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¶VGHDWK%HIRUHG\LQJ8WKHUDQVZHUV³, JLYHKLPP\EOHVVLQJ7HOOKLPWKDWKHPXVWFODLPWKHFURZQRUORVHP\EOHVVLQJ´2QO\0HUOLQ NQRZVZKHUHWKHER\$UWKXUOLYHV 8WKHU'XNHRI&RUQZDOO0HUOLQ,JUDLQH.LQJ$UWKXU $IWHU8WKHU¶VGHDWKWKHORUGVILJKWDPRQJVWWKHPVHOYHVSLOODJHDQGUREDQ\RQHZLWKZHDOWK *UHDWPLVHU\VXUURXQGV%ULWDLQ:KHQWKHWLPHLVULJKW0HUOLQUHTXHVWVWKDWWKH$UFKELVKRSRI &DQWHUEXU\EULQJWKHOHDGLQJPHQWR/RQGRQ$PLUDFOHZLOOSURYHZKRLVULJKWIXO.LQJ 2Q&KULVWPDV'D\LQWKHFKXUFK\DUGWKH\ILQGDPDUEOHVWRQHZLWKDQDQYLODQGVZRUG2QWKH EODGHLVZULWWHQLQJROGOHWWHUV³:KRHYHUSXOOVRXWWKLVVZRUGIURPWKLVVWRQHDQGDQYLOLVWKH ULJKWIXO.LQJRIDOO/RJUHV´1RQHRIWKHORUGVFDQSXOOWKHVZRUGRXW1HZVVSUHDGVWKURXJKRXW WKHFRXQWU\WKDWDWRXUQDPHQWZLOOEHKHOGRQ1HZ<HDU¶V'D\$OOWKHNQLJKWVLQFOXGLQJ6LU (FWRUDQGKLVVRQ6LU.D\DWWHQG$UWKXU\HDUROGVTXLUHWR.D\DOVRFRPHV2QO\0HUOLQDQG (FWRUNQRZWKDW$UWKXULVQRWWKHUHDOEURWKHURI.D\%HFDXVH.D\KDVIRUJRWWHQKLVVZRUG $UWKXUUHWXUQVWRWKHLQQWRJHWLW%XWWKHLQQLVORFNHGVR$UWKXUJRHVWRJHWWKHVZRUGIURPWKH VWRQH7KHVZRUGLVHDVLO\SXOOHGRXWDQGWDNHQWR6LU.D\:KHQ.D\VHHVWKHVZRUGKHUHDOL]HV KRZLPSRUWDQWLWLVDQGSUHWHQGVWKDWKHKDVSXOOHGLWRXW (FWRU.D\DQG$UWKXUUHWXUQWRWKHFKXUFK\DUG.D\DGPLWVWKDWLWLV$UWKXUZKRKDVSXOOHGRXW WKHVZRUG(FWRUWHOOV$UWKXUKHPXVWEHWKHULJKWIXO.LQJ+HDVNV$UWKXUWRUHWXUQWKHVZRUGWR WKHVWRQHZKLFKKHHDVLO\GRHV(FWRUDQG.D\ERWKWU\WRSXOOLWRXWXQVXFFHVVIXOO\(FWRU H[SODLQVWKDW$UWKXULVQRWKLVUHDOVRQDQGDVNVWKDW6LU.D\EHDOORZHGWRVHUYH$UWKXU $WWKHHQGRIWKHWRXUQDPHQWRQWKH(SLSKDQ\DOOWKHNQLJKWVWU\WRSXOOWKHVZRUGIURPWKH VWRQH%XWRQO\$UWKXUFDQGRLW+HLVNQLJKWHGZLWKWKHVZRUGDQGWKHQWKHFURZQRI%ULWDLQLV SXWRQKLVKHDG0DQ\SHRSOHDUHKDSS\%XWPDQ\JUHDWORUGVUHIXVHWRKDYHDILIWHHQ\HDUROG ER\DVWKHLUNLQJ%HFDXVHRIWKHLUUHVLVWDQFHLWLVQRWXQWLOWKHIHDVWRI3HQWHFRVWWKDW$UWKXULV DFNQRZOHGJHGDVNLQJ$UWKXUNQRZVWKDW³DKHDY\WDVNOD\EHIRUHKLPLQUXOLQJWKHNLQJGRP ULJKWO\RUHYHQLQNHHSLQJKLVWKURQHDWDOO´ 6LU(FWRU6LU.D\ $IHZZHHNVODWHU$UWKXUJRHVIRUDULGH+HFDUULHVRQO\DOLJKWVZRUGWKHVZRUGIURPWKHVWRQH LVVWLOORQWKHFRURQDWLRQDOWDU+HFRPHVXSRQ0HUOLQZKRLVEHLQJDWWDFNHGE\WKUHHPHQ7KH PHQIOHHZKHQ$UWKXUDUULYHV$UWKXUWHOOV0HUOLQWKDWHYHQZLWKKLVFUDIWVKHZRXOGKDYHEHHQ NLOOHGLIQRWIRU$UWKXU¶VKHOS0HUOLQ¶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³KHVKDOOKDYHWZRVRQVZKRVHQDPHVZLOOEH 3HUFLYDORI:DOHVDQG/DPRUDNRI:DOHV+HZLOOWHOO\RXWKHQDPHRIWKHVRQRI\RXURZQVLVWHU ZKRVKDOOFDXVHWKHGHVWUXFWLRQRIWKLVNLQJGRP´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³7DNHPH´DQGRQWKHRWKHUVLGHLV³&DVWPHDZD\´7KH\JREDFNWR&DHUOHRQDQGVKDUHWKHLU VWRULHV$OOWUXHNQLJKWVDUHSURXGWRVHUYHXQGHUVXFKDEUDYHOHDGHU 6LU3HOOLQRUH/DG\RIWKH/DNH 'XULQJ$UWKXU¶VUXOHVWUDQJHDQGP\VWHULRXVWKLQJVWKH+DOORZVDSSHDU7KHPDMRURIWKHVHLV WKHFXSWKDW-HVXVGUDQNIURPDWWKH/DVW6XSSHUFDOOHGWKH+RO\*UDLO7KHVHFRQGLVWKHODQFH WKDWSLHUFHG-HVXV¶VLGHZKLOHKHZDVRQWKHFURVV7KHKRO\REMHFWVZHUHEURXJKWWR%ULWDLQE\ -RVHSKRI$UPHWKLD7KHLUIDPHVSUHDGWKURXJKDOORI(XURSHDQGSHRSOHFDPHWRVHHWKH+RO\ *UDLO$WWHPSWVWRVWHDODIWHU-RVHSK¶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¶VSRZHUWREHFRPHLQYLVLEOH%DOLQDUULYHVDWWKHFDVWOHRI &DUERQHN+HZDQWVWRNLOO*DUORQ%DOLQWKUXVWVWKHVSHDUWKDWKDGNLOOHGKLVIULHQGLQWR*DUORQ¶V ERG\ 7KHFDVWOHLVLQDQXSURDU%DOLQLVVHL]HG3HOOHVEURWKHURI*DUORQNQRFNVWKHVZRUGIURP %DOLQ¶VKDQG%DOLQEUHDNVDZD\DQGUXQVIURPURRPWRURRPVHDUFKLQJIRUDVZRUG+HHQWHUVD URRPKXQJZLWKVLONZLWKDJROGHQFORWKFRYHUHGEHG$ILJXUHLVVWUHWFKHGVLOHQWO\RQWKHEHG %DOLQJUDEVDPDUYHORXVVKLQ\VSHDUHYHQWKRXJKKHNQRZVLWLVWKH+DOORZDQGWXUQVRQ3HOOH +HUXQVWKHVSHDUWKURXJK3HOOHV¶WKLJK7KHUHLVDWHUULEOHWKXQGHUFODS3HOOHVIDOOVWRWKHJURXQG 7KHZDOOVDQGURRIRIWKHFDVWOHFUDVKGRZQEXU\LQJ%DOLQDQG3HOOHV 7KUHHGD\VODWHU0HUOLQUHVFXHV%DOLQ+HVD\VWKDW%DOLQZLOOVXIIHUIRUXVLQJWKHVSHDUD KHDYHQO\REMHFWIRUKLVRZQHDUWKO\QHHGV+HH[SODLQVWKDWLWLV-RVHSKRI$UPDWKLDDUHODWLYHRI 3HOOHVRQWKHEHG-RVHSK¶VERG\KDVEHHQSUHVHUYHGDOOWKHVH\HDUVEHFDXVHRIWKHSUHVHQFHRI WKHKRO\REMHFWV %HFDXVH%DOLQKDVXVHGWKHVSHDULQDQHDUWKO\TXDUUHOWKHUHZLOOEHEDGUHVXOWV7KHILUVWWZR ZRXQGLQJRI3HOOHVDQGGHVWUXFWLRQRIWKHFDVWOHKDYHRFFXUUHG7KHWKLUGZLOOEHVXGGHQGHDWK DQGGLVDVWHURYHUWKHHQWLUHFRXQWU\0HUOLQWHOOV%DOLQWKDWPHQZLOOEHWRUPHQWHGE\JOLPSVHVRI WKH+DOORZV$IWHU\HDUVRIWURXEOH*DODKDGZLOOFRPHWRKHDO3HOOH¶VZRXQGVDQGEULQJWKH KLVWRU\RIWKH+RO\*UDLOWRDQHQG %DOLQDUULYHVDWDFDVWOHDQGLVFKDOOHQJHGWRILJKWDNQLJKWZKRZLOOOHWQRRQHSDVV+HLVWULFNHG LQWRFDUU\LQJDELJJHUVKLHOGZLWKRXWKLVRZQGHYLFHHPEOHPRUFRDWRIDUPV2XWRIWKHFDVWOH FRPHVDNQLJKWGUHVVHGLQUHGDOVRFDUU\LQJDVKLHOGWKDWGRHVQRWEHDUKLVGHYLFH,WLV%DOLQ¶V EURWKHU%DODQZKRKDVEHHQVHDUFKLQJIRUKLP 7KH\FKDUJHXQKRUVHHDFKRWKHUDQGVWULNHWUHPHQGRXVEORZV)LQDOO\WKH\FROODSVHRQWKH JURXQGERWKPRUWDOO\ZRXQGHG7KHEURWKHUVUHDOL]HWKH\KDYHIRXJKWHDFKRWKHUDQGGLHVLGHE\ VLGH7KHQH[WGD\0HUOLQWDNHV%DOLQ¶VVZRUG+HOHDYHVWKHVFDEEDUGRQDQLVODQGDQGPDNHVD VL[LQFKZLGHEULGJHRYHUWRLW2QO\DNQLJKWZLWKRXWWUHDFKHU\ZLOOEHDEOHWRUHWULHYHLW7KH VZRUGKHSXWVLQDUHGPDUEOHEORFNWKDWIORDWVRQWKHZDWHU+HVHWVWKHHQFKDQWHGVZRUGRQLWV MRXUQH\XQWLOWKHULJKWPDQFDQKDQGOHLW 6LU%DODQ6LU%DOLQWKH6DYDJH6LU*DUORQ6LU3HOOHV $UWKXU¶VWZRPDLQFLWLHVDUH&DHUOHRQLQ:DOHVDQG&DPHORW:LQFKHVWHULQ6RXWKHUQ(QJODQG $VPDOOHUWRZQLQ&DUERQHNRQWKHFRDVWRI6RXWKHUQ:DOHVLVDOVRKLV)URPWKHVHWKUHHFDVWOHV $UWKXUZDJHVZDURQLQYDGHUV)RUVHYHUDO\HDUVDOORIKLVWLPHLVGHYRWHGWRUHVWRULQJRUGHULQ %ULWDLQ%XWJUDGXDOO\ZLWKWKHKHOSRIKLVNQLJKWV$UWKXUVHWVXSDJRYHUQPHQWZKHUHKLVODZV DUHHQIRUFHGWKURXJKRXWWKHNLQJGRP+DSSLQHVVDQGRUGHUSUHYDLO +HLVHQFRXUDJHGWRPDUU\6R0HUOLQLVVHQWZLWKDWUDLQRINQLJKWVWR.LQJ/HRGHJUDQFHRI &DPHOLDUGWRDVNIRU*XHQHYHUH¶VKDQG/HRGHJUDQFHLVGHOLJKWHGDQGSUHVHQWV$UWKXUZLWKD 5RXQG7DEOHJLYHQWRKLPE\8WKHU7KHWDEOHVHDWVNQLJKWV+LVKHDUWILOOHGZLWKMR\$UWKXU VHQGVKLVEHVWIULHQGDQGNQLJKW6LU/DQFHORWGX/DFWREULQJ*XHQHYHUHWR&DPHORW)URPWKHLU ILUVWPHHWLQJ/DQFHORWDQG*XHQHYHUHORYHHDFKRWKHU *XHQHYHUH¶VPDUULDJHDQGFRURQDWLRQSODQVDUHPDGH7KH5RXQG7DEOHLVVHWXSLQWKHJUHDW KDOO7R$UWKXU³,WZDVWRUHSUHVHQWDSHUIHFWZRUOGZKHUHORYHDQGJRRGQHVVZRXOGVSUHDG WKURXJKRXWHYHU\YHLQRIOLIHLQ%ULWDLQ´(DFKNQLJKWWDNHVKLVVLHJHVHDW7KXQGHULVKHDUGLQ WKHKDOOVDORQJZLWKPXVLF7KHUHLVMR\DPLGVWWKHPWKH.LQJ¶VIDFHLVOLWE\DKHDYHQO\OLJKW $IWHUWKHNQLJKWVSD\KRPDJHWRWKHLU.LQJHDFKRQH¶VQDPHDSSHDUVLQJROGXSRQKLVVLHJH 7KUHHVHDWVDUHOHIWHPSW\RQHKDV³6LHJH3HULORXV´ZULWWHQRQLW7KHRWKHUWZRDUHIRUWKH NQLJKWVRIJUHDWHVWIDPHLQDQ\\HDU%XWWKH6LHJH3HULORXVLVIRURQO\RQH²DQ\RQHHOVHZKR VLWVWKHUHZLOOEHGHVWUR\HG 0DQ\NQLJKWVDWWHQGWKHZHGGLQJLQFOXGLQJ$UWKXU¶VQHSKHZVZKRVHIDWKHU.LQJ/RWZDVNLOOHG E\3HOOLQRUH3HOOLQRUHQRZDIULHQGRI$UWKXUXVHVKLVVWUHQJWKWRSURWHFWRWKHUV0HUOLQOHDGV 3HOOLQRUHWRWKHVLHJHQH[WWRWKHWZRHPSW\RQHVEXWQRW6LHJH3HULORXV$UWKXU¶VQHSKHZ *DZDLQHLVDQJHUHGE\WKLVDQGYRZVWRNLOOWKHPDQZKRKDVNLOOHGKLVIDWKHU$\RXQJHU EURWKHUDQGVTXLUH*DKHULVWHOOV*DZDLQHWRZDLWXQWLOKHLVDNQLJKWWRJHWUHYHQJH 7KH.LQJLVXQDZDUHWKDWWKHILUVWVSOLWKDVEHJXQ+HKDVIRUJRWWHQ0HUOLQ¶VSURSKHF\WKDWDVRQ RIKLVVLVWHUZLOOGHVWUR\WKHNLQJGRP$UWKXUPDNHVDOOKLVNQLJKWVDQHTXDOIHOORZVKLSQRQH DERYHRUEHORZKLVEURWKHU+HJLYHVWKHPDUXOHRIOLIHWRIROORZ$OOVZHDUWRNHHSWKHUXOH (YHU\\HDUDWWKHIHDVWRI3HQWHFRVWWKH\UHQHZWKHLURDWK7KLVEHFRPHVWKHLU&RGHRI&KLYDOU\ .LQJ/HRGHJUDQFH6LU/DQFHORW4XHHQ*XHQHYHUH6LU *DZDLQH6LU*DKHULV 6LU/DQFHORWGX/DFVRQRI.LQJ%DQRI%HQZLFN)UDQFHLV$UWKXU¶VFKLHINQLJKW6WROHQDVD EDE\E\WKH/DG\RIWKH/DNH/DQFHORWZDVUDLVHGLQKHUFRXQWU\XQGHUWKHZDWHUV$OWKRXJKKH KDVJUHDWZHDOWKDQGODQGLQ)UDQFHKHKDVZRQIDPHE\KLVRZQPHULWV /DQFHORWDFFRPSDQLHV.LQJ$UWKXURQDWZR\HDUH[SHGLWLRQLQWR)UDQFHDQG,WDO\+HUHWXUQVDV WKHFKDPSLRQNQLJKWRIWKHZRUOG²QHYHUGHIHDWHG1RWRQO\LVKHWKH.LQJ¶VEHVWIULHQGKHKDV YRZHGWRVHUYHWKH4XHHQDQGQRRWKHUEXWKHU /DQFHORWLVDVVLJQHGDGLVWULFWZKHUHKHLVWRHQVXUHWKHODZVDUHNHSW7KHFRXQWU\KDVVXIIHUHG JUHDWGDPDJHWKURXJKWKHZDUV2QHQLJKW/DQFHORWFRPHVWRWKHIDUPRIDQHOGHUO\FRXSOH7KH\ SURYLGHIRRGDQGVKHOWHUIRUWKHQLJKW$YLROHQWNQRFNLQJRQWKHJDWHZDNHQV/DQFHORW+HVHHV DNQLJKWEHLQJSXUVXHGE\WKUHHPHQDQGFRPHVWRKLVUHVFXHDQG³LQVHYHQVWURNHVKHEHDWWKHP DOOWRWKHJURXQG´7KHNQLJKWLV6LU.D\VWHZDUGWRWKH.LQJ 7KHWKUHHWU\WR\LHOGWR/DQFHORW+HZLOOQRWDFFHSWDQGIRUFHVWKHPWR\LHOGWR6LU.D\7KH\ DJUHHWRJRWRWKHFRXUWDW3HQWHFRVWDQG\LHOGWKHPVHOYHVWRWKHPHUF\RIWKH4XHHQ/DQFHORW DQG.D\UHWXUQWRWKHKRXVHDQGVKDUHDPHDOZLWKWKHHOGHUO\FRXSOH /DQFHORWDULVHVHDUO\DQGWDNHV6LU.D\¶VKHOPHWDQGVKLHOGOHDYLQJKLVRZQZLWKWKHIDPRXV OHRSDUGV.D\ODXJKVWRKLPVHOIWKDWZKHQNQLJKWVVHHWKHOHRSDUGVKLHOGKHLVFDUU\LQJWKH\ZLOO EHDIUDLGWRDWWDFN:KLOH/DQFHORWFDUU\LQJ6LU.D\¶VVKLHOGZLOOEHWDUJHWHG /DQFHORWULGHVLQWKHIRUHVWDQGPHHWVDZHHSLQJZRPDQ6KHFDOOVXSRQKLV³RDWKRI NQLJKWKRRG´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¶VQH[WHQFRXQWHULQYROYHVQRWPDJLFEXWDWWHPSWHGPXUGHU$ODG\DVNVKLPWRIUHHKHU KXVEDQG¶VKDZNWKDWLVFDXJKWLQWKHERXJKRIDWUHH³$V\RXDUHDWUXHNQLJKWKHOSPH´ /DQFHORWWDNHVRIIKLVDUPRU+HFOLPEVLQWRWKHHOPDQGIUHHVWKHIDOFRQ $WWKDWPRPHQWDQDUPHGNQLJKWUXVKHVRXWDQG/DQFHORWUHDOL]HVWKDWKHKDVEHHQWULFNHG$V /DQFHORWEHJLQVKLVGHVFHQWKHEUHDNVRIIDWRXJKVSLN\EUDQFK+HMXPSVIURPWKHWUHHWRZDUGV KLVKRUVH8VLQJWKHERXJKKHNQRFNVWKHVZRUGRXWRI3KHORW¶VKDQG+HJUDEVWKHVZRUGDQG NLOOVKLP/DQFHORWDUULYHVDWFRXUWWZRGD\VEHIRUH3HQWHFRVW6LU.D\DQG0HOLRWDUHWKHUH HYHU\RQHKRQRUVKLP 1RQH 6LU7ULVWUDPLVWKHVHFRQGJUHDWHVWNQLJKW+HLVIURP/\RQHVVHDODQGEHWZHHQ&RUQZDOODQG )UDQFHQRZXQGHUWKHVHD7ULVWUDP¶VPRWKHUGLHGJLYLQJELUWKKLVIDWKHU0HORGLDVJULHYHGIRU VHYHQ\HDUVDQGWKHQPDUULHGDJDLQ-HDORXVWKDW7ULVWUDPZLOOUXOHUDWKHUWKDQRQHRIKHURZQ VRQVWKHQHZPRWKHUSXWVSRLVRQLQWKHFKLOGUHQ¶VMXJ%XWKHURZQVRQGULQNVLWDQGGLHV6KH WULHVDJDLQEXWPXVWVWRS0HORGLDVIURPGULQNLQJWKHSRLVRQ6KHLVVHQWHQFHGWRGHDWKEXW 7ULVWUDPEHJVIRUKHUOLIH 7ULVWUDPLVVHQWWR)UDQFHWROHDUQODQJXDJHVSOD\WKHKDUSHWF+HH[FHOVLQKXQWLQJDQG KDZNLQJDQGHYHQZULWHVDERRNRQWKHP+HORYHVEUDYHGHHGVVZHHWPXVLFDQGQREOHZRUGV $WQLQHWHHQKHUHWXUQVWR/\RQHVVHDQGLVJUHDWO\ORYHG .LQJ$QJXLVKRI,UHODQGVHQGV6LU0DUKDXVWRFROOHFWWULEXWHIURP.LQJ0DUNRI&RUQZDOO 0DUKDXVFKDOOHQJHVDQ\NQLJKWRI&RUQZDOOWRILJKWKLPDQGIUHH&RUQZDOOIURPSD\LQJWKHWD[ 7ULVWUDPDVNVWREHNQLJKWHGVRWKDWKHFDQILJKWIRU&RUQZDOO7KHILJKWLVILHUFH7ULVWUDPKLWV 0DUKDXV¶KHOPHWVRKDUGWKDWDSLHFHRIVWHHOUHPDLQVLQKLVVNXOO7KHYLFWRU\JRHVWR7ULVWUDP ZKRKDVIUHHG&RUQZDOORIWKHWD[ %XW7ULVWUDPKDVEHHQEDGO\ZRXQGHGZLWKDSRLVRQHGVSHDUSRLQW+HPXVWJRWRWKHFRXQWU\ IURPZKLFKWKHSRLVRQFDPH+HVDLOVWR,UHODQGZKLOHSOD\LQJWKHKDUSWKHNLQJDQGTXHHQKHDU KLVPXVLF7KH\EULQJKLPWRWKHFDVWOH7ULVWUDPFRQFHDOVKLVQDPHEHFDXVHKHGHIHDWHGWKH NLQJ¶VNQLJKW0DUKDXVZKRLVDOVRWKH4XHHQ¶VEURWKHU .LQJ$QJXLVK¶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¶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¶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¶VGHYRWLRQ 0HUOLQVZHDUVDPDJLFLDQ¶VRDWKWKDWKHZLOOQHYHUXVHHQFKDQWPHQWDJDLQVW9LYLHQ+HNQRZV WKURXJKKLVYLVLRQVWKDWGLVDVWHUZLOOEHIDOOKLPEXWKHLVXQDEOHWRSUHYHQWLW9LYLHQVWRUHVXS KHUPDJLFZRUGVDQGOHDUQVVLPSOHVSHOOVRYHUURFNVDQGHDUWK2QHGD\0HUOLQWDNHVKHUWRD FDYH$VKHOHDGVKHUDFORXGRIIRUHERGLQJFRPHVRYHUKLVVSLULW+HLVZDUQHGEXWFRQWLQXHVWR OHDG9LYLHQWRZDUGVWKHFDYH7KHPLQXWHKHVWHSVLQVLGH9LYLHQFDVWVWKHVSHOOFORVLQJRIIWKH FDYH$OORI0HUOLQ¶VPDJLFGRHVQRJRRG+HLVVHDOHGXSIRUHYHU 9LYLHQ $KHUPLWDUULYHVDQGPDNHVDSURSKHF\DERXWWKH6LHJH3HULORXV³+HWKDWVKDOOVLWWKHUHLVQRW \HWERUQEXWWKLV\HDUKHZLOOEHERUQZLOOZLQWKH+RO\*UDLO´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¶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³7KLVVLHJHLVWREHIXOILOOHG´+HSXWVDFRYHURYHU WKHVHDW$VTXLUHDQQRXQFHVDJUHDWVWRQHIORDWLQJLQWKHZDWHUZLWKDVZRUGVWLFNLQJRXWRILW $UWKXUUHPHPEHUVKRZKHSXOOHGRXWDVZRUG(YHU\RQHJRHVGRZQWRWKHZDWHU,QWKHKLOWLV FDUYHG³2QO\KHE\ZKRVHVLGH,RXJKWWRKDQJVKDOOWDNHPHDQGKHVKDOOEHWKHEHVWNQLJKWRI WKHZRUOG´7KH.LQJXUJHV/DQFHORWWRSXWKLVKDQGRQLWEXW/DQFHORWGHFOLQHV+HFRPPDQGV *DZDLQHWRWU\EXWKHIDLOV3HUFLYDOLVFRPPDQGHGWRWU\EXWDOVRIDLOV 7KH\JREDFNWRWKHIHDVW$VWKH\EHJLQHDWLQJWKHUHLVDFODSRIWKXQGHUDQGHYHU\RQHLVDIUDLG $QROGPDQHQWHUVZLWKD\RXQJNQLJKWGUHVVHGLQUHGDUPRU+HKDVDQHPSW\VFDEEDUGDWKLV VLGH+HWDNHVRIIKLVDUPRUDQGLVHVFRUWHGWRWKH6LHJH3HULORXV7KHFORWKLVOLIWHGDQGWKH ZULWLQJQRZVD\V³7KLVLVWKHVLHJHRI6LU*DODKDG´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¶WZDQWWKHPWRVHHWKH FXS $UWKXUIRUHVHHVWKHEUHDNXSRIWKH5RXQG7DEOHDQGHYLOUHDULQJLWVHOIDJDLQKHLVROGDQGKDVQR EDQGRI\RXQJPHQWRILJKW$VWKLVWLPHRIJUHDWQHVVLVFRPLQJWRDQHQG$UWKXULVVDGGHQHG +HNQRZVPDQ\NQLJKWVZLOOGLHRQWKH4XHVW7KHUHLVVDGQHVVWKURXJKRXWWKHNLQJGRPDV SUHSDUDWLRQVDUHPDGHIRUWKHGHSDUWXUHV$UWKXUDVNV/DQFHORWLIKHFDQVWRSWKH4XHVW%XWERWK NQRZWKDWRQHRIDNQLJKW¶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³.QLJKWVRIEDG IDLWK\RXPD\QRWILQGWKH+RO\*UDLO´7KH\VHDUFKIRUDKHUPLWWRH[SODLQWKHHYHQWV 7KH\PHHWDNQLJKWZKRZDQWVWRMRXVWDQG*DZDLQHDFFHSWV+LVVSHDUJRHVWKURXJKWKHNQLJKW¶V EUHDVW7KHNQLJKWLV6LU8ZDLQH.QLJKWRIWKH5RXQG7DEOHRQKLV4XHVW³2QHVZRUQEURWKHU KDVNLOOHGDQRWKHU´*DZDLQHGHVSDLUVDQGHQGVKLV4XHVW7KH\PHHWDKHUPLWZKRH[SODLQVWKH GUHDPV7KH\UHDOL]HLWLVXVHOHVVWRFRQWLQXHWKHLU4XHVWDQGUHWXUQWR&DPHORW7KHKHUPLWVD\V WKDWDKXQGUHGRUPRUHZLOOJHWQRWKLQJEXWGLVKRQRU 6LU(FWRUEURWKHURI/DQFHORW6LU*DUHWK6LU8ZDLQH <HDUVSDVVDQGWKRVHZKRZHUHODGVDWWKHEHJLQQLQJRI$UWKXU¶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³$ULVH6LU3HUFLYDODQGJRZLWKPH´6KHOHDGVKLPWRWKH 5RXQG7DEOHDQGVHDWVKLPWRWKHULJKWRIWKH6LHJH3HULORXV7KHQVKHIDOOVGHDG 3HUFLYDOKDVYLVLRQVDQGVSLULWXDOFUHDWXUHVSXWKLPWRWHVWVVRPHJRRGDQGVRPHHYLO+HIHDUV QRQH/DQFHORWDQG3HUFLYDOULGHRQWKH4XHVWDQGPHHWDGLVJXLVHG*DODKDG*DODKDGXQKRUVHV KLVIDWKHUDQGULGHVRII/DQFHORWDQG3HUFLYDOJRDIWHUKLP3HUFLYDOLVDWWDFNHGE\WZHQW\PHQ KLVKRUVHGLHVDQGIDOOVRQKLP+HLVGD]HGEXWVHHVDNQLJKWLQ*DODKDG¶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¶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¶VVLVWHUDQGGDXJKWHURI.LQJ 3HOOOLQRUH'LQGUDQHLVDOVRFDOOHG%ODQFKHIOHXUVKHZLOOJXLGHWKHWKUHHNQLJKWV6KHJLYHV *DODKDGDVZRUGWKDWPDNHVWKHRZQHUXQDEOHWREHZRXQGHGRUZHDU\ 7KH\JRWRILQGWKHZRXQGHG.HHSHURIWKH+DOORZV$VWKH\SDVVDFDVWOHDNQLJKWRQSDWURO VHL]HV'LQGUDQH¶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¶VERG\XSDQGEXU\KHU%HFDXVH WKHORUGRIWKHFDVWOHLVDIUDLGWKDWKHZLOOORVHKLVSRZHUKHVHL]HVWKHNQLJKWVDQGLPSULVRQV WKHPIRUD\HDU7KH\DUHIUHHGMXVWEHIRUHKHGLHV *DODKDGLVFKRVHQWRUXOHLQKLVSODFH2QWKHILUVWDQQLYHUVDU\RI*DODKDG¶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¶VFDVWOH+HDVNVWRERUURZDSODLQVKLHOGVRWKDWKHFDQMRXVWXQUHFRJQL]HG+HLVJLYHQ WKHVKLHOGRI7RUUHWRXVH(ODLQHIDOOVLQORYHZLWK/DQFHORW 7KHQH[WPRUQLQJ/DQFHORWDQG/DYDLQHSUHSDUHWROHDYH(ODLQHDVNV/DQFHORWWRZHDUKHUIDYRU DWWKHWRXUQDPHQW6KHWHOOVKLPWKLVZLOOKHOSKLVGLVJXLVHVRKHDFFHSWVDQGWLHVKHUUHGIDYRURQ KLVKHOPHW2QWKHZD\WR&DPHORW/DQFHORWWHOOV/DYDLQHZKRKHLV7KH\FRPHWRWKHFDPSRI WKHRSSRVLQJNQLJKWVDQGZDLWLQKLGLQJZKLOHWKHWHDPVOLQHXS$UWKXU¶VNQLJKWVSUHVVWKHRWKHUV KDUG/DQFHORWVHHVDZD\WRGLYLGHWKHPDQGFKDUJHVLQ 7RJHWKHUKHDQG/DYDLQHNQRFNGRZQ VHYHQPHQ7KHQ/DQFHORW¶VKRUVHLVKXUOHGWRWKHJURXQGDQGKLVVLGHLVSLHUFHGE\6LU%RU¶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¶VEURWKHUVZKRPDNHXS WKH2UNQH\FODQDUHDOVRWKHUH$OVR6LU3LQHOFRXVLQWR/DPRUDNLVWKHUH6LU3LQHOSRLVRQV VRPHDSSOHVDQGSXWVWKHPLQWKHGLVKQHDUHVW*DZDLQH$V*DZDLQHWDONV6LU3DWULVHVLWWLQJ QH[WWRKLPHDWVDQDSSOH+HIDOOVGRZQGHDG *DZDLQHEHOLHYHVWKHDSSOHZDVSRLVRQHGE\WKH4XHHQDQGDFFXVHVKHU6KHGRHVQ¶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¶VPHQILJKWEXWDUHXQVXFFHVVIXO7KH4XHHQ\LHOGVDQGWKH\DUHDOOWDNHQWRWKH FDVWOH6HFUHWO\VKHWHOOVDSDJHWRVOLSDZD\DQGWDNHKHUULQJWR/DQFHORW 0HOLDJUDXQFHVHQGVPHQWRDPEXVK/DQFHORW8SRQVHHLQJWKHULQJ/DQFHORWJHWVKLVDUPRUDQG KRUVHDQGOHDYHV+HULGHVLQWRWKHDPEXVKDQGKLVKRUVHLVVKRWGRZQ/DQFHORWFRQWLQXHVRQ IRRWGUHVVHGLQKLVKHDY\DUPRU+HFRPHVXSRQDZRRGPDQ¶VFDUW,WLVDUXOHRIHWLTXHWWHWKDWQR NQLJKWVKRXOGULGHLQDFDUWVRWKHPHQUHIXVHWRWDNHKLP/DQFHORWMXPSVLQWRWKHFDUWDQG NQRFNVRQHPDQRXW7KHRWKHUWDNHVKLPWRWKHFDVWOH 7KH4XHHQVHHV/DQFHORWFRPLQJLQWKHFDUW/DQFHORWEXUVWVLQDQG0HOLDJUDXQFHLVWHUULILHG+H EHJVWKH4XHHQWRVDYHKLPIURP/DQFHORWZKLFKVKHGRHV7ULDOE\EDWWOHLVDUUDQJHGIRUHLJKW GD\VODWHU0HOLDJUDXQFHLQYLWHV/DQFHORWWRLQVSHFWKLVFDVWOHEXWOD\VDWUDS/DQFHORWVWHSVLQ DQGGURSVLQWRDFHOODU(YHU\RQHDVVXPHVKHKDVJRQHEDFNWR:HVWPLQVWHU7KH4XHHQLV HVFRUWHGEDFNWRFRXUW0HOLDJUDXQFHDFWVVWUDQJHO\DQGWKH\EHJLQWRVXVSHFWVRPHWKLQJKDV KDSSHQHGWR/DQFHORW/DYDLQHRIIHUVWRILJKWLQ/DQFHORW¶VSODFH /DQFHORWLVWHPSWHGE\DFDVWOHZRUNHU¶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¶VEURWKHUKRRGRIWKH5RXQG7DEOHKDVVXUYLYHGIRUWKLUW\\HDUV7KHILQDOEUHDNGRZQLV FDXVHGE\WKHZDUEHWZHHQ$UWKXUDQG/DQFHORW7KH2UNQH\FODQVRQVRI$UWKXU¶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¶VSORW7KH\ GHPDQGVKHEHEXUQHGDQG/DQFHORWRXWODZHG7KH.LQJLVKHDUWEURNHQDQGUHDOL]HVWKDWWKH 2UNQH\FODQKDVILQDOO\VXFFHHGHGLQGHIHDWLQJKLP7KH.LQJRUGHUVWKHDUUHVWRIWKH4XHHQ 7KHQH[WPRUQLQJZKHQWKH4XHHQLVOHGRXWWREHEXUQHGWKH%HQZLFNFODQDWWDFNV7ZHQW\ IRXUNQLJKWVDUHNLOOHGEXW0RUGUHGHVFDSHV/DQFHORWJUDEVKROGRI*XHQHYHUHDQGSXOOVKHU RQWRKLVKRUVH7KH\ULGHDZD\WR-R\RXV*DUGKLVVWURQJKROG7KHNLQJGRPLVVSOLWDQGPRVWRI WKHQRUWKHUQNQLJKWVMRLQ/DQFHORW%HIRUHVXPPHUWKH.LQJ¶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¶VFDPS*DZDLQH UHMHFWVWKHSHDFHRIIHU7KHVLHJHODVWVIRUVL[PRQWKV/DQFHORWDJUHHVWRMRXVWZLWK*DZDLQH 7KHILJKWODVWVWKUHHKRXUVDQG*DZDLQHOLHVKHOSOHVVRQWKHJURXQG/DQFHORWUHIXVHVWRNLOOD KHOSOHVVPDQ7KUHHZHHNVODWHUZKHQKHKDVKHDOHGWKH\ILJKWDJDLQ7KHUHVXOWLVWKHVDPHDQG *DZDLQH¶VWKLUVWIRUUHYHQJHJURZV0HDQZKLOHQHZVUHDFKHV$UWKXUWKDW0RUGUHGKDVGHFODUHG KLPVHOINLQJE\WHOOLQJ%ULWDLQWKDWERWK$UWKXUDQG/DQFHORWDUHGHDG0RUGUHGLVJRLQJWRIRUFH *XHQHYHUHWRPDUU\KLP6KHKDVORFNHGKHUVHOILQWKH7RZHURI/RQGRQ7KH.LQJRUGHUVKLV PHQEDFNWR%ULWDLQ 1RQH 0RUGUHGLVUHDG\IRUWKH.LQJ¶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¶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¶V ODS6KHFDOOVRXW³$KP\GHDUEURWKHU:K\KDYH\RXVWD\HGVRORQJIURPPH"´7KHEDUJH SXOOVDZD\OHDYLQJ%HGLYHUHRQVKRUH$UWKXUWHOOVKLPKHLVJRLQJWR$YDORQWRKHDOKLVZRXQGV %HGLYHUHZDONVDOOQLJKWWKURXJKWKHZRRGV+HFRPHVWRDFKDSHOZLWKDKHUPLWZKRLVSUD\LQJ EHVLGHDQHZJUDYH7KHKHUPLWWHOOV%HGLYHUHWKDWDWPLGQLJKWDQXPEHURIODGLHVEURXJKWWKH GHDGPDQWREHEXULHG%HGLYHUHEHOLHYHVLWLVWKHJUDYHRI$UWKXUDQGDVNVSHUPLVVLRQWRVWD\ 1RRQHLVFHUWDLQZKRLVEXULHGQRUZKHUHWKHEDUJHKDVJRQH $V$UWKXU¶VELUWKZDVDVHFUHWVRLVKLVGHDWK+HKDVJRQHWR$YDORQWRKHDOKLVZRXQGVEXW ZKDWZLOOKDSSHQZKHQKHLVKHDOHG",QWKHGDUNGD\VWKDWIROORZLWLVZKLVSHUHGWKDW$UWKXULV QRWGHDG+HKDVJRQHWRDQRWKHUSODFHEXWZLOOUHWXUQDJDLQWRFUHDWHDUHDOPRIULJKWDQGMXVWLFH 0HQVD\WKDWLQDQXQNQRZQWRPEQHDU*ODVWRQEXU\WKHUHLVDSURSKHF\FDUYHGLQWRWKHZRRG,W LVEDUHO\UHDGDEOH,Q/DWLQLWVD\V+2&-$&(7$57+85865(;4821'$05(;48( )878586+HUHOLHV$UWKXU.LQJWKDWZDVDQG.LQJWKDWVKDOOEH 6LU%HGLYHUH $IWHU*XHQHYHUHKHDUVRI$UWKXU¶VGHDWKVKHOHDYHV/RQGRQDQGJRHVWR$PHVEXU\DQGEHFRPHV DQXQ%HFDXVHRIKHUFKDUDFWHUDQGJRRGQHVVVKHHYHQWXDOO\EHFRPHVKHDGRIWKHDEEH\6LU /DQFHORWGRHVQRWNQRZWKDW$UWKXULVGHDGVRKHJDWKHUV6LU%RUVDQGRWKHUVWRJRWR/RQGRQ 7KH\DUULYHRQ'RYHU%HDFKDQGOHDUQDERXWWKHODVWEDWWOH/DQFHORWPDNHVSHDFHZLWKWKHGHDG *DZDLQHDQGJRHVWRORRNIRUWKH4XHHQ%RUVEHJVKLPWRWDNHVRPHRIKLVIDLWKIXONQLJKWVZLWK KLPEXW/DQFHORWZDQWVWRMRXUQH\DORQH /DQFHORWJRHVWRWKHDEEH\DQGVHHV*XHQHYHUH6KHEHJVKLPQHYHUWRFRPHQHDUKHUDJDLQ ³7KURXJKWKLVPDQDQGPHKDVDOOWKLVZDUKDSSHQHGDQGWKHGHDWKVRIWKHQREOHVWNQLJKWVRIWKH ZRUOGDQGWKURXJKXVLVP\PRVWQREOHORUGVODLQ´ /DQFHORWVD\VKHZLOODGRSWDUHOLJLRXVOLIHWRR+HDVNV*XHQHYHUHWRNLVVKLPZKLFKVKHUHIXVHV WRGR+HULGHVWRWKHFKDSHOZKHUH%HGLYHUHDQGWKHKHUPLWOLYHDQGEHFRPHVDKHUPLWKLPVHOI 6LU%RUVDQG6LU(FWRU/DQFHORW¶VEURWKHUDUHOHGE\P\VWHULRXVIRUFHVWRWKHKHUPLWDJHZKHUH /DQFHORWOLYHV7KH\VWD\DQGOHDGDKRO\OLIH 6L[\HDUVODWHU/DQFHORWKDVDYLVLRQWKDWWHOOVKLPWRJRWRWKH4XHHQ+HDQGKLVIULHQGVZDONWR $PHVEXU\EXWILQGWKDWVKHKDVGLHG7KH\HVFRUWKHUWR*ODVWRQEXU\IRUWKHEXULDO/DQFHORWGRHV QRWHDWRUGULQNDQGVSHQGVPRVWRIKLVWLPHE\WKH4XHHQ¶VWRPE2QHQLJKW(FWRUDZDNHV VXGGHQO\DQGUXVKHVWR/DQFHORW+HILQGVKLPGHDG+HUHFRXQWVWKHYLUWXHVRI/DQFHORW6LU %HGLYHUHVWD\VLQWKHKHUPLWDJHIRUWKHUHVWRIKLVOLIH%RUVDQG(FWRUUHWXUQWR)UDQFHDQGODWHU GLHRQDFUXVDGH 1RQH
© Copyright 2026 Paperzz