Vous êtes sur la page 1sur 28

85'












,1&,'(17$7
.,''(.<&5266,1* 

$2QH5RXQG' '/,9,1**5(<+$:.Å
'XFK\RI8UQVW5HJLRQDO$GYHQWXUH
9HUVLRQ





E\5LFKDUG+XEEDUG



7KH FLWL]HQV RI WKH SRYHUW\ VWULFNHQ FRPPXQLW\ RI .LGGHN\ &URVVLQJ DZDNHQV WR ILQG UHFHQWO\ DUULYHG FOHULF RI 6DLQW
&XWKEHUWEUXWDOO\PXUGHUHGDQGWHUULEO\PXWLODWHG7KHUHLVQRDSSDUHQWPRWLYHIRUWKHFULPHDQGQRZLWQHVVHVWRWKH
DFW$QDGYHQWXUHIRUFKDUDFWHUVOHYHO






'81*(216  '5$*216 ' ' *5(<+$:. DQG 53*$ DUH UHJLVWHUHG WUDGHPDUNV RI :L]DUGV RI WKH &RDVW ,QF
/,9,1**5(<+$:.LVDWUDGHPDUNRI:L]DUGVRIWKH&RDVW,QF7RXUQDPHQWGHWDLOFRS\ULJKWE\:L]DUGVRIWKH
&RDVW ,QF $// 5,*+76 5(6(59(' 7KLV VFHQDULR LV LQWHQGHG IRU WRXUQDPHQW XVH RQO\ DQG PD\ QRW EH UHSURGXFHG
ZLWKRXWDSSURYDORIWKH53*$QHWZRUN


7KLV LV DQ 53*$Ì 1HWZRUN VFHQDULR IRU WKH 'XQJHRQV  6&25,1*
'UDJRQVÌJDPH$IRXUKRXUWLPHEORFNKDVEHHQDOORFDWHG
IRUHDFKURXQGRIWKLVVFHQDULREXWWKHDFWXDOSOD\LQJWLPH $IWHU WKH SOD\HUV KDYH FRPSOHWHG WKH VFHQDULR RU WKH WLPH
ZLOOEHFORVHUWRWKUHHKRXUV7KHUHVWRIWKHWLPHLVVSHQWLQ DOORWWHGWRUXQWKHVFHQDULRKDVUXQRXWWKHSOD\HUVDQG'0
SUHSDUDWLRQ EHIRUH JDPH SOD\ DQG VFRULQJ DIWHU WKH JDPH VFRUHWKHJDPH7KH53*$KDVWKUHHZD\VWRVFRUHLWVJDPHV
7KHIROORZLQJJXLGHOLQHVDUHKHUHWRKHOS\RXZLWKERWKWKH &RQVXOW \RXU FRQYHQWLRQ FRRUGLQDWRU WR GHWHUPLQH ZKLFK
SUHSDUDWLRQDQGYRWLQJVHJPHQWRIWKHJDPH5HDGWKLVSDJH PHWKRGWRXVHIRUWKLVVFHQDULR
FDUHIXOO\ VR WKDW \RX NQRZ DQG FDQ FRPPXQLFDWH WR \RXU  1RYRWH VFRULQJ 7KH SOD\HUV ZULWH WKHLU QDPHV DQG
SOD\HUVWKHVSHFLDODVSHFWVRISOD\LQJDQ53*$VFHQDULR 53*$QXPEHUVRQWKHVFRULQJSDFNHWJULG<RXILOOLQ
 WKH WRS RI WKH JULG 7KDW LV DOO 1R RQH LV UDWHG 7KLV
PHWKRGLVXVHGIRUSHRSOHZKRDUHMXVWSOD\LQJIRUIXQ
35(3$5$7,21  3DUWLDO VFRULQJ 7KH SOD\HUV UDWH WKH JDPH PDVWHU DQG
)LUVW \RX VKRXOG SULQW WKLV VFHQDULR 7KLV VFHQDULR ZDV WKH VFHQDULR RQ WKHLU SOD\HU YRWLQJ VKHHW DQG SURYLGH
FUHDWHG WR VXSSRUW GRXEOHVLGHG SULQWLQJ EXW SULQWLQJ LW SHUVRQDO LQIRUPDWLRQ EXW GRQW YRWH IRU RWKHU SOD\HUV
VLQJOHVLGHGZLOOZRUNDVZHOO7KHUHLVHQRXJKURRPDORQJ 7KH JDPH PDVWHU UDWHV WKH VFHQDULR DQG FRPSOHWHV
WKHLQVLGHPDUJLQWRELQGWKHDGYHQWXUHLI\RXGHVLUH SHUVRQDO DQG HYHQW LQIRUPDWLRQ EXW GRHV QRW UDWH WKH
 5HDGWKLVHQWLUHDGYHQWXUHDWOHDVWRQFHEHIRUH\RXUXQ SOD\HUV DV D WHDP RU YRWH IRU SOD\HUV 7KLV PHWKRG LV
\RXU JDPH %H VXUH WR IDPLOLDUL]H \RXUVHOI ZLWK DQ\ VSHFLDO XVHG ZKHQ WKHUH LV QR FRPSHWLWLRQ EXW WKH HYHQW
UXOHV VSHOOV RU HTXLSPHQW SUHVHQWHG LQ WKH DGYHQWXUH ,W FRRUGLQDWRU ZDQWV LQIRUPDWLRQ RQ KRZ WKH JDPH
PD\KHOSWRKLJKOLJKWSDUWLFXODUO\LPSRUWDQWSDVVDJHV PDVWHUV DUH SHUIRUPLQJ RU WKH JDPH PDVWHU ZDQWV
 :KHQ \RX UXQ DQ 53*$ ' ' DGYHQWXUH ZH DVVXPH IHHGEDFNRQKLVRUKHURZQSHUIRUPDQFH
WKDW \RX KDYH DFFHVV WR WKH IROORZLQJ ERRNV WKH 3OD\HUV  9RWLQJ 3OD\HUV DQG JDPH PDVWHUV FRPSOHWHWKHHQWLUH
+DQGERRN WKH 'XQJHRQ 0DVWHUV *XLGH DQG WKH 0RQVWHU SDFNHWLQFOXGLQJYRWLQJIRUEHVWSOD\HU,IWKLVPHWKRG
0DQXDO:HDOVRDVVXPHWKDW\RXKDYHDVHWRIGLFH DWOHDVW LV XVHG EH VXUH WR DOORZ DERXW  PLQXWHV IRU WKH
RQH G G G G G DQG G  VRPH VFUDS SDSHU D SOD\HUVWREULHIO\GHVFULEHWKHLUFKDUDFWHUVWRWKHRWKHU
SHQFLODQ53*$VFRULQJSDFNHWDQG\RXUVHQVHRIIXQ,WLV SOD\HUVDQGDERXWPLQXWHV IRU YRWLQJ 7KLV
DOVR D JRRG LGHD WR KDYH D ZD\ WR WUDFN PRYHPHQW GXULQJ PHWKRG LV XVHG ZKHQ WKH SOD\HUV ZDQW WR NQRZ ZKR
FRPEDW7KLVFDQEHDVVLPSOHDVDSDGRIJUDSKSDSHUDQGD SOD\HG WKH |EHVW} DPRQJVW WKH JURXS RU ZKHQ WKH
SHQFLODVKDQG\DVDYLQ\OJULGPDSDQGFKLWVRUDVHODERUDWH DGYHQWXUH LV UXQ LQ WRXUQDPHQW IRUPDW ZLWK ZLQQHUV
DVUHVLQGXQJHRQZDOOVDQGPLQLDWXUHV DQGSUL]HV
 ,QVWUXFW WKH SOD\HUV HLWKHU WR SUHSDUH WKHLU FKDUDFWHUV 
QRZRUZDLWXQWLO\RXUHDGWKHLQWURGXFWLRQGHSHQGLQJRQ :KHQXVLQJYRWLQJUDQNWKHSOD\HUVLQRUGHURI\RXUYRWLQJ
WKH UHTXLUHPHQWV RI WKH VFHQDULR DV GHVFULEHG LQ WKH FKRLFH ZKLOH WKH\ DUH FRPSOHWLQJ WKHLU IRUPV VR WKDW \RX
LQWURGXFWLRQ DUHQRWLQIOXHQFHGE\WKHLUFRPPHQWVRQ\RXUDELOLWLHV,WVD
 .HHSLQPLQGWKDW\RXPXVWKDYHDWOHDVWIRXUSOD\HUV JRRG LGHD WR KDYH WKH SOD\HUV YRWH ZKLOH \RX GHWHUPLQH
QRW FRXQWLQJ WKH '0  IRU WKH JDPH VHVVLRQ WR EH D WUHDVXUHDQGH[SHULHQFHDZDUGVIRUWKHVFHQDULR
VDQFWLRQHG 53*$ HYHQW $V ZHOO \RX FDQQRW KDYH PRUH  $IWHU YRWLQJ JLYH WKH 6FRULQJ 3DFNHW WR \RXU HYHQW
WKDQVHYHQSOD\HUVSDUWLFLSDWLQJLQWKHJDPH FRRUGLQDWRU
 2QFH\RXDUHUHDG\WRSOD\LWLVKDQG\WRLQVWUXFWHDFK
SOD\HU WR SODFH D QDPHWDJ LQ IURQW RI KLP RU KHU 7KH WDJ
VKRXOG KDYH WKH SOD\HUV QDPH DW WKH ERWWRP DQG WKH
FKDUDFWHUVQDPHUDFHDQGJHQGHUDWWKHWRS7KLVPDNHVLW
HDVLHUIRUWKHSOD\HUV DQGWKH'0 WRNHHSWUDFNRIZKRLV
SOD\LQJZKLFKFKDUDFWHU
 7KHSOD\HUVDUHIUHHWRXVHWKHJDPHUXOHVWROHDUQDERXW
HTXLSPHQWDQGZHDSRQVWKHLUFKDUDFWHUVDUHFDUU\LQJ7KDW
VDLG\RXDVWKH'0FDQEDUWKHXVHRIHYHQFRUHUXOHERRNV
GXULQJ FHUWDLQ WLPHV RI SOD\ )RU H[DPSOH WKH SOD\HUV DUH
QRW IUHH WR FRQVXOW WKH 'XQJHRQ 0DVWHUV *XLGH ZKHQ
FRQIURQWHG ZLWK D WUDS RU KD]DUG RU WKH 0RQVWHU 0DQXDO
ZKHQFRQIURQWHGZLWKDPRQVWHU
 6RPHRIWKHWH[WLQWKLVVFHQDULRLVZULWWHQVRWKDW\RX
PD\SUHVHQWLWDVZULWWHQWRWKHSOD\HUVZKLOHRWKHUWH[WLV
IRU\RXUH\HVRQO\7H[WIRUWKHSOD\HUVZLOOEHLQJUD\ER[HV
,WV VWURQJO\ UHFRPPHQGHG WKDW \RX SDUDSKUDVH WKH SOD\HU
WH[WLQVWHDGRIUHDGLQJLWDORXG6RPHRIWKLVWH[WLVJHQHUDO
DQGPXVWEHDGDSWHGWRWKHVSHFLILFVLWXDWLRQRUWRDFWLRQVRI
WKHSOD\HUFKDUDFWHUV


7LWOH! >5RXQG@ 3DJH


7KLV LV D /,9,1* *5(<+$:. $GYHQWXUH $V D /LYLQJÎ FKDUDFWHU OHYHOV RU PRUH HLWKHU KLJKHU RU ORZHU WKDQ WKH
DGYHQWXUHLWLVH[SHFWHGWKDWSOD\HUVZLOOEULQJWKHLURZQ $3/ WKDW WKLV DGYHQWXUH LV SOD\HG DW SOD\LQJ DW WKDW
FKDUDFWHUV ZLWK WKHP ,I SOD\HUV GR QRW KDYH D /,9,1* FKDUDFWHU ZLOO UHFHLYH RQO\ KDOI RI WKH H[SHULHQFH SRLQWV
*5(<+$:.FKDUDFWHUJHQHUDWHGJHWDFRS\RIWKHFXUUHQW DZDUGHG IRU WKH DGYHQWXUH 7KLV VLPXODWHV WKH IDFW WKDW
/,9,1* *5(<+$:. FKDUDFWHU JHQHUDWLRQ JXLGHOLQHV D HLWKHU \RXU FKDUDFWHU ZDVQRWDVFKDOOHQJHGDVQRUPDORU
FKDUDFWHU VKHHW DQG D /,9,1* *5(<+$:. ORJ VKHHW IURP UHOLHG RQ KHOS E\ KLJKHUOHYHO FKDUDFWHUV WR UHDFK WKH
\RXU FRQYHQWLRQ FRRUGLQDWRU RU WKH 53*$ :HE VLWH DQG REMHFWLYHV
WKHQ KDYH DQ\ SOD\HUV ZLWKRXW D FKDUDFWHU FUHDWH RQH 
2QFHDOOSOD\HUVKDYHD/,9,1* *5(<+$:.FKDUDFWHUSOD\ 1RWH/,9,1* *5(<+$:.DGYHQWXUHVDUHGHVLJQHGIRU$3/
FDQEHJLQ  DQG KLJKHU 7KUHH RU IRXU RU VRPHWLPHV HYHQ ILYH VW
 $ORQJZLWKWKHRWKHUPDWHULDOVWKDW\RXDUHDVVXPHG OHYHOFKDUDFWHUVPD\ILQGGLIILFXOW\ZLWKWKHFKDOOHQJHVLQ
WR KDYH LQ RUGHU WR UXQ D ' ' JDPH LW LV DOVR D /,9,1* *5(<+$:. DGYHQWXUH ,I \RXU JURXS LV $3/ 
UHFRPPHQGHG WKDW \RX KDYH D FRS\ RI WKH /,9,1* WKHUH DUH WKUHH WKLQJV WKDW \RX FDQ GR WR KHOS HYHQ WKH
*5(<+$:.*D]HWWHHU VFRUH
   $WWHPSW WR FUHDWH D WDEOH RI VL[ VWOHYHO
 FKDUDFWHUVRUWU\WRHQOLVWKLJKHUOHYHOFKDUDFWHUV
WRSOD\DWWKDWWDEOH
'(7(50,1,1*$9(5$*(   $GYLVH FKDUDFWHUV WR EX\ ULGLQJ GRJV WR KHOS
3$57</(9(/ $3/  SURWHFWWKHPDQGILJKWIRUWKHP$OOULGLQJGRJV
DUH FRQVLGHUHG WUDLQHG WR DWWDFN 3&V ZKR ZDQW
%HFDXVH SOD\HUV EULQJ WKHLU RZQ FKDUDFWHUV WR /,9,1* WKHLUGRJWRDWWDFNWKH\PXVWVXFFHHGDWD+DQGOH
*5(<+$:. JDPHV WKLV DGYHQWXUHV FKDOOHQJHV DUH $QLPDO RU &KDULVPD FKHFN '&   )DLOXUH
SURSRUWLRQHG WR WKH DYHUDJH FKDUDFWHU OHYHO RI WKH 3&V LQGLFDWHV WKDW WKH DQLPDO ZLOO QRW DWWDFN WKDW
SDUWLFLSDWLQJ LQ WKH DGYHQWXUH7RGHWHUPLQHWKH$YHUDJH URXQG 7KLV LV D IUHH DFWLRQ VSRNHQ FRPPDQG 
3DUW\/HYHO $3/  WKDW PD\ EH DWWHPSWHG HDFK URXQG ,I DQ DQLPDO
  'HWHUPLQH WKH FKDUDFWHU OHYHO IRU HDFK 3& ORVHV KDOI RU PRUH KS LQ D VLQJOH URXQG LW IOHHV
SDUWLFLSDWLQJLQWKHDGYHQWXUH XQOHVVDQRWKHUFKHFNLVVXFFHVVIXO
  ,I 3&V EULQJ DQLPDOV WKDW KDYH EHHQ WUDLQHG IRU   $ JURXS RI $3/  DGYHQWXUHUV ZKR GHVLUH DQ
FRPEDW PRVWOLNHO\ZDUKRUVHVGRJVWUDLQHGIRU H[WUDKDQGFDQ|HQOLVWDQLFRQLF}7KHVWDWVIRUWKH
ZDU  RWKHU WKDQ WKRVH EURXJKW E\ YLUWXH RI D VWOHYHO YHUVLRQV RI 7RUGHN 0LDOHH /LGGD DQG
FODVV DELOLW\ LH DQLPDO FRPSDQLRQV IDPLOLDUV -R]DQDUHJLYHQDWWKHHQGRIHDFKDGYHQWXUH7KH
SDODGLQVPRXQWVHWF XVHWKHIROORZLQJFKDUWWR JURXS PD\ SLFN RQH RI WKHVH FKDUDFWHUV WR MRLQW
GHWHUPLQH WKH QXPEHU RI OHYHOV \RX DGG WR WKH WKHP RQ WKLV DGYHQWXUH 7KH '0 FRQWUROV WKDW
VXP DERYH $GG HDFK FKDUDFWHUV DQLPDOV 13&
VHSDUDWHO\ $ VLQJOH 3& PD\ RQO\ EULQJ IRXU RU 
IHZHU DQLPDOV RI WKLV W\SH DQG DQLPDOV ZLWK ,I\RXDUHXVLQJD&<DGYHQWXUH FDPSDLJQ\HDU WKDW
GLIIHUHQW&5VDUHDGGHGVHSDUDWHO\ XVHVWKHROG7LHUVDVVXPHWKDWWKH7LHUPXOWLSOLHGE\LV
  &5       WKH$3/VXLWDEOHIRUWKDWHQFRXQWHU
  DQG     
  DQG     ,6,7$)8//0221"
        
         6LQFHWKHKD]DUGVRIO\FDQWKURS\DUHDFXUUHQWSDUWRIWKH
         /,9,1* *5(<+$:. FDPSDLJQ LW PD\ EH QHFHVVDU\ WR
        GHWHUPLQHLIWKLVDGYHQWXUHWDNHVSODFHGXULQJDIXOOPRRQ
  6XP WKH UHVXOWV RI  DQG  DQG GLYLGH E\ WKH )RUJDPHSXUSRVHVWKHIXOOPRRQODVWVWKUHHGD\VRIHDFK
QXPEHURIFKDUDFWHUVSOD\LQJLQWKHDGYHQWXUH{ PRQWK)RUDJLYHQVFHQDULRWKDWGRHVQRWVWDWHWKHSKDVH
URXQGXS RIWKHPRRQUROOGEHIRUHSOD\EHJLQV2QDUHVXOWRI
  ,I\RXDUHUXQQLQJDWDEOHRIVL[3&VDGGRQHWR WKHILUVWGD\RIWKHVFHQDULRLVDQLJKWRIWKHIXOOPRRQ UROO
WKDWDYHUDJH GWRGHWHUPLQHZKHUHLQWKHVHTXHQFHRIWKUHHQLJKWVLW
 IDOOV 
%\ IROORZLQJ WKHVH IRXU VWHSV \RX ZLOO KDYH GHWHUPLQHG 
WKH$3/7KURXJKRXWWKLVDGYHQWXUH$3/VFDWHJRUL]HWKH /,)(67</(
OHYHO RI FKDOOHQJH WKH 3&V ZLOO IDFH $3/V DUH JLYHQ LQ $WWKHEHJLQQLQJRIHYHU\VFHQDULRHDFK3&LVUHTXLUHGWR
HYHQQXPEHUHGLQFUHPHQWV,IWKH$3/RI\RXUJURXSIDOOV SD\XSNHHSFRVWVPDWFKLQJWKHOHYHORIOLIHVW\OHWKH\ZLVK
RQDQRGGQXPEHUDVNWKHPEHIRUHWKHDGYHQWXUHEHJLQV WRPDLQWDLQ7KHOLIHVW\OHVDQGWKHHIIHFWVWKDWHDFKKDVRQ
ZKHWKHU WKH\ ZRXOG OLNH WR SOD\ D KDUGHU RU HDVLHU SOD\DUH
DGYHQWXUH%DVHGRQWKHLUFKRLFHXVHHLWKHUWKHKLJKHURU 
WKHORZHUDGMDFHQW$3/ 'HVWLWXWH <RX KDYH QR OLYLQJ VSDFH DQG PXVW FDUU\ DOO
 $3/ DOVR DIIHFWV WKH DPRXQW RI H[SHULHQFH \RX PD\ \RXUJHDUHYHU\ZKHUH<RXHDWSRRUTXDOLW\IRRG<RXZHDU
JDLQDWWKHHQGRIDQDGYHQWXUH,I\RXUFKDUDFWHULVWKUHH DSHDVDQWRXWILW\RXURQO\FKDQJHRIFORWKHV

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 
:LOG<RXDUHOLYLQJWKHZLOGDVDQRPDGRUSHUKDSVLQD 5HGXFHGWRzLQUXUDOLQWHUDFWLRQV
FDYH <RX KXQW DQG JDWKHU \RXU RZQ IRRG DQG \RXU 1RSHQDOW\LQUXUDOLQWHUDFWLRQV
FORWKHVFRQVLVWRIIXUVOHDWKHUVRUKDQGZRYHQJDUPHQWV 
$WWLPHVIRRGLVVFDUFHDQG\RXPXVWJRKXQJU\ %DUG 3&V ZKR FKRRVH WKH &RPPRQ +LJK RU /X[XU\
 <RXPXVWSDVVD:LOGHUQHVV/RUHVNLOOFKHFN '&  OLIHVW\OHPD\UROOD3HUIRUPFKHFNDW'&WRUHGXFHWKHLU
WR VXUYLYH ZLWK WKLV OLIHVW\OH LI \RX IDLO \RX DUH GHVWLWXWH OLIHVW\OHFRVWVE\
LQVWHDG<RXPD\WDNHRQWKLVFKHFN 
 
3RRU <RX VOHHS LQ SRRU DFFRPPRGDWLRQV DQG HDW SRRU
TXDOLW\IRRG<RXZHDUDSHDVDQWRXWILWDQGKDYHWZRVHWV $'9(1785(%$&.*5281'
RIFORWKLQJ ,QWLPHVSDVWWKH/RUGRI.LGGHN\PDQRUNHSWWKHKDPOHW
 RI.LGGHN\&URVVLQJDQGWKHVXUURXQGLQJVFUXEODQGIDUPV
5RXJK <RX OLYH LQ WKH ZLOGHUQHVV HLWKHU URDPLQJ D UHDVRQDEO\ OLYDEOH E\ FROOHFWLQJ RQO\ D IHZ WD[HV DQG
VSHFLILF WHUULWRU\ RU OLYLQJ LQ D FUXGH VKDFN RU WHQW <RXU SURYLGLQJ JHQHURXV KHOS LQ WLPHV RI QHHG $OWKRXJK WKH
PHDOV FRPH IURP KXQWLQJ DQG IRUDJLQJ SRVVLEO\ PDQRUQHYHUVKRZHGPXFKRIDSURILW/RUG.LGGHN\RIWHQ
VXSSOHPHQWHG E\ D IHZ FURSV RU KHUGHG DQLPDOV <RX XVHGKLVRWKHULQFRPHIURPIDPLO\KROGLQJVLQWKHFLW\RI
EDUWHU IRU HTXLSPHQW DQG WUDGH IRU FRLQV ZKHQ SRVVLEOH 3RQW\UHOWRVXSSRUWKLVVXEMHFWV
<RX ZHDU SHDVDQW FORWKLQJ OHDWKHU IXUV RU KDQGZRYHQ  7ZHOYH \HDUV DJR /RUG .LGGHN\ ZDV VXPPRQHG WR
JDUPHQWV ILJKWDODUJHDQGZHOORUJDQL]HGJURXSRIEDQGLWVRXWRIWKH
 <RXPXVWSDVVD:LOGHUQHVV/RUHVNLOOFKHFN '&  $EERU$O] ZKR ZHUH SUH\LQJ XSRQ WUDGHUV VNLUWLQJ WKH
WR VXUYLYH ZLWK WKLV OLIHVW\OH LI \RX IDLO \RX DUH SRRU QRUWKHUQ HGJHV RI WKDW UDQJH :KHQ KH ZDV NLOOHG LQ DQ
LQVWHDG<RXPD\WDNHRQWKLVFKHFN DPEXVK 'RPDO\Q KLV WUXVWHG DLGH DQG ORQJWLPHDGYLVRU
 UHWXUQHG WR .LGGHN\ &URVVLQJ ZLWK WKH VDG QHZV DQGWKH
&RPPRQ <RX KDYH FRPPRQ ORGJLQJV DQG HDW FRPPRQ IHZ SRVVHVVLRQV WKH /RUG KDG WDNHQ ZLWK KLP LQWR WKH
TXDOLW\ IRRG <RX KDYH QRUPDO FORWKLQJ IRU \RXU ILHOG ,QFOXGHG ZHUH WZR ERRNV ZULWWHQ LQ VRPH RGG
SURIHVVLRQ DGYHQWXULQJ  QRWKLQJ IDQF\ <RX SUREDEO\ VFULSW WKDW .LGGHN\ KDG WDNHQ IURP WKH EDQGLW FKLHI V
KDYHWZRRUWKUHHVHWVRIFORWKLQJ SDFNVWKHGD\EHIRUHKLVGHDWK
  .LGGHN\ V ZLIH OHIW WKH IDLOLQJ PDQRU ZLWKLQ D \HDU
+LJK <RX VWD\ LQ JRRG TXDOLW\ ORGJLQJV DQG HDW JRRG UHWXUQLQJ WR WKH FLW\ ZKHUH KHU IDPLO\ OLYHG /HIW EHKLQG
TXDOLW\ IRRG <RX ZHDU DQ\WKLQJ LQ YDOXH XS WR FRXUWLHUV ZHUHPRVWRIWKHIXUQLVKLQJVRIWKHPDQRULQFOXGLQJ/RUG
RXWILWVDQGJHQHUDOO\EX\DQHZVHWRIFORWKLQJHYHU\WZR .LGGHN\VPRGHVWOLEUDU\
ZHHNV  'RPDO\Q.LGGHN\ VHOGHUO\DGYLVRUZDVVKDWWHUHGE\
 KLV /RUG V GHDWK DQG QHYHU UHDOO\ UHFRYHUHG +H KDV EHHQ
/X[XU\ <RX KDYH OX[XULRXV DFFRPPRGDWLRQV WZLFH WKH OLYLQJ LQ VHPL VHFOXVLRQ ZLWK KLV GDXJKWHU V IDPLO\ DW D
FRVW RI JRRG DFFRPPRGDWLRQV  DQG \RX HDW H[FHOOHQW VPDOOIDUPMXVWQRUWKRIWRZQIRUWKHSDVWWZHOYH\HDUV
IRRGV<RXFDQWKURZDEDQTXHWIRU\RXUIULHQGVHYHU\GD\  7KHVXUURXQGLQJODQGVZHUHVRXQSURGXFWLYHWKDWQR
DQG IUHTXHQWO\ GR <RX ZHDU FORWKLQJ XS WR WKH YDOXH RI RQH FDPH WR RFFXS\ WKH GHVHUWHG PDQRU 0RVW RI WKH
QREOHVRXWILWDQGEX\DQHZVHWRIFORWKHVHYHU\ZHHN IDUPHUVVRRQDEDQGRQHGWKHLUSRRUIDUPVDQGWKHKDPOHW
 RI .LGGHN\ FURVVLQJ EHFDPH D YLUWXDO JKRVW WRZQ 2QO\ D
/LIHVW\OHV FRPH ZLWK ERQXVHV RU SHQDOWLHV WR 'LSORPDF\ VPDOOJHQHUDOVWRUHWKHVPLWK\DQGWKHLQQZKLFKFDWHUHG
,QWLPLGDWH 'LVJXLVH DQG %OXII VNLOO FKHFNV 7KHVH WRWKHUHPDLQLQJIDUPHUVDQGWKHIHZWUDGHUVVWLOOSDVVLQJ
SHQDOWLHV VKRZQ EHORZ VKRXOG EH DSSOLHG DW WKH '0V WKDWZD\ZHUHVWLOORFFXSLHG
GLVFUHWLRQ DQG FDQ VRPHWLPHV EDFNILUH{IRU H[DPSOH D  7KH ROG FKXUFK VWRRG DEDQGRQHG IRU VHYHUDO \HDUV
3& ZLWK D SRRU OLIHVW\OH ZRXOG QRW KDYH D SHQDOW\ ZKHQ XQWLO %URWKHU 9DODUG\ DQ DJHG FOHULF RI 6DLQW &XWKEHUW
WDONLQJ WR D EHJJDU EXW ZRXOG ZKHQ WDONLQJ WR D FLW\ FDPHDQGSDUWLDOO\UHVWRUHGHQRXJKRILWWRPLQLVWHUWRWKH
RIILFLDO $ 3& ZLWK D KLJK OLIHVW\OH VKRXOG KDYH D SHQDOW\ IHZ UHPDLQLQJ UHVLGHQWV DQG WKH RFFDVLRQDO WUDYHOHU ,W
ZKHQ GHDOLQJ ZLWK D JURXS RI VWUHHW WKXJV ZKHUH D 3& VHHPHG DQ RGG SODFH WR KDYH EHHQ FKRVHQ IRU KLV
ZLWKDGHVWLWXWHOLIHVW\OHPLJKWQRW UHWLUHPHQWEXWWKHORFDOVZHOFRPHGKLVSUHVHQFH
 '0V DUH HQFRXUDJHG WR UROHSOD\ WKHVH UHDFWLRQV  $FWXDOO\ WKH FOHULF KDG KHDUG UXPRUV WKDW /RUG
ZKHQHYHUSRVVLEOH .LGGHN\ KDG DFTXLUHG D SDLU RI ERRNV SXUSRUWLQJ WR EH D
 SHUVRQDOUHFRUGRIWKHDFWLYLWLHVRID/RUG5RELODUZKRKDG
/LIHVW\OH&RVW6NLOO0RGLILHU EHHQH[SORULQJWKH%ULJKW'HVHUWMXVWVRXWKRIWKH$EERU
'HVWLWXWH VS   $O]
:LOG  VS     5RELODU ZKR RQFH UHOHDVHG DQG EDWWOHG WKH
3RRU  VS   LPSULVRQHGGHPLJRG,X]EHQHDWK&DVWOH*UH\KDZNLVQRZ
5RXJK  VS    FRPPDQGLQJ WKH DUPLHV RI WKH $UFKPDJH 5DU\ LQ WKH
&RPPRQ JS   %ULJKW /DQGV 7KH WZR IOHG WR WKH %ULJKW 'HVHUW DIWHU DQ
+LJK  JS   DERUWHG FRXS DWWHPSW DJDLQVW WKH &LUFOH RI (LJKW LQ
/X[XU\  JS   *UH\KDZN 5RELODU LV VRXJKW E\ PDQ\ LQ WKH )ODQDHVV IRU

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
KLVUROHLQWKHPXUGHUVRI2WLOXNHDQG7HQVHU 7HQVHUZDV
HYHQWXDOO\UHWXUQHGWROLIHYLDDKLGGHQFORQH  $'9(1785(6800$5<
 %URWKHU 9DODUG\ GLVFUHHWO\ TXHVWLRQHG 'RPDO\Q (QFRXQWHU
DERXW WKH FLUFXPVWDQFHV RI /RUG .LGGHN\ V GHDWK DQG 7KH SDUW\ ZLOO PHHW WKH LQYDOLG $EHVVD KDYH D FKDQFH WR
GLVFRYHUHG WKDW .LGGHN\ KDG LQGHHG IRXQG WKH WZR LQYHVWLJDWH WKH VFHQH RI WKH FULPH ILQG WKH VHFUHW URRP
FDUHIXOO\ ZUDSSHG ERRNV LQ WKH SDFNV RI WKH EDQGLW FKLHI DQGGHDOZLWKDVSHDUWUDS)URP$EHVVDWKH\VKRXOGOHDUQ
WKH\ KDG GHIHDWHG 7KH QH[W GD\ WKH /RUG V SDUW\ ZDV DERXWWKHPLVVLQJ&KDOLFHRI5HOLHIDQGWKHWZRERRNV$
DPEXVKHG E\ D ZHOODUPHG JURXS RI PRXQWHG PHQ DQG FRQILGDQW RI WKH FOHULF VKH NQRZV TXLWH D ELW DERXW WKH
.LGGHN\ ZDV NLOOHG 'RPDO\Q PDQDJHG WR NLOO WKH RIILFHU GLDU\ VVLJQLILFDQFHDQGKRZWKH\FDPHWREHLQWKHFOHULF V
ZKR VOHZ .LGGHN\ DQG WKH UHVW RI WKH DPEXVKHUV ZHUH SRVVHVVLRQ
GULYHQRII 
 7KH &KXUFK RI 6DLQW &XWKEHUW ZRXOG ORYH WR JHW LWV (QFRXQWHU
KDQGVRQWKHERRNVLIWKH\LQGHHGSURYHWREHDUHFRUGRI 7KH 3&V ZLOO KDYH WR GHDO ZLWK WKH KXPDQ VHUJHDQW
5RELODUVDFWLYLWLHVLQWKH%ULJKW'HVHUW $ONDUUDDQGQRUNHUVWKDWNLOOHG'RPDO\Q /RUG.LGGHN\ V
 6HDUFKLQJ WKH GHVHUWHG PDQRU ORFDWHG WZR PLOHV DJLQJ DGYLVRU  DQG KLV IDPLO\ DQG DUH EXUQLQJ WKH IDUP
VRXWK RI WKH WRZQ 9DODUG\ ILQDOO\ IRXQG WKH GLDULHV LQ D ZKHUH KH ZDV OLYLQJ 'XULQJ WKH EDWWOH WKH\ FDQ UHVFXH
SLOH RI GHWHULRUDWLQJ ROG ERRNV MXVW WZR ZHHNV DJR 'RPDO\Q V JUDQGGDXJKWHU IURP WKH SDQWU\ LQ ZKLFK VKH
$OWKRXJKKHZDVXQDEOHWRWUDQVODWHPRVWRIWKHVFULSWKH ZDVKLGLQJLQWKHEXUQLQJIDUPKRXVH
ZDVDEOHWRDVFHUWDLQWKDWWKHLQIDPRXV5RELODUKDGLQGHHG 
ZULWWHQ WKHP +H VHQW D PHVVDJH WR KLV VXSHULRUV DQG
H[SHFWHG VRPHRQH WR DUULYH VRRQ WR WDNH SRVVHVVLRQ RI
(QFRXQWHU
7KH WRZQVSHRSOH ZLOO EH DEOH WR SURYLGH FOXHV DERXW WKH
WKHP
VWUDQJHUV DW WKH ROG PDQRU DQG PRWLYDWH WKH SDUW\ WR
 8QIRUWXQDWHO\DQDJHQWRI5RELODU VKDVDOVRPDQDJHG
KXUU\WKHUHWRGHDOZLWKWKHUDLGHUVDQGUHFRYHUWKHVWROHQ
WR WUDFH 'RPDO\Q DQG WKH ERRNV WR .LGGHN\ &URVVLQJ
LWHPV :RXQGHG FKDUDFWHUV PD\ UHFHLYH VRPH IUHH
$OORUJDUDWUXVWHGOLHXWHQDQWZLWKDVPDOOIRUFHKDVEHHQ
KHDOLQJ
VHQWWRDFTXLUHWKHP

 6HWWLQJ XS KLV FDPS LQ WKH GHVHUWHG PDQRU WKH
$OORUJDU FKHFNHG RXW WKH ORFDO VLWXDWLRQ DQG ODVW QLJKW (QFRXQWHU
ZLWK VHYHUDO RI KLV PHQ KH VQXFN LQWR WRZQHQWHUHGWKH $UULYLQJ DW WKH ROG PDQRU WKH SDUW\ PXVW XVH VRPH
FKXUFKDQGDIWHUDEULHIVWUXJJOHNLOOHGWKHROGFOHULF LQWHOOLJHQW WDFWLFV WR GHIHDW $OORUJDU DQG KLV PHQ (YHQ
 %URWKHU 9DODUG\ ZDV LQ D VHFUHW URRP KH XVHG DV D ZLWKRXWKLVDUPRUDQGVXIIHULQJLQMXULHVWKHOLHXWHQDQWLV
VWXG\ZKHQWKHUDLGHUVHQWHUHGWKHFKXUFK/XOOHGE\WKH VWLOO D IRUPLGDEOH RSSRQHQW +LV PHQ LQFOXGH WKH ZL]DUG
SHDFH DQG TXLHW KH KDG EHFRPH DFFXVWRPHG WR LQ WKH 'DONDU VHYHUDO QRPDG ZDUULRUV DQG DQ DFFRPSOLVKHG
YLOODJHKHKDGOHIWWKHGRRUWRWKHURRPRSHQ5HDOL]LQJKH URJXH 'XUO  7KH SDUW\ UHFRYHUV WKH FKDOLFH DQG OHDUQV
FRXOGQRWHVFDSHWKHROGFOHULFFRQFHQWUDWHGKLVDWWDFNVRQ WKDW WKH ERRNV KDYH EHHQ VHQW DKHDG WR WKH ZD\ VWDWLRQ
WKH OLHXWHQDQW DQG VXUSULVLQJ KLP ZLWK WKH VWUHQJWK DQG 7KH'XUOZLOODWWHPSWWRVWHDOEDFNWKHFKDOLFHzHLWKHUDW
VNLOO VWLOO UHPDLQLQJ LQ KLV DJHG ERG\ PDQDJHG WR LQIOLFW WKHPDQRURUZKHQWKHSDUW\UHWXUQVWRWRZQ
VRPHVHULRXVGDPDJHEHIRUHKHZDVRYHUZKHOPHG 
 7KH ZRXQGHG $OORUJDU PXWLODWHG WKH ROG FOHULFV (QFRXQWHU
ERG\ DQG OHIW KLV VHYHUHG KHDG RQ WKH SULYDWH DOWDU LQWKH 7KLV HQFRXQWHU RQO\ RFFXUV LI WKH SDUW\ UHWXUQV WR WKH
VHFUHW URRP ZLWK WKH FOHULFV EDGJH RI RIILFH D ELOOHW WRZQWKDWQLJKW$JDLQWKHUHLVDFKDQFHWKDWWKH\FDQJHW
V\PERO VWXIIHGLQWRLWVPRXWK DELWRIIUHHKHDOLQJ
 7KH UDLGHUV WRRN WKH WZR ERRNV DQG D JROGHQFKDOLFH 
WKH\ IRXQG RQ WKH DOWDU DQG UHWXUQHG WR WKH GHVHUWHG (QFRXQWHU
PDQRUWRUHVWDQGKHDOEHIRUHUHWXUQLQJWRDZD\VWDWLRQLQ $VWKHSDUW\LVWUDYHOLQJWRWKHZD\VWDWLRQWKH\PXVWGHDO
WKH $EERU$O] ZKHUH 5RELODU V DJHQW ZDV WR PHHW WKHP ZLWK WKH FRZDUGO\ KXPDQ ZDUULRU %H\GRUQ DQG KLV GRJ
DQGSLFNXSWKHERRNV SDFN +H PD\ FRQILUP WKDW $OORJDUV VFRXW )DGHU  DQG D
 ,QWKHPRUQLQJUHDOL]LQJWKDWKHZDVWRRZHDNIURP QXPEHURIQRPDGDUFKHUVDUHLQGHHGDWWKHZD\VWDWLRQ
KLV ZRXQGV WR TXLFNO\ PDNH WKH WUHN EDFN WR WKH ZD\ 
VWDWLRQ $OORUJDU VHQW KLV VFRXW )DGHU  DQG KLV JXDUG (QFRXQWHU
DUFKHUVDKHDGWREHVXUHWKHERRNVZRXOGEHDWWKHVWDWLRQ $WWKHZD\VWDWLRQUHTXLUHVWKHSDUW\WRWDNHRQ)DGHUWKH
ZKHQ 5RELODU V DJHQW DUULYHG +H DOVR VHQW D JURXS RI KXPDQ UDQJHU DQG VHYHUDO RI 5RELODU V DUFKHUV 7KH
QRUNHUVXQGHUKLVVHUJHDQW $ONDUUD WRGHDOZLWK'RPDO\Q FOHDULQJ DURXQG WKH VPDOO VWDWLRQ RIIHUV QR FRYHU DQG WKH
DQG DYHQJH WKH RIILFHU WKDW 5RELODU KDG RULJLQDOO\ VHQW WR SDUW\PXVWILJXUHRXWDZD\WRUHDFKWKHGHIHQGHUVZLWKRXW
DFTXLUHWKHGLDULHVIURPWKHEDQGLWFKLHI WDNLQJ H[FHVVLYH GDPDJH 7KH\ FDQ QRZ UHFRYHU WKH
 7KH EDGO\ ZRXQGHG OLHXWHQDQW ZLWK D IHZ RWKHU GLDULHV
PHPEHUV RI KLV WHDP LV UHVWLQJ LQ WKH ROG PDQRU EHIRUH 
PRYLQJWRUHMRLQWKHUHVWRIKLVIRUFH &RQFOXVLRQ
 :KHQWKHSDUW\UHWXUQVWRWKHWRZQRUWKHPDLQURDGWKH\
 ZLOO PHHW WKH HPLVVDULHV IURP 6DLQW &XWKEHUW ZKR ZLOO

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
DFFHSW WKH UHFRUGV RI 5RELODU V DFWLYLWLHV DQG UHZDUG WKH 0DLQ5RRP
DGYHQWXUHUV 7KH UHPDLQLQJ YLOODJHUV SDUW WR DOORZ \RX WR PRYH LQWR WKH
 7KLV PRGXOH LV YHU\ OLQHDU LQ FRQVWUXFWLRQ EXW WKH EXLOGLQJ
VHTXHQFH RI HYHQWV VKRXOG DOORZ WKH SOD\HUV WR SURFHHG  7KH LQVLGH RI WKH FKDSHO VKRZV REYLRXV VLJQV RI D YLROHQW
WKURXJKLWZLWKRXWIHHOLQJWKDWWKH\DUHEHLQJOHG VWUXJJOH%HVLGHVRIWKHKHDGOHVVERG\RIWKHROGFOHULFLQWKHFHQWHU
 RI WKH PDLQ URRP WZR RI WKH ILYH SHZ EHQFKHV KDYH EHHQ
 RYHUWXUQHGDQGDVPDOORIIHULQJWDEOHVKRZVVHYHUDOKHDY\|KDFN}
PDUNV
3/$<(5 6,1752'8&7,21  $GRRUZD\WRWKHFOHULFVEHGURRPLVRSHQDQGVKRZVWKDWWKH
$IWHUDORQJGD\VWUDYHOWKURXJKDGU\DQGURFN\VFUXEODQGZKHUH FOHULFV VWUXJJOH DSSHDUV WR KDYH VWDUWHG LQ WKHUH $ VWRRO LV
PRVW RI WKH SRRU IDUPV \RX SDVV VHHP WR KDYH EHHQ DEDQGRQHG RYHUWXUQHGDQGWKHZLQGRZVKXWWHUVDSSHDUWRKDYHEHHQIRUFHG
\RXUSDUW\VSHQGVWKHQLJKWDWDVPDOOLQQLQWKHQHDUO\GHVHUWHG RSHQ
KDPOHWRI.LGGHN\&URVVLQJ7KHLQQDJHQHUDOVWRUHDVPLWK\  7KHERG\LWVHOIEHVLGHVEHLQJKHDGOHVVVKRZVWKDWWKHFOHULF
DQGDSDUWLDOO\UHEXLOWFKXUFKDUHWKHIHZRFFXSLHGVWUXFWXUHVVWLOO ZDVGUHVVHGLQVLPSOHJUH\UREHVDQGZHDULQJKLVEHOWDQGERRWV
VWDQGLQJLQWKHWRZQ %ORRG VRDNV PRVW RI WKH FORWKLQJ DQG WKH ZRRGHQ SODQNV RI WKH
 $ZDNLQJ LQ WKH PRUQLQJ \RXU PLQGV DUH VWLOO FHQWHUHG RQ IORRU
\RXUPRUQLQJPHDOZKHQ\RXKHDU\HOOLQJIURPRXWVLGHWKHLQQ 
<RXTXLFNO\VWHSRXWRIWKHLQQWRVHHKDOIDGR]HQWRZQVIRONXS ,I WKH 3&V WDNH GHWDLOHG VHDUFK UROOV LQ WKH EXLOGLQJ WKH\
WKH URDG QHDU WKH FKDSHO 6HYHUDO PRUH YLOODJHUV DUH PRYLQJ PD\ILQGWKHIROORZLQJ
WRZDUGWKHVWUXFWXUH 
 <RX PRYH XS WKH URDG WR WKH RXWVLGH RI WKH FKDSHO $V\RX N '&z6HYHUDOEORRGVSODWWHUVLQWKHEHGURRPDQGD
PRYHSDVWWKHVPDOOFURZGRIYLOODJHUV\RXFDQFOHDUO\VHHDKDQG WUDLO RI EORRG QHDU WKH ZLQGRZ VKRZ WKDW WKDW
SDLQWHG VLJQ RQ WKH VWUXFWXUH SURFODLPLQJ WKDW GLODSLGDWHG VRPHRQHRWKHUWKDQWKHFOHULFZDVLQMXUHG
VWUXFWXUHWREHWKH|.LGGHN\&URVVLQJ&KDSHORI6DLQW&XWKEHUW} N '&  z +DFN PDUNV RQ WKH IXUQLWXUH LQGLFDWHV DW
 :KLOHPDQ\RIWKHYLOODJHUVDSSHDUDVFXULRXVDQGFRQIXVHG OHDVWWZRW\SHVRIVODVKLQJZHDSRQVzRQHWKHJHQHUDO
DV\RXVHYHUDORIWKHZRPHQDQGFKLOGUHQFORVHVWWRWKHFKDSHODUH VL]HRIDORQJVZRUGDQGRQHPXFKODUJHU
LQWHDUVDQGWKHPHQDUHH[FLWHGDQGDODUPHG
N '&z6HFUHWGRRU6HHEHGURRPEHORZ
 3HHULQJWKURXJKWKHRSHQGRRU\RXFDQVHHWKHKHDGOHVVERG\
RIDIUDLOORRNLQJROGFOHULFO\LQJLQDSRRORIGULHGEORRGQHDUWKH 
FHQWHU RI D URRP ZLWK VRPH RYHUWXUQHG DQG EURNHQ EHQFKHV  $ KHDOLQJ FKHFN '&   ZLOO UHYHDO WKDW HLWKHU D
VFDWWHUHGDERXW EDVWDUGRUJUHDWVZRUGGURSSHGWKHFOHULF
  $ WUDFNLQJ FKHFN '&   ZLOO IROORZ WKH EORRG\
SULQWVWRDQDUHDQHDUWKHEDFNRIWKHFKDSHOZKHUHVHYHUDO
(1&2817(5 KRUVH WUDFNV OHDG EDFN WKH URDG DQG RXW RI WKH YLOODJH $
'& FKHFNZLOOGHWHUPLQHWKDWDWOHDVWIRXURUILYHPHQ
5HIHU WR $SSHQGL[ % IRU PDSV RI WKH .LGGHN\ &URVVLQJ SDUWLFLSDWHGLQWKHDWWDFN$VHFRQGWUDFNLQJUROO '& LV
YLOODJHDQGWKH&KDSHO UHTXLUHGWRIROORZWKHWUDFNVWRWKHROGPDQRUKRXVH VHH
 $VWKHDGYHQWXUHUVORRNWKURXJKWKHRSHQGRRURIWKH (QFRXQWHU +RZHYHU(QFRXQWHUZLOORFFXUEHIRUHWKH
FKDSHO D ZRPDQ LV KHDUG VFUHDPLQJ , PXVW VHH KLP , 3&V KDYH DQ\ FKDQJH WR IROORZ WKH WUDFNV PRUH WKDQ D
PXVWVHHKLPDVVKHZKHHOVKHUVHOIDFURVVWKHVWUHHWIURP VKRUWGLVWDQFH
WKH VPLWK\ LQ D VWUDQJH FRQWUDSWLRQ ZKLFK ORRNV OLNH D  $Q RSHQ GRRUZD\ LQ WKH ZHVW ZDOO OHDGV LQWR WKH
FKDLUZLWKDODUJHDQGDVPDOOZKHHODWWDFKHGWRHDFKVLGH FOHULF VEHGURRP
7KH DGYHQWXUHUV ZLOO PHHW $EHVVD WKH VPLWKV ZLIH 
$SSHQGL[ % )HPDOH +XPDQ &RP   \UV  6KH LV DQ 6SHFLDO 7KHUH LV D VHFUHW GRRU 6HDUFK '&   RII WKH
LQYDOLGFRQILQHGWRDZKHHOFKDLUKHUEODFNVPLWKKXVEDQG ZULWLQJ URRP 7KH ZDOO DSSHDUV QRUPDO ZRRG SDQHOLQJ
KDVPDGHIRUKHU EXW SUHVVLQJ ZKDW DSSHDUV WR EH D NQRW LQ WKH ZRRG
 7KHUHVWRIWKHWRZQUHVLGHQWVFRQVLVWLQJRIWZRPHQ SDQHOLQJRSHQVWKHGRRU LQZDUGV 
WKUHH PRUH ZRPHQ WZR \RXQJ ER\V DQG WZR JLUOV DUH 
JDWKHUHG RXWVLGH WKH FKDSHO $ WUDYHOLQJ WUDGHU DQG KLV 1RWH ,I WKH SDUW\ IDLOV WR GLVFRYHU WKH VHFUHW GRRU EHIRUH
DSSUHQWLFHZDWFKIURPWKHGRRUZD\RIWKH,QQ WKH\OHDYHWKHFKDSHORUTXHVWLRQ$EHVVDLQGHWDLOVKHZLOO
 7KHSOD\HUVFDQWDNHRYHUWKHDFWLRQIURPWKLVSRLQW SRLQW LW RXW 7KHUH LV D GRRU WKHUH 6KH VKRZV KRZ WR
 $EHVVD ZLOO NHHS WU\LQJ WR JHW WR WKH FKDSHO GRRU RSHQLW
VREELQJ /HW PH LQ +HU KXVEDQG ZLOO UHOHQW DQG SXVK 
WKH ZKHHOFKDLU LQWR WKH FKDSHO ZKHQ WKH RSSRUWXQLW\
SUHVHQWVLWVHOI$EHVVDZLOOJRRYHUWRWKHFOHULF VERG\DQG %HGURRP
UHPDLQ WKHUH VREELQJ +HU KXVEDQG LV WKH TXLHW W\SH +H 7KH FRW KDV EHHQ RYHUWXUQHG D ZDUGUREH GXPSHG RYHU
KDVQRWKLQJWRVD\DQGZLOOVWD\E\KHUVLGH7KHUHVWRIWKH DQG VHYHUDO VKDEE\ FORDNV DQG UREHV DUH VFDWWHUHG DERXW
WRZQVSHRSOHZLOOUHPDLQRXWVLGH WKH IORRU DORQJ ZLWK WRLOHW DUWLFOHV DQG XQGHUJDUPHQWV
 ,W LV DVVXPHG WKDW WKH DGYHQWXUHUV ZLOO HQWHU WKH 7KHUHLVQRWKLQJRIYDOXHLQWKLVEHGURRP
FKDSHOWRLQYHVWLJDWH 


,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
6HFUHW5RRP RIWKH$EERU$O]5RELODUZDVVHHNLQJDORFDWLRQIRUD
,QWKHVHFUHWURRPDUHDVPDOOERRNVKHOI FRQWDLQLQJDIHZ VDQFWXDU\IRUWKH$UFKPDJH5DU\DQGKLPVHOIVKRXOG
WRUQERRNV DQGDVPDOODOWDUDFWXDOO\MXVWDWDEOHFRYHUHG WKHLUSODQQHGFRXSLQ*UH\KDZNVKRXOGIDLO
E\ D FORWK EHDULQJ UHOLJLRXV V\PEROV 7KH IORRU LV OLWWHUHG N 7KH FOHULF ILUVW TXHVWLRQHG 'RPDO\Q /RUG .LGGHN\ V
ZLWK WKH SDJHV RI ERRNV WRUQ IURP WKHLU ELQGLQJV VRPH WUXVWHG DGYLVRU ZKR KDG DFFRPSDQLHG .LGGHN\ RQ
EURNHQ FDQGOHVWLFNV DQG ZULWLQJ PDWHULDOV REYLRXVO\ KLV ODVW FDPSDLJQ DQG EURXJKW WKH VDG QHZV RI KLV
VZHSWIURPWKHWDEOH$ZRUQVXLWRIOHDWKHUDUPRUKDQJV GHDWKDQGWKHIHZSRVVHVVLRQVWKH/RUGKDGZLWKKLP
IURPDSHJQHDUWKHGRRU LQWKHILHOGEDFNWRWKHPDQRU
 5HVWLQJRQWKHEORRGVWDLQHGDOWDUFORWKLVWKHFOHULFV N 'RPDO\Q QHYHU UHFRYHUHG IURP KLV ORVV DQGLVOLYLQJ
VHYHUHG KHDG 7KHUH LV VRPHWKLQJ VWXIIHG LQWR LWV RSHQ ZLWKKLVGDXJKWHU VIDPLO\RQDVPDOOIDUPMXVWQRUWK
PRXWK $ FXGJHO EURNHQ LQWR WZR SLHFHV OLHV EHVLGH WKH RI WRZQ +H UHOXFWDQWO\ FRQILGHG WKH GHWDLOV RI
KHDG%ORRGVWDLQVRQLWVEXVLQHVVHQGVKRZWKDWWKHFOHULF .LGGHN\ VGHDWKWR%URWKHU9DODUG\
PDQDJHGWRODQGVRPHWHOOLQJEORZV N /RUG .LGGHN\ KDG IRXQG WKH WZR FDUHIXOO\ ZUDSSHG
 7KHREMHFWLQWKHFOHULF VPRXWKLVKLVUHOLJLRXVEDGJH ERRNVLQWKHSDFNVRIDEDQGLWFKLHIWKH\KDGGHIHDWHG
RIRIILFHDELOOHWV\PERO FXGJHO 
 $WULSZLUHUXQVDFURVVWKHRSHQLQJRIWKHVHFUHWGRRU N 'RPDO\QKDGQRLGHDRIWKHLPSRUWDQFHRIWKHERRNV
7KH ILUVW SHUVRQ SDVVLQJ WKURXJK WKH VHFUHW GRRU PXVW DQG SUHVXPHG WKDW WKH\ ZHUH OHIW ZLWK WKH UHVW RI
PDNH D UHIOH[ VDYH '&   WR DYRLG D IDOOLQJ EORFN RI .LGGHN\ VVPDOOOLEUDU\ZKHQWKH/RUG VZLIHGHVHUWHG
PDVRQU\KDQJLQJRYHUWKHGRRUZD\ WKHPDQRUDQGUHWXUQHGWRKHUIDPLO\LQ3RQW\UHO
 N %URWKHU 9DODUG\ TXLHWO\ VHDUFKHG WKURXJK WKH
7ULSZLUH WUDS G IDOOLQJ EORFN  5HIOH[ VDYH IRU QR GHVHUWHG PDQRU DQG IRXQG WKH ERRNV MXVW WZRZHHNV
GDPDJH '& 6HDUFK '& 'LVDEOH'HYLFH '& ,W DJR
FDQEHVWHSSHGRYHUZLWKRXWDQ\SUREOHPV N $OWKRXJK XQDEOH WR WUDQVODWH WKH ZULWLQJV LQ WKH
 ERRNVWKHFOHULFZDVDEOHWRGHWHUPLQHWKDWWKH\ZHUH
$VVRRQDVVKHVHHVLQVLGHRIWKHVHFUHWURRP$EHVVDZLOO LQGHHGZULWWHQE\WKHQRWRULRXV5RELODU
QRZSRLQWRXWWKDWVHYHUDOWKLQJVDUHPLVVLQJ N +H KDV VHQW ZRUG RI WKH ILQG WR KLV VXSHULRUV DQG
 6KHNQRZVWKDWWKHUHVKRXOGEHDJROGHQFXS &KDOLFH H[SHFWHGVRPHRQHIURPWKHFKXUFKWRDUULYHVRRQWR
RI5HOLHIVHHPDJLFLWHP DQGWZREODFNERXQGERRNVWKDW WDNHSRVVHVVLRQRIWKHERRNV
WKH FOHULF FRQVLGHUHG WREHYDOXDEOHRQWKHDOWDU1RQHRI :KHQWKHSDUW\ILQLVKHVTXHVWLRQLQJ$EHVVD(QFRXQWHU
WKHWRUQERRNVRQWKHIORRUDQVZHUWKHGHVFULSWLRQ LVWULJJHUHG
 $WWKLVSRLQW$EHVVDPD\EHTXHVWLRQHGLQGHWDLO6KH 
ZLOO YROXQWHHU WKLV LQIRUPDWLRQ HYHQ LI QRW TXHVWLRQHG 
GLUHFWO\6KHLVLQVKRFNDQGZDQWVWRWDONDERXWLW
 <RX VKRXOG SDUDSKUDVH WKH IROORZLQJ LQIRUPDWLRQ WR (1&2817(5
WKHSDUW\7DNH\RXUWLPHDQGPDNHLWFRQYHUVDWLRQDO 5HIHUWRWKH1LURQG)DUPPDS $SSHQGL[$ 
  .LS WKH LQQNHHSHU V \RXQJHVW GDXJKWHU UXQV XS WR
N %URWKHU 9DODUG\ WKH FOHULF  KDV EHHQ LQ .LGGHN\ WKHJURXSRXWVLGHWKHFKDSHOVFUHDPLQJ7KHUHVORWVDQG
&URVVLQJ VLQFH WKH SUHYLRXV VXPPHU 6HHPLQJO\ ORWVRIVPRNHFRPLQJIURPWKH1LURQGIDUP
UHWLUHG IURP DFWLYH VHUYLFH WKH DJHG FOHULF SDUWLDOO\  7KLVVPDOOIDUPLVRQO\RQHKDOIDPLOHQRUWKRIWRZQ
UHVWRUHG WKH ROG FKXUFK DQG PLQLVWHUHG WR WKH IHZ 7KH LQQNHHSHU KLV ZLIH DQG WZR GDXJKWHUV DQG WKH
UHPDLQLQJ WRZQVSHRSOH WKH QHLJKERULQJ IDUPHUV ZRPDQ ZKR RZQV WKH JHQHUDO VWRUH ZLWK KHU WZR \RXQJ
DQG WKH RFFDVLRQDO WUDGHUV DQG WUDYHOHUV SDVVLQJ ER\V DOO VWDUW UXQQLQJ WRZDUG WKH ULVLQJ VPRNH ,I
WKURXJKWKHDUHD QHFHVVDU\ WKH\ ZLOO EHJ WKH SDUW\ RI DGYHQWXUHUV WR
N +H EHIULHQGHG WKH LQYDOLG $EEHVD XVLQJ KLV PRVW DFFRPSDQ\WKHP
SUL]HGSRVVHVVLRQWKH&KDOLFHRI5HOLHIWRUHOLHYHKHU  $VWKHSDUW\FUHVWVDVPDOOKLOODSSURDFKLQJWKHIDUP
DUWKULWLFSDLQZKHQLWWKUHDWHQHGWRRYHUFRPHKHU$Q WKH\VHHVHYHUDOKXPDQRLGV QRUNHUV ILULQJWKHEDUQDQG
RXQFH RI ZLQH VZLUOHG LQ WKH FXS EHIRUH GULQNLQJ DKXPDQLQFKDLQDUPRUH[DPLQLQJWKHERGLHVDOOFODGLQ
ZRXOG SURYLGH UHOLHI IURP DOO SDLQV IRU WZHQW\IRXU WKHLU QLJKWFORWKHV RI WKH IDUPHU KLV ZLIH DQG DQ ROGHU
KRXUV 6LQFH WKH FXS FRXOG RQO\ EH XVHG RQFH D GD\ PDQ 'RPDO\Q  LQ IURQW RI WKH ILHUFHO\ EXUQLQJ
WKHFOHULFKLPVHOIZRXOGHQGXUHWKHSDLQIURPKLVROG IDUPKRXVH 7ZR GHDG QRUNHUV DWWHVW WR WKHLU DWWHPSWV WR
ZRXQGVLQRUGHUWRDLG$EHVVD ILJKWRIIWKHDWWDFNHUV
N 7KH FOHULF HYHQWXDOO\ FRQILGHG WR KLV PRVW GHYRWHG  $OO WKH WRZQVSHRSOH VWRS DW WKH WRS RI WKH KLOO DQG
SDULVKLRQHU KLV UHDO UHDVRQ IRU FRPLQJ WR .LGGHN\ ZDLWIRUWKHDGYHQWXUHUVWRGHDOZLWKWKHVLWXDWLRQ
&URVVLQJ  :KHQWKHDGYHQWXUHUVILUVWUHDFKWKHFUHVWRIWKHKLOO
DQG VHH WKH IDUP WKH\ KDYH D VXUSULVH URXQG SDUWLDO
N 9DODUG\ KDG KHDUG UXPRUV WKDW /RUG .LGGHN\ KDG DFWLRQEHIRUHWKHUDLGHUVVSRWWKHP
FDSWXUHGDSDLURIERRNVSXUSRUWLQJWREHDUHFRUGRI 5ROOLQLWLDWLYHIRUDOOSDUW\PHPEHUVDWWKLVWLPH
WKHDFWLYLWLHVRI/RUG5RELODUQRWRULRXVIRUKLVUROHLQ  7KH UHDU RI WKH KRXVH NLWFKHQ DUHD  DQG WKH EDUQ
WKH EHWUD\DO RI 7HQVHU DQG 2WLOXNH 7KHVH ERRNV KDYHEHHQVHWDILUHE\WKHQRUNHUV
FRQFHUQHGKLVWUDYHOVLQWKH%ULJKW'HVHUWMXVWVRXWK

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 7KHEDUQDQGKRXVHDUHIHHWDZD\IURPWKHFUHVW 
RI WKH KLOO 6HUJHDQW $ONDUUD DQG RQH QRUNHU VWDQG $3/ (/ 
DSSUR[LPDWHO\  IHHW IURP WKH IURQW RI WKH KRXVH 2QH
QRUNHU LV EHKLQG WKH KRXVH ZKLOHWKHUHPDLQLQJQRUNHUV 1RUNHUV  KSVHH$SSHQGL[&
DUHILQLVKLQJVHWWLQJWKHEDUQDEOD]H 6HUJHDQW $ONDUUD PDOH KXPDQ )WU KS  VHH
 2QFHQRWLFHG$ONDUUDDQGKLVQRUNHUJXDUGZLOOKROG $SSHQGL[&
WKHLU SRVLWLRQ ZKLOH WKRVH QHDU WKH EDUQ ZLOO FKDUJH 
IRUZDUGWRDVVLVW $3/ (/ 
 7LPLQJ LV LPSRUWDQW LQ WKLV HQFRXQWHU 7KH SDUW\
VKRXOGKHDUWKHVRXQGRIDFKLOGVFUHDPLQJIURPWKHUHDU 1RUNHUV  KSVHH$SSHQGL[&
RI WKH EXUQLQJ IDUPKRXVH MXVW DV DQ\ RQH RI WKH 6HUJHDQW $ONDUUD PDOH KXPDQ )WU KS  VHH
DGYHQWXUHUVILUVWILQLVKHVDQ\ILUHRUPHOHHDWWDFNRQDQ\RI $SSHQGL[&
WKHUDLGHUV 
 7KH SDUW\ KDV D OLPLWHG QXPEHU RI URXQGV DIWHU WKH 
RQH LQ ZKLFK WKH VFUHDPV DUH ILUVW KHDUG WR DFFRPSOLVK D
UHVFXH:KHQWKH\JHWWRWKHRSHQNLWFKHQZLQGRZLQWKH
(1&2817(5
UHDU RI WKH KRXVH WKH\ ZLOO UHDOL]H WKDW WKH VFUHDPV DUH 7KH SOD\HUV UHWXUQ WR WRZQ DQG KDYH DQ RSSRUWXQLW\ WR
FRPLQJIURPEHKLQGDSDQWU\GRRULQVLGHWKHVPRNHILOOHG TXHVWLRQ WKH RWKHU WRZQVSHRSOH 7KH\ ZLOO DOO JDWKHU LQ
RU EXUQLQJ  NLWFKHQ 7R HQWHU WKH NLWFKHQ DQG UHDFK WKH IURQW RI WKH LQQ DV WKH LQQNHHSHU V ZLIH WDNHV 'RPDO\Q V
SDQWU\GRRUZLOOWDNHRQHIXOOURXQGGXHWRWKHVPRNH7R JUDQGGDXJKWHULQVLGHWREDWKHDQGFRPIRUWKHU
UHVFXH WKH FKLOG IURP WKH SDQWU\ DQG WDNH KHU RXWVLGH WR  ,I DQ\ RI WKH DGYHQWXUHUV RU WKH OLWWOH JLUO VWLOO KDYH
VDIHW\ZLOOWDNHDQDGGLWLRQDOIXOOURXQGDFWLRQ$Q\VSHFLDO XQFXUHG GDPDJH 1HNUD ZLOO JR LQWRKHUVWRUHDQGUHWXUQ
SUHSDUDWLRQV VXFK DV VRDNLQJ ZLWK ZDWHU RU EXQGOLQJ LQ ZLWKSRWLRQVRIFXUHOLJKWZRXQGV6KHKDVXSWRILYHSRWLRQV
H[WUD FORWKLQJ RU D EODQNHW ZLOO WDNH DQ DGGLWLRQDO IXOO WKDWEURWKHU9DODUG\OHIWKHUIRUVDIHNHHSLQJ
URXQG   6KH ZLOO H[SODLQ 7KHVH ZHUH OHQW WR PH E\ %URWKHU
 )LYHURXQGVDIWHUWKHFULHVDUHILUVWKHDUGIODPHVZLOO 9DODUG\ IRU WRZQ HPHUJHQFLHV7KLVVHHPVWREHWKHWLPH
KDYHVSUHDGWRWKHNLWFKHQDQGDQDGYHQWXUHUHQWHULQJWKH WRXVHWKHP}6KHZLOODGPLQLVWHUWKHPKHUVHOIDQGUHIXVHV
URRP ZLOO WDNH ILUH GDPDJH HDFK URXQG LQ WKH URRP 2Q WRSDUWZLWKWKHPRWKHUZLVH,HWKHSOD\HUVPD\QRWNHHS
URXQGV  WKURXJK  DQ\ SOD\HU LQ WKH URRP WDNHV G WKHVHLWHPV
SRLQWVRIILUHGDPDJHIURPWKHH[WUHPHKHDW  7KH 3&V PD\ QRZ DVN VRPH RI WKH RWKHU YLOODJHUV
 $W WKH HQG RI URXQG  WKH FHLOLQJ FROODSVHV $Q\RQH DERXWUHFHQWHYHQWV$WWKLVSRLQWPRVWRIWKHYLOODJHUVDUH
LQ WKH URRP WDNHV G SRLQWV RI EOXGJHRQLQJ GDPDJH QRZ SUHVHQW DQG KDYH FDOPHG GRZQ 7KHUH DUH WZR NH\
5HIOH[ VDYH '&  IRU KDOI GDPDJH  )URP WKLV SRLQW ELWVRILQIRUPDWLRQDERXWWKHUHFHQWGD\V
RQZDUGWKHIODPHVFDXVHGSRLQWVRIILUHGDPDJHHDFKWR 
DQ\RQH LQ WKH URRP DQG FKDUDFWHUV PXVW PDNH D 5HIOH[ N 7ZR GD\V DJR D \RXQJ PDQ QDPHG )DGHU DUULYHG LQ
VDYH '& RUKDYHWKHLUFORWKLQJFDWFKRQILUH WDNLQJDQ WKH LQQ 6HULO WKRXJKW KH ZDV D KDQGVRPH PDQ
DGGLWLRQDOGSRLQWVRIILUHGDPDJHHDFKURXQGXQWLOVKH VFRZOV IURP KHU SDUHQWV DQGIROORZHGKLP+HZDV
VXFFHHGVDWD'&5HIOH[VDYH6HHFDWFKLQJRQILUHUXOHV H[WUHPHO\ SOHDVDQW EXW KDG D IRUHLJQ DFFHQW +H
'81*(210$67(5V*XLGHS  VSHQW PRVW RI WKH PRUQLQJ DURXQG WRZQ DQG DVNHG
 7KH SDQWU\ GRRU RU WKH DGYHQWXUHU SHUIRUPLQJ WKH KHUORWVRITXHVWLRQVDERXWWKHIDUPV6KHUHPHPEHUV
UHVFXH ZLOO VKLHOG WKH FKLOG V ERG\ VR WKDW VKH ZLOO WDNH WHOOLQJ KLP DERXW 1LURQGV IDUP +H OHIW TXLFNO\
RQO\  SRLQW RI GDPDJH HDFK URXQG DIWHU WKH NLWFKHQ DIWHUZDUGVZLWKRXWHYHQVD\LQJJRRGE\H
FDWFKHVILUH6KHKDVKS N 5HQQL DQG 5RGGL VHH $SSHQGL[ %  UDQ LQWR )DGHU
 ,IWKHFKLOGZDVVWLOOLQVLGHWKHKRXVHGXULQJURXQG QHDU WKH ROG PDQRU KRXVH +HDVNHGDIHZTXHVWLRQV
WKHQ VKH LV XQFRQVFLRXV  KS  DQG QHHGV DLG WR SUHYHQW DERXW WKH SODFH DQG ZKHQ WKH\ WROG KLP LW ZDV
KHUIURPGLHLQJ6KHORVHVKSSHUURXQGDQGGLHVDWWKH DEDQGRQHGDQGQRRQHHYHUFDPHWKHUHKHJDYHWKHP
HQGRIURXQG DVLOYHUSLHFHHDFK
 7KHROGPDQZDV'RPDO\Q+LVGDXJKWHU.HOO\QZDV 
WKH IDUPHU 1LURQG V ZLIH $OO WKUHH DUH GHDG 7KHFKLOGLV ,I DVNHG PRVW RI WKH YLOODJHUV FDQ SURYLGH DQ DFFXUDWH
KLVJUDQGGDXJKWHU(ULWK\Q GHVFULSWLRQRI)DGHU
 7KH DGYHQWXUHUV PD\ WU\ WR SXW RXW WKH ILUH LQ WKH  $EHVVD FDQ DOVR DQVZHU DQ\ RWKHU TXHVWLRQV WKDW WKH
EDUQRUMXVWOHDGWKHFRZDQGWKHWZRSORZKRUVHVLQVLGHLW 3&V PLJKW KDYH DERXW WKH FOHULF 5HIHU WR LQIRUPDWLRQ LQ
RXW WR VDIHW\ 7KHUH LV D ZHOO ZLWK D EXFNHW RQ D URSH  (QFRXQWHU
EHWZHHQ WKH KRXVH DQG WKH EDUQ 7KH WRZQVSHRSOH ZLOO  5HIHUWRDSSHQGL[%IRUYLOODJHUGHVFULSWLRQV
DVVLVW7KHKRXVHLVEH\RQGVDYLQJ  )DGHULVDUDQJHULQ5RELODU VHPSOR\+HZDVDVFRXW
 $IWHU WKLV HQFRXQWHU WKH WRZQVSHRSOH ZLOO WDNH WKH DQGIRU$OORUJDU1RRQHLQWRZQNQRZVWKLV+HFKHFNHG
FKLOG EDFN WR WRZQ DQG HQFRXUDJH WKH DGYHQWXUHUV WR LQWR WKH LQQ DQG ORRNHG WKH WRZQ RYHU +LV PDLQ JRDOV
DFFRPSDQ\ WKHP 7KHUH LV D KDQG GUDZQ FDUW LQ WKH \DUG ZHUHWRILQGRXWWKHORFDWLRQRIWKH1LURQGIDUPDQGVFRXW
WKDWPD\EHXVHGWRFDUU\WKHIDUPIDPLO\ VERGLHVEDFNWR RXWWKHFKDSHO
WRZQ

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 +HLVDQLFHORRNLQJODGRIDERXWWZHQW\:KLOHLQWKH $6SRWFKHFN '& ZLOODOVRUHYHDODILJXUHLQRQHRIWKH
WRZQ KH ZDV ZHDULQJ DQ H[SORUHUV RXWILW +H FDUULHG D XSVWDLUVZLQGRZ
ORQJERZEXWZRUHQRDUPRU+HWUDYHOHGRQIRRW  7KH 3&V PD\ DSSURDFK YLD WKH UHDFK RUFKDUG QRZ
 +HLVQRORQJHULQWRZQ1RRQHKDVVHHQKLPVLQFH RYHUJURZQ E\ ZHHGV DQG VPDOO EXVKHV  ,I VR WKH\ FDQ
\HVWHUGD\HYHQLQJ1RRQHVDZKLPOHDYH+LVURRPDWWKH DSSURDFKWKHUHDUDQG(QFRXQWHUDDQGPRVWOLNHO\DJDLQ
LQQLVHPSW\DQGQRVLJQRIKLVRFFXSDQF\UHPDLQV D VXUSULVH URXQG RQ WKH OLHXWHQDQW ,I WKH\ DWWHPSW D
 7KH ER\V FDQ GHVFULEH WKH ROG PDQRU KRXVH DQG WKH IURQWDODVVDXOWRUPRYHQHDUWKHIURQWDUHDVHH(QFRXQWHU
WHUUDLQ DURXQG LW LQ GHWDLO VHH 7KH 2OG 0DQRU LQ E
(QFRXQWHUEHORZ  
 7KH SDUW\ VKRXOG DFTXLUH DOO WKH DERYH LQIRUPDWLRQ (QFRXQWHUDz$OORUJDU
EXW GRQ W OHW WKHP ZDVWH WRR PXFK WLPH TXHVWLRQLQJ 7KURXJKWKHWZRRSHQZLQGRZVLQWKHEDFNRIWKHPDQRU
WRZQVSHRSOH ZKR NQRZ QRWKLQJ ,I QHFHVVDU\ WKH WKH SDUW\ FDQ VHH /LHXWHQDQW $OORUJDU ZLWKRXW KLV DUPRU
WRZQVIRON ZLOO HQFRXUDJH WKH SDUW\ WR WU\ WR ILQG WKLV DQG ZLWK D QXPEHU RI EDQGDJHV FRYHULQJ KLV ZRXQGV
IHOORZ DQG GLUHFW WKHP WR WKH PDQRU KRXVH LI WKH 3&V O\LQJ RQ KLV EHGUROO RQ WKH IORRU RI WKH PDQRU V HPSW\
VHHPUHOXFWDQW NLWFKHQ +LV XQKRO\ V\PERO RI 5DOLVKD] WKUHH VWLFNV RI
 7KH WRZQVIRON FDQ SURYLGH GHWDLOHG GLUHFWLRQV WR WKH ERQHLVRQDFKDLQDURXQGKLVQHFN+HXVHGDOOKLVVSHOOV
PDQRU 1RQH RI WKH WRZQVSHRSOH ZLOO DFFRPSDQ\ WKH LQ WKH ILJKW ZLWK WKH FOHULF ,Q $3/  KH KDVRQO\RQHRI
SDUW\ WR WKH 2OG0DQRU1HFUDZLOOQRWDOORZKHUER\VWR KLV GRPDLQ VSHOOV UHPDLQLQJ +H LV EXV\ ZULWLQJ RQ D
JR VFUROO %HVLGH KLP LV KLV JUHDWVZRUG +LV FKDLQ DUPRU LV
 7KHUHDUHQRKRUVHVDYDLODEOHIRUVDOHLQWRZQ1HNUD VWDFNHGDWWKHIRRWRIWKHEHGUROO$EDFNSDFNOHDQVDJDLQVW
FDUULHV RQO\ FRPPRQ JRRGV LQ KHU VWRUH QR ZHDSRQV ZDOO E\ WKH GRRU WR WKH VHUYDQW V TXDUWHUV 2Q WRS RI WKH
H[FHSW FRPPRQ GDJJHUV DQG VWDYHV  RU DUPRU 2WKHU SDFNVLWVDQREMHFWZUDSSHGLQDQROGWRZHOzWKHQJROGHQ
JRRGV DUH UHVWULFWHG WR JRRGV FRPPRQ WR D VPDOO FXS
FRPPXQLW\DQGXQGHUJSLQYDOXH  7KH OLHXWHQDQW LV SUHRFFXSLHG LQ KLV ZRXQGV DQG
 )ROORZLQJ WKH WUDFNV IURP WKH FKDSHO ZLOO RQO\ ZULWLQJ +H JDLQV QR VSRW FKHFNV IRU FKDUDFWHUV
DVFHUWDLQWKDWVHYHUDOPHQGLGLQGHHGUHMRLQWKHURDGDQG DSSURDFKLQJDQGSOD\HUVJDLQDFLUFXPVWDQFHERQXVRQ
ZHUHKHDGLQJWRZDUGVWKHPDQRU PRYHVLOHQWFKHFNV(YHQPRGHUDWHO\VWHDOWK\SOD\HUVZLOO
 UHDFKWKHZLQGRZRUSRVVLEO\JHWLQWRWKHURRP*DLQLQJD
VXUSULVHURXQGVKRXOGEHIDLUO\HDV\
(1&2817(5)285  8S WR IRXU FKDUDFWHUV PD\ ILUH PLVVLOHV RU VSHOOV
5HIHUWR0DSz7KH2OG0DQRU WKURXJK WKH WZR RSHQ ZLQGRZV RU WZR FKDUDFWHUV PD\
 7KLVLVDFWXDOO\DVHWRIIRXUVPDOOHUHQFRXQWHUVLQDQG FOLPE RU MXPS WKURXJK WKH ZLQGRZV LQWR WKH URRP RQ
QHDUWKHPDQRUKRXVH+RZWKH3&VDSSURDFKDQGLQLWLDWH WKHLUVXUSULVHDFWLRQV
WKH DWWDFN ZLOO GHWHUPLQH WKH DFWLRQV HDFK RIWKHQRPDGV  ,I KH VXUYLYHV WKH VXUSULVH URXQG KH ZLOO JUDE KLV
WDNH7KHILUVWWKUHHVKRXOGRFFXUVHTXHQWLDOO\ZLWKRXWDQ\ VZRUGJHWWRKLVIHHWDQGOHWRXWD\HOOIRUKHOSZKHQLWLV
VLJQLILFDQWUHVWWLPHLQEHWZHHQWKHP KLV DFWLRQ WR DFW LQ WKH IROORZLQJ URXQG ,I SOD\HUV KDYH
 $VWKHSDUW\DSSURDFKHVZLWKLQWKHLUILUVWVLJKWRIWKH HQWHUHGWKHURRPKHZLOODOVRDWWDFNLIWKH\DUHZLWKLQILYH
2OG 0DQRU WKURXJK WKH WUHHV VWUHVV WKH IROORZLQJ DERXW IHHWRIWKHEHG
ZKDWWKH\VHH  ,IVWLOODOLYHRQWKHIROORZLQJURXQGVKHZLOODWWHPSW
  WR WDNH FRYHU EHVLGH WKH ZLQGRZ LI WKH 3&V DUH XVLQJ
$QROGPDQRUKRXVHOLHVLQDODUJHGU\ILHOG7KHEXLOGLQJLVWZR UDQJHG ZHDSRQV IURP RXWVLGH  RU PRYH WKURXJK WKH
VWRULHV WDOO VRPH IRUW\ IHHW VTXDUH DQG PXVW KDYH RQFH EHHQ D GRRUZD\DQGILJKWGHIHQVLYHO\DWWHPSWLQJWRGHOD\WKH3&V
PRGHUDWHO\LPSUHVVLYHEXLOGLQJ+RZHYHU\HDUVRIDEDQGRQPHQW DWWKHGRRUZD\XQWLOKHOSDUULYHV
QRZOHDYHWKHSODFHLVSRRUFRQGLWLRQ6XQGXVWDQGZLQGKDYH  7KHUHDUHWKUHHSRVVLEOHVFHQDULRVWKDWGHSHQGRQWKLV
OHIWSDLQWSHHOLQJRIIPRVWRIWKHEXLOGLQJDQGVKXWWHUVURRIWLOHV HQFRXQWHU VUHVXOWV
DQGVRPHSLOODUVQROD\LQWKHILHOGVQH[WWRWKHEXLOGLQJ 
 $ILYHIRRWWDOOZRRGHQIHQFHWKDWLVEURNHQGRZQLQPDQ\ $OORUJDU0DNHV1RLVH
SODFHVVXUURXQGVWKHPDQRU ,I WKH OLHXWHQDQW \HOOV RU HQJDJH LQ QRLV\ FRPEDW KH ZLOO
 7KHUHLVDVHQWU\VLWWLQJRQWKHZDOOE\DQRSHQJDWHLQWKH EHKHDUGWKURXJKWKHRSHQGRRUVE\WKHQRPDGJXDUGVRQ
IURQWRIWKHPDQRU:HDULQJDOLJKWDUPRUDQGFDUU\LQJDFXUYHG WKH IURQW SRUFK DQG WKH VHQWU\ E\ WKH JDWH 7KH\ZLOOUXQ
EODGH KH VHHPV WR EH FDUHIXOO\ ZDWFKLQJ WKH DUHD QHDU WKDW WRZDUG WKH NLWFKHQ RQH URXQG WR WKH RSHQ GRRU  7KH
HQWUDQFH ZL]DUG F  XSVWDLUV ZLOO KHDU \HOO RQ D OLVWHQ FKHFN '&
 7KHUH DUH IRXU RWKHUV VLPLODUO\ DUPHG VLWWLQJ RQ WKH IURQW  RUWKHVRXQGVRIFRPEDW '& 7KHURJXH G ZLOO
SRUFK 7LHG WR WKH SRUFK SLOODUV DUH ILYH KRUVHV z WKHLU VDGGOHV DXWRPDWLFDOO\ KHDU DQ\ \HOOLQJ RU VRXQGV RI FRPEDW IURP
VLWWLQJRQWKHSRUFK WKHFHOODUVWDLUV
 7KHEHVWFRYHULQVLGHWKHZDOOLVDQROGRYHUJURZQRUFKDUG 
WKDW ILOOV WKH EDFN SDUW RI WKH \DUG ULJKW XS WR WKH UHDU RI WKH $OORUJDU'RHV1RW0DNH1RLVH
PDQRU ,I WKH OLHXWHQDQW GRHVQ W JHW WR \HOO WKH SDUW\ ZLOO KDYH D
 RQH URXQG UHVSLWH EHIRUH WKH PHQ IURP WKH SRUFK ILUVW
PRYH WR FRPH DQG LQYHVWLJDWH WKH VPDOO VRXQGV RI WKH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
DWWDFN7KHNLWFKHQLVDQDGGLWLRQDOWZRURXQGV ZDONLQJ  (QFRXQWHUFz8SVWDLUV:L]DUG
IURP WKH SRUFK 7KRVH XSVWDLUV ZLOO QRW EH DZDUH RI WKH 7KHZL]DUG'DONDUDQGDVLQJOHQRPDGJXDUGDUHXSVWDLUV
SDUW\DQGWKHURJXHLQWKHFHOODU G ZLOORQO\EHDOWHUHGLI VHDUFKLQJWKURXJKWKHGHEULVLQWKHORUG VVWXG\7KH\ZLOO
WKHSDUW\GHVFHQGVWKHVWDLUZD\ KHDUDQ\\HOOIURPWKHLUOLHXWHQDQWZLWKDVXFFHVVIXOOLVWHQ
 FKHFN '&   RU WKH VRXQGV RI FRPEDW '&   ,I
7KH3DUW\$WWDFNVIURPWKH)URQW DOHUWHG 'DONDU ZLOO HQWHU FRPEDW DV LQWHOOLJHQWO\ DV
,I WKH ILUVW DWWDFN KDSSHQV RXW LQ IURQW RI WKH PDQRU SRVVLEOH+HZLOOFDVWVKLHOGDQGIROORZEHKLQGKLVQRPDG
$OORUJDU ZLOO SLFN XS KLV VZRUG DQG WDNH WZR URXQGV WR JXDUG z XVLQJ PDJLF PLVVLOH DV WKH RSSRUWXQLW\ SUHVHQWV
UHDFKWKHSRUFKVWLOOZLWKRXWDUPRUEXWQRZPXFKPRUH LWVHOI +H ZLOO IHH XSVWDLUV DQG WU\ WR HVFDSH WKURXJK D
GDQJHURXV+HZLOODOHUWDOOLQWKHPDQRUE\\HOOLQJXSDQG ZLQGRZLIKLVJXDUGGURSVDQGIDFHGZLWKPRUHWKDQWZR
GRZQWKHVWDLUZD\V 3&V
  ,I QRW DOHUWHG WKH JXDUG ZLOO EH RXWVLGH WKH ZL]DUGV
6SHFLDO7KHVFUROOKHLVZULWLQJLV3OD\HUV+DQGRXW$OVR URRP DQG WKH ZL]DUG ZLOO LPPHGLDWHO\ XVH PDJLF PLVVLOH
LQ KLV EDFNSDFN ZLOO EH IRXQG D VFUROO FDVH OHDWKHU  DQGPRYHRXWRIDZLQGRZLISRVVLEOH
FRQWDLQLQJ3OD\HUV+DQGRXW 

7UHDVXUH %HVLGHV KLV SHUVRQDO LWHPV ZUDSSHG LQ DQ ROG (1&2817(5'
WRZHORQKLVSDFNLVWKH*ROGHQ&KDOLFH VHHFHUW 
 '2:167$,5652*8(
'XUO WKH URJXH ZLOO EH GRZQVWDLUV VHDUFKLQJ WKURXJK WKH
(1&2817(5% VPDOO FHOODU +H ZLOO DXWRPDWLFDOO\ KHDU DQ\ \HOOV RU
'2:167$,56*8$5'6 FRPEDW VRXQGV IURP WKH PDLQ IORRU $OVR DQ\RQH
GHVFHQGLQJ WKH VWDLUV DQG QRW PRYLQJ VLOHQWO\  ZLOO EH
 7KUHHSRVVLEOHVFHQDULRV KHDUGLI'XUOPDNHVD/LVWHQFKHFN '& 
  ,I DOHUWHG KH PDNHV KLV ZD\ WR WKH WRS RI WKH VWDLUV
3&V$WWDFNWKH*XDUGDWWKH*DWH DQG DWWHPSWV WR UHDFK WKH NLWFKHQ DQG VWHDO WKH FKDOLFH
,IWKHVHQWU\E\WKHJDWHLVWKHREMHFWRIWKHILUVWDWWDFNKLV EHIRUH FOLPELQJ RXW DQ XQJXDUGHG ZLQGRZ +H ZLOO EH
DWWDFNHU V  PD\ VQHDN XS RQ KLP 5ROO KLGH YV KLV VSRW XVLQJ KLV +LGH VNLOO LI SRVVLEOH ,I KH HQFRXQWHUV D VLQJOH
7KH PHQ RQ WKH SRUFK ZLOO KHDU KLP \HOO RU VHH KLP EH 3& SUHYHQWLQJ KLP IURP HVFDSLQJ RXWVLGH KH ZLOO XVH
DWWDFNHG DQG PRYH TXLFNO\ WR MRLQ WKH PHOHH 7KH\ ZLOO DWWHPSWDVQHDNDWWDFNZLWKKLVWKURZQGDJJHU,IKHLVQRW
DOVR \HOO D ZDUQLQJ WKDW DOHUWV WKH OLHXWHQDQW D  ZL]DUG OLNHO\WRHVFDSHKHZLOOUHWXUQWRWKHFHOODUDQGDWWHPSWWR
F DQGURJXH G  KLGHEHKLQGVRPHEDUUHOV
 $Q\ DWWHPSW WR DSSURDFK WKH SRUFK DUHD ZLOO OLNHO\  +LVREMHFWLYHLVWRVWHDOWKH*ROGHQ&KDOLFH ,I WKH
DOHUWWKHKRUVHVDQGVSRRNWKHP FKDOLFHLVOHIWLQWKHNLWFKHQKHZLOOPDNHDQDWWHPSWYLD
 WKHVWDLUZD\WRWKHVHUYDQW VTXDUWHUVZKLOHWKHSDUW\LVVWLOO
3&V$WWDFN$OORUJDU HQJDJHG E\ WKH QRPDGV RU 'DONDU WKH ZL]DUG +H ZLOO EH
 ,IWKHPHQRQWKHSRUFKKHDUWKHOLHXWHQDQW\HOOWKH\ VQHDNLQJWKURXJKWKHPDQRUXVLQJKLVKLGHFKHFNV
ZLOOUXQWKURXJKWKHJUHDWKDOOWRZDUGWKHNLWFKHQRQWKH  ,I QRW DEOH WR JHW WKH FKDOLFH LQ WKH KRXVH KH ZLOO
QH[W URXQG DQG DUULYH DW WKH RSHQ NLWFKHQ GRRU LQ RQH DWWHPSW WR IOHH LQWR WKH RUFKDUG DQG KLGH +H ZLOO WKHQ
URXQG7KHVHQWU\E\WKHJDWHZLOOUXQDURXQGWKHRXWVLGH EHJLQIROORZLQJWKHSDUW\XQWLOKHJHWVDFKDQFHWRVWHDOLW
RI WKH PDQRU DQG DUULYH DW WKH EDFN RI WKH PDQRU LQ WZR z HLWKHU LI WKH 3&V OHDYH LW XQDWWHQGHG GXULQJ WKH QLJKW
URXQGV (QFRXQWHU RUGXULQJFRPEDW (QFRXQWHU 
  ,IWKHURJXHVXFFHHGVLQJHWWLQJWKHFXSDWWKHPDQRU
$OORUJDULV.LOOHGZLWKRXW:DUQLQJ KHZLOOJRWRWKHWRZQWRKLGHDQGUHVW VHH(QFRXQWHU 
,I WKH OLHXWHQDQW LV NLOOHG ZLWKRXW EHLQJ DEOH WR \HOO RU 7UDFNLQJ '& ZLOORQO\UHYHDOWKDWKHGLGWDNHWKHURDG
PDNH H[WHQGHG QRLVH LQ FRPEDW WKH PHQ RQ WKH SRUFK WRZDUGWRZQ
ZLOO KHDU WKH VRIW VRXQGV RI WKH VFXIIOH GLVFXVV LW IRURQH 
URXQGDQGWKHQZDONEDFNWKURXJKWKHJUHDWKDOODUULYLQJ $//$3/6
DWWKHRSHQNLWFKHQGRRULQWZRPRUHURXQGV,IWKH\VHH
DQ\RQH LQ WKH JUHDW KDOO WKH\ FKDUJH 7KH VHQWU\ ZLOO +RUVHV /LJKW   KS  HDFK VHH 0RQVWHU0DQXDO SDJH
UHPDLQ E\ WKH JDWH EXW VKLIW KLV DWWHQWLRQ WR WKH PDQRU 
KRXVH+HZLOOUXQDURXQGWKHRXWVLGHRIWKHKRXVH WDNLQJ  (TXLSPHQW (DFK KDV D ULGLQJ VDGGOH VDGGOH EDJV
WZR URXQGV  DQG ZDLW DSSUR[LPDWHO\  IHHW EDFN RI WKH FRQWDLQLQJ WKUHH GD\V JUDLQ D ODUJH ZDWHU VNLQ DQG 
KRXVH z ZDLWLQJ XQWLO KH KHDUV RU VHHV DQ\WKLQJ HOVH MDYHOLQV  KDQJLQJ RYHU WKH SRUFK UDLOLQJ 2QH VDGGOH DOVR
KDSSHQDWWKHUHDURIWKHPDQRU FRQWDLQV D OLJKW GHVHUWVW\OH WHQW ,W KROGV WZR SHRSOH
 7KHQRPDGVDUHQRLV\ILJKWHUVDQGZLOO\HOOORXGO\DV 9DOXHJS:WOEV 
WKH\DWWDFN  7KH KRUVHV DUH QRQFRPEDWDQW DQG IOHH LIXQWLHGDQG
 FRPEDWRFFXUVQHDUWKHP7KHKRUVHVPD\EHNHSW YDOXH
JSVDGGOHVJSVDGGOHEDJVJS RUVROGIRURQHKDOI
YDOXH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 LVLQKLVSDFN,IWKHSDUW\ILQGVLWKHZLOOWU\WRFRQYLQFH
$3/ (/  WKHP WKDW KH ZDV MXVW VWD\LQJ LQ WKH EDVHPHQW RI WKH ROG
PDQRUDQGVDZWKHEDWWOHEXWKDGQRWKLQJWRGRZLWKWKH
$OORUJDU/LHXWHQDQWPDOHKXPDQ)WU&OUKSVHH UDLGHUV+HZLOOILJKWRQO\LIGLUHFWO\DWWDFNHG
$SSHQGL[ & LQ FKDUJH RI WKH UDLG DOWKRXJK VHULRXVO\  
ZRXQGHGIURPODVWQLJKWVHQFRXQWHUZLWKWKHFOHULF 'XUOLV)ROORZLQJWKH3DUW\
 ,I 'XUO IROORZHG WKH SDUW\ WR WRZQ WR WU\ DQG VWHDO WKH
1RPDG *XDUGV PDOH KXPDQ :DU   KS  HDFK VHH FKDOLFH KH ZLOO ZDLW XQWLO WKH SDUW\ LV VOHHSLQJ EHIRUH
$SSHQGL[ & RQH QRPDG LV DW WKH JDWH IRXU RQ WKH IURQW PDNLQJ KLV WU\ +H ZLOO VHOHFW WKH OHDVW DOHUW ORZHVW VSRW
SRUFKDQGRQHXSVWDLUVZLWKWKHZL]DUG'DONDU0DJQXV VNLOO VHQWU\ VZDWFKWRPDNHKLVDWWHPSW1RQHRIWKHLQQ V
 GRRUV KDYH ORFNV DQG WKH VKXWWHUV RQ WKH ZLQGRZV DUH
'DONDU0DJQXVPDOHKXPDQ:L]KSVHH$SSHQGL[ UHPRYHGIRUWKHVXPPHU RSHQZLQGRZV 5ROOWKHURJXH V
&DZL]DUGORFDWHGLQRQHRIWKHXSVWDLUVEHGURRPV KLGH UROO YV WKH VSRW UROO RI WKH VHQWU\ WR GHWHUPLQH
 VXFFHVV ,I WKH FKDOLFH LV KLGGHQ DVVXPH 'XUO UHTXLUHV D
'XUOPDOHKXPDQ5RJKSVHH$SSHQGL[&VHUYLQJ '&  VHDUFK FKHFN HDFK URXQG WR ILQG LW (DFK URXQG
$OORUJDU DV D WKLHI 'XUO LV FXUUHQWO\ LQ VHDUFKLQJ WKH VSHQGVHDUFKLQJUHTXLUHVDVHSDUDWHKLGHYVVSRWRU'XUOLV
FHOODU GLVFRYHUHG
  ,I 'XUO VXFFHHGV KH ZLOO IOHH DQG WKH FKDOLFH LV ORVW
$3/ (/  'XUO ZLOO WDNH H[WUHPH SUHFDXWLRQV LQ DVVXULQJ WKDW KH LV
QRWWUDFNHGRURWKHUZLVHFDXJKW
$OORUJDU /LHXWHQDQW PDOH KXPDQ )WU KS  VHH  ,I GHWHFWHG DQG FRQIURQWHG E\ WKH SDUW\ KH ZLOO
$SSHQGL[ & ,Q FKDUJH RI WKH UDLG DOWKRXJK VHULRXVO\ DWWHPSW WR SDVV KLPVHOI RII DV D EXP ZKR ZDV VWD\LQJ LQ
ZRXQGHGIURPODVWQLJKWVHQFRXQWHUZLWKWKHFOHULF WKHEDVHPHQWRIWKHROGPDQRUDQGVDZWKHEDWWOHEXWKDG
 QRWKLQJWRGRZLWKWKHUDLGHUV+HIROORZHGWKHPWRWRZQ
1RPDG *XDUGV PDOH KXPDQ :DU   KS  VHH WR WU\ DQG VWHDO WKH FXS +H ZLOO ILJKW RQO\ LI GLUHFWO\
$SSHQGL[ & 2QH QRPDG LV DW WKH JDWH IRXU DUH RQ WKH DWWDFNHG
IURQW SRUFK DQG RQH LV XSVWDLUV ZLWK WKH ZL]DUG 'DONDU 
0DJQXV 'XUOLV&DSWXUHGDWWKH0DQRU
 ,IWKHURJXHZDVDSSUHKHQGHGDWWKHPDQRUWKHQWKHSDUW\
'DONDU0DJQXVPDOHKXPDQ:L]KSVHH$SSHQGL[ PD\KDYHEURXJKWKLPEDFNWRWRZQZLWKWKHP
&$ZL]DUGORFDWHGLQRQHRIWKHXSVWDLUVEHGURRPV  ,QDQ\FDVHLI'XUOLVDSULVRQHUWKHWRZQVSHRSOHZLOO
 YROXQWHHUWRKROGKLP ORFNHGLQDVPDOOVWRUHURRPDWWKH
'XUOPDOHKXPDQ5RJKSVHH$SSHQGL[&VHUYLQJ LQQ  DQG VHQG ZRUG IRU WKH DXWKRULWLHV WR FRPH DQG WDNH
$OORUJDU DV D WKLHI 'XUO LV FXUUHQWO\ LQ VHDUFKLQJ WKH KLP LQWR FXVWRG\ ,I WKH SDUW\ WULHV WR IRUFH WKH URJXH WR
FHOODU DFFRPSDQ\WKHPWRWKHZD\VWDWLRQKHZLOOEHJDQGZKLQH
 FRQWLQXRXVO\ PDNLQJVXUSULVHLPSRVVLEOH XQOHVVJDJJHG
 
 1HNUD WKH VKRSNHHSHU DSSHQGL[ %  ZLOO XVH DQ\
(1&2817(5 UHPDLQLQJ SRWLRQV RI FXUH OLJKW ZRXQGV RQ WKH SDUW\ DW WKLV
7KLV HQFRXQWHU RQO\ RFFXUV LI WKH SDUW\ UHWXUQV WR WKH SRLQW6KHRQO\KDVILYHRIWKHVHDQGZLOODGPLQLVWHUWKHP
WRZQDIWHUWKHILJKWDWWKHPDQRU GLUHFWO\ WR SDUW\ PHPEHUV 6KH ZLOO QRW VHOO RU SDUW ZLWK
 7KHUHDUHWKUHHSRVVLEOHVFHQDULRV WKHPRWKHUZLVH
  
'XUOKDVWKH&KDOLFH 'XUO YDULHVE\$3/ 6HH$SSHQGL[&
,I 'XUOWKHURJXHVXFFHHGHGLQVWHDOLQJWKHFKDOLFHDWWKH 
PDQRUKHZLOOEHVOHHSLQJLQWKHUHDUXQUHVWRUHGSDUWRI 
WKH FKXUFK WKDW KH HQWHUHG E\ ZD\ RI WKH RQH RSHQ
ZLQGRZ7KHUHVWRIWKHXQUHVWRUHGSDUWRIWKHEXLOGLQJLV
(1&2817(5
ERDUGHGXS /LNHO\ WKH 3&V ZLOO XWLOL]H WKH KRUVHV REWDLQHG IURP
 +HLVXQDZDUHWKDW5RGGLWKHVKRSNHHSHU V\RXQJHVW HQFRXQWHU HLJKW DQG WUDYHO WR WKH ZD\ VWDWLRQ 7KH WULS LV
VRQ DSSHQGL[% VDZKLPVQHDNLQWRWKHEXLOGLQJ DERXW WZHQW\ PLOHV RYHU IODW ORZ KLOOV 7KH MRXUQH\ WDNHV
 5RGGL ZLOO WHOO WKH SDUW\ ZKDW KH VDZ DW KLV ILUVW DSSUR[LPDWHO\WZHOYHKRXUVRIULGLQJ
RSSRUWXQLW\ZKHQWKH\FRPHEDFNLQWRWRZQ  ,IWKHSDUW\GRHVQRWOHDYHE\WKHPRUQLQJDQGXWLOL]H
 7KH URJXH KDV ULJJHG D IHZ SLHFHV RI MXQN WR FODWWHU WKH KRUVHV RU RWKHUZLVH PDLQWDLQ D  IRRW PRYHPHQW
ORXGO\LIDQ\RQHWULHVWRHQWHUWKHZLQGRZ 6HDUFK'& UDWH  WKH %H\GRUQ ZLOO KDYHILQLVKHGKLVEXVLQHVVDQGWKH
'LVDUP '&   ,I DODUPHG KH ZLOO WU\ WR KLGH KLGH YV ZD\VWDWLRQDQGDUHDZLOOEHGHVHUWHG
VHDUFKHU V VSRW  DQG KRSH WKH SDUW\ ZLOO JR DZD\ ,I KH  $ IHZ PLOHV EHIRUH WKH SDUW\ JHWV WR WKH ZD\ VWDWLRQ
HVFDSHVKHLVJRQHDQGWKHFKDOLFHLVORVW,IFRQIURQWHGE\ JLYHWKHPWKHIROORZLQJLQIRUPDWLRQ
WKHSDUW\KHZLOODWWHPSWWRSDVVKLPVHOIRIIDVDEXPZKR 
ZDVMXVWORRNLQJIRUDSODFHWRVSHQGWKHQLJKW7KHFKDOLFH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
$ERXWIHHWLQIURQWRI\RX\RXVHHWKHEHJLQQLQJRIDILHOGRI WKHILUHSODFHWKURXJKWKHRSHQZLQGRZV DWQLJKW PDNHV
ODUJHERXOGHUV%H\RQGWKHILHOGWKHURDGSDVVHVE\ZKDWPLJKWEH WKHSODFHHDV\WRILQG
VRPHVRUWRIVPDOOEXLOGLQJ  6HUJHDQW )DGHUDQGVHYHUDORI5RELODUVDUFKHUVDUHDW
 WKHVWDWLRQ
+LGLQJLQWKHERXOGHUILHOGLV%H\GRUQ +XPDQ:DUVHH  *LYHWKHSDUW\WKHIROORZLQJGHVFULSWLRQ
DSSHQGL[ &  ZLWK KLV WZR GRJV '&  WR VSRW  +H ZDV 
KLUHG D IHZ ZHHNV DJR WR SDWURO DQG NHHS XQZDQWHG 7KH VLQJOH GRRU WR WKH FDELQ IDFHV WKH WUDLO 7KHUH LV DQ RSHQ
YLVLWRUV DZD\ IURP WKH DUHD DURXQG WKH ZD\ VWDWLRQ 7KH\ ZLQGRZ RQ HDFK RWKHU VLGH RI WKH EXLOGLQJ ,W LV D ZRRGHQ
KDYHDOUHDG\VSRWWHGWKHSDUW\ VWUXFWXUHZLWKDZRRGVKLQJOHURRI7KHUHLVQRFRYHUZLWKLQWKUHH
 %H\GRUQVRQO\MRELVWRVSRWWKHSDUW\DQGDOHUW)DGHU KXQGUHG IHHW RI WKH EXLOGLQJ $ ILJXUH DSSHDUV DW RQH RI WKH
+HXVHVKLVGRJVWRSDWUROWKHDUHDDQGREVHUYHVIURPWKH ZLQGRZVHYHU\IHZVHFRQGV
URFNV,IKHVSRWVDQ\RQHFDUU\LQJQRQWUDYHOLQJZHDSRQV 
VWDIIGDJJHUHWF KHUXQVWRWKHZD\VWDWLRQDOHUWV)DGHU ,I LW LV QLJKW RU WKH SOD\HUV DVN DERXW QLJKWWLPH
DQGWKHQIOHHVWKHDUHD FRQGLWLRQVDGGWKHIROORZLQJ
 ,W PD\ EH GLIILFXOW WR VQHDN SDVW %H\GRUQ GXH WR KLV 
GRJV,IDSSURDFKHGE\DQRQFRPEDWDQW QRYLVLEOHKHDY\ /XQDLVQHDUO\IXOOWRQLJKWDQGOLJKWVPRVWRIWKHURDGFOHDULQJ
ZHDSRQVRUDUPRU LWLVSRVVLEOHIRUWKH3&VWRLQWLPLGDWH DQGFDELQPDNLQJLWHDVLO\YLVLEOHRYHUWZRKXQGUHGIHHWDZD\
'& RUEULEH GLSORPDF\'&IRUHDFKJSRIWKH 
EULEH %H\GRUQLQWRDOORZLQJWKHPWRSDVV3&VPLJKWDOVR 2QHRIWKHDUFKHUVZLOOEHDOHUWDQGPRYLQJWRNHHSZDWFK
XVH VSHOOV RU VWHDOWK WR WDNH KLP DQG WKH GRJV  RXW ZLWK RXW RI WKH ZLQGRZV DW DOO WLPHV 'XULQJ WKH GD\ 3&V
RXWJLYLQJKLPDFKDQFHWRVRXQGWKHDODUP UHTXLUHD '& +LGHFKHFNWRDSSURDFKZLWKLQIHHW
 %H\GRUQLVDFRZDUGDQGZLOOZDWFKWKHILJKWIURPWKH RIWKHFDELQRUD '& WRDSSURDFKZLWKLQIHHW,Q
ERXOGHUV:KHQWKHGRJVDUHGHIHDWHGKHZLOOWU\WRKLGH DGGLWLRQD0RYH6LOHQW '& FKHFNLVUHTXLUHGWRUHDFK
7KHSDUW\FDQILQGKLPFRZHULQJDPRQJWKHURFNV+HZLOO WKHEXLOGLQJ$WQLJKWWKH+LGH'&VDUHUHGXFHGWRDQG
EHJIRUPHUF\DQGRQO\ILJKWLIGLUHFWO\DWWDFNHG UHVSHFWIXOO\
 +H NQRZV QRWKLQJ DERXW WKH GLDULHV DQG 5RELODU V  7KHFDELQLVROGDQGGU\DQGZRXOGEHHDV\WRVHWRQ
LQYROYHPHQW 7KH EDQGLW ZKR KLUHG KLP GHVFULEHG DQG ILUHZLWKDILUHVSHOORURLO
WROG KLP WR OHW SDVV WKH OLHXWHQDQW KLV VHUJHDQWV GHVHUW  7KH DUFKHUV DUH PXFK PRUH GDQJHURXV ZKHQ ILULQJ
QRPDGVDUFKHUVDQGWKHQRUNHUWURRSV WKHLU ORQJERZV RXW RI WKH ZLQGRZV RQHKDOIFRYHUWR
 +HVDZDVHUJHDQWDQGVHYHUDODUFKHUVKHDGHGIRUWKH $& WKDQWKH\DUHLIIRUFHGRXWRIWKHEXLOGLQJzDOWKRXJK
ZD\VWDWLRQODWH\HVWHUGD\DIWHUQRRQ DPD[LPXPRIWZRDUFKHUVPD\ILUHLQDQ\RQHGLUHFWLRQ
 ,I 3&V FRQFHQWUDWH WKHLU DWWDFN IURP RQH GLUHFWLRQ WZR
$3/ (/  DUFKHUVZLOOPRYHRXWVLGHDQGILUHIURPRQHFRUQHURIWKH
EXLOGLQJzXVLQJWKHFRUQHUIRUKDOIFRYHUDOVR
%H\GRUQ PDOH KXPDQ :DU KS  6HH $SSHQGL[ & 
+LUHGVFRXW 7UHDVXUH5RELODUVGLDULHVWZRERRNV 9DOXHQD:WOEV
 HDFK DUHLQ)DGHUVEDFNSDFN
'RJV VPDOO   KS  VHH 0RQVWHU 0DQXDO SDJH  
6PDOOGRJVFRPPDQGHGE\%H\GRUQ $3/ (/ 

)DGHUPDOHKXPDQ5JUKSVHH$SSHQGL[&VHUYHV
$3/ (/  $OORUJDUDVDVFRXWDQGVS\DQGKROGVWKHGLDULHV
%H\GRUQ PDOH KXPDQ :DU 6HH DSSHQGL[ % +LUHG 
VFRXW 1RPDG$UFKHUV  KSHDFKVHH$SSHQGL[&
 
'RJVVPDOO  KSHDFKVHH0RQVWHU0DQXDOSDJH $3/ (/ 
VHHDSSHQGL[&6PDOOGRJVFRPPDQGHGE\%H\GRUQ
 )DGHUPDOHKXPDQ5JUKSVHH$SSHQGL[&6HUYHV
 $OORUJDUDVDVFRXWDQGVS\DQGKROGVWKHGLDULHV

(1&2817(5 1RPDG$UFKHUV  KSHDFKVHH$SSHQGL[&
 5HIHUWR:D\6WDWLRQPDS 
 7KHSDUW\PD\GHFLGHWRUHVWDQGKHDOEHIRUHDWWDFNLQJ 
WKH VWDWLRQ 7KHUH LV QR SHQDOW\ IRU WKLV SURYLGHG WKDW
%H\GRUQKDVQRWDOHUWHG)DGHU &21&/86,21
 7KHZD\VWDWLRQLVDRQHURRPFDELQVWDQGLQJQH[WWRD ,I WKH SDUW\ GHFLGHV WR ZDLW DURXQG DW WKH ZD\VWDWLRQ D
ZHOOPDUNHGWUDLODWDSRLQWZKHUHWKHWUDLOSDVVHVWKURXJK EDG LGHD  DIWHU WKUHH GD\V WZR GD\V LI WKH SDUW\ VSHQW DQ
DODUJHFOHDULQJ$IHZKXQGUHG\DUGVDZD\LVWKH%URNHQ H[WUDGD\UHVWLQJ 5RELODU VDJHQWDQGKLVSDUW\ZLWKDERXW
6SLUH D KXQGUHG IRRW WDOO QDWXUDO URFN WRZHU 6PRNH WZHQW\ PRXQWHG JXDUGV ZLOO EH VHHQ DSSURDFKLQJ IURP
ULVLQJ IURP WKH FKLPQH\ GXULQJ WKH GD\  RU OLJKW IURP WZRPLOHVGRZQWKHWUDLOWRWKHHDVW7KHSDUW\VKRXOGIOHH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
,I WKH SDUW\ VWD\V DQG ILJKWV WKH\ ZLOO DOPRVW FHUWDLQO\ EH (QFRXQWHU6L[
NLOOHG z DVVXPH  QRPDGV DQG  DUFKHUV OHG E\ WZR 7KHSDUW\JHWVSDVW%H\GRUQDQGKLVGRJVZLWKRXW
VHUJHDQWV XVH$ONDUUDVVWDWV DQGDFDSWDLQ XVH$OORUJDUV DOHUWLQJ)DGHU [S
VWDWVDWQRUPDOKLWSRLQWVDQGFKRRVHVSHOOVDVGHVLUHG 6HH 
DSSHQGL[ & IRU VWDWV 0RXQWHG DQG XVLQJ ERZV DQG (QFRXQWHU6HYHQ
VFLPLWDUV WKH\ VKRXOG PDNH VKRUW ZRUN RI DQ\ 3& VLOO\ 7KH SDUW\ GHIHDWV )DGHU DQG KLV DUFKHUV DQG
HQRXJKWRFKDOOHQJHWKHP UHWULHYHVWKHERRNV [S
 
 :KHQWKHSDUW\UHWXUQVIURPWKHZD\VWDWLRQWRHLWKHU 
WKH WRZQ RU WKH PDLQ URDG D KLJKUDQNLQJ FOHULF RI 6DLQW 7RWDOH[SHULHQFHIRUREMHFWLYHV [S
&XWKEHUW %URWKHU &DWKIDOO  ZLWK KLV WKUHH JXDUGV ILQGV 
WKH SDUW\ DQG JUDWHIXOO\ DFFHSWV 5RELODU V WZR GLDULHV +H 'LVFUHWLRQDU\UROHSOD\LQJDZDUG [S
ZLOO VKRZ KLV FUHGHQWLDOV H[SODLQ WKH VLJQLILFDQFH RI WKH 
GLDULHVDQGRIIHUKLVJUDWLWXGH LQIOXHQFHSRLQWIRUFKXUFK 7RWDOSRVVLEOHH[SHULHQFH [S
RI6W&XWKEHUWVHHFHUWV 7KHSDUW\PD\NHHSWKH&KDOLFH 
RI5HOLHIDQGDQ\FRLQVRUPXQGDQHHTXLSPHQW LQFOXGLQJ 
KRUVHV  WKDW WKH SDUW\ KDV DFTXLUHG ,I WKH SDUW\ KDV WKH
$OORUJDUV XQKRO\ V\PERO WKH VLOYHU JULQQLQJ VNXOO KH 75($685(6800$5<
ZLOOLGHQWLI\LWDVWKHHPEOHPRIWKHJRG5DOLVKD]DQGDVN 3OD\HU FKDUDFWHUV PD\ NHHS LWHPV IURP WKH VFHQDULR WKDW
IRULWDVZHOO,IWKHSDUW\VKRXOGEHUHOXFWDQWWRJLYHXSWKH DUH OLVWHG RQ WKH WUHDVXUH OLVW EHORZ RU ZKLFK PHHW WKH
ERRNV RU WKH XQKRO\ V\PERO KH ZLOO TXHVWLRQ WKH SDUW\ V IROORZLQJFRQGLWLRQV
DOLJQPHQW DQG PRUDO FKDUDFWHU +H VKRXOG EH DEOH WR 
VKDPHRULQWLPLGDWHWKHPLQWRJLYLQJWKHPXS  7KH LWHPPXVWEHQRQPDJLFDODQGVSHFLILFDOO\OLVWHG
 LQWKHWH[WRIWKHDGYHQWXUH HJDUPRURQIRHV ,ILWLV
7KH(QG QRW OLVWHG LQ WKH WH[W WKH FKDUDFWHUV FDQQRW NHHS LW
 ,WHPVRIWKLVQDWXUHFDQEHVROGIRURIERRNYDOXH
(;3(5,(1&(32,17 RUUHFRUGHGRQDORJVKHHW
 $QLPDOV IROORZHUV PRQVWHUV KHQFKPHQ DQG VR
6800$5< IRUWK DQ\ OLYLQJ EHLQJ EDVLFDOO\  PD\ QRW EH NHSW
IURP D VFHQDULR IRU DQ\ UHDVRQ XQOHVV WKH WUHDVXUH
 7R DZDUG H[SHULHQFH IRU WKLV DGYHQWXUH DGG XS WKH VXPPDU\OLVWVWKHEHLQJVSHFLILFDOO\,WLVRND\IRUWKH
YDOXHV IRU WKH REMHFWLYHV DFFRPSOLVKHG 7KHQ DVVLJQ WKH SOD\HU FKDUDFWHUV WR IRUP UHODWLRQVKLSV ZLWK 13&V
GLVFUHWLRQDU\ UROHSOD\LQJ H[SHULHQFH DZDUG 7KH EXWWKHVHZLOOQRWEHFHUWHGDQGFDQQRWEULQJPDWHULDO
UROHSOD\LQJDZDUGVKRXOGEHJLYHQIRUFRQVLVWHQWFKDUDFWHU EHQHILW WR WKH FKDUDFWHU &RQWDFWV VRXUFHV RI H[WUD
SRUWUD\DODQGFRQWULEXWLRQWRWKHIXQRIWKHJDPH<RXFDQ LQIRUPDWLRQ PXVWEHVSHFLILFDOO\FHUWHG
DZDUG GLIIHUHQW UROHSOD\LQJ DPRXQWV WR GLIIHUHQW  7KHIWLVDJDLQVWWKHODZEXWPD\EHSUDFWLFHGE\VRPH
FKDUDFWHUV SOD\HU FKDUDFWHUV ,WHPV ZKLFK DUH ZRUWK PRUH WKDQ
 $ZDUGWKHWRWDOYDOXH REMHFWLYHVSOXVUROHSOD\LQJ WR >LQVHUW FDPSDLJQ YDOXH@ WKDW DUH RI SHUVRQDO
HDFKFKDUDFWHU VLJQLILFDQFH WR WKH RZQHU LQFOXGLQJ IDPLO\
 KHLUORRPV  DQG DOO PDJLFDO LWHPV ZLOO EH GLVFRYHUHG
(QFRXQWHU2QH LQ WKH SRVVHVVLRQ RI WKH FKDUDFWHU E\ RQH PHDQV RU
7KHSDUW\ILQGVWKHVHFUHWGRRUZLWKRXW$EHVVD V DQRWKHU7KHFKDUDFWHUPXVWUHWXUQWKHLWHPDQGSD\D
KHOS [S ILQHHTXDOWRWKUHHWLPHVWKHYDOXHRIWKHLWHPVWROHQ
7KH SDUW\ ILQGV WKH WUDS DQG PDQDJHV WR DYRLG ,QDGGLWLRQWKH3&FDXJKWUHFHLYHVFDPSDLJQGHFLGHG
DQ\RQHWDNLQJGDPDJHIURPLW [S SHQDOWLHVIRUEHLQJNQRZQDVDWKLHIVXFKDV,QIDP\
 )RU RWKHU VWROHQ LWHPV ZKLFK PHHW WKH FULWHULD LQ 
(QFRXQWHU7ZR DERYH XVH \RXU MXGJPHQW DQG WKH FLUFXPVWDQFHV
7KHSDUW\GHIHDWVWKHQRUNHUVDQGWKHLUVHUJHDQW [S ZLWKLQWKHJDPHWRGHWHUPLQHZKHWKHUD3&WKLHIJHWV
7KHSDUW\PDQDJHVWRUHVFXH'RPDO\Q V DZD\ZLWKWKHWKHIWRUQRW
GDXJKWHUDOLYH [S 
 $Q\ LWHP UHWDLQHG DFFRUGLQJ WR WKHVH UXOHV ZKLFK GRHV
(QFRXQWHU)RXU QRWKDYHDFHUWLILFDWHZLOOQRWHYHUKDYHDFHUWLILFDWHLVVXHG
7KHSDUW\GHIHDWVWKH$OORUJDU [S IRULW
(DFKQRPDGGHIHDWHG PD[[S  [S  7KHFDPSDLJQVWDIIUHVHUYHVWKHULJKWWRWDNHDZD\DQ\
7KHSDUW\GHIHDWVWKH'DONDU [S LWHP RU JROG DFTXLUHG IRU WKLQJV WKDW LW ODWHU ILQGV
 XQUHDVRQDEOHEXWZKLFKZHUHDOORZHGDWWKHWLPH
(QFRXQWHU)LYH 
7KH SDUW\ GRHV QRW ORVV WKH *ROGHQ &KDOLFH WR (QFRXQWHU2QH
'XUO LQFOXGLQJGHIHDWLQJRUFDSWXULQJKLP  [S N 1RWUHDVXUH
 

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
(QFRXQWHU7ZR
N VS $ONDUUD 

(QFRXQWHU7KUHH
N 1RWUHDVXUH

(QFRXQWHU)RXU
N )LYH OLJKW KRUVHV ZLWK JHDU &RPPRQ 9DOXH  JS
VHOOIRUJS  RXWVLGHPDQRUKRXVH 
N JSVS OLHXWHQDQW 
N JSVSJHPJS &RPPRQ9DOXHJS:W 
'DONDU 
N JSVS 'XUO 
N &KDOLFH RI 5HOLHI 6HH FHUW 5DUH 7UDGDEOH 9DOXH 
JS:WOEV $JROGHQFXSHQJUDYHGZLWKWKHLPDJHV
RIVHYHUDOKHUEVDVVRFLDWHGZLWKSDLQUHOLHI$QRXQFH
RIZLQHVZLUOHGLQWKHFXSEHIRUHGULQNLQJZLOOUHOLHYH
DOO SDLQ SDLQ UHODWHG HIIHFW DQG KHDO DOO VXEGXDO
GDPDJH LQ D VLQJOH XVHU ,W ZLOO RQO\ ZRUN RQFHHDFK
GD\

(QFRXQWHU)LYH
N 1RWUHDVXUH

(QFRXQWHU6L[
N VS %H\GRUQ 

(QFRXQWHU6HYHQ
N JSVS )DGHU 

$WWKH&RQFOXVLRQ
N ,QIOXHQFH SRLQW IURP WKH &KXUFK RI 6DLQW &XWKEHUW
RQHSHUSOD\HUFKDUDFWHU LQUHWXUQIRUWKHERRNV



,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
$33(1',;$x'00$36$1'3/$<(5+$1'2876




,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH


,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH


,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH


,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH








,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH



3/$<(5+$1'287




Your Lordship,
I have obtained the diaries as you ordered.
The books should be in your Agent's hands before you read this. The old Cleric proved to be more capable than we
could have thought. I took some serious wounds while subduing him. It will be another day or so before I am able to travel
at normal speed.
Domalyn, the one who slew the agent you sent to retrieve the books twelve years ago, is being attended to as I write
this. He is an old man now living on a small farm north of Kiddeky Crossing. I sent a force sufficient to the task.
I know that your Agent is not scheduled to arrive at the way station for a few days yet, but I thought it best to send a
Sergeant ahead with the books so there will be no delay if his party arrives earlier than anticipated. I will follow when I am
able.
I should be able to take care of the other matter we discussed in a timely manner. It would be helpful if you could




,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH





,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH

$33(1',;%x13&69,//$*(56

$EHVVDWKHVPLWKVZLIHIHPDOHKXPDQ&RP\UV$QLQYDOLGFRQILQHGWRDZKHHOFKDLUKHUKXVEDQGKDVPDGHIRU
KHU6KHLVGHYDVWDWHGE\WKHPXUGHURI%URWKHU9DODUG\6KHLVDSULPHVRXUFHRILQIRUPDWLRQDERXWWKHFOHULF

*DP7URXEHQVPRWKHUIHPDOHKXPDQ&RP\UV&RQIXVHGDQGVOLJKWO\VHQLOHVKHKDVQRXVHIXONQRZOHGJH

+XPPHU WKH VPLWK PDOH KXPDQ ([S  \UV 4XLHW EXW DQJU\ WKDW WKH SHDFH RI WKH WRZQ KDV EHHQ GLVWXUEHG
3URWHFWLYHRIKLVZLIH:RXOGQHYHUFRQVLGHUOHDYLQJKHUDORQHIRUDQ\UHDVRQ1RXVHIXONQRZOHGJH

.HUP WKH WUDGHUV DSSUHQWLFH PDOH KXPDQ &RP  \UV $ZNZDUG LQ PDQQHU DQG KDV DQ DFQH SUREOHP +H LV
LQWHUHVWHGLQ6HULOWKHLQQNHHSHUVGDXJKWHUEXWVKHGRHVQWOLNHKLVORRNVRUKLVDWWLWXGH1RXVHIXONQRZOHGJH

.LS 7URXEHQV \RXQJHVW GDXJKWHU IHPDOH KXPDQ &RP  \UV :HHSLQJ EXW GRHVQW UHDOO\ XQGHUVWDQG ZKDW LV
KDSSHQLQJ1RXVHIXONQRZOHGJH

0HOOLWK 7URXEHQV ZLIH IHPDOH KXPDQ &RP \UV :HHSLQJ VFDUHG DQG WHUULEO\ FRQFHUQHG DERXW PRUH DWWDFNV
6KHKDVQRXVHIXONQRZOHGJH

1HFNUD WKH VWRUHNHHSHUIHPDOHKXPDQ&RP\UV6KHLVDXWKRULWDWLYHDQGREYLRXVO\WKHWRZQOHDGHU7KHUHDUH
WHDUVRQKHUFKHHNVDOWKRXJKVKHLVWU\LQJWRFRQWUROKHUHPRWLRQV$EHDUNLOOHGKHUKXVEDQGZKLOHKHZDVKXQWLQJIRXU
\HDUVDJR+RZHYHUVKHKDVPDQDJHGWRNHHSWKHVWRUHRSHQLQVSLWHRIWKHDUHDVGHFOLQH5DLVHGDQGHGXFDWHGLQWKHFLW\
RI3RQW\UHOVKHUDQDZD\WRDYRLGDQDUUDQJHGPDUULDJHDQGZRXOGQHYHUJREDFNWRKHUIRUPHUIDPLO\6KHVFKRROVKHU
WZRVRQVDQGWKHRWKHUFKLOGUHQLQWKHWRZQLQUHDGLQJDULWKPHWLFDQGDELWRIKLVWRU\DQGJHRJUDSK\6KHZLOOWU\WRJHW
WKHSDUW\RIDGYHQWXUHUVWRLQYHVWLJDWHWKHLQFLGHQWDQGGHDOZLWKWKHUDLGHUVLIWKH\FDQEHORFDWHG%URWKHU9DODUG\JDYH
1HFNUD ILYH SRWLRQVRIFXUHOLJKWZRXQGV IRU VDIHNHHSLQJDQGIRUHPHUJHQFLHV6KHZLOODGPLQLVWHUWKHVHWRLQMXUHGSDUW\
PHPEHUVGXULQJHQFRXQWHUVRU6KHZLOOQHYHUDOORZ3&VWRNHHSRUSXUFKDVHWKHVH6KHKDVQRXVHIXONQRZOHGJH
DERXWWKHFULPH

5HQQLDQG5RGGL1HFNUDVVRQVPDOHKXPDQV&RPDQG\UV([FLWHGDQGVFDUHG EXWWKH\ZRXOGQHYHUDGPLW
LW  $V WKH RQO\ WZR ER\V LQ WRZQ WKH\ DUH DOZD\V WRJHWKHU DQG DFW OLNH EHVW EXGGLHV UDWKHU WKDQ EURWKHUV 7KH\ KDYH
VFDYHQJHGHPSW\EXLOGLQJVLQWKHYLOODJHWKHVXUURXQGLQJDEDQGRQHGIDUPVDQGWKHGHVHUWHGPDQRUIRUXVHIXOLWHPV
ZKLFK WKH\ EURXJKW EDFN WR WKH VWRUH IRU WKHLU PRWKHU WR VHOO 7KH\ NQRZ PRUH DERXW WKH FXUUHQW FRQGLWLRQ RI WKH
VXUURXQGLQJDUHDWKDQDQ\RQHHOVHLQWRZQ6HHLPSRUWDQWFRPPHQWVDERYH

6HULO 7URXEHQV HOGHVW GDXJKWHU IHPDOH KXPDQ &RP  \UV $WWUDFWLYH ZHHSLQJ DQG VFDUHG 6KH KDV QHYHU VHHQ
YLROHQWGHDWKEHIRUH

6PRRWWKHWUDGHUPDOHKXPDQ&RP\UV+HLV,QWHUHVWHGDQGV\PSDWKHWLFEXWHDJHUWREHRQKLVZD\+HLVVXUH
WKDWWKHSHUSHWUDWRUVZHUHRQO\DIWHUWKHROGFOHULFIRUVRPHUHDVRQDQGZRQWSRVHDGDQJHUWRKLVZDJRQLIKHPRYHVRQ
+HWUDYHOVWKLVURXWHHYHU\IHZZHHNV+HVROGDIHZEDVLFJRRGVWRWKHLQQNHHSHUDQGWKHVKRSNHHSHU\HVWHUGD\DQGWRRN
WKHLURUGHUVIRUKLVQH[WWLPHURXQG+HKDVEHHQWUDYHOLQJWKLVURXWHIRUDERXWILYH\HDUVDQGKDVQHYHUEHHQUREEHGRU
DFFRVWHG1RXVHIXONQRZOHGJH

7URXEHQWKHLQQNHHSHUPDOHKXPDQ&RP\UV1RZSXWWLQJRQZHLJKWDQGVHQVLWLYHDERXWLWKHLVJDUUXORXVEXW
XQHGXFDWHG+HKDVOLYHGKHUHDOOKLVOLIH+LVIDWKHURZQHGWKH,QQEHIRUHKLP1RXVHIXONQRZOHGJH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
$33(1',;&x13&120$'6
3OHDVHQRWHWKDW5DU\VIRUFHVXVHGHVHUWQRPDGVQRWWKHGHUYLVKHVIRXQGLQPDQ\RWKHU'XFK\RI8UQVWDGYHQWXUHV7KH
GHUYLVKHVRIWKH%ULJKW'HVHUWDUHJHQHUDOO\QRWIULHQGO\WRWKHIRUFHVRI5DU\DQG/RUG5RELODU%RWKDUHRI)ODQVWRFN
DQGPDQ\RIWKHIRONRIWKH'XFK\RI8UQVWDUHXQDZDUHWKDWWKHGHUYLVKHVDQGQRPDGVDUHQRWRQHSHRSOH

$3/
$ONDUUD6HUJHDQWPDOHKXPDQ)WU&50HGLXPVL]HKXPDQRLG+'GKS,QLW6SGIW$& WRXFK
IODWIRRWHG $WNPHOHH GEDVWDUGVZRUG $//(69)RUW5HI:LOO6WU'H[&RQ
,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ6SRW&OLPE-XPSz6SHDN/DQJXDJH QRUNHUGLDOHFWRI*REOLQ (QGXUDQFH([RWLF
:HDSRQ3URILFLHQF\ %DVWDUG6ZRUG ,PSURYHG,QLWLDWLYH:HDSRQ)RFXV %DVWDUG6ZRUG 
 (TXLSPHQW%DVWDUGVZRUGFKDLQPDLODUPRUODUJHZRRGHQVKLHOGNQLIHEDFNSDFNEODQNHWIOLQWDQGVWHHOGD\VWUDLO
UDWLRQVIXOOZDWHUVNLQVS
 $ WUXVWHG DQG OR\DO VHUJHDQW RI $OORUJDU $ONDUUD LV H[WUHPHO\ XVHIXO IRU KLV DELOLW\ WR VSHDN WKH ODQJXDJH RI WKH
QRUNHUV

$OORUJDU/LHXWHQDQWPDOHKXPDQ)WU&OURI5DOLVKD]&5 UHGXFHGIURPGXHWRFLUFXPVWDQFHV 0HGLXPVL]H
KXPDQRLG+'GGKS FXUUHQWO\GXHWRLQMXULHV ,QLW6SGIW$& WRXFKIODWIRRWHG 
$WNPHOHH GJUHDWVZRUG $/&(69)RUW5HI:LOO6WU'H[&RQ,QW:LV&KD

 6NLOOV DQG )HDWV &OLPE  &RQFHQWUDWLRQ  *DWKHU ,QIRUPDWLRQ  +HDO  -XPS  .QRZOHGJH UHOLJLRQ  
/LVWHQ5LGH6SRW6ZLP&RPEDW&DVWLQJ'RGJH(QGXUDQFH0RELOLW\:HDSRQ)RFXV *UHDWVZRUG 
 6SHOOV3UHSDUHG EDVH'& VSHOOOHYHO 1RQH DOOVSHOOVKDYHEHHQXVHG 
 'RPDLQV&KDRV FKDRVVSHOOVFDVWDVDUGOHYHOFDVWHU 'HVWUXFWLRQ VPLWHRQFHSHUGD\WRKLWDQGWRGDPDJH
SRZHUKDVEHHQXVHGIRUWKHGD\ 
 (TXLSPHQWJUHDWVZRUGFKDLQPDLODUPRUVLOYHUXQKRO\V\PERO 5DOLVKD] EHGUROOZDWHUVNLQKHDOHUVNLW IRXUXVHV
UHPDLQLQJ ZULWLQJPDWHULDOV SHQLQNIRXUVKHHWVRISDSHU XQILQLVKHGOHWWHU VHH3OD\HU V+DQGRXW *ROGHQ&KDOLFH
VHHPDJLFLWHP EDFNSDFNFRQWDLQLQJPDSFDVH ZLWKPDSVHH3OD\HUV+DQGRXW FOHULF VYHVWPHQWVEODQNHWIOLQWDQG
VWHHOFRRNLQJDQGHDWLQJXWHQVLOVWKUHHGD\VUDWLRQVJSVS

%H\GRUQPDOHKXPDQ:DU&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFKIODW
IRRWHG $WNPHOHH GFOXE $/&169)RUW5HI:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV+DQGOH$QLPDO:LOGHUQHVV/RUH7UDFN6NLOO)RFXV +DQGOH$QLPDO 
 (TXLSPHQWFOXENQLIHOHDWKHUDUPRUEDFNSDFNEODQNHWGRJOHDVKHVIOLQWDQGVWHHOGRJZKLVWOHVS

'DONDU0DJQXVPDOHKXPDQ:L]&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFK
IODWIRRWHG $WNPHOHH GTXDUWHUVWDII $/&(69)RUW5HI:LOO6WU'H[&RQ,QW
:LV&KD
 6NLOOVDQG)HDWV$OFKHP\&RQFHQWUDWLRQ.QRZOHGJH $UFDQD /LVWHQ5LGH6HDUFK6SHOOFUDIW
6SRW&RPEDW&DVWLQJ6FULEH6FUROO6SHOO)RFXV (YRFDWLRQ 
 6SHOOV3UHSDUHG EDVH'& VSHOOOHYHOVSHOOOHYHOIRUHYRFDWLRQV zGD]HGHWHFWPDJLFIODUHUHDGPDJLFVW
zPDJLFPLVVLOH [ VKLHOG
 (TXLSPHQWUREHVTXDUWHUVWDIIVSHOOFRPSRQHQWSRXFKEDFNSDFN LQWKHXSVWDLUVVWXG\ FRQWDLQVZDWHUVNLQIOLQWDQG
VWHHOFRRNLQJDQGHDWLQJXWHQVLOVEODQNHWWKUHHGD\VUDWLRQVJSVSVPDOOSDOHEOXHRSDO YDOXHJS 
 +HGRHVQRWSRVVHVVDIDPLOLDUDQGKLVVSHOOERRNLVQRWRQKLP

1RPDG $UFKHUV PDOH KXPDQ :DU   &5 ¢ 0HGLXPVL]H KXPDQRLG +' G +S  ,QLW 6SGIW$&
WRXFKIODWIRRWHG $WNPHOHH GVKRUWVZRUG RUUDQJHG G[ORQJERZ $//(69)RUW
5HI:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV,QWXLW'LUHFWLRQ/LVWHQ5LGH6SRW3RLQW%ODQN6KRW:HDSRQ)RFXV ORQJERZ 
 (TXLSPHQW OHDWKHU DUPRU ORQJERZ TXLYHU ZLWK  DUURZV VKRUWVZRUG EDFNSDFN FRQWDLQLQJ ZDWHUVNLQ EODQNHW
IOLQWDQGVWHHOFRRNLQJDQGHDWLQJXWHQVLOVGD\VUDWLRQV VS

1RPDG *XDUGV PDOH KXPDQ :DU    &5 ¢ 0HGLXPVL]H KXPDQRLG +' G KS  ,QLW  6SG  IW $& 
WRXFKIODWIRRWHG $WNPHOHH GVFLPLWDU $/&169)RUW5HI:LOO 6WU  'H[ 
&RQ,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ5LGH6SRW0RXQWHG&RPEDW:HDSRQ)RFXV 6FLPLWDU 

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 (TXLSPHQW VFLPLWDU UREHV EDFNSDFN FRQWDLQLQJ ZDWHUVNLQ EODQNHW IOLQW DQG VWHHO FRRNLQJ DQG HDWLQJ XWHQVLOV 
GD\VUDWLRQVVS
 2QHQRPDGLVDWWKHJDWHIRXUDUHRQWKHSRUFKDQGRQHLVXSVWDLUVZLWKWKHZL]DUG
 
'XUO PDOH KXPDQ 5RJ &5 0HGLXPVL]H KXPDQRLG +' G +S  ,QLW  6SG  IW $&  WRXFK IODW
IRRWHG $WNPHOHH GGDJJHU RUUDQJHG GGDJJHU 6$GVQHDNDWWDFN64(YDVLRQ
XQFDQQ\GRGJH QHYHUIODWIRRWHG $/&169)RUW5HI:LOO 6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV%OXII&OLPE&UDIW 7UDSPDNLQJ *DWKHU,QIRUPDWLRQ+LGH/LVWHQ0RYH6LOHQWO\
2SHQORFN3LFN3RFNHW5LGH6HDUFK6SRW6ZLP'RGJH0RELOLW\5XQ
 (TXLSPHQW OHDWKHU DUPRU WKUHH GDJJHUV WKLHYHV WRROV EDFNSDFN FRQWDLQLQJ ZDWHUVNLQ EODQNHW IOLQW DQG VWHHO
FRRNLQJDQGHDWLQJXWHQVLOVWKUHHGD\VUDWLRQVJSVS

)DGHUPDOHKXPDQ5JU&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFKIODW
IRRWHG $WNPHOHH GORQJVZRUG RUUDQJHG G[ORQJERZ 64)DYRUHGHQHP\DQLPDOV  $/
&169)RUW5HI:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV .QRZOHGJH 1DWXUH  /LVWHQ  5LGH  6HDUFK  6SRW  6ZLP  :LOGHUQHVV /RUH 
,PSURYHG,QLWLDWLYH7UDFN:HDSRQ)RFXV ORQJVZRUG 
 (TXLSPHQW OHDWKHU DUPRU ORQJVZRUG ORQJERZ TXLYHU ZLWK  DUURZV EDFNSDFN FRQWDLQLQJ H[SORUHU V RXWILW
ZDWHUVNLQEODQNHWIOLQWDQGVWHHOFRRNLQJDQGHDWLQJXWHQVLOVGD\VUDWLRQVWZREODFNERXQGERRNV 5RELODU VGLDULHV 
EHOWSRXFKJSVS
 +HLV$OORUJDUVFKLHIVFRXWDQGVS\

1RUNHUV  &5¢6PDOOKXPDQRLG JREOLQRLG +'GKS HDFK ,QLW6SGIW$& WRXFKIODWIRRWHG
 $WNPHOHH GFOXE PHOHH GELWH RUUDQJHG GMDYHOLQ 64'DUNYLVLRQIW$/&(69)RUW5HI
:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ0RYH6LOHQWO\6SRW$OHUWQHVV
 (TXLSPHQWFOXEMDYHOLQVDFNGD\VIRRGIXOOZDWHUVNLQWRUFK EXUQLQJ 
 'HVFULSWLRQ 7KH\ UHVHPEOH JREOLQV RWKHU WKDQ WKH\ KDYH WKUHHLQFK ORQJ FDQLQH WHHWK DQG QR KDLU 7KHLU VNLQ LV
UHGGLVKEURZQWRGDUNJUH\DQGH[WUHPHO\WRXJK1RUNHUVKDYHDUDFLDOERQXVWR0RYH6LOHQWO\

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
$3/
$ONDUUD6HUJHDQWPDOHKXPDQ)WU&50HGLXPVL]HKXPDQRLG+'GKS,QLW6SGIW$& WRXFK
IODWIRRWHG $WNPHOHH GEDVWDUGVZRUG $//(69)RUW5HI:LOO 6WU  'H[ 
&RQ,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ6SRW&OLPE-XPS6SHDN/DQJXDJH QRUNHUGLDOHFWRI*REOLQ )HDWV(QGXUDQFH
([RWLF:HDSRQ3URILFLHQF\ %DVWDUG6ZRUG ,PSURYHG,QLWLDWLYH:HDSRQ)RFXV %DVWDUG6ZRUG 
 (TXLSPHQW%DVWDUGVZRUGFKDLQPDLODUPRUODUJHZRRGHQVKLHOGNQLIHEDFNSDFNEODQNHWIOLQWDQGVWHHOGD\VWUDLO
UDWLRQVIXOOZDWHUVNLQVS
 $ WUXVWHG DQG OR\DO VHUJHDQW RI $OORUJDU $ONDUUD LV H[WUHPHO\ XVHIXO IRU KLV DELOLW\ WR VSHDN WKH ODQJXDJH RI WKH
QRUNHUV

$OORUJDU/LHXWHQDQWPDOHKXPDQ)WU&OURI5DOLVKD]&5 UHGXFHGIURPGXHWRFLUFXPVWDQFHV 0HGLXPVL]H
KXPDQRLG+'GGKS FXUUHQWO\GXHWRLQMXULHV ,QLW6SGIW$& WRXFKIODWIRRWHG 
$WNPHOHH G@JUHDWVZRUG $/&(69)RUW5HI:LOO6WU'H[&RQ,QW:LV&KD

 6NLOOVDQG)HDWV &OLPE  &RQFHQWUDWLRQ  *DWKHU ,QIR  +HDO  -XPS.QRZOHGJHUHOLJLRQ/LVWHQ
5LGH  6SRW  6ZLP  )HDWV &RPEDW &DVWLQJ 'RGJH (QGXUDQFH 0RELOLW\ 0RXQWHG &RPEDW :HDSRQ )RFXV
JUHDWVZRUG :HDSRQ6SHFLDOL]DWLRQ JUHDWVZRUG 
 6SHOOV3UHSDUHG EDVH'& VSHOOOHYHO QGzVKDWWHU  DOORWKHUVSHOOVXVHG 
 'RPDLQVSHOO'RPDLQV&KDRV FKDRVVSHOOVFDVWDVDWKOHYHOFDVWHU 'HVWUXFWLRQ VPLWHRQFHSHUGD\WRKLW
DQGWRGDPDJHSRZHUKDVQRWEHHQXVHGWKLVGD\ 
 (TXLSPHQWJUHDWVZRUGFKDLQPDLODUPRUVLOYHUXQKRO\V\PERO 5DOLVKD] EHGUROOZDWHUVNLQKHDOHUVNLW IRXUXVHV
UHPDLQLQJ ZULWLQJPDWHULDOV SHQLQNIRXUVKHHWVRISDSHU XQILQLVKHGOHWWHU VHH3OD\HU V+DQGRXW *ROGHQ&KDOLFH
VHHPDJLFLWHP EDFNSDFNFRQWDLQLQJPDSFDVH ZLWKPDSVHH3OD\HUV+DQGRXW FOHULF VYHVWPHQWVEODQNHWIOLQWDQG
VWHHOFRRNLQJDQGHDWLQJXWHQVLOVWKUHHGD\VUDWLRQVSSJSVS

%H\GRUQPDOHKXPDQ:DU&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFKIODW
IRRWHG $WNPHOHH GFOXE $/&169)RUW5HI:LOO 6WU'H[&RQ,QW:LV&KD

 6NLOOVDQG)HDWV+DQGOH$QLPDO:LOGHUQHVV/RUH7UDFN6NLOO)RFXV +DQGOH$QLPDO 
 (TXLSPHQWFOXENQLIHOHDWKHUDUPRUEDFNSDFNEODQNHWGRJOHDVKHVIOLQWDQGVWHHOVS

'DONDU0DJQXVPDOHKXPDQ:L]&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFK
IODWIRRWHG $WNPHOHH GTXDUWHUVWDII $/&(69)RUW5HI:LOO
 6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV$OFKHP\&RQFHQWUDWLRQ.QRZOHGJH $UFDQD /LVWHQ5LGH6HDUFK6SHOOFUDIW
6SRW)HDWV&RPEDW&DVWLQJ0RXQWHG&RPEDW6FULEH6FUROO6SHOO)RFXV (YRFDWLRQ 
 6SHOOV3UHSDUHG EDVH'& VSHOOOHYHOVSHOOOHYHOIRUHYRFDWLRQV zGD]HGHWHFWPDJLFIODUHUHDGPDJLF
VWzPDJLFPLVVLOH [ VKLHOGQGzIODPLQJVSKHUHVFDUH
 (TXLSPHQWUREHVTXDUWHUVWDIISRXFKRIVSHOOFRPSRQHQWVEDFNSDFN LQWKHXSVWDLUVVWXG\ FRQWDLQVZDWHUVNLQIOLQW
DQGVWHHOFRRNLQJDQGHDWLQJXWHQVLOVEODQNHWWKUHHGD\VUDWLRQVJSVSVPDOOSDOHEOXHRSDO YDOXHJS 
 +HGRHVQRWSRVVHVVDIDPLOLDUDQGKLVVSHOOERRNLQQRWZLWKKLP

'HVHUW1RPDG*XDUGVPDOHKXPDQ:DU  &50HGLXPVL]HKXPDQRLG+'GKS,QLW6SGIW$&
 WRXFKIODWIRRWHG $WNPHOHH GVFLPLWDU $/&169)RUW5HI:LOO6WU  'H[ 
&RQ,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ5LGH6SRW 0RXQWHG&RPEDW:HDSRQ)RFXV 6FLPLWDU 
 (TXLSPHQW VFLPLWDU UREHV EDFNSDFN FRQWDLQLQJ ZDWHUVNLQ EODQNHW IOLQW DQG VWHHO FRRNLQJ DQG HDWLQJ XWHQVLOV 
GD\VUDWLRQVVS
 2QHQRPDGLVDWWKHJDWHIRXUDUHRQWKHSRUFKDQGRQHXSVWDLUVZLWKWKHZL]DUG

'HVHUW1RPDG$UFKHUVPDOHKXPDQ:DU  &50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW
$& WRXFKIODWIRRWHG $WNPHOHH GVKRUWVZRUG RUUDQJHG G[ORQJERZ $//(69)RU
5HI:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV,QWXLW'LUHFWLRQ/LVWHQ5LGH6SRW)HDWV3RLQW%ODQN6KRW:HDSRQ)RFXV ORQJERZ 
 (TXLSPHQWOHDWKHU$UPRUORQJERZTXLYHUZLWK$UURZVVKRUWVZRUGEDFNSDFN FRQWDLQLQJZDWHUVNLQEODQNHW
IOLQWDQGVWHHOFRRNLQJDQGHDWLQJXWHQVLOVGD\VUDWLRQV VS

'RJVVPDOO  &5KS HDFK VHH0RQVWHU0DQXDOS

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
 6PDOOZLOGW\SHGRJVFRPPDQGHGE\%H\GRUQ

'XUO PDOH KXPDQ 5RJ &5 0HGLXPVL]H KXPDQRLG +' G +S  ,QLW  6SG  IW $&  WRXFK IODW
IRRWHG $WNPHOHH GGDJJHU RUUDQJHG GGDJJHU 6$GVQHDNDWWDFN64(YDVLRQ
XQFDQQ\GRGJH QHYHUIODWIRRWHG $/&169)RUW5HI:LOO 6WU'H[&RQ,QW:LV&KD
 6NLOOV DQG )HDWV %OXII  &OLPE  &UDIW 7UDS PDNLQJ   *DWKHU ,QIRUPDWLRQ  +LGH  /LVWHQ  0RYH
6LOHQWO\2SHQORFN3LFN3RFNHW5LGH6HDUFK6SRW6ZLP
 )HDWV'RGJH0RELOLW\5XQ
 (TXLSPHQW OHDWKHU DUPRU GDJJHU WKLHYHV WRROV EDFNSDFN FRQWDLQLQJ ZDWHUVNLQ EODQNHW IOLQW DQG VWHHO FRRNLQJ
DQGHDWLQJXWHQVLOVWKUHHGD\VUDWLRQVJSVS

)DGHUPDOHKXPDQ5JU&50HGLXPVL]HKXPDQRLG+'G+S,QLW6SGIW$& WRXFKIODW
IRRWHG $WNPHOHH GORQJVZRUG RUUDQJHG G[ORQJERZ 64)DYRUHGHQHPLHV$QLPDO  
$/&169)RUW5HI:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV.QRZOHGJH1DWXUH/LVWHQ5LGH6HDUFK6SRW6ZLP:LOGHUQHVV/RUH)HDWV
$OHUWQHVV,PSURYHG,QLWLDWLYH7UDFN:HDSRQ)RFXV /RQJVZRUG 
 (TXLSPHQW OHDWKHU DUPRU ORQJVZRUG ORQJERZ TXLYHU ZLWK  DUURZV EDFNSDFN FRQWDLQLQJ H[SORUHU V RXWILW
ZDWHUVNLQEODQNHWIOLQWDQGVWHHOFRRNLQJDQGHDWLQJXWHQVLOVGD\VUDWLRQVWZREODFNERXQGERRNV 5RELODU V'LDULHV 
EHOWSRXFKJSVS
 +HLV$OORUJDUVFKLHIVFRXWDQGVS\

1RUNHUV  &5¢6PDOOKXPDQRLG JREOLQRLG +'GKS HDFK ,QLW6SGIW$& WRXFKIODWIRRWHG
 $WNPHOHH GFOXE PHOHH GELWH RUUDQJHG GMDYHOLQ 64'DUNYLVLRQIW$/&(69)RUW5HI
:LOO6WU'H[&RQ,QW:LV&KD
 6NLOOVDQG)HDWV/LVWHQ0RYH6LOHQWO\6SRW$OHUWQHVV
 (TXLSPHQWFOXEMDYHOLQVDFNGD\VIRRGIXOOZDWHUVNLQWRUFK EXUQLQJ 
 'HVFULSWLRQ 7KH\ UHVHPEOH JREOLQV RWKHU WKDQ WKH\ KDYH WKUHHLQFK ORQJ FDQLQH WHHWK DQG QR KDLU 7KHLU VNLQ LV
UHGGLVKEURZQWRGDUNJUH\DQGH[WUHPHO\WRXJK1RUNHUVKDYHDUDFLDOERQXVWR0RYH6LOHQWO\

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH
$33(1',;'1(:02167(56

125.(5
6PDOO+XPDQRLG JREOLQRLG 
+LW'LFHG KS 
,QLWLDWLYH 'H[ 
6SHHGIW
$& VL]H'H[QDWXUDO 
$WWDFNV&OXEPHOHHDQGELWHPHOHHRUMDYHOLQUDQJHG
'DPDJH&OXEGELWHGRUMDYHOLQG
)DFH5HDFKIWE\IWIW
6SHFLDO4XDOLWLHV'DUNYLVLRQIW
6DYHV)RUW5HI:LOO
$ELOLWLHV6WU'H[&RQ,QW:LV&KD
6NLOOV/LVWHQ0RYH6LOHQWO\6SRW
)HDWV$OHUWQHVV
&OLPDWH7HUUDLQ7HPSHUDWHDQGZDUPODQGDQGXQGHUJURXQG
2UJDQL]DWLRQ*DQJ  RUEDQG SOXVQRQFRPEDWDQWVSOXVUGOHYHOERVVSHUDGXOWVDQGRQHOHDGHURIWK
WKOHYHO 
&KDOOHQJH5DWLQJ¢
7UHDVXUH6WDQGDUG
$OLJQPHQW8VXDOO\FKDRWLFHYLO
$GYDQFHPHQW%\FKDUDFWHUFODVV

1RUNHUV DUH UHODWHG WR JREOLQV DQG KREJREOLQV 7KH\ IRUVDNH DUPRU EHFDXVH WKHLU KLGH LV LQFUHGLEO\ WRXJK 7KH\ DUH
XQUHOLDEOHWURRSVDQGWHQGWRTXDUUHOZLWKHDFKRWKHUZKLFKNHHSVWKHLUQXPEHUVORZFRPSDUHGWRJREOLQV
 1RUNHUVUHVHPEOHJREOLQVH[FHSWWKDWWKH\KDYHWKUHHLQFKORQJFDQLQHWHHWKDQGQRKDLU7KHLUVNLQUDQJHVIURP
UHGGLVKEURZQWRGDUNJUD\$QRUNHUXVXDOO\ZHDUVRQO\DORLQFORWKDQGEHOWW\LQJLWVIDYRULWHSRVVHVVLRQVDQGWURSKLHV
WRLWVEHOW
 1RUNHUVVSHDN*REOLQ7KRVHZLWK,QWHOOLJHQFHVFRUHVRIRUDERYHDOVRVSHDN2UF
 0RVWQRUNHUVHQFRXQWHUHGRXWVLGHWKHLUKRPHVDUHZDUULRUVWKHLQIRUPDWLRQLQWKHVWDWLFEORFNLVIRURQHRIVWOHYHO
6HHSDJHLQWKH'81*(210$67(5V*XLGHIRUPRUHDERXWWKHZDUULRUFODVV 

&RPEDW
1RUNHUV HQMR\ VZDUPLQJ WDFWLFV 7KHLU ZHDSRQV DUH VLPSOH DQG FUXGHO\ PDNH EXW WKH\ DUH QRW DYHUVHWRWDNLQJEHWWHU
ZHDSRQVIURPWKHLUIDOOHQIRHV:KHQEXOOLHGLQWRVXEPLVVLRQE\KREJREOLQVWKH\FDQXVHEDVLFPLOLWDU\WDFWLFVEXWWKH\
ODSVLQWRWKHLUROGZD\VZKHQQRWVXSHUYLVHG
 6NLOOV1RUNHUVKDYHDUDFLDOERQXVWR0RYH6LOHQWO\FKHFNV

1RUNHU6RFLHW\
1RUNHUV DUH WULEDO DOWKRXJK WKH OHDGHUV LQIOXHQFH RQO\ H[WHQGV DERXW DV IDU DV KLV UHDFK 7KLV PHDQV WKHLU WULEHV DUH
PXFKVPDOOHUWKDQDW\SLFDOJREOLQWULEH7KH\UDLGDQGVWHDOIURPRWKHUKXPDQRLGVDVWKH\DUHWRROD]\WRGRWKHLURZQ
KXQWLQJ
 7KHLU ODLUV DUH XVXDOO\ FDYHV ROG UXLQV RU YLOODJHV WDNHQ E\ FRQTXHVW 7KH\ FDQW FRRSHUDWH ZHOO HQRXJK WR EXLOG
DQ\WKLQJPRUHWKDQDIHQFHDURXQGWKHLUODLUSHUKDSVZLWKDJDWDQGDQDUURZZDONZD\$ODLUDKVRQDQGDKDOIWLPHVDV
PDQ\IHPDOHVDVPDOHVDQGWZLFHDVPDQ\\RXQJDVPDOHV
 'LIIHUHQWWULEHVRIQRUNHUVUDUHO\PHHWEXWZKHQWKH\GRWKHFRQIOLFWRIWHQEHFRPHVEORRG\ZLWKWKHYLFWRUVWDNLQJ
WKHIDQJVRIWKHORVHUVDVWURSKLHV7KHVHFRQIOLFWVUDUHO\UHVXOWLQWKHFRPSOHWHORVVRIPDOHVRQRQHVLGHDVWKH\RFFXUWR
HVWDEOLVKZKRLVWKHGRPLQDQWOHDGHU
 :KHQSRZHUIXOJURXSVRIKREJREOLQVFRPPDQGQRUNHUVWKH\RIWHQHTXLSWKHLUOHVVHUFRXVLQVZLWKVFDOHPDLODQG
VKLHOGV ,Q WKHVH VLWXDWLRQV WKH QRUNHUV DUH XVHG DV VKRFN WURRSV DEVRUELQJ WKH EUXQW RI HQHP\ DWWDFNV ZKLOH WKH
KREJREOLQVXVHWKHLUVXSHULRULQWHOOLJHQFHWDFWLFVDQGHTXLSPHQWWREUHDNXSWKHHQHP\IRUFHV
 1RUNHUVZRUVKLS0DJOXEL\HWWKHJRGRIJREOLQVDQGKREJREOLQV
1RUNHU&KDUDFWHUV
$ QRUNHUV IDYRUHG FODVV LV URJXH EXW QRUNHU OHDGHUV WHQG WR EH ILJKWHUV 1RUNHU FOHULFV ZRUVKLS 0DJOXEL\HW DQG FDQ
FKRRVHWZRRIWKHIROORZLQJGRPDLQV&KDRV(YLODQG7ULFNHU\

6RXUFH/,9,1**5(<+$:.-RXUQDOSDJH

,QFLGHQWDW.LGGHN\&URVVLQJ  3DJH

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

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

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

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


Vous aimerez peut-être aussi