0% found this document useful (0 votes)
290 views21 pages

FUR1 11 Inheritance

This document provides guidelines for running a Living Greyhawk adventure scenario as part of an RPGA Network tournament. It instructs the Dungeon Master to prepare by reading the scenario in advance and having the necessary rulebooks and materials. It describes different scoring methods (no-vote, partial, or full voting) and procedures for character introductions, gameplay, and scoring packets. The scenario involves determining what squatters have occupied the vacant Gaelpyn estate and if they can be evicted.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
290 views21 pages

FUR1 11 Inheritance

This document provides guidelines for running a Living Greyhawk adventure scenario as part of an RPGA Network tournament. It instructs the Dungeon Master to prepare by reading the scenario in advance and having the necessary rulebooks and materials. It describes different scoring methods (no-vote, partial, or full voting) and procedures for character introductions, gameplay, and scoring packets. The scenario involves determining what squatters have occupied the vacant Gaelpyn estate and if they can be evicted.
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 21

)85









,1+(5,7$1&( 

$2QH5RXQG' '/,9,1**5(<+$:.Å
)XU\RQG\5HJLRQDO$GYHQWXUH
9HUVLRQ



E\0LFKDHO6:HEVWHU






7KH *DHOS\Q HVWDWH KDV VWRRG YDFDQW IRU PDQ\ \HDUV ZDLWLQJ IRU WKH *DHOS\Q IDPLO\ WR UHWXUQ IURP WKHLU VHOILPSRVHG
H[LOH:KDWNLQGRIVTXDWWHUVKDYHWDNHQXSUHVLGHQFHKHUHDQGFDQWKH\EHHYLFWHG"








'81*(216 '5$*216' '*5(<+$:.DQG53*$DUHUHJLVWHUHGWUDGHPDUNVRI:L]DUGVRI
WKH &RDVW ,QF /,9,1* *5(<+$:. LV D WUDGHPDUN RI :L]DUGV RI WKH &RDVW ,QF 6FHQDULR GHWDL O
FRS\ULJKWE\:L]DUGVRIWKH&RDVW,QF$//5,*+765(6(59('7KLVVFHQDULRLVLQWHQGHGIRU
WRXUQDPHQWXVHRQO\DQGPD\QRWEHUHSURGXFHGZLWKRXWDSSURYDORIWKH53*$1HWZRUN 


 7KLVLVDQ53*$Ì1HWZRUNVFHQDULRIRUWKH'XQJHRQV LWV JDPHV &RQVXOW \RXU FRQYHQWLRQ FRRUGLQDWRU WR
 'UDJRQVÌ JDPH 7KH IROORZLQJ JXLGHOLQHV DUH KHUH WR GHWHUPLQHZKLFKPHWKRGWRXVHIRUWKLVVFHQDULR
KHOS\RXZLWKERWKWKHSUHSDUDWLRQDQGYRWLQJVHJPHQWRI  1RYRWH VFRULQJ 7KH SOD\HUV ZULWH WKHLU QDPHV DQG
WKH JDPH 5HDG WKLV SDJH FDUHIXOO\ VR WKDW \RX NQRZ DQG 53*$QXPEHUVRQWKHVFRULQJSDFNHWJULG<RXILOOLQ
FDQ FRPPXQLFDWH WR \RXU SOD\HUV WKH VSHFLDO DVSHFWV RI WKH WRS RI WKH JULG 7KDW LV DOO 1R RQH LV UDWHG 7KLV
SOD\LQJDQ53*$VFHQDULR PHWKRGLVXVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRUIXQ
  3DUWLDO VFRULQJ 7KH SOD\HUV UDWH WKH JDPH PDVWHU DQG
35(3$5$7,21 WKHVFHQDULRRQWKHLUSOD\HUYRWLQJVKHHWDQGSURYLGH
SHUVRQDOLQIRUPDWLRQEXWGRQWYRWHIRURWKHUSOD\HUV
 )LUVW \RX VKRXOG SULQW WKLV VFHQDULR 7KHUH LV HQRXJK 7KH JDPH PDVWHU UDWHV WKH VFHQDULR DQG FRPSOHWHV
URRPDORQJWKHLQVLGHPDUJLQWRELQGWKHDGYHQWXUHLI\RX SHUVRQDODQGHYHQWLQIRUPDWLRQEXWGRHVQRWUDWHWKH
GHVLUH SOD\HUV DV D WHDP RU YRWH IRU SOD\HUV 7KLV PHWKRG LV
 5HDGWKLVHQWLUHDGYHQWXUHDWOHDVWRQFHEHIRUH\RXUXQ XVHG ZKHQ WKHUH LV QR FRPSHWLWLRQ EXW WKH HYHQW
\RXUJDPH%HVXUHWRIDPLOLDUL]H\RXUVHOIZLWKDQ\VSHFLDO FRRUGLQDWRU ZDQWV LQIRUPDWLRQ RQ KRZ WKH JDPH
UXOHV VSHOOV RU HTXLSPHQW SUHVHQWHG LQ WKH DGYHQWXUH ,W PDVWHUV DUH SHUIRUPLQJ RU WKH JDPH PDVWHU ZDQWV
PD\KHOSWRKLJKOLJKWSDUWLFXODUO\LPSRUWDQWSDVVDJHV IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
 :KHQ \RX UXQ DQ 53*$ ' ' DGYHQWXUH ZH DVVXPH  9RWLQJ3OD\HUVDQGJDPHPDVWHUVFRPSOHWHWKHHQWLUH
WKDW \RX KDYH DFFHVV WR WKH IROORZLQJ ERRNV WKH 3OD\HUV SDFNHWLQFOXGLQJYRWLQJIRUEHVWSOD\HU,IWKLVPHWKRG
+DQGERRN WKH 'XQJHRQ 0DVWHUV *XLGH DQG WKH 0RQVWHU LV XVHG EH VXUH WR DOORZ DERXW  PLQXWHV IRU WKH
0DQXDO:HDOVRDVVXPHWKDW\RXKDYHDVHWRIGLFH DWOHDVW SOD\HUVWREULHIO\GHVFULEHWKHLUFKDUDFWHUVWRWKHRWKHU
RQH G G G G G DQG G  VRPH VFUDS SDSHU D SOD\HUVDQGDERXWPLQXWHV IRU YRWLQJ 7KLV
SHQFLODQ53*$VFRULQJSDFNHWDQG\RXUVHQVHRIIXQ,WLV PHWKRG LV XVHG ZKHQ WKH SOD\HUV ZDQW WR NQRZ ZKR
DOVR D JRRG LGHD WR KDYH D ZD\ WR WUDFN PRYHPHQW GXULQJ SOD\HG WKH |EHVW} DPRQJVW WKH JURXS RU ZKHQ WKH
FRPEDW7KLVFDQEHDVVLPSOHDVDSDGRIJUDSKSDSHUDQGD DGYHQWXUH LV UXQ LQ WRXUQDPHQW IRUPDW ZLWK ZLQQHUV
SHQFLO DV KDQG\ DV D YLQ\O JULG PDS DQG FKLWV RU DV DQGSUL]HV
HODERUDWHDVUHVLQGXQJHRQZDOOVDQGPLQLDWXUHV 
 ,QVWUXFW WKH SOD\HUV HLWKHU WR SUHSDUH WKHLU FKDUDFWHUV  :KHQXVLQJYRWLQJUDQNWKHSOD\HUVLQRUGHURI\RXU
QRZRUZDLWXQWLO\RXUHDGWKHLQWURGXFWLRQGHSHQGLQJRQ YRWLQJFKRLFHZKLOHWKH\DUHFRPSOHWLQJWKHLUIRUPVVRWKDW
WKH UHTXLUHPHQWV RI WKH VFHQDULR DV GHVFULEHG LQ WKH \RXDUHQRWLQIOXHQFHGE\WKHLUFRPPHQWVRQ\RXUDELOLWLHV
LQWURGXFWLRQ ,WV D JRRG LGHD WR KDYH WKH SOD\HUV YRWH ZKLOH \RX
 .HHSLQPLQGWKDW\RXPXVWKDYHDWOHDVWIRXUSOD\HUV GHWHUPLQHWUHDVXUHDQGH[SHULHQFHDZDUGVIRUWKHVFHQDULR
QRW FRXQWLQJ WKH '0  IRU WKH JDPH VHVVLRQ WR EH D  $IWHU YRWLQJ JLYH WKH 6FRULQJ 3DFNHW WR \RXU HYHQW
VDQFWLRQHG 53*$ HYHQW $V ZHOO \RX FDQQRW KDYH PRUH FRRUGLQDWRU
WKDQVHYHQSOD\HUVSDUWLFLSDWLQJLQWKHJDPH  7KLVLVD/,9,1**5(<+$:.$GYHQWXUH$VD/LYLQJÎ
 2QFH\RXDUHUHDG\WRSOD\LWLVKDQG\WRLQVWUXFWHDFK DGYHQWXUHLWLVH[SHFWHGWKDWSOD\HUVZLOOEULQJWKHLURZQ
SOD\HU WR SODFH D QDPHWDJ LQ IURQW RI KLP RU KHU 7KH WDJ FKDUDFWHUV ZLWK WKHP ,I SOD\HUV GR QRW KDYH D /,9,1*
VKRXOG KDYH WKH SOD\HUV QDPH DW WKH ERWWRP DQG WKH *5(<+$:.FKDUDFWHUJHQHUDWHGJHWDFRS\RIWKHFXUUHQW
FKDUDFWHUVQDPHUDFHDQGJHQGHUDWWKHWRS7KLVPDNHVLW /,9,1* *5(<+$:. FKDUDFWHU JHQHUDWLRQ JXLGHOLQHV D
HDVLHUIRUWKHSOD\HUV DQGWKH'0 WRNHHSWUDFNRIZKRLV FKDUDFWHU VKHHW DQG D/,9,1* *5(<+$:.ORJVKHHWIURP
SOD\LQJZKLFKFKDUDFWHU \RXUFRQYHQWLRQFRRUGLQDWRURUWKH53*$:HEVLWHDQG
 7KH SOD\HUV DUH IUHH WR XVH WKH JDPH UXOHV WR OHDUQ WKHQ KDYH DQ\ SOD\HUV ZLWKRXW D FKDUDFWHU FUHDWH RQH
DERXWHTXLSPHQWDQGZHDSRQVWKHLUFKDUDFWHUVDUHFDUU\LQJ 2QFHDOOSOD\HUVKDYHD/,9,1**5(<+$:.FKDUDFWHUSOD\
7KDWVDLG\RXDVWKH'0FDQEDUWKHXVHRIHYHQFRUHUXOH FDQEHJLQ
ERRNVGXULQJFHUWDLQWLPHVRISOD\)RUH[DPSOHWKHSOD\HUV  $ORQJZLWKWKHRWKHUPDWHULDOVWKDW\RXDUHDVVXPHG
DUH QRW IUHH WR FRQVXOW WKH'XQJHRQ0DVWHUV*XLGHZKHQ WR KDYH LQ RUGHU WR UXQ D ' ' JDPH LW LV DOVR
FRQIURQWHG ZLWK D WUDS RU KD]DUG RU WKH 0RQVWHU 0DQXDO UHFRPPHQGHG WKDW \RX KDYH D FRS\ RI WKH /,9,1*
ZKHQFRQIURQWHGZLWKDPRQVWHU *5(<+$:.*D]HWWHHU
 6RPHRIWKHWH[WLQWKLVVFHQDULRLVZULWWHQVRWKDW\RX 
PD\SUHVHQWLWDVZULWWHQWRWKHSOD\HUVZKLOHRWKHUWH[WLV 
IRU\RXUH\HVRQO\7H[WIRUWKHSOD\HUVZLOOEHLQJUD\ER[HV
,WV VWURQJO\ UHFRPPHQGHG WKDW \RX SDUDSKUDVH WKH SOD\HU '(7(50,1,1*$9(5$*(
WH[WLQVWHDGRIUHDGLQJLWDORXG6RPHRIWKLVWH[WLVJHQHUDO
DQGPXVWEHDGDSWHGWRWKHVSHFLILFVLWXDWLRQRUWRDFWLRQVRI 3$57</(9(/ $3/ 
WKHSOD\HUFKDUDFWHUV %HFDXVH SOD\HUV EULQJ WKHLU RZQ FKDUDFWHUV WR /,9,1*
 *5(<+$:. JDPHV WKLV DGYHQWXUHV FKDOOHQJHV DUH
6&25,1* SURSRUWLRQHG WR WKH DYHUDJH FKDUDFWHU OHYHO RI WKH 3&V
 $IWHU WKH SOD\HUV KDYH FRPSOHWHG WKH VFHQDULR RU WKH SDUWLFLSDWLQJLQWKHDGYHQWXUH7RGHWHUPLQHWKH$YHUDJH
WLPH DOORWWHG WR UXQ WKH VFHQDULR KDV UXQ RXW WKH SOD\HUV 3DUW\/HYHO $3/ 
DQG'0VFRUHWKHJDPH7KH53*$KDVWKUHHZD\VWRVFRUH   'HWHUPLQH WKH FKDUDFWHU OHYHO IRU HDFK 3&
SDUWLFLSDWLQJLQWKHDGYHQWXUH

,QKHULWDQFH  3DJH
  ,I 3&V EULQJ DQLPDOV WKDW KDYH EHHQ WUDLQHG IRU   $ JURXS RI $3/  DGYHQWXUHUV ZKR GHVLUH DQ
FRPEDW PRVWOLNHO\ZDUKRUVHVGRJVWUDLQHGIRU H[WUD KDQG FDQ |HQOLVW DQ LFRQLF} 7KH VWDWV IRU
ZDU  RWKHU WKDQ WKRVH EURXJKW E\ YLUWXH RI D WKH VWOHYHO YHUVLRQV RI 7RUGHN 0LDOHH /LGGD
FODVV DELOLW\ LH DQLPDO FRPSDQLRQV IDPLOLDUV DQG-R]DQDUHJLYHQDWWKHHQGRIHDFKDGYHQWXUH
SDODGLQVPRXQWVHWF XVHWKHIROORZLQJFKDUWWR 7KH JURXS PD\ SLFN RQH RI WKHVH FKDUDFWHUV WR
GHWHUPLQH WKH QXPEHU RI OHYHOV \RX DGG WR WKH MRLQW WKHP RQ WKLV DGYHQWXUH 7KH '0 FRQWUROV
VXP DERYH $GG HDFK FKDUDFWHUV DQLPDOV WKDW13&
VHSDUDWHO\ $ VLQJOH 3& PD\ RQO\ EULQJ IRXU RU 
IHZHU DQLPDOV RI WKLV W\SH DQG DQLPDOV ZLWK ,I \RX DUH XVLQJ D  &< DGYHQWXUH FDPSDLJQ \HDU  
GLIIHUHQW&5VDUHDGGHGVHSDUDWHO\ WKDWXVHVWKHROG7LHUVDVVXPHWKDWWKH7LHUPXOWLSOLHGE\
  &5      LVWKH$3/VXLWDEOHIRUWKDWHQFRXQWHU
  DQG     
  DQG    
        ,6,7$)8//0221"
         6LQFHWKHKD]DUGVRIO\FDQWKURS\DUHDFXUUHQWSDUWRI
        WKH /,9,1* *5(<+$:. FDPSDLJQ LWPD\EHQHFHVVDU\WR
       GHWHUPLQH LI WKLV DGYHQWXUH WDNHV SODFH GXULQJ D IXOO
  6XP WKH UHVXOWV RI  DQG  DQG GLYLGH E\ WKH PRRQ)RUJDPHSXUSRVHVWKHIXOOPRRQODVWVWKUHHGD\V
QXPEHU RI FKDUDFWHUV SOD\LQJ LQ WKH RIHDFKPRQWK)RUDJLYHQVFHQDULRWKDWGRHVQRWVWDWHWKH
DGYHQWXUH{URXQGXS SKDVH RI WKH PRRQ UROO G EHIRUH SOD\ EHJLQV 2Q D
  ,I\RXDUHUXQQLQJDWDEOHRIVL[3&VDGGRQHWR UHVXOW RI  WKH ILUVW GD\ RI WKH VFHQDULR LV D QLJKW RI WKH
WKDWDYHUDJH IXOOPRRQ UROOGWRGHWHUPLQHZKHUHLQWKHVHTXHQFHRI
 WKUHHQLJKWVLWIDOOV 
%\ IROORZLQJ WKHVH IRXU VWHSV \RX ZLOO KDYH GHWHUPLQHG 
WKH$3/7KURXJKRXWWKLVDGYHQWXUH$3/VFDWHJRUL]HWKH
OHYHO RI FKDOOHQJH WKH 3&V ZLOO IDFH $3/V DUH JLYHQ LQ /,)(67</(
HYHQQXPEHUHG LQFUHPHQWV ,I WKH $3/ RI \RXU JURXS $WWKHEHJLQQLQJRIHYHU\VFHQDULRHDFK3&LVUHTXLUHGWR
IDOOV RQ DQ RGG QXPEHU DVN WKHP EHIRUH WKH DGYHQWXUH SD\XSNHHSFRVWVPDWFKLQJWKHOHYHORIOLIHVW\OHWKH\ZLVK
EHJLQVZKHWKHUWKH\ZRXOGOLNHWRSOD\DKDUGHURUHDVLHU WR PDLQWDLQ 7KH OLIHVW\OHV DQG WKH HIIHFWV WKDW HDFK KDV
DGYHQWXUH%DVHGRQWKHLUFKRLFHXVHHLWKHUWKHKLJKHURU RQSOD\DUH
WKHORZHUDGMDFHQW$3/ 
 $3/ DOVR DIIHFWV WKH DPRXQW RI H[SHULHQFH \RX PD\ 'HVWLWXWH <RX KDYH QR OLYLQJ VSDFH DQG PXVW FDUU\ DOO
JDLQDWWKHHQGRIDQDGYHQWXUH,I\RXUFKDUDFWHULVWKUHH \RXU JHDU HYHU\ZKHUH <RX HDW SRRU TXDOLW\ IRRG <RX
FKDUDFWHU OHYHOV RU PRUH HLWKHU KLJKHU RU ORZHU WKDQ WKH ZHDUDSHDVDQWRXWILW\RXURQO\FKDQJHRIFORWKHV
$3/ WKDW WKLV DGYHQWXUH LV SOD\HG DW SOD\LQJ DW WKDW 
FKDUDFWHU ZLOO UHFHLYH RQO\ KDOI RI WKH H[SHULHQFH SRLQWV 3RRU <RX VOHHS LQ SRRU DFFRPPRGDWLRQV DQG HDW SRRU
DZDUGHG IRU WKH DGYHQWXUH 7KLV VLPXODWHV WKH IDFW WKDW TXDOLW\IRRG<RXZHDUDSHDVDQWRXWILWDQGKDYHWZRVHWV
HLWKHU\RXUFKDUDFWHUZDVQRWDVFKDOOHQJHGDVQRUPDORU RIFORWKLQJ
UHOLHG RQ KHOS E\ KLJKHUOHYHO FKDUDFWHUV WR UHDFK WKH 
REMHFWLYHV &RPPRQ <RX KDYH FRPPRQ ORGJLQJV DQGHDWFRPPRQ
 TXDOLW\ IRRG <RX KDYH QRUPDO FORWKLQJ IRU \RXU
1RWH/,9,1**5(<+$:.DGYHQWXUHVDUHGHVLJQHGIRU$3/ SURIHVVLRQ DGYHQWXULQJ  QRWKLQJ IDQF\ <RX SUREDEO\
 DQG KLJKHU 7KUHH RU IRXU RU VRPHWLPHV HYHQ ILYH VW KDYHWZRRUWKUHHVHWVRIFORWKLQJ
OHYHOFKDUDFWHUVPD\ILQGGLIILFXOW\ZLWKWKHFKDOOHQJHVLQ 
D /,9,1* *5(<+$:. DGYHQWXUH ,I \RXU JURXS LV $3/  +LJK <RX VWD\ LQ JRRG TXDOLW\ ORGJLQJV DQG HDW JRRG
WKHUH DUH WKUHH WKLQJV WKDW \RX FDQ GR WR KHOS HYHQ WKH TXDOLW\ IRRG <RX ZHDU DQ\WKLQJ LQYDOXHXSWRFRXUWLHUV
VFRUH RXWILWVDQGJHQHUDOO\EX\DQHZVHWRIFORWKLQJHYHU\WZR
  $WWHPSW WR FUHDWH D WDEOH RI VL[ VWOHYHO ZHHNV
FKDUDFWHUVRUWU\WRHQOLVWKLJKHUOHYHOFKDUDFWHUV 
WRSOD\DWWKDWWDEOH /X[XU\ <RX KDYH OX[XULRXV DFFRPPRGDWLRQV WZLFH WKH
  $GYLVH FKDUDFWHUV WR EX\ ULGLQJ GRJV WR KHOS FRVW RI JRRG DFFRPPRGDWLRQV  DQG \RX HDW H[FHOOHQW
SURWHFWWKHPDQGILJKWIRUWKHP$OOULGLQJGRJV IRRGV <RX FDQ WKURZ D EDQTXHW IRU \RXU IULHQGV HYHU\
DUH FRQVLGHUHG WUDLQHG WR DWWDFN 3&V ZKR ZDQW GD\DQGIUHTXHQWO\GR<RXZHDUFORWKLQJXSWRWKHYDOXH
WKHLU GRJ WR DWWDFN WKH\ PXVW VXFFHHG DW D RIQREOHVRXWILWDQGEX\DQHZVHWRIFORWKHVHYHU\ZHHN
+DQGOH $QLPDO RU &KDULVPD FKHFN '&   
)DLOXUH LQGLFDWHV WKDW WKH DQLPDO ZLOO QRW DWWDFN /LIHVW\OHV FRPH ZLWK ERQXVHV RU SHQDOWLHV WR'LSORPDF\
WKDW URXQG 7KLV LV D IUHH DFWLRQ VSRNHQ ,QWLPLGDWH 'LVJXLVH DQG %OXII VNLOO FKHFNV 7KHVH
FRPPDQG WKDWPD\EHDWWHPSWHGHDFKURXQG,I SHQDOWLHV VKRZQ EHORZ VKRXOG EH DSSOLHG DW WKH '0V
DQDQLPDOORVHVKDOIRUPRUHKSLQDVLQJOHURXQG GLVFUHWLRQ DQG FDQ VRPHWLPHV EDFNILUH{IRU H[DPSOH D
LWIOHHVXQOHVVDQRWKHUFKHFNLVVXFFHVVIXO 3& ZLWK D SRRU OLIHVW\OH ZRXOG QRW KDYH D SHQDOW\ ZKHQ

,QKHULWDQFH  3DJH
WDONLQJ WR D EHJJDU EXW ZRXOG ZKHQ WDONLQJ WR D FLW\
RIILFLDO $ 3& ZLWK D KLJK OLIHVW\OH VKRXOG KDYHDSHQDOW\ ,1752'8&7,215811(56
ZKHQ GHDOLQJ ZLWK D JURXS RI VWUHHW WKXJV ZKHUH D 3&
ZLWKDGHVWLWXWHOLIHVW\OHPLJKWQRW
)5207+(67250
 '0V DUH HQFRXUDJHG WR UROHSOD\ WKHVH UHDFWLRQV 7KH MRXUQH\ KDV EHHQ XQHYHQWIXO DQG XQSURILWDEOH DV \RX
ZKHQHYHUSRVVLEOH YHQWXUH WR UHWXUQ WR &KHQGO 7KH FRXQWU\VLGH RI WKH %DURQ\ RI
 :LOOLS LV SOHDVDQW DQG IURP WKH ORRNV RI WKH FORXGV WR WKH
/LIHVW\OH&RVW 6NLOO0RGLILHU VRXWKHDVW\RXPLVVHGDQDVW\VWRUP<RXDUHQRWDORQHRQ\RXU
'HVWLWXWH VS   MRXUQH\ DV WKHUH DUH RWKHUV WUDYHOLQJ ZLWK \RX WR PDNH WKH
3RRU  VS   MRXUQH\DOLWWOHVKRUWHUDQGDORWVDIHU
&RPPRQ JS   
+LJK  JS   7KLV LV WKH RSSRUWXQH PRPHQW IRU WKH SOD\HUV WR
/X[XU\  JS   LQWURGXFHHDFKRWKHU$OORZWKH3&VWLPHWRLQWHUDFWDQG
 GHVFULEHWKHLUFKDUDFWHUV:KHQWKH3&VDUHFRPIRUWDEOH
 ZLWKRQHDQRWKHUSURFHHG

$'9(1785(6800$5<$1' 6XGGHQO\WKHSDUWO\FORXG\VNLHVWXUQEODFNDVWKHVDYDJHVWRUP
\RX WKRXJKW SDVW EXLOGV XS DURXQG \RX  7KH KHDYHQV RSHQXS
%$&.*5281' ZLWKIXU\DV\RXDUHSHOWHGZLWKGULYLQJZLQGVFXWWLQJUDLQDQG
 \HDUV DJR WKH *DHOS\Q HVWDWH ZDV RQH RI WKH ILQHVW LQ KDLOWKHVL]HRIODUJHEHUULHV-DJJHGEROWVRIOLJKWQLQJFODZWKH
WKH %DURQ\ RI :LOOLS  /RFDWHG QHDU WKH FRDVWDO ZDWFK HDUWK DQG UHQG WUHHV DOO DURXQG \RX  7KH RQO\ VKHOWHU LV D
WRZQ RI -RHVWKDOO EHWZHHQ :LOOLS DQG +HUHFKHO WKH PDQVLRQVXUURXQGHGE\DEOHDNJDUGHQDQGFUXPEOLQJZDOO
ODZQV DQG JDUGHQV ZHUH FDUHIXOO\ WHQGHG DQG WKH KRXVH 
ZDV NHSW PHWLFXORXVO\ FOHDQ  7KLV ZDV EHIRUH WKH ,I WKH 3&V UHPDLQ LQ WKH VWRUP LW ZLOO JUDGXDOO\ ZRUVHQ
*UH\KDZN :DUV  ,X]V LQYDGLQJ DUPLHV VZHSW VRXWK KDYLQJWKHIROORZLQJHIIHFWV
NLOOLQJDOOZKRVWRRGLQWKHLUZD\GULYLQJRXWWKRVHZKR N 7KH KLJK ZLQGV ZLOO UHGXFH PRYHPHQW E\  IW
ZRXOG IOHH  7KH KRXVHKROG RI WKH *DHOS\Q HVWDWH IOHG SHUURXQG
IHDULQJ DWWDFNV IURP WKH VHD GHVHUWLQJ WKHLU KHUHGLWDU\ N +DLOZLOOFDXVHVXEGXDOGDPDJHDWWKHUDWHRIG
IDPLO\ VHDW ZLWK OLWWOH PRUH WKDQ ZKDW WKH\ FRXOG FDUU\ SRLQWV RI VXEGXDO GDPDJH SHU URXQG RQ D
6LQFHWKHQWKH\KDYHEHFRPHTXLWHVXFFHVVIXOPHUFKDQWV VXFFHVVIXOKLW UDQJHG &KHFNIRUDOO3&VQRW
LQ WKH ILVK PDUNHW RZQLQJ VHYHUDO ILVKLQJ ERDWV WKDW SO\ XQGHUVKHOWHU
WKH1\U'\Y N $ VLQJOH OLJKWQLQJ EROW ZLOO DUF GRZQ HYHU\
 7KURXJKWKH\HDUVWKH*DHOS\QHVWDWHKDVEHFRPHWKH PLQXWH  URXQGV  WRZDUGV WKH FKDUDFWHU
KRPH RI YDULRXV EHDVWV DQG PRQVWHUV WKDW KDYH HQMR\HG FDUU\LQJWKHPRVWPHWDO LHKHDY\DUPRUODUJH
WKH HVWDWH IRU WKH SDVW GHFDGH  $Q KHLU LV QRZ UHDG\ WR VZRUGVHWF7UHDWWKHEROWVDVUDQJHGDWWDFNV 
WDNH SRVVHVVLRQ RI WKH IDPLO\ HVWDWH EXW WKH FXUUHQW GPJ  5HIOH['&IRUKDOIGDPDJH &KHFN
UHVLGHQWV ZLOO SUREDEO\ QRW EH ZLOOLQJ WR UHORFDWH  7R IRUDOO3&VQRWXQGHUVKHOWHU
SUHSDUH WKH ZD\ /HZV *DHOS\Q KDV UHWXUQHG IURP WKH 
JUDYH ,I WKH 3&V VWLOO UHIXVH WR HQWHU WKH KRPH WKH UHGXFHG
 /HZV RULJLQDOO\ EXLOW WKH IDPLO\ IRUWXQH DQG WKH PRYHPHQWDQGKDLOGDPDJHDUHGRXEOHG7KHVH|DWWDFNV}
HVWDWH VHYHUDO KXQGUHG \HDUV DJR  +H SURPLVHG WKDW D UHFHLYHDWLQWHQVLW\ERQXVWRWKHDWWDFNUROODWVDYH'&
ZRUWK\ *DHOS\Q ZRXOGIRUHYHURZQWKLVODQGDQGRQHLV IRUHYHU\PLQXWHV URXQGV WKH3&VDUHLQWKHRSHQ
FRPLQJ  8QIRUWXQDWHO\ LQ KLV QRQFRUSRUHDO IRUP KH 7KHVHERQXVHVVWDFNVRFKDUDFWHUVWKDWDUHLQWKHRSHQIRU
FDQQRWDIIHFWWKHUHDOZRUOGDQGKHQHHGVKHOS$VHYHUH  PLQXWHV DUH VORZHG E\ URXQG DUH KLW ZLWK KDLO IRU
VWRUPVHQGVDSDUW\RI3&VVHHNLQJVKHOWHUPHHWLQJ/HZV GSRLQWVRIVXEGXDOGDPDJH UDQJHG DQGPD\EH
ZKRWHOOLQJKLVVWRU\ RPLWWLQJWKHSDUWDERXWKLPEHLQJ VWUXFNE\OLJKWQLQJ UDQJHGGPJG5HIOH['& 
GHDG HQOLVWVWKHLUDLGLQFOHDULQJWKHKRXVH &KDUDFWHUV WKDW LQVLVW LQ EUDYLQJ WKH VWRUP ZLOO PRVW
 OLNHO\SHULVK
1RWH  1RQH RI WKH PRQVWHUV LQ WKLV KRXVH OLYH LQ D 
YDFXXP,QRWKHUZRUGVZKHQRQHJURXSLVDWWDFNHGWKH 
RWKHUV DUH OLNHO\ WR EHFRPH DZDUH  7KH\ PD\ QRW
QHFHVVDULO\ KHOS EXW WKH\ ZLOO EH SUHSDUHG ZKHQ SHVN\ (1&2817(5$%287/(:6
DGYHQWXUHUV FRPH WKHLU ZD\ 9RLFHV FDUU\ DQG VR GR WKH
FODQJLQJRIVWHHOWKHURDURIVSHOOVDQGWKHEDWWOHFULHVRI *$(/3<1
1RWLQWKHIDFH1RWLQWKHIDFH :LWK \RXU KHDGVGRZQDJDLQVWWKHGULYLQJZLQGDQGEUXLVLQJ
 KDLO\RXUXQIRUWKHKRXVH$V\RXDSSURDFK\RXQRWHWKHUHLVD
 ILJXUH KXGGOHG DJDLQVW WKH GRRU  7KH ILJXUH VKHOWHUHG E\ WKH
VPDOO RYHUKDQJ IURP WKH ZHDWKHU WXUQV WRZDUGV \RX KLV
FKHUXELFIDFHVKRZLQJIUXVWUDWLRQDWWU\LQJWRRSHQWKHGRRU

,QKHULWDQFH  3DJH
 $V \RX FURZG XQGHU WKH RYHUKDQJ KH LQWURGXFHV KLPVHOI $W VRPH SRLQW WKH PRQVWHUV LQ WKH KRXVH PD\ EHFRPH
|+HOOR0\QDPHLV/HZV*DHOS\QDQGZHOFRPHWRWKH*DHOS\Q DZDUHRIWKHLUSUHVHQFH
0DQRU,PKHUHWRSUHSDUHWKHPDQRUIRUWKHQHZKHLUEXWWKH 
NH\VKDYHEHHQORVWIRU\HDUVDQG,FDQWJHWLWRSHQ}
 (1&2817(5*5281'
/HZV*DHOS\Q0DOH*KRVW$VW6HH$SSHQGL[$

)/225
7KH ILJXUH DW WKH GRRU LV /HZV *DHOS\Q  /HZV LV DQ 9DULRXV URRPV IRU SXEOLF XVH DUH RQ WKH JURXQG IORRU
LQFRUSRUHDO JKRVW WKDW LV FDSDEOH RI YLVXDO DQG DXGLR VXFKDVUHFHLYLQJURRPVGLQLQJKDOOOLEUDU\NLWFKHQDQG
PDQLIHVWDWLRQV EXW FDQQRW DIIHFW PDWHULDO LWHPV  '0V D IHZ PRUH  &UHDWXUHV KDYH WDNHQ UHVLGHQFH WKURXJKRXW
PXVW EH YHU\ FDUHIXO ZKHQ UROHSOD\LQJ /HZV DV KH ZLOO WKHKRXVH
DYRLGJLYLQJDZD\KLVWUXHFRQGLWLRQ)RUH[DPSOHZKHQ 
PHHWLQJ WKH 3&V KH ZLOO WLS KLV KDW UDWKHU WKDQ VKDNH D*URXQG/HYHO
KDQGVVLQFHWKH3&VKDQGZRXOGSDVVULJKWWKURXJKKLP 7KH HQWU\ KDOO LV OLWWHUHG ZLWK GHEULV DQG RQ HYHU\ VXUIDFH DUH
6KRXOG /HZV DWWHPSW DQ\ SK\VLFDO DFWLYLW\ LH FRPEDW ZULWWHQJUDIILWL0RVWDUHLQRUFLVKEXWWKHUHDUHVRPHWKDWDUH
OLIWLQJ HWF  KH ZLOO VHHP WR EH YHU\ LQHIIHFWLYH UDWKHU NREROG DQG JREOLQ  7KH\ VD\ VWXII OLNH |2UF] 5RRO +REQL]
WKDQ SDVVLQJ WKURXJK DQ REMHFW  )RU H[DPSOH LI LQ 'UXOH} |*REO\Q] L] $ZVXP} |.REROG .UXVDGHUV}  0RVW DUH
FRPEDW KLV ZHDSRQ DOZD\V PLVVHV RU VHHPV WR GR QR VSRXWLQJ WKDW HDFK LV WKH EHWWHU DQG WKHUH DUH VRPH FRORUIXO
GDPDJH HSLWKHWV UHJDUGV RQH SHUVRQV LQWLPDWH UHODWLRQV ZLWK
 /HZV LV QRW O\LQJ ZKHQ KH VDLG WKH NH\V ZHUH ORVW TXHVWLRQDEOHVSHFLHV
(YHQ LI WKH\ NH\V ZHUH QRW ORVW KH ZRXOG QRW EH DEOHWR 
KDQGOH WKHP LQ KLV QRQFRUSRUHDO VWDWH  ,Q KLV FXUUHQW ,I WKH 3&V IRUFH WKHLU ZD\ LQ WKLV GRHV QRW QHFHVVDULO\
VWDWH KH FDQQRW FOHDU WKH PDQVLRQ RI WKH FXUUHQW ZDUQ WKH KRXVHV RFFXSDQWV DV WKH\ DUH XVHG WR WKH
RFFXSDQWV7KHUHIRUHKHQHHGVFRUSRUHDODVVLVWDQFHWKXV RFFDVLRQDOWKXPSVDQGEXPSV,IEDWWOHLVMRLQHGJURXSV
KHQHHGVWKHSDUW\ LQ WKH DUHD PD\ EH DOHUWHG  6LQFH WKH\ DOO NQRZ WKDWWKH
 $V WKH SDUW\ DOO FDQQRW ILW XQGHU WKH RYHUKDQJ WKH ~ORUG RI WKH PDQRU IRUELGV ILJKWLQJ DPRQJ HDFK RWKHU
RQO\ SURWHFWLRQ LV LQVLGH WKH KRXVH  7KH GRRU LV ORFNHG WKH\PD\FRPHWRVWRSWKHILJKW2QFHWKH\VHHWKHFDXVH
'LVDEOH 'HYLFH '&   DQG LV VKHOWHUHG IURPWKHVWRUP RI WKH GLVWXUEDQFH WKH\ ZLOO VHQG UXQQHUV WR ZDUQ WKH
,I WKH SOD\HUV EDON DW HQWHULQJ WKHKRXVHWKHQWKHVWRUP RWKHUDUHDVZKRZLOOSUHSDUHDFRPPRQGHIHQVH
FRQWLQXHV WR JHW JUDGXDOO\ ZRUVH VHH DERYH   7KHUH ZLOO  7KH VWDLUFDVHV XS WR WKH XSSHU IORRU DUH WUDSSHG
EHQRDQVZHUWRDQ\NQRFNLQJDWWKHGRRUDOWKRXJKVRPH KDOIZD\ XS  $ WKLQ VWULQJ LV VWUHWFKHG DFURVV WKH VWHS VR
RI WKH KRPHV UHVLGHQWV PD\ WDNH QRWLFH (DFK WLPH WKH WKDWEURNHQDFRXQWHUZHLJKWGURSVFDXVLQJDEHOOWRULQJ
3&V HQJDJH LQ PHOHH DOO PRQVWHUV RQ WKH VDPH OHYHO RI DOHUWLQJWKHJURXSVRQHLWKHUVLGHRIWKHZDOO7KHWUDSLV
WKH KRXVH DUH HQWLWOHG WR D /LVWHQ FKHFN '&  z HDV\ WR FRXQWHUDFW E\ VLPSO\ VWHSSLQJ RYHU LW %XW LW LV
PRGLILHGE\XSWRFLUFXPVWDQFHERQXVGHSHQGLQJRQ GLIILFXOWWRGHWHFWDQGWRGLVDUP
WKH QRLVH OHYHO  WR KHDU WKH FRPPRWLRQ  +XPDQRLG 
PRQVWHUV WKDW KHDU WKH FRPPRWLRQ ZLOO RUJDQL]H DQG JR 7ULS :LUH $ODUP &5  QR DWWDFN UROO UHTXLUHG
ORRNLQJIRUWKHVRXUFHRIWKHQRLVH 6HDUFK '& 'LVDEOH'HYLFH '&WRGLVDUPEXWPD\
 EHHDVLO\DYRLGHGLIGHWHFWHG 
(QWUDQFH 'RRUV  LQ WKLFN KDUGQHVV  KS  $&  
%UHDN'& E5HFHLYLQJ5RRP
 7KLVURRPRQFHXVHGWRUHFHLYHJXHVWVIURPDOORYHUKDVEHFRPHD
(LWKHU LQVLGH RU RXW LI WKH3&VDVN/HZVPRUHDERXWWKH NLQG RI EDUUDFNV IRU D WURRS RI NREROGV  2QH RI WKHP LV WKH
IDPLO\RUWKHKRXVHKHZLOOUHYHDOWKHIROORZLQJ ELJJHVWPHDQHVWORRNLQJNREROG\RXYHHYHUVHHQ
 
|,PKHUHWRSUHSDUHWKLVHVWDWHIRUP\IDPLO\ZKRDUHFRPLQJWR 7DFWLFV ,I WKH 3&VEDUJHGWKHLUZD\LQWKH\ZLOOEHDOHUW
UHFODLP LW DIWHU WKHLU VHOILPSRVHG H[LOH GXULQJ WKH *UH\KDZN DQG UHDG\ IRU WKHP RWKHUZLVH PRVW ZLOO EH VOHHSLQJ
:DUV  , QHHG WR FOHDU WKH KRPH RI DQ\ VTXDWWHUV EXW ,P QR RWKHUZLOOEHSOD\LQJJDPHVSUHSDULQJJHDUHWF
ZDUULRUDQGZRXOGDSSUHFLDWHVRPHKHOS$VDUHZDUGIRU\RXU  7KHLU OHDGHU <UUN ZLOO HQJDJH WKH PRVW WKUHDWHQLQJ
VHUYLFHV\RXPD\NHHSVRPHRIWKHYDOXDEOHVWKDWDUHFRQWDLQHG FKDUDFWHUZKLOHWKHRWKHUVZLOONLFNRYHUWKHLUEXQNVDQG
ZLWKLQEXW,PXVWGLUHFW\RXWRZKDW\RXFDQWDNH0XFKRIWKH SHOW HYHU\RQH ZLWK TXDUUHOV RU KDOIVSHDUV LI JRLQJ LQWR
LWHPVOHIWEHKLQGDUHRILPSRUWDQFHSULPDULO\WRIDPLO\KLVWRU\ PHOHH 7KHEXQNVSURYLGHSDUWLDOFRYHU $& 
,QSDUWLFXODUWKHUHLVDFDVHDERXWWKHVL]HRIDWKLFNWRPHWKDW 
PXVWEHIRXQGDQGGHOLYHUHGWRWKHIDPLO\,WFRQWDLQVDERRNRQ 'HYHORSPHQW 7KH VRXQGV RI EDWWOH KHUH DQG DQ\ZKHUH
WKH IDPLO\ KLVWRU\ DQG EHDUV RXU IDPLO\ PDUN RI DQ LQWULFDWH HOVH LQ WKH PDQRU ZLOO DOHUW PDQ\ RI WKH RWKHU PRQVWHUV
OHWWHU|*}} OLYLQJWKHUH'0VPD\GHFLGHZKLFKFUHDWXUHVZLOOOLHLQ
 ZDLWDQGZKLFKZLOOFRPHWRLQYHVWLJDWH1RWDOORIWKHP
,IWKH3&VDJUHHWRKHOS/HZVZLSHVKLVEURZLQUHOLHIDQG ZLOOFRPHWRLQYHVWLJDWH$VXFFHVVIXO/LVWHQFKHFN '&
DVNVWKH3&VWRLQWURGXFHWKHPVHOYHV,IWKH3&VGHFOLQH z PRGLILHG E\ XS WRFLUFXPVWDQFHERQXVGHSHQGLQJ
WRKHOSDQGWU\WRZDLWRXWWKHVWRUPLWLQVWHDGLQWHQVLILHV

,QKHULWDQFH  3DJH
RQWKHQRLVHOHYHO LQGLFDWHVWKHPRQVWHUVKDYHKHDUGWKH YLUWXDO  'LUW\ )LJKWLQJ  'RGJH ([RWLF :HDSRQ
FRPPRWLRQ 3URILFLHQF\ EODGHG JDXQWOHW  7UDFN ERQXV  7ZR
 :HDSRQ )LJKWLQJ YLUWXDO  :HDSRQ )LQHVVH EODGHG
7UHDVXUHJSVS JDXQWOHWV  :HDSRQ )RFXV EODGHG JDXQWOHW  :HDSRQ
 6SHFLDOL]DWLRQ EODGHGJDXQWOHW 
$3/ (/   3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU  7LQ\ EODGHG
JDXQWOHWVOLJKWFURVVERZEROWV
<UUN PDOH NREROG )WU5JU &5  6PDOO KXPDQRLG 
UHSWLOLDQ  +' G KS  ,QLW   'H[  6SG  IW .REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH
$& WRXFKIODWIRRWHG $WNPHOHH G 
7LQ\ EODGHG JDXQWOHWV  RU  PHOHH G 7LQ\ 7KH EODGHG JDXQWOHWV DQG WKH 'LUW\ )LJKWLQJ IHDW DUH
EODGHG JDXQWOHWV  DQG  G 7LQ\ EODGHG IURP6ZRUGDQG)LVW$*XLGHERRNWR)LJKWHUVDQG0RQNVDQG
JDXQWOHWV  RU   UDQJHG G OLJKW FURVVERZ  6$ DUHERWKUHSULQWHGLQ$SSHQGL[%RIWKLVDGYHQWXUH
)DYRUHG HQHP\ KXPDQ   64 'DUNYLVLRQ  IW OLJKW 
VHQVLWLYLW\$//(69)RUW5HI:LOO6WU'H[ F'LQLQJ5RRP
&RQ,QW:LV&KD  7KH IORRULQJ GUDSHULHV DQG IXUQLWXUH KDYH EHHQ VRLOHG DV WKLV
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ RQFHILQHGLQLQJURRPKDVEHHQWXUQHGLQWRDPHVVKDOO$QGLW
6HDUFK  6SRW  7XPEOH  $OHUWQHVV$PELGH[WHULW\ LVDPHVV7KHUHDUHSLOHVRIGHEULVHYHU\ZKHUH
YLUWXDO  'RGJH ([RWLF :HDSRQ 3URILFLHQF\ EODGHG 
JDXQWOHW 7UDFN ERQXV 7ZR:HDSRQ)LJKWLQJ YLUWXDO  7KH NREROGV IURP WKH NLWFKHQ FOHDQ XS WKH PDMRULW\ RI
:HDSRQ)RFXV EODGHGJDXQWOHW  WKH GHEULV EXW WKH VPDOO JURXS RI GLUH UDWV IURP EHORZ
 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU  7LQ\ EODGHG FRPHVXSDQGFOHDUDZD\DQ\WKLQJOHIW
JDXQWOHWVOLJKWFURVVERZEROWV 
 7UHDVXUHVSFS
.REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH 

$3/ (/ 
$3/ (/ 
'LUH5DWV  KSHDFKVHH0RQVWHU0DQXDOSDJH
<UUN PDOH NREROG )WU5JU &5  6PDOO KXPDQRLG 
UHSWLOLDQ  +' G KS  ,QLW   'H[  6SG  IW
$& WRXFKIODWIRRWHG $WNPHOHH G $3/ (/ 
 7LQ\ EODGHG JDXQWOHWV  RU  PHOHH G 'LUH5DWV  KSHDFKVHH0RQVWHU0DQXDOSDJH
7LQ\EODGHGJDXQWOHWV DQGPHOHH G7LQ\ 
EODGHG JDXQWOHWV  RU  UDQJHG G OLJKW
FURVVERZ 6$)DYRUHGHQHP\ KXPDQ 64'DUNYLVLRQ $3/ (/ 
IWOLJKWVHQVLWLYLW\$//(69)RUW5HI:LOO 'LUH5DWV  KSHDFKVHH0RQVWHU0DQXDOSDJH
6WU'H[&RQ,QW:LV&KD 
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ G.LWFKHQ
6HDUFK  6SRW  7XPEOH  $OHUWQHVV$PELGH[WHULW\ 7KLV LV WKH FOHDQHVW URRP \RX KDYH VHHQ \HW  7KLV NLWFKHQ LV
YLUWXDO  'RGJH ([RWLF :HDSRQ 3URILFLHQF\ EODGHG PHUHO\ JUHDV\ IURP XVH  $V \RX HQWHU \RX VHH WZR ODUJH
JDXQWOHW 7UDFN ERQXV 7ZR:HDSRQ)LJKWLQJ YLUWXDO  KXPDQRLGVRUGHULQJDERXWIRXUNREROGVDVWKH\JRWKURXJKWKHLU
:HDSRQ)RFXV EODGHGJDXQWOHW :HDSRQ6SHFLDOL]DWLRQ FRRNLQJGXWLHVSUHSDULQJDQHQWLUHFRZ
EODGHGJDXQWOHW  
 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU  7LQ\ EODGHG 7ZRKREJREOLQVDUHWKHPDVWHUFKHIVRIWKHKRXVHZKLOH
JDXQWOHWVOLJKWFURVVERZEROWV WKHLU DVVLVWDQW NREROGV VFXWWOH DURXQG KHOSLQJ RXW  7KH\
 DUHLQWKHSURFHVVRIFRRNLQJDFRZWKH\KDGUHWULHYHGRQ
.REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH WKHLU ODVW UDLG  7KLV URRP LV UHODWLYHO\ FOHDQ QRW
 QHFHVVDULO\ RXW RI K\JLHQH EXW WKDW WKH KREJREOLQV OLNH
$3/ (/  PDNLQJWKHNREROGVZRUN

<UUN PDOH NREROG )WU5JU &5  6PDOO KXPDQRLG
UHSWLOLDQ  +' G KS  ,QLW   'H[  6SG  IW
$&  WRXFK  IODWIRRWHG   $WN  PHOHH
G 7LQ\ EODGHG JDXQWOHW  RU  PHOHH
G 7LQ\ EODGHG JDXQWOHW  DQG  PHOHH
GU7LQ\EODGHGJDXQWOHW RUUDQJHG G
 OLJKW FURVVERZ  6$ )DYRUHG HQHP\ KXPDQ   64
'DUNYLVLRQIWOLJKWVHQVLWLYLW\$//(69)RUW5HI
:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
6HDUFK  6SRW  7XPEOH  $OHUWQHVV$PELGH[WHULW\

,QKHULWDQFH  3DJH
7DFWLFV :KHQ WKH 3&V HQWHU WKH KREJREOLQV DWWHPSW WR 'DUNYLVLRQIW$//(69)RUW5HI:LOO6WU
UXVK LQWR WKHLU TXDUWHUV $UHD I  DQG EDUULFDGH WKH GRRU 'H[&RQ,QW:LV&KD 
ZKLOHWKH\JHWWKHLUZHDSRQVDQGDUPRU2WKHUZLVHWKH\  6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
ZLOO EH XQDUPRUHG DQG DUPHG RQO\ ZLWK ODUJH NLWFKHQ 6SRW  $PELGH[WHULW\ YLUWXDO  $OHUWQHVV 7UDFN 7ZR
NQLYHV WUHDWDVGDJJHUV 7KHNREROGVZLOOVSOLWXSDQGWU\ ZHDSRQ)LJKWLQJ YLUWXDO :HDSRQ)RFXV JODLYH 
WR UXQ IRU HLWKHU GRRU WR ZDUQ RWKHUV LI WKH\ DUH  3RVVHVVLRQV&KDLQVKLUWVPDOOZRRGHQVKLHOGJODLYH
SUHYHQWHGWKH\ZLOOWU\WRULVHDVPXFKRIDUXFNXVDVWKH\ MDYHOLQV
FDQ 
 ,I WKH NREROGV HVFDSH WKH\ ZLOO WU\ DQG IOHH XS WKH .REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH
VWDLUVWRDOHUWWKHEXJEHDUOHDGHULQDUHDEZKRZLOOWKHQ 
UDOO\WKHLQKDELWDQWVRIWKHXSSHUOHYHO $3/ (/ 

7UHDVXUHJSVSFS 0XULN WKH FRRN PDOH KREJREOLQ )WU&5  0HGLXP
 VL]H KXPDQRLG JREOLQRLG  +' G KS  ,QLW 
$3/ (/  6SGIW$& WRXFKIODWIRRWHG $WNPHOHH
GORQJVZRUG RUUDQJHG GMDYHOLQ 64
0XULN WKH FRRN PDOH KREJREOLQ )WU&5  0HGLXP 'DUNYLVLRQIW$//(69)RUW5HI:LOO6WU
VL]H KXPDQRLG JREOLQRLG  +' G KS  ,QLW  'H[&RQ,QW:LV&KD 
6SGIW$& WRXFKIODWIRRWHG $WNPHOHH  6NLOOV DQG )HDWV +LGH  &UDIW FRRN   /LVWHQ 
G ORQJVZRUG   UDQJHG G MDYHOLQ  64 0RYH 6LOHQWO\  6SRW  $OHUWQHVV &OHDYH ,PSURYHG
'DUNYLVLRQIW$//(69)RUW5HI:LOO6WU ,QLWLDWLYH 3RZHU $WWDFN :HDSRQ )RFXV ORQJVZRUG 
'H[&RQ,QW:LV&KD  :HDSRQ6SHFLDOL]DWLRQ ORQJVZRUG 
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\   3RVVHVVLRQV &KDLQPDLO VPDOO ZRRGHQ VKLHOG
6SRW$OHUWQHVV ORQJVZRUGMDYHOLQV
 3RVVHVVLRQV &KDLQPDLO VPDOO ZRRGHQ VKLHOG 
ORQJVZRUGMDYHOLQV 5XULFNWKHFRRNPDOHKREJREOLQ5JU&50HGLXP
 VL]H KXPDQRLG JREOLQRLG  +' G KS  ,QLW 
5XULFNWKHFRRNPDOHKREJREOLQ5JU&50HGLXP 6SGIW$& WRXFKIODWIRRWHG $WNPHOHH
VL]H KXPDQRLG JREOLQRLG  +' G KS  ,QLW  G[ JODLYH   UDQJHG G MDYHOLQ  6$ )DYRUHG
6SGIW$& WRXFKIODWIRRWHG $WNPHOHH HQHP\ KXPDQ   )DYRUHG HQHP\ HOYHV   64
G[ JODLYH   UDQJHG G MDYHOLQ  6$ )DYRUHG 'DUNYLVLRQIW$//(69)RUW5HI:LOO6WU
(QHP\ HOYHV   64 'DUNYLVLRQ  IW $/ /( 69 )RUW 'H[&RQ,QW:LV&KD 
5HI:LOO6WU'H[&RQ,QW:LV  6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
&KD  6SRW$PELGH[WHULW\ YLUWXDO $OHUWQHVV3RZHU$WWDFN
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ 7UDFN 7ZRZHDSRQ )LJKWLQJ YLUWXDO  :HDSRQ )RFXV
6SRW  $PELGH[WHULW\ YLUWXDO  $OHUWQHVV 7UDFN 7ZR JODLYH 
ZHDSRQ)LJKWLQJ YLUWXDO   3RVVHVVLRQV&KDLQVKLUWVPDOOZRRGHQVKLHOGJODLYH
 3RVVHVVLRQV&KDLQVKLUWVPDOOZRRGHQVKLHOGJODLYH MDYHOLQV
MDYHOLQV 
 .REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH
.REROGV  KSHDFKVHH0RQVWHU0DQXDOSDJH 
 H3DQWU\
$3/ (/  7KHSDQWU\FRQWDLQVYDULRXVIRRGVWXIIVPRVWRIZKLFKDUH
HGLEOH  /HZV ZLOO DOORZ WKH WDNLQJ RI VRPH RI WKH IRRG
0XULN WKH JRRN PDOH KREJREOLQ )WU&5  0HGLXP EXW ZLOO ZDQWWROHDYHDJRRGSRUWLRQIRUWKHQHZFRPHUV
VL]H KXPDQRLG JREOLQRLG  +' G KS  ,QLW  MXVW LQ FDVH  7KHUH LV HVVHQWLDOO\ HQRXJK IRU HDFK SDUW\
6SGIW$& WRXFKIODWIRRWHG $WNPHOHH PHPEHUWRKDYHWZRGD\VZRUWKRIUDWLRQV
G ORQJVZRUG   UDQJHG G MDYHOLQ  64 
'DUNYLVLRQIW$//(69)RUW5HI:LOO6WU I&RRNV4XDUWHUV
'H[&RQ,QW:LV&KD  7KH WZR KREJREOLQ FKHIV LQ WKH NLWFKHQ QRUPDOO\ VOHHS
 6NLOOV DQG )HDWV +LGH  &UDIW FRRN   /LVWHQ  KHUH7KHURRPLVDGLVRUGHUO\EXWUHODWLYHO\FOHDQ7KH
0RYH 6LOHQWO\  6SRW  $OHUWQHVV &OHDYH ,PSURYHG KREJREOLQV KDYH D FKDLQ VKLUW DQG D EUHDVWSODWH DQG IRU
,QLWLDWLYH3RZHU$WWDFN ZHDSRQV RQH XVHV D JODLYH UHDFK  DQG WKH RWKHU D
  3RVVHVVLRQV &KDLQPDLO VPDOO ZRRGHQ VKLHOG ORQJVZRUG  7KH\ ZLOO WDNH XS SRVLWLRQ DW WKH GRRU
ORQJVZRUGMDYHOLQV FRYHULQJHDFKRWKHU8QIRUWXQDWHO\WKHUHLVQRZKHUHHOVH
 WRJR
5XULFNWKHFRRNPDOHKREJREOLQ5JU&50HGLXP 
VL]HKXPDQRLG JREOLQRLG +'GKS,QLW  7DFWLFV,IDOORZHGWRUHDFKWKLVURRPZKHQHQFRXQWHUHG
'H[  6SG  IW $&  WRXFK IODWIRRWHG $WN LQ $UHD G WKH KREJREOLQ FRRNV ZLOO UXVK DQG EDUULFDGH
PHOHH G[ JODLYH   UDQJHG G MDYHOLQ  64 WKHGRRUZLWKWKHIXUQLWXUHLQWKHLUURRP7KH\ZLOOWKHQ

,QKHULWDQFH  3DJH
GRQ WKHLU DUPRU DQG SUHSDUH WR UHFHLYH JXHVWV  7KH 7KH IRUPHU RFFXSDQW RI WKLV URRP LV WKH ODWHVW YLFWLP RI
ORQJVZRUGZLHOGLQJ KREJREOLQ ZLOO LPPHGLDWHO\ IDFH WKH WKHVWLUJHVXSVWDLUV7KHUHDUHVHYHUDOSLHFHVRIIXUQLWXUH
GRRU DV KLV FRPSDQLRQ ZLWK WKH JODLYH ZLOOXVHLWVUHDFK DQGVRPHLWHPVRIFORWKLQJWKDWLVQRZURWWHGDQGXVHOHVV
WRDVVLVW 
 F1XUVHU\
J/LEUDU\ )DGHGLPDJHVRIFKLOGKRRGUK\PHVFDQVWLOOEHVHHQLQWKHGXVW\
7KLV URRP LV DOPRVW FOHDQ FRPSDUHG WR WKH RWKHU SDUWV RI WKH ZDOOV  &KLOGKRRG WDOHV RI 0DOLWK DQG WKH :LWFK WKH 7KUHH
KRXVH7KHUHLVDWKLQOD\HURIGXVWDQGDOOWKHIXUQLWXUHLQWKLV %DNHUVRI7LQVGDOHDQGWKH7DOHVRI0RQDOZHUHRQFHGHSLFWHGLQ
URRPLVLQWDFWDVWKHEURNHQIXUQLWXUHKDVEHHQUHPRYHG7KHUH EULOOLDQWFRORUV
LV D VROLG RDN GHVN WKDW KDV VRPH GHHS FXWV DQG D EURNHQ D[H  1RZWKLVURRPKDVEHHQUHOHJDWHGWRFROOHFWLQJGHEULVXVHG
EODGH DFRXSOHVWXUG\FKDLUVDQGDUHSDLUHGODGGHU IRUILUHZRRGLQWLPHRIQHHG
 
<VWKUDQLVFK KDV FODLPHG WKLV DQG WKH EDVHPHQW YDXOW DV G%HGURRP
KLV RZQ +H FOHDQHG XS WKLV DUHD VRPHZKDW DQG XVHV LW 7KLV EHGURRP LV RFFXSLHG E\ D SDUWLFXODUO\ ODUJH KXPDQRLG
UDUHO\  1RUPDOO\ KH FRPHV XS JHWV ZKDW ERRNV KH FUHDWXUH
UHTXLUHVDQGWKHQGHVFHQGVEDFNGRZQWRWKHYDXOW 
 0RVWRIWKHERRNVLQWKLVURRPDUHQRWUHPRYDEOHE\ 7DFWLFV,IWKH3&VKDYHPDGHDQ\DPRXQWRIQRLVHWKDWKH
WKH3&VDVPRVWRIWKHPDUHIDPLO\DQGUHJLRQDOKLVWRULHV *URXPSI FDQ GHWHFW /LVWHQ VNLOO  KH ZLOO EH KLGLQJ  
VRPHOLWHUDWXUHHWF7KHUHDUHWZRDUFDQHVFUROOVQHJDWLYH DQG DWWHPSW WR XVH KLV VQHDN DWWDFN RQ WKH OHDG 3& WKH\
HQHUJ\UD\ VWOHYHO DQGIDPLOLDUSRFNHW QGOHYHO WKDWFDQ HQWHUWKHURRP
EH IRXQG KLGGHQ DPRQJ WKH ERRNV ZLWK D VXFFHVVIXO 
6HDUFK '&  VNLOO FKHFN  /HZV ZLOO DOORZ WKH 3&V WR $3/ (/ 
NHHSWKHVHLWHPV%RWKRIWKHVHVSHOOVDUHIURP7RPHDQG
%ORRG $ *XLGHERRN WR :L]DUGV DQG 6RUFHUHUV DQG DUH *URXPSI PDOH EXJEHDU 5RJ &5  0HGLXPVL]H
UHSULQWHGLQWKHWUHDVXUHVXPPDU\RIWKLVDGYHQWXUHDQG KXPDQRLG JREOLQRLG  +' GG KS  ,QLW 
RQWKHDGYHQWXUHFHUWLILFDWHV 6SGIW$& WRXFKIODWIRRWHG $WNVPHOHH
 GPRUQLQJVWDU 6$6QHDNDWWDFNG64(YDLVLRQ
 $/ &( 69 )RUW  5HI  :LOO  6WU 'H[  &RQ
,QW:LV&KD
(1&2817(5833(5/(9(/  6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
7KHVH DUH WKH SULYDWH URRPV RI WKH PDQRU  6HYHUDO 6SRW,QWLPLGDWH$OHUWQHVV,PSURYHG,QLWLDWLYH
EHGURRPVDVZHOODVDVWXG\DUHKHUH  3RVVHVVLRQV6WXGGHGOHDWKHUDUPRUPRUQLQJVWDU
 
D0DVWHU%HGURRP $3/ (/ 
$ KLQW RI HOHJDQFH UHPDLQV LQ WKH PDVWHU EHGURRP  $OWKRXJK *URXPSI PDOH EXJEHDU 5RJ &5  0HGLXPVL]H
WKH FDQRS\ EHG DQG ILQH OLQHQ DUH JRQH WKH ZDLQVFRWLQJ DQG KXPDQRLG JREOLQRLG  +' GG KS  ,QLW 
DUFKLQJFHLOLQJUHPDLQVDOWKRXJKLQDOHVVWKDQSHUIHFWVWDWH 6SGIW$& WRXFKIODWIRRWHG $WNVPHOHH
 7KHVWHQFKRIWKHURRPGRHVQRWKLQWWRDQ\WKLQJILQHEXW GPRUQLQJVWDU 6$6QHDNDWWDFNG64(YDVLRQ
UDWKHU VRPHWKLQJ ODUJH DQG XQNHPSW  7KH VRXUFH RI WKH RGRU XQFDQQ\ GRGJH $/ &( 69 )RUW  5HI  :LOO  6WU
WZRODUJHKDLU\KXPDQRLGVULVHVWRJUHHW\RX 'H[&RQ,QW:LV&KD
  6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\
7DFWLFV ,I WKH 3&V KDYH E\ VRPH PLUDFOH NHSW WKHLU 6SRW  ,QWLPLGDWH  7XPEOH  $OHUWQHVV ,PSURYHG
SUHVHQFH TXLHW WKH EXJEHDUV ZLOO KDYH EHHQ FDXJKW LQLWLDWLYH
QDSSLQJ DQG FDQ EH GHDOW ZLWK LPPHGLDWHO\ FRXS GH  3RVVHVVLRQV6WXGGHGOHDWKHUDUPRUPRUQLQJVWDU
JUDFH 2WKHUZLVHWKH\ZLOOEHSUHSDUHGZLWKRQHKLGLQJ 
EHKLQGWKHGRRUDQGPD\VXUSULVHWKH3&V
 $3/ (/ 
7UHDVXUHJSVS *URXPSI PDOH EXJEHDU 5RJ &5  0HGLXPVL]H
 KXPDQRLG JREOLQRLG  +' GG KS  ,QLW 
$//$3/6 (/  6SGIW$& WRXFKIODWIRRWHG $WNVPHOHH
GPRUQLQJVWDU 6$6QHDNDWWDFNG64(YDVLRQ
%XJEHDUV  KSHDFKVHH0RQVWHU0DQXDOSDJH XQFDQQ\ GRGJH $/ &( 69 )RUW  5HI  :LOO  6WU
 'H[&RQ,QW:LV&KD
E*XHVW%HGURRP  6NLOOV DQG )HDWV +LGH  /LVWHQ  0RYH 6LOHQWO\
7KLVURRPZDVUHVHUYHGIRUVSHFLDOJXHVWVDQGLVQHDUO\DVODUJHDV  6SRW  ,QWLPLGDWH  7XPEOH  $OHUWQHVV
WKHPDVWHUEHGURRP7KHRGRULQGLFDWHGWKDWLWLVRFFXSLHGEXW ,PSURYHG,QLWLDWLYH:HDSRQ)RFXV PRUQLQJVWDU 
WKHRFFXSDQWLVQRZKHUHWREHIRXQG
 3RVVHVVLRQV6WXGGHGOHDWKHUDUPRUPRUQLQJVWDU


7UHDVXUHJSVS


,QKHULWDQFH  3DJH
H%HGURRP 7DFWLFV7UVWUJZLOOUHVSRQGWRDQ\ODUJHDPRXQWVRIQRLVH
7KLVEHGURRPLVVLPLODUWRWKHRWKHUVH[FHSWWKDWLWLVNHSWYHU\ KHPD\KHDU,IDOHUWHGKHZLOOVHHNWRDOHUWDQGRUJDQL]H
FOHDQ  $OPRVW PLOLWDULO\ VSLW DQG SROLVKHG \HW VLPSOH  ,WV DGHIHQVHRIWKHXSSHUOHYHOLQKDELWDQWV
RFFXSDQW D UDWKHU ODUJH KREJREOLQ PDLQWDLQV D VLPLODU RUGHU 
DERXWKLPDVFDQEHVHHQ $3/ (/ 

7DFWLFV0RXUJZLOOUHVSRQGWRDQ\ODUJHDPRXQWVRIQRLVH 7UVWUJ PDOH RUF )WU &5  0HGLXPVL]H KXPDQRLG
KHPD\KHDU,IDOHUWHGKHZLOOVHHNWRDOHUWDQGRUJDQL]H RUF +'GKS,QLW6SGIW$& WRXFK
DGHIHQVHRIWKHXSSHUOHYHOLQKDELWDQWV IODWIRRWHG $WNPHOHH G[JUHDWD[H RU
 UDQJHG G MDYHOLQ  64 'DUNYLVLRQ  IW OLJKW
VHQVLWLYLW\$/&(69)RUW5HI:LOO6WU'H[
$3/ (/  &RQ,QW:LV&KD 
0RXUJ PDOH KREJREOLQ )WU &5  0HGLXPVL]H  6NLOOV DQG )HDWV /LVWHQ  6SRW  $OHUWQHVV 3RZHU
KXPDQRLG JREOLQRLG +'GKS,QLW6SG $WWDFN:HDSRQ)RFXV JUHDWD[H 
IW$& WRXFKIODWIRRWHG $WNPHOHH G  3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
ORQJVZRUG RUUDQJHG GMDYHOLQ 64'DUNYLVLRQ 
IW$/&(69)RUW5HI:LOO6WU'H[ $3/ (/ 
&RQ,QW:LV&KD  7UVWUJ PDOH RUF )WU &5  0HGLXPVL]H KXPDQRLG
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ RUF +'GKS,QLW6SGIW$& WRXFK
6SRW  $OHUWQHVV 3RZHU $WWDFN :HDSRQ )RFXV IODWIRRWHG $WNPHOHH G[JUHDWD[H RU
ORQJVZRUG  UDQJHG G MDYHOLQ  64 'DUNYLVLRQ  IW OLJKW
 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ VHQVLWLYLW\$/&(69)RUW5HI:LOO6WU'H[
VKLHOGORQJVZRUGMDYHOLQV &RQ,QW:LV&KD 
  6NLOOV DQG )HDWV -XPS  /LVWHQ  6SRW 
$3/ (/  $OHUWQHVV'LUW\)LJKWLQJ 3RZHU$WWDFN:HDSRQ)RFXV
0RXUJ PDOH KREJREOLQ )WU &5  0HGLXPVL]H JUHDWD[H :HDSRQ6SHFLDOL]DWLRQ JUHDWD[H 
KXPDQRLG JREOLQRLG +'GKS,QLW6SG  3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
IW $&  WRXFK  IODWIRRWHG   $WN  PHOHH 
GORQJVZRUG RUUDQJHG GMDYHOLQ 64 $3/ (/ 
'DUNYLVLRQIW$/&(69)RUW5HI:LOO6WU 7UVWUJ PDOH RUF )WU &5  0HGLXPVL]H KXPDQRLG
'H[&RQ,QW:LV&KD  RUF +'GKS,QLW6SGIW$& WRXFK
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ IODWIRRWHG   $WN  PHOHH G[ JUHDWD[H 
6SRW  $OHUWQHVV &OHDYH 3RZHU $WWDFN:HDSRQ)RFXV RU  UDQJHG G MDYHOLQ  64 'DUNYLVLRQ  IW
ORQJVZRUG :HDSRQ6SHFLDOL]DWLRQ ORQJVZRUG  OLJKW VHQVLWLYLW\ $/ &( 69 )RUW  5HI  :LOO  6WU
 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ 'H[&RQ,QW:LV&KD 
VKLHOGORQJVZRUGMDYHOLQV  6NLOOV DQG )HDWV -XPS  /LVWHQ  6SRW 
 $OHUWQHVV &OHDYH 'LUW\ )LJKWLQJ  *UHDW &OHDYH 3RZHU
$3/ (/  $WWDFN:HDSRQ)RFXV JUHDWD[H :HDSRQ6SHFLDOL]DWLRQ
0RXUJ PDOH KREJREOLQ )WU &5  0HGLXPVL]H JUHDWD[H 
KXPDQRLG JREOLQRLG +'GKS,QLW6SG  3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
IW $&  WRXFK  IODWIRRWHG   $WN  PHOHH 
GORQJVZRUG RUUDQJHG GMDYHOLQ 64 7KH 'LUW\ )LJKWLQJ IHDW LV IURP 6ZRUG DQG )LVW $
'DUNYLVLRQIW$/&(69)RUW5HI:LOO6WU *XLGHERRN WR )LJKWHUV DQG 0RQNV DQG LV UHSULQWHG LQ
'H[&RQ,QW:LV&KD  $SSHQGL[%RIWKLVDGYHQWXUH
 6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ 
6SRW  $OHUWQHVV &OHDYH &RPEDW 5HIOH[HV *UHDW 7UHDVXUHJSVS
&OHDYH 3RZHU $WWDFN :HDSRQ )RFXV ORQJVZRUG  
:HDSRQ6SHFLDOL]DWLRQ ORQJVZRUG  J%DWKURRP
 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ 7KLVURRPLVILOWK\7KHWXELVEURNHQDQGWKHUHDUHDOONLQGVRI
VKLHOGORQJVZRUGMDYHOLQV GHEULVLQKHUH7KLVURRPKDVDSSDUHQWO\EHHQWKHUHSRVLWRU\IRU
 DOOPDQQHURIXQSOHDVDQWWKLQJV
7UHDVXUHJSVS 
 7KHUH LV VRPH WUHDVXUH WKDW KDG EHHQ DFFLGHQWDOO\
I%HGURRP GXPSHGKHUHEXWWKHRQO\ZD\/HZVZLOOOHWWKH3&VKDYH
7KLVEHGURRPLVDQXWWHUVKDPEOHV7KHRQO\WKLQJWKDWLVLQRQH LW LV LI WKH\ WKURZ PRVW RI WKH GHEULV RXW WKH ZLQGRZ
SLHFH LV WKH VWUDZ PDW LQ WKH FRUQHU  3DUWV RI IXUQLWXUH DUH &OHDQLQJ XS WKLV DUHDZLOODXWRPDWLFDOO\UHYHDODSRWLRQRI
HPEHGGHGLQWRWKHZDOOIURPILWVRIUDJHIURPLWVRFFXSDQW FXUH OLJKW ZRXQGV VWOHYHO FDVWHU   7KLV LWHP LV DOVR
 GHWHFWDEOH E\ VLPSO\ ORRNLQJ RYHU WKH UHIXVH ZLWK D
VXFFHVVIXO6HDUFKFKHFN '& 

,QKHULWDQFH  3DJH
  |:HOOLWDSSHDUVWKDWWKRVHDUULYLQJZLOOKDYHVRPHWKLQJWR
7UHDVXUHVSFS VXVWDLQ WKHP IRU DZKLOH} VWDWHV /HZV  |$QG \RX VKRXOG WDNH
 VRPHDVSURYLVLRQVIRU\RXUWUDYHOV}
K$WWLF'RRU 
7KH WUDSGRRU KDV EHHQ MDPPHG WR EUHDN RSHQ 6WUHQJWK 0RVWRIWKHLWHPVKHUHZRXOGEHXQZLHOG\WRFDUU\7KH
FKHFN'& WRSUHYHQWSHRSOHIURPHQWHULQJRUOHDYLQJ FUDWHV DQG EDJV DUH TXLWH KHDY\ DQG /HZV ZLOO QRW DOORZ
7KLV LV EHFDXVH WKH DWWLF LV IHVWHUHG ZLWK D VZDUP RI WKHLU UHPRYDO  7KHUH DUH FDVHV RI KDUG WDFN DQG EUHDGV
VWLUJHV  7KHUH LV D KROH LQ WKH ZDOO WR WKH RXWVLGH VPDOO /HZVDOORZVWKHUHPRYDORIXSWRGD\VRIUDWLRQV
HQRXJKIRUVWLUJHVWROHDYHWKURXJKDFRXSOHDWDWLPH 
 E6WRUHURRP
$3/ (/  %\WKHVWDWHRIWKHJDUEDJHOHIWLQKHUHWKLVVWRUHURRPLVXVHGDVD
JDUEDJHKHDS7KHVPHOOLVDZIXODQGWKHUHDUHVHYHUDOODUJHUDWV
6WLUJHV  KSHDFKVHH0RQVWHU0DQXDOSDJH LQWKHDUHDVZDUPLQJWRZDUGV\RX
 
$3/ (/  7UHDVXUHFS

6WLUJHV  KSHDFKVHH0RQVWHU0DQXDOSDJH
 $//$3/ (/ 
$3/ (/  'LUH5DWV  KSHDFKVHH0RQVWHU0DQXDOSDJH

6WLUJHV  KSHDFKVHH0RQVWHU0DQXDOSDJH F6WDII4XDUWHUV
 7KHVH ZHUH RQH RI WKH URRPV IRU WKH KRXVH VWDII  7KLV URRP LV
7KHUH DUH VHYHUDO JREOLQ DQG NREROG FRUSVHV KHUH 0RVW UHODWLYHO\ QHDW  $ FRPSOHPHQW WR WKH KREJREOLQV FXUUHQWO\ LQ
DUHGHVLFFDWHGRWKHUVDUHLQWKHSURFHVVRIGHFRPSRVLWLRQ UHVLGHQFH
$YHU\ODUJHJREOLQDSSHDUVWREHWKHVWLUJHVODWHVWYLFWLP
0RVW RI WKH HTXLSPHQW RQ WKHP LV VXEVWDQGDUG DQG

XQXVDEOH 7UHDVXUHJSVS
 7KH DWWLF KDV FKHVWV DQG FUDWHV ILOOHG ZLWK YDULRXV 
LWHPV EXW /HZV ZLOO WU\ WR SUHYHQW WKH 3&V IURP ULIOLQJ $//$3/6 (/ 
WKURXJK WKHP  ,I WKH 3&V VWDWH WKH\ DUH ORRNLQJ IRU WKH
FDVH /HZV ZLOO DOORZ WKHP D FDUHIXO VHDUFK  ,QVLGH WKH +REJREOLQV   KS  HDFK VHH 0RQVWHU 0DQXDO SDJH
FKHVWV DQG FUDWHV WKH 3&V ZLOO ILQG D QXPEHU RI LWHPV 
SDFNHG FDUHIXOO\ DZD\  7KHUH DUH VHYHUDO YDOXDEOH LWHPV 
DOO RI ZKLFK EHORQJWRWKHIDPLO\ VLOYHUFDQGOHVWLFNVWHD G6WDII4XDUWHUV
VHUYLFHSODWWHUVHWF/HZVZLOOLQVLVWWKDWWKHVHLWHPVDUH 7KLV URRP LV D SLJVW\  *HDU DQG EODQNHWV DUH WKURZQ DURXQG
OHIWEHKLQGDQGWKH3&VFDQQRWWDNHWKHVHLWHPV7KHUHLV KDSKD]DUGO\,WPD\EHWKDWWKHRUFVWKDWOLYHKHUHOLNHLWWKDW
QR VLJQ RI WKH FDVH LQ WKH DWWLF  7KHVH LWHPV KDYH ZD\
UHPDLQHG XQGLVWXUEHG EHFDXVH WKH KXPDQRLGV GR QRW 
ZDQWWRKDYHWRGHDOZLWKWKHVWLUJHV 7UHDVXUHJSVSFS
 
7UHDVXUHJSVSFS $//$3/6 (/ 

2UFV  KSHDFKVHH0RQVWHU0DQXDOSDJH
K1DQQ\V4XDUWHUV

7KLVURRPDSSHDUVWRKDYHEHHQOLYHGLQE\VRPHWKLQJEXWLWLV
H 6WDII4XDUWHUV
FXUUHQWO\ HPSW\  ,W DOVR DSSHDUV WKDW WKH DUHD KDV EHHQ
 7KLVURRPRQFHDSSHDUHGWRKRXVHVRPHRIWKHFOHDQLQJVWDII
UDQVDFNHGLQVHDUFKRIVRPHWKLQJ
,WV XQIRUWXQDWH WKDW WKH JREOLQV GLGQW WDNH DV JRRG RI FDUH RI

WKLVURRP
7KLVZDVWKHURRPRIWKHJREOLQOHDGHUZKRZDVSXQLVKHG
E\EHLQJSXWLQWKHDWWLF 
 $//$3/6 (/ 
 *REOLQV  KSHDFKVHH0RQVWHU0DQXDOSDJH
(1&2817(5/2:(5/(9(/ 
7UHDVXUHJSVSFS
7KH ORZHU OHYHOV KDYH YDULRXV FKDPEHUV IRU VWRUDJH DQG 
VWDIITXDUWHUV H 6WDII%DWKURRP
 <RX DUH JUHHWHG ZLWK WKH ZRUVW RGRU \HW  2EYLRXVO\ WKH
D6WRUHURRP EDWKURRPEXW\RXGRQWVXSSRVHWKDWDQ\RQHZLOOZDQWWREDWKH
7KLV VWRUHURRP XQOLNH PDQ\ SDUWV RI WKH KRXVH LV FOHDQ DQG LQKHUHIRUDZKLOH
RUGHUO\7KHIORRUVDUHVZHSWFOHDQWKHFUDWHVDUHVWDFNHGDQGWKH
VDFNVDUHSLOHGQHDWO\

,QKHULWDQFH  3DJH
(1&2817(5$$3/ y $3/ (/ 
<VWKUDQLVFK 0DOH 'URZ 6RU  &5  0HGLXPVL]H
%$6(0(179$8/7 KXPDQRLG+'GKS,QLW 'H[ 6SGIW
$V\RXGHVFHQGWKHVWDLUVWKHDLUEHFRPHVFRROHUDQGPXVWLHU$ $&   'H[  $WN  PHOHH G GDJJHU  RU 
SDOHOLJKWVKLQHVEHORZWKHFORVHGGRRU UDQJHG GGDJJHU 6$FDVWGDQFLQJOLJKWVGDUNQHVVDQG
 IDLULHILUHGD\6465GDUNYLVLRQOLJKWEOLQGQHVV$/
7KHGRRULVXQORFNHGDQGXQWUDSSHG /(69)RUW5HI:LOO6WU'H[&RQ,QW
 :LV&KD
7KHGRRUSURWHVWVRSHQLQJZLWKDQHHULHFUHDN7KHURRPEH\RQG  6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ 
LVPHDJHUO\GHFRUDWHG$ODUJHRYHUVWXIIHGFKDLUGRPLQDWHGWKH .QRZOHGJH DUFDQH   6SHOOFUDIW  &RPEDW &DVWLQJ
FHQWHU RI WKH URRP  1H[W WRLWLVDVPDOOWDEOHZLWKDOLWODPS *UHDW)RUWLWXGH6SHOO)RFXV 1HFURPDQF\ 
DQGVHYHUDOERRNVXSRQLW  6SHOOV   {GD]H GHWHFW PDJLF JKRVW VRXQG
 7RRQHVLGHLVDVPDOOEHGLWVOLQHQVFOHDQDQGWLG\2QWKH SUHVWLGLJLWDWLRQ UD\ RI IURVW UHDG PDJLF  VW{FDXVH IHDU 
RWKHUVLGHLVDORZWDEOHZLWKYDULRXVNQLFNNQDFNV2QHRIWKH K\SQRWLVPUD\RIHQIHHEOHPHQW QG{VFDUH 
LWHPVDSSHDUVWREHDNLQGRISHGHVWDO  6SHOO)RFXVHG WRDOOVDYHVDJDLQVW  
$VRIWWKXGVRXQGVIURPWKHFKDLUDVDJORYHGKDQGVHWVWKHERRN  /LJKWEOLQGQHVV ([ $EUXSWH[SRVXUHWRELJKWOLJKW
GRZQ RQ WKH SLOH  |$K YLVLWRUV  :HOFRPH} VD\V D YRLFH WKDW EOLQGV D GURZ IRU RQH URXQG DQG DOO GURZ VXIIHU D z
VRXQGVRILQWHOOLJHQFH FLUFXPVWDQFH SHQDOW\ WR DWWDFNV VDYHV DQG FKHFNV ZKLOH
 7KH FKDLU FUHDNV VOLJKWO\ DV D KRRGHG ILJXUH VWDQGV DQG RSHUDWLQJLQEULJKWOLJKW
WXUQV)URPWKHGDUNUHFHVVHVDGHHSYRLFHHFKRHV 
 |3OHDVH IRUJLYH P\ LPSHUWLQHQFH} EHJLQV WKH YRLFH  +LV $3/ (/ 
KDQGV SXOOV EDFN WKH KRRG DQG SDOH H\HV UHJDUG \RX EDOHIXOO\
DERYH D &KHVKLUH JULQ DOO VHW LQ D MHW EODFN IDFH  |%XW , DP <VWKUDQLVFK 0DOH 'URZ 6RU  &5  0HGLXPVL]H
ZRQGHULQJZK\DUH\RXKHUH"} KXPDQRLG +' G KS  ,QLW   'H[ 
 ,PSURYHG ,QLWLDWLYH  6SG  IW $&   'H[  $WN 
<VWKUDQLVFKLVDUHQHJDGHGURZDIRUPHUUHVLGHQWRIWKH PHOHH G GDJJHU  RU  UDQJHG G GDJJHU  6$
8QGHUGDUN ZKR UHFHQWO\ UHORFDWHG KHUH ZKHQ KH ZDV FDVWGDQFLQJOLJKWVGDUNQHVVDQGIDLULHILUHGD\6465
GULYHQ IURP KLV KRPH IRU GHHGV HYHQ WKH GURZ GHHPHG GDUNYLVLRQ OLJKW EOLQGQHVV $/ /( 69 )RUW  5HI 
ZLFNHG +H FDPH WR WKLV DUHD EHFDXVH LW ZDV GHYRLG RI :LOO6WU'H[&RQ,QW:LV&KD
ODUJH SRSXODWLRQV DQG WKH KRXVH DSSHDUHG WR VHUYH KLV  6NLOOV DQG )HDWV %OXII  &RQFHQWUDWLRQ 
SXUSRVH  8SRQ HQWHULQJ WKH KRXVH KH IRXQG VRPH .QRZOHGJH DUFDQH 6SHOOFUDIW&RPEDW&DVWLQJ
KXPDQRLGV ZHUH VKDULQJ WKH KRXVH EXW WKHVH JURXSV *UHDW )RUWLWXGH ,PSURYHG ,QLWLDWLYH 6SHOO )RFXV
ZHUH KRVWLOH WRZDUGV HDFK RWKHU DQG VSHQW PRVW RI WKHLU 1HFURPDQF\ 
WLPHGHIHQGLQJWKHLUURRPV  6SHOOV        {GD]H GHWHFW PDJLF GLVUXSW
 <VWKUDQLVFK ZDV DEOH WR IRUP WKHP LQWR D VLQJOH XQGHDG  JKRVW VRXQG SUHVWLGLJLWDWLRQ UD\ RI IURVW UHDG PDJLF
FRPPXQLW\XVLQJKLVFOHYHUPLQGDQGKLVVSHOOVWRFUHDWH VW{FDXVH IHDU  FKLOO WRXFK K\SQRWLVPUD\RIHQIHHEOHPHQW 
D GHHSVHHGHG IHDU RI KLP  $OWKRXJK WKH KXPDQRLGV QG{VFDUH VXPPRQPRQVWHU,,UG{YDPSLULFWRXFK 
RFFXS\ VHSDUDWH DUHDV RI WKH KRPH WKHUH LV VWLOO VRPH  6SHOO)RFXVHG WRDOOVDYHVDJDLQVW  
DQLPRVLW\EHWZHHQWKHJURXSV7KHGURZNHHSVWKHSHDFH  /LJKWEOLQGQHVV ([ $EUXSWH[SRVXUHWRELJKWOLJKW
DQGLQVWHDGRIILJKWLQJHDFKRWKHUWKH\DUHDEOHWRJRRQ EOLQGV D GURZ IRU RQH URXQG DQG DOO GURZ VXIIHU D z
UDLGVDQGEHFRPHPRUHSURILWDEOH FLUFXPVWDQFH SHQDOW\ WR DWWDFNV VDYHV DQG FKHFNV ZKLOH
 7KH ERRN KH ZDV UHDGLQJ ZDV D IDLUO\ UDUH DQG RSHUDWLQJLQEULJKWOLJKW
YDOXDEOH ERRN WKDW WKH 3&V ZLOO EH DOORZHG WR NHHS LW LI 
WKH\DVN7KLVERRNLVDFRS\RI)XU\RQGLDQ+LVWRU\DQG 
&XVWRPV VHH WUHDVXUH FHUWLILFDWHV DW WKH HQG RI WKH
DGYHQWXUH 
(1&2817(5%7,(5

7UHDVXUHJSUXELHV JSHD 
7+5((y%$6(0(179$8/7
 $V\RXGHVFHQGWKHVWDLUVWKHDLUEHFRPHVFRROHUDQGPXVWLHU$
7DFWLFV<VWKUDQLVFKLVSHUIHFWO\ZLOOLQJWRSDFNKLVWKLQJV SDOHOLJKWVKLQHVEHORZWKHFORVHGGRRU
DQG JR +HXQGHUVWDQGVWKHKD]DUGVRIKLVOLYLQJRQWKH 
VXUIDFH+HZRXOGUDWKHUOLYHWKDQG\LQJIRUVRPHVPDOO 7KHGRRULVXQORFNHGDQGXQWUDSSHG
ELWRIWHUULWRU\2IFRXUVHWKH3&VPD\QRWZLVKWROHDYH 
VXFKDGDQJHURXVFUHDWXUHDOLYHDQGIUHHLQ)XU\RQG\,I 7KHGRRUSURWHVWVRSHQLQJZLWKDQHHULHFUHDN7KHURRPEH\RQG
IRUFHG WR ILJKW KH ZLOO EULQJ KLV IXOO DELOLWLHV WR EHDU LVPHDJHUO\GHFRUDWHG$ODUJHRYHUVWXIIHGFKDLUGRPLQDWHGWKH
ZKLFKFDQEHTXLWHGHDGO\ FHQWHU RI WKH URRP  1H[W WRLWLVDVPDOOWDEOHZLWKDOLWODPS
 DQGVHYHUDOERRNVXSRQLW
 7RRQHVLGHLVDVPDOOEHGLWVOLQHQVFOHDQDQGWLG\2QWKH
RWKHUVLGHLVDORZWDEOHZLWKYDULRXVNQLFNNQDFNV2QHRIWKH
LWHPVDSSHDUVWREHDNLQGRISHGHVWDO

,QKHULWDQFH  3DJH
$VRIWWKXGVRXQGVIURPWKHFKDLUDVDJORYHGKDQGVHWVWKHERRN  0LQG%ODVW 6S 7KLVDWWDFNLVDIWFRQH$Q\RQH
GRZQ RQ WKH SLOH  |$K YLVLWRUV  :HOFRPH} VD\V D YRLFH WKDW FDXJKW LQ WKLV FRQH PXVW PDNH D VXFFHVVIXO :LOO VDYH
VRXQGVRILQWHOOLJHQFH '& RUEHVWXQQHGIRUGURXQGV
 7KH FKDLU FUHDNV VOLJKWO\ DV D KRRGHG ILJXUH VWDQGV DQG  3VLRQLFV 6S $WZLOOzDVWUDOSURMHFWLRQFKDUPPRQVWHU
WXUQV)URPWKHGDUNUHFHVVHVIRXUWHQWDFOHVZULWKHIURPZLWKLQ GHWHFW WKRXJKWV OHYLWDWH SODQH VKLIW DQG VXJJHVWLRQ  7KHVH
 |3OHDVH IRUJLYH P\ LPSHUWLQHQFH} EHJLQV WKH YRLFH DV \RX DELOLWLHVDUHDVWKHVSHOOVDVLIFDVWE\DQWKOHYHOVRUFHUHU
UHDOL]HIURPZLWKLQ\RXURZQPLQGV+LVKDQGVSXOOVEDFNWKH VDYH'&VSHOOOHYHO 
KRRG DQG WKH FHSKDORSRG H\HV UHJDUG \RX EDOHIXOO\ DERYH  ,PSURYHG *UDE ([  7KLV DELOLW\ LV XVDEOH ZKHQ
ZULWKLQJWHQWDFOHV|%XW,DPZRQGHULQJZK\DUH\RXKHUH"} <VWKUDQLVFK KLWV D 6PDOO WR /DUJH FUHDWXUH ZLWK KLV
 WHQWDFOH DWWDFN  $IWHU D VXFFHVVIXO JUDE KH FDQ WU\ WR
<VWKUDQLVFK WKH ,OOLWKLG LV D IRUPHU UHVLGHQW RI WKH DWWDFK WKH UHPDLQLQJ WHQWDFOHV ZLWK D VLQJOH JUDSSOH
8QGHUGDUN ZKR UHFHQWO\ UHORFDWHG KHUH WR FRQGXFW FKHFN  7KH RSSRQHQW FDQ HVFDSH ZLWK D VXFFHVVIXO
UHVHDUFKHV LQWR WKH VXUIDFH UDFHV +H FDPH WR WKLV DUHD *UDSSOH RU (VFDSH $UWLVW FKHFN  <VWKUDQLVFK JHWV D 
EHFDXVHLWZDVGHYRLGRIODUJHSRSXODWLRQVDQGWKHKRXVH FLUFXPVWDQFHERQXVIRUHDFKWHQWDFOHWKDWZDVDWWDFKHGDW
DSSHDUHGWRVHUYHKLVSXUSRVH8SRQHQWHULQJWKHKRXVH WKHEHJLQQLQJRIWKHRSSRQHQWVWXUQ
KH IRXQG VRPH KXPDQRLGV ZHUH VKDULQJ WKH KRXVH EXW  ([WUDFW ([  ,I <VWKUDQLVFK EHJLQV KLV WXUQ ZLWK DOO
WKHVH JURXSV ZHUH KRVWLOH WRZDUGV HDFK RWKHU DQG VSHQW IRXU WHQWDFOHV DWWDFKHG DQG VXFFHVVIXOO\ PDLQWDLQV KLV
PRVWRIWKHLUWLPHGHIHQGLQJWKHLUURRPV KROG DXWRPDWLFDOO\ H[WUDFWV KLV YLFWLPV EUDLQ NLOOLQJ
 <VWKUDQLVFK ZDV DEOH WR IRUP WKHP LQWR D VLQJOH LQVWDQWO\
FRPPXQLW\ XVLQJ KLV FOHYHU PLQG SVLRQLF SRZHUV DQG  7HOHSDWK\ 6X  <VWKUDQLVFK FDQ FRPPXQLFDWH
WKH KXPDQRLGV IHDU RI KLP  $OWKRXJK WKH KXPDQRLGV WHOHSDWKLFDOO\ZLWKDQ\FUHDWXUHZLWKLQIHHWWKDWKDVD
RFFXS\ VHSDUDWH DUHDV RI WKH KRPH WKHUH LV VWLOO VRPH ODQJXDJH
DQLPRVLW\ EHWZHHQ WKH JURXSV  7KH LOOLWKLG NHHSV WKH 
SHDFHDQGLQVWHDGRIILJKWLQJHDFKRWKHUWKH\DUHDEOHWR 'HYHORSPHQW 8QIRUWXQDWHO\ IRU WKH 3&V WKH\ ZLOO KDYH
JRRQUDLGVDQGEHFRPHPRUHSURILWDEOH WRGHDOZLWK<VWKUDQLVFKEHIRUHVHDUFKLQJWKHURRP7KLV
 7KH ERRN KH ZDV UHDGLQJ ZDV D IDLUO\ UDUH DQG FUHDWXUHLVUHVSRQVLEOHIRUWKHHQFODYHRIPRQVWHUVOLYLQJ
YDOXDEOH ERRN WKDW WKH 3&V ZLOO EH DOORZHG WR NHHS LW LI WRJHWKHU  1RUPDOO\ WKHVH PRQVWHUV ZRXOG EH DW HDFK
WKH\DVN7KLVERRNLVDFRS\RI)XU\RQGLDQ+LVWRU\DQG RWKHU
V WKURDWV EXW XQGHU WKLV FUHDWXUH
V OHDGHUVKLS DQG
&XVWRPV VHH WUHDVXUH FHUWLILFDWHV DW WKH HQG RI WKH WKUHDWV WKH\FRH[LVWVRPHZKDWSHDFHIXOO\
DGYHQWXUH   7KH FDVH WKH 3&V DUH ORRNLQJ IRU LV ORFDWHG LQ WKLV
 URRP +LGGHQ EHKLQG D KLGGHQ SDQHO 6HDUFK '&  WR
7UHDVXUHJSUXELHV JSHD  ORFDWH   7KH FDVH LV ORFNHG 'LVDEOH 'HYLFH '&   LV
 KLGGHQEHKLQGDVHFUHWSDQHO
7DFWLFV<VWKUDQLVFKLVSHUIHFWO\ZLOOLQJWRSDFNKLVWKLQJV 
DQG JR +HXQGHUVWDQGVWKHKD]DUGVRIKLVOLYLQJRQWKH 
VXUIDFH  +H ZRXOG UDWKHU OLYH DQG FRQWLQXH KLV UHVHDUFK
WKDQG\LQJIRUVRPHVPDOOELWRIWHUULWRU\2IFRXUVHWKH (1&2817(5:(/&20(
3&VPD\QRWZLVKWROHDYHVXFKDGDQJHURXVFUHDWXUHDOLYH
DQGIUHHLQ)XU\RQG\ +20(
 ,I IRUFHG WR ILJKW KH ZLOO EULQJ KLV IXOO DELOLWLHV WR $VWKH3&VH[LWWKHKRPHDFRDFKDQGDZDJRQILOOHGZLWK
EHDUZKLFKFDQEHTXLWHGHDGO\+HZLOOEHJLQZLWKXVLQJ FUDWHVGUDZVXSWRWKHKRXVH7KHUDLQZLOOKDYHVWRSSHG
DPLQGEODVWWRLQFDSDFLWDWHWKHPDMRULW\RIWKHSDUW\$Q\ DQG WKH VN\ ZLOO EH FOHDULQJ  7KH IRRWPDQ MXPSV GRZQ
WKDW HVFDSH LWV HIIHFWV ZLOO EH OHYLWDWHG  +H ZLOO WKHQ IURPWKHFDUULDJHDQGRSHQVWKHGRRU2XWVWHSVD\RXQJ
DWWHPSW WR H[WUDFW WKH EUDLQV IURP D FRXSOH RI 3&V XQWLO PDQ ZKRP KHOSV D ORYHO\ \RXQJ ZRPDQ KROGLQJ DQ
WKH\IOHHRUKHLVJLYHQDQRSSRUWXQLW\WRIOHH LQIDQWLQKHUDUPV7KH\QRWLFHWKHSDUW\DQGWKHPHQRQ
 WKH ZDJRQV DQG FRDFKHV GUDZ ZHDSRQV WKH \RXQJ PDQ
 VWDQGVEHIRUHWKHZRPDQDQGGUDZVKLVRZQVZRUG
$3/ (/   7KH 3&V DUH JLYHQ D FKDQFH WR H[SODLQ ZK\WKH\DUH
WKHUH EXW /HZV LV JRQH DQG QRZKHUH WR EH IRXQG  +H
<VWKUDQLVFK ,OOLWKLG &5  0HGLXPVL]H DEHUUDWLRQ ZLOOVLPSO\YDQLVKRQFHWKHFRDFKDUULYHVZKLOHQRRQHLV
+' G KS  ,QLW   'H[  ,PSURYHG ORRNLQJ7KHPHQWLRQRI/HZVEULQJVORRNVRIFRQIXVLRQ
,QLWLDWLYH 6SGIW$& 'H[QDWXUDO $WN DVWKHFKLOGVQDPHLV/HZV
PHOHH G  WHQWDFOHV  6$ 0LQG EODVW SVLRQLFV  ,IWKH3&VKDQGWKH\RXQJPDQWKHFDVHWKH\IRXQG
LPSURYHG JUDE H[WUDFW 64 65  WHOHSDWK\ $/ /( 69 KH SXOOV RXW D NH\ WKDW KH VD\V ZDV VHQW WR KLP ZLWK D
)RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  P\VWHULRXV OHWWHU DQG D NH\  +H RSHQV XS WKH FDVH DQG
:LV&KD 6NLOOVDQG)HDWV%OXII&RQFHQWUDWLRQ SXOOVRXWDSDUFKPHQWWKDWSURFODLPVWKHEHDUHUDVVXPLQJ
 +LGH  ,QWLPLGDWH  .QRZOHGJH DQ\ WZR   WKH\DUHD*DHOS\QWKHEDURQRIWKLVUHJLRQ6LJQHGE\DQ
/LVWHQ0RYH6LOHQWO\6SRW$OHUWQHVV&RPEDW ROG.LQJRI)XU\RQG\
&DVWLQJ 'RGJH ,PSURYHG ,QLWLDWLYH :HDSRQ )LQHVVH  ,I WKH 3&V KHOS WKH QHZ *DHOS\Q IDPLO\ PRYH LQ
WHQWDFOH  WKH\ DUH WUHDWHG WR D ILQH FDPS PHDO DV WKH\ H[SODLQ WKDW

,QKHULWDQFH  3DJH
WKHLU IDPLO\ KDG PRYHG RXW RI WKH HVWDWH IOHHLQJ WKH 
FRQIOLFW RI WKH ZDUV  7KH\RXQJPDQ7\O*DHOS\QZDVD (QFRXQWHU
WRGGOHU DW WKH WLPH  8QIRUWXQDWHO\ ZKHQ WKH\ OHIW WKH\ 'HIHDWLQJ<VWKUDQLVFK ;3
KDGOHIWEHKLQGVRPHLPSRUWDQWSDSHUVDQGWKHPHDQVWR 
REWDLQ WKHP  +H KDG JLYHQ XS UHFODLPLQJ KLV ELUWKULJKW 7RWDOH[SHULHQFHIRUREMHFWLYHV [S
ZKHQ D PRQWK DIWHU KLV VRQ ZDV ERUQWKHOHWWHUDQGNH\ 'LVFUHWLRQDU\UROHSOD\LQJDZDUG [S
DUULYHG 
 7RWDOSRVVLEOHH[SHULHQFH [S
(3,/2*8($02180(17$/ 

68535,6( 75($685(6800$5<
$VWKH3&VDUHOHDYLQJWKHUHJLRQWKH\SDXVHQHDUDVWRQH
3OD\HU FKDUDFWHUV PD\ NHHS LWHPV IURP WKH VFHQDULR WKDW
PRQXPHQW$VWKH\ORRNDWWKHPRQXPHQW)DGHGZLWK
DUH OLVWHG RQ WKH WUHDVXUH OLVW EHORZ RU ZKLFK PHHW WKH
ZHDWKHULQJLVWKHLQVFULSWLRQ
IROORZLQJFRQGLWLRQV


+(5(/,(6/(:6*$(/3<1
 7KHLWHPPXVWEHQRQPDJLFDODQGVSHFLILFDOO\OLVWHG
)281'(5%8,/'(53527(&725
LQWKHWH[WRIWKHDGYHQWXUH HJDUPRURQIRHV ,ILW
%251z&<
LVQRWOLVWHGLQWKHWH[WWKHFKDUDFWHUVFDQQRWNHHSLW
',('z&<
,WHPV RI WKLV QDWXUH FDQ EH VROG IRU  RI ERRN

YDOXHRUUHFRUGHGRQDORJVKHHW
 7KH SURILOH RQ WKH VWRQH LV WKDW RI WKH PDQ WKH\
 $QLPDOV IROORZHUV PRQVWHUV KHQFKPHQ DQG VR
KHOSHGFOHDUWKH*DHOS\Q(VWDWH
IRUWK DQ\ OLYLQJ EHLQJ EDVLFDOO\  PD\ QRW EH NHSW

IURP D VFHQDULR IRU DQ\ UHDVRQ XQOHVV WKH WUHDVXUH
7KH(QG VXPPDU\OLVWVWKHEHLQJVSHFLILFDOO\,WLVRND\IRUWKH
 SOD\HU FKDUDFWHUV WR IRUP UHODWLRQVKLSV ZLWK 13&V
 EXW WKHVH ZLOO QRW EH FHUWHG DQG FDQQRW EULQJ
(;3(5,(1&(32,17 PDWHULDOEHQHILWWRWKHFKDUDFWHU&RQWDFWV VRXUFHVRI
H[WUDLQIRUPDWLRQ PXVWEHVSHFLILFDOO\FHUWHG
6800$5<  7KHIW LV DJDLQVW WKH ODZ EXW PD\ EH SUDFWLFHG E\
VRPH SOD\HU FKDUDFWHUV ,WHPV WKDW DUH ZRUWK PRUH
7RDZDUGH[SHULHQFHIRUWKLVDGYHQWXUHDGGXSWKHYDOXHV WKDQ  JS WKDW DUH RI SHUVRQDO VLJQLILFDQFH WR WKH
IRU WKH REMHFWLYHV DFFRPSOLVKHG 7KHQ DVVLJQ WKH RZQHU LQFOXGLQJ IDPLO\ KHLUORRPV  DQG DOO PDJLFDO
GLVFUHWLRQDU\ UROHSOD\LQJ H[SHULHQFH DZDUG 7KH LWHPV ZLOO EH GLVFRYHUHG LQ WKH SRVVHVVLRQ RI WKH
UROHSOD\LQJ DZDUG VKRXOG EH JLYHQ IRU FRQVLVWHQW FKDUDFWHU E\ RQH PHDQV RU DQRWKHU 7KH FKDUDFWHU
FKDUDFWHU SRUWUD\DO DQG FRQWULEXWLRQ WR WKH IXQ RI WKH PXVW UHWXUQ WKH LWHP DQG SD\ D ILQH HTXDO WR WKUHH
JDPH <RX FDQ DZDUG GLIIHUHQW UROHSOD\LQJ DPRXQWV WR WLPHV WKH YDOXH RI WKH LWHP VWROHQ ,Q DGGLWLRQ WKH
GLIIHUHQWFKDUDFWHUV 3& FDXJKW UHFHLYHV FDPSDLJQGHFLGHG SHQDOWLHV IRU
 $ZDUGWKHWRWDOYDOXH REMHFWLYHVSOXVUROHSOD\LQJ WR EHLQJNQRZQDVDWKLHI)RURWKHUVWROHQLWHPVZKLFK
HDFKFKDUDFWHU PHHWWKHFULWHULDLQDERYHXVH\RXUMXGJPHQWDQG
 WKH FLUFXPVWDQFHV ZLWKLQ WKH JDPH WR GHWHUPLQH
(QFRXQWHU ZKHWKHUD3&WKLHIJHWVDZD\ZLWKWKHWKHIWRUQRW
%\SDVVLQJWKH7UDS ;3 
'HIHDWLQJWKH.REROGV $UHD%  ;3 $Q\ LWHP UHWDLQHG DFFRUGLQJ WR WKHVH UXOHV ZKLFK GRHV
'HIHDWLQJWKH'LUH5DWV $UHD&  ;3 QRW KDYH D FHUWLILFDWH ZLOO QRW HYHU KDYH D FHUWLILFDWH
'HIHDWLQJWKH+REJREOLQV $UHD'  ;3 LVVXHGIRULW
'HIHDWLQJWKH.REROGV $UHD'  ;3  7KH FDPSDLJQ VWDII UHVHUYHV WKH ULJKW WR WDNH DZD\
 DQ\ LWHP RU JROG DFTXLUHG IRU WKLQJV ZKLFK LW ODWHU ILQGV
(QFRXQWHU XQUHDVRQDEOHEXWZKLFKZHUHDOORZHGDWWKHWLPH
'HIHDWLQJWKH%XJEHDUV $UHD$  ;3 
'HIHDWLQJWKH%XJEHDU/HDGHU $UHD'  ;3 
'HIHDWLQJWKH+REJREOLQ/HDGHU $UHD(  ;3
'HIHDWLQJWKH2UF/HDGHU $UHD)  ;3 75($685(6800$5<
'HIHDWLQJWKH6WLUJHV $UHD+  ;3 &RLQV)RXQGRQ+XPDQRLGV
 *ROG JS
(QFRXQWHU 6LOYHU VS  JS
'HIHDWLQJWKH'LUH5DWV $UHD%  ;3 &RSSHU FS  JS
'HIHDWLQJWKH+REJREOLQV $UHD&  ;3 6FUROORIQHJDWLYHHQHUJ\UD\ JS
'HIHDWLQJWKH2UFV $UHD'  ;3 6FUROORIIDPLOLDUSRFNHW JS
'HIHDWLQJWKH*REOLQV $UHD(  ;3 %ODGHGJDXQWOHWV 7LQ\  JS

,QKHULWDQFH  3DJH
3RWLRQRIFXUHOLJKWZRXQGV JS 6SHOO5HVLVWDQFH1R
%RRN0DOWK\V7UHDWLVH JS 
<VWKUDQLVFK+ROGLQJV <RXHQVSHOODJDUPHQWRUFRQWDLQHUVRWKDWLWSURYLGHV
*ROG JS DVDIHKDYHQIRU\RXUIDPLOLDU
5XELHVZRUWKJSHDFK JS  7KH VSHOO WXUQV RQH RI WKH WDUJHW LWHPV SRFNHW
 LQWR DQ H[WUDGLPHQVLRQDO VSDFH WKDW FDQ KROG \RXU
IDPLOLDU RU DERXW  FXELF IRRW IRU D 7LQ\ RU VPDOOHU
75($685(&(57,),&$7(6 FUHDWXUH  7KH IDPLOLDU ILWV LQVLGH ZLWKRXW FUHDWLQJ D
N $UFDQH VFUROO RI QHJDWLYH HQHUJ\ UD\  JS  SDSHU QRWLFHDEOHEXOJHLQWKHLWHP
FRPPRQWUDGHDEOH 7KLVDUFDQHVFUROOLVVFULEHZLWK  :KHQHYHUWKHIDPLOLDULVWRXFKLQJ\RX\RXFDQ
WKHIROORZLQJVSHOOVWOHYHOFDVWHU ZKLVN LW LQVLGH WKH SRFNHW DV D IUHH DFWLRQ E\
 VSHDNLQJDFRPPDQGZRUG,IWKHIDPLOLDUFDQVSHDN
1HJDWLYH(QHUJ\5D\ LW FDQ FRPPDQG LWVHOI LQVLGH 7KH IDPLOLDU FDQ OHDYH
1HFURPDQF\ WKHVSDFHDVDIUHHDFWLRQRU\RXFDQFDOOLWIRUWKDVD
/HYHO6RU:L] IUHHDFWLRQ
&RPSRQHQWV960  2QFH LQVLGH WKH IDPLOLDU KDV WRWDO FRYHU DQG
&DVWLQJ7LPHDFWLRQ FRQFHDOPHQW<RXRUWKHIDPLOLDUFDQVHDOWKHSRFNHW
5DQJH&ORVH IWIWOHYHOV  PDNLQJ LW DLUWLJKW DQG ZDWHUSURRI 7KH DLU VXSSO\
(IIHFWUD\ LQVLGH WKH VHDOHG SRFNHW ODVWV DQ KRXU :LWK WKH
'XUDWLRQ,QVWDQWDQHRXV SRFNHW RSHQ WKH IDPLOLDU FDQ UHPDLQ LQVLGH
6DYLQJ7KURZ:LOOKDOI VHHWH[W  LQGHILQLWHO\,IWKHVSHOOHQGVZLWKWKHIDPLOLDULQVLGH
6SHOO5HVLVWDQFH<HV WKH SRFNHW LW DSSHDUV LQ \RXU VSDFH XQKDUPHG
 XQOHVVWKHDUHD\RXRFFXS\LVKD]DUGRXV
$UD\RIQHJDWLYHHQHUJ\SURMHFWVIURP\RXUSRLQWLQJ  &UHDWLQJ DQ H[WUDGLPHQVLRQDO VSDFH ZLWKLQ RU
ILQJHU <RX PXVW VXFFHHG DW D UDQJHG WRXFK DWWDFN WDNLQJ DQ H[WUDGLPHQVLRQDO VSDFH LQWR DQ H[LVWLQJ
ZLWKWKHUD\WRGHDOGDPDJHWRDWDUJHW7KHUD\GHDOV HVWUDGLPHQVLRQDOVSDFHLVKD]DUGRXV
GSRLQWVRIGDPDJHWRDOLYLQJFUHDWXUH  0DWHULDO&RPSRQHQWV$WLQ\JROGHQQHHGOHDQGD
 )RUHYHU\WZRH[WUDOHYHOVRIH[SHULHQFHSDVWVW VWULS RI ILQH FORWK JLYHQ D KDOIWZLVW DQG IDVWHQHG DW
\RXGHDODQH[WUDGSRLQWVRIGDPDJH<RXGHDOG WKHHQGV
DW UG OHYHO G DW WK OHYHO G DW WK OHYHO DQG D 
PD[LPXPRIGSRLQWVDWWKOHYHORUKLJKHU ,QVWHDGRIFDVWLQJWKLVVSHOOIURPWKLVVFUROO\RXPD\
 6LQFH XQGHDG DUH SRZHUHG E\ QHJDWLYH HQHUJ\ DWWHPSW WR SODFH WKH VSHOO LQWR \RXU VSHOO ERRN 7KH
WKLV VSHOO FXUHV WHP RI D OLNH DPRXQW RI GDPDJH PHWKRG IRU GRLQJ VR LV GHWDLOHG LQ WKH ' ' 3OD\HUV
UDWKHUWKDQKDUPLQJWKHP +DQGERRN SDJH  7KHVH FKHFNV PXVW EH PDGH LQ
 0DWHULDO&RPSRQHQW$PLUURUZKLFK\RXEUHDN WKHSUHVHQFHRID'0GXULQJDJDPHVHVVLRQRUDWDQ
 /,9,1* *5(<+$:. $FWLYLW\ &HQWHU 7KH EDVH FKHFN
,QVWHDGRIFDVWLQJWKLVVSHOOIURPWKLVVFUROO\RXPD\ WRGHFLSKHUWKHPDJLFZULWLQJLV'&DQGWKHEDVH
DWWHPSW WR SODFH WKH VSHOO LQWR \RXU VSHOO ERRN 7KH FKHFN WR XQGHUVWDQG WKH VSHOO LV '&  7KH '0
PHWKRG IRU GRLQJ VR LV GHWDLOHG LQ WKH ' ' 3OD\HUV VKRXOGPDUNWKHUHVXOWVDQGWKH3&VWUDFNLQJUHFRUG
+DQGERRN SDJH  7KHVH FKHFNV PXVW EH PDGH LQ 7KLVVSHOOFDQQRWEHWUDQVIHUUHGWRDQRWKHU3&
WKHSUHVHQFHRID'0GXULQJDJDPHVHVVLRQRUDWDQ 
/,9,1* *5(<+$:. $FWLYLW\ &HQWHU 7KH EDVH FKHFN N %ODGHG JDXQWOHW 7LQ\   JS HDFK OE VWHHO
WRGHFLSKHUWKHPDJLFZULWLQJLV'&DQGWKHEDVH FRPPRQ 'PJG&ULW[6ODVKLQJ8QOLNH
FKHFN WR XQGHUVWDQG WKH VSHOO LV '&  7KH '0 DVWDQGDUGJDXQWOHWDQDWWDFNZLWKDEODGHGJDXQWOHW
VKRXOGPDUNWKHUHVXOWVDQGWKH3&VWUDFNLQJUHFRUG LV QRW FRQVLGHUHG DQ XQDUPHG DWWDFN 7KH EODGHG
7KLVVSHOOFDQQRWEHWUDQVIHUUHGWRDQRWKHU3& JDXQWOHWSRVVHVVHVWZRFUXHOO\VKDUSHQHGEODGHVWKDW
 H[WHQGIURPWKHEDFNRIWKHZULVWIROORZLQJWKHOLQH
N $UFDQH VFUROO RI IDPLOLDU SRFNHW  JS  SDSHU RIWKHIRUHDUP7KLVJDXQWOHWLVD7LQ\LWHPVILWWHGIRU
FRPPRQWUDGHDEOH 7KLVDUFDQHVFUROOLVVFULEHZLWK 6PDOOFUHDWXUHV WZRFHUWLILFDWHV 
WKHIROORZLQJVSHOOVWOHYHOFDVWHU 
 N 3RWLRQRIFXUHOLJKWZRXQGV JSOEJODVVFRPPRQ
)DPLOLDU3RFNHW WUDGDEOH VWOHYHOFDVWHU
8QLYHUVDO  
/HYHO6RU:L] N 0DOWK\V 7UHDWLVH RQ WKH +LVWRU\ DQG &XVWRPV RI WKH
&RPSRQHQWV960 .LQJGRP RI )XU\RQG\ DQG KHU 5HVLGHQWV  JS  OEV
&DVWLQJ7LPHDFWLRQ SDSHU UDUH  7KLV ERRN GHWDLOV )XU\RQGLDQ KLVWRU\
5DQJH7RXFK DQGFXVWRPV$OWKRXJKDFRXSOHGHFDGHVRXWRIGDWH
7DUJHW2QHFRQWDLQHURUJDUPHQWZLWKDSRFNHW LW ZLOO JLYH D SHUVRQ XVLQJ WKH ERRN ZKLFK WDNHV DW
'XUDWLRQKRXUOHYHO OHDVW  PLQXWHV WR ORRN XS LQIRUPDWLRQ  HLWKHU D 
6DYLQJ7KURZQRQH FLUFXPVWDQFH ERQXV WR .QRZOHGJH KLVWRU\{

,QKHULWDQFH  3DJH
)XU\RQG\  RU .QRZOHGJH QRELOLW\{)XU\RQG\ 
FKHFN RU ZLOO DOORZ DQ XQWUDLQHG .QRZOHGJH FKHFN
IRU HLWKHU RI WKHVH ZLWKRXW DQ\ ERQXV LH DQG
XQPRGLILHG,QWHOOLJHQFHFKHFN 

N )DYRU IURP WKH +RXVH RI *DHOS\Q QD QD
XQWUDGHDEOH FRPPRQ  7KLV IDYRU PD\ EH XVHG E\
WKH 3& DW WKH *DHOS\Q KROGLQJV LQ HLWKHU :LOOLS RU
-RHVWKDOO IRU KRXVLQJ DQG D PHDO IRU D IHZ GD\V  ,W
PD\ DOVR EH XVHG LQ :LOOLS WR ERRN SDVVDJH RQ D
*DHOS\QVKLSRQWKH1\U'\Y(LWKHUZD\VSHQGLQJ
LWLVWKHHTXLYDOHQWRIVSHQGLQJWKHJROGSLHFHFRVWIRU
D KLJK OLIHVW\OH GXULQJ DQ DGYHQWXUH LQ :LOOLS RU
-RHVWKDOO









,QKHULWDQFH  3DJH
$33(1',;$/(:6*$/3,1

/HZV*DOSLQ0DOH*KRVW$VW0HGXLPVL]H8QGHDG+LW'LFHGKS,QLW6SG)O\IW SHUIHFW $& 
GHIOHFWLRQ $WNPHOHH GLQFRUSRUHDOWRXFK RUPHOHH GUDSLHU 6$3DUWLDOPDQLIHVWDWLRQIULJKWIXOPRDQ
648QGHDGLQFRUSRUHDOUHMXYHQDWLRQWXUQUHVLVWDQFH$//*69)RUW5HI:LOO6WU'H[&RQ,QW
:LV&KD
 6NLOOV DQG )HDWV %OXII  'LSORPDF\  +LGH  .QRZOHGJH )XU\RQG\ QREOHV   .QRZOHGJH KHUDOGU\  
/LVWHQ5LGH6HDUFK6SRW,PSURYHG,QLWLDWLYH6NLOO)RFXV KHUDOGU\ 6NLOO)RFXV )XU\RQG\QREOHV 
 3DUWLDOPDQLIHVWDWLRQ 6X /HZVLVDZHDNVSLULWDQGDVVXFKKHFDQQRWIXOO\PDQLIHVWKLPVHOIWKHZD\PRVWJKRVWV
FDQ:KLOHKHFDQDSSHDUERGLO\WRWKHDGYHQWXUHUVKHFDQQRWPDQLSXODWHREMHFWVRURSHQGRRUV
 ,QFRUSRUHDO 6X &DQRQO\EHKDUPHGE\RWKHULQFRUSRUHDOFUHDWXUHVRUEHWWHUPDJLFZHDSRQVRUPDJLF&DQ
SDVVWKURXJKVROLGREMHFWV
 8QGHDG 6X  8QDIIHFWHG E\ PLQGDIIHFWLQJ VSHOOV DQG HIIHFWV SRLVRQ VOHHS SDUDO\VLV VWXQQLQJ GLVHDVH  1RW
VXVFHSWLEOHWRFULWLFDOKLWVVXEGXDOGDPDJHDELOLW\GUDLQHWF
 
 7KH JKRVW RI /HZV *DOSLQ KDV ZLOOLQJO\ UHWXUQHG IURP WKH JUDYH RQ D PLVVLRQ WR SUHSDUH WKH IDPLO\ VHDW IRU WKH
ULJKWIXO KHLU  7KH RQO\ SUREOHP LV WKDW KHFDQWUHDOO\DIIHFWPXFKRQWKHPDWHULDOSODQHLQFOXGLQJRSHQLQJWKHIURQW
GRRU
 ,Q OLIH /HZV ZDV D FDSDEOH LI EXPEOLQJ DGYHQWXUHU  +H UHFHLYHG D ODQG JUDQW IURP WKH .LQJ RI )XU\RQG\ LQ WKH
%DURQ\RI:LOOLS$FFHSWLQJWKHUHVSRQVLELOLW\WRHVWDEOLVKDFRDVWDOZDWFKWRZQRQWKH1\U'\Y/HZVIRXQGHG-RHVWKDOO
QDPLQJ LW DIWHU D GHSDUWHG DGYHQWXULQJ FRPSDQLRQ  -RHVWKDOO EHJDQ VPDOO EXW DV VRPH PHUFKDQWV IRXQG LW D JRRG
ZD\SRLQWEHWZHHQ:LOOLSDQG+HUHFKHOLWSURVSHUHG/HZVEXLOWKLVPDQRURQDKLOORYHUORRNLQJWKHVPDOOYLOODJHDQG
PDUULHGUDLVLQJKLVFKLOGUHQ
 <HDUVSDVWZLWK-RHVWKDOOEHFRPLQJDWKULYLQJYLOODJHZLWKIDUPLQJDQGILVKLQJRQWKH1\U'\YDQGWKHRFFDVLRQDO
PHUFKDQW  +DYLQJ D VPDOO PLOLWLD LW EHFDPH HDV\ SUH\ WRDVODYHUDWWDFN$VDVKLSZLWK\HOORZVDLOVDUULYHGWKHWRZQ
UDLVHGWKHDODUP7KHVODYHUVRYHUZKHOPHGWKHVPDOOPLOLWLDDQGEHJDQWRWDNHWKHLUVSRLOV
 2XWRIWKHIODPHVURGHDPXFKROGHU/HZVZHDNO\VZLQJLQJKLVZDUD[H+LVKRUVHORQJIRUWKHSDVWXUHEDONHGDW
OHDSLQJRYHUDIDOOHQWLPEHUWKUHZ/HZVLQWRDJURXSRIVODYHUVKLVD[HFOHDYLQJWKHLUOHDGHUVVNXOO/HZVVORZO\VWRRG
JULSSLQJ WKH EORRG\ D[H WKH OLJKW IURP WKH EXUQLQJ YLOODJH JLYLQJ KLV IDFH D JULP YLVDJH WKUHZ IHDU LQWR WKH DOUHDG\
GHPRUDOL]HGSLUDWHVIOHGIRUWKHLUOLYHV
 $VWKHWRZQJDWKHUHGDURXQGWKHLUOHDGHUWKH\IRXQGWKDWKLVJULPYLVDJHZDVDFWXDOO\DIDFHWZLVWHGLQSDLQDVWKH
ROGPDQVKHDUWEHJDQWRIDLO5XVKLQJWKHLUKHURKRPHDQGODLGKLPLQKLVGHDWKEHGWKH\ZHSWDQGWKDQNHGKLP$IWHU
JLYLQJKLVORYHDQGIDUHZHOOVWRKLVIDPLO\KHSURPLVHGWKDWKHVKRXOGDOZD\VORRNDIWHUWKHLUWRZQ/HZV*DHOS\QWKHQ
SDVVHGIURPWKHPRUWDOUHDOP
 'XULQJWKH*UH\KDZN:DUVDVWKHKRUGHVRI,X]VZHSWGRZQIURPWKH1RUWKWKHYLOODJHRI-RHVWKDOOIOHGIRUWKH
UHODWLYHVDIHW\RI:LOOLS7KHSURJHQ\RI/HZV*DHOS\QDOVRIOHGWDNLQJRQO\ZKDWWKH\IHOWZDVHVVHQWLDO7\O*DOSLQ
EHLQJ D WRGGOHU DW WKH WLPH WKH\ IOHG ZDV UDLVHG RQ VWRULHV RI WKHLU KROGLQJV DQG WKHLU DQFHVWRU /HZV *DHOS\Q  $V KH
JUHZ 7\O WULHG WR ILQG VRPH OLQN SURYLQJ WKDW KH ZDV WKH ULJKWIXO KHLU EXW DSSDUHQWO\ LQ WKHLU KDVWH KLV SDUHQWV KDG
IRUJRWWHQWRUHFRYHUWKHLPSRUWDQWGRFXPHQWVDQGWKH\KDGGLHGEHIRUHWHOOLQJ7\OZKHUHWKH\ZHUH
 7\OPDUULHGDQGKDGDVRQQDPLQJKLP/HZV$PRQWKDIWHUWKHELUWKRIKLVVRQ7\OUHFHLYHGDVPDOOSDFNDJHWKDW
LQFOXGHGDNH\DQGDOHWWHULQVWUXFWLQJKLPWRJRDQGWDNHXSKLVULJKWIXOPDQWOH+LVIDPLO\KDYLQJEHFRPHSURPLQHQW
PHUFKDQWV LQ :LOOLS EHJDQ SUHSDUDWLRQV WR PDNH WKH WUHN WR WKH *DHOS\Q DQFHVWUDO VHDW  +DOIZD\ WKHUH WKH\
HQFRXQWHUHG D VHYHUH VWRUP ZKLFK ODVWHG IRU D FRXSOH GD\V  2QFH LW FOHDUHG WKH\ ZHUH DEOH WR FRQWLQXH WR WKHLU QHZ
KRPHQRZFOHDUHGE\DGYHQWXUHUVZKRKDGDOVRUHFRYHUHGDORFNHGFKHVWIRUZKLFK7\OKDGWKHNH\,QVLGHZHUHWKH
RULJLQDOGRFXPHQWVSURFODLPLQJ/HZV*DHOS\QDQGKLVGHVFHQGDQWVWKHULJKWIXOODQGKROGHUV
 7KHDGYHQWXUHUVFRXOGQRWH[SODLQKRZWKH\KDGFRPHWRFOHDUWKHPDQRURIXQZDQWHGWHQDQWVRURIWKHP\VWHULRXV
VWUDQJHU ZKR KHOSHG WKHQ GLVDSSHDUHG EXW WKH\ KDYH WKH JUDWLWXGH RI KLV IDPLO\ QRQHWKHOHVV  %XW ZKR VHQW 7\O WKH
OHWWHUDQGWKHNH\"

,QKHULWDQFH  3DJH
$33(1',;%58/(6,7(06)5206:25'$1'),67

)($76
'LUW\)LJKWLQJ>*HQHUDO@ 
<RXNQRZWKHEUXWDODQGHIIHFWLYHILJKWLQJWDFWLFVRIVWUHHWVDQGEDFNDOOH\V
 3UHUHTXLVWLHV%DVHDWWDFNERQXV
%HQHILW0DNHDPHOHHDWWDFNUROOQRUPDOO\,IVXFFHVVIXO\RXLQIOLFWDQDGGLWLRQDOGSRLQWVRIGDPDJH7KLVIHDW
UHTXLUHVWKHIXOODWWDFNDFWLRQ
 5HIHUHQFHSDJH

:($3216
:HDSRQ  &RVW  'DPDJH &ULWLFDO :HLJKW 7\SH
%ODGHGJDXQWOHW 6PDOO  JS  G  [OE  6ODVKLQJ
 5HIHUHQFHSDJHVPRGLILHGE\WKHRIILFLDO6ZRUGDQG)LVWHUUDWDIRXQGDWZZZZL]DUGVFRP

1RWH7KH7LQ\VL]HGYHUVLRQRIWKLVZHDSRQKDVWKHIROORZLQJDWWULEXWHV
:HDSRQ  &RVW  'DPDJH &ULWLFDO :HLJKW 7\SH
%ODGHGJDXQWOHW 7LQ\  JS  G  [OE  6ODVKLQJ




,QKHULWDQFH  3DJH
Gaelpin Manor
Ground Floor
Cartography by Michael S. Webster

2d 2c

2e

2b
2f
2a 2g

1
Gaelpin Manor
Upper Level
Cartography by Michael S. Webster

3c 3i 3d 3e 3f

3h

3a 3b
3g
Gaelpin Manor
Lower Level Basement Vault
Cartography by Michael S. Webster

4a

4b
5
4e

4f
4c 4d

(1/,67,1*7+(,&21,&
7RUGHN PDOH GZDUI )WU &5 0HGLXPVL]HKXPDQRLG GZDUI +'GKS,QLW6SGIW$&
 WRXFKIODWIRRWHG $WNVPHOHH G[GZDUYHQZDUD[H RUUDQJHG G[VKRUWERZ 64
'ZDUYHQ WUDLWV $/ /1 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE-XPS([RWLF:HDSRQ3URILFLHQF\ GZDUYHQZDUD[H :HDSRQ)RFXV GZDUYHQ
ZDUD[H  
 3RVVHVVLRQV 7UDYHOHUV RXWILW VFDOH PDLO ODUJH ZRRGHQ VKLHOG GZDUYHQ ZDUD[H VKRUWERZ TXLYHU ZLWK 
DUURZV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ WUDLO UDWLRQV EHGUROO VDFN DQG IOLQW DQG VWHHO

0LDOHH IHPDOH HOI :L] &5  0HGLXPVL]H KXPDQRLG HOI  +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG $WNVPHOHH GTXDUWHUVWDII RUzPHOHH GTXDUWHUVWDII DQGzPHOHH G
TXDUWHUVWDII RUUDQJHG G[VKRUWERZ 64(OYHQWUDLWV$/169)RUW5HI:LOO6WU'H[
 &RQ  ,QW  :LV  &KD  
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  .QRZOHGJH DUFDQH   /LVWHQ  6HDUFK  6SHOOFUDIW  6SRW 
6FULEH 6FUROO YLUWXDO  7RXJKQHVV 
 6SHOOV 3UHSDUHG  EDVH '&    VSHOO OHYHO  {GD]H UD\ RI IURVW UHDG PDJLF VW{PDJH DUPRU VOHHS 
 6SHOOERRN {DOO RI WKHP VW{FKDUP SHUVRQ PDJH DUPRU PDJLF PLVVLOH VOHHS VXPPRQ PRQVWHU , 
 3RVVHVVLRQV7UDYHOHUVRXWILWTXDUWHUVWDIIVKRUWERZTXLYHURIDUURZVEDFNSDFNZLWKZDWHUVNLQGD\WUDLO
UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO  FDQGOHV PDS FDVH  SDJHV SDUFKPHQW LQN DQG SHQ VSHOO SRXFK
VSHOOERRN 

/LGGD IHPDOH KDOIOLQJ 5RJ &5  6PDOO KXPDQRLG KDOIOLQJ  +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG $WNVPHOHH GVKRUWVZRUG RUUDQJHG GOLJKWFURVVERZ RU
 PHOHH G GDJJHU  RU  UDQJHG G GDJJHU  6$ 6QHDN DWWDFN G 64+DOIOLQJWUDLWV$/
&* 69 )RUW  5HI  :LOO  6WU  'H[  &RQ  ,QW  :LV  &KD 
 6NLOOVDQG)HDWV&OLPE'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ+LGH-XPS/LVWHQ0RYH
6LOHQWO\  2SHQ /RFNV  6HDUFK  6SRW  7XPEOH  8VH 0DJLF 'HYLFH  ,PSURYHG ,QLWLDWLYH
 3RVVHVVLRQV([SORUHUVRXWILWOHDWKHUDUPRUVKRUWVZRUGOLJKWFURVVERZFURVVERZEROWVGDJJHU%DFNSDFN
ZLWKZDWHUVNLQGD\WUDLOUDWLRQVEHGUROOVDFNIOLQWDQGVWHHOWKHLYHVWRROVKRRGHGODQWHUQSLQWVRIODQWHUQ
RLO 

-R]DQPDOHKXPDQ&OU&50HGLXPVL]HKXPDQRLG KXPDQ +'GKS,QLWz6SGIW$&
 WRXFK  IODWIRRWHG   $WN  PHOHH G KHDY\ PDFH  RUz UDQJHG G OLJKW FURVVERZ  6$
7XUQ8QGHDGGD\G$/1*69)RUW5HIz:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV &RQFHQWUDWLRQ  +HDO  /LVWHQ  .QRZOHGJH UHOLJLRQ   6SHOOFUDIW  6SRW 
$OHUWQHVV 6FULEH 6FUROO
 6SHOOV 3UHSDUHG  EDVH '&   VSHOO OHYHO  {GHWHFW SRLVRQ JXLGDQFH UHDG PDJLF VW{EOHVV SURWHFWLRQ
IURP HYLO  VKLHOG RI IDLWK 
 'RPDLQVSHOO'HLW\3HORU'RPDLQV*RRG JRRGVSHOOVFDVWDWFDVWHUOHYHO DQG+HDOLQJ KHDOLQJVSHOOV
FDVW DW  FDVWHU OHYHO 
 3RVVHVVLRQV &OHULFV YHVWPHQWV VFDOH PDLO ODUJH ZRRGHQ VKLHOG KHDY\ PDFH OLJKW FURVVERZ  FURVVERZ
EROWV EDFNSDFN ZLWK ZDWHUVNLQ  GD\ RI WUDLO UDWLRQV EHGUROO VDFN IOLQW DQG VWHHO ZRRGHQ KRO\ V\PERO VXQ
GLVN RI 3HORU   WRUFKHV   


You might also like