Lake Wedowee Life February March 2010

Page 1

0DUULHG E\ WKH ODNH )HEUXDU\ 0DUFK ZZZ /DNH:HGRZHH/LIH FRP

)5((



/DNH :HGRZHH /LIH


HYHQ /DNH :HGRZHH /LIH


)HEUXDU\ 0DUFK

7DEOH RI

&RQWHQWV

9RO 1R

6SHFLDO WKLV 0RQWK

7KH &UHDWLYH 6LGH %LDQFD -DFNVRQ WHDFKHV ZD\ WR SOD\ ZLWK SDLQW 6QRZ RQ WKH /DNH /DNH :HGRZHH /LIH UHDGHUV FDSWXUH VQRZ VFHQHV IURP ILUVW VQRZ RI WKH \HDU +RPHWRZQ +HURHV 5RQ :DWWHUV LQGXFWHG LQWR $+6$$ +DOO RI )DPH 0DUULHG RQ WKH /DNH 7ZR 5DQGROSK &RXQW\ FRXSOHV VD\ ´, 'Rµ RQ /DNH :HGRZHH 1HZV WR .QRZ 1DVKYLOOH VRQJ ZULWHU WR SHUIRUP DW +LVWRULF $VKODQG 7KHDWUH :KHUH LQ WKH ZRUOG LV /DNH :HGRZHH /LIH" 5HDGHUV WDNH /DNH :HGRZHH /LIH RQ DGYHQWXUHV DURXQG WKH FRXQWU\ 0DUNHW &RQGLWLRQV 3XWWLQJ WKH ´5HDOµ LQ ORFDO UHDO HVWDWH

0RQWKO\ )HDWXUHV (QMR\ /LIH /HWWHU IURP WKH (GLWRU 6RXWKHUQ /LYLQJ +RXVH 3ODQ &KDUOH\·V 7UHDVXUHV 6LPSO\ )DEXORXV +RRNHG RQ /DNH :HGRZHH %XLOW RQ WKH /DNH /DNH 0DS :HGRZHH &XUUHQWV 1HZV WR .QRZ 5HGQHFN $GYHQWXUHV

FRQWULEXWLQJ ZULWHUV 'DUOHQH %DLOH\ /HLVHO &DOGZHOO &RULQQH &R[ 0HUHGLWK )U\H 0D[ )XOEULJKW 5HHG 0RQWJRPHU\ &KDUOH\ 1RUWRQ DQG 6NHHWHU


2Q WKH &RYHU )RU WKH VHFRQG \HDU ZH KDYH KLJKOLJKWHG WZR /DNH :HGRZHH ZHGGLQJV -HQHp +ROORZD\ FDSWXUHG D PR PHQW EHWZHHQ -RKQ DQG .U\VWDO 3D\QH DIWHU WKH\ EH FDPH KXVEDQG DQG ZLIH ,I \RX DUH LQWHUHVWHG LQ KDY LQJ \RXU ZHGGLQJ IHDWXUHG LQ /DNH :HGRZHH /LIH FRQWDFW .HOO\ &DOGZHOO

*HQHUDO 0DQDJHU /(,6(/ &$/':(// LQIR#ODNHZHGRZHHOLIH FRP

(GLWRU .(//< &$/':(// QHZV#ODNHZHGRZHHOLIH FRP

$GYHUWLVLQJ 6DOHV /$92< &$/':(// DGV#ODNHZHGRZHHOLIH FRP

/DNH :HGRZHH /LIH +LJKZD\ :HGRZHH $/ /DNH :HGRZHH /LIH PDJD]LQH LV SXEOLVKHG VL[ WLPHV D \HDU DQG DYDLODEOH DURXQG WKH /DNH :HGRZHH DUHD ZKLFK LQFOXGHV 5DQGROSK DQG &OD\ &RXQWLHV LQ $ODEDPD DV ZHOO DV SDUWV RI :HVW *HRUJLD 3DLG PDLO VXEVFULSWLRQV DUH DYDLODEOH IRU D \HDU $OO FRQWHQW LQ WKLV SXEOLFDWLRQ LV SURWHFWHG E\ 8QLWHG 6WDWHV FRS\ ULJKW ODZ DQG PD\ QRW EH UHSURGXFHG GLVWULEXWHG WUDQVPLWWHG GLVSOD\HG RU RWKHUZLVH SXEOLVKHG ZLWKRXW WKH SULRU ZULWWHQ SHU PLVVLRQ RI /DNH :HGRZHH /LIH ‹ /DNH :HGRZHH /LIH


7LPH IOLHV ZKHQ \RX·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·V VHH KRZ ZHOO WUDYHOHG /DNH :HGRZHH /LIH FDQ EH

(QMR\ /LIH .HOO\ &DOGZHOO

/DNH :HGRZHH /LIH



6TXDUH )HHW 3ODQ 6/ %HGURRPV SRVVLEO\ )XOO +DOI %DWKV 6WRULHV ZLWK D GD\OLJKW EDVHPHQW ,QIOXHQFHV &RWWDJH &RXQWU\ (QJOLVK &RWWDJH

5HQGHULQJ E\ 0LOHV 0HOWRQ

6HDUFK RYHU H[FOXVLYH 6RXWKHUQ /LYLQJ KRPH GHVLJQV # ZZZ VRXWKHUQOLYLQJKRXVHSODQV FRP &DOO 0F.LQQH\ %XLOGHUV ,QF DW 7KH H[FOXVLYH 1HZQDQ EDVHG PHPEHU RI WKH 6RXWKHUQ /LYLQJ &XVWRP %XLOGHU 3URJUDP /DNH :HGRZHH /LIH


฀ ฀

฀ ฀ ฀

฀ ฀ ฀ ฀ ฀

฀ ฀ ฀

฀฀

฀฀

฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀

฀ ฀

฀ ฀ ฀ ฀ ฀ ฀ ฀

฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀ ฀

฀ ฀

฀ ฀

฀ ฀ ฀ ฀฀ ฀ ฀ ฀ ฀

฀ ฀

฀ ฀ ฀

฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀

฀ ฀ ฀ ฀ ฀฀ ฀฀

฀ ฀฀ ฀ ฀฀

฀ ฀

฀ ฀ ฀

฀ ฀

฀ ฀

฀ ฀

฀ ฀

฀ ฀

฀ ฀

฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ ฀฀ ฀ ฀ ฀ ฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ ฀

฀ ฀

฀ ฀

฀ ฀ ฀ ฀ ฀


6QRZ DQG LFH RQ /DNH :HGRZHH

/LIH RQ /DNH :HGRZHH /DNH :HGRZHH H[SHULHQFHG VHYHUDO GD\V RI FROG ZHDWKHU LQ -DQXDU\ 2XU UHDGHUV VQDSSHG SLFWXUHV WR GRFXPHQW WKH HYHQWV 7RS IURP OHIW 6KDVWD &URZ VRQ SLFWXUHV 0DU\ 3 6PLWK %LOO 6WDLE -DO\QQ &DUWHU SLFWXUHV DQG 7ULFLD &DUUROO DOO FRQ WULEXWHG WR WKLV SDJH ,I \RX ZRXOG OLNH WR VHH \RXU SLFWXUHV LQ /DNH :HGRZHH /LIH SOHDVH HPDLO QHZV#ODNHZHGRZHHOLIH FRP

/DNH :HGRZHH /LIH


5XVWLF (OHJDQFH LV DOLYH DQG ZHOO RQ /DNH :HGRZHH EXW QRW DW WKH VDFUL ´,W GRHVQ·W PDW ILFH RI TXDOLW\ DQG WHU KRZ PDQ\ \HDUV IXQFWLRQ ,W·V ORRN \RX·YH EHHQ LQ WKLV LQJ DJHG EXW ZHOO EXVLQHVV ,I \RX PDLQWDLQHG KDYHQ·W EHHQ LQ LW LQ ´5XVWLF (OHJDQFHµ WKH ODVW \HDUV \RX LV WKH SKUDVH WKDW UHDOO\ GRQ¶W NQRZ EHVW GHVFULEHV ZKDW DQ\WKLQJ µ 7KLV ZDV PDQ\ SHRSOH DUH VDLG WR PH E\ P\ ORRNLQJ IRU LQ D GDG EDFN LQ KRPH DQG WKHUH DUH ZKHQ P\ ZLIH DQG , PDQ\ ILQH H[DP PRYHG WR 5RDQRNH SOHV LQ 5DQGROSK WR MRLQ WKH IDPLO\ &RXQW\ )RU WKRVH IORRULQJ EXVLQHVV , IRUWXQDWH HQRXJK DOZD\V WKRXJKW WKLV WR JR RQ /DNH :H ZDV SUREDEO\ WKH GRZHH·V 7RXU 2I PRVW PRGHVW WKLQJ +RPHV WKH ODVW KH KDG HYHU VDLG $W FRXSOH RI \HDUV WKDW WLPH KH KDG \RX KDG D ILUVW RYHU \HDUV LQ WKH KDQG ORRN DW 5XVWLF EXVLQHVV DQG WR VD\ (OHJDQFH GRQH WR WKDW WKH ILUVW GLG SHUIHFWLRQ Q·W FRXQW IRU PXFK 1RZ , NQRZ VKRUW ZDV KDUG WR EHOLHYH RI ZLQQLQJ WKH ORW 7KH WUXWK RI WKH WHU\ PRVW RI XV PDWWHU LV KH ZDV ZLOO QHYHU EH DEOH ULJKW WKHQ DQG LV VWLOO WR RZQ D KRXVH OLNH ULJKW WRGD\ WKH 2FWDFHOOR RU , JXHVV LW LVQ·W DV &DPS 6WRQH EXW PXFK WKDW ZH KDYH VRPH RI WKH QX VR PDQ\ IORRU RS 5LFK LQ KLVWRU\ 2FWDFHOOR KDV LQVWDQW KLVWRU\ WKDQNV WR WKH UHF\FOHG SLHFHV DQFHV PDNLQJ WKHVH WLRQV QRZ WKDW JHWV XVHG LQ WKH EXLOGLQJ SURFHVV KRPHV VR ZDUP PH H[FLWHG ,W·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·W WKH JDGJHWV DQG PRG ZDOOV LQWR VSHDNHUV WDON DERXW VXU ZLWK VRPH ROG WUHHV RXW IURQW DQG HUQ FRQYHQLHQFHV ,W·V KRZ FOHYHUO\ URXQG VRXQG , NQRZ RI RQH KRXVH WKH\ FKRVH D KRXVH SODQ ZLWK D FROR WKH\ DUH LQFRUSRUDWHG LQWR D KRPH ZKLFK LQFRUSRUDWHV ZDWHU IURP WKH QLDO ORRN ,QVLGH WKH\ KDYH KLJKHU ZLWKRXW EHLQJ D GLVWUDFWLRQ ERWWRP RI WKH ODNH LQWR LWV KHDWLQJ FHLOLQJV KDUGZRRG IORRUV DQG DQ ,W·V SHUVRQDOLW\ RYHU SHUIHFWLRQ DQG FRROLQJ V\VWHP GUDPDWLFDOO\

&KDUOH\·V 7UHDVXUHV


WKH VFUDS KHDS DQG DVVHP RSHQ VWDLUFDVH %XW WR PH EOHG WKURXJK WKH KDUG RQH RI WKH EHVW GHFLVLRQV ZRUN DQG GHWHUPLQDWLRQ RI ZDV WR UHPRYH WKH IDFWRU\ WKLV IDPLO\ WR FUHDWH D SRVW WULP ERDUGV DURXQG WKH FDUG VHWWLQJ WKDW PDNHV P\ GRRUV DQG ZLQGRZV DQG VWUHVV OHYHO GURS LQ KDOI MXVW XVH SDLQWHG [ ERDUGV WR ORRNLQJ DW LW WULP ZLWK 7KDW DORQJ ,Q WKHVH WLPHV RI HQYLURQ ZLWK WKH WDOOHU WKDQ VWDQ PHQWDO DZDUHQHVV VR PDQ\ GDUG EDVHERDUGV JLYHV SHRSOH DUH ORRNLQJ DW EX\ WKH KRXVH DQ DXWKHQWLF LQJ ´JUHHQµ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·W VHH LW UHPRWHO\ DV FORVH WR WKH FHUDPLF WLOH LQ WKH 2FWDFHOOR LV UHF\FOHG IURP KRXVHV WKDW ZHUH WRUQ SDUW RI ZLOO EH GLVSOD\HG \HDUV IURP JUHHQ DV D SURGXFW PDGH IURP UH QRZ ORQJ DIWHU ,·P JRQH OLNH WKH IXVH GRZQ 7KLV KRXVH LPSUHVVHV PH EH ROG QHZHO SRVW LQ WKH 2FWDFHOOR /DPLQDWH IORRULQJ LV PDGH IURP FDXVH LW·V QRW D KRXVH ZLWK KLVWRU\ ZRRG E\SURGXFWV ZDVWH IURP VDZ LW·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·V )ORRULQJ D FRPSDQ\ VWDUWHG E\ WKLQJV 7KH\ VKRZ ZRUNPDQVKLS LQ VDOYDJHG KRXVH RU VKRXOG , VD\ KLV IDWKHU LQ 1RUWRQ·V )ORRULQJ EHLQJ EXLOW E\ KDQG WR ODVW WKURXJK KRXVHV FKXUFKHV EDUQV HWF HWF SURGXFWV DUH LQ FRXQWOHVV KRPHV RQ /DNH 5XVW\ WLQ KHDUW SLQH ERDUGV JODVV WKH DJHV DQG UHSUHVHQW WKH SURXG :HGRZHH DQG WKURXJKRXW WKH FRXQW\ URFNV DQG PRUH ZDV UHVFXHG IURP ZRUN RI VRPHRQH ORQJ JRQH , OLNH


%ULGHV QHDU DQG IDU DUH LQ SODQQLQJ PRGH SUHSDULQJ IRU WKHLU VSHFLDO GD\ 6RPH ZLOO KLUH DQ (YHQW 3ODQQHU WR SDYH WKH ZD\ IRU D VPRRWK DQG VWUHVV IUHH HYHQW :KLOH RWKHUV ZLOO WDNH RQ WKH WDVN RI (YHQW 3ODQ QHU WKHPVHOYHV 7KH GLIIHUHQFH EHWZHHQ KDYLQJ D SODQQHU DQG GRLQJ LW \RXUVHOI LI VLPSO\ OHVV ZRUN DQG VWUHVV RQ WKH %ULGH WR EH DQG KHU PRWKHU

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

1XWW\ 2OLYHV -DU RI RYHU VL]HG JUHHQ ROLYHV &UHDP &KHHVH 3HFDQV ILQHO\ FKRSSHG

'UDLQ DQG SDSHU WRZHO GU\ ROLYHV /HW DLU GU\ IRU KRXU 3LQFK RII D VPDOO DPRXQW RI FUHDP FKHHVH DQG PROG DURXQG HDFK ROLYH 5ROO LQ SHFDQV DQG UH IULJHUDWH IRU KRXUV RU RYHUQLJKW &XW LQ KDOI DQG VHUYH


EXFNV $QG \RX FDQ DOZD\V DVN \RX JXHVW WR 5693 E\ H PDLO WR VDYH GRXEOH SRVWDJH 7KHUH DUH PXVW KDYH WKLQJV \RX MXVW FDQ W GR ZLWKRXW 'HFLGH RQ WKRVH ULJKW DZD\ WKHQ \RX ZLOO NQRZ ZKHUH WR FXW EDFN 8QOHVV \RX DUH SD\LQJ IRU \RXU EULGHV PDLGV DWWLUH SOHDVH SOHDVH EH FRQVLGHUDWH RI WKDW H[SHQVH 7KH SRSXODU ZD\ QRZ LV D PRUH

PRGHVWO\ GHFRUDWHG FHUHPRQ\ DQG WKHQ SXWWLQJ RQ WKH ULW] IRU WKH UHFHSWLRQ :KHQ FKRRVLQJ D PHQX WU\ DQG SLFN GLIIHUHQW LWHPV WKDW \RXU JXHVW PD\ QRW KDYH KDG VR LW ZLOO VWDQG RXW DQG EH WDONHG DERXW %RRN \RXU YHQXH SKR WRJUDSKHU DQG EDNHU ILUVW WR LQ VXUH JHWWLQJ WKH RQH \RX ZDQW .HHS YHU\ JRRG UHFRUGV RI

HYHU\WKLQJ VR \RX ZLOO EH RQ WRS RI ZKDW KDV EHHQ GRQH DQG ZKDW QHHGV WR EH GRQH , P VKDULQJ P\ QXWW\ ROLYH UHFLSH ZLWK \RX ZKLFK LV VLPSOH EXW WLPHO\ +DSS\ SODQQLQJ DQG OHW V JHW FRRNLQ· *ODVV 6OLSSHU (YHQWV


:DWWHUV VHOHFWHG DV $ODEDPD +LJK 6FKRRO +DOO RI )DPHU ,Q WKLV GD\ DQG WLPH PRVW FRDFKHV GR QRW VWD\ DW RQH VFKRRO IRU ORQJHU WKDQ D IHZ \HDUV IRU D YDULHW\ RI UHDVRQV ERWK SRVLWLYH DQG QHJDWLYH %XW WKDW ZDVQ W WKH FDVH IRU 5RQ :DWWHUV ZKHQ KH PRYHG WR 5DQGROSK &RXQW\ LQ WR EH FRPH WKH RIIHQVLYH FRRUGLQDWRU IRU WKH 5DQGROSK &RXQW\ 7LJHUV XQGHU KHDG FRDFK -LPP\ &KDPSLRQ ´, ILJXUHG , ZRXOG VWD\ KHUH IRU D IHZ \HDUV EXW , PHW P\ ZLIH KHUH IHOO LQ ORYH DQG KDYH EHHQ LQ ´, ILJXUHG , 5DQGROSK &RXQW\ HYHU ZRXOG VWD\ VLQFH µ :DWWHUV KHUH IRU D IHZ VDLG \HDUV EXW , :DWWHUV EH FDPH WKH KHDG PHW P\ IRRWEDOO FRDFK ZLIH µ DIWHU WKH VHDVRQ DQG UH PDLQHG DW &RDFK 5RQ 5DQGROSK :DWWHUV &RXQW\ IRU WKH 2Q OLYLQJ LQ QH[W \HDUV 5DQGROSK &RXQW\ 2Q 0DUFK KH DORQJ VLQFH ZLWK HLJKW RWKHU PDMRU FRQWULEX WRUV WR WKH KLJK VFKRRO VSRUWV FRP PXQLW\ ZLOO EH LQGXFWHG DV WKH WK FODVV RI WKH $ODEDPD +LJK 6FKRRO 6SRUWV +DOO RI )DPH ´,W LV WRXJK WR JHW LQGXFWHG LQWR WKH +DOO RI )DPH EHFDXVH LW LV RSHQ WR VR PDQ\ SHRSOH µ :DWWHUV VDLG ´$QG LW ZDV D YHU\ KXPEOLQJ H[ SHULHQFH ZKHQ , JRW WKH FDOO IURP 6WHYH 6DYDUHVH H[HFXWLYH GLUHFWRU RI WKH $ODEDPD +LJK 6FKRRO $WK OHWLF $VVRFLDWLRQ µ $+6$$ PHPEHU VFKRROV +DOO RI )DPH &RPPLWWHH PHPEHU DQG GLVWULFW ERDUGV DUH WKH JURXSV WKDW QRPLQDWH LQGLYLGXDOV IRU WKH +DOO RI )DPH ´&KXFN 0DUFXP

<HDUV RI FRDFKLQJ 5RQ :DWWHUV WRS ZLWK KLV IDPLO\ FRDFKHG WKH 5DQGROSK &RXQW\ 7LJHUV IRU VHD VRQV OHIW ZLWK &RDFK 3DXO %HDU %U\DQW LQ

+RPHWRZQ +HUR 6WRU\ E\ .HOO\ &DOGZHOO 6XSHULQWHQGHQW RI 5RDQRNH &LW\ 6FKRROV GLG D JUHDW DPRXQW RI ZRUN RQ WKH QRPLQDWLRQ SURFHVV µ :DWWHUV VDLG ´, ZRXOG OLNH WR WKDQN WKH SHRSOH WKDW KDYH PDGH HYHU\ WKLQJ IRU PH SRVVLEOH +XORQG +XPSKULHV IRUPHU 5&+6 SULQFL SDO DQG +XJK /HH 0RUULV IRUPHU 5DQGROSK &RXQW\ 6FKRRO VXSHULQ WHQGHQW WRRN D FKDQFH RQ PH LQ

DQG , ZLOO DOZD\V EH DSSUHFLD WLYH WR WKRVH WZR JHQWOHPHQ IRU JLY LQJ XV WKH FKDQFH µ $IWHU :DWWHUV UHWLUHG IURP 5DQGROSK &RXQW\ LQ KH VSHQW VL[ \HDUV FRDFKLQJ LQ *HRUJLD ZKLFK LV ZKHUH KH VWDUWHG KLV FDUHHU LQ ´, KDG IXQ ZKHQ , ZHQW EDFN WR *HRUJLD µ KH VDLG ´, ZDV DQ DVVLV WDQW FRDFK XQGHU 7LP %DUURQ DQG JRW WR ZRUN ZLWK D EXQFK RI HQHU JHWLF FRDFKHV µ :DWWHUV UHWXUQHG WR 5DQGROSK &RXQW\ FRDFKLQJ FLUFOHV LQ EXW


LW ZDV QRW WR ZHDU WKH EOXH DQG JROG RI WKH 7LJHUV ´, RQO\ ZRUN KDOI GD\V EHFDXVH , DP WHFKQLFDOO\ UHWLUHG EXW , DP GRLQJ ZKDW , ORYH DQG LW V RQ P\ WHUPV µ KH VDLG ´, DP QRZ WKH RI IHQVLYH FRRUGLQDWRU DQG VWUHQJWK FRDFK DW +DQGOH\ +LJK 6FKRRO LQ 5RDQRNH XQGHU &RDFK 0LNH %DW WOHV µ ,Q KLV WKUHH VHDVRQV ZLWK WKH +DQGOH\ 7LJHUV WKH WHDP KDV FRP

SLOHG D UHFRUG RI LQFOXGLQJ WKUHH SOD\RII UXQV DQG WZR UHJLRQ FKDPSLRQVKLSV $V D KHDG FRDFK :DWWHUV FRP SLOHG D UHFRUG DQG WDNLQJ KLV WHDPV WR WKH VWDWH WLWOH JDPH RQ WKUHH GLIIHUHQW RFFDVLRQV ,Q WKRVH \HDUV KLV WHDPV PDGH WKH VWDWH SOD\RIIV WLPHV ZLWK D SRVW VHDVRQ UHFRUG +LV WHDPV DW 5DQGROSK &RXQW\ DOVR ZRQ ILYH UHJLRQ FKDPSLRQ

VKLSV DQG VL[ DUHD WLWOHV 6L[ RI KLV IRUPHU SOD\HUV DQG DVVLVWDQW FRDFKHV EHFRPH KHDG FRDFKHV ´, ZDV IRUWXQDWH WR KDYH VSHFLDO SOD\HUV WKDW ZRUNHG VR KDUG WR EH ZKDW WKH\ ZHUH $QG , FRXOG QHYHU SLFN RQH WHDP DV P\ IDYRULWH RYHU DQ\ RWKHU µ :DWWHUV VDLG :KHQ QRW FRDFKLQJ :DWWHUV KDV D SDVVLRQ IRU KXQWLQJ DQG VSHQGLQJ WLPH ZLWK IDPLO\


/DNH :HGRZHH /LIH


/DNH :HGRZHH /LIH


5DQGROSK &RXQW\ ZDV HVWDEOLVKHG E\ WKH $ODEDPD /HJLVODWXUH RQ 'HFHPEHU DQG QDPHG LQ KRQRU RI -DPHV 5DQGROSK D 9LUJLQLD FRQJUHVVPDQ 5DQGROSK &RXQW\ ZDV RQH RI VHYHUDO FRXQWLHV FUHDWHG RXW RI WKH ODVW &UHHN FHVVLRQ IRUPXODWHG E\ WKH 7UHDW\ RI &XVVHWD RQ 0DUFK ,W OLHV ZLWKLQ WKH 3LHGPRQW UHJLRQ ZKLFK H[ WHQGV IURP $ODEDPD WR 3HQQV\OYDQLD

,PSRUWDQW 1XPEHUV ,PSRUWDQW 1XPEHUV %RDUG RI (GXFDWLRQ 6XSHULQWHQGHQW &LW\

%RDUG RI (GXFDWLRQ 6XSHULQWHQGHQW &RXQW\

&LUFXLW &OHUN

&RXQW\ &RPPLVVLRQ

'ULYHU·V /LFHQVH

(PHUJHQF\ 0DQDJHPHQW

(QJLQHHU +Z\ 'HSW

([WHQVLRQ 2IILFH

+HDOWK 'HSDUWPHQW

+XPDQ 5HVRXUFHV

/DQG )LOO

3UREDWH -XGJH

3XEOLF $VVLVWDQFH

5DQGROSK &RXQW\ +RVSLWDO

5HYHQXH &RPPLVVLRQHU

6KHULII

9RWHU 5HJLVWUDWLRQ

:HGRZHH +RVSLWDO

7KH ILUVW FRXQW\ VHDW IRU 5DQGROSK &RXQW\ ZDV HVWDEOLVKHG LQ DW +HGJHPDQ 7ULSOHWW V )HUU\ RQ WKH ZHVW EDQN RI WKH %LJ 7DOODSRRVD 5LYHU DERXW PLOHV ZHVW RI :HGRZHH ,Q \HDUV ODWHU WKH FRXQW\ VHDW ZDV PRYHG E\ WKH FRPPLVVLRQHUV WR QHDUE\ :HGRZHH :H GRZHH OLHV LQ WKH FHQWHU RI 5DQGROSK &RXQW\ RQ D IRUN RI WKH /LWWOH 7DOODSRRVD 5LYHU :HGRZHH ZDV QDPHG DIWHU D WULEDO FKLHI :DK ZDK QHH RU :DK GRZ ZHH ZKRVH YLOODJH VWRRG QHDU WKH SUHVHQW VLWH RI WKH WRZQ

7KLV LQIRUPDWLRQDO SDJH LV SURYLGHG DV D VHUYLFH E\ *UHJ 9DUQHU

3ROLWLFDO $GYHUWLVHPHQW 3DLG )RU %\ *UHJ 9DUQHU IRU 6WDWH 6HQDWH 3 2 %R[ $VKODQG $/


/DNH :HGRZHH /LIH


6WRU\ E\ .HOO\ &DOGZHOO


&RUH\ DQG (ULFD 6WUHQJWK $XJXVW &RUH\ 6WUHQJWK DQG (ULFD .QLJKW JRW HQJDJHG 0DUFK DQG RQH RI WKH HDUO\ GHFL VLRQV ZDV WR KDYH DQ RXWGRRU ZHGGLQJ 7KH FRXSOH VFRXWHG OR FDWLRQV DW WKH EHDFK DQG 0W &KHDKD EHIRUH GHFLGLQJ RQ &KLP QH\ &RYH DW /DNH :HGRZHH ´:KHQ ZH ORRNHG DW &KLPQH\ &RYH ZH NQHZ ZH KDG IRXQG WKH SODFH IRU RXU ZHGGLQJ µ (ULFD VDLG %RWK &RUH\ DQG (ULFD DUH 5DQGROSK &RXQW\ QDWLYHV DQG WKH ORFDWLRQ PDGH SHUIHFW VHQVH ´,W ZDV EHDXWLIXO DQG EHLQJ FORVH WR KRPH DOORZHG DOO RI RXU IDPLO\ WR DWWHQG µ &RUH\ VDLG (ULFD DQG &RUH\ ERWK KDYH D UDWKHU ODUJH H[WHQGHG IDPLO\ DQG GHFLGLQJ RQ ZKR ZRXOG SDUWLFL SDWH LQ WKH DFWLYLWLHV FRXOG KDYH EHHQ FDXVH RI GXUHVV EXW WKH SUREOHP ZDV VROYHG HDVLO\ E\ KDYLQJ PRUH WKDQ RQH IORZHU JLUO DQG RQH ULQJ EHDUHU ´:H FRXOGQ W SLFN EHWZHHQ RXU FRXVLQV VR ZH OHW DOO WKH OLWWOH RQHV EH LQ LW µ &RUH\ VDLG ,Q DOO WKHUH ZHUH VL[ IORZHU JLUOV DQG WZR ULQJ EHDUHUV

)RU %HWWHU RU :RUVH &RUH\ DQG (ULFD 6WUHQJWK·V ZHGGLQJ GD\ ZDV WKUHDWHQHG E\ UDLQ DQG HYHQ WKRXJK WKH VNLHV WKUHDWHQHG DERYH E\ &DURO 0F'DQLHO LW KHOG RII WKURXJK RXW PRVW RI WKH UHFHSWLRQ %URWKHUV RI WKH FRXSOH OLW WKH FDQGOHV LQ WKH SRRO SULRU WR WKH FHUHPRQ\ OHIW E\ &DURO 0F'DQLHO


)RU PRVW VXPPHU ZHGGLQJV WKH FKDQFH RI UDLQ LV D JLYHQ DQG WKH 6WUHQJWKV GD\ ZDV QR H[ FHSWLRQ KRZHYHU LW GLG KROG RII XQWLO ODWHU LQ WKH QLJKW DQG WKH FRXSOH ZHUH DEOH WR HQMR\ WKH GD\ ´:H ZDQWHG WKH RXWGRRU ZHGGLQJ DW VXQVHW DQG HYHQ WKRXJK WKH ZHDWKHU GLGQ W FR RSHUDWH IXOO\ ZH VWLOO KDG D ZRQGHUIXO WLPH µ &RUH\ VDLG 7KH FRXSOH HYHQ OHIW WKH UH FHSWLRQ E\ ERDW FRXUWHV\ RI :H GRZHH 0DULQH ´0U 5DQG\ ZDV JUHDW IRU KHOSLQJ PDNH WKDW KDSSHQ µ &RUH\ VDLG ´,W ZDV D JUHDW ZD\ WR OHDYH RXU ODNH ZHGGLQJ

)ORZHU SRZHU (ULFD DQG &RUH\ FRXOG QRW GHFLGH RQ MXVW RQH IORZHU JLUO DQG ULQJEHDUHU VR WKH\ FKRVH DOO WKHLU \RXQJHU FRXVLQV WR EH SDUW RI WKHLU GD\ 3KRWR E\ &DURO 0F'DQLHO

-RKQ DQG .U\VWDO 3D\QH -XO\ $V D FKLOG .U\VWDO 5LFH GHFLGHG ZKHQ VKH PDU ULHG VKH ZDQWHG WR GR VR RQ KHU IDPLO\ V SURSHUW\ RQ /DNH :HGRZHH $QG RQ -XO\ KHU GUHDP FDPH WUXH DW 5LFH 3DYLOLRQ ZKHQ VKH EH FDPH -RKQ 3D\QH V ZLIH ´, DOZD\V ZDQWHG WR JHW PDUULHG RQ WKH KLOO RQ RXU IDPLO\ ODQG DQG -RKQ ZDQWHG DQ RXWGRRU ZHG GLQJ µ VKH VDLG ´%XW LW ZDV P\ DXQW WKDW VXJ JHVWHG ZH JHW PDUULHG RQ WKH GRFN DW 5LFH 3DYLO LRQ LQVWHDG RI WKH KLOO EHKLQG LW µ 7KH FRXSOH UHOLHG RQ IDPLO\ WR SODQ WKH ZHG GLQJ ZLWK KHU JUDQGPRWKHU /HWKD 5LFH RZQHU RI WKH +XE 5HVWDXUDQW WDNLQJ WKH OHDG RQ WKH UHFHS WLRQ ´6KH WRRN FDUH RI HYHU\WKLQJ µ .U\VWDO VDLG


:DWHU :HGGLQJ -RKQ DQG .U\VWDO 3D\QH ZDQWHG DQ RXWGRRU ZHGGLQJ IRU WKHLU -XO\ QXS WLDOV .U\VWDO·V JUDQG PRWKHU /HWKD 5LFH FDWHUHG WKH ZKROH UHFHSWLRQ 3KRWRV E\ -HQHp +ROORZD\

´6KH ORRNHG WKURXJK PDJD]LQHV WR JHW KHU LGHDV DQG JRW D OLWWOH LQSXW IURP XV ,W ZDV D UHOLHI WKDW VKH GLG WKDW IRU XV EHFDXVH LW ZDV RQH OHVV WKLQJ ZH KDG WR ZRUU\ DERXW µ 5LFH DOVR EDNHG ERWK WKH ZHG GLQJ FDNH DQG WKH JURRP V FDNH DV ZHOO DV KDQGOLQJ DOO WKH GHFRUD WLRQV WKHUH 7KH PDLQ ZRUU\ WKH GD\ RI WKH FHUHPRQ\ ZDV WKH FKDQFH RI UDLQ ´, UHPHPEHU ZH ORRNHG DW WKH UDGDU IRU PRVW RI WKH GD\ µ -RKQ VDLG ´7KH IRUHFDVW VDLG LW ZDV JRLQJ WR UDLQ DW S P WKH WLPH RI WKH FHUHPRQ\ EXW LW GLGQ W UDLQ D GURS µ -RKQ DQG .U\VWDO GLG KDYH WKHLU VKDUH RI ZHGGLQJ QHUYHV RQ WKH ELJ GD\ EXW LW ZDV PRUH DERXW EHLQJ WKH FHQWHU RI DWWHQWLRQ LQ VWHDG RI GRXEWV DERXW HDFK RWKHU ´1HLWKHU RQH RI XV UHDOO\ OLNH WR EH LQ WKH VSRWOLJKW µ .U\VWDO VDLG ´-RKQ KDG ZRUNHG KLPVHOI XS DERXW LW IRU PRQWKV EXW WKDW GD\ KH UHDOO\ HQMR\HG KLPVHOI µ 7KH FRXSOH JUHZ XS LQ :H GRZHH DQG KDYH HQMR\HG SOD\LQJ RQ WKH ZDWHUV RI /DNH :HGRZHH IRU PRVW RI WKHLU OLYHV ´:H ERWK KDYH IRQG PHPRULHV RI VNLLQJ WXELQJ DQG ILVKLQJ RQ WKH ODNH DQG ZH FRXOGQ W WKLQN RI D EHWWHU SODFH WR KDYH RXU ZHG GLQJ µ .U\VWDO VDLG

/DNH :HGRZHH /LIH


#FOFGJFME 'VOFSBM )PNF 6HUYLQJ 5DQGROSK $GMRLQLQJ &RXQWLHV /HDYH 2QOLQH &RQGROHQFHV DW ZZZ %HQHILHOG)+:HGRZHH FRP :HVW %URDG 6W :HGRZHH


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·OO HYHU KHDU KH DOZD\V PDQDJHV WR FDSWLYDWH KLV DXGLHQFH ,W·V LQWHUHVWLQJ WR ZDWFK SHR SOH UHVSRQG WR $XVWLQ·V VRQJV ZKHWKHU LW·V RQH WKDW SDLQWV D SLFWXUH RI VDOW\ FKDUDFWHUV OLNH ´%XFN &OD\ERUQµ RU D KHDUW ZUHQFKLQJ ´/RQJ :D\ 7R *Rµ DERXW WKH VWUXJJOH WR XQGHUVWDQG

WKH VXLFLGH RI D JRRG IULHQG RU WKH KDWUHG LQ WKH VN\ RQ

1HZV WR .QRZ E\ 0HUHGLWK )U\H +LV VRQJV DUHQ·W WKH RQO\ WKLQJ WKDW UHVRQDWHV ,W·V KLV GRZQ WR HDUWK , NQRZ \RX IURP VRPHZKHUH SHUVRQDOLW\ WKDW

VZHHSV RYHU WKH FURZG +H LQWHU DFWV ZLWK KLV DXGLHQFH OLNH KH·V NQRZQ WKHP VLQFH FKLOGKRRG ´$XVWLQ LV WKH W\SH RI JX\ ZKR ZDQWV WR NQRZ \RXU QDPH DQG KDV WKH XQFDQQ\ DELOLW\ WR UHPHPEHU LW +LV RXWJRLQJ SHU VRQDOLW\ PDNHV RQH XQGHUVWDQG WKH HQWLFLQJ QDWXUH RI KLV VRQJV , IRXQG P\VHOI WHDULQJ XS RYHU ORVW ORYH DQG WDVWLQJ KRW FKLOL SHSSHU ZKLOH ERRW VFRRWLQJ LQ P\ PLQG µ«« -DQHW %ULFH 3DUNHU $XWKRU 7KH ,Y\ 6WD\V *UHHQ ,I \RX·UH D ZULWHU ORRNLQJ IRU LQVSLUDWLRQ D PXVLF EXII RU MXVW VRPHRQH ZDQWLQJ WR EH HQWHU WDLQHG IRU D ZKLOH GRQ·W PLVV WKH FKDQFH WR KHDU DQG PHHW WKLV VKLQLQJ VWDU IURP 7H[DV <RX ZRQ·W EH GLVDSSRLQWHG &XQQLQJKDP ZLOO SOD\ )HEUX DU\ DW WKH +LVWRULF $VKODQG 7KHDWUH DW S P 7LFNHWV DUH DYDLODEOH IRU DQG PD\ EH SXUFKDVHG E\ FDOOLQJ 7R GLVFRYHU PRUH DERXW $XV WLQ &XQQLQJKDP YLVLW ZZZ DXVWLQFXQQLQJKDP FRP

ZZZ ODNHZHGRZHHOLIH FRP


+RRNLQJ WKH ELJ EDVV HDUO\ LQ LQJ WKLV ODWH ZLQWHU SHULRG ,·YH ZULWWHQ DERXW LW 0DNH SODQV WR JR ZKHQ LWV PDQ\ WLPHV EHIRUH ,Q WKH FRQYHQLHQW DQG GXULQJ UHFHQW HDUO\ ZLQWHU LVVXH RI FRPIRUWDEOH ZHDWKHU $ /DNH :HGRZHH /LIH \RX GD\ ZKHQ \RX ZLOO HQMR\ PD\ KDYH UHDG DERXW \RXU ILVKLQJ WULS WKH PRVW LW ´/XUHV IRU 7DUJHWLQJ %LJ .HHS LQ PLQG QRW DOO RI :LQWHU %DVV µ WKHVH ZLQWHU WLPH EDVV IHHG 2QH \HDU DJR LQ WKH )HE DW WKH VDPH WLPH %XW LW·V D UXDU\ 0DUFK LVVXH RI /DNH VXUH EHW \RX FDQ UHO\ RQ :HGRZHH /LIH , ZURWH WKH IDFW WKDW WKHUH·V DOZD\V DERXW LW ´:LQWHU LV <RXU VRPH EDVV WKDW DUH DFWLYHO\ %HVW &KDQFH IRU 7URSK\ IHHGLQJ RU VRPH EDVV WKDW %DVV µ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«<HV D ORW EHWWHU WKDQ UXQQLQJ (YHQ ZKHQ LWV DV FROG DV WKH ERDW PLOHV SHU KRXU RYHU QR FKDOOHQJH ZLWK OLYH EDLW µ LW ZDV WKLV SDVW -DQXDU\ \RX VWLOO PLOHV XS RU GRZQ WKH ODNH LQ 'DG DOZD\V FKRRVH OXUHV IRU KDYH D JRRG FKDQFH DW IRROLQJ D IUHH]LQJ DLU WHPSHUDWXUHV EDVV ILVKLQJ LQ DOO VHDVRQV ELJ ROG EDVV LQWR ELWLQJ \RXU OXUH ,·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«OLNH FROG IURQWV GUDJJLQJ RQ LQWR ZDUP IURQWV 0DUFK $ PRQWK QRUPDOO\ ODEHOHG WKHUH DUH PDQ\ YDULDEOHV WKDW FDQ SOD\ D KXJH SDUW LQ \RXU GHFLVLRQ $GYHUVH FRQGLWLRQV GXULQJ WKH DV D SUH VSDZQ SHULRG IRU /DNH RI ZKHWKHU RU QRW \RXU HYHQ JRLQJ ZLQWHU PRQWKV LQFOXGHV VXFK YDUL :HGRZHH·V EDVV %XW VWLOO WKHUH LV DEOHV DV ORZ ZDWHU /RZ ZDWHU D ZD\ $ ZD\ WR IRRO WKHVH ELJ EDVV ILVKLQJ 7KH ZHDWKHU IRU LQVWDQFH FDQ GHWHUPLQH LI \RXU ORDGLQJ XS ZLQWHU SRRO LV DOZD\V HYLGHQW LQWR ELWLQJ WKH ERDW IRU D WULS WRPRUURZ 2U GXULQJ WKH ZLQWHU DQG HDUO\ VSULQJ 1R ZH DUH QRW WDONLQJ DERXW \RX PD\ KDYH WR SRVW SRQH WKDW PRQWKV RQ /DNH :HGRZHH &DOO ZLWK WKH XVH RI OLYH EDLW /LYH EDLW ODNHV IRU ODNH OHYHO LV IRU WDUJHWLQJ ILVK VXFK DV EUHDP ILVKLQJ WULS DQG ZRUN PRUH RQ EXLOGLQJ XS \RXU FDELQ IHYHU LI LWV 7KH ODNH OHYHO FDQ EH GRZQ FUDSSLH FDWILVK DQG PD\EH HYHQ IHHW RU RIWHQ ORZHU GXULQJ WKH VWULSHG EDVV ,·OO DOZD\V UHPHPEHU WR FROG 7KHUH·V QR XVH LQ EHDWLQJ \RXU ODWH ZLQWHU SHULRG ,W QRUPDOO\ UH D SKUDVH P\ XQFOH VDLG WKDW P\ VHOI XS 7KHVH EDVV IHHG GDLO\ GXU PDLQV ORZ XQWLO ODWH $SULO 7KHQ LV GDG DOZD\V VDLG WR KLP µ 7KHUH LV

+RRNHG RQ /DNH :HGRZHH

/DNH :HGRZHH /LIH


ZKHQ WKH ODNH LV VORZO\ UHWXUQHG WR IXOO SRRO IRU DQRWKHU VL[ PRQWKV ([WUHPH FDXWLRQ LV DGYLVHG IRU DOO ERDWHUV ZKHQ WKH ODNH LV GRZQ IRU ZLQWHU SRRO /XUHV IRU 7DUJHWLQJ /DWH :LQWHU %DVV RQ /DNH :HGRZHH ,Q PRVW RI WKHVH ZLQWHU WLPH DUWLFOHV , XVXDOO\ PHQWLRQ DQ DV VRUWPHQW RI YDULRXV W\SHV RI OXUHV \RX FDQ ILVK DW DOO GHSWKV 7KHVH FDQ EH OXUHV WKDW ERWK WKH SURIHV VLRQDO DQJOHU DQG WKH JHQHUDO SXE OLF PD\ FKRRVH WR XVH GXULQJ WKHVH FROG ZLQWHU PRQWKV 6RPH OXUHV WKH\ GRQ·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´ +RZ GR \RX IRRO WKHVH EDVV LQWR ELWLQJ ZKHQ LWV UHDO FROG" µ +RZ" %\ ILVKLQJ YDULRXV W\SHV RI OXUHV LQ ZD\V RWKHU DQJOHUV IDLO WR WU\ /LNH IRU LQVWDQFH ZLWK WKH XVH RI MLJJLQJ VSRRQV WDLO VSLQQHUV RU EODGH EDLWV -LJJLQJ VSRRQV DUH JUHDW OXUHV IRU PLPLFNLQJ D G\LQJ

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õ WR RXQFH VSRRQV RU WR JR GHHSHU IDVWHU WU\ XVLQJ ELJJHU SURILOHG PXFK KHDYLHU RQH WZR RXQFH VL]H VSRRQV 0DLQ ODNH SRLQWV DURXQG LV ODQGV WKH PRXWKV RI VPDOO FXWV SRFNHWV DQG IHHGHU FUHHNV DQG DOO DORQJ URFN EOXIIV DUH JUHDW SODFHV WR H[SHULPHQW ZLWK MLJJLQJ VSRRQV 0$5&+ 21 7+( /$.( ,I ODWH ZLQWHU FRQGLWLRQV VKRZ D ZDUPHU WKDQ XVXDO PRQWK RI )HEUXDU\ /DNH :HGRZHH·V EDVV ZLOO PRYH XS VKDOORZ IDVW LQ 0DUFK /HWV VD\ LW ZDV GHJUHHV GXULQJ WKH GD\ IRU D ZHHN RU PRUH FRXSOHG ZLWK VRPH UDWKHU PLOG QLJKWV ,I WKH SUHYLRXV ODWH ZLQWHU ZD WHU WHPSHUDWXUH ZDV GHJUHHV LQ )HEUXDU\ LW FRXOG VXGGHQO\ ULVH DV PXFK DV GHJUHHV RU PRUH LQ DV OLWWOH DV RQH ZHHN :KDW WKHVH EDVV WKHQ LQWHUSUHW LV LWV WLPH WR EHJLQ WKHLU DQQXDO ULWXDO RI EHGGLQJ %XW ILUVW SULRU WR

WKHVH WHPSHUDPHQWDO EDVV DFWXDOO\ VSDZQLQJ LGHDO FRQGLWLRQV PXVW ILUVW VWDELOL]H $ IXOO PRRQ PXVW EH QHDU DQG ZDWHU WHPSV VKRXOG FRQVWDQWO\ EH RQ WKH ULVH IRU LGHDO FRQGLWLRQV DQG IRU VHHLQJ WKHVH EDVV VXFFHVV IXOO\ UHSURGXFH DQRWKHU \HDU·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·V EDVV WR EHJLQ EHGGLQJ %HGGLQJ VHDVRQ XVXDOO\ WDNHV SODFH LQ $SULO RIWHQ ODVWLQJ RQ LQWR WKH HDUO\ SRUWLRQ RI 0D\ 7KHQ \RX ZLOO VHH VRPH ELJ YHU\ KXQJU\ SRVW VSDZQ EDVV IDWWHQ LQJ XS DQG IHHGLQJ DV WKH\ UHJDLQ WKHLU VWUHQJWK SULRU WR WKHLU VXP PHU PRYHPHQW ,Q WKH QH[W ,VVXH RI /DNH :H GRZHH /LIH 0DJD]LQH«EHGGLQJ EDVV 7KDQNV DQG *RRG )LVKLQ· 5HHG 0RQWJRPHU\ 5HHGV *XLGH 6HUYLFH 3KRQH ( PDLO DODEDVVJ\G#DRO FRP ZZZ ILVKLQJDODEDPD FRP /DNH :HGRZHH /LIH


)LUHSODFHV DGG PRUH WKDQ KHDW WR \RXU KRPH 7KHUH·V QRWKLQJ TXLWH OLNH WKH FUDFNOH RI D ZDUP ILUH RQ D FROG ZLQWHU GD\ $Q\RQH WKDW RZQV D ODNH KRPH FDQ WHOO \RX WKDW KDOI WKH IXQ LV VQHDNLQJ DZD\ WR D FR]\ FDELQ GXULQJ WKH ´RIIµ VHDVRQ $ JUHDW ILUHSODFH LQ \RXU ODNH KRPH LV D PXVW

%XLOW RQ WKH /DNH E\ 0D[ )XOEULJKW 7KH GHFLVLRQ WR KDYH D ILUHSODFH LV DQ HDV\ RQH +RZHYHU GHVLJQ LQJ DQG LQVWDOOLQJ WKH SHUIHFW ILUH SODFH IRU \RXU KRPH FDQ EH YHU\ FRPSOLFDWHG $ JUHDW ILUHSODFH FDQ EH WKH ´KHDUWµ RI WKH KRPH DQG LW UHTXLUHV D JUHDW GHDO RI WKRXJKW WR JHW LW ULJKW 2QH RI WKH PRVW LPSRUWDQW GH FLVLRQV LV ´ZKHUHµ WR ORFDWH WKH ILUHSODFH 7KH ILUHSODFH VKRXOG EH ORFDWHG LQ D FHQWUDO ORFDWLRQ ZLWK SOHQW\ RI VHDWLQJ DURXQG LW 0DNH VXUH \RX·YH WKRXJKW WKURXJK WKH IXUQLWXUH OD\RXW /RFDWH WKH ILUH SODFH VR WKDW \RX KDYH JUHDW YLHZV RI LW DV \RX PRYH WKURXJK WKH KRXVH %H FDUHIXO QRW WR SLFN D ILUH SODFH ORFDWLRQ WKDW EORFNV WKH YLHZV RI WKH ODNH :KDW W\SH RI ILUHSODFH ZLOO \RX EXLOG" $ WUXH PDVRQU\ ILUHSODFH LV SUHIHUUHG EXW H[SHQVLYH 7KLV

/DNH :HGRZHH /LIH

)LUHSODFHV PDNH HYHQ ODNH KRPHV EHWWHU /RFDWLRQ LV NH\ LQ GHWHU PLQLQJ ZKHUH \RX ZDQW \RXU ILUH SODFH LQ \RXU ODNH KRPH


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

WOH 7KH 7 9 FDEOH VKRXOG EH ORRSHG WR D QHDUE\ ORFDWLRQ VR WKDW VDWHOOLWH UHFHLYHUV DQG '9' SOD\ HUV FDQ EH KRRNHG XS ZLWKRXW EH LQJ SODFHG RQ WKH PDQWOH 7KH WHOH YLVLRQ FDQ EH OHIW LQ SODLQ YLHZ RU FDQ EH GLVJXLVHG EHKLQG ZRRGHQ GRRUV RU D SLHFH RI DUW :KDW W\SH RI PDWHULDOV ZLOO \RX XVH RQ \RXU ILUHSODFH" 6WRQH VHHPV WR EH WKH PDWHULDO RI FKRLFH DW WKH ODNH 7KHUH DUH KXQGUHGV RI JUHDW FKRLFHV RI ILUHSODFH YHQHHUV

LQ UHDO DQG DUWLILFLDO VWRQH :LOO \RX XVH D VWRQH RU ZRRG PDQWOH" 'R \RX ZDQW DQ DUFK RYHU WKH ILUH RSHQLQJ" :KDW DERXW D ZRRG ER[ IRU VWRULQJ ILUHZRRG" 7KH RXWGRRU ILUHSODFH KDV DOVR EHFRPH YHU\ SRSXODU HVSHFLDOO\ DW WKH ODNH $Q RXW GRRU ILUHSODFH FDQ EH ORFDWHG RQ D EDFN SRUFK RU LQ WKH EDFN \DUG QHDU WKH ODNH &RQ VLGHU WKH YLHZ RI WKH ILUHSODFH DQG WKH YLHZ RI WKH ODNH ZKHQ FKRRVLQJ D ORFDWLRQ $ ILUHSODFH DW WKH ODNH LV D ´PXVW KDYHµ :LWK DWWHQWLRQ WR GHWDLO DQG D OLWWOH SODQQLQJ \RXU ILUHSODFH FDQ WUXO\ EH WKH ´KHDUWµ RI WKH KRPH 0D[ )XOEULJKW KDV GHVLJQHG GR] HQV RI KRPHV RQ /DNH :HGRZHH +H LV DOVR 2SHUDWLRQV 0DQDJHU IRU 6WRQH&R 'HYHORSPHQW DQG RZQHU RI %XQNV DQG &ORVHWV ,QF



/DNH :HGRZHH /LIH


3XWWLQJ WKH ´5HDOµ LQ ORFDO UHDO HVWDWH SULFH FRPSHWLWLYHO\ WR -XVW OLNH PDQ\ SDUWV DWWUDFW D EX\HU 6HOOHUV·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« 3ULFHV ZLOO 5( 0$; /DNHIURQW LQ :HGRZHH DQG UHDO HVWDWH XS WR WKH VHFRQG TXDUWHU FRQWLQXH WR DGMXVW KDV EHHQ D OLFHQVHG DJHQW VLQFH RI WKH \HDU GXH WR WKH WD[ FUHGLW 7KH VHULRXV VHOOHU ZLOO QHHG WR

0DUNHW &RQGLWLRQV

/DNH :HGRZHH /LIH


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³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

E\ WKH 4XLQWDUG 0DOO *XHVW 6HU YLFHV GHVN WRGD\ WR SLFN XS DQ DS SOLFDWLRQ %RDW 6KRZ )HE ³ 2[IRUG *HW UHDG\ IRU WKH %RDW 6KRZ ZKHUH DUHD ERDW GHDOHUV ZLOO KDYH WKHLU ERDWV RQ GLVSOD\ WKURXJKRXW 4XLQWDUG 0DOO &RQ WDFW 3HUVRQ %URRNH 0F&XOOH\ 3KRQH H[W (PDLO EURRNHP#VKRSTXLQWDUGPDO O FRP 2YHU WKH +LOO 5HYLHZ )HE :HGRZHH $ 7DOHQW 6KRZ E\ SHUVRQV RYHU DJH $OZD\V D VHOO RXW )LUVW 8QLWHG 0HWKRGLVW &KXUFK )HOORZ VKLS +DOO 7LFNHW LQIRUPDWLRQ FDOO *DLO 6PLWK LQ 5HFLWDO SHUIRUP LQJ ´$QQD 0DJGDOHQD %DFKµ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

WKURXJKRXW WKH PDOO DQG VHH GHP RQVWUDWLRQV IURP ORFDO EXVLQHVVHV 9DOHQWLQH·V 'D\ 5HQWDOV DW WKH +LVWRULF $VKODQG 7KHDWUH )HE $VKODQG :DQW WR UHDOO\ LPSUHVV WKDW VSHFLDO VRPHRQH LQ \RXU OLIH WKLV \HDU" <RX YH GRQH IORZHUV MHZ HOU\ FDQGLHV GLQQHU« QRZ IRU VRPHWKLQJ WRWDOO\ XQLTXH 5HQW 7KH +LVWRULF $VKODQG 7KHDWUH IRU D SULYDWH VFUHHQLQJ IRU \RX DQG \RXU ORYH RQH WR FHOHEUDWH 9DOHQ WLQHV 'D\ WKLV \HDU )RU \RX HQMR\ D SULYDWH VFUHHQLQJ RI WKH ILOP RI \RXU FKRLFH :DWFK WKH ILUVW PRYLH \RX VDZ RQ \RXU ILUVW GDWH ZDWFK \RXU ZHGGLQJ YLGHR ZDWFK D VSHFLDO IDPLO\ YLGHR RU HQMR\ DQ\ PRYLH WKDW PDNHV \RX WKLQN RI \RXU WUXH ORYH /LPLWHG VORWV DUH DYDLODEOH VR ERRN HDUO\ DQG JHW WKHP VRPHWKLQJ \RX .12: WKH\ GRQ·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


GD\ 9LVLW DUHD EXVLQHVVHV DQG RU JDQL]DWLRQV DV WKH\ SURPRWH SURG XFWV DQG VHUYLFHV RQ KRZ WR VWD\ KHDOWK\ DP SP :DWHUIDOO 7RXU DQG (DV\ +LNH 0DUFK -DFNVRQYLOOH /LWWOH 5LYHU &DQ\RQ &HQWHU -RLQ -RDQ $OH[DQGHU DQG RWKHUV IURP WKH $QQLVWRQ 2XWGRRU $VVR FLDWLRQ IRU WKLV GULYLQJ DQG KLNLQJ WRXU RI VHYHUDO ZDWHUIDOO ORFDWHG DURXQG WKH &KHDKD 6WDWH 3DUN DUHD &DOO ZZZ ILHOGVFKRRO MVX HGX $GPLV VLRQ FKDUJHG DP QRRQ 7DOHQW 6KRZ $XGLWLRQV DW WKH +LVWRULF $VKODQG 7KHDWUH 0DUFK $VKODQG 7DOHQW 6KRZ $8',7,216 DP XQWLO SP &RPH DQG EH D SDUW RI RQH RI RXU ELJJHVW HYHQWV RI WKH \HDU /DVW \HDUV VKRZ ZDV VXFK D VXFFHVV ZH DUH KRVWLQJ WDOHQW VKRZV WKLV \HDU

7KH <RXWK 7DOHQW 6KRZ ZLOO EH IRU DJHV ELUWK WR DQG DQ $GXOW 7DO HQW 6KRZ DJHV DQG XS :H KDG VR PDQ\ GLIIHUHQW DJHV DQG VR PDQ\ GLIIHUHQW WDOHQWV ZH QHHG PRUH QLJKWV WR OHW WKHVH VWDUV VKLQH 6R FRPH RQ RXW DQG DXGL WLRQ IRU XV :H ZDQW WR VHH \RXU GDQFHV MRNHV PXVLF DQG VSHFLDO WDOHQWV 7KHVH DUH IDPLO\ IULHQGO\ DOO DJHV VKRZV 7KHUH ZLOO EH RQH DXGLWLRQ RQ 0DUFK WK IRU DOO SDU WLFLSDQWV UHJDUGOHVV RI DJH <RX 0867 DWWHQG WKLV DXGLWLRQ WR EH D SDUW RI WKH VKRZ &DOO )RU PRUH LQIRUPDWLRQ YLVLW ZZZ 7KH$VKODQG7KHDWUH FRP -LPP\ 1HZ 3LDQLVW LQ &RQ FHUW 0DUFK :HGRZHH 3URJUDP ZLOO LQFOXGH SLHFHV IURP 3URNRILHY 6FKXEHUW &KRSLQ /LV]W DQG *HUVKZLQ )LUVW 8QLWHG 0HWKRGLVW &KXUFK )HOORZVKLS +DOO 7LFNHW LQIRUPDWLRQ FDOO

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

/DNH :HGRZHH /LIH

SULRU \HDU·V WD[ UHWXUQ DQG PD\ DO DQG IRU WKH \HDU RI SXU FKDVH )RU MRLQW ILOHUV WKH SKDVH RXW ORZ WKHP WR UHFHLYH WKHLU PRQH\ VRRQHU UDQJH LV WR 7KH &UHGLW LV QRZ DYDLODEOH WR ORQJ WLPH UHVLGHQWV IRU KRPH SXU FKDVHV DIWHU 1RYHPEHU E\ 3DWULFLD 0LWFKHOO $Q LQGLYLGXDO DQG VSRXVH LI 7KH &UHGLW LV QRZ DYDLODEOH RQ D PDUULHG ZKR KDV PDLQWDLQHG WKH SULQFLSDO UHVLGHQFH SXUFKDVHG EH VDPH SULQFLSDO UHVLGHQFH IRU DQ\ ILYH FRQVHFXWLYH \HDUV GXULQJ WKH IRUH 0D\ 7KH &UHGLW DOVR DSSOLHV WR WKH SXUFKDVH RI D SULQFL HLJKW \HDU SHULRG HQGLQJ RQ WKH SDO UHVLGHQFH WKDW LV FORVHG EHIRUH GDWH RI SXUFKDVH RI D VXEVHTXHQW -XO\ ZKHUH WKH FRQWUDFW WR SULQFLSDO UHVLGHQFH LV HOLJLEOH IRU D SXUFKDVH ZDV ELQGLQJ EHIRUH 0D\ UHGXFHG &UHGLW 7KH PD[LPXP ,Q DGGLWLRQ WKH KRPHEX\HU FUHGLW DYDLODEOH IRU WKHVH WD[SD\HUV LV IRU D PDUULHG LQGL PD\ HOHFW WR WUHDW D TXDOLI\LQJ KRPH SXUFKDVH DIWHU DV PDGH YLGXDO ILOLQJ VHSDUDWHO\ 7KH $FW VHWV D PD[LPXP SXU RQ 'HFHPEHU RI WKH FDOHQGDU \HDU SUHFHGLQJ WKH SXUFKDVH 0DN FKDVH SULFH RI ZLWK QR LQJ WKLV HOHFWLRQ DOORZV KRPHEX\ SKDVH RXW RQ KRPHV TXDOLI\LQJ IRU WKH &UHGLW 3ULRU WR WKH $FW WKHUH HUV WR FODLP WKH &UHGLW RQ WKHLU

1HZV WR .QRZ


ZDV QR VXFK OLPLWDWLRQ $GGLWLRQDO 'HGXFWLRQ IRU 5HDO (VWDWH 7D[HV )RU DQG WD[ \HDUV \RX FDQ GHGXFW VWDWH RU ORFDO UHDO HVWDWH WD[HV HYHQ LI \RX GRQ·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

VWUHHWV VLGHZDONV DQG VHZHU OLQHV 7KHVH WD[HV XVXDOO\ FDQQRW EH GH GXFWHG 5HDO HVWDWH WD[HV SDLG RQ IRUHLJQ RU EXVLQHVV SURSHUW\ GR QRW TXDO LI\ 5HVLGHQWLDO (QHUJ\ 3URSHUW\ 7D[ &UHGLW ,I \RX DUH FRQVLGHULQJ HQHUJ\ HIILFLHQW LPSURYHPHQWV WR \RXU H[ LVWLQJ KRPH \RX·OO EH LQWHUHVWHG LQ WKH QHZ HQHUJ\ OHJLVODWLRQ 8QFOH 6DP KDV LQFUHDVHG WKH FUHGLW IURP WR SHU FHQW RI WKH FRVW RI DOO TXDOLI\LQJ LPSURYHPHQWV UDLVHG WKH PD[LPXP FUHGLW OLPLW WR IRU LPSURYHPHQWV PDGH GXULQJ DQG DQG HOLPLQDWHG WKH OLIHWLPH FDS 7KH FUHGLW DSSOLHV WR LPSURYH PHQWV VXFK DV LQVXODWLRQ PDWHULDOV H[WHULRU ZLQGRZV ELRPDVV VWRYHV VN\OLJKWV H[WHULRU GRRUV DGYDQFHG

PDLQ DLU FLUFXODWLQJ IDQV FHQWUDO DLU FRQGLWLRQHUV HOHFWULF KHDW SXPS ZDWHU KHDWHUV FHUWDLQ PHWDO URRIV FHUWDLQ DVSKDOW URRIV KRW ZDWHU ERLOHUV DQG QDWXUDO JDV RLO RU SUR SDQH IXUQDFHV )RU SXUSRVHV RI WDNLQJ WKH FUHGLW \RX FDQ UHO\ RQ D PDQXIDF WXUHU·V FHUWLILFDWLRQ LQ ZULWLQJ WKDW D SURGXFW LV TXDOLILHG UHVLGHQWLDO HQ HUJ\ SURSHUW\ 'R QRW DWWDFK WKH FHUWLILFDWLRQ WR \RXU UHWXUQ .HHS LW IRU \RXU UHFRUGV 3OHDVH FRQWDFW XV LI \RX KDYH TXHVWLRQV DERXW KRZ \RX PLJKW TXDOLI\ IRU RU EHQHILW IURP DQ\ RI WKHVH WD[ DOHUWV 3DWULFLD 0LWFKHOO LV DQ (QUROOHG $JHQW IRU $VKODQG 7D[ DQG %XVLQHVV 7KH GHVLJQDWLRQ SURYLGHG E\ WKH ,Q WHUQDO 5HYHQXH 6HUYLFH PHDQV VKH VSH FLDOL]HV LQ WD[DWLRQ

2SHQ

/DNH :HGRZHH /LIH


6NHHWHU

&RQWLQXHG IURP 3DJH

:HOO LW·V JHWWLQJ FORVH WR VXQGRZQ HYHU\RQH·V KDG D ORQJ GD\ EXW WKHUH LV VWLOO ZRUN JRLQJ RQ WKH ODGLHV DUH JULQGLQJ VDXVDJH RQ WKH NLWFKHQ WDEOH WKH PHQ DUH FOHDQLQJ ZDVK SRWV DQG VDOWLQJ PHDW *UDQGGDG LV VWLOO EXV\ DQG VD\V ´+(< 3(('52:µ KRZ ERXW WRVVLQJ GRZQ VRPH KD\ WR WKRVH RO SHULVK JXWWHG FRZV DQG JLYH WKH RO PXOH VHYHQ RU HLJKW \HDUV RI FRUQ« 6NHHWHU


,QGH[ RI $GYHUWLVHUV $ ( 0HWDO

0D[ )XOEULJKW 'HVLJQV

$*/

1RUWRQ V )ORRU &RYHULQJ

$VKODQG 7D[ DQG %XVLQHVV 6HUYLFHV

5DQGROSK &RXQW\ &2 23

$YD +LOOV $VVLVWHG /LYLQJ

5DQGROSK &R ,QGXVWULDO 'HYHORSPHQW

%DQN RI :HGRZHH

5( 0$; /DNHIURQW

%HQHILHOG )XQHUDO +RPH

5( 0$; /DNHIURQW .HOO\ /HLVHO &DOGZHOO

%HQHILHOG 0DVRQU\

5( 0$; /DNHIURQW -RVHSKLQH 0F*XLUH

%URZQVEULGJH 'RFN &RPSDQ\

5( 0$; /DNHIURQW *UDG\ /LQGD 6WRQH

&KDG /HH $WWRUQH\

6KRUHOLQH 3URSHUW\ 5HQWDOV

&OD\ &RXQW\ &KDPEHU RI &RPPHUFH

6PDOO7RZQ %DQN

&RUULQH &R[ *UDSKLF 'HVLJQHU

6RXWKHUQ 8QLRQ

$XVWLQ &XQQLQJKDP

6WDWH )DUP

' 6 0DULQH

6WHHOH &KLURSUDFWLF

'RFNV (7&

6XPPLW 6WRUDJH

)DUPHUV ,QVXUDQFH

6XSHULRU *DV

)LVKLQ· $ODEDPD

7DOODSRRVD 5LYHU (OHFWULF

*UHJ·V /DZQ &DUH

7(& 6HFXULW\

+ 0 'UXJV

7UD\ORU·V 7D[ DQG *LIWV

+XQWHU %HQG *HQH &URXFK

*UHJ 9DUQHU

+XQWHU %HQG 5RQ <RXQJ

: 0 *URFHU\

.HVD -RKQVWRQ $WWRUQH\

:HGRZHH /DQGVFDSH

/DNH 9LHZ $XWR 6DOHV

:HGRZHH %XLOGLQJ 6XSSOLHV

/DNH :HGRZHH %RG\ 6KRS

:HGRZHH 0DULQH

/DNHVLGH 0DULQD

:HOOERUQ &DELQHW

:LOOLDPVEXUJ 0DQRU

0DLQ 6WUHHW $QLPDO +RVSLWDO

0DF 0F.LQQH\ 3URSHUWLHV


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·W NQRZ WKH ZDWHU WHPSHUDWXUH KDV WR EH MXVW %\ 6NHHWHU ULJKW <RX VHH LI WKH ZDWHU LV QRW KRW HQRXJK WKH KDLU ZRQ·W ´VOLSµ EXW RQ WKH RWKHU KDQG LI LW LV WRR *UDQGGDGG\·V EDFN\DUG VRPH RI WKRVH WKRXJKWV ZHUH DERXW -HW DQG KRW \RX ´VHWµ WKH KDLU DQG WKDW ZRXOG PDNH -HW FXVV 8VXDOO\ /XFLOOH , GRQ·W NQRZ KRZ EHIRUH ZH JRW WKURXJK ZLWK WKH *UDQGGDG JRW WKH QLFNQDPH ´-HWµ EHFDXVH WKHUH ZHUH QR MHW DLUSODQHV VFUDSLQJ 0U +HUPDQ *UHHQ ZRXOG VKRZ XS \RX VHH 0U DURXQG EDFN WKHQ DQG KLV QDPH +HUPDQ ZDV WKH QHLJKERUKRRG ZDV :LOOLDP -HIIHUVRQ VR \RX ILJXUH LW RXW *UDQGPRWKHU DOZD\V EXWFKHU DQG KDG DOO WKH NQLYHV FDOOHG KLP ´-HWµ DQG KH UHIHUUHG WR VDZV DQG NQRZOHGJH WKDW ZHQW DORQJ ZLWK JXWWLQJ TXDUWHULQJ DQG KHU DV ´&LOOHµ %DFN LQ WKRVH KRJ NLOOLQ· GD\V , WKH JHQHUDO GLVVHFWLRQ RI D KRJ -XVW DERXW HYHU\ SDUW RI D KRJ ZDV SUREDEO\ ZDV QR ROGHU WKDQ QLQH RU WHQ DQG QR \RXQJHU WKDQ IRXU RU XVHG *UDQGGDG DOZD\V VDLG WKH RQO\ WKLQJ ZDVWHG ZDV WKH VTXHDO ILYH VR LW ZDV D ELJ KDSSHQLQJ IRU $IWHU DOO WKH PHDW ZDV FXW XS PH DW WKH WLPH .LOOLQ· 'D\ DOZD\V VWDUWHG RII EHIRUH WKH VXQ FDPH XS IRU VDXVDJH KDPV VHW DVLGH WR EH VDOWHG DQG FXUHG RUJDQ PHDW IRU ZLWK D ELJ EUHDNIDVW RI FRIIHH DQG ELVFXLWV IRU WKH JURZQXSV DQG VXUS VRXVH DQG OLYHU ORDI WKHUH ZDV VWLOO SOHQW\ RI IDW OHIW WR EH UHQGHUHG DQG ELVFXLWV IRU PH 1RZ ZH DWH D LQWR ODUG 7KLV ZDV GRQH E\ FXWWLQJ ORW RI VRUJXP VXUS EXW P\ :HOO QRZ OHW PH VHH LI , FDQ UHFROOHFW MXVW ZKDW DOO ´2O 6NHHWHU·Vµ EHHQ XS WR IRU WKH SDVW FRXSOH RI PRQWKV 1RZ DV XVXDO ,·YH EHHQ GRLQJ D JRRG ELW RI KXQWLQ· DQG WKHUH LV SOHQW\ RI PHDW LQ WKH IUHH]HU ,·YH VHHQ D JRRG PDQ\ \RXQJ EXFNV EXW VR IDU , KDYHQ·W KDG DQ HQFRXQWHU ZLWK DQ\ ´URFNLQJ FKDLUµ UDFNV \HW , JXHVV WKDW·V ZK\ ZH FDOO LW KXQWLQ· :H GLG KDYH D ELJ KRJ NLOOLQ· D FRXSOH RI ZHHNV EDFN DQG WKH IUHVK VDXVDJH KDV EHHQ ´ODUSLQµ JRRG 1RZ EHLQJ DURXQG D ILUH DQG DQ ROG EODFN ZDVK SRW ERLOLQJ EURXJKW EDFN VRPH IRQG ROG PHPRULHV $QG VLQFH PRVW KRJ NLOOLQV· ZHQW RQ LQ *UDQGPRWKHU DQG

5HGQHFN $GYHQWXUHV

/DNH :HGRZHH /LIH

WKH IDW LQWR VPDOO FXEHV SODFLQJ LW LQ D FOHDQ GU\ ZDVK SRW DQG FRRNLQJ VORZO\ XQWLO LW PHOWHG 7R WKLV \RX FRXOG DGG WKH SRUN VNLQV DQG FRRN XQWLO WKH\ IOXIIHG XS 7KH\ FRXOG EH GLSSHG RXW DQG GUDLQHG RQ EURZQ SDSHU VDFNV $V VRRQ DV WKH\ FRROHG D OLWWOH ZH FRPPHQVW WR GR VRPH SRZHUIXO VPDFNLQJ 7KH\ ZHUH QHYHU TXLWH DV VRIW DV WKH VWRUH ERXJKW NLQG EXW ER\ ZHUH WKH\ WDVW\ DQG ZH DOO KDG RXUVHOYHV D ´EDWH RI HPµ 2I FRXUVH WKH KHDG ZDV QHYHU ZDVWHG EXW VSOLW LQ KDOI EUDLQV UHPRYHG DQG SXW LQ WKH IULJHUDWRU UHDG\ IRU HJJV WKH IROORZLQJ PRUQLQJ IRU EUHDNIDVW $IWHU WKDW WKH KHDG ZDV FRRNHG DQG XVHG IRU ´KRJ KHDG FKHHVHµ RU %UXQVZLFN VWHZ %\ WKLV WLPH XV \RXQJ XQV DUH JHWWLQJ SUHWW\ ZRUH GRZQ DQG VRPH KDYH D EHOO\DFKH IURP WRR PDQ\ SRUN ULQGV %\ QRZ ,·YH TXLW EORZLQJ WKH SLJ·V EODGGHU XS RYHU DQG RYHU DQG RYHU DJDLQ <RX VHH -HW ZRXOG WDNH WKH EODGGHU ULQVH LW RXW UHDO JRRG DQG LQVHUW D VPDOO SLHFH RI FDQH WKHQ WLH ZLWK D VWULQJ <RX FRXOG SXW WKH FDQH LQ \RXU PRXWK DQG EORZ XS WKH EODGGHU WR DERXW WKH VL]H RI D YROOH\EDOO $W WKLV WLPH \RX ZHUH VXSSRVHG WR VOLS WKH FDQH RXW ZKLOH WLJKWHQLQJ WKH VWULQJ UHVXOWLQJ ZLWK VRPHWKLQJ WKH UHVHPEOHG DQ LQIODWHG EDOORRQ 1RZ JUDQGGDG VDLG ZKHQ KH ZDV D FKDS WKH\ NHSW WKHVH XQWLO &KULVWPDV SODFHG WKHP RQH DW D WLPH XQGHU D SODQN WKHQ VWRPSHG RQ ¶HP« 32:« ZKDW ILUHZRUNV

6HH 6.((7(5 3DJH



5(0$;

/DNH :HGRZHH /LIH


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.