Visual Pinball Visual Guide Pag. 1 Original version by Cold1 PDF
Transcription
Visual Pinball Visual Guide Pag. 1 Original version by Cold1 PDF
2ULJLQDOYHUVLRQE\&ROG 3')YHUVLRQE\IRUFKLD 7KLVLVWKHEHJLQQLQJRIWKHJUDSKLFWXWRULDOIRU9LVXDO3LQEDOOE\FROG 'HPR V,QFOXGHZRUNDORQJ7DEOHZKHUHQRWHG (GLWRU /HDUQWKH%DVLFVRIWKH9LVXDO3LQEDOO(GLWRU0HQX%DU)XQFWLRQV ,PSRUWLQJ,PDJHV6RXQGV 7DEOH2SWLRQV %DOO&RORU 7KLVH[SODLQV7DEOHRSWLRQVLPSRUWLQJDEDOOLPDJH&KDQJLQJEDOOFRORU 5LJKW&OLFN2SWLRQV ([SODLQV$OO5LJKW&OLFNLQJ2SWLRQVIRU$OO2EMHFWV %XLOGLQJDVLPSOH6OLQJ6KRW /HDUQKRZWRPDNHDVOLQJVKRWIURPVFUDWFKXVLQJDEDVLFZDOO 'HFDOV ([SODLQV'HFDO2SWLRQVVKRZVKRZWRLPSRUWDQLPDJHIRUDGHFDO3 LQEDOO'HPR'HFDO 3OXQJHUV.LFNHUV +RZWRXVHD3OXQJHUV.LFNHUVD6LPSOH'HPR :DOOV7DUJHWV ([SODLQV:DOOV7DUJHWV3LQEDOO'HPR /LJKWV&ROOHFWLRQV /HDUQKRZWRXVHOLJKWVLQDFROOHFWLRQXVLQJFROOHFWLRQPDQDJHU 3LQEDOO'HPR/LJKWV /LJKWV%XPSHUV /HDUQLQJ/LJKW%XPSHU6WDWHV/LJKWV%XPSHUV2SWLRQ%DU3LQEDOO 'HPR *DWH6RXQG(YHQWV ([SODLQV*DWHRSWLRQVKRZWRXVHVRXQGHYHQWVLQNH\XSNH\GRZQ3LQEDOO 'HPR 7H[W%R[0DNLQJ6FRUHFRXQW 6KRZV\RXKRZWRXVH7H[W%R[HV$GG6FRUH'LP6FRUH3LQEDOO 'HPR 5DPSV ([SODLQV5DPS2SWLRQVVKRZV\RXKRZWREXLOGDVLPSOH5DPS3LQEDOO 'HPR 6SLQQHUV ([SODLQV6SLQQHU2SWLRQVVKRZVVFULSWWRPDNHDVSLQQHUZRUN3LQEDOO 'HPR 7ULJJHUV ([SODLQV7ULJJHU2SWLRQVVKRZVVFULSWWRPDNHD7ULJJHUZRUN3LQEDOO 'HPR 7LPHUV ([SODLQV7LPHU2SWLRQVVKRZVVFULSWWRPDNHD7LPHUZRUN3LQEDOO 'HPR )OLSSHUV ([SODLQV)OLSSHU2SWLRQV VKRZVVFULSWWRPDNHD)OLSSHUZRUN3LQEDOO'HPR (05HHO 6KRZV\RXKRZWRXVH(05HHOV3LQEDOO'HPR $SSHQGL[ $.H\FRGHV $GGLWLRQDO.H\FRGHVUHIHUHQFH %)DT $VRPHZKDWDUUDQJHGIDTRQYLVXDOSLQEDOOFRS\SDVWHGWRJHWKHUIURP6KLYD V93IRUXPVE\&ROG &7DEOHV/LVW $OLVWRIWDEOHXSWRVRPHPD\EHGRXEOHVEHFDXVHRIQHZHUYHUVLRQRU93930YHUVLRQV 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 7KH (GLWRU PD\ OLWWOH ORRN D LQWLPLGDWLQJ DW ILUVW EXW ZH ZLOO FRYHU DOO WKH EDVLFV WR JHW \RX ZHOO RQ \RXU ZD\ WR FUHDWLQJ \RXU YHU\ RZQ SLQEDOO WDEOH 7KH (GLWRU LV WKH PDLQ SDUW RI EXLOGLQJ D WDEOH )URP KHUH ZH DGG RXU ZDOOV OLJKWV EXPSHUV WDUJHWV DQG DOO WKH UHVW RI WKH REMHFWV WKDW DUH SDUW RI D SLQEDOO WDEOH 7KH9LVXDO3LQEDOO(GLWRU 1RWH ,QWKHSLFWXUHWRWKHULJKWWKH2SWLRQV ER[LVVHOHFWHG :LWK2SWLRQV VHOHFWHG\RXJDLQWKHDFFHVVWRWKHSURSHUWLHVRIVHOHFWHGLWHPV <RXFDQVHHWKH2SWLRQV WRWKHIDUULJKWRIWKHVFUHHQ,QWKLV 3LFWXUHWKH7DEOH LVVHOHFWHG )LUVWRIIOHWVJHWWKHIO\RXWPHQXEDURXWRIWKHZD\WKLVZLOOVKRZXVKRZWRORDGVDYHRXU WDEOHVDQGORWVPRUH 7KHYHU\WRS'DUN%OXHLVWKHQDPHRIWKHWDEOHWKDWZHKDYHORDGHGLQWRWKH93(GLWRU )LUVWZH¶OOORRNDWWKH)LOH RSWLRQV )LOH 1HZ ± &UHDWHVDQHZEDVLFWDEOH 2SHQ ± VHOHFWDWDEOH\RXZDQWWRRSHQ &ORVH ± &ORVHVWKHVHOHFWHGWDEOH 6DYH ± 6DYHV\RXUWDEOHWKDW¶VRSHQHG 6DYH$V« VDYHV\RXUWDEOHZLWKDQDPHFKDQJH ([SRUW ± ([SRUWVDEOXH3ULQWRI\RXUWDEOHIRUHGLWLQJLQDGUDZLQJ SURJUDP ([LW ([LWV9LVXDO3LQEDOO RU93IRUVKRUW 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 1H[WLVWKH(GLW RSWLRQV (GLW 8QGR ± XQGRHVWKHODVWWKLQJ\RXGLG([6D\\RXSXWDEXPSHURQ WKHWDEOHGLGQ¶WZDQWLW&OLFNWKLVLW¶VJRQH &RS\ ± FRSLHVDVHOHFWHGLWHP+LJKOLJKWRUFOLFNRQDQLWHP\RX ZDQWWRFRS\VHOHFWFRS\ 3DVWH ± 3DVWHVWKH,WHP\RXMXVWFRSLHGLWSXWVWKHQHZLWHPULJKW RYHUWKHRULJLQDO 'HOHWH ± 'HOHWHVDVHOHFWHGLWHPRUDJURXSRIVHOHFWHGLWHPV 2SWLRQV± 2SHQVXSWKHRSWLRQSURSHUWLHVFOLFNLQJRQ GLIIHUHQWREMHFWVVKRZ GLIIHUHQWRSWLRQV 2SWLRQV DOVRKDVDEXWWRQLQWKH 7RROEDU ± RSHQ¶V\RXUVFULSWHGLWRU 7KLVLVZKHUH\RXW\SHWR DGGVRXQGGURSWDUJHWVHFW 6FULSW 6ULSW DOVRKDVDEXWWRQLQWKH 7RROEDU %DFNJODVV9LHZ ± JLYHVDYLHZRIWKHEDFNJODVVXVXDOO\ ZKHUH\RXUSRLQWVFUHGLWVHFW$UHGLVSOD\HG %DFNJODVV DOVRKDVDEXWWRQLQWKH 7RROEDUFDOOHG %DFNGURS 1H[WLVWKH,QVHUW RSWLRQV 2ULW¶VWKHVDPHDVXVLQJWKH7RRO%DU 7KHVHDUHWKHREMHFWVWKDWFDQEHDGGHGWRD3LQEDOO7DEOH,OOJRLQWRWKHVHLQWKHQH[WSDUW DORQJZLWKWKHLURSWLRQ VDWWULEXWHV 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 1H[WLVWKH7DEOH RSWLRQV 6RXQG0DQDJHU 7DEOH 3OD\± $IWHU\RXKDYHDWDEOHORDGHGLQWKHHGLWRUXVH WKLVWR3OD\LW 3OD\ DOVRKDVDEXWWRQLQWKH 7RROEDUDQG) LVD VKRUWFXW 6RXQG0DQDJHU ± 8VHWKLVWRLPSRUWVRXQGVLQWR\RXUWDEOH XVHWKHPLQ\RXU VFULSWE\W\SLQJ3OD\6RXQGQDPHRIVRXQG ,PDJH0DQDJHU ± 8VHWKLVWRLPSRUWLPDJHVLQWR\RXUSLQEDOO WDEOH &OLFNRQDQREMHFWLQWKHREMHFWVRSWLRQVVHOHFW DQ,PDJHLQWKH VFUROOGRZQOLVW )RQW0DQDJHU ±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¶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± 6HWWKHVHFRQGRQHDQGPDNHLWDGLIIHUHQWFRORU6WUHWFKWKHFRQWUROSRLQWVDIHZSL[HOV RXWVLGHDQGPDNHLWVOLQJVKRW6KRXOGGRWKHWULFN 'UDZLQ%DFNUHDOO\GRHVKDYHDSXUSRVH 8VLQJRWKHUVWXIIIRUPRYLQJJUDSKLFV <RXFRXOGXVHWUDQVSDUHQWWH[WER[HVWRRLI\RXZDQWHG VLQFHWKHEDFNJURXQGKDVDJUDSKLF QRWVXUHKRZWKDWZRXOGZRUNRXWIRU\RX 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ )RUDEDOOLPDJHWKRXJK\RX GSODFHDNLFNHURXWVLGHWKHWDEOHDQGFUHDWHDEDOOLQLW DQG ZLWKDWLPHU\RXFDQFKDQJHWKHLPDJHVRLWDQLPDWHV XVLQJDIHZNLFNHUV\RXFRXOGJHWWKH H[SORVLRQDQGWKHEXOOHWIO\LQJDFURVVWKHWDEOH 6LQFHGURSSDEOHZDOOVSURYLGHVLPLODUIXQFWLRQDOLW\WKRVHKDYHEHHQSRSXODUXSWRWKLVSRLQW 7KHQHZ0RQVWHU%DVKXVLQJEDOOVIRUDQLPDWLRQRIGUDFXODDQG,QGLDQD-RQHVUHGX[XVHV WKHPWRVLPXODWHGURSWDUJHWV7KHWHPSOHWDEOHXVHVFXVWRPLPDJHVIRUWKHJHPV3DJDQ 3LQEDOOXVHVDEDOOLPDJHIRUWKHEXEEOLQJFDXOGURQ%HVLGHVWKRVH,GRQ WWKLQNPXFKZRUNRU UHVHDUFKKDVEHHQGRQHRQLWLQWKHDUHDRIDQLPDWULRQ5RFN)DQWDV\KDVQLIW\DQLPDWLRQIRU WKHEDOOEXWWKDW VMXVWIRUWKHEDOOVWKHPVHOYHV QRWWU\LQJWRDQLPDWHRWKHUVWXII %DFNWR,QGH[ /LJKWV :KDWGRHVWKHSDWWHUQSURSHUW\RIDOLJKWGR" $SDWWHUQLVMXVWWKDWDSDWWHUQ?UHSUHVHQWVRQDQGUHSUHVHQWVRIIRIFRXUVHLI\RX ZHUHDFRPSXWHUHYHU\WKLQJLVUHSUHVHQWHGWKDWZD\VR\RXKDYHDOLJKWDQG\RXZDQWLWWR EOLQNRQRIIRQRQRIIRIIRQRIIWKHQWKHSDWWHUQZRXOGEHQRZ\RXPD\DVN ZK\\RX GZDQWWKDWVRFRQVLGHUWKDW\RXKDYHWKUHHOLJKWVWKDW\RXZDQWWREOLQNLQLQ VHTXHQFHWKHSDWWHUQVZRXOGEH OLJKWEOLQNSDWWHUQ OLJKWEOLQNSDWWHUQ OLJKWEOLQNSDWWHUQ 7KHLVRQDQGWKHLVRIIVR\RXFDQHDVLO\VHHKRZWKHSDWWHUQZLOOSOD\RXW $VIRULQWHUYDOLWLVVLPSO\KRZORQJDWLPHUODVWVDQLQWHUYDORIODVWVDSSUR[LPDWHO\ VHFRQGVRZRXOGEHDWHQWKRIDVHFRQGHWF,QWKHFDVHRIRXUWKUHHOLJKWVDERYHLI \RXJDYHWKHPHDFKDQLQWHUYDORIWKHQ /LJKWVWD\VRQIRUDVHFRQGWKHQJRHVRIIIRUWZRVHFRQGV /LJKWVWD\VRIIIRUVHFRQGFRPHVRQIRUVHFRQGWKHQJRHVRIIIRUVHFRQG /LJKWVWD\VRIIIRUVHFRQGVWKHQFRPHVRQIRUVHFRQG 7KHSDWWHUQZLOOUHSHDWDVORQJDVWKHWLPHULVDFWLYH,W VFDQFHOOHGZLWKWLPHUHQDEOHG KHUHLVWKHVDPHDVIDOVHKHUH &KDQJLQJFRORUVGXULQJJDPHSOD\ <RXFDQSXWWZROLJKWVRIGLIIHUHQWFRORUVRQWRSRIHDFKRWKHU:KHQ\RXZDQWWRFKDQJH FRORUVWXUQWKHROGOLJKWRIIDQGWKHQHZOLJKWRQLQWKDWRUGHU7KHOLJKW\RXODVWFKDQJHGWKH VWDWHRIZLOOUHPDLQYLVLEOHRQWRS 2U\RXFRXOGXVHGURSSDEOHZDOOV ,QVKRUWDVVLJQDYDULDEOHWRDJURXSRIREMHFWV/LJKWVDQGRUWKHLUSHULPHWHUVHYHQWV"6R WKDW 'LP$ FRQWUROV 6XE6SLQQHUB6SLQ $ $ /LJKW>$@6WDWH /LJKW6WDWH2Q (QG6XE 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ ,QRUGHUWROLJKW/LJKWWKLQN%RQXV ,XVHGEUDFNHWVEHFDXVHSDUHQWKHVLVDUHFRQIXVHGZLWKDQDUUD\WKDW VZKDWWKHHUURU PHVVDJHVD\V 6RUWRI<RXKDYHWRGHFODUHDQDUUD\RIFRQWUROVILUVWOLNHVR 'LP$ 'LP6SLQQHU/LJKWV 6HW6SLQQHU/LJKWV /LJKW 6HW6SLQQHU/LJKWV /LJKW 6HW6SLQQHU/LJKWV /LJKW 6HW6SLQQHU/LJKWV /LJKW HWF 6XE6SLQQHUB6SLQ $ $ ,I$!7KHQ$ /LJKW$6WDWH /LJKW6WDWH2Q (QG6XE ,W VWHGLRXVLI\RXKDYHDORWRIOLJKWVEXWLWZRUNV6HHMXVWDERXWDQ\WDEOHIRUDQ H[DPSOH,WKLQN7RS6SHHGWKDWFRPHVZLWK93XVHVWKLVWHFKQLTXH7KDW VZKHUH, OHDUQHGLW 7KHUHDUHVHYHUDOZD\VWRGRLW7KHHDVLHVWRQHLVWRFUHDWHDFROOHFWLRQ*RWRWKH FROOHFWLRQPDQDJHUDQGFUHDWHDFROOHFWLRQFDOOHG/LJKWV&ROOHFWLRQDQGSXWDOO\RXU OLJKWVLQWKHUH7KHQ\RXFDQGR/LJKWV&ROOHFWLRQ6WDWHHWF 7KHRQO\GUDZEDFNLVWKDW\RXFDQ WFKDQJHWKHRUGHULQWKHFROOHFWLRQVRSXWWKHPLQLQ WKHULJKWVHTXHQFHIURPWKHEHJLQQLQJ ,I\RXGRQ WZDQWWRXVHFROOHFWLRQV\RXFDQFUHDWHDQDUUD\LQWKHVFULSW 'LP/LJKWV$UUD\ /LJKWV$UUD\ $UUD\/LJKW/LJKW/LJKW 2QP\WDEOH,KDYHDVHWRIOLJKWVZKLFKOLJKWLQVHTXHQFHHDFKWLPHDSDUWLFXODUEXPSHURI ZKLFKWKHUHLVPRUHWKDQRQHLVKLW:KHQ,SURJUDPPHGWKHEXPSHUV,SXWDQLIIRUHYHU\ SRVVLEOHSHUPXWDWLRQHJ LI[ WKHQ OLJKWVWDWH OLJKWVWDWHRQ HQGLI LI[ WKHQ OLJKWVWDWH OLJKWVWDWHRQ HWF ,KDYHOLJKWV DQGEXPSHUV DQG, YHFRSLHGDQGSDVWHGWKHOLVWIRUHDFKEXPSHUBKLW VXEURXWLQH,WZRUNVILQHEXWLVWKHUHDZD\WKDW\RXFDQSURJUDPWKHVFULSWVRWKDWWKH DSSOLFDWLRQNQRZVDXWRPDWLFDOO\ZKDWWRGRLI[ 1" 6RIRUH[DPSOHLQSXWDOORIWKHSRVVLEOHVWDWHVLQRQFHRQO\DQGSRLQWDOORIWKHEXPSHUBKLW VXEURXWLQHVDWWKDWVXEURXWLQH ,WKLQNZKDW\RXQHHGWRGRLVPDNHDUUD\VRI\RXUOLJKWVDQGEXPSHUV7KDWZD\\RXFDQ LQGH[WKHP'HILQHWZRDUUD\V 'LP/LJKW$UUD\ 'LP%XPSHU$UUD\ 7KHQLQWKHWDEOH VLQLWPHWKRGPDNHWKHDUUD\VSRLQWDWWKHREMHFWV 6HW/LJKW$UUD\ /LJKW 6HW/LJKW$UUD\ /LJKW 6HW/LJKW$UUD\ /LJKW 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ $QGWKHVDPHIRUWKHEXPSHUV1RWHWKDWDUUD\VVWDUWDW]HURVRDQDUUD\ZLWKHOHPHQWV KDVLQGLFHVIURP WR 1RZ\RXFDQFDOORQHEXPSHUVXEURXWLQHIURPDOOEXPSHU;BKLWXVLQJWKHQXPEHURIWKH EXPSHUDVDSDUDPHWHULI\RXQHHGWRGLVWLQJXLVKWKHP 6XE%XPSHUB+LW %XPSHU6WXII QXPEHULQJWKHILUVWEXPSHU]HURKHUH (QGVXE 7RVHWDOLJKWEDVHGRQD\RXU[LI[VWDUWVDW /LJKW$UUD\[VWDWH /LJKW6WDWH2Q %DOOV6SHHG ,ZDQWWRZULWHDIRUPXODSRVVLEO\SRODUFRRUGLQDWHRULHQWDWHG 7KDWXVHVDNLFNHUWRVSHHGWKHEDOOXSEXWPDLQWDLQVWKHGLUHFWLRQ , PQRWVXFKD0DWKZL]DUGVXUHO\\RX UHXQGHUVWDWLQJ 'RHVDQ\RQHNQRZDJRRGIRUPXODIRUWKLV" ,WPXVWORRNDVLIWKHUDPSVLPSO\LVQ WWKDWVWHHS -XVWPXOWLSO\DOORI9HO VZLWKWKHVDPHFRQVWDQWVD\RU :KHQ\RXSUHVHUYHWKHGLUHFWLRQQRSRODUFRRUGLQDWHVWKLQJLVQHFHVVDU\ ERRVW)DFWRU :LWK$FWLYH%DOO 9HO; 9HO;ERRVW)DFWRU 9HO< 9HO<ERRVW)DFWRU 9HO= 9HO=ERRVW)DFWRU (QG:LWK 36 <RXGRQ WQHHGDNLFNHU$WULJJHUZRXOGVXIILFHIRUWKLVSXUSRVH %DFNWR,QGH[ %DOO&RORU &KDQJLQJ&RORU <RXPXVWKDYHWKHDEVROXWHODWHVW7HFKEHWDDQGWKHQGR .LFNHU&UHDWH%DOO&RORU [ 1RWHWKDWLWGRHVQRWVHWWKHFRORXURIWKHEDOOMXVWWKHWLQW 3OXQJHU&UHDWH%DOO,PDJH <RXU%DOO,PDJH1DPH+HUH 6XE.LFNHUB+LW $FWLYH%DOO&RORU 5*% (QG6XE 7KHRUGHURIWKHQXPEHUV VDPHDVFRORUFRQWUROLQWKH:LQGRZV3DLQWSURJUDP 6HHPVWRZRUNZLWKDOO+LWV7ULJJHUVWRR %DFNWR,QGH[ 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 'HFDOV KPP'RHVWKHZDOOGURS"&DQ WSXWDGHFDORQDGURSSDEOHZDOO $OVR-3*VGRQ WPDNHYHU\JRRGGHFDOV ,GRQ WOLNHXVLQJWKHPWKDWZD\ 6RFKHFNWKHVXUIDFHSURSHUW\RI\RXUGHFDO %\FKHFNKHPHDQWFKHFNLWIRUVRPHWKLQJORRNDWLW,I\RXVHOHFW\RXUGHFDOLQWKHHGLWRU DQGWKHRSWLRQVEDULVVKRZLQJ\RXZLOOVHHDQRSWLRQVXUIDFH%\VHOHFWLQJDZDOOIURPWKH GURSGRZQOLVWWKHGHFDOLVSODFHGDWWKHKHLJKWRIWKDWZDOO $TXHVWLRQWKRXJK6LQFH\RXZHUHQ WIDPLOLDUZLWKWKHVXUIDFHSURSHUW\GLG\RXUHDOO\GRD GHFDO",WVRXQGV WRPHWKDWZKDW\RXPLJKWKDYHGRQHLVLPSRUWHG\RXUSLFWXUHWKHQVHWWKH LPDJHSURSHUW\XQGHUWKHRSWLRQVIRU\RXUZDOOWRWKDWLPDJH7KHLPDJHSURSHUW\IRUZDOOV DVVXPHVDQLPDJHWKHIXOOVL]HRIWKHWDEOHQRWSDUWRILW<RXUSLFWXUHZRXOGKDYHEHHQ VWUHWFKHGWRILWWKHZKROHWDEOHDQGWKHSDUWWKDWZRXOGVKRZRQWKHZDOOZRXOGMXVWEHWKDW SRUWLRQRIWKHVWUHWFKHGLPDJHZKHUHWKHZDOOKDSSHQVWREHORFDWHG7KDWZRXOGH[SODLQZK\ \RX UHJHWWLQJRQO\EOXHIX]] 6R\RXKDYHWZRRSWLRQV,UHFRPPHQGRSWLRQ &UHDWHDEODQNLPDJHWKHVDPHVL]HDV\RXUSOD\ILHOGLPDJH[RUZKDWHYHUDQG SDVWH\RXUSLFWXUHRQWRWKLVLQWKHORFDWLRQZKHUHWKHZDOOLVDQGXVHWKDWIRUWKHLPDJH SURSHUW\RI\RXUZDOO 3XWDGHFDORQWKHWDEOHZLWKWKHGHFDO EXWWRQRQWKHOHIWRIWKHVFUHHQLWVKRXOGVKRZDVD EOXHVTXDUHLQWKHHGLWRU,QWKHRSWLRQVIRUWKHGHFDOPDNHVXUHWKH7\SHRSWLRQVD\V 'HFDO,PDJHVHWWKH,PDJHSURSHUW\WR\RXUSLFWXUHWKHRULJLQDOQRWWKHIXOOWDEOHEODQNDQG WKH6XUIDFHSURSHUW\WRWKHQDPHRIWKHZDOO\RXZDQWWKHGHFDORQ7KHQPDNHVXUH6L]LQJ VD\V0DQXDO6L]HDQGDGMXVWWKH:LGWKDQG+HLJKWWRPDNHDUHFWDQJOHWKDWIUDPHV\RXUZDOO 'RGHFDOVQRWVKRZXSRQDGURSSDEOHZDOO" -XVWPDNLQJVXUHWKDW, PQRWJRLQJLQVDQH ,VWKHUHDQ\RWKHUZD\WRJHWDQLPDJHRQDGURSSDEOHZDOOEHVLGHVPDNLQJWKHLPDJHSDUWRI DZKROHWDEOHLPDJHOD\HUDQGVHWWLQJWKHZDOOWRGLVSOD\WKDWIXOOWDEOHLPDJH" <RXFDQSODFHDGHFDORQWRSRIDGURSSDEOHZDOOE\VHOHFWLQJWKHZDOOIURPWKH6XUIDFHOLVWLQ WKH2SWLRQVIRUWKHGHFDO7KHRQO\SUREOHPLVWKDWWKHGHFDOGRHVQ WGURSZLWKWKHZDOOVRLWLV OHIWIORDWLQJLQDLUZKHQWKHZDOOGURSV 6R\HVDVIDUDV,NQRZLI\RXZDQWWKHLPDJHRQWRSRIDZDOOWRGURSZLWKLW\RXKDYHWRXVH DIXOOWDEOHLPDJH 'HFDOVRQ5DPSV , PKDYLQJDSUREOHPSODFLQJDGHFDORQDUDPS ,KDYHDGHFDOWKDWJRHVWKHHQWLUHOHQJWKRIDQXSZDUGVORSLQJUDPS, YHJRWWKH GHFDOVL]HGULJKWDQGHYHU\WKLQJ+RZHYHURQO\WKHERWWRPSDUWRILWVKRZVRQWKH UDPSOLNHWKLV :KDWDP,GRLQJZURQJ" RQWKHGHFDO VVXUIDFHSURSHUW\ VHWLWWRWKHUDPS&XUUHQWO\LWGHIDXOWVWRWDEOHOHYHOZKLFK WKHUDPSFRYHUVXS VR\RXVHWWKHGHFDOWRWKHUDPSKHLJKW" 0DNHDZDOODVKLJKDVWKHUDPSLVRUXQLWKLJKHU WKHQDQGVHWWKHGHFDOVXUIDFHSURSHUW\WR WKDWZDOO %DFNWR,QGH[ 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 7DEOH$QLPDWLRQ %RUURZLQJVRPHLGHDVIURP%HULPRQ$JKDU7UXHVLOYHU V7UDQVIRUPHUVWDEOHDQGVHYHUDORWKHU WDEOHVWKDWXVHWKHSODVWLFVOLJKWLQJWULFN, YHZKLSSHGXSDTXLFNGHPRWKDWVKRXOGEHRI VRPHLQWHUHVWWRRULJLQDOWDEOHGHVLJQHUV7KLVH[DPSOHVKRZVDWHFKQLTXHWKDWFDQEH HPSOR\HGWRFUHDWHDQLPDWLRQVRQWKHSOD\ILHOGVXUIDFHRIDWDEOH7KLVH[DPSOHLVRIDYHU\ VLPSOHILYHIUDPHDQLPDWLRQFRQWUROOHGE\DWLPHUEXWWKHWHFKQLTXHEHLQJXVHGFRXOGEHVHW RIIE\DQHYHQWWULJJHUMXVWDVHDVLO\,KDYHDOVRLOOXVWUDWHGDQDSSDUHQWO\XQLQWHQGHG FRQVHTXHQFHWKDW,GLVFRYHUHGZRUNLQJRQWKLVEXPSHUVWKDWDUHLQYLVLEOHH[FHSWIRUWKH VKDGRZ'HSHQGLQJRQ\RXUWDEOHWKLVFRXOGHLWKHUEHDXVHIXOLGHDRUVRPHWKLQJWRZDWFK RXWIRU 7KH937H[DPSOH,KDYHFUHDWHGFDQEHIRXQGKHUH 7PB7HVW,GLGQ WERWKHUFRPPHQWLQJ WKHH[DPSOHEXWLWVKRXOGQ WEHWRRGLIILFXOWWRXQGHUVWDQG/HWPHNQRZLI \RXKDYH TXHVWLRQV7RDGMXVWWKHDQLPDWLRQVSHHGDGMXVWWKHYDOXHRIWKHWLPHUWRWKHOHIWRIWKHWDEOH %DFNWR,QGH[ 6RXQG 6DYHDV 0S0SHJOD\HU :DYZLQGRZVSFP 7R6RIW/RXG 6RPHWLPHVWKHYROXPHRID93LQ0$0(JDPHLVWRRORXGRUWRRVRIWIRU\RXWDVWHV7KHUHDUH WZRGLIIHUHQWZD\VRIFKDQJLQJWKHYROXPHZKLFKGHSHQGVRQZKDWW\SHRIJDPHLWLV ,ILW VD:LOOLDPV%DOO\JDPHXVLQJWKH'&6V\VWHPWKHQ\RX OOKDYHWRRSHQWKHFRLQGRRU (QGNH\DQGXVHWKHVHUYLFHNH\V (VFDSH (QWHULQ0HQX 6UY&UGW (QWHURWKHUZLVH 'RQ WHQWHUWKHPHQXLI\RXGLGMXVWKLW(VFDSHXQWLO\RX UHRXWRIWKHPHQX MXVWXVH WKHNH\VWRDGMXVWWKHYROXPH,I\RXVHWLWWRPD[LPXPWKHUHLVWKHSRVVLELOLW\RI GLVWRUWLRQ ,IWKHJDPHLVQRW:LOOLDPV%DOO\'&6LHHYHU\RWKHUJDPH\RX OOQHHGWRXVHWKH0$0( PHQX FOLFNRQWKH3LQ0$0(ZLQGRZKLWWKHNH\EHVLGHWKHWLOGHRQ86NH\ERDUGVDQG \RX OOVHHDOLWWOHWH[WER[VKRZQRQWKH'0'8VHWKHXSGRZQDUURZNH\VWRSLFNWKHYDULRXV VHWWLQJVDQGXVHOHIWULJKWWRDOWHUWKHYROXPH:KHQ\RX UHILQLVKHGKLWWKDWNH\DJDLQWLOGH WRFOHDUWKHPHQXDQGFOLFNRQWKH93LQEDOO3OD\HUZLQGRZWKHSLQEDOOWDEOH +HOSWXUQLQJVRXQGRIILQVXEWR SOD\RQFH 7RVWRSDVRXQGWKDW VFXUUHQWO\SOD\LQJXVH 6WRS6RXQGVRXQGQDPH! ,RQO\ZDQWWKHVRXQGWRSOD\RQFHDIWHUWKHZDOOLVGURSSHGEXWDIWHUWKHZDOOLVGURSSHGHDFK WLPHWKHEDOOKLWVDWULJJHUWKHERLQJLVSOD\HG VXEFKHFNWULJJHUV LIOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIWKHQ 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ EORFN,V'URSSHG IDOVH LIEORFNLVGURSSHG IDOVHWKHQ SOD\VRXQGERLQJ HQGLI HQGLI HQGVXE ,WULHGORWVRIVWXIIEXW, PRXWRILGHDV +HUH¶VWKHUHVWRIWKHVFULSWWKDWFDOOVFKHFNWULJJHUV 6XEWULJJHUB+LW SOD\VRXQGVZRRVK OLJKWVWDWH OLJKWVWDWHRII DGGVFRUH FKHFNWULJJHUV HQGVXE 6XEWULJJHUB+LW SOD\VRXQGVZRRVK OLJKWVWDWH OLJKWVWDWHRII DGGVFRUH FKHFNWULJJHUV HQGVXE 6XEWULJJHUB+LW SOD\VRXQGVZRRVK OLJKWVWDWH OLJKWVWDWHRII DGGVFRUH FKHFNWULJJHUV HQGVXE ,MXVWJDYH\RXUURXWLQHVDUHDOO\TXLFN\JODQFHEXW\RXGRQ WQHHGWKHVHFRQGLIWKHQLQ\RXU FKHFNWULJJHUURXWLQH ,QVWHDGMXVWPDNHLW VXEFKHFNWULJJHUV LIOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIWKHQ EORFN,V'URSSHG IDOVH SOD\VRXQGERLQJ HQGLI HQGVXE 'RLQJWKDWWKHERLQJZLOORQO\SOD\LIOLJKWDQGDUHRII LIWKDW VQRWTXLWHZKDW\RXZDQWKDUGWRUHDGDVHJPHQWRXWRIFRQWH[WWKHQDGGLQJDQRWKHU YDULDEOHVKRXOGZRUNVXFKDV VXEFKHFNWULJJHUV LIOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIDQGOLJKWVWDWH OLJKWVWDWHRIIWKHQ EORFN,V'URSSHG IDOVH SOD\LW WUXH HQGLI LISOD\LW WUXH 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ SOD\VRXQGERLQJ HQGLI HQGVXE \RXFRXOGLQFOXGHSOD\LW IDOVHLQHDFKRI\RXUWULJJHUBKLWURXWLQHVWRHQVXUHWKDWWKHVRXQG RQO\SOD\VLIDOOWKHOLJKWVDUHRII$1'WKHZDOOLVGURSSHG 'RQ WIRUJHWWRGLPSOD\LW 6RXQG/RRSLQJ /HDYHWKHVRXQGDVZDYDQGORRSLWYLD SOD\VRXQGPXVLF VWRSLWXVLQJ VWRSVRXQGPXVLF WKDWVWKHRQO\ZD\IRUQLFHORRSLQJPXVLFULJKWQRZ LVLQILQDWHVRXQG /RRS&RXQWLVRSWLRQDOLVLQILQLWLWKLQNLWKLQNZLOOSOD\WKHVRXQGWZLFH9ROXPHL GRQ WNQRZKRZWKDWZRUNVEXWLW VRSWLRQDOWRR $Q\ZD\ 3OD\6RXQG7KH6RXQG WKDWPD\SOD\7KH6RXQG XQWLO\RXILQLVKWKHWDEOHRU\RXXVH6WRS6RXQG7KH6RXQG %DFNWR,QGH[ 0XVLF 6DYH0SLQVWHUHRRUWKH\SOD\IDVW &DQ0XVLF%H/RRSHGXVHVWRFXWPSVL]HGRZQ <RXFDQIDNHLWUHDVRQDEO\ZHOOLI\RXEUHDN\RXUPSVLQWRWKUHHSDUWV LQWURORRSVHQGLQJ (DFKSDUWLVDVHSDUDWHILOHSHUKDSVPXVLFLQWURPSPXVLFORRSPSDQGPXVLFHQGPS :KHQ\RXSOD\\RXUPXVLF\RXILUVWSOD\PXVLFLQWURPSWKHQORRSSOD\PXVLFORRSPS RYHUDQGRYHUDJDLQXQWLOVRPHWKLQJIRUFHVLWWRFKDQJHWRPXVLFHQGPSVLJQDOOLQJWKHHQG RIWKHVRQJ 7U\WKLVDIWHU\RXKDYH\RXU3OD\0XVLFPXVLFILOHPSLQ\RXFRGHWKHQKDYHWKLV 6XE7DEOHB0XVLF'RQH 3OD\0XVLFPXVLFILOHPS (QG6XE 2U\RXFRXOGWDNHDORRNDWP\3V\FKRDQGLWKDVWKLVLQWKHUHIRUDUHIHUHQFH +RSHWKLVKHOSV ,DFWXDOO\JRWWKHPXVLFZRUNLQJIURPWKHSV\FKRVFULSW EXW,ZDVQWVXUHZKDWWKH 6XE7DEOHB0XVLF'RQH ZDVIRU 7DEOHLVWKHQDPHRI\RXUWDEOHLWVWDUWVDV7DEOHEXWPDQ\SHRSOHFKDQJHLW :KHQWKHPSVWRSVLWJRHVWRWKLVVXE6RIRUH[DPSOHE\SODFLQJWKH 9LVXDO3LQEDOO9LVXDO*XLGH 3DJ 3OD\0XVLFILOHQDPHPS (QG6XE WKHUHLWZRXOGSOD\ILOHQDPHPSZKHQGRQHSOD\LQJWKHRWKHUPS 7RWDNHLWRQHVWHSIXUWKHUZKLFK,GLGIRUP\WDEOHLI\RXZDQWWRDGGGLIIHUHQWPXVLFWR GLIIHUHQWWKLQJVOLNHDWWUDFWPRGHLQJDPHSOD\KLJKVFRUHPXOWLEDOOHWF\RXFDQVHWD YDULDEOHVXFKDV ',0PXVLF WKHQDIWHUHDFKHYHQWXVH PXVLF ILOHQDPHPS 3OD\0XVLFILOHQDPHPS :KHUHILOHQDPHLVWKHQDPHRIWKHILOHWRSOD\IRUWKDWSRUWLRQVXFKDVDWWUDFWPRGHPXOWLEDOO HWF ,QWKHVXEIRUHQGPXVLFFKDQJH3OD\0XVLFILOHQDPHPSWR 3OD\0XVLFPXVLFDQGLWZLOOWKHQSOD\WKHFXUUHQWPXVLFRYHUDQGRYHUZKHQLWVGRQHEXW DOORZV\RXWRFKDQJHZKLFKPXVLFWRSOD\ZKHQWKHPXVLFLVGRQH :KHQ\RXJRWRDQRWKHUPRGHVXFKDVZKHQWKHJDPHHQGV,MXVW XVHWKH(QG0XVLFWRVWRSZKDWHYHUZDVSOD\LQJDQGWKHQVHWPXVLFDQG3OD\0XVLFWRWKHQHZ PXVLFZKLFKDJDLQZLOOUHSHDWZKHQGRQHLI\RXKDYHWKH3OD\0XVLFPXVLFLQWKHHQGPXVLF VXE <RXFDQHYHQWDNHWKLVDVWHSIXUWKHUZKLFK,KDYHQW\HWKDGWRGRVXFKDVSOD\LQJIURPD VHOHFWLRQRUUQGVHOHFWLRQRIPXVLF <RXZRXOGMXVWFUHDWHDVHOHFWIRUZKDWVHWVWKHPXVLF YDULDEOHWKLVLVGRQHDWWKHSRLQWRIWKHSOD\PXVLF7KHHQGPXVLFZLOODXWRPDWLFDOO\UHSHDW WKDWRQHVLQFHLWZLOOSOD\WKHPXVLFVHWWRWKHYDULDEOH 7KLVZRXOGZRUNZHOOIRUH[DPSOHIRUPDULRWHHVKRWLIKHZDQWHGWRFKDQJHWRPSRUD VLPLODUUHDVRQZKHUH\RXZDQWWRSOD\PXOWLSOHFKRLFHVRIPXVLFRUPXOWLSOHGLIIHUHQWPXVLF RQHDIWHUDQRWKHUGXULQJIRUH[DPSOHLQJDPHSOD\(QMR\0\6XSHU$QGURLGWDEOHXVHVWKLVLW VKRXOGEHUHOHDVHGYHU\VKRUWO\KDYHQWKDGPXFKWLPHXQWLOQRZWRZRUNRQLWDJDLQ )RU7%KHUHDUHVRPHKHOSIXOPXVLFWLSVIURPEDVLFWRPRUHDGYDQFHG 7RSOD\DPSPXVLFILOHDVEDFNJURXQGPXVLF\RXZRXOGSODFHWKHPSILOHLQWKHPXVLFVXE GLUHFWRU\LQWKHVFULSW\RXZRXOGFDOOLWXVLQJLQWKHVFULSW 3OD\0XVLFDQGURLGPS ZKHUHDQGURLGPSLVWKHQDPHRIWKHPXVLFILOHWRSOD\DQGWKH PSLVQHHGHG 7KLVZRXOGSOD\WKHILOH21&(WKHQVWRS 7R6WRSWKH0XVLF)LOHLQ0LG3OD\VXFKDVDWDJDPHRYHURUEDOOHQG\RXZDQWQRPXVLFWR SOD\DQ\PRUH\RXXVHWKH &RPPDQG (QG0XVLF <RXGRQ WQHHGWRHQWHUWKHVRQJWLWOHRQO\WKDWFRPPDQGXVLQJWKDWFDVHH[DFWO\7KLVVWRSV WKHPXVLFEXWGRHVQ¶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¶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¶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¶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¶WIRU5DQG\,¶GEHSOD\LQJ0DPH KWWSZZZUDQG\GDYLVFRPYS 6KLYD7KHEHVWSLQEDOOVLWHRQWKHQHW KWWSZZZKLSSLHQHWVKLYDVLWH8OWUD%RDUG8OWUD%RDUGFJL $-¶V7DEOH6LWH*RRGVHOHFWLRQ KWWSZZZWKHIHZFRPYSWDEOHV ,53LQEDOO7DEOH'RZQORDGV7DEOH&UHDWRUVDQGWKH\DFTXLUHGWKHWDOHQWHG/HR KWWSZZZKLSSLHQHWVKLYDVLWHLUSLQEDOOQRQLUSWDEOHVKWPO 7KDQNVWR5DQG\6KLYD6KLYD6LWH0DLQWDLQHUVIRUJHWWLQJLWJRLQJDJDLQDQGHYHU\RQHZKR PDGHDWDEOH 0\QH[WUHOHDVHRI.QRFN0\)Q7HHWKRXWZLOOEHWKH)LQDO««««ZKHQ"VRRQDVLWVILQLVKHG ,¶PVORZHUZLWKWKLVVWXIIEXWOLNHJHWWLQJLWWRZRUN,W¶VDOOJUHHNWRPH ,QHHGEURZQEDOOVIRUP\QH[WWDEOH³(DW3RRS'LH´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