beverage program 101-2
TRANSCRIPT
%HHU����
:KDW�LV�%HHU"4XLWH�VLPSO\��EHHU�LV�D�IHUPHQWHG��KRS�IODYRUHG��PDOW�VXJDU�WHD��7KHUH�DUH�IRXU�EDVLF�LQJUHGLHQWV�QHHGHG�WR�PDNH�EHHU��ZDWHU��PDOWHG�EDUOH\��KRSV��DQG�\HDVW��<HDVW���RIWHQ�OLVWHG�DV�D�IRXUWK�LQJUHGLHQW��DOWKRXJK�QRW�DOZD\V�D�SDUW�RI�WKH�ILQLVKHG�SURGXFW��LV�XVHG�WR�IHUPHQW�WKH�KRS�IODYRUHG�PDOW�VXJDU�WHD�LQWR�D�HIIHUYHVFHQW��EXEEO\��OLTXLG�ZLWK�DQ�DYHUDJH�RI�EHWZHHQ�WKUHH�DQG�VHYHQ�SHUFHQW�HWK\O�DOFRKRO���,Q�VRPH�FDVHV��VXFK�DV�D�%DUOH\�:LQH��WKH�DOFRKRO�FRQWHQW�FDQ�JR�WR�DOPRVW�������%RWK�ODJHUV�DQG�DOHV�DUH�PDGH�IURP�HVVHQWLDOO\�WKH�VDPH�IRXU�EXLOGLQJ�EORFNV�ZLWK�WKH�PDMRU�YDULDWLRQ�EHLQJ�WKH�W\SH�RI�\HDVW�XVHG�WR�IHUPHQW�WKH�SURGXFW�
:KDW�LV�0DOWHG�%DUOH\"0DOW�LV�EDUOH\��D�W\SH�RI�JUDLQ��ZKLFK�KDV�XQGHUJRQH�WKH�PDOWLQJ�SURFHVV��7KLV�SURFHVV�FRQVLVWV�RI�WZR�SULPDU\�VWHSV��)LUVW��WKH�UDZ�EDUOH\�LV�VRDNHG�LQ�ZDWHU�ZKLFK�DOORZV�LW�WR�EHJLQ�JHUPLQDWLRQ��7KLV�LV�WKH�ILUVW�SKDVH�WKH�JUDLQ�ZRXOG�HQGXUH�LI�LW�ZDV�WR�JURZ�LQWR�D�SODQW��'XULQJ�WKLV�SKDVH��HQ]\PHV�DUH�SURGXFHG�WR�EH�XVHG�ODWHU�WR�EUHDN�GRZQ�WKH�VWDUFKHV�LQ�WKH�JUDLQ�LQWR�VXJDUV��&KHPLFDOO\��VWDUFK�PROHFXOHV�DUH�VLPSO\�VHYHUDO�VXJDU�PROHFXOHV�MRLQHG�WRJHWKHU��,W�LV�WKHVH�VXJDUV�WKDW�ZRXOG�SURYLGH�WKH�HQHUJ\�QHHGHG�IRU�WKH�VHHG�WR�JURZ�LQWR�D�SODQW��7KH�VHFRQG�VWDJH�RI�WKH�PDOWLQJ�SURFHVV�KDOWV�WKH�JURZWK�RI�WKH�EDUOH\��9DU\LQJ�WHPSHUDWXUHV�RI�KRW�DLU�DUH�XVHG�WR�GU\�WKH�JUDLQ��NLOQLQJ���'HSHQGLQJ�RQ�WKH�WHPSHUDWXUH�DQG�OHQJWK�RI�NLOQLQJ��GLIIHUHQW�FRORUV�±�DQG�VXEVHTXHQWO\�IODYRUV�±�RI�PDOWHG�EDUOH\�DUH�SURGXFHG��*HQHUDOO\��WKH�KLJKHU�WKH�WHPSHUDWXUH�LQ�WKH�NLOQ��WKH�GDUNHU�WKH�FRORU�DQG�WKH�VWURQJHU�WKH�IODYRU�RI�WKH�EHHU�LW�LV�XVHG�WR�SURGXFH�
:KDW�DUH�+RSV"+RS�SODQWV�DUH�D�SHUHQQLDO�FOLPELQJ�YLQH��D�PHPEHU�RI�WKH�KHPS�IDPLO\��ZKLFK�JURZ�LQ�FRRO�FOLPDWHV�VXFK�DV�1RUWKHUQ�(XURSH��WKH�3DFLILF�1RUWKZHVW�DQG�1HZ�(QJODQG��'XULQJ�WKH�KRW�VXPPHU�GD\V��WKH\�FDQ�JURZ�VHYHUDO�LQFKHV�D�GD\��(YHQWXDOO\�D�KRS�YLQH�FDQ�JURZ�WR���������IHHW�LQ�KHLJKW��$�VLQJOH�SODQW�FDUULHV�HLWKHU�PDOH�RU�IHPDOH�IORZHUV��%UHZHUV�XVH�RQO\�WKH�FRQH�VKDSHG�IORZHUV�WKDW�KDQJ�GRZQZDUG�IURP�WKH�YLQHV�RI�WKH�IHPDOH�KRS�SODQW�+RSV�SURYLGH�ELWWHUQHVV��IODYRULQJ��DQG�DURPD�WR�EHHU��7KHLU�PRVW�LPSRUWDQW�UROH�LV�WR�EDODQFH�WKH�VZHHWQHVV�RI�WKH�PDOW��+RSV�DUH�DOVR�XVHG�DV�D�QDWXUDO�SUHVHUYDWLYH���EHHU�ZLWK�KRSV�NHHSV�IUHVKHU�ORQJHU�
:KDW�LV�<HDVW"<HDVW�LV�D�OLYLQJ�RUJDQLVP�±�D�IXQJXV��<HDVW�PHWDEROL]HV��HDWV��VXJDUV�DQG�FUHDWHV�FDUERQ�GLR[LGH��&2���DQG�HWK\O�DOFRKRO��7KH�PRVW�LPSRUWDQW�WKLQJ�WR�NQRZ�DERXW�EUHZLQJ�\HDVW�LV�WKDW�WKHUH�DUH�WZR�SULPDU\�W\SHV��/DJHU�\HDVWV��$OH�\HDVWV��$OH�\HDVWV�IHUPHQW�ZDUPHU��KLJKHU�WHPSHUDWXUHV���DQG�TXLFNHU�SURGXFLQJ�D�IUXLWLHU�DQG�VZHHWHU�EHHU��/DJHU�\HDVWV�IHUPHQW�FRROHU��ORZHU�WHPSHUDWXUHV��DQG�VORZHU�SURGXFLQJ�D�GU\HU��FOHDQHU�WDVWLQJ�EHHU��/DJHU�\HDVWV�KDYH�RQO\�UHFHQWO\�EHFRPH�PRUH�SUHGRPLQDQW�GXH�WR�LPSURYHG�WHFKQRORJ\��%HFDXVH�RI�WKHLU�VORZHU��FRROHU�IHUPHQWDWLRQ��WKH\�DUH�PRUH�VXVFHSWLEOH�WR�EDFWHULDO�LQIHFWLRQV�DQG�DUH�WKHUHIRUH�PRUH�GLIILFXOW�WR�EUHZ�ZLWK�
7KH�EUHZLQJ�SURFHVV�JRHV�DV�IROORZV�
�� $�VHOHFWLRQ�RI�PDOWV�DUH�ZHLJKHG�RXW�DQG�JURXQG�LQ�D�PLOO��� 7KLV�JURXQG�PDOW��FDOOHG�JULVW��LV�WKHQ�PL[HG�LQ�D�ODUJH�RSHQ�WDQN��FDOOHG�D�PDVK�WXQ��ZLWK�ZDUP�ZDWHU��a���&���� 7KH�PL[WXUH��FDOOHG�PDVK��VLWV�IRU�DSSUR[LPDWHO\����PLQXWHV��'XULQJ�WKLV�³UHVW´��HQ]\PHV�EUHDN�GRZQ�WKH�
VWDUFKHV�IURP�WKH�PDOW�LQWR�VXJDUV��� 7KH�VZHHW�OLTXLG�LV�WKHQ�VHSDUDWHG�IURP�WKH�JURXQG�PDOW��QRZ�PDLQO\�KXVNV��DQG�SXPSHG�LQWR�D�ODUJH�WDQN�IRU�
KHDWLQJ�±�WKH�NHWWOH��� 7KH�OLTXLG�LV�WKHQ�ERLOHG�IRU�DQRWKHU����PLQXWHV��+RSV�DUH�DGGHG�DW�SUHFLVH�WLPHV�GXULQJ�WKH�ERLO�WR�SURSHUO\�
ELWWHU��IODYRU��DQG�DGG�DURPD��+RSV�DGGHG�HDUO\�SURYLGH�VWURQJ�ELWWHUQHVV��+RSV�DGGHG�GXULQJ�WKH�PLGGOH�RI�WKH�ERLO�DGG�PRVWO\�IODYRU��+RSV�DGGHG�ODWH�LQ�WKH�ERLO�DGG�DURPDV�
�� 7KH�ERLOHG�OLTXLG��QRZ�FDOOHG�ZRUW��LV�WKHQ�FRROHG�WR�URRP�WHPSHUDWXUH�DQG�SXPSHG�LQWR�D�IHUPHQWHU��� <HDVW�LV�DGGHG�DQG�WKH�PL[WXUH�LV�OHIW�WR�VLW��� 2YHU�WKH�QH[W�������GD\V��WKH�\HDVW�IHUPHQWV�WKH�ZRUW��7KH�IHUPHQWDWLRQ�SURFHVV�LV�FRPSOHWH�ZKHQ�DOO�RI�WKH�
VXJDUV�KDYH�EHHQ�FRQYHUWHG�E\�\HDVW�LQWR�DOFRKRO�DQG�&2���� 7KH�³JUHHQ´�RU�³QHZ´�EHHU�LV�WKHQ�FRROHG�DJDLQ��WKLV�WLPH�WR���&��WR�DOORZ�WKH�\HDVW�WR�VHWWOH�WR�WKH�ERWWRP�RI�WKH�
WDQN��7KH�\HDVW�LV�FROOHFWHG�DQG�XVHG�DJDLQ�IRU�WKH�QH[W�EDWFK���� 7KH�EHHU�LV�WKHQ�SXPSHG�LQWR�D�FRQGLWLRQLQJ�WDQN�IRU�DJLQJ�)LQDOO\��DIWHU�VXIILFLHQW�WLPH�KDV�SDVVHG�WR�PDWXUH�WKH�EHHU��DQG�HQRXJK�FDUERQ�GLR[LGH�KDV�EHHQ�DGGHG��WKH�EHHU�LV�UHDG\�IRU�GULQNLQJ�
+RZ�WR�DQDO\]H�EHHU"
$SSHDUDQFH�6PHOO�7DVWH�
0RXWKIHHO�2YHUDOO�'ULQNDELOLW\�
��$SSHDUDQFH�±1RWH�WKH�EHHUV�FRORU��FDUERQDWLRQ��KHDG�DQG�LWV�UHWHQWLRQ��,V�LW�FOHDU�RU�FORXG\"�'RHV�LW�ORRN�ODFNOXVWHU�DQG�GXOO�RU�DOLYH�DQG�LQYLWLQJ"
��6PHOO�±%ULQJ�WKH�EHHU�WR�\RXU�QRVH��1RWH�WKH�EHHU¶V�DURPDWLF�TXDOLWLHV�
0DOWV��VZHHW��URDVW\��VPRN\��WRDVW\��FKRFRODW\��QXWW\��FDUDPHOO\��ELVFXLW\"
+RSV��GDQN���UHVLQ\��KHUEDO��SHUIXP\��VSLF\��OHDI\��JUDVV\��IORUDO��SLQH\��FLWUXV\"
<HDVW�ZLOO�DOVR�FUHDWH�DURPDV��<RX�PLJKW�JHW�IUXLW\�RU�IORZHU\�DURPDV��HVWHUV��IURP�DOHV�DQG�YHU\�FOHDQ�DURPDV�IURP�ODJHUV��ZKLFK�ZLOO�DOORZ�WKH�PDOW�DQG�KRS�VXEWOHWLHV�WR�SXOO�WKURXJK�
��7DVWH�±7DNH�D�GHHS�VLS�RI�WKH�EHHU��1RWH�DQ\�IODYRUV��RU�LQWHUSUHWDWLRQV�RI�IODYRUV��WKDW
\RX�PLJKW�GLVFRYHU��7KH�GHVFULSWLRQV�ZLOO�EH�VLPLODU�WR�ZKDW�\RX�VPHOO��,V�WKH�EHHU
EXLOW䇲ZHOO"�,V�WKHUH�D�EDODQFH�EHWZHHQ�WKH�LQJUHGLHQWV"�:DV�WKH�EHHU�EUHZHG�ZLWK�D�VSHFLILF�GRPLQDQFH�RI�FKDUDFWHU�LQ�PLQG"�+RZ�GRHV�LW�ILW�WKH�VW\OH"
��0RXWKIHHO�±7DNH�DQRWKHU�VLS�DQG�OHW�LW�ZDQGHU��1RWH�KRZ�WKH�EHHU�IHHOV�RQ�WKH�SDODWH�DQG�LWV�ERG\��/LJKW��KHDY\��FKHZ\��WKLQ���ZDWHU\��VPRRWK�RU�FRDUVH"�:DV�WKH�EHHU�IODW��RYHU�FDUERQDWHG"
��2YHUDOO�'ULQNDELOLW\�±<RXU�RYHUDOO�LPSUHVVLRQ�RI�WKH�EHHU�
7KH�IROORZLQJ�DUH�H[DPSOHV�RI�KRZ�ZH�ZRXOG�RUJDQL]H�RXU�WDVWLQJ�QRWHV�DQG�DQDO\VLV�RI�D�
EHHU���
%UHZHG�E\�3O]HQVN\�3UD]GURM��D��V��
&]HFK�5HSXEOLF
6W\OH�_�$%9&]HFK�3LOVHQHU�_��������$%9�
$SSHDUDQFH���%ULJKW�VKLPPHULQJ�JROGHQ�KXH��JRRG�ZKLWH�ODFLQJ�RQ�WRS�
6PHOO��6SLF\�KRSV�ZLWK�D�FDQQHG�0DQGDULQ�RUDQJH�FLWUXV�DURPD�WR�WKHP��ELJ�ZDIW�RI�JUDVV\�JUDLQ�LQ�WKH�QRVH�DV�ZHOO�
7DVWH�0RXWKIHHO��-XVW�DV�VPRRWK�DV�LW�LV�FULVS��6WURQJ�KRS�ELWWHUQHVV��VZHHW�JUDVV\�PDOWHG�EDUOH\�EUXVKHV�DFURVV�WKH�SDODWH�ZLWK�GU\�ELVFXLW\�QRWHV��6SLFLQHVV�IURP�WKH�KRSV�LV�SURQRXQFHG�ZLWK�D�OLJKW�DQG�GU\�ILQLVK�WKDW�KROGV�D�ORQJ�URDG�RI�IODYRU�
'ULQNDELOLW\��:LWK�WKH�XVH�RI�KRS�H[WUDFWV�WKLV�EHHU�DOPRVW�WDVWHV�WRR�IUHVK�����RU�SHUKDSV�,�DP�XVHG�WR�ROG�ERWWOHV��(LWKHU�ZD\�LW�LV�SUHWW\�GDPQ�ELWWHU��ZKLFK�LV�QRW�D�EDG�WKLQJ�����VLPSO\��LW�LV�QRW�WKH�VDPH�EHHU�IURP�\HDUV�JRQH�E\�EXW�LW�VWLOO�LV�D�TXDOLW\�EUHZ�,�ZRXOG�QRW�PLQG�YLVLWLQJ�RQFH�LQ�DZKLOH�
&]HFK�3LOVHQHU�'HVFULSWLRQ�
7KH�ELUWK�RI�3LOVQHU�EHHU�FDQ�EH�WUDFHG�EDFN�WR�LWV�QDPHVDNH��WKH�DQFLHQW�FLW\�RI�3O]HQ��RU�3LOVHQ��ZKLFK�LV�VLWXDWHG�LQ�WKH�ZHVWHUQ�KDOI�RI�WKH�&]HFK�5HSXEOLF�LQ�ZKDW�ZDV�RQFH�&]HFKRVORYDNLD�DQG�SUHYLRXVO\�SDUW�RI�WKH�RI�%RKHPLDQ�.LQJGRP��3LOVQHU�EHHU�ZDV�ILUVW�EUHZHG�EDFN�LQ�WKH�����V�ZKHQ�WKH�FLWL]HQV��EUHZHUV�DQG�PDOWVWHUV�RI�3O]HQ�IRUPHG�D�EUHZHUV�JXLOG�DQG�FDOOHG�LW�WKH�3HRSOHV�%UHZHU\�RI�3LOVHQ�
7KH�&]HFK�3LOVQHU��RU�VRPHWLPHV�NQRZQ�DV�WKH�%RKHPLDQ�3LOVQHU��LV�OLJKW�VWUDZ�WR�JROGHQ�FRORU�DQG�FU\VWDO�FOHDU��+RSV�DUH�YHU\�SUHYDOHQW�XVXDOO\�ZLWK�D�VSLF\�ELWWHUQHVV�DQG�RU�D�VSLF\�IORUDO�IODYRU�DQG�DURPD��QRWDEO\�RQH�RI�WKH�GHILQLQJ�FKDUDFWHULVWLFV�RI�WKH�6DD]�KRS��6PRRWK�DQG�FULVS�ZLWK�D�FOHDQ�PDOW\�SDODWH��PDQ\�DUH�JUDVV\��6RPH�RI�WKH�RULJLQDOV�ZLOO�VKRZ�VRPH�DUFKDLF�\HDVW�FKDUDFWHULVWLFV�VLPLODU�WR�YHU\�PLOG�EXWWHU\�RU�IXVHO��URVH�OLNH�DOFRKRO��IODYRUV�DQG�DURPDV�
$YHUDJH�DOFRKRO�E\�YROXPH��DEY��UDQJH����������
%UHZHG�E\�%URXZHULM�'H�.RQLQFN�19�
%HOJLXP
6W\OH�_�$%9%HOJLDQ�3DOH�$OH�_��������$%9�
$SSHDUDQFH��+D]\�DPEHU�ZLWK�D�VWLFN\�ZKLWH�ODF\�
6PHOO��)UDJUDQW��OLJKW�PHGLFLQDO�DURPDV��6PHOO�RI�VSLFH��FLQQDPRQ�
7DVWH�0RXWKIHHO��0HGLXP�ERGLHG�ZLWK�D�IOXVK�PDOW�FKDUDFWHU��:RQGHUIXO�WRDVWHG�IODYRXUV�IROORZHG�E\�VRPH�GU\QHVV��\HDVW\�VSLFH�DQG�D�VZHHW�IUXLW�OLNH�IODYRXU�UHPLQLVFHQW�RI�EODFN�FKHUU\�MXLFH��EXW�ZLWKRXW�WKH�WDUWQHVV��)LQLVKHV�ZLWK�D�WRXFK�RI�JUDLQ�GU\QHVV�
'ULQNDELOLW\��$�JUHDW�%HOJLDQ�6SHFLDOH�
%HOJLDQ�3DOH�$OH�'HVFULSWLRQ�
%HOJLDQ�3DOHV�FRQVXPH�WKH�%HOJLDQ�EUHZLQJ�VFHQH��DQG�ZHUH�LQLWLDOO\�EUHZHG�WR�FRPSHWH�ZLWK�3LOVHQHUV�GXULQJ�WKH�::,,�WLPH�IUDPH��7KH\�GLIIHU�IURP�RWKHU�UHJLRQDO�3DOH�$OH�YDULHWLHV��E\�WUDGLWLRQDOO\�EHLQJ�OHVV�ELWWHU��XVLQJ�DJHG�KRSV�IRU�D�GHOLFDWH�KRS�ILQLVK��DQG�ERDVWLQJ�VZHHWLVK�WR�WRDVW\�PDOW�RYHUWRQHV��7KH\�VKRXOG�EH�GHFDQWHG�SURSHUO\��OHDYLQJ�WKH�\HDVW�LQ�WKH�ERWWOH��7KLV�ZLOO�VKRZFDVH�WKHLU�EULOOLDQW�FRORU�UDQJH�IURP�SDOH�VWUDZ�\HOORZ�WR�DPEHU�KXHV��0RVW�ZLOO�EH�FURZQHG�ZLWK�WKLFN��FOLQJLQJ��URFN\�ZKLWHKHDGV��)ODYRUV�DQG�DURPDV�ZLOO�YDU\��6RPH�KDYH�QDWXUDO�VSLFH�FKDUDFWHUV�IURP�\HDVW�DQG�KRSV��ZKLOH�RWKHUV�DUH�VSLFHG�
7KHUHV�D�UHFHQW�JURZLQJ�WUHQG�WR�PDNH�PXFK�PRUH��KRSS\��3DOH�$OHV��WR�HQWLFH�WKH�86�PDUNHW�DQG�LWV�KRSKHDGV��6HH�'H�5DQNH�;;�%LWWHU�
$YHUDJH�DOFRKRO�E\�YROXPH��DEY��UDQJH����������
%UHZHG�E\�9LFWRU\�%UHZLQJ�&RPSDQ\�3HQQV\OYDQLD��8QLWHG�6WDWHV
6W\OH�_�$%97ULSHO�_��������$%9�
$SSHDUDQFH��LV�MXVW�DERXW�DYHUDJH�����D�FORXG\�JROGHQ�FRORXU�WRSSHG�ZLWK�D�WKLQ�ZKLWH�ODFH��EXW�ZLWK�SRXU�KHDG�UHWHQWLRQ�
6PHOO��$URPD�LV�IDLQW��DW�ILUVW��)ORUDO��EUHDG\��D�ELW�\HDVW\�LQ�WKH�QRVH�ZLWK�QRWHV�RI�FDUDPHO�HPHUJLQJ�DV�WKH�EHHU�ZDUPV�
7DVWH��$�VPRRWK��FUHDP\��ULFK�DQG�IXOO�ERGLHG�EHHU��+RSV�KLW�WKH�SDODWH�ILUVW�ZLWK�D�VRIW�IORUDO�IODYRXU�DQG�IODVK�RI�VSLF\�ELWWHUQHVV�WKDW�PLQJOHV�ZLWK�D�VSLF\��DQG�ZDUPLQJ��DOFRKRO�FKDUDFWHU��$�SOHDVLQJ�KHUEDO�IODYRXU�VWUHWFKHV�WKH�HQWLUH�WDVWLQJ�H[SHULHQFH��0DOW\�VZHHW�DQG�YHU\�VXJDU\��OLNH�JROGHQ�V\UXS�IURP�(QJODQG���ZLWK�EUHDG�DQG�\HDVW�IODYRXUV��7RXFK�RI�FDUDPHO��4XLWH�WKH�RQH�GLPHQVLRQDO�EHHU�DFWXDOO\��)LQLVK�LV�GU\�ZLWK�UHVLGXDO�\HDVW�IODYRXUV�DQG�D�VOLJKWO\�ELWWHU���RLO\�SDODWH�
'ULQNDELOLW\��*UHDW��QRW�WRR�KHDY\��VR�\RX�FDQ�KDYH�D�IHZ�
7ULSHO�'HVFULSWLRQ�
7KH�QDPH��7ULSHO��DFWXDOO\�VWHPV�IURP�SDUW�RI�WKH�EUHZLQJ�SURFHVV��LQ�ZKLFK�EUHZHUV�XVH�XS�WR�WKUHH�WLPHV�WKH�DPRXQW�RI�PDOW�WKDQ�D�VWDQGDUG�7UDSSLVW��6LPSOH���7UDGLWLRQDOO\��7ULSHOV�DUH�EULJKW�\HOORZ�WR�JROG�LQ�FRORU��ZKLFK�LV�D�VKDGH�RU�WZR�GDUNHU�WKDQ�WKH�DYHUDJH�3LOVHQHU��+HDG�VKRXOG�EH�ELJ��GHQVH�DQG�FUHDP\��$URPD�DQG�IODYRU�UXQV�DORQJ�FRPSOH[��VSLF\�SKHQROLF��SRZGHU\�\HDVW��IUXLW\�HVWHU\�ZLWK�D�VZHHW�ILQLVK��6ZHHWQHVV�FRPHV�IURP�ERWK�WKH�SDOH�PDOWV�DQG�WKH�KLJKHU�DOFRKRO��%LWWHUQHVV�LV�XS�WKHUH�IRU�D�EHHU�ZLWK�VXFK�D�OLJKW�ERG\�IRU�LWV�VWUHQJWK��EXW�DW�WLPHV�LV�EDUHO\�SHUFHLYHG�DPRQJVW�WKH�HYHQ�EDODQFH�RI�PDOWV�DQG�KRSV��7KH�OLJKWHU�ERG\�FRPHV�IURP�WKH�XVH�RI�%HOJLDQ�FDQG\�VXJDU��XS�WR�����VXFURVH���ZKLFK�QRW�RQO\�OLJKWHQV�WKH�ERG\��EXW�DOVR�DGGV�FRPSOH[�DOFRKROLF�DURPDV�DQG�IODYRUV��6PDOO�DPRXQWV�RI�VSLFHV�DUH�VRPHWLPHV�DGGHG�DV�ZHOO�
7ULSHOV�DUH�DFWXDOO\�QRWRULRXVO\�DOFRKROLF��\HW�WKH�EHVW�FUDIWHG�RQHV�KLGH�WKLV�FKDUDFWHU�TXLWH�HYLO�OLNH�DQG�GHFHLYLQJO\��PDNLQJ�WKHP�VLSSLQJ�EHHUV�
$YHUDJH�DOFRKRO�E\�YROXPH��DEY��UDQJH�����������
%UHZHG�E\�$QFKRU�%UHZLQJ�&RPSDQ\�&DOLIRUQLD��8QLWHG�6WDWHV
6W\OH�_�$%9&DOLIRUQLD�&RPPRQ���6WHDP�%HHU�_��������$%9�
$SSHDUDQFH��+D]\�FRSSHU�ZLWK�D�WKLFN��RII�ZKLWH��URFN\��EXEEO\��VWLFN\��FKXQN\�KHDG�
6PHOO��(DUWK\�PDOW�DURPDV�ZLWK�VHPL�FDUDPHO�VZHHWQHVV�
7DVWH��,PPHGLDWHO\��WKH�PRXWK�LV�KLW�E\�D�VKDUS�ELWWHUQHVV��VRPH�VDOW�DQG�VOLJKW�OHPRQ�IURP�WKH�KRSV��7KLV�LV�D�EHDXWLIXO�WKLQJ��IXOO�RI�IODYRXU�DQG�FKDUDFWHU��$IWHU��D�PLOGO\�DVWULQJHQW��HDUWK\��KLJKO\�WRDVWHG�PDOW�JXLGHV�\RX�WR�D�GU\��JUDLQ\��UHVLGXDO�FLWUXV�DIWHUWDVWH�
'ULQNDELOLW\��<RX�GRQW�ILQG�RWKHU�EHHUV�OLNH�WKLV��QRW�HYHQ�FORVH�LQ�WKHLU�PLPLFV��7KLV�LV�WUXO\�D�XQLTXH�EUHZ��DQG�D�FODVVLF��D�OHJHQG�LQ�WKH�KDQG�FUDIWHG�PLFUR�LQGXVWU\�
&DOLIRUQLD�&RPPRQ���6WHDP�%HHU�'HVFULSWLRQ�
7KH�&DOLIRUQLD�&RPPRQ��RU�6WHDP�%HHU��LV�D�XQLTXH������$PHULFDQ�VW\OH�ODJHU��,WV�XVXDOO\�EUHZHG�ZLWK�D�VSHFLDO�VWUDLQ�RI�ODJHU�\HDVW�WKDW�ZRUNV�EHWWHU�DW�ZDUPHU�WHPSHUDWXUHV��7KLV�PHWKRG�GDWHV�EDFN�WR�WKH�ODWH�����V�LQ�&DOLIRUQLD�ZKHQ�UHIULJHUDWLRQ�ZDV�D�JUHDW�OX[XU\��7KH�EUHZHUV�EDFN�WKHQ�KDG�WR�LPSURYLVH�WR�FRRO�WKH�EHHU�GRZQ��VR�VKDOORZ�IHUPHQWHUV�ZHUH�XVHG��6R�LQ�D�ZD\�WKH�ODJHU�\HDVW�ZDV�WUDLQHG�WR�IHUPHQW�TXLFNHU�DW�ZDUPHU�WHPSHUDWXUHV��7RGD\V�H[DPSOHV�DUH�OLJKW�DPEHU�WR�WDZQ\�LQ�FRORU��PHGLXP�ERGLHG�ZLWK�D�PDOW\�FKDUDFWHU��0LOGO\�IUXLW\�ZLWK�DQ�DVVHUWLYH�KRS�ELWWHUQHVV�
$QFKRU�%UHZLQJ�&R��WUDGHPDUNHG�WKH�WHUP��6WHDP�%HHU��DQG�DV�VXFK�DOO�RWKHU�EHHUV�PXVW�EH�OHJDOO\�UHIHUUHG�WR�DV��&DOLIRUQLD�&RPPRQ��
$YHUDJH�DOFRKRO�E\�YROXPH��DEY��UDQJH����������
%UHZHG�E\�%UDVVHULH�'XSRQW�VSUO�
%HOJLXP
6W\OH�_�$%96DLVRQ���)DUPKRXVH�$OH�_��������$%9�
$SSHDUDQFH��0DVVLYH�RII�ZKLWH�KHDG��YHU\�DFWLYH�FDUERQDWLRQ�����SDOH�JROGHQ�FORXG\�FRORU��7KLV�LV�JRRG�DV�WKH�EHHU�VKRXOG�QHYHU�SRXU�FOHDU�
6PHOO��9HU\�ULSH�SHDU��HDUWK\�FHOODU�DQG�D�VROLG�KHUEDO�EDFNERQH�URXQG�RXW�WKH�QRVH�
7DVWH��%LJ�KHUEDO�SKHQROLF�DFWLRQ�XSIURQW��GU\�JUDLQ�DQG�D�PLOG�WDUWQHVV��$�KDQGIXO�RI�PDOW�FKDUDFWHU�FRPHV�WKURXJK�ZLWK�D�FOHDQ�JUDLQ\�QRWH��7RXFK�RI�IUXLWLQHVV��PXVW\�FKDON\�\HDVW��KHUEDO�SKHQROV�DQG�GU\�JUDLQ�LQ�WKH�ILQLVK�
'ULQNDELOLW\��,QFUHGLEO\�VPRRWK�ZLWK�D�GHHS�\HW�VRIW�FULVSQHVV��1HHG�D�EHHU�WR�FOHDQ�WKH�SDODWH�LI�QRW�FXW�WKURXJK�VRPH�RI�WKH�PRVW�IODYRUIXO�FXLVLQHV�����WKLV�LV�WKH�EHHU�WR�GR�LW�
6DLVRQ���)DUPKRXVH�$OH�'HVFULSWLRQ�
6DLVRQV�DUH�VWXUG\�IDUPKRXVH�DOH�WKDW�ZDV�WUDGLWLRQDOO\�EUHZHG�LQ�WKH�ZLQWHU��WR�EH�FRQVXPHG�WKURXJKRXW�WKH�VXPPHU�PRQWKV��1RW�VR�ORQJ�DJR�LW�ZDV�FORVH�WR�EHLQJ�DQ�HQGDQJHUHG�VW\OH��EXW�RYHU�UHFHQW�\HDUV�WKHUHV�EHHQ�D�PDVVLYH�UHYLYDO��HVSHFLDOO\�LQ�WKH�86�
7KLV�LV�D�YHU\�FRPSOH[�VW\OH��PDQ\�DUH�YHU\�IUXLW\�LQ�WKH�DURPD�DQG�IODYRU��/RRN�IRU�HDUWK\�\HDVW�WRQHV��PLOG�WR�PRGHUDWH�WDUWQHVV��/RWV�RI�VSLFH�DQG�ZLWK�D�PHGLXP�ELWWHUQHVV��7KH\�WHQG�WR�EH�VHPL�GU\�ZLWK�PDQ\�RQO\�KDYLQJ�WRXFK�RI�VZHHWQHVV�
$YHUDJH�DOFRKRO�E\�YROXPH��DEY��UDQJH����������
:LQH����
�:LQH�LV�PDGH�LQ�HYHU\�FRXQWU\�LQ�WKH�ZRUOG�DQG�KDV�PDQ\�VW\OHV�DQG�IODYRUV�
�2QH�JHQHUDO�UXOH�DSSOLHV�WR�DOO�ZLQHV�RI�WKH�ZRUOG��WKH\�DUH�PDGH�IURP�*UDSHV�
�:LQH�IURP�DQ\�DUHD�LQ�WKH�ZRUOG�KDV�RQO\�WZR�LQJUHGLHQWV��JUDSHV�DQG�\HDVW��1RWKLQJ�HOVH�FDQ�EH�DGGHG�
�$�JUDSH�VSHFLHV�LV�FDOOHG�D�³YDULHWDO´�
�:LQHV�FDQ�EH�FDOOHG�VLQJOH�YDULHWDO��PHDQLQJ�WKDW�WKH\�FRQWDLQ�RQO\�RQH�VSHFLHV�RI�JUDSH��&DEHUQHW�6DXYLJQRQ��RU�WKH\�FDQ�EH�FDOOHG�D�EOHQG��PHDQLQJ�WKDW�WKH\�FRQWDLQ�WZR�RU�PRUH�VSHFLHV�RI�JUDSHV��&DEHUQHW�6DXYLJQRQ�DQG�0HUORW��
:LQH�%DVLFV�
Ɣ :KHQ�ZH�GLVFXVV�ZLQH�ZLWK�RXU�FXVWRPHUV�ZH�ZDQW�WR�WDON�DERXW�ZLQH�³VW\OHV´�LQVWHDG�RI�VSHFLILF�FDWHJRULHV�RU�W\SHV�RI�ZLQH���,I�ZH�OLPLW�RXU�FRQYHUVDWLRQ�WR�ILQGLQJ�RXW�WKH�VW\OH�RI�ZLQH�D�FXVWRPHU�ZDQWV�WKHQ�ZH�FDQ�XQGHUVWDQG�ZKDW�IODYRUV�DQG�DURPDV�WKH\�DUH�ORRNLQJ�IRU�DQG�ZH�FDQ�ILQG�WKH�EHVW�ILW�IRU�WKHP�
Ɣ 7KH�EHVW�ZD\�WR�GR�WKLV�LV�DOZD\V�WR�NQRZ�\RXU�SURGXFW���:KDW�ZLQH�GR�\RX�VHUYH�DQG�ZKHUH�GRHV�LW�ILW�LQ�WKH�ZLQH�VW\OH�VSHFWUXP"
Ɣ 6R�OHWV�WDNH�D�ORRN�DW�H[DFWO\�ZKDW�D�³VW\OH´�RI�ZLQH�LV���
a:LQH�����7KH�/LTXLG�
a:LQHV�����9DULDWLRQV�RI�WKH�/LTXLG�
a$�:LQH�����$�VSHFLILF�LQGLYLGXDO�LQVWDQFH�
a&DWHJRU\�RI�ZLQH�����$�VXEVHW�EDVHG�RQ�RIILFLDO�GLVWLQFWLRQV��VXFK�DV�WDEOH�ZLQH�RU�VSDUNOLQJ�ZLQH�
a7\SH�RI�ZLQH�����$�VXEVHW�WKDW�KDV�FRPH�LQWR�H[LVWHQFH�WKURXJK�FRPPHUFLDO�XVDJH��VXFK�DV�%RUGHDX[��%XUJXQG\��0HUORW��RU�&KDUGRQQD\�
a6W\OH�RI�:LQH�����D�VXEVHW�EDVHG�RQ�VHQVRU\�FKDUDFWHULVWLFV�
Ɣ 7KH�IROORZLQJ�VOLGH�LV�JRLQJ�WR�SODFH�DOO�ZKLWH�ZLQHV�LQWR���FDWHJRULHV�EDVHG�RQ�WKHLU�PDMRU�VHQVRU\�FKDUDFWHULVWLFV��KRZ�WKH\�VPHOO�DQG�WDVWH���,QVLGH�HYHU\�ZLQH�VW\OH�ZLOO�EH�D�GHVFULSWLRQ�RI�WKH�ERG\��WH[WXUH�DQG�IODYRXU�LQWHQVLW\�
Ɣ %RG\��$�ZLQHV�ERG\�JLYHV�LW�D�SUHVHQFH�RI�ZHLJKW�LQ�WKH�PRXWK���,W�FDQ�DOVR�JLYH�WKH�IHHO�RI�UHVLVWDQFH�ZKHQ�IORZLQJ�DJDLQVW�RU�DORQJ�WKH�WRQJXH�
Ɣ 7H[WXUH��$�ZLQHV�WH[WXUH�LV�JHQHUDOO\�KRZ�FRDUVH�RU�ZD[\�LW�IHHOV�RQ�WKH�WRQJXH�DQG�JXPV���$�ZKLWH�ZLQH�ZLWK�D�ORW�RI�WH[WXUH�XVXDOO\�IHHOV�WKLFN�DQG�ZD[\�RQ�WKH�JXPV���$�UHG�ZLQH�ZLWK�D�ORW�RI�WH[WXUH�IHHOV�JUDLQ\�DQG�FRXUVH���,Q�ERWK�FDVHV�\RX�IHHO�WKH�QHHG�WR�ZLSH�\RXU�WRQJXH�DQG�JXPV�RII�WR�JHW�ULG�RI�WKLV�ZD[\�DQG�FRDUVH�IHHOLQJ�
Ɣ )ODYRU�,QWHQVLW\��7KLV�LV�PHDVXUH�E\�KRZ�HDV\�LW�LV�WR�VPHOO�DQG�WDVWH�WKH�ZLQH���6RPH�ZLQHV�DUH�QHXWUDO�DQG�GRQ¶W�KDYH�PXFK�IODYRXU�RU�DURPD�ZKLOH�RWKHUV�DUH�YHU\�DURPDWLF�DQG�KDYH�D�VWURQJ�IODYRU�RQ�WKH�WRQJXH���7KH�VWURQJHU�WKH�IODYRXU�DQG�DURPD�RI�D�ZLQH�WKH�KLJKHU�WKH�IODYRU�LQWHQVLW\��
)UHVK�8QRDNHG�:KLWHV��*HQHUDOO\�WKH�OLJKWHVW�DQG�OHDVW�FRPSOH[�RI�DOO�GU\�ZKLWH�ZLQHV��EXW�DOVR�WKH�PRVW�UHIUHVKLQJ��WKHVH�ZLQHV�DUH�FULVS��WKHLU�DURPDWLF�LQWHQVLW\�UDQJHV�IURP�QHXWUDO�WR�PLOG��WKH\�DGDSW�HDVLO\�WR�IRRG��,QH[SHQVLYH�,WDOLDQ�3LQRW�*ULJLR�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
(DUWK\�:KLWHV��5HSUHVHQWLQJ�D�PLGGOH�JURXQG�EHWZHHQ�WKH�ILUVW�DQG�IRXUWK�VW\OHV��WKHVH�ZLQHV�DUH�IXOOHU�ERGLHG�DQG�PRUH�VXEVWDQWLDO�WKDW�WKH�ILUVW�EXW�OHVV�IODYRUIXO�WKDQ�WKH�IRXUWK��DQG�ODFN�REYLRXV�RDNLQHVV��WKH\�KDYH�IDLUO\�VXEWOH�IODYRUV��RIWHQ�RI�DQ�HDUWK\�RU�PLQHUDO�QDWXUH��DV�ZHOO�DV�EURDG��VXEVWDQWLDO�VWUXFWXUH���0DFRQ�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH
$URPDWLF�:KLWHV��7KHVH�ZLQHV�KDYH�ORWV�RI�IODYRU��EXW�LW�LV�D�IODYRU�WKDW�FRPHV�IURP�WKH�JUDSHV�UDWKHU�WKDQ�IURP�RDN��WKH\�YDU\�LQ�ZHLJKW�IURP�IDLUO\�OLJKW�WR�ULFK��DQG�LQ�VZHHWQHVV�IURP�ERQH�GU\�WR�PHGLXP�VZHHW��WKH\�DUH�VRPH�RI�WKH�PRVW�IRRG�IULHQGO\�ZLQHV�DURXQG��*HUPDQ�5LHVOLQJ�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
5LFK�2DN\�:KLWHV��$W�WKH�RSSRVLWH�HQG�RI�WKH�VSHFWUXP�IURP�WKH�ILUVW�VW\OH�LQ�WHUPV�RI�WKHLU�ZHLJKW�DQG�WKHLU�IODYRU�LQWHQVLW\��WKHVH�ZLQHV�DUH�MXVW�DERXW�WKH�ULFKHVW�ZKLWH�ZLQHV�WKDW�\RX�FDQ�ILQG��DSDUW�IURP�VZHHW�GHVVHUW�ZLQHV��VPRN\�WRDVW\�RDN�FKDUDFWHU�LV�D�FRPPRQ�FKRUG�IRU�WKHVH�ZLQHV��&DOLIRUQLD�&KDUGRQQD\�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
0LOG�0DQQHUHG�5HGV��7KHVH�ZLQHV�KDYH�DURPDV�DQG�IODYRUV�WKDW�DUH�QRW�SDUWLFXODUO\�LQWHQVH��DQG�WKH\�KDYH�D�JHQWOH�FKDUDFWHU��PRVW�RI�WKHP�DUH�IDLUO\�VPRRWK�DQG�QRW�YHU\�VRIW�DQG�IUXLW\��,QH[SHQVLYH�%RUGHDX[�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
6RIW�DQG�)UXLW\�5HGV��7KHVH�\RXQJ��UHDG\�WR�GULQN��OLJKW��RU�PHGLXP�ERGLHG�ZLQHV�H[SUHVV�IUXLW\�DURPDV�DQG�IODYRUV�DQG�GRQW�KDYH�PXFK�WDQQLQ��%DVLF�%HDXMRODLV�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
)UHVK��6SLF\�5HGV��*HQHUDOO\�IDLUO\�LQWHQVH�LQ�DURPDWLFV���DQG�WKRVH�DURPDV�DQG�IODYRUV�RIWHQ�KDYLQJ�D�VSLF\�QRWH�WR�WKHP���7KHVH�ZLQHV�DOVR�KDYH�VXEVWDQWLDO�VWUXFWXUH�DQG�D�FHUWDLQ�HGJLQHVV�RI�SHUVRQDOLW\��'ROFHWWR��IURP�,WDO\��LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
3RZHUIXO�5HGV��:LQHV�RI�WKLV�VW\OH�DUH�IXOO�ERGLHG�DQG�DOVR�KDYH�FRQFHQWUDWHG�DURPDV�DQG�IODYRUV��DV�ZHOO�DV�FRQVLGHUDEOH�WDQQLF�VWUXFWXUH��VRPH�RI�WKHP�QHHG�ERWWOH�DUH�WR�UHDFK�WKHLU�RSWLPXP�H[SUHVVLRQ���1DSD�9DOOH\�&DEHUQHW�6DXYLJQRQ�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
6SDUNOLQJ�:LQH�6W\OHVa)UXLW�'ULYHQ�%XEEOLHV�����7KHVH�ZLQHV�FDQ�EH�RYHUWO\�IUXLW\�DQG�IUHVK��RU�OHVV�VR��EXW�WKH\�DUH�OHVV�ULFK�WKDQ�WKRVH�LQ�WKH�FRPSOH[�VSDUNOLQJ�ZLQH�VW\OH��DQG�WKHLU�DURPDV�DQG�IODYRUV�DUH�OHVV�GHYHORSHG��6SDUNOLQJ�3URVHFFR�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OHa&RPSOH[�6SDUNOLQJ�:LQHV�����%XEEOLHV�ZLWK�HDUWK\��ULFK�IODYRUV�WKDW�KDYH�GHYHORSHG�GXULQJ�ORQJ�DJLQJ�DW�WKH�ZLQHU\�IDOO�LQWR�WKLV�VW\OH��&KDPSDJQH��IURP�)UDQFH��LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
5RVH�:LQH�6W\OHVa%OXVK�:LQHV�����7KHVH�SLQN�ZLQHV�UDQJH�IURP�VOLJKWO\�VZHHW�WR�VZHHW��DQG�WKH\�DUH�XVXDOO\�VRIW�DQG�IUXLW\��:KLWH�=LQIDQGHO�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�a'U\�5RVH�:LQHV�����7KHVH�ZLQHV�FDQ�EH�ERQH�GU\�RU�WKH\�FDQ�KDYH�D�YHU\�VOLJKW�VZHHWQHVV��OHVV�WKDQ�EOXVK�ZLQHV��WKH\�DOVR�KDYH�IDLUO\�ILUP�VWUXFWXUH��IURP�FULVS�DFLGLW\�RU�D�VPDOO�DPRXQW�RI�WDQQLQ��5RVDGR�IURP�6SDLQ¶V�1DYDUUD�UHJLRQ�LV�D�W\SLFDO�ZLQH�LQ�WKLV�VW\OH�
7KH�IROORZLQJ�DUH�H[DPSOHV�RI�KRZ�ZH�ZRXOG�RUJDQL]H�RXU�WDVWLQJ�QRWHV�DQG�DQDO\VLV�RI�D�
ZLQH���
5DDWV3URGXFHU��5DDWV
9DULHW\��&KHQLQ�%ODQF9LQWDJH������2ULJLQ��6WHOOHQERVFK��6RXWK�$IULFD
$URPD��&LWUXV�)UXLWV��+HUEDFHRXV��0LQHUDO7DVWH��&LWUXV�)UXLWV��+HUEDFHRXV
:KLWH
/HV�&UHWHV3URGXFHU��/HV�&UHWHV
9DULHW\��3HWLWH�$UYLQH9LQWDJH������2ULJLQ��9DO�G¶$RVWD��,WDO\
$URPD��&LWUXV�)UXLW��0LQHUDO
7DVWH��&LWUXV�)UXLW��0LQHUDO
:KLWH
3URGXFHU��+XJHO
9DULHW\��5LHVOLQJ9LQWDJH������2ULJLQ��$OVDFH��)UDQFH
$URPD��7URSLFDO�)UXLWV��&LWUXV�)UXLWV��)ORUDO��0LQHUDO7DVWH��7URSLFDO�)UXLWV��6WRQH�)UXLWV��&LWUXV�)UXLWV��)ORUDO
:KLWH +XJHO�5LHVOLQJ
3HFRQLF�%D\�µ/D�%DUULTXH¶3URGXFHU��/RZHUUH�)DPLO\�(VWDWH
9DULHW\��&KDUGRQQD\9LQWDJH������2ULJLQ��1RUWK�)RUN��/RQJ�,VODQG��86$
$URPD��2UFKDUG�)UXLW��2DN��&LWUXV�)UXLW
7DVWH��2UFKDUG�)UXLW��2DN
:KLWH
/D�4XHUFLROD�µ&RUQROH¶3URGXFHU��/D�4XHUFLROD
9DULHW\��'ROFHWWR9LQWDJH������2ULJLQ��'ROFHWWR�GL�'RJOLDQL��3LHPRQWH��,WDO\
$URPD��5HG�)UXLW
7DVWH��5HG�)UXLW
5HG
'RPDLQH�&KDQGRQ3URGXFHU��'RPDLQH�&KDQGRQ
9DULHW\��3LQRW�0HXQLHU9LQWDJH������2ULJLQ��&DUQHURV��&DOLIRUQLD
$URPD��5HG�)UXLW
7DVWH��5HG�)UXLW
5HG
)UHHPDUN�$EEH\�µ+HULWDJH�&ORQHV¶3URGXFHU��)UHHPDUN�$EEH\
9DULHW\��3HWLW�6\UDK9LQWDJH������
2ULJLQ��1DSD��&DOLIRUQLD��86$
$URPD��5HG�)UXLW��6WRQH�)UXLW��2DN
7DVWH��5HG�)UXLW��6WRQH�)UXLW��2DN
5HG
%ULFFR�0DQ]RQL3URGXFHU��%ULFFR�0DQ]RQL
9DULHW\��1HEELROR9LQWDJH������2ULJLQ��/DQJKH��3LHPRQWH��,WDO\
$URPD��5HG�)UXLWV
7DVWH��5HG�)UXLWV
5HG
6SLULWV����
7KHUH�DUH�WZR�PDMRU�W\SHV�RI�6SLULW�LQ�WKH�ZRUOG�
�:KLWH�6SLULWV
�%URZQ�6SLULWV
$OO�VSLULWV�FRPH�RII�WKH�GLVWLOOHU\�FU\VWDO�FOHDU��7KLV�PDNHV�WKHP�D�ZKLWH�VSLULW�IURP�WKH�VWDUW���&RORU�LV�JDLQHG�IURP�WLPH�VSHQW�LQ�RDN�EDUUHOV�DIWHU�LW�KDV�EHHQ�GLVWLOOHG���7KLV�PDNHV�LW�D�EURZQ�VSLULW�QRZ�WKDW�LW�KDV�FRORU���&RORU�FDQ�DOVR�FRPH�IURP�LQJUHGLHQWV�DGGHG�DIWHU�WKH�GLVWLOO�PXFK�OLNH�D�WHD�EDJ�DGGV�FRORU�WR�KRW�ZDWHU��7KH�UXOH�RI�WKXPE�LV�WKDW�LI�LW¶V�JRW�D�EURZQ�FRORU�WKHQ�LW�JRW�LW¶V�FRORU�IURP�DQ�RDN�EDUUHO��,I�LWV�DQ\�RWKHU�FRORU�WKDQ�EURZQ�LW�SUREDEO\�KDG�VRPHWKLQJ�VRDNHG�LQ�LW�
9RGND��:KLWH�
�,QJUHGLHQWV��&RUQ��%DUOH\��5\H��:KHDW��3RWDWR
�&KDUDFWHU��6RIW�DQG�VXEWOH�DURPDV�DQG�IODYRUV
�6W\OHV��7\SLFDOO\�FDOOHG�HLWKHU�JUDLQ�RU�SRWDWR�YRGND�
�*RRG�9HUVLRQ��6KRZV�HOHJDQFH�DQG�EDODQFH�LQ�IODYRUV�DQG�DOFRKRO�FRQWHQW
�%DG�9HUVLRQ��+DV�D�FRDUVH�WH[WXUH��JUDLQ\�IODYRU�DQG�KLJK�DOFRKRO�SUHVHQFH�
*LQ��:KLWH��,QJUHGLHQWV��&RUQ��%DUOH\��5\H��:KHDW��3RWDWR��,QIXVHG�ZLWK�ERWDQLFDOV�VXFK�DV�-XQLSHU�EHUULHV��2UDQJH�SHHO��,ULV�5RRW��*UDLQV�RI�3DUDGLVH�DQG�PXFK�PRUH�
�&KDUDFWHU��-XQLSHU�LV�WKH�PDLQ�IODYRU�EDFNHG�E\�SXQJHQW�VSLFHV��EODFN�SHSSHU�
�*RRG�9HUVLRQ��7KH�VSLULW�EDVH�EHIRUH�WKH�ERWDQLFDOV�DUH�DGGHG�LV�D�TXDOLW\�WDVWLQJ�FDQYDV��7KH�ERWDQLFDOV�DUH�EULJKW�OLYHO\�ZLWK�D�IORUDO�HGJH��
�%DG�9HUVLRQ��6WDUWV�ZLWK�D�SRRU�EDVH�VSLULW�DQG�ERWDQLFDOV�WKDW�DUH�HGJ\�DQG�KDUVK�RQ�WKH�WKURDW���7KH�DOFRKRO�LV�RYHUSRZHULQJ�DQG�DGGV�WRR�PXFK�VZHHWQHVV�
5XP��:KLWH�%URZQ��
�,QJUHGLHQWV��6XJDUFDQH��PRODVVHV�DQG�FDQH�VDS
�&KDUDFWHU��6LON\�WR�WKLFN��RIWHQ�VKRZLQJ�VZHHW�EDNLQJ�VSLFHV��YDQLOOD��FLQQDPRQ��QXWPHJ��FORYH��LQ�ZKLWH�YHUVLRQV�DQG�PRFKD��FRFRD��NHUQHO��DQG�WREDFFR�LQ�EURZQ�YHUVLRQV
�*RRG�9HUVLRQ��&RPSOH[�LQ�IODYRXU�ZLWK�WRDVWHG�NHUQHO�QRWHV�DQG�GHHS�FRFRD�RU�WREDFFR
�%DG�9HUVLRQ��6ZHHW�LQ�IODYRXU�ZLWK�FDUDPHO�QRWHV�DQG�QR�NHUQHO�RU�FRFRD�
7HTXLOD��:KLWH�%URZQ��,QJUHGLHQWV�������%OXH�$JDYH
�&KDUDFWHU��9HJHWDO��6LOYHUV�VKRXOG�EH�VPRRWK�DQG�EDODQFHG�YHJHWDO�IODYRUV��$QHMR�DQG�5HSRVDGR�DUH�EDUUHO�DJHG�DQG�KDYH�PRUH�ULSHQHVV�DQG�VZHHW�VSLFHV��YDQLOOD��FLQQDPRQ��QXWPHJ�
�*RRG�9HUVLRQ��9HJHWDO�DQG�VPRRWK��EDUUHOV�DGG�ULSHQHVV�WR�IODYRXU�DQG�FDUDPHO�DQG�YDQLOOD�WR�WKH�DURPD�
�%DG�9HUVLRQ��6PRNH\�DQG�EXUQW�YHJHWDO�IODYRXUV��%HOO�SHSSHU�LV�D�VLJQDO�RI�SRRU�TXDOLW\�
0H]FDO��:KLWH�%URZQ��,QJUHGLHQWV���0DQ\�VSHFLHV�RI�WKH�$JDYH�SODQW
�&KDUDFWHU��9HJHWDO�DQG�VPRNH\��6LOYHUV�VKRXOG�EH�VPRRWK�DQG�EDODQFHG�YHJHWDO�DQG�RRORQJ�IODYRUV��$QHMR�DQG�5HSRVDGR�DUH�EDUUHO�DJHG�DQG�KDYH�PRUH�ULSHQHVV�DQG�VZHHW�VSLFHV��YDQLOOD��FLQQDPRQ��QXWPHJ�
�*RRG�9HUVLRQ��9HJHWDO�ZLWK�DQ�RRORQJ�WHD�EDFNJURXQG��EDUUHOV�DGG�ULSHQHVV�WR�IODYRXU�DQG�FDUDPHO�DQG�YDQLOOD�WR�WKH�DURPD�
�%DG�9HUVLRQ��6PRNH\�DQG�EXUQW�YHJHWDO�IODYRXUV��%HOO�SHSSHU�LV�D�VLJQDO�RI�SRRU�TXDOLW\�
%UDQG\��%URZQ�
�,QJUHGLHQWV��*UDSHV
�&KDUDFWHU��6RIW�DQG�URXQGHG�ZLWK�VWURQJ�IUXLW�SUHVHQFH
�*RRG�9HUVLRQ��6KRZV�WKH�FKDUDFWHU�RI�ZKHUH�LW¶V�IURP��+DV�FRPSOH[�EHUU\�IODYRUV�DQG�SRVVLEO\�GHHSHU�GULHG�IUXLW�QRWHV��6PRRWK�DQG�URXQG�LQ�FKDUDFWHU�
�%DG�9HUVLRQ��)UXLW�LV�RYHUSRZHUHG�E\�DOFRKRO��&KDUDFWHU�LV�HGJ\�DQG�FRXUVH�
�,QJUHGLHQWV��*UDSHV
�&KDUDFWHU��7KLV�LV�D�%UDQG\�VSHFLILFDOO\�IURP�&RJQDF��)UDQFH��,W�VKRZV�HOHJDQW�IUXLWV�DQG�D�VRIW�FRPSOH[LW\�XQPDWFKHG�LQ�WKH�ZRUOG�
�*RRG�9HUVLRQ��([WUHPHO\�EDODQFHG�DOFRKRO�ZLWK�IORUDO�IUXLW�DQG�GULHG�IUXLW�QRWHV��(GJH�LV�VRIW�DQG�PD\�KDYH�EUHDG�RU�WRDVW�QRWHV�
�%DG�9HUVLRQ��(GJH�LV�KDUVK�DQG�WH[WXUH�VKRZV�FRDUVHQHVV��)UXLWV�DUH�RYHU�ULSH�GXH�WR�EDG�DOFRKRO�LQWHJUDWLRQ�
&RJQDF��%URZQ�
�,QJUHGLHQWV��$SSOHV
�&KDUDFWHU��2UFKDUG�IUXLWV�DQG�D�QLFH�FLWUXV�HGJH��7H[WXUH�VKRXOG�EH�VRIW�EXW�QRW�IOXII\��WKLV�LV�D�PDVFXOLQH�VSLULW�
�*RRG�9HUVLRQ��7DVWHV�RI�DSSOHV�DQG�SRVVLEO\�SHDFK��6WURQJ�DFLGLF�HGJH�EXW�QRW�KDUVK�
�%DG�9HUVLRQ��*HQHULF�RUFKDUG�IUXLW�FKDUDFWHU�ZLWK�D�KDUVK�HGJH�DQG�RXW�RI�EDODQFH�DOFRKRO�
&DOYDGRV��%URZQ�
�,QJUHGLHQWV������FRUQ�E\�ODZ��7KH�UHVW�LV�HLWKHU�U\H�RU�ZKHDW��QRW�ERWK�
�&KDUDFWHU��6ZHHW�DQG�VRIW�ZLWK�PDOW�DQG�FDUDPHO�QRWHV�IURP�IUHVK�RDN�
�*RRG�9HUVLRQ��6PRRWK�DQG�SDODWDEOH��2DN�VKLQHV�WKURXJK�DQG�VZHHWHQV�DQG�ULSHQV�WKH�ZKROH�GULQN�
�%DG�9HUVLRQ��3RRUO\�RDNHG�VKRZLQJ�FDUDPHO�V\UXS�QRWHV�DQG�WRR�PXFK�YDQLOOD
%RXUERQ��%URZQ�
�,QJUHGLHQWV������FRUQ�E\�ODZ��7KH�UHVW�LV�HLWKHU�U\H�RU�ZKHDW��QRW�ERWK��0XVW�EH�ILOWHUHG�WKURXJK�VXJDU�PDSOH�FKDUFRDO�
�&KDUDFWHU��&OHDQHU�DQG�VZHHWHU�WKDQ�D�ERXUERQ�ZLWK�VXEWOHU�IODYRUV�DQG�SRVVLEO\�VRPH�IORUDO�QRWHV�
�*RRG�9HUVLRQ��-DFN�'DQLHOV�DQG�*HRUJH�'LFNHO�DUH�EHQFKPDUNV�
�%DG�9HUVLRQ��7KHUH¶V�RQO\���SURGXFHUV�WRWDO�VR�\RX¶UH�QRW�JRLQJ�WR�ILQG�D�EDG�YHUVLRQ�
7HQQHVVHH�:KLVNH\��%URZQ�
�,QJUHGLHQWV���8QPDOWHG�%DUOH\
�&KDUDFWHU��6RIW�DQG�VPRRWK��8QPDOWHG�%DUOH\�JLYHV�D�IOXII\QHVV�DQG�OHQJWK�WR�WKH�ZKLVNH\�
�*RRG�9HUVLRQ��6PRRWK�DQG�ZLWK�WRDVW�DQG�EUHDG�QRWHV�RQ�WKH�SDODWH��6WURQJ�JUDLQ�SUHVHQFH�
�%DG�9HUVLRQ���+DUVK�DQG�HGJ\��$�QRWDEOH�ODFN�RI�VXEWOHW\�DQG�WRR�VWURQJ�RI�D�JUDLQ�SUHVHQFH�
,ULVK�:KLVNH\��%URZQ�
�,QJUHGLHQWV��0DOWHG�%DUOH\�DQG�SHDW
�&KDUDFWHU��6WURQJ�PDOW�IODYRU�ZLWK�VPRNH\�EDFNGURS��LRGLQH��VHDZHHG��VRXFKRQJ�RRORQJ�WHD�
�*RRG�9HUVLRQ��:HOO�LQWHJUDWHG�VPRNH\�IODYRU�ZLWK�KHDY\�PDOW�IODYRU�
�%DG�9HUVLRQ��0DOW�IODYRU�LV�IODEE\�RU�ZHDN�DQG�WKH�VPRNH�LV�RXW�RI�EDODQFH�FUHDWLQJ�D�EXUQW�IODYRU�
6FRWFK�:KLVN\��%URZQ�