FUR1 11 Inheritance
FUR1 11 Inheritance
,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\RXKDYHDVHWRIGLFHDWOHDVW 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\HUVDQGWKH'0WRNHHSWUDFNRIZKRLV 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
FRPEDWPRVWOLNHO\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
SDODGLQVPRXQWVHWFXVHWKHIROORZLQJFKDUWWR 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 IXOOPRRQUROOGWRGHWHUPLQHZKHUHLQWKHVHTXHQFHRI
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
FRPPDQGWKDWPD\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 VXFFHVVIXOKLWUDQJHG&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\LQJWKHPRVWPHWDOLHKHDY\DUPRUODUJH
WKH HVWDWH IRU WKH SDVW GHFDGH $Q KHLU LV QRZ UHDG\ WR VZRUGVHWF7UHDWWKHEROWVDVUDQJHGDWWDFNV
WDNH SRVVHVVLRQ RI WKH IDPLO\ HVWDWH EXW WKH FXUUHQW GPJ 5HIOH['&IRUKDOIGDPDJH&KHFN
UHVLGHQWV ZLOO SUREDEO\ QRW EH ZLOOLQJ WR UHORFDWH 7R IRUDOO3&VQRWXQGHUVKHOWHU
SUHSDUH WKH ZD\ /HZV *DHOS\Q KDV UHWXUQHG IURP WKH
JUDYH ,I WKH 3&V VWLOO UHIXVH WR HQWHU WKH KRPH WKH UHGXFHG
/HZV RULJLQDOO\ EXLOW WKH IDPLO\ IRUWXQH DQG WKH PRYHPHQWDQGKDLOGDPDJHDUHGRXEOHG7KHVH|DWWDFNV}
HVWDWH VHYHUDO KXQGUHG \HDUV DJR +H SURPLVHG WKDW D UHFHLYHDWLQWHQVLW\ERQXVWRWKHDWWDFNUROODWVDYH'&
ZRUWK\ *DHOS\Q ZRXOGIRUHYHURZQWKLVODQGDQGRQHLV IRUHYHU\PLQXWHVURXQGVWKH3&VDUHLQWKHRSHQ
FRPLQJ 8QIRUWXQDWHO\ LQ KLV QRQFRUSRUHDO IRUP KH 7KHVHERQXVHVVWDFNVRFKDUDFWHUVWKDWDUHLQWKHRSHQIRU
FDQQRWDIIHFWWKHUHDOZRUOGDQGKHQHHGVKHOS$VHYHUH PLQXWHV DUH VORZHG E\ URXQG DUH KLW ZLWK KDLO IRU
VWRUPVHQGVDSDUW\RI3&VVHHNLQJVKHOWHUPHHWLQJ/HZV GSRLQWVRIVXEGXDOGDPDJHUDQJHGDQGPD\EH
ZKRWHOOLQJKLVVWRU\RPLWWLQJWKHSDUWDERXWKLPEHLQJ VWUXFNE\OLJKWQLQJUDQJHGGPJG5HIOH['&
GHDGHQOLVWVWKHLUDLGLQFOHDULQJWKHKRXVH &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\ PHOHH7KHEXQNVSURYLGHSDUWLDOFRYHU$&
,QSDUWLFXODUWKHUHLVDFDVHDERXWWKHVL]HRIDWKLFNWRPHWKDW
PXVWEHIRXQGDQGGHOLYHUHGWRWKHIDPLO\,WFRQWDLQVDERRNRQ 'HYHORSPHQW 7KH VRXQGV RI EDWWOH KHUH DQG DQ\ZKHUH
WKH IDPLO\ KLVWRU\ DQG EHDUV RXU IDPLO\ PDUN RI DQ LQWULFDWH HOVH LQ WKH PDQRU ZLOO DOHUW PDQ\ RI WKH RWKHU PRQVWHUV
OHWWHU|*}} OLYLQJWKHUH'0VPD\GHFLGHZKLFKFUHDWXUHVZLOOOLHLQ
ZDLWDQGZKLFKZLOOFRPHWRLQYHVWLJDWH1RWDOORIWKHP
,IWKH3&VDJUHHWRKHOS/HZVZLSHVKLVEURZLQUHOLHIDQG ZLOOFRPHWRLQYHVWLJDWH$VXFFHVVIXO/LVWHQFKHFN'&
DVNVWKH3&VWRLQWURGXFHWKHPVHOYHV,IWKH3&VGHFOLQH z PRGLILHG E\ XS WRFLUFXPVWDQFHERQXVGHSHQGLQJ
WRKHOSDQGWU\WRZDLWRXWWKHVWRUPLWLQVWHDGLQWHQVLILHV
,QKHULWDQFH 3DJH
RQWKHQRLVHOHYHOLQGLFDWHVWKHPRQVWHUVKDYHKHDUGWKH 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]DWLRQEODGHGJDXQWOHW
$3/(/ 3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU 7LQ\ EODGHG
JDXQWOHWVOLJKWFURVVERZEROWV
<UUN PDOH NREROG )WU5JU &5 6PDOO KXPDQRLG
UHSWLOLDQ +' G KS ,QLW 'H[ 6SG IW .REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH
$&WRXFKIODWIRRWHG$WNPHOHHG
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
7UDFNERQXV7ZR:HDSRQ)LJKWLQJYLUWXDO 7KH NREROGV IURP WKH NLWFKHQ FOHDQ XS WKH PDMRULW\ RI
:HDSRQ)RFXVEODGHGJDXQWOHW
WKH GHEULV EXW WKH VPDOO JURXS RI GLUH UDWV IURP EHORZ
3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU 7LQ\ EODGHG FRPHVXSDQGFOHDUDZD\DQ\WKLQJOHIW
JDXQWOHWVOLJKWFURVVERZEROWV
7UHDVXUHVSFS
.REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH
$3/(/
$3/(/
'LUH5DWVKSHDFKVHH0RQVWHU0DQXDOSDJH
<UUN PDOH NREROG )WU5JU &5 6PDOO KXPDQRLG
UHSWLOLDQ +' G KS ,QLW 'H[ 6SG IW
$&WRXFKIODWIRRWHG$WNPHOHHG $3/(/
7LQ\ EODGHG JDXQWOHWV
RU PHOHH G 'LUH5DWVKSHDFKVHH0RQVWHU0DQXDOSDJH
7LQ\EODGHGJDXQWOHWV
DQGPHOHHG7LQ\
EODGHG JDXQWOHWV
RU UDQJHG G OLJKW
FURVVERZ6$)DYRUHGHQHP\KXPDQ64'DUNYLVLRQ $3/(/
IWOLJKWVHQVLWLYLW\$//(69)RUW5HI:LOO 'LUH5DWVKSHDFKVHH0RQVWHU0DQXDOSDJH
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
7UDFNERQXV7ZR:HDSRQ)LJKWLQJYLUWXDO KXPDQRLGVRUGHULQJDERXWIRXUNREROGVDVWKH\JRWKURXJKWKHLU
:HDSRQ)RFXVEODGHGJDXQWOHW
:HDSRQ6SHFLDOL]DWLRQ FRRNLQJGXWLHVSUHSDULQJDQHQWLUHFRZ
EODGHGJDXQWOHW
3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU 7LQ\ EODGHG 7ZRKREJREOLQVDUHWKHPDVWHUFKHIVRIWKHKRXVHZKLOH
JDXQWOHWVOLJKWFURVVERZEROWV WKHLU DVVLVWDQW NREROGV VFXWWOH DURXQG KHOSLQJ RXW 7KH\
DUHLQWKHSURFHVVRIFRRNLQJDFRZWKH\KDGUHWULHYHGRQ
.REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH 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 $WN PHOHH
G 7LQ\ EODGHG JDXQWOHW RU PHOHH
G 7LQ\ EODGHG JDXQWOHW DQG PHOHH
GU7LQ\EODGHGJDXQWOHWRUUDQJHGG
OLJKW FURVVERZ 6$ )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
NQLYHVWUHDWDVGDJJHUV7KHNREROGVZLOOVSOLWXSDQGWU\ ZHDSRQ)LJKWLQJYLUWXDO:HDSRQ)RFXVJODLYH
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 .REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH
VWDLUVWRDOHUWWKHEXJEHDUOHDGHULQDUHDEZKRZLOOWKHQ
UDOO\WKHLQKDELWDQWVRIWKHXSSHUOHYHO $3/(/
7UHDVXUHJSVSFS 0XULN WKH FRRN PDOH KREJREOLQ )WU&5 0HGLXP
VL]H KXPDQRLG JREOLQRLG +' G KS ,QLW
$3/(/ 6SGIW$&WRXFKIODWIRRWHG$WNPHOHH
GORQJVZRUGRUUDQJHGGMDYHOLQ64
0XULN WKH FRRN PDOH KREJREOLQ )WU&5 0HGLXP 'DUNYLVLRQIW$//(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 $WWDFN :HDSRQ )RFXV ORQJVZRUG
'H[&RQ,QW:LV&KD :HDSRQ6SHFLDOL]DWLRQORQJVZRUG
6NLOOVDQG)HDWV+LGH/LVWHQ0RYH6LOHQWO\ 3RVVHVVLRQV &KDLQPDLO VPDOO ZRRGHQ VKLHOG
6SRW$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)LJKWLQJYLUWXDO 3RVVHVVLRQV&KDLQVKLUWVPDOOZRRGHQVKLHOGJODLYH
3RVVHVVLRQV&KDLQVKLUWVPDOOZRRGHQVKLHOGJODLYH MDYHOLQV
MDYHOLQV
.REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH
.REROGVKSHDFKVHH0RQVWHU0DQXDOSDJH
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]HKXPDQRLGJREOLQRLG+'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
EODGHDFRXSOHVWXUG\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\VWOHYHODQGIDPLOLDUSRFNHWQGOHYHOWKDWFDQ 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
GPRUQLQJVWDU6$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 GPRUQLQJVWDU6$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
JUDFH2WKHUZLVHWKH\ZLOOEHSUHSDUHGZLWKRQHKLGLQJ
EHKLQGWKHGRRUDQGPD\VXUSULVHWKH3&V
$3/(/
7UHDVXUHJSVS *URXPSI PDOH EXJEHDU 5RJ &5 0HGLXPVL]H
KXPDQRLG JREOLQRLG +' GG KS ,QLW
$//$3/6(/ 6SGIW$&WRXFKIODWIRRWHG$WNVPHOHH
GPRUQLQJVWDU6$6QHDNDWWDFNG64(YDVLRQ
%XJEHDUVKSHDFKVHH0RQVWHU0DQXDOSDJH 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)RFXVPRUQLQJVWDU
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$WNPHOHHG[JUHDWD[HRU
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
KXPDQRLGJREOLQRLG+'GKS,QLW6SG $WWDFN:HDSRQ)RFXVJUHDWD[H
IW$&WRXFKIODWIRRWHG$WNPHOHHG 3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
ORQJVZRUGRUUDQJHGGMDYHOLQ64'DUNYLVLRQ
IW$/&(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 $WWDFN :HDSRQ )RFXV IODWIRRWHG$WNPHOHHG[JUHDWD[HRU
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]DWLRQJUHDWD[H
KXPDQRLGJREOLQRLG+'GKS,QLW6SG 3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
IW $& WRXFK IODWIRRWHG $WN PHOHH
GORQJVZRUGRUUDQJHGGMDYHOLQ64 $3/(/
'DUNYLVLRQIW$/&(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]DWLRQORQJVZRUG 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)RFXVJUHDWD[H:HDSRQ6SHFLDOL]DWLRQ
0RXUJ PDOH KREJREOLQ )WU &5 0HGLXPVL]H JUHDWD[H
KXPDQRLGJREOLQRLG+'GKS,QLW6SG 3RVVHVVLRQV&KDLQVKLUWJUHDWD[HMDYHOLQV
IW $& WRXFK IODWIRRWHG $WN PHOHH
GORQJVZRUGRUUDQJHGGMDYHOLQ64
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 $WWDFN :HDSRQ )RFXV ORQJVZRUG
:HDSRQ6SHFLDOL]DWLRQORQJVZRUG J%DWKURRP
3RVVHVVLRQV 6WXGGHG OHDWKHU DUPRU VPDOO ZRRGHQ 7KLVURRPLVILOWK\7KHWXELVEURNHQDQGWKHUHDUHDOONLQGVRI
VKLHOGORQJVZRUGMDYHOLQV GHEULVLQKHUH7KLVURRPKDVDSSDUHQWO\EHHQWKHUHSRVLWRU\IRU
DOOPDQQHURIXQSOHDVDQWWKLQJV
7UHDVXUHJSVS
7KHUH LV VRPH WUHDVXUH WKDW KDG EHHQ DFFLGHQWDOO\
I%HGURRP GXPSHGKHUHEXWWKHRQO\ZD\/HZVZLOOOHWWKH3&VKDYH
7KLVEHGURRPLVDQXWWHUVKDPEOHV7KHRQO\WKLQJWKDWLVLQRQH LW LV LI WKH\ WKURZ PRVW RI WKH GHEULV RXW WKH ZLQGRZ
SLHFH LV WKH VWUDZ PDW LQ WKH FRUQHU 3DUWV RI IXUQLWXUH DUH &OHDQLQJ XS WKLV DUHDZLOODXWRPDWLFDOO\UHYHDODSRWLRQRI
HPEHGGHGLQWRWKHZDOOIURPILWVRIUDJHIURPLWVRFFXSDQW FXUH OLJKW ZRXQGV VWOHYHO FDVWHU 7KLV LWHP LV DOVR
GHWHFWDEOH E\ VLPSO\ ORRNLQJ RYHU WKH UHIXVH ZLWK D
VXFFHVVIXO6HDUFKFKHFN'&
,QKHULWDQFH 3DJH
|:HOOLWDSSHDUVWKDWWKRVHDUULYLQJZLOOKDYHVRPHWKLQJWR
7UHDVXUHVSFS VXVWDLQ WKHP IRU DZKLOH} VWDWHV /HZV |$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
6WLUJHVKSHDFKVHH0RQVWHU0DQXDOSDJH LQWKHDUHDVZDUPLQJWRZDUGV\RX
$3/(/ 7UHDVXUHFS
6WLUJHVKSHDFKVHH0RQVWHU0DQXDOSDJH
$//$3/(/
$3/(/ 'LUH5DWVKSHDFKVHH0RQVWHU0DQXDOSDJH
6WLUJHVKSHDFKVHH0RQVWHU0DQXDOSDJH 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(/
2UFVKSHDFKVHH0RQVWHU0DQXDOSDJH
K1DQQ\V4XDUWHUV
7KLVURRPDSSHDUVWRKDYHEHHQOLYHGLQE\VRPHWKLQJEXWLWLV
H6WDII4XDUWHUV
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(/
*REOLQVKSHDFKVHH0RQVWHU0DQXDOSDJH
(1&2817(5/2:(5/(9(/
7UHDVXUHJSVSFS
7KH ORZHU OHYHOV KDYH YDULRXV FKDPEHUV IRU VWRUDJH DQG
VWDIITXDUWHUV H6WDII%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[ $WN PHOHH G GDJJHU RU
SDOHOLJKWVKLQHVEHORZWKHFORVHGGRRU UDQJHGGGDJJHU6$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)RFXV1HFURPDQF\
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)RFXVHGWRDOOVDYHVDJDLQVW
$VRIWWKXGVRXQGVIURPWKHFKDLUDVDJORYHGKDQGVHWVWKHERRN /LJKWEOLQGQHVV([$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 .QRZOHGJHDUFDQH6SHOOFUDIW&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 $OWKRXJK WKH KXPDQRLGV QG{VFDUH
VXPPRQPRQVWHU,,UG{YDPSLULFWRXFK
RFFXS\ VHSDUDWH DUHDV RI WKH KRPH WKHUH LV VWLOO VRPH
6SHOO)RFXVHGWRDOOVDYHVDJDLQVW
DQLPRVLW\EHWZHHQWKHJURXSV7KHGURZNHHSVWKHSHDFH /LJKWEOLQGQHVV([$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
7UHDVXUHJSUXELHVJSHD
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
$VRIWWKXGVRXQGVIURPWKHFKDLUDVDJORYHGKDQGVHWVWKHERRN 0LQG%ODVW6S7KLVDWWDFNLVDIWFRQH$Q\RQH
GRZQ RQ WKH SLOH |$K YLVLWRUV :HOFRPH} VD\V D YRLFH WKDW FDXJKW LQ WKLV FRQH PXVW PDNH D VXFFHVVIXO :LOO VDYH
VRXQGVRILQWHOOLJHQFH '&RUEHVWXQQHGIRUGURXQGV
7KH FKDLU FUHDNV VOLJKWO\ DV D KRRGHG ILJXUH VWDQGV DQG 3VLRQLFV6S$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 WKUHDWVWKH\FRH[LVWVRPHZKDWSHDFHIXOO\
DGYHQWXUH 7KH FDVH WKH 3&V DUH ORRNLQJ IRU LV ORFDWHG LQ WKLV
URRP +LGGHQ EHKLQG D KLGGHQ SDQHO 6HDUFK '& WR
7UHDVXUHJSUXELHVJSHD 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
$3/(/ 7KH 3&V DUH JLYHQ D FKDQFH WR H[SODLQ ZK\WKH\DUH
WKHUH EXW /HZV LV JRQH DQG QRZKHUH WR EH IRXQG +H
<VWKUDQLVFK ,OOLWKLG &5 0HGLXPVL]H DEHUUDWLRQ ZLOOVLPSO\YDQLVKRQFHWKHFRDFKDUULYHVZKLOHQRRQHLV
+' G KS ,QLW 'H[ ,PSURYHG ORRNLQJ7KHPHQWLRQRI/HZVEULQJVORRNVRIFRQIXVLRQ
,QLWLDWLYH6SGIW$&'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[WRIWKHDGYHQWXUHHJDUPRURQIRHV,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&RQWDFWVVRXUFHVRI
H[WUDLQIRUPDWLRQPXVWEHVSHFLILFDOO\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
$ZDUGWKHWRWDOYDOXHREMHFWLYHVSOXVUROHSOD\LQJWR EHLQJNQRZQDVDWKLHI)RURWKHUVWROHQLWHPVZKLFK
HDFKFKDUDFWHU PHHWWKHFULWHULDLQDERYHXVH\RXUMXGJPHQWDQG
WKH FLUFXPVWDQFHV ZLWKLQ WKH JDPH WR GHWHUPLQH
(QFRXQWHU ZKHWKHUD3&WKLHIJHWVDZD\ZLWKWKHWKHIWRUQRW
%\SDVVLQJWKH7UDS ;3
'HIHDWLQJWKH.REROGV$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 6LOYHUVS JS
'HIHDWLQJWKH'LUH5DWV$UHD% ;3 &RSSHUFS JS
'HIHDWLQJWKH+REJREOLQV$UHD& ;3 6FUROORIQHJDWLYHHQHUJ\UD\ JS
'HIHDWLQJWKH2UFV$UHD' ;3 6FUROORIIDPLOLDUSRFNHW JS
'HIHDWLQJWKH*REOLQV$UHD( ;3 %ODGHGJDXQWOHWV7LQ\ 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
FRPPRQWUDGHDEOH7KLVDUFDQHVFUROOLVVFULEHZLWK :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&ORVHIWIWOHYHOV 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:LOOKDOIVHHWH[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 $UFDQH VFUROO RI IDPLOLDU SRFNHW JS
SDSHU RIWKHIRUHDUP7KLVJDXQWOHWLVD7LQ\LWHPVILWWHGIRU
FRPPRQWUDGHDEOH7KLVDUFDQHVFUROOLVVFULEHZLWK 6PDOOFUHDWXUHVWZRFHUWLILFDWHV
WKHIROORZLQJVSHOOVWOHYHOFDVWHU
N 3RWLRQRIFXUHOLJKWZRXQGVJSOEJODVVFRPPRQ
)DPLOLDU3RFNHW WUDGDEOHVWOHYHOFDVWHU
8QLYHUVDO
/HYHO6RU:L] N 0DOWK\V 7UHDWLVH RQ WKH +LVWRU\ DQG &XVWRPV RI WKH
&RPSRQHQWV960 .LQJGRP RI )XU\RQG\ DQG KHU 5HVLGHQWV JS OEV
&DVWLQJ7LPHDFWLRQ SDSHU UDUH 7KLV ERRN GHWDLOV )XU\RQGLDQ KLVWRU\
5DQJH7RXFK DQGFXVWRPV$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\IWSHUIHFW$&
GHIOHFWLRQ$WNPHOHHGLQFRUSRUHDOWRXFKRUPHOHHGUDSLHU6$3DUWLDOPDQLIHVWDWLRQIULJKWIXOPRDQ
648QGHDGLQFRUSRUHDOUHMXYHQDWLRQWXUQUHVLVWDQFH$//*69)RUW5HI:LOO6WU'H[&RQ,QW
:LV&KD
6NLOOV DQG )HDWV %OXII 'LSORPDF\ +LGH .QRZOHGJH )XU\RQG\ QREOHV .QRZOHGJH KHUDOGU\
/LVWHQ5LGH6HDUFK6SRW,PSURYHG,QLWLDWLYH6NLOO)RFXVKHUDOGU\6NLOO)RFXV)XU\RQG\QREOHV
3DUWLDOPDQLIHVWDWLRQ6X/HZVLVDZHDNVSLULWDQGDVVXFKKHFDQQRWIXOO\PDQLIHVWKLPVHOIWKHZD\PRVWJKRVWV
FDQ:KLOHKHFDQDSSHDUERGLO\WRWKHDGYHQWXUHUVKHFDQQRWPDQLSXODWHREMHFWVRURSHQGRRUV
,QFRUSRUHDO6X&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
:($3216
:HDSRQ &RVW 'DPDJH &ULWLFDO :HLJKW 7\SH
%ODGHGJDXQWOHW6PDOO JS G [OE 6ODVKLQJ
5HIHUHQFHSDJHVPRGLILHGE\WKHRIILFLDO6ZRUGDQG)LVWHUUDWDIRXQGDWZZZZL]DUGVFRP
1RWH7KH7LQ\VL]HGYHUVLRQRIWKLVZHDSRQKDVWKHIROORZLQJDWWULEXWHV
:HDSRQ &RVW 'DPDJH &ULWLFDO :HLJKW 7\SH
%ODGHGJDXQWOHW7LQ\ JS G [OE 6ODVKLQJ
,QKHULWDQFH 3DJH
Gaelpin Manor
Ground Floor
Cartography by Michael S. Webster
2d 2c
2e
2b
2f
2a 2g
1
Gaelpin Manor
Upper Level
Cartography by Michael S. Webster
3c 3i 3d 3e 3f
3h
3a 3b
3g
Gaelpin Manor
Lower Level Basement Vault
Cartography by Michael S. Webster
4a
4b
5
4e
4f
4c 4d
(1/,67,1*7+(,&21,&
7RUGHN PDOH GZDUI )WU &5 0HGLXPVL]HKXPDQRLGGZDUI+'GKS,QLW6SGIW$&
WRXFKIODWIRRWHG$WNVPHOHHG[GZDUYHQZDUD[HRUUDQJHGG[VKRUWERZ64
'ZDUYHQ WUDLWV $/ /1 69 )RUW 5HI :LOO 6WU 'H[ &RQ ,QW :LV &KD
6NLOOVDQG)HDWV&OLPE-XPS([RWLF:HDSRQ3URILFLHQF\GZDUYHQZDUD[H:HDSRQ)RFXVGZDUYHQ
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 $&
WRXFKIODWIRRWHG$WNVPHOHHGTXDUWHUVWDIIRUzPHOHHGTXDUWHUVWDIIDQGzPHOHHG
TXDUWHUVWDIIRUUDQJHGG[VKRUWERZ64(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 $&
WRXFKIODWIRRWHG$WNVPHOHHGVKRUWVZRUGRUUDQJHGGOLJKWFURVVERZRU
PHOHH G GDJJHU RU UDQJHG G GDJJHU 6$ 6QHDN DWWDFN G 64+DOIOLQJWUDLWV$/
&* 69 )RUW 5HI :LOO 6WU 'H[ &RQ ,QW :LV &KD
6NLOOVDQG)HDWV&OLPE'LVDEOH'HYLFH*DWKHU,QIRUPDWLRQ+LGH-XPS/LVWHQ0RYH
6LOHQWO\ 2SHQ /RFNV 6HDUFK 6SRW 7XPEOH 8VH 0DJLF 'HYLFH ,PSURYHG ,QLWLDWLYH
3RVVHVVLRQV([SORUHUVRXWILWOHDWKHUDUPRUVKRUWVZRUGOLJKWFURVVERZFURVVERZEROWVGDJJHU%DFNSDFN
ZLWKZDWHUVNLQGD\WUDLOUDWLRQVEHGUROOVDFNIOLQWDQGVWHHOWKHLYHVWRROVKRRGHGODQWHUQSLQWVRIODQWHUQ
RLO
-R]DQPDOHKXPDQ&OU&50HGLXPVL]HKXPDQRLGKXPDQ+'GKS,QLWz6SGIW$&
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*RRGJRRGVSHOOVFDVWDWFDVWHUOHYHODQG+HDOLQJKHDOLQJVSHOOV
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