Professional Documents
Culture Documents
The I Ching or Book of Changes (Abriged)
The I Ching or Book of Changes (Abriged)
RUERRNRIFKDQJHV
7KH5LFKDUG:LOKHOPWUDQVODWLRQUHQGHUHGLQWR(QJOLVKE\&DU\)%D\QHV
%RRN,
+2:7286(7+,675$16/$7,21
+(;$*5$05()(5(1&(7$%/(
,&+,1*3$57,
&K
LHQ7KH&UHDWLYH
.
XQ7KH5HFHSWLYH
&KXQ'LIILFXOW\DWWKH%HJLQQLQJ
0rQJ<RXWKIXO)ROO\
+VX:DLWLQJ1RXULVKPHQW
6XQJ&RQIOLFW
6KLK7KH$UP\
3L+ROGLQJ7RJHWKHU>8QLRQ@
+VLDR&K
X7KH7DPLQJ3RZHURIWKH6PDOO
/X7UHDGLQJ>&RQGXFW@
7
DL3HDFH
3
L6WDQGVWLOO>6WDJQDWLRQ@
7
XQJ-rQ)HOORZVKLSZLWK0HQ
7D<X3RVVHVVLRQLQ*UHDW0HDVXUH
&K
LHQ0RGHVW\
<X(QWKXVLDVP
6XL)ROORZLQJ
.X:RUNRQ:KDW+DV%HHQ6SRLOHG>'HFD\@
/LQ$SSURDFK
.XDQ&RQWHPSODWLRQ9LHZ
6KLK+R%LWLQJ7KURXJK
3L*UDFH
3R6SOLWWLQJ$SDUW
)X5HWXUQ7KH7XUQLQJ3RLQW
:X:DQJ,QQRFHQFH7KH8QH[SHFWHG
7D&K
X7KH7DPLQJ3RZHURIWKH*UHDW
,7KH&RUQHUVRIWKH0RXWK3URYLGLQJ1RXULVKPHQW
7D.XR3UHSRQGHUDQFHRIWKH*UHDW
.
DQ7KH$E\VPDO:DWHU
/L7KH&OLQJLQJ)LUH
,&+,1*3$57,,
+VLHQ,QIOXHQFH:RRLQJ
+rQJ'XUDWLRQ
7XQ5HWUHDW
7D&KXDQJ7KH3RZHURIWKH*UHDW
&KLQ3URJUHVV
0LQJ,'DUNHQLQJRIWKH/LJKW
&KLD-rQ7KH)DPLO\>7KH&ODQ@
.
XHL2SSRVLWLRQ
&KLHQ2EVWUXFWLRQ
+VLHK'HOLYHUDQFH
6XQ'HFUHDVH
,,QFUHDVH
.XDL%UHDNWKURXJK5HVROXWHQHVV
.RX&RPLQJWR0HHW
7V
XL*DWKHULQJ7RJHWKHU>0DVVLQJ@
6KrQJ3XVKLQJ8SZDUG
.
XQ2SSUHVVLRQ([KDXVWLRQ
&KLQJ7KH:HOO
.R5HYROXWLRQ0ROWLQJ
7LQJ7KH&DOGURQ
&KHQ7KH$URXVLQJ6KRFN7KXQGHU
.rQ.HHSLQJ6WLOO0RXQWDLQ
&KLHQ'HYHORSPHQW*UDGXDO3URJUHVV
.XHL0HL7KH0DUU\LQJ0DLGHQ
)rQJ$EXQGDQFH>)XOOQHVV@
/X7KH:DQGHUHU
6XQ7KH*HQWOH7KH3HQHWUDWLQJ:LQG
7XL7KH-R\RXV/DNH
+XDQ'LVSHUVLRQ>'LVVROXWLRQ@
&KLHK/LPLWDWLRQ
&KXQJ)X,QQHU7UXWK
+VLDR.XR3UHSRQGHUDQFHRIWKH6PDOO
&KL&KL$IWHU&RPSOHWLRQ
:HL&KL%HIRUH&RPSOHWLRQ
$)7(5:25')520&/$5,7<
$ERXWWKLVWUDQVODWLRQ
:KHUHWRILQGPRUHKHOS
+RZWRXVHWKLVWUDQVODWLRQ
)LUVWFDVW\RXUKH[DJUDP
1RWVXUHKRZ"&ODULW\VIUHH,&KLQJFRXUVH ZLOOWDNH\RXWKURXJKWKHSURFHVVRI
FRQVXOWLQJVWHSE\VWHS2U\RXFDQEURZVHWKURXJKD FRPSUHKHQVLYHRQOLQHJXLGH
7KHQLPDJLQHLWVVL[OLQHVGLYLGHGLQWRWZRJURXSVRIWKUHHOLQHVRUWULJUDPVDQGUHDG
RII\RXUKH[DJUDPIURPWKH UHIHUHQFHWDEOH EHORZ<RXFDQQDYLJDWHWR\RXUKH[DJUDP
E\FOLFNLQJRQLWDQGJHWEDFNWRWKHUHIHUHQFHWDEOHE\FOLFNLQJWKHOLWWOHEOXHDUURZV
$WWKHOHIWRI\RXUVFUHHQ\RXOOVHHDWDEODEHOOHGERRNPDUNV&OLFNRQWKDWWR
H[SDQGLWDQG\RXFDQJRGLUHFWO\WRDQ\KH[DJUDPE\LWVQXPEHU
)RUPRUHLQIRUPDWLRQRQWKLVWUDQVODWLRQ WKH,&KLQJDQGZKHUHWRILQGRXWPRUH
SOHDVHVHHWKH$IWHUZRUG
+H[DJUDPUHIHUHQFHWDEOH
8SSHUWULJUDP
/RZHUWULJUDP
&KLHQ
&KHQ
.DQ
.rQ
.XQ
6XQ
/L
7XL
&KLHQ
&KHQ
.DQ
.rQ
.XQ
6XQ
/L
7XL
2 # ! & D
1 L 3 0 C - )
A 5
H
: @ M ' N Q 8
$ (
/ , < F
E 9 I * G S K 4
% P . = > 7 J
" O B + ? R
,&KLQJ3DUW,
&K
LHQ7KH&UHDWLYH
7KH-XGJHPHQW
7KH,PDJH
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
7KH&UHDWLYHZRUNVVXEOLPHVXFFHVV
)XUWKHULQJWKURXJKSHUVHYHUDQFH
7KHPRYHPHQWRIKHDYHQLVIXOORISRZHU
7KXVWKHVXSHULRUPDQPDNHVKLPVHOIVWURQJDQGXQWLULQJ
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
+LGGHQGUDJRQ'RQRWDFW
1LQHLQWKHVHFRQGSODFHPHDQV
'UDJRQDSSHDULQJLQWKHILHOG
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
1LQHLQWKHWKLUGSODFHPHDQV
$OOGD\ORQJWKHVXSHULRUPDQLVFUHDWLYHO\DFWLYH
$WQLJKWIDOOKLVPLQGLVVWLOOEHVHWZLWKFDUHV
'DQJHU1REODPH
1LQHLQWKHIRXUWKSODFHPHDQV
:DYHULQJIOLJKWRYHUWKHGHSWKV
1REODPH
1LQHLQWKHILIWKSODFHPHDQV
)O\LQJGUDJRQLQWKHKHDYHQV
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
1LQHDWWKHWRSPHDQV
$UURJDQWGUDJRQZLOOKDYHFDXVHWRUHSHQW
:KHQDOOWKHOLQHVDUHQLQHVLWPHDQV
7KHUHDSSHDUVDIOLJKWRIGUDJRQVZLWKRXWKHDGV
*RRGIRUWXQH
.
XQ7KH5HFHSWLYH
7KH-XGJHPHQW
7KH,PDJH
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
7KH5HFHSWLYHEULQJVDERXWVXEOLPHVXFFHVV
)XUWKHULQJWKURXJKWKHSHUVHYHUDQFHRIDPDUH
,IWKHVXSHULRUPDQXQGHUWDNHVVRPHWKLQJDQGWULHVWROHDG
+HJRHVDVWUD\
%XWLIKHIROORZVKHILQGVJXLGDQFH
,WLVIDYRUDEOHWRILQGIULHQGVLQWKHZHVWDQGVRXWK
7RIRUHJRIULHQGVLQWKHHDVWDQGQRUWK
4XLHWSHUVHYHUDQFHEULQJVJRRGIRUWXQH
7KHHDUWK
VFRQGLWLRQLVUHFHSWLYHGHYRWLRQ
7KXVWKHVXSHULRUPDQZKRKDVEUHDGWKRIFKDUDFWHU
&DUULHVWKHRXWHUZRUOG
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
:KHQWKHUHLVKRDUIURVWXQGHUIRRW
6ROLGLFHLVQRWIDURII
6L[LQWKHVHFRQGSODFHPHDQV
6WUDLJKWVTXDUHJUHDW
:LWKRXWSXUSRVH
<HWQRWKLQJUHPDLQV XQIXUWKHUHG
6L[LQWKHWKLUGSODFHPHDQV
+LGGHQOLQHV
2QHLVDEOHWRUHPDLQSHUVHYHULQJ
,IE\FKDQFH\RXDUHLQWKHVHUYLFHRIDNLQJ
6HHNQRWZRUNVEXWEULQJWRFRPSOHWLRQ
6L[LQWKHIRXUWKSODFHPHDQV
$WLHGXSVDFN1REODPHQRSUDLVH
6L[LQWKHILIWKSODFHPHDQV
$\HOORZORZHUJDUPHQWEULQJVVXSUHPHJRRGIRUWXQH
6L[DWWKHWRSPHDQV
'UDJRQVILJKWLQWKHPHDGRZ
7KHLUEORRGLVEODFNDQG\HOORZ
:KHQDOOWKHOLQHVDUHVL[HVLW PHDQV
/DVWLQJSHUVHYHUDQFHIXUWKHUV
&KXQ'LIILFXOW\DWWKH
%HJLQQLQJ
7KH-XGJHPHQW
7KH,PDJH
$ERYH.DQ
7KH$E\VPDO:DWHU
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
'LIILFXOW\DWWKH%HJLQQLQJZRUNVVXSUHPHVXFFHVV
)XUWKHULQJWKURXJKSHUVHYHUDQFH
1RWKLQJVKRXOGEHXQGHUWDNHQ,WIXUWKHUVRQHWRDSSRLQWKHOSHUV
&ORXGVDQGWKXQGHU
7KHLPDJHRI'LIILFXOW\DWWKH%HJLQQLQJ
7KXVWKHVXSHULRUPDQ
%ULQJVRUGHURXWRIFRQIXVLRQ
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
+HVLWDWLRQDQGKLQGUDQFH
,WIXUWKHUVRQHWRUHPDLQSHUVHYHULQJ
,WIXUWKHUVRQHWRDSSRLQWKHOSHUV
6L[LQWKHVHFRQGSODFHPHDQV
'LIILFXOWLHVSLOHXS
+RUVHDQGZDJRQSDUW
+HLVQRWDUREEHU
+HZDQWVWRZRRZKHQWKHWLPHFRPHV7KHPDLGHQLVFKDVWH
6KHGRHVQRWSOHGJHKHUVHOI
7HQ\HDUVWKHQVKHSOHGJHVKHUVHOI
6L[LQWKHWKLUGSODFHPHDQV
:KRHYHUKXQWVGHHUZLWKRXWWKHIRUHVWHU
2QO\ORVHVKLVZD\LQWKHIRUHVW
7KHVXSHULRUPDQXQGHUVWDQGVWKHVLJQVRIWKHWLPH
$QGSUHIHUVWRGHVLVW
7RJRRQEULQJVKXPLOLDWLRQ
6L[LQWKHIRXUWKSODFHPHDQV
+RUVHDQGZDJRQSDUW
6WULYHIRUXQLRQ
7RJREULQJVJRRGIRUWXQH
(YHU\WKLQJDFWVWRIXUWKHU
1LQHLQWKHILIWKSODFHPHDQV
'LIILFXOWLHVLQEOHVVLQJ
$OLWWOHSHUVHYHUDQFHEULQJVJRRGIRUWXQH
*UHDWSHUVHYHUDQFHEULQJVPLVIRUWXQH
6L[DWWKHWRSPHDQV
+RUVHDQGZDJRQSDUW
%ORRG\WHDUVIORZ
0rQJ<RXWKIXO)ROO\
7KH-XGJHPHQW
7KH,PDJH
$ERYH.HQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ.DQ
7KH$E\VPDO:DWHU
<RXWKIXO)ROO\KDVVXFFHVV
,WLVQRW,ZKRVHHNWKH\RXQJIRRO
7KH\RXQJIRROVHHNVPH
$WWKHILUVWRUDFOH,LQIRUPKLP
,IKHDVNVWZRRUWKUHHWLPHVLWLVLPSRUWXQLW\
,IKHLPSRUWXQHV,JLYHKLPQRLQIRUPDWLRQ
3HUVHYHUDQFHIXUWKHUV
$VSULQJZHOOVXSDWWKHIRRWRIWKHPRXQWDLQ
7KHLPDJHRI<RXWK
7KXVWKHVXSHULRUPDQIRVWHUVKLVFKDUDFWHU
%\WKRURXJKQHVVLQDOOWKDWKHGRHV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7RPDNHDIRROGHYHORS
,WIXUWKHUVRQHWRDSSO\GLVFLSOLQH
7KHIHWWHUVVKRXOGEHUHPRYHG
7RJRRQLQWKLVZD\EULQJVKXPLOLDWLRQ
1LQHLQWKHVHFRQGSODFHPHDQV
7REHDUZLWKIRROVLQNLQGOLQHVVEULQJVJRRGIRUWXQH
7RNQRZKRZWRWDNHZRPHQ
%ULQJVVXSUHPHJRRGIRUWXQH
7KHVRQLVFDSDEOHRIWDNLQJFKDUJHRIWKHKRXVHKROG
6L[LQWKHWKLUGSODFHPHDQV
7DNHQRWDPDLGHQ ZKRZKHQVKHVHHVDPDQRIEURQ]H
/RVHVSRVVHVVLRQRIKHUVHOI
1RWKLQJIXUWKHUV
6L[LQWKHIRXUWKSODFHPHDQV
(QWDQJOHGIROO\EULQJVKXPLOLDWLRQ
6L[LQWKHILIWKSODFHPHDQV
&KLOGOLNHIROO\EULQJVJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
,QSXQLVKLQJIROO\
,WGRHVQRWIXUWKHURQH
7RFRPPLWWUDQVJUHVVLRQV
7KHRQO\WKLQJWKDWIXUWKHUV
,VWRSUHYHQWWUDQVJUHVVLRQV
+VX:DLWLQJ1RXULVKPHQW
7KH-XGJHPHQW
7KH,PDJH
$ERYH.DQ
7KH$E\VPDO:DWHU
%HORZ&KLHQ
7KH&UHDWLYH+HDYHQ
:DLWLQJ,I\RXDUHVLQFHUH
<RXKDYHOLJKWDQGVXFFHVV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
&ORXGVULVHXSWRKHDYHQ
7KHLPDJHRI:DLWLQJ
7KXVWKHVXSHULRUPDQHDWVDQGGULQNV
,VMR\RXVDQGRIJRRGFKHHU
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
:DLWLQJLQWKHPHDGRZ
,WIXUWKHUVRQHWRDELGHLQZKDWHQGXUHV
1REODPH
1LQHLQWKHVHFRQGSODFHPHDQV
:DLWLQJRQWKHVDQG
7KHUHLVVRPHJRVVLS
7KHHQGEULQJVJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
:DLWLQJLQWKHPXG
%ULQJVDERXWWKHDUULYDORIWKHHQHP\
6L[LQWKHIRXUWKSODFHPHDQV
:DLWLQJLQEORRG
*HWRXWRIWKHSLW
1LQHLQWKHILIWKSODFHPHDQV
:DLWLQJDWPHDWDQGGULQN
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[DWWKHWRSPHDQV
2QHIDOOVLQWRWKHSLW
7KUHHXQLQYLWHGJXHVWVDUULYH
+RQRUWKHPDQGLQWKHHQGWKHUHZLOOEHJRRGIRUWXQH
6XQJ&RQIOLFW
7KH-XGJHPHQW
7KH,PDJH
$ERYH&KLHQ
7KH&UHDWLYH+HDYHQ
%HORZ.DQ
7KH$E\VPDO:DWHU
&RQIOLFW<RXDUHVLQFHUH
$QGDUHEHLQJREVWUXFWHG
$FDXWLRXVKDOWKDOIZD\EULQJVJRRGIRUWXQH
*RLQJWKURXJKWRWKHHQGEULQJVPLVIRUWXQH
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
,WGRHVQRWIXUWKHURQHWRFURVVWKHJUHDWZDWHU
+HDYHQDQGZDWHUJR WKHLURSSRVLWHZD\V
7KHLPDJHRI&RQIOLFW
7KXVLQDOOKLVWUDQVDFWLRQVWKHVXSHULRUPDQ
&DUHIXOO\FRQVLGHUVWKHEHJLQQLQJ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
,IRQHGRHVQRWSHUSHWXDWHWKHDIIDLU
7KHUHLVDOLWWOHJRVVLS
,QWKHHQGJRRGIRUWXQHFRPHV
1LQHLQWKHVHFRQGSODFHPHDQV
2QHFDQQRWHQJDJHLQFRQIOLFW
2QHUHWXUQVKRPHJLYHVZD\
7KHSHRSOHRIKLVWRZQ
7KUHHKXQGUHGKRXVHKROGV
5HPDLQIUHHRIJXLOW
6L[LQWKHWKLUGSODFHPHDQV
7RQRXULVKRQHVHOIRQDQFLHQWYLUWXHLQGXFHVSHUVHYHUDQFH
'DQJHU,QWKHHQGJRRGIRUWXQHFRPHV
,IE\FKDQFH\RXDUHLQWKHVHUYLFHRIDNLQJ
6HHNQRWZRUNV
1LQHLQWKHIRXUWKSODFHPHDQV
2QHFDQQRWHQJDJHLQFRQIOLFW
2QHWXUQVEDFNDQGVXEPLWVWRIDWH
&KDQJHVRQH
VDWWLWXGH
$QGILQGVSHDFHLQSHUVHYHUDQFH
*RRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
7RFRQWHQGEHIRUHKLP
%ULQJVJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
(YHQLIE\FKDQFHDOHDWKHUEHOWLVEHVWRZHGRQRQH
%\WKHHQGRIDPRUQLQJ
,WZLOOKDYHEHHQVQDWFKHGDZD\WKUHHWLPHV
6KLK7KH$UP\
7KH-XGJHPHQW
7KH,PDJH
$ERYH.XQ
7KH5HFHSWLYH(DUWK
%HORZ.DQ
7KH$E\VPDO:DWHU
7KH$UP\7KHDUP\QHHGVSHUVHYHUDQFH
$QGDVWURQJPDQ
*RRGIRUWXQHZLWKRXWEODPH
,QWKHPLGGOHRIWKHHDUWKLVZDWHU
7KHLPDJHRIWKH$UP\
7KXVWKHVXSHULRUPDQLQFUHDVHVKLVPDVVHV
%\JHQHURVLW\WRZDUGWKHSHRSOH
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
$QDUP\PXVWVHWIRUWKLQSURSHURUGHU
,IWKHRUGHULVQRWJRRGPLVIRUWXQHWKUHDWHQV
1LQHLQWKHVHFRQGSODFHPHDQV
,QWKHPLGVWRIWKHDUP\
*RRGIRUWXQH1REODPH
7KHNLQJEHVWRZVDWULSOHGHFRUDWLRQ
6L[LQWKHWKLUGSODFHPHDQV
3HUFKDQFHWKHDUP\FDUULHVFRUSVHVLQWKHZDJRQ
0LVIRUWXQH
6L[LQWKHIRXUWKSODFHPHDQV
7KHDUP\UHWUHDWV 1REODPH
6L[LQWKHILIWKSODFHPHDQV
7KHUHLVJDPHLQWKHILHOG
,WIXUWKHUVRQHWRFDWFKLW
:LWKRXWEODPH
/HWWKHHOGHVWOHDGWKHDUP\
7KH\RXQJHUWUDQVSRUWVFRUSVHV
7KHQSHUVHYHUDQFHEULQJVPLVIRUWXQH
6L[DWWKHWRSPHDQV
7KHJUHDWSULQFHLVVXHVFRPPDQGV
)RXQGVVWDWHVYHVWVIDPLOLHVZLWKILHIV
,QIHULRUSHRSOHVKRXOGQRWEHHPSOR\HG
3L+ROGLQJ7RJHWKHU
>8QLRQ@
7KH-XGJHPHQW
7KH,PDJH
$ERYH.DQ
7KH$E\VPDO:DWHU
%HORZ.XQ
7KH5HFHSWLYH(DUWK
+ROGLQJ7RJHWKHUEULQJVJRRGIRUWXQH
,QTXLUHRIWKHRUDFOHRQFHDJDLQ
:KHWKHU\RXSRVVHVV VXEOLPLW\FRQVWDQF\DQGSHUVHYHUDQFH
7KHQWKHUHLVQREODPH
7KRVHZKRDUHXQFHUWDLQJUDGXDOO\MRLQ
:KRHYHUFRPHVWRRODWH
0HHWVZLWKPLVIRUWXQH
2QWKHHDUWKLVZDWHU
7KHLPDJHRI+ROGLQJ7RJHWKHU
7KXVWKHNLQJVRIDQWLTXLW\
%HVWRZHGWKHGLIIHUHQWVWDWHVDVILHIV
$QGFXOWLYDWHGIULHQGO\UHODWLRQV
:LWKWKHIHXGDOORUGV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
+ROGWRKLPLQWUXWKDQGOR\DOW\
7KLVLVZLWKRXWEODPH
7UXWKOLNHDIXOOHDUWKHQERZO
7KXVLQWKHHQG
*RRGIRUWXQHFRPHVIURPZLWKRXW
6L[LQWKHVHFRQGSODFHPHDQV
+ROGWRKLPLQZDUGO\
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
<RXKROGWRJHWKHUZLWKWKHZURQJSHRSOH
6L[LQWKHIRXUWKSODFHPHDQV
+ROGWRKLPRXWZDUGO\DOVR
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
0DQLIHVWDWLRQRIKROGLQJWRJHWKHU
,QWKHKXQWWKHNLQJXVHVEHDWHUVRQWKUHHVLGHVRQO\
$QGIRUHJRHVJDPHWKDWUXQVRIILQIURQW
7KHFLWL]HQVQHHGQRZDUQLQJ
*RRGIRUWXQH
6L[DWWKHWRSPHDQV
+HILQGVQRKHDGIRUKROGLQJWRJHWKHU
0LVIRUWXQH
7KH-XGJHPHQW
7KH,PDJH
+VLDR&K
X7KH7DPLQJ
3RZHURIWKH6PDOO
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ&KLHQ
7KH&UHDWLYH+HDYHQ
7KH7DPLQJ3RZHURIWKH6PDOO
+DVVXFFHVV
'HQVHFORXGVQRUDLQIURPRXUZHVWHUQUHJLRQ
7KHZLQGGULYHVDFURVVKHDYHQ
7KHLPDJHRI7KH7DPLQJ3RZHURIWKH6PDOO
7KXVWKHVXSHULRUPDQ
5HILQHVWKHRXWZDUGDVSHFWRIKLVQDWXUH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
5HWXUQWRWKHZD\
+RZFRXOGWKHUHEHEODPHLQWKLV"
*RRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
+HDOORZVKLPVHOIWREHGUDZQLQWRUHWXUQLQJ
*RRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
7KHVSRNHVEXUVWRXWRIWKHZDJRQZKHHOV
0DQDQGZLIHUROOWKHLUH\HV
6L[LQWKHIRXUWKSODFHPHDQV
,I\RXDUHVLQFHUHEORRGYDQLVKHVDQGIHDUJLYHVZD\
1REODPH
1LQHLQWKHILIWKSODFHPHDQV
,I\RXDUHVLQFHUHDQGOR\DOO\DWWDFKHG
<RXDUHULFKLQ\RXU QHLJKERU
1LQHDWWKHWRSPHDQV
7KHUDLQFRPHVWKHUHLVUHVW
7KLVLVGXHWRWKHODVWLQJHIIHFWRIFKDUDFWHU
3HUVHYHUDQFHEULQJVWKHZRPDQLQWRGDQJHU
7KHPRRQLVQHDUO\IXOO
,IWKHVXSHULRUPDQSHUVLVWV0LVIRUWXQHFRPHV
7KH-XGJHPHQW
7KH,PDJH
/X7UHDGLQJ>&RQGXFW@
$ERYH&KLHQ
7KH&UHDWLYH+HDYHQ
%HORZ6XQ
7KH*HQWOH:LQG
"
7UHDGLQJ7UHDGLQJXSRQWKHWDLORIWKHWLJHU
,WGRHVQRWELWHWKHPDQ 6XFFHVV
+HDYHQDERYHWKHODNHEHORZ
7KHLPDJHRI7UHDGLQJ
7KXVWKHVXSHULRUPDQGLVFULPLQDWHVEHWZHHQKLJKDQGORZ
$QGWKHUHE\IRUWLILHVWKHWKLQNLQJRIWKHSHRSOH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
6LPSOHFRQGXFW3URJUHVVZLWKRXWEODPH
1LQHLQWKHVHFRQGSODFHPHDQV
7UHDGLQJDVPRRWKOHYHOFRXUVH
7KHSHUVHYHUDQFHRIDGDUNPDQ
%ULQJVJRRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
$RQHH\HGPDQLVDEOHWRVHH
$ODPHPDQLVDEOHWRWUHDG
+HWUHDGVRQWKHWDLORIWKHWLJHU
7KHWLJHUELWHVWKHPDQ
0LVIRUWXQH
7KXVGRHVDZDUULRUDFWRQEHKDOIRIKLVJUHDWSULQFH
1LQHLQWKHIRXUWKSODFHPHDQV
+HWUHDGVRQWKHWDLORIWKHWLJHU
&DXWLRQDQGFLUFXPVSHFWLRQ
/HDGXOWLPDWHO\WRJRRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
5HVROXWHFRQGXFW
3HUVHYHUDQFHZLWKDZDUHQHVVRIGDQJHU
1LQHDWWKHWRSPHDQV
/RRNWR\RXUFRQGXFWDQGZHLJKWKH IDYRUDEOHVLJQV
:KHQHYHU\WKLQJLVIXOILOOHGVXSUHPHJRRGIRUWXQHFRPHV
7KH-XGJHPHQW
7KH,PDJH
7
DL3HDFH
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
3HDFH7KHVPDOO GHSDUWV
7KHJUHDWDSSURDFKHV
*RRGIRUWXQH6XFFHVV
+HDYHQDQGHDUWK XQLWHWKHLPDJHRI3HDFH
7KXVWKHUXOHU
'LYLGHVDQGFRPSOHWHVWKHFRXUVHRIKHDYHQDQGHDUWK
+HIXUWKHUVDQGUHJXODWHVWKHJLIWVRIKHDYHQDQGHDUWK
$QGVRDLGVWKHSHRSOH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
:KHQULEERQJUDVVLVSXOOHGXSWKHVRGFRPHVZLWKLW
(DFKDFFRUGLQJWRKLVNLQG
8QGHUWDNLQJVEULQJJRRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
%HDULQJZLWKWKHXQFXOWXUHGLQJHQWOHQHVV
)RUGLQJWKHULYHUZLWKUHVROXWLRQ
1RWQHJOHFWLQJZKDWLVGLVWDQW
1RWUHJDUGLQJRQH
VFRPSDQLRQV
7KXVRQHPD\PDQDJHWRZDONLQWKHPLGGOH
1LQHLQWKHWKLUGSODFHPHDQV
1RSODLQQRWIROORZHGE\DVORSH
1RJRLQJQRWIROORZHGE\DUHWXUQ
+HZKRUHPDLQVSHUVHYHULQJLQGDQJHU
,VZLWKRXWEODPH
'RQRWFRPSODLQDERXWWKLVWUXWK
(QMR\WKHJRRGIRUWXQH\RXVWLOO SRVVHVV
6L[LQWKHIRXUWKSODFHPHDQV
+HIOXWWHUVGRZQQRWERDVWLQJRIKLVZHDOWK
7RJHWKHUZLWKKLV QHLJKERU
*XLOHOHVVDQGVLQFHUH
6L[LQWKHILIWKSODFHPHDQV
7KHVRYHUHLJQ,
*LYHVKLVGDXJKWHULQPDUULDJH
7KLVEULQJVEOHVVLQJ
$QGVXSUHPHJRRGIRUWXQH
6L[DWWKHWRSPHDQV
7KHZDOOIDOOVEDFNLQWRWKHPRDW
8VHQRDUP\QRZ
0DNH\RXUFRPPDQGVNQRZQZLWKLQ\RXURZQWRZQ
3HUVHYHUDQFHEULQJVKXPLOLDWLRQ
7KH-XGJHPHQW
7KH,PDJH
3
L6WDQGVWLOO
>6WDJQDWLRQ@
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
6WDQGVWLOO(YLOSHRSOHGRQRWIXUWKHU
7KHSHUVHYHUDQFHRIWKHVXSHULRUPDQ
7KHJUHDWGHSDUWV WKHVPDOODSSURDFKHV
+HDYHQDQGHDUWKGRQRW XQLWH
7KHLPDJHRI6WDQGVWLOO
7KXVWKHVXSHULRUPDQIDOOVEDFNXSRQKLVLQQHUZRUWK
,QRUGHUWRHVFDSHWKHGLIILFXOWLHV
+HGRHVQRWSHUPLWKLPVHOIWREH KRQRUHGZLWKUHYHQXH
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
:KHQULEERQJUDVVLVSXOOHGXSWKHVRGFRPHVZLWKLW
(DFKDFFRUGLQJWRKLVNLQG
3HUVHYHUDQFHEULQJVJRRGIRUWXQHDQGVXFFHVV
6L[LQWKHVHFRQGSODFHPHDQV
7KH\EHDUDQGHQGXUH
7KLVPHDQVJRRGIRUWXQHIRULQIHULRUSHRSOH
7KHVWDQGVWLOOVHUYHVWRKHOSWKHJUHDWPDQWRDWWDLQVXFFHVV
6L[LQWKHWKLUGSODFHPHDQV
7KH\EHDUVKDPH
1LQHLQWKHIRXUWKSODFHPHDQV
+HZKRDFWVDWWKHFRPPDQGRIWKHKLJKHVW
5HPDLQVZLWKRXWEODPH
7KRVHRIOLNHPLQGSDUWDNHRIWKHEOHVVLQJ
1LQHLQWKHILIWKSODFHPHDQV
6WDQGVWLOOLVJLYLQJZD\
*RRGIRUWXQHIRUWKHJUHDWPDQ
:KDWLILWVKRXOGIDLOZKDWLILWVKRXOGIDLO"
,QWKLVZD\KHWLHVLWWRDFOXVWHURIPXOEHUU\VKRRWV
1LQHDWWKHWRSPHDQV
7KHVWDQGVWLOOFRPHVWRDQHQG
)LUVWVWDQGVWLOOWKHQJRRGIRUWXQH
7KH-XGJHPHQW
7KH,PDJH
7
XQJ-rQ)HOORZVKLS
ZLWK0HQ
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ/L
7KH&OLQJLQJ)ODPH
)HOORZVKLSZLWK0HQLQWKHRSHQ
6XFFHVV
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
7KHSHUVHYHUDQFHRIWKHVXSHULRUPDQIXUWKHUV
+HDYHQWRJHWKHUZLWKILUH
7KHLPDJHRI)HOORZVKLSZLWK0HQ
7KXVWKHVXSHULRUPDQ RUJDQL]HVWKHFODQV
$QGPDNHVGLVWLQFWLRQVEHWZHHQWKLQJV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
)HOORZVKLSZLWKPHQDWWKHJDWH
1REODPH
6L[LQWKHVHFRQGSODFHPHDQV
)HOORZVKLSZLWKPHQLQWKHFODQ
+XPLOLDWLRQ
1LQHLQWKHWKLUGSODFHPHDQV
+HKLGHVZHDSRQVLQWKHWKLFNHW
+HFOLPEVWKHKLJKKLOOLQIURQWRILW
)RUWKUHH\HDUVKHGRHVQRWULVHXS
1LQHLQWKHIRXUWKSODFHPHDQV
+HFOLPEVXSRQKLVZDOOKHFDQQRWDWWDFN
*RRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
0HQERXQGLQIHOORZVKLSILUVWZHHSDQGODPHQW
%XWDIWHUZDUGWKH\ODXJK
$IWHUJUHDWVWUXJJOHVWKH\VXFFHHGLQPHHWLQJ
1LQHDWWKHWRSPHDQV
)HOORZVKLSZLWKPHQLQWKHPHDGRZ
1RUHPRUVH
7KH-XGJHPHQW
7KH,PDJH
7D<X3RVVHVVLRQLQ
*UHDW0HDVXUH
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
&
3RVVHVVLRQLQ*UHDW0HDVXUH
6XSUHPHVXFFHVV
)LUHLQKHDYHQDERYH
7KHLPDJHRI3RVVHVVLRQLQ*UHDW0HDVXUH
7KXVWKHVXSHULRUPDQFXUEVHYLODQGIXUWKHUVJRRG
$QGWKHUHE\REH\VWKHEHQHYROHQWZLOORIKHDYHQ
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
1RUHODWLRQVKLSZLWKZKDWLVKDUPIXO
7KHUHLVQREODPHLQWKLV
,IRQHUHPDLQVFRQVFLRXVRIGLIILFXOW\
2QHUHPDLQVZLWKRXWEODPH
1LQHLQWKHVHFRQGSODFHPHDQV
$ELJZDJRQIRUORDGLQJ
2QHPD\XQGHUWDNHVRPHWKLQJ
1REODPH
1LQHLQWKHWKLUGSODFHPHDQV
$SULQFHRIIHUVLWWRWKH6RQRI+HDYHQ
$SHWW\PDQFDQQRWGRWKLV
1LQHLQWKHIRXUWKSODFHPHDQV
+HPDNHVDGLIIHUHQFH
%HWZHHQKLPVHOIDQGKLV QHLJKERU
1REODPH
6L[LQWKHILIWKSODFHPHDQV
+HZKRVHWUXWKLVDFFHVVLEOH\HWGLJQLILHG
+DVJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
+HLVEOHVVHGE\KHDYHQ
*RRGIRUWXQH
1RWKLQJWKDWGRHVQRWIXUWKHU
7KH-XGJHPHQW
7KH,PDJH
&K
LHQ0RGHVW\
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
'
0RGHVW\FUHDWHVVXFFHVV
7KHVXSHULRUPDQFDUULHVWKLQJVWKURXJK
:LWKLQWKHHDUWKDPRXQWDLQ
7KHLPDJHRI0RGHVW\
7KXVWKHVXSHULRUPDQUHGXFHVWKDWZKLFKLVWRRPXFK
$QGDXJPHQWVWKDWZKLFKLVWRROLWWOH
+HZHLJKVWKLQJVDQGPDNHVWKHPHTXDO
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
$VXSHULRUPDQPRGHVWDERXWKLVPRGHVW\
0D\FURVVWKHJUHDWZDWHU
*RRGIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
0RGHVW\WKDWFRPHVWRH[SUHVVLRQ
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
$VXSHULRUPDQRIPRGHVW\DQGPHULW
&DUULHVWKLQJVWRFRQFOXVLRQ
*RRGIRUWXQH
6L[LQWKHIRXUWKSODFHPHDQV
1RWKLQJWKDWZRXOGQRWIXUWKHUPRGHVW\
,QPRYHPHQW
6L[LQWKHILIWKSODFHPHDQV
1RERDVWLQJRIZHDOWKEHIRUHRQH
V QHLJKERU
,WLVIDYRUDEOHWRDWWDFNZLWKIRUFH
1RWKLQJWKDWZRXOGQRWIXUWKHU
6L[DWWKHWRSPHDQV
0RGHVW\WKDWFRPHVWRH[SUHVVLRQ
,WLVIDYRUDEOHWRVHWDUPLHVPDUFKLQJ
7RFKDVWLVHRQH
VRZQFLW\DQGRQH
VFRXQWU\
7KH-XGJHPHQW
7KH,PDJH
<X(QWKXVLDVP
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
(QWKXVLDVP,WIXUWKHUVRQHWRLQVWDOOKHOSHUV
$QGWRVHWDUPLHVPDUFKLQJ
7KXQGHUFRPHVUHVRXQGLQJRXWRIWKHHDUWK
7KHLPDJHRI(QWKXVLDVP
7KXVWKHDQFLHQWNLQJVPDGHPXVLF
,QRUGHUWRKRQRUPHULW
$QGRIIHUHGLWZLWK VSOHQGRU
7RWKH6XSUHPH'HLW\
,QYLWLQJWKHLUDQFHVWRUVWREHSUHVHQW
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
(QWKXVLDVPWKDWH[SUHVVHVLWVHOI
%ULQJVPLVIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
)LUPDVDURFN 1RWDZKROHGD\
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
(QWKXVLDVPWKDWORRNVXSZDUGFUHDWHVUHPRUVH
+HVLWDWLRQEULQJVUHPRUVH
1LQHLQWKHIRXUWKSODFHPHDQV
7KHVRXUFHRIHQWKXVLDVP
+HDFKLHYHVJUHDWWKLQJV
'RXEWQRW
<RXJDWKHUIULHQGVDURXQG\RX
$VDKDLUFODVSJDWKHUVWKHKDLU
6L[LQWKHILIWKSODFHPHDQV
3HUVLVWHQWO\LOODQGVWLOOGRHVQRWGLH
6L[DWWKHWRSPHDQV
'HOXGHGHQWKXVLDVP
%XWLIDIWHUFRPSOHWLRQRQHFKDQJHV
7KHUHLVQREODPH
6XL)ROORZLQJ
$ERYH7XL
7KH-R\RXV/DNH
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
7KH-XGJHPHQW
7KH,PDJH
)ROORZLQJKDVVXSUHPHVXFFHVV
3HUVHYHUDQFHIXUWKHUV 1REODPH
7KXQGHULQWKHPLGGOHRIWKHODNH
7KHLPDJHRI)ROORZLQJ
7KXVWKHVXSHULRUPDQDWQLJKWIDOO
*RHVLQGRRUVIRUUHVWDQGUHFXSHUDWLRQ
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
7KHVWDQGDUGLVFKDQJLQJ
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
7RJRRXWRIWKHGRRULQFRPSDQ\
3URGXFHVGHHGV
6L[LQWKHVHFRQGSODFHPHDQV
,IRQHFOLQJVWRWKHOLWWOHER\
2QHORVHVWKHVWURQJPDQ
6L[LQWKHWKLUGSODFHPHDQV
,IRQHFOLQJVWRWKHVWURQJPDQ
2QHORVHVWKHOLWWOHER\
7KURXJKIROORZLQJRQHILQGVZKDWRQHVHHNV
,WIXUWKHUVRQHWRUHPDLQSHUVHYHULQJ
1LQHLQWKHIRXUWKSODFHPHDQV
)ROORZLQJFUHDWHVVXFFHVV
3HUVHYHUDQFHEULQJVPLVIRUWXQH
7RJRRQH
VZD\ZLWKVLQFHULW\EULQJVFODULW\
+RZFRXOGWKHUHEHEODPHLQWKLV"
1LQHLQWKHILIWKSODFHPHDQV
6LQFHUHLQWKHJRRG *RRGIRUWXQH
6L[DWWKHWRSPHDQV
+HPHHWVZLWKILUPDOOHJLDQFH
$QGLVVWLOOIXUWKHUERXQG
7KHNLQJLQWURGXFHVKLP
7RWKH:HVWHUQ0RXQWDLQ
7KH-XGJHPHQW
7KH,PDJH
.X:RUNRQ:KDW+DV
%HHQ6SRLOHG>'HFD\@
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ6XQ
7KH*HQWOH:LQG
:RUNRQ:KDW+DV%HHQ6SRLOHG
+DVVXSUHPHVXFFHVV
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
%HIRUHWKHVWDUWLQJSRLQWWKUHHGD\V
$IWHUWKHVWDUWLQJSRLQWWKUHHGD\V
7KHZLQGEORZVORZRQWKHPRXQWDLQ
7KHLPDJHRI'HFD\
7KXVWKHVXSHULRUPDQVWLUVXSWKHSHRSOH
$QGVWUHQJWKHQVWKHLUVSLULW
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
6HWWLQJULJKWZKDW KDVEHHQVSRLOHGE\WKHIDWKHU
,IWKHUHLVDVRQ
1REODPHUHVWVXSRQWKHGHSDUWHGIDWKHU
'DQJHU,QWKHHQGJRRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
6HWWLQJULJKWZKDW KDVEHHQVSRLOHGE\WKHPRWKHU
2QHPXVWQRWEHWRRSHUVHYHULQJ
1LQHLQWKHWKLUGSODFHPHDQV
6HWWLQJULJKWZKDW KDVEHHQVSRLOHGE\WKHIDWKHU
7KHUHZLOOEHOLWWOHUHPRUVH1RJUHDWEODPH
6L[LQWKHIRXUWKSODFHPHDQV
7ROHUDWLQJZKDWKDVEHHQVSRLOHGE\WKHIDWKHU
,QFRQWLQXLQJRQHVHHVKXPLOLDWLRQ
6L[LQWKHILIWKSODFHPHDQV
6HWWLQJULJKWZKDW KDVEHHQVSRLOHGE\WKHIDWKHU
2QHPHHWVZLWKSUDLVH
1LQHDWWKHWRSPHDQV
+HGRHVQRWVHUYHNLQJVDQGSULQFHV
6HWVKLPVHOIKLJKHUJRDOV
/LQ$SSURDFK
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ7XL
7KH-R\RXV/DNH
7KH-XGJHPHQW
7KH,PDJH
$SSURDFKKDVVXSUHPHVXFFHVV
3HUVHYHUDQFHIXUWKHUV
:KHQWKHHLJKWKPRQWKFRPHV
7KHUHZLOOEHPLVIRUWXQH
7KHHDUWKDERYHWKHODNH
7KHLPDJHRI$SSURDFK
7KXVWKHVXSHULRUPDQLVLQH[KDXVWLEOH
,QKLVZLOOWRWHDFK
$QGZLWKRXWOLPLWV
,QKLVWROHUDQFHDQGSURWHFWLRQRIWKHSHRSOH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
-RLQWDSSURDFK
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
-RLQWDSSURDFK
*RRGIRUWXQH
(YHU\WKLQJIXUWKHUV
6L[LQWKHWKLUGSODFHPHDQV
&RPIRUWDEOHDSSURDFK
1RWKLQJWKDWZRXOGIXUWKHU
,IRQHLVLQGXFHGWRJULHYHRYHULW
2QHEHFRPHVIUHHRIEODPH
6L[LQWKHIRXUWKSODFHPHDQV
&RPSOHWHDSSURDFK
1REODPH
6L[LQWKHILIWKSODFHPHDQV
:LVHDSSURDFK
7KLVLVULJKWIRUDJUHDWSULQFH
*RRGIRUWXQH
6L[DWWKHWRSPHDQV
*UHDWKHDUWHGDSSURDFK
*RRGIRUWXQH1REODPH
7KH-XGJHPHQW
7KH,PDJH
.XDQ&RQWHPSODWLRQ
9LHZ
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
&RQWHPSODWLRQ7KHDEOXWLRQKDVEHHQPDGH
%XWQRW\HWWKHRIIHULQJ
)XOORIWUXVWWKH\ORRNXSWRKLP
7KHZLQGEORZVRYHUWKHHDUWK
7KHLPDJHRI&RQWHPSODWLRQ
7KXVWKHNLQJVRIROGYLVLWHGWKHUHJLRQVRIWKHZRUOG
&RQWHPSODWHGWKHSHRSOH
$QGJDYHWKHPLQVWUXFWLRQ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
%R\OLNHFRQWHPSODWLRQ
)RUDQLQIHULRUPDQQREODPH
)RUDVXSHULRUPDQKXPLOLDWLRQ
6L[LQWKHVHFRQGSODFHPHDQV
&RQWHPSODWLRQWKURXJKWKHFUDFNRIWKHGRRU
)XUWKHULQJIRUWKHSHUVHYHUDQFHRIDZRPDQ
6L[LQWKHWKLUGSODFHPHDQV
&RQWHPSODWLRQRIP\OLIH
'HFLGHVWKHFKRLFH
%HWZHHQDGYDQFHDQGUHWUHDW
6L[LQWKHIRXUWKSODFHPHDQV
&RQWHPSODWLRQRIWKHOLJKWRIWKHNLQJGRP
,WIXUWKHUVRQHWRH[HUWLQIOXHQFHDVWKHJXHVWRIDNLQJ
1LQHLQWKHILIWKSODFHPHDQV
&RQWHPSODWLRQRIP\OLIH
7KHVXSHULRUPDQLVZLWKRXWEODPH
1LQHDWWKHWRSPHDQV
&RQWHPSODWLRQRIKLVOLIH
7KHVXSHULRUPDQLVZLWKRXWEODPH
7KH-XGJHPHQW
7KH,PDJH
6KLK+R%LWLQJ7KURXJK
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
%LWLQJ7KURXJKKDVVXFFHVV
,WLVIDYRUDEOHWROHWMXVWLFHEHDGPLQLVWHUHG
7KXQGHUDQGOLJKWQLQJ
7KHLPDJHRI%LWLQJ7KURXJK
7KXVWKHNLQJVRIIRUPHUWLPHVPDGHILUPWKHODZV
7KURXJKFOHDUO\GHILQHGSHQDOWLHV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
+LVIHHWDUHIDVWHQHGLQWKHVWRFNV
6RWKDWKLVWRHVGLVDSSHDU
1REODPH
6L[LQWKHVHFRQGSODFHPHDQV
%LWHVWKURXJKWHQGHUPHDW
6RWKDWKLVQRVHGLVDSSHDUV
1REODPH
6L[LQWKHWKLUGSODFHPHDQV
%LWHVRQROGGULHGPHDW
$QGVWULNHVRQVRPHWKLQJSRLVRQRXV
6OLJKWKXPLOLDWLRQ 1REODPH
1LQHLQWKHIRXUWKSODFHPHDQV
%LWHVRQGULHGJULVWO\PHDW
5HFHLYHVPHWDODUURZV
,WIXUWKHUVRQHWREHPLQGIXORIGLIILFXOWLHV
$QGWREHSHUVHYHULQJ
*RRGIRUWXQH
6L[LQWKHILIWKSODFHPHDQV
%LWHVRQGULHGOHDQPHDW
5HFHLYHV\HOORZJROG
3HUVHYHULQJO\DZDUHRIGDQJHU
1REODPH
1LQHDWWKHWRSPHDQV
+LVQHFNLVIDVWHQHGLQWKHZRRGHQ FDQJXH
6RWKDWKLVHDUVGLVDSSHDU
0LVIRUWXQH
7KH-XGJHPHQW
7KH,PDJH
3L*UDFH
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ/L
7KH&OLQJLQJ)ODPH
*UDFHKDVVXFFHVV
,QVPDOOPDWWHUV
,WLVIDYRUDEOHWRXQGHUWDNHVRPHWKLQJ
)LUHDWWKHIRRWRIWKHPRXQWDLQ
7KHLPDJHRI*UDFH
7KXVGRHVWKHVXSHULRUPDQSURFHHG
:KHQFOHDULQJXSFXUUHQWDIIDLUV
%XWKHGDUHQRWGHFLGHFRQWURYHUVLDOLVVXHVLQWKLVZD\
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
+HOHQGVJUDFHWRKLVWRHVOHDYHVWKHFDUULDJHDQGZDONV
6L[LQWKHVHFRQGSODFHPHDQV
/HQGVJUDFHWRWKHEHDUGRQKLVFKLQ
1LQHLQWKHWKLUGSODFHPHDQV
*UDFHIXODQGPRLVW
&RQVWDQWSHUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[LQWKHIRXUWKSODFHPHDQV
*UDFHRUVLPSOLFLW\"
$ZKLWHKRUVHFRPHVDVLIRQZLQJV
+HLVQRWDUREEHU
+HZLOOZRRDWWKHULJKWWLPH
6L[LQWKHILIWKSODFHPHDQV
*UDFHLQKLOOVDQGJDUGHQV
7KHUROORIVLONLV PHDJHUDQGVPDOO
+XPLOLDWLRQEXWLQWKHHQGJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
6LPSOHJUDFH1REODPH
7KH-XGJHPHQW
7KH,PDJH
3R6SOLWWLQJ$SDUW
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
6SOLWWLQJ$SDUW,WGRHVQRWIXUWKHURQH
7RJRDQ\ZKHUH
7KHPRXQWDLQUHVWVRQWKHHDUWK
7KHLPDJHRI6SOLWWLQJ$SDUW
7KXVWKRVHDERYHFDQHQVXUHWKHLUSRVLWLRQ
2QO\E\JLYLQJJHQHURXVO\WRWKRVHEHORZ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7KHOHJRIWKHEHGLVVSOLW
7KRVHZKRSHUVHYHUHDUHGHVWUR\HG
0LVIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
7KHEHGLVVSOLWDWWKHHGJH
7KRVHZKRSHUVHYHUHDUHGHVWUR\HG
0LVIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
+HVSOLWVZLWKWKHP 1REODPH
6L[LQWKHIRXUWKSODFHPHDQV
7KHEHGLVVSOLWXSWRWKHVNLQ
0LVIRUWXQH
6L[LQWKHILIWKSODFHPHDQV
$VKRDORIILVKHV )DYRUFRPHVWKURXJKWKHFRXUWODGLHV
(YHU\WKLQJDFWVWRIXUWKHU
1LQHDWWKHWRSPHDQV
7KHUHLVDODUJHIUXLWVWLOOXQHDWHQ
7KHVXSHULRUPDQUHFHLYHVDFDUULDJH
7KHKRXVHRIWKHLQIHULRUPDQLVVSOLWDSDUW
)X5HWXUQ7KH7XUQLQJ
3RLQW
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
7KH-XGJHPHQW
7KH,PDJH
5HWXUQ6XFFHVV
*RLQJRXWDQGFRPLQJLQZLWKRXWHUURU
)ULHQGVFRPHZLWKRXWEODPH
7RDQGIURJRHVWKHZD\
2QWKHVHYHQWKGD\FRPHVUHWXUQ
,WIXUWKHUVRQHWRKDYHVRPHZKHUHWRJR
7KXQGHUZLWKLQWKHHDUWK
7KHLPDJHRIWKH7XUQLQJ3RLQW
7KXVWKHNLQJVRIDQWLTXLW\FORVHGWKHSDVVHV
$WWKHWLPHRIVROVWLFH
0HUFKDQWVDQGVWUDQJHUVGLGQRWJRDERXW
$QGWKHUXOHU
'LGQRWWUDYHOWKURXJKWKHSURYLQFHV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
5HWXUQIURPDVKRUWGLVWDQFH
1RQHHGIRUUHPRUVH
*UHDWJRRGIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
4XLHWUHWXUQ*RRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
5HSHDWHGUHWXUQ 'DQJHU1REODPH
6L[LQWKHIRXUWKSODFHPHDQV
:DONLQJLQWKHPLGVWRIRWKHUV
2QHUHWXUQVDORQH
6L[LQWKHILIWKSODFHPHDQV
1REOHKHDUWHGUHWXUQ 1RUHPRUVH
6L[DWWKHWRSPHDQV
0LVVLQJWKHUHWXUQ 0LVIRUWXQH
0LVIRUWXQHIURPZLWKLQDQGZLWKRXW
,IDUPLHVDUHVHWPDUFKLQJLQWKLVZD\
2QHZLOOLQWKHHQGVXIIHUDJUHDWGHIHDW
'LVDVWURXVIRUWKHUXOHURIWKHFRXQWU\
)RUWHQ\HDUV
,WZLOOQRWEHSRVVLEOHWRDWWDFNDJDLQ
!
7KH-XGJHPHQW
7KH,PDJH
:X:DQJ,QQRFHQFH
7KH8QH[SHFWHG
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
,QQRFHQFH6XSUHPHVXFFHVV
3HUVHYHUDQFHIXUWKHUV
,IVRPHRQHLVQRWDVKHVKRXOGEH
+HKDVPLVIRUWXQH
$QGLWGRHVQRWIXUWKHUKLP
7RXQGHUWDNHDQ\WKLQJ
8QGHUKHDYHQWKXQGHUUROOV
$OOWKLQJVDWWDLQWKHQDWXUDOVWDWHRILQQRFHQFH
7KXVWKHNLQJVRIROG
5LFKLQYLUWXHDQGLQKDUPRQ\ZLWKWKHWLPH
)RVWHUHGDQGQRXULVKHGDOOEHLQJV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
,QQRFHQWEHKDYLRUEULQJVJRRGIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
,IRQHGRHVQRWFRXQWRQWKHKDUYHVWZKLOH SORZLQJ
1RURQWKHXVHRIWKHJURXQGZKLOHFOHDULQJLW
,WIXUWKHUVRQHWRXQGHUWDNHVRPHWKLQJ
6L[LQWKHWKLUGSODFHPHDQV
8QGHVHUYHGPLVIRUWXQH
7KHFRZWKDWZDVWHWKHUHGE\VRPHRQH
,VWKHZDQGHUHU
VJDLQWKHFLWL]HQ
VORVV
1LQHLQWKHIRXUWKSODFHPHDQV
+HZKRFDQEHSHUVHYHULQJ
5HPDLQVZLWKRXWEODPH
1LQHLQWKHILIWKSODFHPHDQV
8VHQRPHGLFLQHLQDQLOOQHVV
,QFXUUHGWKURXJKQRIDXOWRI\RXURZQ
,WZLOOSDVVRILWVHOI
1LQHDWWKHWRSPHDQV
,QQRFHQWDFWLRQEULQJVPLVIRUWXQH
1RWKLQJIXUWKHUV
7KH-XGJHPHQW
7KH,PDJH
7D&K
X7KH7DPLQJ
3RZHURIWKH*UHDW
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
7KH7DPLQJ3RZHURIWKH*UHDW
3HUVHYHUDQFHIXUWKHUV
1RWHDWLQJDWKRPHEULQJVJRRGIRUWXQH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
+HDYHQZLWKLQWKHPRXQWDLQ
7KHLPDJHRIWKH7DPLQJ3RZHURIWKH*UHDW
7KXVWKHVXSHULRUPDQDFTXDLQWVKLPVHOIZLWKPDQ\VD\LQJVRI
DQWLTXLW\
$QGPDQ\GHHGVRIWKHSDVW
,QRUGHUWRVWUHQJWKHQKLVFKDUDFWHUWKHUHE\
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
'DQJHULVDWKDQG,WIXUWKHUVRQHWRGHVLVW
1LQHLQWKHVHFRQGSODFHPHDQV
7KHD[OHWUHHVDUHWDNHQIURPWKHZDJRQ
1LQHLQWKHWKLUGSODFHPHDQV
$JRRGKRUVHWKDWIROORZVRWKHUV
$ZDUHQHVVRIGDQJHU
:LWKSHUVHYHUDQFHIXUWKHUV
3UDFWLFHFKDULRWGULYLQJDQGDUPHG GHIHQVHGDLO\
,WIXUWKHUVRQHWRKDYHVRPHZKHUHWRJR
6L[LQWKHIRXUWKSODFHPHDQV
7KHKHDGERDUGRID\RXQJEXOO
*UHDWJRRGIRUWXQH
6L[LQWKHILIWKSODFHPHDQV
7KHWXVNRIDJHOGHGERDU
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
2QHDWWDLQVWKHZD\RIKHDYHQ 6XFFHVV
"
7KH-XGJHPHQW
7KH,PDJH
,7KH&RUQHUVRIWKH
0RXWK3URYLGLQJ
1RXULVKPHQW
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
7KH&RUQHUVRIWKH0RXWK
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
3D\KHHGWRWKHSURYLGLQJRIQRXULVKPHQW
$QGWRZKDWDPDQVHHNV
7RILOOKLVRZQPRXWKZLWK
$WWKHIRRWRIWKHPRXQWDLQWKXQGHU
7KHLPDJHRI3URYLGLQJ1RXULVKPHQW
7KXVWKHVXSHULRUPDQLVFDUHIXORIKLVZRUGV
$QGWHPSHUDWHLQHDWLQJDQGGULQNLQJ
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
<RXOHW\RXUPDJLFWRUWRLVHJR
$QGORRNDWPHZLWKWKHFRUQHUVRI\RXUPRXWKGURRSLQJ
0LVIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
7XUQLQJWRWKHVXPPLWIRUQRXULVKPHQW
'HYLDWLQJIURPWKHSDWK
7RVHHNQRXULVKPHQWIURPWKHKLOO
&RQWLQXLQJWRGRWKLVEULQJVPLVIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
7XUQLQJDZD\IURPQRXULVKPHQW
3HUVHYHUDQFHEULQJVPLVIRUWXQH
'RQRWDFWWKXVIRUWHQ\HDUV
1RWKLQJVHUYHVWRIXUWKHU
6L[LQWKHIRXUWKSODFHPHDQV
7XUQLQJWRWKHVXPPLW
)RUSURYLVLRQRIQRXULVKPHQW
%ULQJVJRRGIRUWXQH
6S\LQJDERXWZLWKVKDUSH\HV
/LNHDWLJHUZLWKLQVDWLDEOHFUDYLQJ
1REODPH
6L[LQWKHILIWKSODFHPHDQV
7XUQLQJDZD\IURPWKHSDWK
7RUHPDLQSHUVHYHULQJEULQJVJRRGIRUWXQH
2QHVKRXOGQRWFURVVWKHJUHDWZDWHU
1LQHDWWKHWRSPHDQV
7KHVRXUFHRIQRXULVKPHQW
$ZDUHQHVVRIGDQJHUEULQJVJRRGIRUWXQH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
#
7KH-XGJHPHQW
7KH,PDJH
7D.XR3UHSRQGHUDQFH
RIWKH*UHDW
$ERYH7XL
7KH-R\RXV/DNH
%HORZ6XQ
7KH*HQWOH:LQG
3UHSRQGHUDQFHRIWKH*UHDW
7KHULGJHSROHVDJVWRWKHEUHDNLQJSRLQW
,WIXUWKHUVRQHWRKDYHVRPHZKHUHWRJR
6XFFHVV
7KHODNHULVHVDERYHWKHWUHHV
7KHLPDJHRI3UHSRQGHUDQFHRIWKH*UHDW
7KXVWKHVXSHULRUPDQZKHQKHVWDQGVDORQH
,VXQFRQFHUQHG
$QGLIKHKDVWRUHQRXQFHWKHZRUOG
+HLVXQGDXQWHG
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7RVSUHDGZKLWHUXVKHVXQGHUQHDWK
1REODPH
1LQHLQWKHVHFRQGSODFHPHDQV
$GU\SRSODUVSURXWVDWWKHURRW
$QROGHUPDQWDNHVD\RXQJZLIH
(YHU\WKLQJIXUWKHUV
1LQHLQWKHWKLUGSODFHPHDQV
7KHULGJHSROHVDJVWRWKHEUHDNLQJSRLQW
0LVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
7KHULGJHSROHLVEUDFHG *RRGIRUWXQH
,IWKHUHDUHXOWHULRUPRWLYHVLWLVKXPLOLDWLQJ
1LQHLQWKHILIWKSODFHPHDQV
$ZLWKHUHGSRSODUSXWVIRUWKIORZHUV
$QROGHUZRPDQWDNHVDKXVEDQG
1REODPH1RSUDLVH
6L[DWWKHWRSPHDQV
2QHPXVWJRWKURXJKWKHZDWHU
,WJRHVRYHURQH
VKHDG
0LVIRUWXQH1REODPH
$
7KH-XGJHPHQW
7KH,PDJH
.
DQ7KH$E\VPDO
:DWHU
$ERYH.
DQ
7KH$E\VPDO:DWHU
%HORZ.
DQ
7KH$E\VPDO:DWHU
7KH$E\VPDOUHSHDWHG
,I\RXDUHVLQFHUH\RXKDYHVXFFHVVLQ\RXUKHDUW
$QGZKDWHYHU\RXGRVXFFHHGV
:DWHUIORZVRQXQLQWHUUXSWHGO\DQGUHDFKHVLWVJRDO
7KHLPDJHRIWKH$E\VPDOUHSHDWHG
7KXVWKHVXSHULRUPDQZDONVLQODVWLQJYLUWXH
$QGFDUULHVRQWKHEXVLQHVVRIWHDFKLQJ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
5HSHWLWLRQRIWKH$E\VPDO
,QWKHDE\VVRQHIDOOVLQWRDSLW
0LVIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
7KHDE\VVLVGDQJHURXV
2QHVKRXOGVWULYHWRDWWDLQVPDOOWKLQJVRQO\
6L[LQWKHWKLUGSODFHPHDQV
)RUZDUGDQGEDFNZDUGDE\VVRQDE\VV
,QGDQJHUOLNHWKLVSDXVHDWILUVWDQGZDLW
2WKHUZLVH\RXZLOOIDOOLQWRDSLWLQWKHDE\VV
'RQRWDFWLQWKLVZD\
6L[LQWKHIRXUWKSODFHPHDQV
$MXJRIZLQHDERZORIULFHZLWKLW
(DUWKHQYHVVHOVVLPSO\KDQGHGLQWKURXJKWKHZLQGRZ
7KHUHLVFHUWDLQO\QREODPHLQWKLV
1LQHLQWKHILIWKSODFHPHDQV
7KHDE\VVLVQRWILOOHGWRRYHUIORZLQJ
,WLVILOOHGRQO\WRWKHULP
1REODPH
6L[DWWKHWRSPHDQV
%RXQGZLWKFRUGVDQGURSHV
6KXWLQEHWZHHQWKRUQKHGJHGSULVRQZDOOV
)RUWKUHH\HDUVRQHGRHVQRWILQGWKHZD\
0LVIRUWXQH
%
7KH-XGJHPHQW
7KH,PDJH
/L7KH&OLQJLQJ)LUH
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ/L
7KH&OLQJLQJ)ODPH
7KH&OLQJLQJ3HUVHYHUDQFHIXUWKHUV
,WEULQJVVXFFHVV
&DUHRIWKHFRZEULQJVJRRGIRUWXQH
7KDWZKLFKLVEULJKWULVHVWZLFH
7KHLPDJHRI)LUH
7KXVWKHJUHDWPDQE\SHUSHWXDWLQJWKLVEULJKWQHVV
,OOXPLQHVWKHIRXUTXDUWHUVRIWKHZRUOG
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
7KHIRRWSULQWVUXQ FULVVFURVV
,IRQHLVVHULRXVO\LQWHQWQREODPH
6L[LQWKHVHFRQGSODFHPHDQV
<HOORZOLJKW6XSUHPHJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
,QWKHOLJKWRIWKHVHWWLQJVXQ
0HQHLWKHUEHDWWKHSRWDQGVLQJ
2UORXGO\EHZDLOWKHDSSURDFKRIROGDJH
0LVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
,WVFRPLQJLVVXGGHQ
,WIODPHVXSGLHVGRZQLVWKURZQDZD\
6L[LQWKHILIWKSODFHPHDQV
7HDUVLQIORRGVVLJKLQJDQGODPHQWLQJ
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
7KHNLQJXVHVKLPWRPDUFKIRUWKDQGFKDVWLVH
7KHQLWLVEHVWWRNLOOWKHOHDGHUV
$QGWDNHFDSWLYHWKHIROORZHUV 1REODPH
,&KLQJ3DUW,,
&
7KH-XGJHPHQW
7KH,PDJH
+VLHQ,QIOXHQFH
:RRLQJ
$ERYH7XL
7KH-R\RXV/DNH
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
,QIOXHQFH6XFFHVV
3HUVHYHUDQFHIXUWKHUV
7RWDNHDPDLGHQWRZLIHEULQJVJRRGIRUWXQH
$ODNHRQWKHPRXQWDLQ
7KHLPDJHRI,QIOXHQFH
7KXVWKHVXSHULRUPDQHQFRXUDJHVSHRSOHWRDSSURDFKKLP
%\KLVUHDGLQHVVWRUHFHLYHWKHP
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7KHLQIOXHQFHVKRZVLWVHOILQWKHELJWRH
6L[LQWKHVHFRQGSODFHPHDQV
7KHLQIOXHQFHVKRZVLWVHOILQWKHFDOYHVRIWKHOHJV
0LVIRUWXQH
7DUU\LQJEULQJVJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
7KHLQIOXHQFHVKRZVLWVHOILQWKHWKLJKV
+ROGVWRWKDWZKLFKIROORZVLW
7RFRQWLQXHLVKXPLOLDWLQJ
1LQHLQWKHIRXUWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
5HPRUVHGLVDSSHDUV
,IDPDQLVDJLWDWHGLQPLQG
$QGKLVWKRXJKWVJRKLWKHUDQGWKLWKHU
2QO\WKRVHIULHQGV
2QZKRPKHIL[HVKLVFRQVFLRXVWKRXJKWV
:LOOIROORZ
1LQHLQWKHILIWKSODFHPHDQV
7KHLQIOXHQFHVKRZVLWVHOILQWKHEDFNRIWKHQHFN
1RUHPRUVH
6L[DWWKHWRSPHDQV
7KHLQIOXHQFHVKRZVLWVHOILQWKHMDZVFKHHNVDQGWRQJXH
'
7KH-XGJHPHQW
7KH,PDJH
+rQJ'XUDWLRQ
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ6XQ
7KH*HQWOH:LQG
'XUDWLRQ6XFFHVV1REODPH
3HUVHYHUDQFHIXUWKHUV
,WIXUWKHUVRQHWRKDYHVRPHZKHUHWRJR
7KXQGHUDQGZLQGWKHLPDJHRI'XUDWLRQ
7KXVWKHVXSHULRUPDQVWDQGVILUP
$QGGRHVQRWFKDQJHKLVGLUHFWLRQ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
6HHNLQJGXUDWLRQWRRKDVWLO\EULQJVPLVIRUWXQHSHUVLVWHQWO\
1RWKLQJWKDWZRXOGIXUWKHU
1LQHLQWKHVHFRQGSODFHPHDQV
5HPRUVHGLVDSSHDUV
1LQHLQWKHWKLUGSODFHPHDQV
+HZKRGRHVQRWJLYHGXUDWLRQWRKLVFKDUDFWHU
0HHWVZLWKGLVJUDFH
3HUVLVWHQWKXPLOLDWLRQ
1LQHLQWKHIRXUWKSODFHPHDQV
1RJDPHLQWKHILHOG
6L[LQWKHILIWKSODFHPHDQV
*LYLQJGXUDWLRQWRRQH
VFKDUDFWHUWKURXJKSHUVHYHUDQFH
7KLVLVJRRGIRUWXQHIRUDZRPDQPLVIRUWXQHIRUDPDQ
6L[DWWKHWRSPHDQV
5HVWOHVVQHVVDVDQHQGXULQJFRQGLWLRQEULQJVPLVIRUWXQH
(
7KH-XGJHPHQW
7KH,PDJH
7XQ5HWUHDW
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
5HWUHDW6XFFHVV
,QZKDWLVVPDOOSHUVHYHUDQFHIXUWKHUV
0RXQWDLQXQGHUKHDYHQWKHLPDJHRI5HWUHDW
7KXVWKHVXSHULRUPDQNHHSVWKHLQIHULRUPDQDWDGLVWDQFH
1RWDQJULO\EXWZLWKUHVHUYH
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
$WWKHWDLOLQUHWUHDW7KLVLVGDQJHURXV
2QHPXVWQRWZLVKWRXQGHUWDNHDQ\WKLQJ
6L[LQWKHVHFRQGSODFHPHDQV
+HKROGVKLPIDVWZLWK\HOORZ R[KLGH
1RRQHFDQWHDUKLPORRVH
1LQHLQWKHWKLUGSODFHPHDQV
$KDOWHGUHWUHDW
,VQHUYHZUDFNLQJDQGGDQJHURXV
7RUHWDLQSHRSOHDVPHQDQGPDLGVHUYDQWV
%ULQJVJRRGIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
9ROXQWDU\UHWUHDWEULQJVJRRGIRUWXQHWRWKHVXSHULRUPDQ
$QGGRZQIDOOWRWKHLQIHULRUPDQ
1LQHLQWKHILIWKSODFHPHDQV
)ULHQGO\UHWUHDW3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
&KHHUIXOUHWUHDW(YHU\WKLQJVHUYHVWRIXUWKHU
)
7KH-XGJHPHQW
7KH,PDJH
7D&KXDQJ7KH3RZHU
RIWKH*UHDW
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
7KH3RZHURIWKH*UHDW3HUVHYHUDQFHIXUWKHUV
7KXQGHULQKHDYHQDERYH
7KHLPDJHRIWKH3RZHURIWKH*UHDW
7KXVWKHVXSHULRUPDQGRHVQRWWUHDGXSRQSDWKV
7KDWGRQRWDFFRUGZLWKHVWDEOLVKHGRUGHU
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
3RZHULQWKHWRHV
&RQWLQXLQJEULQJVPLVIRUWXQH
7KLVLVFHUWDLQO\WUXH
1LQHLQWKHVHFRQGSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
7KHLQIHULRUPDQZRUNVWKURXJKSRZHU
7KHVXSHULRUPDQGRHVQRWDFWWKXV
7RFRQWLQXHLVGDQJHURXV
$JRDWEXWWVDJDLQVWDKHGJH
$QGJHWVLWVKRUQVHQWDQJOHG
1LQHLQWKHIRXUWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
5HPRUVHGLVDSSHDUV
7KHKHGJHRSHQVWKHUHLVQRHQWDQJOHPHQW
3RZHUGHSHQGVXSRQWKHD[OHRIDELJFDUW
6L[LQWKHILIWKSODFHPHDQV
/RVHVWKHJRDWZLWKHDVH
1RUHPRUVH
6L[DWWKHWRSPHDQV
$JRDWEXWWVDJDLQVWDKHGJH
,WFDQQRWJREDFNZDUGLWFDQQRWJRIRUZDUG
1RWKLQJVHUYHVWRIXUWKHU
,IRQHQRWHVWKHGLIILFXOW\WKLVEULQJVJRRGIRUWXQH
*
7KH-XGJHPHQW
7KH,PDJH
&KLQ3URJUHVV
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
<
3URJUHVV7KHSRZHUIXOSULQFH
,VKRQRUHGZLWKKRUVHVLQODUJHQXPEHUV
,QDVLQJOHGD\KHLVJUDQWHGDXGLHQFHWKUHHWLPHV
7KHVXQULVHVRYHUWKHHDUWK
7KHLPDJHRI3URJUHVV
7KXVWKHVXSHULRUPDQKLPVHOI
%ULJKWHQVKLVEULJKWYLUWXH
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
3URJUHVVLQJEXWWXUQHGEDFN
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
,IRQHPHHWVZLWKQRFRQILGHQFHRQHVKRXOGUHPDLQFDOP
1RPLVWDNH
6L[LQWKHVHFRQGSODFHPHDQV
3URJUHVVLQJEXWLQVRUURZ
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
7KHQRQHREWDLQVJUHDWKDSSLQHVVIURPRQH
V DQFHVWUHVV
6L[LQWKHWKLUGSODFHPHDQV
$OODUHLQDFFRUG5HPRUVHGLVDSSHDUV
1LQHLQWKHIRXUWKSODFHPHDQV
3URJUHVVOLNHDKDPVWHU
3HUVHYHUDQFHEULQJVGDQJHU
6L[LQWKHILIWKSODFHPHDQV
5HPRUVHGLVDSSHDUV
7DNHQRWJDLQDQGORVVWRKHDUW
8QGHUWDNLQJVEULQJJRRGIRUWXQH
(YHU\WKLQJVHUYHVWRIXUWKHU
1LQHDWWKHWRSPHDQV
0DNLQJSURJUHVVZLWKWKHKRUQVLVSHUPLVVLEOH
2QO\IRUWKHSXUSRVHRISXQLVKLQJRQH
VRZQFLW\
7REHFRQVFLRXVRIGDQJHUEULQJVJRRGIRUWXQH
1REODPH
3HUVHYHUDQFHEULQJVKXPLOLDWLRQ
+,
7KH-XGJHPHQW
7KH,PDJH
0LQJ,'DUNHQLQJRIWKH
/LJKW
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ/L
7KH&OLQJLQJ)ODPH
'DUNHQLQJRIWKH/LJKW,QDGYHUVLW\
,WIXUWKHUVRQHWREHSHUVHYHULQJ
7KHOLJKWKDVVXQNLQWRWKHHDUWK
7KHLPDJHRI'DUNHQLQJRIWKH/LJKW
7KXVGRHVWKHVXSHULRUPDQOLYHZLWKWKHJUHDWPDVV
+HYHLOVKLVOLJKW\HWVWLOOVKLQHV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
'DUNHQLQJRIWKHOLJKWGXULQJIOLJKW
+HORZHUVKLVZLQJV
7KHVXSHULRUPDQGRHVQRWHDWIRUWKUHHGD\V
2QKLVZDQGHULQJV
%XWKHKDVVRPHZKHUHWRJR
7KHKRVWKDVRFFDVLRQWRJRVVLSDERXWKLP
6L[LQWKHVHFRQGSODFHPHDQV
'DUNHQLQJRIWKHOLJKWLQMXUHVKLPLQWKHOHIWWKLJK
+HJLYHVDLGZLWKWKHVWUHQJWKRIDKRUVH
*RRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
'DUNHQLQJRIWKHOLJKWGXULQJWKHKXQWLQWKHVRXWK
7KHLUJUHDWOHDGHULVFDSWXUHG
2QHPXVWQRWH[SHFWSHUVHYHUDQFHWRRVRRQ
6L[LQWKHIRXUWKSODFHPHDQV
+HSHQHWUDWHVWKHOHIWVLGHRIWKHEHOO\
2QHJHWVDWWKHYHU\KHDUWRIWKHGDUNHQLQJRIWKHOLJKW
$QGOHDYHVJDWHDQGFRXUW\DUG
6L[LQWKHILIWKSODFHPHDQV
'DUNHQLQJRIWKHOLJKWDVZLWK3ULQFH&KL
3HUVHYHUDQFHIXUWKHUV
6L[DWWKHWRSPHDQV
1RWOLJKWEXWGDUNQHVV
)LUVWKHFOLPEHGXSWRKHDYHQ
7KHQKHSOXQJHGLQWRWKHGHSWKVRIWKHHDUWK
-
7KH-XGJHPHQW
7KH,PDJH
&KLD-rQ7KH)DPLO\
>7KH&ODQ@
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ/L
7KH&OLQJLQJ)ODPH
>
7KH)DPLO\7KHSHUVHYHUDQFHRIWKHZRPDQIXUWKHUV
:LQGFRPHVIRUWKIURPILUH
7KHLPDJHRIWKH)DPLO\
7KXVWKHVXSHULRUPDQKDVVXEVWDQFHLQKLVZRUGV
$QGGXUDWLRQLQKLVZD\RIOLIH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
)LUPVHFOXVLRQZLWKLQWKHIDPLO\
5HPRUVHGLVDSSHDUV
6L[LQWKHVHFRQGSODFHPHDQV
6KHVKRXOGQRWIROORZKHUZKLPV
6KHPXVWDWWHQGZLWKLQWRWKHIRRG
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
:KHQWHPSHUVIODUHXSLQWKHIDPLO\
7RRJUHDWVHYHULW\EULQJVUHPRUVH
*RRGIRUWXQHQRQHWKHOHVV
:KHQZRPDQDQGFKLOGGDOO\DQGODXJK
,WOHDGVLQWKHHQGWRKXPLOLDWLRQ
6L[LQWKHIRXUWKSODFHPHDQV
6KHLVWKHWUHDVXUHRIWKHKRXVH
*UHDWJRRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
$VDNLQJKHDSSURDFKHVKLVIDPLO\
)HDUQRW
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
+LVZRUNFRPPDQGVUHVSHFW
,QWKHHQGJRRGIRUWXQHFRPHV
.
7KH-XGJHPHQW
7KH,PDJH
.
XHL2SSRVLWLRQ
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ7XL
7KH-R\RXV/DNH
2SSRVLWLRQ,QVPDOOPDWWHUVJRRGIRUWXQH
$ERYHILUHEHORZWKHODNH
7KHLPDJHRI2SSRVLWLRQ
7KXVDPLGDOOIHOORZVKLS
7KHVXSHULRUPDQUHWDLQVKLVLQGLYLGXDOLW\
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
5HPRUVHGLVDSSHDUV
,I\RXORVH\RXUKRUVHGRQRWUXQDIWHULW
,WZLOOFRPHEDFNRILWVRZQDFFRUG
:KHQ\RXVHHHYLOSHRSOH
*XDUG\RXUVHOIDJDLQVWPLVWDNHV
1LQHLQWKHVHFRQGSODFHPHDQV
2QHPHHWVKLVORUGLQDQDUURZVWUHHW
1REODPH
6L[LQWKHWKLUGSODFHPHDQV
2QHVHHVWKHZDJRQGUDJJHGEDFN
7KHR[HQKDOWHG
$PDQ
VKDLUDQGQRVHFXWRII
1RWDJRRGEHJLQQLQJEXWDJRRGHQG
1LQHLQWKHIRXUWKSODFHPHDQV
,VRODWHGWKURXJKRSSRVLWLRQ
2QHPHHWVDOLNHPLQGHGPDQ
:LWKZKRPRQHFDQDVVRFLDWHLQJRRGIDLWK
'HVSLWHWKHGDQJHUQREODPH
6L[LQWKHILIWKSODFHPHDQV
5HPRUVHGLVDSSHDUV
7KHFRPSDQLRQELWHVKLVZD\WKURXJKWKHZUDSSLQJV
,IRQHJRHVWRKLP
+RZFRXOGLWEHDPLVWDNH"
1LQHDWWKHWRSPHDQV
,VRODWHGWKURXJKRSSRVLWLRQ
2QHVHHVRQH
VFRPSDQLRQDVDSLJFRYHUHGZLWKGLUW
$VDZDJRQIXOORIGHYLOV
)LUVWRQHGUDZVDERZDJDLQVWKLP
7KHQRQHOD\VWKHERZDVLGH
+HLVQRWDUREEHUKHZLOOZRRDWWKHULJKWWLPH
$VRQHJRHVUDLQIDOOVWKHQJRRGIRUWXQHFRPHV
/
7KH-XGJHPHQW
7KH,PDJH
&KLHQ2EVWUXFWLRQ
$ERYH.
DQ
7KH$E\VPDO:DWHU
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
2EVWUXFWLRQ7KH VRXWKZHVWIXUWKHUV
7KHQRUWKHDVWGRHVQRWIXUWKHU
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
:DWHURQWKHPRXQWDLQ
7KHLPDJHRI2EVWUXFWLRQ
7KXVWKHVXSHULRUPDQWXUQVKLVDWWHQWLRQWRKLPVHOI
$QGPROGVKLVFKDUDFWHU
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
*RLQJOHDGVWRREVWUXFWLRQV
&RPLQJPHHWVZLWKSUDLVH
6L[LQWKHVHFRQGSODFHPHDQV
7KHNLQJ
VVHUYDQWLVEHVHWE\REVWUXFWLRQXSRQREVWUXFWLRQ
%XWLWLVQRWKLVRZQIDXOW
1LQHLQWKHWKLUGSODFHPHDQV
*RLQJOHDGVWRREVWUXFWLRQV
+HQFHKHFRPHVEDFN
6L[LQWKHIRXUWKSODFHPHDQV
*RLQJOHDGVWRREVWUXFWLRQV
&RPLQJOHDGVWRXQLRQ
1LQHLQWKHILIWKSODFHPHDQV
,QWKHPLGVWRIWKHJUHDWHVWREVWUXFWLRQV
)ULHQGVFRPH
6L[DWWKHWRSPHDQV
*RLQJOHDGVWRREVWUXFWLRQV
&RPLQJOHDGVWRJUHDWJRRGIRUWXQH
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
0
7KH-XGJHPHQW
7KH,PDJH
+VLHK'HOLYHUDQFH
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ.
DQ
7KH$E\VPDO:DWHU
'HOLYHUDQFH7KH VRXWKZHVWIXUWKHUV
,IWKHUHLVQRORQJHUDQ\WKLQJZKHUHRQHKDVWRJR
5HWXUQEULQJVJRRGIRUWXQH
,IWKHUHLVVWLOOVRPHWKLQJZKHUHRQHKDVWRJR
+DVWHQLQJEULQJVJRRGIRUWXQH
7KXQGHUDQGUDLQVHW LQ
7KHLPDJHRI'HOLYHUDQFH
7KXVWKHVXSHULRUPDQSDUGRQVPLVWDNHV
$QGIRUJLYHVPLVGHHGV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
:LWKRXWEODPH
1LQHLQWKHVHFRQGSODFHPHDQV
2QHNLOOVWKUHHIR[HVLQWKHILHOG
$QGUHFHLYHVD\HOORZDUURZ
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
,IDPDQFDUULHVDEXUGHQRQKLVEDFN
$QGQRQHWKHOHVVULGHVLQDFDUULDJH
+HWKHUHE\HQFRXUDJHVUREEHUVWRGUDZQHDU
3HUVHYHUDQFHOHDGVWRKXPLOLDWLRQ
1LQHLQWKHIRXUWKSODFHPHDQV
'HOLYHU\RXUVHOIIURP\RXUJUHDWWRH
7KHQWKHFRPSDQLRQFRPHV
$QGKLP\RXFDQWUXVW
6L[LQWKHILIWKSODFHPHDQV
,IRQO\WKHVXSHULRUPDQFDQGHOLYHUKLPVHOI
,WEULQJVJRRGIRUWXQH
7KXVKHSURYHVWRLQIHULRUPHQWKDWKHLVLQHDUQHVW
6L[DWWKHWRSPHDQV
7KHSULQFHVKRRWVDWDKDZNRQDKLJKZDOO
+HNLOOVLW(YHU\WKLQJVHUYHVWRIXUWKHU
1
7KH-XGJHPHQW
7KH,PDJH
6XQ'HFUHDVH
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ7XL
7KH-R\RXV/DNH
'HFUHDVHFRPELQHGZLWKVLQFHULW\
%ULQJVDERXWVXSUHPHJRRGIRUWXQH
:LWKRXWEODPH
2QHPD\EHSHUVHYHULQJLQWKLV
,WIXUWKHUVRQHWRXQGHUWDNHVRPHWKLQJ
+RZLVWKLVWREHFDUULHGRXW"
2QHPD\XVHWZRVPDOOERZOVIRUWKHVDFULILFH
$WWKHIRRWRIWKHPRXQWDLQWKHODNH
7KHLPDJHRI'HFUHDVH
7KXVWKHVXSHULRUPDQFRQWUROVKLVDQJHU
$QGUHVWUDLQVKLVLQVWLQFWV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
*RLQJTXLFNO\ZKHQRQH
VWDVNVDUHILQLVKHG
,VZLWKRXWEODPH
%XWRQHPXVWUHIOHFWRQKRZPXFKRQHPD\GHFUHDVHRWKHUV
1LQHLQWKHVHFRQGSODFHPHDQV
3HUVHYHUDQFHIXUWKHUV
7RXQGHUWDNHVRPHWKLQJEULQJVPLVIRUWXQH
:LWKRXWGHFUHDVLQJRQHVHOI
2QHLVDEOHWREULQJLQFUHDVHWRRWKHUV
6L[LQWKHWKLUGSODFHPHDQV
:KHQWKUHHSHRSOHMRXUQH\WRJHWKHU
7KHLUQXPEHUGHFUHDVHVE\RQH
:KHQRQHPDQMRXUQH\VDORQH
+HILQGVDFRPSDQLRQ
6L[LQWKHIRXUWKSODFHPHDQV
,IDPDQGHFUHDVHVKLVIDXOWV
,WPDNHVWKHRWKHUKDVWHQWRFRPHDQGUHMRLFH
1REODPH
6L[LQWKHILIWKSODFHPHDQV
6RPHRQHGRHVLQGHHGLQFUHDVHKLP
7HQSDLUVRIWRUWRLVHVFDQQRWRSSRVHLW
6XSUHPHJRRGIRUWXQH
1LQHDWWKHWRSPHDQV
,IRQHLVLQFUHDVHGZLWKRXWGHSULYLQJRWKHUV
7KHUHLVQREODPH
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
,WIXUWKHUVRQHWRXQGHUWDNHVRPHWKLQJ
2QHREWDLQVVHUYDQWV
%XWQRORQJHUKDVDVHSDUDWHKRPH
2
7KH-XGJHPHQW
7KH,PDJH
,,QFUHDVH
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
,QFUHDVH,WIXUWKHUVRQH
7RXQGHUWDNHVRPHWKLQJ
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
:LQGDQGWKXQGHUWKHLPDJHRI,QFUHDVH
7KXVWKHVXSHULRUPDQ
,IKHVHHVJRRGKHLPLWDWHVLW
,IKHKDVIDXOWVKHULGVKLPVHOIRIWKHP
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
,WIXUWKHUVRQHWRDFFRPSOLVKJUHDWGHHGV
6XSUHPHJRRGIRUWXQH 1REODPH
6L[LQWKHVHFRQGSODFHPHDQV
6RPHRQHGRHVLQGHHGLQFUHDVHKLP
7HQSDLUVRIWRUWRLVHVFDQQRWRSSRVHLW
&RQVWDQWSHUVHYHUDQFHEULQJVJRRGIRUWXQH
7KHNLQJSUHVHQWVKLPEHIRUH*RG
*RRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
2QHLVHQULFKHGWKURXJKXQIRUWXQDWHHYHQWV
1REODPHLI\RXDUHVLQFHUH
$QGZDONLQWKHPLGGOH
$QGUHSRUWZLWKDVHDOWRWKHSULQFH
6L[LQWKHIRXUWKSODFHPHDQV
,I\RXZDONLQWKHPLGGOH
$QGUHSRUWWRWKHSULQFH
+HZLOOIROORZ
,WIXUWKHUVRQHWREHXVHG
,QWKHUHPRYDORIWKHFDSLWDO
1LQHLQWKHILIWKSODFHPHDQV
,ILQWUXWK\RXKDYHDNLQGKHDUWDVNQRW
6XSUHPHJRRGIRUWXQH
7UXO\NLQGQHVVZLOOEH UHFRJQL]HGDV\RXUYLUWXH
1LQHDWWKHWRSPHDQV
+HEULQJVLQFUHDVHWRQRRQH
,QGHHGVRPHRQHHYHQVWULNHVKLP
+HGRHVQRWNHHSKLVKHDUWFRQVWDQWO\VWHDG\
0LVIRUWXQH
3
7KH-XGJHPHQW
7KH,PDJH
.XDL%UHDNWKURXJK
5HVROXWHQHVV
$ERYH7XL
7KH-R\RXV/DNH
%HORZ&K
LHQ
7KH&UHDWLYH+HDYHQ
%UHDNWKURXJK2QHPXVWUHVROXWHO\PDNHWKHPDWWHUNQRZQ
$WWKHFRXUWRIWKHNLQJ
,WPXVWEHDQQRXQFHGWUXWKIXOO\ 'DQJHU
,WLVQHFHVVDU\WRQRWLI\RQH
VRZQFLW\
,WGRHVQRWIXUWKHUWRUHVRUWWRDUPV
,WIXUWKHUVRQHWRXQGHUWDNHVRPHWKLQJ
7KHODNHKDVULVHQXSWRKHDYHQ
7KHLPDJHRI%UHDNWKURXJK
7KXVWKHVXSHULRUPDQ
'LVSHQVHVULFKHVGRZQZDUG
$QGUHIUDLQVIURPUHVWLQJRQKLVYLUWXH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
0LJKW\LQWKHIRUZDUGVWULGLQJWRHV
:KHQRQHJRHVDQGLVQRWHTXDOWRWKHWDVN
2QHPDNHVDPLVWDNH
1LQHLQWKHVHFRQGSODFHPHDQV
$FU\RIDODUP
$UPVDWHYHQLQJDQGDWQLJKW
)HDUQRWKLQJ
1LQHLQWKHWKLUGSODFHPHDQV
7REHSRZHUIXOLQWKH FKHHNERQHV
%ULQJVPLVIRUWXQH
7KHVXSHULRUPDQLVILUPO\UHVROYHG
+HZDONVDORQHDQGLVFDXJKWLQWKHUDLQ
+HLVEHVSDWWHUHG
$QGSHRSOHPXUPXUDJDLQVWKLP
1REODPH
1LQHLQWKHIRXUWKSODFHPHDQV
7KHUHLVQRVNLQRQKLVWKLJKV
$QGZDONLQJFRPHVKDUG
,IDPDQZHUHWROHW KLPVHOIEHOHGOLNHDVKHHS
5HPRUVHZRXOGGLVDSSHDU
%XWLIWKHVHZRUGVDUHKHDUG
7KH\ZLOOQRWEHEHOLHYHG
1LQHLQWKHILIWKSODFHPHDQV
,QGHDOLQJZLWKZHHGV
)LUPUHVROXWLRQLVQHFHVVDU\
:DONLQJLQWKHPLGGOH
5HPDLQVIUHHRIEODPH
6L[DWWKHWRSPHDQV
1RFU\
,QWKHHQGPLVIRUWXQHFRPHV
4
7KH-XGJHPHQW
7KH,PDJH
.RX&RPLQJWR0HHW
$ERYH&K
LHQ
7KH&UHDWLYH+HDYHQ
%HORZ6XQ
7KH*HQWOH:LQG
&RPLQJWR0HHW7KHPDLGHQLVSRZHUIXO
2QHVKRXOGQRWPDUU\VXFKDPDLGHQ
8QGHUKHDYHQZLQG
7KHLPDJHRI&RPLQJWR0HHW
7KXVGRHVWKHSULQFHDFWZKHQGLVVHPLQDWLQJKLVFRPPDQGV
$QGSURFODLPLQJWKHPWRWKHIRXUTXDUWHUVRIKHDYHQ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
,WPXVWEHFKHFNHGZLWKDEUDNHRIEURQ]H
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
,IRQHOHWVLWWDNHLWVFRXUVHRQHH[SHULHQFHVPLVIRUWXQH
(YHQDOHDQSLJKDVLWLQKLPWRUDJHDURXQG
1LQHLQWKHVHFRQGSODFHPHDQV
7KHUHLVDILVKLQWKHWDQN 1REODPH
'RHVQRWIXUWKHUJXHVWV
1LQHLQWKHWKLUGSODFHPHDQV
7KHUHLVQRVNLQRQKLVWKLJKV
$QGZDONLQJFRPHVKDUG
,IRQHLVPLQGIXORIWKHGDQJHU
1RJUHDWPLVWDNHLVPDGH
1LQHLQWKHIRXUWKSODFHPHDQV
1RILVKLQWKHWDQN
7KLVOHDGVWRPLVIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
$PHORQFRYHUHGZLWKZLOORZOHDYHV
+LGGHQOLQHV
7KHQLWGURSVGRZQWRRQHIURPKHDYHQ
1LQHDWWKHWRSPHDQV
+HFRPHVWRPHHWZLWKKLVKRUQV
+XPLOLDWLRQ1REODPH
5
7KH-XGJHPHQW
7KH,PDJH
7V
XL*DWKHULQJ
7RJHWKHU>0DVVLQJ@
$ERYH7XL
7KH-R\RXV/DNH
%HORZ.
XQ
7KH5HFHSWLYH(DUWK
*DWKHULQJ7RJHWKHU 6XFFHVV
7KHNLQJDSSURDFKHVKLVWHPSOH
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
7KLVEULQJVVXFFHVV3HUVHYHUDQFHIXUWKHUV
7REULQJJUHDWRIIHULQJVFUHDWHVJRRGIRUWXQH
,WIXUWKHUVRQHWRXQGHUWDNHVRPHWKLQJ
2YHUWKHHDUWKWKHODNH
7KHLPDJHRI*DWKHULQJ7RJHWKHU
7KXVWKHVXSHULRUPDQUHQHZVKLVZHDSRQV
,QRUGHUWRPHHWWKHXQIRUHVHHQ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
,I\RXDUHVLQFHUHEXWQRWWRWKHHQG
7KHUHZLOOVRPHWLPHVEHFRQIXVLRQVRPHWLPHVJDWKHULQJWRJHWKHU
,I\RXFDOORXW
7KHQDIWHURQHJUDVSRIWKHKDQG\RXFDQODXJKDJDLQ
5HJUHWQRW*RLQJLVZLWKRXWEODPH
6L[LQWKHVHFRQGSODFHPHDQV
/HWWLQJRQHVHOIEHGUDZQ
%ULQJVJRRGIRUWXQHDQGUHPDLQVEODPHOHVV
,IRQHLVVLQFHUH
,WIXUWKHUVRQHWREULQJHYHQDVPDOORIIHULQJ
6L[LQWKHWKLUGSODFHPHDQV
*DWKHULQJWRJHWKHUDPLGVLJKV
1RWKLQJWKDWZRXOGIXUWKHU
*RLQJLVZLWKRXWEODPH
6OLJKWKXPLOLDWLRQ
1LQHLQWKHIRXUWKSODFHPHDQV
*UHDWJRRGIRUWXQH 1REODPH
1LQHLQWKHILIWKSODFHPHDQV
,ILQJDWKHULQJWRJHWKHURQHKDVSRVLWLRQ
7KLVEULQJVQREODPH
,IWKHUHDUHVRPHZKRDUHQRW\HWVLQFHUHO\LQWKHZRUN
6XEOLPHDQGHQGXULQJSHUVHYHUDQFHLVQHHGHG
7KHQUHPRUVHGLVDSSHDUV
6L[DWWKHWRSPHDQV
/DPHQWLQJDQGVLJKLQJIORRGVRIWHDUV
1REODPH
6
7KH-XGJHPHQW
7KH,PDJH
6KrQJ3XVKLQJ8SZDUG
$ERYH.
XQ
7KH5HFHSWLYH(DUWK
%HORZ6XQ
7KH*HQWOH:LQG
3XVKLQJ8SZDUGKDVVXSUHPHVXFFHVV
2QHPXVWVHHWKHJUHDWPDQ
)HDUQRW
'HSDUWXUHWRZDUGWKHVRXWK
%ULQJVJRRGIRUWXQH
:LWKLQWKHHDUWKZRRG JURZV
7KHLPDJHRI3XVKLQJ8SZDUG
7KXVWKHVXSHULRUPDQRIGHYRWHGFKDUDFWHU
+HDSVXSVPDOOWKLQJV
,QRUGHUWRDFKLHYHVRPHWKLQJKLJKDQGJUHDW
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
3XVKLQJXSZDUGWKDWPHHWVZLWKFRQILGHQFH
%ULQJVJUHDWJRRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
,IRQHLVVLQFHUH
,WIXUWKHUVRQHWREULQJHYHQDVPDOORIIHULQJ
1REODPH
1LQHLQWKHWKLUGSODFHPHDQV
2QHSXVKHVXSZDUGLQWRDQHPSW\FLW\
6L[LQWKHIRXUWKSODFHPHDQV
7KHNLQJRIIHUVKLP0RXQW &K
L
*RRGIRUWXQH1REODPH
6L[LQWKHILIWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
2QHSXVKHVXSZDUGE\VWHSV
6L[DWWKHWRSPHDQV
3XVKLQJXSZDUGLQGDUNQHVV
,WIXUWKHUVRQH
7REHXQUHPLWWLQJO\SHUVHYHULQJ
7
7KH-XGJHPHQW
7KH,PDJH
.
XQ2SSUHVVLRQ
([KDXVWLRQ
$ERYH7XL
7KH-R\RXV/DNH
%HORZ.
DQ
7KH$E\VPDO:DWHU
2SSUHVVLRQ6XFFHVV3HUVHYHUDQFH
7KHJUHDWPDQEULQJVDERXWJRRGIRUWXQH
1REODPH
:KHQRQHKDVVRPHWKLQJWRVD\
,WLVQRWEHOLHYHG
7KHUHLVQRZDWHULQWKHODNH
7KHLPDJHRI([KDXVWLRQ
7KXVWKHVXSHULRUPDQVWDNHVKLVOLIH
2QIROORZLQJKLVZLOO
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
2QHVLWVRSSUHVVHGXQGHUDEDUHWUHH
$QGVWUD\VLQWRDJORRP\YDOOH\
)RUWKUHH\HDUVRQHVHHVQRWKLQJ
1LQHLQWKHVHFRQGSODFHPHDQV
2QHLVRSSUHVVHGZKLOHDWPHDWDQGGULQN
7KHPDQZLWKWKHVFDUOHWNQHHEDQGVLVMXVWFRPLQJ
,WIXUWKHUVRQHWRRIIHUVDFULILFH
7RVHWIRUWKEULQJVPLVIRUWXQH
1REODPH
6L[LQWKHWKLUGSODFHPHDQV
$PDQSHUPLWVKLPVHOIWREHRSSUHVVHGE\VWRQH
$QGOHDQVRQWKRUQVDQGWKLVWOHV
+HHQWHUVKLVKRXVHDQGGRHVQRWVHHKLVZLIH
0LVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
+HFRPHVYHU\TXLHWO\RSSUHVVHGLQDJROGHQFDUULDJH
+XPLOLDWLRQEXWWKHHQGLVUHDFKHG
1LQHLQWKHILIWKSODFHPHDQV
+LVQRVHDQGIHHWDUHFXWRII
2SSUHVVLRQDWWKHKDQGVRIWKHPDQZLWKWKHSXUSOHNQHHEDQGV
-R\FRPHVVRIWO\
,WIXUWKHUVRQHWRPDNHRIIHULQJVDQGOLEDWLRQV
6L[DWWKHWRSPHDQV
+HLVRSSUHVVHGE\FUHHSLQJYLQHV
+HPRYHVXQFHUWDLQO\DQGVD\V0RYHPHQWEULQJVUHPRUVH
,IRQHIHHOVUHPRUVHRYHUWKLVDQGPDNHVDVWDUW
*RRGIRUWXQHFRPHV
8
7KH-XGJHPHQW
7KH,PDJH
&KLQJ7KH:HOO
$ERYH.
DQ
7KH$E\VPDO:DWHU
%HORZ6XQ
7KH*HQWOH:LQG
7KH:HOO7KHWRZQPD\EHFKDQJHG
%XWWKHZHOOFDQQRWEHFKDQJHG
,WQHLWKHUGHFUHDVHVQRULQFUHDVHV
7KH\FRPHDQGJRDQGGUDZIURPWKHZHOO
,IRQHJHWVGRZQDOPRVWWRWKHZDWHU
$QGWKHURSHGRHVQRWJRDOOWKHZD\
2UWKHMXJEUHDNVLWEULQJVPLVIRUWXQH
:DWHURYHUZRRGWKHLPDJHRIWKH:HOO
7KXVWKHVXSHULRUPDQHQFRXUDJHVWKHSHRSOHDWWKHLUZRUN
$QGH[KRUWVWKHPWRKHOSRQHDQRWKHU
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
2QHGRHVQRWGULQNWKHPXGRIWKHZHOO
1RDQLPDOVFRPHWRDQROGZHOO
1LQHLQWKHVHFRQGSODFHPHDQV
$WWKHZHOOKROHRQHVKRRWVILVKHV
7KHMXJLVEURNHQDQGOHDNV
1LQHLQWKHWKLUGSODFHPHDQV
7KHZHOOLVFOHDQHGEXWQRRQHGULQNVIURPLW
7KLVLVP\KHDUW
VVRUURZ
)RURQHPLJKWGUDZIURPLW
,IWKHNLQJZHUHFOHDUPLQGHG
*RRGIRUWXQHPLJKWEHHQMR\HGLQFRPPRQ
6L[LQWKHIRXUWKSODFHPHDQV
7KHZHOOLVEHLQJOLQHG 1REODPH
1LQHLQWKHILIWKSODFHPHDQV
,QWKHZHOOWKHUHLVDFOHDUFROGVSULQJ
)URPZKLFKRQHFDQGULQN
6L[DWWKHWRSPHDQV
2QHGUDZVIURPWKHZHOO
:LWKRXWKLQGUDQFH
,WLVGHSHQGDEOH
6XSUHPHJRRGIRUWXQH
9
7KH-XGJHPHQW
7KH,PDJH
.R5HYROXWLRQ0ROWLQJ
$ERYH7XL
7KH-R\RXV/DNH
%HORZ/L
7KH&OLQJLQJ)ODPH
5HYROXWLRQ2Q\RXURZQGD\
<RXDUHEHOLHYHG
6XSUHPHVXFFHVV
)XUWKHULQJWKURXJKSHUVHYHUDQFH
5HPRUVHGLVDSSHDUV
)LUHLQWKHODNHWKHLPDJHRI5HYROXWLRQ
7KXVWKHVXSHULRUPDQ
6HWVWKHFDOHQGDULQRUGHU
$QGPDNHVWKHVHDVRQVFOHDU
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
:UDSSHGLQWKHKLGHRID\HOORZFRZ
6L[LQWKHVHFRQGSODFHPHDQV
:KHQRQH
VRZQGD\FRPHVRQHPD\FUHDWHUHYROXWLRQ
6WDUWLQJEULQJVJRRGIRUWXQH 1REODPH
1LQHLQWKHWKLUGSODFHPHDQV
6WDUWLQJEULQJVPLVIRUWXQH
3HUVHYHUDQFHEULQJVGDQJHU
:KHQWDONRIUHYROXWLRQKDVJRQHWKHURXQGVWKUHHWLPHV
2QHPD\FRPPLW KLPVHOI
$QGPHQZLOOEHOLHYHKLP
1LQHLQWKHIRXUWKSODFHPHDQV
5HPRUVHGLVDSSHDUV0HQEHOLHYHKLP
&KDQJLQJWKHIRUPRIJRYHUQPHQWEULQJVJRRGIRUWXQH
1LQHLQWKHILIWKSODFHPHDQV
7KHJUHDWPDQFKDQJHVOLNHDWLJHU
(YHQEHIRUHKHTXHVWLRQVWKHRUDFOH
+HLVEHOLHYHG
6L[DWWKHWRSPHDQV
7KHVXSHULRUPDQFKDQJHVOLNHDSDQWKHU
7KHLQIHULRUPDQ PROWVLQWKHIDFH
6WDUWLQJEULQJVPLVIRUWXQH
7RUHPDLQSHUVHYHULQJEULQJVJRRGIRUWXQH
:
7KH-XGJHPHQW
7KH,PDJH
7LQJ7KH&DOGURQ
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ6XQ
7KH*HQWOH:LQG
7KH&DOGURQ6XSUHPHJRRGIRUWXQH
6XFFHVV
)LUHRYHUZRRG
7KHLPDJHRIWKH&DOGURQ
7KXVWKHVXSHULRUPDQFRQVROLGDWHVKLVIDWH
%\PDNLQJKLVSRVLWLRQFRUUHFW
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
$7LQJZLWKOHJVXSWXUQHG
)XUWKHUVUHPRYDORIVWDJQDWLQJVWXII
2QHWDNHVDFRQFXELQHIRUWKHVDNHRIKHUVRQ
1REODPH
1LQHLQWKHVHFRQGSODFHPHDQV
7KHUHLVIRRGLQWKH7LQJ
0\FRPUDGHVDUHHQYLRXV
%XWWKH\FDQQRWKDUPPH
*RRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
7KHKDQGOHRIWKH7LQJLVDOWHUHG
2QHLVLPSHGHGLQKLVZD\RIOLIH
7KHIDWRIWKHSKHDVDQWLVQRWHDWHQ
2QFHUDLQIDOOVUHPRUVHLVVSHQW
*RRGIRUWXQHFRPHVLQWKHHQG
1LQHLQWKHIRXUWKSODFHPHDQV
7KHOHJVRIWKH7LQJDUHEURNHQ
7KHSULQFH
VPHDOLVVSLOOHG
$QGKLVSHUVRQLVVRLOHG
0LVIRUWXQH
6L[LQWKHILIWKSODFHPHDQV
7KH7LQJKDV\HOORZKDQGOHVJROGHQFDUU\LQJULQJV
3HUVHYHUDQFHIXUWKHUV
1LQHDWWKHWRSPHDQV
7KH7LQJKDVULQJVRIMDGH
*UHDWJRRGIRUWXQH
1RWKLQJWKDWZRXOGQRWDFWWRIXUWKHU
;
7KH-XGJHPHQW
7KH,PDJH
&KHQ7KH$URXVLQJ
6KRFN7KXQGHU
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ&KHQ
7KH$URXVLQJ7KXQGHU
6KRFNEULQJVVXFFHVV
6KRFNFRPHVRKRK
/DXJKLQJZRUGVKDKD
7KHVKRFNWHUULILHVIRUDKXQGUHGPLOHV
$QGKHGRHVQRWOHWIDOOWKHVDFULILFLDOVSRRQDQGFKDOLFH
7KXQGHUUHSHDWHGWKHLPDJHRI6KRFN
7KXVLQIHDUDQGWUHPEOLQJ
7KHVXSHULRUPDQVHWVKLVOLIHLQRUGHU
$QGH[DPLQHVKLPVHOI
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
6KRFNFRPHVRKRK
7KHQIROORZODXJKLQJZRUGVKDKD
*RRGIRUWXQH
6L[LQWKHVHFRQGSODFHPHDQV
6KRFNFRPHVEULQJLQJGDQJHU
$KXQGUHGWKRXVDQGWLPHV
<RXORVH\RXUWUHDVXUHV
$QGPXVWFOLPEWKHQLQHKLOOV
'RQRWJRLQSXUVXLWRIWKHP
$IWHUVHYHQGD\V\RXZLOOJHWWKHPEDFN
6L[LQWKHWKLUGSODFHPHDQV
6KRFNFRPHVDQGPDNHVRQHGLVWUDXJKW
,IVKRFNVSXUVWRDFWLRQ
2QHUHPDLQVIUHHRIPLVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
6KRFNLVPLUHG
6L[LQWKHILIWKSODFHPHDQV
6KRFNJRHVKLWKHUDQGWKLWKHU
'DQJHU
+RZHYHUQRWKLQJDWDOOLVORVW
<HWWKHUHDUHWKLQJVWREHGRQH
6L[DWWKHWRSPHDQV
6KRFNEULQJVUXLQDQGWHUULILHGJD]LQJDURXQG
*RLQJDKHDGEULQJVPLVIRUWXQH
,ILWKDVQRW\HWWRXFKHGRQH
VRZQERG\
%XWKDVUHDFKHGRQH
V QHLJKERUILUVW
7KHUHLVQREODPH
2QH
VFRPUDGHVKDYHVRPHWKLQJWRWDONDERXW
<
7KH-XGJHPHQW
7KH,PDJH
.rQ.HHSLQJ6WLOO
0RXQWDLQ
$ERYH.rQ
.HHSLQJ6WLOO0RXQWDLQ
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
.HHSLQJ6WLOO.HHSLQJKLVEDFNVWLOO
6RWKDWKHQRORQJHUIHHOVKLVERG\
+HJRHVLQWRKLVFRXUW\DUG
$QGGRHVQRWVHHKLVSHRSOH
1REODPH
0RXQWDLQVVWDQGLQJFORVHWRJHWKHU
7KHLPDJHRI.HHSLQJ6WLOO
7KXVWKHVXSHULRUPDQ
'RHVQRWSHUPLWKLVWKRXJKWV
7RJREH\RQGKLVVLWXDWLRQ
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
.HHSLQJKLVWRHVVWLOO
1REODPH
&RQWLQXHGSHUVHYHUDQFHIXUWKHUV
6L[LQWKHVHFRQGSODFHPHDQV
.HHSLQJKLVFDOYHVVWLOO
+HFDQQRWUHVFXHKLPZKRPKHIROORZV
+LVKHDUWLVQRWJODG
1LQHLQWKHWKLUGSODFHPHDQV
.HHSLQJKLVKLSVVWLOO
0DNLQJKLVVDFUXPVWLII
'DQJHURXV7KHKHDUWVXIIRFDWHV
6L[LQWKHIRXUWKSODFHPHDQV
.HHSLQJKLVWUXQNVWLOO
1REODPH
6L[LQWKHILIWKSODFHPHDQV
.HHSLQJKLVMDZVVWLOO
7KHZRUGVKDYHRUGHU
5HPRUVHGLVDSSHDUV
1LQHDWWKHWRSPHDQV
1REOHKHDUWHGNHHSLQJVWLOO
*RRGIRUWXQH
=
7KH-XGJHPHQW
7KH,PDJH
&KLHQ'HYHORSPHQW
*UDGXDO3URJUHVV
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
'HYHORSPHQW7KHPDLGHQ
,VJLYHQLQPDUULDJH
*RRGIRUWXQH
3HUVHYHUDQFHIXUWKHUV
2QWKHPRXQWDLQDWUHH
7KHLPDJHRI'HYHORSPHQW
7KXVWKHVXSHULRUPDQDELGHVLQGLJQLW\DQGYLUWXH
,QRUGHUWRLPSURYHWKHPRUHV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHVKRUH
7KH\RXQJVRQLVLQGDQJHU
7KHUHLVWDON1REODPH
6L[LQWKHVHFRQGSODFHPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHFOLII
(DWLQJDQGGULQNLQJLQSHDFHDQGFRQFRUG
*RRGIRUWXQH
1LQHLQWKHWKLUGSODFHPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHSODWHDX
7KHPDQJRHVIRUWKDQGGRHVQRWUHWXUQ
7KHZRPDQFDUULHVDFKLOGEXWGRHVQRWEULQJLWIRUWK
0LVIRUWXQH
,WIXUWKHUVRQHWRILJKWRIIUREEHUV
6L[LQWKHIRXUWKSODFHPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHWUHH
3HUKDSVLWZLOOILQGDIODWEUDQFK 1REODPH
1LQHLQWKHILIWKSODFHPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHVXPPLW
)RUWKUHH\HDUVWKHZRPDQKDVQRFKLOG
,QWKHHQGQRWKLQJFDQKLQGHUKHU
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
7KHZLOGJRRVHJUDGXDOO\GUDZVQHDUWKHFORXGKHLJKWV
,WVIHDWKHUVFDQEHXVHGIRUWKHVDFUHGGDQFH
*RRGIRUWXQH
>?
7KH-XGJHPHQW
7KH,PDJH
.XHL0HL7KH0DUU\LQJ
0DLGHQ
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ7XL
7KH-R\RXV/DNH
7KH0DUU\LQJ0DLGHQ
8QGHUWDNLQJVEULQJPLVIRUWXQH
1RWKLQJWKDWZRXOGIXUWKHU
7KXQGHURYHUWKHODNH
7KHLPDJHRIWKH0DUU\LQJ0DLGHQ
7KXVWKHVXSHULRUPDQ
8QGHUVWDQGVWKHWUDQVLWRU\
,QWKHOLJKWRIWKHHWHUQLW\RIWKHHQG
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
7KHPDUU\LQJPDLGHQDVDFRQFXELQH
$ODPHPDQZKRLVDEOHWRWUHDG
8QGHUWDNLQJVEULQJJRRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
$RQHH\HGPDQZKRLVDEOHWRVHH
7KHSHUVHYHUDQFHRIDVROLWDU\PDQIXUWKHUV
6L[LQWKHWKLUGSODFHPHDQV
7KHPDUU\LQJPDLGHQDVDVODYH
6KHPDUULHVDVDFRQFXELQH
1LQHLQWKHIRXUWKSODFHPHDQV
7KHPDUU\LQJPDLGHQGUDZVRXWWKHDOORWWHGWLPH
$ODWHPDUULDJHFRPHVLQGXHFRXUVH
6L[LQWKHILIWKSODFHPHDQV
7KHVRYHUHLJQ,JDYHKLVGDXJKWHULQPDUULDJH
7KHHPEURLGHUHGJDUPHQWVRIWKHSULQFHVV
:HUHQRWDVJRUJHRXV
$VWKRVHRIWKHVHUYLQJPDLG
7KHPRRQWKDWLVQHDUO\ IXOO
%ULQJVJRRGIRUWXQH
6L[DWWKHWRSPHDQV
7KHZRPDQKROGVWKHEDVNHWEXWWKHUHDUHQRIUXLWVLQLW
7KHPDQVWDEVWKHVKHHSEXWQREORRGIORZV
1RWKLQJWKDWDFWVWRIXUWKHU
@
7KH-XGJHPHQW
7KH,PDJH
)rQJ$EXQGDQFH
>)XOOQHVV@
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ/L
7KH&OLQJLQJ)ODPH
$EXQGDQFHKDVVXFFHVV
7KHNLQJDWWDLQVDEXQGDQFH
%HQRWVDG
%HOLNHWKHVXQDWPLGGD\
%RWKWKXQGHUDQGOLJKWQLQJFRPH
7KHLPDJHRI$EXQGDQFH
7KXVWKHVXSHULRUPDQGHFLGHVODZVXLWV
$QGFDUULHVRXWSXQLVKPHQWV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
:KHQDPDQPHHWVKLVGHVWLQHGUXOHU
7KH\FDQEHWRJHWKHUWHQGD\V
$QGLWLVQRWDPLVWDNH
*RLQJPHHWVZLWKUHFRJQLWLRQ
6L[LQWKHVHFRQGSODFHPHDQV
7KHFXUWDLQLVRIVXFKIXOOQHVV
7KDWWKHSROHVWDUVFDQEHVHHQDWQRRQ
7KURXJKJRLQJRQHPHHWVZLWKPLVWUXVWDQGKDWH
,IRQHURXVHVKLPWKURXJKWUXWK
*RRGIRUWXQHFRPHV
1LQHLQWKHWKLUGSODFHPHDQV
7KHXQGHUEUXVKLVRIVXFKDEXQGDQFH
7KDWWKHVPDOOVWDUVFDQEHVHHQDWQRRQ
+HEUHDNVKLVULJKWDUP 1REODPH
1LQHLQWKHIRXUWKSODFHPHDQV
7KHFXUWDLQLVRIVXFKIXOOQHVV
7KDWWKHSROHVWDUVFDQEHVHHQDWQRRQ
+HPHHWVKLVUXOHUZKRLVRIOLNHNLQG
*RRGIRUWXQH
6L[LQWKHILIWKSODFHPHDQV
/LQHVDUHFRPLQJ
%OHVVLQJDQGIDPHGUDZQHDU
*RRGIRUWXQH
6L[DWWKHWRSPHDQV
+LVKRXVHLVLQDVWDWHRIDEXQGDQFH
+HVFUHHQVRIIKLVIDPLO\
+HSHHUVWKURXJKWKHJDWH
$QGQRORQJHUSHUFHLYHVDQ\RQH
)RUWKUHH\HDUVKHVHHVQRWKLQJ
0LVIRUWXQH
A
7KH-XGJHPHQW
7KH,PDJH
/X7KH:DQGHUHU
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
7KH:DQGHUHU 6XFFHVVWKURXJKVPDOOQHVV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
7RWKHZDQGHUHU
)LUHRQWKHPRXQWDLQ
7KHLPDJHRIWKH:DQGHUHU
7KXVWKHVXSHULRUPDQ
,VFOHDUPLQGHGDQGFDXWLRXV
,QLPSRVLQJSHQDOWLHV
$QGSURWUDFWVQRODZVXLWV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
,IWKHZDQGHUHUEXVLHVKLPVHOIZLWKWULYLDOWKLQJV
+HGUDZVGRZQPLVIRUWXQHXSRQKLPVHOI
6L[LQWKHVHFRQGSODFHPHDQV
7KHZDQGHUHUFRPHVWRDQLQQ
+HKDVKLVSURSHUW\ZLWKKLP
+HZLQVWKHVWHDGIDVWQHVVRID\RXQJVHUYDQW
1LQHLQWKHWKLUGSODFHPHDQV
7KHZDQGHUHU
VLQQEXUQVGRZQ
+HORVHVWKHVWHDGIDVWQHVVRIKLV\RXQJVHUYDQW
'DQJHU
1LQHLQWKHIRXUWKSODFHPHDQV
7KHZDQGHUHUUHVWVLQDVKHOWHU
+HREWDLQVKLVSURSHUW\DQGDQ D[
0\KHDUWLVQRWJODG
6L[LQWKHILIWKSODFHPHDQV
+HVKRRWVDSKHDVDQW
,WGURSVZLWKWKHILUVWDUURZ
,QWKHHQGWKLVEULQJVERWKSUDLVHDQGRIILFH
1LQHDWWKHWRSPHDQV
7KHELUG
VQHVWEXUQVXS
7KHZDQGHUHUODXJKVDWILUVW
7KHQPXVWQHHGVODPHQWDQGZHHS
7KURXJKFDUHOHVVQHVVKHORVHVKLVFRZ
0LVIRUWXQH
B
7KH-XGJHPHQW
7KH,PDJH
6XQ7KH*HQWOH7KH
3HQHWUDWLQJ:LQG
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ6XQ
7KH*HQWOH:LQG
7KH*HQWOH6XFFHVVWKURXJKZKDWLVVPDOO
,WIXUWKHUVRQHWRKDYHVRPHZKHUHWRJR
,WIXUWKHUVRQHWRVHHWKHJUHDWPDQ
:LQGVIROORZLQJRQHXSRQWKHRWKHU
7KHLPDJHRIWKH*HQWO\3HQHWUDWLQJ
7KXVWKHVXSHULRUPDQ
6SUHDGVKLVFRPPDQGVDEURDG
$QGFDUULHVRXWKLVXQGHUWDNLQJV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
,QDGYDQFLQJDQGLQUHWUHDWLQJ
7KHSHUVHYHUDQFHRIDZDUULRUIXUWKHUV
1LQHLQWKHVHFRQGSODFHPHDQV
3HQHWUDWLRQXQGHUWKHEHG
3ULHVWVDQGPDJLFLDQVDUHXVHGLQJUHDWQXPEHU
*RRGIRUWXQH1REODPH
1LQHLQWKHWKLUGSODFHPHDQV
5HSHDWHGSHQHWUDWLRQ +XPLOLDWLRQ
6L[LQWKHIRXUWKSODFHPHDQV
5HPRUVHYDQLVKHV
'XULQJWKHKXQW
7KUHHNLQGVRIJDPHDUHFDXJKW
1LQHLQWKHILIWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
5HPRUVHYDQLVKHV
1RWKLQJWKDWGRHVQRWIXUWKHU
1REHJLQQLQJEXWDQHQG
%HIRUHWKHFKDQJHWKUHHGD\V
$IWHUWKHFKDQJHWKUHHGD\V
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
3HQHWUDWLRQXQGHUWKHEHG
+HORVHVKLVSURSHUW\DQGKLV D[
3HUVHYHUDQFHEULQJVPLVIRUWXQH
C
7KH-XGJHPHQW
7KH,PDJH
7XL7KH-R\RXV/DNH
$ERYH7XL
7KH-R\RXV/DNH
%HORZ7XL
7KH-R\RXV/DNH
7KH-R\RXV6XFFHVV
3HUVHYHUDQFHLVIDYRUDEOH
/DNHVUHVWLQJRQHRQWKHRWKHU
7KHLPDJHRIWKH-R\RXV
7KXVWKHVXSHULRUPDQMRLQVZLWKKLVIULHQGV
)RUGLVFXVVLRQDQGSUDFWLFH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
&RQWHQWHGMR\RXVQHVV *RRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
6LQFHUHMR\RXVQHVV *RRGIRUWXQH
5HPRUVHGLVDSSHDUV
6L[LQWKHWKLUGSODFHPHDQV
&RPLQJMR\RXVQHVV 0LVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
-R\RXVQHVVWKDWLVZHLJKHGLVQRWDWSHDFH
$IWHUULGGLQJKLPVHOIRIPLVWDNHVDPDQKDVMR\
1LQHLQWKHILIWKSODFHPHDQV
6LQFHULW\WRZDUGGLVLQWHJUDWLQJLQIOXHQFHVLVGDQJHURXV
6L[DWWKHWRSPHDQV
6HGXFWLYHMR\RXVQHVV
D
7KH-XGJHPHQW
7KH,PDJH
+XDQ'LVSHUVLRQ
>'LVVROXWLRQ@
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ.
DQ
7KH$E\VPDO:DWHU
'LVSHUVLRQ6XFFHVV
7KHNLQJDSSURDFKHVKLVWHPSOH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
3HUVHYHUDQFHIXUWKHUV
7KHZLQGGULYHVRYHUWKHZDWHU
7KHLPDJHRI'LVSHUVLRQ
7KXVWKHNLQJVRIROGVDFULILFHGWRWKH/RUG
$QGEXLOWWHPSOHV
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
+HEULQJVKHOSZLWKWKHVWUHQJWKRIDKRUVH
*RRGIRUWXQH
1LQHLQWKHVHFRQGSODFHPHDQV
$WWKHGLVVROXWLRQ
+HKXUULHVWRWKDWZKLFKVXSSRUWVKLP
5HPRUVHGLVDSSHDUV
6L[LQWKHWKLUGSODFHPHDQV
+HGLVVROYHVKLVVHOI 1RUHPRUVH
6L[LQWKHIRXUWKSODFHPHDQV
+HGLVVROYHVKLVERQGZLWKKLVJURXS
6XSUHPHJRRGIRUWXQH
'LVSHUVLRQOHDGVLQWXUQWRDFFXPXODWLRQ
7KLVLVVRPHWKLQJWKDWRUGLQDU\PHQGRQRWWKLQNRI
1LQHLQWKHILIWKSODFHPHDQV
+LVORXGFULHVDUHDVGLVVROYLQJDVVZHDW
'LVVROXWLRQ$NLQJDELGHVZLWKRXWEODPH
1LQHDWWKHWRSPHDQV
+HGLVVROYHVKLVEORRG
'HSDUWLQJNHHSLQJDWDGLVWDQFHJRLQJRXW
,VZLWKRXWEODPH
E
7KH-XGJHPHQW
7KH,PDJH
&KLHK/LPLWDWLRQ
$ERYH.
DQ
7KH$E\VPDO:DWHU
%HORZ7XL
7KH-R\RXV/DNH
/LPLWDWLRQ6XFFHVV
*DOOLQJOLPLWDWLRQPXVWQRWEHSHUVHYHUHGLQ
:DWHURYHUODNHWKHLPDJHRI/LPLWDWLRQ
7KXVWKHVXSHULRUPDQ
&UHDWHVQXPEHUDQGPHDVXUH
$QGH[DPLQHVWKHQDWXUHRIYLUWXHDQGFRUUHFWFRQGXFW
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
1RWJRLQJRXWRIWKHGRRUDQGWKHFRXUW\DUG
,VZLWKRXWEODPH
1LQHLQWKHVHFRQGSODFHPHDQV
1RWJRLQJRXWRIWKHJDWHDQGWKHFRXUW\DUG
%ULQJVPLVIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
+HZKRNQRZVQROLPLWDWLRQ
:LOOKDYHFDXVHWRODPHQW
1REODPH
6L[LQWKHIRXUWKSODFHPHDQV
&RQWHQWHGOLPLWDWLRQ 6XFFHVV
1LQHLQWKHILIWKSODFHPHDQV
6ZHHWOLPLWDWLRQEULQJVJRRGIRUWXQH
*RLQJEULQJVHVWHHP
6L[DWWKHWRSPHDQV
*DOOLQJOLPLWDWLRQ
3HUVHYHUDQFHEULQJVPLVIRUWXQH
5HPRUVHGLVDSSHDUV
FG
7KH-XGJHPHQW
7KH,PDJH
&KXQJ)X,QQHU7UXWK
$ERYH6XQ
7KH*HQWOH:LQG
%HORZ7XL
7KH-R\RXV/DNH
,QQHU7UXWK3LJVDQGILVKHV
*RRGIRUWXQH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
3HUVHYHUDQFHIXUWKHUV
:LQGRYHUODNHWKHLPDJHRI,QQHU7UXWK
7KXVWKHVXSHULRUPDQGLVFXVVHVFULPLQDOFDVHV
,QRUGHUWRGHOD\H[HFXWLRQV
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
%HLQJSUHSDUHGEULQJVJRRGIRUWXQH
,IWKHUHDUHVHFUHWGHVLJQVLWLVGLVTXLHWLQJ
1LQHLQWKHVHFRQGSODFHPHDQV
$FUDQHFDOOLQJLQWKHVKDGH
,WV\RXQJDQVZHUVLW
,KDYHDJRRGJREOHW
,ZLOOVKDUHLWZLWK\RX
6L[LQWKHWKLUGSODFHPHDQV
+HILQGVDFRPUDGH
1RZKHEHDWVWKHGUXPQRZKHVWRSV
1RZKHVREVQRZKHVLQJV
6L[LQWKHIRXUWKSODFHPHDQV
7KHPRRQQHDUO\DWWKHIXOO
7KHWHDPKRUVHJRHVDVWUD\
1REODPH
1LQHLQWKHILIWKSODFHPHDQV
+HSRVVHVVHVWUXWKZKLFKOLQNVWRJHWKHU
1REODPH
1LQHDWWKHWRSPHDQV
&RFNFURZSHQHWUDWLQJWRKHDYHQ
3HUVHYHUDQFHEULQJVPLVIRUWXQH
#
7KH-XGJHPHQW
7KH,PDJH
+VLDR.XR
3UHSRQGHUDQFHRIWKH6PDOO
$ERYH&KHQ
7KH$URXVLQJ7KXQGHU
%HORZ.rQ
.HHSLQJ6WLOO0RXQWDLQ
3UHSRQGHUDQFHRIWKH6PDOO 6XFFHVV
3HUVHYHUDQFHIXUWKHUV
6PDOOWKLQJVPD\EHGRQHJUHDWWKLQJVVKRXOGQRWEHGRQH
7KHIO\LQJELUGEULQJVWKHPHVVDJH
,WLVQRWZHOOWRVWULYHXSZDUG
,WLVZHOOWRUHPDLQEHORZ
*UHDWJRRGIRUWXQH
7KXQGHURQWKHPRXQWDLQ
7KHLPDJHRI3UHSRQGHUDQFHRIWKH6PDOO
7KXVLQKLVFRQGXFWWKHVXSHULRUPDQJLYHVSUHSRQGHUDQFHWR
UHYHUHQFH
,QEHUHDYHPHQWKHJLYHVSUHSRQGHUDQFHWRJULHI
,QKLVH[SHQGLWXUHVKHJLYHVSUHSRQGHUDQFHWRWKULIW
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
7KHELUGPHHWVZLWKPLVIRUWXQHWKURXJKIO\LQJ
6L[LQWKHVHFRQGSODFHPHDQV
6KHSDVVHVE\KHUDQFHVWRU
$QGPHHWVKHUDQFHVWUHVV
+HGRHVQRWUHDFKKLVSULQFH
$QGPHHWVWKHRIILFLDO
1REODPH
1LQHLQWKHWKLUGSODFHPHDQV
,IRQHLVQRWH[WUHPHO\FDUHIXO
6RPHERG\PD\FRPHXSIURPEHKLQGDQGVWULNHKLP
0LVIRUWXQH
1LQHLQWKHIRXUWKSODFHPHDQV
1REODPH+HPHHWVKLPZLWKRXWSDVVLQJE\
*RLQJEULQJVGDQJHU2QHPXVWEHRQJXDUG
'RQRWDFW%HFRQVWDQWO\SHUVHYHULQJ
6L[LQWKHILIWKSODFHPHDQV
'HQVHFORXGV
1RUDLQIURPRXUZHVWHUQWHUULWRU\
7KHSULQFHVKRRWVDQGKLWVKLPZKRLVLQWKHFDYH
6L[DWWKHWRSPHDQV
+HSDVVHVKLPE\QRWPHHWLQJKLP
7KHIO\LQJELUGOHDYHVKLP
0LVIRUWXQH
7KLVPHDQVEDGOXFNDQGLQMXU\
HI
7KH-XGJHPHQW
7KH,PDJH
&KL&KL$IWHU
&RPSOHWLRQ
$ERYH.
DQ
7KH$E\VPDO:DWHU
%HORZ/L
7KH&OLQJLQJ)ODPH
$IWHU&RPSOHWLRQ 6XFFHVVLQVPDOOPDWWHUV
3HUVHYHUDQFHIXUWKHUV
$WWKHEHJLQQLQJJRRGIRUWXQH
$WWKHHQGGLVRUGHU
:DWHURYHUILUHWKHLPDJHRIWKHFRQGLWLRQ
,Q$IWHU&RPSOHWLRQ
7KXVWKHVXSHULRUPDQ
7DNHVWKRXJKWRIPLVIRUWXQH
$QGDUPVKLPVHOIDJDLQVWLWLQDGYDQFH
7KH/LQHV
1LQHDWWKHEHJLQQLQJPHDQV
+HEUDNHVKLVZKHHOV
+HJHWVKLVWDLOLQWKHZDWHU
1REODPH
6L[LQWKHVHFRQGSODFHPHDQV
7KHZRPDQORVHVWKHFXUWDLQRIKHUFDUULDJH
'RQRWUXQDIWHULW
2QWKHVHYHQWKGD\\RXZLOOJHWLW
1LQHLQWKHWKLUGSODFHPHDQV
7KH,OOXVWULRXV$QFHVWRU
'LVFLSOLQHVWKH'HYLO
V&RXQWU\
$IWHUWKUHH\HDUVKHFRQTXHUVLW
,QIHULRUSHRSOHPXVWQRWEHHPSOR\HG
6L[LQWKHIRXUWKSODFHPHDQV
7KHILQHVWFORWKHVWXUQWRUDJV
%HFDUHIXODOOGD\ORQJ
1LQHLQWKHILIWKSODFHPHDQV
7KHQHLJKERULQWKHHDVWZKRVODXJKWHUVDQR[
'RHVQRWDWWDLQDVPXFKUHDOKDSSLQHVV
$VWKHQHLJKERULQWKHZHVW
:LWKKLVVPDOORIIHULQJ
6L[DWWKHWRSPHDQV
+HJHWVKLVKHDGLQWKHZDWHU'DQJHU
JI
7KH-XGJHPHQW
7KH,PDJH
:HL&KL%HIRUH
&RPSOHWLRQ
$ERYH/L
7KH&OLQJLQJ)ODPH
%HORZ.
DQ
7KH$E\VPDO:DWHU
%HIRUH&RPSOHWLRQ 6XFFHVV
%XWLIWKHOLWWOHIR[DIWHUQHDUO\FRPSOHWLQJWKHFURVVLQJ
*HWVKLVWDLOLQWKHZDWHU
7KHUHLVQRWKLQJWKDWZRXOGIXUWKHU
)LUHRYHUZDWHU
7KHLPDJHRIWKHFRQGLWLRQEHIRUHWUDQVLWLRQ
7KXVWKHVXSHULRUPDQLVFDUHIXO
,QWKHGLIIHUHQWLDWLRQRIWKLQJV
6RWKDWHDFKILQGVLWVSODFH
7KH/LQHV
6L[DWWKHEHJLQQLQJPHDQV
+HJHWVKLVWDLOLQWKHZDWHU
+XPLOLDWLQJ
1LQHLQWKHVHFRQGSODFHPHDQV
+HEUDNHVKLVZKHHOV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
6L[LQWKHWKLUGSODFHPHDQV
%HIRUHFRPSOHWLRQDWWDFNEULQJVPLVIRUWXQH
,WIXUWKHUVRQHWRFURVVWKHJUHDWZDWHU
1LQHLQWKHIRXUWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
5HPRUVHGLVDSSHDUV
6KRFNWKXVWRGLVFLSOLQHWKH'HYLO
V&RXQWU\
)RUWKUHH\HDUVJUHDWUHDOPVDUHDZDUGHG
6L[LQWKHILIWKSODFHPHDQV
3HUVHYHUDQFHEULQJVJRRGIRUWXQH
1RUHPRUVH
7KHOLJKWRIWKHVXSHULRUPDQLVWUXH
*RRGIRUWXQH
1LQHDWWKHWRSPHDQV
7KHUHLVGULQNLQJRIZLQH
,QJHQXLQHFRQILGHQFH 1REODPH
%XWLIRQHZHWVKLVKHDG
+HORVHVLWLQWUXWK
$IWHUZRUGIURP&ODULW\
$ERXWWKLVWUDQVODWLRQ
7KLVHERRNFRQWDLQVWKHWUDQVODWLRQIURP%RRN,RI:LOKHOPVFODVVLF,&KLQJ7KH
FRPSOHWHERRNDOVRLQFOXGHVDOOWKHDQFLHQWFRPPHQWDULHVWKDWZHUHFRPSLOHGDVWKH
:LQJVDQGDOVR:LOKHOPVRZQFRPPHQWDULHVRQHYHU\KH[DJUDPDQGOLQH
:KLOHWKHHERRNGRHVQWJLYH\RXHYHU\SDUWRI:LOKHOPVWUDQVODWLRQLWLVDWOHDVW
FRPSOHWHO\DXWKHQWLF$OWKRXJK:LOKHOPVRZQEHOLHIVQDWXUDOO\LQIOXHQFHKLV
WUDQVODWLRQWKLVLVQWVRPHPRGHUQYHUVLRQRUVLPSOLILFDWLRQWKDWREVFXUHVWKHUHDO
FKDUDFWHURIWKH,&KLQJEHKLQGDYHLORIVRPHRQHHOVHVLQWHUSUHWDWLRQ
:KHUHWRILQGPRUHKHOS
(DVLHUWUDQVODWLRQV
7KHUHDUHPXFK HDVLHUDQGPRUHXVHUIULHQGO\WUDQVODWLRQVDYDLODEOHWRGD\7KHRQHV,
SHUVRQDOO\XVHDQGYDOXHDUHUHYLHZHGDW WKH,&KLQJERRNVWRUH ,PVXUH\RXOOHQMR\
WKHP
+HOSIURP&ODULW\
7KHUHVDFRPSOHWHJXLGHWRFRQVXOWLQJWKH,&KLQJIRU\RXUVHOI DYDLODEOHDW
RQOLQH&ODULW\IRUIUHH$QGLI\RXGOLNHWRWDNH\RXUH[SORUDWLRQWRWKHQH[WOHYHOGR
FOLFNWKURXJKWR WKH,&KLQJ&RUUHVSRQGHQFH&RXUVH
&ODULW\VOLQNVGLUHFWRU\ LQFOXGHVVLWHUHYLHZVRIDZLGHUDQJHRIH[FHOOHQW,&KLQJVLWHV
WUDQVODWLRQVFRPPHQWDULHVKLVWRU\V\VWHPVDQGWKHRULHVUHDGLQJVDQGVRIWZDUH
(QMR\EURZVLQJ