Macgregor Mathers - The Tarot

7KH7DURW ,WV2FFXOW6LJQLILFDQFH8VHLQ)RUWXQH7HOOLQJ DQG0HWKRGRI3OD\(WF %\6/0DF*UHJRU0DWKHUV

7KH7DURW ,WV2FFXOW6LJQLILFDQFH8VHLQ)RUWXQH7HOOLQJ DQG0HWKRGRI3OD\(WF

7RHQWHUZLWKLQWKHOLPLWVRIWKLVVKRUWWUHDWLVHXSRQDQ\ORQJLQTXLU\ LQWRWKH+LVWRU\RI&DUGVLVXWWHUO\RXWRIWKHTXHVWLRQDQG,VKDOO WKHUHIRUHFRQILQHP\VHOIWRH[DPLQLQJEULHIO\LQWRZKDWUHODWHVWRWKHLU PRVWDQFLHQWIRUPWKH7DURWRU7DURFFKL&DUGVDQGWRJLYLQJDV FOHDUO\DQGFRQFLVHO\DVSRVVLEOHLQVWUXFWLRQVZKLFKZLOOHQDEOHP\ UHDGHUVWRXWLOLVHWKHPIRUIRUWXQHWHOOLQJWRZKLFKWKH\DUHIDUEHWWHU DGDSWHGIURPWKHJUHDWHUQXPEHUDQGYDULHW\RIWKHLUFRPELQDWLRQV WKDQWKHRUGLQDU\FDUGV,VKDOODOVRHQWHUVRPHZKDWLQWRWKHLURFFXOW DQG4DEDOLVWLFDOVLJQLILFDWLRQV 7KHWHUP³7DURW´RU³7DURFFKL´LVDSSOLHGWRDSDFNRIFDUGV FRQVLVWLQJRIIRXUVXLWVRIFDUGVHDFKWKHUHEHLQJRQHPRUHFRXUW FDUGWKDQLQWKHRUGLQDU\SDFNV²WKH&DYDOLHU.QLJKWRU+RUVHPDQ

DQGV\PEROLFDOSLFWXUHFDUGVDQVZHULQJIRUWUXPSV7KHVHODWWHUDUH QXPEHUHGIURPWRLQFOXVLYHWKHQGFDUGEHLQJPDUNHG=HUR 7KHGHVLJQVRIWKHVHWUXPSVDUHH[WUHPHO\VLQJXODUDPRQJWKHPEHLQJ VXFKUHSUHVHQWDWLRQVDV'HDWKWKH'HYLOWKH/DVW-XGJPHQWF 7KHLGHDWKDWFDUGVZHUHILUVW³LQYHQWHG¶WRDPXVH 7KHLGHDWKDWFDUGVZHUHILUVW³LQYHQWHG¶WRDPXVH&KDUOHV9,RI &KDUOHV9,RI)UDQFH )UDQFH LVQRZH[SORGHGDQGLWLVZRUWK\RIQRWHLQWKLVFRQQHFWLRQWKDWWKHLU VXSSRVLWLWLRXV³LQYHQWRU´ZDV-DFTXHV*ULQJRQQHXUDQ$VWURORJHUDQG 4DEDOLVW)XUWKHUPRUHFDUGVZHUHNQRZQSULRUWRWKLVSHULRGDPRQJ WKH,QGLDQVDQGWKH&KLQHVH(WWHLOODLQGHHGJLYHVLQRQHRIKLVWUDFWV RQWKH7DURWDUHSUHVHQWDWLRQRIWKHP\VWLFDODUUDQJHPHQWRIWKHVH FDUGVLQWKH7HPSOHRI3WDKDW0HPSKLVDQGKHIXUWKHUVD\V ³8SRQDWDEOHRUDOWDUDWWKHKHLJKWRIWKHEUHDVWRIWKH(J\SWLDQ 0DJXVRU+LHURSKDQWZHUHRQRQHVLGHDERRNRUDVVHPEODJHRI FDUGVRUSODWHVRIJROGWKH7DURWDQGRQWKHRWKHUDYDVHHWF´7KLV LGHDLVIXUWKHUGLODWHGXSRQE\3&KULVWLDQWKHGLVFLSOHRI(OLSKDV /HYLLQKLV³+LVWRLUHGHOD0DJLH´WRZKLFK,VKDOOKDYHRFFDVLRQWR UHIHUODWHU7KHJUHDWH[SRQHQWVRIWKH7DURW&RXUWGH*qEHOLQ/HYL DQG(WWHLOODKDYHDOZD\VDVVLJQHGWRWKH7DURWD4DEDOLVWLFR(J\SWLDQ RULJLQDQGWKLV,KDYHIRXQGFRQILUPHGLQP\RZQUHVHDUFKHVLQWRWKLV VXEMHFWZKLFKKDYHH[WHQGHGRYHUVHYHUDO\HDUV :+XJKHV:LOOVKLUHLQKLVUHPDUNVRQWKH*HQHUDO+LVWRU\RI 3OD\LQJ&DUGVVD\V³7KHPRVWDQFLHQWFDUGVZKLFKKDYHFRPHGRZQ WRXVDUHRIWKH7DURW¶VFKDUDFWHU7KHVHDUHWKHIRXU WRXVDUHRIWKH7DURW¶VFKDUDFWHU7KHVHDUHWKHIRXUFDUGVRIWK FDUGVRIWKH0XVpH H0XVpH &RUUHUDW9HQLFHWKHVHYHQWHHQSLHFHVRIWKH3DULV&DELQHW HUURQHRXVO\RIWHQFDOOHGWKH*ULQJRQQHXURU&KDUOHV9,FDUGVRI ILYH9HQHWLDQ7DURWVRIWKHILIWHHQWKFHQWXU\LQWKHRSLQLRQRI VRPHQRWRIDQHDUOLHUGDWHWKDQDQGWKHVHULHVRIFDUGVEHORQJLQJ WRD 0LQFKLDWH  0LQFKLDWHVHWLQWKHSRVVHVVLRQRIWKH&RXQWHVV$XUHOLD9LVFRQWL *RQ]DJDDW0LODQZKHQ&LFRJQDUDZURWH´ :$&KDWWRLQKLV³ +LVWRU\RI3OD\LQJ&DUGV´VD\VWKDWFDUGVZHUH LQYHQWHGLQ&KLQDDVHDUO\DV$' LQWKHUHLJQRI6HXQ+RIRU WKHDPXVHPHQWRIKLVQXPHURXVFRQFXELQHV -)9DLOODQWLQ³ /HV5RPHVKLVWRLUHYUDLHGH  /HV5RPHVKLVWRLUHYUDLHGHVYUDLHV%RKpP VYUDLHV%RKpPLHQV´ LHQV´ 3DULVVD\VWKDWWKH&KLQHVHKDYHDGUDZLQJGLYLGHGLQWR FRPSDUWPHQWVRUVHULHVEDVHGRQFRPELQDWLRQVRIWKHQXPEHUL>L@³,W VRFORVHO\UHVHPEOHVWKH7DURWWKDWWKHIRXUVXLWVRIWKHODWWHURFFXS\ LWVILUVWIRXUFROXPQVRIWKHWZHQW\RQHDWRXWVIRXUWHHQRFFXS\WKH ILIWKFROXPQDQGWKHVHYHQRWKHUDWRXWVWKHVL[WKFROXPQ7KLVVL[WK FROXPQRIVHYHQDWRXWVLVWKDWRIWKHVL[GD\VRIWKHZHHNRIFUHDWLRQ  1RZDFFRUGLQJWRWKH&KLQHVHWKLVUHSUHVHQWDWLRQEHORQJVWRWKHILUVW DJHVRIWKHLUHPSLUHWRWKHGU\LQJXSRIWKHZDWHUVRIWKHGHOXJHE\ O$2LWPD\EHFRQFOXGHGWKHUHIRUHWKDWLWLVDQRULJLQDORUDFRS\RI WKH7DURWDQGXQGHUDQ\FLUFXPVWDQFHVWKDWWKHODWWHULVRIDQRULJLQ DQWHULRUWR0RVHVWKDWLWEHORQJVWRWKHEHJLQQLQJRIRXUWLPHWRWKH

HSRFKRIWKHSUHSDUDWLRQRIWKH=RGLDFDQGFRQVHTXHQWO\WKDWLWPXVW RZQ\HDUVRIH[LVWHQFH´ %XWQRWZLWKVWDQGLQJWKHDSSDUHQWDXGDFLW\RIWKLVODWWHUVWDWHPHQWLW PXVWEHHYLGHQWRQUHIOHFWLRQWKDWWKH7DURWFRQVLVWLQJDVLWGRHVRI WKHWHQQXPEHUVRIWKHGHFLPDOVFDOHFRXQWHUFKDQJHGZLWKWKHWHWUDG DQGRIDKLHURJO\SKLFDOSKDEHWRIWZHQW\WZRP\VWLFV\PEROVPXVWEH UHOHJDWHGWRIDUHDUOLHUSHULRGLQWKHKLVWRU\RIWKHZRUOGWKDQWKDW XVXDOO\DVVLJQHGWRWKHLQWURGXFWLRQRIFDUGVLQWR(XURSHDQGZHPD\ WDNHWKHIDFWRIWKH7DURWEHLQJWKHRULJLQRIWKHPRGHUQFDUGDVEHLQJ QRZSUHWW\ZHOOHVWDEOLVKHGE\JHQHUDOFRQVHQVXVRI2SLQLRQ ,WZDV&RXUWGH*qEHOLQZKRLQKLV³ 0RQGH3ULPLWLI´3DULV ZURWH³:HUHZHWRKHDUWKDWWKHUHH[LVWVLQRXUGD\:RUNRIWKH $QFLHQW(J\SWLDQVRQHRIWKHLUERRNVZKLFKKDGHVFDSHGWKHIODPHV ZKLFKGHYRXUHGWKHLUVXSHUEOLEUDULHVDQGZKLFKFRQWDLQVWKHLUSXUHVW GRFWULQHRQPRVWLQWHUHVWLQJVXEMHFWVHYHU\RQHZRXOGGRXEWOHVVEH DQ[LRXVWRDFTXLUHWKHNQRZOHGJHRIVRYDOXDEOHDQGH[WUDRUGLQDU\D ZRUN:HUHZHWRDGGWKDWWKLVERRNLVZLGHO\VSUHDGWKURXJKDODUJH SDUWRI(XURSHDQGWKDWIRUVHYHUDOFHQWXULHVLWKDVEHHQDFFHVVLEOHWR HYHU\RQHZRXOGQRWLWEHVWLOOPRUHVXUSULVLQJ"$QGZRXOGQRWWKDW VXUSULVHEHDWLWVKHLJKWZHUHLWDVVHUWHGWKDWSHRSOHKDYHQHYHU VXVSHFWHGWKDWLWZDV(J\SWLDQWKDWWKH\SRVVHVVLWLQVXFKDPDQQHU WKDWWKH\FDQKDUGO\EHVDLGWRSRVVHVVLWDWDOOWKDWQRRQHKDVHYHU DWWHPSWHGWRGHFLSKHUDVLQJOHOHDIDQGWKDWWKHRXWFRPHRIDUHFRQGLWH ZLVGRPLVUHJDUGHGDVDPDVVRIH[WUDYDJDQWGHVLJQVZKLFKPHDQ QRWKLQJLQWKHPVHOYHV":RXOGQRWSHRSOHWKLQNWKDWRQHZDVWU\LQJWR DPXVHRQHVHOIZLWKDQGWRSOD\XSRQWKHFUHGXOLW\RIRQH¶VKHDUHUV" ³
FRQVXOWHGRUIURPZKLFKDQDQVZHULVUHTXLUHG7KLVDSSHDUVWRPHWR EHWKHFRUUHFWRULJLQRIWKHZRUGZKLOHWKHVHFRQGWLVDQ(J\SWLDQ KLHURJO\SKLFILQDOZKLFKLVDGGHGWRGHQRWHWKHIHPLQLQHJHQGHU7KH IROORZLQJDUHLQWHUHVWLQJPHWDWKHVHVRIWKHOHWWHUVRI7$52725$ +HEUHZ /DZ752$+HEUHZ*DWH527$/DWLQZKHHO 25$7/DWLQLWVSHDNVDUJXHVRUHQWUHDWV7$25(J\SWLDQ 7lXUWKH*RGGHVVRI'DUNQHVV$725(J\SWLDQ$WKRUWKH (J\SWLDQ9HQXV$0U/XPOH\WHOOVPHWKDWWKHUHLVD=HQGZRUG ³WDULVN´ PHDQLQJ³WRUHTXLUHDQDQVZHU´ 7KHUHDUH,WDOLDQ6SDQLVKDQG*HUPDQ7DURWSDFNVDQGVLQFHWKHWLPH RI(WWHLOOD)UHQFKDOVREXWWKHVHODWWHUDUHQRWVRZHOODGDSWHGIRU RFFXOWVWXG\RZLQJWR(WWHLOOD¶VDWWHPSWHG³FRUUHFWLRQV´RIWKH V\PEROLVP7KH,WDOLDQDUHGHFLGHGO\WKHEHVWIRUGLYLQDWLRQDQG SUDFWLFDORFFXOWSXUSRVHVDQG,VKDOOWKHUHIRUHXVHWKHPDVWKHEDVLV RIWKHSUHVHQWWUHDWLVH8QIRUWXQDWHO\WKHROGIDVKLRQHGVLQJOHKHDGHG FDUGVDUHREVROHWHQRZDQGWKHRQO\RQHVPDGHDUHGRXEOHKHDGHG ZKLFKFLUFXPVWDQFHDOWHUVWKHV\PEROLVPLQDIHZLQVWDQFHV,VKDOO WKHUHIRUHZKHUHYHUQHFHVVDU\GHVFULEHWKHRPLWWHGSRUWLRQRIWKH GHVLJQHQFORVLQJLWZLWKLQEUDFNHWVWRPDUNWKHVDPH $V,EHIRUHREVHUYHGWKH7DURWSDFNFRQVLVWVRIVHYHQW\HLJKWFDUGV² QDPHO\IRXUVXLWVRIIRXUWHHQFDUGVHDFKDQGWZHQW\WZRV\PEROLF QXPEHUHGWUXPSV7KHIRXUVXLWVDUH²  ,WDOLDQ

 )UHQFK

 (QJOLVK

 $QVZHULQJWR

%DVWRQL

%kWRQV

'LDPRQGV

&RSSp

&RXSHV

6SDGp 'HQDUL

eSpHV 'HQLHUV

:DQGV 6FHSWUHV RU &OXEV &XSV &KDOLFHV RU *REOHWV 6ZRUGV 0RQH\ &LUFOHV RU 3HQWDFOHV

+HDUWV 6SDGHV &OXEV

(DFKVXLWFRQVLVWVRI$FH'HXFH7KUHH)RXU)LYH6L[6HYHQ(LJKW  1LQH7HQ)DQWLRU9DOHW.QDYH&DYDOOR.QLJKWRU+RUVHPDQ 'DPDRU5HLQH4XHHQ5H.LQJ 7KH.LQJVLQHDFKLQVWDQFHZHDUDFDSRIPDLQWHQDQFHEHQHDWKWKH FURZQWKH4XHHQVZHDUWKHFURZQRQO\7KH4XHHQRI3HQWDFOHVDQG WKH.QDYHRI6FHSWUHVDUHWKHRQO\RQHVUHSUHVHQWHGLQSURILOH,QWKH VXLWRI6FHSWUHVWKH.LQJEHDUVDZDQGDNLQWRWKDWUHSUHVHQWHGRQWKH VPDOOFDUGVRIWKHVXLWZKLOHWKHRWKHUWKUHHKRQRXUVEHDUDEOXGJHRQ VLPLODUWRWKDWZKLFKLVVKRZQIRUWKHDFH,QWKHVXLWRIFXSVWKDWRQO\ ZKLFKLVKHOGE\WKH4XHHQLVFRYHUHGWKXVVKRZLQJWKHHVVHQWLDOO\  IHPLQLQHSURSHUWLHVRIWKLVVXLWZKLOHWKHVFHSWUHKHOGE\WKH.LQJRI WKHSUHFHGLQJVXLWVKRZVLWVPRUHPDVFXOLQHFKDUDFWHU ,IZHH[DPLQHWKHVPDOOFDUGVFDUHIXOO\ZHVKDOOEHVWUXFNDRQFHE\ WKHFRPSDUDWLYHVLPLODULWLHVRISDWWHUQRIWKH6FHSWUHVDQGWKH6ZRUGV

ZKLFKDUHRQO\GLVWLQJXLVKHGIURPHDFKRWKHUE\WKHIRUPHUEHLQJ VWUDLJKWDQGWKHODWWHUEHLQJFXUYHG :HVKDOODOVRQRWLFHWKDWWKH 'HXFHVKDYHSHFXOLDULWLHVRIWKHLURZQZKLFKGLVWLQJXLVKWKHPIURP WKHUHVWRIWKHVXLW7KH'HXFHRI6FHSWUHVIRUPVDFURVVZLWKWZRURVHV DQGWZROLOLHVLQWKHRSSRVLWHDQJOHVWKH&URVVEHWZHHQWKH5RVHRI 6KDURQDQGWKH/LO\RIWKH9DOOH\7KH'HXFHRI&XSVVKRZVD WHVVHODWHGSDYHPHQWRUFORWKZKHUHRQWKHFXSVVWDQGEHWZHHQWKHPLV DVSHFLHVRI&DGXFHXVZKRVHVHUSHQWVDUHUHSODFHGE\/LRQKHDGHG IROLDWLRQVZKLFKUHFDOOWKH&KQXSKLV6HUSHQWRIWKH*QRVWLFVDQG FHUWDLQIDPLOLDUIRUPVRIWKH(OHPHQWDO6SLULWV SUDFWLFDO  SUDFWLFDORFFXOWLVWVZLOO NQRZWRZKDW,DOOXGH7KH'HXFHRI6ZRUGVIRUPVDVSHFLHVRI9HVLFD  SLVFLVHQFORVLQJDP\VWLFURVHRIWKHSULPDU\FRORXUV7KH'HXFHRI 3HQWDFOHVLVERXQGWRJHWKHUE\DFRQWLQXRXVEDQGLQVXFKDPDQQHUDV WRIRUPDILJXUHDQGUHSUHVHQWVWKHRQHDVEHLQJWKHUHIOHFWLRQRIWKH RWKHUDVWKH8QLYHUVHLVWKDWRIWKH'LYLQH,GHD 7KHIRXU$FHVVWDQGRXWE\WKHPVHOYHVIURPWKHUHVWRIWKHSDFNHDFK IRUPLQJDVLWZHUHWKH.H\RILWVUHVSHFWLYHVXLW7KH$FHRI6FHSWUHV UHFDOOVWKH&OXERI+HUFXOHVLWLVVXUURXQGHGE\HLJKWGHWDFKHGOHDYHV ZKRVHVKDSHUHFDOOVWKDWRIWKH+HEUHZ/HWWHU
)UHQFK

 (QJOLVK

 +HEUHZ  /HWWHU



/H%DWHOHXU

$

%HWK

%

  

/¶,PSHUDWULFH /¶,PSHUDWRUH ,O3DSD

/¶,PSpUDWULFH /¶(PSHUHXU /H3DSH

*LPHO 'DOHWK +H

* ' +



*OL$PDQWL

/¶$PRXUHX[

7KH-XJJOHURU 0DJLFLDQ 7KH+LJK3ULHVWHVVRU )HPDOH3RSH 7KH(PSUHVV 7KH(PSHURU 7KH+LHURSKDQWRU 3RSH 7KH/RYHUV

$OHSK



,O%DJDWWR 3$*$' /D3DSHVVD

9DX

9

/D3DSHVVH

   

,O&DUUR /D*LXVWL]LD /¶(UHPLWD 5RWD'L)RUWXQD

     

/D )RU]D ,O3HQGXWR ,O0RUWH /D7HPSHUDQ]D ,O 'LDYROR /D7RUUH

/H&KDULRW /D-XVWLFH /¶(UPLWH /D5RXHGH )RUWXQH /D)RUFH /H3HQGX /D0RUW /D7HPSHUDQFH /H'LDEOH /H0DLVRQ'LHX

     

/H 6WHOOH /D /XQD ,O6 ,O6RO ROH H /¶$QJHOR ,O0DWWR0$7 ,O0RQGR

/¶(WRLOH /D/XQH /H6ROHLO /H-XJHPHQW /H)RX /H0RQGH

7KH&KDULRW -XVWLFH 7KH+HUPLW 7KH:KHHORI)RUWXQH

=DLQ &KHWK 7HWK
= &+ 7 ,

6WUHQJWK)RUWLWXGH 7KH+DQJHG0DQ 'HDWK 7HPSHUDQFH 7KH'HYLO 7KH/LJKWQLQJVWUXFN 7RZHU 7KH6WDU 7KH0RRQ 7KH6XQ 7KH/DVW-XGJPHQW 7KH)RROLVK0DQ 7KH8QLYHUVH

.DSK /DPHG 0HP  1XQ 6DPHFK $\LQ

. / 0  1 6 2

3H 7]DGGL 4RSK 5HVK 6KLQ 7DX

3 7] 4 5 6+ 7+

,ZLOOQRZGHVFULEHFDUHIXOO\WKHV\PEROLVPRIHDFKRIWKHVH KLHURJO\SKLFDONH\V  7KH-XJJOHURU0DJLFLDQ%HIRUHDWDEOHFRYHUHGZLWKWKH

DSSOLDQFHVRIKLVDUWVWDQGVWKHILJXUHRIDMXJJOHURQHKDQGXSUDLVHG KROGLQJDZDQGLQVRPHSDFNVDFXSWKHRWKHUSRLQWLQJGRZQZDUGV +HZHDUVDFDSRIPDLQWHQDQFHOLNHWKDWRIWKHNLQJVZKRVHZLGHEULP IRUPVDVRUWRIDXUHROHURXQGKLVKHDG+LVERG\DQGDUPVIRUPWKH VKDSHRIWKH+HEUHZOHWWHU$OHSKWRZKLFKWKLVFDUGFRUUHVSRQGV+H V\PEROLVHV:LOO $ZRPDQFURZQHGZLWKD KLJKPLWUHRUWLDUDKHUKHDGHQFLUFOHGE\DYHLODVWROHRUDVRODU FURVVXSRQKHUEUHDVWDQGWKH%RRNRI6FLHQFHRSHQLQKHUKDQG6KH UHSUHVHQWV6FLHQFH:LVGRPRU.QRZOHGJH 7KH+LJK3ULHVWHVVRU)HPDOH3RSH 7KH+LJK3ULHVWHVVRU)HPDOH3RSH

$ZLQJHGDQGFURZQHGZRPDQVHDWHGXSRQDWKURQH KDYLQJLQRQHKDQGDVFHSWUHEHDULQJDJOREHVXUPRXQWHGE\DFURVV ZKLOHVKHUHVWVWKHRWKHUXSRQDVKLHOGZLWKDQHDJOHEOD]RQHGWKHUHLQ RQZKRVHEUHDVWLVWKHFURVV6KHLVWKH6\PERORI $FWLRQ  $FWLRQWKHUHVXOWRI WKHXQLRQRI6FLHQFHDQG:LOO

7KH(PSUHVV 7KH(PSUHVV

+HLVFURZQHGDQGOHDQLQJDJDLQVWDWKURQHKLVOHJV IRUPDFURVVDQGEHVLGHKLPEHQHDWKKLVOHIWKDQGLVDVKLHOG EOD]RQHGZLWKDQHDJOH,QKLVULJKWKDQGKHEHDUVDVFHSWUHVLPLODUWR WKDWRIWKH(PSUHVV+LVERG\DQGDUPVIRUPDWULDQJOHRIZKLFKKLV KHDGLVWKHDSH[VRWKDWWKHZKROHILJXUHUHSUHVHQWVDWULDQJOHDERYHD FURVV+HUHSUHVHQWV 5HDOLVDWLRQ  5HDOLVDWLRQ 7KH(PSHURU 7KH(PSHURU

7KH+LHURSKDQWRU3RSH 7KH+LHURSKDQWRU3RSH +HLVFURZQHGZLWKWKHSDSDOWLDUDDQG

VHDWHGEHWZHHQWKHWZRSLOODUVRI+HUPHVDQGRI6RORPRQZLWKKLV ULJKWKDQGKHPDNHVWKHVLJQRIHVRWHULVPDQGZLWKKLVOHIWKHOHDQV

XSRQDVWDIIVXUPRXQWHGE\DWULSOHFURVV%HIRUHKLPNQHHOWZR PLQLVWHUV+HLVWKHV\PERORI 0HUF\  0HUF\DQG %HQHILFHQFH  %HQHILFHQFH 7KLVLVXVXDOO\GHVFULEHGDVUHSUHVHQWLQJ0DQEHWZHHQ 9LFHDQG9LUWXHZKLOHDZLQJHGJHQLXVWKUHDWHQV9LFHZLWKKLVGDUW %XW,DPUDWKHULQFOLQHGWRWKHRSLQLRQWKDWLWUHSUHVHQWVWKH 4DEDOLVWLFDO0LFURSURVRSXVEHWZHHQ%LQDKDQG0DONXWKVHHP\  .DEEDODK8QYHLOHG  ZKLOHWKHILJXUHDERYHVKRZVWKH,QIOXHQFH GHVFHQGLQJIURP.HWKHU,WLVXVXDOO\FRQVLGHUHGWRPHDQ 3URRI  3URRIRU 7ULDOEXW,DPLQFOLQHGWRVXJJHVW:LVH'LVSRVLWLRQDVLWVVLJQLILFDWLRQ 7KH/RYHUV 7KH/RYHUV

7KH&KDULRW 7KH&KDULRW 7KLVLVDPRVWFRPSOLFDWHGDQGLPSRUWDQWV\PERO

ZKLFKKDVEHHQUHVWRUHGE\(OLSKDV/HYL,WUHSUHVHQWVD&RQTXHURU FURZQHGDQGEHDULQJDVFHSWUHULGLQJLQDFXELFDOFKDULRWVXUPRXQWHG E\IRXUFROXPQVDQGDFDQRS\DQGGUDZQE\WZRKRUVHVRQHRIZKLFK ORRNVVWUDLJKWIRUZDUGZKLOHWKHRWKHUWXUQVKLVKHDGWRZDUGVKLP 7ZRZKHHOVDUHVKRZQLQWKHFRPSOHWHVLQJOHKHDGHGILJXUH,W UHSUHVHQWV7ULXPSK DULG9LFWRU\RI-XVWLFHDQG-XGJPHQW $ZRPDQFURZQHGDQGVHDWHGRQDWKURQHEHWZHHQWZR FROXPQVKROGLQJLQKHUULJKWKDQGDQXSULJKWVZRUGDQGLQKHUOHIW WKHVFDOHV6KHV\PEROLVHV (TXLOLEULXP  (TXLOLEULXPDQG -XVWLFH  -XVWLFH -XVWLFH -XVWLFH

7KH+HUPLW 7KH+HUPLW $QROGDQGEHDUGHGPDQZUDSSHGLQDPDQWOHDQGZLWK

KLVKHDGFRYHUHGZLWKDFRZOEHDULQJLQKLVULJKWKDQGWKHODQWHUQRI RFFXOWVFLHQFHZKLOHLQKLVOHIWKHKROGVKLVPDJLFZDQGKDOIKLGGHQ EHQHDWKKLVFORDN+HLV 3UXGHQFH  3UXGHQFH 7KH:KHHORI)RUWXQH 7KH:KHHORI)RUWXQH$ZKHHORIVHYHQVSRNHVWKHWZRKDOYHVRI WKHGRXEOHKHDGHGFDUGVPDNHLWHLJKWVSRNHVZKLFKLVLQFRUUHFW

UHYROYLQJEHWZHHQWZRXSULJKWV2QWKHDVFHQGLQJVLGHLVDQDQLPDO DVFHQGLQJDQGRQWKHGHVFHQGLQJVLGHLVDVRUWRIPRQNH\GHVFHQGLQJ ERWKIRUPVDUHERXQGWRWKHZKHHO$ERYHLWLVWKHIRUPRIDQDQJHORU DVSKLQ[LQVRPHKROGLQJDVZRUGLQRQHKDQGDQGDFURZQLQWKH RWKHU7KLVYHU\FRPSOLFDWHGV\PEROLVPXFKGLVILJXUHGDQGKDVEHHQ ZHOOUHVWRUHGE\/HYL,WV\PEROLVHV )RUWXQH  )RUWXQHJRRGRUEDG $ZRPDQFURZQHGZLWKFURZQDQGFDSRI PDLQWHQDQFHZKRFDOPO\DQG:LWKRXWHIIRUWFORVHVWKHMDZVRID IXULRXVOLRQ6KHUHSUHVHQWV6WUHQJWK

 6WUHQJWKRU)RUWLWXGH  6WUHQJWKRU)RUWLWXGH

7KH+DQJHG0DQ 7KH+DQJHG0DQ 7KLVH[WUDRUGLQDU\V\PEROLVDOPRVW

XQLQWHOOLJLEOHLQWKHGRXEOHKHDGHGFDUGV3URSHUO\LWUHSUHVHQWVDPDQ KXQJKHDGGRZQZDUGVIURPDVRUWRIJLEEHWE\RQHIRRWKLVKDQGVDUH ERXQGEHKLQGKLVEDFNLQVXFKDPDQQHUWKDWKLVERG\IRUPVDWULDQJOH ZLWKWKHSRLQWGRZQZDUGVDQGKLVOHJVDFURVV ZLWKWKHSRLQWGRZQZDUGVDQGKLVOHJVDFURVVDERYHLW7ZRVDFNVR DERYHLW7ZRVDFNVRU U ZHLJKWVDUHDWWDFKHGWRKLVDUPSLWV+HV\PEROLVHV6DFULILFH

 'HDWK  'HDWK $VNHOHWRQDUPHGZLWKD6F\WKHZKHUHZLWKKHPRZVGRZQ KHDGVLQDPHDGRZOLNHJUDVV+HVLJQLILHV7UDQVIRUPDWLRQRU &KDQJH

$QDQJHOZLWKWKHVLJQRIWKH6XQRQKHUEURZ 3RXULQJOLTXLGIURPRQHYHVVHOLQWRDQRWKHU6KHUHSUHVHQWV

7HPSHUDQFH 7HPSHUDQFH

&RPELQDWLRQ

$KRUQHGDQGZLQJHGGHPRQZLWKHDJOH¶VFODZV VWDQGLQJRQDQDOWDUWRZKLFKWZRVPDOOHUGHYLOVDUHERXQGE\DFROODU DQGFRUG,QKLVOHIWKDQGKHEHDUVDIODPHKHDGHGVFHSWUH+HLVWKH LPDJHRI )DWH  )DWHRU )DWDOLW\  )DWDOLW\JRRGRUHYLO 7KH'HYLO 7KH'HYLO

7KH/LJKWQLQJVWUXFN7RZHU 7KH/LJKWQLQJVWUXFN7RZHU $7RZHUZKRVH8SSHUSDUWLVOLNHD

FURZQVWUXFNE\DOLJKWQLQJIODVK7ZRPHQIDOOKHDGORQJIURPLW 2QHRIZKRPLVLQVXFKDQDWWLWXGHDVWRIRUPD+HEUHZOHWWHU $\LQ  $\LQ 6SDUNVDQGGHEULVDUHIDOOLQJ,WVKRZV 5XLQ'LVUXSWLRQ  5XLQ'LVUXSWLRQ $QXGHIHPDOHILJXUHSRXUVZDWHUXSRQWKHHDUWKIURP WZRYDVHV,QWKHKHDYHQVDERYHKHUVKLQHVWKH%OD]LQJ6WDURIWKH 0DJLVXUURXQGHGE\VHYHQRWKHUVWUHHVDQGSODQWVJURZEHQHDWKKHU PDJLFLQIOXHQFHDQGRQRQHWKHEXWWHUIO\RI3V\FKHDOLJKWV6KHLVWKH VWDURI +RSH  +RSH 7KH6WDU 7KH6WDU

7KH0RRQ 7KH0RRQ 7KHPRRQVKLQLQJLQWKHKHDYHQVGURSVRIGHZIDOOLQJ

DZROIDQGDGRJKRZOLQJDWWKH0RRQDQGKDOWHGDWWKHIRRWRIWZR WRZHUVDSDWKZKLFKORVHVLWVHOILQWKHKRUL]RQDQGLVVSULQNOHGZLWK GURSVRIEORRGDFUD\ILVKHPEOHPDWLFRIWKHVLJQ&DQFHUUXOHGRYHUE\ WKH0RRQFUDZOVWKURXJKZDWHULQWKHIRUHJURXQGWRZDUGVWKHODQG,W V\PEROLVHV7ZLOLJKW'HFHSWLRQDQG (UURU  (UURU 7KH6XQ 7KH6XQ 7KH6XQVHQGLQJGRZQKLVUD\VXSRQWZRFKLOGUHQZKR

VXJJHVWWKHVLJQ*HPLQL%HKLQGWKHPLVDORZZDOO,WVLJQLILHV  (DUWKO\+DSSLQHVV 7KH/DVW-XGJPHQW 7KH/DVW-XGJPHQW $Q$QJHOLQWKHKHDYHQVEORZLQJDWUXPSHW

WRZKLFKDVWDQGDUGZLWKDFURVVWKHUHRQLVDWWDFKHG7KH'HDGULVH IURPWKHLUWRPEV,WVLJQLILHV 5HQHZDO5HVXOW  5HQHZDO5HVXOW 7KH)RROLVK0DQ 7KH)RROLVK0DQ $PDQZLWKDIRRO¶VFDSGUHVVHGOLNHDMHVWHU

ZLWKDVWLFNDQGEXQGOHRYHUKLVVKRXOGHU%HI ZLWKDVWLFNDQGEXQGOHRYHUKLVVKRXOGHU%HIRUHKLPLVWKHEX RUHKLPLVWKHEXWWHUIO\RI WWHUIO\RI SOHDVXUHOXULQJKLPRQZKLOHLQVRPHSDFNVDWLJHULQRWKHUVDGRJ DWWDFNVKLPIURPEHKLQG,WVLJQLILHV )ROO\([SLDWLRQ  )ROO\([SLDWLRQ :LWKLQDIORZHU\ZUHDWKLVDIHPDOHILJXUHQXGH VDYHIRUDOLJKWVFDUI6KHUHSUHVHQWV1DWXUHDQGWKH'LYLQH3UHVHQFH WKHUHLQ,QHDFKKDQGVKHVKRXOGEHDUDZDQG$WWKHIRXUDQJOHVRIWKH FDUGDUHWKHIRXUFKHUXELFDQLPDOVRIWKH$SRFDO\SVH$ERYHWKH(DJOH DQGWKH0DQEHORZWKH/LRQDQGWKH%XOO,WUHSUHVHQWV&RPSOHWLRQ

7KH8QLYHUVH 7KH8QLYHUVH

 5HZDUG

7KXVWKHZKROHVHULHVRIWKHWZHQW\WZRWUXPSVZLOOJLYHDFRQQHFWHG VHQWHQFHZKLFKLVFDSDEOHRIEHLQJUHDGWKXV²7KH+XPDQ:LOO HQOLJKWHQHGE\6FLHQFHDQGPDQLIHVWHGE\  $FWLRQVKRXOGILQGLWV 5HDOLVDWLRQ  5HDOLVDWLRQLQGHHGVRI 0HUF\  0HUF\DQG  %HQHILFHQFH 7KH:LVH'LVSRVLWLRQRIWKLVZLOOJLYHKLP9LFWRU\ WKURXJK (TXLOLEULXP  (TXLOLEULXPDQG 3UXGHQFH  3UXGHQFHRYHUWKHIOXFWXDWLRQVRI  )RUWXQH )RUWLWXGH  )RUWLWXGHVDQFWLILHGE\6DFULILFHRI6HOIZLOO WULXPSKRYHU 'HDWK  'HDWKLWVHOIDQGWKXVD:LVH&RPELQDWLRQZLOO HQDEOHKLPWRGHI\ )DWH  )DWH ,QHDFK 0LVIRUWXQH  0LVIRUWXQHKHZLOOVHHWKH 6WDURI +RSH  +RSHVKLQHWKURXJKWKHWZLOLJKWRI 'HFHSWLRQ  'HFHSWLRQDQG XOWLPDWH +DSSLQHVV  +DSSLQHVVZLOOEHWKH 5HVXOW  5HVXOW)ROO\RQWKHRWKHU KDQGZLOOEULQJDERXWDQHYLO 5HZDUG  5HZDUG

7RSUHSDUHWKHSDFNIRU)RUWXQHWHOOLQJZULWHDWWKHWRSRIHDFKFDUGLWV QXPEHUDQGVLJQLILFDWLRQZKHQLQLWVSURSHUSRVLWLRQDQGDWWKHERWWRP LWVPHDQLQJZKHQUHYHUVHG7RIDFLOLWDWHWKLVDQGWRDVVLVWLQUHDGLQJ WKHP,KHUHDSSHQGDOLVWRIWKHFDUGVZLWKWKHPHDQLQJVZKLFK, WKLQNZLOOEHIRXQGWRDQVZHU DOOSUDFWLFDOSXUSRVHV5PHDQV 5HYHUVHG 0($1,1*62)7+(&$5'6 7KH-XJJOHU 7KH-XJJOHU ²  :LOO:LOO3RZHU'H[WHULW\5:LOODSSOLHGWRHYLO  ² :LOO:LOO3RZHU'H[WHULW\5:LOODSSOLHGWRHYLO HQGV:HDNQHVVRI:LOO&XQQLQJ.QDYLVKQHVV 7KH+LJK3ULHVWHVV 7KH+LJK3ULHVWHVV ²6FLHQFH:LVGRP.QRZOHGJH(GXFDWLRQ5

&RQFHLW,JQRUDQFH8QVNLOIXOQHVV6XSHUILFLDO.QRZOHGJH 7KH(PSUHVV 7KH(PSUHVV²$FWLRQ3ODQ8QGHUWDNLQJ0RYHPHQWLQDPDWWHU

,QLWLDWLYH5,QDFWLRQ)ULWWHULQJDZD\RISRZHU:DQWRI &RQFHQWUDWLRQ9DFLOODWLRQ 7KH(PSHURU  7KH(PSHURU ² ²5HDOLVDWLRQ(IIHFW'HYHORSPHQW56WRSSDJH

&KHFN,PPDWXUH8QULSH 7KH+LHURSKDQWRU3RSH 7KH+LHURSKDQWRU3RSH 0HUF\%HQHILFHQFH.LQGQHVV*RRGQHVV

52YHUNLQGQHVVZHDNQHVV)RROLVKH[HUFLVHRIJHQHURVLW\ 7KH/RYHUV 7KH/RYHUV²:LVH'LVSRVLWLRQV3URRI7ULDOV6XUPRXQWHG5

8QZLVH3ODQV)DLOXUHZKHQSXWWRWKHWHVW 7KH&KDULRW  7KH&KDULRW ² ²7ULXPSK9LFWRU\2YHUFRPLQJREVWDFOHV5

2YHUWKURZQ&RQTXHUHGE\2EVWDFOHVDWWKHODVWPRPHQW 7KHPLVRU-XVWLFH 7KHPLVRU-XVWLFH (TXLOLEULXP%DODQFH-XVWLFH5%LJRWU\:DQW

RI%DODQFH$EXVHRI-XVWLFH2YHUVHYHULW\,QHTXDOLW\%LDV  7KH+HUPLW ² ²3UXGHQFH&DXWLRQ'HOLEHUDWLRQ52YHUSUXGHQFH

7LPRURXVQHVV)HDU

7KH:KHHORI)RUWXQH²  7KH:KHHORI)RUWXQH²  *RRG)RUWXQH6XFFHVV8QH[SHFWHG

/XFN5,OO)RUWXQH)DLOXUH8QH[SHFWHG,OO/XFN  6WUHQJWKRU)RUWLWXGH  6WUHQJWKRU)RUWLWXGH²3RZHU0LJKW)RUFH6WUHQJWK)RUWLWXGH

5$EXVHRI3RZHU2YHUEHDULQJQHVV:DQWRI)RUWLWXGH 7KH+DQJHG0DQ 7KH+DQJHG0DQ²6HOIVDFULILFH6DFULILFH'HYRWLRQ%RXQG5

6HOILVKQHVV8QERXQG3DUWLDOVDFULILFH  'HDWK  'HDWK²'HDWK&KDQJH7UDQVIRUPDWLRQ$OWHUDWLRQIRUWKHZRUVH

5'HDWKMXVWHVFDSHG3DUWLDOFKDQJH$OWHUDWLRQIRUWKHEHWWHU 7HPSHUDQFH 7HPSHUDQFH²&RPELQDWLRQ&RQIRUPDWLRQ8QLWLQJ5,OO

DGYLVHGFRPELQDWLRQV'LVXQLRQ&ODVKLQJLQWHUHVWVF 7KH'HYLO²  7KH'HYLO²  )DWDOLW\IRU*RRG5)DWDOLW\IRU(YLO 7KH/LJKWQLQJVWUXFN7RZHU 7KH/LJKWQLQJVWUXFN7RZHU 5XLQ'LVUXSWLRQ2YHUWKURZ/RVV

%DQNUXSWF\57KHVHLQDPRUHRUOHVVSDUWLDOGHJUHH 7KH6WDU²  7KH6WDU²  +RSH([SHFWDWLRQ%ULJKWSURPLVHV5+RSHVQRW

IXOILOOHG([SHFWDWLRQVGLVDSSRLQWHGRUIXOILOOHGLQDPLQRUGHJUHH 7KH0RRQ 7KH0RRQ²7ZLOLJKW'HFHSWLRQ(UURU5)OXFWXDWLRQVOLJKW

'HFHSWLRQV7ULIOLQJ0LVWDNHV 7KH6XQ 7KH6XQ²+DSSLQHVV&RQWHQW-R\57KHVHLQDPLQRUGHJUHH 7KH/DVW-XGJPHQW²  7KH/DVW-XGJPHQW²  5HQHZDO5HVXOW'HWHUPLQDWLRQRID

0DWWHU53RVWSRQHPHQWRI5HVXOW'HOD\0DWWHUUHRSHQHGODWHU 7KH)RROLVK0DQ 7KH)RROLVK0DQ²)ROO\([SLDWLRQ:DYHULQJ5+HVLWDWLRQ

,QVWDELOLW\7URXEOHDULVLQJKHUHIURP 7KH8QLYHUVH 7KH8QLYHUVH²&RPSOHWLRQ*RRG5HZDUG5(YLO5HZDUGRU

5HFRPSHQVH  .LQJRI6FHSWUHV²0DQOLYLQJLQWKHFRXQWU\&RXQWU\*HQWOHPDQ  .LQJRI6FHSWUHV

.QRZOHGJH(GXFDWLRQ5$QDWXUDOO\JRRGEXWVHYHUHPDQ&RXQVHO $GYLFH'HOLEHUDWLRQ 4XHHQRI6FHSWUHV 4XHHQRI6FHSWUHV ²:RPDQOLYLQJLQWKHFRXQWU\/DG\RIWKH

0DQRU/RYHRI0RQH\$YDULFH8VXU\5$JRRGDYLUWXRXV:RPDQ EXWVWULFWDQGHFRQRPLFDO2EVWDFOHV5HVLVWDQFH2SSRVLWLRQ  .QLJKWRI6FHSWUHV  .QLJKWRI6FHSWUHV²'HSDUWXUH6HSDUDWLRQ'LVXQLRQ5

5XSWXUH'LVFRUG4XDUUHO  .QDYHRI6FHSWUHV  .QDYHRI6FHSWUHV ²$*RRG6WUDQJHU*RRG1HZV3OHDVXUH

6DWLVIDFWLRQ5,OO1HZV'LVSOHDVXUH&KDJULQ:RUU\

7HQRI6FHSWUHV 7HQRI6FHSWUHV ²&RQILGHQFH6HFXULW\+RQRXU*RRG)DLWK5

7UHDFKHU\6XEWHUIXJH'XSOLFLW\%DU  1LQHRI6FHSWUHV  1LQHRI6FHSWUHV ²2UGHU'LVFLSOLQH*RRG$UUDQJHPHQW

'LVSRVLWLRQ52EVWDFOHV&URVVHV'HOD\'LVSOHDVXUH  (LJKWRI6FHSWUHV ²8QGHUVWDQGLQJ2EVHUYDWLRQ'LUHFWLRQ5  (LJKWRI6FHSWUHV

4XDUUHOV,QWHVWLQHGLVSXWHV'LVFRUG  6HYHQRI6FHSWUHV  6HYHQRI6FHSWUHV²6XFFHVV*DLQ$GYDQWDJH3URILW9LFWRU\5

,QGHFLVLRQ'RXEW+HVLWDWLRQ(PEDUUDVVPHQW$Q[LHW\  6L[RI6FHSWUHV  6L[RI6FHSWUHV ²$WWHPSW+RSH'HVLUH:LVK([SHFWDWLRQ5

,QILGHOLW\7UHDFKHU\'LVOR\DOW\3HUILG\ )LYHRI6FHSWUHV )LYHRI6FHSWUHV ²*ROG2SXOHQFH*DLQ+HULWDJH5LFKHV

)RUWXQH0RQH\5/HJDOSURFHHGLQJV-XGJPHQW/DZ/DZ\HU 7ULEXQDO )RXURI6FHSWUHV )RXURI6FHSWUHV ²6RFLHW\8QLRQ$VVRFLDWLRQ&RQFRUG

+DUPRQ\53URVSHULW\6XFFHVV+DSSLQHVV$GYDQWDJH 7KUHHRI6FHSWUHV 7KUHHRI6FHSWUHV ²(QWHUSULVH8QGHUWDNLQJ&RPPHUFH7UDGH

 1HJRWLDWLRQ5+RSH'HVLUH$WWHPSW:LVK  'HXFHRI6FHSWUHV  'HXFHRI6FHSWUHV ²5LFKHV)RUWXQH2SXOHQFH0DJQLILFHQFH

*UDQGHXU56XUSULVH$VWRQLVKPHQW(YHQW([WUDRUGLQDU\ 2FFXUUHQFH  $FHRI6FHSWUHV  $FHRI6FHSWUHV ²%LUWK&RPPHQFHPHQW%HJLQQLQJ2ULJLQ

6RXUFH53HUVHFXWLRQ3XUVXLWV9RLOHQFH9H[DWLRQ&UXHOW\7\UDQQ\  .LQJRI&XSV  .LQJRI&XSV²$IDLU0DQ*RRGQHVV.LQGQHVV/LEHUDOLW\

*HQHURVLW\5$0DQRIJRRGSRVLWLRQEXWVKLIW\LQKLV'HDOLQJV 'LVWUXVW'RXEW6XVSLFLRQ 4XHHQRI&XSV 4XHHQRI&XSV²$IDLU:RPDQ6XFFHVV+DSSLQHVV$GYDQWDJH

3OHDVXUH5$:RPDQLQJRRGSRVLWLRQEXWLQWHUPHGGOLQJDQGWREH GLVWUXVWHG6XFFHVVEXWZLWKVRPHDWWHQGDQWWURXEOH  .QLJKWRI&XSV  .QLJKWRI&XSV²$UULYDO$SSURDFK$GYDQFH5'XSOLFLW\

$EXVHRI&RQILGHQFH)UDXG&XQQLQJ  .QDYHRI&XSV  .QDYHRI&XSV²$IDLU
,QWHJULW\5$)ODWWHUHU'HFHSWLRQ$UWLILFH 7HQRI&XSV 7HQRI&XSV²7KH7RZQZKHUHLQRQHUHVLGHV+RQRXU

&RQVLGHUDWLRQ(VWHHP9LUWXH*ORU\5HSXWDWLRQ5&RPEDW6WULIH 2SSRVLWLRQ'LIIHUHQFHV'LVSXWH

 1LQHRI&XSV  1LQHRI&XSV²9LFWRU\$GYDQWDJH6XFFHVV7ULXPSK

'LIILFXOWLHVVXUPRXQWHG5)DXOWV(UURUV0LVWDNHV,PSHUIHFWLRQV  (LJKWRI&XSV  (LJKWRI&XSV²$IDLU*LUO)ULHQGVKLS$WWDFKPHQW7HQGHUQHVV

5*DLHW\)HDVWLQJ-R\3OHDVXUH 6HYHQRI&XSV 6HYHQRI&XSV²,GHD6HQWLPHQW5HIOHFWLRQ3URMHFW53ODQ

'HVLJQ5HVROXWLRQ'HFLVLRQ  6L[RI&XSV  6L[RI&XSV²7KH3DVWSDVVHGE\)DGHG9DQLVKHG'LVDSSHDUHG

57KH)XWXUHWKDWZKLFKLVWRFRPH6KRUWO\6RRQ )LYHRI&XSV )LYHRI&XSV²8QLRQ-XQFWLRQ0DUULDJH,QKHULWDQFH5$UULYDO

5HWXUQ1HZV6XUSULVH)DOVHSURMHFWV )RXURI&XSV )RXURI&XSV²(QQXL'LVSOHDVXUH'LVFRQWHQW'LVVDWLVIDFWLRQ

51HZ$FTXDLQWDQFH&RQMHFWXUH6LJQ3UHVHQWLPHQW  7KUHHRI&XSV²6XFFHVV7ULXPSK9LFWRU\)DYRXUDEOHLVVXH5

([SHGLWLRQRIEXVLQHVV4XLFNQHVV&HOHULW\9LJLODQFH  'HXFHRI&XSV  'HXFHRI&XSV²/RYH$WWDFKPHQW)ULHQGVKLS6LQFHULW\

$IIHFWLRQ5&URVVHGGHVLUHV2EVWDFOHV2SSRVLWLRQ+LQGUDQFH  $FHRI&XSV  $FHRI&XSV²)HDVWLQJ%DQTXHW*RRG&KHHU5&KDQJH

 1RYHOW\0HWDPRUSKRVLV,QFRQVWDQF\  .LQJRI6ZRUGV  .LQJRI6ZRUGV²$/DZ\HUD0DQRI/DZ3RZHU&RPPDQG

6XSHULRULW\$XWKRULW\5$:LFNHG0DQ&KDJULQ:RUU\*ULHI )HDU'LVWXUEDQFH 4XHHQRI6ZRUGV 4XHHQRI6ZRUGV²:LGRZKRRG/RVV3ULYDWLRQ$EVHQFH

6HSDUDWLRQ5$%DG:RPDQLOOWHPSHUHGDQGELJRWHG5LFKHVDQG 'LVFRUG$EXQGDQFHWRJHWKHUZLWK:RUU\-R\ZLWK*ULHI  .QLJKWRI6ZRUGV  .QLJKWRI6ZRUGV²$6ROGLHUDPDQZKRVHSURIHVVLRQLVDUPV

6NLOIXOQHVV&DSDFLW\$GGUHVV3URPSWLWXGH5$FRQFHLWHGIRRO ,QJHQXRXVQHVV6LPSOLFLW\  .QDYHRI6ZRUGV  .QDYHRI6ZRUGV²$6S\2YHUORRNLQJ$XWKRULW\57KDWZKLFK

LVXQIRUHVHHQ9LJLODQFH6XSSRUW 7HQRI6ZRUGV 7HQRI6ZRUGV²7HDUV$IIOLFWLRQ*ULHI6RUURZ53DVVLQJ

6XFFHVV0RPHQWDU\$GYDQWDJH  1LQHRI6ZRUGV  1LQHRI6ZRUGV²$Q(FFOHVLDVWLFD3ULHVW&RQVFLHQFH3URELW\

*RRG)DLWK,QWHJULW\5:LVHGLVWUXVW6XVSLFLRQ)HDU'RXEW6KDG\ FKDUDFWHU

 (LJKWRI6ZRUGV  (LJKWRI6ZRUGV²6LFNQHVV&DOXPQ\&ULWLFLVP%ODPH5

7UHD 7UHDFK FKHU HU\ \LQ LQW WKH KH3 3DV DVW W( (YH YHQW QW $F $FFL FLGH GHQW QW 5H 5HPD PDUN UNDE DEOH OH, ,QF QFLG LGHQ HQW W  6HYHQRI6ZRUGV  6HYHQRI6ZRUGV²+RSH&RQILGHQFH'HVLUH$WWHPSW:LVK5

:LVH$GYLFH*RRG&RXQVHO:LVGRP3UXGHQFH&LUFXPVSHFWLRQ  6L[RI6ZRUGV²(QYR\0HVVHQJHU9R\DJH7UDYHO5  6L[RI6ZRUGV

'HFODUDWLRQ/RYHSURSRVHG5HYHODWLRQ6XUSULVH )LYHRI6ZRUGV )LYHRI6ZRUGV ²0RXUQLQJ6DGQHVV$IIOLFWLRQ5/RVVHV

7URXEOHVDPHVLJQLILFDWLRQZKHWKHUUHYHUVHGRUQRW )RXURI6ZRUGV )RXURI6ZRUGV²6ROLWXGH5HWUHDW$EDQGRQPHQW6ROLWDU\

+HUPLW5(FRQRP\3UHFDXWLRQ5HJXODWLRQRI([SHQGLWXUH 7KUHHRI6ZRUGV 7KUHHRI6ZRUGV ²$1XQ6HSDUDWLRQ5HPRYDO5XSWXUH

4XDUUHO5(UURU&RQIXVLRQ0LVUXOH'LVRUGHU  'HXFHRI6ZRUGV  'HXFHRI6ZRUGV ²)ULHQGVKLS9DORXU)LUPQHVV&RXUDJH5

)DOVH)ULHQGV7UHDFKHU\/LHV  $FHRI6ZRUGV  $FHRI6ZRUGV²7ULXPSK)HFXQGLW\)HUWLOLW\3URVSHULW\5

(PEDUUDVVPHQW)RROLVKDQG+RSHOHVV/RYH2EVWDFOH+LQGUDQFH  .LQJRI3HQWDFOHV  .LQJRI3HQWDFOHV²$GDUN0DQ9LFWRU\%UDYHU\&RXUDJH

6XFFHVV5$QROGDQGYLFLRXV0DQD'DQJHURXV0DQ'RXEW)HDU 3HULO'DQJHU 4XHHQRI3HQWDFOHV 4XHHQRI3HQWDFOHV²$GDUN:RPDQDJHQHURXV:RPDQ

/LEHUDOLW\*UHDWQHVVRI6RXO*HQHURVLW\5&HUWDLQ(YLODVXVSLFLRXV :RPDQD:RPDQMXVWO\UHJDUGHGZLWK6XVSLFLRQ'RXEW0LVWUXVW  .QLJKWRI3HQWDFOHV  .QLJKWRI3HQWDFOHV²$XVHIXO0DQ7UXVWZRUWK\:LVGRP

(FRQRP\2UGHU5HJXODWLRQ5$EUDYH0DQEXWRXWRI(PSOR\PHQW ,GOH8QHPSOR\HG1HJOLJHQW  .QDYHRI3HQWDFOHV  .QDYHRI3HQWDFOHV²$GDUN
0DQDJHPHQW53URGLJDOLW\3URIXVLRQ:DVWH'LVVLSDWLRQ 7HQRI3HQWDFOHV 7HQRI3HQWDFOHV ²+RXVH'ZHOOLQJ+DELWDWLRQ)DPLO\5

*DPEOLQJ'LVVLSDWLRQ5REEHU\/RVV  1LQHRI3HQWDFOHV  1LQHRI3HQWDFOHV ²'LVFUHWLRQ&LUFXPVSHFWLRQ3UXGHQFH

'LVFHUQPHQW5'HFHLW%DGIDLWK$UWLILFHV'HFHSWLRQ  (LJKWRI3HQWDFOHV  (LJKWRI3HQWDFOHV ²$GDUN*LUO%HDXW\&DQGRXU&KDVWLW\

,QQRFHQFH0RGHVW\5)ODWWHU\8VXU\+\SRFULV\6KLIW\  6HYHQRI3HQWDFOHV  6HYHQRI3HQWDFOHV²0RQH\)LQDQFH7UHDVXUH*DLQ3URILW5

'LVWXUEDQFH:RUU\$Q[LHW\0HODQFKRO\

 6L[RI3HQWDFOHV  6L[RI3HQWDFOHV²3UHVHQWV*LIWV*UDWLILFDWLRQ5$PELWLRQ

'HVLUH3DVVLRQ$LP/RQJLQJ )LYHRI3HQWDFOHV )LYHRI3HQWDFOHV ²/RYHURU0LVWUHVV/RYH6ZHHWQHVV

$IIHFWLRQ3XUHDQG&KDVWH/RYH5'LVJUDFHIXO/RYH,PSUXGHQFH /LFHQVH3URIOLJDF\ )RXURI3HQWDFOHV )RXURI3HQWDFOHV ²3OHDVXUH*DLHW\(QMR\PHQW6DWLVIDFWLRQ5

2EVWDFOHV+LQGUDQFHV 7KUHHRI3HQWDFOHV 7KUHHRI3HQWDFOHV ² 1RELOLW\(OHYDWLRQ'LJQLW\5DQN3RZHU  1RELOLW\(OHYDWLRQ'LJQLW\5DQN3RZHU

5&KLOGUHQ6RQV'DXJKWHUV
/HWWHU0LVVLYH(SLVWOH0HVVDJH  $FHRI3HQWDFOHV²   $FHRI3HQWDFOHV²  3HUIHFW&RQWHQWPHQW)HOLFLW\3URVSHULW\

7ULXPSK53XUVHRI*ROG0RQH\*DLQ+HOS3URILW5LFKHV 7KHIROORZLQJDGGLWLRQDOUHPDUNVPD\EHVHUYLFHDEOHWRWKHWRWKH LQH[SHULHQFHG&DUWRPDQFHU7KH\DUHFKLHIO\WDNHQIURP(WWHLOOD  .QLJKWRI6FHSWUHV  .QLJKWRI6FHSWUHV²7KLVFDUGLVQRWWREHUHDGVLQJO\LWPHDQV

WKH'HSDUWXUHRIWKHFDUGZKLFKIROORZVLW5$JDLQQRWLFHWKHFDUG ZKLFKIROORZVLWLID:RPDQ4XDUUHOZLWKD:RPDQLI0RQH\WKHQ /RVVRI0RQH\F  .QDYHRI6FHSWUHV  .QDYHRI6FHSWUHV²51RWLFHEHWZHHQZKDWFDUGVWKH1HZVIDOOV

ZKLFKZLOOVKRZZKHQFHLWFRPHVDQGRIZKDWQDWXUHLWLV  'HXFHRI6FHSWUHV  'HXFHRI6FHSWUHV ²5,IWKHFDUGVIDOO55\RXZLOOEH

VXUSULVHGE\DFKDQJH,I55LWZLOOEHKDSS\EXWWKH UHYHUVHLIWKH\IDOO55 7KH.QLJKWRI&XSV 7KH.QLJKWRI&XSV²7KLVVKRZVWKHDUULYDORIWKHFDUGZKLFK

IROORZVLWDVWKHDUULYDORIDIIOLFWLRQRUJULHIWKHYLVLWRI DIDLU\RXQJPDQHWF  6HYHQRI&XSV  6HYHQRI&XSV²([SODLQVWKHFDUGZKLFKIROORZVWKXV

7KHLGHDRIDWWHPSWLQJVRPHXQGHUWDNLQJ7KLVZLOODJDLQEH PRGLILHGE\WKHIROORZLQJFDUGV  6L[RI&XSV  6L[RI&XSV²6KRZVHLWKHUWKDWZKDWSUHFHGHVLWLVSDVWKDV

RFFXUUHGDOUHDG\RULI5ZKDWLVJRLQJWRKDSSHQ )RXURI&XSV )RXURI&XSV²7KHIROORZLQJFDUGVPLJKWVKRZZKDWWKH

GLVSOHDVXUHRUDQ[LHW\ZDVDERXWWKHSUHFHGLQJFDUGVZKHQFHLW RULJLQDWHG

4XHHQRI6ZRUGV 4XHHQRI6ZRUGV²7KLVLVQRWQHFHVVDULO\WREHWDNHQE\LWVHOILW

PD\VLJQLI\WKDWWKHSHUVRQV\PEROLVHGE\WKHFDUGVQHDULWKDVMXVW ORVWRULVOLNHO\VRRQWRORVHZLIHRUKXVEDQG ORVWRULVOLNHO\VRRQWRORVHZ LIHRUKXVEDQG,QVRPHLQVWDQFHVLWPD\ ,QVRPHLQVWDQFHVLWPD\ PHUHO\VLJQLI\WKDWLIWZRSHRSOHDUHPDUULHGWKHRQHZLOOGLHVRPH WLPHEHIRUHWKHRWKHUEXWQRWQHFHVVDULO\WKDWWKHHYHQWZLOORFFXU LPPHGLDWHO\  .QDYHRI6ZRUGV  .QDYHRI6ZRUGV²5,I5$QXQH[SHFWHGSUHVHQW,I

5XQH[SHFWHGJULHIHWF  1LQHRI6ZRUGV  1LQHRI6ZRUGV²57KHFDUGIROORZLQJZLOOVKRZZKRPRUZKDW

WRGLVWUXVWF  (LJKWRI6ZRUGV  (LJKWRI6ZRUGV²56KRZV7UHDFKHU\RU'HFHLWLQWKHSDVWDQG

ZLOOEHH[SODLQHGE\WKHQHLJKERXULQJFDUGV  6HYHQRI6ZRUGV  6HYHQRI6ZRUGV²57KHFDUGVZKLFKFRPHQH[WZLOOVKRZ

ZKHWKHULWZLOOEHJRRGWRIROORZWKHDGYLFHJLYHQRUQRW$OVRWKH SUHFHGLQJFDUGVZLOOVKRZIURPZKRPDQGZK\WKHDGYLFHFRPHV )RXURI6ZRUGV )RXURI6ZRUGV²57KHFDUGVQHDUZLOOVKRZZKHWKHULWLVKHDOWK

RUPRQH\WKDWUHTXLUHVFDUH 7KUHHRI6ZRUGV 7KUHHRI6ZRUGV ²50D\VKRZVLPSO\WKDWVRPHWKLQJLVORVWRU

PLVODLGIRUDWLPH  'HXFHRI6ZRUGV  'HXFHRI6ZRUGV ²5,IFRQILUPHGE\WKHRWKHUFDUGVPD\VLPSO\ PHDQWKDWWKHIULHQGVDUHQRWRIPXFKXVHWRWKHLQTXLUHULQWKHPDWWHU

XQGHUFRQVLGHUDWLRQ 4XHHQRI3HQWDFOHV 4XHHQRI3HQWDFOHV²5,IWKLVFDUGGRHVQRWVLJQLI\DQ\ SDUWLFXODU SHUVRQ  SHUVRQ,I55,WLVQRWVDLGWKDWWKHUHZLOOEHD

/DZVXLW,I55,I\RXJDLQ\RXUFDVH\RXZRQ¶WEHPXFKWKH EHWWHUIRULW  .QDYHRI3HQWDFOHV  .QDYHRI3HQWDFOHV²5&RQVXOWWKHIROORZLQJFDUGVWRVHHLQ

ZKDWWKHSHUVRQLVSURGLJDO,I55LWPD\VLPSO\PHDQWKDW WKHSHUVRQLVWRRIRQGRIJLYLQJDGYLFHLQWHUPHGGOHVWRRPXFKZLWK RWKHUSHRSOH¶VEXVLQHVV  6HYHQRI3HQWDFOHV  6HYHQRI3HQWDFOHV²57KHQH[WFDUGZLOOVKRZWKHUHDVRQRIWKH

DQ[LHW\DQGVRRQ )LYHRI3HQWDFOHV )LYHRI3HQWDFOHV ²6KRZVVLPSO\WKDWWKHUHLVVRPHRQHZKRP

WKHSHUVRQORYHV 7KH&RXUW&DUGVDQGHVSHFLDOO\WKH.LQJVDQG4XHHQVPD\EHWDNHQ WRUHSUHVHQWSHUVRQVLQWKLVFDVHWKHLUDGGLWLRQDOPHDQLQJVKRXOGQRW EHUHDG7KH6ZRUGVUHSUHVHQWYHU\GDUNSHRSOH3HQWDFOHVWKRVHQRW VRGDUN&XSVUDWKHUIDLUSHRSOH:DQGVRU6FHSWUHVWKRVHPXFK

IDLUHUDQGVRRQ0DQ\:DQGVWRJHWKHUPLJKWVLJQLI\IHDVWLQJPDQ\ &XSVORYHPDNLQJ6ZRUGVTXDUUHOOLQJDQGWURXEOH&RLQVRU3HQWDFOHV PRQH\ :KHUHWKHPRGHRIUHDGLQJWKHFDUGVUHTXLUHVWKDWWKHSHUVRQ FRQVXOWLQJVKRXOGEHUHSUHVHQWHGKHVKRXOGWDNHRQHRIWKH.LQJVWR UHSUHVHQWKLPVHOIDFFRUGLQJWRKLVFRPSOH[LRQ,IDODG\FRQVXOWVWKH FDUGVOHWKHUWDNHRQHRIWKH4XHHQVLIVKHEHUDWKHUIDLUWKH4XHHQRI &XSVLIVKHEHYHU\IDLUWKH4XHHQRI:DQGVRU6FHSWUHV,IWKH LQTXLUHUEHTXLWHD\RXWKRUDER\OHWKLPWDNHRQHRIWKH.QLJKWVLID YHU\\RXQJJLUOOHWKHUWDNHWKH.QDYHHWF(WWHLOOD¶VSODQZDVWRWDNH WZRRIWKH.H\VIRU6LJQLILFDWRUVWKDWDQVZHULQJWRWKH3R WZRRIWKH.H\VIRU6LJQLILFDWRUVWKDWDQVZHULQJWRWKH3RSHIRUDPDQ SHIRUDPDQ WKDWDQVZHULQJWRWKH+LJK3ULHVWHVVIRUDZRPDQEXW,GRQRWWKLQN WKLVLVVRZHOO7KHZRUVWRI(WWHLOOD¶VV\VWHPLVWKDWKHVRFRPSOHWHO\ GHVWUR\VWKHPHDQLQJVRIWKH.H\VLQKLVDWWHPSWHGUHDUUDQJHPHQWRI WKHPDVWRPDNHWKHPSUDFWLFDOO\XVHOHVVIRUKLJKHURFFXOWSXUSRVHV ,VKDOOQRZJLYHVHYHUDOPRGHVRIOD\LQJRXWWKHFDUGVIRUGLYLQDWLRQ 7KHUHDGHUFDQDGRSWZKLFKHYHUKHSUHIHUVRUKHFDQFRPELQHWKHP :KDWHYHUPRGHRIOD\LQJRXWEHDGRSWHGLWLVQHFHVVDU\WKDWWKHSHUVRQ LQTXLULQJVKRXOGFDUHIXOO\VKXIIOHWKHFDUGVZLWKWZRREMHFWVLQYLHZ ILUVWO\WKDWRIWXUQLQJVRPHRIWKHFDUGVXSVLGHGRZQVHFRQGO\WKDWRI WKRURXJKO\DOWHULQJWKHLUSRVLWLRQDQGVHTXHQFHLQWKHSDFN7KH\ VKRXOGWKHQEHFXW'XULQJWKHVKXIIOLQJDQGFXWWLQJWKHLQTXLUHUVKRXOG WKLQNHDUQHVWO\RIWKHPDWWHUFRQFHUQLQJZKLFKKHLVDQ[LRXVIRU LQIRUPDWLRQIRUXQOHVVKHGRHVWKLVWKHFDUGVZLOOUDUHO\UHDGFRUUHFWO\ 7KLVVKXIIOLQJDQGFXWWLQJVKRXOGEHWKULFHUHSHDWHG7KHEDFNVRIWKH FDUGVVKRXOGEHWRZDUGVWKHSHUVRQVKXIIOLQJ ),5670(7+2'²7KHIXOOSDFNRIVHYHQW\HLJKWFDUGVKDYLQJ

EHHQILUVWGXO\VKXIIOHGDQGFXWGHDOWKHWRSFDUGRQDSDUWRIWKHWDEOH ZKLFKZHZLOOFDOO%WKHVHFRQGFDUGRQDQRWKHUSODFHZKLFKZHZLOO FDOO$7KHVHZLOOIRUPWKHFRPPHQFHPHQWRIWZRKHDSV$DQG% LQWRZKLFKWKHZKROHSDFNLVWREHGHDOW7KHQGHDOWKHWKLUGDQG IRXUWKFDUGVRQ%DQGWKHILIWKRQ$WKHVL[WKDQGVHYHQWKRQ%DQG WKHHLJKWKRQ$WKHQLQWKDQGWHQWKRQ%DQGWKHHOHYHQWKRQ$ &RQWLQXHWKLVRSHUDWLRQRIGHDOLQJWZRFDUGVRQ%DQGRQHRQ$WLOO \RXFRPHWRWKHHQGRIWKHSDFN$ZLOOWKHQFRQVLVWRIWZHQW\VL[ FDUGVDQG%RIILIW\WZR  1RZWDNHXSWKH%KHDSRIILIW\WZRFDUGV'HDOWKHWRSFDUGRQDIUHVK SODFHZKLFKZHZLOOFDOO'DQGWKHVHFRQGFDUGRQDQRWKHUSODFH& 7KLVZLOOIRUPWKHEHJLQQLQJRIWZRIUHVK KHDSV&DQG'7KHQGHDOWKHWKLUGDQGIRXUWKFDUGVRQ'DQGWKH ILIWKRQ&WKHVL[WKDQGVHYHQWKRQ'DQGWKHHLJKWKRQ&DQGVRRQ DVEHIRUHWKURXJKWKHVHILIW\WZRFDUGV7KHUHZLOOQRZEHWKUHHKHDSV $FDUGV&FDUGVDQG'FDUGV

$JDLQWDNHXSWKHKHDS'RIFDUGVDQGGHDOWKHWRSFDUGRQDIUHVK VSRW)DQGWKHVHFRQGFDUGRQDQRWKHUSODFH(VR VSRW)DQGWKHVHFRQGFDUGRQ DQRWKHUSODFH(VRDVWRPDNHWZRI DVWRPDNHWZRIUHVK UHVK KHDSV(DQG)1RZGHDOWKHWKLUGDQGIRXUWKFDUGVRQ)DQGWKHILIWK RQ(DQGVRRQDVEHIRUHWKURXJKWKHVHFDUGV 7KHUHZLOOQRZEHIRXUKHDSVDOWRJHWKHU$FDUGV&FDUGV( DQG)3XW)DVLGHDOWRJHWKHUDVWKHVHFDUGVDUHQRWWREH XVHGLQWKHUHDGLQJDQGDUH6XSSRVHGWRKDYHQREHDULQJRQWKH TXHVWLRQ7KHUHZLOOQRZUHPDLQ$&DQG( 7DNH$DQGDUUDQJHWKHFDUGVIDFHXSZDUGVIURPULJKWWROHIWEHLQJ FDUHIXOQRWWRDOWHUWKHRUGHUVRWKDWWKH\DUHLQWKHIRUPRID KRUVHVKRHWKHWRSFDUGEHLQJ DWWKHORZHVWULJKWKDQGFRUQHUDQGWKH WKDWWKHORZHVWOHIWKDQGFRUQHU5HDGWKHLUPHDQLQJVIURPULJKWWR OHIWDVEHIRUHH[SODLQHG:KHQWKLVLVGRQHVRDVWRPDNHD&RQQHFWHG DQVZHUWDNHWKHVWDQGWKDQGUHDGWKHLUFRPELQHGPHDQLQJWKHQ WKDWRIWKHQGDQGWK DQGVRRQWLOO\RXFRPHWRWKHODVWSDLUZKLFK ZLOOEHWKHWKDQGWK3XW$DVLGHDQGWDNH&DQGUHDGLWLQH[DFWO\ WKHVDPHZD\WKHQ(ODVW 7KLVLVDYHU\DQFLHQWPRGHRIUHDGLQJWKH7DURWDQGZLOOEHIRXQG UHOLDEOH 6(&21'0(7+2'²:LWKGUDZWKH.LQJRU4XHHQVHOHFWHGIRU

WKH,QTXLUHU¶V6LJQLILFDWRUIURPWKHSDFN7KHQVKXIIOHDQGFXWWKH VDPHDVEHIRUH3ODFHWKH6LJQLILFDWRURQWKHWDEOHIDFHXSZDUGV OHDYLQJSOHQW\RIURRPIRUWKHVHOHFWHGFDUGVRQWKHOHIWKDQGVLGHRILW  1RZJRFDUHIXOO\WKURXJKWKHSDFNWDNLQJWKHWRSFDUGILUVWWKHQWKH VHYHQWKFDUGIURPLWDQGVRRQWKURXJKWKHSDFNUHFRPPHQFLQJLI QHFHVVDU\XQWLO\RXKDYHGUDZQFDUGVE\WDNLQJHYHU\VHYHQWK $UUDQJHWKHVHFDUGVLQWKUHHURZVRIVHYHQHDFKIURPULJKWWROHIW RQWKHOHIWKDQGVLGHRIWKH6LJQLILFDWRUWKXV   

  

  

  

  

  

  

6LJQLILFDWRU  

5HDGWKHPHDQLQJRIHDFKURZIURPULJKWWROHIWEHJLQQLQJZLWKWKH 6LJQLILFDWRUWKHQFRPELQHWKHVWDQGVWWKHQGDQGWKDQGVR RQDVLQWKHSUHYLRXVPHWKRG 7+,5'0(7+2'²7KLVPRGHRIOD\LQJRXWWKHFDUGVLVUDWKHU

PRUHFRPSOLFDWHGWKDQWKHSUHFHGLQJ:LWKGUDZWKH6LJQLILFDWRUDQG VKXIIOHDQGFXWDVEHIRUH7KHQGHDOWKHPDVLQWKLVGLDJUDPIDFH XSZDUGV

 

6LJQLILFDWRU

7KHFDUGVZLOOWKXVIRUPDWULDQJOHZLWKLQDVSHFLHVRIDUFKDQGWKH 6LJQLILFDWRURIWKH,QTXLUHULVWREHSODFHGLQWKHFHQWUHRIWKHWULDQJOH IDFHXSZDUGV7KHWRSFDUGLVWREHGHDOWRQQXPEHUWKHVHFRQGFDUG RQQXPEHUWKHWZHOIWKFDUGRQQXPEHUDQGVRRQXSWRQXPEHU ZKHQWKHUHPDLQLQJFDUGVDUHWREHSXWDVLGHDQGQRWXVHGLQWKH UHDGLQJ 7KHQWRDQGWRLQFOXVLYHZLOOVKRZWKHSDVWWRDQG WRLQFOXVLYHZLOOVKRZWKHSUHVHQWDQGWRDQGWR LQFOXVLYHZLOOVKRZWKHIXWXUH  1RZUHDGWKHPVLPSO\LQRUGHUIURPWRIRUWKHSDVWIURPWR IRUWKHSUHVHQWDQGIURPWRIRUWKHIXWXUH 7KHQFRPELQHWKH6LJQLILFDWRUZLWKHYHU\WZRFDUGVWKXV²66 6DQGVRRQXSWR6IRUWK 6DQGVRRQXSWR6IRUWKHSDVW7KHQWDNH6 HSDVW7KHQWDNH6  6DQGVRRQIRUWKHSUHVHQW$QGWKHQWDNH66XS WR6IRUWKHIXWXUH $JDLQYDU\WKHFRPELQDWLRQVE\WDNLQJ6XSWR6 IRUWKHSDVW6XSWR6IRUWKHSUHVHQWDQG 6XSWR6IRUWKHIXWXUH )LQDOO\FRPELQHWKHPDOOWRJHWKHUWKXV²DQGVRRQ XSWRSODFLQJWKHPLQDVLQJOHSDFNHWRQHRQWKHRWKHUDV\RXGR VRDQGZKHQWKLVLVILQLVKHGGHDOWKHZKROHFDUGVLQRQHODUJH FLUFOHSODFLQJWKH6LJQLILFDWRUDVDVWDUWLQJSRLQWZKHQZLOOEHWKH ILUVWFDUGDQGWKHODVWFDUGRQHLWKHUVLGHRIWKH6LJQLILFDWRU1RZ JDWKHUWKHPXSWKXVLQSDLUVIRUWKHODVWUHDGLQJ6DQG VRRQXSWRWKHODVWFDUGZKLFKZLOOEHDVLQJOHRQH'UDZWZRRWKHU IUHVKFDUGVDWUDQGRPIURPWKHFDUGVZKLFKKDYHQRWEHHQXVHGLQ WKHUHDGLQJDQGSODFHWKHPIDFHXSZDUGVRQHRQHLWKHUVLGHWRIRUPD VXUSULVH5HDGWKHVHWKUHHIURPULJKWWROHIWDVFRQFOXVLRQ 7KLVPRGHLVUDWKHUGLIILFXOWDWILUVWEXWSUDFWLFHZLOOJLYHIDFLOLW\ 7KHVH7DURW&DUGVPD\EHXVHGOLNHWKHRUGLQDU\SDFNVIRUJDPHVDV ZHOODVIRUGLYLQDWLRQDQGLWPD\EHDVZHOOWRJLYHWKHJHQHUDOUXOHV DQGPRGHRISOD\7KH*DPHRI7DURWPD\EHSOD\HGE\HLWKHUWZRRU WKUHHSHUVRQV7KHIXOOSDFNRIFDUGVLVVKXIIOHGDQGFXWLQWKH

RUGLQDU\PDQQHU7KHGHDOHUGHDUVWKHPRXWLQWKUHHKDQGVE\ILYH FDUGVDWDWLPHDQGSODFHVWKHUHPDLQLQJWKUHHFDUGVDWKLVRZQULJKW KDQGVLGH7KHUHZLOOWKXVEHWKUHHKDQGVRIFDUGVHDFKDQGWKUHH FDUGVEHVLGHV7KHSOD\HUVVRUWWKHLUKDQGVDQGWKHGHDOHUGLVFDUGVWKH WKUHHPRVWXVHOHVVFDUGVLQKLVRZQKDQGDQGH[FKDQJHVWKHPIRUWKH EHIRUHPHQWLRQHGWKUHHFDUGV7KHGHDOLVWDNHQLQURWDWLRQE\HDFK SOD\HU7KHPHWKRGRIGHDOLQJLVWKHVDPHZKHWKHUWZRRUWKUHH SOD\HUVSDUWLFLSDWHWKUHHKDQGVEHLQJGHDOWRXWLQHDFKLQVWDQFHEXWLI RQO\WZRSOD\HUVFRQWHQGZLWKHDFKRWKHUWKHWKLUGKDQGLVXQWRXFKHG E\HLWKHUSDUW\ 7KHSRLQWVFRQVWLWXWLQJWKHJDPHDUHZKLFKPD\EHPDUNHGRQD FULEEDJHERDUGRQSDSHURUE\DQRUGLQDU\EH]LTXHPDUNHU %HIRUHWKHKDQGVDUHSOD\HGRXWWKHLUVFRUHLVUHFNRQHGLQWKHIROORZ %HIRUHWKHKDQGVDUHSOD\HGRXWWKHLUVFRUHLVU HFNRQHGLQWKHIROORZLQJ LQJ ZD\ 7KHWUXPSVDUHQRWDOORIWKHVDPHYDOXH DUHFDOOHGWKH)LYH*UHDWHU7UXPSV DUHFDOOHGWKH)LYH/HVVHU7UXPSV :KRHYHUKDVWKUHHRIWKH*UHDWHURUWKUHHRIWKH/HVVHU7UXPSVLQKLV KDQGVFRUHVSRLQWVIRUWKHVDPHSRLQWVLIKHKDVIRXUDQG SRLQWVLIKHKDYHDOOILYH,IWKHSOD\HUKDVDQ\WHQWUXPSVLQKLVKDQG WKH\ZLOOVFRUHSRLQWVDQ\WKLUWHHQWUXPSVSRLQWV,WGRHVQRW PDWWHULI*UHDWHURU/HVVHU7UXPSVZKLFKKDYHEHHQDOUHDG\VFRUHG IRUPSDUWRIVXFKWHQRUWKLUWHHQDOOVFRUHVDUHLQGHSHQGHQWRIRWKHU FRPELQDWLRQV)XUWKHUPRUHIRUDQ\FDUGVWREHVFRUHGWKH\PXVWEH VKRZQWRWKHDGYHUVDU\DWWKHWLPHRIVFRULQJWKLVUXOHKROGVJRRGLQ DOOFDVHV7KHQRQGHDOHUVFRUHVDQGOHDGVILUVW,IWKUHHSOD\WKHSOD\HU RQWKHGHDOHU¶VOHIWKDQGEHJLQV 6HYHQFDUGVEHDUWKHGLVWLQJXLVKLQJWLWOHRI7DURW7UXPSVWKH\DUH 7KH8QLYHUVHWKH0DWRU)RROLVK0DQWKH3DJDG-XJJOHURU 0DJLFLDQWKH.LQJRI6FHSWUHVWKH.LQJRI&XSVWKH.LQJRI 6ZRUGVDQGWKH.LQJRI3HQWDFOHV ,IWKHSOD\HUKDVDQ\WZRRIWKHVH7DURW7UXPSVKHFDQDVNKLV RSSRQHQWIRUDWKLUGLIWKHODWWHUFDQQRWUHSO\E\VKRZLQJDWKLUG7DURW 7UXPSWKHIRUPHUFDQVFRUHSRLQWVEXWLIKHKDVWKHWKLUGLWPXVWEH JLYHQXSWRWKHDVNHUZKRWKHQGRHVQRWVFRUHEXWJLYHVKLPVRPH FDUGRIVPDOOYDOXHLQH[FKDQJH)RUHYHU\WKUHH7DURW7UXPSVDFWXDOO\ KHOGLQWKHKDQGWKHKROGHUPDUNVSRLQWV 6HTXHQFHVRIWUXPSVRURIFDUGVRIWKHVDPHVXLWFRXQWIRUHYHU\IRXU FDUGVLQVHTXHQFHSRLQWVIRUHYHU\VHYHQFDUGVSRLQWVIRUWHQ FDUGVSRLQWV$OOFDUGVIRUPLQJWKHVHVFRUHVPXVWEHVKRZQWRWKH DGYHUVDU\

7KH)RROLVK0DQLVWKHORZHVWFDUGLQWKHSDFNLQSOD\LQJWKHKDQG FDQWDNHQRFDUGRIDQ\VXLWDQGPD\EHSOD\HGWRDFDUGRIDQ\VXLW )RULQVWDQFHLIWKHDGYHUVDU\OHDGVD.LQJDQG\RXKDYHRQO\WKH 4XHHQRIWKDWVXLWUHPDLQLQJLQ\RXUKDQGEXWKDYHDOVRWKH\RXFDQ SOD\WKLVLQVWHDGRIWKH4XHHQDQGWKXVVDYHKHUIURPEHLQJWDNHQ$ .LQJFXWFRXQWVSRLQWVWRZKRVRHYHUFXWVLW,QHDFKVXLW.LQJLV KLJKHVWWKHQFRPH4XHHQ.QLJKW.QDYH7HQ1LQHHWFGRZQWR $FHZKLFKLVORZHVWDQGFDQRQO\WDNHWKH7KH7UXPSVUHFNRQ IURPZKLFKLVKLJKHVWWRZKLFKLVORZHVW
)RUDQ\RIWKH*UHDWHU7UXPSVKHOGLQKDQG )RUDQ\RIWKH*UHDWHU7UXPSVKHOGLQKDQG )RUDOORIWKH*UHDWHU7UXPSVKHOGLQKDQG )RUDQ\RIWKH/HVVHU7UXPSVKHOGLQKDQG )RUDQ\RIWKH/HVVHU7UXPSVKHOGLQKDQG )RUDOORIWKH/HVVHU7UXPSVKHOGLQKDQG )RUDQ\7UXPSVKHOGLQKDQG )RUDQ\7UXPSVKHOGLQKDQG )RUDQ\7DURW7UXPSVFDOOHGXQDQVZHUHG )RUDQ\7DURW7UXPSVDFWXDOO\KHOGLQKDQG )RUHYHU\6HTXHQFHRI&DUGV )RUHYHU\6HTXHQFHRI&DUGV )RUHYHU\6HTXHQFHRI&DUGV

 3RLQWV             

 3RLQWV

 6FRUHGLQ3OD\

)RUD.LQJFXW )RUHDFK7ULFNFRQWDLQLQJD7DURW7UXPS

            

 

 

7KHHDFK7ULFNFRQWDLQLQJD4XHHQ )RUHDFK7ULFNFRQWDLQLQJD.QLJKW )RUHDFK7ULFNFRQWDLQLQJD.QDYH )RUHYHU\7ULFNRIWZRSODLQ&DUGV

   

   

,IWKUHHSOD\HUVFRQWHQGRIFRXUVHWKHWKLUGSOD\HUZLOOIRUPDQ DGGLWLRQDOIDFWRULQWKHJDPH7KHQZKHQWKHWKUHHFRPSDUHWKHLU YDULRXVVFRUHVLQWKHVDPHKDQGRQO\KHZKRKDVPRVWVKRXOGVFRUH DQGWKHQRQO\WKHDPRXQWE\ZKLFKKHH[FHHGVWKHSOD\HUZKRFRPHV VHFRQG7KHRWKHUSOD\HUVGRQRWVFRUHDWDOO %HIRUHFRQFOXGLQJWKLVVKRUWWUHDWLVH,ZLOOVD\DIHZZRUGVRQWKH RFFXOWDQG4DEDOLVWLFDOVLJQLILFDWLRQRIWKHVHZRQGHUIXO7DURW&DUGV,W KDVEHHQORQJNQRZQWKDWWKHRUGLQDU\FDUGSDFNZDVVXVFHSWLEOHRI VRPHSHFXOLDUQXPHULFDOVLJQLILFDWLRQVHJ &DUGVLQWKHSDFNVXJJHVWZHHNVLQWKH\HDU &DUGVLQHDFKVXLWVXJJHVWOXQDUPRQWKVLQWKH\HDUZHHNVLQWKH TXDUWHU VXLWVLQWKHSDFNVXJJHVWVHDVRQVLQWKH\HDU 3LFWXUH&DUGVLQWKHSDFNVXJJHVWPRQWKVLQWKH\HDUVLJQVRIWKH =RGLDF )XUWKHUPRUHLIZHDGGWRJHWKHU 7KHSLSVRQWKHSODLQFDUGVRIWKHIRXUVXLWV 7KHSLSVRQWKH3LFWXUH&DUGV 7ZHOYH3LFWXUH&DUGVUHFNRQHGDVHDFK 7KHQXPEHURIFDUGVLQHDFKVXLW :HVKDOOREWDLQWKHQXPEHURIGD\VLQWKH\HDU

    

    

%XWFRQFHDOHGEHKLQGWKHLUDSSDUHQWO\DUELWUDU\DQGEL]DUUHGHVLJQVWKH 7DURW&DUGVFRQWDLQDIDUPRUHFRPSOLFDWHGV\VWHPRIUHFRQGLWH V\PEROLVP:HIPGWKHQXPEHUWHQPXOWLSOLHGE\WKHP\VWLFDOQXPEHU IRXUDQGFRPELQHGZLWKDSULPLWLYHKLHURJO\SKLFDOSKDEHWRIWZHQW\ WZROHWWHUV (OLSKDV/qYLVD\VLQKLV³ +LVWRLUHGHOD0DJLH´³7KHDEVROXWH KLHURJO\SKLFDOVFLHQFHKDGIRULWVEDVLVDQDOSKDEHWRIZKLFKDOOWKH JRGVZHUHOHWWHUVDOOWKHOHWWHUVLGHDVDOOWKHLGHDVQXPEHUVDQGDOOWKH QXPEHUVSHUIHFWVLJQV ³7KLVKLHURJO\SKLFDODOSKDEHWRIZKLFK0RVHVPDGHWKHJUHDWVHFUHWRI KLV&DEDODDQGZKLFKKHUHWRRNIURPWKH(J\SWLDQVIRUDFFRUGLQJWR WKH6HSKHU
DQGWKHLUSKLORVRSKLFDOGHVFULSWLRQLVWKHVXEMHFWRIWKDWSULPLWLYHDQG UHYHUHGZRUNNQRZQDVWKH6HSKHU
DQD]XUHDQGVWDUGHFNHGFDQRS\:LWKLQWKHFKDULRWDQGEHWZHHQWKH IRXUFROXPQVVWDQGVD&RQTXHURUFURZQHGZLWKDFLUFOHWIURPZKLFK ULVHDQGVKLQHWKUHHSHQWDJUDPVRIJROG2QKLVFXLUDVVDUHWKUHHULJKW DQJOHVDQGRQKLVVKRXOGHUVWKH8ULPDQG7KXPPLPV\PEROLVHGE\ WKHWZRFUHVFHQWVRIWKH0RRQLQLQFUHDVHDQGG WKHWZRFUHVFHQWVRIWKH0RRQLQLQFUHDVHDQGGHFUHDVH,QKLVKDQGLV HFUHDVH,QKLVKDQGLVD D VFHSWUHVXUPRXQWHGE\DJOREHDVTXDUHDQGDWULDQJOH+LVDWWLWXGHLV SURXGDQGWUDQTXLO7RWKH&KDULRWLVDWWDFKHGDGRXEOHVSKLQ[RU UDWKHUWZRVSKLQ[HVMRLQHGWRJHWKHURQHRIWKHPWXUQVLWVKHDGDQG WKH\ERWKORRNLQWKHVDPHGLUHFWLRQ7KHVSKLQ[ZKLFKWXUQVLWVKHDG WRZDUGVWKHRWKHULVEODFNDQGPHQDFLQJWKHRWKHULVZKLWHDQGFDOP 2QWKHVTXDUHZKLFKIRUPVWKHIURQWRIWKH&KDULRWZHVHHWKH,QGLDQ OLQJDPVXUPRXQWHGE\WKHIO\LQJJOREHRIWKH(J\SWLDQV 7KH:KHHORI)RUWXQH 7KH:KHHORI)RUWXQH²$ZKHHORIVHYHQVSRNHVWKH

FRVPRJRQLFDOZKHHORI(]HNLHOZLWKDGRJKHDGHGILJXUHDVFHQGLQJRQ RQHVLGH$QXELVWKH(J\SWLDQ0HUFXU\DQGDGHPRQGHVFHQGLQJRQ WKHRWKHUWKH(J\SWLDQHYLOGHLW\7\SKRQWKHIRUPHURIWKHVHEHDUVD FDGXFHXVWKHODWWHUDWULGHQWERWKILJXUHVDUHERXQGWRWKHZKHHO

$ERYHWKHPLVDVSKLQ[DWWKHEDODQFHSRLQWRIWKHZKHHOKROGLQJD GUDZQVZRUGEHWZHHQLWVOLRQ¶VFODZV 7KH'HYLO  7KH'HYLO ² ²7KURQHGRQDFXEHDERYHWKH8QLYHUVHLVDJRDW

KHDGHGVDW\UOLNHILJXUHEHDULQJRQLWVEURZWKHSHQWDJUDPDSH[ XSZDUGVRDVWRPDNHLWDV\PERORI/LJKW:LWKRQHKDQGLWSRLQWV XSZDUGVWRWKHV\PERORIWKH0RRQLQLQFUHDVHZLWKWKHRWKHU GRZQZDUGVWRWKDWRIWKH0RRQLQGHFUHDVHWKXVV\PEROLVLQJWKH HWHUQDOHTXLOLEULXPRI0HUF\DQG-XVWLFHWKHILUVWWZRILQJHUVDQG WKXPERIHDFKKDQGDUHH[WHQGHGDVLQJLYLQJWKHVLJQRIEHQHGLFWLRQ 2QHDUPLVIHPLQLQHWKHRWKHUPDVFXOLQH7KHWRUFKRILQWHOOLJHQFHLV SODFHGEHWZHHQLWVKRUQVDVWKH0DJLFDO/LJKWRIWKH8QLYHUVDO (TXLOLEULXP7KHFDGXFHXVZKLFKKROGVWKHSODFHRIWKHJHQHUDWLYH RUJDQVVLJQLILHVWKHHWHUQLW\RIOLIHWKHEHOO\LVFRYHUHGZLWKVFDOHVWR UHSUHVHQW:DWHUWKHFLUFOHDERYHLWLVWKHDWPRVSKHUHWKH:LQJVDUH WKHHPEOHPRIWKH9RODWLOHDQGWKHGHIRUPHGDQGJRDWOLNHIHHWUHVW XSRQWKHHDUWK 6SDFHGRHVQRWDOORZPHWRHQWHUIXUWKHULQWRWKHVXEMHFWRQZKLFK LQGHHGVHYHUDOYROXPHVPLJKWEHZULWWHQZLWKRXWH[KDXVWLQJLW,FDQ RQO\KRSHWKDWWKLVVKRUWWUHDWLVHZLOOVXIILFHWRJLYHP\UHDGHUVVRPH LGHDRIWKHUHFRQGLWHPHDQLQJRIWKH7DURW&DUGVDQGKRZWRHPSOR\ WKHPLQGLYLQDWLRQ   >L@7KLVLVSDUWO\WDNHQE\9DLOODQWIURP&RXUWGH*qEHOLQ¶V³ 0RQGH  3ULPLWLI´YROS