Ashtavakra Samhita

  • Uploaded by: Aspirant
  • 0
  • 0
  • October 2019
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Ashtavakra Samhita as PDF for free.

More details

  • Words: 3,590
  • Pages: 69
35()$&(

$6+7$9$.5$6$0+,7$



7KLVERRNLVPHDQWIRUWKRVHZKRZDQWWRUHDOL]HWUXWK,WWHDFKHVWKLVJUHDWOHVVRQ$Q\WHUP\RXXVH\RXJHW RQO\DWKRXJKW\RXQHYHUJHWDQXOWLPDWHWUXWKRUUHDOLW\*LWDPHDQVVRQJ6DPKLWDPHDQVWUHDWLVH\RXPD\ FDOO$VKWDYDNUDE\HLWKHUWHUP,WLVDWHDFKLQJJLYHQWR.LQJ-DQDNDE\WKHVDJH$VKWDYDNUD,WLVVDLGLQ 3XUDQDVWKDWKHOHDUQWWKLVNQRZOHGJHLQKLVPRWKHU¶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¶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



&KDSWHU +RZ7R$WWDLQ-QDQD ,QVWUXFWLRQRQ6HOI5HDOL]DWLRQ -DQDNDVDLG

+RZFDQNQRZOHGJHEHDFTXLUHG"+RZFDQOLEHUDWLRQEHDWWDLQHG"+RZLVUHQXQFLDWLRQSRVVLEOH"7HOO PHWKLV/RUG 96, +RZFDQNQRZOHGJHEHDFTXLUHG"+RZFDQOLEHUDWLRQEHDWWDLQHG"+RZLVUHQXQFLDWLRQSRVVLEOH" 7HOOPHWKLV0DVWHU 

1RWKLQJOLNHNQRZOHGJHHWF±&KRI*LWD+RZFDQNQRZOHGJHEHDFTXLUHG"*QDQDPLVWKHODVWWKLQJ +RZLV*QDQDWREHDFTXLUHGLVWKHODVWTXHVWLRQWREHDVNHG.DUPD%KDNWL*QDQHDFKLVFDOOHG
,I\RXDVSLUHDIWHUOLEHUDWLRQP\FKLOGVKXQWKHREMHFWVRIWKHVHQVHVDVSRLVRQDQGVHHNIRUJLYHQHVV VLQFHULW\NLQGQHVVFRQWHQWPHQWDQGWUXWKDVQHFWDU 96, ,I\RXDVSLUHDIWHUOLEHUDWLRQP\FKLOGVKXQWKHREMHFWVRIWKHVHQVHVDVSRLVRQDQGKDYH IRUJLYHQHVVVLQFHULW\NLQGQHVVFRQWHQWPHQWDQGWUXWKDVQHFWDU


7KHWKRXJKWRIWKHVHHUFRPHVRQO\ZKHQ\RXLQTXLUHLQWRWKHVHHQ,VHHWKHVHWKLQJV:KHUHDUHWKH\":K\GLG ,QRWVHHWKHPWLOOQRZ"6HHLQJGHSHQGVRQWKHVHHQ6XEMHFWREMHFWUHODWLRQWKH'ULN'UV\D9LYHNDLVWKHILUVW WKLQJ6DNVKLKDVQRPHDQLQJXQOHVV\RXKDYHVDNVK\DP WKHVHHQ NQRZHULVDQLGHDWRJHWULGRIDQRWKHU LGHDNQRZQWKHQNQRZHUZLOOFRPSOHWHO\GLVDSSHDUZKHQ*QDQDORQHLVOHIW *QDQSHUVH  ³&RQVFLRXVQHVV´PHDQVWKDWZKLFKLVDZDUHµNQRZLQJ¶LVUHODWLYH ,I\RXGHWDFK\RXUVHOIIURPWKHERG\DQGUHVWLQ&RQVFLRXVQHVV\RXZLOODWRQFHEHKDSS\SHDFHIXO DQGIUHHIURPERQGDJH 96, ,I\RXDVLGHWKHLGHDRIWKHERG\DQGUHVWLQWKH$EVROXWH,QWHOOLJHQFH\RXZLOODWRQFHEHKDSS\ SHDFHIXODQGIUHHIURPERQGDJH


7KLVLVDWUHPHQGRXVVORND&HDVHWRWKLQNWKDW\RXDUHD6DQ\DVLQ+DYHQRFORWKFRPSOH[ULVHDERYHFORWK ERG\DQG,FRPSOH[HV $WKLYDUQDVKUDPL DERYHFDVWH YDUQDDQGDVKUDPDLVWUXWKLQYLVLEOHWRWKHH\HVZLWQHVVRIDOORWKHUZLVH\RX ZLOOQRWKDYHWKHLGHDRI$WPDQ7UXWKDQGRWKHUWKLQJVGRQ WJRWRJHWKHU$OOUHOLJLRQVWDNH\RXWRPHEXW WKH\GRQ WNQRZPHLQ7UXWK *LWD 0\µ,¶LVJRQHWRP\VHOIDQGWRRWKHUVDOVR,KDYHVHHQWKHGHDWKRIPDQ\ +DSSLQHVVFRPHVRQO\ZKHQ\RXZLOOIHHOGHWDFKHGIURPWKH'UV\DP 9LUWXHDQGYLFHSOHDVXUHDQGSDLQDUHRIWKHPLQGQRWRI\RXDOOSHUYDGLQJRQH
9LUWXHDQGYLFHDUHDOOVHHQDQGNQRZQ$OOSHUYDGLQJRQH:KHQ\RXDUHZLWQHVVLQJDOO7KHHJRLVWKHGRHU DQGWKHHQMR\HUDQGP\µ,¶WKH$WPDQ






LPSUHVVLRQ WKDWVQDNHH[LVWV FRPHWRWKHH[LVWHQFHRIVQDNH",WLVEHFDXVHRIWKHHJR,WKHXQUHDO$KDPZKLFK LVPLVWDNHQIRUWKH3HUPDQHQW6HOI :K\GRHVWKHVQDNHDSSHDUWREHH[LVWLQJIRUWKHWLPHEHLQJ


:KHQ\RXKDYHUHDFKHGWKHVWDJHZKHUHWKHWKRXJKWRI\RXUERQGDJHFRPHVWR\RX\RXDUHERXQG7KLVLVZKDW LVPHDQWE\%DQGKD ERQGDJH %RQGDJHLVDQLGHDDQGLI\RXDUHERXQGWRWKDWLGHD\RXDUHERXQGEXW ERQGDJHLGHDWRRJRHV%RQGDJHDQGIUHHGRPDUHRQO\LPDJLQDWLRQV,WLVP\NDOSDQDRUWKRXJKWWKDWELQGVRU UHOHDVHVPHZKLFKFRPHVDQGJRHVZKHQ\RXVD\³,DPIUHH :K\VKRXOG\RXEHDWWDFKHGWRDWKRXJKW",WPDNHV\RXERXQGRQO\:K\VKRXOGDWKRXJKWKDYHUXOHRYHUPH" ,I\RXLGHQWLI\\RXUVHOIZLWKDQ\JQH\DP GUV\DP \RXJRDVWUD\\RXVHHPERXQGRUIUHH\RXZLOOWKLQN \RXUVHOIRWKHUZLVHWKDQWKH'ULN ³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

,I\RXZDQWWREHGHVLUHOHVVWKHUHPXVWEHRQH RQO\'XDOLW\LQDQ\IRUPPHDQVSUHVHQFHRIGHVLUH3HUIHFW QR ZDQW$OOSHUYDGLQJ QROLPLW &KLW LQWHOOLJHQFH$FWLRQOHVV%HFDXVHDFWLRQEULQJVVDWLVIDFWLRQDQGGLVVDWLVIDFWLRQ8QDWWDFKHGLVSRVVLEOH RQO\ZKHQWKHUHLV2QH RQO\ ,I\RXKDYHWZRWKHUHZLOODOZD\VEHDWWDFKPHQW³*HWDWWDFKHG:K\VKRXOG,EHGHWDFKHG"/HWXVDVNWKDW TXHVWLRQWRWKHGXDOLVWV7KH\ZLOOVLPSO\VD\,I\RXDUHDWWDFKHG\RXZLOOEHSXQLVKHGE\*RG %XWGXDOLVPLVSOHDVDQWZKHUH\RXFDQJHWZKDWVDWLVILHV\RXEXWZKHQ\RXJHWGLVVDWLVIDFWLRQ\RXZRXOGZDQW WRJREH\RQG ³WKURXJKLOOXVLRQWKURXJK\RXULPDJLQDWLRQ 0HGLWDWH SHUVHYHUHWRWKLQNWKDWDQ\WKRXJKWLVGXDOLW\ +DYLQJJLYHQXSH[WHUQDODQGLQWHUQDOVHOIPRGLILFDWLRQVDQGWKHLOOXVLRQ, DPWKHUHIOHFWHG LQGLYLGXDO VHOI PHGLWDWHRQWKH$WPDQDVLPPXWDEOH&RQVFLRXVQHVVDQGQRQGXDO 96, 7KLQNGHHSO\RQWKH$WPDQDVLPPRYDEOH,QWHOOLJHQFHDQGQRQGXDOKDYLQJJLYHQXSH[WHUQDO DQGLQWHUQDOPRGLILFDWLRQVDQGWKHLOOXVLRQWKDW\RXDUHWKHUHIOHFWHGVHOI

*LYHXSWKHLOOXVLRQWKDW\RXDUHWKH$WPDQHJR$OOWKLVZRUOGLVDPRGLILFDWLRQRI\RXUVHOIH[WHUQDORU LQWHUQDOKHQFHVHOIPRGLILFDWLRQV³+DYLQJJLYHQXSPHDQV³GHWDFK\RXUVHOILIWKHUHDUHWZRLWLVLPSRVVLEOH WRJLYHXSDWWDFKPHQW ,QGLYLGXDO6RXO -LYDLVRQO\UHIOHFWHGVHOILHWKDWZKLFKKDVEHHQSURGXFHGE\\RXUWKRXJKW5HIOHFWLRQ EULQJVRQ-LYDKRRG0HQWDOPRGLILFDWLRQVLQWHUQDODQGH[WHUQDOLV³VHOIPRGLILFDWLRQV$KEKDVXPHDQVWKRXJKW RQO\ 0\FKLOG\RXKDYHORQJEHHQFDXJKWLQWKHQRRVHRIERG\FRQVFLRXVQHVV6HYHULWZLWKWKHVZRUGRI WKHNQRZOHGJH³,DP&RQVFLRXVQHVV´DQGEHKDSS\ 96, 0\FKLOG\RXKDYHORQJEHHQFDXJKWE\ERG\FRQVFLRXVQHVV6HYHUWKHWUDSZLWKWKHVZRUGRI WKHNQRZOHGJH³,DP,QWHOOLJHQFH´DQGEHKDSS\




,QGHHSVOHHSWKHUHLVQRERG\ FRQVFLRXVQHVVEXWWKHUHLVQRJUHDWYLUWXHE\JRLQJWRVOHHSEXWLW JLYHVDVXUH FOXHWRDQDO\VLV ³,E\LWVHOILVRQO\LPDJLQHGDQGKHQFHXQUHDO7RJLYHXSERG\FRQVFLRXVQHVVLVDVWHSWRUHDOL]HWUXWK7KDWLV DOOFI'ULN'UV\D'HYUEKLPDQHHWF (JRLVG\LQJHYHU\PRPHQW([WHUQDOERG\LVG\LQJHYHU\PRPHQW:KRRUZKDWWKDWVHHVLWLVWKH7UXWK &KLW  $WQRPRPHQWFDQZHIUHHRXUVHOYHVIURPWKHWKRXJKWRIWKHZRUOG
6ORNDSRLQWVRXWWKDWWKRVHZKRDUHWU\LQJZKRDUHPDNLQJWKHDWWHPSWWRJHW%UDKPDQZLOOQRWJHWLW 7KLVLV\RXUERQGDJHWKDW\RXSUDFWLFHVDPDGKLLWVD\V+HQFH\RJDFDQQRW\LHOG%UDKPDQHYHQLI\RXJRRQ WU\LQJDZKROHOLIHWLPH,WZLOOFRPHRQO\E\LQWHOOLJHQFH
96, 



.QRZWKDWZKLFKKDVIRUPWREHXQUHDODQGWKHIRUPOHVVWREHSHUPDQHQW7KURXJKWKLVVSLULWXDO LQVWUXFWLRQ\RXZLOOHVFDSHWKHSRVVLELOLW\RIUHELUWK 96, .QRZWKDWZKLFKKDVIRUPWREHXQUHDODQGWKHIRUPOHVVWREHSHUPDQHQW7KURXJKWKLV LQVWUXFWLRQOHDGLQJWRWUXWK\RXZLOOHVFDSHWKHSRVVLELOLW\RIUHELUWK

7KHXQUHDOLVWKDWZKLFKLVFRQVWDQWO\JRLQJDZD\7KHUHLVQRSHUPDQHQWHQWLW\DVXQUHDO:KDWHYHULV SHUFHLYHGLVDQHQWLW\DQGLWLVFKDQJLQJ &KDQJLQJ PHDQVZKDW\RXWKRXJKW ZDVH[LVWLQJ KDVFHDVHGWRH[LVW)RUP ([WHUQDOIRUPVLQWHUQDOIRUPV LGHDVLPDJLQDWLRQ7KDWZKLFKKDVIRUP ERWKLQWHUQDDQGH[WHUQDOZKLFKFRQVWLWXWH'UV\DP 7KH)RUPOHVVPHDQVWKH:LWQHVV'ULN

-XVWDVDPLUURUH[LVWVZLWKLQDQGZLWKRXWWKHLPDJHUHIOHFWHGLQLWVRWKH6XSUHPH6HOIH[LVWVLQVLGH DQGRXWVLGHWKLVERG\ 96, -XVWDVDPLUURUH[LVWVZLWKLQDQGZLWKRXWWKHLPDJHUHIOHFWHGLQLWVRWKH6XSUHPH/RUGH[LVWV LQVLGHDQGRXWVLGHWKLVERG\

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



WKHQDIWHUZDUGV\RXDVNZKRLV.VKHWUDJQDWKHNQRZHU7KHQ\RXZLOONQRZWKDW.VKHWUDJQDLVLQWKLVSDSHU 7KLVLVZKDWLVPHDQWE\$NULWYDGULV\DYLOD\DP'UJ'UV\D9LYHNDHWF ([LVWHQFHLVRQO\SRVVLEOHWREHSURYHGLQWKH'UV\DPZRUOG:HKDYHWRVWDUWZLWK'UV\DPVWDUWZLWK.VKHWUD DQGDJDLQ³DQ\FDXVDOLW\KDVUHIHUHQFHRQO\WR.VKHWUD 1RRQHFDQSURYHWKDW*RGH[LVWVRXWVLGHIURPWKHSRLQWRIYLHZRI7UXWKIURPWKHSRLQWRIYLHZRIUHOLJLRQLWLV DOULJKW,I6XSUHPH/RUGLVHYHU\ZKHUH\RXPXVWVHH+LPHYHU\ZKHUH:K\GRQ¶W\RXVHHLW
.VKHWUDLIGXO\DQDO\VHGLVIRXQGWREH$WPDQ7KHILUVWVWHSLVVFLHQFH)XQGDPHQWDOFKDUDFWHULVWLFVRIHYHU\ HQWLW\$VWKL UHDOLW\FDQEHDUULYHGDWE\5HDVRQLQJ([LVWHQFHLVDIXQGDPHQWDODWWULEXWHRIDZDUHQHVVµLV¶  LQH[WHUQDOZRUG  LQPLQGDVLQµ,KDYHDQLGHD¶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³%UDKPDQSHUYDGHVHYHU\WKLQJ%UDKPDQLVWKH KLJKHVWWUXWKHYHQWKHWHUP6XSUHPH/RUG%UDKPDQZRUGLVILUVWXVHGLQ%UDKPDQLV$WPDQHJRERG\ HWF'LIIHUHQWSLOORZFRYHUVFRQWHQWVWKHVDPHFRWWRQ(YHQWKHFRYHULVFRWWRQ,I\RXKDYHJRW GRXEWVWHVW \RXPD\³%UDKPDQH[LVWVLQDOO WKLQJV7KHPDWHULDORIWKHMDUWKHFRQWHQWVRIWKHMDUWKHHQYLURQPHQWRIWKH MDUHYHU\WKLQJ LVLQ %UDKPDQ/RVHWKHLGHDRIVHSDUDWHQHVVGLVWLQFWLRQV +RZDUH\RXWRGRLWLVVDLGLQWKHQH[WFKDSWHU7RXQGHUVWDQGµLQ¶VFLHQFHLVQHHGHG:LWKVFLHQFHDORQHFDQ WKHUHEHSKLORVRSK\ZLWKRXWVFLHQFHRQO\UHOLJLRQ 7KHHDVLHVWLQWKHZRUOGLVWRVHH*RGFI%DOD


µ,¶LVXVHGKHUHEHFDXVH\RXDUHPRVWLQWHUHVWHGLQWKDWµ,¶EXWLWLVVKRZQWKDWµ,¶$KDPFRPHVDQGJRHVDQGWKDW ZKLFKLVSHUPDQHQWLV,FRQVFLRXVQHVVEH\RQG3UDNULWLSDUDRUDSDUDSK\VLFDODQGPHQWDO3UDNULWL QDWXUH  6WXG\ERWKSV\FKRORJ\DQGSK\VLFVDQGFKHPLVWU\ ³$OOWKLVWLPHEHFDXVH,KDYHEHHQGXSHGWKDW,DPWKHHJRERG\PLQGHWFZKLFKFRPHVDQGJRHV 
$V,DORQHUHYHDOWKLVERG\HYHQVRGR,UHYHDOWKLVXQLYHUVH7KHUHIRUHPLQHLVDOOWKLVXQLYHUVHRU YHULO\QRWKLQJLVPLQH 96, $V,DVNQRZHUDORQHUHYHDOWKLVERG\HYHQVRGR,UHYHDOWKLVXQLYHUVH7KHUHIRUHPLQHLVDOOWKLV XQLYHUVHRUYHULO\QRWKLQJLVPLQH PLQHEHFDXVHHYHU\WKLQJLVP\VHOI :KDWLVLWWKDWPDNHVWKHERG\H[LVWIRU\RX",WLVDZDUHQHVV/LNHZLVHZLWKPLQGDQGXQLYHUVH ³0LQHLVDOOWKLV 8QLYHUVH7KHZKROHXQLYHUVHLVPHQWDOLWLVLQPLQGZRUOGLVDFRQFHSWDQGWKHLGHDLVLQPH 'DLO\WKHµ,¶LVWKRXJKWWREHFRQILQHGWRWKHERG\EXWNQRZWKDWWKHPLQGFDQ¶WEHFRQILQHGWRERG\HWF7KLQN RILWDQGWKHQ\RXFRPHWRNQRZ0LQGLVDOOWKLV8QLYHUVH 9HULO\QRWKLQJLVPLQH,I\RXKDYHXQLYHUVHLQWKHPLQGLQ%UDKPDQZKDWLVWKHUHWRVD\WKDWWKLVLVPLQH ZKHQWKHUHLVQRWKLQJEHVLGH%UDKPDQZKHQZKDWHYHULVLVP\VHOIFIGHHSVOHHSLOOXVWUDWLRQZKHQ HYHU\WKLQJLVFRQYHUWHGLQWRPLQG +HQFH³$OOLVPLQHPHDQLQJ´QRWKLQJLVPLQH´,I*RGLVHYHU\WKLQJKRZFDQWKHUHEHDQ\WKLQJRWKHUWKDQ *RG+HQFH0RXQDP VLOHQFH LVH[SODLQHGDV6KDQWR\DP$WPDQ6LOHQFH LVWKLV1DPH 7KHUHIRUHLI*RGLVHYHU\WKLQJWKHQWKHUHLVQRWKLQJHOVHWKDQ*RG/HFWXUHVOLPLW*RG,I\RXZDQWWR DYRLGFRQGLWLRQLQJ*RGHLWKHU³NHHSTXLHWRUDGPLW³QRQGXDOLW\7KHUHLVQRURRPIRUWZRLQWKLVZRUOGVR GHDWKFRPHV*RGFDQ¶WWROHUDWHWZRSHUVRQVKHQFHGHDWK 2KKDYLQJUHQRXQFHGWKHXQLYHUVHWRJHWKHUZLWKWKHERG\,QRZSHUFHLYHWKH6XSUHPH6HOIWKURXJK WKHVHFUHWRIZLVGRP 96, 2KKDYLQJUHQRXQFHGWKHXQLYHUVHWRJHWKHUZLWKWKHERG\,QRZSHUFHLYHWKH6XSUHPH6HOI WKURXJKZLVGRPUHFHLYHGIURPP\*XUX

8QLYHUVHDVVRPHWKLQJVHSDUDWH³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

$VZDYHVIRDPDQGEXEEOHVDUHQRWGLIIHUHQWIURPZDWHUVRWKHXQLYHUVHHPDQDWLQJIURPWKH6HOILV QRWGLIIHUHQWIURP,W 96, $VZDYHVIRDPDQGEXEEOHVDUHQRWGLIIHUHQWIURPZDWHUVRWKHXQLYHUVHHPDQDWLQJIURPWKH 6HOILVQRWGLIIHUHQWIURP,W



GHDOVZLWKWKHTXHVWLRQRIFDXVDOLW\8QLYHUVHHPDQDWLQJIURPWKH$WPDQPHDQVXQLYHUVHEHLQJWKHHIIHFW IURPWKH$WPDQLVQRWGLIIHUHQWIURPLW$QDO\VLVVKRZVLW$QDO\VLVQHHGVWKLQNLQJ:DYHKDVIRUPEXWZKHUH LVWKHIRUPLQZDWHU":KHUHGLGWKHIRUPFRPHIURP"$OOWKDWZHFDQVD\LVWKDWWKHZDWHU VHD LVQRWGLIIHUHQW IURPWKHµZDYH¶7KHZRUOGLVWKHVDPHDV$WPDQDVVHDSURGXFHVZDYHVVR$WPDQSURGXFHVWKHZRUOG +RZDUHZHWRNQRZWKLV5HIHUWR9

$VFORWKZKHQDQDO\VHGLVIRXQGWREHQRWKLQJEXWWKUHDGVRWKLVXQLYHUVHZKHQDQDO\VHGLVQRWKLQJ EXWWKH6HOI 96, $VFORWKZKHQDQDO\VHGLVIRXQGWREHQRWKLQJEXWWKUHDGVRWKLVXQLYHUVHZKHQGXO\ FRQVLGHUHGLVQRWKLQJEXWWKH$WPDQ DQDO\VHGWKHUHPXVWEHVFLHQWLILFDQDO\VLVLQWKHPRGHUQZD\ WKLVQRWWKHZRUOGVHHQLQGUHDPRUVDPDGKLEXWWKLV H[WHUQDOZRUOG 7KHPHWKRGRIDQDO\VLVLVWKHHVVHQFHRIVFLHQWLILFPHWKRGPHDQLQJµLQTXLU\¶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³7KURXJKDQGWKURXJKMXJLQZDWHULQVLGHRXWVLGHLQDQGWKURXJKWKHMXJWRR
DSSHDUVDVGLIIHUHQWIURP\RXUVHOI 7KHPRPHQW\RXNQRZWKDWWKHZKROHZRUOGLV$WPDQWKHUHLVQRVQDNH,I\RXNQRZWKHVHOIHYHU\WKLQJLV



RQO\$WPDQ7KHZRUOGLV$WPDQEXW\RXKDYHPLVWDNHQLWIRUVRPHWKLQJHOVH
/LJKWLVP\YHU\QDWXUH,DPQRRWKHUWKDQOLJKW:KHQWKHXQLYHUVHPDQLIHVWVLWVHOIYHULO\WKHQLWLV, WKDWVKLQH 96, /LJKWLVP\YHU\RULQPRVWQDWXUH,DPQRRWKHUWKDQWKDW:KHQWKHXQLYHUVHPDQLIHVWVLWVHOI YHULO\WKHQLWLV,WKDWVKLQH

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³LQVLGHDQG RXWVLGH3UDNULWL 1DWXUH HYHU\ZKHUHLVRQO\$WPDQ´ /LJKW.QRZOHGJHWKHFDSDFLW\WRNQRZWKHPLQGLWVHOIOLJKWVXSLHPDNHV\RXDZDUHRIDQ\WKRXJKWLGHDRU REMHFW ³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
96, -XVWDVDMXJGLVVROYHVLQWRHDUWKDZDYHLQWRZDWHURUDEUDFHOHWLQWRJROGVRWKHXQLYHUVH ZKLFKKDVHPDQDWHGIURPPHZLOOGLVVROYHLQWR0H



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
7KHZRQGHUFRQVLVWVLQWKHGLVDSSHDUDQFHRIWKH8QLYHUVHLQ0H,WVWDUWVZLWKWKH8QLYHUVH,VXUYLYHHYHQWKH GHVWUXFWLRQRIWKHZRUOGEHFDXVH,ZLWQHVVWKHGHDWKRIRWKHUWKLQJV+HQFH³ZRQGHUIXODP,$OOUHOLJLRQLV VZDOORZHGXSE\PHDQGDOOUHOLJLRQHTXDOO\HPDQDWHVIURPPH$QGKHQFH³,PXVWEHZRUWK\RIDGRUDWLRQ, KDYHQRWVHHQP\GHDWK,VHHRQO\WKHGHDWKRIRWKHUV :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRWKRXJKZLWKDERG\DP2QHZKRQHLWKHUJRDQ\ZKHUH QRUFRPHIURPDQ\ZKHUHEXWDELGHSHUYDGLQJWKHXQLYHUVH 96, :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRWKRXJKZLWKDERG\DP2QHZKRQHLWKHUJR DQ\ZKHUHQRUFRPHIURPDQ\ZKHUHEXWDELGHSHUYDGLQJWKHXQLYHUVH

,DPWKH2QHZLWQHVVQHLWKHUJRLQJRUFRPLQJJRLQJ DQGFRPLQJDUHLGHDVRQO\LQ0H ,I\RXFRQILQH\RXUVHOIWRZDNLQJVWDWHRQO\VFLHQFHLVQHFHVVDU\WRXQGHUVWDQGWKDWXOWLPDWHO\HYHU\WKLQJLV LGHDLPDJLQDWLRQRQO\³3HUYDGLQJWKHXQLYHUVHLHZKHUHYHUWKHLGHDVJRWKHLGHDVGRQRWJRDQ\ZKHUHWKH\ DUHRQO\LQ\RXUPLQGRQO\7KXV\RXSHUYDGHWKHXQLYHUVH7KLVYHUVHWRRHQGVZLWKWKHWHUP³XQLYHUVH7KH XQLYHUVHLVWKHKLQJH 7KHUHLVQRSDUWRIWKHXQLYHUVHLQZKLFK\RXDUHQRWWKHPLQGLVQRW7KHQKRZFDQ\RXVSHDNRIWKHXQLYHUVH DWDOO" ,PDJLQDWLRQLWVHOILV0LQG%UDKPDQDQGZKHUH%UDKPDQDORQHLVLQPLQGDQGLGHDVDQGXQLYHUVH:KHUHLVWKH XQLYHUVHWKHQ" ³3KLORVRSK\LVQRWDVWKHQDWXUDOLVWLVLQFOLQHGWRWKLQNPHUHZRUGVSLQQLQJQRUYHUEDODFUREDWLFVEXWDQ LQWHOOHFWXDOQHFHVVLW\)57KRPSVRQ ³:HKDYHKDGHQRXJKRIDXWKRULW\5HDOL]DWLRQFRPHVIURPWKLQNLQJ7KHJORU\RIPDQLVWKDWKHLVWKHWKLQNLQJ EHLQJ +DYHVRPHWKLQJWRVD\IRU\RXUVHOI'RQRWFOLQJWRROGVXSHUVWLWLRQ%HHYHUUHDG\IRUQHZWUXWKV(DFKPDQLV SHUIHFWE\KLVQDWXUH3URYHWKDW*RGLVOLYLQJ *QDQWHDFKHVWKDWWKHZRUOGVKRXOGEHUHQRXQFHG EXWQRWDEDQGRQHG6\PSDWKL]HZLWKWKRVHZKRFDQQRW IROORZUHDVRQ*UHDWGDQJHUVOLHLQDXWKRULWDULDQLVP9HGDQWDWHDFKHVWKDWUHDOL]DWLRQFRQVLVWVµKHUHDQGQRZ¶ 0DNH\RXUFKLOGUHQVWURQJIURPWKHLUYHU\FKLOGKRRGOHWWKHPVWDQGRQWKHLURZQOHJVEROGDOOFRQTXHULQJDQG OHWWKHPOHDUQWKHJORU\RIWKHVRXOZKLFK9HGDQWDDORQHWHDFKHV 7KHUHLVQRVXFKWKLQJDVFDXVHDQGHIIHFW ,FDQQRWWDNHEHOLHIDVDEDVLV7KDWLVDWKHLVP



:KHUHQRERQGDJH $JQDP WKHUHLVQRFDXVHDQGHIIHFW(XURSHFDQQRWXQGHUVWDQGWKLV ,WKDVEHFRPHDSDUWRIRXUQDWXUHWRTXRWHDXWKRULWLHV 7KHIUHHQHYHUEHFDPHERXQG1RERQGDJHQROLEHUDWLRQ ,WLVLOORJLFDOWRDVNKRZWKHIUHHEHFDPHWKHERXQG+RZGLG0D\DFRPH" 6FLHQFHDQGUHOLJLRQDUHERWKKHOSVWRJHWXVRXWRIERQGDJH 6ZDPL9LYHNDQDQGD LH.VKHWUDDQG.VKHWUDJQD ³RQO\UHOLJLRQLVWKHPRUHDQFLHQWDQGZHKDYHWKHVXSHUVWLWLRQWKDWUHOLJLRQLVKRO\ ³,QQDWXUHWKHUHLVQRVXFKGLYLVLRQDVLQWHUQDODQGH[WHUQDO6ZDPL9LYHNDQDQGD FI*LWD6FLHQFHLVWRVKRZWKHRQHQHVV FISDJH$VFORWKZKHQDQDO\VHGHWF ³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³7KHHQGDQGDLPRIDOOVFLHQFHVLVWRILQGXQLW\´6ZDPL9LYHNDQDQGD WKRXJKVFLHQFHGRHVQRWILQGLW  6FLHQFHIRUFHV\RXWRDWWDLQXQLW\7KLVLVEHVWLOOXVWUDWHGLQ%ULKDGDUDQ\DND 7KHQZHFRPHWRWKH%ULKDGDUDQ\DNDSRVLWLRQ³:KDWLVWKDW2QH"´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¶WWDNHDQ\WKLQJIRUJUDQWHG$JXUXLVQHHGHGWRGLUHFW\RXWRWHOO\RXZKHWKHU\RXKDYHJRQHWRWKH WUXWKUHDO%HQDUHVDQG.DLODV:HGRQ WGHSHQGRQLQWXLWLRQ $QG$VKWDYDNUDDQGLWVVFLHQWLILFDQDO\WLFPHWKRGZKLFKVHHNVRQO\7DWYDP DQGQRWPDWDP RULQWXLWLRQV 7KH7UXWKLVIRXQGRQO\LQWKH8QLW\RI([SHULHQFH.VKHWUDDQG.VKHWUDJQDWKDW.VKHWUDLVIURP.VKHWUDJQD ZKHQ\RXNQRZ.VKHWUDDQG.VKHWUDJQDWRJHWKHU\RXKDYHJQDQD


8SDQLVKDGVKRZ,QGUDWDXJKW:DWHULV%UDKPDQHWF)LUHLV%UDKPDQWLOO\RXFRPHWRZKDWHYHU\RXVHHLV %UDKPDQ .VKHWUDJQDLVQRWWREHLPDJLQHGEXWSURYHGUHDOL]HG'RQRWDVVXPH.VKHWUDJQDDVWKH'ZDLWLQVKROG,I\RX JLYHXS.VKHWUD\RXZLOOKDYHUHOLJLRQ,I\RXKDYH.VKHWUD\RXZLOOJHWWUXWK 3DQFKDGHVKLDQG9LYHNDFKXGDPDQLDOVRLQVLVWRQWKHVWXG\DQGDQDO\VLVRI'UV\DPLHVFLHQFHKDVXWPRVW YDOXHFI$VKWDYDNUDSDJHZKLFKGHDOVZLWK.VKHWUDWKHXQLYHUVH,I\RXJLYHXS.VKHWUD\RXZLOOKDYH RQO\UHOLJLRQLI\RXKDYH.VKHWUDLWLVSKLORVRSK\2QO\DIWHUKDYH\RXµ,¶*ORULRXV DP,6DOXWDWLRQVXQWR PHWKH'ULNWKH$WPDQQRQGXDO8QLW\ LQ%UDKPDQ $OZD\VDVNIRUSURRILI\RXZDQWWRNQRZ9HGDQWD7KHVWUHQJWKRIDOOUHOLJLRQVLVWKDW\RX FDQ WGLVSURYHWKHLU GRJPDWLFVWDWHPHQWV%XW9HGDQWDZDQWV\RXQRWWREHOLHYHDQ\WKLQJZLWKRXWSURRI FI0DGKX9LG\DRI%ULK8S³6KRZKHUH3URRILVSRVVLEOHLQ'UV\DP3DJH7KLVLV³0DGKX´IRU WKDWHWFWKDWDOODUHLQWHUGHSHQGHQWLHHYHQLQGUV\DPXOWLPDWHO\WKHUHLVRQHVXEVWDQFH +RZWRYHULI\RUSURYH$VKWDYDNUDGHDOVZLWKLW²³$VFORWKZKHQDQDO\VHGVRZKHQ'UV\DPLVDQDO\VHGLW UHVROYHVLQWR'ULN7KH8QLYHUVHLGHDPXVWEHWKHUHEHIRUHµ,¶FDQFRPHLQLH2QO\LQ.VKHWUDGRHVWKHHJR H[LVW .VKHWUDJQDLVGHULYHGIURPWKH.VKHWUDRU'UV\DRUERG\.QRZ.VKHWUDDQGWKHQNQRZWKHNQRZHURI .VKHWUD*LYHXS8QLYHUVHDQGWKHUHLVQRSKLORVRSK\

:RQGHUIXODP,$GRUDWLRQWRP\VHOI7KHUHLVQRQHVRFDSDEOHDVZKRDPEHDULQJWKHXQLYHUVHIRU DOOHWHUQLW\ZLWKRXWWRXFKLQJLWZLWKWKHERG\ 96, :RQGHUIXODP,$GRUDWLRQWRP\VHOI7KHUHLVQRQHVRFDSDEOHDVZKRDPEHDULQJWKH XQLYHUVHIRUDOOHWHUQLW\ZLWKRXWWRXFKLQJLWZLWKWKHERG\ ³IRUDOOHWHUQLW\LQFRQWUDVWWRWKHHSKHPHUDOLW\RIREMHFWVVHHQWKH6HHUHYHUUHPDLQVWKHUH :KRDUH\RX",ZKRDPEHDULQJWKH8QLYHUVHZLWKRXWWRXFKLQJLWZLWKWKHERG\'RHVWKHVQDNHWRXFKWKHURSH LQWKHURSHVQDNH",WLVRQO\\RXULPDJLQDWLRQRU PLUDJHZDWHULQWKHVDQG\SODLQRUMXVWOLNHDGUHDP :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRKDYHQRWKLQJRUDOOWKDWLVWKRXJKWDQGVSRNHQRI 96, :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRKDYHQRWKLQJRUDOOWKDWLVWKRXJKWDQGVSRNHQRI

$OOWKDWLVWKRXJKWRIDQGVSRNHQRI L ,DPLPDJLQLQJDERG\,KDYHFUHDWHGD*RGDQGDPGRLQJ1DPDVNDU LH-LYDWPDDQG3DUDPDWPD 6RXODQG*RG  LL 7KHZKROHZRUOGLVP\FUHDWLRQLH3UDNULWL$OOWKUHH-LYD 3DUDPDWPDQDQG3UDNULWLDOO DUH3UDNULWL0D\DGUV\DPFI,QGUHDPHYHU\WKLQJLV.VKHWUD 7KH.VKHWUDLVWREHFRQYHUWHGLQWR.VKHWUDJQDDQGWKHQWKHDGRUDWLRQWR0\VHOI

.QRZOHGJHNQRZHUDQGWKHNQRZDEOHWKHVHWKUHHGRQRWH[LVWLQUHDOLW\,DPWKDWVWDLQOHVV6HOILQ ZKLFKWKLVWULDGDSSHDUVWKURXJKLJQRUDQFH 96, .QRZOHGJHNQRZHUDQGWKHNQRZDEOHWKHVHWKUHHGRQRWH[LVWLQUHDOLW\,DPWKDWVWDLQOHVV 6HOILQZKLFKWKLVWULDGDSSHDUVWKURXJKLJQRUDQFH

*QDQDP L &RQVFLRXVQHVVRUNQRZOHGJHRIDQLGHDRUREMHFW'UV\DP LL 7KDWZKLFKLVJQD HVVHQFHRI .VKHWUD RUWKHHVVHQFHRINQRZHUHVVHQFHRI\RXUGUHDPLV PLQGHJOLRQUXQQLQJDQG\RXUIHDUDOODUH PLQGRU*QDVZDUXSRQO\ ³.QRZOHGJHNQRZHUDQGNQRZDEOHGR QRWUHDOO\H[LVWLQWUXWKIRUDOOWKH7ULSXWLLHNQRZHUNQRZOHGJHDQG NQRZQGLVDSSHDULQGHHSVOHHS +RZGR\RXNQRZUHDOLW\" $OODUHWKRXJKWVLGHDV\RXKDYHWRNQRZDQGVHFRQGO\WKDWDOOLGHDVGLVDSSHDU LQVOHHSKHQFHWKH\DUHQRWWKHUHDOLW\

2KWKHURRWRIPLVHU\LVGXDOLW\7KHUHLVQRRWKHUUHPHG\IRULWH[FHSWWKHUHDOL]DWLRQWKDWDOOREMHFWV

RIH[SHULHQFHDUHXQUHDODQGWKDW,DPSXUH2QH&RQVFLRXVQHVVDQG%OLVV 96, 2KGXDOLW\LVWKHURRWRIPLVHU\7KHUHLVQRRWKHUUHPHG\IRULWH[FHSWWKHUHDOL]DWLRQWKDWDOO REMHFWVNQRZQDUHXQUHDODQGWKDW,DPWKH2QHDOOSXUH,QWHOOLJHQFHDQG%OLVV



DP3XUH&RQVFLRXVQHVV7KURXJKLJQRUDQFH,KDYHLPSRVHGOLPLWDWLRQVXSRQP\VHOI&RQVWDQWO\ UHIOHFWLQJLQWKLVZD\,DPDELGLQJLQWKH$EVROXWH 96, DP3XUH,QWHOOLJHQFH7KURXJKLJQRUDQFH,KDYHLPSRVHGOLPLWDWLRQVXSRQP\VHOI&RQVWDQWO\ UHIOHFWLQJLQWKLVZD\,DPDELGLQJLQWKH$EVROXWH LQWHOOLJHQFHLHNQRZLQJDZDUHQHVVWKLVZD\WKLVLVJLYHQDVDSUDFWLFDOH[HUFLVHWRDFKLHYH*QDQD

KDYHQHLWKHUERQGDJHQRUIUHHGRP+DYLQJORVWLWVVXSSRUWWKHLOOXVLRQKDVFHDVHG2KWKH XQLYHUVHWKRXJKH[LVWLQJLQPHGRHVQRWLQUHDOLW\VRH[LVW 96, KDYHQHLWKHUERQGDJHQRUIUHHGRP7KHLOOXVLRQKDYLQJORVWLWVVXSSRUWKDVFHDVHG2KWKH XQLYHUVHWKRXJKH[LVWLQJLQPHGRHVQRWLQUHDOLW\VRH[LVW LQPHLQWKHDWPDQDVLQDGUHDP LQUHDOLW\EXWDVDQDSSHDUDQFHDQLGHD

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

%RG\KHDYHQDQGKHOOERQGDJHDQGIUHHGRPDVDOVRIHDUDOOWKHVHDUHPHUHLPDJLQDWLRQ:KDWKDYH ,WRGRZLWKDOOWKHVH,ZKRVHQDWXUHLV3XUH&RQVFLRXVQHVV" 96, %RG\KHDYHQDQGKHOOERQGDJHDQGIUHHGRPDVDOVRIHDUDOOWKHVHDUHPHUHLPDJLQDWLRQ:KDW KDYH,WRGRZLWKDOOWKHVH,ZKRVHQDWXUHLV&KLW" %RG\PDWHULDOLVPKHOOUHOLJLRQIHDURIGHDWK,PDJLQDWLRQLHLGHDVPHQWDOFRQVWUXFWLRQVZKLFKFRPH DQGJRXQUHDO &KLWLHWKHLUVHHUWKHLUNQRZHU0LQG 2K,GRQRWILQGDQ\GXDOLW\(YHQWKHPXOWLWXGHRIKXPDQEHLQJVWKHUHIRUHKDVEHFRPHOLNHD ZLOGHUQHVV7RZKDWVKRXOG,DWWDFKP\VHOI" 96, 2K,GRQRWILQGDQ\GXDOLW\(YHQWKHPXOWLWXGHRIKXPDQEHLQJVWKHUHIRUHKDVEHFRPHOLNHD ZLOGHUQHVV:KDWVKRXOG,DWWDFKP\VHOIWR"

EHLQJVWKLVLQFOXGHVKLPVHOI EHFRPHRQO\ZKHQKHWKLQNVDERXWLW QRWVXGGHQO\  :LOGHUQHVVZKHUHWKHUHDUHQRVLJQVRUSDWKVDQGRQO\FRQIXVLRQDULVHV %HWWHUWUDQVODWLRQRIYHUVH (YHQZKHQ,DPLQWKHPLGVWRIDPXOWLWXGHRIKXPDQEHLQJVHYHQWKHQ,GRQRWILQGDQ\GXDOLW\IRU,NQRZ DOOWKHVHERGLHVWREHRQO\PLQGXOWLPDWHO\



DPQRWWKLVERG\QRUKDYH,DERG\,DPQRWMLYD,DP3XUH&RQVFLRXVQHVV7KLVLQGHHGZDVP\ ERQGDJHWKDW,KDGWKLUVWIRUOLIH 96, 1HLWKHUDP,WKLVERG\QRULVWKHERG\PLQH,DPQRWMLYD,DP&KLW7KLVLQGHHGZDVP\ ERQGDJHWKDW,KDGWKLUVWIRUOLIHWKHOLIHRIWKHHJRDQGWKHERG\RIZKLFKWKHVHHGLVWKH,RUWKDW,ZDV DWWDFKHGWRHPERGLHGH[LVWHQFH -LYDWKHSHUVRQDOLW\ &KLW7KHVHHURIWKHSHUVRQDOLW\RUFRQVFLRXVQHVVZLWKRXWUHIHUHQFHWRREMHFW WKLUVWIRUOLIHLHWKHOLIHRIWKHHJRDQGWKHERG\RIZKLFKWKHVHHGLVWKH,

2KLQPHWKHOLPLWOHVVRFHDQRQWKHULVLQJRIWKHZLQGRIWKHPLQGGLYHUVHZDYHVRIZRUOGVDUH SURGXFHGIRUWKZLWK 96, 2KLQPHWKHOLPLWOHVVRFHDQGLYHUVHZDYHVRIZRUOGVDUHSURGXFHGIRUWKZLWKRQWKHULVLQJRI WKHZLQGRIWKHPLQGWKDWZKLFKPRYHVPLQGRUWKDWZKLFKSURGXFHVZRUOGVDVLQGUHDP 0LQGDVVRRQDVWKRXJKWVFRPH ZLQGRIWKHPLQGWKDWZKLFKPRYHVWKHPLQGRUWKDWZKLFKSURGXFHVZRUOGVDVLQGUHDP

:LWKWKHFDOPLQJRIWKHZLQGRIWKHPLQGLQWKHLQILQLWHRFHDQRIP\VHOIWKHDUNRIWKHXQLYHUVH XQIRUWXQDWHO\IRUMLYDWKHWUDGHUPHHWVGHVWUXFWLRQ 96, :LWKWKHFDOPLQJRIWKHZLQGRIWKHPLQGLQWKHLQILQLWHRFHDQRIP\VHOIWKHDUNRIWKHXQLYHUVH RIMLYDWKHWUDGHUXQIRUWXQDWHO\PHHWVZLWKGHVWUXFWLRQ7KHHJRDQGLWVZRUOGRIREMHFWVDUHFUHDWHGE\WKH PLQGDVLQGUHDPDQGPXVWYDQLVKZKHQWKHPLQGLVVWLOO WUDGHUVHDWUDYHOLQJPHUFKDQWGHVWUXFWLRQLHWKHHJRGLVDSSHDUV DVLQVOHHS 7KHHJRDQGLWVZRUOGRIREMHFWVDUHFUHDWHGE\WKHPLQGDVLQGUHDPDQGPXVWYDQLVKZKHQPLQGLVVWLOO

+RZZRQGHUIXO,QPHWKHVKRUHOHVVRFHDQWKHZDYHVRILQGLYLGXDOVHOYHVDFFRUGLQJWRWKHLU QDWXUHULVHVWULNHHDFKRWKHUSOD\IRUDWLPHDQGGLVDSSHDU 96, +RZZRQGHUIXO,QPHWKHVKRUHOHVVRFHDQWKHZDYHVRILQGLYLGXDOVHOYHVULVHVWULNHHDFK RWKHUSOD\IRUDWLPHDQGGLVDSSHDUHDFKDFFRUGLQJWRLWVQDWXUH

6WULNHWKHPRYHPHQWFRQIOLFWDQGFKDQJHVDPRQJLQGLYLGXDOVFRQVWDQWO\RFFXUULQJ6LPLODUO\LGHDVLQ GUHDPDUHFUHDWHGDQGGLVVROYHGDIWHUEHLQJDFWLYHIRUDZKLOHGLVDSSHDULQGLYLGXDOVDUHGDLO\EHLQJERUQDQG GDLO\G\LQJOLNHLGHDVLQWKHPLQGQDWXUHWKHUHLVLPPHQVHYDULHW\LQ1DWXUH &KDSWHU6HHNHUV6WHSV 7HVWRI6HOI5HDOL]DWLRQ $VWDYDNUDVDLG

+DYLQJNQRZQ\RXUVHOIDVUHDOO\LQGHVWUXFWLEOHDQG2QHKRZLVLWWKDW\RXNQRZHURIWKH6HOIDQG VHUHQHIHHODWWDFKHGWRWKHDFTXLVLWLRQRIZHDOWK" 96, +DYLQJOHDUQWWKHFRQFHSWRI\RXUVHOIDVUHDOO\LQGHVWUXFWLEOHDQG2QHKRZLVLWWKDW\RXVHUHQH NQRZHURIWKH6HOIIHHODWWDFKHGWRWKHDFTXLVLWLRQRIZHDOWK" 6HOI
ZHDOWK,WLVQRWHQRXJKWRUHDGERRNVQRWHQRXJKWRLQWHUSUHWVFULSWXUHVRQHPXVWIHDUOHVVO\DSSO\RQH¶V NQRZOHGJH



$ODVDVJUHHGDULVHVIURPWKHLOOXVLRQRIVLOYHUFDXVHGE\LJQRUDQFHRIWKHPRWKHURISHDUOHYHQVR DULVHVDWWDFKPHQWWRWKHREMHFWVRILOOXVRU\SHUFHSWLRQIURPLJQRUDQFHRIWKH6HOI 96, $ODVDVJUHHGDULVHVIURPWKHLOOXVLRQRIVLOYHUFDXVHGE\WKHLJQRUDQFHRIWKHSHDUOR\VWHUHYHQ VRGRHVWKHDWWDFKPHQWWRWKHREMHFWVRILOOXVRU\SHUFHSWLRQDULVHIURPWKHLJQRUDQFHRIWKH6HOI VLOYHUWKHLJQRUDQFHDULVHVIURPWZRIROGFDXVHILUVWWKHVLOYHULVUHJDUGHGDVDVHFRQGWKLQJVHFRQG\RX KDYHWKHGHVLUHIRUVLOYHU

+DYLQJNQRZQ\RXUVHOIWREH7KDWLQZKLFKWKHXQLYHUVHDSSHDUVOLNHZDYHVRQWKHVHDZK\GR\RX UXQDERXWOLNHDPLVHUDEOHEHLQJ" 96, +DYLQJNQRZQ\RXUVHOIWREH7KDWLQZKLFKWKHXQLYHUVHDSSHDUVOLNHZDYHVRQWKHVHDZK\GR \RXUXQDERXWOLNHDPLVHUDEOHEHLQJ"

7KDW%UDKPDQLVLQGHVFULEDEOHE\DQ\RWKHUZRUGWKDQ7KDW DSSHDUV7KRXJKWKHZDYHVDSSHDU WREHGLIIHUHQWIURPWKHVHDLQHVVHQFHWKH\DUHWKHVDPH7KHPHQDSSHDU GLIIHUHQWIURPHDFKRWKHULQHVVHQFHWKH\DUHQRWWKH\DUHRQH EHLQJ-XVWDVWKHZDYHVDUHVWLOOZDWHUZKHWKHUWKH\VLQNDQGGLVDSSHDURUULVHDQGDUHDFWLYHVR HYHU\WKLQJLV%UDKPDQZKHWKHULWLVVHHQRUQRWNHSWRUORVWJDLQHGRUQRWJDLQHG

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³,DPDVHHNHUDIWHU%UDKPDQDERYHDOOHOVH:K\WKHQDP,PDNLQJPRUHRIVH["´ +HDQDO\VHGKLPVHOIDQGWKXVFKHFNHGWKHEHJLQQLQJRIOXVW+HWKHQGHFLGHGWRPDUU\VRDVWRFRQILQHKLVVH[ WKRXJKWVWRRQHSHUVRQRQO\DQGIURPWKDWSRLQWWRVWULYHIRUJQDQDDQGILQDOFRQTXHVWRIVH[

,WLVVWUDQJHWKDWWKHVHQVHRIRZQHUVKLSVKRXOGVWLOOFRQWLQXHLQWKHZLVHRQHZKRKDVUHDOL]HGWKH6HOI LQDOODQGDOOLQWKH6HOI 96, ,WLVVWUDQJHWKDWWKHVHQVHRIRZQHUVKLSVKRXOGVWLOOFRQWLQXHLQWKHVDJHZKRKDVUHDOL]HGWKH6HOI LQDOODQGDOOLQWKH6HOI

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

WROXVWDQGZHDNHQHGE\WKHSUDFWLFHRIDPRURXVSDVWLPHV 96, ,WLVVWUDQJHWKDWDELGLQJLQWKHVXSUHPHQRQGXDOLW\DQGLQWHQWRQILQGLQJOLEHUDWLRQRQHVKRXOG \HWEHVXEMHFWWROXVWDQGXQVHWWOHGE\KDYLQJUHFRXUVHWRDPRURXVSDVWLPHV



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¶WJR

,WLVVWUDQJHWKDWRQHZKRLVXQDWWDFKHGWRWKHREMHFWVRIWKLVZRUOGDQGWKHQH[WZKRGLVFULPLQDWHVWKH HWHUQDOIURPWKHWUDQVLHQWDQGZKRORQJVIRUHPDQFLSDWLRQVKRXOG\HWIHDUGLVVROXWLRQRIWKHERG\ 96, ,WLVVWUDQJHWKDWRQHZKRLVXQDWWDFKHGWRWKHREMHFWVRIWKLVZRUOGDQGWKHQH[WZKRGLV FULPLQDWHVWKHHWHUQDOIURPWKHWUDQVLHQWDQGZKRORQJVIRUHPDQFLSDWLRQVKRXOG\HWIHDUHPDQFLSDWLRQLWVHOI EHFDXVHKHZLOOORVHKLVHJR LWVHOI DGG EHFDXVHKHZLOOORVHKLVHJR*DXGDSDGDDOVREULQJVRXWWKLVSRLQW+HZDQWV SVHXGRHPDQFLSDWLRQZKHUHWKH,LVVDWLVILHGOLNHWKHGXDOLVWV

)HWHGDQGIHDVWHGRUWRUPHQWHGWKHVHUHQHSHUVRQHYHUVHHVWKH$EVROXWH6HOIDQGLVWKXVQHLWKHU JUDWLILHGQRUDQJU\ 96, )HWHGDQGIHDVWHGRUVSXUQHGWKHVHUHQHSHUVRQHYHUVHHVWKH$EVROXWH6HOIDQGLVWKXVQHLWKHU JUDWLILHGQRUDQJU\

WRUPHQWHGDOOWKHVHWKLQJVDUHRQO\WKHPLQG VSLFWXUH,WLVWKH0LQGWKDWKDVDSSHDUHGLQWKHVHIRUPV7KH VDJHUHFRJQL]HVDOO RIWKHPDVEHLQJRQO\%UDKPDQ VHUHQHKLJKO\LQWHOOLJHQWRQH DQJU\ERWKWKHVHHPRWLRQVDUHEDVHGRQGXDOLW\

7KHKLJKVRXOHGSHUVRQZLWQHVVHVKLVRZQERG\DFWLQJDVLILWZHUHDQRWKHU V$VVXFKKRZFDQKHEH GLVWXUEHGE\SUDLVHRUEODPH" 96, 7KHKLJKVRXOHGSHUVRQZLWQHVVHVKLVRZQERG\DFWLQJDVLILWZHUHDQRWKHU V$VVXFKKRZFDQ KHEHGLVWXUEHGE\SUDLVHRUEODPH" DQRWKHU¶V7KLVLVWKHXQLYHUVDOJQDQD\RJDSUDFWLFHH[HUFLVHJLYHQWRDOOEHJLQQHUVWRJHWULGRIERG\LGHD 7KHRWKHUH[HUFLVHWRVHHDOOERGLHVDV0LQGDV6HOILVPXFKPRUHDGYDQFHG,QGUHDPZHPD\KDYHGLIIHUHQW DSSHDULQJERGLHVVXFKDVNLQJHWFWKXVVKRZLQJXVRXUERGLHVREMHFWLYHO\6RZHKDYHWRUHJDUGRXUERG\DV VRPHERG\HOVH¶VWKDWZHDUHORRNLQJDWLWDVDQRXWVLGHU9HGDQWLFDOO\WKHERG\LVDGUV\DPDVPXFKDV DQ\WKLQJHOVH



5HDOL]LQJWKLVXQLYHUVHDVPHUHLOOXVLRQDQGORVLQJDOOFXULRVLW\KRZFDQRQHRIVWHDG\PLQG\HWIHDU WKHDSSURDFKRIGHDWK" 96, 9LHZLQJWKLVXQLYHUVHDVPHUHLOOXVLRQDQGORVLQJDOOZRQGHUWKHUHDWKRZFDQRQHRI HQOLJKWHQHGPLQGIHDUHYHQWKHDSSURDFKRIGHDWK"

LOOXVLRQDSSHDULQJ WREHUHDO0D\DVXFKXQGHUVWDQGLQJFDQFRPHRQO\ ZKHQ\RXNQRZZRUOGWREH PHQWDORWKHUZLVHLWLVLPSRVVLEOH VWHDG\$VHHNHUPD\RFFDVLRQDOO\IHHOWKHZRUOGLVLGHDXQUHDOHWFEXWKHRIWHQODSVHVWKHUHIURPWKLVLV QRWHQRXJK+HPXVWVWHDGLO\SHUPDQHQWO\UHJDUGWKHZRUOGIRUZKDWLWLV

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

2KWKHPDQRIXQGHUVWDQGLQJWKHNQRZHURIWKH6HOIZKRSOD\VWKHJDPHRIOLIHKDVQRVLPLODULW\WR WKHGHOXGHGEHDVWVRIEXUGHQRIWKHZRUOG 96, 2KLQWHOOLJHQWPLQGHGWKHNQRZHURI6HOIZKRSOD\VWKHJDPHRIHQMR\PHQWKDVQRVLPLODULW\WR WKHGHOXGHGEHDVWVRIWKHZRUOG

HQMR\PHQW,ISOHDVDQWWKLQJVFRPHWRKLPKHDFFHSWVWKHPDQGHQMR\VWKHPEXWDOOWKHVDPHKHVHHV WKURXJKWKHLUXQUHDOLW\+HGRHVQRWUXQDIWHUWKHPOLNHWKHGHOXGHGZKRWDNHWKHPWREHUHDODQGKHQFHVWURQJO\ ZDQWWKHP



2KWKH\RJLQGRHVQRWIHHOHODWHGDELGLQJLQWKDWVWDWHZKLFK,QGUDDQGDOORWKHUJRGVKDQNHUDIWHUDQG WKXVEHFRPHXQKDSS\ 96, 2KWKH
6XUHO\WKHKHDUWRIRQHZKRKDVNQRZQWKH6HOILVQRWWRXFKHGE\YLUWXHDQGYLFHMXVWDVWKHVN\LVQRW WRXFKHGE\VPRNHHYHQWKRXJKLWDSSHDUVWREH 96, 7KHKHDUWRIRQHZKRKDVNQRZQ7KDWLVQRWWRXFKHGE\YLUWXHDQGYLFHMXVWDVWKHVN\LVQRW WRXFKHGE\VPRNHHYHQWKRXJKLWDSSHDUVWREH YLUWXH9LUWXHLPSOLHVYLFH ZKHQ\RXWKLQNRIRQH\RXKDYHWRWKLQNRIWKHRWKHUKHQFHGXDOLW\9LUWXHLV WKHWKRUQWRSXOORXWDQRWKHUWKRUQRIYLFH%XWERWKDUH%UDKPDQWRWKHVDJHZKRKDVULVHQWRWKHOHYHORIQRQ GXDOLW\

:KRFDQSUHYHQWWKDWJUHDWVRXOHGRQHZKRKDVNQRZQWKLVHQWLUHXQLYHUVHWREHWKH6HOIDORQHIURP DFWLQJVSRQWDQHRXVO\" 96, :KRFDQSURKLELWWKDWJUHDWVRXOHGRQHZKRKDVNQRZQWKLVHQWLUHXQLYHUVHWREHWKH6HOIDORQH IURPOLYLQJH[WHUQDOO\DVKHSOHDVHV" DORQH7KHVDJHLGHQWLILHVKLPVHOIZLWKHYHU\WKLQJ SOHDVHV+HZLOOQRWOLYHLQVXFKDZD\DVWRVKRZWKDWKHKDVFKDQJHGRUWRGLVWLQJXLVKKLPVHOIIURPWKH UHVW'RLQJ³DVKHSOHDVHV´PHDQVKHWDNHVWKHJUHDWHVWSOHDVXUHLQGRLQJJRRGDQGLQPDNLQJRWKHUVKDSS\+H GRHVQRWZDQWDQ\RQHWRUHFRJQL]HWKDWKHLVDJQDQL7KHZRUGKHUHJLYHQDVµSOHDVHV¶LQWKH6DQVNULWLV SDVVLQJQRWDFWLYHVRLWPHDQVQRWGHOLEHUDWHSXUSRVHEXWDFFHSWDQFHFDOPO\ 2IWKHIRXUNLQGVRIFUHDWHGEHLQJVIURP%UDKPDGRZQWRDFOXPSRIJUDVVLWLVWKHZLVHRQHDORQH ZKRLVFDSDEOHRIUHQRXQFLQJGHVLUHDQGDYHUVLRQ 96, 2IWKHIRXUNLQGVRIFUHDWHGWKLQJVIURP%UDKPDGRZQWRDFOXPSRIJUDVVLWLVWKHZLVHRQH DORQHZKRLVFDSDEOHRIUHQRXQFLQJGHVLUHDQGDYHUVLRQ

NLQGV7KHIRXUNLQGVRIRULJLQVHHGHJJVHWFLQGLFDWLQJWKHIRXUJURXSVRISODQWVLQVHFWVDQLPDOVDQG PDQ DYHUVLRQ%HFDXVHVXFKGLIIHUHQFHVLQGLFDWHEHOLHILQGXDOLW\+RZFDQWKHVDJHJLYHDQ\WKLQJXSZKHQKH NQRZVDOOWRKH%UDKPDQ"+HLVDOZD\VHTXDOPLQGHG

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³7KHQRQGXDODWPDQLVWKHVDPHDVWKHXQLYHUVH´



&KDSWHU1DWXUHRIWKH8QLYHUVH )RXU:D\VWR'LVVROXWLRQ $VWDYDNUDVDLG


XQLYHUVH7KHSKLORVRSKHUKDVWRGHDOZLWKWKHXQLYHUVHDQGH[SODLQLWQRWUHIXVLQJWRVHHLW+HUHLWLV H[SODLQHG EXEEOHVGUHDPZRUOGULVHVRXWRIGHHSVOHHSDQGWKHZDNLQJZRUOGRXWRIGUHDPMXVWDVEXEEOHVULVHIURP ZDWHUKHQFHXQLYHUVHLVOLNHDEXEEOH EXWHYHQWKHEXEEOHVDUH%UDKPDQQHYHUIRUJHW  'LVVROXWLRQ7KHQH[WVWDJHLVWRNQRZWKHHVVHQFHRIDOOLGHDV$WPDQ+HUH\RXILQG\RXUVHOILQWKH XQLYHUVHDQGYLFHYHUVD:RUOGLV%UDKPDQKHQFHLQGLVVROXEOHVRLWLV\RXULGHDV RILWWKDWGLVVROYHQRWWKH XQLYHUVHLQLWVHOI 7KHXQLYHUVHEHFDXVHLWLVXQUHDOEHLQJPDQLIHVWHGOLNHWKHVQDNHLQWKHURSHGRHVQRWH[LVWLQ\RX ZKRDUHSXUHHYHQWKRXJKLWLVSUHVHQWWRWKHVHQVHV7KHUHIRUHLQWKLVZD\HQWHULQWRWKHVWDWHRIGLVVROXWLRQ 96, 7KHXQLYHUVHEHLQJPDQLIHVWHGOLNHWKHVQDNHLQWKHURSHGRHVQRWH[LVWLQ\RXZKRDUHSXUH HYHQWKRXJKLWLVSUHVHQWWRWKHVHQVHVEHFDXVHLWLVXQUHDO7KXVYHULO\\RXHQWHULQWRWKHVWDWHRIGLVVROXWLRQRI DOOIRUPVLQWRWKHLUSULPDO(OHPHQWRIWKHLGHDRIWKHUHDOLW\RIWKHZRUOG¶VIRUP VHQVHVOLNHWKHVQDNHLQWKHURSHLWKDVDQDSSHDUDQFHDQGLVWKHUHIRUHQRWWREHGHQLHG XQUHDOOD\D6FLHQFHKDVSURYHGZRUOGLVPD\DLWLVDIDFWQRWEHOLHI GLVVROXWLRQ DGG RIDOOIRUPVLQWRWKHLUSULPDOHOHPHQWRIWKHLGHDRIWKHUHDOLW\RIWKHZRUOG¶VIRUP




&KDSWHU:KDWLV5HDO.QRZOHGJH 7KH+LJKHU.QRZOHGJH -DQDNDVDLG

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

DFFHSWHGDFFHSWDQFHFDQRQO\RFFXUZKHQDVHFRQGWKLQJLVUHFRJQL]HG



&KDSWHU3UDFWLFDO/LIHDQG.QRZOHGJH 1DWXUHRI6HOI5HDOL]DWLRQ -DQDNDVDLG

,QPHWKHERXQGOHVVRFHDQWKHDUNRIWKHXQLYHUVHPRYHVKLWKHUDQGWKLWKHULPSHOOHGE\WKHZLQGRILWV RZQLQKHUHQWQDWXUH,DPQRWLPSDWLHQW 96, ,QPHWKHERXQGOHVVRFHDQWKHDUNRIWKHXQLYHUVHPRYHVKLWKHUDQGWKLWKHULPSHOOHGE\WKHZLQG RILWVRZQQDWXUH,DPQRWLPSDWLHQW WKLWKHULHDSSHDUVDQGGLVDSSHDUVGDLO\DV,VOHHSRUZDNH QDWXUH7KHVDPHVXEVWDQFHDSSHDUVLQYDULRXV IRUPVDFFRUGLQJWRWKHFRPELQDWLRQVLWSDVVHVWKURXJK LPSDWLHQWNQRZLQJKHLVWKHFKDQJHOHVV%UDKPDQKHLVHYHUFDOP

,QPHWKHOLPLWOHVVRFHDQOHWWKHZDYHRIWKHZRUOGULVHRUYDQLVKRILWVHOI,QHLWKHULQFUHDVHQRU GHFUHDVHWKHUHE\ 96, ,QPHWKHOLPLWOHVVRFHDQOHWWKHZDYHRIWKHZRUOGULVHRUYDQLVKRILWVHOI,QHLWKHULQFUHDVHQRU GHFUHDVHWKHUHE\

,WVHOIWKHJQDQLGRHVQRWPLQGWKLVEHFDXVHKHNQRZVWKDWHYHU\WKLQJZKLFKFRPHVDQGJRHVLVVWLOOKLPVHOI %UDKPDQKHQHYHUORVHVVLJKWRIWKLVIDFW WKHUHE\0\PLQGGRHVQRWJURZZKHQLWEHFRPHVWKH+LPDOD\DVLQGUHDPQRUGRHVLWGLPLQLVKZKHQLW EHFRPHVDVHHGVHHQLQGUHDP6LPLODUO\LQZDNLQJWKHUHLVWKHLQGHVWUXFWLELOLW\RIDWRPVHQHUJ\HWF WKHUHE\7KHJQDQLGRHVQRWPLQGWKLVEHFDXVHKHNQRZVWKDWHYHU\WKLQJZKLFKFRPHVDQGJRHVLVVWLOOKLPVHOI %UDKPDQKHQHYHUORVHVVLJKWRIWKLVIDFW

,QPHWKHERXQGOHVVRFHDQLVWKHLPDJLQDWLRQRIWKHXQLYHUVH,DPTXLWHWUDQTXLODQGIRUPOHVV,QWKLV DORQHGR,DELGH 96, ,QPHWKHERXQGOHVVRFHDQLVWKHLPDJLQDWLRQRIWKHXQLYHUVH,DPKLJKO\WUDQTXLODQGIRUPOHVV ,QWKLVDORQHGR,DELGH $ELGHRQWKHDWPDQZKLFKLVLPPRUWDOGR,UHO\ LPDJLQDWLRQHLWKHULQWKHVHQVHWKDWVFLHQWLILFDQDO\VLVRIVHQVHSHUFHSWLRQVKRZVRULQWKHVHQVHWKDWGUHDP H[SHULHQFHUHYHDOVLHDFRQVWUXFWLRQRIWKHPLQG

7KH6HOILVQRWLQWKHREMHFWQRULVWKHREMHFWLQWKH6HOIZKLFKLVLQILQLWHDQGVWDLQOHVV7KXV,WLVIUHH IURPDWWDFKPHQWDQGGHVLUHDQGWUDQTXLO,QWKLVDORQHGR,DELGH 96, 7KH6HOILVQRWLQWKHREMHFWVQRULVWKHREMHFWLQ7KDWZKLFKLVLQILQLWHDQGVWDLQOHVV7KXV,WLV IUHHIURPDWWDFKPHQWDQGGHVLUHDQGLVWUDQTXLO,QWKLVDORQHGR,DELGH

REMHFWVZKHQ\RXWKLQNRQO\RIWKHLUIRUPV\RXDUHRQDQLQIHULRUYLHZSRLQWWKHUHLVQRVHSDUDWHREMHFWLQ UHDOLW\ 7+$7ZKHQ\RXWKLQNRIWKHPDVEHLQJQRQVHSDUDWHIURP7KDW DWWDFKPHQWGHVLUH7KRVHDUHGHSHQGHQWRQGXDOLW\ 2K,DPUHDOO\&RQVFLRXVQHVVLWVHOI7KHZRUOGLVOLNHDMXJJOHU VVKRZ6RKRZDQGZKHUHFDQWKHUH EHDQ\WKRXJKWRIUHMHFWLRQDQGDFFHSWDQFHLQPH"



96, 2K,DPUHDOO\,QWHOOLJHQFHLWVHOI7KHZRUOGLVOLNHDMXJJOHU VVKRZ6RKRZDQGZKHUHFDQWKHUH EHDQ\WKRXJKWRIUHMHFWLRQDQGDFFHSWDQFH LQPH" 6KRZWKRVHWKDWGRQRWNQRZWKHWUXWKWKLQNLWLVUHDO ,QWHOOLJHQFHSXUHDZDUHQHVVGHYRLGRIDOOREMHFWV &KDSWHU%RQGDJHDQG/LEHUDWLRQ 3UDFWLFDO/LIHDQG.QRZOHGJH $VWDYDNUDVDLG

,WLVERQGDJHZKHQWKHPLQGGHVLUHVRUJULHYHVDWDQ\WKLQJUHMHFWVRUDFFHSWVDQ\WKLQJIHHOVKDSS\RU DQJU\DWDQ\WKLQJ 96, ,WLVERQGDJHZKHQWKHPLQGGHVLUHVRUJULHYHVDWDQ\WKLQJUHMHFWVRUDFFHSWVDQ\WKLQJIHHOV KDSS\RUDQJU\DWDQ\WKLQJ ERQGDJHWRLGHDVLWVRZQLPDJLQHGFUHDWLRQV DQ\WKLQJEHFDXVHVXFKDFWLRQLPSOLHVEHOLHILQGXDOLW\

/LEHUDWLRQLVDWWDLQHGZKHQWKHPLQGGRHVQRWGHVLUHRUJULHYHRUUHMHFWRUDFFHSWRUIHHOKDSS\RUDQJU\ 96, ,WLVOLEHUDWLRQLVDWWDLQHGWKHPLQGGRHVQRWGHVLUHRUJULHYHRUUHMHFWRUJUDERUIHHOKDSS\RU DQJU\LHZKHQLWLVLQRQHQHVV DQJU\LHZKHQLWLVLQRQHQHVV 7KLVYHUVHFDQEHLQWHUSUHWHGLQWZRZD\VILUVW\RJLFHWKLFDORUP\VWLFVHFRQGSKLORVRSKLFRUWUXWK,QWKH ODWWHUJLYLQJXSGHVLUHLVJLYLQJXSDVHFRQGWKLQJ

,WLVERQGDJHZKHQWKHPLQGLVDWWDFKHGWRDQ\VHQVHH[SHULHQFH,WLVOLEHUDWLRQZKHQWKHPLQGLV GHWDFKHGIURPDOOVHQVHH[SHULHQFHV 96, ,WLVERQGDJHZKHQWKHPLQGLVDWWDFKHGWRDQ\SDUWLFXODUVHQVHV,WLVOLEHUDWLRQZKHQWKHPLQGLV DWWDFKHGWRDQ\RIWKHVHQVHV ERQGDJHLHWRDVHFRQGWKLQJ DWWDFKHGWKURXJKWKHDKDPWKH, VHQVHVLHVHQVHREMHFWVZKHWKHULQWHUQDOLPDJLQDWLRQVRUH[WHUQDOREMHFWV7KXVWKHVHQVHVRSHUDWHERWK LQWHUQDOO\DQGH[WHUQDOO\

:KHQWKHUHLVQR  WKHUHLVOLEHUDWLRQZKHQWKHUHLV , WKHUHLVERQGDJH&RQVLGHULQJWKXVHDVLO\ UHIUDLQIURPDFFHSWLQJRUUHMHFWLQJDQ\WKLQJ 96, :KHQWKHUHLVQR  WKHUHLVOLEHUDWLRQZKHQWKHUHLV , WKHUHLVERQGDJH&RQVLGHULQJWKXV HDVLO\UHIUDLQIURPDFFHSWLQJRUUHMHFWLQJDQ\WKLQJ

OLEHUDWLRQWKLVZRUGLVLQWHUSUHWHGE\UHOLJLRXVPHQDVDIWHUGHDWKKHDYHQP\VWLFVLQWHUSUHWLWDVVDPDGKLEXWLQ 9HGDQWD³OLEHUDWLRQPHDQV*QDQDP DQ\WKLQJ(YHU\NLQGRIOLNHRUGLVOLNHLVEDVHGRQWKHHJRIRULWPHDQV³,OLNHWKLVRU³,GLVOLNHWKDW 3HRSOHWDNHWKHµ,¶DVVWDQGDUGRIUHIHUHQFH7KH\IHHOWKHH[WHUQDOZRUOGLVWKHUHFRQVHTXHQWO\:KHUHWKHUHWKH ,WKHUHLVERQGDJHZKHQWKHUHLVQR,WKHUHLVOLEHUDWLRQ/LEHUDWLRQKHUHPHDQVNQRZOHGJHRIWUXWK

&KDSWHU'HWDFKPHQW 'HWDFKPHQW



$VWDYDNUDVDLG

'XWLHVGRQHDQGQRWGRQHDVZHOODVWKHSDLUVRIRSSRVLWHVZKHQGRWKH\FHDVHDQGIRUZKRP" .QRZLQJWKXVEHGHVLUHOHVVDQGLQWHQWRQUHQXQFLDWLRQWKURXJKFRPSOHWHLQGLIIHUHQFHWRWKHZRUOG 96, 'XWLHVGRQHDQGQRWGRQHDVZHOODVWKHSDLUVRIRSSRVLWHVZKHQGRWKH\FHDVHDQGIRUZKRP" .QRZLQJWKLVEHGHVLUHOHVVWKURXJKFRPSOHWHLQGLIIHUHQFHWRWKHZRUOG LQGLIIHUHQFH7KH\RJLVPLVLQWHUSUHWWKLVWREHUXQQLQJDZD\EXWSKLORVRSKLFLQWHUSUHWDWLRQ LVNHHSLQJWKHLGHDRIWKH,RXWRIOLIH

5DUHLQGHHGP\FKLOGLVWKDWEOHVVHGSHUVRQZKRVHGHVLUHIRUOLIHHQMR\PHQWDQGOHDUQLQJKDYHEHHQ H[WLQJXLVKHGE\REVHUYLQJ WKHZD\VRIPHQ 96, 0\FKLOGZKRLVWKDWEOHVVHGSHUVRQZKRGHVLUHVWROLYHWRHQMR\DQGWRNQRZKDYHEHHQ H[WLQJXLVKHGE\REVHUYLQJ WKHZD\VRIPHQDQGWKHLUZRUWKOHVVQHVVRUE\REVHUYLQJWKHZRUOGVKRZ PHQ DGG DQGWKHLUZRUWKOHVVQHVV +HUDWHVOLIHDWLWVSURSHUYDOXHE\KDYLQJVHHQLWVWUDQVLHQF\HWF

7KHZLVHPDQEHFRPHVFDOPE\UHDOL]LQJWKDWDOOYHULO\LVYLWLDWHGE\WKHWKUHHIROGPLVHU\ DQGLVWUDQVLHQWXQVXEVWDQWLDODQGFRQWHPSWLEOHDQGVKRXOGEHUHMHFWHG 96, $ZLVHPDQEHFRPHVTXLHWE\UHDOL]LQJWKDWDOOWKLVLVYLWLDWHGE\WKHWKUHHIROGPLVHU\DQGLV WUDQVLHQWXQVXEVWDQWLDODQGFRQWHPSWLEOHDQGZRUWK\WREHUHMHFWHG TXLHWEHFDXVHQRHIIRUWLVQHHGHGIRUDWWDLQPHQWDVLWLVQRWDVHFRQGWKLQJ :KHUHWKHUHLVRQO\2QH\RXPD\UHPDLQLQZDUGO\TXLHWEXWRXWZDUGO\DFWLYHLQVHUYLFHWKDWLVKHOSIXOWR RWKHUV7KLVLVQRWWREHFRQIXVHGZLWK
:KDWLVWKDWWLPHRUWKDWDJHLQZKLFKWKHSDLUVRIRSSRVLWHVGRQRWH[LVWIRUPHQ"2QHZKRTXLWWLQJ WKRVHLVFRQWHQWZLWKZKDWFRPHVRILWVHOIDWWDLQVSHUIHFWLRQ 96, :KDWLVWKDWWLPHRUWKDWDJHLQZKLFKWKHSDLUVRIRSSRVLWHVGRQRWH[LVWIRUPHQ"2QHZKR TXLWWLQJWKRVHLVFRQWHQWZLWKZKDWFRPHVRILWVHOITXLWVWKHVHDQGDWWDLQVSHUIHFWLRQ

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

96, :KDWPDQLVWKHUHZKRKDYLQJREVHUYHGWKHGLYHUVLW\RIRSLQLRQVDPRQJWKHJUHDWUHSXWHG 5LVKHHVHHUVVDLQWVDQG\RJLVDQGEHFRPHFRPSOHWHO\LQGLIIHUHQWWRWKHLURSLQLRQVDQGDWWDLQTXLHWXGH"



VHHUV(YHQ0XKDPPDG-HVXVDQG%XGGKD¶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

/RRNXSRQWKHPRGLILFDWLRQVRIWKHHOHPHQWVDVQRWKLQJLQUHDOLW\EXWWKHSULPDU\HOHPHQWVWKHPVHOYHV DQG\RXZLOODWRQFHEHIUHHIURPERQGDJHDQGDELGHLQ\RXUWUXHVHOI 96, /RRNXSRQWKHPRGLILFDWLRQVRIWKHHOHPHQWVDVQRWKLQJLQUHDOLW\EXWDQDO\]HWKHPLQWRWKH SULPDU\HOHPHQWVWKHPVHOYHVDQG\RXZLOODWRQFHEHIUHHIURPERQGDJHDQGDELGHLQ\RXUWUXHVHOI EHWWHUWUDQVODWLRQ³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

'HVLUH2ULJLQDOZRUGLV9DVDQDGHVLUHVRISUHYLRXVOLYHVFRQWLQXHGLQWRWKHSUHVHQWSDUHQWDOLQVWLQFWLYH SURSHQVLWLHVWHQGHQFLHVDVDUHVXOWRISDVWDWWDFKPHQWV UHQXQFLDWLRQNQRZLQJWKHZRUOGLVLPDJLQDWLRQ 'HVLUH,WLVHQRXJKWRUHQRXQFHGHVLUHVLQZDUGO\WKLVLVHTXLYDOHQWWRDVFHWLFUXQQLQJDZD\IURPWKHZRUOG GHVLUHGHSHQGVXSRQHJRLVPLWLPSOLHV, 3HDFH 5HVW 4XLHWXGH

$VWDYDNUDVDLG



&XOWLYDWHLQGLIIHUHQFHWRHYHU\WKLQJKDYLQJJLYHQXSNDPD GHVLUH ZKLFKLVWKHHQHP\DUWKD ZRUOGO\SURVSHULW\ ZKLFKLVDWWHQGHGZLWKPLVFKLHIDQGGKDUPD SHUIRUPDQFHRIJRRGZRUNV ZKLFKLVWKH FDXVHRIWKHVHWZR 96, %HLQGLIIHUHQWWRHYHU\WKLQJKDYLQJJLYHQXSNDPD GHVLUH WKHHQHP\DUWKD ZRUOGO\ULFKHV ZKLFKLVDWWHQGHGZLWKPLVFKLHIDQGGKDUPD JRRGGHHGV ZKLFKLVWKHFDXVHRIWKHVHWZR LQGLIIHUHQWGRQRWJHWDWWDFKHG PLVFKLHIZKLFKSUHYHQWRQHIURPDWWDLQLQJWKHJRDODOVRZKLFKEULQJVXIIHULQJLQWKHUHDFWLRQODWHU 'KDUPDUHOLJLRXVGXW\DOVR

/RRNXSRQIULHQGVODQGVZHDOWKKRXVHVZLYHVSUHVHQWVDQGRWKHUVXFKPDUNVRIJRRGIRUWXQHDVD GUHDPRUDMXJJOHU VVKRZODVWLQJRQO\DIHZGD\V 96, /RRNXSRQWKHWUDQVLHQF\RIIULHQGVODQGVZHDOWKKRXVHVZLYHVSUHVHQWVDQGVXFKRWKHUJRRG IRUWXQHVDVDGUHDPRUDMXJJOHU VVKRZODVWLQJWKUHHRUILYHGD\V

GD\VHYHQWKHKDSSLHVWPHQPXVWGLHDOOLVVKRUWOLYHG VKRZ7KHNQRZHURIWKHWUXWKLVQHYHUGXSHGE\JRRGIRUWXQHEXWRWKHUVDUHKHUHDOL]HVWKDWLWLVSDVVLQJDZD\ EXWWKH\QHYHUWKLQNRILW .QRZWKDWZKHUHYHUWKHUHLVGHVLUHWKHUHLVWKHZRUOG%HWDNLQJ\RXUVHOIWRILUPQRQDWWDFKPHQWJR EH\RQGGHVLUHDQGEHKDSS\ 96, .QRZWKHWURXEOHVDQGZRUULHVRIZRUOG 6DPVDUD WREHLQGHHGZKHUHYHUWKHUHLVGHVLUH %HWDNLQJ\RXUVHOIWRILUPQRQDWWDFKPHQWEHLQJIUHHGIURPGHVLUHDQGEHKDSS\

GHVLUHJHWWLQJDWWDFKPHQWDWWDFKPHQWEHOLHYLQJWKHZRUOGWREHUHDORULQFDSDFLW\WRVHHLWLVLGHD QRQDWWDFKPHQW P\KRXVHP\ZLIHHWFLVWKHHJRLVWLFDWWDFKPHQWWREHJRWULGRI
%RQGDJHZKHQ\RXWKLQNWKHUHLVDVHFRQGWKLQJ\RXDUHLQERQGDJHIRUEHOLHILQWKHSUHVHQFHRIRWKHUWKLQJV FDXVHVGHVLUHIRUWKHP -R\VDWLVIDFWLRQDEVHQFHRILOOXVLRQDQGWKHWURXEOHVEUHGE\LW 


.LQJGRPVVRQVZLYHVERGLHVDQGSOHDVXUHVKDYHEHHQORVWWR\RXELUWKDIWHUELUWKHYHQWKRXJK\RX ZHUHDWWDFKHGWRWKHP 96, .LQJGRPVRQVZLYHVERGLHVDQGSOHDVXUHVKDYHEHHQORVWWR\RXELUWKDIWHUELUWKHYHQWKRXJK \RXZHUHDWWDFKHG WRWKHP +HQFHXQGHUVWDQGWKDWZKDW\RXSRVVHVVRUHQMR\LQWKLVELUWKZLOODOVRJRKHQFHEHGHWDFKHGIURPWKHPDQGEH DWWDFKHGWR$WPDQRQO\%XWHYHQWKRVHZKRGRQ¶WEHOLHYHLQUHELUWKFDQXQGHUVWDQGWKDWGUHDPSRVVHVVLRQV VHHPHGTXLWHUHDOEXWZKHUHLVWKDWUHDOLW\QRZ"$QGDVOLIHLVEXWDGUHDPLHLGHDWKHVDPHDUJXPHQW UHPDLQV (QRXJKRISURVSHULW\GHVLUHVDQGSLRXVGHHGV7KHPLQGGLGQRWILQGUHSRVHLQWKHVHLQWKHGUHDU\ IRUHVWRIWKHZRUOG 96, (QRXJKRISURVSHULW\GHVLUHVDQGHYHQSLRXVGHHGV7KHPLQGGLGQRWILQGUHSRVHLQWKHVHLQ WKHGUHDU\ZLOGHUQHVVRIWKHZRUOGLQDQ\RIWKHP GHHGVGRQHZLWKWKHKRSHRIUHDFKLQJKHDYHQRUHYHQWDNLQJVDQ\DV ZRUOGVRORQJDVLWKDGDGHVLUHIRUDQ\WKLQJIRUWKHUHFDQEHQRSHDFHVRORQJDVWKHUHLVGXDOLW\

)RUKRZPDQ\ELUWKVKDYH\RXQRWGRQHKDUGDQGSDLQIXOZRUNZLWKERG\ZLWKPLQGDQGZLWK VSHHFK7KHUHIRUHFHDVHDWOHDVWWRGD\ 96, 'XULQJVRPDQ\LQFDUQDWLRQV\RXKDYHQRWGRQHKDUGDQGSDLQIXOZRUNRUDFWLRQVZLWKERG\ ZLWKPLQGDQGZLWKVSHHFK7KHUHIRUHUHVWLQ%UDKPDQLQQRQGXDOLW\DWOHDVWWRGD\

ZRUN $OWHUQDWLYHUHDGLQJ$OWKRXJK\RXKDYHVRPDQ\ELUWKVDQGSHUIRUPHGVRPDQ\GXWLHVVWLOO\RXDUHQRW VDWLVILHG 6SHHFK$QG\HW\RXKDYHQRSHDFH$QGHYHQLQWKLVELUWK\RXILQGWKHVDPHODFNRIUHSRVH )RUQRERG\HYHUKDVSHUIHFWVDWLVIDFWLRQLQDZRUOGRIGXDOLW\EHFDXVHWKHVHFRQGWKLQJLVLPSHUPDQHQWLWZLOO JRRQFKDQJLQJ+HQFHGHVLUHLVQHYHUIXOILOOHGSHUIHFWO\ &KDSWHU:LVGRPLQ/LIH :LVGRP $VWDYDNUDVDLG

+HZKRKDVUHDOL]HGWKDWFKDQJHLQWKHIRUPRIH[LVWHQFHDQGGHVWUXFWLRQLVLQWKHQDWXUHRIWKLQJV HDVLO\ILQGVUHSRVHEHLQJXQSHUWXUEHGDQGIUHHIURPSDLQ 96, 2QHZKRKDVUHDOL]HGWKDWH[LVWHQFHQRQH[LVWHQFHDQGFKDQJHDUHLQWKHQDWXUHRIWKLQJVHDVLO\ ILQGVUHSRVHEHLQJXQSHUWXUEHGDQGIUHHIURPSDLQ WKLQJVQHFHVVDULO\XQSUHYHQWDEOHDQGXQFRQWUROODEOHZKHQ\RXUHJDUGWKHZRUOGDVDZRUOGRIPXOWLSOLFLW\DQG GXDOLW\7KHPLQGPXVWZRUNLQWKLVZD\ZKHQLWWDNHVXSVXFKDVWDQGSRLQW%XWZKHQLWYLHZVDOODV%UDKPDQ RQO\WKHQDOOWKHVHWKLQJVGLVDSSHDU SDLQEHFDXVHSDLQLVFDXVHGE\KDYLQJWKHLGHD RIWZR

+HZKRKDVNQRZQIRUFHUWDLQWKDW,VYDUDLVWKHFUHDWRURIDOODQGWKDWWKHUHLVQRQHHOVHKHUHEHFRPHV SHDFHIXOZLWKDOOKLVLQQHUGHVLUHVVHWDWUHVWDQGLVQRWDWWDFKHGWRDQ\WKLQJZKDWVRHYHU 96, .QRZLQJIRUFHUWDLQVRWKDW\RXFDQSURYHLWWRRWKHUVWKDW,VYDUDLVWKHFUHDWRURIDOODQGWKDW

WKHUHLVQRRWKHUKHUHRQHEHFRPHVSHDFHIXOZLWKDOOKLVLQQHUGHVLUHVVHWDWUHVWZLWKLQDQGLVQRWDWWDFKHGWR DQ\WKLQJZKDWVRHYHU



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¶VIDWHNDUPD DQGFRPLQJWRVHHWKDWLWLVQRWSRVVLEOHWRDFFRPSOLVKDOOWKDWLVGHVLUHGRQHEHFRPHVLQDFWLYHDQGLVQRW DWWDFKHGRUVWDLQHGHYHQWKRXJKHQJDJHGLQDFWLRQ FHUWDLQVHHVORND QGOLQHRIWKLVSDJH

+HZKRKDVUHDOL]HGWKDWLWLVFDUHDQGQRWKLQJHOVHWKDWEUHHGVPLVHU\LQWKLVZRUOGEHFRPHVIUHH IURPLWDQGLVKDSS\SHDFHIXODQGHYHU\ZKHUHULGRIGHVLUHV 96, 2QHZKRKDVUHDOL]HGWKDWFDUHEUHHGVPLVHU\LQWKLVZRUOGDQGQRWKLQJHOVHEHFRPHVIUHHIURP LWLVKDSS\SHDFHIXODQGULGRIGHVLUHVHYHU\ZKHUH FDUHNHHSLQJWKH,DVWKHURRWLQVWHDGRIWUHDWLQJLWDVLGHDRIDFWLRQ .HHSWKHHJRRXWRIDFWLYLW\URRWE\XQGHUVWDQGLQJLWVLOOXVRULQHVV

 DPQRWWKHERG\QRULVWKHERG\PLQH,DP&RQVFLRXVQHVVLWVHOI KHZKRKDVUHDOL]HGWKLVIRU FHUWDLQGRHVQRWUHPHPEHUZKDWKHKDVGRQHRUQRWGRQHDVLIKHKDVDWWDLQHGWKHVWDWHRI$EVROXWHQHVV 96,  DPQRWWKHERG\QRULVWKHERG\PLQH,DP,QWHOOLJHQFHLWVHOI 2QHZKRKDVSUDFWLFHGDQG UHDOL]HGWKLVIRUFHUWDLQGRHVQRWUHPHPEHUZKDWKHKDVGRQHRUQRWGRQHDVLIKHKDVDWWDLQHGWKHVWDWHRI $EVROXWHQHVVQRQGXDOWKUXWKRUXQFRQWUDGLFWDEOHFDOP

GRQHKHORRNVRQ,DVIOHHWLQJDSSHDULQJDQGGLVDSSHDULQJLQWKHPLGVWRIDFWLYLW\KHUHJDUGVDOOKLVDFWLRQVDV LGHDVDOVR $EVROXWHQHVVQRQGXDOWUXWKRUXQFRQWUDGLFWDEOHFDOP  ,DPLQGHHGLQHYHU\WKLQJIURP%UDKPDGRZQWRDFOXPSRIJUDVV KHZKRNQRZVWKLVIRUFHUWDLQ



EHFRPHVIUHHIURPFRQIOLFWRIWKRXJKWSXUHDQGSHDFHIXODQGIUHHIURPFDUHIRUZKDWLVDWWDLQHGDQGQRW DWWDLQHG 96, ,WLVYHULO\,IURP%UDKPDGRZQWRDFOXPSRIJUDVV RQHZKRNQRZVWKLVIRUFHUWDLQEHFRPHV IUHHIURPWKHFRQIOLFWRIWKRXJKWSXUHDQGSHDFHIXODQGWXUQVDZD\IURPZKDWLVDWWDLQHGDQGQRWDWWDLQHG FRQIOLFWFRQWUDGLFWLRQVLQKHUHQWLQXQWUXWK

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

+DYLQJQRDWWDFKPHQWIRUVRXQGDQGRWKHUVHQVHREMHFWVDQGWKH6HOIQRWEHLQJDQREMHFWRI SHUFHSWLRQP\PLQGLVIUHHGIURPGLVWUDFWLRQDQGLVRQHSRLQWHG7KXVWKHUHIRUHGR,ILUPO\DELGH 96, ,KDYHQRDWWDFKPHQWIRUVRXQGHWFDQGWKH6HOIDOVRQRWEHLQJDQREMHFWRISHUFHSWLRQ,KDYH P\PLQGIUHHIURPGLVWUDFWLRQDQGRQHSRLQWHG(YHQWKXVGR,DELGH RQHSRLQWHG LQWKH'ULN WKLVYHUVHLVIRUWKHORZHUVWDJHZKLFKPDNHV\RJLFFRQFHQWUDWLRQWKHKLJKHVWJRDO

$QHIIRUWKDVWREHPDGHIRUFRQFHQWUDWLRQZKHQWKHUHLVGLVWUDFWLRQRIPLQGRZLQJWRVXSHULPSRVLWLRQ HWF6HHLQJWKLVWREHWKHUXOHWKXVGR,ILUPO\DELGH 96, (IIRUWLVPDGHIRUFRQFHQWUDWLRQZKHQWKHUHLVGLVWUDFWLRQRIPLQG6HHLQJWKLVWREHWKHUXOHRI 1DWXUHWKXVYHULO\GR,DELGH 7KRVHZKRFDQQRWFRQFHQWUDWHSHUIHFWO\GRZHOOLQJRLQJWR$VKUDPVRU.DLODVWROHDUQDQG SUDFWLFH\RJDDVDVWDJH IRUKHUHWKH\ZLOOEHIUHHIURPGLVWUDFWLRQV%XWWKHIHZZKRDUHVRJLIWHGDVWR KDYHWKHQDWXUDOFDSDFLW\WRFRQFHQWUDWHGRQRWQHHGWRGRWKLVDQGQHHGQRWJRWKURXJKD\RJDFRXUVH



+DYLQJQRWKLQJWRDFFHSWDQGQRWKLQJWRUHMHFWDQGKDYLQJQHLWKHUMR\QRUVRUURZWKXVVLUGR,QRZ ILUPO\DELGH 96, %HLQJGHYRLGRIWKHVHQVHRIUHMHFWDEOHDQGDFFHSWDEOHDQGKDYLQJQRMR\RUVRUURZWKXV2 %UDKPDQGR,DELGHWRGD\ VHQVHEHLQJGHYRLGRIWKHVHQVHRI,ZKLFKFDXVHVOLNHVDQGGLVOLNHV DFFHSWDEOH%HFDXVH,WKLQNRIHYHU\WKLQJDVEHLQJ%UDKPDQ

$VWDJHRIOLIHRUQRVWDJHRIOLIHPHGLWDWLRQFRQWURORIPHQWDOIXQFWLRQVILQGLQJWKDWWKHVHFDXVH GLVWUDFWLRQWRPHWKXVYHULO\GR,ILUPO\DELGH 96, $VWDJH RUGHU RIOLIHRUQRVWDJHRIOLIHPHGLWDWLRQRUUHQXQFLDWLRQRIWKHREMHFWVRIWKHPLQG ILQGLQJ DOOWKDWWKHVHWRFDXVHRQO\GLVWUDFWLRQVLQPHYHULO\GR,DELGH OLIH:KHWKHURQHLVDKRXVHKROGHURUDVDQ\DVVLQ 0HGLWDWLRQ$WVHWIL[HGWLPHVIRUGLVFLSOLQH WKHVHWKH\FRQFHUQWKHERG\RQO\

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

%OHVVHGLVWKHPDQZKRKDVDFFRPSOLVKHGWKLV%OHVVHGLVKHZKRLVVXFKE\QDWXUH 96, %OHVVHGLVWKHPDQZKRKDVDFFRPSOLVKHGWKLVSHUPDQHQWO\WKURXJKSUDFWLFH%OHVVHGLVKHZKR LVVXFKE\QDWXUH %OHVVHG1RWKLQJPRUHLVWREHDFKLHYHGE\KLPKHQFHSHUIHFWVDWLVIDFWLRQ DFFRPSOLVKHGDIWHUKDYLQJSDVVHGWKURXJKWKHYDULRXVVWDJHVRIGHYHORSPHQWLQWKHFRXUVHRIWLPH QDWXUHZKRKDVPDGHLWDQDWXUDOVWDWHRUDOWHUQDWLYHO\ZKRDUHERUQVRDQGPDQLIHVWLWDWDQHDUO\DJH &KDSWHU%OLVV +DSSLQHVV -DQDNDVDLG

7KHWUDQTXLOOLW\ZKLFKLVERUQRIWKHFRQVFLRXVQHVVWKDWWKHUHLVQRWKLQJEXWWKH6HOI LVUDUHHYHQIRU RQHZKRZHDUVEXWDORLQFORWK7KHUHIRUHJLYLQJXSUHQXQFLDWLRQDQGDFFHSWDQFH,OLYHKDSSLO\ 96, 7KHSRLVHRI0LQGWKDWVSULQJVLQRQHZKRLVZLWKRXWDQ\WKLQJLVUDUHHYHQIRURQHZKR SRVVHVVHVQRWKLQJEXWDORLQFORWK7KHUHIRUHJLYLQJXSUHQXQFLDWLRQDQGDFFHSWDQFH,OLYHKDSSLO\



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

7KH\RJLQVZKRDUHDWWDFKHGWRWKHERG\LQVLVWXSRQDFWLRQRULQDFWLRQ2ZLQJWRWKHDEVHQFHRI DVVRFLDWLRQDQGGLVVRFLDWLRQ,OLYHKDSSLO\ 96, 7KH\RJLQVZKRDUHDWWDFKHGWRWKHERG\LQVLVWXSRQDFWLRQDQGLQDFWLRQ2ZLQJWRWKHDEVHQFH RIDVVRFLDWLRQDQGGLVVRFLDWLRQ,OLYHKDSSLO\ $FWLRQVHWLQRQHSODFHJRWR.DLODVEXLOGDQDVKUDPHWF LQDFWLRQUHIXVDOWRGRDQ\WKLQJIRUWKHZRUOG GLVVRFLDWLRQWKH,DQGLWVSUHIHUHQFHRUGLVOLNHV

1RJRRGRUHYLODFFUXHVWRPHE\VWD\LQJJRLQJRUVOHHSLQJ6RZKHWKHU,VWD\JRRUVOHHS,OLYH KDSSLO\ 96, 1RJRRGRUHYLODFFUXHVWRPHE\VWD\LQJJRLQJRUVOHHSLQJ RU ,JDLQDQGORVHQRWKLQJE\ VLWWLQJPRYLQJRUVOHHSLQJ6R,OLYHKDSSLO\ZKHWKHU,VWD\JRRUVOHHS VOHHSLQJEHFDXVHWKHHJRLVDEVHQW

GRQRWORVHE\VOHHSLQJQRUJDLQE\VWULYLQJ6RJLYLQJXSWKRXJKWVRIORVVDQGHODWLRQ,OLYH KDSSLO\ 96, GRQRWORVHE\VOHHSLQJQRUJDLQE\VWULYLQJ6RJLYLQJXSWKRXJKWVRIORVVDQGHODWLRQ,OLYH

KDSSLO\



VWULYLQJEHFDXVHERWKDUH%UDKPDQWRWKH*QDQLVRKHSUHVHUYHVPHQWDOSRLVHDPLGORVVRUJDLQ

2EVHUYLQJDJDLQDQGDJDLQWKHLQFRQVWDQF\RISOHDVXUHDQGSDLQXQGHUGLIIHUHQWFLUFXPVWDQFHV,KDYH UHQRXQFHGJRRGDQGHYLODQG,OLYHKDSSLO\ 96, 2EVHUYLQJDJDLQDQGDJDLQWKHIOXFWXDWLRQVRISOHDVXUHHWFXQGHUGLIIHUHQWFRQGLWLRQV,KDYH UHQRXQFHGJRRGDQGHYLODQGDPKDSS\ IOXFWXDWLRQV HYHQPLOOLRQDLUHVDUHVXEMHFWWRFKDQJHVRIIRUWXQH HYLOJLYHQXSWKH,*RRGLVDGUV\DPZKLFKGLVDSSHDUVOLNHRWKHULGHDV KDSS\XQWRXFKHGE\HJR &KDSWHU%OLVV7HVWHG 7UDQTXLOLW\ -DQDNDVDLG

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

:KHQGHVLUHKDVPHOWHGDZD\ZKHUHWKHQDUHP\ULFKHVZKHUHP\IULHQGVZKHUHDUHWKHUREEHUVLQ WKHIRUPRIVHQVHREMHFWVZKHUHWKHVFULSWXUHVDQGZKHUHNQRZOHGJH" 96, :KHQP\GHVLUHKDVPHOWHGDZD\ZKHUHDUHP\ULFKHVZKHUHP\IULHQGVDQGWKHUREEHUVLQWKH IRUPRIVHQVHREMHFWVZKHUHDUHVFULSWXUHDQGNQRZOHGJHLPSO\LQJNQRZQDQGXQNQRZQ" DZD\:KHQHJRKDVYDQLVKHG UREEHUVVHQVHREMHFWVWDNHDZD\WKHPLQG DZDUHQHVVIURPWKH5HDO VFULSWXUHDOOVFULSWXUHVDUHEXWLGHDV NQRZOHGJH DGG LPSO\LQJNQRZHUDQGNQRZQ

$V,KDYHUHDOL]HGWKH6XSUHPH6HOIZKRLVWKH:LWQHVVDQGWKH/RUGDQGKDYHEHFRPHLQGLIIHUHQWWR ERWKERQGDJHDQGOLEHUDWLRQ,IHHOQRDQ[LHW\IRUHPDQFLSDWLRQ 96, $V,KDYHUHDOL]HGWKH6XSUHPH6HOIZKRLVWKH:LWQHVVDQGWKH/RUGDQGKDYHORVWDOOGHVLUHIRU ERQGDJHDQGOLEHUDWLRQ,IHHOQRDQ[LHW\IRUOLEHUDWLRQ

ERQGDJHWKHWKRXJKWRIERQGDJHDULVHVZKHQ\RXVWLOOWKLQN RIWKH, /LEHUDWLRQWKHWKRXJKWRIOLEHUDWLRQRQO\DULVHVZKHQWKHWKRXJKWRIERQGDJHKDVEHHQ.QRZLQJWKHWUXWKERWK WKRXJKWVGLVDSSHDU 7KHGLIIHUHQWFRQGLWLRQVRIRQHZKRZLWKLQLVGHYRLGRIGRXEWVEXWRXWZDUGO\PRYHVDERXWDWKLVRZQ



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

$PDQRISXUHLQWHOOHFWUHDOL]HVWKH6HOIHYHQE\LQVWUXFWLRQFDVXDOO\LPSDUWHG$PDQRILPSXUH LQWHOOHFWLVEHZLOGHUHGLQWU\LQJWRUHDOL]HWKH6HOIHYHQDIWHUHQTXLULQJWKURXJKRXWOLIH 96, $PDQRISXUHLQWHOOHFWKDVKLVOLIH¶VREMHFWIXOILOOHGHYHQE\LQVWUXFWLRQFDVXDOO\LPSDUWHG7KH RWKHULVEHZLOGHUHGWKHUHHYHQDIWHUHQTXLULQJWKURXJKRXWWKHZKROHOLIH

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

7KLVNQRZOHGJHRIWKH7UXWKPDNHVDQHORTXHQWZLVHDQGDFWLYHSHUVRQPXWHLQHUWDQGLQDFWLYH 7KHUHIRUHLWLVVKXQQHGE\WKRVHZKRZDQWWRHQMR\WKHZRUOG 96, 7KLVNQRZOHGJHRIWKH7UXWKPDNHVDQHORTXHQWLQWHOOHFWXDODQGDFWLYHSHUVRQPXWHLQHUWDQG LQDFWLYH7KHUHIRUHLWLVWKDWLWLVVKXQQHGE\WKRVHZKRZDQWWRHQMR\WKHZRUOGRIVHQVH PXWHEHFDXVHRWKHUSHRSOHFDQ¶WXQGHUVWDQGLIKHWDONVKLJKHVWWUXWKKHJHQHUDOO\NHHSV TXLHWDERXWLWVLPLODUO\LWLVRIWHQGDQJHURXV FI6RFUDWHV


ERG\EHFDXVHDV'ULN'UV\DP9LYHNDH[SODLQVLWLVDGUV\DPZKLFKLVJRLQJDQG\RX DUHQRWLQJLWVFKDQJHV



$WWDFKPHQWDQGDEKRUUHQFHDUHDWWULEXWHVRIWKHPLQG7KHPLQGLVQHYHU\RXUV
5HDOL]LQJWKH6HOILQDOODQGDOOLQWKH6HOIIUHHIURPHJRLVPDQGIUHHIURPWKHVHQVHRI PLQH EH KDSS\ 96, 5HDOL]LQJWKH6HOILQDOODQGDOOLQWKH6HOIIUHHIURPHJRLVPDQGIUHHIURPWKHVHQVHRI PLQH  EH\RXKDSS\ DOOV\PSDWKHWLFIHHOLQJZLWKDOORWKHUKXPDQEHLQJV


+DYHIDLWKP\VRQKDYHIDLWK1HYHUFRQIXVH\RXUVHOILQWKLV
7KHERG\FRPSRVHGRIWKHLQJUHGLHQWVRIQDWXUHFRPHVVWD\VDQGJRHV7KH6HOIQHLWKHUFRPHVQRU JRHV:K\WKHQGR\RXPRXUQLW" 96, 7KHERG\ERXQGXSZLWKWKHRUJDQVRIVHQVHVFRPHVVWD\VDQGJRHV7KH6HOIQHLWKHUFRPHV QRUJRHV:K\WKHQGR\RXPRXUQLW" JRHV\RXQHYHUVHHLWFKDQJLQJ

/HWWKHERG\ODVWWRWKHHQGRIWKHNDOSD F\FOH RUOHWLWJRHYHQWRGD\:KHUHLVWKHUHDQ\LQFUHDVH RUGHFUHDVHLQ\RXZKRDUH3XUH,QWHOOLJHQFH" 96, /HWWKHERG\ODVWWRWKHHQGRIWKH.DOSD F\FOH RUOHWLWJRHYHQWRGD\:KHUHLVWKHUHDQ\ LQFUHDVHRUGHFUHDVHLQ\RXZKRDUH3XUH,QWHOOLJHQFH"




,Q\RXZKRDUHWKHLQILQLWHRFHDQOHWWKHZDYHVRIWKHXQLYHUVHULVHRUIDOODFFRUGLQJWRWKHLURZQ QDWXUH7KDWPHDQVQRJDLQRUORVVWR\RX 96, /HWWKHZDYHVRIWKHXQLYHUVHULVHRUIDOORIWKHLURZQDFFRUGLQ\RXZKRDUHWKHLQILQLWH 2FHDQ7KDWPHDQVQRJDLQRUORVVWR\RX


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

ELUWKDOOLVRFFXUULQJLQ%UDKPDQ (YHU\WKLQJLV0LQG ,QWHOOLJHQFH
&RPSOHWHO\JLYHXSVXFKGLVWLQFWLRQVDV ,DP+H DQG ,DPQRWWKLV &RQVLGHUDOODVWKH6HOIDQGEH

GHVLUHOHVVDQGKDSS\ 96, &RPSOHWHO\JLYHXSVXFKGLVWLQFWLRQVDV ,DPKH DQG ,DPQRWWKLV &RQVLGHUDOODVWKH6HOI DQGEHGHVLUHOHVVDQGKDSS\



KHDVDVHSDUDWHSHUVRQIRUWKLVLPSOLHVGXDOLW\7KHHJRLVRQO\DQDSSHDUDQFHDQGZKHQDQDO\VHGLVRQO\WKH RQH0LQG GHVLUHOHVVEHFDXVHWKHUHDUHQRWZR KDSS\EHFDXVHPLVHU\FRPHVIURPGXDOLW\

,WLVWKURXJK\RXULJQRUDQFHDORQHWKDWWKHXQLYHUVHH[LVWV,QUHDOLW\\RXDUH2QH7KHUHLVQR LQGLYLGXDOVHOIRU6XSUHPH6HOIRWKHUWKDQ\RX 96, ,WLVWKURXJK\RXULJQRUDQFHDORQHWKDWWKHXQLYHUVHH[LVWV,QUHDOLW\\RXDORQHDUH7KHUHLVQR MLYDRU,VKZDUDRWKHUWKDQ\RX

,JQRUDQFHLPDJLQDWLRQ,WLV\RXUPLQGWKDWPDNHV\RXWKLQNWKHUHLVDXQLYHUVHGLIIHUHQWIURP\RXUVHOI%XWWKH ZRUGµLJQRUDQFH¶LVXVHGLQRUGHUWRLQGXFH\RXWRPDNHHIIRUWVWRJHWDWWUXWK -LYD1RVXFKWKLQJDVVHSDUDWHVRXOVZKLFKFRQWLQXHDIWHUGHDWKWKLVLVLOOXVRU\ ,VKYDUD*RGDVFUHDWRURUUXOHURUDVLPDJLQHGE\0DQ7KLVGRHVQRWPHDQWKHUHLVQRVXSUHPHUHDOLW\ 2QHZKRNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVEXWDQLOOXVLRQDQGDQRWKLQJEHFRPHV GHVLUHOHVVDQG3XUH,QWHOOLJHQFHDQGILQGVSHDFHDV LIQRWKLQJH[LVWV 96, 2QHZKRNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVEXWDQLOOXVLRQDQGDQRWKLQJEHFRPHV GHVLUHOHVVDQGSXUH,QWHOOLJHQFHDQGILQGVSHDFHDVLIQRWKLQJH[LVWV

LOOXVLRQDQLGHD QRWKLQJQRWUHDOWKLVLVQRWDGHQLDORIH[LVWHQFHIRUWKHZRUGV³WKLVXQLYHUVHDGPLWVLWVSUHVHQFHLWLVDQ DVVHUWLRQRILWVQDWXUH DVLILWGRHVQRWPHDQWKDW\RXDUHQRWWDONLQJHDWLQJZDNLQJZRUNLQJVHQVLQJWKHZRUOG $OOWKDWJRHVRQZLWKWKHLJQRUDQWEXW\RXNQRZLWIRULGHD QRWKLQJH[LVWVQRWKLQJRWKHUWKDQKH

,QWKHRFHDQRIWKHZRUOG2QHRQO\ZDVLVDQGZLOOEH
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

ZURQJWKLVPHDQVGRQ¶WWURXEOH\RXUVHOIZLWKDIILUPDWLRQRIZDQWVRUQHJDWLRQRIORVV ZLWKGHFLVLRQVDERXWWKLVRUWKDW



&RPSOHWHO\JLYHXSHYHQFRQWHPSODWLRQDQGKROGQRWKLQJLQ\RXUPLQG
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

$OODUHXQKDSS\EHFDXVHWKH\H[HUWWKHPVHOYHV%XWQRQHNQRZVWKLV7KHEOHVVHGRQHDWWDLQV HPDQFLSDWLRQWKURXJKWKLVLQVWUXFWLRQDORQH 96, $OODUHXQKDSS\EHFDXVHWKH\H[HUWWKHPVHOYHV%XWQRQHNQRZVWKLV7KHEOHVVHGRQHDWWDLQV HPDQFLSDWLRQWKURXJKWKLVLQVWUXFWLRQDORQH

7KHPVHOYHVLQFOXGLQJHYHQWKH\RJLV7KLVGRHVQRWPHDQVLWWLQJVWLOOLQVDPDGKL)RUH[HUWLRQLPSOLHV GXDOLW\WKHUHFRJQLWLRQRIDVHFRQGWKLQJWREHGHVLUHG7KH\PDNHDQHIIRUWWRJHWDWKLQJZKLFKLVDWWUDFWLYHRU WRJHWULGRIDWKLQJZKLFKLVXQSOHDVDQW%XWERWKWKHJQDQLDQGLJQRUDQWZLOOEHRXWZDUGO\ H[HUWLQJDQGDFWLQJ



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

2QHZKRDEKRUVVHQVHREMHFWVEHFRPHVQRQDWWDFKHGDQGRQHZKRFRYHWVWKHPEHFRPHVDWWDFKHGWR WKHP%XWKHZKRGRHVQRWDFFHSWRUUHMHFWLVQHLWKHUXQDWWDFKHGQRUDWWDFKHG 96, 2QHZKRDEKRUVVHQVHREMHFWVDYRLGVWKHPDQGRQHZKRFRYHWVWKHPEHFRPHVDWWDFKHGWR WKHP%XWKHZKRGRHVQRWDFFHSWRUUHMHFWLVQHLWKHUXQDWWDFKHGQRUDWWDFKHG UHMHFWEHFDXVHKHUHJDUGVERWKDV%UDKPDQWRDFFHSWRUUHMHFWDVUHDOLVWREHLQWKHZRUOGRIGXDOLW\

$VORQJDVGHVLUHFRQWLQXHVZKLFKLVWKHURRWRIWKHVWDWHRILQGLVFULPLQDWLRQWKHUHZLOOYHULO\EHWKH VHQVHRIDWWDFKPHQWDQGDYHUVLRQZKLFKLVWKHEUDQFKDQGVKRRWRIWKHWUHHRIVDPVDUD 96, $VORQJDVGHVLUHFRQWLQXHVZKLFKLVWKHDERGHRIWKHVWDWHRILQGLVFULPLQDWLRQFRQWLQXHV WKHUHZLOOYHULO\EHWKHVHQVHRIDWWDFKPHQWDQGDYHUVLRQZKLFKLVWKHEUDQFKDQGVSURXWRI6DPVDUD VRUURZ DQGVXIIHULQJ  LQGLVFULPLQDWLRQEHWZHHQUHDODQGXQUHDODGLVFULPLQDWLRQZKLFKFDQRQO\DULVHDIWHU\RXNQRZ IRUFHUWDLQZRUOGWREHLGHDWKDWWKHVHFRQGWKLQJLVRQO\DQLGHD

$FWLYLW\EHJHWVDWWDFKPHQWDQGDEVWHQWLRQIURPLWDYHUVLRQ7KHPDQRIZLVGRPLVIUHHIURPWKH SDLUVRIRSSRVLWHVOLNHDFKLOGDQGLQGHHGKHOLYHVRQOLNHDFKLOG 96, $FWLYLW\EHJHWVDWWDFKPHQWDQGDEVWHQWLRQIURPLWDYHUVLRQ7KHPDQRIZLVGRPLVIUHHIURP

WKHSDLUVRIRSSRVLWHVOLNHDFKLOGDQGLVWKXVHVWDEOLVKHGLQWKH6HOIDERYHWKHP



DWWDFKPHQWWKLVGRHVQRWPHDQWKDWµFDYLVP¶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

+HZKRKDVDQHJRLVWLFIHHOLQJHYHQWRZDUGVOLEHUDWLRQDQGFRQVLGHUVHYHQWKHERG\DVKLVRZQLV QHLWKHU DMQDQLQQRUD\RJLQ+HRQO\VXIIHUVPLVHU\ 96, +HZKRKDVDQHJRLVWLFIHHOLQJHYHQWRZDUGVOLEHUDWLRQDQGFRQVLGHUVHYHQWKHERG\DVKLV RZQLVQHLWKHUDMQDQLQ QRUD\RJLQ+HRQO\VXIIHUVPLVHU\ IHHOLQJWKLVLVWKHWHVW

/HWHYHQ+DUD+DULRUWKHORWXVERUQ%UDKPDEH\RXULQVWUXFWRUEXWXQOHVV\RXIRUJHWDOO\RX FDQQRWEHHVWDEOLVKHGLQWKH6HOI 96, /HWHYHQ+DUD+DULRUWKHORWXVERUQ%UDKPDEH\RXULQVWUXFWRUEXWXQOHVV\RXIRUJHWDOO \RXFDQQRWEHHVWDEOLVKHGLQWKH6HOI

+DUD6LYD +DUL9LVKQX IRUJHW
+HKDVJDLQHGWKHIUXLWRI.QRZOHGJHDVZHOODVRIWKHSUDFWLFHRI\RJDZKRFRQWHQWHGDQGZLWK SXULILHGVHQVHVHYHUHQMR\VEHLQJDORQH 96, +HKDVJDLQHGWKHIUXLWRI.QRZOHGJHDVZHOODVRIWKHSUDFWLFHRI\RJDZKRFRQWHQWHGDQG ZLWKSXULILHGVHQVHVHYHURUUHDPLQVLQVHFOXVLRQUHMRLFHVLQRQHQHVV




2KWKHNQRZHURI7UXWKLVQHYHUPLVHUDEOHLQWKLVZRUOGIRUWKHZKROHXQLYHUVHLVILOOHGE\KLPVHOI DORQH 96, 2KWKHNQRZHURI7UXWKLVQHYHUPLVHUDEOHLQWKLVZRUOGIRUWKHZKROHXQLYHUVHLVILOOHGE\ KLPVHOIDORQH PLVHUDEOHEHFDXVHPLVHU\FRPHVIURPGXDOLW\ ZRUOGLQZKLFKZRUOGKHUHPDLQVKHGRHVQRWOHDYHLW DORQHKHNQRZVDOOPDQNLQGWREHKLVRZQVHOIDQGIHHOVIRUDOO

1RVHQVHREMHFWVHYHUSOHDVHKLPZKRGHOLJKWVLQWKH6HOIHYHQDVWKH OHDYHVRIWKH1HHPWUHHGRQRW SOHDVHDQHOHSKDQWZKRGHOLJKWVLQVDOODNLOHDYHV 96, 1RVHQVHREMHFWVHYHUSOHDVHKLPZKRGHOLJKWVLQWKH6HOIHYHQDVWKHOHDYHVRIWKH1HHP PDUJRVD WUHHGRQRWSOHDVHDQHOHSKDQWZKRGHOLJKWVLQ6DOODNL VZHHW OHDYHV PDUJRVD WKHVHDUHYHU\ELWWHUWDVWLQJ 6DOODNL YHU\VZHHWWDVWHOHDI

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

5DUHLVWKHEURDGPLQGHGSHUVRQZKRKDVQHLWKHUDWWUDFWLRQIRUQRUDYHUVLRQWRGKDUPD GXW\ DUWKD ZRUOGO\SURVSHULW\ NDPD GHVLUH DQGPRNVD OLEHUDWLRQ DVZHOODVOLIHDQGGHDWK 96, ,WLVRQO\VRPHEURDGPLQGHGSHUVRQZKRKDVQHLWKHUDWWUDFWLRQIRUQRUDYHUVLRQWRGKDUPD GXW\ DUWKD ZRUOGO\SURVSHULW\ NDPD GHVLUH DQGPRNVD OLEHUDWLRQ DVZHOODVOLIHDQGGHDWK EURDGPLQGHG KLVPLQGLVXQLYHUVDOHQRXJKWRLQFOXGHWKHZKROHLQLWVIHHOLQJRI2QHQHVV

7KHPDQRI.QRZOHGJHGRHVQRWIHHODQ\GHVLUHIRUWKHGLVVROXWLRQRIWKHXQLYHUVHRUDYHUVLRQWRLWV H[LVWHQFH7KHEOHVVHGRQHWKHUHIRUHOLYHVKDSSLO\RQZKDWHYHUVXEVLVWHQFHFRPHVDVDPDWWHURIFRXUVH 96, 7KHPDQRI.QRZOHGJHGRHVQRWIHHODQ\GHVLUHIRUWKHGLVVROXWLRQRIWKHXQLYHUVHRUDYHUVLRQ WRLWVH[LVWHQFH7KHEOHVVHGRQHWKHUHIRUHOLYHVKDSSLO\RQZKDWHYHUVXEVLVWHQFHFRPHVRILWVHOI GLVVROXWLRQDVLQ\RJLFD\DRUP\VWLFWUDQFH

,WVHOIZKDWHYHUFRPHVULJKWO\ZLWKRXWLQMXULQJRWKHUVWRJHWLW



%HLQJIXOILOOHGE\WKHNQRZOHGJHRIWKH6HOIDQGZLWKKLVPLQGDEVRUEHGDQGFRQWHQWHGWKHZLVHRQH OLYHVKDSSLO\VHHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJ 96, %HLQJIXOILOOHGE\WKHNQRZOHGJHRIWKH6HOIDQGZLWKKLVPLQGDEVRUEHGLQLWDQGFRQWHQWHGWKH ZLVHRQHOLYHVKDSSLO\ZKHWKHUVHHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJ IXOILOOHGOHDYLQJKLPZLWKRXWDQ\PRUHGHVLUHVRUZDQWV HDWLQJ7KH*QDQLOLYHVOLNHRWKHUPHQPDNLQJXVHRIKLVERGLO\VHQVHVDQGGRLQJQRWKLQJSHFXOLDUWR GLVWLQJXLVKKLPLVGRLQJDOOWKDWKDVWREHGRQH+HGRHVQRWLQGXOJHLQWKHFKLOGLVKSUDFWLFHRIVDPDGKL

7KHUHLVQRDWWDFKPHQWRUDYHUVLRQLQRQHIRUZKRPWKHRFHDQRIWKHZRUOGKDVGULHGXS+LVORRNLV YDFDQWKLVDFWLRQSXUSRVHOHVVDQGKLVVHQVHVLQRSHUDWLYH 96, 7KHUHLVQRDWWDFKPHQWRUQRQDWWDFKPHQWLQRQHIRUZKRPWKHRFHDQRIWKHZRUOGKDVGULHGXS +LVORRNLVREMHFWOHVVYDFDQWKLVDFWLRQSXUSRVHOHVVDQGKLVVHQVHVLQRSHUDWLYH QRQDWWDFKPHQW :KHQWKHUHLVQRVHFRQGREMHFWRUSHUVRQ VHHQDVVHSDUDWHUHDOLW\ WKHUHLVQRWKLQJOLNH QRQDWWDFKPHQWWRLWQRQDWWDFKPHQWLVWKHQPHDQLQJOHVV GULHGXSDVLQGUHDPVRWKLVZRUOGLVVHHQWREHLQKLPVHOI YDFDQWKHGRHVQRWVHH DVHFRQGREMHFWDVDUHDOLW\LWLVQRWWKHEODQNQHVVRI6DPDGKL LQRSHUDWLYH7KHREMHFWVDUHNQRZQWREHLGHDVXQUHDOWKLVLVQRW QLUYLNDOSDFRPD

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

6HHLQJKHDULQJWRXFKLQJVPHOOLQJHDWLQJWDNLQJVSHDNLQJDQGZDONLQJWKHJUHDWVRXOHGRQHIUHH IURPDOOHIIRUWVDQGQRQHIIRUWVLVYHULO\HPDQFLSDWHG 96, 6HHLQJKHDULQJWRXFKLQJVPHOOLQJHDWLQJWDNLQJVSHDNLQJDQGZDONLQJWKHJUHDWVRXOHG

RQHIUHHIURPDOOHIIRUWVDQGQRQHIIRUWVLVYHULO\HPDQFLSDWHG



ZDONLQJJQDQLSHUIRUPVQRPLUDFOHVEHKDYHVQRUPDOO\MXVWOLNHRUGLQDU\KXPDQEHLQJV HIIRUWVDVLQGUHDPHYHU\WKLQJLVPLQGVRWKHHIIRUWVRIZDONLQJHWFDUHVHHQE\VDJHDV2QHZLWKKLPVHOI QRQHIIRUWV KHSUHVFULEHVQRSURKLELWLRQVIRUKLVOLIHKHLVIUHHIURPWKHRSSRVLWHVRIGXDOLW\

7KHOLEHUDWHGRQHQHLWKHUVODQGHUVQRUSUDLVHVKHQHLWKHUUHMRLFHVQRULVKHDQJU\KHQHLWKHUJLYHV QRUWDNHV+HLVIUHHIURPDWWDFKPHQWWRDOOREMHFWV 96, 7KHOLEHUDWHGRQHQHLWKHUVODQGHUVQRUSUDLVHVKHQHLWKHUUHMRLFHVQRULVKHDQJU\KHQHLWKHU JLYHVQRUWDNHV+HLVHYHU\ZKHUHIUHHIURPDWWDFKPHQW

SUDLVHVERWKDUHRQWKHVDPHOHYHOWRKLP7KHUHIRUHKHPD\LQGXOJHLQFULWLFLVPRUSUDLVHEHFDXVHKHWDNHQQR SHUVRQDOLQWHUHVWLQWKHP,WGRHVQRWPHDQKHNHHSVTXLHWOHWKDUJLF $QJU\WKLVGRHVQRWPHDQKHVKRXOGEHSDVVLYHLQDFWLYHKHPD\KDYHWRJHWDQJU\SURYLGHGLWLVLQWKH LQWHUHVWVRIRWKHUVQRWKLPVHOI DWWDFKPHQWKHKDVQRHJRQR,KHQFHLGHQWLILHVKLPVHOIZLWKWKH$OO 7KHJQDQLPD\GRDOOWKHVHWKLQJVEXWKHWKHHJRLQDEVHQWIURPKLVPRWLYHVVXFKDFWVDUHIRUWKHEHQHILWRI RWKHUV³:KDWKDVKHGRQHWKLVIRU"´VKRXOGEHRXULQTXLU\

7KHJUHDWVRXOHGRQHLVQRWSHUWXUEHGDQGUHPDLQVVHOI SRLVHGDWWKHVLJKWRIDZRPDQIXOORIORYHDV ZHOODVRIDSSURDFKLQJGHDWK+HLVLQGHHGOLEHUDWHG 96, 7KHJUHDWVRXOHGRQHLVQRWSHUWXUEHGDQGUHPDLQVVHOI SRLVHGDWWKHVLJKWRIDZRPDQIXOORI ORYHDQGRIDSSURDFKLQJGHDWK+HLVLQGHHGOLEHUDWHGKHUHPDLQVXQDIIHFWHGEHFDXVHRIWKHDEVHQFHRIWKH, 7KDWZKLFKLVPRVWDWWUDFWLYHLQWKLVZRUOG ZRPDQLQORYHZLWK\RX DQGWKDWZKLFKLQPRVWUHSXOVLYH GHDWK HTXDOO\GRQRWGLVWXUEWKH*QDQL¶V PLQG OLEHUDWHGLHKHUHPDLQVXQDIIHFWHGEHFDXVHRIWKHDEVHQFHRIWKH, ORYHZKLFKLQRWKHUVDURXVHVWKHPDQ¶VHJRPDNLQJKLPWKLQNRIHPEUDFLQJKHU

7KHVWHDG\RQHZKRVHHVWKHVDPHHYHU\ZKHUHVHHVQRGLIIHUHQFHEHWZHHQKDSSLQHVVDQGPLVHU\ PDQDQGZRPDQDQGSURVSHULW\DQGDGYHUVLW\ 96, 7KHVDJHZKRVHHVWKHVDPHHYHU\ZKHUHPDNHVQRGLIIHUHQFHEHWZHHQKDSSLQHVVDQGPLVHU\ PDQDQGZRPDQDQGSURVSHULW\DQGDGYHUVLW\ HYHU\ZKHUHEHFDXVHKHVHHVDOOWKLQJVDVLGHDV PLVHU\EHFDXVHKHNQRZVERWKWREHLGHDV 1RRWKHUUHDVRQ RWKHUWKDQWKDWHYHU\WKLQJLVLGHD LVHIIHFWLYH ZRPDQVXFKGLVFLSOLQHLVQHHGHGE\DVFHWLFVEXWXVHOHVVWR*QDQL

,QWKHZLVHRQHZKRVHZRUOGO\OLIHLVH[KDXVWHGDQGZKRKDVWUDQVFHQGHGWKHOLPLWDWLRQVRIKXPDQ QDWXUHWKHUHLVQHLWKHUFRPSDVVLRQQRUDQ\GHVLUHWRKDUPQHLWKHUKXPLOLW\QRULQVROHQFHQHLWKHUZRQGHUQRU PHQWDOGLVWXUEDQFH 96, ,QWKHZLVHRQHZKRVHZRUOGO\OLIHLVH[KDXVWHGDQGZKRLVQRORQJHUDPDQWKHUHLVQHLWKHU DQ\GHVLUHWRKDUPRUVKRZPHUF\QHLWKHULQVROHQFHQRUKXPLOLW\QHLWKHUZRQGHUQRUPHQWDOGLVWXUEDQFH

PDQZKRQRORQJHUKDVWKHVHQVHRIERG\DQGRI, PHUF\7KLVGRHVQRWIRUELG\RXWREHFRPSDVVLRQDWHEXWLWPHDQV\RXGRLWZLWKRXWWKHHJRLPSHUVRQDOO\ KXPLOLW\EHKDYHWRZDUGVSHRSOHZLWKRXWGLVWLQFWLRQDORQJZLWKWKHHQYLURQPHQWDQGQRWIRUHJRLVWLFPRWLYHV

ZRQGHUDWWKHPDUYHORXVKDSSHQLQJVMXVWDQPHQZKRKDYHDZDNHQHGIURPVOHHSQRORQJHUZRQGHUDW PLUDFOHVVHHQLQGUHDP



7KHOLEHUDWHGRQHQHLWKHUDEKRUVWKHREMHFWVRIWKHVHQVHVQRUFUDYHVIRUWKHP(YHUZLWKDGHWDFKHG PLQGKHH[SHULHQFHVWKHPDVWKH\FRPH 96, 7KHOLEHUDWHGRQHQHLWKHUDEKRUVWKHREMHFWVRIWKHVHQVHVQRUFUDYHVIRUWKHP(YHUZLWKD GHWDFKHGPLQGKHHQMR\VWKHDWWDLQHGDVZHOODVWKHXQDWWDLQHG

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

$QLQGHVFULEDEOHVWDWHLVDWWDLQHGE\WKHZLVHRQHZKRVHPLQGKDVPHOWHGDZD\LWVIXQFWLRQVKDYLQJ FHDVHGWRRSHUDWHDQGZKRLVIUHHIURPGHOXVLRQGUHDPLQJDQGGXOOQHVV 96, $QLQGHVFULEDEOHVWDWHLVDWWDLQHGE\VDJHRQHZKRVHPLQGKDVPHUJHGLQ6HOIDQGZKRLVIUHH IURPSDUWLFXODUWKRXJKWVRUWKHGLVSOD\RIWKHPLQGIURPGHOXVLRQGUHDPLQJRUGXOOQHVV 0,1'LHWKHPLQGZKLFKLVDFWLQJZLWKWKHHJRKHQFHPLQGLQZKLFKWKHHJRKDVGLVDSSHDUHG³PHOWHG ',63/$<2)7+(0,1'WKHZKROHZRUOGLQDQLGHDWRKLP '8//1(66QRWOHWKDUJLFEXWDFWLYHQRWVWXSLGEXWDVWXWHQRWIRROLVKEXWNHHQZLWWHG 7KHGXOODUHWKRVHZKRWDNHZRUOGDVUHDO &KDSWHU3HUIHFWLRQ 3HDFH



$VWDYDNUDVDLG

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

2QHJHWVSOHQW\RIHQMR\PHQWVE\DFTXLULQJDOONLQGVRIZRUOGO\REMHFWV6XUHO\RQHFDQQRWEHKDSS\ ZLWKRXWUHQRXQFLQJDOO 96, ,IRQHJHWVDEXQGDQWHQMR\PHQWE\DFTXLULQJDOONLQGVRIZRUOGO\REMHFWVWKHQVXUHO\RQHFDQQRW EHKDSS\ZLWKRXWUHQRXQFLQJDOO (1-2<0(17$OOZRUOGO\HQMR\PHQWGHSHQGVXSRQWKHH[LVWHQFHRIDVHFRQGWKLQJZKHUHDVWUXHKDSSLQHVVLV RQO\LQQRQGXDOLW\ :KRJHWVHQMR\PHQW"7KHµ,¶:KRHYHULVRYHUIRQGRIDQ\WKLQJVKRXOGUHQRXQFHLWXQWLOKHDFKLHYHV HTXLOLEULXP7KLVLVIRUGLVFLSOLQDU\VWDJH5HQXQFLDWLRQRIDQ\GHVLUHLVWKHWKRUQZKHUHE\\RXSLFNRXWWKH WKRUQRIWKDWGHVLUHEXWERWKDUHWREHWKURZQDZD\WKHUHDIWHU

+RZFDQRQHZKRVHKHDUW VFRUHKDVEHHQVFRUFKHGE\WKHKHDWRIWKHVXQRIVRUURZDULVLQJIURPGXW\ HQMR\KDSSLQHVVZLWKRXWWKHFRQWLQXRXVVKRZHURIWKHDPEURVLDRIWUDQTXLOOLW\" 96, +RZFDQRQHZKRVHKHDUW VFRUHKDVEHHQVFRUFKHGE\WKHKHDWRIWKHVXQRIVRUURZDULVLQJIURP DIHHOLQJRUWKLQJVWREHGRQHKDYLQJWRDFWHQMR\KDSSLQHVVZLWKRXWWKHFRQWLQXRXVVKRZHURIWKHDPEURVLDRI WUDQTXLOOLW\" 7KLVXQLYHUVHLVEXWDVWDWHRIFRQVFLRXVQHVV,QUHDOLW\LWLVQRWKLQJ7KHH[LVWHQWDQGWKHQRQH[LVWHQW GRQRWORVHWKHLULQKHUHQWQDWXUH 96, 7KLVXQLYHUVHLVEXWDVWDWHRIWKHPLQGDQLGHD,QUHDOLW\LWLVQRWKLQJEXWDWKRXJKW7KRVHVHOI H[LVWLQJEHLQJVWKDWNQRZERWKH[LVWHQFHDQGQRQH[LVWHQFHQHYHUFHDVHWREH WKH'ULN  7KH6HOIZKLFKLVDEVROXWHHIIRUWOHVVLPPXWDEOHDQGVSRWOHVVLVQHLWKHUIDUDZD\QRUOLPLWHG,WLV YHULO\HYHUDWWDLQHG 96, 7KHQDWXUHRI6HOIZKLFKLVIUHHIURPPHQWDOFRQWHQWVHIIRUWOHVVLPPXWDEOHDQGVSRWOHVVLV QHLWKHUIDUDZD\QRUQHDUEXWHYHU RUSUHVHQW DWWDLQHG $77$,1('EHFDXVHWKHPRPHQW\RXWKLQNWKHUHLVDOZD\VWKHGULN

7KRVHZKRVHYLVLRQLVXQYHLOHGDVVRRQDVLOOXVLRQFHDVHVDQGWKH6HOILVUHDOL]HGOLYHZLWKWKHLU VRUURZVGLVSHOOHG

96, 1RVRRQHUGRHVLJQRUDQFH GHOXVLRQ FHDVHDQGWKH6HOILVDSSUHKHQGHGWKDQWKHYHLOGURSVRII WKHYLVLRQRIWKHDVSLUDQWVDQGWKH\OLYHZLWKWKHLUVRUURZVGLVSHOOHG



.QRZLQJDOODVPHUHLPDJLQDWLRQDQGWKH6HOIDVIUHHDQGHWHUQDOGRHVWKHZLVHRQHDFWLJQRUDQWO\ OLNHDFKLOG" 96, .QRZLQJDOOWKHXQLYHUVHDVPHUHPHQWDOFRQVWUXFWLRQDQGWKH6HOIDVIUHHDQGHWHUQDOZLOOWKH ZLVHRQHDFW RUHQJDJHLQDFWLRQ OLNHDFKLOG (7(51$/WKHWLPHFKDUDFWHULVWLFLVIRXQGRQO\LQWKHGUV\DPZRUOGQRWLQWKHGULNZKRORRNVRQ

.QRZLQJIRUFHUWDLQWKDWRQH VVHOILV%UDKPDQDQGWKDWH[LVWHQFHDQGQRQH[LVWHQFHDUHILJPHQWV ZKDWGRHVRQHZKRLVIUHHIURPGHVLUHNQRZVD\RUGR" 96, .QRZLQJIRUFHUWDLQWKDWRQH VVHOILV%UDKPDQDQGWKDWH[LVWHQFHDQGQRQH[LVWHQFHDUH ILJPHQWVZKDWGRHVRQHZKRLVIUHHIURPGHVLUHNQRZVD\RUGR" '(6,5(GHVLUHLVDWWKHURRWRIWKHRWKHUWKUHHDFWLYLWLHV 6$<ZKDWHYHULVVDLGKDVDPHDQLQJLVDQLGHDLHDGUV\DP '2DFWLRQLPSOLHVGXDOLW\

6XFKWKRXJKWVDV WKLVLQGHHGDP, DQG WKLV,DPQRW DUHDQQLKLODWHGIRUWKH\RJLQZKRKDVEHFRPH VLOHQWE\NQRZLQJIRUFHUWDLQDOODVWKH6HOI 96, 6XFKWKRXJKWVDV WKLVLQGHHGDP, DQG WKLV,DPQRW EHFRPHIDLQWHUDQGIDLQWHUIRUWKH\RJLZKR KDVEHFRPHVLOHQWE\WUXO\NQRZLQJDOODV6HOI <2*,ZKRKDVSDVVHGWKURXJKWKH\RJDVWDJHGLVFLSOLQHGKLPVHOIULVHQLQWRWKHSDWKRILQTXLU\ DQGILQDOO\JRWULGRIWKHµ,¶KHQFHJHQHUDOUHIHUHQFHWKH\RJLZKRKDVUHDFKHGWRWKHVWDJHRIJQDQL

7KH\RJLQZKRKDVDWWDLQHGWUDQTXLOOLW\KDVQRGLVWUDFWLRQQRFRQFHQWUDWLRQQRLQFUHDVHLQ NQRZOHGJHQRLJQRUDQFHDQGQHLWKHUSOHDVXUHQRUSDLQ 96, 7KH\RJLQZKRKDVDWWDLQHGWUDQTXLOOLW\KDVQRGLVWUDFWLRQQRFRQFHQWUDWLRQQRH[FHVVRI NQRZOHGJHQRGXOOQHVVQRSOHDVXUHRUSDLQ <2*,WKH\RJDVWDJHPXVWEHSDVVHGWKURXJKDQGWKH\RJLZKRIROORZVXSKLVSUDFWLFHE\LQTXLU\ ZLOODOVRDWWDLQJQDQMXVWDVDQ\RQHHOVHEXWLIWKHUHLVQRLQTXLU\KHUHPDLQVLQWKHORZHUVWDJH

,QKHDYHQRULQEHJJDU\LQJDLQRUORVVLQVRFLHW\RUVROLWXGHWKHUHLVQRGLIIHUHQFHWRWKH XQFRQGLWLRQHG\RJLQ 96, 7KHGRPLQLRQRIKHDYHQRULQPHQGLFDQF\LQJDLQRUORVVLQVRFLHW\RUVROLWXGHWKHUHLVQR GLIIHUHQFHWRWKH\RJLRU ZKRVHWKRXJKWVKDYHFHDVHGWRDFW QDWXUHIUHHIURPFRQGLWLRQV ZKRKDVEHFRPHD JQDQL

+($9(1IXOILOOPHQWRIDOOGHVLUH 62/,78'(LPSOLHVGXDOLW\³,KDYHQRWJRWDQ\RWKHU+HZKRVHHNVVROLWXGHKDVWKHLGHDRIWZR LHPDQ\ LQ KLVPLQG &21',7,216XQOLPLWHGWKRXJKWIUHHLHZKRKDVEHFRPHDJQDQL

 :KHUH LV GKDUPD SHUIRUPDQFH RI ULWXDOLVWLF RU PHULWRULRXV ZRUNV  ZKHUH LV DUWKD ZRUOGO\ SURVSHULW\ ZKHUHLVNDPD VHQVHHQMR\PHQW DQGZKHUHLVGLVFULPLQDWLRQIRUWKH\RJLQ ZKRKDVWUDQVFHQGHG



VXFKGXDOQRWLRQVDV WKLVLVWREHGRQH DQG WKLVLVQRWWREHGRQH " 96, 'KDUPD IULWXDOLVWLFRUPHULWRULRXVZRUNV NDPD GHVLUHRIVHQVXDODQGDOORWKHUHQMR\PHQW  DUWKD ZRUOGO\ SURVSHULW\ RUGLVFULPLQDWLRQKDVQRVLJQLILFDQFH IRUWKH \RJL ZKRKDVWUDQVFHQGHGVXFKGXDO QRWLRQVDV WKLVLVWREHGRQH DQG WKLVLVQRWWREHGRQH " 6(168$/ DGG DQGDOORWKHU

7KH\RJLQZKRLVOLEHUDWHGZKLOHOLYLQJKDVQHLWKHUDQ\GXW\QRUDQ\DWWDFKPHQWDWKHDUW+LV DFWLRQVSHUWDLQWRWKHSUHVHQWOLIHRQO\EHLQJPHUHO\WKHHIIHFWVRIKLVSDVWNDUPD 96, 7KH\RJLQ ZKRKDVULVHQWR*QDQD ZKRLVOLEHUDWHGZKLOHOLYLQJKDVQHLWKHUDQ\GXW\QRUDQ\ DWWDFKPHQWDWKHDUW+LVDFWLRQVLQWKLVZRUOGSHUWDLQWROLIH <2*, DGG ZKRKDVULVHQWRJQDQD

:KHUHLVGHOXVLRQZKHUHLVWKHXQLYHUVHZKHUHLVUHQXQFLDWLRQPRUHRYHUZKHUHLVOLEHUDWLRQIRUWKH JUHDWVRXOHGRQHZKRUHVWVEH\RQG WKHZRUOGRIGHVLUHV" 96, :KHUHLVGHOXVLRQ PRKD ZKHUHLVWKHXQLYHUVHZKHUHLVPHGLWDWLRQRI7KDWRUZKHUHLV OLEHUDWLRQIRUWKHJUHDWVRXOHGRQHZKRLVUHVWLQJLQWKHODQGEH\RQGWKHZRUOGRIGHVLUHV" 81,9(56(DVVHSDUDWHIURPKLP" 0(',7$7,21
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¶VUHDOL]DWLRQKHGRHVQRWQHHGVDPDGKL

+HZKRKDVVHHQWKH6XSUHPH%UDKPDQPHGLWDWHV ,DP%UDKPDQ :KDWGRHVKHZKRKDV WUDQVFHQGHGDOOWKRXJKWWKLQNZKHQKHVHHVQRVHFRQG" 96, +HZKRKDVVHHQWKH6XSUHPH%UDKPDQPHGLWDWHV ,DP%UDKPDQ :KDWZRXOGKHZKRKDV WUDQVFHQGHGDOOWKRXJKWWKLQNZKHQKHVHHVQRVHFRQG"

6((1KHKDVLPDJLQHG%UDKPDQDQGLVVWLOOLQGXDOLW\+LV%UDKPDQLVEXWDWKRXJKW µ,¶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

GLVWUDFWHG+DYLQJQRWKLQJWRDFFRPSOLVKZKDWZRXOGKHGR"



+,06(/)+LVPLQGEHLQJGLVWXUEHGE\WURXEOHVKHKDVWRSUDFWLFH\RJD

7KHPDQRI.QRZOHGJHWKRXJKOLYLQJOLNHDQRUGLQDU\PDQLVFRQWUDU\WRKLP+HVHHVQHLWKHU FRQFHQWUDWLRQQRUGLVWUDFWLRQQRUGHILOHPHQWRIKLVRZQ 96, 7KHPDQRI.QRZOHGJHWKRXJKOLYLQJOLNHDQFRPPRQRUGLQDU\PDQLVFRQWUDU\WRKLP+H VHHVQHLWKHUFRQFHQWUDWLRQQRULPSXULW\QRUGHILOHPHQWRIKLVRZQ

25',1$5<+HIROORZVKLVYRFDWLRQRXWZDUGO\EHFDXVHKHLVQRWLQWHUHVWHGLQVKRZLQJRIIDVDJQDQL2WKHUV FDQQRWGHWHFWLWPHUHO\E\KLVDSSHDUDQFH+HGRHVQRWZDQWWRVKRZKHLVGLIIHUHQW+HGRHVQRWFDUHWRPDNH ERGLO\DGYHUWLVHPHQWVWRGLVWLQJXLVKKLPVHOI7KLVDOVRHQFRXUDJHVRUGLQDU\SHRSOHWRWDNHWRWKHSDWKIRUWKH\ VHHDJQDQLLVOLNHRQH VHOI  &2175$5<LQKLVNQRZOHGJHLHLQKLVPLQG

+HZKRLVEH\RQGH[LVWHQFHDQGQRQH[LVWHQFHZKRLVZLVHVDWLVILHGDQGIUHHIURPGHVLUHGRHV QRWKLQJHYHQLIKHPD\EHDFWLQJLQWKHH\HVRIWKHZRUOG 96, +HZKRLVGHYRLGRIH[LVWHQFHDQGQRQH[LVWHQFHZKRLVZLVHVDWLVILHGDQGIUHHIURPGHVLUH GRHVQRWKLQJHYHQLIKHPD\EHDFWLQJLQWKHH\HVRIWKHSHRSOH 121(;,67(1&(%RWKµH[LVWHQFH¶DQGµQRQH[LVWHQFH¶DUHPHUHO\ZRUGVDQGEHORQJWRGXDOLW\ZRUGV FDQQRWUHDFK%UDKPDQ $&7,1*+HNQRZVLWLVRQO\WKHPLQGDWZRUN DVLQGUHDP DSSHDULQJLQYDULRXVZD\VKHQFHLWLVVWLOO %UDKPDQXQFKDQJHGZKDWHYHUDFWLRQV LGHDV LWVHHPVWRLQGXOJHLQ

7KHZLVHRQHZKROLYHVRQKDSSLO\GRLQJZKDWFRPHVWRKLPWREHGRQHGRHVQRWIHHOHDJHUQHVV HLWKHULQDFWLYLW\RULQLQDFWLYLW\ 96, 7KHZLVHRQHZKROLYHVRQKDSSLO\GRLQJZKDWFRPHVWRKLPWREHGRQHGRHVQRWIHHOWURXEOHG HLWKHULQDFWLYLW\RULQLQDFWLYLW\ '2,1*:+$7&20(672+,072%('21(+HGRHVQRWUXQDZD\IURPWKHZRUOGEXWGRHVZKDW FLUFXPVWDQFHVDOORWKLPZLWKRXWWKHVHQVHRI³,DPGRLQJLW´DQGDOZD\VNHHSLQJWKHKDSSLQHVVRIRWKHUVLQ YLHZ ,1$&7,9,7<%RWKDUHVDPHWRKLPDQGERWKZLOOEHSUDFWLFHGDWWKHDSSURSULDWHWLPHV

%ORZQE\WKHZLQGRIWKHVDPVNDUDVWKHGHVLUHOHVVLQGHSHQGHQWIUHHDQGOLEHUDWHGSHUVRQPRYHV

DERXWOLNHDGU\OHDI 96, %ORZQE\WKHZLQGRI6DPVNDUDVWKHGHVLUHOHVVLQGHSHQGHQWIUHHDQGOLEHUDWHGSHUVRQDFWV OLNHDGU\OHDI 6$06.$5$6LQVWLQFWVZKLFKDUHWKHUHVXOWRISUHYLRXVWKRXJKWV
7KHUHLVQRMR\RUVRUURZIRURQHZKRKDVWUDQVFHQGHGZRUOGO\H[LVWHQFH(YHUZLWKDVHUHQHPLQG KHOLYHVOLNHRQHZLWKRXWDERG\ 96, 7KHUHLVQRMR\RUVRUURZIRURQHZKRKDVWUDQVFHQGHGZRUOGO\H[LVWHQFH(YHUZLWKDVHUHQH PLQGKHOLYHVOLNHRQHZLWKRXWDERG\

(;,67(1&(QRORQJHUWKLQNVWKHZRUOGLVUHDO %2'<+HLVQRWDOZD\VWKLQNLQJRIKLVERG\KLVLQWHUHVWLQLWZLOOEHWKHVDPHDVWKRXJKLWZHUHVRPHERG\ HOVH¶VERG\,WLVQRORQJHUP\ERG\



7KHZLVHPDQZKRGHOLJKWVLQWKH6HOIDQGZKRVHPLQGLVFDOPDQGSXUHKDVQRGHVLUHWRUHQRXQFH DQ\WKLQJZKDWVRHYHUQRUGRHVKHIHHODQ\ORVVDQ\ZKHUH 96, 7KHZLVHPDQZKRVHGHOLJKWLQ6HOIDQGZKRVHPLQGLVFDOPDQGSXUHKDVQRGHVLUHWR UHQXQFLDWLRQZKDWVRHYHUQRUGRHVKHIHHODQ\ORVVRUH[SHFWDWLRQDWDQ\SODFH

1DWXUDOO\RIDYDFDQWPLQGDQGGRLQJZKDWFRPHVRILWVHOIWKHZLVHRQHXQOLNHDQRUGLQDU\PDQLV QRWDIIHFWHGE\KRQRXURUGLVKRQRXU 96, 1DWXUDOO\RIDYDFDQWPLQG GHYRLGRIOLNHVDQGGLVOLNHV DQGDFWLQJDVKHSOHDVHVWKHZLVHRQH LVQRWDIIHFWHGE\KRQRXURUGLVKRQRXUOLNHWKHRUGLQDU\PDQ 3/($6(67KHUHLVQRWKLQJH[WHUQDOWRFRPSHOKLPWRULJKWDFWLRQKHNQRZVZKDWLVULJKWDQGGRHV LWVSRQWDQHRXVO\IUHHO\+HIROORZVKLVRZQWHQGHQFLHVUDWKHUWKDQWKHGLFWDWLRQRIRWKHUV

2QHZKRDFWVLQFRQIRUPLW\ZLWKVXFKWKRXJKWVDV WKLVLVGRQHE\WKHERG\DQGQRWE\PHWKHSXUH 6HOI VXFKDRQHHYHQWKRXJKDFWLQJGRHVQRWDFW 96, 2QHZKRDFWVLQFRQIRUPLW\ZLWKVXFKWKRXJKWVDV WKLVLVGRQHE\WKHERG\DQGQRWE\PHWKH SXUH6HOI VXFKDRQHHYHQWKRXJKDFWLQJGRHVQRWDFW EHFDXVHKHKDVGHWDFKHGWKH'ULNIURPWKH'U\VDP $&7,1*,WLVDFRPPRQHUURUWRWKLQNWKHVDJHLVKHZKRVLWVLQDFWLYHVLOHQWDQGVWLOO '2(6127$&7 DGG EHFDXVHKHKDVGHWDFKHGWKH'ULNIURPWKH'UV\DP

7KHMLYDQPXNWDDFWVOLNHRQHZKRGRHVQRWVD\WKDWKHLVDFWLQJVREXWKHLVQRWWKHUHIRUHDIRRO (YHQWKRXJKLQWKHZRUOGKHLVHYHUKDSS\DQGEOHVVHG 96, 7KHMLYDQPXNWDDFWVOLNHRQHZKRGRHVQRWVD\WKDWKHLVD*QDQLDFWLQJVREXWKHLVQRW WKHUHIRUHDIRRO(YHQWKRXJKPRYLQJOLNHDQRUGLQDU\PDQLQWKHZRUOGKHLVKDSS\DQGEOHVVHG 627KH,LVQRWWKHUH )22/KLVHJROHVVQHVVLVQRWIRROLVKQHVVLQZRUOGO\PDWWHUV

7KHZLVHRQHZKRZHDU\RIGLYHUVHUHDVRQLQJVKDVDWWDLQHGUHSRVHQHLWKHUWKLQNVQRUNQRZVQRU KHDUVQRUVHHV 96, 7KHZLVHRQHZKRZHDU\RIGLYHUVHLQTXLULHVKDVDWWDLQHGUHSRVHQHLWKHUWKLQNVQRUNQRZV QRUKHDUVQRUVHHV

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



6$0$'+,7KLVHIIHFWXDOO\GLVSRVHVRIP\VWLFFODLPWKDWVDPDGKLJLYHVWKHKLJKHVW ',675$&7,216DPDGKLKHUHLVWKHVDPHDVGHHSVOHHSGLVWUDFWLRQPHDQVKDYLQJWKRXJKWRUSHUIRUPLQJDFWV WKHVDJHLVLQQRQGXDOLW\DQGWKXVNQRZVERWKWKHVHWREH%UDKPDQ /,%(5$7,21:KHQKHNQRZVWKDWWKHZKROHZRUOGLV%UDKPDQKHKDVQRQHHGWRVHHNOLEHUDWLRQ +HZKRKDVHJRLVPLQKLPDFWVHYHQWKRXJKKHGRHVQRWDFW6XUHO\WKHZLVHRQHZKRLVIUHHIURP HJRLVPGRHVQRWDFWHYHQWKRXJKKHDFWV 96, +HZKRKDVHJRLVPLQKLPDFWVHYHQWKRXJKKHGRHVQRWDFW6XUHO\WKHZLVHRQHZKRLVIUHH IURPHJRLVPGRHVQRWDGRDQ\ZURQJGHHG

$&7,IWKHHJRVD\V³,VKDOOQRWDFWEXWUHQRXQFHZRUOG´ZKDWLVLWWKDWLWLVVWLOOWKLQNLQJRI"7KHHJRLWVHOIRI FRXUVH6RKLVUHQXQFLDWLRQLVGHOXVLRQ '(('GRHVQRWUHDOO\DFW-XVWDVLQDGUHDP\RXPD\FOLPEDPRXQWDLQEXW\RXDUHQRWGRLQJVRLQUHDOLW\

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

7KHLJQRUDQWFRQVWDQWO\SUDFWLVHFRQFHQWUDWLRQDQGFRQWURORIWKHPLQG7KHZLVHDELGLQJLQWKHUHDO 6HOIOLNHSHUVRQVLQGHHSVOHHSGRQRWILQGDQ\WKLQJWREHGRQH 96, 7KHLJQRUDQWFRQVWDQWO\WDNHWRWKHSUDFWLFHRIFRQFHQWUDWLRQDQGFRQWURORIWKHPLQG7KH

ZLVHDELGLQJLQWKHUHDO6HOIOLNHSHUVRQVLQVOHHSGRQRWILQGDQ\WKLQJWREHGRQHEHFDXVHWKH\NQRZWKHLU WKRXJKWVWREH$WPD



0,1'3DWDQMDOL V\RJDLVIRUWKHLJQRUDQWZKRKDYHILUVWWRSUHSDUHWKHPVHOYHVWKH\ODFNWKHSRZHUWR XQGHUVWDQGSKLORVRSK\ :,6(WKRVHZKRKDYHEUDLQV 6/((3ZKHUHPXOWLSOLFLW\LVDEVHQWVRJQDQLVHHVXQLW\RQO\ ³7KHLJQRUDQWGRHVQRWDWWDLQWUXWKHLWKHUE\LQDFWLRQ LHVKXWWLQJKLPVHOILQFDYH RUE\DFWLRQLHE\ UHOLJLRXVULWHVDQGFHUHPRQLHV ³OLNHSHUVRQVLQVOHHSPHDQVKHLVDVLQGLIIHUHQW WRWKRVH\RJDSUDFWLFHV DVDPDQZKRLVVOHHSLQJZRXOGEH 7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQSHDFHHLWKHUE\LQDFWLRQRUE\DFWLRQ7KHZLVHRQHEHFRPHV KDSS\PHUHO\E\NQRZLQJWKH7UXWK 96, 7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQSHDFHHLWKHUE\LQDFWLRQRUE\DFWLRQ7KHZLVHRQHEH FRPHVPHUHO\KDSS\E\DVFHUWDLQLQJIRUKLPVHOIWKH7UXWK

,1$&7,21,WLVXWWHUO\LPSRVVLEOHWRUHPDLQKDSS\E\PHUHLQDFWLRQRUIDVWLQJRUPHGLWDWLRQIRUXOWLPDWHO\ WKHERG\GHPDQGVIRRGDQGZKLOVWWKHPLQGPXVWWKLQN 0(5(/<QRWKLQJHOVHQHHGVWREHGRQHIRUWKDWEULQJVLQGXDOLW\ $6&(57$,1,1*PDNLQJFHUWDLQ

,QWKLVZRUOGWKRVHZKRGHYRWHWKHPVHOYHVWRGLYHUVHSUDFWLFHVGRQRWNQRZWKH6HOIZKLFKLVSXUH LQWHOOLJHQWEHORYHGSHUIHFWEH\RQGWKHXQLYHUVHDQGIUHHIURPDQ\WDLQW 96, ,QWKLVZRUOGPHQWKRXJKWDNLQJWRGLYHUVHUHOLJLRXVRU\RJDSUDFWLFHVGRQRWNQRZWKH6HOI ZKLFKLVSXUHWKDWZKLFKLVFDSDEOHRINQRZLQJZKLFKKHORYHVEHVWSHUIHFWGHYRLGRIWKHFKDUDFWHULVWLFVRI ZRUOGRIPDQLIROGQHVVDQGIUHHIURPDQ\WDLQW

%(/29(' :+,&++(/29(6%(67,WWKHVHOILVQHDUHVWWR\RXDQGWKXVPRVWORYHG 3(5)(&7HYHU\WKLQJLVLQFOXGHGLQLW 7$,177DLQWOLNHO\WRPDNH\RXXQHDV\VXFKDVGRXEWDOVRVRORQJDV\RXORRNRQHDFKWKLQJDVRQO\0LQGLW ZLOOEHWDLQWOHVV ³,QWKLVZRUOGPHQWKRXJKWDNLQJWRGLYHUVHUHOLJLRXVRU\RJDSUDFWLFHVGRQRWNQRZWKH6HOIZKLFKLVSXUH WKDWZKLFKLVFDSDEOHRINQRZLQJZKLFKKHORYHVEHVWSHUIHFWGHYRLGRIWKHFKDUDFWHULVWLFVRIZRUOG RI PDQLIROGQHVV DQGIUHHIURPDQ\WDLQW´ 7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQOLEHUDWLRQWKURXJKUHSHDWHGSUDFWLFHRIFRQWURORIWKHPLQG7KH EOHVVHGRQHWKURXJKPHUHNQRZOHGJHEHFRPHVIUHHDQGLVXQDIIHFWHGE\FKDQJH 96, $QLJQRUDQWSHUVRQGRHVQRWDWWDLQOLEHUDWLRQE\UHSHDWHGSUDFWLFHZKLFKLVDQDFWLYLW\7KH EOHVVHGRQHDOWKRXJKGHYRLGRIDOODFWLYLWLHVVWDQGVIUHHWKURXJKPHUH.QRZOHGJH

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



7+$7KHUHJDUGV%UDKPDQDVDQREMHFWLHDQLGHDWKLVLVKLVPLVWDNH%UDKPDQLVQRWWREHJRWDV DVHFRQGWKLQJ,WLVXQFKDQJHDEOH

:LWKRXWDQ\VXSSRUWDQGHDJHUIRUWKHDWWDLQPHQWRIIUHHGRPWKHLJQRUDQWRQO\NHHSXSWKHZRUOG 7KHZLVHFXWWKHYHU\URRWRIWKLVZRUOGZKLFKLVWKHVRXUFHRIDOOPLVHU\ 96, :LWKRXWDQ\VXSSRUWDQGHDJHUIRUWKHDWWDLQPHQWRI*RGWKHLJQRUDQWRQO\NHHSXSWKHZRUOG RIGXDOLW\7KHZLVHFXWWKHYHU\URRWRIWKLVZRUOGZKLFKLVWKHVRXUFHRIDOOPLVHU\ RI )5(('20 *2'7KRVHZKRWKLQNWKH\ZDQWWREHFRPH%UDKPDQDVLIWKHLUUHDOQDWXUHFRXOGFKDQJH

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

:KHUHLVFRQWURORIPLQGIRUWKHGHOXGHGRQHZKRVWULYHVIRULW",WLVLQGHHGDOZD\VQDWXUDOZLWKWKH ZLVHRQHZKRGHOLJKWVLQWKH6HOI 96, :KHUHLVFRQWURORIPLQGIRUWKHGHOXGHGRQHZKRVWULYHVIRULW",WLVLQGHHGDOZD\VQDWXUDO ZLWKWKHZLVHRQHZKRGHOLJKWVLQ6HOI ,70LQGLVLPSRVVLEOHWRVWLOORXWVLGHRIVOHHS3DWDQMDOLZDVPLVWDNHQ 1$785$/*QDQLLVQRWGLVWXUEHGE\WKRXJKWV

6RPHWKLQNWKDWH[LVWHQFHLVDQGRWKHUVWKDWQRWKLQJLV5DUHLVWKHRQHZKRWKLQNVQHLWKHUDQGLV WKXVFDOP 96, 6RPHRQHWKLQNVWKDWVXFKDWKLQJDVH[LVWHQFHLVDQGVRPHRQHHOVHWKDWQRWKLQJLV5DUHLVWKH RQHWKDWWKLQNVQHLWKHUDQGLVWKXVFDOP ,6&RQIOLFWLQJRSLQLRQVILOOWKHZRUOG2QHVWDWHPHQWFDQDOZD\VHYRNHDFRXQWHUVWDWHPHQW7KHUHLVQR ILQDOLW\ &$/07KHJQDQLLVUDLVHGDERYHDOOVSHFXODWLRQV

7KRVHRIGXOOLQWHOOHFWWKLQNWKDWWKH$WPDQLVSXUHDQG2QHZLWKRXWDVHFRQGEXWWKURXJKGHOXVLRQ WKH\GRQRWNQRZ,WDQGDUHXQKDSS\DVORQJDVWKH\OLYH 96, 0HQRISRRUUHDVRQWKLQNWKDWWKH$WPDQLVSXUHDQG2QHZLWKRXWDVHFRQGEXWGRQRWNQRZ,W WKURXJKGHOXVLRQDQGDUHXQKDSS\DVORQJDVWKH\OLYH



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

6HHLQJWKRVHWLJHUVWKHVHQVHREMHFWVWKHIULJKWHQHGRQHVVHHNLQJUHIXJHDWRQFHHQWHUDFDYHIRU WKHDWWDLQPHQWRIFRQWURODQGFRQFHQWUDWLRQ 96, 6HHLQJWKHWLJHUVRIVHQVHREMHFWVWKHIULJKWHQHGRQHVVHHNLQJUHIXJHDWRQFHHQWHUDFDYHIRU WKHDWWDLQPHQWRIFRQWURODQGFRQFHQWUDWLRQ 7KH\GRQRWLQTXLUHZKDWWKHVHQVHREMHFWVDUHEXWUXQDZD\WR\RJLFDVKUDPVWKHPDQZLWKEUDLQV EXGGKL LVQRWDIUDLGEXWVD\V7KHVHREMHFWVDUHRQO\LGHDVLQPHZK\VKRXOG,UXQ"

6HHLQJWKHGHVLUHOHVVOLRQ PDQ WKRVHHOHSKDQWVWKHVHQVHREMHFWVTXLHWO\WDNHWRWKHLUKHHOVRULI XQDEOHWRUXQDZD\VHUYHKLPOLNHIODWWHUHUV 96, 6HHLQJWKHGHVLUHOHVVOLRQ RIPDQ WKHHOHSKDQWVRIWKHVHQVHREMHFWVTXLHWO\WDNHWRWKHLU KHHOVDQGZKHQXQDEOHVHUYHKLPOLNHIODWWHUHUVRUOLNHSDUDVLWHVVHUYLQJDULFKSHUVRQ )/$77(5(56WKH*QDQLXVHVWKHVHREMHFWV

+HZKRLVIUHHIURPGRXEWVDQGKDVKLVPLQGLGHQWLILHGZLWKWKH6HOIGRHVQRWUHVRUWWRSUDFWLFHVRI FRQWURODVDPHDQVWROLEHUDWLRQ6HHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJKHOLYHVKDSSLO\ 96, +HZKRLVIUHHIURPGRXEWVDQGKDVKLVPLQGIL[HGRQWKH6HOIGRHVQRWUHVRUWWRWKHPHDQVWR OLEHUDWLRQ6HHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJKHOLYHVKDSSLO\ '28%76:KHQWKHUHLVQRGXDOLW\WKHUHLVQRVHFRQGWKLQJWREHGRXEWHG /,%(5$7,21GRHVQRWDGRSWDVFHWLFLVP

(VWDEOLVKHGLQ3XUH.QRZOHGJHDQGFDOPE\WKHPHUHKHDULQJRIWKH5HDOWKHZLVHRQHGRHVQRWVHH ZKDWLVSURSHURULPSURSHUDFWLRQRUHYHQLQDFWLRQ 96, +HZKRVHLQWHOOHFWKDVEHHQSXULILHGQDGIUHHGIURPGLVWUDFWLRQE\PHUHKHDULQJDERXWWKH 7UXWK %UDKPDQ VHHVQRWKLQJWREHGRQHRUWREHDYRLGHGQRULVKHLQGLIIHUHQW +($5,1*VKDUSEXGGKLJUDVSVWKHWUXWKWKHYHU\ILUVWWLPHLWLVH[SODLQHGE\JXUX ,1',))(5(17OLNHWKHUHFOXVHV

7KHZLVHRQHGRHVIUHHO\ZKDWHYHUFRPHVWREHGRQHZKHWKHUJRRGRUHYLOIRUKLVDFWLRQVDUHOLNH WKRVHRIDFKLOG 96, 7KHJXLOHOHVVSHUVRQZKDWHYHUFRPHVWREHGRQHZKHWKHUJRRGRUHYLOIRUKLVDFWLRQVDUHOLNH WKRVHRIDFKLOG (9,/LIKHVHHVDFREUDWKUHDWHQLQJDWFKLOGKHZLOONLOOLWDQGWKXVDFWHYLOO\IRUDJRRGPRWLYH+LVJRRGRU HYLOFRGHLVLQUHIHUHQFHWRRWKHUVQRW, &+,/'IUHHIURPWKHHJR

:KHWKHUJRRGRUHYLOLVDSSOLHGWRWKH*QDQLKLPVHOI,WGRHVQRWPHDQHYLOWRRWKHUV(YLOKHUHPHDQVµFDXVHV VXIIHULQJ¶



7KURXJKIUHHGRPRQHDWWDLQVWRKDSSLQHVVWKURXJKIUHHGRPWRWKHKLJKHVWWKURXJKIUHHGRPWR WUDQTXLOOLW\DQGWKURXJKIUHHGRPWRWKH6XSUHPH6WDWH 96, 7KURXJKVHOIGHSHQGHQFHRQHDWWDLQVWRKDSSLQHVVLQWKLVZRUOGWKURXJKVHOIGHSHQGHQFHWR WKH6XSUHPHWKURXJKVHOIGHSHQGHQFHWRWUDQTXLOOLW\DQGWKURXJKVHOIGHSHQGHQFHWRWKH+LJKHVW6WDWH 6835(0(
$OOWKHPRGLILFDWLRQVRIWKHPLQGDUHGHVWUR\HGZKHQDPDQUHDOL]HVWKDWKHKLPVHOILVQHLWKHUWKH GRHUQRUWKHHQMR\HU 96, $OOWKHPRGLILFDWLRQVRIWKHPLQGEHFRPHDWWHQXDWHGZKHQDPDQUHDOL]HVWKDWKHKLPVHOILV QHLWKHUWKHGRHUQRUWKHHQMR\HU DWWHQXDWHGRQO\$WPDQ0LQGLVVHHQLQWKHPXOWLSOLFLW\ 5($/,=(6WKURXJKFRQVWDQWSUDFWLFHRIFRUUHFWWKLQNLQJLWEHFRPHVQDWXUDO

7KHFRQGXFWRIWKHZLVHRQHZKLFKLVXQUHVWULFWHGE\PRWLYHVKLQHVEHLQJIUHHIURPSUHWHQFHEXW QRWWKHDIIHFWHGFDOPQHVVRIWKHGHOXGHGSHUVRQZKRVHPLQGLVDWWDFKHG 96, 7KHFRQGXFWRIWKHZLVHRQHWKRXJKXQUHVWUDLQHGDQGLQDUWLILFLDOVKLQHVEXWQRWWKHDIIHFWHG FDOPQHVVRIWKHIRROZKRVHPLQGLVDWWDFKHG

,1$57,),&,$/QRWFDULQJIRUSXEOLFRSLQLRQWRWKHH[WHQWRIEHLQJXQWUXHWRKLPVHOIWUXHWKRXJKWVDQGULJKW OLYLQJEHFRPHVQDWXUDOWRKLP )22/WKHP\VWLFRUDVFHWLFZKRSUDFWLFHVIRUPDOO\LQFDYHVRUDVKUDPV

7KHZLVHZKRDUHIUHHIURPPHQWDOSURMHFWLRQVXQERXQGDQGRIXQIHWWHUHGLQWHOOHFWVRPHWLPHV VSRUWLQWKHPLGVWRIJUHDWHQMR\PHQWVDQGVRPHWLPHVUHWLUHLQWRPRXQWDLQFDYHV 96, 7KHZLVHZKRDUHIUHHIURPLPDJLQLQJVXQERXQGDQGRIXQIHWWHUHGLQWHOOHFWVRPHWLPHVVSRUW LQWKHPLGVWRIJUHDWHQMR\PHQWVDQGVRPHWLPHVUHWLUHLQWRPRXQWDLQFDYHV )5((IURPWKHGHVLUHRIFRQVRODWRU\LPDJLQLQJVVXFKDVUHOLJLRQ (1-2<0(176WKH\DUHQRWDIUDLGWRHQMR\WKHPVHOYHVQRUDUHVROHO\DGGLFWHGWRDVFHWLFVROLWXGHWKH\KDYH QRWKLQJH[WHUQDOWRDYRLGRUUXQDIWHU

1RGHVLUHZKDWVRHYHUVSULQJVLQWKHKHDUWRIWKHZLVHRQHRQKRQRXULQJDPDQYHUVHGLQVDFUHG OHDUQLQJDJRGRUDKRO\SODFHRURQVHHLQJDZRPDQDNLQJRUDEHORYHGRQH 96, 1RGHVLUHZKDWVRHYHUVSULQJVLQWKHKHDUWRIWKHZLVHRQHRQVHHLQJRUKRQRXULQJDPDQYHUVHG LQVDFUHGOHDUQLQJDJRGRUDKRO\SODFHRURQVHHLQJDZRPDQDNLQJRUDEHORYHGRQH *2'WKLVLVPRVWH[DOWHGDWKHLVP 3/$&(1HLWKHU.DLODVQRU%HQDUHVFDQDWWUDFWWKHP 21(UHODWLYHVXFKDVDVRQ

7KH\RJLQLVQRWDWDOOSHUWXUEHGHYHQZKHQULGLFXOHGDQGGHVSLVHGE\KLVVHUYDQWVVRQVZLYHV GDXJKWHU VVRQVDQGRWKHUUHODWLRQV 96, 7KH\RJLZKRKDVEHFRPHDJQDQLDIWHUSDVVLQJWKURXJK\RJDLVQRWDWDOOSHUWXUEHGHYHQ ZKHQULGLFXOHGDQGGHVSLVHGE\KLVVHUYDQWVVRQVZLYHVGDXJKWHU VVRQVDQGRWKHUUHODWLRQV



<2*, ZKRKDVEHFRPHDJQDQLDIWHUSDVVLQJWKURXJK\RJD ,QWKHFDVHRIRIKXPDQLW\GLVFLSOLQH LVQHFHVVDU\KHQFHWKHJQDQLXVXDOO\HPHUJHVIURPWKHVWDJHRI\RJLFGLVFLSOLQH2QO\DUDUHIHZEHFRPH JQDQLVZLWKRXW\RJDZKLFKLVTXLWHSRVVLEOHEXWLQIUHTXHQW

7KRXJKSOHDVHGKHLVQRWSOHDVHGWKRXJKSDLQHGKHGRHVQRWVXIIHUDQ\SDLQ2QO\WKRVHZKRDUH OLNHKLPXQGHUVWDQGKLVZRQGHUIXOVWDWH 96, 7KRXJKKHDSSHDUVSOHDVHGKHLVQRWSOHDVHGWKRXJKKHDSSHDUVSDLQHGKHGRHVQRWVXIIHUDQ\ SDLQ2QO\WKRVHZKRDUHOLNHKLPXQGHUVWDQGKLVZRQGHUIXOPHQWDOVWDWH

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

2QHRIGXOOLQWHOOHFWHYHQZLWKRXWGRLQJDQ\WKLQJLVHYHUDJLWDWHGE\GLVWUDFWLRQEXWWKHVNLOIXORQH HYHQGRLQJKLVGXWLHVLVYHULO\XQSHUWXUEHG 96, 2QHRIGXOOLQWHOOHFWHYHQZLWKRXWGRLQJDQ\WKLQJLVHYHUDJLWDWHGE\GLVWUDFWLRQEXWWKHZLVH RQHHYHQGRLQJKLVGXWLHVLVYHULO\XQSHUWXUEHG ',675$&7,21WKHUHIRUHLWLVGXOOPLQGVWKDWVHHNUHSRVHRI\RJD '87,(6IRUWKH\DOVRDUH%UDKPDQ+HLVTXLWHUHDG\WRGRDQ\WKLQJKRZHYHUPHDQRUJUHDWWKDWIDWHPD\ PDNHKLPGRSURYLGHGLWGRHVQRWKDUPRWKHUV

:LWKSHUIHFWHTXDQLPLW\HYHQLQSUDFWLFDOOLIHWKHZLVHRQHVLWVKDSSLO\VOHHSVKDSSLO\PRYHV KDSSLO\VSHDNVKDSSLO\DQGHDWVKDSSLO\ 96, (TXDQLPRXVLQSUDFWLFDOOLIHDVZHOOWKHZLVHRQHVLWVKDSSLO\VOHHSVKDSSLO\PRYHVKDSSLO\ VSHDNVKDSSLO\DQGHDWVKDSSLO\ :(//+HPD\KDYHVRUURZVEXWKHNHHSVHTXDOPLQGHG2UKHDGDSWVKLPVHOIWRKLV HQYLURQPHQWLPPHGLDWHO\LQRUGHUWRKHOSRWKHUVEXWVHFUHWO\UHPDLQVKLPVHOILQVLGH

:KRHYHUE\YLUWXHRIWKHUHDOL]DWLRQRIKLVRZQVHOIGRHVQRWIHHOGLVWUHVVHGHYHQLQSUDFWLFDOOLIH OLNHRUGLQDU\SHRSOHDQGUHPDLQVXQDJLWDWHGOLNHDYDVWODNHZLWKDOOKLVVRUURZVJRQHKHVKLQHV 96, +ZZKRHYHQLQSUDFWLFDOOLIHGRHVQRWRZLQJWRKLVQDWXUDOVHOISRVVHVVLRQIHHOGLVWUHVVHG OLNHRUGLQDU\SHRSOHUHPDLQVXQDJLWDWHGOLNHDYDVWODNHZLWKDOOKLVVRUURZVJRQH 6(/)3266(66,21%HFDXVH%UDKPDQLVFDOPKHZKRKDVUHDOL]HGLWLVDOVRLQZDUGO\FDOPE\ QDWXUH2ULJLQDOLV6ZDEKDYD QDWXUH



:LWKWKHGHOXGHGHYHQLQDFWLRQEHFRPHVDFWLRQDQGZLWKWKHZLVHHYHQDFWLRQUHVXOWVLQWKHIUXLWRI LQDFWLRQ 96, (YHQLQDFWLRQRIWKHGHOXGHGRQHVEHFRPHVDFWLRQDQGHYHQDFWLRQRIWKHZLVHRQHUHVXOWVLQ WKHIUXLWRILQDFWLRQ

7KHGHOXGHGRQHRIWHQVKRZVDYHUVLRQWRKLVSRVVHVVLRQV:KHUHLVDWWDFKPHQWZKHUHLVDYHUVLRQIRU KLPZKRVHORYHIRUWKHERG\KDVYDQLVKHG" 96, 7KHGHOXGHGRQHRIWHQVKRZVGLVOLNHWRZKDWKHSRVVHVVHV+HZKRVHGHVLUHIRUWKHERG\KDV YDQLVKHGKDVQHLWKHUDWWDFKPHQWQRUDYHUVLRQ 7KHFRQVFLRXVQHVVRIWKHGHOXGHGRQHLVDOZD\VDWWDFKHGWRWKLQNLQJDQGQRWWKLQNLQJ%XWWKH FRQVFLRXVQHVVRIWKHZLVHRQHWKRXJKDWWHQGHGZLWKWKLQNLQJWKHWKLQNDEOHLVRIWKHQDWXUHRIXQFRQVFLRXVQHVV 96, 7KHPLQGRIWKHGHOXGHGRQHLVDOZD\VDWWDFKHGWRWKLQNLQJDQGQRWWKLQNLQJ%XWWKDWRIWKH ZLVHRQHWKRXJKDWWHQGHGZLWKWKLQNLQJWKHWKLQNDEOHLVRIWKHQDWXUHRIWKRXJKWOHVVQHVV '(/8'('WKH\RJLZKRUHJDUGVWKLQNLQJDVWKHHQHP\RIUHDOL]DWLRQ 7+,1.,1*DVLQ(XURSH 1277+,1.,1*DVDPRQJ\RJLV 81&216&,2861(66 7+28*+7/(661(66EDGWUDQVODWLRQ7KDWPLQGZKHUHLQDOOLGHDVDQGREMHFWVDUH GLVVROYHGDQGNQRZVQRWKLQJRXWVLGHSXUH0LQGWKHVWDWHZKHUHWKHUHLVQRWKRXJKW 7KH*QDQLLVDWWDFKHGWRQHLWKHU+HFDQQRWJHWULGRILGHDVRIWKHZRUOGVRKHDFFHSWVWKHPDV%UDKPDQ 7KHZLVHRQHZKRKDVQRPRWLYHLQDOOKLVDFWLRQVZKRPRYHVOLNHDFKLOGDQGLVSXUHKDVQR DWWDFKPHQWHYHQWRWKHZRUNWKDWLVEHLQJGRQHE\KLP 96, 7KHVDJHZKRPRYHVOLNHDFKLOGZLWKRXWPRWLYHLQDOOKLVREHUYDQFHVDQGLVSXUHKDVQR DWWDFKPHQWHYHQWRWKHZRUNWKDWLVEHLQJGRQHE\KLP

%OHVVHGLQGHHGLVWKDWNQRZHURIWKH6HOIZKRKDVWUDQVFHQGHGWKHPLQGDQGZKRHYHQWKRXJK VHHLQJKHDULQJWRXFKLQJVPHOOLQJRUHDWLQJLVWKHVDPHXQGHUDOOFRQGLWLRQV 96, %OHVVHGLQGHHGLVWKDWNQRZHURIWKH6HOIZKRHYHQWKRXJKVHHLQJKHDULQJWRXFKLQJ VPHOOLQJRUHDWLQJLVIUHHIURPGHVLUHDQGLVWKHVDPHXQGHUDOOFRQGLWLRQV&KDQJHVLQWKHZRUOGGRQRWDIIHFW KLP 'HVLUHWKHLGHDRIGXDOLW\ &21',7,216FKDQJHVLQWKHZRUOGGRQRWDIIHFWKLP7KLVLVSRVVLEOHRQO\E\WDNLQJXSWKHSRVLWLRQRI QRQGXDOLW\ZKLFKLVQRQGLIIHUHQFH

:KHUHLVWKHZRUOGDQGZKHUHLWVDSSHDUDQFHZKHUHLVWKHHQGDQGZKHUHWKHPHDQVIRUWKHZLVH RQHZKRLVHYHUFKDQJHOHVVOLNHWKHILUPDPHQW" 96, :KHUHLVWKHUHIOHFWHGVHOIZKHUHLVWKHZRUOGZKHUHLVWKHHQGDQGZKHUHWKHPHDQVIRULW IRUWKHZLVHRQHZKRLVHYHUFKDQJHOHVVOLNHWKHVSDFH" 5()/(&7('7KHVHOIWKRXJKWRIVSRNHQDERXWLHLPDJLQHGQRWWKHUHDOVHOIIRUDWKRXJKWFDQQRWEH $WPDQ 0($16,QXQLW\HYHQWKHWKRXJKWRIDWHFKQLTXHWRSURGXFHLWGRHVQRWDULVHWKHUHLVQRSURGXFWLRQRI %UDKPDQ &+$1*(/(66FKDQJHDQGWLPHDUHZKDW\RXILQGLQWKHGUV\DPQRWLQWKHGULN



*ORULRXVLVKHZKRLVIUHHIURPDOOGHVLUHVZKRLVWKHSHUIHFWHPERGLPHQWRIEOLVVZKLFKLVKLVRZQ QDWXUHDQGZKRLVVSRQWDQHRXVO\DEVRUEHGLQWKHXQFRQGLWLRQHG6HOI 96, *ORULRXVLVKHZKRLVIUHHIURPDOOGHVLUHVDQGLVWKHHPERGLPHQWRI,QILQLWH%OLVVZKLFKLVKLV RZQQDWXUHDQGKHZKRKDVDWWDLQHGQDWXUDO6DPKDGLLQWKHXQFRQGLWLRQHG 1$785$/HIIRUWOHVV VDKDMD 6$0$'+,VHHLQJWKHVDPHQHVV %UDKPDQ HYHU\ZKHUH 6DKDMD PHDQVFRPLQJRILWVRZQDFFRUGWKHZRUOGEHLQJMXVWDVLWLVDQG\HWKHLVLQVDPDGKLHYHU\WKLQJ EHFRPHVRQH

,QVKRUWWKHJUHDWVRXOHGRQHZKRKDVUHDOL]HGWKH7UXWKLVIUHHIURPWKHGHVLUHIRUHQMR\PHQWDQG OLEHUDWLRQDQGLVGHYRLGRIDOODWWDFKPHQWDWDOOWLPHVDQGLQDOOSODFHV 96, ,QVKRUWWKHJUHDWVRXOHGPDQZKRKDVUHDOL]HGWKH7UXWKLVIUHHIURPWKHGHVLUHRIHQMR\PHQW DQGOLEHUDWLRQDQGLVGHYRLGRIDOODWWDFKPHQWDWDOOWLPHVDQGLQDOOSODFHV $77$&+0(17WRHJR3/$&(6WDNHDZD\HJRDQG\RXH[SHULHQFHHYHU\ZKHUHQHVV

:KDWUHPDLQVWREHGRQHE\RQHZKRLV3XUH&RQVFLRXVQHVV"+HKDVUHQRXQFHGSKHQRPHQDO H[LVWHQFHZKLFKEHJLQVZLWKPDKDWDQGLVPDQLIHVWHGWKURXJKPHUHQDPH 96, :KDWUHPDLQVWREHGRQHE\RQHZKRLV3XUH,QWHOOLJHQFHZKRKDVUHQRXQFHGSKHQRPHQDO ZRUOGZKLFKEHJLQVZLWK0DKDWDQGLVPDQLIHVWHGWKURXJKPHUHQDPH

5(1281&('UHQXQFLDWLRQPHDQVJLYLQJXSHJR6DQ\DVLVWREHYDOXHGRQO\EHFDXVHLWLVDILUVWVWHSWRWKLV DOWKRXJKXQIRUWXQDWHO\PDQ\DVFHWLFVKDYHDVWURQJHUHJR 1$0(PHUHLGHDVPHUHWKRXJKWVZKHQ\RXNQRZWKDWDOOLGHDVDUHPDGHRIVLQJOHHVVHQFHWKHQ\RXKDYHJRW $WPDQ

7KHSXUHRQHNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVWKHSURGXFWRILOOXVLRQDQGWKDWQRWKLQJH[LVWV 7KH,PSHUFHSWLEOH6HOILVUHYHDOHGWRKLPDQGKHQDWXUDOO\HQMR\VSHDFH 96, 7KHSXUHRQHKDVNQRZIRUFHUWDLQWKDWWKLVLVWKHSURGXFWRILOOXVLRQDQGWKDWQRWKLQJH[LVWVWR ZKRPWKH8QFRJQL]DEOHLV DSSHDUVWREH FRJQL]HGQDWXUDOO\HQMR\VSHDFH 7+,6WKLVZRUOG ,//86,21\RXVHHWKHZRUOGEXW\RXNQRZLWVDSSHDUDQFHKLGHVWKHUHDOLW\DQGDOVRLWLVWKHUHDOLW\DV$WPDQ 3($&(,WFRPHVE\LWVHOI VDKDMD HYHU\ZKHUHLQWKHZRUOG 5HDGµLQH[SUHVVLEOH¶DVXQUHFRJQL]DEOHDQGµH[SUHVVHG¶DVFRJQL]HG

5XOHRIFRQGXFWGLVSDVVLRQUHQXQFLDWLRQDQGUHVWUDLQWRIWKHVHQVHVZKDW DUHDOOWKHVHWRRQHZKRLV RIWKHQDWXUHRI3XUH(IIXOJHQFHDQGZKRGRHVQRWSHUFHLYHDQ\REMHFWLYHUHDOLW\" 96, 5XOHRIFRQGXFWGLVSDVVLRQUHQXQFLDWLRQDQGUHVWUDLQWRIWKHVHQVHVZKDW DUHDOOWKHVHWRRQH ZKRLVRIWKHQDWXUHRI3XUH,QWHOOLJHQFHDQGZKRGRHVQRWSHUFHLYHDQ\UHDOLW\LQWKHREMHFWLYHZRUOG" ,17(//,*(1&(ZKRNQRZV³,DPRQO\WKH:LWQHVV´WKHVHRWKHUWKLQJVDUHRQO\VHHQDZDUHQHVV

:KHUHLVERQGDJHRUOLEHUDWLRQMR\RUVRUURZIRURQHZKRVKLQHVDVWKH,QILQLWHDQGGRHVQRW SHUFHLYHUHODWLYHH[LVWHQFH" 96, :KHUHLVERQGDJHRUOLEHUDWLRQMR\RUVRUURZIRURQHZKRVKLQHVRUVHHVKLPVHOIDVWKH ,QILQLWHDQGGRHVQRWSHUFHLYHLQGHSHQGHQWH[LVWHQFH"

5(/$7,9((;,67(1&(LQGHSHQGHQWH[LVWHQFH



2QO\WKHLOOXVLRQRIWKHZRUOGSUHYDLOV7KHUHDOLW\RIWKHZRUOGYDQLVKHVZLWKWKHNQRZOHGJHRIWKH 6HOI7KHZLVHRQHOLYHVZLWKRXWWKHIHHOLQJRI ,QHVV DQG PLQHQHVV DQGDWWDFKPHQW 96, ,QWKHZRUOGH[LVWLQJDVGXDOLW\RUVHSDUDWHHQWLW\RQO\WLOO6HOIUHDOL]DWLRQRQO\0D\DSUHYDLOV 7KHZLVHRQHOLYHVZLWKRXWWKHIHHOLQJRI ,QHVV DQG PLQHQHVV DQGDWWDFKPHQW 0$<$,JQRUDQFHZKLFKH[LVWVSULRUWRLQYHVWLJDWLRQ /,9(6GRHVQRWUXQDZD\DIWHU(;,67,1*DGG³DVGXDOLW\RUVHSDUDWHHQWLW\´

7RWKHZLVHRQHZKRSHUFHLYHVWKH6HOIDVLPSHULVKDEOHDQGIUHHIURPJULHIZKHUHLVNQRZOHGJHDQG ZKHUHLVWKHXQLYHUVH":KHUHLVWKHIHHOLQJ ,DPWKHERG\ RU WKHERG\LVPLQH " 96, 7RWKHVDJHZKRSHUFHLYHVWKH6HOIDVLPSHULVKDEOHDQGVRUURZOHVVZKDWLVNQRZOHGJHDQG ZKDWLVWKHXQLYHUVHRUZKDWDUHWKHIHHOLQJVRI ,DPWKHERG\ RU WKHERG\LVPLQH "7KHHJRPXVWEHJLYHQXS .12:/('*(:KDWHOVHGRHVKHZLVKWRNQRZ 81,9(56(7KHZRUOGEHFRPHVKLVRZQVHOI7KHHJRPXVWEHJLYHQXS

1RVRRQHUGRHVWKHPDQRIGXOOLQWHOOHFWJLYHXSVXFKSUDFWLFHVDVPLQGFRQWUROWKDQKHEHFRPHVD SUH\WRGHVLUHVDQGIDQFLHV 96, 1RVRRQHUGRHVWKHPDQRIGXOOLQWHOOHFWJLYHWKHSUDFWLFHVRIPLQGFRQWUROHWFWKDQKHEH FRPHVDSUH\WRGHVLUHVDQGIDQFLHV

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

+HZKRVHZRUNKDVFHDVHGZLWKWKHGDZQRI.QRZOHGJHGRHVQRWILQGDQRSSRUWXQLW\WRGRRUVD\ DQ\WKLQJHYHQWKRXJKLQRUGLQDU\SHRSOH VH\HVKHLVGRLQJZRUN 96, +HZKRVHZRUNKDVGURSSHGZLWKWKHGDZQRI.QRZOHGJHGRHVQRWILQGDQRSSRUWXQLW\WRGR RUVD\DQ\WKLQJHYHQLIKHPD\EHGRLQJZRUNLQWKHH\H¶VRIWKHSHRSOH '5233('QRWUHQRXQFLQJH[WHUQDODFWLYLW\EXWQRWUHJDUGLQJDFWLYLW\DVEHLQJGLIIHUHQWIURPKLVPLQG %UDKPDQLWPHDQVVHHLQJLQDFWLRQLQDFWLRQMXVWDVKLVDFWLRQVLQDGUHDPDUHQRWKLQJEXWWKHPLQG 3(23/(,JQRUDQWSHRSOHLPDJLQHWKDWDPDQZKRLVZRUNLQJOLNHRWKHUVOLYLQJTXLWHQRUPDOO\H[WHUQDOO\ FDQQRWEHJQDQLV%XWWKH\RQO\VHHKLVERG\QHYHUKLVPLQG

)RUWKHZLVHRQHZKRLVHYHULPPXWDEOHDQGIHDUOHVVZKHUHLVWKHUHGDUNQHVVZKHUHOLJKW":KHUH PRUHRYHULVWKHUHDQ\ORVV"7KHUHLVQRWKLQJZKDWVRHYHU

96, )RUWKHZLVHRQHZKRLVHYHULPPXWDEOHDQGIHDUOHVVWKHUHLVQRGDUNQHVVQROLJKWQR UHOLQTXLVKPHQWQRWKLQJZKDWVRYHU



,0087$%/(7KH$WPDQLVHYHUXQFKDQJDEOH )($5/(66IHDUVDUHIRUWKHHJRLVWLF '$5.1(66E\GD\RUE\QLJKWVHHLQJWKHZRUOGRIPXOWLSOLFLW\RUQRWRUERWKGDUNQHVVDQGOLJKWZLOOQR ORQJHUEHGUV\DP

:KHUHLVSDWLHQFHZKHUHLVGLVFULPLQDWLRQDQGZKHUHHYHQLVIHDUOHVVQHVVIRUWKH\RJLQZKRLV LPSHUVRQDODQGRILQGHVFULEDEOHQDWXUH" 96, :KHUHLVVWHDGLQHVVZKDWLVGLVFULPLQDWLRQZKDWLVIHDUOHVVQHVVWRWKH
7KHUHLVQRKHDYHQDQGWKHUHLVQRKHOOWKHUHLVQRWHYHQOLEHUDWLRQLQOLIH,QVKRUWQRWKLQJH[LVWVLQ \RJLFFRQVFLRXVQHVV 96, 7KHUHLVQRKHDYHQQRKHOOQRWHYHQOLEHUDWLRQLQOLIH,QVKRUW QRWKLQJH[LVWVLQ\RJLF JQDQD FRQVFLRXVQHVV +(//7KHVHDUHVWLOOQHHGHGIRUORZHUVWDJHUHOLJLRXVSHRSOHEXWWKHUHLVQRSURRIIRUXV /,%(5$7,21,1/,)(DPDQVHHNVOLEHUDWLRQRQO\ZKHQKHLVLQLJQRUDQFHVWLOODQGWKLQNVKHLVLQERQGDJH $FWXDOO\KHLV%UDKPDQQHYHUERXQG0RUHRYHU0RNVKDLVRQO\DZRUGKHQFHDQLGHD <2*,&UHIHUVWRWKH\RJLRISUHYLRXVVORND ZKRKDVDWWDLQHGJQDQLFHJROHVVQHVV

7KHZLVHRQHQHLWKHUORQJVIRUJDLQQRUJULHYHVDWQRQDWWDLQPHQW+LVFRROPLQGLV YHULO\ILOOHGZLWK QHFWDU 96, 7KHZLVHRQHQHLWKHUORQJVIRUJDLQQRUJULHYHVDWQRQDWWDLQPHQWRILW+LVFRROPLQGLVYHULO\ ILOOHGZLWKQHFWDU 2),7EHFDXVHWKH,LVQRORQJHUWKHUH

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

%2'<+HZLOOGRDOOWKDWLVQHHGHGIRUKLVERG\EXWZLOONQRZLWWRRLV%UDKPDQ :,)(*QDQLVRSHQWRDWWDLQPHQWE\DOOZKHWKHUKRXVHKROGHUVVDQ\DVLQVRUEXWFKHUV7KLVUHIHUVWRP\ ZLIH P\ FKLOGUHQ7KH*QDQLPD\KDYHZLIHDQGFKLOGUHQRUQRWWKHGLIIHUHQFHLVLQEHLQJZLWKRXW,LQUHIHUHQFHWR WKHP

&RQWHQWPHQWHYHUGZHOOVLQWKHKHDUWRIWKHZLVHRQHZKROLYHVRQZKDWHYHUKDSSHQVWRFRPHWR KLPDQGZKRZDQGHUVDERXWDWSOHDVXUHUHVWLQJZKHUHYHUKHLVZKHQWKHVXQVHWV 96, &RQWHQWPHQWHYHUGZHOOVLQWKHKHDUWRIWKHZLVHRQHZKROLYHVRQZKDWHYHUKDSSHQVWRFRPH WRKLPDQGZDQGHUVDERXWDWSOHDVXUHUHVWLQJZKHUHYHUWKHVXQVHWV

&217(170(17WKHVDWLVIDFWLRQRIQRQGXDOLW\ZKLFKLVQRWWRGHSHQGRQDQ\RWKHUSHUVRQRUHYHQDQ\*RG IRU\RXUKDSSLQHVVDQGQRWWRGHSHQGRQDQ\H[WHUQDOREMHFWIRUKDSSLQHVV+HLVQHYHUGLVFRQWHQWHG :$1'(56,IKHLVROGRUZHDNKHZLOOQRWZDQGHU7KLVPHDQVWKHUHDUHQRUXOHVQRUUHVWULFWLRQVRQKLV PRYHPHQWVKHLVIUHH 6(767KHJQDQLLVQRWERXQGWRVWD\LQRQHSODFHOLNHD\RJL+HLVIUHHWRJRDQ\ZKHUH

5HSRVLQJRQWKHIRXQGDWLRQRIKLVRZQEHLQJDQGFRPSOHWHO\WUDQVFHQGLQJELUWKDQGUHELUWKWKH JUHDWVRXOHGRQHGRHVQRWFDUHZKHWKHUKLVERG\GLHVRULVERUQ 96, 5HSRVLQJRQWKHIRXQGDWLRQRIKLVRZQEHLQJDQGIRUJHWWLQJWKHHQWLUHF\FOHRIELUWKDQGUH ELUWKWKHJUHDWVRXOHGSHUVRQGRHVFDUHVQRWZKHWKHUKLVERG\GLHVRULVERUQ %(,1*WKHGULNZKLFKUHPDLQVDOZD\VXQDIIHFWHGQRRQHKDVVHHQLWVGHDWK ',(6KHGRHVQRWZRUU\LIKHLVJRLQJWRGLHEXWWKLVGRHVQRWPHDQKHLVHDJHUWRGLH

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

*ORULRXVLVWKHZLVHRQHZKRLVGHYRLGRIWKHIHHOLQJRI PLQH WRZKRPHDUWKDVWRQHDQGJROGDUH DOOWKHVDPHWKHNQRWVRIZKRVHKHDUWKDYHEHHQUHQWDVXQGHUDQGZKRKDVEHHQSXUJHGRIUDMDVDQGWDPDV 96, *ORULRXVLVWKHZLVHRQHZKRLVGHYRLGRIWKHIHHOLQJRI PLQHQHVV WRZKRPHDUWKVWRQHDQG

JROGLVDOOWKHVDPHWKHNQRWVRIZKRVHKHDUWKDYHEHHQUHQWDVXQGHUDQGZKRKDVEHHQSXUJHGRIUDMDVDQG WDPDV



³0,1(1(66´KLVRZQHJRLVDVPXFKDWKRXJKWDVDQ\RWKHUDQGYDOXHGDFFRUGLQJO\ 5$-$6WKHXUJHWRGRWKLQJVEHFDXVHµ,¶PXVWGRWKLVRUµ,¶PXVWGRWKDW 7$0$6&DOORXVLQGLIIHUHQFHRULQHUWLD

:KRLVWKHUHWRVWDQGFRPSDULVRQZLWKWKHOLEHUDWHGVRXOZKRKDVQRGHVLUHZKDWVRHYHUDWKHDUWZKR LVFRQWHQWHGDQGLQGLIIHUHQWWRHYHU\WKLQJ" 96, :KRLVWKHUHWRVWDQGFRPSDULVRQZLWKWKHOLEHUDWHGVRXOZKRKDVQRGHVLUHZKDWVRHYHUDW KHDUWZKRLVFRQWHQWHGDQGLQGLIIHUHQWWRHYHU\WKLQJ" $7+($57+HPD\EHDNLQJRUEXVLQHVVPDQEXW\HWWKHUHLVQRDWWDFKPHQWLQKLVKHDUWRIKHDUWV

:KREXWWKHGHVLUHOHVVRQHNQRZVQRWWKRXJKNQRZLQJVHHVQRWWKRXJKVHHLQJDQGVSHDNVQRW WKRXJKVSHDNLQJ" 96, :KREXWWKHGHVLUHOHVVRQHNQRZVQRWHYHQZKHQNQRZLQJVHHVQRWHYHQZKHQVHHLQJDQG VSHDNVQRWHYHQZKHQVSHDNLQJ"

.12:,1*,QKLVKHDUWKHNQRZVQRVHFRQGWKLQJ 6((,1*,QVLGHKLPVHOIKHLV%UDKPDQDOZD\VZKHWKHUREMHFWVDUHWKHUHRUQRW 63($.,1*:KHWKHUVLOHQWRUQRWKLVKHDUWLQVLGHLVLQ%UDKPDQWKHP\VWLF0RXQDLVQRWWKHVDPH0RXQDLV QRW QHFHVVDU\ 7KHJQDQL¶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

+RZDQGWRZKRPFDQEHGHVFULEHGZKDWLVH[SHULHQFHGZLWKLQE\RQHZKRLVGHVLUHOHVVZKRVH VRUURZLVGHVWUR\HGDQGZKRLVFRQWHQWHGZLWKUHSRVHLQWKH6HOI" 96, +RZDQGWRZKRPFDQEHGHVFULEHGZKDWLVH[SHULHQFHGZLWKLQE\RQHZKRLVGHVLUHOHVV ZKRVHVRUURZLVRYHUDQGZKRLVFRQWHQWHGZLWKUHSRVHLQWKH6HOI"



:,7+,1
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

7KHPDQRI.QRZOHGJHLVGHYRLGRIWKRXJKWHYHQZKHQKHLVHQJDJHGLQWKRXJKWKHLVGHYRLGRI WKHVHQVHRUJDQVHYHQWKRXJKKHKDVWKHPKHLVGHYRLGRILQWHOOLJHQFHHYHQWKRXJKHQGRZHGZLWKLWDQGKHLV GHYRLGRIWKHVHQVHRIHJRHYHQWKRXJKSRVVHVVHGRILW 96, 7KHPDQRI.QRZOHGJHLVLQUHDOLW\GHYRLGRIWKRXJKWHYHQZKHQHQJDJHGLQWKRXJKWKHLV GHYRLG RI WKH VHQVHRUJDQV HYHQ WKRXJK KH SRVVHVVHG RI WKHP GHYRLG RI LQWHOOLJHQFH HYHQ WKRXJK HQGRZHG ZLWKLWDQGGHYRLGRIWKHVHQVHRIHJRHYHQWKRXJKSRVVHVVHGRILW ,17+28*+7EHFDXVHKHNQRZV YDOXHV WKHPDVPHUHWKRXJKWVKHFDQHQJDJHFRQWUDU\WRWKH\RJLLQWKHP ZLWKRXWKDUP 7+(0.QRZVHYHQVHQVHVWREHLGHDVDQGKHQFHRQO\%UDKPDQ ,7+HPD\XVHWKHZRUG, EXWNQRZVLWLVRQO\DQLGHDDQGIXUWKHUWKDWXOWLPDWHO\LWLVRQO\0LQG$WPDQ 7KHPDQRI.QRZOHGJHLVQHLWKHUKDSS\QRUPLVHUDEOHQHLWKHUDWWDFKHGQRUXQDWWDFKHGQHLWKHU OLEHUDWHGQRUDQDVSLUDQWIRUOLEHUDWLRQKHLVQHLWKHUWKLVQRUWKDW 96, +HLVQHLWKHUKDSS\QRUPLVHUDEOHQHLWKHUDWWDFKHGQRUXQDWWDFKHGQHLWKHUOLEHUDWHGQRUDQ DVSLUDQWIRUOLEHUDWLRQQHLWKHUWKLVQRUWKDW

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

/($51,1*+HGRHVQRWFDUHWRVKRZRIIWRWKHZRUOGWKDWKHLVOHDUQHGE\XVLQJELJZRUGVIRUH[DPSOH ',675$&7('(9(1 DGG ³ZKHQKHDSSHDUVWREH´



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

7KHWUDQTXLOPLQGHGRQHVHHNVQHLWKHUWKHFURZGHGSODFHQRUWKHZLOGHUQHVV+HUHPDLQVWKHVDPH XQGHUDQ\FRQGLWLRQVDQGLQDQ\SODFH 96, 7KHWUDQTXLOPLQGHGRQHUXQVQHLWKHUDIWHUWKHFURZGHGSODFHQRUDIWHUWKHZLOGHUQHVV+H UHPDLQVWKHVDPHXQGHULQDQ\FRQGLWLRQDQGLQDQ\SODFHZKDWVRHYHU :,/'(51(667KHVHUHVWULFWLRQVDUHQHFHVVDU\LQWKHHDUOLHUVWDJHVDVDGLVFLSOLQHEXWWKH*QDQL JRHVIUHHO\ZKHUHKHKDVWRRUZKHUHLVDVNHG 7KHVWDWHRIPLQGLVDOOLPSRUWDQW &KDSWHU±6HHNLQJ5HVWLQ$WPDQ 5HSRVHLQWKH6HOI -DQDNDVDLG

KDYHH[WUDFWHGIURPWKHLQPRVWUHFHVVHVRIP\KHDUWWKHWKRUQRIGLIIHUHQWRSLQLRQVXVLQJWKH SLQFHUVRIWKHNQRZOHGJHRI7UXWK 96, KDYHH[WUDFWHGIURPWKHLQPRVWUHFHVVHVRIP\KHDUWWKHWKRUQRIGLIIHUHQWGLVTXLVLWLRQVZLWK WKHSLQFHUVRIWKHNQRZOHGJHRI7UXWK ',648,6,7,2167KHPXOWLWXGHRIVRPDQ\GLIIHUHQWWKHRULHVRSLQLRQVIDQFLHVZKLFKSUHYDLO DPRQJPHQDOODUHPHUHLGHDV7KH*QDQLWDNHVQRSRVLWLRQZKDWHYHUMRLQVQRVXFKVHSDUDWHFODVVRUSDUW\ DV$GYDLWLQVIRUKHLVLQQRQGXDOLW\

:KHUHLVGKDUPDZKHUHLVNDPDZKHUHLVDUWKD":KHUHWRRLVGLVFULPLQDWLRQZKHUHLVGXDOLW\ DQGZKHUHHYHQLVQRQGXDOLW\IRUPHZKRDELGHLQP\RZQJORU\" 96, )RUPHZKRDELGHLQP\RZQJORU\ZKHUHLVGKDUPDZKHUHLVNDPDZKHUHLVDUWKDZKHUHLV GLVFULPLQDWLRQZKHUHLVGXDOLW\DQGZKHUHLVHYHQQRQGXDOLW\"

121'8$/,7<QRQGXDOLW\LVDQLGHDZKLFKLVDQWLWKHWLFWRWKHLGHDRIGXDOLW\WKHVDJHLVDERYH DOOLGHDV 7KHUHDUHQRFRQGLWLRQVIRU%UDKPDQWKH8QFRQGLWLRQHGWREHJRW



:KHUHLVWKHSDVWZKHUHLVWKHIXWXUHZKHUHHYHQLVWKHSUHVHQW":KHUHLVVSDFHDQGZKHUHHYHQLV HWHUQLW\IRUPHZKRDELGHLQP\RZQJORU\" 96, )RUPHZKRDELGLQJLQP\RZQJORU\ZKHUHLVWKHSDVWZKHUHLVWKHIXWXUHZKHUHLVHYHQWKH SUHVHQWZKHUHLVVSDFHRUZKHUHHYHQLVHWHUQLW\" )8785(WKHSRVVLEOHKDSSHQLQJVDUHRQO\WKRXJKWVLQPHDQGXOWLPDWHO\P\VHOI (7(51,7<DOOWKHVHDUHLQWHUGHSHQGHQWLGHDV

:KHUHLVWKH6HOIDQGZKHUHLVWKHQRQ6HOIZKHUHOLNHZLVHDUHJRRGDQGHYLOZKHUHLVDQ[LHW\RU QRQDQ[LHW\IRUPHZKRDELGHLQP\RZQJORU\" 96, :KHUHLVWKH6HOIDQGWKHQRQ6HOIZKHUHLVJRRGRUHYLOZKHUHLVDQ[LHW\RUQRQDQ[LHW\IRU PHZKRDELGHLQP\RZQJORU\" 1276(/)%RWK6HOIDQGQRW6HOI GULNDQGGUV\DP DUHWKHVDPHDWWKHKLJKHVWVWDJH

:KHUHLVGUHDPLQJZKHUHLVGHHSVOHHSZKHUHLVZDNHIXOQHVVDQGZKHUHLVWKHIRXUWKVWDWHZKHUH HYHQLVIHDUIRUPHZKRDELGHLQP\RZQJORU\" 96, :KHUHLVGUHDPZKHUHLVGHHSVOHHSZKHUHLVZDNHIXOQHVVDQGZKHUHLVWKHIRXUWKZKHUHLV HYHQIHDUIRUPHZKRDELGHLQP\RZQJORU\" :KHQDOOWKHWKUHHVWDWHVEHFRPH%UDKPDQWR\RXZKHUHLVSODFHIRU7XUL\D"$OO LVWKHQ7XUL\D WKHHVVHQFHRIWKHPDOO

96, :KHUHLVGLVWDQFHZKHUHLVSUR[LPLW\ZKHUHLVH[WHULRUZKHUHLVLQWHULRUZKHUHLVJURVVQHVV DQGZKHUHLVVXEWOHW\IRUPHZKRDELGHLQP\RZQJORU\" :KHUHLVGLVWDQFHRUSUR[LPLW\H[WHULRURULQWHULRUJURVVQHVVRUVXEWOHW\IRUPHZKRDELGHLQP\ RZQJORU\" 1RIRUPFDQH[LVWRXWVLGH0LQG:LWKLQDQGZLWKRXWDSSO\RQO\WRWKHERG\%XWWKHERG\LVLQWKH PLQG6RWKHVHWHUPVEHFRPHPHDQLQJOHVV5HIHUWRWKHGUHDPH[SHULHQFHIRULOOXVWUDWLRQRILOOXVRU\QDWXUH RIGLVWDQFHVDOOEHLQJLQPLQG

:KHUHLVOLIHRUGHDWKZKHUHDUHWKHZRUOGVDQGZKHUHDUHZRUOGO\UHODWLRQVZKHUHLVODSVHDQG ZKHUHLVFRQFHQWUDWLRQIRUPHZKRDELGHLQP\RZQJORU\" 96, :KHUHLVGHDWKRUOLIHZKHUHDUHWKHZRUOGVRUWKHZRUOGO\UHODWLRQVZKHUHLVGLVVROXWLRQRU FRQFHQWUDWLRQIRUPHDELGLQJLQP\RZQJORU\" '($7+GHDWKLVVHHQRQO\LQWKHGUV\DPREMHFWLYHZRUOG,WLVQRWVHHQLQ0( :25/'6ZKHQ\RXULVHWRWKLVOHYHORIVHHLQJDOODV%UDKPDQ 0(,DPRQO\WKHORRNHURQWKH6HHURIGHDWKRUOLIHEHFDXVH,DPGHWDFKHGIURPERG\

7RWDONDERXWWKHWKUHHHQGVRIOLIHLVQHHGOHVVWRWDONDERXW\RJDLVSXUSRVHOHVVDQGHYHQWRWDON DERXWZLVGRPLVLUUHOHYDQWIRUPHZKRUHSRVHLQWKH6HOI 96, )RUPHZKRDPUHSRVLQJLQWKH6HOIWKHUHLVQRQHHGRIHYHQWDONLQJDERXWWKHWKUHHHQGVRIOLIH DERXW


7+5((WKUHHIRUWKHVDNHRIDUJXPHQWWKHUHPD\EHHQGV 7KHWKUHHKHUHDUH'KDUPD.DPDDQG $UWKD <2*$:,6'201RWHWKDWDFOHDUGLVWLQFWLRQLVKHUHPDGHEHWZHHQ
:KHUHDUHWKHHOHPHQWVZKHUHLVWKHERG\ZKHUHDUHWKHRUJDQVDQGZKHUHLVWKHPLQGZKHUHLVWKH YRLGZKHUHWRRLVGHVSDLUIRUPHZKRDPWDLQWOHVVE\QDWXUH" 96, :KHUHDUHWKHHOHPHQWVWKHERG\WKHRUJDQVWKHPLQGWKHYRLGRUGHVSDLULQP\WDLQWOHVV EHLQJ"7KH\DUHRUKDYHEHFRPH%UDKPDQ 0LQG
:KHUHLV.QRZOHGJHDQGZKHUHLVLJQRUDQFHZKHUHLV , ZKHUHLV WKLV DQGZKHUHLV PLQH ZKHUHLV ERQGDJHDQGZKHUHLVOLEHUDWLRQ":KHUHLVDQDWWULEXWHWRWKHQDWXUHRIP\VHOI" 96, :KDWLVNQRZOHGJHDQGZKDWLVLJQRUDQFHZKDWLV , ZKDWLV WKLV DQGZKDWLV PLQH ZKDWLV ERQGDJHRUZKDWLVOLEHUDWLRQZKDWLVGHILQDEOHQHVVWRWKH6HOI" .12:/('*(RULJLQDOZRUGLV9LG\D QRW*QDQ ³7+,6´LPSOLHVVRPHWKLQJRURWKHULQWKHZRUOGYDULHW\ 6(/)DOOWKHVHDUHLGHDVFRPLQJDQGJRLQJKHQFHPHDQLQJOHVVWRWKH%UDKPDQ .12:/('*(KHUHWKHUHIHUHQFHLVQRWWRXOWLPDWHNQRZOHGJHEXWWROLPLWHGVXEMHFWREMHFWGXDOLVWLF NQRZOHGJH(YHU\VHFRQGWKLQJNQRZQLVRQO\P\VHOI

:KHUHDUHSUDUDEGKDNDUPDVZKHUHLVOLEHUDWLRQLQOLIHDQGZKHUHLVHYHQOLEHUDWLRQDWGHDWKIRU PHWKHHYHUXQGLIIHUHQWLDWHG" 96, :KDWDUHSUDUDEGKD SDVW NDUPDVZKDWLVHYHQOLEHUDWLRQLQOLIHDQGZKDWLVWKDW OLEHUDWLRQDWGHDWKIRUPHWRWKHHYHUDWWULEXWHOHVV" 1HDUHVWVWDWHWRXQGHUVWDQG$WPDQE\LWVHOILVWRHOLPLQDWHHYHU\WKLQJLQFOXGLQJHJRDVLQGHHSVOHHS 2QFHWKLVLVJDVSHG\RXKDYHWRXQGHUVWDQGWKDWHYHU\WKLQJLV%UDKPDQWKDWHYH\WKLQJLV\RXUVHOI



:KHUHLVWKHGRHURUWKHHQMR\HUZKHUHLVFHVVDWLRQRIWKRXJKWRUWKHULVLQJRIWKRXJKWZKHUHLVGLUHFW NQRZOHGJHRUUHIOHFWHGNQRZOHGJHIRUPHZKRDPHYHULPSHUVRQDO" 96, :KDWLVWKHGRHURUWKHHQMR\HUZKDWLVFHVVDWLRQRIWKRXJKWRUWKHULVLQJRIWKRXJKWZKDWLV LPPHGLDWHSHUFHSWLRQDQGLWVUHVXOWWRPHWKHHYHULPSHUVRQDO" 7+,1.,1*6DPDGKL 7+28*+7*QDQLLVQRWDIUDLGRIWKLQNLQJNQRZLQJDOOLGHDVWREH%UDKPDQ 5(68/7WKHZRUOGLVRQO\LGHD

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

:KHUHDUHFUHDWLRQDQGGHVWUXFWLRQZKHUHLVWKHHQGDQGZKHUHWKHPHDQVZKHUHDUHVHHNHUDQG VXFFHVVIRUPHDELGLQJLQP\QRQGXDOQDWXUH" 96, :KDWDUHSURMHFWLRQDQGUHWUDFWLRQ RUFUHDWLRQDQGGLVVROXWLRQ ZKDWDUHHQGPHDQVZKDWDUH VHHNHUDQGVXFFHVVWRPHDELGLQJLQP\QRQGXDOVHOI ZKLFKLVP\HVVHQWLDOQDWXUH" 5(75$&7,211RWKLQJHOVHEXWWKHPLQG¶VDFWLYLW\ZRUOGDSSHDULQJDQGPHUJLQJEDFNLQWR6RXUFH

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
:KHUHLVGLVWUDFWLRQZKHUHLVFRQFHQWUDWLRQZKHUHLVNQRZOHGJHZKHUHLVGHOXVLRQZKHUHLVMR\DQG ZKHUHLVVRUURZIRUPHZKRDPHYHUDFWLRQOHVV " 96, :KDWLVGLVWUDFWLRQRUFRQFHQWUDWLRQGXOOQHVVRUGHOXVLRQMR\RUVRUURZWRPHZKRDPHYHU DFWLRQOHVV " ',675$&7,21WKHPLQGPD\EHGUDZQWRREVHUYHDWKLQJVLQWKHH[WHUQDOZRUOGEXWWKH*QDQLLVQRW GLVWXUEHGWKHUHE\EHFDXVHWKH\DUHDOO%UDKPDQWRKLP '8//1(667KHVHDUHTXDOLWLHVZKLFK\RXDWWULEXWHWR\RXUVHOIZURQJO\WKH\EHORQJWRWKHDKDPQRW\RX FI&KULVWLDQ6FLHQFH  $&7,21/(66DFWLRQOHVVQHVVFDQQRWEHXQGHUVWRRGZLWKRXWDYDVWDWUD\D



:KHUHLVUHODWLYLW\ZKHUHLVWUDQVFHQGHQFHZKHUHLVKDSSLQHVVRUPLVHU\IRUPHZKRDPHYHU EH\RQGDQ\GLVFXUVLYHWKRXJKW" 96, :KDWLVUHODWLYHRUDEVROXWHKDSSLQHVVRUPLVHU\WRPHZKRDPHYHUGHYRLGRIWKRXJKW DFWLYLW\"

5(/$7,9(2ULJLQDOY\DYLKDULFLHSUDFWLFDHPSLULF $%62/87(,ILWKDVDPHDQLQJLWLVRQO\DQLGHD+DSSLQHVVRUVRUURZDUHRQO\RIWKHQDWXUHRIWKHPLQG EHLQJLGHDWKHLUGLIIHUHQFHLVWKHUHIRUHLOOXVRU\,QRULJLQDO3DUDPDUWKDSKLORVRSKLFRUXOWLPDWH

:KHUHLVLOOXVLRQZKHUHLVWKHZRUOGZKHUHLVDWWDFKPHQWRUGHWDFKPHQWZKHUHLVMLYDRU%UDKPDQ IRUPHZKRDPHYHUSXUH" 96, :KDWLV0D\D LJQRUDQFH RUVDPVDUD ZRUOG DWWDFKPHQWRUGHWDFKPHQWZKDWLV-LYDRU %UDKPDQWRPHZKRDPHYHUSXUH" -,9$25%5$+0$1ERWKDUHWKHVDPHXOWLPDWHO\PRUHRYHUDOODUJXPHQWDERXW%UDKPDQQHYHUWRXFKLW 0(7KLVµPH¶GRHVQRWPHDQWKHµPH¶LQWKLVSDUWLFXODUERG\EXWWKHµPH¶LQHYHU\RQHWKHFRPPRQVHOI $OOZRUGVKDYHQRSODFHDOOWKRXJKWVCFDQQRWUHDFKµ7KDW¶HYHQWKHWKRXJKWRI%UDKPDQLVMXVWDVLOOXVRU\DQG FRQWUDGLFWRU\EHFDXVHWKRXJKWDQGZRUGVEHORQJWRZRUOGRIGXDOLW\ :KHUHLVDFWLYLW\ZKHUHLVLQDFWLYLW\ZKHUHLVOLEHUDWLRQRUERQGDJHIRUPHZKRDPHYHULPPX WDEOH DQGLQGLYLVLEOHDQGHVWDEOLVKHGLQWKH6HOI" 96, :KDWLVDFWLYLW\RULQDFWLYLW\OLEHUDWLRQRUERQGDJHWRPHZKRDPHYHULPPXWDEOHDQG LQGLYLVLEOHDQGHVWDEOLVKHGLQ6HOI"

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

:KHUHLVH[LVWHQFHZKHUHLVQRQH[LVWHQFHZKHUHLVXQLW\ZKHUHLVGXDOLW\":KDWQHHGLVWKHUHWR VD\PRUH"1RWKLQJHPDQDWHVIURPPH 96, :KDWLVH[LVWHQFHRUQRQH[LVWHQFHXQLW\RUGXDOLW\":KDWQHHGLVWKHUHWRVD\PRUH"1RWKLQJ HPDQDWHVIURPPHEHFDXVHLWLVQRQGLIIHUHQWIURPP\VHOI7KHUHDUHQRWZR'RQRWPLVWDNH³PH´IRUWKHHJR

121(;,67(1&(WKRVHZKRDVVHUWZRUOGGRHVQRWH[LVWEHFDXVHLWLVPD\DDUHVWLOOLQHOHPHQWDU\VWDJHRI SUHOLPLQDU\DQDO\VLV E H[LVWHQFHDSSOLHVRQO\WRDQREMHFWDZRUGFDQKDYHQRPHDQLQJDSDUWIURPGUV\DP '8$/,7<GXDOLW\LPSOLHVWZRVHSDUDWHREMHFWVPRQLVPLPSOLHVGXDOLW\%UDKPDQLVEH\RQGERWK 127+,1*(0$1$7(6)5200(EHFDXVHLWLVQRQGLIIHUHQWIURPP\VHOI7KHUHDUHQRWZR'RQRW PLVWDNHµPH¶IRUWKHHJR 7KXVWKHERRNILQLVKHVZLWKQRQFDXVDOLW\WKHPRVWLPSRUWDQWSULQFLSOHWREHJUDVSHGLQDOO9HGDQWD7KH QRWLRQRIHPDQDWLRQLPSOLHVVRPHWKLQJVHSDUDWHIURPP\VHOIKHQFHLQFRUUHFW7KHZRUOGGRHVQRWHPDQDWH IURPPLQGLWLVLQPLQG ),1,6

1RWH3ULPDU\WUDQVODWLRQRIWKHWH[WLVIURP$VWDYDNUD6DPKLWDWUDQVODWHGE\6ZDPL1LW\DVZDUXSDQDQGD SXEOLVKHGE\$GYDLWD$VKUDP,WDSSHDUVDVWKRXJKWKLVLVDILQDOFRS\RIWKHWH[WWKDW,\HUZDVZRUNLQJ RQLQWKHLQLWLDOVWDJHVRIWUDQVODWLRQDQGQRWDWLRQ 



Related Documents

Ashtavakra Samhita
October 2019 50
Ashtavakra Gita
December 2019 15
Ashtavakra Gita
June 2020 8
Ashtavakra Geeta
May 2020 11
Gheranda Samhita
May 2020 9
Astavakra Samhita
November 2019 18

More Documents from "Estudante da Vedanta"