZLWK \RX (GLWRU

$ " ! " ! # ! ! !! $ ! " ! $ " !!


:$6 XS LQ WKH 'UDNHQVEHUJ RQFH DJDLQ VKDULQJ D ILUH ZLWK P\ JRRG IULHQG 5R\FH %XFNOH DQ H[ 7DQJDQ\LND µZKLWH KXQWHU¶ IURP WKH µJROGHQ HUD¶ RI $IULFDQ VDIDULV ,QHYLWDEO\ RXU FRQYHUVD WLRQ WXUQHG WR SURIHVVLRQDO KXQWLQJ GXU LQJ WKDW HUD ³1RW HYHU\RQH ZDV FXW RXW IRU LW ´ VDLG 5R\FH ³QR PDWWHU KRZ EDGO\ WKH\ ZDQWHG LW ´ ³2K"´ , VDLG ³, ZRXOG KDYH WKRXJKW VRPHRQH ZDQWLQJ LW EDGO\ HQRXJK ZRXOG DFFHSW WKH GRZQVLGH DQG PDNH LW ZRUN ´ ³1R ´ VDLG 5R\FH VPLOLQJ ³6RPH ZHUH LQIOXHQFHG E\ WKH ZULWLQJV RI +HPLQJZD\ DQG 5XDUN RU +ROO\ZRRG VDIDUL PRYLHV PDGH LQ WKH V DQG ¶ V 7KH\ ZDQWHG WKH SHUFHLYHG KHURLVP DQG URPDQFH RI WKH SURIHVVLRQ EXW LQ VRPH FDVHV LW WRRN RQO\ RQH EDG H[SHUL HQFH WR FKDQJH WKHLU PLQGV ´ 5R\FH¶V JULQ WROG PH KH KDG DQ H[DPSOH LQ PLQG VR , VDLG ³6XFK DV"´ ³:H KDG D \RXQJ PLQLQJ HQJLQHHU MRLQ /DZUHQFH %URZQ 6DIDULV DV D JHQ HUDO DVVLVWDQW $IWHU KLV ILUVW VDIDUL 3HWH EDGO\ ZDQWHG WR EHFRPH D SURIHVVLRQDO KXQWHU EXW KDG QR KXQWLQJ RU EXVK H[SH ULHQFH 6HWWLQJ RXW WR EDJ KLV ILUVW OHRS DUG KH KXQJ D FRXSOH RI EDLWV RQ D IDUP RXWVLGH $UXVKD 2QH PRUQLQJ KH FDPH LQWR WKH RIILFH YHU\ H[FLWHG VD\LQJ KH KDG D OHRSDUG IHHGLQJ DQG HYHU\WKLQJ ZDV UHDG\ KH¶G HYHQ EXLOW WKH EOLQG +H DVNHG LI ,¶G DFFRPSDQ\ KLP VR WKDW LI KH VKRW WKH OHRSDUG LW ZRXOG EH ZLWQHVVHG E\ D OLFHQVHG 3+ +H GHVFULEHG ZKHUH KH ZDV FDPSHG DQG DV , NQHZ WKH IDUP ZHOO , WROG KLP ,¶G PHHW KLP WKHUH ODWHU ³, ORDGHG D ELJ FDQYDV WDUSDXOLQ WR VHW XS RYHU P\ KXQWLQJ FDU IRU XVH DV D WHQW JUDEEHG D VOHHSLQJ EDJ DQG IHZ LWHPV DQG ZHQW WR SLFN XS P\ JXQ EHDUHU 1GX\DL DQG P\ WUXFN GULYHU 6DLGL 2Q RXU ZD\ WR 3HWH¶V FDPS , VKRW D \RXQJ 7KRPSVRQ¶V JD]HOOH IRU FDPS PHDW 3HWH KDG D \RXQJ IULHQG ZLWK KLP QDPHG -DPHV ZKR¶G MXVW ILQLVKHG KLJK VFKRRO , VHQW 1GX\DL DQG 6DLGL RXW ZLWK P\ YHKLFOH WR FROOHFW ILUHZRRG ZKLOH , ZHQW ZLWK 3HWH WR LQVSHFW WKH EDLW +H¶G GRQH D JRRG MRE VR ZH UHWXUQHG WR FDPS 3HWH¶V WHQW ZDV SLWFKHG XQGHU D ODUJH WUHH EXW , FRXOG VHH D ELJ VWRUP EUHZLQJ VR , JRW 1GX\DL DQG 6DLGL WR

7KX7 7 + 1 8 ?7

$XJXVW

SDUN P\ KXQWLQJ FDU RXW LQ WKH RSHQ SXOO WKH WDUSDXOLQ RYHU LW DQG SHJ LW GRZQ , GLGQ¶W ZDQW WR FDPS XQGHU WKH WUHH EHFDXVH DIWHU WKH VWRUP WKH FRQVWDQW GULS GULSSLQJ IURP WKH WUHH RQWR WKH FDQ YDV ZRXOG NHHS PH DZDNH ´ ³*RRG WKLQN LQJ ´ , VDLG ³7KH VWRUP ODVWHG DERXW DQ KRXU WKHQ WKH ODWH DIWHUQRRQ VXQ EULHIO\ DSSHDUHG $IWHU 1GX\DL DQG 6DLGL KDG VNLQQHG DQG FXW VRPH PHDW IURP WKH 7RPP\ , JRW WKHP WR KDQJ WKH FDUFDVV LQ WKH WUHH FORVH WR 3HWH¶V WHQW RXW RI UHDFK RI K\H QDV :H JRW D ILUH JRLQJ DQG HQMR\HG JULOOHG 7RPP\ VWHDNV ZLWK IUHVK EUHDG DQG EXWWHU 7KH \RXQJVWHU -DPHV ORYHG WR WDON DQG ZRXOG FRQVWDQWO\ LQWHUUXSW WKH FRQYHUVDWLRQ , ZDV JODG ZKHQ WKH PRVTXLWRV VZDUPHG LQ DQG , FRXOG H[FXVH P\VHOI DQG KHDG IRU WKH IURQW VHDW RI P\ YHKLFOH DQG P\ PRVTXLWR QHW 1GX\DL DQG 6DLGL VOHSW LQ WKH EDFN ³,Q WKH HDUO\ KRXUV RI WKH PRUQLQJ , KHDUG VRXQGV FRPLQJ IURP WKH WUHH DERYH WKH \RXQJVWHUV¶ WHQW 1GX\DL DZRNH DQG ZKLVSHUHG WKDW WKHUH ZDV D ELJ GXGX LQ WKH WUHH 'XGX LV 6ZDKLOL IRU LQVHFW EXW FDQ PHDQ DQ\ EDG FUHDWXUH ´ ³<HV ´ , QRGGHG ³WKH 1JXQL HTXLYDOHQW LV QXQX ´ ³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

ODQGHG VODS RQ WRS RI -DPHV ´ ³:KDW"´ , JDVSHG ³)RU DERXW ILYH VHFRQGV WKHUH ZDV D GHDWKO\ VLOHQFH WKHQ WKH PRVW EORRG FXUGOLQJ VFUHDPV FDPH IURP LQVLGH WKH WHQW 3HWH VWRRG IUR]HQ WR WKH VSRW , UDQ RYHU DQG JUDEEHG WKH VKRWJXQ IURP KLP FKHFNHG ZKLFK EDUUHO KDG EHHQ ILUHG WKHQ UXVKHG LQWR WKH WHQW 7KH KXJH OHRSDUG OD\ DFURVV WKH FKHVW RI WKH VWUXJ JOLQJ -DPHV ZKR ZDV VFUHDPLQJ K\VWHU LFDOO\ ERWK HQWDQJOHG LQ WKH PRVTXLWR QHW 7KH FDW ZDVQ¶W PRYLQJ VR , GUDJJHG LW RII KLP 7KH LPSDFW RI LWV GHDG ZHLJKW KDG FROODSVHG WKH VWUHWFKHU EHQHDWK -DPHV 7KHUH ZDV EORRG DOO RYHU VR , VKRXWHG µ$UH \RX RND\"¶ +H VFUHDPHG µ,¶P GHDG ¶ DQG FRQWLQXHG VFUHDPLQJ (YHQWXDOO\ , \HOOHG µ6KXW XS ¶ ZKLFK KH GLG ´ 5R\FH SDXVHG DV , ODXJKHG RXW ORXG ³:HOO ´ KH FRQWLQXHG ³LW WXUQHG RXW -DPHV ZDV XQKDUPHG DQG ZH DOO ZHQW RXU VHSDUDWH ZD\V $ERXW D PRQWK ODWHU 3HWH DFFHSWHG DQ HQJLQHHULQJ MRE LQ (J\SW ´ 5HDGHUV DUH LQYLWHG WR VKDUH WUXH KXPRURXV RU LQWULJXLQJ VKRUW VWRULHV YLD &DPSILUH 7DOHV (PDLO PDLO# PDQPDJQXP FR ]D IRU RXU IUHH JXLGHOLQHV RQ KRZ WKLV ZRUNV ± (GLWRU


, +. , .&$ .& # $7 , &$- ,&$ . 1. , 1,4.1 7 "& " .1 1 $ , " " 6 $ &, # $1 $ . . 6 "" . 1 #&.1 . ,$ $ ( .1&" .(&,1. . &&1 ,. &$ 1 (" $ 1 1 7+, . $ &, .1 , 1 , 1 *4 . 1 &$ $ $7 " 1 $ . 14 1 &$ . 6 "" . . $ 1& 1 ! &$ 4. $ .1 "" &( , 1 6 1 (, . &$) ( , 7&4, ,&$ . 1. 6 1 (,&5 $ .4( , &, # $ 1 $&"& 7)

! # "

! !

! # " # ! !

! ! ! # !

" ! !

"

! !

!

" 9'3 23% ''/ . " . #1 ) &)8 ) ) )


1 285 0D\ HGLWLRQ ZH ORRNHG DW WKH %HUHWWD 0 $ ZKLFK LV WKH FRP SDQ\¶V UHSODFHPHQW IRU WKH LFRQLF 0 $ PLOLWDU\ VLGHDUP 7KH ; 3HUIRUPDQFH LV EDVLFDOO\ D FRPSHWLWLRQ KDQGJXQ WKDW FDQ GRXEOH DV D GHIHQFH DUP DQG LV EDVHG RQ WKH VDPH GHVLJQ ZLWK VRPH SDUWV EHLQJ LQWHUFKDQJHDEOH 7KH GLIIHU HQFHV DQG WKHUH DUH VHYHUDO DUH DOO XSJUDGHV WR HQKDQFH DFFXUDF\ DQG VSHHG VKRRWLQJ 2Q ILUVW KHIWLQJ WKH SLVWRO WKH ILUVW QRWDEOH FKDQJH LV WKH ZHLJKW JUDPV ZLWKRXW WKH PDJD]LQH %HUHWWD RSWHG IRU WKH KHDYLHU WKLFNHU DQG ZLGHU

%ULJDGLHU VOLGH ZKLFK ZHLJKV JUDPV RQ P\ VFDOH DQG SOD\V D PDMRU UROH LQ WDPLQJ UHFRLO 7KH QHZ 9HUWHF VWHHO

7KX7 7 + 1 8 ?7

$XJXVW

ZĂĐĞͲƌĞĂĚLJ ϵŵŵW

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


UHDU 7KH VLQXV LV SURILOHG VOLJKWO\ GHHSHU WR HQVXUH D KLJKHU JULS 7KH RYHUVL]HG PDJ UHOHDVH LV FKHTXHUHG DQG FDQ EH UHYHUVHG IRU OHIW KDQGHG VKRRWHUV 7KH DPELGH[WURXV VDIHW\ FDWFK KDV ZLGH SDG GOHV IRU IDVWHU VXUHU DFFHVV DQG LV IUDPH PRXQWHG XQOLNH WKH VOLGH PRXQWHG 0 VDIHW\ %HUHWWD XVHG WKHLU ([WUHPH 6 WULJJHU PHFKDQLVP ZKLFK HQVXUHV D FXVWRP UHYROYHU OLNH GRXEOH DFWLRQ WULJJHU SXOO DQG WKH UHVHW LV H[WUHPHO\ VKRUW 3UH WUDYHO DQG WULJJHU UHVHW DUH HDVLO\ DGMXVWHG DIWHU UHPRYLQJ WKH VOLGH YLD WZR VFUHZV ORFDWHG LQ WKH IUDPH EHORZ WKH EDUUHO 7KH KDPPHU LV VNHOHWRQL]HG DQG WKH KDPPHU VSULQJ LV FRPSHWL WLRQ VWDQGDUG 6HW RQ VLQJOH DFWLRQ WKH

WULJJHU UHOHDVH EURNH DW OEV RQ P\ :KHHOHU 7ULJJHU 3XOO 6FDOH WKH GRXEOH DFWLRQ DW OEV 7KH GRXEOH DFWLRQ SXOO LV YHU\ VPRRWK RQ VLQJOH DFWLRQ WKH WULJ JHU KDV D VOLJKW WDNH XS EHIRUH EUHDNLQJ FOHDQO\ %HUHWWD VWDWHV WKDW WKH QHZ ([WUHPH 6 WULJJHU PHFKDQLVP NHHSV WKH µVWULNHU DXWRPDWLF VDIHW\ ODWFK¶ DFWLYH HQVXULQJ WKH VDIHW\ RI WKH SLVWRO VKRXOG LW DFFLGHQWDOO\ IDOO ± \HW GHFUHDVHV WULJJHU UHVHW E\ XS WR 7 K H ; 3H U I R U P D Q F H K D V D Q HQODUJHG URWDWLQJ WDNH GRZQ OHYHU ZKLFK KDV D VPDOO SDGGOH WKDW LV FDQWHG VR WKDW WKH WKXPE RI WKH VXSSRUWLQJ KDQG FDQ UHVW RQ LW ZKHQ D WZR KDQGHG KROG LV HPSOR\HG 2Q WKH UDQJH , IRXQG WKDW

WKLV GHILQLWHO\ PDGH D GLIIHUHQFH DV P\ VXSSRUWLQJ KDQG¶V WKXPE FRXOG DSSO\ GRZQZDUG SUHVVXUH WR FRXQWHU UHFRLO 7KH SLVWRO FRPHV VWDQGDUG ZLWK D VOLP JULS VLGH SDQHOV RQO\ KDYLQJ D ILQH VDQGSDSHU OLNH ILQLVK 7KH XSPDUNHW SLV WRO FDVH LQFOXGHV WZR URXQG PDJD ]LQHV ZLWK UXEEHU EDVH SDGV D VSHHG ORDGHU RZQHU¶V PDQXDO FDEOH ORFN VLJKW DGMXVWPHQW WRRO DQG IRU WKRVH ZLWK ELJ JHU KDQGV D WKLFNHU ZUDS DURXQG JULS ZLWK D YHU\ DJJUHVVLYHO\ WH[WXUHG EDFN VWUDS 0\ RZQ FKRLFH ZDV IRU WKH WKLQQHU JULSV , ZDV DEOH WR WRS XS WKH PDJD]LQHV E\ KDQG ZLWKRXW XQGXH VWUDLQ EXW WKH VSHHG ORDGHU PDNHV OLJKWHU ZRUN RI WKLV WDVN 7KH JHQHURXVO\ EHYHOOHG PDJD

$XJXVW

7KX7 7 + 1 8 ?7


]LQH ZHOO DOVR VLJQLILFDQWO\ VSHHGV XS PDJ FKDQJHV 2Q WKH UDQJH , ILUVW WHVWHG WKH SLVWRO IRU DFFXUDF\ DQG FKHFNHG YHORFLWLHV RYHU D FKURQRJUDSK VHH WDEOH 7KH SLVWRO VXUSULVHG PH E\ JURXSLQJ %XOOHW &RUS¶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¶P E\ QR PHDQV D FRPSH WLWLRQ VKRRWHU EXW DW P , PDQDJHG WR VWD\ LQ WKH $ ]RQH ZLWK VSOLWV EHORZ VHFRQGV )RU PH WKDW ZDV DQ H\H RSHQHU , UHDOLVHG WKDW D JRRG WULJJHU FDQ WDNH PH WR D KLJKHU OHYHO RI FRPSHWHQF\

7KX7 7 + 1 8 ?7

$XJXVW

, PRVWO\ FRQFHQWUDWHG RQ GHIHQFH GULOOV DQG TXLWH VLPSO\ WKH SLVWRO SHU IRUPHG EHWWHU WKDQ DQ\ ,¶YH XVHG EHIRUH 7KH KHDY\ VOLGH KHOSHG WR UHGXFH UHFRLO HQVXUH IDVWHU IROORZ XS VKRWV DQG SURE DEO\ GLPLQLVKHG IDWLJXH IRU , VRRQ UHDO LVHG ,¶G EXUQHG WKURXJK URXQGV ZLWK RXW D VLQJOH KLFFXS 7KH SLVWRO GLJHVWHG HYHU\WKLQJ IURP -+3 )0- FRDWHG DQG HYHQ FDVW OHDG EXOOHWV 7KH ; 3HUIRUPDQFH LV DQ LPSUHV VLYH SLVWRO 7KH RXWHU ILQLVK LV LPPDFX ODWH DOWKRXJK VRPH WRRO PDUNV DUH YLV LEOH RQ WKH LQVLGH RI WKH VOLGH 2YHUDOO WKH SLVWRO FUHDWHV WKH LPSUHVVLRQ RI DQ LQGHVWUXFWLEOH WDQN EXW LW LV OLJKW RQ LWV IHHW DQG KDQGOHV OLNH D VSRUWV FDU ZKHQ WKH VKRRWLQJ VWDUWV

DĂdždždĞĐŚ ϭϮϰŐƌ &D: ^Θ ϭϮϰŐƌ &D: ^ds ϭϮϰŐƌ &D: ƵůůĞƚ ŽƌƉ ϭϮϱŐƌ ŽĂƚĞĚ ǁŝƚŚ ϰ͘ϲŐƌ & WŝƐƚŽů WŽǁĚĞƌ

ϭ ϭϭϮĨƉƐ ϭ ϭϯϬĨƉƐ ϭ ϬϲϲĨƉƐ ϭ ϬϭϲĨƉƐ

,I \RX DUH ORRNLQJ IRU RQH RI WK KH EHVW VSRUW VKRRWLQJ SLVWROV DYDLODEOH OR RFDOO\ XV FRQ WKH ; 3HUIRUPDQFH PHULWV VHULRX VLGHUDWLRQ ,W VKRXOG DOVR P DNH D HG \RX QHDU SHUIHFW GHIHQFH SLVWRO SURYLGH DUH ZLOOLQJ WR DFFRPPRGDWH LWV Z ZHLJKW 7KH ; ZLOO FHUWDLQO\ HQKDQFH H \RXU FKDQFHV RI JHWWLQJ WKDW YLWDO ILUVW VKRW RQ WDUJHW DQG PDNH OLJKWQLQJ IDVW VXFF FHVVLYH KLWV SRVVLEOH VKRXOG WKH QHHG D ULVH , IRXQG LW RQ VDOH RQOLQH IRU 5

ϰϳŵŵ ϯϱŵŵ ϰϮŵŵ ϭϵŵŵ


" !

" !

# $

" %

"

!

!

! " !

$XJXVW

7KX7 7 + 1 8 ?7


^ŚŽŽƟŶŐ ŽůĚ ͚ǁŝƚďĞŬ͛ 867 DV WKH OHJHQGU\ .HQWXFN\ ULIOH KHOSHG VKDSH $PHULFDQ KLVWRU\ DQG WKH IDPRXV %ULWLVK %URZQ %HVV PXVNHW ZDV KHDUG DURXQG WKH ZRUOG VR WKH ELJ ERUH JXQ RI WKH WUHN %RHUV KDV LWV SODFH LQ 6RXWK $IULFDQ KLVWRU\ $OWKRXJK DOO WKUHH RI WKHVH KLVWRULFDO GHVLJQV HPSOR\HG WKH IOLQWORFN PHFKDQLVP HDFK KDG LWV RZQ GLVWLQFWLYH ORRN 7KH HDUO\ %RHU JXQ ZLWK LWV KHDY\ ERE EHMDDQERXG EXWW VWRFN DQG JDSLQJ PX]]OH ZRXOG VWDQG RXW LQ DQ\ FROOHFWLRQ 7KH %RHUV ZHUH D UXJJHG EUHHG ZKR OLYHG D UXJJHG OLIH DQG ZDQWHG D JXQ WKDW FRXOG VXUYLYH \HDUV RI KDUG XVH 0RVW LPSRUWDQWO\ WKHLU JXQV KDG WR EH FDSDEOH RI NLOOLQJ HOHSKDQWV IRU LYRU\ UKLQR IRU PDNLQJ UDZKLGH VMDPERNNH KLSSR IRU IDW DQG EXIIDOR IRU OHDWKHU DQG ELOWRQJ 7KH\ DOVR VKRW JLUDIIH IRU WKHLU VNLQV ZKLFK SURYLGHG ORQJ VWULSV FXW IURP KHDG WR WDLO WR PDNH WKH ZKLSV IRU GULYLQJ VSDQV RI R[HQ SXOOLQJ ZDJRQV DFURVV WKH URXJK YHOG ,QLWLDOO\ WKH 'XWFK YLFWXDOOLQJ VWDWLRQ ZLWK LWV DWWDFKHG IDUP LQJ VHWWOHPHQW DW WKH &DSH ZDV JRYHUQHG E\ WKH 'XWFK (DVW ,QGLD &RPSDQ\ 9 2 & 2QO\ WKH VROGLHUV DQG ODWHU WKH IUHH EXUJKHUV VWDII RI WKH 'XWFK (DVW ,QGLD &RPSDQ\ UHOHDVHG WR HVWDEOLVK IDUPV ZHUH SHUPLWWHG WR SRVVHVV ILUHDUPV 7KHVH HDUO\ JXQV ZHUH LPSRUWHG IURP +ROODQG &RPSDQ\ UXOHV LQLWLDOO\ SURKLELWHG HPSOR\HHV IURP PLJUDWLQJ WKRXJK E\ DURXQG WKH

7KX7 7 + 1 8 ?7

$XJXVW

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³YHU\ ODUJH DQG KHDY\´ JXQV ILULQJ D EDOO ZHLJKLQJ ³ 'XWFK RXQFHV´ ,Q $QGHUV 6SDUUPDQ D 6ZHGH ZDV WROG E\ %RHUV WKDW WKH\ XVHG ERUHV ³ODUJH HQRXJK WR WDNH D EXOOHW RI URXJKO\ WKUHH RU DW OHDVW WZR RXQFHV´ WR ERUH 6SDUUPDQ VDLG WKDW %RHUV KXQWLQJ WKH ODUJHVW JDPH SDLG KLJK SULFHV IRU ELJ 6ZHGLVK DQG 'DQLVK JXQV ZKLFK WKH\ UHVWRFNHG ZLWK KHDYLHU IXUQLWXUH 7KH\ IROORZHG WKH ZHOO HVWDEOLVKHG 'XWFK VWRFN GHVLJQ ZKLFK KDG EXWW VWRFNV ZLWK GHHSO\ ³GURSSHG´ XQGHUEHOOLHV IRU H[WUD ZHLJKW WR DEVRUE UHFRLO $W WKH &DSH WKLV GHVLJQ EHFDPH FROORTXLDOO\ NQRZQ DV WKH EREEHMDDQERXG IRU LWV VKDSH UHVHPEOLQJ D EDERRQ¶V WKLJK


7KH %RHUV WROG 6SDUUPDQ WKDW IRU SDFK\GHUPV WKH\ KDUG HQHG WKHLU EXOOHWV ZLWK RQH SDUW WLQ WR WZR SDUWV OHDG WR SUHYHQW IODWWHQLQJ 7KLV ZRXOG H[SODLQ WKH ³WKUHH RXQFH´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¶V FRXQWU\ RI RULJLQ 7KH EREEHMDDQERXG GHVLJQ RULJLQDWHG LQ +ROODQG EXW PDQ\ (QJOLVK PX]]OH ORDGHUV KDG µSHUFK EHOO\¶ ILVK EHOO\ VWRFNV 7KH %ULWLVK PDQXIDFWXUHG ILUHDUPV VSHFLILFDOO\ IRU WKH &DSH PDUNHW KHQFH JDYH WKHP WKH EREEHMDDQERXG VWRFN DQG WKH µVWHUORRS¶ EDUUHOV HQJUDYHG ZLWK D IODUHG VWDU RU VXQEXUVW HPEOHP VR EHORYHG RI WKH %RHUV /DWHU VWRFNV ZHUH PDGH ORFDOO\ IURP LQGLJHQRXV ZRRGV VXFK DV VWLQNZRRG DQG VKDSHG PRUH HOHJDQWO\ OLNH WKH &OHPHQW JXQ IHDWXUHG KHUH 0DQ\ \HDUV DJR , H[DPLQHG D %RHU IOLQWORFN VWDPSHG µ/HYLFN¶ ZKLFK KDG EHHQ LQ WKH SURXG RZQHU¶V +XJXHQRW GHVFHQGDQW IDPLO\ IRU DV ORQJ DV DQ\RQH FRXOG UHPHPEHU -RVHSK /HYLFN VWDUWHG KLV &DSH 7RZQ GHDOHUVKLS LQ DQG LPSRUWHG FRP SOHWH JXQV IURP (QJODQG , NQRZ RI QR ERRNV ZULWWHQ E\ HDUO\ %RHU KXQWHUV ZKLFK LV D JUHDW SLW\ )RU LQVWDQFH 9DOHQW\Q %RWKD ZKR ZHQW IURP UDJV WR ULFKHV DV DQ LYRU\ KXQWHU ± RQ KLV GHDWK LQ KH OHIW RQH RI WKH ULFKHVW HVWDWHV LQ WKH FRXQWU\ <HW QRQH RI KLV H[FLWLQJ VWRULHV ZHUH HYHU FRPPLWWHG WR SDSHU $OO WKRVH ZRQGHUIXO DGYHQWXUHV ZLOO QHYHU EH NQRZQ

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¶G OLNH WR NQRZ KRZ PDQ\ VKRWV WKH\ FRXOG JHW IURP VXFK D IOLQW EHIRUH WKH HGJH ZDV WRR VKRUW WR EH IODNHG DQG VKDUSHQHG

! ! "

!

" !

!

$XJXVW

7KX7 7 + 1 8 ?7


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µZLWEHN¶ :LWK WKH EXWW RQ WKH JURXQG , KHOG LW DJDLQVW P\ ODQN\ VL[ IRRW IUDPH DQG LW DOPRVW UHDFKHG P\ FKLQ 7KH EDUUHO ZDV ERUHG ZLWK WZR VWUDLJKW JURRYHV QR WZLVW DV IRXQG LQ VRPH HDUO\ PX]]OH ORDGHUV WKH IXQFWLRQ EHLQJ WR FROOHFW EXUQW SRZGHU UHVLGXH WKDW ZRXOG RWKHUZLVH IRXO WKH ERUH ,W LV VDLG WKH HDUO\ %RHUV SUHIHUUHG WKHVH DQG DOVR VPRRWKERUHV DV WKH\ SDWWHUQHG ZHOO ZKHQ XVHG ZLWK KHDY\ EXFNVKRW , IRXQG WKH XVH RI VKRW LQ D ULIOHG PX]]OH ORDGHU TXLWH XVHOHVV EHFDXVH LW WKURZV D µGRQXW¶ SDWWHUQ ZLWK D ELJ KROH LQ WKH FHQWUH

7KX7 7 + 1 8 ?7

$XJXVW

7KH WUHN %RHUV DOVR IDYRXUHG ORQJ EDUUHOOHG VPRRWKERUH JXQV EHFDXVH WKH\ ZHUH HDVLHU DQG IDVWHU WR ORDG IURP KRUVH EDFN $ VSHFLDOO\ WUDLQHG KRUVH ZDV HVVHQWLDO ,Q (LJKW 0RQWKV LQ DQ 2[ :DJRQ ( ) 6DQGHPDQ ZURWH WKH IROORZLQJ DERXW WKH KXQWLQJ KRUVH ³,W PXVW OHDUQ WR VWRS GHDG WKH PRPHQW WKH ULGHU WKURZV RQH IRRW RXW RI WKH VWLUUXS RU JLYHV D ZKLVWOH ,W PXVW QRW PLQG WKH ULIOH ILUHG UHVWLQJ RQ RU XQGHU LWV KHDG DQG PXVW UHPDLQ SHUIHFWO\ PRWLRQOHVV ZKLOH LWV ULGHU WDNHV DLP ´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± D YHU\ XQXVXDO FDOLEUH $ ERUH EDOO LV VR D SDWFKHG ERUH EDOO VKRXOG


ZRUN ZHOO LQ WKH %RHU JXQ 7KH FKDUJH IRU HOHSKDQWV ZDV SURE DEO\ DV KLJK DV GUDPV RI WKH FRDUVH EODFN SRZGHU RI WKH WLPHV /LNH PDQ\ %RHU IOLQWORFNV WKH JXQ KDV VHW WULJJHUV WKH RSHU DWLRQ RI ZKLFK , IRXQG LQLWLDOO\ SX]]OLQJ , ZDV XVHG WR WKH KDLU WULJJHU RQ P\ FDOLEUH +DZNHQ FDS ORFN \RX EURXJKW WKH KDPPHU WR IXOO FRFN WKHQ SXOOHG WKH EDFN WULJJHU WR VHW WKH IURQW RQH IRU UHOHDVH DW WKH VOLJKWHVW WRXFK ,I \RX KDG QR QHHG IRU WKH KDLU WULJJHU UHOHDVH \RX VLPSO\ SXOOHG WKH IURQW WULJJHU DV ZLWK DQ\ JXQ +RZHYHU RQ WKH %RHU JXQ \RX KDYH WR VHW WKH KDLU WULJJHU ILUVW RU WKH PHFKDQLVP ZRQ¶W ZRUN DW DOO 7KLV VHHPV D GLFH\ DUUDQJHPHQW WR PH , RQFH UHDG DQ H\H ZLWQHVV DFFRXQW RI WZR %RHUV ZKR IROORZHG D OLRQ LQWR WKLFN EXVK 7KH EHDVW VXGGHQO\ VSUDQJ DQG SLQQHG RQH KXQWHU WR WKH JURXQG +LV VRQ LQ ODZ UDQ XS KHOG KLV PX]]OH WR WKH OLRQ¶V KHDG DQG SXOOHG WKH WULJJHU EXW QRWKLQJ KDSSHQHG ± KH¶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µROG ZLWEHN¶ IXQF WLRQHG SHUIHFWO\ DQG ZDV D SOHDVXUH WR VKRRW

:DQWLQJ WKH IXOO H[SHULHQFH , KDG VHZQ XS D OLWWOH VDX VDJH VKDSHG EDJ RI ORSHUV DV WKH HDUO\ %RHUV RQFH GLG DQG , HQMR\HG VSUD\LQJ WKH WDUJHW DQG EDFNVWRS ZLWK EXFNVKRW :LWK RXW GRXEW WKH WUDGLWLRQDO %RHU JXQ ZDV WKH XOWLPDWH VXUYLYDO WRRO RI LWV GD\

$XJXVW

7KX7 7 + 1 8 ?7


džƉŽƐƵƌĞ ƚŽ ůŽƵĚ ŶŽŝƐĞ ŚĂƐ ĐŽŶƐĞƋƵĞŶĐĞƐ $9( \RX HYHU H[SHULHQFHG D EORFNHG HDU ZLWK WKDW LQIDPRXV µWZHHHHHHHHHHHW¶ VRXQG LQ \RXU HDU ULJKW DIWHU D JXQVKRW" 7KH EORFNHG HDU RSHQV XS D IHZ GD\V ODWHU DQG \RX IHHO D VHQVH RI UHOLHI WKDW \RX µGRGJHG D EXOOHW¶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

1RLVH /HYHO G% $

0D[LPXP ([SRVXUH 7LPH LQ DQ KRXU ZRUNLQJ GD\ VKLIW

KRXUV :HDULQJ KHDULQJ SURWHFWLRQ LQ WKH ZRUNSODFH LV PDQGDWRU\

KRXUV

KRXUV

KRXU

PLQXWHV

PLQXWHV

PLQXWHV

PLQXWHV

VHFRQGV

VHFRQGV

VHFRQGV

VHFRQGV

VHFRQGV

VHFRQGV

VHFRQGV

/HVV WKDQ VHFRQG

12 (;32685( +XPDQ SDLQ WKUHVKROG

1RWH 0D[LPXP H[SRVXUH WLPH KDOYHV ZLWK HYHU\ LQFUHDVH RI G% $

7KX7 7 + 1 8 ?7

$XJXVW


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

RYHU &20021 6281'6

G%

'$,/< (;32685( %()25( +($5,1* '$0$*( 2&&856

8QVXSSUHVVHG 5LIOH 0X]]OH %UDNH 5RFNHW /DXQFK

G%

G% $YHUDJH *XQVKRW 8QVXSSUHVVHG

$Q\WKLQJ $ERYH G% &DQ &DXVH ,QVWDQW +HDULQJ 'DPDJH

G% /5 8QVXSSUHVVHG

G% G%

,QVWDQW 5LVN RI +HDULQJ 'DPDJH

G%

6HFRQGV

$PEXODQFH 6LUHQ

G%

6HFRQGV 3DLQ 7KUHVKROG %HJLQV

/5 6XSSUHVVHG

G%

6HFRQGV

-DFNKDPPHU

G%

0LQXWH 6HFRQGV

5RFN &RQFHUW 6SRUWLQJ (YHQW

G%

0LQXWHV 6HFRQGV

1DLO *XQ

G% G% G% G% G% G% G% G% G% G% G% G% G% G%

$YHUDJH *XQVKRW 6XSSUHVVHG

0RWRUF\FOH 6XEZD\

+HDY\ 7UDIILF 5HVWDXUDQW V )DNH 6XSSUHVVHG *XQVKRW LQ 0RYLHV &RQYHUVDWLRQ

:KLVSHU

0LQXWHV 0LQXWHV 6HFRQGV +RXUV $6+$ 5HJXODWLRQV %HJLQ

$9(5$*( 6281' 5('8&7,21 (DUSOXJV (DUPXIIV ± G% 6XSSUHVVRUV ± G%

JU ò EDUUHO

EDUUHO

LQ EDUUHO

LQ EDUUHO

LQ ò EDUUHO

LQ EDUUHO

± EDUUHO ZLWK PX]]OH EUDNH

QXP ZLWK DQ EDUUHO DQG D PX]]OH EUDNH LV PRVW OLNHO\ WKH ORXGHVW ILUHDUP \RX ZLOO JHW ZLWK DQ RXWSXW DURXQG ± GHFLEHOV ([SRVXUH WR QRLVH JUHDWHU WKDQ G% FDQ SHUPDQHQWO\ GDPDJH KHDULQJ LQ OHVV WKDQ RQH VHFRQG ±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³V´ ³WK´ RU ³Y´ DQG RWKHU KLJK SLWFKHG VRXQGV ,QWHUHVWLQJO\ WKH RSSRVLWH HDU WR WKH ILUHDUP RIWHQ VXIIHUV PRUH GDPDJH EHFDXVH LW LV FORVHU WR DQG GLUHFWO\ LQ OLQH ZLWK WKH PX]]OH RI WKH ILUHDUP 7KH SRVLWLRQ RI WKH µVKRRWLQJ HDU¶ XQGRXEWHGO\ SURWHFWV WKH HDU GXH WR WKH KHDG VKDGRZ 1RLVH LQGXFHG KHDULQJ ORVV LV QRW LPPHGLDWHO\ QRWLFHDEOH DQG SUHVHQWV LWVHOI LQ D QXPEHU RI ZD\V 3HRSOH ZLWK WKLV VRUW RI KHDULQJ ORVV W\SLFDOO\ VD\ WKDW WKH\ FDQ KHDU ZKDW LV EHLQJ VDLG EXW WKDW LW LV QRW FOHDU ± WKDW SHRSOH DUH PXPEOLQJ 7KH\ PD\ PLVKHDU DQG DVN IRU D UHSHDW RI ZKDW LV EHLQJ VDLG 7KH\ PD\ KDYH ULQJLQJ LQ WKHLU HDUV FDOOHG WLQQLWXV 7KH ULQJLQJ OLNH WKH KHDULQJ ORVV FDQ EH SHUPDQHQW 7KH\ PD\ KDYH GLIILFXOW\ KHDU LQJ ODGLHV¶ YRLFHV PDOH YRLFHV DUH FOHDUHU DQG PLJKW VWUXJJOH WR IROORZ D FRQYHUVDWLRQ LQ D ELJ JURXS RI SHRSOH RU LQ D VLWXDWLRQ ZLWK D ORW RI EDFNJURXQG QRLVH 7KHLU 79 RU UDGLR PLJKW EH VOLJKWO\ ORXGHU WKDQ ZKDW RWKHUV SUHIHU WKH YROXPH WR EH :KLOH KHDULQJ GDPDJH LV QRW UHYHUVLEOH LW LV QHYHU WRR ODWH WR VWDUW XVLQJ SURWHFWLRQ WR SUHYHQW IXUWKHU GDPDJH +HDULQJ FDQ EH VKLHOGHG IURP ILUHDUP QRLVH ZLWK DSSURSULDWH SURWHFWLRQ VXFK DV HDUSOXJV RU HDUPXIIV 8QIRUWXQDWHO\ QRW HQRXJK ILUHDUP

$XJXVW

7KX7 7 + 1 8 ?7


!

!

XVHUV ZHDU KHDULQJ SURWHFWLRQ ZKHQ WDUJHW VKRRWLQJ DQG KXQW HUV DUH HYHQ OHVV OLNHO\ WR XVH KHDULQJ SURWHFWLRQ GXH WR WKHLU QHHG WR EH IXOO\ DZDUH RI WKHLU VXUURXQGLQJV )RUWXQDWHO\ VRPH GHYLFHV QRZ DOORZ KXQWHUV WR KHDU WKHLU VXUURXQGV DQG FRPPX QLFDWH EXW ILOWHUV RXW GDQJHURXV QRLVH OHYHOV +HDULQJ SURWHF WLRQ VKRXOG EH ZRUQ RQ RSHQ VKRRWLQJ UDQJHV ZKHQ LQ WKH RXW GRRUV DQG RQ LQGRRU VKRRWLQJ UDQJHV

HDULQJ SURWHFWLYH GHYLFHV DUH DYDLODEOH LQ WZR PDLQ W\SHV FRPPRQO\ UHIHUUHG WR DV µDFWLYH¶ HOHFWURQLF DQG µSDVVLYH¶ QRQOLQHDU GHYLFHV $FWLYH KHDULQJ SURWHFWLRQ DPSOLILHV VRIW VRXQGV IRU LQFUHDVHG HQYLURQPHQWDO DZDUHQHVV EXW FORVHV XS ZKHQHYHU D ORXG VRXQG LV SUHVHQW 7KHVH HOHFWURQLF VHWV DUH DYDLODEOH LQ HDUPXIIV FXVWRP LQ WKH HDU DQG XQLYHUVDO LQ WKH HDU GHVLJQV 3DVVLYH QRQOLQHDU KHDULQJ SURWHFWLYH GHYLFHV W\SLFDOO\ DOORZ FHUWDLQ VRXQGV WR SDVV WKURXJK EXW ZLWK WKH XVH RI ILOWHUV

:KHQ , ZDV LQ P\ WHHQV , OLVWHQHG WR P\ IDYRXULWH KHDY\ PHWDO URFN JURXSV SUHWW\ ORXGO\ EXW DV WKH KL IL V\VWHPV WKHQ ZHUH QRZKHUH QHDU DV SRZHUIXO DV WKH\ DUH WRGD\ DQG P\ HDUV ZHUH \RXQJ , GLGQ¶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± D GLVWDQFH RI D IHZ IHHW DW PRVW 7KDW EODVW RI SUHVVXUH ZDV GHILQLWHO\ IHOW IRU D ZKLOH DIWHUZDUGV 6RPHWLPHV DW WKH UDQJH RQH ZRXOG EH FDXJKW XQDZDUHV E\ VRPHRQH ILULQJ D ODUJH FDOLEUH XS WR %URZQLQJ ULIOH ZLWKRXW SULRU ZDUQLQJ 7KDW ZRXOG KXUW D ELW WRR :KHQ , ZRUNHG LQ WHOHFRPPXQLFDWLRQV , ZDV VXEMHFWHG WR PDQ\ NLQGV RI QRLVH OHYHOV DERYH ZKDW RQH ZRXOG FDOO RIILFH

7KX7 7 + 1 8 ?7

$XJXVW

QRLVH OHYHOV ,Q WKH HDUO\ GD\V WKLV ZDV WKRXVDQGV RI WHOHSKRQH H[FKDQJH PHFKDQLFDO VZLWFKHV FRQVWDQWO\ LQ PRWLRQ SURGXFLQJ D NLQG RI µZKLWH QRLVH¶ HIIHFW 2U RQ RFFDVLRQ ZH ZHUH UHTXLUHG WR RSHUDWH WKH VWDQGE\ JHQHUDWRUV ± KXJH 9 0:0 GLHVHOV SURGXFLQJ RU 0HJDZDWW RXWSXWV HDFK 7KHVH ZHUH UHDOO\ QRLV\ DQG SURGXFHG D VKDWWHULQJ URDU WKDW SUHFOXGHG DQ\ IRUP RI VSHHFK (YHQ DIWHU PRYLQJ LQWR WKH ,7 HQYLURQPHQW VLOHQFH ZDVQ¶W UHDOO\ D SDUW RI P\ OLIH 0XFK ZRUN ZDV GRQH LQ D GDWD FHQWUH HQYLURQPHQW ZLWK WKRXVDQGV RI VHUYHUV DGGLQJ WR WKH FDFR SKRQ\ WKDW ZDV D ODUJH GDWD FHQWUH VHUYHU URRP 7R EH DFFX UDWH DERXW LQGLYLGXDO VHUYHUV HDFK ZLWK PXOWLSOH KLJK VSHHG IDQV +9$& QRLVH HWF

, ILUVW QRWLFHG WKH HIIHFWV RI P\ QRLVH H[SRVXUH LQ P\ PLGGOH V LQFUHDVLQJ IDLUO\ UDSLGO\ XQWLO P\ PLGGOH V E\ ZKHQ , IRXQG LW DOPRVW LPSRVVLEOH WR KHDU LQ PHHWLQJV 0\ GD\ WR GD\ FKDOOHQJHV ZLWK DFTXLUHG KHDULQJ ORVV YDU\ :LWKRXW P\ KHDULQJ DLGV VWURQJO\ ERRVWHG , VWUXJJOH WR KHDU DQ\ KLJK IUHTXHQF\ VRXQGV EH LW PXVLF VSHHFK KDUPRQLFV PLFURZDYH DQG ZDVKLQJ PDFKLQH DODUPV ELUGVRQJ ± HYHU\WKLQJ DERYH DERXW N+]


ILOWHU RXW VRPH VRXQGV 7KHVH VHWV DUH DYDLODEOH LQ FXVWRP LQ WKH HDU DQG XQLYHUVDO LQ WKH HDU GHVLJQV 8QWUHDWHG KHDULQJ ORVV KDV EHHQ DVVRFLDWHG ZLWK PDQ\ FRQ GLWLRQV WKDW FRXOG KDYH EHHQ SUHYHQWHG +HDULQJ ORVV LVQ¶W MXVW DQ HDU LVVXH LW¶V D TXDOLW\ RI OLIH DQG KHDOWK LVVXH 8QWUHDWHG KHDULQJ ORVV FDQ KDYH VHULRXV FRQVHTXHQFHV DQG LV DVVRFLDWHG ZLWK GLPLQLVKHG FRJQLWLYH IXQFWLRQ SRRUHU PHQWDO KHDOWK DQG VRFLDO ZLWKGUDZDO ,I \RX VXIIHU IURP KHDULQJ ORVV LW VKRXOG EH WUHDWHG $ FRQ VXOWDWLRQ ZLWK DQ DXGLRORJLVW WR WKRURXJKO\ DVVHVV \RXU KHDULQJ DQG IRU DGYLFH RQ DSSURSULDWH KHDULQJ SURWHFWLRQ IRU \RXU QHHGV LV DGYLVHG

$OZD\V XVH KHDULQJ SURWHFWLRQ HYHU\ WLPH \RX ILUH D JXQ $OZD\V KDYH DW OHDVW GLVSRVDEOH KHDULQJ SURWHFWLRQ ,QFOXGH WKHP LQ \RXU JHDU EDJ 'RXEOH SURWHFW \RXU HDUV E\ SXWWLQJ PXIIV RYHU SOXJV HVSHFLDOO\ ZKHQ VKRRWLQJ ODUJH FDOLEUH ULIOHV $YRLG VKRRWLQJ LQ JURXSV RU LQ UHYHUEHUDQW HQYLURQPHQWV 8VH HOHFWURQLF RU QRQOLQHDU KHDULQJ SURWHFWLRQ IRU KXQWLQJ 8VH KHDULQJ SURWHFWLRQ HYHQ ZKHQ RWKHUV DUH VKRRWLQJ LQ \RXU YLFLQLW\

)RU PRUH LQIRUPDWLRQ FRQWDFW <RODQGp YDQ GHU :HVWKXL]HQ RQ RU ZZZ \YGZDXGLRORJ\ FR ]D

, DP TXLWH RSHQ DERXW P\ KHDULQJ ZLWK P\ IULHQGV DQG IDPLO\ DQG DV ORQJ DV , KDYH P\ KHDULQJ DLG LQ LW LV QRW XVX DOO\ D SUREOHP XQOHVV HYHU\RQH VWDUWV WDONLQJ DW RQFH 7KHQ , KDYH WR ZLWKGUDZ IURP WKH FRQYHUVDWLRQ RU DVN WKDW RQH SHUVRQ VSHDNV DW D WLPH 0\ DGYLFH WR DQ\RQH H[SRVHG WR WKH H[FHVV QRLVH RI JXQ ILUH ZRXOG EH WR ZHDU WKH EHVW VKRRWLQJ PXIIV \RX FDQ DIIRUG DQG ZKHUH SRVVLEOH XVH GRXEOH SURWHFWLRQ .HHS ZHOO EDFN IURP WKH PX]]OHV RI DGMDFHQW VKRRWHUV ± HVSHFLDOO\ ULIOHV $QG LI \RX JHW FDXJKW ZLWKRXW KHDULQJ SURWHFWLRQ JHW DV IDU DZD\ IURP WKH QRLVH DV SRVVLEOH 2QFH \RX VWDUW H[SHULHQFLQJ KHDULQJ ORVV LGHQWLI\ DQ\ SRVVLEOH FDXVHV DQG WU\ WR VWD\ DZD\ IURP WKHP RU WDNH VWHSV HDUSOXJV HWF WR UHGXFH QRLVH OHYHOV *R WR D JRRG DXGLROR JLVW DQG JHW \RXU KHDULQJ SURIHVVLRQDOO\ WHVWHG EHFDXVH JUDGXDO GHWHULRUDWLRQ FDQ WKHQ EH PHDVXUHG LI \RX JR ZKHQ \RX¶UH DOPRVW VWRQH GHDI \RXU DXGLRORJLVW KDV QR EDVHOLQH WR PHDVXUH IURP $QQXDO DXGLRORJLVW DSSRLQWPHQWV DUH D JRRG LGHD DV FRQWLQXDOO\ LPSURYLQJ WHFKQRORJ\ FDQ KHOS \RX ZLWK EHWWHU IHDWXUHV DQG VRXQG TXDOLW\ RQ KHDULQJ DLGV VXFK DV ZLUHOHVV UHFKDUJLQJ HWF

$XJXVW

7KX7 7 + 1 8 ?7


ƚ ůĂƐƚ͙ƌŝŐŚƚ ƟŵĞ͕ ƌŝŐŚƚ ƉůĂĐĞ 25 $6 ORQJ DV , FDQ UHPHPEHU P\ XOWLPDWH GUHDP ZDV WR KXQW $IULFD¶V %ODFN 'HDWK :KHQ , ZDV DW SULPDU\ VFKRRO P\ IDWKHU ERXJKW D 9+6 WDSH FDOOHG %ODFN 'HDWK E\ 0DUN 6XOOLYDQ DQG , FDQ VWLOO UHPHPEHU KRZ ZH ZDWFKHG LW RYHU DQG RYHU DJDLQ WKH LPDJHV IXHOLQJ P\ SDVVLRQ DQG GHVLUH WR SXUVXH DQ ROG GDJJD ER\ LQ WKLFN FRYHU ,W ZDV P\ IDWKHU¶V GUHDP DV ZHOO RQH ZKLFK KH VDGO\ WRRN WR KLV JUDYH 8QIRUWXQDWHO\ WKH SULFH RI VXFK SXU VXLWV ZDV EH\RQG P\ EXGJHW IRU TXLWH VRPH WLPH 5XDUN PLJKW KDYH VDLG ³$ EXIIDOR ORRNV DW \RX OLNH \RX RZH KLP PRQH\ ´ EXW ZLWK WKH SULFH D EXIIDOR KXQW IHWFKHV WKHVH GD\V LW PLJKW LQ IDFW EH WKH RWKHU ZD\ DURXQG 6R ZKHQ D IULHQG

7KX7 7 + 1 8 ?7

$XJXVW

FDOOHG WR WHOO PH KH PLJKW KDYH D JRRG GHDO , ZDV DOO HDUV (YHU\ PDQ KDV WKHLU SRLVRQ VRPH EX\ FDUV RWKHUV SOD\ JROI ± , ZDQW WR KXQW EXIIDOR /XFNLO\ , PDU ULHG DQ XQGHUVWDQGLQJ ZLIH DQG KHU UHVSRQVH ZDV ³,I WKH KXQW VRXQGV OHJLW WKHQ JR VKRRW LW´ /LWWOH GLG , NQRZ WKDW LW ZRXOG WDNH PH IRXU VHSDUDWH WULSV WR ILQDOO\ EDJ WKH VSHFLILF EXOO , KDG P\ H\H RQ 7ULS RQH , OLWHUDOO\ RQO\ VDZ KLP RQFH +H RXWZLWWHG DQG RXWVPDUWHG XV WR WKH H[WHQW WKDW ZH QLFNQDPHG KLP WKH 3KDQWRP 7ULS WZR 6HUYHG DV FRQILUPDWLRQ WKDW RXU QLFN QDPH ZDV KLJKO\ ILWWLQJ DV KH HYDGHG XV IRU DOPRVW WZR GD\V :KHQ ZH ILQDOO\ IRXQG KLP KH FXQQLQJO\ VWD\HG KLGGHQ EHKLQG WKH KHUG EHIRUH GLVDSSHDULQJ

7ULS WKUHH $Q\ LOOXVLRQV ZH KDG DERXW EHLQJ HYHQ VHPL VNLOOHG KXQWHUV ZDV VKDWWHUHG 7KH EXOO ZDV OLWHUDOO\ DOZD\V D IHZ VWHSV DKHDG RI XV 6R ZKHQ , PDGH DUUDQJHPHQWV IRU WKH IRXUWK WULS , NQHZ LW ZDV GHILQLWHO\ QRW D GRQH GHDO :LWK OHVVRQV OHDUQHG IURP WKH ILUVW WKUHH DWWHPSWV LW ZDV WLPH IRU D QHZ VWUDWHJ\ $OEHUW $OEHUWV P\ IULHQG 3+ DQG WD[LGHUPLVW DQG , GHFLGHG WKDW RXU EHVW EHW ZRXOG EH WR XWLOL]H D YHKLFOH WR ILQG WKH PDLQ KHUG WKHQ ZH ZRXOG HVWDE OLVK WKH EXOO¶V SUHVHQFH ZLWK WKH KHUG DQG WU\ WR GHWHUPLQH LQ ZKLFK GLUHFWLRQ WKH\ ZHUH KHDGLQJ ,I WKH KHUG SURYLGHG D FOHDU LQGLFDWLRQ RI GLUHFWLRQ ZH ZRXOG OHDSIURJ WKHP DQG SRVLWLRQ RXUVHOYHV WR DOORZ WKHP WR PRYH SDVW XV DQG KRSH


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

DEO\ 'HVSHUDWLRQ ZDV VHWWLQJ LQ DQG , ZRUULHG WKLV WULS PLJKW DOVR HQG LQ GLVDS SRLQWPHQW 7KH IROORZLQJ PRUQLQJ $OEHUW VDLG ³/HW¶V JR ILQG WKH EXIIDOR DQG VKRRW KLP´ 7KDW¶V D ORW HDVLHU VDLG WKDQ GRQH EXW ZH KDG QR RWKHU SODQV ± WKHVH EXIIDOR ZHUH VXSHUEO\ XQSUHGLFWDEOH :H IRXQG WKH KHUG OHLVXUHO\ JUD]LQJ ZLWK PRVW RI WKH DQLPDOV YLVLEOH LQ D UHODWLYHO\ RSHQ DUHD )URP RXU GLVWDQW HOHYDWHG SRVLWLRQ ZH

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± WKH\ PXVW KDYH EHHQ DERXW P DZD\ EXW ZH FRXOGQ¶W VHH WKHP WKURXJK WKH /DQWDQD EXVKHV :H UDQ DIWHU WKHP DV WKH\ KHDGHG RXW LQWR WKH RSHQ , KRSHG IRU D UXQQLQJ VKRW RU WKDW WKH\ PLJKW VWRS WR ORRN EDFN $V , FDPH LQWR WKH RSHQ , VDZ WKH 3KDQWRP UXQQLQJ IODW RXW DW WKH EDFN RI WKH KHUG 7UXH WR KLV QDWXUH KH TXLFNO\ UDQ DURXQG WKH RWKHUV DQG SODFHG WKH KHUG EHWZHHQ XV

$XJXVW

7KX7 7 + 1 8 ?7


+ ! * ' * * - ( - + ' * * *' ( ' * +($ * . + ' + ( * ' $

7KH\ HYHQWXDOO\ VWRSSHG EXW ZH ZHUH PRUH WKDQ P DZD\ DQG , FRXOGQ¶W LGHQWLI\ WKH 3KDQWRP EHWZHHQ WKH PDVV RI EODFN ERGLHV PRYLQJ LQWR WKH WKLFNHWV , NQHZ WKHUH ZDV D URDG UXQ QLQJ SDUDOOHO WR WKH WKLFNHWV WKDW WKH EXI IDOR ZRXOG KDYH WR FURVV RQ WKHLU FXUUHQW EHDULQJ 6R ZH UDQ WR WU\ DQG LQWHUFHSW WKHP (YHQWXDOO\ ZH VDZ WKH EXIIDOR PRYLQJ LQ IURQW RI XV RQ RXU OHIW DQG

7KX7 7 + 1 8 ?7

$XJXVW

+* ' *'. * * * + * * *( $ +* ' " *# - * '* ' (( ' , ' % '!& (*. $

DQWLFLSDWHG WKDW WKH\ ZRXOG FURVV D VPDOO FOHDULQJ DKHDG :H UXVKHG IRUZDUG WR WDNH XS SRVLWLRQ EHKLQG D WUHH UHDG\ IRU WKH 3KDQWRP WR UHYHDO KLPVHOI %XW D \RXQJ FRZ VXGGHQO\ VWXFN KHU KHDG WKURXJK WKH EXVKHV DQG SHHUHG VWUDLJKW DW XV IURP RQO\ P DZD\ 6KH WRRN RII ZLWK D IHZ RWKHUV DQG GDUWHG DFURVV WKH FOHDULQJ 7KH UHVW RI WKH KHUG UDQ EDFN LQ WKH GLUHFWLRQ WKH\ KDG FRPH IURP DQG

DOWKRXJK ZH SXUVXHG WKHP ZH IDLOHG WR VWRS WKHP JRLQJ XS LQWR WKH PRXQWDLQ ULGJHV 7KHUH ZDV QR GRXEW DERXW LW WKH\ NQHZ ZH ZHUH KXQWLQJ WKHP , ZDVQ¶W YHU\ KRSHIXO WKDW ZH ZRXOG VHH WKHP DJDLQ 7KH ZLQG ZDV EORZLQJ LQ WKHLU GLUHFWLRQ DQG ZLWK WKHP EHLQJ VKDNHQ XS E\ RXU ODWH PRUQLQJ VSULQWV LW GLGQ¶W PDNH VHQVH IRU XV WR WU\ DQG SXUVXH WKHP $V


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¶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¶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kFH LQ WKH QHFN , ZDVQ¶W WDNLQJ DQ\ FKDQFHV 7KHUH LV WUXWK LQ WKH ROG VD\LQJ ³,W¶V WKH GHDG RQHV WKDW NLOO \RX´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


,*+7521¶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± D IHDWXUH ZKLFK ZRUNV IDU EHWWHU WKDQ WKH WUDGLWLRQDO WKUHH GLPLQXWLYH JUXE VFUHZV RQ WKH VLGH RI WKH WXUUHW 7KH SDWHQWHG ) $ 6 7 IRFXV V\VWHP SURYLGHV WZR IRFXV GLDOV WKH ILUVW RSHUDWHV OLNH D VWDQGDUG TXLFN DFTXLVLWLRQ IRFXV NQRE DQG WKH VHFRQG SURYLGHV D JHDU UHGXFWLRQ IRU VPRRWK ILQH IRFXV DGMXVWPHQW , PDQDJHG WR IRFXV WKH VFRSH RQ WDUJHWV RQO\ P DZD\ DQG WKH ELJJHU GLDO WDNHV \RX IURP WKLV GLVWDQFH WR LQILQLW\ LQ D WKUHH TXDUWHU WXUQ 7KH VPDOOHU GLDO LV DQ H[FHO OHQW DGGLWLRQ ±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

7KX7 7 + 1 8 ?7

$XJXVW

02$ 5HWLFOH

WKH PD[LPXP DQG WKHQ UHWXUQHG WR ]HUR ZLWK WKH FHQWUH GRW HQGLQJ SUHFLVHO\ RQ WDUJHW HYHU\ WLPH , UHSHDWHG WKH WHVW ZLWK P\ 6DEDWWL 7DFWLFDO ZKLFK LV FDSDEOH RI ó02$ JURXSV XVLQJ JU (/' 0DWFK KDQGORDGV , GLDOOHG 02$ XS WKHQ ULJKW WKHQ GRZQ DQG ILQDOO\ OHIW 7KLV UHVXOWHG LQ WKH ILUVW DQG ODVW VKRW ODQGLQJ PP DSDUW , VLPSO\ FDQQRW IDXOW WKH VFRSH¶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


DURXQG [ WKH 69 HDVLO\ RXWSHUIRUPHG P\ RZQ ORQJ UDQJH VFRSH E\ GHOLYHULQJ D EHWWHU SLFWXUH RI WKH WDUJHW &ORVHU WR WKH RXWHU HGJHV RI WKH JODVV , QRWLFHG FKURPDWLF DEHUUDWLRQ SXUSOH IULQJLQJ RQ WKH HGJHV RI ZKLWH WDUJHWV EXW WKLV LV RQO\ DW KLJKHU PDJQLILFDWLRQ DQG ZKHQ XVLQJ WKH FHQWUH RI WKH JODVV WKH SLF WXUH ZDV FRPSDUDEOH ZLWK WKDW RI WKH YHU\ EHVW VFRSHV ,¶YH HYHU WHVWHG 3LFWXUH TXDOLW\ LQ WKH PRUQLQJV DQG DIWHUQRRQV ZDV YHU\ FOHDU ZHOO VDWXUDWHG DQG FULVSO\ GHILQHG ZKLOH WKHUH ZDV D ELW RI D GURS LQ VDWXUDWLRQ GXULQJ YHU\ EULJKW VXQOLJKW , UDQN WKH SLFWXUH SURGXFHG ZLWK VOLJKWO\ OHVV OLJKW DV RQH RI WKH EHVW , KDYH H[SHULHQFHG DPRQJ DOO WKH VFRSHV ,¶YH WHVWHG EXW UHPHP EHU RXU H\HV GLIIHU DQG \RXU H[SHULHQFH PLJKW EH GLIIHUHQW /RZ OLJKW SHUIRUPDQFH ZDV HTXDOO\ H[FHOOHQW 3HUVRQDOO\ ,¶P QRW D KXJH IDQ RI H[WUHPHO\ KLJK PDJQLILFD WLRQ VFRSHV EXW WKH 69 FKDQJHG P\ PLQG ,W¶V D YHU\ FDSDEOH VFRSH ZKLFK GHOLYHUV ZKDW¶V QHHGHG IRU ORQJ UDQJH VKRRWLQJ 7KH IORDWLQJ GRW RI WKH 02$ UHWLFOH ZRUNV H[FHSWLRQDOO\ ZHOO DQG LV HDV\ WR XVH 0RUHRYHU WKH WZR GLDO VLGH IRFXV DGMXVW PHQW V\VWHP PDNHV LW D ORW HDVLHU WR REWDLQ D FULVS SLFWXUH ZLWK DOPRVW QR SDUDOOD[ WR ILQH WXQH IRFXV WR VSRW PLUDJH DQG WR GHWHUPLQH ZLQG GLUHFWLRQ DQG VSHHG , IRXQG WKH 69 RQ VDOH RQOLQH IRU 5

DĂŐŶŝĨŝĐĂƚŝŽŶ KďũĞĐƚŝǀĞ >ĞŶƐ ŝĂŵĞƚĞƌ LJĞ ZĞůŝĞĨ &ŝĞůĚ ŽĨ sŝĞǁ dƵďĞ ^ŝnjĞ dƵƌƌĞƚ ^ƚLJůĞ ĞƌŽ ^ƚŽƉ ůŝĐŬ sĂůƵĞ DŝŶƵƚĞƐ WĞƌ ZĞǀŽůƵƚŝŽŶ DĂdž ůĞǀĂƚŝŽŶ ĚũƵƐƚŵĞŶƚ DĂdž tŝŶĚĂŐĞ ĚũƵƐƚŵĞŶƚ WĂƌĂůůĂdž ^ĞƚƚŝŶŐ &ŽĐƵƐ dLJƉĞ ZĞƚŝĐůĞ dLJƉĞ &ŽĐĂů WůĂŶĞ /ůůƵŵŝŶĂƚŝŽŶ &ŝŶŝƐŚ tĂƚĞƌƉƌŽŽĨ ŶƚŝͲZĞĨůĞĐƚŝŽŶ dĞĐŚ &ŽŐ WƌŽŽĨ >ĞŶŐƚŚ tĞŝŐŚƚ ^ƵŶƐŚĂĚĞ

ϭϬͲϱϬdž ϲϬŵŵ ϯ͘ϴ Ͳ ϰ͘ϱ ŝŶĐŚĞƐ ϵ͘ϲ Ͳ Ϯ͘ϮĨƚ ΛϭϬϬ LJĚƐ ϯϰŵŵ dĂĐƚŝĐĂů ;ZĞƐĞƚƚĂďůĞͿ EŽ ϭͬϰ DK Λ ϭϬϬ LJĂƌĚƐ ϮϬ DK ϳϬ DK Λ ϭϬϬ LJĂƌĚƐ ϲϬ DK Λ ϭϬϬ LJĂƌĚƐ ϭϬ LJĚƐ ƚŽ /ŶĨŝŶŝƚLJ ^ŝĚĞ &ŽĐƵƐ DK ϭ ^ĞĐŽŶĚ EŽ DĂƚƚĞ ůĂĐŬ zĞƐ Ͳ /Wy ϳ ƌĂƚĞĚ džĐůƵƐŝǀĞ ĂĐƚͲϳ ZĞǀĐŽĂƚ DƵůƚŝͲĐŽĂƚŝŶŐ zĞƐ ϭϲ͘ϱ ŝŶĐŚĞƐ ϰϮ͘ϳ Žnj /ŶĐůƵĚĞĚ

$XJXVW

7KX7 7 + 1 8 ?7


,5*816 DUH HYROYLQJ DQG DGYDQF LQJ DUJXDEO\ IDVWHU WKDQ DQ\ RWKHU IRUP RI ULIOH WKDQNV WR QHZ GHYHORS PHQWV LQ YDOYLQJ WHFKQRORJ\ DQG D VKLIW IURP WUDGLWLRQDO 'LDEROR SHOOHW VKDSHV WR VOHHNHU PRUH DHURG\QDPLF VOXJV :KLOH FHQWUHILUHV DQG ULPILUHV KDYH PRUH RU OHVV UHDFKHG D SHUIRUPDQFH SODWHDX DIWHU FHQWXULHV RI GHYHORSPHQW DQG PDVVLYH FDVK LQMHFWLRQV WKURXJK OXFUDWLYH PLOLWDU\ FRQWUDFWV DQG VSRUWLQJ HYHQWV DLUJXQV DUH RQO\ QRZ JRLQJ WKURXJK WKHLU µLQGXV WULDO UHYROXWLRQ¶ DQG WKDW LV ODUJHO\ WKDQNV WR WKH LQWURGXFWLRQ RI QHZ JOREDO VKRRWLQJ HYHQWV ZKLFK KDYH GULYHQ WKH LQGXVWU\ WR VWURQJ FRPSHWLWLRQ LQ D ELG WR

7KX7 7 + 1 8 ?7

$XJXVW

WƵƐŚŝŶŐ ƚŚĞ ůŝŵŝƚƐ ŽĨ ǁŚĂƚ W W ĂŝƌŐƵŶƐ ĐĂŶ ĚŽ͊

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


WDNH WKH WLWOH RI ³:RUOG¶V %HVW´«LI RQO\ IRU D IHZ PRQWKV Q D QXWVKHOO LW ZRUNV DV IROORZV $ WDU JHW ERDUG ZLWK WDUJHWV DQG D IHZ VLJKWHUV LV SODFHG \DUGV IURP D URZ RI EHQFKHV &RPSHWLWRUV DUH VSOLW XS LQWR ³3UR´ DQG ³6SRUWVPDQ¶V´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¶YH KDG WKH SULYLOHJH RI FRPSHWLQJ LQ D QXPEHU RI WKHVH FRPSHWLWLRQV 0\ ILUVW ZDV LQ ZKHQ , TXLFNO\ UHDOLVHG , ZDV ZD\ RXW RI P\ OHDJXH QRW RQO\ LQ WHUPV RI VKRRWLQJ VNLOO EXW DOVR PHQWDO IRUWLWXGH %HLQJ D VSHFWDWRU VSRUW WKHUH DUH QRW RQO\ KXQGUHGV RI VKRRWHUV IURP DOO RYHU WKH ZRUOG ZDWFKLQJ \RXU HYHU\ PRYH EXW MRXUQDOLVWV DQG 79 FUHZV VWXII LQJ FDPHUDV LQ \RXU IDFH WRR ,W¶V QRW MXVW DERXW EHLQJ DEOH WR VKRRW ZHOO LW¶V DERXW EHLQJ DEOH WR FXW WKURXJK WKH QRLVH DQG KDQGOH WKH SUHVVXUH $ VKRUW ODSVH LQ FRQFHQWUDWLRQ FDQ PDNH WKH GLIIHUHQFH EHWZHHQ WDNLQJ KRPH IRU ILUVW SODFH RU JRLQJ KRPH ZLWK QRWKLQJ ,Q P\ ILUVW \HDU WKH ZLQG FRPSOHWHO\ KXPEOHG PH 2QH VKRW ZRXOG EH VSRW RQ WKH QH[W ZRXOG EH 0LOV RII WDUJHW DV WKH ZLQG FXUOHG RYHU WKH SLVWRO EHUPV RQ WKH UDQJH DQG SXVKHG WKH SHOOHW XS DQG GRZQ , FRXOG VHH WKDW ELJ JU SHOOHW WKURXJK P\ VFRSH ± LW ZDV OLNH ZDWFKLQJ D EXPEOHEHH LQ D KXUULFDQH , DOVR ZDVQ¶W XVHG WR WKH FDOLEUH , ZDV XVLQJ KDYLQJ EHHQ DEOH WR VKRRW ZLWK RQO\ D FDOLEUH PP LQ 6RXWK $IULFD +HUHLQ OLHV RQH RI WKH ELJJHVW FKDOOHQJHV IRU 6RXWK $IULFDQV ZDQWLQJ WR

30 $,+- " , -0 - 03& " !& 0 1 4 0 3 , 3 0$,- .88!! - $4 04 -0 ,, '% 8*( 4 3 &$ " 285 8 ! "0 53- , - $& )

06& %886 " - 03& , , & 06 " ! 7 " &$ " , , ! " 0 $" - $& ) - 4 - 0 0 28%# $ 6 $3"0 " , 3" " " 0 )

$$ " $4" 0 , " " 0 $!& 0 0 $") " 0 0 28%# 6, !6 , 3& " $ 3! 3- $ )

$XJXVW

7KX7 7 + 1 8 ?7


( " %* # ' # && " " & " % + " " " #%" % # (

" # % "# % ' * ( # ' % * % % ! % " FRPSHWH LQ WKLV GLVFLSOLQH RU WR KROG WKHLU RZQ ORFDO FRPSHWL WLRQV ± EXW ZH¶OO GLVFXVV WKLV ODWHU , VXSSRVH , IRXQG D ELW RI FRPIRUW LQ VHHLQJ YDULRXV WRS P %HQFKUHVW VKRRWHUV URFN XS ZLWK VRPH LQFUHGLEO\ H[SHQVLYH HTXLSPHQW H[SHFWLQJ WR VZHHS WR YLFWRU\ RQO\ WR EH VPDVKHG E\ KLOOELOOLHV ZLWK VWRFN VWDQGDUG 3&3V DQG µ.HQWXFN\ ZLQGDJH¶ ,W MXVW JRHV WR VKRZ WKDW \RX

&+ *" * " ' ) " '#% # )# # % " %

FDQ¶W VLPSO\ VKLIW IURP RQH GLVFLSOLQH WR DQRWKHU DQG H[SHFW WR GR ZHOO (YHQ WKRXJK P DQG \G EHQFKUHVW DUH SUHWW\ VLP LODU LQ FRQFHSW WKH FRQGLWLRQV DW \GV DUH IDU PRUH VHYHUH DQG UHTXLUH D FRPSOHWHO\ GLIIHUHQW VWUDWHJ\ , OHDUQHG TXLFNO\ WKDW ZLQG IODJV DUH D ZDVWH RI WLPH ± WKURZ WKHP DZD\ EHFDXVH \RX ZLOO MXVW EH FRQIXVHG ZKHQ \RX VHH DOO \RXU IODJV SRLQWLQJ LQ GLIIHUHQW GLUHFWLRQV :KHQ , UHWXUQHG LQ ZLWK WKH PLQGVHW RI ³, GRQ¶W FDUH DERXW WKH SRGLXP ,¶P MXVW KHUH WR KDYH IXQ´ , ZDV FDOP DQG FROOHFWHG DQG WRRN VHFRQG SODFH RYHUDOO RXW RI DERXW VKRRW HUV ± DQG EHFDPH NQRZQ DV WKH ³ORQJ KDLUHG 6RXWK $IULFDQ WKDW VKRRWV EDUHIRRW´ 6LQFH WKHQ LW KDV EHHQ WKH KLJKOLJKW RI P\ FDOHQGDU \HDU DV ,¶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± ZH HYHQ KDG VKLUWV PDGH ZLWK WKH 6RXWK $IULFDQ FRORXUV DQG LW¶V RQO\ D PDWWHU RI WLPH EHIRUH ZH WDNH RYHU WKH ZRUOG -RNHV DVLGH LW DOZD\V PDNHV PH SURXG WR VHH WKH 6RXWK $IULFDQ IODJ IO\LQJ DERYH WKH EHQFKHV DORQJVLGH RWKHUV IURP DOO RYHU WKH ZRUOG :KDW PDNHV PH HYHQ SURXGHU LV WR VHH WKH 6RXWK $IULFDQ LQIOXHQFH LQ VRPH RI WKHVH HYHQWV 7KHUH DUH TXLWH D IHZ 6RXWK $IULFDQ H[SDWV QRZ OLYLQJ LQ WKH 86 WKDW DUH UHJXODU FRPSHWLWRUV 2XU OLWWOH µ6RXWK $IULFDQ WHDP¶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µVSLUDOV¶ R OHW¶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¶G VHH VLPLODU HYHQWV LQ 6RXWK $IULFD :H KDYH JRRG P UDQJHV WKDW FRXOG HDVLO\ KRVW

7KX7 7 + 1 8 ?7

$XJXVW


# " )

&) & # & ## "& & &# " " $ " $$! & - " ' $!

" # , ,

"" # )#& & * * " ##)"

\G FRPSHWLWLRQV DQG ZHOO VWUXFWXUHG DLUJXQ FOXEV WKDW FRXOG RUJDQL]H DQG RYHUVHH HYHQWV :H DOVR DJUHHG WKDW WKHUH ZDV SOHQW\ RI WDOHQW LQ 6RXWK $IULFD DQG WKDW ZH ZRXOG EH D IRUFH WR EH UHFNRQHG ZLWK DW LQWHUQDWLRQDO FRPSHWLWLRQV LI ZH FRXOG JHW RXU DFW WRJHWKHU KH FKDOOHQJH KRZHYHU LV WKLV ZH DUH VHYHUHO\ UHVWULFWHG ZKHQ LW FRPHV WR FDOLEUH FKRLFH 2XU ODZV OLPLW XV WR PP DQG XQGHU DQG LW LV QR VHFUHW WKDW PP SHOOHWV MXVW FDQ QRW FRPSHWH ZLWK DQG DW ORQJ UDQJH , GRQ¶W FDUH KRZ PXFK \RX DUJXH ZLWK PH RQ WKLV RQH ± ZKHQ LW FRPHV WR GLDER OR VKDSHG SHOOHWV WKH LV NLQJ 6R KRZ DUH 6RXWK $IULFDQV VXSSRVHG WR FRPSHWH LQWHUQDWLRQDOO\" :HOO , VHH WZR RSWLRQV )LUVWO\ ZH MXVW DFFHSW WKDW ZH DUH JRLQJ WR KDYH WR VHWWOH ZLWK , DFWXDOO\ VHH WKLV DV RXU RQO\ RSWLRQ DV XVLQJ DQ\WKLQJ ODUJHU DXWRPDWLFDOO\ PDNHV LW D µILUHDUP¶ E\ GHILQLWLRQ DQG PHDQV LW FDQ¶W EH XVHG RQ D GHGLFDWHG DLUJXQ UDQJH 3HUKDSV D JRRG FRPSURPLVH ZRXOG EH WR DOORZ WKH XVH RI VOXJV FRPSHWLWLRQV LQ WKH 86 GRQ¶W DOORZ WKLV DQG FUHDWH DQ ³8QOLPLWHG´ FODVV LQ ZKLFK OHJDO PP 3&3V FDQ EH XVHG ZLWK QR SRZHU RU SURMHFWLOH UHJX ODWLRQV 7KLV ZRXOG PRVW FHUWDLQO\ EH JRRG IRU WKH VSRUW DV LW ZRXOG SURPRWH WKH IXUWKHU HYROXWLRQ RI 3&3 DLUJXQV 2SWLRQ % LV WKDW ZH FUHDWH D ³%LJ %RUH´ FODVV DQG DOORZ VKRRWHUV ZLWK DFFHVV WR ODUJHU FDOLEUHV WR FRPSHWH DJDLQVW WKHPVHOYHV 7KLV ZKLOH TXLWH H[FOXVLYH PD\ EH D JRRG WKLQJ LQ WKH VHQVH WKDW VKRRWHUV ZDQWLQJ WR FRPSHWH LQ WKH 86 ZLOO QHHG WR KDYH H[SHULHQFH ZLWK ODUJHU FDOLEUHV LQ RUGHU WR VWDQG D JRRG FKDQFH ,W LV FXUUHQWO\ TXLWH D FKDOOHQJH WR EX\ D RU FDOLEUH DLUJXQ LQ 6RXWK $IULFD DV PRVW DLUJXQ GLVWULEXWRUV GR QRW KDYH ILUHDUP GHDOHUV¶ OLFHQVHV DQG WKHUHIRUH FDQ¶W VWRFN RU VHOO DQ\ WKLQJ ELJJHU WKDQ V 3DWULRW 2XWGRRUV LQ &DSH 7RZQ ZKR LPSRUWV DQG GLVWULEXWHV ); $LUJXQV $LU 9HQWXUL DQG D QXPEHU RI RWKHU EUDQGV LV PDNLQJ D ZD\ DURXQG WKLV ZLWK D GHDOHUV¶ OLFHQFH SHQGLQJ DQG DQG EDUUHOV EHLQJ UHJLV WHUHG ZLWK WKH &)5 WR DOORZ VKRRWHUV WR DSSO\ IRU OLFHQVHV DV RQH ZRXOG IRU D ILUHDUP %DUUHOV ZLOO FRPH LQWR WKH FRXQWU\ OHJDOO\ ZLWK VHULDO QXPEHUV VWDPSHG RQ WKHP DV DQ\ ILUHDUP EDUUHO ZRXOG 2XU KRSH LV WKDW RQH GD\ D SURSRVDO FDQ EH PDGH IRU WKH GH UHJXODWLRQ RI ELJ ERUH DLUJXQV ZKLFK ZRXOG DOORZ IRU IDLU FRPSHWLWLRQ EHWZHHQ 6RXWK $IULFD DQG WKH 8QLWHG 6WDWHV EXW

,

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± DOWKRXJK RXU ZLQG LV QRW NLQG WR XV 7KH EHVW SDUW" $Q\ DLUJXQ FDQ EH XVHG $Q\ VFRSH FDQ EH XVHG <RX FDQ XVH \RXU JUDQGIDWKHU¶V VSULQJHU LI \RX UHDOO\ ZDQW WR ,W LV RSHQ WR DOO DQG \RX GRQ¶W QHHG D GHGLFDWHG VHW RI HTXLS PHQW RU D OLPLWHG HQHUJ\ ULIOH WR FRPSHWH $QG WKDW , EHOLHYH LV ZK\ LW LV TXLWH SRVVLEO\ WKH IDVWHVW JURZLQJ VKRRWLQJ GLVFLSOLQH RQ HDUWK

(- , ) & " ) &

$XJXVW

7KX7 7 + 1 8 ?7


/Ɛ ŝƚ ĞŶŽƵŐŚ ŐƵŶ͍ 219(17,21$/ ZLVGRP VD\V \RX VKRXOG QRW WUXVW \RXU OLIH WR DQ\WKLQJ OHVV WKDQ D KRW 6SHFLDO RU D PP 3DUDEHO OXP ± DQG WKHUH DUH VRPH ZKR EHOLHYH HYHQ WKRVH FDOLEUHV DUH RQO\ PDUJLQDOO\ HIIHFWLYH %XW IRU ZHOO RYHU RQH KXQGUHG DQG WKLUW\ \HDUV PHQ DQG ZRPHQ DQG LQ VRPH FDVHV FKLOGUHQ KDYH HIIHFWLYHO\ SURWHFWHG KRPH DQG KHDUWK ZLWK WKH ORZO\ /5 +RZ LV WKDW HYHQ SRV VLEOH DQG ZK\" ,Q PRVW FDVHV LW LV EHFDXVH LW¶V WKH ILUHDUP WKH\ KDG DQG VDZ QR UHDVRQ WR FKDQJH LW SOXV LW¶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

7KX7 7 + 1 8 ?7

$XJXVW

FDUWULGJH VWLOO EHLQJ SURGXFHG WRGD\ ,W ZDV WKH ILUVW $PHULFDQ PHWDOOLF FDUWULGJH DQG ZDV LQWURGXFHG IRU WKH ILUVW 6PLWK :HVVRQ UHYROYHU D µSRFNHW SLVWRO¶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¶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

VKRW DQ\ZD\" )LYH RU VL[ DFFXUDWH /5 VKRWV ZLOO GHILQLWHO\ JHW DQ\ DWWDFNHU¶V DWWHQWLRQ DQG PDNH KLV H\HV ZDWHU $FFXUDF\ LV ZKHUH WKH OLWWOH URXQG VKLQHV %HFDXVH LW LV FKHDS DQG UHFRLO LV QRQ H[LVWHQW RZQHUV FDQ DQG DUH OLNHO\ WR SUDFWLFH PXFK PRUH KDW DERXW WKH UHOLDELOLW\ RI ULPILUH DPPXQLWLRQ" :KLOH LW LV WUXH WKDW ULPILUH DPPXQLWLRQ ZDV RQFH QRW DV UHOLDEOH DV FHQWUHILUH DPPXQLWLRQ PRGHUQ TXDOLW\ PDQXIDFWXUHG /5 LV UHPDUNDEO\ JRRG DQG LQ WKH DSSUR[LPDWHO\ URXQGV ,¶YH VKRW RYHU WKH SDVW WZR \HDUV , KDYH QRW KDG D VLQJOH IDLOXUH WR ILUH 2I FRXUVH D PLVILUH FDQ KDSSHQ EXW WKH VDPH LV WUXH IRU FHQWUHILUH DPPXQLWLRQ $V LV WKH FDVH ZLWK DQ\ ILUHDUP \RX PXVW LQFOXGH WUDLQLQJ GULOOV WR FOHDU IDXOW\ FDUWULGJHV RU PD\EH MXVW XVH D UHYROYHU DQG SXOO WKH WULJJHU DJDLQ 1RQH RI WKLV PHDQV ,¶P HQFRXUDJLQJ DQ\RQH WR VZDS KLJK FDSDFLW\ SLVWROV IRU /5 UHYROYHUV 7KH SRLQW LV WKDW LI DOO \RX RU \RXU IDPLO\ RZQ LV D KXPEOH /5 \RX DUH EHWWHU DUPHG WKDQ PDQ\ µPDOO QLQMDV¶ ZRXOG KDYH \RX EHOLHYH

"

!! "

# % !! " $ "

" % $ $ " %

ĂůŝďƌĞ

͘ϮϮ^ŚŽƌƚͬ>ŽŶŐͬ>Z

͘ϯϴϬ W ͘ϯϴ^Ɖů

ϵŵŵW

͘ϯϱϳ DĂŐͬ^ŝŐ

͘ϰϬ^Θt

͘ϰϱ W

͘ϰϰDĂŐ

EƵŵďĞƌ ŽĨ WĞŽƉůĞ ^ŚŽƚ EƵŵďĞƌ ŽĨ ,ŝƚƐ &ĂƚĂů ,ŝƚƐ й ǀŐ EŽ ZŽƵŶĚƐ ƚŝůů /ŶĐĂƉĂĐŝƚĂƚŝŽŶ й WĞŽƉůĞ EŽƚ /ŶĐĂƉĂĐŝƚĂƚĞĚ KŶĞͲ^ŚŽƚ ^ƚŽƉƐ й ,ĞĂĚ Θ dŽƌƐŽ ,ŝƚƐ й й /ŶĐĂƉĂĐŝƚĂƚĞĚ ďLJ KŶĞ ^ŚŽƚ ;ŚĞĂĚ Žƌ ƚŽƌƐŽͿ

ϭϱϰ Ϯϭϯ ϯϰй ϭ͘ϯϴ ϯϭй ϯϭй ϳϲй ϲϬй

ϴϱ ϭϱϬ Ϯϵй ϭ͘ϳϲ ϭϲй ϰϰй ϳϲй ϲϮй

ϰϱϲ ϭϭϮϭ Ϯϰй Ϯ͘ϰϱ ϭϯй ϯϰй ϳϰй ϰϳй

ϭϬϱ ϭϳϵ ϯϰй ϭ͘ϳ ϵй ϰϰй ϴϭй ϲϭй

ϭϴϴ ϰϰϯ Ϯϱй Ϯ͘ϯϲ ϭϯй ϰϱй ϳϲй ϱϮй

ϮϬϵ ϰϯϲ Ϯϵй Ϯ͘Ϭϴ ϭϰй ϯϵй ϴϱй ϱϭй

Ϯϰ ϰϭ Ϯϲй ϭ͘ϳϭ ϭϯй ϱϵй ϴϴй ϱϯй

ϭϵϵ ϯϳϯ Ϯϵй ϭ͘ϴϳ ϭϳй ϯϵй ϳϲй ϱϱй

$XJXVW

7KX7 7 + 1 8 ?7


ĐůĂƐƐŝĐ ĚƌĞƐƐĞĚ ƵƉ

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¶V 7RWDO &RQWURO /DWFK SDWHQW SHQG LQJ SUHYHQWV DFFLGHQWDO PDJD]LQH UHOHDVH 2XU WHVW ULIOH¶V PDJD]LQH KDG WR EH SXVKHG XS ZKLOH VLPXOWDQHRXVO\ SUHVVLQJ WKH PDJ UHOHDVH WR DOORZ LW WR GURS IUHH ,WV PDJD]LQH :LQ KROGV ILYH URXQGV 7KH WZR ZD\ 6DNR VDIHW\ ORFNV ERWK WKH WULJJHU DQG WKH EROW KDQGOH $ EROW UHOHDVH

7KX7+18?7

$XJXVW


EXWWRQ LQ IURQW RI WKH VDIHW\ FDWFK ± D IHDWXUH RI WKH 6DNR 6DIHW\ 6\VWHP

DOORZV \RX WR ORDG RU UHPRYH D FDUWULGJH IURP WKH FKDPEHU ZKLOH WKH VDIHW\ LV HQJDJHG 0RVW 6DNR PRGHOV ZLWK EOXHG EDU UHOV DUH DYDLODEOH ZLWK HLWKHU VWDQGDUG RU RSWLRQDO DGMXVWDEOH LURQ VLJKWV 7KH IURQW EHDG LV DGMXVWDEOH IRU HOHYDWLRQ DQG WKH UHDU EODGH IRU ZLQGDJH 7KH 9DUPLQW PRGHO FRPHV ZLWKRXW VLJKWV $FFRUGLQJ WR WKH PDQXDO ZHLJKW RI SXOO RI WKH VLQJOH VWDJH 6DNR WULJJHU LV DGMXVWDEOH IURP WR NJ ± OEV $Q RSWLRQDO VLQJOH VHW WULJJHU LV DYDLODEOH IRU PRVW 6DNR PRGHOV $Q DOO VWHHO WULJ JHU JXDUG LV HPSOR\HG WR SURWHFW WKH WULJJHU EXW WKH )LQQOLJKW DQG &DUERQOLJKW PRGHOV KDYH OLJKWZHLJKW KDUG DQRGL]HG DOXPLQLXP WULJJHU JXDUGV 7KH WHVW ULIOH¶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± QRW HQRXJK WR DIIHFW VKRW SODFH PHQW HYHQ RQ VPDOO JDPH

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¶V RXW RI WKH ER[ DFFXUDF\ ZLWK IDFWRU\ DPPR ± LW RXWSHUIRUPHG P\ UDWKHU H[SHQVLYH SUH FLVLRQ ULIOHV ,WV WZLVW SUREDEO\ SOD\HG D UROH LQ OHQGLQJ FRQVLVWHQF\ WR EXOOHWV RI YDU\LQJ ZHLJKW PRVW :LQ KXQWLQJ ULIOHV KDYH WZLVWV 7KH ZRUVW SHUIRUPHU JU /DSXD 0HJD DPPR DFKLHYHG 02$ DFFXUDF\ ± PRUH WKDQ DFFHSWDEOH IRU KXQWLQJ SXU SRVHV .HHS LQ PLQG WKDW DOO WKUHH DPPR W\SHV ZHUH IDFWRU\ ORDGV $ ULIOH FDSDEOH RI VXFK DFFXUDF\ ZLWK IDFWRU\ DPPR PDNHV OLIH D ORW HDVLHU DV \RX FDQ XVH WKH VDPH FRPSRQHQWV WR DVVHPEOH KDQGORDGV GXSOLFDWLQJ WKH IDFWRU\ DPPR¶V SHUIRUPDQFH $QRWKHU VXUSULVH ZDV WKH VLQ JOH VWDJH WULJJHU ZKLFK EURNH FULVSO\ DQG FOHDQO\ DW óOEV OLJKWHU WKDQ VWDWHG E\ WKH PDQXDO ZLWK QR RYHU WUDYHO ±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

$XJXVW

7KX7 7 + 1 8 ?7


#

" "

" !#

"

" #

" " " "

#

7KX7 7 + 1 8 ?7

$XJXVW


29(5 $1 ; %$* 6+27 *52836 ŵŵƵŶŝƚŝŽŶ sĞůŽĐŝƚLJ Ϯ ϴϮϰĨƉƐ ^ĂŬŽ ϭϱϬŐƌ ^ƵƉĞƌ ,ĂŵŵĞƌŚĞĂĚ Ϯ ϲϰϬĨƉƐ ^ĂŬŽ ϭϲϱŐƌ 'ĂŵĞŚĞĂĚ WƌŽ Ϯ ϱϯϱĨƉƐ >ĂƉƵĂ ϭϴϱŐƌ DĞŐĂ

ϯͲƐŚŽƚ 'ƌŽƵƉ ĐͲĐ ϵŵŵ ϲŵŵ ϯϱŵŵ


dŚĞ ĂŵďĞnjŝ͗ ƚƌŝĂů ďLJ ǁĂƚĞƌ͕ ďĂƉƟƐŵ ŽĨ ĮƌĞ $57 RI WKLV DUWLFOH HQGHG ZLWK 6WHYH FDPSHG EHVLGH WKH 6DQ\DWL 5LYHU NP IURP ZKHUH LW HQWHUV /DNH .DULED ZDLWLQJ WR UHQGH]YRXV ZLWK µ7RP¶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¶V IRRG KDG UXQ RXW DQG ZLWK RXW KLV ILVKLQJ WDFNOH OHIW ZLWK KLV OLIH MDFNHW LQ 7RP¶V FDQRH WR EH EURXJKW RQ WR WKH UHQGH]YRXV SRLQW KLV RQO\ VRXUFH RI SURWHLQ ZDV JXLQHDIRZO KH¶G VKRW +RZ HYHU 7RP QHYHU SLWFKHG $IWHU VHYHUDO GD\V KDYLQJ QR PRQH\ WR FDWFK D EXV WR .DURL 6WHYH DVNHG D EXV GULYHU WR GHOLYHU D OHWWHU DVNLQJ WKH .DURL SROLFH WR FRQWDFW 7RP DQG LQIRUP KLP RI 6WHYH¶V SOLJKW 2Q 0D\ 6WHYH¶V VLVWHU LQ ODZ DQG KLV IULHQG &RFN\ $VSH\ DUULYHG WR LQIRUP KLP WKDW 7RP KDG VLPSO\ ZDVKHG KLV KDQGV RI WKH WULS DQG GLVFDUGHG 6WHYH DV QRQH RI KLV FRQFHUQ 7KH\ KDG EURXJKW SURYL VLRQV DQG &RFN\ YROXQWHHUHG WR DFFRP SDQ\ 6WHYH IURP .DULED WRZQ DW WKH GDP ZDOO WR WKH 5KRGHVLDQ ERUGHU

7KX7 7 + 1 8 ?7

$XJXVW

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


NP WR JR ± DFWXDOO\ PXFK IXUWKHU GXH WR WKH ]LJ]DJ FRXUVH DQG GHWRXUV DURXQG UDSLGV DQG IDOOV 7R EH EULHI ZLWK WKH KHOS RI 6WHYH¶V IULHQGV WKH +RXJDDUGV 7RP¶V FDQRH DQG JHDU ZHUH EURXJKW E\ URDG WR .DULED IRU &RFN\ WR XVH IURP WKHUH WR WKH ERUGHU 7KH\ ODXQFKHG LQWR WKH IDVW GHHS =DP EH]L ZDWHUV DW .DULED JRUJH KXJJLQJ WKH HDVWHUQ EDQN VR DV QRW WR DWWUDFW $. ILUH IURP WKH =DPELDQ VLGH 7KLV ZDV VHULRXV KLSSR DQG FURFRGLOH ZDWHU %ULDQ 'HPSVWHU WKH HDUO\ SURIHVVLRQDO FURF KXQWHU RSHUDWHG KHUH GXULQJ WKH V 6WHYH¶V IDWKHU DQ DYLG KXQWHU DQG ILVKHU PDQ ZKR ORYHG WKH =DPEH]L OLHV EXULHG KHUH ± WKH\ VWRSSHG WR YLVLW KLV JUDYH (OHSKDQWV EURZVHG QHDUE\ 7KDW QLJKW D KLSSR HPHUJHG IURP WKH ULYHU QRW P IURP WKHLU FDPS VHQGLQJ ERWK VFUDP EOLQJ IRU VDIHW\ DQG EDGO\ VFDULQJ &RFN\ +DYLQJ QHJOHFWHG WR JHW DQ H[SRUW LP SRUW SHUPLW WR WDNH ILUHDUPV LQWR 0R]DP ELTXH 6WHYH ZDV IRUFHG WR OHDYH KLV ULIOH DQG VKRWJXQ DW .DULED 6WHYH ZURWH ³7KHUH ZHUH GR]HQV RI KLSSR« ZH KDG WR PDNH FRQVLGHUDEOH GHWRXUV WR DYRLG WKHP LQ P\ IUDLO OLWWOH FDQRH , ZDV DFXWHO\ DZDUH RI P\ YXOQHU DELOLW\ LW ZDV LPSRVVLEOH WR VWD\ FRP SOHWHO\ FOHDU RI WKHP« (YHU\ HQFRXQWHU PDGH PH ZRQGHU LV WKLV ZKHUH , EHFRPH FURFRGLOH GXQJ"´ 1HDULQJ WKH YLOODJH RI &KLUXQGX SDG GOLQJ YHU\ FORVH WR DQ LVODQG WKH\ URXQGHG D EHQG SDQLFNLQJ WZHQW\ KLS SRV KXGGOHG WRJHWKHU RQ WKH EDQN 7KHVH SOXQJHG LQWR WKH ZDWHU DOPRVW VLQNLQJ WKH FDQRHV VQRUWLQJ DQG GUHQFKLQJ WKH PHQ 7KLV SURYHG WRR PXFK IRU &RFN\ RQ UHDFKLQJ &KLUXQGX KH TXLW RQ 6WHYH DQG JRW D OLIW KRPH RQ D WUXFN

ROR RQFH PRUH 6WHYH SDGGOHG RII IRUJHWWLQJ KLV PRVTXLWR QHW LQ &RFN\¶V FDQRH 1HDU 0DQD 3RROV DV WKH =DPEH]L PDNHV LWV VORZ WXUQ HDVWZDUGV WRZDUG WKH ,QGLDQ 2FHDQ LW EHFRPHV LQGHVFULEDEO\ EHDXWLIXO DQG ILOOHG ZLWK GUDPDWLF DFWLRQ DQG JDPH HYHU\ZKHUH 6WHYH¶V FDPSV ZHUH IUHTXHQWO\ YLVLWHG E\ HOHSKDQWV ± RQH FDPH ZLWKLQ QLQH PHWUHV RI KLV VOHHSLQJ EDJ +\HQDV KRZOHG DOO QLJKW 7KLV LV KXQWLQJ FDPS WHUULWRU\ DQG WKH KXQWHUV KH HQFRXQWHUHG ZHUH JHQHU RXV ZLWK ELOWRQJ DQG RWKHU VXSSOLHV 3DVVLQJ µ+¶ &DPS 6WHYH KDG KLV ZRUVW VFDUH RQ WKH =DPEH]L 3DGGOLQJ FORVH WR D YHU\ KLJK EDQN WR DYRLG KLS SRV KH ZDWFKHG LQ KRUURU DV D JLJDQWLF VHJPHQW RI WKH HDUWKHQ EDQN DERYH KLP FUDFNHG DQG VSOLW DZD\ LQ VORZ PRWLRQ FROODSVLQJ LQWR WKH ZDWHU ZLWK D WKXQGHU RXV ERRP ULJKW EHKLQG KLP LWV VXUJLQJ

ZDYH WRVVLQJ KLV FDQRH DERXW OLNH D GU\ OHDI +DG KH EHHQ VHFRQGV VORZHU KLV OLIH¶V MRXUQH\ ZRXOG KDYH HQGHG WKHUH $W WKDW PRPHQW KH IHOW D EXPS EHQHDWK KLP DQG WKH KHDG RI D ODUJH KLSSR VXUIDFHG ZLWKLQ DUP¶V UHDFK +H SDGGOHG IXULRXVO\ RQO\ WR VHH DQRWKHU KLSSR¶V KHDG VXUIDFH PHUH PHWUHV GLUHFWO\ DKHDG +H SUH SDUHG WR GLYH RYHUERDUG EXW DW WKH ODVW PRPHQW WKH KLSSR VXEPHUJHG +HDGLQJ IRU WKH EDQN KH¶G QR VRRQHU JDWKHUHG KLV QHUYHV ZKHQ KH URXQGHG D FXUYH DQG GLVWXUEHG DQRWKHU HQRUPRXV KLSSR EXOO GR]LQJ RQ WKH EDQN $ODUPHG LW JDOORSHG IRU WKH ZDWHU ± VWUDLJKW WRZDUGV KLP ,W OHDSW IURP WKH EDQN ULJKW DERYH KLP DQG EHOO\ IORSSHG LQWR WKH ZDWHU VR FORVH KH FRXOG KDYH VODSSHG LWV QRVH DV LW ZHQW GRZQ DOPRVW VZDPSLQJ KLV FDQRH 6WHYH QRZ HQWHUHG WKH .DQ\HPED UHJLRQ ZKHUH , RQFH KXQWHG EXIIDOR DQG

$XJXVW

7KX7 7 + 1 8 ?7


DOVR ERDWHG RQ WKH =DPEH]L , UHPHPEHU IHDWXUHV KH GHVFULEHG VXFK DV WKH SLFWXUHVTXH 0XSDWD *RUJH DQG 7KH *DWH IRUPHG E\ WZR WDOO KLOOV RQH RI ZKLFK WKH .DSVXNX 6KRQD IRU µUHG¶ KDV D VKHHU FOLII IDFH RI UXJJHG UHG URFN GURSSLQJ GRZQ LQWR WKH ULYHU %H\RQG WKLV OD\ 0R]DPELTXH

SRUWHG RQ WKH EDFN RI D ORUU\ LQ FRQYR\ DQG ODWHU E\ ERDW WKHQ DJDLQ E\ URDG WR 7HWH IRU IXUWKHU LQWHUURJDWLRQ 7KH FRQYR\¶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³ZRXOG KDYH DV PXFK FKDQFH RI VXUYLYLQJ WKH ZDWHUV RI WKH &DERUD %DVVD *RUJH DV D VWUDZ KDG RI VXUYLYLQJ D ERQILUH´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

W =XPER 6WHYH REWDLQHG SHUPLVVLRQ IURP WKH ORFDO 3RUWX JXHVH DXWKRULWLHV WR HQWHU 0R]DPELTXH WKHQ FDPSHG VRPH NP LQ $V KH ODFNHG D PRVTXLWR QHW GHQVH VZDUPV RI PR]]LHV PDGH LW RQH RI WKH PRVW XQSOHDVDQW QLJKWV RI KLV OLIH +RZHYHU LQ WKH GD\V IROORZLQJ KH QRWLFHG D VKDUS GHFOLQH LQ WKH QXPEHUV RI KLSSRV ZKLFK KH SXW GRZQ WR LQGLVFULPLQDWH VKRRW LQJ E\ WKH ORFDOV $IULFDQ SROLFH UHVHUYLVWV VWRSSHG KLP WR ZDUQ WKDW WKH DUHD ZDV FUDZOLQJ ZLWK EDQGLGRV DQG KH¶G QHYHU JHW WKURXJK DOLYH +H FRQ WLQXHG KRZHYHU SDVVLQJ WKURXJK VRPH VLQJXODUO\ ORYHO\ MXQJOH OLNH FRXQWU\ WKDW ZRXOG VRRQ GLVDSSHDU IRUHYHU EHQHDWK WKH ZDWHUV RI WKH PDVVLYH &DERUD %DVVD GDP SURMHFW $W 0XOXYLUD KH HQTXLUHG DW DQ DUP\ FDPS DV WR WKH OLNHO\ SUHVHQFH RI JXHUULOOD LQVXUJHQWV $JKDVW WKH FRPPDQGLQJ RIILFHU DGRSWLQJ DQ $PHULFDQ DFFHQW VSOXWWHUHG ³<RX JRGGDP FUD]\ 7KLV SODFH LV IXOOD WHUURULVWV LW¶V JHWWLQJ ZRUVH HYHU\ ZHHN« \RX ULVNLQJ \RXU OLIH ´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¶W WXUQHG EDFN DW =XPER DV WKH ULYHU KDG EHHQ FORVHG WR QDYLJDWLRQ VLQFH -DQXDU\ KH ZDV OXFN\ KH ZDVQ¶W VSRWWHG E\ PLOLWDU\ DLUFUDIW ZKLFK ZRXOG KDYH EORZQ KLP WR ELWV )URP 0DJXH KH DQG KLV FDQRH ZHUH WUDQV

7KX7 7 + 1 8 ?7

$XJXVW


%( ( % $ "$ # ' % $ $ , ' , % $ , ' ) * $ %

- #% ) $ $ % ' % % % $ ' $ % $ %( % %' % $

2Q ILQDOO\ UHDFKLQJ WKH VHD 6WHYH¶V XQERXQGHG MR\ UHOLHI DQG RYHUZKHOPLQJ VHQVH RI DFFRPSOLVKPHQW LV EH\RQG GHVFULSWLRQ EH\RQG LPDJLQDWLRQ *LYHQ WKH PDQ\ VXEVHTXHQW FKDQJHV LQ =LPEDEZH DQG 0R]DPELTXH LW VHHPV XQOLNHO\ VXFK D IHDW FRXOG EH UHSHDWHG LQ WKH IRUHVHHDEOH IXWXUH ,W ZDV D RQH RII ,W¶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¶V UXLQHG HFRQRP\ ODFNHG IXQGV IRU WUHDWPHQW +H DFFHSWHG KLV FRQGLWLRQ VWRLFDOO\ DQG LQ GLHG DV KH KDG OLYHG ± XQFRP SODLQLQJO\ 2QH RI D YHU\ UDUH EUHHG 6WHYH ZDV D WUXH $IULFDQ SURGLJ\

+ (%' ' $ % + ' % ' $ $ % ' ) , % ) ($% ) ' $, ' ' (' '

- ' ' - !( $ # # # " !

$XJXVW

7KX7 7 + 1 8 ?7




dŚŝŶŬ ďĞĨŽƌĞ LJŽƵ ƐƚĂůŬ 85,1* WKH ILQDO VWDJHV RI D VWDON RQ JDPH LW RIWHQ KDSSHQV WKDW \RX JHW VWXFN GXH WR D ODFN RI FRYHU RU EHFDXVH WKH SUHVHQFH RI RWKHU DQLPDOV FORVH E\ FDQ EORZ \RXU FRYHU 8QIDYRXUDEOH VXE VWUDWH ORRVH URFNV RU SHEEOHV FDQ DOVR SUHYHQW D TXLHW DSSURDFK DQG ELUGV PRQNH\V EDERRQV HWF FDQ JLYH \RX DZD\ *DPH DQLPDOV DUH EOHVVHG ZLWK DQ DUUD\ RI VHQVHV IDU VXSHULRU WR WKDW RI KXPDQV WKHUHIRUH KXQWLQJ E\ KRSLQJ IRU WKH EHVW DQG EOXQGHULQJ WRZDUGV \RXU SRWHQWLDO TXDUU\ GLVUHJDUGLQJ ZLQG GLUHF WLRQ VPHOO FRYHU VLJKW RU QRLV\ JURXQG FRQGLWLRQV KHDULQJ LV PRVWO\ IXWLOH 7KRVH VSHFLDOL]LQJ LQ VKRRWLQJ JDPH DW ORQJ GLVWDQFHV RI P RU PRUH DUH QRW LQIOXHQFHG LQ WKH VDPH ZD\ DV KXQW HUV ZKR SUHIHU DQG ORYH WKH VWDON $OWKRXJK WKH DIRUHPHQWLRQHG JURXS PLJKW EH SOHDVHG ZLWK VSHFWDFXODU NLOOV ,¶P VXUH P\ HQMR\PHQW DQG VDWLVIDFWLRQ DIWHU D WULFN\ VWDON UHVXOWLQJ LQ D FOHDQ NLOO

7KX7 7 + 1 8 ?7

$XJXVW

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¶W DOZD\V JXDUDQWHH VXF FHVV EXW ZLWK H[SHULHQFH JDWKHUHG RYHU \HDUV RI KXQWLQJ DQG DQ LQWLPDWH NQRZO HGJH RI WKH KDELWV RI GLIIHUHQW VSHFLHV DW OHDVW ZH ZLOO KDYH D EHWWHU FKDQFH 'XULQJ DOPRVW KDOI D FHQWXU\ RI KXQW LQJ , KDYH RIWHQ VDW GRZQ IRU VRPH PRPHQWV WR FRQVLGHU P\ RSWLRQV ZKHQ , WKRXJKW , ZDV VWXFN $ IHZ \HDUV DJR LQ WKH (DVWHUQ &DSH , VWDONHG D KHUG RI EOHV

EXFN WKDW , KDG QRWLFHG LQ WKH GLVWDQFH , KDG SUHYLRXVO\ KXQWHG LQ WKH DUHD DQG NQHZ WKDW WKHUH ZDV D GU\ HURVLRQ JXOO\ KDOIZD\ WRZDUGV WKH DQLPDOV WKDW ZRXOG NHHS PH RXW RI VLJKW DQG SUREDEO\ EULQJ PH ZLWKLQ VKRRWLQJ UDQJH


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¶G PRYH DQRWKHU P RU VR ZKLFK VKRXOG JHW PH LQ WKH FOHDU :KHQ , FKHFNHG DJDLQ WKH\ ZHUH VWLOO ORRNLQJ P\ ZD\ +RZ ZDV WKLV SRVVLEOH ±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¶G OHDUQW \HW DQRWKHU OHVVRQ $QLPDOV RI WKH YHOG WDNH QRWH RI DQ\ XQXVXDO VLJQ RU EHKDYLRXU RI RWKHU FULW WHUV ZKLFK PD\ LQGLFDWH WKH SUHVHQFH RI SUHGDWRUV PDQ LQFOXGHG +XPDQV GRQ¶W DOZD\V QRWLFH WKDW DODUP FDOOV RU EHKDY LRXU IURP ELUGV RU VPDOO DQLPDOV OLNH K\UD[ RU JURXQG VTXLUUHOV FDQ UXLQ D VWDON 5HFHQWO\ , XVHG WKLV WR P\ DGYDQWDJH LQ WKH .JDODJDGL 1DWLRQDO 3DUN ZKHUH , IROORZHG WKH SURJUHVV RI D FKHHWDK ZLWK IRXU FXEV ZKR ZHUH RQ WKH KXQW LQ WKH

GU\ 1RVVRE 5LYHU EHG $V WKH\ GLVDS SHDUHG IURP VLJKW , VDZ WKDW D VPDOO JDOOHU\ RI JLUDIIH ZDV ZDWFKLQJ WKH VSHF WDFOH DQG E\ ZDWFKLQJ WKHP , NQHZ ZKHQ WR JHW P\ FDPHUD UHDG\ IRU WKH FKHHWDKV WR FURVV DQ RSHQ SDWFK ,Q WKLV FDVH WKH ELUG¶V H\H YLHZ RI WKH JLUDIIH NHSW PH XSGDWHG RQ WKH VLWXDWLRQ HDGHUV DUH ZHOO YHUVHG LQ XVLQJ GHFR\V IRU KXQWLQJ ELUGV EXW WKH VDPH PHWKRG FDQ EH XVHG IRU DQWHORSH 'HFDGHV DJR ZKHQ VWLOO FRQGXFWLQJ WKH DQQXDO VSULQJEXFN FXOO RQ P\ LQ ODZV¶ IDUP , VWDUWHG XVLQJ OLIH VL]H FRO

$XJXVW

7KX7 7 + 1 8 ?7


RXU SDLQWHG VSULQJEXFN GHFR\V EHIRUH WRGD\¶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¶W UXQ LI WKH\ GRQ¶W KDYH WR DQG LI WKHUH¶V QRWKLQJ VLQLVWHU LQ \RXU SRVWXUH RU ERG\ ODQJXDJH \RX PD\ JHW ZLWKLQ UDQJH RI FRXUVH RQ FRQGLWLRQ WKDW WKH ZLQG LV LQ \RXU IDYRXU

7KX7 7 + 1 8 ?7

$XJXVW

KH XSULJKW KXPDQ SURILOH LV HQRXJK WR VFDUH DZD\ DQ\ DQLPDO± LI \RX FDQ EUHDN RU KLGH \RXU SURILOH \RX¶UH KDOIZD\ WKHUH $ PHWKRG WKDW KDV ZRUNHG TXLWH ZHOO IRU PH LV WR KDYH WKH WUDFNHU ZDON EHKLQG PH KROGLQJ RQWR P\ EHOW RU VKLUW ZKLOH ZH ERWK FURXFK IRU ZDUG DOWKRXJK WKH SHUVRQ LQ IURQW FDQ EH XSULJKW $W D GLVWDQFH WKLV DSSHDUV WR EH D TXDGUXSHG DQG LI WKLV µDQLPDO¶ VWRSV IUHTXHQWO\ WR µJUD]H¶ DQG WKH TXDUU\ LV DSSURDFKHG REOLTXHO\ \RX FDQ RIWHQ JHW ZLWKLQ VKRRWLQJ UDQJH 2QH RI WKH EHVW EODFN ZLOGHEHHVW , KDYH KXQWHG ZDV DSSURDFKHG XVLQJ WKLV PHWKRG 2QFH LQ WKH 0RQGL RZQHG IRUHVWV RI WKH QRUWK HDVWHUQ &DSH , ZDV KXQWLQJ VRPH YHU\ VNLWWLVK SODLQV ]HEUD 7KH JXLGH DQG , PDQDJHG WR ORFDWH D KHUG RI

DERXW WHQ DQLPDOV RQ WKH HGJH RI D PDUVK VRPH P IURP XV 2XU RQO\ DSSURDFK QHFHVVLWDWHG D GHVFHQW RI DERXW D KXQGUHG PHWUHV RQ DQ RSHQ VORSH LQ IXOO YLHZ RI WKH DQLPDOV , ZDONHG XSULJKW LQ IURQW ZLWK WKH JXLGH KROGLQJ PH LQ D FURXFKHG SRVLWLRQ E\ WKH KLSV :H FURVVHG WKH RSHQ DUHD DQG EHVLGHV RQH RU WZR FXUVRU\ JODQFHV IURP WKH ]HEUD QR SDUWLFXODU DWWHQWLRQ ZDV SDLG WR WKLV µQHZ VSHFLHV¶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¶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

7KX7 7 + 1 8 ?7

$XJXVW

KRPLFLGH UDWH ZDV DURXQG SHU LQ D SRSXODWLRQ RI DURXQG PLOOLRQ ± PRUH WKDQ WLPHV 6RXWK $IUL FD¶V FXUUHQW KRPLFLGH OHYHO LQ D SRSXOD WLRQ WKDW ZDV WLPHV VPDOOHU WKDQ RXU FXUUHQW SRSXODWLRQ 7KH FDSDFLW\ IRU HYLO LQ DQLPDOV FRQILUPV LQVWDQFHV RI VDGLVWLF FUXHOW\ ± IURP D FDW SOD\LQJ ZLWK D PRXVH SULRU WR NLOOLQJ LW WR FKLPSDQ]HHV ZKR ZLOO V\VWHPDWLFDOO\ FDQQLEDOL]H WKHLU \RXQJ DQG LW LV FOHDU WKDW D VLPLODU FDSDFLW\ LV SUHVHQW LQ HYHU\ KXPDQ %HQ :LOVRQ RI WKH 8QLYHUVLW\ RI WKH +LJKODQGV DQG ,VODQGV LQ ,QYHUQHVV 8. DVVHUWV ³$UJXDEO\ WKH UHDO P\VWHU\ OLHV QRW LQ WKH RULJLQ RI µHYLO¶ EHKDYLRXUV EXW LQ WKH IDFW WKDW KXPDQV QRZ JHQHUDOO\ YLHZ WKHVH >XQVRFLDO@ EHKDYLRXUV DV GLVWDVWHIXO ± HYHQ WKRXJK GHFHSWLRQ VHOILVKQHVV DQG RWKHU µHYLO¶ WUDLWV DSSHDU WR EH ZLGHVSUHDG LQ QDWXUH DQG JHQHUDOO\ EHQHILFLDO IRU WKH VXUYLYDO RI JHQHV DQLPDOV DQG VSHFLHV´ -RKQ $UPVWURQJ D %ULWLVK ZULWHU DQG SKL ORVRSKHU DW 7KH 6FKRRO RI /LIH VHHV D JXOI EHWZHHQ KXPDQ DVSLUDWLRQ IRU MXVWLFH DQG HWKLFV DQG WKH ODZV RI QDWXUH 2IWHQ ZH IHHO WKDW VRPHWKLQJ WKDW LV µHYLO¶ LV DJDLQVW WKH QDWXUDO RUGHU RI WKLQJV RU DV $UP VWURQJ SXW LW ³DW RGGV ZLWK HYHU\WKLQJ RQH PLJKW KRSH IRU´ %XW SHUKDSV WKH RSSRVLWH LV DFWXDOO\ WUXH LW LV µEDG¶ EHKDYLRXU WKDW LV QDWXUDO DQG VXFFHVVIXO ³:KDW¶V VXUSULVLQJ LV KRZ DPD]LQJO\ ZHOO WKRXJK VWLOO YHU\ LPSHUIHFWO\ KXPDQ EHLQJV KDYH WULHG WR UHYHUVH WKLV QDWXUDO DUUDQJHPHQW ´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± DQ LQFUHDVH IURP WKH ORZ SRLQW LQ WKH \HDU HQGLQJ 0DUFK -DSDQ FRLQFLGHQWDOO\ LV RQH RI WKH FRXQWULHV UHFHQWO\ ODXGHG E\ 0LQ LVWHU &HOH DV QRW SHUPLWWLQJ FLYLOLDQ JXQ RZQHUVKLS ,Q )UDQFH RQ %DVWLOOH 'D\ \HDU ROG 7XQLVLDQ /DKRXDLHM %RXKOHO GHQLHG DFFHVV WR D JXQ VLPSO\ UHQWHG D WRQ UHIULJHUDWLRQ ORUU\ DQG

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¶W HVWDEOLVK D JRRG UHDVRQ WR GLVHPSRZHU KLV YLFWLPV E\ GLVDUPLQJ WKHP ,W LV LUUDWLRQDO WR FRQ FOXGH WKDW GLVDUPLQJ ODZ DELGLQJ FLWL]HQV ZLOO OHDG WR WKH GLVDUPLQJ RI FULPLQDOV ± HVSHFLDOO\ LQ 6RXWK $IULFD ZLWK WKH DEXQ GDQFH RI VWROHQ PLOLWDU\ DQG 6WDWH VPDOO DUPV LQ FLUFXODWLRQ 0LQLVWHU &HOH UHOHDV LQJ FULPH VWDWLVWLFV WR SDUOLDPHQW LQ KDG WR DGPLW WKDW SROLFH KDG µGURSSHG WKH EDOO¶ DQG WKDW 6RXWK $IULFDQV ZHUH OLYLQJ LQ D ZDU ]RQH LQ D FRXQWU\ WKDW ZDVQ¶W DW ZDU 6LQFH WKHQ PXUGHU DQG YLROHQW FULPH KDV LQFUHDVHG 7KH PXUGHU RI D ZRPDQ E\ DQ DUPHG PDOH VSRXVH LV D WUDJHG\ DQG VR LV WKH UDSLQJ DQG PXUGHU RI LQQR FHQW YLFWLPV ZKR DUH VWUDQJHUV WR WKHLU DWWDFNHUV $WWDFNV E\ FULPLQDOV RQ VWUDQJHUV JUHDWO\ RXWQXPEHU LQVWDQFHV RI ,QWLPDWH 3DUWQHU )HPLFLGH )LQDOO\ LW VKRXOG EH ERUQH LQ PLQG WKDW D VSRXVH ZLWK PXUGHURXV LQWHQW PD\ ILQG DQ DOWHU QDWH PHDQV WR NLOO KLV ZLIH 0DUNR .ORRV QHDWO\ IUDPHV WKH FRQ FOXVLRQ RI WKLV RSLQLRQ ³:KHQ , FDUU\ D JXQ , GRQ¶W GR VR EHFDXVH , DP ORRNLQJ IRU D ILJKW EXW EHFDXVH ,¶P ORRNLQJ WR EH OHIW DORQH 7KH JXQ DW P\ VLGH PHDQV WKDW , FDQQRW EH IRUFHG RQO\ SHUVXDGHG , GRQ¶W FDUU\ LW EHFDXVH ,¶P DIUDLG EXW EHFDXVH LW HQDEOHV PH WR EH XQDIUDLG ,W GRHVQ¶W OLPLW WKH DFWLRQV RI WKRVH ZKR ZRXOG LQWHUDFW ZLWK PH WKURXJK UHDVRQ RQO\ WKH DFWLRQV RI WKRVH ZKR ZRXOG GR VR E\ IRUFH ,W UHPRYHV IRUFH IURP WKH HTXD WLRQ DQG WKDW¶V ZK\ FDUU\LQJ D JXQ LV D FLYLOL]HG DFW ´ -RQDWKDQ 'HDO LV WKH IRXQGHU DQG QDWLRQDO FR RUGLQDWRU RI 6DIH &LWL]HQ



dŚŝƌĚ ĐŚĂŶĐĞ Ăƚ ƐƵĐĐĞƐƐ

( ZHUH EDUHO\ VHW XS ZKHQ WKH UDP PDGH LWV DSSHDUDQFH +H VWXFN KLV QHFN RXW RQ WKH IODW P WR WKH OHIW DQG EHORZ XV +DZNLVKO\ ZH ZDLWHG RQ D ULGJH DERYH KLP &KULV VQXJJOHG WKH IRUH HQG RI KLV 5HPLQJWRQ RYHU WKH WULSRG VKRRWLQJ VWLFNV ZLWK ERWK HOERZV DQFKRUHG RQ KLV XSSHU OHJV EXW WKH VKRW GLG QRW FRPH 7KH UDP SUHVHQWHG KLPVHOI WZLFH EHIRUH GLVDSSHDULQJ EHQHDWK D FOXVWHU RI WKRUQ WUHHV , JDYH &KULV DQ LF\ ORRN ³:K\ GLG \RX QRW WDNH WKH VKRW"´ , KLVVHG )URP P\ YLHZSRLQW ZKHUH , VDW D IHZ PHWUHV DERYH &KULV WKHUH ZHUH FOHDU VKRRWLQJ ODQHV WR ZKHUH WKH UDP KDG

7KX7+18?7

$XJXVW

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¶V ZHVWZDUG GLYH VWDUWHG WR JDLQ PRPHQWXP WRZDUGV WKH HQG RI WKH GD\ $W DERXW SP , PDGH RQH PRUH IDLOHG VWDON EHIRUH GHFLGLQJ WR ORRS EDFN WRZDUGV WKH EDNNLH 7KH GD\ ZDV GRQH DQG , ZDV WLUHG EXW VDWLVILHG ZLWK WKH KXQW ,PSDOD LV D VWDSOH GLHW IRU PDQ\ 6RXWK $IULFDQ ELOWRQJ KXQWHUV DQG ZH WHQG WR WDNH WKHVH DQLPDOV IRU JUDQWHG , KDYH RIWHQ KHDUG D KXQWHU UHVSRQGLQJ WR D TXHVWLRQ DERXW ZKDW KH LV JRLQJ WR KXQW ZLWK ³$J ,¶P RQO\ JRLQJ WR VKRRW D URRL ERN´ :H DUH WUXO\ VSRLOW ZKHQ LW FRPHV WR WKH VKHHU YDULHW\ RI JDPH LQ 6RXWK $IULFD $V , WXUQHG WKH ODVW FRUQHU WRZDUGV WKH EDNNLH , VSRWWHG WKH UHG IODVKHV RI LPSDOD UDPV FKDVLQJ HDFK RWKHU 4XLHWO\ , VFUDPEOHG XQGHU D PDVVLYH Q\DOD WUHH WR JHW P\VHOI LQWR D VKRRWLQJ SRVLWLRQ , FRXOG RQO\ VHH JOLPSVHV RI WKH QRLV\ UDPV ILJKWLQJ DQG URDULQJ DERXW P

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

$XJXVW

7KX7+18?7


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


# ' ' # " + ' - $,% ' + ' ## *" -' ( ), . # !

' + ' # *' * " + # ' ' #' ' *" "#' -!

" # *# # ' # " + ' # ' !(. #' " *# % " " # "' , ' "- * ' ! # # '' " # ,' ' !

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

PX]]OH YHORFLW\ RI ISV 7KLV LV ZKHQ WKH UDP VWHSSHG LQWR D FOHDULQJ EHORZ DQG WR WKH OHIW RI XV EXW &KULV GLG QRW ILUH ± WZLFH 6HYHUDO PLQ XWHV WKHQ SDVVHG LQ VLOHQFH DQG DJDLQ WKH UDP VWHSSHG RXW LQWR D FOHDULQJ DEUXSWO\ KDOWHG DQG SUHVHQWHG KLPVHOI EURDGVLGH , ZKLVSHUHG ³ PHWUHV´ DQG &KULV ILUHG , WKRXJKW KH KDG ERWFKHG LW DV D ELJ FORXG RI GXVW H[SORGHG DERYH WKH UDP¶V EDFN VR , FDOOHG WKH VKRW KLJK 7R P\ YLHZ WKH UDP VKRZHG QR LPSDFW RQ WKH VKRW DQG , GLG QRW KHDU WKH WKXPSLQJ LPSDFW RI WKH EXOOHW 7KH UDP GDUWHG IURP YLHZ ³'LV ER RRU ´ , VDLG DQG FRQ WLQXHG WR OHFWXUH &KULV ³LI \RX VKRRW GRZQKLOO \RX VKRXOG DLP ORZ ´ 6WHSKDQ ZDV VLWWLQJ WR RXU OHIW DQG

ZDV VWLOO IROORZLQJ WKH UDP¶V PRYHPHQW ³7KHUH KH LV VWDQGLQJ DJDLQ &KULV ´ &KULV ZDV IHHOLQJ UDWWOHG DW KDYLQJ µPLVVHG¶ KLV VKRW DQG , JRW WKH LGHD WKDW KH ZDV QRW HYHQ LQWHUHVWHG LQ KDYLQJ D VHFRQG JR 7KH UDP KRZHYHU VORZO\ VWDUWHG EXFNOLQJ EHIRUH IDOOLQJ RYHU VWRQH GHDG &KULV KDG VKRW WKH UDP EHKLQG WKH VKRXOGHU 7KH %DUQHV EXOOHW ZHQW VWUDLJKW WKURXJK WKH DQLPDO DQG KDG WKHQ NLFNHG XS GXVW EH\RQG :DWFKLQJ IURP DQ HOH YDWHG SRVLWLRQ LW ORRNHG WR PH OLNH D FOHDU PLVV , FDOOHG LW ZURQJ DQG WKHQ ZHQW RQ WR JLYH XQZDQWHG DGYLFH LQ D OHFWXULQJ PDQQHU , ZLOO EH HDWLQJ KXPEOH SLH IRU VRPH WLPH WR FRPH $SRORJLHV &KULV


͙ĂƌĞ ďĞĂƵƟĨƵů ƵŐůLJ ĚƵĐŬůŝŶŐƐ +(1 LW FRPHV WR $IULFDQ JDPH DQLPDOV WKH ZDUWKRJ 3KDFRFKRHUXV DIULFDQXV LV DQ DQRPDO\ ,W LV XJO\ WR WKH SRLQW RI EHLQJ EHDXWLIXO ,WV KHDG VHHPV WR EH WRR ELJ IRU LWV ERG\ DQG WKH KDLU FRYHULQJ LWV ERG\ LV VSDUVH $W QLJKW ZDUWKRJV VOHHS XQGHUJURXQG DQG WKH\ DOZD\V UHYHUVH LQWR WKH DEDQGRQHG DDUGYDUN KROHV WKH\ XVXDOO\ XVH IRU WKDW SXUSRVH 7KH\ KDYH HQRUPRXV XSSHU DQG ORZHU LQFLVRUV RU WXVNV ±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± RQH SDLU EHORZ WKH H\HV DQG DQRWKHU IXUWKHU GRZQ WKH VQRXW 0DWXUH ERDUV DUH DOZD\V ELJJHU WKDQ WKH VRZV DQG QRUPDOO\ KDYH ELJJHU DQG WKLFNHU WXVNV 7KH WHV WLFOHV RQ D PDWXUH ERDU DUH DOVR HDVLO\ VSRWWHG IURP WKH EDFN ± WKH\ DUH SURPLQHQWO\ GLVSOD\HG EHORZ WKH DQXV

7KX7 7 + 1 8 ?7

$XJXVW

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¶V 1DPLE GHVHUW 7KH ZDUWKRJ¶V $IULNDDQV QDPH YODNYDUN FRPHV IURP LWV SUHIHUHQFH IRU RSHQ JUDVVODQG RU SODLQV YODNWHV LQ $IULNDDQV PDUVK\ DUHDV DQG YOHLV %XW ZDUWKRJV DUH QRW H[FOXVLYHO\ SODLQV


GZHOOHUV ± WKH\ DOVR WKULYH LQ EXVKYHOG FRXQWU\ 7KLV LV RQH VSH FLHV WKDW KDV H[WHQGHG LWV UDQJH RYHU WKH ODVW \HDUV RU VR LQWR DUHDV ZKHUH LW QHYHU RFFXUUHG SUHYLRXVO\ :KHQ , OLYHG LQ 'DQLsOVNXLO LQ WKH 1RUWKHUQ &DSH GXULQJ WKH V DQG V WKHUH ZHUH QR ZDUWKRJ EXW QRZ WKH DUHD LV WHHPLQJ ZLWK WKHP 7KH\ DUH DOVR SUHVHQW LQ WKH .RRSPDQVIRQWHLQ %DUNOH\ :HVW /LPH $FUHV DQG &DPSEHOO UHJLRQV 7KH H[WHQVLRQ RI WKH ZDUWKRJ¶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µJDWHV¶ RU RSHQLQJV SXUSRVHO\ EXLOW LQWR WKH IHQFHV DQG ZKLFK DUH MXVW ELJ HQRXJK IRU ZDUWKRJ DQG VPDOO JDPH OLNH VWHHQEXFN DQG GXLNHU WR JHW WKURXJK :DUWKRJV DUH D JRRG VRXUFH RI LQFRPH RQ JDPH IDUPV EHFDXVH WKH\ DUH SRSXODU ZLWK ERWK ORFDO DQG RYHUVHDV KXQWHUV (XURSHDQV HVSHFLDOO\ ORYH KXQWLQJ ZDUWKRJV SUREDEO\ EHFDXVH WKH\ DUH PRUH DFFHVVLEOH DQG DIIRUGDEOH WKDQ ZLOG ERDU KXQWLQJ

$XJXVW

7KX7 7 + 1 8 ?7


+ "- " ' ' ' " *#

, ' - *# " !($ '' , ' ' " ' # '! *# , * ' ' ) ... # # ' ' "

#' )$ !

'*" " ' '' "# , # ' ' " , '

* " ' "# " , " ' - * " ' " ## #! *# - !(. , ' . " # " * * '#!

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« D KXJH ZDUWKRJ ERDU ZDV VORZO\ PDNLQJ KLV ZD\ DORQJ WKH ULYHUEHG LQ P\ GLUHF WLRQ :LWK KLV KHDG KHOG ORZ KH VWRSSHG HYHU\ QRZ DQG WKHQ WR IHHG RQ JUHHQ VKRRWV /LIWLQJ WKH 0DXVHU , ZDLWHG DV KH FORVHG WKH GLVWDQFH EHWZHHQ XV +H PRYHG EHKLQG D IDOOHQ WUHH WKDW OD\ RQ W K H U L YH U E D Q N E X W R Q F H K H VWHSSHG FOHDU RI LW WKH ERDU ZDV RQO\ DERXW P DZD\ 7KH $LP SRLQW¶V GRW VHWWOHG RQ KLV VKRXO GHU DQG , VTXHH]HG WKH WULJJHU 7KH EXOOHW KLW ZLWK D ORXG WKXG NLOOLQJ WKH ERDU LQ KLV WUDFNV 7KLV " ' ' , "' "! ' ' *# #!

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|KH LQ 1DPLELD DQG JDYH WKH PHDW WR WKH IDUP ZRUNHUV 7KH QH[W PRUQLQJ D IDUPKDQG FDOOHG PH DVLGH DQG DVNHG PH WR VKRRW KLP D VWHHQ EXFN +H WROG PH WKDW WKH ZDUW KRJ PHDW ³FKRNHG KLV WKURDW´ , PXVW DJUHH WKDW WKH PHDW RI ROG ERDUV KDV D VWURQJ JDPH\ IOD YRXU 3LJOHWV RU D \RXQJ IHPDOH RQ WKH VSLW FDQ EH YHU\ JRRG WKRXJK 0DQ\ KXQWHUV WXUQ WKH ZDUWKRJV WKH\ VKRRW LQWR ZRUV VDXVDJH DQG FDEDQRVVL 7R KXQW ZDUWKRJ VXFFHVVIXOO\ ORRN IRU DUHDV RI VXLWDEOH KDELWDW ± Y O H L V R S H Q J UD V V O D Q G R U PDUVK\ DUHDV ZLWK ZDWHU DQG PXG SRROV ZDUWKRJ ORYH WR ZDO ORZ LQ PXG RU ULYHUEHGV ZLWK PXG ZDOORZV $OVR ORRN IRU WKHLU GLVWLQFWLYH VSRRU DQG GURSSLQJV $OWKRXJK WKHLU H\HVLJKW LV QRW YHU\ NHHQ ZDUWKRJ KDYH H[FHS WLRQDOO\ JRRG QRVHV DQG H[FHOOHQW KHDULQJ .HHS WKH ZLQG LQ \RXU IDYRXU DQG ZDON YHU\ VORZO\ WKURXJK ZDUWKRJ KDELWDW 1RU PDOO\ WKH\ GULQN EHWZHHQ DP

7KX7 7 + 1 8 ?7

$XJXVW


+ "& + # &# # ) " ) & # &)" "!# , # * " " )

ZDV WKH ROGHVW ZDUWKRJ , KDG HYHU WDNHQ DQG KH KDG D YHU\ QLFH VHW RI WXVNV ZKLOH KLV RWKHU WHHWK ZHUH ZRUQ GRZQ WR WKH JXPV QXPEHU RI IDFWRUV FDQ PDNH ZDUWKRJ HDV\ WR KXQW 7KH\ DUH ORZ WR WKH JURXQG VR JUDVV DQG RWKHU IROLDJH RIWHQ REVFXUH WKHLU YLHZ DQG WKH\ RIWHQ JR GRZQ RQ WKHLU NQHHV WR IHHG :KHQ GRLQJ VR WKH\ VRPHWLPHV QHJOHFW WR VFDQ WKHLU VXUURXQGV IRU GDQJHU $W WLPHV WKH\ VHHP WR ZDQGHU DURXQG ZLWK D FDUHIUHH QR QHHG WR EH DOHUW DWWLWXGH +RZHYHU GRQ¶W PDNH WKH PLVWDNH RI WKLQNLQJ WKDW ZDUWKRJV DUH DOZD\V FDUH IUHH :KHUH KXQWHG UHJXODUO\ WKH\ DUH H[WUHPHO\ DOHUW DQG HOX VLYH ,Q RSHQ WHUUDLQ WKH\ FDQ EH GLIILFXOW WR DSSURDFK DQG WU\LQJ WR JHW D WURSK\ ERDU LQ WKH VDOW FDQ EH FKDOOHQJLQJ :DUWKRJ OLNH PDQ\ RWKHU VSHFLHV DUH DWWUDFWHG WR JUHHQ EXUQV EXUQW DUHDV ZKHUH WKH JUDVVHV VWDUW VSURXWLQJ DJDLQ /RRN RXW IRU ZDUWKRJ PRYHPHQW DW DERXW WHQ R¶FORFN LQ WKH PRUQLQJ EHFDXVH WKDW¶V ZKHQ WKH\ VWDUW PRYLQJ WRZDUGV ZDWHU KROHV +RZHYHU ZDUWKRJ GR VRPHWLPHV PRYH DURXQG DW QLJKW , RQFH VDZ D SDLU WKDW FDPH WR D GULQNLQJ WURXJK DW SP DQG VDZ VHYHUDO LQ WKH 1RUWKHUQ &DSH GXULQJ RXU UHFHQW VWD\ WKHUH WKDW ZHUH VWLOO RXW DQG DERXW DQ KRXU DIWHU VXQVHW LW ZDV VXP PHUWLPH $OVR ORRN IRU SODFHV ZKHUH WKH\ GLJ IRU URRWV , RQFH PDQDJHG WR VKRRW D ERDU DW WKH 2WWHUVNORRI 5HVHUYH DIWHU ORFDW LQJ D ELJ DUHD ZKHUH WKH SLJV KDG EHHQ µSORXJKLQJ¶ RXW WKH JUDVV WR JHW WR WKH URRWV :KHQ ORRNLQJ IRU D WURSK\ UHPHPEHU WKDW D WXVN SURWUXGLQJ DERXW FP IURP WKH XSSHU OLS ZLOO PDNH D JRRG WURSK\ ± XS WR D WKLUG RI WKH WXVN¶V OHQJWK LV HPEHGGHG LQ WKH VNXOO 7KH ZRUOG UHFRUG LQ 5RZODQG :DUG LV :DUWKRJ VHHP WR EH HLWKHU ULJKW RU OHIW µKDQGHG¶ DQG DV D UHVXOW RQH WXVN LV LQYDULDEO\ ZRUQ GRZQ PRUH WKDQ WKH RWKHU 7KH ORQJ WXVNV RI WKH ORZHU MDZ UXE DJDLQVW WKH XSSHU RQHV DQG EHFRPH YHU\ VKDUS :KHQ ILJKWLQJ RU GHIHQGLQJ WKHPVHOYHV IURP SUHGDWRUV WKHVH DUH WKH WXVNV WKDW DUH SXW WR JRRG XVH :DUWKRJV DUH IXOO\ FDSDEOH RI NLOOLQJ GRJV DQG LQIOLFWLQJ QDVW\ ± VRPHWLPHV HYHQ IDWDO ± ZRXQGV WR KXPDQV 7KH\ DUH FRXU DJHRXV DQLPDOV DQG ZRQ¶W KHVLWDWH WR DWWDFN VR VWD\ DZD\ IURP D ZRXQGHG ZDUWKRJ DQG SXW LQ D ILQLVKLQJ VKRW IURP D GLVWDQFH :DUWKRJV DUH WRXJK DQLPDOV WKDW UHTXLUH DFFXUDWH VKRW SODFHPHQW WR SXW WKHP GRZQ ,Q 6RXWK $IULFD WKH YDULRXV PP FDOLEUHV DQG HYHQ WKH FHQWUHILUHV DUH SRSXODU IRU ZDUWKRJ EXW , SUHIHU WR XVH VRPHWKLQJ ELJJHU $V D PLQLPXP P\ UHFRP

PHQGDWLRQ LV DW OHDVW D PP ORDGHG ZLWK D JU EXOOHW RU KHDYLHU EXW IRU JHQHUDO ZDUWKRJ KXQWLQJ , SUHIHU D [ RU 8VH EXOOHWV RI DW OHDVW JU LI \RX ZDQW WR WDNH RQ D WURSK\ ERDU $OWKRXJK PDQ\ ZDUWKRJV DUH WDNHQ DV RSSRUWXQLVWLF WUR SKLHV RU IRU WKH SRW WKH\ FDQ JLYH \RX D KLJKO\ UHZDUGLQJ KXQW LI WKH JRDO LV D WURSK\ ERDU DQG \RX KXQW RQ IRRW , VLPSO\ ORYH WKHVH XJO\ EHDXWLIXO DQLPDOV ± ZLWKRXW WKHP RXU YHOG ZRXOG QRW EH WKH VDPH

(-- ) & " " # ) ", #) # ( -$ '$- '

$XJXVW

7KX7 7 + 1 8 ?7


6R \RX FRXOGQ¶W UHVLVW VKRRWLQJ WKH ELJ UDP ZLWK WKH WURSK\ KRUQV DQG QRZ KDYH QR GHFHQW WDEOH PHDW :HOO DOO LV QRW ORVW <RX FDQ µUHVFXH¶ D ERXG RI VXFK YHQLVRQ ZLWK SRW URDVWLQJ DQG UHDOO\ JRRG JUDY\ $JH WKH PHDW LQ D FORVHG JODVV RU SRUFHODLQ ERZO LQ D UHIULJHUDWRU IRU XS WR WZR ZHHNV 8VH D FDVW LURQ SRW VWDLQOHVV VWHHO ZLOO DOVR GR EXW SUHIHUDEO\ QRW DOXPLQLXP ,1*5(',(176 2QH KLQG OHJ VSULQJEXFN UHHGEXFN LPSDOD VL]H 'R 127 GHERQH DV WKLV FRQGXFHV GU\QHVV %RQH SURYLGHV JHOD WLQH DV D JUDY\ WKLFNHQHU DQG IODYRXUHU ,I WRR ORQJ IRU \RXU SRW VHSDUDWH WKH VKDQN 2SWLRQDO IDW IRU ODUGLQJ

7KX7 7 + 1 8 ?7

$XJXVW

9HJHWDEOH TXDQWLWLHV VKRXOG EH DSSURSULDWH WR SRW VL]H 6OLFHG ORQJLWXG LQDOO\ LQWR YHU\ VOHQGHU µMXOLHQQH¶ VWULSV ODLG VLGH E\ VLGH WKHVH PXVW IRUP D µPDW¶ URXJKO\ PP WKLFN FRYHULQJ WKH ERWWRP WR NHHS WKH PHDW RII WKH PHWDO SURYLGH PRLVWXUH DQG WR IODYRXU WKH JUDY\ 'RQ¶W RYHUGR LW WRR PXFK YHJ SURGXFHV D µVWHZHG¶ HIIHFW 4XDQWLI\LQJ LV GLIILFXOW DV YHJJLHV YDU\ LQ VL]H )RU D ± NJ MRLQW URXJKO\ PHG LXP VL]HG FDUURWV VWLFNV RI WULPPHG FHOHU\ QR OHDYHV VSULQJ RQLRQV WZR \RXQJ OHHNV ZKLWH VHFWLRQ RQO\ RU WZR VPDOOLVK RQLRQV DQG FORYHV VOLFHG IUHVK JDUOLF 'R 127 DGG WRPDWRHV RU SRWDWRHV )/$9285,1*6 &ROHPDQ¶V +RW (QJOLVK GU\ PXVWDUG SRZGHU FRULDQGHU UHG ZLQH IORXU VRPH TXDQWLWLHV PXVW EH JDXJHG DFFRUGLQJ WR WKH YROXPH RI PHDW FRRNLQJ RLO ò VWRFN FXEH ED\ OHDI WK\PH JURXQG SHSSHU VDOW 2SWLRQDO FORYH PO EUDQG\ JUDY\ SRZGHU H J %LVWR RU OHYHO WDEOHVSRRQV RI WRPDWR SDVWH LI \RX OLNH PHDW GLVKHV HYHU VR VOLJKWO\ VZHHW HQHG WDEOHVSRRQV FKXWQH\ RU UHSODFH WKH EUDQG\ ZLWK VZHHW VKHUU\ 5HPHP EHU \RXU PHDW PD\ EH VRPHZKDW JDPH\ H[WUD IODYRXULQJ ZRQ¶W KXUW 'R 127 VDOW WKH PHDW ,I \RX ODUG LW HPEHG IDW WR DGG VXFFXOHQFH XVH D QDUURZ EODGHG NQLIH DQG LQVHUW ZLWK WKH JUDLQ QRW DFURVV LW +RZHYHU , ILQG ODUGLQJ LQHIIHFWLYH LW DOVR SURYLGHV HVFDSH URXWHV IRU PHDW¶V QDWXUDO MXLFHV , LQMHFW ROLYH RLO LQWR SRWHQWLDOO\ GU\ PHDW XVLQJ D YHWHULQDU\ V\ULQJH 7KRURXJKO\ PL[ D WHDVSRRQ RI PXV WDUG SRZGHU DQRWKHU RI FRULDQGHU DQG IRXU RI IORXU LQ D SODVWLF EDJ ODUJH HQRXJK WR DFFRPPRGDWH WKH PHDW DQG VRPH H[WUD DLU VSDFH /LJKWO\ GDPSHQ GR QRW ZHW DOO VXUIDFHV RI WKH PHDW

ZLWK UHG ZLQH 3ODFH WKH MRLQW LQVLGH WKH EDJ VHDO WKH PRXWK ZLWK \RXU KDQG WKHQ VKDNH DQG WXUQ WKH EDJ WR HQVXUH DOO PHDW VXUIDFHV EHFRPH FRDWHG ZLWK WKH VSLFHG IORXU 3RXU ó FXS PO RLO LQWR WKH SRW KHDW ZHOO RQ D KRWSODWH WKHQ EULHIO\ VHDU EURZQ DOO WKH VXUIDFHV RI WKH PHDW 7KLV IRUPV D VHDO WUDSSLQJ LQ WKH QDW XUDO MXLFHV DQG OHDYHV D UHVLGXH LQ WKH SRW WR HQKDQFH WKH JUDY\ 5HPRYH WKH MRLQW IURP WKH SRW /D\ WKH MXOLHQQHG YHJHWDEOHV LQ WKH SRW DV GHVFULEHG DGGLQJ WKH VOLFHG JDUOLF 0L[ ò FXS RI UHG ZLQH ZLWK ò FXS RI ZDWHU FUXPEOH LQ ò D VWRFN FXEH DQG VWLU WR IRUP WKH µVWRFN¶ 3RXU WKLV RYHU WKH YHJJLHV DGG WKH ED\ OHDI DQG FORYH DQG VSULQNOH LQ WK\PH DQG SHSSHU WR WDVWH *HQWO\ OD\ WKH MRLQW DWRS WKH YHJJLHV SXW WKH OLG RQ DQG EULQJ LW WR D JHQWOH VLPPHU RQ WKH KRWSODWH GR 127 OHW WKH OLTXLG ERLO &RRNLQJ PXVW EH YHU\ VORZ DQG QHYHU KRWWHU WKDQ D JHQWOH VLPPHU LW FRXOG WDNH WR KRXUV 7KH PHDW FRRNV E\ VWHDP ULVLQJ WR FRQGHQVH RQ WKH OLG DQG GULS GRZQ DJDLQ 5DLVLQJ WKH WHP SHUDWXUH WRXJKHQV LW &KHFN SHULRGLFDOO\ WR HQVXUH WKH VWRFN LQ WKH SRW GRHVQ¶W GU\ XS SUHSDUH H[WUD DGGLQJ VPDOO TXDQWLWLHV DV QHHGHG 7KH PHDW DQG YHJJLHV PXVW 127 µFDWFK¶ RQ WKH ERWWRP DQG VFRUFK 7XUQ WKH MRLQW RFFDVLRQDOO\ EXW NHHS LW RII WKH PHWDO 'R QRW EDVWH ± FRQGHQVDWLRQ GRHV WKDW $IWHU ± KRXUV SXVK D VWHHO VRVDWLH VNHZHU LQWR WKH PHDW ± WKH UHVLVWDQFH RIIHUHG ZLOO LQGLFDWH WHQGHUQHVV ,I VWLOO WRXJK WHVW DJDLQ DIWHU KDOI DQ KRXU :KHQ UHDG\ UHPRYH WKH URDVW 1RZ WKH DOO LPSRUWDQW JUDY\ 7KH LGHD LV WR FDUYH WKH URDVW LQWR WKLQ VOLFHV DFURVV WKH JUDLQ QRW ZLWK LW DQG OD\HU WKHVH VRDNLQJ LQ JUDY\ LQ D ODUJH VHUY LQJ ERZO 6R \RX¶OO QHHG SOHQW\ RI JUDY\ 7KH YHJJLHV UHPDLQLQJ LQ WKH SRW PXVW


EH SXUpHG WR EHFRPH VROXEOH )LUVW UHPRYH WKH ED\ OHDI DQG WKH FORYH WKHQ OLTXLGLVH RU MXVW VTXLVK WKH YHJJLHV WKURXJK D VLHYH E\ KDQG 5HWXUQ WKH UHVXOWLQJ SXUpH WR WKH SRW DQG DGG D OLWWOH ZLQH DQG ZDWHU DQG WKH RSWLRQDO EUDQG\ RU VKHUU\ <RX PD\ QRW QHHG DOO WKH SXUpHG YHJJLHV LW GHSHQGV KRZ VWURQJ O\ IODYRXUHG \RX ZDQW WKH JUDY\ DQG KRZ PXFK JUDY\ \RXU PHDW TXDQWLW\ UHTXLUHV ± SHUKDSV WR OLWUHV $GG D OLWUH RI ZDWHU WR WKH VWRFN LQ WKH SRW DQG EULQJ WR D VLPPHU 3UHSDUH WKH WKLFNHQHU VHSDUDWHO\ PL[ ô FXS RI IORXU ZLWK D OLWWOH FROG ZDWHU WR IRUP D UXQQ\

SDVWH QHYHU DGG GU\ IORXU WR VWRFN RU JUDY\ DV LW ZLOO OXPS 6RPH OLNH WR DGG D IODYRXUHG WKLFNHQHU VXFK DV %LVWR LI VR UHGXFH IORXU DFFRUGLQJO\ 0L[ WKH %LVWR LQWR WKH IORXU SDVWH DFFRUGLQJ WR WDVWH SHUKDSV WDEOHVSRRQV <RX ZRQ¶W QHF HVVDULO\ XVH DOO WKH SDVWH 6WLU VPDOO TXDQWLWLHV RI WKLV SDVWH LQWR WKH VLPPHU LQJ VWRFN WR EULQJ WKH JUDY\ WR \RXU UHTXLUHG WKLFNQHVV $GG \RXU SUHIHUUHG RSWLRQDO LQJUHGLHQWV FKXWQH\ WRPDWR SDVWH <RX¶OO KDYH MXVW RYHU D OLWUH RI JUDY\ 7R LQFUHDVH WR WKH RU OLWUHV \RX PD\ UHTXLUH DGG ZDWHU DQG SDVWH VRPH DGG PRUH ZLQH 6LPPHU JHQWO\

VWLUULQJ FRQVWDQWO\ IRU WHQ PLQXWHV RU XQWLO D ULFK JROGHQ EURZQ :DWFK LW ± JUDY\ VFRUFKHV H[WUHPHO\ HDVLO\ 3UH ZDUP D ODUJH VHUYLQJ ERZO DQG SRXU LQ MXVW HQRXJK JUDY\ WR FRYHU WKH ERWWRP 6SUHDG D VLQJOH OD\HU RI PHDW VOLFHV RYHU WKLV WKHQ FRYHU WKHP ZLWK D OD\HU RI JUDY\ 5HSHDW WKLV OD\HULQJ SUR FHVV XQWLO WKH ERZO LV IXOO RU WKH PHDW UXQV RXW 3XW WKH OLG RQ DQG VWDQG WKH ERZO LQ D ZDUP RYHQ IRU PLQXWHV EHIRUH VHUYLQJ ,I ODWHU UHZDUPLQJ LV UHTXLUHG SODFH LQ WKH RYHQ DQG VORZO\ EULQJ XS WR VHUYLQJ WHPSHUDWXUH ± GR QRW RYHUKHDW

&+% / ., .% $ (/ " .2 $ %% 0 "/ 1%+. , + $ 1 . %/+ + +,' . # ., . # +! . $ . &+% / . ., ). /# , /&* 1 . . ) % * , "' $ 2%/ , $ . # $ ,.%+ 1 . . ,& " ,. ! + %+ 2%/*"" !$%1 . . ., $ %, $ 2 . . #' "%1 , , %+. " ,. % %/+ /++ $. , " . %$' % "%%! %/. %+ . , " % &&+%0 " $ ,! %+ . &+% / ., 2 $ # '

' 1 * 0# &*' ' !& 0*& -& 1

. &' * *1 ! . !# * ' * ' ** ' !!* - $ * / * & & &! * ' / * * -'*

& ' $ $ & ! ! *' ,, !& * ! 22 & ' $ "($2 & ! ! *'

+" !& * ! 22 & '% '#! '-# & # * & - *-& *!&1 '# * ! ' !& & ' 1 $

, / * ' 1 *& +22 & 1 & / * * & - #& ''-& !'

'* $ ! # * & '! -* ! $

$XJXVW

7KX7 7 + 1 8 ?7


20( VRXQG DGYLFH H[WUDFWHG IURP WKH EHJLQQLQJ DQG HQG RI WKLV DUWLFOH E\ ORQJ WLPH 0DJQXP FRQWULEXWRU %UXFH 7UXWHU 7KH IXOO DUWLFOH FRQWDLQV JXLGDQFH RQ ZKDW WR GR LI WKH DQLPDO LV KLW LQ WKH ZURQJ SODFH VHFRQG VKRWV WDNHQ DW WKH ZURQJ DQLPDO IROORZLQJ XS D ZRXQGHG DQLPDO ZKDW DFWLRQ WR WDNH VKRXOG WKH DQLPDO JR GRZQ RQ WKH VSRW RU ZLWKLQ VLJKW PDQDJLQJ WKH SHRSOH LQ WKH KXQW LQJ SDUW\ DIWHU WKH VKRW KRZ WR TXLFNO\ NLOO D GRZQHG DQLPDO KRZ QRW WR JHW LQMXUHG E\ D GRZQHG DQLPDO« DOO LQ D SUDFWLFDO GRZQ WR HDUWK ZD\

$IWHU WKH 6KRW %\ %UXFH 7UXWHU ,OOXVWUDWLRQV E\ $ODQ :DONHU 3XEOLVKHG $XJXVW , ZDV WDNLQJ D ZDON LQ WKH EXVK RQH WLPH MXVW IRU WKH VDNH RI WDNLQJ D ZDON ZKHQ ,

7KX7 7 + 1 8 ?7

$XJXVW

VSLHG D EXVKEXFN UDP O\LQJ GRZQ LQ VRPH IDLUO\ RSHQ VFUXEE\ VWXII , PDGH D PRFN VWDON RQ KLP DQG HQGHG XS EHKLQG D EXVK SDFHV PHDVXUHG IURP ZKHUH KH OD\ LQ WKH VKDGH RI D VQHH]HZRRG WUHH , KDG DQ DFFXUDWH SLVWRO ZLWK PH DQG GHFLGHG WR VHH LI , FRXOG KDYH VKRW KLP KDG , QHHGHG WR +LJK XS RQ WKH WUHH WUXQN ZDV D ZKLWH SDWFK DERXW WKH VDPH VL]H DV WKH EDFN RI WKH UDP¶V KHDG , GUHZ D EHDG RQ WKH SDWFK DQG ILUHG 8S FDPH WKH UDP¶V KHDG EXW WKDW ZDV DOO , ILUHG D VHFRQG VKRW 6WLOO QR PDMRU UHDF WLRQ MXVW VSUHDG HDUV IODULQJ QRVWULOV DQG D YHU\ VXUSULVHG ORRN RQ WKH UDP¶V IDFH 2QO\ DIWHU WKH WKLUG VKRW GLG KH MXPS XS JLYH D ORXG ZRRI DQG KHDG IRU KHDYLHU FRYHU 7KH EXFN GLG QRW FKDUJH RII LQ EOLQG SDQLF DIWHU WKH ILUVW VKRW IRU WZR UHDVRQV +H KDG QHYHU EHHQ VFKRROHG E\ :DOW 'LVQH\ VR GLG QRW NQRZ WKDW D FUXHO

KXQWHU ZDV DIWHU KLP +H GLGQ¶W NQRZ ZKHUH DOO WKH QRLVH ZDV FRPLQJ IURP KDG KH MXVW MXPSHG DQG UDQ KH PLJKW KDYH UXQ LQWR WURXEOH LQVWHDG RI DZD\ IURP LW 7KH OHVVRQ LV WKLV 5HORDG LPPHGL DWHO\ DIWHU ILULQJ ,I \RX KDYH PLVVHG WKH DQLPDO LW GRHV KDSSHQ LW PD\ EH FRQ IXVHG HQRXJK IRU D VKRUW WLPH WR JLYH \RX D VHFRQG FKDQFH $OVR DQ LQVWDQW UHORDG ZLOO DOORZ \RX D IDVW VHFRQG VKRW VKRXOG \RX VHH WKH DQLPDO KDV EHHQ KLW EDGO\ $ WKLUG JRRG UHDVRQ IRU TXLFNO\ PDN LQJ UHDG\ IRU D VHFRQG VKRW LV WKDW LQ WKH FDVH RI GDQJHURXV JDPH LQVWHDG RI WKH ZRXQGHG DQLPDO UXQQLQJ DZD\ LW PD\ FKDUJH 0DNH LW D KDELW WR UHORDG LPPH GLDWHO\ DIWHU HYHU\ VKRW HYHQ LI WKH ILUVW VKRW GURSV WKH DQLPDO RQ WKH VSRW ,I \RX GR QRW KDYH WR ILUH DJDLQ LPPHGLDWHO\ SXW WKH VDIHW\ FDWFK EDFN


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¶V UHDFWLRQ WR WKH

VKRW 8QOHVV LW LV KLW LQ WKH EUDLQ QHFN RU VSLQH LW ZLOO YHU\ VHOGRP GURS RQ WKH VSRW (YHQ DQ DQLPDO ZLWK LWV KHDUW FRP SOHWHO\ GHVWUR\HG LV FDSDEOH RI UXQQLQJ RII IRU D JRRG GLVWDQFH ± VRPHWLPHV LQ H[FHVV RI PHWUHV 7KHUH DUH PDQ\ YDULDEOHV LQYROYHG DQG DJDLQ RQO\ H[SHULHQFH FDQ WHDFK \RX WR FRUUHFWO\ LQWHUSUHW DQ DQLPDO¶V UHDFWLRQ RQ EHLQJ KLW RU PLVVHG +HUH KRZHYHU IRU ZKDW WKH\ DUH ZRUWK DUH D IHZ URXJK JXLGHOLQHV $ KLW DQLPDO WKDW LPPHGLDWHO\ UXVKHV RII DW IXOO WLOW RIWHQ KHHGOHVV RI DQ\ REVWUXFWLRQ LQ LWV SDWK XVXDOO\ PHDQV D KHDUW VKRW $ OXQJ VKRW PD\ SURGXFH D VLPLODU UHDFWLRQ WKRXJK WKH DQLPDO¶V UXVK ZLOO QRW EH TXLWH VXFK D EOLQG RQH $ FULPSHG RU KXQFKHG EDFN XVXDOO\ PHDQV D JXW VKRW 7KRXJK D EXFN VHHPV WR EH DEOH WR UXQ DV IDVW RQ WKUHH OHJV DV LW FDQ RQ IRXU \RX FDQ XVXDOO\ VSRW D EURNHQ OLPE VZLQJLQJ RXW WR WKH VLGH DV LW UXQV $Q DQL PDO WKDW GURSV LPPHGLDWHO\ EXW NHHSV LWV KHDG XS QRUPDOO\ PHDQV D VSLQH VKRW 2QO\ D EUDLQ VKRW WKH GLFLHVW RI DOO VKRWV WR WDNH ZLOO NLOO WKH DQLPDO LPPHGLDWHO\

$V VWDWHG WKH IRUHJRLQJ DUH RQO\ JXLGHOLQHV WKH YDULDEOHV DUH PDQ\« « :LWK D ELW RI JRRG OXFN DQG D ORW RI JRRG PDQDJHPHQW \RXU EXFN ZLOO EH GHDG ZKHQ \RX UHDFK LW 7KLV LV D GLIILFXOW PRPHQW IRU D KXQWHU WR WU\ WR SXW LQWR ZRUGV ILOOHG DV LW LV ZLWK PL[WXUH RI HOD WLRQ DQG VRPHKRZ UHJUHW 7KH QRQ KXQWHU PD\ LPDJLQH WKDW WKH KXQWHU LV SOHDVHG ZLWK WKH GHDWK RI KLV TXDUU\ EXW WKLV LVQ¶W VR KLV SOHDVXUH VWHPV IURP WKH VXFFHVV RI WKH KXQW 7KDW WKH DQLPDO LV GHDG JLYHV KLP QR MR\ $OWKRXJK RQH PD\ VWLOO KDYH D JRRG KXQW ZLWKRXW KDYLQJ NLOOHG RQH PXVW NLOO RU KDYH WKH LQWHQW WR NLOO WR KDYH KXQWHG LQ WKH WUXH PHDQLQJ RI WKH ZRUG ,I \RX KDYH KXQWHU SURSHUO\ ± LQ WKH ULJKW VSLULW DQG ZLWK GXH UHVSHFW IRU \RXU TXDUU\ ± WKHQ \RX DUH HQWLWOHG LQ WLPH WR IRUJHW WKH UHJUHW DQG UHPHPEHU RQO\ WKH HODWLRQ RI \RXU WULXPSK 7R UHDG WKH IXOO DUWLFOH JR WR RXU ZHE VLWH DW ZZZ PDQPDJQXP FRP

$XJXVW

7KX7 7 + 1 8 ?7


&

( &

& # # # )

& # # # )

(, '8/$$ & 9 0 %"11 & "118 7, '8/$$ $ 5' % "&5 "& ;'80 '$$ 5"'& 6, '8/$$ & 9 0 %"11 '85 '& '80 0 5 '%) 5"5"'&1

' 5 # '85 18 1 0")5"'& '0 5'

18 1 0")5"'& % "$ 18 1 % " 7 , '% '0 $$ = 2!6 6!(6== * '0 "&5 0& 5"'& $ 18 1 0")5"'& 0 5 1 $$ -72!7(!=3 !==66+ '0 51 )) = 2!6 6!(666 '0 . / 5' 6763( :"5 ;'80 5 "$1 & '& ' '80 &51 :"$$ '&5 5 ;'8 * (, = ) 0 +

' 0 '& 9" ' ;'80 '" 18 1 0" 5 0'8 '0 <5 0, # ''' ) !) ! & % '0 ''' )# ! ! % ! & ! & # ! & '$$': 5 )0'%)51,

<5 0


ůŵŽƐƚ ŽƵƚƐŵĂƌƚĞĚ ďLJ Ă ŶLJĂůĂ ďƵůů

1( 6DWXUGD\ DIWHUQRRQ ZH ZHUH KDYLQJ D EUDDL DW P\ SDUHQW¶V KRXVH ZKHQ P\ 'DG¶V SKRQH VWDUWHG ULQJLQJ +LV QHLJKERXU KDV D OLWWOH FDPS RI DERXW WHQ KHFWDUHV ZKHUH KH EUHHGV Q\DOD 7KH SUREOHP ZDV WKDW KH KDG VL[ HZHV DQG WZR EXOOV 7KH ELJ EXOO ZDV VWDUWLQJ WR WHUURUL]H WKH RWKHU EXOO ZKR ZDV \RXQJHU EXW QRZ PDWXULQJ DQG WXUQLQJ LQWR FRP SHWLWLRQ IRU WKH IHPDOH¶V DIIHFWLRQ 7KHUH KDG DOVR EHHQ D FRXSOH RI LQFLGHQWV ZKHUH VRPH RIIVSULQJ KDG EURNHQ WKHLU OHJV DQG XQIRUWXQDWHO\ WKH PDWXUH EXOO ZDV EODPHG 7R PDNH PDWWHUV ZRUVH WKLV EXOO KDG MXPSHG WKH IHQFH DQG ZDV QRZ

RQ DQ RSHQ KD IDUP &RQILGHQWO\ , KHDGHG RYHU VWLOO ZHDULQJ VKRUWV DQG D EOXH VKLUW WR WDNH FDUH RI WKH SUREOHP :H VWDUWHG ZDONLQJ QHDU WKH IHQFH RI WKH VPDOO FDPS DQG ZLWKLQ PLQXWHV IRXQG WKH EXOO VWDQGLQJ RQ WKH ZURQJ VLGH KDY LQJ D VWDULQJ FRQWHVW ZLWK WKH \RXQJHU EXOO RQ WKH LQVLGH 1RZ LI LW KDG EHHQ WKH \RXQJHU EXOO WKDW QHHGHG WR EH GHDOW ZLWK QR SUREOHP ,W ZDVQ¶W XVHG WR EHLQJ KXQWHG EXW WKH ROGHU EXOO ZDV D GLIIHUHQW VWRU\ ,W FDPH IURP D JDPH IDUP ZKHUH LW KDG VSHQW LWV ILUVW WZR \HDUV URDPLQJ IUHHO\ DQG ZDV IXOO\ DZDUH WKDW PDQ PHDQW WURXEOH ,W TXLFNO\ EHFDPH DSSDU

HQW WKDW JHWWLQJ LQ D VKRW ZRXOGQ¶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

$XJXVW

7KX7 7 + 1 8 ?7


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

7KX7 7 + 1 8 ?7

$XJXVW

EORZLQJ VWUDLJKW LQWR P\ IDFH , ZDLWHG IRU WKUHH KRXUV H[SHFWLQJ WKH Q\DOD WR DSSHDU DW DQ\ VHFRQG EXW KDG WR JLYH XS ZLWKRXW HYHQ D JOLPSVH RI LW $W PLGGD\ ZH SODFHG WHII QH[W WR WKH PRVW VHFOXGHG FRUQHU SRVW RI WKH IHQFH :H ILJXUHG WKDW HYHQ LI WKH EXOO GLGQ¶W FRPH WR HDW LW PLJKW PDNH KLP SDXVH ORQJ HQRXJK WR JLYH XV D FKDQFH WR VKRRW KLP $W SP ZH WULHG WR VQHDN LQWR SRVL WLRQ EXW EHIRUH ZH JRW WKHUH ZH VDZ WKH EXOO KHDGLQJ IRU WKH IRGGHU 8QIRUWX QDWHO\ LW DOVR VSRWWHG XV +RZ WKLV ZDV SRVVLEOH ,¶P QRW VXUH 7KH ZLQG ZDV SHU IHFW ZH VDZ LW FRPLQJ DQG IUR]H KLGGHQ EHKLQG D WKLFN SX]]OH EXVK EHIRUH LW EHFDPH DZDUH RI XV ,W VWRSSHG QRW PRUH WKDQ WHQ PHWUHV IURP XV 7KH ERZ ZDV UHDG\ WR GUDZ WKH Q\DOD MXVW KDG WR JLYH XV DQ RSHQLQJ :H NHSW VWLOO IRU DERXW

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


7KDW QLJKW 0DQRQ DQG , ZHUH IUXV WUDWHG DQG VWXPSHG ,W ZDV FOHDU WKDW D ERZ ZDVQ¶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¶V EDFN )LQDOO\ WKHUH LW ZDV DERXW P DZD\ DQG RQFH DJDLQ DOO , FRXOG VHH ZDV LWV KHDG DQG KRUQV , NQHZ WKLV ZDV SUREDEO\ WKH ODVW FKDQFH , ZRXOG JHW VR , DLPHG DQG VTXHH]HG 7KURXJK WKH VFRSH , VDZ WKH Q\DOD¶V OHJV JLYH ZD\ DQG NQHZ LW ZDV RYHU ,W DPD]HG XV MXVW KRZ WKLV Q\DOD KDG DGDSWHG DQG KRZ FOHYHU LW ZDV EXW PRUH VR KRZ LPSUHVVLYH LWV VHQVHV ZHUH , WRRN D FRXSOH RI SKRWRV ZLWK WKH EHDXWLIXO EXOO KDSS\ WKDW ZH KDG ILQDOO\ JRW LW EXW DOVR VDG 7KLV LQFUHGLEOH DQL PDO KDG RXWVPDUWHG XV VHYHUDO WLPHV DQG GHVHUYHG WR OLYH D FDUHIUHH OLIH %HIRUH WKLV KXQW ,¶G QHYHU UHDOO\ ZDQWHG WR KXQW Q\DOD EXW WKLV PDJQLILFHQW DQLPDO PDGH PH ZRUN KDUGHU WKDQ DQ\ RWKHU DQLPDO EHIRUH ,W PRVW GHILQLWHO\ HDUQHG P\ UHVSHFW

$XJXVW

7KX7 7 + 1 8 ?7


Z Z^͛ D Z< d dK s Zd/^ ŝŶ ZĞĂĚĞƌƐ͛ DĂƌŬĞƚ ĐŽŶƚĂĐƚ ƐŵĂƌĞůĚĂ &ĞƌƌĞŝƌĂ ͮ ϬϴϰͲϳϰϰͲϵϵϰϴ ͮ ĞƐŵĂƌĞůĚĂ͘ĨĞƌƌĞŝƌĂΛůĂŶĚďŽƵ͘ĐŽŵ

,hEd/E'

^ Zs/ ^

^ƉƌŝŶŐďƵĐŬ Λ Zϭ ϮϬϬ͘ ůĞƐďƵĐŬ Λ Zϭ ϴϬϬ͘ ůĂĐŬ ǁŝůĚĞďĞĞƐƚ Λ Zϯ ϱϬϬ ůƵĞ ǁŝůĚĞďĞĞƐƚ Λ Zϰ ϮϬϬ͘ ZĞĚ ŚĂƌƚĞďĞĞƐƚ Zϰ ϮϬϬ͘ >ĞĐŚǁĞ ĞǁĞƐ Λ Zϯ ϬϬϬ͘ ,ƵŶƚŝŶŐ ĚĂLJ ĨĞĞ ZϭϴϬ ƉĞƌ ƉĞƌƐŽŶ͘ ^ůĂƵŐŚƚĞƌŝŶŐ ĨĞĞ͗ ZϱϬ ƐŵĂůů ďƵĐŬ ĂŶĚ ZϭϬϬ ůĂƌŐĞ͘ EK ŵŝŶŝŵƵŵ ĂŵŽƵŶƚ ŽĨ ŚƵŶƚĞƌƐ͕ ŚƵŶƚŝŶŐ ĚĂLJƐ͘ EŽ ĂĐĐŽŵŵŽĚĂƚŝŽŶ ŽŶ ĨĂƌŵ͘ tĞůŬŽŵ ĚŝƐƚƌŝĐƚ͘ ŽŶƚĂĐƚ tŝůůŝĞ͗ ϬϳϯͲϭϲϮͲϴϲϱϳ

Őƚ ŬŝůŽŵĞƚĞƌ ďƵŝƚĞ ůŽĞŵĨŽŶƚĞŝŶ͘ Őƚ ũĂŐƐƉĞƐŝĞƐ͘ ^ĞůĨƐŽƌŐĞĞŶŚĞĚĞ͘ ^ůĂŐͲ ĞŶ ŬŽĞůŬĂŵĞƌŐĞƌŝĞǁĞ͘ ^ŬĂŬĞů ĂǀŝŶ͗ ϬϳϵͲϴϳϬͲϬϰϵϵ ŽĨ DĂƌLJŬĞ͗ ϬϱϭͲϰϬϳͲϲϵϯϴ ŵĂƌLJŬĞďΛƐĂƚď͘ĐŽ͘njĂ

ϭϬ ϬϬϬŚĂ ŐĞŵĞŶŐĚĞ ǀĞůĚ ĞŶ ƚŝƉŽŐƌĂĨŝĞ͘ ϮϮ ƐƉĞƐŝĞƐ ŽƉ ƉůĂĂƐ ĞŶ ϭϮ Žŵ ƚĞ ũĂŐ͘ 'ĞĞŶ ŵŝŶŝŵƵŵ ŐĞƚĂů ũĂŐƚĞƌƐ ƉĞƌ ŐƌŽĞƉ͘ <ŽŶƚĂŬ ĚĞƵƌ ǁĞď͗ ǁǁǁ͘ďĂĚƐŚŽĞŬ͘ĐŽ͘njĂ

'ĞǁĞĞƌͲ ĞŶ ŐũĂŐ͘ sĞƌƐŬĞŝĞ ƐƉĞƐŝĞƐ ǁŝůĚ͘ ^ĞůĨƐŽƌŐůŽĚŐĞ͕ ǀŝĞƌ ĐŚĂůĞƚƐ͕ ƐůĂĂƉ ϭϵ͘ <ŽĞůŬĂŵĞƌ͘ ^ǁĞŵďĂĚ͘ <ŽŶƚĂŬ ĚƌŝĂĂŶ͗ нϮϳͲϳϯͲϯϯϴͲϳϮϯϰ ͲƉŽƐ͗ ŬůĂǁĞƌǀůĞŝΛǁĞďŵĂŝů͘ĐŽ͘njĂ

ĞƐƚ ŚƵŶƚŝŶŐ ĚĞƐƚŝŶĂƚŝŽŶ ŝŶ tĞƐƚĞƌŶ ĂƉĞ͘ EŽ ŚŝĚĚĞŶ ĐŽƐƚƐ͘ ZŝĨůĞͬďŽǁͬďŝůƚŽŶŐͬƚƌŽƉŚLJ ŚƵŶƚ͘ &ƵůůͬƐĞůĨͲĐĂƚĞƌŝŶŐ͘ ϰϱн ƐƉĞĐŝĞƐ͘ KǁŶĞƌƐ ĂƌĞ W, ĂŶĚ ŽƵƚĨŝƚƚĞƌƐ ϬϴϮͲϰϰϯͲϭϭϰϳͬϬϴϮͲϰϰϴͲϯϵϳϱ ǁǁǁ͘ůĂƐĂƌƵƐŐĂŵĞĨĂƌŵ͘ĐŽ͘njĂ ŝŶĨŽΛůĂƐĂƌƵƐŐĂŵĞĨĂƌŵ͘ĐŽ͘njĂ

7KX7 7 + 1 8 ?7

$XJXVW

Ͳϭϱй ŝƐĐŽƵŶƚ

ĐŽƵƉŽŶ ĐŽĚĞ ^ :Ϯϱϯϱ

ͻ ϯϱ Ŭŵ ŶŽƌƚŚ ŽĨ ƌŝƚƐ͘ ͻ ƵƐŚǀĞůĚ ĨĂƌŵ ǁŝƚŚ ǀĂƌŝŽƵƐ ŐĂŵĞ ƐƉĞĐŝĞƐ͘ ͻ ^ĞůĨͲĐĂƚĞƌŝŶŐ ůŽĚŐĞ ƐƵŝƚĞĚ ƚŽ ĨƌŝĞŶĚ ĂŶĚ ĨĂŵŝůLJ ŐƌŽƵƉƐ͘

" # ƵƐƚŽŵ ĨŝƌĞĂƌŵ ŵŽƚŝǀĂƚŝŽŶƐ͘ ϭϬϬй ƐƵĐĐĞƐƐ ƌĂƚĞ͘ ĨƌŝŬĂĂŶƐͬ ŶŐůŝƐŚ͘ ^D^ ĞŵĂŝů ĂĚĚƌĞƐƐ ƚŽ ϬϴϮͲϱϲϳͲϴϰϯϳ :ŽŚĂŶ :ƵƐƚƵƐ͕ ƌĞƚŝƌĞĚ ^ W^ ŽůŽŶĞů͘

dĞů͗ ϬϳϭͲϬϴϳͲϰϰϰϰ ŝŶĨŽΛĞnjƵůǁŝŶŝŐĂŵĞ͘ĐŽ͘njĂ

tĞ ĂƌĞ ƐŝƚƵĂƚĞĚ ŝŶ ƚŚĞ &ƌĞĞ ^ƚĂƚĞ͘ ͻ ŽŵĞ ŚƵŶƚ ǁŝƚŚ ƵƐ ĂŵŽŶŐƐƚ ƚŚĞ ďĞĂƵƚŝĨƵů ǀŝĞǁƐ ŽĨ ŽƉĞŶ ƐŬŝĞƐ ĂŶĚ ĞŶĚůĞƐƐ ŵŽƵŶƚĂŝŶƐ͘ ͻ dŚĞ ŽǁŶĞƌƐ ŚĂŶĚůĞ ĞĂĐŚ ŚƵŶƚ ƚŚĞŵƐĞůǀĞƐ͘ ͻ tĞ ŚĂǀĞ ϭϲ ĚŝĨĨĞƌĞŶƚ ŐĂŵĞ ƐƉĞĐŝĞƐ͘ ͻ KƵƌ ůŽĚŐĞ ĐĂŶ ĂĐĐŽŵŵŽͲĚĂƚĞ ƵƉ ƚŽ ϴϬ ŐƵĞƐƚƐ ŝŶ ŽƵƌ ĐŽŵĨŽƌƚĂďůĞ͕ ĐŽƵŶƚƌLJͲƐƚLJůĞ ƵŶŝƚƐ ʹ ƉĞƌĨĞĐƚ ĨŽƌ ĨĂŵŝůLJ ŐĂƚŚĞƌŝŶŐƐ͘

Z Z^͛ D Z< d

,ƵŶƚ ĨƌŝĐĂ ;WƚLJͿ >ƚĚ ƌŝƚƐ͕ ϬϮϱϬ ŽŶƚĂĐƚ͗ нϮϳͲϲϰͲϳϯϵͲϵϳϳϯ ŝŶĨŽΛŚƵŶƚĂĨƌŝĐĂůĞĂƚŚĞƌ͘ĐŽŵ

͛Ŷ >ĞĞĨƚLJĚ ƐĞ ďĞŬƌƵŝƉ ŝƐ ͛Ŷ ďŽĞŬ ǀŝƌ ŽƵĚ ĞŶ ũŽŶŬ͘ ŝƐ ͛Ŷ ďŽĞŬ ǀŝƌ ǀŽŽƌůĞĞƐ ŽĨ ƐĞůĨůĞĞƐ͘ ͛Ŷ ŽĞŬ ǁĂƚ ƐĂů ƐŽƌŐ ǀŝƌ ůĞŬŬĞƌůĞĞƐͲĂǀŽŶƚƵƵƌ͘

ŽŶƚĂĐƚ ƐŵĂƌĞ Ăƚ ϬϴϰͲϳϰϰͲϵϵϰϴ Žƌ ĞƐŵĂƌĞůĚĂ͘ĨĞƌƌĞŝƌĂ ΛůĂŶĚďŽƵ͘ĐŽŵ

> ^d KW EͲ^ ^KE DKEd, ^W / > KE KDDK d/KE͘ WůĞĂƐĞ ĐŽŶƚĂĐƚ ƵƐ ŽŶ ϬϲϯͲϭϯϰͲϰϳϭϴͬϬϴϯͲϲϳϱͲϭϳϲϭ͘ ŵĂŝů͗ ŬŝŶŐƐΛ ƵŝƚnjŝĐŚƚŐĂŵĞůŽĚŐĞ͘ĐŽ͘njĂ

&KZ ^ >

ĞƐƚĞů ĚŝƌĞŬ ďLJ ǀĞƌǀĂĂƌĚŝŐĞƌ͘ <ĂůŝďĞƌƐ ǀĂŶ ͘ϮϮ ƚŽƚ ͘ϰϱϴ ĂůƚLJĚ ŝŶ ǀŽŽƌƌĂĂĚ͘ DĂƵƌŝƚnj ϬϴϰͲϰϲϭͲϯϰϮϭ ǁǁǁ͘ƉĞƌĨĞĐƚďƵůůĞƚƉƵůůĞƌ͘ĐŽ͘njĂ

&ŝƌĞĂƌŵ ůŝĐĞŶĐĞ ĂŶĚ ĨŝƌĞĂƌŵ ĂƉƉĞĂů ĂƉƉůŝĐĂƚŝŽŶƐ͘ ;ϵϵй ƐƵĐĐĞƐƐ ƌĂƚĞͿ ůů ŽƚŚĞƌ ůĞŐĂů ǁŽƌŬ͘ ŝŶĨŽΛƋũĂƚƚŽƌŶĞLJƐ͘ĐŽ͘njĂ WŚŽŶĞ͗ ϬϴϮͲϴϬϱͲϬϲϳϰ ;WƌĞƚŽƌŝĂͿ

WƌLJƐ͗ ZϮϮϬ ƉůƵƐ ƉŽƐŐĞůĚ͘ ŝĞ ďŽĞŬ ŬĂŶ ďĞƐƚĞů ǁŽƌĚ ǀŝĂ ŵLJ ĞͲƉŽƐͲĂĚƌĞƐ͗ ŵŽƉĞƌŝΛŶƚĞůĞĐŽŵ͘ĐŽ͘njĂ


+(6( VPDOO NQLYHV ZHUH GHVLJQHG E\ $ODQ )ROWV RI 0HO ERXUQH )ORULGD 86$ )ROWV LV D GHVLJQHU DQG FXVWRP NQLIH LQVWUXFWRU ZLWK RYHU \HDUV¶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¶V EHDG EODVWHG EODGH PDGH IURP &U 0R9 VWHHO LV PP ORQJ PP WKLFN DQG LV KRO ORZ JURXQG ZLWK D SODLQ HGJH 7KH KDQGOH KDV WKUHH GHHSO\ UHFHVVHG FKRLOV IRU D VWURQJ WKUHH ILQJHU KROG DQG D EUDLGHG ODQ\DUG DWWDFKHV WR WKH UHDU RI WKH KDQGOH WR DOORZ PRUH JULS VSDFH IRU WKH OLWWOH ILQJHU 7KH KDQGOH PDWHULDO LV UHVLQ LQIXVHG ILEUH 7KH UHLQIRUFHG Q\ORQ VKHDWK FRPHV ZLWK D SDUD FRUG WR IDFLO LWDWH LQYHUWHG FDUU\ DURXQG WKH QHFN $ TXLFN UHOHDVH UHWHQWLRQ EXWWRQ HQVXUHV WKH SDUD FRUG FDQ ULS IUHH VKRXOG LW JHW HQ WDQJOHG 7KH VKHDWK KDV D EHOW FOLS ZKLFK LV DGMXVWDEOH IRU KRUL ]RQWDO XSVLGH GRZQ EODGH GRZQ DQG HYHQ EHORZ DERYH WKH EHOW FDUU\ ,W¶V UHWDLQHG ZLWK WZR VFUHZV DQG ZKHQ FDUULHG KRUL ]RQWDOO\ RQ WKH EHOW RQH VFUHZ LV DGMXVWDEOH IRU EODGH UHWHQWLRQ 7KH VKHDWK LV RQH RI WKH EHWWHU GHVLJQV ,¶YH HQFRXQWHUHG DQG DIWHU PRQWKV RI FDUU\ ,¶YH QRW KDG D SUREOHP ZLWK UHWHQWLRQ 7KH NQLIH DQG VKHDWK ZHLJK RQO\ JUDPV ± EDUHO\ QRWLFHDEOH

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¶G QRW QRWLFH LW LQ \RXU NLW , DWWDFKHG WKH &OHDYHU WR WKH RXWVLGH RI P\ EDFN SDFN E\ WKUHDGLQJ WKH SDUD FRUG WKURXJK WKH KROHV LQ WKH VKHDWK 5HWDLOLQJ IURP 5 WKH &5.7 0LQLPDOLVW UDQJH RI NQLYHV RIIHUV H[FHSWLRQDO YDOXH IRU PRQH\ DV SUDFWLFDO ('& NQLYHV 2QFH \RX¶YH XVHG RQH LW LV KDUG WR JR EDFN WR \RXU ROG IROGHU

$XJXVW

7KX7 7 + 1 8 ?7


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¶W KDYH VSDFH LQ WKHLU YHKLFOH IRU RQH RI WKH KXQWHUV 7KLV ZDV RXU FXH ³'RQ¶W ZRUU\ ZH DUH RQ RXU ZD\ ´ (QJDJLQJ :' /RZ ZH FUXLVHG XS WR WKH WRS ZLWK RXW WKH -LPQ\ HYHQ EUHDNLQJ D VZHDW 2Q WKH ZD\ GRZQ ZH HQJDJHG WKH +LOO GHVFHQW EXWWRQ ZKLFK PDGH LW D EUHH]H WR QDYLJDWH WKH VWHHS GHFOLQH 2Q RXU VHFRQG GD\ ZH VSOLW XS WKH KXQWLQJ SDUW\ ZLWK WZR RI XV JRLQJ WR DQRWKHU IDUP WR ORRN IRU NXGX 7KHUH ZHUH D ORW RI FKLUSV DERXW ZKDW ZRXOG KDSSHQ LI ZH EDJJHG D NXGX DQG KRZ ZH

DV QRW WR H[FHHG WKH OLPLW 2Q RXU UHWXUQ ZH FDOFXODWHG RXU IXHO FRQVXPSWLRQ DW NP O WKH RQ ERDUG FRPSXWHU UHJ LVWHUHG NP O 7KLV LV LPSUHVVLYH IRU D YHKLFOH WKDW LV EDUHO\ UXQ LQ &RQVLGHU LQJ WKH KRUULILF ZLQG FRQGLWLRQV RQ WKH ILUVW GD\ DQG WKDW PRUH WKDQ D WKLUG RI WKH WULS ZDV LQ ; WKHVH ILJXUHV DUH PRUH WKDQ DFFHSWDEOH 2XU RYHUDOO LPSUHVVLRQ RI WKH 6X]XNL -LPQ\ ZDV YHU\ SRVLWLYH ± 'DYH 5DZOLQV

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

# # ' $ * # ' !# ' ' ' # '$ # # * #$

.( %) + . % ( % $ $ " # "-

***"$ " # "- + ( ).( #' * , .%

7KX7 7 + 1 8 ?7

$XJXVW

:K\OR LPSRUWHU RI EUDQGV VXFK DV 6ZDURYVNL DQG 9RUWH[ KDV VHFXUHG WKH ORFDO ULJKWV WR GLVWULEXWH RSWLFV IURP .DKOHV LQ $XVWULD .DKOHV LV ZHOO NQRZQ DV D PDQXIDFWXUHU RI KLJK TXDOLW\ RSWLFDO GHYLFHV ZLWK \HDUV RI H[SHULHQFH LQ WKH GHYHORSPHQW DQG SURGXFWLRQ RI ULIOH VFRSHV ,WV SURGXFWV DOVR KDYH D ORQJ KLV WRU\ LQ WKH KXQWLQJ PDUNHW 6RPH RI WKH SURGXFWV WKDW ZLOO EH GLVWULEXWHG LQ 6RXWK $IULFD DUH

.DKOHV L '/5 '\QDPLF /RQJ 5DQJH D ; VFRSH ZLWK H[WUD ZLGH ILHOG RI YLHZ FOLFNV SHU URWDWLRQ H[WUD ODUJH WXUUHW OHWWHULQJ IRU HDV\ DQG


IDVW UHDGLQJ DQG RSWLRQDO OHIW RU ULJKW 7ZLVW *XDUG ZLQGDJH WXUUHW $ WKURZ OHYHU DQG SDUDOD[ VSLQQHU LV LQFOXGHG

QRPLF ZLWK D GXUDEOH ILQLVK DQG UREXVW PDJQHVLXP KRXVLQJ )RU PRUH LQIRUPDWLRQ DERXW .DKOHV SURG XFWV FRQWDFW :K\OR RQ

.DKOHV . L D [ VFRSH DLPHG VSHFLILFDOO\ DW ORQJ UDQJH VKRRWLQJ ZLWK D ODUJH ILHOG RI YLHZ SUHFLVH DQG FOHDUO\ GHILQHG PHFKDQLVP IRU UHOLDELOLW\ DQG DFFXUDF\ RSWLRQDO OHIW RU ULJKW ZLQGDJH D SDUDOD[ ZKHHO WKDW LV LQWHJUDWHG ZLWK WKH HOHYDWLRQ WXUUHW DQG DQ LOOXPLQDWHG UHWLFOHV LQ WKH ILUVW IRFDO SODQH

.DKOHV . L ZKLFK LV RSWLPLVHG IRU ,36& DQG *XQ PDWFKHV ,W KDV DQ XOWUD ZLGH ILHOG RI YLHZ ZLWK [ ]RRP DQG WUXH [ PDJQLILFDWLRQ LQWHJUDWHG WKURZ OHYHUV H[WUD EULJKW GD\ QLJKW LOOXPLQD WLRQ DQG UHWLFOHV VSHFLDOO\ GHVLJQHG IRU ,36& DQG *XQ

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

, ZDV VKRFNHG DQG VDGGHQHG WR KHDU RI WKH XQWLPHO\ GHDWK RI UHQRZQHG SURIHV VLRQDO KXQWHU -RKQ :DPEDFN RI :LQG KRHN 1DPLELD DW WKH DJH RI RQO\ 7UDJLFDOO\ RQ -XO\ -RKQ VXF FXPEHG WR WKH FRURQD YLUXV FRYLG -RKQ 5DOSK :DPEDFN ZDV ERUQ LQ 0LGGHOEXUJK 6$ RQ 0DUFK +H ZDV HGXFDWHG DW %HQ 9LOMRHQ +LJK 6FKRRO

$XJXVW

7KX7 7 + 1 8 ?7


DQG WKH 8QLYHUVLW\ RI 3UHWRULD ZKHUH KH UHFHLYHG D %DFKHORU RI (GXFDWLRQ GHJUHH +H MRLQHG WKH 6$ 3ROLFH 0RXQWHG 8QLW

DQG WKHQ ZHQW WR 6RXWK :HVW $IULFD WR ILJKW LQ 6$¶V ERUGHU ZDU DJDLQVW $QJROD¶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¶V

OLFHQVH LQ $ODVND 86$ , DP VKRFNHG E\ -RKQ¶V GHDWK EHFDXVH LQ , GLG D EDFNSDFN VDIDUL ZLWK KLP LQ WKH 1DPLE 'HVHUW DQG KH SURYHG WR EH RQH RI WKH ILWWHVW DQG VWURQJHVW PHQ , KDYH HYHU NQRZQ %DFN WKHQ KH KDG VXFFHVVIXOO\ FRPSOHWHG WKH ,URQ 0DQ WULDWKORQ WKUHH WLPHV :H KXQWHG LQ D UHPRWH FDQ\RQ LQ WKH *DPV EHUJ PRXQWDLQV ± WKH PRVW UXJJHG WHU UDLQ , KDYH HYHU HQJDJHG ,W YHU\ UDUHO\ UDLQV WKHUH DQG RQO\ PRXQWDLQ ]HEUD SHUPDQHQWO\ LQKDELW WKLV ZDWHUOHVV FDQ \RQ DV WKH\ FDQ XVH WKHLU KRRYHV WR GLJ IRU ZDWHU LQ WKH GU\ ULYHUEHG )URP RXU EDVHFDPS DERYH WKH FDQ \RQ ZH FOLPEHG GRZQ WKH VWHHS URFN\ FDQ\RQ ZDOO WR WKH ULYHUEHG IDU EHORZ FDUU\LQJ DOO RXU VXSSOLHV RQ RXU EDFNV LQFOXGLQJ OLWUHV RI ZDWHU HDFK -RKQ FDUULHG E\ IDU WKH KHDYLHU ORDG :H WKHQ IROORZHG WKH ULYHUEHG , VKRW D ELJ ]HEUD RQ D PRXQWDLQVLGH ZH VNLQQHG DQG EXWFKHUHG LW ZKHUH LW IHOO WKHQ VOHSW

WKHUH 1H[W PRUQLQJ ZH PDGH WKH ILUVW RI WKUHH WULSV WR FDUU\ RXW WKH VNLQ DQG PHDW RQ WKH IUDPHV RI RXU PLOLWDU\ EDFNSDFNV ILQDOO\ UHWXUQLQJ IRU WKH SDFNV WKHP VHOYHV DQG P\ ULIOH \RX QHHG ERWK KDQGV IUHH IRU FOLPELQJ +DXOLQJ WKRVH ORDGV XS WKDW FDQ\RQ ZDOO UHQGHUHG WKLV P\ KDUGHVW KXQW HYHU $JDLQ -RKQ¶V ORDG ZDV DOZD\V WZLFH WKH ZHLJKW RI PLQH DQG ZKLOH WKH HYHQW XWWHUO\ H[KDXVWHG PH KH WRRN LW DOO LQ KLV VWULGH +LV VWUHQJWK DQG ILWQHVV DPD]HG PH 7KLV FRURQD YLUXV LV WUXO\ IULJKWHQLQJ -RKQ¶V GHDWK LV D KXJH ORVV WR KXQW LQJ IRU WKHUH ZDV QR ILQHU H[DPSOH RI DQ HWKLFDO KXQWHU DQG HQYLURQPHQWDOLVW 2Q RXU KXQW KH FDUULHG D VSLULW VWRYH DOORZ LQJ QR ILUHV WR EH OLW WKRXJK QLJKW WHP SHUDWXUHV WKHUH GURS WR PLQXV & DQG \RX KDYH QR WHQW +H ZDQWHG WKH FDQ\RQ XWWHUO\ SULVWLQH ± QR KXQWHU PXVW FRPH DFURVV WKH ILUHSODFH RI DQRWKHU +H ZRXOG QRW HYHQ SHUPLW \RX WR EXU\ \RXU WRLOHW SDSHU \RX FDUULHG LW RXW LQ SODVWLF EDJV

Z Z^͛ D Z< d

(- * $ % # ! " * $ % ,

Zϯϱϱ

dK s Zd/^ ŝŶ ZĞĂĚĞƌƐ͛ DĂƌŬĞƚ ĐŽŶƚĂĐƚ ƐŵĂƌĞůĚĂ &ĞƌƌĞŝƌĂ ͮ ϬϴϰͲϳϰϰͲϵϵϰϴ ĞƐŵĂƌĞůĚĂ͘ĨĞƌƌĞŝƌĂΛůĂŶĚďŽƵ͘ĐŽŵ

" % " " #( ' " &" " $ " $ ͮ ͮ ͮ

7KX7 7 + 1 8 ?7

$XJXVW

dŚĞ ǁŽƌĚƐ ŽĨ LJŽƵƌ ĂĚǀĞƌƚ ǁŝůů ďĞ ŚĞƌĞ ŝŶ ďůĂĐŬ ƚĞdžƚ ŽŶƚĂĐƚ ŝůůLJ ŽŶ ϬϴϰͲϮϮϮͲϮϮϮϮ ǁǁǁ͘ǁĞďƐŝƚĞĂĚĚƌĞƐƐ͘ĐŽ͘njĂ

' ' +' * ' )$ ) - * + -

Zϭ ϬϴϬ ' ' +' * ' )$ ) - * + -

Zϲϯϱ


,Q -RKQ ZDV FKDUJHG IURP EHKLQG E\ D EXIIDOR KLV FOLHQW KDG ZRXQGHG WKH EXOO SXW LWV KRUQ WKURXJK KLV NQHH VPDVKLQJ LW VR EDGO\ WKDW KLV ORZHU OHJ IROGHG IRUZDUG DW WKH NQHH +LV ZLIH $QQHOL WHOOV PH WKDW WKLV GDPDJHG NQHH DOZD\V WURXEOHG KLP \HW KH FRQWLQXHG WR GR EDFNSDFN KXQWV XQWLO WKH HQG +XQWLQJ KDV ORVW RQH RI LWV ILQHVW HYHU :H H[SUHVV RXU VLQFHUHVW FRQGROHQFHV WR $QQHOL DQG WKHLU FKLOGUHQ $QQHUp DQG -& *UHJRU :RRGV

)UHG OLYHV LQ *DXWHQJ DQG LV D WDUJHW VKRRWHU DQG FROOHFWRU PRUH WKDQ D KXQWHU :KHQ KH GRHV KXQW KH XVHV KLV )UHG VD\V ³, ERXJKW P\ ILUVW ILUHDUP DQG D EDNNLH ZLWK P\ GDQJHU SD\ DIWHU P\ PLOLWDU\ VHUYLFH LQ DQG KDYH EHHQ VKRRWLQJ DQG UHORDGLQJ IRU KDQGJXQV ULIOHV DQG VKRWJXQ HYHU VLQFH 0\ ILUVW SLVWRO ZDV D 6WDU %.0 PP3 ´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

' ŶŐŝŶĞĞƌŝŶŐ ƵůůĞƚƐ ƵƐŚŝůů DK ĂŐ ŚƌŽŵĞ ĂƚĞƌ ƋƵŝƉŵĞŶƚ ŽŵƉĞƚŝƚŝŽŶ Z<d <ŶŝǀĞƐ D dĞĐŚŶŽůŽŐŝĞƐ &ŽƌŵĂůŝƚŽ 'ƵŶƐ Θ ŽǁƐ ,ĞĂƌŝŶŐ WƌŽƚĞĐƚŝŽŶ ,ŽƌŶĂĚLJ ZĞůŽĂĚŝŶŐ ,ŽǁĂƌĚ >ĞŝŐŚƚ ĂƌŵƵĨĨƐ /ŶLJĂƚŚŝ <ĂŚůĞƐ KƉƚŝĐƐ >ĞƵƉŽůĚ KƉƚŝĐƐ DĂŐŶƵŵ ŝŶĚĞƌƐ DĂŐŶƵŵ ^ƵďƐĐƌŝƉƚŝŽŶƐ DĂŐŶƵŵ͛Ɛ ŚŽŝĐĞ DĞƌŬĞů ZŝĨůĞƐ EŝĐŚŽůĂƐ zĂůĞ EŝŐŚƚĨŽƌĐĞ KƉƚŝĐƐ EŝŐŚƚ &ƵƌLJ ĐĐĞƐƐŽƌŝĞƐ EŽŝƐĞ ůŝƉƉĞƌ ,ĞĂƌŝŶŐ WƌŽƚĞĐƚŝŽŶ EŽƌĚŝƐŬĞ WƌĞĐŝƐŝŽŶ KƉƚŝĐƐ EŽƌŵĂƌŬ KƵƚĚŽŽƌƐ ZĞĂĚĞƌƐ͛ DĂƌŬĞƚ ^ ' ^ĂĨĂƌŝ KƵƚĚŽŽƌ ^ĂĨĞ ŝƚŝnjĞŶ ^ĂŬŽ ZŝĨůĞƐ ^ĂǀƵƚŝ ƌŵƐ ^ŚĂƌƉ ĞĚŐĞ ^ŝŐŚƚƌŽŶ KƉƚŝĐƐ ^ŽĨƚͲ/ĐĞ ĂƚĞƌŝŶŐ ƋƵŝƉŵĞŶƚ ^^ dƵŵďůĞƌƐ Θ DĞĚŝĂ ^ƵďƐĐƌŝƉƚŝŽŶƐ ^ƵďƵƌďĂŶ 'ƵŶƐ ^ƵƉƉƌĞƐƐŽƌƐ dƌŝũŝĐŽŶ /ƌŽŶ ^ŝŐŚƚƐ tŚLJůŽ

ϵ Ϯϳ ϱϵ ϰ ϰϵ ϲϳ ϭϭ ϯ ϭϵ ϭϵͬϮϯ ϭϵ ϭϵ Ϯ ϲϴͬϳϮ ϯ ϱϳ ϲϮ ϱϵ ϴ ϳͬϮϴ Ϯ ϵ Ϯϯ ϰϳ ϱ ϲϲ ϲϴ ϰϳ ϰϵ ϱ Ϯϳ ϲϳ ϳͬϮϴ ϰ ϲϴ ϲϮ ϴͬϭϵ ϵ ϭϭ ϳϮ

:H KDYH UHFHLYHG D QXPEHU RI TXHULHV IURP UHDGHUV ZKR DUH QRW VXUH ZKHQ WKH QH[W LVVXH RI 0DJQXP ZLOO EH RQ VDOH 7KLV KDQG\ WDEOH SURYLGHV \RX ZLWK WKH GDWHV IRU WKH QH[W IHZ LVVXHV

^ĞƉƚĞŵďĞƌͬKĐƚŽďĞƌ ϮϬϮϭ EŽǀĞŵďĞƌͬ ĞĐĞŵďĞƌ ϮϬϮϭ :ĂŶƵĂƌLJͬ&ĞďƌƵĂƌLJ ϮϬϮϮ DĂƌĐŚͬ Ɖƌŝů ϮϬϮϮ DĂLJ ϮϬϮϮ

ϭϳ ^ĞƉƚĞŵďĞƌ ϮϬϮϭ ϭϵ EŽǀĞŵďĞƌ ϮϬϮϭ ϭϰ :ĂŶƵĂƌLJ ϮϬϮϮ ϭϭ DĂƌĐŚ ϮϬϮϮ ϲ DĂLJ ϮϬϮϮ

$XJXVW

7KX7 7 + 1 8 ?7


1.

. 41 4

.$ .1 *

-$ 1 4

! ( / !' ( /( , (( , ( /' /' (,' , (, &/ ,2 !' ( , ! ' ,

, ' ' / /' 4 /, ' $ ! %.) "4#- 4 000$0 2 $ $3


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.