&YĂďŽƵƚZdZƐ

,WKZ

&ŽƌdŚĞ&ŝŶĂůZdZ͕<ŝůůŝŶŐdĞƚƌĂŐƌĂŵŵĂƚŽŶ͕^ŚĂƚƚĞƌŝŶŐ:ĞǁŝƐŚ^ŽƵůWƌŽƚĞĐƚŝŽŶ

Ž/ŶĞĞĚƚŽƌĂŝƐĞŵLJĞŶĞƌŐŝĞƐďĞĨŽƌĞƚŚĞƌŝƚƵĂů͍

zĞƐ͕LJŽƵĐĂŶƌĂŝƐĞLJŽƵƌĞŶĞƌŐŝĞƐďĞĨŽƌĞƚŚĞƌŝƚƵĂů͘KŶĞĂĐŚƌŝƚƵĂůƉĂŐĞ͕ĂůŝŶŬƚŽƚŚĞĞŶĞƌŐLJƌĂŝƐŝŶŐƌŝƚƵĂůƐ
ŝƐŐŝǀĞŶ͘

Ž/ŶĞĞĚƚŽĚŽƚŚĞƌŝƚƵĂůŽŶĂƐƉĞĐŝĨŝĐƚŝŵĞ͍

ŶLJƚŝŵĞǁŝůůĚŽ͘dŚĞŚŽƵƌŽĨ^ĂƚƵƌŶĨŽƌƚŚŽƐĞǁŚŽŚĂǀĞƚŚĞůƵdžƵƌLJŝƐĂůƐŽŐƌĞĂƚ͕ďƵƚĂŶLJŚŽƵƌǁŝůůĚŽ͘

ZdZΖƐĂƌĞƚŽďĞĚŽŶĞĞǀĞƌLJƚŝŵĞĂƚϭ͗ϬϬ͗ϬϬĂŶĚĂƚϬ͗ϬϬ͗ϬϬ͘zŽƵĐĂŶƵƐĞƚŚĞĐůŽĐŬŽŶƚŚĞŚŽŵĞƉĂŐĞĨŽƌ
ƚŚŝƐ͘

<ĞĞƉĂŶĞLJĞŽƵƚĨŽƌŶĞǁZdZƐĐŚĞĚƵůĞƐ͘/ĨƚŚĞƌĞŝƐĂŶĞǁƐĐŚĞĚƵůĞ͕ŝƚǁŝůůĂƉƉĞĂƌŽŶLJŽƵƌŚŽŵĞƉĂŐĞ͘

tŚĂƚ/Ĩ/ĚŽŶŽƚŚĂǀĞĂƉƌŝŶƚĞƌ͍ŽĞƐƚŚĂƚǁĞĂŬĞŶƚŚĞƌŝƚƵĂů͍

^ĞĞηϭϱ͘/ŶĨĂĐƚ͕LJŽƵĚŽŶΖƚŶĞĞĚƚŽƉƌŝŶƚĂŶLJƚŚŝŶŐ͘&ŽƌƚŚĞŶĞĐĞƐƐĂƌLJƌŝƚƵĂůƐ͕ƚŚĞƌĞŝƐĂƉĂŝŶƚŝŶŐƐLJƐƚĞŵ
ƚŚĂƚĂůůŽǁƐLJŽƵƚŽĚƌĂǁůĞƚƚĞƌƐĚŝƌĞĐƚůLJŽŶƚŚĞĚĞǀŝĐĞ͘

^ŚŽƵůĚ/ĚŽƚŚĞƌŝƚƵĂůŝĨ/ĂŵŶĞǁ͍

zĞƐ͕LJŽƵĐĂŶĚŽƚŚĞƌŝƚƵĂůŝĨLJŽƵĂƌĞŶĞǁ͘

/Ĩ/ĚŽŶŽƚŚĂǀĞƚŝŵĞ͕ĐĂŶ/ƐƚŝůůĚŽƚŚĞƌŝƚƵĂů͍

/ŶƐĞǀĞƌĞĐĂƐĞƐŽĨůĂĐŬŽĨƚŝŵĞ͕ŝƚĐĂŶƐƚŝůůďĞĚŽŶĞ͘tŝƚŚůŽǁĞƌƌĞƉĞƚŝƚŝŽŶƐŽŶĞĂĐŚůĞƚƚĞƌǀĂƌŝĂƚŝŽŶ͘dŚĞ
ŵŝŶŝŵƵŵƐŚŽƵůĚďĞϯƚŝŵĞƐ͘/ŶĞdžƚƌĞŵĞĐĂƐĞƐ͕ϭƚŝŵĞǁŝůůĚŽ͘dŚĞĂĨĨŝƌŵĂƚŝŽŶŵƵƐƚĂůǁĂLJƐďĞĚŽŶĞϯ
ƚŝŵĞƐ͘

4
,ŽǁĚŽ/ĚŝƐƉŽƐĞƚŚĞƉĂƉĞƌ͍

ƵƌLJŝƚŝŶƚŚĞŐƌŽƵŶĚ͕ƐŚƌĞĚŝƚ͕ƌƵŝŶŝƚŝŶƐŽŵĞǁĂLJ͕ĂŶĚĚŝƐƉŽƐĞŝƚ͕ŝĨLJŽƵĚŽƚŚŝƐǁŝƚŚƉĂƉĞƌ͘

,ŽǁĨƌĞƋƵĞŶƚůLJĐĂŶ/ĚŽƚŚŝƐƌŝƚƵĂů͍

ƐŵƵĐŚĂƐLJŽƵůŝŬĞ͘/ƚƐŚŽƵůĚďĞĚŽŶĞĚĂŝůLJďLJĞǀĞƌLJŽŶĞ͘

tŚĂƚĚŽĞƐƚŚŝƐƌŝƚƵĂůĚŽ͍

dŚŝƐƌŝƚƵĂůƌĞǀĞƌƐĞƐƚŚĞ:ĞǁŝƐŚůĞƚƚĞƌƐǁŚŝĐŚĞĨĨĞĐƚŝǀĞůLJƌĞǀĞƌƐĞƐĂŶĚƌƵŝŶƐĂůůƚŚĞƐƉŝƌŝƚƵĂůĂŶĚĞdžŝƐƚĞŶƚŝĂů
ƐLJƐƚĞŵŽĨƚŚĞĞŶĞŵLJ͕ďŽƚŚŽŶƚŚĞǁŽƌůĚ͕ĂŶĚŽŶĂŶLJŝŶĚŝǀŝĚƵĂů;ĨŽƌĞdžĂŵƉůĞ͕ƚŚŽƐĞďůĞƐƐĞĚŽƌĐƵƌƐĞĚďLJ
:ĞǁŝƐŚŵĂŐŝĐŬ͕ƚŚŽƐĞĚŽŝŶŐ:ĞǁŝƐŚŵĞĚŝƚĂƚŝŽŶ͕:ĞǁŝƐŚƐŽƵůƐĞƚĐͿ͘/ƚΖƐĂƌĞǀĞƌƐĂůŽĨƚŚĞǀĞƌLJĞdžŝƐƚĞŶĐĞŽĨ
ƚŚĞĞŶĞŵLJŝŶĂůůƐĞŶƐĞƐ͘dŚŝƐŝŶĐůƵĚĞƐƚŚĞĞŶĞŵLJŝŶĂůůƚŚĞŝƌŽƚŚĞƌŽĐĐƵůƚďƌĂŶĐŚĞƐĂůƐŽ͘

,ŽǁĚŽƚŚĞƌĞǀĞƌƐĞƚŽƌĂŚƌŝƚƵĂůƐǁŽƌŬ͍/ƐƚŚĂƚ,ĞďƌĞǁ͍

ZĞĐŽŵŵĞŶĚĞĚ͗,ŽǁĚŽZdZƐǁŽƌŬ͍

,ŽǁƐƚƌŽŶŐŝƐƚŚŝƐƌŝƚƵĂůĐŽŵƉĂƌĞĚƚŚĞŽŶĞƐǁĞŚĂǀĞĚŽŶĞďĞĨŽƌĞ͍

dŚŝƐƌŝƚƵĂůǁŽƵůĚŶŽƚďĞƉŽƐƐŝďůĞǁĞƌĞŝƚŶŽƚĨŽƌĂůůƚŚĞĞĨĨŽƌƚƐƉƵƚŝŶƚŚĞŽƚŚĞƌƌŝƚƵĂůƐǁŚŝĐŚŽƉĞŶĞĚƚŚĞ
ĞŶĞŵLJƵƉƐŽƚŚŝƐƌŝƚƵĂůĐĂŶďĞĞĨĨĞĐƚŝǀĞĂŶĚĂƉƉůŝĐĂďůĞ͘dŚĞZdZΖƐŶĞĞĚƚŽďĞŬĞƉƚƐĂĨĞƌĞŐĂƌĚůĞƐƐŝŶ
ƐŽŵĞƉůĂĐĞ͕LJĞƚĨŽƌƚŚĞƚŝŵĞďĞŝŶŐǁĞǁŝůůŽŶůLJĚŽƚŚŝƐZdZĂƐƚŚŝƐĐĂƉƚƵƌĞƐĞǀĞƌLJƚŚŝŶŐǁĞŶĞĞĚƚŽďĞ
ĚŽŝŶŐ͘

dŚĞ&ŝŶĂůZdZн<ŝůůŝŶŐdĞƚƌĂŐƌĂŵŵĂƚŽŶн^ŚĂƚƚĞƌŝŶŐ:ĞǁŝƐŚ^ŽƵůWƌŽƚĞĐƚŝŽŶ͕ŝƐƚŚĞŵŽƐƚĂĚǀĂŶĐĞĚZdZ
ĐŽŵďŝŶĂƚŝŽŶĂǀĂŝůĂďůĞŶŽǁ͕ĂŶĚĚĞĂůƐŵĂũŽƌĚĂŵĂŐĞƚŽƚŚĞĞŶĞŵLJ͘

,ŽǁĚŽ/ĐŚĂŶƚͬǀŝďƌĂƚĞƚŚĞůĞƚƚĞƌƐ͍

dŚŝƐŝƐĂŵĂƚƚĞƌŽĨƉĞƌƐŽŶĂůƉƌĞĨĞƌĞŶĐĞ͘zŽƵĐĂŶũƵƐƚƐƉĞĂŬƚŚĞůĞƚƚĞƌƐ͕ŽƌƐůŝŐŚƚůLJǀŝďƌĂƚĞƚŚĞŵ͕ĂŶĚƚŚĞ
ƌŝƚƵĂůǁŽƵůĚďĞĞƋƵĂůůLJĞĨĨĞĐƚŝǀĞ͘KŶĞƐŚŽƵůĚƐƚƌŝǀĞƚŽŚĂǀĞƚŚĞƐĂŵĞƐŽƵŶĚƐĂƐƚŚĞDWϯĨŝůĞƉƌŽǀŝĚĞĚ͕
ďƵƚŝĨƚŚĞƐĞĂƌĞŶŽƚƉĞƌĨĞĐƚ͕ƚŚĞƌŝƚƵĂůŝƐƐƚŝůůĨƵůůLJǁŽƌŬŝŶŐĂŶĚĨƵůůLJǀĂůŝĚ͘

5
tŚĂƚŝƐƚŚĞƐĞƋƵĞŶĐĞŽĨƚŚĞůĞƚƚĞƌƐ͍

dĂŬŝŶŐĨŽƌĞdžĂŵƉůĞƚŚĞĨŝƌƐƚůĞƚƚĞƌ͗

ΗsŝďƌĂƚĞĞĂĐŚƚŚĞĨŽůůŽǁŝŶŐϵƚŝŵĞƐĞĂĐŚ͗s,dͻ&h,dͻsh,dͻsh,^^ͻKhdͻKhd,ͻs,^^Η

dŚŝƐǁŽƵůĚďĞs,d;LJŽƵĚŽƚŚŝƐϵƚŝŵĞƐͿ͕ƚŚĞŶ&h,d;LJŽƵĚŽƚŚŝƐϵƚŝŵĞƐͿƚŚĞŶsh,d;LJŽƵĚŽƚŚŝƐϵ
ƚŝŵĞƐͿ͕ƚŚĞŶsh,^^;LJŽƵĚŽƚŚŝƐϵƚŝŵĞƐͿ͕ƚŚĞŶKhd;LJŽƵĚŽƚŚŝƐϵƚŝŵĞƐͿ͕ƚŚĞŶKhd,;LJŽƵĚŽƚŚŝƐϵ
ƚŝŵĞƐͿƚŚĞŶs,^͕LJŽƵĚŽƚŚŝƐϵƚŝŵĞƐ͘

ĨƚĞƌƚŚĞĂďŽǀĞ͕LJŽƵďůŽƚƚŚĞůĞƚƚĞƌ͘

dŚĞƐĂŵĞƐĞƋƵĞŶĐĞŝƐĚŽŶĞĨŽƌĂůůůĞƚƚĞƌƐ͕ƚŽƚŚĞŝƌŶĂŵĞǀĂƌŝĂŶƚƐĨƌŽŵůĞĨƚƚŽƌŝŐŚƚ͘tŚĞŶLJŽƵĂƌĞĚŽŶĞ
ďůŽƚƚŝŶŐƚŚĞůĂƐƚůĞƚƚĞƌ͕LJŽƵƐĂLJƚŚĞĂĨĨŝƌŵĂƚŝŽŶǁŝƚŚĐŽŶǀŝĐƚŝŽŶϯƚŝŵĞƐ͘

,ŽǁĐĂŶ/ŝŶĐƌĞĂƐĞƚŚĞŝŵƉĂĐƚŽĨƚŚĞƌŝƚƵĂů͍

ZĞĐŽŵŵĞŶĚĞĚ͗hƐĂŐĞŽĨƚŚĞ&ŝŶĂůZdZ͕dĞƚƌĂĂŶĚ^ŚĂƚƚĞƌŝŶŐ

ĂŶ/ǀŝƐƵĂůŝnjĞƚŚĞůĞƚƚĞƌƐďĞŝŶŐĚĞƐƚƌŽLJĞĚ͍

KĨĐŽƵƌƐĞ͘/ŶĂŶLJǁĂLJLJŽƵůŝŬĞ͘

/Ĩ/ĚŽŶŽƚŚĂǀĞĂƉƌŝŶƚĞƌ͕ĂŶĚ/ĚŽŶŽƚŚĂǀĞĂŶĞůĞĐƚƌŽŶŝĐĚĞǀŝĐĞ͕ŚŽǁĐĂŶ/ŽƚŚĞƌǁŝƐĞĚŽƚŚĞƌŝƚƵĂů͍

/ŶĐĂƐĞƐǁŚĞƌĞŽŶĞƉŽƐƐĞƐƐŽŶůLJƚŚĞŵĞĂŶƐƚŽƌĞĂĚƚŚĞƌŝƚƵĂůĨƌŽŵĂŶĚŝƐŝŶƐŽŵĞƐŽƌƚŽĨĂĚŝƌĞƐŝƚƵĂƚŝŽŶ͘
zŽƵĚŽƚŚĞƌŝƚƵĂůĂƐƵƐƵĂů͕ĂŶĚŝŶƐƚĞĂĚŽĨďůŽƚƚŝŶŐŽƵƚƚŚĞƉĂƉĞƌƐŽƌǁŝƉŝŶŐƚŚĞŵŽƵƚŝŶĂƉĂŝŶƚƉƌŽŐƌĂŵ
ĂŶĚĚŝƐƉŽƐŝŶŐƚŚŝƐ͕LJŽƵĐĂŶĚŝƌĞĐƚůLJŝŵĂŐŝŶĞƚŚĞůĞƚƚĞƌƐďĞŝŶŐĚĞƐƚƌŽLJĞĚŝŶLJŽƵƌŵŝŶĚ͘

KŶĞƐŚŽƵůĚƚƌLJƚŽƵƐĞƐŽŵĞŵĞĂŶƐƚŽĚŽƚŚĞƌŝƚƵĂůǁŝƚŚĂĚĞǀŝĐĞŽƌĂƉĂƉĞƌŚŽǁĞǀĞƌ͘WĂŝŶƚŝŶŐŝƚŽǀĞƌŝŶ
LJŽƵƌƉŚŽŶĞŝƐĂůƐŽǁŽƌŬŝŶŐĨŝŶĞ͘

,ŽǁĚŽZdZƐǁŽƌŬ͍

6
,WKZ

dŚĞƐĞƌŝƚƵĂůƐǁŽƌŬƚŽĚĞƐƚƌŽLJƚŚĞĞŶĞŵLJĂŶĚƌĞŵŽǀĞĂůůƚŚĞŝƌĞdžŝƐƚĞŶĐĞĂŶĚƐƉŝƌŝƚƵĂůĨŽƵŶĚĂƚŝŽŶ͘dŚĞ
ƌŝƚƵĂůŝƐĂŵĂƐƚĞƌĨƵůǁŽƌŬŽĨŽĐĐůƵƚŝƐƚŝĐŬŶŽǁůĞĚŐĞƚŚĂƚĨŽůůŽǁƐƐƉŝƌŝƚƵĂůĂŶĚŵĂŐŝĐŬĂůůĂǁƐƚŽŚĂǀĞ
ŵĂdžŝŵƵŵĨƵŶĐƚŝŽŶ͘

/ƚŝƐŶŽƚ,ĞďƌĞǁ͕ŝƐƚŚĞŽƉƉŽƐŝƚĞŽĨ,ĞďƌĞǁ͘/ƚΖƐŵĞĂŶƚƚŽĚĞůĞƚĞ,ĞďƌĞǁ͕ĚĞǀŽŝĚŝƚŽĨĂŶLJƐƉŝƌŝƚƵĂůƉŽǁĞƌ
ĂŶĚĚĞƐƚƌŽLJĂůůĂƐƐŽĐŝĂƚĞĚĐƵƌƐĞƐŽĨŝƚ͘dŚŝƐǁŝůůĐŽůůĂƉƐĞƚŚĞǁŚŽůĞĂƐƚƌĂůĨŽƵŶĚĂƚŝŽŶŽĨƚŚĞĞŶĞŵLJ͕ĂŶĚ
ƚŚĞŶĂůůƚŚĞŝƌŵĂƚĞƌŝĂůĨŽƵŶĚĂƚŝŽŶǁŝůůĐŽůůĂƉƐĞŽŶŝƚƐĞůĨ͕ƐŝŶĐĞŝƚΖƐĂůůƵƉŚĞůĚďLJƚŚĞƐĞŽĐĐƵůƚŝĐĨŽƌĐĞƐ͘

ZĞĐŽŵŵĞŶĚĞĚ͗KŶƚŚĞ^ƚĞƉƐŽĨDĂŐŝĐŬ

dŚĞŽĐĐƵůƚƉƌŝŶĐŝƉůĞďĞŚŝŶĚƚŚĞƌŝƚƵĂůƐŝƐƚŚĞĐƌĞĂƚŝŽŶŽĨĂĐŽƵŶƚĞƌͲǀŝďƌĂƚŝŽŶƚŽƚŚĞǀŝďƌĂƚŝŽŶƚŚĞ:ĞǁƐĂƌĞ
ĐƌĞĂƚŝŶŐ͕ĞĨĨĞĐƚŝǀĞůLJďůŽƚƚŝŶŐŽƵƚƚŚĞŝƌƐĨƌŽŵƚŚĞĂƐƚƌĂůƉůĂŶĞĂŶĚĐĂƵƐŝŶŐƚŚĞŽƉƉŽƐŝƚĞĞĨĨĞĐƚŽĨǁŚĂƚ
ƚŚĞLJŝŶƚĞŶƚ͘

dŚŝƐŝƐŚŽǁŵŽĚĞƌŶŝŶƐƵůĂƚŝŽŶĂƵĚŝƚŽƌLJƚĞĐŚŶŽůŽŐLJǁŽƌŬƐ͗ƚŚĞƐŽƵŶĚŝƐĂďƐŽƌďĞĚĨƌŽŵƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͕
ĂŶĚŝŶƚŚĞŝŶƚĞƌŶĂůƉůĂĐĞĂĐŽƵŶƚĞƌͲƐŽƵŶĚŝƐƉůĂLJĞĚ͕ĐƌĞĂƚŝŶŐƐŝůĞŶĐĞ͘dŚŝƐƌĞŵŽǀĞƐĂŶĚďůŽƚƐŽƵƚƚŚĞ
Η,ĞďƌĞǁΗĂŶĚŝƚΖƐƐƉŝƌŝƚƵĂůƉŽǁĞƌĨƌŽŵƚŚĞĂƐƚƌĂůƌĞĂůŵ͘dŚŝƐĚĞƐƚƌŽLJƐƚŚĞĞŶĞŵLJĂŶĚƚŚĞŝƌĐƌĞĂƚŝŽŶƐ͕
ůĞĂĚŝŶŐƚŚĞŵĚŝƌĞĐƚůLJŝŶƚŽĚĞŵŝƐĞ͘

DĂƚŚĞŵĂƚŝĐĂůůLJ͕ƚŚĞƉƌŝŶĐŝƉůĞǁŽƵůĚďĞĞdžƉůĂŝŶĞĚĂƐнϭƉůƵƐͲϭĞƋƵĂůƐϬ͘/ŶƚŚŝƐĐĂƐĞ͕ƚŚĞŶŽƌŵĂů,ĞďƌĞǁ
ĂŶĚŝƚΖƐƌĞǀĞƌƐĞĚĐŽƵŶƚĞƌƉĂƌƚ͕ĞƋƵĂůŶƵůůĂŶĚǀŽŝĚ͘

ĚĚŝƚŝŽŶĂůůLJ͕ƚŚĞZdZΖƐĂůƐŽŝŵƉŽƐĞƚŚĞĂĨĨŝƌŵĂƚŝŽŶƚŚĂƚŶŽƚŽŶůLJƚŚĞƐĞƚŚŝŶŐƐĂƌĞŐŽŶĞĨŽƌĞǀĞƌ͕ďƵƚƚŚĞ
ŝŶƚĞŶƚŝŽŶŽĨĚĞƐƚƌƵĐƚŝŽŶŝƐŐĞŶĞƌĂƚĞĚŽŶƚŽƉŽĨƚŚŝƐŶĞǁůLJĨŽƵŶĚǀŽŝĚ͕ĐƌĞĂƚŝŶŐĚŝƌĞĐƚĚĞƐƚƌƵĐƚŝŽŶĨŽƌƚŚĞ
ĞŶĞŵLJ͘

hƐĂŐĞŽĨƚŚĞ&ŝŶĂůZdZ͕dĞƚƌĂĂŶĚ^ŚĂƚƚĞƌŝŶŐ

,WKZ

dŚĞ&ŝŶĂůZdZ͕dĞƚƌĂĂŶĚ^ŚĂƚƚĞƌŝŶŐ͕ĂƌĞŵƵůƚŝͲƉƵƌƉŽƐĞƌŝƚƵĂůƐ͘,ŽǁĚĂŶŐĞƌŽƵƐƚŚĞLJĐĂŶďĞƚŽƚŚĞĞŶĞŵLJ͕
ŝƐďĂƐŝĐĂůůLJůŝŵŝƚůĞƐƐ͕ŽƌƌĂƚŚĞƌ͕ůŝŵŝƚĞĚƚŽƚŚĞƐŬŝůůŽĨƚŚĞƉĞƌƐŽŶĚŽŝŶŐƚŚĞŵ͘ƐLJŽƵďĞĐŽŵĞďĞƚƚĞƌĂƚŝƚ͕

7
ŝƚĐĂŶĚŽŵŽƌĞĂŶĚŵŽƌĞĚĂŵĂŐĞ͕ďƵƚƚŚĞƉŽŝŶƚŝƐ͕ŝƚǁŝůůĚŽĚĂŵĂŐĞŶŽŵĂƚƚĞƌĨƌŽŵǁŚŝĐŚůĞǀĞůŝƚΖƐ
ƵƐĞĚ͘

ĞƐƉŝƚĞŽĨďĞŝŶŐĂƵŶŝǀĞƌƐĂůǁĞĂƉŽŶƚŚĂƚsZzKEĐĂŶƵƐĞĨƌŽŵĂŶLJůĞǀĞů͕ƚŚĞƌĞŝƐŵŽƌĞƚŚĂƚĐĂŶďĞ
ĚŽŶĞǁŝƚŚƚŚĞƐĞ͘ǀĞƌLJƌĞŐƵůĂƌĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐĞƌŝƚƵĂůƐĂƐǁĂƌĨĂƌĞ͕ǁŝůůĚŽŝƚΖƐũŽďŶŽŵĂƚƚĞƌǁŚĂƚ͘

,ŽǁĞǀĞƌ͕ĂƚƚŚĞŚĂŶĚƐŽĨĂŶĂĚĞƉƚĂƚƐƉŝƌŝƚƵĂůǁĂƌĨĂƌĞ͕ƚŚĞƐĞĐĂŶĚŽĞǀĞŶŵŽƌĞŝŶƚĞŶƐĞĚĂŵĂŐĞ͘dŚĞ
ĂŵŽƵŶƚŽĨĚĂŵĂŐĞĐĂŶďĞŝŶĐƌĞĂƐĞĚĂŶĚŝŶĐƌĞĂƐĞĚǁŝƚŚŵŽƌĞŬŶŽǁůĞĚŐĞĂŶĚĐĂƉĂďŝůŝƚLJŽĨŵĂŐŝĐŬƉƵƚ
ŝŶƚŽƚŚĞƌŝƚƵĂů͘

,ŽǁƚŚĞƐĞĂƌĞƵƚŝůŝnjĞĚĨŽƌŽƚŚĞƌƉƵƌƉŽƐĞƐ͕ŝƐŵĂŝŶůLJĚƵĞƚŽĨŽĐƵƐ͕ŝŶƚĞŶƚ͕ĂŶĚǀŝƐƵĂůŝnjĂƚŝŽŶ͘dŚŽƐĞǁŚŽ
ĂƌĞĂďŝƚĂŚĞĂĚŽĨŵĞĚŝƚĂƚŝŽŶ͕ǁŝůůƵŶĚĞƌƐƚĂŶĚŚŽǁƚŚĞƐĞĂĨĨĞĐƚƚŚĞƌĞǀĞƌďĞƌĂƚŝŽŶŽĨƚŚĞƌŝƚƵĂůĂŶĚŝƚΖƐ
ĚŝƌĞĐƚŝŽŶ͕ǁŝƚŚŽƵƚĐĂŶĐĞůŝŶŐŽƌŝŶƚĞƌĨĞƌŝŶŐǁŝƚŚƚŚĞŽƵƚĐŽŵĞŽĨƚŚĞĂĨĨŝƌŵĂƚŝŽŶ͘

/ƚΖƐůŝŬĞǁĂŶƚŝŶŐƚŽĐƵƚƐŽŵĞƚŚŝŶŐǁŝƚŚĂŬŶŝĨĞ͕ďƵƚLJŽƵĐĂŶƚĂŬĞĚŝĨĨĞƌĞŶƚƌŽƵƚĞƐĂƐLJŽƵĂƌĞĐƵƚƚŝŶŐͲƚŚĞ
ĞŶĚƌĞƐƵůƚŝƐƚŚĂƚƐŽŵĞƚŚŝŶŐŝƐĐƵƚ͕ďƵƚLJŽƵƚŽŽŬĂĚŝĨĨĞƌĞŶƚǁĂLJ͘

dŽŝůůƵƐƚƌĂƚĞƚŚŝƐĞdžĂŵƉůĞ͕ŽŶĞĚŽĞƐƚŚĞ&ŝŶĂůZdZĂƐƉĞƌŶŽƌŵĂů͘zĞƚ͕ƌĞĐĞŶƚůLJ͕ƚŚĞĞŶĞŵLJŚĂĚƚŚĞŝƌŝĚ
ĐĞůĞďƌĂƚŝŽŶ͕ǁŚĞƌĞƚŚĞLJĚŽĐŽƉŝŽƵƐďůŽŽĚƌŝƚƵĂů͘ƐŽŶĞŝƐĚŽŝŶŐƚŚĞƌŝƚƵĂů͕ƚŚŝƐĐŽƵůĚďĞĚŝƌĞĐƚĞĚǁŝƚŚ
ŝŵĂŐŝŶĂƚŝŽŶĂŶĚŝŶƚĞŶƚ΀ǁŝƚŚƚŚĞƐĂŵĞĂĨĨŝƌŵĂƚŝŽŶĂŶĚĐŚĂŶŐŝŶŐŶŽƚŚŝŶŐ΁͕ŝŶƚŽĂǁŝůůĞĚĚŝƌĞĐƚŝŽŶŽĨ
ŵĂŬŝŶŐƚŚŝƐĐƌĂƉŽĨƚŚĞŝƌΖƐďĂĐŬĨŝƌĞ͕ŽƌŝŶĞĨĨĞĐƚŝǀĞ͘ŶĚŝƚǁŽƵůĚŐŽƚŚƌŽƵŐŚƚŚŝƐǁĂLJ͕ƐƚƌĂŝŐŚƚŝŶƚŽƚŚĞ
ŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͘

dŚĞŵŽƌĞŽƉĞŶŽŶĞŝƐ͕ƚŚĞŵŽƌĞƚŚĞLJǁŝůůƵŶĚĞƌƐƚĂŶĚŚŽǁƚŚŝƐĐŽƵůĚďĞƵƐĞĚ͘&ŽƌĞdžĂŵƉůĞ͕ĂƐLJŽƵĚŽ
ƚŚĞ&ŝŶĂůZdZĂŶĚLJŽƵŝŵĂŐŝŶĞƚŚĞůĞƚƚĞƌƐĚLJŝŶŐĂƐƉĞƌƵƐƵĂů͕LJŽƵĐĂŶĨŽĐƵƐƚŚĞŵĚLJŝŶŐΗĂďŽǀĞΗƚŚĞƉůĂĐĞ
ǁŚĞƌĞƚŚĞĚĞĂƚŚĞŶĞƌŐLJĨƌŽŵŝĚŝƐƐƵƉƉŽƐĞĚƚŽƌĂŝƐĞ͘ŶĚƚŚŝƐǁŽƵůĚŵĂŬĞƚŚĞŝŶƚĞŶĚĞĚĚŽƵďůĞŚŝƚŽŶĞ
ǁĂŶƚƐƚŽŵĂŬĞ͘

ŶŽƚŚĞƌŵŽƌĞŶŽƌŵĂůĞdžĂŵƉůĞ͕ŝƐƚŚĂƚLJŽƵŚĂǀĞĂ:ĞǁŝƐŚƉĞƐƚŚĂƌĂƐƐŝŶŐLJŽƵĂƚǁŽƌŬŽƌŽƚŚĞƌǁŝƐĞ͘zŽƵ
ĚŽƚŚĞƐŚĂƚƚĞƌŝŶŐ͕ďƵƚLJŽƵĐĂŶĨŽĐƵƐŵĞĂŶǁŚŝůĞƚŚĂƚLJŽƵǁĂŶƚŝŶLJŽƵƌŵŝŶĚƌĞǀĞŶŐĞĨƌŽŵƚŚŝƐƐƉĞĐŝĨŝĐ
ĐŚŽƐĞŶŝƚĞǁŚŽŝƐĂŚĂƌĂƐƐŝŶŐŝŶĚŝǀŝĚƵĂů͘tŚŝůĞƚŚĞƌŝƚƵĂůǁŝůůŚŝƚŚĂƌĚĂŶĚŚŽŵĞďĞĐĂƵƐĞŽĨƚŚĞ
ĂĨĨŝƌŵĂƚŝŽŶ͕ƚŚĞƉĂƌƚŝĐƵůĂƌĐƵƌƐĞĚĐƌĞĂƚƵƌĞǁŝůůĂůƐŽďĞƐƉĞĐŝĂůůLJĂĨĨĞĐƚĞĚ͘

8
>ĂƐƚůLJ͕ĞǀĞŶǁŚĞŶƚŚĞƐĞĂƌĞĚŽŶĞŝŶƚŚĞŵŽƐƚƐŝŵƉůĞǁĂLJ͕ƚŚĞƐĞǁŝůůƚĂŬĞŽƵƚĐƵƌƐĞƐĂŶĚƐŽŽŶ͕ƐŝŵƉůLJ
ďĞĐĂƵƐĞŽĨĂƐƚƌĂůƌĞǀĞƌďĞƌĂƚŝŽŶ͕ĂŶĚŚŽǁƚŚŝƐƵŶĚŽĞƐƚŚĞůĞƚƚĞƌƐĂŶĚĞŶĞŵLJǀŝďƌĂƚŝŽŶƐ΀ǁŚŝĐŚĂƌĞ
ĐŚĂŶƚĞĚĂŶĚĚŝƌĞĐƚĞĚŽŶƉĞŽƉůĞďLJƚŚĞ:ĞǁƐ΁͘dŚĞƐĞǁŝůůďĞďůŽƚƚĞĚĂŶĚƚĂŬĞŶŽƵƚ͘

ŵŽƌĞĂĚǀĂŶĐĞĚŵĞƚŚŽĚŽĨƚŚĞĂďŽǀĞ͕ŝƐƚŚĂƚLJŽƵĚŽƚŚĞ&ŝŶĂůZdZĂƐĚŽŶĞƵƐƵĂůůLJ͕LJĞƚ͕ƚŚŝƐƚŝŵĞ͕LJŽƵ
ǁŽƵůĚƐƉĞĐŝĨŝĐĂůůLJ/EdEĨŽƌŝƚƚŽƌĞŵŽǀĞƚŚĞĐƵƌƐĞƐ͕ĂƐLJŽƵƌĞŵŽǀĞƚŚĞůĞƚƚĞƌƐ͘

ǀŝƐƵĂůƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚŝƐ͕ŝŵĂŐŝŶŝŶŐƚŚĞůĞƚƚĞƌƐďƌĞĂŬŝŶŐĨƌŽŵĂƌŽƵŶĚLJŽƵƌĂƵƌĂŽƌĨƌŽŵĂƌŽƵŶĚ
LJŽƵƌďŽĚLJ͕ĚLJŝŶŐŽƵƚ͘dŚŝƐĐĂŶŚĞůƉŝŶƌĞŵŽǀŝŶŐĐƵƌƐĞƐ͕ǁŚŝĐŚŝƐĂůƌĞĂĚLJĚŽŶĞ͕ďƵƚLJŽƵĐĂŶĂůƐŽƉƵƚ
ƐƉĞĐŝĨŝĐĨŽĐƵƐůŝŬĞƚŚŝƐ͘

dŚĞ&ŝŶĂůZdZĨŝŶĂůŝnjĞĚĂŶĚĚŽŶĞ͕ǁŽƵůĚďĞĞƋƵĂůůLJǀĂůŝĚ͘ŶĚŝƚƐƚŝůůǁŽƵůĚĚŽƚŚĞŝŶƚĞŶĚĞĚůĂƌŐĞƌ
ƉƵƌƉŽƐĞ͘

EŽǁ͕/ĂŵƐƵƌĞŵŽƐƚĂĚǀĂŶĐĞĚŵĞŵďĞƌƐŚĞƌĞĂůƌĞĂĚLJŚĂǀĞƵŶĚĞƌƐƚŽŽĚƚŚŝƐŽƌŚĂǀĞďĞĞŶƵƚŝůŝnjŝŶŐƚŚŝƐ͕
ĂŶĚŵŝŐŚƚŚĂǀĞƵƚŝůŝnjĞĚƚŚŝƐĂůƌĞĂĚLJ͘/ƚŚĂƐĂůƐŽďĞĞŶĂůůƵĚĞĚŝŶŽƚŚĞƌǁƌŝƚŝŶŐƐ/ŚĂǀĞĚŽŶĞďĞĨŽƌĞŽŶƚŚŝƐ͕
ďƵƚƚŚŝƐŝƐƚŽĐůĞĂƌƚŚŝƐƵƉ͘

dŚĞƐĞƌŝƚƵĂůƐĂƌĞŶŽƚŽŶůLJƚŽƐŽůǀĞƚŚĞŝƐƐƵĞŽĨƚŚĞĞŶĞŵLJ͕ďƵƚĂůƐŽ͕ƚŽƌĞŵŽǀĞĐƵƌƐĞƐĨƌŽŵƉĞŽƉůĞ͕ŬĞĞƉ
ƚŚĞŵƐĂĨĞ΀ĂŶĚŬĞĞƉƚŚĞƐĞĨƌŽŵŵĂŶŝĨĞƐƚŝŶŐďLJĐƌĞĂƚŝŶŐĂĚŝƐĂďůŝŶŐĞĨĨĞĐƚĨŽƌƚŚĞƐĞ΁ďƵƚĐĂŶĂůƐŽďĞ
ĚŝƌĞĐƚĞĚŝŶǁĂLJƐƐƵĐŚĂƐĂďŽǀĞ͘

/ŶƐŝŵƉůŝĨŝĞĚƚĞƌŵƐ͕ƚŚĞƐĞŵĂŝŶƉƌŽƉŽŶĞŶƚƐŽĨŽƵƌƐƉŝƌŝƚƵĂůǁĂƌĨĂƌĞ͕ĂƌĞŬĞLJƐƚŚĂƚŽƉĞŶĂŵŝůůŝŽŶĚŽŽƌƐ͕
ŝŶĐŽŶƚƌĂƐƚƚŽŚĂǀŝŶŐĂŵŝůůŝŽŶŬĞLJƐĨŽƌĂŵŝůůŝŽŶ΀ŽĨĞŶĞŵLJĐƵƌƐĞƐŽƌ͘͘͘΁ĚŽŽƌƐ͘

&ŽƌƚŚŽƐĞǁŚŽŚĂǀĞƵŶĚĞƌƐƚŽŽĚĞǀĞŶŵŽƌĞďLJĂƉƉůLJŝŶŐĂŶĚĚŽŝŶŐƚŚŝƐǁĂƌĨĂƌĞ΀LJŽƵĂƌĞĂĚǀĂŶĐĞĚĂŶĚ
LJŽƵǁŝůůŬŶŽǁ΁͕ŝƚΖƐďĞƚƚĞƌƚŽŶŽƚƐŚĂƌĞŵŽƌĞ͕ĂŶĚŬĞĞƉƵƚŝůŝnjŝŶŐƚŚĞƐĞ͘/ƚΖƐĨŽƌƐƵƌĞƚŚĂƚƚŚŝƐŚĂƐďĞĞŶ
ŚĂƉƉĞŶŝŶŐ͕ǁŚŝĐŚŝƐǁŚLJƚŚĞĞŶĞŵLJŚĂƐďĞĞŶƚĂŬŝŶŐƐƵĐŚƐĞƌŝŽƵƐƵŶĞŶĚŝŶŐďĞĂƚŝŶŐĂƐŽĨůĂƚĞ͘

9
ŶĚƚŚĞƌĞŝƐŶŽƚŵƵĐŚƚŚĞLJĐĂŶĚŽ͕ĂƐŵĂŶLJǁŝůůďĞĂďůĞƚŽĚŽƚŚŝƐĂŶĚŵŽƌĞ͘dŽĂŶLJŽŶĞŚĂǀŝŶŐ
ƵŶĚĞƌƐƚŽŽĚƚŚŝƐ͕ĂůůǁŝůůďĞĐůĞĂƌĂƚƚŚĞƐĞƉŽŝŶƚƐǁŚLJƚŚĞ'ŽĚƐŚĂǀĞŝŶƐƚƌƵĐƚĞĚƚŽĚŽƚŚĞƐĞƚŚŝŶŐƐŝŶ
ĐŽŶƚƌĂƐƚƚŽĂŶLJƚŚŝŶŐĞůƐĞ͘

dŚŽƐĞǁŚŽŵĂLJďĞŶĞǁĞƌĂŶĚƚŚĞĂďŽǀĞŵŝŐŚƚďĞΗĐŽŶĨƵƐŝŶŐΗŽƌΗĚŝĨĨŝĐƵůƚΗƚŽƵƚŝůŝnjĞ͕ĚŽŶŽƚǁŽƌƌLJĂƚĂůů͘
ůůǁŝůůĐŽŵĞŝŶŝƚΖƐĐŽƌƌĞĐƚƉůĂĐĞĞǀĞŶƚƵĂůůLJ͘

tŚĂƚƉĞŽƉůĞƌĞĂĚŝŶŵŽƐƚΗ<ĂďďĂůĂŚΗŬƐĂŶĚŽƚŚĞƌƐƚƵĨĨ͕ŝƐũƵƐƚĞůĞŵĞŶƚĂƌLJŐŝďďĞƌŝƐŚ͘DŽƐƚŽĨƚŚŝƐŝƐ
ƚŽŬĞĞƉƐƚƌŽŶŐĞƌŵĞƚŚŽĚƐŚŝĚĚĞŶĨƌŽŵŽƚŚĞƌ:ĞǁƐ͘

:ĞǁŝƐŚŚŝƐƚŽƌLJŝƐƌŝĨĞǁŝƚŚŵŝƐƚƌĞĂƚĞĚĂŶĚƐĞůĨĚĞƐƚƌƵĐƚŝǀĞ:ĞǁƐǁĂŶƚŝŶŐƚŽĚĞƐƚƌŽLJƚŚĞŝƌŽǁŶ͘WĂƌĂƐŝƚĞƐ
ǁŝůůĨĞĂƐƚŽŶƚŚĞĚĞĂƚŚĐĂƌĐĂƐƐŽĨĂŶLJƚŚŝŶŐ͕ŝŶĐůƵĚŝŶŐĂŶŽƚŚĞƌƉĂƌĂƐŝƚĞ͕ǁŝƚŚŽƵƚĐĂƌĞ͘/ƚΖƐŝŶƚŚĞŝƌŶĂƚƵƌĞ͕
ĂƐƚŚĞLJĂƌĞƉĂƌĂƐŝƚŝĐĂŶĚƉƌĞĚĂƚŽƌLJĂŶĚŵĞƌĐLJŝƐŶŽƚŬŶŽǁŶƚŽƚŚĞŵĂƚĂůů͘

hƐŽǀĞƌĐŽŵŝŶŐƚŚĞĞŶĞŵLJ͕ĂŶĚƚĂŬŝŶŐƚŚĞŵĚŽǁŶ͕ŝƐŝŶƚŚŝƐĐĂƐĞ͕ĂůůĨŽůůŽǁŝŶŐƚŚĞƐĂŵĞƉĂƚƚĞƌŶĂŶĚ
ĚŝƌĞĐƚŝŽŶ͘tĞŐĞƚŵŽƌĞĨƌĞĞ͕ƚŚĞLJŐĞƚƚĂŬĞŶĚŽǁŶ͕ŽƵƌŝŶĨůƵĞŶĐĞŐƌŽǁƐ͕ĂŶĚƐŽŽŶ͘tĞƌŝƐĞĐŽůůĞĐƚŝǀĞůLJ
ĂŶĚŝŶĚŝǀŝĚƵĂůůLJĂƚĂƌĞůĂƚĞĚƌĂƚĞŽĨĨŽƌǁĂƌĚĞǀŽůƵƚŝŽŶ͘

10
dŚĞ&ZdZŝƐǁŽƌŬŝŶŐ

ŚƚƚƉƐ͗ͬͬƌĂĚŽƐƚƐĂƚĂŶĞ͘ĐŽŵͬĞĨĞŶĚŝŶŐ:Ž^ͬĨƌƚƌ͘Śƚŵů

dŚĞZdZǁŽƌŬƐďLJƚŚĞƚƌƵĞĂŶĚĨƵůůŵĞƚŚŽĚŽĨƌĞǀĞƌƐĂůǁŚŝĐŚŚĂƐďĞĞŶĚĞƐƚƌŽLJŝŶŐƚŚĞŚĞďƌĞǁĂŶĚ
ǀĂƌŝĂŶƚƐ͘dŚĞtŝůůŝŵƉƌĞƐƐĞĚǁŝƚŚƚŚĞƌĞǀĞƌƐĂůŐƵŝĚĞĚďLJƚŚĞĂĨĨŝƌŵĂƚŝŽŶĚŽĞƐƚŚŝƐ͘^ŚŝůůƐĂŶĚƚƌĂŝƚŽƌƐĂŶĚ
ũĞǁƐŚĂǀĞůŝŵŝƚůĞƐƐĚĞĐĞƉƚŝŽŶƚŽƐĂLJƚŽƉƌĞǀĞŶƚƉĞŽƉůĞĨƌŽŵƵƉƌŽŽƚŝŶŐƚŚĞũĞǁŽŶƚŚĞŽĐĐƵůƚƌŽŽƚ͕ĨŽƌ
ǁŚŝĐŚƉƌĞƚĞŶĚŝŶŐƚŽŬŶŽǁĂŶĚƐƉƌĞĂĚŝŶŐůŝĞƐĂƌĞĞƐƐĞŶƚŝĂůƚŽƚŚĞŵ͘

DŽƌĞŝŶĨŽĂďŽƵƚƚŚĞZdZƐ͖ŚƚƚƉƐ͗ͬͬƐĂƚĂŶƐůŝďƌĂƌLJ͘ŽƌŐͬƚƐƉĂŝŶƚĂďůĞď͘Śƚŵů

ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ

EŽǁ͕ůĞƚ͛ƐŐŽŽǀĞƌĂůůŽĨƚŚĞĞŶĞŵLJĂƌŐƵŵĞŶƚƐĂŐĂŝŶƐƚƚŚĞZdZ͖

ϭ͘ ΗŚĂŶƚŝŶŐƌĞǀĞƌƐĞĚůĞƚƚĞƌƐĚŽĞƐŶ͛ƚĚŽĂŶLJƚŚŝŶŐ͕ŝƚũƵƐƚĚŽĞƐŶ͛ƚǁŽƌŬƚŚĂƚǁĂLJΗ

ŶƐǁĞƌ͗/ŶƚĞŶƚŝŽŶŽĨƌĞǀĞƌƐĂůŝƐƌĞǀĞƌƐŝŶŐŝƚ͕ĂŶĚƚŚĞĂĨĨŝƌŵĂƚŝŽŶĂĨĨŝƌŵƐƚŚĞĚĞĂƚŚŽĨŝƚ͘dŚĞƌĞŝƐĂǁĂLJƚŽ
ƌĞǀĞƌƐĞĂůĞƚƚĞƌĂŶĚƚŚĂƚŝƐƚŽƌĞǀĞƌƐĞŝƚ΀ƐĂLJŝƚƌĞǀĞƌƐĞĚ͕ƚŚĞƐĂŵĞŐŽĞƐĨŽƌƐŽŵĞŵĂŶƚƌĂƐƚŚĂƚĂƌĞƚŚĞ
ƐĂŵĞĨƌŽŶƚĂŶĚƌĞǀĞƌƐĞ͕ƚŚĞLJĐĂŶďĞƵŶĚŽŶĞĞŝƚŚĞƌǁĂLJ΁͘dŚĞĞŶĞƌŐLJƚŚĂƚŝƐĐŽŶĐĞŶƚƌĂƚĞĚŝŶƚŽƌĞǀĞƌƐŝŶŐ
ƚŚĞůĞƚƚĞƌĂŶĚŬŝůůŝŶŐŝƚ͕ŝƐƚŚĂƚǁŚŝĐŚŝƐŬŝůůŝŶŐƚŚĞ,ĞďƌĞǁŵĂŐŝĐŬ͕ŶŽƚũƵƐƚĐŚĂŶƚŝŶŐƚŚĞůĞƚƚĞƌƐƌĞǀĞƌƐĞĚ͕
ďƵƚƚŚĞĞŶĞƌŐLJǁĞŝŶǀĞƐƚŝŶƚŽƚŚŝƐ͘ĨĨŝƌŵĂƚŝŽŶŝƐĂůƐŽĂǀĞƌLJŝŵƉŽƌƚĂŶƚĂŶĚƉŽǁĞƌĨƵůƉĂƌƚŽĨƚŚŝƐƉƌŽĐĞƐƐ͘

11
Ϯ͘ ΗdŚĞ:ĞǁƐĂůƐŽƌĞǀĞƌƐĞƚŚĞ,ĞďƌĞǁ^ŚŝŶƚŽŵĂŬĞEŝƐƐͬEŝƐƐŝ͕ǁŚŝĐŚŝƐƚŚĞ,ĞďƌĞǁŵĂŶƚƌĂŶĂŵĞŽĨ
:ĞŚŽǀĂΗ

ŶƐǁĞƌ͗ΗEŝƐŚΗ͕ǁŚŝĐŚŝƐƚŚĞ^ŚŝŶƌĞǀĞƌƐĞĚ͕ŝƐǁŚĂƚƵƐĞĚƚŽďĞĂŶĂŵĞĨŽƌĂ'ĞŶƚŝůĞ'ŽĚ͕ĂŶĚŶŽƚ
Η:ĞŚŽǀĂŚΗ͘,ĞƌĞ͛ƐĂŶŽƚŚĞƌĞdžĂŵƉůĞŽĨƚŚĞůĞƚƚĞƌͲƉůĂLJ͗EŝƐŝƐĂůƐŽĂƌĞǀĞƌƐĂůŽĨƚŚĞ^ŝŶǁŚŝĐŚŝƐƚŚĞ
^ƵŵĞƌŝĂŶ'ŽĚŽĨƚŚĞDŽŽŶ͘ŽŶƚĞdžƚĂŶĚŝŶƚĞŶƚŝŽŶƐ͕ƚŚĞĞŶĞƌŐLJƚŚĂƚŝƐŝŶǀĞƐƚĞĚĂŶĚĂĨĨŝƌŵĞĚŵĂƚƚĞƌƐ
ŵŽƌĞƚŚĂŶƚŚĞůŝƚĞƌĂů͞ůĞƚƚĞƌƚŽůĞƚƚĞƌ͟ƐƚŽƌLJ͘zŽƵƌĞǀĞƌƐĞ<ŝŬďLJƐĂLJŝŶŐ<ŝŬĂŶĚŝŶƚĞŶĚŝŶŐŝƚƐƌĞǀĞƌƐĂů͘/ƚŝƐ
ŶŽƚƌŽĐŬĞƚƐĐŝĞŶĐĞƌĞĂůůLJ͘:ĞǁƐŚŽǁĞǀĞƌĂƌĞĂĨƌĂŝĚŽĨŵĂƐƐŝǀĞŚŽƌĚĞƐŽĨƉĞŽƉůĞĚŽŝŶŐZdZƐŽƚŚĞLJŶĞĞĚ
ƚŽƐƚŽƉĞǀĞŶϭŽƌϭϬƉĞŽƉůĞ͕ƐŽǁƌŝƚŝŶŐ^ŝƐŶŽƚĂďŝŐƉƌŝĐĞĨŽƌƚŚĞŵƚŽƉĂLJ͘dŚŽƐĞǁŚŽĂƌĞƐƵƉƉŽƌƚŝŶŐ
ƚŚĞ͞ůĞƚƚĞƌƚŽůĞƚƚĞƌ͟ƚŚĞŽƌLJĂƌĞĐůĞĂƌůLJƐƉŝƌŝƚƵĂůůLJŝŶĐŽŵƉĞƚĞŶƚĂŶĚƚŚĞLJĚŽŶΖƚƵŶĚĞƌƐƚĂŶĚŽŶĞƚŚŝŶŐ
ĂďŽƵƚǁŚĂƚƚŚĞLJǁƌŝƚĞ͘

ϯ͘ ΗdŚĞZdZŝƐĚĂŶŐĞƌŽƵƐƚŽĚŽΗ

ŶƐǁĞƌŝŶŐ͗dŚŝƐĐůĂŝŵŝƐďĂƐŝĐĂůůLJũƵƐƚĂŵĂĚĞͲƵƉĐůĂŝŵ͕ǁŝƚŚŶŽĂƌŐƵŵĞŶƚƐ͘ĞůŽǁŝƐĂƚĞƐƚŝŵŽŶLJŽĨŽŶĞ
ŽĨŽƵƌŵĞŵďĞƌƐĂďŽƵƚƚŚĞZdZ͗

/ƚŝƐƚŚĞŵŽƐƚƉůĞĂƐŝŶŐŵŽƐƚĞĂƐLJŵŽƐƚƌĞĨƌĞƐŚŝŶŐŵŽƐƚĞŵŽƚŝŽŶĂůͲƉĂŝŶͲŬŝůůŝŶŐĞdžƉĞƌŝĞŶĐĞ/ĞǀĞƌŚĂĚŝŶ
ŵLJůŽŶŐůŝĨĞ͘/ĐĂŶΖƚĞdžƉƌĞƐƐŝŶǁŽƌĚƐt,dĞdžƚĂĐLJ/ĨĞĞůǁŝƚŚZdZ͘ůůƚŚĞĂƌƚŝĐůĞƐ/ĞǀĞƌǁƌŽƚĞ͕/ǁƌŽƚĞ
ĂĨƚĞƌĚŽŝŶŐZdZ͘ZdZΎƌĞǀĞĂůĞĚΎƚŽŵĞdĂƌŽƚĂŶĚĞǀĞƌLJƚŚŝŶŐ/ŶŽǁŚĂǀĞ͘tĞĐĂŶΖƚůŝǀĞǁŝƚŚŽƵƚZdZ͘dŚĞLJ
ĂƌĞĂŶƚŝďŝŽƚŝĐƐ͘dŚŽƐĞŽĨƵƐǁŚŽŚĂǀĞĂǀĞƌLJŚĂƌĚƚŝŵĞĂǁĂŬĞŶŝŶŐĂŶLJƐƉŝƌŝƚƵĂůĂďŝůŝƚŝĞƐĂŶĚĨĞĞů
ĐŽŵƉůĞƚĞůŽǁĞƌƐĞƌǀĂŶƚƐŚĞƌĞ͕ĨĞĞůĚŝĨĨĞƌĞŶƚĂĨƚĞƌZdZ͘/ƚůŝƚĞƌĂůůLJĞůĞǀĂƚĞƐŝŶĚĂƌĞůůĂŝŶƚŽWƌŝŶĐĞƐƐ;ǁŚŝĐŚ
ŝƐĂƐƉŝƌŝƚƵĂůĂůůĞŐŽƌLJͿŝƚŝƐůŝŬĞĂƐƉĂƌŬŽĨůŝŐŚƚŝŶƚŚĞĞƚĞƌŶĂůŶŝŐŚƚ͘zŽƵůŝƚĞƌĂůůLJĞdžƉĞƌŝĞŶĐĞŚŽǁLJŽƵƌ
'ĞŶƚŝůĞƐŽƵůƐƚĂƌƚƐƐĞŶƐŝŶŐƌĞůŝĞĨĂŶĚƌĞůĞĂƐĞ͘KŶĞĐĂŶΖƚĚĞƐĐƌŝďĞŝƚͲŝƚŝƐŝŶĐƌĞĚŝďůĞ͘

;ƚĂŬĞŶĨƌŽŵĚǁĂƌĚ>ŽŶƐĂͲŚƚƚƉƐ͗ͬͬĂŶĐŝĞŶƚͲĨŽƌƵŵƐ͘ĐŽŵͬŵĞŵďĞƌůŝƐƚ͘ƉŚƉ͍ŵŽĚĞсǀŝĞǁƉƌŽĨŝůĞΘƵсϱϬϰͿ

dŚĞ&ZdZŝƐŽŶůLJĚĂŶŐĞƌŽƵƐĨŽƌũĞǁƐƚŽĚŽ͕ƐŝŶĐĞŝƚůŝƚĞƌĂůůLJĂƚƚĂĐŬƐƚŚĞŵƐĞůǀĞƐ͕ƚŚĞŝƌŽǁŶƐŽƵů͘dŚĞ
ũĞǁŝƐŚƐŽƵůŝƐŶŽƚƚŚĞƐĂŵĞĂƐĂ'ĞŶƚŝůĞƐŽƵů͕ƚŚĞŚĞďƌĞǁůĂŶŐƵĂŐĞŝƐĐŽŶŶĞĐƚĞĚƚŽƚŚĞũĞǁŝƐŚƐŽƵů͕ƚŚĂƚΖƐ
ǁŚLJŝƚǁŽƵůĚďĞĚĂŶŐĞƌŽƵƐĨŽƌũĞǁƐƚŽĚŽƚŚĞ&ZdZ͘

12
ϰ͘ ͞zŽƵĂƌĞŐŝǀŝŶŐLJŽƵƌĞŶĞƌŐLJƚŽƚŚĞƚĞƚƌĂŐƌĂŵŵĂƚŽŶďLJĚŽŝŶŐƚŚĞƐĞƌŝƚƵĂůƐ͟

ŶƐǁĞƌ͗dŚĞƐŽͲĐĂůůĞĚΗdĞƚƌĂŐƌĂŵŵĂƚŽŶΗŝƐŶŽƚΗ:ĞǁŝƐŚΗŝŶƌĞĂůŝƚLJ͕ďƵƚĂŶĂůƚĞƌĂƚŝŽŶŽĨŝƚǁĂƐĐƌĞĂƚĞĚŝŶ
,ĞďƌĞǁ΀ŝƚŝƐďĞŝŶŐǁŝƉĞĚŽƵƚĂƐǁŝƚŚĂŶLJƚŚŝŶŐĞůƐĞ΁ĂŶĚŝƚǁĂƐƐƚŽůĞŶĨƌŽŵĂůƚĞƌĂƚŝŽŶƐĂŶĚƉůĂĐŝŶŐŽĨƚŚĞ
sŽǁĞůƐ͕ǁŚŝĐŚĐĂŶďĞƵƐĞĚĨŽƌŐĞŶĞƌĂůƉƵƌƉŽƐĞƐ͘tŝƚŚƚŚĞ<ŝůůŝŶŐŽĨdĞƚƌĂŐƌĂŵŵĂƚŽŶƌŝƚƵĂů͕ǁĞĂƌĞ
ŬŝůůŝŶŐƚŚĞũĞǁŝƐŚĐŽƌƌƵƉƚĞĚǀĞƌƐŝŽŶŽĨƚŚĞ͞dĞƚƌĂŐƌĂŵŵĂƚŽŶ͘͟

^Ž͕LJĞƐ͕ŝŶĂƐĞŶƐĞǁĞĂƌĞŐŝǀŝŶŐƚŚĞƚĞƚƌĂŐƌĂŵŵĂƚŽŶĞŶĞƌŐLJ͕ďƵƚĂǀĞƌLJŶĞŐĂƚŝǀĞĞŶĞƌŐLJ͘dŚĞĞŶĞƌŐLJŝƐ
ƉƌŽŐƌĂŵŵĞĚďLJƚŚĞƌŝƚƵĂůΖƐĂĨĨŝƌŵĂƚŝŽŶƐƚŽĚĞƐƚƌŽLJƚŚĞƚĞƚƌĂŐƌĂŵŵĂƚŽŶ͘

dŚĞǀĞƌLJĨŝƌƐƚĂĨĨŝƌŵĂƚŝŽŶŝƐ͗ΗdŚĞŚĞďƌĞǁƚĞƚƌĂŐƌĂŵŵĂƚŽŶŝŶĂůůŝƚƐƐLJŵďŽůƐĂŶĚƉĞƌŵƵƚĂƚŝŽŶƐŝƐŶŽǁ
ĚĞĂĚ͕ĚĞǀŽŝĚŽĨƉŽǁĞƌ͕ĂŶĚƉĞƌŵĂŶĞŶƚůLJĚĞƐƚƌŽLJĞĚŝŶĂůůĚŝŵĞŶƐŝŽŶƐŽĨĞdžŝƐƚĂŶĐĞ͘Η

ϱ͘ ΗdŚĞEĂnjŝƐŽŶůLJƵƐĞĚZƵŶĞDĂŐŝĐŬ͕ŶĞǀĞƌĂŶLJĨŽƌŵŽĨƌĞǀĞƌƐŝŶŐŚĞďƌĞǁΗ

ŝĐŚŵĂŶŶĂŶĚŽƚŚĞƌƐƚŚĂƚǁĞƌĞƉĂƌƚŽĨ,ĞŝŶƌŝĐŚ,ŝŵŵůĞƌΖƐKĐĐƵůƚǁŝŶŐĂŶĚƚŚĞLJŬŶĞǁ,ĞďƌĞǁŝŶĂŶĚ
ŽƵƚ͘dŚŝŶŐƐŚĂǀĞŵĂŶLJƵŶĚĞƌůLJŝŶŐůĞǀĞůƐƚŽƚŚĞŵƐĞůǀĞƐ͘tĞŬŶŽǁĂďŽƵƚƚŚŝƐĂŶĚǁĞĚŝƐĐŽǀĞƌĞĚǁĂLJ
ŵŽƌĞǁŝƚŚ,W^DĂdžŝŶĞ͘ƐǁĞŽƉĞŶĞĚƚŚĞŚŽůĞ͕,W^DĂdžŝŶĞĚŝƐĐŽǀĞƌĞĚŵŽƌĞĂďŽƵƚũĞǁƐŝŶĚĞƉƚŚ͘dŚĞŶ͕
ƐŚĞƉƵďůŝƐŚĞĚƚŚĞ&ZdZĂŶĚŽƚŚĞƌZŝƚƵĂůƐƚŽĚŝƐĂďůĞŚĞďƌĞǁĂŶĚƌĞĚƵĐĞƚŚĞŝƌƉŽǁĞƌƚŽĂŶĞdžƚĞŶƚƚŚĂƚ
ǁŽƵůĚĂůůŽǁƵƐƚŽǁŽƌŬĨƵƌƚŚĞƌ͘dŚĞZdZΖƐŶŽǁĐŽŶƐƚŝƚƵƚĞĂŶĂƌƐĞŶĂůƚŚĂƚĐĂŶďĞƵƐĞĚĨŽƌƚŚĞĞŶĚƐ
ĚĞƐĐƌŝďĞĚŚĞƌĞ͕ǁŝƚŚƚŚĞ&ŝŶĂůZdZĂŶĚdĞƚƌĂŐƌĂŵŵĂƚŽŶƉůƵƐ^ŚĂƚƚĞƌŝŶŐďĞŝŶŐĂǀĞƌLJŐŽŽĚΗŵĞĚŝĐŝŶĞΗ
ĨŽƌƚŚĞŐĞŶĞƌĂůŐŝƐƚŽĨũĞǁŝƐŚŵĂŐŝĐŬĂŶĚũĞǁŝƐŚĂƐƚƌĂůŚĂƌĂƐƐŵĞŶƚ͘

13
ͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲͲ

^ŽŵĞƚŚŝŶŐŝŵƉŽƌƚĂŶƚŝƐƌĞǀĞĂůĞĚŝŶƚŚĞƌĞǀĞƌƐĂůŽĨƚŚĞ,ĞďƌĞǁůĞƚƚĞƌƐ͘<ĞĞƉƚŚŝƐŝŶŵŝŶĚǁŚĞŶĚŽŝŶŐƚŚŝƐ
&ŝŶĂůZdZ͗zŽƵĂƌĞŽƉĞŶŝŶŐĂŶĚĞŵƉŽǁĞƌŝŶŐLJŽƵƌŽǁŶƐŽƵůďLJƵƐŝŶŐƚŚĞƐĞ͕ĂƐƚŚĞLJĂƌĞĂůůĂŶĐŝĞŶƚ
ŵĂŶƚƌĂƐƚŽĞŵƉŽǁĞƌƚŚĞƐŽƵů͘ŶĚLJŽƵĂƌĞƌĞŵŽǀŝŶŐĂůůƚŚĞĞŶĞŵLJďŝŶĚŝŶŐƐĨƌŽŵLJŽƵƌƐŽƵůĂŶĚƚŚŝƐ
ǁŽƌůĚ͘dŚŝƐĂůƐŽŵĞĂŶƐƚŚĂƚLJŽƵƌĞdžƚĞƌŶĂůǁŽƌŬŝŶŐƐĂƌĞŐŽŝŶŐƚŽďĞŵŽƌĞƉŽǁĞƌĨƵůĂŶĚŵĂŶŝĨĞƐƚƋƵŝĐŬĞƌ͘
LJĚŽŝŶŐƚŚŝƐZdZ͕ĞĂĐŚƌĞǀĞƌƐĞĚǁŽƌĚŝƐďůĞƐƐŝŶŐLJŽƵ͘/ŶƚŚĞĨŝƌƐƚǁŽƌĚ͕ŶŽƚĞƚŚĞsƵƐƐĂŶĚsĂƐƐ͘dŚĞƐĞ
ĂƌĞƚǁŽƚŝƚůĞƐŽĨƚŚĞƐƚĂĨĨŽĨƚŚĞ'ŽĚƐŝŶŐLJƉƚ͕ǁŚŝĐŚŝƐƚŚĞƐLJŵďŽůŽĨƚŚĞĞŶĞƌŐLJŽĨĞƚĞƌŶĂůůŝĨĞ͘dŚĞ
sƵƐƐ͕sĂƐƐŝƐƚŚĞƐLJŵďŽůŽĨƚŚĞ'ĞŶƚŝůĞdƌĞĞŽĨ>ŝĨĞ͘dŚŝƐŝƐƚŚĞƐƉŝŶĞǁŝƚŚƚŚĞĐŚĂŬƌĂƐĂƐƚŚĞǁŽƌůĚĂŶĚ
ƚŚĞŶĂĚŝƐĂƐƚŚĞďƌĂŶĐŚĞƐ͘sƵƐƐĂůƐŽŵĞĂŶƐŐĞŶĞƌĂƚŝŽŶ͘dŚĞŐLJƉƚŝĂŶ'ŽĚWƚĂŚ͕ǁŚŽǁĞŬŶŽǁĂƐ^ĂƚĂŶ͕
ŚŽůĚƐƚŚŝƐƐƚĂĨĨ͘dŚĞEŝƐŚ͕EŝƐĂŶĚƐƵĐŚĂƌĞƌĞǀĞĂůŝŶŐĂƐǁĞůů͘EŝƐŽƌEŝƐĂŝŶ^ĂŶƐŬƌŝƚŵĞĂŶƐΗ^ƵƉƌĞŵĞ:ŽLJ
ŽƌůŝƐƐΗ͘/ƚŝƐĂůƐŽƚŚĞƚŝƚůĞŽĨŝŽŶLJƐƵƐĂŶĚŵĞĂŶƐƚŚĞƐĂŵĞ͘EŽƚĞ͞ŝŽ͟;'ŽĚͿ͞ELJƐ͕͟ǁŚŝĐŚŝƐƚŚĞƐĂŵĞ
ĂƐEŝƐ͕ĂŶĚƚŚĞŶ͞ƵƐ͘͟EŝƐĂŽƌELJƐĂŝƐƚŚĞƌĞĂůŵŽĨƚŚĞƉĂƌĂĚŝƐĞŽĨŝŽŶLJƐƵƐ͘ŝŽŶLJƐƵƐŝƐƚŚĞ'ŽĚŽĨ
^ƵƉƌĞŵĞůŝƐƐĂŶĚ:ŽLJ͘EŽƚĞ<ŚĞŵͲ,^͘<ŚĞŵŝƐƚŚĞĂŶĐŝĞŶƚŶĂŵĞŽĨŐLJƉƚĂŶĚŝƚŵĞĂŶƐΗ^ĞƌƉĞŶƚ
WŽǁĞƌΗ͘dŚĞŶĂŵĞŽĨƚŚĞƐŽƵůĞŶĞƌŐLJŝŶĂŶĐŝĞŶƚŐLJƉƚŝƐĂůƐŽ^Ğ<,DŽƌ^Ă<,D͘dŚŝƐŝƐƚŚĞƉŽǁĞƌŽĨ
ƚŚĞƐŽƵů͛ƐĞŶĞƌŐŝĞƐ͘EŽƚĞƚŚĞ:ĞǁŝƐŚdŽƌĂŚŝƐĨƵůůŽĨĂƚƚĂĐŬƐŽŶŐLJƉƚ͘dŚĞ<,DŝƐĂůƐŽ^ĞŬŚŵĞƚ͘<ŚĞŵ͘͘͘
^͖ƚŚĞ^ĂŶĚƚŚĞK^ŵĞĂŶƚŚĞƐƉŝƌŝƚ͕ƚŚĞ<ŚĞŵ;ƐĞƌƉĞŶƚͿ͕^;ƐƉŝƌŝƚͿ͘dŚĞ^ŝƐĂƚŝƚůĞŽĨKƐŝƌŝƐ͕ĂƐǁĞůůĂƐ
ƚŚĞƐĂĐƌĞĚƚƌĞĞǁŚŝĐŚŝƐƚŚĞĞůĞŵĞŶƚŽĨǁŽŽĚ͕ĂŶĚƚŚƵƐ͕ƐƉŝƌŝƚ͘DĂŶLJŽĨƚŚĞƐƉĞůůŝŶŐƐŽĨƚŚĞŶŝŶƚŚĂŶĚ
ĞŝŐŚƚůĞƚƚĞƌƐĂƌĞŶĂŵĞƐŽĨƚŚĞ'ŽĚdŚŽƚŚ͘dŚĞƐĞǁŽƌĚƐŽĨƉŽǁĞƌƌĞůĂƚĞƚŽƚŚĞ'ĞŶƚŝůĞƐŽƵůĂŶĚƚŚĞ
ĂƚƚƌŝďƵƚĞƐĂŶĚƉŽǁĞƌƐŽĨƚŚĞƐŽƵů͘dŚĞ,ĞďƌĞǁůĞƚƚĞƌƐĂƌĞŶŽƚŚŝŶŐŵŽƌĞƚŚĂŶǁĞĂƉŽŶƐĂŐĂŝŶƐƚƚŚĞ
'ĞŶƚŝůĞƐ͘KŶĞĐĂŶŶŽƚĞƚŚĞ:ĞǁŝƐŚĞŶĞŵLJŚĂƐďĞĞŶĂƚƚĞŵƉƚŝŶŐƚŽďŝŶĚĂŶĚĐƵƌƐĞ'ĞŶƚŝůĞƐĂƐƚŚĞŝƌdŽƌĂŚ
ƐŚŽǁƐ͘

/ĨLJŽƵŚĂǀĞĂŶLJŽƚŚĞƌƋƵĞƐƚŝŽŶƐĂďŽƵƚƚŚŝƐ͕ŽƌĂŶLJŽƚŚĞƌƚŽƉŝĐ͕ĨĞĞůĨƌĞĞƚŽǁƌŝƚĞƵƐŽŶƚŚĞĨŽƌƵŵƐ͖

ŚƚƚƉƐ͗ͬͬĂŶĐŝĞŶƚͲĨŽƌƵŵƐ͘ĐŽŵͬ

14
 RTRS EVERYDAY: TABLE OF CONTENTS
HOW TO PERFORM RTR’S
HOW TO RAISE ENERGIES
PRONOUNCING THE WORDS
RETURNING CURSES 1 (Cleaning)
RETURNING CURSES 2 (Aura of Protection)
RTR REMINDERS

1. Kol Nidrei
2. Lev 16: 22 – Reversing the Curse upon the Goat
3. Genesis 3:14 – Serpent is Free
4. Genesis 3:24 - Serpent Ascending
5. Genesis 12:2-3 – Curse Israel
6. Exodus 7:12 – Serpent Empowerment for Gentiles
7. Exodus 15:3 – Preventing Another Major War
8. Lev 16: 22 – Reversing the Curse Upon the Goat
9. Numbers 15:26 – Holding the Enemy Accountable
10. Deuteronomy 7:2 – Preventing Another Major War
11. Deuteronomy 7:23 - Ending Confusion
12. Deuteronomy 7:24 - Restoring Gentile Power and the Right to Rule Our Nations
13. Isaiah 54:17 – Disarming the Enemy: Restoring Justice

[The RTR’s in Bold are Exceptionally Powerful and Destructive. Do Often!]

14. Cursing the 72 “Names of God”

15. Cursing the 42 Letter “Names of God”
16. Exodus 15:3 – Preventing Another Major War
17. Deuteronomy 7:2 – Preventing Another Major War
18. Isaiah 17-1 – Preventing Another Major War

19. Reverse Jewish Blood Sacrifice Ritual

20. Demonic Authority Ritual (Summer Solstice)
21. Terminating Jewish Financial Control [First Ritual]
22. Terminating Jewish Financial Control [Second Ritual]
23. JoS Protection Ritual
24. Final Eclipse: Destroying Nazarene and Lies
25. Incite White Awareness Ritual + Black Ritual

(RTRS EVERYDAY AUG 17 EDITION)

15
 HOW TO PERFORM RTRS

1. Raise your energies. Any formal ritual or working is empowered by

raising the energies of your soul. (Raising Energies on the next Page).
Always do whatever you are comfortable with and what works best
for you as an individual

2. The Invocation to Satan is optional. The reason for this is that these
reverse torah rituals should be done as often as possible given their
importance. Satan and Lilith want these to be as easy to do as
possible, yet effective. By shortening the formal ritual, more people
will be able to do them more often. There is both strength and power
in numbers.

3. After you have raised your energies and recited the Invocation to
Satan, then you proceed to the important part of vibrating the words
of power given for each ritual 9 times. The entire paragraph should
be vibrated in its entirety for each time. Please listen to the audio
recording specific to the ritual provided on an Mp3 for you to
download, to make sure you are reciting the words of power
properly.

4. When you are finished vibrating the words of power, then you
recite the affirmation given with intent and focus.

5. When you are finished with this, the ritual is done.

16
HOW TO RAISE ENERGIES:
To vibrate SATANAS:

S Breathe in, and then partially close your glottis making a hissing sound like a
cat or a serpent, extending the exhale.

A Then breathe in and vibrate AHHHHHHH on the exhale.

T Breathe in, then put your tongue on your hard palate right above your front
teeth, and vibrate between a ZZZZ and THTHTH on the exhale.

A Then breathe in and vibrate AHHHHHHH on the exhale.

N Vibrate NNNNNNNNNN
A Then breathe in and vibrate AHHHHHHH on the exhale.
S Breathe in, and then partially close your glottis making a hissing sound like a
cat or a serpent, extending the exhale.

_____________________________________________________________

666 Meditation:

1. Vibrate VUUUUU into your solar chakra 6 times.

2. Vibrate VAAAHHHH into your heart chakra 6 times
3. Vibrate VOOOHHHHH into your 6th chakra 6 times.

If you are uncomfortable with too much energy AFTER the ritual is finished, ask
your Guardian Demon or call on Satan to take the energies.

17
 PRONOUNCING THE WORDS:

h AH as in the American English word father

h Ah the lower case h indicates a very small H sound, like H-
a small exhale
h ‘AH Glottal stop as in the American English word hour
h AI as in the American English words day, say, made
h AY as in the American English words day, say, made
h AYh – you will see this often, the vowel sound is between a
long A as in case, and a short e as in pet.
h EE as in the American English words seek and week
h EH as in the American English words pet, set, and let
h KH is guttural and the sound is made in the back of the
throat
h OH as in the American English words oh and go
h OI as in the American English word oil
h ‘OH Glottal stop as in the American English word hour
h OHy The lower case y indicates a very short Y sound
h R's should be rolled
h TH soft TH as in the American English words thin, thick
h TH [underlined] hard TH as in the American English words
the, there, that
h TS, as in the American English word oats, or as in pizza
h UU as in the American English words sooth and tooth
h VW The V and W together is a cross between the letter V
and the letter W. This is biblical Hebrew. You can substitute
the letter W and this will still be valid.

18
 RETURNING CURSES PT 1:

Hear me oh Great and Mighty Satan. I ask your help in returning these
curses, amplified to the senders who have attacked us for doing your work.
You know who they are. They will know your wrath. I ask that you send a
Demon to me to take and deliver the curses and thoughtforms that I have
cleaned from my aura and soul directly to those who have sent them. O
Mighty Satan, fill me with truth, wisdom and understanding, keep me strong
in my faith and service, that I may abide always in Thee with Praise, Honor,
and Glory be given Thee forever and ever.

1. Visualize a brilliantly bright Sun directly above your head. Affirm: “The
light is cleaning and removing any and all negative energy, thoughtforms,
and curses on or connected to my soul that have been directed to me, and is
returning them to the senders.” State this 3 times.

2. Visualize this Sun descending down into your head and pushing down any
dirt, filth, thoughtforms [thoughtforms can appear as chunks of filth or for
those who are advanced, you can see them as they may be shapes,
symbols, like elementals, or otherwise]. This will be grey or black energy [as
it collects], and will get darker as it descends.

3. Visualize the brilliant light descending through your throat, down through
your shoulders, chest, then stomach area, hips and all the way down
through your feet, pushing out all of the dirt from your aura and soul.

4. Move the filth beside you, in a pile.

5. DO THIS THREE TIMES, steps 1 through 4. Keep piling the dirt.

6. When you are finished, your aura and soul should be much brighter and
cleaner. You can either ask for a Demon to take the energy and to return it
to the senders [especially if you’re new], OR, you can visualize it shooting
away from you, directing it to the senders.

19
 RETURNING CURSES PT 2:
Aura of Protection

>From New Moon until the full Moon, everyone here should be building a powerful aura
of protection. This is more advanced than the standard aura of protection. Given the
attacks we have been under and the state of this world right now, this working should
be repeated from every new to full Moon every month for a year. This will stay on your
soul eternally, protecting you, and keeping you safe from the malice of others,
destroying your enemies.
>1. Raise your energies. This is best done [as with all magickal workings] when you are at
your most powerful, feeling a strong energy buzz. If you are new, just do the best you
can. You can also use the energy of the Sun as indicated in the above to raise your
energies with reciting SURYA, using a Satanic rosary [or anything that will help you keep
count]
>2. Clean your aura thoroughly, as instructed from Part 1 of Returning Curses. DO NOT
hesitate to ask for a Demon/ess to help you. Even if you cannot hear, sense or see the
Demon/ess, know He/She is there and is helping you, and delivering the energies back
to the sender/s.
>
>3. Engulf yourself in the light. Again, I repeat, if at all possible, use the Sun. Another
effective tactic, if you are unable to use the Sun and have trouble visualizing is to use a
lamp, with the bright bulb facing you, shining right in your face as you close your eyes
and visualize the light.
>
>4. Affirm 18 times:
>“My aura is constantly and continuously deflecting and repelling any and all negative
energies, curses, bindings, hatred and destructive energy directed at me and is
immediately returning these directly right back to the sender.”
>
>Do this from the Full Moon to the New Moon
I strongly recommend everyone do the INTENSE AURA CLEANING indicated in Returning
Curses 1, and keep repeating this through the cycles. You will find with deep cleaning
your aura, not only will this remove any curses, but all kinds of other crap that has kept
you down in your personal life. A dirty aura also hinders your workings and personal
powers. The aura and soul have accumulated all kinds of negative energies throughout
many lifetimes and these cannot all be removed in one working. It must be repeated.
AGAIN, I strongly advise you ask Satan to send you a Demon/ess to work with you in
removing these energies. Even if you are new and cannot see or feel him/her, follow
your gut feelings and intuitions. It is extremely important to always say the prayer (PT 1)
before your aura cleaning.

20
RTR REMINDERS:

x Void of Course Moon DOES NOT affect

RTRs

x RTRs DO NOT have to be perfect

x Always Clean Your Aura and Chakras

after a RTR

x Do the best you can -

21
Kol Nidre
RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 3 TIMES:

• TOH-UUVV-UHSH • OHH-LL • AHN-NAH-TAH-UUVV-SHUU

• YAYR-AHH-SSEH • OHH-LL • AHNNAH-RAH-SEHVV •

• YAYR-DEEN • OHH-LL • AHNN-AHR-DEEN • NEEM-HAH-YAHK •

• OHH-LL-HAYVV • NEER-EER-USH • OHH-LL •

• NEEL-AHT-UUVV-HUH-MUUU • NEEL-AYT-UHB •

• NEET-EEV-USH • NEEK-EEV-USH • NAHR-AHSH •

• NOHH-YUH • NOHH-LUUK • NOHH-UHV • AHN-TAHR-AH-KHEE •

• NOHL-UUK-UHB • UHV-OHT-UHL • UUN-AYL-HUH • AHB-HAH •

• MEE-RUUP-EEK • MOH-YH • DAH • EHZ • MEE-RUUP-EEK •

• MOH-YEEM • AHN-AHT-AHSH-FAHN • LAH • AHN-RAHSS-HAH-DUU •

• AHN-MEER-AH-AHKH-DUU • AHN-AHB-AHT-SHEE-DUU •

• AHN-RAHD-NEE-UHD • YAY-UUN-EEKH-AYV • AYSS-UUN-EEK-AYV •

• AYM-AHN-OHK-AYV • AYM-AHHR-AKH-AHV • YAY-UUV-SHUU •

• AYR-AHS-EH-EHV • AYR-DEEN • LAHK

Vibrate SATANAS

After vibrating SATANAS, state with conviction 9 times:

The world is now fully aware of the centuries of Jewish crimes committed
against humanity. The Jewish people are all being held accountable. The
Jewish people are paying for these crimes and many more.

Vibrate SATANAS
Vibrate AUM

HAIL SATAN FOREVER!!

22
Lev 16:22 Reverse Curse Upon the Goat
Raise your energies and vibrate the paragraph below 9 times:

RAHB-DEEM-AHB • REE-AHSS-HAH-TEH • KHAHL-EESH-AYV • HAHR-YAYZZ-

UHG •

TSEHR-EH-LEH • MAHT-OHN-OH-AH-LOHK-TEH • VAHL-AH • REE-AHSS-HAH

•

AHSS-AHN-AYV

State with conviction 9 times:

• Vibrate AUM
• The entire Gentile world is fully aware of the Jews and their crimes against
humanity
• Jewish blame-shifting their crimes onto Gentiles has ceased to be effective
• The Jewish scapegoat has come back to the Jews and has released all of
their lies and crimes right back onto them
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual

23
Genesis 3:14 – Serpent is Free

Vibrate the following paragraph of words 9 times:

AHKH-YEHY-AHKH • YAIM-UHY--LAHK • LAHKH-OHT • RRAHFF--‘AH’--AYV •

KHAYL-AYT • AKH-NOHKH-UHGG--‘AHL’ • EHD-AHS-HAH • TAHY-AHKH •

LOHK-EEM-UU • AHM-HEH-UHB-HAH--LOHK-EEM • AHT-AH • RR-UU-RRAH •

T-OH-ZZ • AHT-EES--‘AHH’ • EEK • SH-AKH-AHN-NAH--LEH •

MEEHH-OHL-EH • AHV-OH-HUHY • RR-EHM-OH-YAV

Vibrate AUM
Then state with conviction 18 times:
The Serpent is free. The Serpent is exalted. The Serpent is forever!
Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual

24
Genesis 3:24 – Serpent Ascending
We have found that the kabalistic letter “S” is to be hissed, regardless
of the language.

RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 9 TIMES:

SSSS • MEEY-UHY-EYEKH-HAH • TSAY • KHEHR-EHD-TEH •

ROARM-SSHHEELL • TEHKH-EHP-HAH-TEEM-HAH •

VEH-RR-EHKH-HAH • TAH-AHL • TAY-YAV •

MEEV-UURR-KHAH--TEH • NEHD-AY--NAHG-LL •

MEHD-EHK-EEM • NAYK-SHAY-AHV • MAHD-AH-HAH--TEH •

SSHH-EHR-AHG-EYEV

State with conviction 18 times:

• Vibrate AUM
• MEEV-UURR-KHAH
• The Serpent is free. The Serpent is rising. The Serpent is risen forever!
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual

25
Genesis 9:5 – Reverse Blood Sacrifice Ritual

RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 9 TIMES:

MAHD--‘AH’--HAH • SHEHFF-EHN-TEH • SHOHR-DEH •

VEE-KHAH • SHEE • DAH-YEEM • MAHD--‘AH’--HAH •

DAH-YEEM-UU • UUN-EHSH-EHR-DEH • AH-Y-EYEKH--LOHK •

DAH-YEEM • SHOHR-DEH • MEHKH-AYT-OSH-FAHN-LL •

MEKH-MEED--TEH • KHAH-AYV

State with conviction 9 times:

• Vibrate AUM

• The blood and lives of both human beings and animals has become toxic to
enemy alien agenda and the Jews.

• The blood and lives of both human beings and animals have ceased to be
effective and have lost all of their power for the enemy alien agenda and the
Jews.

• Vibrate AUM

HAIL SATAN FOREVER!!

End Ritual

26
Genesis 11:9 – Communications
RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 9 TIMES:

AYF • TSEHR--'AH’--AH--LOHK • YAIN-UP--L’A'-- •

AHV-HUH-HUY • MAHTS-EEF-EH • MAHSH-EEM-UU •

TSEHR--'AH’--AH--LOHK • TAHFF-US • AHV-HUH-HUY •

LAHL-AHB • MAHSH-EEK • LEHV-AHB • AHM-USH •

AHR-AHK • NAYK-L’A’-- •

After vibrating the above paragraph 9 times, state with conviction 9 times:

• Vibrate AUM
• The Jews have lost all control of the media and of all communications
totally, completely and permanently
• All media and communications are now free for Gentiles
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual

27
Genesis 12:2-3 – Curse Israel

RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 9 TIMES:

AHKH-AHR-UHB • YAY-EHV • AHKH-EHM-USH •

AHL-DAHG-AH-AHV • AHKH-KHEHRR-AHV-AH-AHV •

LOHD-AHG • OIG-UHL • AHKH-SS--'EH’--EHV •

AHM-AHD-AH-AHH • TOKH-UHP-SHEEM--LOHK • AHKH-UHV •

UUKH-UHR-VEEN-AYV • ROH-AH • AHKH-EHL-AHK-MUU •

AHKH-AYKH-RAHV-UHM • AHKH-RAHV-AH-AHV

After vibrating the above paragraph 9 times, state with conviction 9 times:

• Vibrate AUM
• Those who bless Israel are cursed
• Those who curse Israel are blessed
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual

28
Exodus 7:12 – Serpent Empowerment for
Gentiles
RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 18 TIMES:

MAHT-OHT-AHM–TEH • NOHR-HAH-AH • AYT-HAM • AHL-VEE-

IVE • MEEN-EEN-AHT-LUH • UUUY-HEEY-IVE • UUUH-AYT-
HAM • SHEEE • UUUKH-EEL-SHAHY-IVE

After vibrating the above paragraph 18 times, state with conviction 18

times:

Vibrate AUM

All obstacles are totally, permanently, and completely removed!

Satan is fully empowered!
Satan has Supreme and Invincible Power
Satan's Supreme and Invincible Power is Forever!

Vibrate AUM

[*All of the above together is one round]

HAIL SATAN FOREVER!!

End of Ritual
Exodus 15:3 – Preventing Another Major War

Vibrate the paragraph below 9 times:

OHM-USH • AHV-OH-HUHY • AHM-AHKH-LEEM • SHEE • AHV-OH-HUHY

State with conviction 9 times:

• Vibrate AUM
• The God of Israel Has Lost All Power
• The Jews Have Permanently and Completely Lost all Power and Influence
Over Gentiles
• The Prophesies of War, Destruction and Desolation Against Gentiles have
Failed Completely and Permanently
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual
Lev 16:22 – Reversing Curse Upon the Goat
Raise your energies and vibrate the paragraph below 9 times:

RAHB-DEEM-AHB • REE-AHSS-HAH-TEH • KHAHL-EESH-AYV • HAHR-YAYZZ-

UHG •

TSEHR-EH-LEH • MAHT-OHN-OH-AH-LOHK-TEH • VAHL-AH • REE-AHSS-HAH

•

AHSS-AHN-AYV

State with conviction 9 times:

• Vibrate AUM
• The entire Gentile world is fully aware of the Jews and their crimes against
humanity
• Jewish blame-shifting their crimes onto Gentiles has ceased to be effective
• The Jewish scapegoat has come back to the Jews and has released all of
their lies and crimes right back onto them
• Vibrate AUM

HAIL SATAN FOREVER!!

Numbers 15:26 - Holding Enemy
Accountable
RAISE YOUR ENERGIES AND VIBRATE THE PARAGRAPH BELOW 9 TIMES:

uhss • hahgg • ahgg • sheeb • mah’-ah • lohkh-uhl •

• eek • mahkh-oht-uhb • rahg-ahh • rayg-ahl-uhv •

• lay-ahr-sssee'-yh • yayn-uhb • lohkh-uhl • khahl-seen-uhv

Vibrate SATANAS
After vibrating SATANAS, state the following paragraph with conviction 9
times:

The Jewish people and the Gentiles who knowingly and purposely aid and
abet them in their crimes against humanity are all being held accountable.
The Jewish people and their Gentile lackeys are being severely punished for
all of these crimes and many more.

When you have stated the above 9 times, then

Vibrate SATANAS
Vibrate AUM
and State: HAIL SATAN FOREVER!!
Deuteronomy 7:2 – Preventing Another
Major War
This ritual can be repeated as many times as you wish.

Vibrate the paragraph below 9 times:

MAYN-AKH-HUT • OHL-AYV • TEER-UHB • MEH-AHL •

TOHR-KHEET-OHL • MAHT-OH • MEER-AHKH-AHT •
MAYR-AHKH-AH • MAHT-EEK-EEH-AYV • AHKH-AYN-AHF-UHL •
AHKH-AYH-OHL-EH • AHV-OH-HUHY • MAHN-AHT-NUU

State with conviction 9 times:

• Vibrate AUM
• The God of Israel Has Lost All Power Over Gentiles
• The Jews Have Lost All Power Over Gentiles
• The Jewish attempts at starting another War have Failed Completely and
Permanently
• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual
Demonic Authority Ritual Vibrate the words below 3, 9 or 10
times [10 is by FAR the best]: [On pronouncing the words scroll below]

1.UU-SH • EE-THAM-ONO • OHT • EN • NEE-MEE • E-TEE-EES-HAT-OPY • DE-MO-

NIA • AT • EE-K • E-EE-REEK • SET-NO-YEL • SARAKH • ATEM • O-EE-D • ATNOK-
EEM-OHT-VEE • EE • EE-TH • NASP-ERTS-E-PEE •

2.ATN-OSH-EP • OO-AN-AR-U • EE-OT • KEE • NEE-PART-SHA • S-Ooh • SATANAN

• NOT • NOO-RHO-ETH-E • SEE-O-TEE-VA • E-DH • NE-PI-EE •

3. EE-SEE-KEE-THA • EE-M • EE-O • SA-MEEH • NETH-OO • IAK • UOR-TH-CH-Y

(EE) • YOT • NEEM-AN-EED • NEET • NA-SHAP • IPE • IAK • SCORPION • IAK •
OPHEON • ON-APEE • NEE-TAP • YOT • NAEE-SEE-OKSH-E • NEET • NEEM-EE •
AK-O-THEE-TH • EE-OTHEE •

4.SEE-OON- AR-UO • SEE-OHT • NEE • EETP- AR-YEE-Y-NEE • NOM-EEH • ATAM-

ON-OH • TA • EE-TOH • E-TH • ETER-ECH ----- E-TEE-SSH-AT-OPEE • NEE-MEE •
ATAM-VE-NP • EE-TOH • TA • ETER-ECH • EEM • OT-YOT • NEE • NEE-PL •

After you have vibrated the above 10 times, affirm the following 10 times [Satanas-
Affirmation-Satanas is one turn]. Aum is at the beginning and the end, only done 1
and 1 times.:

x1 AUM-
x10 [Vibrate SATANAS:

-The Jewish influence, control and bindings on Satan and His Demons are
completely untied and are now void and nullified.
-The Jews, their god and their angels have lost any and all spiritual authority over
the Demons and Gods of Satan.
-Satan and His Demons are restored to the heavens and in full power and authority,
now and forever.
-THE JEWISH GOD IS OVERTHROWN, DEVOID OF ANY SPIRITUAL AUTHORITY AND
COMPLETELY DESTROYED!

Vibrate SATANAS]
x1 AUM-

The above is ONE TURN and must be done 10 times for MAXIMUM effectiveness.

Close the Ritual with a big HAIL SATAN!

JoS Protection Ritual
Runic Vibrations-

The runes are to be vibrated one after in this order.

Algiz x18 Sowilo x18 - Tyr x18 -18 times. [or multiplies of 18, such as 36,
72, etc etc times, however many you desire/are able to]

x18 each Rune:

"AAAAAA-LLLLL-GGGGG-IIII-ZZZZ" x18

"SSSSSSSS-OOOOOOVVVVVV-EE-LLLLL-OOOOO"x18

"TTTTT-YYY-RRRR"x18

After you raise the energy of the Runes, focus on it and:

VIBRATE SATANAS and Then affirm

"The Joy of Satan Ministries are always protected and completely safe,
in every and all ways from any and all forms of harm and negativity.

All those who curse the Joy of Satan are cursed, and all those who bless the
Joy of Satan are blessed."

VIBRATE SATANAS

The above to be repeated either 10 times. Satanas - Affirm - Satanas is ONE

round. This must be done 10 times.
Final Eclipse: Destroying Nazarene and Lies
Vibrate the paragraph below 10 times:

SEE-YY • SEE-T • EE-PE • YAK • ONA-REE-O • NE • A-EE-EES-OXEE • AS-AP

• EEM •
EE-THO-ETH • NO-YEL • SEE-TVA • NES-EELA-LE • SUS-EE • O • NO-TH-
LES-ORP • YAK

State with conviction 10 times:

• Vibrate AUM

• All authority of Jesus Christ in all its forms, is dead, is cursed, and is void
in the heavens and the earth, now and forever
The Jewish people and all people of Jesus Christ, have now fallen from all
positions of influence and power.
• All authority granted through the lie of Jesus Christ has collapsed, is void,
and destroyed.
• The Jewish thought-form of Jesus Christ is cursed, defiled, and dead.

• Vibrate AUM

HAIL SATAN FOREVER!!

End of Ritual