ST. PETERSBURG ONE OF NEW
YORK TIMES
“PLACES TO GO IN 2014” –––––– PAGES 36 & 88 ––––––
CRAFT BEERS FIND LOCAL FLAVOR ON TAP ––––––––– PAGE 27 –––––––––
YOUR BEST
RANK LIST INSIDERS LOCAL FAVES
AMERICA’S BEST
BEACHES ––––––––––––––––––– PAGE 44 –––––––––––––––––––
SHIP-TO-SHORE 20 BEACH FINDER 50 BEST BEACH BARS 55
CONTENTS
)520 6+,3 72 6+25(
$57 &8/785(
:KHWKHU \RX¶UH VQRUNHOLQJ XQGHU ZDWHU RU VRDULQJ DERYH LW WKHUH DUH ORWV RI ZD\V WR HQMR\ WKH LQYLWLQJ ZDWHUV RI WKH *XOI RI 0H[LFR DQG 7DPSD %D\
$QFKRUHG E\ WKH LFRQLF 'DOL 0XVHXP RXU WKULYLQJ DUWV VFHQH ZLOO LQVSLUH \RX WR VSHQG D OLWWOH WLPH LQGRRUV
%($&+(6 )URP &OHDUZDWHU WR 6W 3HWH %HDFK H[SORUH PLOHV RI ZKLWH VDQG SHUIHFWLRQ
ª 1,*+7/,)( 6SRWOLJKW 6W 3HWH 'LVFRYHU ZKDW WKH 1HZ <RUN 7LPHV KDLOV DV RQH RI WKH ZRUOG¶V WRS WUDYHO GHVWLQDWLRQV RI
&20081,7,(6 6DYRU WKH IODYRU RI RXU XQLTXH VPDOO WRZQV HDFK ZLWK LWV RZQ GLVWLQFW SHUVRQDOLW\ IURP WKH ZKLPVLFDO WR WKH KLVWRULFDO *(77,1* $5281' %5(:(5,(6 *2/) 3(7 75$9(/ %($&+ %$56 /*%7 6+233,1* 086,& :('',1*6 :,17(5 7+( '2/3+,1 (9(176 ,7,1(5$5,(6 '$< 75,36
$0(5,&$¶6 %(67 %($&+(6
ª )22' $ = :KDW¶V \RXU SOHDVXUH" :H VXJJHVW GHOHFWDEOH ZD\V WR VDWLVI\ DQ\ DSSHWLWH
GULF TO BAY
+RPH RI $PHULFD·V %HVW %HDFKHV &DOO XV DW RU WROO IUHH 9LVLW6W3HWH&OHDUZDWHU FRP 7KLV LVVXH RI WKH 6W 3HWHUVEXUJ &OHDUZDWHU GHVWLQDWLRQ PDJD]LQH LV SXEOLVKHG E\ 9LVLW 6W 3HWHUVEXUJ &OHDUZDWHU LQ SDUWQHUVKLS ZLWK WKH 7DPSD %D\ 7LPHV
2)),&(6 2) 9,6,7 67 3(7(56%85* &/($5:$7(5 1RUWK $PHULFDQ 2IILFH WK 6WUHHW 1RUWK 6XLWH &OHDUZDWHU )/ 86$ RU &HQWUDO (XURSHDQ 2IILFH 3RVWIDFK ' %DG +RPEXUJ *HUPDQ\ RU LQIR#9LVLW63& GH 8QLWHG .LQJGRP 2IILFH /LQN +RXVH 7KH %URDGZD\ 7ROZRUWK 6XUUH\ .7 -( (QJODQG
7$03$ %$< 7,0(6 )LUVW $YHQXH 6RXWK 6W 3HWHUVEXUJ 0$5.(7,1* 0$1$*(5 &KULV *DOEUDLWK $57 ',5(&725 6DPDQWKD 3XFNHWW 3+272 (',725 6WHYHQ 3 :LGRII 0$36 7HUHVDQQH &RVVHWWD 5XVVHOO :5,7(56 'LDQH &UDLJ -HQQLIHU 'H&DPS 5RGQH\ 3DJH %UHQW 3XFNHWW 6DPDQWKD 3XFNHWW $QWKRQ\ 6DOYHJJL *LQD 9LYLQHWWR
- ) -(* %" %$ - 1 ) 1 $$ $ %&& ) %/)* ) /0 $ - $ - - $ & %) %# $ -% - ) %) # - $ %) # "3 ) /$ %$ $$ * )%%! *%)- * 1 ) * #&" -3 # -* "/2/)3'
GET SURREAL
%(67 2)
1DALÍ, CHIHULY
#
RANKED ARTS SCENE
––––––––– PAGE 36 –––––––––
CRAFT BEERS FIND LOCAL FLAVOR ON TAP ––––––––– PAGE 27 –––––––––
YOUR BEST
LIST
INSIDERS RANK LOCAL FAVES
44' +'.444
'
AMERICA’S BEST "*% $ "%) 0 * - ##% ! $ /$ %$ *%)-*
BEACHES ––––––––––––––––––– PAGE 44 –––––––––––––––––––
SHIP-TO-SHORE 20 BEACH FINDER 50 BEST BEACH BARS 55
21 7+( &29(5 2QH VSHFWDFXODU VOLFH RI WKH 6W 3HWH &OHDUZDWHU DUHD·V PLOHV RI DZDUG ZLQQLQJ EHDFKHV
$0(5,&$¶6 %(67 %($&+(6
/RRN IRU WKHVH IDYRULWHV WKURXJKRXW WKLV HGLWLRQ RI *XOI WR %D\ YRWHG RQ E\ WKRXVDQGV RI ORFDOV YLVLWRUV DQG DUHD LQVLGHUV
$ ORQH VZLPPHU H[SORUHV WKH FOHDU HPHUDOG ZDWHUV DW &DODGHVL ,VODQG
WELCOME
72 285 :25/'
:KLWH VDQG EHDFKHV ZLWK FU\VWDO FOHDU ZDWHU JOLWWHULQJ QLJKWOLIH DQG D WKULYLQJ FXOWXUDO VFHQH ² LW¶V DOO KHUH $OO \HDU ORQJ :H NQRZ KRZ OXFN\ ZH DUH WR FDOO WKLV SODFH KRPH :H¶UH QRW JUHHG\ ² ZH¶G OLNH WR VKDUH LW ZLWK \RX 1HVWOHG EHWZHHQ WKH *XOI RI 0H[LFR DQG 7DPSD %D\ WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD KDV VRPHWKLQJ IRU HYHU\RQH ZKHWKHU \RX¶UH ORRNLQJ IRU H[FLWHPHQW RU UHOD[DWLRQ :KHWKHU \RX¶UH D IDPLO\ HDJHU WR SOD\ RQ WKH EHDFK D FRXSOH SODQQLQJ D ZHGGLQJ RU URPDQWLF LQWHUOXGH RU D ORQH WUDYHOHU LQ VHDUFK RI VROLWXGH \RX¶YH FRPH WR WKH ULJKW SODFH )LQG HYHU\WKLQJ \RX QHHG WR SODQ \RXU WULS DW 9LVLW63& FRP ZKHUH WR VWD\ DQG ZKHUH WR SOD\ ZKHUH WR HDW ZKHUH WR VKRS WKH PXVHXPV DQG KLGGHQ JHPV WKHUH¶V HYHQ D *36 IHDWXUH RQ RXU PRELOH ZHEVLWH WKDW DOORZV \RX LQVWDQW DFFHVV WR QHDUE\ DPHQLWLHV :KDW \RX KROG LQ \RXU KDQGV LVQ¶W D WUDYHO JXLGH ,W¶V DQ LQYLWDWLRQ ² DQ LQYLWDWLRQ WR IDOO LQ ORYH ZLWK WKH HQWLUH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD IURP WKH VSRQJH GRFNV LQ 7DUSRQ 6SULQJV WR WKH PDQJURYH WUDLOV RI )RUW 'H 6RWR %URZVH WKH SLFWXUHV *HW LQVSLUHG 7KHQ SDFN \RXU EDJV 1R QHHG WR 5693 :H FDQ¶W ZDLW WR PHHW \RX 9,6,7673( 7(&/($5:$7(5 &20
! ! #!#
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
.2 /; 6/ ;*0/ - *6206; -6 B 0" 67 *6 7 6?* ;(60>'(
0 - % ?06 ( 7 - /
/>. 6 0! . +06 *6-*/ 7 */ -> */' 0>;(@ 7; *6-*/ 7 *6 6 /
; .2 /; 6/ ;*0/ -
*6@ B7 02 *6-*/ 7 -; *6-*/ 7 *6@ B7 ; -> *6@ B7
*6206; @*;( ;(
/*; *6-*/ 7 . 6* / *6-*/ 7 6*;*7( *6@ B7 B. /
6 / '> / *67;
*6@ B7 *6 / -@ *77 *6 / . /B .06 3 *;( ;( '0 -
-*'(;9 */ 6 B
0! 260?* */' .06 0// ;*0/7 ;0 0>6 .06 ;( / 8 .*--*0/ 2 02-
*7 / - *' 6
-*?*/' */ ;( .2 B 6 7 @ -- 7 6*/'*/' .06 ?*7*;067 /
*;B 6 @*/' / ;(
>7*/ 77 ;0 0>6 >;*!>- 6 '*0/ 2- /7 ;0 A2 / *;7 / ;@06, 0!
0->. * 7; >6 /;
*/; 6/ ;*0/ - / 0. 7;* /0/7;02 %*'(;7 */ 0.*/' B 673
! +0*/*/' *;7 . /> 0! 6 7; >6 /; 02;*0/73 ;( 6 6 7; >6 /;7 / 6 ; *- 02;*0/7 */ -> (>- 57 6 6*-- @ 60?7,* *0 0 ;* , ;7 / . 6 ( / *7 !60. 7> ( -0 - ;;6 ;*0/7 7 >7 ( 6 /7 / 0@6B 6, 00 / .0+*;0 67 / !6 7( !6>*; 7; / 7 ; *67* 73 6 /;-B - >/ ( 0/ 77*0/7 6 ? -02. /; 260'6 . / B ;( / 0! =D18 ?*7*;067 ; @*-- /+0B ? / .06 */*/' / 7(022*/' 02;*0/7 ;( ; 6 % ; 7 /7 0! ;( .2 B 6 3
5? -6 B 7 / / */ 6 7 */ ;*?*;B @*;( ;( - >/ ( 0! /0/7;02
B ) ; (*/' 6;@06, */ ;( 6 7;600.7 (*'( $/*;*0/ ?* 0 @ --7
%*'(;7 ;0 / . *;B / . 7 @ -- 7 7 0/ %*'(; ;0 >6* (
/ 7- ,-B 7*'/ *7*;06 /!06. ;*0/ /; 67 6 .0/' ;(
@*;C 6- / '*//*/' */ 6 ( =D1& / .>-;*2- %*'(;7 ;0
0.2- ; 0.20/ /;7 0! *6206;57 */ 6.*/ - >2'6 73
? / 0-'>*/ / /; - 6 > ( @ ,3 *67* ;(
<D .*--*0/ *.260? . /; ;0 ;( 6 /7! 6 - ? - */ -> 7 !>/ ;*0/ -
*6206;57 */; 6/ ;*0/ - ; 6.*/ - 0.2- ; =8 .*--*0/ 6 /0? ;*0/
!>6/*;>6 @*;( 2- /;B 0! 0>;- ;7 / @06, 7>6! 73 @ --7
;0 *.260? ;( %0@ 0! 2 77 /' 67 ;(60>'( 7 >6*;B ( ,20*/;7
7>660>/ */' ;( 7 - ;067 ( ? / 6 2- @*;( - 6 '- 77 '*?*/'
/ >7;0.7 ;0 0..0 ; .2 /; 6/ ;*0/ - *6206;57
6*'(; 6 / .06 02 / ! - ;0 ;( >*- */'3 07; /0; - ;(
'60@*/' />. 6 0! */; 6/ ;*0/ - %*'(;73 / *;*0/ ;0 *.260?*/'
@ --7 60>/ ;( - ? ;067
2 77 /' 6 %0@ ;( 72 ( 7 7- , .0 6/ 7*'/ @*;( / >2 ;
;(60>'(0>; ;( . */
*/; 6/ ;*0/ - -0>/' 6* ( @00 $/*7( 7 ?* 0 @ -- 260.0;*/' ;(
; 6.*/ - 6 /0@ ?* 6 /;
.2 B 6 '*0/ ?*7*;06 */!06. ;*0/ /; 6 ;*- %0067 .>6 -7 /
0-06 )'- 77 0? 6*/'
7,B-*'(;3 @ '' ' -;7 */7; -- -0/'7* 7 6 /*/' ( ,20*/;7
;( 06*'*/ - 6* , ;( ; ( 7
/ -0 - /;6B ,*07,7 6 -- 7*'/ ;0 /7>6 # * /; 260 77*/'
/ */ ;( 2- 7*/ ;(
;(60>'( >7;0.73
; 6.*/ - @ 7 >*-;3
" " " ! " " " "
! $ % ! ! ! !
'' ' "
%< 7+( 180%(56
0LQXWHV LW WDNHV WR GULYH IURP 6W 3HWHUVEXUJ WR %XVFK *DUGHQV LQ 7DPSD
$YHUDJH \HDU URXQG KLJK WHPSHUDWXUH
/RQJHVW UXQ RI FRQVHFXWLYH VXQQ\ GD\V 6W 3HWHUVEXUJ )HE WR 0DUFK DFFRUGLQJ WR WKH *XLQQHVV %RRN RI :RUOG 5HFRUGV
7ROO WR FURVV WKH 6XQVKLQH 6N\ZD\ EULGJH
0LOHV RI ZKLWH VDQG EHDFKHV
## !% #&3 4!/ % # %/ 4 / * *&%/ * ,&*/ "2,/ ,/ (, *&$ $2, 2$, % /) / *, 2* ,/5# ) &*# # ,, !%!% ) $(!&%, !( &# % / %%!,) "23 % /!% 5 ,( ) 4& (&&#,) - ,#!( $ *!% ) % 3 *5 $& *% $ %!/5 ## 5&2*, / !%&5+ % !,, % ,&*/ &# #2 )
6' / 3 / / *, 2* 00-6' / )060) 06 3!%&5* % !,, % * ,&*/) &$ 16'0 % !,, % &# !% , % )
$0(5,&$¶6 %(67 %($&+(6
6SHFLHV RI ILVK WKDW FDQ EH FDXJKW LQ WKH *XOI RI 0H[LFR
&+$0%(56 2) &200(5&(
Â&#x2021; &HQWUDO 3LQHOODV &KDPEHU RI &RPPHUFH FHQWUDOFKDPEHU EL]
0DMRU /HDJXH %DVHEDOO WHDPV WKDW KDYH VSULQJ WUDLQLQJ IDFLOLWLHV ORFDWHG ZLWKLQ D WZR WR WKUHH KRXU GULYH LQFOXGLQJ WKUHH LQ WKH LPPHGLDWH YLFLQLW\
Â&#x2021; &OHDUZDWHU %HDFK &KDPEHU RI &RPPHUFH EHDFKFKDPEHU FRP Â&#x2021; &OHDUZDWHU 5HJLRQDO &KDPEHU RI &RPPHUFH FOHDUZDWHUIORULGD RUJ
3DUNV DQG ZLOGOLIH SUHVHUYHV LQ WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD
3URIHVVLRQDO VSRUWV WHDPV WKDW FDOO WKH DUHD KRPH LQFOXGLQJ WKH 7DPSD %D\ 5D\V DQG 7DPSD %D\ %XFFDQHHUV
Â&#x2021; 'XQHGLQ &KDPEHU RI &RPPHUFH GXQHGLQ IO FRP Â&#x2021; *UHDWHU 3DOP +DUERU $UHD &KDPEHU RI &RPPHUFH SDOPKDUERUFF RUJ Â&#x2021; *XOISRUW $UHD &KDPEHU RI &RPPHUFH JXOISRUWDUHDFKDPEHURI FRPPHUFH RUJ Â&#x2021; 3LQHOODV 3DUN *DWHZD\ &KDPEHU RI &RPPHUFH SLQHOODVSDUNJDWHZD\FKDPEHU FRP
Â&#x2021; 6DIHW\ +DUERU &KDPEHU RI &RPPHUFH VDIHW\KDUERUFKDPEHU FRP Â&#x2021; 6HPLQROH &KDPEHU RI &RPPHUFH VHPLQROHFKDPEHU QHW Â&#x2021; 6W 3HWHUVEXUJ $UHD &KDPEHU RI &RPPHUFH VWSHWH FRP
$WWHQGDQFH DW 6W 3HWH 3ULGH WKH ODUJHVW SULGH IHVWLYDO LQ WKH 6RXWKHDVW
Â&#x2021; 7DPSD %D\ %HDFKHV &KDPEHU RI &RPPHUFH WDPSDED\EHDFKHV FRP Â&#x2021; 7DUSRQ 6SULQJV &KDPEHU RI &RPPHUFH WDUSRQVSULQJVFKDPEHU FRP Â&#x2021; 7UHDVXUH ,VODQG &KDPEHU RI &RPPHUFH WUHDVXUHLVODQGFKDPEHU RUJ Â&#x2021; 8SSHU 7DPSD %D\ &KDPEHU RI &RPPHUFH XWEFKDPEHU FRP
9,6,7673( 7(&/($5:$7(5 &20
*(77,1* +(5( *(77,1* $5281' 9,6,7673(7(&/($5:$7(5 &20
&KHFN RXW RXU ZHEVLWH IRU KRWHO UDWHV DQG DYDLODELOLW\ PDSV HYHQWV YLGHRV DQG WRQV RI LGHDV IRU WKLQJV WR GR RQ \RXU QH[W WULS WR 6W 3HWHUVEXUJ &OHDUZDWHU $OO WKH SODQQLQJ LQIRUPDWLRQ \RX QHHG LV MXVW D IHZ FOLFNV DZD\ 7KH ´GHDOVµ OLQN KHOSV \RX ILQG KRW ZD\V WR VDYH PRQH\ 2XU HPDLO QHZV OHWWHU KHOSV \RX VWD\ FXUUHQW RQ QHZV DQG HYHQWV 2XU YLGHRV ZLOO JLYH \RX D SUHYLHZ RI WKH IXQ LQ VWRUH DQG RXU VHDUFK DQG ERRN GLUHFW IHDWXUHV PDNH SODQQLQJ FRPSDULQJ DQG ERRNLQJ HDV\ ZLWK MXVW D IHZ FOLFNV )LQG ORFDO LQIR RQ WKH JR RQ RXU PRELOH VLWH DW P 9LVLW6W3HWH&OHDUZDWHU FRP IURP KRW GHDOV WR OLVWLQJV IRU UHVWDXUDQWV KRWHOV DWWUDFWLRQV WKLQJV WR GR DQG PRUH
,17(51$7,21$/ 9,6,7256
3ODQQLQJ D WULS WR WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD IURP (XURSH &DQDGD 0H[LFR RU &HQWUDO RU 6RXWK $PHULFD" <RX·OO ILQG KHOSIXO UHVRXUFHV RQ WKH IROORZLQJ VSHFLDOL]HG ZHEVLWHV ¢+DEOD HVSDxRO" 3DUD QDUUDFLRQHV \ VXJHUHQFLDV GH YLDMH HQ HVSDxRO LQFOX\HQGR LQIRUPDFLyQ VREUH UHVWDXUDQWHV YLGD QRFWXUQD \ UHFUHDFLRQ DO DLUH OLEUH YD\D D 9LVLW6W3HWH&OHDUZDWHU FRP LQWO HV $OOt WDPELpQ HQFRQWUDUi UHODWRV VREUH SOD\DV SDVHRV HQ ND\DNV \ DFWLYLGDGHV FXOWXUDOHV HQ HO iUHD 6SUHFKHQ 6LH 'HXWVFK" 'HXWVFK VSUHFKHQGH %HVXFKHU KDEHQ LKUH HLJHQH :HEVLWH PLW DXVJHZlKOWHQ DWWUDNWLYHQ $NWLY LWlWHQ ,QIRUPDWLRQ XEHU GLH 6WUlQGH :DQGHUXQJHQ XQG 1DWXUOHKUSIDGH VRZLH $UWLNHO EHU .XQVW XQG .XOWXU GHU *HJHQG VLQG EHL 9LVLW6W3HWH&OHDUZDWHU FRP LQWO GH 3DUOH] YRXV IUDQoDLV" 3RXU WRXW FHX[ TXL UpVLGHQW GDQV XQ SD\V R~ OD ODQJXH SULQFLSDOH HVW OH IUDQoDLV HW SDUWLFXOLqUHPHQW OHV UpVLGHQWV GX &DQDGD LO \ D XQ VLWH ZHE DYHF GHV KLVWRLUHV HW GHV RXWLOV GH SODQLILFDWLRQ D[pV VXU OHV UHVWDXUDQWV OHV SODJHV HW OH ERQ YLYUH \ FRPSULV OH 6KRSSLQJ 9LVLW6W3HWH&OHDUZDWHU FRP LQWO IU
62&,$/ 722/6 )$&(%22. )DFHERRN FRP 9LVLW6W3HWH&OHDUZDWHU ³ %H LQVSLUHG WR WUDYHO ZLWK SKRWRV RI $PHULFD·V %HVW %HDFKHV EULOOLDQW VXQVHWV DQG WKH DUHD·V ELJJHVW HYHQWV
$9(5$*( :($7+(5 7KH\ VD\ DOO \RX QHHG WR EULQJ LV D VZLPVXLW %XW QR PDWWHU ZKDW WLPH RI \HDU \RX WUDYHO WR WKH DUHD GR SDFN VXQVFUHHQ D ZLGH EULPPHG KDW DQG 89 SURWHFWLYH VXQJODVVHV 5HPHPEHU WR DOZD\V GULQN SOHQW\ RI ZDWHU ,Q ODWH VSULQJ DQG VXPPHU OLJKW FDVXDO FORWKHV ZRUN EHVW )DOO DQG ZLQWHU WHPSHUDWXUHV YDU\ IURP PLOG WR FRRO VR GHWHUPLQH LQ DGYDQFH RI \RXU YLVLW ZKHWKHU VKRUWV DQG VDQGDOV DUH VWLOO LQ VHDVRQ RU LI LW¶V WLPH WR SDFN D OLJKW MDFNHW DQG SDQWV :H KROG D *XLQQHVV ZRUOG UHFRUG WLWOH IRU WKH ORQJHVW UXQ RI VXQVKLQH GD\V IURP )HEUXDU\ WR 0DUFK EXW WHPSHUDWXUHV FDQ UDQJH IURP WKH ORZ V WR WKH KLJK V +HUH DUH DYHUDJH DLU DQG ZDWHU WHPSV
<2878%( <RX7XEH FRP 6W3HWH&9% ³ ,I \RX·UH QRW ZDWFKLQJ \RX·UH PLVVLQJ RXW 5HJXODU XSGDWHV IHDWXULQJ VXQVHW WLPHODSVHV RII OLPLWV WRXUV DQG EHKLQG WKH VFHQHV RQ PXVW GR HYHQWV 3,17(5(67 3LQWHUHVW FRP 963& ³ %URZVH FDWHJRULHV UDQJLQJ IURP WRS KRWHOV WR EHVW VXQVHWV WR FROOHFWLRQV RI LPDJHV IURP PRYLHV ILOPHG LQ WKH DUHD ³ DQG SLQ \RXU IDYRULWHV WR \RXU RZQ ERDUG ,167$*5$0 ,QVWDJUDP FRP 963& ³ ([SORUH 6W 3HWH &OHDUZDWHU RQH SKRWR DW D WLPH %HVW SDUW" 2XU PRVW SRSXODU ILOWHU LV QR ILOWHU
)O\LQJ WKURXJK KHUH SXWV \RX PLQXWHV DZD\ IURP WKH EHDFKHV DQG SURYLGHV ORZ IDUHV DQG VPDOO FURZGV 7HUPLQDO %OYG &OHDUZDWHU IO\ SLH FRP RU 7DPSD ,QWHUQDWLRQDO $LUSRUW 73$
7DPSD ,QWHUQDWLRQDO $LUSRUW SURYLGHV QXPHURXV DLUOLQHV DQG IOLJKWV WR FKRRVH IURP DQG FRQYHQLHQW VKXWWOHV IURP WKH JDWHV WR WKH WHUPLQDO 7KH DLUSRUW LV PLQXWHV IURP EHDFKIURQW DFFRPPRGDWLRQV *HRUJH - %HDQ 3DUNZD\ 7DPSD WDPSDDLUSRUW FRP RU 5HQWDO FDUV 7KHUH DUH VHYHUDO PDMRU UHQWDO FDU FRPSDQLHV VHUYLQJ WKH DUHD LQFOXGLQJ $ODPR $YLV %XGJHW 'ROODU (QWHUSULVH +HUW] 1DWLRQDO DQG 7KULIW\ &DU
/2:
) ) & & 635,1* 0$5 0$<
+,*+
/2:
) ) & & 6800(5 +,*+
/2:
) &
) &
)$// 6(37 129
+,*+
/2:
) ) & & :$7(5 7(036 :,17(5 ) & 635,1* ) &
$0(5,&$¶6 %(67 %($&+(6
6W 3HWHUVEXUJ &OHDUZDWHU ,QWHUQDWLRQDO $LUSRUW 3,(
'(& )(%
-81( $8*
'XVN LQ UHIOHFWLRQ DW WKH 'XQHGLQ 0XQLFLSDO 0DULQD
7KH DUHD LV VHUYHG E\ WZR LQWHUQDWLRQDO DLUSRUWV ² 6W 3HWHUVEXUJ &OHDUZDWHU ,QWHUQDWLRQDO $LUSRUW DQG 7DPSD ,QWHUQDWLRQDO $LUSRUW ² DQG WZR JHQHUDO DYLDWLRQ DLUSRUWV PDNLQJ IO\LQJ LQ DQG RXW VLPSOH DQG FRQYHQLHQW :LWK PRUH WKDQ DLUOLQHV WR DFFRPPRGDWH \RXU VFKHGXOH FRPSHWLWLYH UDWHV DQG HIILFLHQW IDFLOLWLHV SDFNHG ZLWK DPHQLWLHV RXU DLUSRUWV DUH ZRUWK\ JDWHNHHSHUV WR SDUDGLVH
:,17(5 +,*+
7:,77(5 7ZLWWHU FRP 963& ³ 6LJQ XS WR IROORZ #963& DQG UHFHLYH RXU WZHHWV 6WD\ LQ WKH ORRS RQ WKH DUHD·V ODWHVW KDSSHQLQJV ZLWK IXQ DQG IULHQGO\ QHZV SKRWRV DQG YLGHRV
%< $,5
6800(5 ) & )$// ) &
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¶V PDMRU PXVHXPV $ VPDOO IHH LV FKDUJHG WR ULGH 3LQHOODV 6XQFRDVW 7UDQVLW $XWKRULW\ 367$ SVWD QHW 7KH 367$ LV WKH SXEOLF WUDQVLW SURYLGHU LQ 3LQHOODV &RXQW\ )ORULGD VHUYLQJ WKH 6W 3HWHUVEXUJ DQG &OHDUZDWHU DUHD EXVHV VHUYH EXV VWRSV RQ URXWHV WKURXJKRXW WKH FRXQW\ LQFOXGLQJ WZR H[SUHVV URXWHV WKDW WUDYHO WR 7DPSD 6XQFRDVW %HDFK 7UROOH\ SVWD QHW EHDFKWUROOH\ 7KH 6XQFRDVW %HDFK 7UROOH\ DOORZV YLVLWRUV WR H[SORUH WKH XQLTXH EHDFK FRPPXQLWLHV DORQJ *XOI %OYG LQFOXGLQJ -RKQ¶V 3DVV 9LOODJH &RUH\ $YHQXH 7UHDVXUH ,VODQG DQG 6W 3HWH %HDFK ([DFW IDUH LV UHTXLUHG
%< %2$7 &RPH ZLWK \RXU RZQ ERDW RU UHQW RQH WR WRXU WKH PLOHV DQG PLOHV RI VKRUHOLQHV DORQJ WKH *XOI RI 0H[LFR DQG ,QWUDFRDVWDO :DWHUZD\ )RU D PDS DQG ERDWLQJ UDPSV JR WR 9LVLW63& FRP %RDWLQJ
$// 75$163257$7,21 )LQG PRUH LQIRUPDWLRQ IRU SODQQLQJ \RXU YLVLW DW 9LVLW63& FRP 3ODQQLQJ
9LVLW6W3HWH&OHDUZDWHU FRP
Everything you need to know about Tampa Bay,
everywhere you are.
For local news, weather, things to do and more, visit tampabay.com â&#x20AC;&#x201C; your all-in-one resource for all things Tampa Bay.
)520
SHIP SHORE 72
7KHUH LV QRWKLQJ OLNH VLWWLQJ RQ WKH EHDFK ZLWK \RXU WRHV LQ WKH
VXJDU\ VDQG ZDWFKLQJ WKH VSDUNOLQJ ZDWHUV RI WKH *XOI RI 0H[LFR ODS WKH VKRUHOLQH %XW \RX FDQ GR PRUH WKDQ MXVW HQMR\ WKH YLHZ )URP SDGGOHERDUGLQJ WR SDUDVDLOLQJ WKHUH DUH DOO NLQGV RI ZD\V WR JHW RQ DQG LQ WKH ZDWHU +HUH DUH VRPH LGHDV
%2$7 5(17$/6 7KHUH LV QRWKLQJ OLNH EHLQJ RXW RQ D ERDW ZLWK WKH VXQ RQ \RXU VKRXOGHUV DQG WKH VHD VSUD\ LQ \RXU KDLU ZKHWKHU \RX¶UH FDVWLQJ D OLQH RU MXVW FUXLV LQJ WKH ZDWHUV 6SHQG D OHLVXUHO\ DIWHUQRRQ LQ D VDLOERDW RQ WKH ED\ RU KRS RQ WKH 6HD 6FUHDPHU IRU DQ H[FLWLQJ PLOH SHU KRXU ULGH DORQJ &OHDUZD WHU %HDFK :KHWKHU \RX¶UH DQ H[SHULHQFHG FDSWDLQ RU \RX SUHIHU WR VLW EDFN DQG OHW VRPHRQH HOVH VWHHU WKH ERDW \RX¶OO ILQG SOHQW\ RI RSWLRQV LQ WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD 7KH VDLOLQJ LV EHVW LQ 7DPSD %D\ RXW RI GRZQWRZQ 6W 3HWHUVEXUJ RU RII &OHDUZDWHU %HDFK %XW ZKLOH \RX¶UH RXW KHDG WR &DODGHVL ,VODQG WR WKH QRUWK RU (JPRQW .H\ WR WKH VRXWK ERWK RI ZKLFK DUH RQO\ DFFHVVLEOH E\ ERDW
&$12( .$<$. 3$''/(%2$5' ,I \RX ZDQW WR JHW D OLWWOH FORVHU WR QDWXUH WKHUH¶V QR EHWWHU ZD\ WKDQ WR UHQW D FDQRH ND\DN RU VWDQG XS SDGGOHERDUG 2Q WKH ZDWHU \RX FDQ SDGGOH WKURXJK LQWULFDWH PDQJURYHV JOLGH RYHU JUDVV\ ERWWRPV DQG LQWHUDFW ZLWK SOD\IXO GROSKLQV <RX PLJKW HYHQ VSRW D PDQDWHH RU WZR 7KH SHDFHIXO PDQJURYH WUDLOV RII )RUW 'H 6RWR DQG :HHGRQ ,VODQG DUH LGHDO VSRWV WR SDGGOH RIIHULQJ VKDGH DQG DQ XS FORVH DQG SHUVRQDO H[SHUL HQFH ZLWK FRDVWDO ZLOGOLIH
-(7 6., $ TXLHW GD\ RQ WKH ZDWHU LV QLFH EXW VRPHWLPHV \RX MXVW KDYH WKH QHHG IRU VSHHG *HW \RXU IL[ E\ KRSSLQJ RQ D MHW VNL 7KH SODFLG ZDWHUV RI WKH JXOI DQG WKH ,QWUDFRDVWDO :DWHUZD\ DUH SHUIHFW IRU ZDWHUFUDIW $ SRSXODU SODFH IRU MHW VNLHUV LV -RKQ¶V 3DVV LQ 0DGHLUD %HDFK ZKLFK KDV VHYHUDO UHQWDO VKRSV &UXLVH WKURXJK WKH SDVV DORQJ WKH VKRUHOLQH RU WKURXJK WKH ,QWUDFRDVWDO
3$5$6$,/ -(7/(9 1RW IRU WKH IDLQW RI KHDUW SDUDVDLOLQJ WDNHV \RX KXQGUHGV RI IHHW DERYH WKH ZDWHU IRU D ELUG¶V H\H YLHZ RI WKH FRDVW <RX EHJLQ DQG HQG LQ WKH ZDWHU EXW LQ EHWZHHQ \RX DUH SXOOHG RYHU LW E\ D ERDW <RX FDQ IO\ VROR LQ SDLUV RU LQ WKUHHVRPHV RYHU WKH JXOI QHDU 6W 3HWH %HDFK DQG &OHDUZDWHU %HDFK 7KH QHZHVW FRROHVW ZD\ WR HQMR\ WKH ZDWHU LV E\ -HWOHY 2QFH \RX JHW WKH KDQJ RI LW \RX¶OO IO\ IHHW DERYH WKH ZDWHU ZLWK D IXWXULVWLF MHW SDFN VWUDSSHG WR \RXU EDFN :KDW D UXVK 7DNH IOLJKW DW 0DGHLUD %HDFK RU 6W 3HWH %HDFK
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² W\SLFDOO\ RQH LQFK WKLFN RU OHVV ² WKH\ ULGH LW DORQJ WKH VKRUH 2Q DQ\ JLYHQ GD\ \RX¶OO VHH ORWV RI WDQQHG ORFDOV GURSSLQJ WKHLU ERDUGV LQ WKH VKDOORZ EHDFK ZDWHUV $0(5,&$¶6 %(67 %($&+(6
5RFNHWLQJ RXW RI WKH *XOI RQ D -HWOHY RII 6W 3HWH %HDFK
.LWHERDUGLQJ H H
HDU WKH 6XQVKLQH 6N\ZD\ EULGJH H 6DLOLQJ RII $QFORWH .H\ QHDU 7DUSRQ 6SULQJV
$ OD]\ ULGH LQ WKH *XOI RII WKH FRDVW RI )RUW 'H 6RWR
)URP QRUWK WR VRXWK WKH JXOI EHDFKHV RI 6W 3HWH &OHDUZDWHU DUH SHUIHFW IRU VNLPERDUGLQJ
.LWHERDUGLQJ WKH IODWV RII 7LHUUD 9HUGH QHDU WKH 6XQVKLQH 6N\ZD\ 9,6,7673( 7(&/($5:$7(5 &20
.,7(%2$5' 1RW IRU EHJLQQHUV NLWHERDUGLQJ LV D UHODWLYHO\ QHZ ³H[WUHPH´ VSRUW VRUW RI OLNH ZLQGVXUILQJ RQ VWHURLGV .LWHERDUGHUV RU NLWHVXUIHUV KDUQHVV WKH ZLQG ZLWK D SRZHU NLWH WR SURSHO WKHP VHOYHV DFURVV WKH VXUIDFH RI WKH ZDWHU DQG LW LV D ZLOG ULGH .LWHERDUGHUV QHHG D ODUJH DUHD RI RSHQ ZDWHU VR DZD\ IURP FURZGHG EHDFKHV LV WKH SODFH WR EH 7KH PRVW SRSXODU VSRW LV MXVW RII WKH VRXWKHUQ WLS RI 6W 3HWHUVEXUJ LQ 7DPSD %D\ QHDU WKH 6N\ZD\ %ULGJH
6&8%$ ',9( 6125.(/ 2QFH \RX NQRZ \RXU ZD\ DURXQG RQ ODQG WKHUH¶V D ZKROH RWKHU ZRUOG WR H[SORUH MXVW RII WKH FRDVW 7KH *XOI RI 0H[LFR LV DQ H[FHOOHQW SODFH IRU VQRUNHOLQJ DQG VFXED GLYLQJ ZLWK UHHI VLWHV RII WKH FRDVW RI 6W 3HWHUVEXUJ &OHDUZDWHU $ IDYRULWH LV WKH '7 6KHULGDQ D WXJ ERDW WKDW VDQN LQ IHHW RI ZDWHU RII RI ,QGLDQ 5RFNV %HDFK +HUH \RX¶OO ILQG JURXSHU VQDSSHU DPEHU MDFN DQG ORWV RI RWKHU ILVK ZKLFK LV ZK\ LW¶V D IDYRULWH ZLWK ILVKHUPHQ DV ZHOO DV GLYHUV )RUW 'H 6RWR LV DQRWKHU SRSXODU VSRW ZKHUH WKH UHHI V\VWHP LQFOXGHV 8 6 $UP\ WDQNV WKDW ZHUH UHWLUHG DIWHU 'HVHUW 6WRUP $W D GHSWK RI IHHW WKH\ VXSSRUW D VWXQQLQJ YDULHW\ RI PDULQH OLIH )RU D YLGHR DQG PDS RQ GLYLQJ JR WR 9LVLW63& FRP 'LYH DQG IRU RWKHU ZDWHU DFWLYLWLHV VHH 9LVLW63& FRP :DWHU
-HW VNLLQJ LQ WKH *XOI RII &OHDUZDWHU %HDFK
7KH DUHD KDV RQH RI WKH ODUJHVW DUWLILFLDO UHHI V\VWHPV LQ WKH 8 6 $0(5,&$¶6 %(67 %($&+(6
$ SDGGOHERDUGHU ZRUNV KLV ZD\ RII 0DGHLUD %HDFK
%(67 2) :$7(5 $&7,9,7,(6 n '2/3+,1 &58,6(6 *HW XS FORVH ZLWK GROSKLQV LQ WKHLU QDWXUDO KDELWDW RQ D UHOD[LQJ ERDW WRXU ,W¶V IXQ IRU WKH ZKROH IDPLO\
o %2$7,1* 6$,/,1* ([SORUH ILVK RU MXVW FUXLVH DURXQG LQ WKH JXOI RU ED\ ² WKHUH¶V QRWKLQJ OLNH LW
p ),6+,1* :KHWKHU \RX¶UH RQ D SLHU LQVKRUH RU
RIIVKRUH WKHUH¶V SOHQW\ RI JUHDW FDWFKHV WR EH KDG LQ WKH JXOI DQG ED\
q .$<$.,1* 3$''/(%2$5',1* *OLGLQJ DWRS
WKH FDOP JXOI DQG ED\ ZDWHUV LV D SHUIHFW ZD\ WR JHW D GRVH RI QDWXUH ² DQG H[HUFLVH
r -(7/(9 6RDU XS WR IHHW DERYH WKH *XOI RI 0H[LFR ZLWK D KRUVHSRZHU HQJLQH VWUDSSHG WR \RXU EDFN
.D\DNLQJ WKURXJK PDQJURYHV RII )RUW 'H 6RWR
3DGGOHERDUGLQJ LV D IDPLO\ DIIDLU DW 7UHDVXUH ,VODQG 9,6,7673( 7(&/($5:$7(5 &20
3HJ·V &DQWLQD LQ *XOISRUW LV WKH ELUWKSODFH RI &\FOH %UHZLQJ ZKLFK RSHQHG D VHFRQG EUHZHU\ LQ 6W 3HWH ODVW \HDU
&5$)7(' 72 3(5)(&7,21 :KHWKHU \RX¶UH D FRQILUPHG FUDIW EHHU DILFLRQDGR RU DUH QHZ WR LWV SOHDVXUHV \RX¶UH VXUH WR ILQG RQH WKDW ZLOO VWLPXODWH WKH WDVWH EXGV DQG FRPSOHPHQW WKH DUHD¶V VFHQLF GHVWLQDWLRQV DQG EXVWOLQJ DUW VFHQH 6DLQW 6RPHZKHUH %UHZLQJ &RPSDQ\ LQ 7DUSRQ 6SULQJV VSHFLDOL]HV LQ %HOJLDQ VW\OH DOHV ZKLFK DUH NQRZQ IRU WKHLU FRPSOH[ IODYRUV 2QH RI EUHZPDVWHU %RE 6\OYHVWHU¶V VSHFLDO WLHV LV JLYLQJ JXHVWV DQ HQJURVVLQJ ILUVWKDQG ORRN LQWR KRZ KH PDNHV KLV EUHZV ZKLFK DUH GLVWULEXWHG WKURXJKRXW WKH 8 6 SDUWV RI &DQDGD DQG DV IDU DZD\ DV 'HQPDUN 5XQ E\ D ILIWK JHQHUDWLRQ EUHZHU IURP $XVWULD /DJHUKDXV %UHZHU\ *ULOO LQ 3DOP +DUERU RIIHUV WDVW\ IDUH WR JR DORQJ ZLWK ZKDWHYHU \RX¶UH LQ WKH PRRG IRU EH LW D +HIHZHL]HQ %HOJLXP %ORQGH RU WKH SRWHQW 0DJQXP )UDQ] 5RWKVFKDGO KDV ZRQ GR]HQV RI DZDUGV LQ KLV FDUHHU DV D EUHZHU LQFOXGLQJ WKH JROG PHGDO DW WKH *UHDW $PHULFDQ %HHU )HVWLYDO LQ IRU KLV 5R\DO %RKHPLDQ 3LOVQHU 7KH 'XQHGLQ %UHZHU\ KROGV WKH GLVWLQFWLRQ RI EHLQJ )ORULGD¶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
7KH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD LV VWDFNHG ZLWK FUDIW EUHZHULHV WKDW DUH PDNLQJ WKHLU PDUN IURP WKH 'XQHGLQ %UHZHU\ ³ )ORULGD·V ROGHVW ³ WR QHZFRPHU *UHHQ %HQFK %UHZLQJ
9,6,7673( 7(&/($5:$7(5 &20
:LWK D ILUH SLW DQG OXVK EHHU JDUGHQ *UHHQ %HQFK %UHZLQJ LQ DQ XS DQG FRPLQJ DUHD RI GRZQWRZQ 6W 3HWH LV D SRSXODU KDQJRXW IRU EHHU DILFLRQDGRV DQG WKHLU IDPLOLHV
$IWHU HQMR\LQJ WKH H[SDQVLYH JUHHQ RI /DUJR &HQWUDO 3DUN KHDG RYHU WR %DUOH\ 0RZ %UHZ LQJ &RPSDQ\ 7KHUH \RX¶OO ILQG D YDULHW\ RI DOHV UHG %HOJLDQ SDOH SRUWHUV ,3$V DQG VWRXWV 1DPHG %HVW 1HZ )ORULGD %UHZHU\ E\ 5DWH%HHU FRP 6HPLQROH¶V 5DSS %UHZLQJ VSHFLDOL]HV LQ DUWLVDQDO DOHV DQG ODJHUV :KLOH WDNLQJ LQ WKH TXDLQW FRORUIXO EXQJDORZV RI *XOISRUW VWRS LQWR 3HJ¶V &DQWLQD 5DWHG DV RQH RI WKH WRS ILYH EUHZSXEV LQ )ORULGD 3HJ¶V JLYHV YLVLWRUV D SODFH WR IXHO XS RQ GHOLFLRXV 0H[LFDQ IDUH FRPSOHPHQWHG E\ WKH FUHDWLRQV RI EUHZPDVWHU 'RXJ 'R]DUN +H DQG KLV WHDP RIIHU D YDULHW\ RI IODYRUV WR WDQWDOL]H WKH SDODWH ±LQFOXGLQJ SRUWHUV 6FRWWLVK DOHV ,ULVK 5HGV DQG ,3$V <RX FDQ DOVR VDYRU 'RXJ¶V FUHDWLRQV DW WKH MXVW RSHQHG &\FOH %UHZLQJ LQ GRZQWRZQ 6W 3HWH 5 %DU DQG *ULOOH RQ 7UHDVXUH ,VODQG LV WKH ILUVW EUHZ SXE RQ WKH 6W 3HWHUVEXUJ &OHDUZDWHU EHDFKHV DQG LWV EHHUV DUH HDUQLQJ UDYHV IURP WKH ORFDOV 6W 3HWH¶V )RXUWK 6WUHHW RIIHUV PLOHV RI GLQLQJ DQG VKRSSLQJ RSWLRQV 2QH RI WKRVH LV %UHZ HUV¶ 7DVWLQJ 5RRP :KDWHYHU VW\OH RI EHHU \RX¶UH LQ WKH PRRG IRU RU LI \RX¶UH IHHOLQJ DGYHQ WXURXV WR WU\ VRPHWKLQJ QHZ WKH\¶YH OLNHO\ JRW LW :KDW PDNHV WKLV SODFH XQLTXH LV WKDW LW¶V ZKHUH ORFDO KRPH EUHZHUV FDQ PDNH DQG RIIHU WKHLU FUHDWLRQV *UHHQ %HQFK %UHZLQJ LV WKH ODWHVW DGGLWLRQ WR WKH DUHD¶V FUDIW EHHU ERRP ,W DOVR KROGV WKH GLVWLQFWLRQ RI EHLQJ 6W 3HWHUVEXUJ¶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¶6 %(67 %($&+(6
'! +. !* '!! ( *! ' / (+ * ( 0
(!'*( , - * /!+ ' !! !'#
" # ' ( ( & # & #% ( ' % &#
. +( , !' / - ' " , (!' !"
* (!'*( / -!+ /!+ (* / /- ' ( % ." ' " '(! 0 ( ', - * ** * ! *! * # !!( '! !+' !+* $+ ' (!'*( ! * ! !' &( - ' - ( *# * ' (+' ( # ( !, ' ! " * / ' !, * '!! ( (+ * ( - * + * ( * ' *! !+" ( +( (( *' , '( (#
! * ! ! * ! ! * !
!+* $+ . +( , (!'*(
0 * ( . "* ! ', ( ! * * *! /!+' ." ' !' ' ( !* /!+' */" !! +** ' ' (!'*
0% * , ! '! '
0 00 * , ! " #*" #
' * . - " - ' # - " * - ' " " " # - ' ' # #!
' * . '" / ' " # *# ' " # - ' ' #!
) !
"" !
() * , ! '! '
)($ * , ! '! '
/ # " / )00 '! " ' '# - ' # ' #!
/ ' " ' # " ) "
'#! / " * # ' " / , !
BOEBSET
0 ( 0
*" " "' # " / - " ' ! - "# " " "'/ / ' #*" / * , " ' , ' !
*(7 ,172 7+( 6:,1* :LWK QHDUO\ FRXUVHV WR SOD\ WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD LV D OLQNV ORYHU·V SDUDGLVH
:
7KH &RSSHUKHDG &RXUVH DW ,QQLVEURRN *ROI DQG 6SD 5HVRUW LQ 3DOP +DUERU
$0(5,&$¶6 %(67 %($&+(6
KHQ LW FRPHV WR FKDOOHQJLQJ VFHQLF JROI FRXUVHV WKH 6W 3HWHUV EXUJ &OHDUZDWHU DUHD KDV DQ HPEDUUDVVPHQW RI ULFKHV 7KHUH DUH FRXUVHV IRU WKH VFUDWFK JROIHU FRXUVHV IRU WKH ZHHNHQG ZDUULRU FRXUVHV IRU EHJLQQHUV ,Q VKRUW WKHUH DUH FRXUVHV IRU HYHU\ W\SH RI JROIHU 7KH VHDUFK VKRXOG EHJLQ DW ,QQLVEURRN *ROI DQG 6SD 5HVRUW LQ 3DOP +DUERU 1DPHG RQH RI *ROI 'LJHVW¶V WRS JROI UHVRUWV LQ $PHULFD DQG RQH RI *ROIZHHN¶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¶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
7KH 5HQDLVVDQFH 9LQR\ 5HVRUW *ROI &OXE LQ 6W 3HWHUVEXUJ
&RYH &D\ *ROI &OXE LQ &OHDU ZDWHU LV DQRWKHU FKDOOHQJLQJ FRXUVH ZLWK YLHZV RI 7DPSD %D\ 1RW RYHUO\ ORQJ WKH FRXUVH GHPDQGV DFFXUDF\ GXH WR ZDWHU DQG PDQ JURYHV RQ VHYHUDO KROHV /DQVEURRN *ROI &RXUVH LQ 3DOP +DUERU ZLQGV LWV ZD\ WKURXJK &\SUHVV WUHHV DQG ZHWODQGV DQG SURYLGHV D WUDGLWLRQDO )ORULGD OD\RXW 6RPH RWKHU FRXUVHV ZRUWK FKHFNLQJ RXW Â&#x2021; %DUGPRRU 1RUWK *ROI &OXE LV D FKDPSLRQVKLS TXDOLW\ FRXUVH ZLWK ORWV RI ZDWHU VDQG DQG HOHYDWHG JUHHQV Â&#x2021; 6HPLQROH /DNH &RXQWU\ &OXE LV D SDU FRXUVH ZLWK SOHQW\ RI FUHDWLYH KROHV DQG HQRXJK ZDWHU WR NHHS JROIHUV RQ WKHLU WRHV Â&#x2021; &UHVFHQW 2DNV *ROI &OXE LQ 7DUSRQ 6SULQJV PD\ EH RQH RI WKH DUHD¶V PRVW RYHUORRNHG FRXUVHV 7KH %HOOHYLHZ %LOWPRUH *ROI &OXE LQ %HOOHDLU ,WV FKDOOHQJLQJ KROHV KDYH VRPH ZDWHU DQG ORWV RI WUHH OLQHG IDLUZD\V Â&#x2021; 0DQJURYH %D\ *ROI &RXUVH LQ 6W 3HWHUVEXUJ LV RQH RI WKH FLW\¶V PRUH SRSXODU FRXUVHV ,W ZLQGV LWV ZD\ WKURXJK PDQJURYHV KHQFH WKH QDPH DQG KDV VHYHUDO ODNHV VWRFNHG ZLWK PXOOHW )RU D OLVWLQJ RI DOO WKH 6W 3HWHUVEXUJ &OHDUZDWHU JROI FRXUVHV JR WR 9LVLW63& FRP *ROI
%(67 2) /,1.6 n '81(',1 *2/) &/8% ,W¶V WKH RQO\ FRXUVH LQ WKH ZRUOG WKDW LV D 'RQDOG 5RVV FUHDWLRQ DQG WKH IRUPHU KRPH WR WKH 3*$ RI $PHULFD o ,11,6%522. 7KH VFHQLF &RSSHUKHDG &RXUVH D UHJXODU VWRS RQ WKH 3*$ 7RXU UDQNV DPRQJ WKH FRXQWU\¶V ILQHVW
p 5(1$,66$1&( 9,12< 5(6257 *2/) &/8% (QMR\ WKH OXVK UHVRUW FRXUVH SOXV ILQH GLQLQJ DQG JROI OHVVRQV
q %(//(9,(: %,/7025( *2/) &/8% 7KH FKDPSLRQVKLS OD\RXW KHUH KDV EHHQ UHVWRUHG WR LWV FODVVLF 'RQDOG 5RVV GHVLJQ
r 0$1*529( %$< 7KH SDU WUDFN DWWUDFWV DOO OHYHOV RI JROIHU DQG ZLQGV WKURXJK DQ LQODQG HVWXDU\
9,6,7673(7(&/($5:$7(5 &20
)RUW 'H 6RWR 3DUN GRJ EHDFK
3833< 3/$<*5281' <
RXU GRJ GRHV VXFK D JRRG MRE JXDUGLQJ \RXU KRXVH DOO \HDU GRHVQ¶W KH" +H GHVHUYHV D YDFDWLRQ WRR 3HWV DUH PRUH WKDQ ZHOFRPHG LQ WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD ± WKH\¶UH JLYHQ WKH UR\DO WUHDWPHQW 3DPSHUHG SHWV ZLOO ORYH WKH OX[XULRXV /RHZV 'RQ &H6DU +RWHO RQ 6W 3HWH %HDFK :KLOH \RX VLQN \RXU WRHV LQ WKH VXJDU\ VDQG OHW WKH VWDII WDNH \RXU GRJ IRU D ZDON ± RU SHUKDSV \RX¶G OLNH WR WUHDW KLP WR D GRJJLH PDVVDJH 7DNH VKHOWHU IURP WKH DIWHUQRRQ VXQ LQ \RXU SOXVK JXHVWURRP DQG RUGHU VRPHWKLQJ ± IRU \RX DQG \RXU SHW ± IURP WKH JRXUPHW 7KH &KDWWDZD\ 'ULYH ,Q 6W 3HWHUVEXUJ $0(5,&$¶6 %(67 %($&+(6
URRP VHUYLFH PHQX )RU VRPHWKLQJ D OLWWOH PRUH FDVXDO GRQ¶W PLVV 6RXWK 6W 3HWHUVEXUJ¶V &KDW WDZD\ 'ULYH ,Q 7KLV ORFDO IDYRULWH LV DV IDPRXV IRU LWV ODLG EDFN GRJ ORYLQJ YLEH DV LWV DPD]LQJ EXUJHUV *UDE D WDEOH RQ WKH OXVK SDWLR DQG VLS D FROG GUDIW EHHU ZKLOH \RX HQMR\ VRPH ORZ NH\ OLYH PXVLF DQG WKH ZDLW VWDII GRWHV RQ \RXU IXUU\ IULHQG 7KH\ PLJKW HYHQ VOLS KLP D VOLFH RI EDFRQ ± ZLWK \RXU SHUPLVVLRQ RI FRXUVH
:KHQ LW¶V WLPH WR EXUQ RII WKDW EXUJHU RU EDFRQ DV WKH FDVH PD\ EH D GRJ SDUN LV QHYHU IDU DZD\ $QG OHDVKHG SHWV DUH DOZD\V ZHOFRPH RQ WKH 3LQHOODV 7UDLO ZKLFK VWUHWFKHV IURP 7DUSRQ 6SULQJV WR GRZQWRZQ 6W 3HWH %XW IRU WKH XOWLPDWH YDFDWLRQ H[SHULHQFH OHW \RXU GRJ IUROLF LQ WKH *XOI RI 0H[LFR DW )RUW 'H 6RWR 3DUN DW WKH VRXWKHUQ WLS RI 7LHUUD 9HUGH RU +RQ H\PRRQ ,VODQG WR WKH QRUWK
',1,1* 287
%HDFK 'ULYH LQ GRZQWRZQ 6W 3HWH LV WKH SODFH IRU \RX DQG \RXU GRJ WR VHH DQG EH VHHQ 7U\ %HOOD %UDYD &DVVLV $PHUL
FDQ %UDVVHULH RU 3DUN6KRUH *ULOO 'XQHGLQ LV IDPRXVO\ GRJ IULHQGO\ ZLWK SOHQW\ RI RSWLRQV RQ DQG DURXQG LWV FKDUPLQJ 0DLQ 6WUHHW *UDE D SLQW RQ WKH SDWLR DW 5RVLH¶V 7DYHUQ ZKHUH WKH ZDOOV DUH GHFRUDWHG ZLWK SRUWUDLWV RI SXSSLHV RU WKH 'XQHGLQ %UHZHU\ MXVW D IHZ EORFNV DZD\ IURP WKH 3LQHOODV 7UDLO ,Q &OHDUZDWHU ZHOO EHKDYHG GRJV DUH SHUPLWWHG DW =DJDW UDWHG &DIp 3RQWH¶V RXWGRRU WDEOHV %XW LI \RX ZDQW WR UHDOO\ WUHDW \RXU SXS WDNH KLP WR %HVD *ULOO ZKHUH KH FDQ KDYH KLV RZQ &KLFNHQ 0XWW /RDI DQG %RZ]HU %HHU ZKLOH \RX HQMR\ WKH 0H[LFDQ IXVLRQ FXLVLQH IRU KXPDQV
'RJ IULHQGO\ 'XQHGLQ
'2* 3$5.6
7KHUH¶V RQH LQ HYHU\ FRUQHU RI 6W 3HWH &OHDUZDWHU 7U\ $ / $QGHUVRQ 3DUN LQ 7DUSRQ 6SULQJV -RKQ &KHVQXW 6U 3DUN LQ 3DOP +DUERU 6DQG .H\ 3DUN LQ &OHDU ZDWHU :DOVLQJKDP 3DUN LQ /DUJR %RFD &LHJD 0LOOHQQLXP 3DUN LQ 6HPLQROH RU 1RUWK 6KRUH 3DUN LQ 6W 3HWHUVEXUJ )LQG PRUH LQIRUPDWLRQ RQ SHW IULHQGO\ ORGJLQJ DQG WUDYHO DW 9LVLW63& FRP 3HWV
%(67 2) 3/$&(6 72 7$.( <285 '2* n )257 '( 6272 3$5. <RXU EHVW IULHQG ZLOO ORYH LWV 3DZ 3OD\JURXQG
FRPSOHWH ZLWK D GRJ EHDFK DQG WZR IHQFHG LQ DUHDV IRU ODUJH DQG VPDOO GRJV
o +21(<0221 ,6/$1' 67$7( 3$5. '81(',1 'RJV JHW WKHLU RZQ EHDFK RQ WKH VRXWKHUQ WLS RI WKH LVODQG DQG OHDVKHG GRJV DUH ZHOFRPH WR KLNH DORQJ ZLWK RZQHUV RQ WKH QDWXUH WUDLO
p 6$1' .(< 3$5. &/($5:$7(5 $OORZ \RXU SHW VRPH SOD\WLPH DW WKLV SDUN¶V 3DZ 3OD\JURXQG ORFDWHG MXVW RYHU WKH EULGJH IURP &OHDUZDWHU %HDFK
q '2:172:1 67 3(7( :DON \RXU GRJ WKURXJK RQH RI WKH ZDWHUIURQW SDUNV WKHQ KHDG WR %HDFK 'ULYH IRU OXQFK r '81(',1 7KLV SHW IULHQGO\ WRZQ LVQ¶W QLFNQDPHG ³'RJHGLQ´ IRU QRWKLQJ
!!
!
9,6,7673( 7(&/($5:$7(5 &20
ªART
67$7( 2) 7+(
:LWK EHDFKHV DQG VXQVKLQH JDORUH YLVLWRUV WR 6W 3HWH &OHDUZDWHU FRXOG HDVLO\ VSHQG WKHLU HQWLUH YDFDWLRQ RXWGRRUV 2I FRXUVH WKH\¶G ULVN PLVVLQJ DOO WKH EHDXW\ DQG P\VWHU\ IRXQG ZLWKLQ WKH DUHD¶V PDQ\ ILQH DUW PXVHXPV DQG JDOOHULHV 7KHUH¶V D UHDVRQ 6W 3HWH &OHDUZDWHU LV FRQVLVWHQWO\ YRWHG RQH RI WKH 8QLWHG 6WDWHV¶ WRS DUWV GHVWLQDWLRQV IRU PHWURSROLWDQ DUHDV LWV VL]H )URP GRZQWRZQ 6W 3HWH¶V KLS PXUDOV DQG JDOOHULHV WR 'XQHGLQ¶V DUW GUHQFKHG VKRSV DQG VWXGLRV YLVLWRUV OHDUQ TXLFNO\ WKDW DUW KHUH LV D ELJ SDUW RI OLIH 2I FRXUVH WKRVH ZKR GRQ¶W NQRZ D 0RQHW IURP D 0LFKHODQJHOR FDQ VWLOO ILQG SOHQW\ RI FXOWXUDO DWWUDFWLRQV WR VXLW WKHLU WDVWHV WRR 6SHQG VRPH WLPH H[SORULQJ 6W 3HWH &OHDUZDWHU DQG \RX¶OO ILQG PXVHXPV GHYRWHG WR VFLHQFH KLVWRU\ DXWRPRELOHV ² HYHQ ODZ HQIRUFHPHQW DQG WKH PLOLWDU\ 5HDG\ IRU D WRXU"
*ODVV DUWLVW 'DOH &KLKXO\·V 0LOOH )LRUL GHWDLO
7KH 'DOt 0XVHXP KRXVHV WKH PRVW FRPSUHKHQVLYH FROOHFWLRQ RI WKH VXUUHDOLVW·V ZRUN LQ D EXLOGLQJ WKDW LV LWVHOI D ZRUN RI DUW LQFOXGLQJ D IRRW KHOLFDO VWDLUFDVH WKDW UHFDOOV 'DOL·V REVHVVLRQ ZLWK VSLUDOV &DWFK D KRW VKRS GHPRQVWUDWLRQ DW WKH 0RUHDQ $UWV &HQWHU LQ GRZQWRZQ 6W 3HWHUVEXUJ
$0(5,&$¶6 %(67 %($&+(6
)RU WKUHH GHFDGHV QRZ RQH RI WKH ELJJHVW GUDZV IRU DUW ORYHUV WR WKH DUHD KDV EHHQ WKH LQWHUQDWLRQDOO\ IDPRXV 'DOt 0XVHXP ZKLFK IHDWXUHV WKH PRVW FRPSUHKHQVLYH FROOHFWLRQ RI ZRUN RXWVLGH RI 6SDLQ E\ WKH JUHDW 6SDQLVK VXUUHDOLVW SDLQWHU 6DOYDGRU 'DOt +HUH \RX¶OO ILQG DUW WKDW VSDQV 'DOt¶V HQWLUH FDUHHU LQFOXGLQJ QHDUO\ RLO SDLQWLQJV DV ZHOO DV PDQ\ RULJLQDO GUDZLQJV SULQWV VFXOSWXUHV PDQXVFULSWV DQG PRUH 7KH PXVHXP LV KRPH WR VRPH RI 'DOt¶V PRVW ZHOO NQRZQ ZRUNV VXFK DV 7KH +DOOXFLQRJHQLF 7RUHDGRU DQG *DOD &RQWHPSODWLQJ WKH 0HGLWHUUDQHDQ 6HD ZKLFK IDPRXVO\ EHFRPHV D SRUWUDLW RI $EUDKDP /LQFROQ WKH IXUWKHU EDFN WKH YLHZHU VWHSV IURP LW +RXVHG LQ D EUHDWKWDNLQJO\ PRGHUQ EXLOGLQJ WKDW¶V DV SURYRFD WLYH DV WKH DUWLVW¶V ZRUN WKH 'DOt 0XVHXP UHJXODUO\ IHDWXUHV VSHFLDO HYHQWV LQFOXGLQJ OHFWXUHV ILOPV ZRUNVKRSV DQG FODVVHV RSHQ WR WKH SXEOLF 7KH PXVHXP DOVR KRVWV WUDYHOLQJ H[KLELWV VKRZFDV LQJ ZRUOG UHQRZQHG DUWLVWV OLNH ¶V VSHFWDFXODU ³:DUKRO $UW )DPH 0RUWDOLW\ ´ %H VXUH WR GURS E\ WKH 'DOt¶V H[SDQVLYH JLIW VWRUH ZKLFK LQFOXGHV HYHU\WKLQJ IURP DUW ERRNV DQG SULQWV WR 'DOt LQVSLUHG KRPH JRRGV LQFOXGLQJ SOD\LQJ FDUGV WDEOH ZHDU DQG QDWXUDOO\ SOHQW\ RI GULS SLQJ FORFNV 6W 3HWH LV DOVR KRPH WR WKH &KLKXO\ &ROOHFWLRQ ORFDWHG RQ VFHQLF %HDFK 'ULYH ,W¶V D VPDOO EXW VWXQQLQJ SHUPDQHQW FROOHFWLRQ RI ZRUNV E\ ZRUOG UHQRZQHG JODVV DUWLVW 'DOH &KLKXO\ -XVW DFURVV WKH VWUHHW \RX¶OO ILQG WKH 0XVHXP RI )LQH $UWV D VWDSOH RI WKH DUWV VFHQH 6HW RQ WKH ZDWHUIURQW WKH PXVHXP¶V SHUPDQHQW FROOHFWLRQ FRQWDLQV DQ DUUD\ RI ZRUNV IURP DQWLTXLWLHV WR PRGHUQ DUW LQFOXGLQJ SDLQWLQJV E\ &H]DQQH 0RQHW 5HQRLU DQG 2¶.HHIIH )LQG HYHQ PRUH FRQWHPSRUDU\ DUW LQ 6W 3HWH DW WKH 0RUHDQ $UWV &HQWHU +RXVHG LQ D VW\OLVK EXLOGLQJ RQ EXVWOLQJ &HQWUDO $YHQXH
WKH 0RUHDQ RIIHUV RQJRLQJ H[KLELWV RI FRQWHP SRUDU\ ORFDO DQG QDWLRQDO DUW DV ZHOO DV VWXGLR FODVVHV DQG \RXWK SURJUDPV 7KH ZKROH IDPLO\ FDQ HQMR\ D IXQ HGXFDWLRQDO GD\ DW *UHDW ([SORUDWLRQV &KLOGUHQ¶V 0XVHXP MXVW QRUWK RI GRZQ WRZQ 6W 3HWH 7KLV KDQGV RQ PXVHXP DOORZV WKH OLWWOH RQHV ± DQG JURZQ XSV DV ZHOO ² WR LQWHUDFW ZLWK VFLHQFH DFWLYLWLHV RI DOO NLQGV 7KH PXVHXP DOVR IHDWXUHV D OLIH VL]HG WUHH KRXVH D VRXQG ODE D FOLPELQJ ZDOO DQG RWKHU H[KLELWV $IWHUZDUG VWUROO WKURXJK WKH OXVK ERWDQLFDO VXUURXQGLQJV DW WKH DGMDFHQW 6XQNHQ *DUGHQV RQH RI 6W 3HWH¶V PRVW IDPRXV DWWUDFWLRQV $OVR LQ 6W 3HWH WKH )ORULGD +RORFDXVW 0XVHXP IHDWXUHV D SHUPDQHQW H[KLELWLRQ KRQRULQJ WKH PHPRU\ RI WKRVH ZKR VXIIHUHG GXULQJ WKH DWURFLWLHV RI :RUOG :DU ,, 7KH PXVHXP DOVR KRVWV VHYHUDO WUDYHOLQJ H[KLEL WLRQV WKURXJKRXW WKH \HDU ,Q QHDUE\ 3LQHOODV 3DUN VZLQJ E\ WKH 7DPSD %D\ $XWRPRELOH 0XVHXP DQG FKHFN RXW DQ DUUD\ RI EHDXWLIXO YLQWDJH FDUV *HW XS FORVH WR D 'H/RUHDQ D &LWURHQ DQG D UHSOLFD RI WKH ZRUOG¶V ILUVW VHOI SURSHOOHG YHKLFOH ,Q /DUJR +HULWDJH 9LOODJH LV D IXQ WKURZEDFN WR \HVWHU\HDU ,W¶V D DFUH OLYLQJ PXVHXP IHDWXULQJ WZR GR]HQ KLVWRULF VWUXF WXUHV VRPH GDWLQJ EDFN WR WKH WK FHQWXU\ LQFOXGLQJ D VFKRRO D FKXUFK DQG D UDLOURDG GHSRW 7KH PXVHXP DOVR IHDWXUHV H[KLELWV RQ KLVWRULF KRXVHKROG JRRGV DQG JDGJHWV DQG D KDQGV RQ DUHD IRU NLGV $OVR LQ /DUJR WKH $UPHG )RUFHV +LVWRU\ 0XVHXP KDV HQRXJK PLOLWDU\ PHPRUDELOLD DQG DUWLIDFWV WR PDNH DQ\ KLVWRU\ EXII VZRRQ +HUH \RX¶OO ILQG YHKLFOHV DLUSODQHV DQG RWKHU LWHPV GDW LQJ EDFN WR WKH GD\V RI :RUOG :DU , 7KH PXVHXP DOVR RIIHUV VSHFLDO H[KLELWV DQG LQWHUDFWLYH DFWLYLWLHV IRU NLGV -XVW QRUWK RI &OHDUZDWHU LQ WKH FKDUPLQJ FLW\ RI 'XQHGLQ VZLQJ E\ WKH 'XQHGLQ )LQH $UW &HQWHU IRU D IXQ GD\ RI FRQWHPSRUDU\ DUW H[KLELWLRQV DQG HGXFDWLRQDO WDONV WKDW DUH SDUW RI WKH FHQWHU¶V H[FHOOHQW ³&RIIHH DQG &RQYHU VDWLRQV´ VHULHV +HUH WRR WKH IXQ LV QRW MXVW IRU DGXOWV 7KH FHQWHU DOVR KRXVHV WKH 'DYLG / 0DVRQ &KLOGUHQ¶V $UW 0XVHXP ZKLFK RIIHUV DQ LQWHUDFWLYH JDOOHU\ VSDFH IRU NLGV $OVR LQ 'XQHGLQ LV WKH 1DWLRQDO $UPHG 6HUYLFHV DQG /DZ (QIRUFHPHQW 0XVHXP ZKLFK IHDWXUHV RYHU VTXDUH IHHW RI GLV SOD\V DQG DUWLIDFWV SD\LQJ WULEXWH WR WKH EUDYH PHQ DQG ZRPHQ LQ )ORULGD¶V DUPHG VHUYLFHV DQG ODZ HQIRUFHPHQW DJHQFLHV +HUH \RX¶OO
0XVHXP RI )LQH $UWV 6W 3HWHUVEXUJ
%(67 2) 086(806 n '81(',1 ),1( $57 &(17(5 ,Q
VFHQLF 'XQHGLQ ILQG LQVSLUDWLRQ ZLWK WKH FHQWHU¶V URWDWLQJ H[KLELWLRQV DQG ZRUNVKRSV 7KHUH¶V DOVR DQ LQWHUDFWLYH JDOOHU\ VSDFH IRU NLGV
o '$/Ë 086(80 6HH WKH ODUJHVW FROOHFWLRQ RI 6DOYDGRU 'DOt¶V ZRUN RXWVLGH RI 6SDLQ DW WKH QHZ PXVHXP EXLOGLQJ $ ' LQWHUDFWLYH WRXU 9LVLW6W3HWH&OHDUZDWHU FRP $5
p 086(80 2) ),1( $576 7KLV GRZQWRZQ 'XQHGLQ )LQH $UW &HQWHU
6W 3HWHUVEXUJ PXVHXP IHDWXUHV HYHU\WKLQJ IURP 0RQHW DQG 2¶.HHIIH WR DQFLHQW DUW
q &+,+8/< &2//(&7,21 $GPLUH 'DOH &KLKXO\¶V LQFUHGLEOH JODVV ZRUN LQ D JDOOHU\ FUHDWHG MXVW IRU KLV FROOHFWLRQ LQ GRZQWRZQ 6W 3HWHUVEXUJ r /((3$ 5$771(5 086(80 2) $57 7KLV 7DUSRQ 6SULQJV PXVHXP IHDWXUHV WK DQG VW FHQWXU\ DUW LQFOXGLQJ ZRUNV E\ 3LFDVVR DQG &KDJDOO
/HHSD 5DWWQHU 0XVHXP RI $UW 7DUSRQ 6SULQJV 9,6,7673( 7(&/($5:$7(5 &20
ILQG HYHU\WKLQJ IURP XQLIRUPV DQG ZHDSRQV WR FRQILVFDWHG ZKLVNH\ VWLOOV )XUWKHU QRUWK YLVLW WKH VPDOO KLVWRULF FLW\ RI 7DUSRQ 6SULQJV (QMR\ ZDWFKLQJ WKH GLYHUV DW WKH VSRQJH GRFNV WKDW DUH WKH KHDUW RI WKLV KLVWRULFDOO\ *UHHN WRZQ RU WDNH LQ WKH PDQ\ ERXWLTXHV DQG JDO OHULHV GRZQWRZQ 7KH 6DIIRUG +RXVH 0XVHXP LV D IXQ VWRS IRU WKRVH ZKR ORYH KLVWRU\ %XLOW LQ WKH PXVHXP LV DFWXDOO\ WKH KRPH RI RQH RI WKH FLW\¶V HDUO\ GHYHORSHUV QRZ UHVWRUHG WR LWV RULJLQDO 9LFWRULDQ PDMHVW\ LQFOXGLQJ SHULRG GpFRU 1DWXUDOO\ 7DUSRQ 6SULQJV WRR RIIHUV SOHQW\ RI DUW 7KH 7DUSRQ 6SULQJV &XOWXUDO &HQWHU KRVWV D YDULHW\ RI DFWLYLWLHV LQFOXGLQJ DUW H[KLELWV ILOPV DQG SOD\V 7KH QHDUE\ /HHSD 5DW WQHU 0XVHXP RI $UW IHDWXUHV PRUH WKDQ SLHFHV RI H[FLWLQJ PRGHUQ DUW E\ 0D[ (UQVW 3DEOR 3LFDVVR 0DUF &KDJDOO DQG RWKHUV <RX¶OO ILQG SDLQW LQJV VFXOSWXUH JODVV ZRUNV WDSHVWULHV DQG PL[HG PHGLD ZRUNV LQ D VSUDZOLQJ FRPSOH[ WKDW DOVR IHDWXUHV DQ DUW HGXFD WLRQ FHQWHU 5HDG PRUH DERXW WKH DUHD¶V FXOWXUDO RIIHULQJV DW 9LVLW63& FRP $UWV
&ORFNZLVH IURP WRS OHIW *UHDW ([SORUDWLRQV &KLOGUHQ·V 0XVHXP WKH 0XVHXP RI )LQH $UWV WKH $UPHG )RUFHV +LVWRU\ 0XVHXP DQG WKH 'DOt 0XVHXP
$* )+ " 7 /3* " * &* " & $$ + * $3" + " +/ 3* "/+ 3+/ ! "3/ + *$! $* )+ !$3+ +
$"4 " "/ /$ / * )+ $3/+/ " " 1* / $"+ +$*/ 3 +/+ " 5 /$ $5"/$5" /7 * $* " 6& * " 3" (3 + $&& " " " " $ " /
%8 $*/ 7+ $* * 4 /7 * $* 0 -# ,2,',2-'%%-% + $3/ 3* " 3+ 4 / 5 7 + $0(5,&$¶6 %(67 %($&+(6
/2&$/ *$//(5,(6 $1' :$/.6
A TROPICAL OASIS OF PLEASURE. Perfectly positioned on the areaâ&#x20AC;&#x2122;s best beach and next to famed Pier 60, Hilton Clearwater Beach is one of the areaâ&#x20AC;&#x2122;s few full-service resort destinations. Offering a fresh, fun atmosphere with contemporary dĂŠcor, our dazzling, stylish guestrooms offer a relaxing Gulf Coast feel with generous balconies. For more information, please call ��� ��� ���� or visit hiltonclearwaterbeach.com.
��� Mandalay Avenue, Clearwater Beach, FL �����
Š2014 Hilton Worldwide
045045-01
6W 3HWH &OHDUZDWHU LV KRPH WR FRXQW OHVV H[FLWLQJ ORFDO DUW JDOOHULHV DQG VWX GLRV 3HUKDSV WKH EHVW ZD\ WR VHH WKHP DOO LV WR SDUWLFLSDWH LQ WKH DUHDÂśV PDQ\ DUW ZDONV 1HDUO\ HYHU\ FLW\ LQ WKH DUHD KRVWV HYHQLQJ DUW ZDONV ZKHUH ORFDO PHUFKDQWV DQG DUWLVDQV VHW XS ERRWKV PXVLFLDQV SOD\ DQG JDOOHU\ RZQHUV RSHQ WKHLU GRRUV IRU HYHU\RQH WR DSSUHFLDWH WKHLU ZDUHV 6WDUW LQ GRZQWRZQ 6W 3HWHUVEXUJ DQG H[SORUH WKH PDQ\ H[FLWLQJ JDOOHULHV WKDW GRW WKH IDPRXVO\ DUW GUHQFKHG %ORFN RI &HQWUDO $YHQXH LQFOXGLQJ DUWV\ ERXWLTXHV VXFK DV WKH IXQN\ (YH 1 2GG JDOOHU\ DQG VWRUH WKH )ORULGD &UDIVWPHQ *DOOHU\ DQG KLSVWHU KDQJ RXW %OXH /XF\ $OVR SRSXODU 6W 3HWHÂśV :DUHKRXVH $UWV 'LVWULFW ORFDWHG RQ WKH VRXWK VLGH RI WKH FLW\ ZKHUH \RXÂśOO ILQG WKH 'XQFDQ 0F&OHOODQ *ODVV DUW VWXGLR 6W 3HWHÂśV PRQWKO\ HYHQLQJ DUW ZDON ZKLFK KDSSHQV RQ WKH VHFRQG 6DW XUGD\ RI HYHU\ PRQWK LV VR VSUDZOLQJ WKDW D IUHH WUROOH\ EULQJV IRONV WR GHVWLQD WLRQV RII WKH EHDWHQ SDWK 7KH VPDOOHU FLW\ RI *XOISRUWÂś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ÂśV HYHQLQJ DUW ZDON WDNHV SODFH RQ WKH VHFRQG )ULGD\ RI HDFK PRQWK
9,6,7673( 7(&/($5:$7(5 &20
:LWK XQPDWFKHG QDWXUDO EHDXW\ DQG HQJDJLQJ SHRSOH DQG DFWLYLWLHV WKH 6W 3HWHUVEXUJ &OHDUZDWHU FRDVW KDV VRPHWKLQJ WR FDSWXUH WKH KHDUW RI HYHU\ YLVLWRU ,W·V ZK\
PFL 8I< ?<I<
$ VXPPHU VXQVHW FDVWV ORQJ VKDGRZV RQ YLVLWRUV WR &OHDUZDWHU %HDFK
$
%RDUGZDONV FXW WKURXJK WKH GXQHV DQG VHD RDWV RQ 3DVV D *ULOOH %HDFK
JUHDW ORYH DIIDLU EHJLQV ZLWK D IOHHWLQJ WRXFK D KHVLWDWLRQ D PRPHQW $Q XQVWHDG\ FKLOG FUHHSV KHVLWDQWO\ WRZDUG WKH ZDWHU¶V HGJH 7KH ZDYH UHDFKHV RXW DOPRVW JHWV D WRH WKHQ UHWUHDWV 7KH QH[W RQH FRPHV FORVHU ² RK VR FORVH ²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³+HOOR ´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¶V %HDFK %DU RQ 6W 3HWH %HDFK DQG \RX¶OO KHDU DERXW D GR]HQ GLIIHUHQW ORFDOHV WR XQIROG \RXU ORXQJH FKDLU IRU D UHOD[LQJ RU DFWLYLW\ ILOOHG DIWHUQRRQ WKDW EOHHGV LQWR HYHQLQJ +RQH\PRRQ ,VODQG WR WKH QRUWK DQG )RUW 'H 6RWR 3DUN WR WKH VRXWK UHSUHVHQW D VWHS EDFN LQ WLPH EHIRUH VRXYHQLU VKRSV DQG ILUVW FODVV KRWHOV DQG ELNLQL FODG YLVL WRUV EHFDPH GH ULJXHXU 2Q WKHVH EHDFKHV DQG WKHLU DFFHVVLEOH RQO\ E\ ERDW EDUULHU LVODQGV ² &DODGHVL DQG (JPRQW .H\ ² WKH GROSKLQV IUROLF D OLWWOH FORVHU WKH ZDWHU LV D ULFKHU VKDGH RI DTXDPDULQH DQG WKDW SHUIHFW VRXYHQLU VKHOO LV D OLWWOH ELW OHVV OLNHO\ WR EH VFRRSHG XS E\ VRPHRQH HOVH
%HDFK :DON DQG 3LHU LQ WKH KHDUW RI &OHDUZDWHU %HDFK DERYH )LQG VROLWXGH RQ 6XQVHW %HDFK EHORZ ULJKW (QMR\LQJ D GD\ LQ WKH *XOI·V HPHUDOG VXUI EHORZ OHIW
9,6,7673( 7(&/($5:$7(5 &20
$W 8SKDP %HDFK DPLG WKH UHYHOU\ DW WKH 8QGHUWRZ %HDFK %DU \RX FDQ KHDU WKH VWHDG\ VODS RI D YROOH\EDOO DV LW SDVVHV EDFN DQG IRUWK RYHU WKH QHW DQG WKH VFUHDPV IURP WKH LQIODWDEOH ZDWHU VOLGHV RI WKH 7UDGH:LQGV 5HVRUW $W 6XQVHW %HDFK VSHHG ERDWHUV GURS DQFKRU DQG ZDGH DVKRUH WR PLQJOH ZLWK ODQGOXEEHUV HQMR\LQJ D PLG DIWHUQRRQ VQDFN DQG FRFNWDLO DW &DGG\¶V VXQ EOHDFKHG SLFQLF WDEOHV PDGH IDPRXV ZKHQ GLUHFWRU 6WHYHQ 6RGHUEHUJK ILOPHG PRYLH VWDUV &KDQQLQJ 7DWXP DQG 0DWWKHZ 0F&RQDXJKH\ WKHUH LQ D VFHQH IURP ¶V 0DJLF 0LNH 0DGHLUD %HDFK LV IXOO RI DGYHQWXUH ZLWK WKH IDX[ SLUDWH VKLSV SDUDVDLOHUV GROSKLQ FUXLVHV MHW VNLV DQG ND\DNHUV FULVVFURVVLQJ WKH ZDYHV LQ IURQW RI WKH VKRUH DIWHU OHDYLQJ WKH -RKQ¶V 3DVV 9LOODJH GRFNV :KLOH XS LQ 5HGLQJWRQ 6KRUHV DQJOHUV ROG DQG \RXQJ DOLNH VSHQG D OD]\ GD\ KRSLQJ WR KRRN WKH ELJ RQH IURP 5HGLQJWRQ /RQJ 3LHU $QG VLWWLQJ OLNH D IDLU\WDOH VDQGFDVWOH DW WKH VRXWKHUQ HQG RI 6W 3HWH %HDFK LV WKH 'RQ &H6DU +RWHO ZLWK LWV 0HGLWHUUDQHDQ IORXU LVKHV DQG MD]] HUD RSXOHQFH UHPLQGLQJ DOO WKDW LW ZDV WKH ILUVW ORFDO SOD\JURXQG IRU WKH YDFDWLRQLQJ ULFK DQG IDPRXV $ORQJ &OHDUZDWHU %HDFK¶V KLJK HQHUJ\ VWUHWFKHV JURXSV RI EHDFKJRHUV VRDN LQ WKH VXQ¶V JROGHQ ZDUPWK RQ ZLGH H[SDQVHV *OLW]\ KLJK ULVH UHVRUWV IODQN EXEEOH JXP KXHG PRP DQG SRS WZR VWRU\ PRWHOV FKDUWHU ERDWV ILOOHG ZLWK GD\ WULSSHUV GRW WKH PDULQDV DQG H[FLWHG NLGV ZLWK QRVHV SUHVVHG WR WKH JODVV RI WKH &OHDUZDWHU 0DULQH $TXDULXP¶V SRRO ORQJ WR FDWFK D JOLPSVH RI DQ LQVSLUDWLRQDO WDLO OHVV GROSKLQ QDPHG :LQWHU $V WKH GD\ HQGV WKH SDFNLQJ XS EHJLQV /RXQJH FKDLUV DUH IROGHG WRZHOV DUH VKDNHQ VRPHZKDW IUHH RI FOLQJLQJ VDQG VXQVHW SLFWXUHV DUH WDNHQ DQG VXQ NLVVHG QRVHV EHJLQ WR WZLWFK ZLWK WKH RK VR IDPLOLDU DURPD RI D ILVK IU\LQJ %XW ZKHUH WR JR IRU WKH ORFDO IDYRULWH JURXSHU VDQGZLFK )UHQFK\¶V LQ &OHDUZDWHU %HDFK $ GLIIHUHQW EHDFK IRU HYHU\ PRRG &ORFNZLVH IURP WRS OHIW +RRN LQ WKH ELJ RQH DW 5HGLQJWRQ /RQJ 3LHU FRPSOHWH HVFDSLVP DW (JPRQW .H\ KLWWLQJ WKH VXUI RQ 7UHDVXUH ,VODQG DUW GHFR FKLF RQ KLVWRULF &RUH\ $YHQXH QDWXUDO JHWDZD\ RQ 6KHOO .H\ 3UH VHUYH FDWFKLQJ VRPH UD\V RQ 6W 3HWH %HDFK SLFNXS YROOH\EDOO RQ &OHDUZDWHU %HDFK FODVVLF FRQIHFWLRQHU RQ 0DGHLUD %HDFK
*XSS\¶V RQ ,QGLDQ 5RFNV %HDFK RU 'RFNVLGH 'DYH¶V RQ 6W 3HWH %HDFK" $OO DUH ULGLFX ORXVO\ ZHOO ORYHG RSWLRQV MXVW VDYH URRP IRU GHVVHUW $ GRXEOH VFRRS FRQH IURP /DUU\¶V LQ 6W 3HWH %HDFK RU DW WKH NLWVFK\ &DQG\ .LWFKHQ LQ 0DGHLUD %HDFK ZRXOG WRWDOO\ KLW WKH VSRW $OO H\HV WXUQ WR WKH JXOI ZKHQ WKH VXQ D JLDQW EDOO RI IODPH LV VZDOORZHG ZKROH VLJ QDOLQJ WKH VWDUW RI &OHDUZDWHU %HDFK¶V VXQVHW FHOHEUDWLRQ DW 3LHU 7KH VN\ D VZLUOLQJ PDVV RI FRORU ZLWK EXWWHU \HOORZV PHOGLQJ ZLWK WDQJHULQH RUDQJHV DQG SHULZLQNOH EOXHV LV KRZ WKH *XOI &RDVW VD\V ³*RRG QLJKW ´ ([SORUHU -DFTXHV &RXVWHDX VDLG ³7KH VHD RQFH LW FDVWV LWV VSHOO KROGV RQH LQ LWV QHW RI ZRQGHU IRUHYHU ´ <RXU WLPH VSHQW RQ RXU EHDFKHV ZKLFK ZLOO QR GRXEW SDVV DOO WRR TXLFNO\ ZLOO IXHO D ORYH DIIDLU WKDW ODVWV D OLIHWLPH ,W¶V ZK\ D FKLOG VR HQWUDQFHG E\ D ILUVW HQFRXQWHU ZLWK WKH ZDYHV ZLOO UHWXUQ LQ ILYH DQG \HDUV 3DUDGLVH DOZD\V FDOOV
%(67 2) %($&+(6 n &/($5:$7(5 %($&+ $ KRW VSRW IRU EHDFK YROOH\EDOO ZDWHU VSRUWV DQG IDPLO\ DFWLYLWLHV OLNH SLUDWH VKLS FUXLVHV DQG ERDW WRXUV &DS RII D SHUIHFW GD\ ZLWK VXQVHWV DW 3LHU D GDLO\ ZDWHUIURQW IHVWLYDO o 67 3(7( %($&+ 3$66 $ *5,//( 7KH EHDFKHV LPPHGLDWHO\ QRUWK DQG VRXWK RI WKH /RHZV 'RQ &H6DU +RWHO KDYH VXJDU\ VDQG DQG D ODLG EDFN YLEH p )257 '( 6272 3$5. .LGV ORYH DOO DUHD EHDFKHV EXW KHUH WKH\ FDQ PL[ EHDFK WLPH ZLWK ILVKLQJ SDGGOLQJ KLNLQJ ELNLQJ FDPSLQJ DQG H[SORULQJ D KLVWRULF IRUW q &$/$'(6, ,6/$1' +21(<0221 ,6/$1' 7KHVH SULVWLQH EDUULHU LVODQGV DUH UHQRZQHG IRU WKHLU ZKLWH VDQG DEXQGDQW ZLOGOLIH DQG SHDFHIXO QDWXUDO HQYLURQPHQW 7KLV LV ZKHUH \RX¶OO JHW DZD\ IURP LW DOO r 75($685( ,6/$1' 2QH RI WKH ZLGHVW EHDFKHV LQ WKH DUHD ZLWK D GLVWLQFWO\ 2OG )ORULGD IHHO
)URP WRS &DWFKLQJ WKH ZLQG RQ 7UHDVXUH ,VODQG ELUG·V H\H YLHZ RI &DODGHVL ,VODQG 6WDWH 3DUN HJUHW SRVLQJ RQ :HHGRQ ,VODQG 9,6,7673( 7(&/($5:$7(5 &20
<8:? @E;<I
) , 1 ' < 2 8 5 6 / , & ( 2 ) 3$ 5 $ ' , 6 (
+21(<0221 ,6/$1' $ QDWXUDO EDUULHU LVODQG ZLWK PLOHV RI VDQG\ EHDFKHV )ORULGD¶V PRVW YLVLWHG VWDWH SDUN IHDWXULQJ WKH WRS QRWFK 5RWDU\ &HQWHQQLDO 1DWXUH &HQWHU 7,3 6XUILQJ LV JRRG RQ WKH QRUWK HQG E\ %DWKKRXVH
&$/$'(6, ,6/$1' PLOHV RI EHDFK DQG PLOHV RI QDWXUH WUDLO 2QH RI WKH EHVW VKHOOLQJ EHDFKHV DURXQG 7,3 $FFHVV WKH LVODQG DERDUG WKH &DODGHVL ,VODQG )HUU\ DW WKH ZHVW HQG RI +RQH\PRRQ ,VODQG
&/($5:$7(5 %($&+ +RPH WR WKH ZKLWHVW VDQG DQG WKH ORQJHVW EHDFK LQ 3LQHOODV &RXQW\ 1DPHG WKH 1R )ORULGD EHDFK WRZQ LQ E\ 86$ 7RGD\ 7,3 'RQ¶W PLVV D ERZO RI 6KH &UDE 6RXS DW )UHQFK\¶V 5RFNDZD\ *ULOO RQ WKH EHDFK
6$1' .(< 6DQG .H\ 3DUN LV GLYLGHG LQWR D EHDFK DUHD DQG D SDUN ZLWK VKHOWHUV SLFQLF WDEOHV DQG D GRJ SDUN EHQFKHV ERUGHULQJ D VDOWZDWHU PDUVK RIIHU IDEXORXV ELUG YLHZLQJ ,WV URFN MHWW\ ² D UDULW\ LQ WKLV DUHD ² LV D IDYRULWH DPRQJ ILVKHUPHQ DQG VQRUNHOHUV 7,3 5HQW D ND\DN RU FDWDPDUDQ DW &OHDUZDWHU 6DLOLQJ &HQWHU
%(//($,5 %($&+ $1' %(//($,5 6+25( IHHW RI ZKLWH VDQG\ VKRUH DW %HOOHDLU %HDFK $W MXVW IHHW DERYH VHD OHYHO %HOOHDLU 6KRUH¶V SUR[LPLW\ WR WKH JXOI NHHSV LW ZDUPHU LQ ZLQWHU DQG FRROHU LQ VXPPHU 7,3 )URP 0DUFK WR 2FWREHU EH RQ WKH ORRNRXW IRU KDWFKLQJ VDQG WXUWOHV PDNLQJ WKHLU ZD\ WR WKH JXOI
,1',$1 52&.6 %($&+ $1' ,1',$1 6+25(6 2QFH DQ ,QGLDQ 6KRUHV WRXULVW DWWUDFWLRQ 7LNL *DUGHQV LV QRZ PRUH WKDQ QLQH DFUHV SDUN VSDFH DQG EHDFK DFFHVV ,QGLDQ 5RFNV %HDFK KDV PRUH WKDQ EHDFK DFFHVV SRLQWV 7,3 /RWV RI VPDOO IUHH SDUNLQJ VSRWV DORQJ WKH DYHQXHV
5(',1*7216 &RPSULVHV WKUHH VHSDUDWH FRPPXQLWLHV ± 5HGLQJWRQ 6KRUHV 1RUWK 5HGLQJWRQ %HDFK DQG 5HGLQJWRQ %HDFK 0DULO\Q 0RQURH DQG -RH 'L0DJJLR XVHG WR YDFDWLRQ DW WKH 7LGHV %DWK &OXE RQ 1RUWK 5HGLQJWRQ %HDFK 7,3 7KH 6XQFRDVW %HDFK 7UROOH\ VWRSV MXVW VRXWK RI 5HGLQJWRQ 6KRUHV RQ WK $YHQXH
0$'(,5$ %($&+ 0DG %HDFK DV WKH ORFDOV NQRZ LW LV VLWXDWHG MXVW WKUHH IHHW DERYH VHD OHYHO -RKQ¶V 3DVV )LVKLQJ 9LOODJH ² ZLWK LWV QDUURZ VWUHHWV OLQHG ZLWK VSHFLDOW\ VKRSV D ERDUGZDON ZLWK ERDW DFFHVV DQG UHVWDXUDQWV ² LV D PXVW VHH 7,3 (YHU\ 2FWREHU 0DG %HDFK DWWUDFWV WKRXVDQGV WR LWV DQQXDO 6HDIRRG )HVWLYDO
75($685( ,6/$1' 2QH RI WKH DUHD¶V ZLGHVW VWUHWFKHV RI EHDFK *RW LWV QDPH DIWHU D KRWHO RZQHU EXULHG ² WKHQ FRQYHQLHQWO\ ³GLVFRYHUHG´ ² D IHZ ZRRGHQ FKHVWV RQ WKH EHDFK 7,3 %H VXUH WR YLVLW WKH 6XQFRDVW 6XUI 6KRS ZKLFK RSHQHG LQ
67 3(7( %($&+ 1DPHG 7ULS$GYLVRU¶V 1R EHDFK LQ WKH 8QLWHG 6WDWHV DQG 1R LQ WKH ZRUOG LQ %HDFK WRZQ ZLWK DUW JDOOHULHV JLIW VKRSV DQG KLVWRULF DUFKLWHFWXUH DQFKRUHG E\ WKH /RHZV 'RQ &H6DU +RWHO 7,3 &KHFN RXW WKH VKRSV RQ &RUH\ $YHQXH FRQYHQLHQWO\ ORFDWHG QHDU WKH WK $YHQXH WUROOH\ VWRS
3$66 $ *5,//( $ VOLP VWUHWFK RI ODQG ZLWK WKH ,QWUDFRDVWDO :DWHUZD\ RQ RQH VLGH WKH JXOI RQ WKH RWKHU 7RXUV WR 6KHOO .H\ OHDYH IURP WKH 0HUU\ 3LHU 7,3 (YDQGHU 3UHVWRQ¶V -HZHOU\ DQG 'HVLJQ RQ KLVWRULF (LJKWK $YHQXH LV D PXVW VHH IRU XQLTXH KDQGFUDIWHG MHZHOU\
6+(// .(< 6KHOO .H\ 3UHVHUYH LV D DFUH SUHVHUYH WKDW LQFOXGHV WKLV DFUH EDUULHU LVODQG 7KH LVODQG KDV EHHQ GHVLJQDWHG DV RQH RI )ORULGD¶V PRVW LPSRUWDQW DUHDV IRU VKRUHELUG QHVWLQJ DQG ZLQWHULQJ 7,3 3DFN \RXU RZQ FRROHU IRU DQ HFR WRXU
)257 '( 6272 1DPHG EHVW EHDFK IRU IDPLOLHV E\ ERWK 3DUHQWV DQG 86$ 7RGD\ &RQWDLQV PLOHV RI VRIW VDQG VKDG\ SLQH WUHHV PLOHV RI SDYHG WUDLOV DQG ND\DN FDQRH DQG FDPS VLWH UHQWDOV 7,3 0DNH LW D SRLQW WR WDON ZLWK WKH SDUN UDQJHUV HDFK D FDUHHU QDWXUDOLVW ZLWK YROXPHV RI LQIRUPDWLRQ )RU PRUH RQ RXU EHDFKHV JR WR 9LVLW63& FRP %HDFKHV
# $!# # % # % % #$ ( $ ( $ ( # ( ( $ ' # # # ( $ # $ # # $ !# #( & # # ! # # ! ( $ # !$ ! ( ( $ & !# ! ' $ & # % & # # %
$ # (
! # (
&DGG\·V RQ WKH %HDFK RQ 6XQVHW %HDFK KDV D IXOO PHQX DQG WKUHH EDUV LQFOXGLQJ RQH RQ WKH URRIWRS WKDW RIIHUV VWXQQLQJ YLHZV RI WKH *XOI RI 0H[LFR
6,33,1* 21 7+( 6$1' <
7KH 3RVWFDUG ,QQ RQ 6W 3HWH %HDFK LV SRSXODU ZLWK ERWK YLVLWRUV DQG ORFDOV IRU LWV · V FRRO YLEH
RX VOLS \RXU WRHV WKURXJK WKH SRZGHU\ VXQ ZDUPHG VDQG 3XW DZD\ \RXU ZDWFK 7XUQ RII \RXU VPDUWSKRQH 7KH EHDFK LV ZDLWLQJ 7KH JODUH RII WKH JUHHQ EOXH ZDWHU SXOOV \RX LQ OLNH D EHDFRQ LQWR WKH SODFLG JXOI <RX KDYH DUULYHG :KHQ WKH VDOW ZDWHU GULHV RQ \RXU VNLQ DQG \RXU DUPV IHHO WKH ZDUP WLQJOH RI WKH VXQ¶V UD\V \RX¶UH UHDG\ WR UHOD[ ZLWK D FROG GULQN EXW \RX¶UH QRW UHDG\ WR VD\ JRRGE\H WR \RXU WURSLFDO SDUDGLVH <RX ZDQW WR ZDWFK WKH VXQ WDNH LWV VWHDG\ JORZLQJ GHVFHQW WRZDUG WKH ZDWHU\ KRUL]RQ ,W¶V QRW WLPH WR OHDYH WKH EHDFK ,W¶V WLPH WR JHW WR NQRZ VRPH RI RXU XQIRUJHWWDEOH EHDFK EDUV 6KHSKDUG¶V %HDFK 5HVRUW LV D PHFFD IRU KLJK HQHUJ\ EHDFKJRHUV 7KH &OHDUZDWHU %HDFK ZDWHULQJ KROH EULQJV FURZGV ZLWK GULQN VSHFLDOV DQG OLYH PXVLF RQ LWV PDVVLYH VWDJH 2Q ZHHNHQGV DQFKRUHG ERDWV GRW &OHDUZDWHU 3DVV ZLWK VZLP XS FXVWRPHUV GULQNLQJ LFH FROG EHHUV DQG IUR]HQ WURSLFDO GULQNV RQ WKH UHVRUW¶V RZQ EHDFK :KLOH \RX¶UH LQ &OHDUZDWHU %HDFK VWRS DW )UHQFK\¶V 5RFNDZD\ *ULOO 7KH ODLG EDFN EHDFK EDU KDV D 0DUJDULWDYLOOH YLEH DQG D GHOLFLRXV IUR]HQ UXP UXQQHU WKDW SDFNV D VQHDN\ SXQFK 2UGHU RQH RI WKHLU IDPRXV JURXSHU VDQGZLFKHV DQG JUDE D WDEOH RQ WKH SDWLR ,I \RX¶UH KHUH GXULQJ IRRWEDOO VHDVRQ \RX FDQ FDWFK 0RQGD\ 1LJKW )RRWEDOO RQ WKH EDU¶V IRRW VFUHHQ RQ WKH EHDFK 7KDW¶V ULJKW IRRWEDOO JDPHV DQG FROG GULQNV LQ WKH VDQG XQGHU WKH VWDUV 9,6,7673( 7(&/($5:$7(5 &20
:KHQ \RX·YH KDG HQRXJK RI GDQFLQJ DW 6KHSKDUG·V %HDFK 5HVRUW WDNH \RXU GULQN DQG SXW XS \RXU IHHW RQ WKH UHVRUW·V RZQ EHDFK
%(67 2) %($&+ %$56 n 3$/0 3$9,/,21 7KLV &OHDUZDWHU %HDFK ODQGPDUN VHUYHV FDVXDO IDUH ZLWK OLYH WXQHV RQ WKH ZRRGHQ GHFN GDLO\ o +$55<¶6 %($&+ %$5 /RFDWHG DW WKH 6LUDWD %HDFK 5HVRUW WKH 6W 3HWH %HDFK LQVWLWXWLRQ¶V IRFDO SRLQW LV D FR]\ RXWGRRU ILUH SLW p 6+(3+$5'¶6 7KLV &OHDUZDWHU %HDFK
KRW VSRW LV WKH SODFH IRU OLYH PXVLF GDQFLQJ DQG SDUW\LQJ ZLWK IXQ ORYLQJ FURZGV
q 7+( 81'(572: 7KLV 6W 3HWH %HDFK EDU DQG JULOO KDV 79V DQ RSHQ DLU EDU DQG VSHFWDFXODU VXQVHW YLHZV r :22'<¶6 :$7(5)217 6LWXDWHG RQ %OLQG 3DVV WKLV ORFDO IDYRULWH RIIHUV VRPH RI WKH EHVW GROSKLQ VSRWWLQJ RQ WKH EHDFK
$0(5,&$¶6 %(67 %($&+(6
7KH IDPLO\ RZQHG &DGG\¶V RQ WKH %HDFK LV D OLWWOH VOLFH RI SDUDGLVH RQ 6XQVHW %HDFK :LWK WKUHH EDUV RQ VLWH LQFOXGLQJ D URRIWRS GULQNLQJ VSRW \RX¶OO IHHO DW KRPH <RX FDQ HYHQ EULQJ \RXU GULQNV RQWR WKH VDQG (YHQ VXUURXQGHG E\ 6W 3HWH %HDFK SDUDGLVH UHWUR DOOXUH LV KDUG WR UHVLVW 7KH 3RVWFDUG ,QQ FDSWXUHV WKH HQGOHVV VXPPHU FRRO RI ¶ V VXUIHU FXOWXUH ZKLOH NHHSLQJ D GLVWLQFWO\ JXOI EHDFKHV YLEH 7KH WLNL VW\OH EHDFK EDU VLWV D VKRUW ZDON RII WKH PHOORZ *XOI RI 0H[LFR ,Q EHWZHHQ JX\V DQG JLUOV 'RQ·W VNLS WKH JURXSHU VDQGZLFK DW )UHQFK\·V 5RFNDZD\ *ULOO GLJ IRU VKRWV RQ WKH VXJDU VDQG YRO OH\EDOO FRXUWV ,I \RX JHW KXQJU\ WKH UHVRUW¶V LQ KRXVH %%4 UHVWDXUDQW ZLOO <RX FDQ¶W YLVLW WKH TXDLQW 3DVV D *ULOOH EHDFK ZLWKRXW D VWRS GHOLYHU ULJKW WR \RXU EDUVWRRO DW WKH +XUULFDQH 6HDIRRG 5HVWDXUDQW ,I WKH OXUH RI IUHVK JXOI -XVW XS WKH URDG -LPP\ %¶V %HDFK %DU RIIHUV D YDULHW\ RI JURXSHU VDQGZLFKHV LVQ¶W HQRXJK WR KRRN \RX WKH UXP EDVHG IUR]HQ WURSLFDO GULQNV DQG OLYH PXVLF VHYHQ QLJKWV D ZHHN DOO KXUULFDQH GULQNV ZLOO 7KH VSUDZOLQJ .H\ :HVW VW\OH HVWDEOLVK VHUYHG RQ D KXJH SDWLR WXFNHG EHWZHHQ WKH VHD RDWV FRYHUHG PHQW PD\ FDWHU WR WRXULVWV ZLWK LWV RZQ JLIW VKRS DQG VRXYHQLU VDQG GXQHV DQG WKH HPHUDOG FOHDU JXOI EHHU JODVVHV EXW ORFDOV KDYH EHHQ FRPLQJ KHUH IRU \HDUV IRU 7KH 8QGHUWRZ KDV EHHQ OXULQJ WRXULVWV DQG ORFDOV IRU WKH IRRG GULQN VSHFLDOV DQG YLHZV (QRXJK FDQ¶W EH VDLG DERXW \HDUV 7KH RSHQ DLU PDLQ URRP FDWFKHV EUHH]HV IURP WKH WKH VLJKW OLQHV IURP WKH +XUULFDQH :DWFK URRIWRS EDU <RX FDQ JXOI DQG WKH RFWDJRQDO EDU WRS IHDWXUHV D UXQQLQJ VWUHDP WKDW VHH WKH ,QWUDFRDVWDO :DWHUZD\ IURP WKH HDVW DOO WKH ZD\ GRZQ \RX¶OO VZHDU FRROV WKH SODFH GRZQ E\ VHYHUDO GHJUHHV 7KH 6W 3HWH %HDFK DQG WKH *XOI RI 0H[LFR WR WKH ZHVW 7KHUH¶V QR OD\RXW GHFN YROOH\EDOO FRXUWV DQG NLOOHU FKLFNHQ ZLQJV PDNH EHWWHU SODFH WR ZDWFK D VXQVHW PRMLWR LQ KDQG 7KLV LV WKH EHDFK WKH SODFH VWDQG RXW EXW PXFK RI WKH EDU¶V DOOXUH FDQ EH DWWULE OLIH XWHG WR LWV ELNLQL FODG EDUWHQGHUV )RU PRUH RQ EHDFK EDUV JR WR 9LVLW63& FRP %HDFK%DUV
758( &2/256 7KH /*%7 FRPPXQLW\ LV RIWHQ WKH ILUVW WR GLVFRYHU KLGGHQ WUHDVXUHV VR LW¶V QR VXUSULVH JD\V DQG OHVELDQV KDYH ORQJ IRXQG DQ RDVLV LQ 6W 3HWHUVEXUJ &OHDUZDWHU 7KH DUHD KDV D YLEUDQW /*%7 FRPPXQLW\ HYLGHQFHG E\ LWV PDQ\ JD\ RZQHG DQG JD\ IULHQGO\ EXVLQHVVHV 6W 3HWHUVEXUJ¶V *UDQG &HQWUDO 'LVWULFW MXVW ZHVW RI GRZQWRZQ LV KRPH WR D EHY\ RI JD\ RZQHG EXVLQHVVHV DV ZHOO DV FRXQWOHVV \HDU URXQG /*%7 UHVLGHQWV ZKR OLYH LQ VXU URXQGLQJ +LVWRULF .HQZRRG 7KH GLVWULFW HDFK VXPPHU KRVWV WKH FLW\¶V DQQXDO 6W 3HWH 3ULGH 3URPHQDGH DQG 6WUHHW )HVWLYDO WKH ODUJHVW 3ULGH FHOHEUDWLRQ LQ WKH VRXWKHDVWHUQ 8QLWHG 6WDWHV DQG )ORULGD¶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¶V 6W 3HWH D TXLUN\ QHLJKERUKRRG KRW VSRW ILOOHG ZLWK EHDFK\ 2OG )ORULGD GHFRU 'DQFH DZD\ WKH ODWH QLJKW KRXUV DW QHDUE\ *HRUJLH¶V $OLEL D ORQJWLPH KXE RI QLJKWOLIH WKDW UHJXODUO\ IHDWXUHV GUDJ VKRZV LQFOXGLQJ ELJ QDPH VWDUV IURP 5XSDXO¶V 'UDJ 5DFH 7KHUH¶V SOHQW\ PRUH LQ WKLV OLYHO\ GLVWULFW DQG YLVLWRUV ZLOO IHHO HYHQ PRUH DW KRPH QRZ WKDW YROXQWHHUV DUH UHWRROLQJ D FODVVLF V EXQJDORZ LQWR D QHZ /*%7 :HOFRPH &HQ WHU VHW WR RSHQ LQ VSULQJ )RU ZHHNHQG SRRO SDUWLHV KHDG WR VRXWK 6W 3HWH WR ILQG WKH )ODPLQJR 5HVRUW IHDWXULQJ URRPV VL[ WKHPHG EDUV DQG QRQVWRS HYHQWV OLNH WHD GDQFHV FDEDUHW VKRZV DQG FRXQWU\ DQG ZHVWHUQ OLQH GDQFLQJ ,Q WKH GRZQWRZQ DUHD UHOD[ ZLWK D JODVV RI SLQRW DW WKH FR]\ OHVELDQ RZQHG $ 7DVWH )RU :LQH 5DWKHU XQZLQG LQ D QR IULOOV DWPRVSKHUH" 7KH %URNHQ 7XVN LQ QRUWKZHVW 6W 3HWH LV D IRUPHU ELNHU EDU 1HZ RZQHUV /HYL DQG -XGDK /RYH KDYH NHSW WKH XQVZDQN\ DHVWKHWLF DQG FKHDS GULQNV EXW QRZ EULQJ LQ GUDJ VKRZV WULYLD ELQJR DQG NDUDRNH )RU GD\WLPH IXQ /*%7 VXQEDWKHUV PDNH WKHLU ZD\ WR WKH VRXWKHUQ SDUW RI 6XQVHW %HDFK ORFDWHG DW WKH VRXWKHUQ WLS RI 7UHDVXUH ,VODQG RQH RI D VWULQJ RI EDUULHU LVODQGV DORQJ WKH *XOI RI 0H[LFR 6SHQG WKH QLJKW DW RQH RI 6W 3HWH¶V JD\ RZQHG EHG DQG EUHDNIDVW LQQV LQFOXGLQJ *D\ 6W 3HWH +RXVH D VPDOO VL[ URRP % % IHDWXULQJ D FORWKLQJ RSWLRQDO KHDWHG SRRO DQG KRW WXE RU 'LFNHQV +RXVH %HG DQG %UHDNIDVW D DUWV DQG FUDIWV VW\OH EXQJDORZ WKDW¶V MXVW D VKRUW ZDON IURP GRZQWRZQ +HDG QRUWK WR &OHDUZDWHU DQG LWV VXUURXQGLQJ DUHD DQG HQMR\ RQH RI WKH ROGHVW JD\ EDUV DURXQG ,Q GRZQWRZQ &OHDUZDWHU WKH OHJHQGDU\ 3UR 6KRS 3XE KDV EHHQ D QHLJKERUKRRG IL[WXUH VLQFH (QMR\ WKH WUHH VKDGHG RXWGRRU SDWLR DQG GDLO\ GULQN VSHFLDOV RU VLPSO\ VWRS LQ WR UDLVH D JODVV WR DQ LPSRUWDQW KLVWRULF VLWH 1HDUE\ LQ TXDLQW GRZQWRZQ 'XQHGLQ /*%7 WUDYHOHUV FRXOG HDVLO\ VSHQG WKH HQWLUH HYHQLQJ DW WKH GLQLQJ DQG HQWHUWDLQPHQW FRPSOH[ NQRZQ DV .HOO\¶V IRU -XVW $ERXW $Q\ WKLQJ $ SRSXODU ORFDO UHVWDXUDQW VLQFH .HOO\¶V LQ WKH ODVW GHFDGH RU VR DGGHG D FRXSOH RI WHUULILF QLJKWVSRWV WR WKH PL[ 7KH EXVWOLQJ %OXU 1LJKWFOXE DQG 6KRZEDU DQG LWV DGMRLQ LQJ FRFNWDLO ORXQJH .HOO\¶V &KLF $ %RRP 5RRP KDYH EHFRPH ORFDO IDYRULWHV %OXU¶V WKUHH IXOO EDUV RIIHU JUHDW PXVLF DQG VPDUW GHFRU ZLWK DQ DUUD\ RI HQWHUWDLQPHQW LQFOXGLQJ )ULGD\ QLJKW GUDJ TXHHQ VKRZV 7XHVGD\ GUDJ TXHHQ ELQJR DQG NDUDRNH $OVR LQ 'XQHGLQ LV WKH FKDUPLQJ 0HUDQRYD *XHVW ,QQ D EHG DQG EUHDNIDVW RIIHULQJ OX[XU\ DFFRPPRGDWLRQV LQFOXGLQJ D SRRO JRXUPHW EUHDNIDVW ² HYHQ DQ RUFKLG JDUGHQ 0HUDQRYD¶V VW\OLVK GHFRU IHDWXUHV SOHQW\ RI DQWLTXHV DQG ZKLPVLFDO IRON DUW 7KH % % LV DOVR GLVWLQFWLYH IRU DOORZLQJ LWV JXHVWV SOHQW\ RI SULYDF\ (DFK VXLWH KDV LWV RZQ HQWUDQFH DQG EUHDNIDVW FDQ EH VHUYHG LQ JXHVWV¶ URRPV ,Q /DUJR VWRS E\ 4XHQFK /RXQJH DQG HQMR\ LWV VHYHQ GD\ D ZHHN KDSS\ KRXU DQG OLYHO\ GUDJ VKRZV 'RQ¶W EH IRROHG E\ LWV ORFDWLRQ LQ DQ XQDVVXPLQJ VWULS PDOO 4XHQFK WKH QHZ NLG RQ WKH EORFN LQ ORFDO JD\ QLJKWOLIH ERDVWV DQ XSVFDOH VPRNH IUHH LQWHULRU )RU PRUH RQ /*%7 KRW VSRWV JR WR 9LVLW63& FRP /*%7
)URP WRS 7UL[LH WKH 7ULYLDO 7UDQQ\ NHHSV WKLQJV OLYHO\ RQ :HGQHVGD\V DW 4XHHQV +HDG (XUREDU DQG 5HVWDXUDQW 6W 3HWH 3ULGH 3DUDGH WKH ODUJHVW LQ WKH 6RXWKHVW 8 6 ZLQGV WKURXJK WKH *UDQG &HQWUDO 'LVWULFW ORFDOV DQG YLVL WRUV DOLNH ILQG VROLWXGH RQ JD\ IULHQGO\ 6XQVHW %HDFK 9,6,7673( 7(&/($5:$7(5 &20
% ( . 4 (#!. ( )#(. ( ! .3# ! . ( (## )1 . ) 3 . 2 ! , ! ! (## ) 1 ) 5 . ! 3 . 3 ) ( ! (4 ( %( 2 . #!4 ! . ( 1) ! )) ! .! )) !. ( ( ( ) (2 % ( ! ( ! ! 3)% % ( . %## ! 3 ( %## ) 3 .# # !') )) ) #%% ! ! ! !
$0666 1 2 & ( )1( ) ! //*6+ ++& "*&$+66 *0*&/+6&$+66
3# ! ( (##
1 . ) 2 ! , ! ! (## ! . ! ( . 4 #! . ! ) . 0 #1( (#!. ) ! ) . ( ). 1( !. ! . (
$0(5,&$¶6 %(67 %($&+(6
1 7 $ (" 7)
# # , $ + # ( (( $ $+ ( $ # (+# ! # "" $ # $ $( ( - ( - ( ( $ . $ $ +(( # . # $ . $ $ ( # ( # ( * . #$ . - #$
/ + , $ %*% & /&)
# # $ #, ( $ , $ ( + $ $ #($ # // % /&)
&# -1 7 $ &$ & &4, -( &4- 4 -1 ,&&#- *4 (( 6 1 # ,&6 5 - , , , 1&,- $ & # ! ,-) # $ 1 - $ "4 1 (&&" 4 -1 " 4$ ,7 , 4 -1 ( ,! $ $ , 4 -1 ) 1 $ $ $*4 1 " 1 , 5 " " 6 1 11 $1 5 - ,5 7 &4, , $ "7 -1 ) & 1 &$ 41 4" 1) 1 4-1 -&41 & #( $1 ,$ 1 &$ " ,(&,1)
&#(" # $1 ,7 4 -1 & -&,1 &1 " & 1 &$ 88 1 & ,&$1 & $ - , "" -1 4, $1 " (( ,+- , , - " $ $ &"( $ 1 , ( $ ,&"" 7 &41 & 1 ,&-- 1 &4" 5 , ,&# &"( $ &(( $ $1 ,)
%88 4" "5 ) 1) 1 .3. 2/8 .8'' 88 32. %'/
9,6,7673( 7(&/($5:$7(5 &20
6SRQJH GLYHU )UDQN 1RWWH VXUIDFHV ZLWK D FDWFK IURP WKH *XOI RI 0H[LFR RII WKH FRDVW RI 7DUSRQ 6SULQJV
%(/2: 685)$&( 7+(
6WHS RII WKH EHDWHQ SDWK DQG \RX¶OO OHDUQ VRPHWKLQJ DERXW 6W 3HWHUVEXUJ &OHDUZDWHU :H¶UH PRUH WKDQ MXVW D SUHWW\ IDFH 7DNH D EUHDN IURP RXU DZDUG ZLQQLQJ EHDFKHV WR H[SORUH WKH FRPPXQLWLHV WKDW DGG VR PXFK ULFKQHVV WR RXU FXOWXUH )URP WKH *UHHN HQFODYH RI 7DUSRQ 6SULQJV WR IUHH VSLULWHG *XOISRUW RXU VPDOO WRZQV RIIHU D IODYRU DOO WKHLU RZQ ² DQG D WDVWH RI UHDO )ORULGD 7KHVH VPDOO WRZQV DUH KRVW WR VRPH RI RXU PRVW FRORUIXO FKDUDFWHUV DQG IDVFLQDWLQJ KLVWRU\ VR GLYH D OLWWOH GHHSHU DQG VHH ZKDW PDNHV XV VR VSHFLDO 2K DQG GRQ¶W IRUJHW \RXU DSSHWLWH
9,6,7673( 7(&/($5:$7(5 &20
3$/0 +$5%25
7$5321 635,1*6 'LYH LQWR D WRXU RI 6W 3HWHUVEXUJ &OHDUZDWHU¶V EHDFK WRZQV ZLWK D YLVLW WR KLVWRULF 7DUSRQ 6SULQJV 2ULJLQDOO\ D YDFDWLRQ VSRW LQ WKH ODWH V IRU QRUWKHUQ WRXULVWV VSRQJH GLYHUV IURP WKH *UHHN ,VODQGV VWDUWHG FDOOLQJ 7DUSRQ 6SULQJV KRPH DURXQG .QRZQ DV WKH ³VSRQJH FDSLWDO RI WKH ZRUOG ´ QR WULS WR WKLV *UHHN HQFODYH LV FRPSOHWH ZLWKRXW D ERDW WULS IURP WKH WRZQ¶V VSRQJH GRFNV 6SRQJH ILVKHUPHQ LQ ODUJH EUDVV GLYH KHOPHWV UHPLQLVFHQW RI /HDJXHV 8QGHU WKH 6HD GURS RYHUERDUG DQG VXUIDFH ZLWK D ³FDWFK RI WKH GD\´ WKDW¶V VXUH WR GHOLJKW NLGV RI DQ\ DJH %DFN RQ VKRUH \RX¶OO ILQG WKH QDUURZ VWUHHWV VWDFNHG ZLWK VRXYHQLU VKRSV WKDW RIIHU D GLYHU¶V ERXQW\ RI VSRQJHV VKHOOV VDQG GROODUV DQG RWKHU PHPHQWRV IURP RQH RI WKH IHZ ZRUNLQJ ZDWHUIURQW WRZQV LQ )ORULGD 1DPHG DIWHU WKH FOXVWHU RI *UHHN LVODQGV WKDW ZHUH KRPH WR 7DUSRQ 6SULQJ¶V HDUO\ VHWWOHUV 'RGHFDQHVH %RXOHYDUG LV RQH RI WKH WRZQ¶V PDLQ HDVW ZHVW WKRURXJKIDUHV $V \RX VWUROO E\ QDUURZ VWUHHWV OLQHG ZLWK ZKLWHZDVKHG VKRSV JDOOHULHV DQG FDIHV PDNH VXUH \RX LQFOXGH D VWRS DW WKH OHJHQGDU\ +HOODV %DNHU\ DQG 5HVWDXUDQW 7UXVW XV 7KHLU IUHVK SDVWULHV DQG PRXWK ZDWHULQJ GHVVHUWV DUH DPD]LQJ 7UDYHO D OLWWOH VRXWK DQG \RX¶OO ILQG HWKQLF FORWKLQJ DQG JLIW VKRSV WKDW KXJ WKH VLGHZDONV QH[W WR JDOOHULHV DQG SULYDWH KRPHV 7KURXJKRXW WKH VXPPHU WKH FRPPXQLW\ KRVWV $ 1LJKW LQ WKH ,VODQGV ZLWK IRRG PXVLF DQG GDQFLQJ RQ WKH ROG GRFNV 0DNH D VWUROO WKURXJK &UDLJ 3DUN DQG D YLVLW WR WKH 7DUSRQ 6SULQJV +LVWRULFDO 0XVHXP SDUW RI \RXU YLVLW DV ZHOO 6HH IRU \RXUVHOI WKH DUHD¶V *UHHN KLVWRU\ WKURXJK D YLQWDJH SKRWRJUDSK\ H[KLELW D ILOP RQ WKH VSRQJH GLYLQJ LQGXVWU\ DQG GLVFRYHU WKH LGHQWLW\ RI WKH DUHD¶V HDUOLHVW LQKDELWDQWV %HVW NHSW VHFUHW" 7KH 6DIIRUG +RXVH 0XVHXP ZLWK LWV 2OG )ORULGD IHHO ZDV WKH 9LFWRULDQ KRPH RI RQH RI WKH FLW\¶V RULJLQDO GHYHORSHUV /RRNLQJ IRU D VWDJH VKRZ D OLYH SHUIRUPDQFH RU D PRYLH" 6HH ZKDW¶V KDSSHQLQJ DW WKH 7DUSRQ 6SULQJV &XOWXUDO &HQWHU %XLOW LQ DV WKH ILUVW &LW\ +DOO WKH FHQWHU LV OLVWHG RQ WKH 1DWLRQDO 5HJLVWHU RI +LVWRULFDO 3ODFHV ,W KDV D FRRO JLIW VKRS DV ZHOO $0(5,&$¶6 %(67 %($&+(6
7DUSRQ 6SULQJV LV D FKDUPLQJ *UHHN HQFODYH DQG WKH VSRQJH FDSLWDO RI WKH ZRUOG
,I JROI LV \RXU JDPH 3DOP +DUERU LV D PXVW GR ,QQLVEURRN 5HVRUW *ROI &OXE FRPSULVHV D URRP KRWHO IRXU JROI FRXUVHV D VSD DQG WKUHH UHVWDXUDQWV 7KH FOXE¶V &RSSHUKHDG &RXUVH DW PRUH WKDQ \DUGV LV D FKDOOHQJH IRU HYHQ WKH ORQJHVW KLWWHUV ± DQG D IDYRULWH DPRQJ 3*$ SURV 1RW LQWR JROI" &KHFN RXW WKH 6XQFRDVW 3ULPDWH 6DQFWXDU\ D SLHFH RI YLQWDJH )ORULGD WKDW¶V EHHQ D UHIXJH IRU PRUH WKDQ SULPDWHV DQG RWKHU DQLPDOV 2U YLVLW WKH 1RUWK 3LQHOODV +LVWRULFDO 0XVHXP DQG OHDUQ DERXW WKH ³IDWKHU´ RI 3DOP +DUERU WKH NLQG KHDUWHG -DPHV & &UDYHU WKH WRZQ¶V SRVWPDVWHU ZKR SDGGOHG KLV VNLII WR 6W 3HWHUVEXUJ RU 7DPSD WR JHW DQG WKHQ GHOLYHU WKH PDLO $ ZDON DORQJ 2OG 3DOP +DUERU 0DLQ 6WUHHW RIIHUV D JOLPSVH RI WKH FRPPXQLW\ 0U &UDYHU FDOOHG KRPH ,I DOO WKDW KLVWRU\ PDNHV \RX WKLUVW\ JUDE D FROG RQH DW 3DOP +DUERU +RXVH RI %HHU )LIW\ WDSV RI PLFUR EUHZV LQFOXGLQJ ORFDO IDYRULWHV OLNH &LJDU &LW\ DQG 6ZDPSKHDG DUH VXUH WR TXHQFK HYHQ WKH ELJJHVW WKLUVW ,PPLJUDQW ,WDOLDQ URRWV UXQ GHHS LQ 6W 3HWHUVEXUJ &OHDUZDWHU DQG 3DOP +DUERU LV QR H[FHSWLRQ 0DVVLPR¶V XQGHU WKH JXLGDQFH RI DZDUG ZLQQLQJ ,WDOLDQ FKHI 0DVVLPR 3DWDQR EOHQGV ,WDOLDQ )UHQFK 0HGLWHUUDQHDQ DQG $VLDQ FXLVLQHV LQ DQ DWPRVSKHUH WKDW¶V FDVXDO \HW HOHJDQW 2U \RX FDQ JUDE D ER[ OXQFK IURP 0HFDIUHVK DQG GLVFRYHU WKH MR\ RI D IUHVK SDQLQL
2OG 3DOP +DUERU 0DLQ 6WUHHW PDLQWDLQV D VPDOO WRZQ DWPRVSKHUH
2/'60$5 -XVW HDVW RI 3DOP +DUERU WKH FLW\ RI 2OGVPDU LV D ELW RI )ORULGD WKDW¶V RII WKH EHDWHQ WUDFN DQG D WHVWDPHQW WR $PHULFD¶V ORYH RI WKH FDU ,Q DXWRPRELOH SLRQHHU 5DQVRP ( 2OGV IRU ZKRP WKH 2OGVPRELOH DQG 5(2 DUH QDPHG SXUFKDVHG RYHU DFUHV WR HVWDEOLVK 5 ( 2OGV RQ WKH %D\ ± ODWHU FKDQJHG WR 2OGVPDU <RX¶OO ILQG D WRQ RI LQIRUPDWLRQ DERXW WKH WRZQ¶V QDPHVDNH DW WKH 2OGVPDU +LVWRULFDO 6RFLHW\ DQG HYHU\ VSULQJ 2OGVPDU FHOHEUDWHV WKDW KLVWRU\ ZLWK 2OGVPDU 'D\V DQG 1LJKWV D FLW\ZLGH IHVWLYDO WKDW LQFOXGHV SDUDGHV FDU VKRZV IHDWXULQJ WKH 2OGVPRELOH RI FRXUVH FDUQLYDO ULGHV DQG GHOLFLRXV IRRG 2U UDLVH D VWHLQ DW 2OGVPDU¶V 2NWREHUIHVW FRQVLGHUHG E\ PDQ\ WR EH WKH ODUJHVW PRVW DXWKHQWLF 2NWREHUIHVW LQ :HVW &HQWUDO )ORULGD $QG \RX ZRQ¶W ZDQW WR PLVV WKH ZRUOG IDPRXV 7DPSD %D\ :DWHU 6NL 6KRZ 7HDP DQG WKHLU ZHHNO\ VKRZ DW 7RZHU /DNH 2OGVPDU LV DOVR KRPH WR 2OGVPDU %0; RQH RI WKH EHVW NQRZQ IDFLOLWLHV RI LWV NLQG RQ WKH HDVW FRDVW RI WKH 8 6 5DFHV DUH KHOG RQ 7KXUVGD\ DQG 6DWXUGD\ QLJKWV ZLWK UDFHUV DV \RXQJ DV \HDUV ROG WDNLQJ WR WKH WUDFNV 'HILQHG E\ LWV 7DPSD %D\ VKRUHOLQH 2OGVPDU RIIHUV D VPDOO WRZQ 2OG )ORULGD DPELHQFH ODQGVFDSHG ERXOHYDUGV DQG DEXQGDQW SDUNV ,W¶V QHDU %URRNHU &UHHN 3UHVHUYH D VSHFWDFXODU DFUH ZLOGHUQHVV SUHVHUYH ZKHUH \RX FDQ VSRW D ZKLWH WDLOHG GHHU ZLOG WXUNH\ RWWHU JRSKHU WRUWRLVH EREFDW RU FR\RWH ² VSHFLHV \RX ZRQ¶W ILQG DQ\ZKHUH HOVH LQ WKH FRXQW\ .HHS DQ H\H RXW IRU RWKHUV ILQGLQJ UHIXJH ZLWKLQ WKH SUHVHUYH WKH HQGDQJHUHG &DWHVE\ OLO\ %DFKPDQ¶V VSDUURZV DQG WKH EHDXWLIXO WLJHU VZDOORZWDLO EXWWHUIO\
6$)(7< +$5%25 $ERXW PLQXWHV VRXWKZHVW RI 2OGVPDU LV 6DIHW\ +DUERU )URP P\WKLFDO HQFKDQWHG VSULQJV WR D PRGHUQ GD\ UHOD[DWLRQ PHFFD 6DIHW\ +DUERU LV VWHHSHG LQ KLVWRU\ $FFRUGLQJ WR ORFDO KLVWRU\ 6SDQLVK H[SORUHU +HUQDQGR GH 6RWR DUULYHG DW WKH VSULQJV ODWHU QDPHG ³(VSLULWX 6DQWR´ DQG WKRXJKW KH KDG IRXQG WKH )RXQWDLQ RI <RXWK PLVVHG E\ -XDQ 3RQFH GH /HRQ 7RGD\ WKH VLWH RI GH 6RWR¶V VSULQJV LV 6DIHW\ +DUERU 5HVRUW DQG 6SD )RXQGHG LQ WKH VSD LV D 1DWLRQDO +LVWRULFDO /DQGPDUN D )ORULGD +HULWDJH /DQGPDUN DQG D +LVWRULF +RWHO RI $PHULFD 3DFN D SLFQLF OXQFK DQG HQMR\ 3KLOLSSH 3DUN QDPHG IRU 2GHW 3KLOLSSH D )UHQFKPDQ ZKR LQWURGXFHG WKH ILUVW VXFFHVVIXO JUDSHIUXLW WUHHV WR )ORULGD LQ WKH V 7KH SDUN¶V FHQWHUSLHFH LV HYHQ ROGHU DQ DQFLHQW FHUHPRQLDO PRXQG EXLOW E\ WKH 7RFREDJD ,QGLDQV ZKR OLYHG KHUH FHQWXULHV DJR 7RGD\ WKH PRXQG LV UHFRJQL]HG DV D 1DWLRQDO +LVWRULF /DQGPDUN 6KRXOG \RX WDNH WKH VKRUW VOLJKWO\ VWHHS ZDON XS WKH PRXQG \RX¶OO EH UHZDUGHG ZLWK SHDFHIXO YLHZV RI WKH LG\OOLF SDUN ZKHUH SDOP WUHHV VKDUH VSDFH ZLWK PDMHVWLF PRVV\ RDNV WKDW RIIHU FRROLQJ VKDGH 'RQ¶W PLVV 0DLQ 6WUHHW ZLWK LWV SLFWXUHVTXH VWUHWFK RI VPDOO VKRSV EDUV UHVWDXUDQWV DQG DUW YHQXHV WKDW SURYLGH D IRFDO SRLQW IRU QLJKWOLIH GLQLQJ DQG FXOWXUH ,I \RX¶UH LQ WRZQ RQ WKH ZHHNHQG WUHDW \RXU HDUV WR OLYH PXVLF ² IURP RSHQ PLF QLJKWV WR EOXHV MD]] DQG PRUH ² WKDW VSLOOV RQWR 0DLQ 6WUHHW IURP VHYHUDO FOXEV $QG WUHDW \RXU WDVWH EXGV DW HDWHULHV WKDW UDQJH IURP WKH GRZQ KRPH %UDG\¶V %DFN\DUG %%4 WR WKH XSVFDOH 3DUWV RI 3DULV D )UHQFK ELVWUR LQ D UHQRYDWHG FRWWDJH )RU DUW ORYHUV 6\G (QWHO *DOOHULHV DQG 6XVDQ %HQMDPLQ *ODVV KDV VRPH RI WKH EHVW ILQH DUW DQG KDQG EORZQ JODVV LQ WKH 7DPSD %D\ DUHD
9LVLW SLFWXUHVTXH 3KLOLSSH 3DUN LQ 6DIHW\ +DUERU EHIRUH KHDGLQJ RYHU WR 0DLQ 6WUHHW IRU VRPH UHWDLO WKHUDS\
9,6,7673( 7(&/($5:$7(5 &20
'81(',1 $W WKH VLJQ RI WKH EDJSLSHU \RX¶OO NQRZ \RX¶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¶V LQWHULRU RU SDGGOLQJ WKH PLOH ND\DN WUDLO WKURXJK PDQJURYHV %DFN RQ ODQG WKH SODFH WR EH LV 0DLQ 6WUHHW :LWK ORFDO ERXWLTXHV DQG DQ LPSUHVVLYH DUUD\ RI UHVWDXUDQWV ± IURP DXWKHQWLF 0H[LFDQ IDUH DW &DVD 7LQD WR WKH GLQLQJ DQG QLJKWFOXE H[SHULHQFH DW .HOO\¶V &KLF D %RRP 5RRP DQG WKH %OXU ± GRZQWRZQ 'XQHGLQ LV D PXVW YLVLW GHVWLQDWLRQ 6WUROO WKH 'RZQWRZQ 0XQLFLSDO 3LHU HQMR\ DO IUHVFR GLQLQJ DW 6HD 6HD 5LGHUV RU RUGHU GRFNVLGH DW WKH XSVFDOH %RQ $SSpWLW :KHQ LW¶V WLPH IRU D EUHZ DQG VRPH PXVLF KHDG RYHU WR 'XQHGLQ %UHZHU\ )ORULGD¶V ROGHVW PLFUREUHZHU\ ZKHUH 2SHQ -DP RQ :HGQHVGD\V DWWUDFWV VRPH RI WKH DUHD¶V EHVW WDOHQW <RX¶OO ILQG 'XQHGLQ IXOO RI VXUSULVHV IURP WKH 'XQHGLQ )LQH $UW &HQWHU WR VSULQJ WUDLQLQJ JDPHV RI 0DMRU /HDJXH %DVHEDOO¶V 7RURQWR %OXH -D\V WR ZDONLQJ MRJJLQJ RU ELNLQJ WKH 3LQHOODV 7UDLO D PLOH VWUHWFK RI IRUPHU UDLOURDG WUDFN WXUQHG XUEDQ JUHHQZD\ WKDW ZLQGV LWV ZD\ IURP 7DUSRQ 6SULQJV WKURXJK WKH KHDUW RI 'XQHGLQ WR 6W 3HWHUVEXUJ ,QFLGHQWDOO\ 'XQHGLQ JHWV LWV QDPH IURP ' Q ÊLGHDQQ WKH 6FRWWLVK *DHOLF QDPH IRU (GLQEXUJK WKH FDSLWDO RI 6FRWODQG DQG WKH WRZQ SURXGO\ FHOHEUDWHV LWV DQFHVWU\ ,Q WKH IDOO ZRUOG UHQRZQHG SLSHUV IURP DURXQG WKH FRXQWU\ JDWKHU DQG SOD\ DW WKH &HOWLF )HVWLYDO DQG HYHU\ VSULQJ ZLWK WKH +LJKODQG *DPHV IHDWXULQJ EHDXWLIXO FUDIWV IHDWV RI DWKOHWLF VWUHQJWK GD]]OLQJ GDQFLQJ DQG PXVLF DQG GHOLFLRXV 6FRWWLVK ,ULVK DQG %ULWLVK IDUH
1XPHURXV VKRSV DQG UHVWDXUDQWV OLQH WKH VWUHHWV RI GRZQWRZQ 'XQHGLQ
,1',$1 52&.6 %($&+ $1' ,1',$1 6+25(6 6RXWK RI &OHDUZDWHU %HDFK D VKRUW GULYH RU WUROOH\ ULGH GRZQ *XOI %RXOHYDUG LV ,QGLDQ 5RFNV %HDFK /HJHQG KDV LW WKDW WKLV EHDFK WRZQ JRW LWV QDPH ZKHQ D QDWLYH PHGLFLQH PDQ EURXJKW KLV DLOLQJ FKLHI WR EDWKH LQ DQG GULQN WKH ZDWHU DW D ORFDO VXOIXU VSULQJ FLUFOHG E\ URFNV 1RZ ORFDOV UHIHU WR WKLV EHDFKVLGH WRZQ VLPSO\ DV ,5% )LQH GLQLQJ DQG VPDOOHU PRP DQG SRSV PLQJOH KHUH DORQJ ZLWK IULHQGO\ WDYHUQV WR TXHQFK \RXU WKLUVW )RU IUHVK VHDIRRG IDUH FKHFN RXW 3-¶V 2\VWHU %DU D IDPLO\ IULHQGO\ SODFH WKDW¶V D IDYRULWH ZLWK ORFDOV RU WU\ WKH KDQG EUHDGHG DQG OLJKWO\ IULHG FRQFK DW .HHJDQ¶V 6HDIRRG *ULOOH IHDWXUHG RQ WKH )RRG 1HWZRUN¶V 'LQHUV 'ULYH ,QV DQG 'LYHV (QMR\ D JUHDW JURXSHU VDQGZLFK DW WKH 3XE ZKLOH \RX ZDWFK ORFDO ERDWHUV WLH XS DQG FRPH DVKRUH RU KHDG WR *XSS\¶V RQ WKH %HDFK ZKHUH UHQRZQHG &KHI 6FRWW SXWV D QHZ WZLVW RQ ROG VHDIRRG IDYRULWHV LQ DQ HOHJDQW DQG DUW ILOOHG VHWWLQJ ,I \RX¶UH ORRNLQJ WR JHW DZD\ IURP LW DOO ,QGLDQ 5RFNV %HDFK LV WKH SODFH 6PDOOHU ORGJLQJV ± YLOODV EHG DQG EUHDNIDVWV DQG SURSHUW\ UHQWDOV ± PDNH WKLV WRZQ D WRS FKRLFH IRU VORZLQJ WKH SDFH DQG WDNLQJ LW HDV\ ,Q DGMDFHQW ,QGLDQ 6KRUHV \RX¶OO ILQG WZR XQOLNHO\ HSLFXUHDQ ERRNHQGV WKH 6DOW 5RFN *ULOO &KHI 7RP 3ULWFKDUG¶V WRS QRWFK ZDWHUIURQW HDWHU\ \RX¶OO QHHG D UHVHUYDWLRQ DQG WKH PXVW YLVLW 0DKXIIHU¶V GLYH EDU ZKHUH ³ZDUP EHHU DQG ORXV\ IRRG´ LV VHUYHG DPLG VDOYDJHG NLWVFK WKDW PXVW EH VHHQ WR EH EHOLHYHG $0(5,&$¶6 %(67 %($&+(6
7KH +LJKODQG *DPHV KHOG HYHU\ VSULQJ FHOHEUDWH 'XQHGLQ·V 6FRWWLVK KHULWDJH
$OO PDQQHU RI IORWVDP DQG MHWVDP OLQH HYHU\ VXUIDFH DW 0DKXIIHU·V LQ ,QGLDQ 6KRUHV
5(',1*721 6+25(6 1257+ 5(',1*721 %($&+ $1' 5(',1*721 %($&+
7KH 5HGLQJWRQ /RQJ 3LHU ZKHUH \RX GRQ·W QHHG D OLFHQVH WR ILVK LV D SRSXODU VSRW WR FDVW D OLQH
7KH VWULQJ RI EHDFK WRZQV DORQJ WKH EDUULHU LVODQG FRQWLQXHV ZLWK WKH 5HGLQJWRQV WKUHH VPDOO WRZQV MRLQHG E\ D FRPPRQ QDPH ,Q WKLV WULR RI FKLOO RXW VSRWV ± 5HGLQJWRQ 6KRUHV 1RUWK 5HGLQJWRQ %HDFK DQG 5HGLQJWRQ %HDFK ± SXEOLF SDUNV DQG EHDFKHV VKDUH VSDFH ZLWK TXDLQW UHVLGHQFHV UHVRUWV DQG FRQGR GHYHORSPHQWV *HW \RXU GD\ VWDUWHG ZLWK D VWUROO GRZQ WKH 5HGLQJWRQ /RQJ 3LHU D SULFHOHVV KLVWRULF ODQGPDUN WKDW KDV VHUYHG DV D EHDFK ILVKLQJ VLWH DQG WRXULVW KRW VSRW IRU \HDUV 5DQNHG DV RQH RI WKH EHVW ILVKLQJ VSRWV RQ WKH JXOI WKH SLHU LV D SODFH ZKHUH ERWK DPDWHXU DQG SURIHVVLRQDO ILVKHUPHQ JR DIWHU WDUSRQ VQRRN UHGILVK NLQJILVK IORXQGHU GUXP WURXW SRPSDQR ZKLWLQJ DQG HYHQ VKDUNV $QG GRQ¶W ZRUU\ DERXW D ILVKLQJ OLFHQVH ,W¶V QRW UHTXLUHG RQ WKH SLHU $IWHU D PRUQLQJ RI WU\LQJ WR KRRN WKH ELJ RQH VKDUH \RXU ILVK WDOHV ZLWK WKH ORFDOV RYHU EUHDNIDVW RQ WKH GHFN DW WKH )ULHQGO\ 7DYHUQ RU 6ZHHW 6DJH RU JUDE OXQFK DW .HQQ\¶V .RUQHU DQRWKHU IDYRULWH 2Q *XOI %RXOHYDUG LQ 5HGLQJWRQ 6KRUHV \RX¶OO ILQG D IDEXORXV PHDO DQG D WDVWH RI KLVWRU\ DW WKH /REVWHU 3RW 5HVWDXUDQW DQ DUHD WUDGLWLRQ IRU PRUH WKDQ \HDUV 'LVFRYHU IRU \RXUVHOI ZK\ WKLV VSHFLDO SODFH KDV VWD\HG RQ WKH PDS DQG LV KRPH WR WKH URPDQWLF DW KHDUW
0$'(,5$ %($&+
-RKQ·V 3DVV LQ 0DGHLUD %HDFK RIIHUV D EHY\ RI VKRSSLQJ DQG GLQLQJ RSWLRQV
,I \RX EHOLHYH WKH ORFDO ORUH D SLUDWH QDPHG -RKQ /HYLTXH ZDV WKH ILUVW (XURSHDQ WR LQKDELW WKH DUHD WKDW HYHQWXDOO\ EHFDPH NQRZQ DV 0DGHLUD %HDFK DQG KLV EXULHG WUHDVXUH VWLOO H[LVWV VRPHZKHUH LQ WKH VKLIWLQJ VDQGV 7RGD\ WKLV EHDFK FLW\ RQ WKH *XOI RI 0H[LFR ± ORFDOV FDOO LW 0DG %HDFK ± LV EHVW NQRZQ IRU D VFDWWHULQJ RI VXUI VKRSV DQG WKH VHD WKHPHG -RKQ¶V 3DVV 9LOODJH D VFHQLF ZDWHUIURQW ERDUGZDON YLOODJH ZKHUH VKRSV DQG HDWHULHV KXJ WKH ,QWUDFRDVWDO :DWHUZD\ +HUH \RX FDQ H[SORUH PRUH WKDQ VKRSV DQG D KHDOWK\ YDULHW\ RI UHVWDXUDQWV ± LQFOXGLQJ %XEED *XPS 6KULPS &R DQG WKH IDPLO\ RZQHG )ULHQGO\ )LVKHUPDQ ± DV ZHOO DV WKH ORFDO ILVKLQJ IOHHW GROSKLQ ZDWFKLQJ DQG VKHOOLQJ WRXUV ERDW UHQWDOV SDUDVDLOLQJ MHW VNL UHQWDO DQG PRUH 7DNH D PRPHQW DQG YLVLW WKH )LVKHUPHQ /RVW DW 6HD 0HPRULDO ORFDWHG QHDU WKH PDLQ HQWUDQFH RI WKH YLOODJH 7KLV SRLJQDQW PHPRULDO KRQRUV ILVKHUPHQ RI DOO W\SHV ZKR KDYH ORVW WKHLU OLYHV DW VHD PDQ\ IURP WKLV VHDVLGH FRPPXQLW\ :KHQ \RX¶UH UHDG\ IRU D FDIIHLQH IL[ KHDG RYHU WR $GGLFWHG WR WKH %HDQ D IDPLO\ RZQHG FRIIHH KRXVH IHDWXULQJ KRW DQG LFHG FRIIHH ODWWHV HVSUHVVRV DQG VPRRWKLHV RU PDNH WKH /LJKWKRXVH 'RQXW 6KRS \RXU GHVWLQDWLRQ IRU D JUHDW EUHDNIDVW *UDE OXQFK DW 6FXOOH\¶V ZKHUH VHDZRUWK\ DQWLTXHV IURP DURXQG ZRUOG LQFOXGLQJ GLYLQJ VXLWV WDQNV KLVWRULF SKRWRV DQG ROG ERDWV ORGJHG LQ WKH UDIWHUV SURYLGH D WDVWH RI ROG QDXWLFDO )ORULGD )RU DV IUHVK DV LW JHWV VHDIRRG VHHN RXW :DOW¶] )LVK 6KDN EXW JHW WKHUH HDUO\ EHFDXVH RQFH WKH FDWFK RI WKH GD\ LV JRQH LW¶V JRQH 6DWLVI\ \RXU VZHHW FUDYLQJV DW 0H\HU¶V +RXVH RI 6ZHHWV ZLWK KRPHPDGH IXGJH FKRFRODWH FRYHUHG VWUDZEHUULHV DQG VXJDU IUHH WDII\ RU UHOD[ ZLWK D FODVVLF FLJDU LQ D &DULEEHDQ GHFR VHWWLQJ ZLWK WKH LVODQG¶V IDYRULWH PXVLF DW &DVD +DYDQD &LJDU &DIp 9,6,7673( 7(&/($5:$7(5 &20
7KH /RHZV 'RQ &H6DU LV RQH RI WKH DUHD·V PRVW UHFRJQL]DEOH ODQGPDUNV
75($685( ,6/$1'
67 3(7( %($&+
2QH RI WKH ROGHVW FRPPXQLWLHV RQ WKH *XOI &RDVW 7UHDVXUH ,VODQG ± 7, WR WKH ORFDOV ± ZDV ILUVW VHWWOHG E\ WKH 7LPXFDQ ,QGLDQV DURXQG $ ' :KLOH QRW PXFK LV OHIW RI WKRVH HDUO\ VHWWOHPHQWV \RX FDQ VWLOO UHWUDFH WKH KLVWRU\ RQ WKH 7UHDVXUH ,VODQG %HDFK 7UDLO D PLOH ORQJ ZDONZD\ DORQJ WKH HDVW VLGH RI WKH EHDFK WKDW SURYLGHV HDV\ DFFHVV WR WKH PRWHOV UHVWDXUDQWV DQG EDUV WKDW PDNH XS WKH KHDUW RI 7UHDVXUH ,VODQG¶V KRWHO GLVWULFW 6LQFH WKH 7KXQGHUELUG %HDFK 5HVRUW ZLWK LWV JLDQW UHWUR 7KXQGHUELUG VLJQ KDV EHHQ RQH RI WKH DUHD¶V PRVW SRSXODU GHVWLQDWLRQV %HKLQG WKLV IDPLO\ RZQHG DQG RSHUDWHG KLVWRULF ODQGPDUN ORQJ VWUHWFKHV RI SHDUO\ ZKLWH VDQG DQG VSDUNOLQJ HPHUDOG ZDWHU LQYLWH \RX WR VLW EDFN UHOD[ DQG HQMR\ D GD\ LQ WKH VXQ 2I FRXUVH QR WULS WR )ORULGD LV FRPSOHWH ZLWKRXW D &XEDQ VDQGZLFK DQG WKH )ORULGLDQ RQ 7UHDVXUH ,VODQG &DXVHZD\ OD\V FODLP WR VHUYLQJ RQH RI WKH DUHD¶V IDYRULWHV LQ DGGLWLRQ WR LWV EODFN EHDQ GLVKHV DQG VRXSV 7DNH D ELW RI 7, PDJLF KRPH ZLWK \RX ZLWK D VWRS DW WKH )ORULGD 6KHOO 6KRS ZKHUH D XQLTXH FROOHFWLRQ RI VKHOOV DQG DOO WKLQJV EHDFK\ ILOO WKH ¶V VW\OH UHG ZKLWH DQG EOXH FODSERDUG EXLOGLQJ WKDW ORRNV OLNH VRPHWKLQJ RXW RI DQ ROG PRYLH $W WKH YHU\ HQG RI 7UHDVXUH ,VODQG MXVW EHIRUH JD\ IULHQGO\ 6XQVHW %HDFK \RX¶OO ILQG &DGG\¶V RQ WKH %HDFK :LWK LWV SLFQLF WDEOH VHDWLQJ YROOH\EDOO DFWLRQ OLYH PXVLF DQG QR QRQVHQVH VHUYLFH &DGG\¶V LV WKH SHUIHFW SODFH WR HQMR\ D FKLOL GRJ D FROG EHHU DQG WKH IHHO RI SRZGHU VRIW VDQG EHQHDWK \RXU IHHW 7KLV LV WKH OLIH
6LWWLQJ RQ D EDUULHU LVODQG MXVW VRXWK RI 7UHDVXUH ,VODQG 6W 3HWH %HDFK LV D ORFDO WUHDVXUH ZLWK DQ LQWHUQDWLRQDO UHSXWDWLRQ ,W ZDV QDPHG WKH %HDFK LQ $PHULFD E\ 7ULS$GYLVRU :LWK PLOHV RI SULVWLQH ZKLWH VDQG\ EHDFKHV \HDU URXQG VXQVKLQH DQ DEXQGDQFH RI UHFUHDWLRQDO RSSRUWXQLWLHV UHVWDXUDQWV DQG VKRSSLQJ 6W 3HWH %HDFK LV RQH RI WKH PRVW HQMR\DEOH SODFHV WR OLYH DQG YLVLW -XVW GRQ¶W FDOO LW 6W 3HWHUVEXUJ %HDFK XQOHVV \RX ZDQW WR UDLVH WKH H\HEURZV RI SURXG EXW IULHQGO\ ORFDOV 6WDQGLQJ VWRULHV DERYH WKH *XOI RI 0H[LFR LV WKH /RHZV 'RQ &H6DU +RWHO .QRZQ DV WKH 3LQN 3DODFH RU MXVW 7KH 'RQ WKLV IDQFLIXO 0HGLWHUUDQHDQ 5HYLYDO VW\OH ODQGPDUN RSHQHG LQ DQG TXLFNO\ EHFDPH D SOD\JURXQG IRU WKH ULFK DQG IDPRXV ²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¶V YRWHG E\ 6RXWKHUQ /LYLQJ PDJD]LQH WKH ³EHVW JURXSHU LQ WKH 6RXWK ´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
$0(5,&$¶6 %(67 %($&+(6
3$66 $ *5,//( %($&+
3DVV D *ULOOH %HDFK ZKLFK FRQWDLQV RQH RI WKH ODUJHVW KLVWRULF GLVWULFWV RQ WKH *XOI &RDVW PDLQWDLQV LWV 2OG )ORULGD IHHO
$W WKH PRVW VRXWKHUQ WLS RI 6W 3HWH %HDFK LV 3DVV D *ULOOH %HDFK WKRXJKW WR KDYH JRWWHQ LWV QDPH IURP &XEDQ ILVKHUPHQ NQRZQ DV ³JULOOHUV ´ ZKR FDPSHG DORQJ WKH ZDWHU¶V HGJH DQG VPRNHG WKHLU ILVK EHIRUH UHWXUQLQJ KRPH $ WURSLFDO EOHQG RI VWDWHO\ KRPHV DQG EHDFK EXQJDORZV OLQHV WKH QDUURZ SDOP OLQHG URDGZD\ ZLWK WKH ,QWUDFRDVWDO :DWHUZD\ RQ RQH VLGH DQG WKH *XOI RI 0H[LFR RQ WKH RWKHU *HW DQ HDUO\ VWDUW WR \RXU GD\ ZLWK EUHDNIDVW DW WKH 6HD +RUVH LQ 3DVV D *ULOOH¶V +LVWRULF 'LVWULFW ± DQ DUHD FRQYHQLHQWO\ PDUNHG ZLWK DUWLVWLF URDG VLJQV 7KHQ ZDON WKH 0HUU\ 3LHU DQG ERRN D WULS RQ WKH 6KHOO .H\ 6KXWWOH IRU DQ HFR WRXU RI XQVSRLOHG 6KHOO .H\ 3UHVHUYH 2QH RI )ORULGD¶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
*8/)3257
7KHUH·V DOZD\V VRPHWKLQJ JRLQJ RQ LQ IUHH VSLULWHG *XOISRUW ZKHWKHU LW·V D GDQFH RU MHZHOU\ VKRZ DW WKH *XOISRUW &DVLQR DQ DUW ZDON RU D VWUHHW IHVWL YDO 7KH FLW\ KRVWV WKH IDPLO\ IULHQGO\ *HFNR)HVW HYHU\ /DERU 'D\ ZHHNHQG
6LWWLQJ DW WKH HGJH RI %RFD &LHJD %D\ EHWZHHQ 6W 3HWH %HDFK DQG GRZQWRZQ 6W 3HWHUVEXUJ LV *XOISRUW WKH ³VPDOO WRZQ ZLWK D ELJ KHDUW´¶ DQG RQH RI WKH DUHD¶V EHVW NHSW VHFUHWV 7KLV ODLG EDFN DUWLVWLF FRPPXQLW\ LV DQFKRUHG E\ WKH KLVWRULF TXRQVHW KXW *XOISRUW &DVLQR WKDW VLWV ULJKW RQ WKH EHDFK PDNLQJ LW WKH SHUIHFW YHQXH IRU QLJKWO\ GDQFH OHVVRQV ZHGGLQJV SDUWLHV DQG DQWLTXH MHZHOU\ DQG PHPRUDELOLD VKRZV )DFLQJ QRUWK DQG VWUHWFKLQJ RXW LQ IURQW RI WKH FDVLQR LV %HDFK %RXOHYDUG WKH FLW\¶V GRZQWRZQ VWULS $ZDUG ZLQQLQJ DQG ORFDOO\ RZQHG UHVWDXUDQWV DUW JDOOHULHV DQG VKRSV OLQH ERWK VLGHV RI WKH VWUHHW )LQG DQG PDLO WKH SHUIHFW SRVWFDUG DW WKH %HDFK %D]DDU SXUYH\RU RI YLQWDJH JRRGV DQG FXULRVLWLHV RI DOO VRUWV ZLWK D SRVW RIILFH WKDW¶V RSHQ ZKHQHYHU WKH VWRUH LV $FURVV WKH VWUHHW /D &RWH %DVTXH RIIHUV DXWKHQWLF )UHQFK FXLVLQH LQ D FR]\ VHWWLQJ DQG D IHZ GRRUV GRZQ LV 3LD¶V 7UDWWRULD ZKHUH WKH SDVWD LV DOZD\V IUHVK DQG VDXFHV DQG GLVKHV FRRNHG WR RUGHU $QG EH VXUH WR FKHFN RXW WKH EDFN SDWLR ZKHUH FODVVLF ,WDOLDQ PXVLF PL[HV URPDQWLFDOO\ ZLWK FDQGHODEUDV DQG D SDOP WKDWFKHG URRI (YHU\ ILUVW )ULGD\ DQG WKLUG 6DWXUGD\ *XOISRUW $UW :DON KRVWV LQGHSHQGHQW DUWLVWV ZKR GLVSOD\ WKHLU ZRUN XS DQG GRZQ WKH ERXOHYDUG ZKLOH VWUHHW PXVLFLDQV HQWHUWDLQ HYHQLQJ YLVLWRUV ,W¶V DOVR WKH SHUIHFW YHQXH WR SXUFKDVH WKH WRZQ¶V EHVWVHOOLQJ 7 VKLUW HPEOD]RQHG ZLWK WKH ORFDO PRWWR ³.HHS *XOISRUW :HLUG ´ 7DNH D EUHDN IURP WKH DUW ZDON DQG HQMR\ RUJDQLF 0H[LFDQ IDUH DW WKH IDPLO\ RZQHG 3HJ¶V &DQWLQD DQG %UHZ 3XE D FRQYHUWHG EXQJDORZ QHVWOHG DPRQJ OXVK WURSLFDO IROLDJH EHQHDWK WRZHULQJ SLQHV ,WV FUDIW EHHUV KDYH HDUQHG 3HJ¶V WKH KRQRU RI EHLQJ QDPHG RQH RI WKH ILYH WRS EUHZSXEV LQ )ORULGD 7KH RSHQ DLU 2¶0DGG\¶V DFURVV IURP WKH FLW\¶V :LOOLDPV 3LHU LV DOVR D IDYRULWH DPRQJ ORFDOV DQG YLVLWRUV DOLNH ,I \RX¶UH ORRNLQJ WR VWD\ RYHUQLJKW LQ *XOISRUW D FKDUPLQJ DFFRPPRGDWLRQ DQG WKH FLW\¶V ROGHVW EXLOGLQJ LV WKH 9LFWRULDQ VW\OH 3HQLQVXOD ,QQ DQG 6SD FRPSOHWH ZLWK D GLVWLQFWLYH WXUUHWHG WRZHU DQG D ZUDS DURXQG YHUDQGD DQG VRPH VD\ D UHVLGHQW JKRVW %HG DQG EUHDNIDVW RSWLRQV LQFOXGH WKH GRJ IULHQGO\ 6HD %UHH]H 0DQRU GLUHFWO\ DFURVV IURP *XOISRUW &LW\ %HDFK RQ %RFD &LHJD %D\ )HDWXULQJ WURSLFDO WKHPHG URRPV SULYDWH EDOFRQLHV DQG OHJHQGDU\ EUHDNIDVWV LW¶V D JHP DPRQJ JHPV $QG VSHDNLQJ RI EUHDNIDVW 6WHOOD¶V GRZQWRZQ RIIHUV D ILQH PHQX RI PRUQLQJ WUHDWV LQFOXGLQJ KRPHPDGH FRUQHG EHHI KDVK RU FKHFN RXW WKH *XOISRUW &DIp MXVW D IHZ EORFNV DZD\ RQ WK 6WUHHW D KROH LQ WKH ZDOO ORFDO HDWHU\ WKDW IHDWXUHV D PRXWK ZDWHULQJ )UHQFK WRDVW VHUYHG XS ZLWK D VLGH RUGHU RI URFN ¶Q¶ UROO :KDWHYHU \RX GR EH VXUH WR FKHFN RXW WKH FLW\¶V LQFUHGLEO\ IXOO HYHQWV VFKHGXOH *XOISRUW ORYHV WR SDUW\ 7KH DQQXDO /DERU 'D\ WUDGLWLRQ *HFNR)HVW LV D FUD]\ FRORUIXO FDUQLYDO WKDW¶V QRW WR EH PLVVHG 7R UHDG PRUH DERXW RXU VPDOO WRZQV JR WR 9LVLW63& FRP &RPPXQLWLHV 9,6,7673( 7(&/($5:$7(5 &20
. % , % &, & )& % ) , ",
&) %/ ,%%
!
0+ ' 0
-& % &, & )& % ,%%
$& *'0 % % ) % / %) )& &) %
! % % ) % & & , ) ,& / % $& % ) % & & & / # $ ) & % % & , % , %
% &) , %!
# # # ! ! & ! % ! ! ' ! $#! # ! ## !
$ % ' ) *% * ' ) *% (' $ % ' $ ' ' $ + ' ' % ' $ +! ' % $ , ' $ "( $ ( '
$ $ %! ' % ' $ * ) '($ ) % ' $ ' -- % ( $ ' % ' #% *$+ $ ' ' ! !
$0(5,&$¶6 %(67 %($&+(6
% " ) # "
-, # # " %" %# #% % * " ( # (#% # (% "* % " ) , '
(# # * ' & " ) # " ) ) ",% " , " + # , % )
% " % " # ( ,
% * # % % % ) ", (% ( # # %% #("" ( , % * % "# % ( % , % * % ( , !( % # # % " % ("# (" * " * * % #
" % (%# , (" "
) *
% *** #( (
" %
!" ! ! ! ! $ % ! ! " % # $ % ! ! " ! ! # !
" %
$$ " ! $$
! #
" ! ! # " " '' % $
! !
& $ & $ & ' & ! $ &
% # ! ! $ ! !
! $ ! ! " ! ! ! ! ! ! ! % " ! ! ! %
9,6,7673( 7(&/($5:$7(5 &20
:KHQ \RX·UH RQ YDFDWLRQ ZK\ ZRXOG \RX VKRS DW WKH VDPH SODFHV
6+23 /2&$/ \RX KDYH EDFN KRPH" 7DNH D VSLQ
WKURXJK WKH ORFDOO\ RZQHG VSHFLDOW\ VKRSV LQ 6W 3HWHUVEXUJ &OHDUZDWHU
DQG WDNH KRPH VRPH ORFDO IODYRU
$ YDFDWLRQ IHHOV VRPHKRZ LQFRPSOHWH LI \RX GRQ¶W EULQJ VRPH RI LW KRPH ZLWK \RX :KHWKHU \RX¶UH ORRNLQJ IRU VRPHWKLQJ WR UHPLQG \RX RI \RXU YLVLW KHUH RU D JLIW WR EULQJ EDFN WR IDPLO\ VKRSSLQJ LV DQ LPSRUWDQW ± IRU VRPH WKH EHVW ± SDUW RI WKH YDFDWLRQ H[SHULHQFH $V \RX ZRXOG H[SHFW 6W 3HWH &OHDUZDWHU KDV VRXYHQLU DQG VXUI VKRSV JDORUH %XW IRU VRPHWKLQJ D OLWWOH PRUH VSHFLDO OHDYH WKH EHDFK EHKLQG DQG VSHQG D GD\ DW RQH RI RXU XQLTXH VKRSSLQJ GLVWULFWV 6W 3HWHUVEXUJ¶V *UDQG &HQWUDO 'LVWULFW IRU H[DPSOH ZLWK LWV FRQFHQWUDWLRQ RI YLQWDJH DQG DQWLTXH VWRUHV LV D WUHDVXUH KXQWHU¶V SDUDGLVH <RX FRXOG HDVLO\ VSHQG KDOI D GD\ DW WKH VXSHU IXQ $57SRRO *DOOHU\ 7KH VKRS LV MDP SDFNHG ZLWK YLQWDJH FORWKHV DQG FXULRVLWLHV DV ZHOO DV LUUHVLVWLEOH ORFDOO\ PDGH MHZHOU\ DQG DUW SLHFHV 3LFN XS D SHQGDQW QHFNODFH PDGH IURP DQ ROG OLFHQVH SODWH RU D YLQWDJH WRDVWHU ODPS WKHQ SRS LQ WR WKHLU FDIp IRU D FUDIW EHHU DQG D KXPPXV DQG YHJJLH ZUDS ZKLFK \RX FDQ HQMR\ RQ WKH SDWLR DORQJ ZLWK WKH EUHH]H $FURVV WKH VWUHHW LV WKH VSUDZOLQJ +DVODP¶V %RRN 6WRUH D ELEOLRSKLOH¶V GUHDP 2SHQHG LQ WKLV 6W 3HWHUVEXUJ LQVWLWXWLRQ ERDVWV PRUH WKDQ ERRNV IRU VDOH ± DQG WKH WLWOH RI )ORULGD¶V ODUJHVW QHZ DQG XVHG ERRN VWRUH <RX FDQ ILQG HYHU\WKLQJ EHWZHHQ WZR FRYHUV KHUH IURP UDUH ILUVW HGLWLRQ YROXPHV WR WKH ODWHVW EHVWVHOOHUV +DQJ DURXQG ORQJ HQRXJK DQG \RX PLJKW FDWFK D JOLPSVH RI RQH RI WKH UHVLGHQW FDWV 0XVLF ORYHUV FDQ KRS GRZQ WKH VWUHHW WR 3ODQHW 5HWUR ZKLFK EX\V DQG VHOOV YLQ\O UHFRUGV DORQJ ZLWK YLQWDJH WR\V DQG FROOHFWLEOHV 0DNH VXUH WR YLVLW WKHVH RWKHU JUHDW VKRSSLQJ GLVWULFWV 7DUSRQ 6SULQJ¶V *UHHN 9LOODJH 3DVV D *ULOOH¶V +LVWRULF WK $YHQXH WRXULVW PHFFD -RKQ¶V 3DVV LQ 0DGHLUD %HDFK DQG 'XQHGLQ¶V DUWV\ 0DLQ 6WUHHW
$0(5,& $¶6 %(67 %($&+(6
(YDQ DQG 0DULQD :LOOLDPV DERYH RZQ $57SRRO LQ WKH *UDQG &HQWUDO GLVWULFW RI 6W 3HWHUVEXUJ ZKLFK VHOOV KDQGPDGH MHZHOU\ ORFDO DUW DQG YLQWDJH JRRGV 'XQHGLQ·V 0DLQ 6WUHHW ULJKW LV KRPH WR ORWV RI ORFDOO\ RZQHG VKRSV WKDW VHOO HYHU\WKLQJ IURP NLOWV WR FDQGOHV
'RGHFDQHVH %RXOHYDUG 7DUSRQ 6SULQJV
%URQ]H /DG\ -RKQ·V 3DVV RQ 0DGHLUD %HDFK
+LVWRULF WK $YHQXH 3DVV D *ULOOH
0HUPDLG·V 6HFUHW *DUGHQ 'XQHGLQ 9,6,7673( 7(&/($5:$7(5 &20
:KHWKHU \RX NQRZ MXVW ZKDW \RX¶UH ORRNLQJ IRU FRXOG XVH D OLWWOH KHOS RU DUH MXVW SODQQLQJ WR VSHQG D GD\ RXW RI WKH VXQ KHUH DUH VRPH LGHDV WR JHW \RX VWDUWHG +DSS\ VKRS SLQJ
)25 0$.,1* $ '$< 2) ,7 7KH IUHVK PDUNHWV WKDW SRS XS DOO RYHU WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD IURP 2FWREHU WKURXJK 0D\ DUH D JUHDW SODFH WR VSHQG D IHZ KRXUV 7KHUH¶V WKH &RUH\ )UHVK 0DUNHW RQ 6W 3HWH %HDFK /DUJR¶V 2SHQ $LU 0DUNHW 6DIHW\ +DUERU¶V )DUPHU¶V 0DUNHW DQG WKH 7DUSRQ 6XQGD\ 0DUNHW ,W¶V ZRUWK EUDYLQJ WKH FURZG WR YLVLW WKH 6DWXUGD\ 0RUQLQJ 0DUNHW LQ GRZQWRZQ 6W 3HWHUVEXUJ ZKHUH \RX FDQ EURZVH WKH ERRWKV RI PRUH WKDQ YHQGRUV ZKLOH OLVWHQLQJ WR OLYH PXVLF 3LFN XS D IHGRUD PDGH IURP SDOP IURQGV JRRG IRU WKH HDUWK DQG \RXU VNLQ DQG ILQG D VKDG\ VSRW WR VLW ZKLOH \RX VDYRU D ILVK WDFR ZLWK D IUHVK FRUQ WRUWLOOD PDGH E\ WKH 7DFR /DG\ 2U D EOXH FUDE HPSDQDGD D FLQQDPRQ VXJDU FUHSH D IUHVK SLFNOH « WKHUH¶V VRPHWKLQJ WR VXLW HYHU\ WDVWH
)ORULGD &UDIWVPHQ *DOOHU\ 6W 3HWH
)25 (',%/( 75($76
(YDQGHU 3UHVWRQ 3DVV D *ULOOH
6SRQJH 'LYHU 6XSSO\ 7DUSRQ 6SULQJV
6FKDNRODG 6W 3HWH 6WRS LQ WR WKLV VZHHW FRUQHU VKRS LQ WKH KHDUW RI GRZQWRZQ 6W 3HWH IRU D FDSSXFFLQR DQG D GDUN FKRFRODWH GLSSHG FKHUU\ RU WKUHH &DQ¶W GHFLGH ZKDW WR WU\" 7KH IULHQGO\ VWDII LV KDSS\ WR KHOS 0HUPDLG¶V 6HFUHW *DUGHQ 'XQHGLQ %URZVH WKH IURQW RI WKH VWRUH IRU D PHUPDLG WKHPHG JLIW RU VRPH &UDEWUHH (YHO\Q SURGXFWV WKHQ KHDG EDFN WR WKHLU JRXUPHW JDUGHQ DQG WHD JDOOHU\ IRU VRPH ORFDOO\ PDGH FKLSRWOH DLROL RU URDVWHG SLQHDSSOH KDEDQHUR GLS 5HQR %HDFK 6XUI 6KRS 6W 3HWH
7KH &HOWLF 6KRS 'XQHGLQ
)25 $57 ,163,5(' *,)76 1DQF\ 0DUNRH )LQH $PHULFDQ &UDIWV *DOOHU\ 6W 3HWH %HDFK (YHU\WKLQJ LQ WKLV EULJKW HOHJDQW VKRS LV KDQGPDGH E\ $PHULFDQ DUWLVDQV IURP MHZHOU\ WR FORFNV WR FRRNZDUH )RU D JLIW WKDW¶V EHDXWLIXO DQG IXQFWLRQDO SLFN XS RQH RI WKHLU EHVWVHOOLQJ LWHPV D FHUDPLF PLFURZDYH EDFRQ FRRNHU )ORULGD &UDIWVPHQ *DOOHU\ GRZQWRZQ 6W 3HWH )URP EHDGHG ERRNPDUNV WR HODERUDWH GHFRUDWLYH FKDLUV QRW IRU VLWWLQJ VLOO\ WR 'XQFDQ 0F&OHOODQ¶V JODVV VFXOSWXUHV WKLV VWDSOH RI WKH 6W 3HWHUVEXUJ DUW VFHQH KDV VRPHWKLQJ IRU HYHU\RQH
)25 $ 3,(&( 2) 2/' )/25,'$
1DQF\ 0DUNRH *DOOHU\ 6W 3HWH %HDFK
7KH )ORULGD 6KHOO 6KRS 7UHDVXUH ,VODQG 6WHS EDFN LQ WLPH ZLWK D YLVLW WR WKLV OLWWOH JHP RQH RI WKH ROGHVW VKRSV RQ WKH EHDFK 3LFN XS DQ RFHDQ WKHPHG SLHFH RI VWDLQHG JODVV RU VRPH VKDUN¶V WHHWK IRU WKH NLGV¶ FROOHFWLRQ 6SRQJH 'LYHU 6XSSO\ 7DUSRQ 6SULQJV $ QRWFK DERYH WKH XVXDO VRXYHQLU VKRS ZLWK XQLTXH ORFDOO\ SURGXFHG ORJRZHDU DQG KHDYHQO\ KDQGPDGH ROLYH RLO VRDS
7KH )ORULGD 6KHOO 6KRS 7UHDVXUH ,VODQG $0(5,&$¶6 %(67 %($&+(6
)RU PRUH LQIRUPDWLRQ DERXW VKRSSLQJ JR WR 9LVLW63& FRP 6KRSSLQJ
7KH )ORULGD :LQHU\ 0DGHLUD %HDFK
SPLURGE
:$<6 72
)URP WKH JXOI·V ERXQW\ WR WKH ULFK GLYHUVLW\ RI FXLVLQH WKHUH·V VR PXFK KHUH WR VDYRU +HUH·V D SULPHU IURP $ WR = ³ EHFDXVH LW·V QRW MXVW HDWLQJ LW·V DQ H[SHULHQFH
!
$0%,$1&( 6LS DQ ROG IDVKLRQHG IURP D URFNLQJ FKDLU RQ WKH IURQW SRUFK RI WKH 5HQDLVVDQFH 9LQR\ RYHUORRNLQJ 7DPSD %D\ WRDVW FRPSDQLRQV IURP WKH 3DOP 3DYLOLRQ¶V IDPRXV GHFN DORQJ &OHDUZDWHU %HDFK RU HQMR\ D TXLHW GLQQHU IRU WZR LQ WKH OXVK JDUGHQ DW 3LD¶V 7UDWWRULD 7KH YLHZ WKH FRPSDQ\ WKH DPELDQFH ² LW LV ZK\ \RX FKRVH WR YDFDWLRQ KHUH ULJKW"
"
%($&+ '5,9(·6 0$*1,),&(17 +$/) 0,/( ,WDOLDQ" 7U\ %HOOD %UDYD )UHQFK" 7U\ &DVVLV¶ ELVWUR LQVSLUHG IDUH DQG LQ KRXVH EDNHU\ 6HDIRRG" 7U\ %HDFK 'ULYH 6HDIRRG DQG 7DS +RXVH 'HVVHUW" 6DYH URRP IRU LFH FUHDP DW .LOZLQ¶V RU JHODWR DW 3DFXLJR $IWHU GLQQHU GULQNV ZLWK D YLHZ" &KHFN RXW WKH %LUFKZRRG
#
&5$)7 %5(:6 6W 3HWHUVEXUJ &OHDUZDWHU LV EHFRPLQJ D PDMRU SOD\HU LQ WKH $PHULFDQ FUDIW EHHU VFHQH ZLWK YHWHUDQ PLFUREUHZHUV 6DLQW 6RPHZKHUH DQG 'XQHGLQ %UHZHU\ DQG QHZFRPHUV %DUOH\ 0RZ %UHZLQJ &RPSDQ\ DQG 5DSS %UHZLQJ &RPSDQ\ DOO VHUYLQJ SLQWV RI WKHLU VLJQDWXUH VPDOO EDWFK EOHQGV
$
'(/,&,286 '81(',1 /RFDOV ORYH 'XQHGLQ¶V TXDLQW 0DLQ 6WUHHW IRU LWV PL[ RI TXLUN\ VKRSV IURP TXLOWV WR DQWLTXHV DQG GLYHUVH GLQLQJ 7KLQN 0H[LFDQ &DVD 7LQD ,WDOLDQ /D 7UDWWRULD GRZQ KRPH EDUEHFXH (OL¶V %DU % 4XH RQO\ )ULGD\ DQG 6DWXUGD\ DIWHUQRRQV VSHFLDO RFFDVLRQ WKH %ODFN 3HDUO DQG 6SDQLVK WDSDV WKH /LYLQJ 5RRP $0(5,&$¶6 %(67 %($&+(6
6 LV IRU VHDIRRG DQG LW GRHVQ·W JHW DQ\ IUHVKHU WKDQ VWUDLJKW IURP WKH *XOI RI 0H[LFR &ORFNZLVH IURP WRS OHIW \HOORZ WDLOHG VQDSSHU VWRQH FUDE FODZV DQG KRJ ILVK IURP :DUG·V 6HDIRRG 0DUNHW LQ &OHDUZDWHU
%
($5/< %,5'6 ,W¶V QR VHFUHW WKH EHDFKHV IURP 6W 3HWH WR &OHDUZDWHU UHPDLQ D ZLQWHU GHVWLQDWLRQ IRU 1RUWKHUQ VQRZELUGV ZKLFK PHDQV UHVWDXUDQWV RIIHU XS NLOOHU HDUO\ ELUG PHQXV 6DOW 5RFN *ULOO WDNHV WKH WRS SUL]H IRU LWV YLHZV RI WKH ,QWUDFRDVWDO DQG OLJKWHU VHUYLQJV RI FKHI 7RP 3ULWFKDUG¶V FUHDWLYH VXUI DQG WXUI PHQX ZLWK FKRLFHV OLNH WKH 6DOW 5RFN 6DOPRQ DQG &RFRQXW &UXVWHG 6KULPS
&
)5(1&+<·6 :LWK IRXU ORFDWLRQV )UHQFK\¶V LV WKH VHDIRRG VSRW /RFDOV HDJHUO\ SDFN WDEOHV HYHQ GXULQJ WKH EXV\ WRXULVW VHDVRQ WR RUGHU IUHVK IURP WKH JXOI JURXSHU JURXSHU DQG PRUH JURXSHU $QG OLNH )UHQFK\¶V JURXSHU DOVR LV D ORFDO IDYRULWH (DW IUHVK HDW ORFDO RUGHU WKH JURXSHU DW )UHQFK\¶V
'
*5((. 6$/$' 7KLQN \RX NQRZ WKH *UHHN VDODG" 0D\EH QRW WKH ZD\ WKDW +HOODV 7DUSRQ 6SULQJ¶V PXFK EHORYHG *UHHN UHVWDXUDQW VHUYHV LW ± FRPSOHWH ZLWK D VFRRS RI SRWDWR VDODG DPLG WUDGLWLRQDO DFFRXWUHPHQWV OLNH WRPDWRHV ROLYHV DQG IHWD FKHHVH 7KH FKHHN\ UHVWDXUDQW ZKLFK KDV VWDWXHV RI =HXV DQG $WKHQD DQG D UHOLHI RI WKH $FURSROLV LV WKH FXOLQDU\ KHDUW RI WKH FRPPXQLW\¶V *UHHN URRWV
(
+$0%85*(56 ,1 7+( ·%85* .HHSLQJ ZLWK WKH LQVDWLDEOH WUHQG 6W 3HWHUVEXUJ KDV D WKULYLQJ EHWWHU EXUJHU VFHQH /RFDOV KDYH EHHQ HQMR\LQJ FKHHVH GULSSLQJ WUDGLWLRQDO KDPEXUJHU SDWWLHV DW (O &DS DQG &KDWWDZD\ IRU \HDUV *RXUPHW QHZFRPHUV LQFOXGH (QJLQH 1R DQG WKH %XUJ %DU
)
,7$/,$1 0$5.(7 $V D FXOLQDU\ GHVWLQDWLRQ 0D]]DUR¶V ,WDOLDQ 0DUNHW LV WKH 6W 3HWHUVEXUJ PHFFD (YHQ WKH ORFDOV ²ZKR HDJHUO\ ZD[ SRHWLF DERXW WKHLU IDYRULWH SXUFKDVHV ² UHPDLQ XQID]HG E\ WKH ZDOO WR ZDOO SHRSOH DOZD\V VTXHH]HG LQWR D VSRW LQ IURQW RI WKH SUHSDUHG IRRG FDVH %XW WKH MRXUQH\ RQO\ EHJLQV WKHUH 7UXH GHYRWHHV ZLOO SLFN XS PDGH WKDW GD\ UDYLROL D FKXQN RI 3DUPHVDQ IUHVK JURXQG VDXVDJH DUWLVDQ ROLYH RLO D EDJ RI KRXVH URDVWHG FRIIHH EHDQV DQG WKH WLUDPLVX FDNH $V WKH\ VD\ GLQQHU LV VHUYHG
*
-2+1·6 3$66 9,//$*( -RKQ¶V 3DVV LQ 0DGHLUD %HDFK LV D FRQXQGUXP 7 VKLUW ILOOHG WRXULVW PHJDVWRUHV DUH QHLJKERUV ZLWK FODVV\ ERXWLTXHV %RRN DQ DGYHQWXUH RQ D SLUDWH VKLS FKRZ GRZQ RQ VL]]OLQJ VHDIRRG DW :DOW¶] )LVK 6KDN RU UHOD[ ZLWK D SODWH RI FKLFNHQ ZLQJV DW +RRWHU¶V IRXQGHG LQ &OHDUZDWHU LQ
+
.,76&+ ,W¶V OLNH ZDONLQJ WKURXJK WKH GRRU RI D WLPH FDSVXOH (OHPHQWDU\ FODVV SLFWXUHV IURP WKH ¶ V DUH WKH IRFDO SRLQW ZKHQ \RX¶UH QRW IHDVWLQJ RQ IULHG FKLFNHQ DQG PLON VKDNHV DW 0XQFK¶V 6XQGULHV 5HVWDXUDQW 0HDQZKLOH DW %HDN¶V 2OG )ORULGD GRQ¶W EH VKRFNHG WR HQMR\ \RXU JRXUPHW EDU IRRG ZLWK SLQN SODVWLF IODPLQJRHV D OLIH VL]H SLUDWH DQG &KULVWPDV OLJKWV &ORFNZLVH IURP WRS 'RFNVLGH GLQLQJ DW %RQ $SHWLW LQ 'XQHGLQ *UHHN VDODG LQ 7DUSRQ 6SULQJV WDQJHULQHV IURP )ORULGD &LWUXV &RXQWU\ LQ 6HPLQROH 3DUN 6KRUH *ULOO RQ %HDFK 'ULYH 'RFNVLGH 'DYH·V IULHG JURXSHU VDQGZLFK
,
/2&$/ /(*(1'6 7KHVH IDQWDVWLF ILQGV KDYH EHHQ SOHDVLQJ GLQHUV ZLWK WKHLU XQLTXH HDWV IRU PRUH WKDQ \HDUV 7HG 3HWHUV )DPRXV 6PRNHG )LVK %RE +HLOPDQ¶V %HDFKFRPEHU &UDEE\ %LOO¶V &RQH\ ,VODQG DQG :RRG\¶V :DWHUIURQW
-
0251,1* 0$5.(7 :KHUH HOVH FDQ \RX VQDFN RQ D VWHDPLQJ KRW VWHDN DQG FKHHVH HPSHQDGD RU &XEDQ VW\OH SRUN DQG EHDQV ZKLOH SHUXVLQJ ORFDO YHQGRUV VHOOLQJ HYHU\WKLQJ IURP KDQG PDGH $GLURQGDFN FKDLUV EDQDQD SODQWV JRXUPHW SDOHWDV RU IUHVK YHJJLHV 7KH 6W 3HWHUVEXUJ 6DWXUGD\ 0RUQLQJ 0DUNHW WUXO\ KDV VRPHWKLQJ IRU HYHU\RQH
.
127 -867 )25 .,'6 &DQG\ .LWFKHQ¶V FKHHUIXO UHG DQG ZKLWH SDLQW VWULSHG DZQLQJ DQG LQWHULRU OLQHG ZLWK 3H] GLVSHQVHUV LV D VZHHW WRRWK¶V GUHDP GHVWLQDWLRQ &KRRVH IURP D YDULHW\ RI ROG IDVKLRQHG WUHDWV OLNH FDQG\ EXWWRQV 6XJDU %DELHV DQG &ODUN %DUV 2U LQGXOJH LQ D VFRRS RI RQH RI WKHLU URWDWLQJ IODYRUV RI LFH FUHDP OLNH %DQDQD 3HDQXW %XWWHU 1XWWHU %XWWHU
/
25$1*(6 0HQWLRQ )ORULGD DQG HYHU\RQH KDV YLVLRQV RI JRUJHRXV ZKLWH VDQG EHDFKHV WKHPH SDUNV SDOP WUHHV DQG RUDQJHV 6LQFH WKH HDUO\ V YDFDWLRQHUV KDYH EHHQ VWXIILQJ WKHLU FDUV DW YDFDWLRQ¶V HQG ZLWK EDJV RI VZHHW VPHOOLQJ FLWUXV 3LFN XS \RXU HGLEOH RU GULQNDEOH VRXYHQLUV IURP 6XQ *URYHV )ORULGD 2UDQJH *URYHV :LQHU\ RU )ORULGD &LWUXV &RXQWU\
0
3217( &KULV 3RQWH GRHV QRW KDYH WKH QDWLRQDO QDPH UHFRJQLWLRQ RI YHWHUDQ FXOLQDU\ URFN VWDUV OLNH 0DULR %DWDOL RU XS DQG FRPHUV OLNH 5LFKDUG %ODLV EXW KLV UHVWDXUDQW &DIH 3RQWH LV ZKHUH WKH ELJ QDPHV 7KRPDV .HOOHU (PHULO GLQH ZKHQ WKH\ FRPH WR WRZQ 7KH UHVWDXUDQW LV WKH JROG VWDQGDUG IRU ILQH GLQLQJ ZLWK LWV QDWWLO\ GUHVVHG VHUYHUV HOHJDQW GLQLQJ URRP DQG FODVVLF $PHULFDQ PHQX ZLWK OLJKW KDQGHG )UHQFK DQG $VLDQ WRXFKHV 'R QRW PLVV WKH FUHDP\ 0XVKURRP %LVTXH
1
FRXUVH
48((1·6 )$5( +RZ HOVH VKRXOG )ORULGLDQV WRDVW WKH ELUWK RI WKH UR\DO EDE\" :LWK JRXUPHW %DQJHUV DQG 0DVK DW WKH 4XHHQVKHDG RU 6KHSKHUG¶V 3LH DQG D SLQW RI %RGGLQJWRQ¶V DW WKH 0RRQ 8QGHU :DWHU RI
2
5$<6 5(38%/,& :LWK D SULPR ORFDWLRQ DFURVV IURP 7URSLFDQD )LHOG )HUJ¶V LV WKH SUH JDPH SRVW JDPH DQG GXULQJ WKH JDPH KRW VSRW ZKHQ WKH 7DPSD %D\ 5D\V DUH SOD\LQJ EDVHEDOO 7KH WDS LV DOZD\V IORZLQJ WKH ZLQJV DUH PHDW\ DQG ZHOO VDXFHG DQG LI \RX¶UH OXFN\ HQRXJK WR EH WKHUH ZDUPLQJ D VHDW ZKHQ WKH 5D\V FOLQFK D SRVW VHDVRQ EHUWK GRQ¶W EH VXUSULVHG LI D URXQG RI VKRWV LV GLVWULEXWHG WR DOO SDWURQV ² RQ WKH KRXVH RI FRXUVH &ORFNZLVH IURP WRS 7KH 6DWXUGD\ 0RUQLQJ 0DUNHW LQ GRZQWRZQ 6W 3HWHUVEXUJ &DQG\ .LWFKHQ LQ 0DGHLUD %HDFK :LOOLDP 'HDQ &KRFRODWHV %HOOHDLU %OXIIV )HUJ·V VSRUWV EDU LQ 6W 3HWHUVEXUJ
3
6($)22' $1' 6816(76 ,W¶V DOZD\V VHDIRRG VHDVRQ DORQJ WKH JXOI DQG WKHUH¶V QR EHWWHU ZD\ WR HQMR\ LW IULHG EODFNHQHG RU JULOOHG WKDQ LQ D FDVXDO VHWWLQJ ZLWK D JRUJHRXV YLHZ )DYRULWHV LQFOXGH 'RFNVLGH 'DYH¶V *XSS\¶V 2OGH %D\ &DIH DQG %LOO\¶V 6WRQH &UDE $V IRU VWRQH FUDE EX\ D SODWH RI WKH VXFFXOHQW VHDIRRG ZKHQ LW¶V LQ VHDVRQ 2FW 0D\ DQG VDYRU WKH PHDW\ FODZV RQH RI WKH VWDWH¶V PRVW H[SHQVLYH GHOLFDFLHV
4 5
7$&26 $K WKH KXPEOH WDFR ² EHORYHG VWUHHW IRRG RI 0H[LFR ² KDV DVVXPHG D FXOW OLNH IROORZLQJ ZLWK ULFK IODYRUV DQG VDYRU\ PHDWV HQFDVHG LQ KRPHPDGH FRUQ WRUWLOODV 7U\ VRPH RI WKH EHVW DW 7DFR %XV %XWWHUQXW 6TXDVK 6HQRU 7DFR &DUQH $VDGD DQG 5HG 0HVD &DQWLQD 5RDVW 'XFN ZLWK *ULOOHG 3LQHDSSOH
80 :+$7·6 ,1 $ &8%$1 6$1':,&+" 0RMR PDULQDWHG URDVW SRUN KDP *HQRD VDODPL VZLVV FKHHVH SLFNOH PXVWDUG VDQGZLFKHG EHWZHHQ IUHVK EDNHG &XEDQ EUHDG *HQRD VDODPL" 7KDW LQJUHGLHQW LV WKH VXEMHFW RI PXFK GHEDWH EHWZHHQ GHYRWHG ORYHUV RI WKLV WUDGLWLRQDO )ORULGD IDUH LQ ZKLFK ERWK 7DPSD DQG 0LDPL FODLP ILUVW GLEV *HW LW ZLWK VDODPL DW DXWKHQWLF &XEDQ UHVWDXUDQWV WKH )ORULGLDQ RU &ROXPELD 5HVWDXUDQW RU ZLWKRXW DW WKH FKDUPLQJ RXWGRRU HDWHU\ %RGHJD
6
9,(71$0(6( 7KDQNV WR WKH FXUUHQW REVHVVLRQ $PHULFDQV KDYH ZLWK WKH %DKQ 0L ² D WUDGLWLRQDO 9LHWQDPHVH VDQGZLFK WKDW KDV LQJUHGLHQWV OLNH SRUN OLYHU SDWp KDP SLFNOHG FDUURWV DQG FXFXPEHU DQG FKLOHV VHUYHG RQ FUXVW\ EUHDG ² 9LHWQDPHVH UHVWDXUDQWV DUH DOO WKH UDJH (QMR\ WUDGLWLRQDO RU $VLDQ IXVLRQ RIIHULQJV DW +DORQJ %D\ -DGH %LVWUR $OpVLD 7KX\ &DIH DQG /D 9
7
:,//,$0 '($1 &+2&2/$7(6 'RQ¶W HQG \RXU YDFDWLRQ ZLWKRXW D VWRS DW WKLV VLQIXOO\ GHFDGHQW JRXUPHW FKRFRODWLHU (DFK SLHFH ² DOO PLQLDWXUH HGLEOH ZRUNV RI DUW ² DUH ORYLQJO\ KDQGPDGH E\ RZQHU FUHDWRU :LOOLDP %URZQ DQG KLV VWDII $QG ZH¶UH KDSS\ WR VXJJHVW DGGLQJ WKH 0LQW 3LH 7URSLFDO &DUDPHO DQG .H\ /LPH WUXIIOHV WR \RXU DVVRUWPHQW
8
; 75(0( +($7 ,W¶V WKH XOWLPDWH IRRG FKDOOHQJH &RQVXPH RXQFHV RI WKH ,QIHUQR 6RXS DW 1LWDOO\ 7KDL 0H[ &XLVLQH LQ PLQXWHV 7R WKH YLFWRU JRHV 7KH VRXS KDV EHHQ FDOOHG OLTXLG ILUH DQG XVHV KRWWHU WKDQ KRW JKRVW SHSSHUV (YHQ WKH )RRG 1HWZRUN KDV FRPH FDOOLQJ 7KH +HDW 6HHNHUV FUHZ ZDV QRW YLFWRULRXV
9
<2*857 $6 ,1 )52 <2 ,W¶V HYHU\ FKLOG¶V GUHDP 0XOWLSOH IODYRUV 7KH HQGOHVV VXJDU\ FRQIHFWLRQV DW WKH WRSSLQJV EDU :DONLQJ RXW ZLWK D FXS RI IUR]HQ \RJXUW SDFNHG ZLWK JXPP\ ZRUPV 2UHR FRRNLH FUXPEOHV 0 0V FKRFRODWH V\UXS DQG ZKLSSHG FUHDP )LOO DOO \RXU )UR \R IDQWDVLHV DW <RJXUWRORJ\ 0\ <RJXUW &DIp RU 0HQFKLH¶V
:
=$&. *5266· = *5,//( $PHULFDQ IXVLRQ FRRNLQJ ZLWK D WZLVW EHVW GHVFULEHV WKH IRRG DW WKLV TXLUN\ KRWVSRW ZLWK LWV VOHHN ZRRG IUDPHG ZDOOV DQG FRQWHPSRUDU\ IXUQLWXUH $V IRU WKH IRRG WKLQN 'U 3HSSHU )ULHG 5LEV )RLH *UDV 6WHDN %XUJHUV DQG 'LUW\ '¶V GHYLOHG HJJV RI WKH GD\ *URVV D IRUPHU -DPHV %HDUG VHPLILQDOLVW ZRXOG IDFH D SXEOLF RXWFU\ LI DQ\ RI WKHVH SRSXODU LWHPV GLVDSSHDUHG IURP KLV PHQX )RU PRUH RQ GLQLQJ JR WR 9LVLW63& FRP )RRG 3LFWXUHG IURP WRS $ &XEDQ VDQGZLFK DW %RGHJD LQ 6W 3HWH WKH ,QIHUQR 6RXS IURP 1LWDOO\ LQ 6W 3HWH
$0(5,&$¶6 %(67 %($&+(6
%(67 2) )22',( ,1'8/*(1&(6 n 0$==$52¶6 ,7$/,$1 0$5.(7 7KHLU IUHVK IRFDFFLD FRIIHH ZLQH GHVVHUWV FKHHVH DQG KRPHPDGH SDVWD DUH ZHOO ZRUWK EUDYLQJ WKH FURZGV o )5(1&+<¶6 52&.$:$< *5,// 7KLV VSRW ZKLFK VLWV ULJKW RQ &OHDUZDWHU %HDFK RIIHUV RQH RI WKH EHVW JURXSHU VDQGZLFKHV LQ WKH DUHD p 6$785'$< 0251,1* 0$5.(7 )URP D P WR S P HYHU\ 6DWXUGD\ LQ GRZQWRZQ 6W 3HWH ORFDOV IORFN WR WKLV PDUNHW IRU IUHVK SURGXFH OLYH PXVLF DQG D YDULHW\ RI VWUHHW IRRG q $1< 2) 7+( &5$)7 %5(:(5,(6 ,1 67 3(7( &/($5:$7(5 )URP 6DLQW 6RPHZKHUH LQ 7DUSRQ 6SULQJV WR 3HJ¶V &DQWLQD LQ *XOISRUW VRPHWKLQJ WDVW\ LV DOZD\V EUHZLQJ LQ 6W 3HWH &OHDUZDWHU r :,//,$0 '($1 &+2&2/$7(6 7KHVH OLWWOH JHPV DUH OHJHQGDU\ ² HDFK SLHFH ORRNV DV JRRG DV LW WDVWHV
:»» ÈÒ w ÈÒ:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®³º|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ :»» ÈÒ w ÈÒ È: RÒ:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®¶¸|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ :»» ÈÈÒ d[Ò:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®³º|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ :»» ÈÈÒ d[Ò È: RÒ:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®³º|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ 8±± ¼¼ÆF XÆ8FOXamt| ¦±´¼ÁÇÈÉÊÍv À½ro¸·f Î~j KL G¶®V¢¹
()*+,-23457BkD ^¡A?C ƤIJHU¬ w§ @Q;qW_T³ ¾ ²uY\Ìvl¿»Sµ N i«xg=] ` ; }"T#% ¾&!£ P\ª Rvsz{npZ[ ¯h¥¬®y. M¨ Rvsz{npZ[ ¯h¥©°y. M¨H9b Â:c Ã>e Å<d ÄËE ". %1 $06 ' #/ ¬«® °© 8±± ¼¼ÆF XÆ ¼8 OÆ8FOXamt| ¦±´¼ÁÇÈÉÊÍv À½ro¸·f Î~j KL G¶®V¢¹
()*+,-23457BkD ^¡A?C ƤIJHU¬ w§ @Q;qW_T³ ¾ ²uY\Ìvl¿»Sµ N i«xg=] ` ; }"T#% ¾&!£ P\ª Rvsz{npZ[ ¯h¥¬®y. M¨ Rvsz{npZ[ ¯h¥©°y. M¨H9b Â:c Ã>e Å<d ÄËE ". %1 $06 ' #/ ¬«® °© :»» ÈÒR [d ¿d[Ò w ÈÒ:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®¶¸|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ :»» ÈÒR [d ¿d[Ò d[ Í Ò:IR[dpw £°»¿ÈÍÓÔÕÖÙy ÌÉurÃÂi Ú m NO JÁ¸Y©Ä
!*+,-./45679EnG a¨DAF¥¦ÒLMKX¶ z± C T§=tZbW ¾ Ê¡¬ ½x\_¼ÇBØ'yoËÆV À¤Q l µ·{j? ` c = #W$& Ê(¯"« S_ ´ Uyv}~qs]^ª¹k®¶¸|0 P² Uyv}~qs]^ª¹k®¶¸|0 P²K;e Î<f Ï@h Ñ>g Ð×H ¢ #0 &3 %28 ) $1 ¶µ¸· º³ 9»» ÈÒQ Zc ¿cZÒH ZÒ9HQZcov~ ¤°»¿ÈÍÓÔÕÖÙx ÌÉtqÃÂh Ú l MN IÁ¸XªÄ
)*+,-.34568DmF `©C@E¦§ÒKLJW¶ y± B S¨<sYaV ¾ Ê¡¬ ½w[^¼ÇAØ&xnËÆU À¥P k µ·zi> _ b < "V#% Ê'¯!« R^ ´ Txu|}pr\] ¹j®¶¸{/ £O² Txu|}pr\] ¹j®¶¸{/ £O²J:d Î;e Ï?g Ñ=f Ð×G ¢ "/ %2 $17 ( #0 ¶µ¸· º³
### % " % " #* *** " (
" " " " " " % " " % " " % $* ' " & ") " " " " % " " ' " ' " " %""
' )
, + * -+ -, 5 -* ( 5, ¢
" """ !!!
dÈ »d ÍÈ p Ö Í» wdÈ:Ô:Ö Ô d Ö Í ¿È:Ö :È È d d:»Ô:Èd» d:R :»» ÈÈ -Í Èd¿ -: [ dÖ© !ppd» w : ¿£dR : »d¿ »È dÕ£d» d Rd Ô È ¿Í Èd :RR [:È ¿ Ód» w d:»Ô:Èd» :ÖY È ¿ :»» ÈÈ ¿ : R:¿Í: Ö d dw: È [d¿È :È p » : p: Ö È» £ » IÍ¿ d¿¿ ddÈ w© :°Í:È R £ :Öw» Í [ ¿ ÔR:¿d¿ : Ér p È R:¿R:[ w Ô:Èd»p: Y £ ¿ [d R:I: :¿ : [ È d [ p» d [ Ö ¿:º¿ ÍI Í¿d pd:ÈÍ» w ¿Í£d»Ó ¿d[ :RÈ Ó È d¿ [: Ö© *: £d» Ö Í»¿d p :È È º¿ -: A :Ö -£:© ¿d p» d dw: È [ w » : R:¿Í: È :Èd I:Ö¿ [d :È ¿£ d»d :È 5:Èd»R Í» -Èd: Í¿d : [ » d©
. »d¿d»Ód Ö Í» » Y R: iÚÚ ,, !.. » Ó ¿ È R d:»Ô:Èd»Id:R :»» ÈÈ¿Í Èd¿©R ©
& , , & (! ! ! ! " !& & ! & , (& ( , & & !" (! ! * " ! ) & " & !
! + (-- ! ("& * ! " " & "& , * ! & "( " " ) ! '#. ," , !
*** ! ) " !& *** $ (" & ! )
,5 . , ,, !.. -/ . - ! - 7 ÌÚ Í p Í dÓ:»[
d:»Ô:Èd» d:R Y ÉÉÂÃÂ
,:Èd¿ :»d £d» » Y £d» w ÈY I:¿d[ :Ó: :I ÈÖY È :Ó: :I d p » w» Í£¿ p Ú » »d » ¿©
9,6,7673( 7(&/($5:$7(5 &20
/2&$/ 5+<7+06
0
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¶V ZDWHUIURQW &RDFKPDQ 3DUN ZLWK FRRO EUHH]HV FRXUWHV\ RI WKH *XOI RI 0H[LFR 3DVW SHUIRUPHUV LQFOXGH LFRQV 'L]]\ *LOOHVSLH DQG 6WDQ *HW] DV ZHOO DV PRUH PRGHUQ DFWV OLNH 0DFHR 3DUNHU DQG (VSHUDQ]D 6SDOGLQJ 6W 3HWHUVEXUJ LV KRPH WR VSULQJWLPH¶V 7DPSD %D\ %OXHV )HVW 6HW RQ WKH JOLPPHULQJ ZDWHUIURQW RI GRZQWRZQ¶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¶V OXVK SDUNV 7KH DUHD LV DOVR SHSSHUHG ZLWK VHYHUDO VWDWH RI WKH DUW FRQFHUW YHQXHV LQFOXGLQJ $0(5,&$¶6 %(67 %($&+(6
7KRXVDQGV RI PXVLF ORYHUV IORFN WR WKH &OHDUZDWHU -D]] +ROLGD\ HYHU\ 2FWREHU 7KH OLQHXS LQFOXGHG %UDQGL &DUOLVOH WRS DQG /DNH 6WUHHW 'LYH
&OHDUZDWHU¶V 5XWK (FNHUG +DOO DQG 6W 3HWHUV EXUJ¶V 0DKDIIH\ 7KHDWHU 7KH RXWGRRU -DQQXV /LYH YHQXH LQ GRZQWRZQ 6W 3HWHUVEXUJ¶V KLVWRULF GLVWULFW LV DQRWKHU KRW VSRW IRU FRQFHUWV XQGHU WKH VWDUV 6PDOOHU YHQXHV LQFOXGH WKH &DSLWRO 7KHDWUH LQ GRZQWRZQ &OHDUZDWHU DQG WKH 3DOODGLXP 7KHDWHU LQ 6W 3HWHUVEXUJ %RWK SDFN LQ IDQV RI EOXHV URFN DQG MD]] 7KH 3DOODGLXP DOVR KRVWV WKH SRSXODU 6LGH 'RRU &DEDUHW D VHULHV RI PRUH LQWLPDWH FDQGOHOLW VKRZV LQ LWV EDVHPHQW ± D JUHDW RSSRUWXQLW\ IRU WKH DUHD¶V PDQ\ WDOHQWHG PXVLFLDQV WR VWUXW WKHLU VWXII $UH \RXU OLVWHQLQJ SOHDVXUHV RII WKH EHDWHQ SDWK" 6W 3HWHUVEXUJ¶V 6WDWH 7KHDWUH D JUDQG %HDX[ $UWV VW\OH YHQXH EXLOW LQ ERRNV DOPRVW H[FOXVLYHO\ SXQN DQG DOW URFN DFWV Â&#x2021; Â&#x2021; Â&#x2021; /RFDO PXVLFLDQV UHJXODUO\ WDNH WR WKH VWDJH LQ QLJKWFOXEV EDUV DQG RWKHU YHQXHV DFURVV 6W 3HWH &OHDUZDWHU HQMR\LQJ WKHLU SODFH LQ D EXV WOLQJ PXVLF VFHQH +HUH DUH VRPH RI WKH EHVW SODFHV WR FDWFK ORFDO PXVLF DFWV 7KH +LGHDZD\ &DIH 5HFRUGLQJ 6WXGLR /RRNLQJ IRU SULVWLQH VRXQG WDVW\ IRRG DQG DQ HOHJDQW DWPRVSKHUH" ,W¶V WRXJK WR EHDW WKLV EHDXWLIXO YHQXH LQ 6W 3HWH¶V KRSSLQJ *UDQG &HQ WUDO 'LVWULFW %HDN¶V )ORULGD /RFDOV KDYH ORQJ IORFNHG WR %HDNV DOVR LQ 6W 3HWH¶V *UDQG &HQWUDO 'LVWULFW IRU LWV TXLUN\ 2OG )ORULGD GHFRU DQG WHUULILF 7XHVGD\ )ORULGD )RON 1LJKW VHULHV IHDWXULQJ D URWDWLQJ FDVW RI EDQMR SOD\HUV XNXOHOH SLFNHUV DQG DFRXVWLF VLQJHU VRQJZULWHUV 7KH $OH DQG WKH :LWFK 7KLV FR]\ GRZQ WRZQ 6W 3HWH FUDIW EHHU KRXVH KRVWV IRON VLQJHUV EOXHJUDVV SOD\HUV DQG MD]] DUWLVWV LQ LWV FKDUPLQJ FRXUW\DUG 7KH /RFDO /RFDWHG LQ GRZQWRZQ 6W 3HWH¶V IDPHG %ORFN RI DUW JDOOHULHV DQG IXQN\ ERXWLTXHV WKLV VWDQGLQJ URRP RQO\ YHQXH VKRZFDVHV FXWWLQJ HGJH LQGLH URFN KLS KRS IXQN DQG ZRUOG PXVLF DFWV 'XQHGLQ %UHZHU\ -XVW QRUWK RI &OHDUZDWHU LQ WKH 6FRWWLVK WLQJHG WRZQ RI 'XQHGLQ )ORULGD¶V ROGHVW FUDIW EUHZHU\ ERRNV ORFDO DQG QDWLRQDO WDO HQW WKURXJKRXW WKH ZHHN 7KH :KLVWOH 6WRS *ULOO %DU 1RUWK RI &OHDUZDWHU LQ 6DIHW\ +DUERU \RX¶OO ILQG WKLV IRU PHU LFH FUHDP SDUORU WKDW¶V EHHQ D ODQGPDUN IRU PRUH WKDQ \HDUV /LYH PXVLF KDSSHQV VHYHUDO QLJKWV D ZHHN IHDWXULQJ HYHU\WKLQJ IURP URRWV PXVLF WR IRON /DUJR &XOWXUDO &HQWHU 1RW RQO\ D JUHDW VSDFH WR FDWFK QDWLRQDOO\ WRXULQJ PXVLF DQG WKHDWHU SHUIRUPDQFHV WKH FHQWHU DOVR IUHTXHQWO\ KRVWV VKRZV E\ ORFDO PXVLFLDQV )RU PRUH RQ WKH ORFDO PXVLF VFHQH JR WR 9LVLW63& FRP 0XVLF
7KH +LGHDZD\ &DIH 5HFRUGLQJ 6WXGLR LV DQ HOHJDQW YHQXH ZLWK SULVWLQH VRXQG
%(67 2) 086,& 9(18(6 n -$1186 /,9( $Q RXWGRRU
FRQFHUW YHQXH LQ GRZQWRZQ 6W 3HWHUVEXUJ -DQQXV /LYH KRVWV DQ HFOHFWLF PL[ RI WRXULQJ WDOHQW DV ZHOO DV '-V ORFDO DFWV DQG RWKHU HYHQWV
o 587+ (&.(5' +$// 7KLV &OHDUZDWHU YHQXH KRVWV WRS QRWFK QDWLRQDO DQG LQWHUQDWLRQDO PXVLFLDQV DV ZHOO DV EURDGZD\ DQG WKHDWHU p 3$/0 3$9,/,21 (QMR\ WKH UHOD[HG YLEH QHDU &OHDUZDWHU %HDFK¶V QRUWK HQG ZKHUH WHUULILF VXQVHWV DUH DFFRPSDQLHG E\ OLYH PXVLF PRVW GD\V 7KDW¶V KRZ LW¶V EHHQ VLQFH 6W 3HWH·V -DQQXV /LYH KDV D FRXUW\DUG WKDW FDQ DFFRPPRGDWH WKRXVDQGV
q '81(',1 %5(:(5< ,Q
WKLV TXDLQW 6FRWWLVK IODYRUHG WRZQ QRUWK RI &OHDUZDWHU ILQG D SRSXODU PLFUREUHZHU\ WKDW ERRNV WKH EHVW ORFDO WDOHQW DORQJ ZLWK UHJLRQDO DQG QDWLRQDO DFWV
r 0$+$))(< 7+($7(5 7KLV
HOHJDQW VHDW YHQXH LQ GRZQWRZQ 6W 3HWH RIIHUV YLHZV RI 7DPSD %D\ DQG KRVWV WRS TXDOLW\ QDWLRQDO DQG LQWHUQDWLRQDO DFWV
*XOISRUW·V *HFNR)HVW KHOG RQ /DERU 'D\ ZHHNHQG VKRZFDVHV PXVLF IRRG DQG WKH WRZQ·V ZHLUG DQG ZDFN\ FXOWXUH 9,6,7673( 7(&/($5:$7(5 &20
/,0(/,*+7 3+272*5$3+< 7$%/( 6,; 352'8&7,216
)URP +RQH\PRRQ ,VODQG WR )RUW 'H 6RWR WKH ZKLWH VDQG EHDFKHV RI WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD DUH DQ LGHDO VHWWLQJ IRU D *XOI &RDVW ZHGGLQJ
$ 3(5)(&7 '$< 7
KH PDJLF KRXU EHJLQV 7KH VXQ KRYHUV MXVW DERYH WKH ZDYHV WKH FRORUV RI WKH VN\ GDQFLQJ DQG FKDQJ LQJ 3DOH SLQN WKHQ \HOORZ ILQDOO\ D GHHSHU UHG 7KH JRUJHRXV ILQDO KRXU EHIRUH VXQVHW LV JRLQJ JRLQJ JRQH $QG ZLWK WKH GD\¶V HQG D QHZ OLIH EHJLQV D VXQ NLVVHG EULGH DQG JURRP H[FKDQJH WKHLU ILUVW NLVV ZLWK WKHLU WRHV LQ WKH ZKLWH VDQG WKH VDOW\ EUHH]H RI WKH RFHDQ JHQWO\ OLIWLQJ KHU YHLO WKH UROOLQJ RI WKH WLGH WKH RQO\ VRXQGWUDFN ,W LV WKH ILUVW RI PDQ\ SLFWXUH SRVWFDUG PRPHQWV LQ D *XOI &RDVW ZHGGLQJ :KHWKHU \RX ZDQW DOO WKH SRPS DQG FLUFXPVWDQFH RI IRXU VWDU VHUYLFH RU DQ LQWLPDWH FHUHPRQ\ IRU D KDQGIXO RI IDPLO\ DQG IULHQGV WKH EHDXW\ RI WKH 6W 3HWHUVEXUJ &OHDUZDWHU EHDFKHV FDQ PDNH DOO \RXU GUHDPV FRPH WUXH
GOINGªGLAM ª
6$1'3($5/ 5(6257 &/($5:$7(5 %($&+
0,&+$(/ 6&+8+0$11
$0(5,&$¶6 %(67 %($&+(6
%HDFK ORYH VWRU\ 6D\ ³, GR´ DW RQH RI &OHDUZDWHU %HDFK¶V SUHPLHU YHQXHV RIIHULQJ SULYDWH EHDFK FHU HPRQLHV RYHUORRNLQJ IHHW RI WKH *XOI &RDVW¶V EUHDWKWDNLQJ VKRUHOLQH ,I \RX¶UH PRUH RI D NLWWHQ KHHO DQG SULQFHVV WUDLQ NLQG RI EULGH KRVW \RXU FHUHPRQ\ RQ WKH UHVRUW¶V RDVLV LQVSLUHG SRRO ODZQ FRPSOHWH ZLWK D FDVFDGLQJ ZDWHUIDOO /DYLVK ORFDOH 2XW RI WRZQ JXHVWV FDQ VSHQG WKHLU GRZQ WLPH EHDWLQJ WKH KHDW LQ WKH ]HUR HQWU\ ODJRRQ VW\OH SRRO KDQJLQJ RXW LQ D SULYDWH FDEDQD RU OLVWHQLQJ WR WKH VXUI XQGHU WKH VWDUV DW WKH EHDFK ERQILUH SLW 9DULRXV YHQXHV 0RYH WKH GLQLQJ DQG GDQFLQJ LQVLGH WR RQH RI WKUHH EDOOURRPV HDFK D GLIIHUHQW VL]H WR SHUIHFWO\ DFFRPPRGDWH \RXU HYHQW¶V QHHGV 'LYLQH GHVWLQDWLRQ 86$ 7RGD\ QDPHG &OHDUZDWHU %HDFK WKH %HVW %HDFK 7RZQ LQ )ORULGD LQ 2I FRXUVH \RXU JXHVWV ZLOO ZDQW WR FRPH 1HDUE\ KRW VSRWV )UHQFK\¶V 5RFNDZD\ *ULOO 3LHU 3DOP 3DYLOLRQ 2WKHU UHVRUW RSWLRQV /RHZV 'RQ &H6DU +RWHO 6W 3HWH %HDFK 7UDGH:LQGV ,VODQG 5HVRUWV 6W 3HWH %HDFK +\DWW 5HJHQF\ &OHDUZDWHU %HDFK 5HVRUW DQG 6SD
FLORIDAªKITSCH 3267&$5' ,11 67 3(7( %($&+
%HDFK ORYH VWRU\ 7UDYHO EDFN WR D WLPH ZKHQ IULHQGV SLOHG LQWR WKH IDPLO\ VWDWLRQ ZDJRQ IRU D EHDFK JHWDZD\ :KHWKHU \RX¶UH SODQQLQJ D PRGHVW ZHGGLQJ RQ WKH EHDFK IRU IDPLO\ DQG IULHQGV D SDOP WUHH OLQHG FHUHPRQ\ RQ WKH FRXUW\DUG ODZQ RU JURRY\ DOO QLJKW OXDX XQGHU WKH ODQWHUQ OLW WUHH OLQHG FDQRS\ 3RVWFDUG ,QQ KDV WKH SHUIHFW ORFDOH WR UHPLQG \RXU JXHVWV WKDW WKH\¶UH QRW LQ .DQVDV DQ\PRUH ,QVLGH 2XW $OWKRXJK SDUW RI WKH EHDXW\ RI WKURZLQJ D )ORULGD ZHGGLQJ LV WKH IDQWDVWLF ZHDWKHU WKH LQQ DOVR KDV D EDOOURRP WKDW VHDWV JXHVWV IRU DQ DLU FRQGLWLRQHG LQGRRU UHFHSWLRQ 6XUI¶V XS &KLOO RXW E\ WKH SRRO RU FODLP D VHDW IRU WZR LQ RQH RI WKH H[WUD ODUJH OLIHJXDUG FKDLUV DW WKH 3&, EHDFK EDU UHQW RQH RI WKH UDLQERZ KXHG ERDUGV IRU D WULDO UXQ SDGGOHERDUGLQJ RQ WKH JXOI¶V JHQWOH ZDWHUV RU UHTXHVW XSRQ UHVHUYDWLRQ RQH RI WKH SRROVLGH FDEDQD URRPV WKDW KDYH WKHLU RZQ SULYDWH KDPPRFN 'LYLQH GHVWLQDWLRQ 6W 3HWH %HDFK ZDV QDPHG WKH WRS EHDFK GHVWLQDWLRQ LQ WKH 8 6 LQ 7ULS$GYL VRU¶V 7UDYHOHUV¶ &KRLFH $ZDUGV 3RVWFDUG ,QQ RFFXSLHV D JRUJHRXV VWUHWFK RI VXJDU VRIW VDQG DW WKH PLG SRLQW RI 6W 3HWH %HDFK 'R]HQV RI UHVWDXUDQWV DQG WKH &RUH\ $YHQXH VKRSV DUH MXVW D TXLFN ZDON IURP WKH ,QQ¶V IURQW GRRU 1HDUE\ KRW VSRWV /DUU\¶V ,FH &UHDP 3DUORU &DGG\¶V RQ WKH %HDFK 0DG )LVK
'(9,1( /,*+7
ONªISLANDªTIME ª+21(<0221 ,6/$1' 67$7( 3$5.
%HDFK ORYH VWRU\ 7KHUH¶V QRWKLQJ PRUH JRUJHRXV WKDQ MXVW \RXU ZHGGLQJ SDUW\ DQG JXHVWV D OLWWOH VXQ D ORW RI VDQG WKH UROOLQJ VXUI GROSKLQV IUROLFNLQJ LQ WKH ZDYHV DQG SDOP IURQGV VZD\LQJ LQ WKH EUHH]H +RQH\PRRQ ,VODQG¶V EHDFKHV DUH DQ XQVSRLOHG JOLPSVH LQWR WKH )ORULGD VKRUHOLQH¶V SDVW <RXU RZQ SULYDWH LVODQG $OWKRXJK WKH EHDFK FORVHV DW GDUN WR WKH JHQHUDO SXEOLF VSHFLDO DUUDQJH PHQWV FDQ EH PDGH ZLWK WKH LVODQG¶V VWDII WR HQMR\ \RXU RZQ VOLFH RI SDUDGLVH DIWHU KRXUV XQGHU WKH PRRQ DQG VWDUV 7KH VWDII ZLOO DOVR SURYLGH VHWXS DQG FDWHULQJ IRU \RXU ZHGGLQJ VR DOO \RX KDYH WR ZRUU\ DERXW LV VKRZLQJ XS RQ WLPH 'HWDLOV GHWDLOV ,W LV D KRWHO IUHH VWDWH SDUN EXW JXHVWV FDQ VWD\ LQ QHDUE\ 'XQHGLQ 'XQHGLQ¶V GLQ LQJ UDQJHV IURP 0H[LFDQ WR ,WDOLDQ WR VHDIRRG DQG DOO WKH ORFDO VKRSV ZLOO NHHS \RXU JXHVWV EXV\ EHIRUH DQG DIWHU \RXU HYHQW 'LYLQH GHVWLQDWLRQ 7KH QDPH VD\V LW DOO ULJKW" ,W ILUVW EHFDPH NQRZQ DV +RQH\PRRQ ,VOH LQ ZKHQ D 1HZ <RUN GHYHORSHU EXLOW SDOP WKDWFKHG EXQJDORZV IRU KRQH\PRRQLQJ FRXSOHV 1RZ D VWDWH UXQ SDUN WKH LVODQG ERDVWV PLOHV RI EHDFKHV IRU VZLPPLQJ ILVKLQJ DQG ND\DNLQJ DQG PRUH WKDQ PLOHV RI KLNLQJ WUDLOV 1HDUE\ KRW VSRWV 'XQHGLQ %UHZHU\ (OL¶V %DU % 4XH &DVD 7LQD 2WKHU LVODQG RSWLRQV &DODGHVL ,VODQG 6WDWH 3DUN $QFORWH .H\ 3UHVHUYH 6WDWH 3DUN
URBANªDECADENCE ª
9,12< 5(1$,66$1&( 67 3(7(56%85* &LW\ ORYH VWRU\ :DON GRZQ WKH DLVOH LQ WUXH *DWVE\ IDVKLRQ DW WKLV 5RDULQJ 7ZHQWLHV HUD UHVRUW DORQJ WKH ZDWHUIURQW RI GRZQWRZQ 6W 3HWHUVEXUJ 7KH ED\ YLHZ DW VXQVHW PD\ EH DZH LQVSLULQJ EXW WKH SLQN DQG ZKLWH 0HGLWHUUDQHDQ 5HYLYDO DUFKLWHFWXUH WKH URFNLQJ FKDLU OLQHG YHUDQGD DQG LPSHFFDEOH VHUYLFH ZLOO PDNH \RXU HYHQW D PXFK SKRWRJUDSKHG GD\ WR UHPHPEHU %DOOURRP EHDXW\ (QWHU WKH ZRUGV ³&KLKXO\´ DQG ³9LQR\´LQ DQ LQWHUQHW VHDUFK DQG \RX¶OO ILQG WKRXVDQGV RI YDFDWLRQ SKRWRJUDSKV RI DUWLVW 'DOH &KLKXO\¶V VWXQQLQJ SLHFH IRRW JODVV FKDQGHOLHU ZKLFK KDQJV LQ WKH *UDQG %DOOURRP -XVW LPDJLQH \RXU ILUVW GDQFH WDNLQJ SODFH XQGHU WKH KRWHO¶V PRVW VZRRQ ZRUWK\ IHDWXUH 7KH ¶ V PHHW WKH VW FHQWXU\ <RXU JXHVWV ZLOO HQMR\ DOO WKH FRPIRUWV RI D PRGHUQ IRXU VWDU UHWUHDW IURP WKH QHZO\ UHQRYDWHG OREE\ DQG 3URPHQDGH %DU RQ VLWH KHDOWK FOXE OLJKWHG WHQQLV FRXUWV KHDWHG RXWGRRU VZLPPLQJ SRRO DQG 5RQ *DUO GHVLJQHG SULYDWH JROI FRXUVH ZKLOH UHOD[LQJ LQ D OX[XUL RXV ODQGPDUN 7KH KRWHO LV RQ WKH 1DWLRQDO 5HJLVWHU RI +LVWRULF 3ODFHV 'LYLQH GHVWLQDWLRQ 7KLV ZDONDEOH GRZQWRZQ LV WKH QHZ VWDU LQ )ORULGD¶V DUW VFHQH ZLWK WKH &KLKXO\ &ROOHFWLRQ 7KH 'DOt 0XVHXP DQG WKH 0XVHXP RI )LQH $UWV DOO ZLWKLQ PLQXWHV RI WKH 9LQR\¶V IURQW GRRU 1HDUE\ KRW VSRWV %HDFK 'ULYH¶V GLQLQJ VKRSSLQJ DQG EDU VFHQH
/,0(/,*+7 3+272*5$3+< 7$%/( 6,; 352'8&7,216
%(67 2) :('',1* 9(18(6 n /2(:6 '21 &(6$5 +27(/ 67 3(7( %($&+ 7KH ³3LQN 3DODFH´ LV D FODVVLF VSRW IRU D OX[XULRXV EHDFK ZHGGLQJ ZKHWKHU LW¶V LQ WKH VDQG LQ WKH JDUGHQ RU LQ RQH RI WKHLU JUDQG EDOOURRPV
o +<$77 5(*(1&< &/($5:$7(5 %($&+ 7KH :HVW ,QGLHV VW\OH UHVRUW RIIHUV SURIHVVLRQDO ZHGGLQJV DQG HYHQ SODQQLQJ VHUYLFHV
p +21(<0221 ,6/$1' '81(',1 +DYH WKH LVODQG ZHGGLQJ RI \RXU GUHDPV ZLWKRXW OHDYLQJ WKH FRQWLQHQWDO 8QLWHG 6WDWHV
q 6$1'3($5/ 5(6257 &/($5:$7(5 %($&+ :LWK PRUH WKDQ JXHVW URRPV RYHUORRNLQJ WKH *XOI RI 0H[LFR \RXU JXHVWV ZLOO VD\ WKH\ GR WRR
r 9,12< 5(1$,66$1&( 67 3(7(56%85* 7KH *UDQG %DOOURRP ZKLFK IHDWXUHV D VWXQQLQJ 'DOH &KLKXO\ FKDQGHOLHU FDQ DFFRPPRGDWH JXHVWV
)RU PRUH LQIRUPDWLRQ RQ ZHGGLQJV JR WR 9LVLW63& FRP :HGGLQJV 9,6,7673( 7(&/($5:$7(5 &20
,7·6 $ 62&,$/ :25/'
7KH MR\ RI OLYLQJ LQ 6W 3HWH &OHDUZDWHU FRPHV ZLWK VKDULQJ WKLV YLEUDQW DQG EUHDWKWDNLQJ GHVWLQDWLRQ (YHU\GD\ H[SHULHQFHV FDSWXUHG LQ WKH PRPHQW DQG VKDUHG DFURVV )DFHERRN 7ZLWWHU DQG ,QVWDJUDP )ROORZ DORQJ HQMR\ WKH EHDXW\ DQG DGG \RXU ELWV RI SDUDGLVH WR 9LVLW 6W 3HWH &OHDUZDWHU·V VRFLDO PHGLD FKDQQHOV WRR )% FRP 9LVLW6W3HWH&OHDUZDWHU RU #963&
7523,&$1$ ),(/' $7 6816(7
*5$1' 35,; 5$&(6 7+528*+ 67 3(7(
6.<:$< %5,'*( )520 )257 '( 6272
5(',1*721 %($&+ 6816(7 6752//
67 3(7( 6((1 )520 7$03$ %$<
)5(6+ &$7&+ $7 -2+1·6 3$66
6.< 685),1* $%29( &/($5:$7(5 %($&+
'2/3+,16 2)) &$/$'(6, ,6/$1'
7$5321 635,1*6 (3,3+$1<
9,%5$17 3$/0 +$5%25 6816(7
681'$< $7 %(62 '(/ 62/ ,1 '81(',1
6.< $%/$=( $%29( 67 3(7(
6+(//,1* 21 &/($5:$7(5 %($&+
%2$76 21 ,175$&2$67$/ ,1 &/($5:$7(5
&2/25)8/ &$&786 21 &$/$'(6, ,6/$1'
6+,1< 67 3(7( 6815,6(
̽à > >L ÕÌ Ì i -Õ ÃiÌÃttt U ÀiVÌ Þ >VÀ Ãà vÀ >Ü>À` Ü } i>ÀÜ>ÌiÀ i>V > ` * iÀ Èä U £äÇ Li>ÕÌ vÕ Þ >«« Ìi` }ÕiÃÌ À à > ` ÃÌÕ` Ã Ü Ì Û iÜà v Ì i Õ v v iÝ V À i>ÀÜ>ÌiÀ >À > U « i Ì>ÀÞ V Ì i Ì> LÀi> v>ÃÌ `> Þ U -Ü } « Ü Ì > Û iÜ v i>ÀÜ>ÌiÀ >ÀL À U >LÕ Õà ÃÕ ÃiÌà vÀ i>ÀÜ>ÌiÀ i>V ½Ã Þ £äÌ y À À vÌ « L>À ޽à À Üà iÃÌ U Ûi i ÌiÀÌ> i Ì U à ÀÌ Ü> Ì Ã «Ã > ` ÀiÃÌ>ÕÀ> Ìà U " à Ìi V ÛiÀi` «>À } U « i Ì>ÀÞ 7
£ä£ À >` À Ûi] i>ÀÜ>ÌiÀ i>V ] ÎÎÇÈÇ nxx nx Ó xÓ U ÇÓÇ ÈnÎ äääÓ U * iÀ ÕÃiÈä°V
AFTER
'$5. :+(1 7+( 681 6(76
+($' 72 '2:172:1 67 3(7( )25 $ 1,*+7 287 :,7+ 7+( )$0,/< ³ 25 025( 623+,67,&$7(' *52:1 83 )81
&HQWUDO $YHQXH LV WKH KHDUW RI GRZQWRZQ 6W 3HWHUVEXUJ·V EXVWOLQJ QLJKWOLIH LWV EDUV DQG UHVWDXUDQWV NHHSLQJ D OLYHO\ EHDW
:
75< 7+( 522)723 &$123< %$5 21 %($&+ '5,9( )25 &2&.7$,/6 :,7+ $ 9,(:
67 3(7( 6+8))/( ,6 $ )81 :$< )25 $// $*(6 72 63(1' $ )5,'$< 1,*+7
086,& /29(56 &$1 &$7&+ 7$/(17(' /2&$/ $&76 $/0267 $1< 7,0(
LWK VZD\LQJ SDOP WUHHV IULHQGO\ ORFDOV DQG D EXVWOLQJ QLJKWOLIH WKHUH¶V QR EHWWHU SODFH WR VSHQG DQ HYHQLQJ WKDQ GRZQWRZQ 6W 3HWH )URP JOLW]\ %HDFK 'ULYH WR WKH WHHPLQJ VLGHZDONV RI WKH &HQWUDO $YHQXH GLVWULFW WKHUH¶V WUXO\ VRPHWKLQJ IRU HYHU\RQH ² ZKLFK LV ZK\ WKH 1HZ <RUN 7LPHV SODFHG LW RQ WKHLU JOREDO OLVW RI ³ 3ODFHV WR *R LQ ´ 0HUH EORFNV IURP WKH ZDWHUIURQW DQG D EULVN ZDON IURP 7URSLFDQD )LHOG GRZQWRZQ 6W 3HWH LV D WUDYHOHU¶V SDUDGLVH %HWZHHQ WKH SRVWFDUG SHUIHFW SDOP WUHHV DUH EDUV DQG UHVWDXUDQWV WR ILW HYHU\ WDVWH 7KLV LVQ¶W \RXU JUDQGIDWKHU¶V ¶%XUJ 7KH QHZ FURZQ MHZHO RI WUHQG\ %HDFK 'ULYH WKH %LUFKZRRG KRWHO ± KRPH WR WKH EHVW YLHZV LQ GRZQWRZQ 6W 3HWH ± LV WKH SODFH WR VHH DQG EH VHHQ 6LS D GHFDGHQW /DYHQGHU 'UHDP 0DUWLQL LQ RQH RI WKH &DQRS\ 5RRIWRS /RXQJH¶V SULYDWH FDEDQDV RU KHDG GRZQVWDLUV IRU FXWWLQJ HGJH FXLVLQH DW %LUFK 9LQH WKH V 6SDQLVK 0LVVLRQ VW\OH KRWHO¶V WUHQG\ HDWHU\ %XW EH VXUH WR KLW WKH URRIWRS DW VXQVHW ,Q WKH ZDQLQJ GXVN OLJKW ZLWK D ORYHO\ EUHH]H EORZLQJ LQ IURP 7DPSD %D\ \RX ZRQ¶W ZDQW WR OHDYH 1RW HQRXJK JODPRXU IRU \RXU WDVWH" 6WUROO GRZQ RQH EORFN WR 7U\VW *DVWUR /RXQJH DQ LPSRVVLEO\ KLS JDVWUR SXE ZLWK D 6RXWK %HDFK IHHO 7KH FRFNWDLO OLVW LV LPSUHVVLYH WKH EHHU RIIHULQJV DUH XQH[SHFWHGO\ DPSOH DQG WKH PHQX LV VRSKLVWL FDWHG \HW DFFHVVLEOH *UDE D VHDW DW WKH LQGRRU RXWGRRU FRXQWHU RU VHWWOH LQ RQ WKH VLGHZDON WR ZDWFK WKH EHDXWLIXO SHRSOH FRPH DQG JR %HIRUH \RX OHDYH %HDFK 'ULYH \RX PXVW FKHFN RXW &DVVLV $PHULFDQ %UDVVHULH ± 6W 3HWH¶V RZQ WDVWH RI )UDQFH :LWK LQYLWLQJ VLGHZDON WDEOHV D EODFN DQG ZKLWH FKHFNHUHG IORRU DQG D 3DULVLDQ YLEH &DVVLV ZRRV \RX EHIRUH \RX HYHQ SODFH \RXU RUGHU (QMR\ VWHDN IULWHV DQG DQ HOGHUIDVVLRQ PXGGOHG RUDQJHV FKHUULHV ELWWHUV 6W *HUPDLQ HOGHUIORZHU OLTXRU DQG -DPHVRQ¶V ,ULVK ZKLVNH\ EHIRUH KHDGLQJ RYHU WR WKH EDNHU\ IRU VRPH KRPH PDGH PDFDURQV )RU EHHU ORYHUV WKH $OH DQG WKH :LWFK LV WKH SODFH WR EH 7KLV GRJ IULHQGO\ ± QD\ GRJ HQFRXUDJHG ± VSRW KRVWV OLYH EDQGV QLJKWO\ &KHFN WKH LPSRVLQJ FKDONERDUG IRU DQ HYHU FKDQJLQJ OLVW RI $PHULFDQ FUDIW EHHUV DQG WDNH D VHDW FROG EUHZ LQ KDQG LQ WKH FREEOHVWRQH FRXUW\DUG &DQ¶W WHOO DQ LPSHULDO ,3$ IURP DQ $PHULFDQ VWURQJ DOH" 2ZQHU %UHWW $QGUHVV DQG KLV IULHQGO\ NQRZOHGJHDEOH
'2:172:1 67 3(7( 2))(56 $ 7(032 )25 (9(5< 7$67( )520 &+,& %($&+ '5,9( 72 7+( 7+( $576< :(67 (1'
$6 '2:172:1 67 3(7( 675(7&+(6 :(67:$5' +,367(5 +$1*2876 /,.( 7+( %(1'6 48,&./< '(9(/23 $ /2<$/ )2//2:,1*
VWDII ZLOO SXW WKH SHUIHFW EHHU LQ \RXU KDQG 1H[W GRRU WKH :LQH 0DGRQQD D FR]\ ERXWLTXH ORXQJH VHUYHV ZLQHV E\ WKH JODVV %ULQJ \RXU GULQN RXW RQ WKH FRXUW\DUG DQG MRLQ WKH UHYHOLQJ $OH DQG WKH :LWFK SDWURQV IRU D IXQN\ EDOP\ QLJKW LQ WKH ¶%XUJ ,Q WKH KHDUW RI GRZQWRZQ 6W 3HWH WKH &HQWUDO $YHQXH EORFN KRVWV DQ LPSUHVVLYH DUUD\ RI QLJKWWLPH VSRWV *HW \RXU PL[RORJ\ IL[ DW WKH 0DQGDULQ +LGH ZKHUH FURZGV FRQYHUJH IRU FODVVLF VSHDNHDV\ VW\OH FRFNWDLOV LQ WKH EDU¶V FR]\ DPELHQFH 2QH EORFN QRUWK JUDE D SLQW DQG VRPH SXE JUXE DW WKH SRSXODU ,ULVK SXE 0DF'LQWRQ¶V ZKHUH \RX FDQ FDWFK VRPH OLYH PXVLF RU D JDPH RQ RQH RI WKHLU PDQ\ 79V 7KHUH¶V PRUH URRIWRS UHYHOU\ MXVW D IHZ EORFNV VRXWK DW WKH WKXPSLQJ 3XVK 8OWUD /RXQJH )DVKLRQDEOH DWWLUH LV DSSUHFLDWHG QR IOLS IORSV SOHDVH DW WKLV KRW VSRW WKDW KDV KRVWHG SDUWLHV IRU FHOHEULWLHV DQG '-V IURP DOO RYHU WKH ZRUOG <RX¶OO ILQG DQ H[FHOOHQW QRXYHDX VW\OH 0H[LFDQ UHVWDXUDQW GRZQVWDLUV 5HG 0HVD &DQWLQD ZKHUH \RX FDQ ZDVK GRZQ D GXFN TXHVDGLOOD ZLWK D JODVV RI
$0(5,&$¶6 %(67 %($&+(6
WKH EHVW VDQJULD LQ WRZQ +LSVWHUV DQG IDPLOLHV DOLNH FDQ HQMR\ D JDPH DQG D ELW RI ORFDO KLVWRU\ DW WKH 6W 3HWHUVEXUJ 6KXIIOHERDUG &OXE )ULGD\ QLJKWV DUH IUHH ² \RX FDQ HYHQ KDYH IRRG GHOLYHUHG ULJKW WR \RXU FRXUW $QG LI \RX WKLQN WKDW¶V TXDLQW WKLQN DJDLQ 6W 3HWH 6KXIIOH LQVSLUHG YLVLWLQJ KLSVWHUV IURP %URRNO\Q WR VWDUW WKHLU RZQ VKXIIOHERDUG FRXUWV LQ 1HZ <RUN )RU VRPHWKLQJ GLIIHUHQW KHDG WR 6DNH %RPE 7KLV HFOHFWLF EDU VKRZFDVHV ORFDO DUW IURP GRZQWRZQ 6W 3HWH¶V EXUJHRQLQJ DUW VFHQH :LWK URWDWLQJ '-V SXPSLQJ RXW DOWHUQDWLYH PXVLF 8OWUDPDQ UHUXQV RQ WKH ELJ VFUHHQ 79 DQG SDWURQV OLQHG XS IRU WKH EDU¶V QDPHVDNH EHHUWDLO \RX¶OO IHHO OLNH D UHJXODU LQ QR WLPH $QG LI \RX OLNH WKLQJV D OLWWOH RQ WKH JULWW\ VLGH FKHFN RXW WKH (PHUDOG %DU ² GRZQWRZQ¶V KLSSHVW GLYH 7KLV GDUN VPRN\ VKRWJXQ VW\OH EDU KDV EHHQ VHUYLQJ FRFNWDLOV ² VWURQJ DQG FKHDS ² VLQFH )RU PRUH QLJKWOLIH RSWLRQV JR WR 9LVLW 63& FRP 1LJKWOLIH
+ *2 5&1* +(&.
&$ . + $ $&3
1* 1. 1" *&$. * +&*. + $.* ""5 "& . .3 $ " *3 . * $ .) . * ."5 &$ . 1" & 4 &) 4( * $ &1* .*&( " +1$ $." * 6 + (&3 * 3 . + $ $ +( *!" $ "1 * $ 3 . *+ 3 * 5&1 $ +$&*! " + 3 $ +1* . +! $ #&* $ $ +1 " " $ $ $ &+ +. 1* $. &* &1.+ &$ . * $ &* .*1 "&* 4( * $ ) $ &5 &&" * $!+ $ +" $ #1+ . &1* + ! * 2 $ $ ) &* * + *2 . &$+ 2 + . 333) &1 " * +&*.) &# &* "" ' 77 %0 %7, ','07 1" &1" 2 * &*. $ .&$ //,7
:,17(5·6 +23( $IWHU KHU VWDUULQJ UROH LQ 'ROSKLQ 7DOH $PHULFD·V PRVW IDPRXV GROSKLQ VKDUHV WKH VFUHHQ ZLWK +RSH LQ 'ROSKLQ 7DOH
7
KH ER[ RIILFH KLW 'ROSKLQ 7DOH LQWURGXFHG KXQGUHGV RI WKRXVDQGV RI QHZ YLVLWRUV WR WKH &OHDUZDWHU 0DULQH $TXDULXP DV ZHOO DV WKH PRYLH¶V DTXDWLF VWDU :LQWHU 7KH ILOP ZLWK LWV WUXH OLIH VWRU\ DERXW D ERWWOHQRVH GROSKLQ WKDW OHDUQHG KRZ WR VZLP ZLWK D SURVWKHWLF WDLO DQG WKH ER\ ZKR EHIULHQGHG KHU VWUXFN D FKRUG ZLWK PRYLHJRHUV ,WV VXFFHVV DQG :LQWHU¶V HQGXULQJ SRSXODULW\ KDV OHG WR D VHTXHO RQH WKDW ZLOO FDSWLYDWH IDQV RI WKH ILUVW ILOP DQG QHZFRPHUV DOLNH 7KH VHTXHO EHJDQ ILOPLQJ LQ 2FWREHU DW WKH DTXDULXP DQG HOVHZKHUH LQ 3LQHOODV &RXQW\ 7KH ILOP¶V VWDUV ± +DUU\ &RQQLFN -U 0RUJDQ )UHHPDQ DQG $VKOH\ -XGG ² DUH DOO UHWXUQLQJ IRU WKLV QHZ FKDSWHU 6R LV WKH PRYLH¶V WUXH VWDU :LQWHU :LQWHU DV PRVW NQRZ LV WKH GROSKLQ WKDW ZDV UHVFXHG IURP D FUDE WUDS RII WKH HDVWHUQ FRDVW RI )ORULGD 6KH ZDV QRW H[SHFWHG WR OLYH EXW VKH WKULYHG DW WKH &OHDUZDWHU 0DULQH $TXDULXP DQG EHFDPH D ZRUOGZLGH LQVSLUDWLRQ ³3HRSOH KDYH DQ HPRWLRQDO H[SHULHQFH ZKHQ WKH\ YLVLW ´ VDLG DTXDULXP &(2 'DYLG <DWHV ³6KH KHOSV SHRSOH XQGHUVWDQG WKDW \RX FDQ RYHUFRPH DQ\ REVWDFOH ´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¶6 %(67 %($&+(6
:LQWHU SOD\HG KHUVHOI LQ WKH :DUQHU %URV ILOP 'ROSKLQ 7DOH ZKLFK ZDV EDVHG RQ WKH WUXH VWRU\ RI KHU UHVFXH DQG ZDV ILOPHG LQ 6W 3HWHUVEXUJ &OHDUZDWHU
27+(5 029,(6 ),/0(' ,1 67 3(7( &/($5:$7(5
635,1* %5($.(56 -DPHV )UDQFR 6HOHQD *RPH] DQG 9DQHVVD +XG JHQV VSHQW WLPH LQ 6W 3HWH %HDFK ILOPLQJ WKLV PRYLH DERXW IRXU FROOHJH JLUOV ZKR ODQG LQ MDLO DIWHU UREELQJ D UHVWDX UDQW LQ RUGHU WR IXQG WKHLU VSULQJ EUHDN YDFDWLRQ
0$*,& 0,.( &KDQQLQJ 7DWXP VWDUV DV D VWULSSHU ZKR WHDFKHV D \RXQJHU SHUIRUPHU WR SDUW\ SLFN XS ZRPHQ DQG PDNH HDV\ PRQH\ 7KH FUHZ VSHQW WLPH LQ 7DUSRQ 6SULQJV DQG 6W 3HWHUV EXUJ DV ZHOO DV QHDUE\ 7DPSD DQG <ERU &LW\
0HHW +RSH DQG :LQWHU DORQJ ZLWK RWWHUV WXUWOHV DQG VKDUNV DW WKH &OHDUZDWHU 0DULQH $TXDULXP
025( '2/3+,1 7+(0(' )81 2&($1·6 (/(9(1 2QH RI WKH VFHQHV LQ WKH KLW PRYLH VWDUULQJ *HRUJH &ORRQH\ DQG %UDG 3LWW ZDV ILOPHG DW 'HUE\ /DQH LQ 6W 3HWHUVEXUJ ,Q WKH PRYLH 'DQQ\ 2FHDQ DQG KLV DFFRP SOLFHV SODQ WR URE WKUHH /DV 9HJDV FDVLQRV VLPXOWDQH RXVO\
%(+,1' 7+( 6&(1(6 *R EHKLQG WKH VFHQHV WR ORRN DW WKH KLW ILOP ZLWK UHFUHDWHG PRYLH VFHQHV LPDJHV DQG D YDULHW\ RI SURSV XVHG LQ 'ROSKLQ 7DOH DW :LQWHU¶V 'ROSKLQ 7DOH $GYHQWXUH ORFDWHG LQ GRZQWRZQ &OHDUZDWHU¶V +DUERUYLHZ &HQWHU 7KH H[KLELW LQFOXGHV WZR PLQL WKHDWHUV DQ LQWHUDFWLYH NLGV¶ DUHD DQG WKH +XUULFDQH ([SHULHQFH D VLPXODWLRQ RI WKH VLJKWV DQG VRXQGV RI D VWRUP MXVW OLNH +XU ULFDQH /HUR\ LQ WKH PRYLH
*5$&( ,6 *21( 3DUW RI *UDFH ,V *RQH ZDV ILOPHG DW )RUW 'H 6RWR 3DUN -RKQ &XVDFN VWDUUHG LQ WKLV ILOP 8SRQ KHDULQJ KLV ZLIH ZDV NLOOHG LQ WKH ,UDT ZDU D IDWKHU &XVDFN WDNHV KLV WZR GDXJKWHUV RQ D URDG WULS
6($/,)( 6$)$5, 7KLV NLG IDYRULWH LV D PLQXWH VFL HQWLVW QDUUDWHG ERDW ULGH WR D VFHQLF VKHOO LVODQG /RRN IRU GROSKLQV VHD ELUGV DQG RWKHU PDULQH OLIH DQG ZLW QHVV GDWD FROOHFWLRQ LQ DFWLRQ
'2/3+,1 75$,/ 'R]HQV RI DUWIXOO\ GHFRUDWHG ILEHUJODVV GROSKLQV DUH RQ GLVSOD\ WKURXJKRXW WKH DUHD DV DQ KRPDJH WR :LQWHU DQG D UHPLQGHU RI RXU SUH FLRXV HQYLURQPHQW 6SRWWLQJ WKHP LV D IXQ IDPLO\ DFWLYLW\
&2&221 7KLV ILOP GLUHFWHG E\ 5RQ +RZDUG LV DERXW D JURXS RI HOGHUO\ SHRSOH UHMXYHQDWHG E\ DOLHQV 0RYLH ORFDWLRQV LQFOXGH WKH 6W 3HWHUVEXUJ 6KXIIOH ERDUG &OXE WKH &ROLVHXP DQG WKH 6QHOO $UFDGH EXLOGLQJV
6800(5 5(17$/ -RKQ &DQG\ VWDUV LQ WKLV FRPHG\ ILOPHG LQ WKH 5HGLQJWRQV DQG ,QGLDQ 5RFNV %HDFK DERXW DQ DLU WUDIILF FRQWUROOHU ZKR WDNHV KLV IDPLO\ RQ YDFDWLRQ WR WKH EHDFK
<M<EKJ A8EL8IP
7KHUH¶V DOZD\V VRPHWKLQJ IXQ WR GR LQ 6W 3HWH &OHDUZDWHU +HUH¶V MXVW D WDVWH *R WR 9LVLW63& FRP (YHQWV IRU PRUH
=<9IL8IP
Â&#x2021; (SLSKDQ\ &HOHEUDWLRQ 7DUSRQ 6SULQJV Â&#x2021; 'RZQWRZQ 'XQHGLQ $UW )HVWLYDO Â&#x2021; 0DUWLQ /XWKHU .LQJ -U 'D\ 3DUDGH 6W 3HWH Â&#x2021; &RUH\ $UHD &UDIW )HVWLYDO 6W 3HWH %HDFK Â&#x2021; )ORULGD $IULFDQ $PHULFDQ +HULWDJH &HOHEUDWLRQ /DUJR
D8P
8GI@C Â&#x2021; 7DUSRQ 6SULQJV )LQH $UW )HVWLYDO Â&#x2021; 'XQHGLQ +LJKODQG *DPHV 0LOLWDU\ 7DWWRR Â&#x2021; 0DLQVDLO $UW )HVWLYDO 6W 3HWH Â&#x2021; 6W $QWKRQ\¶V 7ULDWKORQ 6W 3HWH
Â&#x2021; )LUHVWRQH *UDQG 3UL[ RI 6W 3HWHUVEXUJ Â&#x2021; 9DOVSDU &KDPSLRQVKLS 3DOP +DUERU Â&#x2021; 7DPSD %D\ %OXHV )HVWLYDO 6W 3HWH Â&#x2021; /DUJR $UW +RS DQG 7DVWH )HVW
ALE<
Â&#x2021; $PHULFDQ 6WDJH LQ WKH 3DUN 6W 3HWH Â&#x2021; -RKQ /HYLTXH 3LUDWH 'D\V 0DGHLUD %HDFK Â&#x2021; 6W 3HWH 3ULGH
8L>LJK
ALCP Â&#x2021; )RXUWK RI -XO\
Â&#x2021; 0DG %HDFK %LNH )HVW 0DGHLUD %HDFK
Â&#x2021; :DUSHG 7RXU 6W 3HWH
F:KF9<I Â&#x2021; &OHDUZDWHU -D]] +ROLGD\ Â&#x2021; &OHDUZDWHU %HDFK &KDON $UW )HVWLYDO Â&#x2021; -RKQ¶V 3DVV 6HDIRRG )HVWLYDO 0DGHLUD %HDFK Â&#x2021; 2NWREHUIHVW 2OGVPDU Â&#x2021; 5LEIHVW 6W 3HWH Â&#x2021; $UW +DUYHVW LQ WKH 3DUN 'XQHGLQ Â&#x2021; 'XQHGLQ :LQHV WKH %OXHV Â&#x2021; 6SRQJH 'RFNV 6HDIRRG )HVWLYDO 7DUSRQ 6SULQJV $0(5,&$¶6 %(67 %($&+(6
D8I:?
EFM<D9<I
J<GK<D9<I Â&#x2021; *HFNR)HVW *XOISRUW Â&#x2021; $ 7DVWH RI &OHDUZDWHU Â&#x2021; %ULJKW +RXVH &OHDUZDWHU 6XSHU %RDW 1DWLRQDO &KDPSLRQVKLS
;<:<D9<I Â&#x2021; (631 6W 3HWHUVEXUJ %RZO Â&#x2021; 2XWEDFN %RZO %HDFK 'D\ &OHDUZDWHU %HDFK Â&#x2021; )LUVW 1LJKW 6W 3HWHUVEXUJ
%(<21' 7+( %($&+
<RX KDYH D IHZ GD\V PD\EH D ZHHN DQG \RX¶UH HDJHU WR HQMR\ VDQG DQG VHD %XW WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD KDV VR PXFK PRUH WR RIIHU
,7,1(5$5< +(5,7$*( +233(5 (;3/25( /2&$/ +,6725< $1' &8/785( 3,1(:22' &8/785$/ 3$5. $1' +(5,7$*( 9,//$*( ,1 /$5*2
'$<
7$5321 635,1*6 6321*( '2&.6 3/86 $1&/27( .(< /,*+7+286( 1DWXUDO VSRQJH
3LQHZRRG &XOWXUDO 3DUN LQ /DUJR LV D DFUH
'$<
SDUN WKDW FRQVLVWV RI +HULWDJH 9LOODJH DQG WKH )ORULGD %RWDQLFDO *DUGHQV $GPLVVLRQ WR WKH SDUN LV IUHH 7KH %RWDQLFDO *DUGHQV RIIHU
EHGV ZHUH GLVFRYHUHG LQ WKH HDUO\ V ZKLFK DWWUDFWHG *UHHN VSRQJH GLYHUV 7KH IDPRXV VSRQJH GRFNV DUH VLWXDWHG RQ WKH $QFORWH 5LYHU EHIRUH LW IORZV LQWR WKH JXOI /HDUQ WKH FRPSOHWH KLVWRU\ RI WKH DUHD¶V
PRUH WKDQ DFUHV RI JDUGHQV QDWXUDO
VSRQJH GLYLQJ DW 6SRQJHRUDPD D NLWVFK\ WKHDWHU DQG
)ORULGD KDELWDWV DQG EHDXWLIXO VFHQHU\ $W
PXVHXP 1RZDGD\V WKH VSRQJH GRFNV DUH KRPH
+HULWDJH 9LOODJH KLVWRULFDO VWUXFWXUHV SUHVHQW
WR WKH ILQHVW *UHHN UHVWDXUDQWV DQG PDUNHWV SOXV GR]HQV RI RSSRUWXQLWLHV IRU VLJKWVHHLQJ 1R WULS KHUH LV
D WDVWH RI OLIH LQ WKH SDVW
FRPSOHWH ZLWKRXW D YLVLW WR 6W 1LFKRODV *UHHN 2UWKRGR[ &DWKHGUDO 'HVLJQHG LQ WKH 1HZ %\]DQWLQH VW\OH LW¶V DQ RUQDWH KLVWRULF EXLOGLQJ $ VKRUW ERDW ULGH DZD\ LV WKH $QFORWH .H\ /LJKWKRXVH QRZ SDUW RI D QDWXUDO SUHVHUYH
'81(',1 'XQHGLQ SURQRXQFHG GXQ (( GLQ ZDV QDPHG E\ 6FRWWLVK VHWWOHUV JHQHUDWLRQV DJR DQG WKH WRZQ LV ULFK ZLWK 6FRWWLVK KHULWDJH <RX FDQ VHH LWV LQIOXHQFH LQ WKH &HOWLF VKRSV DQG DUW DURXQG WRZQ /HDUQ PRUH DERXW WKH WRZQ¶V XQLTXH KHULWDJH DW WKH 'XQHGLQ +LVWRULFDO 0XVHXP KRXVHG LQ D UHVWRUHG UDLOURDG VWDWLRQ GRZQWRZQ 7KH 'XQHGLQ +LJKODQG *DPHV KHOG LQ WKH VSULQJ SD\ WULEXWH WR 6FRWWLVK FXOWXUH ZLWK ROG WLPH DWKOHWLFV SLSLQJ GUXPPLQJ GDQFLQJ DQG PRUH $ &HOWLF )HVWLYDO LV KHOG LQ WKH IDOO
'$<
9,6,7673( 7(&/($5:$7(5 &20
,7,1(5$5< )/25$ $1' )$81$ 6((. 287 1$785(·6 */25< '$<
'$<
'$<
3+,/,33( 3$5. $Q ,QGLDQ PRXQG OLVWHG LQ WKH 1DWLRQDO 5HJLVWHU RI +LVWRULF /DQGPDUNV DQG PDMHVWLF VKDGH WUHHV ZHOFRPH YLVLWRUV WR WKH ROGHVW SDUN LQ WKH DUHD 1HVWOHG RQ WKH VKRUHV RI 2OG 7DPSD %D\ 3KLOLSSH 3DUN ERDVWV D PLOH VKRUHOLQH D FKLOGUHQ¶V SOD\JURXQG SLFQLF DUHDV DQG D EDOO ILHOG $ ERDW UDPS DYDLODEOH WR WKH SXEOLF DOORZV IRU DFFHVV WR 7DPSD %D\
-2+1 &+(6187 65 3$5. $GMDFHQW WR EHDXWLIXO /DNH 7DUSRQ -RKQ &KHVQXW 6U 3DUN LV KRPH WR YDULRXV ZLOGOLIH LQFOXGLQJ ZDWHUIRZO KDZNV WXUWOHV DOOLJDWRUV DQG GHHU ORWV RI GHHU $ FDQRH WUDLO DQG WKUHH QDWXUH WUDLOV HDFK DERXW IHHW ORQJ SURYLGH KRXUV RI RXWGRRU IXQ IRU IDPLOLHV &OLPE WKH ORRNRXW WRZHU IRU EUHDWKWDNLQJ YLHZV RI WKH ODNH RU XVH WKH SXEOLF ERDW UDPS WR ODXQFK \RXU ERDW DQG WRXU WKH ZDWHUV RI /DNH 7DUSRQ
/$.( 6(0,12/( 3$5. /DNH 6HPLQROH 3DUN FRYHUV PRUH WKDQ DFUHV DQG LV FHQWUDOO\ ORFDWHG WR VHYHUDO FRPPXQLWLHV LQFOXGLQJ &OHDUZDWHU 6W 3HWHUVEXUJ DQG /DUJR 7KH SDUN UHVWV RQ WKH VKRUHV RI /DNH 6HPLQROH DQG LV KRPH WR D PLOH PXOWL XVH WUDLO IRU ZDONHUV MRJJHUV DQG ELNHUV 7KH SDUN RIIHUV DFFHVV WR WKH ODNH IRU YLVLWRUV ZKR HQMR\ ERDWLQJ ZDWHU VNLLQJ MHW VNLLQJ DQG ILVKLQJ
* * % $ ' ( *
! # ! "
$$
+0+0 , - " $ ++&0 ..."*$% " ..." " (*$% " / ,*, " (. *% . %! %% $0(5,&$¶6 %(67 %($&+(6
/ . , / , - * #
,7,1(5$5<
'$<
60$// :21'(56 $&7,9,7,(6 72 (1*$*( 7+( .,'6
*+267 72856
'2/3+,1 72856 7KH 'ROSKLQ /DQGLQJV &KDUWHU %RDW &HQWHU LQ 6W 3HWH %HDFK RIIHUV HYHU\WKLQJ IURP GROSKLQ WRXUV WR GHHS VHD ILVKLQJ WULSV 7KH SHDFHIXO ERDW ULGHV RIIHU UHOD[DWLRQ DIWHU EXV\ EHDFK RU WKHPH SDUN GD\V 3RGV RI GROSKLQV ZKLFK ORYH WR SOD\ LQ D ERDW¶V ZDNH IUHTXHQWO\ SXW RQ D VKRZ DQG PDNH LW DQ H[SHULHQFH QR FKLOG ² RU DGXOW ² ZLOO VRRQ IRUJHW
'$< &/($5:$7(5 0$5,1( $48$5,80 7KH &OHDUZDWHU 0DULQH $TXDULXP LV D QRQSURILW RUJDQL]DWLRQ GHGLFDWHG WR WKH UHVFXH DQG UHKDELOLWDWLRQ RI LQMXUHG PDULQH OLIH &UHDWXUHV IURP RWWHUV WR VKDUNV WR WXUWOHV FDOO WKLV SODFH KRPH 7KH PRVW IDPRXV UHVLGHQW LV D GROSKLQ QDPHG :LQWHU ZKRVH WDLO ZDV ORVW DIWHU VKH ZDV LQMXUHG LQ D FUDE WUDS 6KH LV WKH VXEMHFW RI WKH EORFNEXVWHU ILOP 'ROSKLQ 7DOH 'RQ¶W PLVV WKH 6HD /LIH 6DIDUL %RDW 7RXU .LGV DQG DGXOWV DOLNH ZLOO ORYH WKLV RQH RI D NLQG KDQGV RQ H[SHULHQFH
7KHVH WR PLQXWH WRXUV WHOO KLVWRULFDOO\ DFFXUDWH WDOHV RI SDVW WLPHV LQ )ORULGD 'RQ¶W OHW FRQFHUQV DERXW WKH FUHHS IDFWRU SXW \RX RII DV WKHVH WRXUV DUH IDPLO\ IULHQGO\ 7RXUV DUH DYDLODEOH LQ YDULRXV ORFDWLRQV LQFOXGLQJ 6W 3HWHUVEXUJ DQG -RKQ¶V 3DVV LQ 0DGHLUD %HDFK
'$< 681.(1 *$5'(16 7KH 6W 3HWHUVEXUJ DWWUDFWLRQ KDV QHDUO\ DFUHV RI ERWDQLFDO JDUGHQV )RU D VPDOO IHH YLVLWRUV FDQ VHH PRUH WKDQ VSHFLHV RI WURSLFDO SODQWV LQ D FRRO SHDFHIXO VHWWLQJ %LUGV DQG EXWWHUIOLHV FDOO 6XQNHQ *DUGHQV KRPH DQG WKHUH DUH GR]HQV RI RSSRUWXQLWLHV WR LQWHUDFW ZLWK WKHVH EHDXWLIXO FUHDWXUHV
'$<
%86&+ *$5'(16 $ VKRUW GULYH HDVW IURP WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD WKH SDUN KDV DQ $IULFDQ WKHPH DQG SURYLGHV D KDELWDW IRU PRUH WKDQ DQLPDOV $QG GRQ¶W IRUJHW WKH UROOHU FRDVWHUV ,I ZDWHU SDUNV DUH PRUH \RXU VW\OH YLVLW $GYHQWXUH ,VODQG 7KLV DFUH ZDWHU SDUN ORFDWHG QH[W WR %XVFK *DUGHQV LQFOXGHV VOLGHV ZDWHUIDOOV DQG D ZDYH SRRO
'$<
!
"
!
# ( # ! # ! ( $! ! # ) $ $
$!# # & $ #
"
## ! !
# ! % ( # ! ( $ # ' $ #& ! % ) # (
# # !# # $# !#
"
9,6,7673( 7(&/($5:$7(5 &20
,7,1(5$5<
635,1* 75$,1,1* :+2·6 21 ),567"
'$<
'$<
'$<
7+( -$<6 7KH
3+,/$'(/3+,$ )5(('20 %ULJKW +RXVH )LHOG LQ &OHDUZDWHU LV WKH 3KLOOLHV¶ VSULQJ KRPH DV ZHOO DV KRPH WR WKHLU &ODVV $ DIILOLDWH WKH &OHDUZDWHU 7KUHVKHUV ,W¶V DOVR IUHTXHQWO\ XVHG E\ WKH 1&$$ IRU WKHLU FRQIHUHQFH WRXUQDPHQW )XHO XS ZLWK D GHFDGHQW EUHDNIDVW DW /HQQ\¶V 5HVWDXUDQW QHDUE\ WKHQ WU\ WR VKDJ D IO\ EDOO RU WKUHH
7RURQWR %OXH -D\V PDNH WKHLU VSULQJ KRPH LQ 'XQHGLQ DW )ORULGD $XWR ([FKDQJH 6WDGLXP 2QH RI WKHLU PLQRU OHDJXH WHDPV WKH 'XQHGLQ %OXH -D\V DQG WKH 'XQHGLQ +LJK 6FKRRO EDVHEDOO WHDP DOVR XVH WKH VWDGLXP ,WV XWLOLWDULDQ QDPH EHOLHV WKH FKDUP WKH IDFLOLW\ SRVVHVVHV DQG ZLWK LWV ORFDWLRQ FORVH WR WKH FLW\¶V GRZQWRZQ GLVWULFW RSWLRQV IRU SUH RU SRVW JDPH VKRSSLQJ DQG GLQLQJ DERXQG
*(7 287 <285 3,1675,3(6 7KH 1HZ <RUN <DQNHHV SOD\ VSULQJ EDOO DW *HRUJH 0 6WHLQEUHQQHU )LHOG LQ 7DPSD /RFDWHG GLUHFWO\ DFURVV IURP 5D\PRQG -DPHV 6WDGLXP KRPH RI WKH 7DPSD %D\ %XFFDQHHUV IRRWEDOO WHDP WKH ILHOG LV KRPH WR WKH ZRUOG IDPRXV %URQ[ %RPEHUV 7KH ILHOG LV DOVR XVHG E\ WKH 7DPSD <DQNHHV D PLQRU OHDJXH WHDP ,WV SODFHPHQW LQ WKH KHDUW RI 7DPSD PDNHV LW FRQYHQLHQW IRU VKRSSLQJ ² DW ,QWHUQDWLRQDO 3OD]D IRU H[DPSOH DQG WKHUH DUH SOHQW\ RI UHVWDXUDQWV QHDUE\ WRR IURP IDPLO\ IULHQGO\ VWRSV WR H[SHQVH DFFRXQW IULHQGO\ ILQH GLQLQJ
%8,/' <285 2:1 ,7,1(5$5< )RU D FRPSOHWH OLVWLQJ RI DOO WKH DFWLYLWLHV LQ WKH 6W 3HWH &OHDUZDWHU DUHD JR WR 9LVLW63& FRP $FWLYLWLHV
& ' & $.+ + " & +1 ' #! #% &" +% + &" / . " " + " '+ '% + '+ / 0' / &1+ + $ 1 & " &'% &/ ' ".& '$ +1% "/ & "" "+ .+ + . " 1".& $ & ' %
" # !%%
! $ ! ! #
& & &
#(-22 . / % "&+ +" ,,(2 22 , ((() 22 -# ))), $0(5,&$¶6 %(67 %($&+(6
'$< 75,3 $'9(1785(6 $1' 025( $&5266 7+( %5,'*(6 ³ 7$03$ $1' (//(1721 $%287 0,/(6 $GYHQWXUHV DZDLW MXVW D VKRUW GULYH DZD\ ² DW %XVFK *DUGHQV /RZU\ 3DUN =RR 026, RU WKH )ORULGD $TXDULXP 7KULOO VHHNHUV ZLOO HQMR\ D GD\ DW %XVFK *DUGHQV ULGLQJ WKH WULSOH ODXQFK &KHHWDK +XQW UROOHU FRDVWHU DQG IORRUOHVV GLYH FRDVWHU 6KHL.UD WKHQ FDWFK WKHLU EUHDWK DW RQH RI WKH DQLPDO H[KLELWV 7KH SDUN LV KRPH WR FKHHWDKV OLRQV KLSSRV PHHUNDWV DQG PRUH 7KHLU QHZHVW ULGH )DOFRQ¶V )XU\ RSHQV WKLV \HDU DQG ZLOO EH WKH WDOOHVW DW IHHW IUHH VWDQGLQJ GURS WRZHU LQ 1RUWK $PHULFD 9RWHG WKH QDWLRQ¶V 1R )DPLO\ )ULHQGO\ =RR LQ UHFHQW \HDUV /RZU\ 3DUN =RR SURYLGHV DQ H[FHOOHQW H[SHULHQFH IRU WKH ZKROH IDPLO\ 6HH FURFRGLOHV DQG WLJHUV DQG EHDUV RK P\ 7KH $VLDQ *DUGHQV H[KLELW KRXVHV HQGDQJHUHG DQLPDOV VXFK DV WKH ,QGLDQ UKLQRFHURV DQG VORWK EHDU RWKHU H[KLELWV LQFOXGH PDQDWHHV ² D )ORULGD IDYRULWH ²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² ZLQGRZ VKRSSLQJ RU WKH UHDO WKLQJ ² DW ,QWHUQDWLRQDO 3OD]D RU +\GH 3DUN 9LOODJH 5HWDLOHUV IURP 1HLPDQ 0DUFXV WR 3RWWHU\ %DUQ IURP 7RPP\ %DKDPD WR 7HDYDQD PL[ LW XS ZLWK ORFDO ERXWLTXHV DQG HDWHULHV WR SURYLGH D OLYHO\ IUXLWIXO H[SHULHQFH 7UDYHO VRXWK IURP 6W 3HWHUVEXUJ DFURVV WKH VFHQLF 6XQVKLQH 6N\ZD\ EULGJH IRU D GD\ RI VKRSSLQJ DW WKH (OOHQWRQ 3UHPLXP 2XWOHWV 7KLV RXWGRRU VKRSSLQJ GHVWLQDWLRQ LV KRPH WR PRUH WKDQ RXWOHW VWRUHV ZLWK QDPHV OLNH 6DNV )LIWK $YHQXH &RDFK &DOYLQ .OHLQ 1LNH DQG /DFRVWH
7+(0( 3$5.6 $1' 025( ³ 25/$1'2 $%287 0,/(6 +LW RXWOHW PDOOV 'LVQH\ RU /HJRODQG )URP 6W 3HWHUVEXUJ IROORZ , 1RUWK WR , (DVW WR 2UODQGR <RX¶OO QRWLFH ZKHQ \RX KLW WKH FLW\ EHFDXVH WKH QXPEHU RI ELOOERDUGV IRU :DOW 'LVQH\ :RUOG ZLOO VN\URFNHW DQG HYHQ WKH WRZHUV KROGLQJ WKH SRZHU OLQHV FXUO LQWR PRXVH HDUV 7KH FLW\¶V IDPRXV WKHPH SDUNV DUH DOZD\V LQQRYDWLQJ $W :DOW 'LVQH\ :RUOG WKH FODVVLF 0DJLF .LQJGRP HQFKDQWV NLGV DQG NLGV DW KHDUW DQG WKH 1HZ )DQWDV\ODQG NHHSV WKLQJV IUHVK 'LVQH\¶V $QLPDO .LQJGRP DSSHDOV WR WKH QDWXUH ORYHU DQG 7\SKRRQ /DJRRQ LV JUHDW IRU FRROLQJ RII RQ D KRW GD\ 6HD:RUOG KDV D FRRO OLWHUDOO\ QHZ DWWUDFWLRQ FDOOHG $QWDUFWLFD (PSLUH RI WKH 3HQJXLQ *R IRU D ULGH ZLWK WKH 'HVSLFDEOH 0H PLQLRQV RU HQWHU WKH :L]DUGLQJ :RUOG RI +DUU\ 3RWWHU DW WKH 8QLYHUVDO 6WXGLRV SDUNV RU YLVLW DQ DWWUDFWLRQ WKDW¶V FKRFN D EORFN ZLWK IXQ WKH QHZ /HJRODQG )RU WKH VKRSSHUV LQ WKH IDPLO\ WKH 2UODQGR 3UHPLXP 2XWOHWV RIIHU PRUH WKDQ VKRSV WKDW KROG VRPHWKLQJ IRU HYHU\RQH IURP VKRHV WR FORWKHV DQG PRUH 2SWLRQV DERXQG IRU GLQLQJ IURP DOO \RX FDQ HDW EXIIHWV WR GLQQHU VKRZV DQG VPDOOHU DWWUDFWLRQV VSURXW XS LQ HYHU\ GLUHFWLRQ
%($87,)8/ 0(50$,'6 ³ :((., :$&+(( $%287 0,/(6 9LVLW WKH EHDXWLIXO VSULQJV VHH D PHUPDLG VKRZ DQG ELNH DORQJ SDWKZD\V UHPLQLVFHQW RI 2OG )ORULGD :HHNL :DFKHH 6SULQJV LV DQ H[SHULHQFH RI D OLIHWLPH $W WKH PHUPDLG VKRZ ZRPHQ IOLSSLQJ WKHLU WDLOV XQGHUZDWHU GD]]OH DQG GHOLJKW WRXULVWV LQ WKH VDPH ZD\ WKH\ KDYH VLQFH WKH DWWUDFWLRQ ILUVW RSHQHG LQ 7KH VXEPHUJHG WKHDWHU KROGV VHDWV 7KH SDUN DOVR RIIHUV ERDW FUXLVHV DQG ND\DNLQJ SDWKZD\V RQ WKH ULYHU %XFFDQHHU %D\ RIIHUV ERWK D IXQ IOXPH ULGH IRU WKULOO VHHNHUV DQG D OD]\ ULYHU IRU VZLPPHUV RI DOO DJHV $QLPDO VKRZV SURYLGH D IXQ DQG HGXFDWLRQDO ORRN DW DOOLJDWRUV VQDNHV DQG RWKHU IRUPV RI ZLOGOLIH 6FXED GLYLQJ LV DOVR D IXQ DFWLYLW\ IRU IRONV ZLVKLQJ WR UHJLVWHU ZLWK DQ DSSURSULDWH GLYH VKRS 9,6,7673( 7(&/($5:$7(5 &20
$ FRXSOH ZDONV DORQJ WKH 7UHDVXUH ,VODQG VKRUHOLQH DW VXQVHW
/LNH WKH WLGHV¶ UK\WKPLF UHWXUQ WR WKH VKRUH WKH 6W 3HWHUVEXUJ &OHDUZDWHU DUHD SXOOV \RX LQ DJDLQ DQG DJDLQ 1R RQH ZKR H[SHULHQFHV WKH DPD]LQJ VXQULVHV VSHFWDFXODU VXQVHWV DQG ZRUOGV RI SRVVLELOLWLHV LQ EHWZHHQ FDQ VWD\ DZD\ IRU ORQJ 6R DV \RXU YLVLW KHUH FRPHV WR DQ HQG ZH ZRQ¶W VD\ ³JRRGE\H ´ EXW VLPSO\
817,/ 1(;7 7,0( $0(5,&$¶6 %(67 %($&+(6
&DOP ZDYHV JHQWO\ ODS WKH VKRUH DW 6XQVHW %HDFK
Let’s be social.
There’s a vibe in St. Pete/Clearwater that lets you go all in. After all, this is where America’s Best Beaches meet world-class arts, so every single moment feels supercharged with possibility. Come groove to the solar-powered beat at VisitStPeteClearwater.com.