Eliphas Levi Magical Ritual of the Sanctum Regnum

background image

7UDQVFULEHGE\)UDWHU8,6

7KH0DJLFDO5LWXDO

RIWKH

6DQFWXP5HJQXP

,17(535(7('%<7+(7$527758036

75$16/$7(')5207+(0662)

(/,3+$6/(9,

:,7+(,*+73/$7(6

(GLWHGE\

::\QQ:HVWFRWW

0DJXVRIWKH5RVLFUXFLDQ6RFLHW\RI(QJODQG

35()$&(%<7+((',725

, 7+(0$*,&,$1/(%$7(/(85

,,7+(35,(67(66/$3$3(66(

,,,7+((035(66/,03(5$75,&(

,97+((03(525/(03(5(85

9 7+(323(25+,(523+$17/(3$3(

9,7+(/29(56/$0285(8;

9,,7+(&+$5,272)+(50(6/(&+$5,27

9,,,-867,&(/$-867,&(

,;7+(+(50,7/(50,7(

; 7+(:+((/2))25781(/$528('()25781(

;,)257,78'(675(1*7+/$)25&(

;,,7+(+$1*('0$1/(3(1'8

;,,,'($7+/$0257

;,97(03(5$1&(/$7(03(5$1&(

;96$7$17+('(9,//(',$%/(

;9,7+(72:(5/$0$,621'(',(8

;9,,7+(67$5/(72,/(

;9,,,7+(0221/$/81(

;,;7+(681/(62/(,/

;;7+(/$67-8'*0(17/(-8*(0(17

;;,7+(81:,6(0$1/(0$7

;;,,7+(81,9(56(/(021'(

127(%<7+((',725

7+(&21&/86,21

2&&8/7$1'5(/,*,2860$;,06

background image

35()$&(%<7+((',725

7KLVWUDQVODWLRQRIDSUHYLRXVO\XQSXEOLVKHGZRUNE\WKHODWH$OSKRQVH/RXLV

&RQVWDQWRUDVKHSUHIHUUHGWRFDOOKLPVHOI(OLSKD]/HYLLVSXEOLVKHGZLWK

WKHFRQVHQWRILWVSRVVHVVRU0U(GZDUG0DLWODQGWKHHPLQHQWFROODERUDWHXU

RIWKHODWH'U$QQD.LQJVIRUGWRZKRPLWZDVJLYHQE\WKH%DURQ

6SHGDOLHULVRZHOONQRZQDVWKHIULHQGGLVFLSOHDQGOLWHUDU\KHLURI(OLSKD]

/HYL7KHRULJLQDO066ZKLFKLVLQWKHKDQGZULWLQJRI/HYLKLPVHOILVZULWWHQ

XSRQSDJHVLQWHUOHDYHGZLWKWKHWH[WRIDSULQWHGFRS\RIDZRUNE\

7ULWKHPLXVRI6SDQKHLPHQWLWOHG'H6HSWHP6HFXQGHLVWKHHGLWLRQZDV

SXEOLVKHGDW&RORJQHDQGLVGDWHG7KLVZRUNRIWKH$EERW7ULWKHPLXV

LVDYHU\FXULRXVDQGLQWHUHVWLQJGLVVHUWDWLRQXSRQWKHUXOLQJRIWKHZRUOGE\

WKHVHYHQJUHDW$UFKDQJHOVWRHDFKRIZKRPLQVXFFHVVLRQLVDOORWHGD

SHULRGRI\HDUVDQGPRQWKV7KH$UFKDQJHOVDUHUHIHUUHGWRWKH

3ODQHWVRIWKHDQFLHQWVDQGWKHLUVXFFHVVLYHSHULRGVRIGRPLQLRQDUHWDNHQ

LQWKHIROORZLQJRUGHU

2ULILHOUHSUHVHQWLQJ6DWXUQ

$QDHO9HQXV

=DFKDULHO-XSLWHU

5DSKDHO0HUFXU\

6DPDHO0DUV

*DEULHO/XQD

0LFKDHO6RO

7KHILUVWFRXUVHRIWKHVHUXOHUVHQGHGLQ$QQR0XQGL7KH1RDFKLDQ

'HOXJHLVSODFHGDWLQWKHUHLJQRI6DPDHO7KHGHVWUXFWLRQRIWKH

7RZHURI%DEHOVHH7DURW7UXPS1R;9,SDJHRFFXUHGLQWKH6HFRQG

UHLJQRI2ULILHOWKHOLIHRI$EUDKDPLQWKH6HFRQGUHLJQRI=DFKDULHOWKHOLIH

RI0RVHVLQWKH6HFRQGUHLJQRI5DSKDHO3\WKDJRUDV;HU[HVDQG$OH[DQGHU

WKH*UHDWLQWKH6HFRQG6RODUUHLJQRI0LFKDHO

7KHHUDRI-HVXV&KULVWFRPHVLQWKH7KLUGUHLJQRI2ULILHO

7KH7KLUGUHLJQRI$QDHOEHJDQLQ$'

7KH7KLUGUHLJQRI=DFKDULHOEHJDQLQ$'

7KH7KLUGUHLJQRI5DSKDHOEHJDQLQ$'

7KH7KLUGUHLJQRI6DPDHOEHJDQLQ$'

background image

7KH7KLUGUHLJQRI*DEULHOEHJDQLQ$'

7KH7KLUGUHLJQRI0LFKDHOEHJDQLQ$'

/HYLDSSHDUVWRKDYHEHHQGHHSO\LPSUHVVHGZLWKWKLVV\VWHPRI5XOHE\

$UFKDQJHOVDQG(GZDUG0DLWODQGLQKLVOLIHRI'U$QQD.LQJVIRUGUHIHUVWR

WKLVYROXPHZLWKDSSURYDO

8QGHUWKHKHDGLQJRI1RWHVWKHHGLWRUKDVJLYHQDVKRUWGHVFULSWLRQRIHDFK

7DURW7UXPSDWWKHHQGRIHDFKFKDSWHUDQGDOVRDIHZQRWHVRQWKH

P\VWLFDOPHDQLQJVDVVLJQHGWRWKH7DURWVE\(OLSKD]/HYLLQKLVRWKHUZRUNV

VRPHRIWKHYLHZVRI3&KULVWLDQDUHDGGHG7RIDFLOLWDWHUHIHUHQFHWRVXFK

LQIRUPDWLRQDWDEOHLVDGGHGKHUHVSHFLI\LQJWKHSODFHVWRZKLFKWKHVWXGHQW

FDQWXUQIRUIXUWKHURSLQLRQVDQGPRUHGHWDLOHGGHVFULSWLRQV

&RXUWGH*HEHOLQ/H0RQGHSUHPLWLIDQDO\VH3DULV9ROXPH

(WWHLOODRU$OOLHWWH3KLORVRSKLHGHVKDXWHVVFLHQFHV$PVWHUGDP

(WWHLOOD/HFRQVWKHRULTXHVHWSUDWLTXHVGXOLYUHGX7KRW

7DURWV(J\SWLHQQHVRX*UDQG(WWHLOOD

(WWHLOD0DQLHUHGHVHUHFUHHUDYHFOHMHXGHV7DURWV

/HYL(OLSKD]1RPGHSOXPHRI$OSKRQVH/RXLV&RQVWDQW

5LWXHOGHOD+DXWH0DJLH3DULV3DJHVJLYHWKHVHYHUDO

GHVFULSWLRQVDQG

PHDQLQJVRIWKH7DURW7UXPSVEXWWKHZKROHFKDSWHUHQWLWOHG/HOLYUH

G+HUPHVSDJHV

LVFRQFHUQHGZLWKWKHVXEMHFW7KHVH7UXPSVDUHDOVRDOORWWHGWR

/XQDUGD\VDW

SDJHV

'RJPHGHOD+DXWH0DJLF3DULV7KHWHQWKFKDSWHUKDVHVSHFLDO

UHIHUHQFHWRWKH

7DURWEXWWKHZKROHYROXPHLVGLYLGHGLQWRFKDSWHUVZKLFKUHODWHWRWKH

7UXPSV

+LVWRLUHGHOD0DJLH5HIHUWRSDJHVDQG

3&KULVWLDQ+LVWRLUHGHOD0DJLH3DULV6SHFLDOGHVFULSWLRQVDQGRFFXOW

PHDQLQJVRIWKH7DURW

7UXPSVDUHJLYHQRQSDJHV

background image

3DSXV/H7DURWGHV%RKHPLHQV(QJOLVKWUDQVODWLRQE\0RUWRQ*HRUJH

5HGZD\

:LUWK2VZDOG/HOLYUHGH7KRW

:DLWH$(7KH0\VWHULHVRI0DJLFD'LJHVWRIWKH:ULWLQJVRI(OLSKD]/HYL

/RQGRQ*HRUJH

5HGZD\6HHSDJHV

0DF*UHJRU0DWKHUV6/7KH7DURWLWV2FFXOW6LJQLILFDQFH*HRUJH5HGZD\

:LOOVKLUH:+$'HVFULSWLYH&DWDORJXHRI3OD\LQJDQGRWKHU&DUGVLQWKH

%ULWLVK0XVHXP

&KDWWR:$)DFWVDQG6SHFXODWLRQVRQWKH2ULJLQDQG+LVWRU\RI3OD\LQJ

&DUGV

7KHRUGLQDU\UHDGHUZKRKDVPDGHQRVSHFLDOVWXG\RIWKHPDJLFDOZULWLQJV

RI(OLSKD]/HYLQRURIWKH.DEDODKPD\FRQVLGHUWKDWKRZHYHULQWHUHVWLQJ

WKHVXEMHFWPDWWHURIPDQ\RIWKHIROORZLQJFKDSWHUVWKHFRQQHFWLRQ

EHWZHHQWKH7DURW7UXPSVDQGWKHGHWDLOVJLYHQXQGHUHDFKKHDGLQJLVEXW

VOLJKW,WPXVWEHXQGHUVWRRGWKDWWKHUHLVLQDOOFDVHVDGLUHFWUHODWLRQ

EHWZHHQWKHFDUGDQGVXEMHFWEXWWKHNH\VZKLFKFRQQHFWWKHPDUHPLVVLQJ

E\LQWHQWLRQRIWKHDXWKRUDQG\HWDUHREWDLQDEOHE\VWXG\RI/HYLVRWKHU

ZRUNV

7KHWZHQW\WZR7DURW7UXPSVEHDUDUHODWLRQWRQXPEHUVDQGWROHWWHUVWKH

WUXHDWWULEXWLRQVDUHNQRZQVRIDUDVLVDVFHUWDLQDEOHWREXWDIHZVWXGHQWV

PHPEHUVRIWKH+HUPHWLFVFKRROVWKHDWWULEXWLRQVJLYHQE\/HYLLQKLV

'RJPHDQG5LWXHOE\&KULVWLDQDQGE\3DSXVDUHLQFRUUHFWSUHVXPDEO\E\

GHVLJQ7KHHGLWRUKDVVHHQDPDQXVFULSWSDJHRIF\SKHUDERXW\HDUV

ROGZKLFKKDVDGLIIHUHQWDWWULEXWLRQDQGRQHZKLFKKDVEHHQIRXQGE\

VHYHUDORFFXOWVWXGHQWVZHOONQRZQWRKLPWRVDWLVI\DOOWKHFRQGLWLRQV

UHTXLUHGE\RFFXOWVFLHQFH

7KHHLJKWFRORXUHGSODWHVZLWKZKLFKWKLVYROXPHLVHPEHOOLVKHGDUHIDFVLPLOH

FRSLHVRI/HYLVRZQGUDZLQJVWKH\DGGJUHDWO\WRWKHFKDUPRIWKHZRUN

DQGDUHDFUHGLWWRWKHSXEOLVKHUDQGWRWKHDUWLVWZKRH[HFXWHGWKHP7KH

GHVLJQRQWKHFRYHULVWKHPRQRJUDPGUDZQE\/HYLWRUHSUHVHQWWKH

&RPSOHWLRQRIWKH*UHDW:RUNVHHSDJH7KH&URVVIRXUPXOWLSOLHG

E\WKHWULDQJOHWKUHHJLYHVWZHOYHWKHFRPSOHWHQXPEHURIDF\FOHWKH

+HEUHZOHWWHU7DXUHSUHVHQWVWKH8QLYHUVH

7KH0\VWHULHVRI0DJLFD'LJHVWRIWKH:ULWLQJVRI(OLSKD]/HYLE\0U$(

:DLWHSXEOLVKHGE\0U5HGZD\LQKDVKDGVRODUJHDFLUFXODWLRQ

DPRQJ(QJOLVKUHDGHUVWKDWWKHHGLWRUDQWLFLSDWHVDFRUGLDOUHFHSWLRQIRUWKLV

OLWWOHYROXPH

background image

/21'21)HEUXDU\

7+(0$*,&$/5,78$/2)7+(

6$1&7805(*180

, 7+( 0$*,&,$1/(%$7(/(85

/LVWHQWRWKHZRUGVRI6RORPRQZKLFKKHVSDNHWRKLVVRQ5HKRERDP7KH

IHDURI*RGLVWKHEHJLQQLQJRIZLVGRPEXWWKHHQGRIZLVGRPLVWKH

NQRZOHGJHDQGORYHRI+LPZKRLVWKH6RXUFHRIDOOJRRGDQGWKHVXSUHPH

5HDVRQZKHQFHDOOWKLQJVGRSURFHHG$GRQDLKDGSDVVHGDQHWHUQLW\LQ

KHDYHQDQGWKHQFUHDWHG0DQVRDWLPHRQHDUWKLVJLYHQWRPDQWR

FRPSUHKHQG$GRQDL,QRWKHUZRUGVWKHNQRZOHGJHZKLFKPDQDWWDLQV

FRQFHUQLQJWKH6XSUHPH%HLQJVSULQJVIURPWKHIDFXOWLHVZKLFKKDYHEHHQ

EHVWRZHGXSRQKLPDWKLVFUHDWLRQLQRUGHUWKDWKHPLJKWLQKLVWXUQ

IRUPXODWHDQLPDJHRIWKH%HLQJZKRKDVVHQWKLPLQWRWKLVZRUOG

%\,QWHOOLJHQFHPDQFRQFHLYHVWKHLGHDORI*RGDQGE\:LOOKHVKRXOGWXUQWR

JRRGZRUNV%XWKXPDQZLOOZKHQZLWKRXWZRUNVLVGHDGRUDWDQ\UDWHLV

RQO\DYDJXHGHVLUHWKHVDPHLVWUXHRIDWKRXJKWQRWH[SUHVVHGLQ

ODQJXDJHLWLVQRWDZRUGEXWRQO\DGUHDPRIWKHLQWHOOLJHQFH$Q

LPDJLQDWLRQLVQRWDUHDOLVHGWKLQJLWLVRQO\DSURPLVHGVRPHWKLQJZKLOHDQ

DFWLVDUHDOLW\)RUWKHVDPHUHDVRQWKHUHLVQRSLHW\ZLWKRXWSUD\HUDQGQR

UHOLJLRQZLWKRXWZRUVKLS:RUGVDUHWKHIRUPDODQGVRFLDOUHDOLW\RILGHDOV

DQGFHUHPRQLHVDUHUHOLJLRQSXWLQWRSUDFWLFHWKHUHLVQRUHDOIDLWKXQOHVVLW

VKRZVLWVHOIE\DFWLRQVSURPSWHGE\IDLWK$IRUPXODWHGH[SUHVVLRQLQZRUGV

FRQILUPHGE\DFWLRQVGHPRQVWUDWHVWKHWZRSRZHUVRIDKXPDQVRXO7R

ZRUNLWLVQHFHVVDU\WRZLOODQGWRZLOOLWLVQHFHVVDU\WRIRUPXODWHWKH

GHVLUH$FWLRQVLPSO\LGHDVHYHQLIWKHLGHDOVDUHQRWWKHPVHOYHVWUDQVODWHG

LQWRDFWV

7KRXJKWLVWKHOLIHRILQWHOOLJHQFHZRUGVVKRZWKHFUHDWLYHIRUFHRIWKRXJKW

ZKLOHDFWLRQVDUHWKHODVWHIIRUWRIZRUGVDQGWKHGHVLUDEOHFRXSOHPHQWRI

ZRUGV:RUGVKDYHEHHQVSRNHQWKRXJKWKDVEHHQWUDQVODWHGLQWRDFWLRQE\

WKHDFWRIFUHDWLQJVSHHFKKDVWDNHQSODFH

$ ZRUG LV WKH UHTXLVLWHIRUPXODRIDWKRXJKWDQDFWLVDQH[KLELWLRQRIZLOO

7KLVLVZK\SUD\HULVDQHFHVVLW\DQGPD\REWDLQDOOWKDWLWDVNV$SUD\HULV

D SHUIHFWHGDFWRIWKHZLOOLWLVDOLQNFRQQHFWLQJKXPDQZRUGVZLWKWKH

GLYLQH:LOO$OOFHUHPRQLHVFRQVHFUDWLRQVDEOXWLRQVDQGVDFULILFHVDUH

SUD\HUVLQDFWLRQDQGDUHV\PEROLFIRUPXODVDQGWKH\DUHWKHPRVWSRWHQW

SUD\HUVEHFDXVHWKH\DUHWUDQVODWLRQVRIZRUGLQWRDFWLRQVKRZLQJZLOO

SRZHUDQGSHUVLVWHQFHVHHLQJWKDWWKH\UHTXLUHPRUHFRQVWUDLQHGDWWHQWLRQ

WKDQVLOHQWSUD\HURUSUD\HUH[SUHVVHGLQZRUGVDQGVRWKH\FRQVWLWXWHUHDO

ZRUNDQGVXFKZRUNGHPDQGVDPDQVZKROHHQHUJ\

1RWHV

background image

7KH)LUVW7DURW7UXPSLVQDPHG/H%DWHOHXUDQGLQ(QJOLVKLVVSRNHQRIDV

WKH0DJLFLDQ/HYLUHPDUNVLQRQHRIKLVZRUNVWKDWWKHDUPVDQGERG\RIWKH

ILJXUHEHDUDUHVHPEODQFHWRWKHILUVWOHWWHU$OHSKRIWKH+HEUHZDOSKDEHW

LQVRPHSDFNVRIWKHROGHVWGHVLJQVEXWWKHVWXGHQWZLOOGRZLVHO\WRFRQVXOW

KLVLQWXLWLRQLIKHKDYHQRDGHSWLQVWUXFWRUDVWRWKHWUXHDWWULEXWLRQRIWKLV

RUHLWKHURIWKHRWKHUWUXPSVRIWKH7DURW

7KH0DJLFLDQVWDQGVE\DWDEOHKROGLQJDPDJLFDOZDQGLQKLVOHIWKDQG

EHIRUHKLPRQWKHWDEOHDUHO\LQJRWKHULPSOHPHQWVVXLWDEOHWRKLVWDVNVXFK

DVDGDJJHUFXSDQGSDQWDFOH+LVIDFHH[SUHVVHVDVVXUDQFHDQG

LQWHOOLJHQFHEHDPVIURPKLVH\HV

/HYLHOVHZKHUHGHILQHVLWVRFFXOWPHDQLQJWREH*RGVSLULWXQLW\DQGPDQ

DVDUHIOHFWLRQRI*RG3&KULVWLDQLQKLV+LVWRLUHGHOD0DJLHVD\VWKDWWKLV

FDUGUHSUHVHQWVLQWKH'LYLQHZRUOGWKH$EVROXWH2QHLQWKH,QWHOOHFWXDO

ZRUOG8QLW\DQGLQWKH3K\VLFDOZRUOG0DQDQGWKDWPDQVKRXOGOLNH*RG

ZRUNZLWKRXWFHDVLQJIRUDVWDWHRIZLOOLQJQRWKLQJDQGGRLQJQRWKLQJLV

KDUGO\OHVVIDWDOWKDQHYLOGRLQJ

,,7+(35,(67(66/$3$3(66(

'(37+LVHTXDOWRKHLJKWGDUNQHVVLVFRQWUDVWHGZLWKOLJKWPDWWHULVEXWWKH

JDUPHQWRIWKHVSLULW7KDWZKLFKLVEHORZLVOLNHWKDWZKLFKLVDERYH7KH

EUHDWKRI*RGLVERUQHDORQJRYHUWKHZDWHUVDQGWKHZDWHUVUHPDLQDORIW

FDUULHGRQE\WKHEUHDWKRI*RG7KDWZKLFKZHFDOOWKH%UHDWKRI*RGLVWKH

/LIH(VVHQFHVSUHDGRYHUWKHZRUOGVLWLVWKDWZDUPOXPLQRXVIOXLGZKLFK

JLYHVDVRXOWRWKHSODQHWVWKHFRPPRQUHVHUYRLURISURJUHVVLYHDQLPDOOLIH

WKHXQLYHUVDOEDVLVRIWKHV\PSDWKLHVEHWZHHQERGLHVDQGWKHPHGLXPRI

ORYHEHWZHHQVRXOVLWLVWKHYHKLFOHRIWKHZLOODQGFRPPRQEDVLVIRUDOOWKH

YDULHGPRGLILFDWLRQVRIWKH&UHDWLYH:RUG7KH%UHDWKRIWKHPRXWKRI*RG

OHDGVWRWKHFRUUHVSRQGLQJKXPDQEUHDWK*RGVDLG/HWXVPDNHPDQDQG

PDQDQVZHUV/HWXVPDNHWRRXUVHOYHVD*RG

:KHQ*RGPDGHFUHDWLRQPDQLIHVWDVDWHPSOH+HLOOXPLQHGWKHSODQHWVDV

OLJKWEHDUHUV+HGHFRUDWHGWKHHDUWKZLWKIORZHUVDVDQDOWDU+HJDYH

P\VWHULRXVSURSHUWLHVWRPHWDOVDQGSODQWVDQG+HGUHZZLWK+LVILQJHU

FLUFOHVWULDQJOHVDQGWKHFURVVDVHWHUQDOSDQWDFOHVWUDFHGLQOLYLQJILUH

XSRQWKHLPPHQVHYDXOWRIWKHVNLHV7KH0DJXVVKRXOGLPLWDWHKLV*RGXSRQ

WKLVHDUWKKLVGZHOOLQJ

.QRZ:LOODQG$FWWKHVHDUHWKHWKUHHHVVHQWLDOVIRUVDFHUGRWDODQGUR\DO

KLJKPDJLF0DWWHUDQGIRUPDUHLQVWUXPHQWVSODFHGLQWKHSRZHURIWKH

0DJXVKLVDFWVVKRXOGEHGHSHQGHQWRQWKH:RUGDQGVRVKDOOQRQHRIKLV

GHHGVEHORVWDQGKLVWHDFKLQJVVKDOOEHSUHVHUYHG

<RXWKHQZKRGHVLUHWRXQGHUVWDQGWKHP\VWHULHVRIWKLV6FLHQFHDQGWR

SHUIRUPPDUYHOVFRQVLGHUDQGWUHPEOHOHVW\RXKDYHDV\HWIDLOHGWRDWWDLQ

WRNQRZOHGJHDQGZLVGRPIRULIVR\RXVWDQGRQWKHEULQNRIDQDE\VV

VWRSHUHLWLVWRRODWH%XWLI\RXKDYHVHFXUHGWKH/DPSDQG:DQGRI

background image

,QLWLDWLRQLI\RXDUHFRJQLVDQWRIWKHVHFUHWVRIWKH1LQHLI\RXQHYHUVSHDN

RI*RGZLWKRXWWKH/LJKWZKLFKSURFHHGVIURP+LPLI\RXKDYHUHFHLYHGWKH

P\VWLFDOEDSWLVPRIWKH)RXU(OHPHQWVLI\RXKDYHSUD\HGXSRQWKH6HYHQ

0RXQWDLQVLI\RXNQRZWKHPRGHRIPRWLRQRIWKH'RXEOH6SK\Q[HG&KDULRW

LI\RXKDYHJUDVSHGWKHGRJPDRIZK\2VLULVZDVDEODFNJRGLI\RXDUH

IUHHLI\RXDUHDNLQJLI\RXDUHLQWUXWKDSULHVWLQWKHWHPSOHRI6RORPRQ

DFWZLWKRXWIHDUDQGVSHDNIRU\RXUZRUGVZLOOEHDOOSRZHUIXOLQWKH

VSLULWXDONLQJGRPDQGWKHEUHDWKRI*RGZLOOIROORZWKHXWWHUDQFHVRI\RXU

PRXWKDQGWKHSRZHUVRIWKHKHDYHQVDQGRIWKHHDUWKZLOOEHREHGLHQWXQWR

\RX

1RWHV

7KH6HFRQG7DURW7UXPSUHSUHVHQWVDVHDWHGIHPDOHILJXUHFURZQHGZLWKD

WLDUDDQGKROGLQJDERRNLQKHUKDQGVLWLVSDUWO\FRQFHDOHGE\KHUPDQWOH

6KHKDVDYHLODURXQGKHUKHDGDQGVRPHROGFDUGVVKRZWKHKRUQVRI,VLV

XSRQKHUKHDGGUHVV6RPHDXWKRUVZKRGLVFUHGLWWKHJUHDWDJHDQG

(J\SWLDQRULJLQRIWKH7DURWV\PEROVKDYHDVVHUWHGWKDWWKLVFDUGZDV

LQWHQGHGWRUHSUHVHQWWKHIDEXORXV3RSH-RDQ7KLVFKDUDFWHUZDVVDLGWREH

DQ(QJOLVKZRPDQRIJUHDWOHDUQLQJDELOLW\DQGYLFHZKRZDVFKRVHQ3RSH

LQ$'VXFFHHGLQJ/HR,9%RWK3URWHVWDQWVDQG5RPDQ&DWKROLFVKDYH

QRZUHMHFWHGWKHVWRU\DVDJURXQGOHVVILFWLRQ/HYLLQKLV'RJPHGHOD

KDXWH0DJLHWKURZVRXWWKHVXJJHVWLRQWKDWWKLVWUXPSUHSUHVHQWVWKH*UHHN

-XQRDQGKHDVVLJQVDVLWVRFFXOWPHDQLQJVWKHKRXVHRI*RGDQGRIPDQ

VDQFWXDU\WKH*QRVLVWKH.DEDODKWKHG\DGZRPDQDQGPDWHUQLW\

7KH5RVLFUXFLDQVFRQVLGHUHGWKLVFDUGWREH,VLVWKH*UHDW0RWKHU6RXORI

1DWXUH3&KULVWLDQJLYHVDVLWVPHDQLQJ2FFXOW6FLHQFHDZDLWLQJWKH

LQLWLDWHDWWKHGRRURIWKHVDQFWXDU\

,,,7+((035(66/,03(5$75,&(

<RXVKRXOGEHIRUHDOORWKHUWKLQJVVWXG\DQGXQGHUVWDQGWKHVDFUHGODZVRI

1DWXUH'LVFHUQWKH)DWKHU6SLULWDQG0RWKHU6SLULWDQGUHFRJQLVHWKHVH[

DVSHFWRIWKHWZREUHDWKVDQGWKHVRXORIWKHLUPRYHPHQWVOHDUQKRZWKH

EODFNIHPDOHVHHNVWKHFDUHVVHVRIWKHZKLWHPDOHDQGZK\WKHZKLWHPDOH

GRHVQRWGLVGDLQWKHGDUNZRPDQ7KHZKLWHPDQLV'D\RUWKH6XQDQG

WKHEODFNZRPDQUHIHUVWR1LJKWDQGWKH0RRQ,WLVQHFHVVDU\WRNQRZWKH

QDPHVDQGSRZHUVRIWKHWZHOYHSUHFLRXVMHZHOVZKLFKDUHLQFOXGHGLQWKH

FURZQRIJROGUHIHUUHGWRWKH6XQDQGWKHQDPHVDOVRZKLFKDUHDOORWWHGWR

WKHFKLHIRIWKHSRZHUVRIWKH0RRQ<RXZLOOWKHQUHTXLUHWREHIDPLOLDUZLWK

WKHNH\VRIWKH)LIW\*DWHVWKHVHFUHWRIWKH7KLUW\WZR3DWKVDQGWKH

FKDUDFWHUVRIWKH6HYHQ6SLULWV

7KHVH6HYHQ6SLULWVDUH0LFKDHORIWKH6XQ*DEULHORIWKH0RRQ6DPDHORI

0DUV5DSKDHORI0HUFXU\=DFKDULHORI-XSLWHU$QDHORI9HQXVDQG2ULILHORI

6DWXUQ7KHVHJRYHUQWKHZRUOGLQVXFFHVVLYHRUGHUDQGWKHFRPSOHWLRQRI

WKHLUVHYHQDJHVRIUXOLQJSRZHUFRQVWLWXWHVD:HHNRIWKH7LPHRI*RG

background image

<RXPXVWOHDUQDOVRWKHSODQWVFRORXUVSHUIXPHVDQGPXVLFDOQRWHVZKLFK

FRUUHVSRQGWRWKHVHYHQSODQHWDU\SRZHUVDQGLWLVHVVHQWLDOWRUHWDLQWKRVH

FRUUHVSRQGHQFHVZLWKWKHXWPRVWH[DFWLWXGH7KXVZKHQLWLVUHTXLUHGWRGR

SHUIHFWPDJLFDOZRUNWKHSURFHGXUHRIHDFKGD\LVGLIIHUHQWLQPDQ\

SDUWLFXODUV

2Q6XQGD\\RXPXVWZHDUDSXUSOHUREHDWLDUDDQGJROGHQEUDFHOHWV\RX

PXVWDUUDQJHDERXWWKHDOWDURUWULSRGJDUODQGVRIODXUHOKHOLRWURSHRU

VXQIORZHU\RXPXVWXVHDVDIXPLJDWLQJLQFHQVHFLQQDPRQIUDQNLQFHQVH

VDIIURQDQGUHGVDQGDOZRRG\RXUHTXLUHDW\RXUULJKWKDQGDJROGHQZDQG

VHWZLWKDUXE\RUDFKU\VROLWHDQG\RXURSHUDWLRQVPXVWEHFDUULHGRXW

EHWZHHQRQHKRXUSDVWPLGQLJKWXSWRHLJKWLQWKHPRUQLQJRUEHWZHHQ

WKUHHLQWKHDIWHUQRRQDQGWHQLQWKHHYHQLQJ

2Q0RQGD\\RXVKRXOGZHDUDZKLWHUREHZLWKVLOYHURUQDPHQWVZLWKDFROODU

RIWKUHHURZVFRQVLVWLQJRISHDUOVFU\VWDOVDQGVHOHQLWHVDWLDUD\HOORZZLWK

WKHOHWWHUVRI*DEULHOLQVLOYHU7KHSURSHUSHUIXPHVDUHWKRVHRIFDPSKRU

ZKLWHVDQGDOZRRGDPEHUDQGFXFXPEHUVHHGVWKHJDUODQGVIRUWKHDOWDU

VKRXOGEHRIDUPRLVHTXHU\PXJZRUWDUWHPLVLDHYHQLQJSULPURVHDQG

\HOORZUDQXQFXOXV$YRLGZLWKFDUHDQ\WKLQJRIEODFNFRORXUXVHQRFXSRU

YHVVHORIJROGVLOYHURQO\RUFOHDUZKLWHFKLQDRUSRWWHU\7KHVDPHKRXUVDV

EHIRUHPHQWLRQHGIRUWKH6XQEXWXVHUDWKHUWKHQLJKWKRXUV

2Q7XHVGD\WKHFRORXURIWKHUREHVKRXOGEHILHU\RUUXVW\RURIEORRG

FRORXUZLWKDJLUGOHDQGEUDFHOHWVRIVWHHOWKHZDQGVKRXOGEHRI

PDJQHWLVHGVWHHODVZRUGPD\DOVREHXVHGDQGDFRQVHFUDWHGGDJJHU

JDUODQGVRIDEVLQWKDQGUXHDQDPHWK\VWDQGVWHHOULQJRQWKHILQJHUVKRXOG

DOVREHZRUQ

2Q:HGQHVGD\WKHUREHVKRXOGEHJUHHQRURIVKRWVLONPDQ\WLQWHGWKH

QHFNOHWRISHDUOVRURIJODVVEHDGVFRQWDLQLQJPHUFXU\WKHSHUIXPHVDUH

EHQ]RLQP\UUKDQGVWRUD[WKHIORZHUVIRUWKHJDUODQGVDUHWKHQDUFLVVXV

OLO\WKHDQQXDORUSHUHQQLDOPHUFXULDOLVIXPLWRU\RUPDUMRUDPWKHSUHFLRXV

VWRQHLVWKHDJDWH

2Q7KXUVGD\WKHUREHRIVFDUOHWDODPHQRIWLQXSRQWKHIRUHKHDGEHDULQJ

WKHV\PERORI-XSLWHUDQGWKHWKUHHZRUGV*LD]DURI)LUH%HWKRURI:DWHU

DQG6DPJDELHODOVRILHU\WKHSHUIXPHVIRULQFHQVHDPEHUJULVFDUGDPRQ

JUDLQVRISDUDGLVHEDOPPDFHDQGVDIIURQ7KHULQJVKRXOGFRQWDLQDQ

HPHUDOGRUDVDSSKLUHWKHJDUODQGVRIRDNSRSODUILJWUHHRU

SRPHJUDQDWHWKHZDQGRIJODVVRUUHVLQ7KHUREHVKRXOGEHPDGHRIZRRO

RUVLON

2Q)ULGD\WKHUREHRID]XUHEOXHLWVGHFRUDWLRQVRIJUHHQRUURVHFRORXUWKH

ZDQGRISROLVKHGFRSSHUWKHSHUIXPHVDUHPXVNFLYHWDQGDPEHUFURZQ

RIYLROHWVJDUODQGVRIURVHVLQWHUVSHUVHGZLWKERXJKVRIP\UWOHDQGROLYH

WKHULQJRUQDPHQWHGE\DWXUTXRLVH/DSLVOD]XOLDQGEHU\OVKRXOGGHFRUDWH

WKHFURZQRUGLDGHP7KHRSHUDWRUVKRXOGKROGDIDQIRUPHGRIVZDQV

IHDWKHUVDQGVKRXOGZHDUDURXQGKLVORLQVDFLUFOHWEHLQJDFRSSHUSODWHRQ

background image

ZKLFKLVHQJUDYHG$QDHOZLWKLWVVLJLODQGRQDFLUFOHVXUURXQGLQJWKHVHWKH

ZRUGV$YH(YDK9DGH/LOLWK

2Q6DWXUGD\WKHUREHVKRXOGEHEODFNRUGDUNEURZQZLWKDSSURSULDWH

GHVLJQVHPEURLGHUHGLQRUDQJHFRORXUHGVLON$URXQGWKHQHFNVKRXOGEH

ZRUQDFKDLQDQGODPHQIRUPHGRIOHDGHQJUDYHGZLWKWKHQDPH6DWXUQDQG

KLVVLJLOZLWKWKHDGGLWLRQVRIWKHZRUGV$OPDOHF$SKLHODQG=DUDKLHO7KH

SURSHUSHUIXPHVIRUWKHLQFHQVHDUHVFDPPRQ\DORHVVXOSKXUDQG

DVDIRHWLGD7KHZDQGVKRXOGEHRUQDPHQWHGZLWKDQRQ\[VWRQHDQGWKH

SURSHUJDUODQGVDUHRIDVKF\SUXVDQGEODFNKHOOHERUH8SRQWKHRQ\[RQ

WKHZDQGWKHUHVKRXOGEHHQJUDYHGZLWKDFRQVHFUDWHGWRROGXULQJWKH

KRXUVRI6DWXUQDILJXUHRIWKHGRXEOHIDFHG-DQXV

1RWHV

7KH7KLUG7DURW7UXPSWKH(PSUHVVUHSUHVHQWVDVHDWHGIHPDOHILJXUHXSRQ

D WKURQHFURZQHGZLWKWZHOYHVWDUVDQGKROGLQJLQKHUOHIWKDQGDVFHSWUH

VXUPRXQWHGE\DGLDPRQGVKDSHGHPEOHPRUDJOREHVKHKDVZLQJVDQG

E\KHUULJKWVLGHLVHPEOD]RQHGRQDVKLHOGWKHEODFNHDJOH7KLVILJXUHLVWKH

*UHHN$SKURGLWH8UDQLDDQGFRUUHVSRQGVWRWKHILJXUHLQ6W-RKQVYLVLRQ

FORWKHGZLWKWKH6XQFURZQHGZLWKWZHOYHVWDUVDQGKDYLQJWKH0RRQ

EHQHDWKKHUIHHW

/HYLJLYHVLQKLV5LWXHOLWVPHDQLQJVDVWKH:RUGWKHWHUQDU\SOHQLWXGH

IHFXQGLW\QDWXUH6HHDOVR:DLWHSDJH&KULVWLDQSDJHDOORWV,VLV

WRWKLVWUXPS7KLVLVHUURQHRXVQRH[DPSOHVRIWKH(PSUHVVHYHUVKRZ

KRUQVZKLOHVHYHUDO3ULHVWHVVFDUGVRIWKHROGHVWW\SHVGRVKRZWKHKRUQVRI

,VLVXSRQKHUKHDG

,97+((03(525/(03(5(85

7KHFORWKLQJRID0DJLFLDQVKRXOGEHQHZFOHDQDQGZRYHQE\DYLUJLQ

PDJLFDOLPSOHPHQWVVKRXOGEHQHZDQGFRQVHFUDWHGE\SUD\HUVDQG

LQFHQVH

7KH0DJLFLDQQHHGVWREHDEVWLQHQWFKDVWHDQGGHYRWHGWRWKH:RUN+LV

VSLULWDQGKHDUWPXVWEHIUHHIURPRWKHUFODLPVXSRQWKHPDQGKLVZLOO

SRZHUGHYRWHGZKROO\SHUVHYHULQJO\DQGZLWKLQWHOOLJHQWIDLWKWRWKHVXFFHVV

RIDQ\JUHDWZRUNDQGWRWKHUHVXOWVRIKLVVFLHQWLILFRFFXOWSHUIRUPDQFHV

0DJLFDORSHUDWLRQVVKRXOGFRPPHQFHZLWK([RUFLVPVRIDLUHDUWKDQG

ZDWHUDQGHQGE\&RQVHFUDWLRQVZLWKILUH

7KH([RUFLVPVRI$LULVSHUIRUPHGE\EUHDWKLQJIRUWKWRZDUGWKHIRXUFDUGLQDO

SRLQWVE\WKH:RUGDQGE\UHSHDWLQJWKLVLQYRFDWLRQ

7KH6SLULWRI*RGEURRGHGRYHUWKHZDWHUVDQG*RGEUHDWKHGLQWR0DQWKH

EUHDWKRIOLIH

background image

7KH6SLULWRI*RGILOOHGWKHXQLYHUVHLQLWDOOWKLQJVH[LVWDQGLQLWLVWKH

:RUGRI3RZHU

0D\WKH:RUGEHLQP\VSLULWDQGVRPD\DOOWKLQJVEHVXEVHUYLHQWWRPH

%H\HH[RUFLVHGWKHQ\HEHLQJVRI$LULQWKH1DPHRI+LPZKRVHEUHDWK

ILUVWILOOHGDOOWKLQJVZLWKWKH+RO\6SLULW$PHQ

7KH3UD\HURIWKH6\OSKVVKRXOGWKHQEHUHFLWHG

>7KLVZLOOEHIRXQGDWOHQJWKLQ/HYLV5LWXHOGHODKDXWH0DJLHSDQGLQ

(QJOLVKLQ$(:DLWHV0\VWHULHVRI0DJLFSWKHRQO\HUURUEHLQJKLV

KHDGLQJ3UD\HUIRUWKH6\OSKVLWLVWKHSUD\HURIWKH6\OSKVIRUDQHDUHU

UHODWLRQWRWKHGLYLQLW\@

7KH([RUFLVPRI(DUWKLVSHUIRUPHGE\WKHVSULQNOLQJRIFRQVHFUDWHGZDWHU

E\WKHEUHDWKE\WKH:RUGDQGE\WKHEXUQLQJRILQFHQVHVXLWDEOHWRWKH

GD\RIWKHFHUHPRQ\7KHQUHFLWHWKH3UD\HURIWKH*QRPHV

>6HH/HYL5LWXHOSDQG:DLWHS@

7KH([RUFLVPRI:DWHULVSHUIRUPHGE\WKHOD\LQJRQRIKDQGVE\WKH

EUHDWKE\WKH:RUGDQGE\VSULQNOLQJXSRQLWFRQVHFUDWHGVDOWPL[HGZLWKD

OLWWOHRIWKHDVKWDNHQIURPWKHFHQVHUDQGGXO\FRQVHFUDWHG7KH:DWHULVWR

EHVSULQNOHGDURXQGE\DEUXVKFRPSRVHGRIVSUD\VRIYHUYDLQSHULZLQNOH

VDJHPLQWYDOHULDQDQGEDVLOWKHVHDUHWREHWLHGZLWKDWKUHDGWDNHQIURP

D YLUJLQVGLVWDIIWRDKDQGOHRIWKHZRRGRIDQXWWUHHZKLFKKDVQRW\HW

ERUQHIUXLW8SRQWKLVKDQGOH\RXPXVWHQJUDYHZLWKWKHPDJLFDOGDJJHU

WKHFKDUDFWHUVRIWKH6HYHQ6SLULWV

7KH6DOWLVFRQVHFUDWHGE\UHFLWLQJRYHULWWKHIROORZLQJ/DWLQSUD\HU

,QLVWR6DOHVLWVDSLHQWLDHWDERPQLFRUUXSWLRQHVHUYHWPHQWHVQRVWUDVHW

FRUSRUDQRVWUDSHU&KRNPDKHWLQYLUWXWH5XDFK&KRNPDHOUHFHGDQWDE

LVWRSKDQWDVPDWDK\ODHXWVLW6DOFHOHVWLV6DOWHUUDHHW7HUUDVDOLVXW

QXWULHWXUERVWULWXUDQVHWDGGDWVSHLQRVWUDHFRUQXDWDXULYRODQWLV$PHQ

7KHQWKLV/DWLQSUD\HURYHUWKHDVKHVIURPWKHFHQVHU

5HYHUWDWXUFLQLVDGIRQWHPDTXDUXPYLYHQWLXPHWILDWWHUUDIUXFWLILFDQVHW

JHUPLQDWDUERUHPMXFXQGLWDWLVHWLQFHQVXPVXDYLWDWLVSHUWULDQRPLQD

%LQDK&KRNPDKHW.HWKHULQSULQFLSLRHWLQILQHSHU$OSKDHW2PHJDTXL

VXQWLQ6SLULWX$]RWK$PHQ

:KLOH\RXVSULQNOHWKHPL[HGVDOWDQGDVKHVLQWRWKHZDWHUUHFLWH

(PLWWHV6SLULWXP27LSKHUHWKHWFUHDEXQWXURPQLDQRYDLQKLVHUJRVLW

VHPHQYHQWXULVDHFXOL$PHQ

background image

(;25&,602):$7(5

$OOSRZHUIXO)DWKHU*RGRI$EUDKDP,VDDFDQG-DFREZKRVHYRLFHLV

KHDUGLQWKHJUHDWZDWHUVZKRGLGVWFOHDYHWKHZDWHUVRIWKH5HG6HDWR

PDNHDSDVVDJHIRUWKHFKLOGUHQRI,VUDHODQGWKHQGLGVWFDXVHWKHVHDWR

VZDOORZXSWKH(J\SWLDQVZKRZHUHSXUVXLQJWKHP0L.DPDNR%DDOLP

-HKRYDKWKRXZKRVHDOWDUFRPSRVHGRIWKH7ZHOYH-HZHOVLVEHQHDWKWKH

ZDWHUVRIWKHVDFUHGULYHUGHLJQWREOHVVWKLVZDWHUDQGWREDQLVKIURPLWDOO

EDQHIXOLQIOXHQFHV6KDGGDL6KDGGDL6KDGGDLEUHDWKHWKUHHWLPHVRYHUWKH

ZDWHU%\WKHJUHDWQDPHV$UDULWKD(ORDKYD'DDWK(ORKLP7]DEDRWKDQG

(ORKLP*LEXUPD\WKLVZDWHUEHFRQVHFUDWHGIRUWKHVHUYLFHRIWKRVHZKR

DUHDERXWWRLQYRNHWKH'LYLQH3RZHUVIRUWKHEHQHILWRIWKHLUVRXOV$PHQ

7KHQWKH3UD\HURIWKH8QGLQHVVKRXOGEHUHFLWHG

>7KLVLVIRXQGLQWKH5LWXHOSDQGLQ:DLWHS@

7RSHUIRUPWKH([RUFLVPRI)LUHFDVWXSRQLWVDOWLQFHQVHDQGVXOSKXU

ZKLOH\RXSURQRXQFHWKHQDPHVRI$QDHO0LFKDHODQG6DPDHOWKHSUD\HURI

WKH6DODPDQGHUVVKRXOGWKHQEHUHFLWHG

>7KLVLVWREHIRXQGLQWKH5LWXHOSDQGLQ:DLWHS@

<RXPXVWWKRURXJKO\XQGHUVWDQGWKDWHOHPHQWDOEHLQJVDUHVRXOVRIDQ

LPSHUIHFWW\SHQRW\HWUDLVHGLQWKHVFDOHXSWRKXPDQH[LVWHQFHDQGWKDW

WKH\FDQRQO\PDQLIHVWSRZHUZKHQFDOOHGLQWRDFWLRQE\WKHDGHSWDV

DX[LOLDULHVWRKLVZLOOE\PHDQVRIWKDWXQLYHUVDODVWUDOIOXLGLQZKLFKWKH\

OLYH7KHNLQJGRPRIWKH*QRPHVLVDVVLJQHGWRWKH1RUWKWKH6DODPDQGHUV

WRWKH6RXWKWKH6\OSKVWRWKH(DVWDQGWKH8QGLQHVWRWKH:HVW

7KHVH(OHPHQWDOEHLQJVDUHUHODWHGWRDQGEHDUDQLQIOXHQFHRYHUSHUVRQV

DFFRUGLQJDVWKH\DUHRIRQHRURWKHURIWKHIRXU7HPSHUDPHQWV7KH

*QRPHVDUHUHODWHGWRWKH0HODQFKROLFW\SH6DODPDQGHUVWRWKH6DQJXLQH

8QGLQHVWRWKH3KOHJPDWLFDQG6\OSKVWRWKH%LOLRXV7HPSHUDPHQW

7KHLUV\PEROVDUHWKRVHRI7DXUXVWKH%XOOIRU*QRPHV/HRWKH/LRQIRU

6DODPDQGHUVWKH(DJOHIRU6\OSKVDQGWKHVLJQRI$TXDULXVIRU8QGLQHV

7KHLU5XOHUVDUHUHVSHFWLYHO\*KRE'MLQ3DUDOGDDQG1LFVD

7KHFRPELQDWLRQRIWKHVHIRXUW\SHVRIIDFHDQGEHLQJUHSUHVHQWVWKH

&UHDWHG8QLYHUVHDFRPSOHWHDQGHWHUQDOHQWLW\0DQLQIDFWWKH0LFURFRVP

DQGWKLVLVWKHILUVWIRUPXODRIWKHP\VWLFDOH[SODQDWLRQRIWKHHQLJPDRIWKH

6SK\Q[

1RWHV

7KH)RXUWK7DURW7UXPSUHSUHVHQWVDFURZQHGHPSHURUUHFOLQLQJDJDLQVWD

WKURQHKROGLQJDVFHSWUHLQKLVULJKWKDQGWKHVFHSWUHHQGVDERYHLQDORWXV

background image

IORZHU,QPRGHUQWDURWVWKHWKURQHLVGHFRUDWHGZLWKDEODFNHDJOH7KH

ROGHUGHVLJQVKRZHGWKHHPSHURUVERG\DVUHSUHVHQWLQJDULJKWDQJOHG

WULDQJOHLQJHQHUDORXWOLQHDQGWKHOHJVDUHFURVVHGWKHZKROHVXJJHVWLQJ

WKH$WKDQRURIWKH$OFKHPLVW/HYLLQKLV5LWXHOJLYHVWKHIROORZLQJ

PHDQLQJVWRWKLVFDUG7KH3RUWHRUJRYHUQPHQWRIWKH2ULHQWDOVLQLWLDWLRQ

SRZHUWKH7HWUDJUDPPDWRQTXDWHUQDU\DQGWKHFXELFDOVWRQH

&KULVWLDQFRQVLGHUVWKDWRQWKHKXPDQSODQHWKLVWUXPSPHDQVWKH

UHDOLVDWLRQRIDFWLRQVGLUHFWHGE\WKHVFLHQFHRIWUXWKWKHORYHRIMXVWLFHWKH

IRUFHRIZLOODQGRUJDQLFZRUN

9 7+( 323(25+,(523+$17/(3$3(

7RFRQWUROWKH:LOOSRZHUDQGPDNHLWVXEVHUYLHQWWRWKHODZRI,QWHOOLJHQFH

WKLVLVWKH*UHDW:RUNRIRXUVDFHUGRWDODUW&HUHPRQLHVDUHPDGHXVHRIWR

HGXFDWHWKH:LOOE\PHDQVRIWKH,PDJLQDWLRQ&HUHPRQLHVZKLFKDUH

SHUIRUPHGZLWKRXWLQWHOOLJHQFHDQGZLWKRXWIDLWKLQWKHDEVHQFHRIWKH

KLJKHUDVSLUDWLRQVRIWKHVRXODUHEXWVXSHUVWLWLRXVREVHUYDQFHVZKLFKWHQG

WRGHJUDGHWKRVHZKRWDNHSDUWLQWKHP,WLVDQHUURUWRDWWULEXWH0DJLFDO

3RZHUWRFHUHPRQLDOVIRU0DJLFDO3RZHUH[LVWVRQO\LQWKHWUDLQHG:LOORIWKH

RSHUDWRU)RUWKLVUHDVRQLVWKH0DJLFDO$[LRPWUXHWKDWWKH6DQFWXP

5HJQXPWKH'LYLQH.LQJGRPWKH.LQJGRPRI*RGLVZLWKLQXV

,15,,QWUDQRELV5HJQXP'H,DQGKHQFHDOVRLWLVWKDWJUHDWPDUYHOVFDQ

EHVKRZQE\WKH3(17$*5$0ZKLFKLVWKHVHDORIWKH0LFURFRVPIRUWKH

0LFURFRVPLVWKHUHIOHFWLRQRIWKH0DFURFRVPWKH0LFURFRVPLV0DQDQGKLV

KXPDQ:LOOKHLVWKHUHIOHFWLRQRIWKH8QLYHUVHZKLFKLVWKH0DFURFRVP

7KH0DQZKRVH,QWHOOLJHQFHKDVUHFHLYHGFXOWXUHFDQE\KLV:LOO3RZHU

H[HUWHGWKURXJKWKH3HQWDJUDPFRQWURODQGFRPPDQGWKHSRZHUVDQG

EHLQJVRIWKH(OHPHQWVDQGUHVWUDLQHYLOHOHPHQWDULHVIURPWKHLUSHUYHUVH

ZRUNV

7KH+(;$*5$0LVWKHV\PERORIWKH0DFURFRVPLWLVRIWHQFDOOHGWKH6HDORI

6RORPRQ,WFRQVLVWVRIWZRLQWHUODFHGWULDQJOHVWKHHUHFWWULDQJOHLVRIIODPH

FRORXUWKHLQYHUVHWULDQJOHLVFRORXUHGEOXH,QWKHFHQWUHVSDFHWKHUHPD\

EHGUDZQD7DX&URVVQGWKUHH+HEUHZ<RGVRUD&UX[DQVDWDRUWKH7ULSOH

7DXRIWKH$UFKPDVRQV+HZKRZLWK,QWHOOLJHQFHDQG:LOOLVDUPHGZLWKWKLV

HPEOHPKDVQHHGRIQRRWKHUWKLQJKHVKRXOGEHDOOSRWHQWIRUWKLVLVWKH

SHUIHFWVLJQRIWKH$EVROXWH

7KLVLVWKH0RQRJUDPRI+HUPHWLF7UXWKLWH[SUHVVHVWKHVXEMHFWRIWKH

*UHDW:RUN,WLVPDGHXSRI+HEUHZ*UHHNDQG/DWLQOHWWHUVDQGWKHPRGH

RIH[SUHVVLQJWKLVLGHDOLQWKHSUHVHQFHRIXQLQLWLDWHVLVE\WKHZRUG$]RWK

RUE\WKHQDPH0DJQHVRWKHU0DJLKDYHDSSOLHGWRLWWKHWLWOHVRIWKHIO\LQJ

GUDJRQRI0HGHDDQGWKHVHUSHQWRIWKHP\VWLFDO(GHQ

7KLVLVWKHKLJKDQGLQFRPPXQLFDEOH7(75$*5$0WUDFHGLQD.DEDOLVWLFDQG

+HUPHWLFGHVLJQ$OOLQLWLDWHVHYHQRIWKHILUVWJUDGHZLOODWRQFHXQGHUVWDQG

LWVV\PEROLVP

background image

7KLVHPEOHPLVWKHPRQRJUDPRIWKH8QLYHUVDO*QRVLVLWLVIRUPHGRI*UHHN

DQG/DWLQOHWWHUVLWH[SUHVVHVE\V\PEROVWKHVHFUHWVRIWKH:KHHORI

(]HNLHODQGWKH%RRNRI6W-RKQWKH(YDQJHOLVWLWLQFOXGHVWKHVLJQRIWKH

/DEDUXPRI&RQVWDQWLQH

7KLVHPEOHPQDWXUDOO\VKRZVWKHZRUG527$EXWYLHZHGLQWKHOLJKWRIWKH

.DEDODKWKHZRUG7$527

7KHVH&KDUDFWHUVZLWKWKH3KLORVRSKLF&URVVLQFOXGHDOOVFLHQFHLQHVVHDQG

WKRVHZKRDUHLQLWLDWHVRIWKH*UDQG$UFDQXPQHHGQRIXUWKHUV\PEROVRU

HPEOHPVQRUGRWKRVHDGHSWVZKRNQRZWKHWUXHEXWFRQFHDOHGPHDQLQJV

DQGSRZHUVRIWKHZRUGV-$.,1DQG%2$=ZKLFKDUHUHODWHGWRWKHWZR

3LOODUVDWWKH3RUFKRIWKH7HPSOHRQHRIZKLFKZDVRIZKLWHPDUEOHDQGWKH

RWKHUEODFNZKLOHERWKZHUHGHFRUDWHGZLWK%UD]HQRUQDPHQWV%\WKHVH

&KDUDFWHUVWKHVSLULWVRIHYLOQDWXUHDUHERXQGDQGKHOGLQFRQWUROE\WKHVH

DOVRLIWKHRSHUDWRUEHMXVWDQGSXUHKHPDNHVKLPVHOINQRZQWRDQJHOVDQG

PD\LQFOLQHWKHPWRKLVDLPV)RULQGHHGQRWKLQJFDQUHVLVWLQPDJLFDODUWV

WKHFRPELQHGSRZHUVRIWKH3HQWDJUDP+H[DJUDPDQG7HWUDJUDPGLYLQH

$OORWKHUVLJQVVHDOVDQGV\PEROVDUHEXWDUELWUDU\DQGWKHNH\VRIWKHLU

PHDQLQJPD\EHIRXQGLQWKH6WHJDQRJUDSKLDRUWKH3RO\JUDSKLDRIWKH

$EERW7ULWKHPLXVRI6SDQKHLPRUHOVHLQWKHPDJLFDOWUHDWLVHVRI3HWHURI

$EDQRRI3DUDFHOVXVRI$UEDWHORURI&RUQHOLXV$JULSSD

1RWHV

7KH7DURW7UXPSQXPEHUHGQDPHGWKH3RSH+LHURSKDQWRU-XSLWHU

UHSUHVHQWVDFURZQHGUXOHUEHDULQJDWULSOHGFURVVZDQGLQKLVOHIWKDQGKH

LVVHDWHGEHWZHHQWZRSLOODUV7KHPHDQLQJVDVVLJQHGE\(O/HYLDUH

UHOLJLRQSKLORVRSK\V\PEROLVPODZLQVWUXFWLRQDQGGHPRQVWUDWLRQ7KH

ULJKWKDQGRIWKH3RSHJLYHVWKHVLJQRIRFFXOWZLVGRPDQGQRWWKHXVXDO

SDSDOEHQHGLFWLRQ

3&KULVWLDQGHFLGHVWKDWWKLVFDUGVKRZVLQWKH'LYLQH:RUOG8QLYHUVDO/DZ

LQWKH,QWHOOHFWXDO:RUOG5HOLJLRQDQGLQWKH3K\VLFDO:RUOGVXFKLQVSLUDWLRQ

DVLVFRPPXQLFDWHGE\WKH$VWUDOIOXLGLFIRUFH

9,7+(/29(56/$0285(8;

(YHUEHDULQPLQGWKDW(TXLOLEULXPUHVXOWVRQO\IURPWKHRSSRVLWLRQRIIRUFHV

WKHDFWLYHKDVQRH[LVWHQFHZLWKRXWWKHSDVVLYHOLJKWZLWKRXWGDUNQHVV

SURGXFHVQRIRUPDQGDIILUPDWLRQFDQRQO\WULXPSKRYHUQHJDWLRQ/RYH

DJDLQJDLQVDFFHVVLRQRIVWUHQJWKIURPKDWHDQGWKDWKHOOLVWKHKHDWHGVRLO

RIVXFKSODQWVDVVKDOOEHDUURRWLQKHDYHQ,WVKRXOGEHNQRZQDOVRWKDWWKH

JUHDW)OXLGLF$JHQWZKLFKLVFDOOHGWKH6RXORIWKH:RUOGDQGZKLFKLV

GHOLQHDWHGZLWKWKHKRUQHGKHDGRIWKH&RZRI,VLVWRH[SUHVVDQLPDO

IHFXQGLW\LVDEOLQGIRUFH

background image

7KHSRZHUZKLFKWKH0DJXVZLHOGVLVFRPSRVHGRIWZRRSSRVLQJIRUFHV

ZKLFKXQLWHLQORYHDQGGLVMRLQLQGLVFRUGORYHDVVRFLDWHVFRQWUDULHVZKLOH

KDWHPDNHVVLPLODUVWREHULYDOVDQGHQHPLHVKDWUHGVXFFHHGVWRORYHZKHQ

E\VDWXUDWLRQWKHYRLGKDVEHFRPHILOOHGXQOHVVWKHIXOOFDQQRWEHFRPH

HPSW\EXWWKHXVXDOUHVXOWLVDQHTXLOLEUDWHGVDWXUDWLRQGXHWRPXWXDO

UHSXOVLRQV

)URPWKHVHFRQVLGHUDWLRQVFDQEHGHGXFHGWKHH[LVWHQFHDQGFDXVHVRI

V\PSDWK\DQGDQWLSDWK\EHWZHHQSHUVRQVDQGVRWKHPHDQVRIEHFRPLQJ

ORYHGFDQEHVKRZQWRWKRVHZKRDUHJRRGDVZHOODVZLVHDQGGLVFUHHW

6H[XDOORYHLVDSK\VLFDOPDQLIHVWDWLRQUHSXJQDQFHDQGSDLQPD\EH

IRUJRWWHQE\WKRVHZKRDUHXQGHULWVVZD\7KLVLVDIRUPRILQHEULDWLRQ

DULVLQJIURPWKHDWWUDFWLRQRIWZRFRQWUDU\IOXLGVDQGDWWKHFRQMXQFWLRQRI

WKHSRVLWLYHDQGQHJDWLYHSROHVWKHUHUHVXOWVDQHFVWDV\DQGRUJDVPGXULQJ

ZKLFKWKHORYHGRQHVHHPVWKHEULOOLDQWSKDQWRPRIDYLVLRQ

:KHQWKHFRQMXQFWLRQKDVVHWXSWKHVWDWHRIHTXLOLEULXPDQHZDWWUDFWLRQLV

VXFFHHGHGE\UHSXOVLRQDQGYHU\RIWHQDQH[DJJHUDWHGDPRXUOHDGVWRDQ

XQMXVWVKDUHRIGLVJXVW

$OOFUHDWHGEHLQJVSDUWLFLSDWHHLWKHULQWKHSRVLWLYHRUQHJDWLYHDWWLWXGHRIWKH

XQLYHUVDOV\PSDWKHWLFIOXLGDQGPD\KHOSWRPDLQWDLQRUUHHVWDEOLVKD

6\PSDWK\EXWLWLVQHFHVVDU\WRGLVWUXVWNQRZOHGJHZKLOHLWLVLPSHUIHFW

DQGQRWWRH[SRVHRQHVHOILQVXJJHVWLQJUHPHGLHVWRWKHULVNRI

DGPLQLVWHULQJSRLVRQV(QFKDQWPHQWE\PHDQVRIDQ\REMHFWZKLFKKDV

EHORQJHGWRDEHORYHGRQHLVRIWHQDPDJQHWLFRSHUDWLRQOHDGLQJWRXVHOHVV

DQG\HWGDQJHURXVUHVXOWVLWLVEHWWHUWRHVWDEOLVKQHZFXUUHQWVRIIRUFHWR

SURGXFHDYRLGZKHUHVDWLHW\H[LVWVIRUWKHVXUHVWPHDQVRIUHJDLQLQJWKH

DIIHFWLRQRIPDQRUZRPDQLVWREHVWRZVRPHVLJQVRIORYHRQDQRWKHU

&RQVLGHUWKHERGLO\DQGPHQWDOGLVRUGHUVZKLFKUHVXOWIURPVROLWXGHDQGLWV

DFFRPSDQ\LQJIOXLGLFFRQJHVWLRQVGXHWRZDQWRIHTXLOLEULXPVXFKDUH

QHUYRXVPDODGLHVK\VWHULDK\SRFKRQGULDVLVPHJULPYDSRXUVDQGLQVDQH

GHOXVLRQV,WZLOOEHSRVVLEOHDOVRWRXQGHUVWDQGWKHDLOPHQWVRIPDLGHQVDQG

RIZRPHQRIDQXQFHUWDLQDJHRIZLGRZVDQGRIFHOLEDWHV,QVSLUHGE\WKH

QDWXUDOODZQRZXQGHUFRQVLGHUDWLRQ\RXPD\RIWHQSUHGLFWWKHIXWXUH

FRXUVHRIDOLIHDQGPD\FXUHPDQ\VXFKDLOPHQWVRIWHQE\GLVWUDFWLQJWKH

DWWHQWLRQZKHQXQGXO\IL[HGDQGVRPD\WKH0DJXVEHFRPHDVJUHDWD

SK\VLFLDQDV3DUDFHOVXVRUDVUHQRZQHGD'LYLQHUDVZDV&RUQHOLXV$JULSSD

<RXZLOOFRPHWRXQGHUVWDQGWKHGLVHDVHVRIWKHVRXOWKHIDFWWKDWOHDUQHG

DQGFKDVWHSHUVRQVRIWHQKXQJHUDIWHUWKHSOHDVXUHVRIYLFHZLOOEHQRWLFHG

DQGVRZLOOLWEHREVHUYHGWKDWPHQDQGZRPHQVWHHSHGLQYLFHVWXUQDW

WLPHVWRWKHFRQVRODWLRQVRIYLUWXHDQGWKXV\RXPD\SUHGLFWZLWKRXW

VWULNLQJDEORZWKHRFFXUUHQFHRIVWUDQJHFRQYHUVLRQVDQGRIXQH[SHFWHG

VLQVDQGJUHDWDVWRQLVKPHQWZLOOEHVKRZQDW\RXUIDFLOLW\LQGLVFHUQLQJWKH

PRVWFDUHIXOO\FRQFHDOHGVHFUHWVRIWKHKHDUWDQGKRPH*LUOVDQGZRPHQ

PD\EHE\VXFKPHDQVRIGLYLQDWLRQVKRZQLQGUHDPVWKHIRUPVRIORYHUDQG

KXVEDQGVXFKFRQILGDQWHVDUHSRWHQWDX[LOLDULHVLQPDJLFDUWVQHYHUDEXVH

background image

WKHLUSRVLWLRQQHYHUQHJOHFWWKHLULQWHUHVWVIRUWKH\DUHJRRGJLIWVWRWKH

0DJXV,QRUGHUWRSRVVHVVDQDVVXUHGVZD\RYHUWKHKHDGVDQGKHDUWVRI

ZRPHQLWLVHVVHQWLDOWRREWDLQWKHIDYRXURIERWK*DEULHOWKH$QJHORIWKH

0RRQDQGRI$QDHOWKH$QJHORI9HQXV

&HUWDLQIHPDOHGHPRQVPXVWEHRYHUFRPHDQGFDVWGRZQIRUHPRVWRIWKHVH

DUH

1DKHPDKSULQFHVVRIWKH6XFFXELRIWKHGUHDPVRIPHQ

/LOLWKTXHHQRIWKH6WU\JHVWHPSWLQJWRGHEDXFKHU\DQGGHVWUR\HURI

PDWHUQDOGHVLUH

1DKHPDKSUHVLGHVDOVRRYHULOOLFLWDQGVWHULOHFDUHVVHV

/LOLWKUHMRLFHVLQVWUDQJOLQJLQWKHLUFUDGOHVFKLOGUHQZKRVHRULJLQKDVEHHQ

VRLOHGE\WKHWRXFKRI1DKHPDK

7KHWUXO\ZLVHPDVWHURIWKH.DEDODKXQGHUVWDQGVWKHFRQFHDOHGPHDQLQJVRI

WKHVHQDPHVDQGRIVXFKGHPRQLDFHYLOSRZHUVZKLFKDUHDOVRFDOOHGWKH

PDWHULDOHQYHORSHVRUFRUWLFHVRUVKHOOVRIWKH7UHHRI/LIHVRLOHGDQG

EODFNHQHGE\WKHRXWHUGDUNQHVVWKH\DUHDVEUDQFKHVZKLFKDUHGHDG

KDYLQJEHHQWRUQRIIIURPWKH7UHHZKHQFHLVVXHOLJKWOLIHDQGORYH

1RWHV

7KH7DURW7UXPSQXPEHUHGZKLFKLVQDPHGLQ)UHQFKSDFNV/$PRXUHX[

LVFRPPRQO\FDOOHGLQWKLVFRXQWU\7KH/RYHUV7KHGHVLJQVKRZVWKH6XQ

DERYHZKHQFHLVVXHV&XSLGDUPHGZLWKDERZDQGDUURZEHORZLVDPDQ

VWDQGLQJEHWZHHQWZRZRPHQZKRUHSUHVHQW9LUWXHDQG9LFH7KHPHDQLQJV

DVVLJQHGE\(O/HYLDUHHTXLOLEULXPDQWDJRQLVPXQLRQLQWHUODFHPHQW

WKHFRQIOLFWRIWZRWULDGV

3&KULVWLDQVD\V,QWKH'LYLQH:RUOGWKLVFDUGWHDFKHVWKHNQRZOHGJHRI

JRRGDQGHYLOLQWKH,QWHOOHFWXDO:RUOGWKHHTXLOLEULXPRIQHFHVVLW\DQG

OLEHUW\DQGLQWKH3K\VLFDO:RUOGWKHUHODWLRQRIFDXVHDQGHIIHFW

9,,7+(&+$5,272)+(50(6/(&+$5,27

7+(&KDULRWRI+HUPHVKDVDWWDFKHGWRLWVFDUDZKLWHDQGDOVRDEODFN

6SK\Q[HDFKRIWKHVHV\PEROLFDQLPDOVSURSRXQGVDQHQLJPDWRWKH

QHRSK\WH7KHZRUGRIWKH:KLWH6SK\Q[LV-DFKLQ7KHZRUGRIWKH%ODFN

6SK\Q[LV%RD]7KHIRUPHUZRUGKHUHVLJQLILHV/RYHWKHODWWHUZRUGKHUH

VLJQLILHV3RZHU6DPDHOJXLGHVWKH:KLWH6SK\Q[$QDHOJXLGHVWKH%ODFN

6SK\Q[EHFDXVHDWWUDFWLRQLVVHWXSE\FRQWUDULHV+HUPHVVHDWHGLQWKH

&KDULRWWRXFKHVWKH%ODFN6SK\Q[ZLWKWKHSRLQWRIDVZRUGRIVWHHOEXWWKH

:KLWH6SK\Q[ZLWKDVFHSWUHRIJROG

background image

,WLVDIWHUWKHW\SHIRXQGHGE\WKH7KULFH*UHDW+HUPHVWKDWWKH0DJXV

OHDUQVKRZWRXVHWKH0DJLFDO:DQGDQGWKH6ZRUGWRFRQWUROJRRGDQGHYLO

SRZHUVDQGEHLQJV

(YLOEHLQJVIHDUWKHVZRUGEHFDXVHWKHLUDVWUDOIRUPVDUHVXEMHFWWRZRXQGV

DQGWREHLQJVHYHUHGE\VXFKDZHDSRQ:KLWHVSLULWVREH\WKHFRQVHFUDWHG

PDJLFDOZDQGEHFDXVHRILWVFRUUHVSRQGHQFHWRWKHW\SHRIWKH:DQGRIWKH

*RGVHQWPDJLFLDQ0RVHV

)250$7,21$1'&216(&5$7,212)$0$*,&$/6:25'

7KHVZRUGEODGHRIVWHHOVKRXOGEHIRUJHGLQWKHKRXURI0DUVDQGQHZ

VPLWKVWRROVVKRXOGEHXVHG7KHSRPPHOVKRXOGEHRIVLOYHUPDGHKROORZ

DQGFRQWDLQLQJDOLWWOHTXLFNVLOYHUWKHV\PEROVRI0HUFXU\DQG/XQDZLWKWKH

PRQRJUDPVRI*DEULHODQG6DPDHOVKRXOGEHHQJUDYHGXSRQLWVVXUIDFH

7KHKLOWVKRXOGEHHQFDVHGZLWKWLQDQGVKRXOGKDYHWKHV\PERORI-XSLWHU

DQGWKHPRQRJUDPRI0LFKDHOHQJUDYHGXSRQLWVHH&RUQHOLXV$JULSSD'H

RFFXOWD3KLORVRSKLDOLEHULLLFDS7KHUHVKRXOGEHDVPDOOWULDQJXODU

FRSSHUSODWHH[WHQGLQJIURPWKHKLOWXSWKHEODGHRIWKHVZRUGDVKRUW

GLVWDQFHRQHDFKVLGHRQWKHVHVKRXOGEHHQJUDYHGWKHV\PEROVRI9HQXV

DQG0HUFXU\

7KHJXDUGVKRXOGHQGLQWZRFXUYHGSODWHVRQHDFKVLGHRQWKHVHWKHZRUGV

*HGXODK1HW]DFKXSRQRQHVLGHDQG*HEXUDK+RGXSRQWKHRWKHUVKRXOG

EHHQJUDYHGDQGLQWKHPLGGOHEHWZHHQWKHPHQJUDYHWKH6HSKLURWLFQDPH

7LSKHUHWK

8SRQWKHEODGHLWVHOIHQJUDYHXSRQRQHVLGH0DONXWKDQGXSRQWKHRWKHU

VLGHWKHZRUGV4XLVXW'HXV

7KH&RQVHFUDWLRQRIWKH0DJLFDO6ZRUGPXVWEHSHUIRUPHGRQD6XQGD\

GXULQJWKH6RODUKRXUDQGXQGHUWKHLQYRNHGSRZHURI0LFKDHO'UDSHWKH

$OWDUSUHSDUHWKH7ULSRGDQGEXUQWKHUHLQWKHZRRGRIODXUHODQGF\SUHVV

FRQVHFUDWHWKHILUHDQGWKHQWKUXVWWKHEODGHRIWKHVZRUGLQWRLWVD\LQJ

(ORKLP7]DEDRWKE\WKHSRZHURIWKH7HWUDJUDPPDWRQLQWKHQDPHRI

$GRQDLDQGRI0LNDHOPD\WKLVVZRUGEHFRPHDZHDSRQRIPLJKWWRVFDWWHU

WKHEHLQJVRIWKHXQVHHQZRUOGPD\LWVXVHLQZDUEULQJSHDFHPD\LWEH

EULOOLDQWDV7LSKHUHWKWHUULEOHDV*HEXUDKDQGPHUFLIXODV&KHVHG

:LWKGUDZWKHVZRUGIURPWKHILUHDQGTXHQFKLWLQDOLTXLGFRPSRVHGRIWKH

EORRGRIDUHSWLOHPL[HGZLWKVDSWREHREWDLQHGIURPDJUHHQODXUHOWKHQ

SROLVKWKHEODGHZLWKWKHDVKHVRIYHUYDLQFDUHIXOO\EXUQHG

)250$7,21$1'&216(&5$7,212)7+(0$*,&:$1'

&KRRVHWKHZRRGRIDQDOPRQGRUQXWWUHHZKLFKKDVMXVWIORZHUHGIRUWKH

ILUVWWLPHWKHERXJKVKRXOGEHFXWRIIDWRQHEORZE\WKHPDJLFDOVLFNOH,W

PXVWEHERUHGHYHQO\IURPHQGWRHQGZLWKRXWDQ\FUDFNRULQMXU\DQGD

PDJQHWLVHGVWHHOQHHGOHRIWKHVDPHOHQJWKPXVWEHLQWURGXFHG2QHHQG

PXVWEHFORVHGE\DFOHDUWUDQVSDUHQWJODVVEHDGDQGWKHRWKHUHQGE\D

background image

VLPLODUEHDGRIUHVLQFRYHUXSWKHVHWZRHQGVZLWKVDFKHWVRIVLON)LWWZR

ULQJVQHDUWKHPLGGOHRIWKHZDQGRQHRIFRSSHUDQGRQHRI]LQFDQGVXSSO\

WZRSRUWLRQVRIILQHFKDLQRIWKHVDPHPHWDOVUROOWKHPURXQGWKHZDQG

DQGIL[WKHHQGVLQWRWKHZDQGFORVHWRWKHHQGV8SRQWKHZDQGVKRXOGWKHQ

EHZULWWHQWKHQDPHVRIWKH7ZHOYH6SLULWVRIWKH=RGLDFDO&\FOHWKHLUVLJLOV

VKRXOGDOVREHDGGHG

$ULHV6DUDKLHO

7DXUXV$UD]LHO

*HPLQL6DUDLHO

&DQFHU3KDNLHO

/HR6HUDWLHO

9LUJR6FKDOWLHO

/LEUD&KDGDNLHO

6FRUSLR6DUW]LHO

6DJLWWDULXV6DULWLHO

&DSULFRUQXV6HPDTLHO

$TXDULXV7]DNPDTLHO

3LVFHV9DFDELHO

8SRQWKH&RSSHU5LQJHQJUDYHLQ+HEUHZOHWWHUVIURPULJKWWROHIWWKHZRUGV

7KH+RO\-HUXVDOHP

+ 4'6++ -586+/,0DQGXSRQWKH=LQF5LQJHQJUDYHLQ+HEUHZOHWWHUV

IURPULJKWWROHIWWKHZRUGV7KH.LQJ6RORPRQ+0/.6+/0++HK0HOHN

6KHORPRK

:KHQWKHZDQGLVFRPSOHWHLWPXVWEHFRQVHFUDWHGE\LQYRFDWLRQVRIVSLULWV

RIWKH)RXU(OHPHQWVDQGWKH6HYHQ3ODQHWVE\FHUHPRQLHVODVWLQJRYHUWKH

VHYHQGD\VRIDZHHNXVLQJWKHVSHFLDOLQFHQVHDQGSUD\HUVDOUHDG\

GHVFULEHGIRUHDFKGD\

7KHFRQVHFUDWHG:DQGDQGLQGHHGDOOPDJLFDOLPSOHPHQWVVKRXOGEHNHSW

ZUDSSHGLQVLONDQGQHYHUDOORZHGLQFRQWDFWZLWKDQ\FRORXUEXWEODFNDQG

LWLVZHOOWRNHHSWKHPLQDFHGDURUHERQ\ER[

:LWKWKLV:DQGGXO\PDGHDQGIXOO\FRQVHFUDWHGWKH0DJXVFDQFXUH

XQNQRZQGLVHDVHVKHPD\HQFKDQWDSHUVRQRUFDXVHKLPWRIDOODVOHHSDW

ZLOOFDQZLHOGWKHIRUFHVRIWKHHOHPHQWVDQGFDXVHWKHRUDFOHVWRVSHDN

background image

1RWHV

,QWKLVFKDSWHU/HYLGHVFULEHVWKH7DURW7UXPS1RWKH&KDULRWLQKLV

5LWXHOKHDVVLJQVLWVPHDQLQJVDV:HDSRQVZRUGVDFUHGVHSWHQDU\

WULXPSKUR\DOW\SULHVWKRRG

,QUHVSHFWWRWKLVFDUG3&KULVWLDQZULWHVWKDWLQWKH'LYLQH:RUOGLWUHIHUVWR

WKHGRPLQDQFHRIVSLULWRYHUQDWXUDOIRUFHLQWKH,QWHOOHFWXDO:RUOG

3ULHVWKRRGDQGDXWKRULW\LQWKH3K\VLFDO:RUOGWKHVXEPLVVLRQRIPDWWHUWR

WKHLQWHOOLJHQFHDQGZLOOSRZHURIPDQ

7KLVVHYHQWKNH\LVILJXUHGLQ/HYLV5LWXHOLQDIXOOSDJHGSODWHIDFLQJSDJH

9,,,-867,&(/$-867,&(

<RXPXVWQHYHUIRUJHWWKDWWKHSULHVWLVDNLQJDQGWKHZLVHPDQLVDMXGJH

7KHUHDUHLQWKLVZRUOGERWKWKHZHDNDQGWKHVWURQJWKHSRRUDQGWKHULFK

WKHUHDUHERWKWKHLJQRUDQWDQGWKHOHDUQHG7KHIRUPHUDUHHYHUWKH

VHUYLWRUVRIWKHODWWHUEXWLIWKHIRUPHUGRWKHLUZRUNVZRUWKLO\WKH\WKHUHE\

EHFRPHZRUWK\RIDGPLVVLRQWRWKHFRQFRXUVHRIPDVWHUVZKLOHWKHXVHOHVV

VHUYDQWVDUHWREHFDVWDZD\,WLVZHOOWKHUHIRUHWRWHDFKPHQKRZWR

VHUYHZHOOVRWKDWWKH\PD\FRPHIRUZDUGLQWRDSODFHRISRZHU$OOWKLQJV

XSRQWKLVZRUOGDQGDOOEHORZWKHVXUIDFHEHORQJWRWKHGRPDLQRIPDQ

&UHDWHGEHLQJVURDUJURDQKLVVFRRDQGZHDYHDURXQGPDQDVDFHQWUH

PDQDORQHVSHDNVWRKLVIHOORZVDQGWR*RGDQGWKHYRLFHRI*RGXSRQ

HDUWKLVVSRNHQWKURXJKPDQ7KHVFLHQFHRIOLIHLVZULWWHQLQWKH%RRNRI

1DWXUHEXWPDQDORQHFDQUHDGLW7KHZLVHDQGSRZHUIXOWUDQVODWHWKH

ZRUGVRIWKLVERRNLQWRFUHHGVDQGV\PEROVIRUWKHLQVWUXFWLRQRIWKHIHHEOH

DQGLJQRUDQW:KHQ\RXVSHDNWRVXFKDVDUHOLNHFKLOGUHQVSHDNDVWR

FKLOGUHQ'RQRWVHOOWKHVHFUHWVRIZLVGRPDQGGRQRWGLYXOJHWKHPWR

SDQGHUWRFXULRVLW\

$ PDQ VKRXOGIRUPKLVRSLQLRQVLQIUHHGRPDQGWKXVKHPD\UHVHPEOHWKH

LGHDORIGLYLQLW\&DVWQRWWKHSHDUOVRIP\VWLFVFLHQFHEHIRUHWKRVHRIORZ

DQGHYLOPLQGZKRKDYHQRNQRZOHGJHWKRVHZKRPWKH7HVWDPHQWFDOOV

VZLQH7RVXFKSHUVRQVZKHWKHU\RXVSHDNWKHWUXWKRUYHLOWKHWUXWKWKHUH

LVEXWPLVXQGHUVWDQGLQJGHFHSWLRQKDXQWVWKHPWKH\HVWLPDWHDOOWKLQJVE\

D IDXOW\FRQVFLHQFH<RXPD\GD]]OHWKHPE\WKHJODQFLQJRIWKHVZRUGEXW

GRQRWOHWWKHPDSSURDFKWKHZDQGRUFODYLFXOH,I\RXZLVKWRKDYHQRQHHG

WRIHDUDQHYLOSHUVRQPDNHKLPIHDU\RX5HPHPEHUWKHFRQGXFWRI0RVHV

EHIRUH3KDUDRK'RQRWSXWIDLWKLQWKHEHQHYROHQFHRIDSULHVWRILGROVQRU

LQWKHVLQFHULW\RIDSUHWHQGHUWRZLVGRPIRUWKHVHPHQZLOOKDWH\RXDVD

GHVWUR\HURIWKHLUOLYHOLKRRGDQGGRPLQDWLRQ.HHSDVWHDG\ZDWFKDJDLQVW

EHLQJSODFHGLQGDQJHUE\DFFHSWLQJWKHFDUHVVHVRIDZRPDQUHPHPEHU

KRZ6DPVRQZDVGHFR\HGE\'HOLODK'RQRWEHIDPLOLDUZLWKDQ\ZRPDQ

ZKHQDORQHZLWKKHURULQWKHGDUNUHPHPEHU2USKHXVDQG(XU\GLFH0DNH

\RXUVHOIEHORYHGRIZRPHQWKDWWKH\EHPDGHKDSSLHUEXWQHYHUORYHDQ\

background image

ZRPDQVRPXFKWKDW\RXFDQQRWEHKDSS\ZLWKRXWKHU$VWRWKHEHLQJVRI

WKHHOHPHQWVWKHORYHZKLFKWKH\KDYHIRUD0DJXVLPPRUWDOLVHVWKHP

ZKHWKHU6\OSKV*QRPHV8QGLQHVRUILHU\6DODPDQGULQHVEXWWKHORYHRI

VXFKEHLQJVE\D0DJXVLVLQVHQVDWHDQGPD\GHVWUR\KLP%HHYHU

LQWHOOLJHQWDQGMXVWWRVXFKHOHPHQWDOEHLQJVDQG\RXZLOOEHUHZDUGHGZLWK

KDSSLQHVVEHFDXVHRI\RXUJRRGDFWLRQV

1RWHV

7KH(LJKWK7DURW7UXPSQDPHG-XVWLFHUHSUHVHQWVDVHDWHGIHPDOHILJXUH

UREHGDQGFURZQHGKROGLQJDVZRUGLQWKHULJKWKDQGDQGDSDLURIVFDOHVLQ

WKHOHIWKDQG/HYLJLYHVDVLWVPHDQLQJWKHHTXLOLEULXPRIDWWUDFWLRQDQG

UHSXOVLRQ3&KULVWLDQJLYHVVLPLODUPHDQLQJVDGGLQJLQWKH3K\VLFDO:RUOGLW

UHIHUVWR+XPDQ-XVWLFHZKLFKLVDOZD\VIDOOLEOHDQGWLQFWXUHGZLWKSHUVRQDO

PRWLYHVRUSHUVRQDOHPRWLRQV

,;7+(+(50,7/(50,7(

:KHQWKHDGHSWKDVSURYLGHGKLPVHOIZLWKWKH0DJLFDO6ZRUGDQG:DQGKH

\HWQHHGVD0DJLFDO/DPSZKRVHEHDPVZLOOFKDVHDZD\DOOWKHSKDQWRPVRI

GDUNQHVV7KH/DPSLVILJXUHGDWSRIWKH5LWXHORI(OLSKD]/HYLEXW

GRHVQRWTXLWHFRUUHVSRQGWRWKHGHVFULSWLRQKHUHJLYHQ)RXUPHWDOVVKRXOG

HQWHULQWRLWVFRPSRVLWLRQJROGVLOYHUEUDVVLURQ7KHIRRWRILURQWKHNQRW

RIEUDVVWKHUHVHUYRLURIVLOYHUDQGDJROGHQWULDQJOHDERYHWKLVDQGHUHFW

LQWKHPLGGOHIURPHDFKVLGHVSULQJVDQDUPFRPSRVHGRIWKUHHWXEHVRI

JROGVLOYHUDQGEUDVVWZLVWHGWRJHWKHUWKHUHDUHQLQHZLFNEXUQHUVWKUHH

RQHDFKVLGHDUPDQGWKUHHDERYHWKHWULDQJOHRYHUWKHUHVHUYRLUXSRQWKH

LURQIRRWLVHQJUDYHGDQ+HUPHWLFWULDQJOHZLWKWKHV\PEROVRI0HUFXU\

DERYH6RODQG/XQDEHORZDURXQGWKHULPRIWKHVHPLJOREXODUEDVHLVIL[HG

D EUD]HQ VHUSHQWDQGDERYHWKHJOREXODUSDUWEHWZHHQLWDQGWKHEUD]HQ

NQRWWKHUHVKRXOGEHDQDQGURJ\QHILJXUHZLWKPDOHDQGIHPDOHKHDGV

ZKRVHDUPVDUHVWUHWFKHGRYHUWKHJOREH(QJUDYHGLYHUVHIRUPVRQWKH

EUDVVNQRWDQGXSRQWKHVLOYHUFXSPXVWEHSODFHGWKH+H[DJUDPZLWKWKH

OHWWHUVRIWKH7HWUDJUDPPDWRQLQLWVFHQWUH8SRQWKHJROGHQWULDQJOHDERYH

HQJUDYHD*RGVXUURXQGHGE\UD\VDVDV\PERORIWKHIHFXQGLW\RIWKH

LQILQLWHDQGHWHUQDO2QHDFKVLGHRIWKHUHVHUYRLUIRURLOIL[DULQJDQGKDQJ

FKDLQVWRWKHVHULQJVRQHRIVLOYHURQHRILURQE\WKHVHFKDLQVWKHODPS

PD\EHVXVSHQGHGRUFDUULHGE\WKHPDJLFLDQ7KHZLFNVIRUWKHEXUQHUV

VKRXOGEHRIQHZOLQHQWKUHDGVEXWG\HGWKHWKUHHRQWKHULJKWEOXHWKH

WKUHHRQWKHOHIWUHGDQGWKHWKUHHPLGGOHZLFNVJROGFRORXUHG

7KH/DPSVKRXOGEHOLWIURPDFRQVHFUDWHGILUHEXWWKHJUHDWHVWHIIHFWDULVHV

ZKHQWKH/DPSEXUQVZLWKRXWZLFNVDQGZLWKRXWRLOOLJKWHGRQO\E\WKH/X[

RIWKH8QLYHUVDO)OXLGLF$JHQWRUE\RQHRIWKHPDWHULDOHOHPHQWDOVRI:DWHU

7KHOLJKWRIWKLV0DJLFDO/DPSVKRXOGZRUNPDUYHOVLWVKRXOGLOOXPLQDWHWKH

FRQVFLHQFHVRIPHQDQGZRPHQVRWKDW\RXPD\UHDGWKHPDQGVKRXOG

HQDEOH\RXWRUHFRJQLVHHDFKW\SHRIVSLULWXDOEHLQJ7KHPDJLFLDQVKRXOG

QRWDWWHPSWDQ\VHULRXVFHUHPRQLDOXQWLOKHKDVJUDVSHGWKH:DQGDQG

background image

LOOXPLQHGWKH/DPSMXVWDVLQFRPPRQOLIHLI\RXZDQWWRZDONVDIHO\LQWKH

GDUN\RXPXVWFDUU\DFDQGOHDQGWU\WKHJURXQGEHIRUH\RXZLWKDVWDII

1RWHV

7KH7DURW7UXPSQXPEHUHGLVQDPHGWKH+HUPLW,WUHSUHVHQWVDQDJHG

PDQHQYHORSHGLQDPDQWOHOHDQLQJRQDVWDIIDQGFDUU\LQJDODQWHUQ7KH

DOORWHGPHDQLQJVDUHZLVGRPJRRGQHVVDQGPRUDOLW\DFFRUGLQJWR(OLSKD]

/HYLLQKLV5LWXHO

3&KULVWLDQZULWHV,QWKH'LYLQH:RUOGWKHPHDQLQJLVDEVROXWHZLVGRPLQ

WKH,QWHOOHFWXDO:RUOGSUXGHQFHDQGLQWKH3K\VLFDO:RUOGFLUFXPVSHFWLRQ

WKHSURSHUJXLGHRIKXPDQDFWLRQV

7KH0DJLFDO/DPSLVILJXUHGE\/HYLLQKLV5LWXHODWS

; 7+( :+((/2))25781(/$528('()25781(

7KH:KHHORI(]HNLHOLVWKHW\SHRQZKLFKDOOWKH3DQWDFOHVRIWKH+LJKHU

0DJLFDUHGHVLJQHG

:KHQWKHDGHSWLVLQWKHEOHVVHGSRVVHVVLRQRIDIXOONQRZOHGJHRIWKH

SRZHUVRIWKH6HDORI6RORPRQDQGRIWKHYLUWXHVRIWKH:KHHORI(]HNLHO

ZKLFKLVLQGHHGFRUUHVSRQGHQWLQLWVHQWLUHV\PEROLVPZLWKWKDWRI

3\WKDJRUDVKHKDVVXIILFLHQWH[SHULHQFHWRGHVLJQWDOLVPDQVDQGSDQWDFOHV

IRUDQ\VSHFLDOPDJLFDOSXUSRVH

7KH:KHHORI(]HNLHOFRQWDLQVWKHVROXWLRQRIWKHSUREOHPRIWKHTXDGUDWXUH

RIWKHFLUFOHDQGGHPRQVWUDWHVWKHFRUUHVSRQGHQFHVEHWZHHQZRUGVDQG

ILJXUHVOHWWHUVDQGHPEOHPVLWH[KLELWVWKHWHWUDJUDPRIFKDUDFWHUV

DQDORJRXVWRWKDWRIWKHHOHPHQWVDQGHOHPHQWDOIRUPV,WLVDJO\SKRI

SHUSHWXDOPRWLRQ7KHWULSOHWHUQDU\LVVKRZQWKHFHQWUDOSRLQWLVWKHILUVW

8QLW\WKUHHFLUFOHVDUHDGGHGHDFKZLWKIRXUDWWULEXWLRQVDQGWKHGRGHNDG

LVWKXVVHHQ7KHVWDWHRIXQLYHUVDOHTXLOLEULXPLVVXJJHVWHGE\WKH

FRXQWHUSRLVHGHPEOHPVDQGWKHSDLUVRIV\PEROV7KHIO\LQJ(DJOHEDODQFHV

WKHPDQWKHURDULQJ/LRQFRXQWHUSRLVHVWKHODERULRXV%XOO

.HWKHUWKH&URZQ7LSKHUHWK%HDXW\DQG<HVRG)RXQGDWLRQIRUPD

FHQWUDOD[LVZKLOH:LVGRP&KRNPDKHTXLOLEUDWHVZLWK8QGHUVWDQGLQJ

%LQDKDQGWKH6HYHULW\RI-XVWLFH*HEXUDKPDNHVDFRXQWHUSRLVHZLWKWKH

0HUF\RI-XVWLFH&KHVHGVLPLODUFRQFHSWLRQVDUHWKHFRQWHVWVEHWZHHQ(URV

DQG$QWHURVEHWZHHQ-DFREDQGWKH$QJHO6DPDHODQG$QDHO0DUVDQG

9HQXV7KH3KLORVRSKLF&URVVDQGWKH*UHHNPRQRJUDPRI&KULVWRVDUH

FRPSDUDEOHDOVRWRWKLVPDJLFDOZKHHO

,QRUGHUWKDWDFRQVHFUDWHGWDOLVPDQVKDOOJLYHUHDOKHOSWR\RXLWPXVWEH

ZHOOXQGHUVWRRGDQGWKHFRUUHVSRQGHQFHVUHDOLVHGIRUDSDQWDFOHLVDQLGHDO

PDWHULDOLVHGPDGHYLVLEOHPDGHSRUWDEOHDQGPD\FRQWDLQDVPXFK

background image

NQRZOHGJHDVDERRN,WLVDQLPDJHRIVRPHSDUWRI*RGDQG+LVZRUNVLWLV

DVDFDUGRIWKHHWHUQDONLQJGRP

&RQVLGHUZHOOWKHDLPWREHDFFRPSOLVKHGDQGWKHSRZHUVWREHLQYRNHG

VHOHFWWKHV\PEROVHPEOHPVDQGOHWWHUVZLWKWKHJUHDWHVWFDUHVHHNLQJ

&KRNPDKDQG%LQDKIURPWKDWVSDUNRIWKH'LYLQHZKLFKRYHUVKDGRZV\RX

DQGWKHQWUDFHPDUNRUHQJUDYH\RXUFKRVHQGHVLJQXSRQDSODWHRIJROG

VLOYHURURI&RULQWKEUDVVRUFXWLWRQSUHFLRXVVWRQHVRUGUDZLWXSRQYLUJLQ

SDUFKPHQW:KHQWKHZRUNKDVEHHQVNLOOIXOO\DQGDFFXUDWHO\ILQLVKHGWKHQ

VXEPLWLWWRFRQVHFUDWLRQZLWKSUD\HUVDQGLQYRFDWLRQVRIWKH)RXUDQGRIWKH

6HYHQXVLQJVXLWDEOHSHUIXPHVLQWKHLQFHQVHDIWHUZKLFKZUDSXSWKH

WDOLVPDQLQFOHDQVLONDQGSODFHLWLQDFHGDUFDVNHWDQGLWZLOOEHHIIHFWXDOWR

FDUU\LWDOZD\VDERXWZLWK\RX

1RWHV

7KH7DURW7UXPSPDUNHGLVQDPHGWKH:KHHORI)RUWXQHWKHFDUGVKRZV

D ZKHHOVXSSRUWHGRQWZRXSULJKWEHDPV+HUPDQXELVVWDQGVRQRQHVLGH

DQG7\SKRQRQWKHRWKHUDERYHLVWKH6SK\Q[KROGLQJDVZRUGLQLWV/LRQV

MDZV(OLSKD]/HYLDOOHJHVWKDW(WWHLOODZKRPDGHDVXSHUILFLDOVWXG\RIWKH

7DURWLVDQVZHUDEOHIRUDPRUHPRGHUQIRUPRIWKLVFDUGLQZKLFKWKH

EHLQJVDURXQGWKHZKHHODUHDPDQDPRXVHDQGDPRQNH\

7KHPHDQLQJVRIWKLV7UXPSDUHVDLGWREHSDWHUQLW\YLULOHIRUFH

PDQLIHVWDWLRQDQGSULQFLSOH3&KULVWLDQUHPDUNVWKDWRQWKH3K\VLFDOSODQH

WKHFDUGSRLQWVRXWWKHYDU\LQJFKDQJHVRIWKHVRFDOOHGIDWHRUIRUWXQH

7KLVNH\LVILJXUHGE\/HYLLQKLV&OHIGHVJUDQGVP\VWHUHVSDJH

;,)257,78'(675(1*7+/$)25&(

/LVWHQQRZWRWKHVHFUHWRIVWUHQJWK$FRQVWDQWGURSSLQJZLOOZHDUDZD\D

VWRQHDQGLQWKHHQGZLOOSHUIRUDWHLW7KHDLPWRZKLFK\RXHYHUGHYRWH

\RXUZLOOSRZHUZLOOEHDWOHQJWKDWWDLQHG\RXEHJLQWRVXFFHHGDVVRRQDV

\RXEHJLQWRZLOOVXFFHVV5HDOZLOOSRZHULVQRWDSULYLOHJHLQWKHKDQGVRI

WKHPXOWLWXGH7RH[HUFLVHWUXHZLOOSRZHU\RXPXVWEHIUHHQRRQHRIWKH

PXOWLWXGHLVIUHHWREHIUHHLVWREHWKHPDVWHURI\RXUOLIHDQGRYHURWKHUV

7ROHDUQKRZWRZLOOLVWROHDUQKRZWRH[HUFLVHGRPLQLRQ%XWWREHDEOHWR

H[HUWZLOOSRZHU\RXPXVWILUVWNQRZIRUZLOOSRZHUDSSOLHGWRIROO\LV

PDGQHVVGHDWKDQGKHOO

7RPLVWDNHWKHPHDQVIRUWKHHQGLVDQDEVXUGLW\

7RPLVWDNHIRUWKHHQGWKDWZKLFKLVQRWHYHQDPHDQVLVWKHDFPHRI

DEVXUGLW\

<RXDUHWKHPDVWHURIDOOWKHHYHQWV\RXFDQRYHUFRPH7KLQJVIRUZKLFK\RX

KDYHDQLPSHULRXVQHHGDUHPDVWHUVRYHU\RX

background image

7KLQJV\RXSRVVHVVWKHULJKWWRGHVLUH\RXKDYHWKHSRZHUWRREWDLQ

<RXPXVWEHHYHUZDWFKIXOLQWKHH[HUFLVHRI\RXUZLOODQGEHKHHGIXOWKDW

\RXGRQRWIDOOLQWRDSRVLWLRQRIGHSHQGHQFHIURPZDQWRIH[HUWLRQIURP

VLPSOHLGOHQHVV

0HQZKRDUHWRFRQWHQGWRJHWKHULQDUDFHPXVWJRWKURXJKDORQJDQG

VHYHUHWUDLQLQJ

0DJLFDOFHUHPRQLHVPD\EHUHJDUGHGDVDVRUWRIJ\PQDVWLFH[HUFLVHRIWKH

ZLOOSRZHUDQGIRUWKLVUHDVRQDOOWKHJUHDWWHDFKHUVRIWKHZRUOGKDYH

UHFRPPHQGHGWKHPDVSURSHUDQGHIILFDFLRXV,QDQ\UHOLJLRXVVHFWRQO\

WKRVHZKRFDUU\RXWWKHH[WHUQDOREVHUYDQFHVDUHUHFNRQHGDVUHDO

VXSSRUWHUVRIWKHFDXVH

7KHPRUHRQHGRHVWKHPRUHRQHFDQGRLQWKHIXWXUH

7ROLYHDOLIHJXLGHGE\WKHFDSULFHRIWKHPRPHQWLVWROHDGWKHOLIHRIDQ

DQLPDOWKLVPD\FRQFHLYDEO\EHDOLIHRILQQRFHQFHEXWLWLVDOLIHRI

VXEPLVVLRQ

7KRVHZKRZDWFKWKRVHZKRIDVWWKRVHZKRSUD\WKRVHZKRUHIUDLQIURP

SOHDVXUHWKRVHZKRSODFHERG\DWWKHFRPPDQGRIPLQGFDQEULQJDOOWKH

SRZHUVRIQDWXUHLQWRVXEMHFWLRQWRWKHLUSXUSRVHV6XFKDVWKHVHDUHWKH

ZRUOGVPDVWHUVVXFKPHQDORQHGRZRUNVZKLFKVXUYLYHWKHP

1HYHUFRQIRXQGWKHVODYHVRIVXSHUVWLWLRQDQGIHDUZLWKVXFKPDVWHUVRI

QDWXUH

7RDEVWDLQIURPSOHDVDQWWKLQJVWKURXJKIHDULVWRHQVODYHWKHZLOOVXFK

FRQGXFWWHQGVWRORZHUUDWKHUWKDQWRUDLVH\RXUSRVLWLRQ

7ROLYHOLNHDQDQFKRULWHZLWKRXWWKHVXSHUVWLWLRXVLJQRUDQFHZKLFKOHDGVKLP

WRVXFKDFRXUVHRIOLIHWKLVLVZLVGRPLQGHHGDQGSRZHULVWKHUHZDUG

1RWHV

7KH(OHYHQWK7DURW7UXPSUHSUHVHQWVDQHUHFWIHPDOHILJXUHUREHGDQG

FURZQHGFORVLQJZLWKKHUQDNHGKDQGVWKHMDZVRIDIXULRXVOLRQDQG\HW

VKRZLQJFRPSOHWHHDVHDQGVHOISRVVHVVLRQ,WVPHDQLQJLVSHUVHYHULQJ

VWUHQJWKDQGLQGRPLWDEOHHQHUJ\&KULVWLDQFRQVLGHUVWKDWLWW\SLILHVWKDW

3ULQFLSOHZKLFKXQGHUOLHVWKHH[KLELWLRQRISRZHUDQGWKHQ0RUDO)RUFHDQG

ODVWO\3K\VLFDO)RUFH

;,,7+(+$1*('0$1/(3(1'8

7KHQXPEHU7ZHOYHFRPSOHWHVDF\FOHDQGWKLVKLJKO\P\VWLFDO7UXPS

UHSUHVHQWVWKH&RPSOHWLRQRIWKH*UHDW:RUN7KLVVWDUWOLQJGHVLJQPLJKWEH

background image

DOVRUHSUHVHQWHGE\DFURVVDERYHDWULDQJOHZLWKLQD7DXWKDWLVE\IRXU

PXOWLSOLHGE\WKUHHDQGHQVKULQHGLQD8QLYHUVH

7KHSDFNRI7DURW&DUGVRWKHUZLVHWKH%RRNRI7DURZKLFKZRUGLVDQ

DQDJUDPRI5RWDDZKHHORUF\FOHFRQVLVWVLQWUXWKRIDPDJLFDO

KLHURJO\SKLFDQGNDEDOLVWLFDOSKDEHWWRZKLFKDUHDGGHGIRXUGHFDGHVDQG

IRXUTXDWHUQLRQVZKLFKHQVKULQHWKHP\VWLFVLJQLILFDQFHRIWKH:KHHORI

(]HNLHO7KHWUXHDLPRIWKH*UHDW:RUNLVWRYRODWLOLVHWKHIL[HGDIWHUKDYLQJ

DFFRPSOLVKHGWKHIL[DWLRQRIWKHYRODWLOH

%\DP\VWLFDOUHFWLILFDWLRQDQGDVXEVHTXHQWVXEOLPDWLRQLVWKH8QLYHUVDO

0HGLFLQHWREHREWDLQHGDQGVRLVDOVRWKHDUWRIWKH7UDQVPXWDWLRQRI

PHWDOVE\ZKLFKDUWLQGHHGHYHQWKHPRVWJURVVDQGLPSXUHVXEVWDQFHV

PD\EHDWRQFHFKDQJHGLQWRSXUHDQGOLYLQJJROG%XWQRRQHZLOOVXFFHHGLQ

WKLVPDJLFDOWUDQVPXWDWLRQXQWLOKHKDVOHDUQHGWRGHVSLVHHDUWKO\ULFKHV

DQGLVFRQWHQWZLWKWKHKRO\SRYHUW\RIWKHWUXHDGHSW6RWKHQLIDQ\RQH

DWWDLQVWRWKLVVXEOLPHVHFUHWKHZLOOWUHDVXUHLWZLWKDOPRVWVXSHUKXPDQ

FDUHDQGLWZLOOVRQHYHUEHGLYXOJHGWRDQ\RWKHUKXPDQEHLQJLWPXVWEH

VHOIDWWDLQHG7KHVHFUHWPDWWHURIWKH3KLORVRSKHULVFRPSRVHGRIYRODWLOLVHG

6DOWRI0HUFXU\ZKLFKKDVEHHQIL[HGDQGRISXULILHG6XOSKXUWKLVSHUIHFWHG

0DWWHULVWKH$]RWKRIWKHSKLORVRSKHUV7KH6DOWLVRQO\WREHYRODWLOLVHGE\

FRQGHQVDWLRQIURPWKH6HYHQUD\VRI6ROZKLFKDUHWKHUHVSHFWLYHVRXO

HVVHQFHVRIWKHVHYHQPHWDOV7KH0HUFXU\LVIL[HGE\VDWXUDWLRQZLWKWKH

6RODUHVVHQFH7KH6XOSKXULVSXULILHGE\WKHKHDWRIWKH6HYHQOXPLQRXV

UD\V

:KHQDPDQLVIXOO\LQLWLDWHGKHKDVDNQRZOHGJHRIDOOWKRVHSURFHVVHVDQG

KHNQRZVWKDWKHKROGVWKHVHVHFUHWVXQGHUWKHSHQDOW\RIGHDWK7KH7DUR

FDQSUHVHUYH\RXIURPWKHGDQJHURIVXFKSXQLVKPHQWE\UHQGHULQJ\RX

LQFDSDEOHRIWKHFRPPLVVLRQRIVXFKDFULPH5HPHPEHUWKHKLVWRULHVRI

3URPHWKHXVDQG7DQWDOXV7KHIRUPHUVWROHWKHVDFUHGILUHIURPKHDYHQDQG

WUDQVIHUUHGLWWRWKHHDUWK7KHODWWHUYLRODWHGWKHSULYDF\RIQDWXUHWRVHL]H

WKHVHFUHWVRIGLYLQLW\5HPHPEHUDOVRWKHIDWHRI,[LRQZKRDWWHPSWHGWR

UDYLVKWKH4XHHQRIWKH6N\5HPHPEHUDOVRWKH&URVVDQGWKH6WDNH

3RQGHURYHUWKHORQJPDUW\UGRPRI5D\PRQG/XOO\WKHLQFRQFHLYDEOH

VXIIHULQJVRI3DUDFHOVXVWKHPDGQHVVRI:LOOLDP3RVWHOWKHZDQGHULQJOLIH

DQGPLVHUDEOHHQGRI&RUQHOLXV$JULSSD/RYH*RGJDLQZLVGRPDQG

SUHVHUYHXQXWWHUDEOHVLOHQFH

1RWHV

7KH7ZHOIWK7DURW7UXPSQDPHGWKH+DQJHG0DQLVWKHPRVWFORVHO\YHLOHG

RIDOO7DURWKLHURJO\SKLFV,WVUHDOPHDQLQJLVQRZNQRZQWREXWYHU\IHZ

WKHUHLVWKHJUDYHVWGRXEWZKHWKHU/HYLNQHZLWKLPVHOI3DSXVZKRKDV

SURGXFHGDZRUNRQWKH7DURWJLYHVDFOHDUO\IDXOW\H[SODQDWLRQ1HLWKHU

(WWHLOODQRU&RXUWGH*HEHOLQJUDVSHGWKHKLGGHQPHDQLQJ%XWLWV

VLJQLILFDQFHKDVLQVRPHFDVHVEHHQIRXQGE\FODLUYR\DQWYLVLRQVDQGLQD

IHZE\LQWXLWLRQ7KHNH\LVKHOGE\VXFKDVNQRZULJKWO\WRZKLFK+HEUHZ

OHWWHULWEHORQJVDQGWKHFRUUHVSRQGHQFHVRIWKDWOHWWHU

background image

7KHSLFWXUHVKRZVDPDQZLWKKLVKDQGVWLHGEHKLQGKLVEDFNDQGDURSHLV

VHHQWLHGDURXQGKLVDQNOHVWKHRWKHUHQGEHLQJDWWDFKHGWRDEHDPVRWKDW

ZKHQWKHFDUGLVKHOGZLWKLWVQXPEHUDWWKHWRSWKHPDQDSSHDUVWREH

KXQJXSE\KLVIHHW/HYLLQKLV'RJPHJLYHVWKHIROORZLQJVWDWHPHQW

7KLVKDQJHGPDQWKHQLVWKH$GHSWERXQGE\KLVHQJDJHPHQWV

VSLULWXDOLVHGDVLVVKRZQE\KLVLQYHUWHGSRVLWLRQ+HLV3URPHWKHXV

VXEMHFWHGWRHYHUODVWLQJWRUWXUHDVDSXQLVKPHQWIRUKLVJORULRXVWKHIWRU

VLPLODUO\KHLV-XGDVWKHWUDLWRUDQGKLVVXIIHULQJVWKUHDWHQDQ\RQHZKR

VKRXOGUHYHDOWKH*UHDW$UFDQXP/DVWO\WRWKH.DEDOLVWWKLVKDQJHGPDQ

ZKRFRUUHVSRQGVWRKLVWZHOIWKGRJPDWKDWRIWKH3URPLVHG0HVVLDKLVD

SURWHVWDJDLQVWWKDW6DYLRXUZKRPWKH&KULVWLDQVZRUVKLSDQGWKH\VHHPWR

EHVWLOOVD\LQJWR-HVXV+RZFDQVWWKRXVDYHRWKHUVWKRXZKRFRXOGVWQRW

VDYHWK\VHOI"

;,,,'($7+/$0257

$QHIIRUWPXVWQRZEHPDGHWROHDUQWKHWUXWKFRQFHUQLQJWKHJUHDWHVWDQG

PRVWFRQVROLQJ\HWDOVRWKHPRVWIRUPLGDEOHRIWKH0LQRU$UFDQD

FRQFHUQLQJ'HDWK1RZLQWUXWK'HDWKLVEXWDSKDQWRPRI\RXULJQRUDQFH

DQGIHDU'HDWKKDVQRH[LVWHQFHLQWKH6DQFWXP5HJQXPRIH[LVWHQFH$

FKDQJHKRZHYHUDZIXOGHPRQVWUDWHVPRYHPHQWDQGPRYHPHQWLVOLIH

WKRVHRQO\ZKRKDYHDWWHPSWHGWRFKHFNWKHGLVURELQJRIWKHVSLULWKDYH

WULHGWRFUHDWHDUHDOGHDWK:HDOODUHG\LQJDQGEHLQJUHQHZHGHYHU\GD\

EHFDXVHHYHU\GD\RXUERGLHVKDYHFKDQJHGWRVRPHH[WHQW%HWURXEOHGOHVW

\RXVRLODQGWHDU\RXUERGLO\UDLPHQW\RXUFRDWRIVNLQEXWIHDUQRWWROHDYH

LWDVLGHZKHQWKHWLPHKDVFRPHIRUDSHULRGRIUHSRVHIURPWKHZRUNRIWKLV

ZRUOG

/HDYHQRW\RXUPDWHULDOJDUPHQWIRUHYHUXQWLOWKHWLPHIRU\RXUGHSDUWXUH

KDVFRPHWKDWLVGHVWUR\QRW\RXURZQOLIHIRULWPD\EHWKDW\RXZRXOG

DZDNHWRILQG\RXUVHOIQDNHGFKLOODQGDVKDPHGLWPD\EHWRRWKDWVXFKD

FRUSVHIHHOVLWVRZQQHFURSV\'RQRWDWWHPSWWRSUHVHUYHWKHERGLHVRIWKH

GHDGOHWQDWXUHGRKHUZRUNDWRQFHOHWWKHUHEHQRZRUVKLSRIDGHDG

ERG\IRULWUHSUHVHQWVEXWWKHUDJJHGROGFORWKHVRIDOLIH

'RQRWJULHYHIRUWKHEHORYHGGHDGIRUWKH\DUHHYHQPRUHDOLYHWKDQ\RX,I

\RXUHJUHWWKHORVVRIWKHLUDIIHFWLRQDQGVXSSRUW\RXPD\VWLOOORYHWKHLU

PHPRU\DQGZDIWPHVVDJHVWRWKHPDQGSHUFKDQFHPD\UHFHLYHDQ

DQVZHUIRUE\WKHDLGRIWKH.H\VRI6RORPRQWKHEDUULHUVRIWKHWKLWKHU

ZRUOGWKHSODQHRIGLVHPERGLHGEHLQJVDQGHYHQRIWKHKHDYHQPD\EH

UDLVHGIRUDPRPHQW

8QGHUVWDQGZHOOWKDWWKHOLIHFXUUHQWRIWKHSURJUHVVRIVRXOVLVUHJXODWHGE\

D ODZRIGHYHORSPHQWZKLFKFDUULHVWKHLQGLYLGXDOHYHUXSZDUGDQGWKHUHLV

QRWHQGHQF\WRDQDWXUDOIDOO6RXOVVKDOORQO\IDOOZKRHOHFWWRGHVFHQGDQG

FKRRVHWKHHYLOUDWKHUWKDQWKHJRRG7KHPDWHULDOSODQHRQZKLFK\RXOLYHLV

D SULVRQ WR\RXDQGLIVRXOVIDOODQGFRPHEDFNWRLWWKH\EHFRPHDJDLQ

LPSULVRQHG

background image

,I\RXGHVLUHWRFRPPXQLFDWHZLWKWKRVHZKRKDYHSDVVHGRQ\RXPXVW

%XWEHZDUQHGLQWLPHDJDLQVWPDQ\GHFHSWLRQVIRU\RXUIDQFLHGVRXOVLQ

KHDYHQPD\EHEXWSKDQWRPVRIWKHDLUHOHPHQWDULHVVKDGRZVRIKXPDQLW\

HQHUJLVHGE\HOHPHQWDOEHLQJVPHUHVHQVHOHVVDVWUDOIRUPVDQGRIQRPRUH

YDOXHWKDQWKHPLUDJHRIGUHDPV

1HFURPDQF\DQG*RHWLDZKLFKLV(YLO0DJLFGRSURGXFHVXFKVKHOOVDQG

GHPRQVDSSDULWLRQVRIGHFHLW,IKRZHYHU\RXDUHDQDGHSWRIWKH7UXH

:KLWH+LJKHUVFKRRO\RXZLOODWDOOWLPHVFRQGHPQDQGFKDOOHQJHWKH

SUDFWLFHRIVXFKIDWDOVFLHQFH

7KHRQO\SRVVLEOHPRGHRIFRPPXQLRQZLWKVRXOVRIDKLJKHUVSKHUHZKR

KDYHSDVVHGEH\RQGWKHWHUUHVWULDODXUDE\UHDVRQRIWKHFKDQJHFDOOHG

'HDWKLVE\GUHDPRUHFVWDV\EXWRQZDNLQJWRFRPPRQFRQVFLRXVQHVV

WKHUHZLOOEHQRUHFROOHFWLRQSUHVHQWLQWKHPLQGRIZKDWKDVSDVVHG

EHFDXVHRZLQJWRWKHFKDQJHRISODQHHDFKLGHDQHFHVVDULO\VXIIHUVD

FKDQJHRIIRUPDUHFXUUHQFHRIWKHGUHDPRUDUHWXUQWRWKHHFVWDV\

UHFDOOVZKDWKDVJRQHEHIRUH

,WLVDFXULRXVIDFWWKDWPRVWSHUVRQVIDLOWRUHPHPEHUDQ\WKLQJRIJRRGDQG

KDSS\GUHDPVHYHQDOWKRXJKWWKH\GRRIWHQUHFDOOGUHDPVRIVLQDQGIROO\

DQGDEVXUGLW\WKHUHDVRQEHLQJWKDWWKHVHODWWHUDUHPRUHFORVHO\DQGJRRG

LGHDOVDUHOHVVFORVHO\UHODWHGWRRXUYHU\PDWHULDOO\PLQGHGOLYHVRQHDUWK

1RZLIWKHSXUHO\PLQGHGDGHSWDQGSXSLORIWKH+LJKHU0DJLFGRHVVHULRXVO\

DVSLUHWRFRPPXQLRQZLWKDVRXORQWKHSODQHDERYHKLPWKHWUXHZD\LVDV

IROORZV

%XWDJDLQ\RXPXVWWDNHZDUQLQJWKDWXQOHVVWKHDVSLUDQWLVSXUHDQGWKH

VWURQJZLWKKHDOWKDQGZLVHLQSURFHGXUHWKHUHZLOOEHJUDYHULVNRI

GLVRUGHULQJWKHPLQGRURIFDWDOHSV\RUHYHQRIGHDWK

(YHU\SXHULOHDQGFRPPRQSODFHWKRXJKWPXVWEHEDQLVKHGIURPWKHPLQG

IRULIWKLVEHQRWGRQHDQGLIDFHUHPRQ\RIVXFKDZIXOVROHPQLW\EHHQWHUHG

XSRQOLJKWO\IULYRORXVO\RUIURPDYDLQFXULRVLW\WKHUHZLOOFRPHDPRPHQW

ZKHQWKHGUHDG.LQJRI(DUWKZLOODSSHDUDQGSXQLVK7KHPLQGDQG

HPRWLRQVPXVWWKHQEHUDLVHGWRDSLWFKRIVXEOLPHH[DOWDWLRQSURFHHGLQJ

IURPDSXUHDQGGLVLQWHUHVWHGORYH%ULQJWRUHPHPEUDQFHDOOWKHVZHHW

VD\LQJVRIWKHGHSDUWHGRQHIRUPXDWHKHUDLPVDQGJRRGHIIRUWVFROOHFW

DURXQG\RXDOOWKDWEHORQJHGWRKHUDQGUHPLQGV\RXRIKHUIDFHIRUPDQG

SHUVRQDOLW\2EVHUYHWKHGDWHVRIKHUELUWKDQGGHDWKDQGRIDQ\VSHFLDO

HYHQWVZKLFKKDYHGUDZQ\RXWZRWRJHWKHUFKRRVHVXFKDGD\3UHSDUHIRU

WKLVGDWHE\GDLO\UHWLULQJWRDTXLHWURRPLISRVVLEOHZKHUHVKHKDVOLYHGRU

ZKHUHVKHKDVEHHQDQGSDVVDQKRXUWKHUHLQGDUNQHVVRUDWOHDVWZLWKWKH

H\HVVKXWSRQGHULQJRYHUKHUZRUGVDQGLGHDVFRQYHUVLQJLQLPDJLQDWLRQ

ZLWKKHUDVOLVWHQLQJWRKHUFRQFHLYHGDQVZHUV:KHQWKHGD\FRPHVQHDU

\RXPXVWIRUVHYHQGD\VDQGVKRXOGIRUHYHQIRXUWHHQGD\VDEVWDLQ

ULJRURXVO\IURPXVHOHVVFRPPXQLFDWLRQVZLWKRWKHUSHUVRQVIURPIROOLHV

background image

IURPGHPRQVWUDWLRQVRIDIIHFWLRQWRDOORWKHUVDQGIURPHYHU\IRUPRI

SK\VLFDODQGPHQWDOH[FHVVWDNHEXWRQHPHDODGD\DQGGULQNQRVWLPXODQW

QRUQDUFRWLFOLTXLGV

:KHQWKHIDWHIXOGD\KDVFRPHWDNHDSRUWUDLWRIWKHEHORYHGRQHDVXQ

SLFWXUHLVWKHEHVWSKRWRJUDSKRULIDSDLQWLQJLWVKRXOGEHRQHH[HFXWHG

ZLWKWKHJUHDWHVWFDUHDQGGHWDLO:LWKJUHDWFDUHDQGGHOLFDF\SUHSDUHWKH

URRPDQGWKHFROOHFWHGREMHFWVZKLFKKDYHEHORQJHGWRWKHGHFHDVHGPDNH

WKHPDOOVSRWOHVVO\FOHDQDQGJLYHHVSHFLDOFDUHWRWKHSRUWUDLWSODFHLWLQD

JRRGSRVLWLRQDQGGHFRUDWHWKHIUDPHZLWKWKHIORZHUVVKHORYHG'XULQJWKH

GD\\RXVKRXOGSDVVVHYHUDOKRXUVLQWKHFKDPEHUDORQHVHDWHGLQ

FRQWHPSODWLRQRIWKHSRUWUDLWDQGWKHLGHDVDQGUHPLQLVFHQFHVRIWKHGHDG

IULHQG

:KHQWKHHYHQKDVFRPH\RXPXVWEDWKHDQGFORWKH\RXUVHOILQFOHDQOLQHQ

DQGSXWRQDZKLWHPDQWOH(QWHUWKHVDFUHGFKDPEHUIDVWHQWKHGRRUDQG

SHUIRUPWKH&RQMXUDWLRQRIWKH)RXU(OHPHQWV8SRQDFKDILQJGLVK\RXWKHQ

EXUQZRRGRIWKHODXUHOZLWKDORHVDQGLQFHQVH7KHUHPXVWEHQRRWKHU

OLJKWLQWKHURRP:KHQWKHZRRGDQGLQFHQVHKDYHEXUQHGGRZQDQGWKH

ILUHLVDWWKHSRLQWRIH[WLQFWLRQWKHQLQDGHHSDQGVROHPQYRLFHFDOOWKUHH

WLPHVLQVXFFHVVLRQXSRQWKHQDPHRIWKHEHORYHGGHDGRQH7KLV\RXPXVW

GRZLWKDOO\RXUIRUFHRIKHDUWDQGRIVSLULWZLWKLQWHQVHZLOOSRZHUFORVHWKH

H\HVFRYHUWKHPZLWKWKHKDQGVVLQNRQ\RXUNQHHVDQGSUD\

7KHQDWODVWDIWHUDVROHPQSDXVHFDOOVRIWO\DQGZLWKVZHHWYRLFHWKHQDPH

RIWKHORYHGRQHWKUHHWLPHVDQGRSHQ\RXUH\HVDQGVHH

1RWHV

7KH7DURW7UXPS1R[LLLLVQDPHG'HDWKDQGUHSUHVHQWVDKXPDQ

VNHOHWRQDUPHGZLWKDVF\WKHPRZLQJWKHJUDVV\VRLOXSRQZKLFKDUHVHHQ

KXPDQUHPDLQV7RWKLV/HYLLQKLV5LWXHODVVLJQVWKHPHDQLQJVGRPLQLRQDQG

SRZHUUHELUWKFUHDWLRQDQGGHVWUXFWLRQ

3&KULVWLDQZULWHV,QWKH'LYLQH:RUOGWKHPHDQLQJVLVFRQVWDQWFKDQJHRI

IRUPLQWKH,QWHOOHFWXDO:RUOGWKHDVFHQWRIKXPDQVSLULWWRGLYLQHVSKHUHV

DQGLQWKH3K\VLFDO:RUOGQDWXUDOGHDWKIROORZLQJGHFD\RIWKHPDWHULDO

HQYHORSH

;,97(03(5$1&(/$7(03(5$1&(

,I\RXGHVLUHORQJOLIHDQGKHDOWKDYRLGDOOH[FHVVHVFDUU\QRWKLQJWR

H[WUHPHV2QFHPRUHSUHVHUYHWKHHTXLOLEULXP\RXPXVWQHLWKHUDEDQGRQ

\RXUVHOIWRWKHEHQLJQLWLHVRI&KHVHGQRUUHVWULFW\RXUVHOIWRWKHULJRXUVRI

*HEXUDK

6RZKHQ\RXKDYHSDVVHGEH\RQGWKHPRUWDOVSKHUHE\WKHDOOXUHPHQWVRI

HFVWDV\UHWXUQWR\RXUVHOIVHHNUHSRVHDQGHQMR\WKHSOHDVXUHVZKLFKOLIH

VXSSOLHVIRUWKHZLVHEXWGRQRWLQGXOJHWRRIUHHO\

background image

,I\RXIHHOIDWLJXHGE\WKHWHPSWLQJIDVFLQDWLRQRIDSURORQJHGIDVWWKHQ

WDNHIRRGDQGGULQNEXWLI\RXKDYHORVVRIDSSHWLWHIURPJHQHURXVGLHW

WKHQIDVWE\DOOPHDQV,I\RXDUHIHHOLQJWKHVHGXFWLYHQHVVRIZRPDQNLQG

VHHNUHOLHIIURPZRPHQ

<RXPXVWOHDUQWRRYHUFRPHDOOSDVVLRQVDQGFRQTXHUDOOWHQGHQFLHVWRIROO\

%XWOHWWKHUHEHQRPLVXQGHUVWDQGLQJ7RYDQTXLVKDQHQHP\WKHUHPXVWEH

QRUXQQLQJDZD\WUXHYLFWRU\FDQRQO\IROORZPHHWLQJKLPIDFHWRIDFH

MRLQLQJLQDVWUXJJOHDQGVRVKRZLQJ\RXUFRPPDQGRYHUKLP

,WLVUHODWHGRI3DUDFHOVXVWKDWKHEHFDPHLQWR[LFDWHGGDLO\DQGVREHUHG

KLPVHOIE\YLROHQWH[HUFLVHWKXVKHZDVIRXQGVWURQJDVDPDQZLWK

VDQJIURLGDQG\HWSRVVHVVLQJDOOWKHDQLPDWLRQRIDOFRKROLFVWLPXODWLRQ

<RXVKRXOGUHSRVHIRUDVORQJDSHULRGDVLVH[SHQGHGLQWKHSUHSDUDWLRQVIRU

DQGLQWKHDFWXDORSHUDWLRQVRIPDJLFVSHQGWKHKRXUVRIUHVWXSRQWKH

ERVRPRI0RWKHU1DWXUHDQGLQWKHFKDVWHHPEUDFHRI1DWXUHVVZHHW

UHVWRUHU6OHHS

3DVVDOWHUQDWHO\IURPWKHWULDQJOHWRWKHFLUFOHDQGIURPWKHFLUFOHWRWKH

WULDQJOH

7HPSHUDWHWKHZLQHZLWKZWHUDQGUHFWLI\WKHZDWHUZLWKZLQH:LQHLVWKH

HPEOHPRI7UXWK\HWLWLVQRWZHOOWRSRXURXWHLWKHULQSXUHIRUPWR

RUGLQDU\PHQDQGZRPHQVRPHGLOXWLRQZLWKZDWHULVYHU\GHVLUDEOH.QRZ

WKDWWKH/XPLQRXV6HSWHQDU\KDVDVLWVHQHPLHVDQGDVREVWDFOHVEXW

DFWLQJDOVRLQVRPHZD\VDVDX[LOLDULHVD'DUN6HSWHQDU\RIDYHUVHIRUFHV

,IDPDQDEXVHVWKHKLJKIRUFHVRIWKH6HSWHQDU\RI3RZHUVKLVHUURUVIRUP

WKH6HYHQ&DSLWDO6LQV

*LYHEXWOLWWOHZLQHWRWKHRQHZKRHDVLO\JHWVLQWR[LFDWHGDQGLQOLNH

PDQQHUJLYHEXWOLWWOHRFFXOWLQVWUXFWLRQWRWKRVHZKRPDNHOLJKWRILWZKR

DEXVHLQVWHDGRIXVHDQGVRFKDQJHWUXWKLQWRHUURU

1RWHV

7KH)RXUWHHQWK7DURW7UXPSQDPHG7HPSHUDQFHVKRZVWKH$QJHORI2FFXOW

:LVGRPDQG3RZHUKROGLQJDJREOHWLQHDFKKDQGDQGSRXULQJIURPRQHLQWR

WKHRWKHUWKHWZRHVVHQFHVZKRVHXQLRQIRUPWKH(OL[HURI/LIH

/HYLLQKLV5LWXHODVVLJQVWRWKLVFDUGWKHPHDQLQJVRIWKHKHDYHQRIWKH6XQ

WHPSHUDWXUHVVHDVRQVPRWLRQVDQGWKHFKDQFHVDQGFKDQJHVRIOLIH

3&KULVWLDQUHPDUNVWKDWWKHILJXUHUHSUHVHQWVWKHJHQLXVRIWKH6XQLQWKH

'LYLQH:RUOGWKHSHUSHWXDODOWHUDWLRQVRIOLIHLQWKH,QWHOOHFWXDO:RUOGWKH

FUHDWLRQRILGHDVZKLFKFRQVWLWXWHWKHPRUDOOLIHDQGWKH3K\VLFDO:RUOGWKH

FRPELQDWLRQVRIQDWXUDOIRUFHV

background image

;96$7$17+('(9,//(',$%/(

&RPHKLWKHUQRZDQGOHWXVFRQVLGHUZLWKRXWIHDUWKLVJUHDWRQHWKH

EXJEHDURIWKH&KULVWLDQFUHHGWKLVJKRVWRI$KULPDQWKHPRQVWURXV

DQGURJ\QRXVVSK\Q[RI0HQGHVLWLVWKHV\QWKHVLVRIXQEDODQFHGIRUFHVD

'HPRQ

7KH'HYLOLVWUXO\%OLQG)RUFH,I\RXKHOSWKHEOLQG\RXPD\EHVHUYHGE\

KLPLI\RXOHWWKHEOLQGOHDG\RXDUHORVW

(DFKHOHPHQWDQGHYHU\QXPEHUKDVLWVGHPRQEHFDXVHHDFKHOHPHQWDQG

HYHU\QXPEHUHQVKULQHVDIRUFHZKLFKLJQRUDQFHPD\SXWWRHYLOSXUSRVHV

7KHVDPHVZRUGE\ZKLFK\RXGHIHQG\RXUIDWKHUPD\DOVRVOD\KLP

.QRZWKHQWKDWWKHGHPRQLFIRUFHRIHDFKHQWLW\PXVWEHFRQTXHUHGE\

NQRZOHGJHDQGJRRGSXUSRVH$YRLGGDUNQHVVZKHUHGHPRQLFSRZHUSUHIHUV

WRPDQLIHVWILJKWLWLQEURDGGD\OLJKWDQGIHDUOHVVO\7KH'HYLORQHGD\

GHVLULQJWRVWRSWKHSURJUHVVRIDQDGHSWEURNHRQHZKHHORIKLVFKDULRWEXW

WKLVWUXHDGHSWFRPSHOOHGWKH'HYLOWRFXUOKLPVHOIXSRQWKHZKHHODQGDFW

IRUWKHWLPHDVLWVWLUHDQGVRGURYHRQUHDFKLQJKLVGHVWLQDWLRQHYHQ

VRRQHUWKDQKHZRXOGKDYHGRQHLIWKH'HYLOKDGOHWKLPDORQH

0HGLWDWHGHHSO\RQWKLVROGDOOHJRULFDOHSLJUDP$XGHHW7DFHDQGZKHQ\RX

KDYHVHL]HGLWVRFFXOWVHQVHWHOOQRRWKHURI\RXUVXFFHVV

7KHV\PEROLFUHSUHVHQWDWLRQRIWKH'HYLOVKRZVDPXOWLSOHGLVKDUPRQLRXV

DQGDQDUFKLFVRUWRIVSK\Q[W\SLFDORIFRQIXVLRQDQGGLVRUGHU1RWHWKLV

PD[LP$GHYLOLVDPDJQHWLFFXUUHQWFRQVLVWLQJRIDFRQFRXUVHRIEOLQG

DQGSHUYHUVHZLOOV

:KHQFHUWDLQVXSHUVWLWLRXVP\VWLFVUHOHJDWHGLQWHOOLJHQFHDQGUHDVRQWRWKH

'HYLOWKH\UHYHUVHGWKH$EVROXWH7KDWLVWRVD\WKH\FKRVHDVWKHLU*RG

KLPZKRZDVWUXO\WKH'HYLODQGWKH\DWWULEXWHGWKHPDOLFHRI6DWDQWRWKH

7UXH*RG

7KHUHLVQRFKLOGZLWKHYHQRUGLQDU\VHQVHZKRLVQRWPRUHOHDUQHGWKDQWKH

'HYLO

7KH'HYLOLVHYHQRIORZHUJUDGHWKDQWKHEHLQJVRIWKH(OHPHQWV+HLV

GRXEWOHVVPRUHSRZHUIXOEXWKHLVDVEOLQGDVSRRU6DPVRQEHFDPH%XWWR

HQDEOHWKH'HYLOWRSXOOGRZQWKHSLOODUVRIDWHPSOH\RXZRXOGKDYHWROHDG

KLPWRWKHSLOODUVDQGVD\WRKLP7KHUHWKH\DUH

1RWUXH0DJLFLDQHYHUPDGHDQ\DWWHPSWWRHYRNHWKH'HYLOIRUKHNQRZV

ZKHUHWKH'HYLOLVDOZD\VWREHIRXQGEXWKHPD\RUGHUWKH'HYLOWRZRUN

DQGWKH'HYLOREH\V

,Q%ODFN0DJLFWKH'HYLOPHDQVWKHHPSOR\PHQWRIWKH*UDQG0DJLFDO$JHQW

IRUDZLFNHGSXUSRVHE\DSHUYHUWHG:LOO

background image

1RWHV

7KH)LIWHHQWK7DURW7UXPSLVVDLGE\/HYLWREHWKHRQO\RQHWKDW(WWHLOOD

XQGHUVWRRG7KLV(WWHLOODZDVDQLOOXPLQHKDLUGUHVVHUZKRSXEOLVKHGDZRUN

RQWKH7DURWPDNLQJJUDYHDOWHUDWLRQVRIWKHGHVLJQVFROOHFWHGE\&RXUWGH

*HEHOLQDPXFKPRUHUHOLDEOHDXWKRULW\+LVWUXHQDPHZDV$OOLHWWH

7KHFDUGVKRZVDQDOWDUXSRQZKLFKVWDQGVDGHPRQLQKXPDQIRUPWR

ZKLFKDUHDGGHGKRUQVORQJJRDWHDUVDQGEDWOLNHZLQJVKHKROGVDWRUFK

LQKLVOHIWKDQGWZRVPDOOHUGHPRQVRQHPDOHWKHRWKHUIHPDOHVWDQGRQ

WKHJURXQGEHVLGHWKHDOWDU6RPHDXWKRUVVD\WKHILJXUHLVWKDWRI

%DSKRPHWWKHLGROZKLFKWKH.QLJKW7HPSODUVZHUHVDLGWRZRUVKLS

&KULVWLDQDOOHJHVWKDWWKLVGHPRQUHSUHVHQWVWKH7\SKRQRI(J\SWWKHJHQLXV

RIPLVIRUWXQHDQGDVUHODWHGWRWKHWKUHHZRUOGVLWUHIHUVWR3UHGHVWLQDWLRQ

0\VWHU\DQG)DWDOLW\

;9,7+(72:(5/$0$,621'(',(8

'R\RXNQRZZK\WKH)LHU\6ZRUGRI6DPDHOLVVWUHWFKHGRYHUWKH*DUGHQRI

'HOLJKWZKLFKZDVWKHFUDGOHRIRXUUDFH"

'R\RXNQRZZK\WKH'HOXJHZDVRUGHUHGWRHIIDFHIURPWKHHDUWKHYHU\

YHVWLJHRIWKHUDFHRIWKHJLDQWV"

'R\RXNQRZZK\WKH7HPSOHRI6RORPRQZDVGHVWUR\HG"

7KHVHHYHQWVKDYHEHHQQHFHVVDU\EHFDXVHWKH*UHDW$UFDQXPRIWKH

.QRZOHGJHRI*RRGDQGRI(YLOKDVEHHQUHYHDOHG

$QJHOVKDYHIDOOHQEHFDXVHWKH\KDYHDWWHPSWHGWRGLYXOJHWKLV*UHDW

6HFUHW,WLVWKHVHFUHWRI/LIHDQGZKHQLWVILUVWZRUGLVEHWUD\HGWKDWZRUG

EHFRPHVIDWDO,IWKH'HYLOKLPVHOIZHUHWRXWWHUWKDW:RUGKHZRXOGGLH

7KLV:RUGZLOOGHVWUR\HDFKRQHZKRVSHDNVLWDQGHYHU\RQHZKRKHDUVLW

VSRNHQ,ILWZHUHVSRNHQDORXGLQWKHKHDULQJRIWKHSHRSOHRIDWRZQWKDW

WRZQZRXOGEHJLYHQRYHUWR$QDWKHPD,IWKDW:RUGZHUHWREHZKLVSHUHG

EHQHDWKWKHGRPHRID7HPSOHWKHQZLWKLQWKUHHGD\VWKH7HPSOHGRRUV

ZRXOGIO\RSHQD9RLFHZRXOGXWWHUDFU\WKHGLYLQHLQGZHOOHUZRXOGGHSDUW

DQGWKHEXLOGLQJZRXOGIDOOLQUXLQV1RUHIXJHHFRXOGEHIRXQGIRURQHZKR

UHYHDOHGLWLIKHPRXQWHGWRWKHWRSPRVWSDUWRIDWRZHUWKHOLJKWQLQJIODVK

ZRXOGVWULNHKLPLIKHWULHGWRKLGHKLPVHOILQWKHFDYHUQVRIWKHHDUWKD

WRUUHQWZRXOGZKLUOKLPDZD\LIKHVRXJKWUHIXJHLQWKHKRXVHRIDIULHQGKH

ZRXOGEHEHWUD\HGLILQWKHDUPVRIWKHZLIHRIKLVERVRPVKHZRXOGGHVHUW

KLPLQDIIULJKW

,QKLVSDVVLRQRIGHVSDLUKHZRXOGUHQRXQFHKLVVFLHQFHDQGNQRZOHGJHDQG

FRQGHPQLQJKLPVHOIWRWKHVDPHEOLQGQHVVDVGLG2(GLSXVZRXOGVKULHNRXW

,KDYHSURIDQHGWKHEHGRIP\PRWKHU

background image

+DSS\LVWKHPDQZKRVROYHVWKH(QLJPDRIWKH6SK\Q[EXWZUHWFKHGLVKH

ZKRUHWDLOVWKHDQVZHUWRDQRWKHU

+HZKRKDVVROYHGWKHVHFUHWDQGJXDUGVLWVVHFUHF\LVDVWKH.LQJRI

(DUWKKHGLVGDLQVPHUHULFKHVLVLQDFFHVVLEOHWRDQ\VXIIHULQJRUIHDUIURP

GHVWLQ\KHFRXOGDZDLWZLWKDVPLOHWKHFUDVKRIZRUOGV7KLVVHFUHWLV

PRUHRYHUSURIDQHGDQGIDOVLILHGE\LWVPHUHUHYHODWLRQDQGQHYHU\HWKDVD

MXVWRUWUXHLGHDFDPHIURPLWVEHWUD\DO7KRVHZKRSRVVHVVLWKDYHIRXQGLW

7KRVHZKRSURQRXQFHLWIRURWKHUVWRKHDUKDYHORVWLWDOUHDG\

1RWHV

7KH7DURW7UXPSQXPEHUHGDQGFDOOHG/H0DLVRQGH'LHXXSRQFDUGV

PDGHRQWKH&RQWLQHQWLVFRPPRQO\NQRZQLQWKLVFRXQWU\DVWKH7RZHURI

%DEHO,WUHSUHVHQWVDWRZHUVWUXFNE\OLJKWQLQJWZRPHQDUHVHHQIDOOLQJ

KHDGORQJWKHVHDUHVDLGWREHLQWHQGHGIRU1LPURGDQGKLVFKLHIPLQLVWHU

/HYLDVVLJQVVHYHUDOPHDQLQJVWRWKLVFDUGZHDNQHVVFKDQJHVVXEYHUVLRQV

DQGWKHKHDYHQRI/XQD

&KULVWLDQH[SODLQVWKLVFDUGDVPHDQLQJWKHSXQLVKPHQWRISULGHWKHUXLQRI

VXFKDVLPSLRXVO\DWWHPSWWRSHQHWUDWHWKHVHFUHWVRIGLYLQLW\DQGRQWKH

KXPDQSODQHWKHRFFDVLRQDOUHYHUVHVRIIRUWXQH

;9,,7+(67$5/(72,/(

<RXPXVWEHFRPHWKRURXJKO\DFTXDLQWHGZLWKWKHSODQHWVDQGDOVRZLWKWKH

IL[HGVWDUV:KHQWKHLUQDPHVDUHPDVWHUHGWKHLULQIOXHQFHVPXVWEH

OHDUQHG\RXPXVWGLVFRYHUWKHSDUWLFXODUKRXUVDQGLQZKDWVLJQWKH3V\FKH

RIWKH:RUOGSRXUVIRUWKIURPKHUWZRJREOHWVWKHZDWHUVRIOLIHOLNHWZR

ULYHUV

/HDUQERWKGD\DQGQLJKWKRXUVHLQRUGHUWKDW\RXPD\VHOHFWVXFKDVDUH

PRVWVXLWDEOHIRUWKHZRUN\RXZLVKWRSHUIRUP

7KHPLGQLJKWKRXULVPDUNHGE\WKHVSHFLDOWHQGHQF\WRZDUGWKHDSSHDUDQFH

RISKDQWRPV7KHILUVWDQGVHFRQGKRXUVZKLFKIROORZDUHVROHPQDQGVDG

IRUWKRVHZKRDUHLOORUDUHVOHHSOHVV'XULQJWKHWKULGKRXUWKHVXIIHUHUIURP

LQVRPQLDIDOOVDVOHHSWKHIRXUWKILIWKDQGVL[WKDUHFDOPDQGOHDGWRD

KHDOWK\UHSRVHLQVOHHS

7KHVHYHQWKDQGHLJKWKKRXUVRIPRUQLQJDUHRIDYROXSWXRXVQDWXUHWKH

QLQWKWHQWKDQGHOHYHQWKDUHYHU\VXLWDEOHIRUZRUNVRIIULHQGVKLSWKHPLG

GD\KRXULVDWLPHRIKHHGOHVVQHVVDQGODQJXRULQVXPPHUDQGRIDVHQVHRI

ZHOOEHLQJLQZLQWHU

<RXVKRXOGILQG\RXURZQSDUWLFXODU3ODQHWLQWKHVN\\RXULQWXLWLRQVKRXOG

JXLGH\RXLQGLVFRYHULQJLWDQGZKHQIRXQG\RXVKRXOGVDOXWHLWZLWK

UHYHUHQFHHYHU\QLJKWWKDW\RXVHHLWVKLQLQJGRZQXSRQ\RX7KHJHQLXVRI

background image

WKLVVWDUPXVWEHLQYRNHGLQ\RXUFRQMXUDWLRQVDQGWKHDOORWWHGQDPHRIWKH

VWDUPD\EHZRUNHGRXWE\PHDQVRIWKHOHDUQHGWDEOHVDQG.DEDOLVWLF

SHUPXWDWLRQVGHVLJQHGE\7ULWKHPLXVDQG$JULSSD

<RXVKRXOGWKHQPDNHDWDOLVPDQRIV\PSDWK\WRFRQQHFWWKHSODQHWDU\

IRUFHVZLWK\RXUVHOIPDNHLWRIWKHPHWDORIWKHSODQHWZKLFKSUHVLGHGDW

\RXUELUWKWKHORUGRIWKHDVFHQGDQWRI\RXUQDWXVHQJUDYHXSRQWKLVSODWH

RIPHWDOWKHVLJQRIWKH0LFURFRVPZLWKWKHQXPEHUVRI\RXUQDPHWKH

QXPEHUVUHODWHGWRWKHSODQHWRUVWDUDQGWKHQDPHRIWKHJHQLXV

:KHQ\RXDUHVHHNLQJGLYLQHLQVSLUDWLRQJD]HDW\RXUVWDUKROGLQJWKH

WDOLVPDQZLWK\RXUOHIWKDQGSUHVVLQJLWDJDLQVW\RXUKHDUWLILWEHGD\WLPH

RUWKHVWDUEHLQYLVLEOHJD]HXSRQWKHWDOLVPDQLWVHOIDQGUHFLWHWKHQDPHRI

WKHJHQLXVRUVSLULWRIWKHVWDUWKUHHWLPHV

:KHQ\RXVHHWKHVWDUEHFRPHEULOOLDQWDQGJOLWWHULQUHVSRQVHWR\RXU

DVSLUDWLRQEHRIJRRGKRSHIRUVXFFHVVEXWVKRXOGLWEHVHHQWRSDOHDW\RXU

JODQFHWKHQEHYHU\SUXGHQWDQGWDNHWKHJUHDWHVWFDUHRI\RXUVHOI

1RWHV

7KH7DURW7UXPSQXPEHUHGLVFDOOHGWKH6WDU,WUHSUHVHQWVDQHQWLUHO\

QXGHIHPDOHILJXUHNQHHOLQJRQODQGDQGVHDDQGSRXULQJDOLTXLGRXWRID

YDVHLQHDFKKDQGWKHVWUHDPVIRUPDULYHUDWKHUIHHW$ERYHLVVWURIHLJKW

UD\VDQGVHYHQVPDOOHUVWDUVVXUURXQGLW7KHUHLVDEXVK\WUHHJURZLQJDW

KHUULJKWVLGHDQGXSRQLWWKHELUGRI+HUPHVKDVDOLJKWHG

7KHPHDQLQJVJLYHQWRWKLV7DURW7UXPSE\/HYLDUH,PPRUWDOLW\WKRXJKW

WKHLQIOXHQFHRILGHDXSRQIRUPWKHKHDYHQRIWKHVRXO

&KULVWLDQJLYHVXVLWVPHDQLQJV,PPRUWDOLW\WKHLQWHUQDOLOOXPLQDWLRQZKLFK

JXLGHVPHQWRFKRRVHWKHEHWWHUSDWKDQGKRSH+HVD\VWKHILJXUHLV

UHSUHVHQWHGQXGHWRSRLQWRXWWKDWHYHQZKHQPDQLVUREEHGRIDOOKLV

SRVVHVVLRQVKHPD\VWLOOUHWDLQKRSH

;9,,,7+(0221/$/81(

7KH0RRQH[HUFLVHVDYHU\FRQVLGHUDEOHDPRXQWRILQIOXHQFHXSRQWKH

PDJQHWLFIOXLGRIWKHHDUWKDVLVVKRZQE\WKHHEEDQGIORZRIWKHZDWHUVRI

WKHVHDV\RXVKRXOGWKHQH[DPLQHFDUHIXOO\WKHHIIHFWVRIWKHLQIOXHQFHVRI

WKH0RRQLQKHUVHYHUDOSKDVHVDQGWDNHQRWHRIWKHGD\VDQGKRXUVRIWKH

0RRQVFRXUVH7KHTXDUWHURIWKH1HZ0RRQLVIDYRXUDEOHIRUWKH

FRPPHQFHPHQWRIDOOPDJLFDOHQWHUSULVHVWKHILUVWTXDUWHUJLYHVDQ

LQIOXHQFHRIKHDWWKHIXOOPRRQDQLQIOXHQFHRIGU\QHVVDQGWKHODVWTXDUWHU

D FROGLQIOXHQFH

7KHVHDUHWKHVSHFLDOFKDUDFWHUVRIWKHGD\VRIWKH0RRQGLVWLQJXLVKHGE\

WKHWZHQW\WZR7DURW.H\VDQGWKHVLJQVRIWKH6HYHQ3ODQHWV

background image

,7KH-XJJOHURUWKH0DJXV7KHILUVWGD\RIWKH/XQDUFRXUVHWKH0RRQ

ZDVFUHDWHGVD\V5DEEL0RVHVRQWKHIRXUWKGD\

,,7KH*QRVLVRU/D3DSHVVH7KHVHFRQGGD\ZKRVHJHQLXVLVQDPHG

(QRGLHOWKHILVKDQG

ELUGVZHUHFUHDWHGLWLVSURSLWLRXVIRUWKHZRUNVRIRFFXOWVFLHQFH

,,,7KH0RWKHURU(PSUHVV7KHWKLUGGD\VDZWKHFUHDWLRQRIKXPDQLW\

7KH.DEDOLVWVRIWHQ

FDOOWKH0RRQE\WKHQDPH0RWKHUDQGDOORWWKHQXPEHUWKUHHWRKHUWKLV

GD\LVSURSLWLRXV

IRUJHQHUDWLRQ

,97KH'HVSRWRU(PSHURU7KHIRXUWKGD\LVEDQHIXOIRURQWKLVGD\&DLQ

ZDVERUQEXWLWLVD

SRZHUIXOGD\IRUXQMXVWDQGW\UDQQLFDODFWV

97KH3RSHRU3ULHVW7KHILIWKLVDGD\RIKDSSLQHVVLWZDVWKHELUWKGD\RI

$EHO

9,7KH/RYHUVRUWKH6WUXJJOH%LUWKRI/DPHFKDGD\PDUNHGE\FRQWHVW

DQGDQJHUVXLWDEOHIRU

FRQVSLUDWRUVDQGIRUUHYROW

9,,7KH&KDULRW%LUWKRI+HEURQDGD\YHU\SURSLWLRXVIRUUHOLJLRXV

FHUHPRQLDO

9,,,-XVWLFH'HDWKRI$EHOWKHGD\RIH[SLDWLRQ

,;7KH+HUPLW%LUWKRI0HWKXVHODKDGD\RIMR\IRUFKLOGUHQ

;7KH:KHHORI)RUWXQH%LUWKRI1HEXFKDGQH]]DUDGD\IRUFRQMXUDWLRQVRI

SODJXHVDEDQHIXO

GD\UHLJQRIEUXWHIRUFH

;,6WUHQJWK%LUWKRI1RDK7KHYLVLRQVRIWKHGD\DUHGHFHLWIXOEXWFKLOGUHQ

ERUQWKLVGD\DUH

KHDOWK\DQGORQJOLYHG

;,,7KH+DQJHG0DQWKH7DX%LUWKRI6DPDHODGD\IDYRXUDEOHIRU

.DEDODKDQGSURSKHF\DQG

IRUWKHDFFRPSOLVKPHQWRIWKH*UHDW:RUN

background image

;,,,'HDWK%LUWKRI&DQDDQWKHFXUVHGVRQRI+DPDQHYLOGD\DQGDQHYLO

QXPEHU

;,97HPSHUDQFH%HQHGLFWLRQRI1RDK2QWKLVGD\&DVVLHORIWKHKLHUDUFK\

RI$XULHOSUHVLGHV

;97KH'HYLORU7\SKRQ%LUWKRI,VKPDHODGD\RIUHSURRIDQGH[LOH

;9,7KH7RZHU%LUWKRI(VDXDQG-DFREWKHODWWHULVSUHGHVWLQHGWRUXLQ

(VDX

;9,,7KH6WDU7KH5XLQRI6RGRPDQG*RPRUUDKWKLVGD\LVXQGHUWKHUXOH

RI6FRUSLR+HDOWK

IRUWKHJRRGUXLQIRUHYLOSHUVRQVGDQJHURXVZKHQLWIDOOVRQD6DWXUGD\

;9,,,7KH0RRQ%LUWKRI,VDDFDGD\RIJRRGDXJXU\

;,;7KH6XQ%LUWKRI3KDUDRKDGD\RIGDQJHU

;;7KH-XGJHPHQW%LUWKRI-XGDKDGD\SURSLWLRXVIRUGLYLQHUHYHODWLRQV

;;,7KH:RUOGRUWKH6SK\Q[%LUWKRI6DXODGD\IRUSK\VLFDOIRUFHDQG

PDWHULDOSURVSHULW\

;;,,6DWXUQ7KHELUWKRI-RE

;;,,,9HQXV7KHELUWKRI%HQMDPLQ

;;,9-XSLWHU7KHELUWKRI-DSKHW

;;90HUFXU\7KH7HQWKSODJXHRI(J\SW

;;9,0DUV7KHSDVVDJHRIWKH5HG6HDE\WKH,VUDHOLWHV

;;9,,/XQD7KHYLFWRU\RI-XGDV0DFFDEHXV

;;9,,,6RO6DPVRQFDUULHVRIIWKHJDWHVRI*D]D

;;,;7KH7DURW7UXPSFDOOHG/H)RXWKHXQZLVHPDQDGD\RIDERUWLRQ

1RWHV

7KH7DURW7UXPS1R[YLLLUHSUHVHQWVWKH0RRQLQWKHVN\OHWWLQJIDOOGURSV

RIGHZEHORZLVWKHODQGRQZKLFKVWDQGWZRWRZHUVDQGEHWZHHQWKHPDUH

D GRJ DQGDZROILQWKHIRUHJURXQGLVZDWHULQZKLFKDFUD\ILVKLVVZLPPLQJ

7KHRFFXOWPHDQLQJVDVFULEHGWRWKLVWUXPSE\/HYDUH7KHHOHPHQWVWKH

YLVLEOHZRUOGUHIOHFWHGOLJKWDQGV\PEROLVP

background image

&KULVWLDQVD\VWKDWWKHPHDQLQJVDUHWKHDE\VVRIWKHLQILQLWHWKHVKDGRZ

ZKLFKHQVKURXGVWKHKXPDQHJRZKHQLWDFFHSWVWKHUXOHRIWKHLQVWLQFWV

XQFKHFNHGE\VSLULWXDODLPVDQGRQWKHORZHVWSODQHWKHDVVDXOWVRIKLGGHQ

HQHPLHV

;,;7+(681/(62/(,/

7KH6XQLVWKHFHQWUHDQGVRXUFHRIDOOKLJK0DJLFDOIRUFHDQGWKLVIRUFH

QRXULVKHVDQGUHQHZVZLWKRXWSDXVHWKDWODWHQW/LJKWZKLFKLVWKHJUDQG

DJHQWPDQLIHVWHGLQPDJQHWLVPDQGYLWDOHQHUJ\

7KH6XQLVWKHFHQWUDODQG\HWXQLYHUVDOPDJQHWRIWKHVWDUV,WKDVWZR

SROHVRQHSRVVHVVLQJDWWUDFWLYHIRUFHDQGWKHRWKHUUHSXOVLYHIRUFHLWLV

DORQHE\WKHEDODQFHRIWKHVHWZRHQHUJLHVWKDWLWPDLQWDLQVFRVPLF

HTXLOLEULXPDQGXQLYHUVDOPRWLRQ7KH6XQLWLVZKLFKEHVWRZVUDGLDQFHXSRQ

WKHSODQHWVDQGPHWHRUVLWLVRIWKHSULQFLSOHRI)LUHDQGLQWKLVZRUOGLWLV

WKHVRXUFHRISKRVSKRUHVFHQFHRIWKHVHDDQGHYHQRIWKHVFLQWLOODWLRQRIWKH

JORZZRUP,WLVWKHKHDWRIWKH6XQZKLFKFRQVWLWXWHVWKHVWLPXODQWHVVHQFH

RIWKHJHQHURXVZLQHIURPWKHIUXLWRIWKHJUDSHDQGZKLFKEULQJVWR

SHUIHFWLRQWKHOXVFLRXVVZHHWQHVVRIDOOIUXLWV,WLVWKH6XQZKLFKDZDNHQV

WKHGRUPDQWHQHUJLHVRIDOOEHLQJVLQVSULQJWLPHDQGZKLFKSURPSWVWRWKH

HQMR\PHQWRIDOOWKHVZHHWP\VWHULHVRIVH[XDOORYH,WLVWKH6XQVIRUFH

ZKLFKFRXUVHVLQRXUYHLQVDQGSDOSLWDWHVLQRXUKHDUWVDQGLWLVWKHOLJKWRI

WKH6XQZKLFKHPSXUSOHVRXUEORRGDQGPDNHVLWUHVHPEOHWKHSXUSOH

UHGQHVVRIZLQH7KH6XQLVWKHVDQFWXDU\RIVSLULWXDOEHLQJVZKRKDYHEHHQ

ORRVHGIURPWKHWLHVRIHDUWKOLIHDQGWKHUHLVWKHEOD]LQJWDEHUQDFOHLQZKLFK

UHVLGHVWKH6RXORIWKH0HVVLDK<RXSODFH\RXUDOWDUVZKHUHWKH6XQVUD\V

IDOOXSRQWKHPDQGUHQHZWKHVDFUHGILUHVXSRQWKHPIURPLWVUD\V:KHQ

\RXFRQVHFUDWHDWDOLVPDQRUSDQWDFOH\RXRSHQXSDSDWKDORQJZKLFKD

VRODUUD\PD\SDVVWKHQFHLQWRLWGXULQJWKHFHUHPRQLDO

:KHQWKHDGHSWVHHNVWRKHDOWKHVLFNRUUHOLHYHDQ\SDLQKHUDLVHVKLVKDQGV

WRZDUGVWKH/LJKWDQG+HDWRIWKH6XQDQGWKHQORZHULQJWKHPKHWRXFKHV

WKHVLFNPDQVD\LQJ%HWKRXKHDOHGLIWKRXKDVWIDLWKDQGZLOO7KH

SHUIXPHGIORZHUVDQGOHDYHVWREHXVHGDVLQFHQVHVKRXOGEHGULHGLQWKH

6XQVUD\VQRWZLWKVWDQGLQJWKHIDFWWKDWIORZHUVDQGOHDYHVJDWKHUHGLQ

GDUNQHVVKDYHPRUHSRWHQF\WKDQWKRVHSOXFNHGE\GD\OLJKWEHFDXVHSODQWV

H[KDOHWKHLUDURPDLQVXQOLJKWDQGFORVHXSWKHLUSRUHVWRSUHVHUYHLWGXULQJ

WKHDEVHQFHRIWKHFUHDWLQJUD\V*ROGLVWKHVSHFLDOPHWDORI6RODQGLW

WHQGVWRDXJPHQWWKHVRODUIRUFHLQDOOZLWKZKLFKLWLVEURXJKWLQWRFRQWDFW

$ JROGHQ ODPHQ DSSOLHGWRWKHIRUHKHDGUHQGHUVWKHPLQGPRUHRSHQWRDQG

UHFHSWLYHRIGLYLQHLQIOXHQFHV

$ JROGHQ WDOLVPDQZRUQRQWKHEUHDVWRYHUWKHKHDUWLQFUHDVHVWKHIRUFHRI

HPRWLRQVZKLFKDUHJRRGDQGEHQHYROHQWZKLOHLWWHQGVWREDQLVKLPSXUH

SDVVLRQV

1RWHV

background image

7KH1LQHWHHQWK7UXPSUHSUHVHQWVWKH6XQVKLQLQJDERYHLQWKHKHDYHQVDQG

FDVWLQJLWVUD\VXSRQWZRFKLOGUHQZKRVWDQGKROGLQJHDFKRWKHUVKDQGVD

ZDOORIPDVRQU\LVVHHQEHKLQGWKHP,QVRPHROGFDUGVWKLVZDOOLV

JDUODQGHGZLWKIORZHUV

7KHPHDQLQJVJLYHQHOVHZKHUHE\/HYLDUH7KH3ULQFHRIWKHKHDYHQVWKH

VXPPLWWKHKHDGKHUHPDUNVWKDWVRPHH[DPSOHVRIWKLVFDUGVKRZDFKLOG

PRXQWHGRQDZKLWHKRUVHDQGZDYLQJDVFDUOHWEDQQHU&KULVWLDQEHOLHYHV

WKDWWKLV7UXPSUHSUHVHQWVWKHSDVVDJHIURPHDUWKOLIHWRWKDWRIWKH

XQNQRZQIXWXUH

;;7+(/$67-8'*0(17/(-8*(0(17

7KHVHDUHWKH3ULYLOHJHVDQGWKH3RZHUVRID0DJXVDQGILUVWDUHUHFLWHGWKH

6HYHQ*UDQG3ULYLOHJHV

$OHSK+HVHHV*RGDQGLVDEOHWRFRPPXQHZLWKWKH6HYHQ*HQLLDURXQG

WKHWKURQH

%HWK+HLVDERYHWKHLQIOXHQFHRIDOOSDLQVDQGIHDUV

*KLPHO+HKDVDXWKRULW\RYHU+LJK6SLULWXDO3RZHUVDQGFDQFRPPDQG

,QIHUQDOIRUFHV

'DOHWK+HLVWKHPDVWHURYHUKLVRZQOLIHDQGFDQLQIOXHQFHWKHOLYHVRI

RWKHUPHQ

+HK+HFDQQHYHUEHWDNHQXQDZDUHVQRUZHDNHQHGQRURYHUFRPH

9DX+HXQGHUVWDQGVWKHUHDVRQVIRUWKH3UHVHQWWKH3DVWDQGWKH

)XWXUH

=DLQ+HKROGVWKHVHFUHWRIZKDWLVPHDQWE\WKH5HVXUUHFWLRQIURPWKH

GHDG

7KH6HYHQ0DMRU3RZHUVDUH

&KHWK7KHSRZHURIPDNLQJWKH3KLORVRSKHUV6WRQH

7HWK7KHSRVVHVVLRQRIWKH8QLYHUVDO0HGLFLQH

<RG7KHNQRZOHGJHRIWKHPRGHRI3HUSHWXDO0RWLRQDQGRIWKH

4XDGUDWXUHRIWKH&LUFOH

.DSK7KHSRZHURIFKDQJLQJDQ\EDVHPDWWHULQWRJROG

/DPHG7KHDELOLW\WRFRHUFHZLOGEHDVWVDQGWRFKDUPVHUSHQWV

0HP7RSRVVHVVWKH1RWRULDO$UWDQGWRKDYHXQLYHUVDONQRZOHGJH

background image

1XQ7KHSRZHURIGLVFRXUVLQJZLWKNQRZOHGJHDQGOHDUQLQJXSRQDQ\

VXEMHFWHYHQZLWKRXWSUHYLRXVVWXG\

7KH6HYHQ0LQRU3RZHUVDUH

6DPHFK7RNQRZLQDPRPHQWWKHKLGGHQWKRXJKWVRIDQ\PDQRU

ZRPDQ

$\LQ7RFRPSHODQ\RQHWRDFWZLWKVLQFHULW\

3HK7RIRUHVHHDQ\IXWXUHHYHQWVZKLFKGRQRWGHSHQGXSRQWKHZLOORID

VXSHULRUEHLQJ

7]DGGL7RJLYHLQVWDQWO\ZLVHFRXQVHODQGDFFHSWDEOHFRQVRODWLRQ

4RSK7REHDOZD\VFDOPDQGFRQWHQWLQWKHPRVWJULHYRXVDGYHUVLW\

5HVK1HYHUWRIHHOORYHRUKDWUHGXQOHVVLWLVGHVLJQHG

6KLQ7RSRVVHVVWKHVHFUHWRIFRQVWDQWZHDOWKDQGQHYHUWRIDOOLQWR

GHVWLWXWLRQRUPLVHU\

7KHVH3ULYLOHJHVDUHWKHILQDOGHJUHHRI+XPDQ3HUIHFWLELOLW\WKHVHDUHRSHQ

WRDWWDLQPHQWE\WKHHOHFWE\WKRVHZKRFDQGDUHE\WKRVHZKRZRXOG

QHYHUDEXVHWKHPDQGZKRNQRZZKHQWREHVLOHQW

7DX,QFRQFOXVLRQ0DJLFDQFRQWUROWKHHOHPHQWDOIRUFHVFDOPWHPSHVWV

KHDOWKHVLFNDQGUDLVHWKHGHDG%XWWKHVHWKLQJVDUHVHDOHGZLWKWKHWULSOH

6HDORI6RORPRQLQLWLDWHVNQRZRIWKHPWKLVLVVXIILFLHQWDVWRRWKHU

SHUVRQVZKHWKHUWKH\GHULGH\RXRUZKHWKHUWKH\DUHRYHUFRPHZLWKIHDU

DW\RXUDXGDFLW\ZKDWPDWWHUVLWWR\RX"

1RWHV

/HYLJLYHVWKHZKROHRIWKLVFKDSWHULQKLV'RJPHSDJHVDVD

TXRWDWLRQSHUKDSVIURPWKLVWUHDWLVH

7KLV7ZHQWLHWK7DURW7UXPSVKRZVDWILUVWVLJKWDUHSUHVHQWDWLRQRIWKH

MXGJHPHQWGD\$QDQJHOEORZLQJDWUXPSHWDQGFDUU\LQJDEDQQHULVIO\LQJ

RYHUKHDG%HORZLVVHHQDILJXUHZLWKKLVEDFNWRZDUGWKHREVHUYHUULVLQJ

IURPDWRPE2QHDFKVLGHLVDQLPSRVLQJKXPDQILJXUHRQHPDOHDQGRQH

IHPDOHZKRDOVRVHHPWREHULVLQJIURPWKHHDUWK/HYLJLYHVDVLWVPHDQLQJ

WKHJHQHUDWLYHIRUFHRIWKHHDUWKYHJHWDEOHOLIHDQGHWHUQDOOLIH

&KULVWLDQGHVFULEHVWKLVFDUGDVDV\PERORIWKHUHVXUUHFWLRQ

;;,7+(81:,6(0$1/(0$7

'RQRWDOO\\RXUVHOIHLWKHULQDIIHFWLRQRULQWHUHVWZLWKDQ\RQHZKRLVQRWDQ

HDUQHVWVWXGHQWRIWKHKLJKHUOLIHXQOHVV\RXFDQFRPSOHWHO\GRPLQDWHKLP

background image

DQGHYHQWKHQEHVXUHWKDW\RXHLWKHUUHFRPSHQVHRUFKDVWLVHKLPDFFRUGLQJ

WRKLVGHVHUWVIRUWKHSURIDQHSHUVRQKHDUVPDQ\WUXWKVEXWXQGHUVWDQGV

QRQHKLVHDUVDUHODUJHEXWKDYHQRGLVFUHWLRQ7KHSURIDQHSDVVHVKLVOLIH

LQJLGG\ULVNVGHOXGHGZLWKYDLQGHVLUHVOLVWHQLQJWRLPDJLQDU\SURPSWLQJV

DQGZLWKKLVH\HVIL[HGRQIDQFLHGVLJKWV<RXPD\WKLQNKHLVSOHDVHGZLWK

\RXUDLPVEXWWKHWUXWKLVWKDWKHLVDEVRUEHGE\KLVRZQIROOLHVWKHSURIDQH

KDVQRDSSUHFLDWLRQRIWKHWUXWKDQGIHHOVQRUHDODIIHFWLRQ7KHSURIDQHLV

LPSUXGHQWDQGVKDPHOHVVKHGLVFORVHVWKLQJVZKLFKVKRXOGEHNHSW

FRQFHDOHGDQGDWWUDFWVWRKLPVHOIEUXWHIRUFHVZKLFKPD\GHYRXUKLP7KDW

ZKLFKKHPRVWQHJOHFWVLVKLPVHOIKHZHDUVKLVYLFHVDVDEOD]RQEXWWKH\

DUHDQHYHUSUHVHQWEXUGHQWRKLP\HWKHGRHVQRWUHFRJQLVHWKDWWKH\DUH

D FRQVWDQWVRXUFHRIZHDNQHVV0DNHLWDGHILQLWHUXOHRIOLIHDOZD\VWR

DYRLG

6XFKDVDUHHYHUMXGJLQJDQGFRQGHPQLQJWKHLUSDUHQWVZKRGHVSLVHWKHLU

IDWKHUVDQGKDYHQRWUXHDIIHFWLRQIRUWKHLUPRWKHUV

$OOPHQZKRVKRZQRFRXUDJHDQGDOOZRPHQZKRKDYHQRWPRGHVW\

7KRVHZKRGRQRWPDLQWDLQWKHLUIULHQGVKLSV

7KRVHZKRDVNIRUDGYLFHDQGWKHQGRQRWWDNHLW

7KRVHZKRDUHQHYHULQWKHZURQJ

7KRVHZKRDUHDOZD\VVHHNLQJWKHLPSRVVLEOHDQGZKRDUHREVWLQDWHO\

XQMXVWWRRWKHUV

7KRVHZKRZKHQGDQJHULVSUHVHQWVHHNRQO\WKHLURZQVDIHW\

$OOVXFKSHUVRQVDUHQHLWKHUZRUWK\RI\RXUFRQILGHQFHQRURI\RXUORYH)HDU

FRQWDPLQDWLRQIURPWKHPDYRLGWKHQ<HWHYHQDV\RX\RXUVHOIPXVWDOVR

DYRLGWKHIROOLHVRIOLIHEHFDUHIXOQRWWRSXW\RXUVHOILQDQDWWLWXGHRI

VXSHULRULW\WRWKHFRQGLWLRQVRIH[LVWHQFHPHUHO\IURPDIDOVHSULGHDQG

QHYHUVWRRSWRGHEDVH\RXUVHOIWRWKHOHYHORIWKHEUXWHFUHDWLRQULVHDERYH

WKHFRPPRQZD\VRIOLIHDQGQHYHUEHFRPHWKHVODYHRIFXVWRPDQG

FRQYHQWLRQDOLW\7UHDWWKHKDELWVRIRUGLQDU\OLIHDVRWKHUVWUHDWWKH

ZHDNQHVVHVRIFKLOGKRRG$PXVHWKHFURZGWRSUHYHQWSHUVRQDOLQMXU\EXW

QHYHUDGGUHVVLWH[FHSWLQSDUDEOHVDQGHQLJPDVVXFKKDVEHHQWKHPRGHRI

FRQGXFWRIDOOWKHJUHDW0DVWHUVRI0DJLFDQGLQVXFKDQDWWLWXGHWKHUHLV

ZLVGRP

1RWHV

:HDUHQRZPHWE\DQXQH[SHFWHGGLIILFXOW\IRU/HYLKDVZULWWHQWKLV

FKDSWHU1RIROORZLQJWKH1RWKH-XGJHPHQWZLWKRXWDQ\

QRWLILFDWLRQWKDWWKHFDUGUHIHUUHGWRLVQRWWKDWQXPEHUHGZKLFKLVWKH

8QLYHUVHEXWWKHVROHXQQXPEHUHG7UXPSRIWKHVHW2IRWKHUDXWKRUVVRPH

KDYHQXPEHUHGWKH8QLYHUVH0RRQRU)RRODVRUDVWKHQG7KHIDFW

background image

UHPDLQVWKDWLQDOOSDFNVWKH8QLYHUVHLVQXPEHUHGDQGLWZLOOLQWKLVWUDFW

EHFRQVLGHUHGDIWHUWKHQH[WFKDSWHUZKLFKFOHDUO\UHIHUVWRLW

,QWKLVFKDSWHUZKHUHDQDXWKRUUHIHUVVRPXFKWRWKHSURIDQHWKH7UXPS

/H)RXLVFOHDUO\LQGLFDWHG,WUHSUHVHQWVDZD\IDUHUZDONLQJDORQJDURDGDQG

FDUU\LQJDEXUGHQVOXQJRYHUKLVVKRXOGHUKHKDVDVWDIILQKLVULJKWKDQG

%HKLQGKHLVDWWDFNHGE\DWLJHUZKLFKKDVDOUHDGIDVWHQHGRQKLVFORWKLQJ

ZKLOHKLVIDFHVKRZVWKDWKHLVDV\HWLJQRUDQWRILWVDWWDFN,QKLV5LWXHO

/HYLDVVLJQVWRWKLVWUXPSWKHVRPHZKDWLQFRQJUXRXVPHDQLQJVRIWKH

VHQVLWLYHWKHIOHVKDQGHWHUQDOOLIH

&KULVWLDQJLYHVDQRWKHUGHVFULSWLRQRIWKLVFDUG,QVWHDGRIWKHGHVLJQ

GHVFULEHGDERYHKHVD\VWKDWWKHWKWUXPSVKRXOGUHSUHVHQWDEOLQGPDQ

FDUU\LQJDZDOOHWDQGFRPLQJLQWRFRQWDFWZLWKDEURNHQREHOLVNXSRQZKLFK

LVFRXFKHGDFURFRGLOHZLWKJDSLQJMDZVWKHPHDQLQJDVVLJQHGE\KLPLVWKH

LQHYLWDEOHSXQLVKPHQWRIVLQ7KLVEOLQGPDQKHVD\VLVWKHV\PERORI

KXPDQLW\ZKLFKLVWKHEOLQGVODYHRIPDWWHU+HQXPEHUVWKLVFDUGEXW

SODFHVLWEHWZHHQQXPEHUVDQG

;;,,7+(81,9(56(/(021'(

'R\RXQRZXQGHUVWDQGWKH(QLJPDRIWKH6SK\Q["

'R\RXNQRZWKHWKRXJKWZKLFKH[LVWVLQLWVKXPDQKHDG"WKHORYHZKLFK

SHUYDGHVLWZRPDQVERVRP"WKHODERXUGHQRWHGE\WKHORLQVRIWKHEXOO"WKH

VWUXJJOHZKLFKWKHOLRQVFODZVFDQZDJH"WKHEHOLHIVDQGWKHSRHV\RILWV

HDJOHVZLQJV"<HV\RXNQRZWKDWWKH6SK\Q[UHIHUVWR0DQ

%XWGR\RXNQRZWKDWWKH6SK\Q[LVRQHDQGDORQHDQGUHPDLQVXQFKDQJHG

ZKLOHDVWRPDQLVQRWHDFKRQHD6SK\Q[RIDGLIIHUHQWV\QWKHVLV",Q

VRPHWKHUHLVWKHKHDGRID/LRQVXFKDVLWGUDZQRQWDOLVPDQVRI)LUH

WKHVHDUHGHVFHQGHQWVRIWKH6DODPDQGHUV2WKHUVKDYHWKHKHDGRID%XOO

RURIDQ(DJOHRU,ELV(DFKRIWKHVHKDVLWVGLYLQHFRXQWHUSDUWDQGWKLVLWLV

ZKLFKWKHZLVHPHQRI(J\SWGHSLFWHGLQWKRVHKLHURJO\SKLFILJXUHVZKLFKWKH

SURIDQHVFKRODUVRIRXUWLPHILQGVRULGLFXORXVDQGPLVOHDGLQJ

0D\WKH\EHIRUJLYHQIURPWKHUHFHVVHVRIWKH7RPERIWKHGLYLQH+HUPHV

,WLVE\UHDVRQRIWKLVGLYHUVLW\RIGLYLQHLQVSLUDWLRQDQGLWVLQIOXHQFHRYHU

WKHKXPDQZLOOWKDWWKHZLVHKDYHIRUPHGVXFKGLYHUVLILHGSDQWDFOHVDQG

WDOLVPDQV$OOLQLWLDWHVKDYHKDGIDLWKLQWKHHIILFDF\RIV\PEROVDQG

HPEOHPV+RZHOVHFRXOGWKH:RUGEHH[SUHVVHGZLWKRXWOHWWHUVDQG

FKDUDFWHUVDQGZK\VKRXOGQRWOHWWHUVDQGFKDUDFWHUVH[SUHVVWKHSRZHURI

WKH:RUGWKH\UHSUHVHQW

:ULWHWKHZRUGV,ORYHXSRQDJROGHQMHZHODQGZHDULWXSRQWKHEUHDVW

WKHQHYHU\WLPH\RXIHHOLWVWRXFKZLOOQRWWKHLGHDRI\RXUORYHDULVHLQWKH

PLQG"DQG,WHOO\RXWKDWWKLVMHZHOPDJQHWLVHGE\\RXUZLOODQG\RXUIDLWK

ZLOOGHIOHFWIURP\RXDQGZLOOH[WLQJXLVKDOOWKHDWWDFNVGLUHFWHGDJDLQVW\RX

background image

,I\RXSDVVWKURXJKWKHKHDWRIILUHWKLVZLOOEHDVDEUHH]HRIIUHVKDLUWR

\RX,I\RXDUHLQGDQJHURIGURZQLQJWKLVZLOOEHDU\RXXSDPLGWKHZDWHUV

1HYHUWKHQFRQGHPQWKHXVHRIDPXOHWVSDQWDFOHVWDOLVPDQVDQG

SK\ODFWHULHV8QIRUWXQDWHLVWKHPDQZKRLVQRWLPSUHVVHGE\WKH

DSSHDUDQFHRIDQ\LPDJHDQGZKRGRHVQRWERZKLVKHDGEHIRUHDQ\

V\PERO

%XWHDFKZLVHPDQVKRXOGKDYHKLVSK\ODFWHU\RUWDOLVPDQDVHYHU\0DVWHU

KDVKLVFODYLFXOH6XFKDUHWKHWDOLVPDQVRI+HUPHVWKHUHDUHRWKHUVRI

6RORPRQRI5DEEL&KDHODQGRI7KHWHOWKHUHDUHRWKHUVLJQVXVHGE\

3DUDFHOVXVE\$JULSSDDQG$OEHUWXV0DJQXV

7KHV\PEROVRI$EUDKDPWKH-HZJDYHULVHWRWKHHPEOHPDWLFGHVLJQVRI

1LFKRODV)ODPHOZKLFKDJDLQGLIIHUIURPWKRVHRI%DVLO9DOHQWLQHDQG%HUQDUG

RI7UHYHV

$OOHPERG\WKHVDPHLGHDVEXWDFFRUGLQJWRWKHVSHFLDOIRUPRIFRQVHFUDWLRQ

VSHDNDQRWKHULGLRPRIWKHODQJXDJHRIWKHKLHURJO\SKLFV

,I\RXEHFRPHLQLWLDWHG\RXZLOODWOHQJWKPDNHDQGYDU\\RXURZQWDOLVPDQV

DQGSDQWDFOHV\RXZLOOFKRRVHWKHSURSHUKRXUVVHOHFW\RXUSHUIXPHVDQG

FRPSRVH\RXURZQLQYRFDWLRQVXSRQWKHPRGHOV\RXPD\ILQGDPRQJWKH

YDULRXVFODYLFXOHVRI6RORPRQ3RQGHUFDUHIXOO\RYHUWKLVD[LRP7KHPDQ

ZKRDGGUHVVHVWRD3RZHUXQNQRZQWRKLPZRUGVZKLFKKHGRHVQRWIXOO\

FRPSUHKHQGPDNHVDWHQHEURXVSUD\HUWRWKHVSLULWRIGDUNQHVVLQRWKHU

ZRUGVKHLQYRNHVWKHGHYLO$OOWKDWKDSSHQVLQWKHZRUOGWKDWLVGHYRLGRI

MXVWLFHDQGULJKWKDVWKHGHYLOIRULWVDXWKRU5HPHPEHUDOVRWKDWKHZKR

FRQVXOWVWKHRUDFOHVDEGLFDWHVLQVRPHSDUWKLVOLEHUW\DQGPDNHVDQDSSHDO

WRIDWHIXOIRUFHV

7KHWUXHVDJHGLUHFWVRUFRUUHFWVWKHRUDFOHEXWKHQHYHUFRQVXOWVLW6DXO

ZDVDOUHDG\FRQTXHUHGDQGORVWZKHQKHFRQVXOWHGWKH:LWFKRI(QGRU,Q

WKHGLIILFXOWLHVRIOLIHFRQVXOWLQSUHIHUHQFHWKH6SK\Q[

,VLWDGHFLVLRQWKDWLVQHHGHGDVNLWIURPWKHKXPDQKHDG

,VLWDIIHFWLRQWKDW\RXGHVLUHDVNLWRIWKHZRPDQVEUHDVW

,VLWKHOSDQGSURWHFWLRQWKDW\RXQHHGDVNWKH/LRQVFODZVWRDIIRUGLW

$UH\RXSRRUDQGLJQRUDQWLQYRNHWKHSRZHURIWKH%XOODQGZRUN\RXUVHOI

'RWKHVWUXJJOHVRIOLIHZHDU\\RXWDNHWKH(DJOHVZLQJVDQGUDLVH\RXUVHOI

RQKLJKDERYHWKHHDUWK

7KH6SK\Q[RQO\GHYRXUVWKRVHZKRIDLOWRFRPSUHKHQGKHUVKHZLOOREH\

DQ\RQHZKRKDVOHDUQHGWKHDQVZHUWRKHUULGGOH

background image

$OOWKHIRUFHVRI1DWXUHFRUUHVSRQGWRKXPDQIRUFHVDQGDUHGHSHQGHQWRQ

WKHZLOOLQLWVVSKHUHRIDFWLRQFRQVWDQWXVHRIZLOOSRZHUH[WHQGVWKH

VSKHUHRILWVDFWLRQ

0DQDQGE\PDQ,GRQRWLQWHQGHLWKHUIRROVRUSURIDQHSHUVRQVPDQLV

ZRUWKZKDWHYHUKHEHOLHYHVKLPVHOIWREHZRUWKKHFDQGRZKDWHYHUKH

EHOLHYHVKLPVHOIFDSDEOHRIGRLQJKHGRHVZKDWHYHUKHUHDOO\GHVLUHVWRGR

KHPD\DWOHQJWKEHFRPHDOOWKDWKHZLOOWREH

+HZKRZDVQRWPDGDQG\HWFRXOGVD\,PWKHRQO\6RQRI*RGZDVWKH

RQO\6RQRI*RG([DPSOHVRIWKHSDVWPD\EHUHDFWHGDWDQ\WLPHWKH

W\SHVDUHVWLOOH[LVWHQWDQGFDQEHEURXJKWDJDLQLQWRDFWLRQ

:RXOG\RXEHFRPHD0RVHVRUDQ(OLDV"

:RXOG\RXUHOLYHWKHFDUHHURI3DUDFHOVXVRURI5D\PRQG/XOOL"7KHQOHDUQ

DOOWKDWWKH\NQHZSXW\RXUIDLWKLQWKHGRFWULQHVWKH\EHOLHYHGGRWKHDFWV

WKH\GLGZKLOHDZDLWLQJWKHUHVXOWEHVREHULQERG\FDOPLQPLQGZRUNDQG

SUD\

7+(.$%$/,67,&35$<(5

%HIDYRXUDEOHWRPHRK\H3RZHUVRIWKH.LQJGRP'LYLQH

0D\*ORU\DQG(WHUQLW\EHLQP\OHIWDQGULJKWKDQGVVRWKDW,PD\DWWDLQWR

9LFWRU\

0D\3LW\DQG-XVWLFHUHVWRUHP\VRXOWRLWVRULJLQDOSXULW\

0D\8QGHUVWDQGLQJDQG:LVGRP'LYLQHFRQGXFWPHWRWKHLPSHULVKDEOH

&URZQ

6SLULWRI0DONXWK7KRXZKRKDVODERXUHGDQGKDVWRYHUFRPHVHWPHLQWKH

3DWKRI*RRG

/HDGPHWRWKHWZRSLOOUVRIWKH7HPSOHWR-DNLQDQG%RD]WKDW,PD\UHVW

XSRQWKHP

$QJHOVRI1HW]DFKDQGRI+RGPDNH\HP\IHHWWRVWDQGILUPO\RQ<HVRG

$QJHORI*HGXODKFRQVROHPH$QJHORI*HEXUDKVWULNHLILWPXVWEHVREXW

PDNHPHVWURQJHUVRWKDW,PD\EHFRPHZRUWK\RIWKHLQIOXHQFHRI

7LSKHUHWK

2K$QJHORI%LQDKJLYHPH/LJKW

2K$QJHORI&KRNPDKJLYHPH/RYH

2K$QJHORI.HWKHUFRQIHUXSRQPH)DLWKDQG+RSH

background image

6SLULWVRIWKH<HW]LUDWLF:RUOGZLWKGUDZPHIURPWKHGDUNQHVVRI$VVLDK

2KOXPLQRXVWULDQJOHRIWKH:RUOGRI%ULDKFDXVHPHWRVHHDQGXQGHUVWDQG

WKHP\VWHULHVRI<HW]LUDKDQGRI$W]LOXWK

2K+RO\/HWWHUV6KLQ

2K\H,VKLPDVVLVWPHE\WKHQDPH6KDGDL

2K\H.HUXELPJLYHPHVWUHQJWKWKURXJK$GRQDL

2K%HQL(ORKLPEHEURWKHUVXQWRPHLQWKHQDPHRI7]DEDRWK

2K(ORKLPILJKWIRUPHE\WKHWKH+RO\7HWUDJUDPPDWRQ

2K0HODNLPSURWHFWPHWKURXJK-HKRYDK

2K6HUDSKLPJLYHPHKRO\ORYHLQWKHQDPH(ORDK

2K&KDVKPDOLPHQOLJKWHQPHE\WKHWRUFKHVRI(ORLDQGWKH6KHNLQDK

2K$UDOLPDQJHOVRISRZHUVXVWDLQPHE\$GRQDL

2K2SKDQLP2SKDQLP2SKDQLPIRUJHWPHQRWDQGFDVWPHQRWRXWRIWKH

6DQFWXDU\

2K&KDLRWKKD.DGRVKFU\DORXGDVDQHDJOHVSHDNDVDPDQURDUDQG

EHOORZ

.DGRVK.DGRVK.DGRVK6KDGDL

$GRQDL-HKRYDK(K\HKDVKHU(K\HK

+DOOHOX-DK+DOOHOX-DK

+DOOHOX-DK

$PHQ$PHQ$PHQ

7KLVSUD\HUVKRXOGEHPDGHXVHRIHYHU\PRUQLQJDQGHYHQLQJDQGLWVKRXOG

EHUHFLWHGDVDSUHOLPLQDU\WRDOOJUDQGPDJLFDODQG.DEDOLVWLFFHUHPRQLDOVLW

VKRXOGEHUHFLWHGZKHQIDFLQJWKHRULHQWZLWKWKHH\HVUDLVHGWRWKHKHDYHQV

RUIL[HGRQWKH.DEDOLVWLFHPEOHPRIWKHVXEOLPH7HWUDJUDPPDWRQZKLFK

\RXZLOOILQGGUDZQIRU\RXULQVWUXFWLRQRQDQDFFRPSDQ\LQJSDJH

6RVRRQDV\RXDSSO\ERWKERG\DQGVRXOWRWKH+LJKHU0DJLF\RXZLOOKDYH

WRGHIHQG\RXUVHOIDJDLQVWDOOWKHEOLQGIRUFHVRIWKHZRUOGDQGRI+DGHV

(DUWKZLOOVHQGWKH%DFFKDQWHVRI2USKHXVDQGWKHWHPSWUHVVHVZKRDVVDLOHG

6DPVRQDQG6RORPRQHYHQWKHVWRQHVZLOOULVHXSDQGKXUOWKHPVHOYHVDW

\RX+DGHVZLOOVHQGLWV/DUYDHDQG3KDQWRPVWRDWWDFN\RX$VDGHIHQFH

background image

\RXZLOOSRVVHVVWKH'LYLQH:RUGWKHDXUDWKHPDJLFDOVZRUGWKHPDJQHWLF

ZDQGWKHFRQVHFUDWHGZDWHUDQGWKHVDFUHGILUHEXWDERYHDOOWKHYLJLODQW

SRZHURI\RXULQYRFDWLRQ

,I\RXDUH5R\DO\RXPD\UHO\XSRQUHYROWVDQGFRXQWHUSORWVWRIRUFHWKH

VSLULWXDOSRZHUVWRREH\\RX3HUIRUPWKHFRQMXUDWLRQRIWKH)RXUE\PHDQV

RIWKH3DQWDFOHRI(]HNLHODQGSURFHHGE\WKH6HSWHQDU\DQGWKH7ULDGLF

PHWKRGDQGE\WKH3DQWDFOHRIWKH+H[DJUDPRI6RORPRQZKLFKODWWHULV

WKH6\PERORIWKH0DFURFRVP

)RUWKHFRQMXUDWLRQRIWKH7HWUDGWKH)RXU\RXEULQJLQWRDFWLRQWKHSRZHUV

RIWKHIRXUHOHPHQWVGXO\FRQVHFUDWHGDQG\RXPXVWWUDFHLQWKHDLUDQG

XSRQWKHHDUWKWKHSHQWDJUDPVRIILUHDQGZDWHUWKHQPDNHIRXUH[SLUDWLRQV

RIWKHEUHDWKDQGUHFLWHPDNLQJWKHFURVV1LFNVD*KRE3DUDOGD'MLQ

)OXDWXGRUSHU6SLULWXP(ORKLP

/HWWKHZDWHUVIORZRQWKURXJKWKHVSLULWXDOHQHUJ\IURP(ORKLPRU\H

8QGLQHVPXVWUROOEDFNWKURXJKWWKHLQIOXHQFHRIWKLVFRQVHFUDWHGZDWHU

0DQHDWWHUUDSHU$GDP

/HWWKHHDUWKUHPDLQVROLGWKURXJK$GDP:RUN\H*QRPHVDV,ZLOORU

UHWXUQWRWKHHDUWKLQZKLFK,FDQLPSULVRQ\RXE\WKLV3DQWDFOH

)LDWILUPDPHQWXPSHU(ORKLP

7KHILUPDPHQWPXVWSHUVLVWWKURXJKWKH(ORKLP6XEPLW\H6\OSKVRUSDVV

DZD\E\WKHFXUUHQWRIP\EUHDWKLQJ

)LDWMXGLFLXPSHULJQHP

/HWWKHGHFUHHEHFDUULHGRXWE\WKH)LUH<H6DODPDQGHUVEHFDOPRUEH

FRHUFHGE\WKHVDFUHGILUH

<RXPD\IRUPXODWHWKH8QGLQHDVDQDQJHOLFIRUPZLWKWKHH\HVRIGHDWK

WKH*QRPHDVDZLQJHGEXOOWKH6\OSKDVDQHDJOHFKDLQHGDQGWKH

6DODPDQGHUDVDJOLGLQJVHUSHQW

/$7,1,192&$7,21

2 FDSXW PRUWXXPLPSHURWLELSHUYLYLXP6HUSHQWHP

.HUXELPSHURWLELSHU$GDP

$TXLODLPSHURWLELSHUDODV7DXUL

6HUSHQVLPSHURWLELSHU$QJHOXPHW/HRQHP

background image

7KH&RQMXUDWLRQRIWKH+HSWDGWKH6HYHQLVPDGHZLWKWKH0DJLFDO:DQG

DQGIXPLJDWLRQVE\PHDQVRIWKH6HYHQ3ODQHWDU\6SLULWV

3/$1(7$5<&21-85$7,21

,QWKHQDPHRI0LFKDHOZKRP-HKRYDKGHFUHHVWRFRPPDQG6DWDQ

,QWKHQDPHRI*DEULHOZKRP$GRQDLGHFUHHVWRFRPPDQG%HHO]HEXE

,QWKHQDPHRI5DSKDHOREH\(ORKLPWKRX6DFKDELHO

%\6DPDHO7]DEDRWKDQGE\WKHQDPHRI(ORKLP*LEXUOD\GRZQWK\

ZHDSRQVWKRX$GUDPHOHN

%\=DFKDULHODQG6DFKLHO0HOHNVXEPLWWRWKHSRZHURI(ORDKWKRX

6DPJDELHO

,QWKHGLYLQHDQGKXPDQQDPHRI6KDGDLDQGE\WKHSRZHURI$QDHORI

$GDPDQGRI&KDYDKWKRX/LOLWKUHWLUHOHDYHXVLQSHDFHWKRX1DKHPDK

%\WKHKRO\(ORKLPDQGE\WKHSRZHURI2ULILHOLQWKHQDPHVRIWKHVSLULWV

&DVVLHO6FKDOWLHO$SKLHODQG=DUDKLHOWXUQEDFNWKRX0RORFKWKHUHDUHQR

FKLOGUHQKHUHIRUWKHHWRGHYRXU

<RXPXVWWKHQWUDFHLQWKHDLUDQGXSRQWKHHDUWKZLWKWKH0DJLFDO:DQG

WKHIDPRXVDQGSRZHUIXO+H[DJUDPWKH6HDORI6RORPRQ

7KH&RQMXUDWLRQRIWKH7KUHHLVSHUIRUPHGZLWKWKH7HWUDJUDPPDWRQ

SURQRXQFLQJWKUHHWLPHVLQDGHHSVRQRURXVYRLFHWKH7KUHHOHWWHUVRIWKH

*UHDW1DPHWUDFLQJLQWKHDLUDQGXSRQWKHHDUWKWKHVLJQVRIWKHIRXUUDGLL

RIWKH:KHHORI(]HNLHOV9LVLRQZLWKWKHZRUGV<RG+HK9DX+HKDQG

WKHQPDNHWKHVLJQRIWKH&URVV

<RXVKRXOGZHOOXQGHUVWDQGWKDWWKHQDPHV6DWDQ%HHO]HEXEDQGRWKHUV

OLNHWKHPGRQRWPHDQVSLULWXDOSHUVRQDOLWLHVEXWUDWKHUOHJLRQVRILPSXUH

VSLULWV

0\QDPHLV/HJLRQVDLGWKH6SLULWRIGDUNQHVVEHFDXVHZHDUHQXPEHUOHVV

LQKHOOWKHNLQJGRPRIDQDUFK\LWLVQXPEHUZKLFKPDNHVODZDQGSURJUHVV

LVLQYHUVHIRUWKHUHWKHPRVWGHJUDGHGDUHWKHOHDVWLQWHOOLJHQWDQGPRVW

ZHDN7KXVWKHODZRIIDWDOLW\FRPSHOVWKHGHPRQVWRGHVFHQGZKHQWKH\

EHOLHYHDQGZLVKWRULVHDQGVRWKRVHZKRP,FDOOWKH&KLHIVDUHWKHPRVW

SRZHUOHVVDQGWKHPRVWFRQWHPSWLEOHRIWKHPDOO

background image

7KRVHHYLOVSLULWVZKLFKIRUPWKHFURZGWUHPEOHEHIRUHD&KLHIZKRLV

XQNQRZQLPSDFDEOHDQGGHDIQHYHUVSHDNLQJDQGZKRVHDUPLVDOZD\V

UDLVHGWRVWULNH7RWKLVSKDQWRPDUHJLYHQWKHQDPHVRI/XFLIHU$GUDPHOHN

DQG%HOLDOEXWWKLVSKDQWRPLVEXWWKHVKDGRZRI*RGGLVILJXUHGE\WKHLU

SHUYHUVLW\DQGUHPDLQVDPRQJWKHPWRWRUPHQWDQGWHUULI\WKHPIRUHYHU

%HJXDUGHGLQWKHZRUGV\RXVSHDN6SHDNQRWRI*RGXQOHVV\RXDUH

LOOXPLQDWHG$OOWKHLPDJHVZKLFK\RXFUHDWHZKHWKHURI*RGRURIRWKHU

LGHDOVUHPDLQLPSULQWHGRQWKDWOXPLQRXVPHGLXPWKH$VWUDO/LJKWRIWKH

VRXODQGRIWKHZRUOGDQGWKHUHLVWKDW%RRNRIWKH&RQVFLHQFHZKLFKVKDOO

EHRSHQHGDQGLWVUHFRUGVUHYHDOHGLQWKH/DVW'D\

.QRZWKDWWKH+XPDQ%UDLQDOWKRXJKLWUHFHLYHVGRHVQRWPDNHDQ\YLVLEOH

UHFRUGRILPSUHVVLRQVRWKHUZLVHWKH\ZRXGEHHQJUDYHGXSRQWKHJUH\

PDWWHURIWKH%UDLQDQGDQDWRPLVWVZRXOGVHHWKHPWKHUH

7KHQHUYHVXEVWDQFHGRHVQRWSHUFHLYHDQGFROOHFWE\UHDVRQRIWKLVHVVHQFH

WKH$VWUDO/LJKWWKHOLYLQJDQGLQHIIDFHDEOHSLFWXUHVRIWKHVSLULWXDO

DWPRVSKHUHZKLFK\RXHYRNH<RXPD\HYHQE\V\PSDWK\SUHVHQWRUSDVW

ZLWKWKHGHVLUHVHYRNHWKHLPSUHVVLRQVRIRWKHUSHUVRQVDQGWKXVLWLVWKDW

\RXFDQFRPPXQLFDWHZLWKWKRVHZKRDUHGHDGDQGHYHQSHUFHLYHWKHERGLO\

IRUPWKH\KDYHWKURZQDVLGHDQGZKLFKWKH\PXVWUHWDNHZKHQWKHJUDQG

&RQVXPPDWLRQDUULYHVDQGWKHZRUOGLVWUDQVILJXUHG

7RVXFKDVDVN\RXZKHUH3DUDGLVHDQG+HOODUHVLWXDWHG\RXVKRXOG

DQVZHU3DUDGLVHH[LVWVZKHUHHYHU\RXVSHDNWKHWUXWKDQGGRWKHULJKW

+HOOLVSUHVHQWZKHUHYHU\RXVSHDNWKDWZKLFKLVIDOVHRUGRWKDWZKLFKLV

HYLO

3DUDGLVHDQG+HOODUHQRWORFDOLWLHVWKH\DUHVWDWHVDQGWKHFRQWUDVWHG

VWDWHVZLOOUHPDLQWRHWHUQLW\HYHQDVJRRGPXVWHYHUUHPDLQLQRSSRVLWLRQ

WRHYLODVWKHHVVHQWLDORIDSHUVRQDOLW\LVRSSRVHGWRWKDWRI,QWHOOLJHQW

([LVWHQFHZKLFKLV/LEHUW\

7KHSODVWLFXQLYHUVDOPHGLXPWKHXQVXEVWDQWLDOVXEVWDQFHZKLFKLVOLJKW

PRWLRQDQGOLIHWKLVDQGURJ\QHPDJQHWLFIRUFHUHFHLYHVSUHVHUYHVDQG

FRPPXQLFDWHVDOOWKHIRUPVDQGLPDJHVZKLFKDUHWKHLPSUHVVLRQVRIWKH

:RUGWKLVLWLVZKLFKJLYHVIRUPDQGFRORXUWRSODQWVLWLVWKLVZKLFKVWDPSV

XSRQWKHIUXLWRIDPRWKHUVZRPEWKHLPSUHVVRIKHUWKRXJKWVDQGGHVLUHV

,WLVWKLVZKLFKSURGXFHVDSSDULWLRQVDQGWKHVHQVLEOHYLVLRQVRIH[DOWDWLRQ

DQGHFVWDV\ZKHQ6XSHULRU6SLULWXDO3RZHUVFRPPXQLFDWHWRXVE\WKH

FRUUHVSRQGHQFHVRIWKH:RUGRUZKHQ,QIHULRUVSLULWVVHHNWRPRXQWWRRXU

SODQHE\V\PSDWK\ZLWKRXUJURVVHUSDVVLRQV

7KHUHLVQRUHDOLVRODWLRQLQWKLVZRUOGWKHUHLVQRSRLQWRIIRUPDQGQR

YDULHW\RIWKRXJKWZKLFKKDVQRWLWVFRUUHVSRQGHQFHLWHPE\LWHPWKURXJK

DQDORJ\ZLWKWKDWZKLFKLVDERYHDVZHOODVWKDWZKLFKLVEHORZLQWKH

LQILQLWHDQGILQLWHZRUOGV7KLVLVWKHWUXHLGHDORIWKHP\VWLFDO/DGGHURI

background image

-DFREZKRVHUXQJVDUHERXQGWRJHWKHUE\WKHWZR3LOODUVRI/LJKWDQGZKLFK

SURYLGHIRUWKHXQEURNHQFLUFXODWLRQRI,QWHOOLJHQFHDQG/RYHWKURXJKWKH

YDVWDUHDVRIWKH8QLYHUVH

1RWKLQJHQWLUHO\QHZKDSSHQVXQGHUWKH6XQFDXVHVOHDGWRQHZFDXVHVDQG

HIIHFWVSUHFHGHWKHVH3URSKHWLFLQWXLWLRQVDUHEXWWKHUHVXOWRID

FRQVLGHUDWLRQRIWKHDQDORJLHVEHWZHHQWKHSDVWDQGWKHIXWXUHUHDGLQWKDW

OXPLQRXVYROXPHFRPSRVHGRIVXFKPRELOH\HWLQFRUUXSWLEOHFKDUDFWHUVDV

DUHWKHZDYHVRIWKHVHD

+HQFHLWIROORZVWKDWWRGLYLQHLVWRVHH

(DFKPDQEHDUVKLVHDUWKO\IXWXUHLQKLVQDWXUDOFKDUDFWHUDQGKHKDVKLV

FKDUDFWHULPSULQWHGRQKLVIDFHDQGLQKLVKDQGVLQKLVQDWXUDOPRYHPHQWV

LQKLVJODQFHVDQGKLVYRLFH

(DFKSHUVRQDOZLOOKDVDWLWVGLVSRVDOWKUHHPRGHVRIIRUFHPRUDOSRZHU

LQVWLQFWLYHSRZHUDQGSK\VLFDOHQHUJ\0RUDOSRZHULVWKDWVROLGDULW\ZKLFK

H[LVWVEHWZHHQDOOWUXO\VSLULWXDOVRXOVLQVWLQFWLYHSRZHULVWKHVROLGDULW\

VXEVLVWLQJEHWZHHQWKHLPSXOVHVDQGUHVLVWDQFHVRIPDWHULDOVXEVWDQFHV7R

HDFKRIWKHVHIRUFHVWKHUHLVDFRUUHVSRQGLQJIRUPRIOLIH

7KHPLGGOHRU,QVWLQFWLYHIRUFHDFWVXSRQXVZLWKRXWRXUDFWLYHSDUWLFLSDWLRQ

ZKHQRXU0RUDOIRUFHLVLQDEH\DQFHDQGZKHQRQHGHVLUHVWRJLYHLWIUHH

SOD\RQHPXVWVOXPEHURUDWOHDVWVOHHSPRUHRUOHVV

7KHUHLVDYROXQWDU\VOXPEHUDVWKHUHLVDQLQYROXQWDU\RUSK\VLRORJLFDO

VOHHS9ROXQWDU\VOXPEHULVVRPHZKDWOXFLGEHFDXVHLWGRHVQRWDEVROXWHO\

EUHDNDZD\IURPUHPLQLVFHQFH

3URSKHF\DQG7KDXPDWXUJ\DUH1DWXUDOIDFXOWLHV

7KH5HDQLPDWLRQRIWKH'HDGLQWKHFDVHRIFHUWDLQPHQDQGXQGHUFHUWDLQ

FLUFXPVWDQFHVLVQRWDWKLQJQDWXUDOO\LPSRVVLEOH$WWKHPRPHQWRIGHDWK

WKHVRXOILQGVLWVHOIIUHHIURP\HWQHDUWKHHDUWK\WHQHPHQWLWKDVMXVWOHIW

DQGLIWKHUHDOO\YLWDORUJDQVKDYHQRWEHHQGHVWUR\HGLWFDQEHUHFDOOHGE\

RQHZKRVHZLOOKDVWUHPHQGRXVIRUFH'HDWKLVRQO\DEVROXWHZKHQWKHYLWDO

RUJDQVKDYHORVWWKHLULQWHJULW\

([DPSOHVRIUHDQLPDWLRQDUHQRWLQIUHTXHQWEXWZKHQWKH\RFFXUWKH

RFFXUDQFHRIGHDWKLVGHQLHGDQGWKHIDFWVREVHUYHGDUHH[SODLQHGE\VD\LQJ

WKDWWKHSHUVRQZDVRQO\LQDWUDQFHRUOHWKDUJ\

7RGHQ\WKDWGHDWKKDVRFFXUHGLQWKHVHFDVHVPD\EHSHUPLVVLEOHEXW

SXEOLFRSLQLRQVKRXOGKDYHWKHFRXUDJHRILWVFRQYLFWLRQVDQGVKRXOGDOZD\V

GHQ\LW

background image

2 WKRXZKRDUWQRZZLVHWKRXKDVWEHHQDQLQIDQWZKDWKDVEHFRPHRIWKH

LQIDQW"LWKDVSDVVHGDZD\EXW\RXVWLOOOLYH

<RXKDYHEHHQD\RXWKKHKDVSDVVHGDZD\EXW\RXDUHVWLOOZLWKXV<RX

ZHUHRQFHD\RXQJPDQZKDWKDVEHFRPHRIWKDW\RXQJPDQ"\RXVWLOOOLYH

<RXDUHQRZDPDQRIIXOO\HDUVRUSHUKDSVHYHQDQROGPDQZKDWZLOO

EHFRPHRI\RXROGPDQ"<RXZLOOGLHEXW\RXZLOOH[LVWIRUHYHU<HWHDFKRI

\RXUVWDJHVRIGHYHORSPHQWKDVOHIWLWVFRUSVHRQO\\RXGRQRWKDSSHQWR

KDYHVHHQLW2QO\EHOLHYHWKHQWKDW\RXUODVWFRUSVHZLOOQRWEHDSSUHFLDEOH

E\\RXDQGVR\RXPD\UHVWLQDSHDFHIXOLPPRUWDOLW\

<RXKDYHEXWWRXQGHUJRRQHPRUHWUDQVIRUPDWLRQEHIRUH\RXUHPRXQWWR

WKDWVRXUFHRIOLIHIURPZKLFK\RXRQFHVSUDQJ

7UDQVIRUPDWLRQUHVXOWVIURPHWHUQDOPRWLRQZKLFKLVWKHHVVHQWLDOODZRI

YLWDOLW\FKHFNWKLVDQGHQIRUFHDVWDELOLW\DWDQ\VWDJHRIHYROXWLRQDQG\RX

FUHDWHDUHDOGHDWK

%HKROGWK\VHOIWKHQE\QDWXUDOODZLPPRUWDO

:RXOG\RXWKHQEHIRUHYHUWKHVODYHRIVHFRQGDU\FDXVHVRUZLOO\RX

EHFRPHWKHLUFRQWUROOHU"

:LOO\RXVXEPLWWRWKHPRUZLOO\RXFKRRVHWKHKLJKDOWHUQDWLYHRIGLUHFWLQJ

WKHP"

,I\RXZLOOEHFRPHD0DVWHUVHWIUHH\RXUVSLULWE\UHO\LQJRQWKH+HUPHWLF

6WRQHDQGH[HUFLVH\RXU:LOO3RZHUWKURXJKWKH:RUGWUDQVPXWHGLQWR

DFWLRQ-RLQWRDQ,QWHOOLJHQFHUHDOO\VHWIUHHDQDOOSRZHUIXO:LOODQG\RX

ZLOOILQG\RXUVHOI0DVWHURIWKHSRZHUVRIWKH(OHPHQWV/3'

/LEHUW\3RZHU'HVSRWLVP3RZHULVFRUUHFWHTXLOLEULXPEHWZHHQ'HVSRWLVP

DQG/LEHUW\7KLVLVWKHVROXWLRQRIWKH(QLJPDRIWKUHHOHWWHUVZKLFK

&DJOLRVWURWKH,QLWLDWHIRUPXODWHGWRUHSUHVHQWWKH.DEDODKRISROLWLFDODQG

VRFLDOVWDELOLW\

/LEHUW\LV&KRNPDK

'HVSRWLVPLV%LQDK

3RZHUEHQHILFHQWLV.HWKHU

/LEHUW\LV*HGXODK

'HVSRWLVPLV*HEXUDK

3RZHUEHQHILFHQWLV7LSKHUHWK

background image

/LEHUW\LV1HW]DFK

'HVSRWLVPLV+RG

3RZHUEHQHILFHQWLVLQ<HVRG

,QWKHHVVHQFHRIWKH)LUVW&DXVH/LEHUW\KDV1HFHVVLW\DVDFRXQWHUSRLVH

WKLV1HFHVVLW\LVWKHGHVSRWLVPRI6XSUHPH5HDVRQDQGUHVXOWLQJIURPWKLV

HTXLOLEULXPLVD:LVHDQG$EVROXWH3RZHU

,I\RXVHHNWREHDEVROXWHEHILUVWZLVHDQGLI\RXDUHZLVHEHWKHQ

DEVROXWH7REHD0DVWHU\RXPXVWEHIUHHWREHIUHH\RXPXVWKDYH

DWWDLQHGWKHPDVWHU\RI\RXUVHOI

/LEHUW\LV-DNLQ

'HVSRWLVPLV%RD]

3RZHULVUHSUHVHQWHGE\WKH7HPSOH*DWHZKLFKZDVEHWZHHQWKHP

)RXUSKUDVHVFRQVWLWXWHDQGLQFOXGHDOOWKDWLVUHTXLUHGIRUWKHSRVVHVVLRQRI

+LJK0DJLFDO3RZHU

7RNQRZ

7RGDUH

7RZLOO

7RNHHSVLOHQFH

.QRZOHGJHLVUHSUHVHQWHGE\WKH+XPDQKHDGRIWKH6SK\Q[

&RXUDJHE\LWV(DJOHVZLQJV

:LOOE\WKH/LRQVFODZVDQGWKHORLQVRIWKH%XOO

6HFUHF\E\LWVVWRQ\VLOHQFHDQGE\WKHKLGGHQDQVZHUWRLWVHQLJPD

:KHQWKHSXSLOKDVJUDVSHGWKHPHDQLQJRIDQGFDQFDUU\LQWRSUDFWLFH

WKHVHIRXUUHTXLUHPHQWVKHPD\WKHQUHFHLYHSHUPLVVLRQWR/RYH

(YHU\IRUFHFRUUHVSRQGVWRDOOIRUFHVDQGPD\EHFRPHDOOSRZHUIXOLQWKH

KDQGVRIRQHZKRNQRZVKRZWRGLUHFWDQGXVHLW

(DFKIRUPRIZHDNQHVVKDVDVLPLODULW\WRDOOZHDNQHVVHVDQGPD\EHFRPH

D VODYHWRRQHZKRLVVWURQJDQGNQRZVKRZWRDYDLOKLPVHOIRILW7KURXJK

background image

WKHNQRZOHGJHRIWKLVVHFUHWWKH0DJXVFRPPDQGVWKHIRUFHVDOLNHRI

KHDYHQDQGKHOODQGWKH\FDQEXWEHVXEPLVVLYHWRKLV:LOO

5HDOLVHFOHDUO\WKDWDQLQWHOOLJHQFHZKLFKLV)UHHLVRIQHFHVVLW\ERWKMXVWDQG

ZLVH1HURDQG&DOLJXODZHUHSRVVHVVHGRIGHVSRWLFZLOOEXWWKHLU

LQWHOOLJHQFHZDVQRWIUHHLQWR[LFDWHGZLWKDEVROXWHSRZHUWKH\ZHUH

DWWDFNHGE\YHUWLJR$EVROXWHZLOOSRZHUXQJXLGHGE\DULJKW5HDVRQLVWKH

TXLQWHVVHQFHRIWKH'HYLODQGKHUHLVWKHH[SODQDWLRQRIWKHVHFUHWVRI%ODFN

0DJLFZKLFKOHDGVWRPDGQHVVRIPLQGDQGSRLVRQLQJRIERG\+HQFHWKH

VRUFHUHULVVDLGWRJLYHKLPVHOIWRWKH'HYLODQGLQWKHHQGWKH'HYLOZLOO

ZULQJKLVQHFN

<RXZLOOQRZQHHGWROHDUQWKHODVWVHFUHWRIPDJLFDOIRUFHDQGWKHILQDO

JUDGHRIKXPDQZLOOSRZHU

,WLV5HVLVWDQFHWRWKH8QLYHUVDO$WWUDFWLRQWKLVLVWKHFRQTXHVWRIQDWXUHLW

LVWKH5R\DO$XWKRULW\RI6RXORYHU%RG\LWLV&RQWLQHQFH7RKDYHWKH

SRZHUDQGRSSRUWXQLW\WRGRZKDWJLYHSOHDVXUH\HWWRDEVWDLQEHFDXVHRQH

ZLOOVLWWKLVVKRZVWKH5R\DOSRZHURI6RXORYHUERG\

+DSS\LVWKHPDQZKRFDQEHVRSODFHGDQG\HWVRDFWWKXVLWLVWKDWWKH

PRVWVXEOLPHXVHRIOLEHUW\LVDEVROXWHREHGLHQFH:LWKRXWREHGLHQFHQR

VRFLHW\FDQFRQWLQXHWRH[LVW7KLVLVZK\WKH0DJLZRUVKLSSHGWKH&KULVWLQ

WKHVWDEOHDW%HWKOHKHP&KULVWWKDWVRQRI*RGJUHDWHVWRILQLWLDWHVDQG

WKHODVWLQLWLDWRU

%XW&KULVWKDGDVDOOJUHDWWHDFKHUVKDYHKDGRQHWHDFKLQJIRUWKHSHRSOH

DQGDOVRDQHVRWHULFGRFWULQH

7R-RKQWKHEHORYHGGLVFLSOHKHFRQILGHGWKHGHHSHVWP\VWHULHVRIWKH+RO\

.DEDODKDQG-RKQLQDIWHU\HDUVUHYHDOHGRUUHYHLOHGWKHPLQKLV

$SRFDO\SVHZKLFKLVLQGHHGDV\QWKHVLVRIDOOHDUOLHUPDJLFDOSURSKHWLFDQG

.DEDOLVWLFZRUNV

7KH$SRFDO\SVHUHTXLUHVDVLWVNH\RU&ODYLFXODWKH:KHHORI(]HNLHOZKLFKLV

LWVHOIH[SODLQHGE\WKHKLHURJO\SKVRIWKH7DURW

1RWHV

7KLVILQDOFDUGQXPEHUHGLQWKHDFWXDO7DURW7UXPSVDQGFDOOHG/H

0RQGHUHSUHVHQWVDQDQJHOLFRUKXPDQILJXUHIORDWLQJLQWKHDLUDOPRVW

QXGHDQGKROGLQJDVKRUWZDQGLQHDFKKDQG7KHILJXUHLVPRUHIHPDOH

WKDQPDOH$URXQGKHULVDQRYDOJDUODQGRIOHDYHVDQGRXWVLGHRIWKLVDW

WKHIRXUFRUQHUVDUHSODFHGWKH.HUXELFHPEOHPVRIDPDQOLRQHDJOHDQG

EXOO7KLVILJXUHVD\V/HYLLV7UXWKDQGWKHP\VWLFDOPHDQLQJLVWKH

0LFURFRVPRUWKHUHVXPHRIDOOLQDOO

background image

&KULVWLDQGUDZVWKHJDUODQGFLUFXODUDQGDVIRUPHGRIURVHVWKH.HUXELP

DUHSODFHGDWWKHIRXUFDUGLQDOSRLQWVDQGQRWDWWKHDQJOHVRIWKHGHVLJQ

KHVD\VLWVPHDQLQJLVWKH(WHUQDO5HZDUGRIDOLIHZHOOVSHQW

127(%<7+((',725

7KHYHU\FXULRXVPDQXVFULSWYROXPHIURPZKLFKWKHSUHFHGLQJSDJHVKDYH

EHHQWUDQVODWHGFRQFOXGHVZLWKDSDVVDJHZKLFKDSSHDUVWRUHWUDFWWKH

ZKROHRIWKHIRUHJRLQJLQVWUXFWLRQ,WLVDYHU\QRWDEOHLOOXVWUDWLRQRIWKH

VHFRQGPLQGRILWVDXWKRU0U:DLWHZKRSXEOLVKHGDQ(QJOLVKWUDQVODWLRQRI

PXFKWKDW/HYLKDVZULWWHQKDVLQKLV3UHIDFHFDOOHGHVSHFLDODWWHQWLRQWRWKH

HYLGHQFHWKDW/HYLZDVGUDZQLQDPRVWP\VWHULRXVIDVKLRQLQWZRGLIIHUHQW

GLUHFWLRQVE\RSSRVLQJIRUFHV)URPKLVHDUO\WUDLQLQJKHWHQGHGWREHD

GHYRXW&DWKROLFIURPKLV+HEUHZVWXGLHVKHEHFDPHD.DEDOLVWDQGD

0DJLFLDQ6RHYHQLQWKLVVKRUWRFFXOWWUHDWLVHZHILQGKLPDIWHUFDUHIXOO\

JLYLQJPDJLFDOLQVWUXFWLRQWKURXJKWZHQW\WZRFKDSWHUVPDNLQJDWLWVHQGD

VROHPQUHFDQWDWLRQDQGSRLQWLQJRXWWKDWWKHGXW\RID&KULVWLDQLVWRWKH

&KXUFKRI&KULVWZKLFKLVWKHEHVWDQGKLJKHVWDLPWRZKLFKDPDQFDQ

DWWDLQ

7+(&21&/86,21

%<(/,3+$=/(9,

2QHODVWZRUGUHPDLQVWREHVDLG:KHQWKH7HPSOHLVUHEXLOWWKHUHZLOOEH

QRPRUHVDFULILFHXSRQLWV+LJKSODFHV&HQWXULHVKDYHSDVVHGVLQFH+HUPHV

DQG=RURDVWHUOLYHGDQGWDXJKW$YRLFHJUHDWHUWKDQWKDWRIWKH6RXORIWKH

:RUOGKDVLPSRVHGVLOHQFHXSRQWKH2UDFOHV

7KH:RUGKDVEHHQPDGH)OHVKDQHZV\PERORIVDOYDWLRQE\KRO\ZDWHU

KDVUHSODFHGWKHPDJLFDOFHUHPRQLHVRIWKHGD\RI/XQD7KHVDFULILFHVWR

6DPDHORQWKHGD\RI0DUVDUHVXUSDVVHGE\WKHKHURLFVHYHULWLHVRI

SHQLWHQFH

7KHVLJQRIWKH*LIWRI7RQJXHVDQGWKH&KULVWLDQFRGHKDYHUHSODFHGWKH

VDFULILFHVWR0HUFXU\

7KHGD\RQFHVDFUHGWR-XSLWHULVQRZGHYRWHGWRWKHVLJQRIWKH.LQJGRPRI

*RGLQPDQE\WKHWUDQVXEVWDQWLDWLRQRIORYHXQGHUWKHIRUPVRIEUHDGDQG

ZLQH

$QDHOKDVYDQTXLVKHG9HQXV/LOLWKDQG1DKHPDKDUHFRQVLJQHGWR+DGHV

DQGWKHVDFUHGULWHRIPDUULDJHJLYHVGLYLQHDSSURYDOWRWKHDOOLDQFHVRIPHQ

DQGZRPHQ

/DVWO\H[WUHPHXQFWLRQZKLFKSUHSDUHVDPDQIRUDGHDWKRISHDFHKDV

UHSODFHGWKHVDGRIIHULQJVRI6DWXUQDQGWKHSULHVWKRRGRIOLJKWJLYHVIRUWK

LOOXPLQDWLRQRQWKHGD\VDFUHGWRWKH6XQ

background image

*ORU\EHWRWKH&KULVWZKRKDVEURXJKWWRWKHLUFRPSOHWLRQWKHV\PEROVRI

WKH$QFLHQW0\VWHULHVDQGZKRKDVSUHSDUHGWKHUHLJQRINQRZOHGJHE\

IDLWK:LOO\RXQRZEHJUHDWHUWKDQDOO0DJL"+LGHDZD\\RXUVFLHQFHLQWKH

UHFHVVHVRI\RXUPLQG%HFRPHD&KULVWLDQVLPSOHDQGGRFLOHEHDIDLWKIXO

VHUYDQWRIWKH&KXUFKEHOLHYHPRUWLI\\RXUVHOIDQGREH\

2&&8/7$1'5(/,*,2860$;,06

)5207+(0662)(/,3+$=/(9,

(YHU\LGOHZRUGLVDIDXOW

6KRZ\RXUOHDUQLQJE\\RXUDFWLRQV

7KH:RUGLV/LIHDQGWKH)LUVW3ULQFLSOHRI/LIH

7KHTXDOLW\RIDOLIHLVVKRZQE\LWVDFWLRQV

$QLGOHZRUGLVHLWKHUZLWKRXWPHDQLQJRULVRIWKHQDWXUHRIDOLH

$QLGOHZRUGLQUHOLJLRXVPDWWHUVLVDVLQ

+HZKRLVFRQWHQWZLWKLGOHZRUGVLVDVLIKHZHUHGHDG

+HZKRGRHVQRWPDNHKLVZRUVKLSPDQLIHVWKDVQRUHOLJLRQ

%HWWHULVVXSHUVWLWLRQWKDQLPSLHW\

*RGMXGJHVDFWLRQVUDWKHUWKDQYDLQWKRXJKWV

+HZKRLVUHOLJLRXVZLOOGRZRUNVZKLFKDFFRUGZLWKWKH:RUGRIKLVUHOLJLRQ

KHZKRKDVQRUHOLJLRQDQGEHOLHYHVQRWLQDQ\ZRUG\HWKHDOVRPXVWEH

MXGJHGE\KLVDFWLRQVIRUWRHYHU\PDQVKDOOLWEHDFFRUGLQJWRKLVZRUNV

7UXHUHOLJLRQLVWKDWZKLFKVKRZHWKDIRUPRIZRUVKLSZKLFKLVSXUHDQG

OLYLQJWKHSHUIHFWLRQRIZRUVKLSKRZHYHUOLHWKLQVHOIVDFULILFHZKLFKLV

FRPSOHWHDQGHQGXULQJ

7KHEHDXW\RIVHOIVDFULILFHLVWDXJKWLQWKH&KXUFKRI&KULVW&DWKROLFDQG

5RPDQDQGLWLVDQDUWLFOHRIIDLWKWKDWDQ\RQHZKRGHQLHVKLPVHOIDQG

WDNHVXSWKLVFURVVDQGIROORZVWKH0HGLDWRUWRWKH$OWDUDVVXPHVDWRQFH

WKHRIILFHVERWKRI3ULHVWDQG9LFWLP

1RPDQHYHUVDZ*RGDWDQ\WLPH

%HIRUHWKHGDZQRIWKH0LFURFRVP$]RWKZDVWKH)O\LQJ(DJOHDQGWKH5R\DO

/LRQLWZDVWKH0DVWRGRQRIWKH(DUWKDQGWKH/HYLDWKDQRIWKH6HD:KHQ

WKHKXPDQKHDGHG6SK\Q[DSSHDUHG$]RWKEHFDPH0DQDPRQJPHQDQG

6SLULWVDPRQJ(OHPHQWDOV(YHU\VXEVWDQFHFDQDQGVKRXOGEHFRPH$]RWKE\

DGDSWDWLRQ

background image

,Q$]RWKLVWKH3ULQFLSOHRIWKH/LJKWZKLFKLVWKH4XLQWHVVHQFHRI6SOHQGRXU

DQG*ROG7KLVLVWKHJUDQG6HFUHWRIXQLYHUVDO7UDQVPXWDWLRQ

1RPDQKDVHYHUVHHQWKH/LJKWEXWZHVHHE\UHDVRQRILWWKRVHREMHFWV

ZKLFKUHIOHFWWKHOLJKW

7KHUHLVQRWKLQJRFFXOWZKLFKVKDOOQRWEHNQRZQWKHUHLVQRWKLQJFRQFHDOHG

ZKLFKVKDOOQRWEHUHYHDOHG

7KH.LQJGRPRI*RGLVZLWKLQXV

,QLWLDWLRQSDVVHVIURP(DVWWR:HVW

,QWHOOLJHQFHSDVVHVIURP6RXWKWR1RUWK

3RZHUSDVVHVIURP1RUWKWR6RXWK

7KH:RUGLVWKHJDUPHQWRIWKH7UXWK

*RGZLHOGVQRWDEVROXWHEXWUHJXODWHGSRZHU

7RWHOOWKH7UXWKWRWKRVHZKRFDQQRWXQGHUVWDQGLWLVWROLHWRWKHP7R

XQYHLOWKH7UXWKWRVXFKSHUVRQVLVWRSURIDQHLW

7+((1'


Document Outline


Wyszukiwarka

Podobne podstrony:
Golden Dawn The Supreme Invoking Ritual of the Pentagram (SIRP)(1)
Magick 101 Magickal Rituals of the OTO pentagrams
golden dawn lesser banishing ritual of the pentagram (LBRP)
Golden Dawn The Supreme Banishing Ritual of the Pentagram (SBRP)
Banishing Ritual of the Hexagram
Golden Dawn Lesser Invoking Ritual of the Pentagram (LIRP)
An Enochian Ritual of the Heptagram by Benjamin Rowe
golden dawn lesser banishing ritual of the hexagram
Golden Dawn The Supreme Invoking Ritual of the Pentagram (SIRP)
golden dawn lesser invoking ritual of the pentagram (LIRP)
(WAM) The liturgy and ritual of the Celtic church
Orning, The Magical Reality of the Late Middle
Rituals of the Sapphire Temple
golden dawn supreme banishing ritual of the pentagram
Golden Dawn Lesser Banishing Ritual of the Pentagram (LBRP)

więcej podobnych podstron