<287+ */,'( 7KH GHYHORSPHQW FDPS
$0$7(85 +285 $ VKRUW LQWURGXFWLRQ LQWR WKH VSRUW RI JOLGLQJ
0RGHUQ JOLGLQJ LV DOO DERXW WKH MR\ RI VRDULQJ DQ HQJLQH OHVV DHURSODQH LQ JOLGLQJ IOLJKW DQG VXFFHVVIXOO\ XVLQJ WKH DWPRVSKHUH·V QDWXUDO HQHUJ\ WR IO\ KLJKHU IXUWKHU IDVWHU RU ORQJHU *OLGHU SLORWV OHDUQ WR UHDG WKH DWPR *OLGHU SLORWV OHDUQ WR UHDG WKH DWPR VSKHUH WR ILQG KLGGHQ SDWKZD\V FUH DWHG E\ WKH LQWHUDFWLRQ RI WKH VXQ WKH ZLQG DQG WKH WHUUDLQ ,Q WKH ULJKW VRDULQJ FRQGLWLRQV IOLJKWV RI PDQ\ KXQGUHGV RI NLORPHWHUV FDQ EH PDGH RU DOWLWXGHV RI RYHU IHHW FDQ EH UHDFKHG 7RGD\·V JOLGHUV RU VDLOSODQHV DV WKH\ DUH PRUH SURSHUO\ FDOOHG DUH OLNH KLJKO\ HQJLQHHUHG ZRUNV RI DUW &RQVWUXFWHG RI VSDFH DJH FRPSRVLWH PDWHULDOV XVLQJ WKH ODWHVW HUJRQRP LF VDIHW\ DQG DHURG\QDPLF GHVLJQ WKHVH EHDXWLIXO DLUFUDIW IO\ ERWK IDVW DQG IDU )URP NLORPHWHU IHHW DERYH JURXQG ZLWKRXW HQFRXQ WHULQJ OLIW WKH\ FDQ IO\ XS WR NLOR PHWHUV EHIRUH UHDFKLQJ WKH JURXQG DQG WKH\ FDQ UHDFK VSHHGV DURXQG NSK
5)& 8&&,
,Q D JURXS RI JOLGLQJ HQWKXVLDVWV LQ &DQWHUEXU\ VHW DERXW SURPRWLQJ JOLGLQJ DV D VSRUW IRU \RXWK <RXWK *OLGH &DQWHUEXU\ ZDV IRUPHG DQG IURP VPDOO EHJLQQLQJV WKH RSHUDWLRQ KDV JURZQ WR QRZ LQFOXGH DQ DQQXDO <RXWK 6RDULQJ 'HYHORSPHQW &DPS <6'& DW 2PD UDPD HDFK \HDU
3KRWR )O\LQJ WKH +DZHD ZDYH EDFN WR 2PDUDP VXQVHWLQJ RII WR WKH ZHVW
,PDJHV 5LJKW 3DJH 9LHZ RI 0W &RRN IURP WKH FRFNSLW RI D 'XR GLVFXV /HIW 3DJH $LULDO YLHZ RI 2PD UDPD WKH ORFDWLRQ IRU WKH \RXWK GHYHORSPHQW FDPS
T
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·V ZHOO DS SRLQWHG FRRNKRXVH :HDWKHU SHUPLW WLQJ PHDOV FDQ EH WDNHQ RXWGRRUV LQ WKH %%4 DUHD 7KHUH LV D )LQDO 1LJKW 'LQQHU DW WKH HQG RI WKH FDPS WR FHOHEUDWH WKH DFKLHYH PHQWV RI WKH FDPS )DPLO\ DQG IULHQGV DUH LQYLWHG WR DWWHQG DORQJ ZLWK RXU VSRQVRUV 7KLV IXOO\ FDWHUHG PHDO SUH SDUHG E\ RXU WHDP RI KHOSHUV LV KHOG LQ WKH WHUPLQDO EXLOGLQJ DQG LV D JUHDW ZD\ WR ILQLVK WKH FDPS
$OO SDUWLFLSDQWV PDNH RXWVWDQGLQJ SURJ UHVV DW WKH FDPS DQG OHDUQ DOO DERXW ZRUNLQJ DV D WHDP WR DFKLHYH WKH JRDOV ZH HQFRXUDJH WKHP WR VHW WKHPVHOYHV
,PDJHV 7RS /HIW SDJH ¬ $Q RSHQ FRFNSLW WZLQ VHDWHU WDNHV WR WKH VNLHV %RWWRP /HIW 3DJH 2PD UDPD VRPH SLORWV WUDYHO KDOI ZD\ DURXQG WKH ZRUOG WR IO\ KHUH ZKLOH $ERYH 1HDUO\ UHDG\ WR VRPH LQ 1HZ =HDODQG DUH ODXQFK DQG LWV WKXPEV IRUWXQDWH WR KDYH LW DV XS¬IRU WKH DGYHQWXUHV WKHLU EDFN\DUG WKDW DZDLW
5)& 5&".
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
$ERYH 5RJHU 5HDG DIWHU DQ LQ VWUFXWLRQDO IOLJKW %HORZ 7RE\ 5HDG UXQV WKURXJK WKH JOLGHU LQVWUXPHQWDWLRQ ZLWK KLV VWXGHQW 5LJKW $ JOLGHU SUHSDUHV IRU DQ DHUR WRZ RQ WKH DLUIHLOG UXQZD\
)RU WKRVH PRUH VHULRXV SLORWV ORRNLQJ IRU WKHLU ILUVW VROR RU EDGJH IOLJKWV 5LFKLH 0F&DZ D ORQJ VXSSRUWHU RI <RXWK *OLGH W\SLFDOO\ GURSV E\ WR SUHVHQW WKH FHUWLILFDWHV DW WKH HQG RI WKH FDPS
6((( <28 7+(5(
<287+ */,'( 7KH GHYHORSPHQW FDPS