Conveying the Importance of Recruiting New Masons
Transcription
Conveying the Importance of Recruiting New Masons
92/;;;12 7+(*5$1'/2'*(2)1(%5$6.$ )DOO 7KH9LVLRQRI1HEUDVND0DVRQU\1HEUDVND)UHHPDVRQU\ZLOOHVWDEOLVKLWVHOIDVWKHSUHPLHUIUDWHUQDORUJDQL]DWLRQ SURPRWLQJXQLYHUVDOO\DFNQRZOHGJHGYDOXHVRIIULHQGVKLSPRUDOLW\DQGEURWKHUO\ORYH 0HPEHUVKLS0RPHQW&RQYH\LQJWKH,PSRUWDQFHRI 5HFUXLWLQJ1HZ0DVRQV %\3DWULFN%DUJHU*UDQG/RGJH0HPEHUVKLS&RPPLWWHH&KDLUPDQ ,QWKHSUHYLRXVLVVXHRIWKH1HEUDVND0DVRQ,H[SODLQHG P\YLHZWRZDUGWKHVLJQL¿FDQFHRINHHSLQJWKHPHPEHUVZH DOUHDG\ KDYH DQG KRZ WKDW VKRXOG EH DW OHDVW DV LPSRUWDQW DV EULQJLQJLQQHZRQHV1RZLW¶VWLPHWRGLVFXVVDVHULHVRIKLQWV IRULGHQWLI\LQJDQGUHFUXLWLQJQHZPHQLQWRWKH)UDWHUQLW\ 7KHFRQWLQXHGVWUHQJWKDQGSURVSHULW\RI0DVRQU\GHSHQGV RQGHGLFDWHG0DVRQVOLNH\RX,QIDFWDVD0DVRQ\RXDUHVWLOO WKH PRVW YDOXDEOH DQG YLUWXDOO\ RQO\ UHFUXLWHU WKH )UDWHUQLW\ UHOLHVXSRQ,QHVVHQFHSURVSHFWVSURYLGHGE\DFWLYH0DVRQVDUH FRQVLVWHQWO\PRUHSURGXFWLYHWKDQWKRVHIURPRWKHUVRXUFHVVXFK DVDGYHUWLVLQJRULQWHUQHWLQTXLULHVWRWKH*UDQG/RGJH,QIDFW \RXDFFRXQWIRUWKHRYHUZKHOPLQJPDMRULW\RIQHZPHPEHUVGXH WRWKHKLVWRULFDOGHVLJQRI0DVRQU\¶VDFFHVVLRQSURFHVV 7DUJHWWKHEHVWDQGEULJKWHVWIURP\RXUFRPPXQLW\SHRSOH ZKR KDYH GHPRQVWUDWHG WKHLU DELOLW\ WR EH VXFFHVVIXO LQ WKHLU RZQ OLYHVZKR FDQPDNH 0DVRQU\ EHWWHU WKDQ LW ZDV ZLWKRXW WKHP1RWLFH,GLGQ¶WVD\WKHPRVWHGXFDWHGRUPRVWDIÀXHQW², PHDQJRRGTXDOLW\PHQZKRNQRZKRZWRDFWDVDPHPEHURID WHDPDQGVHHWKHYDOXHRIWKHELJSLFWXUHDVRSSRVHGWRIRFXVLQJ VROHO\RQWKHLUSHUVRQDOLQWHUHVWV0HQZKRVHUHSXWDWLRQLQWKHLU FRPPXQLWLHVZLOOVWUHQJWKHQWKDWRIWKH)UDWHUQLW\DQGGRHVQ¶W GRDQ\WKLQJWRGLPLQLVKLW+HOSWKHPVHHWKH)UDWHUQLW\DVDQ RSSRUWXQLW\WREUHDNIURPUHJXODUURXWLQHDQGEUHDWKQHZYLJRU LQWRWKHLUMRXUQH\WKURXJKOLIH/RRNDW\RXUHIIRUWVWRUHFUXLWDV DFKDOOHQJHWRKHOSJRRGPHQGLVFRYHUDQHZNLQGRIIHOORZVKLS WKURXJK0DVRQU\,W¶VDIUHVKRSSRUWXQLW\WREUHDNIURP\RXU UHJXODUURXWLQHDQGSXPSQHZYLJRULQWR\RXUOLIHDVZHOO %$6." )RU \HDUV 0DVRQLF FXOWXUH ZDV VXFK WKDW 0DVRQV ZHUH GLVFRXUDJHG WR DFWLYHO\ ³UHFUXLW´ PHQ WR MRLQ 3URVSHFWLYH PHPEHUVZHUHXQRI¿FLDOO\UHTXLUHGWRDVNDNQRZQ0DVRQKRZ WRMRLQWKH)UDWHUQLW\ZLWKQRSURPSWLQJIURPWKH%URWKHU$WWKH VDPHWLPH0DVRQU\VRXJKWOLWWOHSXEOLFLW\GXHLQSDUWWRDYRLG ³VKRZERDWLQJ´DQGDQ³LIWKH\ZDQWWRMRLQXVWKH\¶OOPDNHDQ HIIRUW WR VHHN XV RXW´ DWWLWXGH $GYHUWLVLQJ LQ WKH PHGLD DQG HOVHZKHUHZDVQRWXVHGIRUWKHVSHFL¿FJRDORIUHFUXLWLQJ7LPH DQGWLPHDJDLQ,KHDU0DVRQVZKR,UHFUXLWHGWHOOPHWKHLUIDWKHU ZDV D 0DVRQ EXW QHYHU VSRNH PXFK DERXW WKH IUDWHUQLW\ DQG QHYHUDVNHGWKHPWRMRLQ7KLVZDVQRGRXEWGXHWRWKHDUFKDLF YLHZWRZDUGUHFUXLWLQJ:KDWDQXQIRUWXQDWHVLWXDWLRQWKDWZDV $V WKH \HDUV SDVVHG 0DVRQU\ IRXQG WKH VXFFHVV RI WKLV UHFUXLWPHQWPHWKRGLQGHFOLQHDQGFUHDWHGDQHZ³FDWFK´0DQ\ PHQZKRKDYHEHHQ0DVRQVIRU\HDUVNQRZZKDW³%$6.´ PHDQV,WXVXDOO\FDPHLQWKHIRUPRIDEXPSHUVWLFNHURURWKHU W\SH RI VLJQ GHVLJQHG WR FDWFK WKH FXULRXV H\HV RI PHQ ZKR VXEVHTXHQWO\DVND0DVRQZKDWLWPHDQV7KH0DVRQZDVWKHQ IUHHWRSLWFKKLVVSLHOIRUUHFUXLWPHQWVLQFHWKHPDQ³LQTXLUHG´ DERXWMRLQLQJWKH)UDWHUQLW\,QHIIHFW³%$6.´PHDQV³7R %H 2QH D 0DVRQ$VN 2QH D 0DVRQ´ 7KLV UHFUXLWPHQW PHWKRGH[LVWVWRGD\EXWLVUDUHO\VHHQ 7KH IDFW 0DVRQU\ ZDV IRUFHG WR FUHDWH WKLV PHWKRG RI UHFUXLWPHQWVRPDQ\\HDUVDJRVKRXOGKDYHEHHQLQGLFDWLYHRI WKHFKDQJLQJWLPHVDQGVXEVHTXHQWFKDQJHLQVRFLHW\¶VQRUPV 7KHWLPHVKDYHFKDQJHGHYHQPRUHVLJQL¿FDQWO\VLQFHWKHQ)RU H[DPSOHWRGD\¶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¶V \RXQJHU DGXOWV 1XPEHUV LQ RUJDQL]DWLRQVDFURVVWKHFRXQWU\KDYHGURSSHGGUDPDWLFDOO\LQ WKHODVWIRUW\\HDUV,QDSSUR[LPDWHO\PHQZHUH 0DVRQVLQ1HEUDVND7RGD\WKHUHDUHRQO\RUVR7KLV ZDVKDSSHQLQJDWDWLPHZKHQ1HEUDVND¶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¶VVRFLHW\ 2YHUWKHQH[WIHZLVVXHVRIWKH1HEUDVND0DVRQ,ZLOOVKDUH VLPSOHPHWKRGVWRPDNH0DVRQLFUHFUXLWLQJHDV\ 6HQG \RXU FRPPHQWV WR *UDQG /RGJH 0HPEHUVKLS &RPPLWWHH 1 WK 6WUHHW /LQFROQ 1( RU HPDLOSDWULFNEDUJHU#JPDLOFRP 1HEUDVND0DVRQU\0HQSXWWLQJHWKLFVLQWRSUDFWLFH )DOO1HEUDVND0DVRQ *UDQG0DVWHU·V Grand Message Master’s 0HVVDJH 7KHPDQ\JUHDWSKLODQWKURSLHVRI0DVRQU\DUHDUHVXOWRI ZKDW0DVRQVEHOLHYHDQGQRWRXUSULPDU\UHDVRQIRUH[LVWHQFH 2QO\E\HPEUDFLQJWKHWHDFKLQJVRI)UHHPDVRQU\DQGSXWWLQJ WKHPLQWRSUDFWLFHZLOOZHPDNHDGLIIHUHQFHLQRXURZQOLYHV RXUIDPLOLHVDQGRXUFRPPXQLWLHV6XFKHQGHDYRUVDVWKH1H ƌƵĐĞ͘ĂŬĞƌ EUDVND)UHHPDVRQV&KLOG,GHQWL¿FDWLRQ3URJUDPWKH0DVRQLF $OO6WDU 0DUFKLQJ %DQG &DPS$FDGHPLF 6FKRODUVKLSV WKH 7ULHQQLDO<RXWK/HDGHUVKLS&RQIHUHQFHWKH&KLOGUHQ¶V+RPH +$1. 28 (%5$6.$ LQ )UHPRQW WKH 0DVRQLF +RPH LQ 3ODWWVPRXWK DORQJ ZLWK WKRVHRIWKHFRQFRUGDQWERGLHVZHDUHPDNLQJDGLIIHUHQFHE\ $6215< ,6 /,9( $1' (// GRLQJZKDW¶VULJKW 7KHQH[WWLPHVRPHRQHDVNVDERXWWKHVWDWHRI0DVRQU\LQ $V*UDQG0DVWHU,KDYHKDGWKHSOHDVXUHDQGKRQRURIUHS UHVHQWLQJWKH0DVRQVRI1HEUDVNDZKLOHYLVLWLQJRWKHU*UDQG 1HEUDVND\RXFDQWHOOWKHPZLWKFRQ¿GHQFH1HEUDVND0DVRQU\ -XULVGLFWLRQVDQGSDUWLFLSDWLQJLQWKH0LG:HVW&RQIHUHQFHRI LVDOLYHDQGZHOO *UDQG/RGJHV:KHQJLYHQWKHRSSRUWXQLW\WRDGGUHVVWKHVH DXJXVW JURXSV , W\SLFDOO\ EHJLQ ZLWK WKH OLQH ³7KDQN \RX )UHHPDVRQU\,6DOLYHDQGZHOOLQ1HEUDVND´ $IHZPRQWKVDJR,ZURWHWKDW,EHOLHYHG1HEUDVND0DVRQU\ WKHQVWRRGDWDFURVVURDGVZKLFKPLJKWZHOOGHWHUPLQHQRWRQO\ HVSHFLDOO\LI\RXGRQ¶WNQRZZKRZURWHLW WKHTXDOLW\EXWWKHYHU\IDWHRIRXUEHORYHGIUDWHUQLW\:KLOH PHHWLQJZLWKPDQ\0DVRQVGXULQJP\WUDYHOVDURXQGWKHVWDWH %UXFH$%DNHU*UDQG0DVWHU ,FDQVD\ZLWKFRQYLFWLRQ±1HEUDVND0DVRQU\LVGH¿QLWHO\RQ ,QDFRQWLQXLQJHIIRUWWRNHHSWKH0DVRQVRI1HEUDVND WKHULJKWSDWK+RZHYHUZKLOH,¶PLQVSLUHGE\ZKDW¶VEHHQ DFFRPSOLVKHGWKHVHSDVWIHZPRQWKVPXFKZRUNOLHVDKHDG LQIRUPHGRQHYHQWVWKDWDIIHFWRXUFUDIW,¿QGLWQHFHV 7KH*UDQG/RGJH&RPPLWWHHVKDYHEHHQPHHWLQJDQGDUH VDU\WRDGGUHVV\HWDQRWKHU³DQRQ\PRXV´FRUUHVSRQGHQFH FRPPLWWHGWRDFKLHYLQJWKHJRDOVWKH\KDYHVHWIRUWKHPVHOYHV WKDWLVFKRFNIXOORISDUWLDOWUXWKVLQQXHQGRVDQGZKDW, RQEHKDOIRI1HEUDVND)UHHPDVRQU\7KHORFDO/RGJHVDUHGRLQJ 'HJUHH:RUNRQJRRGPHQZKRDUHFRPLQJWRWKH)UDWHUQLW\ IRUODFNRIDEHWWHUWHUPZRXOGFODVVLI\DVIDQWDV\7KLV VW VHHNLQJDSODFHWRJURZLQGLYLGXDOO\ZKLOHKDYLQJWKHRSSRU PDLOLQJ SRVWPDUNHG 6HSWHPEHU ZDV VHQW WR ORFDO WXQLW\WRVHUYHWKHLUIHOORZPDQ7KHDSSHQGDQWERGLHVKDYH /RGJH2I¿FHUVZKLFKPDGHVHYHUDOIDOVHFKDUJHVDORQJ UHQHZHGHQWKXVLDVPDQGFRPPLWPHQWDVDUHVXOWRI1HEUDVND ZLWKVROLFLWLQJIXQGVIRUWKHLUSXUSRVH,¶PFRPSHOOHGWR 0DVRQU\WDNLQJWKHKLJKURDGDQGGRLQJZKDW¶VULJKW DGGUHVVDFRXSOHRIWKHVHLVVXHVZLWKWKHIDFWV :KLOHKDYLQJWKHKRQRURIDGGUHVVLQJWKH<RXWKJURXSVDW )LUVW DQG IRUHPRVW WKLV PDLOLQJ ZDV LOOHJDO SHU WKH WKHLUUHVSHFWLYHVWDWHJDWKHULQJVWKLVVXPPHU,¶YHVWUHVVHGWKH 1HEUDVND*UDQG/RGJH%\/DZVIUDPHGE\RXU)UDWHUQLW\ LPSRUWDQFHRIUDLVLQJWKHLUH[SHFWDWLRQVQRWRQO\RIWKHPVHOYHV EXWDOVRRIWKRVHDURXQGWKHP,WGRHVQ¶WPDWWHUZKHWKHUZH IRULWVJXLGDQFHDQGSURWHFWLRQDQGDVVXFK,GLUHFWHG DUHUHIHUULQJWRD'H0ROD\D5DLQERZ*LUORUD-RELHDVWKH\ WKDW LW QRW EH UHDG RU RWKHUZLVH GLVWULEXWHG LQ /RGJH JURZWKH\ZLOOEHZHOOVHUYHGE\WKHLUH[SHULHQFHZKHQWKRVH %\ODZV 6HFWLRQ 6ROLFLWDWLRQ UHTXLUHV WKDW DQ\ WRXJKGHFLVLRQVQHHGWREHPDGH7KHVDPHKROGVWUXHIRUWKH VROLFLWDWLRQIRU¿QDQFLDODLGPXVWEHDSSURYHGLQDGYDQFH DGXOWRUJDQL]DWLRQV2QO\ZKHQZHXQGHUVWDQGWKHREOLJDWLRQV E\WKH*UDQG0DVWHUDQGDGGLWLRQDOO\UHTXLUHVWKDWDQ\ ZKLFKZHIUHHO\WRRNDQGHPEUDFHWKHPLQRXUGDLO\OLYHVZLOO &RQWLQXHGRQSDJH ZHUHFHLYHWKHIXOOEHQH¿WVRI0DVRQU\ 0 7 < 1 $ : <RX&DQ¶W$OZD\V%HOLHYH (YHU\WKLQJ<RX5HDG &+$1*()257+(75223683'$7( 0:-RKQ73DUVRQV3*0PHPEHURIWKH&KDQJHIRUWKH7URRSV&RPPLWWHH 7KLVLVMXVWDTXLFNXSGDWHRQWKH&KDQJHIRUWKH7URRSV WKDWDQRWKHURUVRZLOOEHJLYHQWR*XDUGDQG5HVHUYHIRONV 3URJUDPWKDWZDVLPSOHPHQWHGODVW\HDU7KH0DVRQVRI1H WKLV\HDU:KLOHWKH*XDUGDQG5HVHUYHXQLWGHSOR\PHQWVDUH EUDVNDUDLVHGRYHUODVW\HDUWRSXUFKDVHSKRQHFDUGV GHFUHDVLQJWKHUHDUHVWLOODODUJHQXPEHURIDFWLYHGXW\SHUVRQ 7KH *UDQG /RGJH SUHVHQWHG D WRWDO RI SKRQH FDUGV WR QHOZKRZLOOEHGHSOR\LQJWKLV\HDU6HFXULW\3ROLFHSHUVRQQHO LQGLYLGXDOVZKRZHUHGHSOR\LQJWR,UDTDQG$IJKDQLVWDQ:H IURP2IIXWWIRUH[DPSOHDQGZHZLOOFRQWLQXHWRLVVXHFDUGV UHFHLYHGWKDQN\RXQRWHVDQGFDUGVIURPPDQ\RIWKRVHLQGL WRWKHPDVZHOO YLGXDOV0RVWRIWKHWURRSVZKRUHFHLYHGSKRQHFDUGVSULRU 7KDQN\RXIRU\RXUFRQWLQXHGVXSSRUWDQGJHQHURVLW\<RXU WRWKHLUGHSOR\PHQWZHUHPHPEHUVRIWKH1HEUDVND1DWLRQDO HIIRUWVDUHWUXO\DSSUHFLDWHGE\RXUVHUYLFHPHQDQGZRPHQ *XDUGRU$UP\5HVHUYHXQLWVZLWKDIHZDFWLYHGXW\LQGLYLGX .HHSWKHPLQ\RXUWKRXJKWVDQGSUD\HUVDVWKH\FRQWLQXHWKHLU DOV$LU)RUFH0DULQH&RUSVRU$UP\DOVRUHFHLYLQJSKRQH ¿JKWDQGVDFUL¿FHVIRUWKRVHRIXVFRPIRUWDEO\TXDUWHUHGEDFN FDUGV7KHERWWRPOLQHLVWKDWLIZHOHDUQHGRIDQ\LQGLYLGXDO KHUH$GGLWLRQDOO\ LI \RX NQRZ RI DQ\ LQGLYLGXDO SHUKDSV D IURP1HEUDVNDZKRZDVJRLQJWRGHSOR\WRRQHRIWKRVHDUHDV IULHQG RU IDPLO\ PHPEHU ZKR LV GHSOR\LQJ RU KDV DOUHDG\ WKH\JRWDSKRQHFDUG GHSOR\HGWR,UDTRU$IJKDQLVWDQSOHDVHOHWWKH*UDQG/RGJH 7KXVIDULQWKH0DVRQVRI1HEUDVNDKDYHFRQWULEXWHG RI¿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¶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³7KLV ZLOOEHRQHRIWKHPRVWLPSRVLQJFHUHPRQLHV HYHUZLWQHVVHGLQ2PDKD´7KH2PDKD'DLO\ %HHWRRNQRWHRIWKHHODERUDWHSUHSDUDWLRQV IRUWKHFHUHPRQ\³6XSHULQWHQGHQW&RRWVKDV VHHQWRLWWKDWHYHU\SUHFDXWLRQDJDLQVWDQ\ DFFLGHQWKRZHYHUVOLJKWWRWKRVHZKRDWWHQG 7R/LJKW WKHFHUHPRQLHV$VXEVWDQWLDOERDUGÀRRULQJ KDV EHHQ ODLG WKDW FRYHUV QHDUO\ WKH HQWLUH DUHDRIWKHEXLOGLQJ7KHXQFRYHUHGSRUWLRQ KDVEHHQVHFXUHO\JXDUGHGVRWKDWDFFLGHQW ZLOO EH DOPRVW LPSRVVLEOH 7KH FRUQHUVWRQH ZLOOEHODLGRQWKHQRUWKHDVWFRUQHUWKDWEHLQJ WKHRQO\ORFDWLRQHYHURI¿FLDWHGE\WKH0D VRQLFRUGHU´7KHFRUQHUVWRQHZDVUHDG\DQG LQWRWKHVWRQHZDVLQVHUWHGDVPDOOFRSSHUER[ FUDPPHGZLWKLWHPVLQFOXGLQJSKRWRVRIFLW\ GLJQLWDULHV DQQXDO FLW\ GHSDUWPHQW UHSRUWV IURP UHSRUW RI WKH 2PDKD &LW\ VFKRROVVHYHUDOQHZVSDSHUDUWLFOHVUHODWLQJWR WKHGD\¶VHYHQWVRQHVHWRIIDOVHWHHWKVXEPLW WHGE\DORFDOGHQWLVWDVPDOOERWWOHRIVSLULWV VHYHUDOFRLQVGRQDWHGE\%\URQ5HHG 3URFHHGLQJVRIWKH*UDQG/RGJHRI1H EUDVNDDQGPDQ\RWKHUSXEOLVKHGGRFXPHQWV 7KHFRUQHUVWRQHFHUHPRQ\ZDVFRQGXFWHGE\ *UDQG0DVWHU-RKQ-0HUFHUZLWKPDQ\FLW\ GLJQLWDULHVSUHVHQW$IWHUZDUGVWKH0DVRQLF 2PDKD&LW\+DOO SURFHVVLRQUHWXUQHGGLUHFWO\WR)UHHPDVRQV +DOODQGHQGRIVWRU\EXWQRWTXLWH 2SHQLQJWKH&RUQHUVWRQH )DVWIRUZDUG\HDUVWR7KHROG VWDWHO\FLW\KDOOZDVUHDOO\VKRZLQJLWVDJH 7KH WRS SRUWLRQ RI WKH IRRW WRZHU ZDV UHPRYHGLQGXHWRVWUXFWXUDOLQVWDELOLW\ 5HPRGHOLQJ LQ WKH HDUO\ ¶V REOLWHUDWHG PXFK RI WKH DUFKLWHFWXUDO FKDUDFWHU RI WKH EXLOGLQJDQGLQWKH3XEOLF6DIHW\'L UHFWRUFODVVL¿HGWKHVWUXFWXUHDVGDQJHURXV :RRGPHQRIWKH:RUOG/LIH,QVXUDQFHKDG GHVLJQV IRU D QHZ FRUSRUDWH KHDGTXDUWHUV WRZHURQWKHVLWHDQGE\WKHROGFLW\ KDOOFDPHXQGHUWKHZUHFNLQJEDOO %\WKHQWKHPHPRU\RIWKHROGFRUQHU VWRQHZDVORVWRQQHDUO\HYHU\RQH$IWHUDOO LWZDVRQWKHDOOH\VLGHRIWKHEXLOGLQJDQG JUDGLQJRIWKHVLWHHDVWRIWKHFLW\KDOOUHVXOWHG LQWKHFRUQHUVWRQHEHLQJQHDUO\IHHWKLJKHU WKDQWKHORZHUHGJUDGHDWWKDWFRUQHU,WZDV EDVLFDOO\RXWRIVLJKWRXWRIPLQG±EXWQRW RXW RI WKH PLQG RI WKH WK *UDQG 0DVWHU RIWKH*UDQG/RGJHRI0DVRQVRI1HEUDVND 0:/RXLV6\OYHVWHU0:6\OYHVWHUNQHZ WKH FRUQHUVWRQH ZDV WKHUH ,Q DQ LQWHUYLHZ ZLWK *UDQG +LVWRULDQ$OEHUW 7 5HGGLVK LQ 0:6\OYHVWHUFRPPHQWHG ³1RERG\HYHUVDZLW,WULHGWRJHWSHU PLVVLRQWRUHWULHYHWKHFRUQHUVWRQHKRZHYHU 0D\RURI2PDKD>6RUHQVRQ@ZKRKDSSHQHG WR EH D 0DVRQ KLPVHOI RSSRVHG LW :RRG PHQ RI WKH :RUOG /LIH ,QVXUDQFH 6RFLHW\ KDGSXUFKDVHGWKHROGEXLOGLQJ6R,DVNHG *UDQG 0DVWHU -RKQ )XWFKHU ZKR ZDV VWLOO ZRUNLQJZLWKWKH&RPSDQ\WRJDLQSHUPLV VLRQIURPWKHFRPSDQ\RI¿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¶VEXVL QHVVDQG,ZDWFKHGDVWKH\WULHGWRWDNHWKH VWRQHGRZQZLWKRXWPDUNLQJLWRUDQ\WKLQJ 7KH\KDGDQDZIXOWLPHEXWWKH\¿QDOO\JRW LWRXW,KDGRQHRIWKHWUXFNGULYHUVEDFNKLV WUXFNXSRYHUWKHGHEULVWRWKHFRUQHUVWRQH DQGWKH\ORDGHGWKHVWRQHLQWKDWWUXFN,JRW RQWRSRIWKHWKLQJDQGEHJDQWRORRNIRUWKH FRSSHUER[,FRXOGQ¶W¿QGLW,WZDVFHUWDLQO\ QRW LQ WKH ERWWRP RI WKH VWRQH ZKHUH LW EH ORQJHG,WRRNDFURZEDUDQGVWDUWHGKLWWLQJ WKHVWRQHLQYDULRXVSODFHV6XGGHQO\LQWKH WRSRIWKHVWRQH,WKRXJKWLWVRXQGHGDVWKRXJK WKHUHZDVVRPHWKLQJKROORZLQVLGH2QFORVHU LQVSHFWLRQLWORRNHGOLNHFHPHQWKDGEHHQODLG RYHUWKHVWRQH,WRRNWKHFURZEDUDQGFKLSSHG DZD\DWWKHWKLQJDQG¿QDOO\ZHQWWKURXJKWKH VWRQHDQGKLWVRPHWKLQJPHWDOOLF,NQHZ,KDG IRXQGWKHER[,FKLSSHGDZD\DQGNQRFNHG WKHUHVWRILWRXW :HJUDEEHGWKHROGER[RXWRIWKHUHDQG &DUODQG,UDQDOOWKHZD\IURPRYHUWKHUH WRWKH*ROGHQ1XJJHWWKHROGUHVWDXUDQWLQ WKH )RQWHQHOOH +RWHO :H KDG WKH ER[ DQG JXDUGHGLWIRUIHDUWKH0D\RUZDVJRLQJWR WDNHLWIURPXV7KHER[ZDVVLPSO\DQROG FRSSHU EDVNHW RI VRPH NLQG >/DWHU@ , KDG LQYLWHGWKH&LW\&RPPLVVLRQHUVWRFRPHEXW WKH RQO\ RQH WR VKRZ XS ZDV %HWW\$EERWW 7KHWKUHHKHDGVRIWKH:RRGPHQRIWKH:RUOG /LIH,QVXUDQFH6RFLHW\ZHUHWKHUH:HJRWWKH WRSRIWKHWKLQJRII7KHUHZDVDOLWWOHERWWOH RI%DUNOH\ERXUERQLQWKHUHDOLWWOHWLQ\ER[ ZLWKDKLQJHGOLGZLWKIDOVHWHHWKLQVLGHDQG DOONLQGVRISDSHUVDQGSLFWXUHVRIROG3DVW *UDQG0DVWHUV%RE)XUQDV¶SLFWXUHZDVLQ WKHUH¿UVW*UDQG0DVWHUDQGVWXIIOLNHWKDW´ $V IRU WKH VWRQH LWVHOI 0: 6\OYHVWHU KDGLWKDXOHGXSWR0DVRQLF0DQRUDWQG /HDYHQZRUWKDQGDSODFHZDVH[FDYDWHGDW WKHHQWUDQFHWRWKHEXLOGLQJRQWKHGULYHZD\ 7KHVWRQHLVEXULHGWKHUHIDFHXSWRWKLVGD\ 5HGLVFRYHU\RIWKH&RQWHQWVRIWKH &RSSHU%R[ 7KHFRSSHUER[ZDVLQWKHPXVHXPRIWKH 2PDKD0DVRQLF7HPSOHIRUPDQ\\HDUVDQG ODWHU0:6\OYHVWHUWRRNWKHER[RYHUWRWKH 6FRWWLVK 5LWH &DWKHGUDO LQ 2PDKD7KHUH LW UHVLGHGIRUDQRWKHU\HDUVDWWKHEDFNRI VPDOOVWRUDJHURRPRQWKHWKÀ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³0$6216 %< 7+( +81'5('±3URVSHFWVRID/LYHO\6HVVLRQ ±4XHVWLRQV+DYLQJD'LUHFW%HDULQJRQWKH 3HDFHDQG+DUPRQ\RIWKH&UDIWWR&RPHXS IRU&RQVLGHUDWLRQ7KHORGJHZDVRSHQHG LQ GXH IRUP E\ *UDQG 0DVWHU 0HUFHU DW R¶FORFNDQGDFRPPLWWHHDSSRLQWHGWRPDNH DUUDQJHPHQWVIRUOD\LQJWKHFRUQHUVWRQHRI WKHQHZFLW\KDOOWKLVDIWHUQRRQ 7KHJUDQGPDVWHUWKHQSURFHHGHGWRUHDG KLVDGGUHVVWRWKHJUDQGORGJH,WZDVDYHU\ OHQJWK\ GRFXPHQW FRQWDLQLQJ SDJHV LQ PLQLRQ QRQSDUHLO W\SH WZHQW\ WZR RI WKHVH SDJHVEHLQJGHYRWHGWRWKHFRQVLGHUDWLRQRI 6FRWWLVK5LWH0DVRQU\LQ1HEUDVND7KHJUDQG PDVWHU WKHQ UHYLHZHG DW OHQJWK KLV DFWLRQ XSRQWKLVTXHVWLRQ´ 6R ZKDW ZDV WKLV DOO DERXW WKDW VKRXOG JDUQHUVXFKFRYHUDJHLQWKHSXEOLFQHZVSD SHUV"7KHLVVXHZDV&HUQHDX6FRWWLVK5LWH%\ PHDQVRIDTXLFNKLVWRU\-RVHSK&HUQHDXD )UHQFKMHZHOHUDUULYHGLQ1HZ<RUNLQ ZLWK D UHVWULFWHG SDWHQW WR FRQGXFW FHUWDLQ 6FRWWLVK 5LWH GHJUHHV DQG WKHQ SURFHHGHG WRWDNHPDWWHUVLQWRKLVRZQKDQGVDQGSUR FODLPHGKLPVHOI6RYHUHLJQ*UDQG,QVSHFWRU *HQHUDO RI D 6XSUHPH &RXQFLO WKDW QHYHU PHW$FFRUGLQJ WR DXWKRU :LOOLDP / )R[ ³+H RSHUDWHG ZKDW ZRXOG EH ODWHU FDOOHG D 0DVRQLF³GLSORPDPLOO´ 5HJDUGOHVV &HUQHDXLVP ZDV D SHULRGLF LUULWDQWWRWKHWZRUHFRJQL]HG6XSUHPH&RXQ FLOV 6RXWKHUQ -XULVGLFWLRQ DQG 1RUWKHUQ -XULVGLFWLRQIRUQHDUO\DOORIWKHQLQHWHHQWK FHQWXU\ 7KLV LVVXH EHLQJ FDQ LQGLYLGXDO *UDQG/RGJHVDFFHSWPRUHWKDQRQHMXULVGLF WLRQRIWKH6FRWWLVK5LWH7KLVLVVXHFDPHWRD KHDGLQ,RZDLQZKHUHWKH*UDQG/RGJH RI ,RZD DGRSWHG D UHVROXWLRQ WKDW DI¿UPHG UHFRJQLWLRQ RI WKH 6RXWKHUQ -XULVGLFWLRQ DV KDYLQJ³H[FOXVLYHMXULVGLFWLRQLQWKLVVWDWH´ 6HYHUDO KXQGUHG ,RZD 0DVRQV SHWLWLRQHG WKH FRXUWV IRU RUGHUV SURKLELWLQJ WKH *UDQG /RGJHIURPVXFKLQWHUIHUHQFH7KLVZHQWDOO WKHZD\WRWKH,RZD6XSUHPH&RXUWDQGWKH *UDQG /RGJH UHVROXWLRQ SUHYDLOHG 6HYHUDO ,RZD 0DVRQV ZHUH LQLWLDOO\ VXVSHQGHG DQG ODWHUH[SHOOHGIURPWKHIUDWHUQLW\ 7KH LVVXH FDUULHG LQWR 1HEUDVND ZKHUH 1HEUDVND /RGJH 1R LQ PDGH WKH VDPHFKDOOHQJHWRDOORZ&HUQHDXVLPLQDG GLWLRQWRWKH6FRWWLVK5LWH6RXWKHUQ-XULVGLF WLRQ¶VH[FOXVLYHDXWKRULW\LQ1HEUDVND*UDQG 0DVWHU--0HUFHUFLWHGD-XQHDSSURYHG UHVROXWLRQ )LUVWWKDWWZRERGLHVFODLPLQJWREH0D VRQLFRIWKHVDPHJUDGHFDQQRWODZIXOO\H[LVW LQWKHVDPHVWDWHDWWKHVDPHWLPH6HFRQG WKDWWKH¿UVWODZIXOO\FRQVWLWXWHGDXWKRULW\HV WDEOLVKHGLQDVWDWHWKHUHE\REWDLQVH[FOXVLYH MXULVGLFWLRQ LQ VXFK WHUULWRU\ DQG WKDW DQ\ RWKHUERG\RIWKHVDPHJUDGHRUULWHHQWHULQJ ODWHUZLWKLQVXFKWHUULWRU\LVLQLWVHOIXQODZIXO 6LQFHWKH6FRWWLVK5LWH¶V6RXWKHUQ-XULV GLFWLRQREYLRXVO\ZDVDOUHDG\HVWDEOLVKHGLQ 1HEUDVNDDQG1HEUDVND/RGJH1RFKDO OHQJHGWKHUHVROXWLRQ*UDQG0DVWHU0HUFHU ³RQWKHWKGD\RI$XJXVWDUUHVWHGWKH FKDUWHURI1HEUDVND/RGJH1RVXVSHQGHG WKH0DVWHUDQG:DUGHQVWKHUHRIIURPWKHH[HU FLVHRIWKHLURI¿FLDOIXQFWLRQVWRRNSRVVHVVLRQ RIWKHFKDUWHUUHFRUGVDQGVHDORIVDLGORGJH DQGGLUHFWHGWKH7UHDVXUHURIVDLGORGJHWR UHWDLQ DOO PRQH\V EHORQJLQJ WKHUHWR LQ KLV SRVVHVVLRQLQIRUPLQJKLPWKDW,ZRXOGKROG KLPSHUVRQDOO\DQGRI¿FLDOO\UHVSRQVLEOHIRU WKHVDPHXQWLOFDOOHGIRUE\SURSHUDXWKRULW\´ 6RDWWKH*UDQG/RGJH&RPPXQLFDWLRQ LQ-XQHRI\RXFDQLPDJLQHWKHLQWHUHVW RIDOOWKRVHLQDWWHQGDQFHDVWKH\OLVWHQHGWR *UDQG0DVWHU0HUFHU¶VSDJHVWDWHPHQWRI WKHLVVXHVDQGKLVVXEVHTXHQWDFWLRQV7RWKH FUHGLWRI0DVRQLFMXULVSUXGHQFHWKHLVVXHZDV FLYLOO\UHVROYHGDQGE\UHVROXWLRQVWKHFKDUWHU RI1HEUDVND/RGJH1RZDVUHVWRUHGDQG DOO ORGJH PHPEHUV LQYROYHG DFNQRZOHGJHG LQ ZULWLQJ WKHLU FRQFXUUHQFH ZLWK WKH UHVROXWLRQDOORZLQJRQO\RQHMXULVGLFWLRQRI WKH6FRWWLVK5LWHLQ1HEUDVND 2YHU \HDUV KDYH QRZ SDVVHG VLQFH WKLVSDUWLFXODULQFLGHQWEXWJLYHQWKHUHFHQW FKDOOHQJHVZLWKLQWKH1HEUDVND*UDQG/RGJH LW¶VUHDVVXULQJWRORRNEDFNRYHUWLPHDQGUHF RJQL]HKRZRIWHQWKHSURFHVVHVDQGSULQFLSOHV RI0DVRQLFMXULVSUXGHQFHKDYHVWUHQJWKHQHG DQGSUHVHUYHGRXUJUHDWIUDWHUQLW\ 7R/LJKW &867(5/2'*(+$6$/2772&(/(%5$7( %\&KULV&DUWHU.HYLQ/LQGO\ 6KHUORFN+ROPHVDQG'U:DWVRQZHUHJRLQJFDPSLQJ7KH\ /RGJHUHGHGLFDWLRQWKDWLWLVLPSRVVLEOHIRUXVWRLQFOXGHDOORILW SLWFKHGWKHLUWHQWXQGHUWKHVWDUVDQGZHQWWRVOHHS6RPHWLPHLQ LQWKLVDUWLFOHDQGGRXEO\LPSRVVLEOHWRSURYLGHWKHPWKHUHZDUGLQ WKHPLGGOHRIWKHQLJKW+ROPHVZRNH:DWVRQXSDQGVDLG³:DWVRQ SULQW WKH\ VR ULFKO\ ORRNXSDWWKHVWDUVDQGWHOOPHZKDW\RXVHH´:DWVRQUHSOLHG³, GHVHUYHVLPSO\GXH VHHPLOOLRQVDQGPLOOLRQVRIVWDUV´+ROPHVVDLG³$QGZKDWGR WRVSDFHOLPLWDWLRQV \RXGHGXFHIURPWKDW"´:DWVRQUHSOLHG³:HOOLIWKHUHDUHPLOOLRQV ,W¶V IRU WKLV UHDVRQ RIVWDUVDQGLIHYHQDIHZRIWKRVHKDYHSODQHWVLW¶VTXLWHOLNHO\ WKDW,HQFRXUDJH\RX WKHUHDUHVRPHSODQHWVOLNHHDUWKRXWWKHUH$QGLIWKHUHDUHDIHZ WR FRQWDFW %URWKHU SODQHWVOLNHHDUWKRXWWKHUHWKHUHPLJKWDOVREHOLIH´$QG+ROPHV /LQGO\ DW NOLQGO\# VDLG³:DWVRQ\RXLGLRWLWPHDQVWKDWVRPHERG\VWROHRXUWHQW´ EESVRUJIRUDFRS\ :K\GR,WHOOWKLVVWRU\"%HFDXVHZKHQ\RXKHDUWKDWD/RGJH RIDQ\RIWKHIROORZ KDGDUHGHGLFDWLRQFHOHEUDWLRQLW¶VVRHDV\WRPLVVZKDWWKDWUHDOO\ LQJ GRFXPHQWV WKDW PHDQV)RUH[DPSOHZKHQ\RXKHDUWKDW&XVWHU/RGJH1R WKH\ SXW WRJHWKHU FHOHEUDWHG\HDUVZLWKD/RGJHUHGHGLFDWLRQFHUHPRQ\LW¶VHDV\ DQG GLVWULEXWHG RQ OLNH'U:DWVRQWRJORVVRYHUWKHPRVWLPSRUWDQWGHWDLO«WKH\ -XQH GLGQ¶W MXVW KDYH D UHGHGLFDWLRQ FHUHPRQ\«WKH\ FHOHEUDWHG ³1RWDEOH 0HQ \HDUVRITXDOLW\0DVRQVFRPPXQLW\OHDGHUVLQWHJULW\DQGWUXVW ZKRZHUHPHPEHUV ,W¶VWKH0DVRQLF6KHUORFN+ROPHVLQXVWKDWVHHVWKDWVRPHWKLQJ RI&XVWHU/RGJH1R´7KLVOLVWLQFOXGHVIDUPHUVVHWWOHUV PXFKELJJHULVJRLQJRQ6RWKHFKDOOHQJHIRU%URWKHU.HYLQ *UDQG0DVWHUV*RYHUQRUVPHPEHUVRIWKH6XSUHPH&RXUW0D /LQGO\6HFUHWDU\RI&XVWHU/RGJHDQG,LVWRLQDEULHIDUWLFOH VRQLF+RPH7UXVWHHVD3UHVLGHQWRIWKH)UHHPDVRQV$VVRFLDWLRQ WUXO\KRQRU\HDUVRI&XVWHU/RGJH¶VKLVWRU\DQGWRWHOO\RX D&RQJUHVVPDQD6HFUHWDU\RI6WDWHDPHPEHURIWKH1HEUDVND DERXWWKHHYHQWEXWVWLOONHHSLQJ\RXIRFXVHGRQWKHPRVWLPSRUWDQW /HJLVODWXUHDPHPEHURIWKHFRPPLWWHHRYHUWKH6WDWH3DUNVDQG GHWDLORIDOO«WKDW0DVRQU\KDVDORQJKLVWRU\LQ%URNHQ%RZDQG PDQ\PDQ\PDQ\PRUHPHQRITXDOLW\OHDGHUVKLSDQGGLVWLQFWLRQ LW¶VDOLYHDQGZHOODW&XVWHU/RGJH ³1RWDEOH'DWHVLQWKH+LVWRU\RI(PPHW&UDZIRUG&XVWHU ,¶OO VWDUW ZLWK VRPH H[FHUSWV IURP %URWKHU /LQGO\¶V VSHHFK /RGJH1R´7KLVGRFXPHQWFKURQLFOHVLPSRUWDQWGDWHVIURP GXULQJWKH-XQHUHGHGLFDWLRQFHUHPRQ\ ³$3HWLWLRQIRUDXWKRULW\WRRSHQDQGKROGD/RGJHDW%URNHQ DQG %RZ1(E\WKHQDPHRI&XVWHU/RGJH8'LH³8QGHU'LV ³8QWLWOHG´7KLVGRFXPHQWVKRZVDSKRWRRIWKHRULJLQDOWZR SHQVDWLRQ´ZDVLVVXHGE\0?:?0DQRDK%5HHVH*UDQG VWRU\ ZRRGHQ 0DVRQLF 7HPSOH WDNHQ LQ ZKHUH (PPHW 0DVWHURI0DVRQVLQ1HEUDVNDRQ-XO\WK &UDZIRUG&XVWHU/RGJHDQGYDULRXVRWKHU0DVRQLF2UGHUVPHW (GZDUG0F&OXUHDFKDUWHUPHPEHUZDVIRQGRIPHQWLRQLQJ ,WDOVRLQFOXGHVDUWLFOHVDERXW(PPHW&UDZIRUG&XVWHU/RGJH WKDWKHKDGWDNHQKLVGHJUHHVLQ5RE0RUULV/RGJH1RLQ IURP0D\DQG-XQHRIDQGDVWRU\DERXWDKDQJLQJWKDWRF .HDUQH\DQGWKDWKHKDGZDONHGPLOHVIURP%URNHQ%RZ FXUUHGQHDUWKH/RGJHEXLOGLQJRQ0D\ 72.HDUQH\IRUKLVGHJUHHZRUN,WWRRNKLPGD\V($&+ ³5HPHPEHU´$ GRFXPHQW SURYLGHG E\ 3?0? 3KLOOLS$ :$<IRUWKHWULS 6HYHUVRQWKDWFDQEHVWEHGHVFULEHGDVPRWLYDWLRQDOUHPLQGHURI 7KH 1HEUDVND *UDQG /RGJH FKDQJHG WKH QDPH RI &XVWHU WKHSULGHZHIHHODV0DVRQVWKHMR\ZHIHHOWRGLVFRYHUWKH/LJKW /RGJH8'WR(PPHW&UDZIRUG/RGJH1RZKHQLWUH RI0DVRQU\DQGWKHVDWLVIDFWLRQWKDWFRPHVDVZHPHQEHFRPH FHLYHGLWVFKDUWHURQ-XQH,WZDVQDPHGLQKRQRURI EHWWHUPHQ &DSWDLQ(PPHW&UDZIRUGDZHOONQRZQDQGDFWLYH1HEUDVND ³7HOHYLVLRQ,QWHUYLHZ´%URWKHU.HYLQZDVLQWHUYLHZHGE\OR 0DVRQZKRZDVNLOOHGLQ-DQXDU\ZKLOHLQSXUVXLWRI FDOQHZVVWDWLRQ.123RI1RUWK3ODWWH7KHUHFRUGHGLQWHUYLHZ &KLHI*HURQLPRLQWR0H[LFR VHUYHVDVDJUHDWH[DPSOHRIRQHRIWKHZD\VWKDW\RXFDQSURPRWH 7KHWZRVWRU\ZRRGHQ0DVRQLF7HPSOHWKHLU¿UVWSHUPD \RXURZQ/RGJH¶VHYHQWVWKURXJKWKHPHGLD QHQWEXLOGLQJZDVFRQVWUXFWHGDQGGHGLFDWHGZLWKIXOO0DVRQLF 7KH UHGHGLFDWLRQ QRW RQO\ LQFOXGHG FRUQ ZLQH DQG RLO EXW ULWHVLQ7KHEXLOGLQJZDVVHYHUHO\GDPDJHGE\¿UHLQ DOVR SURYLGHG DQ RSSRUWX )HEUXDU\RIDQGZDVUHEXLOWDQGUHGHGLFDWHGRQ-DQXDU\ QLW\ IRU 0LGZHVW /RGJH 1R RI +DVWLQJV WR SUHVHQW ,QWKHSUHVHQWEULFN/RGJHEXLOGLQJZDVSXUFKDVHG WKH 6RQQ\ (DWPRQ 7UDYHO IURP WKH 8QLWHG 0HWKRGLVW &KXUFK DQG RQ$SULO LQJ *DYHO WR &XVWHU /RGJH WKH*UDQG/RGJHRI1HEUDVNDKHOGDIRUPDOGHGLFDWLRQDQG WR SUHVHQW WZR \HDU SLQV SHUIRUPHGDFRUQHUVWRQHOD\LQJFHUHPRQ\DWWKHQHZ0DVRQLF WR %URWKHUV 'RQDOG 0LOOHU 7HPSOHZLWK*UDQG/RGJH2I¿FHUVLQDWWHQGDQFH,WZDV DQG0DXULFH7KRPSVRQDQG DWWKLVWLPHWKDW(PPHW&UDZIRUG/RGJH1RRI¿FLDOO\ WR KRQRU %URWKHU 5R\ :LO FKDQJHGLWVQDPHWR&XVWHU/RGJH1R$)$0´ OLDP ³%LOO´ /LFKWHQEHUJHU 2Q -XQH RQH RI PDQ\ PLOHVWRQHV ZDV RQFH DJDLQ ZLWK D 0DVRQLF ,QGLYLGXDO FHOHEUDWHGDVWKH%URWKHUVIDPLO\DQGIULHQGVRI&XVWHU/RGJH $FKLHYHPHQW$ZDUG IRU KLV 1RIRXUWHHQ*UDQG/RGJH2I¿FHUVLQFOXGLQJ*UDQG0DVWHU FRPPLWPHQW DQG GHGLFDWLRQ %UXFH%DNHUDQG1HEUDVND¶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³$PHULFDQ &OLSSHU´VDLOERDWVLQSUHSDUDWLRQWRGHWHUPLQHDZLQQHU GXULQJWKHSHULORXVJUXHOLQJ5HJDWWD $QWLFLSDWLRQ VZHOOHG DPRQJ WKH SDUWLFLSDQWV EHIRUH DFWXDOLW\ VHW LQ 7KHQ SDQGHPRQLXP SUHVLGHG %RDWV ZDQGHUHG RII FRXUVH WLOWHG SUHFDULRXVO\ WLSSHG RYHU EXPSHG LQWR UDLOLQJV RU RWKHUZLVH GHQLHG FRQWHVWDQWV DQ\VHQVHRIVHDZRUWK\VDWLVIDFWLRQ3HUVSLUDWLRQUDLQHG GRZQ DV FRQWHVWDQWV IRXJKW WR RYHUFRPH WKH HIIHFW RI KDUVKEUHH]HVFRXUWHV\RISDSHUVWUDZLQWHUYHQWLRQIURP HQWUDQWV¶OXQJSRZHULQHTXLWLHV 7KDWLVZKHQWKHDXGLHQFHEHFDPHLQYROYHG±LQFHVVDQW DXGLHQFHODXJKWHUFRQWLQXHGZKLOHSHUSOH[HGFRQWHVWDQWV FRQIURQWHGWKHLUVDLOLQJFDSDELOLWLHV%XW\HVWKHUHZHUH ZLQQHUVHOVHZKDWDUHFRPSHWLWLRQVIRU"" ±6XEPLWWHGE\'HDQ&RZOHV 5HJDWWD&RQWHVWDQW:LQQHU 6SHFLDO0DVRQLF+RPH5HVLGHQW$XWKRU 'LFN¶VERDWSURYHVWREHVHDZRUWK\ %DUEDUDH[SHULHQFHVVPRRWKVDLOLQJ $VWKHUHJDWWD GUHZWRDFORVH 'HDQ&RZOHV ZDVGHFODUHGWKH ZLQQHURIWKHQG $QQXDO5DLQ*XWWHU 5HJDWWD %HZDWFKLQJWKHXSFRPLQJSXEOLFDWLRQVRIWKH+RXU *ODVVIRUPRUHGHWDLOVRQWKHFRQVWUXFWLRQUHQRYDWLRQ SURMHFWRUFDOOWR¿QGRXWKRZWR FRQWULEXWHWRWKLVYHU\LPSRUWDQWSURMHFW 1HEUDVND0DVRQ)DOO 7KH1HEUDVND0DVRQLF+RPH 7KH1HEUDVND0DVRQLF+RPH)RXQGDWLRQ -R3HWHUV'LUHFWRU *HQHUDO'RQDWLRQV$SULO±$XJXVW 'HDQ-XG\$EHOV%HWW\$YHU\-DPHV6WHSKDQLH%DOO5LFKDUG5XWKDQQH%DUEHU*HUDOG:DQGD%DUQHV1HYD%DUWOHWW.HQQHWK 3DWULFLD%HHEH5REHUW%HQQHWW$VKOH\%HUQX'XDLQH%ODVHU(GJDU&DURO\Q%UHGHPHLHU5REHUW7HUHVD%URZQ%ULDQ%UXQWRQ 'DUUHOO-HDQLQH%U\FHVRQ(OOLV0D[LQH%XUWRQ)'DYLG&DSSHOO+HQU\&DWK\&DUQDE\'DYLG:HQG\&DUUDQR-RKQ&DUWHU &HUHVFR&KDSWHU1R$OEHUW%DUEDUD&KDW¿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¶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ͶǦ Ǩ 7KH5DZKLGH :UDQJOHUV+&OXE DSSUHFLDWHV\RXU FRQWULEXWLRQV 1HEUDVND0DVRQ)DOO 0DVRQLF(DVWHUQ6WDU+RPHIRU&KLOGUHQ ,17(51$7,21$/3($&( *$5'(175,3 (XUHND&KDSWHU6HUYHG /XQFKHRQWR&DU (QWKXVLDVWV %\-DQ7KRPDQ**&&00HPEHUVKLS %HWW\.LUE\**&&06HUYLFH'RJV %\%UHQGD0F*XLUH 7KH7ULHQQLDO3LOJULPDJHDWWKH,QWHUQDWLRQDO3HDFH*DUGHQ *UDQG:DUGHURI1HEUDVND*UDQG&KDSWHU ZDVKHOG$XJXVWWKWKDQGWK7KH1HEUDVNDGHOHJDWLRQ FRQVLVWHGRI6LVWHUVDQG%URWKHUV7KH3HDFH*DUGHQLVWUXO\ DEHDXWLIXOJDUGHQZKHUHHYHU\RQHFDQIHHODVHQVHRISHDFHDQG ORRNDW*RG¶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¿WRIDOPRVWRIZKLFKKDOILVHDUPDUNHG IRUWKH6HUYLFH'RJVSURMHFW $WWHQWLRQ$OO6LQJHUV*HQHUDO*UDQG&KDSWHU ZLOOEHKHOGLQ)RUW:RUWK7H[DVLQ-HUU\ 1HXHQVFKZDQGHULVWKH*HQHUDO*UDQG&KDSWHU &KRLU'LUHFWRUDQGKHZDQWV\RXWRVWDUWPDN LQJSODQVWRMRLQWKHFKRLUDW*HQHUDO*UDQG+H ZRXOGOLNHWRNQRZLI\RXDUHLQWHUHVWHGDQGKH ZLOOEHJLQVHQGLQJLQIRUPDWLRQDERXWUHKHDUVDOV DQGWKHUHLVDVRQJERRNIRUHDFKFKRLUPHPEHU DQGLWZLOOEHVHQWWR\RXVR\RXFDQEHJLQSUDF WLFLQJ3OHDVHFRQWDFWKLPDQGOHWKLPNQRZ LI\RX¶UHLQWHUHVWHGDQGVHQG\RXUQDPHYRLFH SDUWVRSUDQRDOWRWHQRURUEDVVDQGFRQWDFW LQIRUPDWLRQ-HUU\VDLGRQHRIWKHEHVWSDUWVRI VLQJLQJ LQ WKH FKRLU PLJKW EH WKDW \RX KDYH D UHVHUYHGVHDWDWHYHU\VHVVLRQ1HDUWKHIURQW DQG\RXZLOOKDYHIXQ&RQWDFWLQIRUPDWLRQLV- :1HXHQVFKZDQGHU32%%UDQGHUD7; RUJJFKRLU#JPDLOFRP 2UGHURIWKH(DVWHUQ6WDU 3LFWXUHVWRSWRERWWRP1HEUDVND5RGDQG&XVWRP$VVRFLDWLRQ³7RXU 1HEUDVND´SDUWLFLSDQWVGURYHFODVVLFDQWLTXHDQGVSHFLDOLQWHUHVW FDUVDQGSLFNXSVLQWR0F&RRNRQ-XQH+DUYH\%LVKRI$XURUD 1HEUDVNDGULYHVKLV%HOYHGHUHRQ:HVW46WUHHWLQ0F&RRN SKRWRVFRXUWHV\RI0F&RRN'DLO\*D]HWWH $ERXWWKH*HQHUDO *UDQG&KDSWHU$VVHPEO\ $WWKH$UHD9LVLWDWLRQVPHPEHUVKDYHKDGWKHRS SRUWXQLW\WRVLJQXSWRUHFHLYHLQIRUPDWLRQRQWKH WULSWRWKH*HQHUDO*UDQG&KDSWHU7ULHQQLDO$VVHPEO\ WREHKHOG1RY1RYLQ)RUW:RUWK7H[DV,I\RX PLVVHGVLJQLQJXSWRUHFHLYHWKHLQIRUPDWLRQRQWKH WULSWR*HQHUDO*UDQG&KDSWHU\RXFDQFDOOWKH*UDQG &KDSWHURI¿FHDQGJLYHXV\RXUQDPHDGGUHVVSKRQH QXPEHUDQGDQHPDLODGGUHVV$EXVWULSLVQRGRXEW LQWKHSODQDQG\RXZLOOUHFHLYHLQIRUPDWLRQDVLWLV DYDLODEOH6LJQXSQRZ²)RUW:RUWKLVDZRQGHUIXO RSSRUWXQLW\WRDWWHQGD*HQHUDO*UDQG&KDSWHU$V VHPEO\ )DOO1HEUDVND0DVRQ 1HEUDVND-RE¶V'DXJKWHUV 6DPDQWKD0F&UHD*UDQG*XDUGLDQ -HUU\7DII$VVRFLDWH*UDQG*XDUGLDQ 1HEUDVND -RE¶V 'DXJKWHUV KDG D ZRQGHUIXO ³6HHNLQJ WKH 7UHDVXUH´*UDQG6HVVLRQLQ-XQH*UDQG%HWKHO+RQRUHG4XHHQ 5DFKHO1HUXG0LVV1HEUDVND-RE¶V'DXJKWHU.DWLH+HUJHQ UDGHUDQG0LVV1HEUDVND-RE¶V'DXJKWHUV&RQJHQLDOLW\&RXUW QH\6PLWKHDFKUHSUHVHQWHGWKHJLUOVZHOOWUDYHOLQJGXULQJWKH SUHYLRXV\HDU0HPEHUVDFURVVWKHVWDWHWRRNQXPHURXVDZDUGV KRPHWRRQXPHURXVWRQDPHWKHPDOO+RZHYHUVRPHRIWKH KLJKOLJKWVZHUHWKHVHOHFWLRQRIWKH*UDQG%HWKHO 2I¿FHUV5HSUHVHQWDWLYHV+,.(FRRUGLQDWRUV6SLULW$PEDV VDGRUV0LVV&RQJHQLDOLW\DQG0LVV1HEUDVND-RE¶V'DXJKWHUV /DXUHQ%XVFKHIURP3ODWWVPRXWK%HWKHOZDVVHOHFWHG WKH*UDQG%HWKHO+RQRUHG4XHHQ$VKOH\0XUSK\IURP$LQ VZRUWK%HWKHOZDVVHOHFWHG0LVV1HEUDVND-RE¶V'DXJKWHU DQG1LFNNL3DUNVIURP2PDKD%HWKHOZDVVHOHFWHG0LVV &RQJHQLDOLW\7KH³)XQ)ULHQGVKLS7DNH)OLJKW´*UDQG\HDU EHJDQZLWKDZRQGHUIXOLQVWDOODWLRQRIWKHRI¿FHUVRQ6DWXU GD\-XQH7KHJLUOVEHJDQWKHLUWUDYHOVYLVLWLQJ%HWKHOVLQ 2DNODQG7HNDPDK/LQFROQDQGDWWHQGLQJ'HPROD\&RQFODYH ±TXLFNO\EXLOGLQJIULHQGVKLSV ³<RXWKWKH+HDUWRIWKH:RUOG/HW<RXU/LJKW6KLQH´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¶V'DXJKWHUV,QWHUQDWLRQDOKDVVHHQDQLQFUHDVHLQ RI7KLVLVWKHWUHQG,ZRXOGORYHWRVHHLQ1HEUDVND 7KH86KDVPHPEHUV%UD]LOFRPHVLQDFORVHVHFRQG ZLWK:HQHHGWR¿QGRXWZKDW%UD]LOLVGRLQJDVPDQ\ RIWKRVH%HWKHOVKDYHRQO\EHHQLQVWLWXWHGLQWKHSDVW\HDUV 7KH*UDQG%HWKHO2I¿FHUVUHSUHVHQWDWLYHV+,.(FRRUGLQD WRUV6SLULW$PEDVVDGRUVDQG*UDQG)DPLO\JDWKHUHG$XJXVW WKLQ/LQFROQIRUDZHHNHQGUHWUHDWWRGLVFXVVWKHLUUHVSHF WLYHFRPPLWPHQWVWR1HEUDVND-RE¶V'DXJKWHUV7KHJLUOVDOVR SDUWLFLSDWHGLQWRXUVRIWKH&DSLWROEXLOGLQJD*HRFDFKH FRXUVHDQG&OXH&DFKHKXQWDQGKDGDEODVWSOD\LQJ0LQXWH WR:LQ,WJDPHV$VOHHSRYHULVDOZD\VVRPXFKIXQZLWK\RXU -RELHVLVWHUV 7KHPHPEHUVQRZORRNIRUZDUGWRWKH0DVRQLF<RXWK&RQ IHUHQFHSURYLGHGE\WKH1HEUDVND0DVRQV2FWREHUVWDQGQG LQ.HDUQH\:HKRSHHYHU\RQHKDVVDIHWUDYHOVWRWKLVHYHQWDQG ZHORRNIRUZDUGWRVHHLQJRXU0DVRQLF)DPLO\WKHUH 1HEUDVND0DVRQ)DOO 1(%5$6.$'(02/$< 0LFKDHO:6WXKU([HFXWLYH'LUHFWRU %\'DOWRQ.RFN±6WDWH0DVWHU&RXQFLORU tĞůů,ĞLJƚŚĞƌĞ͊ tĞ͛ǀĞŐŽƚƐŽŵĞŐƌĞĂƚŐŽŝŶŐƐŽŶŚĞƌĞŝŶEĞďƌĂƐŬĂĞͲ DŽůĂLJ͕ ĂŶĚ ǁĞ͛ƌĞ ĞdžĐŝƚĞĚ ƚŽ ƚĞůů LJŽƵ Ăůů ĂďŽƵƚ ƚŚĞŵ͊ dŽ ƐƚĂƌƚŽī͕ǁĞŚĂĚĂĨĂŶƚĂƐƟĐƟŵĞĂƚŽŶĐůĂǀĞϮϬϭϭ͕ŚŽƐƚĞĚ ŝŶ>ŝŶĐŽůŶƚŚŝƐLJĞĂƌ͘&ƌŝĚĂLJƐĂǁƚŚĞƌŝƚƵĂůĐŽŵƉĞƟƟŽŶĐŽŵĞ ƵŶĚĞƌǁĂLJǁŚŝĐŚƐĂǁŵŽƌĞĐŽŵƉĞƟƚŽƌƐƚŚĂŶǁĞŚĂǀĞŚĂĚ ŝŶƚŚĞůĂƐƚdELJĞĂƌƐ͊&ŽƌƚŚĞĂŌĞƌŶŽŽŶĞǀĞŶƚ͕ǁĞƐƚŽƌŵĞĚ ƚŚĞĨŽƌĞƐƚŽƵƚĂƚ:͛ƐƉĂŝŶƚďĂůů͘tŚĞŶǁĞŐŽƚďĂĐŬƚŽƚŚĞ ŚŽƚĞůƚŽĐŽŽůŽī͕ǁĞŚĞůĚŽƵƌŶŽǁĂŶŶƵĂůDŝŶŝZĞůĂLJĨŽƌůŝĨĞ͕ ĂŶĚ^ǁĞĞƚŚĞĂƌƚĞdžƚƌĂǀĂŐĂŶnjĂ͘ ^ĂƚƵƌĚĂLJǁĞĐŽŶĚƵĐƚĞĚŽƵƌďƵƐŝŶĞƐƐŵĞĞƟŶŐƐ͕ĞůĞĐƟŶŐ ƌŽƚŚĞƌĚĂŵDĞĚůĞLJĂƐƚŚĞŶĞǁ^ƚĂƚĞ:ƵŶŝŽƌŽƵŶĐŝůŽƌ͕ĂŶĚ ƌŽƚŚĞƌ>ƵŬĞĂƐƚŶĞƌƚŽ^ƚĂƚĞ^ĞŶŝŽƌŽƵŶĐŝůŽƌ͘ŽŶŐƌĂƚƵůĂͲ ƟŽŶƐƚŽƚŚĞďŽƚŚŽĨLJŽƵ͘dŚĂƚĞǀĞŶŝŶŐǁĂƐŽƵƌďĂŶƋƵĞƚĂŶĚ ^ƚĂƚĞ/ŶƐƚĂůůĂƟŽŶ͕ĨŽůůŽǁĞĚƐŚŽƌƚůLJďLJƚŚĞ^ǁĞĞƚŚĞĂƌƚĂůů͕ ǁŚĞƌĞDŝƐƐWĂŵĞůĂDĐ>ĞŽĚǁĂƐĐƌŽǁŶĞĚ^ƚĂƚĞ^ǁĞĞƚŚĞĂƌƚ ĨŽƌƚŚĞŶĞdžƚLJĞĂƌ͘ŽŶŐƌĂƚƵůĂƟŽŶƐƚŽLJŽƵĂůƐŽ͊ƐĂůǁĂLJƐ͕ ^ƵŶĚĂLJǁĂƐƚŚĞƐƚĂƚĞǁŝĚĞŝŶŝƟĂƟŽŶ͕ĂŶĚƚŚĞŶďĞĨŽƌĞLJŽƵ ŬŶŽǁŝƚ͕ŝƚ͛ƐƟŵĞƚŽŚĞĂĚŚŽŵĞ͘ DLJ ƉƌŽŐƌĂŵ ĨŽƌ ƚŚĞ LJĞĂƌ ŝƐ ƟƚůĞĚ ĞDŽůĂLJ ʹ ƌŵLJ ŽĨ zŽƵƚŚ͘ tĞ ŶĞĞĚ ƚŽ ďĂŶĚ ƚŽŐĞƚŚĞƌ ĂƐ ďƌŽƚŚĞƌƐ ƚŽ ƌĞĂůůLJ ĂĐŚŝĞǀĞĂůůŽĨŽƵƌŐŽĂůƐ͕ĂŶĚŽŶůLJĂƐďƌŽƚŚĞƌƐĂƌĞǁĞĂďůĞƚŽ ĨĂĐĞƚŚĞǁŽƌůĚĂƐĂƵŶŝƚĞĚĨƌŽŶƚƚŽďĞƩĞƌƚŚĞǁŽƌůĚĂƌŽƵŶĚ ƵƐ͘/͛ǀĞĂůƐŽĚĞƐŝŐŶĞĚŵLJŽǁŶƉŽůŽƐ͕ǁŚŝĐŚǁŝůůďĞƵŶǀĞŝůĞĚ ĂƚĂůĂƚĞƌƟŵĞ͘ /ĂůƐŽǁĂŶƚƚŽĞdžƚĞŶĚĂƐƉĞĐŝĂůdŚĂŶŬLJŽƵĂŶĚĐŽŶŐƌĂƚƵůĂͲ ƟŽŶƐƚŽƌŽƚŚĞƌĂŵĞƌŽŶĂŝƐƐĂŶĚDŝƐƐ<ĂŝƚůLJŶŶƌĂĚůĞLJ ŽŶĂĨĂŶƚĂƐƟĐLJĞĂƌ͖LJŽƵďŽƚŚĚŝĚĂǁŽŶĚĞƌĨƵůũŽď͕ĂŶĚ/͛ŵ ƉƌŽƵĚƚŽŚĂǀĞƚŽĨŽůůŽǁƐƵĐŚĂĨĂŶƚĂƐƟĐƚĞĂŵ͘ ƐĂůǁĂLJƐ͕ĞDŽůĂLJŚĂƉƚĞƌƐƉŽŶƐŽƌƐŚŝƉŝƐŽƉĞŶƚŽĂůů ĂĚƵůƚ DĂƐŽŶŝĐ &ĂŵŝůLJ ŐƌŽƵƉƐ ǁŚŝĐŚ ŝŶĐůƵĚĞ DĂƐƚĞƌ DĂͲ ƐŽŶƐŝŶƚŚĞŝƌŵĞŵďĞƌƐŚŝƉ͘&ŽƌĨƵƌƚŚĞƌŝŶĨŽƌŵĂƟŽŶŽŶƚŚĞ ƐƉŽŶƐŽƌƐŚŝƉŽĨĂĞDŽůĂLJĐŚĂƉƚĞƌ͕ƉůĞĂƐĞĐŽŶƚĂĐƚdžĞĐƵƟǀĞ KĸĐĞƌDŝŬĞ^ƚƵŚƌ͘ /XNH &DVWQHU 6WDWH 6HQLRU &RXQFLORU 'DOWRQ .RFN 6WDWH 0DVWHU &RXQFLORU$GDP0HGOH\6WDWH-XQLRU&RXQFLORU 1HEUDVND0DVRQLF<RXWK*URXSV ,17(51$7,21$/25'(52)7+(5$,1%2:)25*,5/6 %HWW\*DUZRRG6XSUHPH'HSXW\ 6XPPHUVIRU0DVRQLF<RXWKDUHIXOORIQHZEHJLQQLQJV WUDYHODQGIXQ7KHQHZEHJLQQLQJVVWDUWIRU5DLQERZDW*UDQG $VVHPEO\ZLWKWKHLQVWDOODWLRQRIWKH*UDQG)DPLO\ 7KH *UDQG )DPLO\ YLVLWHG WKH 1HEUDVND$VVHPEOLHV *UDQG %HWKHODQG'H0ROD\&RQFODYH*UDQG:RUWK\$GYLVRU6KDQGD %RUQKDGKHU¿UVWRI¿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¿UVWWLPHLQD QXPEHURI\HDUV7KHUHDUHIHZHUDVVHPEOLHVEXWPRUHPHPEHUV LQWKRVHDVVHPEOLHV.HUUL6WUDXEDWWHQGHGWKH-XQLRU0DUNHWLQJ /LDLVRQVHVVLRQVDQG6DQGL+DKQWKH*UDQG([HFXWLYH%RDUG VHVVLRQV7KHOPD'RPLQJRDQG%HWW\*DUZRRGDWWHQGHGVHVVLRQV VSHFL¿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³EXLOGLQJD ERZ´RULQLWLDWLQJVHYHQJLUOV LQDWHUP$QRWKHU$VVHPEO\ LVFORVHWRWKHJRDODQRWKHU PLVVHGLWE\RQO\RQH:KHQ DSSOLFDWLRQVIRUPHPEHUVKLS DUH WXUQHG LQ E\ JLUOV WKHUHZLOOEHDQHZ$VVHPEO\ LQVWLWXWHGLQ:D\QH7KLVZLOO =RH0DXUHUSDUWLFSDWHVLQ6HPLQDU EH WKH GLUHFW UHVXOW RI WKH \RXWKDFWLYLWLHV 0DVRQLF$OO6WDU 0DUFKLQJ %DQG &DPS 7KHUH DUH RWKHU SURVSHFWV RQ WKH KRUL]RQ *R 5DLQERZ 0RUH QHZ EHJLQQLQJV«3DPHOD 0F/HRG D PHPEHU RI /LQFROQLVWKHQHZ'H0ROD\6WDWH6ZHHWKHDUW1DWH6KXPDWH RI(LFKH&KDSWHULVRXU6WDWH5DLQERZ%HDX5LOH\.HDUQVRI :HHSLQJ:DWHU LV 0LVV 1HEUDVND 5DLQERZ 6WDWH 0RP LV .DUDQ%LUGVDOORI/LQFROQDQG6WDWH'DGLV/HH)UDOH\RI2PDKD )DOO*UDQG&URVVHYHQWZLOOEH1RYHPEHUWKLQ(ONKRUQ $FKHFNIRUZDVUHFHLYHGIURPWKH*UDQG/RGJH6LOHQW $XFWLRQWKDQNVHYHU\RQHZKRFRQWULEXWHGLQDQ\ZD\ +HOS EXLOG WKH IXWXUH RI RWKHU RUJDQL]DWLRQV ZLWKLQ WKH 0DVRQLF)DPLO\²UHPHPEHU«5DLQERZ*HWV*LUOV5HDG\IRU /LIH6HHZZZJRUDLQERZRUJDQGZZZ1HEUDVNDUDLQERZJLUOV FRP /RGJH5HGHGLFDWLRQ&RQWLQXHGIURPSDJH LPSRUWDQW&XVWHU/RGJH¶VUHGHGLFDWLRQLVWR1HEUDVND«KHPDGH WKLVFHOHEUDWLRQ³SULRULW\RQH´LQVSLWHRIWKHZRUVWÀRRGRQWKH 0LVVRXUL5LYHULQRYHU\HDUV ,OHDYH\RXZLWKWKHVDPHWKRXJKWVJLYHQE\%URWKHU/LQGO\GXU LQJWKHUHGHGLFDWLRQFHUHPRQ\WKDWGD\+HTXRWHG30-RQDWKRQ $)U\H¶V1HEUDVND/RGJH1RRUDWLRQJLYHQLQ2PDKDDWWKH WK$QQLYHUVDU\FHOHEUDWLRQRIWKHELUWKRI0DVRQU\LQ1HEUDVND RQ$SULO ³7LPHLVEXWDVSRWEHWZHHQWZRHWHUQLWLHV,WLVQRWDFORVHG ERRNQRURXUPHPRULHVWKRXJKWHQGHUDQGGHDURXURQO\HQJURVV LQJWKRXJKW:HVWDQGLQWKHDUFKZD\EHWZHHQWKHSDVWDQGZKDW LVWREH:LWKPDQ\RIWKHEXUGHQVOLJKWHQHGE\PRGHUQOLIHZH VKRXOGORRNZLWKLQFUHDVLQJFRQ¿GHQFHWRWKHIUXLWLRQRIDQRWKHU GD\$VUHSUHVHQWDWLYHVRIWKLVJUHDWLQVWLWXWLRQLWVKRXOGEHRXU DLPDQGRXUSRUWLRQWRH[HPSOLI\ZLWKHYHULQFUHDVLQJHIIHFWWKRVH QREOHSULQFLSOHVZKLFKDUHFRHTXDOZLWKWKHFUHDWLRQRIPDQDQG WUDQVPLWWKHPXQLPSDLUHGDVRXUKHULWDJHWRJHQHUDWLRQVWRFRPH :LWKWKHLPPRUWDOSRHWZHVKRXOGHYHUIHHOWKHFRPSHOOLQJXUJHWR« %XLOGWKHHPRUHVWDWHO\PDQVLRQV2P\VRXO $VWKHVZLIWVHDVRQVUROO /HDYHWK\ORZYDXOWHGSDVW± /HWHDFKQHZWHPSOHQREOHUWKDQWKHODVW 6KXWWKHHIURPKHDYHQZLWKDGRPHPRUHYDVW 7LOOWKRXDWOHQJWKDUWIUHH /HDYLQJWKLQHRXWJURZQVKHOOE\OLIH¶VXQUHVWLQJVHD´ )DOO1HEUDVND0DVRQ <HDU3LQ3UHVHQWDWLRQV <HDU3LQV +DUROG/$OOHQ2VKNRVK1R 9D\GHQ5$QGHUVRQ6WURPVEXUJ1R *D\ORUG'$SIHO$VKODU1R 5LFKDUG$%HHVOH\3DZQHH1R (OWRQ(%UD\2OLYH%UDQFK1R 5REHUW&&KLSSV$VKODU1R &KDUOHV+&UDQH5REHUW)XUQDV1R )UDQN5'¶/RXK\3DSLOOLRQ1R -RKQ,(ULFNVRQ7KLVWOH1R )UHGHULF6*DNOH*DU¿HOG1R *DLO/*RQQHUPDQ2VFHROD1R &DOYLQ-+RFNOH\7KLVWOH1R 'RQDOG*+XGVRQ6WURPVEXUJ1R 'ZD\QH'-DFNVRQ:DXVD1R 0LOWRQ'-RKQVRQ6WURPVEXUJ1R 6WDQOH\$-XGG)DLUEXU\1R *D\OHQ'.MHU&RULQWKLDQ1R 5LFKDUG-.XWLOHN&RYHUW1R /HZLV(/DÀLQ3DZQHH1R 1RUPDQ%/HHSHU3DSLOOLRQ1R 'RQDOG(/RRV5REHUW)XUQDV1R 3KLOLS-0DXUHU-DFKLQ1R -DPHV+0RUULVRQ3DSLOOLRQ1R *OHQ+6KRHPDNHU+LJKODQG1R -RKQ(GZDUG6NDUGD%HOOHYXH1R +DUROG36WXFNH\7KLVWOH1R .HQQHWK:6XPPHUV%HOOHYXH1R 5LFKDUG9DQ:LQNOH3DZQHH1R 9LUJLO/:LOOLWV2VFHROD1R 5REHUW:=LPPHUPDQ6SULQJ¿HOG1R <HDU3LQV )UHGHULFN/$OH[DQGHU6XSHULRU1R 'RQDOG0$QGHUVRQ7KLVWOH1R -RKQ&%DUQKDUW/LQLQJHU1R -DPHV/%RQH/LQLQJHU1R %HQMDPLQ*'LVQH\6XSHULRU1R %HUJLH%'\VRQ3DSLOOLRQ1R %\IRUG(OZRQJHU1HPDKD9DOOH\1R .HQQHWK:)RUEHV'LDPRQG1R (OOLRWW(*LOPRUH-U/LQLQJHU1R +/OR\G+HLP3DZQHH1R /OR\G'+LQNOH\&RWQHU1R )UHGHULFN+RVWHUPDQ1HPDKD9DOOH\1R 'RQDOG'+RW]6U:\PRUH1R 2UYLOOH:+RXVHO&RWQHU1R 'RQDOG5-DFNVRQ7KLVWOH1R 5RGQH\'-RKQVRQ6FRWWV%OXII1R *HRUJH(/HPHQ-U/LQLQJHU1R -DFN0HKDIIH\1RUWK%HQG1R :LOOLDP62OVRQ2VKNRVK1R :LOOLDP)3ÀXJ3DSLOOLRQ1R 'RQ+3ULWFKHWW/LQFROQ1R %REE\*5DQDUG$VKODU1R :LOOLDP75DZVRQ7KLVWOH1R (OZ\Q5REHUWVRQ*DU¿HOG1R 0DUN$5RPRKU-U6WURPVEXUJ1R 5REHUW:6KLYHO\/HEDQRQ1R -RKQ&6LHUNV1HPDKD9DOOH\1R -RKQ06WDOGHU3DZQHH1R +DUROG'6WHLQHU&UHWH1R -HUU\(7RPVLN/LQFROQ1R -RKQ'7UXPDQ*DU¿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¶VZLIH0DUW\ 5D\PRQG)(YHUVZDV SUHVHQWHGWKH%URQ]H-RU GDQ 0HGDO IRU 3ODWWV PRXWK /RGJH 1R RQ -XQH 7KH SUH VHQWDWLRQ ZDV PDGH DW %URWKHU (YHUV¶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¶VIDP LO\ZDVLQDWWHQGDQFH * U D Q G 0 D V W H U % U X F H %DNHUSUHVHQWHG\HDU PHPEHUVKLS DZDUGV WR 'RQDOG/RRVDQG&KDUOHV & U D Q H R I 5 R E H U W : )XUQDV/RGJH1RLQ 6FRWWVEOXIIRQ-XQH )DOO1HEUDVND0DVRQ $FWLYHLQ$OOLDQFH $OOLDQFH 0DVRQV KHOG WKHLU DQQXDO UDIÀH WR VXSSRUW WKH $PHULFDQ/HJLRQ%DVHEDOOSURJUDP&+,3DFDGHPLFVFKRODU VKLSVDQGRWKHU0DVRQLFSURJUDPVVXSSRUWHGE\WKHORGJH&R &KDLUPHQ:?%?7RGG+DUULVDQG%?0LNH6DXWWHUWKDQNDOO ZKRKHOSHGVHOOWLFNHWVDQGHVSHFLDOO\WKRVHSXUFKDVLQJWLFNHWV 'RQ%HUJZDVWKHJUDQGSUL]HZLQQHUDQG/RUL0D]DQHF ZRQWKHQGSUL]HRI7KH6SDUWDQ%DVHEDOOWHDPUHFHLYHG DFKHFNIRUIURP$OOLDQFH/RGJH,QDGGLWLRQWRWKH FKHFN IURP WKH 0DVRQV SUHVHQWHG WR 6SDUWDQ FRDFKHV 7RP 6ZDQVRQDQG0RUJDQ0UDFHN'RQ%HUJGRQDWHGKLVZLQQLQJ FKHFNWRWKH6SDUWDQV $WOHIW'RQ%HUJGRQDWHVKLVZLQQLQJFKHFNWR7RP6ZDQVRQDQGDW ULJKW:%7RGG+DUULVSUHVHQWVDFKHFNWR/RUL0D]DQHF $OOLDQFH /RGJH FRQWLQXHV LWV FRPPLWPHQW WR$OOLDQFH V DQQXDO +HULWDJH'D\VFHOHEUDWLRQ7KH0DVRQVKHOGDQRRQWLPH%%4DQG WKH'H0ROD\ER\VKDGDSDQFDNHIHHG6DWXUGD\PRUQLQJSULRUWRWKH SDUDGH3LFWXUHGDQGUHDG\WRVHUYHWKHFURZGDIWHUWKHSDUDGHDUH :%-RKQ$GDP%7RGG5HKGHUDQG:%%UDG'XWWRQ 1HPDKD9DOOH\+RQRUV:%6LHUNV :%-RKQ6LHUNVRI1HPDKD9DOOH\/RGJH1RZDVSUHVHQWHG ZLWKKLV\HDUSLQIRU\HDUVRIPHPEHUVKLSDQGVHUYLFHWRWKH%URZQ YLOOH0DVRQLF/RGJHE\6WHSKHQ.HQQHG\RQ-XQHDWWKH1HPDKD 9DOOH\&RPPXQLW\&HQWHU-RKQZDVUDLVHGDVD0DVWHU0DVRQRQ -XQH DQGEHJDQ KLV\HDUV RIDFWLYHPHPEHUVKLSWRKLVORGJH-RKQ ZDV 0DVWHU RI WKH ORGJH WKUHH WLPHV DQGLQZDVDSSRLQWHGDVD'HSXW\ *UDQG&XVWRGLDQWRWKH*UDQG/RGJHRI 1HEUDVND$VDFXVWRGLDQKHZRUNVZLWK DUHDORGJHVWRKHOSWKHPZLWKWKHLUORGJH DQGGHJUHHZRUNDQGKHDOVRSUHVHQWV PDQ\OHFWXUHVWKDWDUHSDUWRIWKHLQLWLD WLRQULWXDO+HKDVFRQWLQXHGDVD'HSXW\ &XVWRGLDQ FRQWLQXDOO\ VLQFH WKDW WLPH ZKLFKLQLWVHOILVTXLWHDQDFFRPSOLVKPHQW 7KH HYHQW ZDV DWWHQGHG E\ -RKQ¶V ZLIH'RURWK\DQGDOORI-RKQ¶VFKLOGUHQ /RQQLH 0\UQD 0LFKHOOH 'DYLG &KXFN DQG 0HOLVVD 2WKHU PHPEHUV RI WKH /RGJH DQG 6WDU ZHUH DOVR SUHVHQW DQG VHYHUDOVSRNHRIZKDWLWPHDQWWRKDYH WKHVHWZRDVSDUWRIWKHLUOLYHV 1HEUDVND0DVRQ)DOO 68%67$17,$/*52:7+2) 1(%5$6.$0$6215< DQDUWLFOHE\&KDUOHV6/RELQJLHUUHSULQWHGIURP7KH 2PDKD%HH 7KLVGD\LVDQKLVWRULFRQHLQWKHDQQDOVRI0DVRQU\([DFWO\ \HDUVDJRWKH*UDQG/RGJHRI(QJODQGZDVIRUPHG2Q -XQHWKGHVLJQDWHGE\WKHDQQDOLVWVDV³WKHKLJKQRRQRI WKH\HDUWKHGD\RIOLJKWDQGRIURVHV´WKHIRXU0DVRQLFORGJHV RI/RQGRQHVWDEOLVKHGWKHERG\ZKLFKWKHUHDIWHUEHFDPHWKH PRWKHUJUDQGORGJHRIWKHZRUOG2IFRXUVHWKLVZDVQRWWKH EHJLQQLQJRI)UHHPDVRQU\,WPHUHO\PDUNHGWKHLQWURGXFWLRQ RIDQHZSKDVH±WKHWHQGHQF\WRZDUGFRPSOHWHRUJDQL]DWLRQ DQG FORVHU VWUXFWXUDO XQLRQ ± ZKLOH 0DVRQLF ORGJHV DQG WKH LQVWLWXWLRQVRI0DVRQU\KDGWKHQDOUHDG\H[LVWHGIRUFHQWXULHV &RPSDUHGZLWKWKHVHFKDSWHUVLQLWVKLVWRU\0DVRQU\LQ1H EUDVNDLV\RXQJ%XWWKHQ1HEUDVNDLVD\RXQJFRPPRQZHDOWK DQG0DVRQU\ZLWKLQLWVERUGHUVLVSUDFWLFDOO\DVROGDVDQ\SKDVH RIFLYLOL]DWLRQ&RLQFLGHQWZLWKWKHYHU\¿UVWVWHSWRZDUGWKH IRUPDWLRQRIFLYLOJRYHUQPHQWLQZKDWLVQRZ1HEUDVNDZDV WKHPRYHPHQWIRUWKHRUJDQL]DWLRQRILWV¿UVW0DVRQLFORGJH ,QWKHIDOORIWKHYHU\WLPHZKHQ)UDQFLV%XUWWKH¿UVW JRYHUQRU DUULYHG LQ WKH WHUULWRU\ WKH JUDQG ORGJH RI ,OOLQRLV JUDQWHGDGLVSHQVDWLRQWRFRQVWLWXWH1HEUDVNDORGJH1R DIWHUZDUG1RRI1HEUDVNDDW%HOOHYXH7KLVORGJHZDVIXOO\ RUJDQL]HGE\WKHIROORZLQJ$SULODQGDPRQJWKHPHPEHUVUH FHLYHGGXULQJZDV3HWHU$6DUS\WKHSLRQHHUIXUWUDGHU ZKRVHUHODWLRQWR1HEUDVNDKLVWRU\LVDOPRVWOLNHWKDWRI'DQ LHO%RRQHWR.HQWXFN\7KLVSLRQHHU1HEUDVNDORGJHKHOGLWV PHHWLQJVLQ&RORQHO6DUS\¶VWUDGLQJSRVWDQGDSLFWXUHRIWKDW KLVWRULFEXLOGLQJQRZDGRUQVWKHZDOOVRIWKHDQWHURRPRIWKH 0DVRQLFKDOOLQ2PDKD±D¿WWLQJDQGSHUSHWXDOUHPLQGHURI WKLVFUDGOHRI1HEUDVND)UHHPDVRQU\7KLVORGJHZDVUHPRYHG WR2PDKDLQDQGLVQRZLQSURVSHURXVFRQGLWLRQ $FWLYLW\RI3LRQHHU0DVRQV %XW0DVRQLFDFWLYLW\LQSLRQHHU1HEUDVNDZDVQRWFRQ¿QHG WR%HOOHYXH$OPRVWIURPWKH¿UVWWKHPHPEHUVRIWKHDQFLHQW FUDIWLQWKHOLWWOHVHWWOHPHQWVWKDWIULQJHGWKH0LVVRXULEHJDQWR WDNHVWHSVWRZDUGRUJDQL]DWLRQ*LGGLQJV/RGJH1RDIWHU ZDUG:HVWHUQ6WDUORGJH1RDW1HEUDVND&LW\ZDVFUHDWHG 0D\DQGFKDUWHUHGE\WKHJUDQGORGJHRI0LVVRXUL 0D\&DSLWROORGJH1RRI1HEUDVNDZDVFUHDWHG -DQXDU\DQGFKDUWHUHG-XQHDW2PDKDZKHUH LWLVQRZDÀ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«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¿FHUV$OEHUW:DQGD)LVKHU0DUFK'LUHFWRUV3DJH&RRUGLQDWRUV*HQH -XGLWK:HKUEHLQ2(6*UDQG2I¿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¶W$OZD\V%HOLHYH&RQWLQXHGIURPSDJH 0DVRQLF&KDULWLHV*ROI7RXUQDPHQW FLUFXODU OHWWHUV UHFHLYH SULRU ZULWWHQ FRQVHQW IURP WKH *UDQG 0DVWHU DQG VXFK FRPPXQLFDWLRQV PXVW QRW EH UHDGLQ/RGJHZLWKRXWWKHFRQVHQWRIWKH*UDQG0DVWHU VKRZQWKHUHRQ 7KHOHWWHUDOVROHYHOHGDFFXVDWLRQVDJDLQVWWKH*UDQG /RGJH -XULVSUXGHQFH &RPPLWWHH IRU QRW IROORZLQJ WKH %\ODZVFRQFHUQLQJSURSRVHGOHJLVODWLRQIRXQGWREH³QRW LQSURSHUIRUP´7KHGRFXPHQWDWLRQPDLQWDLQHGE\WKH -XULVSUXGHQFH&RPPLWWHHVXSSRUWVWKDWWKH/DZZDVLQ IDFWIROORZHGDQGGLVSURYHVDQ\SXUSRUWHGPLVFRQGXFW E\WKLV&RPPLWWHH<HWDQRWKHUDWWDFNZDVGLUHFWHGDW WKH DXWKRU RI DQ DUWLFOH WKDW ZDV SXEOLVKHG LQ WKH 1H EUDVND0DVRQXQOLNHWKLV³DQRQ\PRXV´OHWWHU0DVRQV WKDWZULWHDUWLFOHVIRUWKH1HEUDVND0DVRQGRQRWKLGH EHKLQGDQRQ\PLW\ $JDLQ,¿UPO\EHOLHYHWKDWWKHIDEULFDWLRQVDQGPLV LQIRUPDWLRQFRQWDLQHGLQWKLVPDLOLQJDUHWKHDFWRIDIHZ LQGLYLGXDOVLQWHQWRQVHUYLQJWKHLUSHUVRQDODJHQGDVDQG HJRVDWWKHH[SHQVHRIWKH)UDWHUQLW\DQGFOHDUO\KDVQR SODFHLQ0DVRQU\,W¶VP\RSLQLRQWKDW1HEUDVND0DVRQU\ LVEHWWHUVHUYHGE\WKH*UDQG/RGJH2I¿FHUVPDLQWDLQ LQJDFRXUVHRQWKHKLJKURDGRILQWHJULW\KRQHVW\DQG VHUYLFHDELOLW\ZHZLOOFRQWLQXHWREHWUDQVSDUHQWLQRXU 0DVRQLFGHDOLQJVDQGDSSURDFKDEOHRQHYHU\RFFDVLRQ 6HYHQW\VHYHQ JROIHUV SDUWLFLSDWHG LQ WKH WK$QQXDO 0DVRQLF&KDULWLHV*ROI7RXUQDPHQWRQ$XJXVWDWWKH1RUWK %HQG*ROI&RXUVH7KHJROIHUVHQMR\HGEHDXWLIXOZHDWKHUDQGD VWHDNGLQQHUFRRNHGE\PHPEHUVRI1RUWK%HQG/RGJH1R IROORZLQJWKHLUKROHVRISOD\7KDQN\RXWRWKHSDUWLFLSDQWV DQGQXPHURXVYROXQWHHUVZKRPDGHWKHWRXUQDPHQWDVXFFHVV 3UR¿WV IURP WKH WRXUQDPHQW EHQH¿W 7KH 1HEUDVND 0DVRQLF +RPH WKH 0DVRQLF(DVWHUQ 6WDU +RPH IRU &KLOGUHQ DQG WKH 1HEUDVND0DVRQLF)RXQGDWLRQ0DUN\RXUFDOHQGDUVWKH WRXUQDPHQWKDVEHHQWHQWDWLYHO\VHWIRU6DWXUGD\6HSWHPEHU ZLWKDDPVWDUW 7KHPHPEHUVRIWKHZLQQLQJWHDPZHUH 5DQG\&ROEHUJ0:0LNH-RQHV6KDQH 5KLDQDQG0:-LP%URZQ 0:%UXFH%DNHU WKDQNVSDUWLFLSDQWV )DOO1HEUDVND0DVRQ 7KH 1HEUDVND 0DVRQ LV SURGXFHG TXDUWHUO\ DQG GLVWULEXWHG WR PRUH WKDQPHPEHUVRIWKH0DVRQLF )DPLO\&RS\IRUDUWLFOHVLVGXHDWWKH *UDQG/RGJH2I¿FHRQRUEHIRUHWKH IROORZLQJ GDWHV $UWLFOHV UHFHLYHG DIWHUWKHVHGHDGOLQHVZLOOEHKHOGIRU SRVVLEOHLQFOXVLRQLQIXWXUHLVVXHV 'HFHPEHU0DUFK -XQH6HSWHPEHU 6HQGDUWLFOHVWR 7KH1HEUDVND0DVRQ 2I¿FHRIWKH*UDQG/RGJH 1WK6WUHHW /LQFROQ1( RU )D[ (PDLOPLFKHOOH#JOQHRUJ 7+(1(%5$6.$0$621 2)),&,$/38%/,&$7,212)7+( *5$1'/2'*($?)?$?0?2)1(%5$6.$ 1WK675((7 /,1&2/11( 029,1*"3OHDVHFXWRIIWKHERWWRPRIWKLV SDJHLQFOXGLQJ\RXUROGDGGUHVVDWWKHULJKW DQGPDLOWRWKHDERYHDGGUHVVDIWHU¿OOLQJLQ WKH1(:DGGUHVVVKRZQEHORZ 1HZ$GGUHVVBBBBBBBBBBBBBBBBBBBBBBB 3URGXFHG HGLWHG DQG SURRIHG E\ &LW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 6WDWHBBBBBBBBBBBBBB=LSBBBBBBBBBBBB 0LFKHOOH)XOPHUDQG&DURO6FKURHGHU 'ƌĂŶĚ>ŽĚŐĞKĸ ĐĞƌ>ĂĚŝĞƐ 'ŽŝŶŐ͞'ƌĞĞŶ͟ĨŽƌŽƵƌ zŽƵƚŚ'ƌŽƵƉƐ ^ŚŽǁ ŽƚŚĞƌƐƚŚĂƚ ͞EĞďƌĂƐŬĂ DĂƐŽŶƌLJ sĂůƵĞƐ DĂŬŝŶŐĂ ŝīĞƌĞŶĐĞ͊͟ ϐ ϐ Ǥ ̈́͵ǤͲͲ ȋʹȌ̈́ͷǤͲͲǤ ϐ Ǩ 1HEUDVND0DVRQ)DOO 1RQ3UR¿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dŚĞ,ĂƐƟŶŐƐDĂƐŽŶŝĐĞŶƚĞƌǁŝůů ďĞŚĂǀŝŶŐĂEĞǁzĞĂƌƐǀĞƉĂƌƚLJ͕ ĨŽůůŽǁĞĚďLJƚŚĞ'ƌĂŶĚDĂƐƚĞƌ͛Ɛ ƌĞĂŬĨĂƐƚ͘ŽŵƉůĞƚĞĚĞƚĂŝůƐǁŝůů ďĞŽŶƚŚĞ,ĂƐƟŶŐƐ&ƌĞĞŵĂƐŽŶƌLJ ǁĞďƐŝƚĞƐŽŽŶ͘'ŽƚŽ ǁǁǁ͘ŚĂƐƟŶŐƐĨƌĞĞŵĂƐŽŶƌLJ͘ŽƌŐ ĂŶĚĐůŝĐŬŽŶDŝĚͲtĞƐƚ>ŽĚŐĞϯϭϳ ŽŶƚŚĞůĞŌ͘
Similar documents
2013-2014 Annual Report - Allegany County Area Foundation
IUDPHZRUNZLWKLQZKLFKDQRUJDQL]DWLRQPDNHVEHWWHUGHFLVLRQVDQGDYRLGVPRUHPLVWDNHV WKDQDQ\RWKHUIRUPRIJRYHUQDQFH6RPHRIWKHIRXQGDWLRQERDUGPHPEHUVKDYHVHUYHG IRUVHYHUDOWHUPVEXW...
More informationKSHSAA State BasNetball Tournament History (1973
+D\GHQ7RSHND :LFKLWD6RXWK +R[LH 6SHDUYLOO...
More informationMoose Catalog - Gardena Lodge 2062 / WOTM Chapter 430 Home
/R\DO2UGHURI0RRVHSLQ HDRURUPRUH 3DVW'LVWULFW3UHVLGHQW/DSHOSLQ /R\DO2UGHURI0RRVH3DVW6WDWH 3UHVLGHQWODSHOSLQ 6WDQGLQJ0RRVH/DS...
More informationchinatown master plan 2010 - Boston
VRFLDOHFRQRPLFDQGFXOWXUDOFHQWHUWKDWPXVWEHSUHVHUYHG7KHSODQRXWOLQHV DYLVLRQWKDWLQFOXGHVUHLQIRUFLQJFRPPXQLW\HGJHVLPSURYLQJWKHTXDOLW\RIOLIH HQKDQFLQJWKHSXEOLFUHDOPDQG...
More information