56

TSR 9170 CA2 Swords of Deceit

Embed Size (px)

DESCRIPTION

Lankhmar stuff

Citation preview

Page 1: TSR 9170 CA2 Swords of Deceit
Page 2: TSR 9170 CA2 Swords of Deceit

,1752'8&7,21'XQJHRQ�0DVWHUV�1RWHV�13&�DQG�0RQVWHU�6WDWLVWLFV7KLV�PRGXOH�LV�GHVLJQHG�IRU�WKH�/$1.+0$5a�&LW\�RI�$GYHQWXUH�VHWWLQJ��DQG�WKH�$'9$1&('�'81*(216��'5$*216��JDPH��6ZRUGV�RI�'HFHLW�LV�DQ�DGYHQWXUH�IRU�D�SDUW\�RI�IRXU�WR�ILYH�FKDUDFWHUV��OHYHOV����WR�����7KH�SDUW\�VKRXOG�FRQWDLQ�D�WKLHI��D�ZKLWH�ZL]DUG��DQG�D�QXPEHU�RI�ILJKWHUV�6ZRUGV�RI�'HFHLW� LV�WKH�VHFRQG�PRGXOH�PDGH�IRU� WKH�/DQNKPDU�VHWWLQJ��WKH�ZRUOG�FUHDWHG�E\�)ULW]�/HLEHU�IRU�KLV�IDPHG�IDQWDV\�KHURHV��)DIKUG�DQG�*UD\�0RXVHU�7KLV�DGYHQWXUH�PD\�EH�SOD\HG�DV�D�VHTXHO�WR�&$���6ZRUGV�RI�WKH�8QGHUFLW\��RU�LW�PD\�EH�SOD\HG�VHSDUDWHO\�/HLEHUV�ZRUOG� RI�1(+:21a� LV� VRPHZKDW� GLIIHUHQW� IURP� VHWWLQJV� RI�PRVW�$''��JDPHV��7KH� XVH� RI�PDJLF� LV� OLPLWHG� DQG�1(+:21aa� KDV� LWV� RZQ� DVVRUWHG� FUHDWXUHV� DQG JRGV�� &OHULFDO� SRZHUV�� VSHOO� FKRLFHV�� DQG� SOD\HU� FKDUDFWHU� UDFHV� DUH� DOVR�GLIIHUHQW�7KH�/$1.+0$5a�&LW\�RI�$GYHQWXUH�VRXUFHERRN� �KHUHDIWHU�FDOOHG� WKH��6RXUFH�ERRN���SRLQWV�RXW� WKH�GLVWLQFWLRQV�EHWZHHQ�WKH�WZR�ZRUOGV�DQG�VKRXOG�EH�UHDG�E\�WKH�'0�EHIRUH�WKH DGYHQWXUH�LV�VWDUWHG��7KH�'0�VKRXOG�EH�IDPLOLDU�ZLWK�WKH�YDULRXV�JDPLQJ�HOHPHQWV�RI�WKH�ZRUOG�RI�1(+:21a��VXFK�DV�WKH�PRQHWDU\�V\VWHP��WKH�SRZHUV�RI�WKH�PXOWLSOH�JXLOGV��DQG�WKH�VRFLDO�OHYHOV�6ZRUGV�RI�'HFHLW�LV�GLYLGHG�LQWR�WKUHH�VFHQDULRV���7KH�&XUVH�RI�9DOLQRU��E\�6WHSKHQ�%RXUQH���7KH�&DWV�&UDGOH��E\�.HQ�5ROVWRQ�DQG� 6WHYH� 0HFFD�� DQG� �2QH� 1LJKW� LQ� /DQNKPDU�� E\�0LFKDHO� 'REVRQ�� (DFK� DGYHQWXUH� FDQ� EH� SOD\HG� VHSDUDWHO\� GXULQJ� RQH�HYHQLQJ�VHVVLRQ��7KH�DGYHQWXUHV�PD\�EH�SOD\HG�LQ�DQ\�RUGHU�5DQGRP�(QFRXQWHUV�DQG�&LW\�(YHQWV'XULQJ� WKH� ILUVW� WZR� VFHQDULRV�� WKH�SDUW\�PD\� HQFRXQWHU� UDQGRP�HYHQWV� LQ� WKH� FLW\�RI�/DQNKPDU�� WKH�FDWDFRPEV��RU� WKH� VHZHUV�EHORZ� /DQNKPDU�� 7KH� UDQGRP� HQFRXQWHUV� DUH� OLVWHG� LQ� D� VLQJOH� WDEOH� ORFDWHG� RQ� WKH� LQVLGH� RI� WKH�PRGXOH� FRYHU�� 5ROO� RQ� WKH�FROXPQ�WKDW�FRUUHVSRQGV�WR�D�JHQHUDO�ORFDWLRQ�RI�WKH�DGYHQWXUH��'XH�WR�WKH�QDWXUH�RI�WKH�WKLUG�FKDSWHU���WKH�VWUHHWV�DUH�IRU�WKH�PRVW�SDUW�GHVHUWHG���WKHUH�DUH�QR�UDQGRP�HQFRXQWHUV�WKHUH�7KH�NH\�QRQ�SOD\HU�FKDUDFWHUV�RI�WKH�WKUHH�VFHQDULRV�DUH�GHVFULEHG�ZLWKLQ�WKH�DSSURSULDWH�DGYHQWXUH�VHFWLRQV�RI�WKLV�ERRNOHW�2WKHU�13&V�DUH�GHVFULEHG� LQ� WKH�6RXUFHERRN��RU� LQ� WKH�0RQVWHU�6WDWLVWLFV�7DEOH� �LI� WKH\�DUH�QRUPDO�KXPDQV�RU�VLPSOH�JXDUGV���7KHVH�PD\�EH�HQFRXQWHUHG�GXULQJ�DQ\�RI�WKH�WKUHH�VFHQDULRV�7KH�PRQVWHUV�VWDWLVWLFV�DUH�OLVWHG�RQ�WKH�0RQVWHU�6WDWLVWLFV�7DEOH�ORFDWHG�RQ�WKH�LQVLGH�RI�WKH�PRGXOH�FRYHU��)RU�PRUH�LQIRUPDWLRQ�RQ�WKHVH�PRQVWHUV��UHIHU�WR��0RQVWHU�0DQXDOV�,�DQG�,,���RU�FKDSWHU�����1HKZRQV�0RQVWHUV���SDJHV�������LQ�WKH�6RXUFHERRN�5ROH�3OD\LQJ�*XLGHOLQHV)LUVW�VXJJHVWHG�LQ�6ZRUGV�RI�WKH�8QGHUFLW\�ILYH�SUH�UROOHG�FKDUDFWHUV�DUH�SURSRVHG�DW�WKH�HQG�RI�WKLV�ERRNOHW��,I�WKH�SOD\HUV�GR�QRW�KDYH�FKDUDFWHUV�RI�VXIILFLHQWO\�KLJK�OHYHOV�RU�LI�WKHUH�DUH�QRW�HQRXJK�SDUW\�PHPEHUV��WKH�SUH�UROOHG�FKDUDFWHUV�VKRXOG�EH�XVHG��7KH�LQIRUPDWLRQ�SURYLGHG�LV�VXIILFLHQW�WR�SOD\�WKH�FKDUDFWHUV��%XW�LI�PRUH�GHWDLO�LV�GHVLUHG�UHIHU�WR�&$��3OD\HU�FKDUDFWHUV�ZKR�KDYH�FRPSOHWHG�6ZRUGV�RI�WKH�8QGHUFLW\�VKRXOG�NHHS�DQ\�LWHPV�RU�ZHDOWK�DFTXLUHG�GXULQJ�WKDW DGYHQWXUH�DQG�HDFK�3&�ZLOO�KDYH�D�GHWDLOHG�KLVWRU\�ZKLFK�VKRXOG�DIIHFW�UROH�SOD\LQJ�3OD\HU�&KDUDFWHUV�VKRXOG�UHDFW�DV�1HKZRQLDQ�SHRSOH��7KH\�VKRXOG�FKDOOHQJH�GDQJHURXV�DQG�P\VWHULRXV�FUHDWXUHV�IRU�WKH�VDNH�RI�FXULRVLW\�DQG�DGYHQWXUH��*RRG�UROH�SOD\LQJ�VKRXOG�EH�UHZDUGHG�ZLWK�H[WUD�H[SHULHQFH�SRLQWV��EXW�SOD\HUV�ZKR�GLG�QRW�SDUWLFLSDWH�LQ�6ZRUGV�RI�WKH�8QGHUFLW\�VKRXOG�QRW�EH�SHQDOL]HG�EHFDXVH�WKH\�DUH�XQIDPLOLDU�ZLWK�WKH�1(+:21��ZRUOG�0DJLF�VKRXOG�UHPDLQ�D�UDUH�RFFXUUHQFH�DQG�WKH�'0�VKRXOG�SD\�SDUWLFXODU�DWWHQWLRQ�WR�WKH�LQGLYLGXDO�VRFLDO�OHYHOV�RI�FKDUDFWHUV��+LJK�OHYHO�%ODFN�:L]DUGV�VKRXOG�EH�WUHDWHG�DV�13&V�QRW�3&V�$OWKRXJK�)DIKUGa�DQG�*UD\�0RXVHU��DUH�UHFRPPHQGHG�DV�3&V�IRU�WKH�WKLUG�VFHQDULR�LW�LV�SUHIHUDEOH�IRU�WKH�KHURHV�WR�UHPDLQ�DV�13&V�LQ�WKH�ILUVW� WZR�FKDSWHUV��7KLV�LV�SDUWLFXODUO\�WUXH�IRU�7KH�&DWV�&UDGOH�ZKHQ�)DIKUG�DQG�*UD\�0RXVHU�ZLOO�EH�NLGQDSSHG�DQG� WKHUHIRUH� DEVHQW� IRU� D� VLJQLILFDQW� SDUW� RI� WKH� DGYHQWXUH��2FFDVLRQDO� HQFRXQWHUV�ZLWK� WKH� WZR�KHURHV� FDQ�KHOS� WKH�3&V� ILQG�LPSRUWDQW�LQIRUPDWLRQ�ZKHQ�WKH\�DUH�KDYLQJ�WURXEOH��EXW�)DIKUG�DQG�*UD\�0RXVHU�VKRXOG�SUREDEO\�QRW�VSHQG�WKH�HQWLUH�DGYHQWXUH�ZLWK�WKH�SDUW\�&LW\�$GYHQWXULQJ&LW\� DGYHQWXULQJ� DOORZV� IRU�QXPHURXV�SOD\HU�RSWLRQV� DQG�'0� LPSURYLVDWLRQ�� ,Q� D� FLW\�� WKH�3&V�FDQ� DWWDLQ� LQIRUPDWLRQ� IURP�D�GR]HQ� SODFHV� DQG� SHRSOH� � WDYHUQV�� JXLOGV�� OLEUDULHV�� WHPSOHV�� LQIRUPDQWV�� VNLOOHG� H[SHUWV� LQ� QXPHURXV� GLVFLSOLQHV�� VRUFHUHUV��IRUWXQH� WHOOHUV�� WRZQ�FOHUNV��JXDUG�VWDWLRQV��HWF��$OWKRXJK� WKLV� IUHHGRP� LV� LQWHQGHG� WR�EH�IXQ�� LW� LQFUHDVHV� WKH QXPEHU�RI�ZURQJ�WUHHV�XS�ZKLFK�3&V�FDQ�EDUN��7KLV�FDQ�EH�IUXVWUDWLQJ�IRU�WKH�SOD\HUV��/LVWHG�EHORZ�DUH�D�IHZ�VXJJHVWLRQV�WR�WKH�'0�RQ�KRZ�WR�NHHS�WKH�JDPH�PRYLQJ�

Page 3: TSR 9170 CA2 Swords of Deceit

D��$�ODFN�RI�DFFRPSOLVKPHQW�ZLOO�OHDG�WR�GLVDSSRLQWPHQW�DQG�SHUKDSV�ERUHGRP��*LYH�WKH�3&V�XVHIXO�LQIRUPDWLRQ�EHIRUH�WKH\�JHW�UHVWOHVV�E��$YRLG�JLYLQJ�WKH�SOD\HUV�WRR�PDQ\�GLVWUDFWLQJ�GHWDLOV LQ LPSURYLVHG�HQFRXQWHUV��7KH�3&V�PD\�EHFRPH�FRQIXVHG�DQG�LW�PD\�EH�GLIILFXOW�WR�JHW�WKHP�EDFN�RQ�WKH�ULJKW�WUDFN�F�� ,I� WKH�3&V�GR�JHW�RII� WKH� WUDFN��XVH 13&V�RU� WKHLU�PHVVHQJHUV�WR�JHW� WKH�SDUW\�JRLQJ� LQ� WKH� ULJKW�GLUHFWLRQ��)RU�H[DPSOH�� LQ�FKDSWHU���LW�LV�QHFHVVDU\�IRU�WKH�3&V�WR�JHW�LQIRUPDWLRQ�IURP�2JR�WKH�%OLQG��D�SURPLQHQW�IHQFH��EHIRUH�WKH�DGYHQWXUH�FDQ�UHDOO\�EHJLQ��,I�WKH�3&V�ZDQGHU�DQG�PLVV�WKH�2JR�FRQQHFWLRQ��'XFKLQ��DQ�13&��FDQ�WHOO�WKH�3&V�WR�YLVLW�2JR�RU�KH�FDQ�VHQG�D�PHVVHQJHU�WHOOLQJ�WKH�SDUW\�WKH�LQIRUPDWLRQ�WKDW�2JR�ZDV�WR�JLYH�WKH�FKDUDFWHUV�G�� 'R� QRW� LQYHQW� WRR�PDQ\� FRPSOLFDWHG� VXESORWV��PLVOHDGLQJ� FOXHV�� RU� IDVFLQDWLQJ� EXW� LUUHOHYDQW� GHWDLOV�� 7KH� EHVW� UHVSRQVH� LV�XVXDOO\�QHJDWLYH���1R��ZH�KDYHQW�KHDUG�DQ\WKLQJ�DERXW�WKDW����1R��ZH�GRQW�NQRZ�ZKDW�WKDW�VWUDQJH�REMHFW�LV����1R��ZH�KDYHQW�VHHQ�HLWKHU�RI�WKHP��&KDSWHU����7+(�&856(�2)�9$/,125%\�6WHSKHQ�5��%RXUQH'XQJHRQ�0DVWHUV�%DFNJURXQG7KLV� DGYHQWXUH� LQYROYHV� WKH� QHIDULRXV� LQWULJXHV� RI� WKH� KRXVH� RI�9DOLQRU�� D� KLJKO\� SODFHG� DQG�PXFK� UHVSHFWHG� QREOH� IDPLO\� RI�/DQNKPDU��/RUG�(VVHQ�� WKH� FXUUHQW�&RXQW�9DOLQRU�� LV� D� WUXVWHG�DGYLVRU� WR� WKH�RYHUORUG�RI�/DQNKPDU� DQG�D�PLQLVWHU� LQ� WKH� FLW\�JRYHUQPHQW�2I�ODWH�WKH�9DOLQRUV�KDYH�IDOOHQ�RQ�KDUG�WLPHV��/RUG�(VVHQV�ZLIH��WKH�FRXQWHVV��KDV�UHFHQWO\�GLHG�IURP�D�VXGGHQ�LOOQHVV��7KH�FRXQW�KLPVHOI�OLHV�VWULFNHQ�ZLWK�D�VWUDQJH�DQG�LQH[SOLFDEOH�PDODG\�DQG�KLV�DWWHQGLQJ�SK\VLFLDQV�IHDU�IRU�KLV�OLIH��/DG\ 7DQ\D�9DOLQRU��WKH�FRXQWV�GDXJKWHU��LV�ZHOO�HQRXJK�LQ�ERG\�EXW�WKH�VWUHVV�RI�WKHVH�GDUN�GD\V�WHVWV�KHU�VDQLW\��,W�LV�FOHDU�WKDW�D�PDOHYROHQW�IRUFH�KDV�WDNHQ�RYHU�WKH�+RXVH�RI�9DOLQRU�7KH�)DPLO\�+LVWRU\&RXQW�(VVHQV�IDWKHU��$OOPD�9DOLQRU��ZDV�QRW�E\�ELUWK�D�/DQNKPDU��+H�FDPH�IURP�WKH�HDVW��IURP�WKH�ODQGV�RI�WKH�5HG�*RG�DQG�WKH�UHDOPV�RI�WKH�ILUH�PDJLFLDQV�$OOPD�9DOLQRU�ZDV�ZHOO� DFTXDLQWHG�ZLWK�PDQ\� DVSHFWV� RI� VRUFHU\� IRU� KH�ZDV�� E\� YRFDWLRQ�� D� VFKRODU� RI� OHJHQG�� ORUH�� DQG� WKH�KLVWRU\�RI�QHFURPDQF\��9DOLQRU�DGYLVHG� WKH�SRWHQWDWH�RQ�DOO�PDWWHUV�RI�ZL]DUGU\�DQG�KH�HIIHFWLYHO\�UHFUXLWHG�DSSURSULDWH�PDJLF�XVHUV�IRU�VSHFLILF�RU�RQJRLQJ�WDVNV�$OOPD�9DOLQRU�KDG� WKH�NQDFN�RI��ZHHGLQJ�RXW��SRWHQWLDO� WURXEOHPDNHUV�IRU� WKH�RYHUORUG��)RU� WKLV�VHUYLFH�9DOLQRU�DQG�KLV�KHLUV�ZHUH�JLYHQ�D�WLWOH��D�VWLSHQG��D�WRZQ�HVWDWH�LQ�WKH�1REOH�'LVWULFW�DQG�D�SDUFHO�RI�SURSHUW\�DGMDFHQW�WR�WKH�0DUVK�5RDG�WR�WKH�HDVW�RI�/DQNKPDU��VHH�0DS�9��:LWK�WKH�RYHUORUGV�WDFLW�DSSURYDO��WKH�QHZO\�WLWOHG�&RXQW�9DOLQRU�EXLOW�D�ODUJH�VWRQH�VKULQH�WR�WKH�5HG�*RG�RQ�KLV�PDUVK�SURSHUW\��:KLOH�HUHFWLQJ� WKH�VKULQH��ZRUNHUV�GLVFRYHUHG�D�VPDOO�V\VWHP�RI�FDWDFRPEV�EHQHDWK� WKH�JURXQG��'HOLJKWHG��9DOLQRU�IDVKLRQHG�D�WRPE�DPLGVW�WKH�WXQQHOV��HVWDEOLVKLQJ�D�VHFUHW�IDPLO\�YDXOW�FORVH�WR�WKH�5HG�*RG�

7KH�9DOLQRU�6RQV$OOPD�9DOLQRU� KDG� WZR� VRQV�� ,QULN� DQG�(VVHQ��$V� WKH� HOGHVW�� ,QULN�ZDV�KHLU� WR� WKH� IDPLO\� WLWOH� DQG�KLV� IDWKHU�DGRUHG�KLP�ZLWK�GHYRWLRQ� HTXDO� WR� WKDW� VKRZQ� KLV� GHLW\��$OOPD�ZDV� GHWHUPLQHG� WKDW� ,QULN�ZRXOG� SURVSHU� DQG� LQFUHDVH� WKH� IDPLO\� IRUWXQHV��+H�KRSHG�KLV�HOGHVW�VRQ�ZRXOG�ULVH�DERYH�WKH�UROH�RI�RYHUORUGV�DGYLVRU�RQ�PDJLFV�DQG�EHFRPH�LQVWHDG�WKH�RYHUORUGV�VRUFHUHU��$QG�VR�LW�ZDV�WKDW�DV�D�\RXWK�,QULN�ZDV�VHQW�HDVW�WR�VWXG\�ZL]DUGU\�XQGHU�WKH�ILUH�PDJLFLDQV�7KH�\RXQJHU�VRQ��(VVHQ��ZDV�RYHUORRNHG�LQ�WKLV�JUDQG�VFKHPH��:LWKRXW�WLWOH�RU�VFKRROLQJ�LQ�PDJLFV�WKHUH�ZDV�OLWWOH�JORU\�OHIW��%XW�DIWHU�VRPH�GHOLEHUDWLRQ�$OOPD�GHFLGHG�WKDW�\RXQJ�(VVHQ�ZRXOG�VWXG\�PHUFDQWLOH�PDWWHUV�(YHQ�WR�D�\RXQJ�FKDS�LW�ZDV�DSSDUHQW�WKDW�,QULNV�IXWXUH�KHOG�WKH�SURPLVH�RI�XQWROG�H[FLWHPHQW�DQG�URPDQFH��QRW�WR�PHQWLRQ�WKH�WLWOH�RI�FRXQW��(VVHQ�FRXOG�VHH� WKDW�KLV�RZQ�IDWH� LQYROYHG�WKH�UROH�RI� OLWWOH�PRUH� WKDQ�PHUFKDQW�RU�PRQH\�KDQGOHU��7KH�\RXQJHU�9DOLQRUV�HQY\�DQG�PDOLFH�JUHZ�DQG�LQ�KLV�KHDUW�(VVHQ�VHFUHWO\�YRZHG�WR WXUQ�WKH�WDEOHV�7HQ�\HDUV�SDVVHG� DQG�GHVSLWH� KLV� UHOXFWDQFH��(VVHQ�SURVSHUHG� DV� ILQDQFLDO�PDQDJHU� IRU� WKH� IDPLO\��0DQ\� LQ�/DQNKPDU� HDJHUO\�HQWHUHG�LQWR�EXVLQHVV�ZLWK�WKH�9DOLQRUV�DQG�UDUHO\�ZHUH�WKRVH�YHQWXUHV�XQIUXLWIXO��:LWK�WKH�IDPLO\�DW�WKH�KHLJKW�RI�LWV�SURVSHULW\��$OOPD�GLHG�RI�KHDUW�IDLOXUH�$PLGVW�WKH�VRUURZ�DQG�XSKHDYDO��DQG�GHVSLWH�KLV�LQFRPSOHWH�DSSUHQWLFHVKLS��,QULN�ZDV�VXPPRQHG�E\�IDPLO\�PHPEHUV�WR�DVVXPH�KLV�ELUWKULJKW�:KLOH�WKH�9DOLQRUV�DZDLWHG�,QULNV�UHWXUQ��(VVHQ�DUUDQJHG�KLV�IDWKHUV EXULDO��'LVGDLQLQJ�KLV�IDWKHUV�UHYHUHQFH�IRU�WKH�5HG�*RG��KH�GHFUHHG�WKH�FRXQW�EH�EXULHG�LQ�WKH�WRZQ�HVWDWH�FU\SW��'HVSLWH�IDPLO\�SURWHVWV��(VVHQ�KDG�KLV�ZD\�(VVHQ�NQHZ�KLV�EURWKHUV�PLQG�ZHOO�DQG�FRUUHFWO\�DQWLFLSDWHG�WKDW�,QULN�ZRXOG�VWRS�DW�WKH�VKULQH�RI�WKH�5HG�*RG��ZKHUH�KH�WKRXJKW�KLV� IDWKHU�ZRXOG� EH� EXULHG�� WR� SD\� SULYDWH� KRPDJH� WR� WKH� GHDG� SDWULDUFK��/\LQJ� LQ�ZDLW� DQG�ZLWK� WKH� DLG�RI� WZR� WKXJV��(VVHQ�ZD\ODLG�KLV�EURWKHU� LQ� WKH�FDWDFRPEV��,QULN�ZDV�RYHUSRZHUHG��VWULSSHG�RI�KLV� UDLPHQWV�DQG�PDJLFDO� WKLQJV�DQG�ERXQG�LQ�KHDY\�URSH��3ODFLQJ�KLV�KDSOHVV�EURWKHU�LQ�D�VDUFRSKDJXV��(VVHQ�RUGHUHG�WKH�WKXJV�WR�ZDOO�XS�WKH�HQWU\�WR�WKH�DQWHFKDPEHU�DQG�WRPE�:LWK�WKH�GHDGO\�PDVRQU\�ZRUN�FRPSOHWH��(VVHQ�SURGXFHG�D�IODVN�RI�ZLQH�IRU�WKH�HYLO�KLUHOLQJV�WR�GULQN��7KH�WKXJV�EDUHO\�KDG�WLPH�WR�ZLSH�WKHLU�PRXWKV�EHIRUH�WKH�SRWHQW�SRLVRQ�LQ�WKH�ZLQH�NLOOHG�WKHP��:LWK�,QULN�EXULHG�DOLYH�DQG�WKH�WKXJV�GHDG��(VVHQ�UHWXUQHG�

Page 4: TSR 9170 CA2 Swords of Deceit

WR�/DQNKPDU�VHFXUH�LQ�WKH�NQRZOHGJH�WKDW�KH�DORQH�KHOG�WKH�WLWOHV�RI�WKH�IDPLO\�9DOLQRU�'D\V� ODWHU�D�PHVVHQJHU�DUULYHG� IURP�WKH�(DVW� WR�UHSRUW� WKH� WUDJLF�GHPLVH�RI�,QULN�9DOLQRU��$FFRUGLQJ�WR�DQ�H\HZLWQHVV�DFFRXQW��,QULN�KDG�EHHQ�DFFRVWHG�E\�EULJDQGV�RQ� WKH�URDG� WR�/DQNKPDU�DQG�KLV�ERG\�FRPPLWWHG� WR�D�PDUVK\�ERJ��$V�SURRI�� WKH�SHDVDQW�ZLWQHVV� SURGXFHG� WZR� VPDOO� WRNHQV�� ZKLFK� EHORQJHG� WR� ,QULN�� DQG� ZKLFK� WKH� SHDVDQW� FODLPHG� KDG� EHHQ� UHFRYHUHG� IURP� WKH�URDGZD\��7KH�ZLWQHVV�ZDV�QHYHU�DJDLQ�VHHQ�LQ�/DQNKPDU�,QULN�9DOLQRUV�2UGHDO$IWHU�WKUHH�GD\V�RI�VFUDWFKLQJ�DQG�FODZLQJ��,QULN�OLEHUDWHG�KLPVHOI�IURP WKH�URSHV�DQG�WKH�WRPE��+H�HPHUJHG�IURP�WKH�JURXQG�KDOI�GHDG��PRVWO\�PDG��DQG�FRPSOHWHO\�EHQW�RQ�YHQJHDQFH�7KH�VWRU\�RI�,QULN�9DOLQRUV�OLIH�RYHU�WKH�QH[W����\HDUV�LV�QRW�WROG�LQ�WKLV�WDOH��,W�LV�VXIILFLHQW�WR�QRWH�WKDW�KH�UHWXUQHG�WR�WKH�(DVW�ZKHUH�KH�FRPSOHWHG�KLV�DSSUHQWLFHVKLS�LQ�PDJLF�7ZHQW\�\HDUV�KDYH�SDVVHG�DQG�9DOLQRU�LV�RQH�RI�WKH�PRVW�SURVSHURXV�QREOH�IDPLOLHV�LQ�/DQNKPDU��&RXQW�(VVHQ�KROGV�WKH�SRVLWLRQ�RI�WKH�RYHUORUGV�ILQDQFLDO�DGYLVRU�%HJLQQLQJ�WKH�$GYHQWXUH,URQLFDOO\� LW� LV� WKH� IDPLO\ VWDWXV� WKDW� KDV�FDXVHG� WKH�DLOLQJ�&RXQW�(VVHQ� WR� LQYHVWLJDWH� WKH� UXPRUV�RI� VWUDQJH�RFFXUUHQFHV� DW� WKH�PDUVK�VKULQH�RI� WKH�5HG�*RG��+H�KDV�GLUHFWHG�KLV�GDXJKWHU� WR�KLUH� WUXVWZRUWK\�FKDUDFWHUV� WR�FRQGXFW� WKH� LQYHVWLJDWLRQ��)RU�KLV�GDXJKWHUV�EHQHILW�DQG�WKDW�RI�WKH�KLUHOLQJV��(VVHQ�KDV�FRQFRFWHG�D�VWRU\�WKDW�EHOLHV�KLV�RZQ�VHFUHW�DQG�KLV�PRVW�KLGHRXV�IHDUV�(DUO\�RQH�HYHQLQJ�WKH�3&V�DUH�DFFRVWHG�E\�DQ�ROG�VHUYDQW�PDQ�LQ�WKH�6LOYHU�(HO�7DYHUQ�RQ�'LP�/DQH��VHH�0DS�;��DUHD������7KH�ROG�PDQ�DVNV�WKH�DGYHQWXUHUV�WR�PHHW�ZLWK�KLV�PDVWHU�DW�PLGQLJKW�RQ�%RQHV�$OOH\�EHKLQG�WKH�WDYHUQ��$W�WKH�DSSRLQWHG�WLPH�DQG�SODFH�WKH�FKDUDFWHUV�VHH�D�EODFN�FDUULDJH�ZLWK�WZR�GDUN�KRUVHV��7KH�KRRGHG�GULYHU�ELGV�WKH�3&V�WR�HQWHU�WKH�FDUULDJH��,QVLGH�VLWV�DQ�DXVWHUH� EXW� ORYHO\� \RXQJ QREOHZRPDQ� LQ� D� EODFN� GUHVV� DQG� GDUN� YHLO�� 7DQ\D�9DOLQRU� RIIHUV� WKH� IROORZLQJ� FRPPLVVLRQ� WR� WKH�DGYHQWXUHUV��*RRG�HYHQLQJ��,P�VR�JODG�\RX�KDYH�FRPH�DW�P\�VHUYDQWV�ELGGLQJ��,�DP�7DQ\D�9DOLQRU��GDXJKWHU�RI�&RXQW�(VVHQ�9DOLQRU�DQG�WKH�ODWH�FRXQWHVV��$V�\RX�PD\�NQRZ��P\�IDWKHU�LV�D�KLJK�UDQNLQJ�DGYLVRU�WR�WKH�RYHUORUG�RI�/DQNKPDU��,W�LV�P\�XQGHUVWDQGLQJ�WKDW�\RX�RIIHU�\RXU�VHUYLFHV�ZLWK�WKH�XWPRVW�GLVFUHWLRQ��,I�VR��ZH�DUH�SUHSDUHG�WR�XQGHUZULWH�WKLV�FRQILGHQFH�ZLWK�D�KDQGVRPH�IHH��7DQ\D�WKHQ�SRXUV�����JROG�QLNV�IURP�D�YHOYHW�SRXFK�LQWR�KHU�ODS��:H�DUH�SUHSDUHG�WR�RIIHU�\RX����WLPHV�WKLV�DPRXQW���VKH�FRQWLQXHV��LI�\RX�ZLOO�WDNH�DQ�LQYHVWLJDWLRQ�RQ�RXU�EHKDOI��$OORZ�PH�WR�H[SODLQ"´7DQ\D�ORRNV�DW�HDFK�RI�WKH�SOD\HUV�WR�PDNH�VXUH�WKH\�DUH�IROORZLQJ�KHU��<HDUV�DJR�P\�JUDQGIDWKHU�DGYLVHG�WKH�RYHUORUG�RQ�PDWWHUV�RI�ZL]DUGU\��+H�KDG�NHHQ�MXGJPHQW�LQ�VXFK�DIIDLUV�DQG�ZDV�RI�JUHDW�DVVLVWDQFH�WR�WKH�DGPLQLVWUDWLRQ�RI�/DQNKPDU��%HIRUH�KH�GLHG�P\�JUDQGIDWKHU�ZDV�UHVSRQVLEOH�IRU�WKH�GLVPLVVDO�RI�D�PDJLF�XVHU��$WKRO��DQ�HDVWHUQHU�IURP�WKH�ODQGV�RI�WKH�5HG�*RG�DQG�WKH�ILUH�PDJLFLDQV��$W�WKDW�WLPH��WKLV�VRUFHUHU�YRZHG�UHYHQJH�RQ�WKUHH�JHQHUDWLRQV�RI�WKH�KRXVH�RI�9DOLQRU��6RRQ�DIWHU��P\�JUDQGIDWKHU�GLHG TXLWH�VXGGHQO\�DQG�P\�8QFOH�,QULN�ZDV�PXUGHUHG���<HDUV�SDVVHG�ZLWKRXW�LQFLGHQW�XQWLO�UHFHQWO\�ZKHQ�P\�PRWKHU�GLHG�RI�D�VXGGHQ�LOOQHVV��$QG�QRZ�P\�IDWKHU�OLHV�VWULFNHQ�ZLWK�D�WHUULEOH�PDODG\�WKDW�WKH�SK\VLFLDQV�FDQQRW�H[SODLQ�H[FHSW�E\�EODFN�PDJLF��,W�LV�REYLRXV�WKDW�WKH�VRUFHUHU�KDV�UHQHZHG�KLV�FDPSDLJQ� �,I�ZH�WDLO�WR VWRS�WKLV�DFFXUVHG�PDJLFLDQ��WKH�+RXVH�RI�9DOLQRU�ZLOO�WDOO��7KH�ZL]DUG�$WKRO�PXVW�EH�IRXQG�DQG�KLV�GLDEROLFDO�ZRUN�WHUPLQDWHG���/DWHO\�WKHUH�KDYH�EHHQ�UHSRUWV�RI�VWUDQJH�RFFXUUHQFHV�HDVW�RI�WKH�FLW\��LQ�WKH�YLFLQLW\�RI�WKH�PDUVK�VKULQH�WR�WKH�5HG�*RG��3HDVDQWV�KDYH�VHHQ�VWUDQJH�OLJKWV�DQG�VKDGRZ\�ILJXUHV�LQ�WKLV�DUHD�RQ�WKH�0DUVK�5RDG��MXVW�HDVW�RI�WKH�0DUVK�*DWH��:H�WKLQN�WKH�ZL]DUG�KDV�D�ODLU�QHDU�WKH�VKULQH�RI�KLV�SDWURQ����,I�\RX�DFFHSW�WKLV�PLVVLRQ�,�PXVW�DJDLQ�DVN�\RX�WR�XQGHUWDNH�LW�LQ�VHFUHF\��:H�GR�QRW�ZDQW�LW�NQRZQ�WKDW�WKH�+RXVH�RI�9DOLQRU�LV�XQGHU�D�FXUVH��6XFK�D�GLVFORVXUH�ZRXOG�UHIOHFW�EDGO\�RQ�P\�JUDQGIDWKHUV�OHJDF\�DQG�P\�RZQ�IDWKHUV�UHSXWDWLRQ��,W�LV�IRU�WKLV�UHDVRQ�WKDW�ZH�KDYH�UHIUDLQHG�IURP�XVLQJ�WKH�/DQNKPDU�FRQVWDEXODU\�,I�WKH�3&V�KHVLWDWH�LQ�WDNLQJ�WKH�DVVLJQPHQW�7DQ\D�ZLOO�DGG�LQ�DQ�HYHQ�PRUH�GLVWUDXJKW�YRLFH�WKDQ�VKH�KDV�EHHQ�XVLQJ��2K�\HV��WKHUH�LV�RQH�WKLQJ�PRUH����$�IHZ�GD\V�DJR�VRPHRQH�EURNH�LQWR�WKH�IDPLO\�FU\SW�LQ�WKH�1REOH�'LVWULFW�DQG�PDGH�RII�ZLWK�P\�JUDQGIDWKHUV�UHPDLQV��$V�\RX�FDQ�VHH��RXU�VRUURZ�DQG�GHVSDLU�JURZV�GDLO\��7DQ\D�9DOLQRU� WKHQ�JLYHV�WKH�3&V�WKH�����JROG�UL,NV�DQG�LPSORUHV� WKHP�WR�EHJLQ�WKH�PLVVLRQ�ZLWK�KDVWH��6KH�ZLOO�RIIHU�WR�PHHW�ZLWK�WKHP�DJDLQ�LQ�WZR�GD\V�WLPH�DW�PLGQLJKW�RQ�%RQHV�$OOH\�7KH�'0�ZLOO�QRWH�WKDW�7DQ\D�9DOLQRU�EHOLHYHV�WKH�WDOH�RIIHUHG�WR�WKH�DGYHQWXUHUV�DW�KHU�IDWKHUV�VXJJHVWLRQ�VKH�KDV�RPLWWHG�WKH�WDFW�WKDW� WKH�5HG�*RG�VKULQH�LV�RQ�9DOLQRU�ODQG��,Q�SRLQW�RI�IDFW�WKH�DXWKRU�RI�WKLV�HODERUDWH�OLH��(VVHQ�9DOLQRU�� EHOLHYHV� WKDW� KLV� EURWKHU� ,QULN� LV� UHDFKLQJ� RXW� WR� KLP� IURP� WKH� JUDYH�� 7DQ\DV� IDWKHU� KDV� UHDVRQHG� WKDW�DGYHQWXUHUV�PLJKW�EH�UHOXFWDQW�WR�JR�DIWHU�DQ�XQGHDG�VRUFHUHU�

Page 5: TSR 9170 CA2 Swords of Deceit

&DVW�RI�0DMRU�13&V,QULN�9DOLQRU/HYHO����)LUH�0DJLFLDQ��%ODFN�:L]DUG�09������KS�����$/�&(���$7����'PJ�����RU�VSHOO6WU�����,QW�����:LV�����'H[�����&RQ�����&KD���6SHOOV�/HYHO����DIIHFW�QRUPDO�ILUHV��EXUQLQJ�KDQGV��PDJLF�PLVVLOH��XQVHHQ�VHUYDQW/HYHO����S\URWHFKQLFV��LQYLVLELOLW\��NQRFN��OHYLWDWH/HYHO����ILUHEDOO��IODPH�DUURZ��KROG�SHUVRQ/HYHO����ILUH�FKDUP��ZDOO�RI�ILUH/HYHO����PDJLF�MDU��FRQMXUH�HOHPHQWDO� �ILUH�$W�WKLV�WLPH�,QULN�9DOLQRU�LV����\HDUV�ROG�EXW�KH�ORRNV�QHDUHU�����+H�LV���IHHW�WDOO�EXW�FDUULHV�KLPVHOI�ZLWK�D�QRWLFHDEOH�VWRRS��+H�ZHDUV� EODFN�� IORZLQJ� UREHV�� D�PHWDO� VNXOOFDS�EHQHDWK�KLV� KRRG�� DQG� WKLFN�RLOVNLQ�ERRWV� IRU� SORGGLQJ� LQ� WKH�PDUVK��+H�XVXDOO\�FDUULHV�DQ�ROG��NQRWWHG�VWDII�IURP�ZKLFK�KH�FDQ�SURGXFH�D�VKRUW�IODPH�DW�ZLOO��VXIILFLHQW�WR�LJQLWH�D�FRPEXVWLEOH�ZLWKLQ�WKH�VWDIIV�UHDFK���+H�DOVR�HPSOR\V�D�VKRUW�GDJJHU�����ZKLFK�KH�FDQ�KXUO�$URXQG�KLV�QHFN�LV�D�JROG�PHGDOOLRQ�ZLWK�UXE\�VWXGV��'HSLFWLQJ�D�IODPH�DQG�VZRUG��LW�LV�DQ�RUQDPHQW�RI�WKH�5HG�*RG�$OWKRXJK�FXQQLQJ��,QULN�9DOLQRU�LV�TXLWH�LQVDQH�DQG�KH�LV�SURQH� WR�ODXJK�DORXG�IRU�OLWWOH�DSSDUHQW�UHDVRQ��:KHQ�DORQH��KH�RIWHQ�FDUULHV�RQ�D�UXQQLQJ�FRQYHUVDWLRQ��%XW�GHVSLWH�KLV�HFFHQWULFLWLHV�KH�KDV�D�PDJQHWLF�FKDULVPD�DQG�KLV�VHUYDQWV�DUH�H[WUHPHO\�OR\DO�,QULN�LV�RIWHQ�IROORZHG�E\�0HVWRSKD��KLV�IDPLOLDU�SHW��$�VSHFLDO�KHOO�KRXQG��VHH�0RQVWHU�6WDWLVWLFV�7DEOH���VXFK�FUHDWXUHV�DUH�QRW�XQFRPPRQ�IDPLOLDUV�IRU�ILUH�PDJLFLDQV��7KURXJK�PDJLF��9DOLQRU�KDV�UDLVHG�WKH�,QWHOOLJHQFH�DQG�DELOLWLHV�RI�WKLV�KRXQG��DOORZLQJ�0HVWRSKD� D� KXPDQOLNH� XQGHUVWDQGLQJ� RI� WKH� ZRUOG� DQG� WKH� DELOLW\� WR� FRPPXQLFDWH� WHOHSDWKLFDOO\� ZLWK� ,QULN�� ,Q� DGGLWLRQ�� WKH�DQLPDO�FDQ�FKDQJH�LWV�YLVDJH��DSSHDULQJ�WR�EH�D�VPDOO��XQREWUXVLYH�PRQJUHO�ZKHQ�WKLV�VXLWV�LWV�PDVWHUV�SXUSRVH��,Q�WKLV�IRUP�KLV�H\HV�GR�QRW�JORZ�1HUND/HYHO�����$VVDVVLQ�7KLHI+XPDQ�PDOH��$&����09������KS�����$/�&(���$7����'PJ�O$��GDJJHU��������GLUN�6WU�O���OQW�O���:LV�O���'H[�O���&RQ�O���&KD���1HUND� LV� ,QULN� 9DOLQRUV� FKLHI� KHQFKPDQ� DQG� DQ� H[FHOOHQW� DVVDVVLQ�� +H� KDV� D� WKRURXJK� NQRZOHGJH� RI� SRLVRQV�� LQ� DGGLWLRQ� WR�RXWVWDQGLQJ�VNLOOV�DV�D�WKLHI��1HUND�FDXVHG�WKH�GHDWK�RI�(VVHQ�9DOLQRUV�ZLIH�WKURXJK�WKH�XVH�RI�D�VORZ�DFWLQJ�SRLVRQ�ZKLFK�SUR�GXFHG�WKH�V\PSWRPV�RI�D�GHDGO\��WKUHH�GD\�PDODULD�ERXW��7KH�DVVDVVLQ�VLPSO\�SULFNHG�WKH�ODG\V�DUP�ZLWK�D�SLQ�RQH�GD\�ZKLOH�VKH�PDGH�KHU�ZD\�WKURXJK�FURZGV�LQ�WKH�PDUNHWSODFH��1HUND�DOVR�HQJLQHHUHG�WKH�FODQGHVWLQH�UHPRYDO�RI�$OOPD�9DOLQRUV�ERG\�IURP�WKH�IDPLO\�FU\SW�1HUND�DWWDFNV�DW����WR�KLW�ZLWK�D�WKURZLQJ�GDJJHU��+LV�EODGHV�DUH�SRLVRQ�WLSSHG�RQO\�LQ�WKH�HYHQW�RI�D�SODQQHG�DVVDVVLQDWLRQ��$Q�DPELGH[WURXV�ILJKWHU��1HUND�FDQ�WKUXVW�DQG�SDUU\�ZLWK�KLV�GLUN�DQG�HLWKHU� MDE�RU�KXUO�KLV�GDJJHU��$W�DQ\�RQH�WLPH�KH�FDUULHV�VL[�WKURZLQJ�GDJJHUV�LQ�D�VSHFLDO�KDUQHVV�KROGHU�RQ�KLV�EDFN�1HUND�ZHDUV�D�GDUN�OHDWKHU�MHUNLQ��EURZQ�OHJJLQJV�DQG�D�GDUN�EURZQ�FDSH�RYHU�RQH�VKRXOGHU��$W�DQ\�RQH�WLPH�KH�ZLOO�EH�FDUU\LQJ��G���JROG�UL,NV�LQ�KLV�SRXFK��+H�ZHDUV�D�JROG�QHFNODFH�����JROG�ULONV��DQG�D�UXE\�ULQJ������JROG�UL,NV���1HUNDV�$&���EUDFHUV�RI�GHIHQVH�DQG�����'H[WHULW\�ERQXV�DOORZ�KLP�DQ�DUPRU�FODVV�RI���.UXPD/HYHO���)LJKWHU+XPDQ�PDOH��$&����09�����KS�����$/�&(���$7����'PJ�������VFLPLWDU�����WR�GDPDJH�RQO\��E\�YLUWXH�RI�6WUHQJWK6WU�����,QW�����:LV�����'H[�����&RQ�����&KD�����VFDOH�ERXQG�OHDWKHU�MHUNLQ�.UXPD� DQG� KLV� EURWKHU�;XPD� �VHH� QH[W� HQWU\�� DUH�.DGGLVK� WULEHVPHQ� �GHVHUW�GZHOOHUV�� DQG� ,QULN�9DOLQRUV� KHQFKPHQ��.UXPDVWDQGV���IHHW���LQFKHV�WDOO�DQG�ZHLJKV�����SRXQGV��+H�ZHDUV�EURZQ�SDQWDORRQV��ERRWV��D�VFDOH�ERXQG�OHDWKHU�MHUNLQ�DQG�D�WXUEDQ��+H�KDV�GDUN�KDLU��D�VZDUWK\�FRPSOH[LRQ�DQG�VOLJKWO\�VODQWHG�H\HV��+H�ZLHOGV�D�ODUJH�VFLPLWDU�DQG�FDUULHV�D�GDJJHU�LQ�KLV�EHOW��+LV�SRXFK�KROGV��G���EURQ]H�DJROV�

Page 6: TSR 9170 CA2 Swords of Deceit

;XPD/HYHO���)LJKWHU+XPDQ�PDOH��$&����09�����KS�����$/�&(���$7����'PJ������VFLPLWDU������WR�GDPDJH�RQO\6WU�����,QW�����:LV�����'H[�����&RQ�����&KD�����VWXGGHG�OHDWKHU�MHUNLQ�;XPD�FORVHO\�UHVHPEOHV�KLV�EURWKHU�LQ�VL]H�DQG�DSSHDUDQFH��+H�FDUULHV��GO���EURQ]H�DJROV���G��JROG�ULONV�DQG�ZHDUV�D�VROLG�JROG�HDU�VWXG�ZLWK�D�GLDPRQG�LQVHW������JROG�ULONV��

Page 7: TSR 9170 CA2 Swords of Deceit

(QFRXQWHU�.H\7KH�IROORZLQJ�HQFRXQWHUV�FRYHU�WKH�LPSRUWDQW�DVSHFWV�RI�WKLV�VFHQDULR��%R[HG�HQFRXQWHU�GHVFULSWLRQV PD\�EH�UHDG�GLUHFWO\�WR�WKH�SOD\HUV��,Q�RWKHU�FDVHV�WKH�'0�PXVW�SURYLGH�WKH�DSSURSULDWH�LQIRUPDWLRQ�IRU�WKH�WXUQ�RI�HYHQWV����0LGQLJKW�0HHWLQJ�RQ�%RQHV�$OOH\$V�7DQ\D�9DOLQRUV�FDUULDJH�OHDYHV�WKH�3&V�D�VPDOO�GRJ�UXQV�EHKLQG�WKH�EXJJ\��(DFK�3&�KDV�D�����R�FKDQFH�RI�VSRWWLQJ�LW�7KLV�FUHDWXUH�LV�,QULNV�IDPLOLDU��0HVWRSKD��)RU�WKH�PRPHQW�WKH�DQLPDOV�WDVN�LV�WR�VKDGRZ�&RXQW�(VVHQV�GDXJKWHU����7KH�0DUVK�*DWH'XULQJ�GD\OLJKW� KRXUV� WKH� 3&V� DUH� IUHH� WR� OHDYH�/DQNKPDU� DW� WKHLU� OHLVXUH�� ,I� WKH\� OHDYH�DW�QLJKW� WKH\�ZLOO�EH� DFFRVWHG�E\� WZR�JXDUGVPHQ�DW�WKH�JDWH��7KH�PDQ�LQ�FKDUJH�LV�6HUJHDQW�&KHYDV�DQG�KH�ZLOO�UHTXLUH�WKH�DGYHQWXUHUV�WR�VWDWH�WKHLU�EXVLQHVV��$OWKRXJK�KH�KDV�QR�UHDVRQ�WR�GHWDLQ�WKHP��&KHYDV�ZLOO�EHFRPH�GLIILFXOW�E\�DVNLQJ�PDQ\�TXHVWLRQV���:KDW�DUH�WKH�DGYHQWXUHUV�GRLQJ"�:KDW�GR�WKH\�KDYH�LQ�WKHLU�SDFNV"�(WF��$�FRXSOH�RI�EURQ]H�DJROV�ZLOO�SURGXFH�D�FKDQJH�LQ�WKH�VHUJHDQWV�GLVSRVLWLRQ��+H�ZLOO�EH�TXLWH�ZLOOLQJ�WR�ELG�WKH�SDUW\�JRRGQLJKW�DQG�WR�DQVZHU�DQ\�TXHVWLRQV�WKH\�PD\�KDYH��&KHYDV�NQRZV WKH�IROORZLQJ�&OXH�D��$�EDQG�RI�EULJDQGV�KDV�EHHQ�ZRUNLQJ�WKH�0DUVK�5RDG�RI�ODWH�&OXH�E��6WUDQJH�OLJKWV�DQG�VKDGRZ\�ILJXUHV�KDYH�EHHQ�VHHQ�LQ�WKH�DUHD�RI�WKH�PDUVK�VKULQH�WR��WKDW�IXQQ\�5HG�*RG��&OXH�F��7KH�SHDVDQWV�WDON�RI�D�OLFK�WKDW�LQKDELWV�WKH�PDUVK��D�JKDVWO\�XQGHDG�KLJK�SULHVW�RI�WKH�(DVWHUQ�*RG�7KH�'0�VKRXOG�QRWH�WKDW�UH�HQWHULQJ�WKH�FLW\�SUHVHQWV�D�PRUH�VHULRXV�SUREOHP��'D\�RU�QLJKW��WKH�JXDUGV�ZLOW�TXHVWLRQ�WKH�SDUW\�LQ�VRPH�GHWDLO�DERXW�WKHLU�EXVLQHVV�LQ�/DQNKPDU��$�EULHI�LQVSHFWLRQ�RI�WKH�FKDUDFWHUV�JHDU�LV�FHUWDLQ�EXW�D�FRXSOH�RI�JROG�QLNV�ZLOO�LQHYLWDEO\�VHFXUH�VZLIW�UH�HQWU\��,I�WKH�SDUW\�DUULYHV�DW�QLJKW�6HUJHDQW�&KHYDV�ZLOO�DGPLW�WKH�SOD\HUV�ZLWKRXW�TXHVWLRQ�LQ�H[FKDQJH�IRU�D�FRXSOH�RI�EURQ]H�DJROV��� 2Q�WKH�0DUVK�5RDG �VHH�0DS�9�7KH�ODQGIDOO�DGMDFHQW�WR�WKH�PDUVK�URDG�DQG�ZLWKLQ�FORVH�SUR[LPLW\�WR�/DQNKPDU�LV�PDUVKOLNH�EXW�VRPHWKLQJ�OHVV�WKDQ�D�VZDPS��7KH�URDG�LWVHOI�DQG�PRVW�RI�WKH�VXUURXQGLQJ�JURXQG�LV�TXLWH�VROLG��DOWKRXJK�ZHOO�FRYHUHG�E\�WDOO��PDUVK\�JUDVV�DQG�VKUXEV��)XUW KHU�HDVW��SDVW�WKH�VKULQH�RI�WKH�5HG�*RG��WKH�JURXQG�DGMDFHQW�WR�WKH�URDG�JLYHV�ZD\�WR�ZLGH�VSUHDG�VZDPS\�FRQGLWLRQV�ZLWK�ZDWHU�IORZ�DQG�ERJV��7KH�URDG��KRZHYHU��UHPDLQV�VROLG�ZHOO�LQWR�WKH�HDVW�'D\�RU�QLJKW��WKHUH�LV�D�����FKDQFH�WKDW�WKH�VPDOO�SDUW\�RI DGYHQWXUHUV�ZLOO�EH�ZD\ODLG�E\�EULJDQGV�DSSUR[LPDWHO\�����IHHW�ZHVW�RI�WKH�VKULQH��7KHVH�KLJKZD\PHQ�ZLOO�DPEXVK�WKH�SDUW\�IURP�WKH�FRYHU�RI�WKH�KLJK�JUDVV�RQ�HLWKHU�VLGH�RI�WKH�URDGZD\��$�EDQG�RI����EULJDQGV�DQG�RQH�EULJDQG�OHDGHU�ZLOO�RSHQ�ILUH�ZLWK�DUURZ�DWWDFNV��WZR�HDFK�LQ�WKH�ILUVW�PHOHH�URXQG�,I�WKH�3&V�IDLO�WR�WDNH�DSSURSULDWH�HYDVLYH�DFWLRQ�WKH�EULJDQGV�ZLOO�ODXQFK�DQRWKHU�DUURZ�YROOH\�IURP�WKHLU�FRQFHDOHG�SRVLWLRQV�LQ�WKH�WDOO�JUDVV��:LWK�WKH�OHDGHU�KDQJLQJ�EDFN�DQG�GLUHFWLQJ�WKH�DWWDFN��WKH�DWWDFNHUV�ZLOO�VZDUP�WKH�SDUW\�RQ�IRRW�ZLWK�D�ORQJVZRUG�PHOHH��,I�WKH�EULJDQGV�ORVH�RYHU�KDOI�WKHLU�QXPEHU��WKH�OHDGHU�ZLOO�RUGHU�D�UHWUHDW�LQWR�WKH�PDUVK�WR�WKH�VRXWK�RI�WKH�URDGZD\�7KH� OHDGHU�RI�WKLV�EDQG�LV�D�QDVW\�IHOORZ�QDPHG�6HLIURQ� WKH�6ZDPS�PDVWHU��6HLIURQ�KDV�VWUXFN�D�GHDO�ZLWK�DQ�ROG�DVVRFLDWH�KH�NQRZV�RQO\�DV�7KH�:HDVHO��,Q�H[FKDQJH�IRU�D�ZHHNO\�SXUVH�RI�JROG��6HLIURQ�DQG�KLV�PHQ�KDYH�DJUHHG�WR�NHHS�SHRSOH� FOHDU�RI� WKH�5HG�*RG�VKULQH��7R�GDWH�� WKH�EULJDQGV�KDYH�ZD\ODLG�DOO�SDVVHUVE\�H[FHSW�KHDYLO\DUPHG�SDWUROV� DQG� FDUDYDQV�� 7KH�:HDVHO� KDV� DGYLVHG� WKHP� WR� EH� DOHUW� IRU� VPDOO� JURXSV� RI�PHQ�DW�DUPV��2QO\� 6HDIURQW�NQRZV�WKH�WHUPV�RI�WKLV�DUUDQJHPHQW�DQG�RQO\�KH�FDQ�SURYLGH�XVHIXO�LQIRUPDWLRQ�RQ�WKH�GHDO�ZLWK�7KH�:HDVHO�7KH�:HDVHO�LV�1HUND��,QULN�9DOLQRUV�KHQFKPDQ��6HLIURQV�DQG�WKH�:HDVHOV�UHODWLRQVKLS�GDWHV�EDFN�WR�ZKHQ�WKH\�KDG�GRQH�VRPH�IUHHODQFH�ZRUN�WRJHWKHU�IRU�WKH�7KLHYHV�*XLOG�$OWKRXJK� WKH\�ZRUN�WKH�PDUVK��6HLIURQV�EULJDQGV�DUH�EDVHG�LQ�/DQNKPDU�DQG�JDLQ�DFFHVV�WR�WKH�PDUVK�WKURXJK�D�WXQQHO XQGHU�WKH�FLW\�ZDOO��MXVW�VRXWK�RI�WKH�VHFRQG�WRZHU�VRXWK�RI�WKH�0DUVK�*DWH�$ERXW�����IHHW�VRXWK�RI�WKH�DPEXVK�VLWH�LV�6HLIURQV�PDNHVKLIW�FDPS�ZLWK�D�ILUH�SLW�DQG�WKUHH�OHDQ�WR�VWUXFWXUHV�PDGH�RI�ZRRG�VXSSRUWV�DQG�FDQYDV��7KUHH�ZRPHQ�DQG�ILYH�DGGLWLRQDO�EULJDQGV�SUHSDUH�IRRG�KHUH�IRU�WKH�RWKHUV��7ZHQW\�IHHW�GXH�VRXWK�RI�WKH�ILUH�SLW�DQG�DSSUR[LPDWHO\�WZR�IHHW�EHORZ�WKH�VXUIDFH�RI�WKH�JURXQG�LV�6HLIURQ¶V�WUHDVXUH�FKHVW��+LV�WUHDVXUH�LQFOXGHV������JROG�ULONV������EURQ]H�DJROV������VLOYHU�VPHUGXNV�DQG�MHZHOU\�ZRUWK����JROG�ULONV�,I�6HDIURQW�LV�FDSWXUHG�DQG�PDGH�WR�WDON��RU�EULEHG�ZLWK�DW�OHDVW�����ULONV��KH�ZLOO�DGPLW�NQRZLQJ�WKH�:HDVHO�DQG�

Page 8: TSR 9170 CA2 Swords of Deceit

VWULNLQJ�WKH�GHDO�WR�NHHS�SHRSOH�DZD\�IURP�WKH�VKULQH��+H�GRHV�QRW�NQRZ�7KH�:HDVHOV�ZKHUHDERXWV�EXW�KH�VXVSHFWV�WKDW�KH�LV�HLWKHU�DW�WKH�VKULQH�RU�ERR]LQJ�LQ�WRZQ��6HDIURQW��KRZHYHU��NQRZV�QRWKLQJ�RI�7KH�:HDVHOV�FXUUHQW�EXVLQHVV�ZLWK�,QULN�RU�ZK\�WKH�VKULQH�LV�VR�LPSRUWDQW�,I� WKUHDWHQHG��6HDIURQW�ZLOO�DGPLW�WKDW�7KH�:HDVHO�HQMR\V�WKH�DOH�LQ�WKH�+DQJHG�0DQ�7DYHUQ��QRUWK�VLGH�RI�6KDG\�6WUHHW�� MXVW�ZHVW�RI�&DUWHU���6HDIURQW�DOVR�NQRZV� WKDW� WKH�ODQG�DERXW�WKH�5HG�*RG�VKULQH�LV�RZQHG�E\�WKH�9DOLQRU�IDPLO\��D�P��7KH�6KULQH�RI�WKH�5HG�*RG�6HH�0DS�9,�$V�WKH�SDUW\�DSSURDFKHV�WKH�VKULQH��UHDG�WKH�IROORZLQJ�$ERXW�KDOI�D�PLOH�HDVW�RI�WKH�0DUVK�*DWH��MXVW�QRUWK�RI�WKH�URDGZD\��LV�D�FOHDULQJ�LQ�WKH�PDUVK�JUDVV��$����RRW�HIILJ\�RI�D�ZDUULRU� VLWV� LQ� WKH�PLGVW�RI� WKLV� ODQG��$URXQG� WKH� FHQWHU�SLHFH�DQG�SXQFWXDWLQJ� WKH� IRXU�FRUQHUV�RI�D� VWRQH�SODWIRUP�DUH�VPDOOHU�HIILJLHV�RI�OLRQ V��7KH�FHQWUDO�ILJXUH��UHQGHUHG�LQ�EULJKW�UHG�JUDQLWH��LV�DUPHG�ZLWK�D�ILJKWHUV�MHUNLQ��D�VDEHU�LQ�RQH�KDQG�DQG�D�GLUN�LQ�WKH�RWKHU��7KH�ILQHO\�FDUYHG�KHDG�LV�WKDW�RI�D�KDQGVRPH�PDQ�ZLWK�D�SHQFLO�WKLQ�PXVWDFKH�DQG�VKDUS�IDFLDO�IHDWXUHV��$WRS�WKH�KHDG�VLW V�D�VSLNHG�KHOPHW�2Q� RQH� RI� WKH� VPDOO� OLRQ� HIILJLHV� LV� D� VWRQH� LQVFULSWLRQ�� �,Q� 5HYHUHQFH�9DOLQRU��� $Q\RQH� FRQGXFWLQJ� D� FORVH�H[DPLQDWLRQ�RI�WKH�VPDOOHU�VWDWXH�ZLOO�KDYH�����FKDQFH�RI�GHFLSKHULQJ�WKH�IDGLQJ�LQVFULSWLRQ�,Q�WKH�QRUWKHDVW�FRUQHU�RI�WKH�EDVH�D ��IRRW�VTXDUH�GRRUZD\�LV�KLQJHG�LQZDUGO\��8QGHU�DQG�EHKLQG�WKH�KDQJLQJ�PDQH�RI�WKH�OLRQ��D�VPDOO�VWRQH�SUHVVXUH�SODWH�DFWLYDWHV�WKH�GRRU�UHOHDVH�PHFKDQLVP��RSHQLQJ�WKH�SRUWDO�DQG�UHYHDOLQJ�VWDLUV�GHVFHQGLQJ�WRZDUG�WKH�ZHVW��D���%XULDO &DYHUQV7KH� VWDLUV�OHDG�WR�D�ODUJH�LURQ�GRRU�DERXW����IHHW�EHORZ�WKH�JURXQG��7KH�GRRU�LV�UXVWHG�DQG�GLVFRORUHG�IURP�R[L �GDWLRQ�FDXVHG�E\�ODUJH�TXDQWLWLHV�RI�VDOW�LQ�WKH�JUHDW�PDUVK�7KH�OLRQ�FUHVW�DQG�WKH�IDPLO\�QDPH��9DOLQRU��DUH�HWFKHG�LQWR�WKH�GRRU�DW�H\H�OHYHO��$ODUJH�UXVWHG�SDGORFN�KDQJV�XVH�OHVVO\�IURP�D�KDQGOH�ULQJ�RQ�WKH�GRRU�WKDW�VHHPV�QRW�WR�KDYH�EHHQ�RSHQHG�LQ�\HDUV��E��(QWU\�7XQQHO3DVW�WKH�LURQ�GRRU�D�URXJKO\�KHZQ��� �IRRW�FRUULGRU�OHDGV�LQWR�D�FDYHUQ��7KH�WXQQHO�LV�FROG�DQG�FODPP\�DQG�D�IDLQW�URWWLQJ VPHOO�SHUYDGHV�WKH�DLU�7KHUH�LV�QRWKLQJ�RI�LPSRUWDQFH�KHUH��F��7KH�7UDS5HDG�WKH�IROORZLQJ�RQO\�LI�WKH�SDUW\�LV�DFWLYHO\�VHDUFKLQJ�WKH�DUHD�+DQJLQJ�RQ�WKH�ZHVWHUQ�ZDOO�RI�WKLV�FKDPEHU��MXVW�LQVLGH�WKH�GRRU��LV�D�WRUFK�KROGHU��%HORZ�WKLV�ILJXUH��VHW� XQREWUX�VLYHO\�LQ�WKH�ZDOO��LV�D�VWRQH�EDU���LQFKHV�ORQJ�DQG���LQFKHV�ZLGH�7KLV�URRP�LV�WUDSSHG�ZLWK�D�FROODSVLEOH�IORRU��,I�WXUQHG�WR�D�YHUWLFDO�SRVLWLRQ��WKH�VWRQH�EDU�WULJJHUV�D�QHXWUDOL]DWLRQ�RI�WKH�WUDS��,I�WKH�OHYHU�LV�QRW�RSHUDWHG�DQG�����SRXQGV�RI�SUHVVXUH�LV�DSSOLHG��WKH�WZR���E\�L���IRRW�GRRUV�LQ�WKH�IORRU�RSHQ�DQG�DQ\RQH�VWDQGLQJ�RQ�WKHP�ZLOO�IDOO����IHHW�LQWR�D�SRRO�RI�ZDWHU�EHORZ��&RXQWHUEDODQFHG�ZLWK�ZHLJKWV�DQG�SXOOH\V��WKH�IORRU�ZLOO�DXWRPDWLFDOO\�UHWXUQ�WR�D�IOXVK�SRVLWLRQ�ZLWKLQ�VL[�VHFRQGV��7KH�3&V�PXVW�UROO�'H[WHULW\�RU�OHVV�RQ��G���$Q\RQH�IORXQGHULQJ�LQ�WKH�SRRO�PXVW�WUHDG�ZDWHU�WR�DYRLG�GURZQLQJ��:LWKLQ�WZR�URXQGV��WKUHH�SRLVRQRXV�HHOV�ZLOO�DWWDFN�WKH�WUDSSHG�YLFWLP�V��LQ�WKH����E\�L6�IRRW�FDYHUQ��7KH�ELWH�RI�WKH�HHO�LV�SRLVRQRXV�DQG�D�YLFWLP�PXVW�PDNH�D�VDYLQJ�WKURZ�YV��3RLVRQ�RU�GLH�LQ��G�2�WXUQV��,Q�WKH�ZDWHU�WKH�HHOV�ZLOO�EH����WR�KLW�D�KXPDQRLG�DQG�WKH�KXPDQRLG�

Page 9: TSR 9170 CA2 Swords of Deceit

ZLOO�VWULNH�WKH�HHOV�DW�����7KH�ZDWHU�LV����IHHW�GHHS�DQG�WKH�SOD\HU�FKDUDFWHU�PXVW�VWULNH�WKH�HHO�DQG�DYRLG�GURZQLQJ�DW�WKH�VDPH�WLPH��G��&DYH�RI WKH�:DWHU�&REUD0RLVWXUH�KDQJV�LQ�WKH�DLU�DQG�\RX�FDQ�IHHO�WKH�VOLFNQHVV�RI�WKH�VWHHS�OLPHVWRQH�ZDOOV�E\�WKH�JORVV\�JUHHQ�KXH�RQ�WKHLU�IDFHV��$�JUHHQLVK�\HOORZ�SRRO�RI�ZDWHU�ILOOV�WKH�FHQWHU�RI�WKLV�FDYHUQ�ZKLFK�\RX�HVWLPDWH�WR�EH�VRPH����IHHW�ZLGH�DQG�QHDUO\����IHHW�ORQJ��$�OHGJH�UXQV�DORQJ�WKH�SHULPHWHU�RI�WKH�RYDO�DQG�OHDGV�WR�WZR�SDVVDJHV�7KLV�ZDWHU�FDYH�LV�KRPH�WR�WKUHH�ZDWHU�FREUDV��$OO�ELWHV�RI�WKHVH�FUHDWXUHV�DUH�YHU\�SRLVRQRXV�DQG�WKH�YLFWLP�PXVW�PDNH�D�VDYLQJ�WKURZ� YV�� 3RLVRQ� RU� GLH� LQ� �G�� URXQGV�� $� QXPEHU� RI� VPDOO�ILVVXUHV� LQ� WKH� URFN� IRUPDWLRQV� DIIRUG� YLDEOH� H[LWV� IRU� WKHVH�ZDWHU�FUHDWXUHV�,Q�WKLV�HQFRXQWHU�WZR�RI�WKH�FREUDV�ZLOO�EH�LQ�WKH�ZDWHU��$&����DQG� RQH� ZLOO� EH� FXUOHG� XS� QHDU� WKH� HDVW� HQWUDQFH� WR� WKH�FDYH��:KLOH�LQ�WKH�ZDWHU��WKH�FREUDV��ZLWK�WKHLU�FKDPHOHRQ�OLNH�DELOLW\�WR� FKDQJH� FRORUV�� DUH� YLUWXDOO\� LQYLVLEOH�� 2Q� WKH� JURXQG� WKH�VHUSHQWV�DUH�$&���DQG�FOHDUO\�YLVLEOH�6HFUHW�'RRU� WR���+DYLQJ�EHHQ�VHDOHG�ZLWK�VWRQHV�DQG�PRUWDU�IRU����\HDUV��WKLV�FORVHG�HQWUDQFHZD\�ORRNV�FRQVLVWHQW�ZLWK�WKH�UHVW�RI�WKH�ZDOO��,W�LV�FRYHUHG�E\�OLFKHQ�DQG�QDWXUDO�PRVV�IRUPDWLRQV��3&V�GHWHFW�WKH�HQWUDQFHZD\�ZLWK�D������WR�WKHLU�QRUPDO�FKDQFHV��EXW�KDYH�DQ�����FKDQFH�RI�GHWHFWLQJ�LW�LI�WKH\�FRQGXFW�D�WDSSLQJ�SURFHGXUH�WKURXJKRXW�WKH�FDYH�7KH�ZDOO�PXVW�EH�GLVPDQWOHG�E\�IRUFH��SLFN�ZRUN��GLJJLQJ�HWF����EXW�EHFDXVH�PXFK�RI�WKH�PRUWDU�KDV�VXIIHUHG�VDOW�GHWHULRUDWLRQ�WKH�ZDOO�ZLOO�TXLFNO\�FRPH�DSDUW�DIWHU�DQ�LQLWLDO�KROH�KDV�EHHQ�SXQFKHG��H��7KH�6NHOHWRQ�&DYH$IWHU�WKH�3&V�KDYH�FRQGXFWHG�D�FDUHIXO�VHDUFK�RI�WKLV�FDYHUQ�WKH�'0�VKRXOG�UHDG�WKH�IROORZLQJ�1HDU�WKH�VRXWKHUQ�H[LW�RI�WKLV�FDYHUQ�\RX�VHH�D�PDQ �PDGH�REMHFW�VWLFNLQJ�RXW�IURP�WKH�URFN\�JURXQG��8SRQ�FORVHU�LQVSHFWLRQ�WKLV�WKLQJ�DSSHDUV�WR�EH�WKH�KHHO�RI�D�ERRW�$IWHU� FOHDULQJ� DZD\� QXPHURXV� VWRQHV�� URFNV� DQG� SHEEOHV� WKH� FKDUDFWHUV� ILQG� WKH� VNHOHWDO� UHPDLQV� RI� WZR� ERGLHV��7KHVH�DUH�WKH�FRUSVHV�RI�WKH�WKXJV�HPSOR\HG�E\�(VVHQ�9DOLQRU�PDQ\�\HDUV�EHIRUH�7KH�FORWKLQJ�KDV�DOO�EXW�URWWHG�DZD\�EXW�WKH�OHDWKHU�UDLPHQWV��ERRWV� MHUNLQV��EHOWV�HWF���DUH�VWLOO�UHFRJQL]DEOH��7ZR�FRUURGHG�GDJJHUV�DUH�HYLGHQW�LQ�WKLV�PDNHVKLIW�JUDYH��DV�ZHOO�DV�D�URWWHG�RLOVNLQ�SRXFK�ILOOHG�ZLWK�WLQ\�UXELHV�ZRUWK�����JROG�ULONV��I��&DYH�RI�WKH�*LDQW�%DWV$�VWUDQJH�DQG�XQQHUYLQJ�VRXQG�RI�FKLUSLQJ�H PDQDWHV�IURP�WKLV�FDYHUQ�7KLV�FDYH� LV�KRPH� WR����JLDQW�EDWV�ZKLFK�DWWDFN�RQO\�LI� WKHLU�FDYHUQ� LV�HQWHUHG��7KHVH�FUHDWXUHV�KDYH�D�����WR�KLW�ZKLOH�DLUERUQH�DQG�D�ELWH�YLFWLP�PXVW�PDNH�D�VDYLQJ�WKURZ�YV��3RLVRQ�RU�VXIIHU�WKH�FRQVHTXHQFHV�RI�D�YLUDO�LQIHFWLRQ��7KHUH�LV�D�����FKDQFH�WKDW�D�YLFWLP�ZLOO�FRQWUDFW�UDELHV�ZLWKLQ���GD\V�RI�D�IDLOHG�VDYLQJ�WKURZ��7KH�EDWV�H[LW�DQG�HQWHU�WKURXJK�D�VPDOO�KROH�LQ�WKH�FDYH�FHLOLQJ�ZKLFK�OHDGV�WR�WKH�PDUVKODQG�DERYH��J��7KH�7UHDVXUH�&DYH7KLV�ZHVWZDUG �OHDGLQJ�WXQQHO RSHQV�LQWR�DQRWKHU�ZDWHU�FDYH��7KH�ZDWHU�LV�VWLOO�DQG�WHSLG�LQ�WKLV�FDYHUQRXV�UHVHUYRLU�

Page 10: TSR 9170 CA2 Swords of Deceit

,Q�WKH�IDU�HDVWHUQ�FRUQHU�RI�WKH�SRRO��QHDU�WKH�WXQQHO�OHGJH�DQG�MXVW�EHORZ�WKH�ZDWHU��LV�D�FKDLQ�KRRNHG�RQWR�D�VSLNH��7KH�FKDLQ�LV����IHHW�ORQJ�DQG�LV�DWWDFKHG�WR�DQ�LURQ�FKHVW�DW�WKH�ERWWRP�RI�WKH�SRRO��1HLWKHU�WKH�FKDLQ�QRU�WKH�FKHVW�FDQ�EH�VHHQ�LQ�WKH�PXUN\�ZDWHU��%HORQJLQJ�WR�$OPD�9DOLQRU��WKH�WUHDVXUH�ZDV�KLGGHQ�KHUH�IRU�HPHUJHQF\�XVH��7KH�LURQ� FKHVW� KROGV�� ���� JROG� ULONV�� ���� VLOYHU� VPHUGXNV�� DQG� ���� EURQ]H� DJROV�� $VVXPLQJ� WKH\� FDQ� VZLP�� WKH�DGYHQWXUHUV�PD\�VDIHO\�GLYH�IRU�WKH�FKHVW��K��:LOO�2�7KH�:LVSV�&DYH$�QXPEHU�RI�GDQFLQJ�DQG�GDUWLQJ�OLJKWV�DUH�HYLGHQW�DW�WKH�HQG�RI�WKLV�WXQQHO��7KUHH�RU�PRUH�WLQ\�ILVVXUHV�DW�WKH�FDYHV�HQG�OHDG�LQWR�GDUNQHVV�7KLV�WXQQHO�HQG�LV�KRPH�WR�WKUHH�ZL,,�R�ZLVSV�ZKLFK�LQKDELW�WKH�ILVVXUHV�LQ�WKH�FDYH�ZDOO��$Q�LQYHVWLJDWLRQ�RI�WKH�DUHD�ZLOO�FDXVH�WKH�ZLVSV�WR�DWWDFN��8VXDOO\�VHHNLQJ�WKHLU�SUH\�LQ�WKH�PDUVKODQG��WKH�ZLVSV�DUH�FXUUHQWO\�LQWHUHVWHG�RQO\� LQ� SURWHFWLQJ� WKHLU� ODLU�� ,I� WKH� FKDUDFWHUV� UHWUHDW�� WKH� VWUDQJH� FUHDWXUHV�ZLOO� QRW� SXUVXH� WKHP�� 7KH�ZLVSV� DUH�LPPXQH�WR�DOO�VSHOOV�H[FHSW�SURWHFWLRQ�IURP�HYLO��PDJLF�PLVVLOH� DQG�PD]H��L��7RPE�(QWU\�7XQQHO,Q�WKLV� WXQQHO�� WKH�DODUP��LQGLFDWHG�E\�WKH�OHWWHU��$��RQ�0DS�9,��ZDUQV�WKH�RFFXSDQWV�RI��M�DQG����WKDW�WKH�VHFUHW�GRRU�LV�EHLQJ�GLVPDQWOHG��$W�WKH�VRXWKHUQ�HQG�RI�WKH�FRUULGRU�VWDQGV�D�KHDY\�LURQ�GRRU�EHDULQJ�WKH�LPDJH�RI�WKH�5HG�*RG�DQG�WKH�OLRQ�WRNHQ�RI�WKH�KRXVH�RI�9DOLQRU��M��6KULQH�5RRP$JDLQVW�WKH�HDVWHUQ�ZDOO�RI�W KLV�FKDPEHU�D�VPDOO�VWDWXHWWH��VLPLODU�WR�WKH� ODUJH�ZDUULRU�VWDWXH�DERYH�JURXQG��VLWV�DWRS�D�VWRQH�SHGHVWDO��2Q�DOO� VLGHV�RI� WKH�VWDWXHWWH�DUH�XQOLW�UHG�FDQGOHV� LQ�HODERUDWH�JROG�KROGHUV��,Q�WKH�QRUWK �HDVWHUQ�DQG�QRUWKZHVWHUQ�FRUQHUV�ODUJH�XSULJKW��ZRRGHQ VDUFRSKDJL�VWDQG�WR�D�KHLJKW�RI���IHHW��)XOO �OHQJWK�LPDJHV�RQ�WKH�IURQW�RI�WKHVH�FRIIHUV�GHSLFW�VDYDJH�ZDUULRUV�LQ�IXOO�EDWWOH�JHDU��$�ZRRGHQ�FKHVW�ZLWK�LURQ�EUDFHV�7HVWV�DWRS�DQRWKHU�SHGHVWDO�RQ�WKH�ZHVWHUQ�ZDOO��$W�WKH�VRXWKHUQ�HQG�RI�WKH�FKDPEHU�D�SRUW FXOOLV�EORFNV�WKH�HQWUDQFH�WR�DQRWKHU�FKDPEHU�,QULN� 9DOLQRU� DQG� KLV� KHQFKPHQ� KDYH� ODLG� D� WUDS� IRU� WKH� SDUW\�� ;XPD� DQG� .UXPD�� WKH� .DGGLVK� ZDUULRUV�� DUH�FRQFHDOHG� LQVLGH� WKH� ZRRGHQ� FRIIHUV�� 2QFH� WKH� SDUW\� HQWHUV� WKH� FKDPEHU� WKHVH� IHOORZV� ZLOO� DWWDFN� VDYDJHO\��0HDQZKLOH��1HUND��WKH�FKLHI�KHQFKPDQ��KXUOV�IRXU�GDJJHUV�DW�WKH�JURXS�WKURXJK�WKH�SRUWFXOOLV�IURP�WKH�VKDGRZV�RI�����,I�WKH�EDWWOH�LV�QRW�JRLQJ�EDGO\�IRU�WKH�.DGGLVK�ZDUULRUV��1HUND�HQWHUV�WKH�PHOHH�WKURXJK�D�GRRU�LQ�WKH�SRUWFXOOLV��2WKHUZLVH�KH�UHPDLQV�LQ����;XPD�DQG�.UXPD�ZLOO�ILJKW�WR�WKH�GHDWK�ZKLOH�1HUND��LI�GLUHFWO\�LQYROYHG��ZLOO�DWWHPSW�WR�HVFDSH�LI�WKH�ILJKW�WXUQV�DJDLQVW�KLP��+LV�ILUVW�FKRLFH�IRU�UHWUHDW�LV����EXW�KH�ZLOO�DWWHPSW�DQ�HVFDSH�YLD��L�LI�KH�PXVW��,I�KH�LV�QRW�NLOOHG�RU�UHVWUDLQHG�1HUND�ZLOO�OHDYH�WKH�WRPE�DQG�FDYHUQ�ZKHQ�KH�LV�FRQYLQFHG�WKDW�WKH�3&V�ZLOO�QRW�VSRW�KLP�'XULQJ�WKH�PHOHH��,QULN�9DOLQRU�DQG�KLV�IDPLOLDU�DUH�LQ��P�ZDWFKLQJ�WKH�EDWWOH�WKURXJK�DQ�XQREWUXVLYH�SHHSKROH��9DOLQRU�ZLOO�ILUH�ILYH�PDJLF�PLVVLOHV�DW�WKH�FKDUDFWHUV��IDYRULQJ�D�FOHULFDO�WDUJHW�RYHU�RWKHUV��7KHUH�LV�DQ�����FKDQFH�WKDW�WKH�PDJLF�XVHU�ZLOO�DWWHPSW�D�KROG�SHUVRQ�VSHOO�RQ�RQH�RI�WKH�ILJKWHUV��,I�WKH�EDWWOH�JRHV�EDGO\�IRU�KLV�PHQ��,QULN�9DOLQRU�DQG�KLV�IDPLOLDU�ZLOO�UHWUHDW�DQG�HYDFXDWH�WKH�WRPE�YLD�WKH�VHFUHW�H[LW�IURP��P�7KH�'0�ZLOO�QRWH�WKDW�,QULN�9DOLQRU�ZLOO�QRW�EH�GLUHFWO\�DFFRVWHG�LQ�WKLV�VFHQDULR�DQG�ZLOO�HVFDSH�LI�WKUHDWHQHG�E\�WKH�SDUW\V�LQFXUVLRQ�LQWR�WKH�EXULDO�FDYHUQV��)XUWKHU�PRUH��LW�LV�ZRUWK�QRWLQJ�WKDW�9DOLQRU�ZLOO�UHWUDLQ�IURP�XVLQJ�DQ\�RI�KLV�IRUPLGDEOH�ILUH�PDJLFV�IRU�IHDU�RI�GDPDJLQJ�WKH�WRPE�7KH�VWDWXHWWH�RI�WKH�5HG�*RG��UHQGHUHG�LQ�UHG�PDUEOH��LV�D�ILQH�SLHFH�RI�ZRUN�ZRUWK����JROG�ULONV��7KH�IRXU�FDQGOHVWLFNV�DUH�ZRUWK����JROG�ULONV�HDFK�7KH�FKHVW�RQ�WKH�ZHVW�SHGHVWDO�FRQWDLQV�D�UHFRUGV�ERRN�ZULWWHQ�LQ�WKH�KDQG�RI�$OOPD�9DOLQRU��7KH�YROXPH�GLVFXVVHV�$OOPD�9DOLQRUV�RULJLQV�LQ�WKH�HDVW��KLV�VWXG\�RI�PDJLFV�DQG�ORUH�DQG�KLV�GHYRWLRQ�WR�WKH�5HG�*RG�+LV�MRXUQH\LQJ�WR�/DQNKPDU�DQG�KLV�ULVH�WR�SURPLQHQFH�DV�WKH�RYHUORUGV�DGYLVRU�RQ�PDJLFV�7KH�EXLOGLQJ�RI�WKH�5HG�*RG�VKULQH�RQ�WKH�9DOLQRU�PDUVK�SURSHUW\�DQG�WKH�IDVKLRQLQJ�RI�D�VHFUHW�IDPLO\�WRPE�LQ�WKH�FDYHUQV�EHORZ�

Page 11: TSR 9170 CA2 Swords of Deceit

7KH�DUFDQH�HIIHFWV�RI�WKH�IDPLO\V�SHQGDQW�DQG�WKH�REVFXUH�SRZHUV�LQYRNHG�IURP�WKH�5HG�*RG�GXULQJ�WKH�SHQGDQWV�HQFKDQWPHQW��0RVW�RI�WKLV�HQWU\�LV�LQFRPSUHKHQVLEOH�WR�WKH�SDUW\�$OO�PDV�KRSH�WKDW�WKH�9DOLQRUV�SURVSHU�DQG�WKDW�WKH�VHFUHW�WRPE�ZLOO�EH�D�VDIH�DQG�VDFUHG�UHVWLQJ�SODFH�IRU�KLPVHOI��KLV�ZLIH��,QULN�DQG�(VVHQ��N��7KH�3RUWFXOOLV,I�1HUND�RFFXSLHV�����WKH�SRUWFXOOLV�GRRU�ZLOO�EH�ORFNHG��7KH�3&V�FDQ�KRZHYHU��RSHQ�WKH�SRUWFXOOLV�E\�ILQGLQJ�D�KLGGHQ�OHYHU�ORFDWHG�MXVW�ZHVW�RI�WKH�JDWH�LQ��M��O��7KH�&U\SW,Q�WKH�HDVW�UHFHVV�RI�WKLV�FKDPEHU�WKHUH�DUH�WZR�VDUFRSKDJL�O\LQJ�VLGH�E\�VLGH��HDVW�WR�ZHVW��2Q�RQH�VWRQH� FRYHU��WKH�PRVW�RUQDWHO\�VFXOSWHG��LV�WKH�LQVFULS WLRQ����$OOPD��&RXQW�9DOLQRU�RI�/DQNKPDU���7KH�RWKHU�VDUFRSKDJXV�EHDUV�WKH�ZRUGV�� �0LQD�� &RXQWHVV� RI� 9DOLQRU��� 7ZR� DGGLWLRQDO� XQFRYHUHG� VDU FRSKDJL� OLH� LQ� HDFK� RI� WKH� VRXWK� DQG� ZHVW�UHFHVVHV�,Q�WKH�FHQWHU� RI�WKH�VRXWKHUQ�FKDP EHU�LV�D�FDXOGURQ�IL[HG�RQ�IRXU�LURQ�VXS SRUWV��$ERYH�WKH�FDXOGURQ��KDQJLQJ�IURP�WKH�FHLOLQJ�E\�WZR�WKLQ�FKDLQV��LV�D�GROO �OLNH�HIILJ\�UHVHPEOLQJ�D�PDQ��$�JROG�ULQJ�HQFLUFOHV�RQH�RI�WKH�PLQLDWXUH�DUPV�RI�WKH�GROO�DQG�ILYH�SLQV�DUH�VWLF NLQJ�LQWR�LW��WZR�LQ�WKH�OHJV��WZR�LQ�WKH�VKRXOGHUV�DQG�RQH�LQ�WKH�DEGRPHQ�$JDLQVW�WKH�ZDOO�EHWZHHQ�WKH�HDVW�DQG�VRXWK�UHFHVV�FKDPEHUV�OLHV�D�VPDOO�EHG��$�EHQFK�KROGLQJ�ERWWOHV��IODVNV��SHVWOHV�DQG�D�VHW�RI�VFDOHV�VLWV�IOXVK�DJDLQVW�WKH�ZDOO�EHWZHHQ�WKH� VRXWK�DQG�ZHVW�DUHDV��%HQHDWK�WKH�EHQFK�DUH�D�QXPEHU�RI�XQPDUNHG�MDUV�7KH�VDUFRSKDJXV�RQ�WKH�QRUWK�VLGH�RI�WKH�HDVW�UHFHVV�KROGV�WKH�HDUWKO\�UHPDLQV�RI�$OOPD�9DOLQRU��$�PDVVLYH�JROG�FKDLQ�DQG�D�OLRQ�SHQGDQW�ZRUWK�����JROG�ULONV��OLHV�RQ�WKH�VNHOHWDO�IRUP��7KH�FRIILQ�EHVLGH�LW�LV�HPSW\�EHFDXVH�,QULN�9DOLQRU�KDV�QRW�\HW�UHPRYHG�KLV�PRWKHUV�UHPDLQV�IURP�WKH�WRZQ�FU\SW��,I�WKH�SDUW\�UHPRYHV�WKH�SHQGDQW��WKH�VNHOHWRQ�ZLOO�DQLPDWH��G��QLJKWV�ODWHU�LQ�PXPP\�IRUP��$WWUDFWHG�E\�WKH�SHQGDQW��WKH�PXPP\�ZLOO�VWDON�WKH�SDUW\��LQWR�/DQNKPDU�LI�QHFHVVDU\��DQG�DWWHPSW�WR�UHFRYHU�LWV�IDPLO\�V\PERO��,I�WKH�DUWLIDFW�LV�KXUOHG�WRZDUG�WKH�PXPP\��WKH�XQGHDG�$OOPD�ZLOO�SLFN�LW�XS�DQG�ZDON�DZD\�,I�WKH�LWHP�KDV�DOUHDG\�EHHQ�VROG�WR�D�IHQFH��WKH�PXPP\�DXWRPDWLFDOO\�UHFRYHUV�LW��7KH�QH[W�GD\��WKH�IHQFH�ZLOO�EH�GLVFRYHUHG�GHDG��ZLWK�D�ORRN�RI�DEVROXWH�WHUURU�LQ�KLV�H\HV��,I�WKH�IHQFH�KDSSHQV�WR�EH�2JR�WKH�%OLQG��RU�D�VLPLODU�SRSXODU�FKDUDFWHU�RI�/DQNKPDU��DVVXPH�2JR�KDG�WLPH�WR�VHOO�WKH�LWHP�WR�D�PLQRU�IHQFH�7KH�FDXOGURQ�FRQWDLQV D�VWUDQJH�DQG�VLFNHQLQJ�VROXWLRQ�XVHG�LQ�WKH�PDNLQJ�RI�D�PDJLFDO�ILUH��7KH�DFWXDO�IXQFWLRQV�RI�WKH�FDXOGURQ�DUH�NQRZQ�RQO\�WR�,QULN�9DOLQRU�7KH�KDQJLQJ�GROO�ILJXUH�LV�DQ�HIILJ\�RI�(VVHQ�9DOLQRU��7KH�ILQJHU�ULQJ�DURXQG�WKH�GROOV�DUP�EHDUV�WKH�WRNHQ�RI�WKH�OLRQ�DQG�WKH�LQLWLDOV��(�9���,QULN�KDV�EHHQ�XVLQJ�WKH�HIILJ\�RI�KLV�EURWKHU�LQ�WKH�SXUVXLW�RI�EODFN�PDJLF�DQG�UHYHQJH��7KH�ULQJ��ZRUWK�ILYH�JROG�ULONV��ZDV�VWROHQ�IURP�(VVHQ�9DOLQRU�E\�1HUND��DQG�LV�WKH�SHUVRQDO�LWHP�UHTXLUHG�WR�JLYH�WKH�GROO��OLIH���7KH SLQV�KDYH�FDXVHG�&RXQW�(VVHQV�SDLQ�DQG�VXIIHULQJ�DQG�RQFH�WKHVH�LWHPV�DUH�UHPRYHG�IURP�WKH�GROO��(VVHQV�WRUPHQW�ZLOO�FHDVH�DQG�WKH�EODFN�FKDUP�ZLOO�EH�EURNHQ��2QO\�,QULN�9DOLQRU�FDQ�UHQHZ�LW�7KH�EHG�LV�WKH�PDFDEUH�VOHHSLQJ�VWDWLRQ�RI�,QULN�KLPVHOI��%HQHDWK�WKH�EHG�LV�D�ORFNHG�FKHVW�FRQWDLQLQJ�����LURQ�WLNV�LQ�D�VDFN��WKUHH�EURQ]H�DJROV��DQG�D�GDUN�UREH�ZLWK�D�KRRG��,Q�KDVWH��,QULN�PDGH�RII�ZLWK�WKH�YDOXDEOH�FRQWHQWV�RI�WKH�FKHVW��GLVGDLQLQJ�WKH�LURQ�FRLQV�DQG�GURSSLQJ�WKH�WKUHH�DJROV�7KH� LWHPV� RQ� WKH ZRUNEHQFK� ILJXUH� LQ� ,QULNV� DOFKHP\�� 7KH\� LQFOXGH�� RQH� ERWWOH� RI� DFLG�� RQH� ERWWOH� RI� KHPORFN��SRLVRQ���RQH�IODVN�RI�OL]DUG�EORRG��RQH�IODVN�RI�FREUD�YHQRP��DQG�RQH�IODVN�RI�VDOLQH�VROXWLRQ��)RXU�MDUV�KROG��RQH�XQLW�RI�GHDG�IURJV��RQH�XQLW�RI�OL]DUG�WRQJXHV��RQH�XQLW�RI�EXOOV�EORRG�DQG�RQH�XQLW�RI�VXOSKXU�VROXWLRQ�,Q�WKH�ZHVWHUQ�DOFRYH�RI����LV�D���E\���IRRW�VHFWLRQ�RI�ZDOO�ZKLFK�LV�D�VHFUHW�SRUWDO��+LQJHG�RQ�WKH�ZHVW�VLGH�DQG�RSHQLQJ�LQWR�WKH�VS\LQJ�URRP�RI��P��WR�D�FRUULGRU�DQG�ILQDOO\�DQ�H[LW��WKH�SRUWDO�ZLOO�DXWRPDWLFDOO\�EHFRPH�IOXVK�ZLWK�WKH�ZDOO�ZKHQ�RSHQHG��P���6S\LQJ�5RRP$QRWKHU�RI�,QULNV�UHFHQW�LQQRYDWLRQV��WZR�VOLGLQJ�SDQHOV��RQH�DW�H\H�DQG�WKH�RWKHU�DW�ZDLVW�OHYHO��PD\�EH�PRYHG�WR�UHYHDO�SHHSKROHV�ORRNLQJ�LQWR�FKDPEHU��M�,I�WKH�3&V�H[DPLQH�WKH�JURXQG�LQ�WKLV�VPDOO�VSDFH�WKH\�ZLOO�ILQG�D�OHDWKHU�SRXFK��D�SDFN�GURSSHG�E\�,QULN�LQ�KLV�KDVW\�UHWUHDW��7KH�SRXFK�FRQWDLQV�WKH�PDJLF�XVHUV�GLDU\��%HIRUH�UHYHDOLQJ�ZKDW�WKH�GDLU\�VD\V��WKH�'0�VKRXOG�PDNH�FOHDU�

Page 12: TSR 9170 CA2 Swords of Deceit

WKDW�LW�FRQWDLQV�RQH�FRQWLQXRXV�HQWU\��)XUWKHUPRUH�WKH�LQN�TXDOLW\�VXJJHVWV�WKDW�WKH�HQWU\�ZDV�ZULWWHQ�TXLWH�UHFHQWO\��7KDW�GHYLO��+H�WKRXJKW�KHG�ILQLVKHG�PH�EXW�E\�WKH�5HG�*RG��,P�DOLYH��:HOO��GR�,�UHPHPEHU�LW"�2I�FRXUVH���7ZHQW\�\HDUV�DJR�LQ�WKH�\HDU�RI�WKH�VHUSHQW��,�UHFRUG�LW�QRZ�VR�WK DW�WKH�WUXWK�ZLOO�KDYH�D�YRLFH����0\�IDWKHU��&RXQW�$OOPD�9DOLQRU�GLHG�ZKLOH�,�ZDV�DZD\�LQ�WKH�(DVW�VWXG\LQJ�WKH�QHFURPDQWLF�DUWV�XQGHU�WKH�ILUH�PDJLFLDQV��:KHQ�P\�IDPLO\�VHQW�PH ZRUG�RI�P\�IDWKHUV�GHDWK��,�UHWXUQHG�WR�WKH�:HVW�WR�WDNH�XS�P\�ELUWKULJKW��$ V�WKH�HOGHVW�VRQ�LW�ZDV�,�ZKR�VKRXOG�KDYH�EHHQ�&RXQW�9DOLQRU�DQG�QRW�WKDW�PRQH\ �JUXEELQJ�WLWWOH�VZLQH�(VVHQ��2Q�WKH�URDG�WR�/DQNKPDU�,�VWRSSHG�DW�WKH�PDUVK�VKULQH�WR�SD\�P\�UHVSHFWV�WR�P\�IDWKHU�IRU�,�NQHZ�LW�ZDV�KLV�ZLVK�WR�EH�EXULHG�LQ�WKH�VHFUHW�IDPLO\ FU\SW��%XW�P\�VFKHPLQJ�EURWKHU�DQWLFL SDWHG�PH��+H�DQG�WZR�VFRXQGUHOV�DFFRVWHG�PH�LQ�WKH�FDYHUQV�DQG�WKHQ�EXULHG�PH�DOLYH�LQ�WKH�YDXOW��2K��VR�FROG�ZDV�WKH�VWRQH�VDUFRSKDJXV�WKDW�HQFORVHG�PH�LQ�WKH�ERZHOV�RI�WKH�HDUWK��%XW�WKH�OLYLQJ�FRUSVH�HVFDSHG�LWV� WRPE��6FUDWFKLQJ��FODZLQJ�DQG�VFUDS LQJ�P\VHOI�WR�WKH�ERQH��,�IUHHG�P\VHOI�IURP�WKH�ERQGV�DQG�SXVKHG�DVLGH�WKH�VWRQH�FRIILQ�OLG��,�PXVW�KDYH�EHHQ�KDOI�GHDG�EXW�VWLOO�,�VHDUFKHG�IRU�D�ZD\�RXW�RI�WKDW�FROG�VWRQH�RI�HWHUQDO�GHDWK��7R�P\�KRUURU�,�GLVFRYHUHG�WK DW�P\�GHDU�EURWKHU�DQG�KLV�KRRGOXPV�KDG�EULFNHG �XS�WKH�HQWU\�IURP�WKH�ZDWHU�FDYH��,�GHVSDLUHG�XQWLO�,�KDSSHQHG�XSRQ�D�ZHDNQHVV�LQ�WKH�FU\SW�ZDOO��$IWHU�EDVK LQJ�DQG�GLJJLQJ�ZLWK�D�VWRQH�,�EURNH�WKURXJK� WKH�ZDOO� DQG� IRXQG� DQRWKHU� QDU URZ� WXQQHO� OHDGLQJ� RXW RI� WKH� FU\SW��$IWHU� ILYH� GD\V�RI� WRUPHQW� ,� ILQDOO\�HPHUJHG�IURP�WKH�JURXQG�DOLYH��$OLYH��E\�WKH�5HG�*RG��,�WKRXJKW�WKHQ�WR�KDYH�P\�UHYHQJH��WR�SUHVHQW�P\VHOI�WR�WKH�RYHUORUG�DQG�KDYH�(VVHQ�DUUHVWHG��%XW�,�KHDUG�D�YRLFH��<HV��LW�ZDV�D�YRLFH��:DLW��LW�VD LG��ZDLW�XQWLO�GHDU�(VVHQ�KDV�KDG�WLPH�WR�HQMR\�KLV�WLWOHV�DQG�ODQG��:DLW��,QULN��DQG�WKHQ�VWULNH���,�UHWXUQHG�WR�WKH�HDVW�DQG�UHQHZHG�P\�XQILQLVKHG�VWXG\�RI�PDJLFV��7KH�ILUH�PDJLFLDQV�GHVSDLUHG�EHFDXVH�,�WXUQHG�WR�WKH�GDUN�VLGH��2K�\HV��,�OHDUQHG�WKH�IL UH�PDJLFV��EXW�,�DOVR�OHDUQHG�WKH�VHFUHW�RI�WKH�EODFN�FXUVH��WKH�GHDWK�WKDW�VWHDOV�D�PDQV�OLIH�IURP�DIDU��7ZHQW\�\HDUV�SDVVHG�EHIRUH�,�UHWXUQHG�WR�/DQNKPDU��0\�PDQ��1HUND�PXUGHUHG�(VVHQV�VLOO\�ZLIH�ZKLOH�,�PDGH�P\�ODLU�KHUH�LQ�WKH�PDUVK�VKULQH��:KDW�SHU IHFW�MXVWLFH��5HDFKLQJ�RXW�IURP�WKH�JUDYH�WR�KDYH�P\�UHYHQJH�RQ�P\�GHDU�EURWKHU��,�FDQ�VHH�KLP�QRZ��ZULWKLQJ�LQ�DJRQ\�ZKLOH�WKH�SK\VLFLDQV�VWDQG�DURXQG�KHOSOHVV��+H�NQRZV�LWV�PH����KH�NQRZV�,YH�FRPH�EDFN�IURP�WKH�GHDG�WR�VORZO\�ZULQJ�WKH�OLIH�RXW�RI�KLP ��,�UHMRLFH�LQ�KLV�WHUURU´$IWHU�WKH�3&V�KDYH�UHDG�WKH�GLDU\�WKH\�QRWLFH�,QULNV�IRRWSULQWV�OHDGLQJ�WR�WKH�H[LW��)URP�WKHLU�VKDUS�GHWDLO�WKH�3&V�FDQ�WHOO�WKH\�ZHUH�UDWKHU�UHFHQWO\�VHW��7KH�SDUW\�VKRXOG�WKHQ�IROORZ�WKH�SULQWV�WKURXJK�WKH�QDUURZ�FRUULGRU�DQG�WR�D�FUXGH�ZRRGHQ�ODGGHU�DQG�WKH�H[LW�DERYH��$�IODW�URFN��ZKLFK�FDQ�HDVLO\�EH�PRYHG�E\�RQH�SHUVRQ��FRYHUV�WKH�RSHQLQJ�WR�WKH�WXQQHO�7KH�WUDLO�ZLOO�WKHQ�EH�ORVW�LQ�WKH�PDUVK�7KH� ILUVW� FKDUDFWHU� WR� HPHUJH� IURP� WKH� VHFUHW� WXQQHO�ZLOO� KDYH� D�����FKDQFH�RI� VHHLQJ�D� VPDOO�GRJ�DERXW���� IHHW� DZD\�� ,I� WKH�DGYHQWXUHU�VDZ�WKH�GRJ�LQ�%RQHV�$OOH\�KH�ZLOO�UHFRJQL]H�LW�DV�WKH�DQLPDO��7KH�FUHDWXUH�LV�0HVWRSKD��,QULNV�IDPLOLDU�%\�QRZ�,QULN�9DOLQRU� LV�ZHOO� RQ� WKH�ZD\� WR�/DQNKPDU��7KH� HQFKDQWHG�GRJ�ZLOO�GDUW�DIWHU�KLV�PDVWHU�DQG� UHSRUW� RQ� WKH�SDUW\V�SURJUHVV��2QO\�DQ�DFFRPSOLVKHG�UDQJHU�ZLOO�KDYH�DQ\�FKDQFH�RI�WUDFNLQJ�WKH�FUHDWXUH�ZKLFK�IROORZV�WKH�VHFUHW�EULJDQG�URXWH�DQG�HQWU\�LQWR�/DQNKPDU�)LQLVKLQJ�&KDSWHU��:LWK�KLV� VHFUHW� ODLU�XQFRYHUHG�DQG�KLV�EODFN�PDJLF�SUH�HPSWHG�� ,QULN�9DOLQRU�PXVW�QRZ�DFW�VZLIWO\� WR�DFFRPSOLVK�KLV�UHYHQJH��,QULN� SODQV� WR� VOD\�(VVHQ� DW�PLGQLJKW�� DW� WKH� VDPH� WLPH� WKDW� WKH� DGYHQWXUHUV� SODQ� WR� UHQGH]YRXV�ZLWK�7DQ\D�9DOLQRU� LQ�%RQHV�$OOH\��0HVWRSKD�ZLOO�EH�WKH�LQVWUXPHQW�RI�KLV�ZUDWK�7KH�IROORZLQJ�HSLORJXH�VKRXOG�FRYHU�DOO�WKH�SRVVLELOLWLHV�LQ�WKLV�VFHQDULR��7KH�20�LV�DGYLVHG�WR�NHHS�D�FDUHIXO�WUDFN�RI�WLPH��4XLWH�SRVVLEO\��WKH�FKDUDFWHUV�PD\�QRW�KDYH�WLPH�WR�PDNH�DQ\�DWWHPSW�WR�VDYH�(VVHQ�9DOLQRU�VKRXOG�WKH\�ZLVK�6DYLQJ�(VVHQ�9DOLQRUV�/LIH7UDFLQJ�,QULN�9DOLQRU� LV�QRW�SRVVLEOH��7KH�PDJLF�XVHU�KDV�WDNHQ�UHIXJH�LQ�D�VHFUHW�KLGHDZD\�LQ�WKH�QRUWK�GRFNV�GLVWULFW��7R�VDYH�(VVHQ�9DOLQRU� WKH�SDUW\�PXVW� LQWHUFHSW�0HVWRSKD�SULRU�WR�WKHLU�VHFRQG�PHHWLQJ�ZLWK�7DQ\D�9DOLQRU��,I�WKH�FKDUDFWHUV�FRQGXFW�D�VWDNH�RXW�RI�WKH�9DOLQRU�UHVLGHQFH�RQ�5R\DO�5RDG�WKH\�FDQ�DFFRVW�WKH�DQLPDO�DW�ILYH�PLQXWHV�WR�PLGQLJKW�,I�0HVWRSKD� LV� QRW�DWWDFNHG�� WKH�KHOOKRXQG�ZLOO�VFUDWFK� WKH�9DOLQRU�GRRU�XQWLO�D� VHUYDQW� WDNHV�SLW\�RQ� WKH�SRRU� OLWWOH�GRJ��2QFH�DGPLWWHG�0HVWRSKD�ZLOO�VFDPSHU�WR�(VVHQ�9DOLQRUV�EHGURRP��DVVXPH�KHOOKRXQG�IRUP�DQG�VOD\�WKH�FRXQW�,QWHUFHSWLQJ� WKH�KRXQG� LV� WKH�RQO\�ZD\�RI�GHOD\LQJ�(VVHQ�9DOLQRUV�GHDWK�� ,I�0HVWRSKD� LV�SUHYHQWHG�IURP�VOD\LQJ�(VVHQ�� WKHQ� ,QULN� ZLOO� VXEVHTXHQWO\� GHVWUR\� KLV� EURWKHU� ZLWKLQ� ��� KRXUV� E\� ODXQFKLQJ� D� ILUHEDOO� DW� WKH� FRXQWV�FDUULDJH��7KH�DVVDVVLQDWLRQ�ZLOO�WDNH�SODFH�LQ�D�FURZGHG�VWUHHW�ZKLOH�WKH�FRXQW�LV�WUDYHOLQJ�WR�WKH�5DLQERZ�3DODFH��QHDU�NLQJV�5RDG��,QULN�9DOLQRU��ZLOO�HVFDSH�WKH�VFHQH�DPLG�WKH�FURZGV�SDQLF�

Page 13: TSR 9170 CA2 Swords of Deceit

5HQGH]YRXV�ZLWK�7DQ\D�9DOLQRU�LQ�%RQHV�$OOH\$W� WKLV�PHHWLQJ� WKH� \RXQJ� ODG\�ZLOO� KDYH� ������ JROG� ULONV� WR� RIIHU� WKH� DGYHQWXUHUV� LQ� H[FKDQJH� IRU� D� YDOXDEOH� UHSRUW� RQ� WKHLU�LQYHVWLJDWLRQ��6KH�SODQV�WR�GHOLYHU�WKH�EDODQFH��������JROG�ULONV��ZKHQ�WKH�SDUW\�FDQ�SURYH�WKDW�WKH�HYLO�PDJLF�XVHU�LV�GHDG�,I� WKH� FKDUDFWHUV� SURGXFH� ,QULNV� GLDU\� DQG� H[SODLQ� WKH�ZKROH� VRUGLG� VWRU\�� 7DQ\D�ZLOO� EH� YLVLEO\� VKDWWHUHG�� 6KH�ZLOO� UHIXVH� WR�EHOLHYH�LW�DQG�GHPDQG�DQ�RSSRUWXQLW\�WR�VWXG\�WKH�MRXUQDO�DQG�WDON�ZLWK�KHU�IDWKHU�,I� WKH� VWRU\� LV� WUXH� VKH�ZLOO� DJUHH� WR�SD\� WKH� FKDUDFWHUV� WKH� UHVW� RI� WKHLU� IHH� LQ����KRXUV� DW� WKH� VDPH� ORFDWLRQ�� ,I� WKH�FKDUDFWHUV�GHPDQG�PRUH�PRQH\�IURP�WKH�9DOLQRUV��E\�ZD\�RI�EODFNPDLO��VKH�ZLOO�DJUHH�WR�GLVFXVV�LW�ZLWK�KHU�IDWKHU�DQG�UHSRUW�LQ����KRXUV�LQ�WKH�XVXDO�IDVKLRQ��$IWHU�SD\LQJ�WKH�ULONV��DQG�EHIRUH�OHDYLQJ��7DQ\D�ZLOO�DVN�WKH�FKDUDFWHUV�WR�JLYH�KHU�WKH�GLDU\��,I�WKH\�UHIXVH�VKH�ZLOO�OHDYH�LQ�DQ�HYHQ�PRUH�DJLWDWHG�VWDWH�7KH�'0�VKRXOG�QRWH�WKDW�DW�WKH�YHU\�PRPHQW�RI�WKLV�VHFRQG�PHHWLQJ��0HVWRSKD�PD\ EH�VOD\LQJ�&RXQW�(VVHQ�7KLUG�0HHWLQJ�ZLWK�7DQ\D�9DOLQRU����KRXUV�ODWHU�2Q�WKLV�RFFDVLRQ�7DQ\D�9DOLQRU�ZLOO�QRW�EH�SUHVHQW� LQ�WKH�FDUULDJH��,QVWHDG��KHU�ROG�VHUYDQW�PDQ�ZLOO�LQIRUP�WKH�FKDUDFWHUV�WKDW�&RXQW�(VVHQ�9DOLQRU�LV�GHDG�DQG�WKDW�/DG\�7DQ\D�LV�LQGLVSRVHG��,Q�SRLQW�RI�IDFW��7DQ\D�9DOLQRU�QRZ�IHDUV�IRU�KHU�OLIH�,I�7DQ\D�LV�QRW�LQ�SRVVHVVLRQ�RI�,QULNV�GLDU\�KHU�VHUYDQW�ZLOO�RIIHU�WKH�DGYHQWXUHUV�WKH�EDODQFH�RI�WKHLU�IHH��������JROG�ULONV��IRU�WKH�MRXUQDO��,I�WKH�FKDUDFWHUV�KROG�RXW�IRU�PRUH�PRQH\ WKH�VHUYDQW�ZLOO�RIIHU�WKHP�DQRWKHU�����JROG�ULONV�EXW�QR�PRUH��7KH�VHUYDQW�ZLOO�H[SODLQ�WKDW�ZLWK�WKH�GHDWK�RI�WKH�FRXQW�WKH�GLDU\�LV�RI�OHVV�FRQVHTXHQFH�,Q�DQ\�HYHQW� WKH�ROG� VHUYDQW�ZLOO�JLYH� WKH�SDUW\�DW�OHDVW�������JROG�ULONV��7KH�GULYHU�ZLOO�WKHQ�ZLVN�DZD\�LQWR�WKH�QLJKW��FDOOLQJ�EDFN���\RXU�GHDOLQJV�ZLWK�WKH�9DOLQRUV�DUH�QRZ�DW�DQ�HQG��9LVLW�WR�WKH�+DQJHG�0DQ�7DYHUQ��VHH�0DS�;�,I� 1HUND�� ,QULNV� KHQFKPDQ�� KDV� VXUYLYHG�� WKH�FKDUDFWHUV�PD\�ZLVK�WR�WUDFN�KLP�WKURXJK�D�WULS�WR�WKH�+DQJHG�0DQ�7DYHUQ RQ�WKH�QRUWK�VLGH�RI�6KDG\�6WUHHW�� MXVW� ZHVW� RI� &DUWHU�� ,I� WKH� YLVLW� LV� PDGH�EHWZHHQ�GXVN�DQG�PLGQLJKW�WKH�FKDUDFWHUV�ZLOO�ILQG�WKH� IHOORZ� VLWWLQJ� E\� KLPVHOI� DW� D� FRUQHU� WDEOH�QXUVLQJ�DQ�DOH��,I�FRQIURQWHG�LQ�WKH�SXE��1HUND�ZLOO�GLVDYRZ� DQ\� NQRZOHGJH� RI� WKH� FKDUDFWHUV� DQG� KH�ZLOO� UHIXVH� WR� HQJDJH� LQ� DQ\� VRUW� RI�PHOHH�� ,I� WKH�FKDUDFWHUV�PDNH�D�IXVV�WKH�SDWURQ�ZLOO�ZDUQ�WKHP�WR��SLSH�GRZQ��,I� WKH�3&V� OHDYH�1HUND� DORQH� DQG�ZDLW� IRU� KLP� WR�OHDYH�� DIWHU�PLGQLJKW� KH�ZLOO�ZDON�ZHVW� RQ�6KDG\�6WUHHW�DQG�WKHQ�FXW�WKURXJK�D�ODQHZD\�RQ�KLV�ZD\�WR�&XWWKURDW�$OOH\�SDVW�:KRUH�6WUHHW��7KH�YLOODLQ�OLYHV�DW�WKH�HQG�RI�WKH�VHFRQG�ODQHZD\��VHH�0DS�,;��DUHD�1��,I� WKH�3&V�FDUU\�KLP�RXW�RI� WKH�+DQJPDQ�RU� LI� WKH\�DWWDFN�KLP�RQ�KLV�ZD\�KRPH��1HUND�ZLOO�RIIHU�WKH�IROORZLQJ���/RRN KHUH��P\�IULHQGV��GRQW�FRQFHUQ�\RXUVHOI�ZLWK�(VVHQ�9DOLQRU��+HV�D�GHDG�PDQ��7KH�3RVWKXPRXV�)DWH�RI�$OOPD�9DOLQRU,Q�WKH�HYHQW�WKH�XQGHDG�IRUP�RI�$OOPD�PDQDJHV�WR�UHFRYHU�LWV�IDPLO\�SHQGDQW��WKH�ZDONLQJ�FRUSVH�ZLOO�VHHN�UHYHQJH�DJDLQVW�KLV�GLVOR\DO�VRQ��7KURXJK�WKH�VHZHUV��LW�ZLOO�UHDFK�WKH�9DOLQRUV�HVWDWH�GXULQJ�WKH�QH[W�QLJKW��DQG�DWWHPSW�WR�PDVVDFUH�DQ\RQH�LW�ILQGV�WKHUH��$OOPD�ZLOO�WDNH�KLV�VRQV�ERG\�IURP�KLV�IUHVK�JUDYH�LI�(VVHQ�KDV�DOUHDG\�EHHQ�EXULHG��$OOPD�ZLOO�WKHQ�KHDG�WRZDUG�WKH�FLW\�FDWDFRPEV��7KHUH��LQ�ZD\V�RQO\�XQGHDG�NQRZ��LW�ZLOO�IRUHYHU�WRUPHQW�(VVHQV�VRXO��DQG�KDXQW�WKH�GLVPDO�XQGHUZRUOG�LQ�HWHUQDO�DQG�XWWHU�VRUURZ�7KH�)DWH�RI�7DQ\D�9DOLQRU$IWHU�D�FRPSOHWH�LQYHVWLJDWLRQ�RI�(VVHQ�9DOLQRUV�GHDWK��7DQ\D�9DOLQRU�ZLOO�DGPLW�WR�WKH�DXWKRULWLHV��WKH�RYHUORUGV�LQYHVWLJDWRUV��WKDW�KHU�XQFOH�LV�WKH�NLOOHU�ZLWK�UHYHQJH�DV�KLV�PRWLYH��+HQFHIRUWK�,QULN�9DOLQRU��WKH�RXWODZ��ZLOO�EH�ZDQWHG�IRU�PXUGHU,I�WKH�XQGHDG�IRUP�RI�$OOPD�KDV�DWWDFNHG�WKH�IDPLO\�HVWDWH�DQG�WDNHQ�(VVHQV�ERG\�DZD\��7DQ\DPD\�KLUH�WKH�SDUW\�WR�UHFRYHU�DQG�JXDUG�WKH�ERG\�XQWLO�WKH�LQYHVWLJDWLRQ�LV�FRPSOHWHG��8QWLO�GHVWUR\HG��$OOPD�ZLOO�SHUVLVWHQWO\�VHHN�WR�WDNH�(VVHQV�FRUSVH�EDFN�WR�WKH�FDWDFRPEV�:LWK�WKH�PDOH�OLQH�RI�9DOLQRU�GLPLQLVKHG��WKH�KRXVH�RI�9DOLQRU�ZLOO�ORVH�LWVSUHIHUUHG�SRVLWLRQ�LQ�/DQNKPDU��/DG\�7DQ\D�ZLOO�FRQVROLGDWH�WKH�IDPLO\�KROGLQJV��VHOO�WKH�DFFXUVHG�HVWDWHV�KRXVH�DQG�SURSHUWLHV��DQG�WKHQ�OHDYH�/DQNKPDU�IRU�KHU�JUDQGIDWKHUV�KRPHODQG�LQ�WKH�(DVW�

Page 14: TSR 9170 CA2 Swords of Deceit

7KH�)DWH�RI�,QULN�9DOLQRU$V�D�NQRZQ�PXUGHUHU�DQG�IXJLWLYH��,QULN�9DOLQRU�ZLOO�EH�IRUFHG�WR��JR�XQGHUJURXQG��LQ�/DQNKPDU��6WLOO�GLVLQKHULWHG�DQG�QRZ�GHVSLVHG�DV�D�NLOOHU��,QULN�ZLOO�HPEUDFH�D�GDUNHU�DQG�HYHQ�PRUH�WZLVWHG�OLIH�LQ�WKH�XQGHUEHOO\�RI�WKH�FLW\�6RRQ�DIWHU�&RXQW�(VVHQV�GHDWK��WKH�OHDGHU�RI�WKH�DGYHQWXUHUV�ZLOO�UHFHLYH�D�QRWH�IURP�WKH�EDUPDQ�DW�WKH�6LOYHU�(HO�7DYHUQ��7KH�EDUNHHS�ZLOO�VLPSO\�VD\�WKDW�DQ�ROG�PDQ�OHIW�WKH�OHWWHU�DQG�WKHQ�GLVDSSHDUHG��:HOO�P\�IULHQGV��\RX�WKRXJKW�\RX�FRXOG�VDYH�WKH�OLIH�RI�WKH�GHDU�FRXQW��GLG�\RX"�:KDW�IROO\��'RQW�\ RX�NQRZ�EHWWHU�WKDQ�WR�FRPH�EHWZHHQ�WKH�GUDJRQ�DQG�LWV�SUH\"�<RX�KDYH�GDUHG�WR�FURVV�P\�SDWK�DQG�,�ZRQW�VRRQ�IRUJHW�LW��3HUKDSV�ZHOO�PHHW�DJDLQ�ZKHQ�\RX�OHDVW�H[SHFW�LW���:LWK�DOO�GHVHUYLQJ�ZLVKHV�,�9�´

Page 15: TSR 9170 CA2 Swords of Deceit

&KDSWHU����5(7851�2)�7+(�5$76E\�6WHYH�0HFFD�DQG�.HQ�5ROVWRQ'XQJHRQ�0DVWHUV�%DFNJURXQG'HHS�EHORZ�WKH�VWUHHWV�RI�/DQNKPDU�DQG�H[LVWLQJ�LQ�WKH�VHZHU�V\VWHP�RI�WKH�FLW\�LV�WKH�5DW�.LQJGRP�RI�/DQNKPDU�%HORZ��2QFH�HQHPLHV��WKH�URGHQW�DQG�KXPDQ�FLYLOL]DWLRQV�KDYH�SHDFHIXOO\�FRH[LVWHG�VLQFH�WKH�ODVW�5DW�+XPDQ�:DU�VRPH�\HDUV�DJR�5HFHQWO\�KRZHYHU��D�QXPEHU�RI�JUDLQ�VWRUDJH�KRXVHV�LQ�/DQNKPDU�KDYH�EHHQ�DWWDFNHG�DQG�WKH�JUDLQ�KDXOHG�RII�E\�UDWV��:LWK� WKH� IRRG� VXSSO\� RI� DOO� RI� /DQNKPDU� LQ� GDQJHU� WKH� &LW\� &RXQFLO� FDOOV� RQ�1HZKZRQV�PRVW� FHOHEUDWHG�KHURHV��)DIKUG�DQG�*UD\�0RXVHU��WR�HQG�WKH�DFWV�RI�WHUURULVP�DQG�DYRLG�D�IXOO�VFDOH�ZDU�%XW�/DQNKPDU�LV�LQ�PRUH�WURXEOH�WKHQ�DQ\RQH�KDG�LPDJLQHG��)DIKUG�DQG�*UD\�0RXVHU�DUH�PLVVLQJ�DQG�LW�DSSHDUV�WKDW�WKH\�KDYH�EHHQ�NLGQDSSHG�7KH�NLGQDSSLQJ�DQG�WKH�UDLGV�RQ�WKH�VWRUDJH�KRXVHV�ZHUH�SHUSHWUDWHG�E\�+LVYLQ��D�ZHUHUDW��DQG�DQ�DUP\�RI�ODUJH�DOLHQ�OOWKPDULDQ� UDWV� WKDW� DUH� FODQGHVWLQHO\� EDVLQJ� WKHLU� RSHUDWLRQV� IURP� D� QXPEHU� RI� DEDQGRQHG� WXQQHOV� LQ�/DQNKPDU�%HORZ��$LGHG�E\�(UDVWXV��DQ�DYDWDU�RI�WKH�OOWKPDULDQ�UDW�JRG��+LVYLQ�DQG�KLV�DUP\�VHHN�WKH�FRQTXHVW�RI�/DQNKPDU�+LVYLQ�DQG�WKH�5DW�3ODJXH+LVYLQ�LV�FKDLUPDQ�RI�WKH�&RXQFLO�RI����IRU�$OO�5DWV��$�IRUPHU�UXOHU�RI�/DQNKPDU�DQG�PRWLYDWHG�E\�JUHHG��WKH�OXVW�IRU� SRZHU�� DQG� UDW� SULGH�� +LVYLQ� RQFH� WULHG� WR� FRQTXHU� /DQNKPDU� ZLWK� UDW� OHJLRQV�� %XW� WKH� KXPDQV�� DLGHG�WUHPHQGRXVO\�E\�)DIKUG�DQG�*UD\�0RXVHU��GHDOW�WKH�UDWV�D�KRUULEOH�GHIHDW��7KH�UDW�NLQJGRP�DQG�LWV�LQKDELWDQWV�ZHUH�LQGHOLEO\�VFDUHG�DQG�SURPSWHG�E\�LQWHUQDO�SUHVVXUHV��+LVYLQ�H[LOHG�KLPVHOI�IURP�WKLV�UDW�ODQG�$W�WKH�HQG�RI�WKH�ZDU��WKH�5DW�+XPDQ�3HDFH�7UHDW\�ZDV�VLJQHG��$QG�DOWKRXJK�GLVWUXVW�DQG�KDWUHG�OLQJHU�EHWZHHQ�WKH�WZR�JURXSV��WKH�IHDU�RI�DQRWKHU�FDUQDJH�KDV�NHSW�ERWK�KXPDQV�DQG�UDWV�UHODWLYHO\�UHVSHFWIXO�RI�WKH�WUHDW\�'XULQJ�WKH�\HDUV�VLQFH�WKH�ZDU��+LVYLQ�KDV�EHHQ�OLYLQJ�LQ�,OWKPDU��D�1HKZRQ�FLW\�VLPLODU�WR�/DQNKPDU��DOEHLW�D�ELW�VPDOOHU��VHH�6RXUFHERRN��SDJH������%URRGLQJ�RYHU�KLV�GHIHDW�� LW�ZDV�WKHUH�WKDW�+LVYLQV�VSLULW�ZDV�UHERUQ�ZKHQ�KH�FRQYHUWHG�WR�WKH�UHOLJLRQ�RI�WKH�OOWKPDULDQ�5DW�*RG�,QVWLOOHG ZLWK� D� QHZ� UHOLJLRXV� IHUYRU�� GXULQJ� WKH� ODVW� QXPEHU� RI� \HDUV�+LVYLQ�KDV� EHHQ� SODQQLQJ�KLV� UHYHQJH��+H�WUDLQHG� DQ� HOLWH� FRUS�RI� OOWKPDULDQ� UDWV�� D�SDUWLFXODUO\� ODUJH� DQG�YLFLRXV� EUHHG�� DQG�KDYLQJ�SURFODLPHG� D� UHOLJLRXV�FUXVDGH� WR� FRQYHUW� WKH� EHLQJV� RI� /DQNKPDU�� +LVYLQ� UHFHLYHG� IURP� WKH� 5DW� *RG�� (UDVWXV�� DQ� DYDWDU� FDSDEOH� RI�H[SDQGLQJ�WR�IRXU�WLPHV�LWV�QRUPDO�UDW�VL]H�$UPHG�DQG�UHDG\�IRU�FRQTXHVW��+LVYLQ�KDG�WKH�GHVSRLOHUV�RI�KLV�ILUVW�FRQTXHVW�DWWHPSW�NLGQDSSHG��1RZ�ZLWK�OLWWOH�LQ�WKH�ZD\�WR�VWRS�KLP��+LVYLQ�VHW�WKH�SODQV�IRU�KLV�UHYHQJH�DQG�WKH�5DW�*RGV�FUXVDGH�LQ�PRWLRQ�$GYHQWXUH�6XPPDU\$W�WKH�UHTXHVW�RI�WKH�RYHUORUG��D�JURXS�RI�DGYHQWXUHUV�LV�JDWKHUHG�WR�LQYHVWLJDWH�WKH�UXPRUHG�GLVDSSHDUDQFH�RI�)DIKUG�DQG�*UD\�0RXVHU��)URP�FOXHV�SURYLGHG�E\�2JR�WKH%OLQG��D�SURPLQHQW�IHQFH��WKH�WUDLO�OHDGV�WR�D�GLVUHSXWDEOH�VDLORU�DQG�GRFNZRUNHU��*XVWLOOR��WKH�DEGXFWRU�RI�WKH�GXR�*XVWLOOR�SURYLGHV�WZR�FOXHV���'UXJJHG�DQG�ERXQG���KH�WHOOV�WKH�3&V���)DIKUG�DQG�*UD\�0RXVHU�ZHUH�GHOLYHUHG�WR�WKH�DEDQGRQHG�UHVLGHQFH�RI +LVYLQ��7KH�VHFRQG�FOXH�LV�*UD\�0RXVHUV�FORDN�ZKLFK�WKH�3&V�ILQG�LQ�*XVWLOORV�WHQHPHQW��:LWK�WKH�FORDN�FRQWDLQLQJ�D�QRWH��WKH�SDUW\�LV�OHDG�WR�WKH�WDLORU�1DWWLF�1LPEOHILQJHUV��1LPEOHILQJHUV�JLYHV�WKH�3&V�D�SDFNDJH�FRQWDLQLQJ�D�ZDUQLQJ�WR�WKH�*UD\�0RXVHU�DERXW��URGHQW�SUREOHPV��LQ�/DQNKPDU�%HORZ�DQG�D�QXPEHU�RI�GLPLQXWLRQ�SRWLRQV�ZKLFK�ZLOO�DOORZ�WKH�3&V�WR�WUDYHO�LQ�WKH�VPDOO�WXQQHOV�WKDW�FRPSULVH�WKH�UDW�NLQJGRP�,Q�WKH�EDVHPHQW�RI�+LVYLQV�ROG�KRPH��WKH�3&V�IROORZ�D�WUDLO�ZKLFK�OHDGV�LQWR�WKH�VHZHUV�RI�/DQNKPDU�%HORZ��$IWHU�VHYHUDO�HQFRXQWHUV�WKH�3&V�DUH�FRQIURQWHG�E\�&KLYHV��D�UDW�VSRNHVSHUVRQ�$ODUPHG�E\�WKH�SUHVHQFH�RI�KXPDQV�DQG�WKH�WKUHDW�RI�ZDU��&KLYHV�DVVHUWV�WKDW�KLV�URGHQW�FRQVWLWXHQF\�KDV�DELGHG�E\�WKH�5DW�+XPDQ�7UHDW\��+H�GRHV�VXJJHVW�KRZHYHU�� WKDW�D�QXPEHU�RI� ODUJH�DOLHQ�UDWV�KDYH�EHHQ�VSRWWHG�LQ�WKH�&DWV�&UDGOH��DQ�DEDQGRQHG�VHFWLRQ�RI�WKH�VHZHU�V\VWHP�,W�LV�LQ�WKLV�DUHD�WKDW�WKH�3&V�ILQG�WKH�ERXQG�KHURHV��+LVYLQ��KLV�DUP\�DQG�(UDVWXV��,W�DOVR�KHUH�WKDW�WKH�SDUW\�PXVW�IUHH�)DIKUG�DQG�*UD\�0RXVHU�DQG�GHIXVH�WKH�SORW�RI�+LVYLQ�WR�EULQJ�/DQNKPDU�XQGHU�WKH�KHHO�RI�WKH�,OWKPDULDQ�5DW�*RG�

Page 16: TSR 9170 CA2 Swords of Deceit

7KH�&LW\�&RXQFLO�6HH�0DS�,,��DUHD�&�5HDG�WKH�IROORZLQJ�WR�WKH�SOD\HUV�,Q�WKH�5DLQERZ�3DODFH�RI�7KH�2YHUORUG�5DGRPL[�.LVWRPHUFHV��WKH�&LW\�&RXQFLO�PHHWV�WR�GHOLEHUDWH�RQ�WKH�EXVLQHVV�RI�JXLGLQJ�WKH�DIIDLUV�RI�/DQNKPDU��7KH�FRXQFLO�URRP�LV�ILOOHG�ZLWK�UHSUHVHQWDWLYHV�RI�DOO�WKH�LPSRUWDQW�IDFWLRQV�RI�WKH�FLW\��$V�RQH�GLVFXVVLRQ�UHJDUGLQJ�WDULIIV�HQGV��D�QHZ�RQH�FRQFHUQLQJ�WHUURULVW�DFWLYLW\�EHJLQV��,W KDV� FRPH� WR� P\� DWWHQWLRQ��� LQWRQHV� )LUVW� 6SHDNHU� RI� WKH� &RXQFLO� *DEHO� 5DWFKHWW�� �WKDW� WKHUH� LV� D� JURXS� RI�VXEYHUVLYHV�WKDW�LV�DWWHPSWLQJ�WR�XQGHUPLQH�WKH�HFRQRPLF�VWDELOLW\�RI�/DQNKPDU�E\�DWWDFNLQJ�DQG�FDUWLQJ�DZD\�RXU�SUHFLRXV�JUDLQ�VWRUHV��7KH� OHDGLQJ�JUDLQ�PHUFKDQWV�PXUPXU�DPRQJ� WKHPVHOYHV��&RXQFLORUV� UHOXFWDQWO\�DZDLW�D�YHUERVH�VSHHFK�IURP�WKH�LQIDPRXVO\�ORQJ�ZLQGHG�ILUVW�VSHDNHU��%XW�WKH�HFRQRPLF�VWDELOLW\�RI�RXU�JUHDW�FLW\�FDQQRW�EH�MHRSDUGL]HG���KH�FRQWLQXHV���:H�DUH�D�IUHH�SHRSOH�DQG�WKHVH�DFWV�RI�WHUURULVP�FDQQRW�EH�WROHUDWHG��,�KDYH�SUHSDUHG�D�FDUHIXOO\�UHVHDUFKHG�UHSRUW�DQG�WKLV�UHSRUW�LQGLFDWHV�WKDW�WKHVH�DFWV�ZHUH�FRPPLWWHG�E\�UDWV��,�GRQW�KRZHYHU�ZDQW�WR�MXPS�WR�DQ\�FRQFOXVLRQV��6LQFH�WKH�VLJQLQJ�RI�WKH�5DW�+XPDQ�7UHDW\�DW�WKH�HQG�RI�WKH�ODVW�ZDU��WKH�JRYHUQPHQW�RI�/DQNKPDU�%HORZ�KDV�EHHQ�IULHQGO\�DQG�,�FRQVLGHU�WKH�UDWV�WR�EH�RXU�IULHQGV��5HVWOHVV�OLVWHQHUV�EHJLQ�WR�JUXPEOH���*HW�RQ�ZLWK�LW���DQG��HQRXJK�\RX�ROG�ZLQGEDJ���6R�ZKDW�,�DP�VD\LQJ���WKH�VSHDNHU�KROOHUV�RYHU�WKH�KHFNOHUV���LV�WKDW�ZH�DUH�XQVXUH�ZKDW�JURXS�LV�UHVSRQVLEOH�IRU�WKHVH�DFWV�DQG�ZH�GR�QRW�ZDQW�WR�XQQHFHVVDULO\�FUHDWH�D�VLWXDWLRQ�RI�WHQVLRQ�ZLWK�WKH�UDW�JRYHUQPHQW��,�KHUHE\�SURSRVH�WKDW�RXU�EHQHYROHQW�PRQDUFK�DQG�XQGLVSXWHG�FKDPSLRQ�RI�MXVWLFH��RXU�HVWHHPHG�UXOHU�RXU�LQYLQ�FLEOH�RYHUORUG��PLJKW�FDOO�XSRQ�RXU�UHYHUHG�FKDPSLRQV�)DIKUG�DQG�WKH�*UD\�0RXVHU�WR�GLVFRYHU�ZKR�WKHVH�WHUURULVWV�DUH�DQG�WR�GULYH�WKHP�EDFN�IURP�ZKHUH�WKH\�FDPH�$�FKRUXV�RI�VXSSRUWLYH�H[FODPDWLRQV��+HUH��KHUH���DUH�KHDUG�IURP�WKH�FRXQFLORUV�WR�LQGLFDWH�WKHLU�JUDWHIXOQHVV�WKDW�WKH�VSHHFK�KDV�ILQDOO\�FRPH�WR�DQ�HQG��7KH�RYHUORUG��ORRNLQJ�UDWKHU�JULP��WKHQ�EHJLQV��$OWKRXJK�)DIKUG�DQG� WKH�*UD\�0RXVHU�DUH� WKH�XQGLVSXWHG�FKDPSLRQV�RI�/DQNKPDU��DQG� WKRXJK� WKH\�DUH� LQ�P\�VHUYLFH�IRU�DV�ORQJ�DV�,�VKR XOG�GHVLUH��,P�DIUDLG�ZHOO�KDYH�WR�GR�ZLWKRXW�WKHP�IRU�WKH�SUHVHQW��&HUWDLQ�RI�WKH�SDLUV�ZLGHO\�UHFRJQL]DEOH�SHUVRQDO�HIIHFWV�DUH�VDLG�WR�EH�IRU�VDOH�RQ�WKH�EODFN�PDU NHW��)URP�WKLV�,�PDNH�WKH�LQIHUHQFH�WKDW�WKH� WZDLQ� KDYH� GLVDSSHDUHG� XQGHU� XQIRUWXQDWH� FLUFXPVWDQFHV�� ,QGHHG�� WKH\� PD\� HYHQ� EH� DW� WKLV� YHU\� PRPHQW�GHFHDVHG�)URP�WKH� IORRU�RI� WKH�&LW\�&RXQFLO�FRPHV�D�WUHPHQGRXV�XSURDU��/DQNKPDU�ZLWKRXW�)DIKUG�DQG�WKH�*UD\�0RXVHU�ZRXOG� EH� OLNH� WKH� 6WUHHW� RI� WKH�*RGV�ZLWKRXW� WHPSOHV��(YHU\RQH� VXG GHQO\� IRUJHWV DERXW� WHUURULVW�SORWV�DQG� WKHLU�DWWHQWLRQ�LV�WXUQHG�WR�WKH�PDWWHU�RI�)DIKUGV�DQG�*UD\�0RXVHUV�GLVDSSHDU DQFH��,� EHOLHYH� WKDW� D� WHDP� RI� VSHFLDOLVWV� VKRXOG� EH� RUJDQL]HG� WR� FRQGXFW� DQ� LPPHGLDWH� LQYHVWLJDWLRQ��� WKH� RYHUORUG�FRQWLQXHV�� �$W� WKH� VDPH� WLPH�� WK HVH� LQYHVWLJDWRUV� FDQ� ORRN� LQWR� WKH� JUDLQ� VWRUDJH� LQFLGHQFHV� WKDW� )LUVW� 6SHDNHU�5DWFKHWW� KDV� VSRNHQ� DERXW� DW� VRPH� OHQJWK� DQG� ZLWK� PXFK� YHUELDJH�� ,� ZLOO� GHGLFDWH� P\� FRQVLGHUDEOH� SHUVRQDO�UHVRXUFHV�WR�WKLV�PDWWHU�ZLWKRXW�GHOD\��7KLV�PHHWLQJ�LV�KHUHE\�DGMRXUQ HG��7KH�RYHUORUG�FRQVXOWV�ZLWK�KLV�QXPHURXV�DGYLVRUV�LQ�RUGHU�WR�DVVHP EOH�D�WHDP�ZLWK�WKH�QHFHVVDU\�VNLOOV�WR�SXUVXH�WKH�LQYHVWLJDWLRQ�PRVW�HIIHF WLYHO\��&LWL]HQV�DQG�IRUHLJQHUV�IURP�DOO�ZDONV�RI�OLIH�DUH�FRQVLGHUHG��$W�ODVW�WKH�PHPEHUV�RI�WKH�WHDP�DUH�VHOHFWHG�DQG�VXPPRQHG�WR�DQ�DXGLHQFH�ZLWK�WKH�RYHUORUG �D�VXPPRQV�WKDW�QR�OR\DO�RU�/DQNKPDUW�ZRXOG�UHIXVH�(QFRXQWHU�.H\2QFH�WKH�3&V�KDYH�UHFHLYHG�WKHLU�EULHILQJ�IURP�'XFKLQ��WKH�RYHUORUGV�FKDPEHUODLQ��WKH\�PXVW�VWDUW�XQUDYHOLQJ�WKH�P\VWHU\�RI�)DIKUGV�DQG�*UH\�0RXVHUV�GLVDSSHDUDQFH�7KH�,QYHVWLJDWLRQ(QFRXQWHU���VKRXOG�EH� WKH� ILUVW�HYHQW�SOD\HG��$IWHU� WKH�SDUW\�PHHWV� WKH�RYHUORUG�� WKH�'0�FDQ�UXQ� WKH�VXEVHTXHQW�HYHQWV�LQ�DQ\�RUGHU�WKDW�VHHPV�PRVW�DSSURSULDWH��7KH�VHTXHQFH�PD\�YDU\�GHSHQGLQJ�RQ�WKH�DFWLRQV�RI�WKH�3&V�

Page 17: TSR 9170 CA2 Swords of Deceit

�� $XGLHQFH�ZLWK�WKH�RYHUORUG��6HH�0DS�,,��DUHD�0�(DFK�RI�\RX�UHFHLYHV�D�VXPPRQV�WR�DQ�DXGLHQFH�ZLWK�WKH�RYHUORUG��7KH�VXP PRQV�LV�DFFRPSDQLHG�E\�D�SODWRRQ�RI�SDODFH�JXDUGV��7KH�JXDUGV�DUH�SROLWH�EXW�ILUP���&RPH�QRZ��:H�ZLOO�HVFRUW�\RX ���WKH\�VD\���<RX�PD\�H[SUHVV�\RXU�JUDWLWXGH�IRU�WKLV�KRQRU�WR�WKH�RYHUORUG�KLPVHOI��<RX�DUH�LQGLYLGXDOO\�HVFRUWHG�WR�WKH�SDODFH��ZKHUH�\RX�PHHW�IRU�WKH�ILUVW�WLPH�LQ�D�VPDOO�FRQIHUHQFH�FKDPEHU��*LYLQJ�DVVXUDQFHV�WKDW�VRPHRQH�ZLOO�VSHDN�ZLWK�\RX�VKRUWO\�� WKH�JXDUGV�ZLWKGUDZ��ORFNLQJ�WKH�GRRUV�EHKLQG�WKHP�*LYH�WKH�SOD\HUV�D�IHZ�PLQXWHV�WR�VSHDN�LQ�FKDUDFWHU�WR�RQH�DQRWKHU��(QFRXUDJH�QHZ�3&V�WR�GHVFULEH�DW�OHDVW�WKHLU�SK\VLFDO� DSSHDUDQFH�DQG� WR� UHYHDO�DW� OHDVW�VRPH�DVSHFWV�RI� WKHLU�SHUVRQDOLW\��1HZ�DQG�HVWDEOLVKHG�FKDUDFWHUV�PD\�ZLVK� WR�VKDUH�UXPRUV�DQG�VSHFXODWH�RQ�WKH�UHDVRQV�IRU�WKHLU�VXPPRQV��$IWHU�ILYH�WR����PLQXWHV�RI�JDPH�WLPH��WKH�RYHUORUG��KLV�FKDPEHUODLQ��DQG�D�VPDOO�HVFRUW�RI�SDODFH�JXDUGV�HQWHU�WKH�URRP�$�VPDOO�PDQ�LQ�H[FHHGLQJO\�ILQH�UREHV�F RQILGHQWO\�HQWHUV�WKH�URRP�FUDGOLQJ�D�ZHOO �JURRPHG�FDW��,Q�KLV�ZDNH�DUH�D�QXPEHU�RI�JXDUGV��D�WDOO��HOHJDQWO\�GUHVVHG�PDQ�DQG�D�\RXQJ�VHUYDQW��ZKR�FDUULHV�D�ODUJH�OHDWKHU�VDWFKHO�7KH�PDQ�ZLWK�WKH�FDW�VWULNHV�D�SOHDV DQW�EXW�VOLJKWO\�ERUHG�SRVH��+RZ�GR�\RX�GR"��KH�DVNV�(DFK�SOD\HU�VKRXOG�WHOO�KRZ�KLV�FKDUDFWHU�JUHHWV�WKH�RYHUORUG��%RZLQJ�DQG�VFUDSLQJ��ZLWK�SROLWHQHVV��DUURJDQFH��RU�GLJQLILHG�VLOHQFH��7KH�UHVSRQVHV�WKHPVHOYHV�DUH�QRW�LPSRUWDQW��EXW�WKLV�KHOSV�WR�JHW�WKH�SOD\HUV�LQWR�WKH�VHWWLQJ�7KH�RYHUORUG�JUDFLRXVO\�DFNQRZOHGJHV�\RXU�JUHHWLQJV�ZLWK�D�QRG��VPLOHV�D�WULIOH�LQVLQFHUHO\��DQG�KDQGV�KLV�FDW�WR�WKH�FKDPEHUODLQ��7KH�FKDPEHUODLQ�GLVGDLQ IXOO\�JLYHV�WKH�FDW�WR�KLV�VHUYDQW�DV�WKH�RYHUORUG�DGGUHVVHV�\RX��:HOFRPH�ODGLHV�DQG�JHQWOHPHQ��7KDQN�\RX IRU�DQVZHULQJ�P\�VXPPRQV��,�KDYH�DQ�LPSRUWDQW�PDWWHU�,�ZLVK�ORRNHG�LQWR��DQG�,P�WROG�WKDW�\RX�IRONV�ZLOO�KDQGOH�LW�LQWHOOLJHQWO\�DQG�GLV FUHHWO\��1HHGOHVV�WR�VD\��LI�\RX�DUH�VXF FHVVIXO�LQ�WKLV�YHQWXUH��,�ZLOO�EH�PRVW�JUDWHIXO�DQG�JHQHURXV�LQ�P\�UHZDUGV� �7KH�RYHUORUG�SDXVHV�KHUH�ZDLWLQJ�IRU�D�UHDFWLRQ�IURP�WKH�SDUW\��+H�WKHQ�FRQWLQXHV��1RZ��SOHDVH�JLYH�\RXU�DWWHQWLRQ�WR�P\�FKDPEHUODLQ��/RUG�'XFKLQ��,�ORRN�IRU �ZDUG�WR�\RXU�UHSRUWV���7KH�RYHUORUG�WXUQV�WRZDUG�KLV�FKDPEHUODLQ���/RUG�'XFKLQ"��7DNLQJ�WKH� FDW�IURP�WKH�VHUYDQW�WKH�RYHUORUG�DEUXSWO\�PDUFKHV�IURP�WKH�URRP��$OO�EXW�WZR�RI�WKH�JXDUG�HVFRUWV�OHDYH�ZLWK�KLP��/RUG�'XFKLQ�VWHSV�IRU ZDUG���,OO�FRPH�ULJKW�WR�WKH�SRLQW���KH�VD\V��)DIKUG�DQG�WKH�*UD\�0RXVHU�DUH�PLVV LQJ��,W�LV�\RX�MRE�WR�ILQG�WKHP��,I��GXULQJ�WKH�FRXUVH�RI�\RXU�LQYHVWL JDWLRQ��\RX�FRPH�DFURVV�LQIRUPDWLRQ�FRQFHUQLQJ�URGHQWV��YDQGDOLVP�DQG�WKHIW�LQ�WKH�5LYHU�'LVWULFW��RU�WKH�DFWLYL WLHV�RI�VXEYHUVLYHV��SOHDVH�UHSRUW�WR�PH�DW�RQFH�� �<RX�DUH�WR�EH�JLYHQ�ZLGH�GLVFUHWLRQ�LQ�SXUVXLQJ�WKLV�LQY HVWLJDWLRQ�DQG�\RX�DUH�FRPSOHWHO\�UHVSRQVLEOH�IRU�\RXU�RZQ�DFWLRQV��:H�ZLOO�GHQ\�DQ\�FRQQHF WLRQ�EHWZHHQ�\RXUVHOYHV�DQG�WKH�RYHU ORUG��:H�ZLOO�KRZHYHU��SURYLGH�IRU�FHUWDLQ�H[SHQVHV��EXW�RQO\�ZLWK�P\�DSSURYDO���,�KDYH�SUHSDUHG�D�EULHI�VXPPDU\�RI�ZKDW�ZH�NQR Z���+LV�VHUYDQW�SURGXFHV�SDSHUV�IURP�WKH�VDWFKHO�DQG�KDQGV�WKHP�WR�WKH�FKDPEHUODLQ������)DIKUG�DQG�*UD\�0RXVHU���WKH�FKDPEHUODLQ�FRQWLQXHV���KDYH�EHHQ�PLVVLQJ�PRUH�WKDQ�WKULFH�D�IRUWQLJKW������$�VPDOO�DSDUWPHQW� UHQWHG�E\� WKH� WZR�KDV�EHHQ�XQYLVLWHG� IRU�DW� O HDVW�D�PRQWK��7KH�SUHVHQFH�RI� WKHLU�SDFNV�DQG�WUDYHOLQJ�JHDU�VXJJHVW�WKDW�WKH�WZR�GLG�QRW�DQWLFLSDWH�D�ORQJ�MRXUQH\��7KHLU�KRUVHV�DUH�EHLQJ�FDUHG�IRU�DW�D�QHDUE\�VWDEOH�����$�VXUYH\�RI�WKHLU�IDYRULWH�KDXQWV�LQGLFDWHV�WKDW�QHLWKHU�KDYH�EHHQ�VHHQ�LQ�ZHHNV�� 7KH\�ZHUH�ODVW�GHILQLWHO\�UHSRUWHG�DW�WKH�*ROGHQ�/DPSUH\�VL[�ZHHNV�DJR�������$Q�XQFRQILUPHG�UXPRU�VXJJHVWV�WKDW�WKH�SHUVRQDO�ZHDSRQV�RI�WKH�WZR�KHURHV�KDYH�EHHQ�RIIHUHG�RQ�WKH�EODFN�PDUNHW���7KDW�LV�DOO�ZH�NQRZ��:H�H[SHFW�\RX�WR�SXUVXH�WKH�ODVW�FOXH��ZKLF K�VHHPV�WKH�PRVW�SURPLVLQJ��DQG�ZKLFK�ZH�DW�WKH�SDODFH�DUH�OHDVW�ZHOO�VXLWHG�WR�IRO ORZ�XS��+DYLQJ�UHDG�WKH�FRQWHQWV�RI�WKH�SDSHU��WKH�FKDPEHUODLQ�KDQGV�LW�WR�KLV�VHUYDQW�ZKR�SXWV�LW�EDFN�LQ�WKH�VDWFKHO��7KH�FKDPEHUODLQ�DJDLQ�DGGUHVVHV�WKH�SDUW\���1RZ��FRQ FHUQLQJ�WKH�URGHQWV�DQG�YDQGDOLVP��)DIKUG�DQG�*UD\�0RXVHU�DUH�ZDQWHG�E\�WKH�RYHUORUG�WR�ORRN�LQWR�WKHVH�PDWWHUV��:KLOH�\RX�VHDUFK�IRU�WKH�WZR�PHQ��NHHS�\RXU�HDUV�RSHQ�IRU�DQ\ WKLQJ�WKDW�PD\�EH�LPSRUWDQW���5HPHPEHU�WKDW�GLVFUHWLRQ�LV�FULWL FDO��:RUG�RI�WKH�GLVDSSHDUDQFH�FDQQRW�EH�NQRZQ�DW�ODUJH��)DIKUG�DQG�*UD\�0RXVHU�DUH�WZR�RI�WKH�FLW\V�PRVW�FHOH EUDWHG�SURWHFWRUV��DQG�WKHLU�GLVDSSHDU DQFH�PD\�FDXVH�VHULRXV�GLVWUHVV�WR�DOO�/DQNKPDUV���$QG�QHLWKHU���WKH�FKDPEHUODLQ�VD\V�HPSKDWLFDOO\���8QGHU�DQ\�FLUFXP VWDQFHV�DUH�UXPRUV�RI�DQRWKHU�UDW�UHEHOOLRQ�WR�EH�VWLUUHG�XS��:H�DOO�UHPHPEHU�ZHOO�WKH�5DW�3ODJXH�DQG�WKH�SULFH�WKH�FLW\�SDLG��5HPHPEHU�WKDW�ZH�KDYH�D�WUHDW\�ZLWK�WKH�UDWV��DQG�WKLV�PDWWHU�PXVW�EH�KDQGOHG�ZLWK�WKH�XWPRVW�GHOLFDF\��%XW�LI�WKHUH�LV�DQ\�LQGL FDWLRQ�WKDW�WKH�UDWV�DUH�SODQQLQJ�DQRWKHU�UHEHOOLRQ��\RX�

Page 18: TSR 9170 CA2 Swords of Deceit

PXVW�QRWLI\�PH�DW�RQFH��$QRWKHU�UHEHOOLRQ�PXVW�EH�VWRSSHG�DW�DOO�FRVWV�� �1RZ��LI�WKHUH�DUH�QR�TXHVWLRQV��,�PXVW�EH�DERXW�P\�EXVLQHVV��,I�\RX�KDYH�DQ\ WKLQJ�LPSRUWDQW�WR�WHOO�PH��D�GLVFUHWH�ZRUG�WR�D�SDOD FH�JXDUG�ZLOO�EULQJ�\RX�WR�P\�DWWHQWLRQ��,�ORRN�IRUZDUG�WR�\RXU�UHSRUWV��*RRGE\H�JHQWOHPHQ�DQG�JRRG�OXFN��'XFKLQ�UHIXVHV�DOO�UHTXHVWV�IRU�HTXLSPHQW�DQG�VXSSOLHV���1RWKLQJ�SHUVRQDO���KH�VD\V���ZH�MXVW�FDQW�DIIRUG�WR�EH�LGHQWLILHG�ZLWK�\RX���+H�KLQWV�WKDW�VRPH�PRQH\�PD\�EH�DYDLODEOH�IRU�EULEHV�DQG�RWKHU�H[SHQVHV�EXW�WKDW�LQ�JHQHUDO��WKH�3&V�DUH�RQ�WKHLU�RZQ��'XFKLQ�WKHQ�OHDYHV��DQG�D�WURRS�RI�JXDUGV�HVFRUWV�WKH�3&V�IURP�WKH�SDODFH��� 5XPRUV�,Q�WKH�6WUHHWV:KLOH�WKH�3&V�DUH�RQ�WKHLU�ZD\�WR�ILQG�FOXHV��OHW�WKHP�KHDU�UXPRUV��7KH�UXPRUV�VKRXOG�GHYHORS�D�VHQVH�RI�P\VWHU\�DQG�VXVSHQVH�7KH�'0�VKRXOG�XVH�KLV�GLVFUHWLRQ�LQ�GHFLGLQJ�ZKLFK�3&�VKRXOG�KHDU�ZKLFK�UXPRU��,I�SRVVLEOH��ILW� WKH�UXPRU�WR�D�FKDUDFWHU�OLNHO\�WR�KDYH�LQWHUDFWLRQ�ZLWK�WKH�UXPRUV�VRXUFH��)RU�H[DPSOH��D�FLW\�JXDUGVPDQ�RU�PHUFKDQW�PLJKW�NQRZ�GHWDLOV� RI� WKH� GHSUHGDWLRQV� RI� WKH� JUDLQ� VWRUDJH� EXLOGLQJV�� ,I� D� 3&� LV� RQH� RI� WKRVH� RFFXSDWLRQV� RU� KDV� H[WHQGHG�LQWHUDFWLRQ�ZLWK�WKHP��WKHQ�KH�VKRXOG�KHDU�WKH�UXPRU��2WKHUZLVH�DVVXPH�WKH�UXPRU�FDPH�IURP�LGOH�WDYHUQ�RU�VWUHHW�WDON�:KDW�IROORZV�LV�D�OLVW�RI�UXPRUV��$W�WKH�HQG�RI�HDFK�LV�D�SDUHQWKHWLFDO�UHPDUN�LQGLFDWLQJ�LI�WKH�VWDWHPHQW�LV�WUXH�RU�IDOVH��2EYLRXVO\��WKH�SDUHQWKHWLFDO�LQIRUPDWLRQ�LV�UHVHUYHG�IRU�WKH�'0�RQO\��7KH�3&V��DW�WKHLU�RZQ�GLVFUHWLRQ�PD\�RU�PD\�QRW�VKDUH�WKH�LQIRUPDWLRQ�WKH\�KDYH�ZLWK�RWKHUV�5XPRU�$� 7KH�*UD\�0RXVHU�UHFHQWO\�IDLOHG�WR�NHHS�DQ�DSSRLQWPHQW�WR�GXHO�IRU�WKH�KRQRU�RI�RQH�RI�KLV�SDUDPRXUV��6KH�KDV�ORXGO\��SXEOLFO\��DQG�FRORUIXOO\�GHQRXQFHG�KLP�IRU�KLV�IDLWKOHVVQHVV�DQG�FRZDUGLFH��7UXH��5XPRU�%� $�FROOHFWRU�ERDVWV�WKDW�KH�LV�QHJRWLDWLQJ�ZLWK�2JR�WKH�%OLQG�IRU�D�QXPEHU�RI�SHUVRQDO�LWHPV�VXSSRVHGO\�RZQHG�E\�)DIKUG�DQG�WKH�*UD\�0RXVHU��+H�UHIXVHG�WR�VD\�ZKLFK�LWHPV��RU�IRU�ZKDW�SULFH��EXW�KH�KLQWHG�WKDW�WKH�VXPV�ZHUH�VWDJJHULQJ��7UXH��5XPRU�&��$�QXPEHU�RI�JUDLQ�VWRUDJH�KRXVHV�KDYH�EHHQ�GDPDJHG�E\�URGHQW�SHVWV��&LW\�LQVSHFWRUV�KDYH�EODPHG�WKH�LQFLGHQWV�RQ�SRRU�PDQDJHPHQW�E\�WKH�LQGHSHQGHQW�JUDQDU\�RZQHUV��7UXH��5XPRU�'��$�KXJH�GHDG�UDW�ZHDULQJ�D�PHGDOOLRQ�ZDV�GLVFRYHUHG�LQ WKH�5LYHU�'LVWULFW�DQG�VHQW�WR�WKH�*UHDW�/LEUDU\�IRU� LGHQWLIFDWLRQ�� 7KH� SRUWUDLW� RQ� WKH� PHGDOOLRQ� UHVHPEOHV� WKH� 5DW� *RG� RI� OOWKPDL�� EXW� WKH� LQVFULSWLRQ� LV�XQLGHQWLILDEOH��3ULHVWV�DW�WKH�7HPSOH�RI�WKH�5DW�*RG�UHIXVHG�WR�FRRSHUDWH�LQ�LGHQWLI\LQJ�WKH�REMHFW��7KH�UDW�LWVHOI�LV�RI�D�QHZ�DQG�XQXVXDOO\�ODUJH�VSHFLHV��7UXH��5XPRU�(� 7KH�QRUPDOO\�VHFUHW� UHOLJLRQ�RI� WKH�5DW�*RG�RI���WK�PDU� LV�H[SHULHQFLQJ�D�VXUJH� LQ�SRSXODULW\�DPRQJ�FLWL]HQV�SDUWLFXODUO\� WKH� SRRU� DQG� XQGHUSULYLOHJHG�� %UHDG� DQG� FKHHVH� DUH� EHLQJ� PDGH� DYDLODEOH� WR� WKH� SRRU� LQ�XQSUHFHGHQWHG�JHQHURVLW\��DQG�WKH�IDLWKIXO�KDUDQJXH�SDVVHUV�E\�RQ�WKH�6WUHHW�RI�WKH�*RGV�ZLWK�SDUDEOHV�RI�WKH�5DW�*RGV�PXQLILFHQFH��7UXH��5XPRU�)� 7KH�JXLOGPDVWHU�RI� WKH�7KLHYHV�*XLOG�KDV�EHHQ�ERDVWLQJ�SULYDWHO\�RI�KDYLQJ��ULG�/DQNKPDU�RI�LWV� WZR�PRVW�SURPLQHQW�KHURHV���DQG�RI�KDYLQJ�PDGH�KLPVHOI�ULFK� LQ�WKH�EDUJDLQ���)DOVH��7KH�JXLOGPDVWHU�PD\�KDYH�EHHQ�ERDVWLQJ��EXW�QR�PHPEHU�RI�WKH�7KLHYHV�*XLOG�NQRZV�DQ\WKLQJ�DERXW�WKH�IDWH�RI�)DIKUG�DQG�*UD\�0RXVHU��5XPRU�*�� $� JUD\�EHDUGHG�PDJH� KDV� EHHQ� LQTXLULQJ� LQ� WKH� WDYHUQV� RI�/DQNKPDU� DV� WR� WKH�ZKHUHDERXWV� RI�*UD\�0RXVHU��7KH�PDJH�KDV�EHHQ�LQVLVWLQJ�WKDW�KH�EH�SDLG�LPPHGLDWHO\�IRU�VHUYLFHV�UHQGHUHG�WKH�KHUR��7UXH��5XPRU�+� 4XDWFK�WKH�5DFNHWHHU�KDV�EHHQ�TXLHWO\�DVVHPEOLQJ�D�VPDOO�DUP\�RI�EXOOLHV�DQG�WKXJV��7KH�SXUSRVH�RI�WKH�DUP\�LV�XQNQRZQ�EXW�WKH�SD\�LV�VDLG�WR�EH�JRRG��7UXH��EXW�LUUHOHYDQW�WR�WKLV�DGYHQWXUH�����2JR�WKH�%OLQG'XFKLQ� WROG� WKH� 3&V� WR� LQYHVWLJDWH� WKH� UXPRU� WKDW� )DIKUG� DQG�*UH\�0RXVHUV�ZHDSRQV� DUH� IRU� VDOH� RQ� WKH� EODFN�PDUNHW��,I�WKH�3&�ZKR�KHDUG�WKH�UXPRU�DERXW�2JR�WKH�%OLQG�VKDUHV�LW�ZLWK�WKH�SDUW\��WKH�3&V

Page 19: TSR 9170 CA2 Swords of Deceit

���ZLOO�SUREDEO\�EHJLQ�WKH�LQYHVWLJDWLRQ�WKHUH��2WKHUZLVH�WKH�3&V�PD\�JR�RQ�D�V\VWHPDWLF�WRXU�RI�/DQNKPDUV�EODFN�PDUNHW��YLVLWLQJ�YDULRXV�WDYHUQV�DQG�HVWDEOLVKHG�IHQFHV�WR�SLFN�XS�UXPRUV�DERXW�ZKR�LV�VHOOLQJ�WKH�LWHPV��6RRQHU�RU�ODWHU�WKH�3&V�VKRXOG�EH�GLUHFWHG�WR�2JRV�VKRS�1RWH��)RU�LQ�IRUPDWLRQ�RQ�2JR�WKH�%OLQG��VHH��7KH�)HQFHV�RI�/DQNKPDU���SDJH����WKH��6KRS�RI�2JR�WKH�%OLQG���SDJH�����WKH��(\HV�RI�2JR���SDJH�����DQG��2JR�WKH�%OLQG���RQ�SDJH����RI�WKH�6RXUFHERRN�7KH�6KRS�RI��WKH�%OLQG�6HH�0DS�,,,��DUHD����$Q\RQH�LQ�WKH�VKDG\�XQGHUZRUOG�RI�/DQNKPDU�NQRZV�WKH�ORFDWLRQ�RI�2JR�WKH�)HQFH�QHDU�WKH�FRUQHU�RI�6LOYHU�6WUHHW�DQG�WKH�6WUHHW�RI�WKH�*RGV��0DUNHG�RQO\�ZLWK�D�VWRUHIURQW�VLJQ�RI�DQ�H\H�ZLWKRXW�D�SXSLO��WKH�VLWH�DSSHDUV�WR�EH�DUDWKHU� UXQ�GRZQ� FXULR� VKRS� VSHFLDOL]LQJ� LQ� UHOLJLRXV� SDUDSKHUQDOLD�� $� GXVW\� DQG� XQLPSUHVVLYH� DUUD\� RI� VWUDQJH�REMHFWV�LV�VHFXUHG�EHKLQG�D�WLQ\�ZRYHQ�ZLUH�VFUHHQ�QH[W�WR�WKH GRRU�6LOYHU�6WUHHW�EHWZHHQ�6WUHHW�RI�WKH�*RGV�DQG�6WUHHW�RI�WKH�7KLQNHUV�LV�D�FRPPRQ�KDXQW�IRU�URXJK�FXVWRPHUV�RI�WKH�/DQNKPDUW�XQGHUZRUOG��$W�DQ\�KRXU�RI�WKH�GD\�WKHUH�DUH�XVXDOO\�D�IHZ�VXUO\�WRXJKV�ERDVWLQJ�RI�WKHLU�ODWHVW�WHDWV�RI�EUXWDOLW\��DQG�VLOHQW��VLQLVWHU�VHFRQG�VWRU\�PHQ�OHDQLQJ�DJDLQVW�WKH�ZDOOV�DQG�FOHDQLQJ�WKHLU�QDLOV�ZLWK�ORQJ��ZLFNHG�GLUNV��2IWHQ�WKHVH�ORLWHUHUV�ZLOO�KDYH�VRPHWKLQJ�WR�VD\�WR�WKH�3&V�$�NQRFN�RQ�2JRV�GRRU�ZLOO�UHFHLYH�D�VRIW��IHPLQLQH�YRLFH���<HV"�0D\�,�KHOS�\RX"��LW�DVNV��2QFH�WKH�3&V�KDYH�VWDWHG�WKHLU�EXVLQHVV�RU�VRPH�SODXVLEOH�FRYHU�VWRU\�� WKH�GRRU�RSHQV��UHYHDOLQJ�D�SDOH�KDLUHG��GDUN�VNLQQHG�JLUO�ZLWK�ODUJH�H\HV��D�VPDOO�FKLQ��DQG�SRXW\�OLSV��+HU�YRLFH�LV�VRIW�DQG�VLON\��KHU�PDQQHU�VK\�DQG�GHPXUH��,�FDQ�DUUDQJH�DQ�LPPHGLDWH�DXGLHQFH�ZLWK�%OLQG�2JR���VKH�VD\V���EXW�KH�LQVLVWV�WKDW�QR�PRUH�WKDQ�WZR�SHUVRQV�PD\�HQWHU�WKH�VKRS�DW�DQ\�RQH�WLPH��.QRZ�DOVR�WKDW�2JR�FRQGXFWV�KLV�EXVL QHVV�LQ�DEVROXWH�GDUNQHVV��$Q\�DWWHPSW�WR�EULQJ�OLJKW�WR�WKH�DXGLHQFH�ZRXOG�EH�H[WUHPHO\�XQZL VH��7KH�3&V�PXVW�GHFLGH�ZKLFK�RI�WKHP�DUH�WR�HQWHU�WKH�VKRS�DQG�ZKLFK�DUH�WR�UHPDLQ�RXWVLGH�7KH�0HDQ�6WUHHWV�RI�/DQNKPDU7KRVH�ZKR�UHPDLQ�RXWVLGH�DUH�JRLQJ�WR�EH�WDXQWHG�E\�EHOOLJHUHQWV�ZKR�KDQJ�RXW�RQ�6LOYHU�6WUHHW��7KH�'0�VKRXOG�GUDZ�RQ�KLV�PHPRULHV�RI�MXQLRU�KLJK�VFKRRO�QDPH�FDOOLQJ��,I�D�3&�LV�WKH�VFKRODUO\�W\SH��FRPPHQWV�RQ�VLVV\�FORWKLQJ�DQG�EUDLQ\�ZLPSV�PD\�EH�DSSURSULDWH��:KDW�IROORZV�DUH�VDPSOH�UHPDUNV��*HH��ZKDW�D�ORYHO\�SDLU�RI�WLJKWV��'LG�\RXU�PRWKHU�JHW�WKHP�IRU�\RX��OLWWOH�ER\"��+H\��ZKDW�D�ELJ�VZRUG�\RXYH�JRW��*HH��,P�VFDUHG�RI�VROGLHUV��DUHQW�\RX��/X�NH\"��+XK��,�JXHVV�\RX�JX\V�DUH�WKH�VWXSLG�RQHV��:KDWVD�PDWWD��\RXU�EXGGLHV�ZRQW�OHW�\RX�JR�LQVLGH�FDXVH�WKH\�ILJXUH�\RXOO�GULEEOH�DOO�RYHU�\RXUVHOYHV"��8JK��)XUULQHUV��.LQGD�ORRN�OLNH�GRQNH\V��GRQW�WKH\"��������ZKDWV�WKDW�VPHOO����LV�WKDW�WKHP"�7KLV� IRROLVKQHVV� KDV� QRWKLQJ� WR� GR� ZLWK� WKH� VFHQDULR�� EXW� LW� LV� D� JRRG� FLW\� UROHSOD\LQJ� VLWXDWLRQ� DQG� NHHSV� WKH�FKDUDFWHUV�ZKR�GR�QRW�YLVLW�ZLWK�2JR�EXV\��7KH�URXJK�JX\V�DUH�QRW�HDJHUWR�VWDUW�D�UHDO�ILJKW��1RERG\�ZDQWV�WR�ZLQG�XS�LQ�MDLO�RU�ZLWK�D�ILQH�IRU�GLVWXUELQJ�WKH�SHDFH��7KH\�MXVW�ZDQW�WR�PRXWK�RII�DQG�SHVWHU�IRONV��,I�WKH�3&V�JHW�UHDO�DJJUHVVLYH��WKH�WRXJK�JX\V�ZLOO�KHP�DQG�KDZ���*RVK��FDQW�\RX�WDNH�D�OLWWOH�MRVKLQ"���:KDWWD\D�D VRUHKHDG"7KH\�ZLOO�WKHQ�ZDQGHU�RII�RQ�SUHVVLQJ�HUUDQGV�HOVHZKHUH�2JRV�+RXVH7KH�(\HV�RI�2JR�HVFRUWV� WKH� WZR�FKRVHQ�3&V�GRZQ�D� VHULHV�RI�VKRUW��XQOLW�FRUULGRUV��(DFK�SDVVDJHZD\�HQGV� LQ�D�KHDY\�GRRU�ZLWK�WKLFN�EODFN�FXUWDLQV�KDQJLQJ�EHIRUH�LW��$V�WKH�3&V�ILQDOO\�HQWHU�ZKDW�IHHOV�OLNH�D�URRP��WKH�(\HV�RI�2JR�VLOHQWO\�GLUHFWV�HDFK�RI�WKHP�WR�D�FKDLU��7KH\�FDQQRW�VHH�QRU�KHDU�DQ\WKLQJ��EXW�WKH�VWURQJ�VPHOO�RI�XQEDWKHG�KXPDQV��WKH�RGRU�RI�VL[�.OHVKLWH�JXDUGV��SHUYDGHV�WKH�DLU��7KHVH�VKRUW��VZDUWK\�JXDUGV�DUH�PXWH�DQG�PRWLRQOHVV�DQG�WKHLU�VHQVHV�DUH�VR�DFXWH�LQ�GDUNQHVV�WKDW�WKH\�KDYH�WKH�HTXLYDOHQFH�RI�LQIUDYLVLRQ��7KH\�DUH�XWWHUO\�OR\DO�WR�WKH�(\HV�RI�2JR�DQG�ZLOO�VOD\�WKH�YLVLWRUV�DW�KHU�FRPPDQG��2QFH�LQ�WKH�GDUN�RI�WKH�URRP��WKH�(\HV�RI�2JR�XVHV�YHQWULORTXLVP�DQG� SRVHV� IRU� WKH� P\WKLFDO� 2JR� WKH� %OLQG�� 7KURXJK� WKLV� UXVH� VKH� FUHDWHV� D� VHQVH� RI� P\VWHU\� DQG� PHQDFH� WKDW�XQQHUYHV�KHU�FXVWRPHUV��PDNLQJ�KHU�DQ�DFFRPSOLVKHG�EDUJDLQHU��(\HV�KDV�LQ�KHU�SRVVHVVLRQ�WKH�ZHDSRQV�RI�)DIKUG�DQG� *UD\� 0RXVHU�� 6KH� ERXJKW� WKH� 6FDOSHO�� &DWV� &ODZ�� *UH\�ZDQG�� DQG� +HDUWVHHNHU� IURP� *XVWLOOR�� WKH� WZDLQV�DEGXFWRU��(\HV�ZLOO�RIIHU�HDFK�RI�WKH�ZHDSRQV�IRU�������JROG�ULONV�1RW�H[SHFWHG�WR�SXUFKDVH�WKHVH�LWHPV��WKH�3&V�ZDQW�WR�NQRZ�ZKR�VROG�WKHP�WR�2JR��5HFRJQL]LQJ��KRZHYHU�WKDW�LWLV�EDG�EXVLQHVV�WR�EHWUD\�D�FXVWRPHUV�FRQILGHQFH��2JR�ZLOO�VHOO�WKLV�LQIRUPDWLRQ�RQO\�IRU�D�KLJK�SULFH��(\HV�ZLOO�RIIHU�WKH�LQIRUPDWLRQ�IRU�����JROG�ULONV��,I�WKH�3&V�KDJJOH�VKH�ZLOO�VHWWOH�IRU�����

Page 20: TSR 9170 CA2 Swords of Deceit

,I� WKH�3&V�GR�QRW�KDYH�HQRXJK�PRQH\��WKH\�PD\�JR�EDFN WR�'XFKLQ�ZKR�LV�ZLOOLQJ�WR�SURYLGH�XS�WR�����ULONV�IRU�LQIRUPDWLRQ��7KH�3&V�FDQ�PDNH�VRPH�PRQH\�IRU�WKHPVHOYHV�LI�WKH\�ZHUH�DEOH�WR�WDON�2JR�GRZQ�LQ�SULFH�'XFKLQ�ZLOO�QRW�RIIHU� WKH�PRQH\� WR�SXUFKDVH� WKH�ZHDSRQV�� UHDVRQLQJ� WKDW�RQFH� WKH�WZDLQ�DUH�IRXQG�� WKH\�ZLOO�JHW�WKHLU�ZHDSRQV� EDFN� LQ� RQH�ZD\� RU� DQRWKHU��%XW� LI� WKH� 3&V� DUH� FKDUPLQJ�� FOHYHU�� RU� LI� WKH\�PDGH� DQ� H[FHSWLRQDO�LPSUHVVLRQ�RQ�WKH�RYHUORUG�RU�'XFKLQ��WKH�FKDPEHUODLQ�FDQ�EH�SHUVXDGHG�WR�EX\�WKH�ZHDSRQV��:KHQ�WKH�3&V�UHVFXH�)DIKUG�DQG�WKH�*UH\0RXVHU��WKH�SDUW\�FDQ�KDQG�WKH�GXR�WKHLU�ZHDSRQV�DQG�HDUQ�WKH�KHURHV�HYHUODVWLQJ�IULHQGVKLS�,I�WKH�3&V�UDLVH�WKH�PRQH\�WR�SD\�IRU�WKH�LQIRUPDWLRQ��2JR�JLYHV�WKHP�WKH�IROORZLQJ�FOXHV�&OXH�$��7KH�FOLHQW�ZKR�VROG�WKH�ZHDSRQV�FDOOHG�KLPVHOI��*XVWLOOR����6R�LQWLPLGDWHG�E\�%OLQG�2JR�ZDV�*XVWLOOR��WKDW�KH�IRUJRW�WR�JLYH�D�IDOVH�QDPH��&OXH�%� 7KH� FOLHQW� KDG� DQ�RGG� DFFHQW�� SUREDEO\�RI�(DVWHUQ�RULJLQ��EXW� VR�GLVWRUWHG�E\�D� KLJK�SLWFKHG�� VTXHDNLQJ�LQWRQDWLRQ�WKDW�(\HV�FRXOG�QRW�EH�VXUH�&OXH�&� 5HHNLQJ�RI�VKHOOILVK��WKH�FOLHQW�ZDV�SUREDEO\�D�VDLORU��GRFNZRUNHU��RU�IRRG�SUHSDUHU�&OXH�'��7KH�SRWDWR�EDJ�WKDW�WKH�ZHDSRQV�ZHUH�ZUDSSHG�LQ�ZDV�PDUNHG��*OHPHQH��2JR�SRLQWV�RXW�WKDW�WKLV�LV�WKH�QDPH�RI�D�ORZOLIH�EDU�LQ�WKH�ZDUHKRXVH�JUDLQHU\�VHFWLRQ�RI�/DQNKPDU�,I�WKH�3&V�RXWVLGH�GR�QRW�JHW�LQWR�WRR�PXFK�WURXEOH�DQG�LI�WKH�3&V�LQVLGH�GR�QRW�JHW�SXVK\�DQG�VSRLO�WKH�GHDO�ZLWK�2JR��WKH�SDUW\�VKRXOG�EH�DEOH�WR�SXUFKDVH�WKH�QHFHVVDU\�LQIRUPDWLRQ��,I�WKH�3&V�IRXO�XS�LQ�VRPH�ZD\��'XFKLQ�ZLOO�REWDLQ�WKLV�LQIRUPDWLRQ�DQG SDVV�LW�RQ�WR�WKH�SDUW\�VR�WKH�DGYHQWXUH�FDQ�FRQWLQXH�����*XVWO,OR��DOLDV��2OG�)HUUHW�)DFH�7KH� DEGXFWRUV� RI� )DIKUG� DQG� *UH\�0RXVHU�� *XVWLOOR� DQG� KLV� ZHUHUDW� FRPSDQLRQV� DUH� WRXJK� DQG� SRVVHVVHG� RI� D�VKUHZG�DQLPDO�FXQQLQJ��7KH\�DUH��KRZHYHU��LJQRUDQW��FUXGH��LQDUWLFXODWH��DQG�HDVLO\�LPSUHVVHG�E\�GLVSOD\V�RI�ZHDOWK��KLJK�VRFLDO�FODVV��DQG�IODVK\�LQWHOOLJHQFH�7KHVH�TXDOLWLHV�PDNH�*XVWLOOR�DQG�KLV�KHQFKPHQ�SHUIHFW�IRLOV�IRU�+LVYLQV�SODQV��5HFUXLWHG�LQ�OOWKPDU��WKH�ZHUHUDWV�ZHUH� WUDLQHG�DQG�RXWILWWHG�E\�+LVYLQ�� WUDQVSRUWHG� WR�/DQNKPDU�� DQG�HPSOR\HG� LQ�D�SORW� WR�DEGXFW� WKH�KHURHV�ZKR�IRLOHG�+LVYLQV�ILUVW�DWWHPSW�DW�JDLQLQJ�FRQWURO�RI�/DQNKPDU�LQ�WKH�5DW�:DUV�7KH�DEGXFWLRQ�SODQ�ZDV�PDUYHORXVO\�VLPSOH��7UDLQHG�,OWKPDULDQ�UDWV�VOLSSHG�WKURXJK�WKH�ZDOOV�RI�WKH�WZDLQV�UHQWHG�WHQHPHQW� DQG� LQWURGXFHG� D� SRZHUIXO�� ORZ�DFWLQJ� GUXJ� LQWR� WKH� ZLQH�� :KHQ� WKH� GUXJ� KDG� WDNHQ� HIIHFW�� WKH� UDWV�UHSRUWHG�WR�*XVWXE�DQG�KLV�UDWPHQ��ZKR�GHOLFDWHO\�GURSSHG�WKH�KHURHV�IURP�WKHLU�VHFRQG�VWRU\�URRPV�WR�D�JDUEDJH�GXPS�LQ�DQ�DGMRLQLQJ�DOOH\��7KHQ�GLVJXLVHG�DV�WUDVK�FDUWHUV��WKH�ZHUHUDWV�WRRN�WKH�KHURHV�DZD\��GHOLYHULQJ�WKHP�WR�+LVYLQV�UHVLGHQFH�+LVYLQ��NQRZLQJ�*XVWLOORV� ODFN�RI�ZLW��VWULFWO\�IRUEDGH�KLP�WR�VWHDO�DQ\WKLQJ�IURP�KLV�FDSWLYHV��8QZLVHO\��+LVYLQ�WUXVWHG�*XVWXEV�IHDU�WR�HQVXUH�WKH�ZHUHUDWV�REHGLHQFH��%XW�JUHHG�ZRQ�RXW�RYHU�IHDU�DQG�*XVWLOOR�VROG�WKH�ZHDSRQV�WR�2JR��+DYLQJ�NHSW�WKH�VDOH�RI�WKH�ZHDSRQV�DQG�WKH�����QLNV�D�VHFUHW�IURP�KLV�FRPSDQLRQV�DQG�+LVYLQ��*XVWLOOR�LV�WHUULILHG�KH�ZLOO�EH�IRXQG�RXW�DQG�SXQLVKHG�*XVWLOOR��D�SURILOH$�VPDOO��ZLU\�PDQ�ZLWK�D�SRLQWHG�IDFH��*XVWLOOR�LV�NQRZQ�DV�2OG�)HUUHW�)DFH�E\�KLV�FRPSDQLRQV�DQG�HQHPLHV�DOLNH��+LV�ORQJ��VWULQJ\�KDLU�LV�DOZD\V�XQFOHDQ��KLV�FRPSOH[LRQ�JUD\LVK��DV�WKRXJK�KH�KDG�D�YHU\�EDG�GLHW��DQG�KLV�WHHWK�DUH�ORQJ�DQG�SRLQW\��7KH�UHVXOW�LV�DQ�DSSHDUDQFH�DQG�IUDJUDQFH�WKDW�PDNHV�*XVWLOOR�DQ�XQSOHDVDQW�FUHDWXUH�WR�EH�DURXQG�*XVWLOOR�DQG�KLV�FRPSDQLRQV�DUH�ZHUH�UDWV��7KH\�GR�QRW�KDYH�WKH�DELOLW\�WR�VKDSH�FKDQJH�DW�ZLOO�QRU�DUH����ZHDSRQV�QHFHVVDU\� WR�KLW� WKHP��7KHVH�DELOLWLHV�DUH�UHVHUYHG�WR� WKH�HOHFW�DPRQJ�WKH�ZRUVKLSSHUV�RI�WKH�OOWKPDULDQ�5DW�*RG��7KH\�DUH�KRZHYHU��H[WUDRUGLQDULO\�WRXJK�IRU�WKHLU�VL]H��DV�LV�UHIOHFWHG�LQ�WKHLU�+LW�'LFH��7KH\�DOVR�KDYH�WKH�DELOLW\�WR�VXPPRQ�DQG�FRQWURO��G��JLDQW�UDWV�*OHPHQHV�%DU�DQG�&KDUFRDO�*ULOO�6HH�0DS�,9��DUHD�*�)LQGLQJ�*XVWLOOR�ZLWK�WKH�FOXHV�IURP�2JR�LV�TXLWH�HDV\��*XVWLOOR�VSHQGV�PRVW�RI�KLV�ZDNLQJ�KRXUV�DW�*OHPHQHV��2Q�DOPRVW� DQ\� HYHQLQJ� KH� DQG� KLV� FRPSDWULRWV� FDQ� EH� IRXQG� WKHUH�� GULQNLQJ� FKHDS� EHHU� DQG� EHKDYLQJ� OLNH� MXYHQLOH�GHOLQTXHQWV�

Page 21: TSR 9170 CA2 Swords of Deceit

+DYLQJ�D�FHUWDLQ�QRWRULHW\�DW�*OHPHQHV��WKH\�DUH�QRW�SRSXODU�EXW�WKHLU�EDLWLQJ�RI�VWUDQJHUV�DQG�WKH�VXEVHTXHQW�EUDZOV�DUH�D�VRXUFH�RI�HQWHUWDLQPHQW��7KH\�DUH�VR�ZHOO�NQRZQ�WKDW�QR�RQH�ERWKHUV�EHLQJ�FDJH\�DERXW�LGHQWLI\LQJ�WKHP�$OWKRXJK�WKH\�DUH�QRW�ZHOO�OLNHG��D�FHUWDLQ�URPDQWLF�DXUD�VHHPV�WR�VXUURXQG�WKHP��3HRSOH�DSSUHFLDWH�DQG�UHVSHFW�WKH�OLWWOH�JX\�ZKR�EHDWV�XS�WKH�ELJ�JX\�VR�WKH�&RQVWDEXODU\�GRHV�QRW�DUUHVW�*XVWLOOR�DQG�KLV�IROORZHUV�&RQIURQWLQJ�*XVWLOOR7KH�3&V�REMHFWLYH�VKRXOG�EH�WR�JHW�LQIRUPDWLRQ�IURP�*XVWLOOR��7KHUH�DUH�WZR�EDVLF�DSSURDFKHV��LQWLPLGDWH�*XVWLOOR�LQWR�WDONLQJ��RU�DEGXFW�KLP�DQG�GHOLYHU�KLP�WR�WKH�SDODFH�ZKHUH�'XFKLQV�SURIHVVLRQDO�LQWHUURJDWRUV�FDQ�ZRUN�RQ�KLP��7KH�3&V�FDQ�FRQIURQW�*XVWLOOR�DW�*OHPHQHV�RU�RQWKH�VWUHHW�EHWZHHQ�*OHPHQHV�DQG�*XVWLOEV�WHQHPHQW�IODW�,I�WKH�3&V�WDNH�RQ�*XVWLOOR�DQG�KLV�UDWPHQ�LQ�WKH�VWUHHW��WKHUH�ZLOO�EH�OLWWOH�QHHG�IRU�WDON��7KH�3&V�PXVW�ZLQ�WKLV�PHOHH�LQ�RUGHU� WKDW� WKH\�FDQ�LQWHUURJDWH�*XVWLOOR��,I� WKH�SDUW\�LV� LQ�GDQJHU�RI�ORVLQJ��VRPH�RI�*XVWLOORV�FRPSDQLRQV�ZLOO�LQH[SOLFDEO\�DEDQGRQ�KLP�DOORZLQJ�WKH�3&V�YLFWRU\�,I�WKH�3&V�FRQIURQW�*XVWLOOR�LQ�WKH�EDU��WKLQJV�ZLOO�EH�VRPHZKDW�PRUH�SXEOLF��DQG�*XVWLOOR�DQG�KLV�UDW�EXGGLHV�ZLOO�KDYH� DQ� RSSRUWXQLW\� WR� WDON� WRXJK� WR� WKH� 3&V�� �<HDK"�:KR�ZDQWV� WR� NQRZ"�*ZDQ�� EHDW�LW� MHUN��+H\��*OHPHQH��ZKDWW\D�GRLQ�OHWWLQ�MHUNV�OLNH�WKLV�ERWKHU�\HU�SD\LQ�FXVWRPHUV"���:KDWW\D����NP�DW��SXQN"�<RX�ZDQWD�SXQFK�LQ�\D�IDFH��HK"�,I�WKH�3&V�PHQWLRQ�WKH�VDOH�RI�WKH�ZHDSRQV�WR�2JR��KRZHYHU��*XVWLOOR�LV�LQ�WURXEOH��+LV�FRPSDQLRQV�ORRN�DW�KLP�LQ�VXVSLFLRQ��+H\��\RX�WROG�XV�\RX�GXPSHG�WKRVH�WKLQJV�LQ�WKH�ULYHU"�'LGQW�\RX�GR�OLNH�WKH�%RVV�VDLG"�'LG�\RX�VHOO�WKDW�MXQN"�6D\��DUH�\RX�WU\LQ�WR�GRXEOH�FURVV�XV"�,Q�WKLV�FDVH��WKH�3&V�PD\�KDYH�WR�UHVFXH�*XVWLOOR�IURP�WKH�IXU\�RI�KLV�EHWUD\HG�FROOHDJXHV��DQG�KH�ZLOO�EH�KDSS\�WR�FRRSHUDWH�ZLWK�WKHP�LI�WKH\�ZLOO�SURWHFW�KLP�IURP�+LVYLQV�ZUDWK�,I�WKH�3&V�REVHUYH�WKH�UDWPHQ�LQ�*OHPHQHV��EXW�QR�PHOHH�HQVXHV��WKH�SDUW\�PD\�WDLO�WKH�UDWPHQ�EDFN�WR�WKHLU�WHQH�PHQW��1R�PDWWHU�KRZ�FOHYHU�WKH�3&V�DUH�LQ�WU\LQJ�WR�VWD\�FRQFHDOHG��*XVWLOORV�IROORZHUV�ZLOO�GLVFRYHU�WKDW�WKH\�DUH�EHLQJ�WUDLOHG�7KH�UDWPHQ�PDNH�D�UXQ�IRU�WKHLU�WHQHPHQW��JUDE�WKHLU�VWXII��DQG�KHDG�IRU�WKH�0DUVK�*DWH��7KLV�VKRXOG�EH�SOD\HG�RXW�DV�D FKDVH� VFHQH� WKURXJK� WKH� VWUHHWV�RI�/DQNKPDU�� FOLPD[HG�E\�D�PHOHH�ZKHQ� WKH�3&V�FDWFK� WKHP��7KH�3&V�ZLOO�LQHYLWDEO\� FDWFK�*XVWLOOR� DQG� KLV� IROORZHUV� EHFDXVH� WKH\� DUH� IRUHLJQHUV�� XQIDPLOLDU�ZLWK�/DQNKPDUV� ODE\ULQWKLQH�VWUHHWV��7KH�ZHUHUDWV�PLJKW�HDVLO\�PDNH D�IDOVH�WXUQ�LQWR�D�EOLQG�DOOH\�*XVWLOOR�6LQJV�/LNH�$�&DQDU\7RXJK�DV�KH�LV��RQFH�*XVWLOOR�OHDUQV�WKDW�WKH�3&V�NQRZ�KH�KDV�VROG�2JR�WKH�KHURHV�ZHDSRQV��KH�ZLOO�FRRSHUDWH�IXOO\��)RU�*XVWLOOR��WKH�DOWHUQDWLYH�LV�IDFLQJ�+LVYLQ�DQG�WKH�FRPSDQLRQV�KH�KDV�GRXEOH�FURVVHG�%XW�LI�WKH�3&V�GR�QRW�XVH�WKLV�IDFW�WR�WKHLU�DGYDQWDJH��*XVWLOOR�ZLOO�UHPDLQ�WUXH�WR�WKH�FRGH�RI�KRQRU�DQG�QRW�WHOO�D�WKLQJ��%HFDXVH�*XVWLOOR�XQGHUVWDQGV�WKDW�YLROHQFH�LV�QRW�LQ�WKH�3&V�FKDUDFWHU��HYHQ�WKH�WKUHDW�RI�IRUFH�ZLOO�QRW�JHW�KLP� WR� WDON�� ,I� WKH� 3&V� WXUQ� KLP� RYHU� WR� 'XFKLQ�� DVVXPH� WKH� FKDPEHUODLQV� PRUH� VRSKLVWLFDWHG� LQWHUURJDWLRQ�WHFKQLTXHV�JHW�WKH�LQIRUPDWLRQ��,I�WKH�3&V�NLOO�*XVWLOOR��WKH�LQIRUPDWLRQ�GLHV�ZLWK�KLP�&OXH�$� $IWHU�GUXJJLQJ�WKH�KHURHV��*XVWLOOR�DQG�KLV�FRPSDQLRQV�FDUWHG�WKHP�WR�+LVYLQV�FXUUHQWO\�YDFDQW�KRXVH�LQ�WKH�5LYHU�'LVWULFW��VHH�0DS�,9��DUHD������+LVYLQV�RUGHUV�ZHUH�WR�VQHDN�LQ�WKURXJK�DQ�XQERDUGHG�EDVHPHQW�HQWUDQFH�DQG�OHDYH�WKH�ERXQG�FDSWLYHV�LQ�WKH�FHOODU��+HUH�WKH�3&V�PD\�SLFN�XS�WKH�WUDLO�RI�WKH�PLVVLQJ�KHURHV�&OXH�%� 1RW�VRPHWKLQJ�WKH�ZHUHUDW�NQRZV��EXW�UDWKHU�VRPHWKLQJ�KH�KDV��LQ�*XVWLOEV�WHQHPHQW��VHH�0DS�,9��DUHD�$��LV�WKH�*UD\�0RXVHUV�FORDN��,I�WKH�3&V�QHJOHFW�WR�VHDUFK�WKH�DSDUWPHQW��'XFKLQ�RU�D�FRQVWDEOH�PD\�VXJJHVW�LW�,Q�WKH�FORDN�LV�D�QRWH�WKDW�WKH�*UD\�0RXVHU�UHFHLYHG�MXVW�EHIRUH�KH�ZDV�DEGXFWHG��7KH�QRWH�UHDGV�DV�IROORZV��5RGHQW�LQIHVWDWLRQV�FDQ�EH�VR�WURXEOH�VRPH��P\�OLWWOH�IULHQG���1R�RIIHQVH�LQWHQGHG�WR�\RX��RI�FRXUVH���,YH�WDNHQ�WKH�OLEHUW\�RI�GHOLYHULQJ�D�SDFNDJH�WR�WKH�UHOLDEOH ILQJHUV�RI�D�QLPEOH�IULHQG�RI�\RXUV��,�KRSH�P\�JLIW�PD\�EH�RI�DLG�LQDGGUHVVLQJ�VXFK�LQFRQYHQLHQFHV�$V DOZD\V��\RXU�IULHQG�DQG�PHQWRU��6�

Page 22: TSR 9170 CA2 Swords of Deceit

�5HOLDEOH�ILQJHUV�RI�D�QLPEOH�IULHQG�RI�\RXUV��LV�D�UHIHUHQFH�WR�1DWWLF�1LPEOH�ILQJHUV��D�WUXVWHG�IULHQG�RI�WKH�*UD\�0RXVHU��7KH�SDFNDJH�6KHHOED���6����VHH�SDJH����LQ�WKH�6RXUFHERRN��JDYH�WR�1LPEOHILQJHUV�FRQWDLQV����ERWWOHV�RI�GLPLQXWLRQ�SRWLRQV�ZKLFK�ZLOO�SHUPLW�WKH�3&V�WR�HQWHU�WKH�UDW�VL]HG�WXQQHOV�RI�/DQNKPDU�%HORZ�1RWHV��,I�WKH�3&V�PLVV�WKH�UHIHUHQFH�WR�1DWWLF�1LPEOHILQJHUV��D�FRQVWDEOH�ZLOO�EULQJ�LW�WR�'XFKLQV�DWWHQWLRQ�'HSHQGLQJ�RQ�WKH�VL]H�RI�WKH�SDUW\�DQG�WKH�WLPH�WKH�'0�LQWHQGV�IRU�WKHP�WR�EH�XQGHUJURXQG��KH�PD\�ZLVK�WR�DOWHU�WKH�QXPEHU�RI�SRWLRQ�ERWWOHV�LQ�WKH�SDFNDJH�RU�WR�H[WHQG�WKH�GXUDWLRQ�RI�WKHLUHIIHFW�����1DWWLF�1LPEOHILQJHUV �6HH�0DS�;��DUHD����1DWWLF� LV�D� WKLQ��EDOGLQJ�PDQ�RI�DYHUDJH�KHLJKW�ZLWK�EULJKW��VSDUNOLQJ�H\HV��2QH�RI�WKH�ILQHVW�WDLORUV�LQ�/DQNKPDU���WKRXJK�IDU�IURP�WKH�ZHDOWKLHVW�RU�PRVW�SUHVWLJLRXV���KH�LV�DOVR�RQH�RI�WKH�PRVW�JHQHURXV��KRQHVW��DQG�JHQWOH�VRXOV�LQ�WKH� FLW\�� +LV� IULHQGVKLS� ZLWK� *UD\� 0RXVHU� LV� EDVHG� RQ� PXWXDO� DGPLUDWLRQ�� 1LPEOHILQJHUV� HQYLHV� WKH� 0RXVHUV�DGYHQWXURXV�OLIH��ZKLOH�WKH�0RXVHU�DGPLUHV�1LPEOHILQJHUV�VLPSOH�JRRGQHVV�:KHQ� WKH� 3&V� DUULYH� DW� 1LPEOHILQJHUV VPDOO� VKRS� RQ� 3ODJXH�&RXUW� QHDU� WKH� 6LOYHU� (HO�� 1DWWLF�ZLOO� LQLWLDOO\� EH�VXVSLFLRXV�DQG�GLVWUXVWLQJ��2QFH�FRQYLQFHG�KRZHYHU�WKDW�WKH�3&V�DUH�JHQXLQHO\�FRQFHUQHG�DERXW�WKH�ZHOIDUH�RI�WKH�*UD\�0RXVHU�DQG�)DIKUG��1LPEOHILQJHUV�ZLOO�DGPLW�WR�EHLQJ�ZRUULHG�EHFDXVH�RI�WKH�0RXVHUV�ORQJ�DEVHQFH�:KHQ�DVNHG�DERXW�WKH�SDFNDJH�WKDW�KDV�EHHQ�OHIW�IRU�WKH�*UD\�0RXVHU��1LPEOH�ILQJHUV�ZLOO�LQLWLDOO\�EH�DSSUHKHQVLYH�DERXW�JLYLQJ�LW�WR�WKHP��7KH�WDLORU�PXVW�ILUVW�EH�FRQYLQFHG�WKDW�WKLV�LV�D�GHVSHUDWH�VLWXDWLRQ�DQG�WKDW�WKH�KHURHV�OLYHV�DUH�DW�VWDNH��1DWWLF�KDV�YHU\�GHILQLWH�SULQFLSOHV�DERXW�VXUUHQGHULQJ�WKH�0RXVHUV�SULYDWH�SURSHUW\�WR�VWUDQJHUV��EXW�KH�LV�DOVR�FDSDEOH�RI�EHQGLQJ�KLV�SULQFLSOHV�ZKHQ�WKH�QHFHVVLW\�LV�REYLRXV�,QVLGH�WKH�SDFNDJH�LV�D�QRWH�IURP�6KHHOED�DQG WKH����ERWWOHV�RI�SRWLRQ��7KH�QRWH�UHDGV�DV�IROORZV�

�,�NQRZ�\RX�DUH� IDPLOLDU�ZLWK� WKHVH�UHGXFLQJ�SRWLRQV��EXW� ,� WKRXJKW� ,G� MXVW�JXDUG�DJDLQVW�\RXU�RFFDVLRQDOO\�IDXOW\�PHPRU\��(DFK�SRWLRQ�ODVWV�DSSUR[LPDWHO\�DQ�KRXU�DQG�D�KDOI��DQG�ZLOO�UHGXFH�\RXU�ER G\�WR�DERXW������RI�LWV�QRUPDO�KHLJKW��7KLV�ZLOO�OHDYH�\RX�VWDUN�QDNHG�ZLWK�QR�JHDU�RI�VXLWDEOH�GLPHQVLRQV��<RX�PD\�HQOLVW�\RXU�IULHQGV�DLG�WDLORULQJ�JDU �PHQWV�RI�DQ�DSSURSULDWH�VL]H��2WKHU�HTXLSPHQW�PXVW�EH�LPSURYLVHG�DV�XVXDO��$OVR�UHPHPEHU��DIWHU�UHGX FWLRQ��\RX�ZLOO�ILQG�D�ORYHO\�SRRO�RI�SLQNLVK�OLTXLG� DURXQG�\RX��7KLV�LV�WKH�RWKHU�������RI�\RXU�ERG\��:KHQ�WKH�SRWLRQ�ZHDUV�RII�� \RX�VKRXOG�WR�EH�VWDQGLQJ�LQ�WKLV�SRRO��,I� \RX�DUH�QRW�WKH�FRQVHTXHQFHV�DUH�VRPHZKDW�XQSUHGLFWDEOH��6RPHWLPHV� WKH�QHFHVVDU\�RU JDQLF�PDWWHU� LV��ERU URZHG�� IURP�RWKHU� OLYLQJ�PDWWHU�� ,I� WKH�QHDUHVW�OLYLQJ�WKLQJ�KDSSHQV�WR�EH�D�SDFN�RI�UDWV �ZHOO��\RX�MXVW�PLJKW�HQG�XS�ZLWK�D�YHU\�VTXHDN\�YRLFH��6R�ZDWFK�\RXUVHOI��DQG�SOD\�LW�VDIH��$V�\RX�ZHOO�NQRZ��P\�IULHQG��PDJLF�FDQ�EH�YHU\�WULFN\ �%HVW�5HJDUGV��6����+LVYLQV�+RXVH�6HH�0DS�,9��DUHD����*XVWLOOR� OHIW� WKH� WZR�KHURHV� WUXVVHG�DQG�GUXJJHG� LQ� WKH�FHOODU�RI�+LVYLQV�KRXVH��7KH�KRPH�KDV�EHHQ�YDFDQW�VLQFH�+LVYLQV�SDUW�LQ�WKH�5DW�3ODJXH�ZDV�GLVFRYHUHG��+LVYLQ�H[LOHG�KLPVHOI�DQG�KDV�QRWEHHQ�KHDUG�RI�VLQFH�7KH�3&V�PD\�HDVLO\�HQWHU�WKH�FHOODU�RI�WKH�KRXVH�LI�WKH\�IROORZ�*XVWLOORV�GLUHFWLRQV��,QVLGH�WKH\�ZLOO�ILQG�D�FOHDU�WUDLO�LQ�WKH�GXVW�OHDGLQJ�WR�WKH�SODFH�ZKHUH�*XVWLOOR�GXPSHG�WKH�LQVHQVLEOH�KHURHV��%XW�WKH�SDLU�LV�QRW�WKHUH�$W�ILUVW�JODQFH�LW�VHHPV�SRVVLEOH�WKDW�VRPH�RWKHU�JURXS�FDPH�DQG�WRRN�WKH�WZR�FDSWLYHV�RXW�WKH�ZD\�WKH\�FDPH�LQ�DORQJ�WKH�SDWK�LQ�WKH�GXVW�VFXIIHG�E\�WKH�ZHUHUDWV��%XW�LQ�JRRG�OLJKW�DQG�XSRQ�FORVHU�LQVSHFWLRQ�DQRWKHU�WUDLO�LQ�WKH�GXVW�OHDGLQJ�WRZDUG�D�VWDFN�RI EDUUHOV�LQ�D�FRUQHU�RI�WKH�FHOODU�FDQ�EH�VHHQ��$�YHU\�IDLQW�WUDLO��WKH�IRRWSULQWV�ZHUH�DSSDUHQWO\�PDGH�E\�YHU\�WKLQ�IHHW�LQ�KXPDQ�VW\OH�IRRWJHDU�,I�WKH�EDUUHOV�DUH�UHPRYHG��WKH�WUDLO�FDQ�EH�VHHQ�OHDGLQJ�LQWR�D�VLQJOH�ODUJH�UDW�KROH�LQ�WKH�FHOODU�ZDOO��7KH�3&V�PD\�IROORZ�WKH�WUDLO�LI�WKH\�KDYH�WKH�GLPLQXWLRQ�SRWLRQV�ZLWK�WKHP��2WKHUZLVH�WKH\�PXVW�VHFXUH�WKH�SRWLRQV�IURP�1DWWLF�1LPEOHILQJHUV�

Page 23: TSR 9170 CA2 Swords of Deceit

/DQNKPDU�%HORZ�(QFRXQWHU�6HWWLQJ%HQHDWK�WKH�EODFN�DQG�VPRN\�VWUHHWV�RI�/DQNKPDU�VWUHWFKHV�D�QHWZRUN�RI�PXGG\�VHZHU�WXQQHOV��7KLV�V\VWHP��RULJLQDOO\�FRQVWUXFWHG�WR�FDUU\�WKH�ZDVWHV�RI�/DQNKPDU�WR�WKH�5LYHU�+,DO�RU�WKH�*UHDW�0DUVK��LV�DOVR�KRPH�WR�WKH�5DW�.LQJGRP�RI�/DQNKPDU�%HORZ�:LWK�DQ�DULVWRFUDF\��SROLFH��ODERUHUV��ORZHU�FODVV��DQG�DQ�DUP\��/DQNKPDU�%HORZ�LV�D�PLQLDWXUH�UHIOHFWLRQ�RI�WKH�KXPDQ�VRFLHW\�DERYH�,Q�PLUURULQJ�/DQNKPDU�FLYLOL]DWLRQ��PDQ\�RI�WKH�SHUYHUVLRQV�DQG�HPRWLRQV�WKDW�SHUYDGH�KXPDQ�VRFLHW\�DOVR�H[LVW�LQ�WKH�UDW�FRPPXQLW\��'LVWUXVW��IHDU��JXLOW��OXVW��DQG�WKH�GHVLUH�IRU�SRZHU�DPRQJ�WKHP��:KHQ�WKH�3&V�HQWHU�WKH�WXQQHOV�EHORZ�WKH�FLW\��WKH\�VKRXOG�EH�XQVXUH�DV�WR�WKH�UHFHSWLRQ�WKH\�ZLOO�UHFHLYH�/DQNKPDU�%HORZ�LV�VWLOO�D�VRFLHW\�VFDUUHG�E\�ZDU��7KH�WHUULEOH�ORVV�VXIIHUHG�E\�WKH�UDWV�DW�WKH�KDQGV�RI�KXPDQV�KDV�OHIW�ELWWHU�IHHOLQJV�EHWZHHQ�WKH�JURXSV��:LWK�WKH�FDUQDJH�HWFKHG�LQ�WKH�PHPRU\�RI�PHPEHUV�RI�WKH�ROGHU�JHQHUDWLRQ�RI�UDWV��D�FHUWDLQ�GHIHUHQFH�LV�SDLG�KXPDQV�VR�DV�QRW�WR�SURYRNH�DQRWKHU�FRQIURQWDWLRQ��0RVW�ROGHU�JHQHUDWLRQ�UDWV��XQGHU�QRUPDO�FLUFXPVWDQFHV��ZLOO�KHVLWDWH�WR�VSHDN�WR�KXPDQV�DQG�IHZ�ZLOO�DWWDFN�WKHP�HYHQ�LI�D�KXPDQ�DSSHDUV�VHULRXVO\�LQMXUHG�%XW�PHPEHUV�RI�WKH�\RXQJHU�JHQHUDWLRQ�NQRZ�RQO\�WKH�KRUURU�VWRULHV��7KHLU�OLPLWHG�FRQWDFW�ZLWK�KXPDQV�KDV�UHGXFHG�WKHLU�IHDU��$QG�WKH�ORVV�RI�WKHLU�SDUHQWV�DQG�JUDQGSDUHQWV�KDV�LQFUHDVHG�WKHLU�UDJH��$OWKRXJK�PDQ\�XQGHUVWDQG�WKDW�WKH�UDWV�ZRXOG�SUREDEO\�ORVH�DQRWKHU�ZDU��VRPH�\RXQJ�UDWV�DUH�HDJHU�WR�GHPRQVWUDWH�WKHLU�HPLQHQFH�6R�GHVSLWH�WKH�H[LVWHQFH�RI�D�WUHDW\�DQG�UHJDUGOHVV�RI�WKH�GLSORPDWLF�QLFHWLHV��GLVWUXVW�DQG�KDWUHG�H[LVWV�RQ�ERWK�VLGHV�%DUULQJ�WKH�IHDU�RI�DQ�H[WHUQDO�LQYDVLRQ�LW�LV�FOHDU�WKDW�HDFK�VLGH�YLHZV�WKH�RWKHU�DV�LWV�PDMRU�VHFXULW\�WKUHDW�7KH�6HZHU�6\VWHP,W�VKRXOG�EH�XQGHUVWRRG�WKDW�/DQNKPDU�%HORZ�LV�HVVHQWLDOO\�FRPSULVHG�RI�VHZHU�WXQQHOV��7KH�WXQQHOV�DUH�GDUN��FODPP\�DQG�ZHW��$�GUDIW�SHUVLVWHQWO\�JOLGHV�WKURXJK�WKH�WXQQHOV�DQG�WKH�VRXQG�RI�GULSSLQJ�ZDWHU�QHYHU�VWRSV�7KH�ZDOOV�DUH�FRYHUHG�ZLWK�D�FHUWDLQ�VOLPH�WKDW�UHVHPEOHV�D�EODFNHQHG�SLHFH�RI�VRDNHG�FDUGERDUG��7KLV�VXEVWDQFH�LV�VOLFN�EXW�LW�FOLQJV�WR�ZKDWHYHU�LW�WRXFKHV��KDUGHQLQJ�DIWHU�VRPH�WLPH��2Q�WKH�ZKROH��WKH�VHZHUV�DUH�UDWKHU�XQFRPIRUWDEOH�7LQ\�&RPEDW�,Q�WKH�WXQQHOV%XW�ZLWK�LWV�PXOWLSOH�XQGHUJURXQG�OHYHOV�DQG�HQGOHVV�PD]H�RI�SDVVDJHZD\V��WKLV�VXEWHUUDQHDQ�FLW\�LV�SHUIHFWO\�VXLWHG�WR�GXQJHRQ�VW\OH�DGYHQWXULQJ��7KH�IDQWDV\�WKHPH�RI�WKH�PDJLFDOO\�GLPLQXWLYH�DGYHQWXUHU�SURYLGHV�D�SHUIHFW�VHOHFWLRQ�RI�JLDQW�PRQVWHUV�LQ�D�SODXVLEOH�VHWWLQJ�)RU�D�QRUPDO�VL]HG�KXPDQ��WKH�UDWV�RI�/DQNKPDU�%HORZ�DUH�PHUH�KDOI�+'�FUHDWXUHV��%XW�WR�HQWHU�WKLV�UDW�FLYLOL]DWLRQ��KXPDQV�PXVW ILUVW�LQJHVW�D�GLPLQXWLRQ�SRWLRQ��:LWK�WKH�KXPDQV�UHGXFWLRQ�LQ�VL]H��WKH�LQGLYLGXDO�VWUHQJWKV�DQG�DELOLWLHV�RI�WKH�UDWV�DQG�WKH�KXPDQV�FDQ�EH�EHWWHU�FRPSDUHG��,W�LV�DV�LI�WKH�UDWV�KDYH�EHFRPH�KXPDQ�VL]HG���6HH�WKH�0RQVWHUV�6WDWLVWLFV�JLYHQ�RQ�WKH�0DVWHU�&KDUW�RQ�WKH�FRYHU��7KH�'0�VKRXOG�QRW��KRZHYHU��PDNH�DQ\�DGMXVWPHQWV�LQ�WKH�3&V�VWDWV��7KH�DGMXVWPHQWV�KDYH�DOUHDG\�EHHQ�PDGH��)RU�WKH�'0V�HDV\�UHIHUHQFH��WKH�FRPEDW�UDWLQJV�RI�WKH�UDWV��QRW�WKH�3&V��KDV�EHHQ�DGMXVWHG��7KH�'0�VKRXOG�XVH�WKH�3&V�$''# VWDWV�DQG�DVVXPH�WKDW�WKHLU�RSSRQHQWV�FRPEDW�UDWLQJV�OLVWHG�LQ�WKH�PDVWHU�FKDUW�KDYH�EHHQ�DGMXVWHG�SURSRUWLRQDWHO\��)RU�HPSKDVLV��ZH�UHSHDW��7KH�FKDQJH�LQ�UDW�FRPEDW�VWDWLVWLFV�UHIOHFWV�D�PRUH�HYHQ�IRRWLQJ�EHWZHHQ�UDW�DQG�KXPDQ�DIWHU�WKH�WDNLQJ�RI�WKH�GLPLQXWLRQ�SRWLRQ�$�0DS�.H\7KH�IROG�XS�PDS�LQFOXGHG�LQ�WKLV�PRGXOH�UHSUHVHQWV�WKH�VHZHU�V\VWHP�WKDW�PDNHV�XS�/DQNKPDU�%HORZ��,QWHQGHG�IRU�WKH�'0V�XVH�RQO\��RQO\�WKH�PDMRU�IHDWXUHV�RI�WKH�QHWZRUN�DUH�GHSLFWHG��7KH�'0�PD\�H[SDQG�WKH�QHWZRUN�RU�DGG�HYHQ�VPDOOHU�SLSHV�DQG�VHFUHW�SDVVDJHV�WR�WKH�VHZHU�V\VWHP��:KDW�IROORZV�LV�DQ�HQODUJHG�NH\�WR�WKH�PDS��GHVFULELQJ�LQ�VRPH�GHWDLO�WKH�SK\VLFDO�FKDUDFWHULVWLFV�RI�WKH��FLW\��'UDLQDJH�3LSHV��(DFK�RI�WKHVH�ORFDWLRQV�IHDWXUH�D����IRRW�ORQJ�VKDIW�ZLWK�D�VWUHHW�OHYHO�JULOO�RI�KHDY\�LURQ�DW�WKH�WRS��'RWV�LQGLFDWH�WKHVH�SLSHV�RQ�WKH�PDS�1DUURZ�6HZHU�3LSHV��7KHVH�SDVVDJHV�PDNH�XS�WKH�PDMRULW\�RI�WKH�VHZHUV�EHQHDWK�/DQNKPDU��(DFK�LV�DERXW���IHHW�LQ�GLDPHWHU��ZLWK����LQFKHV�RI�ZDWHU�VWDQGLQJ�RU�PRYLQJ�VOXJJLVKO\�DORQJ�WKHERWWRP��7KLQ�OLQHV�LQGLFDWH�WKHVH�OLQHV�RQ�WKH�PDS�

Page 24: TSR 9170 CA2 Swords of Deceit

6HZHUIDOOV� 5HVHPEOLQJ�ZDWHUIDOOV��WKH�VOXJJLVK�ZDWHU�WXPEOHV�RYHU�WKHVH�FOLIIV�DQG�GURSV�VL[�IHHW�WR�D�WXQQHO�ZKHUH�WKH�ZDWHU�FRQWLQXHV�WR�IORZ�DV�QRUPDO��7KUHH�VKRUW�GDVKHV�UXQQLQJ�SHUSHQGLFXODU�WR�WKH�SLSHV�LQGLFDWH�VHZHUIDOOV�RU�WKH�PDS�0DLQ�6HZHU�7XQQHOV��+XJH SDVVDJHV�FROOHFW�WKH�ZDWHU�IURP�PDQ\�VPDOOHU�WXQQHOV�DQG�FDUU\�LW�WR�WKH�ULYHU��(DFK�RI�WKHVH�WXQQHOV�KDV�DSSUR[LPDWHO\���IHHW�RI�ZDWHU�PRYLQJ�WKURXJK�LW��VRPHZKDW�PRUH�UDSLGO\�WKDQ�WKH�ZDWHU�IORZV�LQ�WKH�VPDOOHU�WXQQHOV��7KLFN�OLQHV�LQGLFDWH�WKHVH�WXQQHOV�RQ�WKH�PDS�6LOYHU�6SRXWV��6HFXUHG�ZLWK�KHDY\�LURQ�JUDWHV��WKHVH�VSRXWV�DOORZ�WKH�FRQWHQWV�RI�/DQNKPDU¶V�VHZHU�V\VWHP�WR�IORZ�LQWR�WKH�DOUHDG\�SROOXWHG�ZDWHUV�RI�WKH�5LYHU�+,DO�7KH�&DWDFRPEV��$�ZLQGLQJ� VHULHV� RI� SDVVDJHV� OLQHG�ZLWK�PXG� DQG� FORDNHG� LQ� DQ� LQN\� GDUNQHVV� WKDW� NQRZV� QR�GD\OLJKW��XQGHDG�DQG�RWKHU� ORDWKVRPH�EHLQJV� OLYH�KHUH��7KH�FDWDFRPEV�DUH� ORFDWHG�LQ�WKH� ODUJH�VKDGHG�DUHD�XQGHU�6LOYHU�6WUHHW�7KH�5DWV/DQNKPDUW�UDWV�DUH�QRW��IRU�WKH�PRVW�SDUW��KXPDQ�PLQGHG��7KH\�GR�QRW�ZHDU�KXPDQ�FORWKHV�DQG�XVH�RQO\�FUXGH�ZHDSRQV���7KHLU�WHHWK��KRZHYHU��DUH�YHU\�VKDUS���0DQ\�FDQ�VSHDN�D�IHZ�SKUDVHV�LQ�KXPDQ�VSHHFK�DQG�VRPH�FDQ�VSHDN�IDLUO\�ZHOO��WKRXJK�ZLWK�D�OLVSLQJ��VTXHDN\�DFFHQW��$PRQJ�WKHPVHOYHV�WKH\�VSHDN�D�QXPEHU�RI�UDW�WRQJXHV�DQG�GLDOHFWV�WKDW�DUH�QRWKLQJ�EXW�VTXHDNV��FKLWWHULQJV��DQG�ZKLVWOHV�WR�WKH�KXPDQ�HDU�/DQNKPDUW�UDWV�DUH�UHODWLYHO\�VPDOO�LQ�VL]H��FRPSDUDEOH�ZLWK�WKH�PRUH�FRPPRQ�/DQNKPDUW�ILHOG�UDW��%XW�DV�D�UHVXOW�RI�LQWHUEUHHGLQJ�ZLWK�ODUJHU�ZDWHU�UDWV�D�QXPEHU�KDYH�JURZQ�TXLWH�ODUJH�7KH�UDWV�ZLWK�ZKRP�WKH�3&V�ZLOO�HQJDJH�LQ�FRPEDW�DUH�PXFK�ELJJHU��7KHVH�ZHUHUDWV�DUH�IRUHLJQ�WR�/DQNKPDU�%HORZ�DQG�KDYH�EHHQ�LPSRUWHG�IURP�WKH�FLW\�OOWKPDU�IRU�WKH�SXUSRVHV�RI�+LVYLQV�SORW�+LVYLQV�3ORW+LVYLQV�PDVWHU�SODQ�GHSHQGV�RQ�ILYH�PDMRU�HOHPHQWV�(OHPHQW����+LVYLQ�KRSHV�WR�EXLOG�XS�D�VL]DEOH�ILIWK�FROXPQ�DPRQJ�/DQNKPDUV�ZUHWFKHG�ORZHU�FODVVHV�WKURXJK�WKH�SURVHO\WL]LQJ�HIIRUWV�RI�WKH�5DW�*RGV�SULHVWV�(OHPHQW���+LVYLQ�SODQV�WR�WUDLQ�DQG�RXWILW�DQ�HOLWH�DUP\�RI�OOWKPDULDQ�UDWV��D�SDUWLFXODUO\�ODUJH�DQG�YLFLRXV�EUHHG��DQG�WKHQ�SURYLGH�WKHP�ZLWK�HQODUJLQJ�SRWLRQV��7KHVH�WURRSV�ZRXOG�VXGGHQO\�DSSHDU�DW�FULWLFDO�SRLQWV�WR�QHXWUDOL]H�NH\�GHIHQVLYH�SRVLWLRQV�LQ�/DQNKPDU�(OHPHQW���+LVYLQ�KRSHV�WR�UHNLQGOH�WKH�ZDU�EHWZHHQ�WKH�UDWV�RI�/DQNKPDU�%HORZ�DQG�WKH�KXPDQV�FLWL]HQV�RI�/DQNKPDU�+H�KDV�SODQQHG�D�VHULHV�RI�LQFLGHQWV�WKDW�ZLOO�JUDGXDOO\�EXLOG�WKH�WHQVLRQV�EHWZHHQ�WKH�URGHQW�DQG�KXPDQ�SRSXODWLRQV��L�H��WKH�JUDLQHU\�UDLGV��XQWLO�KRWKHDGV�RQ�HLWKHU�VLGH�IDQ�WKH�VSDUNV�RI�FRQIOLFW�LQWR�RSHQ�ZDU�(OHPHQW���+LVYLQ�KDV�EHHQ�SURPLVHG�WKH�DLG�RI�WKH�5DW�*RG�KLPVHOI��LQ�WKH�SHUVRQ�RI�KLV�DYDWDU��(UDVWXV�(OHPHQW��� +DYLQJ�EHHQ�SUHYLRXVO\�GHIHDWHG�E\�)DIKUG�DQG�*UH\�0RXVHU��+LVYLQ�EHOLHYHV�WKDW�WKH�VXFFHVV�RI�KLV�FXUUHQW�FDPSDLJQ�KLQJHV�RQ�QHXWUDOL]LQJ�/DQNKPDU¶V�PRVW�GHGLFDWHG�GHIHQGHUV��'HWHUPLQHG�QRW�WR�XQGHUHVWLPDWH�WKHLU�WDOHQWV�DQG�LQIOXHQFH��+LVYLQ�NHHSV�WKHP�VHFXUHO\�LPSULVRQHG�LQ�D�FKDPEHU�GHHS�LQ�WKH�&DWV�&UDGOH�,Q�WKH�5DW�7XQQHOV:KHQ�WKH�3&V�UHGXFH�WKHPVHOYHV�ZLWK�6KHHOEDV�SRWLRQV��WKH\�FDQ�HQWHU�WKH�UDW�WXQQHOV�DQG�IROORZ�WKH�WUDLO�RI�)DIK�UGV�DQG�*UD\�0RXVHUV�DEGXFWRUV�7KH�'0�VKRXOG� WDNH� FDUHIXO� QRWH� RI� KRZ� WKH�3&V�RXWILW� WKHPVHOYHV� IRU� WKH�GHVFHQW� LQWR�/DQNKPDU�%HORZ��7KH\�VKRXOG�KDYH�QRQH�RI�WKHLU�QRUPDO�VL]HG�HTXLSPHQW��$Q\�JDUPHQWV�RU�JHDU�WKH\�WDNH�ZLOO�KDYH�WR�KDYH�EHHQ�IDVKLRQHG�RU�LPSURYLVHG�EHIRUHKDQG��1LPEOHILQJHUV�ZLOO�FKHHUIXOO\�PDNH�WKHP�GROO�VL]HG�FORWKHV��WKRXJK�KH�PD\�LQGXOJH�KLV�VHQVH�RI�KXPRU�DW�WKH�H[SHQVH�RI�WKH�3&V�VHQVH�RI�GLJQLW\�2WKHU�LWHPV�PD\�EH�HDVLO\�LPSURYLVHG��URSH�IURP�KHDY\�FRDW�WKUHDG��WRUFKHV�IURP�ZRRG�VSOLQWHUV�DQG�WDU��VZRUGV�DQG�VSHDUV�IURP�QHHGOHV�DQG�DZOV��DUPRU�DQG�VKLHOGV�IURP�OHDWKHU�VFUDSV��DQG�VR�RQ��2WKHU�LWHPV�OLNH�FURVVERZV��ERZV��ODQWHUQV��DQG�VR�RQ�ZLOO�EH�WRR�GLIILFXOW�WR�GHYLVH�TXLFNO\��7KH�3&V�PD\�EXLOG�OLWWOH�FDUWV�LQ�ZKLFK�WR�FDUU\�JHDU��RU�HYHQ�WU\�WR�XVH�WUDLQHG�UDWV�DV�EHDVWV�RI�EXUGHQ��7KH�'0�VKRXOG�LQGXOJH�WKHLU�LPDJLQDWLRQV�DQG�LQJHQXLW\���WKLV�FDQ�EH�RQH�RI�WKH�PRVW�HQWHUWDLQLQJ�SDUWV�RI�WKLV�DGYHQWXUH�

Page 25: TSR 9170 CA2 Swords of Deceit

:KHQ�WKH�3&V�HQWHU�WKH�UDW�WXQQHO�LQ�+LVYLQV�FHOODU�WKH�WUDLO�LV�TXLWH�FOHDU��%XW�DV�WKH�WUDLO�GHVFHQGV�GHHSHU�EHQHDWK�WKH�FLW\��VPDOOHU�WXQQHOV�EHJLQ�WR�DSSHDU�IURP�WKH�VLGHV��$W�ILUVW�WKH�IORRUV�RI�WKHVH�WXQQHOV�ZLOO�EH�FRYHUHG�ZLWK�GXVW��LQGLFDWLQJ�LQIUHTXHQW�XVH��%XW�DIWHU�DERXW�ILYH�PLQXWHV�RI�WUDYHO��WKH�3&V�ZLOO�QRWLFH�PRUH�DQG�PRUH�WUDIILF�DORQJ�WKH�PDLQ�DQG�VLGH�WXQQHOV��,W�LV�VWLOO�FOHDU�KRZHYHU��WKDW�WKH�WZDLQV�DEGXFWRUV�KDYH�FRQWLQXHG�GRZQ�WKH�PDLQ�FRUULGRU�(YHQWV�LQ�/DQNKPDU�%HORZ�6HH�IROG�XS�0DS��6HZHUV�RI�/DQNKPDU�%HORZ�3OD\�WKH�IROORZLQJ�HQFRXQWHUV�LQ�QXPEHUHG�RUGHU�7KH�ILUVW�HQFRXQWHU�LV�ORFDWHG�MXVW�EHORZ�WKH�7HPSOH�RI�$DUWK��DUHD����0DS�,OO���$�QXPEHU�RI�WXQQHOV�OHDG�GLUHFWO\�LQWR�WKH PDLQ�VHZHU�SLSH�XQGHU�WKH�WHPSOH��VHH�IROG�XS�PDS����7KH�$ODUP�,V�6RXQGHG$�GLP�OLJKW�JORZV�LQ�WKH�GLVWDQFH��$QRWKHU�UDW�WXQQHO��WKLV�RQH�DSSDUHQWO\�LOOXPLQDWHG��FURVVHV�\RXU�SDVVDJH�DW�ULJKW�DQJOHV��6XGGHQO\�D�WLQ\�FDUW�ZLWK�D�UDW�LQ�KDUQHVV��D�FRQWUD SWLRQ�WKDW�PRVW�UHVHPEOHV�D�ULFNVKDZ��SXOOV�LQ�VLJKW�DQG�VWRSV�LQ�WKH�MXQFWLRQ�RI�WKH�WZR�WXQ QHOV��7KH�UDW�WXUQV�KLV�KHDG�DV�LI�FDVWLQJ�DERXW�IRU�D�VFHQW��$SSHDULQJ�WR�UHFRJ QL]H�WKH�RGRU��WKH�UDW�ORRNV�LQ�\RXU�GLUHF WLRQ��JLYHV�D�OLWWOH�IULJKWHQHG�VTXHDN ��DQG�GDVKHV�RII�WR�WKH�OHIW�DORQJ�WKH�OLJKWHG�UDW�FRUULGRU��DEDQGRQLQJ�KLV�OLW WOH�FDUW��)XUWKHU�GRZQ�WKH�FRUULGRU�WR�WKH�OHIW�DUH�KHDUG�D�QXPEHU�RI�RWKHU�VTXHDNV�7KH�3&V�KDYH�EHHQ� VLJKWHG�� DQG� WKH�DODUP�KDV�EHHQ� VSUHDG��$�VTXDG�RI� UDW�PLOLWLD�ZLOO� EH�PRYLQJ� WR� LQYHVWLJDWH�ZLWKLQ��G��URXQGV��,Q�WKH�PHDQWLPH�WKH�3&V�FDQ�H[SORUH�WKH�DUHD��7KH�FDUW�LV�VLPSO\�D�PHDQV�RI�WUDQVSRUWLQJ�JDUEDJH�GLVFDUGHG�E\�WKH�KXPDQ�SRSXODWLRQ�RI�/DQNKPDU��7KLV�ULFK�IRRG�VXSSO\�SURYLGHV�D�VL]DEOH�SRUWLRQ�RI�WKH�QXWULWLRQDO�QHHGV� RI� /DQNKPDU� %HORZ�� 7KH� OLW� WXQQHO� OHDGV�ZHVWZDUGO\� WRZDUG� D� ODUJH� JDUEDJH� GXPS� QHDU� WKH� 5LYHU� +,DOV�EDQNV��7R�WKH�ZHVW�WKH�WXQQHO�OHDGV�LQWR�WKH�KHDUW�RI�/DQNKPDU�%HORZ��� 7KH�5DW�0LOLWLD,Q�VHYHUDO�PLQXWHV�WKH�3&V�FDQ�KHDU�D�JURXS�RI�UDWV�DSSURDFKLQJIURP�WKH�&LW\�RI�5RGHQWV��7KHUH�LV�D�ORZ�PXUPXU�RI�VTXHDN\�YRLFHV��EXW�QR�GLVFHUQLEOH�VSHHFK�:KHQ�WKH�ILJXUHV�FRPH�LQWR�YLHZ��LW�LV�REYLRXVO\�D�KDVWLO\�RUJDQL]HG�URGHQW�PLOLWLD��3ODLQO\�JDUEHG�VPDOO�UDWV�FDUU\�VLPSOH�WRROV�DQG�FOXEV�DV�WKH\�FRZHU�EHKLQGD�VLQJOH�ODUJH�UDW�ZLWK�DQ�DLU�RI�EUDYDGR�DQG�DXWKRULW\�:KHQ�WKH�3&V�FRPH�LQ�YLHZ��RU�ZKHQ�WKH�PLOLWLD�FRPHV�LQ�VLJKW�RI�WKH�SODFH�ZKHUH�WKH�3&V�ZHUH�VLJKWHG��WKH�OHDGHU�KDOWV�DQG�VKRXWV�LQ�D�KLJK�SLWFKHG��VLELODQW�YRLFH�+XPDQWKO� 7KWDQG� IRUWK� DQG� LGHQ WLI\� \RXUWKHOIWK�� )RU� ZKDW� UHDWKRQ� GR� \RX� WUHWKSDWK� RQ� WKH� ULJKWIXO� GRPDLQ� RI�/DQNKPDUWK�URGHQWNLQG"�7KH�'0�VKRXOG� UHPLQG� WKH�FKDUDFWHUV�RI�'XFKLQV� UHTXHVW� WKDW� WKH�SDUW\�GHPRQVWUDWH� UHVSHFW� IRU� WKH�5DW�+XPDQ�7UHDW\��*UHHFK\��WKH�UDW�VSRNHVPDQ��LV�WKH HTXLYDOHQW�RI�D�YLOODJH�DOGHUPDQ��+H�H[SHFWV�D�FHUWDLQ�GHIHUHQFH��DQG�LI�WKH�3&V�DUH�SROLWH�DQG�UHVSHFWIXO��KH�ZLOO�VSHDN�ZLWK�WKHP�LQ�D�VLPLODU�PDQQHU��,I�WKH�3&V�RIIHQG�RU�WU\�WR�LQWLPLGDWH�*UHHFK\�� KH�ZLOO�ZLWKGUDZ��ZDUQLQJ� WKH�3&V�QRW� WR� DGYDQFH� IXUWKHU� LQWR�/DQNKPDU�%HORZ�XQOHVV� WKH\�ZDQW� UHDO�WURXEOH��$Q\�DJJUHVVLYH�PRYHV�ZLOO�PDNH�QHJRWLDWLRQV�YHU\�GLIILFXOW��EXW�WKH�UDW�PLOLWLD�LV�QR�PDWFK�IRU�WKH�3&V�*UHHFK\�KDV�VHQW�IRU�DQ�RIILFLDO�VSRNHV�PDQ�RI�WKH�5RGHQW�&RXQFLO�DQG�DQ�HVFRUW�RI�WUDLQHG�UDW VROGLHUV��7KH\�ZLOO�DUULYH�LQ����PLQXWHV��DQG�*UHHFK\�ZLOO�WU\�WR�VWDOO�WKH�3&V�XQWLO�WKHLU�DUULYDO��+H�ZLOO�DOWHUQDWHO\�PDNH�DVVXUDQFHV�WKDW�WKH�URGHQWV�EHDU�WKH�KXPDQV�QR�LOO�ZLOO�ZKLOH�LQVLVWLQJ�WKDW�WKH�KXPDQV�DUH�WUHVSDVVLQJ�ZLWKRXW�SHUPLVVLRQ�RQ�URGHQW�VRLO��,I�KH�FDQQRW�VWDOO�WKH�3&V��RU�LI�WKH�3&V�DWWDFN��*UHHFK\�ZLWKGUDZV�DORQJ�ZLWK�WKH�UHVW�RI�WKH�PLOLWLD�DQG�ZDLWV�IRU�WKH�URGHQW�GHOHJDWLRQ�WR�DUULYH��� 7KH�2IILFLDO�'HOHJDWLRQ7KH� RIILFLDO� GHOHJDWLRQ� LV� OHG� E\� &KLYHV�� FKLHI� VSRNHVUDW� IRU� WKH� URGHQW� &RXQFLO�� &KLYHV� LV� D� FLYLOL]HG�� GLSORPDWLF��DULVWRFUDWLF�HOGHU�UDW�ZKR�ZDV�KHOG�D�SROLWLFDO�SULVRQHU�GXULQJ�WKH�ODVW�5DW�3ODJXH��&KLYHV�LV�D�SDFLILVW��D�UDUH�TXDOLW\�IRU�D�UDW��EXW�DQ�LGHDO�VSRNHUDW�IRU�OLDLVRQ�ZLWK�KXPDQV�&KLYHV�ILUPO\�DVVHUWV�WKH�VRYHUHLJQW\�RI�/DQNKPDU�%HORZ��EXW�ZLOO�SDWLHQWO\�OLVWHQ�WR�ZKDWHYHU�WKH�3&V�KDYH�WR�VD\��+LV�PDMRU�REMHFWLYH�LV�WR�DYRLG�DQ�LQFLGHQW�WKDW�PLJKW�SUHFLSLWDWH�DQRWKHU�ZDU�ZLWK�WKH�KXPDQV��&KLYHV�VSHDNV�VORZO\�DQG�SUHFLVHO\��ZLWK�RQO\�D�WUDFH�RI�UDWW\�VTXHDN�DQG�OLVS�

Page 26: TSR 9170 CA2 Swords of Deceit

7KH�RIILFLDO�GHOHJDWLRQ�LV�HVFRUWHG�E\�D�GR]HQ�RI�WKH�*XDUGLDQV�RI�WKH�3HDFH�HOLWH�UDW�WURRS�GHGLFDWHG�WR�WKH�GHIHQVH�RI� WKH� WXQQHOV� IURP� LQYDGHUV�� 7KH� OHDGHU� RI� WKH� HVFRUW� LV� 0XVNDWHO�� D� \RXQJ�� VZDVKEXFNOLQJ� UDW� LQ� WKH� 7KUHH�0XVNHWHHUV� WUDGLWLRQ��+H� LV�D� ILUHEUDQG�DQG� WKH�DQWLWKHVLV�RI�&KLYHV�� ,QFHQVHG�E\� WKH�HIIURQWHU\�RI� WKH�KXPDQV� LQ�PDUFKLQJ� XQLQYLWHG� LQWR� UDW� WHUULWRU\� KH� ZDQWV� WR� UDOO\� WKH� UDW� FLWL]HQU\� WR� UHSHO� WKH� VPRRWK�VNLQQHG� WUHVSDVVHUV��)XUWKHUPRUH��0XVNDWHO�LV�DQ�DUURJDQW�VZRUGVPDQ�ZKR�ZRXOG�ORYH�WR�EHDW�D�KXPDQ�EHIRUH�DQ�DGRULQJ�DXGLHQFH�%XW�&KLYHV�ZLOO�PDQDJH�WR�NHHS�0XVNDWHO�XQGHU�FRQWURO�DQG�WKH�\RXQJ�VZRUGVUDWZLOO�QRW�EHFRPH�LQVXERUGLQDWH��+RZHYHU��LI�D�3&�JRDGV�0XVNDWHO�HQRXJK��KLV�FRQWURO�PLJKW�VQDS�DQG�D�VHULRXV�LQFLGHQW ZLOO�RFFXU��,Q�VSLWH�RI�WKH�+XPDQ�5RGHQW�7UHDW\�UDWV�DQG�KXPDQV�ZLOO�ILJKW�&KLYHV�ZLOO�RUGHU�WKH�JXDUGVUDWV�WR�LQWHUIHUH�DQG�VXEGXH�ERWK�KXPDQ�DQG�UDW��DQG�KRSHIXOO\�WKH�RWKHU�3&V�ZLOO�WU\�WR�VWRS�WKH�ILJKW�EHIRUH�VRPHRQH�LV�KXUW��2QFH�WKH�WZR�FRPEDWDQWV�DUH�VHSDUDWHG�DQG�VXEGXHG��&KLYHV�ZLOO�GHPDQG�DQ�LPPHGLDWH�DSRORJ\�IURP�ERWK�PDQ�DQG�UDW��0XVNDWHO��IXQGDPHQWDOO\�D�JRRG�VROGLHU��ZLOO�FRPSO\�ZLWK�DV�PXFK�JRRG�ZLOO�DV�KH�FDQ�PXVWHU��,I�WKH�3&�GRHV�QRW�DOVR�FRPSO\��&KLYHV�ZLOO�FRQWLQXH�WR�EH�SROLWH��EXW�KH�ZLOO�LQVLVW�WKDW�WKH�3&V� OHDYH� DW� RQFH�� +H� QRU� DQ\� RI� WKH� RWKHU� UDWV� RI� /DQNKPDU� %HORZ� ZLOO� EH� ZLOOLQJ� WR� FRRSHUDWH� ZLWK� WKH�LQYHVWLJDWLRQ����&KLYHV�2IIHUV�+LV�$LG:KHQ� WKH� 3&V� H[SODLQ� WKDW� WKH\� DUH�ORRNLQJ� IRU� NLGQDS� YLFWLPV� DQG� GHVFULEH�WKH�FLUFXPVWDQFHV�WKDW�OHG�WR�WKHLU�VHDUFK�LQJ� WKH� UDW� WXQQHO�� &KLYHV� ZLOO� RIIHU� WR�DVVLVW�WKHP�LQ�WKHLU�LQYHVWLJDWLRQ�+H�DVVXUHV�WKHP�DW�RQFH�WKDW�WKHUH�DUH�QR�SODQV� IRU� D� VHFRQG� 5DW� 3ODJXH�� 7KH�FRQVHTXHQFHV�RI�WKH�ILUVW�ZDU�ZLWK�KXPDQV�ZHUH�VR�GLUH��KH�VD\V��WKDW�QR�VDQH�URGHQW�ZRXOG�FRQVLGHU�HPEDUNLQJ�RQ�D�VHFRQG�&KLYHV�DFNQRZOHGJHV�WKDW�WKHUH�KDYH�EHHQ�UHSRUWV�RI�YHU\�ODUJH�IRUHLJQ�UDWV�EXW�KH�LV�TXLFN� WR� GLVDVVRFLDWH� /DQNKPDU� %HORZ�IURP�WKH�DOLHQV��+H�VD\V�WKDW�VWUDQJH�UDWV��ZKLFK�KDYH�WKLFN�DFFHQWV�DQG�XQSOHDVDQW�RGRUV��KDYH�EHHQ�VHHQ�LQ�VRPH�RI�WKH�DEDQGRQHG�DQG�LQIUHTXHQWO\�WUDYHOHG�WXQQHOV��7KH�SUHVHQFH�RI�WKH�DOLHQ�UDWV�DUH�WROHUDWHG��&KLYHV�DGGV��EHFDXVH�WKHVH�WXQQHOV�DUH�IDU�IURP�WKH�SRSXODWLRQ�FHQWHUV�RI�/DQNKPDU�%HORZ�&KLYHV� FDWHJRULFDOO\� GHQLHV� DQ\�LQYROYHPHQW� LQ� WKH� DWWDFNV�RQ� WKH� JUDQDULHV��6XFK� DFWV��KH� VD\V��ZRXOG� UHTXLUH�D�ODUJH�QXPEHU�RI� UDWV� DQG� WKHUHIRUH�FRXOG�QRW�EH�FRQGXFWHG�ZLWKRXW� QRWLFH�E\�JRYHUQPHQW� DXWKRULWLHV��6LQFH� VXFK�DWWDFNV� ZRXOG� EH� LQ� YLRODWLRQ� RI� WKH� +XPDQ�5RGHQW� WUHDW\�� QR� UDW� JRYHUQPHQW� ZRXOG� HQFRXUDJH� RU� SHUPLW� VXFK�DFWLYLWLHV�IRU�IHDU�RI�KRVWLOH�KXPDQ�UHVSRQVH�:KHQ�WKH�3&V�DVN�DERXW�+LVYLQ��&KLYHV�DQVZHUV�WKDW�ERWK�+LVYLQ�DQG�KLV�GDXJKWHU��+LVYHW��KDYH�EHHQ�RXW�RI�IDYRU�ZLWK�WKH�&RXQFLO�VLQFH�WKH�GHEDFOH�RI�WKH�+XPDQ5DW�:DU��1HLWKHU�KDV�EHHQ�VHHQ�LQ�/DQNKPDU�%HORZ�IRU�PRUH�WKDQ�D�\HDU�&KLYHV�DGPLWV��KRZHYHU��WKDW�KH�ZRXOG�QRW�EH�VXUSULVHG�WR�ILQG�+LVYLQ�DW�WKH�ERWWRP�RI�DQRWKHU�SORW��+LVYLQ�KDV�DOZD\V�EHHQ�DPELWLRXV�DQG�SRZHU�KXQJU\��DQG�DQ�DWWHPSW�WR�DEGXFW�)DIKUG�DQG�*UD\�0RXVHU�ZRXOG�QRW�EH�RXW�RI�FKDUDFWHU�,Q�GLUHFW�SURSRUWLRQ�WR�WKH�GLSORPDWLF�VNLOOV�RI�WKH�3&V��&KLYHV�ZLOO�RIIHU�DLG�LQ�ILQGLQJ�WKH�KHURHV��$W�PLQLPXP��&KLYHV�ZLOO�WHOO�WKH�3&V�RI�D�UHPRWH�VHFWLRQ�RI�UDW�WXQQHOV�FDOOHG�WKH��&DWV�&UDGOH��QR�ORQJHU�YLVLWHG�E\�ORFDO�UDWV��EXW�ODUJH�HQRXJK�WR�KRXVH�D�SRSXODWLRQ�RI�IRUHLJQ�UDWV�ZLWKRXW�FDOOLQJ�DWWHQWLRQ�WR�LWVHOI��&DWV�&UDGOH��&KLYHV�H[SODLQV��KDV�EHHQ�IUHTXHQWHG�E\�+LVYLQ�DQG�KLV�IROORZHUV�LQ�WKH�SDVW�,I� WKH�3&V�KDYH�EHKDYHG� LQ�D�KRVWLOH�RU�XQIULHQGO\�PDQQHU��&KLYHV�ZLOO�JLYH� WKHP�D�PDS� WR� WKH�&DWV�&UDGOH�DQG�VXJJHVW� WKDW� WKH\� OHDYH� LPPHGLDWHO\� EHIRUH� VRPH�KRWKHDGHG� UDWV� GHFLGH� WR� DYHQJH� WKLV� XQZDUUDQWHG� LQFXUVLRQ�RQ�URGHQW�WHUULWRU\�,I�WKH�3&V�KDYH�EHHQ�PRGHUDWHO\�SROLWH�DQG�FRRSHUDWLYH��&KLYHV�ZLOOVHQG�0XVNDWHO�DQG�WKH�*XDUGLDQV�RI�WKH�3HDFH�DV�JXLGHV�WR�WKH�&DWV�&UDGOH��,I�WKH�3&V�KDYH�EHHQ�IRUWKULJKW�DQG�KRQRUDEOH��0XVNDWHO�PD\�HYHQ�EH�KHOSIXO��+H�PD\�YROXQWHHU�VXJJHVWLRQV�DQG�RIIHU�KLV�VZRUG�DW�WKH�KXPDQV�VLGH��HYHQ�DJDLQVW�+LVYLQ�DQG�RWKHU�IRUHLJQHU�URGHQWV�,I�WKH�3&V�KDYH�HDUQHG�0XVNDWHOV�GLVOLNH�RU�GLVWUXVW��KH�ZLOO�RQO\�GHOLYHU�WKH�3&V�WR�WKH�&DWV�&UDGOH��WKHQ�DEDQGRQ�WKHP�WR�WKHLU�RZQ�GHYLFHV��0XVNDWHO�ZLOO�IROORZ�WKH�VHZHU�WXQQHO�WR�WKH�VRXWK��SDVVLQJ�XQGHU�2JR�WKH�%OLQGV�KRXVH��VHH IROG�XS�PDS�RI�WKH�6HZHUV�%HORZ�/DQNKPDU��

Page 27: TSR 9170 CA2 Swords of Deceit

7KH�&DWV�&UDGOH �6HH�0DS�;O�7KH�QDPH�RI�WKLV�DUHD�FRPHV�IURP�D�OHJHQGDU\�UDW�FKLHIWDLQ�ZKR�LV�VDLG�WR�KDYH�NHSW�D�WDPHG�FDW�ZKLFK�GHIHQGHG�KLV�WXQQHOV� IURP�DPELWLRXV� UDW� UDLGHUV��7KLV� VRPHZKDW� LPSODXVLEOH� OHJHQG� LV�JLYHQ�VRPH�FUHGLELOLW\�E\� WKH�XQXVXDOO\�JUHDW�VL]H�RI�WKH�PDLQ�HQWUDQFH�SDVVDJH�DQG�FHQWUDO�FKDPEHU�RI�WKH�QHVW��%RWK�DUH�FHUWDLQO\�ODUJH�HQRXJK�WR�SHUPLW�D�IDLU�VL]HG�FDW�WR�FRPH�DQG�JR�DW�ZLOO�7KH�&DWV�&UDGOH�LV�ORFDWHG�MXVW�DERYH�WKH�VHZHU�KROGLQJ�WDQN��XQGHU�WKH�7HPSOH�RI�WKH�5DW�*RG��VHH�DUHD�����0DS�,OO�DQG�WKH�IROG�XS�PDS�RI�WKH�6HZHUV�%HORZ�/DQNKPDU���7KH�SDUW\�ZLOO�DUULYH�WKURXJK�WKH�PDLQ�HQWUDQFH��ORFDWHG�LQ�WKH�VHZHU�WXQQHO��VRXWK�RI�WKH�KROGLQJ�WDQN�%HFDXVH�WKH�PDLQ�HQWUDQFH�LV�VR�ODUJH��LW�KDV�EHHQ�GHHPHG�LQGHIHQVLEOH�E\�SUXGHQW�UDWV��)RU�WKLV�UHDVRQ�DQG�EHFDXVH�WKH�QHVW�LV�VR�IDU�IURP�WKH�EXON�RI�*UHDWHU�/DQNKPDU�%HORZ��WKH�DUHD�KDV�QRW�EHHQ�UHFHQWO\�LQKDELWHG�'XULQJ�WKH�5DW�:DUV��KRZHYHU��+LVYLQ�XVHG�WKLV�DUHD�DV�HPHUJHQF\�EDUUDFNV�IRU�WKH�KXJH�SHDVDQW�PLOLWLD�KH�UHFUXLWHG�IURP�WKH�JUDLQ�ILHOGV�VXUURXQGLQJ�/DQNKPDU��7KH�FKDPEHUV�ZHUH�FUXGHO\�RXWILWWHG��XQFRPIRUWDEOH��DQG�GHVSHUDWHO\�RYHUFURZGHG��:KHQ� WKH� ZDU� HQGHG� VR� GLVDVWURXVO\� IRU� WKH� UDWV�� WKH� DUHD� ZDV� RQFH� DJDLQ� DEDQGRQHG��DQG� LW� KDV�UHPDLQHG�WKDW�ZD\�XQWLO�QRZ�6LQFH�UH�HQWHULQJ�WKH�DUHD��+LVYLQV�DUP\�KDV�FRQVWUXFWHG�DQG�FRQFHDOHG�VHYHUDO�QHZ�WXQQHOV��$�QRUPDO�PDQ�KDV�D�����FKDQFH�RI�GLVFRYHULQJ�WKH�VHFUHW�SRUWDOV�LI�VHDUFKLQJ�WKH�DUHD��2QH�QHHG�RQO\�WR�SXVK�WKH�SRUWDOV�RSHQ�7KH�5HWXUQ�RI�+LVYLQ+LVYLQ�KDV�RQFH�DJDLQ�UHWXUQHG�WR�/DQNKPDU�ZLWK�GUHDPV�RI�FRQTXHVW��7KLV�WLPH�KH�KDV�VRXJKW�WR�HQOLVW�WKH�DLG�RI�WKH�5DW�*RG�RI�OOWKPDU�DQG�LWV�IROORZHUV��+HUH�LQ�WKH�&DWV�&UDGOH�+LVYLQ�KDV�EURXJKW�DQ�DYDWDU�RI�WKH�5DW�*RG��VDLG�WR�EH�D�EDVWDUG�VRQ�RI�WKH�JRG�KLPVHOI�D�GHPL�URGHQW�QDPHG�(UDVWXV�WKH�:LOG�(UDVWXV�LV�D�SRZHUIXO��FKDULVPDWLF�ILJXUH��(PEDUNLQJ�RQ�D�FUXVDGH�WR�FRQYHUW�WKH�QRQ�EHOLHYHUV�RI�/DQNKPDU��:LWK�WKH�DLG�RI�+LVYLQ��(UDVWXV�KDV�VXPPRQHG�WKH�SULHVWKRRG�RI�/DQNKPDUV�5DW�*RG�WHPSOH��,Q�WKH�JUHDW�FKDPEHU�RI�WKH�&DWV�&UDGOH��(UDVWXV�KDV�WDNHQ�RQ�WKH�DVSHFW�RI�WKH�5DW�*RG�KLPVHOI��DQG�KDV�LQIXVHG�WKH�SULHVWV�ZLWK�D�QHZ�VSLULW�DQG� DPELWLRQ�� ,Q� WXUQ�� WKH�5DW�*RGV� FOHUJ\�KDV� JRQH� IRUWK� DPRQJ� WKH�GHSULYHG� DQG�GLVHQFKDQWHG�RI�/DQNKPDUV�FLWL]HQV��SUHDFKLQJ�WKH�JHQHURVLW\�RI�OOWKPDUV�SDWURQ�GHLW\�5HVFXLQJ�)DWKUG�DQG�WKH�*UD\�0RXVHU$OWKRXJK� QRW� DZDUH� RI� WKH� QHZ� HVFDSH� WXQQHOV� UHFHQWO\� GXJ� E\� WKH� OOWKPDULDQ� UDW� WURRSHUV�� WKH� 3&V� KDYH� WKH�DGYDQWDJH�RI�WKH�DUHD�PDS�JLYHQ�WKHP�E\�&KLYHV�6RRQHU�RI�ODWHU�WKH�3&V�ZLOO�EH�IRUFHG�WR�UHVRUW�WR�PHOHH�LQ�UHVFXLQJ�WKH�FDSWLYH�KHURHV�EXW�WKHLU�FKDQFHV�IRU�VXFFHVV�LQFUHDVH�LI�WKH\�XVH�VXEWOHW\�RU�FOHYHU�WDFWLFV�UDWKHU�WKDQ�D�IURQWDO�DVVDXOW�7KH�3&V�DUH�RXWQXPEHUHG�E\�WKH�UDW�WURRSHUV��7KLV�IDFW�E\�LWVHOI�ZRXOG�QRW�EH�D�VHULRXV�WKUHDW�WR�WKH�SDUW\V�PLOLWDU\�VXSHULRULW\��EXW�FRPELQHG�ZLWK�+LVYLQV�SRZHUV�DQG�WKH�JRG�DVSHFW�RI�(UDVWXV��WKH�UDW�DUP\�LQ�WKH�&DWV�&UDGOH�LV�D�IRUPLGDEOH�IRUFH�+LVYLQ��E\�KLPVHOI��ZLWK�KLV�PDJLFDO�DELOLWLHV��SUHVHQWV�VRPH�GDQJHU�WR�LQFDXWLRXV�3&V��EXW�+LVYLQ�JHQHUDOO\�EXJV�RXW�ZKHQ� WKH� JRLQJ� JHWV� WRXJK�� 7KH� UHDO� GDQJHU� LV� (UDVWXV�� $OWKRXJK� KH� GRHV� QRW� ORRN� SDUWLFXODUO\� DODUPLQJ� LQ� KLV�QRUPDO�VL]HG�UDW�IRUP��ZKHQ�KH�WDNHV�RQ�WKH�DVSHFW�RI�KLV�IDWKHU�WKH�5DW�*RG��KH�LV�SUREDEO\�PRUH�WKDQ�D�PDWFK�IRU�WKH�3&V�,Q�WKH�3&V�IDYRU��KRZHYHU�� LV�D�QHXWUDOL]LQJ�IHDWXUH�RI�(UDVWXVV�SRZHUV��,Q�KLV�JRG�DVSHFW��(UDVWXV�LV� WRR�ODUJH�WR�PRYH�WKURXJK�QRUPDO�UDW�VL]HG�WXQQHOV��2QO\�LQ�WKH�JUHDW�FHQWUDO�FKDPEHU�DQG�WKH�PDLQ�HQWUDQFH�WXQQHO�WR�WKH�&DWV�&UDGOH�FDQ�(UDVWXV�PDQHXYHU�LQ�KLV�JRG�DVSHFW��$V�DQ�DYDWDU��KH�LV�LPSULVRQHG�E\�KLV�RZQ�VL]H�3RVVLEOH�3&�6WUDWHJLHV7R� KHOS� WKH� '0� DQWLFLSDWH� DQG� SUHSDUH� IRU� WKH� GLIIHUHQW� WDFWLFV� WKH� SOD\HUV� PD\� HPSOR\�� D� OLVW� RI� SRVVLEOH� 3&�VWUDWHJLHV�RQ�KRZ�WR�UHVFXH�WKH�FDSWLYH�KHURHV�IROORZV�D��)URQWDO�$VVDXOW� 7KLV�ZLOO�ZRUN�MXVW�ILQH�LI�WKH�3&V�DUH�H[WUHPHO\�SRZHUIXO��ZHOO�VXSSOLHG�ZLWK�ILUVW�UDWH�PDJLF��DQG�VXSSRUWHG�E\�0XVNDWHOV�*XDUGLDQV�RI�WKH�3HDFH��,I�WKH\�DUH�QRW��WKH\�ZLOO�EH�ZKLWWOHG�GRZQ�E\�WKH�UDW�WURRSHUV��WKHQ�GHYDVWDWHG�E\�(UDVWXVV�FRPEDW�DQG�PDJLFDO�DELOLWLHV�E��)HLQW�DQG�'HFR\�ZLWK�)ODQNLQJ�0DQHXYHU� 7KLV�PLJKW�ZRUN�LI� WKH�UDW� WURRSHUV�DUH�GUDZQ�RII�LQ�SXUVXLW�RI�D�SRUWLRQ�RI�WKH�SDUW\��ZKLOH�DQRWKHU�SDUW XVHV�VWHDOWK�RU�PDJLFDO�FRQFHDOPHQW�WR�VQHDN�WKURXJK�WKH�VLGH�SDVVDJHV�LQ�VHDUFK� RI� WKH� FDSWXUHG� KHURHV�� 7KHUH� LV� VWLOO� WKH� GDQJHU� RI� EXPSLQJ� LQWR� (UDVWXV� LQ� WKH� PDLQ� FKDPEHU� DQG�XQGHUHVWLPDWLQJ�KLV�DELOLWLHV�ZKHQ�KH�WDNHV�RQ�KLV�JRGO\�DVSHFW�

Page 28: TSR 9170 CA2 Swords of Deceit

F��6WHDOWK��7KLV�PLJKW�ZRUN�LI�WKH�3&V�DUH�VXSHULRU�WKLHYHV�RU�DUH�VXSSRUWHG�ZLWK�PDJLFDO�FRQFHDOPHQW�RU�VXEGXLQJ��VSHOOV��6XFK�D�SODQ�LV�HQKDQFHG�LI�SURYLVLRQV�DUH�PDGH�IRU�GLVWUDFWLRQV�DQG�D�IDVW�JHWDZD\�ZKHQ�WKH\�DUH�GLVFRYHUHG�G��'LVJXLVH��7KLV�ZRUNHG� IRU�*UD\�0RXVHU� LQ�&$O��6ZRUGV�RI�WKH�8QGHUFLW\� :LWK�ZLW��PDJLFDO�VXSSRUW��DQG�D�FOHYHU�FRYHU�VWRU\��WKLV�PLJKW�JHW�WKH�3&V�SDVW�WKH�ILUVW�JXDUG�SRLQW��EXW�ZLOO�SUREDEO\�QRW�DOORZ�WKHP�JHW�)DIKUG�DQG�*UD\�0RXVHU�RXW�5RGHQW�7DFWLFV�$Q�2YHUYLHZ:KHQ�DQ�LQWUXGHU�LV�GLVFRYHUHG��WZR�JXDUGV�UXQ�IURP�WKH�HQWUDQFH�WR�VSUHDG�WKH�DODUP�LQ�WKH�VPDOOHU�FKDPEHUV�ZKLOH�IRXU�JXDUGV�WU\�WR�KROG�WKH�PDLQ�HQWUDQFH��,I�WKH�DWWDFN�VHHPV�OLNHO\�WR�RYHUUXQ�WKH�JXDUG�VWDWLRQ��WKH�PDLQ�HQWUDQFH�JXDUGV�UHWUHDW�WR�DQG�UDOO\�LQ� WKH�PDLQ�FKDPEHU�ZLWK�(UDVWXV��7KH�GHIHQGHUV�RI�WKH�JUHDW�FKDPEHU�ZLOO�EH�MRLQHG�LQ�VKRUW�RUGHU�E\����UDW�WURRSHUV�IURP�WKH�EDUUDFNV�DQG�WKH�VWRUDJH�URRP��7KH�VL[�UDW�JXDUGV�LQ�WKH�FRQILQHPHQW�URRP�UHPDLQ�WR�JXDUG�WKHLU�FKDUJHV�+LVYLQ�SHHUV�LQWR�WKH�PDLQ�FKDPEHU�� WKHQ�LPPHGLDWHO\�PDNHV�KLV�HVFDSH��(UDVWXV�ZLWKGUDZV�WR�WKH�IDU�HQG�RI�WKH�PDLQ�FKDPEHU�DQG�ZDLWV�IRU�WKH�UDW�WURRSHUV�WR�PDVV�EHIRUH�KLP��7KHQ�KH�XVHV�KLV�FOHULFDO�VSHOOV�WR�VXSSRUW�WKHP��RU�LI�QHFHVVDU\��KH�FDOOV�XSRQ�KLPVHOI� WKH�$VSHFW�RI� WKH�5DW�*RG��:LWK�WKH� WUDQVIRUPDWLRQ� WDNLQJ�RQH�URXQG��(UDVWXV�VZHOOV� WR�IRXU�WLPHV�KLV�QRUPDO�VL]H�DQG�EHFRPHV�D�JLDQW�UDW�EHDVW�WKDW�LQVWLQFWLYHO\�DWWDFNV�WKH�HQHPLHV�RI�WKH�QHVW�(QFRXQWHU�.H\�6HH�0DS�;,��� 0DLQ�(QWUDQFH�7XQQHO6L[�UDW� WURRSHUV� ORXQJH�DQG�VTXHDN DPRQJ�WKHPVHOYHV��7KH�FRQYHUVDWLRQ� LV�YXOJDU�DQG�RI� LQWHUHVW�RQO\� WR�VLPLODUO\�ORZ�PLQGHG�URGHQWV��7KH�HQWUDQFH�WXQQHO�LV�DERXW�D�IRRW�ZLGH�KHUH�8QOHVV�LQYLVLEOH�RU�RWKHUZLVH�DLGHG�E\�PDJLF��QR�RQH�FDQ�VOLS�SDVW�WKH�JXDUGV�ZLWKRXW�EHLQJ�QRWLFHG��$�IHZ�PLQXWHV�DIWHU�WKH�3&V�DUULYH��KRZHYHU��IRXU�RI�WKH�UDW�WURRSHUV�VOLS�RII�WRZDUG�WKH�EDUUDFNV�LQ�VHDUFK�RI�D�ELWH�WR�QLEEOH��$�FOHYHU�UXVH��D�OXFN\�UXVK��D�PDJLFDO�VSHOO�DQ\�QXPEHU�RI�WULFNV�PLJKW�JHW�WKH�3&V�SDVW�WKLV�SRLQW�ZLWKRXW�ZLWKRXW�WULSSLQJ�DQ�DODUP�,I�WKH�DODUP�LV�VRXQGHG��WKH�UDW�WURRSHUV�WU\�WR�KROG�WKHLU�SRVLWLRQV�DJDLQVW�WKH�LQWUXGHUV��%XW�LI�WKH\�DUH�LQ�GDQJHU�RI�EHLQJ�RYHUUXQ��WKH\�ZLWKGUDZ�DQG�UDOO\�ZLWK�(UDVWXV�LQ�WKH�PDLQ�FKDPEHU����7KH�%DUUDFNV6L[�UDW�WURRSHUV�DUH�VOHHSLQJ�KHUH��(YHQ LI�WKH�DODUP�LV�VRXQGHG��LW�WDNHV�WKHP�WKUHH�URXQGV�WR�VWUXJJOH�LQWR�WKHLU�DUPRU�DQG�JUDE�WKHLU�ZHDSRQV��:KHQ�UHDG\�WKH\�UXVK�LQWR�WKH�PDLQ�FKDPEHU�WR�JXDUG�(UDVWXV����6WRUDJH6L[�UDW�WURRSHUV�DUH�KHUH�VWXIILQJ�WKHLU�IDFHV�ZLWK�FKHHVH�DQG�WHOOLQJ�ORQJZLQGHG��RII�FRORU�MRNHV�ZLWK�ODPH�SXQV�DV�SXQFK�OLQHV�7KH�MRNHV�DUH�QRW�FRQFHLYDEO\�DPXVLQJ�WR�D�KXPDQ��EXW�WKH�UDWV�DUH�LQ�VWLWFKHV�VR�PXFK�VR�WKDW�WKH\�PD\�EH�WDNHQ�FRPSOHWHO\�E\�VXUSULVH�E\�WKH�LQWUXGHUV�,I�WKH�DODUP�LV�VRXQGHG�� WKHVH�VL[�WURRSHUV�WDNH�WKUHH�URXQGV�WR�VWUXJJOH�LQWR�WKHLU�DUPRU�DQG�JUDE�WKHLU�ZHDSRQV��WKHQ�WKH\�UXVK�RXW�LQWR�WKH�PDLQ�FKDPEHU�WR�VXSSRUW�(UDVWXV����&RQILQHPHQW+HUH�LQ�D�SDLU�RI�FDJHV�DUH�WKH�JUHDWHVW�KHURHV�RI�1HKZRQ��7KH\�DUH�GLUW\��WLUHG��KXQJU\��DQG�PLVHUDEOH��7KHLU GLVSRVLWLRQV�FDQ�EH�GHVFULEHG�DV�LUULWDEOH��5HJXODU�GRVHV�RI�GLPLQXWLRQ�SRWLRQV�KDYH�NHSW�WKHP�UDW�VL]HG�6L[� UDW� WURRSHUV� JXDUG� WKH� FDSWLYHV�� ,QLWLDOO\� WKH\�VSHQW�PXFK�RI� WKHLU� WLPH� WDXQWLQJ� WKH� WZR�KHURHV��DQ� HQWHUWDLQLQJ�VSRUW� IRU� D�ZKLOH�� %XW� VRRQ WKH� FDSWLYHV� VWRSSHG� UHVSRQGLQJ� DQG� VLPSO\� VDW� DURXQG�� JODULQJ� SRLVRQRXVO\� DW� WKHLU� FDSWRUV�� 1RZ� WKH�HQWHUWDLQPHQW� FRQVLVWV� RI� SOD\LQJ� ZLWK� WKH� SULVRQHUV� IRRG� EHIRUH� LW� LV� WRVVHG� RQ� WKH� IORRUV� RI� WKH� FDJHV�� 7KH� GHWDLOV� RI� WKLV�HQWHUWDLQPHQW�ZLOO�EH�RPLWWHG�WR�DYRLG�GLVWXUELQJ�GHOLFDWH�VWRPDFKV�,I�WKH�DODUP�LV�VRXQGHG��RQH�JXDUG�JRHV�WR�HDFK�RI�IRXU�SDVVDJHV�OHDGLQJ�RXW�WKH�FKDPEHU�ZKLOH�WKH�RWKHU�WZR�VWDQG�JXDUG�QHDU�WKH�FDJHV�� ,I� WKLQJV� ORRN� URXJK�� WKHVH�VL[�UDWV�KDYH�DJUHHG�WR�UXQ�IRU� LW��RQ�WKH� ORJLFDO�JURXQGV�WKDW�DQ\WKLQJ�WKDW�JHWV�DV�IDU�DV�WKLV�FKDPEHU�LV�QRW�JRLQJ�WR�EH�VWRSSHG�E\�VL[�UDWV����7KH�$OFKHPLVWV�/DE+LVYLQ� KDV� NLGQDSSHG� DQ� DOFKHPLVW�� )DUDJLR�� DQG� LPSULVRQHG� KLP� KHUH�� )DUDJLR� PDQXIDFWXUHV� GLPLQXWLRQ� SRWLRQV� DQG� WKHLU�DQWLGRWHV�IRU�+LVYLQ��,I�)DUDJLR�UHIXVHV�WR�SURGXFH�WKH�SRWLRQV��+LVYLQ�UHIXVHV�WR�IHHG�KLP��$V�IXUWKHU�LQFHQWLYH��VLQFH�)DUDJLR�LV�FXUUHQWO\�WUDSSHG�LQ�D�VPDOO�URRP�XQGHUJURXQG��KH�PXVW�FRQWLQXH�WR�FRQVXPH�SRWLRQV�RU�KH�UHWXUQV�WR�QRUPDO�VL]H�LQ�WKH�FRQILQHV�RI�D�WKUHH�IRRW�VTXDUH�FKDPEHU�)DUDJLR�LV�FKDLQHG�WR�D�ZDOO��7KH�FKDLQ�LV�RI�ILQH�FUDIWVPDQVKLS��FKDQFH�WR�EUHDN�HTXDO�WR�EHQG�EDUV�RQ�6WUHQJWK�7DEOH���)DUDJLR�LV�SHUIHFWO\�ZLOOLQJ�WR�FRRSHUDWH�ZLWK�DQ\RQH�ZKR�PLJKW�KHOS�IUHH�KLP��+H�KDV�VHYHQ�SRWLRQV�RI�GLPLQXWLRQ�DQG�VHYHQ�DQWLGRWH�SRWLRQV�KLGGHQ�LQ�KLV�FRPSRQHQW�VXSSOLHV�

Page 29: TSR 9170 CA2 Swords of Deceit

,W�PD\�RFFXU�WR�FOHYHU�SOD\HUV�WKDW�D�VLS�RI�DQ�DQWLGRWH�SRWLRQ�PLJKW�PDNH�D�3&�VLJQLILFDQWO\�ODUJHU��ZKLOH�VWLOO�DEOH�WR�PRYH�DERXW�LQ�WKH�ODUJHU�FKDPEHU�DQG�PDLQ�HQWUDQFH�WXQQHO��([SHULPHQWLQJ�LV�GDQJHURXV��EXW�XQGHU�)DUDJLRV�VXSHUYLVLRQ��WKH�ULVN�LV�PLQLPDO��(QKDQFHPHQWV�RI�WKH�3&V�FRPEDW�DELOLWLHV�DUH�OHIW�WR�WKH�'0V�GLVFUHWLRQ����+LVYLQV�4XDUWHUV+LVYLQ�ZLOO�DOZD\V�EH�IRXQG�KHUH��SRQGHULQJ�DQG�SROLVKLQJ�KLV�PDVWHU�SODQ�IRU�WKH�VXEMXJDWLRQ�RI�DOO�RI�/DQNKPDU��,I�VXUSULVHG�KH�ZLOO�SUHWHQG�WR�VXUUHQGHU�JRRG�QDWXUHGO\�� WKHQ�H[SORGH�D�FRXSOH�RI�JDV�ERPEV�)DUDJLR�KDV�PDQXIDFWXUHG��8QGHU�FRYHU�RI�WKHVH�ERPEV�ZKLFK�DUH�HTXLYDOHQW�WR�D�VWLQNLQJ�FORXG�VSHOO��+LVYLQ�ZLOO�HVFDSH�WKURXJK�KLV�EROWKROH��+H�FDQ�DSSHDU�DV�DQ�DUFK�YLOODLQ�LQ�ODWHU�DGYHQWXUHV�,I�WKH�DODUP�LV�VRXQGHG��+LVYLQ�ZLOO�PDNH�D�EULHI�DSSHDUDQFH�LQ�WKH�PDLQ�FKDPEHU��WKHQ�KHDG�IRU�KLV�EROWKROH�,W� LV� LPSRUWDQW� WKDW� +LVYLQ� HVFDSHV�� 6XFK� D� YLOODLQ� LV� DOZD\V�PRUH� XVHIXO� DV� D� UHWXUQLQJ� QHPHVLV� WKDQ� DV� D� FDSWXUHG� RU� NLOOHG�RSSRQHQW����7KH�*UHDW�&KDPEHU7KLV� LV�(UDVWXVV�JUHDW� WHPSOH� WR� WKH�5DW�*RG�RI� OOWKPDU��+HUH�D�VPDOO�FURZG�RI� WKH�HOHFW�PD\�FRPH�DQG�REVHUYH�DV� WKH�PRUWDO�URGHQW�IRUP�RI�(UDVWXV�WUDQVIRUPV�LQWR�WKH�DZHVRPH�LPPDQHQFH�RI�WKH�5DW�*RG�,I�WKH�ILJKW�KDV�WXUQHG�DJDLQVW�WKH�UDWV�LQ�WKH�JUHDW�FKDPEHU��D�EDQG�RI�UDW�WURRSHUV�ZLOO�VWDQG�LQ�IURQW�RI�(UDVWXV�RQ�JXDUG�DQG�KH�ZLOO�VZHOO�XS� WR�IRXU� WLPHV�KLV�QRUPDO�VL]H��+H�ZLOO�JORZ�ZLWK�D�WHUULEOH�OLJKW��JDLQ�IODVK\�PDJLFDO�SRZHUV��DQG�EHFRPH�DOPRVW�LQYXOQHUDEOH� WR� LQMXU\�RU�PDJLFDO�DVVDXOW��+LV�YRLFH� VRXQGV�DV� LI� LW� LV�FRPLQJ�IURP�GHHS�ZLWKLQ�D�FDYHUQ��/LVWHQHUV�FDQQRW� ODWHU�UHFDOO�WKH�VSHFLILFV�RI�ZKDW�ZDV�VDLG��EXW�FDQ�UHPHPEHU�WKDW�WKH�YRLFH�ILOOHG�WKHP�ZLWK�WKH�SRZHU�DQG�YLVLRQ�RI�WKH�5DW�*RG�(UDVWXV�WKH�:LOG6RQ�RI�WKH�5DW�*RG�RI�OOWKPDU0RUWDO�)RUP���WK�OHYHO�EODFN�ZL]DUG��09������KS�����$/�&(���$7����'PJ������PDJLFDO�PDFH��%ODFN�&DW��� ZLWK� DQ� REVLGLDQ� KHDG� LQ� WKH� IRUP�RI� D�EODFN�FDW����� WR�KLW�� VRXQGV�D�EORRGFXUGOLQJ�\HRZO�DQG�FDXVH�IHDU� LQ�URGHQWV�HDFKURXQG��RU�VSHOO6SHOOV/HYHO����FXUVH��UHYHUVHG�EOHVV���FRPPDQG��FDXVH�IHDU� �UHYHUVHG�UHPRYH�IHDU�/HYHO����FKDQW��ILQG�WUDSV��VSHDN�ZLWK�DQL PDOV/HYHO����FDXVH�GLVHDVH� �UHYHUVHG�FXUH�GLVHDVH���GLVSHO�PDJLF$YDWDU�RI�WKH�5DW�*RG�)RUP�� $&�����09������+'�������KS�����$7���'PJ�����MDZV������� �FODZ������� �FODZ���6$�FRORUVSUD\�RU�K\SQRWLVP� DV�D�VL[WK�OHYHO�LOOXVLRQLVW�DV�D�QDWXUDO�DELOLW\�RQFH�SHU�URXQG��6'�����PDJLFDO�UHVLVWDQFH,I� (UDVWXV� LV� LQ� KLV� DVSHFW� IRUP�ZKLOH� LQ� WKH� YLFLQLW\� RI� WKH� 3&V�� WKHUH� DUH� OLNHO\� WR� EH� VRPH� FDVXDOWLHV� XQOHVV� WKH� FKDUDFWHUV�HYDFXDWH�LQ�VKRUW�RUGHU��2Q�WKH�RWKHU�KDQG��D�GHFHQW�FKDUDFWHU�VKRXOG�VXUYLYH�WKH�ILUVW�URXQG�(QGLQJ�WKH�&KDSWHU,I�WKH�3&V�VXUYLYH�WKH�ERXW�ZLWK�(UDVWXV� GLVFRYHU�WKH�FDSWLYHV��EXW�IDLO�WR�IUHH�WKH�KHURHV�RQ�WKHLU�LQLWLDO�SHQHWUDWLRQ�RI�WKH�&DWV�&UDGOH��WKHQ�WKH�3&V�KDYH�IDLOHG�WKHLU�PLVVLRQ�%\� WKH� WLPH� WKH�3&V� FDQ� UHWXUQ� WR� WKH�&DWV�&UDGOH�ZLWK�KHOS��+LVYLQ��(UDVWXV�� DQG� WKH� UHVW�RI� WKH� UDWV�ZLOO�KDYH� IOHG�ZLWK� WKH�FDSWLYHV� LQ� WKH� GLUHFWLRQ� RI� OOWKPDU�� 7KH� RYHUORUG�ZLOO� EH� YHU\� GLVSOHDVHG� DQG� WKH� 3&V�PD\� ILQG� WKHPVHOYHV� IDFLQJ� D� WULDO� IRU�WUHDVRQ�,I�WKH�3&V�GLVFRYHU�DQG�IUHH�WKH�FDSWLYHV�WKH\�ZLOO�EHFRPH�SXEOLF�KHURHV�7KH�RYHUORUG�ZLOO�KROG�EDQTXHWV�LQ�WKHLU�KRQRU��ILQG�WKHP�SURILWDEOH�DQG�OHLVXUHO\�MREV�LQ�WKH�UR\DO�VHUYLFH��JUDQW�VL]DEOH�JLIWV�RI�ZHDOWK��DQG�FRPPLVVLRQ�EDOODGV�LQ�WKHLU�KRQRU�7KHUHDIWHU� WKH�3&V�ZLOO�UHFHLYH�WKH��KRQRU��RI�EHLQJ�VHOHFWHG�IRU�HYHU\�GLUW\�DQG�GDQJHURXV�SUREOHP�ZLWK�ZKLFK�WKH�RYHUORUG�LV�IDFHG�)DIKUG�DQG�WKH�*UD\�0RXVHU�DFNQRZOHGJH�WKHLU�JUDWLWXGH�WR�WKH�3&V��$QG��D�EDUEDULDQ�DOZD\V�SD\V�KLV�GHEWV���)DIKUG�KDV�VDLG��7KH�3&V�FDQ�H[SHFW�WKH�DLG�RI�WKH�WZR�KHURHV�LQ�WKH�IXWXUH��(DFK�3&�JDLQV�D�VWDWXV�OHYHO�IRU�EHLQJ�DFTXDLQWHG�ZLWK�WKH�RYHUORUG�DQG�IRU�EHLQJ�D�NQRZQ�FRPSDQLRQ�RI�WKH�JUHDWHVW�KHURHV�RI�DOO�/DQNKPDU�

Page 30: TSR 9170 CA2 Swords of Deceit

&KDSWHU����21(�1,*+7�,1�/$1.+0$5�0DNHV�$�3URXG�0DQ�+XPEOH��0LFKDHO�6��'REVRQ/DQNKPDU����FLW\�RI�WKLHYHV��FLW\�RI�DGYHQWXUH��2Q�WKH�1LJKW�RI�)HDU��LW�LV�D�FLW\ RI�P\VWHU\�DQG�RI�GDQJHU��ZKHQ�WKH�YHU\�JRGV�RI�/DQNKPDU�KDYH�EHHQ�NQRZQ�WR�URDP�WKH�VWUHHWV��$�GHQVH�IRJ�EODQNHWV�WKH�7HQGHUORLQ��ZKHUH�QR�KRQ HVW�PDQ� JRHV� DW� QLJKW�� DQG� ZKHUH� QR� VDQH� PDQ� ZDONV� WKLV� QLJKW�� 7KH� VLOHQW� VKURXGHG� VWUHHWV� VHHP� VWLOO� DQG� VRIW�)RRWVWHSV����D�FODFNLQJ�DJDLQVW�WKH�FRE EOHVWRQHV����D�FRZOHG�ILJXUH�LQ�WKH�IRJ��WKHVH�DUH�WKH�VLJKWV�DQG�VRXQGV�RI�D�QLJKW�ZKHQ�WKH�DLU�RI�/DQNKPDU�LV�WLQJHG�ZLWK�WKH�VFHQW�RI�GHDWK����RU�LV�LW�MXVW�WKH�VDOW\�VHD�DLU"�2QH�1LJKW� LQ�/DQNKPDU�� LV� D� VKRUW�DGYHQWXUH� GHVLJQHG� IRU� WZR� KLJK�OHYHO� FKDUDFWHUV�� SHUKDSV�SHDN�YHUVLRQV� RI�)DIKUG�DQG�WKH�*UD\�0RXVHU��%XW�LW�FDQ�DOVR�EH�SOD\HG�E\�D�PD[LPXP�RI�IRXU�FKDUDFWHUV�RI�PDWXUH�OHYHOV��7KH�XVH�RI�VSHOO�FDVWHUV�LV�QRW�UHFRPPHQGHG�7KLV� DGYHQWXUH� LV� VHW� GXULQJ� RQH� RI�/DQNKPDUV� QDWLRQDO� KROLGD\V�� WKH�1LJKW� RI�)HDU�� �VHH�6RXUFHERRN�� SDJH�����ZKLFK�WDNHV�SODFH�RQ�WKH�GD\�RI�WKH�%DW�LQ�WKH�PRQWK�RI�WKH�*RDW��2QFH�LQ�HYHU\�VHYHQ�\HDUV�RQ�WKLV�GDWH��WKH�JRGV�RI�/DQNKPDU�ZDON�WKH�VWUHHWV��,V�WKLV�WKH�QLJKW"�1R�RQH�NQRZVIRU�VXUH��EXW�IHZ�VDQH�PHQ�WDNH�FKDQFHV�7KH� DGYHQWXUH� EHJLQV� LQ� WKH�/DVW�&KDQFH��RQH�RI� WKH�PRVW�SRSXODU� JDPEOLQJ�KRXVHV� LQ� WKH�7HQGHUORLQ��7KH�/DVW�&KDQFH�LV�GHVFULEHG�KHUH�LQ�VRPH�GHWDLO�VR�WKDW�LW�FDQ�EH�XVHG�LQ�IXWXUH�DGYHQWXUHV�7KH�/DVW�&KDQFH�*DPEOLQJ�'HQ7KH�1HLJKERUKRRG7KH� /DVW� &KDQFH� LV� ORFDWHG� QHDU� WKH� FRUQHU� RI� &DUWHU� 6WUHHW� DQG� $WKHLVW� $YHQXH�� �VHD�0DS� ;�� DUHD� ���� LQ� WKH�7HQGHUORLQ�'LVWULFW��VHH�6RXUFHERRN�SDJHV���������&DUWHU�6WUHHW�LV�D�ZLGH�VWUHHW��EXV\�ERWK�GD\�DQG�QLJKW�H[FHSW��RI�FRXUVH��RQ�WKH�1LJKW�RI�)HDU��ZKHQ�LW�LV�GHVHUWHG��&DUWHU�VWUHWFKHV�IURP�WKH�*UDQG�*DWH�QRUWK�DOO�WKH�ZD\�WR�7HPSOH�6WUHHW��ZKHUH�LW�FKDQJHV�LWV�QDPH�WR�5R\DO�5RDG�$ORQJ� WKH� VWUHWFK� WKDW� SDVVHV� WKURXJK� WKH� 7HQGHUORLQ�� WKH� VWUHHW� LV� W\SLFDOO\� ILOOHG�ZLWK� UHVLGHQWV� RI� WKDW�ZLFNHG�GLVWULFW��:LWK�PRVW�RI�WKH�GHQL]HQV�OLYLQJ�RQ�WKH�ZURQJ�VLGH�RI�WKH�ODZ��WKLHYHV�DQG�SLFNSRFNHWV�DERXQG��7KHUH�LV�D�����FKDQFH�HDFK�GD\WKDW�D�SLFNSRFNHW�RU�PXJJHU�ZLOO�YLFWLPL]H�D�VWUDQJHU��/RFDO�UHVLGHQWV�DQG�REYLRXVO\�ZHOO�DUPHG�DQG�DOHUW�FKDUDFWHUV�DUH�OHIW�DORQH�7KH�6WUHHW�RI�WKH�7KLQNHUV��PRUH�FRPPRQO\�NQRZQ�DV�$WKHLVW�$YHQXH��LV�D�QDUURZ��WZLVWHG�ODQH�WKDW�UXQV�EHWZHHQ�:DOO�6WUHHW�QHDU�WKH�0DUVK�*DWH�DOO�WKH�ZD\�DFURVV�/DQNKPDU�WR�WKH�1RUWK�'RFNV��$V�WKH�6WUHHW�RI�WKH�*RGV�LV�ZLGHU�DQG�PRUH�KHDYLO\�WUDYHOHG��RQO\�WKRVH�ZLWK�EXVLQHVV�RQ�$WKHLVW�$YHQXH�VKRXOG�EH�H[SHFWHG�WR�SDVV�RQ�WKLV�URDG�,I�WKH�/DVW�&KDQFH�LV�WR�EHFRPH�D�PDMRU�SDUW�RI�\RXU�/DQNKPDUW�FDPSDLJQ��WKH�UDQGRP�EXLOGLQJ�DQG�13&�JHQHUDWRUV�VKRXOG�EH�XVHG�WR�SRSXODWH�WKH�EXLOGLQJV�DQG�QHDUE\�VKRSV��)RU�WKLV�DGYHQWXUH�QR�VXFK�JHQHUDWLRQ�LV�QHHGHG�7KH�%XLOGLQJ7KH�/DVW�&KDQFH� LV�DQ�ROG��VOLJKWO\�FURRNHG�EXLOGLQJ� �LQ�ERWK�VHQVHV�RI�WKH�ZRUG���VRRW�FRYHUHG�DQG�SDLQW�SHHOHG�IURP�\HDUV�RI�H[SRVXUH�WR�WKH�VHD�DLU�DQG�WKH*UHDW�0DUVK�PLVWV��$�VLJQ�GHSLFWLQJ�D�SDLU�RI�GLFH�UROOHG�WR�GRXEOH�RQHV��VQDNH�H\HV���KDQJV�RYHU�WKH�GRRU��$�VWDLUZD\�LQ�WKH�EDFN�OHDGV�WR�D�ODQGLQJ�DQG�GRRU�RQ�WKH�VHFRQG�DQG�ILIWK�VWRULHV��$�UXVWHG�UDLQ�JXWWHU�UXQV�DORQJ�WKH�WRS�HGJH�RI�WKH�IODW�URRI�DQG�FRQWLQXHV�DORQJ�WKH�VRXWK�VLGH�RI�WKH�EXLOGLQJ�DQG�LQWR�DQ�DOOH\ZD\��,Q�D�EDG�UDLQ��WKH�UXVWHG�KROHV�OHDN�WRUUHQWV�RQWR�SDVVHUVE\�,I�RQH�IROORZHG�WKH�DOOH\�RQ�WKH�VRXWK�VLGH�RI�WKH�EXLOGLQJ��KH�ZRXOG�KDYH�WR�NLFN�WKH�SLOHV�RI�UXEELVK�DQG�VFDWWHU�WKH�UDWV�LQ�RUGHU�WR�JHW�WR�D�EDFN�GRRU�OHDGLQJ�WR�D�NLWFKHQ��,Q�WKH�DOOH\��UDWV��PRUH�WKDQ�KXPDQV��VHHP�WR�EH�WKH�GRPLQDQW�VSHFLHV�$WWDFKHG�WR�WKH�PDLQ�EXLOGLQJ�LV�D�VPDOOHU��HYHQ�UXGHU�KXW��D�EDUH�VKHOWHU�RFFXSLHG�E\�WKLHYHV�DQG�EHJJDUV��$�PD]H�RI�DOOH\ZD\V�OHDGV�WR�$WKHLVW�$YHQXH��WR�&DUWHU�6WUHHW�LQ�DQRWKHU�GLUHFWLRQ��DQG�DOVR�LQWR�WKH�VKLIWLQJ�LQQHU�FRXUWV�RI�WKH�7HQGHUORLQ��RWKHUZLVH�NQRZQ�DV�&LW\�*HRPRUSK�EORFNV���2QO\�WKH�EUDYH�DQG�ZHOO�DUPHG�GDUH�WUDYHO�LQ�WKRVH�LQQHU�FRXUWV�DQG�HYHQ�WKHQ�WKH\�ZDWFK�WKHLU�EDFNV�$OO�LQ�DOO��WKH�/DVW�&KDQFH�LV�QRW�DQ�DWWUDFWLYH�SODFH��QRU�DQ�LQYLWLQJ�RQH��%XW�WKRVH�ZKR�NQRZ�LW�LJQRUH�WKH�H[WHUQDO�DSSHDUDQFH�DQG�HQWHU�LWV�ZDOOV�E\�ZD\�RI�D�GRRU�RQ�WKH�ILUVW�IORRU�

Page 31: TSR 9170 CA2 Swords of Deceit

7KH�)LUVW�)ORRU$UHD����7KH�0DLQ�*DPEOLQJ�+DOO)DWW\�JUHHWV�DOPRVW�DOO�RI�KLV�JXHVWV�E\�QDPH�DW�WKH�GRRU��+H�KDV�D�SKHQRPHQDO�PHPRU\�IRU�QDPHV��DQG�LI�D�FXVWRPHU�KDV�EHHQ�WKHUH�EHIRUH��KH�ZLOO�UHPHPEHU��9DULRXV�JDPLQJ�WDEOHV�IHDWXULQJ�FDUG�JDPHV��JDPHV�RI�FKDQFH��DQG�GLFH�JDPHV�RI�YDULRXV�VRUWV�DUH�ORFDWHG WKURXJKRXW�WKH�URRP��$�EDU�UXQV�DORQJ�WKH�ULJKW�KDQG�ZDOO�DQG�D�FDVKLHUV�FDJH��ZKHUH�PRQH\� LV� H[FKDQJHG� IRU� FKLSV�� LV� GLUHFWO\� LQ� IURQW� RI� \RX��$�VSLUDO� VWDLUFDVH� LV� LQ� WKH�FRUQHU��7KH� URRP� LV�EXVWOLQJ�DQG�EXV\�7KH�JDPEOLQJ�LQ�WKLV�URRP�QRUPDOO\�LQYROYHV�D�PLQLPXP�ZDJHU�RI�D�EURQ]H�DJRO��%HWV�RI�PRUH�WKDQ����ULONV�UHTXLUH�WKH�DSSURYDO�RI�WKH�FDVKLHU�RU�)DWW\�$UHD����7KH�.LWFKHQ7KH�/DVW�&KDQFH�KDV�D� WLQ\�NLWFKHQ� WKDW�FRRNV�PRUH�IRU�WKH�VHUYDQWV�WKDQ�IRU�WKH�JXHVWV��7KH�FKHI�PDNHV�YDULRXV�GLVKHV�DQG�KRUV�GRHXYUHV�IRU�WKH�KLJKHU�VWDNH�JDPEOHUV�RQ�WKH�VHFRQG�DQG�WKLUG�IORRUV�$UHD����&DVKLHUV�&DJH7KH�&DVKLHUV�&DJH�KDV� LURQ�EDUV� DQG� D� VPDOO�ZLQGRZ��7KH� GRRU� OHDGLQJ� WR� WKH� VWDLUZHOO� �DUHD���� LV� DOZD\V�NHSW�ORFNHG�DQG�EDUUHG��7KHUH�LV�D�EHOO�DODUP�WKDW�WKH�FDVKLHU�FDQ�SXOO��DQG�D�WUDS�LQ�WKH�GRRU�RI�WKH�FDJH�WULJJHUV�DQ�DODUP�LI�RSHQHG�LPSURSHUO\�7KH� FDJH� FRQWDLQV� �G��[���� DJROV�� �G��[���� VPHUGXNV�� DQG� �G��[���� ULONV� DW� DQ\�RQH� WLPH��:KHQ� WKH� FDJH� LV�XQRFFXSLHG��WKH�PRQH\�LV�NHSW�LQ�DQ�LURQ�VDIH�ZLWKD�FRPSOH[�ORFN�������RQ�D�QRUPDO�WKLHIV�FKDQFHV�WR�RSHQ��$UHD����5HDU�6WDLUZHOO7KLV�VWDLUZHOO�DVFHQGV�WR�SODWIRUPV�DQG�GRRUV�RQ�WKH�VHFRQG�DQG�ILIWK�IORRUV�$UHD����7KH�+RYHO$�RQH�URRP��VLQJOH�VWRU\�� WKDWFKHG�URRI�KRYHO�QRUPDOO\�RFFXSLHG�E\�SHDVDQWV DQG�WKLHYHV��)DWW\�UHQWV�LW�RXW�IRU���VPHUGXNV�D�PRQWK��7KHUH�LV�D�IUHTXHQW�WXUQRYHU�RI�UHVLGHQWV�EHFDXVH�DQ\RQH�ZKR�FDQQRW�DIIRUG���VPHUGXNV�D�PRQWK�LV�HYLFWHG�LPPHGLDWHO\�DQG�DQ\RQH�ZKR�FDQ�DIIRUG�HYHQ���VPHUGXNV�ILQGV�EHWWHU�DFFRPPRGDWLRQV�7KH�SODFH LV�ILOWK\�DQG�FUDPSHG�DQG�WKH�URRI�OHDNV�7KH�UHVLGHQWV�GR�QRW�NQRZ�DERXW�D�VHFUHW�GRRU�LQ�WKH�IORRU�WKDW�OHDGV�WR�DQ�HQWUDQFHZD\�LQWR�WKH�VHZHU�V\VWHP��)DWW\�EXLOW�WKH�VHFUHW�SDVVDJHZD\�WKLQNLQJ�VRPHGD\�KH�PLJKW�QHHG�WR�PDNH�D�TXLFN�H[LW�$OO�LQIRUPDWLRQ DERXW�WKH�UHVLGHQWV�VKRXOG�EH�VHFXUHG�IURP�WKH�5DQGRP�13&�*HQHUDWLRQ�V\VWHP��%HFDXVH�WKH�RFFX�SDQWV�FKDQJH�VR�IUHTXHQWO\��D�QHZ�FKDUDFWHU�VKRXOG�EH�UROOHG�IRU�HDFK�YLVLW�WKH�3&V�PDNH�7KH�%DVHPHQW7KH�EDVHPHQW�LV�XVHG�IRU�XQXVXDO��DQG�VRPHWLPHV�JUXHVRPH��JDPEOLQJ�FRQWHVWV��2QO\�)DWW\�NQRZV�DERXW�WKH�VHFUHW�H[LW�WR�WKH�VHZHU�QHWZRUN��7KH�VHZHU�H[LW�DOVR�OHDGV�WR�WKH�WUDS�GRRU�LQ�WKH�KRYHO��DUHD����$UHD����'ZDUI�7RVVLQJ�$UHQD$�SDWURQ�PXVW�VWDQG�EHKLQG�WKH�OLQH�RQ�WKH�IORRU�DQG�WRVV�WKH�GZDUI�RQWR�WKH�KD\��$GGLQJ�WR�WKH�FRPSOH[LW\�RI�WKLV�VWUDQJH�VSRUW�LV�WKH�IUHTXHQW�XQZLOOLQJQHVV�RI�WKH�GZDUYHV�WR�EH�WKURZQ�$UHD����7KH�3LW7KH�SLW�LV�XVHG�IRU�FRFN�ILJKWLQJ��EXOO�EDLWLQJ��DQG�VLPLODU�JHQWHHO�VSRUWV�IRU�DULVWRFUDWLF�WDVWHV�$UHD����&REUD�%DVNHW$QRWKHU�SRSXODU�VSRUW�DW�WKH�/DVW�&KDQFH�LV�FREUD�NLVVLQJ��7KH�FREUDV��RI�FRXUVH��DUH�IXOO\�SRLVRQRXV��VDYLQJ�WKURZ�YV��SRLVRQ�RU�GHDWK�LQ�����URXQGV���$�FREUD�KDV�D�����FKDQFH�RI�VWULNLQJ�DW�D�NLVVHU��DQG�KDV�QRUPDO�FKDQFHV�WR�KLW�7KH�6HFRQG�)ORRU7KH�VHFRQG IORRU�LV�IRU�KLJK�VWDNHV�JDPEOLQJ�DQG�RWKHU�LOOHJDO�GLYHUVLRQV��)RRG�DQG�GULQNV�DUH�VHUYHG�WR�WKH�JDPEOHUV�

Page 32: TSR 9170 CA2 Swords of Deceit

RQ�WKLV�IORRU�DQG�WKH�PLQLPXP�EHW�LV�D�VLOYHU�VPHUGXN��$�SDWURQ�PXVW�PDNH�D�VXLWDEOH�EULEH��EH�NQRZQ�WR�)DWW\�RU�KDYH�KDG�SURSHU�LQWURGXFWLRQV�LQ�RUGHU�WR�EH�DOORZHG�RQ�WKLV�IORRUV�$UHD����5RXOHWWH�7DEOH/DQNKPDUW�URXOHWWH�LV�VLPLODU�WR�UHJXODU�URXOHWWH��EXW�WKHUH�DUH���]HURHV�DQG����QXPEHUV��6HH�WKH�'XQJHRQ�0DVWHUV�*XLGH�WR�OHDUQ�KRZ�WR�KDQGOH�JDPEOLQJ�LQ�WKH�$''��JDPH�$UHD�����%ODFNMDFN�7DEOH$W�WKLV�WDEOH��WKH�JDPEOHUV�SOD\�EODFNMDFN�RU�LI�WKH�20�SUHIHUV��DQ\�RWKHU�FDUG�JDPH�$UHD�����&UDSV$W�WKLV�WDEOH��WKH�JDPEOHUV�VKRRW�FUDSV�RU�LI�WKH�'0�SUHIHUV��DQ\�RWKHU�GLFH�JDPH�$UHD�����6WDLUV7KH�GRRU�OHDGLQJ�WR�WKH�VWDLUV�LV�ORFNHG��EXW�DOO�VWDII�PHPEHUV�FDUU\�NH\V�7KH�7KLUG�)ORRU$UHD�����3ULYDWH�*DPLQJ�5RRP,Q� WKLV� URRP�ZKHUH� VRPH� RI� WKH� KLJKHVW� VWDNHV� SULYDWH� JDPLQJ� LQ� /DQNKPDU� WDNHV� SODFH� YDULRXV� FDUG� JDPHV� DUH�SOD\HG��7KH�PLQLPXP�EHW�LV���JROG�ULON�DQG�WKHUH�LV�QR�OLPLW�RQ�ZDJHUV��7KH�WKLUG�IORRU�LV�RSHQ�E\�LQYLWDWLRQ�RQO\��7KH�NLWFKHQ�KHOS�VHUYHV�IRRG�DQG�GULQN��DQG�SDWURQV�FDQ�REWDLQ�YDULRXV�VSHFLDO�LWHPV�DQG�VHUYLFHV�IURP�)DWW\�$UHD�����6WDLUV7KH�VWDLUV� OHDG�ERWK�GRZQ�DQG�XS�IURP�WKLV�SRLQW��7KH�GRRU�LV�ORFNHG��EXW�DOO�VWDII�PHPEHUV�KDYH�D�NH\��$�ORFNHG�GRRU�EORFNV�WKH�ODQGLQJ�OHDGLQJ�WR�WKH�IRXUWK�IORRU��EXW�DJDLQ��DOO�VWDII�PHPEHUV�KDYH�D�NH\�7KH�)RXUWK�)ORRU7KH�IRXUWK�IORRU�FRQVLVWV�RI�TXDUWHUV�IRU�WKH�VWDII��:LWK�)DWW\�FKDUJLQJ�IRXU�VPHUGXNV�D�PRQWK�IRU�UHQW��VRPH�RI�WKH�HPSOR\HHV�KDYH�IRXQG�RWKHU�SODFHV�WR�OLYH�$UHD�����6WDLUV7KH�VWDLUV� OHDG�ERWK�XS�DQG�GRZQ��7KH�GRRU�LV�ORFNHG��EXW�DOO�VWDII�PHPEHUV�KDYH�D�NH\��$QRWKHU�ORFNHG�GRRU�IRU�ZKLFK�WKH�VWDII�GRHV�QRW�KDYH�D�NH\��LV�ORFDWHG�DW�WKH�WRS�RI�WKH�VWDLUZD\��7KH�GRRU�OHDGV�WR�WKH�ILIWK�IORRU�DQG�)DWW\V�DSDUWPHQW�$UHDV�������� 6WDII�$SDUWPHQWV(DFK�RI�WKHVH�VPDOO�URRPV�FRQWDLQV�D�EHG��D�GUHVVHU��D�QLJKWVWDQG�ZLWK�D�ZDVKERZO�DQG�FKDPEHU�SRW��DQG�YDULRXV�SHUVRQDO� EHORQJLQJV�� VXFK� DV� FORWKHV� DQG� PLQRU� NQLFNNQDFNV�� $� WKRURXJK� VHDUFK� �L�H�� ORRNLQJ� XQGHU� WKH� VWUDZ�PDWWUHVVHV��ZLOO�UHYHDO�QXPHURXV�FRFNURDFKHV�DQG��G���VPHUGXNV�)LIWK�)ORRU7KH�ILIWK�IORRU�LV�)DWW\V�DSDUWPHQW��2QO\�KH�KDV�D�NH\�WR�WKH�GRRU�$UHD�����6WDLUV7KH�VWDLUZHOO�HQGV�KHUH��7KHUH�LV�DQ�LURQ�UXQJ�ODGGHU�OHDGLQJ�WR�D�WUDSGRRU�WR�WKH�URRI��7KH�GRRU�LV�DOZD\V�ORFNHG�$UHD���a�)DWW\V�/LYLQJ�5RRP7KLV� URRP�FRQWDLQV� WZR�FRPIRUWDEOH�FKDLUV�� D� UXJ�� D� VPDOO�EXW�ZHOO�VWRFNHG�EDU��DQG�D� WDEOH��7KHUH� LV�QRWKLQJ�RI�SDUWLFXODU�YDOXH�KHUH�

Page 33: TSR 9170 CA2 Swords of Deceit

$UHD�����2IILFH)DWW\�GRHV�KLV�ERRNNHHSLQJ�KHUH��$�VDIH�ZLWK�D�FRPSOH[�ORFN�������WR�D�WKLHIV�FKDQFHV�WR�RSHQ��KROGV�KLV�SHUVRQDO�IRUWXQH��������JROG�ULONV��2XWVLGH�WKH�ZLQGRZ��KLGGHQ�IURP�YLHZ��LV�D�URSH�ODGGHU�ZLWK�ZKLFK�)DWW\�FDQ�HVFDSH�ZLWK�KLV�IRUWXQH�WR�WKH�URRI�$UHD�����.LWFKHQ)DWW\V�SHUVRQDO�NLWFKHQ��WKH�ODUGHU�KHUH�LV�IXOO��$IWHU�DOO��)DWW\�GRHV�OLNH�WR�HDW��$�VHFUHW�GRRU�OHDGV�WR�WKH�RIILFH�$UHD�����%HGURRP)DWW\V�EHGURRP�FRQWDLQV�D�EHG��D�ZDUGUREH��DQG�D�VWDQG�ZLWK�D�ZDVKEDVLQ�DQG�FKDPEHU�SRW��$�ZLQGRZ�RSHQV�WR�WKH�VWUHHW�7KH�5RRI7KH� URRI� LV� IODW�� ZLWK� D� WKLQ� WZR�IRRW� KLJK� OLS� VXUURXQGLQJ� LW�� $� UXVWHG� DQG� GLUW\� UDLQ� JXWWHU�� ZKLFK� IUHTXHQWO\�RYHUIORZV��UXQV�DURXQG�WKH�EXLOGLQJ�7KH�6WDII)DWW\�0DF&RPH+XPDQ� ��OHYHO6RFLDO�/HYHO���$OLJQPHQW��1HXWUDO)DWW\�0DF&RPH�LV�WKH�RZQHU�DQG�PDQDJHU�RI�WKH�/DVW�&KDQFH��%RUQ�DQG�UDLVHG�LQ�WKH�7HQGHUORLQ��)DWW\�HDUQHG�KLV�QLFNQDPH�DV�D�FKLOG��+H�GLVFRYHUHG�TXLFNO\�WKDW�LI�RQH�GLG�QRW�SRVVHVV�JUHDW�VWUHQJWK�VXFFHVV�ZRXOG�FRPH�RQO\�ZLWK�FOHYHUQHVV��+H� SDUOD\HG� KLV� FOHYHUQHVV� LQWR� KDOI� RZQHUVKLS� RI� WKH�/DVW�&KDQFH� DQG�EHFDPH� IXOO� RZQHU�ZKHQ�KLV�SDUWQHU�GLHG�RI�QDWXUDO�FDXVHV�VHYHUDO�\HDUV�DJR�7KH�SRSXODULW\�RI�WKH�HVWDEOLVKPHQW�LV�GXH�WR�)DWW\V�RIIHULQJ�RI�WKH�EHVW�JDPLQJ�RGGV�LQ�/DQNKPDU��DQG�KH�LV�KRQHVW�WR�ERRW��%XW )DWW\�GRHV�QRW�SRVVHVV�DQ�LQQDWH�KRQHVW\��5DWKHU�KH�SRVVHVVHV�D�IHDU�D�ZRUU\�WKDW�ZLWK�WRR�PXFK�VXFFHVV�ZLOO� FRPH� WKH�YDULRXV�JXLOGV�DQG� WKHLU� GHVLUH� WR� VKDUH� LQ�KLV�SURILWV��7KHUHIRUH��)DWW\� WDNHV�RQO\�D�PRGHVW�SURILW�HQRXJK�PRQH\�ZLWK�ZKLFK� KH� FDQ� OLYH�ZHOO�� EXW� QRW� HQRXJK� WR� DWWUDFW� DWWHQWLRQ��+H� KDV�� KRZHYHU� VDYHG� D� SUHWW\�SHQQ\�DQG�KH�KDV�KLGGHQ�LW�DZD\�IRU�KLV�ROG�DJH�)DWW\�ZHLJKV�DERXW�����SRXQGV��OLWWOH�RI�ZKLFK�LV�PXVFOH��3RVVHVVLQJ�D�ZHDN�FKLQ�DQG�D�KLJK�SLWFKHG�ODXJK��KH�LV�QRW�D�SDUWLFXODUO\�OLNHDEOH�PDQ��EXW�KH�LV�DEOH�WR�UDGLDWH�D�NLQG�RI�VLQFHULW\�WKDW�DOORZV�SHRSOH�WR�WUXVW�KLP�PRUH�WKDQ�WKH\�VKRXOG��+H�WUHDWV�KLV�PDOH�VWDII�UHODWLYHO\�ZHOO�EXW�KH�RIWHQ�VH[XDOO\�KDUDVVHV�KLV�IHPDOH�HPSOR\HHV�2Q�D�W\SLFDO�QLJKW�DW�WKH�/DVW�&KDQFH��)DWW\�FDQ�EH�IRXQG�JUHHWLQJ�WKH�KLJK�UROOHUV�E\�QDPH��DQG�HVFRUWLQJ�WKHP�WR�WKHLU�WDEOHV�RQ�WKH�VHFRQG�DQG�WKLUG�IORRUV��+H�NHHSV�D�FORVH�H\H�RQ�WKH�EDU�UHFHLSWV�DQG�WKH�FDVKLHUV�FDJH�RQ�WKH�ILUVW�IORRU�1RW�D�JDPEOHU�KLPVHOI��DQG�RIWHQ�ERUHG�ZLWK� WKH�DFWLYLWLHV RQ�WKH�ILUVW� WKUHH�IORRUV��)DWW\�LV�RIWHQ�LQ�WKH�EDVHPHQW�ZDWFKLQJ�VRPH�RI�WKH�OHVV�VDYRU\�HYHQWV�WDNLQJ�SODFH�WKHUH��+H�LV�SDUWLFXODUO\�IRQG�RI�WKH�GZDUI�WRVVLQJ�FRQWHVWV�(VVHQWLDOO\��)DWW\�LV�RXW�IRU�KLPVHOI��DQG�KH�NQRZV�KLV�ZHDNQHVVHV��+LV�UHFLSH�IRUVXFFHVV�LV�WR�NHHS�D�ORZ�SURILOH�DQG�QRW�WR�DSSHDU�WRR�JUHHG\�:LWK� D� ODUJH� QXPEHU� RI� GUXQNHQ� DGYHQWXUHUV� SDVVLQJ� WKURXJK� KLV� HVWDEOLVKPHQW� GDLO\�� )DWW\� LV� D� JRRG� VRXUFH� RI�LQIRUPDWLRQ�DERXW�WKH�JRLQJV�RQ�LQ�/DQNKPDU��)RU�D�VXLWDEOH�EULEH��UDQJLQJ�IURP�DVLOYHU�VPHUGXN�WR�DQ\�QXPEHU�RI�JROG�ULONV��)DWW\�FDQ�EH�SHUVXDGHG�WR�WDON��7KHUH�LV�D�����FKDQFH�WKDW�)DWW\�ZLOO�NQRZ�DQ\�GHVLUHG�ELW�RI�LQIRUPDWLRQ�%LJ�%ODZJO)LJKWHU���WK�OHYHO6RFLDO�/HYHO���$OLJQPHQW��/DZIXO�1HXWUDO%LJ�%ODZJL��WKH�/DVW�&KDQFH�ERXQFHU�OLNH�KLV�ERVV�)DWW\��GHVHUYHV�KLV�QDPH��$W�QHDUO\���DQG�D�KDOI�IHHW�WDOO�DQG�RYHU�����SRXQGV�RI�VROLG�PXVFOH��%LJ�%ODZJL�LV�ELJ��(YHQ�KLV�PXVFOHV�KDYH��PXVFOHV�XQIRUWXQDWHO\��KH�DOVR�KDV�PXVFOHV�EHWZHHQ�KLV�HDUV�

Page 34: TSR 9170 CA2 Swords of Deceit

+LV�VKLQ\�EDOGKHDG�LV�GLYLGHG�E\�D�ORQJ��KRUULG�VFDU�ZKLFK�VWDUWV�DW�KLV�VFDOS��UXQV�WKURXJK�WKH�VRFNHW�ZKHUH�KLV�OHIW�H\H�XVHG�WR�EH�DQG�FRQWLQXHV�GRZQ�WKH�OHQJWK�RI�KLV�QHFN��+H�GRHV�QRW�WDON�PXFK�EXW�KH�RFFDVLRQDOO\�JUXQWV�6WURQJ��FOXPV\�DQG�VWXSLG�����������'�DQG�,�����%LJ�%ODZJL�LV�WKHUH�WR�NHHS�WKH�FXVWRPHUV�KRQHVW�DQG�ZHOO�EHKDYHG��2Q� KLV� RZQ� LQLWLDWLYH�� KH� ZLOO� DWWDFN� DQ\RQH� FDXVLQJ� D� GLVWXUEDQFH�� DQG� KH� ZLOO� DOVR� DWWDFN� DQ\RQH� WKDW� )DWW\�FRPPDQGV��+LV�ILVW�GRHV�DV�PXFK�GDPDJH�DV�D�VKRUW�VZRUG��'PJ������(ODQD7KLHI���QG�OHYHO6RFLDO�/HYHO���$OLJQPHQW��1HXWUDO(ODQD�LV�RQH�RI�WKH�PRUH�SRSXODU�FURXSLHUV�DW�WKH�/DVW�&KDQFH��<RXQJ��IULHQGO\�DQG�TXLWH�SUHWW\��&K�����&RP�����VKH�FDVXDOO\�IOLUWV�ZLWK�DQ\RQH�ZKR�JDPEOHV�DW�KHU�WDEOH��6KH�LV�SDUWLFXODUO\�DPDWRU\�ZLWK�EHWWRUV�ZKR�DUH�REYLRXVO\�ULFK�DQG�QRW�QDWLYH�WR� WKH�7HQGHUORLQ��(ODQD�ZRXOG�ORYH�WR�PDUU\�VRPHRQH�ZLWK�PRQH\��RU�DW� WKH�YHU\�OHDVW�DUUDQJH�WR�KDYH�VRPH�RI�LW�UXE�RII�RQ�KHU�WKH� OLIH� RI� D� IUHHODQFH� WKLHI� LV� KDUG� DQG� GDQJHURXV�� DQG� WKH� FRQVHTXHQFHV� DUH� RIWHQ� H[WUHPH��6R�(ODQD�KDV� IRXQG�VRPHWKLQJ�WKDW�SDVVHV�IRU�KRQHVW�ZRUN��6KH�UHOXFWDQWO\�SXWV�XS�ZLWK�)DWW\V�JURSLQJ�KDQGV��DQG�VR�IDU�VKH�KDV�EHHQ�QLPEOH�HQRXJK�WR�VXUYLYH��+HU�SRSXODULW\�ZLWK�WKH�FXVWRPHUV�DQG�KHU�DELOLW\�WR�HDUQ�WLSV��RI�ZKLFK�)DWW\�WDNHV�KLV�FXW��NHHSV�)DWW\�IURP�SXVKLQJ�KHU�WRR�IDU��7KH�GDJJHU�VKH�NHHSV�VWUDSSHG�WR�KHU�WKLJK�DOVR�NHHSV�)DWW\�RQ�JXDUG�,I� WKH�3&V�FRPH�WR� WKH�/DVW�&KDQFH�RIWHQ��DQG�IODVK�PRQH\�ZKHQ�WKH\�DUH� WKHUH��(ODQD�ZLOO�ZHOFRPH�WKHP�DW�KHU�WDEOH�DQG�GR�KHU�EHVW�WR�JHW�WR�NQRZ�WKHP��$�QLFH�UHODWLRQVKLS�PD\�GHYHORS���DV�ORQJ�DV�WKH�FDVK�LV�WKHUH�7KH�6WDII+XPDQ����OHYHO6RFLDO�/HYHO���$OLJQPHQW��1HXWUDO)DWW\�HPSOR\V�ILYH�FURXSLHUV��VRPH�PDOH�DQG�VRPH�IHPDOH���WKUHH�FDVKLHUV��RQH�SHU�VKLIW���DQG����VHUYDQWV��NLWFKHQ�VWDII��ZDLWHUV��FKDUZRPHQ��HWF����8VH�WKH�5DQGRP�13&�*HQHUDWRU��6RXUFHERRN��SDJH�����WR�FUHDWH�WKH�VWDII�PHPEHUV�DV�QHHGHG��0RVW�RI�WKH�VWDII�OLYH�LQ�DSDUWPHQWV�RQ�WKH�IRXUWK�IORRU�RI�WKLV�EXLOGLQJ��)DWW\�FKDUJHV�WKHP�PRVW�RI�WKHLU�PHDJHU�ZDJHV�DV�UHQW��(PSOR\HHV�FRPH�DQGJR��DQG�WKH�3&V�ZLOO�SUREDEO\�QHYHU�PHHW�WKH�VDPH�SHUVRQ�WZLFH�(QFRXQWHU�.H\7KH�IROORZLQJ�HQFRXQWHUV�FRYHU�WKH�LPSRUWDQW�DVSHFWV�RI�WKLV�DGYHQWXUH�VFHQDULR��%R[HG�WH[W�VKRXOG�EH�UHDG�GLUHFWO\�WR�WKH�SOD\HUV�:LWK�IHZ�VDQH�SHRSOH�RU�FUHDWXUHV�RXW�RQ�WKH�VWUHHWV�RQ�WKLV�QLJKW�RI�WKH�JRGV��WKHUH�DUH�QR�5DQGRP�(QFRXQWHUV�LQ�WKLV�DGYHQWXUH�6WXFN�,QVLGH�RI�/DQNKPDU�ZLWK�WKRVH�*DPEOLQJ�%OXHV�$JDLQ�� 6DYH�7KH�/DVW�&KDQFH�)RU�0H5HDG�WKH�IROORZLQJ�DORXG�,W�LV�RQ�WKH�'D\�RI�WKH�%DW�LQ� WKH�0RQWK�RI�WKH�*RDW WKDW� WKH�VWUDQJH�IHVWLYDO�NQRZQ�DV�WKH�1LJKW�RI�)HDU�RFFXUV��/HJHQG�KDV�LW�WKDW�WKH�YHU\�JRGV�RI�/DQNKPDU�URDP�WKH�FLW\�WR�VHH�LI�WKH�FLW L]HQV�KDYH�NHSW�WKH�FLW\�LQ�DFFRUG�ZLWK�WKHLU�ZLVKHV�2Q� WKH�GD\�RI� WKH�1LJKW�RI�)HDU��/DQNKPDUV�SUHSDUH�JLIWV� IRU� WK HLU� WHPSOH��7KH\�ZHDU�RQO\�EODFN� WRJDV��DQG�DOO�FRQYHUVDWLRQV�DUH�KHOG�LQ�ZKLVSHU��$W�QLJKW��DOO�WKH�SHRSOH�RI�WKH�FLW\�VWD\�EHKLQG�ORFNHG�GRRUV�ZLWK�ZHDSRQV�UHDG\��1RW�HYHQ�WKLHYHV�YHQWXUH�ZLOO LQJO\�LQWR�WKLV�QLJKW�,W�LV�VDLG�WKDW�RQ�WKH�1LJKW�RI�)HDU� WKH�JRGV�URDP�WKH�FLW\�VWUHHWV���DQG�DQ\ RQH�ZKR�VSLHV�XSRQ�WKHP�GLHV�KRUULEO\��%XW�ERUHGRP�LV�VRPHWLPHV�ZRUVH�WKDQ�GHDWK��DQG�WKHUH�DUH�WLPHV�ZKHQ�VRPH�IHHO�DQ�XUJH�WR�UHYHO�DQG�JDPEOH�WKH�HYLO�QLJKW�DZD\�

Page 35: TSR 9170 CA2 Swords of Deceit

7KH�/DVW�&KDQFH�QHYHU�FORVHV��QRW�HYHQ�RQ�WKH�1LJKW�RI�)HDU���VHH�6RXUFHERRN��SDJH�����EXW�PRVW�SDWURQV�DUULYH�DW�GXVN�DQG�SODQ�RQ�VWD\LQJ�XQWLO�PRUQLQJ��)DWW\�ZLOO�JLYH�D�UHJXODU�FXVWRPHU�D�EHG�DQG�EUHDNIDVW�HYHQ�LI�KH�JDPEOHV�DZD\�DOO�KLV�PRQH\�7KH�DGYHQWXUH�FDQ�VWDUW�DV� WKH�3&V�HQWHU� WKH�/DVW�&KDQFH�RU�DW� WKHLU�KRPH� LQ�/DQNKPDU�� ,W� LV�DGYLVDEOH�WKDW� WKH\�DUULYH� DW� WKH�/DVW�&KDQFH� EHIRUH� GDUN�� EXW� LI� WKH\� IDLO� WR� GR� VR� WKH\� FDQ� UHDFK� WKH�/DVW�&KDQFH�ZLWKRXW� LQFLGHQW�DQ\ZD\��'0V�GLVFUHWLRQ��,I�WKH�3&V�KDYH�YLVLWHG�WKH�/DVW�&KDQFH�EHIRUH��WKH\�DUH�JUHHWHG�DV�ROG�IULHQGV�E\�)DWW\��+H�UHPHPEHUV�ZKDW�JDPHV�WKH\�SOD\HG��VKRZV�WKHP�WR�D�WDEOH�RU�WR�WKH�EDU��DQG�VHWV�XS�D�URXQG�RI�GULQNV�RQ�WKH�KRXVH��7KH\�PLJKW�HQG�XS�LQ�WKH�EDVHPHQW��RU�RQ�WKH�ILUVW��VHFRQG��RU�WKLUG�IORRUV��GHSHQGLQJ�RQ�WKHLU�SOHDVXUH�,I�WKLV�LV�WKHLU�ILUVW�YLVLW�WR�WKH�/DVW�&KDQFH��)DWW\�JUHHWV�WKHP�HIIXVLYHO\�LQ�KLV�KLJK�SLWFKHG�YRLFH���:HOFRPH�WR�P\�XPEOH�HVWDEOLVKPHQW��KH�VD\V��,I�WKH�3&V�VKRZ�D�ORW�RI�FDVK�ZKHQ�WKH\�EX\�WKHLU�ILUVW�URXQG�RI�GULQNV��)DWW\�VXJJHVWV�WKDW��IRU�D�VPDOO IHH��PRUH�LQWHUHVWLQJ�GLYHUVLRQV�FDQ�EH�IRXQG�RQ�WKH�RWKHU�IORRUV�RI�KLV�HVWDEOLVKPHQW��,I�QRW��WKH�3&V�JDPEOH�RQ�WKH�ILUVW�IORRU�,I�WKH�3&V�DVN�DERXW�WKH�RWKHU�IORRUV��)DWW\��RU�ZKDWHYHU�VHUYDQW��ERXQFHU��RU�FURXSLHU�WKH\�DVN��ZDLWV�H[SHFWDQWO\�IRU�D�WLS�RU�EULEH��WHOOLQJ�WKH�SDUW\�DERXW�WKH�DYDLODEOH�GLYHUVLRQV�RI�WKH�HVWDEOLVKPHQW�DIWHU�LW�LV�SDLG��7KH�QRUPDO�WLS�IRU�JHWWLQJ�LQWR�WKH�EDVHPHQW�LV���VPHUGXNV��IRU�JHWWLQJ�RQWR�WKH�VHFRQG�IORRU����ULON��DQG�IRU�JHWWLQJ�RQWR�WKH�WKLUG�IORRU����ULONV�7R�ZDUP�XS�IRU�WKLV�DGYHQWXUH��WKH�3&V�VKRXOG�JDPEOH�D�ZKLOH��7KH�'0�VKRXOG�WDON�DERXW�KRZ�WKH�IRJ�LV�UROOLQJ�LQ��WKH�VWUHHWV�DUH�JHWWLQJ�GDUN�DQG�KRZ�GHVHUWHG�DQG�P\VWHULRXV�HYHU\WKLQJ�VHHPV��7KH�'0�VKRXOG�ZRUN�DW�EXLOGLQJ�D�PRRG�RI�VXVSHQVH�:KHQ�WKH�SURSHU DWPRVSKHUH�LV�EXLOW�DQG�\RXU�SOD\HUV�DUH�IXOO\�LQWR�FKDUDFWHU��UXQ�HYHQW����� 7KH�/DG\�,Q�5HG7KH�3&V�PXVW�EH�RQ�WKH�ILUVW�IORRU�RI�WKH�/DVW�&KDQFH�IRU�WKLV�HYHQW��,I�WKH\�KDYH�EHHQ�JDPEOLQJ�HOVHZKHUH��KDYH�WKHP�FRPH��DW�)DWW\V�UHTXHVW��WR�WKH�ILUVW�IORRU�IRU�D�GULQN��:KHQ�WKH�3&V�DUULYH�UHDG�WKH�IROORZLQJ�7KH�GRRU�IOLHV�RSHQ�ZLWK�D�ORXG�EDQJ��VWDUWOLQJ�HYHU\RQH��7KH�WHQGULOV�RI�QLJKW�IRJ�FUHHS�LQWR�WKH�URRP�OLNH�ILQJHUV�RI�GDUNQHVV�DQG�VXUURXQG�D�KRRGHG�ILJ XUH�FORDNHG�LQ�EODFN�VWDQGLQJ�LQ�WKH�GRRUZD \�$�VRIW�ZKLWH�KDQG�UHDFKHV�XS�WR�WKH�FRZO�RI�WKH�ORQJ�EODFN�UREH�DQG�SXOOV�LW�DZD\��UHYHDOLQJ�EODFN�WUHVVHV�IUDPLQJ�D�ORYHO\��SDOH�ZKLWH�IDFH���,�DP�LQ�GHVSHU DWH�QHHG���WKH�ILJXUH�VD\V��LQ�D�VRIW��PHORGLFDOO\�YRLFH���:LOO�DQ\�RI�\RX�KHOS�PH"��0\�QDPH�LV�0\UULD���WKH�ZRPDQ�VD\V��UHPRYLQJ�KHU�ORQJ�EODFN�UREH�WR�UHYHDO�DQ�HOHJDQW�ORZ �FXW�UHG�JRZQ���7KDQN�\RX�IRU�OHWWLQJ�PH�LQVLGH��,�KDYH�EHHQ�FRQVXPHG�ZLWK�IHDU��DQG�QRZ�,�PXVW�WKURZ�P\VHOI�RQ�\RXU�PHUF\�IRU�DLG�DQG�VXFFRU���0\UULD�UXEV�KHU�EORRG VKRW�H\HV� 6KH�ORRNV�DV�LI�VKH�KDV�EHHQ�FU\LQJ��<RX�VHH���VKH�FRQWLQXHV���,�ZDV�EHLQJ�GULYHQ�KRPH�WR�EH�ZLWK�P\�IDPLO\�E\�D�EXVLQHVV�DVVRFLDWH�RI�P\�EURWK HUV��ZKHQ�KH�PDGH�LPSURSHU�DGYDQFHV��:KHQ�,�SURWHVWHG��DQG�UHIXVHG�KLP��/XJK�SXVKHG�PH�IURP�KLV�FDUULDJH�LQWR WKH�VWUHHWV��,�KDYH�ZDQ GHUHG�LQ�WKLV�QHLJKERUKRRG�IRU�VHYHUDO�KRXUV�DQG�ZKHQ�,�NQRFNHG�RQ�GRRUV��QR�RQH�ZRXOG�DGPLW�PH��)RU�D�ZKLOH��,�FRZ HUHG�LQ�DQ�DOOH\ZD\��EXW�WKHQ�,�QRWLFHG�D�OLJKW�LQ�\RXU�ZLQGRZ��%HJLQQLQJ� WR� ORVH�KHU�FRPSRVXUH�� VKH�SOHDGV���3OHD VH��SOHDVH��SOHDVH�KHOS�PH� UHWXUQ�WR�P\�IDWKHUV�KRXVH� LQ� WKH�&DVK�'LVWULFW��,�DP�FHUWDLQ�KH�ZLOO�SD\�D�JUHDW�UHZDUG�LI�,�DP�UHWXUQHG�VDIHO\�WKHUH��%XW�,�PXVW�DUULYH�KRPH�EHIRUH�PLGQLJKW��RU�KH�ZLOO�EH�IUDXJKW�ZLWK�ZRUU\��3OHDVH��,�EHJ�RI�\RX��WDNH�PH�KRPH ��,I�JRRG�DOLJQHG�FKDUDFWHUV�DUH�UHOXFWDQW�WR�KHOS��WKH�'0�VKRXOG�PDNH�FOHDU�WKHLU��QDWXUDO��IHHOLQJV�RI�ZDQWLQJ�WR�DLG�D� SHUVRQ� LQ� GDQJHU�� ,I� WKH\� VWLOO� UHIXVH� WR� KHOS�� D� VOLJKW� DOLJQPHQW� FKDQJH�PD\� EHFRPH� GHVLUDEOH�� 7UXH� QHXWUDO��FKDRWLF��DQG�HYLO�FKDUDFWHUV�VKRXOG�EH�aPRWLYDWHG�E\�WKH�WKRXJKW�RI�UHZDUG��,I�WKH\�ZDQW�VSHFLILFV��0\UULD�SURPLVHV�WKDW�KHU�IDWKHU�ZLOO�SD\�������JROG�ULONV�IRU�KHU�VDIH�UHWXUQ��,I�QHFHVVDU\��VKH�XSV�WKH�UHZDUG�RIIHU�WR�JHW�WKH�3&V�WR�DJUHH�,I�WKH�3&V�VWLOO�UHIXVH�WR�HVFRUW 0\UULD�KRPH��WZR�SDUWLFXODUO\�XJO\�DQG�EUXWLVK�SDWURQV�RI�WKH�/DVW�&KDQFH�RIIHU�WR�WDNH�YHU\�JRRG�FDUH�RI�KHU�DQG� VHH�KHU� VDIHO\� WR�KHU� IDWKHUV�KRXVH�� ,I� WKLV� IDLOV� WR�PRYH� WKH�3&V� WR� DFWLRQ��)DWW\�XUJHQWO\�ZKLVSHUV��<RX�FDQW�OHW�*URRJK�DQG�.QDUT�KDYH KHU��7KRVH�ER\V�ZLOO�OHDYH�KHU�GHDG�LQ�DQ�DOOH\ZD\�IRU�VXUH��\RX�ZRQW�JHW�WKH�UHZDUG��DQG�,OO�FDWFK�WURXEOH�LI�KHU�IDWKHU�HYHU�JHWV�ZRUG�VKH�ZDV�LQ�KHUH�WRQLJKW��7KLQN�RI�WKH�PRQH\��ER\V����WKLQN�RI�WKH�PRQH\��

Page 36: TSR 9170 CA2 Swords of Deceit

13&�&DSVXOH0\UULD+XPDQ� ��OHYHO6RFLDO /HYHO���$OLJQPHQW��/DZIXO�*RRG0\UULDD�6WRU\0\UULD� LV� WKH� GDXJKWHU� RI� $UUDYLV��D� SURPLQHQW�PHPEHU� RI� WKH�0RQH\OHQGHUV� *XLOG�� 6KH� KDV� DQ� ROGHU� EURWKHU��'DQQDO��ZKR�LV�IROORZLQJ�LQ�KHU�IDWKHUV�IRRWVWHSV��+HU�PRWKHU�GLHG�LQ�FKLOGELUWK�+HU�KRPH�LV�LQ�WKH�&DVK�'LVWULFW��RQ�*ROG�6WUHHW�EHWZHHQ�&DVK�DQG�%DUWHU��/XJK��D�EXVLQHVV�DVVRFLDWH�RI�'DQQDOV��LV�DQ�RLO\�FKDUDFWHU�ZKR�0\UULD�WKLQNV�LV�WU\LQJ�WR�PDUU\�KHU�WR�JHW�KLV�KDQGV�RQ�WKH�IDPLO\�IRUWXQH�����QRW�WR�PHQWLRQ�RWKHU�WKLQJV���6KH�KDV�OHG�D�VKHOWHUHG�DQG�SDPSHUHG�OLIH��DQG�WKLV�LV�WKH�ILUVW�WLPH�DQ\RQH�KDV�HYHU�GRQH�DQ\WKLQJ�WR�KXUW�KHU��6KH�LV�H[FHSWLRQDOO\� WUXVWLQJ�DQG�EHFDXVH� VKH� LV� VR� LQQRFHQW�� VKH�PD\� WDON� ORXGO\�DW� LQRSSRUWXQH�PRPHQWV�RU� UHYHDO�KHU�EDFNJURXQG�ZKHQ�LW�LV�QRW�LQ�KHU�EHVW�LQWHUHVWV�WR�GR�VR��2QFH�KRZHYHU��VRPHRQH�KDV�SURPLVHG�WR�DLG�KHU��VKH�EHJLQV�WR�WKLQN�RI�KHU�SUHGLFDPHQW�DV�DQ�DGYHQWXUH�'0�1RWH��$V�\RX�ZLOO� VKRUWO\�VHH�� WKHUH� LV�D� OLWWOH�ELW�PRUH� WR�0\UULD� WKDQ�PHHWV� WKH�H\H��%XW�XQWLO� WKHQ��SOD\�KHU�DFFRUGLQJ�WR�WKH�DERYH�GHVFULSWLRQ��� ,QWR�WKH�1LJKW7KLV�HYHQW�WDNHV�SODFH�ZKHQ�WKH�FKDUDFWHUV�DJUHH�WR�HVFRUW�0\UULD�EDFN�WR�KHU�KRPH�LQ�WKH�&DVK�'LVWULFW��0DS�,;��DUHD�0��$V�\RX�JUDE�\RXU�FORDNV�DQG�SUHSDUH�WR�HVFRUW�0\UULD�RXW�LQWR�WKH�IRJ�ULGGHQ�QLJKW��\RX�QRWLFH�YDULRXV�SDWURQV�RI�WKH�/DVW�&KDQFH�ORRN�DW�HDFK�RWKHU�VROHPQO\�VKDNLQJ�WKHLU�KHDGV���3HRSOH�ZKR�DUH�DERXW�RQ�WKH�1LJKW�RI�)HDU�IUHTXHQWO\�GR�QRW�UHWXUQ���RQH�HOGHU�SDWURQ�VD\V�%XW�0\UULD�ORRNV�DW�\RX�ZLWK�KHU�EULJKW��WUXVWLQJ�H\HV��DQG��ZLWK�WKH�WKRXJKW�RI�SDWHUQDO�UHZDUG�ILUPO\�LQ�\RXU�PLQGV��\RX�VWHS�RXW�LQWR�WKH�IRJ��$V�WKH�GRRU�RI�WKH�/DVW�&KDQFH�FORVHV�EHKLQG�\RX��WKHUH�LV�QRWKLQJ�EXW�WKH�QLJKW�DLU�DQG�WKH�VRXQG�RI�\RXU�ERRWV�RQ�WKH�FREEOHVWRQHV�0RYHPHQW�� $ QRUPDO� $''�� JDPH� FKDUDFWHU� FDQ� PRYH� ��� LQFKHV� LQ� D� VLQJOH� URXQG�� ,Q� RXWGRRU� VFDOH�� WKLV�FRQYHUWV� WR� ���\DUGV�7KLV�PRYHPHQW� UDWH� LV� DSSURSULDWH� IRU� FRPEDW�� RU� IRU� VKRUW� SHULRGV� RI� WLPH�� EXW� LV� KDUG� WR�VXVWDLQ�,W�LV�DOVR�WUXH�WKDW�FKDUDFWHUV�ZKR�DUH�WU\LQJ�WR�EH�FDXWLRXV�DQG�DOHUW�PRYH�VORZHU��DQG���OHYHO�KXPDQV�OLNH�0\UULD�GR�QRW�SRVVHVV� ODUJH�TXDQWLWLHV�RI� VWDPLQD�RU� VSHHG��6R� IRU� WKH�SXUSRVHV�RI� WKLV� DGYHQWXUH�� DVVXPH� WKDW� WKH�3&V�FDQ�PRYH���LQFKHV�RQ�WKH�ODUJH�PDS�RI�/DQNKPDU��LQVHUWHG�LQ�WKH�6RXUFHERRN��LQ�D�JDPH�WXUQ�����PLQXWHV��ZKHQ�PRY�LQJ�QRUPDOO\�DQG�FDXWLRXVO\��6SULQWLQJ�RU�ILJKWLQJ�FKDUDFWHUV�DUH�HQWLWOHG�WR� WKHLU� IXOO�QRUPDO���� LQFKHV�����\DUGV�PRYHPHQW�UDWH�9LVLELOLW\� 9LVLELOLW\�LQ�WKH�GDUN�IRJ�LV����IHHW�ZLWKRXW�D�ODQWHUQ�DQG����IHHW�ZLWK�LOOXPLQDWLRQ��%HFDXVH�RI�WKH�IRJ�� WKH� UDQJH�RI� LQIUDYLVLRQ� LV� VWLOO�RQO\���� IHHW��0DJLFDO�GHYLFHV�RU� VSHOOV�� VXFK�DV�D�JHP�RI� VHHLQJ�� UHWDLQ� WKHLU�QRUPDO�SURSHUWLHV�,I�WKH�FKDUDFWHUV�DUH�IDPLOLDU�ZLWK�WKH�FLW\�RI�/DQNKPDU��DOORZ�WKHP�WR�XVH�WKH�IXOO�VL]H�PDS�WR�WUDFH�WKHLU�URXWH��,I�QRW��0\UULD�WHOOV�WKHP�WKDW�WKH\�PXVW�JR�GRZQ�&DUWHU�WR�&DVK��RYHU�WR�*ROG��DQG�WKHQ�GRZQ�*ROG�WR�KHU�KRPH����7KH�$PEXVKHUV7KLV�HYHQW�WDNHV�SODFH�DIWHU�WKH�FKDUDFWHUV�KDYH�WUDYHOHG�DERXW�D�TXDUWHU�RI�WKH�GLVWDQFH�WR�0\UULDV�KRXVH��,W�FDQ�WDNH�SODFH�RQ�ZKDWHYHU�VWUHHW�WKH�FKDUDFWHUV�DUH�WUDYHOLQJ�7KH�3&V�DUH�DERXW�WR�EH�DPEXVKHG�E\�D�SDUW\�RI����WKXJV�RI�WKH�6OD\HUV�%URWKHUKRRG��%HIRUH�WKH�6OD\HUV�DWWDFN��WKH�'0�VKRXOG�UROO�IRU�VXUSULVH�WR�VHH�LI�WKH�3&V�KHDU�D�VWUDQJH�VRXQG�RU�VHH�D�VKDSH�PRYLQJ�LQ�WKH�IRJ��%HFDXVH�RI�WKH�6OD\HUV�FRQFHDOPHQW�WKH\�UHFHLYH�VXUSULVH�RQ�D�UROO�RI�����RQ�D��G��7ZR�6OD\HUV�DWWDFN�HDFK�RI� WKH�3&V�� DQG� WKH� UHPDLQLQJ�PHPEHUV�RI� WKH�DPEXVK� WU\� WR�JUDE�0\UULD�DQG�VSLULW�KHU�DZD\��0\UULD�VFUHDPV�DQG�VWUXJJOHV��EXW�LV�LQHIIHFWXDO�DJDLQVW�KHU�DWWDFNHUV��7ZR�DWWDFNHUV�SLFN�KHU�XS�DQG�FDUU\�KHU�DZD\��7KHLU�GHVWLQDWLRQ�LV� WKH�7HPSOH�RI�WKH�*RGV�RI�/DQNKPDU�RQ�WKH�FRUQHU�RI�1XQ�6WUHHW�DQG�WKH�6WUHHW�RI�WKH�*RGV��6KH�FRQWLQXHV�WR�VFUHDP�HYHQ�LI�WDNHQ�RXW�RI�VLJKW�RI�WKH�3&V��7UDFNLQJ�KHU�LV�WKHUHIRUH�DXWRPDWLF�

Page 37: TSR 9170 CA2 Swords of Deceit

,I�0\UULD�KDV�EHHQ�NLGQDSSHG��WKH�UHPDLQLQJ�6OD\HUV�WU\�WR�NLOO�WKH�3&V��2QFH�KDOI�RU�PRUH�RI�WKH�UHPDLQLQJ�WKXJV�KDYH�EHHQ�NLOOHG��WKH�UHVW�UXQ�DZD\��VHH�7KXJV�RQ�WKH�0RQVWHU�6WDWLVWLFV�&KDUW���,I�DQ\�RI�WKH�6OD\HUV�DUH�FDSWXUHG�DOLYH�DQG�LQWHUURJDWHG��WKH\�VD\�QRWKLQJ�DERXW�WKHLU�PLVVLRQ��2QO\�PDJLFDO�SHUVXDVLRQ�FDQ�ORRVHQ�WKHLU�WRQJXHV��DQG�HYHQ�WKHQ�WKH\�FDQ�RQO\�PDQDJH�WR�VD\�WKDW�WKH\�ZHUH�RUGHUHG�WR�WDNH�0\UULD�WR�WKH�WHPSOH��7KH\�GR�QRW�NQRZ�ZKR�JDYH�WKH�RUGHUV�RU�ZK\�,I�WKH�3&V�GHFLGH�WR�YLVLW�WKH�6OD\HUV�%URWKHUKRRG�EXLOGLQJ�WR�ILQG�RXW�ZKR�JDYH�WKH�RUGHU��WKH\�ZLOO�EH�WROG�QRWKLQJ��,I� WKH\� EULQJ� 0\UULD� DORQJ�� DQRWKHU� JURXS� RI� WKXJV� ZLOO� WU\� WR� FRPSOHWH� WKH� RULJLQDO� PLVVLRQ�� ,I� WKH� 3&V� DUH�EHOOLJHUHQW��WKH�6OD\HUV�PD\�WDNH�D�SHUVRQDO�LQWHUHVW�LQ�UXEELQJ�WKH�SDUW\�RXW�7KH�FKDUDFWHUV�PD\�ZRQGHU�KRZ�WKH�WKXJV�NQHZ�0\UULD�ZRXOG�EH�FRPLQJ�E\��RU�ZK\�WKH�WKXJV�ZHUH�VR�LQWHUHVWHG�LQ�NLGQDSSLQJ�KHU��7KH\�PD\�EH�FXULRXV� DV� WR�ZK\� WKH�7HPSOH�RI� WKH�*RGV�RI�/DQNKPDU�ZDV� LQYROYHG�� ,I� WKH\�DVN��0\UULD�KDV�D�QHZ�VWRU\��,I�WKH\�GR�QRW�WKH�'0�VKRXOG�QRW�YROXQWHHU�DQ\�LQIRUPDWLRQ�0\UULDV�1HZ�6WRU\�:HOO��XK��,�JXHVV�,�ZDVQW�FRPSOHWHO\�IUDQN�ZLWK�\RX���VKH�VD\V���EXW�,�ZDVQW�VXUH�,�FRXOG�WUXVW�\RX��'DQQDO�LVQW�UHDOO\�P\�EURWKHU���KHV�P\� ORYHU�P\�IDWKHUV�PRQH\�OHQGLQJ�KDVQW�EHHQ�JRLQJ�YHU\�ZHOO��DQG�'DQQDO�ZDV�JRLQJ�WR�KHOS�KLP��<RX�VHH��'DQQDO�ZRUNHG�RXW�D�GHDO�ZLWK�/XJK�WKDW�LQYROYHG�WKLV�ULFK�VWXSLG�QREOH�ZRPDQ��WKH�&RXQWHVV�/HVYD��DQG�WKHVH�DZIXOO\�H[SHQVLYH�SHDUOV���DQG�/XJK��WKH�ZU HWFK��WULHG�WR�GRXEOH �FURVV�'DQQDO��:KHQ�,�WULHG�WR�PDNH�SHDFH�ZLWK�/XJK�DQG�WULHG�WR�JHW�KLP�WR�KRQRU�KLV�FRPPLWPHQW��ZHOO��ILUVW�KH�ZDQWHG�WR�KDYH�KLV�ZD\�ZLWK�PH��DQG�WKHQ��ZKHQ�,�WROG�KLP�WKDW�,�ZDV�IDLWKIXO�WR�'DQQDO��KH�WKUHZ�PH�RXW�RI�KLV�FDUULDJH� DQG�WKDWV�ZKHUH�,�PHW�\RX�0\UULD��ZKLOH�WHOOLQJ�KHU�VWRU\�KDV�EHHQ�DYRLGLQJ�H\H�FRQWDFW�ZLWK�WKH�FKDUDFWHUV��6KH�ORRNV�XS�KHUH�WR�PDNH�VXUH�WKH\�DUH�IROORZLQJ�KHU��6KH�WKHQ�UDPEOHV�RQ�$QG�/XJK��ZHOO��KHV�LQ�WLJKW�ZLWK�VRPH�*XLOG�PHPEHUV�WKDW�VLPSO\� KDWH�P\�IDWKHU���DQG�,P�SUHWW\�VXUH�WKDWV�ZK\�WKRVH�6OD\HUV�%URWKHUKRRG�SHRSOH�ZHUH�RXW�ORRNLQJ�IRU�PH��EHFDXVH�LI�WKH\�FRXOG�NLGQDS�PH�DQG�KROG�PH�IRU�UDQVRP��WKHQ�'DQQDO�ZRXOG�KDYH�WR�OHW�/XJK�JHW�DZD\�ZLWK�VWHDOLQJ�WKH�SHDUOV�RI�&RXQWHVV�/HVYD��7KHQ�P \�IDWKHU�ZRXOG�EH�WKURZQ�RXW�RI�WKH�*XLOG���RK��LWV�DOO�VLPSO\�WRR�DZIXO��6R��\RX�VHH��\RX�VLPSO\�KDYH�WR�JHW�PH�KRPH�WR�'DQQDO�E\�PLGQLJKW��RU�HOVH�LWV�DOO�JRLQJ�WR�FROODSVH��DQG�P\�IDWKHU�ZLOO�EH�UXLQHG��$QG�'DQQDOV�DZIXOO\�ULFK��\RX�NQRZ��DQG�LI�\RX� MXVW�JHW�PH�KRPH�VDIH��,�NQRZ�KHOO�SD\�\RX�D�ZKROH�ORW�RI�PRQH\��,� MXVW�NQRZ�LW��3OHDVH��RK��SOHDVH�WDNH�PH�KRPH��7KH�3&V�KDYH� WZR�FKRLFHV��7KH\�FDQ�WDNH�0\UULD�KRPH�RU�DEDQGRQ�KHU�RQ�WKH�VWUHHW��,I� WKH\�WU\� WR�OHDYH�KHU��VKH�IROORZV� WKHP��SOHDGLQJ� IRU�KHOS� DQG�JUDGXDOO\� LQFUHDVLQJ� WKH� SURPLVHG� UHZDUG�PRQH\�XQWLO� WKH�FKDUDFWHUV� ILQDOO\�DJUHH�WR�WDNH�KHU�KRPH��,I�WKH�FKDUDFWHUV�DUH�QRW�PRYHG�E\�WKHVH�SOHDV��0\UULDV�QRLVH�FDQ��DW�WKH�'0V�RSWLRQ��DWWUDFW�DGGLWLRQDO�PHPEHUV�RI�WKH�6OD\HUV�%URWKHUKRRG�0\UULD�GRHV�QRW�NQRZ�YHU\�PDQ\�GHWDLOV�DERXW�'DQQDOV�SURSRVHG�MHZHO�KHLVW��QRU�GRHV�VKH�NQRZ�ZKHUH�&RXQWHVV�/HVYD�OLYHV��,Q�IDFW��0\UULD�GRHV�QRW�VHHP�WR�NQRZ�YHU\�PXFK�DW�DOO����%DFN�)URP�7KH�6KDGRZV�$JDLQ7KLV�HYHQW�WDNHV�SODFH�ZKHQ�WKH�FKDUDFWHUV�UHDFK�HLWKHU�WKH�LQWHUVHFWLRQ�RI�&DVK�DQG�*ROG�RU�%DUWHU�DQG�*ROG��DQG�DUH�WXUQLQJ�RQWR�*ROG�6WUHHW�WRZDUG�0\UULDV�KRXVH�7KH�GDUN�/DQNKPDUW�IRJ�LV�EURNHQ�E\�WKH�GLP�IOLFNHU�RI�WRUFKHV�DV�\RX�HQWHU�WKH�&DVK�'LVWULFW��6RRQ��\RX�ZLOO�KDYH�UHWXUQHG�0\UULD�WR�KHU IDWKHU��DQG�\RX�FDQ�DOPRVW�IHHO�WKH�KHDY\�JROG�ULONV�RI�WKH�UHZDUG�FODQNLQJ�LQ�\RXU�PRQH\�SXUVH��7KH�1LJKW�RI�)HDU�KDV�EHHQ�IHDUVRPH��EXW�ZLWK�WKH�DSSURDFK�RI�PLGQLJKW�QLJK��WKH�ZRUVW�LV�VXUHO\�RYHU�����RU�LV�LW"+DYH�HDFK�SOD\HU�FKDUDFWHU�UROO��G����,I�WKH�UHVXOW�LV�HTXDO�WR�RU�OHVV�WKDQ�KDOI�WKH�FKDUDFWHUV�,QWHOOLJHQFH��URXQGLQJ�XS���WKH�FKDUDFWHU�VHHV�RU�VHQVHV�D�GDUN�VKDSH�DERXW����IHHW�DZD\��PRYLQJ�WRZDUG�WKH�SDUW\��,I�QR�FKDUDFWHU�QRWLFHV�LW��0\UULD�VFUHDPV�DQG�SRLQWV�ZKHQ�LW�LV����IHHW�DZD\�7KLV�VWUDQJH��GDUN�VKDSH�LV�DQ�(DWHU�RI�6RXOV���6HH�WKH�1HZ�0RQVWHUV�6HFWLRQ�DW�WKH�HQG�RI�WKLV�ERRNOHW��7KH�(DWHU�RI�6RXOV�DGYDQFHV�VORZO\�DQG�PHQDFLQJO\��,W�LV�KHDGLQJ�IRU�0\UULD��EXW�WKLV�PD\�QRW�EH�LQVWDQWO\�DSSDUHQW�ZLWK�0\UULD�VWDQGLQJ�GLUHFWO\�EHKLQG�RQH�RI�WKH�FKDUDFWHUV��,I�WKH�3&V�KDYH�PDJLF�ZHDSRQV��OHVV�XVXDO�LQ�WKH�ODQG�RI�

Page 38: TSR 9170 CA2 Swords of Deceit

1HKZRQ�WKDQ�LQ�PRVW�$''��JDPH�ZRUOGV��0\UULD�ZDUQV�WKDW�WKH�FUHDWXUH�GUDLQV�ZLVGRP�DQG�UHFRPPHQGV�WKDW�WKH\�IOHH��,I��RQ�WKH�RWKHU�KDQG��WKH\�DUH�QRW�FDUU\LQJ�PDJLF�ZHDSRQV��0\UULD�VKRXWV�LQ�D�FRPPDQGLQJ�WRQH���7KH�ZHDSRQV�\RX�KDYH�FDQW�KDUP�WKH�FUHDWXUH��+XUU\��IROORZ�PH�LWV�\RXU�RQO\�KRSH�RI�NLOOLQJ�LW�EHIRUH�LW�GUDLQV�DOO�RI�XV�GU\��%HFDXVH�RI�LWV�VORZ�PRYHPHQW�UDWH��WKH�SDUW\�FDQ�HDVLO\�RXWUXQ�WKH�(DWHU�RI�6RXOV��0\UULD��GHPRQVWUDWLQJ�OHDGHUVKLS�TXDOLWLHV�DQG�FRPPRQ�VHQVH�WKDW�WKH�DGYHQWXUHUV�KDYH�QRW�KHUHWRIRUH�VHHQ��OHDGV�WKH�ZD\�WR�KHU�PDQVLRQ�

+RXVH�RI�WKH�5LVLQJ�6XQ�6HH�0DS�9,,,��DQG�DUHD�0�RQ�0DS�,;�0\UULDV�UHVLGHQFH�LV�D�ODUJH�WRZQKRXVH�RQ�DQ�H[SHQVLYH�VWUHHW��7RUFKHV�EXUQ�RQ�ERWK�VLGHV�RI�WKH�IURQW�GRRU��EXW�QR�OLJKWV�FDQ�EH�VHHQ�LQ�WKH�ZLQGRZV��7KH�GRRU�LV�XQORFNHG�DQG�WKH�EXLOGLQJ�DSSHDUV�HPSW\�7KH�IXUQLVKLQJV�DUH�GXVW\�DQG�WKH�IXUQLWXUH�LV�FRYHUHG�ZLWK�VKHHWV�'0�1RWH��7KH�(QFRXQWHU�.H\�IROORZV�WKH�GHVFULSWLRQ�RI�WKH�5RRP�.H\�EHORZ�5RRP�.H\*HQHUDO�2YHUYLHZ6FRQFHV�ZLWK�XQOLW� WRUFKHV�DSSHDU� LQ�HDFK�RI� WKH� URRPV�DQG�FDQ�SURYLGH� IXOO� LOOXPLQDWLRQ� LI� OLW��7KH�ZLQGRZV�DUH�YHLOHG�ZLWK�WKLQ�ODFH�FXUWDLQV�WKDW�DUH�SXOOHG�DQG�WLHG�WR�HDFK�VLGH�$UHD����)R\HU7KH� IURQW� GRRU� RSHQV� RQWR� D� ZLGH� IR\HU� DQG� DW� WKH� HQG� RI� WKH� IR\HU� LV� DQ� RUQDWH� DVFHQGLQJ� VWDLUFDVH� �DUHD� ����,QWULFDWHO\�FDUYHG�GRXEOH�VOLGLQJ�GRRUV�RQ�WKH�ULJKW�OHDG�WR�WKH�OLEUDU\��DUHD�����7ZR�GRRUV��RQH�OHDGLQJ�WR�WKH�VLWWLQJ�URRP��DUHD����WKH�RWKHU�WR�WKH�NLWFKHQ��DUHD����DUH�ORFDWHG�RQ�WKH�OHIW�ZDOO�$UHD����6WDLUFDVH/HDGLQJ�WR�WKH�VHFRQG�DQG�WKLUG�IORRUV�WKH�VWDLUFDVH�KDV�D�EHDXWLIXOO\�FDUYHG�RDN�EDQLVWHU��/DQGLQJV�DSSHDU�RQ�DQG�KDOIZD\�EHWZHHQ�HDFK�IORRU�$UHD����6LWWLQJ�5RRP7KH�VLWWLQJ�URRP�FRQWDLQV�IRXU�RYHUVWXIIHG�FKDLUV�DQG�D�FRIIHH�WDEOH��7KH�ZDOOV�DUH�FRYHUHG�ZLWK�D�GXVWFRYHUHG�DQG�URWWHG�VLON�EURFDGH�ZDOOSDSHU��$Q�RSHUDWLYH�EXW�HPSW\�ILUHSODFH�VLWV�DORQJ�WKH�ZHVWHUQ�ZDOO�$UHD����.LWFKHQ7KH�NLWFKHQ�FRQWDLQV�D�VLQN�ZLWK�DQ�RSHUDWLQJ�ZDWHU�SXPS��HPSW\�FDELQHWV�DQG�SDQWULHV��DQG�RWKHU�H[SHFWHG�NLWFKHQ�

Page 39: TSR 9170 CA2 Swords of Deceit

IDFLOLWLHV��$�URWWHG�ZRRGHQ�VWDLUFDVH�OHDGV�WR�WKH�EDVHPHQW��7KHUH�LV�D�����FKDQFH�WKDW�ZKHQ�VRPHRQH�VWHSV�RQWR�WKH�VWDLUV�WKH\�ZLOO�FROODSVH�FDXVLQJ��G���SRLQWV�RI�GDPDJH�$UHD����/LEUDU\:LWK� WKH� H[FHSWLRQ� RI� ZLQGRZ� VSDFH�� WKH� OLEUDU\� ZDOOV� DUH� FRYHUHG� IURP� IORRU� WR� FHLOLQJ� ZLWK� ERRNFDVHV�� 7KH�YROXPHV� DUH� DOO� OHDWKHU�ERXQG� DQG� ORRN� H[SHQVLYH�� $� UDUH� ERRN� GHDOHU� ZRXOG� SD\� �������� ULONV� IRU� WKH� ������YROXPHV�LQ�WKLV�URRP�,I�D�3&�VSHQGV�RQH�IXOO�WXUQ�H[DPLQLQJ�WKH�ERRNV��KH�ILQGV�D�IHZ�WLWOHV�RI�LQWHUHVW�7KH�9DPSLUH�RI�/DQNKPDU��/HJHQG�RU�)DQF\"��&UHDWXUHV�RI�WKH�1LJKW��6XPPRQ LQJ�DQG�'HPRQRORJ\��DQG�7DOHV�RI�WKH*RGV�RI�/DQNKPDU� 7KHVH�ZRXOG�EULQJ����ULONV�DSLHFH�IURP�D�GHDOHU�LQ�PDJLFDO�DQG�RFFXOW�ZRUNV�0RUH� LPSRUWDQWO\�� LI�D�3&�VSHQGV�WZR�IXOO� WXUQV�EURZVLQJ�WKURXJK�WKHVH�ERRNV��KH�ZLOO�OHDUQ�DERXW�WKH�/DQNKPDUW�YDPSLUH�DQG�WKH�(DWHU�RI�6RXOV��DQG�KRZ�WKHVH�FUHDWXUHV�FDQ�EH�GHVWUR\HG�2QH�URZ�RI�ERRNV�LV�IDNH�DQG�ZKHQ�SXOOHG�DVLGH�UHYHDOV�D�VDIH��7KH�VDIH�FRQWDLQV�D�GDJJHU�����D�OHDWKHU�ER[�ILOOHG�ZLWK�H[SHQVLYH�MHZHOU\��ZRUWK�DSSUR[LPDWHO\��������JROG�ULONV��DQG�D�OHDWKHU�VFUROO�FDVH��,Q�WKH�FDVH�LV�D�SURWHFWLRQ�IURP�HYLO�VFUROO�DQG�D�VHFRQG�VFUROO�FRQWDLQLQJ�D�OLVW�RI�ZD\V�WR�GHVWUR\�D�YDPSLUH�3HUKDSV�WKH�OLEUDU\V�VLQJOH�PRVW�VWULNLQJ�IHDWXUH�LV�D�IXOO�OHQJWK�SRUWUDLW�RI�0\UULD�GUHVVHG�LQ�FORWKHV�RI�����\HDUV�DJR�$UHD����%HGURRP7KH�EHGURRP�FRQWDLQV�D�ODUJH��IRXU�SRVWHU�EHG��D�IUHHVWDQGLQJ�ILUHSODFH��DQG�VHYHUDO�FKDLUV��DOO�FRYHUHG�LQ�ZKLWH�VKHHWV�DQG�GXVW�$UHD����%HGURRP/DFNLQJ� D� ILUHSODFH� WKLV� EHGURRP� LV� VLPLODU� WR� WKH� RQH� LQ� DUHD� ��� ,Q� WKH� EHG� LV� D� GHDG� \RXQJ� PDQ� ZLWK� DQ� XQXVXDOO\� SDOH�FRXQWHQDQFH��7ZR�VWUDQJH�PDUNV�DUH�RQ�KLV�QHFN�DQG�KH�ORRNV�DV�LI�KH�KDV�EHHQ�GUDLQHG�RI EORRG�7KLV�\RXQJ�PDQ�LV�'DQQDO��,Q�KLV�EHOW�SRXFK�WKHUH�LV�D�PHVVDJH���%HZDUH�0\UQD��$UHD����%HGURRP6LPLODU�WR�DUHD����QR�ILUHSODFH��QR�FRUSVH�$UHD����6HUYDQWV�%HGURRP&KHDSHU�IXUQLWXUH��ILUHSODFH��QRWKLQJ�RI�LQWHUHVW�$UHD�����6WRUDJH�&KDPEHU7KLV� ODUJH� URRP� LV� ILOOHG� ZLWK� MXQN�ROG� IXUQLWXUH�� PRWK�HDWHQ� OLQHQV�� FKLOGUHQV� WR\V�� HWF�� $� QHVW� RI� �� JLDQW� FHQWLSHGHV� �VHH�0RQVWHUV�6WDWLVWLFV�&KDUW��ZLOO�EH�GLVWXUEHG�LI�WKH�3&V�VHDUFK�WKH�URRP�$UHD�����%HGURRP7KLV�EHGURRP��GXVW\�DQG�VKHHW�FRYHUHG��LV�ODUJH�DQG�RSXOHQWO\�DSSRLQWHG��$�ODUJH�GUHVVHU�FRQWDLQV�IRXU�JROG�FDQGOHVWLFNV�ZRUWK�����ULONV�DSLHFH�$UHD�����%DVHPHQW7KH�EDVHPHQW�LV�ROG�DQG�PXVW\�DQG�FRQWDLQV�DUFKHG�VWRQH�EXWWUHVVHV�HYHU\�WHQ�IHHW�JLYLQJ�RQH�WKH�LPSUHVVLRQ�WKDW�KH�LV�LQ�D�VHULHV RI�FDWDFRPEV��2OG�FUDWHV��EDUUHOV�DQG�ER[HV��WKH�QRUPDO�GHWULWXV�RI�D�EDVHPHQW��DUH�VFDWWHUHG�DERXW�1XPHURXV�JLDQW�FHQWLSHGH�QHVWV�DUH�DOVR�LQ�WKH�EDVHPHQW��)RU�HYHU\�WXUQ�WKH�3&V�VHDUFK��WKHUH�LV�D�����FKDQFH�WKH\�ZLOO�GLVWXUE�D�QHVW� RI� �G���JLDQW� FHQWLSHGHV��7KHUH� LV�QRWKLQJ�RI� YDOXH� LQ� WKH�EDVHPHQW��3UHVVLQJ� D� MXWWLQJ�EULFN�RQ� WKH� VRXWK�ZDOO�RSHQV� WKH�VHFUHW�GRRU�WR�DUHD����$UHD�����6HFUHW�5RRP$�FRIILQ�LQ�ZKLFK�0\UULD�VOHHSV�GXULQJ�WKH�GD\�LV�IRXQG�LQ�WKLV�URRP��,QVLGH�WKH�FRIILQ�LV�D�SXUVH�FRQWDLQLQJ����GLDPRQG�LQ�DPEHU�JOXOGLWFKHV�DQG�D�EXFNQDUGV�OHDWKHUSXUVH��/DQNKPDU�VW\OH��,I�DQ�DJRO��VPHUGXN��DQG�ULON�DUH�SODFHG�LQVLGH��WKH�QH[W�PRUQLQJ�����RI�HDFK�ZLOO�PDJLFDOO\�DSSHDU�LQ�WKH�SXUVH��2WKHUZLVH�WKH�SXUVH�IXQFWLRQV�DV�LWV�$''��JDPH�HTXLYDOHQW�(QFRXQWHU�.H\�� ,P�D�6RXO�0DQ���,I� WKH� (DWHU� RI� 6RXOV� KDV� QRW� EHHQ� NLOOHG�� LW� LQH[RUDEO\� IROORZV� WKH� FKDUDFWHUV� DW� LWV� VORZ� SDFH��0\UULD� LV� D� EXQGOH� RI� HQHUJ\��EUXVKLQJ�RII�TXHVWLRQV�ZLWK�D��:HOO�WDON�DERXW�WKLV�ODWHU��DLU��DV�VKH�OHDGV�WKH�ZD\�LQWR�WKH�OLEUDU\��3XUSRVHIXOO\��0\UULD�UHYHDOV�DQG�RSHQV�D�VDIH�IURP�EHKLQG�D�URZ�RI�OHDWKHU�FRYHUHG�YROXPHV��DQG�SXOOV�RXW�D�JOHDPLQJ�GDJJHU�D�GDJJHU��������YV��HQFKDQWHG�RU�VXPPRQHG�FUHDWXUHV��6KH�JLYHV�LW�WR�RQH�RI�WKH�3&V�MXVW�DV�WKH�(DWHU�RI�6RXOV�UHQGV�WKH�KHDY\�RDN�GRRU�RI�WKH�OLEUDU\��:LWK�WKH�RQO\�HVFDSH�EHLQJ�D�WKLUG�IORRU�ZLQGRZ��WKH�3&V�PXVW�PDNH�WKHLU�VWDQG�KHUH�

Page 40: TSR 9170 CA2 Swords of Deceit

0\UULDV�1HZHVW�6WRU\:KHQ�WKH�(DWHU�RI�6RXOV�LV�GHVWUR\HG��FKDUDFWHUV�PD\�RQFH�DJDLQ�EHFRPH�VXVSLFLRXV�RI�0\UULD��:K\�VKRXOG�D�VWUDQJH�GHPRQLF�FUHDWXUH�EH�KXQWLQJ�DQ�LQQRFHQW�\RXQJ�ZRPDQ�RYHU�D�ILJKW�DPRQJ�PRQH\OHQGHUV"�$QG�ZKDW�DERXW�WKH�FKDQJH�LQ�KHU�SHUVRQDOLW\"�7KH�0\UULD�WKH�3&V�NQHZ�ZRXOG�VLPSO\�KDYH�FRZHUHG�LQ�IHDU�,I�WKH�3&V�VWDUW�DVNLQJ�TXHVWLRQV�UHDG�WKH�IROORZLQJ�WH[W�DORXG��,I�WKH\�GR�QRW�DVN�TXHVWLRQV��GR�QRW�JLYH�WKHP�WKLV�LQIRUPDWLRQ��,�VHH�WKDW�,�PXVW�QRZ�WHOO�\RX�WKH�IXOO�WUXWK��<RXU�EUDYHU\�PXVW�QRW�JR�XQUH ZDUGHG�RU�XQDSSUHFLDWHG��DQG�PHQ�VXFK�DV�\RXUVHOYHV�GHVHUYH�WR�NQRZ�HYHU\¶�WKLQJ�DERXW�WKH�RQH�\RX�DUH�DLG LQJ VR�ZHOO��0\�QDPH�LV�0\UULD��0\�ODWH�IDWKHU�ZDV�D�PRQH\OHQGHU��DQG�LQGHHG�P\�ORYHUV�QDPH�LV�'DQQDO��6KHGGLQJ� KHU� LQQRFHQW� DQG� GHPXUH� SHUVRQDOLW\�� WKLV� WLPH� 0\UULD� LV� FRQILGHQW� ZKHQ� VKH� WDONV�� +HU� WRQH� LV� ORXGHU� DQG� PRUH�FRQWUROOHG�DQG�VKH�NHHSV�H\H�FRQWDFW�ZLWK�WKH�3&V�<RX� VHH��'DQQDO�GDEEOHG� LQ� WKH�DUFDQH�DUWV��+H� UHFHQWO\� FDPH� WR� WKH�DWWHQWLRQ�RI� WKH� 6RUFHUHUV�*XLOG�ZKHQ�KH�XQFRYHUHG�WKH�VHFUHW�RI�WUDQVPXWDWLRQ�RI�WKH�HOHPHQWV��+H�ZRXOG�QRW�VKDUH� LW�ZLWK�WKH�EODFN�ZL]DUGV�RI�WKDW�JXLOG��VR�WKHLU FKLHI� HQIRUFHU��/XJK�� NLGQDSSHG�PH� LQ� RUGHU�'DQQDO�EH� IRUFHG� WR� VXUUHQGHU� WKH�VHFUHW�� ,�HVFDSHG� IURP�KLV�FDUULDJH�DV�KH�ZDV�WDNLQJ�PH�WR�WKH�JXLOGV�VHFUHW�ODLU��DQG�ZDQGHUHG�WKH�7HQGHU ORLQ�XQWLO�,�GLVFRYHUHG�\RX��$JDLQ��OHW�PH�DSRORJL]H�IRU�WKH�GHFHSWL RQ��EXW�,�ZDV�VFDUHG�WKDW�QR�RQH�ZRXOG�DLG�PH�DJDLQVW�WKH�6RUFHUHUV��,W�ZDV�REYLRXVO\� /XJK� ZKR� VHQW� WKH� 6OD\ HUV� DIWHU�PH�� WR� FRPSOHWH� WKH� NLGQDS SLQJ� KH� EXQJOHG�� %XW� LW� PXVW� KDYH� WDNHQ�SRZHUIXO�ZL]DUGV� WR� FRQMXUH� WKH�(DWHU�RI�6RXOV��7KH\� DUH� WDNLQJ�QR�FKD QFHV��DQG�ZRXOG�VRRQHU�VHH�'DQQDO�DQG�P\VHOI�GHDG�WKDQ�ULVN�WKH�VHFUHW�RI�WUDQVPXWDWLRQ�FRPLQJ�WR�WKH�DWWHQWLRQ�RI�WKH�RYHUORUG��'DQQDO�ZLOO� EH�PHHWLQJ�PH�KHUH�VKRUWO\��DQG�RQFH�KH�HQWHUV�KLV� ODERUD WRU\� LQ� WKH�EDVHPHQW��KH�ZLOO�EH�DEOH� WR�FRQMXUH�SURWHFW LRQV�WKDW�ZLOO�NHHS�XV�DOO�VDIH�WKURXJKRXW�WKH�1LJKW�RI�)HDU��7KHQ��LQ�WKH�PRUQLQJ��ZH�ZLOO�JLYH�WKH�WUDQVPXWDWLRQ�VSHOO� WR� WKH�RYHUORUG��DQG�KH�ZLOO� UHZDUG�'DQQDO�DQG�PH�EH\RQG�PHDVXUH��$QG�\RX�� WRR�� VKDOO�EH�DPSO\�UHZDUGHG�IRU�\RXU�DVVLVWDQFH��:LWK� 0\UULD� QRZ� UHYHDOHG� DV� D� VWURQJ� ZLOOHG�� FDSDEOH� ZRPDQ� RI� JUHDW� EHDXW\� DQG� SRZHU�� KHU� &KDULVPD� DQG�&RPHOLQHVV�LQFUHDVH�E\���SRLQW�HDFK��,I�WKH�SOD\HUV�DUH�UXQQLQJ�)DIKUG�DQG�WKH�*UD\�0RXVHU��WKHVH�FKDUDFWHUV�VKRXOG�EH�FKDUPHG�E\�KHU�EHDXW\��,I�WKH�'0�LV�UXQQLQJ�D�/DQNKPDUW�$''��JDPH�FDPSDLJQ��WKH�FKDUP��LQIOXHQFH��DQG�VRFLDO�OHYHO�RI�0\UULD�VKRXOG�DXWRPDWLFDOO\�LQIOXHQFH�WKH�3&V�%XW� ZKDWHYHU� JDPH� WKH� '0� LV� UXQQLQJ�� KH� VKRXOG� HPSKDVL]H�0\UULDV� EHDXW\� DQG� FKDULVPD� DQG� HQFRXUDJH� WKH�SOD\HUV�WR�KDYH�WKHLU�FKDUDFWHUV�UHVSRQG�VWURQJO\�WR�LW�,I�WKH�3&V�WU\�WR�OHDYH�0\UULD��VKH�FDQ�FDVW�D�FKDUP�SHUVRQ�VSHOO�RI�XQXVXDO�SRWHQF\�����RQ�VDYLQJ�WKURZV�DJDLQVW�LWV�HIIHFW���$�PDQLSXODWLYH�FKDUDFWHU��VKH�WULHV�WR�SOD\�WKH�FKDUDFWHUV�RII�HDFK�RWKHU��:KHQHYHU�VKH�LV�DORQH�ZLWK�D�3&��VKH�VXJJHVWV�WKDW�VKH�LV�IDOOLQJ�LQ�ORYH�ZLWK�KLP��0HDQZKLOH�WKH�RWKHU�PHPEHUV�RI�WKH�SDUW\�PD\�ZDQGHU�DURXQG�WKH�PDQVLRQ�,W�VKRXOG�EH�FOHDU�WR�WKH�'0��EXW�QRW�\HW�WR�WKH�SOD\HUV��WKDW�DOO�RI�0\UULDV�VWRULHV�DUH�IDOVH��DQG�WKDW�VKH�LV�DFWXDOO\D�/DQNKPDUW�YDPSLUH�� �6HH�1HZ�0RQVWHUV� LQ�/DQNKPDU�VHFWLRQ�DW� WKH�HQG�RI� WKLV�ERRNOHW���'DQQDO�ZDV� LQ� IDFW�KHU�ORYHU�EXW�VRRQHU�RU�ODWHU�HYHU\�YDPSLUH�VKRZV�KHU�ORYH�LQ�WKH�VDPH�ZD\�0\UUODV�7UXH�6WRU\0\UULD� LV�D�/DQNKPDUW�YDPSLUH��QRZ�ZHOO�RYHU�����\HDUV�ROG��)RU�DOO� WKLV� WLPH��VKH�KDV�GDPPHG�RQH�QHZ�YLFWLP�HDFK�IXOO�PRRQ��7KH�ORQHOLQHVV�RI�YDPSLULVP�KDV�GULYHQ�KHU�WR�WDNH�RQ�PDQ\�ORYHUV�RYHU�WKH�\HDUV��HDFK�KDV�ODVWHG�QR�PRUH�WKDQ�D�PRQWK��6RPH�PRQWKV��VKH�LV�PHUHO\�WKLUVW\��DQG�WDNHV�WKH�QHDUHVW�YLFWLP�VKH�FDQ�ILQG�7KLV�LV� WKH�ILUVW�WLPH�LQ�����\HDUV�WKDW�WKH��UHDO��1LJKW�RI�)HDU��LQ�ZKLFK�WKH�*RGV�RI�/DQNKPDU�DFWXDOO\�ZDON�WKH�VWUHHWV��DQG�D�IXOO�PRRQ�KDYH�FRLQFLGHG��$�QXPEHU�RI�\HDUV�DJR��RQH�RI�0\UULDV�YLFWLPV�ZDV�D�SULHVW�RI�WKH�*RGV�RI�/DQNKPDU��7RQLJKW��WKH�*RGV�DUH�WDNLQJ�WKHLU�UHYHQJH�)LUVW��WKH\�GLUHFWHG�WKH�6OD\HUV�%URWKHU�KRRG�DWWDFN�DQG�ZKHQ�WKDW�IDLOHG��WKH\�VHQW�WKH�(DWHU�RI�6RXOV�1RZ��ZLWK�WKH�IXOO�PRRQ�DERXW�WR�ULVH��WKH�*RGV�RI�/DQNKPDU�JURZ�GHVSHUDWH����� %DG�0RRQ�5LVLQJ,I� WKH 3&V�KDYH�JURZQ�VXVSLFLRXV�RU� WU\� WR�OHDYH��UXQ�WKLV�HYHQW�LPPHGLDWHO\��,I�QRW�� WKH�'0�VKRXOG�EXLOG�XS�WKH�VXVSHQVH�EHIRUH�OHWWLQJ�WKH�DGYHQWXUH�UHDFK�LWV�FOLPD[�7KH�IXOO�PRRQ�ULVHV�DW�PLGQLJKW��7KH�VRXQG�RI�FKXUFK�EHOOV�HFKR�WKURXJKRXW�WKH�FLW\�$V�VRRQ�DV�WKH�GLVN�RI�WKH�PRRQ�DSSHDUV�WKURXJK�WKH�ZLQGRZ��FDVWLQJ�LWV�JKRVWO\�OLJKW�RQ�HYHU\RQH�LQ�WKH�URRP��\RX�

Page 41: TSR 9170 CA2 Swords of Deceit

QRWLFH�D�WUDQVIRUPDWLRQ �WDNLQJ�SODFH�LQ�0\UULDV�IDFH��+HU�SDOH�IDFH�JURZV�HYHQ�ZKLWHU�KHU�LQFLVRUV�OHQJWKHQ��KHU�OLSV�FKDQJH�IURP�UHG�WR�EODFN��DQ G�KHU�H\HV�JORZ�ZLWK�D�VLQLVWHU�OLJKW�� �,W�LV�WLPH���VKH�VKRXWV�WULXPSKDQWO\��DV�\RX�UHDOL]H�WKDW�0\UULD�QRZ�ORRNV�YHU\�PXFK�OLNH�D�YDPSLUH�LQ�WKH�KRUURU�VWRULHV�\RX�ZHUH�WROG�DV�D�FKLOG�1RZ�FRQVXPHG�ZLWK�EORRGOXVW��0\UULD�DWWDFNV�WKH�FKDUDFWHUV�ZLWK�WKH LQWHQWLRQ�RI�NLOOLQJ�WKHP�DQG�GUDLQLQJ�WKHLU�EORRG�6KH�LV�FDSDEOH��SRZHUIXO��LQWHOOLJHQW��DQG�FUDIW\��DQG�ZLOO�XVH�DOO�WKH�SRZHUV�DW�KHU�FRPPDQG�LQ�RUGHU�WR�ZLQ��,I�WKH�FKDUDFWHUV�GR�QRW�SRVVHVV�PDJLF�ZHDSRQV��H[FHSW�IRU�WKH�GDJJHU���WKH\�ZLOO�ILQG�LW�GLIILFXOW�WR�EHDW�KHU�GLUHFWO\��,I�WKH\�GR�QRW�WKLQN�RI� LW� WKHPVHOYHV��VXJJHVW� WKDW�WKH�FKDUDFWHUV�IOHH���DIWHU�DOO��GDZQ�LV�RQO\�DERXW���KRXUV�DZD\��,I�WKH\�IOHH��VHH�HQFRXQWHU����0\UULD�ZLOO�SXUVXH�WKH�FKDUDFWHUV��FKDVLQJ�WKHP�WKURXJK�WKH�GHVHUWHG�VWUHHWV�RI�/DQNKPDU��$OO�WKH�GRRUV�RQ�VWUHHW�OHYHO�DUH�ORFNHG�DQG�QR�RQH�ZLOO�RSHQ�WKHP�XQGHU�DQ\�FLUFXPVWDQFH��/LNHZLVH��DOO� WKH�ZLQGRZ�VKXWWHUV�DUH�WLJKWO\�VHFXUHG��$Q\�RSHQLQJ�LV�RWKHUZLVH�EDUUHG�0\UULD�VXPPRQV�KRUGHV�RI�UDWV�DQG�EDWV�WR�DLG�KHU�LQ�KXQWLQJ�GRZQ�WKH�3&V��8VH�DOO�WKH�UHVRXUFHV�RI�WKH�5DQGRP�%XLOGLQJ�DQG�%ORFN�*HQHUDWRUV�LQ�WKH�6RXUFHERRN�WR�PDNH�D�ZLOG�DQG�H[FLWLQJ�FKDVH�WKURXJK�WKH�GHVHUWHG�FLW\�,I� WKH� FKDUDFWHUV� VXUYLYH�XQWLO� GDZQ��0\UULD�PXVW� UHWUHDW� WR�KHU�KRXVH� DQG�HQWHU�KHU�FRIILQ� LQ�URRP�����7KH�3&V�VKRXOG�KDYH�DQ�HDV\�WLPH�GHVWUR\LQJ�KHU�KHUH�,I� WKH�3&V� OHDUQHG�HDUOLHU� WKDW� WKH�6OD\HUV�ZHUH�JRLQJ�WR�WDNH�WKH�NLGQDSSHG�0\UQD�WR�WKH�7HPSOH�RI�WKH�*RGV�RI�/DQNKPDU��WKH�SDUW\�PD\�GHFLGH�WR�JR�WKHUH��7KH�'0�PD\�JLYH�WKH�3&V�D�FOXH�LI�WKH\�QHHG�KHOS���0\UULD�ZLOO�IROORZ�WKHP� WR� WKH� 7HPSOHV� SRUWDO�� ZKHQ� D� QXPEHU� RI� VWUDQJH� VKDSHV� FRQMXUH� XS� IURP� WKH� IORRU�� /RRNLQJ� DURXQG�� VKH�VFUHDPV�LQ�WHUURU��DQG�WULHV�WR�IOHH��EXW�WKH�VKDSHV�FRQWLQXH�WR�DGYDQFH��VXUURXQGLQJ�KHU��6KH�VFUHDPV�RQFH�PRUH�LQ�DJRQ\�DV�WKH�VKDSHV�GLVDSSHDU��OHDYLQJ�D�SLOH�RI�GXVW�LQVLGH�0\UULDV�UHG�JRZQ�$W�ODVW��WKH�JRGV�RI�/DQNKPDU�KDYH�JRWWHQ�WKHLU�UHYHQJH��� 'HYLO�:LWK�$�%OXH�'UHVV�2Q7KLV� HQFRXQWHU� KDV� D� ���� FKDQFH� RI�RFFXUULQJ��HDFK�KDOI�KRXU�WKH�SDUW\�VSHQGV�LQ�WKH�VWUHHWV��5XQ�WKLV�HYHQW�RQO\�LI�WKH�3&V�DUH�IOHHLQJ�IURP�0\UULDV�PDQVLRQ�

$V� \RX� UXQ� GRZQ� WKH� VWUHHW�� D� WKLFN� IRJ�FRYHUV�WKH�KXPLG�SDYHPHQW�DQG�\RX�EHJLQ�WR�IHHO�\RXU�PRYHPHQWV�VORZLQJ�GRZQ�DOPRVW�WR�D� KDOW�� ,Q� DZH�� \RX� GLV FRYHU� VL[� XWWHUO\�KRUULEOH FUHDWXUHV�� 6RPH� DUH� ZUDSSHG� LQ�EDQGDJHV�� RWKHUV� ZHDU� DQFLHQW� WUDSSLQJV�DQG�DUPRUV�WKDW�PXVW�RQFH�KDYH�EHHQ�WKRVH�RI�KHURHV�DQG�NLQJV��<RX�WU\�VFUHDPLQJ��EXW�QR� VRXQG� FRPHV� IURP� \RXU� OXQJV�� $V� WKHLU�GDUN�H\H�VRFNHWV�JORZ�ZLWK� WKH�DXUD�RI�HYLO�DQG� DQJHU�� WKH\� VORZO\� UDLVH� WKHLU� VNHOHWDO�DUPV� LQ� \RXU� GLUHFWLRQ�� 7KH� FROG� JULS� RI�GHDWK�FOXWFKHV�\RXU�KHDUWV�7KH� FUHDWXUHV� DUH� WKH� *RGV� RI� /DQNKPDU��VHH� 6RXUFHERRN�� SDJH� ���� URDPLQJ� WKH�VWUHHWV�RI�WKH�FLW\�LQ�VHDUFK�RI�UHYHQJH��7KH\�FDQ�FDVW�DQ\�VSHOO�GHVFULEHG�LQ WKH�UXOHV�,Q� WKLV� HYHQW�� WKH� SDUW\� IDOOV� YLFWLP� WR� DQ�DUUD\� RI� VORZ�� IHDU� DQG� KROG� SHUVRQ� VSHOOV��(DFK� 3&�PXVW�PDNH� WZR� VDYLQJ� WKURZV�YV��3DUDO\]DWLRQ� DW� � �� RU� EH� WRWDOO\� SDUDO\]HG��6RPH�RI�WKH�JRGV�DUH�XVLQJ�(63�RQ�WKH�3&V��DQG� WKHUHIRUH� XQGHUVWDQG� WKDW� 0\UULD� LV�SXUVXLQJ�WKH�SDUW\�

Page 42: TSR 9170 CA2 Swords of Deceit

:LWKRXW� D� ZRUG�� WKH� JRGV� VKRXOG� LPPHGLDWHO\� JR� DIWHU�0\UULD�� 6KH� ZLOO� UXQ� WRZDUG� WKH� WHPSOH� DQG� DIWHU� D� IHZ�PRPHQWV�WKH�FKDUDFWHUV�ZLOO�VHH�0\UULD�GLH�DV�GHVFULEHG�LQ�HYHQW���$OWKRXJK�WKH�JRGV�ZLOO�QRW�KDUP�WKH�3&V�GXULQJ�WKHLU�EULHI�HQFRXQWHU��WKH\�VKRXOG�WHUULI\�WKHP�QHDUO\�WR�GHDWK��)RU�H[DPSOH�� RQH� JRG� PLJKW� OLIW� D�SDUDO\]HG� FKDUDFWHU�� VWDUH� KLP� LQ� WKH� H\HV�� DQG� FDUHOHVVO\� WKURZ� WKH� 3&� DVLGH��2I�FRXUVH��LI�D�3&�WULHV�WR�DWWDFN�UDWKHU�WKDQ�IOHH��WKDW�FKDUDFWHU�VKRXOG�EH�GHVWUR\HG�(SLORJXH2QFH�0\UULD�LV�GHDG��WKH�3&V�FDQ�VWHDO�ZKDWHYHU�WUHDVXUH�RQ�ZKLFK�WKH\�FDQ�OD\�WKHLU�KDQGV��8QKDSS\�ZLWK�WKH�3&V�EHFDXVH� WKH\� NLOOHG� WKH� (DWHU� RI� 6RXOV�� WKH� *RGV� RI� /DQNKPDU� DQG� WKHLU� SULHVWV� RIIHU� QR� UHZDUG�� EXW� WKH\� VHHN�UHYHQJH�)DWW\� LV�KDSS\� WR�ZHOFRPH�WKHP�EDFN�DW� WKH�/DVW�&KDQFH��HVSHFLDOO\�VLQFH�WKH\�KDYH�FDVK��EXW�KH�DQG�WKH�SDWURQV�FRQVLGHU�DQ\�VWRU\�WKH�3&V�WHOO�WR�EH�MXVW�DQRWKHU�WDOO�WDOH�

Page 43: TSR 9170 CA2 Swords of Deceit

1(:�02167(56�,1�/$1.+�0$5(DWHU�RI�628/6 )5(48(1&<� 9HU\�5DUH12��$33($5,1*���$5025�&/$66���029(� ��+,7�',&(������DY�����KS���,1�/$,5�����75($685(�7<3(��1LO12��2)�$77$&.6���7+$&2� ��'$0$*(�$77$&.� �����HDFK���VSHFLDO63(&,$/�$77$&.6��:LVGRP�GUDLQ63(&,$/�'()(16(6�����RU�EHWWHU�ZHDSRQ�WR�KLW0$*,&�5(6,67$1&(��6WDQGDUG,17(//,*(1&(� +LJK$/,*10(17�1HXWUDO6,=(� /�����VSKHUH�RI�GDUNQHVV��36,21,&�$%,/,7<��1LO$WWDFN�'HIHQVH�0RGHV��1LO/(9(/�;3�9$/8(��9�������������KS

$Q� (DWHU� RI� 6RXOV� LV� D� EHLQJ� IURP� DQRWKHU� GLPHQVLRQ� VXPPRQHG� RU� JUDQWHG� WR� KLJK� OHYHO� FOHULFV�� ,W� LV XVHG� WR� VOD\� EHLQJV� DV�RUGHUHG�E\�WKH�FOHULF�ZKR�VXPPRQHG�RU�UHFHLYHG�LW��$Q�(DWHU�RI�6RXOV�DSSHDUV�DV�D�FORXG�RI�JORZLQJ�GDUNQHVV��DERXW����IHHW�LQ�GLDPHWHU��,W�FDQ�DVVXPH�DQ\�VKDSH�GHVLUHG��2QFH�DVVLJQHG�D�YLFWLP�WR�NLOO��WKH�(DWHU�RI�6RXOV�ZLOO�QRW�TXLW�XQWLO�HLWKHU�LW�RU�LWV�YLFWLP�LV�GHIHDWHG��$Q�(DWHU�RI�6RXOV�LV�KLJKO\�LQWHOOLJHQW�DQG�ZLOO�DFFRPSOLVK�LWV�PLVVLRQ�E\�DQ\�PHDQV�LW�FDQ�,Q�FRPEDW�� WKH� FUHDWXUH�DWWDFNV�ZLWK� WZR�JKRVWO\�FODZV�HDFK�URXQG�� ,Q�DGGLWLRQ� WR�QRUPDO�GDPDJH��HDFK� WLPH�LW�KLWV�� WKH�YLFWLP�PXVW�PDNH�D�VDYLQJ�WKURZ�YV��'HDWK�0DJLF�RU�ORVH�RQH�SRLQW�RI�:LVGRP���,I�WKH�FKDUDFWHU�VXUYLYHV�DQ�HQFRXQWHU�ZLWK�WKH�(DWHU�RI�6RXOV��KH�UHJDLQV�ORVW�:LVGRP�DW�WKH�UDWH�RI���SRLQW�SHU�GD\��7KH�FOHULFDO�VSHOO�UHVWRUDWLRQ�ZLOO�DOVR�UHVWRUH�ORVW�:LVGRP��7KH�(DWHU�RI�6RXOV�PD\�RQO\�EH�VWUXFN�E\�PDJLFDO�ZHDSRQV��1RUPDO�DQG�VLOYHU�ZHDSRQV�KDYH�QR�HIIHFW�RQ�LW�,I� D� YLFWLP� LV� VODLQ�� RU� LV� UHGXFHG� WR� ��:LVGRP�� WKH� YLFWLP� LV� GHDG�� DQG� WKH� (DWHU� RI� 6RXOV� UHWXUQV� WR� LWV� RZQ�GLPHQVLRQ��&KDUDFWHUV�VODLQ E\�DQ�(DWHU�RI�6RXOV�FDQQRW�EH�UDLVHG�RU�UHLQFDUQDWHG��,I�WKH�(DWHU�RI�6RXOV�KLW�SRLQWV�DUH�UHGXFHG�WR����LW�GLVVROYHV�LQWR�D�IRUPOHVV�FORXG�DQG�GULIWV�DZD\��QHYHU�WR�UHWXUQ�,I�WKH�(DWHU�RI�6RXOV�YLFWLP�LV�VODLQ�E\�DQRWKHU�EHLQJ��RU�LI�WKH�(DWHU�LV�GHIHDWHG�LQ�FRPEDW��WKH�(DWHU�RI�6RXOV�UHWXUQV�WR�WKH�FOHULF�ZKR�VXPPRQHG�LW�DQG�DWWDFNV�KLP��%HFDXVH�RI�LWV�UDJH�DQG�IUXVWUDWLRQ��WKH�(DWHU�DWWDFNV�DV�LI�LW�ZHUH�D����+'�PRQVWHU�� DQG�GRHV� �G��SRLQWV� RI� GDPDJH�����:LVGRP�SRLQWV� GUDLQ�SHU� DWWDFN�� ,I� WKH� VXPPRQLQJ�FOHULF�GHIHDWV�LW�DJDLQ��WKH�(DWHU�RI�6RXOV�UHWXUQV�WR�LWV�KRPH�GLPHQVLRQ�DQG�ZLOO�QRW�UHWXUQ� 7KDQ[�DQG�D�WLS���WKH�KDW�WR�=HE�&RRN��GHVLJQHU�H[WUDRUGLQDLUH�

Page 44: TSR 9170 CA2 Swords of Deceit

9DPSLUH��/DQNKPDUW)5(48(1&<��5DUH12��$33($5,1*��O$5025�&/$66���029(� �������+,7�',&(�������,1�/$,5�����75($685(�7<3(��)12�2)�$77$&.6���7+$&2����'$0$*(�$77$&.� ������G����63(&,$/�$77$&.6��(QHUJ\�GUDLQ63(&,$/�'()(16(6�����RU�EHWWHU�ZHDSRQ�WR�KLW��UHJHQHUDWLRQ��JDVHRXV�IRUP0$*,&�5(6,67$1&(��6HH�%HORZ,17(//,*(1&(��([FHSWLRQDO$/,*10(17��&KDRWLF�(YLO6,=(��036,21,&�$%,/,7<��1LO$WWDFN�'HIHQVH�0RGHV��1LO/(9(/�;3�9$/8(��9,���������O�,KS7KH�/DQNKPDUW�YDPSLUH�LV�LQ�PDQ\�ZD\V�VLPLODU�WR�LWV�$''��JDPH�FRXVLQ��WKH�PRVW�GUHDGHG�RI�WKH�FKDRWLF�HYLO�XQGHDG�8QOLNH�WKH�QRUPDO�YDPSLUH��/DQNKPDUW�YDPSLUHV�RQO\�KDYH�WKHLU�IXOO�YDPSLULF�DELOLWLHV�ZKHQ�WKH�IXOO�PRRQ�LV�LQ�WKH�QLJKW�VN\��'XULQJ�RWKHU�WLPHV��WKH\�KDYH�QRUPDO�KXPDQ�FKDUDFWHULVWLFV�� WKRVH�WKH\�KDG�ZKHQ�WKH\�ZHUH�PHUH�PRUWDOV��/LNH�DOO�YDPSLUHV��WKH\�PXVW�UHVW�LQ�WKHLUFRIILQV�GXULQJ�WKH�GD\�DQG�FDQ�RQO\�FRPH�RXW�DW�QLJKW��ZKHWKHU�RU�QRW�WKH\�DUH�LQ�WKHLU�IXOO�YDPSLULF�SKDVH�:KHQ�WKH\�DUH�QRUPDO�QRFWXUQDO�KXPDQV��WKH\�DUH�SDOH�RI�FRPSOH[LRQ��IUHTXHQWO\�RI�KLJK�FKDULVPD��DQG�VHHN�FRP�SDQLRQVKLS�ZLWK�WKH�GHVSHUDWLRQ�RI�WKRVH�ZKR�OLYH�RQO\�D�VKDGRZ�OLIH��7KH\�GR�QRW�KDYH�WKH�EORRG�OXVW�XSRQ�WKHP��DQG�IUHTXHQWO\�SDVV�DV�QRUPDO�%XW�WKRVH�ZKR�EHFRPH�LQYROYHG�ZLWK�D�EHDXWLIXO�/DQNKPDU�YDPSLUH�DUH�VDIH�RQO\�XQWLO�WKH�QH[W�PRRQULVH��ZKHQ�WKH�IDQJV�RI�WKH�YDPSLUH�VORZO\�DSSHDU��DQG�WKH�UDJLQJ�OXVW�IRU�EORRG�EHFRPHV�WKH�RQO\�WKLQJ�RQ�LWV�PLQG��7KHQ�QR�RQH��QRW�IDPLO\�RU�GHDUHVW�ORYH��LV�VDIH�IURP�LWV�GHSUHGDWLRQV�2Q�WKH�QLJKW�RI�WKH�IXOO�PRRQ�WKH�YDPSLUH�EHFRPHV�IXOO\�SRZHUHG��7KH�/DQNKPDUW�YDPSLUH�DFTXLUHV�������VWUHQJWK��DQG�WKH�DELOLW\�WR�GUDLQ���OLIH�HQHUJ\�OHYHOV�SHU�VXFFHVVIXO�KLW��,Q�DOO�SKDVHV��ZKHWKHU�RU�QRW�WKH�PRRQ�LV�IXOO��WKH�/DQNKPDUW�YDPSLUH�LV�LPPXQH�WR�DOO�EXW�PDJLFDO�ZHDSRQV�:KHQ�WKH�PRRQ�LV�IXOO��WKH�YDPSLUH UHJHQHUDWHV�GDPDJH�DW�WKH�UDWH�RI���KLW�SRLQWV�SHU�PHOHH�URXQG��,I�EURXJKW�WR���KLW�SRLQWV�E\�FRPEDW��WKH�YDPSLUH�LV�QRW�NLOOHG��EXW�LV�PHUHO\�IRUFHG�LQWR�JDVHRXV�IRUP�� ,W�PXVW�WKHQ�UHWXUQ�WR�LWV�FRIILQ�ZLWKLQ����WXUQV�DQG�UHVW�IRU���KRXUV��6OHHS��FKDUP��DQG�KROG�VSHOOV�GR�QRW�DIIHFW�YDPSLUHV��QHLWKHU�GR�SRLVRQ�RU�SDUDO\VLV��9DPSLUHV�WDNH�RQO\�KDOI�GDPDJH�IURP�FROG�RU�HOHFWULFDO�VSHOOV��YDPSLUH�FDQ�DVVXPH�JDVHRXV�IRUP�DW�ZLOO��DQG�FDQ�VKDSH�FKDQJH� LQWR�D�ODUJH�EDW�ZKHQHYHU�GHVLUHG�7KH�YDPSLUH�KDV�WKH�DELOLW\�WR�FKDUP�SHUVRQ�PHUHO\�E\�JD]LQJ�LQWR�LWV�YLFWLPV�H\HV�WKLV�SRZHU�ZRUNV�ZKHWKHU�RU�QRW�WKH�PRRQ�LV�IXOO��7KH�FKDUP�LV�D�SRZHUIXO�RQH��UHVXOWLQJ�LQ�D����WR�VDYLQJ�WKURZV�YV��LWV�HIIHFW��7KH�YDPSLUH�LV�QRUPDOO\�ORDWK�WR�XVH�WKH�SRZHU�ZKHQ�QRW�IXOO\�SRZHUHG��EHFDXVH�RI�WKH�FRQVHTXHQFHV�RI�IDLOXUH�9DPSLUHV FDQ�VXPPRQ�FUHDWXUHV�WR�DLG�WKHP��'HSHQGLQJ�RQ�WKH�VXUURXQGLQJV��WKH�VXPPRQ�UHVXOWV�LQ��G�2�UDWV�RU�EDWV��RU��G��ZROYHV�DUULYLQJ�LQ��G��PHOHH�URXQGV�/DQNKPDUW�YDPSLUHV�UHFRLO�IURP�VWURQJ�JDUOLF�RU�WKH�IDFH�RI�D�PLUURU��7KHLU�LPDJH�GRHV�QRW�UHIOHFW��$Q\�KRO\�V\PERO��VLQFH�DOO�ZKLWH�ZL]DUGV�LQ�/DQNKPDU�DUH�RI�D�JRRG�DOLJQPHQW��ZLOO��LI�VWURQJO\�SUHVHQWHG��KROG�RII�WKH�DWWDFN�RI�D�YDPSLUH��1RQH�RI�WKHVH�PHUHO\��FDXVH�GHYLFHV�KDUP�RU�GULYH�WKH�PRQVWHU�RII��EXW�LW�WR�KHVLWDWH���G��PHOHH�URXQGV�EHIRUH�DWWDFNLQJ DJDLQ��$�KRO\�V\PERO�IRUFHV�WKH�YDPSLUH�WR�SRVLWLRQ�LWVHOI�VR�WKDW�WKH�REMHFW�LV�QRW�EHWZHHQ�WKH�YDPSLUH�DQG�LWV�LQWHQGHG�YLFWLP�6XPPRQHG�RU�FKDUPHG�FUHDWXUHV�XQGHU�WKH�LQIOXHQFH�RI�D�YDPSLUH�FDQ�DWWDFN�UHJDUGOHVV�RI�WKH�SUHVHQFH�RI�VXFK�ZDUGV��DQG�FDQ�EH�RUGHUHG�E\�WKH�YDPSLUH�WR�ZUHVW�WKH�REMHFWV�DZD\�

Page 45: TSR 9170 CA2 Swords of Deceit

/DQNKPDUW�YDPSLUH�FDQ�EH�VODLQ�RQO\�E\�WKH�IROORZLQJ�PHWKRGV��H[SRVXUH�WR�GLUHFW�VXQOLJKW��FDXVHV�GHDWK�LQ�RQH�WXUQ��DQG�LW�ORVHV�DOO�VSHFLDO�SRZHUV�LPPHGLDWHO\���LPPHUVLRQ�LQ�UXQQLQJ�ZDWHU�IRU�WKUHH�PHOHH�URXQGV��RU�GHVWUR\LQJ�DOO�LWV�FRIILQV��EXW�D�FOHYHU�YDPSLUH�PD\�KDYH�VHYHUDO�FRIILQV�KLGGHQ�DZD\���$�YDPSLUH�QRW�XQGHU�WKH�LQIOXHQFH�RI�WKH�IXOO�PRRQ�FDQQRW�HQWHU�JDVHRXV�IRUP�XQOHVV�LW�LV�UHGXFHG�WR���KLW�SRLQWV��,W�LV�SRVVLEOH�WR�FDSWXUH�D�YDPSLUH��KROG�LW�XQWLO�WKH�QH[W�GD\��DQG�WKHQ�H[SRVH�LW�WR�VXQOLJKW�$Q\�KXPDQ�RU�KXPDQRLG�GUDLQHG�RI�DOO�OLIH�HQHUJ\�E\�D�YDPSLUH�EHFRPHV�D�YDPSLUH�XQGHU�WKH�FRQWURO�RI�LWV�VOD\HU�7KLV�WUDQVIRUPDWLRQ�WDNHV�SODFH�RQH�GD\�DIWHU�WKH�FUHDWXUH�LV�EXULHG��,I�WKH�YDPSLUH�WKDW�VOHZ�WKH�FUHDWXUH�LV�LWVHOI�NLOOHG��WKH�YDPSLUHV�FUHDWHG�E\�LW�EHFRPH�IUHHZLOOHG�PRQVWHUV�

Page 46: TSR 9170 CA2 Swords of Deceit

0RQVWHUV�6WDWLVWLFV�7DEOH1DPH $& +' KS $7 ' 09 $/ 7+$&2�%22. 6$ 6'%DWV � ��� � � � O����� 1 �� 00� <HV 1R%DWV��*LDQW � � �� � �a ������ 1( �� 00� <HV <HV%HKHPRWK � �� �� � �� ������ 1 � &$ 1R 1R%ODFN�3XGGLQJ � �� �� � ��� �� 1 �� 00� <HV <HV%ULJDQGV � )� �� � ��� ��� &( �� � 1R 1R%ULJDQG�/HDGHU � )� �� �� ��� ��� &( �� � 1R 1R&KLYHVa��13&� � 7� �� �� �a ��� 1 �� � 1R 1R(DWHU�RI�6RXOV � �� �� �� ��� �� 1 �� 1HZ <HV <HV*LDQW�&HQWLSHGH � ��� � � 1LO ��� 1 �� 00� <HV 1R*LDQW�/HHFK � ��� � � ��� �� 1 �� 00� <HV 1R*RG�RI�/DQNKPDU � �� ��� � ��� �� 1( � // <HV <HV*UHHFK\ ��13&� � )� �� � ��� ��� 1 �� � 1R 1R*XDUG��.OHVKLWH � )� �� � ��� ��� 1( �� � 1R 1R*XDUG��3DODRH � )� �� � ��� �� /1 �� � 1R 1R+HOO�+RXQG � � �� � ��� ��� /( �� 00� <HV 1R0XPP\ � ��� �� � ��� �� /( �� 00� <HV 1R0XVNDWHO ��13&� � )� �� � ��� ��� &1 �� � 1R 1R3RLVRQ�(HO � ��� � � ��� �� 1 �� &$ <HV 1R5DW��(OLWH�*XDUG � )� �� � ��� ��� &1 �� � 1R 1R5DW��OIWKPDULDQ � � �� � ��� ��� &( �� � 1R 1R5DW��2UGLQDU\ � ��� � � � ��� 1 �� 00� 1R 1R5DW�6ROGLHU � )� �� � ��� ��� &1 �� � 1R 1R6DOW�6SLGHU � � �� � ��� �� �� 1 �� &$ <HV 1R6NHOHWDO�%DWV � ��� � � � ��� 1( � &$ <HV 1R6WLUJH � ��� � � ��� ������ 1 �� 00� <HV 1R7KXJV��6OD\HUV� � )� �� � ��� ��� /( �� � 1R 1R9DPSLUH � ��� �� � ��� ������� &( �� 1HZ <HV <HV:DWHU�&REUD ���� ��� �� � ��� ��� 1 �� &$ <HV <HV:HUH�UDW � ��� �� � ��� ��� /( �� 00� <HV <HV 6WDWLVWLFV�JLYHQ�IRU�FUHDWXUHV�ZKHQ�WKH�3&V�DUH�UHGXFHG�WR�WKHLU�VL]H�

00�� �0RQVWHU�0DQXDO����00�� �0RQVWHU�0DQXDO����1HZ� �1HZ�0RQVWHU��//� �/HJHQGV��/RUH�&$� �/$1.+�0$5��&LW\�RI�$GYHQWXUH�VRXUFHERRN5DQGRP�(QFRXQWHUV�7DEOH5ROO�SHUFHQWLOH�GLFH

&DWDFRPEV��6HZHUV��(QFRXQWHU 0RWLYH����� �G��*LDQW�%DWV�� )RU��G��URXQGV�WKH\�WU\�WR�IRUFH�WKH�SDUW\�WR�UHWUHDW�� ����� ��%HKHPRWK� *UDEV�D�3&�E\�WKH�DQNOH�DQG�WULHV�WR�SXOO�KLP�LQWR�WKH�ZDWHU��VXUSULVH�RQ������������ ������ ��%ODFN�3XGGLQJ�� 'URSV�RII�FHLOLQJ�RQWR�RQH�FKDUDFWHU�FKRVHQ�DW�UDQGRP��VXUSULVH�RQ������������ ������ �G��%ULJDQGV� 2Q�WKHLU�ZD\�WR�SLOODJH�DQ�ROG�WRPE��IOHH�LPPHGLDWHO\�RQ�EHLQJ�VSRWWHG������ ������� �G��*��&HQWLSHGHV�� &HQWLSHGHV�FUHHS�LQWR�3&V�EDFNSDFN��DWWDFN�ZKHQ�SDFN�LV�RSHQHG������� ������ �G��*LDQW�/HHFKHV�� 7KH�OHHFKHV��RU�ZRUPV��DWWDFN�ZRXQGHG�FKDUDFWHUV�ILUVW������� � ��0XPP\ 7KLV�PD\�EH�$O,PD�9DOLQRU��FKDSWHU����RU�D�PXPP\�WKDW�ORRNV�OLNH�KLP�� ������ �G��3RLVRQ�(HOV��� 7KH�HHOV�VOLGH�GRZQ�D�ZHW�SLSH�WR�DWWDFN�WKH�SDUW\�SDVVLQJ�EHORZ�� ������ �G��2UGLQDU\�5DWV�� 7KH�UDWV�VFXUU\�DZD\�DQG�UHSRUW�WR�0XVNDWHO��FKDSWHU����� ������ �G��6DOW�6SLGHUV�� 7KH�VSLGHUV�KDYH�EHHQ�VHQW�E\�WKH�7HPSOH�RI�0RJ�WR�LQYDGH�WKH�VHZHUV������� � �G���6NHOHWDO�%DWV� 7KHUH�LV�DQ�����FKDQFH�WKDW�D�PXPP\�ZLOO�DUULYH�ZLWKLQ��G��URXQGV������� ������ �G��6WLUJHV ,I�WKH�SDUW\�GRHV�QRW�LQWHUUXSW�WKH�VWLUJHV��WKH�VWLUJHV�LJQRUH�WKH�3&V������� ������ �G��7KXJV 7KH�WKXJV��DEVRUEHG�LQ�SODQQLQJ�WKHLU�QH[W�FULPH��GR�QRW�VHH�WKH�SDUW\������ �G��:DWHU�&REUDV��� 2QH�RU�WZR�FREUDV�FRLO�DURXQG�3&V�OHJV�ZKLOH�RWKHUV�WU\�WR�NLOO�KLP�

Page 47: TSR 9170 CA2 Swords of Deceit

0$3�,� 1REOH�'LVWULFW

0$3�,,�&LWDGHO�'LVWULFW

Page 48: TSR 9170 CA2 Swords of Deceit

0DS�,,,�7HPSOH�'LVWULFW

0DS�,9�5LYHU�'LVWULFW

Page 49: TSR 9170 CA2 Swords of Deceit
Page 50: TSR 9170 CA2 Swords of Deceit
Page 51: TSR 9170 CA2 Swords of Deceit

0DS�,;�&DVK�'LVWU LFW

Page 52: TSR 9170 CA2 Swords of Deceit

0DS�;� 7HQGHUORLQ�'LVWULFW

Page 53: TSR 9170 CA2 Swords of Deceit
Page 54: TSR 9170 CA2 Swords of Deceit
Page 55: TSR 9170 CA2 Swords of Deceit
Page 56: TSR 9170 CA2 Swords of Deceit