*8Ζ1($)2:/ 08==/(/2$'(5 $ 48(67

/21* $*2 +2//Ζ6 %25( )25 .8'8

"!


67$/.Ζ1*
+Ζ332
Ζ1 7+( 5(('6

20.0'#'!  


#  
)2 :+(5( 72 67$57
57

:ƵŶĞ ϮϬϭϴ Zϰϭ͕ϰϬ ŝŶĐů sd

EĂŵŝďŝĂ EΨϰϯ͕ϱϬ


 $PSUR 5LȵH %LSRG O =HLVV 9 [ VFRSH

  
  
 *8Ζ1($)2:/ 08==/(/2$'(5 $ 48(67
/21* $*2 +2//Ζ6 %25( )25 .8'8




! 


  ,



67$/.Ζ1*
   +Ζ332
Ζ1 7+( 5(('6



  


"  

 :+(5( 72 67$57
57

    
 ' /+&- :ƵŶĞ ϮϬϭϴ

EĂŵŝďŝĂ EΨϰϯ͕ϱϬ
Zϰϭ͕ϰϬ ŝŶĐů sd



)+)1!   %  *'!  $PSUR 5LȵH %LSRG O =HLVV 9 [ VFRSH
  
  

)& &+ !

+.&'
"1 #,1   
. 
  %%0  .& % !*2 #& %$
WĂƵů ^ĐĂƌůĂƚĂ

"  )#0( 


) + )% .) ) &)
ƵĂŶ ZŽďŝŶƐŽŶ

"     

-%0 & %0 -%& %0
:ŽŚŶ ŽůĞŵĂŶ

--   "1 


  &  0 % )  &)%  
ZŽďŝŶ ĂƌŬĞƐ

-)  $ 
 % 

% $&  &  -%0 +)%&
ǁĂŶĂ ƐŬĂƌŝ

,1    
  

    -%  ) . )%
'ƌĞŐ EĞůů

,) 
    


+) %& %
DŽƌŐĂŶ ,ĂƐĞůĂƵ

1  
 


 "+&)  +% % &)  %
'ƌĞŐŽƌ tŽŽĚƐ

   

 #-)1 

+&)%  & %)%& ) & % - .) ) &+
WŚŝůůŝƉ ,ĂLJĞƐ

 

 
 .  ) )% 0
&ƌĂŶĐŽŝƐ ǀĂŶ ŵŵĞŶĞƐ

"

 
%& %    )&
&ĞƌŐƵƐ ƌŽǁŶ

- 
  

 &&)  +%& % )) &) %)
WŚŝůůŝƉ ,ĂLJĞƐ

 ¶!   
% ).- &)
:ŽŚĂŶ ǀĂŶ LJů

  

  
    


   


:W 
 
  

*- ;1:/
IA2)%<B)=%%2 "F I=)%BI)A<22
D:@*;*/'./.'/C.616H

+O 
 

   


  *:, .3:(@ I2B)&%)0A%=
*:,6-.3:(@.*B&61.

(2'0 '!- 
7C; 1;(1""
I<0)%B)<0A
+7C;61;(1"".*B&61.
.0-' ) 
-/ -,: IB2)<0<)=&&0
"F IB2)<=B)&==&
"*:(;FF;;616H

 
  
"4 WN:/+IO/J++:

";FM5"6MG T W$J/+OW/NI::

 8T N+OW, 8FM.SU ,WJ+
514565-6P5>8>V
dZ/> d>< ʹ ϲ #0(- (*--*3 G;
,*/' */@1 @( C@C: ('0-#20#'! #0(- :'1: 11;
('0-#20#'! #0(- -1-. 1
.#!' ' -(20#(' -*@ G:
ZZ^ >ddZ^ ʹ ϴ 2#0(- ' -#0-
06AF<&
..1 1:'/ ;-C
/@/ 13:
&#'#.0-0#(' ' #.0-#20#('
!2 'H*/ *- ;1:/
, @1 1C: 11@; 2.-#)0#('. ' #'-. */ 1;@:@
;C;:*3@*1/;./.'/C.616H
d^d ZWKZd^ -#'! (.0 ' -,. -$0

.3:1 *"- *31 A& */ 1;@:@
-;;*"*;./.'/C.616H
*;; 1/7C;@ & = B&F%I *"- 13 %

'KE' ^,KKd KDWd/d/KE ʹ ϰϳ


O, 4,-G 'H*/;5
d, d>< ʹ ϲϬ !-!2 *; 3C-*;(
*@:1 1E:; */ CHH-)1:;8 / *;@:*C@ G * B&
 *D*;*1/ 1" ;*1/- :;
'KK &KK ʹ ϲϯ 2%#."- (C/; /@:
C*/"1E- @E
3-0#.#'!  *:, .3:(@
I2B)&%)0A%= *:,6.3:(@.*B&61.
0!(-5 '!-
:./ ;;-./
Dz K'͕ D'EhD ʹ ϲϰ
0(-.,
(2'0.
1:G ;;13 IB2)&I)A%B2
D'EhD͛^ DZ<d ʹ ϲϲ -()-#0(- 
C/@ C-*;(*/' 4@G5 @
-#'0 5 :- * 3
dZ/E' WK^d ʹ ϲϲ #.0-#20#(' / @( D/@ 1"
:@*- ;C33-G 3:1-.; 1/@@
^h^Z/Wd/KE^ ʹ ϲϲ
:./ ;;-./ IB2)&&A)00<%

KK< ^,>& ʹ ϲϴ
(:;1/9; -3(/@ 3*/*1/; F3:;; */ D:@*;./@; 1: :@*-; :
/1@ /;;:*-G @(1; 1" @( *@1:; 1: C-*;(:;6
:; ;(1C- @, D:G : E*@( $::.; /
'>>Zz ʹ ϲϴ ..C/*@*1/6 !2 (; /1 1/@:1- 1D: ::;9
/-*/' . :;;; 1.31//@; 1: @(/*7C; / //1@ /@:@*/
*-D: 1, -*.; 1" /G /@C: E(@;1D:6 ( *@1:; :;:D
@:/' F%< C;: :@:*' @( :*'(@ @1 (/' />1: ;(1:@/ :@*-; /
-@@:;6 ( C-*;(: 3@; /1 :;31/;**-*@G "1:
@( 1/@/@ 1" D:@*;./@;6

0,+ /$ $0+ /! /$# $ /$ 444*&'&!'2&*(&


 

%4' 4 646/
7+( ³1(: /22.´ 0$*180 KDV HOLF
LWHG LQWHUHVWLQJ UHV SRQVHV IURP RXU
UHDGHUV DV WKRVH IRU DQG DJDLQVW KDYH
YRLFHG WKHLU DSSUHFLD LRQ RU GLVDSSURYDO
DFFRUGLQJO\ 1RZ PLJKW EH D JRRG WLPH
WR UHFDS RQ ZK\ ZH FKRVH WR JR WKLV
URXWH , KDYH WRXFKHG RQ WKLV LVVXH LQ
L 7 LO 7 ON DQG LQ UHSOLHV WR
DQ\WKLQJ SOHDVH
EHDU ZLWK PH
3ULQW PHGLD KDYH KDG D URXJK WLPH
GXULQJ WKH SDVW FRXSOH RI \HDUV ZLWK
FLUFXODWLRQ ILJXUHV GURSSLQJ PRVWO\ GXH
WR D QHZ JHQHUDWLRQ WKDW¶V QRW UHDGLQJ
ZLWK PDVVHV RI LQIRUPDWLRQ EHFRPLQJ
DYDLODEOH RQOLQH DQG DGYHUWLVHUV WU\LQJ
RQOLQH PHGLD WR FDSWXUH D QRQUHDGLQJ
DXGLHQFH +RZHYHU WKH K\SHGXS
SUHGLFWLRQ WKDW WKH LQWHUQHW ZLOO NLOO RII WKH
SULQW PHGLD VHHPV WR KDYH EHHQ PLV
SODFHG DV WKHUH KDV QRW EHHQ D VSDWH RI
UHDGHUV VZLWFKLQJ IURP SULQW WR
HYHUVLRQV +RZHYHU IRU WKRVH LQ WKH
SULQWSXEOLVKLQJ LQGXVWU\ FKDQJH LV
QRQHWKHOHVV QHHGHG WR HQVXUH D
VHFXUH IXWXUH
0DJQXP ZDV IRUWXQDWH WR KDYH KDG
DQ HGLWRU OLNH 5RQ $QJHU ZKR RYHU
GHFDGHV FUHDWHG D PDJD]LQH ZLWK D
VSHFLILF IRUPXOD DQG IODYRXU WKDW EHFDPH
D WUDGH PDUN , KDG QR VRRQHU DUULYHG DW
0DJQXP WKDQ 5RQ SDVVHG DZD\ DQG ,
IRXQG P\VHOI LQ WKH XQHQYLDEOH SRVLWLRQ
RI VXGGHQO\ KDYLQJ WR ILOO ELJ VKRHV
+RZHYHU LW ZDV FOHDU WKDW FKDQJH ZDV
QHHGHG DV RXU VDOHV OLNH WKRVH RI PRVW
PDJD]LQHV ZHUH WDNLQJ D EHDWLQJ 6R
ZH GHFLGHG WR SURJUHVVLYHO\ ³PRGHUQ
LVH´ <RX ZLOO KDYH QRWLFHG D ORW PRUH
³ZKLWH VSDFH´ DQG GHHSHWFKHG SKRWRV
LQ RXU OD\RXWV ± D VLJKW IDPLOLDU WR WKRVH
IUHTXHQWLQJ WKH EHWWHU TXDOLW\ ZHEVLWHV
7KLV VHHPV WR EH VXFFHVVIXO LQ HQWLFLQJ
\RXQJHU UHDGHUV +RZHYHU QRWZLWK
VWDQGLQJ WKH LOOXVLRQ RI µZDVWHG¶ VSDFH
FUHDWHG E\ WKH QHZ GHVLJQ RXU ZRUG
FRXQW KDV UHPDLQHG XQFKDQJHG VR \RX
D U H J H W W L Q J I X O O YD O X H IR U P R Q H \
$SDUW IURP RXU SXEOLVKLQJ D IHZ PRUH
WHVW UHSRUWV DQG SODFLQJ PRUH HPSKD
VLV RQ ORQJUDQJH VKRRWLQJ DQG
  
 
  
PRGHUQ ULIOHV RXU WUDGLWLRQDO PL[
UHPDLQV PXFK WKH VDPH
7KHUH DUH DSSHDOV IRU PRUH KXQWLQJ
DUWLFOHV ,Q WKLV UHVSHFW ZH DUH ODUJHO\ LQ
WKH KDQGV RI RXU FRQWULEXWRUV DQG ZKDW
WKH\ VXEPLW $V , KDYH VWDWHG EHIRUH LQ
WKHVH SDJHV PDQ\ RI RXU UHJXODU
FRQWULEXWRUV DUH JHWWLQJ RQ LQ \HDUV DQG
VORZLQJ GRZQ DQG WKHLU DUWLFOHV GR QRW
DSSHDU DV UHJXODUO\ DV ,¶G OLNH 0DQ\
ZHOONQRZQ FRQWULEXWRUV KDYH SDVVHG RQ
± PHQ ZKR OLYHG DQG KXQWHG LQ DQ $IULFD
WKDW KDV QRZ GLVDSSHDUHG DQG WKHLU
EUDQG RI VWRULHV ZLWK LW /RQJVWDQGLQJ
UHJXODU 0DJQXP UHDGHUV ZLOO KDYH QRWLFHG
WKDW IDPLOLDU QDPHV DUH VORZO\ IDGLQJ
DZD\ DQG P\ WDVN RI ILQGLQJ VXLWDEOH
UHSODFHPHQWV ZLWK VLPLODU H[SHULHQFH LV
QRQH WRR HDV\ &RQVHTXHQWO\ ,¶G OLNH WR
HQFRXUDJH RXU UHDGHUV WR UHFRUG WKRVH ROG
KXQWLQJ VWRULHV DQG H[SHULHQFHV DQG VHQG
WKHP LQ WR XV IRU FRQVLGHUDWLRQ
6RPH UHDGHUV KDYH UHPDUNHG WKDW WKH
VKULQNLQJ 5HDGHU¶V 0DUNHW DQG +XQWLQJ
2SSRUWXQLWLHV VHFWLRQV DUH VLJQV WKDW 0DJ
QXP LV ORVLQJ SRSXODULW\ 7KLV LV QRW FRU
UHFW 7RGD\ LW¶V VLPSO\ HDVLHU WR DGYHUWLVH
RQ WKH LQWHUQHW DV \RX FDQ SODFH DQ DGYHUW
RQOLQH RQ RQH RI PDQ\ ORFDO DGYHUWLVLQJ
VLWHV LQ PLQXWHV 7KHUH LV QR QHHG WR VHQG
LQ \RXU DGYHUW WR D PDJD]LQH ZDLW ZHHNV
IRU LW WR EH SXEOLVKHG DQG VRPH PRUH
ZHHNV WR KLW WKH VKHOYHV DQG RQO\ WKHQ JHW
D UHVSRQVH 7KH EDUJDLQ LV WKDW PRVW RI
WKHVH VLWHV RIIHU WKHLU VHUYLFHV IUHH DQG
KDYH WKRXVDQGV RI SHRSOH VKRSSLQJ
VLPSO\ E\ W\SLQJ LQ WKH QDPH RI WKH
SURGXFW WKH\¶UH ORRNLQJ IRU ,Q IXWXUH
0DJQXP ZLOO QR ORQJHU SXEOLVK 5HDGHU¶V
0DUNHW LQ WKH PDJD]LQH LWVHOI LQVWHDG
ZH¶OO SXW \RXU IUHH DGYHUW RQ RXU ZHEVLWH
XSGDWH WKH VLWH RQ D ZHHNO\ EDVLV DQG
JLYH \RX D EHWWHU UHVSRQVH WLPH DQG
KRSHIXOO\ D IDVWHU VDOH
2I FRXUVH WKH VDPH DSSOLHV WR +XQW
LQJ 2SSRUWXQLWLHV DV PRVW IDUPV QRZ
KDYH WKHLU RZQ ZHEVLWH DQG XVH WKH LQWHU
QHW YHU\ HIIHFWLYHO\ DV D PDUNHWLQJ WRRO
7KH VLPSOH IDFW LV WKDW ZH QRZ OLYH LQ
D ZRUOG VHHNLQJ LQVWDQW JUDWLILFDWLRQ
DQG ZDLWLQJ IRU D PDJD]LQH WR KLW WKH
    

VKHOYHV WR VHH \RXU DGYHUW LV QR ORQJHU
WKH QRUP
6RPH UHDGHUV SRLQWHG RXW WKDW
LQIRUPDWLRQ VLPLODU WR WKDW SXEOLVKHG LQ
0DJQXP LV IUHHO\ DYDLODEOH ZLWK ZULWH
XSV RQ DOPRVW HYHU\ FRQFHLYDEOH
KXQWLQJ DQG VKRRWLQJ UHODWHG SURGXFW D
PHUH *RRJOH VHDUFK DZD\ 2I FRXUVH
WKLV LV WUXH HVSHFLDOO\ VR ZLWK 86 EDVHG
ZHEVLWHV $V VRRQ DV D SURGXFW LV
ODXQFKHG D SOHWKRUD RI ZHEVLWHV SXEOLVK
UHSRUWV ,Q 6RXWK $IULFD ZH KDYH WR ZDLW
IRU WKH SURGXFW WR EH ODXQFKHG ORFDOO\
EHIRUH ZH FDQ JHW RXU KDQGV RQ LW IRU
WHVWLQJ 6R \HV ZH¶UH QRW DOZD\V WKH
ILUVW RU RQO\ PDJD]LQH WR UHSRUW RQ D
SURGXFW EXW ZH WU\ WR GR D KDQGVRQ
WHVW DQG UDWH LW IRU RXU XQLTXH $IULFDQ
FLUFXPVWDQFHV 7KH =HLVV 9 UDQJH RI
VFRSHV LV DQ H[DPSOH =HLVV ODXQFKHG
WKH 9 UDQJH DW WKH 6KRW 6KRZ LQ WKH
86$ LQ -DQXDU\ WKLV \HDU DQG ZH ZHUH
IRUWXQDWH WR EH WKH ILUVW WR WHVW WKH
[ VKRUWO\ DIWHU LW ODQGHG LQ 6RXWK
$IULFD LQ $SULO <RX FDQ UHDG DERXW LW LQ
WKLV HGLWLRQ
:KLOH RQ 7HVW 5HSRUWV VRPH UHDGHUV
KDYH DVNHG KRZ LW LV WKDW DOPRVW DOO RXU
WHVWV UHFHLYH D SRVLWLYH UHSRUW $W
0DJQXP ZH FULWLFDOO\ VFUXWLQL]H D SURGXFW
EHIRUH JRLQJ DKHDG ZLWK D WHVW :H
SUHIHU WR ZULWH DERXW SURGXFWV WKDW FDQ
EH RI YDOXH WR RXU UHDGHUV 5HSRUWLQJ
QHJDWLYHO\ RQ D SURGXFW WKDW¶V QRW ZRUWK
EX\LQJ RU ZKLFK ZH FDQQRW IXOO\ UHFRP
PHQG ZRXOG EH D ZDVWH RI YDOXDEOH
PDJD]LQH VSDFH KHQFH RXU SROLF\ LV WR
GHFOLQH WR WHVW VXFK SURGXFWV 0RUHRYHU
WHVWV DUH FRQGXFWHG VROHO\ E\ 0DJQXP
SHUVRQQHO WR HQVXUH WKDW QR ELDV RU
FRQIOLFW RI LQWHUHVW LV LQYROYHG %HLQJ
KXPDQ ZH PD\ EH VXEMHFWLYH DERXW
VRPH WKLQJV DQG ZH¶UH FHUWDLQO\ QRW
LQIDOOLEOH EXW ZH WU\ WR JLYH DQ KRQHVW
REMHFWLYH RSLQLRQ IRU UHDGHUV FRQVLGHULQJ
VSHQGLQJ PRQH\ RQ VXFK D SURGXFW
0RVW LPSRUWDQWO\ UHPHPEHU WKDW
0DJQXP LV <285 PDJD]LQH 3OHDVH JLYH
XV \RXU IHHGEDFN RQ ZKDW \RX OLNH RU
GLVOLNH DERXW 0DJQXP¶V FRQWHQW DQG VW\OH
DV WKLV LV RXU PRVW YDOXDEOH JXLGH
!!
7>NTI,
558
,¶P EDWWOLQJ WR ILQG [5 JU )HG
HUDO &DSH 6KRFN :RRGOHLJK +\GUR 6ROLG RU
)HGHUDO &DSH 6KRFN %DUQHV %DQGHG 6ROLG
DPPXQLWLRQ , KDYH FRQWDFWHG FRXQWOHVV
GHDOHUV ZLWKRXW DQ\ VXFFHVV 6KRXOG RQH
RI WKH UHDGHUV QRWLFH WKH DPPR VRPH
ZKHUH RQ D VKHOI SOHDVH OHW PH NQRZ
7KH DPPXQLWLRQ LV QHHGHG IRU DQ XS
WKH ROG RUGHU JLYLQJ ZD\ WR WKH QHZ
, KDYH EHHQ D ORQJ WLPH VXEVFULEHU
WR 0DJQXP ZKLOH OLYLQJ LQ 6RXWK $IULFD
EXW GLVFRQWLQXHG P\ VXEVFULSWLRQ RQ P\
UHWXUQ WR 1DPLELD , ZRXOG OLNH WR PHQWLRQ
WKDW , UHPHPEHU VHHLQJ ODGLHV DSSHDU
LQJ RQ WKH FRYHU ZKHQ LW ZDV VWLOO 0DQ
PDJD]LQH PDQ\ \HDUV DJR 'HVSLWH P\
PRDQ , VWLOO EX\ 0DJQXP HYHU\ PRQWK
5HGXFHG KXQWHU QXPEHUV FDQQRW
EH XQUHODWHG WR WKH EXUHDXFUDWLF DUJOH
EDUJOH LQYROYHG ZLWK EULQJLQJ JXQV LQWR RU
WKURXJK 6$ ,W XVHG WR EH IDLUO\ HDV\ EXW
QRZ JXQV PXVW EH GHFODUHG DQG FOHDUHG
RQ ODQGLQJ HYHQ LI RQH LV MXVW LQ WUDQVLW
7KH 6$36 UHTXLUHPHQWV DUH VR FRQYR
OXWHG DQG WDNH VR ORQJ WKDW ZKHQ IO\LQJ
WR :LQGKRHN , GHOLEHUDWHO\ URXWH P\VHOI
FRPLQJ KXQW LQ =LPEDEZH  !0,#!+ DQG HQMR\ LW ##,
#+,$#" WKURXJK )UDQNIXUW UDWKHU WKDQ -RKDQ
,/+#% QHVEXUJ %ULQJLQJ JXQV LQWR 1DPLELD
3 M8 8PF 88MG LV D WHQPLQXWH DIIDLU WKH\ FKHFN VHULDO
³ $FFRUGLQJ WR )HGHUDO¶V ZHEVLWH ³%DFN WR 2XU 5RRWV´ LQ 7UDLO 7DON 0D\ QXPEHUV VWDPS \RXU LPSRUW SDSHUZRUN
WKH\ RQO\ SURGXFH [5 &DSH 6KRN
DPPXQLWLRQ ORDGHG ZLWK 6ZLIW $)UDPH
EXOOHWV DQG :RRGOHLJK +\GUR 6ROLGV ,I
DQ\ UHDGHUV RU UHWDLOHUV DUH DEOH WR KHOS
0U 6FKLQGOHU SOHDVH OHW XV NQRZ DW PDLO#
PDQPDJQXPFR]D
 VWUXFN D FKRUG SHUKDSV D IRU
HLJQHU¶V SHUVSHFWLYH ZLOO EH RI LQWHUHVW
,¶YH GRQH WKUHH VDIDULV RQH LQ 6$ DQG
WZR LQ 1DPLELD 0\ ILUVW LQ 6$ ZDV D
VHOIFDWHUHG DIIDLU ZLWK D ORFDO JURXS
DIWHU ELOWRQJ EXW WKH IDUP RZQHU WULHG WR
DQG LW¶V ³7KDQN \RX VLU KDYH D QLFH KXQW´
7KH FRVW RI VKLSSLQJ LV DQRWKHU FRQ
VLGHUDWLRQ :KLOH WKH WD[LGHUP\ ZRUN
GRQH LQ 6$ DQG 1DPLELD LV RXWVWDQGLQJ
DQG PXFK OHVV H[SHQVLYH WKDQ LQ WKH
86$ WKH SULFH RI VKLSSLQJ LW KRPH LV
FKDUJH PH DQG DQRWKHU $PHULFDQ WKUHH FRORVVDO HDVLO\ IRXU WLPHV WKH SULFH RI WKH
6M6 "8;F! WLPHV ZKDW KH ZDV FKDUJLQJ WKH ORFDOV +H WD[LGHUP\ ZRUN
, UHIHU WR 2WWDU 5¡QQLQJ¶V OHWWHU LQ WKH $SULO ZDV LQIRUPHG WKDW ZH WZR ZRXOG SD\ WKH %XW IRU IRUHLJQHUV WKH GLUHFW SULFH RI
 HGLWLRQ LQ ZKLFK KH VWDWHV WKDW KH VDPH SULFH DV HYHU\RQH HOVH RU WKH GHDO D VDIDUL LV WKH PDLQ REVWDFOH 7KH IOLJKW
ILQGV P\ DUWLFOH /DQWDQD /HRSDUG LQ WKH
-DQXDU\  HGLWLRQ D ELW FRQIXVLQJ
UHJDUGLQJ WKH SODFHV PHQWLRQHG DQG WKH
GLVWDQFHV EHWZHHQ WKHP
, ZURWH WKH DUWLFOH IURP P\ FKLOG
KRRG PHPRULHV DQG DP QRZ DJHG RYHU
VHYHQW\ $V PHQWLRQHG LQ WKH DUWLFOH WKH
HYHQWV WRRN SODFH RQ D IDUP EHWZHHQ
0XIXOLUD DQG 0DNDPER ERUGHU SRVW
ZDV RII VR KH SROLWHO\ DQG VHQVLEO\ FRQ
FHGHG WKH SRLQW ,W VWUXFN PH DV D ELW
FUDVV WR FKDUJH GLIIHUHQW SULFHV EDVHG
RQ QDWLRQDOLW\
7KHQ WKHUH LV WKH LVVXH RI ³IDLU FKDVH´
1R PDWWHU KRZ ODUJH WKH SURSHUW\
DQLPDOV DUHQ¶W WUXO\ ³IUHH UDQJLQJ´ LI HYHQ
WXDOO\ WKH\ HQFRXQWHU D IHQFH WKH\ FDQ¶W
SDVV , ZRXOG QHYHU SD\ WR KXQW QDWLYH
DORQH DGGV VHYHUDO WKRXVDQG GROODUV
0RVW ZRUNLQJ SHRSOH FDQ RQO\ DIIRUG
WKLV DIWHU D FDUHHU LV QHDUO\ ILQLVKHG
6R WKH ³RQFHLQDOLIHWLPH´ VDIDUL KDV
EHFRPH WKH QRUP 8QOHVV SULFHV DUH
ORZHUHG WKH QXPEHUV RI KXQWHUV FRP
LQJ WR 6$ ZLOO NHHS GHFOLQLQJ 2IIHULQJ
RQO\ VWDU DFFRPPRGDWLRQ SXWV D VDIDUL
RXW RI WKH UHDFK RI PRVW YLVLWRUV 5LJKW
7KH IDUP ZDV FORVH WR WKH ERUGHU RI WKH
&RQJR¶V 3HGLFOH 7KH DXWKRULWLHV RQ WKH
&RQJR DQG =DPELDQ VLGH RI WKH ERUGHU
RIWHQ DFFRPSDQLHG WKH RZQHU RI WKH IDUP
WR GHVWUR\ LOOHJDO ILVK WUDSV 7KH\ XVHG DQ
ROG EXVK WUDFN WKURXJK WKH 3HGLFOH WR WKH
/XDSXOD 5LYHU +HUH , FDXJKW P\ ILUVW WLJHU
ILVK ,I P\ PHPRU\ VHUYHV PH FRUUHFWO\
ZH FURVVHG D UDLOZD\ OLQH DQG VWUHDPV WR
JHW WR WKH ULYHU
0\ ILUVW VFKRRO ZDV RQ D SULYDWH IDUP
EHWZHHQ 0XIXOLUD DQG .LWZH KHQFH WKH
FRQIXVLQJ VFKRROLQJ GLVWDQFHV WR WKH
IDUP ZKHUH WKH OHRSDUG KXQW WRRN SODFH
ZLOG DQLPDOV RQ D KLJKIHQFHG SURSHUW\ LQ
WKH 86 DQG PDQ\ $PHULFDQ KXQWHUV IHHO
WKH VDPH ,W ZDV P\ GLVOLNH RI IHQFHV WKDW
SULQFLSDOO\ OHG PH WR JR WR 1DPLELD IRU
SODLQV JDPH DQG ODWHU IRU HOHSKDQW
,Q FHQWUDO 1DPLELD , VWD\HG LQ D IDUP
ORGJH LQ WKH &DSULYL , ZDV KRXVHG LQ D
SHUIHFWO\ FRPIRUWDEOH UHHGFRQVWUXFWLRQ
KXW , ZDQWHG DQ ³DXWKHQWLF $IULFDQ H[SH
ULHQFH´ DQG IHHO WKDW , JRW LW $ VWDU ORGJH
FRXOGQ¶W KDYH GHOLYHUHG ZKDW , ZDV DIWHU
$QRWKHU DUWLFOH LQ WKH VDPH LVVXH
PHQWLRQHG WKDW WKHUH DUH   KXQWHUV
LQ 6$ UHSUHVHQWLQJ RQO\  RI WKH SRS
QRZ , FDQ GR WZR SHUKDSV WKUHH VDIDULV
LQ 1DPLELD ZLWK FRPIRUWDEOH IDUPVW\OH
DFFRPPRGDWLRQV IRU WKH SULFH RI RQH
KXQW RXW RI D JOLWWHULQJ FKURPHDQG
JODVV ORGJH
,I 6$ JDPH UDQFKHUV ZDQW PRUH
WUDGH UHGXFLQJ KXQW SULFHV DFURVV WKH
ERDUG FKDUJLQJ IRUHLJQHUV WKH VDPH
UDWH DV ORFDOV DQG SURYLGLQJ FRPIRUWDEOH
EXW QRW SDODWLDO DPHQLWLHV ZLOO PDNH 6$
PRUH DWWUDFWLYH 6RXWK $IULFDQV VKRXOG
DGYHUWLVH GHFHQW DFFRPPRGDWLRQV DQG
IDLU SULFHV LQ PDLQVWUHDP KXQWLQJ PDJ
D]LQHV DQG DW PRGHVW VKRZ YHQXHV QRW
$ #2+/0/# XODWLRQ %\ FRPSDULVRQ P\ KRPH VWDWH MXVW DW 6&, DQG '6& PHHWLQJV DQG
RI 9LUJLQLD ZLWK  PLOOLRQ UHVLGHQWV PDNH LW SODLQ WKDW RQH GRHVQ¶W KDYH WR
#0"
-V16" KDV   KXQWHUV :H¶UH H[SHULHQF EH D PLOOLRQDLUH WR KXQW 6RXWK $IULFD
, DJUHH IXOO\ ZLWK 0U 3HUHLUD¶V FRPPHQWV LQJ D GHFOLQH LQ KXQWHU QXPEHUV GXH WR D :KHQ PLGGOHFODVV KXQWHUV UHDOL]H WKDW
LQ KLV OHWWHU LQ WKH 0D\  HGLWLRQ 7KH FDUHIXOO\ SODQQHG GHOLEHUDWH DQG ODUJHO\ LW UHDOO\ LV SRVVLEOH WR GR D ³GUHDP KXQW´
IURQW DQG EDFN FRYHUV RI WKH 0D\  VXFFHVVIXO FDPSDLJQ WR PDUJLQDOL]H DQG IRU WKH SULFH RI D JRRG XVHG FDU EHOLHYH
LVVXH KLJKOLJKW H[DFWO\ KRZ , IHHO DERXW GHPRQL]H KXQWLQJ PH WKH\ ZLOO FRPH  $"  

$0+ !//+, + # "%$+/#/ %+/ $ #0"(  &++, # /$+,' !  /$ + 3$0+ %+$!", # $%#$#,( #!,, "+  )    

 * !! !//+, + $#,+ # + / $+
!#/ #-$+ !+/3( # #", "3  0, %+$1 // 3$0+ 0!! #" +,, # 3/" %$# #0"+ + 0+#,( !, /+3 /$ % 3$0+ !//+, ,$+/ # /$ / %$#/(

  
 
  
#

 
! 
"%
 "%





 




  
  


 

WĞƚŝƚĞ ƉŽĐŬĞƚ ƉƌŽƚĞĐƚŝŽŶ

!! 

 "%
$
#  
# 


 
 
 

620( 2) 7+( WHVW LWHPV RQ WRGD\¶V KDQGJXQ PDUNHW DUH
 SLVWROV 7KH HDVRQ IRU WKH GUDPDWLF VXUJH RI LQWHUHVW LQ
WKHVH VPDOO OLJKW HLJKW KDQGJXQV LV WKUHHIROG PDWHULDOV
EDOOLVWLFV DQG P UH 86 VWDWHV DGRSWLQJ ³6KDOO ,VVXH´ &&:
FDUU\LQJ D FRQFH OHG ZHDSRQ ODZV
,Q WKH SDVW T DOLW\  SLVWROV VXFK DV WKH &ROW 0
DQG :DOWKHU 33 3. ZHUH DOOVWHHO KHQFH KHDY\ IRU WKLV
FDUWULGJH 7RGD\ OLJKWZHLJKW SRO\PHU IUDPHV PDNH WKHP
U\
$XWRPDWLF &ROW 3LVWRO GHVLJQHG E\ -RKQ
0RVHV %URZQLQJ ILUVW DSSHDUHG DV )DEULTXH 1DWLRQDOH¶V
0RGpOH  ,Q $PHULFD  SLVWROV ZHUH ILUVW RIIHUHG E\
&ROW 6DYDJH + 5 DQG 5HPLQJWRQ
$V RULJLQDOO\ ORDGHG WKH  KDG D PP VWUDLJKW ZDOOHG
ULPOHVV FDVH ODXQFKLQJ JU )0- EXOOHWV DW ISV
,PSURYHG SURSHOODQWV DQG KLJKWHFK -+3 EXOOHWV KDYH JUHDWO\
HQKDQFHG WKH HIIHFWLYHQHVV RI WKH  FDUWULGJH ZLWKRXW DQ\
UHDO LQFUHDVH LQ UHFRLO
, VHOHFWHG WKH IROORZLQJ QHZEUHHG  SLVWROV IRU
FRPSDULVRQ LQ D VKRRWRXW 5XJHU /&3 ,, .DKU &7 %HUHWWD
3LFR 6 :  %RG\JXDUG )'( DQG D 5HPLQJWRQ 50 $OO
KDG VWHHO VOLGHV DQG ZHUH ORFNHG EUHHFK GHVLJQV )RXU KDG
SRO\PHU IUDPHV ± WKH 5HPLQJWRQ¶V ZDV DOOR\
2QO\ WKH 5XJHU¶V WULJJHU ZDV VLQJOHDFWLRQ WKH RWKHUV
ZHUH GRXEOHDFWLRQRQO\ ZKLOH WKH %HUHWWD 5HPLQJWRQ DQG
6 : KDG VHFRQG VWULNH FDSDELOLW\ 7KH .DKU LV D VWULNHU ILUHG
GHVLJQ WKH RWKHUV KDYH KDPPHUV 7KH .DKU %HUHWWD DQG
5HPLQJWRQ GLG QRW KDYH H[WHUQDO PDQXDO VDIHWLHV WKH 6 :¶V
VDIHW\ OHYHU ZDV PRXQWHG IOXVK RQ WKH IUDPH 7KH 5XJHU¶V
WULJJHU IDFH IHDWXUHG D SDGGOHW\SH WULJJHU EORFN )RXU RI WKH
PDJD]LQH UHOHDVHV DUH WKH ODWHUDO SXVKEXWWRQ W\SH WKH
5HPLQJWRQ¶V EHLQJ DPELGH[WURXV 7KH %HUHWWD¶V LV DQ DPEL
GH[WURXV SDGGOH EHQHDWK WKH WULJJHU JXDUG WKDW LV SXVKHG
GRZQZDUG
6LJKWV RQ DOO ILYH DUH WKH VWDQGDUG IURQW EODGH DQG UHDU
VTXDUH QRWFK 7KH %HUHWWD¶V KDV WKUHH ZKLWH GRWV WKH .DKU¶V
D ZKLWH GRW DW IURQW ZLWK ZKLWH EDU DW WKH UHDU 7KH RWKHU WKUHH
KDG SODLQ EODFN VLJKWV 6 : 5XJHU DQG .DKU DOO RIIHU RSWLRQDO
LQWHJUDO UHG GRW VLJKWV
7KH .DKU¶V PDJD]LQH KHOG VHYHQ URXQGV WKH RWKHUV HDFK

G51416- 13
86"G G.8SG 8' M." "GM -F8P;G 8& M." !U ." ;F8/
KHOG VL[ 7KH .DKU DOVR FDPH ILWWHG ZLWK DQ RSWLRQDO UXEEHU
!P"! S1M. M." 41MM4" "F"MM 18>
JULS VOHHYH
 .14" M." -F8P;G )F"! S1M. M." "516-M86 
N$W S"F" 68M
:,7+ 7+( (17+86,$67,& DVVLVWDQFH RI P\ JRRG IULHQGV
 4G8 &8P6! M."  >N$W 8!U-PF! M8 "  )6" .6!416-
'LFN -RQHV DQG 3HUU\ :LQGVRU ERWK DYLG DFWLRQ SLVWRO FRPSHW
LWRUV DQG 1RUWK &DUROLQD FRQFHDOHG FDUU\ OLFHQVH KROGHUV ZH
HYDOXDWHG WKHVH FRPSDFW DXWRORDGHUV DFFRUGLQJ WR HLJKW
DWWULEXWHV HUJRQRPLFV WULJJHU FRQWURO UHFRLO FRQWURO VLJKWV
RIIKDQG DFFXUDF\ HDVH RI UHORDGLQJ UHOLDELOLW\ DQG ± FRQVLG
HULQJ WKHLU SXUSRVH ± FRQFHDODELOLW\
6KRRWLQJ JURXSV IURP D VWDWLRQDU\ UHVW ZLWK SLVWROV LQ WKLV
FDWHJRU\ GRHV QRW LQ P\ RSLQLRQ GHPRQVWUDWH WKHLU SHUIRU
PDQFH ± EHVLGHV LW¶V DQ H[HUFLVH LQ IXWLOLW\ ,QVWHDG ZH WHVWHG
G 15;F"GG1R" G 13EG &"4M 1M ;"F&8F5"! R"FU S"44>

PFM" 41MM4" ;1GM84> 6 &M 5U S1&" "3U 6! 8M. PG" >N$W 8!U/
-PF!G G 8PF F"-P4F FFU -P6G>
WKHLU DELOLW\ WR GLJHVW GLIIHUHQW W\SHV RI DPPXQLWLRQ , UDQ WZR
PDJD]LQHV HDFK RI +RUQDG\ JU )7; :LQFKHVWHU JU 7UDLQ
'HIHQG %ODFN +LOOV JU +RQH\ %DGJHU DQG %URZQLQJ JU
%;3 WKURXJK HDFK SLVWRO $OO ILYH SLVWROV GLJHVWHG DOO ILYH
EUDQGV DQG VSDW RXW WKH HPSW\ FDVHV ZLWK PHWURQRPHOLNH
UHJXODULW\ :H WKHQ GLVDVVHPEOHG FOHDQHG DQG OXEULFDWHG

    
 

44 )R" ;1GM84G S"F" M"GM"! &8F F"414" &P6M18616- S1M. >N$W 558 &F85 F8S616- 43 144G 8F6!U 
 6! 16."GM"F>

HDFK SLVWRO ZKLFK ZRXOG EH WKH RQO\ PDLQWHQDQFH WKH\¶G WDQWV WKDW WKH\ FRXOG QRW SLFN XS WKH VSHQW EUDVV \HV VRPH
UHFHLYH ,I D SLVWRO PDOIXQFWLRQHG GXULQJ WHVWLQJ ZH ZRXOG SHRSOH GR UHORDG V XQWLO ZH KDG ILQLVKHG WKH SDSHUZRUN
DWWHPSW WR FRUUHFW WKH SUREOHP DQG NHHS VKRRWLQJ :H HDFK JUDGHG WKH SLVWROV E\ FDWHJRU\ ZLWK D VFRUH RI RQH
2IIKDQG WHVWLQJ LQYROYHG WKUHH GULOOV XVLQJ ,36& WDUJHWV DW  EHLQJ WKH ORZHVW DQG ILYH  WKH KLJKHVW 7KHVH VFRUHV
³UHDO OLIH´ GLVWDQFHV RI WKUHH DQG ILYH PHWHUV :H XVHG 30& ZHUH WKHQ DGGHG WR JLYH HDFK SLVWRO D ILQDO VFRUH LQ HDFK FDW
%URQ]H  DPPR ORDGHG ZLWK  )0 EXOOHWV WKURXJKRXW DQG HJRU\
*DOFR )URQW 3RFNHW KROVWHUV ‡ 5HOLDELOLW\ 5XJHU  .DKU  %HUHWWD 
(O 3UHVLGHQWH 'ULOO ± GUDZ SLVWRO DQG GRXEOH WDS ILUH WZR 6 :  5HPLQJWRQ 
URXQGV RQ HDFK RI WKUHH WDUJHWV DW ILYH PHWHUV 3HUIRUP D ‡ (UJRQRPLFV 5XJHU  .DKU  %HUHWWD 
FRPEDW UHORDG DQG UHHQJDJH WDUJHWV 5HORDG PDJD]LQHV DV 6 :  5HPLQJWRQ 
QHFHVVDU\ DQG UHSHDW  URXQGV ‡ 7ULJJHU FRQWURO 5XJHU  .DKU  %HUHWWD 
)%, 'ULOO ± GUDZ SLVWRO DQG ILUH WZR ERG\ VKRWV DQG RQH KHDG 6 :  5HPLQJWRQ 
VKRW RQ WZR WDUJHWV DW ILYH PHWHUV 3HUIRUP D FRPEDW UHORDG ‡ 5HFRLO FRQWURO 5XJHU  .DKU  %HUHWWD 
DQG UHHQJDJH WDUJHWV 5HORDG PDJD]LQHV DV QHFHVVDU\ DQG 6 :  5HPLQJWRQ 
UHSHDW  URXQGV ‡ 6LJKWV 5XJHU  .DKU  %HUHWWD  6 : 
2QH+DQGHG 'ULOO ± GUDZ SLVWRO DQG ILUH VL[ URXQGV RQ RQH RI 5HPLQJWRQ 
WKUHH WDUJHWV DW WKUHH PHWHUV ILULQJ DOO URXQGV ZLWK DQ XQVXS ‡ 2IIKDQG DFFXUDF\ 5XJHU  .DKU  %HUHWWD 
SRUWHG RQH KDQGHG JULS 5HORDG DQG HQJDJH WKH WZR UHPDLQ 6 :  5HPLQJWRQ 
LQJ WDUJHWV LQ WKH VDPH PDQQHU  URXQGV ‡ (DVH RI UHORDGLQJ 5XJHU  .DKU  %HUHWWD 
7KH PRUQLQJ RI WKH VKRRWRXW ZDV RYHUFDVW DQG FKLOO\ 7KH 6 :  5HPLQJWRQ 
SODQ ZDV WKDW RQH RI XV ZRXOG ILUH D SLVWRO ZKLOH D VHFRQG ‡ &RQFHDODELOLW\ 5XJHU  .DKU  %HUHWWD 
DFWHG DV UDQJH RIILFHU DQG WKH WKLUG ORDGHG PDJD]LQHV :H 6 :  5HPLQJWRQ 
ZRXOG ILUH D PLQLPXP RI  URXQGV 7RWDO VFRUHV 5XJHU 
IURP HDFK SLVWRO IRU D WRWDO RI  .DKU  %HUHWWD  6 :
IURP DOO ILYH WHVW JXQV  5HPLQJWRQ 
,W ZDV VRRQ REYLRXV WKDW WKHVH
³OLWWOH´ SLVWROV ZHUH FDSDEOH RI VXU 5HOLDELOLW\ HDUO\ RQ ZH H[SHUL
SULVLQJO\ JRRG DFFXUDF\ 2I WKH HQFHG VHYHUDO VOLGH ORFNEDFNV DQG
PRUH WKDQ   URXQGV RI  ZH VORZ FORVXUHV ZLWK WKH .DKU ZKLFK
ILUHG YHU\ IHZ LPSDFWHG RXWVLGH ORZHUHG LWV VFRUH EXW DIWHU DQ
WKH WDUJHWV¶ $]RQHV DQG ZKHQ DSSOLFDWLRQ RI RLO LW UDQ SHUIHFWO\
UHTXLUHG ³KHDGV´ $QG DOWKRXJK 7KH 5XJHU KDG WZR IDLOXUHV WR HMHFW
WKH UDQJHV ZHUH VKRUW VRPH RI WKH DQG RQH VWRYHSLSH MDP DQG WKH
WULJJHUV DQG VLJKWV ZHUH QRW FRQ 6 : DQG %HUHWWD HDFK KDG RQH
GXFLYH WR ILQH VKRRWLQJ IDLOXUH WR IHHG 1R SUREOHPV ZLWK
7KHUH ZHUH WKH XVXDO FRP
44 !F144G "-6 S1M. M." G.88M"F !FS16- M." ;1GM84 &F85  WKH 5HPLQJWRQ &RQVLGHULQJ WKH\
SODLQWV ZKHQ , LQIRUPHG P\ DVVLV 48 83"M 84GM"F> ZHUH DOO QHZ RXWRIWKHER[ SLV

  
 
  
WROV ZH FRQVLGHUHG WKLV SHU FRQFHDO HDVLO\ WKH VL]H DQG
IRUPDQFH VDWLVIDFWRU\ QDUURZ ZLGWKV RI WKH %HUHWWD
(UJRQRPLFV WKH 6 : .DKU DQG 5XJHU JDYH WKHP SHUIHFW
DQG 5HPLQJWRQ WLHG LQ WKLV VFRUHV LQ WKLV FDWHJRU\ ZLWK
FDWHJRU\ GXH WR WKHLU H[FHO WKH 6 : FRPLQJ RQH SRLQW
OHQW ³SRLQWDELOLW\´ 7KH 5XJHU¶V EHKLQG 7KH .DKU¶V ORQJ JULS
VKRUW JULSIUDPH FRXQWHG VRPHWLPHV PDGH LW GLIILFXOW WR
VOLJKWO\ DJDLQVW LW 7KH %HU GUDZ IURP D SRFNHW KROVWHU
HWWD¶V VPRRWK QDUURZ JULS DQG WKH 5HPLQJWRQ¶V ZLGWK
IUDPH PDGH VKRRWLQJ GLIILFXOW FUHDWHG D ELW RI ³VLJQDWXUH´
DQG WKH VOLGHVWRS OHYHU DQG
PDJD]LQH UHOHDVH ZHUH YHU\ 2XU FKRLFHV RI SLVWRO ZLWK
GLIILFXOW WR RSHUDWH 2Q WKH WKH EHVW KDQGOLQJ TXDOLWLHV
"FFU 16!G8F )F16- M." P-"F  S.1. SG .1G .81">
SOXV VLGH WKH ODUJH ILQJHU UHVW DQG IRU UHJXODU FDUU\ ZHUH
H[WHQVLRQV RQ WKH %HUHWWD PDJ ‡ 'LFN -RQHV EHVW KDQGOLQJ 
D]LQHV SURYLGHG D IXOO WKUHH ILQJHU JULS RQ WKH SLVWRO 7KH 5HPLQJWRQ FDUU\ JXQ ± 5XJHU%HUHWWD KH FRXOGQ¶W GHFLGH
.DKU¶V VOLGH ZDV YHU\ GLIILFXOW WR UHWUDFW IRU FKDPEHULQJ RU ‡ 3HUU\ :LQGVRU EHVW KDQGOLQJ ± 6 : FDUU\ JXQ ± 5XJHU
FOHDULQJ D URXQG ± WKLV ZRXOG EH D SUREOHP IRU VRPHRQH ZLWK ‡ 3DXO 6FDUODWD EHVW KDQGOLQJ ± 5HPLQJWRQ FDUU\ JXQ ±
VPDOO RU ZHDN KDQGV 5HPLQJWRQ
7ULJJHU &RQWURO WKH 5HPLQJWRQ DQG 6 : KDG VPRRWK 7KH PRVW LPSRUWDQW IHDWXUHV RI WKLV FODVV RI SLVWRO DUH 
VWDJH IUHH WULJJHU VWURNHV :H DOO OLNHG WKH 5XJHU¶V VLQJOH UHOLDELOLW\  DFFXUDF\ DQG  FRQFHDODELOLW\ DQG DOO ILYH
DFWLRQ WULJJHU DQG DJUHHG WKDW WKH %HUHWWD¶V ZDV ORQJ ZLWK D SLVWROV SURYLGH WKDW 7KH RWKHU IHDWXUHV ZLOO GHSHQG RQ ZKDW
KHDY\ OHWRII 7ZR VKRRWHUV IHOW WKDW WKH .DKU¶V WULJJHU VWURNH WKH LQGLYLGXDO VKRRWHU SUHIHUV RU QHHGV
ZDV KHDY\ DQG D ELW JULWW\
5HFRLO &RQWURO WKH 5HPLQJWRQ ILQLVKHG ILUVW WKDQNV WR LWV
ZLGH JULSIUDPH DQG ZHLJKW ± LW ZDV WKH VHFRQG KHDYLHVW RI
WKH WHVW JXQV 5XQQHU XS ZLWK LWV ORQJ JULS DQG UXEEHU
VOHHYH ZDV WKH .DKU :KLOH WKH 6 :¶V ILQJHUUHVW PDJD]LQH
EDVHSDG DOORZHG D ILUP SXUFKDVH WKH 5XJHU¶V VPDOOLVK
QDUURZ JULS ZDV QRW FRQGXFLYH WR UDSLG ILUH :H DOO IHOW WKH
%HUHWWD¶V JULS IUDPH ZDV WRR QDUURZ DQG WKH ODFN RI DQ\
W\SH RI FKHTXHULQJWH[WXULQJ DOORZHG LW WR VKLIW LQ WKH
VKRRWHU¶V KDQG GXULQJ UHFRLO UHTXLULQJ UHDFTXLVLWLRQ RI D
ILUP JULS HYHU\ IHZ VKRWV
6LJKWV FRQVLGHULQJ WKH VKRRWLQJ GLVWDQFHV VLJKWV ZHUH QRW D
PDMRU IDFWRU 7KDW VDLG ZH DOO DJUHHG WKDW WKH .DKU¶V ZKLWH GRW
IURQW DQG ZKLWH EDU UHDU ZHUH WKH IDVWHVW WR DOLJQ DQG SURYLGHG
WKH EHVW VLJKW SLFWXUH 7KH %HUHWWD¶V WKUHH GRW VLJKWV ZHUH KLJK
HDV\ WR DFTXLUH DQG DOORZHG IDVW WUDQVLWLRQLQJ EHWZHHQ WDUJHWV
2IIKDQG $FFXUDF\ DOO WKH SLVWROV SURYHG FDSDEOH RI UHOLDEO\
SXWWLQJ URXQGV ZKHUH WKH VKRRWHU DLPHG ± DQG IDLUO\ TXLFNO\
(DVH RI 5HORDGLQJ LW LV KLJKO\ XQOLNHO\ WKDW D VKRRWHU ZLOO
KDYH WR SHUIRUP D VSHHG UHORDG ZLWK WKLV FDWHJRU\ RI SLVWRO
7KH PDJD]LQH UHOHDVHV RQ WKH 5HPLQJWRQ 6 : DQG 5XJHU DOO
ZRUNHG HDVLO\ DQG WKHLU PDJD]LQHV IHHO IUHH SDUWLDOO\ ORDGHG
RU HPSW\ VOLGH IRUZDUG RU ORFNHG EDFN 7KH .DKU¶V PDJD]LQH
UHOHDVH ZDV GLIILFXOW WR DFFHVV DQG LWV PDJD]LQHV GLG QRW
DOZD\V IDOO IUHH WKH\ KDG WR EH PDQXDOO\ SXOOHG RXW 7KH
SDGGOHW\SH UHOHDVH RQ WKH %HUHWWD ZDV GLIILFXOW WR DFFHVV DQG
DZNZDUG WR PDQLSXODWH ± PDJD]LQHV VRPHWLPHV KDG WR EH
PDQXDOO\ H[WUDFWHG ,Q DGGLWLRQ WKH %HUHWWD¶V PDJD]LQHV
ZHUH TXLWH GLIILFXOW WR ORDG WR FDSDFLW\ DQG D PDJD]LQH ORDGLQJ
WRRO ZRXOG EH D QLFH RSWLRQ
&RQFHDODELOLW\ ZKLOH DOO WKH WHVW JXQV ZHUH VPDOO HQRXJK WR

    
 
7+( ; /$38$ FDUWULGJH ZDV
UHOHDVHG LQ  DV SDU RI D MRLQW YHQ
WXUH EHWZHHQ )LQODQG¶V 1DPPR /DSXD
DQG WKH 6ZLVV ULIOH P NHU *UQLJ
(OPLJHU LQ DQ HIIRUW WR S RGXFH WKH XOWL
PDWH FDUWULGJH IRU WKH ,QWHUQDWLRQDO 0LO
LWDU\ 6SRUWV &RXQFLO & 0  PHWUH
FKDOOHQJH
WULGJH XVLQJ D
HW ZLWK D KLJK
EDOOLVWLF FRHIILFLHQW IDFWRU JRRG DW
EXFNLQJ WKH ZLQG DQG D FDVH GHVLJQHG
ZLWK D VKRXOGHU DQJOH RI  GHJUHHV
UHGXFLQJ EUDVV IORZ FDVH VWUHWFK DQG
KHQFH WKH QHHG IRU FRQVWDQW QHFNWULP
PLQJ GXULQJ UHORDGLQJ 7KH GHVLJQ
LPSURYHV FRPEXVWLRQ HIILFLHQF\ XVLQJ
OHVV SRZGHU WR DFKLHYH VSHFLILF YHOR
FLWLHV FRPSDUHG ZLWK RWKHU PP FDUW
ULGJHV VHH WDEOH 7KLV UHVXOWV LQ ORQJHU
EDUUHO OLIH ORZHU UHFRLO H[FHOOHQW FDVH
OLIH DQG ORZ H[WUHPH VSUHDGV , FDQ
DWWHVW WR WKH ORZ H[WUHPH VSUHDGV
FODLP DQG , KDYH UHORDGHG WKH VDPH
FDVHV PRUH WKDQ  WLPHV ZLWKRXW
DQQHDOLQJ
7KH ORQJ FDVH QHFN  RIIHUV
PRUH VFRSH IRU VHDWLQJ GLIIHUHQW EXO
OHWV DQG \RX FDQ DOVR FKDVH WKH ODQGV
DV WKH\ HURGH ZLWKRXW UXQQLQJ RXW RI
QHFN WR JULS WKH EXOOHW
7R HQVXUH UHOLDEOH IHHGLQJ IURP
PDJD]LQHV WKH FDUWULGJH¶V KHDG GLD
PHWHU DQG RYHUDOO OHQJWK DUH VLPLODU WR
WKRVH RI WKH  :LQ 7KLV OLPLWV WKH
DPRXQW RI UHWRROLQJ UHTXLUHG WR PDQ
XIDFWXUH QHZ DFWLRQV IRU WKLV FDOLEUH

 2*91 )6

ZKLOH XVLQJ VWDQGDUG  PDJD]LQHV
7KH [ /DSXD XVHV VPDOO ULIOH
SULPHUV ZKLFK DUH VDLG WR FRSH EHWWHU
ZLWK WKH KLJKHU SUHVVXUHV JHQHUDWHG
E\ WKH FDUWULGJH 6PDOO ULIOH PDJQXP
SULPHUV HDVLO\ DFKLHYH WKH VDPH SRZ
GHU LJQLWLRQ FKDUDFWHULVWLFV DV ODUJH
ULIOH SULPHUV
6LQFH LWV LQFHSWLRQ WKH [  
  
/DSXD KDV DFKLHYHG VRPH QRWDEOH FRP
SHWLWLRQ FUHGHQWLDOV ,Q  (ULN &RU
WLQD VHW D QHZ &OXE UHFRUG VFRULQJ 
; WR EUHDN WKH SUHYLRXV  \DUG  ƚƌƵĞ ƚĂĐŬͲĚƌŝǀĞƌ
)&ODVV UHFRUG RI ; &RUWLQD
XVHG D JU /DSXD DW RYHU  ISV LQ

  
 
  
D FXVWRPEXLOW ULIOH ZLWK D EDUUHO WZLVW WKH YLUWXHV RI WKH 6ZHGH ,Q IDFW WKH
UDWH RI  LQFKHV ,Q  0LNH    DQG  FDOLEUHV GRP
*DL]DXVNDV VKRW D QHZ ,%6 ZRUOG LQDWHG WKH 86 VFHQH IRU GHFDGHV ,W
UHFRUG DW WKH +DUU\ -RQHV LV RQO\ LQ WKH ODVW  \HDUV
0HPRULDO   \DUG *XQ WKDW WKH  PP
&OXE LQ )DLUYLHZ :HVW KDV WDNHQ RII LQ WKH
9LUJLQLD 0LNH SXW  86$ 7KHQ RI FRXUVH
URXQGV LQWR  WKHUH LV 5HPLQJWRQ¶V
LQFKHV   ODXQFKHG LQ
02$ DW    DQG +RUQ
\DUGV DOVR XVLQJ D DG\¶V LQWURGXFWLRQ
 EDUUHO WZLVW DQG RI WKHLU  &UHHG
/DSXD¶V JU 6FH PRRU D \HDU ODWHU
QDUV .HYLQ 1HYLXV 0RVW $PHULFDQV ZLWK
86$ DOVR VHW DQ 15$ WKHLU ZRUOGFODVV PDU
QDWLRQDO UHFRUG IRU +LJK NHWLQJ FDPSDLJQV DQG     J>+T+, 6641."F
SRZHU 5LIOH ZLWK D SDWULRWLF FRPPLWPHQW .96P"F J>+T++ S"!1G. J>+T+I PG"F
SHUIHFW VFRUH RI 

MU;14 :WW5 -F8P;> WR ³PDGH LQ WKH 86 RI 6! J>+T+$ 8FMP-P"G" "F-P"1F8>
 SG 4" M8 G.88M M.1G -F8P;
DQG  ;V DW  $´ D U H V H H P L Q J O \
S1M. 5U MM1 F1*" M OWW5>
\DUGV LQGLIIHUHQW WR RU SHU 7KH PP FDOLEUH KDV EHHQ DURXQG
KDSV LJQRUDQW RI WKH IRU ZHOO RYHU D FHQWXU\ DQG KDV
7+( 3238/$5,7< 2) WKLV SRWHQWLDO RI WKH VXSHUE GHYHORSHG DQ LPSUHVVLYH UHSXWDWLRQ
VXSUHPHO\ DFFXUDWH FDO [ /DSXD LQ WKH KXQWLQJ ILHOG %DFN LQ 0D\
LEUH LV JURZLQJ GHVSLWH +RZHYHU IDFW  0DJQXP SXEOLVKHG DQ DUWLFOH
PDUNHWLQJ SUHV RU\EXLOW ULIOHV LQ WLWOHG 6RUWLQJ RXW WKH V ZULWWHQ E\
VXUH IURP WKH WKLV FDOLEUH DUH *UHJRU :RRGV *UHJRU SRLQWHG RXW
 &UHHG RIIHUHG E\ *UQLJ WKDW WKHUH KDG EHHQ QR IHZHU WKDQ
PRRU DQG (OPLJHU 6DEDWWL  FRPPHUFLDO DQG PLOLWDU\ PP
WKH  'HVHUW 7HFK $FFX FDUWULGJHV SURGXFHG VLQFH WKH
5HPLQJ UDF\ ,QWHUQDWLRQDO V QRW LQFOXGLQJ WKH PRGHUQ
WRQ $Q DQG 9LFWUL[ $OO EXW WKH EHOWHG RQHV OLNH WKH PP 5HPLQJ
15$ FKDPSL *UQLJ (OPLJHU DUH WRQ DQG WKH  :LQFKHVWHU ± DQG
RQVKLS HTXLSPHQW VXUYH\ DYDLODEOH LQ 6RXWK $IULFD QRZ RI FRXUVH WKH PRGHUQ GHULY
LQ  OLVWHG WKH [ /DSXD DV $ IHZ FDOOV WR VHYHUDO SURPLQHQW DWLYHV OLNH WKH  5HPLQJWRQ 
WKH VHFRQG PRVW SRSXODU FDOLEUH XVHG ORFDO JXQVPLWKV FRQILUPHG WKDW  1RUPD  &UHHGPRRU DQG WKH
LQ ERWK +LJKSRZHU 5LIOH DQG +XQWHU GHPDQG IRU FXVWRPEXLOW ULIOHV LQ [ /DSXD
5LIOH [ /DSXD LV KLJK $FWLRQV DERXQG 7KH IRXU ROGHU FDUWULGJHV XVXDOO\
6R ZK\ WKHQ LV WKLV FDUWULGJH QRW ROG 56$V WKH HYHU SRSXODU 5HPLQJWRQ IRXQG LQ 6$ DUH WKH [ 0DQQOL
ILOOLQJ GHDOHUV¶ VKHOYHV LQ HYHU\ PDNH  %$7 'HILDQFH DQG PDQ\ PRUH FKHU 6FK|QDXHU WKH [ 6ZHGH
DQG FRQILJXUDWLRQ" 7KH DQVZHU , ZRXOG $QG PP EDUUHOV LQ DOO SURILOHV DUH [ 0DXVHU DQG WKH [ 3RU
VSHFXODWH LV WKDW WKLV LV D (XURSHDQ DYDLODEOH IURP %DUWOHLQ %HQFKPDUN WXJXHVH 9HUJXHLUR 2I WKHVH
FDUWULGJH 7KH ³JXQ ZRUOG´ WUDGLWLRQDOO\ .ULHJHU 6KLOHQ /RWKDU :DOWKHU DQG DPPXQLWLRQ IRU RQO\ WKH [ LV
IROORZV $PHULFD¶V WUHQGV &RQVLGHU WKH 3DF1RU $  RU  WZLVW ZLOO VWLOO IUHHO\ DYDLODEOH 2QH RI WKH RULJ
[ 6ZHGH LW KDV WDNHQ PDQ\ \HDUV V D W L V I \ H YH Q W K H P R V W S H G D Q W L F LQDO [ PLOLWDU\ ORDGV ZDV D
IRU $PHULFDQ VSRUWVPHQ WR FDWFK RQWR VKRRWHU¶V UHTXLUHPHQWV JU EXOOHW WUDYHOOLQJ DW  ISV
ZKLFK LV FRPSDUDEOH WR /DSXD¶V
[ JU DPPXQLWLRQ FORFNLQJ
>/Z h>>d ss EϭϱϬ >K s>K/dz ;&ƉƐͿ
 ISV 7KH  6ZHGH LV VWLOO SRS
ϲ͘ϱdžϰϳ >Wh ϭϮϯŐƌ ^EZ ϯϳ͘ϴϬŐƌ ϮϴϬϱ
XODU IRU WDUJHW VKRRWLQJ DQG GHOLYHUV
͘ϮϲϬ ZD ϭϮϯŐƌ ^EZ ϯϴ͘ϲϬŐƌ Ϯϲϳϳ H[FHOOHQW DFFXUDF\ DQG ZKHQ XVLQJ
ϲ͘ϱdžϱϱ ^ ϭϮϯŐƌ ^EZ ϯϴ͘ϭϬŐƌ Ϯϲϳϰ JRRG TXDOLW\ KXQWLQJ DPPXQLWLRQ LV
VXLWDEOH IRU KXQWLQJ PRVW 6RXWK $IUL
3"6 &F85 M." 1.MRP8F1 "48!16- P1!"> ." M4" G.8SG .8S M." J>+T,I .1"R"G .1-."F FDQ SODLQV JDPH ± (GLWRU
R"481M1"G S1M. 4"GG ;8S!"F S."6 85;F"! M8 8M."F FMF1!-"G PG16- M." J>+55 P44"M>

    
  
 $W WKH WLPH RI ZULWLQJ
M. 8& F"48!G
RQO\ /DSXD RIIHUV IDFWRU\ 86G1GM16- 8& :ON-F
8F6!U P44"MG>
DPPXQLWLRQ WKH JU
6FHQDU/ DW  ISV
 * %& JU
6FHQDU/ DW  ISV
 * %& JU
6FHQDU DW  ISV 
* %& JU 6FHQDU DW
 ISV  * %&
DQG WKH JU 1DWXUDOLV DW
 ISV IRU KXQWLQJ ZKLFK
SXWV WKH /DSXD ULJKW XS
WKHUH ZLWK WKH IDPHG
[ 6ZHGH

)25 +$1'/2$'(56 D
KXJH YDULHW\ RI VXLWDEOH
PP EXOOHWV LV DYDLODEOH
IURP DOO WKH ZHOONQRZQ
PDQXIDFWXUHUV VXFK DV
%HUJHU +RUQDG\ /DSXD
1RUPD 1RVOHU 6HOOLHU %HOORW 6SHHU
6LHUUD 6ZLIW DQG ORFDOO\ SURGXFHG
   
WR QRWLFH DQ\ WDQJLEOH GLIIHUHQFH LQ
SHUIRUPDQFH
RIIHULQJV IURP 3HUHJULQH 5KLQR DQG    $V IRU SRZGHUV , KDYH EHHQ YHU\
%DOLVWL[ WR QDPH EXW D IHZ , KDYH KDSS\ ZLWK 6RPFKHP¶V 6 ZKHQ
DFKLHYHG H[FHSWLRQDO UHVXOWV ZLWK WKH
    XVLQJ JU DQG OLJKWHU EXOOHWV ZKLOH
/DSXD  DQG JU 6FHQDUV +RUQ
    SUHIHUULQJ 6 IRU JU DQG KHDYLHU
DG\¶V JU (/'0 DQG 667 DQG EXOOHWV 7KH FXUUHQW VKRUWDJH RI 6
1RVOHU¶V JU &XVWRP &RPSHWLWLRQ
EXOOHWV 0\ SUHIHUUHG EXOOHW LV WKH
/DSXD JU 6FHQDU ODXQFKHG DW MXVW
RYHU  ISV IRU SXQFKLQJ SDSHU DQG
ULQJLQJ VWHHO JRQJV )RU KXQWLQJ ,
KDYH GURSSHG D IHZ DQLPDOV ZLWK WKH
6LHUUD JU *DPHNLQJ DW  ISV
ZKLFK FRQVLVWHQWO\ VKRRWV VXE ò02$
DW P LQ P\ 6DEDWWL ULIOH , KDYH OLW
WOH GRXEW WKDW VLPLODU EXOOHWV OLNH
+RUQDG\¶V (/'; DQG ,QWHUERQGV
%HUJHU¶V 9/' +XQWLQJ +3%7 1RVOHU¶V
$FFXERQG¶V DQG %DOLVWLF 7LS¶V ZLOO
SHUIRUP HTXDOO\ ZHOO LQ WKH ILHOG
2QO\ /DSXD SURGXFHV EUDVV IRU WKH
[/ 7KH JRRG QHZV LV WKDW
/DSXD¶V EUDVV LV RI H[FHSWLRQDO TXDOLW\
GHPRQVWUDWLQJ FRQVLVWHQF\ IURP FDVH
WR FDVH DQG EDWFK WR EDWFK , LQLWLDOO\
WULPPHG FDVHV IRU OHQJWK QHFNV IRU
FRQIRUPLW\ GHEXUUHG SULPHU SRFNHWV
DQG EDWFK FDVHV DFFRUGLQJ WR WKHLU
ZDWHU FDSDFLW\ HWF , QR ORQJHU ERWKHU
    FRPSOLFDWHV PDWWHUV EXW ,¶YH IRXQG
WKDW 9LKWDYXRUL¶V 1 ZRUNV ZHOO ZLWK
ERWK /DSXD¶V JU DQG JU 6FHQDUV
± , IRXQG WKH YDULDWLRQV EHWZHHQ ORW
QXPEHUV VR VPDOO DV WR EH RI QR FRQVH
TXHQFH VR ZKHQ EX\LQJ D QHZ FDQLVWHU
RI D GLIIHUHQW ORW QXPEHU WKHUH LV QR
QHHG WR ZRUN XS ORDGV IURP VFUDWFK ,
NQRZ RI RWKHU [/ HQWKXVLDVWV
DFKLHYLQJ IDYRXUDEOH UHVXOWV ZLWK 1
5HORDGLQJ GLHV DUH DYDLODEOH IURP
5&%6 *URXS ' GLHV WR YDULRXV EUDQGV RI
FRPSHWLWLRQ GLHV DOO DW SULFHV FRPSDUD
EOH ZLWK  :LQ GLHV
,¶YH IRXQG WKH [ D YHU\ HDV\
DQG IRUJLYLQJ FDUWULGJH WR UHORDG DQG
ILQHWXQH UHPLQLVFHQW RI UHORDGLQJ WKH
YHQHUDEOH  :LQ 0RVW ORDGV , WULHG
ZHUH DFFXUDWH HQRXJK IRU KXQWLQJ
SXUSRVHV DQG YHU\ OLWWOH WZHDNLQJ ZDV
QHHGHG WR SURGXFH JURXSV VPDOOHU WKDQ
ò02$ RU EHWWHU IRU ORQJUDQJH FRPSH
WLWLRQ :KHWKHU LW EH IRU WDUJHWV JRQJV
ZLWK WKLV SUHIHUULQJ WR XVH WKH EUDVV ;P FGG 6!  "!!16- !1" G"M !"41R"F RU JDPH WKH PLOGPDQQHUHG [
VWUDLJKW RXW RI WKH ER[ DQG , KDYH \HW "T"44"6M F"GP4MG> PHULWV VHULRXV FRQVLGHUDWLRQ

  
 
  
  ))' % 4 0

 


ŝŐ͕ ĚĂŶŐĞƌŽƵƐ ĂŶĚ ƚŽŽ

ĐůŽƐĞ ĨŽƌ ĐŽŵĨŽƌƚ

'85,1* 7+(  <($56 P\ IDPLO\ DQG , OLYHG RQ WKH $PRQJ WKH SUREOHPV ZH HQFRXQWHUHG ZHUH SRGV RI KLSSR
=DPEH]L DW 9LFWRULD )DOOV DQ ODWHU RQ 1DPSLQL 5DQFK , TXLWH LQ WKH ZDWHU DQG JUD]LQJ RQ WKH EDQN &URFV¶ H\HV DUH EULJKW
IUHTXHQWO\ WUDYHOOHG WKH UL U E\ ERDW KXQWLQJ FURFRGLOHV OLNH WKH JORZLQJ HPEHUV RI D ILUH EXW KLSSRV¶ H\HV DUH OHVV
ZDWFKLQJ JDPH RU ORRNLQ IRU FURSUDLGLQJ KLSSR , DOVR EULJKW DQG RIWHQ GLIILFXOW WR SLFN XS :KHQ DSSURDFKLQJ D FURF
JXLGHG D IHZ VDIDUL FOLHQWV KR ZDQWHG KLSSR DQG EDJJHG QHDU WKH ULYHU EDQN ZH¶G VRPHWLPHV EH XQDEOH WR VHH RQH RU
VRPH YHU\ LPSUHVVLYH EXOOV KH ULYHU ZDV QDYLJDEOH EHWZHHQ WZR KLSSRV RQ WKH EDQN ZKLFK ZRXOG WKHQ VWDPSHGH LQWR WKH
WKH .DWRPERUD DQG 0DPER UDSLGV DQG WKHUH ZHUH SOHQW\ RI ULYHU RIWHQ ODQGLQJ ULJKW QH[W WR WKH ERDW DQG VRDNLQJ XV ZLWK
KLSSR FURFV DQG YDULRXV R HU JDPH DQLPDOV RQ RXU VLGH RI FROG ZDWHU )RUWXQDWHO\ QRQH ODQGHG RQ WKH ERDW ± LW ZRXOG
RQ WKH =DPELDQ VLGH KDG EHHQ KDYH VPDVKHG LW WR PDWFKZRRG DQG LI RQH KDG ODQGHG RQ XV
\ QLJKW XVLQJ D VSRWOLJKW WR SLFN LW ZRXOG KDYH EHHQ IDWDO $ ELJ KLSSR ZHLJKV DERXW WKUHH WRQV
XS WKHLU JORZLQJ H\HV RQ WKH ZDWHU DV WKLV ZDV WKH PRVW 7KLV NHSW XV FRQVWDQWO\ YLJLODQW ZKHQ RQ WKH ULYHU
VXFFHVVIXO PHWKRG )RU HYHU\ FURF VHHQ GXULQJ WKH GD\ \RX 'XULQJ WKH GD\ KLSSR RIWHQ OLH XS LQ WKH VKDGH RI WKH WKLFN
VHH DERXW HLJKW RU WHQ DW QLJKW XVXDOO\ QHDU WKH EDQN UHHGEDQNV WKDW OLQH WKH =DPEH]L $IWHU D ILJKW WKH LQMXUHG

  
 
  
 1;;8 G.8M U  41"6M 86 5;161
EXOOV UHWLUH WKHUH WR NHHS WKH
F6.>
ILVK IURP QLEEOLQJ RQ WKHLU
Z R X Q G V  1 D W X UD O O \ V X F K
LQMXUHG EXOOV DUH QRUPDOO\
YHU\ EDGWHPSHUHG DQG NLOOHG RQH RI RXU ODERXUHUV
DJJUHVVLYH DQG OLDEOH WR EHIRUH H[SLULQJ
DWWDFN DQ\ XQZDU\ SHUVRQ
FRPLQJ QHDU ,Q WKH WULEDO 21 1$03,1, 5$1&+ ZH
DUHDV WKH ORFDOV ZHUH RIWHQ JUHZ FURSV RI WREDFFR
NLOOHG E\ VXFK DQLPDOV ZKLOH PLHOLHV VRUJKXP DQG EHDQV
ZDONLQJ DORQJ WKH ULYHU EDQN +LSSRV GRQ¶W HDW WREDFFR EXW
7ULEHVPHQ ILVKLQJ RU WUDYHO VRPHWLPHV WUDPSOH LW ZKHQ
OLQJ RQ WKH ULYHU ZHUH DOVR ELW SDVVLQJ WKURXJK +RZHYHU
WHQ LQWR SLHFHV E\ KLSSR WKDW WKH\ FHUWDLQO\ SDUWRRN RI WKH
XSVHW WKHLU PXNRURV GXJRXW RWKHU FURSV SDUWLFXODUO\ WKH
FDQRHV ± , KDYH VKRW D IHZ RI WKHVH PDQNLOOHUV EHDQV FDXVLQJ D JUHDW GHDO RI GDPDJH 7KH\ DUH KXJH DQL
+LSSRV LQ SRGV DUH QRW QRUPDOO\ DJJUHVVLYH DQG XVXDOO\ PDOV ZLWK KXJH DSSHWLWHV DQG DUH QRW FDUHIXO ZKHUH WKH\
LJQRUH D ERDW ZLWK DQ RXWERDUG PRWRU FUXLVLQJ DORQJ EXW DQ WUHDG , RIWHQ WULHG WR DPEXVK WKHP DW QLJKW ZKHQ WKH\ UDLGHG
ROG EXOO RU D FRZ ZLWK D VPDOO FDOI PLJKW ZHOO DWWDFN D URZLQJ RXU FURSV DQG EHOLHYH PH WKH\ DUH QRW VWXSLG
ERDW RU D PXNRUR ,W LV EHVW WR NHHS D VDIH GLVWDQFH DQG QRW WR 7ZR ELJ EXOOV WKDW NHSW UDLGLQJ RXU EHDQV DOZD\V PDQDJHG
SURYRNH WKHP +LSSRV ORRN SHDFHIXO VR SHRSOH WHQG WR XQGHU WR DYRLG PH DQG PDNH WKHLU HVFDSH , WULHG VLWWLQJ XS IRU WKHP
HVWLPDWH WKHP ± DOZD\V EHDU LQ PLQG WKDW KLSSRV NLOO PRUH DW QLJKW EXW WKH\ DOZD\V VHQVHG P\ SUHVHQFH DQG HYDGHG
SHRSOH WKDQ PRVW RWKHU GDQJHURXV DQLPDOV PH , WULHG VHWWLQJ D JXQWUDS RYHU WKH SDWK WKH\ XVHG ± DQ
2QH QLJKW ZH KHDUG WKH VRXQGV RI D VHULRXV ILJKW EHWZHHQ ROG  ORDGHG ZLWK .\QRFK JU VROLGV KDQJLQJ YHUWLFDOO\
WZR KLSSR EXOOV LQ WKH ULYHU EHORZ RXU KRXVH 7KH EDWWOH ZHQW
RQ IRU KRXUV DQG WKH VRXQGV FHDVHG RQO\ LQ WKH HDUO\ KRXUV
RI WKH PRUQLQJ , GLG QRW FRQFHUQ P\VHOI ZLWK VHDUFKLQJ IRU
WKH SRVVLEO\ LQMXUHG FRPEDWDQWV , MXVW FDUULHG RQ ZLWK P\
IDUPLQJ DQG KXQWLQJ DV XVXDO 7KHQ D IHZ GD\V ODWHU RQH RI
WKH ODERXUHUV FDPH UXQQLQJ XS KLV H\HV OLNH VDXFHUV ³%RVV
D ELJ KLSSR FKDVHG PH ZKHQ , ZHQW GRZQ WR WKH ULYHU QHDU WKH
ELJ UHHGEDQN´ KH JDVSHG , TXHVWLRQHG WKH PDQ ZKR WROG
PH WKH EXOO ZDV IXOO RI JDVKHV DQG ZRXQGV DQG , SHUFHLYHG LW
PXVW EH RQH RI WKH WZR ZH¶G KHDUG ILJKWLQJ
/XND DQG , IROORZHG WKH ODERXUHU WR WKH UHHGEDQN ZKHUH
KH VKRZHG XV WKH WUDFNV RI D UXQQLQJ KLSSR VXSHULPSRVHG RQ
KLV RZQ WUDFNV LQGLFDWLQJ WKDW KH KDG LQGHHG EHHQ FKDVHG ,
GHFLGHG ,¶G EHWWHU ILQG DQG VKRRW WKH LQMXUHG DQLPDO EHIRUH LW
NLOOHG VRPHRQH
, FKHFNHG P\  DQG ZH IROORZHG WKH WUDFNV VWUDLJKW LQWR
WKH WKLFN UHHGV 7KH ORZ WXQQHO ZRXQG EDFN DQG IRUWK WKURXJK
WKH RWKHUZLVH LPSHQHWUDEOH JURZWK HYHQWXDOO\ EULQJLQJ XV WR
D VPDOO FOHDULQJ DERXW WZHQW\ SDFHV DFURVV ZLWK VKRUW UHHGV
JURZLQJ DOO RYHU :H VWRSSHG ORRNLQJ DURXQG DQG LQWR WKH
UHHGV RQ WKH RWKHU VLGH 6XGGHQO\ , KHDUG D ORXG VQRUW IURP
P\ OHIW DQG VDZ WKH KXJH KLSSR KHDGLQJ ULJKW DW XV , UDLVHG
WKH ULIOH DQG VKRW WKH EXOO LQ WKH IRUHKHDG WXUQLQJ LW VOLJKWO\
DQG LW FUDVKHG SDVW XV , SXW D VKRW LQWR LWV VKRXOGHU DV LW
SDVVHG DQG IRUWXQDWHO\ WKH EXOO NHSW JRLQJ FUDVKLQJ WKURXJK
WKH UHHGV 7KH VRXQGV DEUXSWO\ FHDVHG DQG , UHDOLVHG LW KDG
SUREDEO\ JRQH GRZQ IURP P\ VHFRQG VKRW :H JLQJHUO\
PRYHG LQ WKDW GLUHFWLRQ DQG IRXQG WKH DQLPDO GHDG PXFK WR
P\ UHOLHI 7KH EXOO ZDV FRYHUHG LQ GHHS JDVKHV IURP WKH ILJKW
DQG SUREDEO\ ZRXOG KDYH GLHG DQ\ZD\ EXW PD\ ZHOO KDYH

    
  
VR DV WR KLW WKH VSLQH DV WKH OHDGHU
SDVVHG EHQHDWK 1R VXFK OXFN ± WKH\
XVHG DQRWKHU SDWK , WULHG WDNLQJ P\
OLWWOH IR[WHUULHU 6DP DORQJ WR \DS DQG
ED\ WKH KLSSRV XS VR WKDW , FRXOG JHW
QHDU 7KH\ FDPH LQ DW DERXW  WKDW
QLJKW DQG , OHW 6DP ORRVH +H WRUH RII
DQG VWDUWHG \DSSLQJ EXW WKH KLSSRV
MXVW WRRN RII DQG WKH VRXQGV IDGHG LQWR
WKH GLVWDQFH $IWHU ,¶G FDOOHG IRU D ZKLOH
6DP UHWXUQHG ORRNLQJ YHU\ SOHDVHG ZLWK
KLPVHOI EXW P\ OXFN KDGQ¶W FKDQJHG
, WULHG EXLOGLQJ ILUHV DOO DURXQG WKH
ODQG ± WKH KLSSR MXVW LJQRUHG WKHP DQG
NHSW UDLGLQJ ,W RFFXUUHG WR PH WKDW
VLQFH KLSSR KDG ORQJ EHHQ DFFXVWRPHG
WR WKH VFHQW RI WKH ORFDO WULEHVSHRSOH
SHUKDSV P\ WUDFNHU /XND PLJKW EH
U S1&" 16 &F86M 8& 8PF .85" 8R"F488316- M."
PRUH VXFFHVVIXO WKDQ , VR OHW KLP VLW LQ
DPEXVK ZLWK P\  ± WKH KLSSRV NHSW
DZD\
)LQDOO\ , GHFLGHG WR VLW QHDU WKH SDWK
ZKHUH WKH KLSSRV HPHUJHG IURP WKH
ULYHU , KDG D SODWIRUP EXLOW KLJK LQ D ELJ
WUHH ZLWK D YLHZ RI D JRRG VWUHWFK RI WKH
SDWK LQ WKH KRSH WKDW RXU VFHQW ZRXOG
EORZ KLJK RYHU WKH KLSSRV¶ KHDGV 7KDW
QLJKW /XND DQG , VDW XS RQ WKH SODWIRUP
DQG DERXW WZR KRXUV DIWHU WKH IXOO PRRQ
KDG ULVHQ , KHDUG VSODVKLQJ DQG WKH
WZR KXJH DQLPDOV DSSHDUHG KHDGLQJ IRU
WKH ODQGV :KHQ WKH\ GUHZ QHDU , VLJ
QDOOHG /XND WR VZLWFK RQ WKH VSRWOLJKW
DQG , VKRW WKH IURQW RQH EHWZHHQ WKH
VKRXOGHUV GURSSLQJ KLP LQ KLV WUDFNV
7KH RWKHU RQH WXUQHG WR KHDG EDFN IRU
WKH ULYHU DQG , WRRN D KXUULHG VKRW KRS
LQJ WR JHW WKH OXQJV +H MXVW NHSW JRLQJ
DQG ZKHQ ZH KHDUG KLP VSODVK LQWR WKH
ZDWHU ZH FDOOHG WKH ODERXUHUV JXWWHG
WKH GHDG KLSSR DQG ZHQW KRPH WR EHG
7KH QH[W PRUQLQJ /XND DQG ,
UHWXUQHG WR WKH VSRW ZKHUH ZH
IRXQG TXLWH D ELW RI
EORRG EXW LW GLGQ¶W
ORRN OLNH OXQJ
  
 
  
VFHQW XV ZKHQ ZH JRW QHDU +H ZDV OLNHO\
5"V1 6! 51>
EORRG 7KHUH ZDV D VSXU RI ODQG QHDUE\
ZLWK D GHQVH UHHGEDQN DQG , VXVSHFWHG
WKDW LI WKH KLSSR ZDV QRW GHDG KH ZRXOG
KHDG IRU WKH UHHGV :H ZDONHG DORQJ WKH
EDQN DQG VRRQ /XND IRXQG KLSSR WUDFNV
HPHUJLQJ IURP WKH ZDWHU DQG VRPH
EORRG WKDW KDG UXEEHG RII RQ WKH UHHGV
7KH UHHGV ZHUH YHU\ GHQVH DQG KLJK
ZLWK VRPH KLSSR SDWKV HQDEOLQJ XV WR
ZDON RU FUDZO LQ 7KH KLSSR KDG WDNHQ
RQH RI WKHVH VR ZH IROORZHG LW TXLHWO\
VWDONLQJ DORQJ KRSLQJ WR VSRW WKH DQLPDO
O\LQJ GHDG 7KH WUDFNV MXVW OHG GHHSHU
LQWR WKH UHHGV EXW LQGLFDWHG WKDW WKH
KLSSR ZDV GUDJJLQJ LWV OHIW IURQW OHJ ±
HLWKHU EURNHQ RU EDGO\ LQMXUHG 7KH EORRG
WUDLO KDG DOO EXW GULHG XS DQG , UHDOLVHG
WKH DQLPDO ZDV SUREDEO\ VWLOO DOLYH DQG LQ
D YHU\ EDG PRRG
6XGGHQO\ WKHUH ZDV WKH FUDVKLQJ
RI EUHDNLQJ UHHGV DQG , VTXDWWHG
GRZQ ULIOH SRLQWLQJ WRZDUGV WKH
V R X Q G V  7Z R K X J H E O D F N I R U P V
ORRPHG RXW RI WKH UHHGV DQG WRUH
SDVW , KHOG P\ ILUH ± WZR ROG EXIIDOR
GDJKD ER\V JHWWLQJ WKH KHOO RXW RI
WKHUH 7KHQ , KHDUG WKH VRXQGV RI WKH
KLSSR FUDVKLQJ DZD\ IURP XV GHHSHU
LQWR WKH UHHGV
/XND WXUQHG WR PH ³%DED WKH KLSSR
LV KHDGLQJ WRZDUGV D VPDOO SRRO QHDU WKH
EDQN , WKLQN LW ZLOO VWRS WKHUH DQG ZDLW
IRU XV DQG LW ZLOO EH YHU\ GDQJHURXV´ ,
DJUHHG DQG ZH VHW RII YHU\ FDXWLRXVO\
7KH VOLJKW EUHH]H ZDV HGG\LQJ DQG LW
ZDV DOPRVW FHUWDLQ WKH KLSSR ZRXOG
WR DWWDFN IURP YHU\ FORVH DQG , NQHZ
WKDW , KDG WR NLOO KLP ZLWK WKH ILUVW VKRW
± WKHUH ZRXOGQ¶W EH WLPH IRU D VHFRQG
$V ORQJ DV , FRXOG JHW D KHDGRQ VKRW ,
FRXOG KLW WKH EUDLQ DQG GURS KLP ZLWK D
JU VROLG IURP P\  :KHQ WKLV
W\SH RI GDQJHURXV VLWXDWLRQ DULVHV ,
DOZD\V JHW YHU\ IRFXVVHG DQG FDOP DQG
VRXQGV EHFRPH PXFK FOHDUHU DQG P\
UHIOH[HV VHHP WR EHFRPH PRUH DFXWH VR
, ZDV K\SHUDOHUW
:KHQ ZH QHDUHG WKH VSRW /XND
VWRSSHG DQG JRW EHKLQG PH ³,W ZLOO
FRPH QRZ´ KH ZKLVSHUHG DQG DV VRRQ
DV KH VDLG WKLV , VSRWWHG WKH KXJH VKDSH
RI WKH KLSSR DV LW WXUQHG WR FRPH DW XV
PRXWK ZLGH RSHQ VKRZLQJ LWV KXJH
LYRU\ WHHWK , VTXDWWHG GRZQ DLPHG LQWR
WKH ZLGHRSHQ PRXWK DQG ILUHG GURS
SLQJ LW D IHZ SDFHV IURP XV /XFNLO\ WKH
EXOOHW KDG VHYHUHG WKH WRS RI WKH VSLQH
DQG H[LWHG EHWZHHQ WKH VKRXOGHUV NLOO
LQJ LW LQVWDQWO\
:H IRXQG WKDW P\ VKRW RI WKH SUHYL
RXV QLJKW KDG HQWHUHG WKH KLSSR¶V EDFN
D OLWWOH WR RQH VLGH GDPDJHG WKH VKRXO
GHU EODGH DQG VWRSSHG LQ WKH EULVNHW
MXVW XQGHU WKH VNLQ +DG LW EHHQ VOLJKWO\
PRUH FHQWUDO LW ZRXOG KDYH JRQH WKURXJK
RQH OXQJ RU HYHQ WKH KHDUW
)ROORZLQJ GDQJHURXV DQLPDOV OLNH
KLSSR RU EXIIDOR LQ WKLFN UHHGEDQNV LV
QRW DGYLVDEOH IRU LQH[SHULHQFHG KXQWHUV
,W SURYLGHV WKULOOV EXW , ZRXOG QRW ZDQW
WR GR LW UHJXODUO\ ± VRRQHU RU ODWHU \RXU
OXFN ZLOO UXQ RXW

48G"/P; 8& M."
85;4"M"4U F"GM8F"!
8441G :W/8F"> 8M"
M." P3G.8M 6! 44
S" )F"!>

 .1G G.8SG M."

G1V" 8& M." "4"-6M 6!
S"44 46"! :W/8F"
5PVV4"/48!"F>

'## 0 (<'/

6;;# '/
   


 ƚƌƵĞ ĂƐƚĞƌŶ ĂƉĞ ŐƵŶ

  
 
  
0< /,)(/21* ,17(5(67 LQ KLV RULFDO
ILUHDUPV OHG WR DQ RYHUZKHOPLQJ HVLUH
WR ILUH HYHU\ W\SH RI ROG JXQ , F Q OD\
P\ KDQGV RQ , SDUWLFXODUO\ QMR\
VKRRWLQJ JXQV XVHG LQ WKH HDUO\ GD\V RI
WKH (DVWHUQ &DSH IURQWLHU ± JXQV WKDW
RQFH WKXQGHUHG DFURVV WKH YHU\ VDPH
YHOG , KDYH KXQWHG IRU RYHU  \ DUV ,
LQ WKH
HQ ±
PRUH VR ZKLOH FDUU\LQJ WKH VDPH W\SH
RI JXQV WKH\ GLG
0RVWO\ , HQMR\ XVLQJ RU DW OHDVW
WHVWILULQJ WKH ELJ ERUHV )RU LQVWDQFH ,
RQFH VKRW D KXJH EXOO JLUDIIH ZLWK P\
ILUVW WULS WR $IULFD LQ  7KH JXQV
ZHUH VPRRWKERUHV 6HORXV UHIHUUHG WR
WKHP DV ³FRPPRQ GXFN JXQV´ DQG VKRW
KLV ILUVW HOHSKDQWV ZLWK WKHP
7KH +ROOLV ERUH RI WKLV VWRU\ LV
DOVR D VPRRWKERUH ZLWK D IURQW EHDG
VLJKW RQO\ ,Q  $QGUHZ *ORDJ ZKR
FDPH WR 6RXWK $IULFD IURP 6FRWODQG
RZQHG D WKULYLQJ JHQHUDO GHDOHUVKLS LQ
0DLQ 6WUHHW +H ZDV DOVR D JXQ GHDOHU
DQG DUUDQJHG ZLWK WKH +ROOLV &RPSDQ\
WR KDYH WKH JXQV KH ERXJKW VWDPSHG
ZLWK KLV QDPH DQG SODFH RI EXVLQHVV
$QGUHZ *ORDJ GLHG LQ  DW WKH DJH
RI 
VDZ LW 3LW\ HYHU\WKLQJ VKRXOG DOZD\V
EH GRQH WR PDLQWDLQ WKH FKDUDFWHU RI DQ
ROG JXQ ,I LW ZLOO EH XVHG DV D VKRRWHU
EURNHQ SDUWV PD\ EH UHSODFHG XVLQJ LI
SRVVLEOH UHSODFHPHQW SDUWV RI WKH
VDPH DJH %XW QHYHU HYHU WRXFK LW ZLWK
D SLHFH RI VDQGSDSHU RU ZLUH EUXVK DQG
QHYHU KDYH LW UHEOXHG DV WKLV ZLOO
UHGXFH LWV YDOXH $V IRU KDYLQJ D FODVVLF
ROG DQWLTXH ZHOGHG XS DQG WKH EDUUHO
SHUPDQHQWO\ EORFNHG ZK\ WKDW¶V MXVW
OLNH GUDZLQJ D PRXVWDFKH RQ WKH 0RQD
/LVD ZLWK D IHOWWLS PDUNHU
$Q\ZD\ WKH KHDUW RI WKH +ROOLV ZDV
VWLOO WKHUH DQG P\ ILUVW WKRXJKW ZDV WR
ERUH  PX]]OHORDGLQJ HOHSKDQW 6R WKHUH \RX KDYH LW 7KH +ROOLV JHW LW EHDWLQJ DJDLQ 6R D IHZ GD\V
JXQ , KDYH DOVR ILUHG D
KHDY\ GRXEOHEDUUHOOHG 1-/8F" 5PVV4"/
48!"FG .R" )F"!>
ERUH  PRQVWHU ,
F85 4"&M :W/8F"
FRXOG EDUHO\ KROG RQ WDUJHW $/8F" 6!  J/8F">
IRU PRUH WKDQ D IHZ VHFRQGV
$QG RQFH , DOPRVW ILUHG D
ERUH  IOLQWORFN EXW
ZDV SHUVXDGHG QRW WR
EHFDXVH ,¶G UHFHQWO\ XQGHU
JRQH KHDUW E\SDVV VXUJHU\
7KH RZQHU D EXUO\ IDUPHU
VDLG KH KDG ILUHG WKH JXQ
RQFH RQO\ WR ODXQFK D KDOI
SRXQG EDOO DQG LW SUDFWLFDOO\
ORRVHQHG DOO KLV WHHWK
5HFHQWO\ , KDG WKH SOHDV
XUH RI H[DPLQLQJ DQG VKRRW
LQJ D JXQ , KDYH QHYHU ILUHG
EHIRUH 7KLV ZDV DQ RULJLQDO
ERUH  PX]]OH
ORDGHU DQG WKHUHE\ KDQJV D
WDOH 0RVW RI WKH RULJLQDO ROG
J X Q V , K D YH R Z Q H G  R U
H[DPLQHG DQG ILUHG KDYH KDG XQNQRZQ
KLVWRULHV %XW LQ WKH FDVH RI WKH ERUH
IHDWXUHG LQ WKLV DUWLFOH D OLWWOH UHVHDUFK
UHYHDOHG LWV EHJLQQLQJV 6R KHUH LV WKH
VWRU\ RI D WUXH (DVWHUQ &DSH JXQ
$ORQJ WKH WRS RI WKH EDUUHO DSSHDUV
WKH LQVFULSWLRQ 0$'( %< , +2//,6
$1' 6216 (1*/$1' )25 $*/2$*
3257 (/,=$%(7+ 0X]]OHORDGLQJ +ROOLV
VKRWJXQV VLQJOH DQG GRXEOHEDUUHO
ULIOHV DQG DOVR &DSH *XQV ZHUH FRP
PRQ LQ WKH FRXQWU\ GXULQJ WKH V
)UHGHULFN 6HORXV ERXJKW WZR +ROOLV
VLQJOH EDUUHOOHG ERUHV ZKHQ KH
SDVVHG WKURXJK .XUXPDQ GXULQJ KLV
ERUH LV D WUXH (DVWHUQ &DSH JXQ
RULJLQDOO\ ODQGHG QHZ LQ 3RUW (OL]DEHWK
DQG VROG WR VRPHRQH OLYLQJ LQ WKH (DVW
HUQ &DSH IURQWLHU GLVWULFW )RONV ZKR
VHWWOHG RQ WKH IDU IOXQJ IURQWLHU IRXQG D
ELJERUH KDQG\ IRU NHHSLQJ WKHLU ODU
GHUV VWRFNHG
$7 ),567 */$1&( , WKRXJKW WKH
+ROOLV ZDV D UHSOLFD EHFDXVH RI LWV
LPPDFXODWH FRQGLWLRQ %XW RQ FORVHU
H[DPLQDWLRQ , UHDOLVHG WKH QHZ RZQHU
ZKR LV QRW D FROOHFWRU RI DQWLTXH ILUH
DUPV KDG FRPSOHWHO\ UHVWRUHG WKH
SLHFH WR DSSHDU DV $QGUHZ *ORDJ ILUVW
ODWHU , PHW WKH RZQHU DW RXU ORFDO UDQJH
WR WHVWILUH WKH ERUH 7KH +ROOLV WRRN
D VWDQGDUG VL]H  SHUFXVVLRQ FDS ZH
SODFHG RQH RQ LWV QLSSOH DQG ILUHG LW WR
FOHDU WKH IODVKKROH
%HIRUH ORDGLQJ WKH JXQ , DVNHG WKH
RZQHU LI KH KDG UHPRYHG WKH EDUUHO WR
PDNH VXUH QR KROHV KDG EHHQ GULOOHG LQ
LW 7KLV VDFULOHJH LV VRPHWLPHV FRPPLW
WHG E\ SHRSOH LJQRUDQW RI WKHVH PDW
WHUV WR UHQGHU D JXQ KDUPOHVV IRU XVH
DV D ZDOO KDQJHU
7KH RZQHU DVVXUHG PH WKDW WKH +RO
OLV KDG EHHQ WKRURXJKO\ H[DPLQHG E\ D
FRPSHWHQW JXQVPLWK VR ZH SUHSDUHG

    
  
  ."
8S6"F 8& M."
:W/8F" )F"G 
5PVV4"/48!"F
&8F M." )FGM
M15">

 

;FM &F85
1MG 58!"F6
61;;4" 5U
8S6 6M1?P"
8441G :O/8F"
1G 16 ;F1GM16"
86!1M186>

WR ILUH LW IRU WKH ILUVW WLPH LQ ZKR NQRZV
KRZ ORQJ" , ILUVW SUHVVHG D VPDOO VKHHW
RI FDUGERDUG RYHU WKH PX]]OH WR PDNH
DQ LPSUHVVLRQ RI WKH ERUH VL]H WKHQ FXW
WKH FLUFOH RXW ZLWK D VPDOO SDLU RI VFLV
VRUV IRU XVH DV D WHPSODWH WR PDNH D
IHZ VOLJKWO\ RYHUVL]H ZDGV 7KHQ ,
GHPRQVWUDWHG WKH ORDGLQJ SURFHGXUH
VWHS E\ VWHS )LUVW , SRXUHG D PHDVXUHG
 GUDPV RI ))* EODFN SRZGHU GRZQ WKH
EDUUHO IROORZHG E\ D FDUG ZDG WKHQ D
JDXJH IHOW ZDG WKHQ DQRWKHU FDUG
ZDG 2QFH WKH ZKROH FDERRGOH ZDV
ILUPO\ VHDWHG RYHU WKH SRZGHU ,
GURSSHG QLQH 66* SHOOHWV GRZQ KHOG LQ
SODFH E\ D WLJKWILWWLQJ FDUG RYHUZDG
7KH JXQ¶V RZQHU FDSSHG WKH QLSSOH
DQG DLPHG KLV ILUVW VKRW HYHU ZLWK D
PX]]OHORDGHU DW D VWDQGDUG FDUGERDUG
FXWRXW RI D PDQ¶V WRUVR  SDFHV DZD\
7KH JXQ ERRPHG DQG ZH DSSURDFKHG

+   +   +   + 

#0" F"-P4F4U M"GM, ;F8!PMG
M8 )6! ?P41MU 6! -88! R4P" :
S8FM. G.F16- S1M. 8PF F"!"FG>
& 1M 5""MG M." 5F3 M."6 M." ;F8!PM -"MG
 DM.P5G P;E S1M. M." D -6P5 .81"E
G"4> ."6 U8P G"" 6 1M"5 16/GM8F" S1M.
M." G;"14 GM13"F U8PE44 368S M.M 1MG
""6 .8G"6 U M." #0" M"5> "48S
1G  G.8FM 41GM 8& M." )FGM G"4"M186 í
M."F"EG  48M 58F" M8 85"> 8 4883 8PM &8F
M." GM13"F 6! G3 &8F M." ;F8!PMG U
65">    
 



 B2I
#*  */* !* 7#2 %#! 91$"1$,9
C@11: 1."1:@ í-;@* ;(1C-: (:/;;
.,; ::G*/' */1; 1: .:;  :H6

 BNWNC
N  2<
*! #* /
 E N 
0
  555&2+&#&8
 A<=
1.1 1" /*@:1 -/:
#* #* !# 555&2+&#&8 / :C;@ 3:D/@: ":1.

1/);@13 ;1-C@*1/ "1: 3:"@ $::. :6 :,:)-6 @9; @( ':@
(: ;G :;1- ;@3; 25 :1/ -/: B5 ;@C# E -- ':E C3 E*@( í

--)C:31; -/: / 133: .1D: / *@ .*'(@ /1@ ;.-- @(
A5
--)3C:31; 1*-6 (G 1;@ .1: *" 1C'(@ ;. /G.1: C@ *@ ;@*--
*/*D*C--G6 , */-C; -/*/' 3@(;6 O E1:,; @( ;. 1- EG!

  
   
WKH WDUJHW WKURXJK D FKRNLQJ
16 MF""M 8FM 41V"M. G "48PG
FORXG RI ZKLWH VPRNH 7KH KLWV
ZHUH VFDWWHUHG EXW ZLWK JUHDW
VDWLVIDFWLRQ ZH QRWLFHG WKDW WZR
SHOOHWV KDG VWUXFN VLGHE\VLGH
FHQWUDOO\ LQ WKH FKHVW 7KH
RZQHU ZDV QRZ HDJHU IRU PRUH
VR ZH QH[W ORDGHG  FDOLEUH
EDOOV )URQWLHUVPHQ FRPPRQO\
XVHG ³ORRSHUV´ IRU VPDOO JDPH
DQG KRPH GHIHQFH +ROGHQ
%RZNHU WKH (DVWHUQ &DSH¶V
PRVW IDPRXV IURQWLHUVPDQ
GHFODUHG ± ³WKHUH LV QRWKLQJ OLNH
ORRSHUV IRU QLJKW ILJKWLQJ´
$*$,1 7+( *81¶6 RZQHU
FDSSHG KLV SLHFH DQG ILUHG 7KH GHDGO\
ORRSHUV ZHUH VSUHDG RYHU WKH WDUJHW
IURP VKRXOGHU WR VKRXOGHU DQG IURP
KHDG WR EHOW EXFNOH %\ QRZ WKH RZQHU
ZDV ZHOO DQG WUXO\ ELWWHQ E\ WKH EODFN
SRZGHU EXJ DQG ZDQWHG PRUH VR ,
PHDVXUHG RXW ò GUDPV RI SRZGHU DQG
VHDWHG D KHDY\ OHDG EDOO ZUDSSHG LQ D
JUHDVHG SDWFK RYHU WKH FKDUJH ± FRP
PRQ SUDFWLFH LQ WKH ROG GD\V ZKHQ
VKRRWLQJ DW ODUJHU JDPH DQG DW JUHDWHU
UDQJH 7KH ROG JXQ ERRPHG ORXGO\
HQRXJK WR VWLU ROG $QGUHZ *ORDJ LQ KLV
JUDYH ([DPLQLQJ WKH WDUJHW ZH IRXQG
)FGM GS 1M S."6
6!F"S 48- .!
.1G -P6 G.8; M."F">
WKDW LWV DUP KDG LW EHHQ IOHVK
DQG ERQH ZRXOG KDYH EHHQ
ULSSHG RII
%\ QRZ P\ WULJJHUILQJHU ZDV
ZULJJOLQJ OLNH D ZRUP RQ D KRRN ,
MXVW KDG WR VKRRW WKH ERUH %XW
ILUVW , VWRRG D SLHFH RI SODQN
EHWZHHQ WZR VPDOO PHWDO SLJ
SODWHV WR VHH WKH HIIHFWV RI D
VSUHDG RI µORRSHUV¶ , OHW JR DQG WKH
HDUWK HUXSWHG DURXQG WKH WDUJHWV
WKH SLJV ZHUH SOLQNHG DQG WKH
SODQN SLHUFHG IURP WKH LPSDFW RI
KDOI D KDQGIXO RI KHDY\ VKRW
$QG VR , KDG DGGHG \HW DQRWKHU ERUH
VL]H WR WKH ZLGH DUUD\ RI KLVWRULFDO
PX]]OHORDGHUV , KDYH ILUHG $QG IRU WKH
ILUVW WLPH , KDG WKH VDWLVIDFWLRQ RI VKRRWLQJ
D WUXH (DVWHUQ &DSH JXQ WKDW KDG QHYHU
OHIW KRPH

    
  
 '/ - :4 .
60:
$6 $ 7((1$*(5 RUJH 5XVK
E\¶V ELRJUDSK\ 7KH +XQWHU V 'HDWK E\
79 %XOSLQ DQG 5XVKE\¶V RZQ ERRN 1R
0RUH WKH 7XVNHU 7RGD\ RQH GRHVQ¶W
RIWHQ UHDG RI 5XVKE\ EXW LV VWRU\ LV
ZHOO ZRUWK WHOOLQJ IRU KLV D D]LQJ OLIH
DQG HVSHFLDOO\ IRU KLV ZD U ZLWK WKH  



  
 

 

QRWRULRXV 1MRPEH PDQHDW J OLRQV
H *LOPDQ
RRO LQ (QJ
ODQG DQG VHUYHG DV D YHU\ \RXQJ SLORW dŚĞ ƌĞŵĂƌŬĂďůĞ ůŝĨĞ ŽĨ ĂŶ ŝǀŽƌLJ ƉŽĂĐŚĞƌ͕
IRU WKH 5R\DO )O\LQJ &RUSV GXULQJ :RUOG
:DU , 'XULQJ KLV HDUO\ \HDUV DPRQJ ŐĂŵĞ ǁĂƌĚĞŶ ĂŶĚ ůŝŽŶ ŚƵŶƚĞƌ
RWKHU MREV KH ZRUNHG DV D PRWRUF\FOH
PHFKDQLF D SURIHVVLRQDO ER[HU DQG D
EDUPDQ +H PRYHG WR $IULFD LQ  ZKHUH KH EHFDPH DQ LYRU\ DOPRVW WR WKH PRXWK RI WKH JUHDW &RQJR 5LYHU +H WZLFH FRQ
SRDFKHU EHIRUH JRLQJ RQ WR RZQ D FRIIHH SODQWDWLRQ +H ZDV WUDFWHG WKH SRWHQWLDOO\ GHDGO\ %ODFNZDWHU )HYHU DQG VXUYLYHG
DOVR D JROG SURVSHFWRU D JDPH UDQJHU IRUHVWU\ FRQVHUYDWLRQ +H SRDFKHG HOHSKDQW IRU WKHLU LYRU\ LQ 1RUWKHUQ 5KRGHVLD WKH
RIILFHU SUREOHP DQLPDO FRQWURO RIILFHU DQG ILQDOO\ 'HSXW\ *DPH &RQJR DQG WKH XSSHU 1LOH DUHD RI WKH 6XGDQ UHJDUGLQJ HOH
:DUGHQ IRU WKH ZKROH RI 7DQJDQ\LND QRZ 7DQ]DQLD SKDQW KXQWLQJ SXUHO\ DV D EXVLQHVV ± D PHDQV RI PDNLQJ D
5XVKE\ WUDYHUVHG WKH HQWLUH OHQJWK RI /DNH 1\DVD VRPH OLYLQJ 'XULQJ WKH ZDU 5XVKE\ VHUYHG DV D &DSWDLQ LQ WKH
 NLORPHWUHV E\ FDQRH +H ZDONHG FOHDU WKURXJK 1RUWKHUQ .LQJ¶V $IULFDQ 5LIOHV RSHUDWLQJ LQ WKH 1RUWK $IULFDQ GHVHUW
5KRGHVLD QRZ =DPELD DOO WKH ZD\ WR WKH &RQJR KXQWHG 'HFLGLQJ WR VHWWOH GRZQ DQG IDUP FRIIHH 5XVKE\ VRPH
HOHSKDQW WKURXJK WKH &RQJR WR /HRSROGYLOOH DQG WKHQ RQ ZKDW UHOXFWDQWO\ HVWDEOLVKHG KLPVHOI DV D µZKLWH KXQWHU¶ LQ

  
 
  
PG.U -F""MG 6 84! &F1"6!H ".16! .15 1G .1G .P6M16- R".14" MU;14 8& M.M "F> "8F-" 86 M." 4"&M 8& "6MF" S1M. G85" MFP4U 5-61)"6M
MPG3GH M." 8M."F 56 F"516G P61!"6M1)"!>

RUGHU WR SD\ RII WKH KXJH FRVWV RI EX\LQJ DQG GHYHORSLQJ WKH DOUHDG\ EHHQ PDGH ± XQVXFFHVVIXOO\ ± E\ D IHZ EUDYH ORFDO
FRIIHH SODQWDWLRQ +RZHYHU *HRUJH ZDV QHYHU UHDOO\ KDSS\ PHQ $IWHU FDUHIXOO\ OLVWHQLQJ WR WKH VWRULHV RI WKHVH IDLOHG
JXLGLQJ ZHDOWK\ FOLHQWV RQ WURSK\ KXQWLQJ VDIDULV +H WKHQ DWWHPSWV 5XVKE\ VHW RXW QRUWK RI 1MRPEH WR D QXPEHU RI
LQLWLDWHG DQG PDQDJHG 7DQJDQ\LND¶V ILUVW UDLQERZ WURXW SUR VPDOO YLOODJHV DQG PLVVLRQ VWDWLRQV ZKHUH PRVW RI WKH
MHFW /DWHU KH MRLQHG WKH FRXQWU\¶V )RUHVWU\ 'HSDUWPHQW SUR PDQHDWLQJ KDG WDNHQ SODFH DQG ZDV VWLOO RFFXUULQJ 5XVKE\
FODLPLQJ WKH XUJHQW QHHG IRU WKH QDWLYH SHRSOH WR FRQVHUYH SDWUROOHG WKH GLVWULFW IRU VRPH WZR ZHHNV GD\ DQG QLJKW WR
WKHLU QDWXUDO IRUHVWV ,Q  KH WUDQVIHUUHG WR WKH *DPH
'HSDUWPHQW DV 5DQJHU IRU WKH (DVWHUQ 3URYLQFH RI 7DQJDQ
\LND DQG LW ZDV GXULQJ WKLV SHULRG WKDW WKH WHUULEOH VDJD RI WKH
1MRPEH PDQHDWLQJ OLRQV SUHYDLOHG 7KHUHDIWHU *HRUJH ZDV
DSSRLQWHG DV 'HSXW\ *DPH :DUGHQ IRU WKH ZKROH RI 7DQJD
Q\LND D SRVLWLRQ EDVHG LQ $UXVKD ± RQH RI WKH JDWHZD\V WR WKH
(DVW $IULFDQ VDIDUL EXVLQHVV DW WKDW WLPH

, :$6 ,17(5(67(' WR OHDUQ WKDW IRU KXQWLQJ OLRQV 5XVKE\

IDYRXUHG WKH [5 RYHU WKH VWDQGDUG JRYHUQPHQWLVVXH
 SHUKDSV ZKHQ IDFLQJ FKDUJLQJ FDWV KH SUHIHUUHG WKLV
IDVWKDQGOLQJ GRXEOH¶V IDFLOLW\ IRU GHOLYHULQJ D UDSLG IROORZXS
VKRW UDWKHU WKDQ WKH ¶V VORZHU EROW DFWLRQ +RZHYHU IRU
HOHSKDQW KXQWLQJ KH XVHG D %ULWLVKPDGH 1( GRXEOH
SUREDEO\ EHFDXVH KH¶G H[SHULHQFHG RQH UHDOO\ EDG HOHSKDQW
LQFLGHQW GXULQJ KLV LYRU\ KXQWLQJ GD\V 5XVKE\ ZDV JLYHQ WKH
QDPH ³L1\DWKL´ E\ WKH $IULFDQV ZKR VDLG KH ZDV IDU PRUH
GDQJHURXV WKDQ DQ\ EXIIDOR LQ WKH ORQJ JUDVV
,Q  WKH KHDG ZDUGHQ RI 7DQJDQ\LND DSSRLQWHG
5XVKE\ WR PDQDJH ZLOGOLIH LQ WKH VRXWKHUQ KLJKODQGV ± D YDVW
DUHD FRPSULVLQJ VDYDQQDK WKRUQYHOG ODNH DUHDV DQG PRXQ
WDLQV WKURXJK ZKLFK WKH *UHDW 1RUWK 5RDG ZRXQG ,W ZDV KHUH
WKDW WKH 1MRPEH PDQHDWLQJ OLRQV VWDUWHG WKHLU SUHGDWLRQ
XSRQ KXPDQV 7KH ZHOONQRZQ WDOH RI WKH PDQHDWHUV RI
7VDYR DOPRVW SDOHV LQWR LQVLJQLILFDQFH ZKHQ FRPSDUHG WR WKDW
RI WKH 1MRPEH PDQHDWLQJ OLRQV
8SRQ KLV DUULYDO DW 1MRPEH 5XVKE\ ZDV EULHIHG LQ VRPH
GHWDLO E\ WKH 'LVWULFW &RPPLVVLRQHU 0U :HQEDQ6PLWK $
QXPEHU RI DWWHPSWV WR VKRRW WKHVH PDUDXGLQJ OLRQV KDG

    
  

OHDUQ ZKDW KH FRXOG RI WKHVH HOXVLYH
NLOOHUV 1RWKLQJ FDPH RI WKLV H[FXUVLRQ FRXUVH ZDV PXFK PRUH GDQJHURXV DV
PHDQZKLOH WKH DWWDFNV FRQWLQXHG
'XULQJ WKLV WLPH 5XVKE\ KDG VWRSSHG
RII DW D QXPEHU RI YLOODJHV DVNLQJ WKH KHOS
RI ORFDOV LQ KLV TXHVW WR JDWKHU LQIRUPDWLRQ
ZKLFK ZRXOG HQDEOH KLP WR KXQW GRZQ
WKHVH OLRQV +RZHYHU KH IRXQG WKDW HYHQ
KLV ORFDO JDPH VFRXWV ZHUH GHDG DJDLQVW
GLVFXVVLQJ WKH OLRQ VLWXDWLRQ ZLWK DQ\RQH
6HQVLQJ WKHLU IHDU 5XVKE\ SHUFHLYHG WKDW
WKHLU UHIXVDO WR FRRSHUDWH ZDV GXH WR WKH
DQFLHQW $IULFDQ EHOLHI WKDW KXPDQV FDQ
WUDQVPRJULI\ LQWR DQLPDOV DQG YLFH
YHUVD PXFK OLNH WKH DQFLHQW (XUR
SHDQ EHOLHI LQ O\FDQWKURS\ RQO\ WKH
KXPDQ UHPDLQV EHVLGH WKH KROH 7KLV RI
WKH OLRQV LI GUDZQ WR LW ZRXOG EH YLUWX
DOO\ ZLWKLQ DUPV¶ OHQJWK RI KLP 'XULQJ
WKHVH DWWHPSWV ZKHQ KH GLG KHDU DQG
VHH DQ\ DSSURDFKLQJ PRYHPHQW REYL
RXVO\ KH GLGQ¶W ZDLW WR LGHQWLI\ WKH
EHDVW EXW ILUHG DW LW LPPHGLDWHO\ 7KLV
UHVXOWHG LQ KLV NLOOLQJ WZR K\HQDV RQH
OHRSDUG RQH GRPHVWLF SLJ RQH MDFNDO
DQG RQH JRDW EXW QR OLRQV
5XVKE\ HVWLPDWHG WKDW WKHUH ZHUH
DERXW  OLRQV PDNLQJ XS WKLV
IURP WKLV LQIDPRXV SULGH $QRWKHU
PDMRU EUHDNWKURXJK FDPH ZKHQ
5XVKE\ DQG -XPDSLOL RQH RI KLV JDPH
VFRXWV DIWHU VHDUFKLQJ IRU HLJKW GD\V
IRXQG IUHVK OLRQ WUDFNV 2Q VXFFHVVIXOO\
FORVLQJ ZLWK WKHLU TXDUU\ 5XVKE\ NLOOHG
WKH GRPLQDQW PDOH WKDW KDG KHOG WKLV
SULGH WRJHWKHU IRU VR ORQJ ZKLOH
-XPDSLOL VLPXOWDQHRXVO\ VKRW DQG NLOOHG
D OLRQHVV DFFRPSDQ\LQJ WKH PDOH 7KH
IUHTXHQF\ RI DWWDFNV RQ WKH QDWLYH
YLOODJHV ZDV QRZ PXFK GLPLQLVKHG DQG
DIWHU D IXUWKHU WZR OLRQHVVHV KDG EHHQ
VKRW DQG NLOOHG WKH UHSRUWV RI
DWWDFNV RQ WKH WULEHVSHRSOH
ILQDOO\ HQGHG $OO WKLV WRRN
$IULFDQ FRQYLFWLRQ ZDV WKDW VXFK    SODFH RYHU D \HDU SHULRG
VLWXDWLRQV ZHUH FRQWUROOHG E\ DQ GXULQJ ZKLFK WKH 1MRPEH
PJDQJD ZLWFKGRFWRU 5XVKE\
    PDQHDWHUV NLOOHG DQG DWH
NQHZ WKH RQO\ ZD\ WR JHW SDVW    EHWZHHQ   DQG
WKLV GHDGORFN ZDV WR VKRZ WKH
ORFDO WULEHVSHRSOH SDUWLFXODUO\

     SHRSOH
7KLV SXWV LQWR SHUVSHFWLYH
KLV RZQ JDPH VFRXWV ZKRVH      WKH KXJH GLIIHUHQFH EHWZHHQ
VXSSRUW KH VRUHO\ QHHGHG WKDW
    WKH UDYDJHV RI WKH PDQHDWHUV
WKHVH OLRQV ZHUH QRW VXSHUQDW RI 7VDYR .HQ\D DQG WKRVH RI
XUDO EHLQJV DQG FRXOG EH VKRW 
   WKH PDQHDWHUV RI 1MRPEH
DQG GHVWUR\HG OLNH DQ\ RWKHU ZLOG
DQLPDO +H WKRXJKW ORQJ DQG KDUG
KRZ EHVW WR DSSURDFK WKH VLWXDWLRQ
DV WKHVH ZHUH QR RUGLQDU\ OLRQV
&RQVHTXHQWO\ 5XVKE\ DFTXLUHG 
JXQ WUDSV ZKLFK KH VHW XS LQ ZKDW KH
FRQVLGHUHG NH\ ORFDWLRQV VRPH HYHQ
EDLWHG ZLWK KXPDQ UHPDLQV IURP UHFHQW
DWWDFNV WR WHPSW WKH OLRQV LQWR WKHVH
GHDWK WUDSV 7KH WUDSV ZLWK WKH µEDLW¶
UHJXODUO\ UHQHZHG ZHUH OHIW LQ SODFH IRU
QLJK RQ VL[ PRQWKV DQG LQ DOO WKDW WLPH
QRW RQH ZDV WULJJHUHG
586+%< 1(;7 75,(' WKH DJH ROG
,QGLDQ PDFKDQ KXQWLQJ FRQWULYDQFH ±
HVVHQWLDOO\ D ZRRGHQ SODWIRUP EXLOW
KLJK LQ D WUHH RQ ZKLFK RQH FDQ VLW XS
DW QLJKW ZDLWLQJ IRU WKH ELJ FDWV WR EH
DWWUDFWHG WR D EDLW DUUDQJHG RQ WKH
JURXQG FORVH E\ $IWHU VSHQGLQJ IUXLW
OHVV QLJKWV VLWWLQJ WKXV LQ ZDLW KH
GHHPHG WKLV PHWKRG D ZDVWH RI WLPH
+H WKHQ WULHG WKH SLW PHWKRG RI HQWLFLQJ
WKH OLRQV ± D KROH LQ WKH JURXQG LQ ZKLFK
KH ZRXOG VLW DOO QLJKW ZDLWLQJ FRYHUHG
E\ MXVW D WDUSDXOLQ ZLWK D VPDOO RSHQLQJ
DW RQH HQG DQG RQFH DJDLQ KDYLQJ OHIW
  
 
  
    
SULGH RI PDQHDWHUV (YHQ
WXDOO\ KH FRQFOXGHG WKDW GHVSLWH KLV SUH
YLRXV IDLOHG DWWHPSWV WKH RQO\ ZD\ WR
HQJDJH WKHP ZDV WR UHOHQWOHVVO\ WUDFN
WKHP GRZQ RQ IRRW XQWLO KH KDG VKRW
WKHP DOO $FFRUGLQJO\ RQ EHLQJ LQIRUPHG
RI DQ DWWDFN DW D QHDUE\ YLOODJH KH VHW
XS FDPS QHDUE\ DQG WKDW YHU\ QLJKW WKH
OLRQV NLOOHG D ZRPDQ LQ WKH YLOODJH $W
ILUVW OLJKW KH DQG WZR QDWLYH WUDFNHUV
WRRN XS WKH VSRRU RI WKHVH OLRQV DQG
DIWHU D QXPEHU RI KRXUV FDXJKW XS ZLWK
WKHP +H ILUHG DW D OLRQHVV ZRXQGLQJ
KHU DQG ILQDOO\ NLOOHG KHU ZLWK D KHDG
VKRW $W ORQJ ODVW WKH ILUVW RI WKH
1MRPEH PDQHDWHUV KDG EHHQ
GHVWUR\HG
$IWHU WKLV VXFFHVV ZKHQHYHU FDOOHG
WR DQ DWWDFN VLWH 5XVKE\ DQG KLV JDPH
VFRXWV ZKR ZHUH QRZ OHVV IHDUIXO RI
WKH ZLWFKFUDIW HOHPHQW DGKHUHG SHUVLV
WHQWO\ WR WKH PHWKRG RI IROORZLQJ XS WKH
WUDFNV DQG E\ 0D\  D WRWDO RI WHQ
RI WKH PDQHDWHUV KDG EHHQ HOLPLQDWHG
7DQJDQ\LND DQG LOOXVWUDWHV
WKH H[WUHPH HIIRUWV PDGH RYHU
VR H[WHQGHG D SHULRG E\ *HRUJH
5XVKE\ DQG KLV JDPH VFRXWV
5XVKE\ UHWLUHG IURP VHUYLFH LQ 
+H PRYHG EDFN WR WKH 1MRPEH GLVWULFW
ZKHUH KH DJDLQ HVWDEOLVKHG D FRIIHH SODQ
WDWLRQ DQG ZDV DOVR RQH RI WKH ILUVW SHR
SOH LQ WKH FRXQWU\ WR JURZ WHD DV D PDMRU
FURS $V WKH \HDUV SDVVHG KH SHUFHLYHG
RI WKH SROLWLFDO FKDQJHV WDNLQJ URRW ZLWKLQ
WKH FRXQWU\ DQG VROG XS PRYLQJ WR
6LPRQVWRZQ LQ WKH &DSH ZKHUH KH OLYHG
LQ D FRWWDJH KLJK RQ D KLOO RYHUORRNLQJ WKH
1DYDO %DVH +HUH %XOSLQ LQWHUYLHZHG KLP
DQG ZURWH KLV ELRJUDSK\ DQG 5XVKE\
KLPVHOI ZURWH 1R 0RUH WKH 7XVNHU
ZKLFK WROG RI KLV KXQWLQJ H[SHULHQFHV
*HRUJH 5XVKE\ GLHG LQ  DQG
KLV \RXQJHVW VRQ +HQU\ VFDWWHUHG KLV
DVKHV DW WKH VRXWKHUQPRVW WLS RI $IULFD
ZKHUH WKH $WODQWLF DQG ,QGLDQ RFHDQV
PHHW
0\ JUDWHIXO WKDQNV JR WR *HRUJH
5XVKE\¶V HOGHVW VRQ *HRUJH ³0LNH´
5XVKE\ ZKR QRZ OLYHV LQ $XVWUDOLD DQG
ZKR JUHDWO\ DVVLVWHG PH LQ P\ UHVHDUFK
RI KLV IDWKHU¶V H[WUDRUGLQDU\ OLIH VWRU\
 ,ƵŶƚŝŶŐ ĂŶĂĚĂ͛Ɛ ŐƌĞĂƚ ǁŚŝƚĞ ǁŝůĚĞƌŶĞƐƐ

75 //,1* 0 287+ $)5,&$ WR &DQDGD¶V SRODU

LHV LV SHQVLYH DQG WLPH FRQVXPLQJ DIIDLU
LW LV Z LW 2QH QHHGV WR WUDYHO WR &DOJDU\ YLD
DQG W K XS WR VL[ ORFDO IOLJKWV ZKLFK FDQ
RXU IX WUDYHO :H KDG D VOLJKW GHOD\ GXH WR
J DW ) LUSRUW WKH ILQDO VWRSRYHU EXW IRUWX
PRVW RI SDVVHQJHUV ZHUH IHOORZ KXQWHUV VR
H ZDV QR VKRU I SOHDVDQW FRQYHUVDWLRQ
HOVRQ %ULWLVK &ROXPELD ODWH LQ WKH
-HII &RQGLH RI /LDUG 5LYHU 2XWILWWHUV
ZRXOG GULYH XV WKH ILQDO NP WR WKH PDLQ ORGJH , PHW WKH
UHVW RI WKH JURXS ZKLFK LQFOXGHG DQ $XVWUDOLDQ D 6SDQLDUG
DQG D 'DQH ZH ZHUH DOO YHU\ H[FLWHG WR EH KXQWLQJ WKH FRQ

 
FHVVLRQ IRU WKH QH[W  GD\V
:H DZRNH HDUO\ QH[W PRUQLQJ DUUDQJHG RXU JHDU DQG
FKHFNHG ULIOHV ZKLOH ZDLWLQJ IRU WKH EXVK SODQH WR WUDQVIHU XV
WR RXU FDELQV , ZRXOG EH KXQWLQJ WKH H[WUHPH QRUWK RI WKH
FRQFHVVLRQ IURP WKH 9LVRU ODNH FDPS



7KH IOLJKW SURYHG D UHDO UROOHUFRDVWHU RI D ULGH DQG , ZDV
KDSS\ WR KDYH P\ IHHW EDFN RQ VROLG JURXQG , PHW P\ JXLGH
6WHYH DQG ZH KHDGHG RXW RQ WKH TXDGV WR WU\ D VSRW ZKHUH
WKH\ KDG FDOOHG LQ D KXJH EXOO PRRVH WKH SUHYLRXV GD\ EXW

  
EHHQ XQDEOH WR JHW D VKRW
7KH PRGXV RSHUDQGL IRU KXQWLQJ PRRVH GXULQJ WKH UXW LV
WR ILQG D OLNHO\ DUHD JHW LQWR D VXLWDEOH DPEXVK SRVLWLRQ DQG
VWDUW LPLWDWLQJ FRZ FDOOV ,W LV D JDPH RI SDWLHQFH ZDLWLQJ IRU
D EXOO WR DQVZHU ,I WKHUH¶V D EXOO LQ WKH DUHD WKLV FDQ KDSSHQ
DOPRVW LPPHGLDWHO\ RU WDNH XS WR IRXU KRXUV 2QFH D EXOO
VWDUWV JUXQWLQJ \RX WKUDVK EXVKHV ZLWK DQ ROG KLS ERQH WR

 
 

LPLWDWH D ULYDO EXOO WKUDVKLQJ WUHHV ZLWK LWV DQWOHUV DQG VR OXUH
WKH EXOO LQ <RX KRSH WKDW \RX ZLOO JHW D JRRG ORRN DW KLP
EHIRUH GDUN WR DVVHVV WURSK\ TXDOLW\ DQG OHJDOLW\ D OHJDO EXOO

  

  



  



PXVW KDYH PRUH WKDQ  SRLQWV RQ RQH VLGH 7R VSRW DQG

VWDON EXOOV LQ WKH KHDY\ EUXVK LV LPSRVVLEOH VR FDOOLQJ LV \RXU
RQO\ YLDEOH KXQWLQJ PHWKRG
8QIRUWXQDWHO\ ZH KDG QR WDNHUV KHQFH GHFLGHG WR JR DQG
H[SORUH WKH FRXQWU\ WKH QH[W GD\ -HII KDG MXVW ERXJKW WKLV
FRQFHVVLRQ DQG LW ZDV KLV ILUVW \HDU RI KXQWLQJ VR LW ZDV D
KXJH DGYHQWXUH WR H[SORUH DQ DUHD XQNQRZQ WR XV ERWK 7KDW
QLJKW ZH SRUHG RYHU PDSV ORRNLQJ IRU SURPLVLQJ ORRNLQJ YDO
OH\V DQG ODNHV PRRVH FRQJUHJDWH DURXQG ODNHV GXULQJ WKH
UXWWLQJ SHULRG 7KH VL]H RI WKH DUHD ZH FRXOG KXQW ZDV SKH
QRPHQDO DQG WR EH KRQHVW GDXQWLQJ 7KH FRQFHVVLRQ LV
  KHFWDUHV NPð RU WKH HTXLYDOHQW RI D NP
ZLGH VWULS IURP -RKDQQHVEXUJ WR %ORHPIRQWHLQ ± DQG QR
YHKLFOHV RWKHU WKDQ TXDG ELNHV DUH DOORZHG
7KH QH[W PRUQLQJ ZH KHDGHG VRXWK WR 9LVRU ODNH ± WKH
PRVW SURPLVLQJ DUHD RQ WKH PDS :H ZRXOG DOVR WU\ WR YLVLW D
VPDOOHU ODNH HQ URXWH 7KH EXVKFKRNHG YDOOH\V DQG VZDPSV
PDGH IRU D FKDOOHQJLQJ MRXUQH\

:( 6221 5($/,6(' WKDW WKH JRLQJ ZDV IDU WRR QRLV\ DQG
WRXJK WR PRYH DURXQG RQ TXDGV VR ZH ORDGHG XS WKH EDFN
SDFNV DQG SURFHHGHG RQ IRRW :H FRQWLQXHG OLNH WKLV IRU WKH
QH[W IRXU GD\V FXWWLQJ D URDG LQ WKH PRUQLQJ IRU WKH TXDGV
VHWWLQJ RXW DW OXQFKWLPH ZLWK WKH EDFNSDFNV DQG JHWWLQJ DERXW
NP GHHSHU LQWR WKH ZLOGHUQHVV :H¶G WKHQ IO\FDPS XQGHU
D WDUS ZDON EDFN DQG EULQJ WKH TXDGV WR FDPS EHIRUH DJDLQ
SURFHHGLQJ RQ IRRW

   
  
  
          
   
 
  

2Q GD\ ILYH ZH DUULYHG DW 9LVRU ODNH DQG GLG DQ HYHQLQJ
FDOO $ERXW  PLQXWHV LQWR RXU FDOOLQJ ZH JRW D UHSO\ :H
KHDUG WKH EXOO PRYLQJ LQ VORZO\ EXW ZH ZHUH UXQQLQJ RXW RI
GD\OLJKW 7KLV LV ZKHQ WRS TXDOLW\ RSWLFV UHDOO\ FRPH LQWR
WKHLU RZQ
7KH EXOO PRYHG LQWR VRPH UHDOO\ WKLFN EUXVK DQG ZDV
DSSURDFKLQJ WKURXJK WKLV ,W ZDV JRLQJ WR EH D FORVH HQFRXQ
WHU ZLWK D EDGWHPSHUHG   SRXQG DQLPDO :H ZHUH QRZ
VWXFN LQ D P RSHQLQJ EHLQJ
FLUFOHG E\ DQ DGUHQDOLQILOOHG
PRRVH LQ WKH GDUN ± QRW DQ LGHDO
VLWXDWLRQ :H VWDUWHG WDONLQJ ORXGO\
DQG VZLWFKHG RQ RXU WRUFKHV WR JHW
KLP WR PRYH DZD\ WR QR DYDLO 7KH
UDLQ DQG VQRZ ZHUHQ¶W KHOSLQJ
PDWWHUV /HW¶V MXVW VD\ WKDW ZKHQ
ZH JRW RXW VDIHO\ ZH ZHUH YHU\
UHOLHYHG
-XGJLQJ E\ WKH EHGGLQJ DUHDV
DQG VLJQV ZH KDG IRXQG WKHLU KRW
VSRW ,Q WKH PRUQLQJ ZH URGH WKH
TXDGV EDFN WR WKH FDELQ WR ORDG
PRUH SURYLVLRQV :H VHW XS D GHFHQW
FDPS ZKLFK ZRXOG EH RXU QHZ
KRPH XQWLO ZH EDJJHG D PRRVH :H
FRXOGQ¶W KXQW WKDW GD\ DV ZH¶G EH
RXW RI GD\OLJKW E\ WKH WLPH ZH    

EHHQ ZDLWLQJ ORQJ ZKHQ ZH VSRWWHG ZKDW ORRNHG OLNH D JRRG
EXOO DFURVV WKH ODNH 6WHYH VWDUWHG FDOOLQJ DQG WKH EXOO
UHSOLHG -XVW WKHQ VRPH KHDY\ FORXG FRYHU VWDUWHG UROOLQJ LQ
DQG ZH UHDOLVHG ZH ZRXOG QHHG WR JHW FORVHU DV WKH EXOO
ZRXOG WDNH WRR ORQJ WR JHW WR XV :H JUDEEHG RXU ELQRV DQG
ULIOHV DQG VWDUWHG PRYLQJ QHDUHU ZKLOH FDOOLQJ $IWHU FORVLQJ
WKH GLVWDQFH E\ DERXW KDOI ZH UDQ RXW RI FRYHU VR ZH OD\ XS
EHKLQG VRPH VPDOO VFUXE )RUWXQDWHO\ KH ZDV FRPLQJ LQ
VWURQJO\ DQG ZH HYHQWXDOO\ JRW D
JRRG ORRN DW KLP +H ZDV D OHJDO
EXOO DQG ZH GHFLGHG WR WDNH WKH
VKRW LI SUHVHQWHG
7KH UDLQ VWDUWHG SHOWLQJ GRZQ
)RUWXQDWHO\ , KDG LQVWDOOHG IOLSXS
VFRSH FRYHUV 7KH EXOO GLVDSSHDUHG
LQWR D SDWFK DQG ZHQW TXLHW :H
GHFLGHG WR OD\ RQ WKH FKDOOHQJH DQG
VWDUWHG VFUDSLQJ DQG VKDNLQJ RXU
EXVK WR FKDOOHQJH KLP +H LPPHGL
DWHO\ FDPH VWRUPLQJ RXW WKH EXVK
, ZHQW WKURXJK D IOXUU\ RI DFWLYLW\
UHPRYLQJ P\ UDLQ KRRGLH ULSSLQJ
RII JORYHV WRVVLQJ RII P\ JODVVHV
IOLSSLQJ XS WKH VFRSH FRYHUV DQG
JHWWLQJ LQWR SRVLWLRQ WR VKRRW +H
SDXVHG DW DERXW P WKH 
   
   
  URDUHG ± DQG LW ZDV RYHU
UHWXUQHG IURP WKH FDELQ :KDW D PDJQLILFHQW DQLPDO
WKH\ WUXO\ DUH VSHFWDFXODU ZLWK
7+( 1(;7 0251,1* ZH KLW WKH URDG EDFN WR RXU IO\ FDPS WKHLU ORQJ OHJV KXJH KHDGV DQG LPSUHVVLYH DQWOHUV %\ WKLV
DQG TXLFNO\ VHW XS VR ZH FRXOG VWLOO JHW LQ DQ DIWHUQRRQ FDOO WLPH GDUNQHVV KDG VHW LQ DQG ZH KDG WR FDSH KLP LQ WKH
:H GRQQHG DOO RXU ZDUP FORWKHV FRYHUHG XS ZLWK UDLQ JHDU VQRZ :H SXOOHG WKH FDSH DQG KHDG XS LQWR D WUHH WR GHWHU
DQG VHW RII WR ZDON WKH NP WR WKH ODNH WKH ZROYHV DQG EHDUV ,W ZDV D ORQJ ZHW WUHN EDFN WR FDPS
,W ZDV ELWWHUO\ FROG VLWWLQJ RQ D VPDOO SHQLQVXOD ZLWK DQ LQ GDUNQHVV EXW RQH GXULQJ ZKLFK , ZDV ILOOHG ZLWK HODWLRQ
LF\ ZLQG EORZLQJ EXW ZH ZHUH UXQQLQJ RXW RI WLPH KHQFH DQG UHOLHI
EUDYHG WKH HOHPHQWV ZLWKRXW PXFK FRPSODLQW :H KDGQ¶W %DFN DW FDPS ZH EXLOW D URDULQJ ILUH DV PXFK IRU WKH FROG

  
 

 

       



    
    

DV IRU WKH JUL]]OLHV ZKLFK DUH VDLG WR PRYH LQWR DQ DUHD ZKHQ
WKH\ KHDU JXQVKRWV NQRZLQJ WKLV VLJQDOV IRRG
7KH QH[W PRUQLQJ ZH WRRN WKH TXDGV EDFN WR WKH ODNH WR
ORDG XS WKH PHDW DQG FDSH DQG KDXO WKHP EDFN WR WKH FDELQ
IRU KDQJLQJ :LWK VXFK KHDYLO\ORDGHG ELNHV WKH ULGH EDFN
SURYHG SDUWLFXODUO\ FKDOOHQJLQJ
   
  
:KHQ WKH SODQH DUULYHG DQG RXU KXQW FDPH WR DQ HQG
WKHUH ZDV PDQ\ D WHDUIXO H\H 6WHYH DQG , KDG UHDOO\ FOLFNHG
RQ WKLV WULS DQG H[SHULHQFHG WKDW FRQQHFWLRQ WKDW RQH ILQGV
RQO\ LQ D NLQGUHG VSLULW , ZLOO EH EDFN VRRQ IRU D ELVRQ DQG D
JUL]]O\ DQG WR H[SHULHQFH WUXH ZLOGHUQHVV WKDW LV DOPRVW
LPSRVVLEOH WR ILQG RQ WRGD\¶V HDUWK


! !     


%,32'6 +$9( %(&20( 7KLV ELSRG GRHV QRW SHUPLW

H[WUHPHO\ SRSXODU DQG DUH QRZ VZLYHOOLQJ RU FDQWLQJ WKH ULIOH EXW
VHHQ RQ PRVW ULIOHV DW WKH UDQJH WKLV IDFLOLW\ LV UHDOO\ RQO\ QHHGHG
+RZHYHU GHFDGHV DV D SURIHV IRU KXQWLQJ RU FHUWDLQ VSHFLDOLVHG
VLRQDO KXQWHU KDYH WDXJKW PH VSRUW VKRRWLQJ GLVFLSOLQHV 2Q WKH
WKDW ELSRGV DUH QRW LGHDO IRU KXQW UDQJH , IRXQG WKH DEVHQFH RI SOD\
LQJ DQG RQO\ ZRUN ZKHQ RI DGH EHWZHHQ WKH ULIOH DQG ELSRG WR EH
TXDWH KHLJKW HQDEOLQJ \RX WR VLW D SRVLWLYH IHDWXUH DV LW HQKDQFHG
IODW RQ \RXU ERWWRP ZKHQ WDNLQJ P\ VKRRWLQJ DELOLW\ , FRXOG WHVW
D VKRW ,Q RXU WHUUDLQ WKLV LV UDUHO\ WKH GLIIHUHQFH EHWZHHQ D VZLYHO
SRVVLEOH ZKLOH VKRRWLQJ IURP WKH KHDG DQG D QRQVZLYHO KHDG SUDF
SURQH SRVLWLRQ LV DOPRVW QHYHU WLFDOO\ DV , KDG ERWK W\SHV RQ KDQG

$)/'
SRVVLEOH ,Q EURNHQ RU PRXQWDLQ 7KH VZLYHO PRGHO IURP DQRWKHU
RXV WHUUDLQ WKH WLPH UHTXLUHG PDQXIDFWXUHU NHSW FDQWLQJ P\ ULIOH
WR VHW XS WKH ELSRG RQ XQHYHQ DV WKH ³KHDG´ DQG ³ERG\´ KDYH D

 #  )'
VXUIDFHV UHQGHUV LW SUDFWLFDOO\ FRLO VSULQJ ILWWHG EHWZHHQ WKHP
XVHOHVV ,W¶V TXLFNHU DQG HDVLHU WKDW DSSOLHV XQHYHQ SUHVVXUH DQG
MXVW WR UHVW P\ ULIOH RYHU D URFN , KDG WR SK\VLFDOO\ FRXQWHU WKLV
RU EUDQFK XVLQJ D MDFNHW RU KDW DV ,Q WKH HQG , KDG WR OHYHO RII WKH
SDGGLQJ $ UXFNVDFN VXEVWLWXWHV ULIOH E\ DGMXVWLQJ WKH OHQJWK RI
ZHOO DV DQ ;EDJ RQH RI WKH OHJV ± WKH VDPH SUR
+RZHYHU RQ WKH UDQJH LW FDQ EH FHGXUH , ZDV IROORZLQJ ZLWK WKH IL[HG
XVHIXO LI FRUUHFWO\ VHW XS ± WKH OHJV KHDG $PSUR 7KH $PSUR DOVR PDGH
PXVW QRW UHVW GLUHFWO\ RQ D KDUG VXUIDFH ³ORDGLQJ WKH ELSRG´ DSSO\LQJ VOLJKW IRU
DV WKLV H[DJJHUDWHV ULIOH MXPS GXU ZDUG SUHVVXUH RQ WKH ELSRG ZKLOH VKRRW
LQJ UHFRLO 2I FRXUVH IRU ORQJUDQJH
VKRRWLQJ IURP WKH SURQH SRVLWLRQ D
ELSRG EHFRPHV D QHFHVVLW\ 3ULFHV YDU\
FRQVLGHUDEO\ IURP WRSRIWKHUDQJH
(92 DQG $WODV ELSRGV WR PXFK PRUH
DIIRUGDEOH &KLQHVH LPSRUWV
)RWDFV RI 3UHWRULD QRZ LPSRUW DQ
HQWU\OHYHO UDQJH RI ELSRGV PDGH WR WKHLU
VSHFLILFDWLRQV PDUNHWHG XQGHU WKH QDPH
$PSUR DQG , WHVWHG WKH  LQFK %([
SHUW PRGHO , KDYH XVHG +DUULV ELSRGV IRU
GHFDGHV DQG WKH %([SHUW¶V GHVLJQ DQG
IXQFWLRQDOLW\ UHPLQGHG PH RI WKH YHU\
ILUVW +DUULV PRGHO , HYHU ERXJKW 7KH
%([SHUW LV PDGH RI 7 DOXPLQLXP
DQG FRPHV ZLWK D IL[HG ILWWLQJ IRU 3LFDW
LQQ\:HDYHU UDLOV DQG DQ DGDSWRU IRU ULIOH
VOLQJ VWXGV 2QFH WKLV DGDSWRU LV ILWWHG
WR D VWRFN WKH ELSRG ZLWK LWV LQWHJUDWHG
3LFDWLQQ\ FODPS FDQ EH ILWWHG 7KLV PHDQV
WKDW HDFK ELSRG FDQ EH XVHG ZLWK D ULIOH
VOLQJ VWXG RU JR VWUDLJKW RQWR D 3LFDWLQQ\
UDLO +RZHYHU XQOLNH D +DUULV GHGLFDWHG
IRU ULIOH VOLQJ VWXG IL[WXUH WKH DGDSWRU
QHHGHG IRU WKH $PSUR LQFUHDVHV RYHUDOO
KHLJKW .HHS WKLV LQ PLQG ZKHQ FKRRVLQJ
D VSHFLILF OHQJWK
7KH $PSUR¶V OHJV DUH VSULQJ ORDGHG
  
 
  
DQG FDQ EH H[WHQGHG VLPSO\ E\ SXOOLQJ
WKHP RXW DQG ORFNLQJ WKHP LQ SODFH
ZLWK D ORFN VFUHZ ,I H[WHQGHG WR WKH
PD[LPXP WKH OHJV ORFN DXWRPDWLFDOO\
DQG FDQ EH UHWUDFWHG E\ SXVKLQJ LQ D
UHOHDVH EXWWRQ
0RXQWLQJ WR D VOLQJ VWXG ZLWK DQ
$OOHQ NH\ WDNHV PLQXWHV DQG XVLQJ WKH
3LFDWLQQ\ ILWWLQJ PHDQV \RX QHHG WLJKWHQ
RQO\ RQH VFUHZ $OWKRXJK WKH DFFRP
SDQ\LQJ OLWHUDWXUH VWDWHV WKDW ILWWLQJ
RI WKH ELSRG ZLWK LWV 3LFDWLQQ\ FODPS
GRHVQ¶W UHTXLUH WRROV , IRXQG WKDW WKH
VFUHZ ORRVHQV GXULQJ XVH DQG XVLQJ D
VFUHZGULYHU VROYHG WKLV SUREOHP
$ VSULQJ RQ HDFK OHJ NHHSV LW HLWKHU
LQ WKH H[WHQGHG RU IROGHG SRVLWLRQ DQG
KHOSV WR DUUHVW NLFNEDFN IURP WKH ULIOH
7KH KDUG UXEEHU IHHW HQKDQFH VWDELOLW\
LQJ HDVLHU UHVXOWLQJ LQ D VWHDGLHU UHVW
$V DQ DVLGH , KDYH IRXQG WKDW RQ
PRVW ULIOHV WKH ELSRGV DUH PRXQWHG
WRR IDU IRUZDUG PDNLQJ WKHP GLIILFXOW
WR UHDFK IRU PDNLQJ DGMXVWPHQWV IURP
WKH SURQH SRVLWLRQ 2Q P\ WDFWLFDO ULIOH
, HDVLO\ UHPHGLHG WKLV E\ PRYLQJ WKH
VKRUW 3LFDWLQQ\ UDLO FORVHU WR WKH DFWLRQ
,¶YH XVHG WKH $PSUR RQ VHYHUDO
VKRRWV ILULQJ PRUH WKDQ  URXQGV
VRPH EHLQJ IDLUO\ GHPDQGLQJ ORQJ
UDQJH H[HUFLVHV IURP WKH SURQH SRVL
WLRQ DQG IRXQG LW SHUIHFW IRU WKH
MRE 7KH RQO\ VLJQ RI ZHDU LV RQ WKH
SLQ KROGLQJ WKH ELSRG DQG 3LFDWLQQ\
FODPS WRJHWKHU WKLV GHYHORSHG VOLJKW
SOD\ UHVXOWLQJ LQ WKH EDUUHO EHLQJ
DEOH WR VZLYHO VOLJKWO\ RQ WKH KRUL]RQ
WDO D[LV DOWKRXJK WKLV GRHV QRW DIIHFW
SHUIRUPDQFH
$PSUR RIIHUV PRGHOV LQ VL]HV RI 
LQFKHV  LQFKHV  LQFKHV 
LQFKHV DQG  LQFKHV
5HFRPPHQGHG UHWDLO SULFHV VWDUW DW
DQ H[WUHPHO\ UHDVRQDEOH 5 DQG WKH
%([SHUW , WHVWHG FRVWV 5 )RU PRUH
LQIRUPDWLRQ RU GHWDLOV RI UHWDLO VWRFNLVWV
FRQWDFW )RWDFV RQ 
@ G1C:   
 13G 1E

1G !1G8P6M"!
&8F 86416" F"!"FG
'%5
  
 1
 
 )-
- ('0"

Q 8 M8 SSS>565-6P5>85
Q 413 86 M." A-"M 86416" "!1M186A
F1-.M/.6! 8F6"F
Q 8P F" F"!1F"M"! M8 SSS>V1618>85
Q F"M"  1618 8P6M 8F G1-6 16
Q .88G" U8PF GPGF1;M186 8;M186
Q 413 M." AGPGF1" 68SA PMM86 86 M."
F1-.M/.6! G1!" 8& M." ;F"R1"S
Q ."3 U8PF 8F!"F 6! 413 A."38PM 68SA
Q .88G" U8PF ;U5"6M 8;M186
Q 8S648! 6! "628U U8PF 5-V16"

8 M8 SSS>565-6P5>85
6?P1F1"G 6! ."4; 514565-6P5>8>V
 &ŝŶĞ ƵƐƚƌŝĂŶ ŚƵŶƚŝŶŐ ƌŝĨůĞƐ

 4%0

 


 
 



."  
 J F-"M>

  
 
  
 ."  
 J T4PG1R" MPMV"6>

     <:= ." ."?P"F16- 1G 8&  .1-. ?P41MU 6! 85;4"5"6MG M." 814"! S46PM GM83> <O= 8M" M." 686/;F8MFP!16- )M 8& M." 5-/
V16"> ." "TM"6!"! 5-V16" M3"G "TMF F8P6!G 6! !8"G ;F8MFP!"> <N= ." 58!"F6 848PFM186 86 M." F-"M 1G FM."F ;;"416-> <,= 1GGG"54U 1G
F"?P1F"! M8 !2PGM M." MF1--"F>

7+ 7$1 6 6I ULIOHV LV SUR %HUJVWXW]HQ 5|ZD VRRQ EXLOW XS D

G E\ 5 | I I H Q $X V W U L D UHSXWDWLRQ DPRQJ (XURSHDQ KXQWHUV IRU
D VPD UXQ RSHUDWLRQ VROLG ZRUNPDQVKLS DQG KLJK TXDOLW\
Q .X $XVWULD 7KH PDWHULDOV %\ WKH HQG RI WKH V
(ULFK V ERUQ LQ  5|‰OHU ZDV MRLQHG E\ KLV VRQ DQG WKH
HWWHQ $XVWULD DQG WZR EHJDQ ZRUN RQ ZKDW ZRXOG EHFRPH
D NHH VW LQ ILUHDUPV WKH 7,7$1 ULIOH 7KHLU LGHD ZDV WR
DQ HDUO\ DJH  KH EHFDPH GHYHORS D KLJKTXDOLW\ EROWDFWLRQ
LQ KLV KRPH KXQWLQJ ULIOH DQG LQ  WKHLU ILUVW
WKH WKHRUHWLFDO SURWRW\SH ZDV WHVWHG 6LQFH 
SDUW RI KLV WUDLQLQJ DW WKH SUHVWLJLRXV 5|ZD KDV SURGXFHG RYHU   ULIOHV
QDWLRQDO FROOHJH IRU KDQGJXQV LQ DFKLHYLQJ KLJK SRSXODULW\ LQ WKH (XUR
)HUODFK 5|‰OHU WKHQ ZHQW RQ WR ZRUN SHDQ PDUNHW 6RXWK $IULFDQV QRZ KDYH
DW YDULRXV JXQVPLWK VKRSV LQFOXGLQJ WKH RSSRUWXQLW\ WR FRQVLGHU WKHVH ILQH
WKDW RI DQ LQWHUQDWLRQDOO\ UHQRZQHG $XVWULDQ VSRUWHUV
ZHDSRQV PDQXIDFWXUHU ZKHUH KH 0DJQXP UHFHQWO\ WHVWHG VRPH 7,7$1
DFTXLUHG WKH QHFHVVDU\ VNLOOV DQG  YDULDQWV DQG D 7,7$1  7KHLU V\VWHP
H[SHULHQFH WR JR LW DORQH RI QRPLQDWLRQ UHIHUV WR WKHLU GLIIHUHQW
%\  KH ZDV UHDG\ DQG 5|ZD  ." 84MG 8& M."  
 J <8R"= 6! EROW V\VWHPV LH WKHLU UHVSHFW
 
 N <"48S=> 8M" M." 6P5"F 8& 48316-
ZDV ERUQ ,Q WKH HDUO\ \HDUV WKH FRP LYH QXPEHU RI ORFNLQJ OXJV WKUHH RQ WKH
4P-G 86 ".>
SDQ\ IRFXVHG RQ VPDOOEDWFK RUGHUV RI   ." 84M &" 8& M."  
 J <4"&M= 7,7$1  DQG VL[ RQ WKH 7,7$1  7KHUH LV
FXVWRPPDGH VLQJOHVKRW ULIOHV DQG 6!  
 N <F1-.M=> DOVR WKH 7,7$1  VWUDLJKWSXOO DFWLRQ

    
 

 ZKLFK IHDWXUHV D ZKRSSLQJ

 ORFNLQJ
OR OXJV 7KH ODUJH WRWDO EHDULQJ
DFH UHVXOWLQJ IURP WKH KLJK QXPEHU
VXUID
RFNLQJ OXJV LV WR HQVXUH RSWLPDO
RI OR
HW\ 7KH 7,7$1  LV FRQILJXUHG IRU
VDIH
VPDDOOHU FDOLEUHV VXFK DV  
[[ PP 1RUPD %5 HWF DQG WKH
7,7$$1  IRU ODUJHU RQHV LQFOXGLQJ WKH
PDJJQXP FDOLEUHV

$// / 7,7$1 5,)/(6 RIIHU TXLFN DQG

HDV\ \ EDUUHO LQWHUFKDQJHDELOLW\ ZLWK
RSWLRQV OLPLWHG RQO\ E\ WKH EROW IDFH
2EYLRXVO\ EDUUHOV LQ VWDQGDUG FDOLEUHV
DUH QRW LQWHUFKDQJHDEOH ZLWK WKRVH LQ
PDJ JQXP FDOLEUHV DQG YLFH YHUVD ±
KHQF FH WKH QHHG WR FKRRVH EHWZHHQ D
7,7$$1  RU D 7,7$1  GHSHQGLQJ RQ
\RX U GHVLUHG UDQJH RI FDOLEUHV 7KH
KLJKKTXDOLW\ EDUUHOV DUH SURGXFHG E\
FRPPSDQLHV VXFK DV /RWKDU :DOWKHU
0HUN NHO +H\P DQG :LOVRQ $UPV DQG DUH
DYDLODEOH LQ DQ H[WHQVLYH FDOLEUH UDQJH
P  WR WKH ODUJH PDJQXPV %DUUHO
IURP
SULF HV UDQJH IURP 5  XSZDUG
GHS HQGLQJ RQ FDOLEUH ,Q WKHRU\ D
PXOWWLSOHFDOLEUH KXQWHU VDYHV RQ FRVWV
DQG FRQYHQLHQFH E\ EX\LQJ EDUUHOV RQO\
IRU XXVH ZLWK WKH VDPH DFWLRQVWRFN
VFRSSH FRPELQDWLRQ
7
7R FKDQJH WKH EDUUHO ILUVW UHPRYH
WKH VWRFN 7KH EDUUHO WHQRQ GRHV QRW
VFUHHZ LQWR WKH UHFHLYHU ULQJ LQ WKH
µXVXXDO¶ PDQQHU QHLWKHU WHQRQ QRU
UHFHHLYHU ULQJ LV WKUHDGHG 7KH XQGHU
VLGH RI WKH UHFHLYHU ULQJ WRJHWKHU ZLWK
LWV O DUJH LQWHJUDO UHFRLO OXJ LV VSOLW
WKURXJK ORQJLWXGLQDOO\ VR DV WR VSULQJ
RSHQ Q MXVW HQRXJK WR SHUPLW WKH EDUUHO
WHQRRQ WR VOLGH LQ DQG RXW 7KH WZR
KDOYYHV RI WKH VSOLW UHFRLO OXJ DUH WUDQV
    
IL[HG
G ODWHUDOO\ E\ WZR ODUJH $OOHQ VFUHZV
." "M"F>
." PTPG <4"&M/ WR ID
DFLOLWDWH ORRVHQLQJ WKH UHFHLYHU ULQJ
.6!"!=> WR V
VOLGH D EDUUHO RXW DQG WLJKWHQLQJ LW
." F-"M 1-.M> WR FFODPS D EDUUHO LQ $Q $OOHQ NH\ LV
."  
 :J
44/ SURYYLGHG 1DWXUDOO\ ZLWK HDFK EDUUHO
8P6! S1M. GMF1-.M/
FKDQ QJH \RX ZLOO QHHG WR UH]HUR WKH
;P44 M186>
VFRSSH IRU WKH FKDQJLQJ WUDMHFWRULHV
7
7KH F\OLQGULFDO UHFHLYHU LV &1&
PDFKLQHFXW IURP D VROLG EORFN RI DLU
FUDIIWJUDGH DOOR\ 7KH 7,7$1 ¶V
ODUJHGLDPHWHU EROW VKDIW LV PDFKLQHG
IURP
P D VLQJOH EDU RI KLJKJUDGH VWHHO
VWHSSSHG GRZQ DW WKH IURQW HQG WR IRUP

  
 
  
WKH VPDOOHUGLDPHWHU EROW KHDG EXW 5XVWHQEXUJ )LUVW XS ZDV WKH 7,7$1  LQ 7KH 7,7$1  $OO5RXQG LQ 
OHDYLQJ VL[ LQWHJUDO ORFNLQJ OXJV RI WKH [6H ZLWK ([FOXVLYH VWRFN ± 5|ZD¶V ZDV SUREDEO\ P\ IDYRXULWH SDUWO\ GXH
VDPH GLDPHWHU DV WKH EROW VKDIW VWDJ FODVVLF KXQWLQJ ULIOH ZLWK D EHDXWLIXO SHUKDSV WR P\ SUHIHUHQFH IRU WKDW
JHUHG LQ WKUHH URZV RI WZR OXJV HDFK %DYDULDQ VW\OH RLOILQLVKHG ZDOQXW VWRFN H[WHQVLYHO\ SURYHQ DQG UHOLDEOH FDO
DORQJ WKH EROW KHDG 7KLV HOLPLQDWHV WKH ZLWK GRXEOH UDEEHW FKHHNSLHFH LEUH ,WV VOHHN EODFN SRO\PHU VWRFN LV
QHHG IRU ORFNLQJ OXJ UDFHZD\V DQG 'HVSLWH UDLQ\ FRQGLWLRQV WKH ULIOH SUR  ILEUHJODVV 7KH VWUDLJKW EXWWVWRFN
PDNHV IRU D VPRRWK SHUIHFWO\ DOLJQHG GXFHG D PP 02$ JURXS ZLWK LV VDQV FKHHNSLHFH OHQJWK RI SXOO
EROW DFWLRQ 7KH EROWKHDG ORFNV GLUHFWO\ 6HOOLHU %HOORW JU DPPXQLWLRQ FP DQG WKH IRUHHQG LV DSSURSUL
LQWR D EDUUHO H[WHQVLRQ LWV OXJV WXUQLQJ 1H[W XS ZDV WKH 7,7$1  7DUJHW LQ DWHO\ SODLQ %DUUHOV FRPH LQ   RU
LQWR PDWFKLQJ UHFHVVHV EHKLQG WKH FDUW :LQ 7KH 7DUJHW PRGHO FRPHV PP OHQJWKV :H VKRW D PP
ULGJH FKDPEHU VWDQGDUG ZLWK D ODPLQDWHG ZRRG *56 02$ JURXS DW P ZLWK 5:6
7KH EROWIDFH LV UHFHVVHG WR D GHSWK RI WDFWLFDO VWRFN LQ PRGHUQ )RUHVW &DPR JU DPPXQLWLRQ
PP WR IXOO\ HQFORVH WKH FDUWULGJH KHDG
5HDUZDUG JDV HVFDSH LV EORFNHG E\ WKH
VKRXOGHU IRUPHG E\ WKH VWHSSHGGRZQ
EROW VKDIW *DV WKDW PD\ HQWHU WKH EROW
WXQQHO YLD WKH ILULQJSLQ KROH LV VDIHO\ GLV
SHUVHG YLD WZR YHQWV LQ WKH EROW VKDIW
7KH VROLG EROW VKURXG EORFNV DQ\ IXUWKHU
JDV IORZ
:KHQ WKH EROW LV RSHQHG WKH EDFN RI
WKH VHDU VHUYHV DV D EROW VWRS 7R
ILQLVK JUHHQ EURZQ DQG JUH\ ZLWK
DGMXVWDEOH FKHHNSLHFH DQG OHQJWK RI
SXOO %DUUHOV FRPH LQ OHQJWKV RI 
/DVWO\ ZH WHVWHG WKH 7,7$1  /X[XV
LQ  IHDWXULQJ DQ DWWUDFWLYH ,WDOLDQ
ZDOQXW VWRFN LQ WKH KRJ¶V EDFN VW\OH
ZLWK %DYDULDQ FKHHNSLHFH DQG VFKQD
EHO IRUHHQG OHQJWK RI SXOO FP
%DUUHOV FRPH LQ OHQJWKV RI   RU
PP 7KLV ULIOH ZDV FXVWRP RUGHUHG
ZLWK VWDLQOHVV VWHHO EDUUHO DQG EODFN
RSHQ VLJKWV OHQGLQJ LW XQLTXH DSSHDO
:H VKRW D YHU\ UHVSHFWDEOH PP
UHPRYH WKH EROW VLPSO\ SUHVV WKH WULJ
JHU ZKLOH GUDZLQJ WKH EROW EDFN 7R
UHSODFH WKH EROW LQVHUW LW DW DQ DQJOH
DQG WKHQ WXUQ GRZQ ZKHQ WKH ORFNLQJ
OXJV DUH FOHDU RI WKH VHDU :KHQ WKH EROW
LV FRFNHG WKH FRFNLQJ SLHFH YLVXDOO\
SURWUXGHV IURP WKH UHDU RI WKH VKURXG
7KH EROW OLIW LV  GHJUHHV ZKLFK DOORZV
WKH DFWLRQ WR EH FORVHG LQ MXVW  PLOOL
VHFRQGV ,W LV D VROLG DQG H[WUHPHO\ ZHOO
WKRXJKWRXW DFWLRQ
7KH SRVLWLRQDO VDIHW\ LV WDQJ
PRXQWHG FRQYHQLHQWO\ SODFHG IRU WKH
WKXPE :KHQ IXOO\ HQJDJHG RQ VDIH LW
DOVR ORFNV WKH EROW FORVHG ,WV VHFRQG
SRVLWLRQ ORFNV WKH WULJJHU ZKLOH IUHHLQJ
WKH EROW IRU XQORDGLQJF\FOLQJ
7KH VLQJOHVWDJH WULJJHU LV DGMXVWDEOH
IRU ZHLJKW RI SXOO EHWZHHQ NJ DQG
NJ DQG FRPHV IDFWRU\ VHW DW NJ
." 5-V16"G M3" RF18PG 41F"G 6! F"
R144" 16 6 "TM"6!"! R"FG186>
 RU PP DQG ZLWK GLDPHWHUV RI
PP PP RU PP DW WKH FURZQ
02$ JURXS DW P ZLWK 5:6
JU DPPR
7+(6( 7,7$1 5,)/(6 ZHUH DOO D
SOHDVXUH WR VKRRW DQG ZH GLG QRW H[SH
ULHQFH D VLQJOH PDOIXQFWLRQ RI DQ\ NLQG
:RUNPDQVKLS LV RI D KLJK VWDQGDUG ZLWK
QR VLJQV RI WRRO PDUNV DQG WKH DFWLRQV
DOO RSHUDWHG DV VPRRWKO\ DV FDQ EH
H[SHFWHG IURP RXWRIWKHER[ ULIOHV
7KH ZRRG WR PHWDO ILQLVK DQG FKHTXHU
LQJ LV H[FHOOHQW 7KH YDULDWLRQV DQG FXV
WRPL]DEOH RSWLRQV RIIHUHG E\ 5|ZD DUH
WRR QXPHURXV WR PHQWLRQ KHUH VXIILFH
LW WR VD\ WKDW DQ\ DQG DOO WDVWHV FDQ EH
DFFRPPRGDWHG 7KH LQWHUFKDQJHDEOH
EDUUHOV DUH D VLJQLILFDQW VHOOLQJ SRLQW
ZKLFK ,¶P VXUH ZLOO SLTXH LQWHUHVW
ORFDOO\
3ULFHV DUH DV IROORZV 7,7$1 
$GMXVWPHQW UHTXLUHV GLVDVVHPEO\ :H DFKLHYHG D PP 02$ JURXS ([FOXVLYH LQ [6H 5 
7KH GHWDFKDEOH ER[ PDJD]LQH LV DW P XVLQJ 5:6 JU DPPXQLWLRQ 7,7$1  7DUJHW LQ  5 
VWDLQOHVV VWHHO ZLWK DOOR\ IROORZHU DQG 7KH 7,7$1  ([FOXVLYH 6WXW]HQ IXOO 7,7$1  ([FOXVLYH 6WXW]HQ LQ [
V\QWKHWLF EDVH LW KROGV WZR WR WKUHH OHQJWK VWRFN LQ [ ZDV RQH RI WKH 5  WKH 7,7$1  $OO5RXQG LQ
URXQGV GHSHQGLQJ RQ FDOLEUH H[WHQGHG PRUH H\HFDWFKLQJ ULIOHV RQ WKH UDQJH  5  DQG 7,7$1  /X[XV
PDJV KROGLQJ WZR H[WUD URXQGV FRPH DW ,WV DWWUDFWLYH ,WDOLDQ ZDOQXW VWRFN IHD 6WDLQOHVV LQ  5  7KH 7,7$1
DGGLWLRQDO FRVW ,W LV KHOG LQ SODFH E\ WXUHV D %DYDULDQ FKHHNSLHFH DQG D UDQJH LV VXSSOLHG WR ILUHDUP GHDOHUV LQ
RSSRVLQJ VSULQJ ORDGHG OXJV WR VFKQDEHO DW WKH PX]]OH RI LWV PP 6RXWK $IULFD H[FOXVLYHO\ E\ 2USHQ
UHPRYH VLPSO\ GHSUHVV WKH JURRYHG EDUUHO /HQJWK RI SXOO LV FP DQG LW LV :DSHQV RI 5XVWHQEXUJ )RU IXUWKHU
WDEV RQ HLWKHU VLGH DYDLODEOH LQ D OHIW KDQG YHUVLRQ :H VKRW LQIRUPDWLRQ FRQWDFW 5HLQR YDQ 1LHNHUN
:H GLG RXU WHVWV DW WKH :DWHUYDO D PP 02$ JURXS XVLQJ JU RQ  RU DW WLWDQ#RUSHQ
6KRRWLQJ 5DQJH  PLQXWHV RXWVLGH RI 3UR$PP DPPXQLWLRQ ZDSHQVFR]D

    
  
 6 %'8#
'%
'
  

KĨ Ăůů ŐĂŵĞďŝƌĚƐ ƚŚĞ ŵŽƐƚ ŐƵŝůĞĨƵů

PM.8F 16 M." 15;8;8 PG.R"4!> ."

G.8M .G 2PGM ""6 )F"! % 68M" M."
G41-.M -P6G583" 6! M." -P16"&8S4
-816- !8S6 2PGM 8R" M." G3U416">
 
  <

=
*8,1($)2:/ (92.( , PH DQ LUUH
SUHVVLEOH H[FLWHPHQW WKDW KDV ZDQHG QRW
DW DOO VLQFH P\ HDUO\ ER\ RRG :KHQ ,
ZDV QLQH RU WHQ P\ 'DG W RN PH WR KLV
FRXVLQ¶V IDUP QHDU (VWFRXU  DQG DOORZHG
PH WR XVH KLV VLQJOHEDUUH +DUULQJWRQ HDIRZO WKDW ZHUH RQ WKHLU ZD\ WR URRVW
5LFKDUGVRQ  VKRWJX Q ± D VKRUW
OLJKWZHLJKW JXQ , FRXOG HDVLO\ KDQGOH ,
WKDW GD\ ,W
V D VDNXEXOD
6!  8M.
M."G" ;.8M8G S"F"
M3"6 M M." G5"
G;8M PM M !1'"F/
"6M M15"G 8& U"F>
8M" M.M 16 M."
;.8M8 S1M. "4";/
.6M !P6- M."
1F!G F" 58GM4U
U8P6- G85" 41MM4"
1--"F M.6 .13G
S1M. G U"M P6&8F5/
"! B.8F6GC> 6 M."
8M."F ;.8M8 M."
1F!G F" &P44U
-F8S6 S1M. ;F8/
68P6"! B.8F6GC
86 M."1F ."!G>
ZD\ EDFN WR WKH IDUPKRXVH WKURXJK D , QHLWKHU KHDUG QRU IHOW WKH JXQ JR
SDWFK RI GU\ NQHHKLJK JUDVV ZKHQ , RII EXW UHFDOO VHHLQJ WKLV KXJH ZLOGO\
KHDUG IDLQW PHWDOOLF ³WFKLQN« WFKLQN´ IODSSLQJ ELUG DJDLQVW D EDFNGURS RI
VRXQGV MXVW DKHDG , WKLQN , PXVW KDYH FOHDU HPSW\ VN\ VXGGHQO\ JR OLPS DQG
XQZLWWLQJO\ ZDONHG LQWR D IORFN RI JXLQ SOXPPHW HDUWKZDUGV ,W ODQGHG DERXW
ILIWHHQ SDFHV DZD\ DQG OD\ VWLOO
± WKH IDUP KDG WUHHV HYHU\ZKHUH ± IRU $SSURDFKLQJ , SHHUHG GRZQ DW LW LQ GLV
VXGGHQO\ JXLQHDIRZO ZHUH HUXSWLQJ EHOLHI , KDG VKRW D JXLQHDIRZO ± IO\LQJ
IURP WKH JUDVV MXVW D IHZ \DUGV LQ IURQW , IRXQG P\VHOI PRYHG E\ D VWURQJ VHQVH
RI PH ± VHHPLQJO\ FRQIXVHG DQG GLUHF RI KDYLQJ FURVVHG D WKUHVKROG RI VRPH
ORQJWDLOHG ZLGRZ ELUG ZKLFK IOLHV ORZ WLRQOHVV 6WDUWOHG , VZXQJ WKH JXQ XS NLQG ± WRGD\ , PLJKW GHVFULEH LW DV D ULWH
DQG KRYHUV EDUHO\ SUHVHQWLQJ D PRYLQJ DQG \DQNHG WKH WULJJHU ± RQO\ WR ILQG ,¶G RI SDVVDJH ± , IHOW , KDG MRLQHG WKH
WDUJHW 0\ 'DG DOORZHG WKLV LQ RUGHU WR IDLOHG WR FRFN WKH H[WHUQDO KDPPHU UDQNV RI VRPH HVWHHPHG IUDWHUQLW\ ,
JLYH PH FRQILGHQFH DQG WR GHPRQVWUDWH )UDQWLFDOO\ WKXPELQJ LW EDFN , QRWLFHG D FRXOG QRW WKHQ SXW D QDPH WR , SLFNHG
WKDW , ZRXOGQ¶W IHHO WKH UHFRLO ZKHQ
VKRRWLQJ DW OLYH WDUJHWV ,¶G EHHQ VKRRW
LQJ GRYHV ZLWK P\ DLU ULIOH VLQFH ,
ZDV HLJKW DQG KDG PRUH UHFHQWO\
JUDGXDWHG WR D  ULPILUH 7KLV
QRZ ZDV P\ LQWURGXFWLRQ WR ZLQJ
VKRRWLQJ *XLQHDIRZO KRZHYHU
UHPDLQHG µELJ JDPH¶ ± \HW D GLV
WDQW GUHDP
:KHQ , ZDV DERXW HOHYHQ P\
'DG ILUVW DOORZHG PH WR ZDQGHU
XQVXSHUYLVHG ZLWK WKLV  RQ D
1HZ +DQRYHU IDUP RZQHG E\
DQRWKHU FRXVLQ -RDQ %XLUH DQG
KHU JURZQ VRQ %DVLO %DVLO ZDV
DZD\ WKDW GD\ DQG P\ DXQW\ -RDQ
LVVXHG QR LQVWUXFWLRQV DV WR ZKDW ,
PD\ RU PD\ QRW VKRRW ± SUREDEO\
DVVXPLQJ ,¶G KXQW GRYHV
8PM.
&F1EG ;F"51"F -5" 1F! M." ."45"M"! -P16"&8S4
,W ZDV ODWH DIWHUQRRQ , KDG S1M. M." PM.8FEG :O+/U"F/84! .6!/5!" 8-GS"44  FF1G/
VKRW QRWKLQJ DQG ZDV ZHQGLQJ P\ 86 :O/8F">
ELUG µWRZHULQJ¶ ULVLQJ YHUWLFDOO\ VWUDLJKW
DKHDG RI PH RIIHULQJ D VORZ HDV\ VKRW
XS WKLV ELJ ELUG DQG JD]HG LQ ZRQGHU DW
LWV ZHLUGO\ SUHKLVWRULF KHDG ± EDOG DQG
EOXH DQG FURZQHG ZLWK D UKLQR
FHURVOLNH KRUQ
0\ HODWLRQ ZDV VKRUWOLYHG 0\
DXQW\ -RDQ UHDFWHG ZLWK VKRFN
ZKHQ , SURXGO\ SUHVHQWHG P\
SUL]H $Q[LRXVO\ VKH WROG P\ GDG
WR SXW LW LQ WKH ERRW RI WKH FDU
EHIRUH %DVLO FDPH KRPH DQG VDZ
LW DQG QRW WR PHQWLRQ D ZRUG RI LW
WR DQ\RQH ,W VHHPHG %DVLO ZDV
YHKHPHQWO\ RSSRVHG WR WKH VKRRW
LQJ RI JXLQHDIRZO RQ WKHLU IDUP
WKRXJK , QHYHU GLG OHDUQ ZK\ , IHOW
FKDJULQHG DW QRW EHLQJ DEOH WR WHOO
RI P\ WULXPSK EXW LQ RXU VKRRWLQJ
FLUFOHV HYHU\RQH NQHZ HYHU\RQH
HOVH VR , ZDV VZRUQ WR VHFUHF\
,W ZDV SUREDEO\ WZR \HDUV
EHIRUH , VKRW DQRWKHU JXLQHDIRZO

    
  
 
PM.8F S1M. -P16"&8S4 G.8M I WKH WKULOO DQG H[FLWHPHQW FDPH VXUJLQJ
514"G &F85 1"M"F5F1MVPF-> 8M" M."
EDFN DV EHIRUH
G544 S.1M" 4"M."F M.86- <1F! FF1/
"F= 86 .1G FMF1!-" "4M <G"" M"TM=> 'XULQJ WKH QH[W WZR \HDUV , OHDUQHG
KRZ« RU UDWKHU KRZ QRW WR KXQW JXLQ
HDIRZO ± WKH KDUG ZD\ :KHQ WKH VKRRW
LQJ VHDVRQ RSHQHG WKH GULHG PHDOLHV
RQ WKH VWDONV KDG EHHQ KDUYHVWHG OHDY
LQJ VSDUVHO\ VFDWWHUHG PHDOLH SLWV DQG D
IHZ GURSSHG FREV DQG P\ULDG LQVHFWV
DQG HDUO\ LQ WKH VHDVRQ WKLV ZDV ZKHUH
WKH JXLQHDV ZHUH XVXDOO\ OXUNLQJ /HIW
WR P\ RZQ GHYLFHV , ZHQW DIWHU WKHP
RQ P\ RZQ XVLQJ DQ (QJOLVK SRLQWHU
EXW QDWXUDOO\ WKH\ UHIXVHG WR VLW WLJKW RU
 
PM.8F <GM6!16-= 6! 8 WR IO\ ± WKH\ VLPSO\ ORZHUHG WKHLU KHDGV
MM"F44 S1M.  -88! !UEG - &M"F
6 16&8F54 G.88M 6"F P6!"" M4
F8P6! :7J7>
)URP WKH DJH RI WZHOYH , VSHQW P\
VFKRRO KROLGD\V RQ WKH IDUP RI IULHQGV
%HUQDUG %HQWOH\ DQG KLV VRQ +DUYH\ ±
DOVR LQ WKH 1HZ +DQRYHU GLVWULFW ,QL
WLDOO\ WKH\ OHW PH OHDUQ ZLQJVKRRWLQJ E\
DSSRLQWLQJ PH WKH ³NHHSHU RI WKH EHHV´
7KH\ KDG D ODUJH DSLDU\ WKH KLYHV RI
ERUH FDUWULGJHV ZHUH FRPSDUDWLYHO\
H[SHQVLYH VR WKH %HQWOH\V JDYH PH
FDUWH EODQFK XVH RI D ERUH *UHHQHU
GRXEOH ZKLFK ILWWHG PH DV LI EHVSRNH
PDGH DQG , QHYHU ORRNHG EDFN ,QLWLDOO\
, ZDV SHUPLWWHG WR VKRRW GRYHV DQG
SLJHRQV DV XQSURWHFWHG JDPHELUGV
DQG VFXWWOHG DZD\ LQ WKHLU W\SLFDO
KXQFKEDFNHG SRVWXUH 0\ HIIRUWV
SURYHG D SURILWOHVV MRJJLQJ H[HUFLVH P\
EDUH OHJV VWLQJLQJ IURP D WKRXVDQG
VFUDWFKHV PDGH E\ GULHG PLHOLH VWDONV
NKDNL ZHHG DQG WKLVWOHV ± JHWWLQJ LQWR D
KRW EDWK DW QLJKW ZDV WRUWXUH
, WULHG OHDYLQJ WKH GRJ DW KRPH XVLQJ
LQVWHDG VWHDOWK DQG DPEXVK VWUDWHJLHV
DQG WKLV RFFDVLRQDOO\ HQDEOHG PH WR VXU
SULVH D IORFN DQG JHW WKHP LQWR WKH DLU
ZLWKLQ VKRWJXQ UDQJH 6XFK UDUH
LQVWDQFHV UHZDUGHG PH ZLWK MXVW RQH RU
WZR VKRWV WKRXJK , VHOGRP EDJJHG PRUH
WKDQ RQH ELUG 1RQH EXW D \HDUROG
ZLWK WKUHH FRQWLQXRXV ZHHNV RI VFKRRO
KROLGD\V ZRXOG KDYH FRQVLGHUHG LW ZRUWK
ZKLOH EXW E\ WKHQ , MXVW KDG D WKLQJ
DERXW JXLQHDIRZO %HVLGHV ,
VLPSO\ ORYHG EHLQJ DILHOG ZLWK D JXQ VXF
FHVV RU QR DQG P\ IUXVWUDWLRQ ZDV RFFD
VLRQDOO\ PLWLJDWHG E\ P\ EDJJLQJ RI D
EUDFH RI SDUWULGJHV IOXVKHG LQFLGHQWDOO\
'85,1* 7+(6( :,17(5 KROLGD\V ,
HQMR\HG LQIRUPDO JXLQHDIRZO VKRRWV
ZLWK +DUYH\ %HQWOH\ DQG IULHQGV ZKLOH
DOVR WDNLQJ SDUW LQ ELJ RUJDQLVHG
VKRRWV ± WKLV ZDV ZKHQ , OHDUQHG WKH
WHFKQLTXHV RI JXLQHDIRZO KXQWLQJ +RZ
HYHU , VWLOO LPPHQVHO\ HQMR\HG P\ HDUO\
VROR H[FXUVLRQV DQG ZRXOG QRW KDYH
ZKLFK ZHUH UXWKOHVVO\ UDLGHG E\ IORFNV WKHVH FRXOG EH KXQWHG \HDUURXQG EXW PLVVHG WKH PDG H[FLWHPHQW DQG H[DV
RI ZKDW ZH FDOOHG QWHQJXV IRUNWDLOHG JXLQHDIRZO UHPDLQHG µELJ JDPH¶ DQG RII SHUDWLRQ RI WKRVH IRU DQ\WKLQJ
GURQJRV %\ WKHQ P\ 'DG ZDV OHQGLQJ OLPLWV +RZHYHU ZLWKLQ D \HDU RU VR , ,Q WLPH IUDQFROLQ NQRZQ FROOHF
PH KLV ERUH &KDUOHV %RVZHOO GRXEOH ZDV DOORZHG WR VKRRW SDUWULGJHV IUDQ WLYHO\ DV µSDUWULGJHV¶ EDFN WKHQ
ZKLFK , XVHG WR GHFLPDWH WKH UDQNV RI FROLQ RYHU WKH GRJV DQG ILQDOO\ ± JXLQ EHFDPH P\ IDYRXULWH JDPHELUGV WR
WKH EHHHDWHUV ZKLOH OHDUQLQJ WKH DUW RI HDIRZO $QG ZKHQ WKDW ILUVW ELJ EOXH KXQW ± , IRXQG WKLV WKH PRVW UHOD[LQJ
VKRRWLQJ IO\LQJ (YHQ LQ WKRVH GD\V KHDGHG ELUG IROGHG RXW RI WKH VN\ DOO IRUP RI VKRRWLQJ VLQFH LW FDQ EH VXF

  
 
  
FHVVIXOO\ FDUULHG RXW E\ MXVW RQH RU WZR
JXQV ZLWK RQH RU WZR GRJV UDWKHU WKDQ
ODUJH VKRRWLQJ SDUWLHV DQG , NQRZ IHZ
JUHDWHU SOHDVXUHV WKDQ KXQWLQJ WKHVH
ELUGV RYHU SRLQWHUV 1HYHUWKHOHVV ,
KDYH DOZD\V UHJDUGHG WKH KHOPHWHG
JXLQHDIRZO DV WKH PRVW H[FLWLQJ DQG WKH
PRVW VSRUWLQJ RI ELUGV WR KXQW QRW LQ
WKH VHQVH RI RIIHULQJ GLIILFXOW VKRWV EXW
LQ UHTXLULQJ WKH PRVW OHJ ZRUN ZKLOH
RIIHULQJ SUHFLRXV IHZ VKRWV DW DOO ,
UHPDLQ HQWKUDOOHG E\ WKHLU H[TXLVLWH
SOXPDJH VWUDQJHO\ SULPRUGLDO DSSHDU
DQFH WKHLU DVWRQLVKLQJ WRXJKQHVV
XQSUHGLFWDELOLW\ DQG HVSHFLDOO\ WKHLU
H[DVSHUDWLQJ JXLOH DQG HYDVLYHQHVV
)RU URXJKO\ WKH ILUVW KDOI RI P\
VKRRWLQJ OLIH LQ 6$ WKHUH ZHUH QR FRP
PHUFLDO ILHOGVSRUWV YHQXHV ± KXQWLQJ
." "GG"6M14 ;816M"F S1M. -P16"&8S4 6!
VDQGJURXVH VKRRW UDLQV SHUPLWWLQJ
*XLQHDIRZO GR RFFXU LQ 1DPLELD EXW
YHU\ VSDUVHO\ LQ PRVW DUHDV GXH WR WKH
VFDUFLW\ RI SHUPDQHQW VXUIDFH ZDWHU DQG
WKH DEVHQFH RI JUDLQ FURSV 1RW WKDW
JUDLQ FURSV DUH HVVHQWLDO ± , KDYH KXQWHG
JXLQHDIRZO RQ JDPH DQG FDWWOH UDQFKHV
LQ =LPEDEZH¶V ORZYHOG DQG RQ WKH 0XQ
QLN FRQVHUYDQF\ LQ /LPSRSR ZKHUH QR
JUDLQ FURSV DUH JURZQ DQG , ZDV VXU
SULVHG DW WKH ELUG SRSXODWLRQV WKHUH
%\ WKH WLPH , PRYHG EDFN WR 1DWDO LQ
 PDQ\ IDUPHUV ZHUH UHDOLVLQJ WKH
PRQHWDU\ YDOXH RI JDPHELUGV DQG
FRPPHUFLDO ZLQJVKRRWLQJ YHQXHV ZHUH
VSULQJLQJ XS 6RPH VWLOO KHOG WUDGLWLRQDO
VKRRWV IRU QHLJKERXUV DQG IULHQGV DQG
, UHFHLYHG D IHZ VXFK NLQG LQYLWDWLRQV
EXW P\ ROG FRQWDFWV ZHUH SDVVLQJ RQ
DQG VKRRWLQJ ZHUH E\ LQYLWDWLRQ RQO\ ,
ZDV H[WUHPHO\ IRUWXQDWH WR OLYH P\ WHHQ
\HDUV LQ DQ HUD ZKHQ D WUDGLWLRQDO V\V
WHP ZDV LQ SODFH ZKHUHE\ HDFK IDUPHU
KHOG DQ DQQXDO VKRRW WR ZKLFK KH
LQYLWHG QHLJKERXULQJ IDUPHUV SOXV D IHZ
VHOHFW IULHQGV RU UHODWLYHV (DFK QHLJK
ERXULQJ IDUPHU ZRXOG UHWXUQ WKH LQYLWD
WLRQ ZKLFK LQFOXGHG VRQV RI VKRRWLQJ
DJH &RQVHTXHQWO\ IDUPLQJ IRON ZHUH
SULYLOHJHG WR HQMR\ VHYHUDO VKRRWV D
\HDU ELUG SRSXODWLRQV SHUPLWWLQJ
7KHVH ZRXOG EH µRUJDQL]HG¶ VKRRWV
LQYROYLQJ DQ\WKLQJ XS WR  JXQV ZLWK
WKH ODQGRZQHU DFWLQJ DV PDVWHU RI WKH
KXQW +H ZRXOG NQRZ WKH ELUGV¶ XVXDO
WHUULWRULHV DQG HVFDSH URXWHV DQG WKH
VKRRWV ZHUH VWUDWHJLFDOO\ SODQQHG DQG
F"GM"! &F68416 --"! 16 15;8;8>
RYHU RQH RU WZR RI WKH JXQV EXW IDLOLQJ
WKDW 1DWDO KDV SOHQW\ RI ORQJ JUDVV
DQG WKH VFDWWHUHG ELUGV XVXDOO\ VHWWOHG
LQ VXFK DUHDV 7KH DGYDQWDJH RI VPDOO
LQIRUPDO VKRRWV ZDV WKH DELOLW\ WR WKHQ
TXLFNO\ JHW LQWR WKH JUDVV ZLWK SRLQWHUV
EHIRUH WKH ELUGV UHJURXSHG DQG VWDUWHG
WR UXQ $Q DIWHUQRRQ OLNH WKLV FRXOG
EULQJ DOO PDQQHU RI VKRWV IURP ULVLQJ
ELUGV WR KLJK IOLHUV WR ELUGV JOLGLQJ DW
GHFHSWLYHO\ KLJK VSHHG LQ DQ DUF GRZQ
D ORQJ KLOOVLGH
, /($51(' 72 FDUU\ VKRUW ORRSV RQ P\
FDUWULGJH EHOW PDGH IURP WKH OHDWKHU
WKRQJV XVHG EDFN WKHQ WR XSKROVWHU
DQG RIIHUV ZHUH GU\LQJ XS 7RGD\ PRVW
JXLQHDIRZO VKRRWV WDNH SODFH RQ FRP
PHUFLDO YHQXHV DQG WKH\ DUH QRW FKHDS
<RX ZLOO PRVW OLNHO\ EH SDUW RI D IDLUO\
ODUJH IRUPDO VKRRW VWULFWO\ PDQDJHG E\
WKH ODQGRZQHU RU PDQDJHU 8QOHVV \RX
MRLQ D V\QGLFDWH PRVW RI WKH JXQV ZLOO
SUREDEO\ EH VWUDQJHUV WR \RX 0DQ\
ZRQ¶W HYHQ ERWKHU WR WDNH KRPH D
FRXSOH RI ELUGV IRU WKH WDEOH ± ZKLFK LV D
JUHDW SLW\ DV JXLQHDIRZO PHDW PDNHV
PDUYHOORXV VWHZ
, DP YHU\ JODG , ZDV SULYLOHJHG WR EH
SDUW RI WKH ROG V\VWHP , HQMR\HG WKH
UHOD[HG DWPRVSKHUH DQG FRQJHQLDO
FDPDUDGHULH DW VKRRWV , KDYH KDG
VRPH H[FHOOHQW VKRRWLQJ DW FRPPHUFLDO
YHQXHV EXW ZKHQ , WKLQN RI JXLQHDIRZO
H[HFXWHG 7KLV LV ZKHUH WKH IDPRXV FKDLUV ULHPSLHVWRHOH 7KHVH PLQLDWXUH P\ IRQGHVW PHPRULHV DUH RI P\ \RXQJ
³1DWDO VXUURXQG´ GHYHORSHG ± D VXF QRRVHV VOLSSHG RYHU WKH KHDGV RI JXLQ GD\V 1RZ LQ P\ VHYHQWLHV ZKHQ WKH
FHVVIXO PHWKRG EXW GHSHQGLQJ ZKLFK HDIRZO HQDEOHG PH WR FDUU\ XS WR IRXU DXWXPQ DLU LQ WKH 0LGODQGV EHFRPHV
ZD\ WKH ELUGV IOHZ XSRQ IOXVKLQJ VWLOO ELUGV WZR RQ HDFK KLS OHDYLQJ PH IUHH EULWWOH DQG EUDFLQJ DQG WKH ORQJ JUDVV
DIIRUGHG RQO\ D OLPLWHG QXPEHU RI JXQV OHJ PRYHPHQW DQG P\ KDQGV IUHH WR WXUQV JUH\EURZQ IRU PH WKH DWPRV
D FUDFN DW WKH ELUGV )RUWXQDWHO\ LQYLWD VKRRW 7R JHW WKURXJK D IHQFH REVHUYLQJ SKHUH VRPHKRZ IHHOV IDLQWO\ FKDUJHG
WLRQV ZHUH YHU\ VHOHFWLYH VR HYHU\RQH RI FRXUVH WKH XVXDO JXQVDIHW\ PHDV ZLWK HOHFWULFLW\ DJDLQ 2Q D IURVW\ PRUQ
NQHZ WKH UXOHV DQG FRXOG WUXVW WKH
RWKHU JXQV LQ WKH VXUURXQG WR VKRRW
RQO\ KLJK ELUGV
, HQMR\HG WKHVH EXW SUHIHUUHG
µLQIRUPDO¶ VKRRWV LQYROYLQJ VD\ IRXU
JXQV DQG D FRXSOH RI SRLQWHUV ± HYHQ
XUHV VLPSO\ XQEXFNOH WKH FDUWULGJH EHOW
GURS LW DQG WKH ELUGV RYHU WKH IHQFH
FOLPE WKURXJK DQG EXFNOH XS DJDLQ
, ZDV IRUWXQDWH WR UHWDLQ HQRXJK
NLQGO\ IDUPHU IULHQGV WR HQMR\ VXFK LQYL
WDWLRQV XQWLO WKH DJH RI DERXW  ZKHQ ,
LQJ ZKHQ , KHDU WKH VXGGHQ KDUVK NUU
UUUUNXWNXWNXWNXW FDOO RI D GLVWDQW
JXLQHDIRZO , IHHO WKDW VDPH VKDUS
HGJHG H[FLWHPHQW NQLIH WKURXJK PH DV
LW GLG ZKHQ , ZDV D NLG $QG ZKHQ , VLW
RQ D FRXQWU\ YHUDQGDK DURXQG VXQVHW
WKRXJK , DV WKH \RXQJHVW JXQ JRW WR PRYHG WR 6:$ 1DPLELD 7KHUH DQG OLVWHQ WR WKH KDXQWLQJO\ PRXUQIXO
GR PRVW RI WKH UXQQLQJ WR WU\ WR YLPED ELUGVKRRWLQJ VLPSO\ ZDVQ¶W SDUW RI WKH WXIZHHHW WXIZHHHW WXIZHHHW RI WKH
WKH IORFN ZKHQ LW KHDGHG WKH ZURQJ FXOWXUH WKRXJK P\ IDUPHU IULHQG :DOWHU IHPDOHV , IHHO D PRVW SOHDVDQW SDQJ RI
ZD\ 7KH LGHD ZDV WR IOXVK WKH ELUGV .LUVWHQ NLQGO\ DOORZHG PH DQ DQQXDO QRVWDOJLD IRU P\ ER\KRRG

    
  
." ?P13/!"M.4" G8;" F16-G> ." FF"4 6 " F"58R"! U 488G"616- MS8 ." F"F G8;" 58P6M !8P4"G G 
GF"SG S1M. 6
44"6 3"U> ;""; G1-.M>

'/ 
4%/ *52< $
 ǀĞƌƐĂƚŝůĞ ŚƵŶƚŝŶŐ ĂŶĚ ƌĂŶŐĞ ƌŝĨůĞ

    


  
 
  
$'9$1&(6 ,1 02'(51 WHFKQRORJ\ KDYH UHVXOWHG LQ
IDFWRU\EXLOW KXQWLQJ ULIOHV EHFRPLQJ DFFXUDWH HQRXJK WR
FKDOOHQJH WUDGLWLRQDO WDUJH W ULIOHV ZKLOH FDOLEUHV FDQ EH
FKDQJHG LQ PLQXWHV VLPS O\ E\ VZRSSLQJ EDUUHOV ± QR
JXQVPLWK UHTXLUHG ± DQG ZL K QR UHVXOWLQJ ORVV LQ DFFXUDF\
7KH 9RHUH /%: ³6RIW 7RXFK´ LV RQH VXFK D ULIOH IXUWKHUPRUH
WKRVH DYDLODEOH IURP +RWSR HU LQ .UXJHUVGRUS DUH RUGHUHG
IURP WKH IDFWRU\ ZLWK FHUWDLQ FKDQJHV VSHFLILFDOO\ WR VXLW RXU
RXW DV 9RHWWHU &R LQ *HUPDQ\
DIWHU ::,, 7KH\ EHJDQ PDNLQJ ULIOHV LQ WKH V DQG
ZHUH ERXJKW RXW E\ WKH 7LUROHU -DJG XQG 6SRUW
ZDIIHQIDEULN RI .XIVWHLQ $XVWULD WKHUHDIWHU WUDG
LQJ DV 9RHUH 4XDOLW\ ZDV DOZD\V KLJK EXW LQ
 WKH UHFHVVLRQ IRUFHG WKHP WR VHOO RXW WR
0DXVHU LQ *HUPDQ\ 6XEVWDQWLDO VWRFNV RI ROGHU
ZHDSRQV UHPDLQHG LQ $XVWULD DQG LQ  WKHVH
DQG WKH 9RHUH QDPH SDVVHG WR .*+ .XIVWHLQHU
*UHJRU :RRGV ZURWH DERXW WKLV ULIOH LQ 0DJQXP¶V 0D\ 
HGLWLRQ 8QIRUWXQDWHO\ WKH FDVHOHVV DPPXQLWLRQ FRQFHSW ZDV
VRPHZKDW SUHPDWXUH KHQFH WKH ULIOH ZDV QRW D FRPPHUFLDO
VXFFHVV +RZHYHU 9RHUH¶V PRGHUQ EROWDFWLRQV OLNH WKH 0RGHO
 DQG WKH VZLWFKEDUUHO DQG WDNHGRZQ /%: DUH VHOOLQJ
ZHOO 9RHUH DOVR FDWHUV IRU WKH ³WDFWLFDO´ PDUNHW ZLWK WKHLU
/%:0 D PDUNVPDQ ULIOH DQG WKH ; D VHUYLFH ULIOH IRU ORQJ
UDQJH DSSOLFDWLRQV
7KH PRGHO ZH WHVWHG ZDV WKH /%: 6WDQGDUG LQ 
5HPLQJWRQ ,W ZHLJKV NJ DQG FRPHV ZLWK D ³VRIW WRXFK´
VWRFN ± D FRQYHQWLRQDO ZRRGHQ VWRFN ZKLFK LV UXEEHUFRDWHG
DIIRUGLQJ H[WUHPHO\ VHFXUH SXUFKDVH HYHQ ZLWK ZHW
KDQGV DQG SURYLGLQJ WKH ZHDWKHUSURRILQJ EHQHILWV RI
D V\QWKHWLF VWRFN 2YHUDOO OHQJWK LV FP ZKHQ ILWWHG
ZLWK D LQFK :DOWKHU YDUPLQW EDUUHO ZKLFK LV PP
LQ GLDPHWHU DW WKH FURZQ DQG KDV D  LQFK WZLVW
7KH EDUUHO FDQ EH FKDQJHG LQ PLQXWHV E\ UH
PRYLQJ WKH VWRFN ORRVHQLQJ WZR VFUHZV DQG VOLGLQJ
*HUDWHEDX XQG +DQGHOVJHV
$V D FKLOG , UHFDOO 9RHUH ULIOHV EHLQJ SRSXODU
± FRQVLGHUHG JRRG TXDOLW\ DW D UHDVRQDEOH
SULFH 7KRXJK WKH FRPSDQ\ EXLOW PDQ\ ULIOHV RQ
ROG 0DXVHU 0RGHO  DFWLRQV VXFK DV WKHLU
0RGHO  WKH\ DUH DOVR YHU\ LQQRYDWLYH DQG
LQ  LQWURGXFHG WKH ZRUOG WR WKH ILUVW
HOHFWURQLFLJQLWLRQ VSRUWLQJ ULIOH ILULQJ FDVHOHVV
DPPXQLWLRQ ± WKHLU 9(&  ZKLFK ILUHG D
PP EXOOHW DW DQ DGYHUWLVHG  ISV
WKH EDUUHO RXW RI WKH UHFHLYHU WKHQ VOLGLQJ LQ WKH
UHSODFHPHQW EDUUHO WLJKWHQLQJ WKH VFUHZV DQG
UHSODFLQJ WKH VWRFN ,Q WKH FDVH RI RXU WHVW ULIOH
LWV  5HP EDUUHO FDQ EH VZDSSHG IRU
RWKHUV LQ VWDQGDUG FDOLEUHV VXFK DV 
:LQ IRU H[DPSOH ZLWK QR RWKHU FKDQJHV
UHTXLUHG +RZHYHU LI \RX ZDQW WR VZLWFK
8"F"EG +>I55 G"4"GG 55P61M186 !"G1-6"!
&8F PG" 16 M."1F  7: F1*">

." 8"F" >

    
  
WR D EDUUHO LQ D EHOWHG PDJ DEOH LQ  RU URXQG FDSDFLW\
QXP FDOLEUH \RX DOVR QHHG WR IRU VWDQGDUG FDOLEUHV DQG WZR
FKDQJH WKH EROW KHDG DQG RU IRXU LQ PDJQXP FDOLEUHV
PDJD]LQH %ROW KHDGV DOO 7KH ULIOH KDV D QRUPDO VLGH
HPSOR\LQJ WKUHH ORFNLQJ VDIHW\ DQG EROWWKURZ LV RQO\
OXJV DUH DYDLODEOH IRU FDUW  GHJUHHV , IRXQG WKH DFWLRQ
ULGJHV XVLQJ PLQL VWDQGDUG H[WUHPHO\ VPRRWK 7KH WULJJHU
EHOWHG PDJQXP DQG VKRUW LV IXOO\ DGMXVWDEOH DQG EURNH
PDJQXP FDVHV 1R WRROV DUH FOHDQO\ ZLWKRXW DQ\ FUHHS
UHTXLUHG IRU FKDQJLQJ EROW 7KH WHVW ULIOH FDPH ZLWK D
KHDGV ]HUR 02$ 3LFDWLQQ\ UDLO DOORZ
7KH PRGHO ZLWK VWDQG LQJ \RX WR ILW DOPRVW DQ\ VLJKW
DUGOHQJWK DFWLRQ LV DYDLODEOH RU VFRSH 7KLV UDLO LV PRXQWHG
LQ [ /DSXD [ WKH FRQYHQWLRQDO ZD\ VFUHZ
[ [ [-6
 ." 84M 6 " !1GGG"54"! U LQJ GLUHFWO\ RQWR WKH UHFHLYHU
[   :LQ .6! M8 .6-" M." 84M ."!> +RZHYHU 9RHUH PDNHV DQ
  :LQ PP LQJHQLRXV TXLFNUHOHDVH VFRSH
 :LQ DQG  7KDW  ." 84M &" 6! FF"4> PRXQW 7KH WZR EDVHV DUH
ZLWK WKH PLQLDFWLRQ LV IRU IL[HG WR WKH ULIOH DFWLRQ LQ WKH
 DQG  5HP DQG WKH µPHGLXP¶ LV IRU [ 0HVVQHU WUDGLWLRQDO ZD\ RQH RQ WKH UHFHLYHU EULGJH DQG WKH RWKHU RQ WKH
0DJ [ DQG [6 )RU WKRVH ZDQWLQJ DQ XOWUDPDJQXP UHFHLYHU ULQJ 7KH IURQW EDVH KDV D VPDOO KDOIULQJ IDFLQJ XS
WKH /%: LV DYDLODEOH LQ  /DSXD 0DJ ,Q PDJQXP FDOLEUHV ZKLOH WKH EDFN KDV D IXOO ULQJ 7KH VFRSH ULQJV DUH RI RQHSLHFH
\RX FDQ FKRRVH IURP  :60 PP :60 PP 5HP 0DJ GHVLJQ ZLWK D VLGHOHYHU IRU TXLFN UHOHDVH $ FOLS KRRNV RQ WKH
:60 + +  :LQ 0DJ  :E\ 0DJ  :LQ IURQW PRXQW ZKLOH D SOXQJHU ILWV LQWR WKH ULQJ RQ WKH UHDU PRXQW
0DJ  5XJHU DQG + + 5LIOHV LQ  &UHHGPRRU ZLOO
DOVR EH DYDLODEOH VRRQ
)(: 5,)/( 0$18)$&785(56 RIIHU DOO WKHVH FDOLEUH
RSWLRQV DQG IRU PH EHLQJ DEOH WR EX\ D PRGHUQ IDFWRU\ ULIOH
LQ D FDOLEUH OLNH [ [-6 RU + + FRPHV DV D SOHDV
DQW VXUSULVH
7KH GHWDFKDEOH PDJD]LQHV DUH PDGH RI VWHHO DQG KDYH D
SXVK EXWWRQ UHOHDVH 2XU WHVW ULIOH¶V PDJD]LQH ZDV PDUNHG IRU
XVH ZLWK  DQG [ FDOLEUHV 7KH PDJD]LQHV DUH DYDLO
VHH SKRWR 7KH SOXQJHU ORFNV LQ WKH PRXQW E\ VZLQJLQJ WKH
UHOHDVH OHYHU IODW DJDLQVW WKH ULQJ VHW¶V EDVH
$QRWKHU XQLTXH IHDWXUH LV WKH IDFW WKDW RQFH WKH VFRSH ULQJV
DUH UHPRYHG WKH EDVH RQ WKH ULIOH¶V UHFHLYHU EULGJH FDQ EH XVHG
DV D SHHS VLJKW ± DVVXPLQJ RI FRXUVH WKDW D IURQW VLJKW KDV
EHHQ ILWWHG
,I \RX SUHIHU WR XVH WKH 9RHUH EDVHV DQ DGGLWLRQDO TXLFNUH
OHDVH 3LFDWLQQ\ UDLO FDQ EH SXUFKDVHG HQDEOLQJ \RX WR DWWDFK WKH
UDLO VLPSO\ E\ SXVKLQJ LW RQWR WKH EDVHV DQG ORFNLQJ LW LQ SODFH
ZLWK WKH VLGH OHYHU

?P"G R6 88U 8& 8M 8S"F !816- F6-" S8F3 S1M. M." > M ;F8R"! "TMF"5"4U PFM">

  
 
  
 S8 -F8P;G G.8M S1M.
, WHVWHG WKLV ULIOH RQ WZR RFFDVLRQV RQFH MXVW RXWVLGH
M."  16 >OJW "5>
'XUEDQ DQG ODWHU DW .URNRGLOVSUXLW QRUWK RI 3UHWRULD 2Q ERWK
RFFDVLRQV , DFKLHYHG JURXSV DYHUDJLQJ PP FHQWUHWRFHQ
WUH DW P ,Q DOO IRXU GLIIHUHQW SHRSOH ILUHG WKH ULIOH DQG
QRQH VKRW D JURXS ODUJHU WKDQ 02$ ZLWK PRVW PHDVXULQJ
ò02$ RU EHWWHU 7KH H[FHOOHQW DGMXVWDEOH WULJJHU HQKDQFHG
DFFXUDF\ DQG LV JRRG HQRXJK WR EH XVHG IRU WDUJHW VKRRWLQJ
$OWKRXJK WKH VWRFN ORRNV V\QWKHWLF LW KDV WKH IHHO RI D
WUDGLWLRQDO ZRRGHQ VWRFN DQG WKH FKHHNSLHFH LV KLJK HQRXJK
WR HQVXUH , JRW FRQVLVWHQW FKHHNZHOG ZLWK WKH SDUWLFXODU
VFRSH WKDW ZDV PRXQWHG 7KH VRIW UXEEHU UHFRLO SDG DEVRUEV
UHFRLO ZHOO DQG LV VWLFN\ HQRXJK WR HQVXUH D VHFXUH KROG LQ
WKH VKRXOGHU , DOVR IRXQG WKH FXUO RI WKH SLVWRO JULS VOLJKWO\
PRUH SURQRXQFHG WKDQ WKDW RI VRPH RWKHU KXQWLQJ ULIOHV
DIIRUGLQJ PH D PRUH FRPIRUWDEOH KROG E\ UHGXFLQJ WHQVLRQ
LQ P\ ZULVW

7+( 92(5( /%:¶6 ZRUNPDQVKLS LV DERYH UHSURDFK ZLWK

PHWDOFUDIW RI D FODVV VHOGRP IRXQG RQ IDFWRU\ ULIOHV 7KLV
ULIOH LV DQ H[FHOOHQW FKRLFH IRU WKRVH SUHIHUULQJ D VLQJOH ULIOH
IRU KXQWLQJ FRPSHWLWLRQ JRQJ VKRRWLQJ RU 9HOGVNLHW
7KH UHFRPPHQGHG UHWDLO SULFH LV 5  $Q DGGLWLRQDO
EDUUHO PDJD]LQH DQG EROW KHDG FRVW 5  ,Q WKLV SULFH
UDQJH \RX¶OO EH KDUG SUHVVHG WR ILQG EHWWHU YDOXH IRU PRQH\
)RU PRUH LQIRUPDWLRQ FRQWDFW +RWSRZHU RQ 


!



 

JQXP DQG 3HUHJULQH %XOOHWV ZLOO EH KRVW DW OHDVW RQH VHSDUDWH UDQJH IRU WKRVH ZKR KDYH QHYHU EHIRUH
XU JRQJ VKRRW RQ  -XQH  )LUVW SUL]H
 JD )$,5 3UHPLHU 6SRUWLQJ RYHUDQGXQGHU
YDOXHG DW 5  FRXUWHV\ RI 5DSDOD
HVWHG WKHVH VKRWJXQV LQ RXU -XO\ 
QG IRXQG WKHP H[FHOOHQW TXDOLW\ DQG YDOXH IRU PRQH\
7KH RYHUDOO ZLQQHU ZLOO DOVR UHFHLYH D XQLTXH EURQ]H FDVW
WURSK\ )RU WKH UHVW RI WKH FRPSHWLWRUV ZH KDYH PRUH WKDQ 
RWKHU SUL]HV LQFOXGLQJ DQ $LUJOLGH ULIOH FDVH 3UR 0D[ WZRSLVWRO
FDVH YDULRXV FDUWULGJH FDVHV 6SRUWVPDQ 7UXQN D 6KRRWHUV &DVH
ZLWK JXQ UDFN FDPPR JHDU ER[ ZLWK D JXQ UDFN D UDQJH ILQGHU
WHOHVFRSHV IDFWRU\ DQG FXVWRP NQLYHV YDULRXV RWKHU ULIOH FDVHV
VKRRWLQJ VWLFNV JXQ RLO DQG ULIOH FOHDQLQJ KDPSHUV YRXFKHUV D
FRPSHWHG LQ D JRQJ VKRRW $SDUW IURP NHHSLQJ VFRUH RI KLWV RQ
JRQJV VKRRWHUV ZLOO DOVR FRPSHWH DJDLQVW WLPH
7KH RQO\ SUHUHTXLVLWH LV WKDW \RX XVH 3HUHJULQH EXOOHWV DQG WR
PDNH EX\LQJ DQG UHORDGLQJ WKH EXOOHWV HDVLHU IRU SURVSHFWLYH
SDUWLFLSDQWV ZH¶YH LGHQWLILHG IRXU GHDOHUV WKDW FDQ EH FRQWDFWHG
WR KHOS ZLWK VRXUFLQJ EXOOHWV DQG D UHORDGLQJ KRWOLQH LV DOVR DYDLO
DEOH ,W LV LPSRUWDQW WR VSHFLI\ \RXU FDOLEUH DQG EDUUHO WZLVW WR
HQVXUH \RX JHW WKH EHVW EXOOHW IRU \RXU ULIOH
+RZHYHU JURXSV RI URXJKO\ DQ LQFK ZLOO VXIILFH WR SDUWLFLSDWH
VXFFHVVIXOO\ VR WKHUH LV QR QHHG WR ZRUN XS EHQFKUHVWFODVV
UHORDGV :H KDYH IRXQG 3HUHJULQH EXOOHWV HDV\ WR UHORDG DQG ZH
PDQDJHG H[FHOOHQW JURXSV ZLWK PLQLPXP WZHDNLQJ
UHG GRW VLJKW IRU \RXU $5 RU SLJ JXQ DQG PRUH 6RPH RI WKHVH $Q RQOLQH DSSOLFDWLRQ LV DYDLODEOH DW ZZZSHUHJULQHEXOOHWV
SUL]HV UHWDLO IRU RYHU 5  HDFK DQG WKH FXVWRP IROGLQJ NQLYHV FR]D (QWU\ ZLOO FRVW 5 SHU SHUVRQ :H FDQ RQO\ DFFHSW 
DUH UDUH FROOHFWRU LWHPV WKDW FDQQRW EH ERXJKW DSSOLFDWLRQV ZKLFK PHDQV WKDW \RX KDYH DW OHDVW D  FKDQFH RI
7KH VKRRW ZLOO WDNH SODFH RQ VL[ UDQJHV QHDU 'HOPDV QRUWK RI ZLQQLQJ D SUL]H
3UHWRULD DQG LQ WRWDO \RX¶OO QHHG  FDUWULGJHV WR HQJDJH WKH 3DUWLFLSDWLQJ GHDOHUV %URWKHUV $UPV 3UHWRULD 
JRQJV DW UDQJHV EHWZHHQ  DQG  PHWHUV $V ZH LQWHQG WKLV  6NLHWZLQNHO %ORHPIRQWHLQ  &ODVVLF $UPV
WR EH D IXQ VKRRW DV ZHOO DV D VWLII FRPSHWLWLRQ IRU WKH FRXQWU\¶V :LWEDQN  6DYXWL $UPV %UDNSDQ 
WRS VKRWV WKH UDQJHV ZLOO YDU\ LQ GLIILFXOW\ DQG ZH LQWHQG WR KDYH )RU KHOS ZLWK UHORDGLQJ SKRQH $GULDDQ 5DOO RQ 

    
  

 .8M8 U .141; P"G.>

04/

!04 
 
  
  

dŚĞ ĞŶŝŐŵĂƚŝĐ
ƐƉŝƌĂůͲŚŽƌŶĞĚ
ŐƌĞLJ ŐŚŽƐƚ

  ." P44 S1M. M." G3"S .8F6 .P6M"!
6"F F.5GM8S6 16 :77J> 4"F4U GM144 .!
 48M M8 4"F6 8PM M316- -88! ;.8M8-F;.G>


R"FU -88! P44 U GM"F6 ;" GM6!/

F!G 8M. 16 .8F6 G1V" 6! 8!U> 4P-./
M"F"! S"1-.M SG :JJ3- 5U ."R1"GM GM"F6
;" P44> P6M"! 86 ;8&P 5" "G"FR"
16 OWW,>

:+(1 ,1* KLQ WLU WKH

RRG TX LNH WKH WR DWXUH
GX EXO ZKHWKHU XK QH RQ
U ZLVK VW QRW 7 H HDXW\


P44 P44"! 6"F 84"6G8 S1M.  "6 8GG"> F-144U 44 8& M." 86" ;F1GM16" .P6M16-
JUDFH RI OO\ JURZ YRNHV
&F5G 16 M." F" "5" ;FM 8& 46! 415G 6""GG1MM16- M." P4416- 8& 44 -5">
JV RI DQG V PD\
H WR VS V WKH  U 86" 6! 864U MF8;.U P44 .P6M"! 6"F 84"6G8 16 OWW7> 1FP5GM6"G ;F"R"6M"! 8PF
KXQW ;.8M8-F;.16- 1M "&8F" F1-8F 58FM1G .! G"M 16 F"6!"F16-  ;F8;"F ;8G" 15;8GG14"> 8P G"" 
RI WKH 84! S"M 6! M1F"! PM R"FU .;;U .P6M"F>
PRVW FXQQLQJ DQG VRXJKWDIWHU WURSKLHV
RQ WKH $IULFDQ FRQWLQHQW
0\ RZQ NXGX HQFRXQWHUV FRP
PHQFHG LQ WKH HDUO\ V ZKLOH
UHWXUQLQJ IURP YDUVLW\ WR P\ KRPH
WRZQ .LQJ :LOOLDP¶V 7RZQ LQ WKH (DVW
HUQ &DSH WR FRPSOHWH P\ DUWLFOHV $V
WKH (DVWHUQ &DSH LV WHHPLQJ ZLWK NXGX
KXQWLQJ RSSRUWXQLWLHV DERXQGHG DQG ,
ZDV VRRQ LQYLWHG RQ D NXGX KXQW $V LV
W\SLFDO RI WKH ORFDO KXQWLQJ PHWKRGV
P\ JXLGH DQG , ZHUH VLWWLQJ RQ WKH VLGH
RI D PRXQWDLQ VFDQQLQJ WKH RSSRVLWH
VORSHV :H VRRQ VSRWWHG WZR EXOOV VRPH
 PHWHUV DZD\ VXQQLQJ WKHPVHOYHV
DV WKH\ VORZO\ EURZVHG DORQJ WKH WKLFN
VFUXE -XVW DV , SXW WKH FURVVKDLUV RQ
WKH ODUJHU EXOO KH VWHSSHG EHKLQG D
EXVK , ZDV QRW FRPIRUWDEOH VR , KDVW
LO\ XVHG WKH RSSRUWXQLW\ WR DGMXVW P\
VKRRWLQJ VWLFNV DQG VHDWLQJ SRVLWLRQ
:KHQ , DJDLQ ORRNHG WKURXJK WKH VFRSH PH RYHU DQG , IROORZHG VXLW GLUHFWHG E\ $ \HDU ODWHU RXU SDUW\ ZDV KXQWLQJ
WKH EXOO ZDV FOHDU DOWKRXJK KLV KHDG KLV YRLFH RQ WKH 'RXEOH 'ULIW *DPH 5HVHUYH DQG
ZDV EHKLQG D EXVK IHHGLQJ 7KH $V WKH EXOO FDPH LQWR YLHZ P\ KHDUW , ZDV WKH OXFN\ PHPEHU FKRVHQ WR
 VKDWWHUHG WKH PRUQLQJ¶V VLOHQFH VDQN ,W ZDV QRW WKH ELJ EXOO EXW KLV VKRRW WKH NXGX LQFOXGHG LQ WKH SDFNDJH
DQG WKH EXOO FROODSVHG RQ WKH VSRW :H PXFK VPDOOHU FRPSDQLRQ LWV KRUQV ZH¶G ERXJKW 6KRUWO\ DIWHU VXQULVH ZH
VDW ZDWFKLQJ KLP IRU D IHZ PLQXWHV WR EDUHO\ KDYLQJ RQH FXUO , KDG VKRW WKH ZHUH VHDWHG RQ WKH OHH VLGH RI D YHU\
HQVXUH KH ZDV GHDG DQG WKHQ P\ JXLGH ZURQJ EXOO , ZDV GLVDSSRLQWHG EXW VWHHS KLOO ,W ZDV FROG DQG D WKLFN PLVW
VORZO\ PDGH KLV ZD\ GRZQ WKH PRXQ GUHZ FRPIRUW IURP WKH ZRUGV RI P\ ILOOHG WKH OLWWOH YDOOH\ VHSDUDWLQJ WKH
WDLQVLGH DQG FOLPEHG WKH RSSRVLWH VORSH PXFK ROGHU DQG ZLVHU KXQWLQJ SDUWQHU VORSHV DIIRUGLQJ SRRU YLVLELOLW\ 0\
DV , KDQGVLJQDOOHG KLP WRZDUG WKH 2RP $WWLH ³7KHVH WKLQJV KDSSHQ ZKHQ JXLGH VSRWWHG WKH NXGX EXOOV DQG
VSRW 2Q ORFDWLQJ WKH EXOO KH ZDLYHG \RX KXQW ORQJ HQRXJK´ KH VDLG GHVFULELQJ WKHLU ZKHUHDERXWV H[FLWHGO\

    
  
LQ ;KRVD KH UDLVHG WKUHH ILQJHUV ± WR WKH IDUP ERXQGDU\ :KHQ , VSRWWHG &ROHQVR ZKR RIIHUHG NXGX EXOOV DW YHU\
WKUHH EXOOV , FRXOG QRW VHH WKHP VR WKH WKH ELJ EXOO LW ZDV WRR ODWH ± KH KDG UHDVRQDEOH SULFHV ZLWK QR DGGHG WUR
JUHDWO\ DJLWDWHG JXLGH VKRYHG PH DOUHDG\ VHHQ PH DV KDG KLV ILYH FRP SK\ IHHV HYHQ LI RQH TXDOLILHG IRU 5RZ
DVLGH JRW EHKLQG WKH VKRRWLQJ VWLFNV SDQLRQV 7KH\ FUDVKHG WKURXJK WKH ODQG :DUG¶V
DQG DLPHG P\ ULIOH DW WKHP .HHSLQJ PRSDQHV DQG RYHU WKH ERXQGDU\ IHQFH 2Q RXU VHFRQG WR ODVW GD\ P\
WKH ULIOH VWHDG\ , SHHUHG WKURXJK WKH IODWWHQLQJ LW , LPPHGLDWHO\ UHWXUQHG JXLGH DQG , ZHUH RQ RXU ZD\ WR D NORRI
VFRSH DQG VDZ RQH EXOO 7KH ZKHQ ZH VSRWWHG D IHZ FRZV
JXLGH ZDV QRZ IUDQWLF WKDW , HPHUJLQJ IURP WKH EXVK
VKRXOG VKRRW , FRXOG VHH RQO\ &DXJKW RXW LQ WKH RSHQ ZH
WKH ERG\ DQG DV , ZRUNHG WKH LPPHGLDWHO\ KXQNHUHG GRZQ
EROW ZLWK WUHPEOLQJ KDQGV , DQG JRW UHDG\ ,W ZDV QHDU WKH
DVNHG ³,V KH ELJ"´ ³(ZH HQG RI WKH UXW DQG , ZDV VXUH
1NRVL´ KH DIILUPHG LUULWDWHG $ D EXOO ZRXOG EH SUHVHQW $ IHZ
VHFRQG ODWHU WKH JU 5KLQR PLQXWHV RI SDWLHQFH SDLG RII
EXOOHW KLW WKH EXOO LQ WKH HQJLQH $ ELJ EXOO VWHSSHG RXW DQG
URRP DQG DIWHU D VKRUW GDVK KH PHDQGHUHG DPRQJ WKH FRZV
ZHQW GRZQ +DOIDQKRXU ODWHU EURZVLQJ ZLWK KLV KHDG XS
ZH IRXQG KLP DQG WR P\ XWWHU DQG IDFLQJ XV GLUHFWO\ )RUWX
GLVPD\ WKLV EXOO ZDV QR ELJJHU QDWHO\ WKLV JDYH P\ SRXQGLQJ
WKDQ WKH RQH ,¶G VKRW WKH SUHYL KHDUW D IHZ PLQXWHV WR TXL
RXV \HDU HWHQ GRZQ DQG , PDQDJHG WR
SODFH D JRRG IURQWDO KHDUW
%< 12: , ZDV GHVSHUDWH WR VKRW 7KH EXOO FUDVKHG


PM.8F 6!
;8&P GM' FFU16- 8PM  P44 86 ;84"G>
M 4"GM
EDJ D PDWXUH EXOO DQG WKRXJK WKURXJK WKH EXVKHV DQG RYHU
)R" ;"8;4" F" 6""!"! 6! 1M 1G .F! S8F3> 6 56U F"G 16 M." G/
, FRXOG QRW DIIRUG LW RQ P\ M"F6 ;" 6! SP4P/M4 -"MM16- 48G" S1M.  R".14" M8 48! M." D VPDOO ULGJH RXW RI VLJKW
DUWLFOHG FOHUN¶V VDODU\ , WRRN WKH FGG 1G 458GM 15;8GG14" F"?P1F16- 5P. "'8FM> 7KH EORRG WUDLO PDGH WKH IRO
YHU\ QH[W RSSRUWXQLW\ RQ D ORZXS HDV\ DQG DV ZH
IDUP DGMRLQLQJ WKH 6DP .QRWW  PG.1 -P1!" &F85
;8&P 5" "G"FR" PMM16-  ;M.
M.F8P-. M." PG."G M8 F"MF1"R"  3P!P 16
U OWW,>
1DWXUH 5HVHUYH QHDU *UDKDPV
WRZQ 7KLV WLPH , FRXOG VHH RQO\
RQH KRUQ DQG DVVXPHG WKH
RWKHU ZDV REVWUXFWHG E\ WKH
EXVK RQ ZKLFK WKH EXOO ZDV
IHHGLQJ 7KH VKRW ZDV JRRG DQG
ZH H[FLWHGO\ FOLPEHG WKH VORSH
WRZDUGV WKH IDOOHQ EXOO RQO\ WR
EH PHW ZLWK D VWUDQJH VLJKW +LV
OHIW KRUQ ZDV QRUPDO EXW WKH
ULJKW KRUQ H[WHQGHG VLGHZD\V
DOPRVW DW  GHJUHHV $JDLQ ,
ZDV VRPHZKDW GLVDSSRLQWHG
EXW ZDV FRQVROHG E\ WKH IDFW
WKDW LW KDG EHHQ D KDUG DQG
UHZDUGLQJ KXQW
0DQ\ EXOOV IROORZHG DQG P\ TXHVW
IRU D WURSK\VL]HG EXOO EHFDPH WKH
IRFXV RI P\ SODQQLQJ IRU VRPH \HDUV ±
DOO WR QR DYDLO
,Q WKH PLGV ZH ZHUH KXQWLQJ
RQ 3DXO 6PLW¶V IDUP QHDU 0HVVLQD :H
KXQWHG ZLWKRXW JXLGHV DQG DJDLQ ,
ZDQWHG D NXGX EXOO 'XH WR WKH YHJHWD
WLRQ OLPLWLQJ YLVLELOLW\ WR DERXW 
PHWHUV , ZDV XQDZDUH WKDW , ZDV FORVH
  
 
  
FUHVWHG WKH ULGJH ZH VDZ KLP
DQG IHWFKHG D IDUP ODERXUHU WR KHOS
UHSDLU WKH IHQFH DV EHVW ZH FRXOG DQG
FDOOHG 3DXO WR WHOO KLP RI WKH LQFLGHQW
+H ZDV ZDWFKLQJ UXJE\ WKH %OXH %XOOV
ZHUH EHDWLQJ :HVWHUQ 3URYLQFH DW /RI
WXV 9HUVIHOG VR KH ZDV LQ D MROO\ PRRG
WKLQNLQJ QRWKLQJ RI WKH LQFLGHQW
%\ QRZ , KDG DOPRVW DEDQGRQHG
KRSH RI EDJJLQJ D WURSK\ ZKHQ GXULQJ
WKH  VHDVRQ , PHW 6HDQ %RVVH RI
O\LQJ DERXW  PHWHUV RII
-XVW WKHQ 6HDQ UDGLRHG WR
VD\ WKH\ KDG VSRWWHG D JRRG
Q\DOD EXOO LQ D YDOOH\ D VKRUW
GLVWDQFH IURP RXU SRVLWLRQ DQG
KH ZDQWHG DQRWKHU KXQWHU RQ
RXU VLGH RI WKH YDOOH\ LQ FDVH LW
VKRXOG DSSHDU +H LQVLVWHG ZH
OHDYH WKH NXGX EXOO IRU ODWHU
UHFRYHU\ DV ZH FRXOG QRW SDVV
XS WKH RSSRUWXQLW\ RI EDJJLQJ
WKH Q\DOD
,W VWDUWHG UDLQLQJ DQG LW ZDV
KRXUV EHIRUH ZH UHWXUQHG WR
P\ EXOO VRDNLQJ ZHW DQG VDQV
Q\DOD %\ WKLV WLPH ULJRU PRUWLV
KDG VHW LQ UHQGHULQJ XV XQDEOH WR SRVL
WLRQ WKH WURSK\ IRU D JRRG SKRWRJUDSK
1HYHUWKHOHVV ZH ZHUH DOO LQ KLJK VSLULWV
DV ZH ORDGHG WKH FDUFDVV
7KH EXOO¶V SHUIHFWO\ V\PPHWULFDO
KRUQV PHDVXUHG H[DFWO\  LQFKHV
DQG WKH VODXJKWHUHG ZHLJKW ZDV
NJ ± WKH VWXII WKDW GUHDPV DUH
PDGH RI ,W QRZ KDV D VSHFLDO SODFH LQ
P\ WURSK\ URRP

8"% %
$ 5(&(17 ',6&866,21 ZLWK WKH VRQ RI
D JRRG IULHQG EURXJKW KRPH WR PH WKH
LQIOXHQFH \RX FDQ VRPHWLPHV XQNQRZ
LQJO\ KDYH RQ D \RXQJ PLQG WKURXJK \RXU
DFWLRQV +H LV D JURZQ PDQ QRZ ZLWK D
PDVWHU¶V GHJUHH LQ PHFKDQLFDO HQJLQHHU
LQJ +H KDG MXVW KHOSHG PH WR GULYH D
UHFHQWO\ VHUYLFHG JDPHYLHZLQJ YHKLFOH
IURP WRZQ WR P\ IDUP DQG QRZ ZH ZHUH
ZDLWLQJ IRU D KHDY\ WKXQGHUVWRUP WR SDVV DĞŵŽƌŝĞƐ ĂƌĞ ŵĂĚĞ ŽĨ ƚŚŝƐ͙
7KHUH ZDV QRWKLQJ IRU LW EXW WR PDNH WHD
DQG FKDW ZKLOH WKH GHOXJH FRQWLQXHG 7KH
GLVFXVVLRQ WXUQHG DV LW LQHYLWDEO\ GRHV WR
KXQWLQJ DQG GXULQJ KLV UHPLQLVFLQJ KH PHQWLRQHG WKDW D WULS
WR P\ IDUP LQ $OOGD\V ZKHQ KH DQG KLV WZR EURWKHUV ZHUH LQ
SULPDU\ VFKRRO KDG EHHQ WKH FDWDO\VW WR VWDUW D OLIHORQJ
LQWHUHVW LQ QDWXUH DQG KXQWLQJ WKDW WKH\ DOO VKDUH WR WKLV GD\
7KLV JRW PH WKLQNLQJ DERXW P\ RZQ OLIH¶V MRXUQH\ DQG P\
ILUVW DZDNHQLQJ WR WKH EXVK , JUHZ XS LQ D WRZQ RQ WKH HDVW
HUQ HVFDUSPHQW ZKHUH P\ IDWKHU RZQHG RQH RI RQO\ WZR
JDUDJHV ,Q WKRVH GD\V WKH RQO\ FKRLFH ZDV EHWZHHQ )RUG DQG
&KHY DQG DOWKRXJK D NHHQ ULYDOU\ H[LVWHG EHWZHHQ WKH WZR
KLV RSSRVLWLRQ WKH &KHY JDUDJH RZQHU LQYLWHG RXU IDPLO\ IRU
D ZHHNHQG RI KXQWLQJ RQ KLV ORZYHOG IDUP RQ WKH 2OLIDQWV
5LYHU , ZDV WRR \RXQJ WR UHPHPEHU WKH GHWDLOV RI WKH ULIOHV
XVHG RU WKH WZRKRXU WULS WR WKH IDUP EXW ER\ GLG WKDW
EXVKYHOG OHDYH LWV PDUN
$OWKRXJK VWLOO LQ SUHVFKRRO DW WKH WLPH , GR UHPHPEHU
WKDW D WUXFN ZDV XVHG IRU WKH KXQWLQJ DQG P\ IDWKHU DQG KLV
IULHQGV OHIW FDPS HDUO\ HDFK PRUQLQJ WR UHWXUQ RQO\ LQ WKH
DIWHUQRRQ OHDYLQJ PH DW WKH FDPS WR SOD\ 7KH FRPELQDWLRQ
RI ELUG VRXQGV DV \HW IRUHLJQ WR PH WKH KHDY\ ORZYHOG DLU
KXJH ULYHULQH WUHHV DQG HYHQLQJ FDPSILUH FKDWWHU ZHDYHG LWV
PDJLF RQ DQ DFWLYH \RXQJ LPDJLQDWLRQ
7KUHH VLJQLILFDQW GHYHORSPHQWV GXULQJ WKH FRXSOH RI GD\V
ZH VSHQW WKHUH VWDQG RXW DQG KDYH EHHQ IRUHYHU SULQWHG LQ P\
PHPRU\ 7KH ILUVW ZDV WKH PHQ¶V UHWXUQ WR FDPS ZKHQ , ZDV
FDOOHG WR KDYH D ORRN DW VRPHWKLQJ WKH\ KDG IRXQG LQ WKH YHOG
$ ER[ ZDV FDUHIXOO\ ORZHUHG IURP WKH WUXFN DQG RQH RI WKH
WUDFNHUV ZDV DVNHG WR RSHQ LW ZKLOH P\ IDWKHU KHOG PH VDIHO\
DORIW , KDG DOUHDG\ VSLHG D GLVWLQFW PRYHPHQW ZLWKLQ WKH ER[
SULRU WR LWV RSHQLQJ ZKLFK DGGHG WR WKH H[FLWHPHQW :KHQ
WKH OLG ZDV ILQDOO\ OLIWHG D PRQLWRU OL]DUG EXUVW IURP WKH FRQ
ILQHG VSDFH PDNLQJ D KLVVLQJ VRXQG DQG GHSDUWHG ZLWK HOHF
WULI\LQJ VSHHG IRU WKH QHDUHVW EXVK ZLWK LWV EHOO\VZLQJ
LQJ JDLW +RZ WKH\ KDG FDXJKW WKLV DJLOH UHSWLOH
RQO\ WKH\ FRXOG NQRZ DV , KDYH VLQFH
WULHG RQFH RU
WZLFH ZLWKRXW
VXFFHVV
  
7KH QH[W GD\ LQ P\ PLQG WKH VFHQH ZDV VHW DV , HDJHUO\
DZDLWHG WKHLU UHWXUQ 7KLV WLPH D KXJH EDOO RI HOHSKDQW GXQJ
ZDV SURGXFHG DQG QHDWO\ SODFHG RQ D QHZVSDSHU 7KH PRLV
WXUH IURP WKH GXQJ VWDLQHG WKH SDSHU DQG WR WKLV GD\ , FDQ
UHPHPEHU WKH H[FLWHPHQW DW WKH WKRXJKW RI WKRVH ELJ P\VWHU
LRXV DQLPDOV URDPLQJ WKH IDUP , DP VXUH WKH PHQ PXVW KDYH
VKRW VRPH JDPH DQLPDOV RQ WKLV WULS DQG \RX ZRXOG WKLQN
WKHVH ZRXOG KDYH PDGH WKH VWURQJHVW LPSUHVVLRQ RQ PH ± EXW
, FDQQRW UHFDOO DQ\
7KH ILQDO PHPRU\ ZDV WKDW RI VLWWLQJ DURXQG WKH FDPSILUH
ZKHQ WKH WUDFNHUV DSSURDFKHG WKH JURXS ZLWK D UHTXHVW WR
HQWHUWDLQ XV ZLWK D GDQFH 7KH DGXOWV UHDGLO\ DJUHHG DQG P\
LQWHUHVW ZDV GUDZQ WR WKH WUDFNHUV SODFLQJ PDQ\ VPDOO VWLFNV
LQ WKH HGJH RI RXU ILUH 7KH\ ZHUH REYLRXVO\ PRVW KRQRXUHG
WR EH DOORZHG WR KRVW D GDQFH DQG DV WKH QRZ JORZLQJ VWLFNV
ZHUH JDWKHUHG RXU LQWHUHVW GHHSHQHG DV WR WKH SXUSRVH RI
WKHVH 7KH GDQFHUV PRYHG RII RXW RI WKH OLJKW FDVW E\ WKH
IODPHV DQG DIWHU DQ DQLPDWHG GLVFXVVLRQ WKH\ LQVHUWHG WKH
FROG HQGV RI WKH VWLFNV LQWR HDUV QRVWULOV DQG EHWZHHQ ILQJHUV
DQG WRHV 0HDQZKLOH WZR GUXPPHUV ZDUPHG WKHLU UDZKLGH
GUXPV QH[W WR WKH ILUH WHVWLQJ WKH SLWFK EHIRUH VSRQWDQHRXVO\
HUXSWLQJ LQWR WKHLU UK\WKPLF DFFRPSDQLPHQW 7KH GDQFHUV
QRZ J\UDWHG DQG MXPSHG LQ WKH GDUN WR WKH UK\WKP FUHDWLQJ
IDQWDVWLF FLUFOHV RI UHG OLJKW , ZDV WHUULILHG EXW FRPIRUWHG E\
WKH SUHVHQFH RI P\ SDUHQWV 7KH GDQFH ILQDOO\ HQGHG WR KXJH
DSSODXVH DQG DOO ZHUH ULFKO\ UHZDUGHG
,7 :$6 <($56 ODWHU WKDW P\ IDPLO\ DQG , YLVLWHG WKH .UXJHU
3DUN DQG , ZDV LPPHGLDWHO\ VWUXFN E\ WKH IDPLOLDU VLJKWV
VRXQGV DQG VPHOOV 7KLV ZDV WR EHFRPH D OLIHORQJ LQWHUHVW DQG
IDVFLQDWLRQ RI PLQH $OZD\V FRQVLGHU WKH HIIHFW D VLPLODU WULS
FRXOG KDYH RQ \RXQJVWHUV DQG EH HVSHFLDOO\ FDUHIXO WR LQVWLO
VRXQG EXVK SULQFLSOHV DV SDUW RI WKH H[SHULHQFH *UDGXDOO\
WKH EXLOGLQJ EORFNV RI LQGLYLGXDO NQRZOHGJH DQG H[SRVXUH ZLOO
GHYHORS LQWR KXQWLQJ ORUH DQG KRSHIXOO\ SURGXFH WKH QH[W JHQ
HUDWLRQ RI HWKLFDO DQG UHVSRQVLEOH KXQWHUV :H QHHG WR SDVV
RQ WKH WUDGLWLRQ LQ WKH IDFH RI WKH HYHU HQFURDFKLQJ PXQGDQH
OLIHVW\OH RI FLYLOL]DWLRQ +DSS\ KXQWLQJ

    
  
 &855(17/< /21*5 $1*( 6+227,1* LV WKH WRSLF LQ
VKRRWLQJ FLUFOHV DQG ULIO V WR VDWLVI\ WKLV GHPDQG DUH VHOOLQJ
OLNH WKH SURYHUELDO KRWFDNHV , LQYHVWHG LQ MXVW VXFK D ULIOH EXW
VRRQ UHDOL]HG WKDW LI \RX DQW WR VXFFHVVIXOO\ ULQJ VWHHO JRQJV
DW UDQJHV RI  P DQG ORQJHU ZLWK \RXU ILUVW VKRW LW WDNHV
PRUH WKDQ MXVW D JRRG UL OH DQG VFRSH WR DWWDLQ VXFFHVV
, VSHQW WKRXVDQGV RI DQGV RQ UHORDGLQJ WKHQ EXUQHG LW DOO
DZD\ RQ WKH UDQJH ZLWK XW LPSURYLQJ P\ FRQVLVWHQF\ DQG
QRW VHH ZKHUH ,¶P KLWWLQJ RU LQ PRVW
,¶P PLVVLQJ ,¶OO QHYHU EH DEOH WR
LPSURYH P\ KLW UDWH DV , GR QRW NQRZ ZKDW WR FRUUHFW 7KH
ZKROH SURFHVV OHIW PH UDWKHU IUXVWUDWHG 2I FRXUVH D VSRWWHU
86-G PG"! &8F 486-/F6-" G.88M16->

'%%
''4 %
    


tŚĞƌĞ ƚŽ ƐƚĂƌƚ͍
." G"61 F6-" 6"F F8"!"FGMF885>
.8M8G U "6 1F1">

JW$5
ZRXOG KHOS EXW , SUHIHU WR VKRRW DORQH ZKHQ , FDQ DFFRXQW DQG D JRRG EDOOLVWLF $SS ± DQG WKH VNLOOV WR XVH LW
7KHQ , ZDV LQYLWHG WR DWWHQG DQ LQWURGXFWRU\ VKRRWLQJ HIIHFWLYHO\ ± DUH D PXVW 6HDQ WDFNOHG WKLV ZLWK SUDFWLFDO DGYLFH
FRXUVH ZLWK /RQJ 5DQJH 6KRRWLQJ 6$ QHDU %URHGHUVWURRP RQ ZKLFK $SSV WR XVH DQG H[SODLQHG ZKLFK LQIRUPDWLRQ ZLWKLQ
7KH RQHGD\ FRXUVH EHJDQ ZLWK D PRUQLQJ ILOOHG ZLWK WKHRU\ WKH DSSOLFDWLRQV LV FUXFLDO WR JRRG UHVXOWV
DQG WKHQ ZH VSHQW WKH DIWHUQRRQ RQ WKH UDQJH SXWWLQJ WKHRU\ +H DOVR VSHQW WLPH H[SODLQLQJ WKH GLIIHUHQFH EHWZHHQ 02$
LQWR SUDFWLFH DQG 05$' DQG KRZ WR XVH WKHVH V\VWHPV ZLWK D VFRSH
7KH FRXUVH ZLWK LWV KLJKO\ H[SHULHQFHG LQVWUXFWRU 6HDQ 6FRSHV ZLWK UHWLFOHV DQG DGMXVWPHQWV LQ HLWKHU 02$ RU 05$'
3LULH WDFNOHG WRSLFV VXFK DV WKH ULIOH ZKDW WR FKRRVH LQ WHUPV DUH IUHHO\ DYDLODEOH ORFDOO\ +RZHYHU LW¶V QRW UHDOO\ LPSRUWDQW
RI D VWRFN DFWLRQ WULJJHU EDUUHO VFRSH EDVHV DQG ULQJV DQG ZKLFK V\VWHP \RX FKRRVH LW¶V LPSRUWDQW WR OHDUQ WR XVH \RXU
KRZ WR KDQGOH VFRSH VKDGRZ DQG LWV HIIHFW RQ VKRW SODFH FKRVHQ V\VWHP SURSHUO\ )RU H[DPSOH VRPH VFRSHV KDYH
PHQW +H GLVFXVVHG RWKHU HTXLSPHQW \RX QHHG IRU ORQJUDQJH 02$ DGMXVWPHQW RQ WKH WXUUHW EXW DQ 05$' FDOLEUDWHG UHWLFOH
VKRRWLQJ OLNH D ZLQGPHWHU
UDQJHILQGHU VSRWWLQJ VFRSH
ELSRG DQG FKURQRJUDSK EXW \RX
GR QRW QHHG WKHVH LWHPV WR FRP
SOHWH WKH FRXUVH
0XFK HPSKDVLV ZDV SODFHG RQ
\RXU FXVWRP ORQJUDQJH ORDG
+HUH FRQVLVWHQF\ LV WKH NH\ WR
VXFFHVV DV HUUDWLF YHORFLWLHV ZLOO
KDYH D VHULRXVO\ DGYHUVH HIIHFW DW
UDQJHV LQ H[FHVV RI NP $FFRUG
LQJ WR WKH PDQXDO SURYLGHG D
JUDLQ HUURU LQ \RXU SRZGHU
FKDUJH FDQ UHVXOW LQ D YHORFLW\ GLI
IHUHQFH RI XS WR ISV LQ P\ ULIOH
WKLV ZLOO UHVXOW LQ D LQFK GLIIHU
HQFH LQ SRLQW RI LPSDFW DW  
\DUGV $ JUDLQ GLIIHUHQFH LQ
FDVH ZHLJKW FDQ UHVXOW LQ DQ
ISV GLVFUHSDQF\ +RZHYHU D
JUDLQ GLIIHUHQFH LQ EXOOHW
ZHLJKW ZLOO FDXVH PLQLPXP
GHYLDWLRQ $FFRUGLQJ WR 6HDQ 1*" G8;" 55P61M186 6! G.88M16- ;8G1M186 F" M8;1G !1GPGG"!
RQO\ DPPXQLWLRQ ZLWK D PHDQ !PF16- M." 486-/F6-" 8PFG">
VSUHDG RI ISV RU OHVV LV
DFFHSWDEOH IRU ORQJUDQJH VKRRW $YRLG WKHVH DQG FKRRVH D VFRSH ZKHUH ERWK WKH WXUUHW DGMXVW
LQJ 7KH VPDOOHU WKLV QXPEHU WKH PHQW DQG UHWLFOH VXEWHQVLRQV DUH FDOLEUDWHG VLPLODUO\
EHWWHU DQG VRPH VXFFHVVIXO ORQJUDQJH 6HDQ SRLQWHG RXW WKDW WKH SUHFLVLRQ RI \RXU ]HUR DW P
VKRRWHUV GHHP DQ H[WUHPH VSUHDG RI MXVW ISV DV PD[LPXP \RXU HVWLPDWLRQ RI ZLQG VSHHG DQG GLUHFWLRQ DQG \RXU HVWL
6HDQ DOVR GLVFXVVHG EDVLF ORQJUDQJH EDOOLVWLFV KRZ HOH PDWLRQ RI GLVWDQFH KDYH D IDU JUHDWHU HIIHFW RQ \RXU ORQJ
YDWLRQ EDURPHWULF SUHVVXUH WHPSHUDWXUH KXPLGLW\ YHORFLW\ UDQJH VKRRWLQJ DELOLW\ WKDQ DQ\ RWKHU IDFWRUV 6R LW¶V LPSHUD
EDOOLVWLF FRHIILFLHQW &RULROLV (IIHFW DQG J\URVFRSLF VSLQ GULIW DOO WLYH WR ]HUR SURSHUO\ D RQH LQFK HUURU DW P ZLOO EH 
DIIHFW WKH EXOOHW¶V WUDMHFWRU\ WLPHV JUHDWHU DW   PHWUHV $V IRU ZLQG VSHHG DQG GLUHF
WLRQ RQ WKH H[FHOOHQW UDQJH ZH XVHG GXULQJ WKH FRXUVH \RX
*<526&23,& 63,1 ,6 WKH GHIOHFWLRQ FDXVHG E\ WKH EXOOHW¶V VKRRW RYHU D YDOOH\ DQG WKH ZLQG GLUHFWLRQ DQG VSHHG DW P
VSLQ $ ULJKWKDQG ULIOLQJ WZLVW ZLOO FDXVH D GHIOHFWLRQ WR WKH ZHUH GHILQLWHO\ QRW WKH VDPH DV DW NP $OVR WKH QHDU ZLQG
ULJKW ± WKLV FDQ EH XS WR  LQFKHV DW   \DUGV 7KH &RULROLV GHIOHFWLRQ KDV JUHDWHU LPSDFW DW  P WKDQ WKH IDU ZLQG
(IIHFW LV KRZ WKH HDUWK¶V URWDWLRQ FDXVHV WKH WDUJHW HIIHFWLYHO\ $ VWRUP ZDV EXLOGLQJ XS DQG WKH ZLQG RQ WKH UDQJH ZDV
WR ULVH XS LQ WKH ZHVW DQG GURS DZD\ LQ WKH HDVW $ ULVLQJ WDUJHW EORZLQJ VWURQJO\ $W WKH  \DUG WDUJHW WKH ZLQG ZDV
VKRRWLQJ ZHVW ZLOO FDXVH \RXU SRLQW RI LPSDFW WR EH ORZHU ILVKWDLOLQJ DQG , UHDOLVHG WKDW WKLV LV RQH RI WKH PRVW GLIILFXOW
ZKLOH WKH RSSRVLWH LV WUXH IRU VKRRWLQJ HDVW 6KRRWLQJ QRUWK RU ZLQG FRQGLWLRQV WR KDQGOH EXW 6HDQ PDQDJHG WR JXLGH PH RQ
VRXWK KDV QR HIIHFW RQ WKH SRLQW RI LPSDFW )RU VXFFHVVIXO ILUVW WDUJHW -XGJLQJ ZLQG VXFFHVVIXOO\ LV D FRPSOH[ SURFHVV WKDW
WLPH KLWV DW ORQJ UDQJH WKHVH WZR IDFWRUV PXVW EH WDNHQ LQWR PHULWV DQ HQWLUH FRXUVH LQ LWVHOI EXW WKH LQWURGXFWRU\ FRXUVH

    
  


LPSDUWV HQRXJK LQIRUPDWLRQ DW OHDVW WR
JHW \RX RQ WDUJHW XQGHU PRVW FLUFXP
VWDQFHV ± WKDW¶V LI \RX VSHQG WKH WLPH
SUDFWLVLQJ ZKDW \RX¶YH EHHQ WDXJKW
(VWLPDWLRQ RI DQ XQNQRZQ GLVWDQFH
WKHVH LJQRULQJ FKDQJHV LQ ZLQG VSHHG
DQG GLUHFWLRQ SRVHV P\ ELJJHVW FKDO
OHQJH 6HDQ DGGHG WKDW D FOHDQ EDUUHO
DQG DQ HUURU LQ SDUDOOD[ DOVR FRQWULEXWH
WR ILUVWVKRW PLVVHV

6U PFM" "6MFU/4"R"4 F1*"
;F"&"F4U S1M. 6 !2PGM4"
GM83 1;8! 8F G6! - 6! G1
486-/F6-" G8;" 8;"6G P; M." 6"S
S8F4! 8& 486-/F6-" G.88M16->
WKH SHULRG IURP ZKHQ ZH FKHFNHG WKH
]HUR DW P WR WKH ODVW VKRW WKDW KLW WKH
KXPDQRLG VL]HG VWHHO SODWH GRZQ LQ WKH
YDOOH\ DW  \DUGV VKRRWLQJ LQWR D
ILVKWDLOLQJ ZLQG WKDW UHDOO\ SXPPHOOHG
LV YLWDO LI \RX PLVMXGJH WKH UDQJH D
ILUVW KLW RQ D WDUJHW LV VLPSO\ QRW SRVVL
EOH )RU WKLV UHDVRQ 6HDQ IXOO\ H[SODLQV
WKH XVH RI \RXU VFRSH¶V VXEWHQVLRQV WR
UDQJH D WDUJHW RI NQRZQ VL]H
620( 2) 7+( PRVW YDOXDEOH LQIRUPD
WLRQ LPSDUWHG FRQFHUQV WKH ZD\ \RX KROG
\RXU ULIOH VR DV WR VHH ZKHUH \RX KLW ,
DGKHUHG WR WKH DGYLFH DQG DP QRZ DEOH
$QRWKHU LQYDOXDEOH OHVVRQ LV WKDW
\RX PXVW NQRZ WKH PX]]OH YHORFLW\ RI
\RXU ORDG , PHDVXUHG PLQH RYHU DQ ROG
&KURQ\ WDNLQJ WKH DYHUDJH RI  VKRWV
:HOO LW ZDV RXW E\ DERXW ISV DQG ,
ZDV VKRRWLQJ ORZ ZKHQ XVLQJ WKH HOHYD
WLRQ DGMXVWPHQW GDWD REWDLQHG IURP D
EDOOLVWLF $SS 6HYHUDO DGMXVWPHQWV WR
WKH YHORFLW\ ZHUH UHTXLUHG EHIRUH ,
FRXOG XVH WKH EDOOLVWLF LQIRUPDWLRQ
XV ZDV VRPH RI WKH PRVW HQMR\DEOH WLPH
,¶YH HYHU VSHQW RQ D UDQJH
7+( /(66216 /($51(' GXULQJ WKDW
GD\ KDYH DOUHDG\ VDYHG PH PRQH\ DQG
FRXOG KDYH VDYHG PH D ORW PRUH KDG ,
WDNHQ WKH FRXUVH EHIRUH , VWDUWHG RXW LQ
ORQJUDQJH VKRRWLQJ , QRZ KDYH IDU
PRUH FRQILGHQFH , DP DEOH WR DQDO\VH
HDFK VKRW DQG FDQ WDNH FRUUHFWLYH
WR VHH P\ EXOOHWV VWULNLQJ RU PLVVLQJ HIIHFWLYHO\ /LNH PRVW RWKHU PLVWDNHV
PRVW RI WKH WLPH )RU PH DGDSWLQJ WR
WKLV QHZ VKRRWLQJ SRVLWLRQ DQG WKH GLIIHU
HQW JULS IRU P\ WULJJHUKDQG LV WKH WRXJK
HVW SDUW DQG ZLOO UHTXLUH D ORW PRUH SUDF
WLFH WR SHUIHFW 7KH WUDGLWLRQDO ZD\ RI
VKRRWLQJ LQJUDLQHG E\ PLOLWDU\ WUDLQLQJ
DQG \HDUV RI KXQWLQJ VLPSO\ GRHV QRW
ZRUN IRU VXFFHVVIXO ORQJUDQJH VKRRWLQJ
,¶YH QRZ DOVR OHDUQHG WKDW LI P\ ILUVW
VKRW PLVVHV , SUREDEO\ PDGH RQH RI
WKUHH PLVWDNHV , IDLOHG WR SURSHUO\ ]HUR
P\ ULIOH , LJQRUHG WKH FKDQJLQJ HQYLU
RQPHQWDO FRQGLWLRQV RU ,¶P QRW FRP
PDGH ZKHQ VKRRWLQJ DW ORQJ UDQJH WKLV
HUURU LV FRVWO\ DV \RX XVH XS YDOXDEOH
WLPH DQG ZDVWH H[SHQVLYH SUHPLXP RU
FXVWRP JUDGH WDUJHW EXOOHWV SRZGHU
DQG SULPHUV ZKLOH DOVR SXWWLQJ ZHDU RQ
\RXU FDUWULGJH FDVHV ± DOO EHFDXVH RI D
VLPSOH HUURU LQ LQIRUPDWLRQ , QRZ KDYH
DQ XSJUDGHG FKURQRJUDSK DQG FKHFN
WKH UHDGLQJV DJDLQVW WKH DFWXDO WUDMHF
WRU\ ZKHQ ZRUNLQJ XS D QHZ ORDG
'XULQJ WKH FRXUVH , ZDV DEOH WR VKRRW
RXW WR  \DUGV RQO\ DV D VHYHUH WKXQ
GHUVWRUP VWRSSHG SURFHHGLQJV ZH ZHUH
PHDVXUHV 2I FRXUVH , VWLOO KDYH D ORW WR
OHDUQ EXW ,¶P ILQDOO\ RQ WKH ULJKW WUDFN
7KH ORQJUDQJH FRXUVH , DWWHQGHG LV
MXVW RQH RI VHYHUDO WKDW 6HDQ FRQGXFWV
2QFH \RX¶YH PDVWHUHG WKH EDVLFV WKHUH
DUH PRUH DGYDQFHG FRXUVHV WR FKDO
OHQJH \RXU DELOLWLHV 7KLV LV PRQH\ ZHOO
VSHQW DQG , FDQQRW WKLQN RI D EHWWHU ZD\
WR VWDUW RXW LQ WKLV VSRUW 3RWHQWLDOO\ LW
FDQ VDYH \RX D JUHDW GHDO RI PRQH\ DQG
WLPH QRW MXVW LQ JHWWLQJ RQ WDUJHW EXW
LQ GHWHUPLQLQJ ZKLFK HTXLSPHQW LV EHVW
IRU \RX )RU PRUH LQIRUPDWLRQ FRQWDFW
6HDQ RQ  RU HPDLO KLP DW
IRUWDEOH LQ P\ VKRRWLQJ SRVLWLRQ 2I VXSSRVHG WR ILQLVK DW  P +RZHYHU LQIR#ORQJUDQJHVKRRWLQJVDFR]D

  
 
  
     
    


 
  

 
 
 

¶Ŷ ZĂƌŝƚĞŝƚ ǀŝƌ ƚǁĞĞŐĞǀĞŐƚĞ

',7 +(7 0< WH EHXUW JHYD
DDG YDQ ¶Q VNLHWGLQJ WH E
DQWLHNH YRRUODDLHUSLVWRRO X
V PHW ¶Q GRSSLHVORWPH
GDPDVNXVORRS
%\ HHUVWH RRJRSVODJ ZDV
RRU KRH QHWMLHV GLH GHOH YDQ
ZDW PHHU DV  MDDU RXG L
P ¶Q VLHU SDV 2SVLJWHOLN LQ JRXG LQJHVWHPSHO RS
NRP ± ¶Q GLH ORRS LV GLH QDPH :,6'20 HQ
GLH YURHs '52*+('$ HQ ¶Q NURRQ 2S GLH VORW LV
DQLVPH HQ GLH QDDP :,6'20 JHJUDYHHU 'LH SLV
WRRO LV PP LQ OHQJWH HQ KHW ¶Q
N YHUEDDV PP ODQJH GDPDVNXVORRS LQ PP
LH SLVWRRO NDOLEHU RIWHZHO  GXLP 'DDU LV ¶Q
LQPHNDDU KDDN DDQ GLH RQGHUNDQW YDQ GLH VQHOOHU
EHXO HHQ YDQ GLH NHQPHUNH YDQ ¶Q
GRHOYHUYDDUGLJGH WZHHJHYHJSLVWRRO
5HNHQ QRJ GLH VZDDU DJWNDQWLJH ORRS
E\ HQ GLH DIZHVLJKHLG YDQ JURHZH
VRZHO DV GLH VRUJ ZDDUPHH GLH SLVWRRO
YHUYDDUGLJ LV HQ ¶Q PHQV KRHI QLH
YHUGHU WH ZRQGHU QLH ZDQW WZHHJHYHJ
SLVWROH ZDV JHUHNHQ DV GLH DULVWRNUDWH

     
      

       


    
    
    

   
  
RQGHU GLH YRRUODDLHUSLVWROH YDQ GLH GDJ 
   
'URJKHGD LV ¶Q LQGXVWULsOH KDZHVWDG 
RPWUHQW NP QRRUG YDQ 'XEOLQ 'LH
,HUH (QJHOVH HQ 6NRWWH KHW SLVWROH YDQ
KRs NZDOLWHLW JHPDDN JHZRRQOLN DV ¶Q
SDDU JHKXLVYHV LQ ¶Q NLVVLH PHW DOOHU
KDQGH ODDL HQ VNRRQPDDNWRHUXVWLQJ
¶Q ,QWHUQHW VRHNWRJ QD GLH ZRRUG
:LVGRP KHW GRSSLHVORWSLVWROH YDQ GLH
PDNHU 2EDGLDK :LVGRP RSJHOHZHU 'LH
GRSSLHVORW ZDV ¶Q DDQVLHQOLNH YHUEHWHU
LQJ RS GLH YXXUVWHHQVORW ZDW GLW YRRU
DIJHJDDQ KHW
2EDGLDK :LVGRP KHW LQ GLH PDDN
YDQ WZHHJHYHJSLVWROH JHVSHVLDOLVHHU
PDDU VRPV RRN GRQGHUEXVVH YHUYDDU
GLJ 6\ ZHUN LV LQ GLH GHVW\GVH KDQGHOV


  
EODDLH JHDGYHUWHHU HQ GLW KHW GDDURS  
 

JHGXL GDW K\ YDQ  WRW  DNWLHI
ZDV
%\ QDGHUH RQGHUVRHN KHW HN GLH OHW
WHUV ³-0´ RSJHPHUN ZDW RQGHU GLH ORRS
LQJHVWHPSHO ZDV 'LH JHEUHN DDQ SURHI
VWHPSHOV Z\V GDW GLH ORRS YHUYDDUGLJ LV
YRRUGDW ZHWJHZLQJ KLHUGLH JHEUXLN
YHUSOLJWHQG JHPDDN KHW (N KHW EHJLQ
NRUUHVSRQGHHU PHW KDQGHODDUV LQ
DQWLHNH ZDSHQV LQ (QJHODQG HQ KHW JRX
YDVJHVWHO GLH ORRS LV GHXU -RKQ 0XUSK\
YDQ 'XEOLQ WXVVHQ  HQ 
YHUYDDUGLJ
9DQ P\ YULHQGH KHW EHVSLHJHO GDW
GLH SLVWRRO GDON LQ GLH ,HUVH 5HEHOOLH V\ ORSH E\ -RKQ 0XUSK\ YDQ 'XEOLQ SLVWRRO RQWEUHHN EHWHNHQ GDW GLH ZDSHQ
JHEUXLN ZDV (N NRQ YDVVWHO GDW 2ED JHNU\ HQ RRN DQGHU RQGHUGHOH VRRV ZDDUVN\QOLN WHHQ GDDUGLH W\G QLH PHHU
GLDK :LVGRP V\ EHVLJKHLG LQ 'URJKHGD VQHOOHUV VQHOOHUEHXHOV HQ KDQH YDQ LQ ,HUODQG ZDV QLH
EHJLQ KHW LQ ¶Q SHULRGH YDQ HNRQRPLHVH DQGHU EURQQH JHNU\ HQ DIJHZHUN 'LH 'LH HLHQDDUGLJH 9YRUPLJH PHUN
JURHL WXVVHQ  HQ  'LH ,HUVH
5HEHOOLH KHW LQ  SODDVJHYLQG ZDW WH
YURHJ LV RP KLHUGLH SLVWRRO GDDUE\ WH
EHWUHN 'LH WZHHGH UHEHOOLH GLp YDQ
 ZDV RRN WH YURHJ YLU GLH SLVWRRO
RP GLHQV WH NRQ GRHQ
,(5/$1' :$6 $6 NRQLQNU\N RQDI
KDQNOLN WRW  HQ LV WRH GHXU GLH
( Q J H O V H J H D Q H N V H H U 6 R K H W G L H
9HUHQLJGH .RQLQNU\N YDQ *URRW %ULW
WDQMH HQ ,HUODQG RQWVWDDQ ,Q GLp SROL
WLHNH HQ PDDWVNDSOLNH PLOLHX KHW
:LVGRP V\ NXQV DV YDNPDQ HQ HQWUH
SUHQHXU EHGU\I
+\ KHW QLH HONH RQGHUGHHOWMLH YDQ V\
SLVWROH HLHKDQGLJ YHUYDDUGLJ QLH +\ KHW
  
 

VORW PHW E\SDVVHQGH VSDQVWXNNH HQ
YHUH KHW :LVGRP YDQ ¶Q VORWPDNHU
JHNU\ UHJ RP RS V\ SLVWROH WH SDV
9ROJHQV ¶Q KDQGHODDU LQ DQWLHNH
ZDSHQV LQ (QJHODQG LV 2EDGLDK :LVGRP
VH SLVWROH YDQ PHUNZDDUGLJH NZDOLWHLW
HQ ZDSHQV JHSURGXVHHU GHXU ,HUH KHW
QLH QHW GLH NZDOLWHLW YDQ /RQGRQ HQ
%LUPLQJKDP JHsZHQDDU QLH PDDU RRN
PHHVWDO RRUWUHI
(N KHW YHUGHU XLWJHVQXIIHO GDW ¶Q
%ULWVH 5HJLVWUDVLHZHW YDQ  EHSDDO
KHW GDW DOOH YXXUZDSHQV YRRUWDDQ PHW
¶Q QRPPHU HQ OHWWHUYRRUYRHJVHO ZDW
GLH JUDDIVNDS DDQGXL JHPHUN PRHV
ZRUG YLU GLH XLWUHLNLQJ YDQ ¶Q OLVHQVLH
'LH IHLW GDW GLp OHWWHU HQ QRPPHU RS P\
KRRJ ERDDQ GLH VORW VLHQ IRWR KHW P\
DDQYDQNOLN GURQNJHVODDQ 'LW KHW JHO\N
RI GDDU HHQ RI DQGHU RQGHUGHHO PRHV
JHVLW KHW (N KHW GHXU P\ EURQQH JHEODDL
HQ WRW P\ YHUEDVLQJ DJWHUJHNRP GDW P\
SLVWRRO QLH RRUVSURQNOLN PHW ¶Q GRS
SLHRQWVWHNLQJVPHJDQLVPH YHUYDDUGLJ
LV QLH :LVGRP KHW GLW DV ¶Q YXXUVODJ
YRRUODDLHUSLVWRRO YHUYDDUGLJ 'LH 9
YRUPLJH PHUN LV ZDDU GLH RRUVSURQNOLNH
PHJDQLVPH VH SDQ YURHsU YDV ZDV
'LH YUDDJ ZDV QRX ZDQQHHU LV GLH
RPERXLQJ JHGRHQ" ,Q GLH RQWZLNNHOLQJ
YDQ VODJGRSSLHV LV ¶Q VWRI ZDW RQWEUDQG
ZDQQHHU GLW JHVODDQ ZRUG URQGRP 
RQWGHN (HUV WHHQ  LV GLH QXXWMLH
GHXU $OH[DQGHU )RUV\WK JHSDWHQWHHU (Q


 
   
QRJ ODWHU LQ  ZDV ¶Q  
  



)UDQVPDQ )UDQFRLV 3UpODW 
HHQ YDQ GLHJHQH ZDW GLH
VOLP SODQ EHGLQN KHW RP GLH
IXOPLQDDW DJWHU LQ ¶Q NOHLQ
NRSHUGRSSLH WH SODDV 'Lp LV
GDQ RRU ¶Q QLSSHO RS GLH ORRS
JHGUXN 'LH QLSSHO KHW ¶Q
KROWH ZDW WRW LQ GLH RQW
E UD Q G L Q J V N D P H U V W U H N 
:DQQHHU GLH VQHOOHU JHWUHN
ZRUG YDO GLH KDPHU RS GLH
GRSSLH PHW IXOPLQDDW ZDW
RQWEUDQG HQ RS V\ EHXUW GLH
NUXLW ODDW RQWSORI
1DGDW HN HQ P\ EXLWH
ODQGVH NRUUHVSRQGHQW RRU
HQZHHU IHLWH RRUZHHJ HQ IRWR¶V YHUJHO\N KHW KHW RQV WRW GLH HQ PHW HONH VNRRW GLH NODQN HQ WHUXJVODJ EHRRUGHHO 0HW 
VORWVRP JHNRP GDW GLW QLH :LVGRP ZDV ZDW GLH RQWVWHNLQJ JUHLQ VZDUWNUXLW JHODDL ZDV GLH WHUXJVNRS WHHQ P\ KDQG VH
VPHJDQLVPH YHUDQGHU KHW QLH (N JOR QRX GDW :LVGRP VOHJV SDOP EDLH KDUG HQ HN KHW EHVOXLW GLp ODGLQJ LV WH YHHO HQ GDW
GLH YXXUVODJPHJDQLVPH YLU RQWVWHNLQJ YLU V\ ZDSHQV JHEUXLN GLH RRUVSURQNOLNH  JUHLQ PHHU JHVNLN VRX ZHHV YLU ¶Q
KHW 'DW K\ RRLW VHOI HQLJH RPERXLQJV DDQJHSDN KHW LV RQWVSDQQHQGH XLWVWDSSLH QD GLH VNLHWEDDQ ,Q LHGHU JHYDO VRX
RQZDDUVN\QOLN DOKRHZHO KLHUGLH WLSH RPERXLQJV Qi  ¶Q VZDDU ODGLQJ QLH JHNLHV ZRUG YLU ¶Q WZHHJHYHJ RRU GLH
DOJHPHQH SUDNW\N JHZRUG KHW 'LW NDQ YHUNODDU KRHNRP IRWR¶V JHEUXLNOLNH  PHWHU QLH
YDQ ¶Q :LVGRPSLVWRRO ZDW QRJ PHW GLH YXXUVODJPHJDQLVPH
ZHUN VR VNDDUV LV

$/ :$7 128 RRUJHEO\ KHW ZDV RP GLH SLVWRRO RS GLH VNLHW

EDDQ WH WRHWV 2P GLH SLVWRRO WH ODDL KHW M\ ¶Q URQGH ORRGNRHsO
QRGLJ ZDW RS ¶Q SOXLVLH LQ GLH ORRS DIJHGUXN ZRUG ERRS ¶Q
DIJHPHWH ODGLQJ VZDUWNUXLW :HHQV GLH JRHLH WRHVWDQG YDQ GLH
SLVWRRO KHW HN JHUHNHQ HN VRX ¶Q ODGLQJ YDQ VRZDW  JUHLQ
VZDUWNUXLW NRQ JHEUXLN
(N KHW ¶Q EOLNNLH PHW QRPPHU  VODJGRSSLHV JHVPHHUGH
ODSSLHV DVRRN ¶Q NOHLQ YRRUUDDG ORRGNRHsOV SDV JHJLHW LQ ¶Q
JLHWYRUP ZDW VSHVLDDO YLU GLH GRHO DDQJHNRRS LV QD GLH VNLHW
EDDQ JHYDW 'LH GHXUVQLW YDQ GLH NRHsOV LV  GXLP HQ ZHHJ
SUHVLHV  JUHLQ HON 'LH VZDUWNUXLW ZDV :DQR 6FKZDU]SXO
YHU YDQ 'XLWVODQG PHW I\QKHLGVJUDGHULQJ )IIJ
2P YHLOLJ WH EHJLQ KHW HN VOHJV JU XLW P\ JHHONRSHU
NUXLWEOLN DIJHPHHW (N KHW EHSODQ RP GLH ODGLQJ VWHOVHOPDWLJ
WH YHUPHHUGHU $DQJHVLHQ GLH ¶Q WZHHJHYHJSLVWRRO LV ZDV
P\ ³XLWGDJHU´ ¶Q JURRW OHs NRIILHEOLN ZDW P ZHJ RS ¶Q SDDO
JHSODDV LV
(N KHW ¶Q GRSSLH RS GLH QLSSHO JHVLW DDQJHOr HQ GLH VQHOOHU
JHWUHN 'LH VZDDU NRHsO KHW GLH NRIILHEOLN UHJ LQ GLH PLGGHO
JHWUHI 'LH VNRRW HQ GLH JHNOHWWHU YDQ GLH YDOOHQGH EOLN KHW GLH
DDQGDJ YDQ DQGHU VNXWV QDE\ P\ JHWUHN HQ KXOOH KHW EHJLQ
RP EHODQJVWHOOHQG QDGHU WH EHZHHJ 'LH VODJ YDQ ¶Q YRRU
ODDLHU NOLQN HHQYRXGLJ DQGHUV DV GLp YDQ ¶Q PRGHUQH JHZHHU
RI SLVWRRO 'DDU LV LHWV JHELHGHQGV GDDUDDQ ± RUH VSLWV HQ
NRSSH GUDDL ZDQQHHU ¶Q YRRUODDLHU SUDDW
(N KHW GLH SLVWRRO SURJUHVVLHI PHW VZDDUGHU ODGLQJV JHODDL


  
  
! !     


 00 '%+604
 259<
 # ')
7+( =(,66 &2148( 7 9 [ PDJQLILFDWLRQ UDQJH RI IRU KXQWLQJ $IWHU WKH ILHOG WHVW , FKHFNHG WKH =HLVV OLWHUDWXUH
ULIOH VFRSHV ZDV LQWURG FHG DW ,:$ LQ *HUPDQ\ HDUOLHU WKLV ZKLFK JLYHV WKH FURVVKDLU PHDVXUHPHQW DV RQO\ 02$
\HDU UHSODFLQJ WKH &R TXHVW +' UDQJH DV WKH QHZ HQWU\
OHYHO JODVV
7KH 9 UDQJH FRPS LVHV D ±[ ±[ ±[
DQG ±[ FDWHULQJ RU HYHU\ FRQFHLYDEOH VKRRWLQJ
GLVFLSOLQH IURP *XQ RPSHWLWLRQ XVLQJ WKH 9
±[ =4$5 WR ORQJ DQJH KXQWLQJ DQG XOWUD
LQJ ZLWK WKH [
RGHOV
:H UHFHLYHG WKH ±[ IRU WHVWLQJ /LNH
DOO WKH 9 PRGHOV LW KDV D PP WXEH DQG
, IRXQG LWV VHFRQG IRFDO SODQH =02$ UHWLFOH
SHUIHFW IRU KXQWLQJ DW ORQJHU UDQJHV %HLQJ XVHG
WR D ILQHU FURVVKDLUV , LQLWLDOO\ IRXQG LW VOLJKWO\
WRR WKLFN IRU SUHFLVH WDUJHW UHIHUHQFH EXW VRRQ JRW
XVHG WR LW DQG DFKLHYHG JURXSV DV JRRG DV , JHW ZLWK P\
UHJXODU VFRSH $OVR LQ D GXDOSXUSRVH VFRSH KXQWLQJ DQG
PP RQ PD[LPXP PDJQLILFDWLRQ DW P FRPSDUHG WR
P\ SHUVRQDO VFRSH¶V 02$ 7KDW¶V QRW PXFK RI D GLIIHU
HQFH $OVR , KDG QR SUREOHP UHIHUULQJ WKH UHWLFOH IRU SUHFLVLRQ
VKRRWLQJ RQ [ VWHHO WDUJHWV RXW WR P DQG
LI FRQGLWLRQV RQ WKH GD\ KDG DOORZHG ,¶P VXUH ,¶G
KDYH KDG QR SUREOHP DW RYHU WZLFH WKDW GLVWDQFH
7KLV VFRSH KDV WKH VDPH TXDOLW\ IHHO DQG
ORRN DV WKH 9 ±[ ZH WHVWHG LQ WKH
1RYHPEHU  HGLWLRQ 7KH RQO\ YLVLEOH GLI
IHUHQFH LV WKH ZLQGDJH DGMXVWPHQW WXUUHW ZKLFK
KDV D SODVWLF FDS UDWKHU WKDQ WKH 9¶V ³WDFWLFDO´
WXUUHW 5HPRYLQJ WKH FDS H[SRVHV D UDWKHU
VLPSOH DGMXVWPHQW WXUUHW ZLWKRXW DQ\ QXPEHULQJ
+RZHYHU WKLV GRHV QRW GHWUDFW DV WKH UHWLFOH LV FOHDUO\
PDUNHG LQ 02$ LQFUHPHQWV DQG FDQ EH XVHG IRU TXLFN
ZLQGDJH FRPSHQVDWLRQ 2U VLPSO\ NHHS FRXQW RI WKH FOLFNV
WDUJHW ,¶G UDWKHU KDYH WKH 9¶V UHWLFOH WKDQ RQH WKDW¶V WRR ILQH HDFK FOLFN UHSUHVHQWV ó02$ DW P 7KH GLDO FDQ EH ]HURHG

  
 
  
OLIW DQG WKHQ WXUQ EDFN WR ]HUR HQ
DEOLQJ \RX WR DGMXVW IRU ZLQG DQG UHVHW
WR ]HUR ZKHQ WKH ZLQG KDV VXEVLGHG
7KH WDFWLFDOVW\OH HOHYDWLRQ WXUUHW
LV FOHDUO\ QXPEHUHG DQG PDUNHG DQG
LW¶V SRVVLEOH WR VHH DW D JODQFH KRZ
PDQ\ FOLFNV KDYH EHHQ GLDOOHG LQ
DQG ZKLFK URWDWLRQ \RX¶UH RQ (DFK
IXOO URWDWLRQ HTXDOV 02$ 2QFH WKH
HQRXJK IRU HDV\ PDQLSXODWLRQ
IURP WKH SURQH VKRRWLQJ SRVL
WLRQ ± IURP ZKLFK , VRPHWLPHV
VWUXJJOH WR JHW HQRXJK OHYHUDJH
RQ WKH GLDOV RI VRPH VFRSHV
7HVWLQJ WKH VFRSH IRU FODULW\
SURGXFHG H[FHOOHQW UHVXOWV ORZOLJKW
SHUIRUPDQFH ZDV DERXW RQ SDU ZLWK WKH
PRUH XSPDUNHW =HLVV 9 , WHVWHG VRPH
." ,EG J%O, 5-61)M186 F6-" 1G
;"F&"M &8F 486- F6-" ;;41M186G>
LQQ\ UDLO LW ZLOO JLYH \RX PRUH WKDQ
02$ RI HOHYDWLRQ DGMXVWPHQW
7KLV LV DQ LPSUHVVLYH SLHFH RI
HTXLSPHQW LW H[XGHV TXDOLW\ WKH JODVV
LV H[FHOOHQW LW KDV DPSOH H\HUHOLHI
VFRSH LV ]HURHG WKH WXUUHW FDQ EH
ORRVHQHG ZLWK D VXSSOLHG $OOHQ NH\
WKHQ PRYHG WR ]HUR DQG WKH ]HUR VWRS
HQJDJHG LI VR UHTXLUHG 2QFH WKLV ZDV
GRQH JHWWLQJ EDFN WR P\ P ]HUR
ZDV D VLPSOH PDWWHU RI ZLQGLQJ WKH
WXUUHW FORFNZLVH XQWLO LW ORFNHG H[DFWO\
RQ WKH ]HUR PDUN
(OHYDWLRQ DGMXVWPHQW LV JLYHQ DV
PRQWKV DJR 2YHUDOO WKH JODVV LV DV
JRRG DV \RX¶OO JHW DW WKH SULFH
µ%R[¶ SDWWHUQV ILUHG RQ WDUJHWV
UHYHDOHG FRQVLVWHQF\ LQ UHWLFOH DGMXVW
PHQWV DV GLG QXPHURXV WUDFNLQJ WHVWV
IDFLOLWDWHG E\ DQ LPSURYLVHG YLFH , VHW
XS 7KLV VFRSH WUDFNV SHUIHFWO\ DQG
UHWXUQHG WR ]HUR ZLWKRXW H[FHSWLRQ ±
RQH RI WKH PRVW LPSRUWDQW IDFWRUV WR
PP SUHFLVH WUDFNLQJ DW J LW LV
OLJKW HQRXJK WR SXW RQ D KXQWLQJ ULIOH
DQG =HLVV EDFNV LW XS ZLWK SURIHVVLRQDO
DIWHUVDOHV VHUYLFH 7R FRPSOHPHQW WKHLU
VFRSHV =HLVV KDV DQ H[FHOOHQW EDOOLVWLF
$SS IRU D FRPSUHKHQVLYH UDQJH RI IDF
WRU\ DPPXQLWLRQ LQFOXGLQJ 303 SURG
XFWV , ZURWH LQ GHWDLO DERXW WKLV $SS LQ
WKH 1RYHPEHU  HGLWLRQ
FP  LQFKHV RU 02$ DQG FRQVLGHU ZKHQ EX\LQJ D ORQJUDQJH 7KH UHFRPPHQGHG UHWDLO SULFHV
FP IRU ZLQGDJH DW P 7KH UHWLFOH VFRSH 5HPHPEHU WKH EHVW JODVV LQ DUH &RQTXHVW 9 ±[ LOOXPLQ
FDQ DOVR EH XVHG WR DLP RII XS OHIW RU WKH ZRUOG LV RI QR XVH LI WKH VFRSH IDLOV DWHG UHWLFOH  5  &RQTXHVW 9
ULJKW LQ 02$ LQFUHPHQWV IRU D WRWDO WR DGMXVW SUHFLVHO\ DQG UHWXUQ WR ]HUR ±[ LOOXPLQDWHG UHWLFOH  =4$5
RI 02$ ± HQRXJK IRU VHULRXV ORQJ HYHU\ WLPH VSHFLDOO\ GHVLJQHG IRU  $5 ULIOHV
UDQJH ZRUN %XW UHPHPEHU WKDW XVLQJ 5  &RQTXHVW 9 ±[ UHWLFOH
WKH UHWLFOH VXEWHQVLRQV LQ WKH 02$ ,1&5($6(' ,17(5(67 ,1 ORQJHU  GXSOH[ 5  &RQTXHVW
LQFUHPHQWV RQ WKH VHFRQG IRFDO SODQH UDQJH VKRRWLQJ KDV UDLVHG WKH EDU LQ 9 ±[ UHWLFOH  LOOXPL
ZRUNV RQO\ DW PD[LPXP PDJQLILFDWLRQ WHUPV RI VFRSH UHTXLUHPHQWV )RU PDQ\ QDWHG 5  &RQTXHVW 9
2XU WHVW PRGHO KDG WKH IDFLOLW\ WR
LOOXPLQDWH WKH UHWLFOH LQ UHG LQ  GLI
IHUHQW LQWHQVLW\ VHWWLQJV 7KH HQWLUH UHW
LFOH LV LOOXPLQDWHG QRW MXVW WKH FHQWUH
SRUWLRQ 7KH LOOXPLQDWLRQ GLDO LV RQ WKH
VDPH WXUUHW DV WKH VLGH IRFXV SDUDOOD[
DGMXVWPHQW
7KLV VLGH IRFXV GLDO LV VOLJKWO\ KDUGHU
WKH FRQYHQWLRQDO KXQWLQJ VFRSH ZLWK
OLPLWHG HOHYDWLRQ DGMXVWPHQW QR ORQJHU
PHHWV WKHVH UHTXLUHPHQWV =HLVV LQ WKHLU
±[ PRGHO KDYH FUHDWHG D VFRSH
HTXDOO\ FDSDEOH RQ WKH WDUJHW UDQJH DQG
LQ WKH KXQWLQJ ILHOG ZKHUH ORQJHU VKRWV
DUH QHHGHG 7KH ±[ ZLOO EH D EHWWHU
FKRLFH IRU EXVK KXQWLQJ DQG UDQJH ZRUN
±[ UHWLFOH  GXSOH[
5  &RQTXHVW 9 ±[ UHW
LFOH  =%5 5  &RQTXHVW
9 ±[ UHWLFOH  =02$
5  &RQTXHVW 9 ±[ UHWLFOH
 =%5 5  9 ±[
UHWLFOH  =02$ 5  DQG WKH 9
±[ UHWLFOH  =02$ LOOXPLQDWHG
WR WXUQ FRPSDUHG WR WKRVH RI DOORXW )RU WKRVH VWDUWLQJ RXW LQ ORQJUDQJH WKH PRGHO RQ WHVW 5 
ORQJUDQJH VFRSHV DJDLQ LQGLFDWLQJ VKRRWLQJ WKH 9 ±[ LV D JRRG )RU PRUH LQIRUPDWLRQ FRQWDFW =HLVV
WKH 9¶V KXQWLQJ RULHQWDWLRQ \HW LV OLJKW FKRLFH ± FRPELQHG ZLWK D 02$ 3LFDW RQ 

DĂŐŶŝĨŝĐĂƚŝŽŶ ϲdž Ϯϰ dž ." "4"RM186

ĨĨĞĐƚŝǀĞ ůĞŶƐ ĚŝĂŵĞƚĞƌ ϰϰ͘ϵŵŵ ϱϬŵŵ MPFF"M 1G 8&
džŝƚ ƉƵƉŝů ĚŝĂŵĞƚĞƌ ϳ͘ϱŵŵ Ϯ͘ϭŵŵ M." BMM14C
dǁŝůŝŐŚƚ ĨĂĐƚŽƌ ϭϲ͘ϰ ϯϰ͘ϲ MU;" S.14"
&ŝĞůĚ ŽĨ ǀŝĞǁ Ăƚ ϭϬϬŵ ϲ͘ϯŵ ϭ͘ϲŵ M." S16!-"
KũĞĐƚŝǀĞ ǀŝĞǁŝŶŐ ĂŶŐůĞ ϯ͘ϲΣ Ϭ͘ϵΣ !2PGM5"6M !14
ŝŽƉƚĞƌ ĂĚũƵƐƚŵĞŶƚ ƌĂŶŐĞ ͲϯͬнϮ S1M. 1MG MPFF"M ;
LJĞ ƌĞůŝĞĨ ϵϬŵŵ 85;F"G M8 M.M
WĂƌĂůůĂdž ĂĚũƵƐƚŵĞŶƚ ƌĂŶŐĞ ϰϱ͘ϳ Ͳ ь ŵ
&8P6! 86 .P6M16-
ĚũƵƐƚŵĞŶƚ ƌĂŶŐĞ Ăƚ ϭϬϬŵ ϮϯϬ ;ĞůĞǀĂƚŝŽŶͿ
ĂŶĚ ϭϳϱĐŵ ;ǁŝŶĚĂŐĞͿ G8;"G>
ĚũƵƐƚŵĞŶƚ ƉĞƌ ĐůŝĐŬ Ăƚ ϭϬϬŵ Ϭ͘ϳĐŵ
ĞŶƚƌĞ ƚƵďĞ ĚŝĂŵĞƚĞƌ ϯϬŵŵ
LJĞƉŝĞĐĞ ƚƵďĞ ĚŝĂŵĞƚĞƌ ϰϰŵŵ
KďũĞĐƚŝǀĞ ƚƵďĞ ĚŝĂŵĞƚĞƌ ϱϲŵŵ
tĂƚĞƌ ƌĞƐŝƐƚĂŶĐĞ ϰϬϬ ŵďĂƌ
KƉĞƌĂƚŝŶŐ ƚĞŵƉĞƌĂƚƵƌĞ ͲϮϬͬнϱϱ
>ĞŶŐƚŚ ϯϲϴŵŵ
tĞŝŐŚƚ ǁŝƚŚŽƵƚ ŝŶŶĞƌ ƌĂŝů ϲϵϬŐ

    
  
   
 

 4/' '8/0 %

 
;1MPF" 1G S8FM. 
M.8PG6! S8F!G> .88M16- 61MF8 ;8S/
!"F 16  43 ;8S!"F 5PVV4"/48!"F 1G
!6-"F8PG> 86EM !8 1M> 8M" M.M M."
G;41M PG"! U M." !8P4" .F-" 1G

6;;# '/0,
486- M." S"4!"! G"5 S1M. G"86!FU
G;41MG 486- M." 416" 8& M." F1&416->

   F""6 -F 8& 6 8R"F/

48! 8& ;1GM84 ;8S!"F 16  58!"F6
S3"6> 8M" M.M M." .84" !F144"! 16
M." FF"4 <!1F"M4U 8R" M." 61;;4"=
M8 M3" M." B!FP5 6! 61;;4"C F""./
16- 1G "6MF4 M8 M." 416" 8& M." G;41M>

7+( $57,&/( ³2%$ (; DQG WKH  $XWR´ 'HF  ZRXOG EORZ RXW RI WKH RSHQ IODVKKROH DW WKH VLGH DQG ZUHDN
EURXJKW DQ LQWHUHVWLQJ RSLQLRQ IURP D UHDGHU VD\LQJ LW ZDV
QRW DW DOO XQXVXDO IRU EO FN SRZGHU WR IXQFWLRQ ZHOO LQ D VHPL
DXWR SLVWRO DQG WKDW WKH UHYHUVH ZDV DOVR WUXH 4XRWH ³, KDYH
ZLWQHVVHG RQ QXPHURX RFFDVLRQV WKH XVH RI VPRNHOHVV SUR
SHOODQW LQ EODFN SRZGHU SURRIHG PX]]OHORDGHUV ZLWKRXW DQ\
GHWULPHQWDO HIIHFW´
1RZ WKLV UDQJ PDQ\ DODUP EHOOV DV WKH ODWWHU SUDFWLFH LV
G SUHWW\ PXFK JXDUDQWHHG WR SURGXFH
U
0X]]OHORDGHUV GHILQHG
)LUVWO\ VWDWHPHQWV FRPPRQO\ PDGH LPSO\LQJ WKDW PX]
]OHORDGHUV DUH D VSHFLILF FDWHJRU\ RI ZHDSRQ DUH PLVOHDGLQJ
7KH WHUP ³PX]]OHORDGHUV´ FRYHUV D KXJH YDULHW\ RI ILUHDUPV
LQFOXGLQJ ³RULJLQDOV´ IURP E\JRQH FHQWXULHV ULJKW WKURXJK WR
UHSURGXFWLRQV DQG QHZ GHVLJQV EXLOW LQ WKH VW FHQWXU\ 7KLV
FDWHJRU\ IXUWKHU VXEGLYLGHV DFFRUGLQJ WR WKH W\SHV RI LJQL
WLRQ VWHHO DQG EUHHFKLQJ XVHG LQ WKH FRPSRQHQWV ZKLFK GLIIHU
ZLGHO\ 7KHVH QHHG WR EH XQGHUVWRRG IRU DQ\ VHULRXV GLVFXVVLRQ
RQ VDIHW\
7\SHV RI LJQLWLRQ
, ZRQ¶W LQFOXGH IOLQWORFN LJQLWLRQ KHUH )OLQWV GRQ¶W HDVLO\ LJQLWH
QLWUR SRZGHUV DQG LI WKH\ GLG WKH UHVXOWLQJ KLJKHU SUHVVXUHV
  
 
  
WKHLU RZQ NLQG RI KDYRF
:H¶OO GLVFXVV WKH WUDGLWLRQDO SHUFXVVLRQ FDS PX]]OHORDGHU
ILUHG E\ D KDPPHU ZKLFK VHDOV WKH EUHHFK PRPHQWDULO\ DV WKH
FKDUJH JRHV RII $Q\ RYHUORDG LV GDQJHURXV DV WKLV EORZV WKH
KDPPHU EDFN RII LWV VHDWLQJ DQG D MHW RI KLJKSUHVVXUH JDV
H[LWV WKH IODVKKROH GLUHFWHG LQWR WKH IDFH RI WKH VKRRWHU
6RPH PRGHUQEXLOW ³LQOLQH´ PX]]OHORDGHUV KDYH EUHHFKHV
VHDOHG E\ D EROW DFWLRQ WR SUHYHQW WKLV EXW WKH\ DUH QRW FRP
PRQ DQG DUH PDLQO\ LQWHQGHG IRU KXQWHUV ZKR ZDQW WR E\SDVV
WKH UHJXODU 86 KXQWLQJ VHDVRQ UHJXODWLRQV E\ H[SORLWLQJ WKH
H[WHQGHG KXQWLQJ VHDVRQ IRU ³SULPLWLYH ZHDSRQV RQO\´ ± EXW
FDQ¶W EH ERWKHUHG WR OHDUQ KRZ ³SULPLWLYH ZHDSRQV´ ZRUN (YHQ
WKHQ LQOLQH PX]]OHORDGHUV GRQ¶W DOZD\V ZRUN SURSHUO\ 6HH
5RJHU ,QJOH¶V SLHFH ³1LWUR LQ D 0X]]OHORDGHU ± D %RPE LQ WKH
0DNLQJ´ 7HFK 7DON )HE 
7\SHV RI SURSHOODQW
,Q VLPSOH WHUPV EODFN SRZGHU RSHUDWHV LQ ULIOHV DW DURXQG
ILYH WR HLJKW ,PSHULDO WRQV WR WKH VTXDUH LQFK 7KH KLJKHVW
EODFN SRZGHU SUHVVXUHV NQRZQ FRPH IURP &DSWDLQ 1REHO
DQG 0 9LHLOOH ZKR LQ WKH WK FHQWXU\ VHSDUDWHO\ UHFRUGHG
SUHVVXUHV RI RYHU  WRQV SHU VTXDUH LQFK LQ FORVHG YHVVHO
H[SHULPHQWV :KDW PDNHV WKH GLIIHUHQFH" ,Q DQ\ ILUHDUP WKH
EXOOHW PRYHV GRZQ WKH ERUH DV VRRQ DV WKH SUHVVXUH LV KLJK
  


HQRXJK VR WKHUH LV D IDFWRU UHGXFLQJ RU VWUHVVHG VWHHOV FDQ EHKDYH OLNH

WKH SUHVVXUH DW WKH VDPH WLPH DV LW LV D SDQH RI JODVV HDVLO\ UHVLVWLQJ D
EXLOGLQJ XS DV WKH UHPDLQGHU RI WKH JHQWO\ DSSOLHG ORDG EXW VKDWWHULQJ
SURSHOODQW EXUQV ,I WKH EXOOHW UHPDLQV XQGHU LPSDFW 7KDW¶V ZKDW QLWUR
LPPRELOH DQ\ZKHUH LQ WKH EDUUHO \RX SRZGHUV FDQ GR LI DEXVHG
KDYH JRW WURXEOH $ KHDY\ QLWUR ORDG FDQ DOVR
,Q FRQWUDVW QLWUR SRZGHUV JHQHUDWH JR XS LQWR WKH ³\LHOG´ FDWHJRU\
XS WR  WR  WRQV ZRUNLQJ SUHVVXUH ± PRPHQWDULO\ ZLWKRXW VLJQLILFDQW
PRUH WKDQ GRXEOH WKDW RI EODFN SRZGHU HIIHFW EXW RYHU D SHULRG RI WLPH
+DWFKHU¶V 1RWHERRN PHQWLRQV H[WUHPH WKH DFWLRQ SDUWV WHQG WR UHPDLQ
SURRI URXQGV RI  WRQV SHU VTXDUH VWUHWFKHG DQG EHFRPH ZRUN KDUG
LQFK IRU WKH  ZKLFK LV WHQ WLPHV HQHG DQG EULWWOH WKHQ JLYH XS $
WKH ZRUNLQJ SUHVVXUH RI EODFN SRZGHU JRRG H[DPSOH LV PRGHUQ SLVWROV
$Q\RQH PDQXIDFWXULQJ D ULIOH EDU U;"G 8& F"".16- 8; M8 8MM85 F""./;4P- S1M. DQG UHYROYHUV HVSHFLDOO\ VWDLQOHVV
UHO PXVW WKHUHIRUH DOORZ D YHU\ ELJ G614 &8F 61;;4" S"4!"! M8 FF"4H F""./;4P- S1M. G614 VWHHO ³VKRRWLQJ ORRVH´ ZKHQ ILULQJ
&8F M." 61;;4" 16M"-F4 S1M. M." F"GM 8& M." ;4P-H S3"6
VDIHW\ PDUJLQ EH\RQG WKH ZRUNLQJ XQVXLWDEOH PDJQXP UHORDGV
GMU4" S1M. B!FP5 6! 61;;4"C FF6-"5"6M F"?P1F16- 
SUHVVXUH WR SUHYHQW D FDWDVWURSKLF .84" 16 M." G1!" 8& M." FF"4> 8QWLO DURXQG  EDUUHOV ZHUH
IDLOXUH LI VD\ D EXOOHW MDPV RU LVQ¶W PDGH IURP ³LPSURYHG´ RU ZURXJKW
VHDWHG FRUUHFWO\ RU PXG JHWV LQWR LURQ DQG QRW VWHHO +RZHYHU EODFN
WKH ERUH DQG WKH JDV SUHVVXUH LV QRW SRZGHU PXVNHWV DQG VKRWJXQV
UHOHDVHG (YHQ D VDIHW\ IDFWRU RI GRX RSHUDWH DW DURXQG ILYH WRQV WR WKH
EOH WKH ZRUNLQJ SUHVVXUH LV EDUHO\ VTXDUH LQFK ZKLFK DV DERYH LV
HQRXJK LI WKH VKRRWHU XVHV D ORDG IRU MXVW DFFHSWDEOH ,QWHUHVWLQJO\ PLOG
ZKLFK WKH ZHDSRQ ZDV QHYHU GHVLJQHG VWHHO ZLOO MXVW DERXW WDNH VHYHQ
$OVR LW LV YHU\ HDV\ WR GRXEOH WRQV WR WKH VTXDUH LQFK ZKLFK LV
FKDUJH D PX]]OHORDGHU HVSHFLDOO\ LI WKH RSHUDWLQJ SUHVVXUH IRU WKH 
\RX DUH GLVWUDFWHG E\ VRPHRQH ODFN /RQJ 5LIOH ZKLFK H[SODLQV ZK\ VR
LQJ LQ JXQ PDQQHUV ZDQWLQJ WR NQRZ PDQ\ RI WKH FKHDSHU YHUVLRQV IURP
ZKDW \RX DUH GRLQJ ZKLFK DOVR UHVXOWV WKH 9LFWRULDQ HUD HQGHG XS LQ D
LQ H[FHVVLYH SUHVVXUH FODSSHGRXW FRQGLWLRQ
7KH SRLQW LV \RX DUH DOUHDG\ ELWLQJ $ *UDGH UHILQHU\ SLSH LV
6 "R"FU 16GM6" 8& 8R"F48! M." .55"F SG 48S6
LQWR WKDW VDIHW\ IDFWRU LI \RX DUH XVLQJ LQFOXGHG EHFDXVH , KDYH VHHQ GLV
3 S1M. 6 "G;" 8& PF616- -G>
QLWUR SRZGHUV LQ D PX]]OHORDGHU DQG LI FXVVLRQV RQ WKH 1HW DERXW LWV XVH
\RX GRQ¶W IROORZ WKH SURSHU ORDGLQJ SUR DV EDUUHOV 7KH DUJXPHQWV UHYROYH
FHGXUH ± \RX DUH SOD\LQJ ZLWK D JUHQDGH DURXQG LWV XQVXLWDELOLW\ EHFDXVH LQ PDQ\ LQVWDQFHV LW WXUQV RXW WR
7KH DFFRPSDQ\LQJ SKRWRJUDSKV VKRZ WKH OLNHO\ UHVXOW RI EH ZHOGHG DQG QRW GUDZQ ZKLFK UHGXFHV VWUHQJWK DQG WKH KHDW
RYHUFKDUJLQJ SOHDVH GRQ¶W WU\ WKLV \RXUVHOI PDNHV WKH ZHOG DUHD EULWWOH VR LW FDQ¶W WDNH VKDWWHULQJ IRUFHV
7KH SRLQW LV WKDW RZQHUV RI UHSURGXFWLRQV FDQ¶W NQRZ IRU VXUH
6WUHQJWK RI EDUUHO VWHHO ZKDW WKH EDUUHO LV PDGH RI 6LQFH D KXJH QXPEHU RI VWHHOV DUH
7KHUH DUH DW OHDVW WKUHH FRQVLGHUDWLRQV KHUH VDIH ZRUNLQJ SUHV RXW WKHUH EHWZHHQ $ SLSH DQG WKH  JUDGHV LW IROORZV
VXUHV ³\LHOG´ SUHVVXUHV ZKHQ WKH VWHHO VWDUWV WR SHUPDQHQWO\ WKDW \RX FDQ¶W MXVW UHO\ RQ WKH JHQHULF WHUP ³PRGHUQ VWHHO´ DV
VWUHWFK XQGHU ORDG DQG ³XOWLPDWH´ VWUHQJWKV ± ZKHQ WKH VWHHO
IDLOV DOWRJHWKHU ,W IROORZV WKDW IRU JXQ EDUUHOV ZH VKRXOG ZRUN
ZHOO XQGHU WKH ³\LHOG´ YDOXHV WR SURYLGH D VDIHW\ PDUJLQ 7ZR
WLPHV WKH ZRUNLQJ SUHVVXUH LV EDUHO\ VDIH HQRXJK ILYH WLPHV
ZRXOG EH EHWWHU EXW ZRXOG UHVXOW LQ D YHU\ KHDY\ JXQ 7KH ILHOG
RI VWUHVV DQDO\VLV LV KXJH EXW KHUH DUH VRPH EDVLF QXPEHUV IRU
EHLQJ DGHTXDWH LQ DOO FLUFXPVWDQFHV
7\SHV RI EUHHFKLQJ
7KHUH DUH WKUHH W\SHV RQH LV D EUHHFKSOXJ LQWHJUDO ZLWK
WKH QLSSOH DQRWKHU LV D EUHHFKSOXJ ZLWK D µEROVWHU¶ RU µVQDLO¶
ZHOGHG WR WKH VLGH WR WDNH WKH QLSSOH PRVW RULJLQDO PXVNHWV
LOOXVWUDWLRQ DQG ULIOHV HPSOR\ WKLV W\SH 7KH WKLUG W\SH LV WKH µGUXP DQG
$Q\ PHFKDQLFDO HQJLQHHU ZLOO WHOO \RX WKLV LV D JUHDW QLSSOH¶ PRVW RIWHQ IRXQG RQ UHSURGXFWLRQ $PHULFDQ +DZNHQ
RYHUVLPSOLILFDWLRQ DV WKHUH DUH PDQ\ RWKHU IDFWRUV VXFK DV ULIOHV 7KLV LV PRUH WKDQ VWURQJ HQRXJK LI XVHG FRUUHFWO\ EXW
KHDW WUHDWPHQW ZRUN KDUGHQLQJ ZDOO WKLFNQHVV DQG VKDWWHULQJ LW QHHGV D KROH GULOOHG WKURXJK WKH EDUUHO LQWR WKH EUHHFK SOXJ
IRUFHV WR FRQVLGHU 7KH LPSDFW RI ILULQJ RFFXUV LQ WKH EDUUHO LQ IRU WKH QLSSOH DVVHPEO\ 8QGHU H[WUHPH ORDG WKLV EDUUHO KROH
RQH WHQWK RI RQH WKRXVDQGWK RI D VHFRQG ZKLFK LV D SKHQRPHQDO FDQ EH D ZHDN SRLQW DQG WKH VWDUW RI D UXSWXUH EXW LW PXVW EH
ORDG IRU DQ\ PHFKDQLFDO FRQWULYDQFH WR FRQWDLQ +LJKO\ WHPSHUHG HPSKDVLVHG WKDW WKH FDWDVWURSKLF IDLOXUH SLFWXUHG KHUH WRRN

    
  
DdZ/> z/> ^dZE'd, z/> ^dZE'd, /E dKE^ WZ ^Y͘ /E͘ tKZ</E' WZ^^hZ
WƐŝ ŝ͘Ğ͘ ŽǀĞƌƐƚƌĞƚĐŚ DƉĂ ŝ͘Ğ͘ ŽǀĞƌƐƚƌĞƚĐŚ ĨŽƌ ĐŽŵƉĂƌŝƐŽŶ Ăƚ ŵŝŶŝŵĂů Ϯdž ƐĂĨĞƚLJ ĨĂĐƚŽƌ ŝŶ ƚŽŶƐ
tƌŽƵŐŚƚ ŝƌŽŶ ŝŶ ϭϴϬϬƐ Ϯϯ ϬϬϬ ϭϱϵ ϭϬ͘ϯ ϱ͘ϭ
DŝůĚ ƐƚĞĞů ϯϮ ϬϬϬ ϮϮϬ ϭϰ͘Ϯ ϳ͘ϭ
,ĞĂǀLJǁĞŝŐŚƚ ϭϬϲ ƉŝƉĞ ϯϱ ϵϬϬ Ϯϰϴ ϭϲ͘Ϭ ϴ͘Ϭ
ϭϬϭϴ ƐƚĞĞů͕ ŚĂƐ W ƵƐĞƐ ϱϯ ϳϬϬ ϯϳϬ Ϯϯ͘ϵ ϭϭ͘ϵ
ϰ ϭϰϬ ďĂƌƌĞů ƐƚĞĞů ϭϬϭ ϱϮϲ ϳϬϬ ϰϱ͘ϯ ϮϮ͘ϲ

SODFH RQO\ DIWHU VHULRXV DEXVH $OO ULIOHV
ZLOO EORZ XS HYHQWXDOO\ LI RYHUORDGHG
7HVW 5HVXOWV
+RZHYHU WKHVH DUH MXVW ZRUGV DQG ZRQ¶W
V\VWHP VKRXOG EH VHOIVHDOLQJ LI RQO\ WR
SURWHFW WKH H\HV
:H WKHQ WULHG IRXU VKRWV RI JU
RI 6 ULIOH SRZGHU EDVHG RQ RWKHU
H[SHULPHQWV WR ILQG D ZRUNLQJ ORDG ZLWK
LPSDFW RQ D WLQ URRI ,W ZDV D FRQYLQF
LQJ EORZ XS
6R WKDW¶V LW :H QHYHU JRW DV IDU DV WKH
DLUJDS GRXEOH EXOOHW RU SLVWRO SRZGHU
H[SHULPHQWV %RWWRP OLQH DQ XQZLWWLQJ
FRQYLQFH PDQ\ UHDGHUV ZKR IHHO WKH\
NQRZ EHWWHU VR KHUH DUH WKH UHVXOWV RI
D WHVW ZH GLG WR GHWHUPLQH WKH IDFWV :H
WRRN WKH YLHZSRLQW RI VRPHRQH UHDVRQ
DEO\ DZDUH RI PX]]OHORDGLQJ SURFH
GXUHV EXW ZKR FRXOGQ¶W ORFDWH DQ\ EODFN
SRZGHU 7R JHW VRPH LGHDV IRU WHVWLQJ ZH
VXUIHG WKH 1HW DQG IRXQG VRPHRQH ZKR
EOHZ XS D +DZNHQ ZLWK  JUDLQV RI SLV
WRO SRZGHU 7R XV WKDW ZDV WZR PLVWDNHV
WRJHWKHU XVLQJ SLVWRO SRZGHU DQG D WULSOH
FKDUJH RYHUORDG FRQVHTXHQWO\ ZH
GHFLGHG WR WDNH WKH IDFWRUV RQH DW D WLPH
:H XVHG DQ RULJLQDO  FDOLEUH
3DWWHUQ  (QILHOG PXVNHW DV WKHVH DUH
UHODWLYHO\ FRPPRQ LQ 6RXWK $IULFD DQG
EHVLGHV +DZNHQV FDQ UXQ XS WR 5 
HDFK DQG ZH ZHUH E\ QR PHDQV FOHDU
ZKHWKHU ZH FRXOG FODLP WKH FRVWV EDFN
IURP LQFRPH WD[
3¶ (QILHOG EDUUHOV ZHUH PDGH RI
KRPRJHQLVHG LURQ LH ZLWK LPSXULWLHV
UHPRYHG KHQFH WKH\ DUH URXJKO\ LQ
WKH VDPH FDWHJRU\ DV ZURXJKW LURQ $W
SURRI WKH\ VKRXOG ZLWKVWDQG JU RI
SRZGHU ZLWK D  JUDLQ EXOOHW 7KH VHF
WKH HTXLYDOHQW  [  FDUWULGJH DQG GRXEOH ORDG RI QLWUR ULIOH SRZGHU LQ \RXU
DOVR IRXQG WKDW WKH KDPPHU ZDV EORZQ PX]]OHORDGHU ZLOO EORZ LW XS VRRQHU RU
EDFN ZLWK JDV ORVV ,W SURYHG GLIILFXOW ODWHU ZLWK QR ZDUQLQJ ,W WRRN XV  VKRWV
WR FDSWXUH WKH IODPH ZLWK WKH FDPHUDV EXW WKH EXUQLQJ JDV UHOHDVHG WKURXJK WKH
ZH KDG EXW , KDYH LQFOXGHG WKH EHVW QLSSOH ZKHQ WKH KDPPHU EOHZ EDFN ZRXOG
REWDLQHG E\ XVLQJ D YLGHR FDPHUD ZLWK D PRVW OLNHO\ KDYH JRW XV ILUVW
VSHHG RI  IUDPHV SHU VHFRQG 7KDQNV WR 5RJHU ,QJOH 'RQ *UD\VRQ
1H[W WHVW D  LQFUHDVH WR  DQG 'RXJODV 'LFNHQV ZKR KHOSHG ZLWK
JUDLQV 6 ZKLFK UHVXOWHG LQ DQ WKH WHVWLQJ DQG +DQQHV YDQ :\N DW
LQFUHDVHG UHSRUW PRUH UHFRLO DQG YLR 2EDWH[ DQG 'U :DOOLV 9RVORR ZKR NLQGO\
OHQW KDPPHU EORZEDFN :H FKHFNHG SURYLGHG SUHVVXUHRYHUWLPH UHVXOWV IRU
WKH EUHHFK IRU VLJQV RI EXOJLQJ EXW EODFN SRZGHU DQG 2EDWH[
IRXQG QRQH Q ,I , KDYH PLVLQWHUSUHWHG WKH UHVXOWV
)RU WKH QH[W WHVW ZH DVVXPHG WKDW WKHQ DQ\ IDXOW LV PLQH
WKH VKRRWHU KDG
EHHQ GLVWUDFWHG
DQG ORDGHG WZR
JU ORDGV RI
6 7KLV ORDG
IDLOHG WR LJQLWH
WKH ILUVW WLPH EXW
ZHQW RII ZLWK WKH
V H F R Q G W U \ , W
UHVXOWHG LQ D YHU\
ELJ H[SORVLRQ
KDPPHU YLROHQWO\
 
 

  
RQG SURRI ZKHQ DVVHPEOHG ZDV JU WKURZQ EDFN EXW QR DSSDUHQW EUHHFK
8S !8S6 !F3 F"! 6! !F3 4P" 416"G
RI SRZGHU ZLWK D JU EXOOHW 7KH VHU GLVWRUWLRQ 68 6! M"T S8F316- 48!G M8 G.8S
YLFH FKDUJH ZDV JU ZLWK D JU EXO :H WULHG WKH GRXEOH ORDG DJDLQ S.M 43 ;8S!"F G"FR1" 48!G G.8P4!
OHW )RU WKH WHVW WKH VSULQJ LQ WKH ORFN DW ZKLFK SRLQW WKH EDUUHO EXUVW LQ D 4883 413">
ZDV UHSODFHG ZLWK D VWURQJHU RQH DQG D
QHZ QLSSOH LQVWDOOHG
FM161 "6FU 1M 1G 4F"!U M MS1" M."
7R GHWHUPLQH D EDVHOLQH IRU WHVW
LQJ ZH ILUHG WZR IDLUO\ KHDY\ FKDUJHV
FDWDVWURSKLF IDLOXUH ZLWK D FORXG RI    

."&MU 1MF8 48! &8P6! 86 M." "M> G"!
VPRNH 7KH XQGHUVLGH RI WKH EDUUHO
16 
VSOLW SRVVLEO\ DORQJ WKH OLQH RI WKH 68F54 S8F316- ;F"GGPF">
WK FHQWXU\ ZHOG DQG DV LW SHHOHG 
  
RI JU :DQR ))J DQG D JU EXOOHW EDFN VHFRQGDU\ ORQJLWXGLQDO VSOLWV
>OO 86- 1*" G.8S16- S.M G8FM 8& ;F"GGPF"
7KLV SURYLGHG D YHU\ KHDOWK\ WKXPS DSSHDUHG LQ WKH EUHHFK DUHD 7KH ORFN  4"! P44"M M : :WW&;G G.8P4! " -"6"FM16->
DQG WKH SKRWRJUDSKV VKRZHG WKDW WKH
KDPPHU ZDV EORZQ EDFN ERWK WLPHV DQG
IODPH LVVXHG IURP WKH QLSSOH +DPPHU
EORZEDFN LV LQ LWVHOI D GDQJHU VLJQ DV WKH
  
 
  
SODWH D KDUGHQHG SLHFH RI WKLFN VWHHO
ZDV VQDSSHG LQ WZR DQG WKH KDPPHU
ZDV ZUHQFKHG RII 3LHFHV ODQGHG DV
IDU DV  PHWUHV DZD\ HYLGHQFHG E\
    
." PG" 8& 61MF8 ;8S!"F 16  >NW/WJ G.8S16-
M.M 61MF8 G"FR1" 48!G -1R"  .P-" .55"F
48S M8 M." F"".16- % P; M8 ,+ WWW ;8P6!G
;"F G?PF" 16. 16 86" M"6M. 8&  51441G"86!>
  

6 %'8#
48
  

*8,1($)2:/ 0($7 0$.(6 WKH VNLQ WKH ELUGV IHDWKHUV DQG DOO LQ RQH SODWH RU \RXU SRWMLH RYHU VRPH JORZLQJ
PRVW GHOLFLRXV VWHZ ZKLFK KDV LWV RZQ RSHUDWLRQ &XW RII WKH RLO JODQG IURP WKH FRDOV DQG PHOW LQWR LW ó FXS RI VDOWHG
XQLTXH IODYRXU 1R , PDNH QR DWWHPSW µSDUVRQ¶V QRVH¶ DQG DQ\ VXUURXQGLQJ EXWWHU PL[HG ZLWK ó FXS SXUH YLUJLQ
WR EH SRVK DQG FDOO LW D µFDVVHUROH¶ IDW 5LQVH WKH FDUFDVVHV LQ FOHDQ ZDWHU ROLYH RLO RU VXQIORZHU RLO )U\ OLJKWO\
EHFDXVH WKLV LPSOLHV WKH XVH RI D SRU DQG GU\ WKHP ZLWK SDSHU WRZHO $JH WKH EURZQ ± GR QRW EODFNHQ WKH RQLRQV
FHODLQ RU HDUWKHQZDUH YHVVHO DQG LQ FDUFDVVHV LQ D JODVV ERZO LQ WKH UHIULJ DQG WKH EDFRQ WRJHWKHU LQ WKH SRW WKHQ
P\ RSLQLRQ JXLQHDIRZO VWHZ PXVW EH HUDWRU IRU RQH ZHHN WR WHQGHULVH WKHP UHPRYH WKHP DQG VHW WKHP DVLGH
PDGH LQ D FDVWLURQ SRW ,W QHHGQ¶W EH 7KH\ DUH QRZ UHDG\ IRU SUHSDUDWLRQ RU 1RZ EUDLVH EULHIO\ IU\ WKH PHDW
WKH WUDGLWLRQDO GULHSRRW XQOHVV \RX¶UH IUHH]LQJ SLHFHV LQ WKH SRW WXUQLQJ WKHP XQWLO
FDPSLQJ ± D IODWERWWRPHG FDVWLURQ 7KH IROORZLQJ UHFLSH XVHV WZR EURZQHG DOO RYHU 7KHQ SXW WKH RQLRQ
SRW RQ WKH VWRYH DQG ODWHU LQ WKH RYHQ JXLQHDIRZO ,W ZLOO IHHG IRXU SHRSOH DQG EDFRQ PL[ EDFN LQWR WKH SRW ZLWK
LV PRUH FRQYHQLHQW DQG WKH ODUQLH RQHV GHSHQGLQJ RQ ZKDW \RX VHUYH ZLWK LW WKH PHDW DQG SRXU LQ WKH PDULQDGH
ZLWK HQDPHOOHG OLGV DUH DFFHSWDEOH VWLUULQJ WKH PL[WXUH ZHOO 3ODFH WKH
$V ZLWK DOO JDPH PHDW 7V DQG &V 0DULQDGH OLG RQ WKH SRW DQG DOORZ FRQWHQWV WR
DSSO\ %LUGV IHHGLQJ RQ JUDLQ FURSV 0DNH IURP WKHVH LQJUHGLHQWV MXVW UHDFK WKH ERLO WKHQ WDNH WKH SRW
PDNH EHWWHU HDWLQJ WKDQ EXVKYHOG  FKRSSHG FDUURWV   SXQQHW FOHDQHG RII WKH VWRYH SODWH DQG SODFH LW LQVLGH
JXLQHDIRZO 6KRRW HDUO\ LQ WKH VHD ZKROH PXVKURRPV   FORYHV RI WKH SUHKHDWHG RYHQ ZKHUH LW VKRXOG
VRQ DV JXLQHDIRZO ORVH FRQGLWLRQ FKRSSHG JDUOLF  OHYHO WHDVSRRQ JHQWO\ VLPPHU ZLWK OLG RQ FRQWURO WKH
UDSLGO\ LQ ZLQWHU 6HOHFW RQO\ \RXQJ PL[HG KHUEV  WDEOHVSRRQ GULHG URVH KHDW IRU IRXU WR ILYH KRXUV XQWLO WKH
ELUGV ± WKHLU VL]H DQG WKH KRUQ RQ WKH PDU\  ED\ OHDYHV  FORYHV  OHYHO PHDW LV WHQGHU ,I FDPSLQJ DFKLHYH
KHDG DUH JRRG LQGLFDWRUV WKH ORQJHU WDEOHVSRRQV PLOG VZHHW FKXWQH\   VLPLODU FRQGLWLRQV E\ DGGLQJ RU
DQG PRUH JQDUOHG WKH KRUQ WKH ROGHU
WKH ELUG DQG WKH PRUH ELWWHU LWV IOHVK
, RQFH PDGH D VWHZ IRU D ODUJH JURXS
RQ D UDQFK ZKHUH , ZDV KXQWLQJ DQG
UHOXFWDQWO\ LQFOXGHG D ELJ ROG FRFN ELUG
FXSV GU\ UHG ZLQH  FDQ XQGLOXWHG
PXVKURRP VRXS  FKLFNHQ VWRFN FXEH
GLVVROYHG LQ  FXS ERLOLQJ ZDWHU  VDOW
DQG SHSSHU WR WDVWH
UHPRYLQJ FRDOV NHHS WKH KHDW ORZ
,I QHFHVVDU\ DGG D OLWWOH ZDWHU GXULQJ
WKH FRRNLQJ SURFHVV :KHQ WKH PHDW
UHDFKHV WKH PHOWLQ\RXUPRXWK VWDJH
DGG ô FXS RI IUHVK GDLU\ FUHDP RU
DPRQJ ILYH \RXQJHU ELUGV EHFDXVH , 0HWKRG HQRXJK WR IRUP D WKLFN ULFK JUDY\
ZDV ZRUULHG WKHUH ZRXOGQ¶W EH HQRXJK -RLQW WKH WZR ELUGV LQWR WKH ERZO 6HUYH RQ ULFH ZH SUHIHU ZKLWH
VWHZ WR JR DURXQG ± LW VSRLOHG WKH HQVXULQJ WKDW DOO WKH PHDW LV FRY %DVPDWL ZLWK IUHVK FUXVW\ EUHDGUROOV
ZKROH VWHZ 'RQ¶W XVH ELUGV WKDW KDYH HUHG ZLWK PDULQDGH WKHQ OHDYH DQG D JRRG UHG ZLQH
EHHQ VKRW DW VXFK FORVH UDQJH WKH\ DUH RYHUQLJKW 5HPRYH DQG GUDLQ
ILOOHG ZLWK SHOOHWV ± HVSHFLDOO\ WKURXJK WKH PHDW EXW UHWDLQ WKH PDUL
WKH DEGRPHQ 'UDZ JXW WKH ELUGV QDGH
DQG UHPRYH WKH FURSV LQ WKH YHOG DV &RRNLQJ WLPH LV URXJKO\ ILYH KRXUV
VRRQ DIWHU UHWULHYDO DV SRVVLEOH WKLV 6WDUW E\ SUHKHDWLQJ \RXU RYHQ WR 
DOVR EOHHGV WKH ELUG 7KRURXJKO\ ZDVK GHJUHHV & LI FDPSLQJ SUHSDUH D
RXW WKH FDYLWLHV XQGHU D WDS DW WKH ILUVW
RSSRUWXQLW\
'R QRW ERWKHU WR SOXFN JXLQHDIRZO
± XQOLNH GRPHVWLF FKLFNHQ VNLQ JXLQ
HDIRZO VNLQ LV QRW ZRUWK VDYLQJ -XVW
VXSSO\ RI KRW FRDOV :KHQ UHDG\
WR EHJLQ GLFH  PHGLXPVL]HG
RQLRQV DQG  UDVKHUV RI VWUHDN\
EDFRQ 3ODFH \RXU FDVWLURQ
SRW RQ D KHDWHG VWRYH

    
  


 
P6 8-G
: '
%6$
-6P5 M O, S""3G>
,1 $35,/ DWWHQGHG WKH .=1 +35
FOXE¶V WUDLQ J ZHHNHQG DW )DLUYLHZ
)DUP LQ 9UHG  )UHHVWDWH 0DJQXP ZDV
D ELW KDQGLF SSHG LQ UHFHQW PRQWKV ,
KDGQ¶W EHHQ DEOH WR JHW KLP LQWR WKH
YHOG DV PXF DV KH QHHGHG ,GHDOO\ \RX
VKRXOG JHW XU SXS LQWR WKH YHOG IRU
 PLQX V DW OHDVW WKUHH WLPHV D
XHQWO\ 0DJQXP GLG ZKDW
XULQJ WKH PRUQLQJ YHOG
VHVVLRQ  SOD\ DQG  KXQWLQJ
:H WKHQ VHW RII WR WKH GDP WR GR
VRPH ZDWHU UHWULHYHV 7KLV ZDV KLV ORZ
SRLQW RI WKH ZHHNHQG 0DJQXP KDG
EHHQ VWURQJ ZLWK ZDWHU UHWULHYHV LQ WKH
SDVW KRZHYHU VRPH ZHHNV DJR KH
GLGQ¶W UHWULHYH WKH GXPP\ $W WKH WLPH
KƵƌ ĨŝƌƐƚ ŝŶƚĞŶƐĞ ƚƌĂŝŶŝŶŐ ǁĞĞŬĞŶĚ
, PDGH H[FXVHV KH PLJKW EH WLUHG" +H
GRHVQ¶W OLNH WKH GXPP\" , OHIW LW EXW
ODWHU UHDOL]HG WKLV KDG EHHQ D ELJ PLV
WDNH <RX PXVW HQIRUFH FRPPDQGV ±
DQ\ DQG DOO FRPPDQGV ± ZLWKRXW IDLO
'RQ¶W VHW \RXU GRJ XS IRU IDLOXUH , JDYH
D FRPPDQG KH GLGQ¶W FDUU\ LW RXW DQG
, OHIW LW DW WKDW 7KXV , FUHDWHG WKH SHU
FHSWLRQ WKDW LW¶V ILQH IRU KLP WR IROORZ
FRPPDQGV RQO\ ZKHQ LW VXLWV KLP <RX
GRQ¶W ZDQW D KXQWLQJ GRJ WKDW IROORZV
FRPPDQGV LQWHUPLWWHQWO\
,Q D SDFN KLHUDUFK\ WKH SDFN OHDGHU
LV ILUP DQG TXLFN WR OHW D SDFN PHPEHU
NQRZ ZKHQ KH LV XQKDSS\ 'RQ¶W JLYH D
FRPPDQG \RX FDQ¶W HQIRUFH ,I \RX
NQRZ WKDW \RXU SXS¶V UHVSRQVH WR WKH

VLW FRPPDQG LV QRW VWURQJ GRQ¶W JLYH
WKH FRPPDQG ZKHQ KH¶V P DZD\
SOD\LQJ ZLWK RWKHU GRJV ± KH ZLOO PRVW
OLNHO\ FRQWLQXH SOD\LQJ DQG \RX¶OO EH
SRZHUOHVV WR HQIRUFH WKH FRPPDQG $V
D UHVXOW KH¶OO WKLQN KH QHHG QRW IROORZ
FRPPDQGV DOO WKH WLPH DQG PD\ LJQRUH
\RX 6WDUW DW WZR PHWHUV DQG H[SDQG
IURP WKHUH
$W RQH VWDJH 0DJQXP ZDV UXQQLQJ
WRZDUG DQRWKHU GRJ WKDW ZDV RQ SRLQW
, QHHGHG WR JHW KLP WR VLW DV KH ZRXOG
KDYH IOXVKHG WKH ELUGV EXW , VWXWWHUHG
DQG FRQIXVHG KLP ZLWK P\ FRPPDQG
ZKLFK KH IDLOHG WR REH\ <RX PXVW EH
DEOH WR FRQWURO \RXU SXS IURP D GLVWDQFH
VR DV WR DYRLG VLWXDWLRQV OLNH WKLV 0\

&M"F ;F316- M." R".14"G
S" S"6M M8 M." R"4! G8 M."
;P;G 8P4! FP6 S1M. M."
84!"F !8-G> "PM1&P4 46!/
G;" 86 1FR1"S F5>
 7+18?7





R1G1M M8 M." !5 &8F M." ;P;G M8 884 8' &M"F M." MPF!U 58F616- FP6 16 M." R"4!> ." "T1M"5"6M &8F SG M88 5P. &8F
-6P5 6! ."
6""!"! M8 " !1G1;416"!  1M>   PF16- M." MPF!U &M"F6886 FP6 8P4! G""  .P-" 15;F8R"5"6M 85;F"! M8 M." 58F616- FP6>
LQDELOLW\ WR GR VR ZDV D SHUIHFW WUDLQLQJ
RSSRUWXQLW\ PLVVHG 7KH VLW FRPPDQG
LV LPSRUWDQW DQG HDUO\ LQ \RXU GRJ¶V
WUDLQLQJ \RX QHHG WR WHDFK KLP WR
LQVWDQWO\ REH\ LW 'RQ¶W WKLQN LI \RX GR LW
LQ WKH \DUG LW ZLOO FDUU\ WKURXJK WR WKH
YHOG 'R LW DW HYHU\ SRVVLEOH ORFDWLRQ
DQG RSSRUWXQLW\
:KHQ \RXU GRJ IDLOV WR UHVSRQG WR D
FRPPDQG EH VZLIW WR GLVFLSOLQH EXW EH
VXUH KH ZLOO NQRZ ZKDW KH¶V EHLQJ UHS
ULPDQGHG IRU ,I IRU H[DPSOH \RXU
SXSS\ FRPHV RXW RI WKH ZDWHU ZLWK WKH
GXPP\ DQG GRHVQ¶W EULQJ LW WR \RX EXW
LQVWHDG UXQV DURXQG IRU D IHZ PLQXWHV
UHFDOO KLP DQG GLVFLSOLQH KLP 2WKHU
ZLVH \RX KDYH LQ HIIHFW WROG \RXU SXS
WKDW KH QHHG QRW FRPH WR \RX RQ WKH
UHFDOO FRPPDQG <RX KDYH FRQIXVHG
KLP DQG ZHDNHQHG \RXU UHFDOO FRP
PDQG
'85,1* 7+( 1(;7 ILHOG VHVVLRQ WKH
-6P5 WKH PRUH \RX H[SRVH \RXUVHOI WR HYHQWV
IRFXV ZDV RQ EDFNLQJ 0DJQXP¶V KXQW
LQJ GULYH LV D ELW KLJK KH EDFNV WKH
SRLQWLQJ GRJ EXW QRW IRU ORQJ DV KH
ZDQWV WR JR DIWHU WKH ELUGV 0RUH WLPH
VSHQW LQ WKH YHOG ZLOO FRUUHFW WKLV IDXOW
$IWHU WKH EDFNLQJ VHVVLRQ ZH KDG D UXQ
LQ WKH YHOG DJDLQ DQG , FRXOG VHH D
KXJH LPSURYHPHQW LQ DOO WKH SXSV
LQFOXGLQJ 0DJQXP 7KH SOD\LQJ VWRSSHG
DQG 0DJQXP ZDV KXQWLQJ DQG QRW DW DOO
LQWHUHVWHG LQ WKH RWKHU GRJV
, QRWLFHG WKDW 0DJQXP¶V GULYH LV VR
KLJK WKDW KH¶V QRW LQWHUHVWHG LQ GULQNLQJ
ZDWHU LQ WKH YHOG %H YHU\ FDUHIXO RI
HYHQ GHDWK .HHS \RXU SXS K\GUDWHG
DQG FKHFN RQ KLP FRQVWDQWO\ *UDE D
ILVWIXO RI WKH ORRVH VNLQ RQ WKH EDFN RI
KLV QHFN DQG SXOO LW XS ± LI LW UHPDLQV
HUHFW \RXU SXS LV LQ D VWDWH RI GHK\GUD
WLRQ LI LW VHWWOHV EDFN TXLWH TXLFNO\ KH¶V
VWLOO ILQH 2QH VROXWLRQ LV WR PL[ D ELW RI
KRQH\ ZLWK WKH ZDWHU \RX FDUU\ LQ WKH
YHOG ± LW¶V VRPHWKLQJ VSHFLDO \RXU SXS
F41"F 16 M." 586M. MF16"! S1M.
86 G85" ;1-"86G 16 1M63>
ZLOO ZDQW WR GULQN LW DQG LW ZLOO DOVR JLYH
KLP D ELW RI HQHUJ\ ± ZKLFK KH ZLOO QHHG
LQ WKH YHOG
1HYHU UXQ D SXSGRJ IRU DW OHDVW DQ
KRXU DIWHU IHHGLQJ LW ,PDJLQH JHWWLQJ
XS IURP WKH WDEOH DQG UXQQLQJ D
PDUDWKRQ DIWHU PRP¶V 6XQGD\ GLQQHU
5XQQLQJ KLP RQ D IXOO VWRPDFK FDQ
FDXVH LQMXU\ DQG VRPHWLPHV GHDWK
5DWKHU IHHG KLP PRUH WKH QLJKW EHIRUH
ZKLFK ZLOO JLYH KLP H[WUD HQHUJ\ WKH
QH[W GD\ *LYH KLP DERXW D TXDUWHU RI
VXFFHVV DQG , OHIW ZRQGHULQJ KRZ PXFK
0DJQXP ZRXOG KDYH GHYHORSHG LI ZH
KDG VWD\HG IRU D ZHHN 7KLV PRQWK ,
OHDUQHG WR UHDG D SXS DQG ILJXUH RXW
ZKDW PDNHV KLP WLFN DQG KRZ WR UHFWLI\
WKH VKRUWFRPLQJV LQ \RXU WUDLQLQJ RU
GHYHORSPHQW $VN IRU KHOS DQG DGYLFH
IURP H[SHULHQFHG KDQGOHUV ± WKH EHVW
SODFH IRU WKLV LV DW FOXE ZHHNHQGV RU
VHVVLRQV $W HYHU\ VHVVLRQ , KDYH
DWWHQGHG WKHVH SDVW FRXSOH RI PRQWKV
, KDYH OHDUQHG VRPHWKLQJ WR SXW PH RQ
WKH ULJKW WUDFN EULQJLQJ PH D ELW FORVHU
WR ZKHUH , ZDQW WR EH
7KHUH DUH PDQ\ GLIIHUHQW WUDLQLQJ
PHWKRGV DQG WHFKQLTXHV WKH NH\ LV WR
ILQG WKH RQH WKDW ZRUNV IRU \RXU SXSS\
<RX QHHG WR EH H[SRVHG WR WKHVH DQG
WKH FOXEV DQG DVVRFLDWLRQV DUH WKH SODFH
IRU WKLV 'RQ¶W EH VK\ WR DVN TXHVWLRQV
HYHQ LI LW PDNHV \RX IHHO VWXSLG (YHU\
RQH QHHGV WR VWDUW RII VRPHZKHUH DQG
OLNH WKLV WKH PRUH \RX OHDUQ DQG WKH
PRUH \RXU GRJ LV OLNHO\ WR LPSURYH
-RLQLQJ D FOXE LV QRW MXVW DERXW FRPSH
WLWLRQV DQG SUL]HV LW¶V DERXW JHWWLQJ
\RXU GRJ WR DFKLHYH D FHUWDLQ VWDQGDUG
.H H S D Q H \ H R Q R X U Z H E V L W H
ZZZPDQPDJQXPFRP DQG WKH 0DQ
0DJQXP )DFHERRN SDJH IRU PRUH GD\
WRGD\ KDSSHQLQJV ZLWK RXU SXSS\ ,I
\RX KDYH DQ\ VXJJHVWLRQV RU FRP
PHQWV SOHDVH HPDLO PH DW P\GRJ#
PDQPDJQXPFR]D
13" 8PF ;-" M
WKLV DV \RXU SXS ZLOO GHK\GUDWH ZKLFK KLV NLEEOH WKH PRUQLQJ EHIRUH WKH UXQ
SSS>"883>85K
6
-6P5
FDQ UHVXOW LQ PHGLFDO SUREOHPV DQG 2YHUDOO WKH ZHHNHQG ZDV D KXJH

    
  
   !
JJN&E A,'! B36! )33 B. .AK,H !.BHAB
8F 4" 31 ,H,31
4Q QQQ9 A.
4& QQQ 319
QD(+(EI+E&I# 7Q4J8
Q#J+(E2+JJ(# 7Q4J8 Q 9ID& ,!B (QQC
Q .3 9ID& M,$H
+$A0! 1
Q !,  I9&+4(N(J ,11!A M,H* 3B/!A AH,H,31 K//!HB
A,'! B36! //,BH, MA3LB., B36! 6/KB ,1 9ID&9 QD2+(2&+4I4(
A!H,/! 4J &QQ9 ,A. 3A0 M,$H
+$A0! 7Q448
Q#J+##J+4&&2 7Q448 K//!HB J& QQQ9
1 A" Q 
!H!3A 0,1H
Q 1F )1K0 Q#I+(((+EE#Q 7Q4(8 31 ,H,31 4 JQQ9
0)P,1!B $A30 42#( Q A13 EQJ QDI+(#Q+QQQ4 7QIJ8
H3 JQ4#9 !A! 1 9ID& )1K0 Q EQQ A13 9IQ+QE
H*!A! 1 ,BBK! 0O ! )33 31 ,H,31 )*3BH A,'! KB*1!// B36! 
0,BB,1)9 $$!AB=
1 A,1) B,)*H !L!A ( AHA, )! B!B # QQQC
QD4+EDE+Q##Q 7Q4#8 EQ 63BH A!H,/! B36! KBH30 9I#6/ HA)!H
Q !L!A/ B.K// 03K1HB 7%N! ( 63M!A89 ; DQN A!L3/L!A E@@ AA!/
O ,)*L!/ ,1/K ,1) AHA, )!B A!/3 ,1) *0OA )A,6B
.K K &4@@: HM3 B/! !<K,60!1H 4J QQQ J &QQ9 Q#J+(#&+E(QE
(I@@+(&@@: 1O/ JI5@@ //9 QDJ+I(4+#I#D 7Q(E8 7//8 7Q448
B*3K/ !A 03K1H9 A,! Q 
94DD 4 &QQC Q !A B.,1B >
?
1!)3H,/!9 K/  94DD J QQQ9 3H* A ! !AH,%!  1!M
Q44+##I+EQIJ A,'!B ,A 42&& )33 ,1 6A,BH,1! 31 ,H,31
Q 9(4E ,)O A,'! 31 ,H,319 # &QQ H3 4J QQQ9
-!M!//! H,31 !1+ QDJ+JED+J2J& 7Q448 ,!M ,1
F O
)AL! <KAH!A A, 1 Q K1H,1) 0)P,1!B 663,1H0!1H9 !1
$A31H A06 N6A!BB )1K0 
K1H Q#J+2QJ+IE&J 7Q&48
B,)*HB 0,1H 31 ,H,31 ,/ !1
)
$A,1

+)A !9 9
6M"!
K1H!A
$A,1 KH+
Q#J+(44+QJ4Q 7QII8 %HH!A 3M K1H!A !H9
Q !K63/  &QQ9 Q#I+J2J+JJE#
(+4JN(Q
 A,'! B36! 7Q4J8
M,H*  K6/!N !N!/+ Q *3 !B,1 , )!+ Q 3/H $3A A13 3N
/!1H 31 ,H,31 . 6K66,!B 6! ,+ 9JJ 3A1!H M1H! O
I &QQ !N/K ,1) 63BH+ )A!! 13H A!),BH!A! 
KBHA/,1 A! !A9 ,//
)!9 AO1A J &QQ !*9 ,1 6O 1O $,A 6A,! 6/KB
Q#I+IJD+Q2IE 7Q4D8 Q#(+((Q+2Q(Q 7Q4E8 63BH)!9 1 ,1.!/
Q &QN DN&D ABB Q 2(N 9IQ+QE 
A0O ,)K//!HB,)631 9
1!.+B,P!  6A,0!  ABB J9&Q !*C (DN 30
JQQC (QN DN&D ABB   J !*C &IN   Q 4J+O!A+3/ 3O
31!+%A!  4&QC IQN A!/3 ! 31! 49&Q .!!1 3KH 33AB01
DN&D ABB 1 K//!HB !*9 Q#I+&E(+(4&E /33.,1) $3A 6BH
4&QC EQN E9&N&& ABB 7Q4(8 )1K0 ,BBK!B $3A
1 K//!HB 4&Q9 Q 4##D AH,1, !1AO $A!!9 A!H3A, A!),31

3*11 Q#J+#2&+#24#  6K,. H3!BH1  M,// 3//!H9 A13,B
7QI48 ,!B 6HA31! 366,!B Q#J+#J4+D4Q2 7Q4J8
Q ,)*H 3A!  &9&+ 6K1H! B./ /,BH3.

75$',1* D/E/DhD ,Z'͗ Zϴϱ͕ϬϬ ;ŝŶĐůͿ ĨŽƌ ϭϮ ǁŽƌĚƐ͖ ƚŚĞƌĞĂĨƚĞƌ

Zϱ͕ϬϬ ƉĞƌ ǁŽƌĚ͘ WĂLJŵĞŶƚ ǁŝƚŚ ŽƌĚĞƌ͘
3267 ĐůĂƐƐŝĨŝĞĚƐΛŵĂŶŵĂŐŶƵŵ͘ĐŽ͘njĂ ͻ ĨĂdž ϬϴϲͲϱϮϬͲϯϳϭϭ


 
  





%!%$  0.30B
,*031  1*/0L,1,
//!O 6/,1B )0!
*K1H,1) L,//!9


 
A3K6B 1 3A63AH!
6.)!B9 31HH 3
KH01 Q#J+(42+D(#E
MMM9)K, !B!AL,!B9


     
 39P



 %%# 
SSS>565-6P5>85 1! BH36 B*36 $3A //
O3KA .1,$! 0.,1)
0*,1!B H33/B 1
514565-6P5>8>V BK66/,!B9 //
Q4J+D&J+DDEQFEJ 3A
GPGF1;M186G565-6P5>8>V L,B,H MMM9 B939P
  
%!%  A,1,1)
6A3)A0B $3A )K1
8IDK<: JPEK?<K@: JKF:BJ 3)B + *K01 HA.,1)
/33 B633A HA.,1)9

!2 .5" !!' '/ ... $!,% A,1,1) 6A3)A0 $3A
'( 5. - )"-
 $% 5- -" *5 6K66O +3! ,!1!F ,B+
2 5** .  -  111&',&!&4 ,6/,1!  ,1HA3 KH,31
H3 M,/ ,A B9 1H!A+
0! ,H!   L1!
HA,1,1)9 !/),K0
/,/' '! /,3' /13,B !H!H,31 
 '(( !, , /' #'((/'  6!AB31/ 6A3H!H,31
 1, , !#!(, ,'& 3)B $A30 4J M!!.B
(  !(# # '((,, #!23 !,&
H3 3/ !A HA,1! 3)B9

0  !'  "  '!&
31HH 3 KH01
—•–‘ „—‹Ž– •–‘…• ˆ‘” ƒŽŽ ‘–Š‡” ƒ‡• Q#J+(42+D(#E H3 

  
 
  
   !
B$A,3K1 939P F 3 13H M1H KA,3 -K1.


 
MMM9)K, !B!AL,!B9 1 M,//,1) H3 6O $3A     
39P <K/,HO9 !1 6,HKA!B 
 %!%$  31 !A+

 %%$  ! + 1 3H*!A !H,/B H3 $K/ 3KH 33A !N6!A,!1!
,1) BK66/,!A 3$ $A, ,1$3$A,1B930 $3A H*! $0,/O9 /H,0H!
,1B6,A! )!A ,B /33.,1)     
1 K1,<K! 3A63+
$3A // HO6!B 3$ 0!1?B %%  K//O !<K,66! AH! 3061O L!1K!
1 M30!1?B -!M!//!AO 06 1 3/ A330 *!/3A 6AH,!B $H*!A
7!/!6*1H *,A M,H* 1 M,H* LA,!HO 3$ )0!9  B31 KB*  L!1+
MF3 6A!,3KB 0!H/B8 +0,/ BKP!HH! HKA!B9 ,.,1) *,.,1)
1 1H,<K!F)33 0!)939P HA,/B 'O %B*,1) A,L!A
A!6A3 KH,31B 3$ K/K    A$H,1) ,A ,1) 3A -KBH
1 B, B*,!/ B9  %!%  336 A!/N 1 !1-3O H*!
KBH ! $0,/,A M,H* 6/B/,. L!ALA ,) B!1BH,31/ HA1<K,/,HO
,1H!A1H,31/ B*,66,1) !1 M!!B L!AB!.!A L1 3$ 3KA ( KB* /3 )!B9
6A3L, !   6!A0,H )!*/H! !1 L33AA 9 31HH 3 KH01
$3A !/!6*1H *,A 1 KA,HP Q#(+(E4+I(J4 Q#J+(42+D(#E H3 B+
!  !6H H B!KA,1) // 7Q4J89 MMM96!A$!H+ $A,3K1 939P F MMM9
66A36A,H! 6!A0,HB9 K//!H6K//!A939P )K, !B!AL,!B939P

    
  


#
6!416- 5" FGG"G
7KH JXWWLQJ VNLQQLQJ DQG KDQGOLQJ RI
D JDPH FDUFDVV LV MXVW DV LPSRUWDQW D
SDUW RI KXQWLQJ DV WKH ILQGLQJ VWDONLQJ
DQG VKRRWLQJ RI WKH DQLPDO , IUHTXHQWO\
HYHQ ZDVKHG RXW SURSHUO\ LI DW DOO
1R ZRQGHU VR PDQ\ SHRSOH VD\ JDPH
PHDW WDVWHV ³JDPH\´ 2I FRXUVH LW GRHV
LI KDQGOHG WKLV ZD\
$ KXQWHU VKRXOG EOHHG WKH FDUFDVV
RXW LPPHGLDWHO\ DIWHU WKH DQLPDO¶V
:LWK WKH ODUJHU VSHFLHV WXUQ WKH
FDUFDVV WXUQ RQWR LWV ULJKW VLGH LI \RX
DUH ULJKWKDQGHG RU WKH RSSRVLWH LI
OHIWKDQGHG 7KLV PDNHV LW HDVLHU WR
JHW \RXU PDVWHUKDQG XS LQWR WKH FKHVW
FDYLW\ 1RZ VOLW RSHQ WKH EHOO\ VNLQ IURP
VHH FDUFDVVHV EDGO\ JXWWHG OHDYLQJ GHDWK DQG FXW RII WKH WHVWLFOHV 7KHQ KH WKH EULVNHW ORZHU FKHVW WR EHWZHHQ
VWRPDFK FRQWHQWV DQG HYHQ IDHFHV DOO VKRXOG FOHDQO\ JXW LW KLPVHOI RXW LQ WKH WKH EDFN OHJV YHU\ FDUHIXOO\ VR DV QRW
RYHU WKH LQVLGH RI WKH FDYLW\ DQG QRW YHOG QRW OHDYH WKLV WR RWKHUV WR FXW RSHQ WKH UXPHQ RU LQWHVWLQHV




."FG86EG 4";.6M DWLRQV DQG DOVR VHUYHG LQ WKH 5KRGHVLDQ NQRZQ WR WKH =XOX JDPH VFRXWV DV
3 2+
,/+$, 3 $UP\ DV D WUDFNHU IURP  WR 
0DJQXP GRHVQ¶W XVXDOO\ UHYLHZ ZRUNV
RI ILFWLRQ +RZHYHU ZH PDNH DQ H[FHS
WLRQ IRU 0DF3KHUVRQ¶V (OHSKDQW DV LW
ZDV LQVSLUHG E\ WKH OLIH RI WKH DXWKRU
(GZDUG 2VWURVN\ +H UHIHUV WR WKLV
KLV ILUVW QRYHO DV D ZRUN RI ³IDFWLRQ´
VLQFH PXFK RI LW LV EDVHG RQ HYHQWV WKDW
RFFXUUHG LQ DQG DURXQG 7HPEH (OHSKDQW
3DUN GXULQJ WKH ODWH V DQG HDUO\
V ZKHQ KH ZDV SDUN
PDQDJHU
%RUQ LQ 3HQQV\OYDQLD
2VWURVN\ MRLQHG WKH 86
$UP\ LQ  DQG GLG WZR
WRXUV RI GXW\ LQ WKH 9LHW
QDP :DU ZDV ZRXQGHG
LQ DFWLRQ DQG FRPSOHWHG
KLV VHUYLFH ZLWK WKH UDQN N VHUYHG  \HDUV DV D SROLFH
RI 6WDII 6HUJHDQW +H ZDV V UHVHUYLVW (GZDUG 2VWURVN\
DZDUGHG WKH %URQ]H 6WDU
V
& R P E D W , Q I D Q W U \ P D Q ¶V
%DGJH DQG D 3XUSOH +HDUW
,Q  2VWURVN\ HPLJ
UDWHG WR 5KRGHVLD WR IXOILO KLV OLIHORQJ
X6DWKDQH 6DWDQ 7KLV DOO PDNHV IRU D
,Q  2VWURVN\ HPLJUDWHG WR JULSSLQJ SDJH WXUQHU
6RXWK $IULFD ZKHUH KH MRLQHG WKH .ZD 7KH HYHQWV DUH FOHDUO\ EDVHG RQ WKH
=XOX %XUHDX RI 1DWXUDO 5HVRXUFHV DXWKRU¶V OLIH H[SHULHQFHV ,Q WKH IRUH
$V UHJLRQDO &RQVHUYDWLRQ 2IILFHU IRU ZRUG KH ZULWHV ³%HLQJ PRVW IDPLOLDU
0DSXWDODQG KH ZDV UHVSRQVLEOH IRU ZLWK P\ RZQ H[SHULHQFHV DQG WKRXJKW
WKH QHJRWLDWLRQV DQG SURFODPDWLRQ RI SURFHVVHV WKH XQIRUWXQDWH 0DF3KHU
WKH 7HPEH (OHSKDQW 3DUN +H PDQDJHG VRQ LV EOHVVHG ZLWK VRPH RI P\ DWWULE
7HPEH IRU  \HDUV DQG DOVR RYHUVDZ XWHV DQG LV EXUGHQHG ZLWK PDQ\ RI P\
1GXPR ZKHQ LW ZDV WUDQVIHUUHG IURP VKRUWFRPLQJV DQG IDLOLQJV DV ZHOO DV
W KH 1DWDO 3DUNV %RDUG WKRVH RI YDULRXV RWKHU SHRSOH , KDYH
, Q  KH WRRN RYHU DQG NQRZQ RU LPDJLQHG« $OWKRXJK WKH
PDQDJHG WKH 0NX]H *DPH
P VWRU\ LWVHOI LV ILFWLRQDO WKH HYHQWV DQG
5HVHUYH DQG DVVRFLDWHG
5 LQFLGHQWV DUH WUXH WR OLIH 7KHUH ZHUH
KXQWLQJ DUHDV DQG WUDLQHG
K SRDFKLQJ LQFLGHQWV DPEXVKHV FRQ
SDUN UDQJHUV LQ ILUHDUPV
S WDFWV ORQJ KXQWV LQ GHQVH VDQG IRUHVWV
KDQGOLQJ ILHOG ZRUN DQG
K DQG HOHSKDQWV NLOOLQJ HDFK RWKHU DV
ODZHQIRUFHPHQW +H DOVR GHVFULEHG +RZHYHU QR HYHQWV RWKHU
WKDQ WKRVH RI D ZLGHU KLVWRULFDO QDWXUH
DUH FRPSOHWH DQG WUXH LQ WKHPVHOYHV´
UHWLUHG LQ  DQG OLYHV , HQMR\ UHDGLQJ KLVWRULFDO ILFWLRQ
ZLWK KLV ZLIH 7UHOGD LQ DQG 0DF3KHUVRQ¶V (OHSKDQW ZLOO VWDQG
+RZLFN +H UHPDLQV DFWLYH DORQJVLGH VRPH RI P\ IDYRXULWHV ,WV
LQ YDULRXV FRQVHUYDWLRQ VHWWLQJ LV LQWHUHVWLQJ DQG HQOLJKWHQLQJ
DJHQFLHV HVSHFLDOO\ WR VRPHRQH WRR \RXQJ WR
GUHDP RI EHFRPLQJ D JDPH UDQJHU LQ 7KH QRYHO 0DF3KHUVRQ¶V (OHSKDQW UHPHPEHU PXFK RI WKRVH WLPHV DQG
$IULFD +H EHJDQ DV 7VHWVH )LHOG 2IILFHU LV VHW LQ DQG DURXQG WKH 7HPEH (OH WKH VWRU\¶V IDVW SDFH PDGH WKH  SOXV
IRU WKH 'HSDUWPHQW RI 9HWHULQDU\ 6HU SKDQW 3DUN LQ 0DSXWDODQG ZKLFK SDJHV IO\ E\ 2VWURVN\ ZULWHV FOHDU DQG
YLFHV EHIRUH EHFRPLQJ D JDPH UDQJHU VWUDGGOHV WKH 6RXWK $IULFD0R]DPELTXH FRQFLVH SURVH DQG KLV VW\OH NHSW PH
ZLWK WKH 'HSDUWPHQW RI 1DWLRQDO 3DUNV ERUGHU LWV VWRU\ VSDQQLQJ WKH ODWH HQJDJHG WKURXJKRXW $V \RX ZRXOG
DQG :LOGOLIH 0DQDJHPHQW +H VHUYHG V ± WKH ILQDO \HDUV RI DSDUWKHLG H[SHFW IURP DQ DXWKRU RI KLV OLIH H[SHUL
DW :DQNLH 1DWLRQDO 3DUN 'HND 6DIDUL 7KH SURWDJRQLVW 6WXDUW 0DF3KHUVRQ HQFH KLV GHVFULSWLRQV RI HOHSKDQW KXQWV
$UHD &KL]DULUD 1DWLRQDO 3DUN 0DURQ LV DQ H[VROGLHU WXUQHG JDPHUDQJHU DQG WUDFNLQJ GRZQ DQG HQJDJLQJ UXWK
JRUD =DPEH]L 9DOOH\ DQG ILQDOO\ DW
0DQD 3RROV ZKHUH KH ZDV WKH VHQLRU
UDQJHU +LV ZRUN LQYROYHG DQWLSRDFKLQJ
RSHUDWLRQV HOHSKDQW FRQWURO DQG FXOO
LQJ JDPH FDSWXUH DQG YDULRXV GHYHO
RSPHQW SURMHFWV +H WUDLQHG VWDII LQ
ILUHDUPV DQG FRXQWHULQVXUJHQF\ RSHU
  
 
  
ZKR GHVLUHV RQO\ WR ILQG SHDFH LQ WKH
ZLOGHUQHVV WKDW KH ORYHV ,QVWHDG KRZ
HYHU KH ILQGV KLPVHOI FDXJKW XS LQ D
ZHE RI LQWULJXH ZLWFKFUDIW DQG YLROHQFH
ZKLOH EDWWOLQJ SRDFKHUV ZKR FURVV RYHU
IURP ZDUWRUQ 0R]DPELTXH 0DF3KHU
VRQ PXVW DOVR SXUVXH D URJXH HOHSKDQW
OHVV SRDFKHUV DUH YLYLG DQG UHDOLVWLF
, KLJKO\ UHFRPPHQG WKLV QRYHO WR DQ\
RQH ORRNLQJ IRU DQ H[FLWLQJ DQG XQLTXHO\
6RXWK $IULFDQ UHDG
&RSLHV DUH DYDLODEOH DW ZZZHGZDU
GRVWURVN\FR]D IRU 5 ± 0RUJDQ
+DVHODX
 
#

7KHQ ILUPO\ JULS WKH UXPHQ DW WKH ORZHU

HQG DQG SXOO KDUG WRZDUGV WKH FKHVW "8-61G" M.1G@
WZLVWLQJ LW DW WKH VDPH WLPH E\ JULSSLQJ
LW GHHSHU ZLWKLQ WKH ERG\ FDYLW\ VR DV WR 14R"F DVVRFLDWLRQ SRVVLEO\ SDUW RI D WURSK\
VHYHU WKH FRQQHFWLQJ WLVVXH &DUHIXOO\ "83 %ODNH VD\V WKH FLUFOHG LPDJH LQ WKH
UHPRYH WKH EODGGHU 7KH IDWW\ ZKLWH %ODNH 2HOOHU FHQWUH RI WKH ELUG DSSHDUV WR EH WKDW
WXEH YHWGHUP OHDGLQJ WR WKH DQXV LV PDQQ D 0DJ RI D IORZHU 7KH VWDWXHWWH¶V VL]H DQG
EHVW QRW VHYHUHG DV IDHFHV LV OLNHO\ WR QXP UHDGHU OLY WKH IDFW WKDW LW LV VROLG VLOYHU VXJJHVW
VSLOO LQWR WKH VWRPDFK FDYLW\ 0DNH D LQJ LQ 1HOVSUXLW WKDW ZKDWHYHU LW DGRUQHG ZDV VRPH
FLUFXODU LQFLVLRQ DURXQG WKH DQXV DQG IRXQG WKLV VWDWX WKLQJ RI YDOXH RU LPSRUWDQFH
GUDZ RXW WKH YHWGHUP ZLWK WKH DQXV HWWH EXULHG DPLG ± *UHJRU :RRGV
LQWDFW :KHQ KDQGOLQJ WKH OLYHU EH YHU\ ROG XQGHUJURXQG
FDUHIXO QRW WR UXSWXUH WKH GHOLFDWH VDF UXEEOH LQ KLV MF6-" $T+I
PG"F
RI WKH JDOOEODGGHU ZKLFK LV DWWDFKHG ± JDUGHQ ,W LV ò FMF1!-"
LI LWV IOXLG GULSV RQWR WKH FDUFDVV WKDW
PHDW ZLOO EH LQHGLEOH &DUHIXOO\ VOLFH RII
D VDIH WKLFNQHVV RI OLYHU ZLWK WKH JDOO
EODGGHU LQWDFW DQG GLVFDUG LW
2QFH WKH UXPHQ LQWHVWLQHV DQG
OLYHU DUH RXW FXW WKURXJK WKH FKHVW
GLDSKUDJP D SDUWLWLRQ RI WKLQ PXVFOH
WLVVXH VHSDUDWLQJ WKH LQWHVWLQHV IURP
LQFKHV FP , KDYH D UHJLVWHUHG FDUWULGJH FROOHF
KLJK ZHLJKV WLRQ DQG VWXPEOHG RQ WKLV RGG PP
 JUDPV DQG FDUWULGJH 7KHUH KDYH EHHQ PDQ\
WHVWV VKRZ WKDW W\SHV RI VRIWQRVH EXOOHW GHVLJQV RYHU
LW LV PDGH RI VROLG WKH \HDUV DQG WKH *HUPDQ PDQXIDF
VLOYHU ,W KDV D WXUHUV VHHP WR KDYH WKH VWUDQJHVW ,
KHDGHG VFUHZ FDQQRW ILQG WKLV RQH LQ DQ\ ERRN DQG
DQG D IODW ZDVKHU DWWDFKHG DW WKH ZDV KRSLQJ VRPHRQH PD\ EH DEOH WR
WKH KHDUWOXQJ FDYLW\ ,I WKH DQLPDO ERWWRP LQGLFDWLQJ WKDW LW ZDV RQFH VKHG VRPH OLJKW RQ LW"
ZDV VKRW WKURXJK WKH KHDUWOXQJV FXW IL[HG WR D PHWDO SODWH RI VRPH NLQG RQ 7KH EXOOHW
WLQJ RSHQ WKH GLDSKUDJP ZLOO UHOHDVH ZKLFK LW µVWRRG¶ RU VHUYHG DV D KDQGOH VHHPV WR KDYH
ORRVH EORRG ± VFRRS DOO RI WKLV RXW RI ± SHUKDSV RQ WKH OLG RI D VLOYHU FXS WKUHH FRP
WKH FKHVW DQG VWRPDFK FDYLWLHV 1RZ DV LQ WURSK\ 7KH ELUG DSSHDUV WR EH SRQHQWV WKH
UHPRYH WKH RUJDQV RHVRSKDJXV DQG D SHDFRFN HPEOHP ZKLFK PLJKW VXJ ERG\ ORRNV OLNH
ZLQGSLSH IURP ZLWKLQ WKH FKHVW FDY JHVW DQ RULHQWDO RULJLQ RU FRQQHFWLRQ WXUQHG VWHHO
LW\ ,I \RX LQWHQG FDSLQJ WKH DQLPDO IRU SHDFRFNV DUH LQGLJHQRXV WR ,QGLD ZLWK DQ DOXPLQ
D VKRXOGHUPRXQW \RX FDQ OHDYH WKH DQG WKHUHDERXWV LXP WLS LQVLGH
RHVRSKDJXV DQG ZLQGSLSH XQWLO WKH %ODNH DVNV LI DQ\ UHDGHUV UHFRJ WKH WLS LW ORRNV
FDSLQJ MRE KDV EHHQ GRQH ,I WKH EXOOHW QLVH WKH HPEOHP ,W PLJKW EH WKDW RI OLNH D UHG FRSSHU
KDV UXSWXUHG WKH UXPHQ RU LQWHVWLQHV D PLOLWDU\ UHJLPHQW SHUKDSV KDYLQJ WDSHU ,V WKLV D
WKH HQWLUH VWRPDFK FDYLW\ PXVW EH WKRU RQFH DGRUQHG WKH KHDG RI WKH PDFH W\SH RI PLOLWDU\
RXJKO\ ZDVKHG RXW ZLWK FOHDQ ZDWHU DV FDUULHG E\ WKH GUXPPDMRU RI D PLO DUPRXUSLHUFLQJ
VRRQ DV SRVVLEOH DQG DQ\ SROOXWHG RU LWDU\ EDQG RU WKH HPEOHP RI VRPH URXQG" ± 6DUHO
EORRGVKRW PHDW UHPRYHG $OZD\V FDUU\ VSRUWLQJ FOXE RU WDUJHWVKRRWLQJ YDQ GHU 0HUZH
D VXSSO\ RI FOHDQ ZDWHU RQ \RXU YHKLFOH
:LWK WKH VPDOOHU VSHFLHV LW LV EHVW
WR KDQJ WKH FDUFDVV XSULJKW KHDG
XSSHUPRVW IRU JXWWLQJ EHIRUH SUR




FHHGLQJ DV GHVFULEHG 7KLV ZD\ WKH

UXPHQ DQG LQWHVWLQHV GURS RXW EHWZHHQ

    
  
WKH EDFN OHJV ,I WKH FDUFDVV LV KXQJ E\ WKH EDFN OHJV LW DOO
GURSV LQWR WKH FKHVW FDYLW\ :LWK WKH FDUFDVV KDQJLQJ KHDG XS
DIWHU RSHQLQJ WKH EHOO\ VNLQ ILUVW FXW RXW WKH GLDSKUDJP VHYHU
WKH RHVRSKDJXV DQG ZLQGSLSH DERYH WKH KHDUW DQG OXQJV 
DQG WKHQ WKH ZKROH ORW LQFOXGLQJ UXPHQ DQG LQWHVWLQHV FDQ EH
HDVLO\ SXOOHG RXW EHWZHHQ WKH EDFN OHJV ZLWK D OLWWOH KHOS IURP
""M PF
\RXU NQLIH <RX FDQ DOVR JXW ELJ FDUFDVVHV WKLV ZD\ LI \RX KDYH
D EORFN DQG WDFNOH DYDLODEOH
86MF1PM8FG

:LWK DOO WKLV FRPSOHWHG DQG WKH ERG\ FDYLW\ WKRURXJKO\ P6

ZDVKHG RXW VNLQ WKH FDUFDVV DQG KDQJ LW LQ D FRROURRP LI 816G86

DYDLODEOH RWKHUZLVH LQ WKH VKDGH 6NLQQLQJ LW DIWHU LW LV FROG
LV PRUH GLIILFXOW 1RYLFHV VKRXOG VHHN LQVWUXFWLRQ IURP H[SH &XDQ¶V IDVFLQDWLRQ
ULHQFHG VNLQQHUV ± \RX QHYHU NQRZ ZKHQ \RX PD\ KDYH WR GR ZLWK DQ\WKLQJ WKDW
Z
WKLV MRE \RXUVHOI :KHUH WKHUH DUH EDG IO\ SUREOHPV KDQJ WKH ZLOO ODXQFK D SUR
FDUFDVV LQ D VFUHHQHG DUHD RU LQ D PRVTXLWR QHW MHFWLOH KDV D FXWWLQJ
)RU JRRG WDEOH PHDW LW LV EHVW WR KDQJ WKH FDUFDVV LQ D HGJH RU FDQ FDWFK D
FROGURRP DW DERXW  GHJUHHV &HOVLXV IRU DW OHDVW WHQ GD\V LQ ILVK EHJDQ ZKHQ KH ZDV  \HDUV ROG $ IDUPLQJ XQFOH
RUGHU WR WHQGHULVH LW DOORZHG KLP D IHZ VKRWV ZLWK DQ ROG 0DXVHU  ULPILUH
0DQ\ KXQWHUV DIWHU VKRRWLQJ DQ DQLPDO IDLO WR JXW LW ULIOH DQG WKH EXJ ELW $IWHU FRPSOHWLQJ 1DWLRQDO 6HUYLFH KLV
LPPHGLDWHO\ FDUU\LQJ WKH FDUFDVV DURXQG RQ WKH EDFN RI WKH ILUVW MRE ZDV ZLWK 7RQ\ +DUULVRQ DW &LW\ *XQV &DSH 7RZQ
EDNNLH LQ WKH KRW VXQ FDXVLQJ LW WR EORZ XS IURP WKH VWRP ZKLFK IXUWKHU IXHOOHG KLV SDVVLRQ +H XVHV KLV [
DFK JDVHV 7KLV ZLOO WDLQW WKH PHDW SDUWLFXODUO\ WKH ILOOHWV /DSXD IRU ORQJUDQJH JRQJ VKRRWLQJ DQG RSHQ DUHD KXQW
DQG EHWZHHQ WKH EDFN OHJV ,W LV WKHQ JXDUDQWHHG WR WDVWH LQJ DQG SUHIHUV D [ RU D  IRU WKLFN EXVKYHOG +H
³JDPH\´ ,I \RX KDYH WR FDUU\ WKH FDUFDVV DQ\ GLVWDQFH JXW SDUWLFXODUO\ HQMR\V KXQWLQJ LQ WKH /LPSRSR¶V :DWHUEHUJ
LW ILUVW DQG FRYHU LW ZLWK JUDVV RU OHDI\ EXVKHV RQ WKH EDFN DQG WKH 1RUWKHUQ &DSH DQG FRQVLGHUV NXGX EOXH ZLOGH
RI WKH EDNNLH %ORRG FDQ HDVLO\ EH ZDVKHG RII WKH EHG RI WKH EHHVW DQG ZDUWKRJ WR EH KLV IDYRXULWH TXDUU\ +H LV DOVR
WUXFN D GHGLFDWHG VSRUWV VKRRWHU ,'3$ DQG KDV ZRQ WKH 6$
&DSLQJ D FDUFDVV IRU WD[LGHUP\ LV D KLJKO\ VSHFLDOLVHG IRUP 1DWLRQDO 3LQ 6KRRWLQJ &KDPSLRQVKLS WZLFH FRQVHFXWLYHO\
RI VNLQQLQJ ZKLFK UHTXLUHV WKRURXJK WUDLQLQJ 7UDLQHH SURIHV
VLRQDO KXQWHUV PXVW XQGHUJR D SK\VLFDO FDSLQJ H[DP LQ RUGHU
8F" 8PM PF
WR TXDOLI\ IRU D 3+ OLFHQFH
/DVWO\ IDWKHUV UDLVLQJ WKHLU FKLOGUHQ WR EH KXQWHUV VKRXOG PGF1"FG 15

WHDFK WKHP DOO WKHVH VNLOOV QRW RQO\ VR WKDW WKH\ QHHG QRW UHO\ !-S13

RQ ODERXUHUV EXW WR PDNH WUXH KXQWHUV RI WKHP ± -RKQ
&ROHPDQ 7
7LP OLYHV LQ 3LHWHUPDULW]EXUJ
DQG KDV EHHQ D 0DJQXP
D
VXEVFULEHU
V IRU  \HDUV $Q
F1M" &8F #0" DYLG
D ZLQJVKRRWHU KH HQMR\V
KXQWLQJ LQ WKH )UHH 6WDWH
:H DUH DOZD\V RQ WKH ORRNRXW IRU QHZ DUWLFOHV IRU SXEOLF +H XVHV D %URZQLQJ %
DWLRQ )RU KXQWLQJ VWRULHV D YDULHW\ RI JRRG SKRWRJUDSKV JDXJH IRU ELUG VKRRWLQJ
DUH D GHVLUDEOH DFFRPSDQLPHQW EXW QRW HVVHQWLDO :H DUH DQG DOVR RZQV D %URZQ
PRUH LQFOLQHG WR DFFHSW DUWLFOHV ZKLFK GHDO ZLWK µRUGLQDU\¶ LQJ $%ROW LQ :LQ +LV ODVW KXQW ZDV LQ )HEUXDU\ RI
JDPH DQG ZH ZHOFRPH VXEPLVVLRQV LQ $IULNDDQV 7U\ WR WKLV \HDU ZKHQ KH VKRW URFN SLJHRQV LQ %DLQ¶V 9OHL MXVW
HQVXUH WKDW \RXU DUWLFOH LV DEOH WR µWHDFK¶ WKH UHDGHU VRPH RXWVLGH %ORHPIRQWHLQ +H LV D PHPEHU RI WKH 6$ :LQJ
WKLQJ $UWLFOHV VKRXOG QRW EH ORQJHU WKDQ   ZRUGV &RQ VKRRWHUV $VVRFLDWLRQ DQG RI WKH .ZD=XOX1DWDO +XQWLQJ
WDFW XV EHIRUH \RX VWDUW ZULWLQJ WR UHFHLYH D IUHH FRS\ RI DQG &RQVHUYDWLRQ $VVRFLDWLRQ
0DJQXP¶V :ULWHUV¶ *XLGHOLQHV DQG WR ERXQFH LGHDV RII XV
6RPHWLPHV ZH PD\ KDYH DQ DUWLFOH RQ D VLPLODU WRSLF µZDLW 85;"M1M186 166"F
LQJ LQ WKH ZLQJV¶ VR LW LV DOZD\V EHVW WR FKHFN ZLWK XV
EHIRUHKDQG 3OHDVH FRQWDFW *DLO RQ  RU DW 'DQLH (UDVPXV IURP (OOLVUDV /LPSRSR LV WKLV PRQWK¶V
JRVERUQH#PDQPDJQXPFR]D IRU D FRS\ RI RXU :ULWHUV¶ FRPSHWLWLRQ ZLQQHU +H KDV ZRQ D FRS\ RI 0DF3KHUVRQ¶V
*XLGHOLQHV ± 0RUJDQ +DVHODX (OHSKDQW E\ (GZDUG 2VWURVN\