WKHERRNRIZLVGRP
26+2

 






































FKDSWHURQHDWLVKDWKHWKULFHJUHDW




IHEUXDU\DPLQEXGGKDKDOO

),567/($517+(35(/,0,1$5,(6
7+,1.7+$7$//3+(120(1$$5(/,.('5($06

(;$0,1(7+(1$785(2)81%251$:$5(1(66
/(7(9(17+(5(0('<,76(/)*2)5((21,762:1

6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&(
%(7:((16(66,216&216,'(53+(120(1$$63+$17206

75$,1,1-2,1,1*6(1',1*$1'7$.,1*72*(7+(5
'27+,6%<5,',1*7+(%5($7+

7+5((2%-(&767+5((32,62167+5((%$6(62)9,578(
75$,1:,7+3+5$6(6,1(9(5<02'(2)%(+$9,25

5HOLJLRQLVQRWDVFLHQFH5HOLJLRQLVQRWDVFLHQFHLQWKHVHQVHSK\VLFV
PDWKHPDWLFVDQGFKHPLVWU\DUHVFLHQFHV%XWVWLOOLWLVDVFLHQFHEHFDXVHLWLVWKH
XOWLPDWHNQRZLQJWKHZRUGVFLHQFHPHDQVNQRZLQJ$QGLIUHOLJLRQLVQRWD
VFLHQFHZKDWHOVHFDQEH",WLVWKHKLJKHVWNQRZLQJLWLVWKHSXUHVWNQRZLQJ
2UGLQDU\VFLHQFHLVNQRZOHGJHQRWNQRZLQJUHOLJLRQLVNQRZLQJLWVHOI2UGLQDU\
VFLHQFHLVREMHFWRULHQWHGLWNQRZVVRPHWKLQJKHQFHLWLVNQRZOHGJH5HOLJLRQ
LVQRWREMHFWRULHQWHGLWKDVQRREMHFWLWNQRZVQRWKLQJ.QRZLQJNQRZVLWVHOIDV
LIWKHPLUURULVUHIOHFWLQJLWVHOI,WLVXWWHUO\SXUHRIDOOFRQWHQW+HQFHUHOLJLRQLVQRW
NQRZOHGJHEXWNQRZLQJ

6FLHQFHLVDORZHUNLQGRINQRZLQJUHOLJLRQLVDKLJKHUNLQG5HOLJLRQLV
3+,/2623+,$8/7,0$WKHXOWLPDWHNQRZLQJ7KHGLIIHUHQFHEHWZHHQWKHWZR
LVQRWRIWKHVSLULWWKHVSLULWLVWKHVDPHEXWWKHGLIIHUHQFHLVFHUWDLQO\RI
SXULW\

6FLHQFHLVPL[HGZLWKPXFKPXG5HOLJLRQLVSXUHHVVHQFHSXUHIUDJUDQFH7KH
PXGKDVGLVDSSHDUHGWKHORWXVKDVDSSHDUHG$QGDWWKHXOWLPDWHVWDJHHYHQ
WKHORWXVKDVGLVDSSHDUHGRQO\WKHIUDJUDQFHDELGHV7KHVHDUHWKHWKUHHVWDJHV
RINQRZLQJWKHPXGWKHORWXVDQGWKHIUDJUDQFH

5HOLJLRQFDQQRWEHJUDVSHGEHFDXVHWKHUHLVQRREMHFWLQLW%XWVWLOOLWFDQEH
XQGHUVWRRG,WFDQQRWEHH[SODLQHGEXWLWFDQEHH[SHULHQFHG7KHUHLVQRZD\RI
LQIRUPLQJ\RXDERXWUHOLJLRQEHFDXVHLWFDQQRWEHUHGXFHGWRLQIRUPDWLRQ%XW
\RXFDQEHVKRZQWKHZD\WKHSDWKWRLWILQJHUVSRLQWLQJWRWKHPRRQ7KH
ILQJHUVDUHQRWWKHPRRQREYLRXVO\EXWWKHILQJHUVFDQSRLQWWRWKHPRRQ

7KHVH6HYHQ3RLQWVRI0LQG7UDLQLQJRIWKHJUHDWPDVWHU$WLVKDDUHILQJHUV
VHYHQILQJHUVSRLQWLQJWRWKHPRRQ'RQ
WEHFDXJKWE\WKHILQJHUVGRQ
WEHFRPH
WRRPXFKREVHVVHGZLWKWKHILQJHUV7KDWLVQRWWKHSRLQWWKDWZLOOEHPLVVLQJWKH
SRLQW8VHWKHILQJHUVDQGIRUJHWWKHPDQGORRNZKHUHWKHILQJHUVDUHSRLQWLQJ



$QGZKHQ\RXVHHWKHPRRQZKRERWKHUVDERXWWKHILQJHUV":KRUHPHPEHUV
WKHP"7KH\DXWRPDWLFDOO\EHFRPHQRQHVVHQWLDOWKH\GLVDSSHDU
7KDW
VZK\IRUWKRVHZKRKDYHH[SHULHQFHGUHOLJLRQDOOWKHVFULSWXUHVEHFRPH
XWWHUO\XVHOHVVDOOPHWKRGVEHFRPHQRQHVVHQWLDO:KHQWKHJRDOLVDFKLHYHG
WKHSDWKLVIRUJRWWHQ

$WLVKDLVRQHRIWKHUDUHPDVWHUVUDUHLQWKHVHQVHWKDWKHZDVWDXJKWE\WKUHH
HQOLJKWHQHGPDVWHUV,WKDVQHYHUKDSSHQHGEHIRUHDQGQHYHUVLQFH7REHD
GLVFLSOHRIWKUHHHQOLJKWHQHGPDVWHUVLVVLPSO\XQEHOLHYDEOHEHFDXVHRQH
HQOLJKWHQHGPDVWHULVHQRXJK%XWWKLVVWRU\WKDWKHZDVWDXJKWE\WKUHH
HQOLJKWHQHGPDVWHUVKDVDPHWDSKRULFDOVLJQLILFDQFHDOVR$QGLWLVWUXHLWLV
KLVWRULFDOWRR

7KHWKUHHPDVWHUVWKDW$WLVKDUHPDLQHGZLWKIRUPDQ\\HDUVZHUHILUVW
'KDUPDNLUWLDJUHDW%XGGKLVWP\VWLF+HWDXJKWKLPQRPLQGKHWDXJKWKLP
HPSWLQHVVKHWDXJKWKLPKRZWREHWKRXJKWOHVVKHWDXJKWKLPKRZWRGURSDOO
FRQWHQWIURPWKHPLQGDQGEHFRQWHQWOHVV7KHVHFRQGPDVWHUZDV
'KDUPDUDNVKLWDDQRWKHU%XGGKLVWP\VWLF+HWDXJKWKLPORYHFRPSDVVLRQ$QG
WKHWKLUGPDVWHUZDV<RJLQ0DLWUH\DDQRWKHU%XGGKLVWP\VWLF+HWDXJKWKLPWKH
DUWRIWDNLQJWKHVXIIHULQJRIRWKHUVDQGDEVRUELQJLWLQWR\RXURZQKHDUWORYHLQ
DFWLRQ

7KLVFRXOGKDSSHQEHFDXVHDOOWKHVHWKUHHPDVWHUVZHUHJUHDWIULHQGV7KH\KDG
VWDUWHGWKHLUVHDUFKWRJHWKHUZKLOHWKH\ZHUHRQWKHZD\WKH\KDGUHPDLQHG
WRJHWKHUDQGZKHQWKH\DWWDLQHGWKH\ZHUHVWLOOWRJHWKHU

$WLVKDEHFDPHDGLVFLSOHRI'KDUPDNLUWL'KDUPDNLUWLVDLGWRKLP,ZLOOWHDFK\RX
WKHILUVWSULQFLSOH$QGIRUWKHVHFRQG\RXJRWR'KDUPDUDNVKLWDDQGIRUWKHWKLUG
WR<RJLQ0DLWUH\D7KLVZD\\RXZLOONQRZDOOWKHWKUHHIDFHVRIWKHXOWLPDWH
UHDOLW\WKHWKUHHIDFHVRI*RGWKHWULQLW\WKH75,0857,$QGWKLVZD\\RXZLOO
OHDUQHDFKIDFHIURPWKHSHUVRQZKRLVWKHPRVWSHUIHFWLQLW

7KHVHDUHWKHWKUHHZD\VSHRSOHUHDFKWRWKHXOWLPDWH,I\RXUHDFKWKURXJK
HPSWLQHVV\RXDWWDLQWKHRWKHUWZRDOVREXW\RXUSDWKUHPDLQVEDVLFDOO\WKDWRI
HPSWLQHVV\RXNQRZPRUHDERXWHPSWLQHVVVRHPSWLQHVVZLOOEHHPSKDVL]HG
LQZKDWVRHYHU\RXWHDFK

7KDW
VZKDWKDSSHQHGLQ%XGGKD
VFDVH+HKDGDWWDLQHGWKURXJKHPSWLQHVV
KHQFHKLVZKROHWHDFKLQJEHFDPHHPSWLQHVVRULHQWHG7KHUHLVQR*RGLQ
%XGGKD
VWHDFKLQJEHFDXVH*RGLVDWKRXJKWDFRQWHQWDQREMHFW*RGLVWKH
RWKHUDQG%XGGKDKDGDWWDLQHGE\GURSSLQJWKHRWKHU%XGGKDKDGDWWDLQHGE\
HPSW\LQJKLVPLQGWRWDOO\KHQFHWKHUHLVQRSODFHIRU*RGQRSODFHIRUDQ\WKLQJ
DWDOO+LVSDWKLVWKHSXUHVW9,$1(*$7,9$

7KDWZDVDOVRWKHFDVHZLWK'KDUPDNLUWL+HZDVWKHSHUIHFWPDVWHURI
HPSWLQHVVDPDVWHUSDUH[FHOOHQFHRIHPSWLQHVV$QGZKHQ$WLVKDKDGOHDUQHG




KRZWREHHPSW\WKHPDVWHUVDLG,WZLOOEHEHWWHUIRU\RXWRJRWR
'KDUPDUDNVKLWDIRUWKHQH[WVWHSEHFDXVHKHKDVDWWDLQHGIURPDWRWDOO\
GLIIHUHQWSDWK-XVWDV\RXFDQUHDFK(YHUHVWIURPGLIIHUHQWVLGHVKHKDV
UHDFKHGIURPDWRWDOO\GLIIHUHQWSDWKWKHSDWKRIFRPSDVVLRQ,FDQDOVRWHDFK
\RXWKHSDWKRIFRPSDVVLRQEXWP\NQRZLQJDERXWWKDWSDWKLVRQO\NQRZQIURP
WKHWRS

,KDYHUHDFKHGWKURXJKWKHSDWKRIHPSWLQHVV2QFH\RXUHDFKWKHWRS\RXFDQ
ORRNGRZQDWDOOWKHSDWKVWKH\DUHDOODYDLODEOHWR\RXUYLVLRQ%XWWRIROORZD
SDWKLQLWVGLIIHUHQWGLPHQVLRQVWRIROORZDSDWKLQDOOLWVGHWDLOVVPDOOGHWDLOVLVD
WRWDOO\GLIIHUHQWWKLQJ$QGWRORRNDWLWIURPDKHOLFRSWHURUIURPWKHPRXQWDLQWRS
LVFHUWDLQO\DGLIIHUHQWYLVLRQLWLVDELUG
VH\HYLHZ

$QG'KDUPDNLUWLVDLG,IWKHUHKDGEHHQQRERG\DYDLODEOHKHUH,ZRXOGKDYH
WDXJKW\RXWKHRWKHUWRR%XWZKHQDPDQOLNH'KDUPDUDNVKLWDLVMXVWKHUHP\
QHLJKERUOLYLQJLQDQRWKHUFDYHMXVWQHDUE\LWLVEHWWHU\RXJRWRKLP

)LUVWRQHKDVWREHFRPHHPSW\XWWHUO\HPSW\%XW\RXKDYHQRWWRFOLQJWR
HPSWLQHVVRWKHUZLVH\RXUOLIHZLOOQHYHUNQRZWKHSRVLWLYHH[SUHVVLRQRIUHOLJLRQ
<RXUOLIHZLOOPLVVWKHSRHWU\WKHMR\RIVKDULQJ\RXZLOOUHPDLQHPSW\<RXZLOO
KDYHDNLQGRIIUHHGRPEXW\RXUIUHHGRPZLOOEHRQO\IUHHGRPIURPLWZLOOQRWEH
IUHHGRP)25$QGXQOHVVDIUHHGRPLVERWKIUHHGRPIURPDQGIUHHGRPIRU
VRPHWKLQJLVPLVVLQJVRPHWKLQJLVODFNLQJ\RXUIUHHGRPZLOOEHSRRU-XVWWREH
IUHHIURPLVDSRRUNLQGRIIUHHGRP

7KHUHDOIUHHGRPVWDUWVRQO\ZKHQ\RXDUHIUHHIRU<RXFDQVLQJDVRQJDQG\RX
FDQGDQFHDGDQFHDQG\RXFDQFHOHEUDWHDQG\RXFDQVWDUWRYHUIORZLQJ7KDW
V
ZKDWFRPSDVVLRQLV

0DQOLYHVLQSDVVLRQ:KHQWKHPLQGGLVDSSHDUVSDVVLRQLVWUDQVIRUPHGLQWR
FRPSDVVLRQ3DVVLRQPHDQV\RXDUHDEHJJDUZLWKDEHJJLQJERZO\RXDUH
DVNLQJDQGDVNLQJIRUPRUHDQGPRUHIURPHYHU\ERG\\RXDUHH[SORLWLQJRWKHUV
<RXUUHODWLRQVKLSVDUHQRWKLQJEXWH[SORLWDWLRQVFXQQLQJGHYLFHVWRSRVVHVV
WKHRWKHUYHU\FOHYHUVWUDWHJLHVWRGRPLQDWH:KHQ\RXDUHOLYLQJLQWKHPLQGLQ
SDVVLRQ\RXUZKROHOLIHLVSRZHUSROLWLFV(YHQ\RXUORYHHYHQ\RXUVRFLDO
VHUYLFHHYHQ\RXUKXPDQLWDULDQZRUNVDUHQRWKLQJEXWSRZHUSROLWLFV'HHS
GRZQWKHUHLVDGHVLUHWREHSRZHUIXORYHURWKHUV

7KHVDPHHQHUJ\ZKHQWKHPLQGLVGURSSHGEHFRPHVFRPSDVVLRQ$QGLWWDNHV
DWRWDOO\QHZWXUQ,WLVQRORQJHUEHJJLQJ\RXEHFRPHDQHPSHURU\RXVWDUW
JLYLQJ1RZ\RXKDYHVRPHWKLQJ\RXKDGLWDOZD\VEXWEHFDXVHRIWKHPLQG
\RXZHUHQRWDZDUHRILW7KHPLQGZDVIXQFWLRQLQJOLNHGDUNQHVVDURXQG\RX
DQG\RXZHUHXQDZDUHRIWKHOLJKWZLWKLQ7KHPLQGZDVFUHDWLQJDQLOOXVLRQRI
EHLQJDEHJJDUZKLOHDOOWKHWLPH\RXKDGEHHQDQHPSHURU7KHPLQGZDV
FUHDWLQJDGUHDPLQUHDOLW\\RXQHYHUQHHGHGDQ\WKLQJ$OOKDGDOUHDG\EHHQ
JLYHQ$OOWKDW\RXQHHGDOOWKDW\RXFDQQHHGLVDOUHDG\WKHFDVH





*RGLVZLWKLQ\RXEXWEHFDXVHRIWKHPLQGPLQGPHDQVGUHDPLQJGHVLULQJ
\RXQHYHUORRNZLWKLQ\RXJRRQUXVKLQJRXWZDUGV<RXNHHS\RXUVHOILQWKH
EDFNJURXQG\RXUH\HVDUHWXUQHGWRZDUGVWKHRXWVLGHWKH\KDYHEHFRPH
IRFXVHGWKHUH7KDW
VZKDWWKHPLQGLVDOODERXWIRFXVLQJWKHH\HVRQWKH
RXWVLGH

$QGRQHKDVWROHDUQKRZWRXQIRFXVWKHPIURPWKHUHKRZWRPDNHWKHP
ORRVHOHVVULJLGPRUHOLTXLGVRWKDWWKH\FDQWXUQLQZDUGV2QFH\RXKDYHVHHQ
ZKR\RXDUHWKHEHJJDUGLVDSSHDUV,QIDFWLWKDGQHYHUH[LVWHGLWZDVMXVWD
GUHDPDQLGHD

7KHPLQGLVFUHDWLQJDOO\RXUPLVHU\:LWKWKHPLQGJRQHPLVHU\LVJRQHDQG
VXGGHQO\\RXDUHIXOORIHQHUJ\$QGWKHHQHUJ\QHHGVH[SUHVVLRQVKDULQJLW
ZDQWVWREHFRPHDVRQJDGDQFHDFHOHEUDWLRQ7KDWLVFRPSDVVLRQ\RXVWDUW
VKDULQJ

$WLVKDOHDUQHGFRPSDVVLRQIURP'KDUPDUDNVKLWD%XWFRPSDVVLRQKDVWZR
IDFHV2QHLVLQDFWLYHFRPSDVVLRQWKHPHGLWDWRUVLWVVLOHQWO\LQKLVFDYH
VKRZHULQJKLVFRPSDVVLRQRYHUWKHZKROHH[LVWHQFH%XWLWLVDYHU\LQDFWLYHNLQG
RIFRPSDVVLRQ<RXKDYHWRJRWRKLPWRSDUWDNHRILWKHZLOOQRWFRPHWR\RX
<RXZLOOKDYHWRJRWRWKHPRXQWDLQVWRKLVFDYHWRVKDUHKLVMR\KHZLOOQRWFRPH
WR\RX+HZLOOQRWPRYHLQDQ\ZD\KHZLOOQRWWDNHDQ\DFWLYHVWHS+HZLOOQRW
IORZWRZDUGVRWKHUVKHZLOOQRWVHHNDQGVHDUFKIRUWKHSHRSOHZLWKZKRPKH
FDQVKDUHKLVGDQFH+HZLOOZDLW

7KLVLVDIHPLQLQHNLQGRIFRPSDVVLRQMXVWOLNHDZRPDQZDLWVVKHQHYHUWDNHV
WKHLQLWLDWLYHVKHQHYHUJRHVWRWKHPDQ6KHPD\ORYHWKHPDQEXWVKHZLOO
QHYHUEHWKHILUVWWRVD\,ORYH\RX6KHZLOOZDLWVKHZLOOKRSHWKDWRQHGD\RU
RWKHUVRRQHURUODWHUWKHPDQZLOOSURSRVH:RPDQLVLQDFWLYHORYHSDVVLYH
ORYH0DQLVDFWLYHORYHPDQWDNHVWKHLQLWLDWLYH

$QGLQWKHVDPHZD\FRPSDVVLRQKDVWZRSRVVLELOLWLHVWKHIHPLQLQHDQGWKH
PDVFXOLQH)URP'KDUPDUDNVKLWD$WLVKDOHDUQHGWKHIHPLQLQHDUWRIEHLQJLQ
ORYHZLWKH[LVWHQFH2QHPRUHVWHSZDVQHHGHG'KDUPDUDNVKLWDWROGKLP*R
WR<RJLQ0DLWUH\DWKHVHWKUHHPDVWHUVZHUHDOOOLYLQJWRJHWKHULQWKHVDPH
YLFLQLW\*RWR<RJLQ0DLWUH\DDQGOHDUQKRZWRWUDQVIRUPWKHEDVHUHQHUJ\LQWR
DFWLYHHQHUJ\VRORYHEHFRPHVDFWLYH


$QGRQFHORYHLVDFWLYHFRPSDVVLRQLVDFWLYH\RXKDYHSDVVHGWKURXJKDOOWKH
WKUHHGLPHQVLRQVRIWUXWK\RXKDYHNQRZQDOO<RXKDYHNQRZQXWWHU
HPSWLQHVV\RXKDYHNQRZQFRPSDVVLRQDULVLQJ\RXKDYHNQRZQFRPSDVVLRQ
VKRZHULQJ/LIHLVIXOILOOHGRQO\ZKHQDOOWKHVHWKUHHKDYHKDSSHQHG

%HFDXVH$WLVKDOHDUQHGXQGHUWKUHHHQOLJKWHQHGPDVWHUVKHLVFDOOHG$WLVKDWKH




7KULFH*UHDW1RWKLQJPRUHLVNQRZQDERXWKLVRUGLQDU\OLIHZKHQDQGZKHUH
H[DFWO\KHZDVERUQ+HH[LVWHGVRPHZKHUHLQWKHHOHYHQWKFHQWXU\+HZDV
ERUQLQ,QGLDEXWWKHPRPHQWKLVORYHEHFDPHDFWLYHKHVWDUWHGPRYLQJWRZDUGV
7LEHWDVLIDJUHDWPDJQHWZHUHSXOOLQJKLPWKHUH,QWKH+LPDOD\DVKHDWWDLQHG
WKHQKHQHYHUFDPHEDFNWR,QGLD

+HPRYHGWRZDUGV7LEHWKLVORYHVKRZHUHGRQ7LEHW+HWUDQVIRUPHGWKHZKROH
TXDOLW\RI7LEHWDQFRQVFLRXVQHVV+HZDVDPLUDFOHZRUNHUZKDWVRHYHUKH
WRXFKHGZDVWUDQVIRUPHGLQWRJROG+HZDVRQHRIWKHJUHDWHVWDOFKHPLVWVWKH
ZRUOGKDVHYHUNQRZQ

7KHVH6HYHQ3RLQWVRI0LQG7UDLQLQJDUHWKHIXQGDPHQWDOWHDFKLQJWKDWKH
JDYHWR7LEHWDJLIWIURP,QGLDWR7LEHW,QGLDKDVJLYHQJUHDWJLIWVWRWKHZRUOG
$WLVKDLVRQHRIWKRVHJUHDWJLIWV-XVWDV,QGLDJDYH%RGKLGKDUPDWR&KLQD,QGLD
JDYH$WLVKDWR7LEHW7LEHWLVLQILQLWHO\LQGHEWHGWRWKLVPDQ

7KHVHVHYHQSRLQWVWKHVPDOOHVWWUHDWLVH\RXFDQILQGDUHRILPPHQVHYDOXH
<RXZLOOKDYHWRPHGLWDWHRYHUHDFKVWDWHPHQW7KH\DUHWKHZKROHRIUHOLJLRQ
FRQGHQVHG\RXZLOOKDYHWRXQIROGHDFKVWDWHPHQW7KH\DUHOLNHVHHGVWKH\
FRQWDLQPXFK,WPD\QRWEHDSSDUHQWO\VREXWWKHPRPHQW\RXPRYHLQWRWKH
VWDWHPHQWVGHHSO\ZKHQ\RXFRQWHPSODWHDQGPHGLWDWHDQGVWDUWH[SHULPHQWLQJ
ZLWKWKHP\RXZLOOEHVXUSULVHG\RXZLOOEHJRLQJLQWRWKHJUHDWHVWDGYHQWXUHRI
\RXUOLIH

7KHILUVW
),567/($517+(35(/,0,1$5,(6
:KDWDUHWKHSUHOLPLQDULHV"7KHVHDUHWKHSUHOLPLQDULHV
)LUVWWUXWKLV7UXWKLVQRWVRPHWKLQJWREHFUHDWHGWUXWKLVQRWVRPHWKLQJWKDWLV
IDUDZD\7UXWKLVKHUHQRZWUXWKVXUURXQGV\RXOLNHWKHRFHDQVXUURXQGVWKH
ILVK7KHILVKPD\QRWEHDZDUHRQFHWKHILVKEHFRPHVDZDUHRIWKHRFHDQ
WKHILVKLVHQOLJKWHQHG7KHILVKLVQRWDZDUHFDQQRWEHDZDUHEHFDXVHWKHILVK
LVERUQLQWKHRFHDQKDVDOZD\VOLYHGLQWKHRFHDQLVSDUWRIWKHRFHDQDVDQ\
ZDYHLVSDUWRIWKHRFHDQ7KHILVKLVDOVRDZDYHDOLWWOHPRUHVROLGEXWERUQ
RXWRIWKHRFHDQOLYHVLQWKHRFHDQDQGRQHGD\GLVDSSHDUVLQWKHRFHDQ7KH
ILVKPD\QHYHUFRPHWRNQRZDERXWWKHRFHDQ7RNQRZVRPHWKLQJDOLWWOH
GLVWDQFHLVQHHGHG7RNQRZVRPHWKLQJSHUVSHFWLYHLVQHHGHG$QGWKHRFHDQ
LVVRFORVHWKDW
VZK\WKHILVKPD\QRWEHDZDUHRILW


$QGVRLVWKHFDVHZLWKWUXWKRULI\RXOLNH\RXFDQXVHWKHZRUGJRG6RLVWKH
FDVHZLWKJRG,WLVQRWWKDWKHLVIDUDZD\DQGWKDW
VZK\ZHGRQ
WNQRZDERXW
KLPLWLVEHFDXVHKHLVQRWIDUDZD\EXWYHU\FORVHE\(YHQWRVD\WKDWLWLVFORVH
E\LVQRWULJKWEHFDXVH\RXDUHLW+HLVZLWKLQ\RXDQGZLWKRXWKHLVDOODQGDOO
7KLVLVWKHILUVWWKLQJWKDWKDVWREHDOORZHGWRVLQNGHHSLQ\RXUKHDUWWUXWK
DOUHDG\LVZHDUHLQLW7KLVLVWKHPRVWIXQGDPHQWDOWKLQJWREHJLQZLWK<RXDUH
QRWWRGLVFRYHULWLWLVQRWFRYHUHG$OOWKDWLVQHHGHGLVDQHZNLQGRIDZDUHQHVV




ZKLFKLVPLVVLQJLQ\RX7UXWKLVWKHUHEXW\RXDUHQRWDZDUH\RXDUHQRW
PLQGIXO\RXDUHQRWDOHUW<RXGRQ
WNQRZKRZWRZDWFK\RXGRQ
WNQRZKRZWR
REVHUYH\RXGRQ
WNQRZKRZWRORRNDQGVHH<RXKDYHH\HVEXWVWLOO\RXDUH
EOLQG\RXKDYHHDUVEXW\RXDUHGHDI

7KHILUVWSUHOLPLQDU\LVWUXWKLV

7KHVHFRQGSUHOLPLQDU\LVPLQGLVWKHEDUULHU1RWKLQJHOVHLVKLQGHULQJ\RX
IURPWUXWKMXVW\RXURZQPLQG0LQGVXUURXQGV\RXOLNHDILOPOLNHDPRYLHWKDW
JRHVRQDQGRQDQG\RXUHPDLQHQJURVVHGLQLWIDVFLQDWHGE\LW,WLVDIDQWDV\
WKDWVXUURXQGV\RXDFRQWLQXRXVVWRU\WKDWJRHVRQDQGRQ$QGEHFDXVH\RX
DUHVRIDVFLQDWHGE\LW\RXJRRQPLVVLQJWKDWZKLFKLV$QGPLQGLVQRWLWLVRQO\
DIDQWDV\LWLVRQO\DIDFXOW\IRUGUHDPLQJ

0LQGLVQRWKLQJEXWGUHDPVDQGGUHDPVGUHDPVRIWKHSDVWGUHDPVRIWKH
IXWXUHGUHDPVRIKRZWKLQJVVKRXOGEHGUHDPVRIJUHDWDPELWLRQV
DFKLHYHPHQWV'UHDPVDQGGHVLUHVWKDWLVWKHVWXIIPLQGLVPDGHRI%XWLW
VXUURXQGV\RXOLNHD&KLQD:DOO$QGEHFDXVHRILWWKHILVKUHPDLQVXQDZDUHRI
WKHRFHDQ

6RWKHVHFRQGSUHOLPLQDU\LVPLQGLVWKHRQO\EDUULHU
$QGWKHWKLUGQRPLQGLVWKHGRRU$WLVKDFDOOVQRPLQG%2'+,&+,77$WKDWLV
KLVZRUGIRUQRPLQG,WFDQEHWUDQVODWHGDVEXGGKDPLQGEXGGKD
FRQVFLRXVQHVVWRR2ULI\RXOLNH\RXFDQFDOOLWFKULVWFRQVFLRXVQHVVNULVKQD
FRQVFLRXVQHVV,WGRHVQ
WPDNHDQ\GLIIHUHQFHZKDWQDPHLVXVHGEXWWKHEDVLF
TXDOLW\RIERGKLFKLWWDLVWKDWLWLVQRPLQG,WORRNVSDUDGR[LFDOWKHPLQGLQWKH
VWDWHRIQRPLQG%XWWKHPHDQLQJLVYHU\FOHDUPLQGZLWKRXWFRQWHQWPLQG
ZLWKRXWWKRXJKWVLVZKDWLVPHDQWLVZKDWLVLQGLFDWHG

5HPHPEHUWKHZRUGERGKLFKLWWDEHFDXVH$WLVKDVD\VWKHZKROHHIIRUWRI
UHOLJLRQWKHZKROHVFLHQFHRIUHOLJLRQLVQRWKLQJEXWDQHQGHDYRUWRFUHDWH
ERGKLFKLWWDEXGGKDFRQVFLRXVQHVVDPLQGZKLFKIXQFWLRQVDVDQRPLQGD
PLQGZKLFKGUHDPVQRPRUHWKLQNVQRPRUHDPLQGZKLFKLVMXVWDZDUHQHVV
SXUHDZDUHQHVV

7KHVHDUHWKHSUHOLPLQDULHV


7KHVHFRQGVXWUD
7+,1.7+$7$//3+(120(1$$5(/,.('5($06

1RZWKHZRUNVWDUWV$WLVKDLVYHU\FRQGHQVHGVHHGOLNH7KDWLVWKHPHDQLQJRI
DVXWUDLWLVMXVWDWKUHDGMXVWDKLQWDQGWKHQ\RXKDYHWRGHFRGHLW

7+,1.7+$7$//3+(120(1$$5(/,.('5($06





3KHQRPHQDPHDQVDOOWKDW\RXVHHDOOWKDW\RXH[SHULHQFH$OOWKDWFDQHYHU
EHH[SHULHQFHGLVDOOSKHQRPHQD5HPHPEHUQRWRQO\DUHWKHREMHFWVRIWKH
ZRUOGSKHQRPHQDDQGGUHDPVEXWDOVRREMHFWVRIFRQVFLRXVQHVV7KH\PD\EH
REMHFWVRIWKHZRUOGWKH\PD\EHMXVWREMHFWVRIWKHPLQG7KH\PD\EHJUHDW
VSLULWXDOH[SHULHQFHV<RXPD\VHHNXQGDOLQLULVLQJLQ\RXWKDWWRRLVD
SKHQRPHQRQDEHDXWLIXOGUHDPDYHU\VZHHWGUHDPEXWLWLVDGUHDPDOOWKH
VDPH<RXPD\VHHJUHDWOLJKWIORRGLQJ\RXUEHLQJEXWWKDWOLJKWLVDOVRD
SKHQRPHQRQ<RXPD\VHHORWXVHVEORRPLQJLQVLGH\RXDQGDJUHDWIUDJUDQFH
DULVLQJZLWKLQ\RXUEHLQJWKRVHWRRDUHSKHQRPHQDEHFDXVH\RXDUHDOZD\VWKH
VHHUDQGQHYHUWKHVHHQDOZD\VWKHH[SHULHQFHUDQGQHYHUWKHH[SHULHQFHG
DOZD\VWKHZLWQHVVDQGQHYHUWKHZLWQHVVHG

$OOWKDWFDQEHZLWQHVVHGVHHQREVHUYHGLVSKHQRPHQD0DWHULDOSKHQRPHQD
SV\FKRORJLFDOSKHQRPHQDVSLULWXDOSKHQRPHQDWKH\DUHDOOWKHVDPH7KHUHLV
QRQHHGWRPDNHDQ\GLVWLQFWLRQ7KHEDVLFWKLQJWRUHPHPEHULVWKDWZKLFKFDQ
EHVHHQLVDGUHDP

7+,1.7+$7$//3+(120(1$$5('5($06

7KLVLVDWUHPHQGRXVO\SRZHUIXOWHFKQLTXH6WDUWFRQWHPSODWLQJLQWKLVZD\LI\RX
DUHZDONLQJRQWKHVWUHHWFRQWHPSODWHWKDWSHRSOHSDVVLQJE\DUHDOOGUHDPV
7KHVKRSVDQGWKHVKRSNHHSHUVDQGWKHFXVWRPHUVDQGWKHSHRSOHFRPLQJDQG
JRLQJDOODUHGUHDPV7KHKRXVHVWKHEXVHVWKHWUDLQWKHDLUSODQHDOODUH
GUHDPV

<RXZLOOEHLPPHGLDWHO\VXUSULVHGE\VRPHWKLQJRIWUHPHQGRXVLPSRUWKDSSHQLQJ
ZLWKLQ\RX7KHPRPHQW\RXWKLQN$OODUHGUHDPVVXGGHQO\OLNHDIODVKRQH
WKLQJFRPHVLQWR\RXUYLVLRQ,DPDGUHDPWRR%HFDXVHLIWKHVHHQLVDGUHDP
WKHQZKRLVWKLV
,
",IWKHREMHFWLVDGUHDPWKHQWKHVXEMHFWLVDOVRDGUHDP,I
WKHREMHFWLVIDOVHKRZFDQWKHVXEMHFWEHWKHWUXWK",PSRVVLEOH

,I\RXZDWFKHYHU\WKLQJDVDGUHDPVXGGHQO\\RXZLOOILQGVRPHWKLQJVOLSSLQJRXW
RI\RXUEHLQJWKHLGHDRIWKHHJR7KLVLVWKHRQO\ZD\WRGURSWKHHJRDQGWKH
VLPSOHVW-XVWWU\LWPHGLWDWHWKLVZD\0HGLWDWLQJWKLVZD\DJDLQDQGDJDLQRQH
GD\WKHPLUDFOHKDSSHQV\RXORRNLQDQGWKHHJRLVQRWIRXQGWKHUH


7KHHJRLVDE\SURGXFWDE\SURGXFWRIWKHLOOXVLRQWKDWZKDWVRHYHU\RXDUH
VHHLQJLVWUXH,I\RXWKLQNWKDWREMHFWVDUHWUXHWKHQWKHHJRFDQH[LVWLWLVDE\
SURGXFW,I\RXWKLQNWKDWREMHFWVDUHGUHDPVWKHHJRGLVDSSHDUV$QGLI\RX
WKLQNFRQWLQXRXVO\WKDWDOOLVDGUHDPWKHQRQHGD\LQDGUHDPLQWKHQLJKW\RX
ZLOOEHVXUSULVHGVXGGHQO\LQWKHGUHDP\RXZLOOUHPHPEHUWKDWWKLVLVDGUHDP
WRR$QGLPPHGLDWHO\DVWKHUHPHPEUDQFHKDSSHQVWKHGUHDPZLOOGLVDSSHDU
$QGIRUWKHILUVWWLPH\RXZLOOH[SHULHQFH\RXUVHOIGHHSDVOHHS\HWDZDNHD
YHU\SDUDGR[LFDOH[SHULHQFHEXWRIJUHDWEHQHILW





2QFH\RXKDYHVHHQ\RXUGUHDPGLVDSSHDULQJEHFDXVH\RXKDYHEHFRPHDZDUH
RIWKHGUHDP\RXUTXDOLW\RIFRQVFLRXVQHVVZLOOKDYHDQHZIODYRUWRLW7KHQH[W
PRUQLQJ\RXZLOOZDNHXSZLWKDWRWDOO\GLIIHUHQWTXDOLW\\RXKDGQHYHUNQRZQ
EHIRUH<RXZLOOZDNHXSIRUWKHILUVWWLPH1RZ\RXZLOONQRZWKDWDOOWKRVHRWKHU
PRUQLQJVZHUHIDOVH\RXZHUHQRWUHDOO\DZDNH7KHGUHDPVFRQWLQXHGWKH
RQO\GLIIHUHQFHZDVWKDWLQWKHQLJKW\RXZHUHGUHDPLQJZLWKH\HVFORVHGLQWKH
GD\\RXZHUHGUHDPLQJZLWKH\HVRSHQ

%XWLIWKHGUHDPKDVGLVDSSHDUHGEHFDXVHDZDUHQHVVKDSSHQHGVXGGHQO\\RX
EHFDPHDZDUHLQWKHGUHDP$QGUHPHPEHUDZDUHQHVVDQGGUHDPLQJFDQQRW
H[LVWWRJHWKHU+HUHDZDUHQHVVDULVHVDQGWKHUHWKHGUHDPGLVDSSHDUV:KHQ
\RXEHFRPHDZDNHLQ\RXUVOHHSWKHQH[WPRUQLQJLVJRLQJWREHVRPHWKLQJVR
LPSRUWDQWWKDWLWLVLQFRPSDUDEOH1RWKLQJOLNHLWKDVHYHUKDSSHQHG<RXUH\HV
ZLOOEHVRFOHDUVRWUDQVSDUHQWDQGHYHU\WKLQJZLOOORRNVRSV\FKHGHOLFVR
FRORUIXOVRDOLYH(YHQURFNVZLOOEHIHOWWREHEUHDWKLQJSXOVDWLQJHYHQURFNVZLOO
KDYHDKHDUWEHDW:KHQ\RXDUHDZDNHWKHZKROHH[LVWHQFHFKDQJHVLWVTXDOLW\

:HDUHOLYLQJLQDGUHDP:HDUHDVOHHSHYHQZKHQZHWKLQNZHDUHDZDNH

7+,1.7+$7$//3+(120(1$$5(/,.('5($06

)LUVWREMHFWVZLOOORVHWKHLUREMHFWLYLW\$QGVHFRQGWKHVXEMHFWZLOOORVHLWV
VXEMHFWLYLW\$QGWKDWEULQJV\RXWRDWUDQVFHQGHQFH7KHREMHFWLVQRORQJHU
LPSRUWDQWWKHVXEMHFWLVQRORQJHULPSRUWDQWWKHQZKDWLVOHIW"$WUDQVFHQGHQWDO
FRQVFLRXVQHVVERGKLFKLWWDMXVWDZLWQHVVLQJZLWKQRLGHDRI
,
DQG
WKRX
MXVW
DSXUHPLUURUZKLFKUHIOHFWVWKDWZKLFKLV
$QG*RGLVQRWKLQJEXWWKDWZKLFKLV

7KHWKLUGVXWUD
(;$0,1(7+(1$785(2)81%251$:$5(1(66

1RZ\RXNQRZZKDWDZDUHQHVVLV<RXKDYHNQRZQWKLVWUDQVFHQGHQWDO
DZDUHQHVVZKHUHREMHFWVDQGVXEMHFWVDUHQRPRUHH[LVWHQWLDO<RXKDYHNQRZQ
IRUWKHILUVWWLPHWKLVSXULW\WKLVFU\VWDOFOHDUPLUURU1RZH[DPLQHWKHQDWXUHRI
WKLVDZDUHQHVV
/RRNLQWRLWORRNGHHSLQWRLW6KDNH\RXUVHOILQWRDVIXOODOHUWQHVVDVSRVVLEOH
:DNHXSDQGVHH$QG\RXZLOOVWDUWODXJKLQJEHFDXVHQRZ\RXZLOOVHHWKHUH
KDVQHYHUEHHQDELUWKDQGWKHUHLVQHYHUJRLQJWREHDGHDWK

7KLVLVXQERUQDQGXQG\LQJFRQVFLRXVQHVV,WKDVDOZD\VEHHQKHUH,WLVHWHUQDO
LWLVWLPHOHVV$QGKRZDIUDLG\RXZHUHRIGHDWKDQGKRZDIUDLG\RXZHUHRIROG
DJHDQGKRZDIUDLG\RXZHUHRIDWKRXVDQGDQGRQHWKLQJV$QGQRWKLQJKDV
HYHUKDSSHQHGDOOZDVDGUHDP

6HHLQJWKLVRQHVPLOHVRQHODXJKV<RXUZKROHOLIHXSWRQRZKDVEHHQ
ULGLFXORXVDEVXUG<RXZHUHXQQHFHVVDULO\DIUDLGXQQHFHVVDULO\JUHHG\




XQQHFHVVDULO\VXIIHULQJ<RXZHUHOLYLQJLQDQLJKWPDUHDQGLWZDV\RXURZQ
FUHDWLRQ

(;$0,1(7+(1$785(2)81%251$:$5(1(66

$QG\RXDUHIUHHGIURPDOOPLVHU\DOOVXIIHULQJDOOKHOO

/(7(9(17+(5(0('<,76(/)*2)5((21,762:1

$QGQRZGRQ
WVWDUWFOLQJLQJWRWKHUHPHG\WRWKHPHWKRG7KDWWHPSWDWLRQ
DULVHV,WLVWKHODVWWHPSWDWLRQWKHYHU\ODVWHIIRUWRIWKHPLQGWRVXUYLYH7KH
PLQGFRPHVIURPDEDFNGRRULWWULHVRQFHPRUH%HIRUHLWGLVDSSHDUVIRUHYHULW
PDNHVRQHPRUHHIIRUWDQGWKDWHIIRUWLVWRFOLQJWRWKHPHWKRGWKHPHWKRGRI
WKLQNLQJWKDWDOOSKHQRPHQDDUHGUHDPV

,WKDVJLYHQ\RXVXFKMR\VXFKDGHHSH[SHULHQFHRIUHDOLW\WKDWQDWXUDOO\\RX
ZRXOGOLNHWRFOLQJWRLW$QGRQFH\RXFOLQJ\RXDUHEDFNLQWKHVDPHROGUXW
DJDLQWKHPLQGLVEDFNLQGLVJXLVH&OLQJWRDQ\WKLQJDQGWKHPLQGLVEDFN
EHFDXVHFOLQJLQJLVPLQG+ROGRQWRDQ\WKLQJGHSHQGRQDQ\WKLQJDQGWKHPLQG
LVEDFNEHFDXVHWKHPLQGLVGHSHQGHQFHVODYHU\3RVVHVVDQ\WKLQJHYHQD
VSLULWXDOPHWKRGHYHQDPHWKRGRIPHGLWDWLRQEHFRPHDSRVVHVVRUDQG\RX
DUHSRVVHVVHGE\LW:KHWKHU\RXSRVVHVVPRQH\RU\RXSRVVHVVD
WUHPHQGRXVO\VLJQLILFDQWPHWKRGRIPHGLWDWLRQLWGRHVQ
WPDWWHU:KDWVRHYHU\RX
SRVVHVV\RXZLOOEHSRVVHVVHGE\LWDQG\RXZLOOEHDIUDLGWRORVHLW

2QFHD6XILP\VWLFZDVEURXJKWWRPH)RUWKLUW\\HDUVFRQWLQXRXVO\KHKDGXVHG
WKH6XILPHWKRG=,.5DQGKHKDGDWWDLQHGWRJUHDWH[SHULHQFHV2QHFRXOGVHH
LWHYHQRUGLQDU\SHRSOHZHUHDZDUHWKDWKHZDVOLYLQJLQDWRWDOO\GLIIHUHQWZRUOG
<RXFRXOGVHHLWLQKLVH\HVWKH\ZHUHVKLQLQJZLWKMR\+LVYHU\EHLQJKDGDYLEH
RIWKHEH\RQG
+LVGLVFLSOHVEURXJKWKLPWRPHDQGWKH\VDLG2XUPDVWHULVDUHDOL]HGVRXO
:KDWGR\RXVD\DERXWKLP"
,VDLG/HDYH\RXUPDVWHUZLWKPHIRUWKUHHGD\VDQGWKHQFRPHEDFN
7KHPDVWHUVWD\HGZLWKPHIRUWKUHHGD\V2QWKHWKLUGGD\KHZDVYHU\DQJU\
DQGKHVDLG<RXKDYHGHVWUR\HGP\WKLUW\\HDUV
ZRUN%HFDXVH,WROGKLPD
VLPSOHWKLQJMXVWWKLVVXWUDRI$WLVKD/(7(9(17+(5(0('<,76(/)*2
,WROGKLP1RZIRUWKLUW\\HDUV\RXKDYHEHHQUHPHPEHULQJRQHWKLQJWKDWDOOLV
GLYLQH7KHWUHHLV*RGWKHURFNLV*RGWKHSHRSOHDUH*RGWKHGRJLV*RG
HYHU\WKLQJLV*RGIRUWKLUW\\HDUV\RXKDYHEHHQUHPHPEHULQJLWFRQWLQXRXVO\
$QGKHKDGUHDOO\PDGHDVLQFHUHHIIRUW
+HVDLG<HV
,VDLG1RZVWRSUHPHPEHULQJ+RZORQJDUH\RXJRLQJWRUHPHPEHU",ILWKDV
KDSSHQHGWKHQVWRSUHPHPEHULQJDQGOHWXVVHHZKDWKDSSHQV,ILWKDVUHDOO\
KDSSHQHGWKHQHYHQDIWHUGURSSLQJUHPHPEHULQJLWZLOOUHPDLQ
,WZDVVRORJLFDOWKDWKHDJUHHG+HVDLG,WKDVKDSSHQHG
,VDLG7KHQJLYHLWDWU\)RUWKUHHGD\V\RXIRUJHWUHPHPEHULQJVWRS




UHPHPEHULQJ
+HVDLG,FDQQRWVWRSLWKDVEHFRPHDXWRPDWLF
,VDLG<RXMXVWZDLWDQGWU\
,WWRRNKLPDWOHDVWWZRGD\VIRUW\HLJKWKRXUVWRVWRS,WZDVKDUGWRVWRSLWKDG
EHFRPHDXWRPDWLF7KHUHZDVQRZQRQHHGWRUHPHPEHUIRUWKLUW\\HDUVKHKDG
EHHQUHPHPEHULQJLWZDVVLPSO\WKHUHOLNHDQXQGHUFXUUHQW%XWZLWKLQIRUW\HLJKW
KRXUVLWVWRSSHG
$QGRQWKHPRUQLQJRIWKHWKLUGGD\KHZDVYHU\DQJU\+HVDLG:KDWKDYH\RX
GRQH"$OOWKDWMR\KDVGLVDSSHDUHG,DPIHHOLQJYHU\RUGLQDU\,DPIHHOLQJWKH
VDPHDV,ZDVEHIRUH,VWDUWHGRQWKHMRXUQH\WKLUW\\HDUVDJR+HVWDUWHGFU\LQJ
RXWRIDQJHUDQGRXWRIVDGQHVVWHDUVVWDUWHGFRPLQJWRKLVH\HV+HVDLG*LYH
PHEDFNP\PHWKRGSOHDVHGRQ
WWDNHLW
,VDLG-XVWORRN,IWKLVLVVRGHSHQGHQWRQWKHPHWKRGWKHQQRWKLQJKDV
KDSSHQHG,WLVMXVWDQLOOXVLRQWKDW\RXDUHFUHDWLQJE\FRQWLQXRXVUHPHPEHULQJ
7KLVLVQRWKLQJEXWDXWRK\SQRVLV

$OOWKHJUHDWPDVWHUVVD\WKLVWKDWRQHGD\\RXKDYHWRGURSWKHPHWKRG$QG
WKHVRRQHU\RXGURSLWWKHEHWWHU7KHPRPHQW\RXDWWDLQWKHPRPHQW
DZDUHQHVVLVUHOHDVHGLQ\RXLPPHGLDWHO\GURSWKHPHWKRG

-XVWORRNWKLVLVRQO\WKHIRXUWKVXWUD,QWKHWKLUGVXWUD$WLVKDVD\V
(;$0,1(7+(1$785(2)81%251$:$5(1(66

$QGLQWKHIRXUWKLPPHGLDWHO\
/(7(9(17+(5(0('<,76(/)*2

1RZQRPRUHH[DPLQDWLRQQRPRUHPLQGIXOQHVVQRPRUHUHPHPEHULQJWKDWDOO
LVDGUHDP2QFHWKHILUVWWDVWHRIDZDUHQHVVKDVKDSSHQHGRQ\RXUWRQJXHEH
TXLFN%HFDXVHWKHPLQGLVYHU\FXQQLQJWKHPLQGFDQVWDUWWHOOLQJ\RX/RRN
\RXDUHQRORQJHURUGLQDU\\RXDUHH[WUDRUGLQDU\/RRN\RXKDYHDWWDLQHG/RRN
\RXKDYHEHFRPHDEXGGKD\RXDUHHQOLJKWHQHG/RRNWKLVLVWKHJRDORIDOO
KXPDQEHLQJVDQGYHU\UDUHO\RQHLQDPLOOLRQDWWDLQV<RXDUHWKDWRQHLQD
PLOOLRQ

7KHPLQGZLOOVD\DOOWKHVHEHDXWLIXOVZHHWQRWKLQJVDQGRIFRXUVHWKHHJRFDQ
FRPHEDFN<RXFDQVWDUWIHHOLQJYHU\JRRGKROLHUWKDQWKRX<RXFDQVWDUW
IHHOLQJVSHFLDOVSLULWXDOVDLQWO\$QGDOOLVORVW7KURXJKWKHUHPHG\WKHGLVHDVH
LVEDFN&OLQJWRWKHUHPHG\DQGWKHGLVHDVHLVEDFN

2QHKDVWREHYHU\DOHUWDERXWGURSSLQJWKHPHWKRG2QFH\RXDWWDLQVRPHWKLQJ
LPPHGLDWHO\GURSWKHPHWKRGRWKHUZLVH\RXUPLQGZLOOVWDUWFOLQJLQJWRWKH
PHWKRG,WZLOOWDONYHU\ORJLFDOO\WR\RXVD\LQJ,WLVWKHPHWKRGWKDWLV
LPSRUWDQW

%XGGKDXVHGWRWHOODVWRU\DJDLQDQGDJDLQ)LYHLGLRWVSDVVHGWKURXJKDYLOODJH
6HHLQJWKHPSHRSOHZHUHVXUSULVHGEHFDXVHWKH\ZHUHFDUU\LQJDERDWRQWKHLU




KHDGV7KHERDWZDVUHDOO\ELJLWZDVDOPRVWFUXVKLQJWKRVHILYHLGLRWVWKH\
ZHUHDOPRVWG\LQJXQGHUWKHZHLJKWRILW$QGSHRSOHDVNHG:KDWDUH\RX
GRLQJ"

7KH\VDLG:HFDQQRWOHDYHWKLVERDW7KLVLVWKHERDWWKDWKHOSHGXVWRFRPH
IURPWKHRWKHUVKRUHWRWKLVVKRUH+RZFDQZHOHDYHLW",WLVEHFDXVHRILWWKDW
ZHKDYHEHHQDEOHWRFRPHKHUH:LWKRXWLWZHZRXOGKDYHGLHGRQWKHRWKHU
VKRUH7KHQLJKWZDVFRPLQJFORVHDQGWKHUHZHUHZLOGDQLPDOVRQWKHRWKHU
VKRUH,WZDVDVVXUHDVDQ\WKLQJWKDWE\WKHPRUQLQJZHZRXOGKDYHEHHQGHDG
:HZLOOQHYHUOHDYHWKLVERDWZHDUHLQGHEWHGIRUHYHU:HZLOOFDUU\LWRQRXU
KHDGVLQVKHHUJUDWLWXGH

7KLVFDQKDSSHQEHFDXVHDOOPLQGVDUHLGLRWV0LQGDVVXFKLVLGLRWLF
7KHRULJLQRIWKHZRUGLGLRWLVEHDXWLIXOWRUHPHPEHU,GLRF\PHDQVVRPHWKLQJ
SULYDWHVRPHWKLQJVSHFLDOVRPHWKLQJWKDWLV\RXURZQVRPHWKLQJHFFHQWULF
7KDWLVWKHEDVLFPHDQLQJRILGLRF\WRIXQFWLRQLQDQHFFHQWULFZD\

7KHPLQGDOZD\VIXQFWLRQVLQDQHFFHQWULFZD\WKHPLQGLVDOZD\VDQLGLRW7KH
UHDOO\LQWHOOLJHQWSHUVRQKDVQRPLQG,QWHOOLJHQFHDULVHVRXWRIQRPLQGLGLRF\
RXWRIWKHPLQG0LQGLVLGLRWLFQRPLQGLVZLVH1RPLQGLVZLVGRPLQWHOOLJHQFH
0LQGGHSHQGVRQNQRZOHGJHRQPHWKRGVRQPRQH\RQH[SHULHQFHRQWKLVDQG
WKDW0LQGDOZD\VQHHGVSURSVLWQHHGVVXSSRUWVLWFDQQRWH[LVWRQLWVRZQ2Q
LWVRZQLWIORSV

6RWKHXOWLPDWHHIIRUWRIWKHPLQGWRFRPHEDFNZLOOEHZKHQ\RXDWWDLQWRVRPH
DZDUHQHVV,WZLOOVD\/RRNVRZHKDYHDUULYHG7KHPRPHQWVRPHWKLQJLQVLGH
\RXVD\V:HKDYHDUULYHGEHZDUH%HYHU\YHU\FDXWLRXVQRZHDFKVWHSKDV
WREHRIJUHDWFDXWLRQ

/(7(9(17+(5(0('<,76(/)*2)5((21,762:1


1RZSOHDVHGRQ
WFOLQJWRWKHUHPHG\WRWKHPHWKRG7KLVLVWKHHPSKDVLVRI-
.ULVKQDPXUWLEXWWKLVLVKLVILUVWVXWUD,WVKRXOGEHWKHIRXUWK7KDW
VZKHUHKH
LVZURQJLWFDQQRWEHWKHILUVWVXWUD+RZFDQ\RXGURSDPHWKRGWKDW\RXKDYH
QHYHUXVHG"<RXFDQRQO\GURSDPHWKRGWKDW\RXKDYHXVHG

$WLVKDLVIDUPRUHORJLFDOIDUPRUHVFLHQWLILFWKDQ-.ULVKQDPXUWL%XW,FDQ
XQGHUVWDQGZK\KHHPSKDVL]HVLWEHFDXVHKHLVDIUDLGWKDWLI\RXJRLQWRWKHILUVW
WKUHHVXWUDVWKHIRXUWKPD\QHYHUDUULYH\RXPD\EHORVWLQWKHILUVWWKUHH0DQ\
DUHORVWLQWKHSUHOLPLQDULHVPDQ\DUHORVWLQWKHPHWKRGV6RKHKDVEHFRPH
WRRFDXWLRXVH[WUHPHO\FDXWLRXV

7KRVHILYHLGLRWVZHUHFDUU\LQJWKHERDWDQG-.ULVKQDPXUWLLVRQWKHRWKHU
VKRUHWHDFKLQJSHRSOH'RQ
WHQWHUWKHERDWWRRFDXWLRXVEHFDXVHLI\RX
HQWHUWKHERDWZKRNQRZV\RXPD\VWDUWFDUU\LQJWKHERDWRQ\RXUKHDG6R




SOHDVHGRQ
WHQWHULW

$QGWKHUHDUHPDQ\ZKRKDYHEHFRPHDIUDLGRIHQWHULQJWKHERDW%XWWREH
DIUDLGRIHQWHULQJWKHERDWLVWKHVDPHLGLRF\WKHUHLVQRGLIIHUHQFH2QHZKRLV
DIUDLGRIHQWHULQJWKHERDWLVWKHVDPHSHUVRQZKRZLOOFDUU\WKHERDWRWKHUZLVH
ZK\VKRXOG\RXEHDIUDLG"

7KHUHDUHROGIULHQGVRIPLQHZKRKDYHIROORZHG-.ULVKQDPXUWLIRUWKHLUZKROH
OLIH7KH\FRPHWRPHDQGVD\:HZRXOGOLNHWRFRPHKHUHEXWZHDUHDIUDLGRI
DOOWKHPHWKRGVWKDW\RXWHDFK0HWKRGVDUHGDQJHURXVWKH\VD\

0HWKRGVDUHGDQJHURXVRQO\LI\RXDUHXQDZDUHRWKHUZLVHWKH\FDQEHXVHG
EHDXWLIXOO\'R\RXWKLQNDERDWLVGDQJHURXV",WLVGDQJHURXVLI\RXDUHWKLQNLQJ
WRFDUU\LWRQ\RXUKHDGIRU\RXUZKROHOLIHRXWRIVKHHUJUDWLWXGHRWKHUZLVHLWLV
MXVWDUDIWWREHXVHGDQGGLVFDUGHG$OOPHWKRGVDUHUDIWVWREHXVHGDQG
GLVFDUGHGXVHGDQGDEDQGRQHGXVHGDQGQHYHUORRNHGEDFNDWDJDLQWKHUHLV
QRQHHGQRSRLQW

7KHVHDUHWZRH[WUHPHV$WRQHH[WUHPHDUHWKRVHILYHLGLRWVDQGDWWKHRWKHU
H[WUHPHDUHWKHIROORZHUVRI-.ULVKQDPXUWL7KHUHLVQRQHHGWREHHLWKHU0\
DSSURDFKLV8VHWKHERDWXVHEHDXWLIXOERDWVXVHDVPDQ\ERDWVDVSRVVLEOH
ZLWKWKLVDZDUHQHVVZKHQWKHVKRUHLVUHDFKHGWKHERDWLVDEDQGRQHGZLWKQR
FOLQJLQJ:KLOH\RXDUHLQWKHERDWHQMR\LWEHWKDQNIXOWRLW:KHQ\RXJHWRXWRI
WKHERDWVD\WKDQN\RXDQGPRYHRQ

7KHILIWKVXWUD
6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&(

,I\RXGURSWKHUHPHG\DXWRPDWLFDOO\\RXZLOOVWDUWVHWWOLQJLQ\RXUEHLQJ7KH
PLQGFOLQJVLWQHYHUDOORZV\RXWRVHWWOHLQ\RXUEHLQJ,WNHHSV\RXLQWHUHVWHGLQ
VRPHWKLQJWKDW\RXDUHQRWWKHERDWV
:KHQ\RXGRQ
WFOLQJWRDQ\WKLQJWKHUHLVQRZKHUHWRJRDOOERDWVKDYHEHHQ
DEDQGRQHG\RXFDQQRWJRDQ\ZKHUHDOOSDWKVKDYHEHHQGURSSHG\RXFDQQRW
JRDQ\ZKHUHDOOGUHDPVDQGGHVLUHVKDYHGLVDSSHDUHGWKHUHLVQRZD\WR
PRYH5HOD[DWLRQKDSSHQVRILWVRZQDFFRUG-XVWWKLQNRIWKHZRUGUHOD[%H
VHWWOH\RXKDYHFRPHKRPH

6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&(

$QGZKHQ\RXVHWWOHWKHUHLVSXUHDZDUHQHVVZLWKQRHIIRUWZLWKQRPHWKRG,I
DZDUHQHVVQHHGVDPHWKRGLWLVVWLOOQRWWUXHDZDUHQHVVQRWWKHHVVHQWLDO
DZDUHQHVVQRWWKHQDWXUDOVSRQWDQHRXVDZDUHQHVV,WLVVWLOODE\SURGXFWRIWKH
PHWKRGLWLVFXOWLYDWHGFUHDWHG,WLVDE\SURGXFWRIWKHPLQGLWLVQRW\HWWKH
WUXWK

6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&(





1RZWKHUHLVQRWKLQJWRGR6HHEHHQMR\RQO\WKLVPRPHQWH[LVWV7KLVQRZ
WKLVKHUHWKLVFDZLQJRIWKHFURZVDQGDOOLVVLOHQFH

7RNQRZWKLVVHUHQLW\LVWRNQRZZKR\RXDUHZKDWWKLVH[LVWHQFHLVDOODERXW
7KLVLVVDPDGKLLQWKHZRUGVRI3DWDQMDOL7KLVLV6$0%2'+,LQWKHZRUGVRI
*DXWDP%XGGKD7KLVLVERGKLFKLWWDLQWKHZRUGVRI$WLVKD

%(7:((16(66,216&216,'(53+(120(1$$63+$17206

1RZ$WLVKDLVUHDOO\YHU\DZDUHRIWKHGLVFLSOH+HNQRZVWKDWWKHVHH[SHULHQFHV
RIVHWWOLQJLQWR\RXUEHLQJZLOOEHRQO\PRPHQWDU\LQWKHEHJLQQLQJ2QHPRPHQW
\RXZLOOILQG\RXUVHOIUHOD[HGLQWR\RXUEHLQJDQRWKHUPRPHQWLWZLOOEHJRQH,Q
WKHEHJLQQLQJLWLVERXQGWREHVRRQHPRPHQW\RXDUHIORRGHGZLWKWKH
XQNQRZQZLWKWKHP\VWHULRXVDQRWKHUPRPHQWLWLVQRPRUHWKHUH2QHPRPHQW
DOOLVIUDJUDQFHDQGWKHQH[WPRPHQW\RXDUHVHDUFKLQJIRULWDQG\RXFDQQRW
ILQGLWZKHUHLWKDVJRQH

2QO\JOLPSVHVZLOOKDSSHQLQWKHEHJLQQLQJ6ORZO\VORZO\WKH\EHFRPHPRUHDQG
PRUHVROLGWKH\DELGHPRUHDQGPRUH6ORZO\VORZO\VORZO\VORZO\YHU\VORZO\
WKH\VHWWOHIRUHYHU%HIRUHWKDW\RXFDQQRWEHDOORZHGWRWDNHLWIRUJUDQWHGWKDW
ZLOOEHDPLVWDNH+HQFHKHVD\V%HWZHHQVHVVLRQV
:KHQ\RXDUHVLWWLQJLQPHGLWDWLRQDVHVVLRQRIPHGLWDWLRQWKLVZLOOKDSSHQ
EXWLWZLOOJR6RZKDWDUH\RXVXSSRVHGWRGREHWZHHQVHVVLRQV"

%(7:((16(66,216&216,'(53+(120(1$$63+$17206
%HWZHHQVHVVLRQVFRQWLQXHWRXVHWKHPHWKRG'URSWKHPHWKRGZKHQ\RXDUH
GHHSLQPHGLWDWLRQ7KHPRPHQWFRPHVDVDZDUHQHVVLVJHWWLQJSXUHUDQG
SXUHUZKHQVXGGHQO\LWLVXWWHUO\SXUHGURSWKHPHWKRGDEDQGRQWKHPHWKRG
IRUJHWDOODERXWWKHUHPHG\MXVWVHWWOHDQGEH
%XWWKLVZLOOKDSSHQRQO\IRUPRPHQWVLQWKHEHJLQQLQJ6RPHWLPHVLWKDSSHQV
KHUHOLVWHQLQJWRPH-XVWIRUDPRPHQWOLNHDEUHH]H\RXDUHWUDQVSRUWHGLQWR
DQRWKHUZRUOGWKHZRUOGRIQRPLQG-XVWIRUDPRPHQW\RXNQRZWKDW\RXNQRZ
EXWRQO\IRUDPRPHQW$QGDJDLQWKHGDUNQHVVJDWKHUVDQGWKHPLQGLVEDFN
ZLWKDOOLWVGUHDPVZLWKDOOLWVGHVLUHVDQGDOOLWVVWXSLGLWLHV

)RUDPRPHQWWKHFORXGVKDGVHSDUDWHGDQG\RXKDGVHHQWKHVXQ1RZWKH
FORXGVDUHWKHUHDJDLQLWLVDOOGDUNDQGWKHVXQKDVGLVDSSHDUHG1RZHYHQWR
EHOLHYHWKDWWKHVXQH[LVWVZLOOEHGLIILFXOW1RZWREHOLHYHWKDWZKDW\RXKDG
H[SHULHQFHGDPRPHQWEHIRUHZDVWUXHZLOOEHGLIILFXOW,WPD\KDYHEHHQD
IDQWDV\WKHPLQGPD\VD\LWPD\KDYHMXVWEHHQLPDJLQDWLRQ

,WLVVRLQFUHGLEOHLWORRNVVRLPSRVVLEOHWKDWLWFRXOGKDYHKDSSHQHGWR<28
:LWKDOOWKLVVWXSLGLW\LQWKHPLQGZLWKDOOWKHVHFORXGVDQGGDUNQHVVHVLWKDG
KDSSHQHGWR\RX\RXVDZWKHVXQIRUDPRPHQW,WGRHVQ
WORRNSUREDEOH\RX
PXVWKDYHLPDJLQHGLWPD\EH\RXKDGIDOOHQLQWRDGUHDPDQGVHHQLW




%HWZHHQVHVVLRQVVWDUWDJDLQEHLQWKHERDWXVHWKHERDWDJDLQ

&216,'(53+(120(1$$63+$17206

$WLVKDLVYHU\FRQVLGHUDWHWRWKHGLVFLSOHV2WKHUZLVHWKHIRXUWKVXWUDZRXOGKDYH
EHHQWKHODVWRUDWWKHPRVWWKHILIWK
6(77/(,17+(1$785(2)%$6,&&2*1,7,217+((66(1&(

,I$WLVKDKDGEHHQDPDQOLNH%RGKLGKDUPDWKHWUHDWLVHZRXOGKDYHILQLVKHGDW
WKHILIWKVXWUDRUHYHQDWWKHIRXUWK
/(7(9(17+(5(0('<,76(/)*2)5((21,762:1

7KHQWKHVHWWOLQJKDSSHQVRQLWVRZQ%RGKLGKDUPDZDVYHU\PLVHUO\KHZRXOG
QRWKDYHXVHGWKHILIWKEXW$WLVKDLVYHU\FRQVLGHUDWHWRWKHGLVFLSOH+HKDG
EHHQDGLVFLSOHVRKHNQHZWKHGLIILFXOWLHVRIDGLVFLSOH$QGKHKDGEHHQD
GLVFLSOHRIWKUHHJUHDWPDVWHUVVRKHNQHZDOOWKHGLIILFXOWLHVWKDWDGLVFLSOHKDV
WRIDFH+HKDGEHHQDSLOJULPKHNQHZDOOWKHSUREOHPV$QGKHKDGEHHQD
SLOJULPRQWKUHHSDWKVDOOWKHWKUHHSRVVLEOHSDWKVVRKHNQHZDOOWKHSUREOHPV
DQGDOOWKHGLIILFXOWLHVDQGDOOWKHSLWIDOOVDQGDOOWKHREVWDFOHVWKDWDUHERXQGWR
DULVHRQWKHSDWKRIDGLVFLSOH+HQFHKLVFRQVLGHUDWHQHVV+HVD\V%HWZHHQ
VHVVLRQV

%HWZHHQWKHVHPRPHQWVRIPHGLWDWLYHQHVVEHWZHHQWKHVHPRPHQWVRIXWWHUMR\
HPSWLQHVVDQGSXULW\EHWZHHQWKHVHPRPHQWVRIEHLQJUHPHPEHUWKDWDOODUH
GUHDPVWKDWHYHU\SKHQRPHQRQLVDSKDQWRP*RRQXVLQJWKLVPHWKRGWLOOWKH
VHWWOLQJKDVKDSSHQHGIRUHYHU

75$,1,1-2,1,1*6(1',1*$1'7$.,1*72*(7+(5'27+,6%<5,',1*
7+(%5($7+
1RZHPSWLQHVVKDVEHHQH[SHULHQFHGWKLVLVZKDWKHKDGOHDUQHG8SWRWKLV
VXWUDKHKDGEHHQZLWKWKHILUVWPDVWHU'KDUPDNLUWL:LWKWKLVVXWUDWKHVHFRQG
PDVWHU'KDUPDUDNVKLWD

75$,1,1-2,1,1*6(1',1*$1'7$.,1*72*(7+(5'27+,6%<5,',1*
7+(%5($7+

1RZKHVD\V6WDUWEHLQJFRPSDVVLRQDWH$QGWKHPHWKRGLVZKHQ\RXEUHDWKH
LQOLVWHQFDUHIXOO\LWLVRQHRIWKHJUHDWHVWPHWKRGVZKHQ\RXEUHDWKHLQ
WKLQNWKDW\RXDUHEUHDWKLQJLQDOOWKHPLVHULHVRIDOOWKHSHRSOHLQWKHZRUOG$OO
WKHGDUNQHVVDOOWKHQHJDWLYLW\DOOWKHKHOOWKDWH[LVWVDQ\ZKHUH\RXDUH
EUHDWKLQJLWLQ$QGOHWLWEHDEVRUEHGLQ\RXUKHDUW

<RXPD\KDYHUHDGRUKHDUGDERXWWKHVRFDOOHGSRVLWLYHWKLQNHUVRIWKH:HVW
7KH\VD\MXVWWKHRSSRVLWHWKH\GRQ
WNQRZZKDWWKH\DUHVD\LQJ7KH\VD\
:KHQ\RXEUHDWKHRXWWKURZRXWDOO\RXUPLVHU\DQGQHJDWLYLW\DQGZKHQ\RX
EUHDWKHLQEUHDWKHLQMR\SRVLWLYLW\KDSSLQHVVFKHHUIXOQHVV





$WLVKD
VPHWKRGLVMXVWWKHRSSRVLWHZKHQ\RXEUHDWKHLQEUHDWKHLQDOOWKH
PLVHU\DQGVXIIHULQJRIDOOWKHEHLQJVRIWKHZRUOGSDVWSUHVHQWDQGIXWXUH
$QGZKHQ\RXEUHDWKHRXWEUHDWKHRXWDOOWKHMR\WKDW\RXKDYHDOOWKH
EOLVVIXOQHVVWKDW\RXKDYHDOOWKHEHQHGLFWLRQWKDW\RXKDYH%UHDWKHRXWSRXU
\RXUVHOILQWRH[LVWHQFH7KLVLVWKHPHWKRGRIFRPSDVVLRQGULQNLQDOOWKH
VXIIHULQJDQGSRXURXWDOOWKHEOHVVLQJV

$QG\RXZLOOEHVXUSULVHGLI\RXGRLW7KHPRPHQW\RXWDNHDOOWKHVXIIHULQJVRI
WKHZRUOGLQVLGH\RXWKH\DUHQRORQJHUVXIIHULQJV7KHKHDUWLPPHGLDWHO\
WUDQVIRUPVWKHHQHUJ\7KHKHDUWLVDWUDQVIRUPLQJIRUFHGULQNLQPLVHU\DQGLWLV
WUDQVIRUPHGLQWREOLVVIXOQHVVWKHQSRXULWRXW

2QFH\RXKDYHOHDUQHGWKDW\RXUKHDUWFDQGRWKLVPDJLFWKLVPLUDFOH\RXZRXOG
OLNHWRGRLWDJDLQDQGDJDLQ7U\LW,WLVRQHRIWKHPRVWSUDFWLFDOPHWKRGV
VLPSOHDQGLWEULQJVLPPHGLDWHUHVXOWV'RLWWRGD\DQGVHH

7KDWLVRQHRIWKHDSSURDFKHVRI%XGGKDDQGDOOKLVGLVFLSOHV$WLVKDLVRQHRI
KLVGLVFLSOHVLQWKHVDPHWUDGLWLRQLQWKHVDPHOLQH%XGGKDVD\VDJDLQDQG
DJDLQWRKLVGLVFLSOHV,+,3$66,.2FRPHDQGVHH7KH\DUHYHU\VFLHQWLILF
SHRSOH%XGGKLVPLVWKHPRVWVFLHQWLILFUHOLJLRQRQWKHHDUWKKHQFH%XGGKLVPLV
JDLQLQJPRUHDQGPRUHJURXQGLQWKHZRUOGHYHU\GD\$VWKHZRUOGEHFRPHV
PRUHLQWHOOLJHQW%XGGKDZLOOEHFRPHPRUHDQGPRUHLPSRUWDQW,WLVERXQGWREH
VR$VPRUHDQGPRUHSHRSOHFRPHWRNQRZDERXWVFLHQFH%XGGKDZLOOKDYH
JUHDWDSSHDOEHFDXVHKHZLOOFRQYLQFHWKHVFLHQWLILFPLQGEHFDXVHKHVD\V
:KDWVRHYHU,DPVD\LQJFDQEHSUDFWLFHG$QG,GRQ
WVD\WR\RX%HOLHYHLW,
VD\([SHULPHQWZLWKLWH[SHULHQFHLWDQGRQO\WKHQLI\RXIHHOLW\RXUVHOIWUXVWLW
2WKHUZLVHWKHUHLVQRQHHGWREHOLHYH
7U\WKLVEHDXWLIXOPHWKRGRIFRPSDVVLRQWDNHLQDOOWKHPLVHU\DQGSRXURXWDOO
WKHMR\

75$,1,1-2,1,1*6(1',1*$1'7$.,1*72*(7+(5'27+,6%<
5,',1*7+(%5($7+7+5((2%-(&767+5((32,62167+5((%$6(6
2)9,578(

7KHUHDUHWKUHHREMHFWVZKLFKFDQHLWKHUIXQFWLRQDVWKUHHSRLVRQVRUFDQ
EHFRPHWKUHHEDVHVRILQILQLWHYLUWXH$WLVKDLVWDONLQJRIWKHLQQHUDOFKHP\7KH
SRLVRQFDQEHFRPHWKHQHFWDUWKHEDVHUPHWDOFDQEHWUDQVIRUPHGLQWRJROG
:KDWDUHWKHVHWKUHHREMHFWV"7KHILUVWLVDYHUVLRQWKHVHFRQGLVDWWDFKPHQW
DQGWKHWKLUGLVLQGLIIHUHQFH7KLVLVKRZWKHPLQGIXQFWLRQV<RXIHHODYHUVLRQWR
ZKDWVRHYHU\RXGLVOLNH\RXIHHODWWDFKPHQWWRZKDWVRHYHU\RXOLNHDQG\RXIHHO
LQGLIIHUHQWWRWKLQJVZKLFK\RXQHLWKHUGLVOLNHQRUOLNH7KHVHDUHWKHWKUHH
REMHFWV%HWZHHQWKHVHWKUHHWKHPLQGH[LVWV7KHVHDUHWKHWKUHHOHJVRIWKH
WULSRGFDOOHGWKHPLQGDYHUVLRQDWWDFKPHQWDQGLQGLIIHUHQFH$QGLI\RXOLYHLQ
WKHVHWKUHHDVWKH\DUH\RXDUHOLYLQJLQSRLVRQ





7KLVLVKRZZHKDYHFUHDWHGDKHOORXWRIOLIH$YHUVLRQGLVOLNHKDWUHGUHSXOVLRQ
WKDWFUHDWHVRQHWKLUGRI\RXUKHOO$WWDFKPHQWOLNLQJFOLQJLQJSRVVHVVLYHQHVV
WKDWFUHDWHVWKHVHFRQGRQHWKLUGRI\RXUKHOO$QGLQGLIIHUHQFHWRDOOWKDW\RX
DUHQHLWKHUDWWUDFWHGWRQRUUHSXOVHGE\WKDWFUHDWHVWKHWKLUGSDUWWKHWKLUG
RQHWKLUGRI\RXUKHOO

-XVWZDWFK\RXUPLQGWKLVLVKRZ\RXUPLQGIXQFWLRQV,WLVDOZD\VVD\LQJ,OLNH
WKLV,GRQ
WOLNHWKDWDQG,DPLQGLIIHUHQWWRWKHWKLUG7KHVHDUHWKHWKUHHZD\V
WKHPLQGJRHVRQPRYLQJ7KLVLVWKHUXWWKHURXWLQH

$WLVKDVD\V7KHVHDUHWKHWKUHHSRLVRQVEXWWKH\FDQEHFRPHWKHWKUHHEDVHV
RIYLUWXH+RZFDQWKH\EHFRPHWKUHHEDVHVRIJUHDWYLUWXH",I\RXEULQJLQWKH
TXDOLW\RIFRPSDVVLRQLI\RXOHDUQWKHDUWRIDEVRUELQJVXIIHULQJDVLIDOOWKH
VXIIHULQJRIWKHZRUOGLVFRPLQJULGLQJRQWKHEUHDWKWKHQKRZFDQ\RXEH
UHSXOVHG"+RZFDQ\RXGLVOLNHDQ\WKLQJDQGKRZFDQ\RXEHLQGLIIHUHQWWR
DQ\WKLQJ"$QGKRZFDQ\RXEHDWWDFKHGWRDQ\WKLQJ",I\RXDUHXQFRQGLWLRQDOO\
WDNLQJLQDOOWKHVXIIHULQJLQWKHZRUOGGULQNLQJLWDEVRUELQJLWLQ\RXUKHDUWDQG
WKHQLQVWHDGRILWSRXULQJEOHVVLQJVRQWRWKHZKROHRIH[LVWHQFHXQFRQGLWLRQDOO\
QRWWRVRPHERG\LQSDUWLFXODUUHPHPEHUQRWRQO\WRPDQEXWWRDOOWRDOOEHLQJV
WUHHVDQGURFNVDQGELUGVDQGDQLPDOVWRWKHZKROHH[LVWHQFHPDWHULDO
LPPDWHULDOZKHQ\RXDUHSRXULQJRXWEOHVVLQJVXQFRQGLWLRQDOO\KRZFDQ\RX
EHDWWDFKHG"

$WWDFKPHQWDYHUVLRQLQGLIIHUHQFHDOOGLVDSSHDUZLWKWKLVVPDOOWHFKQLTXH$QG
ZLWKWKHLUGLVDSSHDUDQFHWKHSRLVRQLVWUDQVIRUPHGLQWRQHFWDUDQGWKHERQGDJH
EHFRPHVIUHHGRPDQGWKHKHOOLVQRPRUHDKHOOLWLVKHDYHQ

,QWKHVHPRPHQWV\RXFRPHWRNQRZ7KLVYHU\ERG\WKHEXGGKDWKLVYHU\HDUWK
WKHORWXVSDUDGLVH

$QGWKHODVWVXWUD
75$,1:,7+3+5$6(6,1(9(5<02'(2)%(+$9,25

$WLVKDLVQRWDQHVFDSLVW+HGRHVQRWWHDFKHVFDSLVPKHGRHVQRWWHOO\RXWR
PRYHIURPVLWXDWLRQVZKLFKDUHQRWWR\RXUOLNLQJ+HVD\V<RXKDYHWROHDUQWR
IXQFWLRQLQERGKLFKLWWDLQEXGGKDFRQVFLRXVQHVVLQDOONLQGVRIVLWXDWLRQVLQ
WKHPDUNHWSODFHLQWKHPRQDVWHU\ZLWKSHRSOHLQWKHFURZGRUDORQHLQDFDYH
ZLWKIULHQGVRUZLWKHQHPLHVZLWKIDPLO\IDPLOLDUSHRSOHDQGZLWKVWUDQJHUVZLWK
PHQDQGZLWKDQLPDOV,QDOONLQGVRIVLWXDWLRQVLQDOONLQGVRIFKDOOHQJHV\RX
KDYHWROHDUQWRIXQFWLRQLQFRPSDVVLRQLQPHGLWDWLRQEHFDXVHDOOWKHVH
H[SHULHQFHVRIGLIIHUHQWVLWXDWLRQVZLOOPDNH\RXUERGKLFKLWWDPRUHDQGPRUH
ULSH

'RQ
WHVFDSHIURPDQ\VLWXDWLRQLI\RXHVFDSHWKHQVRPHWKLQJZLOOUHPDLQ
PLVVLQJLQ\RX7KHQ\RXUERGKLFKLWWDZLOOQRWEHWKDWULSHZLOOQRWEHWKDWULFK
/LYHOLIHLQLWVPXOWLGLPHQVLRQDOLW\





$QGWKDW
VZKDW,WHDFK\RXWRR/LYHOLIHLQLWVWRWDOLW\$QGOLYLQJLQWKHZRUOG
GRQ
WEHRILW/LYHLQWKHZRUOGOLNHDORWXVIORZHULQZDWHULWOLYHVLQZDWHUEXWWKH
ZDWHUWRXFKHVLWQRW2QO\WKHQZLOOERGKLFKLWWDIORZHULQ\RXEORRPLQ\RX2QO\
WKHQZLOO\RXFRPHWRNQRZWKHXOWLPDWHFRQVFLRXVQHVVZKLFKLVIUHHGRPZKLFK
LVMR\HWHUQDOMR\ZKLFKLVEHQHGLFWLRQ1RWWRNQRZLWLVWRPLVVWKHZKROHSRLQW
RIOLIHWRNQRZLWLVWKHRQO\JRDO7KHRQO\JRDOUHPHPEHULW

$QGUHPHPEHU$WLVKD
VVXWUDVDUHQRWSKLORVRSKLFDOQRWVSHFXODWLYHQRW
DEVWUDFW7KH\DUHH[SHULPHQWDOWKH\DUHVFLHQWLILF

/HWPHUHSHDWDJDLQUHOLJLRQLVDVFLHQFHLQWKHVHQVHWKDWLWLVWKHSXUHVW
NQRZLQJ<HWLWLVQRWDVFLHQFHLQWKHVHQVHRIFKHPLVWU\DQGSK\VLFV,WLVQRW
WKHVFLHQFHRIWKHRXWZDUGLWLVWKHVFLHQFHRIWKHLQZDUG,WLVQRWWKHVFLHQFHRI
WKHH[WHULRULWLVWKHVFLHQFHRIWKHLQWHULRU,WLVWKHVFLHQFHWKDWWDNHV\RX
EH\RQGLWLVWKHVFLHQFHWKDWWDNHV\RXLQWRWKHXQNQRZQDQGWKHXQNQRZDEOH,W
LVWKHJUHDWHVWDGYHQWXUHWKHUHLV,WLVDFDOODQGDFKDOOHQJHWRDOOWKRVHZKR
KDYHDQ\FRXUDJHDQ\JXWVDQ\LQWHOOLJHQFH

5HOLJLRQLVQRWIRUFRZDUGVLWLVIRUSHRSOHZKRZDQWWROLYHGDQJHURXVO\
(QRXJKIRUWRGD\





FKDSWHUWZRWKHHQOLJKWHQPHQWRIWKHOLO\
IHEUXDU\DPLQEXGGKDKDOO

7KHILUVWTXHVWLRQ

%(/29('26+2

7+,66281'6/,.($6,//<48(67,21,$0127685(7+$7,:$1772
%(&20((1/,*+7(1(',$068535,6('726((620$1<3(23/(
$5281':+26((072+$9(7+$7'(6,5(,)((/9(5<08&+
$77$&+('720<&28175<$1',/29(0<:25.7+(5(67,//,:$17
727$.(6$11<$6,67+$73266,%/(",6,7127$&2175$',&7,21"

*RUDQ6WUDQGEHUJDOOTXHVWLRQVDUHVLOO\DQGVRDUHDOODQVZHUV4XHVWLRQVFRPH
RXWRIWKHPLQGOLNHOHDYHVFRPHRXWRIWKHWUHHV4XHVWLRQVDUHSDUWRIWKHPLQG
WKDWKDVWREHGURSSHGTXHVWLRQVNHHSWKHPLQGQRXULVKHG

$TXHVWLRQLVUHDOO\DVHDUFKIRUIRRG7KHDQVZHULVWKHIRRG7KHTXHVWLRQLVD
JURSLQJWKHPLQGLVIHHOLQJKXQJU\LWZDQWVWREHVWUHQJWKHQHGLWZDQWVWREH
IHGLWVHDUFKHVIRUIRRG:KHUHYHULWFDQILQGVRPHWKLQJVDWLVI\LQJDQ\DQVZHU




WKDWPDNHVWKHPLQGNQRZOHGJHDEOHWKDWJLYHVWKHPLQGWKHIHHOLQJ1RZ,
NQRZIXQFWLRQVDVDIRRG$QGWKHPLQGFDQJRRQDQGRQDVNLQJFROOHFWLQJ
DQVZHUVEHFRPLQJNQRZOHGJHDEOH

7KHPRUHNQRZOHGJHDEOHWKHPLQGLVWKHPRUHGLIILFXOWLWLVWRGURSLW$QGLWKDV
WREHGURSSHGEHFDXVHXQOHVVTXHVWLRQLQJFHDVHVLQ\RX\RXZLOOQHYHUEH
VLOHQW8QOHVVTXHVWLRQLQJGLVDSSHDUVWRWDOO\\RXZLOOQRWILQGWKDWVSDFHWKDW
VHUHQLW\WKDWVWLOOQHVVZKLFKFDQPDNH\RXDZDUHRIZKR\RXDUHDQGRIZKDW
WKLVUHDOLW\LV

5HPHPEHUUHDOLW\LVQHYHUJRLQJWRFRPHWR\RXLQWKHIRUPRIDQDQVZHU,WKDV
QHYHUKDSSHQHGWKDWZD\LWLVQRWJRLQJWRKDSSHQWKDWZD\,W&$1
7KDSSHQ
WKDWZD\LWLVQRWLQWKHQDWXUHRIWKLQJV5HDOLW\FRPHVWR\RXZKHQWKHUHLVQR
TXHVWLRQOHIWUHDOLW\FRPHVWRDQXQTXHVWLRQLQJVWDWHRIDZDUHQHVV

6RWKHILUVWWKLQJWREHUHPHPEHUHGLVDOOTXHVWLRQVDUHVLOO\DQGDOODQVZHUVDUH
WRR7KHQ\RXZLOOEHDOLWWOHSX]]OHGZK\GR,JRRQDQVZHULQJ\RXUTXHVWLRQV"
,I\RXORRNGHHSGRZQLQWRP\DQVZHUV\RXZLOOVHHWKDWWKH\DUHQRWDQVZHUV
7KH\GRQ
WQRXULVK\RXUPLQGWKH\GHVWUR\\RXUPLQGWKH\VKDWWHU\RX7KH\DUH
PHDQWWREHVKRFNV7KHSXUSRVHRIP\DQVZHULQJLVWRKDPPHU\RXUPLQGLWLV
KDPPHULQJLWLVQRWDQVZHULQJ

,QWKHEHJLQQLQJZKHQ\RXFRPHKHUHIRUWKHILUVWWLPHDQG\RXGRQ
WXQGHUVWDQG
PHDQGP\SXUSRVH\RXPD\WKLQNWKDW,DPDQVZHULQJ\RX7KHORQJHU\RXDUH
KHUHWKHGHHSHU\RXEHFRPHDWWXQHGZLWKPHWKHPRUH\RXNQRZWKDWP\
DQVZHULQJLVQRWWRJLYH\RXDQVZHUV,WLVQRWWRPDNH\RXPRUHNQRZOHGJHDEOH
MXVWWKHRSSRVLWH,WLVWRWDNH\RXUNQRZOHGJHDZD\WRPDNH\RX
XQNQRZOHGJHDEOHWRPDNH\RXLJQRUDQWLJQRUDQWDJDLQLQQRFHQWDJDLQVR
WKDWTXHVWLRQLQJGLVDSSHDUV

$QGZKHQWKHUHLVQRTXHVWLRQLQJWKHUHLVDWRWDOO\QHZTXDOLW\WR\RXU
FRQVFLRXVQHVV7KDWTXDOLW\LVFDOOHGZRQGHU:RQGHULQJLVQRWTXHVWLRQLQJLWLV
IHHOLQJP\VWLILHGE\H[LVWHQFH4XHVWLRQLQJLVDQHIIRUWWRGHP\VWLI\H[LVWHQFHLW
LVDQHIIRUWQRWWRDFFHSWWKHP\VWHU\RIOLIH+HQFHZHUHGXFHHYHU\P\VWHU\WRD
TXHVWLRQ7KHTXHVWLRQPHDQVWKHP\VWHU\LVRQO\DSUREOHPWREHVROYHGDQG
RQFHVROYHGWKHUHZLOOEHQRP\VWHU\

0\HIIRUWLQDQVZHULQJ\RXLVQRWWRGHP\VWLI\H[LVWHQFHEXWWRP\VWLI\LWPRUH
+HQFHP\FRQWUDGLFWLRQV,FDQQRWEHFRQVLVWHQW,DPQRWDQVZHULQJ\RX,
FDQQRWEHFRQVLVWHQWEHFDXVH,DPQRWKHUHWRPDNH\RXPRUHNQRZOHGJHDEOH
,I,DPFRQVLVWHQW\RXZLOOKDYHDERG\RINQRZOHGJHYHU\VDWLVI\LQJWRWKH
PLQGQRXULVKLQJVWUHQJWKHQLQJJUDWLI\LQJ

,DPGHOLEHUDWHO\LQFRQVLVWHQWFRQWUDGLFWRU\VRWKDW\RXFDQQRWPDNHDQ\ERG\
RINQRZOHGJHRXWRIPH6RLIRQHGD\\RXVWDUWJDWKHULQJVRPHWKLQJDQRWKHU
GD\,WDNHLWDZD\,GRQ
WDOORZ\RXWRJDWKHUDQ\WKLQJ6RRQHURUODWHU\RXDUH




ERXQGWREHDZDNHQHGWRWKHIDFWWKDWVRPHWKLQJWRWDOO\GLIIHUHQWLVWUDQVSLULQJ
KHUH,WLVQRWWKDW,DPJLYLQJ\RXVRPHGRJPDWREHEHOLHYHGLQVRPH
SKLORVRSK\WREHOLYHGE\QRQRWDWDOO,DPXWWHUO\GHVWUXFWLYH,DPWDNLQJ
HYHU\WKLQJDZD\IURP\RX

6ORZO\VORZO\\RXUPLQGZLOOVWRSTXHVWLRQLQJ:KDWLVWKHSRLQW":KHQQR
DQVZHUDQVZHUVWKHQZKDWLVWKHSRLQW"$QGWKHGD\\RXVWRSTXHVWLRQLQJLVD
GD\RIJUHDWUHMRLFLQJEHFDXVHWKHQZRQGHULQJVWDUWV<RXKDYHPRYHGLQWRD
WRWDOO\QHZGLPHQVLRQ\RXDUHDJDLQDFKLOG

-HVXVVD\V8QOHVV\RXDUHOLNHVPDOOFKLOGUHQ\RXZLOOQRWHQWHULQWRP\
NLQJGRPRI*RG+HPHDQVXQOHVV\RXDUHLJQRUDQWDJDLQLQQRFHQWDJDLQ
XQTXHVWLRQLQJDQGZRQGHULQJFHUWDLQO\

+HQFHWKHUHLVDGLIIHUHQFHEHWZHHQWKHTXHVWLRQRIDFKLOGDQGDJURZQXS
SHUVRQ7KHGLIIHUHQFHLVRITXDOLW\7KHFKLOGDVNVQRWWREHDQVZHUHGKHLV
VLPSO\EHLQJDUWLFXODWHDERXWKLVZRQGHU6RLI\RXGRQ
WDQVZHUWKHFKLOGKH
IRUJHWVDERXWKLVTXHVWLRQDQGKHVWDUWVDVNLQJDQRWKHUTXHVWLRQ+LVSXUSRVHLV
QRWWREHDQVZHUHGKLVSXUSRVHLVVLPSO\WKDWKHLVWDONLQJWRKLPVHOI+HLV
EHLQJDUWLFXODWHDERXWKLVZRQGHUKHLVWU\LQJWRILJXUHRXWZKDWLWLVWKH
ZRQGHUWKHP\VWHU\+HLVQRWKDQNHULQJIRUDQDQVZHUVRQRDQVZHUZLOOVDWLVI\
KLP,I\RXJLYHKLPDQDQVZHUKHZLOODVNDQRWKHUTXHVWLRQDERXWWKHDQVZHU
+LVZRQGHULQJFRQWLQXHV

:KHQDJURZQXSSHUVRQHGXFDWHGVRSKLVWLFDWHGZHOOUHDGLQIRUPHGDVNV
DTXHVWLRQKHDVNVLWRXWRIKLVNQRZOHGJHWRJDWKHUPRUHNQRZOHGJH7KHPLQG
DOZD\VKDQNHUVIRUPRUHDQGPRUH,I\RXKDYHPRQH\LWKDQNHUVIRUPRUH
PRQH\LI\RXKDYHSUHVWLJHLWKDQNHUVIRUPRUHSUHVWLJHLI\RXKDYHNQRZOHGJH
LWKDQNHUVIRUPRUHNQRZOHGJH0LQGOLYHVLQWKHPRUH

$QGWKLVLVWKHZD\\RXJRRQDQGRQDYRLGLQJUHDOLW\5HDOLW\LVDP\VWHU\LWLV
QRWDTXHVWLRQWREHDVNHG,WLVDP\VWHU\WREHOLYHGDP\VWHU\WREH
H[SHULHQFHGDP\VWHU\WREHORYHGDP\VWHU\WREHGLVVROYHGLQWREHGURZQHG
LQ

,DPDQVZHULQJ\RXQRWWRDQVZHUEXWWRVLPSO\GHVWUR\WKHTXHVWLRQ,DPQRWD
WHDFKHU7KHWHDFKHUWHDFKHV\RXWKHPDVWHUGRHVQRWWHDFK\RXKHKHOSV\RX
XQOHDUQ

*RUDQ6WUDQGEHUJ\RXVD\7KLVVRXQGVOLNHDVLOO\TXHVWLRQ1RWRQO\GRHVLW
VRXQGLWLV$OOTXHVWLRQVDUHZKDWFDQ,GR":KDWFDQ\RXGR"
<RXVD\,DPQRWVXUHWKDW,ZDQWWREHFRPHHQOLJKWHQHG

7KDWVKRZVKRZWKHPLQGIXQFWLRQVLWLVQHYHUVXUHRIDQ\WKLQJ0LQGLVDOZD\V
XQVXUHLWOLYHVLQXQVXUHQHVV0LQGOLYHVLQFRQIXVLRQLWFDQQHYHUKDYHDQ\
FODULW\&ODULW\LVQRWSDUWRIWKHPLQGDWDOOFODULW\LVWKHDEVHQFHRIWKHPLQG




FRQIXVLRQLVWKHSUHVHQFHRIWKHPLQG&RQIXVLRQDQGPLQGDUHV\QRQ\PRXV
<RXFDQ
WKDYHDFOHDUPLQG,I\RXKDYHFODULW\\RXFDQQRWKDYHWKHPLQGLI\RX
KDYHWKHPLQG\RXFDQ
WKDYHFODULW\7KHPLQGLVDOZD\VGLYLGHGDJDLQVWLWVHOILW
OLYHVLQFRQIOLFW'LYLVLELOLW\LVLWVQDWXUH+HQFHWKRVHZKROLYHLQWKHPLQGQHYHU
EHFRPHLQGLYLGXDOVLQGLYLVLEOHV7KH\UHPDLQGLYLGHGRQHSDUWZDQWVWKLV
DQRWKHUSDUWZDQWVWKDW

0LQGLVDFURZGRIPDQ\GHVLUHVLWLVQRWDVLQJOHGHVLUH0LQGLVPXOWLSV\FKLF
DQGDOOWKHIUDJPHQWVDUHIDOOLQJDSDUWLQGLIIHUHQWGLUHFWLRQV,WLVDPLUDFOHKRZ
ZHJRRQNHHSLQJRXUVHOYHVWRJHWKHULWLVDKDUGVWUXJJOHWRNHHSRQHVHOI
WRJHWKHU6RPHKRZZHPDQDJHEXWWKDWWRJHWKHUQHVVUHPDLQVRQO\RQWKH
VXUIDFH'HHSGRZQWKHUHLVWXUPRLO

<RXIDOOLQORYHZLWKDZRPDQDUH\RXVXUHWKDW\RXDUHLQORYH"5HDOO\VXUH",
KDYHQHYHUFRPHDFURVVDORYHUZKRLVUHDOO\VXUH<RXPD\HYHQJHWPDUULHG
EXWZHUH\RXVXUH"<RXPD\KDYHFKLOGUHQEXWZHUH\RXVXUHWKDW\RXUHDOO\
ZDQWHGWRKDYHFKLOGUHQ"

7KDW
VKRZ\RXDUHOLYLQJQRWKLQJLVVXUH%XWRQHKDVWRGRVRPHWKLQJRURWKHU
WRNHHSRQHVHOIRFFXSLHGVR\RXJRRQNHHSLQJ\RXUVHOIRFFXSLHG%XWVXUHW\LV
QRWRIWKHPLQGLWFDQQRWEH$QGWKHVDPHSUREOHPZLOODULVHRQHYHU\OHYHO7KH
VDPHSUREOHPLVIDFLQJ\RXDJDLQ

<RXVD\,DPQRWVXUHWKDW,ZDQWWREHFRPHHQOLJKWHQHG
%XWWKHUHPXVWEHDFHUWDLQGHVLUHRWKHUZLVHZK\WKHTXHVWLRQ"$SDUWRI\RXU
PLQGPXVWEHVD\LQJ6WUDQGEHUJEHFRPHHQOLJKWHQHGMXVWDSDUW$QRWKHU
SDUWPXVWEHVD\LQJ$UH\RXPDG"+DYH\RXORVW\RXUVHQVHV"<RXKDYHDZLIH
DWKRPHDQGFKLOGUHQDQGZRUNDQG\RXORYH\RXUFRXQWU\DQG\RXDUHWU\LQJ
WREHFRPHHQOLJKWHQHG"<RXPXVWKDYHEHFRPHDYLFWLPRIPDVVK\SQRVLVVR
PDQ\SHRSOHLQRUDQJHLWLVGDQJHURXVWROLYHZLWKVXFKPDGSHRSOH6RPDQ\
PDGSHRSOHHQMR\LQJDQGODXJKLQJDQGORYLQJDQGORRNLQJVRKDSS\

6WUDQGEHUJNHHSRQUHPHPEHULQJ\RXKDYHDZLIHFKLOGUHQDMRE.HHSDOHUW
%XWDJDLQDQGDJDLQWKHGHVLUHZLOOFRPH:KHQVRPDQ\SHRSOHDUHLQWHUHVWHG
LQHQOLJKWHQPHQWWKHUHPXVWEHVRPHWKLQJLQLW<RXFDQGHFHLYHRQH\RXFDQ
GHFHLYHWZREXWKRZFDQ\RXGHFHLYHVRPDQ\"7KRXVDQGVRISHRSOHLQWHUHVWHG
LQHQOLJKWHQPHQW",WFDQ
WEHDOOEXOOVKLW6RDGHVLUHDULVHVKDYHDOLWWOHWDVWHRI
LW$QGIHDULVWKHUHWRR

%XWWKLVLVWKHVLWXDWLRQDOZD\VLWLVVRLQHYHU\WKLQJLWLVVR<RXZDQWWR
SXUFKDVHDFDUDQGLWLVWKHVDPHZKHWKHUWRSXUFKDVHD&KHYUROHWRUD)RUGRU
D%HQ]",I\RXUZLIHLVQRWWKHUHWRKHOS\RX\RXZLOOQHYHUSXUFKDVHDQ\FDU
:RPHQDUHPRUHGHFLVLYHWKH\DUHVWLOOOHVVLQWKHPLQGWKDQPHQ7KH\IXQFWLRQ
RXWRIWKHKHDUWWKHLUIHHOLQJVLGHLVVWLOODOLYH)RUWXQDWHO\WKH\DUHQRW\HWVR
FLYLOL]HGWKH\DUHVWLOOSULPLWLYHDOLWWOHZLOGOHDQLQJWRZDUGVWKHLQWXLWLYHDQGQRW
WRZDUGVWKHLQWHOOHFWVWLOOFDSDEOHDQGFRXUDJHRXVHQRXJKWRDFWGHFLVLYHO\WR




DFWLQWXLWLYHO\WRDFWLOORJLFDOO\

$OOGHFLVLRQVFRPHIURPWKHKHDUW7KHPLQGLVQHYHUGHFLVLYHLWFDQQRWEH,I
\RXZDQWWRGHFLGHWKURXJKWKHPLQG\RXQHYHUFDQ$QG,DPQRWWDONLQJDERXW
JUHDWWKLQJVOLNHHQOLJKWHQPHQWDQGWKHH[LVWHQFHRI*RGRUWKHH[LVWHQFHRIOLIH
DIWHUGHDWK,DPQRWWDONLQJDERXWJUHDWWKLQJVMXVWVPDOOWKLQJVZKHWKHUWR
SXUFKDVHWKLVVRDSRUWKDWRUZKLFKWRRWKSDVWHDQG\RXZLOOILQGWKHVDPH
GLIILFXOW\0LQGLVIUDJPHQWDU\GLYLGHG+HQFHP\FRQVLVWHQWLQVLVWHQFHWKDW\RX
JHWRXWRIWKHPLQGDQGVWDUWOLYLQJ7KHPLQGRQO\WKLQNVDQGQHYHUOLYHV,WWKLQNV
EHDXWLIXOWKRXJKWVEXWWKH\DUHWKRXJKWVDOOWKHVDPHMXVWGUHDPV

*HWRXWRIWKHPLQGLI\RXZDQWWROLYH*HWRXWRIWKHPLQGLI\RXZDQWWROLYHWKLV
PRPHQW7KHPLQGFDQQRWOLYHLQWKLVPRPHQWEHFDXVHILUVWLWKDVWRGHFLGHDQG
WKHPRPHQWLVORVWLQWKLQNLQJ$QGE\WKHWLPHWKHPLQGKDVGHFLGHGLILWHYHU
GHFLGHVWKDWPRPHQWLVJRQHDOUHDG\<RXDUHDOZD\VODJJLQJEHKLQG0LQGLV
DOZD\VUXQQLQJDIWHUOLIHDQGODJJLQJEHKLQGDQGPLVVLQJLWFRQWLQXRXVO\

0DQ\RI\RXPXVWKDYHGUHDPHGVRPHWKLQJOLNHWKLV$QDQG0DLWUH\D
FRQWLQXRXVO\GUHDPVWKDWKHLVJRLQJWRFDWFKDWUDLQDQGLQWKHGUHDPKHDOZD\V
PLVVHVLW0DQ\SHRSOH,WKLQNDOPRVWHYHU\ERG\KDVGUHDPVRIWKDWNLQGWKDW
\RXDUHMXVWJRLQJWRPDNHLWMXVWJRLQJWRPDNHLWDQG\RXPLVVLW%\WKHWLPH
\RXUHDFKWKHSODWIRUPWKHWUDLQKDVOHIW<RXVHHLWOHDYLQJEXWLWLVWRRODWH\RX
FDQQRWJHWRQLW

$QDQG0DLWUH\D
VGUHDPLVDYHU\VLJQLILFDQWGUHDPDQGDYHU\XQLYHUVDORQH
7KLVLVVLPSO\KRZWKHPLQGIXQFWLRQVWKLVGUHDPV\PEROL]HVWKHPLQGLWLV
DOZD\VPLVVLQJWKHWUDLQ,WLVERXQGWREHVREHFDXVHPLQGWDNHVWLPHWRWKLQN
DQGWLPHFDQQRWVWRSIRU\RXLWJRHVRQDQGRQVOLSSLQJRXWRI\RXUKDQGV

<RXQHYHUKDYHWZRPRPHQWVWRJHWKHULQ\RXUKDQGVRQO\RQHVLQJOHPRPHQW,W
LVVXFKDVPDOOPRPHQWWKDWWKHUHLVQRVSDFHIRUWKLQNLQJWRPRYHQRVSDFHIRU
WKRXJKWVWRH[LVW(LWKHU\RXFDQOLYHLWRU\RXFDQWKLQN7ROLYHLWLVWREH
HQOLJKWHQHGWRWKLQNLVWRPLVV

(QOLJKWHQPHQWLVQRWDJRDO6WUDQGEHUJWKDW\RXKDYHWRGHFLGHZKHWKHUWR
DFFHSWLWRUQRW,WLVQRWDJRDO(QOLJKWHQPHQWLVWKHUHDOL]DWLRQWKDWZHKDYHRQO\
WKHSUHVHQWPRPHQWWROLYH7KHQH[WPRPHQWLVQRWFHUWDLQLWPD\FRPHLW
PD\QRWFRPH

,QIDFWWKHWRPRUURZQHYHUFRPHV,WLVDOZD\VDUULYLQJDQGDUULYLQJEXWQHYHU
DUULYHV$QGWKHPLQGOLYHVLQWKHWRPRUURZVDQGOLIHLVSRVVLEOHRQO\LQWKH
SUHVHQW

-HVXVVD\VWRKLVGLVFLSOHV/RRNDWWKHOLOLHVLQWKHILHOGKRZEHDXWLIXOWKH\DUH
(YHQWKHJUHDW6RORPRQZDVQRWVREHDXWLIXODWWLUHGLQDOOKLVJUDQGHXUDVWKHVH
SRRUOLO\IORZHUV$QGZKDWLVWKHVHFUHW"7KHVHFUHWLVWKDWWKH\WKLQNQRWRIWKH




PRUURZ7KH\OLYHQRZWKH\OLYHKHUH

7ROLYHQRZLVWREHHQOLJKWHQHGWROLYHKHUHLVWREHHQOLJKWHQHGWREHDOLO\LVWR
EHHQOLJKWHQHGWKLVYHU\PRPHQW'RQ
WWKLQNDERXWZKDW,DPVD\LQJ'RQ
WWKLQN
DERXWLWMXVWEHKHUH7KLVLVWKHWDVWHRIHQOLJKWHQPHQW$QGRQFH\RXKDYH
WDVWHGLW\RXZLOOZDQWWRWDVWHLWPRUHDQGPRUH

'RQ
WPDNHDJRDORXWRILWLWLVQRWDJRDOLWLVWKHPRVWRUGLQDU\VWDWHRI
FRQVFLRXVQHVV,WLVQRWKLQJH[WUDRUGLQDU\LWLVQRWKLQJVSHFLDO7UHHVDUH
HQOLJKWHQHGDQGWKHELUGVDUHHQOLJKWHQHGDQGURFNVDUHHQOLJKWHQHGDQGWKH
VXQDQGWKHPRRQDUHHQOLJKWHQHG2QO\PDQLVQRWEHFDXVHRQO\PDQWKLQNV
DQGJRHVRQPLVVLQJ

7KHPRPHQW\RXUHDOL]HWKDW\RXDUHPLVVLQJEHFDXVH\RXDUHEURRGLQJWRR
PXFKWKHQVPDOOJOLPSVHVVWDUWKDSSHQLQJ6PDOOJDSVLQWKHWUDIILFRIWKHPLQG
VPDOOJDSVZKHQWKHUHLVQRWUDIILFWKRVHDUHWKHPRPHQWVRIPHGLWDWLRQ7KH\
FDQKDSSHQDQ\ZKHUH

<HV6WUDQGEHUJLQ\RXUFRXQWU\WRR6RQRQHHGWREHZRUULHG\RXQHHGQRW
EHLQ,QGLD,QGLDKDVQRFRS\ULJKWRQHQOLJKWHQPHQWLWLVQRWSDWHQWHG\HWLW
FDQQRWEHSDWHQWHG<RXFDQEHHQOLJKWHQHGDQ\ZKHUH<RXFDQEHHQOLJKWHQHG
UHPDLQLQJDKXVEDQGDIDWKHUDPRWKHUDZLIH<RXFDQEHHQOLJKWHQHGDVDQ
HQJLQHHUDVDGRFWRUDVDFDUSHQWHUDVDYDJDERQGHYHQDVDKLSS\<RX
FDQEHHQOLJKWHQHGDQ\ZKHUH

(QOLJKWHQPHQWLVQRWVRPHWKLQJ\RXKDYHWRZRUNIRUWRVWULYHIRU,WLVVRPHWKLQJ
WKDW\RXKDYHWRUHOD[IRUQRWVWULYHEXWUHOD[5HOD[DQGWKLVPRPHQW\RXDUH
HQOLJKWHQHG0DQ\WLPHV\RXZLOOEHFRPHHQOLJKWHQHGDQGPDQ\WLPHV\RXZLOO
EHFRPHXQHQOLJKWHQHGDJDLQMXVWEHFDXVHRIWKHROGKDELW

<RXVD\,DPVXUSULVHGWRVHHVRPDQ\SHRSOHDURXQGZKRVHHPWRKDYHWKDW
GHVLUH

,IWKH\KDYHWKDWGHVLUHWKH\ZLOOQHYHUEHFRPHHQOLJKWHQHG(LWKHU\RXFDQKDYH
WKHGHVLUHRU\RXFDQKDYHHQOLJKWHQPHQW\RXFDQ
WKDYHERWK(LWKHU\RXFDQ
HDWWKHFDNHRU\RXFDQKDYHLW\RXFDQ
WGRERWK,I\RXKDYHDGHVLUHIRU
HQOLJKWHQPHQWWKHQHQOLJKWHQPHQWLVQHYHUJRLQJWRKDSSHQWR\RXQHYHU
QHYHU%HFDXVHGHVLULQJLVZKDWSUHYHQWVLWVRHQOLJKWHQPHQWFDQQRWEHGHVLUHG
WKDWZLOOEHDFRQWUDGLFWLRQLQWHUPV

(LWKHU\RXDUHHQOLJKWHQHGRU\RXDUHQRWLWLVDVVLPSOHDVWKDW$QG
HQOLJKWHQPHQWLVQRWFDXVHGE\DQ\WKLQJLWLV\RXUQDWXUH6RLWLVQRWDTXHVWLRQ
RIPDNLQJDJUHDWHQGHDYRU,WLVQRWDQHQWHUSULVH\RXQHHGQRWSODQIRULW,WLV
DOUHDG\WKHFDVH

7KDWLV$WLVKD
VILUVWSUHOLPLQDU\7UXWKLV





(QOLJKWHQPHQWLVLWLVDVPXFKDVWKHVXQOLJKWVKRZHULQJDOODURXQG%XW\RXFDQ
UHPDLQZLWKFORVHGH\HVDQG\RXDUHLQDGDUNQLJKWDOWKRXJKWKHVXQLV
VKRZHULQJHYHU\ZKHUH2SHQ\RXUH\HVDQGWKHQLJKWGLVDSSHDUVDQGWKHUHLVQR
GDUNQHVV(YHQZKHQ\RXZHUHWKLQNLQJWKHUHZDVGDUNQHVVWKHUHZDVQRW,W
ZDVDYHU\SULYDWHDIIDLULGLRWLFLWZDVVRPHWKLQJHFFHQWULFWKDW\RXZHUHGRLQJ
7REHXQHQOLJKWHQHGLVVRPHWKLQJWKDW\RXKDYHHDUQHGJUHDWHIIRUWKDVEHHQ
LQYHVWHGLQEHLQJXQHQOLJKWHQHG$QGFRQWLQXRXVO\\RXKDYHWRJRRQPDNLQJDQ
HIIRUWWRUHPDLQXQHQOLJKWHQHG-XVWGURSPDNLQJDQ\PRUHHIIRUWVWRUHPDLQ
XQHQOLJKWHQHGDQG\RXDUHHQOLJKWHQHG(QOLJKWHQPHQWLV\RXUQDWXUDOVWDWHLWLV
ZKDW\RXDUH

6RSOHDVHGRQ
WPLVXQGHUVWDQGP\SHRSOH1HZFRPHUVDUHFHUWDLQO\GHVLURXV
WKH\KDYHFRPHRXWRIGHVLUHLQVHDUFKRIVRPHWKLQJ%XWWKRVHZKRKDYHEHHQ
KHUHZLWKPHDOLWWOHORQJHUDUHQRPRUHLQDQ\GHVLUH7KH\DUHOLYLQJPRPHQWWR
PRPHQWHQMR\LQJWKHH[WUDRUGLQDU\RUGLQDULQHVVRIOLIH6PDOOWKLQJVVLSSLQJ
KRWWHDLQWKHPRUQLQJ\RXFDQVLSLWLQDQHQOLJKWHQHGZD\DQG\RXFDQVLSLWLQ
DQXQHQOLJKWHQHGZD\,IVLSSLQJKRWWHDHDUO\LQWKHPRUQLQJ\RXDUHQRWLQWKH
PRPHQWEXWWKLQNLQJRIVRPHWKLQJHOVHWKDW\RXKDYHWRJRWRWKHPRUQLQJ
GLVFRXUVH\RXDUHXQHQOLJKWHQHG<RXPLVVHGDQHQOLJKWHQHGFXSRIWHD$QG
UHPHPEHULIWKDWLV\RXUKDELW\RXZLOOPLVVWKHGLVFRXUVHWRREHFDXVHWKLV
DJDLQLVQRWKLQJEXWDFXSRIWHD7KHQLQWKHGLVFRXUVH\RXZLOOEHWKLQNLQJ,
KDYHWRGRWKH6XILPHGLWDWLRQ,KDYHWRUXVKWRGRWKLVDQGWKDWDQGWKHQFRPH
EDFN

,WLVQRWDTXHVWLRQRIRQHPRPHQWLWLVDTXHVWLRQRI\RXUSDWWHUQ\RXUJHVWDOW,I
WKLVLV\RXUJHVWDOWWKDW\RXDUHDOZD\VUXVKLQJDKHDGRIWLPHWKLQNLQJRIWKH
QH[WPRPHQWWKHQ\RXUHPDLQXQHQOLJKWHQHG$QGWKLVLV\RXUHIIRUWWKLVLV
VRPHWKLQJWKDW\RXDUHGRLQJ

)RUHQOLJKWHQPHQWQRWKLQJLVQHHGHGWREHGRQHRQO\WKLVXQGHUVWDQGLQJ:K\
VKRXOG,JRRQNHHSLQJP\VHOIXQHQOLJKWHQHG"

7KDW
VZKDW,GHFLGHGRQHGD\(QRXJKLVHQRXJK,KDYHOLYHGVRPDQ\OLYHVLQ
DQXQHQOLJKWHQHGZD\$QGVLQFHWKHQ,KDYHOLYHGLQDQHQOLJKWHQHGZD\7KLV
LVVLPSO\DQXQGHUVWDQGLQJLWLVQRWDGHVLUH

<RXVD\,IHHOYHU\PXFKDWWDFKHGWRP\FRXQWU\DQGORYHP\ZRUNWKHUH
3HUIHFWO\JRRG/RYH\RXUZRUNORYH\RXUFRXQWU\JREDFNEXWOLYHWKHUHLQ
VXFKDVLPSOHPRPHQWWRPRPHQWZD\WKDW\RXUHPDLQHQOLJKWHQHG'RQ
WODJ
EHKLQGGRQ
WUXVKDKHDG-XVWEHKHUHQRZZKHUHYHU\RXDUHZKDWVRHYHU\RX
DUHGRLQJ

6WLOO\RXVD\,ZDQWWRWDNHVDQQ\DV,VWKDWSRVVLEOH",VLWQRWD
FRQWUDGLFWLRQ"





,WLVDFRQWUDGLFWLRQ%XW\RXDUHOLYLQJLQFRQWUDGLFWLRQVDQGWKLVLVWKHODVW
FRQWUDGLFWLRQ%HIRUH\RXFDQFRPHRXWRI\RXUFRQWUDGLFWRU\OLIH\RXUOLIHRI
FRQIOLFW\RXKDYHWRFORVHWKHGRRUVRIWKDWOLIH6DQQ\DVLVQRWKLQJEXWFORVLQJ
WKHGRRUVWKHODVWWKLQJ,WLVVLPSO\DGHFODUDWLRQWKDW,KDYHOLYHGLQWKHPLQG
IRUVRORQJDQGQRWKLQJEXWPLVHU\KDVEHHQP\H[SHULHQFH1RZ,DPWDNLQJD
MXPSRXWRIWKHPLQGLQWRWKHXQNQRZQ,DPJRLQJLQWRDWRWDOO\GLIIHUHQWNLQGRI
OLIH

6DQQ\DVLVMXVWDJHVWXUHIURP\RXUVLGHWKDW\HVXQGHUVWDQGLQJKDVGDZQHG
DQG\RXZRXOGOLNHWRFRPHFORVHUWRPHWRVHHZKDWLWDFWXDOO\LV

7REHFORVHWRDPDVWHUWREHUHODWHGWRDPDVWHUWREHLQWLPDWHZLWKDPDVWHU
LVQRWKLQJEXWDQDSSURDFKWRZDUGV\RXURZQXOWLPDWHXQGHUVWDQGLQJ\RXURZQ
HQOLJKWHQPHQW<RXUPLQGZLOOPDNH\RXYHU\PXFKIULJKWHQHGRIWKHXQNQRZQLW
ZLOOGUDJ\RXEDFN$QGLWLVDOZD\VVDIHUWROLYHZLWKWKHNQRZQLWLVIDPLOLDU\RX
DUHHIILFLHQWLQOLYLQJZLWKLW7RPRYHLQWRWKHXQNQRZQ\RXZLOOQHHGDJXLGHD
JXLGHZKRKDVPRYHGLQWRWKHXQNQRZQZKROLYHVLQWKHXQNQRZQZKROLYHVLQ
LQQRFHQFH-XVWWRLPELEHWKHVSLULW\RXQHHGWKHJXLGHQRWIRUDQ\JXLGDQFH
EXWMXVWWRLPELEHWKHVSLULWRIWKHXQNQRZQWKHMR\RIWKHXQNQRZQWKH
FHOHEUDWLRQRIWKHXQNQRZQ

2QFH\RXVWDUWGULQNLQJVRPHWKLQJRIWKHPDVWHU\RXZLOOQRWJREDFNWRWKHROG
ZD\VRIWKHPLQG7KDW
VZKDWVDQQ\DVLVDOODERXW

<HV6WUDQGEHUJ\RXFDQWDNHVDQQ\DV,QWKHEHJLQQLQJLWLVERXQGWREHWKH
VDPHFRQIOLFWDJDLQZKHWKHUWRWDNHLWRUQRWZKHWKHUWRJRLQWRLWRUQRW,WLV
QDWXUDOEHFDXVHWKDW
VKRZ\RXKDYHIXQFWLRQHGIRUPDQ\OLYHV7KLVKDV
EHFRPH\RXUVHFRQGQDWXUH

,SHUVXDGH\RX,VHGXFH\RXLQWRVDQQ\DV*UHDWSHUVXDVLRQLVQHHGHGJUHDW
VHGXFWLRQLVQHHGHG$QGWKDW
VZK\,KDYHFUHDWHGVDQQ\DV2WKHUZLVHWKHUH
ZDVQRQHHG\RXFRXOGKDYHFRPHKHUHOLVWHQHGWRPHDQGJRQH<RXZRXOG
KDYHOLVWHQHGWRPHEXW\RXZRXOGQRWKDYHFRPHFORVHWRPH7KLVLVDEULGJH
<RXZRXOGKDYHKHDUGPHEXW\RXZRXOGQRWKDYHWDVWHGRIP\VLOHQFH<RX
ZRXOGKDYHNQRZQZKDW,VD\DERXWORYHEXW\RXZRXOGQRWKDYHNQRZQP\ORYH

6DQQ\DVPDNHVLWSRVVLEOH,WLVDQHQHUJ\ILHOGLWLVDEXGGKDILHOG,WLV
FRPPXQLRQQRQYHUEDOKHDUWWRKHDUWDQGRQHGD\EHLQJWREHLQJ

7KHVHFRQGTXHVWLRQ

'($526+2
72'$<,6$:$1'+($5'<28,17+()/(6+$1',)281'0<6(/),1
$&&25':,7+$1'029('$1',163,5('%<<286208&+7+$7,
)((/,0867$6.<287:248(67,216&211(&7(':,7+,7$1'
$127+(5127',5(&7/<&211(&7('





:+<$5(<286208&+$*$,1677+(0,1'"685(/<:($//86(,7
$1'1((',7$1',76((06720(7+$7,7,621/<:+(1:($%86(,7
7+$7,6726$<86,1*,7$6$'()(16($*$,167)((/,1*722
'((3/<$1'$*$,16775$16&(1',1*,76(/)7+$7:($5(
(17,7/('72&5,7,&,=(

7+(27+(548(67,21,6&21&(51('025(:,7+0<352%/(0
$/7+28*+12'28%77+(5($5(27+(56:+2)((/$6,'2
:+<'2<28),1',7621(&(66$5<62,03257$17)25
6$11<$6,1672:($525$1*($1'$3+272*5$3+2)<2856(/)
,1)$&7$62572)81,)250$1'$1,&21",),/($9(+(5(:,7+$
)((/,1*2)/29($1''((35(63(&7)25$:,6(0$1$+($/(5,
6+$//1271(('72&$55<+,63+272$5281':,7+0(+,6,0$*(
:,//%(722'((3/<(175(1&+(',10<,11(56(/)$1',),1(('
72&2168/7+,0,10<0,1',6+$//&21-85(+,083$1'6((+,0
08&+025(9,9,'/<7+$1,),/22.$7$3+272,:28/'9(5<08&+
/,.(727$.(6$11<$6%87%(&$86(2)7+,6/$6748(67,21<28
0$<127$&&(370(

-R\FH%UDQGWGHDUODG\SOHDVHH[FXVHPH,WPXVWKDYHEHHQMXVWFRLQFLGHQFH
WKDW\RXIHOWLQDFFRUGZLWKPHLWFDQRQO\EHDFRLQFLGHQFHRWKHUZLVHLWLV
LPSRVVLEOHWRIHHOLQDFFRUGZLWKPH

$QGGRQ
WGHFLGHVRVRRQ<RXKDYHKHDUGPHRQO\RQFHMXVWEHKHUHDOLWWOH
ORQJHUDQG\RXZLOOVHHVRPDQ\FRQWUDGLFWLRQV:DLWDOLWWOHJLYHPHDOLWWOH
PRUHWLPHDQG\RXZLOOQRWIHHOLQDFFRUGZLWKPHDWDOO,QIDFWWKLVWLPHWRRLW
ZDVQRW\RXIHHOLQJLQDFFRUGZLWKPHEXWPHVRPHKRZDSSHDULQJLQDFFRUG
ZLWK\RX

<RXDOUHDG\KDYHJUHDWLGHDV\RXDUHYHU\NQRZOHGJHDEOH<RXUTXHVWLRQLVQRW
RXWRILQQRFHQFHLWLVRXWRINQRZOHGJH

6RPDQ\SHRSOHDUHKHUH,FDQQRWVD\WKLQJVZKLFKZLOOVKDWWHUHYHU\ERG\
V
PLQG,I,VD\VRPHWKLQJDQGLWVKDWWHUVRQHSHUVRQ
VPLQGLWPD\EHLQDFFRUG
ZLWKVRPHERG\HOVH
VPLQG)RUKLP,ZLOOZRUNWRPRUURZRUWKHGD\DIWHU
WRPRUURZ%XWVRRQHURUODWHUWKHKDPPHUFRPHVGRZQRQHYHU\ERG\DQGWKHQ
\RXZLOOQRWIHHOVRLQVSLUHG,QIDFWDQVZHULQJ\RXUTXHVWLRQ,ZLOOPDNH\RXYHU\
PXFKXQLQVSLUHG:DLW

:KDWGR\RXPHDQE\LQVSLUDWLRQ",WVHHPV\RXDOUHDG\NQRZVRPHWKLQJ
RWKHUZLVHZKDWGR\RXPHDQE\LQVSLUDWLRQ":KDWGR\RXPHDQE\DFFRUG"
<RXDOUHDG\NQRZVRPHWKLQJDQG\RXVD\<HVWKLVPDQLVWDONLQJVHQVH
VHQVHEHFDXVHWKLVLVZKDW\RXKDYHDOZD\VEHOLHYHGLQ

,DPQRWKHUHWRVXSSRUW\RXUEHOLHI,KDYHWRWDNH\RXUEHOLHIVDZD\,DPQRW




KHUHWRLQVSLUH\RXEHFDXVHDOOLQVSLUDWLRQFUHDWHVVODYHU\,I\RXDUHLQVSLUHGE\
PH\RXZLOOEHFRPHDVODYHWRPH\RXZLOOEHFRPHGHSHQGHQWRQPH,GRQ
W
LQVSLUH\RX,VLPSO\JRRQVKDWWHULQJVKRFNLQJ\RX6RRQHURUODWHU,DPKHUH
\RXDUHKHUHDQGZHDUHWUHPHQGRXVO\FRQQHFWHGEXWWKHUHLVQRVODYHU\QR
GHSHQGHQFH:HUHODWHEXWWKHUHLVQRTXHVWLRQRILQVSLUDWLRQEHFDXVHRQHZKR
LQVSLUHV\RXDXWRPDWLFDOO\EHFRPHVLPSRUWDQWIRU\RXVRPXFKVRWKDW\RX
VWDUWIHHOLQJGHSHQGHQW

<RXDUHVHDUFKLQJIRUDIDWKHUILJXUHZKRFDQLQVSLUH\RXZKRFDQSXWDOLWWOHILUH
LQ\RXUGXOODQGGHDGOLIH%XWLIVRPHERG\HOVHSXWVILUHLQWR\RXUOLIHKH
EHFRPHVSRZHUIXORYHU\RX

,DPQRWKHUHWRSXWDQ\ILUHLQWR\RX,DPMXVWKHUHWRKHOS\RXWRVHH\RXURZQ
ILUH%HDOLJKWXQWR\RXUVHOI,QVSLUDWLRQPHDQV\RXZLOOIROORZVRPHERG\HOVH
\RXZLOOLPLWDWHWKHP\RXZLOOEHFRPHD&KULVWLDQRUD+LQGXRUD0RKDPPHGDQ
6DQQ\DVLVDGHFODUDWLRQWKDW\RXDUHQRORQJHUD+LQGXQRORQJHUD&KULVWLDQ
QRORQJHUD0RKDPPHGDQWKDW\RXGRQ
WEHORQJWRDQ\FUHHGRUDQ\GRJPD,
KDYHQRFUHHGQRGRJPD%HFRPLQJDVDQQ\DVLQVLPSO\PHDQVWKDW\RXKDYH
GHFODUHG\RXUIUHHGRP

%XWFHUWDLQO\WKHTXHVWLRQDULVHV:K\WKHRUDQJHWKHPDODDQGWKHSKRWRJUDSK"
:K\"

7KLVLVDGHYLFHGHDUODG\WRNHHSXQZDQWHGSHRSOHRXW7KLVLVQRWIRUWKH
FURZGVLWLVQRWIRUWKHPRELWLVRQO\IRUWKHFKRVHQIHZ7KHXOWLPDWHFDOOLW
*RGHQOLJKWHQPHQWLVRQO\IRUWKRVHZKRDUHUHDOO\FRXUDJHRXVLPPHQVHO\
FRXUDJHRXVEHFDXVHWKHXOWLPDWHEHFRPHVDYDLODEOHRQO\WRWKRVHZKRFDQGURS
WKHPLQGDQGPRYHLQWRWKHLPPHGLDWH7KHLPPHGLDWHLVWKHGRRUWRWKH
XOWLPDWH$QGWRGURSWKHPLQGQHHGVJUHDWFRXUDJHLWLVQRWIRUHYHU\ERG\
7KLVLVMXVWDGHYLFH2UDQJHLVDVJRRGDVDQ\RWKHUFRORURUQRFRORU,WKDV
QRWKLQJVSHFLDODERXWLW,FRXOGKDYHFKRVHQDQ\JUHHQEODFNWKDWZRXOGKDYH
GRQH%XWLWVSXUSRVHLVWKDWLWLVDGHYLFH,WLVIRUSHRSOHZKRDUHUHDG\WRGRD
IHZPDGWKLQJVEHFDXVHODWHURQELJJHUDQGELJJHUPDGWKLQJVDUHZDLWLQJ,I
\RXFDQQRWGRVXFKDVLPSOHVLOO\WKLQJDVZHDULQJRUDQJHDORFNHWDQGDPDOD
LI\RXFDQ
WJDWKHUHQRXJKFRXUDJHWRORRNIRROLVKDODXJKLQJVWRFNZKHUHYHU\RX
JRDQGIHHODEVXUGDQGULGLFXORXVLI\RXFDQQRWGRWKLVPXFKWKHQWKLVSODFH
LVQRWIRU\RXEHFDXVHELJJHUDQGELJJHUWKLQJVZLOOKDYHWREHGRQH

$V\RXPRYHGHHSHULQWRLQWLPDF\ZLWKPH,ZLOOGHPDQGPRUHDQGPRUHLOORJLFDO
WKLQJVEHFDXVHRQO\WKURXJKWKRVHGHPDQGVFDQWKHPLQGGLVDSSHDUWKHUHLVQR
RWKHUZD\7KRVHGHPDQGVDUHOLNHHOHFWULFVKRFNV2QO\WKHQFDQ\RXUFXOWLYDWHG
PLQGFXOWLYDWHGIRUFHQWXULHVEHVKDNHQWRWKHIRXQGDWLRQV
7KLVLVMXVWDVLPSOHGHYLFHWRKHOSIUHDNRXWSHRSOHZKRDUHQRWPHDQWWREH
KHUH7KH\VLPSO\HVFDSH6HHLQJVXFKDPDGFURZGVHHLQJSHRSOHLQRUDQJH
WKH\EHFRPHDIUDLGDQGWKH\HVFDSH





7KLVLVGHOLEHUDWHO\GRQH,FRXOGKDYHPDGHLWHDVLHUIRU\RXWREHKHUHWR
JDWKHUPRUHNQRZOHGJHDQGEHLQVSLUHGDQGWKLQJVOLNHWKDW%XWWKLVLVQRW
&KULVWLDQ6FLHQFH,DPQRW%LOO\*UDKDP,DPQRWKHUHWRLQVSLUH\RX7KLVLVD
WRWDOO\GLIIHUHQWSKHQRPHQRQ,QIDFW,DPQRWHYHQUHOLJLRXV,DPQRWVSLULWXDODW
DOO$OOWKHVHODEHOVDUHXWWHUO\LUUHOHYDQW7KLVLVMXVWDGHYLFHWRFKRRVHWKRVH
ZKRDUHUHDG\WRJRZLWKPHZKRDUHUHDG\WRJRZLWKPHWRDEVXUGOLPLWV

%XW\RXDUHPRUHFOHYHU<RXVD\,FDQKDYH\RXLQP\KHDUWHQWUHQFKHGGHHS
LQP\EHLQJDVLI\RXNQRZZKDWEHLQJLVDQGZKDWGHSWKLV<RXDUHFXQQLQJ
DQGFOHYHU<RXVD\,FDQFRQMXUH\RXXS%XWZKDWVRHYHU\RXFRQMXUHXSZLOO
EH\RXURZQPLQGDILJPHQWRI\RXURZQPLQGLWZLOOQRWEHPHLWFDQQRWEHPH
<RXFDQKDYHPHRQO\LI\RXPRYHZLWKPHXQFRQGLWLRQDOO\1RFRQGLWLRQIURP
\RXUVLGHFDQEHDFFHSWHG$QGVRPHWLPHV,GHPDQGWKLQJVZKLFKDUHSDWHQWO\
DEVXUGDQG,NQRZWKDWWKH\DUHDEVXUG
0\SHRSOHVORZO\VORZO\VWDUWXQGHUVWDQGLQJWKDWLI\RXFDQGRVRPHWKLQJDEVXUG
WKDWKHOSV\RXEHFRPHDOLWWOHORRVHRXWIURP\RXUPLQG2QFH\RXDUH
XQFRQGLWLRQDOO\ZLWKPHWKHQLI,VD\*RDQGPRYHQDNHGLQWKHVWUHHWV\RX
VD\2ND\,I\RXFDQVD\WKDWVLPSO\DQGLQQRFHQWO\,DPQRWJRLQJWRVHQG
\RXWRPRYHQDNHGLQWKHVWUHHWVWKHSXUSRVHLVIXOILOOHG,I\RXKHVLWDWHLI\RX
VD\:KDWGR\RXPHDQ"WKHQ\RXZLOOKDYHWRJR

7KHVHDUHVPDOOGHYLFHV$QGVRPHWLPHVVPDOOGHYLFHVZRUNYHU\GHHSO\
EHFDXVH\RXFDQQRWGHWHFWWKHP%LJGHYLFHV\RXFDQGHWHFWWKH\DUHVRELJ
DQ\VWXSLGSHUVRQFDQVHHWKHP

-XVWWKHRWKHUGD\.ULVKQD3UHPZURWHDOHWWHUWRPHVD\LQJWKDWKHUHPHPEHUV
WKDWLQPDQ\PDQ\SDVWOLYHVKHKDVEHHQUHODWHGWR'LY\DQDQGDZLWKZKRPKH
LVLQORYH,QWKHSDVWOLIHKHZDVWKHPRWKHUDQG'LY\DQDQGDZDVWKHVRQ$QG
KHFRXOGQRWIXOILOODOOWKHPRWKHUO\GXWLHVLQWKDWOLIHVRWKDW
VZK\KHLVLQORYH
ZLWK'LY\DQDQGDQRZ%XWQRZLWVHHPVWKDWWKHGHEWVDUHSDLGDQG
'LY\DQDQGDLVKXUWLQJPHLQPDQ\ZD\VVRVKRXOG,ILQLVKWKHUHODWLRQVKLS"
,VHQWKLPDPHVVDJH*RDQGWDONWR7HHUWKD+HZDVYHU\PXFKKXUW
QDWXUDOO\+HZDVWDONLQJDERXWVXFKELJWKLQJVKHPXVWKDYHEHHQZDLWLQJIRU
PHWRVD\.ULVKQD3UHP\RXKDYHDUULYHG5HPHPEHULQJ\RXUSDVWOLYHVWKLVLV
JUHDW7KLVLV\RXUILUVWVDWRUL.ULVKQD3UHP'HHSGRZQKHPXVWKDYHZDLWHG
IRUWKLV

5DWKHUWKDQVD\LQJDQ\WKLQJDERXWKLVJUHDWH[SHULHQFH,WROGKLPWRJRWR
7HHUWKDDQGWDON7KDWPXVWKDYHKXUWKLPGHHSO\EHFDXVH,DPQRWGLUHFWO\
DQVZHULQJKLP,DPVHQGLQJKLPWR7HHUWKD$QGZKRLVWKLV7HHUWKDDQ\KRZ"
.ULVKQD3UHPEHLQJVHQWWR7HHUWKD".ULVKQD3UHPLVDVKLJKO\HYROYHGDV
7HHUWKDVRZK\"2UPD\EHKHLVHYHQKLJKHUDQGKROLHU:K\":K\WR7HHUWKD"

)RUWZRGD\VKHOLYHGLQJUHDWGHVSDLU1RZVXFKDVPDOOWKLQJDQGKHFRXOGQRW
GHWHFWLW,WWRRNIRUW\HLJKWKRXUVIRUKLPWRGHWHFWLWWKHQKHXQGHUVWRRG7KLVLV
MXVWDVKRFNWRP\HJR$QGWKHQLPPHGLDWHO\LQWKDWXQGHUVWDQGLQJDOOGHVSDLU




GLVDSSHDUHG,QWKDWXQGHUVWDQGLQJMXVWWKDWPRPHQWDOOGDUNQHVVZDVJRQHDQG
KHZDVOLJKWKDSS\DQGEDFNWRKLVQDWXUDOEHLQJDJDLQ%XWLWWRRNKLPIRUW\
HLJKWKRXUVWRGHWHFWLW

1RZWKHUHLVQRQHHG.ULVKQD3UHP\RXQHHGQRWJRWR7HHUWKD1RZ,ZLOOILQG
VRPHWKLQJHOVH

6PDOOYHU\VPDOOWKLQJVDUHPRUHGLIILFXOWWRGHWHFWIRUWKHVLPSOHUHDVRQWKDW
WKH\DUHVPDOO%LJWKLQJV\RXFDQVHH:KHQWKHUHDUHPRXQWDLQV\RXFDQVHH
WKHPEXWMXVWDVPDOOJUDLQRIVDQGLVXQGHWHFWDEOH


-R\FH%UDQGWLI\RXZDQWWREHKHUHLI\RXUHDOO\ZDQWWRUHODWHZLWKPH\RXZLOO
KDYHWROHDUQDWRWDOO\GLIIHUHQWZD\RIUHODWLQJ,DPQRWDWHDFKHUVRLI\RXDUH
RQO\DVWXGHQWKHUHWREHLQVSLUHGDQGDOOWKDW,DPQRWDPLVVLRQDU\HLWKHU,
DPQRWKHUHWRFRQYHUW\RXWRVRPHSKLORVRSK\

,I\RXDUHUHDOO\WRUHODWHZLWKDPDVWHUZKRKDVQRNQRZOHGJHEXWZKRNQRZV
ZKRKDVNQRZLQJEXWQRNQRZOHGJHWKHQ\RXZLOOKDYHWRUHOD[DOLWWOH<RXZLOO
KDYHWRGURS\RXULGHDVRIKRZWKLQJVVKRXOGEH5HPHPEHUDOZD\VPDQ\WLPHV
LWKDSSHQV\RXZDQWWREHFRPHDVDQQ\DVLQEXW\RXIRUJHWZKRLVWKHPDVWHU
DQGZKRLVWKHGLVFLSOHDQGGHHSGRZQ\RXVWDUWH[SHFWLQJWKLQJVWREHIXOILOOHG
E\WKHPDVWHU+HKDVWREHDFFRUGLQJWR\RXWKHQKHLVULJKW

%XWDQ\PDVWHUZRUWKWKHQDPHFDQQHYHUEHDFFRUGLQJWR\RX3HRSOHZKRDUH
DFFRUGLQJWR\RXDUHSROLWLFLDQV7KH\NQRZWKDW\RXZLOOIROORZWKHPRQO\LIWKH\
DUHDFFRUGLQJWR\RXWKDWLVDPXWXDODUUDQJHPHQW7KH\KDYHWRIROORZ\RXWR
PDNHIROORZHUVRXWRI\RXWKDWLVDPXWXDOH[SORLWDWLRQ7KDW
VZKDWSROLWLFDO
OHDGHUVDUHIROORZHUVRIWKHIROORZHUV7KH\JRRQORRNLQJDW\RXDWZKDW\RXU
H[SHFWDWLRQVDUHDQGWKH\JRRQIXOILOOLQJWKHP

,RIIHQGLQHYHU\ZD\,FDQQRWIXOILOO\RXUH[SHFWDWLRQV,I,VWDUWIXOILOOLQJ\RXU
H[SHFWDWLRQV,ZLOOQRWEHRIDQ\XVHWR\RX7KHQUHDOO\\RXZLOOEHWKHPDVWHU
DQG,ZLOOEHWKHGLVFLSOH

:KRLVWDNLQJVDQQ\DVIURPZKRP"7KLVKDVWREHGHFLGHGLQWKHEHJLQQLQJ$P
,WDNLQJVDQQ\DVIURP\RXRUDUH\RXWDNLQJVDQQ\DVIURPPH"/HWLWEHYHU\
FOHDU0DQ\WLPHV\RXWDNHVDQQ\DVDQGLWLVQRWFOHDUDQG\RXZDQWPHWREH
WKLVZD\RUWKDWZD\WROLYHWKLVZD\RUWROLYHWKDWZD\$QGLI,DPQRWDFFRUGLQJ
WR\RXWKHQ\RXDUHGLVDSSRLQWHG

7KHUHDOPDVWHUZLOODOZD\VGLVDSSRLQW\RX+HKDVWRGLVDSSRLQW\RX7KLVLV
KRZVORZO\VORZO\FKXQNVRI\RXUPLQGZLOOEHEURNHQRIIDQGWDNHQDZD\IURP
\RX,KDYHWRFRQWLQXRXVO\KDPPHU\RXDQG,KDYHWREHDEVROXWHO\FOHDUDERXW
LWIURPWKHYHU\EHJLQQLQJ7KHRUDQJHWKHPDODWKHSLFWXUHKDYHQRRWKHU
SXUSRVH7KHSXUSRVHLVWKDW\RXKDYHWRNQRZFOHDUO\WKDWLWLV\RXZKRKDYHWR




EHXQFRQGLWLRQDOO\LQDFFRUGZLWKPHDQGWKDW\RXKDYHWRGURSDOOH[SHFWDWLRQV
RIP\EHLQJLQDFFRUGZLWK\RX2QO\WKHQFDQWKHZRUNVWDUW7KRVHZKRDUH
UHDG\IRULWVDQQ\DVLVRQO\IRUWKHP7KRVHZKRDUHQRWUHDG\IRULWVDQQ\DV
KHOSVWKHPWRUXQDZD\WRJHWORVW

<RXVD\:K\DUH\RXVRDJDLQVWWKHPLQG"
,DPQRWDJDLQVWWKHPLQG,DPVLPSO\VWDWLQJWKHIDFWZKDWWKHPLQGLV,I\RX
VHHZKDWWKHPLQGLV\RXZLOOGURSLW:KHQ,VD\'URSWKHPLQG,DPQRW
DJDLQVWWKHPLQG,DPVLPSO\PDNLQJLWFOHDUWR\RXZKDWWKHPLQGLVZKDWLWKDV
GRQHWR\RXKRZLWKDVEHFRPHDERQGDJH

$QGLWLVQRWDTXHVWLRQRIXVLQJLWRUDEXVLQJLW0LQGLWVHOILVWKHSUREOHPQRWLWV
XVHRUDEXVH$QGUHPHPEHU\RXFDQQRWXVHWKHPLQGWLOO\RXNQRZKRZWREH
ZLWKRXWWKHPLQG2QO\SHRSOHZKRNQRZKRZWREHZLWKRXWWKHPLQGDUHFDSDEOH
RIXVLQJWKHPLQGRWKHUZLVHWKHPLQGXVHVWKHP,WLVWKHPLQGWKDWLVXVLQJ\RX
%XWPLQGLVYHU\FOHYHULWJRHVRQGHFHLYLQJ\RX,WJRHVRQVD\LQJ<RXDUH
XVLQJPH

,WLVPLQGWKDWLVXVLQJ\RX<RXDUHEHLQJXVHGWKHPLQGKDVEHFRPHWKH
PDVWHURI\RX\RXDUHDVODYH%XWWKHPLQGLVYHU\FOHYHULWJRHVRQEXWWUHVVLQJ
\RX,WVD\V,DPMXVWDQLQVWUXPHQW\RXDUHWKHPDVWHU%XWZDWFKORRNLQWR
WKHPHFKDQLVPRIWKHPLQGKRZLWJRHVRQXVLQJ\RX<RXWKLQN\RXDUHXVLQJLW
<RXFDQXVHLWRQO\ZKHQ\RXNQRZWKDW\RXDUHVHSDUDWHIURPLWRWKHUZLVHKRZ
ZLOO\RXXVHLW"<RXDUHLGHQWLILHGZLWKLW

,I\RXVD\,DPD&KULVWLDQ\RXDUHLGHQWLILHGZLWKWKH&KULVWLDQPLQG,I\RXVD\
,DPD+LQGX\RXDUHLGHQWLILHGZLWKWKH+LQGXPLQG,I\RXVD\,DP*HUPDQ
\RXDUHLGHQWLILHGZLWKWKH*HUPDQPLQG7KLVLGHQWLILFDWLRQKDVWREHEURNHQ
<RXKDYHWRNQRZWKDW\RXDUHQRWWKHPLQG$QGRQO\LQPRPHQWVZKHQWKH
PLQGLVQRWIXQFWLRQLQJZKHQ\RXDUHXQRFFXSLHGZKHQWKHUHLVDJDS
VWLOOQHVVVLOHQFHZKHQWKHPLQGKDVFHDVHGZLOO\RXEHDEOHWRNQRZZKR\RX
DUHWRNQRZ\RXUVHOIDVFRQVFLRXVQHVV7KHQ\RXFDQXVHWKHPLQG

,DPXVLQJWKHPLQG%UDQGW\RXDUHQRWXVLQJWKHPLQG6RKRZFDQ,EHDJDLQVW
WKHPLQG",DPQRWDJDLQVWWKHPLQG,PD\DSSHDUWREHEXWWKHZKROHHIIRUWLV
WRGLVFRQQHFW\RXIURPWKHPLQGVRWKDW\RXFDQNQRZ\RXUVHSDUDWLRQIURPLW
\RXUIUHHGRP2QFH\RXNQRZ\RXUIUHHGRP\RXFDQXVHWKHPLQG7KHQLWLVD
EHDXWLIXOLQVWUXPHQWRQHRIWKHPRVWEHDXWLIXOLQVWUXPHQWV0DQKDVQRW\HW
EHHQDEOHWRPDNHVRPHWKLQJEHWWHU(YHQWKHELJJHVWFRPSXWHUWKHPRVW
HIILFLHQWFRPSXWHULVQRW\HWFDSDEOHRIGRLQJWKHWKLQJVWKDWWKHPLQGFDQGR$
VLQJOHPLQGFDQFRQWDLQDOOWKHOLEUDULHVRIWKHZRUOG

,WLVWUHPHQGRXVWRWKLQNRIWKHSRZHUVRIWKHPLQG%XWEHFDXVHWKRVHSRZHUV
DUHJUHDWWKHUHLVGDQJHUDOVRWKH\FDQRYHUSRZHU\RX7KDW
VZKDWKDV
KDSSHQHGEHFDXVHWKHPLQGLVVXFKDEHDXWLIXOSRZHUIXOLQVWUXPHQW\RXKDYH
EHFRPHSRVVHVVHGE\LW<RXFDQQRWXVHLWDQ\PRUH,WXVHV\RXLWGLUHFWV\RX




LWJLYHV\RXSURJUDPV,WJRHVRQJRDGLQJ\RXLQGLUHFWLRQVZKLFKLWKDVGHFLGHG
WRIROORZ,WGRHVQRWDOORZ\RXDQ\IUHHGRPLWGRHVQRWOHDYH\RXDQ\FKRLFH
8QOHVVLWLVFRQYLQFHGLWZRQ
WDOORZ\RXWRPRYHHYHQDVLQJOHLQFK

6RZKRLVWKHPDVWHU"<RXFDQQRWEHWKHPDVWHUXQOHVV\RXKDYHFRPHWRNQRZ
WKDW\RXDUHQRWLGHQWLILHGZLWKWKHPLQG

7KHPDQZKRLVLGHQWLILHGZLWKKLVFDUFDQQRWGULYHLWWKHFDUZLOOGULYHKLPDQG
WKHQVRPHDFFLGHQWLVERXQGWRKDSSHQ<RXKDYHWREHVHSDUDWHIURPWKHFDU
\RXKDYHWRNQRZWKDW\RXDUHVHSDUDWHWKDWWKHFDULVEHDXWLIXODEHDXWLIXO
PHFKDQLVPWREHXVHGDQGLWFDQSHUIRUPPDQ\WKLQJV%XW\RXKDYHWREH
VHSDUDWH

<RXVD\:K\DUH\RXVRDJDLQVWWKHPLQG"6XUHO\ZHDOOXVHLW

1R$OOFDQQRWXVHLW2QO\YHU\UDUHO\LVWKHUHDSHUVRQZKRXVHVWKHPLQGD
%XGGKDD-HVXVDQ$WLVKDD7LORSDRQO\YHU\UDUHO\DQGIDUDQGIHZ
EHWZHHQ2WKHUZLVH\RXDUHXVHGE\WKHPLQG1RDOODUHQRWXVLQJWKHPLQG
RWKHUZLVHZKDWZLOOWKHGLIIHUHQFHEHEHWZHHQD%XGGKDDQG\RX"7KHUHZLOOEH
QRGLIIHUHQFH<RXXVHWKHPLQGDQG%XGGKDXVHVWKHPLQGZKDWLVWKH
GLIIHUHQFH"%XGGKDXVHVWKHPLQG\RXDUHXVHGE\WKHPLQGWKDW
VWKH
GLIIHUHQFH$QG%XGGKDFDQXVHWKHPLQGEHFDXVHKHNQRZVKHLVXWWHUO\
VHSDUDWH

$QGUHPHPEHULWLVQRWDTXHVWLRQRIDEXVH,I\RXFDQQRWXVHWKHPLQGKRZ
FDQ\RXDEXVHLW",WLVWKHPLQGZKHWKHULWXVHV\RXRUDEXVHV\RX\RXFDQQRW
DEXVHLW

:KHQVFLHQWLVWVGLVFRYHUHGDWRPLFHQHUJ\GR\RXWKLQNWKH\XVHGWKHPLQGRU
DEXVHGLW":KHQWKHDWRPERPEZDVGURSSHGRQ+LURVKLPDDQG1DJDVDNL
$OEHUW(LQVWHLQFRXOGQRWVOHHSWKHZKROHQLJKWIRUGD\VKLVQLJKWVZHUH
GLVWXUEHG+HFRXOGQRWVOHHSKHFRXOGQRWUHVWKHZDVUHDOO\WHUULEO\GLVWXUEHG
+HKDGEHHQLQVWUXPHQWDOLQFUHDWLQJWKHDWRPERPE,WZDVKHZKRZURWHWKH
OHWWHUWRWKHSUHVLGHQWRI$PHULFDVD\LQJWKDWWKHDWRPERPEZDVSRVVLEOH

1RZWKHTXHVWLRQDULVHVZDV(LQVWHLQFRQVFLRXVO\XVLQJKLVPLQGZULWLQJWKH
OHWWHUWRWKHSUHVLGHQWRI$PHULFDUHOHDVLQJWKLVSRZHUIXOLQIRUPDWLRQWRWKH
SROLWLFLDQV":DVKHDZDUHRIWKHFRQVHTXHQFHV"'LGKHHYHUWKLQNRI+LURVKLPD
DQG1DJDVDNLWKDWWKRXVDQGVRISHRSOHLQQRFHQWFLYLOLDQVZRXOGEHEXUQHG
ZLWKLQVHFRQGVIRUQRIDXOWRIWKHLURZQ1RKHKDGQRWWKRXJKWDERXWLWKHZDV
QRWFRQVFLRXVDERXWLW,QIDFWKHZDVQRWHYHQDOHUWWRZKDWXVHDWRPERPEV
ZRXOGEHSXW$QGEHIRUHKHGLHGVRPHERG\DVNHGKLP,I\RXDUHERUQDJDLQ
ZKDWZRXOG\RXOLNHWREH"$JUHDWPDWKHPDWLFLDQDJDLQDJUHDWSK\VLFLVWD
JUHDWVFLHQWLVW"

+HLVUHSRUWHGWRKDYHVDLG1RQHYHU5DWKHU,ZRXOGOLNHWREHDSOXPEHU%XW




QRZLWLVWRRODWH

(LQVWHLQKDGRQHRIWKHPRVWEHDXWLIXOPLQGV'LGKHDEXVHLW"'R\RXWKLQNWKH
VFLHQWLVWVZKRKDYHFUHDWHGJUHDWWHFKQRORJ\DQGGHVWUR\HGWKHZKROHHFRORJ\
RIWKHHDUWKKDYHXVHGWKHLUPLQGVRUDEXVHGWKHP"

,IRQHGD\WKLVSODQHWHDUWKLVJRLQJWRGLHLWZLOOEHEHFDXVHRIWKHJUHDWPLQGVRI
WKHWZHQWLHWKFHQWXU\EHFDXVHLILQWKHZKROHKLVWRU\RIKXPDQLW\WKHUHKDYH
EHHQDKXQGUHGVFLHQWLVWVQLQHW\QLQHKDSSHQWREHDOLYHLQWKHWZHQWLHWK
FHQWXU\,QIDFWVHYHQW\ILYHSHUFHQWRIWKHJUHDWVFLHQWLVWVRIDOOWKHDJHVDUH
DOLYHQRZ

0LQGKDVJDWKHUHGVXFKDJUHDWPRPHQWXP:HKDYHFUHDWHGJUHDWWHFKQRORJ\
ZLWKLQWKHODVWKXQGUHG\HDUVSDUWLFXODUO\ZLWKLQWKHVHODVWWHQ\HDUVEXWWKDW
WHFKQRORJ\LVJRLQJWRGHVWUR\WKLVHDUWK:KRZLOOEHUHVSRQVLEOH"$QGZKDWZLOO
\RXVD\"7KHVFLHQWLVWVXVHGWKHPLQGRUDEXVHGLW"

,I\RXDVNPH,ZLOOVD\WKH\ZHUHQRWPDVWHUVRIWKHLUPLQGV7KH\QHLWKHUXVHG
QRUDEXVHGWKHPLQGWKHPLQGXVHGWKHPDEXVHGWKHP

6FLHQFHQRZQHHGVJUHDWPHGLWDWRUVRWKHUZLVHWKLVHDUWKLVGRRPHG6FLHQFH
QRZQHHGVSHRSOHZKRFDQXVHWKHLUPLQGVZKRDUHPDVWHUVRIWKHLUEHLQJZKR
FDQXVHVFLHQFHLQDFRQVFLRXVZD\2WKHUZLVHZHDUHRQWKHYHUJHRI
FRPPLWWLQJXQLYHUVDOVXLFLGH

0DQFDQQRWOLYHIRUPRUHWKDQWZHQW\ILYH\HDUVWKHZD\KHKDVOLYHGXSWRQRZ
XQOHVVDGUDVWLFFKDQJHLVPDGH$QGWKHJUHDWHVWWKLQJWKDWFDQEHRIKHOS
ZKLFKFDQKHOSKXPDQLW\WRVXUYLYHDQGWKHHDUWKWRVWLOOJRRQOLYLQJ$QGWKLV
LVDEHDXWLIXOHDUWK&RPSDUHGWRWKLVHDUWKPLOOLRQVDQGPLOOLRQVRIVWDUVDUHMXVW
GHDGQRIORZHUVEORRPQRULYHUVIORZWKHUHDUHQRELUGVQRDQLPDOVQRSHRSOH
7KLVXQLYHUVHLVDOPRVWDJUHDWGHVHUW7KLVHDUWKLVDOLYH6RPHWKLQJ
WUHPHQGRXVO\LPSRUWDQWFRQVFLRXVQHVVKDVKDSSHQHGKHUH%XWWKLV
FRQVFLRXVQHVVLVVWLOOQRWDPDVWHULWLVDVODYH,WKDVWREHIUHHG

7KDW
VP\ZRUNKHUHP\EDVLFIXQGDPHQWDOZRUNWRKHOS\RXEHIUHHRIWKHPLQG
VRWKDW\RXFDQXVHLW$QGLI\RXDUHWKHPDVWHU\RXFDQQRWDEXVHLWWKDWLV
LPSRVVLEOH:KHQ\RXDUHDOHUWFRQVFLRXVPHGLWDWLYHDEXVHLVQRWSRVVLEOH
,I(LQVWHLQKDGDOVREHHQDEXGGKDWKHUHZRXOGKDYHEHHQDWRPLFHQHUJ\EXWQR
DWRPERPEVDQGDWRPLFHQHUJ\ZRXOGKDYHEHFRPHDEOHVVLQJWKHJUHDWHVW
EOHVVLQJHYHU7KHHDUWKZRXOGKDYHEHFRPHDSDUDGLVH%XW$OEHUW(LQVWHLQLV
QRWDEXGGKDXQIRUWXQDWHO\KHNQRZVQRWKLQJRIPHGLWDWLRQDJUHDWPLQGEXW
WKHPDVWHULVPLVVLQJDJUHDWPHFKDQLVPDJUHDWDLUSODQHZLWKRXWWKHSLORW

,KDYHKHDUGWKDWWKH\PDGHDQDLUSODQHZKLFKFRXOGJRWRWKHIDUWKHVWGLVWDQFHV
ZLWKRXWDQ\SLORWSLORWOHVVDXWRPDWLF7KHUHZDVJUHDWWKULOODQGHQWKXVLDVP
DQGRQWKHILUVWIOLJKWWKHDXWRPDWLFPHFKDQLVPFRPPXQLFDWHGWRWKHSHRSOH




:HDUHPRYLQJDWVXFKDQGVXFKDKHLJKWDWVXFKDQGVXFKDWHPSHUDWXUH
DQGDWVXFKDQGVXFKDVSHHG3OHDVHEHDWHDVHGRQ
WEHZRUULHG1RWKLQJFDQ
JRZURQJQRWKLQJFDQJRZURQJQRWKLQJFDQJRZURQJQRWKLQJFDQJRZURQJ
DQGLWZHQWRQ,WKDVDOUHDG\JRQHZURQJ7KLQNRIWKRVHSHRSOHZKDWPXVW
KDYHKDSSHQHGWRWKRVHSHRSOH1RZZKDWWRGR"

*UHDWVFLHQFHLVWKHUHDE\SURGXFWRIWKHPLQGEXWLWLVLQWKHKDQGVRIVODYHV
%XGGKDVDUHQHHGHGWRWDNHSRVVHVVLRQRIKXPDQLW\DQGRQHRUWZREXGGKDV
ZRQ
WGR0DQ\PDQ\EXGGKDVDUHQHHGHGLQHYHU\ILHOGLQHYHU\GLUHFWLRQLQ
HYHU\GLPHQVLRQRIOLIHVRWKDWWKHPLQGFDQEHXVHG2WKHUZLVHWKHPLQGZDV
QHYHUDVHIILFLHQWDVLWLVQRZDQGWKDWLVWKHGDQJHU7KHPLQGZDVQHYHUDV
FOHYHUDVLWLVQRZQHYHUDVSRZHUIXODVLWLVQRZ

:HKDYHJLYHQDWRPERPEVLQWRWKHKDQGVRIFKLOGUHQ,IQRDFFLGHQWKDSSHQV
WKDWZLOOEHDPLUDFOH7KHUHLVHYHU\SRVVLELOLW\WKDWDQDFFLGHQWLVERXQGWR
KDSSHQ&KLOGUHQDUHSOD\LQJZLWKDWRPERPEV

3ROLWLFLDQVDUHWKHPRVWLPPDWXUHPLQGVLQWKHZRUOG2QO\WKLUGUDWHPLQGV
EHFRPHLQWHUHVWHGLQSROLWLFVPHGLRFUHSHRSOHDQGSHRSOHZKRDUHVXIIHULQJ
IURPDQLQIHULRULW\FRPSOH[WKH\EHFRPHSROLWLFLDQV$QGLQWKHVHSHRSOH
VKDQGV
DUHDWRPERPEVK\GURJHQERPEVODVHUEHDPVDQGWKLVDQGWKDW

<RXFDQFHDVHDWDQ\PRPHQW,PD\QRWEHDEOHWRILQLVKP\GLVFRXUVH$Q\
PRPHQWZHDUHVLWWLQJRQDSLOHRIK\GURJHQERPEVDQGWKHUHDUHVRPDQ\LW
LVXQEHOLHYDEOHKRZVWXSLGPDQFDQEH:HKDYHVRPDQ\K\GURJHQERPEVWKDW
ZHFDQGHVWUR\HYHU\VLQJOHKXPDQEHLQJVHYHQKXQGUHGWLPHV1RZZKDW
VWXSLGLW\)RUZKDW"$PDQVLPSO\GLHVDVLQJOHWLPH,I\RXZDQWWREHYHU\
FDXWLRXVWZLFHZLOOGREXWZKDWLVWKHSRLQWRIVHYHQKXQGUHGWLPHV"

$QGWKH\DUHFRQWLQXRXVO\FUHDWLQJPRUHDQGPRUH7KHZKROHHDUWKLVIXOORI
K\GURJHQERPEVZHFDQGHVWUR\VHYHQKXQGUHGHDUWKVOLNHWKLV$QGVWLOO
VHYHQW\SHUFHQWRIRXUHQHUJ\LVEHLQJSXWLQWRZDUHIIRUWV7KLVZKROHHDUWK
VHHPVWREHDPDGKRXVH

$QG\RXVD\%UDQGW6XUHO\ZHDOOXVHLWDQGQHHGLWDQGLWVHHPVWRPHWKDWLW
LVRQO\ZKHQZHDEXVHLWWKDWLVWRVD\XVLQJLWDVDGHIHQVHDJDLQVWIHHOLQJWRR
GHHSO\DQGDJDLQVWWUDQVFHQGLQJLWVHOIWKDWZHDUHHQWLWOHGWRFULWLFL]HLW
,DPQRWFULWLFL]LQJLW,QIDFW\RXZLOOEHDEOHWRDSSUHFLDWHLWPRUHLI\RX
XQGHUVWDQGZKDW,DPVD\LQJ\RXZLOOEHDEOHWRXVHLWPRUHLI\RXXQGHUVWDQG
ZKDW,DPVD\LQJ,I\RXEHFRPHDWUDQVFHQGHQFHRIWKHPLQGDZLWQHVVWRWKH
PLQGDQG\RXNQRZWKDW\RXDUHVHSDUDWHDQGWKHPLQGQRORQJHUKDVDQ\VZD\
RYHU\RX\RXDUHQRORQJHUK\SQRWL]HGE\LWWKHQ\RXZLOOEHDEOHWRUHDOO\
DSSUHFLDWHLW,DSSUHFLDWHLW$QG\RXZLOODOVREHDEOHWRXVHLWDQG\RXZLOO
QHYHUEHDEOHWRDEXVHLW$FRQVFLRXVSHUVRQFDQQRWDEXVHDQ\WKLQJ

7KHODVWTXHVWLRQ




%(/29('26+2
,+$9(127,&('7+$7:+(1,6(($:20$1:+2,63$57,&8/$5/<
/29(/<$1',$07$.(1,1727+$76:((76,/(1&(,)25*(7$//
$%2873+,/2623+<255(/,*,21%87,$0/267$1')281'
(17(5,1*$020(17,7+,1.$1,0$/6$5(:,6(%(&$86(*2'
'2(61
77528%/(7+(0:,7+0(7$3+<6,&667,//,:$1772
7+52:0<%22.6287%8767,//,/,.(7+(0
'DYLG/LJKWDZRPDQLVPHWDSK\VLFVSKLORVRSK\SRHWU\6RLVDPDQ&HUWDLQO\
RQHZLOOIRUJHWPHWDSK\VLFVDQGSKLORVRSK\ZKHQRQHFRPHVDFURVVDOLYH
PHWDSK\VLFVDOLYHSKLORVRSK\DOLYHSRHWU\7KDWVLPSO\VKRZVWKDW\RXDUHVWLOO
DOLYH7RDSSUHFLDWHEHDXW\WREHGURZQHGDQGGUXQNZLWKLWLVVRPHWKLQJ
LPPHQVHO\YDOXDEOH

7KHUHZRXOGKDYHEHHQVRPHWKLQJZURQJLIVHHLQJDEHDXWLIXOZRPDQ\RXVWLOO
UHPHPEHUHGWKH2OG7HVWDPHQWRUWKH%KDJDYDG*LWDRUWKH.RUDQ7KDWZRXOG
KDYHVKRZQWKDWVRPHWKLQJLVZURQJZLWK\RX7KLVVLPSO\VKRZV\RXDUH
QDWXUDOKXPDQ

/HWWKLVVHQVLWLYLW\JURZDQGVORZO\VORZO\DV\RXEHFRPHPRUHDQGPRUH
VHQVLWLYHPRUHDQGPRUHVHQVXRXV\RXZLOOVHHPRUHDQGPRUHEHDXW\DURXQG
7KHGHHSHU\RXULQVLJKWWKHJUHDWHUWKHEHDXW\$QGZKHQ\RXVHHWKLVZKROH
H[LVWHQFHDVDWUHPHQGRXVGDQFHDFHOHEUDWLRQ\RXDUHOLEHUDWHGE\LW
,WLVFHOHEUDWLRQWKDWOLEHUDWHVLWLVORYHWKDWOLEHUDWHVLWLVEHDXW\WKDWOLEHUDWHV
LWLVQRWPHWDSK\VLFVRUSKLORVRSK\

%XW,DPQRWVD\LQJWKDW\RXKDYHWRWKURZ\RXUERRNVRXWEHFDXVHWKHUHDUH
EHDXWLIXOERRNVWRRWKH\DUHE\SURGXFWVRIJUHDWH[SHULHQFHV'RQ
WEHORVWLQ
WKHPEXWWRUHDGVRPHWKLQJRI6KDNHVSHDUHRU.DOLGDVRUWRUHDGVRPHWKLQJ
IURP%XGGKDRU$WLVKDLVWRPRYHLQWRWKHVDPHZRUOGRIEHDXW\IURPDGLIIHUHQW
GRRU

7KHUHDUHPDQ\GRRUVWR*RG
VWHPSOH%HDXW\LVRQHZLVGRPLVDQRWKHUORYH
VWLOODQRWKHUDQGVRRQDQGVRIRUWK0XVLFFDQGRLWSRHWU\FDQGRLWOLWHUDWXUH
FDQGRLW7KHIORZHUVRQWKHWUHHVDUHEHDXWLIXOZKDWGR\RXWKLQNRIJUHDW
SRHPV"7KH\DUHIORZHUVRIFRQVFLRXVQHVV

<RXQHHGQRWWKURZDZD\\RXUERRNV,QIDFWE\WKURZLQJDZD\\RXUERRNV\RX
ZLOOVLPSO\EHVD\LQJWKDW\RXDUHVWLOODWWDFKHGWRWKHP+DWHLVQRWKLQJEXWORYH
VWDQGLQJRQLWVKHDGORYHGRLQJ6,56+$6$1DKHDGVWDQG/RYHDQGKDWHDUH
QRWVHSDUDWHWKH\DUHRQH,QIDFWZHVKRXOGVWRSXVLQJWKHVHWZRZRUGV
VHSDUDWHO\ZHVKRXOGPDNHRQHZRUGORYHKDWH1RWHYHQDK\SKHQLVQHHGHG
EHWZHHQWKHWZRWKH\DUHVLPSO\RQHHQHUJ\OLNHKRWDQGFROGVXPPHUDQG
ZLQWHUOLIHDQGGHDWKGDUNQHVVDQGOLJKW

7KHUHLVQRQHHGWRWKURZDZD\\RXUERRNVHQMR\WKHP$QGWKHUHLVQRQHHGWR
VWRSHQMR\LQJWKHEHDXWLIXOIRUPRIDZRPDQEHFDXVHWKDWWRRLVGLYLQH(QMR\OLIH




LQDOOLWVGLPHQVLRQV:K\WKLVFRQWLQXRXVREVHVVLRQWREHFRPHRQHGLPHQVLRQDO
HLWKHUWKLVRUWKDW":K\QRWERWK":K\OLYHLQHLWKHURU":K\QRWOLYHLQ
ERWKDQG"7KDW
VP\DSSURDFKOLYHLQERWKDQGDQGGURSOLYLQJLQHLWKHURU


6RUHQ.LHUNHJDDUGKDVZULWWHQDERRN(LWKHU2U+HOLYHGKLVZKROHOLIHLQ
HLWKHURU+HFRXOGQRWGHFLGHZKHWKHUWRPDUU\WKHZRPDQKHORYHGDQGORYHG
WUHPHQGRXVO\KHFRXOGQRWGHFLGH7KDWHLWKHURUFRQWLQXHGIRUVRORQJWKDW
ILQDOO\WKHZRPDQGHFLGHGWRJRZLWKVRPHERG\HOVH)RU\HDUVKHFRXOGQRW
GHFLGH

+LVERRNEHFDPHVRIDPRXVKHKLPVHOIEHFDPHVRIDPRXVWKDWZKHQKHXVHG
WRZDONLQ&RSHQKDJHQXUFKLQVDQGFKLOGUHQDQGSHRSOHZRXOGVKRXWEHKLQG
KLP(LWKHURU(LWKHURU+HUHJRHV(LWKHURU(YHQFKLOGUHQKDGFRPHWRNQRZ
WKDWKHXVHGWRVWDQGDWFURVVURDGVWKLQNLQJ:KHUHWRJR"(LWKHURUWRPRYH
WKLVZD\RUWKDW"%RWKURDGVOHDGWRWKHVDPHJRDOERWKJRWRWKHVWDWLRQEXW
ZKLFKRQHWRIROORZ"$QGKHZRXOGVWDQGDWWKHFURVVURDGVWKLQNLQJIRUKRXUV
+HOLYHGRQO\LQWKRXJKWKHZDVUHDOO\DPHWDSK\VLFLDQ+LVIDWKHUKDGOHIWD
KHULWDJHKHKDGHQRXJKPRQH\VRWKHUHZDVQRQHHGWRZRUNHLWKHU6RWKH
ZKROHGD\IRUWZHQW\IRXUKRXUVKHZDVWKLQNLQJ$QGZKHQKHKDGGUDZQWKH
ODVWPRQH\IURPWKHEDQNRQWKHZD\KRPHKHGURSSHGGHDG+HGLGZHOO
RWKHUZLVHKHZRXOGKDYHEHHQLQGLIILFXOW\

0\IHHOLQJLVWKDWKHPXVWKDYHEHHQWKLQNLQJ7REHRUQRWWREH"(LWKHURU
%HFDXVHQRZWKHUHZDVQRPRQH\OHIW+HPXVWKDYHVXIIHUHGDKHDUWDWWDFN
EHWZHHQWKDWHLWKHURU7KDWKDGEHHQKLVZKROHZD\RIOLIH

7KHUHLVQRQHHGWRFKRRVH:K\QRWOLYHFKRLFHOHVVO\":K\QRWOLYHDOOWKDWOLIH
PDNHVDYDLODEOHWR\RX"'RQ
WEHDVSLULWXDOLVWDQGGRQ
WEHDPDWHULDOLVWEHERWK
'RQ
WEHD=RUEDDQGGRQ
WEHD%XGGKDEHERWK=RUEDWKH%XGGKD(QMR\DOO
WKDW*RGKDVVKRZHUHGRQ\RX

7KDW
VP\PHVVDJHWRP\VDQQ\DVLQV<RXDUHQRW\HWP\VDQQ\DVLQ'DYLG
/LJKW%XWLI\RXVWDUWOLYLQJLQWRWDOLW\DFFHSWLQJDOOJLYLQJHDFKPRPHQWLWVGXH
UHVSHFWLQJDOODQGZKHQDEHDXWLIXOZRPDQSDVVHVVXGGHQO\\RXDUHWKULOOHG
WKDWVKRZV\RXDUH$/,9(WKDW\RXDUHQRWGHDG\HW

%XWWKLVQHHGQRWEHMXVWDVH[XDOVWLUULQJLQ\RXWKDWLVYHU\SRRU,WKDVWREH
VRPHWKLQJPRUHLWFDQEHDVSLULWXDOVWLUULQJWRR,DPQRWDJDLQVWVH[EXWWROLYH
RQO\DVH[XDOOLIHLVWROLYHOLIHDWWKHPLQLPXP:K\QRWOLYHWKHZKROHVSHFWUXP
RILWIURPVH[WRVDPDGKL"

:KHQDUHDOO\EHDXWLIXOZRPDQSDVVHVE\LIRQO\\RXUVH[XDOLW\LVVWLUUHGWKHQ
WKHDQLPDOLVDOLYHEXW\RXDUHQRW%XWLI\RXUVSLULWXDOLW\LVDOVRVWLUUHGWKHQ\RX
DUHDOLYHLQ\RXUWRWDOLW\$QGWREHDOLYHLQWRWDOLW\LVWKHZD\WR*RG





(QRXJKIRUWRGD\


FKDSWHUWKUHHVLWQDOWDDQGWKHVHYHQWHHQFKDNUDV


IHEUXDU\DPLQEXGGKDKDOO

7KHILUVWTXHVWLRQ
%(/29('26+2:+<'21
7,75867<28"

3UHP3UDJHHWDWUXVWLVSRVVLEOHRQO\LIILUVW\RXWUXVWLQ\RXUVHOI7KHPRVW
IXQGDPHQWDOWKLQJKDVWRKDSSHQZLWKLQ\RXILUVW,I\RXWUXVWLQ\RXUVHOI\RXFDQ
WUXVWLQPH\RXFDQWUXVWLQSHRSOH\RXFDQWUXVWLQH[LVWHQFH%XWLI\RXGRQ
W
WUXVWLQ\RXUVHOIWKHQQRRWKHUWUXVWLVHYHUSRVVLEOH

$QGWKHVRFLHW\GHVWUR\VWUXVWDWWKHYHU\URRWV,WGRHVQRWDOORZ\RXWRWUXVW
\RXUVHOI,WWHDFKHVDOORWKHUNLQGVRIWUXVWWUXVWLQWKHSDUHQWVWUXVWLQWKH
FKXUFKWUXVWLQWKHVWDWHWUXVWLQ*RGDGLQILQLWXP%XWWKHEDVLFWUXVWLV
FRPSOHWHO\GHVWUR\HG$QGWKHQDOORWKHUWUXVWVDUHSKRQ\DUHERXQGWREH
SKRQ\7KHQDOORWKHUWUXVWVDUHMXVWSODVWLFIORZHUV<RXGRQ
WKDYHUHDOURRWVIRU
UHDOIORZHUVWRJURZ

7KHVRFLHW\GRHVLWGHOLEHUDWHO\RQSXUSRVHEHFDXVHDPDQZKRWUXVWVLQ
KLPVHOILVGDQJHURXVIRUWKHVRFLHW\DVRFLHW\WKDWGHSHQGVRQVODYHU\D
VRFLHW\WKDWKDVLQYHVWHGWRRPXFKLQVODYHU\

$PDQWUXVWLQJKLPVHOILVDQLQGHSHQGHQWPDQ<RXFDQQRWPDNHSUHGLFWLRQV
DERXWKLPKHZLOOPRYHLQKLVRZQZD\)UHHGRPZLOOEHKLVOLIH+HZLOOWUXVW
ZKHQKHIHHOVZKHQKHORYHVDQGWKHQKLVWUXVWZLOOKDYHDWUHPHQGRXVLQWHQVLW\
DQGWUXWKLQLW7KHQKLVWUXVWZLOOEHDOLYHDQGDXWKHQWLF$QGKHZLOOEHUHDG\WR
ULVNDOOIRUKLVWUXVWEXWRQO\ZKHQKHIHHOVLWRQO\ZKHQLWLVWUXHRQO\ZKHQLW
VWLUVKLVKHDUWRQO\ZKHQLWVWLUVKLVLQWHOOLJHQFHDQGKLVORYHRWKHUZLVHQRW<RX
FDQQRWIRUFHKLPLQWRDQ\NLQGRIEHOLHYLQJ

$QGWKLVVRFLHW\GHSHQGVRQEHOLHI,WVZKROHVWUXFWXUHLVWKDWRIDXWRK\SQRVLV,WV
ZKROHVWUXFWXUHLVEDVHGLQFUHDWLQJURERWVDQGPDFKLQHVQRWPHQ,WQHHGV
GHSHQGHQWSHRSOHVRPXFKVRWKDWWKH\DUHFRQVWDQWO\LQQHHGRIEHLQJ
W\UDQQL]HGVRPXFKVRWKDWWKH\DUHVHDUFKLQJDQGVHHNLQJWKHLURZQW\UDQWV
WKHLURZQ$GROI+LWOHUVWKHLURZQ0XVVROLQLVWKHLURZQ-RVHI6WDOLQVDQG0DR
=HGRQJV

7KLVHDUWKWKLVEHDXWLIXOHDUWKZHKDYHWXUQHGLQWRDJUHDWSULVRQ$IHZSRZHU
OXVW\SHRSOHKDYHUHGXFHGWKHZKROHRIKXPDQLW\LQWRDPRE0DQLVDOORZHGWR
H[LVWRQO\LIKHFRPSURPLVHVZLWKDOONLQGVRIQRQVHQVH

1RZWRWHOODFKLOGWREHOLHYHLQ*RGLVQRQVHQVHXWWHUQRQVHQVHQRWWKDW*RG




GRHVQRWH[LVWEXWEHFDXVHWKHFKLOGKDVQRW\HWIHOWWKHWKLUVWWKHGHVLUHWKH
ORQJLQJ+HLVQRW\HWUHDG\WRJRLQVHDUFKRIWKHWUXWKWKHXOWLPDWHWUXWKRIOLIH
+HLVQRW\HWPDWXUHHQRXJKWRLQTXLUHLQWRWKHUHDOLW\RI*RG7KDWORYHDIIDLUKDV
WRKDSSHQVRPHGD\EXWLWFDQKDSSHQRQO\LIQREHOLHILVLPSRVHGXSRQKLP,I
KHLVFRQYHUWHGEHIRUHWKHWKLUVWKDVDULVHQWRH[SORUHDQGWRNQRZWKHQKLV
ZKROHOLIHKHZLOOOLYHLQDSKRQ\ZD\KHZLOOOLYHLQDSVHXGRZD\

<HVKHZLOOWDONDERXW*RGEHFDXVHKHKDVEHHQWROGWKDW*RGLV$QGKHKDV
EHHQWROGDXWKRULWDWLYHO\DQGKHKDVEHHQWROGE\SHRSOHZKRZHUHYHU\SRZHUIXO
LQKLVFKLOGKRRGKLVSDUHQWVWKHSULHVWVWKHWHDFKHUV+HKDVEHHQWROGE\
SHRSOHDQGKHKDGWRDFFHSWLWLWZDVDTXHVWLRQRIKLVVXUYLYDO+HFRXOGQRWVD\
QRWRKLVSDUHQWVEHFDXVHZLWKRXWWKHPKHZRXOGQRWEHDEOHWROLYHDWDOO,WZDV
WRRULVN\WRVD\QRKHKDGWRVD\\HV%XWKLV\HVFDQ
WEHWUXH

+RZFDQLWEHWUXH"+HLVVD\LQJ\HVRQO\DVDSROLWLFDOGHYLFHWRVXUYLYH<RX
KDYHQRWWXUQHGKLPLQWRDUHOLJLRXVSHUVRQ\RXKDYHPDGHKLPDGLSORPDW\RX
KDYHFUHDWHGDSROLWLFLDQ<RXKDYHVDERWDJHGKLVSRWHQWLDOWRJURZLQWRDQ
DXWKHQWLFEHLQJ<RXKDYHSRLVRQHGKLP<RXKDYHGHVWUR\HGWKHYHU\SRVVLELOLW\
RIKLVLQWHOOLJHQFHEHFDXVHLQWHOOLJHQFHDULVHVRQO\ZKHQWKHORQJLQJDULVHVWR
NQRZ

1RZWKHORQJLQJZLOOQHYHUDULVHEHFDXVHEHIRUHWKHTXHVWLRQKDVWDNHQ
SRVVHVVLRQRIKLVVRXOWKHDQVZHUKDVDOUHDG\EHHQVXSSOLHG%HIRUHKHZDV
KXQJU\WKHIRRGKDVEHHQIRUFHGLQWRKLVEHLQJ1RZZLWKRXWKXQJHUWKLVIRUFHG
IRRGFDQQRWEHGLJHVWHGWKHUHLVQRKXQJHUWRGLJHVWLW7KDW
VZK\SHRSOHOLYH
OLNHSLSHVWKURXJKZKLFKOLIHSDVVHVOLNHXQGLJHVWHGIRRG

2QHKDVWREHYHU\SDWLHQWZLWKFKLOGUHQYHU\DOHUWYHU\FRQVFLRXVQRWWRVD\
DQ\WKLQJWKDWPD\KLQGHUWKHLURZQLQWHOOLJHQFHIURPDUULYLQJQRWWRFRQYHUWWKHP
LQWR&KULVWLDQV+LQGXVDQG0RKDPPHGDQV2QHQHHGVLQILQLWHSDWLHQFH

2QHGD\WKDWPLUDFOHKDSSHQVZKHQWKHFKLOGKLPVHOIVWDUWVLQTXLULQJ7KHQWRR
GRQ
WVXSSO\KLPZLWKUHDG\PDGHDQVZHUV5HDG\PDGHDQVZHUVKHOSQRERG\
UHDG\PDGHDQVZHUVDUHGXOODQGVWXSLG+HOSKLPWREHFRPHPRUHLQWHOOLJHQW
5DWKHUWKDQJLYLQJKLPDQVZHUVJLYHKLPVLWXDWLRQVDQGFKDOOHQJHVVRWKDWKLV
LQWHOOLJHQFHLVVKDUSHQHGDQGKHDVNVPRUHGHHSO\VRWKDWWKHTXHVWLRQ
SHQHWUDWHVWRKLVYHU\FRUHVRWKHTXHVWLRQEHFRPHVDTXHVWLRQRIOLIHDQG
GHDWK

%XWWKDWLVQRWDOORZHG3DUHQWVDUHYHU\PXFKDIUDLGWKHVRFLHW\LVYHU\PXFK
DIUDLGLIFKLOGUHQDUHDOORZHGWRUHPDLQIUHHZKRNQRZV"7KH\PD\QHYHUFRPH
WRWKHIROGWKHSDUHQWVEHORQJHGWRWKH\PD\QHYHUJRWRWKHFKXUFK&DWKROLF
3URWHVWDQWWKLVRUWKDW:KRNQRZVZKDWLVJRLQJWRKDSSHQZKHQWKH\EHFRPH
LQWHOOLJHQWRQWKHLURZQ"7KH\ZLOOQRWEHZLWKLQ\RXUFRQWURO$QGWKLVVRFLHW\
JRHVLQWRGHHSHUDQGGHHSHUSROLWLFVWRFRQWUROHYHU\ERG\WRSRVVHVV
HYHU\ERG\
VVRXO





7KDW
VZK\WKHILUVWWKLQJWKH\KDYHWRGRLVWRGHVWUR\WUXVWWKHWUXVWRIWKHFKLOG
LQKLPVHOIWKHFRQILGHQFHRIWKHFKLOGLQKLPVHOI7KH\KDYHWRPDNHKLPVKDN\
DQGDIUDLG2QFHKHLVWUHPEOLQJKHLVFRQWUROODEOH,IKHLVFRQILGHQWKHLV
XQFRQWUROODEOH,IKHLVFRQILGHQWKHZLOODVVHUWKLPVHOIKHZLOOWU\WRGRKLVRZQ
WKLQJ+HZLOOQHYHUZDQWWRGRDQ\ERG\HOVH
VWKLQJ+HZLOOJRRQKLVRZQ
MRXUQH\KHZLOOQRWIXOILOOVRPHERG\HOVH
VGHVLUHVIRUVRPHWULS+HZLOOQHYHUEH
DQLPLWDWRUKHZLOOQHYHUEHDGXOODQGGHDGSHUVRQ+HZLOOEHVRDOLYHVR
SXOVDWLQJZLWKOLIHWKDWQRERG\ZLOOEHDEOHWRFRQWUROKLP

'HVWUR\KLVWUXVWDQG\RXKDYHFDVWUDWHGKLP<RXKDYHWDNHQKLVSRZHUQRZKH
ZLOODOZD\VEHSRZHUOHVVDQGDOZD\VLQQHHGRIVRPHERG\WRGRPLQDWHGLUHFW
DQGFRPPDQGKLP1RZKHZLOOEHDJRRGVROGLHUDJRRGFLWL]HQDJRRG
QDWLRQDOLVWDJRRG&KULVWLDQDJRRG0RKDPPHGDQDJRRG+LQGX<HVKHZLOO
EHDOOWKHVHWKLQJVEXWKHZLOOQRWEHDUHDOLQGLYLGXDO+HZLOOQRWKDYHDQ\URRWV
KHZLOOEHXSURRWHGKLVZKROHOLIH+HZLOOOLYHZLWKRXWURRWVDQGWROLYHZLWKRXW
URRWVLVWROLYHLQPLVHU\LVWROLYHLQKHOO-XVWDVWUHHVQHHGURRWVLQWKHHDUWK
PDQLVDOVRDWUHHDQGQHHGVURRWVLQH[LVWHQFHRUHOVHKHZLOOOLYHDYHU\
XQLQWHOOLJHQWOLIH+HPD\VXFFHHGLQWKHZRUOGKHPD\EHFRPHYHU\IDPRXV
-XVWWKHRWKHUGD\,ZDVUHDGLQJDVWRU\

7KUHHVXUJHRQVROGIULHQGVPHWRQKROLGD\2QWKHEHDFKVLWWLQJXQGHUWKHVXQ
WKH\VWDUWHGERDVWLQJ7KHILUVWVDLG,FDPHDFURVVDPDQZKRKDGORVWERWKRI
KLVOHJVLQWKHZDU,JDYHKLPDUWLILFLDOOHJVDQGLWKDVEHHQDPLUDFOH1RZKH
KDVEHFRPHRQHRIWKHJUHDWHVWUXQQHUVLQWKHZRUOG7KHUHLVHYHU\SRVVLELOLW\
WKDWLQWKHQH[WFRPLQJ2O\PSLFVKHLVJRLQJWRZLQ

7KHRWKHUVDLG7KDW
VQRWKLQJ,FDPHDFURVVDZRPDQZKRIHOOIURPDWKLUW\
VWRU\EXLOGLQJKHUIDFHZDVFRPSOHWHO\FUXVKHG,GLGDJUHDWMRERISODVWLF
VXUJHU\1RZMXVWWKHRWKHUGD\,FDPHWRNQRZWKURXJKWKHQHZVSDSHUVWKDWVKH
KDVEHFRPHWKHZRUOGEHDXW\TXHHQ

7KHWKLUGZDVDKXPEOHPDQ7KH\ERWKORRNHGDWKLPDQGDVNHG:KDWKDYH
\RXGRQHODWHO\":KDW
VQHZ"

7KHPDQVDLG1RWKLQJPXFKDQGPRUHRYHU,DPQRWDOORZHGWRVD\DQ\WKLQJ
DERXWLW

%RWKKLVFROOHDJXHVEHFDPHPRUHFXULRXV7KH\VDLG%XWZHDUHIULHQGVZH
FDQNHHS\RXUVHFUHW<RXQHHGQRWEHZRUULHGLWZLOOQRWOHDNRXW

6RKHVDLG2ND\LI\RXVD\VRLI\RXSURPLVH$PDQZDVEURXJKWWRPHKH
KDGORVWKLVKHDGLQDFDUDFFLGHQW,ZDVDWDORVVWRNQRZZKDWWRGR,UXVKHG
LQWRP\JDUGHQMXVWWRWKLQNZKDWWRGRDQGVXGGHQO\,FDPHDFURVVDFDEEDJH
)LQGLQJQRWKLQJHOVH,WUDQVSODQWHGWKHFDEEDJHLQSODFHRIWKHKHDG$QGGR
\RXNQRZZKDW"7KDWPDQKDVEHFRPHWKHSULPHPLQLVWHURI,QGLD




<RXFDQGHVWUR\WKHFKLOGVWLOOKHFDQEHFRPHWKHSULPHPLQLVWHURI,QGLD7KHUH
LVQRLQKHUHQWLPSRVVLELOLW\RIEHFRPLQJVXFFHVVIXOZLWKRXWLQWHOOLJHQFH,QIDFWLW
LVPRUHGLIILFXOWWREHFRPHVXFFHVVIXOZLWKLQWHOOLJHQFHEHFDXVHWKHLQWHOOLJHQW
SHUVRQLVLQYHQWLYH+HLVDOZD\VDKHDGRIKLVWLPHLWWDNHVWLPHWRXQGHUVWDQG
KLP

7KHXQLQWHOOLJHQWSHUVRQLVHDVLO\XQGHUVWRRG+HILWVZLWKWKHJHVWDOWRIWKH
VRFLHW\WKHVRFLHW\KDVYDOXHVDQGFULWHULDE\ZKLFKWRMXGJHKLP%XWLWWDNHV
\HDUVIRUWKHVRFLHW\WRHYDOXDWHDJHQLXV

,DPQRWVD\LQJWKDWDSHUVRQZKRKDVQRLQWHOOLJHQFHFDQQRWEHFRPH
VXFFHVVIXOFDQQRWEHFRPHIDPRXVEXWVWLOOKHZLOOUHPDLQSKRQ\$QGWKDWLV
WKHPLVHU\\RXFDQEHFRPHIDPRXVEXWLI\RXDUHSKRQ\\RXOLYHLQPLVHU\<RX
GRQ
WNQRZZKDWEOHVVLQJVOLIHLVVKRZHULQJRQ\RX\RXZLOOQHYHUNQRZ<RXGR
QRWKDYHHQRXJKLQWHOOLJHQFHWRNQRZ<RXZLOOQHYHUVHHWKHEHDXW\RI
H[LVWHQFHEHFDXVH\RXGRQ
WKDYHWKHVHQVLWLYLW\WRNQRZLW<RXZLOOQHYHUVHH
WKHVKHHUPLUDFOHWKDWVXUURXQGV\RXWKDWFURVVHV\RXUSDWKLQPLOOLRQVRIZD\V
HYHU\GD\<RXZLOOQHYHUVHHLWEHFDXVHWRVHHLW\RXQHHGDWUHPHQGRXV
FDSDFLW\WRXQGHUVWDQGWRIHHOWREH

7KLVVRFLHW\LVDSRZHURULHQWHGVRFLHW\7KLVVRFLHW\LVVWLOOXWWHUO\SULPLWLYH
XWWHUO\EDUEDULDQ$IHZSHRSOHSROLWLFLDQVSULHVWVSURIHVVRUVDIHZSHRSOH
DUHGRPLQDWLQJPLOOLRQV$QGWKLVVRFLHW\LVUXQLQVXFKDZD\WKDWQRFKLOGLV
DOORZHGWRKDYHLQWHOOLJHQFH,WLVDVKHHUDFFLGHQWWKDWRQFHLQDZKLOHD%XGGKD
DUULYHVRQWKHHDUWKDVKHHUDFFLGHQW

6RPHKRZRQFHLQDZKLOHDSHUVRQHVFDSHVIURPWKHFOXWFKHVRIWKHVRFLHW\
2QFHLQDZKLOHDSHUVRQUHPDLQVXQSRLVRQHGE\WKHVRFLHW\7KDWPXVWEH
EHFDXVHRIVRPHHUURUVRPHPLVWDNHRIWKHVRFLHW\2WKHUZLVHWKHVRFLHW\
VXFFHHGVLQGHVWUR\LQJ\RXUURRWVLQGHVWUR\LQJ\RXUWUXVWLQ\RXUVHOI$QGRQFH
WKDWLVGRQH\RXZLOOQHYHUEHDEOHWRWUXVWDQ\ERG\

2QFH\RXDUHLQFDSDEOHRIORYLQJ\RXUVHOI\RXZLOOQHYHUEHDEOHWRORYH
DQ\ERG\7KDWLVDQDEVROXWHWUXWKWKHUHDUHQRH[FHSWLRQVWRLW<RXFDQORYH
RWKHUVRQO\LI\RXDUHDEOHWRORYH\RXUVHOI

%XWWKHVRFLHW\FRQGHPQVVHOIORYH,WVD\VLWLVVHOILVKQHVVLWVD\VLWLV
QDUFLVVLVWLF<HVVHOIORYHFDQEHFRPHQDUFLVVLVWLFEXWLWLVQRWQHFHVVDULO\VR,W
FDQEHFRPHQDUFLVVLVWLFLILWQHYHUPRYHVEH\RQGLWVHOILWFDQEHFRPHDNLQGRI
VHOILVKQHVVLILWEHFRPHVFRQILQHGWR\RXUVHOI2WKHUZLVHVHOIORYHLVWKH
EHJLQQLQJRIDOORWKHUORYHV

$SHUVRQZKRORYHVKLPVHOIVRRQHURUODWHUVWDUWVRYHUIORZLQJZLWKORYH$SHUVRQ
ZKRWUXVWVKLPVHOIFDQQRWGLVWUXVWDQ\ERG\HYHQWKRVHZKRDUHJRLQJWRGHFHLYH
KLPHYHQWKRVHZKRKDYHDOUHDG\GHFHLYHGKLP<HVKHFDQQRWHYHQGLVWUXVW
WKHPEHFDXVHQRZKHNQRZVWUXVWLVIDUPRUHYDOXDEOHWKDQDQ\WKLQJHOVH





<RXFDQFKHDWDSHUVRQEXWLQZKDWFDQ\RXFKHDWKLP"<RXFDQWDNHVRPH
PRQH\RUVRPHWKLQJHOVHIURPKLP%XWWKHPDQZKRNQRZVWKHEHDXW\RIWUXVW
ZLOOQRWEHGLVWUDFWHGE\WKHVHVPDOOWKLQJV+HZLOOVWLOOORYH\RXKHZLOOVWLOOWUXVW
\RX$QGWKHQDPLUDFOHKDSSHQVLIDPDQUHDOO\WUXVWV\RXLWLVLPSRVVLEOHWR
FKHDWKLPDOPRVWLPSRVVLEOH

,WKDSSHQVHYHU\GD\LQ\RXUOLIHWRR:KHQHYHU\RXWUXVWVRPHERG\LWEHFRPHV
LPSRVVLEOHIRUKLPWRFKHDW\RXWRGHFHLYH\RX6LWWLQJRQWKHSODWIRUPLQD
UDLOZD\VWDWLRQ\RXGRQ
WNQRZWKHSHUVRQZKRLVVLWWLQJE\\RXUVLGHD
VWUDQJHUDFRPSOHWHVWUDQJHUDQG\RXVD\WRKLP-XVWZDWFKP\OXJJDJH,
KDYHWRJRWRSXUFKDVHDWLFNHW3OHDVHMXVWWDNHFDUHRIWKHOXJJDJH$QG\RX
JR<RXWUXVWDQDEVROXWHVWUDQJHU%XWLWDOPRVWQHYHUKDSSHQVWKDWWKHVWUDQJHU
GHFHLYHV\RX+HFRXOGKDYHGHFHLYHG\RXLI\RXKDGQRWWUXVWHGKLP

7UXVWKDVDPDJLFLQLW+RZFDQKHGHFHLYH\RXQRZWKDW\RXKDYHWUXVWHGKLP"
+RZFDQKHIDOOVRORZ"+HZLOOQHYHUEHDEOHWRIRUJLYHKLPVHOILIKHGHFHLYHV
\RX

7KHUHLVDQLQWULQVLFTXDOLW\LQKXPDQFRQVFLRXVQHVVWRWUXVWDQGWREHWUXVWHG
(YHU\ERG\HQMR\VEHLQJWUXVWHGLWLVUHVSHFWIURPWKHRWKHUSHUVRQDQGZKHQ
\RXWUXVWDVWUDQJHULWLVPRUHVR7KHUHLVQRUHDVRQWRWUXVWKLPDQGVWLOO\RX
WUXVWKLP<RXUDLVHWKHPDQWRVXFKDKLJKSHGHVWDO\RXYDOXHWKHPDQVR
PXFKLWLVDOPRVWLPSRVVLEOHIRUKLPWRIDOOIURPWKDWKHLJKW$QGLIKHIDOOVKHZLOO
QHYHUEHDEOHWRIRUJLYHKLPVHOIKHZLOOKDYHWRFDUU\WKHZHLJKWRIJXLOWKLVZKROH
OLIH

$PDQZKRWUXVWVKLPVHOIFRPHVWRNQRZWKHEHDXW\RILWFRPHVWRNQRZWKDW
WKHPRUH\RXWUXVW\RXUVHOIWKHPRUH\RXEORRPWKHPRUH\RXDUHLQDVWDWHRI
OHWJRDQGUHOD[DWLRQWKHPRUH\RXDUHVHWWOHGDQGVHUHQHWKHPRUH\RXDUH
FDOPFRRODQGTXLHW

$QGLWLVVREHDXWLIXOWKDW\RXVWDUWWUXVWLQJPRUHDQGPRUHSHRSOHEHFDXVHWKH
PRUH\RXWUXVWWKHPRUH\RXUFDOPQHVVGHHSHQV\RXUFRROQHVVJRHVGHHSHU
DQGGHHSHUWRWKHYHU\FRUHRI\RXUEHLQJ$QGWKHPRUH\RXWUXVWWKHPRUH\RX
VRDUKLJK$PDQZKRFDQWUXVWZLOOVRRQHURUODWHUNQRZWKHORJLFRIWUXVW$QG
WKHQRQHGD\KHLVERXQGWRWU\WRWUXVWWKHXQNQRZQ

,WLVRQO\ZKHQ\RXFDQWUXVWWKHXQNQRZQWKDW\RXFDQWUXVWDPDVWHUQHYHU
EHIRUHLWEHFDXVHWKHPDVWHUUHSUHVHQWVQRWKLQJEXWWKHXQNQRZQ+H
UHSUHVHQWVWKHXQFKDUWHGKHUHSUHVHQWVWKHLQILQLWHWKHXQERXQGHG+H
UHSUHVHQWVWKHRFHDQLFKHUHSUHVHQWVWKHZLOGKHUHSUHVHQWV*RG
3UDJHHWD\RXVD\:K\GRQ
W,WUXVW\RX"

,WLVVLPSOH\RXGRQ
WWUXVW\RXUVHOI6WDUWWUXVWLQJ\RXUVHOIWKDWLVWKH
IXQGDPHQWDOOHVVRQWKHILUVWOHVVRQ6WDUWORYLQJ\RXUVHOI,I\RXGRQ
WORYH




\RXUVHOIZKRHOVHLVJRLQJWRORYH\RX"%XWUHPHPEHULI\RXRQO\ORYH\RXUVHOI
\RXUORYHZLOOEHYHU\SRRU

$JUHDW-HZLVKP\VWLF+LOOHOKDVVDLG,I\RXDUHQRWIRU\RXUVHOIZKRLVJRLQJWR
EHIRU\RX"$QGDOVR,I\RXDUHRQO\IRU\RXUVHOIWKHQZKDWPHDQLQJFDQ\RXU
OLIHHYHUKDYH"DWUHPHQGRXVO\VLJQLILFDQWVWDWHPHQW5HPHPEHULWORYH
\RXUVHOIEHFDXVHLI\RXGRQ
WORYH\RXUVHOIQRERG\HOVHZLOOHYHUEHDEOHWRORYH
\RX<RXFDQQRWORYHDSHUVRQZKRKDWHVKLPVHOI

$QGRQWKLVXQIRUWXQDWHHDUWKDOPRVWHYHU\ERG\KDWHVKLPVHOIHYHU\ERG\
FRQGHPQVKLPVHOI+RZFDQ\RXORYHDSHUVRQZKRLVFRQGHPQDWRU\WRZDUGV
KLPVHOI"+HZLOOQRWEHOLHYH\RX+HFDQQRWORYHKLPVHOIKRZFDQ\RXGDUH"+H
FDQQRWORYHKLPVHOIKRZFDQ\RXORYHKLP"+HZLOOVXVSHFWVRPHJDPHVRPH
WULFNVRPHWULS+HZLOOVXVSHFWWKDW\RXDUHWU\LQJWRGHFHLYHKLPLQWKHQDPHRI
ORYH+HZLOOEHYHU\FDXWLRXVDOHUWDQGKLVVXVSLFLRQZLOOSRLVRQ\RXUEHLQJ

,I\RXORYHDSHUVRQZKRKDWHVKLPVHOI\RXDUHWU\LQJWRGHVWUR\KLVFRQFHSW
DERXWKLPVHOI$QGQRERG\HDVLO\GURSVKLVFRQFHSWDERXWKLPVHOIWKDWLVKLV
LGHQWLW\+HZLOOILJKWZLWK\RXKHZLOOSURYHWR\RXWKDWKHLVULJKWDQG\RXDUH
ZURQJ

7KDW
VZKDWLVKDSSHQLQJLQHYHU\ORYHUHODWLRQVKLSOHWPHFDOOLWHYHU\VRFDOOHG
ORYHUHODWLRQVKLS,WLVKDSSHQLQJEHWZHHQHYHU\KXVEDQGDQGZLIHHYHU\ORYHU
DQGEHORYHGHYHU\PDQDQGHYHU\ZRPDQ+RZFDQ\RXGHVWUR\WKHRWKHU
V
FRQFHSWDERXWKLPVHOI"7KDWLVKLVLGHQWLW\WKDWLVKLVHJRWKDW
VKRZKHNQRZV
KLPVHOI,I\RXWDNHLWDZD\KHZLOOQRWNQRZZKRKHLV,WLVWRRULVN\KHFDQQRW
GURSKLVFRQFHSWVRHDVLO\+HZLOOSURYHWR\RXWKDWKHLVQRWZRUWKORYLQJKHLV
RQO\ZRUWKKDWLQJ

$QGWKHVDPHLVWKHFDVHZLWK\RX<RXDOVRKDWH\RXUVHOI\RXFDQQRWDOORZ
DQ\ERG\HOVHWRORYH\RX:KHQHYHUVRPHERG\FRPHVZLWKORYLQJHQHUJ\
DURXQG\RX\RXVKULQN\RXZDQWWRHVFDSH\RXDUHDIUDLG<RXNQRZSHUIHFWO\
ZHOOWKDW\RXDUHXQZRUWK\RIORYH\RXNQRZWKDWRQO\RQWKHVXUIDFHGR\RXORRN
VRJRRGVREHDXWLIXOGHHSGRZQ\RXDUHXJO\$QGLI\RXDOORZWKLVSHUVRQWR
ORYH\RXVRRQHURUODWHUDQGLWLVJRLQJWREHVRRQHUWKDQODWHUKHZLOOFRPH
WRNQRZZKR\RXDUHLQUHDOLW\

+RZORQJZLOO\RXEHDEOHWRSUHWHQGZLWKDSHUVRQZLWKZKRP\RXKDYHWROLYHLQ
ORYH"<RXFDQSUHWHQGLQWKHPDUNHWSODFH\RXFDQSUHWHQGLQWKH/LRQV
&OXE
DQGWKH5RWDU\&OXEVPLOHVDOOVPLOHV<RXFDQGREHDXWLIXODFWLQJDQGUROH
SOD\LQJ%XWLI\RXOLYHZLWKDZRPDQRUDPDQIRUWZHQW\IRXUKRXUVDGD\WKHQLW
LVWLULQJWRJRRQVPLOLQJDQGVPLOLQJDQGVPLOLQJ7KHQWKHVPLOHWLUHV\RX
EHFDXVHLWLVSKRQ\,WLVMXVWDQH[HUFLVHRIWKHOLSVDQGWKHOLSVEHFRPHWLUHG
+RZFDQ\RXJRRQEHLQJVZHHW"<RXUELWWHUQHVVZLOOVXUIDFH+HQFHE\WKHWLPH
WKHKRQH\PRRQLVRYHUHYHU\WKLQJLVRYHU%RWKKDYHNQRZQHDFKRWKHU
VUHDOLW\
ERWKKDYHNQRZQHDFKRWKHU
VSKRQLQHVVERWKKDYHNQRZQHDFKRWKHU
VIDOVLW\




2QHLVDIUDLGWREHFRPHLQWLPDWH7REHLQWLPDWHPHDQV\RXZLOOKDYHWRSXW
DVLGHWKHUROH$QG\RXNQRZZKR\RXDUHZRUWKOHVVMXVWGLUW7KDW
VZKDW\RX
KDYHEHHQWROGIURPWKHYHU\EHJLQQLQJ<RXUSDUHQWV\RXUWHDFKHUV\RXU
SULHVWV\RXUSROLWLFLDQVDOOKDYHEHHQWHOOLQJ\RXWKDW\RXDUHGLUWZRUWKOHVV

1RERG\KDVHYHUDFFHSWHG\RX1RERG\KDVJLYHQ\RXWKHIHHOLQJWKDW\RXDUH
ORYHGDQGUHVSHFWHGWKDW\RXDUHQHHGHGWKDWWKLVH[LVWHQFHZLOOPLVV\RXWKDW
ZLWKRXW\RXWKLVH[LVWHQFHZLOOQRWEHWKHVDPHWKDWZLWKRXW\RXWKHUHZLOOEHD
KROH:LWKRXW\RXWKLVXQLYHUVHLVJRLQJWRORVHVRPHSRHWU\VRPHEHDXW\D
VRQJZLOOEHPLVVHGDQRWHZLOOEHPLVVHGWKHUHZLOOEHDJDSQRERG\KDVWROG
\RXWKDW

$QGWKDW
VZKDWP\ZRUNKHUHLVWRGHVWUR\WKHGLVWUXVWWKDWKDVEHHQFUHDWHGLQ
\RXDERXW\RXUVHOIWRGHVWUR\DOOFRQGHPQDWLRQWKDWKDVEHHQLPSRVHGRQ\RX
WRWDNHLWDZD\IURP\RXDQGWRJLYH\RXDIHHOLQJWKDW\RXDUHORYHGDQG
UHVSHFWHGORYHGE\H[LVWHQFH*RGKDVFUHDWHG\RXEHFDXVHKHORYHG\RX+H
ORYHG\RXVRPXFKWKDWKHFRXOGQRWUHVLVWWKHWHPSWDWLRQWRFUHDWH\RX

:KHQDSDLQWHUSDLQWVKHSDLQWVEHFDXVHKHORYHV9LQFHQWYDQ*RJK
FRQWLQXRXVO\SDLQWHGWKHVXQKLVZKROHOLIHKHORYHGWKHVXQVRPXFK,QIDFWLW
ZDVWKHVXQWKDWGURYHKLPPDG)RURQH\HDUFRQWLQXRXVO\KHZDVVWDQGLQJDQG
SDLQWLQJXQGHUWKHKRWVXQ+LVZKROHOLIHUHYROYHGDURXQGWKHVXQ$QGWKHGD\
KHZDVFRQWHQWSDLQWLQJWKHSDLQWLQJWKDWKHKDGDOZD\VZDQWHGWRSDLQWDQGWR
SDLQWWKLVSDLQWLQJKHKDGSDLQWHGPDQ\RWKHUVEXWKHKDGQRWEHHQFRQWHQWHG
ZLWKWKHPWKHGD\KHZDVFRQWHQWHGWKHGD\KHFRXOGVD\<HVWKLVLVWKH
WKLQJWKDW,ZDQWHGWRSDLQWKHFRPPLWWHGVXLFLGHEHFDXVHKHVDLG0\ZRUNLV
GRQH,KDYHGRQHWKHWKLQJWKDW,FDPHIRU0\GHVWLQ\LVIXOILOOHGQRZLWLV
SRLQWOHVVWROLYH

+LVZKROHOLIHDGHYRWLRQWRDFHUWDLQSDLQWLQJ"+HPXVWKDYHEHHQPDGO\LQORYH
ZLWKWKHVXQ+HORRNHGDWWKHVXQVRORQJWKDWLWGHVWUR\HGKLVH\HVKLVYLVLRQLW
GURYHKLPPDG

:KHQDSRHWFRPSRVHVDVRQJLWLVEHFDXVHKHORYHVLW*RGKDVSDLQWHG\RX
VXQJ\RXGDQFHG\RX*RGORYHV\RX,I\RXGRQ
WVHHDQ\PHDQLQJLQWKHZRUG
JRGGRQ
WEHZRUULHGFDOOLWH[LVWHQFHFDOOLWWKHZKROH7KHH[LVWHQFHORYHV\RX
RWKHUZLVH\RXZRXOGQRWEHKHUH

5HOD[LQWR\RXUEHLQJ\RXDUHFKHULVKHGE\WKHZKROH7KDW
VZK\WKHZKROH
JRHVRQEUHDWKLQJLQ\RXSXOVDWLQJLQ\RX2QFH\RXVWDUWIHHOLQJWKLV
WUHPHQGRXVUHVSHFWDQGORYHDQGWUXVWRIWKHZKROHLQ\RX\RXZLOOVWDUWJURZLQJ
URRWVLQWR\RXUEHLQJ<RXZLOOWUXVW\RXUVHOI$QGRQO\WKHQFDQ\RXWUXVWPH
2QO\WKHQFDQ\RXWUXVW\RXUIULHQGV\RXUFKLOGUHQ\RXUKXVEDQG\RXUZLIH2QO\
WKHQFDQ\RXWUXVWWKHWUHHVDQGWKHDQLPDOVDQGWKHVWDUVDQGWKHPRRQ7KHQ
RQHVLPSO\OLYHVDVWUXVW,WLVQRPRUHDTXHVWLRQRIWUXVWLQJWKLVRUWKDWRQH
VLPSO\WUXVWV$QGWRWUXVWLVVLPSO\WREHUHOLJLRXV





7KDW
VZKDWVDQQ\DVLVDOODERXW6DQQ\DVLVJRLQJWRXQGRDOOWKDWWKHVRFLHW\
KDVGRQH,WLVQRWMXVWDFFLGHQWDOWKDWSULHVWVDUHDJDLQVWPHSROLWLFLDQVDUH
DJDLQVWPHSDUHQWVDUHDJDLQVWPHWKHZKROHHVWDEOLVKPHQWLVDJDLQVWPHLWLV
QRWDFFLGHQWDO,FDQXQGHUVWDQGWKHDEVROXWHO\FOHDUORJLFRILW,DPWU\LQJWR
XQGRZKDWWKH\KDYHGRQH,DPVDERWDJLQJWKHZKROHSDWWHUQRIWKLVVODYH
VRFLHW\

0\HIIRUWLVWRFUHDWHUHEHOVDQGWKHEHJLQQLQJRIWKHUHEHOLVWRWUXVWLQRQHVHOI
,I,FDQKHOS\RXWRWUXVWLQ\RXUVHOI,KDYHKHOSHG\RX1RWKLQJHOVHLVQHHGHG
HYHU\WKLQJHOVHIROORZVRILWVRZQDFFRUG

7KHVHFRQGTXHVWLRQ
%(/29('26+2

-2+1/,//<+$66$,':+$77+(0,1'%(/,(9(6,6758(25
%(&20(6758(:28/'<283/($6(&200(17217+,6"

6DPEXGGKRWKDW
VZKDWKDVEHHQKDSSHQLQJGRZQWKHDJHV7KDWLVWKHZD\RI
DXWRK\SQRVLV-RKQ/LOO\LVDEVROXWHO\ZURQJ:KDWWKHPLQGEHOLHYHVKHVD\V
LVWUXH,WLVQRW,WRQO\DSSHDUVWUXH

$QGKHVD\VRULWEHFRPHVWUXH,WQHYHUEHFRPHVWUXHE\EHLQJEHOLHYHGEXW
LWVWDUWVDSSHDULQJWUXH<HVIRUWKHEHOLHYHULWEHFRPHVWUXHDOWKRXJKLWLVQRW
WUXHEHFDXVHEHOLHIEHJLQVLQLJQRUDQFH%HOLHIFDQQRWFUHDWHWUXWKWUXWKLV
DOUHDG\WKHFDVH

5HPHPEHUWKHILUVWSUHOLPLQDU\RI$WLVKDWUXWKLV<RXQHHGQRWEHOLHYHLQLWIRULW
WREH<RXUEHOLHIRU\RXUGLVEHOLHILVQRWJRLQJWRPDNHDQ\GLIIHUHQFHWRWKH
WUXWK7UXWKLVWUXWKZKHWKHU\RXEHOLHYHRU\RXGLVEHOLHYH

%XWLI\RXEHOLHYHLQVRPHWKLQJLWVWDUWVDSSHDULQJDVWUXHWR\RXDWOHDVW7KDW
V
ZKDWWKHPHDQLQJRIEHOLHILVEHOLHIPHDQVWREHOLHYHLQVRPHWKLQJDVWUXH\RX
NQRZWKDW\RXGRQ
WNQRZ\RXNQRZWKDWWKHWUXWKLVXQNQRZQWR\RXEXWLQ\RXU
LJQRUDQFH\RXVWDUWEHOLHYLQJEHFDXVHEHOLHILVFKHDS

7RGLVFRYHUWUXWKLVDUGXRXVLWQHHGVDORQJSLOJULPDJH,WQHHGVDJUHDW
HPSW\LQJRIWKHPLQGLWQHHGVDJUHDWFOHDQVLQJRIWKHKHDUW,WQHHGVDFHUWDLQ
LQQRFHQFHDUHELUWK\RXKDYHWREHFRPHDFKLOGDJDLQ

2QO\YHU\IHZSHRSOHKDYHHYHUGDUHGWRGLVFRYHUWUXWK$QGLWLVULVN\EHFDXVHLW
PD\QRWFRQVROH\RXLWKDVQRREOLJDWLRQWRFRQVROH\RX,WLVULVN\LWPD\VKDWWHU
DOOWKDW\RXKDYHNQRZQEHIRUHDQG\RXZLOOKDYHWRUHDUUDQJH\RXUZKROHOLIH,W
LVGDQJHURXVLWPD\GHVWUR\DOO\RXULOOXVLRQVLWPD\VKDWWHUDOO\RXUGUHDPV,WLV
UHDOO\JRLQJWKURXJKILUHLWLVJRLQJWREXUQ\RXDV\RXDUHLWLVJRLQJWRNLOO\RX
DV\RXDUH$QGZKRNQRZVZKDWZLOOKDSSHQODWHURQ"





+RZFDQWKHVHHGNQRZWKDWE\G\LQJLQWKHVRLOLWZLOOEHFRPHDJUHDWWUHH",WZLOO
QRWEHWKHUHWRZLWQHVVWKHKDSSHQLQJ+RZFDQWKHVHHGNQRZWKDWRQHGD\LILW
GLHVWKHUHZLOOEHJUHDWIROLDJHJUHHQOHDYHVJUHDWEUDQFKHVDQGIORZHUVDQG
IUXLWV"+RZFDQWKHVHHGNQRZ"7KHVHHGZLOOQRWEHWKHUH7KHVHHGKDVWR
GLVDSSHDUEHIRUHLWFDQKDSSHQ7KHVHHGKDVQHYHUPHWWKHWUHH7KHVHHGKDV
WRGLVDSSHDUDQGGLH

2QO\YHU\IHZSHRSOHKDYHWKDWPXFKFRXUDJH,WUHDOO\QHHGVJXWVWRGLVFRYHU
WUXWK<RXZLOOGLHDV\RXUVHOI<RXZLOOFHUWDLQO\EHERUQEXWKRZFDQ\RXEH
FRQYLQFHGRILW":KDWJXDUDQWHHLVWKHUH"7KHUHLVQRJXDUDQWHH

+HQFHXQOHVV\RXDUHZLWKDPDVWHUZKRKDVGLHGDQGLVUHERUQZKRKDV
FUXFLILHGKLPVHOIDQGLVUHVXUUHFWHGXQOHVV\RXFRPHDFURVVDPDQOLNH&KULVW
RU%XGGKDRU$WLVKD\RXZLOOQRWEHDEOHWRJDWKHUHQRXJKFRXUDJH

6HHLQJ$WLVKDVRPHWKLQJPD\VWDUWVWLUULQJLQ\RXUKHDUWDFKRUGPD\EH
WRXFKHGVRPHWKLQJPD\EHWULJJHUHGDV\QFKURQLFLW\7KHSUHVHQFHRI
VRPHERG\ZKRKDVDUULYHGPD\FUHDWHDJUHDWORQJLQJLQ\RXPD\EHFRPHWKH
ELUWKRIDQLQWHQVHSDVVLRQDWHVHDUFKIRUWUXWK

%HOLHIFDQQRWJLYH\RXWKHWUXWKLWRQO\SUHWHQGV,WLVFKHDSLWLVDSODVWLFIORZHU
<RXQHHGQRWWDNHDOOWKHWURXEOHRIJURZLQJDURVHEXVK\RXFDQVLPSO\JRWRWKH
PDUNHWDQGSXUFKDVHSODVWLFIORZHUVDQGWKH\DUHPRUHODVWLQJWRRLQIDFWWKH\
DUHDOPRVWHWHUQDO2QFHLQDZKLOH\RXFDQZDVKWKHPDQGWKH\DUHIUHVK
DJDLQ7KH\ZLOOQRWGHFHLYH\RXEXWDWOHDVWWKH\FDQGHFHLYHWKHQHLJKERUV
DQGWKDWLVWKHSRLQW<RXZLOONQRZDOODORQJWKDWWKH\DUHSODVWLFIORZHUV+RZ
FDQ\RXIRUJHWLW"<RXKDYHSXUFKDVHGWKHP7KHQHLJKERUVPD\EHGHFHLYHG
EXWKRZFDQ\RXEHGHFHLYHG"

$QG,GRQ
WWKLQNWKDWHYHQWKHQHLJKERUVDUHGHFHLYHGEHFDXVHWKH\KDYHDOVR
SXUFKDVHGSODVWLFIORZHUV7KH\NQRZWKH\DUHGHFHLYLQJ\RXWKH\NQRZ\RXDUH
GHFHLYLQJWKHP(YHU\ERG\LVSHUIHFWO\DZDUHWKDWHYHU\ERG\HOVHLVGHFHLYLQJ
%XWWKLVLVKRZOLIHLVSHRSOHVD\1RERG\LVUHDOO\GHFHLYHG3HRSOHMXVW
SUHWHQGWREHGHFHLYHG<RXSUHWHQGWKDW\RXKDYHUHDOIORZHUVRWKHUVSUHWHQG
WKDWWKH\DUHGHFHLYHG-XVWZDWFKREVHUYHDQGZKDW,DPVD\LQJZLOOEH
H[SHULHQFHGE\\RX,WLVDVLPSOHIDFW,DPQRWWDONLQJSKLORVRSK\MXVWVWDWLQJ
IDFWV

:KDW-RKQ/LOO\VD\VLVXWWHUQRQVHQVH+HVD\V:KDWWKHPLQGEHOLHYHVLV
WUXH,WLVQHYHUWUXHEHFDXVHEHOLHIKDVQRWKLQJWRGRZLWKWUXWK<RXFDQ
EHOLHYHWKDWWKLVLVQLJKWEXWMXVWE\\RXUEHOLHYLQJWKLVLVQRWJRLQJWREHFRPH
QLJKW%XW\RXFDQEHOLHYHDQG\RXFDQFORVH\RXUH\HVDQGIRU\RXLWLVQLJKW
EXWRQO\IRU\RXUHPHPEHUQRWLQWUXWK<RXDUHOLYLQJLQDNLQGRIKDOOXFLQDWLRQ
7KHUHLVWKLVGDQJHULQEHOLHILWPDNHV\RXIHHOWKDW\RXNQRZWKHWUXWK$QG
EHFDXVHLWPDNHV\RXIHHOWKDW\RXNQRZWKHWUXWKWKLVEHFRPHVWKHJUHDWHVW




EDUULHULQWKHVHDUFK%HOLHYHRUGLVEHOLHYHDQG\RXDUHEORFNHGEHFDXVH
GLVEHOLHILVDOVRQRWKLQJEXWEHOLHILQDQHJDWLYHIRUP

7KH&DWKROLFEHOLHYHVLQ*RGWKHFRPPXQLVWEHOLHYHVLQQR*RGERWKDUH
EHOLHYHUV*RWR.DDEDRUJRWRWKH&RPLQWHUQJRWR.DLODVKRUWRWKH.UHPOLQLW
LVDOOWKHVDPH7KHEHOLHYHUEHOLHYHVLWLVVRWKHQRQEHOLHYHUEHOLHYHVLWLVQRW
VR$QGEHFDXVHERWKKDYHDOUHDG\VHWWOHGZLWKRXWWDNLQJWKHWURXEOHWRJRDQG
GLVFRYHULWWKHGHHSHULVWKHLUEHOLHIWKHVWURQJHULVWKHLUEHOLHIWKHJUHDWHULVWKH
EDUULHU7KH\ZLOOQHYHUJRRQDSLOJULPDJHWKHUHLVQRSRLQW7KH\ZLOOOLYH
VXUURXQGHGE\WKHLURZQLOOXVLRQVHOIFUHDWHGVHOIVXVWDLQHGLWPD\EH
FRQVROLQJEXWLWLVQRWOLEHUDWLQJ0LOOLRQVRISHRSOHDUHZDVWLQJWKHLUOLYHVLQEHOLHI
DQGGLVEHOLHI

7KHLQTXLU\LQWRWUXWKEHJLQVRQO\ZKHQ\RXGURSDOOEHOLHYLQJ<RXVD\,ZRXOG
OLNHWRHQFRXQWHUWKHWUXWKRQP\RZQ,ZLOOQRWEHOLHYHLQ&KULVWDQG,ZLOOQRW
EHOLHYHLQ%XGGKD,ZRXOGOLNHWREHFRPHDFKULVWRUDEXGGKDP\VHOI,ZRXOG
OLNHWREHDOLJKWXQWRP\VHOI

:K\VKRXOGRQHEHD&KULVWLDQ",WLVXJO\%HDFKULVWLI\RXFDQEHEXWGRQ
WEH
D&KULVWLDQ%HDEXGGKDLI\RXKDYHDQ\UHVSHFWIRU\RXUVHOIEXWGRQ
WEHD
%XGGKLVW7KH%XGGKLVWEHOLHYHV%XGGKDNQRZV

:KHQ\RXFDQNQRZZKHQNQRZLQJLVSRVVLEOHZK\VHWWOHIRUEHOLHYLQJ"%XW
DJDLQWKHVRFLHW\ZRXOGOLNH\RXWREHOLHYHEHFDXVHEHOLHYHUVDUHJRRGSHRSOH
REHGLHQWODZDELGLQJ7KH\IROORZDOOIRUPDOLWLHVDQGHWLTXHWWHWKH\DUHQHYHU
WURXEOHPDNHUV7KH\VLPSO\IROORZWKHFURZGZKLFKHYHUFURZGWKH\KDSSHQWR
EHLQWKH\VLPSO\JRZLWKWKHFURZG7KH\DUHQRWUHDOPHQWKH\DUHVKHHS
+XPDQLW\KDVQRW\HWDUULYHG

6RPHERG\RQFHVDLGWR*HRUJH%HUQDUG6KDZ:KDWGR\RXWKLQNDERXW
FLYLOL]DWLRQ"
+HVDLG,WLVDJRRGLGHD6RPHERG\VKRXOGWU\LW

,WKDVQRW\HWEHHQWULHG+XPDQLW\LVVWLOODUULYLQJZHDUHVWLOOJURSLQJEHWZHHQ
DQLPDOLW\DQGKXPDQLW\:HDUHLQOLPERPDQKDVWREHERUQPDQKDVWREH
JLYHQELUWKWRZHKDYHWRSUHSDUHWKHJURXQGIRUPDQWRDSSHDU
$QGWKHPRVWVLJQLILFDQWWKLQJWKDWZLOOKHOSWKDWPDQWRFRPHZLOOEHLIZHFDQ
GURSEHOLHYLQJLIZHFDQGURSEHLQJ&KULVWLDQV+LQGXV0RKDPPHGDQV
-DLQDV%XGGKLVWVFRPPXQLVWV,I\RXFDQGURSEHOLHYLQJLPPHGLDWHO\\RXU
HQHUJ\ZLOOWDNHDQHZWXUQLWZLOOVWDUWLQTXLULQJ$QGWRLQTXLUHLVEHDXWLIXO<RXU
OLIHZLOOEHFRPHDSLOJULPDJHWRWUXWKDQGLQWKDWYHU\SLOJULPDJH\RXJURZ
*URZWKLVDE\SURGXFWRIWKHLQTXLU\LQWRWUXWK%HOLHYHUVQHYHUJURZWKH\UHPDLQ
FKLOGLVK$QGUHPHPEHUWREHFKLOGOLNHDQGWREHFKLOGLVKDUHSROHVDSDUWWKH\
DUHQRWWKHVDPHWKLQJ,WLVEHDXWLIXOWREHFKLOGOLNH7KHPDQRIWUXVWLVFKLOGOLNH
DQGWKHPDQRIEHOLHILVFKLOGLVK7REHFKLOGOLNHLVWKHXOWLPDWHLQJURZWKWKDWLV
WKHYHU\FXOPLQDWLRQFRQVFLRXVQHVVKDVFRPHWRWKHXOWLPDWHSHDN7REH




FKLOGOLNHPHDQVWREHDVDJHDQGWREHFKLOGLVKPHDQVWREHMXVWXQJURZQXS

7KHDYHUDJHPHQWDODJHRIKXPDQEHLQJVRQWKHHDUWKWRGD\LVQRWPRUHWKDQ
WZHOYH\HDUV:KHQIRUWKHILUVWWLPHWKLVZDVGLVFRYHUHGLWZDVVXFKDVKRFN
1RERG\KDGHYHUWKRXJKWDERXWLWLWZDVMXVWE\DFFLGHQWWKDWLWEHFDPHNQRZQ
,QWKH)LUVW:RUOG:DUIRUWKHILUVWWLPHLQKXPDQKLVWRU\WKHSHRSOHZKRZHUH
FDQGLGDWHVZKRZDQWHGWRHQWHUWKHDUP\ZHUHH[DPLQHG7KHLUPHQWDODJH
ZDVLQTXLUHGLQWRWKHLU,4ZDVGHWHUPLQHG7KLVZDVDJUHDWUHYHODWLRQWKDW
WKH\ZHUHQRWPRUHWKDQWZHOYH\HDUVWKHDYHUDJHDJHZDVMXVWWZHOYH\HDUV

7KLVLVFKLOGLVKQHVV7KHERG\JRHVRQJURZLQJDQGWKHPLQGKDVVWRSSHGDWWKH
DJHRIWZHOYH:KDWNLQGRIKXPDQLW\KDYHZHFUHDWHGRQWKLVHDUWK":K\GRHV
WKHPLQGVWRSDWWZHOYH"%HFDXVHE\WKHWLPHRQHLVWZHOYHRQHKDVJDWKHUHGDOO
NLQGVRIEHOLHIVRQHLVDOUHDG\DEHOLHYHURQHDOUHDG\NQRZVZKDWWUXWKLV2QH
LVD&KULVWLDQDQRWKHULVDFRPPXQLVWRQHEHOLHYHVLQ*RGRQHGRHVQRWEHOLHYH
LQ*RGRQHEHOLHYHVLQ7KH%LEOHDQGWKHRWKHUEHOLHYHVLQ'DV.DSLWDORQH
EHOLHYHVLQWKH%KDJDYDG*LWDDQRWKHUEHOLHYHVLQWKH5HG%RRNRI0DR=HGRQJ

:HKDYHGULOOHGFRQFHSWVDQGLGHRORJLHVLQWRWKHLQQRFHQWPLQGVRISRRU
FKLOGUHQ7KH\DUHDOUHDG\EHFRPLQJNQRZHUV'R\RXNQRZE\WKHDJHRI
VHYHQDFKLOGDOUHDG\NQRZVILIW\SHUFHQWRIDOOWKDWKHZLOOHYHUNQRZ$QGE\WKH
WLPHKHLVIRXUWHHQKHKDVDOPRVWDUULYHGQRZWKHUHLVQRZKHUHWRJRKHKDV
RQO\WRYHJHWDWH1RZKHZLOOH[LVWDVDFDEEDJH,IKHJRHVWRFROOHJHWKHQDV
WKH\VD\KHPD\EHFRPHDFDXOLIORZHU$FDEEDJHZLWKDFROOHJHHGXFDWLRQLVD
FDXOLIORZHU%XWWKHUHLVQRWPXFKGLIIHUHQFHMXVWODEHOVFKDQJH7KHFDEEDJH
EHFRPHVDQ0$D3K'WKLVDQGWKDWDQGMXVWWRVKRZUHVSHFWZHFDOOLWD
FDXOLIORZHU%XWWKHPHQWDODJHLVWZHOYH

7KHUHDOPDQJURZVWRWKHYHU\HQG(YHQZKLOHKHLVG\LQJKHLVJURZLQJ(YHQ
WKHODVWPRPHQWRIKLVOLIHZLOOVWLOOEHDQLQTXLU\DVHDUFKDOHDUQLQJ+HZLOOVWLOO
EHLQTXLULQJQRZLQTXLULQJLQWRGHDWK+HZLOOEHIDVFLQDWHGGHDWKLVVXFKDQ
XQNQRZQSKHQRPHQRQVXFKDP\VWHU\IDUPRUHP\VWHULRXVWKDQOLIHLWVHOI
KRZFDQDQLQWHOOLJHQWPDQEHDIUDLG",ILQOLIHKHKDVQRWEHHQDIUDLGWRJRLQWR
WKHXQFKDUWHGDQGWKHXQNQRZQDWWKHPRPHQWRIGHDWKKHZLOOEHWKULOOHG
HFVWDWLF1RZWKHODVWPRPHQWKDVFRPHKHZLOOEHHQWHULQJLQWRWKHGDUNQHVV
WKHGDUNWXQQHORIGHDWK7KLVLVWKHJUHDWHVWDGYHQWXUHRQHFDQHYHUJRRQKH
ZLOOEHOHDUQLQJ

$UHDOPDQQHYHUEHOLHYHVKHOHDUQV$UHDOPDQQHYHUEHFRPHV
NQRZOHGJHDEOHKHDOZD\VUHPDLQVRSHQRSHQWRWUXWK$QGKHDOZD\V
UHPHPEHUVWKDW,WLVQRWWKDWWUXWKKDVWRDGMXVWWRPHEXWMXVWYLFHYHUVD,KDYH
WRDGMXVWWRWUXWK7KHEHOLHYHUWULHVWRDGMXVWWUXWKWRKLPVHOIWKHVHHNHUDGMXVWV
KLPVHOIWRWUXWK5HPHPEHUWKHGLIIHUHQFHWKHGLIIHUHQFHLVWUHPHQGRXV2QH
ZKREHOLHYHVKHVD\V7UXWKVKRXOGEHOLNHWKLVWKLVLVP\EHOLHI

-XVWWKLQNRID&KULVWLDQ,I*RGDSSHDUVQRWOLNH-HVXV&KULVWEXWOLNH.ULVKQD




QRWRQWKHFURVVEXWZLWKDIOXWHDQGJLUOIULHQGVGDQFLQJDURXQGKLPWKH&KULVWLDQ
ZLOOFORVHKLVH\HVKHZLOOVD\7KLVLVQRWP\FXSRIWHD*LUOIULHQGV"&DQ\RX
WKLQNRI-HVXVZLWKJLUOIULHQGV"7KHFURVVDQGJLUOIULHQGVFDQ
WJRWRJHWKHU-HVXV
KDQJLQJRQWKHFURVVDQGJLUOIULHQGVGDQFLQJDURXQG",WZRQ
WILWLWZLOOEHYHU\
EL]DUUH+HZDVZDLWLQJIRU&KULVWWRDSSHDUDQGLQVWHDGRI&KULVWWKLVJX\
.ULVKQDDSSHDUVKHVHHPVWREHGHEDXFKHG$QGWKHIOXWH"7KHZRUOGLV
VXIIHULQJDQGSHRSOHDUHKXQJU\DQGWKH\QHHGEUHDGDQGWKLVPDQLVSOD\LQJ
RQWKHIOXWH"+HVHHPVWREHXWWHUO\XQFRPSDVVLRQDWHKHVHHPVWREH
LQGXOJHQW7KH&KULVWLDQFDQQRWEHOLHYHLQ.ULVKQDLI*RGDSSHDUVDV.ULVKQD
WKHQWKH&KULVWLDQZLOOVD\7KLVLVQRW*RG

$QGWKHVDPHZLOOEHWKHFDVHZLWKWKH+LQGXZKRZDVZDLWLQJIRU.ULVKQDLI
&KULVWDSSHDUVWKDWZLOOQRWEHKLVLGHDRI*RGVRVDGVXFKDORQJIDFHVR
JORRP\ZLWKVXFKVXIIHULQJRQKLVIDFH

&KULVWLDQVVD\-HVXVQHYHUODXJKHG,GRQ
WWKLQNWKH\DUHULJKWDQG,GRQ
WWKLQN
WKH\DUHUHSUHVHQWLQJWKHUHDO&KULVWEXWWKDW
VZKDWWKH\KDYHPDQDJHGWR
SURSDJDWH7KH+LQGXFDQQRWDFFHSWWKHUHYHODWLRQKHPXVWWKLQNWKLVLVVRPH
NLQGRIQLJKWPDUH-HVXVZLOOQRWDSSHDOWRKLP

7KHEHOLHYHUFDQQRWHYHQWUXVWKLVRZQH[SHULHQFH(YHQLIWUXWKLVUHYHDOHGKH
ZLOOUHMHFWLWXQOHVVLWILWVZLWKKLP+HLVPRUHLPSRUWDQWWKDQWUXWKLWVHOIWUXWKKDV
DQREOLJDWLRQWRILWZLWKKLP+HLVWKHFULWHULRQKHLVWKHGHFLVLYHIDFWRU7KLVNLQG
RIPDQFDQQHYHUNQRZWUXWKKHLVDOUHDG\SUHMXGLFHGSRLVRQHG

7KHPDQZKRZDQWVWRNQRZWUXWKKDVWREHFDSDEOHRIGURSSLQJDOOFRQFHSWV
DERXWWUXWK(YHU\WKLQJDERXWWUXWKKDVWREHGURSSHG2QO\WKHQFDQ\RXNQRZ
WUXWK.QRZZHOOWRNQRZDERXWWUXWKLVQRWWRNQRZWUXWK:KDWVRHYHU\RXNQRZ
PD\EHXWWHUQRQVHQVHWKHUHLVHYHU\SRVVLELOLW\WKDWLWLVXWWHUQRQVHQVH,QIDFW
SHRSOHFDQEHFRQGLWLRQHGWREHOLHYHDQ\NLQGRIQRQVHQVHWKH\FDQEH
FRQYLQFHG

2QFH,ZHQWWRDGGUHVVDFRQIHUHQFHRIWKHRVRSKLVWV1RZWKHRVRSKLVWVDUH
SHRSOHZKRZLOOEHOLHYHDQ\EXOOVKLW$1<7KHPRUHVKLWW\LWLVWKHPRUH
EHOLHYDEOH6R,MXVWSOD\HGDMRNHRQWKHP,VLPSO\LQYHQWHGVRPHWKLQJ,
LQYHQWHGDVRFLHW\FDOOHG6LWQDOWD7KH\ZHUHDOOGR]LQJWKH\EHFDPHDOHUW
6LWQDOWD",PDGHWKHZRUGE\MXVWUHDGLQJ$WODQWLVEDFNZDUGV$QGWKHQ,WROG
WKHP7KLVNQRZOHGJHFRPHVIURP$WODQWLVWKHFRQWLQHQWWKDWGLVDSSHDUHGLQ
WKH$WODQWLFRFHDQ

$QGWKHQ,WDONHGDERXWLW7KHUHDUHUHDOO\QRWVHYHQFKDNUDVEXWVHYHQWHHQ
7KDWJUHDWDQFLHQWHVRWHULFNQRZOHGJHLVORVWEXWDVRFLHW\RIHQOLJKWHQHG
PDVWHUVVWLOOH[LVWVDQGLWVWLOOZRUNV,WLVDYHU\YHU\HVRWHULFVRFLHW\YHU\IHZ
SHRSOHDUHDOORZHGWRKDYHDQ\FRQWDFWZLWKLWLWVNQRZOHGJHLVNHSWXWWHUO\
VHFUHW





$QG,WDONHGDOONLQGVRIQRQVHQVHWKDW,FRXOGPDQDJH$QGWKHQWKHSUHVLGHQWRI
WKHVRFLHW\VDLG,KDYHKHDUGDERXWWKLVVRFLHW\1RZLWZDVP\WXUQWREH
VXUSULVHG$QGDERXWZKDWVRHYHU,KDGVDLGKHVDLGWKDWLWZDVWKHILUVWWLPHWKDW
WKHNQRZOHGJHRIWKLVVHFUHWVRFLHW\KDGEHHQUHYHDOHGVRH[DFWO\
$QGWKHQOHWWHUVVWDUWHGFRPLQJWRPH2QHPDQHYHQZURWHVD\LQJ,WKDQN\RX
YHU\PXFKIRULQWURGXFLQJWKLVLQQHUHVRWHULFFLUFOHWRWKHWKHRVRSKLVWVEHFDXVH,
DPDPHPEHURIWKHVRFLHW\DQG,FDQYRXFKWKDWZKDWVRHYHU\RXKDYHVDLGLV
DEVROXWHO\WUXH

7KHUHDUHSHRSOHOLNHWKHVHZKRDUHMXVWZDLWLQJWREHOLHYHLQDQ\WKLQJEHFDXVH
WKHPRUHQRQVHQVLFDODEHOLHILVWKHPRUHLPSRUWDQWLWDSSHDUVWREH7KHPRUH
DEVXUGLWLVWKHPRUHEHOLHYDEOHEHFDXVHLIVRPHWKLQJLVORJLFDOWKHQWKHUHLV
QRTXHVWLRQRIEHOLHYLQJLQLW

<RXGRQ
WEHOLHYHLQWKHVXQ\RXGRQ
WEHOLHYHLQWKHPRRQ<RXGRQ
WEHOLHYHLQ
WKHWKHRU\RIUHODWLYLW\HLWKHU\RXXQGHUVWDQGLWRU\RXGRQ
WXQGHUVWDQGLWWKHUHLV
QRTXHVWLRQRIEHOLHI<RXGRQ
WEHOLHYHLQJUDYLWDWLRQWKHUHLVQRQHHG1RERG\
EHOLHYHVLQDVFLHQWLILFWKHRU\LWLVORJLFDO%HOLHILVQHHGHGRQO\ZKHQVRPHWKLQJ
LOORJLFDOVRPHWKLQJXWWHUO\DEVXUGLVSURSRXQGHG

7HUWXOOLDQVDLG,EHOLHYHLQ*RGEHFDXVHLWLVDEVXUG&5('248,$
$%685'80P\FUHHGLVWKHDEVXUG

$OOEHOLHIVDUHDEVXUG,IDEHOLHILVYHU\ORJLFDOLWZLOOQRWFUHDWHEHOLHILQ\RX6R
SHRSOHJRRQLQYHQWLQJWKLQJV

0DQLVEDVLFDOO\DFRZDUGKHGRHVQRWZDQWWRLQTXLUH$QGKHGRHVQRWZDQWWR
VD\,GRQ
WNQRZHLWKHU

1RZWKDWSUHVLGHQWRIWKHWKHRVRSKLFDOVRFLHW\ZKRVDLG,KDYHKHDUGDERXW
WKLVVRFLHW\KHFDQQRWVD\WKDWKHGRHVQRWNQRZKHGRHVQRWKDYHHYHQWKDW
PXFKFRXUDJH7RDFFHSWRQH
VLJQRUDQFHQHHGVFRXUDJH7RDFFHSWWKDW\RX
GRQ
WNQRZLVWKHEHJLQQLQJRIUHDONQRZOHGJH<RXJRRQEHOLHYLQJEHFDXVH
WKHUHDUHKROHVLQ\RXUOLIHZKLFKKDYHWREHILOOHGDQGEHOLHILVHDVLO\DYDLODEOH

7KHUHDUHWKUHHKXQGUHGUHOLJLRQVRQWKHHDUWK2QHWUXWKDQGWKUHHKXQGUHG
UHOLJLRQV"2QH*RGDQGWKUHHKXQGUHGUHOLJLRQV"2QHH[LVWHQFHDQGWKUHH
KXQGUHGUHOLJLRQV"$QG,DPQRWWDONLQJDERXWVHFWVEHFDXVHHDFKUHOLJLRQKDV
GR]HQVRIVHFWVDQGWKHQWKHUHDUHVXEVHFWVRIVHFWVDQGLWJRHVRQDQGRQ,I
\RXFRXQWDOOWKHVHFWVDQGDOOWKHVXEVHFWVWKHQWKHUHZLOOEHWKUHHWKRXVDQGRU
HYHQPRUH

+RZFDQVRPDQ\EHOLHIVFRQWUDGLFWRU\WRHDFKRWKHUJRRQ"3HRSOHKDYHD
FHUWDLQQHHGWKHQHHGQRWWRDSSHDULJQRUDQW+RZWRIXOILOOWKLVQHHG"*DWKHUD
IHZEHOLHIV$QGWKHPRUHDEVXUGWKHEHOLHILVWKHPRUHNQRZOHGJHDEOH\RX
DSSHDUEHFDXVHQRERG\HOVHNQRZVDERXWLW





7KHUHDUHSHRSOHZKREHOLHYHLQDKROORZHDUWKDQGWKDWLQVLGHWKHHDUWKWKHUHLV
DFLYLOL]DWLRQ1RZLIVRPHERG\VD\VVR\RXFDQQRWGHQ\LW\RXFDQQRWDFFHSWLW
EXWDWOHDVW\RXKDYHWROLVWHQDWWHQWLYHO\$QGWKDWVHUYHVDSXUSRVHHYHU\ERG\
ZDQWVWREHOLVWHQHGWRDWWHQWLYHO\$QGRQHWKLQJLVFHUWDLQWKLVPDQNQRZVPRUH
WKDQ\RX<RXGRQ
WNQRZZKHWKHUWKHHDUWKLVKROORZRUQRWWKLVPDQNQRZV
$QGZKRNQRZV"+HPD\EHULJKW+HFDQJDWKHUDWKRXVDQGDQGRQHSURRIVKH
FDQDUJXHIRULWKHFDQSURSRXQGLWLQVXFKDZD\WKDW\RXDWOHDVWKDYHWREH
VLOHQWLI\RXGRQ
WDJUHH

%HOLHYHUVDQGEHOLHYHUVDQGEHOLHYHUVEXWZKHUHLVWUXWK"7KHUHDUHVRPDQ\
EHOLHYHUVEXWZKHUHLVWUXWK",I-RKQ/LOO\LVULJKWWKHQWKHZRUOGZRXOGEHIXOORI
WUXWK\RXZRXOGFRPHDFURVVLWHYHU\ZKHUH(YHU\ERG\ZRXOGKDYHWUXWK
EHFDXVHHYHU\ERG\LVDEHOLHYHU1RLWLVDOOQRQVHQVH

+HVD\V:KDWWKHPLQGEHOLHYHVLVWUXHRUEHFRPHVWUXH1R:KDWWKHPLQG
EHOLHYHVLVQHYHUWUXHEHFDXVHWUXWKQHHGVQREHOLHI%HOLHILVDEDUULHUWRWUXWK
$QGZKDWWKHPLQGEHOLHYHVQHYHUEHFRPHVWUXHEHFDXVHWUXWKLVQRWEHFRPLQJ
WUXWKLVEHLQJLWLVDOUHDG\WKHFDVH<RXKDYHWRVHHLWRU\RXFDQJRRQ
DYRLGLQJVHHLQJLWEXWLWLVWKHUH1RWKLQJKDVWREHDGGHGWRLWLWLVHWHUQDOO\
WKHUH

$QGWKHEHVWZD\WRDYRLGWUXWKLVWREHOLHYH7KHQ\RXQHHGQRWORRNDWLW<RXU
H\HVEHFRPHIXOORIEHOLHIEHOLHIIXQFWLRQVDVGXVWRQWKHH\HV<RXEHFRPH
FORVHGLQWR\RXUVHOIWKHEHOLHIEHFRPHVDSULVRQDURXQG\RX%HOLHIFORVHV\RX
WKHQ\RXDUHOLYLQJZLWKLQ\RXUVHOILQDZLQGRZOHVVH[LVWHQFHDQG\RXFDQJRRQ
EHOLHYLQJZKDWVRHYHU\RXZDQWWREHOLHYH%XWUHPHPEHULWLVEHOLHIDQGEHOLHILV
DOLH
/HWPHVD\WKDWHYHQZKHQWKHWUXWKLVWROGWR\RXGRQ
WEHOLHYHLQLW([SORUH
LQTXLUHVHDUFKH[SHULPHQWH[SHULHQFHGRQ
WEHOLHYHLQLW(YHQZKHQWUXWKLV
FRQYH\HGWR\RXLI\RXEHOLHYHLQLW\RXWXUQLWLQWRDOLH$WUXWKEHOLHYHGLVDOLH
EHOLHIWXUQVWUXWKLQWRDOLH
%HOLHYHLQ%XGGKDDQG\RXEHOLHYHLQDOLH%HOLHYHLQ&KULVWDQG\RXEHOLHYHLQD
OLH'RQ
WEHOLHYHLQ&KULVWGRQ
WEHOLHYHLQ%XGGKDGRQ
WEHOLHYHLQPH:KDW,
VD\OLVWHQWRLWDWWHQWLYHO\LQWHOOLJHQWO\H[SHULPHQWH[SHULHQFH$QGZKHQ\RX
KDYHH[SHULHQFHGZLOO\RXQHHGWREHOLHYHLQLW"7KHUHZLOOEHQRGRXEWOHIWVR
ZKDWZLOOEHWKHSRLQWRIEHOLHI"%HOLHILVDZD\RIUHSUHVVLQJGRXEW\RXGRXEW
KHQFH\RXQHHGEHOLHI

7KHURFNRIEHOLHIUHSUHVVHVWKHVSULQJRIGRXEW

:KHQ\RXNQRZ\RXNQRZ<RXNQRZLWLVVRWKHUHLVQRGRXEWOHIW<RXU
H[SHULHQFHKDVH[SHOOHGDOOGDUNQHVVDQGDOOGRXEW7UXWKLV\RXDUHIXOORILW
7UXWKQHYHUFUHDWHVEHOLHI

+RZWRDWWDLQWRWUXWK"%\GURSSLQJDOONLQGVRIEHOLHIV$QGUHPHPEHU,DP




VD\LQJDOONLQGVEHOLHILQPHLVLQFOXGHG([SHULHQFHPHFRPHDORQJZLWKPH
OHWPHVKDUHZKDW,KDYHVHHQEXWGRQ
WEHOLHYHGRQ
WEHLQDKXUU\'RQ
WVD\
1RZZKDWLVWKHSRLQW"1RZ2VKRKDVVHHQLWDOOWKDWLVOHIWIRUPHLVWREHOLHYH
LW

:KDW,KDYHVHHQFDQQRWEHFRPH\RXUH[SHULHQFHXQOHVV\RXVHHLW$QGLWLVWKH
H[SHULHQFHRIWUXWKWKDWGHOLYHUV\RXIURPLJQRUDQFHIURPERQGDJHIURPPLVHU\
,WLVQRWWKHEHOLHIWKDWGHOLYHUV\RXLWLVWUXWK

-HVXVVD\V7UXWKOLEHUDWHV%XWKRZWRDWWDLQWRWUXWK",WLVQRWDTXHVWLRQRI
EHOLHIEXWDTXHVWLRQRIPHGLWDWLYHQHVV$QGZKDWLVPHGLWDWLRQ"0HGLWDWLRQLV
HPSW\LQJ\RXUPLQGFRPSOHWHO\RIDOOEHOLHILGHRORJ\FRQFHSWWKRXJKW2QO\LQ
DQHPSW\PLQGZKHQWKHUHLVQRGXVWOHIWRQWKHPLUURUWUXWKUHIOHFWV7KDW
UHIOHFWLRQLVDEHQHGLFWLRQ

7KHODVWTXHVWLRQ
%(/29('26+2

7+$1.<286208&+-867)25/,)($//7+(%($87,)8/0(7+2'6
$5(12*22'$1<025(
,
:,///(77+(0,1''523$1'7+(
0(7+2'6722,)($57+$7<28:,//6(1'0(%$&.72+(//

6DUYHVKPHWKRGVDUHQHYHURIDQ\XVH0HWKRGVKDYHQHYHUEHHQDQ\JRRG
EXWWKH\VWLOOVHUYHDSXUSRVH7KHSXUSRVHLVQHJDWLYH,I\RXKDYHDWKRUQLQ
\RXUIRRW\RXQHHGDQRWKHUWKRUQWRSXOOLWRXW2QFHWKHILUVWWKRUQLVSXOOHGRXW
E\WKHVHFRQGGRQ
WSXWWKHVHFRQGEDFNLQWKHZRXQGMXVWRXWRIJUDWHIXOQHVV
7KURZDZD\ERWK7KHVHFRQGWKRUQLVDVPXFKDWKRUQDVWKHILUVWWKHLUTXDOLWLHV
DUHQRWGLIIHUHQW

%HFDXVH\RXUPLQGLVVRIXOORIUXEELVK\RXQHHGVRPHWKLQJWRSXOOLWRXW%XW
ZKDWVRHYHULVJRLQJWRSXOOLWRXWLVUXEELVKLQLWVRZQZD\LWLVWKHVDPH3RLVRQ
LVQHHGHGWRNLOOSRLVRQ'RQ
WFOLQJWRWKHVHFRQGSRLVRQWKLQNLQJLWLVPHGLFLQH
GRQ
WEHFRPHDGGLFWHGWRWKHVHFRQGSRLVRQ

,WLVJRRGWKDW\RXVD\$OOWKHEHDXWLIXOPHWKRGVDUHQRJRRGDQ\PRUH

7KH\QHYHUZHUH%XWWKH\VWLOOVHUYHDSXUSRVHEHFDXVHPDQOLYHVLQVXFK
VWXSLGLW\WKDWKHKDVWREHSXOOHGRXWRILW$QGUHPHPEHU\RXUOLHV\RXUEHOLHIV
\RXULJQRUDQFHKDYHWREHGURSSHGVRPHKRZVRPHZD\VDQGPHDQVKDYHWR
EHLQYHQWHG2QFH\RXUPLQGLVGURSSHG\RXZLOOVHHWKHZKROHULGLFXORXVQHVVRI
DOOWKHPHWKRGV7KHQ\RXZLOOXQGHUVWDQGWKDWWKH\ZHUHQHYHUQHHGHGDWDOO

%XWGRQ
WVWDUWWDONLQJDERXWLWWRRWKHUVEHFDXVHWKHUHDUHPDQ\SHRSOHZKR
PD\GURSWKHPIURPWKHYHU\EHJLQQLQJVHHLQJWKDWLIWKH\DUHQRWQHHGHGWKHQ
ZK\ERWKHU"7KH\DUHQHHGHGDOWKRXJKWKHUHFRPHVDWLPHZKHQWKH\KDYHWR
EHGURSSHG8VHWKHPDQGGURSWKHP$OOPHWKRGVDUHOLNHODGGHUVZKHQ\RX




KDYHFOLPEHGXSWKHODGGHUDQG\RXKDYHUHDFKHGWKHXSSHUIORRU\RXQHHGQRW
ERWKHUDERXWLWLWFDQEHWKURZQDZD\

,QIDFWLWVKRXOGEHWKURZQDZD\.HHSLQJLWPD\VKRZVRPHXQFRQVFLRXVGHVLUH
LQ\RXWRJREDFN\RXZDQWWRNHHSWKHODGGHUWKHUHLQFDVH\RXGHFLGHWRJR
EDFNWR\RXUROGUXEELVK7KHODGGHUFDQKHOSLQWKDWZD\WRR$ODGGHULVQHXWUDO
LWFDQWDNH\RXWRWKHXSSHUIORRULWFDQEULQJ\RXEDFNGRZQWRWKHROG
VLWXDWLRQ%XWWKHODGGHUFDQQRWGLUHFW\RX

,QIDFWWKHPRPHQW\RXKDYHFOLPEHGXSWKHODGGHU\RXKDYHXVHGLWDQG
UHDFKHGDGLIIHUHQWSODQHRIOLIHDGLIIHUHQWSODQHRIXQGHUVWDQGLQJWKURZWKH
ODGGHUDZD\LPPHGLDWHO\EHIRUH\RXVWDUWFOLQJLQJWRLW

6RLWLVJRRGWKDW\RXWKLQNPHWKRGVDUHQRJRRGDQ\PRUH

,
ZLOOOHWWKHPLQGGURSDQGWKHPHWKRGVWRR

,IPHWKRGVDUHQRJRRGDQ\PRUH6DUYHVKZKHUHLVWKHPLQG"$QGLIWKHPLQG
LVVWLOOWKHUHWREHGURSSHGWKHQSOHDVHGRQ
WEHLQDKXUU\WKHPHWKRGVVWLOOKDYH
DOLWWOHIXQFWLRQWRIXOILOO

<RXZLOOQRWEHDEOHWROHWWKHPLQGGURS:KRDUH\RXH[FHSWWKHPLQG":KRZLOO
GURSWKHPLQGZKRZLOOOHWWKHPLQGGURS"<RXDUHQRW\HW\RXZLOONQRZ\RXUVHOI
RQO\ZKHQWKHPLQGLVGURSSHG:KHQWKHPLQGGLVDSSHDUV\RXZLOONQRZZKR
\RXDUH%HIRUHWKDW\RXGRQ
WNQRZ,WLVMXVWWKHPLQGWKLQNLQJDERXWGURSSLQJ
WKHPLQG0LQGLVYHU\VXEWOHYHU\FXQQLQJLWFDQJRRQSOD\LQJQHZJDPHV,W
FDQVD\<HVLWLVVREHDXWLIXOWRGURSWKHPLQG$QGLWLVVWLOOWKHPLQG$QGWKH
PLQGFDQVD\7KHUHLVQRQHHGIRUDQ\PHWKRG6DUYHVK<RXFDQGURSPH
HDVLO\LWLVXSWR\RX


7KHPLQGLVSOD\LQJDYHU\VXEWOHWULFN,WLVKHOSLQJ\RXWRGURSWKHPHWKRGVILUVW
DQGWKHQWKHPLQGWKLQNV:HZLOOVHHZHZLOOVHHLI\RXFDQGURSPH
,ILWKDVUHDOO\EHHQXQGHUVWRRGWKDWPHWKRGVDUHQRORQJHUXVHIXOLWLV
V\QRQ\PRXVWRWKDWXQGHUVWDQGLQJWKDWWKHPLQGLVGURSSHG7KH\PHDQWKH
VDPHWKLQJWRNQRZWKDWPHWKRGVDUHQRORQJHUQHHGHGQRORQJHUXVHIXOLVWR
VHHWKDWWKHPLQGLVQRPRUHWKHUH0LQGLVPHWKRGPLQGLVWHFKQLTXH0LQG
FDQQRWH[LVWZLWKRXWPHWKRGVPHWKRGVFDQQRWH[LVWZLWKRXWPLQGWKH\JR
WRJHWKHU7KH\DUHWZRDVSHFWVRIWKHVDPHHQHUJ\

$QG\RXVD\,IHDUWKDW\RXZLOOVHQGPHEDFNWRKHOO
,IPHWKRGVDUHUHDOO\GURSSHGWKHUHLVQRZD\WRJREDFNWRKHOO(YHQLI,ZDQWWR
VHQG\RX,FDQQRW0HWKRGVDUHQHHGHGWRJRWRKHOO0HWKRGVDUHQHHGHGWR
FRPHRXWRIKHOOPHWKRGVDUHQHHGHGWRJRLQWRKHOOEXWQRPHWKRGLVQHHGHGWR
JRWRKHDYHQ:KHQ\RXDUHRXWRIKHOO\RXDUHLQKHDYHQ

6RWKHZKROHTXHVWLRQLVKRZWREHRXWRIKHOO"2XWRIKHOOLVKHDYHQ+HDYHQLV




QRWVRPHSODFHZKHUH\RXKDYHWRJRRWKHUZLVHPHWKRGVZRXOGEHQHHGHG
SDWKVDQGZD\VZRXOGEHQHHGHG1RSDWKVDQGQRZD\VDUHQHHGHG$OOSDWKV
DOOZD\VOHDGLQWRKHOO%XWLI\RXDUHLQKHOOWKHQ\RXZLOOKDYHWRXVHWKHVDPH
SDWKVDQGWKHVDPHZD\VWRFRPHEDFN

/HWPHWHOO\RXRQHRIWKHPRVWEHDXWLIXOSDUDEOHVWKDWKDVHYHUEHHQLQYHQWHGE\
PDQWKHSDUDEOHRI$GDPDQG(YHHDWLQJWKHIUXLWRIWKH7UHHRI.QRZOHGJH
7KHPRPHQWWKH\KDYHHDWHQWKHIUXLWRIWKH7UHHRI.QRZOHGJHWKH\IDOOWKH
RULJLQDOIDOO7KH\DUHQRPRUHLQSDUDGLVHWKH\DUHQRPRUHGHDWKOHVVWKH\DUH
QRPRUHLQHWHUQLW\WKH\KDYHORVWFRQWDFW:KDWKDVKDSSHQHG"0LQGKDVEHHQ
FUHDWHG

7KDWLVWKHPHDQLQJRIWKHSDUDEOH(DWLQJIURPWKH7UHHRI.QRZOHGJHFUHDWHV
WKHPLQGWKHPRPHQWWKH\DWHWKHIUXLWRIWKH7UHHRI.QRZOHGJHPLQGZDV
FUHDWHG$GDPDQG(YHDUHVWLOOLQWKHVDPHSODFHLQWKHVDPHVSDFHWKH\KDYH
QRWJRQHDQ\ZKHUH%XWWKHPLQGLVFUHDWHGDQGRQFHWKHPLQGLVWKHUH
SDUDGLVHLVORVWIRUJRWWHQ2QHIDOOVDVOHHSDQGVWDUWVGUHDPLQJRIKHOOVGHDWK
HWFHWHUDHWFHWHUD1RZ\RXZLOOKDYHWRYRPLWWKHIUXLWRINQRZOHGJH

<RXZLOOKDYHWRYRPLWWKHPLQGRXWRI\RXUV\VWHP2QFH\RXKDYHYRPLWHG
NQRZOHGJHRXWRI\RXUV\VWHPVXGGHQO\\RXZLOOEHDZDNHQHGWRWKHIDFWWKDW
\RXDUHLQSDUDGLVH$QG\RXZLOOVWDUWODXJKLQJDWWKHZKROHULGLFXORXVQHVVRILW
EHFDXVH\RXZLOONQRZ\RXZLOOEHFRPHSHUIHFWO\DZDUHWKDW\RXKDGQHYHU
EHHQDQ\ZKHUHHOVH<RXKDYHDOZD\VEHHQKHUHDOZD\VDQGDOZD\V\RXKDG
MXVWIDOOHQDVOHHSDQGKDGDQLJKWPDUH1RZWKDWWKHSRLVRQLVRXWRI\RXU
V\VWHPWKHQLJKWPDUHLVILQLVKHG

:HDUHLQWKHJDUGHQRI(GHQULJKWQRZWKLVYHU\PRPHQW1RERG\FDQVHQG
\RXWRKHOO6DUYHVKH[FHSWNQRZOHGJHH[FHSWPHWKRGVH[FHSWWKHPLQG
7U\WRXQGHUVWDQG5DWKHUWKDQEHLQJLQDKXUU\WRGURSDQ\WKLQJWU\WR
XQGHUVWDQG%HFRPHPRUHDZDUHEHFRPHPRUHDOHUWPRUHZDWFKIXOPRUH
REVHUYDQWDQGPHWKRGVZLOOGLVDSSHDUDQGPLQGZLOOGLVDSSHDULQWKHVDPH
LQVWDQW$QGWKHQWKHUHLVQRKHOOLQIDFWWKHUHQHYHUKDVEHHQ\RXKDGRQO\
LPDJLQHGLW,WLVDOOSDUDGLVHDQGDOZD\VSDUDGLVH:HDUHLQ*RGZHDUHJRGV
(QRXJKIRUWRGD\








FKDSWHUIRXUWKHODVWFKDQFHWREHDUHEHO
IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2

620(7,0($*2:+,/($6/((3,17+(1,*+7,'5($0(',:$6$7$
/(&785(,17+(0251,1*,&28/'1275(0(0%(5$1<7+,1*<28
'
6$,'(;&(377+(3+5$6(32(75<,66855(1'(56,1&(7+(1,
+$9(%((1:21'(5,1*:+$732(75<+$672'2:,7+6855(1'(5
$1'9,&(9(56$$1'+2:32(75<&$1%($3$7+/,.(/29(
35$<(5$1'0(',7$7,21

'HYDULFKDSRHWU\FRQWDLQVDOOLWFRQWDLQVORYHLWFRQWDLQVSUD\HULWFRQWDLQV
PHGLWDWLRQDQGPXFKPRUH$OOWKDWLVGLYLQHDOOWKDWLVEHDXWLIXODOOWKDWFDQWDNH
\RXWRWKHWUDQVFHQGHQWDOLVFRQWDLQHGLQSRHWU\




3RHWU\LVQRWMXVWSRHWU\SRHWU\LVHVVHQWLDOUHOLJLRQ3RHWU\PHDQVDVWDWHRI
EHLQJZKHUHWKHPLQGLVQRORQJHULQWHUIHULQJEHWZHHQ\RXDQGH[LVWHQFHZKHQ
WKHUHLVFRPPXQLRQEHWZHHQ\RXDQGH[LVWHQFHGLUHFWLPPHGLDWHZKHQ\RX
DUHVXGGHQO\SRVVHVVHGE\WKHZKROHZKHUH\RXGLVDSSHDUDVDVHSDUDWHHQWLW\
DQGWKHZKROHVWDUWVVSHDNLQJWKURXJK\RXVWDUWVGDQFLQJWKURXJK\RXZKHUH
\RXEHFRPHDKROORZEDPERRDQGWKHZKROHWUDQVIRUPV\RXLQWRDIOXWH

3RHWU\LVWKHZKROHGHVFHQGLQJLQWRWKHSDUWWKHRFHDQGLVDSSHDULQJLQWRWKH
GHZGURS3RHWU\LVDPLUDFOH

$QGZKHQ,XVHWKHZRUGSRHWU\P\ILQJHUVDUHQRWSRLQWLQJWRWKH6KDNHVSHDUHV
WKH.DOLGDVHVWKH\DUHRQO\SDUWLDOSRHWV<HVWKH\NQHZFHUWDLQPRPHQWVRI
SRHWU\EXWWKH\DUHQRWSRHWV7KH\KDGDIHZJOLPSVHVZKHQWKHGRRUVRIWKH
XQNQRZQZHUHRSHQWRWKHPWKH\KDGVRPHDFFHVVWRWKHGHHSHVWVRXUFHVRI
OLIHEXWWKRVHPRPHQWVZHUHVKHHUJLIWVIURPWKHXQNQRZQ7KH\NQHZQRWKLQJ
RIKRZWRUHDFKWKHPWKH\NQHZQRWKLQJDERXWKRZWKHZKROHUHDFKHGWKHP,W
ZDVDOPRVWDVWDWHRIXQFRQVFLRXVQHVV,WKDSSHQHGLQDGUHDPMXVWDVLWKDV
KDSSHQHGWR\RXLQDGUHDP7KH\ZHUHGUHDPHUV

$OOWKHVRFDOOHGJUHDWSRHWVRIWKHZRUOGJUHDWSDLQWHUVPXVLFLDQVVFXOSWRUV
WKH\ZHUHDOOGUHDPHUV<HVWKH\KDGDIHZJOLPSVHVLQWKHLUGUHDPVVRPHWKLQJ
LQILOWUDWHGKHUHDQGWKHUHDUD\RIOLJKWZDVDEOHWRSDVVWKURXJKWKHGUHDP
EDUULHUDQGHYHQWKDWVLQJOHUD\ZDVHQRXJKWRFUHDWHD6KDNHVSHDUHRUD
.DOLGDV%XWWKDW
VQRWZKDW,DPSRLQWLQJWR

:KHQ,VD\SRHWU\,PHDQWKDWZKLFKIORZHGWKURXJKWKHEXGGKDV7KDWLVWUXH
SRHWU\%XGGKDLVQRWDGUHDPHU$WLVKDLVQRWDGUHDPHULIWKH\DUHDQ\WKLQJ
WKH\DUHDZDNHQHGSHRSOH'UHDPVKDYHGLVDSSHDUHGHYDSRUDWHG1RZLWLVQRW
RQO\DJOLPSVHRIWUXWKWKDWFRPHVWRWKHPXQDZDUHVSRVVHVVHVWKHPDQGWKHQ
OHDYHVWKHPHPSW\VSHQWH[KDXVWHG

7KHRUGLQDU\SRHWVLPSO\KRSVIRUDPRPHQWKHLVRIIWKHJURXQGEXWRQO\IRUD
PRPHQWDQGWKHQKHLVEDFNRQWKHJURXQGDJDLQ

$EXGGKDKDVZLQJVKHGRHVQRWKRS+HNQRZVKRZWRJRWRWKHIDUWKHVWVWDU
+HNQRZVWKHZD\WRDSSURDFKWKHXQNQRZQKHKDVWKHNH\WRXQORFNWKHGRRUV
WRWKHP\VWHULRXV+HLVDPDVWHU$QGWKHQVRPHWKLQJVWDUWVIORZLQJWKURXJKKLP
ZKLFKLVQRWKLVRZQ+HLVRQO\DPHGLXPKHLVSRVVHVVHG7KHQZKDWVRHYHUKH
VD\VLVSRHWU\RUHYHQLIKHNHHSVVLOHQWKLVVLOHQFHLVSRHWU\+LVVLOHQFHKDV
WUHPHQGRXVPXVLFLQLWZKHWKHUKHVSHDNVRUQRWGRHVQ
WPDWWHU6SHDNLQJKH
VSHDNVSRHWU\QRWVSHDNLQJKHUHPDLQVSRHWU\+HLVVXUURXQGHGE\SRHWU\KH
ZDONVLQSRHWU\KHVOHHSVLQSRHWU\SRHWU\LVKLVYHU\VRXOLWLVKLVHVVHQWLDO
EHLQJ

+RZGRHVWKLVSRHWU\KDSSHQ",WKDSSHQVLQVXUUHQGHULWKDSSHQVZKHQWKHSDUW
JDWKHUVHQRXJKFRXUDJHWRVXUUHQGHUWRWKHZKROHZKHQWKHGHZGURSVOLSVLQWR




WKHRFHDQDQGEHFRPHVWKHRFHDQ

6XUUHQGHULVDYHU\SDUDGR[LFDOVWDWHRQRQHKDQG\RXGLVDSSHDURQWKHRWKHU
KDQG\RXDSSHDUIRUWKHILUVWWLPHLQ\RXULQILQLWHJORU\LQ\RXUPXOWLGLPHQVLRQDO
VSOHQGRU<HVWKHGHZGURSLVJRQHDQGJRQHIRUHYHUWKHUHLVQRZD\WR
UHFDSWXUHLWWRUHFODLPLW7KHGHZGURSKDVGLHGDVDGURSEXWLQIDFWWKH
GHZGURSKDVEHFRPHWKHRFHDQKDVEHFRPHRFHDQLF,WVWLOOH[LVWVQRPRUHDV
DILQLWHHQWLW\EXWDVVRPHWKLQJLQILQLWHVKRUHOHVVERXQGOHVV

7KLVLVWKHPHDQLQJRIWKHP\WKRIWKHSKRHQL[+HGLHVKHLVXWWHUO\EXUQHG
UHGXFHGWRDVKHVDQGWKHQVXGGHQO\KHLVUHERUQRXWRIWKHDVKHV
UHVXUUHFWLRQ7KHSKRHQL[UHSUHVHQWV&KULVWFUXFLIL[LRQDQGUHVXUUHFWLRQ7KH
SKRHQL[UHSUHVHQWV%XGGKDGHDWKDVDQHJRDQGDQHZELUWKDVXWWHU
HJROHVVQHVV,WUHSUHVHQWVDOOWKRVHZKRKDYHNQRZQWRNQRZPHDQVWREHD
SKRHQL['LHDV\RXDUHVRWKDW\RXFDQEHWKDWZKLFK\RXUHDOO\DUH'LHLQDOO
\RXULQDXWKHQWLFLW\SKRQLQHVVVHSDUDWLRQIURPH[LVWHQFH

:HJRRQEHOLHYLQJWKDWZHDUHVHSDUDWH:HDUHQRWQRWHYHQIRUDVLQJOH
PRPHQW,QVSLWHRI\RXUEHOLHI\RXDUHRQHZLWKWKHZKROH%XW\RXUEHOLHIFDQ
FUHDWHQLJKWPDUHVIRU\RXLWLVERXQGWRFUHDWHWKHP7REHOLHYHWKDW,DP
VHSDUDWHPHDQVWRFUHDWHIHDU

,I\RXDUHVHSDUDWHIURPWKHZKROH\RXFDQQHYHUJHWULGRIIHDUEHFDXVHWKH
ZKROHLVVRYDVWDQG\RXDUHVRVPDOOVRWLQ\VRDWRPLFDQG\RXFRQVWDQWO\
KDYHWRILJKWWKHZKROHVRWKDWLWGRHVQRWDEVRUE\RX<RXKDYHWREHFRQVWDQWO\
DOHUWRQJXDUGVRWKHRFHDQGRHVQRWVLPSO\WDNH\RXLQ<RXKDYHWRSURWHFW
\RXUVHOIEHKLQGZDOOVDQGZDOOVDQGZDOOV$OOWKLVHIIRUWLVQRWKLQJEXWIHDU$QG
WKHQ\RXDUHFRQVWDQWO\DZDUHWKDWGHDWKLVUHDFKLQJ\RXDQGGHDWKLVJRLQJWR
GHVWUR\\RXUVHSDUDWLRQ7KDW
VZKDWGHDWKLVDOODERXWGHDWKLVWKHZKROH
FODLPLQJWKHSDUWEDFN$QG\RXDUHDIUDLGWKDWGHDWKZLOOFRPHDQG\RXZLOOGLH
+RZWROLYHORQJ"+RZWRDWWDLQDNLQGRIGHDWKOHVVQHVV"0DQWULHVLWLQPDQ\
ZD\V7RKDYHFKLOGUHQLVRQHRIWKHZD\VKHQFHWKHFRQWLQXRXVXUJHWRKDYH
FKLOGUHQ7KHURRWRIWKLVGHVLUHWRKDYHFKLOGUHQKDVQRWKLQJWRGRZLWKFKLOGUHQ
DWDOOLWKDVVRPHWKLQJWRGRZLWKGHDWK

<RXNQRZ\RXZLOOQRWEHDEOHWREHKHUHIRUHYHUKRZVRHYHU\RXWU\\RXDUH
JRLQJWRIDLO\RXNQRZLWEHFDXVHPLOOLRQVKDYHIDLOHGDQGQRERG\KDVHYHU
VXFFHHGHG<RXDUHKRSLQJDJDLQVWKRSH7KHQILQGVRPHRWKHUZD\V2QHRI
WKHVLPSOHVWZD\VWKHPRVWDQFLHQWZD\LVWRKDYHFKLOGUHQ\RXZLOOQRWEHKHUH
EXWVRPHWKLQJRI\RXDSDUWLFOHRI\RXDFHOORI\RXZLOOJRRQOLYLQJ7KDWLVD
YLFDULRXVZD\RIEHFRPLQJLPPRUWDO

1RZVFLHQFHLVILQGLQJIDUPRUHVRSKLVWLFDWHGZD\VEHFDXVH\RXUFKLOGPD\
ORRNDOLWWOHELWOLNH\RXRUPD\QRWORRNOLNH\RXDWDOODQGKHZLOORQO\EHMXVWD
OLWWOHELWOLNH\RXWKHUHLVQRLQWULQVLFQHFHVVLW\IRUKLPWRDSSHDUH[DFWO\OLNH\RX
6RQRZVFLHQFHKDVIRXQGZD\VWRGXSOLFDWH\RX6RPHRI\RXUFHOOVFDQEH




SUHVHUYHGDQGZKHQ\RXGLHDGXSOLFDWHFDQEHFUHDWHGRXWRIWKRVHFHOOV$QG
WKHGXSOLFDWHZLOOEHH[DFWO\OLNH\RXQRWHYHQWZLQVDUHVRDOLNH,I\RXPHHW\RXU
GXSOLFDWH\RXZLOOEHVXUSULVHGKHZLOOEHH[DFWO\OLNH\RXDEVROXWHO\OLNH\RX
1RZWKH\VD\WKDWWREHVDIHUDGXSOLFDWHFDQEHFUHDWHGZKLOH\RXDUHDOLYH
DQGWKHGXSOLFDWHFDQEHNHSWLQGHHSIUHH]HVRLIVRPHDFFLGHQWKDSSHQVLI
\RXGLHLQDFDUDFFLGHQW\RXFDQEHLPPHGLDWHO\UHSODFHG<RXUZLIHZLOOQHYHU
EHDEOHWRGHWHFWLW\RXUFKLOGUHQZLOOQHYHUFRPHWRNQRZWKDWWKLVGDGG\LVMXVW
DQLPLWDWLRQEHFDXVHKHZLOOEHH[DFWO\OLNH\RX

0HQKDYHWULHGLQRWKHUZD\VDOVRIDUPRUHVRSKLVWLFDWHGWKDQWKLVRQH:ULWH
ERRNVSDLQWSLFWXUHVFRPSRVHJUHDWV\PSKRQLHV\RXZLOOEHJRQHEXWWKH
PXVLFZLOOUHPDLQ\RXZLOOEHJRQHEXW\RXUVLJQDWXUHZLOOEHWKHUHRQWKHERRN
\RXZLOOEHJRQHEXWWKHVFXOSWXUHWKDW\RXFUHDWHGZLOOEHWKHUH,WZLOOUHPLQG
SHRSOHRI\RX\RXZLOOSHUVLVWLQWKHLUPHPRULHV<RXZLOOQRWEHDEOHWRZDONRQ
WKHHDUWKEXW\RXZLOOEHDEOHWRZDONLQSHRSOH
VPHPRULHV,WLVEHWWHUWKDQ
QRWKLQJ%HFRPHIDPRXVOHDYHVRPHPDUNVLQWKHKLVWRU\ERRNVRIFRXUVH
WKH\ZLOOEHRQO\IRRWQRWHVEXWVWLOOVRPHWKLQJLVEHWWHUWKDQQRWKLQJ

0DQKDVEHHQWU\LQJGRZQWKHDJHVVRPHKRZWRKDYHVRPHNLQGRILPPRUWDOLW\
7KHIHDURIGHDWKLVVRPXFKLWKDXQWV\RX\RXUZKROHOLIH

7KHPRPHQW\RXGURSWKHLGHDRIVHSDUDWLRQWKHIHDURIGHDWKGLVDSSHDUV
+HQFH,FDOOWKLVVWDWHRIVXUUHQGHUWKHPRVWSDUDGR[LFDO<RXGLHRI\RXURZQ
DFFRUGDQGWKHQ\RXFDQQRWGLHDWDOOEHFDXVHWKHZKROHQHYHUGLHVRQO\LWV
SDUWVDUHEHLQJUHSODFHG%XWLI\RXEHFRPHRQHZLWKWKHZKROH\RXZLOOOLYH
IRUHYHU\RXZLOOJREH\RQGELUWKDQGGHDWK

7KDW
VWKHVHDUFKIRUQLUYDQDHQOLJKWHQPHQWPRNVKDWKHNLQJGRPRI*RGWKH
VWDWHRIGHDWKOHVVQHVV%XWWKHFRQGLWLRQWKDWKDVWREHIXOILOOHGLVYHU\
IULJKWHQLQJ7KHFRQGLWLRQLVILUVW\RXKDYHWRGLHDVDVHSDUDWHHQWLW\7KDW
V
ZKDWVXUUHQGHULVDOODERXWG\LQJDVDVHSDUDWHHQWLW\G\LQJDVDQHJR$QGLQ
IDFWLWLVQRWKLQJWREHZRUULHGDERXWEHFDXVH\RXDUHQRWVHSDUDWHLWLVRQO\D
EHOLHI6RRQO\WKHEHOLHIGLHVQRW\RX,WLVRQO\DQRWLRQDQLGHD

,WLVDVLI\RXKDYHVHHQDURSHLQWKHGDUNQHVVRIWKHQLJKWDQG\RXKDYHJRWWKH
QRWLRQWKDWLWLVDVQDNHDQG\RXDUHHVFDSLQJIURPWKHVQDNHLQWUHPHQGRXV
IHDUWUHPEOLQJSHUVSLULQJ$QGWKHQVRPHERG\FRPHVDORQJDQGVD\V'RQ
WEH
ZRUULHG,KDYHVHHQLWLQGD\OLJKWDQG,NQRZSHUIHFWO\ZHOOWKDWLWLVRQO\DURSH
,I\RXGRQ
WWUXVWPHLKLSDVVLNRFRPHZLWKPH,ZLOOVKRZ\RXWKDWLWLVRQO\D
URSH

$QGWKDW
VZKDWWKHEXGGKDVKDYHEHHQGRLQJGRZQWKHDJHV,KLSDVVLNRFRPH
ZLWKPH&RPHDQGVHH7KH\WDNHWKHURSHLQWKHLUKDQGDQGWKH\VKRZ\RX
WKDWWKLVLVRQO\DURSHWKHVQDNHZDVQHYHUWKHUHLQWKHILUVWSODFH$OOIHDU
GLVDSSHDUV\RXVWDUWODXJKLQJ<RXVWDUWODXJKLQJDW\RXUVHOIDWKRZIRROLVK\RX
KDYHEHHQ<RXKDYHEHHQHVFDSLQJIURPVRPHWKLQJZKLFKQHYHUH[LVWHGLQWKH




ILUVWSODFH%XWZKHWKHULWH[LVWHGRUQRWWKRVHGURSVRISHUVSLUDWLRQZHUHUHDO
WKHIHDUWKHWUHPEOLQJWKHKHDUWEHDWJRLQJIDVWHUWKHEORRGSUHVVXUHDOOWKRVH
WKLQJVZHUHUHDO

8QUHDOWKLQJVFDQWULJJHUUHDOWKLQJVUHPHPEHULW,I\RXWKLQNWKH\DUHUHDOWKH\
IXQFWLRQIRU\RXDVUHDOLW\RQO\IRU\RX,WLVDGUHDPUHDOLW\EXWLWFDQDIIHFW
\RXLWFDQDIIHFW\RXUZKROHOLIH\RXUZKROHOLIHVW\OH
7KHHJRLVQRWWKHUH7KHPRPHQW\RXEHFRPHDOLWWOHDOHUWDZDUHFRQVFLRXV
\RXZLOOQRWILQGWKHHJRDWDOO,WZLOOEHDURSHWKDW\RXKDGPLVFRQFHLYHGDVD
VQDNH\RXZLOOQRWILQGWKHVQDNHDQ\ZKHUH

'HDWKGRHVQRWH[LVWGHDWKLVXQUHDO%XW\RXFUHDWHLW\RXFUHDWHLWE\FUHDWLQJ
VHSDUDWLRQ6XUUHQGHUPHDQVGURSSLQJWKHLGHDRIVHSDUDWLRQGHDWKGLVDSSHDUV
DXWRPDWLFDOO\IHDULVIRXQGQRPRUHDQG\RXUZKROHIODYRURIOLIHFKDQJHV7KHQ
HDFKPRPHQWLVVXFKFU\VWDOSXULW\DSXULW\RIGHOLJKWMR\EOLVV7KHQHDFK
PRPHQWLVHWHUQLW\$QGWROLYHWKDWZD\LVSRHWU\WROLYHPRPHQWWRPRPHQW
ZLWKRXWWKHHJRLVSRHWU\7ROLYHZLWKRXWWKHHJRLVJUDFHLVPXVLFWROLYH
ZLWKRXWWKHHJRLVWROLYHWRUHDOO\OLYH7KDWOLIH,FDOOSRHWU\WKHOLIHRIRQHZKRLV
VXUUHQGHUHGWRH[LVWHQFH

$QGUHPHPEHUOHWPHUHSHDWLWDJDLQZKHQ\RXVXUUHQGHUWRH[LVWHQFH\RXDUH
QRWVXUUHQGHULQJDQ\WKLQJUHDO<RXDUHVLPSO\VXUUHQGHULQJDIDOVHQRWLRQ\RX
DUHVLPSO\VXUUHQGHULQJDQLOOXVLRQ\RXDUHVXUUHQGHULQJPD\D<RXDUH
VXUUHQGHULQJVRPHWKLQJWKDW\RXQHYHUKDGZLWK\RXLQWKHILUVWSODFH$QGE\
VXUUHQGHULQJWKDWZKLFK\RXGRQ
WKDYH\RXDWWDLQWRWKDWZKLFK\RXKDYH

$QGWRNQRZWKDW,DPDWKRPH,DOZD\VKDYHEHHQDQG,DOZD\VZLOOEHLVD
JUHDWPRPHQWRIUHOD[DWLRQ.QRZLQJWKDW,DPQRWDQRXWVLGHU,DPQRW
DOLHQDWHG,DPQRWXSURRWHGWKDW,EHORQJWRH[LVWHQFHDQGWKHH[LVWHQFH
EHORQJVWRPHDOOEHFRPHVFDOPDQGTXLHWDQGVWLOO7KLVVWLOOQHVVLVVXUUHQGHU
7KHZRUGVXUUHQGHUJLYHV\RXDYHU\YHU\ZURQJLGHDDVLI\RXDUHVXUUHQGHULQJ
VRPHWKLQJ<RXDUHQRWVXUUHQGHULQJDQ\WKLQJ\RXDUHVLPSO\GURSSLQJDGUHDP
\RXDUHVLPSO\GURSSLQJVRPHWKLQJDUELWUDU\WKDWWKHVRFLHW\KDGFUHDWHG

7KHHJRLVQHHGHGLWKDVFHUWDLQIXQFWLRQVWRIXOILOOLQWKHVRFLHW\(YHQZKHQRQH
LVVXUUHQGHUHGWR*RGRQHJRHVRQXVLQJWKHZRUG
,
EXWQRZLWLVRQO\
VRPHWKLQJXWLOLWDULDQQRWKLQJH[LVWHQWLDO+HNQRZVKHLVQRWKHXVHVWKHZRUG
EHFDXVHQRWXVLQJLWZLOOEHXQQHFHVVDULO\FUHDWLQJWURXEOHIRURWKHUVLWZLOOPDNH
FRPPXQLFDWLRQLPSRVVLEOH,WLVDOUHDG\LPSRVVLEOH,WZLOOEHPRUHGLIILFXOWWR
FRPPXQLFDWHZLWKSHRSOH6RLWLVMXVWDQDUELWUDU\GHYLFH,I\RXNQRZLWLVD
GHYLFHDUELWUDU\XWLOLWDULDQXVHIXOEXWQRWKLQJH[LVWHQWLDOWKHQLWQHYHUFUHDWHV
DQ\SUREOHPIRU\RX

5LFKD\RXUGUHDPKDVJLYHQ\RXDJOLPSVH\RXUGUHDPKDVDOORZHG\RXWRVHH
VRPHWKLQJVRPHWKLQJ\RXPD\QRWEHDOORZLQJZKLOH\RXDUHDZDNH,W
VRPHWLPHVKDSSHQV7KHFRQVFLRXVPLQGLVPRUHHJRLVWLFREYLRXVO\WKHHJR




QHYHUSHQHWUDWHVLQWRWKHXQFRQVFLRXV7KHVRFLHW\FDQRQO\WHDFKWKH
FRQVFLRXVWKHVRFLHW\FDQQRWWHDFKWKHXQFRQVFLRXVDWOHDVWQRW\HWWKH\DUH
WU\LQJKDUG

,Q6RYLHW5XVVLDSDUWLFXODUO\WKH\DUHWU\LQJKDUGWRWHDFKWKHXQFRQVFLRXV$QG
XQIRUWXQDWHO\WKH\DUHVXFFHHGLQJ7KH\DUHWHDFKLQJSHRSOHZKLOHWKH\DUH
DVOHHS:KHQ\RXDUHDVOHHS\RXUFRQVFLRXVLVQRORQJHUIXQFWLRQLQJ\RXU
XQFRQVFLRXVIXQFWLRQV1RZLQ5XVVLDSDUWLFXODUO\WKH\DUHGRLQJJUHDW
H[SHULPHQWVLQWHDFKLQJSHRSOHZKLOHWKH\DUHDVOHHS,WFDQEHGRQHLWLVEHLQJ
GRQH

7KLVLVRQHRIWKHJUHDWGDQJHUVWKDWWKHIXWXUHJHQHUDWLRQVZLOOKDYHWRIDFH,I
WKHSROLWLFLDQVKDYHJDGJHWVZLWKWKHPZKLFKFDQWHDFKSHRSOHZKLOHWKH\DUH
DVOHHSWKHQWKHUHZLOOQHYHUEHDQ\SRVVLELOLW\RIUHEHOOLRQ

:KLOHKHLVDVOHHS\RXFDQPDNHDSHUVRQDFRPPXQLVW&DWKROLF+LQGX
%XGGKLVW&KULVWLDQ0RKDPPHGDQDQGEHFDXVHLWZLOOEHLQKLVXQFRQVFLRXVKH
ZLOOEHDEVROXWHO\XQDEOHWRJREH\RQGLW+HZLOOQRWEHDEOHWRJHWULGRILW
EHFDXVHWKHXQFRQVFLRXVLVQLQHWLPHVPRUHSRZHUIXOWKDQWKHFRQVFLRXV7KH
FRQVFLRXVLVRQO\WKHWLSRIWKHLFHEHUJRQHWHQWKRI\RXUPLQGLQFRQVFLRXVQLQH
WHQWKVLVXQFRQVFLRXV,IWKHSROLWLFLDQFDQUHDFKWKHXQFRQVFLRXVWKHQKXPDQLW\
LVGRRPHG7KHQFKLOGUHQZLOOEHWDXJKWZKLOHWKH\DUHDVOHHS(YHQVOHHSZLOOQRW
EH\RXURZQDQGSULYDWHHYHQVOHHSZLOOQRWEHDSHUVRQDOWKLQJLWZLOOEHRZQHG
E\WKHVWDWH<RXZLOOQRWHYHQEHDOORZHGWRGUHDPSULYDWHGUHDPVWKHVWDWHZLOO
GHFLGHZKDWGUHDPV\RXFDQGUHDPEHFDXVH\RXPD\EHGUHDPLQJVRPHDQWL
VWDWHGUHDPVDQGWKHVWDWHFDQQRWDIIRUGWKHP<RXUGUHDPVFDQEH
PDQLSXODWHG\RXUXQFRQVFLRXVFDQEHPDQLSXODWHGEXWIRUWXQDWHO\LWKDVQRW
KDSSHQHG\HW

<RXPD\EHWKHODVWJHQHUDWLRQZKLFKKDVWKHSRVVLELOLW\WRUHEHO$QGLI\RXGRQ
W
UHEHOWKHUHPD\EHQRPRUHFKDQFHVKXPDQLW\FDQEHUHGXFHGWRDURERWOLNH
H[LVWHQFH6RUHEHOZKLOHWKHUHLVVWLOOWLPH,GRQ
WWKLQNWKHUHLVPXFKWLPHOHIW
PD\EHMXVWWKLVODVWSDUWRIWKHFHQWXU\WKHVHFRPLQJWZHQW\RUWZHQW\ILYH\HDUV
,IKXPDQLW\FDQUHEHOLQWKHVHQH[WWZHQW\ILYH\HDUVWKLVLVWKHODVWRSSRUWXQLW\
RWKHUZLVHSHRSOHZLOOEHXWWHUO\XQDEOHWRWKHLUXQFRQVFLRXVZLOOGRPLQDWHWKHP
8SWRQRZWKHVRFLHW\KDVRQO\EHHQDEOHWRSROOXWH\RXUFRQVFLRXVPLQG
WKURXJKHGXFDWLRQWKURXJKWKHFKXUFKWKURXJKSURSDJDQGDEXWRQO\\RXU
FRQVFLRXVPLQG\RXUXQFRQVFLRXVLVVWLOOIUHH

,WKDSSHQVPRUHRIWHQWKDW\RXDUHFORVHUWRWKHWUXWKFORVHUWRUHDOLW\ZKHQ\RX
DUHGHHSO\DVOHHS,WLVYHU\VWUDQJHLWVKRXOGQRWEHVR\RXVKRXOGEHFORVHUWR
UHDOLW\ZKLOH\RXDUHDZDNH%XW\RXUZDNHIXOQHVVLVQRORQJHU\RXUVLWLV+LQGX
LWLV&KULVWLDQLWLV0RKDPPHGDQLWLVQRORQJHU\RXUVVRFLHW\KDVDOUHDG\
LPSLQJHGXSRQLWLQWHUIHUHGZLWKLWGLVWRUWHGLW%XWWKHXQFRQVFLRXVLVVWLOO\RXUV

+HQFHSV\FKRDQDO\VLVEHFDPHVRLQWHUHVWHGLQ\RXUGUHDPVEHFDXVHLQ\RXU




GUHDPV\RXDUHWUXHU,Q\RXUGUHDPV\RXDUHOHVVIDOVHLQ\RXUGUHDPVDOOWKH
FHQVRUVRIWKHVRFLHW\GLVDSSHDU,Q\RXUGUHDPV\RXDUHVD\LQJWKLQJVDVWKH\
DUHVHHLQJWKLQJVDVWKH\DUHVHHLQJ\RXUVHOIDV\RXDUH7KHPRPHQW\RXDUH
DZDNH\RXVWDUWSUHWHQGLQJ<RXUZDNHIXOQHVVLVDORQJORQJSUHWHQVLRQ

+HQFHVOHHSLVVRUHOD[LQJEHFDXVHWREHFRQWLQXRXVO\RQJXDUGDQGVD\WKH
WKLQJVZKLFKDUHVXSSRVHGWREHVDLGDQGGRWKHWKLQJVZKLFKWKHVRFLHW\
UHTXLUHVWREHGRQHLVWLULQJYHU\WLULQJ2QHQHHGVWRIDOOLQWRGHHSVOHHSHYHU\
GD\IRUHLJKWKRXUVWRJHWULGRIDOOWKLVWREHQDWXUDODJDLQWRIRUJHWWKHVRFLHW\
DQGWKHQLJKWPDUHDQGWKHKHOOWKDWLWKDVFUHDWHG

7KHPRUHDOHUW\RXEHFRPHWKHPRUHZDWFKIXO\RXDUHWKHPRUHIUHHIURPWKH
ERQGDJHRIWKHVRFLHW\DQGLWVFOXWFKHVWKHQRQO\\RXUERG\ZLOOQHHGVOHHSDQG
HYHQLQ\RXUVOHHSWKHUHZLOOFRQWLQXHDQXQGHUFXUUHQWRIDZDUHQHVV<RXUPLQG
ZLOOQRWQHHGDQ\VOHHSWKHUHLVQRLQWULQVLFQHFHVVLW\IRULWWRJRWRVOHHSLWLVD
FUHDWHGQHFHVVLW\

:KHQ\RXUPLQGLVFOHDUXQWHWKHUHGIUHH\RXZLOOKDYHOHVVDQGOHVVQHHGIRU
WKHPLQGWRJRWRVOHHS$QGWKHQDPLUDFOHKDSSHQVLI\RXFDQUHPDLQDOHUW
HYHQZKLOHWKHERG\LVDVOHHS\RXZLOONQRZIRUWKHILUVWWLPHWKDW\RXDUH
VHSDUDWHIURPWKHERG\7KHERG\LVDVOHHSDQG\RXDUHDZDNHKRZFDQ\RX
ERWKEHLGHQWLFDOKRZFDQ\RXERWKEHRQH"<RXZLOOVHHWKHGLIIHUHQFHWKH
GLIIHUHQFHLVVRYDVW

7KHERG\EHORQJVWRWKHHDUWK\RXEHORQJWRWKHVN\7KHERG\EHORQJVWR
PDWWHU\RXEHORQJWR*RG7KHERG\LVJURVV\RXDUHQRW7KHERG\KDVOLPLWV
LVERUQDQGZLOOGLH\RXDUHQHYHUERUQDQG\RXZLOOQHYHUGLH7KLVEHFRPHV
\RXURZQH[SHULHQFHQRWDEHOLHI

%HOLHILVIHDURULHQWHG<RXZRXOGOLNHWREHOLHYHWKDW\RXDUHLPPRUWDOEXWEHOLHI
LVMXVWDEHOLHIVRPHWKLQJSVHXGRSDLQWHGIURPWKHRXWVLGH([SHULHQFHLVWRWDOO\
GLIIHUHQWLWZHOOVXSZLWKLQ\RXLWLV\RXURZQ$QGWKHPRPHQW\RXNQRZ
QRWKLQJFDQHYHUVKDNH\RXUNQRZLQJQRWKLQJFDQGHVWUR\\RXUNQRZLQJ7KH
ZKROHZRUOGPD\EHDJDLQVWLWEXW\RXZLOOVWLOONQRZWKDW\RXDUHVHSDUDWH7KH
ZKROHZRUOGPD\VD\WKHUHLVQRVRXOEXW\RXZLOONQRZWKHUHLV7KHZKROHZRUOG
PD\VD\WKHUHLVQR*RGEXW\RXZLOOVPLOHEHFDXVHWKHH[SHULHQFHLVVHOI
YDOLGDWLQJLWLVVHOIHYLGHQW

5LFKD\RXUGUHDPPD\EHYHU\VLJQLILFDQW:KDW\RXKDYHQRWDOORZHGLQ\RXU
ZDNLQJFRQVFLRXVQHVVKDVVSUXQJXSLQ\RXUGUHDPLQJFRQVFLRXVQHVV$UD\RI
OLJKWKDVHQWHUHG\RX

,QWKH:HVWEHIRUH)UHXGZDNLQJFRQVFLRXVQHVVZDVWKRXJKWWREHWKHRQO\
FRQVFLRXVQHVVQRWVRLQWKH(DVWHYHQDIWHU)UHXGDOWKRXJKGUHDPLQJ
FRQVFLRXVQHVVKDVEHHQDFFHSWHGDVYDOXDEOHRQHWKLQJKDVVWLOOQRW\HW
KDSSHQHGGUHDPOHVVVOHHSLVVWLOOLJQRUHG7KLVLVQRWVRLQWKH(DVW7KH(DVW




KDVDOZD\VDFFHSWHGZDNLQJFRQVFLRXVQHVVDVWKHPRVWVXSHUILFLDOGUHDPLQJ
FRQVFLRXVQHVVDVIDUGHHSHUDQGPRUHVLJQLILFDQWDQGVOHHSLQJFRQVFLRXVQHVV
DVHYHQGHHSHUHYHQPRUHVLJQLILFDQWWKDQGUHDPLQJFRQVFLRXVQHVV7KH:HVW
QHHGV\HWDQRWKHU)UHXGWRLQWURGXFHVOHHSDVWKHPRVWVLJQLILFDQWSDUW

%XWWKH(DVWNQRZVVRPHWKLQJVWLOOPRUH7KHUHLVDSRLQWWKHIRXUWKVWDWHRI
FRQVFLRXVQHVV,WLVFDOOHGWXUL\DVLPSO\WKHIRXUWKLWKDVQRRWKHUQDPH
7XUL\DPHDQVWKHIRXUWK:KHQZDNLQJGUHDPLQJDQGVOHHSDOOGLVDSSHDURQHLV
VLPSO\DZLWQHVV<RXFDQQRWFDOOLWZDNLQJEHFDXVHWKLVZLWQHVVQHYHUVOHHSV
\RXFDQQRWFDOOLWGUHDPLQJEHFDXVHIRUWKLVZLWQHVVQRGUHDPHYHUDSSHDUV
\RXFDQQRWFDOOLWVOHHSEHFDXVHWKLVZLWQHVVQHYHUVOHHSV,WLVHWHUQDO
DZDUHQHVV7KLVLVWKHERGKLFKLWWDRI$WLVKDWKLVLV&KULVWFRQVFLRXVQHVVWKLVLV
EXGGKDKRRGHQOLJKWHQPHQW

6RDOZD\VEHFDUHIXO%HPRUHFDUHIXORI\RXUGUHDPVWKDQ\RXUZDNLQJEHPRUH
FDUHIXODJDLQRI\RXUGUHDPOHVVVOHHSWKDQRIGUHDPLQJ$QGUHPHPEHUWKDW\RX
KDYHWRVHDUFKIRUWKHIRXUWKEHFDXVHRQO\WKHIRXUWKLVWKHXOWLPDWH:LWKWKH
IRXUWK\RXKDYHDUULYHGKRPH1RZWKHUHLVQRZKHUHWRJR



5LFKD\RXVD\\RXKDYHIRUJRWWHQDOODERXWWKHGUHDPEXWRQO\UHPHPEHUHG
RQHSKUDVH3RHWU\LVVXUUHQGHU7KDWLVWKHYHU\HVVHQFHRIP\WHDFKLQJ7KH
PRVWIXQGDPHQWDOWKLQJDERXWP\PHVVDJHWRWKHZRUOGLVSRHWU\LVVXUUHQGHU
DQGYLFHYHUVDVXUUHQGHULVSRHWU\

,ZRXOGOLNHP\VDQQ\DVLQVDOORIP\VDQQ\DVLQVWREHFUHDWLYHSRHWV
PXVLFLDQVSDLQWHUVVFXOSWRUVDQGVRRQDQGVRIRUWK,QWKHSDVWWKH
VDQQ\DVLQVRIDOOWKHUHOLJLRQVKDYHOLYHGDYHU\XQFUHDWLYHOLIH7KH\ZHUH
UHVSHFWHGIRUWKHLUXQFUHDWLYLW\DQGEHFDXVHRIWKLVXQFUHDWLYLW\WKH\KDYHQRW
DGGHGDQ\EHDXW\WRWKHZRUOG7KH\KDYHEHHQDEXUGHQWKH\KDYHQRWEURXJKW
VRPHWKLQJRISDUDGLVHWRWKHHDUWK,QIDFWWKH\KDYHEHHQGHVWUXFWLYHEHFDXVH
\RXFDQHLWKHUEHFUHDWLYHRU\RXDUHERXQGWREHGHVWUXFWLYH<RXFDQQRW
UHPDLQQHXWUDOHLWKHU\RXKDYHWRDIILUPOLIHZLWKDOOLWVMR\VRU\RXVWDUW
FRQGHPQLQJOLIH

7KHSDVWKDVEHHQDORQJORQJGUDZQRXWQLJKWPDUHRIGHVWUXFWLYHDWWLWXGHVOLIH
QHJDWLYHDSSURDFKHV,WHDFK\RXOLIHDIILUPDWLRQ,WHDFK\RXUHYHUHQFHIRUOLIH,
WHDFK\RXQRWUHQXQFLDWLRQEXWUHMRLFLQJ%HFRPHSRHWV$QGZKHQ,VD\EHFRPH
SRHWV,GRQ
WPHDQWKDW\RXDOOKDYHWREHFRPH6KDNHVSHDUHV0LOWRQVDQG
7HQQ\VRQV,I,FRPHDFURVV6KDNHVSHDUHDQG0LOWRQDQG7HQQ\VRQWKHQWRR,
ZLOOVD\SOHDVHEHFRPHSRHWVEHFDXVHWKH\DUHRQO\GUHDPLQJDERXWSRHWU\
5HDOSRHWU\KDSSHQVLQWKHIRXUWKVWDWHRIFRQVFLRXVQHVV$OOWKHJUHDWVRFDOOHG
SRHWVKDYHRQO\EHHQGUHDPHUVWKH\ZHUHFRQILQHGWRWKHVHFRQGVWDWHRI
FRQVFLRXVQHVV3URVHUHPDLQVFRQILQHGWRWKHILUVWZDNLQJFRQVFLRXVQHVVDQG
\RXUSRHWU\LVFRQILQHGWRWKHVHFRQG





7KHSRHWU\,DPWDONLQJDERXWLVSRVVLEOHRQO\LQWKHIRXUWK:KHQ\RXKDYH
EHFRPHIXOO\DOHUWFOHDUZKHQWKHUHLVQRPLQGDQ\PRUHWKHQZKDWVRHYHU\RX
GRZLOOEHSRHWU\ZKDWVRHYHU\RXGRZLOOEHPXVLF$QGHYHQLI\RXGRQ
WGRD
WKLQJSRHWU\ZLOOVXUURXQG\RXLWZLOOEH\RXUIUDJUDQFHLWZLOOEH\RXUYHU\
SUHVHQFH

5LFKD\RXDVNPH6LQFHWKHQ,KDYHEHHQZRQGHULQJZKDWSRHWU\KDVWRGR
ZLWKVXUUHQGHUDQGYLFHYHUVDDQGKRZSRHWU\FDQEHDSDWKOLNHORYHSUD\HU
DQGPHGLWDWLRQ

/RYHLVDSDWKSUD\HULVDSDWKPHGLWDWLRQLVDSDWKEHFDXVHWKH\DUHZD\VWR
SRHWU\$Q\WKLQJWKDWOHDGV\RXWR*RGLVERXQGWROHDG\RXWRSRHWU\7KHPDQ
RI*RGFDQEHQRWKLQJEXWDSRHW+HZLOOVLQJDVRQJQRWKLVRZQDQ\PRUHRI
FRXUVHKHZLOOVLQJ*RG
VVRQJ+HZLOOJLYHXWWHUDQFHWRWKHVLOHQFHRI*RGKH
ZLOOEHDPRXWKSLHFHWRWKHZKROH

,WHDFK\RXPHGLWDWLRQSUD\HUORYHRQO\EHFDXVHWKH\DOOWDNH\RXWRWKHFHQWHU
$QGWKHFHQWHULVSRHWU\7KH\DUHDOOZD\VWRSRHWU\7RGLVVROYH\RXUVHOILQ
SRHWU\LVWRGLVVROYH\RXUVHOILQ*RGDQGFHUWDLQO\ZLWKRXWVXUUHQGHULWLVQRW
SRVVLEOH,I\RXUHPDLQWRRPXFK*RGFDQQRWKDSSHQ<RXKDYHWREHDEVHQWIRU
KLPWREHFRPHDSUHVHQFHLQ\RX

'LHVRWKDW\RXFDQEH

7KHVHFRQGTXHVWLRQ
%(/29('26+2

877(5&21)86,21,60<3$57*22'$1'%$'+$9(&($6('72
(;,67,$01(,7+(53528'125$6+$0('$1'<(7,$0%27+
:+$7(9(5,+$9($&+,(9('6((06/267,1$)2*5(62/9('
72*(7+(5:,7+0<)$,/85(6/,.(602.(,)((/%877+528*+7+(
602.($75(0(1'2866$'1(66$5,6(6/,.($6+$5352&.:,7+$
9(/9(7&29(5,1*26+2,&$1
73(5&(,9(7+((1'2),725,6
7+(5(12(1'",6,7(&67$6<&$55<,1*7+(:(,*+72),0385,7<"
3/($6(26+2*,9(0(6$11<$6

5RQDOG6DORPRQVRQFRQIXVLRQLVDJUHDWRSSRUWXQLW\7KHSUREOHPZLWKSHRSOH
ZKRDUHQRWFRQIXVHGLVJUHDWWKH\WKLQNWKH\NQRZDQGWKH\NQRZQRW7KH
SHRSOHZKREHOLHYHWKDWWKH\KDYHFODULW\DUHUHDOO\LQJUHDWWURXEOHWKHLUFODULW\LV
YHU\VXSHUILFLDO,QIDFWWKH\NQRZQRWKLQJRIFODULW\ZKDWWKH\FDOOFODULW\LVMXVW
VWXSLGLW\

,GLRWVDUHYHU\YHU\FOHDUFOHDULQWKHVHQVHWKDWWKH\GRQRWKDYHWKH
LQWHOOLJHQFHWRIHHOFRQIXVLRQ7RIHHOFRQIXVLRQQHHGVJUHDWLQWHOOLJHQFH2QO\
WKHLQWHOOLJHQWRQHVIHHOFRQIXVLRQRWKHUZLVHWKHPHGLRFUHVJRRQPRYLQJLQOLIH




VPLOLQJODXJKLQJDFFXPXODWLQJPRQH\VWUXJJOLQJIRUPRUHSRZHUDQGIDPH,I
\RXVHHWKHP\RXZLOOIHHODOLWWOHMHDORXVWKH\ORRNVRFRQILGHQWWKH\HYHQORRN
KDSS\

,IWKH\DUHVXFFHHGLQJLIWKHLUPRQH\LVLQFUHDVLQJDQGWKHLUSRZHULVLQFUHDVLQJ
DQGWKHLUIDPHLVJURZLQJ\RXZLOOIHHODOLWWOHMHDORXV<RXDUHVRFRQIXVHGDQG
WKH\DUHVRFOHDUDERXWWKHLUOLIHWKH\KDYHDGLUHFWLRQWKH\KDYHDJRDOWKH\
NQRZKRZWRDWWDLQLWDQGWKH\DUHPDQDJLQJWKH\DUHDOUHDG\DFKLHYLQJWKH\
DUHFOLPELQJWKHODGGHU$QG\RXDUHMXVWVWDQGLQJWKHUHFRQIXVHGDERXWZKDWWR
GRZKDWQRWWRGRZKDWLVULJKWDQGZKDWLVZURQJ%XWWKLVKDVDOZD\VEHHQVR
WKHPHGLRFUHUHPDLQVFHUWDLQ,WLVRQO\IRUWKHPRUHLQWHOOLJHQWWRIHHOFRQIXVLRQ
FKDRV

&RQIXVLRQLVDJUHDWRSSRUWXQLW\,WVLPSO\VD\VWKDWWKURXJKWKHPLQGWKHUHLVQR
ZD\,I\RXDUHUHDOO\FRQIXVHGDV\RXVD\,DPXWWHUO\FRQIXVHGLI\RXDUH
UHDOO\FRQIXVHG\RXDUHEOHVVHG1RZVRPHWKLQJLVSRVVLEOHVRPHWKLQJ
LPPHQVHO\YDOXDEOH\RXDUHRQWKHYHUJH,I\RXDUHXWWHUO\FRQIXVHGWKDW
PHDQVWKHPLQGKDVIDLOHGQRZWKHPLQGFDQQRORQJHUVXSSO\DQ\FHUWDLQW\WR
\RX<RXDUHFRPLQJFORVHUDQGFORVHUWRWKHGHDWKRIWKHPLQG
$QGWKDWLVWKHJUHDWHVWWKLQJWKDWFDQKDSSHQWRDQ\PDQLQOLIHWKHJUHDWHVW
EOHVVLQJEHFDXVHRQFH\RXVHHWKDWWKHPLQGLVFRQIXVLRQDQGWKHUHLVQRZD\
RXWWKURXJKWKHPLQGKRZORQJFDQ\RXJRRQFOLQJLQJWRWKHPLQG"6RRQHURU
ODWHU\RXZLOOKDYHWRGURSLWHYHQLI\RXGRQ
WGURSLWLWZLOOGURSRILWVRZQ
DFFRUG&RQIXVLRQZLOOEHFRPHVRPXFKVRKHDY\WKDWRXWRIVKHHUKHDYLQHVVLW
ZLOOGURS$QGZKHQWKHPLQGGURSVFRQIXVLRQGLVDSSHDUV

,FDQQRWVD\WKDW\RXDWWDLQWRFHUWDLQW\QREHFDXVHWKDWWRRLVDZRUGDSSOLFDEOH
RQO\WRWKHPLQGDQGWKHZRUOGRIWKHPLQG:KHQWKHUHLVFRQIXVLRQWKHUHFDQ
EHFHUWDLQW\ZKHQFRQIXVLRQGLVDSSHDUVFHUWDLQW\DOVRGLVDSSHDUV<RXVLPSO\
DUHFOHDUQHLWKHUFRQIXVHGQRUFHUWDLQMXVWDFODULW\DWUDQVSDUHQF\$QGWKDW
WUDQVSDUHQF\KDVEHDXW\WKDWWUDQVSDUHQF\LVJUDFHLWLVH[TXLVLWH

,WLVWKHPRVWEHDXWLIXOPRPHQWLQRQH
VOLIHZKHQWKHUHLVQHLWKHUFRQIXVLRQQRU
FHUWDLQW\2QHVLPSO\LVDPLUURUUHIOHFWLQJWKDWZKLFKLVZLWKQRGLUHFWLRQJRLQJ
QRZKHUHZLWKQRLGHDRIGRLQJVRPHWKLQJZLWKQRIXWXUHMXVWXWWHUO\LQWKH
PRPHQWWUHPHQGRXVO\LQWKHPRPHQW

:KHQWKHUHLVQRPLQGWKHUHFDQEHQRIXWXUHWKHUHFDQEHQRSURJUDPIRUWKH
IXWXUH7KHQWKLVPRPHQWLVDOODOOLQDOOWKLVPRPHQWLV\RXUZKROHH[LVWHQFH
7KHZKROHH[LVWHQFHVWDUWVFRQYHUJLQJRQWKLVPRPHQWDQGWKHPRPHQW
EHFRPHVWUHPHQGRXVO\VLJQLILFDQW,WKDVGHSWKLWKDVKHLJKWLWKDVP\VWHU\LW
KDVLQWHQVLW\LWKDVILUHLWKDVLPPHGLDF\LWJULSV\RXLWSRVVHVVHV\RXLW
WUDQVIRUPV\RX

%XW,FDQQRWJLYH\RXFHUWDLQW\FHUWDLQW\LVJLYHQE\LGHRORJ\&HUWDLQW\LVQRWKLQJ
EXWSDWFKLQJXS\RXUFRQIXVLRQ<RXDUHFRQIXVHG6RPHERG\VD\V'RQ
WEH




ZRUULHGDQGVD\VLWYHU\DXWKRULWDWLYHO\FRQYLQFHV\RXZLWKDUJXPHQWVZLWK
VFULSWXUHVDQGSDWFKHVXS\RXUFRQIXVLRQFRYHUVLWZLWKDEHDXWLIXOEODQNHW
ZLWK7KH%LEOHZLWKWKH.RUDQZLWKWKH*LWD$QG\RXIHHOJRRGEXWLWLV
WHPSRUDU\EHFDXVHWKHFRQIXVLRQLVERLOLQJZLWKLQ<RXKDYHQRWJRWULGRILWLW
KDVRQO\EHHQUHSUHVVHG

7KDW
VZK\SHRSOHFOLQJWREHOLHIVFKXUFKHVVFULSWXUHVGRFWULQHVV\VWHPVRI
WKRXJKW:K\GRSHRSOHLQYHVWVRPXFKLQV\VWHPVRIWKRXJKW":K\VKRXOG
VRPHERG\EHD&KULVWLDQRUD+LQGX":K\VKRXOGVRPHERG\EHDFRPPXQLVW
IRUZKDW"7KHUHLVDUHDVRQDJUHDWUHDVRQWRR(YHU\ERG\LVFRQIXVHGDQGVR
VRPHERG\LVQHHGHGWRVXSSO\\RXZLWKFHUWDLQW\+HFDQEHWKHSRSHRUKHFDQ
EH0DR=HGRQJKHFDQEH.DUO0DU[RUKHFDQEH0DQXRU0RVHVDQ\ERG\
ZLOOGR$QGZKHQHYHUWKHUHDUHJUHDWWLPHVRIFULVLVDQ\VWXSLGSHUVRQZKRKDV
WKHVWXEERUQQHVVWRVKRXWWRDUJXHZKRFDQSUHWHQGFHUWDLQW\ZLOOEHFRPH\RXU
OHDGHU7KDW
VKRZ$GROI+LWOHUV-RVHI6WDOLQVDQG0XVVROLQLVEHFDPHLPSRUWDQW
SHRSOH

3HRSOHKDYHDOZD\VEHHQZRQGHULQJZK\$GROI+LWOHUZDVDEOHWRGRPLQDWHD
JUHDWLQWHOOLJHQWUDFHOLNHWKH*HUPDQV:K\",WDSSHDUVDSDUDGR[WKDWDPDQ
OLNH0DUWLQ+HLGHJJHURQHRIWKHJUHDWHVWWKLQNHUVRIWKLVDJHZDVDVXSSRUWHURI
$GROI+LWOHU7KHJUHDWSURIHVVRUVRIWKHJUHDW*HUPDQXQLYHUVLWLHVVXSSRUWHG
$GROI+LWOHU:K\"+RZZDVLWSRVVLEOH"

$QG$GROI+LWOHULVMXVWDVWXSLGSHUVRQXQHGXFDWHGXQVRSKLVWLFDWHG%XWKHKDV
VRPHWKLQJLQKLPWKDWWKHSURIHVVRUVZHUHODFNLQJWKDWLQWHOOLJHQWSHRSOHZHUH
ODFNLQJWKDWWKH0DUWLQ+HLGHJJHUVZHUHODFNLQJ+HKDVVRPHWKLQJLQKLPZKLFK
QRLQWHOOLJHQWSHUVRQFDQKDYHKHKDVDEVROXWHFHUWDLQW\+HLVLGLRWLFEXWKH
FDQVD\WKLQJVZLWKQRLIVDQGQREXWVKHFDQPDNHVWDWHPHQWVDVLIKHNQRZV
+HLVDPDGPDQEXWKLVPDGQHVVKDGJUHDWLPSDFW,WFKDQJHGWKHZKROH
FRXUVHRIKXPDQKLVWRU\

,WLVQRWDVXUSULVHWKDWWKH*HUPDQVEHFDPHVRLQWHUHVWHGDQGLPSUHVVHGE\
KLP7KH\ZHUHLQWHOOLJHQWSHRSOHVRPHRIWKHPRVWLQWHOOLJHQWSHRSOHRQWKH
HDUWKDQGLQWHOOLJHQFHDOZD\VEULQJVFRQIXVLRQ7KDWLVWKHVHFUHWRI$GROI
+LWOHU
VVXFFHVV,QWHOOLJHQFHEULQJVFRQIXVLRQDQGFRQIXVLRQEULQJVWUHPEOLQJ
IHDURQHNQRZVQRWZKHUHWRJRZKDWWRGRDQGRQHVWDUWVORRNLQJIRUDOHDGHU
2QHVWDUWVVHDUFKLQJIRUVRPHERG\ZKRFDQVD\WKLQJVZLWKDEVROXWHQHVVZKR
FDQDVVHUWFDWHJRULFDOO\

7KHVDPHKDVKDSSHQHGLQ,QGLDLWKDVKDSSHQHGMXVWQRZ7KLVLVRQHRIWKH
PRVWDQFLHQWFRXQWULHVRIWKHZRUOGZLWKWKHORQJHVWWUDGLWLRQRIWKLQNLQJDQG
FRQWHPSODWLRQWKHORQJHVWWUDGLWLRQRISKLORVRSKL]LQJ1RRWKHUFRXQWU\KDV
SKLORVRSKL]HGVRPXFK$QGWKHQWKLVFRXQWU\FKRRVHVDPDQOLNH0RUDUML'HVDL
DVWKHSULPHPLQLVWHUDFDEEDJH%XWKHKDVVRPHWKLQJLQKLPWKH
VWXEERUQQHVVRIDPHGLRFUHPLQGWKHDEVROXWHQHVVRIVWXSLGLW\+HKDV
VRPHWKLQJLPSRUWDQWWRVXSSO\





:KHQHYHUSHRSOHDUHLQFRQIXVLRQWKH\IDOOSUH\WRWKLUGUDWHPLQGV7KHILUVWUDWH
PLQGVIDOOSUH\WRWKLUGUDWHPLQGVEHFDXVHWKHWKLUGUDWHPLQGKDVQRFRQIXVLRQ
7KHWKLUGUDWHPLQGNQRZVWKDWMXVWE\GULQNLQJ\RXURZQXULQHDOOGLVHDVHVFDQ
EHFXUHGHYHQFDQFHULVFXUDEOHE\GULQNLQJ\RXURZQXULQH,WLVRQO\SRVVLEOH
WRDVVHUWWKLVLI\RXUHDOO\DUHXWWHUO\XQLQWHOOLJHQW

7KHLQWHOOLJHQWSHUVRQKHVLWDWHVSRQGHUVZDYHUV7KHXQLQWHOOLJHQWQHYHU
ZDYHUVQHYHUKHVLWDWHV:KHUHWKHZLVHZLOOZKLVSHUWKHIRROVLPSO\GHFODUHV
IURPWKHKRXVHWRSV

/DR7]XVD\V,PD\EHWKHRQO\PXGGOHKHDGHGPDQLQWKHZRUOG(YHU\ERG\
VHHPVWREHVRFHUWDLQH[FHSWPH+HLVULJKWKHKDVVXFKWUHPHQGRXV
LQWHOOLJHQFHWKDWKHFDQQRWEHFHUWDLQDERXWDQ\WKLQJ


,FDQQRWSURPLVH\RXFHUWDLQW\LI\RXGURSWKHPLQG,FDQSURPLVH\RXRQO\RQH
WKLQJWKDW\RXZLOOEHFOHDU7KHUHZLOOEHFODULW\WUDQVSDUHQF\\RXZLOOEHDEOHWR
VHHWKLQJVDVWKH\DUH<RXZLOOEHQHLWKHUFRQIXVHGQRUFHUWDLQ&HUWDLQW\DQG
FRQIXVLRQDUHWZRVLGHVRIWKHVDPHFRLQ

%XW\RXDUHLQDEHDXWLIXOPRPHQWDQGWKHZRUOGWRRLVLQDEHDXWLIXOPRPHQW
:KHQHYHUWKHUHLVDFULVLVRILGHQWLW\ZKHQHYHUSHRSOHGRQ
WNQRZZKRWKH\DUH
ZKHQHYHUWKHSDVWORVHVLWVJULSZKHQHYHUSHRSOHDUHXSURRWHGIURPWKH
WUDGLWLRQDOZKHQHYHUWKHSDVWQRPRUHVHHPVUHOHYDQWWKLVFULVLVDULVHVDJUHDW
FULVLVRILGHQWLW\ZKRDUHZH"ZKDWDUHZHVXSSRVHGWRGR"

7KLVRSSRUWXQLW\FDQWXUQLQWRDFXUVHWRRLI\RXIDOOYLFWLPWRVRPH$GROI+LWOHU
EXWWKLVFXUVHFDQEHFRPHDJUHDWRSHQLQJLQWRWKHXQNQRZQLI\RXDUHIRUWXQDWH
HQRXJKWREHLQWKHYLFLQLW\RIDEXGGKD,I\RXDUHIRUWXQDWHHQRXJKWREHLQORYH
ZLWKDEXGGKD\RXUOLIHFDQEHWUDQVIRUPHG

3HRSOHZKRDUHVWLOOURRWHGLQWUDGLWLRQDQGZKRWKLQNWKH\NQRZZKDWLVULJKWDQG
ZKDWLVZURQJZLOOQHYHUFRPHWRDEXGGKD7KH\ZLOOFRQWLQXHWROLYHWKHLUOLIH
WKHURXWLQHOLIHWKHGXOOWKHGHDGOLIH7KH\ZLOOJRRQIXOILOOLQJWKHLUGXWLHVDVWKHLU
IRUHIDWKHUVXVHGWRGR)RUFHQWXULHVWKH\KDYHEHHQIROORZLQJDWUDFNDQGWKH\
ZLOOJRRQIROORZLQJWKDWWURGGHQWUDFN2IFRXUVHZKHQ\RXIROORZDWURGGHQ
WUDFN\RXIHHOFHUWDLQVRPDQ\SHRSOHKDYHZDONHGRQLW%XWZKHQ\RXFRPH
WRDEXGGKDDQG\RXVWDUWPRYLQJLQWRWKHXQNQRZQWKHUHLVQRKLJKZD\QR
WURGGHQSDWK<RXZLOOKDYHWRPDNH\RXURZQSDWKE\ZDONLQJWKHSDWKZLOOQRW
EHIRXQGUHDG\PDGH

7KDW
VZKDW,ZDQWHDFKRIP\VDQQ\DVLQVWRXQGHUVWDQG<RXDUHQRWKHUHWR
GHSHQGRQPH\RXDUHQRWKHUHWRIROORZPH\RXDUHQRWKHUHWRVLPSO\DFFHSW
PHDQGEHOLHYHLQPH<RXDUHKHUHWRH[SHULPHQW\RXKDYHWRPRYHRQ\RXU
RZQ,FDQJLYH\RXHQFRXUDJHPHQWWRPRYHRQ\RXURZQ,FDQWULJJHUDSURFHVV




RILQTXLU\LQ\RXEXW,ZLOOQRWJLYH\RXDV\VWHPRIWKRXJKW,ZLOOQRWJLYH\RXDQ\
FHUWDLQW\,ZLOORQO\JLYH\RXDSLOJULPDJHDSLOJULPDJHZKLFKLVKD]DUGRXVD
SLOJULPDJHZKLFKKDVPLOOLRQVDQGPLOOLRQVRISLWIDOOVDSLOJULPDJHLQZKLFK\RX
ZLOOKDYHWRIDFHPRUHDQGPRUHGDQJHUVHYHU\GD\DSLOJULPDJHWKDWZLOOWDNH
\RXWRWKHWRSRIKXPDQFRQVFLRXVQHVVWRWKHIRXUWKVWDWH%XWWKHKLJKHU\RX
JRWKHPRUHLVWKHGDQJHURIIDOOLQJ

,FDQRQO\SURPLVH\RXDJUHDWDGYHQWXUHULVN\GDQJHURXVZLWKQRSURPLVHWKDW
\RXZLOODWWDLQLWEHFDXVHWKHXQNQRZQFDQQRWEHJXDUDQWHHG

6R5RQDOGLI\RXKDYHFRPHWRPHWRILQGVRPHUHPHG\IRU\RXUFRQIXVLRQ
WKHQ\RXKDYHFRPHWRWKHZURQJSHUVRQ,DPQRWWKHULJKWSHUVRQWREHZLWK
%XWLI\RXKDYHFRPHWRGURSFRQIXVLRQDQGFHUWDLQW\DQGEHIUHHRIWKHPLQG
WKDWFDQHLWKHUJLYH\RXFRQIXVLRQRUFHUWDLQW\LI\RXKDYHFRPHWRPHWRJRRQ
WKHXOWLPDWHDGYHQWXUHLQVHDUFKRI*RGLI\RXKDYHFRPHWRPHWRGDUHWR
DFFHSWWKHFKDOOHQJHRIWKHXQFKDUWHGVHDWKHURDULQJZDYHVZLWKQRSRVVLELOLW\
RIVHHLQJWKHRWKHUVKRUHWKHQ\RXKDYHFRPHWRWKHULJKWSHUVRQ7KHQPXFKLV
SRVVLEOH,RQO\VD\SRVVLEOH,FDQQRWVD\LWLVDEVROXWHO\FHUWDLQ,WLVDOZD\VD
SRVVLELOLW\\RXPD\EHDEOHWRPDNHLW\RXPD\QRWEHDEOHWRPDNHLWWKHUHLV
QRJXDUDQWHH,WLVQRWDFRPPRGLW\ZKLFKFDQEHJXDUDQWHHGLWLVDJDPEOH
$QGLI\RXDUHUHDG\WRJDPEOHHQWHULQWRWKLVEXGGKDILHOG1RQHHGWRZDLWDQ\
ORQJHU\RXKDYHDOUHDG\ZDLWHGHQRXJKIRUPDQ\PDQ\OLYHV

<RXDVNPH3OHDVH2VKRJLYHPHVDQQ\DV,WLVQRWDTXHVWLRQRIP\JLYLQJ
\RXVDQQ\DVLWLVDTXHVWLRQRI\RXWDNLQJLW2SHQ\RXUKHDUW,DPDOZD\VJLYLQJ
LW7KHTXHVWLRQLVRI\RXUUHFHLYLQJLWZHOFRPLQJLW

<RXVD\*RRGDQGEDGKDYHFHDVHGWRH[LVW7KDWLVJRRGWKDW
VEHDXWLIXO
*RRGDQGEDGDUHDOOPDQPDGHVLQQHUVDQGVDLQWVDUHDOOPDQPDGH$QGWKH\
DUHQRWGLIIHUHQWDWDOOWKHGLIIHUHQFHLVRQO\VXSHUILFLDOYHU\VXSHUILFLDOQRWHYHQ
VNLQGHHS6FUDWFKDOLWWOHDQGLQ\RXUVDLQW\RXZLOOILQGWKHVLQQHU

7KLVJX\ZHQWWRWKHSRSHDQGKHVDLG+H\SRSHIXFN\RX
7KHSRSHFRXOGQRWEHOLHYHLW+HVDLG0H"7KHKHDGRIWKH&DWKROLF&KXUFK"
0HWKHVSLULWXDOKHDGRIPLOOLRQVDQGPLOOLRQV"0HWKHGLUHFWGHVFHQGDQWRI
-HVXV&KULVW"0HWKHRQO\UHSUHVHQWDWLYHRI*RGRQHDUWK")XFNPH")XFN
<28

7KHUHLVQRWPXFKGLIIHUHQFH-XVWVFUDWFKDOLWWOHDQG\RXZLOOILQGVLQQHUVLQWKH
VDLQWVDQG\RXZLOOILQGVDLQWVLQWKHVLQQHUV$OOJRRGDOOEDGLVMXVWDUELWUDU\
PDQPDGH

,W
VDEHDXWLIXOVSDFH\RXDUHHQWHULQJ,IJRRGDQGEDGKDYHFHDVHGWRH[LVWVR
IDUVR*22'1RZHQWHUDQRWKHUGLPHQVLRQQRWPDQPDGHZKHUHGLVWLQFWLRQV
DUHRIQRUHOHYDQFHZKHUHQRWKLQJLVJRRGDQGQRWKLQJLVEDGZKHUH
ZKDWVRHYHULVLVDQGZKDWHYHUDLQ
WDLQ
W7KHUHLVQRTXHVWLRQRIJRRGDQGEDG




HLWKHUVRPHWKLQJLVRUVRPHWKLQJLVQRW*RRGDQGEDGDUHQRWKLQJEXW
DOWHUQDWLYHVWREHFKRVHQHLWKHUFKRRVHWKLVRUFKRRVHWKDW7KH\NHHS\RXLQ
WKHGLYLVLRQRIHLWKHURU

7KHPRPHQW\RXVWDUWVHHLQJWKHKRFXVSRFXVQHVVRIDOOJRRGDQGEDGZKHQ
\RXVWDUWVHHLQJWKDWWKH\DUHVRFLDOO\PDQXIDFWXUHGWKLQJV2IFRXUVHWKH\DUH
XWLOLWDULDQDQG,DPQRWVD\LQJWRJRLQWRWKHPDUNHWSODFHDQGEHKDYHDVLIWKHUH
LVQRWKLQJJRRGDQGQRWKLQJZURQJ,DPQRWVD\LQJWRZDONLQWKHPLGGOHRIWKH
URDGVD\LQJZKDWGRHVLWPDWWHUZKHWKHURQHZDONVRQWKHULJKWRUWKHOHIW

:KHQ\RXDUHZLWKSHRSOHUHPHPEHUIRUWKHPJRRGDQGEDGVWLOOH[LVW%H
UHVSHFWIXOWRWKHPDQGWKHLUGUHDPV,WLVQRWIRU\RXWRGLVWXUEDQ\ERG\
VGUHDP
:KRDUH\RX",WLVQRWIRU\RXWRLQWHUIHUH%HSROLWHWRSHRSOHDQGWKHLU
VWXSLGLWLHVEHSROLWHWRWKHPDQGWKHLUJDPHV%XWDOOWKHWLPHUHPHPEHUGHHS
GRZQQRWKLQJLVJRRGQRWKLQJLVEDG

([LVWHQFHLVVLPSO\WKHUHWKHUHLVQRWKLQJWRFKRRVHEHWZHHQ$QGUHPHPEHU
ZKHQWKHUHLVQRWKLQJWRFKRRVHEHWZHHQ\RXZLOOEHFRPHXQGLYLGHG:KHQ
WKHUHLVVRPHWKLQJWRFKRRVHEHWZHHQLWGLYLGHV\RXWRR'LYLVLRQLVDGRXEOH
HGJHGVZRUGLWGLYLGHVUHDOLW\RXWVLGHLWGLYLGHV\RXLQVLGH,I\RXFKRRVH\RX
FKRRVHGLYLVLRQ\RXFKRRVHWREHVSOLW\RXFKRRVHVFKL]RSKUHQLD,I\RXGRQ
W
FKRRVHLI\RXNQRZWKHUHLVQRWKLQJJRRGQRWKLQJEDG\RXFKRRVHVDQLW\

1RWFKRRVLQJDQ\WKLQJLVFKRRVLQJVDQLW\QRWFKRRVLQJLVWREHVDQHEHFDXVH
QRZWKHUHLVQRGLYLVLRQRXWVLGHKRZFDQ\RXEHGLYLGHGLQVLGH"7KHLQVLGHDQG
WKHRXWVLGHJRWRJHWKHU<RXEHFRPHLQGLYLVLEOH\RXEHFRPHDQLQGLYLGXDO7KLV
LVWKHSURFHVVRILQGLYLGXDWLRQ1RWKLQJLVJRRGQRWKLQJLVEDG:KHQWKLVGDZQV
LQ\RXUFRQVFLRXVQHVVVXGGHQO\\RXDUHWRJHWKHUDOOIUDJPHQWVKDYH
GLVDSSHDUHGLQWRRQHXQLW\<RXDUHFU\VWDOOL]HG\RXDUHFHQWHUHG

7KLVLVRQHRIWKHJUHDWHVWFRQWULEXWLRQVRI(DVWHUQFRQVFLRXVQHVVWRWKHZRUOG
7KH:HVWHUQUHOLJLRQVVWLOOJRRQKDQJLQJDURXQGWKHLGHDRIJRRGDQGEDG
7KDW
VZK\LWLVVRGLIILFXOWIRUWKH&KULVWLDQWRXQGHUVWDQGWKH8SDQLVKDGV/DR
7]X&KXDQJ7]XLWLVLPSRVVLEOHIRUWKHPWRXQGHUVWDQG7KH\DUHDOZD\V
ORRNLQJZLWKWKH&KULVWLDQPLQG:KHUHDUHWKHFRPPDQGPHQWV"$QGWKHUHDUH
QRQH7KH8SDQLVKDGVQHYHUVD\ZKDWLVJRRGDQGZKDWLVZURQJWKH\QHYHU
VD\ZKDWWRGRDQGZKDWQRWWRGRWKH\GRQ
WFRPPDQG7KH\DUHSRHWLF
DVVHUWLRQVWKH\DUHSRHWU\7KH\H[XOWLQH[LVWHQFHWKH\DUHHFVWDWLF
RYHUIORZLQJWKH\DUHMXVWHFVWDWLFHMDFXODWLRQV

7KH8SDQLVKDGVVD\*RGLVDQG\RXDUHWKDWWDWWYDPDVL7KH8SDQLVKDGV
VD\*RGLVDQG,DP*RG7KHVHDUHDVVHUWLRQVDULVLQJRXWRIHFVWDV\7KH\
KDYHQRHWKLFVQRPRUDOLW\QRUHIHUHQFHHYHQ7KH&KULVWLDQPLQGWKH
0RKDPPHGDQPLQGWKH-HZLVKPLQGFDQQRWXQGHUVWDQGZK\WKHVHERRNVDUH
WKRXJKWWREHUHOLJLRXV7KH\PD\EHJRRGOLWHUDWXUHEXWZK\DUHWKH\WKRXJKWWR
EHUHOLJLRXV"





$QGLI\RXDVNRQHZKRKDVUHDFKHGWKHVDPHHFVWDV\DVWKH8SDQLVKDGLF
VHHUVKHZLOOVD\7KH%LEOHWKH7DOPXGWKH.RUDQWKH\DUHHWKLFDOPRUDOEXW
ZKDWGRWKH\KDYHWRGRZLWKUHOLJLRQ"7KH\DUHJRRGEHFDXVHWKH\PDNHD
VRFLHW\PRYHVPRRWKO\EXWWKH\KDYHQRWKLQJUHOLJLRXVLQWKHPRUPD\EHRQO\
DIHZVWDWHPHQWVKHUHDQGWKHUH7KHPDMRUSDUWLVHWKLFDOWKHUHOLJLRXVSDUW
VHHPVWREHVRVPDOOWKDWLWFDQEHQHJOHFWHGLJQRUHG$QGLWKDVEHHQLJQRUHG

7RFRPHWRNQRZWKDWQRWKLQJLVJRRGQRWKLQJLVEDGLVDWXUQLQJSRLQWLWLVD
FRQYHUVLRQ<RXVWDUWORRNLQJLQWKHRXWVLGHUHDOLW\ORVHVPHDQLQJ7KHVRFLDO
UHDOLW\LVDILFWLRQDEHDXWLIXOGUDPD\RXFDQSDUWLFLSDWHLQLWEXWWKHQ\RXGRQ
W
WDNHLWVHULRXVO\,WLVMXVWDUROHWREHSOD\HGSOD\LWDVEHDXWLIXOO\DVHIILFLHQWO\
DVSRVVLEOH%XWGRQ
WWDNHLWVHULRXVO\LWKDVQRWKLQJRIWKHXOWLPDWHLQLW

7KHXOWLPDWHLVWKHLQQHUWKHLQGLYLVLEOHVRXONQRZVLW$QGWRFRPHWRWKDWVRXO
WKLVLVDJRRGWXUQLQJSRLQW

<RXVD\*RRGDQGEDGKDYHFHDVHGWRH[LVW7KLVLVWKHULJKWPRPHQWWRWDNH
VDQQ\DVWKLVLVZKDWVDQQ\DVLVDOODERXW1RZWKHUHLVQRQHHGWRZDLWQRZ
WKHUHLVQRQHHGHYHQWRDVNP\SHUPLVVLRQ6DQQ\DVLVDOUHDG\KDSSHQLQJ
(QWHULQWRWKLVEXGGKDILHOG/RQJ\RXKDYHZDLWHGWRRORQJUHDOO\

,KDYHKHDUG$QROGFRXSOHUHDFKHGWKHGLYRUFHFRXUW7KH\ZHUHUHDOO\DQFLHQW
QLQHW\ILYH\HDUVROGDQGWKH\KDGEHHQPDUULHGIRUVHYHQW\ILYH\HDUV7KH
MXGJHFRXOGQRWEHOLHYHKLVH\HV+HVDLG6R\RXDUHWKLQNLQJRIGLYRUFHQRZ
DIWHUVHYHQW\ILYH\HDUVRIPDUULHGOLIH":K\12:"
7KH\ORRNHGDWHDFKRWKHUDQGWKHQWKHROGPDQVDLG:HOOZHZDLWHGWLOODOOWKH
FKLOGUHQZHUHGHDG

3HRSOHJRRQZDLWLQJDQGZDLWLQJDQGZDLWLQJ1RZZKDWDKRSH7KHUHLVQR
QHHGWRZDLWDQ\PRUH<RXDUHZHOFRPH\RXDUHUHDG\(YHQSHRSOHZKRDUH
QRWUHDG\,ZHOFRPHWKHPEHFDXVHWKRVHZKRDUHQRWUHDG\WRGD\PD\EH
UHDG\WRPRUURZ7KRVHZKRDUHQRWUHDG\ZKHQWKH\WDNHVDQQ\DVPD\EH
UHDG\DIWHUWKH\KDYHWDNHQVDQQ\DV$QGZKRDP,WRUHIXVH\RXLI*RGDFFHSWV
\RX",DPQRERG\WRUHIXVH\RX

7KDW
VZK\QRERG\LVUHIXVHGQRFRQGLWLRQLVPDGHQRERG\LVWKRXJKWWREH
XQZRUWK\,I*RGWKLQNV\RXZRUWK\RIEHLQJDOLYHWKDW
VHQRXJKSURRIWKDW\RX
DUHDOVRZRUWK\RIEHFRPLQJDVDQQ\DVLQ

<RXVD\,DPQHLWKHUSURXGQRUDVKDPHGDQG\HW,DPERWK7KDW
VWKHVWDWHRI
FRQIXVLRQ<RXZLOOILQGHYHU\WKLQJOLNHWKDWQHLWKHUWKLVQRUWKDW\HWERWK
:KDWHYHU,KDYHDFKLHYHGVHHPVORVWLQDIRJ\RXDUHUHDOO\EOHVVHG
UHVROYHGWRJHWKHUZLWKP\IDLOXUHV

0DQ\VKRXOGIHHOMHDORXVRI\RX7RNQRZWKDWDOOKDVIDLOHGLVWKHEHJLQQLQJRID




QHZMRXUQH\7RNQRZWKDW$OOWKDW,KDYHDFKLHYHGLVORVWLVWKHEHJLQQLQJRID
QHZVHDUFKIRUVRPHWKLQJWKDWFDQQRWEHORVW:KHQRQHLVXWWHUO\GLVLOOXVLRQHG
ZLWKWKHZRUOGDQGDOOLWVVXFFHVVHVRQO\WKHQGRHVRQHEHFRPHVSLULWXDO

/LNHVPRNH,IHHOEXWWKURXJKWKHVPRNHDWUHPHQGRXVVDGQHVVDULVHVOLNHD
VKDUSURFNZLWKDYHOYHWFRYHULQJ,WLVERXQGWREHVR:KHQOLIHKDVEHHQOLYHG
WKURXJKLOOXVLRQVDQGRQHGD\RQHVXGGHQO\IHHOVDOOKDVEHHQPHDQLQJOHVV
XVHOHVV,ZDVFKDVLQJVKDGRZVDJUHDWVDGQHVVDULVHV

%XW,FDQVHH\RXUSHUFHSWLYHQHVV6DGQHVVLVWKHUHEXWZLWKDYHOYHWFRYHULQJ
<HVVDGQHVVLVWKHUHEHFDXVHRIWKHSDVWDQGWKHYHOYHWFRYHULQJLVZKDWLV
SRVVLEOHLWRQO\EHFRPHVSRVVLEOHQRZ2XWRIDOOWKLVFRQIXVLRQLVVDGQHVVEXW
EHFDXVHRIWKLVFRQIXVLRQDQGLWVXWWHUQHVVGHHSGRZQDQHZVWLUULQJLV
KDSSHQLQJ<RXPD\QRW\HWEHDZDUHRILWEXWVRPHWKLQJLVVWLUULQJDQHZMR\LV
DULVLQJEHKLQGWKHFXUWDLQRIVDGQHVVDMR\RIDQHZVHDUFKRIDQHZ
DGYHQWXUHRIDQHZOLIHRIDQHZZD\WREH

2VKR,FDQ
WSHUFHLYHWKHHQGRILWRULVWKHUHQRHQG"7KHUHLVDEHJLQQLQJ
RIWKHPLQGDQGWKHUHLVDQHQGRIWKHPLQGWKHUHLVDEHJLQQLQJRIWKHHJRDQG
WKHUHLVDQHQGRIWKHHJREXWWKHUHLVQREHJLQQLQJWR\RXDQGQRHQGWR\RX

$QGWKHUHLVQREHJLQQLQJWRWKHP\VWHU\RIH[LVWHQFHDQGQRHQGWR\RX,WLVDQ
RQJRLQJSURFHVV0\VWHULHVXSRQP\VWHULHVDUHZDLWLQJIRU\RXKHQFHWKHWKULOO
DQGWKHHFVWDV\

)HHOHFVWDWLFWKDWWKHUHLVQRHQGWROLIHWKDWZKHQ\RXKDYHUHDFKHGRQHSHDN
VXGGHQO\DQRWKHUSHDNVWDUWVJLYLQJ\RXFKDOOHQJHVDKLJKHURQHDPRUH
DUGXRXVFOLPEDPRUHGDQJHURXVUHDFK$QGZKHQ\RXKDYHUHDFKHGWKHRWKHU
SHDNWKHUHZLOOEHDQRWKHUSHDNSHDNVXSRQSHDNV,WLVDQHWHUQDO+LPDOD\DVRI
OLIH

-XVWWKLQNRIDSRLQWZKHUH\RXDUULYHDQGQRZWKHUHLVQRWKLQJHOVHOHIW<RXZLOO
EHXWWHUO\ERUHGWKHQERUHGRPZLOOEH\RXURQO\IDWHWKHQ$QGOLIHLVQRW
ERUHGRPLWLVDGDQFH/LIHLVQRWERUHGRPLWLVH[XOWDWLRQH[XEHUDQFH

0DQ\PDQ\WKLQJVDUHJRLQJWRKDSSHQDQGPDQ\PDQ\WKLQJVZLOODOZD\V
UHPDLQWRKDSSHQ7KHP\VWHU\QHYHUHQGVLWFDQQRWHQG7KDW
VZK\LWLVFDOOHG
DP\VWHU\LWFDQQRWHYHQEHNQRZQ,WZLOOQHYHUEHFRPHNQRZOHGJHWKDW
VZK\LW
LVFDOOHGDP\VWHU\VRPHWKLQJLQLWLVHWHUQDOO\HOXVLYH$QGWKDW
VWKHZKROHMR\RI
OLIH7KHJUHDWVSOHQGRURIOLIHLVWKDWLWNHHSV\RXHWHUQDOO\HQJDJHGVHDUFKLQJ
H[SORULQJ/LIHLVH[SORUDWLRQOLIHLVDGYHQWXUH

<RXDVN2VKR,FDQ
WSHUFHLYHWKHHQGRILWRULVWKHUHQRHQG"7KHUHLVDQ
HQGWR\RXEXWWKHUHLVQRHQGWRWKHUHDO\RX

,VLWHFVWDV\FDUU\LQJWKHZHLJKWRILPSXULW\"7KHUHLVQRLPSXULW\DQ\ZKHUH$OO




LVSXUH,PSXULW\LVMXVWDVKDGRZRIWKHFRQIXVLRQWKDW\RXDUHIHHOLQJULJKWQRZ
:KHQWKHFRQIXVLRQDQGWKHFRQIXVLQJPLQGDUHGURSSHGWKHVKDGRZVZLOO
GLVDSSHDURIWKHLURZQDFFRUG

<RXULQQHUPRVWFRUHKDVDOZD\VEHHQSXUHSXULW\LVLQWULQVLFWR\RXLWFDQQRWEH
WDNHQDZD\<RXUYLUJLQLW\LVHWHUQDO\RXFDQQRWORVHLWWKHUHLVQRZD\WRORVHLW
<RXFDQRQO\IRUJHWDERXWLWRUUHPHPEHULW,I\RXIRUJHWDERXWLW\RXOLYHLQ
FRQIXVLRQLI\RXUHPHPEHULWDOOLVFOHDU$JDLQ,ZLOOQRWVD\FHUWDLQEXWMXVW
FOHDU$OOLVWUDQVSDUHQW7KDWWUDQVSDUHQF\LVIUHHGRPWKDWWUDQVSDUHQF\LV
ZLVGRP7KLVWUDQVSDUHQF\LV\RXUELUWKULJKWLI\RXDUHQRWFODLPLQJLWQRERG\
HOVHLVUHVSRQVLEOHH[FHSW\RX&ODLPLW,WLV\RXUV,WLV\RXUVMXVWIRUWKHDVNLQJ
6DQQ\DVLVDQHIIRUWWRUHFODLPWKDWZKLFKLV\RXUVDQGWRGURSWKDWZKLFKLVQRW
\RXUV6DQQ\DVLVDQHIIRUWWRGURSWKDWZKLFK\RXUHDOO\GRQ
WKDYHDQGWRFODLP
WKDWZKLFK\RXDOZD\VKDGZLWK\RXDOODORQJ

(FVWDV\LVRXUYHU\QDWXUHQRWWREHHFVWDWLFLVVLPSO\XQQHFHVVDU\7REH
HFVWDWLFLVQDWXUDOVSRQWDQHRXV,WQHHGVQRHIIRUWWREHHFVWDWLFLWQHHGVJUHDW
HIIRUWWREHPLVHUDEOH7KDW
VZK\\RXORRNVRWLUHGEHFDXVHPLVHU\LVUHDOO\KDUG
ZRUNWRPDLQWDLQLWLVUHDOO\GLIILFXOWEHFDXVH\RXDUHGRLQJVRPHWKLQJDJDLQVW
QDWXUH<RXDUHJRLQJXSVWUHDPWKDW
VZKDWPLVHU\LV

$QGZKDWLVEOLVV"*RLQJZLWKWKHULYHUVRPXFKVRWKDWWKHGLVWLQFWLRQEHWZHHQ
\RXDQGWKHULYHULVVLPSO\ORVW<RXDUHWKHULYHU+RZFDQLWEHGLIILFXOW"7RJR
ZLWKWKHULYHUQRVZLPPLQJLVQHHGHG\RXVLPSO\IORDWZLWKWKHULYHUDQGWKHULYHU
WDNHV\RXWRWKHRFHDQ7KHULYHULVDOUHDG\JRLQJWRWKHRFHDQ

/LIHLVDULYHU'RQ
WSXVKLWDQG\RXZLOOQRWEHPLVHUDEOH7KHDUWRIQRWSXVKLQJ
WKHULYHURIOLIHLVVDQQ\DV

5RQDOG\RXDUHUHDG\7KLVPRPHQWRIFRQIXVLRQWKLVPRPHQWRIFKDRVLQ\RXU
OLIHFDQRSHQDQHZGRRUFDQWXUQDQHZOHDI'RQ
WZDLWDQ\PRUH
(QRXJKIRUWRGD\





FKDSWHUILYHVRZLQJZKLWHVHHGV


IHEUXDU\DPLQEXGGKDKDOO


%(*,17+('(9(/230(172)7$.,1*:,7+<2856(/)

:+(1(9,/),//67+(,1$1,0$7($1'$1,0$7(81,9(56(6&+$1*(
%$'&21',7,216727+(%2'+,3$7+

'5,9($//%/$0(,17221(

%(*5$7()8/72(9(5<21(

7+(,16853$66$%/(3527(&7,212)(037,1(66,6726((7+(
0$1,)(67$7,2162)%(:,/'(50(17$67+()285.$<$6

$1(;&(//(170($16,672+$9(7+()2853529,6,216

,125'(572%5,1*$1<6,78$7,21727+(3$7+48,&./<$66221
$6,7,60(7-2,1,7:,7+0(',7$7,21

7+(&21&,6((3,720(2)+($57,16758&7,21:25.:,7+),9(
)25&(6

7+(,16758&7,216)2575$16)(5(1&(,17+(0$+$<$1$$5(7+(
),9()25&(6%(+$9,25,6,03257$17

7+(385326(2)$//'+$50$,6&217$,1(',121(32,17

0HGLWDWLRQLVWKHVRXUFHFRPSDVVLRQLVWKHRYHUIORZRIWKDWVRXUFH7KH
QRQPHGLWDWLYHPDQKDVQRHQHUJ\IRUORYHIRUFRPSDVVLRQIRUFHOHEUDWLRQ7KH
QRQPHGLWDWLYHSHUVRQLVGLVFRQQHFWHGIURPKLVRZQVRXUFHRIHQHUJ\KHLVQRWLQ
FRQWDFWZLWKWKHRFHDQ+HKDVDOLWWOHELWRIHQHUJ\WKDWLVFUHDWHGE\IRRGE\DLU
E\PDWWHUKHOLYHVRQSK\VLFDOHQHUJ\

3K\VLFDOHQHUJ\KDVOLPLWDWLRQV,WLVERUQDWDFHUWDLQPRPHQWLQWLPHDQGLWGLHV
DWDQRWKHUPRPHQWLQWLPH%HWZHHQELUWKDQGGHDWKLWH[LVWV,WLVOLNHDODPSWKDW




EXUQVEHFDXVHRIWKHRLOLQLWRQFHWKHRLOLVH[KDXVWHGWKHIODPHJRHVRXW

7KHPHGLWDWLYHSHUVRQFRPHVWRNQRZVRPHWKLQJRIWKHLQILQLWHEHFRPHV
EULGJHGZLWKWKHLQH[KDXVWLEOHVRXUFHRIHQHUJ\+LVIODPHJRHVRQDQGRQKLV
IODPHNQRZVQRFHVVDWLRQ,WFDQQRWGLVDSSHDUEHFDXVHLQWKHILUVWSODFHLWQHYHU
DSSHDUV,WFDQQRWGLHEHFDXVHLWLVXQERUQ

+RZWREULGJHRQHVHOIZLWKWKLVLQH[KDXVWLEOHVRXUFHRIOLIHDEXQGDQFH
ULFKQHVV"<RXFDQFDOOWKDWLQH[KDXVWLEOHVRXUFH*RGRU\RXFDQFDOOLWWUXWKRU
DQ\WKLQJWKDW\RXZLVKWRFDOOLW%XWRQHWKLQJLVDEVROXWHO\FHUWDLQWKDWPDQLVD
ZDYHRIVRPHWKLQJLQILQLWH

,IWKHZDYHORRNVLQZDUGLWZLOOILQGWKHLQILQLWH,ILWJRHVRQORRNLQJRXWZDUGVLW
UHPDLQVGLVFRQQHFWHGGLVFRQQHFWHGIURPLWVRZQNLQJGRPGLVFRQQHFWHGIURP
LWVRZQQDWXUH-HVXVFDOOVWKLVQDWXUHWKHNLQJGRPRI*RG+HDJDLQDQGDJDLQ
VD\V7KHNLQJGRPRI*RGLVZLWKLQ\RX*RZLWKLQ

0HGLWDWLRQLVQRWKLQJEXWDEULGJHWRJRZLWKLQ2QFHPHGLWDWLRQKDVKDSSHQHG
WKHRQO\WKLQJWKDWUHPDLQVWRKDSSHQLVFRPSDVVLRQ

%XGGKDWKHRULJLQDOPDVWHULQ$WLVKD
VOLQHVDLGWKDWXQOHVVFRPSDVVLRQ
KDSSHQVGRQ
WUHPDLQFRQWHQWHGZLWKPHGLWDWLRQLWVHOI<RXKDYHJRQHRQO\
KDOIZD\\RXKDYH\HWWRJRDOLWWOHIXUWKHU0HGLWDWLRQLILWLVWUXHLVERXQGWR
RYHUIORZLQWRFRPSDVVLRQ-XVWDVZKHQDODPSLVOLWLWLPPHGLDWHO\VWDUWV
UDGLDWLQJOLJKWLWLPPHGLDWHO\VWDUWVGLVSHUVLQJGDUNQHVVRQFHWKHLQQHUOLJKWLVOLW
FRPSDVVLRQLVLWVUDGLDWLRQ

&RPSDVVLRQLVWKHSURRIWKDWPHGLWDWLRQKDVKDSSHQHG/RYHLVWKHIUDJUDQFH
WKDWSURYHVWKDWWKHRQHWKRXVDQGSHWDOHGORWXVLQWKHLQQHUPRVWFRUHRI\RXU
EHLQJKDVEORRPHGWKDWWKHVSULQJKDVFRPHWKDW\RXDUHQRPRUHWKHVDPH
SHUVRQ\RXXVHGWREHWKDWWKDWSHUVRQDOLW\KDVFHDVHGDQGLQGLYLGXDOLW\LVERUQ
WKDW\RXDUHQRWOLYLQJDQ\PRUHLQGDUNQHVVWKDW\RXDUHOLJKW

7KHVHVXWUDVDUHSUDFWLFDOLQVWUXFWLRQVUHPHPEHULW$WLVKDLVQRWDSKLORVRSKHU
QRZLVHPDQHYHULV+HLVQRWDWKLQNHUWKLQNLQJLVRQO\IRUWKHPHGLRFUHWKH
IRROLVK7KHZLVHGRHVQRWWKLQNWKHZLVHNQRZV7KLQNLQJLVDQHIIRUWWRNQRZLW
LVJXHVVZRUNJURSLQJLQWKHGDUNVKRRWLQJDUURZVLQWKHGDUN

:LVGRPLVNQRZLQJ$QGZKHQ\RXNQRZ\RXQHHGQRWJXHVV<RXDUHQRW
JXHVVLQJWKDWWKLVLVPRUQLQJDQGWKHELUGVDUHVLQJLQJDQGWKHWUHHVDUHEDWKHG
LQVXQOLJKW<RXDUHQRWJXHVVLQJLW\RXDUHQRWWKLQNLQJWKDWLWLVVR,IVRPHERG\
LVJXHVVLQJLWWKHQKHPXVWEHEOLQGRUDWOHDVWGUXQN,WLVDQH[SHULHQFHDQG
HYHU\H[SHULHQFHLVVHOIYDOLGDWLQJ

$WLVKDLVQRWDVSHFXODWLYHWKLQNHU:KDWKHLVVD\LQJLVQRWDSKLORVRSK\RUD
V\VWHPRIWKRXJKW,WLVKRZKHKDVDWWDLQHGKHLVVKRZLQJ\RXWKHZD\$QGWKH




EXGGKDVFDQRQO\VKRZWKHZD\\RXZLOOKDYHWRZDONRQLWQRERG\HOVHFDQ
ZDONIRU\RX1RERG\HOVHFDQGRLWIRU\RXQRSUR[\LVSRVVLEOHLQH[LVWHQFH

<HVRWKHUVFDQFRPPXQLFDWHKRZWKH\DWWDLQHGZKDWSLWIDOOVWRDYRLGKRZWRJR
RQMXGJLQJZKHWKHU\RXDUHPRYLQJLQWKHULJKWGLUHFWLRQRUQRWZKDWHQHUJLHVWR
XVHDQGZKDWHQHUJLHVWRGLVFDUGZKDWLVKHOSIXODQGZKDWLVDKLQGUDQFH7KH\
FDQJLYH\RXOLWWOHKLQWVDERXWWKHSDWKDQG,VD\OLWWOHKLQWVWKH\FDQQRWJLYH
\RXDFRPSOHWHPDSHLWKHUEHFDXVHHDFKLQGLYLGXDOZLOOKDYHWRIROORZDSDWK
WKDWLVDOLWWOHELWGLIIHUHQWDQGHDFKLQGLYLGXDOZLOOFRPHDFURVVXQLTXH
H[SHULHQFHVWKDWQRERG\KDVFRPHDFURVVEHIRUHDQGQRERG\PD\HYHUFRPH
DFURVVDJDLQ

(DFKLQGLYLGXDOLVVRXQLTXHWKDWQRDEVROXWHPDSFDQEHJLYHQRQO\KLQWV
YDJXHKLQWVLQGLFDWLRQV

<RXDUHQRWWRFOLQJWRWKHVHLQVWUXFWLRQV-XVWXQGHUVWDQGWKHPDEVRUEWKHP
DQGGRQ
WEHDIDQDWLF'RQ
WVD\7KLVKDVWREHOLNHWKLV,ILWLVQRWOLNHWKLVWKHQ
,DPQRWJRLQJWRIROORZLWWKHQVRPHWKLQJLVZURQJ,WZLOOEHVRPHWKLQJOLNHWKLV
EXWLQDYHU\YDJXHZD\,WZLOOKDYHDVLPLODUIUDJUDQFHEXWLWZLOOQRWEHH[DFWO\
WKHVDPHVLPLODU\HVEXWQRWWKHVDPH2QHKDVWREHDZDUHRILW,IRQHLVQRW
DZDUHWKHQRQHEHFRPHVDIDQDWLFDQGIDQDWLFVKDYHQHYHUDUULYHGWKHLUYHU\
IDQDWLFLVPSUHYHQWVWKHP

7KHVHDUHVPDOOKLQWV7KHVHDUHQRWPDWKHPDWLFDOWKHVHDUHQRWOLNHWZRSOXV
WZRLVIRXU,QWKHZRUOGRIWKHP\VWHULRXVVRPHWLPHVWZRSOXVWZRLVWKUHH
VRPHWLPHVWZRSOXVWZRLVILYH,WLVYHU\UDUHO\WKDWWZRSOXVWZRLVIRXUYHU\
UDUHO\LWLVWKHH[FHSWLRQQRWWKHUXOH,WLVQRWPDWKHPDWLFVLWLVPXVLF,WLVQRW
ORJLFLWLVSRHWU\

:KHQ\RXUHDGDORJLFDOWUHDWLVH\RXUHDGZLWKDGLIIHUHQWPLQG,I\RXUHDG
SRHWU\\RXQHHGDWRWDOO\GLIIHUHQWDSSURDFK,QORJLFWKHUHLVDFOHDUFXWSURFHVV
WKHSURFHVVRIV\OORJLVP\RXNQRZWKDWWKLVLVVRDQGWKLVLVVRWKHUHIRUHWKLV
LVERXQGWREHVR7KHUHLVDWKHUHIRUH

,QSRHWU\WKHUHLVQRWKHUHIRUH3RHWU\WDNHVTXDQWXPOHDSV3RHWU\LVDYLVLRQ
QRWDORJLFDOSURFHVVDVRQJQRWDV\OORJLVP<HVHYHQWKHVRQJKDVVRPH
LQWULQVLFORJLFLQLWEXWLWLVQRWRQWKHVXUIDFH$QGLWLVQRWIRUWKRVHZKRDUHRQ
WKHSDWKLWLVRQO\IRUWKRVHZKRKDYHDUULYHG

2QFH\RXKDYHDUULYHG\RXZLOOVHHWKHZKROHORJLFDOQHVVRIHDFKVWHSWKDW\RX
KDGWDNHQEXWQRWEHIRUHLW<RXZLOOVHHZK\\RXKDGWRMXPSZK\\RXKDGWR
WDNHDFHUWDLQVWHS:KHQ\RXZHUHWDNLQJWKDWVWHSQRWKLQJZDVFOHDUQRWKLQJ
ZDVDEVROXWHO\FHUWDLQRUJXDUDQWHHG<RXZHUHWDNLQJWKDWVWHSDFFRUGLQJWR
\RXUIHHOLQJQRWDFFRUGLQJWR\RXUWKLQNLQJ%XWODWHURQUHFDSLWXODWLQJORRNLQJ
EDFNWKLQNLQJFDQEHUHYLYHG1RZ\RXFDQVHDUFKIRUWKHXQGHUFXUUHQWRIORJLF





7KRVHZKRKDYHDUULYHGDUHYHU\ORJLFDO%XWWKRVHZKRDUHRQWKHSDWKLIWKH\
WU\WREHORJLFDOWKH\ZLOOQHYHUVXUYLYH7KLVLVRQHRIWKHSDUDGR[HVWREH
XQGHUVWRRG+HQFHWKHVWDWHPHQWVRI%XGGKD7LORSD6DUDKDDQG$WLVKDDUH
UHDOO\YHU\ORJLFDOEXWRQO\IRUWKRVHZKRKDYHDUULYHG7KHORJLFFDQEHIHOWRQO\
EDFNZDUGV:KHQ\RXDUHSURJUHVVLQJWRZDUGVWKHJRDOWKHXOWLPDWHHYHU\WKLQJ
LVYDJXHKLGGHQEHKLQGDFORXG,WLVOLNHWKHHDUO\PRUQLQJPLVW,QWKH
DIWHUQRRQLQWKHIXOOQRRQWLGHWKHPLVWZLOOKDYHGLVDSSHDUHG%XWWKDWIXOO
QRRQWLGHKDV\HWWRKDSSHQ

6RWKLQNPHGLWDWHIHHOWKHVHLQVWUXFWLRQVEXWGRQ
WWDNHWKHPLQGHDG
VHULRXVQHVV7KHUHDUHERXQGWREHDIHZGLIIHUHQFHV$IHZWKLQJVDUHJRLQJWR
KDSSHQRQ\RXUZD\ZKLFKGLGQRWKDSSHQRQ$WLVKD
VZD\$IHZWKLQJVDUH
JRLQJWRKDSSHQRQ\RXUZD\ZKLFKKDYHQRWKDSSHQHGRQP\ZD\7KHUHDUHDV
PDQ\ZD\VLQWKHZRUOGDVWKHUHDUHSHRSOH1RERG\FDQVWDQGLQ\RXUSODFH
HYHQWKRVHZKRDUHVWDQGLQJYHU\FORVHWR\RXDUHQRWVWDQGLQJLQH[DFWO\WKH
VDPHSODFH<RXUDQJOHRIYLVLRQLVERXQGWREHDOLWWOHELWGLIIHUHQWIURPWKHDQJOH
RIYLVLRQRIVRPHERG\ZKRLVVWDQGLQJMXVWE\\RXUVLGHKROGLQJ\RXUKDQG

1RWZRSHUVRQVFDQVHHWKHZRUOGLQH[DFWO\WKHVDPHZD\LWLVLPSRVVLEOH$QG
HYHU\ERG\KDVWRPRYHIURPKLVRZQSODFHKLVRZQVSDFH

1RZ$WLVKDH[LVWHGRQHWKRXVDQG\HDUVDJR+HPXVWKDYHVHHQDWRWDOO\
GLIIHUHQWZRUOGKHPXVWKDYHZDONHGWKURXJKDWRWDOO\GLIIHUHQWZRUOGZLWKD
GLIIHUHQWNLQGRIODQJXDJHZKHUHDGLIIHUHQWNLQGRIXQGHUVWDQGLQJZDV
SUHYDOHQWZKHUHGLIIHUHQWDWWLWXGHVDQGDSSURDFKHVZHUHVWLOOYDOLG7KH\DUHQR
PRUHYDOLGWKH\DUHQRPRUHUHOHYDQWWKDWZRUOGKDVGLVDSSHDUHG$WLVKD
VZRUOG
H[LVWVQRPRUH

6WLOOKLVLQVWUXFWLRQVDUHRIWUHPHQGRXVLPSRUWDQFHWDNHQQRQIDQDWLFDOO\7DNHQ
IDQDWLFDOO\\RXPLVVWKHZKROHSRLQW2QHKDVWREHYHU\YHU\ORRVHDQGUHOD[HG

:KLOHWKLQNLQJDERXWWKHSDVWEXGGKDVRQHKDVWREHDYDLODEOHWRWKHPRSHQWR
WKHPEXWXQFOLQJLQJDQGGHWDFKHGNQRZLQJSHUIHFWO\ZHOOWKDWFHQWXULHVKDYH
SDVVHGNQRZLQJSHUIHFWO\ZHOOWKDW,DPQRW$WLVKDVRKRZFDQ,IROORZWKHVH
LQVWUXFWLRQVDEVROXWHO\"

%XW$WLVKDLVQRWWHOOLQJ\RXWRIROORZKLVLQVWUXFWLRQVDEVROXWHO\+HLVVLPSO\
JLYLQJDJOLPSVHRIKLVYLVLRQDQGWKHZD\KHKDVDUULYHGDWLW+HLVVLPSO\
VKDULQJKLVSRHWU\ZLWK\RXKLVFRPSDVVLRQZLWK\RX

5HPHPEHULWRWKHUZLVHLWLVYHU\HDV\IRUSHRSOHWREHFRPHIDQDWLFV:K\GR
PLOOLRQVRISHRSOHLQWKHZRUOGEHFRPHIDQDWLFV")RUDVLPSOHUHDVRQE\
EHFRPLQJDIDQDWLF\RXDYRLGDOOH[SHULPHQWLQJE\EHFRPLQJDIDQDWLF\RX
HVFDSHIURPWKLQNLQJRQ\RXURZQIHHOLQJRQ\RXURZQ%\EHFRPLQJDIDQDWLF
\RXWKURZDOOUHVSRQVLELOLW\RQVRPHERG\HOVH
VVKRXOGHUV-HVXV%XGGKD
.ULVKQD$WLVKD





5HPHPEHU\RXUUHVSRQVLELOLW\LVVXFKLWFDQQRWEHJLYHQWRDQ\ERG\HOVHLW
FDQQRWEHWKURZQRQVRPHERG\HOVH<RXUUHVSRQVLELOLW\LVDEVROXWHO\\RXUV<RX
ZLOOKDYHWRWKLQN\RXZLOOKDYHWRIHHO\RXZLOOKDYHWRPHGLWDWH\RXZLOOKDYHWR
ZDONIRU\RXUVHOI$QGOHWPHUHPLQG\RXDJDLQ\RXPD\FRPHDFURVVVFHQHV
ZKLFK$WLVKDKDVQHYHUFRPHDFURVV
,I\RXJRWRWKH+LPDOD\DVDQG\RXZDQWWRFOLPE(YHUHVWWKHUHDUHPDQ\ZD\V
WRFOLPELWPDQ\VLGHV)URPRQHVLGH\RXPD\FRPHDFURVVEHDXWLIXOYDOOH\V
DQGULYHUVDQGWUHHV)URPWKHRWKHUVLGH\RXPD\QRWFRPHDFURVVDQ\ULYHU
\RXPD\QRWFRPHDFURVVWUHHVDWDOO\RXPD\FRPHDFURVVRQO\URFNVDQG
URFNV)URPWKHWKLUGVLGH\RXPD\FRPHDFURVVJODFLHUVYLUJLQVQRZWKDWKDV
QHYHUPHOWHG$QG\RXDOOZLOOUHDFKWKHWRS

7KRVHZKRKDYHUHDFKHGWKHWRSZLOODOZD\VEHFRQVLGHUDWHDQGOLEHUDO7KH\
FDQQRWEHVWXEERUQWKH\FDQQRWVD\7KLVLVWKHRQO\SDWKEHFDXVHIURPWKH
WRSWKH\FDQVHHWKDWWKHUHDUHPDQ\SDWKV7KH\FDQVHHPDQ\SLOJULPVDUULYLQJ
UHDFKLQJIURPGLIIHUHQWURXWHV$QGHDFKURXWHKDVLWVRZQZRUOG$WLVKDIROORZHG
DFHUWDLQURXWH%XWKHZDVYHU\IRUWXQDWHWRKDYHWKUHHHQOLJKWHQHGPDVWHUVKH
UHDFKHG(YHUHVWE\DWOHDVWWKUHHURXWHV+LVYLVLRQLVYHU\FRPSUHKHQVLYHKLV
YLVLRQLVZLGHLWLVQRWQDUURZ

-HVXVVD\V0\SDWKLVQDUURZEXWVWUDLJKW+HIROORZHGRQO\RQHPDVWHU
1DWXUDOO\KLVSDWKLVYHU\QDUURZDQGVWUDLJKW,WLVQRWWKHFDVHZLWK$WLVKDKLV
SDWKLVYHU\]LJ]DJDQGYHU\ZLGH,WFRQWDLQVPDQ\SDWKVLQLWLWLVDJUHDW
V\QWKHVLV

7KHILUVWVXWUD
%(*,17+('(9(/230(172)7$.,1*:,7+<2856(/)

/HWPHUHPLQG\RXLQWKHODVWVXWUD$WLVKDZDVVD\LQJWKDWZKHQ\RXWDNHWKH
EUHDWKLQOHWLWEHFRPH\RXUPHGLWDWLRQWKDWDOOWKHVXIIHULQJRIDOOWKHEHLQJVLQ
WKHZRUOGLVULGLQJRQWKDWLQFRPLQJEUHDWKDQGUHDFKLQJ\RXUKHDUW$EVRUEDOO
WKDWVXIIHULQJSDLQDQGPLVHU\LQ\RXUKHDUWDQGVHHDPLUDFOHKDSSHQ

:KHQHYHU\RXDEVRUEVRPHERG\HOVH
VPLVHU\SDLQDQGVXIIHULQJWKHPRPHQW
\RXDEVRUELWLWLVWUDQVIRUPHG7KHQDWXUDOWHQGHQF\LVWRDYRLGLWWKHQDWXUDO
WHQGHQF\LVWRSURWHFW\RXUVHOIDJDLQVWVXIIHULQJ7KHQDWXUDOWHQGHQF\LVWRNHHS
DORRIQRWWRV\PSDWKL]HQRWWRHPSDWKL]H3HRSOHHYHQZKHQWKH\V\PSDWKL]H
V\PSDWKL]HRQO\IRUPDOO\7KH\SD\OLSVHUYLFHWKH\GRQ
WPHDQLW,IWKH\UHDOO\
PHDQWLWWKH\FRXOGKDYHKHOSHGWKHRWKHUSHUVRQ7KH\FRXOGKDYHDEVRUEHG
KLVVXIIHULQJWKH\FRXOGKDYHGUXQNKLVVXIIHULQJ

$QGLWKDSSHQVDIHZWLPHVDQG\RXNQRZLWWKHUHDUHSHRSOHLI\RXPHHWWKHP
\RXIHHODQXQEXUGHQLQJ:KHQWKH\DUHJRQH\RXIHHOOLJKW\RXIHHOIORZLQJ
\RXIHHOPRUHYLEUDQWPRUHDOLYHDVLIWKH\KDYHWDNHQDJUHDWEXUGHQRII\RXU
KHDGRII\RXUFKHVWDVLIWKH\KDYHSRXUHGVRPHQHFWDULQWR\RXUEHLQJ<RX




IHHODGDQFHOHIWZLWKLQ\RXUKHDUWZKHQWKH\OHDYH<RXZDLWDJDLQDQGDJDLQIRU
WKHPWRFRPHWR\RX\RXVHHNWKHLUFRPSDQ\\RXHQMR\LWEHFDXVH\RXDUH
QRXULVKHGE\WKHLUSUHVHQFH


7KHRSSRVLWHNLQGRISHRSOHDOVRH[LVW,IWKH\PHHW\RXWKH\OHDYH\RXPRUH
EXUGHQHGWKDQ\RXHYHUZHUH7KH\OHDYH\RXLQDNLQGRIGHVSDLUGLVJXVW<RX
IHHO\RXKDYHEHHQVXFNHG\RXUHQHUJ\LVORZHU7KH\KDYHWDNHQVRPHWKLQJ
IURP\RXUHQHUJ\DQGWKH\KDYHQRWJLYHQDQ\WKLQJWR\RX7KLVLVDQRUGLQDU\
H[SHULHQFH

,ISHRSOHDYRLG\RXUHPHPEHUWKH\DUHQRWUHVSRQVLEOH6RPHWKLQJLQ\RX
PDNHVWKHPDYRLG\RX,ISHRSOHGRQ
WZDQWWRPHHW\RXLIWKH\ILQGH[FXVHVWR
HVFDSHIURP\RXUHPHPEHUWKH\DUHQRWUHVSRQVLEOH<RXPXVWEHGRLQJ
VRPHWKLQJQHJDWLYHWRWKHLUHQHUJ\

,ISHRSOHVHHN\RXLISHRSOHEHFRPHIULHQGO\LPPHGLDWHO\LISHRSOHIHHODFHUWDLQ
DIILQLW\HYHQVWUDQJHUVZRXOGOLNHWRFRPHDQGVLWFORVHWR\RXZRXOGOLNHWR
KROG\RXUKDQGZRXOGMXVWOLNHWREHZLWK\RXWKDWPHDQV\RXPXVWEH
NQRZLQJO\RUXQNQRZLQJO\KHOSLQJWKHP(YHU\ERG\LVEXUGHQHGZLWKJUHDW
PLVHU\HYHU\ERG\LVXQGHUJUHDWVXIIHULQJHYHU\ERG\
VKHDUWLVKXUWLQJ7KHUHLV
PXFKSDLQ

$WLVKDVD\VEHIRUH\RXFDQGRWKLVZLWKWKHZKROHH[LVWHQFH\RXZLOOKDYHWR
VWDUWILUVWZLWK\RXUVHOI7KLVLVRQHRIWKHIXQGDPHQWDOVHFUHWVRILQQHUJURZWK
<RXFDQQRWGRDQ\WKLQJZLWKRWKHUVWKDW\RXKDYHQRWGRQHLQWKHILUVWSODFHZLWK
\RXUVHOI<RXFDQKXUWRWKHUVLI\RXKXUW\RXUVHOI\RXZLOOEHDSDLQLQWKHQHFNV
RIRWKHUVLI\RXDUHDSDLQLQWKHQHFNWR\RXUVHOI\RXFDQEHDEOHVVLQJWRRWKHUV
RQO\LI\RXDUHDEOHVVLQJWR\RXUVHOI

:KDWVRHYHU\RXFDQGRZLWKRWKHUV\RXPXVWKDYHGRQHWR\RXUVHOIEHIRUH
EHFDXVHWKDWLVWKHRQO\WKLQJWKDW\RXFDQVKDUH<RXFDQVKDUHRQO\WKDWZKLFK
\RXKDYH\RXFDQQRWVKDUHWKDWZKLFK\RXGRQ
WKDYH

$WLVKDVD\V
%(*,17+('(9(/230(172)7$.,1*:,7+<2856(/)

5DWKHUWKDQVWDUWLQJE\WDNLQJWKHZKROHPLVHU\RIWKHZRUOGDQGDEVRUELQJLWLQ
WKHKHDUWVWDUWZLWK\RXURZQPLVHU\'RQ
WJRLQWRWKHGHHSVHDVRIDVWOHDUQ
VZLPPLQJLQVKDOORZZDWHU$QGLI\RXLPPHGLDWHO\VWDUWWDNLQJWKHPLVHU\RIWKH
ZKROHH[LVWHQFHLWZLOOUHPDLQVLPSO\DQH[SHULPHQWLQVSHFXODWLRQ,WZRQ
WEH
UHDOLWFDQ
WEHUHDO,WZLOOEHMXVWYHUEDO

<RXFDQVD\WR\RXUVHOI<HV,DPWDNLQJWKHPLVHU\RIWKHZKROHZRUOGEXW
ZKDWGR\RXNQRZRIWKHPLVHU\RIWKHZKROHZRUOG"<RXKDYHQRWHYHQ
H[SHULHQFHG\RXURZQPLVHU\





:HJRRQDYRLGLQJRXURZQPLVHU\,I\RXIHHOPLVHUDEOH\RXSXWRQWKHUDGLRRU
WKHWYDQG\RXEHFRPHHQJDJHG<RXVWDUWUHDGLQJWKHQHZVSDSHUVRWKDW\RX
FDQIRUJHW\RXUPLVHU\RU\RXJRWRWKHPRYLHVRU\RXJRWR\RXUZRPDQRU\RXU
PDQ<RXJRWRWKHFOXE\RXJRVKRSSLQJLQWKHPDUNHWMXVWVRPHKRZWRNHHS
\RXUVHOIDZD\IURP\RXUVHOIVRWKDW\RXQHHGQRWVHHWKHZRXQGVRWKDW\RX
QHHGQRWORRNDWKRZPXFKLWKXUWVZLWKLQ

3HRSOHJRRQDYRLGLQJWKHPVHOYHV:KDWGRWKH\NQRZRIPLVHU\"+RZFDQWKH\
WKLQNRIWKHPLVHU\RIWKHZKROHH[LVWHQFH")LUVW\RXKDYHWREHJLQZLWK\RXUVHOI
,I\RXDUHIHHOLQJPLVHUDEOHOHWLWEHFRPHDPHGLWDWLRQ6LWVLOHQWO\FORVHWKH
GRRUV)LUVWIHHOWKHPLVHU\ZLWKDVPXFKLQWHQVLW\DVSRVVLEOH)HHOWKHKXUW

6RPHERG\KDVLQVXOWHG\RX1RZWKHEHVWZD\WRDYRLGWKHKXUWLVWRJRDQG
LQVXOWKLPVRWKDW\RXEHFRPHRFFXSLHGZLWKKLP7KDWLVQRWPHGLWDWLRQ

,IVRPHERG\KDVLQVXOWHG\RXIHHOWKDQNIXOWRKLPWKDWKHKDVJLYHQ\RXDQ
RSSRUWXQLW\WRIHHODGHHSZRXQG+HKDVRSHQHGDZRXQGLQ\RX7KHZRXQG
PD\EHFUHDWHGE\PDQ\PDQ\LQVXOWVWKDW\RXKDYHVXIIHUHGLQ\RXUZKROHOLIH
KHPD\QRWEHWKHFDXVHRIDOOWKHVXIIHULQJEXWKHKDVWULJJHUHGDSURFHVV

-XVWFORVH\RXUURRPVLWVLOHQWO\ZLWKQRDQJHUIRUWKHSHUVRQEXWZLWKWRWDO
DZDUHQHVVRIWKHIHHOLQJWKDWLVDULVLQJLQ\RXWKHKXUWIHHOLQJWKDW\RXKDYH
EHHQUHMHFWHGWKDW\RXKDYHEHHQLQVXOWHG$QGWKHQ\RXZLOOEHVXUSULVHGWKDW
QRWRQO\LVWKLVPDQWKHUHDOOWKHPHQDQGDOOWKHZRPHQDQGDOOWKHSHRSOHWKDW
KDYHHYHULQVXOWHG\RXZLOOVWDUWPRYLQJLQ\RXUPHPRU\

<RXZLOOVWDUWQRWRQO\UHPHPEHULQJWKHP\RXZLOOVWDUWUHOLYLQJWKHP<RXZLOOEH
JRLQJLQWRDNLQGRISULPDO)HHOWKHKXUWIHHOWKHSDLQGRQ
WDYRLGLW7KDW
VZK\
LQPDQ\WKHUDSLHVWKHSDWLHQWLVWROGQRWWRWDNHDQ\GUXJVEHIRUHWKHWKHUDS\
EHJLQVIRUWKHVLPSOHUHDVRQWKDWGUXJVDUHDZD\WRHVFDSHIURP\RXULQQHU
PLVHU\7KH\GRQ
WDOORZ\RXWRVHH\RXUZRXQGVWKH\UHSUHVVWKHP7KH\GRQ
W
DOORZ\RXWRJRLQWR\RXUVXIIHULQJDQGXQOHVV\RXJRLQWR\RXUVXIIHULQJ\RX
FDQQRWEHUHOHDVHGIURPWKHLPSULVRQPHQWRILW

,WLVSHUIHFWO\VFLHQWLILFWRGURSDOOGUXJVEHIRUHJRLQJLQWRDJURXSLISRVVLEOH
HYHQGUXJVOLNHFRIIHHWHDVPRNLQJEHFDXVHWKHVHDUHDOOZD\VWRHVFDSH

+DYH\RXZDWFKHG":KHQHYHU\RXIHHOQHUYRXV\RXLPPHGLDWHO\VWDUWVPRNLQJ
,WLVDZD\WRDYRLGQHUYRXVQHVV\RXEHFRPHRFFXSLHGZLWKVPRNLQJ5HDOO\LWLV
DUHJUHVVLRQ6PRNLQJPDNHV\RXDJDLQIHHOOLNHDFKLOGXQZRUULHG
QRQUHVSRQVLEOHEHFDXVHVPRNLQJLVQRWKLQJEXWDV\PEROLFEUHDVW7KHKRW
VPRNHJRLQJLQVLPSO\WDNHV\RXEDFNWRWKHGD\VZKHQ\RXZHUHIHHGLQJRQWKH
PRWKHU
VEUHDVWDQGWKHZDUPPLONZDVJRLQJLQWKHQLSSOHKDVQRZEHFRPHWKH
FLJDUHWWH7KHFLJDUHWWHLVDV\PEROLFQLSSOH





7KURXJKUHJUHVVLRQ\RXDYRLGWKHUHVSRQVLELOLWLHVDQGWKHSDLQVRIEHLQJDGXOW
$QGWKDW
VZKDWJRHVRQWKURXJKPDQ\PDQ\GUXJV0RGHUQPDQLVGUXJJHGDV
QHYHUEHIRUHEHFDXVHPRGHUQPDQLVOLYLQJLQJUHDWVXIIHULQJ:LWKRXWGUXJVLW
ZLOOEHLPSRVVLEOHWROLYHLQVRPXFKVXIIHULQJ7KRVHGUXJVFUHDWHDEDUULHUWKH\
NHHS\RXGUXJJHGWKH\GRQ
WDOORZ\RXHQRXJKVHQVLWLYLW\WRNQRZ\RXUSDLQ

7KHILUVWWKLQJWRGRLVFORVH\RXUGRRUVDQGVWRSDQ\NLQGRIRFFXSDWLRQ
ORRNLQJDWWKHWYOLVWHQLQJWRWKHUDGLRUHDGLQJDERRN6WRSDOORFFXSDWLRQ
EHFDXVHWKDWWRRLVDVXEWOHGUXJ-XVWEHVLOHQWXWWHUO\DORQH'RQ
WHYHQSUD\
EHFDXVHWKDWDJDLQLVDGUXJ\RXDUHEHFRPLQJRFFXSLHG\RXVWDUWWDONLQJWR
*RG\RXVWDUWSUD\LQJ\RXHVFDSHIURP\RXUVHOI

$WLVKDLVVD\LQJ-XVWEH\RXUVHOI:KDWVRHYHUWKHSDLQRILWDQGZKDWVRHYHUWKH
VXIIHULQJRILWOHWLWEHVR)LUVWH[SHULHQFHLWLQLWVWRWDOLQWHQVLW\,WZLOOEHGLIILFXOW
LWZLOOEHKHDUWUHQGLQJ<RXPD\VWDUWFU\LQJOLNHDFKLOG\RXPD\VWDUWUROOLQJRQ
WKHJURXQGLQGHHSSDLQ\RXUERG\PD\JRWKURXJKFRQWRUWLRQV<RXPD\
VXGGHQO\EHFRPHDZDUHWKDWWKHSDLQLVQRWRQO\LQWKHKHDUWLWLVDOORYHUWKH
ERG\WKDWLWLVDFKLQJDOORYHUWKDWLWLVSDLQIXODOORYHUWKDW\RXUZKROHERG\LV
QRWKLQJEXWSDLQ

,I\RXFDQH[SHULHQFHLWWKLVLVRIWUHPHQGRXVLPSRUWDQFHWKHQVWDUW
DEVRUELQJLW'RQ
WWKURZLWDZD\,WLVVXFKDYDOXDEOHHQHUJ\GRQ
WWKURZLWDZD\
$EVRUELWGULQNLWDFFHSWLWZHOFRPHLWIHHOJUDWHIXOWRLW$QGVD\WR\RXUVHOI
7KLVWLPH,
PQRWJRLQJWRDYRLGLWWKLVWLPH,
PQRWJRLQJWRUHMHFWLWWKLVWLPH,
P
QRWJRLQJWRWKURZLWDZD\7KLVWLPH,ZLOOGULQNLWDQGUHFHLYHLWOLNHDJXHVW7KLV
WLPH,ZLOOGLJHVWLW

,WPD\WDNHDIHZGD\VIRU\RXWREHDEOHWRGLJHVWLWEXWWKHGD\LWKDSSHQV\RX
KDYHVWXPEOHGXSRQDGRRUZKLFKZLOOWDNH\RXUHDOO\IDUIDUDZD\$QHZMRXUQH\
KDVVWDUWHGLQ\RXUOLIH\RXDUHPRYLQJLQWRDQHZNLQGRIEHLQJEHFDXVH
LPPHGLDWHO\WKHPRPHQW\RXDFFHSWWKHSDLQZLWKQRUHMHFWLRQDQ\ZKHUHLWV
HQHUJ\DQGLWVTXDOLW\FKDQJHV,WLVQRORQJHUSDLQ,QIDFWRQHLVVLPSO\
VXUSULVHGRQHFDQQRWEHOLHYHLWLWLVVRLQFUHGLEOH2QHFDQQRWEHOLHYHWKDW
VXIIHULQJFDQEHWUDQVIRUPHGLQWRHFVWDV\WKDWSDLQFDQEHFRPHMR\

%XWLQRUGLQDU\OLIH\RXDUHDZDUHWKDWRSSRVLWHVDUHDOZD\VMRLQHGWRJHWKHUWKDW
WKH\DUHQRWRSSRVLWHVEXWFRPSOHPHQWDULHV<RXNQRZSHUIHFWO\ZHOO\RXUORYH
FDQDWDQ\PRPHQWEHFRPHKDWHDQG\RXUKDWHFDQDWDQ\PRPHQWEHFRPH
ORYH,QIDFWLI\RXKDWHWRRPXFKLQWHQVHO\DQGWRWDOO\LWLVERXQGWREHFRPH
ORYH

7KDW
VZKDWKDSSHQHGWRWKHSHUVRQFDOOHG6DXOZKRODWHURQEHFDPH3DXODQG
IRXQGHGWKLVXJO\SKHQRPHQRQWKH&KULVWLDQFKXUFK-HVXVLVQRWWKHIRXQGHURI
WKH&KULVWLDQFKXUFKWKHIRXQGHURIWKH&KULVWLDQFKXUFKLV6DLQW3DXO$QGWKH
VWRU\LVZRUWKUHPHPEHULQJ





:KHQKHZDVERUQKLVQDPHZDV6DXO$QGKHZDVVRDQWL&KULVWWKDWKLVZKROH
OLIHZDVGHYRWHGWRGHVWUR\LQJ&KULVWLDQVDQG&KULVWLDQLW\+LVZKROHGHGLFDWLRQ
ZDVWRSHUVHFXWH&KULVWLDQVGHVWUR\LQJDQ\SRVVLELOLW\RI&KULVWLDQLW\IRUWKH
IXWXUHDQGHIIDFLQJWKHQDPHRI&KULVW+HPXVWKDYHKDWHGWUHPHQGRXVO\KLV
KDWHFDQQRWEHRUGLQDU\:KHQ\RXGHYRWH\RXUZKROHOLIHWRWKHREMHFWRI\RXU
KDWUHGLWLVERXQGWREHUHDOO\WRWDO2WKHUZLVHZKRFDUHV",I\RXKDWHVRPHWKLQJ
\RXGRQ
WGHYRWH\RXUZKROHOLIHWRLW%XWLI\RXKDWHWRWDOO\WKHQLWEHFRPHVD
OLIHDQGGHDWKSUREOHP

3HUVHFXWLQJ&KULVWLDQVGHVWUR\LQJ&KULVWLDQVGHVWUR\LQJWKHLUSRZHUKROGV
DUJXLQJZLWK&KULVWLDQVFRQYLQFLQJWKHPWKDWWKLVZDVQRQVHQVHWKDWWKLVPDQ
-HVXVZDVPDGDQHXURWLFDSUHWHQGHUDK\SRFULWHRQHGD\LWKDSSHQHGWKH
PLUDFOHKDSSHQHG+HZDVJRLQJWRSHUVHFXWHPRUH&KULVWLDQVLQDQRWKHUWRZQ
2QWKHZD\KHZDVDORQHDQGVXGGHQO\KHVDZ-HVXVDSSHDULQJRXWRIQRZKHUH
DQGDVNLQJKLP:K\GR\RXSHUVHFXWHPH"

2XWRIVKRFNWHUURUKHIHOORQWKHJURXQGDSRORJL]LQJFU\LQJJUHDWWHDUVRI
UHSHQWDQFH7KHYLVLRQGLVDSSHDUHGDQGZLWKWKHGLVDSSHDUDQFHRIWKHYLVLRQ
WKHROG6DXOGLVDSSHDUHG7RUHPHPEHUWKLVSRLQWKHFKDQJHGKLVQDPHWR3DXO
WKHROGPDQZDVGHDGDQHZPDQKDGDUULYHG$QGKHEHFDPHWKHIRXQGHURI
WKH&KULVWLDQFKXUFK+HEHFDPHDJUHDWORYHURI-HVXVWKHJUHDWHVWORYHUWKH
ZRUOGKDVHYHUNQRZQ

+DWHFDQEHFRPHORYH-HVXVGLGQRWDSSHDULWZDVMXVWWKHLQWHQVLW\RIKLVKDWH
WKDWSURMHFWHG-HVXV,WZDVQRW-HVXVZKRDVNHGKLP:K\GR\RXSHUVHFXWH
PH",WZDVKLVRZQXQFRQVFLRXVZKLFKZDVVXIIHULQJVRPXFKEHFDXVHRIWKLV
KDWUHGIRU-HVXV,WZDVKLVRZQXQFRQVFLRXVWKDWDVNHGKLP:K\GR\RX
SHUVHFXWHPH",WZDVKLVRZQXQFRQVFLRXVWKDWEHFDPHSHUVRQLILHGLQWKH
YLVLRQRI-HVXV7KHPLUDFOHKDSSHQHGEHFDXVHWKHKDWHZDVWRWDO

:KHQHYHUDQ\WKLQJLVWRWDOLWWXUQVLQWRLWVRSSRVLWH7KLVLVDJUHDWVHFUHWWREH
UHPHPEHUHG:KHQHYHUVRPHWKLQJLVWRWDOLWFKDQJHVLQWRLWVRSSRVLWHEHFDXVH
WKHUHLVQRZD\WRJRDQ\IXUWKHUWKHFXOGHVDFKDVDUULYHG
:DWFKDQROGFORFNZLWKDSHQGXOXP,WJRHVRQDQGRQWKHSHQGXOXPJRHVWR
WKHOHIWWRWKHH[WUHPHOHIWDQGWKHQWKHUHLVDSRLQWEH\RQGZKLFKLWFDQQRWJR
WKHQLWVWDUWVPRYLQJWRZDUGVWKHULJKW

2SSRVLWHVDUHFRPSOHPHQWDULHV,I\RXFDQVXIIHU\RXUVXIIHULQJLQWRWDOLW\LQ
JUHDWLQWHQVLW\\RXZLOOEHVXUSULVHG6DXOEHFRPHV3DXO<RXZLOOQRWEHDEOHWR
EHOLHYHLWZKHQLWKDSSHQVIRUWKHILUVWWLPHWKDW\RXURZQVXIIHULQJDEVRUEHG
ZLOOLQJO\ZHOFRPLQJO\EHFRPHVDJUHDWEOHVVLQJ7KHVDPHHQHUJ\WKDW
EHFRPHVKDWHEHFRPHVORYHWKHVDPHHQHUJ\WKDWEHFRPHVSDLQEHFRPHV
SOHDVXUHWKHVDPHHQHUJ\WKDWEHFRPHVVXIIHULQJEHFRPHVEOLVV
%XWVWDUWZLWK\RXURZQVHOI

0DNHDVPDOOH[SHULPHQWZLWK\RXURZQSDLQVVXIIHULQJVDQGPLVHULHV$QGRQFH




\RXKDYHIRXQGWKHNH\WKHQ\RXFDQVKDUHLWZLWKWKHZKROHH[LVWHQFH7KHQ
\RXFDQWDNHDOOWKHVXIIHULQJRIDOOWKHZRUOGRUDOOWKHZRUOGV

5LGHRQWKHLQFRPLQJEUHDWKDQG\RXUVPDOOKHDUWLVELJJHUWKDQWKHZKROH
XQLYHUVHLI\RXNQRZZKDWPLUDFOHVLWFDQGR$QGWKHQSRXURXW\RXUEOHVVLQJV
,WLVWKHVDPHHQHUJ\SDVVLQJWKURXJK\RXUKHDUWWKDWEHFRPHVEOLVVWKDW
EHFRPHVDEOHVVLQJ7KHQOHWEOHVVLQJVJRULGLQJRQWKHRXWJRLQJEUHDWKWRDOO
WKHQRRNVDQGFRUQHUVRIH[LVWHQFH

$WLVKDVD\V7KLVLVFRPSDVVLRQ&RPSDVVLRQLVWREHFRPHDWUDQVIRUPLQJIRUFH
LQH[LVWHQFHWUDQVIRUPLQJWKHXJO\LQWRWKHEHDXWLIXONLVVLQJWKHIURJDQG
WUDQVIRUPLQJLWLQWRDSULQFHWUDQVIRUPLQJGDUNQHVVLQWROLJKW7REHFRPHVXFKD
PHGLXPRIWUDQVIRUPDWLRQLVFRPSDVVLRQ

%(*,17+('(9(/230(172)7$.,1*:,7+<2856(/)
:+(1(9,/),//67+(,1$1,0$7($1'$1,0$7(81,9(56(6&+$1*(
%$'&21',7,216727+(%2'+,3$7+

7KLVLVWKH%XGGKLVWDOFKHP\DOOHYLOFDQEHWUDQVIRUPHGLQWRWKHERGKLSDWKWKH
SDWKWREHFRPHDEXGGKD(YLOLVQRWDJDLQVW\RX\RXMXVWGRQ
WNQRZKRZWRXVH
LW3RLVRQLVQRW\RXUHQHP\\RXMXVWGRQ
WNQRZKRZWRPDNHPHGLFLQHRXWRILW
,QZLVHKDQGVSRLVRQEHFRPHVPHGLFLQDOLQIRROLVKKDQGVPHGLFLQHFDQEHFRPH
SRLVRQ,WDOOGHSHQGVRQ\RXRQ\RXUDUWIXOQHVV

+DYH\RXHYHUORRNHGDWWKHZRUGHYLO"5HDGEDFNZDUGVLWLVOLYH/LIHFDQ
EHFRPHHYLOHYLOFDQEHFRPHOLIHLWDOOGHSHQGVRQKRZ\RXUHDGLW

7KHUHDUHWKUHHWKLQJVWREHXQGHUVWRRGDERXWWKLVVXWUDWRFKDQJHEDG
FRQGLWLRQVWRWKHERGKLSDWKVRWKDW\RXFDQDWWDLQWRERGKLFKLWWDWKHPLQGRUQR
PLQGRIDEXGGKD7KHILUVWLVGRQRWUHVLVWHYLO7KDWLVDVD\LQJRI-HVXVWKHUH
LVHYHU\SRVVLELOLW\WKDW-HVXVJRWLWIURP%XGGKLVWVRXUFHV+HWUDYHOHGLQ,QGLD
KHKDGOLYHGLQ,QGLDEHIRUHKHVWDUWHGKLVPLVVLRQLQ,VUDHO

7KDW
VZK\LQ7KH%LEOHWKHUHLVDOPRVWQRDFFRXQWRIKLVOLIH2QO\RQFHLVKH
PHQWLRQHGDVKDYLQJJRQHZLWKKLVSDUHQWVWRWKHJUHDWWHPSOHDQGWKDWKH
DUJXHGZLWKWKHUDEELVWKHUH+HPXVWKDYHEHHQQHDUDERXWWZHOYHDWWKDWWLPH
$IWHUWKDWLQFLGHQWWKHUHLVQROLIHVWRU\LQ7KH%LEOH)RUHLJKWHHQ\HDUVKHVLPSO\
GLVDSSHDUVIURP,VUDHODQGWKHQVXGGHQO\ZKHQKHLVWKLUW\KHDSSHDUVDJDLQ
+LVPLQLVWU\ODVWHGRQO\IRUWKUHH\HDUVE\WKHDJHRIWKLUW\WKUHHKHZDV
FUXFLILHG

:KHUHKDGKHEHHQIRUHLJKWHHQ\HDUV",WLVDORQJSHULRG$QGZK\GRHV7KH
%LEOHPHQWLRQQRWKLQJDERXWLW"

,Q7LEHWWKHUHDUHVWLOOERRNVDYDLODEOHZKLFKUHODWHHYHU\WKLQJDERXWWKRVH
HLJKWHHQ\HDUV+HKDGEHHQLQWKH(DVW,QIDFWWKDWZDVRQHRIWKHUHDVRQVZK\




KHFRXOGQRWEHDFFHSWHGE\WKH-HZVEHFDXVHKHEURXJKWVRPHWKLQJYHU\DOLHQ
DQGVWUDQJH$OWKRXJKKHZDVTXRWLQJWKHSURSKHWVIURPWKH2OG7HVWDPHQWKH
ZDVJLYLQJWRWKRVHROGDQFLHQWVWDWHPHQWVQHZPHDQLQJVWKDWKDGQHYHUEHHQ
KHDUGEHIRUH+HZDVEULQJLQJVRPHWKLQJIRUHLJQLQWRWKH-HZLVKZRUOG

)RUH[DPSOHWKLVVWDWHPHQW'RQRWUHVLVWHYLO1RZWKLVLVYHU\XQ-HZLVK7KH
-HZLVK*RGLVYHU\PXFKDJDLQVWHYLOKHLVVRPXFKDJDLQVWLWWKDWWKHUHDUH
VWRULHVWKDWKHGHVWUR\HGZKROHFLWLHVOLNH6RGRPDQG*RPRUUDK+HGHVWUR\HG
ZKROHFLWLHVEHFDXVHWKRVHFLWLHVKDGIDOOHQLQWRHYLO7KHUHZHUHJRRGSHRSOH
WKHUHWRREXWWRGHVWUR\WKHHYLOSHRSOHHYHQWKHJRRGSHRSOHZHUHGHVWUR\HG
7KH-HZLVK*RGVD\V,DPDYHU\MHDORXV*RGLI\RXGRQ
WREH\PH\RXZLOOEH
GHVWUR\HG+HLVYHU\GLFWDWRULDO$QGWKH2OG7HVWDPHQWVD\VHYLOKDVWREH
SXQLVKHGDQH\HIRUDQH\H

-HVXVVD\VDJDLQDQGDJDLQ<RXKDYHEHHQWROGWKDWLIVRPHERG\WKURZVD
EULFNDW\RXWKURZDVWRQHRUDURFNDWKLP%XW,VD\XQWR\RXLIVRPHERG\KLWV
\RXRQRQHFKHHNJLYHKLPWKHRWKHUDOVR

7KLVLVDOLHQVWUDQJHWR-HZLVKWKLQNLQJ%XWWKLVLVQRWDOLHQWR%XGGKLVWWKLQNLQJ
WKLVLVSXUH%XGGKLVP'RQRWUHVLVWHYLO7KDWLVWKHILUVWWKLQJLI\RXZDQWWR
DEVRUEHYLOLQ\RXUKHDUWDQGWUDQVIRUPLW,I\RXUHVLVWLWKRZFDQ\RXWUDQVIRUP
LW"$FFHSWLW

-HVXVVD\V/RYH\RXUHQHPLHV7KH-HZLVK*RGFDQQRWORYHKLVHQHPLHVVR
ZK\VKRXOGPDQ",I*RGLVLQFDSDEOHRIORYLQJKLVHQHPLHVKRZFDQ\RXH[SHFW
SRRUPDQWR"$QGORYH\RXUHQHPLHV-HVXVVD\VDV\RXORYH\RXUVHOI

$JDLQKHJRWLWIURPVRPHVWUDQJHVRXUFHVWKDWWKH-HZVZHUHQRWDZDUHRI
7KLVLVD%XGGKLVWDSSURDFKWKLVLVWKHFRQWULEXWLRQRI%XGGKDWRWKHZRUOGRQH
RIWKHJUHDWHVWFRQWULEXWLRQVHYHUEHFDXVHWKLVLVWKHLQQHUDOFKHP\$FFHSWHYLO
'RQ
WUHVLVWLWGRQ
WILJKWZLWKLWGRQ
WEHDQJU\ZLWKLWDEVRUELWEHFDXVHLWFDQ
EHWUDQVIRUPHGLQWRJRRG

7KHDUWRIWUDQVIRUPLQJVXIIHULQJSDLQHYLOLQWRVRPHWKLQJJRRGLVWKHDUWRI
VHHLQJWKHQHFHVVLW\RIWKHRSSRVLWH/LJKWFDQH[LVWRQO\LIGDUNQHVVH[LVWV7KHQ
ZK\KDWHGDUNQHVV":LWKRXWGDUNQHVVWKHUHZLOOEHQROLJKWVRWKRVHZKRORYH
OLJKWDQGKDWHGDUNQHVVDUHLQDGLOHPPDWKH\GRQ
WNQRZZKDWWKH\DUHGRLQJ

/LIHFDQQRWH[LVWZLWKRXWGHDWK7KHQZK\KDWHGHDWK"%HFDXVHLWLVGHDWKWKDW
FUHDWHVWKHVSDFHIRUOLIHWRH[LVW7KLVLVDJUHDWLQVLJKWWKDWGHDWKLVWKH
FRQWUDVWWKHEDFNJURXQGWKHEODFNERDUGRQZKLFKOLIHLVZULWWHQZLWKZKLWHFKDON
'HDWKLVWKHGDUNQHVVRIQLJKWRQZKLFKOLIHVWDUWVWZLQNOLQJOLNHVWDUV,I\RX
GHVWUR\WKHGDUNQHVVRIWKHQLJKWWKHVWDUVZLOOGLVDSSHDU7KDW
VZKDWKDSSHQVLQ
WKHGD\7KHVWDUVDUHVWLOOWKHUHGR\RXWKLQNWKH\KDYHGLVDSSHDUHG"7KH\DUH
VWLOOWKHUHEXWEHFDXVHWKHUHLVWRRPXFKOLJKW\RXFDQQRWVHHWKHP7KH\FDQEH
VHHQRQO\LQFRQWUDVW





7KHVDLQWLVSRVVLEOHRQO\EHFDXVHRIWKHVLQQHU+HQFH%XGGKDVD\VGRQ
WKDWH
WKHVLQQHUKHPDNHVLWSRVVLEOHIRUWKHVDLQWWRH[LVW7KH\DUHWZRDVSHFWVRIWKH
VDPHFRLQ

6HHLQJWKLVRQHLVQHLWKHUDWWDFKHGWRJRRGQRUGHWDFKHGIURPEDG2QHDFFHSWV
ERWKDVSDUWDQGSDUFHORIOLIH,QWKDWDFFHSWDQFH\RXFDQWUDQVIRUPWKLQJV2QO\
WKURXJKWKDWDFFHSWDQFHLVWUDQVIRUPDWLRQSRVVLEOH

$QGEHIRUH\RXFDQWUDQVIRUPVXIIHULQJ\RXZLOOKDYHWREHFRPHDZLWQHVVWKDW
LVWKHWKLUGSRLQW)LUVWGRQRWUHVLVWHYLO6HFRQGNQRZWKDWRSSRVLWHVDUHQRW
RSSRVLWHVEXWFRPSOHPHQWDULHVLQHYLWDEO\MRLQHGWRJHWKHUVRWKHUHLVQRFKRLFH
UHPDLQFKRLFHOHVV$QGWKHWKLUGLVEHDZLWQHVVEHFDXVHLI\RXDUHDZLWQHVV
WR\RXUVXIIHULQJ\RXZLOOEHDEOHWRDEVRUELW,I\RXEHFRPHLGHQWLILHGZLWKLW\RX
FDQQRWDEVRUELW

7KHPRPHQW\RXEHFRPHLGHQWLILHGZLWK\RXUVXIIHULQJ\RXZDQWWRGLVFDUGLW\RX
ZDQWWRJHWULGRILWLWLVVRSDLQIXO%XWLI\RXDUHDZLWQHVVWKHQVXIIHULQJORVHV
DOOWKRUQVDOOVWLQJV7KHQWKHUHLVVXIIHULQJDQG\RXDUHDZLWQHVVWRLW

<RXDUHMXVWDPLUURULWKDVQRWKLQJWRGRZLWK\RX+DSSLQHVVFRPHVDQGJRHV
XQKDSSLQHVVFRPHVDQGJRHVLWLVDSDVVLQJVKRZ\RXDUHMXVWWKHUHDPLUURU
UHIOHFWLQJLW/LIHFRPHVDQGJRHVGHDWKFRPHVDQGJRHVWKHPLUURULVQRW
DIIHFWHGE\HLWKHU7KHPLUURUUHIOHFWVEXWUHPDLQVXQDIIHFWHGWKHPLUURULVQRW
LPSULQWHGE\HLWKHU

$JUHDWGLVWDQFHDULVHVZKHQ\RXZLWQHVV$QGRQO\LQWKDWZLWQHVVLQJFDQ\RX
EHFRPHDEOHWRWUDQVIRUPWKHEDVHUPHWDOLQWRJROG2QO\LQWKDWZLWQHVVLQJGR
\RXEHFRPHDVFLHQWLVWRIWKHLQQHUDGHWDFKHGREVHUYHU1RZ\RXNQRZWKH
RSSRVLWHVDUHQRWRSSRVLWHVVRWKH\FDQEHFKDQJHGLQWRHDFKRWKHU7KHQLWLV
QRWDTXHVWLRQRIGHVWUR\LQJHYLOLQWKHZRUOGEXWRIWUDQVIRUPLQJHYLOLQWR
VRPHWKLQJEHQHILFLDOWUDQVIRUPLQJSRLVRQLQWRQHFWDU

'5,9($//%/$0(,17221(

7KHWKLUGVXWUD7KHRUGLQDU\PLQGDOZD\VWKURZVWKHUHVSRQVLELOLW\RQVRPHERG\
HOVH,WLVDOZD\VWKHRWKHUZKRLVPDNLQJ\RXVXIIHU<RXUZLIHLVPDNLQJ\RX
VXIIHU\RXUKXVEDQGLVPDNLQJ\RXVXIIHU\RXUSDUHQWVDUHPDNLQJ\RXVXIIHU
\RXUFKLOGUHQDUHPDNLQJ\RXVXIIHURUWKHILQDQFLDOV\VWHPRIWKHVRFLHW\
FDSLWDOLVPFRPPXQLVPIDVFLVPWKHSUHYDOHQWSROLWLFDOLGHRORJ\WKHVRFLDO
VWUXFWXUHRUIDWHNDUPD*RG\RXQDPHLW


3HRSOHKDYHPLOOLRQVRIZD\VWRVKLUNUHVSRQVLELOLW\%XWWKHPRPHQW\RXVD\
VRPHERG\HOVH[\]LVPDNLQJ\RXVXIIHUWKHQ\RXFDQQRWGRDQ\WKLQJWR
FKDQJHLW:KDWFDQ\RXGR":KHQWKHVRFLHW\FKDQJHVDQGFRPPXQLVPFRPHV




DQGWKHUHLVDFODVVOHVVZRUOGWKHQHYHU\ERG\ZLOOEHKDSS\%HIRUHLWLWLVQRW
SRVVLEOH+RZFDQ\RXEHKDSS\LQDVRFLHW\ZKLFKLVSRRU"$QGKRZFDQ\RXEH
KDSS\LQDVRFLHW\ZKLFKLVGRPLQDWHGE\WKHFDSLWDOLVWV"+RZFDQ\RXEHKDSS\
ZLWKDVRFLHW\ZKLFKLVEXUHDXFUDWLF"+RZFDQ\RXEHKDSS\ZLWKDVRFLHW\ZKLFK
GRHVQRWDOORZ\RXIUHHGRP"

([FXVHVDQGH[FXVHVDQGH[FXVHVH[FXVHVMXVWWRDYRLGRQHVLQJOHLQVLJKW
WKDW,DPUHVSRQVLEOHIRUP\VHOI1RERG\HOVHLVUHVSRQVLEOHIRUPHLWLV
DEVROXWHO\DQGXWWHUO\P\UHVSRQVLELOLW\:KDWVRHYHU,DP,DPP\RZQ
FUHDWLRQ

7KLVLVWKHPHDQLQJRIWKHWKLUGVXWUD
'5,9($//%/$0(,17221(

$QGWKDWRQHLV\RX2QFHWKLVLQVLJKWVHWWOHV,DPUHVSRQVLEOHIRUP\OLIHIRU
DOOP\VXIIHULQJIRUP\SDLQIRUDOOWKDWKDVKDSSHQHGWRPHDQGLVKDSSHQLQJWR
PH,KDYHFKRVHQLWWKLVZD\WKHVHDUHWKHVHHGVWKDW,VRZHGDQGQRZ,DP
UHDSLQJWKHFURS,DPUHVSRQVLEOHRQFHWKLVLQVLJKWEHFRPHVDQDWXUDO
XQGHUVWDQGLQJLQ\RXWKHQHYHU\WKLQJHOVHLVVLPSOH7KHQOLIHVWDUWVWDNLQJD
QHZWXUQVWDUWVPRYLQJLQWRDQHZGLPHQVLRQ7KDWGLPHQVLRQLVFRQYHUVLRQ
UHYROXWLRQPXWDWLRQEHFDXVHRQFH,NQRZ,DPUHVSRQVLEOH,DOVRNQRZWKDW,
FDQGURSLWDQ\PRPHQW,GHFLGHWR1RERG\FDQSUHYHQWPHIURPGURSSLQJLW

&DQDQ\ERG\SUHYHQW\RXIURPGURSSLQJ\RXUPLVHU\IURPWUDQVIRUPLQJ\RXU
PLVHU\LQWREOLVV"1RERG\(YHQLI\RXDUHLQDMDLOFKDLQHGLPSULVRQHGQRERG\
FDQLPSULVRQ\RX\RXUVRXOVWLOOUHPDLQVIUHH

2IFRXUVH\RXKDYHDYHU\OLPLWHGVLWXDWLRQEXWHYHQLQWKDWOLPLWHGVLWXDWLRQ\RX
FDQVLQJDVRQJ<RXFDQHLWKHUFU\WHDUVRIKHOSOHVVQHVVRU\RXFDQVLQJD
VRQJ(YHQZLWKFKDLQVRQ\RXUIHHW\RXFDQGDQFHWKHQHYHQWKHVRXQGRIWKH
FKDLQVZLOOKDYHDPHORG\WRLW

7KHIRXUWKVXWUD
%(*5$7()8/72(9(5<21(

$WLVKDLVUHDOO\YHU\YHU\VFLHQWLILF)LUVWKHVD\V7DNHWKHZKROHUHVSRQVLELOLW\RQ
\RXUVHOI6HFRQGO\KHVD\V%HJUDWHIXOWRHYHU\RQH1RZWKDWQRERG\LV
UHVSRQVLEOHIRU\RXUPLVHU\H[FHSW\RXLILWLVDOO\RXURZQGRLQJWKHQZKDWLV
OHIW"

%(*5$7()8/72(9(5<21(

%HFDXVHHYHU\ERG\LVFUHDWLQJDVSDFHIRU\RXWREHWUDQVIRUPHGHYHQWKRVH
ZKRWKLQNWKH\DUHREVWUXFWLQJ\RXHYHQWKRVHZKRP\RXWKLQNDUHHQHPLHV

<RXUIULHQGV\RXUHQHPLHVJRRGSHRSOHDQGEDGSHRSOHIDYRUDEOH




FLUFXPVWDQFHVXQIDYRUDEOHFLUFXPVWDQFHVDOOWRJHWKHUWKH\DUHFUHDWLQJWKH
FRQWH[WLQZKLFK\RXFDQEHWUDQVIRUPHGDQGEHFRPHDEXGGKD%HJUDWHIXOWR
DOO

$PDQRQFHFDPHDQGVSDWRQ%XGGKDRQKLVIDFH2IFRXUVHKLVGLVFLSOHVZHUH
HQUDJHG+LVFORVHVWGLVFLSOH$QDQGDVDLGWRKLP7KLVLVWRRPXFK+HZDV
UHGKRWZLWKDQJHU+HVDLGWR%XGGKD-XVWJLYHPHSHUPLVVLRQVRWKDW,FDQ
VKRZWKLVPDQZKDWKHKDVGRQH

%XGGKDZLSHGKLVIDFHDQGVDLGWRWKHPDQ7KDQN\RXVLU<RXFUHDWHGD
FRQWH[WLQZKLFK,FRXOGVHHZKHWKHU,FDQVWLOOEHDQJU\RUQRW$QG,DPQRWDQG
,DPWUHPHQGRXVO\KDSS\$QGDOVR\RXFUHDWHGDFRQWH[WIRU$QDQGDQRZKH
FDQVHHWKDWKHFDQVWLOOEHDQJU\0DQ\WKDQNVZHDUHVRJUDWHIXO2QFHLQD
ZKLOHSOHDVH\RXDUHLQYLWHGWRFRPH:KHQHYHU\RXKDYHWKHXUJHWRVSLWRQ
VRPHERG\\RXFDQFRPHWRXV

,WZDVVXFKDVKRFNWRWKHPDQKHFRXOGQRWEHOLHYHKLVHDUVZKDWZDV
KDSSHQLQJ+HKDGFRPHH[SHFWLQJWKDWKHZRXOGDQJHU%XGGKD+HKDGIDLOHG
7KHZKROHQLJKWKHFRXOGQRWVOHHSKHWRVVHGDQGWXUQHGDQGFRXOGQRWVOHHS

&RQWLQXRXVO\WKHLGHDKDXQWHGKLPKLVVSLWWLQJRQWKH%XGGKDRQHRIWKHPRVW
LQVXOWLQJWKLQJVDQG%XGGKDUHPDLQLQJDVFDOPDQGTXLHWDVKHKDGEHHQ
EHIRUHDVLIQRWKLQJKDGKDSSHQHGZLSLQJKLVIDFHDQGVD\LQJWRKLP7KDQN
\RXVLU$QGZKHQHYHU\RXKDYHWKLVGHVLUHWRVSLWRQVRPHERG\SOHDVHFRPH
WRXV

+HUHPHPEHUHGLWDJDLQDQGDJDLQ7KDWIDFHWKDWFDOPDQGTXLHWIDFHWKRVH
FRPSDVVLRQDWHH\HV$QGZKHQKHKDGVDLGWKDQN\RXLWKDGQRWEHHQMXVWD
IRUPDOLW\KHZDVUHDOO\JUDWHIXO+LVZKROHEHLQJZDVVD\LQJWKDWKHZDVJUDWHIXO
KLVZKROHDWPRVSKHUHZDVJUDWHIXO-XVWDVKHFRXOGVHHWKDW$QDQGDZDVUHG
KRWZLWKDQJHU%XGGKDZDVVRFRROVRORYLQJVRFRPSDVVLRQDWH+HFRXOGQRW
IRUJLYHKLPVHOIQRZZKDWKDGKHGRQH"6SLWWLQJRQWKDWPDQDPDQOLNH
%XGGKD

(DUO\WKHQH[WPRUQLQJKHUXVKHGEDFNIHOOGRZQDWWKHIHHWRI%XGGKDDQGVDLG
)RUJLYHPHVLU,FRXOGQRWVOHHSWKHZKROHQLJKW

%XGGKDVDLG)RUJHWDOODERXWLW7KHUHLVQRQHHGWRDVNIRUJLYHQHVVIRU
VRPHWKLQJZKLFKKDVDOUHDG\SDVVHG6RPXFKZDWHUKDVJRQHGRZQWKH
*DQJHV%XGGKDZDVVLWWLQJRQWKHEDQNRIWKH*DQJHVXQGHUDWUHH+H
VKRZHGWKHPDQ/RRNHDFKPRPHQWVRPXFKZDWHULVIORZLQJGRZQ7ZHQW\
IRXUKRXUVKDYHSDVVHGZK\DUH\RXFDUU\LQJLWVRPHWKLQJZKLFKLVQRORQJHU
H[LVWHQWLDO")RUJHWDOODERXWLW

$QG,FDQQRWIRUJLYH\RXEHFDXVHLQWKHILUVWSODFH,ZDVQRWDQJU\ZLWK\RX,I,
KDGEHHQDQJU\,FRXOGKDYHIRUJLYHQ\RX,I\RXUHDOO\QHHGIRUJLYHQHVVDVN




$QDQGD)DOODWKLVIHHWKHZLOOHQMR\LW

%(*5$7()8/72(9(5<21(

7RWKRVHZKRKDYHKHOSHGWRWKRVHZKRKDYHKLQGHUHGWRWKRVHZKRKDYHEHHQ
LQGLIIHUHQW%HJUDWHIXOWRDOOEHFDXVHDOOWRJHWKHUWKH\DUHFUHDWLQJWKHFRQWH[WLQ
ZKLFKEXGGKDVDUHERUQLQZKLFK\RXFDQEHFRPHDEXGGKD

7+(,16853$66$%/(3527(&7,212)(037,1(66,6726((7+(
0$1,)(67$7,2162)%(:,/'(50(17$67+()285.$<$6

$WLVKDWDONVDERXWWKHIRXUERGLHV7KHVHIRXUERGLHVDUHVLJQLILFDQWWREH
XQGHUVWRRG7KHILUVWLVFDOOHGGKDUPDND\DWKHERG\RIWKHXOWLPDWHODZ$QG
ZKDWLVWKHXOWLPDWHODZ"(PSWLQHVVLVWKHXOWLPDWHODZDOOLVHPSW\

,I\RXUHDOO\ZDQWWRJURZ\RXZLOOKDYHWROHWWKLVLQVLJKWVRDNLQWR\RXDOOLV
HPSW\/LIHLVHPSW\GHDWKLVHPSW\DOOSKHQRPHQDDUHHPSW\EHFDXVH
QRWKLQJDELGHVHYHU\WKLQJSDVVHVE\DOOLVGUHDPVWXII,IWKLVLVXQGHUVWRRGWKLV
ZLOOSURWHFW\RX+RZFDQ\RXEHLQVXOWHGLIDOOLVHPSW\"+RZFDQ\RXEH
PLVHUDEOHLIDOOLVHPSW\"+RZFDQWKHUHEHSDLQLIDOOLVHPSW\"<RXDUHHPSW\
WKHRWKHULVHPSW\VR\RXPXVWKDYHVHHQDGUHDPWKDWWKHRWKHUZDVLQVXOWLQJ
\RXWKDWWKHRWKHUVSDWRQ\RX

,I\RXUHDOO\ZDQWWRSURWHFW\RXUXQGHUVWDQGLQJWKLVLVWKHILUVWERG\WRJURZ
DURXQG\RXUVHOIWKHERG\RIHPSWLQHVVWKHPLOLHXRIHPSWLQHVV$OOLVHPSW\
%XGGKDXVHGWRVHQGKLVGLVFLSOHVWRWKHIXQHUDOS\UHVWRPHGLWDWHWKHUH7KH
QHZFRPHUVKDGWREHWKHUHIRUWKUHHPRQWKVLQWKHEHJLQQLQJ:KHUHERGLHVDUH
EXUQHGWKH\ZRXOGMXVWVLWWKHUHDQGZDWFKGD\LQDQGGD\RXW3HRSOHZRXOGEH
EURXJKWLQEXUQHGDQGWKHQWKHIULHQGVZRXOGOHDYH:KDWNLQGRIOLIHLVWKLV"
:KDWVXEVWDQFHKDVLWJRW"

-XVWWKHRWKHUGD\WKHPDQZDVVRKDXJKW\VRSURXGVRHJRLVWLFWKDWLI\RX
KDGVDLGDQ\WKLQJZURQJKHZRXOGKDYHMXPSHGRQ\RX$QGQRZZKHUHLVKH"
'LVDSSHDUHGLQWKHIODPHV7KLVLVZKDWOLIHLV6RRQHURUODWHU,DPDOVRJRLQJWR
EHRQWKHIXQHUDOS\UHDQGDOOZLOOEHEXUQHG6RZK\ERWKHUZK\PDNHVRPXFK
IXVV",WLVRQO\DIHZGD\V
GUHDP$QGWKRVHIHZGD\VDUHQRWPXFKLQWKH
HWHUQLW\RIWLPHWKH\DUHMXVWPRPHQWDU\

/HWWKLVERG\RIHPSWLQHVVJURZDURXQG\RX\RXZLOOEHSURWHFWHGE\LW
7KHVHFRQGERG\LVQLUPDQND\DWKHILUVWDULVLQJRIFRPSDVVLRQ:KHQDOOLV
HPSW\ZKHQHYHU\ERG\LVRQWKHIXQHUDOS\UHWKHQFRPSDVVLRQDULVHV,WLVQRW
WREHFXOWLYDWHGUHPHPEHULWDULVHVRXWRIWKHILUVWERG\,I\RXFXOWLYDWHLW\RX
VWLOOEHOLHYHLQWKHHJR,I\RXFXOWLYDWHLW\RXVWLOOEHOLHYHLQFKDUDFWHULI\RX
FXOWLYDWHLW\RXVWLOOEHOLHYHLQYLUWXH$QGLIWKHUHLVQRVHOIZKDWLVYLUWXH",IWKHUH
LVQRVHOIZKDWLVFKDUDFWHU",IWKHUHLVQRVHOIWKHQZKDWLVJRRG"





)LUVWVHWWOHLQWRQRERGLQHVVDQGWKHQWKHVHFRQGERG\DULVHVRILWVRZQDFFRUG
1LUPDQND\DPHDQVWKHERG\RIFUHDWLRQ,WLVVWUDQJHWKHILUVWERG\LVWKHERG\
RIHPSWLQHVVDQGWKHVHFRQGERG\LVWKHERG\RIFUHDWLRQ%XWWKLVLVWKHLQVLJKW
RIDOOWKHJUHDWEXGGKDVWKDWLI\RXEHFRPHDQRERG\DJUHDWFUHDWLRQDULVHVRXW
RI\RX7KHZKROHVWDUWVIORZLQJWKURXJK\RX\RXEHFRPHDYHKLFOHDSDVVDJH
DPHGLXPDYRLFHIRUWKHZKROH

$QGZLWKWKHVHFRQGERG\DULVLQJWKHILUVWH[SHULHQFHZLOOEHRIJUHDW
FRPSDVVLRQ2IFRXUVHLQWKHEHJLQQLQJLWZLOOEHSDUWLDOFRQGLWLRQDOFDXVHGE\
WKHVXIIHULQJRIRWKHUV<RXVHHDQROGPDQG\LQJRQWKHURDGDQGFRPSDVVLRQ
DULVHV\RXVHHVRPHERG\VWDUYLQJDQGFRPSDVVLRQDULVHVLWKDVDFDXVH
RXWVLGH,IQRERG\LVG\LQJDQGQRERG\LVVWDUYLQJWKHUHZLOOEHQRFRPSDVVLRQ
,QWKHVHFRQGERG\FRPSDVVLRQFRPHVDQGJRHVLWDULVHVLQFHUWDLQVLWXDWLRQV
DQGGLVDSSHDUVLQFHUWDLQRWKHUVLWXDWLRQV

2XWRIWKHVHFRQGWKHWKLUGFU\VWDOOL]HV7KHWKLUGERG\LVFDOOHGVDPEKRJND\D
WKHERG\RIEOLVV,QWKHWKLUGERG\FRPSDVVLRQLVXQFRQGLWLRQDO,WGRHVQRWDULVH
DQGGRHVQRWGLVDSSHDULWUHPDLQVLWDELGHV,WLVQRWDTXHVWLRQRIZKHWKHU
VRPHERG\LVVXIIHULQJRUQRWLQWKHWKLUGERG\RQHVLPSO\LVFRPSDVVLRQ,QWKH
VHFRQGERG\FRPSDVVLRQLVDUHODWLRQVKLSZKHQWKHUHLVDQHHGLWKDSSHQV,Q
WKHWKLUGERG\FRPSDVVLRQEHFRPHV\RXUYHU\VWDWHRIEHLQJQHHGRUQRQHHGLW
LVWKHUH,WLVOLNHDOLJKWEXUQLQJLQWKHQLJKWLWJRHVRQUDGLDWLQJZKHWKHU
VRPHERG\LVLQWKHURRPRUQRW:KHWKHUVRPHERG\QHHGVOLJKWRUQRWLVQRWWKH
SRLQWWKHOLJKWJRHVRQUDGLDWLQJ

,QWKHWKLUGERG\WKHERG\RIEOLVVFRPSDVVLRQLVDQDWXUDOSKHQRPHQRQ-XVW
DV\RXJRRQEUHDWKLQJHYHQZKLOH\RXDUHDVOHHS\RXJRRQEUHDWKLQJD
EXGGKDLVFRPSDVVLRQDWHHYHQZKLOHDVOHHS$EXGGKDLVVLPSO\FRPSDVVLRQDWH
&RPSDVVLRQLVQRWVRPHWKLQJWKDWDULVHVOLNHDZDYHDQGGLVDSSHDUV1RZ
FRPSDVVLRQLVRFHDQLF

$QGWKHIRXUWKERG\LVFDOOHGVZDEKDYDND\DWKHERG\RIWKHXOWLPDWHQDWXUHRI
VSRQWDQHLW\RI\RXULQQHUPRVWEHLQJDVLWLV,QWKHIRXUWKERG\DOOGLVWLQFWLRQV
GLVDSSHDUGXDOLWLHVDUHWUDQVFHQGHG*RRGEDGVHOIQRVHOIPLQGQRPLQG
VDPVDUDQLUYDQD*RGGHYLODOOGXDOLWLHVDUHWUDQVFHQGHG2QHVLPSO\LVZLWK
QRGLVWLQFWLRQVZLWKQRFDWHJRULHVZLWKQRGLYLVLRQV7KLVLVWKHH[LVWHQWLDOERG\
WKLVLVWKHUHDOWKLQJWREHDWWDLQHG


(DFKVHHNHUDIWHUWUXWKSDVVHVWKURXJKWKHVHIRXUERGLHV

$1(;&(//(170($16,672+$9(7+()2853529,6,216

+RZWRDWWDLQWKHVHIRXUERGLHV"7KHUHDUHIRXUSURYLVLRQV7KHILUVWLVREVHUYH
2EVHUYHZLWKRXWHYDOXDWLRQREVHUYHHYHU\WKLQJGRQ
WPLVVDQ\RSSRUWXQLW\WR
REVHUYHEHFDXVHLWLVQRWDTXHVWLRQRIZKDW\RXDUHREVHUYLQJWKHTXHVWLRQLV




WKDWREVHUYDWLRQLVJURZLQJ2EVHUYHHYHU\WKLQJWKHWUHHVWKHELUGVWKH
DQLPDOVWKHSHRSOHWKHWUDIILF\RXURZQPLQGDQGLWVWUDIILF\RXURZQUHDFWLRQV
RWKHUV
UHDFWLRQV8VHHYHU\VLWXDWLRQWRREVHUYHVRWKDWREVHUYDWLRQEHFRPHV
GHHSURRWHGLQ\RX

$QGWKHVHFRQGLVDQDO\]HEXWRQO\DIWHU\RXKDYHREVHUYHGGRQ
WPL[WKHP
$WILUVWREVHUYDWLRQKDVWREHVLPSOHREVHUYDWLRQZLWKQRDQDO\VLVQRMXGJPHQW
QRHYDOXDWLRQ:KHQ\RXKDYHREVHUYHGWKHQDQDO\]HWKHQJRLQWRGHWDLOVWKHQ
GLVVHFW7KHQVHHLWVSDUWVKRZLWLVPDGHEHFDXVHHDFKH[SHULHQFHLVYHU\
FRPSOH[,I\RXUHDOO\ZDQWWRXQGHUVWDQGLW\RXZLOOKDYHWRGLVVHFWLWLQWRLWV
SDUWV

$QGWKHQWKHWKLUGLVFKRRVHWKDWZKLFKEULQJVPRUHDQGPRUHEOLVVVLOHQFH
VHUHQLW\DQGFDOPQHVVWR\RX

$QGWKHIRXUWKLVGLVFDUGDOOWKDWZKLFKEULQJVWHQVLRQDQ[LHW\DQJXLVKDQGKHOO
WR\RX

7KHVHDUHWKHIRXUSURYLVLRQV,I\RXIROORZWKHVHIRXUSURYLVLRQVIRXUERGLHVZLOO
DULVHLQ\RX

,125'(572%5,1*$1<6,78$7,21727+(3$7+48,&./<$66221
$6,7,60(7-2,1,7:,7+0(',7$7,21

$QGUHPHPEHUHDFKVLWXDWLRQKDVWREHFRPHDQRSSRUWXQLW\WRPHGLWDWH:KDW
LVPHGLWDWLRQ"%HFRPLQJDZDUHRIZKDW\RXDUHGRLQJEHFRPLQJDZDUHRIZKDW
LVKDSSHQLQJWR\RX

6RPHERG\LQVXOWV\RXEHFRPHDZDUH:KDWLVKDSSHQLQJWR\RXZKHQWKHLQVXOW
UHDFKHV\RX"0HGLWDWHRYHULWWKLVLVFKDQJLQJWKHZKROHJHVWDOW:KHQ
VRPHERG\LQVXOWV\RX\RXFRQFHQWUDWHRQWKHSHUVRQ:K\LVKHLQVXOWLQJPH"
:KRGRHVKHWKLQNKHLV"+RZFDQ,WDNHUHYHQJH",IKHLVYHU\SRZHUIXO\RX
VXUUHQGHU\RXVWDUWZDJJLQJ\RXUWDLO,IKHLVQRWYHU\SRZHUIXODQG\RXVHHWKDW
KHLVZHDN\RXSRXQFHRQKLP%XW\RXIRUJHW\RXUVHOIFRPSOHWHO\LQDOOWKLVWKH
RWKHUEHFRPHVWKHIRFXV7KLVLVPLVVLQJDQRSSRUWXQLW\IRUPHGLWDWLRQ:KHQ
VRPHERG\LQVXOWV\RXPHGLWDWH


*XUGMLHIIKDVVDLG:KHQP\IDWKHUZDVG\LQJ,ZDVRQO\QLQH+HFDOOHGPH
FORVHWRKLVEHGDQGZKLVSHUHGLQP\HDU
0\VRQ,DPQRWOHDYLQJPXFKWR\RX
QRWLQZRUOGO\WKLQJVEXW,KDYHRQHWKLQJWRWHOO\RXWKDWZDVWROGWRPHE\P\
IDWKHURQKLVGHDWKEHG,WKDVKHOSHGPHWUHPHQGRXVO\LWKDVEHHQP\WUHDVXUH

<RXDUHQRWYHU\JURZQXS\HW\RXPD\QRWXQGHUVWDQGZKDW,DPVD\LQJEXW
NHHSLWUHPHPEHULW2QHGD\\RXZLOOEHJURZQXSDQGWKHQ\RXPD\
XQGHUVWDQG7KLVLVDNH\LWXQORFNVWKHGRRUVRIJUHDWWUHDVXUHV






2IFRXUVH*XUGMLHIIFRXOGQRWXQGHUVWDQGLWDWWKDWPRPHQWEXWLWZDVWKHWKLQJ
WKDWFKDQJHGKLVZKROHOLIH$QGKLVIDWKHUVDLGDYHU\VLPSOHWKLQJ+HVDLG
:KHQHYHUVRPHERG\LQVXOWV\RXP\VRQWHOOKLP\RXZLOOPHGLWDWHRYHULWIRU
WZHQW\IRXUKRXUVDQGWKHQ\RXZLOOFRPHDQGDQVZHUKLP

*XUGMLHIIFRXOGQRWEHOLHYHWKDWWKLVZDVVXFKDJUHDWNH\+HFRXOGQRWEHOLHYH
WKDW7KLVLVVRPHWKLQJVRYDOXDEOHWKDW,KDYHWRUHPHPEHULW$QGZHFDQ
IRUJLYHD\RXQJFKLOGRIQLQH\HDUVROG%XWEHFDXVHWKLVZDVVRPHWKLQJVDLGE\
KLVG\LQJIDWKHUZKRKDGORYHGKLPWUHPHQGRXVO\DQGLPPHGLDWHO\DIWHUVD\LQJLW
KHEUHDWKHGKLVODVWLWEHFDPHLPSULQWHGRQKLPKHFRXOGQRWIRUJHWLW

:KHQHYHUKHUHPHPEHUHGKLVIDWKHUKHZRXOGUHPHPEHUWKHVD\LQJ
:LWKRXWWUXO\XQGHUVWDQGLQJKHVWDUWHGSUDFWLFLQJLW,IVRPHERG\LQVXOWHGKLPKH
ZRXOGVD\6LUIRUWZHQW\IRXUKRXUV,KDYHWRPHGLWDWHRYHULWWKDW
VZKDWP\
IDWKHUWROGPH$QGKHLVKHUHQRPRUHDQG,FDQQRWGLVREH\DGHDGROGPDQ
+HORYHGPHWUHPHQGRXVO\DQG,ORYHGKLPWUHPHQGRXVO\DQGQRZWKHUHLVQR
ZD\WRGLVREH\KLP<RXFDQGLVREH\\RXUIDWKHUZKHQKHLVDOLYHEXWZKHQ\RXU
IDWKHULVGHDGKRZFDQ\RXGLVREH\KLP"6RSOHDVHIRUJLYHPH,ZLOOFRPHDIWHU
WZHQW\IRXUKRXUVDQGDQVZHU\RX

$QGKHVD\V0HGLWDWLQJRQLWIRUWZHQW\IRXUKRXUVKDVJLYHQPHWKHJUHDWHVW
LQVLJKWVLQWRP\EHLQJ6RPHWLPHV,IRXQGWKDWWKHLQVXOWZDVULJKWWKDWWKDW
V
KRZ,DP6R,ZRXOGJRWRWKHSHUVRQDQGVD\
6LUWKDQN\RX\RXZHUHULJKW,W
ZDVQRWDQLQVXOWLWZDVVLPSO\DVWDWHPHQWRIIDFW<RXFDOOHGPHVWXSLG,DP

2UVRPHWLPHVLWKDSSHQHGWKDWPHGLWDWLQJIRUWZHQW\IRXUKRXUV,ZRXOGFRPH
WRNQRZWKDWLWZDVDQDEVROXWHOLH%XWZKHQVRPHWKLQJLVDOLHZK\EHRIIHQGHG
E\LW"6R,ZRXOGQRWHYHQJRWRWHOOKLPWKDWLWZDVDOLH$OLHLVDOLHZK\EH
ERWKHUHGE\LW"

%XWZDWFKLQJPHGLWDWLQJVORZO\VORZO\KHEHFDPHPRUHDQGPRUHDZDUHRIKLV
UHDFWLRQVUDWKHUWKDQWKHDFWLRQVRIRWKHUV

7KLVLVZKDW$WLVKDVD\V
,125'(572%5,1*$1<6,78$7,21727+(3$7+48,&./<$66221
$6,7,60(7-2,1,7:,7+0(',7$7,21

:KDWVRHYHUKDSSHQVJRRGEDGVXFFHVVIDLOXUHLPPHGLDWHO\EHFRPH
DZDUHRIZKDWLVKDSSHQLQJ'RQ
WPLVVDVLQJOHPRPHQW'RQ
WODJEHKLQGEH
SUHVHQWWRLWDQG\RXZLOOEHVXUSULVHGHUURUVZLOOVWDUWGLVDSSHDULQJIURP\RXU
OLIH$QGWKHQZKDWVRHYHU\RXGRZLOOEHULJKW

3HRSOHDVNPHZKDWLVULJKWDQGZKDWLVZURQJDQGP\DQVZHULV,IVRPHWKLQJ
DULVHVRXWRIDZDUHQHVVLWLVULJKW,IVRPHWKLQJDULVHVRXWRIXQDZDUHQHVVLWLV
ZURQJ5LJKWDQGZURQJLVQRWDTXHVWLRQRIZKDW\RXGREXWRIKRZ\RXGRLW,W
LVQRWDTXHVWLRQRIZKDWEXWRIKRZPHGLWDWLYHO\RUQRQPHGLWDWLYHO\DOHUW




DZDNHRUGRLQJWKLQJVDVLI\RXDUHDVOHHSZDONHU

7+(&21&,6((3,720(2)+($57,16758&7,21:25.:,7+),9(
)25&(6
7KHVHDUHWKHILYHIRUFHV7KHILUVWIRUFHLVLQWHQVLW\WRWDOLW\,I\RXUHDOO\ZDQWWR
KDYHDWUDQVIRUPHGOLIHLI\RXUHDOO\ZDQWWREHFRPHDOLJKWXQWR\RXUVHOILI\RX
UHDOO\ZDQWWRNQRZWKHXOWLPDWHP\VWHU\RIH[LVWHQFHDQGWKHXOWLPDWHHFVWDV\RI
EHLQJDOLYHWKHQWKHILUVWIRUFHLVLQWHQVLW\WRWDOLW\:KDWVRHYHU\RXGRGRLW
LQWHQVHO\WRWKHRSWLPXP'RQ
WEHORXV\GRQ
WEHOD]\GRQ
WEHSDUWLDO*RLQWRLW
ZKROHKHDUWHGO\OHWLWEHFRPHDWRWDODEVRUSWLRQ

,I\RXGDQFHGDQFHVRWRWDOO\WKDWWKHGDQFHUGLVDSSHDUVDQGRQO\WKHGDQFH
UHPDLQVDQGLWZLOOEHDWUDQVIRUPDWLRQ,I\RXORYHORYHWRWDOO\VRWRWDOO\WKDW
WKHUHLVQRORYHUIRXQG7KHORYHULVIRXQGRQO\LI\RXDUHKROGLQJVRPHWKLQJ
EDFN7KDWZKLFK\RXDUHKROGLQJEDFNEHFRPHVWKHORYHU,I\RXDUHKROGLQJ
VRPHWKLQJEDFNWKDWZKLFK\RXDUHKROGLQJEDFNEHFRPHVWKHGDQFHUWKH
VLQJHU,I\RXDUHWRWDOO\LQWKHGDQFHLQWKHVRQJLQWKHORYHZKRLVOHIWEHKLQG
WKHUHWRVD\,DPWKHORYHU,DPWKHGDQFHU"1RWKLQJLVOHIW
$QGWRWDOLW\WUDQVIRUPV

,WLVRQO\DWRQHKXQGUHGGHJUHHVLQWHQVLW\WKDWRQHHYDSRUDWHVIURPWKHPDWHULDO
LQWRWKHVSLULWXDOIURPWKHHDUWKLQWRWKHVN\IURPWKHRUGLQDU\LQWRWKH
H[WUDRUGLQDU\

7KHVHFRQGIRUFHLVIDPLOLDUL]DWLRQGRDQGEHZKDW\RXUHDOO\ZDQWWRGRDQGEH
/LIHLVOLYHGDFFRUGLQJWRJHVWDOWVWKDW\RXKDYHFUHDWHGDURXQG\RXUVHOI,I\RX
UHDOO\ZDQWWREHVRPHWKLQJHOVHWKHQIDPLOLDUL]H\RXUVHOIZLWKLW,I\RXZDQWWR
SOD\WKHJXLWDUSUDFWLFH,I\RXZDQWWRGDQFHSUDFWLFH,I\RXZDQWDQ\WKLQJWR
KDSSHQLQ\RXUOLIHLPELEHPRUHDQGPRUHRILWDQGGURSDOOWKDWLVDJDLQVWLW$QG
WKHZD\WRGURSLWLVQRWWRXVHLWEHFDXVHE\XVLQJLW\RXFUHDWHZD\VIRULWWR
FRPHLQWR\RXDJDLQDQGDJDLQDQGDJDLQ

7KHWKLUGIRUFHLVWKHIRUFHRIZKLWHVHHGV:KLWHVHHGVLVDPHWDSKRU$WLVKD
PHDQVGURSDOOWKDWLVEODFN'RQ
WJRRQFXOWLYDWLQJWKHEODFNVHHGVRIDQJHU
MHDORXV\KDWUHGSRVVHVVLYHQHVVGRPLQDWLRQ'URSDOOEODFNVHHGV(YHQLIWKH\
DULVHZDWFKDEVRUEWKHPLQWKHKHDUWDQGWKH\ZLOOEHFRPHZKLWHVHHGV$QG
ZKDWDUHWKHZKLWHVHHGV"/RYHFRPSDVVLRQVHUYLFHVLQFHULW\VHQVLWLYLW\
DZDUHQHVVWKHVHDUHWKHZKLWHVHHGV,IRQHGD\\RXZDQWWRKDYHZKLWH
IORZHUVLQ\RXUOLIH\RXZLOOKDYHWRVRZZKLWHVHHGV

$QGWKHIRXUWKIRUFHLVUHSURDFKWRFRPSOHWHO\DEMXUHHJRRULHQWHGWKRXJKWV
:DWFKZKDWVRHYHUDULVHVRXWRIWKHHJRZKDWVRHYHULVDQHJRWULSLPPHGLDWHO\
GLVFRQQHFW\RXUVHOIIURPLW(YHQWROLQJHUZLWKLWIRUDOLWWOHZKLOHLVGDQJHURXV
EHFDXVHOLQJHULQJZLOOJLYHLWHQHUJ\7KHPRPHQW\RXNQRZLWLVDQHJRWULS
LPPHGLDWHO\GLVFRQQHFW\RXUVHOI





$QGHYHU\ERG\NQRZVZKHQWKH\DUHJRLQJRQDQHJRWULS,WLVQRWDQDUWWREH
OHDUQHGHYHU\ERG\LVERUQZLWKLW<RXNQRZLW\RXFDQJRZLWKLWLQVSLWHRI\RXU
NQRZLQJWKDWLVDQRWKHUPDWWHUEXW\RXNQRZLW:KHQHYHUSULGHDULVHV
ZKHQHYHUWKHHJRUDLVHVLWVKHDG\RXNQRZLW&XWWKDWKHDGLPPHGLDWHO\LQD
VLQJOHEORZ

$QGWKHILIWKIRUFHLVWKHIRUFHRIWKHGHGLFDWLRQRIDOOYLUWXHWRWKHZHOIDUHRI
RWKHUV:KDWVRHYHUJRRGKDSSHQVWR\RXLPPHGLDWHO\VKDUHLW7KLVLVRQHRI
WKHPRVWIXQGDPHQWDOWKLQJVLQ%XGGKLVP'RQ
WKRDUGLWGRQ
WEHDPLVHU,IORYH
KDVDULVHQVKDUHLWVKRZHULW,I\RXFDQQRWILQGSHRSOHVKRZHULWRQWKHWUHHV
RQWKHURFNVEXWVKRZHULW'RQ
WKRDUGLWEHFDXVHLI\RXKRDUGLWLWWXUQVLQWR
SRLVRQLI\RXKRDUGLWLWJRHVVRXUDQGELWWHU6KDUHLW

$QGWKHPRUH\RXVKDUHWKHPRUHZLOOEHFRPLQJLQWR\RXIURPXQNQRZQ
VRXUFHV6ORZO\VORZO\\RXZLOOEHDEOHWRNQRZWKHZD\VRILQQHUHFRQRPLFV
7KHRXWHUHFRQRPLFVLVKRDUGLI\RXZDQWWRKDYHWKLQJV$QGWKHLQQHU
HFRQRPLFVLVMXVWWKHRSSRVLWHKRDUGDQG\RXZLOOQRWKDYHLW*LYHDQG\RXZLOO
KDYHLWJLYHPRUHDQG\RXZLOOKDYHPRUHRILW

7KHVXWUD
7+(,16758&7,216)2575$16)(5(1&(,17+(0$+$<$1$$5(7+(
),9()25&(6%(+$9,25,6,03257$17

$OOWKHVHILYHIRUFHVFDQEHVLJQLILFDQWRQO\LI\RXEHKDYHLI\RXDFWDFFRUGLQJWR
WKHP,I\RXVLPSO\FRQWHPSODWHRYHUWKHPWKH\DUHPHDQLQJOHVVWKH\ZLOO
UHPDLQLPSRWHQW$FWXDOL]HWKHPLQ\RXUOLIH

$QGWKHODVWVXWUD
7+(385326(2)$//'+$50$,6&217$,1(',121(32,17

7KDWSRLQWLVWKHHJR7KHHJRLVIDOVH,I\RXOLYHDFFRUGLQJWRWKHIDOVHHJR\RXU
ZKROHOLIHZLOOUHPDLQIDOVH,I\RXOLYHZLWKRXWWKHHJR\RXUZKROHOLIHZLOOKDYHWKH
IODYRURIUHDOLW\WUXWKDQGDXWKHQWLFLW\
7KLQNPHGLWDWHSUDFWLFH
(QRXJKIRUWRGD\
FKDSWHUVL[VDQQ\DVLVIRUOLRQV
IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2

&$1<28(;3/$,172867+(',))(5(1&(%(7:((1(037<,1*
21(6(/)$1'())$&,1*21(6(/)"$1':+$7,67+(52/(2)
,1',9,'8$/,7<,1',662/87,21"

'LY\DWKHSURFHVVRIHPSW\LQJRQHVHOIDQGWKHSURFHVVRIHIIDFLQJRQHVHOIKDYH




QRWKLQJLQFRPPRQ1RWRQO\DUHWKH\GLIIHUHQWWKH\DUHGLDPHWULFDOO\RSSRVLWH
(PSW\LQJRQHVHOIEULQJVLQGLYLGXDOLW\PRUHDQGPRUHLQGLYLGXDOLW\(PSW\LQJ
RQHVHOIPHDQVHPSW\LQJRQHVHOIRIDOOWKDWLVLPSOLHGLQSHUVRQDOLW\

3HUVRQDOLW\LVDIDUFHSHUVRQDOLW\LVSVHXGRSHUVRQDOLW\LVWKDWZKLFKLVJLYHQWR
\RXE\WKHVRFLHW\3HUVRQDOLW\LVLPSRVHGRQ\RXIURPWKHRXWVLGHLWLVDPDVN
,QGLYLGXDOLW\LV\RXUYHU\EHLQJ,QGLYLGXDOLW\LVWKDWZKLFK\RXEULQJLQWRWKHZRUOG
LQGLYLGXDOLW\LV*RG
VJLIW

3HUVRQDOLW\LVXJO\EHFDXVHLWLVSVHXGR$QGWKHPRUHSHUVRQDOLW\\RXKDYHWKH
OHVVLVWKHSRVVLELOLW\IRULQGLYLGXDOLW\WRJURZ7KHSHUVRQDOLW\VWDUWVRFFXS\LQJ
WKHZKROHRI\RXUVSDFH,WLVOLNHDFDQFHURXVJURZWK,WJRHVRQJURZLQJLW
SRVVHVVHV\RXWRWDOO\,WOHDYHVQRVSDFHIRULQGLYLGXDOLW\WRKDYHHYHQLWVRZQ
FRUQHU7KHSHUVRQDOLW\KDVWREHGURSSHGVRWKDWWKHLQGLYLGXDOLW\FDQEH

,QGLYLGXDOLW\LVDQRQHJRLVWLFSKHQRPHQRQLWLVSXUHDPQHVVLWKDVQR
,
LQLW
3HUVRQDOLW\LVQRWKLQJEXW
,
LWKDVQRDPQHVVLQLW3HUVRQDOLW\LVDJJUHVVLYH
YLROHQWGRPLQDWLQJSROLWLFDO,QGLYLGXDOLW\LVVLOHQWORYLQJFRPSDVVLRQDWHLWLV
UHOLJLRXV

(PSW\LQJRQHVHOIPHDQVHPSW\LQJRIDOOFRQWHQWMXVWDV\RXHPSW\DURRPRI
DOOWKHMXQNWKDWKDVJDWKHUHGWKHUHGRZQWKH\HDUV:KHQ\RXKDYHHPSWLHGWKH
URRPRIDOOWKHIXUQLWXUHDQGDOOWKHWKLQJV\RXKDYHQRWGHVWUR\HGWKHURRPQRW
DWDOO\RXKDYHJLYHQLWPRUHURRPLQHVVPRUHVSDFH:KHQDOOWKHIXUQLWXUHLV
JRQHWKHURRPDVVHUWVLWVHOIWKHURRPLV

(IIDFLQJRQHVHOIPHDQVGHVWUR\LQJWKHURRPLWVHOIGHVWUR\LQJWKHYHU\VSDFHRI
\RXUEHLQJGHVWUR\LQJWKHYHU\XQLTXHQHVVRI\RXUH[LVWHQFHGHVWUR\LQJWKHJLIW
RI*RG(IIDFLQJ\RXUVHOIPHDQVEHFRPLQJDVODYH

,QGLYLGXDOLW\JLYHV\RXPDVWHU\LWPDNHV\RXYHU\DXWKHQWLFJURXQGHGURRWHG,W
JLYHV\RXVXEVWDQFH\RXDUHQRORQJHUGUHDPVWXII,WJLYHV\RXVROLGLW\LWJLYHV
\RXFODULW\WUDQVSDUHQF\YLVLRQ,WPDNHV\RXDZDUHRIWKHEHDXW\RIH[LVWHQFHLW
PDNHV\RXDZDUHRIWKHEHDXW\RIDOO(IIDFLQJ\RXUVHOIGHVWUR\V\RXLWLV
VXLFLGDO<RXDUHQRWGURSSLQJ\RXUSHUVRQDOLW\\RXDUHGURSSLQJ\RXUYHU\
XQLTXHQHVV<RXDUHEHFRPLQJPRUHDQGPRUHVKDGRZ\UDWKHUWKDQEHFRPLQJ
PRUHVXEVWDQWLDO<RXDUHEHFRPLQJDVODYH

$QGWKHLURQLFDOWKLQJLVWKDWLI\RXHIIDFH\RXUVHOIWKHHJRZLOOUHPDLQ1RZLWZLOO
EHFRPHDYHU\VXEWOHHJRVRVXEWOHWKDWLWZLOOEHDOPRVWLPSRVVLEOHWRGHWHFWLW
1RZLWZLOOFODLPKXPEOHQHVVQRERGLQHVVKXPLOLW\%XWWKHFODLPZLOOSHUVLVW,W
ZLOOVD\/RRN,KDYHHIIDFHGP\VHOI,DPQRPRUH
%XWZKHQ\RXVD\,DPQRPRUH\RXDUHRWKHUZLVHZKRLVVD\LQJ,DPQR
PRUH"

$VRFDOOHGVDLQWZDVRQFHDVNHG$UH\RX*RG"




+HVDLG1REXWLPPHGLDWHO\KHDGGHG7KHVXQULVHVLQWKHPRUQLQJEXWLW
GRHVQRWGHFODUH
,DPWKHVXQ


,QDYLFDULRXVZD\KHLVVD\LQJ,DP*RG%XW,DPOLNHWKHVXQZKLFKULVHV
HYHU\PRUQLQJEXWGRHVQRWGHFODUH
,DP*RG


,WROGWKHPDQZKRKDGUHODWHGWKHLQFLGHQWWRPH*REDFNWRWKDWVRFDOOHG
VDLQWDQGWHOOKLPWKDWWKHVXQGRHVQRWVD\
,DPQRWWKHVXQ
HLWKHU7KHVXQ
GRHVQRWVD\,DPWKHVXQRU,DPQRWWKHVXQQRWEHFDXVHWKHVXQLV
HQOLJKWHQHGEXWVLPSO\EHFDXVHLWFDQQRWVSHDN,ILWFRXOGVSHDNLWZRXOGKDYH
GHFODUHGLWLQDWKRXVDQGDQGRQHZD\V,QIDFWLWLVGHFODULQJLQDWKRXVDQGDQG
RQHZD\V,DPKHUH,WLVGHFODULQJLWLQWKHIORZHUVLQWKHELUGVLWLVGHFODULQJ
DOORYHU,DPKHUH

2QFH.ULVKQDPXUWLZDVDVNHG:K\GR\RXJRRQWDONLQJ"
+HVDLG7KLVLVVLPSO\P\QDWXUHWRWDON+HVDLG,WDONLQWKHVDPHZD\DV
WKHIORZHUUHOHDVHVLWVIUDJUDQFH

7KHIORZHUFDQQRWWDONLWKDVLWVRZQODQJXDJHWKHIUDJUDQFHLVLWVODQJXDJH
7KHVXQFDQQRWWDONEXWWKHOLJKWWKDWUDGLDWHVIURPLWLVLWVZD\RIFRPPXQLFDWLQJ
WKHIDFW,DPKHUH,KDYHDUULYHG

,Q-DSDQWKHUHLVDVD\LQJ)ORZHUVGRQ
WWDON7KDWVD\LQJLVXWWHUO\ZURQJ
WKH\WDON2IFRXUVHWKH\VSHDNWKHLURZQODQJXDJH7KH7LEHWDQVSHDNVKLV
ODQJXDJHZLOO\RXVD\WKDWKHGRHVQRWWDON"7KH&KLQHVHVSHDNVKLVRZQ
ODQJXDJHZLOO\RXVD\KHGRHVQRWWDON"-XVWEHFDXVH\RXFDQQRWXQGHUVWDQG
ZLOO\RXVD\KHLVQRWWDONLQJ"7KH&KLQHVHKDVKLVRZQODQJXDJHVRGRHVWKH
VXQVRGRWKHIORZHUVVRGRWKHDQLPDOVWKHELUGVWKHURFNV,QPLOOLRQVRI
ODQJXDJHVWKHZKROHZRUOGDVVHUWVLWVHOI

%XWWKHKXPEOHSHUVRQVWDUWVVD\LQJ,DPQRW,DPQRWDQHJR,KDYHHIIDFHG
P\VHOI%XWZKRLVVD\LQJWKHVHWKLQJV"7KHSHUVRQZKRKDVHPSWLHGKLPVHOI
ZLOOQRWVD\VXFKWKLQJV+HZLOOVD\,DPDQG,DPIRUWKHILUVWWLPH%XWQRZLQ
P\,DPQHVV
,
LVRQO\OLQJXLVWLFDZD\RIVD\LQJLW([LVWHQWLDOO\WKHUHLVRQO\
DPQHVV

$QGOHWWKLVEHWKHFULWHULRQIRUZKHWKHU\RXDUHHPSW\LQJ\RXUVHOIRUHIIDFLQJ
\RXUVHOI,I\RXDUHHPSW\LQJ\RXUVHOI\RXZLOOEHFRPHPRUHDQGPRUHEOLVVIXO
EHFDXVH\RXZLOOEHFRPHPRUHDQGPRUHVSDFLRXV<RXZLOOEHFRPHPRUHDQG
PRUHDYDLODEOHWR*RGDQGWR*RG
VFHOHEUDWLRQ<RXZLOOEHFRPHRSHQWR
H[LVWHQFHDQGDOOLWVMR\VDQGDOOLWVEOHVVLQJV

%XWLI\RXDUHHIIDFLQJ\RXUVHOI\RXZLOOEHFRPHPRUHDQGPRUHVDGDQGKHDY\
\RXZLOOEHFRPHPRUHDQGPRUHGXOODQGGHDGEHFDXVHHIIDFLQJRQHVHOILV
QRWKLQJEXWDVORZVXLFLGH%HZDUHRILW$QG\RXKDYHWREHDZDUHYHU\DZDUH
EHFDXVHWKH\ERWKORRNDOLNH





7KHUHDOGDQJHULQVSLULWXDOJURZWKLVIURPWKLQJVZKLFKDUHGLDPHWULFDOO\RSSRVLWH
EXWORRNYHU\DOLNH7KHUHDOSUREOHPGRHVQRWDULVHIURPWKLQJVZKLFKDUH
DSSDUHQWO\RSSRVLWHWKHUHDOSUREOHPDULVHVZLWKWKLQJVZKLFKDUHQRWVR
DSSDUHQWO\RSSRVLWHDQG\HWWKH\DUHRSSRVLWH

7KHUHDORSSRVLWHRIKDWHLVQRWORYHWKHUHDORSSRVLWHRIORYHLVQRWKDWHLWLV
VRDSSDUHQWZKRFDQEHGHFHLYHGE\LW"7KHUHDORSSRVLWHRIORYHLVSVHXGR
ORYHORYHWKDWSUHWHQGVWREHORYHDQGLVQRW2QHKDVWREHZDWFKIXOWKHUH
7KHUHDORSSRVLWHRIFRPSDVVLRQLVQRWDQJHU7KHUHDORSSRVLWHRIFRPSDVVLRQ
LVFXOWLYDWHGFRPSDVVLRQFRPSDVVLRQWKDWLVQRWZLWKLQ\RXEXWLVRQO\LQ\RXU
FKDUDFWHUFRPSDVVLRQWKDW\RXKDYHSDLQWHGRQ\RXUFLUFXPIHUHQFH

7KHUHDORSSRVLWHRI\RXUVPLOHVDUHQRWWHDUVEXWVPLOHVZKLFKDUHSDLQWHG
VPLOHVZKLFKGRQ
WJRDQ\GHHSHUWKDQWKHOLSVZKLFKDUHQRWKLQJEXWH[HUFLVHV
RIWKHOLSV1RKHDUWFROODERUDWHVZLWKWKHPQRIHHOLQJVWDQGVEHKLQGWKHP
7KHUHLVQRERG\EHKLQGWKHVPLOHWKHVPLOHLVMXVWDOHDUQHGWULFN7HDUVDUHQRW
RSSRVLWHWRVPLOHVWKH\DUHRQO\FRPSOHPHQWDULHV%XWWKHIDOVHVPLOHLVWKHUHDO
RSSRVLWH

5HPHPEHULWDOZD\VWKHIDOVHLVWKHHQHP\RIWKHWUXH,I\RXUVPLOHLVWUXHDQG
\RXUWHDUVDUHWUXHWKH\DUHIULHQGVWKH\ZLOOKHOSHDFKRWKHUEHFDXVHWKH\ERWK
ZLOOVWUHQJWKHQWKHWUXWKRI\RXUEHLQJ,I\RXUWHDUVDUHIDOVHDQG\RXUVPLOHVDUH
IDOVHWKHQWRRWKH\DUHIULHQGVWKH\ZLOOVWUHQJWKHQ\RXUIDOVLW\\RXUSHUVRQDOLW\
\RXUPDVN

7KHFRQIOLFWLVEHWZHHQWKHUHDODQGWKHXQUHDORUSUHWHQGHG(PSW\LQJRQHVHOILV
RIWUHPHQGRXVYDOXHEXWHIIDFLQJ\RXUVHOILVGDQJHURXV(IIDFLQJ\RXUVHOILVD
VXEWOHZD\RIWKHHJRWKHHJRFRPLQJIURPWKHEDFNGRRU

$QGQDWXUDOO\LWZLOOPDNH\RXPRUHDQGPRUHVHULRXV7KDW
VZK\\RXUVRFDOOHG
VDLQWVORRNVRVHULRXV7KHLUVHULRXVQHVVKDVDUHDVRQLQLW7KHUHDVRQLVWKH\
DUHPDLQWDLQLQJKXPEOHQHVVZKLFKLVQRWUHDOO\WKHUH$QGWRPDLQWDLQVRPHWKLQJ
ZKLFKLVQRWUHDOO\WKHUHLVDUGXRXVKDUG2QHKDVWREHFRQWLQXRXVO\RQJXDUG
-XVWDOLWWOHVOLSKHUHDQGWKHUHDQGWKHUHDOLW\ZLOODVVHUWDQGLWZLOOGHVWUR\DOO
WKDW\RXKDYHPDLQWDLQHGIRUVRORQJ,WZLOOGHVWUR\\RXUUHVSHFWDELOLW\

$Q\WKLQJWKDWKDVWREHPDLQWDLQHGZLOONHHS\RXVHULRXVDQGVDGGHHSGRZQ
DIUDLGRIEHLQJFDXJKWUHGKDQGHGRIEHLQJFDXJKWLQ\RXUIDOVLW\<RXZLOO
HVFDSHIURPSHRSOHLI\RXDUHFDUU\LQJVRPHWKLQJIDOVHLQ\RX<RXZLOOQRWDOORZ
DQ\ERG\WREHIULHQGO\WREHLQWLPDWHZLWK\RXEHFDXVHLQLQWLPDF\WKHGDQJHULV
WKDWWKHRWKHUPD\EHDEOHWRVHHVRPHWKLQJZKLFKVWUDQJHUVFDQQRWVHH<RX
ZLOONHHSSHRSOHDWDGLVWDQFH\RXZLOOUXQDQGUXVKDZD\IURPSHRSOH<RXZLOO
KDYHRQO\IRUPDOUHODWLRQVKLSVEXW\RXZLOOQRWUHDOO\UHODWHEHFDXVHWRUHDOO\
UHODWHPHDQVWRH[SRVH\RXUVHOI





+HQFH\RXUVRFDOOHGVDLQWVHVFDSHGLQWRWKHPRQDVWHULHV,WZDVRXWRIIHDU,I
WKH\ZHUHLQWKHPDUNHWSODFHWKH\ZRXOGEHFDXJKWLWZRXOGEHGLVFRYHUHGWKDW
WKH\DUHFKHDWLQJWKDWWKH\DUHGHFHLYLQJWKDWWKH\DUHK\SRFULWHV,QWKH
PRQDVWHULHVWKH\FDQPDLQWDLQWKHLUK\SRFULV\DQGQRERG\ZLOOHYHUEHDEOHWR
GHWHFWLW$QGPRUHRYHUWKHUHDUHRWKHUK\SRFULWHVWKHUHWKH\FDQDOOPDLQWDLQ
WKHLUFRQVSLUDF\WRJHWKHUPRUHHDVLO\WKDQHDFKVLQJOHK\SRFULWHFDQPDLQWDLQKLV
DORQH

0RQDVWHULHVFDPHLQWRH[LVWHQFHIRUHVFDSLVWV%XW\RXFDQOLYHHYHQLQWKH
ZRUOGLQDPRQDVWLFZD\NHHSLQJSHRSOHDOZD\VDWDGLVWDQFHQHYHUDOORZLQJ
DQ\ERG\DFFHVVWR\RXULQQHUEHLQJQHYHURSHQLQJXSQHYHUDOORZLQJDQ\ERG\
WRKDYHDSHHNLQWR\RXWRVHHZKR\RXDUHQHYHUORRNLQJLQWRSHRSOH
VH\HV
DYRLGLQJSHRSOH
VH\HVORRNLQJVLGHZD\V$QGDOZD\VLQDKXUU\VRWKDW
HYHU\ERG\NQRZV\RXDUHVRRFFXSLHG\RXGRQ
WKDYHDQ\WLPHWRVD\KHOORWR
KROGVRPHERG\
VKDQGWRVLWZLWKVRPHERG\LQIRUPDOO\<RXDUHVREXV\\RXDUH
DOZD\VRQWKHJR

<RXZLOOQRWHYHQDOORZLQWLPDF\ZLWKWKRVHZKRDUHFORVHWR\RXKXVEDQGV
ZLYHVFKLOGUHQZLWKWKHPDOVR\RXZLOOKDYHDIRUPDOUHODWLRQVKLSDQ
LQVWLWXWLRQDOUHODWLRQVKLS

+HQFHPDUULDJHKDVEHFRPHDQLQVWLWXWLRQ,WLVUHDOO\XJO\WRVHHVRPHWKLQJVR
WUHPHQGRXVO\EHDXWLIXOEHFRPLQJDQLQVWLWXWLRQ$QGLISHRSOHORRNVRPLVHUDEOHLW
LVQDWXUDO,I\RXOLYHLQLQVWLWXWLRQV\RXZLOOEHPLVHUDEOH

'LY\D\RXDVNPH&DQ\RXH[SODLQWRXVWKHGLIIHUHQFHEHWZHHQHPSW\LQJ
RQHVHOIDQGHIIDFLQJRQHVHOI"

(IIDFLQJRQHVHOILVWKHZD\RIWKHHJRHPSW\LQJRQHVHOILVWKHZD\RI
XQGHUVWDQGLQJ,QHPSW\LQJ\RXUVHOI\RXVLPSO\XQGHUVWDQGWKHZD\VRIWKHHJR
DQGLQWKDWXQGHUVWDQGLQJWKHHJRGLVDSSHDUVRILWVRZQDFFRUG<RXGRQ
WGURS
LW\RXGRQ
WKDYHWRGURSLW<RXGRQ
WILJKWZLWKLW,WLVQRWIRXQG

:KHQ\RXORRNZLWKLQZLWKDWWHQWLRQZLWKWKHOLJKWRIDZDUHQHVV\RXFDQQRWILQG
DQ\HJRWKHUH6RWKHTXHVWLRQGRHVQRWDULVHRIZK\RUKRZRQHVKRXOGHIIDFH
RQHVHOI7KHUHLVQRWKLQJWRHIIDFH7KDWZKLFKLVLVDQGFDQQRWEHHIIDFHG$QG
WKDWZKLFKLVQRWLVQRWDQGWKHUHLVQRQHHGWRHIIDFHLW

(PSW\LQJRQHVHOIVLPSO\PHDQVVHHLQJRQHVHOI$QGWKHQPDQ\WKLQJVVWDUW
GURSSLQJEHFDXVH\RXZHUHXQQHFHVVDULO\FDUU\LQJWKHP,QWKHILUVWSODFHWKH\
GRQ
WH[LVW7KH\DUHJKRVWVQLJKWPDUHVWKH\GLVSHUVHWKHPVHOYHVZKHQWKH
OLJKWLVEURXJKWLQ(PSW\LQJRQHVHOILVDPHGLWDWLYHSURFHVV-XVWORRNLQJLQ
GHHSO\ZLWKQRSUHMXGLFHZLWKQRSUHIDEULFDWHGLGHRORJ\QHLWKHUIRUQRUDJDLQVW
MXVWORRNLQJLQDQGHPSW\LQJVWDUWVKDSSHQLQJ

$QGZKHQ\RXKDYHHPSWLHGDOOFRQWHQWWKRXJKWVGHVLUHVPHPRULHV




SURMHFWLRQVKRSHVZKHQDOOLVJRQHIRUWKHILUVWWLPH\RXILQG\RXUVHOIEHFDXVH
\RXDUHQRWKLQJEXWWKDWSXUHVSDFHWKDWYLUJLQVSDFHZLWKLQ\RX8QEXUGHQHGE\
DQ\WKLQJWKDWFRQWHQWOHVVFRQVFLRXVQHVVWKDW
VZKDW\RXDUH

6HHLQJLWUHDOL]LQJLWRQHLVIUHH2QHLVIUHHGRPRQHLVMR\RQHLVEOLVV
%XWHIIDFLQJRQHVHOILVGDQJHURXV,WPHDQV\RXKDYHDFFHSWHGDOUHDG\WKDWWKH
HJRLVWKHUHDQGLWKDVWREHHIIDFHG<RXKDYHDFFHSWHGDQLOOXVLRQDQGQRZ
\RXZDQWWRGHVWUR\LW<RXKDYHPLVVHGWKHILUVWSRLQW<RXKDYHDFFHSWHGWKDW
WKHURSHLVDVQDNHDQGQRZ\RXDUHWU\LQJWRNLOOWKHVQDNH<RXZLOOEHLQJUHDW
WURXEOH<RXZLOOQHYHUEHDEOHWRNLOOWKHVQDNHEHFDXVHLQWKHILUVWSODFHWKHUHLV
QRQH<RXFDQJRRQEHDWLQJWKHURSHEXWZKDWDERXWWKHVQDNH"7KHVQDNHZLOO
UHPDLQWKHUH

7KHVQDNHH[LVWVLQ\RXULOOXVLRQWKHVQDNHGRHVQRWH[LVWRXWVLGHRWKHUZLVH\RX
FRXOGKDYHNLOOHGLW%XWKRZFDQ\RXNLOODVQDNHZKLFKLVQRW"<RXDUHILJKWLQJ
ZLWKDVKDGRZDQG\RXDUHERXQGWREHGHIHDWHG

/HWWKLVIXQGDPHQWDOEHUHPHPEHUHGDOZD\VLI\RXILJKWZLWKDQ\WKLQJIDOVH\RX
ZLOOEHGHIHDWHG7KHIDOVHFDQQRWEHGHIHDWHGEHFDXVHLWLVIDOVH+RZFDQ\RX
GHIHDWVRPHWKLQJZKLFKLVQRQH[LVWHQWLDO"7KHUHLVQRZD\7KHRQO\ZD\LV
EULQJOLJKWDQGVHH

,KLSDVVLNRFRPHDQGVHH,QWKDWYHU\VHHLQJWKHVQDNHLVQRWIRXQG7KHURSH
LVWKHUHWKHVQDNHKDVGLVDSSHDUHG1RZWKHUHLVQRQHHGWRHIIDFH\RXUVHOIQR
QHHGWRILJKW

7KHUHDUHPLOOLRQVRISHRSOHZKRWU\WREHFRPHKXPEOHEXWWKHLUZKROHHIIRUWLV
QRQVHQVHVKHHUVWXSLGLW\


2QFHDPDQDVNHGPH$UH\RXDQHJRLVWRUDKXPEOHSHUVRQ"
,VDLG1HLWKHUQHWLQHWLQHLWKHUWKLVQRUWKDW,FDQQRWEHHLWKHU
+HVDLG:KDWDUH\RXWDONLQJDERXW"2QHKDVWREHHLWKHUDQHJRLVWRUD
KXPEOHSHUVRQ

,VDLG<RXGRQ
WXQGHUVWDQG<RXNQRZQRWKLQJ\RXKDYHQHYHUJRQHZLWKLQ
\RXUVHOI,I\RXDUHKXPEOH\RXDUHDQHJRLVWVWDQGLQJRQKLVKHDG+XPEOHQHVV
LVDQH[SUHVVLRQRIWKHHJR,DPQHLWKHU,DPVLPSO\ZKDWVRHYHU,DPQHLWKHU
KXPEOHQRUHJRLVWLFEHFDXVH,KDYHVHHQWKDWWKHUHLVQRHJR+RZFDQWKHUHEH
KXPEOHQHVVWKHQ"

+XPEOHQHVVLVGLOXWHGHJR%XWLIWKHUHLVQRHJRKRZFDQ\RXGLOXWHLW",IWKHUH
LVQRVQDNHKRZFDQ\RXWDNHWKHSRLVRQRXVWHHWKRIWKHVQDNHDZD\"7KDW
V
ZKDWKXPEOHQHVVLV7KHSRLVRQRXVWHHWKKDYHEHHQUHPRYHGIURPWKHVQDNH
QRZWKHVQDNHFDQQRWKXUWQRZWKHVQDNHFDQQRWELWHQRZWKHVQDNHFDQQRWGR
DQ\KDUPEXWWKHVQDNHLVWKHUH





7KRVHWHHWKZHUHIDOVHEHFDXVHWKHVQDNHLWVHOILVIDOVH

%XGGKDLVQHLWKHUHJRLVWLFQRUKXPEOH%RWKDUHLPSRVVLEOHIRUWKHPDQRI
XQGHUVWDQGLQJ7KHLJQRUDQWSHUVRQFDQEHHJRLVWLFFDQEHKXPEOHERWKDUH
DVSHFWVRILJQRUDQFH$QGWKHLJQRUDQWSHUVRQFDQWU\WRHIIDFHWKHHJREHFDXVH
LWLVVRUHVSHFWDEOHQRWWRKDYHWKHHJR2QHEHFRPHVDVDLQWE\HIIDFLQJWKH
HJRRQHDWWDLQVJUHDWSUHVWLJHDQGSRZHUE\HIIDFLQJWKHHJR%XWLWLVWKHVDPH
JDPHWKHJDPHKDVQRWFKDQJHG

0\PHVVDJHWR\RXLVSOHDVHGRQ
WHIIDFH\RXUVHOI%H\RXUVHOIORRNZLWKLQ
\RXUVHOIDQGLQWKDWYHU\VHHLQJWKHHJRGLVDSSHDUV(YHQWRVD\GLVDSSHDUVLV
QRWULJKWWKHHJRLVQRWIRXQGLWKDVQHYHUEHHQWKHUH,WVH[LVWHQFHGHSHQGHG
RQ\RXUQRWORRNLQJZLWKLQ\RXUVHOI6HHQLWLVQRORQJHUWKHUHLWKDVQHYHU
EHHQWKHUH

$QGWKHQ\RXDUHLQGLYLGXDOLW\XQLTXHQHVVDXQLTXHH[SUHVVLRQRIWKHGLYLQH
$QGWKHQWKHUHLVJUHDWUHMRLFLQJ<RXVWDUWEORRPLQJWKHVSULQJKDVFRPH<RX
VWDUWGDQFLQJ\RXVWDUWVLQJLQJ*UHDWJUDWLWXGHDULVHVLQ\RXWKDW*RGKDVPDGH
\RXDXQLTXHLQGLYLGXDO

7KHUHKDVQHYHUEHHQDSHUVRQOLNH\RXEHIRUHWKHUHLVQRERG\HOVHOLNH\RX
ULJKWQRZLQWKHZKROHZRUOGDQGWKHUHZLOOQHYHUEHDQ\ERG\OLNH\RX-XVWVHH
KRZPXFKUHVSHFW*RGKDVSDLGWR\RX<RXDUHDPDVWHUSLHFHXQUHSHDWDEOH
LQFRPSDUDEOHXWWHUO\XQLTXH(YHQWKHKDUGHVWKHDUWWKHURFNOLNHKHDUWZLOOVWDUW
PHOWLQJLQJUDWLWXGH7HDUVZLOOVWDUWIORZLQJWHDUVRIEOLVVDQGMR\WHDUVZKLFK
ODXJK


%XWSOHDVHUHPHPEHUHPSW\\RXUVHOIGRQ
WHIIDFH\RXUVHOI

7KHVHFRQGTXHVWLRQ
%(/29('26+2

:+$72)7+26(:+27$.(6$11<$6,13221$21/<72'523,7
%$&.,17+(,5+20((19,5210(17"

$QDQG/LRQHOWKH\DUHDVVKROHV$QGWKH\DUHDVVKROHVQRWEHFDXVHWKH\GURS
VDQQ\DVEXWEHFDXVHWKH\WDNHLW7KHLULGHDLVWKDWE\WDNLQJVDQQ\DVKHUHWKH\
ZLOOJDLQVRPHWKLQJDQGWKHQEDFNKRPHWKH\FDQGURSLW
%XWLIWKLVLGHDLVWKHUHIURPWKHYHU\EHJLQQLQJWKDW,DPJRLQJWRGURSLWZKHQ,
DPEDFNKRPHVDQQ\DVZLOOQRWEHDEOHVVLQJWR\RX,WFDQQRWEHDEOHVVLQJWR
VXFKDFXQQLQJPLQG<RXZLOOEHFRPHDVDQQ\DVLQDQG\HW\RXZLOOQRWEHFRPH
DVDQQ\DVLQ

,NQRZWKHUHDUHSHRSOHDWOHDVWWHQSHUFHQWRIWKHSHRSOH,NQRZLPPHGLDWHO\




ZKHQWKH\FRPHWRWDNHVDQQ\DVWKHLUH\HVVD\LWWKHLUYLEHVD\VLWWKHLUZKROH
EHLQJVWLQNVRIFXQQLQJQHVV%XW,UHVSHFWSHRSOH,FDQQRWVD\QR$QGWKHQ,
WKLQNZKDWLVWKHKDUP"/HWWKHPSOD\WKHJDPHRIEHLQJDVDQQ\DVLQ$QGZKR
NQRZV"6RPHWLPHVDIHZSHRSOHDUHFDXJKWWRR,QWKHEHJLQQLQJZKHQWKH\
WDNHVDQQ\DVWKH\DUHMXVWWDNLQJLWWRVHHZKDWLWLVDOODERXW%XWXQDZDUHVWKH\
PD\EHFDXJKWLQLWWKH\PD\EHWUDSSHG

%HLQJKHUHIRUWKUHHRUIRXUPRQWKVDVDVDQQ\DVLQWKH\PD\ILQGLWDOPRVW
LPSRVVLEOHWRGURSLWEDFNKRPH%XWHYHQLIWKH\GURSLWWKDWLVWKHLUEXVLQHVV
7KH\DUHMXVWEHLQJVWXSLG7KH\DUHWU\LQJWRKDYHLQWLPDF\ZLWKPHEHFDXVH
WKDWLQWLPDF\FDQWUDQVIRUP\RXFDQJLYH\RXDQHZELUWK%XWWKHLQWLPDF\LV
SRVVLEOHRQO\LIWKHUHLVQRWDZDOORIFXQQLQJQHVVEHWZHHQ\RXDQGPH$QGWKH
ZDOOLVWKHUH

,JLYHWKHPVDQQ\DVVHHLQJWKHZDOOWKH*UHDW&KLQD:DOOEHWZHHQPHDQG
WKHP,NQRZWKH\DUHQRWWUXO\JHWWLQJLQWRLWWKH\DUHMXVWEHLQJFOHYHU7KH\DUH
QRWFOHYHUMXVWEHLQJFOHYHUEHFDXVHDUHDOO\FOHYHUSHUVRQZLOOQRWGHFHLYH
KLPVHOI$QGWKHUHDUHWKLQJV\RXFDQEHLPPHQVHO\EHQHILWHGE\EXWRQO\ZKHQ
\RXGRQ
WSOD\JDPHV

)RUH[DPSOHORYHFDQEHDWUDQVIRUPLQJIRUFHLQ\RXUOLIH%XWLI\RXDUHMXVW
SOD\LQJDUROHDFWLQJLWLVQRWJRLQJWRHQULFK\RX,QIDFWRQWKHFRQWUDU\LWPD\
LPSRYHULVK\RXPRUH,I\RXORYHDZRPDQRUDPDQZLWKRXWUHDOO\ORYLQJMXVW
SUHWHQGLQJWKHQ\RXDUHOHDUQLQJVRPHWKLQJWKDWORYHLVIXWLOH<RXUZKROHOLIH
PD\EHFRPHSRLVRQHG(DFKWLPH\RXORYHWKDWFXQQLQJQHVVZLOOEHWKHUHLWZLOO
FLUFXODWHLQ\RXUEORRGLQ\RXUEHLQJ$QG\RXZLOONQRZIURPWKHYHU\EHJLQQLQJ
WKDWLWLVDOODJDPH<RXZLOOQHYHUEHFRPHLQWLPDWHZLWKDQ\SHUVRQDQG
LQWLPDF\LVDUHYHODWLRQ6DQQ\DVLVWKHXOWLPDWHLQWLPDF\<RXFDQQRWEH
FXQQLQJ$QGLI\RXDUH\RXDUHGHFHLYLQJRQO\\RXUVHOI

%XWZK\$QDQG/LRQHOKDVWKLVTXHVWLRQDULVHQLQ\RX"<RXKDYHWDNHQVDQQ\DV
RQO\DIHZGD\VDJR7KLVPXVWEHOXUNLQJVRPHZKHUHLQ\RXUXQFRQVFLRXV7KLV
LV\RXUTXHVWLRQWKLVPD\EH\RXULGHDPD\EH\RXDUHQRWYHU\FRQVFLRXVDERXW
LW<RXPD\EHWKLQNLQJWKDW\RXDUHDVNLQJWKHTXHVWLRQIRURWKHUVEXWRWKHUV
FDQDVNTXHVWLRQVIRUWKHPVHOYHV\RXQHHGQRWZRUU\DERXWWKHP:KRDUH\RX
WREHZRUULHGDERXWWKHP"'RQ
W\RXKDYHZRUULHVRI\RXURZQ"%XWWKLVTXHVWLRQ
PXVWEHWKHUHVRPHZKHUHGHHSLQ\RXUXQFRQVFLRXVWKLVPXVWEH\RXUVWUDWHJ\
$QGVWLOO,UHSHDW\RXPD\QRWEHFRQVFLRXVRILWEXWWKHXQFRQVFLRXVKDV
HUXSWHGLQWKLVTXHVWLRQ

%XWWKLVLVQRWH[FHSWLRQDO7KHZRUOGLVIXOORIDVVKROHVVRLIDIHZDVVKROHV
PDQDJHWRFRPHKHUHLWLVQRWDVXUSULVH,WLVQDWXUDO,NHHSDWHQSHUFHQW
PDUJLQIRUWKHPWHQSHUFHQWRISHRSOHDUHERXQGWREHGHFHSWLYH,QIDFWLWLVD
PLUDFOHWKDWLWLVRQO\WHQSHUFHQW

3HRSOHKDYHIRUJRWWHQWKHODQJXDJHRIFRPPLWPHQWLQYROYHPHQW3HRSOHGRQ
W




NQRZWKHEHDXWLHVRIFRPPLWPHQWWKH\GRQ
WNQRZWKHMR\VRIGHGLFDWLRQ7KH\
GRQ
WNQRZZKDWLWPHDQVWREHXWWHUO\GHGLFDWHGWRVRPHWKLQJ7REHXWWHUO\
GHGLFDWHGWRVRPHWKLQJPHDQVJLYLQJELUWKWRDVRXOLQ\RX,WLQWHJUDWHV\RXLW
JLYHV\RXDEDFNERQH2WKHUZLVHSHRSOHZKRGRQ
WKDYHDQ\H[SHULHQFHRI
FRPPLWPHQWLQORYHLQWUXVWWKH\OLYHDOLIHZLWKRXWDVSLQHWKH\DUH
VSLQHOHVVWKH\DUHMXVWDKRWFKSRWFKORXV\7KH\DUHQRWUHDOO\PHQWKH\KDYH
QRW\HWDUULYHGDWWKDWGLJQLW\RIEHLQJDPDQ

7REHDPDQPHDQVWREHFRPPLWWHGWREHLQYROYHGWREHUHDG\WRJRWRWKH
YHU\H[WUHPHRIVRPHH[SHULHQFH,ILWDSSHDOVWR\RXLILWFRQYLQFHV\RXLILW
FRQYHUWV\RXWKHQRQHKDVWREHUHDG\WRJRZKHUHYHULWOHDGV\RXWRWKH
XQNQRZQWRWKHXQFKDUWHG<HVWKHUHDUHPDQ\IHDUVDQGWKHUHDUHPDQ\
SUREOHPVWREHIDFHGDQGPDQ\FKDOOHQJHVWREHDFFHSWHGEXWWKLVLVKRZRQH
JURZVWKLVLVKRZRQHPDWXUHV

0LOOLRQVRISHRSOHLQWKHZRUOGUHPDLQLPPDWXUHFKLOGLVKIRUWKHVLPSOHUHDVRQ
WKDWWKH\GRQ
WNQRZKRZWRFRPPLWWKHPVHOYHV7KH\MXVWUHPDLQURRWOHVV$QG
ZKHQHYHUDWUHHLVURRWOHVV\RXFDQLQIHUZKDWLVJRLQJWRKDSSHQWRWKHWUHH
6ORZO\VORZO\DOOMXLFHZLOOGLVDSSHDUIURPWKHWUHHEHFDXVHLWLVQRORQJHU
FRQQHFWHGWRDQ\VRXUFHRIMXLFH7KHVDSZLOOQRWIORZLQLWLWZLOOORVHLWV
JUHHQQHVVLWZLOOQRWEH\RXQJDQGDOLYHDQ\PRUH,WZLOOORVHOXVWHUJUDQGHXU
EULOOLDQFHLWZLOOORVHDOOOXPLQRVLW\LWZLOOQRWEORRP6SULQJVZLOOFRPHDQGJREXW
LWZLOOMXVWUHPDLQWKHUHGHDGGU\

7KDW
VZKDWKDVKDSSHQHGWRPLOOLRQVRISHRSOH7KH\KDYHORVWWKHLUVRLO
7KURXJKVDQQ\DV,DPWU\LQJWRJLYH\RXDVRLOWKDWFDQQRXULVK\RXVRWKDWWKH
VDSFDQVWDUWIORZLQJDJDLQLQ\RXUV\VWHPVRWKDWDJDLQVRPHMXLFHIORZVLQ\RX
VRWKDW\RXEHFRPHMXLF\DJDLQVRWKDWDJDLQ\RXDUH\RXQJ\RXWKIXOIUHVK
0DQKDVORVWRQHTXDOLW\WKHTXDOLW\RI]HVWIXOQHVV$QGZLWKRXW]HVWZKDWLV
OLIH"-XVWZDLWLQJIRUGHDWK",WFDQ
WEHDQ\WKLQJHOVH2QO\ZLWK]HVWGR\RXOLYH
RWKHUZLVH\RXYHJHWDWH

6DQQ\DVLVQRWUHQXQFLDWLRQLWLVDZD\WROLYHOLIHLQLWVWRWDOLW\DQGLQWHQVLW\,WLV
WKHDUWRIOLYLQJOLIHLQDOOLWVGLPHQVLRQVLWLVWKHZD\WROLYHOLIHLQDOOLWVULFKQHVV
,WLVQRWWKHROGLGHDRIVDQQ\DV,DPQRWFUHDWLQJPRQNVDQGQXQVQRQRWDW
DOO,DPFUHDWLQJDOLYHSHRSOHYLEUDQWSXOVDWLQJ]HVWIXOSHRSOH\RXQJDQGIUHVK
UHDG\WRJRRQDQ\DGYHQWXUHLQVHDUFKRIWUXWKLQVHDUFKRIORYHLQVHDUFKRI
*RG

+RZFDQ\RXGURSVDQQ\DV"7KDW
VZK\,VD\WKH\DUHDVVKROHVQRWEHFDXVH
WKH\GURSVDQQ\DV7KH\DUHDVVKROHVEHFDXVHWKH\WDNHLW7KH\GRQ
W
XQGHUVWDQGZKDWWKH\DUHGRLQJ7KH\DUHQRWDZDUHRIZKHUHWKH\DUHPRYLQJ
7KH\DUHQRWFRQVFLRXVWKH\DUHMXVWVOHHSZDONHUVURERWV]RPELHV:KHQWKH\
VHHWKDWVRPDQ\SHRSOHKDYHEHFRPHVDQQ\DVLQVWKHLUPRESV\FKRORJ\WKHLU
FURZGPLQGWKHLUVKHHSPLQGLPPHGLDWHO\JLYHVWKHPWKHLGHD6R,DOVRKDYH
WREHFRPHDVDQQ\DVLQ





:K\"8QOHVVLWLVDGHFLVLRQWKDWDULVHVLQ\RXUYHU\LQQHUPRVWFRUHZK\EH
ERWKHUHGZLWKLW"8QOHVV\RXVWDUWKDYLQJDORYHUHODWLRQVKLSZLWKPHZK\EH
ERWKHUHGZLWKLW"8QOHVV,KDYHWRXFKHGDFKRUGLQ\RXUKHDUWXQOHVVVRPH
PXVLFKDVKDSSHQHGLQ\RXWKURXJKPHZK\EHERWKHUHGDERXWLW"

%XWWKH\DUHQRWWDNLQJVDQQ\DVIURPPHWKH\DUHWDNLQJVDQQ\DVIURP\RXIURP
RWKHUVDQQ\DVLQV6HHLQJVRPDQ\SHRSOHLQRUDQJHDQGVHHLQJVRPDQ\SHRSOH
KDSS\DQGMR\RXVWKH\EHFRPHMHDORXV7KH\EHFRPHFRPSHWLWLYHWKH\VWDUW
IHHOLQJWKH\DUHPLVVLQJVRPHWKLQJ$GUHDPDULVHVLQWKHP,VKRXOGDOVRNQRZ
ZKDWWKLVVDQQ\DVLV&HUWDLQO\WKH\NQRZWKDWWKH\ZLOOQRWEHDEOHWRIROORZLW
WKHZKROHZD\EXWWKH\VD\WKH\DUJXHZLWKLQWKHPVHOYHV$WOHDVWZKLOH\RX
DUHKHUHZK\QRWEHDVDQQ\DVLQDQGKDYHDWDVWHRILW"$QGWKHQZKHQ\RXJR
EDFNKRPHMXVWIRUJHWDOODERXWLWVRQRERG\ZLOONQRZDERXWLWDQG\RXFDQEH
SDUWRI\RXUROGURXWLQHDJDLQ

7KLVLVKRZWKHPREPLQGIXQFWLRQV$QGVDQQ\DVLVQRWIRUWKHPREPLQGLWLV
QRWIRUWKHVKHHSLVKPLQG,WLVIRUOLRQV

$QG,DPUHDOO\VXUSULVHG$QDQG/LRQHO,WVHHPV,KDYHJLYHQ\RXWKHZURQJ
QDPH$OLRQDVNLQJVXFKDTXHVWLRQ"7KHTXHVWLRQDULVHVRXWRIDYHU\FRZDUGO\
PLQG7KHTXHVWLRQDULVHVRXWRIDYHU\FXQQLQJPLQG$QGVWLOO,UHSHDW\RXPD\
QRWEHDZDUHRILWEXWWKDWLVPRUHGDQJHURXV,I\RXDUHDZDUHVRPHWKLQJFDQ
EHGRQH


7KDW
VZK\,DPDQVZHULQJLWWRPDNH\RXDZDUHRILW7KLVLVRQHRIWKH
WUDQVIRUPLQJSURFHVVHVRIOLIHLI\RXEHFRPHDZDUHRIVRPHWKLQJ\RXFDQJHW
ULGRILWYHU\HDVLO\,I\RXDUHQRWDZDUHRILWWKHUHLVQRTXHVWLRQRIJHWWLQJULGRI
LW

6RVRPHWLPHV,HYHQKDYHWREHKDUGZLWK\RXVRPHWLPHV,KDYHWREHUHDOO\
FUXHOZLWK\RXEHFDXVHWRZUHQFKWUXWKVIURPWKHXQFRQVFLRXVLVQRWDQHDV\
DIIDLU,WLVVXUJLFDOLWKXUWV$QGWKHVXUJHU\WKDW,GR,GRZLWKRXWDQ\
DQDHVWKHVLDEHFDXVHWKHXQFRQVFLRXVKDVWREHPDGHFRQVFLRXV6RZKLOH,DP
WDONLQJWR\RXDQGEULQJLQJVRPHXQFRQVFLRXVWUXWKWRZDUGV\RXUFRQVFLRXVQHVV
\RXFDQQRWEHSXWWRVOHHS,I\RXDUHDVOHHSWKHXQFRQVFLRXVZLOOQHYHUEHFRPH
FRQVFLRXV

6RWKLVSV\FKRORJLFDOVXUJHU\KDVWREHZLWKRXWDQ\DQDHVWKHVLD7KHSDLQKDVWR
EHDFFHSWHG$QGWKRVHZKRXQGHUVWDQGWKH\ZLOOZHOFRPHLW1RWRQO\ZLOOWKH\
ZHOFRPHLWWKH\ZLOOIHHOWKDQNIXOJUDWHIXOWKDW,KDYHEURXJKWVRPHWKLQJWKDW
ZDVOXUNLQJGHHSGRZQLQWKHGDUNQHVVLQWRWKHFRQVFLRXVSDUWRIWKHLUPLQG1RZ
LWFDQEHGURSSHG

7KLVLVDPLUDFOHRIFRQVFLRXVQHVV$Q\WKLQJWKDWEHFRPHVFRQVFLRXVFDQEH




GURSSHGYHU\HDVLO\7KLVLVWKHZKROHVHFUHWRISV\FKRDQDO\VLVDQGDOOWKHRWKHU
SV\FKRWKHUDSLHVWKDWKDYHHYROYHGRXWRISV\FKRDQDO\VLVWREULQJWKLQJVIURP
WKHXQFRQVFLRXVWRWKHFRQVFLRXV7KDW
VWKHZKROHIXQFWLRQRIWKH
SV\FKRDQDO\VW2QFHWKH\DUHFRQVFLRXV\RX\RXUVHOIDUHFDSDEOHRIGURSSLQJ
WKHPEHFDXVHZKRZDQWVWRFDUU\XJO\WKLQJVZKHQRQHNQRZVWKH\DUHWKHUH"
%XWXJO\WKLQJVFDQEHFDUULHGIRUOLYHVWRJHWKHULI\RXDUHQRWDZDUH

$QGUHPHPEHUWKHFRQVFLRXVLWVHOIZDQWVWRJHWULGRIPDQ\WKLQJVEXW\RXGRQ
W
DOORZLWWRKDYHLWVVD\ZLWK\RX+HQFHLWKDVWRILQGLQGLUHFWZD\V)RUH[DPSOH
LQDGUHDPLWPD\FRPPXQLFDWHVRPHWKLQJWR\RXEXWE\WKHPRUQLQJ\RXWHQGWR
IRUJHWLW

7KHUHDUHYHU\IHZSHRSOHZKRUHPHPEHUWKHLUGUHDPV:K\",WLVVXFKD
FRORUIXOH[SHULHQFHDQGWKHZKROHQLJKW\RXKDYHEHHQGUHDPLQJ2XWRIHLJKW
KRXUVIRUDWOHDVWVL[KRXUV\RXKDYHEHHQGUHDPLQJ$QG,DPWDONLQJDERXW
QRUPDOSHRSOHZKRGRQ
WH[LVW:KDWWRVD\DERXWWKHDEQRUPDO"7KH\FDQ
PDQDJHWRGUHDPVL[WHHQKRXUVLQHLJKWKRXUV7KH\FDQGUHDPPDQ\GUHDPV
WRJHWKHURQHGUHDPRYHUODSSLQJDQRWKHUGUHDPGUHDPLQWRGUHDPLQWRGUHDP

7KH\FDQKDYHVXFKGUHDPVIRUH[DPSOH\RXFDQGUHDPWKDW\RXDUHJRLQJWR
DPRYLHDQGLQWKHPRYLH\RXVHH\RXUVHOIRQWKHVFUHHQDVDSHUVRQZKRLV
JRLQJWRVOHHSIDOOVDVOHHSDQGVWDUWVGUHDPLQJWKDWKHLVJRLQJWRDPRYLH7KLV
FDQJRRQDQGRQDQGRQGUHDPVZLWKLQGUHDPVZLWKLQGUHDPV


,DPQRWWDONLQJDERXWDEQRUPDOSHRSOHHYHQQRUPDOSHRSOHYHU\QRUPDO
SHRSOHGUHDPVL[KRXUVSHUQLJKW,QIDFWWKDWLVWKHJUHDWHVWDFWLYLW\WKDW\RXGR
<RXGRQ
WGRDQ\WKLQJHOVHIRUVL[KRXUVHYHU\GD\6L[KRXUVFRQWLQXRXVO\
GUHDPLQJ$QGLQWKHPRUQLQJDOOLVIRUJRWWHQRURQO\IRUDIHZVHFRQGVHDUO\RQ
IRUIRXURUILYHVHFRQGV\RXUHPHPEHUDIHZWKLQJVDIHZIUDJPHQWV$QGWKHQ
VRRQE\WKHWLPH\RXKDYHWDNHQ\RXUWHDLQEHGWKH\KDYHGLVDSSHDUHG

7KHXQFRQVFLRXVWULHVKDUGIRUVL[KRXUVHYHU\QLJKWWRUHODWHWR\RXZKDW\RX
DUHGRLQJZLWK\RXUOLIH%XW\RXGRQ
WOLVWHQ,WWULHVLQRWKHUZD\VWRR
)RUH[DPSOHWKLVTXHVWLRQLVDQHIIRUWRIWKHXQFRQVFLRXVWRUHODWHWR\RX
VRPHWKLQJWKDWLVWKHUHDVDVHHG7KHXQFRQVFLRXVDOZD\VZDQWVWR
FRPPXQLFDWHZLWKWKHFRQVFLRXV:K\"%HFDXVHWKHXQFRQVFLRXVLVVR
EXUGHQHGVRKHDY\LWZDQWVWRXQEXUGHQLWVHOI$QGKRZFDQLWXQEXUGHQ"7KHUH
LVRQO\RQHZD\WRUHODWHWRWKHFRQVFLRXV

+HQFH)UHXGGHYHORSHGWKHWHFKQLTXHRIIUHHDVVRFLDWLRQ+HKDGWRLQYHQWWKH
FRXFKEHFDXVHLIWKHSDWLHQWLVVLWWLQJLWLVGLIILFXOWWRFRQQHFWZLWKWKH
XQFRQVFLRXV2XUKDELWXDOZD\RIFRQQHFWLQJZLWKWKHXQFRQVFLRXVLVE\O\LQJ
GRZQRQWKHEHGWKDWKDVEHFRPHDSHUPDQHQWKDELW\RXKDYHWREHKRUL]RQWDO
7KH)UHXGLDQFRXFKLVVLJQLILFDQWLWKHOSV\RXUXQFRQVFLRXVWRUHODWHWRWKH
FRQVFLRXV





$QG)UHXGXVHGWRGLVDSSHDUEHKLQGWKHFRXFKEHKLQGDFXUWDLQEHFDXVHLI
VRPHERG\LVSUHVHQWWKHXQFRQVFLRXVPD\UHPDLQVK\HPEDUUDVVHGDQGWKH
FRQVFLRXVPD\GLVWRUWPD\FHQVRU6RKHXVHGWRKLGHEHKLQGDVFUHHQ7KH
SDWLHQWZRXOGEHO\LQJGRZQRQWKHFRXFKUHOD[LQJDQG)UHXGZRXOGVD\-XVW
VWDUWVD\LQJZKDWVRHYHUFRPHVWR\RXUPLQG'RQ
WHGLWLWGRQ
WFRUUHFWLWGRQ
W
WU\WRPDNHLWORRNEHDXWLIXOVRSKLVWLFDWHGORJLFDOVLJQLILFDQW-XVWOHWLWEHDVLW
LVUDZ6LPSO\OHWLWFRPHRXWDVLWLV

7KHILUVWIHZVHVVLRQVDUHQRWVLJQLILFDQW%XWVORZO\VORZO\WKHSDWLHQWUHOD[HV
VWDUWVIUHHDVVRFLDWLQJDQGWKHXQFRQVFLRXVXQEXUGHQVLWVHOI

3V\FKRDQDO\VLVGRHVQRWKLQJHOVHLWVLPSO\KHOSV\RXWRXQEXUGHQWKH
XQFRQVFLRXV,WPDNHVWKLQJVFRQVFLRXVZKLFKKDYHUHPDLQHGXQFRQVFLRXVIRU
ORQJ$QGMXVWLQWKDWYHU\SURFHVVWKLQJVVWDUWFKDQJLQJ2QHRUWZR\HDUVRI
SV\FKRDQDO\VLVDQGWKHSHUVRQKDVFKDQJHGHQRUPRXVO\KHLVWRWDOO\DGLIIHUHQW
SHUVRQPRUHDWHDVHPRUHDWKRPH:KDWKDVKDSSHQHG"%HFDXVHWKH
SV\FKRDQDO\VWKDVQRWGRQHDQ\WKLQJQRPHGLFLQHKDVEHHQJLYHQQR
SV\FKLDWULFWUHDWPHQWKDVEHHQJLYHQ

,QIDFWWKHUHDOSV\FKRDQDO\VWGRHVQRWHYHQFRPPHQWEHFDXVHFRPPHQWDU\
PD\EHFRPHDGLVWXUEDQFH+HVLPSO\OLVWHQVKHLVMXVWHDUVDQGHDUVDQG
QRWKLQJHOVH+HLVDSDVVLYHVLOHQWOLVWHQHUVR\RXFDQXQEXUGHQ\RXUVHOIWRWDOO\
ZLWKRXWDQ\LQWHUIHUHQFH
7KHXQFRQVFLRXVKDVLWVRZQODQJXDJH,WWDONVLQPHWDSKRUVLWWDONVLQSLFWXUHV
,WVODQJXDJHLVQRWFRQFHSWXDOLWVODQJXDJHLVSLFWRULDO%XWLWVODQJXDJHLVWRWDOO\
GLIIHUHQWIURPWKHODQJXDJHWKDW\RXNQRZ

1RZWKLVLVDZD\RIWKHXQFRQVFLRXV/LRQHOLVDVNLQJDVLILWLVVRPHERG\HOVH
V
TXHVWLRQLWLVQRW

,KDYHKHDUG$IULHQGFDPHWRVHHDEODFNFRXSOH7KHIDWKHUZDVYHU\SURXGRI
KLVRQO\FKLOGDEDE\JLUORIHLJKWHHQPRQWKV+HZDVEUDJJLQJDERXWWKHEDE\
VRPXFKWKDWWKHIULHQGEHFDPHLQWHUHVWHGDQGZDQWHGWRVHHWKHEDE\6RWKH
EDE\ZDVFDOOHGDQGWKHIDWKHUVWDUWHGWDONLQJDERXWKHULQWHOOLJHQFHJHQLXVDQG
WKLVDQGWKDW$QGWKHQWKHEDE\VDLG0RWKHU7KHIDWKHUEHDPHGDQGVDLGWR
WKHIULHQG6HHVKHKDVDOUHDG\VSRNHQKDOIDZRUG

*HWLW"
12:\RXJRWLWLWWDNHVDOLWWOHWLPH1RZWKHEDE\LVVLPSO\VD\LQJ0RWKHU
EXWWKHIDWKHUKDVKLVRZQLGHDVKHLVLQWHUSUHWLQJLQKLVRZQZD\
'URSLQWHUSUHWDWLRQV$WOHDVWZLWKPHEHXWWHUO\QXGH:K\FDQ
W\RXDVNWKH
TXHVWLRQ2VKRLI,JREDFNDQGGURSVDQQ\DVWKHQ",WZRXOGKDYHEHHQVR
EHDXWLIXOVRVLQFHUH%XW\RXKDYHFKDQJHGLW

<RXVD\:KDWRIWKRVHZKRWDNHVDQQ\DVLQ3RRQDRQO\WRGURSLWEDFNLQWKHLU




KRPHHQYLURQPHQW"

7KH\KDYHQHYHUWDNHQVDQQ\DV2QFH\RXWDNHVDQQ\DVLWFDQQRWEHGURSSHG
,WLVQRWVRPHWKLQJWKDWFDQEHGURSSHG,WLVDPLOLHXDQH[SHULHQFHWKDWJRHVVR
GHHSLQWR\RXWKDWLWEHFRPHV\RXUYHU\KHDUW,WSHUPHDWHV\RX

6DQQ\DVLVQRWMXVWWKHRUDQJHFORWKHVDQGWKHPDODWKDWLVMXVWV\PEROLF
6DQQ\DVLVVRPHWKLQJWRWDOO\GLIIHUHQWIDUPRUHGHHSJRLQJ,WLVQRWLQWKH
FORWKHV2QFH\RXKDYHWDNHQVDQQ\DVLWLVLPSRVVLEOHWRGURSLWEXWWKHUHDO
FUX[LVZKHWKHU\RXKDYHWDNHQLW,I\RXFDQGURSLWWKDWZLOOVLPSO\VKRZWKDW
\RXKDGQHYHUWDNHQLWLQWKHILUVWSODFH$QGLI\RXKDYHQRWWDNHQLW\RXZLOOQRW
EHEHQHILWHGE\LW7KHQQDWXUDOO\WKHPLQGZLOOVD\:KDWLVWKHSRLQW")RUWKUHH
PRQWKV\RXKDYHEHHQDVDQQ\DVLQDQGQRWKLQJKDVKDSSHQHG:K\QRWGURS
LW"

$QGQRWKLQJKDVKDSSHQHGEHFDXVHIURPWKHYHU\EHJLQQLQJ\RXZHUHQRWLQLW
<RXZHUHQRWDSDUWLFLSDQW\RXZHUHEHLQJWULFN\\RXZHUHEHLQJGLSORPDWLF
3OHDVHGRQ
WEHGLSORPDWLFKHUH7KLVLVDQLQWLPDWHUHODWLRQVKLSSOHDVHGRQ
W
EULQJDQ\FOHYHUQHVVEHWZHHQPHDQG\RX:LWKPHEHVLPSOHLQQRFHQWDQG
WKHQPLUDFOHVDUHSRVVLEOH<RXDUHHQWLWOHGWRPLUDFOHV%XWXQOHVV\RXDOORZ
WKHPWKH\FDQQRWKDSSHQ7KH\FDQKDSSHQRQO\ZLWK\RXUFRRSHUDWLRQ


7KHWKLUGTXHVWLRQ
26+2

:+<'21216$11<$6,16+$9(726,7%(+,1'7+(*5((1/,1(",7
+$6%((19(5<',)),&8/7)250(726((<28$1'7+,672
620(21(:+2,621/<-867/($51,1*$%287<28,6127+(/3)8/
,1)((/,1*<28$&78$//<,)((/$/,77/(%,7/,.($6(&21'&/$66
&,7,=(1

(ODLQH6DQWR]WKHWUXWKLV\RXDUHDVHFRQGFODVVFLWL]HQ,FDQQRWKHOSLW,
FDQQRWOLHWR\RX6DQQ\DVLQVDUHLQDWRWDOO\GLIIHUHQWUHODWLRQVKLSZLWKPHWKH\
DUHSULYLOHJHGLQHYHU\SRVVLEOHZD\1RQVDQQ\DVLQVVKRXOGIHHOJUDWHIXOWKDWDW
OHDVWWKH\DUHDOORZHGLQXSWRWKHJUHHQOLQH
,I\RXZDQWWREHFRPHDILUVWFODVVFLWL]HQEHFRPHDVDQQ\DVLQ<RXFDQQRW
EHFRPHDILUVWFODVVFLWL]HQZLWKRXWSD\LQJIRULW,QOLIH\RXFDQ
WJHWDQ\WKLQJ
XQOHVV\RXSD\IRULW(YHQLI\RXFDQJHWVRPHWKLQJZLWKRXWSD\LQJLWZLOOQRW
KDYHDQ\YDOXHIRU\RX7KHYDOXHDULVHVRQO\ZKHQ\RXSD\IRULWWKHPRUH\RX
SD\WKHPRUHYDOXDEOHLWEHFRPHV7RFRPHFORVHWRPH\RXZLOOKDYHWRGR
VRPHWKLQJ

$QGWKLVDUUDQJHPHQWVDQQ\DVLQVVLWWLQJFORVHWRPHDQGQRQVDQQ\DVLQV
VLWWLQJDOLWWOHIXUWKHUDZD\KDVVRPHWKLQJHOVHLQLWWRR,IQRQVDQQ\DVLQVDUHLQ
IURQWRIPH,FDQQRWWDONWKHZD\,DPWDONLQJEHFDXVHP\WDONLVQRWVRPHWKLQJ




UHDG\PDGHLWLVDUHVSRQVH,I,VHHP\SHRSOHVLOHQWO\VLWWLQJDWWHQWLYHGULQNLQJ
LQHYHU\VLQJOHZRUGIRFXVHGPHGLWDWLYH,FDQVD\IDUKLJKHUWKLQJVIDUPRUH
FRPSOLFDWHGWKLQJVFDQEHH[SODLQHGWRWKHP

%XWLIQRQVDQQ\DVLQVDUHVLWWLQJLQIURQWRIPH,DOZD\VKDYHWREHJLQIURPDEF
7KHQWKHSODQHFDQQHYHUWDNHRIIWKHQWKHSODQHKDVWRIXQFWLRQOLNHDEXV<RX
FDQXVHDSODQHOLNHDEXV,WFDQWDNHRIIRQO\ZKHQLWJDLQVVSHHGDFHUWDLQ
VLWXDWLRQLVQHHGHGIRULWWRJDLQVSHHG

,XVHGWRWDONWRPLOOLRQVRISHRSOHLQWKLVFRXQWU\WKHQ,KDGWRVWRS,ZDVWDONLQJ
WRWKRXVDQGVLQDVLQJOHPHHWLQJILIW\WKRXVDQGSHRSOH,WUDYHOHGDURXQGWKLV
FRXQWU\IRUILIWHHQ\HDUVIURPRQHFRUQHUWRDQRWKHUFRUQHU,VLPSO\EHFDPH
WLUHGRIWKHZKROHWKLQJEHFDXVHHDFKGD\,ZRXOGKDYHWRVWDUWIURPDEF,WZDV
DOZD\VDEFDEFDEFDQGLWEHFDPHDEVROXWHO\FOHDUWKDW,ZRXOGQHYHUEHDEOH
WRUHDFK[\],KDGWRVWRSWUDYHOLQJ

1RZ,GRQ
WJRHYHQRXWVLGHWKHJDWHRIWKLVDVKUDPEHFDXVHWKHUH,DJDLQPHHW
SHRSOHZKROLYHLQWKHDEF,DPQRORQJHULQWHUHVWHGLQWKHP,IWKH\DUH
LQWHUHVWHGWKHQWKH\ZLOOKDYHWRFRPHDQGWKH\ZLOOKDYHWRSDVVWKURXJK
EDUULHUVDQGVORZO\VORZO\WKH\ZLOOKDYHWREHFRPHSDUWLFLSDQWV7KH\ZLOOKDYH
WREHFRPHVDQQ\DVLQV

,DPQRWWDONLQJWRVWXGHQWVEXWRQO\WRGLVFLSOHV6WXGHQWVDUHVWLOODOORZHGEXWLW
ZLOOQRWEHYHU\ORQJEHIRUHWKH\DUHVWRSSHGFRPSOHWHO\6REHIRUHLWLVWRRODWH
6DQWR]FURVVWKHJUHHQOLQH%HFDXVH,ZRXOGOLNHWRWDONRQO\WRP\SHRSOHVR
WKDW,FDQUHODWHZKDWVRHYHU,ZDQWWRUHODWHVRWKDW,FDQGHSHQGDQGWUXVWWKDW
ZKDWVRHYHULVVDLGZLOOEHWDNHQLQJRRGIDLWKLQORYHVRWKDW,NQRZIURPWKH
YHU\EHJLQQLQJWKDWHYHU\WKLQJFDQEHUHYHDOHGWRWKHPDQGQRWKLQJZLOOEH
PLVXQGHUVWRRG

-XVWWKHRWKHUGD\,ZDVUHDGLQJDUHSRUWLQWKH,1',$1(;35(667KHLU
MRXUQDOLVWKDGFRPHKHUHIRUMXVWWZRRUWKUHHGD\V+HZULWHVLQKLVUHSRUWWKDW
WKRXVDQGVRISHRSOHZHUHVLWWLQJVRVLOHQWO\WKDW\RXFRXOGKHDUWKHELUGVFKLUSLQJ
LQWKHWUHHV7KH\ZHUHVRVLOHQWLWZDVDVLIWKHUHZDVQRERG\WKHUH
$QGZKDWLVKLVFRQFOXVLRQ"+HWKRXJKWLWZDVDOOPDQDJHGWKDWLWZDVD
SHUIRUPDQFH+HWKRXJKWLWZDVDSHUIRUPDQFHWRLPSUHVVWKHSRRUMRXUQDOLVW
IURPWKH,1',$1(;35(66+HFRXOGQRWEHOLHYHLWEHFDXVHKHNQRZV,QGLDQV
DQGKHNQRZV,QGLDQPHHWLQJV

,DOVRNQRZWKHP2QFH,ZDVWDONLQJRQ.ULVKQDLQDPHHWLQJDQGSHRSOHZHUH
VLWWLQJZLWKWKHLUEDFNVWRZDUGVPHWDONLQJZLWKHDFKRWKHUJRVVLSLQJWKHLU
EDFNVWRZDUGVPH7KDWZDVWKHODVWGD\WKHODVWVWUDZRQWKHFDPHO,QWKH
PLGGOH,OHIW7KHSUHVLGHQWRIWKHPHHWLQJVDLG:KHUHDUH\RXJRLQJ",VDLG,
DPJRLQJIRUHYHU,DPILQLVKHGZLWKWKHVHVWXSLGSHRSOH,DPWDONLQJDERXW
.ULVKQDWKH\KDYHLQYLWHGPHWRWDONWRWKHPDQGQRERG\VHHPVWROLVWHQ





7KDW,QGLDQMRXUQDOLVWPXVWKDYHVHHQPDQ\PDQ\VXFKPHHWLQJV6RVHHLQJ
WKUHHWKRXVDQGSHRSOHVLWWLQJVLOHQWO\KHUHQRERG\VWLUULQJQRERG\WDONLQJZLWK
HDFKRWKHULWZDVQDWXUDOWRFRQFOXGHWKDWLWZDVMXVWWRLPSUHVVKLP

:KHQ,ZDVOHDYLQJWKDWGD\,VDZWZRSHUVRQVVLWWLQJKHUHZKRORRNHG
DEVROXWHO\RXWRISODFH$QGZKHQ,ERZHGGRZQWR\RXWKH\GLGQRWUHVSRQG
1RZLIPDQ\VXFKSHRSOHDUHKHUHDURXQGPHQRQUHVSRQVLYH,ZLOOQRWEHDEOH
WRSRXURXWP\KHDUWLWZLOOEHLPSRVVLEOH

+HQFH(ODLQH6DQWR]WKDWJUHHQOLQH,I\RXZDQWWRFURVVLWWKHGRRUVDUHQRW
FORVHG%XWGRQ
WDVNIRUDQ\WKLQJZLWKRXWEHLQJUHDOO\UHDG\WRSD\IRULW$QGDV
PDQ\PDQ\PRUHVDQQ\DVLQVZLOOEHFRPLQJRQO\WKRVHZKRDUHUHDOO\
GHGLFDWHGDQGFRPPLWWHGRQO\WKH\ZLOOEHDEOHWRVLWFORVH

$QG,XQGHUVWDQG\RXUSUREOHP7RVLWFORVHWREHQHDUWRPHKDVLWVRZQ
EOHVVLQJ7KHFRQWDFWJRHVGHHSHUWKHYLEHSHUPHDWHV\RXPRUHWRWDOO\
EHFDXVHLWLVQRWRQO\DPDWWHURIWKHTXHVWLRQVWKDW,DPDQVZHULQJRUWKHZRUGV
WKDW,DPXVLQJ%DVLFDOO\LWLVP\SUHVHQFH\RXKDYHWRGULQNLWDQG\RXKDYHWR
GLJHVWLW


%XW,DPVRUU\,FDQQRWGRDQ\WKLQJDERXWLW1RQVDQQ\DVLQVDUHERXQGWR
UHPDLQVHFRQGFODVVFLWL]HQVKHUH

7KHODVWTXHVWLRQ
26+2$127+(5',6&2856($127+(56,//<48(67,21:+<'2<28
5()(572<2856$11<$6,16$67+(&+26(1)(::+(1$1</267
628/:+2&$10$.(,7723221$:,7+$:,//,1*1(6672
3$57,&,3$7(,1620(75(1'<*(67$/725,(17('7+(5$3<*52836
$1''2620(0(',7$7,1*&$1$33$5(17/<7$.(6$11<$6":+2
(9(5*(765()86('6$11<$6$1'21:+$7*5281'6"36%2%
'</$16$<6,1(9(5*27,172$1<2)7+(0*85875,36,1(9(5
)(/77+$7/267

'LFN%ODFNEXUQQRERG\LVHYHUUHIXVHGQR7RP+DUU\RU'LFN7KDWGRHVQRW
PHDQWKDWDOODUHDFFHSWHG1RERG\LVHYHUUHIXVHGWKDW
VWUXHEXWWKDWGRHVQRW
PHDQWKDWDOODUHDFFHSWHG2QO\WKRVHDUHDFFHSWHGZKRVXUUHQGHU2QO\WKRVH
DUHDFFHSWHGZKRDUHXWWHUO\FRPPLWWHGZKRKDYHIDOOHQLQORYHZLWKPHZKR
FDQWUXVWDQGZKRVHWUXVWLVXQFRQGLWLRQDODQGDEVROXWH7KH\DUHDFFHSWHG
6DQQ\DVLVQRWGHQLHGWRDQ\ERG\EHFDXVHVDQQ\DVLVDQRSSRUWXQLW\$IHZ
SHRSOHVXUUHQGHUHYHQEHIRUHWDNLQJVDQQ\DVDIHZVXUUHQGHUDIWHUWDNLQJ
VDQQ\DVDIHZVXUUHQGHUDIWHUEHLQJVDQQ\DVLQVIRUPRQWKVRUIRU\HDUV+HQFH
VDQQ\DVLVQRWGHQLHGLWFUHDWHVDVSDFHDFRQWH[WIRUVXUUHQGHU

%XWDVWRZKRLVUHDOO\UHFHLYHGZKRLVUHDOO\DFFHSWHGLWLVDWRWDOO\GLIIHUHQW
PDWWHU,WLVQRWGHFODUHGLWUHPDLQVHVRWHULF2QO\,NQRZ$QGVORZO\VORZO\WKH




SHUVRQZKRLVDFFHSWHGVWDUWVNQRZLQJLWEXWYHU\VORZO\6RPHWLPHVLWWDNHV
\HDUVIRUWKHSHUVRQWRXQGHUVWDQGWKDWKHKDVEHHQDFFHSWHG,WLVQHYHUVDLG
QRWHYHQWRWKHSHUVRQLVLWVDLGWKDWKHKDVEHHQDFFHSWHG,WKDVWREH
XQGHUVWRRGWKDWLVWKHEHDXW\RILW2QO\WKHQLVLWVLJQLILFDQW

%XWLWVWDUWVKDSSHQLQJ,I,DFFHSWDSHUVRQVORZO\VORZO\KLVHQHUJ\VWDUWVJLYLQJ
PHVVDJHVWRKLPWKDWKHKDVEHHQDFFHSWHG2QHGD\LWEHFRPHVVXFKDQ
DEVROXWHFHUWDLQW\VRVHOIHYLGHQWWKDWWKHUHLVQRQHHGIRUDQ\RWKHU
GHFODUDWLRQYDOLGDWLRQRUDQ\FHUWLILFDWH

6DQQ\DV,JLYHWRDOO%XWRQO\WKRVHDUHDFFHSWHGZKR5($//<WDNHVDQQ\DV
7KDW
VZK\,VD\VDQQ\DVLQVDUHWKHFKRVHQIHZ,WLVRXWRIP\FRPSDVVLRQWKDW,
GRQ
WUHMHFWDQ\ERG\7KHPRVWXQZRUWK\LVDOVRWREHUHVSHFWHGORYHGUHFHLYHG
ZHOFRPHG$QGZKRNQRZV"7KHXQZRUWK\PD\FKDQJH0DQLVXQSUHGLFWDEOH
WKHEDVHUPHWDOFDQDQ\GD\EHFRPHJROG

$QGDERXWWKH36%RE'\ODQVD\V
,QHYHUJRWLQWRDQ\RIWKHPJXUXWULSV,
QHYHUIHOWWKDWORVW



7RILQGDPDVWHULVQRWIRUWKRVHZKRIHHOWKDWWKH\DUHORVW,WLVIRUWKRVHZKR
VWDUWIHHOLQJWKDWWKHUHLVDZD\DQGWKDWWKHUHLVDUD\WKDWWKH\DUHQRWORVWWKDW
WKH\FDQILQGVRPHERG\ZKRZLOOKHOSWKHPZKRZLOOPDNHWKLQJVPRUHFOHDUDQG
WUDQVSDUHQW

(QRXJKIRUWRGD\





FKDSWHUVHYHQOHDUQLQJWKHNQDFN


IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2

0<0,1'+$6',)),&8/7<81'(567$1',1*7+((;,67(1&(2)
%(*,11,1*/(661(66:28/'<283/($6(7$/.$%287,7"

3UHP9LUDMUHDOLW\LVLQGHILQDEOH5HDOLW\VLPSO\LVWKHUHLVQRZD\WRVD\ZKDWLW
LV,WLVQRWDZKDWLWLVQRWHYHQDWKDWLWLVWKLV,WLVWKLVQHVV\RXFDQ
H[SHULHQFHLWEXWLWFDQQRWEHH[SODLQHG

$QGUHDOLW\LVEHJLQQLQJOHVVDQGHQGOHVV7KHPLQGKDVDEHJLQQLQJDQGDQHQG
KHQFHWKHPLQGDQGUHDOLW\FDQQRWPHHW7KHPLQGFDQQRWFRPSUHKHQGWKH
HWHUQDO7KHPLQGH[LVWVLQWLPHLQIDFWWKHPLQGLVWLPHLWH[LVWVLQWKHSDVWDQG
WKHIXWXUH$QGUHPHPEHUWLPHFRQVLVWVRIRQO\WZRWHQVHVWKHSDVWDQGWKH
IXWXUH7KHSUHVHQWLVQRWSDUWRIWLPHWKHSUHVHQWLVSDUWRIHWHUQLW\

+HQFHWKHPLQGLVQHYHUIRXQGLQWKHSUHVHQW,WLVDOZD\VZDYHULQJHLWKHU
WRZDUGVWKHSDVWRUWRZDUGVWKHIXWXUH,WPRYHVLQWRWKDWZKLFKLVQRWRULQWRWKDW
ZKLFKLVQRW\HW,WVZKROHVNLOOFRQVLVWVLQGUHDPLQJ,WLVURRWHGLQWKH
QRQH[LVWHQWLDOKHQFHLWFDQQRWXQGHUVWDQGH[LVWHQFHLWVHOI,WLVOLNHGDUNQHVV
+RZFDQGDUNQHVVFRPSUHKHQGOLJKW"+RZFDQGHDWKFRPSUHKHQGOLIH",IGHDWK
FDQFRPSUHKHQGOLIHWKHQGHDWKZLOOKDYHWREHOLIH,IGDUNQHVVKDVWR
FRPSUHKHQGOLJKWWKHQGDUNQHVVZLOOKDYHWREHOLJKW





$QGVRLVWKHFDVHZLWKWKHPLQG,IWKHPLQGZDQWVWRFRPSUHKHQGUHDOLW\LWZLOO
KDYHWRFRPHRXWRIWKHSDVWDQGWKHIXWXUH%XWFRPLQJRXWRIWKHSDVWDQGWKH
IXWXUHLWLVQRORQJHUWKHPLQGDWDOO+HQFHWKHLQVLVWHQFHRIDOOWKHJUHDW
PDVWHUVRIWKHZRUOGWKDWWKHGRRUWRUHDOLW\LVQRPLQG

6OLSRXWRIWKHPLQGDQG\RXZLOONQRZZKDWLWLVWKHEHJLQQLQJOHVVWKHHQGOHVV
5HPDLQFRQILQHGWRWKHPLQGDQG\RXZLOOEHSX]]OHGUHDOLW\UHPDLQV
LQFRQFHLYDEOH

,FDQQRWH[SODLQLWWR\RXEHFDXVHLQH[SODLQLQJ,ZLOOKDYHWRXVHWKHPLQG
7U\LQJWRXQGHUVWDQGLW\RXZLOOKDYHWRXVHWKHPLQG,FDQEHVLOHQWZLWK\RX
DQGLI\RXFDQDOVREHVLOHQWZLWKPHWKHQWKHUHLVXQGHUVWDQGLQJ8QGHUVWDQGLQJ
LVQRWRIWKHPLQG7KHQWKHUHLVJUHDWLQWHOOLJHQFHJUHDWLQVLJKW6XGGHQO\\RX
NQRZDQG\RXNQRZIURPDWRWDOO\GLIIHUHQWFHQWHURI\RXUEHLQJ\RXNQRZIURP
WKHKHDUW<RXUNQRZLQJKDVWKHTXDOLW\RIORYHQRWRINQRZOHGJH<RXUNQRZLQJ
KDVWKHTXDOLW\RIWUDQVFHQGHQFH,WLVQRORQJHUVFLHQWLILFNQRZOHGJHUHGXFLEOHWR
FRQFHSWV,WLVSRHWLFYLVLRQLWLVP\VWLFH[SHULHQFH
9LUDMLI\RXUHDOO\ZDQWWRXQGHUVWDQG\RXZLOOKDYHWRORVHWKHPLQG<RXZLOO
KDYHWRSD\WKHSULFHRIORVLQJWKHPLQG%XWLI\RXLQVLVW,KDYHWRXQGHUVWDQG
WKURXJKWKHPLQGWKHQRQO\RQHWKLQJLVSRVVLEOH7KHPLQGZLOOFRQYLQFH\RX
VORZO\VORZO\WKDWWKHUHLVQRWKLQJZKLFKLVEHJLQQLQJOHVVQRWKLQJZKLFKLV
HQGOHVVQRWKLQJZKLFKLVLQGHILQDEOHQRWKLQJZKLFKLVXQNQRZDEOH

7KHPLQGZLOOUHGXFH\RXUH[SHULHQFHWRWKHPHDVXUDEOHWKHIDWKRPDEOHWKH
NQRZDEOHDQGWKHNQRZDEOHLVRUGLQDU\PXQGDQH7KHXQNQRZDEOHLVVDFUHG
$QGRQO\ZLWKWKHXQNQRZDEOHGRHVOLIHEHFRPHDEHQHGLFWLRQRQO\ZLWKWKH
XQNQRZDEOHDUH\RXWKULOOHGZLWKWKHZRQGHURIOLIHDQGH[LVWHQFH6XGGHQO\D
VRQJLVERUQLQ\RXUKHDUWDVRQJWKDWFDQQRWEHFRQWDLQHGDVRQJWKDWVWDUWV
RYHUIORZLQJDVRQJWKDWVWDUWVUHDFKLQJRWKHUV$GDQFHLVERUQLQ\RXDGDQFH
WKDWKDVWREHVKDUHGDGDQFHDERXWZKLFK\RXFDQQRWEHPLVHUO\DGDQFHWKDW
PDNHV\RXJHQHURXV$ORYHLVERUQLQ\RXDORYHWKDWLVVRLQILQLWHWKDWLWFDQ
ILOOWKHZKROHLQILQLWHH[LVWHQFH7KDWLVUHDOXQGHUVWDQGLQJ%XWLWKDSSHQVRQO\
ZKHQWKHPLQGLVGURSSHG

'RQ
WWU\WRGRWKHLPSRVVLEOH7U\LQJWRXQGHUVWDQGUHDOLW\WKURXJKWKHPLQGLV
OLNHSXOOLQJ\RXUVHOIXSE\\RXURZQVKRHVWULQJV0D\EH\RXFDQKRSDOLWWOHELW
EXWWKDWKRSSLQJLVQRWJRLQJWRKHOS\RXZLOOEHEDFNRQWKHJURXQGDJDLQDQG
DJDLQDQGLWZLOOEHYHU\WLULQJ-XVWE\SXOOLQJ\RXURZQVKRHVWULQJV\RXFDQQRW
IO\LQWRWKHVN\WKDWLVQRWJRLQJWRJLYH\RXZLQJV

6ORZO\VORZO\OHDUQWKHDUWRIFRQWDFWLQJUHDOLW\ZLWKRXWWKHPLQGLQWHUIHULQJ
6RPHWLPHVZKHQWKHVXQLVVHWWLQJMXVWVLWWKHUHORRNLQJDWWKHVXQQRWWKLQNLQJ
DERXWLWZDWFKLQJQRWHYDOXDWLQJQRWHYHQVD\LQJ+RZEHDXWLIXOLWLV7KH
PRPHQW\RXVD\VRPHWKLQJWKHPLQGKDVFRPHLQ





7KHPLQGFRQVLVWVRIODQJXDJH'RQ
WXVHODQJXDJH&DQ
W\RXMXVWVHHWKH
VXQVHWDQGLWVEHDXW\"&DQ
W\RXEHRYHUZKHOPHGE\LWVEHDXW\"&DQ
W\RXEH
SRVVHVVHGE\LWVJUDQGHXU":KDWLVWKHSRLQWRIEULQJLQJODQJXDJHLQ"1RERG\LV
DVNLQJ\RXWRVD\DQ\WKLQJ7KHVXQGRHVQRWXQGHUVWDQG\RXUODQJXDJHWKH
FORXGVWKDWKDYHEHFRPHVREHDXWLIXODQGOXPLQRXVLQWKHVHWWLQJVXQDUHXQDEOH
WRXQGHUVWDQG\RXUODQJXDJH:K\EULQJLWLQ"3XWLWDVLGHEHLQGLUHFWFRQWDFW
EHWKULOOHG,IWHDUVFRPHWR\RXUH\HVJRRG,I\RXVWDUWGDQFLQJJRRG2ULI\RX
VLPSO\UHPDLQXQPRYLQJVWRQHGRQWKHEHDXW\RIWKHVXQLQWR[LFDWHG\RXZLOO
KDYHJDLQHGDOLWWOHH[SHULHQFHDOLWWOHH[SHULHQFHWKDWJRHVYHU\IDUDOLWWOH
JOLPSVHRIQRPLQG

$QGWKHUHDUHDWKRXVDQGDQGRQHVLWXDWLRQVHYHU\GD\+ROGLQJWKHKDQGRI\RXU
ZRPDQRU\RXUPDQWKHUHLVQRQHHGWRWDON3HRSOHDUHFRQWLQXRXVO\WDONLQJ
\DNNHW\\DNNHW\\DNNHW\$QGWKHUHDVRQZK\WKH\DUHWDONLQJLVWKDWWKH\DUH
DIUDLGWREHVLOHQWWKH\DUHDIUDLGWRVHHWKHWUXWKWKH\DUHDIUDLGWRVHHWKHLU
XWWHUHPSWLQHVVWKH\DUHDIUDLGWRH[SRVHWKHPVHOYHVWKH\DUHDIUDLGWRORRN
GHHSLQWRWKHRWKHU&RQWLQXRXVWDONLQJNHHSVWKHPRQWKHVXUIDFHRFFXSLHG
HQJDJHG

+ROGLQJWKHKDQGRI\RXUZRPDQRUPDQZK\QRWVLWVLOHQWO\":K\QRWFORVH\RXU
H\HVDQGIHHO")HHOWKHSUHVHQFHRIWKHRWKHUHQWHULQWRWKHSUHVHQFHRIWKH
RWKHUOHWWKHRWKHU
VSUHVHQFHHQWHULQWR\RXYLEUDWHWRJHWKHUVZD\WRJHWKHULI
VXGGHQO\DJUHDWHQHUJ\SRVVHVVHV\RXGDQFHWRJHWKHUDQG\RXZLOOUHDFKWR
VXFKRUJDVPLFSHDNVRIMR\DV\RXKDYHQHYHUNQRZQEHIRUH7KRVHRUJDVPLF
SHDNVKDYHQRWKLQJWRGRZLWKVH[LQIDFWWKH\KDYHPXFKWRGRZLWKVLOHQFH

$QGLI\RXFDQDOVRPDQDJHWREHFRPHPHGLWDWLYHLQ\RXUVH[OLIHLI\RXFDQEH
VLOHQWZKLOHPDNLQJORYHLQDNLQGRIGDQFH\RXZLOOEHVXUSULVHG<RXKDYHD
EXLOWLQSURFHVVWRWDNH\RXWRWKHIDUWKHVWVKRUH

3HRSOHPDNHORYHLQVXFKDQXJO\ZD\WKDWLIFKLOGUHQVRPHWLPHVVHHWKHLU
SDUHQWVPDNLQJORYHWKH\WKLQNWKH\DUHZUHVWOLQJILJKWLQJWKDW'DGG\LVJRLQJ
WRNLOO0XP*URDQLQJEUHDWKLQJLQDQXJO\ZD\YLROHQWWKHLUPRYHPHQWVKDYH
QRHOHJDQFH,WLVQRWDGDQFHFHUWDLQO\LWLVQRWDGDQFH

$QGXQOHVVLWEHFRPHVDGDQFHLWZLOOUHPDLQYHU\YHU\SK\VLRORJLFDOLWZRQ
W
KDYHDQ\VSLULWXDOLW\LQLW%XWLWLVLPSRVVLEOH8QOHVV\RXUZKROHOLIHLVVDWXUDWHG
ZLWKWKRVHPRPHQWVWKDWFRPHZKHQWKHPLQGFHDVHV\RXUORYHOLIHFDQQRW
PRYHLQWRVLOHQFH

7KHQLJKWLVIXOORIVWDUV/LHGRZQRQWKHHDUWKGLVDSSHDULQWRWKHHDUWK:H
FRPHIURPWKHHDUWKRQHGD\ZHZLOOEHJRLQJEDFNWRWKHHDUWKWRUHVWIRUHYHU
$WQLJKWVRPHWLPHVO\LQJRQWKHODZQGLVDSSHDULQWRWKHHDUWK/RRNDWWKHVWDUV
MXVWORRNDSXUHORRN'RQ
WVWDUWWKLQNLQJDERXWWKHQDPHVRIWKHVWDUVWKH
QDPHVRIWKHFRQVWHOODWLRQV)RUJHWDOOWKDW\RXNQRZDERXWVWDUVSXWDVLGHDOO
\RXUNQRZOHGJHMXVWVHHWKHVWDUV$QGVXGGHQO\WKHUHZLOOEHDFRPPXQLRQWKH




VWDUVZLOOVWDUWSRXULQJWKHLUOLJKWLQWR\RXDQG\RXZLOOIHHODQH[SDQGLQJRI
FRQVFLRXVQHVV1RGUXJFDQGRLW

'UXJVDUHYHU\DUWLILFLDODUELWUDU\DQGKDUPIXOPHWKRGVWRNQRZVRPHWKLQJZKLFK
LVQDWXUDOO\DYDLODEOHZKLFKLVHDVLO\DYDLODEOHEHQHILFLDOO\DYDLODEOH-XVW
ZDWFKLQJWKHVWDUV\RXZLOOVWDUWIHHOLQJKLJK\RXZLOOVWDUWVRDULQJKLJK

0DNHDVPXFKDV\RXFDQRIDOOWKHRSSRUWXQLWLHVWKDWOLIHDQGH[LVWHQFHDOORZ
\RX1HYHUPLVVDVLQJOHRSSRUWXQLW\ZKHQ\RXFDQGURSWKHPLQGDQGVORZO\
VORZO\\RXZLOONQRZWKHNQDFNRILW,WLVDNQDFNLWLVFHUWDLQO\QRWDVFLHQFH
EHFDXVHLWKDVQRIL[HGPHWKRGV

6RPHERG\PD\EHWKULOOHGE\WKHVWDUVVRPHERG\PD\QRWEH6RPHERG\PD\
EHWKULOOHGE\WKHIORZHUVVRPHERG\HOVHPD\QRWEHDIIHFWHGDWDOO3HRSOHDUH
VRGLIIHUHQWWKDWWKHUHLVQRZD\RIGHWHUPLQLQJLWLQDVFLHQWLILFZD\LWLVQRWD
VFLHQFH,WLVQRWHYHQDQDUWEHFDXVHDQDUWFDQEHWDXJKW
6R,LQVLVWRQWKHZRUGNQDFN,WLVDNQDFN<RXKDYHWROHDUQLWE\GRLQJDIHZ
H[SHULPHQWVZLWK\RXUVHOI$QGRQFH\RXKDYHWKHNQDFNDQGHYHU\ERG\FDQ
KDYHLWEHFDXVHHYHU\FKLOGLVERUQZLWKLW(YHU\FKLOGEULQJVZRQGHULQJH\HV
LQWRH[LVWHQFH6RRQZHIRUFHGXVWLQWRKLVH\HVZHFRYHUKLVSXUHPLUURUZLWK
GXVW6RRQHURUODWHUKHEHFRPHVNQRZOHGJHDEOHDQGWKHVRRQHUKHGRHVWKH
PRUHKDSS\ZHDUH2XUKDSSLQHVVLVUHDOO\LQSRLVRQLQJWKHFKLOG

,IWKHFKLOGVHHVWKDWWKHSDUHQWVDUHYHU\KDSS\EHFDXVHKHKDVEHFRPH
NQRZOHGJHDEOHKHVWDUWVJDWKHULQJPRUHDQGPRUHNQRZOHGJH+HVWDUWV
IRUJHWWLQJWKHNQDFNWKDWKHKDGEURXJKWZLWKKLPLQWRWKLVOLIHWKDWZDVLQERUQ
%\WKHWLPHKHFRPHVRXWRIWKHXQLYHUVLW\KHKDVFRPSOHWHO\IRUJRWWHQRQHRI
WKHPRVWEHDXWLIXOWKLQJVWKDWZDVJLYHQWRKLPE\*RGWKHFDSDFLW\WRZRQGHU
WKHFDSDFLW\WRVHHZLWKRXWWKLQNLQJWKHFDSDFLW\WRFRQWDFWUHDOLW\ZLWKRXWWKH
PLQGFRQWLQXRXVO\LQWHUIHULQJGLVWRUWLQJ

<RXZLOOKDYHWRUHJDLQLW

7KHVDJHLVWKHSHUVRQZKRUHJDLQVKLVFKLOGKRRGKHQFHKHLVFDOOHGWKHWZLFH
ERUQ-HVXVVD\V8QOHVV\HDUHERUQDJDLQ\RXZLOOQRWEHDEOHWRHQWHULQWR
P\NLQJGRPRI*RG$QGWKHNLQJGRPRI*RGLVKHUHEXW\RXKDYHWREHUHERUQ
UHERUQDVDQRPLQG

$QG,DPQRWVD\LQJWKDWZKHQ\RXDUHUHERUQDVDQRPLQG\RXFDQQRWXVHWKH
PLQG7KHPLQGKDVLWVOLPLWHGXVHV8VHLW:KHQ\RXDUHZRUNLQJLQ\RXURIILFH
,DPQRWWHOOLQJ\RXWREHDQRPLQG:KHQ\RXDUHZRUNLQJLQ\RXUVKRSRULQWKH
IDFWRU\,DPQRWVD\LQJWREHDQRPLQG,DPVD\LQJEHSHUIHFWO\DPLQG8VH
WKHPLQGEXWGRQ
WFDUU\LWFRQWLQXRXVO\WZHQW\IRXUKRXUVGD\LQDQGGD\RXW
ZLWK\RXUVHOI'RQ
WJRRQGUDJJLQJLW8VHLWDV\RXXVHDFKDLU<RXGRQ
WJRRQ
FDUU\LQJ\RXUFKDLUHYHU\ZKHUHZKHUHYHU\RXJRMXVWEHFDXVH\RXPD\QHHGLW





7KHPLQGLVDEHDXWLIXOLQVWUXPHQWLI\RXNQRZKRZWREHDQRPLQGWRR
9LUDMWKHPLQGLVLPSRWHQWLQFDSDEOHRINQRZLQJWKHEHJLQQLQJOHVVDQGWKH
HQGOHVV7KHPLQGH[LVWVEHWZHHQELUWKDQGGHDWKLWNQRZVQRWKLQJEH\RQGELUWK
DQGEH\RQGGHDWK
<RXZHUHKHUHEHIRUH\RXZHUHERUQDQG\RXZLOOEHKHUHDIWHU\RXDUHGHDG
7KHPLQGKDVDYHU\OLPLWHGH[LVWHQFHYHU\PRPHQWDU\RQHGD\LWFRPHV
DQRWKHUGD\LWLVJRQH<RXDUHIRUHYHU+DYHVRPHH[SHULHQFHRI\RXUIRUHYHU
QHVV
%XWWKDWLVSRVVLEOHRQO\WKURXJKQRPLQG1RPLQGLVDQRWKHUQDPHIRU
PHGLWDWLRQ

7KHVHFRQGTXHVWLRQ
%(/29('26+2<(6

6DUMDQRWKLVVLPSOHZRUG\HVFRQWDLQVDOOWKHUHOLJLRQVRIWKHZRUOG,WFRQWDLQV
WUXVWLWFRQWDLQVORYHLWFRQWDLQVVXUUHQGHU,WFRQWDLQVDOOWKHSUD\HUVWKDWKDYH
HYHUEHHQGRQHDUHEHLQJGRQHDQGZLOOHYHUEHGRQH,I\RXFDQVD\\HVZLWK
WKHWRWDOLW\RI\RXUKHDUW\RXKDYHVDLGDOOWKDWFDQEHVDLG7RVD\\HVWR
H[LVWHQFHLVWREHUHOLJLRXVWRVD\QRLVWREHLUUHOLJLRXV

7KDW
VP\GHILQLWLRQRIWKHDWKHLVWDQGWKHWKHLVW7KHDWKHLVWLVQRWRQHZKR
GHQLHV*RGDQGWKHWKHLVWLVQRWRQHZKREHOLHYHVLQ*RGQRWQHFHVVDULO\VR
EHFDXVHZHKDYHVHHQJUHDWWKHLVWVZKRQHYHUEHOLHYHGLQDQ\*RG:HKDYH
NQRZQ%XGGKD0DKDYLUD$GLQDWKDZHKDYHNQRZQWUHPHQGRXVO\HQOLJKWHQHG
SHRSOHZKRQHYHUWDONHGDERXW*RG%XWWKH\DOVRWDONHGDERXW\HVWKH\KDGWR
WDONDERXW\HV

*RGFDQEHGURSSHGDVDQXQQHFHVVDU\K\SRWKHVLVEXW\HVFDQQRWEHGURSSHG
<HVLVWKHYHU\VSLULWRI*RG$QG\HVFDQH[LVWZLWKRXW*RGEXW*RGFDQQRW
H[LVWZLWKRXW\HV*RGLVRQO\WKHERG\\HVLVWKHVRXO

7KHUHDUHSHRSOHZKREHOLHYHLQ*RGDQG\HW,ZLOOFDOOWKHPDWKHLVWVEHFDXVH
WKHLUEHOLHIKDVQR\HVEHKLQGLW7KHLUEHOLHILVERJXVWKHLUEHOLHILVIRUPDOWKHLU
EHOLHILVJLYHQE\RWKHUVLWLVERUURZHG7KHLUSDUHQWVSULHVWVDQGWHDFKHUVKDYH
WDXJKWWKHPWKDW*RGLVWKH\KDYHPDGHWKHPVRPXFKDIUDLGWKDWWKH\FDQQRW
HYHQTXHVWLRQWKHH[LVWHQFHRI*RG$QGWKH\KDYHJLYHQWKHPSURPLVHVRIJUHDW
WKLQJVLIWKH\EHOLHYHLQ*RG7KHUHZLOOEHJUHDWUHZDUGVLQKHDYHQLI\RXEHOLHYH
DQGJUHDWSXQLVKPHQWVLQKHOOLI\RXGRQ
WEHOLHYH

)HDUDQGJUHHGKDYHEHHQH[SORLWHG7KHSULHVWKDVEHKDYHGZLWK\RXDOPRVW
OLNHWKHSV\FKRORJLVWEHKDYHVZLWKWKHUDWVXSRQZKLFKKHJRHVRQ
H[SHULPHQWLQJ7KHUDWVLQSV\FKRORJLFDOH[SHULPHQWVDUHFRQWUROOHGE\
SXQLVKPHQWDQGUHZDUG5HZDUGWKHPDQGWKH\VWDUWOHDUQLQJWKHWKLQJIRUZKLFK
WKH\DUHUHZDUGHGSXQLVKWKHPDQGWKH\VWDUWXQOHDUQLQJWKHWKLQJIRUZKLFK
WKH\DUHSXQLVKHG





7KHSULHVWVKDYHEHKDYHGZLWKPHQDVLIPHQDUHUDWV3V\FKRORJLVWVDUHQRWWKH
ILUVWWRGHKXPDQL]HKXPDQLW\SULHVWVZHUHWKHSLRQHHUV)LUVWWKHSULHVWV
EHKDYHGZLWKPHQDVLIWKH\ZHUHUDWVQRZWKHSV\FKRORJLVWVDUHEHKDYLQJZLWK
UDWVDVLIWKH\DUHPHQ%XWWKHSURFHVVLVWKHVDPHWKHWHFKQLTXHH[DFWO\WKH
VDPH

7KHUHDUHSHRSOHZKRDUHWKHLVWVEHOLHYHUVLQ*RGFKXUFKJRHUVZRUVKLSSHUV
DQG\HWLQWKHLUKHDUWVWKHUHLVQR\HVLQWKHLUKHDUWVWKHUHLVGRXEW2QWKH
VXUIDFHWKH\EHKDYHUHOLJLRXVO\GHHSGRZQWKH\DUHVXVSLFLRXV$QGLWLVWKH
GHSWKWKDWGHWHUPLQHV\RX,WLVQRWZKDW\RXGRWKDWLVGHFLVLYHLWLVZKDW\RX
IHHODWWKHGHHSHVWFRUHRI\RXUEHLQJWKDWGHWHUPLQHV\RXWKDWFUHDWHV\RX$QG
WKHUHDUHDWKHLVWVZKRJRRQVD\LQJWKHUHLVQR*RGEXWWKH\DUHQRWLQDQ\ZD\
GLIIHUHQWIURPWKHEHOLHYHUV7KHLUGLVEHOLHIKDVDVPXFKGRXEWLQLWDVWKHEHOLHI
RIWKHEHOLHYHUV

,Q6RYLHW5XVVLDLQ&KLQDDQGLQRWKHUUHGFRXQWULHVGLVEHOLHILVWKHEHOLHIQRW
WREHOLHYHLVWREHDFRQIRUPLVWWREHOLHYHLVWREHDUHYROXWLRQDU\7KHVWDWHJRHV
RQWHDFKLQJWKDWWKHUHLVQR*RG,ISHRSOHDUHWDXJKWFRQWLQXRXVO\FRQGLWLRQHG
FRQWLQXRXVO\WKH\EHFRPHZKDWVRHYHUWKH\DUHFRQGLWLRQHGIRU,WLVDNLQGRI
PDVVK\SQRVLV

7KHLVWVDWKHLVWVERWKDUHYLFWLPV7KHUHDOO\UHOLJLRXVSHUVRQKDVQRWKLQJWRGR
ZLWK7KH%LEOHRUWKH.RUDQRUWKH%KDJDYDG*LWD7KHUHDOO\UHOLJLRXVSHUVRQ
KDVDGHHSFRPPXQLRQZLWKH[LVWHQFH+HFDQVD\\HVWRDURVHIORZHUKHFDQ
VD\\HVWRWKHVWDUVKHFDQVD\\HVWRSHRSOHKHFDQVD\\HVWRKLVRZQEHLQJ
WRKLVRZQGHVLUHV+HFDQVD\\HVWRZKDWVRHYHUOLIHEULQJVWRKLPKHLVD\HD
VD\HU

$QGLQWKLV\HDVD\LQJLVFRQWDLQHGWKHHVVHQWLDOSUD\HU
7KHODVWZRUGVRI-HVXVRQHDUWKZHUH7K\NLQJGRPFRPHWK\ZLOOEHGRQH
$PHQ

'R\RXNQRZWKLVZRUGDPHQZKDWLWPHDQV",WVLPSO\PHDQV<HV/RUG\HV
/HWWK\ZLOOEHGRQH'RQ
WOLVWHQWRZKDW,VD\,DPLJQRUDQW'RQ
WOLVWHQWRZKDW,
GHVLUHP\GHVLUHVDUHVWXSLGERXQGWREHVR*RRQGRLQJZKDWVRHYHU\RXIHHO
ULJKWJRRQGRLQJLWLQVSLWHRIPH7KDWLVWKHPHDQLQJRIWKHZRUGDPHQ
0RKDPPHGDQVDOVRHQGWKHLUSUD\HUZLWKDPLQLWLVWKHVDPHZRUG
6DUMDQR\RXUTXHVWLRQLVWUHPHQGRXVO\VLJQLILFDQW)LUVWLWLVQRWDTXHVWLRQ
KHQFHLWLVVLJQLILFDQW,WLVDGHFODUDWLRQLWLVDGHGLFDWLRQLWLVVXUUHQGHULWLV
WUXVW

<RXVD\%HORYHG2VKR<(6
7KLVLVWKHEHJLQQLQJRIUHDOVDQQ\DV,I\RXFDQVD\\HVZLWKWRWDOLW\ZLWKQR
VWULQJVDWWDFKHGWRLWZLWKQRFRQGLWLRQVZLWKQRGHVLUHIRUDQ\UHZDUGLI\RXFDQ
VLPSO\HQMR\VD\LQJ\HVLILWLV\RXUGDQFH\RXUVRQJWKHQLWLVSUD\HU$QGDOO
SUD\HUVUHDFK*RGZKHWKHU*RGLVPHQWLRQHGRUQRWZKHWKHU\RXEHOLHYHLQ




*RGRUQRW$OOSUD\HUVUHDFK*RG7RUHDFKKLPDSUD\HUKDVRQO\WREHDQ
DXWKHQWLFSUD\HU

%XW,ZRXOGOLNHWRWHOO\RXWKDW\RXU\HVVKRXOGQRWRQO\EHDSUD\HU,WVKRXOG
EHFRPH\RXUYHU\OLIHVW\OHLWVKRXOGEHFRPH\RXUIODYRU\RXUIUDJUDQFH'RZQ
WKHDJHVUHOLJLRQVKDYHEHHQWHDFKLQJSHRSOHOLIHQHJDWLRQOLIHFRQGHPQDWLRQ
'RZQWKHDJHVUHOLJLRQVKDYHEHHQWHOOLQJ\RXWKDW\RXDUHVLQQHUVWKDW\RXU
ERGLHVDUHWKHKRXVHVRIVLQWKDW\RXKDYHWRGHVWUR\\RXUOLIHLQRUGHUWRSUDLVH
WKH/RUGWKDW\RXKDYHWRUHQRXQFHWKHZRUOGWREHDEOHWREHDFFHSWHGE\WKH
/RUG7KLVLVDOOKRO\FRZGXQJXWWHUQRQVHQVH


/LIHDIILUPDWLRQQRWOLIHQHJDWLRQLVUHOLJLRQEHFDXVH*RGLVOLIHDQGWKHUHLV
QRRWKHU*RG*RGLVWKHJUHHQRIWKHWUHHVDQGWKHUHGRIWKHWUHHVDQGWKHJROG
RIWKHWUHHV*RGLVDOORYHUWKHSODFH2QO\*RGLV7RGHQ\OLIHPHDQVWRGHQ\
*RGWRFRQGHPQOLIHPHDQVWRFRQGHPQ*RGWRUHQRXQFHOLIHPHDQV\RXDUH
WKLQNLQJ\RXUVHOIZLVHUWKDQ*RG

*RGKDVJLYHQ\RXWKLVOLIHWKLVWUHPHQGRXVO\YDOXDEOHJLIWDQG\RXFDQQRWHYHQ
DSSUHFLDWHLW<RXFDQQRWZHOFRPHLW\RXFDQQRWIHHODQ\JUDWLWXGHIRULW2QWKH
FRQWUDU\\RXDUHFRPSODLQLQJDQGFRPSODLQLQJDQGFRPSODLQLQJ<RXUKHDUWLV
IXOORIJUXGJHVQRWJUDWLWXGH

%XWWKLVLVZKDW\RXKDYHEHHQWDXJKWE\WKHSULHVWVGRZQWKHDJHV3ULHVWVKDYH
OLYHGRQLWWKLVKDVEHHQWKHLUEDVLFVWUDWHJ\WRH[SORLWSHRSOH

,IOLIHLVOLYHGLQLWVWRWDOLW\WKHSULHVWLVQRWQHHGHGDWDOO,I\RXDUHDOUHDG\RND\
DV\RXDUHLIOLIHLVEHDXWLIXODVLWLVZKDWLVWKHQHHGIRUDSULHVW":KDWLVWKH
QHHGRIDPHGLDWRUEHWZHHQ\RXDQG*RG"<RXDUHGLUHFWO\LQFRQWDFWZLWK*RG
\RXDUHOLYLQJLQ*RGEUHDWKLQJLQ*RG*RGLVSXOVDWLQJLQ\RX7KHSULHVWZLOOEH
XWWHUO\XVHOHVVDQGVRZLOOEHDOOKLVPXPERMXPERKLVUHOLJLRQDQGVFULSWXUHV
+HFDQEHVLJQLILFDQWRQO\LIKHFDQFUHDWHDULIWEHWZHHQ\RXDQG*RG)LUVWWKH
ULIWKDVWREHFUHDWHGWKHQKHFDQFRPHDQGFDQWHOO\RX1RZ,DPKHUH,FDQ
EULGJHWKHULIW%XWILUVWWKHULIWKDVWREHWKHUHRQO\WKHQFDQLWEHEULGJHG

$QGRIFRXUVH\RXKDYHWRSD\IRULW:KHQWKHSULHVWGRHVVXFKJUHDWZRUN
EULGJLQJWKHULIW\RXKDYHWRSD\IRULW$QGLQIDFWGHHSGRZQKHLVQRW
LQWHUHVWHGLQEULGJLQJLW+HZLOORQO\SUHWHQGWKDWKHLVEULGJLQJLWWKHULIWZLOO
UHPDLQ,QIDFWKHZLOOPDNHLWPRUHDQGPRUHXQEULGJHDEOHWKHPRUH
XQEULGJHDEOHLWLVWKHPRUHLPSRUWDQWKHLV+LVLPSRUWDQFHFRQVLVWVLQGHQ\LQJ
OLIHGHVWUR\LQJOLIHPDNLQJ\RXUHQRXQFHLW

,WHDFK\RXDWUHPHQGRXVWRWDO\HVWROLIH,WHDFK\RXQRWUHQXQFLDWLRQEXW
UHMRLFLQJ5HMRLFH5HMRLFH$JDLQDQGDJDLQ,VD\UHMRLFHEHFDXVHLQ\RXU
UHMRLFLQJ\RXZLOOFRPHFORVHVWWR*RG





:KHQWKHGDQFHUGLVDSSHDUVLQKLVGDQFHKHLVGLYLQH:KHQWKHVLQJHU
GLVDSSHDUVLQKLVVRQJKHLVGLYLQH5HMRLFHVRGHHSO\VRWRWDOO\WKDW\RX
GLVDSSHDULQ\RXUUHMRLFLQJWKHUHLVUHMRLFLQJEXWWKHUHLVQRERG\ZKRLV
UHMRLFLQJ:KHQLWFRPHVWRVXFKDQRSWLPXPWKHUHLVDWUDQVIRUPDWLRQD
UHYROXWLRQ<RXDUHQRPRUHWKHROGGDUNXJO\VHOI<RXDUHVKRZHUHGZLWK
EOHVVLQJV)RUWKHILUVWWLPH\RXFRPHWRNQRZ\RXUJUDQGHXUWKHVSOHQGRURI
\RXUEHLQJ6D\\HVWROLIHVD\DWRWDO\HVWROLIH7KDW
VZKDWVDQQ\DVLVDOO
DERXW,GRQ
WJLYH\RXFRQFHSWVGRJPDVFUHHGV,RQO\JLYH\RXDFHUWDLQOLIH
DIILUPDWLYHOLIHVW\OHDSKLORVRSK\RIOLIHUHYHUHQFH

7KHWKLUGTXHVWLRQ
%(/29('26+2

<2872/'867+$77587+&$1
7%(75$160,77('2575$16)(55('
,7&$1%($77$,1('21/<%<(;3(5,(1&(0$1<<($56$*2:+(1,
:$6&219(57('72&$7+2/,&,60$1':+(1,722.7+(+2/<
&20081,21,+$'*(18,1(385()((/,1*62)/29()25-(686
$1')(/7,+$'$77$,1('7+(7587+
$6,6((,772'$<,6,03/<)(//9,&7,072$9,&,286)$//$&<
,1'8&('%<7+(35,(6767+528*+$.,1'2)6(/)+<3126,6$1'
+$'$'25('$1':256+,33('127+,1*025(7+$1$3,(&(2)
%5($',+$'72)$&(7+()$&77+$7,+$'$77$,1('%<
(;3(5,(1&(7+(:521*7587+
+2:72',67,1*8,6+%(7:((17+(6(&$6(62)81&216&,286
6(/)'(/86,21$1'7+(5($/7+,1*"+2:72$92,''(&(37,21"

)DULGWUXWKFDQQRWEHWUDQVIHUUHGWUXWKFDQQRWEHKDQGHGRYHUWR\RXE\
VRPHERG\HOVHEHFDXVHLWLVQRWDFRPPRGLW\,WLVQRWDWKLQJLWLVDQ
H[SHULHQFH,QIDFWWKHZRUGH[SHULHQFHLVQRWH[DFWO\WKHULJKWZRUG,WZLOOEH
WUXHUWRVD\WKDWLWLVDQH[SHULHQFLQJWKLVLVWKHILUVWWKLQJWREHXQGHUVWRRG
,KDYHWRXVHODQJXDJHZKLFKLVDOUHDG\WKHUHFUHDWHGE\WKHFHQWXULHVZLWKDOO
NLQGVRIIDOODFLHVLQLWREYLRXVO\/DQJXDJHLVFUHDWHGIRUGD\WRGD\XVH
ODQJXDJHLVFUHDWHGIRUWKHPXQGDQHZRUOGDVIDUDVLWJRHVLWLVJRRG,WLV
SHUIHFWO\DGHTXDWHIRUWKHPDUNHWSODFHEXWDV\RXVWDUWPRYLQJLQWRGHHSHU
ZDWHUVLWEHFRPHVPRUHDQGPRUHLQDGHTXDWHQRWRQO\LQDGHTXDWHLWVWDUWV
EHFRPLQJXWWHUO\ZURQJ

)RUH[DPSOHWKLQNRIWKHVHWZRZRUGVH[SHULHQFHDQGH[SHULHQFLQJ:KHQ\RX
XVHWKHZRUGH[SHULHQFHLWJLYHV\RXDVHQVHRIFRPSOHWLRQDVLIVRPHWKLQJKDV
FRPHWRDFRPSOHWLRQDVLIWKHIXOOVWRSKDVDUULYHG,QOLIHWKHUHDUHQRIXOOVWRSV
/LIHNQRZVQRWKLQJRIIXOOVWRSVLWLVDQRQJRLQJSURFHVVDQHWHUQDOULYHU7KH
JRDOQHYHUDUULYHVLWLVDOZD\VDUULYLQJEXWLWQHYHUDUULYHV+HQFHWKHZRUG
H[SHULHQFHLVQRWULJKW,WJLYHVDIDOVHQRWLRQRIFRPSOHWLRQSHUIHFWLRQLWPDNHV
\RXIHHODVLIQRZ\RXKDYHDUULYHG([SHULHQF,1*LVIDUPRUHWUXH

,QUHIHUHQFHWRWUXHOLIHDOOQRXQVDUHZURQJRQO\YHUEVDUHWUXH:KHQ\RXVD\




7KLVLVDWUHH\RXDUHPDNLQJDZURQJVWDWHPHQWH[LVWHQWLDOO\1RWOLQJXLVWLFDOO\
QRWJUDPPDWLFDOO\EXWH[LVWHQWLDOO\\RXDUHPDNLQJDZURQJVWDWHPHQWEHFDXVH
WKHWUHHLVQRWDVWDWLFWKLQJLWLVJURZLQJ,WLVQHYHULQDVWDWHRILVQHVVLWLV
DOZD\VEHFRPLQJ,QIDFWWRFDOOLWDWUHHLVQRWULJKWLWLVWUHHLQJ$ULYHULV
ULYHULQJ

,I\RXORRNGHHSO\LQWROLIHQRXQVVWDUWGLVDSSHDULQJDQGWKHUHDUHRQO\YHUEV
%XWWKDWZLOOFUHDWHWURXEOHLQWKHPDUNHWSODFH<RXFDQQRWVD\WRSHRSOH,ZHQW
WRWKHULYHULQJRU7KLVPRUQLQJ,VDZDEHDXWLIXOWUHHLQJ7KH\ZLOOWKLQN\RX
KDYHJRQHPDG1RWKLQJLVVWDWLFLQOLIHQRWKLQJLVDWUHVW
$JUHDWVFLHQWLVW(GGLQJWRQLVUHSRUWHGWRKDYHVDLGWKDWWKHZRUGUHVWKDVQR
FRUUHVSRQGLQJUHDOLW\WRLWEHFDXVHQRWKLQJLVHYHUDWUHVWHYHU\WKLQJLVPRYLQJ
,WLVDOOPRYHPHQW

6ROHWPHVD\WKDWWUXWKLVDQH[SHULHQFHLQWKHVHQVHRIH[SHULHQFLQJ<RXFDQ
QHYHUGHFODUH\RXFDQQHYHUFODLP,KDYHLW<RXFDQRQO\EHKXPEOHDERXWLW
,WLVKDSSHQLQJDQGWKHQ\RXZLOOQRWEHGHFHLYHG7KHGHFHSWLRQFRPHV
EHFDXVH\RXVWDUWFODLPLQJ,KDYHLW7KHQWKHHJRDULVHVVD\LQJ,KDYHWKH
WUXWK2QO\,KDYHWKHWUXWKQRERG\HOVHGRHV,KDYHDUULYHG$QGWKHHJRUDLVHV
LWVKHDG

7UXWKLVDQH[SHULHQFLQJ<RXFDQQRWFODLPLWLWLVYHU\PHUFXULDO,I\RXZDQWWR
JUDELWLWZLOOGLVDSSHDUIURP\RXUILVW<RXFDQKDYHLWRQO\ZLWKDQRSHQKDQG
QRWZLWKDILVW:KHQ\RXPDNHDQRXQRXWRILW\RXDUHWU\LQJWRJUDELWLQDILVWLW
ZLOOGLVDSSHDU/HWLWUHPDLQDYHUE'RQ
WVD\,KDYHDUULYHG6LPSO\VD\7KH
SLOJULPDJHKDVVWDUWHG,DPDSLOJULP,DPPRYLQJ

,IWKHHJRGRHVQRWDULVHQRERG\FDQGHFHLYH\RX7KDWLVWKHVHFRQGWKLQJWREH
UHPHPEHUHG,WLVDOZD\VWKHHJRWKDWGHFHLYHVDQGLVGHFHLYHG,I\RXGRQ
W
KDYHDQ\HJRWKHUHLVQRSRVVLELOLW\RI\RXHYHUEHLQJGHFHLYHG%XWLI\RXKDYH
WKHHJRWKHQRWKHUVZLOOGHFHLYH\RX:KDWWRVD\RIRWKHUV"\RXZLOOGHFHLYH
\RXUVHOI

7KHHJRLVWKHIXQGDPHQWDOGHFHSWLRQGRQ
WKHOSLWWRJURZLQ\RXGRQ
WQRXULVK
LW$QGWKHJUHDWHVWWKLQJWKDWQRXULVKHVLWLVH[SHULHQFHVSDUWLFXODUO\VSLULWXDO
H[SHULHQFHV<RXKDYHVHHQ&KULVW\RXKDYHVHHQ%XGGKD\RXKDYHVHHQ
NXQGDOLQLULVLQJLQ\RXUVSLQHWKHVHUSHQWXQFRLOLQJ\RXKDYHVHHQJUHDWOLJKW
\RXKDYHVHHQDORWXVIORZHULQJLQVLGH\RXUKHDG\RXKDYHVHHQWKHKHDUW
FKDNUDRSHQLQJDQGDOOWKDWFUDSEHDXWLIXOVRXQGLQJZRUGVEXWRQO\IRROVDUH
GHFHLYHGE\WKHP

,IIRROVGLVDSSHDUIURPWKHZRUOGDOOHVRWHULFLVPZLOOGLVDSSHDU7KHUHZLOOEH
JUHDWSRHWU\EXWQRHVRWHULFLVPLQLW7KHUHZLOOEHLPPHQVHP\VWHU\EXWQR
HVRWHULFLVPLQLW

7KHWKLUGWKLQJLVWKDWZKHQHYHU\RXKDYHVRPHH[SHULHQFHVSLULWXDORU




RWKHUZLVHZLVHRURWKHUZLVHZKHQHYHU\RXKDYHVRPHH[SHULHQFHUHPHPEHU
\RXDUHQRWLW,WLVDFRQWHQWLQFRQVFLRXVQHVVDQGDOOFRQWHQWVKDYHWREH
GURSSHG2QO\WKHQGRHVWKHPLQGGLVDSSHDU7KHPLQGLVQRWKLQJEXWDOOWKH
FRQWHQWVWRJHWKHUWKHDFFXPXODWLRQRIFRQWHQWVLVWKHPLQG

-XVWORRNZDWFK:KDWLV\RXUPLQG":KDWLVPHDQWE\WKHZRUGPLQG":KDW
H[DFWO\GRHVLWFRQVLVWRI"$OO\RXUH[SHULHQFHVNQRZOHGJHWKHSDVW
DFFXPXODWHGWKDWLV\RXUPLQG<RXPD\KDYHDPDWHULDOLVW
VPLQG\RXPD\
KDYHDVSLULWXDOLVW
VPLQGLWGRHVQ
WPDWWHUDELWWKHPLQGLVWKHPLQG7KH
VSLULWXDOPLQGLVDVPXFKDPLQGDVWKHPDWHULDOLVWPLQG$QGZHKDYHWRJR
EH\RQGWKHPLQG

'RQ
WWUXVWLQWKHFRQWHQWZDWFKLWDQGOHWLWSDVV$QG\HVVRPHWLPHVWKH
FRQWHQWLVVRWUHPHQGRXVO\HQFKDQWLQJVRK\SQRWL]LQJWKDWRQHZRXOGOLNHWR
FOLQJWRLW:KHQVSLULWXDOVRFDOOHGVSLULWXDOH[SHULHQFHVVWDUWKDSSHQLQJLWLV
UHDOO\YHU\WHPSWLQJPRUHWHPSWLQJWKDQDQ\WKLQJLQWKHZRUOG:KHQ\RXVHH
JUHDWOLJKWLQVLGHLWLVVRWHPSWLQJWRFOLQJWRLWWRFODLP,KDYHDUULYHGRUDW
OHDVWWREHOLHYHGHHSLQVLGH\RXUVHOI,KDYHDUULYHG:KLOHHYHU\ERG\HOVHLV
JURSLQJLQGDUNQHVVOLJKWKDVKDSSHQHGWRPH

7KLVLVMXVWDQHZNLQGRIGDUNQHVVEHFDXVH\RXDUHDJDLQEHLQJFDXJKW
WUDSSHGE\WKHFRQWHQW7KHVHWZRWKLQJVKDYHWREHUHPHPEHUHGWKHFRQWHQW
DQGWKHFRQVFLRXVQHVV7KHFRQVFLRXVQHVVQHYHUEHFRPHVFRQWHQWDQGWKH
FRQWHQWQHYHUEHFRPHVFRQVFLRXVQHVV7KHFRQVFLRXVQHVVLVDSXUHPLUURULW
RQO\UHIOHFWV

1RZZKDWGRHVLWPDWWHUWRWKHPLUURUZKHWKHUDEHDXWLIXOZRPDQLVVWDQGLQJ
EHIRUHLWRUDQXJO\ZRPDQ"'R\RXWKLQNLWPDWWHUV"'R\RXWKLQNWKHPLUURU
VWDUWVWKLQNLQJRIFOLQJLQJWRWKHUHIOHFWLRQRIDEHDXWLIXOZRPDQ6RSKLD/RUHQ"
'RQ
WOHWKHUJRFOLQJ2UGR\RXWKLQNWKHPLUURUIHHOVYHU\UHSXOVHGLIVRPH
XJO\ZRPDQLVWKHUH",WGRHVQ
WPDWWHU:KDWGRHVLWKDYHWRGRZLWKWKHPLUURU"

7KHPLUURUUHPDLQVXQDIIHFWHGLWVLPSO\JRHVRQUHIOHFWLQJZKDWVRHYHULVWKH
FDVH,ILWLVGDUNQHVVLWUHIOHFWVGDUNQHVVLILWLVPRUQLQJLWUHIOHFWVPRUQLQJ,I
VRPHERG\LVGHDGLWUHIOHFWVGHDWK,IDFKLOGVWDUWVJLJJOLQJODXJKLQJMXPSLQJLW
UHIOHFWVWKDW$URVHIORZHULVUHIOHFWHGZLWKWKHVDPHTXDOLW\DVLWUHIOHFWVDWKRUQ
QRGLVWLQFWLRQLVPDGH

7KLVVWDWHLVUHDOO\VSLULWXDO

)DULG\RXDVNPH+RZWRGLVWLQJXLVKEHWZHHQWKHVHFDVHVRIXQFRQVFLRXVVHOI
GHOXVLRQDQGWKHUHDOWKLQJ"

7KHUHDOWKLQJQHYHUDSSHDUVDVDWKLQJ7KHUHDOWKLQJLVQRWDWKLQJWKHUHDO
WKLQJLVWKHPLUURUOLNHFRQVFLRXVQHVV





$OZD\VUHPHPEHUDOZD\VDQGDOZD\V,DPWKHZLWQHVV'RQ
WJHWLGHQWLILHG
ZLWKDQ\FRQWHQWRWKHUZLVH\RXZLOOEHIDOOLQJLQWRHUURU,I\RXEHFRPHLGHQWLILHG
ZLWKDQ\FRQWHQWKRZVRHYHUEHDXWLIXODQGVSLULWXDOLWDSSHDUV\RXKDYHJRQH
ZURQJ\RXKDYHJRQHDVWUD\

$QGWKHWHPSWDWLRQLVFHUWDLQO\JUHDW:KDWWRVD\ZKHQLQVLGH\RXVHHDJUHDW
PHORG\DULVLQJDQDKDWWKHVRXQGOHVVVRXQGWKHVRXQGRIRQHKDQGFODSSLQJ"
,WLVVXFKDEHDXWLIXOH[SHULHQFHRQHZRXOGOLNHWREHGURZQHGLQLWIRUHYHUDQG
HYHU2UZKHQVXGGHQO\LQVLGHIUDJUDQFHVDUHUHOHDVHG

$QGUHPHPEHUZKDWVRHYHUFDQKDSSHQRXWVLGHFDQKDSSHQLQVLGHWRREHFDXVH
HDFKVHQVHKDVWZRGRRUVWRLWDQGHDFKVHQVHKDVWZRSRWHQWLDOSRVVLELOLWLHV
2QHLVIRUWKHRXWVLGHWKHRWKHULVIRUWKHLQVLGH<RXUH\HVFDQVHHOLJKWDQG
FRORUVDQGUDLQERZVLQWKHFORXGVDQGWKHVWDUVRXWVLGHDQG\RXUH\HVKDYH
DQRWKHUDVSHFWWKHRWKHUVLGHRI\RXUH\HV

,I\RXFORVH\RXUH\HVDQGOHDUQKRZWRVHHZLWKLQ\RXZLOOEHVXUSULVHG$IDU
PRUHEHDXWLIXOVN\RSHQVLWVGRRUVIRU\RX$IDUPRUHXQEHOLHYDEO\EHDXWLIXO
ZRUOGZHOFRPHV\RXLWKDVJUHDWVSOHQGRU<RXFRXOGQHYHUKDYHLPDJLQHGWKDW
WKLQJVFRXOGHYHUEHVREHDXWLIXO6WRQHVWXUQLQWRGLDPRQGV1DWXUDOO\RQH
ZRXOGOLNHWRFOLQJ*UHDWWUHDVXUHVDUHWKHUHRQHZRXOGOLNHWRKRDUGWKHP$QG
WKHUHLVQRERG\WRFRPSHWHZLWK\RX\RXDUHDORQHDQGWKHZKROHNLQJGRPLV
\RXUV

$QGMXVWDV\RXUQRVHKDVWKHFDSDFLW\WRVPHOOEHDXWLIXOIORZHUVLWKDVDQLQQHU
FDSDFLW\WRR2QFH\RXWXUQLQ\RXZLOOFRPHWRVPHOOIUDJUDQFHVZKLFKDUHQRWRI
WKLVZRUOGDQGLWLVYHU\QDWXUDOWREHFDXJKWE\WKHP

%XWDOOWKHVHH[SHULHQFHVDUHKLQGUDQFHVREVWDFOHV7KHUHDOVHHNHUZKHQKH
PRYHVLQZDUGVKDVWREHPRUHDOHUWWKDQKHKDGHYHUEHHQRQWKHRXWVLGH+H
KDVWREHUHDOO\DOHUWQRWWREHFDXJKWE\DQ\WKLQJ

$QG,DPQRWVD\LQJGRQ
WHQMR\(QMR\EXWUHPHPEHUWKDW\RXDUHQRWLW(QMR\
LWLV\RXUULJKWWRHQMR\EXWUHPHPEHU,DPWKHZLWQHVVRILWDOO,IWKDW
ZLWQHVVLQJLVUHPHPEHUHG\RXZLOOQHYHUEHJRRIHG\RXZLOOQHYHUEH
GHFHLYHG2WKHUZLVH\RXFDQEHGHFHLYHGDJDLQDQGDJDLQ

7RVXPPDUL]HWKHVSLULWXDOH[SHULHQFHLVQRWDQH[SHULHQFHEXWH[SHULHQFLQJ
6HFRQGH[SHULHQFLQJLVDFRQWHQWDQG\RXDUHQRWWKHFRQWHQW\RXDUHMXVWD
PLUURU,IWKLVPXFKLVUHPHPEHUHGWKHQWKHUHLVQRSLWIDOOIRU\RX7KHQ\RXU
SDWKLVVWUDLJKW

7KHIRXUWKTXHVWLRQ
%(/29('26+2

:+$7,67+(6(&5(72)<285),1',1*7+(5,*+71$0()25($&+




2)<2857+286$1'62)6$11<$6,16"

7RWHOO\RXWKHWUXWKWKHUHLVQRVHFUHWDWDOO0HGLWDWHRQWKLVVWRU\
7KHUHZHUHWKUHHZLVHPHQIROORZLQJDVWDUEHDULQJJLIWVWRWDNHWRWKHLUORUG
7KH\WUDYHOHGPXFKDQGFDPHWRUHVWDWDVWDEOHDVWKHVWDUWKH\ZHUHIROORZLQJ
ZDVGLUHFWO\DERYHLW7KH\JRWGRZQIURPWKHLUGRQNH\VDQGWKHILUVWZHQWLQWR
WKHVWDEOHDQGODLGKLVJLIWDWWKHIRRWRIWKHPDQJHU7KHVHFRQGIROORZHGOD\LQJ
KLVJLIWDWWKHIRRWRIWKHPDQJHUDOVR

,WKDSSHQHGWKDWWKHWKLUGZDVPXFKWDOOHUWKDQWKHILUVWWZRDQGDVKHHQWHUHG
WKHVWDEOHKHKLWKLVKHDGRQWKHEHDP,QJUHDWSDLQKHVKRXWHG-HVXV&KULVW
$WZKLFK0DU\ORRNHGXSDWKLPVPLOLQJDQGVDLG2KZKDWDEHDXWLIXOQDPH,
ZDVJRLQJWRFDOOKLP)UHG

7KHILIWKTXHVWLRQ
26+2

,6,03/<&$112781'(567$1'<285*(1(5$/,=$7,216$%2870$/(
$1')(0$/(7<3(620(7,0(6<28$&.12:/('*(0$/($1'
)(0$/(35,1&,3/(65(*$5'/(662)*(1'(5%8702672)7+(7,0(
<287$/.2):20$1%(,1*7+(35,0,7,9(21(),1',1*7+(:2/)
,17+(0$1:+$72)7+(:20$1:+2),1'6+(56(/)1$785$//<
7+(,1,7,$725256((67+(&$71277+(:2/),1+(50$1"620(
0(1$5(5($//</21*,1*72%(3$66,9(620(:20(10$<1(('
72$66(577+(06(/9(672*52:+2:&$1,7%(6,03/<$0$77(5
2):20(1
6/,%0$.,1*:20(1623+,67,&$7('$1'29(5
5$7,21$/"

-DFN\$QJXVP\VWDWHPHQWWKDWZRPHQDUHPRUHSULPLWLYHWKDQPHQLVQRWWR
FRQGHPQWKHPLWLVWRFRQGHPQPHQ%\SULPLWLYH,PHDQPRUHQDWXUDOPRUH
LQWXQHZLWKH[LVWHQFH&LYLOL]DWLRQLVDIDOVLILFDWLRQFLYLOL]DWLRQLVJRLQJDVWUD\
IURPQDWXUH7KHPRUHPDQEHFRPHVFLYLOL]HGWKHPRUHKHLVKXQJXSLQWKH
KHDG+HORVHVFRQWDFWZLWKKLVKHDUW

7KHKHDUWLVVWLOOSULPLWLYH$QGLWLVJRRGWKDWWKHXQLYHUVLWLHVKDYHQRW\HWIRXQGD
ZD\WRWHDFKWKHKHDUWDQGPDNHLWFLYLOL]HG7KDWLVWKHRQO\KRSHIRUKXPDQLW\WR
VXUYLYH7KHZRPDQLVWKHRQO\KRSHIRUKXPDQLW\WRVXUYLYH8SWRQRZPDQ
KDVEHHQGRPLQDQWDQGPDQKDVEHHQGRPLQDQWIRUDYHU\VWUDQJHUHDVRQ7KH
UHDVRQLVWKDWGHHSGRZQPDQIHHOVLQIHULRU2XWRILQIHULRULW\MXVWWRFRPSHQVDWH
IRULWKHVWDUWHGGRPLQDWLQJWKHZRPDQ

2QO\LQRQHVHQVHLVKHVWURQJHUWKDQWKHZRPDQDQGWKDWLVLQPXVFXODU
VWUHQJWK,QHYHU\RWKHUZD\WKHZRPDQLVIDUVWURQJHUWKDQWKHPDQ7KHZRPDQ
OLYHVORQJHUWKDQWKHPDQILYHWRVHYHQ\HDUVORQJHU7KHZRPDQVXIIHUVOHVV
WKURXJKGLVHDVHVLOOQHVVHVWKDQWKHPDQ





2QHKXQGUHGDQGWHQER\VDUHERUQWRHYHU\KXQGUHGJLUOV%XWE\WKHWLPHWKH\
UHDFKVH[XDOPDWXULW\WKHQXPEHULVHTXDOOHGWHQER\VKDYHGLVDSSHDUHGGRZQ
WKHGUDLQ


7KHZRPDQKDVPRUHUHVLVWDQFHWRLOOQHVVHVDQGGLVHDVHVRIDOONLQGV0RUH
PHQJRPDGWKHQXPEHULVDOPRVWGRXEOH$QGPRUHPHQFRPPLWVXLFLGHDJDLQ
WKHQXPEHULVGRXEOH

,QHYHU\SRVVLEOHZD\H[FHSWWKHPXVFXODUWKHZRPDQLVIDUVXSHULRU%XWWR
KDYHPXVFXODUVWUHQJWKLVQRWUHDOO\VRPHWKLQJYHU\VXSHULRULWLVDQLPDOLVWLF,Q
WKDWVHQVHDZROILVIDUVXSHULRUDWLJHUHYHQPRUHDOLRQVWLOOPRUH

0DQPXVWKDYHEHFRPHDZDUHRIKLVLQIHULRULW\PLOOLRQVRI\HDUVDJR$QGWKLVLV
RQHRIWKHSV\FKRORJLFDOPHFKDQLVPVZKHQHYHU\RXEHFRPHDZDUHRIDFHUWDLQ
LQIHULRULW\\RXKDYHWRFRPSHQVDWHIRULW7KHXJO\SHUVRQWULHVWRORRNEHDXWLIXO
SUHWHQGVWREHEHDXWLIXOLQHYHU\SRVVLEOHZD\+HZLOOWU\ZLWKFORWKHVZLWK
FRVPHWLFVKHZLOOJRWREHDXWLFLDQVWRSODVWLFVXUJHRQV,WLVRYHUFRPSHQVDWLRQ
VRPHKRZKHNQRZVWKDWKHLVQRWEHDXWLIXODQGKHKDVWREHEHDXWLIXO7KH
LQIHULRUSHUVRQWULHVWREHVXSHULRU$QGEHFDXVHRIPXVFXODUVWUHQJWKWKHPDQ
FRXOGSURYHWREHWKHPDVWHUDQGKHKDVGRPLQDWHGWKHZRPDQGRZQWKHDJHV

%XWWKHWLPHKDVFRPHQRZIRUDJUHDWFKDQJH7KHIXWXUHEHORQJVWRZRPHQ
QRWWRPHQEHFDXVHZKDWPDQKDVGRQHGRZQWKURXJKWKHVHDJHVKDVEHHQ
VRXJO\:DUVDQGZDUVDQGZDUVWKDWLVKLVZKROHKLVWRU\$OOWKHJUHDWWKDW
PDQKDVFUHDWHGLV*HQJKLV.KDQ7DPHUODQH1DGLUVKDK$OH[DQGHU
1DSROHRQ$GROI+LWOHU0DR=HGRQJSHRSOHOLNHWKHVH

<HVWKHUHKDYHEHHQDIHZPHQOLNH*DXWDP%XGGKD-HVXV&KULVW.ULVKQD
EXWKDYH\RXQRWHGRQHSRLQW"7KH\DOOORRNIHPLQLQH,QIDFWWKDWZDVRQHRI
)ULHGULFK1LHW]VFKH
VFULWLFLVPVRI%XGGKDDQG-HVXV&KULVWWKDWWKH\ORRN
IHPLQLQHWKDWWKH\DUHZRPDQLVK

%XGGKDFHUWDLQO\ORRNVIHPLQLQH:KHQHYHUDPDQPRYHVLQWRWKHKHDUW
VRPHWKLQJLQKLPJRHVIHPLQLQH+HEHFRPHVPRUHURXQGPRUHVRIWPRUH
YXOQHUDEOH

)ULHGULFK1LHW]VFKHFDQQRWXQGHUVWDQG*DXWDP%XGGKDEHFDXVH1LHW]VFKH
VD\VWKHPRVWEHDXWLIXOWKLQJWKDWHYHUKDSSHQHGWRKLPWKHPRVWEHDXWLIXOWKLQJ
KHHYHUVDZZDVQRWWKHVWDUVQRWWKHVXQVHWRUWKHVXQULVHQRWEHDXWLIXO
ZRPHQQRWURVHVDQGORWXVHVQRQRWKLQJOLNHWKDW<RXFDQQRWLPDJLQHZKDW
ZDVWKHPRVWEHDXWLIXOWKLQJWKDWKHKDGFRPHDFURVV+HVD\VWKDWVROGLHUV
SDUDGLQJZLWKQDNHGVZRUGVDQGWKHVZRUGVVKLQLQJLQWKHVXQOLJKWWKDWZDV
WKHPRVWEHDXWLIXOH[SHULHQFH7KHVRXQGRIWKHLUERRWVZDVWKHPRVWPXVLFDO
WKLQJWKDWKHKDGHYHUFRPHDFURVVQRW0R]DUWQRW:DJQHUQREXWWKHVRXQG
RIERRWV$QGWKHUHJLPHQWPRYLQJZLWKQDNHGVZRUGVVKLQLQJLQWKHVXQZDVWKH




PRVWEHDXWLIXOWKLQJKHKDGVHHQ

2IFRXUVHKHFDQQRWXQGHUVWDQG%XGGKD,WLV)ULHGULFK1LHW]VFKHZKRKDVEHHQ
WKHIDWKHURIWKLVFHQWXU\DQGWKLVFHQWXU\LVRQHRIWKHXJOLHVW+HLVWKHIDWKHURI
WZRZRUOGZDUVDQGKHPD\EHZDLWLQJIRUWKHWKLUGZDLWLQJWRJLYHELUWKWRWKH
WKLUG+HVD\VZDULVWKHPRVWEHDXWLIXOWKLQJLQWKHZRUOGEHFDXVHLWEULQJVWKDW
ZKLFKLVJUHDWHVWLQPDQWRWKHVXUIDFH

+HKLPVHOIZHQWPDGZKLFKVHHPVYHU\ORJLFDOVXFKDPDQPXVWJRPDG$QG
ZKHQKHEHFDPHPDGKHVWDUWHGVLJQLQJKLVOHWWHUVDV$QWL&KULVW)ULHGULFK
1LHW]VFKH(YHQLQKLVPDGQHVVKHFRXOGQRWIRUJHWRQHWKLQJWKDWKHZDVDQWL
&KULVW(YHU\WKLQJHOVHZDVIRUJRWWHQKHFRXOGQRWUHFRJQL]HKLVIULHQGVKH
FRXOGQRWHYHQUHFRJQL]HKLVRZQVLVWHUZKRKDGORRNHGDIWHUKLPKLVZKROHOLIH
EXWKHFRXOGQRWIRUJHWRQHWKLQJWKDWKHZDVDQWL&KULVW

<HVWKHUHKDYHEHHQDIHZEXGGKDV%XWLI\RXORRNFORVHO\DWWKHP\RXZLOOILQG
WKH\DUHPRUHIHPLQLQHWKDQPDVFXOLQH$OOWKHJUHDWDUWLVWVRIWKHZRUOGVORZO\
VORZO\VWDUWJURZLQJDTXDOLW\RIIHPLQLQHQHVVJUDFHHOHJDQFHH[TXLVLWHQHVV$
FHUWDLQIODYRURIVRIWQHVVUHOD[HGQHVVFDOPQHVVDQGTXLHWQHVVVXUURXQGVWKHP
7KH\DUHQRORQJHUIHYHULVK

:KDW,DPWHDFKLQJKHUHLVUHDOO\WRWXUQWKHZKROHZRUOGIHPLQLQH
%XW-DFN\$QJXVPXVWEHFRPLQJIURPWKDWXJO\PRYHPHQWFDOOHG:RPHQ
V/LE
1RWRQO\LVZRPDQWREHOLEHUDWHGPDQDOVRKDVWREHOLEHUDWHG7KHZRPDQKDV
WREHOLEHUDWHGIURPKHUSDVWDQGWKHPDQKDVWREHOLEHUDWHGIURPKLVSDVW:H
QHHGOLEHUDWLRQZHQHHGDOLEHUDWHGKXPDQEHLQJ$QGUHPHPEHUZKHQ,XVH
WKHZRUGPDQWKHZRPDQLVLQFOXGHG%XWZRPHQKDYHEHFRPHYHU\WRXFK\
DERXWLW

2QFH,ZDVWDONLQJLQDYHU\VRSKLVWLFDWHGFOXERIZRPHQLQ&DOFXWWD,QVRPH
UHIHUHQFH,PDGHWKHVWDWHPHQW$OOPHQDUHEURWKHUV$QGVRPHZRPDQZKR
PXVWKDYHEHHQOLNH-DFN\$QJXVVWRRGXSYHU\DQJU\IXULRXV$QGVKHVDLG
:K\GR\RXJRRQPDNLQJVWDWHPHQWVRQO\DERXWPHQ"$OOPHQDUHEURWKHUV
DQGZKDWDERXWZRPHQ":K\GRQ
W\RXVD\DOOZRPHQDUHVLVWHUVDQGVLVWHUKRRG
LVVWURQJ"

,VDLGWRWKHZRPDQ/DG\,DPVRUU\,ZLOOPDNHDFRPSURPLVH,ZLOOVD\DOO
PHQDUHVLVWHUV:KDWHOVHFDQ,GR",I,VD\DOOZRPHQDUHVLVWHUVVRPHPDQ
PD\JHWDQJU\DWPH

'RQ
WEHIRROLVK:KHQ,DPWDONLQJWU\WREHDOLWWOHPRUHV\PSDWKHWLF<RXZLOO
QRWILQGDQ\PRUHV\PSDWKHWLFSHUVRQWKDQPH,PDNHQRGLVWLQFWLRQVEHWZHHQ
PHQDQGZRPHQERWKKDYHVXIIHUHG,QIDFWVXIIHULQJDOZD\VFRPHVOLNHWKDWLW
LVDGRXEOHHGJHGVZRUG,I\RXPDNHVRPHERG\VXIIHU\RXKDYHWRVXIIHU,I\RX
PDNHVRPHERG\DVODYH\RXKDYHWREHFRPHDVODYHWRRLWLVPXWXDO





7KHGD\ZRPHQDUHOLEHUDWHGZLOOEHDJUHDWGD\RIOLEHUDWLRQIRUPHQWRR%XW
GRQ
WPDNHWKHZKROHWKLQJXJO\2WKHUZLVHWKHUHLVHYHU\SRVVLELOLW\,IHDUWKDW
WKHSRVVLELOLW\LVWKHUHDQGLWLVDJUHDWSRVVLELOLW\WKDWLQILJKWLQJZLWKPHQ
ZRPHQPD\ORVHVRPHWKLQJZKLFKLVYDOXDEOH6RPHWKLQJZKLFKKDVQRW\HW
EHHQFUXVKHGDQGGHVWUR\HGE\PHQPD\EHGHVWUR\HGE\ZRPHQWKHPVHOYHVLQ
ILJKWLQJZLWKPHQ,I\RXILJKWIHURFLRXVO\\RXZLOOORVHWKHEHDXW\RIIHPLQLQLW\
\RX\RXUVHOIZLOOEHFRPHDVXJO\DVPHQ

,WKDVQRWWREHGHFLGHGE\ILJKWLQJLWKDVWREHGHFLGHGE\XQGHUVWDQGLQJ
6SUHDGPRUHDQGPRUHXQGHUVWDQGLQJ'URSWKHVHLGHDVRIEHLQJPHQDQG
ZRPHQ:HDUHDOOKXPDQEHLQJV7REHDPDQRUDZRPDQLVMXVWDYHU\
VXSHUILFLDOWKLQJ'RQ
WPDNHPXFKIXVVDERXWLWLWLVQRWDQ\WKLQJYHU\LPSRUWDQW
GRQ
WPDNHLWDELJGHDO

$QGZKDW,VD\VRPHWLPHVPD\ORRNOLNHJHQHUDOL]DWLRQVEHFDXVHHDFKWLPH,
FDQQRWSXWLQDOOWKHFRQGLWLRQVRWKHUZLVHP\WDONLQJWR\RXZRXOGEHFRPHYHU\
PXFKEXUGHQHGZLWKIRRWQRWHV$QG,KDWHERRNVZLWKIRRWQRWHV,VLPSO\GRQ
W
UHDGWKHP7KHPRPHQW,VHHIRRWQRWHV,WKURZWKHERRNDZD\LWKDVEHHQ
ZULWWHQE\VRPHSXQGLWVRPHVFKRODUVRPHIRROLVKSHUVRQ
<RXVD\,VLPSO\FDQQRWXQGHUVWDQG\RXUJHQHUDOL]DWLRQVDERXWPDOHDQG
IHPDOHW\SH

,DPDOZD\VWDONLQJDERXWW\SHVWKHJHQGHULVQRWLQFOXGHG:KHQHYHU,VD\
PDQ,PHDQWKHPDQW\SHDQGZKHQHYHU,VD\ZRPDQ,PHDQWKHZRPDQ
W\SH%XW,FDQQRWHDFKWLPHVD\PDQW\SHZRPDQW\SH$QG\RXDUHULJKW
WKDWWKHUHDUHZRPHQZKRDUHQRWZRPHQZKRDUHZROYHVDQGWKHUHDUHPHQ
ZKRDUHQRWZROYHVZKRDUHFDWV%XWWKHQZKDWVRHYHU,VD\DERXWWKHPDQW\SH
ZLOOEHDSSOLFDEOHWRZRPHQZKRDUHZROYHVDQGZKDWVRHYHU,VD\DERXWZRPHQ
ZLOOEHDSSOLFDEOHWRPHQZKRDUHFDWV

,DPQRWWDONLQJDERXWWKHELRORJLFDOGLVWLQFWLRQEHWZHHQPDQDQGZRPDQ,DP
WDONLQJDERXWWKHSV\FKRORJLFDORQH<HVWKHUHDUHPHQZKRDUHIDUPRUH
IHPLQLQHWKDQDQ\ZRPDQDQGWKHUHDUHZRPHQZKRDUHIDUPRUHPDVFXOLQH
WKDQDQ\PDQ%XWWKLVLVQRWDEHDXWLIXOVWDWHWKLVLVXJO\EHFDXVHWKLVLV
FUHDWLQJDGXDOLW\LQ\RX,I\RXKDYHWKHERG\RIDPDQDQGWKHPLQGRID
ZRPDQWKHUHZLOOEHDFRQIOLFWDVRFLDOVWUXJJOHLQ\RXDFLYLOZDULQ\RX<RXZLOO
EHFRQWLQXRXVO\LQDWXJRIZDUILJKWLQJWHQVH

,I\RXDUHDZRPDQSK\VLRORJLFDOO\DQG\RXKDYHWKHPLQGRIDPDQ\RXUOLIHZLOO
GLVVLSDWHPXFKHQHUJ\LQXQQHFHVVDU\FRQIOLFW,WLVIDUEHWWHUWREHLQWXQH,ID
PDQLQWKHERG\WKHQDPDQLQWKHPLQGLIDZRPDQLQWKHERG\WKHQDZRPDQ
LQWKHPLQG

$QGWKH:RPHQ
V/LEPRYHPHQWLVFUHDWLQJXQQHFHVVDU\WURXEOH,WLVWXUQLQJ
ZRPHQLQWRZROYHVLWLVWHDFKLQJWKHPKRZWRILJKW0DQLVWKHHQHP\KRZFDQ
\RXORYHWKHHQHP\"+RZFDQ\RXEHLQDQLQWLPDWHUHODWLRQVKLSZLWKWKHHQHP\"





7KHPDQLVQRWWKHHQHP\7KHZRPDQWREHUHDOO\DZRPDQKDVWREHPRUH
DQGPRUHIHPLQLQHKDVWRWRXFKWKHKHLJKWVRIVRIWQHVVDQGYXOQHUDELOLW\$QG
WKHPDQWREHUHDOO\DPDQKDVWRPRYHLQWRKLVPDVFXOLQLW\DVGHHSO\DV
SRVVLEOH:KHQDUHDOPDQFRPHVLQFRQWDFWZLWKDUHDOZRPDQWKH\DUHSRODU
RSSRVLWHVH[WUHPHV%XWRQO\H[WUHPHVFDQIDOOLQORYHDQGRQO\H[WUHPHVFDQ
HQMR\LQWLPDF\2QO\H[WUHPHVDWWUDFWHDFKRWKHU

:KDWLVKDSSHQLQJQRZLVDNLQGRIXQLVH[PHQEHFRPLQJPRUHDQGPRUH
IHPLQLQHZRPHQEHFRPLQJPRUHDQGPRUHPDVFXOLQH6RRQHURUODWHUDOO
GLVWLQFWLRQVZLOOEHORVW,WZLOOEHDYHU\FRORUOHVVVRFLHW\LWZLOOEHERULQJ
,ZRXOGOLNHWKHZRPDQWREHFRPHDVIHPLQLQHDVSRVVLEOHRQO\WKHQFDQVKH
IORZHU$QGWKHPDQQHHGVWREHDVPDVFXOLQHDVSRVVLEOHRQO\WKHQFDQKH
IORZHU:KHQWKH\DUHSRODURSSRVLWHVDJUHDWDWWUDFWLRQDJUHDWPDJQHWLVP
DULVHVEHWZHHQWKHP$QGZKHQWKH\FRPHFORVHZKHQWKH\PHHWLQLQWLPDF\
WKH\EULQJWZRGLIIHUHQWZRUOGVWZRGLIIHUHQWGLPHQVLRQVWZRGLIIHUHQW
ULFKQHVVHVDQGWKHPHHWLQJLVDWUHPHQGRXVEOHVVLQJDEHQHGLFWLRQ
(QRXJKIRUWRGD\





FKDSWHUHLJKWNULVKQDPXUWL
VVRORIOXWH


IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2

:+(1'2(67+(%2$75($&+7+(27+(56+25("

'HYD9LJ\DQWKHUHLVQRRWKHUVKRUHWKLVLVWKHRQO\VKRUHWKHUHLV$QGLWLVQRW
DTXHVWLRQRIUHDFKLQJVRPHZKHUHHOVHLWLVDTXHVWLRQRIDZDNHQLQJKHUHDQG
QRZ,WLVQHYHUWKHUHLWLVDOZD\VKHUHLWLVQHYHUWKHQLWLVDOZD\VQRZ7KLV
PRPHQWFRQWDLQVWKHWRWDOLW\RIUHDOLW\

7KHERDW,DPWDONLQJDERXWLVQRWUHDOO\DERDW,DPWDONLQJDERXWEHFRPLQJ
DZDUH0DQKDVIDOOHQDVOHHSPDQLVDOUHDG\ZKHUHKHQHHGVWREHZKHUHKH
LVPHDQWWREH0DQLVLQSDUDGLVH7KHJDUGHQRI(GHQKDVQHYHUEHHQOHIW
QRERG\FDQH[SHO\RXIURPLW%XW\RXFDQIDOODVOHHSDQG\RXFDQVWDUW
GUHDPLQJDWKRXVDQGDQGRQHWKLQJV7KHQWKRVHGUHDPVEHFRPH\RXUUHDOLW\
DQGWKHUHDOLW\IDGHVIDUDZD\EHFRPHVXQUHDO

<RXQHHGQRWJRDQ\ZKHUH0HGLWDWLRQLVQHLWKHUDMRXUQH\LQVSDFHQRUD
MRXUQH\LQWLPHEXWDQLQVWDQWDQHRXVDZDNHQLQJ,I\RXFDQEHVLOHQWQRZWKLVLV
WKHRWKHUVKRUH,I\RXFDQDOORZWKHPLQGWRFHDVHQRWWRIXQFWLRQWKLVLVWKH
RWKHUVKRUH

%XWWKHPLQGLVYHU\FOHYHUDQGFXQQLQJLWGLVWRUWVHYHU\JUHDWWHDFKLQJ,WMXPSV
XSRQZRUGVFDWFKHVKROGRIWKHZRUGVDQGVWDUWVJLYLQJPHDQLQJVWRWKHP
ZKLFKDUHQRWUHDOPHDQLQJV

<HV,WDONHGDERXWWKHRWKHUVKRUH$QG\RXUPLQGPXVWKDYHFDXJKWWKHZRUGV
WKHRWKHUVKRUHWKHERDW:KHUHLVWKHRWKHUVKRUHDQGZKHUHLVWKHERDW
DQGKRZFDQ,JHWWRWKHERDWKRZFDQ,JHWLQWRLWDQGZKHQZLOO,UHDFKWKH
RWKHUVKRUH"

<RXPLVXQGHUVWRRGWKHZKROHWKLQJ%HDZDNHDQGWKLVVKRUHEHFRPHVWKH
RWKHUVKRUHDQGWKLVYHU\PRPHQWEHFRPHVHWHUQLW\7KLVYHU\ERG\WKHEXGGKD
DQGWKLVYHU\SODFHWKHORWXVSDUDGLVH

$QGDZDNHQLQJGRHVQRWQHHGWLPHQRWHYHQDVSOLWVHFRQGLVQHHGHGIRULWWR
KDSSHQ,WLVRQO\DTXHVWLRQRIDWUHPHQGRXVGHVLUHDULVLQJLQ\RXRIVXFKD
TXDOLW\RILQWHQVLW\WKDW\RXEHFRPHDILUHZLWKLW,QWKDWILUHWKHROGLVJRQHDQG
WKHQHZKDVDUULYHG7KHROGZDVQHYHUWKHUHLQWKHILUVWSODFH\RXRQO\EHOLHYHG
LQLW$QGWKHQHZKDVDOZD\VEHHQWKHFDVH\RXKDGRQO\IRUJRWWHQLW

,GHFODUHWR\RXWKDWWKLVLVWKHRQO\ZRUOGWKHUHLVDQGWKLVLVWKHRQO\OLIHWKHUHLV




'RQ
WVWDUWWKLQNLQJRIVRPHRWKHUOLIHVRPHZKHUHDIWHUGHDWKEH\RQGWKHVHYHQ
VNLHVLQKHDYHQ7KRVHDUHDOOMXVWPLQGGUHDPVPLQGWULSVQHZZD\VWRIDOO
DVOHHSDJDLQ

+HQFHP\LQVLVWHQFHWKDWQRVDQQ\DVLQKDVWROHDYHWKHZRUOGEHFDXVHOHDYLQJ
WKHZRUOGLVSDUWRIDSURMHFWSDUWRIDGUHDPRIUHDFKLQJWRWKHRWKHUZRUOG$QG
EHFDXVHWKHUHLVQRQHDOO\RXUHIIRUWVZLOOEHLQYDLQ<RXDUHQRWWRJRWRWKH
PRQDVWHULHVRUWRWKH+LPDOD\DV\RXDUHQRWWRHVFDSHIURPKHUH<RXKDYHWR
EHFRPHDZDNHQHGKHUH

$QGLQIDFWLWLVHDVLHUWREHDZDNHQHGKHUHWKDQLQD+LPDOD\DQFDYH+DYH\RX
QRWREVHUYHGLW",I\RXDUHVXIIHULQJIURPDQLJKWPDUHDZDNHQLQJLVHDVLHU,I\RX
DUHKDYLQJDVZHHWGUHDPDZDNHQLQJLVPRUHGLIILFXOW,ILQ\RXUGUHDP\RXDUH
RQDKRQH\PRRQZLWK\RXUEHORYHGZKRZDQWVWREHDZDNHQHG",QIDFWWKH
SHUVRQZKRWULHVWRZDNH\RXXSZLOOORRNOLNHWKHHQHP\%XWLI\RXDUHIROORZHG
E\DWLJHUDQGLWLVDTXHVWLRQRIOLIHDQGGHDWKDQG\RXDUHUXQQLQJDQGUXQQLQJ
DQGWKHWLJHULVFRPLQJFORVHUDQGFORVHUDQGFORVHUDQG\RXVWDUWIHHOLQJKLV
EUHDWKRQ\RXUEDFNWKHQVXGGHQO\\RXZLOOEHDZDNH,WLVWRRPXFKWRWROHUDWH
LWLVXQEHDUDEOH

,QD+LPDOD\DQFDYH\RXZLOOEHGUHDPLQJVZHHWGUHDPV7KDW
VZKDWSHRSOHDUH
GRLQJLQWKHPRQDVWHULHVGUHDPLQJEHDXWLIXOGUHDPVRI*RGRIDQJHOVRI
KHDYHQRIHWHUQDOSHDFHDQGMR\,QWKHZRUOGSHRSOHDUHVXIIHULQJIURP
QLJKWPDUHVWKHQLJKWPDUHVRIWKHVKDUHPDUNHWWKHQLJKWPDUHVRISRZHU
SROLWLFV,WLVHDVLHUWREHDZDNHQHGKHUH,I\RXFDQQRWDZDNHQKHUH\RXFDQQRW
ZDNHXSDQ\ZKHUHHOVH

%XWUHPHPEHUOHWPHUHSHDWLWDJDLQWKHUHLVQRRWKHUUHDOLW\WKHUHLVRQO\RQH
UHDOLW\%XWWKHRQHUHDOLW\FDQEHVHHQLQWZRZD\VZLWKVOHHS\H\HVGUHDP\
H\HVH\HVIXOORIGXVWDQGWKHQZKDW\RXVHHLVGLVWRUWHGDQGWKHVDPHUHDOLW\
FDQEHVHHQZLWKRXWVOHHSZLWKRXWGUHDPLQJH\HVZLWKRXWGXVW7KHQ
ZKDWVRHYHU\RXVHHLVWKHWUXWKDQGWUXWKOLEHUDWHV

7KHVHFRQGTXHVWLRQ
%(/29('26+2

:+,/(<28:(5(32,17,1*7+(),1*(5727+(0221<286$,'
72'$<0(1+$9(72%(&20(025(0$6&8/,1(:+$7,67+,6
0$6&8/,1("

3UHP$QXEKDYDPDVFXOLQLW\FDQKDYHWZRGLUHFWLRQVMXVWDVIHPLQLQHQHVVFDQ
KDYHWZRGLUHFWLRQV7KHPDVFXOLQHPLQGFDQEHDJJUHVVLYHYLROHQWGHVWUXFWLYH
WKDWLVRQO\RQHRIWKHSRVVLELOLWLHV0HQKDYHWULHGWKDWDQGKXPDQLW\KDV
VXIIHUHGPXFKIURPLW$QGZKHQPHQWU\WKLVQHJDWLYHDVSHFWRIPDVFXOLQLW\
ZRPHQQDWXUDOO\VWDUWPRYLQJLQWRWKHQHJDWLYHIHPLQLQHQHVVMXVWWRNHHS
WRJHWKHUZLWKPHQ2WKHUZLVHWKHULIWZLOOEHWRRJUHDWXQEULGJHDEOH:KHQWKH




IHPLQLQHLVQHJDWLYHLWLVLQDFWLYLW\OHWKDUJ\LQGLIIHUHQFH7KHQHJDWLYHPDQFDQ
RQO\KDYHDEULGJHZLWKDQHJDWLYHZRPDQ

%XWWKHUHLVDSRVLWLYHDVSHFWWRR1RWKLQJFDQEHRQO\QHJDWLYHHYHU\QHJDWLYLW\
KDVDSRVLWLYHDVSHFWWRR(YHU\GDUNFORXGKDVDVLOYHUOLQLQJDQGHYHU\QLJKWLV
IROORZHGE\DGDZQ

3RVLWLYHPDVFXOLQLW\LVLQLWLDWLYHFUHDWLYLW\DGYHQWXUH7KHVHDUHWKHVDPH
TXDOLWLHVEXWPRYLQJRQDGLIIHUHQWSODQH7KHQHJDWLYHPDVFXOLQHPLQG
EHFRPHVGHVWUXFWLYHWKHSRVLWLYHPDVFXOLQHPLQGEHFRPHVFUHDWLYH

'HVWUXFWLYHQHVVDQGFUHDWLYHQHVVDUHQRWWZRWKLQJVEXWWZRDVSHFWVRIRQH
HQHUJ\7KHVDPHHQHUJ\FDQEHFRPHDJJUHVVLRQDQGWKHVDPHHQHUJ\FDQ
EHFRPHLQLWLDWLYH

:KHQDJJUHVVLRQLVLQLWLDWLYHLWKDVDEHDXW\RILWVRZQ:KHQYLROHQFHEHFRPHV
DGYHQWXUHZKHQYLROHQFHEHFRPHVH[SORUDWLRQH[SORUDWLRQRIWKHQHZRIWKH
XQNQRZQLWLVWUHPHQGRXVO\EHQHILFLDO

$QGVRLVWKHFDVHZLWKWKHIHPLQLQH,QDFWLYLW\LVQHJDWLYHUHFHSWLYLW\LVSRVLWLYH
7KH\ERWKORRNDOLNHWKH\ORRNYHU\VLPLODU<RXZLOOQHHGYHU\SHQHWUDWLQJH\HV
WRVHHWKHGLIIHUHQFHEHWZHHQWKHLQDFWLYHDQGWKHUHFHSWLYH7KHUHFHSWLYHLVD
ZHOFRPHLWLVDQDZDLWLQJLWKDVDSUD\HULQLW5HFHSWLYLW\LVDKRVWUHFHSWLYLW\LV
DZRPE,QDFWLYLW\LVVLPSO\GXOOQHVVGHDWKKRSHOHVVQHVV7KHUHLVQRWKLQJWR
ZDLWIRUQRWKLQJWRH[SHFWQRWKLQJLVHYHUJRLQJWRKDSSHQ,WLVIDOOLQJLQWR
OHWKDUJ\LWLVIDOOLQJLQWRDNLQGRILQGLIIHUHQFH$QGLQGLIIHUHQFHDQGOHWKDUJ\DUH
SRLVRQV

%XWWKHVDPHWKLQJWKDWEHFRPHVLQGLIIHUHQFHFDQEHFRPHGHWDFKPHQWDQGWKHQ
LWKDVDWRWDOO\GLIIHUHQWIODYRU,QGLIIHUHQFHORRNVOLNHGHWDFKPHQWEXWLWLVQRW
LQGLIIHUHQFHLVVLPSO\QRLQWHUHVW'HWDFKPHQWLVQRWDEVHQFHRILQWHUHVW
GHWDFKPHQWLVDEVROXWHLQWHUHVWWUHPHQGRXVLQWHUHVWEXWVWLOOZLWKWKHFDSDFLW\RI
QRQFOLQJLQJ(QMR\WKHPRPHQWZKLOHLWLVWKHUHDQGZKHQWKHPRPHQWVWDUWV
GLVDSSHDULQJDVHYHU\WKLQJLVERXQGWRGLVDSSHDUOHWLWJR7KDWLVGHWDFKPHQW
/HWKDUJ\LVDQHJDWLYHVWDWH2QHLVOLNHDOXPSRIPXGMXVWO\LQJWKHUHQR
SRVVLELOLW\RIJURZWKQRH[XEHUDQFHQRIORZHULQJ%XWWKHVDPHHQHUJ\FDQ
EHFRPHDSRRODJUHDWSRRORIHQHUJ\QRWJRLQJDQ\ZKHUHQRWGRLQJDQ\WKLQJ
EXWWKHHQHUJ\DFFXPXODWLQJDQGDFFXPXODWLQJDQGDFFXPXODWLQJ
$QGVFLHQWLVWVVD\WKDWDWDFHUWDLQSRLQWWKHTXDQWLWDWLYHFKDQJHEHFRPHVD
TXDOLWDWLYHFKDQJH$WDKXQGUHGGHJUHHVKHDWWKHZDWHUHYDSRUDWHV$WQLQHW\
QLQHGHJUHHVLWKDVQRWHYDSRUDWHG\HWDWQLQHW\QLQHSRLQWQLQHGHJUHHVLWKDV
VWLOOQRWHYDSRUDWHG%XWMXVWSRLQWRQHGHJUHHPRUHDQGWKHZDWHUZLOOWDNHD
TXDQWXPOHDS
3RVLWLYHIHPLQLQHQHVVLVQRWOLNHOHWKDUJ\LWLVOLNHDWUHPHQGRXVSRRORIHQHUJ\
$QGDVWKHHQHUJ\JDWKHUVDQGDFFXPXODWHVLWJRHVWKURXJKPDQ\TXDOLWDWLYH
FKDQJHV





$PDQWREHUHDOO\PDVFXOLQHKDVWREHDGYHQWXURXVKDVWREHFUHDWLYHKDVWR
EHDEOHWRWDNHDVPDQ\LQLWLDWLYHVLQOLIHDVSRVVLEOH7KHZRPDQWREHUHDOO\D
ZRPDQKDVWREHDSRRORIHQHUJ\EHKLQGWKHPDQVRWKHDGYHQWXUHFDQKDYH
DVPXFKHQHUJ\DVSRVVLEOH(QHUJ\ZLOOEHQHHGHGVRWKDWWKHDGYHQWXUHFDQ
KDYHVRPHLQVSLUDWLRQVRWKDWWKHDGYHQWXUHFDQKDYHVRPHSRHWU\VRWKDWWKH
DGYHQWXURXVVRXOFDQUHOD[LQWKHZRPDQDQGEHUHSOHQLVKHGZLWKOLIH
UHMXYHQDWHG

0DQDQGZRPDQERWKWRJHWKHUPRYLQJSRVLWLYHO\DUHRQHZKROH$QGWKHUHDO
FRXSOHDQGWKHUHDUHYHU\IHZUHDOFRXSOHVLVRQHLQZKLFKHDFKKDVMRLQHG
ZLWKWKHRWKHULQDSRVLWLYHZD\1LQHW\QLQHSHUFHQWRIFRXSOHVDUHMRLQHG
WRJHWKHULQDQHJDWLYHZD\7KDW
VZK\WKHUHLVVRPXFKPLVHU\LQWKHZRUOG
,UHSHDWLWDJDLQWKHPDQKDVWREHPDVFXOLQHDQGWKHZRPDQKDVWREH
IHPLQLQHEXWLQDSRVLWLYHZD\7KHQWREHWRJHWKHULVDPHGLWDWLRQWKHQWREH
WRJHWKHULVUHDOO\DJUHDWDGYHQWXUH7KHQWREHWRJHWKHUEULQJVQHZVXUSULVHV
HYHU\GD\7KHQOLIHLVDGDQFHEHWZHHQWKHVHWZRSRODULWLHVDQGWKH\KHOSHDFK
RWKHUWKH\QRXULVKHDFKRWKHU

0DQDORQHZLOOQRWEHDEOHWRJRYHU\IDU:RPDQDORQHZLOOEHMXVWDSRRORI
HQHUJ\ZLWKQRSRVVLELOLW\RIDQ\G\QDPLFPRYHPHQW:KHQERWKDUHWRJHWKHU
WKH\DUHFRPSOHPHQWDU\1RRQHLVKLJKHUWKDQWKHRWKHUFRPSOHPHQWDULHVDUH
QHYHUKLJKHUDQGORZHUFRPSOHPHQWDULHVDUHHTXDO1HLWKHUWKHPDQQRUWKH
ZRPDQLVKLJKHUWKH\DUHFRPSOHPHQWDULHV7RJHWKHUWKH\PDNHDZKROHDQG
WRJHWKHUWKH\FDQFUHDWHDKROLQHVVZKLFKLVQRWSRVVLEOHIRUHLWKHUVHSDUDWHO\
7KDW
VZK\-HVXVRU%XGGKDORRNDOLWWOHOHVVULFKWKDQ.ULVKQDDQGWKHUHDVRQLV
WKDWWKH\DUHDORQH.ULVKQDLVPRUHWRWDO+HQFHLQ,QGLD.ULVKQDLVWKRXJKWWR
EHWKHSHUIHFWDYDWDUWKHSHUIHFWLQFDUQDWLRQRI*RG%XGGKDLVWKRXJKWWREH
SDUWLDOVRLV0DKDYLUDDSDUWLDOPDQLIHVWDWLRQRI*RGDQGVRLV-HVXV.ULVKQD
KDVVRPHWKLQJRIWRWDOLW\LQKLP

$QGRQHWKLQJPRUH,ILWZDVRQO\DFDVHRIDQRXWHUPHHWLQJRIPDQDQG
ZRPDQLWZRXOGQRWKDYHEHHQVRLPSRUWDQW,WLVDOVRDFDVHRIDPHHWLQJGHHS
GRZQLQWKHEHLQJRIHDFKPDQDQGZRPDQEHFDXVHHDFKPDQLVDZRPDQ
LQVLGHWRRDQGHDFKZRPDQLVDPDQLQVLGHWRR7KHRXWHUPHHWLQJDQGPHUJLQJ
ZLWKWKHRWKHULVUHDOO\DOHVVRQDQH[SHULPHQWWRSUHSDUHIRUWKHLQQHUPHHWLQJ

(DFKPDQLVERUQRXWRIDPDQDQGDZRPDQ+DOIRI\RXFRPHVIURP\RXU
IDWKHUDQGKDOIRI\RXFRPHVIURP\RXUPRWKHU<RXDUHDPHHWLQJRISRODU
RSSRVLWHV
0RGHUQSV\FKRORJ\SDUWLFXODUO\WKH-XQJLDQVFKRRORISV\FKRORJ\DFFHSWVWKLV
LVEDVHGRQWKLVWKDWPDQLVELVH[XDODQGVRLVZRPDQ,I\RXUFRQVFLRXVPLQGLV
WKDWRIDPDQWKHQ\RXUXQFRQVFLRXVZLOOEHWKDWRIDZRPDQDQGYLFHYHUVD
%XWWRPDQDJHWKHLQQHUPHHWLQJLVGLIILFXOWLQWKHEHJLQQLQJEHFDXVHWKHLQQHULV
LQYLVLEOH)LUVW\RXKDYHWROHDUQWKHOHVVRQZLWKWKHYLVLEOH0HHWZLWKWKHRXWHU
ZRPDQPHHWZLWKWKHRXWHUPDQVRWKDW\RXFDQKDYHDIHZH[SHULHQFHVRI




ZKDWWKLVPHHWLQJLVDOODERXW7KHQVORZO\VORZO\\RXFDQVHDUFKZLWKLQZDUGV
DQGILQGWKHVDPHSRODULW\WKHUH

7KHGD\\RXULQQHUPDQDQGZRPDQPHHW\RXDUHHQOLJKWHQHG7KDWGD\LVD
GD\RIJUHDWFHOHEUDWLRQQRWRQO\IRU\RXEXWIRUWKHZKROHH[LVWHQFH2QHPDQ
KDVDUULYHGEDFNDJDLQ2XWRIPLOOLRQVDQGPLOOLRQVRQHPDQKDVDUULYHG

,WLVVDLGWKDWZKHQ%XGGKDEHFDPHHQOLJKWHQHGIORZHUVVKRZHUHGIURPWKHVN\
7KHVHDUHQRWKLVWRULFDOIDFWVWKH\DUHSRHWLFH[SUHVVLRQVEXWRIWUHPHQGRXV
VLJQLILFDQFH7KHZKROHH[LVWHQFHPXVWKDYHGDQFHGPXVWKDYHVXQJPXVW
KDYHVKRZHUHGPLOOLRQVRIIORZHUVEHFDXVHLWLVDUDUHSKHQRPHQRQ$JURSLQJ
VRXOVXGGHQO\KDVEHFRPHLQWHJUDWHGDIUDJPHQWDU\VRXOKDVEHFRPH
FU\VWDOOL]HG2QHPDQKDVEHFRPH*RGLWKDVWREHFHOHEUDWHG,WLVDEOHVVLQJ
WRWKHZKROHH[LVWHQFH

%XWWKHILUVWOHVVRQKDVWREHOHDUQHGRXWVLGHUHPHPEHU8QOHVV\RXKDYH
NQRZQWKHZRPDQRQWKHRXWHUSODQHLQDOOKHUULFKQHVVLQDOOKHUVZHHWQHVV
DQGELWWHUQHVVXQOHVV\RXKDYHNQRZQWKHPDQRQWKHRXWVLGHLQDOOKLVEHDXW\
DQGLQDOOKLVXJOLQHVV\RXZLOOQRWEHDEOHWRPRYHLQWRWKHLQQHUGLPHQVLRQ<RX
ZLOOQRWEHDEOHWRDOORZWKH\LQDQG\DQJ6KLYDDQG6KDNWLWRPHHWLQVLGH
$QGWKDWPHHWLQJLVRIXWWHULPSRUWDQFHRIXOWLPDWHLPSRUWDQFHEHFDXVHRQO\
ZLWKWKDWPHHWLQJGR\RXEHFRPHDJRGQHYHUEHIRUHLW

7KHWKLUGTXHVWLRQ
%(/29('26+2

$/7+28*+,+$9(127%((172.5,6+1$0857,
6/$7(67',6&2856(6
,1%20%$<,+$9(+($5'7+$7+(+$67$/.('$*$,1676$11<$6,1
7+(0,76((06720(7+$77+,6$77,78'(,6$'(9,&(7+$7+(/36
%27++,6:25.$1'<28567+$7+('2(61270($1:+$7+(
6$<63/($6(&200(17

$QDQG-DJGLVK-.ULVKQDPXUWLLVDQHQOLJKWHQHGPDQ\RXQHHGQRWGHIHQG
KLP+HGRHVPHDQZKDWKHVD\VKHLVDJDLQVWVDQQ\DV7KDW
VKLVDSSURDFK
WRZDUGVOLIHDYHU\QDUURZDSSURDFKRIFRXUVH+HKDVDYHU\WXQQHOW\SHRI
YLVLRQ2IFRXUVHZKDWVRHYHUKHVD\VLVULJKWDFFRUGLQJWRKLVWXQQHOYLVLRQEXW
KLVYLVLRQLVYHU\QDUURZ

+HFDQVD\VDQQ\DVLVZURQJKHFDQVD\,DPZURQJ6WLOO,FDQQRWVD\WKDWKH
LVZURQJEHFDXVH,KDYHDZLGHUYLVLRQYHU\LQFOXVLYH,I,FDQVD\%XGGKDLV
ULJKW=DUDWKXVWUDLVULJKW/DR7]XLVULJKW7LORSD$WLVKDDQGPDQ\PDQ\PRUH
DUHULJKW,FDQDOVRVD\.ULVKQDPXUWLLVULJKW
<HVWKHUHDUHSHRSOHIRUZKRPKLVYLVLRQZLOOEHRIKHOSEXWWKRVHSHRSOHZLOOEH
YHU\IHZ,QIDFWWKHSHRSOHIRUZKRPKLVYLVLRQLVULJKWPD\QRWQHHGKLVKHOSDW
DOOEHFDXVHWRQHHGKHOSIURPDPDVWHULVZKDWVDQQ\DVLVDOODERXWWRQHHG
KHOSIURPDPDVWHULVWKHIXQGDPHQWDORIGLVFLSOHKRRG:KHWKHU\RXFDOOLW




GLVFLSOHKRRGRUQRWGRHVQRWPDWWHU

.ULVKQDPXUWLLVYHU\PXFKDJDLQVWWKHZRUGVGLVFLSOHDQGPDVWHU%XWWKDW
VZKDW
KHKDVEHHQGRLQJIRUILIW\\HDUV+HLVDPDVWHUZKRVD\VWKDWKHLVQRWD
PDVWHU$QGWKHSHRSOHZKROLVWHQWRKLPDQGIROORZKLPDUHGLVFLSOHVZKRWKLQN
WKH\DUHQRWGLVFLSOHV

,WGRHVQRWPDWWHUZKDW\RXWKLQN:KDWPDWWHUVLVZKDW\RX$5(+HLVDPDVWHU
DQGKHKDVGLVFLSOHV+HGHQLHVWKDWKHLVDPDVWHUWKDWLVSDUWRIKLVGHYLFH,Q
WKLVHJRLVWLFZRUOGLWLVYHU\GLIILFXOWIRUSHRSOHWRVXUUHQGHUWRGURSWKHLUHJRV

)RUWKHHJRLVWVZKRFDQQRWGURSWKHLUHJRVKHRSHQVDGRRU+HVD\V<RXFDQ
NHHS\RXUHJR\RXGRQ
WQHHGWREHDGLVFLSOH\RXGRQ
WQHHGWREHD
VDQQ\DVLQ7KHHJRLVWVIHHOYHU\JRRGWKDWWKH\QHHGQRWERZGRZQWRDQ\ERG\
%XWOLVWHQLQJWRKLPFRQWLQXRXVO\DJDLQDQGDJDLQGHHSGRZQWKHERZLQJVWDUWV
KDSSHQLQJWKHVXUUHQGHUVWDUWVKDSSHQLQJ

+HGRHVQRWFODLPWKDWKHLVDPDVWHU%XWZKDWVRHYHUDPDVWHUUHTXLUHVKH
UHTXLUHVIURPKLVOLVWHQHUV7KHPDVWHUVD\V/LVWHQZLWKRXWWKLQNLQJOLVWHQ
WRWDOO\ZLWKRXWDQ\LQWHUIHUHQFHIURP\RXUWKRXJKWV$QGWKDW
VZKDWKHUHTXLUHV
IURPKLVGLVFLSOHVZKRPKHGRHVQRWFDOOGLVFLSOHV,WLVDYHU\VRSKLVWLFDWHG
JDPH+HFDQVD\VDQQ\DVLVZURQJKHKDVWRVD\LW

$QGZKHQHYHUKHLVLQ,QGLDDQGVRRQZKHUHYHUKHZLOOEHLQHYHU\PHHWLQJRI
KLVKHZLOOILQGP\VDQQ\DVLQV7KDWLUULWDWHVKLPYHU\PXFKDQGLWPXVWEHHYHQ
PRUHLUULWDWLQJWKDWZKHQKHWDONVDJDLQVWVDQQ\DVDQGDJDLQVWVDQQ\DVLQVP\
VDQQ\DVLQVODXJKDQGHQMR\LW

+HKDVEHHQDVNLQJWKHP:K\GR\RXFRPHWRPH",I\RXKDYHDOUHDG\JRWD
PDVWHUWKHUHLVQRQHHGWRFRPH7RRQHRIP\VDQQ\DVLQVKHVDLGLQDSULYDWH
LQWHUYLHZ,I\RXKDYHJRWDPDVWHU\RXQHHGQRWFRPHKHUH

$QGP\VDQQ\DVLQVDLG%XWP\PDVWHUVD\V
*RHYHU\ZKHUH:KHUHYHU\RX
ILQGVRPHWKLQJFDQEHOHDUQHGJRWKHUH
7KLVLVKLVWHDFKLQJDQGZHDUH
IROORZLQJKLPDQGZHDUHQRWKHUHWRIROORZ\RX

1DWXUDOO\KHJHWVYHU\LUULWDWHG%XW\RXQHHGQRWGHIHQGKLP$QGWKLVLVWKH
EHDXW\WKDWKHFDQQRWDFFHSWPHEXW,FDQDFFHSWKLP,WPDNHVQRSUREOHPIRU
PH,DFFHSWDOONLQGVRISHRSOHDQGDOONLQGVRISKLORVRSKLHVP\YLVLRQLVZLGH
HQRXJK

,QIDFWZK\LVKHVRPXFKDJDLQVWPDVWHUVDQGGLVFLSOHV",WLVDZRXQGWKDWKDV
KHDOHGEXWWKHVFDULVVWLOOOHIW+HZDVIRUFHGWREHDGLVFLSOHDJDLQVWKLVZLOO+H
ZDVDVPDOOFKLOGZKHQKHZDVDGRSWHGE\$QQLH%HVDQWDQGWKHWKHRVRSKLVWV
RQO\QLQH\HDUVROGFRPSOHWHO\XQDZDUHRIZKDWZDVEHLQJGRQHWRKLP$QGKH
ZDVIRUFHGWRIROORZDYHU\ULJLGGLVFLSOLQH





7ZHQW\IRXUKRXUVDGD\KHZDVEHLQJWUDLQHGEHFDXVHRQHRIWKHWKHRVRSKLVW
OHDGHUV/HDGEHDWHUKDGWKLVLGHDWKLVYLVLRQWKDWWKLVER\ZDVJRLQJWREHFRPH
DZRUOGWHDFKHUDMDJDWJXUXDPDVWHURIWKHZKROHZRUOGWKDWKHZDVJRLQJ
WREHFRPHWKHYHKLFOHRI/RUG0DLWUH\DWKDWKHKDGWREHSUHSDUHGVRKHFRXOG
UHFHLYHWKHQHZLQFDUQDWLRQRI%XGGKDLQKLVERG\6RKHZDVWRUWXUHGLQPDQ\
ZD\V

+HZDVQRWDOORZHGWRHDWOLNHRWKHUFKLOGUHQKHZDVQRWDOORZHGWRSOD\ZLWK
RWKHUFKLOGUHQDVDQ\FKLOGZRXOGOLNHWR+HZDVJXDUGHG+HZDVQRWDOORZHGWR
JRWRRUGLQDU\VFKRROVKHZDVDOPRVWFRPSOHWHO\NHSWDSULVRQHU$QGWKHQ
JHWWLQJXSHDUO\DWWKUHHR
FORFNLQWKHPRUQLQJDQGWKHQWKHULWXDOEDWKDQGVR
PDQ\PDQ\ULWXDOV7LEHWDQ&KLQHVH,QGLDQ(J\SWLDQKHPXVWKDYHEHFRPH
WLUHG

$QGWKHODVWZRXQGKDSSHQHGZKHQKLVEURWKHU1LW\DQDQGDGLHG7KHUHZHUHWZR
EURWKHUV.ULVKQDPXUWLDQG1LW\DQDQGDDQGERWKZHUHEHLQJSUHSDUHGEHFDXVH
WKHUHZDVDOLWWOHVXVSLFLRQDVWRZKRZDVUHDOO\JRLQJWREHWKHPDVWHU
1LW\DQDQGDGLHGIURPWKLVULJLGGLVFLSOLQHWKLVDOPRVWLQVDQHLPSRVLWLRQ+LV
GHDWKZDVDWUDXPDIRU.ULVKQDPXUWLKHKDGORYHGKLVEURWKHUWUHPHQGRXVO\
7KHUHZDVQRRWKHURXWOHWIRUKLVORYH+HKDGEHHQWDNHQDZD\IURPKLVIDPLO\
KLVPRWKHUKDGGLHGDQGKLVIDWKHUZDVQRWDEOHWRORRNDIWHUWKHPKHZDVMXVWD
VPDOOFOHUN%RWKWKHFKLOGUHQZHUHDGRSWHGE\$QQLH%HVDQWDQGWKH\KDGWR
WUDYHODOODURXQGWKHZRUOGOHDUQLQJGLIIHUHQWHVRWHULFGLVFLSOLQHV,WZDVYHU\KDUG
RQWKHP7KHUHLVHYHU\SRVVLELOLW\1LW\DQDQGDGLHGVLPSO\EHFDXVHRIWRRPXFK
WUDLQLQJ

$QGWKHQWKRVHPDVWHUVZKRP.ULVKQDPXUWLKDGQRWFKRVHQRXWRIORYHWKH\
ZHUHOLNHSULVRQHUVDQGWKHPDVWHUVZHUHOLNHMDLOHUV+HFDUULHGDYHU\ZURQJ
QRWLRQDERXWPDVWHUVLWZDVYHU\GLIILFXOWIRUKLPWRJHWIUHHIURPWKHLUWUDS
)LQDOO\KHJRWIUHHIURPWKHLUWUDSKRZORQJFDQ\RXKROGVRPHRQH":KHQKH
EHFDPHD\RXQJPDQDQGVWURQJHQRXJKWRJHWRXWRIWKHWUDSKHVLPSO\
UXVKHGRXWDQGGHFODUHG,DPQRERG\
VPDVWHUDQG,DPQRWJRLQJWREHD
ZRUOGWHDFKHUDQGWKLVLVDOOQRQVHQVH

6LQFHWKHQWKHVFDUKDVUHPDLQHG6LQFHWKHQKHKDVEHHQWDONLQJDERXWWKLQJV
OLNHPDVWHUVGLVFLSOLQHVPHGLWDWLRQVGLVFLSOHKRRGDQGKHKDVEHHQDJDLQVWDOO
RIWKHP,WLVQDWXUDO,QIDFWKHKDVQHYHUNQRZQDPDVWHUDQGKHKDVQHYHU
NQRZQGLVFLSOHKRRGEHFDXVHWKHVHDUHQRWWKLQJVWKDWFDQEHLPSRVHGRQ\RX
WKHVHDUHWKLQJVZKLFK\RXDFFHSWRXWRIMR\DQGORYH

<RXDUHIDUPRUHIRUWXQDWHWKDQKLP<RXKDYHFKRVHQPHRXWRIMR\RXWRIORYH
DQG\RXDUHIUHHWROHDYHPHDWDQ\PRPHQW+HZDVQRWIUHHWROHDYH+HGLG
QRWFKRRVHWKHVHSHRSOH$QGWKHUHLVHYHU\SRVVLELOLW\WKDWPDQ\ZURQJWKLQJV
ZHUHGRQHWRKLPZKHQKHZDVDFKLOG





,WLVDOPRVWDQHVWDEOLVKHGIDFWWKDW/HDGEHDWHUZDVDKRPRVH[XDO7KHSRLQW
ZDVHYHQUDLVHGLQFRXUWWKDWKHZDVVH[XDOO\H[SORLWLQJFKLOGUHQ-XVWWKLQNRID
QLQH\HDUROGFKLOGLIVH[XDOO\PLVKDQGOHGKHZLOOKDYHDYHU\GHHSZRXQGIURP
LWLWZLOOEHGLIILFXOWIRUKLPWRHUDVHWKHVFDU

<RXFDQDVNWKHSV\FKRORJLVWVLIDFKLOGLVLQVRPHZD\VH[XDOO\H[SORLWHGKLV
ZKROHOLIHEHFRPHVGLVWXUEHG,IDJLUOZDVVRPHKRZVH[XDOO\H[SORLWHGDJDLQVW
KHUZLOORUZKHQVKHZDVQRWDZDUHRIZKDWZDVKDSSHQLQJVKHZLOOQHYHUEHDW
HDVHVH[XDOO\QHYHU7KHIHDUZLOOFRPHDJDLQDQGDJDLQ

7KHUHLVHYHU\SRVVLELOLW\WKDWVRPHWKLQJOLNHWKLVKDSSHQHG.ULVKQDPXUWLQHYHU
WDONVDERXWWKHVHWKLQJVWKHUHLVQRSRLQWLQWDONLQJDERXWWKHVHWKLQJVDOOWKRVH
ROGIRJLHVDUHGHDG%XWVRPHZKHUHWKHUHLVDVFDU+HQFHKLVDQWDJRQLVPWR
PDVWHUVWRGLVFLSOHKRRGWRVDQQ\DVWRDOONLQGVRIPHWKRGV7KLVVKRZV
VRPHWKLQJDERXWKLVKLVWRU\LWVKRZVQRWKLQJDERXWPDVWHUVDQGGLVFLSOHV
:KDWGRHVKHNQRZDERXW%XGGKDDQGWKHGLVFLSOHVWKDW%XGGKDKDG":KDW
GRHVKHNQRZDERXW$WLVKDDQGWKHPDVWHUV'KDUPDNLUWL'KDUPDUDNVKLWDDQG
<RJLQ0DLWUH\DZKDWGRHVKHNQRZDERXWWKHVHSHRSOH"

$QGRQHWKLQJPRUHDFDODPLW\KDSSHQHG$QQLH%HVDQWDQG/HDGEHDWHUQHYHU
DOORZHGKLPWRUHDGDQFLHQWVFULSWXUHVEHFDXVHWKH\ZHUHDIUDLGKHZRXOGORVH
KLVRULJLQDOLW\6RKHZDVNHSWXWWHUO\LJQRUDQWRIDOOWKHJUHDWWUDGLWLRQVRIWKH
ZRUOG

$QGLI\RXGRQ
WNQRZDQ\WKLQJDERXW$WLVKDDQG'KDUPDNLUWL\RXZLOOPLVV
VRPHWKLQJ'KDUPDNLUWLZDVWKHPDVWHUZKRWROG$WLVKDWRPRYHWRDQRWKHU
PDVWHU'KDUPDUDNVKLWDEHFDXVHZKDW,KDYHNQRZQ,KDYHJLYHQWR\RX,FDQ
JLYH\RXWKHUHVWWRREXWWKDWKDVQHYHUEHHQP\SDWK*RWR'KDUPDUDNVKLWD
KHKDVIROORZHGDQRWKHUURXWH+HZLOOJLYH\RXVRPHWKLQJPRUHVRPHWKLQJPRUH
DXWKHQWLF,KDYHRQO\KHDUGDERXWLWRURQO\VHHQLWIURPWKHPRXQWDLQWRS,JLYH
\RXHPSWLQHVV1RZWROHDUQFRPSDVVLRQJRWR'KDUPDUDNVKLWD

:KDWEHDXWLIXOSHRSOHWKH\PXVWKDYHEHHQ$QG'KDUPDUDNVKLWDWROGKLP,
NQRZRQO\WKHIHPLQLQHNLQGRIFRPSDVVLRQWKHSDVVLYHNLQG)RUWKHDFWLYH\RX
PXVWJRWRDQRWKHUPDVWHU<RJLQ0DLWUH\DKHZLOOWHDFK\RX

7KHVHDUHQRWSHRSOHZKRDUHSRVVHVVLYHZKRDUHMHDORXVZKRZDQWWR
GRPLQDWH7KHVHDUHSHRSOHZKRJLYHIUHHGRP.ULVKQDPXUWLLVXWWHUO\XQDZDUH
RIDOOWKHJUHDWWUDGLWLRQVRIWKHZRUOGKHRQO\NQRZVWKHWKHRVRSKLVWV
$QGWKDWZDVRQHRIWKHXJOLHVWWKLQJVWKDWKDSSHQHGLQWKLVFHQWXU\$OONLQGVRI
IRROVJDWKHUHGXQGHUWKHEDQQHURIWKHRVRSK\LWZDVDKRWFKSRWFK,WZDVDQ
HIIRUWWRFUHDWHDV\QWKHVLVRIDOOWKDWLVJRRGRXWRIDOOWKHUHOLJLRQV%XWQRVXFK
V\QWKHVLVLVSRVVLEOH$QGLI\RXPDNHVXFKDV\QWKHVLV\RXZLOORQO\KDYHD
FRUSVHRQ\RXUKDQGVQRWDQDOLYHERG\EUHDWKLQJSXOVDWLQJ

,WLVDVLI\RXORYHPDQ\ZRPHQRQHZRPDQKDVEHDXWLIXOH\HV\RXWDNHWKH




H\HVRXWDQRWKHUZRPDQKDVDEHDXWLIXOQRVH\RXFXWRIIWKHQRVHDQGVRRQ
DQGVRIRUWK3XWDOOWKHSDUWVWRJHWKHUDVVHPEOHWKHPDQG\RXZLOOKDYHD
FRUSVH0DNLQJWKHFRUSVH\RXKDYHNLOOHGWZHQW\EHDXWLIXOZRPHQDQGWKHHQG
UHVXOWLVMXVWXWWHUVWXSLGLW\

7KDW
VZKDWWKHRVRSK\GLG6RPHWKLQJLVEHDXWLIXOLQ+LQGXLVPVRPHWKLQJLV
EHDXWLIXOLQ7DRLVPVRPHWKLQJLVEHDXWLIXOLQ0RKDPPHGDQLVPVRPHWKLQJLV
EHDXWLIXOLQ-XGDLVPDQGVRRQDQGVRIRUWK&ROOHFWDOOWKDWSXWLWWRJHWKHUSXWLW
LQDPL[HUDQGPL[LWDQGZKDW\RXZLOOKDYHZLOOEHMXVWDFRUSVH

.ULVKQDPXUWLXQIRUWXQDWHO\KDGWROLYHZLWKWKHVHSHRSOH%XWKHKDVWUHPHQGRXV
LQWHOOLJHQFH$Q\ERG\LQKLVSODFHZRXOGKDYHEHHQORVWDQ\ERG\HOVHLQKLV
VLWXDWLRQZRXOGQRWKDYHEHHQDEOHWRFRPHRXWRIWKHFDJH$QGWKHFDJHZDV
VREHDXWLIXOVRDOOXULQJWKRXVDQGVRIIROORZHUVZHUHDYDLODEOH%XWKHKDGWKH
FRXUDJHKHKDGWKHJXWVDQGLQWHOOLJHQFHWRUHQRXQFHDOOWKDWWRVLPSO\PRYH
RXWRIWKHZKROHWUDS

,WZDVGLIILFXOWIRUKLPYHU\GLIILFXOWHYHQWRVXUYLYHZDVGLIILFXOW,UHVSHFWWKH
PDQ,UHVSHFWKLPWUHPHQGRXVO\$QG,FDQXQGHUVWDQGZK\KHLVDJDLQVW
PDVWHUVGLVFLSOHVVDQQ\DV

-DJGLVK\RXVD\$OWKRXJK,KDYHQRWEHHQWR.ULVKQDPXUWL
VODWHVWGLVFRXUVHV
LQ%RPED\,KDYHKHDUGWKDWKHKDGWDONHGDJDLQVWVDQQ\DVLQWKHP,WVHHPVWR
PHWKDWWKLVDWWLWXGHLVDGHYLFHWKDWKHOSVERWKKLVZRUNDQG\RXUVWKDWKHGRHV
QRWPHDQZKDWKHVD\V

+HVD\VZKDWKHPHDQVKHPHDQVZKDWKHVD\V+LVQDUURZYLVLRQLVYHU\FOHDU
7KDWLVRQHRIWKHPRVWEHDXWLIXOWKLQJVDERXWQDUURZYLVLRQVWKH\DUHFOHDU7KH
ZLGHUWKHVN\WKHOHVVWKHFODULW\WKHELJJHUWKHYLVLRQWKHOHVVWKHFODULW\

$QGP\YLVLRQFRQWDLQVDOO+LVYLVLRQLVYHU\H[FOXVLYHP\YLVLRQLVYHU\
LQFOXVLYH+LVYLVLRQLVRQO\KLV0\YLVLRQFRQWDLQV%XGGKD=DUDWKXVWUD0RVHV
0DKDYLUD0RKDPPHGDQGPLOOLRQVPRUH$QGUHPHPEHU,DPQRWWU\LQJWR
PDNHDV\QWKHVLVKHUH,DPQRWWU\LQJWRFKRRVHZKDWLVEHDXWLIXOLQRQHDQG
ZKDWLVEHDXWLIXOVRPHZKHUHHOVH1R,DFFHSWHYHU\WUDGLWLRQDVLWLVHYHQ
WKRXJKVRPHWLPHVLWJRHVDJDLQVWPHHYHQWKRXJKVRPHWLPHVWKHUHDUHSRLQWV
ZKLFK,ZRXOGQRWOLNHWREHWKHUH%XWWKHQZKRDP,":K\VKRXOG,EULQJP\
FKRLFHLQWRLW"
,DFFHSWHYHU\WUDGLWLRQDVLWLVZLWKRXWLQWHUIHULQJZLWKLW7KLVKDVQHYHUEHHQ
GRQHEHIRUHDQGWKLVPD\QRWEHGRQHDJDLQIRUFHQWXULHVEHFDXVHWRKDYH
VXFKLQFOXVLYHYLVLRQLVYHU\FRQIXVLQJ%HLQJZLWKPH\RXFDQQHYHUKDYH
FHUWDLQW\7KHPRUH\RXDUHZLWKPHWKHPRUHDQGPRUHWKHJURXQGXQGHU\RXU
IHHWZLOOGLVDSSHDU7KHPRUH\RXDUHKHUHZLWKPHWKHPRUHDQGPRUH\RXU
PLQGZLOOEHWDNHQDZD\DQGZLWKLWDOOFHUWDLQW\

<HV\RXZLOOKDYHWUDQVSDUHQF\EXWQRFHUWDLQW\





:LWK.ULVKQDPXUWLHYHU\WKLQJLVFHUWDLQDEVROXWHO\FHUWDLQ+HLVRQHRIWKHPRVW
FRQVLVWHQWPHQZKRKDVHYHUZDONHGRQWKHHDUWKEHFDXVHKHKDVVXFKD
QDUURZYLVLRQ:KHQ\RXKDYHDYHU\QDUURZYLVLRQ\RXDUHERXQGWREHYHU\
FRQVLVWHQW

<RXFDQQRWILQGDPRUHLQFRQVLVWHQWSHUVRQWKDQPHEHFDXVH,KDYHWRPDNH
VSDFHIRUVRPDQ\FRQWUDGLFWRU\VWDQGSRLQWV7KHUHLVQRWKLQJLQFRPPRQ
EHWZHHQ%DKDXGGLQDQG$WLVKDWKHUHLVQRWKLQJLQFRPPRQEHWZHHQ5LQ]DLDQG
0RKDPPHGWKHUHLVQRWKLQJLQFRPPRQEHWZHHQ0DKDYLUDDQG&KULVW$QG\HW
WKH\DOOKDYHPHWLQPHDQGWKH\DUHDOORQHLQPH$QG,KDYHQRWFKRVHQ,
KDYHQRWLQWHUIHUHG,KDYHVLPSO\GLJHVWHGWKHPDOO

$WUHPHQGRXVO\QHZNLQGRIV\PSKRQ\,ZLOOQRWFDOOLWDV\QWKHVLVEXWD
V\PSKRQ\LVDULVLQJKHUH,QDV\QWKHVLVVRPHWKLQJGHDGLVSURGXFHG,QD
V\PSKRQ\LQDQRUFKHVWUDDOOLQVWUXPHQWVDUHSOD\LQJEXWLQDWUHPHQGRXV
KDUPRQ\

.ULVKQDPXUWLLVDVRORIOXWHSOD\HU,DPDQRUFKHVWUDWKHIOXWHLVDFFHSWHG2I
FRXUVHP\RUFKHVWUDZLOOQRWEHDFFHSWHGE\.ULVKQDPXUWLKHLVDVRORIOXWH
SOD\HU$QGDEHDXWLIXOIOXWHSOD\HUKHLV,DSSUHFLDWHKLP,FDQDSSUHFLDWHKLP
EXWKHFDQQRWDSSUHFLDWHPH:KDWGRHVKHNQRZDERXWWKHRUFKHVWUD",NQRZ
HYHU\WKLQJDERXWWKHIOXWHEHFDXVHLWLVSDUWRIP\RUFKHVWUDMXVWDVPDOOSDUW
%XWIRUKLPWKHIOXWHLVDOO

3OHDVH-DJGLVKGRQ
WWU\WRGHIHQGKLPWKHUHLVQRQHHG+HFDQGHIHQG
KLPVHOIKHLVTXLWHFDSDEOH,FDQXQGHUVWDQGKLVFULWLFLVPRIVDQQ\DV,IKHKDG
QRWFULWLFL]HGLWWKDWZRXOGKDYHEHHQDVXUSULVH,IKHUHDOO\ZDQWVWRVXUSULVHPH
KHVKRXOGVWRSFULWLFL]LQJP\VDQQ\DVLQVLWZRXOGEHXQEHOLHYDEOHLWZRXOGEH
UHDOO\DVKRFNWRPH

%XWOHWWKDWROGPDQFRQWLQXHDQG\RXSOHDVHFRQWLQXHJRLQJWROLVWHQWRKLP
3URYRNHKLP-XVWVLWLQWKHIURQWURZDQGZKHQHYHUKHFULWLFL]HVVDQQ\DV
DSSODXGODXJK$QGWKHQKHZLOOEHUHDOO\LQDUDJH+HLVWKHRQO\HQOLJKWHQHG
SHUVRQLQWKHZRUOGZKRFDQJHWDQJU\$QGWKDW
VSHUIHFWO\EHDXWLIXO,ORYHKLP,
UHVSHFWKLPDQG,ORYHKLPDQGUHVSHFWKLPDVKHLV%XWKHFDQQRWORYHDQG
UHVSHFWPHWKDWWRR,FDQXQGHUVWDQG

7KHIRXUWKTXHVWLRQ
%(/29('26+2

/,.(.5,6+1$$1'%8''+$$1'1$1$.$1'-(686<2850(66$*(,6
/29(+2:$5(<2850,681'(56722'6$11<$6,169(+,&/(6)25
<2850(66$*(2)/29(727+(:25/'"

.ULVKQD3UHP.ULVKQDKDVWDONHGDERXWORYH%XGGKDWRR-HVXV1DQDNDQG




.DELUWKH\DOOKDYHWDONHGDERXWORYH%XWQRERG\KDVWDONHGDERXWORYHOLNHPH
7KHLUORYHLVYHU\HWKHUHDODEVWUDFWWKHLUORYHLVQRWRIWKLVZRUOGDWDOO7KHLUORYH
LVSKLORVRSKLFDO7KHZD\WKH\GHILQHWKHLUORYHDQGWKHZD\,GHILQHP\ORYHDUH
WRWDOO\GLIIHUHQW,DFFHSWORYHLQLWVZKROHVSHFWUXPDOOWKHFRORUVRILWWKHZKROH
UDLQERZRILW7KH\DUHFKRRVHUVWKH\VD\2QO\WKHFRORUEOXHLVORYHDOORWKHU
FRORUVDUHQRWORYH2UVRPHERG\VD\V2QO\WKHFRORUJUHHQLVORYHDOORWKHUV
DUHQRWORYH

7KH\FRQGHPQHDUWKO\ORYHWKH\FRQGHPQVHQVXRXVORYHWKH\FRQGHPQWKH
ERG\$QGWKDW
VZKHUHWKHGLIIHUHQFHLV7RPHORYHLVDODGGHU2QHSDUWRIWKH
ODGGHULVUHVWLQJRQWKHHDUWKQRWRQO\UHVWLQJEXWUHDOO\URRWHGLQWKHHDUWK
DQGWKHRWKHUHQGLVWRXFKLQJKHDYHQ

7KH\WDONRQO\RIWKHRWKHUHQG$QGEHFDXVHWKH\WDONRQO\RIWKHRWKHUHQGLW
EHFRPHVKXPDQO\LPSRVVLEOHWRUHDFKLWEHFDXVHWKHORZHUSDUWLVGHQLHGDQG
WKHKLJKHUFDQEHUHDFKHGRQO\WKURXJKWKHORZHU<RXZLOOKDYHWRSDVVRYHUWKH
ORZHUUXQJVRIWKHODGGHURWKHUZLVHKRZDUH\RXJRLQJWRUHDFKWKHKLJKHUSDUW"
7KHUHKDYHEHHQSHRSOHOLNH&KDUYDNDLQ,QGLDDQG(SLFXUXVLQ*UHHFHZKR
EHOLHYHRQO\LQWKHORZHUSDUWRIWKHODGGHUDQGGHQ\WKHKLJKHUSDUW

,DFFHSWWKHWRWDOLW\RILW,DFFHSWWKHPXG,DFFHSWWKHORWXVDQG,DFFHSWDOOWKDW
LVLQEHWZHHQ+HQFH,DPERXQGWREHPLVXQGHUVWRRGE\HYHU\ERG\7KH
VSLULWXDOSHRSOHZLOOPLVXQGHUVWDQGPHEHFDXVHWKH\ZLOOWKLQN,DPDPDWHULDOLVW
WKDW,GRQ
WEHOLHYHLQWKHVRXOWKDWP\SUHDFKLQJRIORYHLVQRWKLQJEXWD
SUHDFKLQJRIVH[WKDWLQWKHQDPHRIORYH,DPRQO\WHDFKLQJSHRSOHVH[XDOLW\

$QGWKHPDWHULDOLVWVWKH(SLFXUHDQVWKH&KDUYDNDVWKH\DUHDOVRJRLQJWR
PLVXQGHUVWDQGPHREYLRXVO\7KH\ZLOOVD\WKDWP\WDONRIVH[DQGHDUWKO\ORYHLV
RQO\DWUDSWRWDNH\RXWRWKRVHQRQH[LVWHQWLDODEVWUDFWLRQVHFVWDV\VDPDGKL
*RG

,DPJRLQJWREHPLVXQGHUVWRRGE\ERWKWKHPDWHULDOLVWVDQGWKHVSLULWXDOLVWV$QG
WKHVDPHLVJRLQJWREHWKHFDVHZLWKP\VDQQ\DVLQV<RXDUHJRLQJWREH
PLVXQGHUVWRRGHYHU\ZKHUHLQHYHU\FXOWXUHLQHYHU\VRFLHW\E\HYHU\UHOLJLRQ
E\HYHU\LGHRORJ\7REHZLWKPHLVULVN\\RXZLOOKDYHWREHPLVXQGHUVWRRG<RX
ZLOOKDYHWRDFFHSWLWDVDIDFWRI\RXUH[LVWHQFH
$QGWKHUHDVRQLVFOHDULWLVEHFDXVHQRERG\LQWKHSDVWKDVDFFHSWHGWKHZKROH
VSHFWUXP,DFFHSWWKHZKROHVSHFWUXPEHFDXVHWRPHWKHORZHUDQGWKHKLJKHU
DUHQRWVHSDUDWHWKH\DUHRQH7KHORZHUFRQWDLQVWKHKLJKHUDQGWKHKLJKHU
FRQWDLQVWKHORZHU7KHPXGLVXQPDQLIHVWORWXVDQGWKHORWXVLVPDQLIHVWPXG,
GRQ
WFRQGHPQWKHPXGEHFDXVHLQFRQGHPQLQJWKHPXGWKHORWXVLV
FRQGHPQHG$QG,GRQ
WFRQGHPQWKHORWXVEHFDXVHLI\RXFRQGHPQWKHORWXV
WKHPXGORVHVDOOPHDQLQJWKHQLWLVVLPSO\PXGDQGQRWKLQJHOVH

,DFFHSWWKLVHDUWKDQG,DFFHSWWKLVKHDYHQ,DFFHSWERWKWKHERG\DQGWKHVRXO
WKHRXWHUDQGWKHLQQHU0\WHDFKLQJLVWKDWRIWRWDODFFHSWDQFH





<RXZLOOEHPLVXQGHUVWRRG$QGLWLVQRWRQO\WKDW\RXZLOOEHPLVXQGHUVWRRG
WKHUHLVHYHU\SRVVLELOLW\WKDW\RXZLOOPLVXQGHUVWDQGPHWRREHFDXVHPDQ\RI
\RXZLOOWKLQNWKDWVH[LVDOO$QG\RXFDQILQGTXRWHVIURPP\ERRNVHDVLO\
VXSSRUWLQJ\RXUVWDQGSRLQW$QGPDQ\RI\RXZLOOPLVXQGHUVWDQGWKDWVH[KDVWR
EHWUDQVFHQGHGWKDWRQO\VDPDGKLLVWKHWUXWKDQGWKDWVH[LVMXVWVRPHWKLQJWR
EHE\SDVVHGWUDQVFHQGHGDQGVXUSDVVHG%RWKWKHVHWKLQJVDUHJRLQJWR
KDSSHQ7KRVHZKRUHDOO\XQGHUVWDQGPHZLOOVHHWKHSRLQWDQGZLOOVHHZKDW,
DPGRLQJKHUH,DPFUHDWLQJDPDWHULDOLVWVSLULWXDOLW\RUDVSLULWXDOLVWPDWHULDOLVP
,WKDVQHYHUEHHQGRQHEHIRUH$QGZKHQHYHUVRPHWKLQJLVGRQHIRUWKHILUVW
WLPHLWLVQDWXUDOWKDWLWZLOOEHPLVXQGHUVWRRG

$PLGGOHDJHG$PHULFDQODG\ZKRVHKXVEDQGKDGUHFHQWO\GLHGZHQWWRD
VSLULWXDOLVWWRJHWLQWRXFKZLWKKLPDVVKHZDVIHHOLQJORQHO\&RQWDFWKDYLQJ
EHHQHVWDEOLVKHGVKHVDLG+HOORKRQH\+RZ\RXGRLQ
"
+RQH\)LQH,QIDFW,
PDKHOORIDORWEHWWHURIIWKDQ,ZDVEHIRUH
/DG\+RZGR\RXSDVVWKHWLPHKRQH\"
+RQH\:HOO,ZDNHXSPDNHORYHKDYHEUHDNIDVWPDNHORYHKDYHOXQFK
PDNHORYHKDYHVXSSHUPDNHORYHVOHHSPDNHORYHZDNHXSPDNHORYH
GD\LQDQGGD\RXW
/DG\:KHUHDUH\RXKRQH\",QKHDYHQ"
+RQH\1R,
PDEXOOLQ.RUHJDRQ3DUN3RRQD

7KDWSRVVLELOLW\LVWKHUH\RXFDQPLVXQGHUVWDQGPH$QGWKHUHDUHDOVRRWKHUVDW
WKHRWKHUH[WUHPH$Q\ERG\ZKRFKRRVHVRQHSDUWRIP\WHDFKLQJLVERXQGWR
PLVXQGHUVWDQGPH

<RXKDYHWRWDNHPHLQWRWRLQP\WRWDOLW\2IFRXUVHWKHWRWDOLW\LVYHU\
FRQIXVLQJEHFDXVHLWFRQWDLQVWKHSRODURSSRVLWH,WLVHDVLHUWRFKRRVHRQHSDUW
WKHPDWHULDOLVWRUWKHVSLULWXDOLVWLWLVHDVLHU\RXIHHOFRQVLVWHQW7RFKRRVHPH
LQP\WRWDOLW\\RXZLOOKDYHWROLYHDYHU\LQFRQVLVWHQWOLIHRQHPRPHQWWKLV
DQRWKHUPRPHQWWKDW%XWWKDWLVP\ZKROHPHVVDJH

,IRQHUHDOO\ZDQWVWROLYHOLIHLQDOOLWVULFKQHVVRQHKDVWROHDUQKRZWREH
LQFRQVLVWHQWKRZWREHFRQVLVWHQWO\LQFRQVLVWHQWKRZWREHDEOHWRPRYHIURP
RQHH[WUHPHWRDQRWKHUVRPHWLPHVURRWHGGHHSLQWKHHDUWKDQGVRPHWLPHV
IO\LQJKLJKLQKHDYHQVRPHWLPHVPDNLQJORYHDQGVRPHWLPHVPHGLWDWLQJ
$QGWKHQVORZO\VORZO\\RXUKHDYHQDQG\RXUHDUWKZLOOFRPHFORVHUDQGFORVHU
DQG\RXZLOOEHFRPHWKHKRUL]RQZKHUHWKH\PHHW

7KHILIWKTXHVWLRQ
%(/29('26+2

:+<'2<28&$//3(23/(&$%%$*(6$1'$66+2/(6",76((0662
',65(63(&7)8/





$QDQG6ZDJKDWFDEEDJHVDUHDOVRSHRSOHDQGYHU\LQQRFHQWSHRSOH:KDWGR
\RXPHDQ,WVHHPVVRGLVUHVSHFWIXO"'LVUHVSHFWIXOWRZKRP"7RFDEEDJHV",Q
IDFWLWLVPRUHGLVUHVSHFWIXOWRFDEEDJHVWRFRPSDUHWKHPZLWKPHQ:KDWKDYH
WKH\GRQH"

-XVWORRNDWPDQ
VKLVWRU\DQGWKHKLVWRU\RIFDEEDJHV<RXZLOOQRWILQGPRUH
LQQRFHQWSHRSOHWKDQFDEEDJHVWKH\DUHDOOEXGGKDVVRVLOHQWVRKDSS\VR
PHGLWDWLYH$QG\RXDUHVD\LQJ,WVHHPVVRGLVUHVSHFWIXO7RPDQ"
$QGZKDWFDQ,GRLIVRPHERG\LVDQDVVKROH",DPQRWFRQGHPQLQJKLP,DP
VLPSO\VWDWLQJDIDFW'R\RXZDQWPHWROLH"$QDVVKROHLVDQDVVKROHSODLQDQG
VLPSOH$QGUHPHPEHULWLVSHUIHFWO\RND\WREHDQDVVKROH
%XWZK\6ZDJKDWDUH\RXZRUULHG"$UH\RXDFDEEDJHRU"

7KHODVWTXHVWLRQ
%(/29('26+2

'21
7<287$/.(9(5<'$<$%2876,71$/7$"

3DULQLUYDQD\HVZKDWVRHYHU,WDONDERXWLV6LWQDOWDH[FHSWWKHMRNHV%XWWKHUH
LVDSUREOHPZLWKMRNHVWKLVWLPHLQWKLVVHULHV$WLVKDLVDJDLQVWMRNHV+HQFH,
DPQRWWHOOLQJ\RXWRRPDQ\MRNHV,WLVUHDOO\KDUGRQPH,JHWVRWHPSWHGEXW
WKHQ,UHPHPEHUWKLVROG$WLVKDDQG,KDYHWUHPHQGRXVUHVSHFWIRUKLP
+HKDVDVXWUDZKLFK\RXZLOOVRRQFRPHWR'RQ
WWHOOZLFNHGMRNHV6RDWILUVW
,ZDVWKLQNLQJWRGURSWKDWVXWUDEXWWKHQ,WKRXJKWWKDWZRXOGQRWEHULJKW
(QRXJKIRUWRGD\


FKDSWHUQLQHZDWFKLQJWKHZDWFKHU


IHEUXDU\DPLQEXGGKDKDOO


*5$637+(35,1&,3/(2)7:2:,71(66(6
$/:$<65(/<21-867$+$33<)5$0(2)0,1'
(9(17+28*+<28$5(',675$&7(',)<28&$1'2,7,7,667,//
0,1'75$,1,1*
$/:$<62%6(59(7+(7+5((*(1(5$/32,176
&+$1*(<285,1&/,1$7,21$1'7+(10$,17$,1,7
'2127',6&866'()(&76
'21
77+,1.$%287$1<7+,1*7+$7&21&(51627+(56




75$,1),567$*$,1677+('(),/(0(177+$7,6*5($7(67
$%$1'21$//+23(62)5(68/76

7KHILUVWVXWUD
*5$637+(35,1&,3/(2)7:2:,71(66(6

,WLVRQHRIWKHPRVWLPSRUWDQWVXWUDVRQHRIWKHYHU\IXQGDPHQWDOVRILQQHU
DOFKHP\/HWLWVLQNGHHSLQ\RXUKHDUW,WFDQWUDQVIRUP\RXLWFDQJLYH\RXD
QHZELUWKDQHZYLVLRQDQHZXQLYHUVH,WKDVWZRPHDQLQJVERWKPHDQLQJV
KDYHWREHXQGHUVWRRG

7KHILUVWPHDQLQJWKHUHDUHWZRNLQGVRIZLWQHVVHV2QHNLQGLVWKHSHRSOHWKDW
VXUURXQG\RX<RXDUHFRQVWDQWO\DZDUHWKDW\RXDUHEHLQJZDWFKHGZLWQHVVHG
,WFUHDWHVVHOIFRQVFLRXVQHVVLQ\RX+HQFHWKHIHDUZKHQ\RXDUHRQDVWDJH
IDFLQJDELJFURZG$FWRUVIHHOLWSRHWVIHHOLWRUDWRUVIHHOLWDQGQRWRQO\WKH
EHJLQQHUVEXWHYHQWKRVHZKRKDYHZDVWHGWKHLUZKROHOLIHLQDFWLQJ:KHQWKH\
FRPHRQWKHVWDJHDJUHDWWUHPEOLQJDULVHVLQWKHPDJUHDWIHDUDVWRZKHWKHU
WKH\ZLOOEHDEOHWRPDNHLWRUQRW

:LWKVRPDQ\H\HVZDWFKLQJ\RX\RXDUHUHGXFHGWRDQREMHFW<RXDUHQRPRUH
DVXEMHFWLYLW\\RXKDYHEHFRPHDWKLQJ$QG\RXDUHDIUDLGEHFDXVHWKH\PD\
QRWDSSUHFLDWH\RX7KH\PD\QRWIHHG\RXUHJRWKH\PD\QRWOLNH\RXWKH\PD\
UHMHFW\RX1RZ\RXDUHLQWKHLUKDQGV<RXDUHUHGXFHGWRDGHSHQGHQWVODYH

1RZ\RXKDYHWRZRUNLQVXFKDZD\WKDW\RXZLOOEHDSSUHFLDWHG<RXKDYHWR
EXWWUHVVWKHLUHJRVVRWKDWLQUHVSRQVH\RXFDQKRSHWKH\ZLOOEXWWUHVV\RXUHJR
:KHQ\RXDUHZLWK\RXUIULHQGV\RXDUHQRWVRDIUDLG<RXNQRZWKHPWKH\DUH
SUHGLFWDEOH\RXGHSHQGRQHDFKRWKHU%XWZKHQ\RXIDFHWKHDQRQ\PRXV
FURZGPRUHIHDUDULVHV<RXUZKROHEHLQJVWDUWVWUHPEOLQJ\RXUZKROHHJRLVDW
VWDNH\RXFDQIDLO:KRNQRZV"<RXUVXFFHVVLVQRWJXDUDQWHHG

7KLVLVWKHILUVWNLQGRIZLWQHVV2WKHUVDUHZLWQHVVLQJ\RXDQG\RXDUHMXVWD
EHJJDU7KLVLVWKHVLWXDWLRQLQZKLFKPLOOLRQVRISHRSOHOLYH7KH\OLYHIRURWKHUV
KHQFHWKH\RQO\DSSHDUWROLYHWKH\GRQ
WOLYHLQUHDOLW\7KH\DUHDOZD\V
DGMXVWLQJWRRWKHUVEHFDXVHWKH\DUHKDSS\RQO\LIRWKHUVDUHKDSS\ZLWKWKHP

7KH\DUHFRPSURPLVLQJFRQVWDQWO\WKH\DUHVHOOLQJWKHLUVRXOVIRUDVLPSOH
UHDVRQVRWKHLUHJRFDQEHVWUHQJWKHQHGVRWKDWWKH\FDQEHFRPHIDPRXV
ZHOONQRZQ

+DYH\RXREVHUYHGVRPHWKLQJRILPPHQVHYDOXHWKDWZKHQHYHUDSRHWD
QRYHOLVWRUDVFLHQWLVWJHWVD1REHOSUL]HLPPHGLDWHO\DIWHUWKDWKLVFUHDWLYLW\
GHFOLQHV"1R1REHOODXUHDWHKDVEHHQDEOHWRSURGXFHDQ\WKLQJYDOXDEOH
FRPSDUHGWRWKHWKLQJVWKDWKHFUHDWHGEHIRUHKHUHFHLYHGLW:KDWKDSSHQV"
1RZ\RXKDYHDWWDLQHGWKHJRDORIWKHHJRWKHUHLVQRIXUWKHUWRJRVRWKHUHLV
QRPRUHQHHGWRDGMXVWWRSHRSOH2QFHDERRNEHFRPHVIDPRXVWKHDXWKRU




GLHV

7KDW
VZKDWKDSSHQHGZLWK.DKOLO*LEUDQ
V7KH3URSKHW7KDW
VZKDWKDSSHQHG
ZLWK5DELQGUDQDWK
V*LWDQMDOL$QGWKDWLVDOPRVWWKHUXOHQRWWKHH[FHSWLRQ
2QFH\RXDUHIDPRXV\RXVWRSFRPSURPLVLQJ)RUZKDW"<RXDUHDOUHDG\
IDPRXV$QGZKHQ\RXVWRSFRPSURPLVLQJSHRSOHVWDUWQHJOHFWLQJ\RXLJQRULQJ
\RX<RXUZKROHFUHDWLYLW\ZDVURRWHGLQWKHGHVLUHRIWKHHJRQRZWKHHJRIHHOV
DWUHVWDOOFUHDWLYLW\GLVDSSHDUV

7KLVLVWKHVLWXDWLRQLQZKLFKQLQHW\QLQHSRLQWQLQHSHUFHQWRISHRSOHOLYH<RX
NQRZRQO\RQHNLQGRIZLWQHVVWKHRWKHU$QGWKHRWKHULVDOZD\VDQ[LHW\
FUHDWLQJ

-HDQ3DXO6DUWUHULJKWO\VD\V7KHRWKHULVKHOO7KHRWKHUGRHVQRWDOORZ\RXWR
UHOD[:K\GR\RXIHHOVRUHOD[HGLQ\RXUEDWKURRPLQ\RXUEDWKWXE"EHFDXVH
WKHRWKHULVQRWWKHUH%XWUHOD[LQJLQ\RXUEDWKWXELI\RXVXGGHQO\EHFRPH
DZDUHWKDWVRPHERG\LVORRNLQJDW\RXWKURXJKWKHNH\KROHVXGGHQO\DOO
UHOD[DWLRQGLVDSSHDUV<RXDUHWHQVHDJDLQ<RXDUHEHLQJZDWFKHG

7RFUHDWHIHDULQSHRSOHGRZQWKHDJHVWKHSULHVWVKDYHEHHQWHOOLQJ\RXWKDW
*RGLVFRQVWDQWO\ZDWFKLQJ\RXFRQVWDQWO\ZDWFKLQJ\RXGD\LQDQGGD\RXW
<RXPD\EHDVOHHSKHQHYHUVOHHSVKHJRHVRQVLWWLQJE\WKHEHGDQG
ZDWFKLQJ+HQRWRQO\ZDWFKHV\RXKHZDWFKHV\RXUGUHDPVDQG\RXUWKRXJKWV
WRR6R\RXDUHQRWRQO\JRLQJWREHSXQLVKHGIRU\RXUDFWVEXWIRU\RXUGUHDPV
IRU\RXUWKRXJKWV\RXUGHVLUHVDQG\RXUIHHOLQJV

7KHSULHVWVFUHDWHGJUHDWIHDULQSHRSOH-XVWWKLQNRI*RGZDWFKLQJFRQWLQXRXVO\
1RPRPHQWQRWHYHQDVLQJOHPRPHQWLVDOORZHGZKHQ\RXFDQEH\RXUVHOI
7KDWZDVDJUHDWVWUDWHJ\IRUUHGXFLQJSHRSOHWRWKLQJV

:K\GRZHKDQNHUIRUWKHDWWHQWLRQRIRWKHUV"EHFDXVHDVZHDUHZHDUH
KROORZ$VZHDUHZHDUH127$VZHDUHZHGRQ
WKDYHDFHQWHURIEHLQJ:H
DUHMXVWQRLVHDFURZGDKRXVHIXOORIVHUYDQWVTXDUUHOLQJZLWKHDFKRWKHU
EHFDXVHWKHPDVWHULVDEVHQWRUIDVWDVOHHS:HKDQNHUIRURWKHUSHRSOH
V
DWWHQWLRQVRWKDWDWOHDVWZHFDQFUHDWHDSVHXGRFHQWHU,IWKHUHDOLVPLVVLQJDW
OHDVWZHFDQGHSHQGRQDSVHXGRFHQWHU,WZLOOJLYH\RXDQDSSHDUDQFHRI
WRJHWKHUQHVVLWZLOOPDNH\RXDSHUVRQ<RXDUHQRWDQLQGLYLGXDOLQGLYLGXDOLW\
LVWKHIUDJUDQFHRIDUHDOO\FHQWHUHGEHLQJRQHZKRNQRZVZKRKHLV

%XWLI\RXDUHQRWDQLQGLYLGXDOWKHQDWOHDVW\RXFDQEHDSHUVRQ\RXFDQDWWDLQ
SHUVRQDOLW\$QGSHUVRQDOLW\KDVWREHEHJJHG,QGLYLGXDOLW\LV\RXULQQHUPRVW
JURZWK,WLVDJURZWK\RXQHHGQRWEHJLWIURPDQ\ERG\HOVHDQGQRERG\FDQ
JLYHLWWR\RX,QGLYLGXDOLW\LV\RXUXQIROGPHQW%XWSHUVRQDOLW\FDQEHEHJJHG
SHRSOHFDQJLYHLWWR\RXLQIDFWRQO\RWKHUSHRSOHFDQJLYHLWWR\RX

,I\RXDUHDORQHLQWKHIRUHVW\RXZLOOQRWKDYHDQ\SHUVRQDOLW\UHPHPEHU<RX




ZLOOKDYHLQGLYLGXDOLW\EXWQRSHUVRQDOLW\DWDOO,I\RXDUHDORQHLQWKH+LPDOD\DV
ZKRDUH\RXDVDLQWRUDVLQQHU"7KHUHLVQRERG\WRDSSUHFLDWH\RXRU
FRQGHPQ\RXWKHUHLVQRERG\WRPDNH\RXIDPRXVRUQRWRULRXVWKHUHLVQRERG\
H[FHSW\RXUVHOI,Q\RXUWRWDODORQHQHVVZKRDUH\RX"$VLQQHURUDVDLQW"$YHU\
YHU\IDPRXVSHUVRQYYLSRUMXVWDQRERG\"

<RXDUHQHLWKHU<RXDUHQHLWKHUDYHU\YHU\LPSRUWDQWSHUVRQQRUDQRERG\
EHFDXVHIRUERWKWKHRWKHULVDPXVW7KHH\HVRIRWKHUVDUHQHHGHGWRUHIOHFW
\RXUSHUVRQDOLW\<RXDUHQHLWKHUWKLVQRUWKDW<RXDUHEXW\RXDUHLQ\RXU
UHDOLW\\RXDUHQRWFUHDWHGE\RWKHUV<RXDUHDV\RXDUHLQ\RXUXWWHU
QXGHQHVVDXWKHQWLFLW\
7KLVLVRQHRIWKHUHDVRQVZK\PDQ\SHRSOHWKRXJKWLWZLVHWRHVFDSHIURPWKH
VRFLHW\,WZDVQRWUHDOO\WRHVFDSHIURPWKHVRFLHW\LWZDVQRWUHDOO\DJDLQVW
VRFLHW\LWZDVMXVWDQHIIRUWWRUHQRXQFHWKHSHUVRQDOLW\

%XGGKDOHIWKLVSDODFH+HLVQRWDFRZDUGDQGKHLVQRWDQHVFDSLVWVRZK\GLG
KHOHDYHWKHSDODFH"5DELQGUDQDWKKDVZULWWHQDEHDXWLIXOSRHPDERXWLW+HOHIW
WKHSDODFHIRUWZHOYH\HDUVKHURDPHGLQWKHIRUHVWVSUDFWLFHGDQGPHGLWDWHG
$QGWKHGD\RIXOWLPDWHUHMRLFLQJFDPHKHEHFDPHHQOLJKWHQHG1DWXUDOO\WKH
ILUVWWKLQJWKDWKHUHPHPEHUHGZDVWKDWKHKDGWRJREDFNWRWKHSDODFHWR
GHOLYHUWKHJRRGQHZVWRWKHZRPDQKHKDGORYHGWRWKHFKLOGWKDWKHKDGOHIW
EHKLQGWRWKHROGIDWKHUZKRZDVVWLOOKRSLQJWKDWKHZRXOGFRPHEDFN

,WLVVRKXPDQLWWRXFKHVWKHKHDUW$IWHUWZHOYH\HDUVKHUHWXUQHG+LVIDWKHU
ZDVDQJU\DVIDWKHUVZLOOEH+LVIDWKHUFRXOGQRWVHHZKRKHZDVFRXOGQRWVHH
ZKDWKHKDGEHFRPHFRXOGQRWVHHKLVLQGLYLGXDOLW\ZKLFKZDVVRORXGDQGVR
FOHDU7KHZKROHZRUOGZDVEHFRPLQJDZDUHRILWEXWKLVIDWKHUZDVEOLQGWRLW
+HZDVVWLOOWKLQNLQJDERXWKLPLQWHUPVRIWKHSHUVRQDOLW\WKDWZDVQRORQJHU
WKHUHWKDWKHKDGUHQRXQFHGWKHGD\KHOHIWWKHSDODFH

,QIDFW%XGGKDKDGWROHDYHWKHSDODFHMXVWWRUHQRXQFHKLVSHUVRQDOLW\+H
ZDQWHGWRNQRZKLPVHOIDVKHZDVQRWZKDWRWKHUVZHUHWKLQNLQJDERXWKLP%XW
WKHIDWKHUZDVQRZORRNLQJLQWRKLVIDFHZLWKWKHH\HVRIWZHOYH\HDUVDJR+H
DJDLQVDLGWR%XGGKD,DP\RXUIDWKHU,ORYH\RXDOWKRXJK\RXKDYHKXUWPH
GHHSO\DQGKDYHZRXQGHGPHGHHSO\,DPDQROGPDQDQGWKHVHWZHOYH\HDUV
KDYHEHHQDWRUWXUH<RXDUHP\RQO\VRQDQG,KDYHVRPHKRZWULHGWROLYHVR
WKDW\RXFRXOGFRPHEDFN1RZ\RXDUHEDFNWDNHFKDUJHRIWKHHPSLUHEHWKH
NLQJ1RZOHWPHUHVWLWLVWLPHIRUPHWRUHVW<RXKDYHFRPPLWWHGDVLQDJDLQVW
PHDQG\RXKDYHEHHQDOPRVWPXUGHURXVWRZDUGVPHEXW,IRUJLYH\RXDQGP\
GRRUVDUHVWLOORSHQ

%XGGKDODXJKHG+HVDLG6LUEHDOLWWOHPRUHDZDUHRIZKRP\RXDUHWDONLQJ
ZLWK7KHPDQZKROHIWWKHSDODFHLVQRPRUHKHGLHGORQJDJR,DPVRPHERG\
HOVHORRNDWPH

$QGWKHIDWKHUEHFDPHHYHQPRUHDQJU\+HVDLG'R\RXZDQWWRGHFHLYHPH"




,GRQ
WNQRZ\RX",NQRZ\RXPRUHWKDQ\RXNQRZ\RXUVHOI,DP\RXUIDWKHU,
KDYHJLYHQELUWKWR\RXLQ\RXUEORRGP\EORRGFLUFXODWHVDQG,GRQ
WNQRZ
\RX"

%XGGKDVDLG6WLOO,SUD\VLU<RXKDYHFHUWDLQO\JLYHQELUWKWRPH,FDPH
WKURXJK\RXWKDW
VWUXHEXW\RXZHUHRQO\DYHKLFOH$QGMXVWEHFDXVH
VRPHERG\KDVFRPHULGLQJRQDKRUVHLWGRHVQRWPHDQWKDWWKHKRUVHNQRZV
WKHULGHU,KDYHSDVVHGWKURXJKWKHGRRUVRI\RXUERG\EXWWKDWGRHVQRWPHDQ
WKDW\RXNQRZPH,QIDFWWZHOYH\HDUVDJRHYHQ,GLGQRWNQRZZKR,ZDV1RZ
,NQRZ/RRNLQWRP\H\HV3OHDVHIRUJHWWKHSDVWEHKHUHQRZ

%XWWKHIDWKHUZDVLQFDSDEOH:LWKKLVROGH\HVIXOORIWHDUVRIDQJHUDQGMR\KH
FRXOGQRWVHHZKDWKDGKDSSHQHGWR%XGGKD:KDWQRQVHQVHLVKHWDONLQJ
DERXWWKDWKHKDVGLHGDQGLVUHERUQWKDWKHLVDWRWDOO\GLIIHUHQWLQGLYLGXDOLW\"
7KDWKHLVQRPRUHDSHUVRQDOLW\WKDWKHLVDQLQGLYLGXDOLW\"

,QGLFWLRQDULHVSHUVRQDOLW\DQGLQGLYLGXDOLW\DUHV\QRQ\PV7KH\DUHQRW
V\QRQ\PRXVLQOLIH7KHSHUVRQDOLW\LVIDOVHDSUHWHQVLRQDIDFDGH,QGLYLGXDOLW\
LV\RXUWUXWK

:K\GRZHZDQWPDQ\PDQ\SHRSOHWRJLYHDWWHQWLRQWRXV":K\GRZHKDQNHU
IRUWKLV"7RFUHDWHSHUVRQDOLW\$QGWKHPRUHSHUVRQDOLW\\RXFUHDWHDURXQG
\RXUVHOIWKHOHVVLVWKHSRVVLELOLW\RINQRZLQJ\RXULQGLYLGXDOLW\

$QGZKHQ%XGGKDZHQWWRVHHKLVZLIHVKHZDVHYHQPRUHDQJU\6KHDVNHG
RQO\RQHTXHVWLRQDYHU\VLJQLILFDQWRQH6KHVDLG,KDYHRQO\RQHTXHVWLRQWR
DVN\RX,KDYHZDLWHGIRUDOOWKHVH\HDUVDQG,KDYHRQO\RQHTXHVWLRQ7KH
TXHVWLRQLVVLPSOHEXWEHKRQHVW6KHVWLOOWKLQNVWKDW%XGGKDFDQEHGLVKRQHVW
%HKRQHVWEHWUXHDQGMXVWWHOOPHRQHWKLQJ:KDWHYHU\RXKDYHDWWDLQHGLQ
WKHIRUHVWZDVLWLPSRVVLEOHWRDWWDLQLWKHUHLQWKHSDODFH",V*RGRQO\LQWKH
IRUHVWDQGQRWKHUHLQWKHPDUNHWSODFH"
+HUTXHVWLRQLVRIWUHPHQGRXVVLJQLILFDQFH

%XGGKDVDLG<HVWKHWUXWKLVDVPXFKKHUHDVLWLVWKHUH%XWLWZRXOGKDYH
EHHQYHU\GLIILFXOWIRUPHWRNQRZLWKHUHEHFDXVH,ZDVORVWLQDSHUVRQDOLW\
WKHSHUVRQDOLW\RIWKHSULQFHWKHSHUVRQDOLW\RIDKXVEDQGWKHSHUVRQDOLW\RID
IDWKHUWKHSHUVRQDOLW\RIDVRQ7KHSHUVRQDOLW\ZDVWRRPXFK,QHYHUOHIWWKH
SDODFHUHDOO\,ZDVRQO\OHDYLQJP\SHUVRQDOLW\EHKLQGVRWKDWWKHUHZRXOGEH
QRERG\WRUHPLQGPHZKR,ZDVDQG,FRXOGDQVZHUWKHTXHVWLRQ
:KRDP,"
RQ
P\RZQ,ZDQWHGWRHQFRXQWHUP\VHOI,ZDVQRWLQWHUHVWHGLQRWKHUV
DQVZHUV

%XWHYHU\ERG\HOVHLVLQWHUHVWHGLQRWKHUV
DQVZHUV+RZPXFK\RXORYHLWZKHQ
VRPHERG\VD\V<RXDUHVREHDXWLIXO

6DUYHVKZDVVD\LQJWR0XNWD,IHHODOLWWOHORVW1DWXUDOO\+HLVRQHRIWKHEHVW
YHQWULORTXLVWVWKHZRUOGNQRZVKHKDVOLYHGWKHOLIHRIDVKRZPDQDOZD\VRQ




WKHVWDJHOLJKWVIORRGLQJKLPIURPHYHU\ZKHUHWKRXVDQGVRISHRSOHDEVROXWHO\
DOHUWZDWFKLQJZKDWKHLVGRLQJZLWKJUHDWDSSUHFLDWLRQ+HKDVWDOHQWJHQLXV
DQGKHKDVOLYHGIORRGHGZLWKRWKHUV
DWWHQWLRQV

1RZQDWXUDOO\LQWKLVFRPPXQHQRERG\FRPHVWRVD\WRKLP6DUYHVK\RXDUH
JUHDW6DUYHVK\RXDUHWKLV\RXDUHWKDW+HPXVWEHIHHOLQJDOLWWOHELWORVW7KDW
LVDSUREOHPIRUSHRSOHZKRDUHSXEOLFILJXUHVLWLVYHU\GLIILFXOWIRUWKHPWRGURS
WKHLUSHUVRQDOLW\

%XWKHLVWU\LQJDQG,DPFHUWDLQWKDWKHZLOOVXFFHHG,WLVJRLQJWRKDSSHQ2Q
RQHKDQGKHKDVKDQNHUHGIRUWKHDWWHQWLRQRIRWKHUVEXWVRRQHURUODWHU\RX
EHFRPHWLUHGRILWWRREHFDXVHLWLVMXVWDUWLILFLDOIRRG0D\EHLWWDVWHVJRRG
PD\EHLWVIODYRULVEHDXWLIXOEXWLWGRHVQRWQRXULVKLWGRHVQRWJLYH\RXYLWDOLW\

3HUVRQDOLW\LVDVKRZSLHFH,WFDQGHFHLYHRWKHUVEXWLWFDQQRWGHFHLYH\RXDW
OHDVWQRWIRUORQJ7KDW
VZK\6DUYHVKKDVFRPHKHUHWLUHGH[KDXVWHGE\DOOWKH
DWWHQWLRQ%XWROGKDELWSHUVLVWVDOLWWOHORQJHU6RRQHURUODWHUKHZLOOVWDUW
HQMR\LQJKLPVHOIVRRQHURUODWHUKHZLOOVWDUWHQMR\LQJKLVLQGLYLGXDOLW\

$QGWKHGD\\RXFDQHQMR\\RXULQGLYLGXDOLW\\RXDUHIUHHIUHHIURP
GHSHQGHQFHRQRWKHUV,I\RXDVNIRUWKHLUDWWHQWLRQ\RXKDYHWRSD\IRULWLQ
UHWXUQ,WLVDERQGDJH7KHPRUH\RXDVNSHRSOHWREHDWWHQWLYHWRZDUGV\RXWKH
PRUH\RXDUHEHFRPLQJDWKLQJDFRPPRGLW\ZKLFKFDQEHVROGDQGSXUFKDVHG

7KDW
VZKDWKDSSHQVWRDOOSXEOLFILJXUHVWRSROLWLFLDQVWRVKRZEL]SHRSOH7KLV
LVRQHNLQGRIZLWQHVVLQJ\RXZDQWWREHZLWQHVVHG,WJLYHV\RXUHVSHFWDELOLW\
DQGLQRUGHUWRKDYHUHVSHFWDELOLW\\RXZLOOKDYHWRFUHDWHFKDUDFWHUDQGPRUDOLW\



%XWDOOWKDWFKDUDFWHUDQGDOOWKDWPRUDOLW\LVMXVWK\SRFULV\<RXFUHDWHLWZLWKD
PRWLYDWLRQVRWKDWRWKHUVFDQEHDWWUDFWHGWRZDUGV\RX

,I\RXZDQWUHVSHFWDELOLW\\RXZLOOKDYHWREHDFRQIRUPLVW\RXZLOOKDYHWREH
REHGLHQWWRWKHVRFLHW\DQGLWVGHPDQGV<RXZLOOKDYHWROLYHDFFRUGLQJWRZURQJ
YDOXHVEHFDXVHWKHVRFLHW\FRQVLVWVRISHRSOHZKRDUHIDVWDVOHHSWKHLUYDOXHV
FDQQRWEHULJKWYDOXHV

<HVEXWWKHUHLVRQHWKLQJ\RXFDQEHFRPHDVDLQW7KDW
VKRZWKRXVDQGVRI
\RXUVDLQWVDUH7KH\KDYHVDFULILFHGHYHU\WKLQJDWWKHDOWDURIUHVSHFWDELOLW\
7KH\KDYHWRUWXUHGWKHPVHOYHVWKH\KDYHEHHQVXLFLGDOEXWWKH\KDYHJDLQHG
RQHWKLQJ7KH\KDYHEHFRPHVDLQWVSHRSOHZRUVKLSWKHP

,I\RXZDQWWKDWNLQGRIZRUVKLSUHVSHFWDELOLW\VDLQWKRRGWKHQ\RXZLOOEHFRPH
PRUHDQGPRUHIDOVHPRUHDQGPRUHSVHXGRPRUHDQGPRUHSODVWLF<RXZLOO
QHYHUEHDUHDOURVH$QGWKDWLVWKHJUHDWHVWFDODPLW\LQOLIHWKDWFDQKDSSHQWRD




PDQWREHDSODVWLFURVHDQGQRWWREHDUHDOURVH

7KHVHFRQGNLQGRIZLWQHVVLQJLVWRWDOO\GLIIHUHQWMXVWWKHSRODURSSRVLWH,WLVQRW
WKDW\RXKDQNHUIRURWKHUV
DWWHQWLRQRQWKHFRQWUDU\\RXVWDUWSD\LQJDWWHQWLRQWR
\RXUVHOI<RXEHFRPHDZLWQHVVWR\RXURZQEHLQJ<RXVWDUWZDWFKLQJ\RXU
WKRXJKWVGHVLUHVGUHDPVPRWLYHVJUHHGVDQGMHDORXVLHV<RXFUHDWHDQHZ
NLQGRIDZDUHQHVVZLWKLQ\RX<RXEHFRPHDFHQWHUDVLOHQWFHQWHUZKLFKJRHV
RQZDWFKLQJZKDWVRHYHULVKDSSHQLQJ

<RXDUHDQJU\DQG\RXZDWFKLW<RXDUHQRWMXVWDQJU\DQHZHOHPHQWLV
LQWURGXFHGLQWRLW\RXDUHZDWFKLQJLW$QGWKHPLUDFOHLVWKDWLI\RXFDQZDWFK
DQJHUWKHDQJHUGLVDSSHDUVZLWKRXWEHLQJUHSUHVVHG

7KHILUVWNLQGRIVDLQWZLOOKDYHWRUHSUHVVLW+HZLOOKDYHWRUHSUHVVKLVVH[XDOLW\
KHZLOOKDYHWRUHSUHVVKLVJUHHG$QGWKHPRUH\RXUHSUHVVDQ\WKLQJWKHGHHSHU
LWJRHVLQWR\RXUXQFRQVFLRXV,WEHFRPHVSDUWRI\RXUEDVHPHQWDQGLWVWDUWV
DIIHFWLQJ\RXUOLIHIURPWKHUH,WLVOLNHDZRXQGWKDWLVRR]LQJZLWKSXVEXW\RX
KDYHFRYHUHGLW-XVWE\FRYHULQJLW\RXGRQ
WEHFRPHKHDOWK\LWGRHVQRWKHDO
,QIDFWE\FRYHULQJLW\RXDUHKHOSLQJLWWRJURZPRUHDQGPRUH<RXUVDLQWVVWLQN
VWLQNRIDOONLQGVRIUHSUHVVLRQV

7KHVHFRQGNLQGRIZLWQHVVLQJFUHDWHVDWRWDOO\GLIIHUHQWNLQGRISHUVRQ,WFUHDWHV
WKHVDJH7KHVDJHLVRQHZKRNQRZVZKRKHLVQRWDFFRUGLQJWRRWKHUV7KH
VDJHLVRQHZKROLYHVDOLIHDFFRUGLQJWRKLVRZQQDWXUHQRWDFFRUGLQJWRRWKHUV

YDOXHV+HKDVKLVRZQYLVLRQDQGWKHFRXUDJHWROLYHLW

7KHVDJHLVUHEHOOLRXV7KHVDLQWLVREHGLHQWRUWKRGR[FRQYHQWLRQDOWUDGLWLRQDO
FRQIRUPLVW7KHVDJHLVQRQFRQIRUPLVWQRQWUDGLWLRQDOQRQFRQYHQWLRQDO
UHEHOOLRXV5HEHOOLRQLVWKHYHU\WDVWHRIKLVEHLQJ+HLVQRWGHSHQGHQWRQ
RWKHUV+HNQRZVZKDWIUHHGRPLVDQGKHNQRZVWKHMR\VRIIUHHGRP7KHVDLQW
ZLOOEHIROORZHGE\DELJFURZG7KHVDJHZLOOKDYHRQO\WKHFKRVHQSHRSOHZKR
ZLOOEHDEOHWRXQGHUVWDQGKLP

7KHVDJHZLOOEHPLVXQGHUVWRRGE\WKHPDVVHVWKHVDLQWZLOOEHZRUVKLSSHG7KH
VDJHZLOOEHFRQGHPQHGE\WKHPDVVHVPD\EHHYHQPXUGHUHG-HVXVLV
FUXFLILHGDQGWKHSRSHLVZRUVKLSSHG-HVXVLVDVDJHDQGWKHSRSHLVDVDLQW

7KHVDLQWKDVFKDUDFWHUDQGWKHVDJHKDVFRQVFLRXVQHVV$QGWKHUHLVD
WUHPHQGRXVGLIIHUHQFH7KH\DUHDVGLIIHUHQWDVWKHHDUWKDQGWKHVN\&KDUDFWHU
LVLPSRVHGIRUVRPHXOWHULRUPRWLYHVWRJDLQUHVSHFWDELOLW\LQWKLVZRUOGDQGWR
KDYHPRUHDQGPRUHKHDYHQO\SOHDVXUHV&RQVFLRXVQHVVKDVQRIXWXUHQR
PRWLYDWLRQLWLVDMR\XQWRLWVHOI,WLVQRWDPHDQVWRVRPHHQGLWLVDQHQGXQWR
LWVHOI

7REHZLWKDVDLQWLVWREHZLWKDQLPLWDWRU7REHZLWKDVDJHLVWREHZLWK
VRPHWKLQJWUXHDQGDXWKHQWLF7REHZLWKDVDLQWLVWREHZLWKDWHDFKHUDWWKH




PRVW7REHZLWKDVDJHLVWREHZLWKDPDVWHU7KHVHDUHWKHWZRZLWQHVVHV

$WLVKDVD\V
*5$637+(35,1&,3/(2)7:2:,71(66(6

$YRLGWKHILUVWDQGSOXQJHLQWRWKHVHFRQG

7KHUHLVDQRWKHUPHDQLQJWRWKLVVXWUDWRR7KHRWKHUPHDQLQJLVILUVWZLWQHVV
WKHREMHFWVRIWKHPLQG7KLVLVDKLJKHUPHDQLQJWKDQWKHILUVW:LWQHVVWKH
REMHFWVRIWKHPLQG

3DWDQMDOLFDOOVLWGK\DQDPHGLWDWLRQIURPWKHVDPHZRUGFRPH]HQDQG&+
$1
:LWQHVVWKHREMHFWVWKHFRQWHQWVRIWKHPLQG:KDWVRHYHUSDVVHVEHIRUH\RX
ZDWFKLWZLWKRXWHYDOXDWLQJMXGJLQJRUFRQGHPQLQJ'RQ
WEHIRURUDJDLQVWMXVW
ZDWFKDQGGK\DQDPHGLWDWLRQLVFUHDWHG

$QGWKHVHFRQGLVZLWQHVVWKHZLWQHVVLWVHOIDQGVDPDGKLLVFUHDWHGVDWRULLV
FUHDWHGWKHXOWLPDWHHFVWDV\LVFUHDWHG7KHILUVWOHDGVWRWKHVHFRQG6WDUW
ZDWFKLQJ\RXUWKRXJKWVEXWGRQ
WVWRSWKHUH:KHQWKRXJKWVKDYHGLVDSSHDUHG
WKHQGRQ
WWKLQNWKDW\RXKDYHDUULYHG2QHPRUHWKLQJKDVWREHGRQHRQHPRUH
VWHS1RZZDWFKWKHZDWFKHU1RZMXVWZLWQHVVWKHZLWQHVVLQJ1RWKLQJHOVHLV
OHIWRQO\\RXDUH-XVWVXGGHQO\EHFRPHDZDUHRIDZDUHQHVVLWVHOIDQGWKHQ
GK\DQDLVWUDQVIRUPHGLQWRVDPDGKL%\ZDWFKLQJWKHPLQGWKHPLQGGLVDSSHDUV
%\ZDWFKLQJWKHZLWQHVVWKHZLWQHVVH[SDQGVDQGEHFRPHVXQLYHUVDO

7KHILUVWLVDQHJDWLYHVWHSWRJHWULGRIWKHPLQG7KHVHFRQGLVDSRVLWLYHVWHSWR
JHWURRWHGLQWKHXOWLPDWHFRQVFLRXVQHVVFDOOLW*RGRUQLUYDQDRUZKDWHYHU\RX
ZLVK
7KHVHFRQGVXWUD
$/:$<65(/<21-867$+$33<)5$0(2)0,1'

,I\RXDUHXQKDSS\WKDWVLPSO\PHDQVWKDW\RXKDYHOHDUQHGWULFNVIRUEHLQJ
XQKDSS\DQGQRWKLQJHOVH8QKDSSLQHVVGHSHQGVRQWKHIUDPHRI\RXUPLQG

7KHUHDUHSHRSOHZKRDUHXQKDSS\LQDOONLQGVRIVLWXDWLRQV7KH\KDYHDFHUWDLQ
TXDOLW\LQWKHLUPLQGZKLFKWUDQVIRUPVHYHU\WKLQJLQWRXQKDSSLQHVV,I\RXWHOO
WKHPDERXWWKHEHDXW\RIWKHURVHWKH\LPPHGLDWHO\VWDUWFRXQWLQJWKHWKRUQV,I
\RXVD\WRWKHP:KDWDEHDXWLIXOPRUQLQJZKDWDVXQQ\GD\WKH\ZLOOORRNDW
\RXDVLIWKH\DUHVXUSULVHGE\\RXUVWDWHPHQW7KH\ZLOOVD\6RZKDW2QHGD\
EHWZHHQWZRGDUNQLJKWV,WLVRQO\RQHGD\EHWZHHQWZRGDUNQLJKWVVRZKDWLV
WKHELJGHDO":K\DUH\RXORRNLQJVRIDVFLQDWHG"

7KHVDPHWKLQJFDQEHVHHQIURPDSRVLWLYHUHIHUHQFHWKHQVXGGHQO\HDFKQLJKW
LVVXUURXQGHGE\WZRGD\V$QGWKHQVXGGHQO\LWLVDPLUDFOHWKDWWKHURVHLV
SRVVLEOHWKDWVXFKDGHOLFDWHIORZHULVSRVVLEOHDPRQJVRPDQ\WKRUQV





(YHU\WKLQJLVWKHVDPH$OOGHSHQGVRQZKDWNLQGRIIUDPH\RXDUHFDUU\LQJLQ
\RXUKHDG0LOOLRQVRISHRSOHDUHFDUU\LQJFURVVHVQDWXUDOO\REYLRXVO\WKH\DUH
EXUGHQHG7KHLUOLIHLVDGUDJ7KHLUIUDPHLVVXFKWKDWLWLPPHGLDWHO\EHFRPHV
IRFXVHGRQHYHU\WKLQJWKDWLVQHJDWLYH,WPDJQLILHVWKHQHJDWLYHLWLVDPRUELG
DSSURDFKWRZDUGVOLIHSDWKRORJLFDO%XWWKH\JRRQWKLQNLQJ:KDWFDQZHGR"
7KHZRUOGLVVXFK

1RWKHZRUOGLVQRWVXFK7KHZRUOGLVDEVROXWHO\QHXWUDO,WKDVWKRUQVLWKDV
URVHVLWKDVQLJKWVLWKDVGD\V7KHZRUOGLVXWWHUO\QHXWUDOEDODQFHGLWKDVDOO
1RZLWGHSHQGVRQ\RXDVWRZKDW\RXFKRRVH,I\RXKDYHGHFLGHGWRFKRRVH
RQO\WKHZURQJ\RXZLOOOLYHLQDZURQJNLQGRIZRUOGEHFDXVH\RXZLOOOLYHLQ\RXU
RZQFKRVHQZRUOG

7KDW
VKRZSHRSOHFUHDWHKHOODQGKHDYHQRQWKHVDPHHDUWK,WORRNVYHU\
XQEHOLHYDEOHWKDW%XGGKDOLYHGRQWKLVHDUWKZLWKWKHVDPHNLQGRISHRSOHDQG
OLYHGLQSDUDGLVH$QG\RXDOVROLYHRQWKHVDPHHDUWKZLWKWKHVDPHNLQGRI
SHRSOHDQG\RXOLYHLQKHOO

1RZWKHUHDUHWZRSRVVLELOLWLHV7KHSROLWLFDOPLQGVD\V&KDQJHWKHZRUOG7KH
UHOLJLRXVPLQGVD\V&KDQJHWKHIUDPHRI\RXUPLQG

5HOLJLRQDQGSROLWLFVDUHGLDPHWULFDOO\RSSRVLWH7KHUHLVDSRVVLELOLW\RQHGD\RI
DPHHWLQJRIVFLHQFHDQGUHOLJLRQ6RRQHURUODWHUVFLHQFHDQGUHOLJLRQDUH
ERXQGWRPHHWEHFDXVHWKHLUDSSURDFKLVYHU\VLPLODU0D\EHWKHGLUHFWLRQLV
GLIIHUHQWVFLHQFHVHDUFKHVWKHRXWHUDQGUHOLJLRQWKHLQQHU%XWWKHVHDUFKWKH
TXDOLW\RIWKHVHDUFKLVWKHVDPH7KHVSLULWRIWKHVHDUFKLVWKHVDPH

%XW,GRQ
WVHHDQ\SRVVLELOLW\WKDWSROLWLFVDQGUHOLJLRQFDQHYHUPHHW3ROLWLFV
DOZD\VWKLQNVWKHZRUOGLVZURQJFKDQJHWKHVRFLHW\WKHHFRQRPLFVWUXFWXUH
WKLVDQGWKDWDQGHYHU\WKLQJZLOOEHRND\$QGUHOLJLRQVD\VWKHZRUOGKDVDOZD\V
EHHQWKHVDPHDQGZLOOUHPDLQWKHVDPH\RXFDQFKDQJHRQO\RQHWKLQJWKH
FRQWH[WRI\RXUPLQGWKHVSDFHRI\RXUPLQG

$/:$<65(/<21-867$+$33<)5$0(2)0,1'

/HWLWEHFRPHRQHRIWKHIXQGDPHQWDOUXOHVRI\RXUOLIH(YHQLI\RXFRPHDFURVV
DQHJDWLYHILQGVRPHWKLQJSRVLWLYHLQLW<RXZLOODOZD\VEHDEOHWRILQG
VRPHWKLQJ$QGWKHGD\\RXEHFRPHVNLOOIXODWILQGLQJWKHSRVLWLYHLQWKH
QHJDWLYH\RXZLOOGDQFHZLWKMR\

7U\LWWU\WKHQHZYLVLRQRIOLIH7KLQNLQWHUPVRIRSWLPLVPGRQ
WEHDSHVVLPLVW
7KHSHVVLPLVWFUHDWHVKHOODURXQGKLPVHOIDQGOLYHVLQLW\RXOLYHLQWKHZRUOG
\RXFUHDWH

5HPHPEHUWKHUHLVQRWRQO\RQHZRUOGWKHUHDUHDVPDQ\ZRUOGVDVWKHUHDUH
PLQGVLQWKHZRUOG,OLYHLQP\ZRUOG\RXOLYHLQ\RXURZQZRUOG7KH\DUHQRW




RQO\GLIIHUHQWWKH\QHYHURYHUODS7KH\DUHXWWHUO\GLIIHUHQWWKH\H[LVWRQ
GLIIHUHQWSODQHV

$WLVKDPDNHVLWDIXQGDPHQWDOUXOHIRUKLVGLVFLSOHVWROLYHLQDKDSS\IUDPHRI
PLQG7KHQ\RXVWDUWWXUQLQJHDFKRSSRUWXQLW\LQWRDFKDOOHQJHIRUJURZWK)RU
H[DPSOHVRPHERG\LQVXOWV\RX1RZLWLVVRFOHDUWKDW\RXKDYHEHHQLQVXOWHG
KRZFDQ\RXSUDFWLFHDKDSS\IUDPHRIPLQGQRZ"<HVLWFDQEHSUDFWLFHG
,QVXOWDEXGGKDDQG\RXZLOONQRZ

*DXWDP%XGGKDZDVLQVXOWHGRQFH+HZDVSDVVLQJE\DYLOODJHDQGWKH
YLOODJHUVZHUHYHU\DJDLQVWKLP,WZDVLPSRVVLEOHIRUWKHPWRFRPSUHKHQGZKDW
KHZDVWHDFKLQJ&RPSDUHGWRWKHEXGGKDVWKHZKROHZRUOGLVDOZD\VYHU\
SULPLWLYHYHU\XQVRSKLVWLFDWHGYHU\VWXSLG7KHSHRSOHJDWKHUHGDQGLQVXOWHG
KLPYHU\PXFK

%XGGKDOLVWHQHGYHU\VLOHQWO\DQGWKHQKHVDLG,I\RXDUHILQLVKHGFDQ,WDNH
OHDYHRI\RXEHFDXVH,KDYHWRUHDFKWKHRWKHUYLOODJHDQGWKH\PXVWEHZDLWLQJ
IRUPH,I\RXDUHQRWILQLVKHGWKHQZKHQ,UHWXUQWRPRUURZPRUQLQJ\RXFDQ
FRPHDJDLQDQGILQLVK\RXUMRE

2QHPDQIURPWKHFURZGDVNHG+DYH\RXQRWKHDUGXV":HKDYHEHHQ
LQVXOWLQJ\RXDEXVLQJ\RX:HKDYHEHHQXVLQJDOONLQGVRIGLUW\ZRUGVDQ\WKLQJ
WKDWZHFDQILQG

%XGGKDODXJKHG+HVDLG<RXKDYHFRPHDOLWWOHWRRODWH\RXVKRXOGKDYH
FRPHWHQ\HDUVDJR7KHQ,ZDVLQWKHVDPHIUDPHRIPLQGDV\RXDUHWKHQ,
ZRXOGKDYHUHSOLHGDQGUHSOLHGZHOO%XWQRZWKLVLVVLPSO\DQRSSRUWXQLW\IRUPH
WREHFRPSDVVLRQDWHWREHPHGLWDWLYH,DPWKDQNIXOWR\RXWKDW\RXDOORZHGPH
WKLVRSSRUWXQLW\7KLVLVMXVWDWHVWDWHVWRIZKHWKHURUQRW,KDYHDQ\WKLQJRI
WKHQHJDWLYHOXUNLQJDQ\ZKHUHLQP\XQFRQVFLRXVPLQG

$QG,DPKDSS\WRGHFODUHWR\RXIULHQGVWKDWQRWHYHQDVLQJOHVKDGRZRIWKH
QHJDWLYHKDVSDVVHGWKURXJKP\PLQG,KDYHUHPDLQHGXWWHUO\EOLVVIXO\RXKDYH
QRWEHHQDEOHWRDIIHFWPHLQDQ\ZD\$QG,DPWUHPHQGRXVO\KDSS\WKDW\RX
JDYHPHVXFKDJUHDWRSSRUWXQLW\9HU\IHZSHRSOHDUHDVNLQGDV\RXDUH

7KLVLVKRZRQHVKRXOGXVHVLWXDWLRQVWKLVLVKRZDVDQQ\DVLQVKRXOGXVH
QHJDWLYHRSSRUWXQLWLHVIRULQQHUJURZWKIRULQQHUXQGHUVWDQGLQJIRU
PHGLWDWLYHQHVVIRUORYHIRUFRPSDVVLRQ$QGRQFH\RXKDYHOHDUQHGWKLVKDSS\
IUDPHRIPLQGWKLVSRVLWLYHYLVLRQRIOLIH\RXZLOOEHVXUSULVHGWKDWWKHZKROH
H[LVWHQFHVWDUWVIXQFWLRQLQJLQDWRWDOO\GLIIHUHQWZD\,WVWDUWVPRWKHULQJ\RX,W
VWDUWVKHOSLQJ\RXLQHYHU\SRVVLEOHZD\LWEHFRPHVDJUHDWIULHQG

$QGWRNQRZWKLVLVWRNQRZ*RG7RNQRZWKLVWKDWH[LVWHQFHPRWKHUV\RXLVWR
NQRZ*RG7KHUHLVQRRWKHU*RGMXVWWKLVIHHOLQJWKLVWUHPHQGRXVIHHOLQJWKLV
SHQHWUDWLQJIHHOLQJWKDWWKHH[LVWHQFHORYHV\RXSURWHFWV\RXKHOSV\RXDQG




VKRZHUVPDQ\PDQ\EOHVVLQJVRQ\RXWKDWWKHH[LVWHQFHLVJUDFHIXOWRZDUGV
\RXWKDW\RXDUHQRWDOLHQDWHGWKDW\RXDUHQRWDVWUDQJHUWKDWWKLVLV\RXU
KRPH

7RIHHOWKDW7KLVH[LVWHQFHLVP\KRPHLVWRNQRZ*RG

7KHWKLUGVXWUD
(9(17+28*+<28$5(',675$&7(',)<28&$1'2,7,7,667,//
0,1'75$,1,1*

<HVVRPHWLPHV\RXZLOOEHGLVWUDFWHG<RXDUHQRW\HWDOOEXGGKDVWKHUHZLOO
EHWLPHVZKHQ\RXZLOOEHGLVWUDFWHGWKHUHZLOOEHWLPHVZKHQ\RXZLOOEH
GUDJJHGGRZQE\WKHQHJDWLYHVXFNHGLQE\WKHROGKDELW$QGE\WKHWLPH\RX
NQRZLWKDVDOUHDG\KDSSHQHG\RXDUHPLVHUDEOH7KHVKDGRZKDVIDOOHQRQ
\RXWKDWVXQOLWSHDNKDVGLVDSSHDUHG\RXKDYHIDOOHQLQWRWKHGDUNYDOOH\
7KHQZKDWWRGRLQWKRVHPRPHQWV"

$WLVKDVD\V
(9(17+28*+<28$5(',675$&7(',)<28&$1'2,7,7,667,//
0,1'75$,1,1*

:KDWGRHVKHPHDQE\LI\RXFDQGRLW"7KLVLVRIJUHDWLPSRUWDQFH,I\RXFDQ
EHDWWHQWLYHWR\RXULQDWWHQWLRQLI\RXFDQEHDZDUHWKDW\RXKDYHIDOOHQLQWRWKH
WUDSRIWKHQHJDWLYHLWLVVWLOOPHGLWDWLRQLWLVVWLOOPLQGWUDLQLQJ\RXDUHVWLOO
JURZLQJ
<HVPDQ\WLPHV\RXZLOOIDOOLWLVQDWXUDO$QGPDQ\WLPHV\RXZLOOIRUJHWLWLV
QDWXUDO$QGPDQ\WLPHV\RXZLOOEHWUDSSHGDQGLWZLOOWDNHWLPHIRU\RXWR
UHPHPEHU%XWWKHPRPHQW\RXUHPHPEHUUHPHPEHU727$//<:DNHXS
WRWDOO\DQGVD\,KDYHIDOOHQ

$QGVHHWKHGLIIHUHQFH,I\RXDVNWKHRUGLQDU\UHOLJLRXVSHUVRQKHZLOOVD\
5HSHQWSXQLVK\RXUVHOI%XW$WLVKDLVVD\LQJ,I\RXDUHDWWHQWLYHWKDW
V
HQRXJK%HDWWHQWLYHWR\RXULQDWWHQWLRQEHDZDUHWKDW\RXKDYHQRWEHHQDZDUH
WKDW
VDOO1RUHSHQWDQFHLVQHHGHG'RQ
WIHHOJXLOW\LWLVQDWXUDOLWLVKXPDQ7R
IDOOPDQ\WLPHVLVQRWVRPHWKLQJWRIHHOJXLOW\DERXW7RFRPPLWHUURUVWRJR
DVWUD\LVSDUWRIRXUKXPDQIUDLOW\DQGOLPLWDWLRQV6RWKHUHLVQRQHHGWRUHSHQW

5HSHQWDQFHLVXJO\,WLVOLNHSOD\LQJZLWK\RXUZRXQGILQJHULQJ\RXUZRXQG,WLV
XQQHFHVVDU\DQGQRWRQO\XQQHFHVVDU\EXWKDUPIXOWKHZRXQGPD\EHFRPH
VHSWLFDQGILQJHULQJ\RXUZRXQGLVQRWJRLQJWRKHOSLWKHDOHLWKHU

,I\RXKDYHIDOOHQMXVWNQRZWKDW\RXKDYHIDOOHQZLWKQRJXLOWZLWKQR
UHSHQWDQFH7KHUHLVQRQHHGWRJRDQ\ZKHUHWRFRQIHVVLWMXVWNQRZLQJLWLV
HQRXJK$QGNQRZLQJLW\RXDUHKHOSLQJ\RXUDZDUHQHVVWRJURZ/HVVDQGOHVV
ZLOO\RXIDOOEHFDXVHNQRZLQJZLOOEHFRPHPRUHDQGPRUHVWURQJLQ\RX





7KHIRXUWKVXWUD
$/:$<62%6(59(7+(7+5((*(1(5$/32,176

:KDWDUHWKHWKUHHJHQHUDOSRLQWV"7KHILUVWLVUHJXODULW\RIPHGLWDWLYHQHVV
5HPHPEHULWLVYHU\GLIILFXOWWRFUHDWHPHGLWDWLRQLWLVYHU\HDV\WRORVHLW
$Q\WKLQJKLJKHUWDNHVPXFKDUGXRXVHIIRUWWRFUHDWHEXWLWFDQGLVDSSHDUZLWKLQ
DPRPHQW7RORVHFRQWDFWZLWKLWLVYHU\HDV\

7KDWLVRQHRIWKHTXDOLWLHVRIWKHKLJKHU,WLVOLNHJURZLQJDURVHIORZHUMXVWD
OLWWOHKDUGZLQGDQGWKHURVHKDVZLWKHUHGDQGWKHSHWDOVKDYHIDOOHQRUVRPH
DQLPDOKDVHQWHUHGWKHJDUGHQDQGWKHURVHLVHDWHQ,WLVYHU\HDV\WRORVHLW
DQGLWZDVVRORQJDMRXUQH\WRFUHDWHLW

$QGZKHQHYHUWKHUHLVDFRQIOLFWEHWZHHQWKHKLJKHUDQGWKHORZHUDOZD\V
UHPHPEHUWKHORZHUZLQVHDVLO\,I\RXFODVKDURVHIORZHUZLWKDURFNWKH
URVHIORZHULVJRLQJWRGLHQRWWKHURFN7KHURFNPD\QRWHYHQEHFRPHDZDUH
WKDWWKHUHKDVEHHQDFODVKWKDWLWKDVNLOOHGVRPHWKLQJEHDXWLIXO

<RXUZKROHSDVWLVIXOORIURFNVDQGZKHQ\RXVWDUWJURZLQJDURVHRIDZDUHQHVV
LQ\RXWKHUHDUHDWKRXVDQGDQGRQHSRVVLELOLWLHVRILWEHLQJGHVWUR\HGE\\RXU
ROGURFNVKDELWVPHFKDQLFDOKDELWV<RXZLOOKDYHWREHYHU\ZDWFKIXODQG
FDUHIXO<RXZLOOKDYHWRZDONOLNHDZRPDQZKRLVSUHJQDQW+HQFHWKHPDQRI
DZDUHQHVVZDONVFDUHIXOO\OLYHVFDUHIXOO\
$QGWKLVKDVWREHDUHJXODUSKHQRPHQRQ,WLVQRWWKDWRQHGD\\RXGRDOLWWOH
PHGLWDWLRQWKHQIRUDIHZGD\V\RXIRUJHWDERXWLWDQGWKHQRQHGD\\RXGRLW
DJDLQ,WKDVWREHDVUHJXODUDVVOHHSDVIRRGDVH[HUFLVHDVEUHDWKLQJ2QO\
WKHQZLOOWKHLQILQLWHJORU\RI*RGRSHQLWVGRRUVWR\RX

6RWKHILUVWJHQHUDOSRLQWLVEHUHJXODU

7KHVHFRQGJHQHUDOSRLQWLVGRQ
WZDVWH\RXUWLPHZLWKWKHQRQHVVHQWLDO'RQ
W
IRRODURXQG0LOOLRQVRISHRSOHDUHZDVWLQJWKHLUWLPHZLWKWKHQRQHVVHQWLDODQG
WKHLURQ\LVWKDWWKH\NQRZWKDWLWLVQRQHVVHQWLDO%XWWKH\VD\:KDWHOVHWR
GR"7KH\DUHQRWDZDUHRIDQ\WKLQJPRUHVLJQLILFDQW

3HRSOHDUHSOD\LQJFDUGVDQGLI\RXDVNWKHP:KDWDUH\RXGRLQJ"WKH\VD\
WKH\DUHNLOOLQJWLPH.LOOLQJWLPH"7LPHLVOLIH6R\RXDUHUHDOO\NLOOLQJOLIH$QG
WKHWLPHWKDW\RXDUHNLOOLQJFDQQRWEHUHFDSWXUHGDJDLQRQFHJRQHLWLVJRQH
IRUHYHU

7KHPDQZKRZDQWVWREHFRPHDEXGGKDKDVWRGURSWKHQRQHVVHQWLDOPRUHDQG
PRUHVRWKDWPRUHHQHUJ\LVDYDLODEOHIRUWKHHVVHQWLDO7DNHDORRNDW\RXUOLIH
KRZPDQ\QRQHVVHQWLDOWKLQJV\RXDUHGRLQJDQGIRUZKDW"$QGKRZORQJ\RX
KDYHGRQHWKHPDQGZKDWKDYH\RXJDLQHG"$UH\RXJRLQJWRUHSHDWWKHVDPH
VWXSLGSDWWHUQ\RXUZKROHOLIH"(QRXJKLVHQRXJK7DNHDORRNPHGLWDWHRYHULW





6D\RQO\WKDWZKLFKLVHVVHQWLDOGRRQO\WKDWZKLFKLVHVVHQWLDOUHDGRQO\WKDW
ZKLFKLVHVVHQWLDO$QGVRPXFKWLPHLVVDYHGDQGVRPXFKHQHUJ\LVVDYHGDQG
DOOWKDWHQHUJ\DQGWLPHFDQHDVLO\EHFKDQQHOHGWRZDUGVPHGLWDWLRQWRZDUGV
LQQHUJURZWKWRZDUGVZLWQHVVLQJ

,KDYHQHYHUVHHQDPDQZKRLVVRSRRUWKDWKHFDQQRWPHGLWDWH%XWSHRSOHDUH
HQJDJHGLQIRROLVKWKLQJVXWWHUO\IRROLVK7KH\GRQ
WORRNIRROLVKEHFDXVH
HYHU\ERG\HOVHLVDOVRGRLQJWKHVDPH

%XWWKHVHHNHUKDVWREHZDWFKIXO7DNHPRUHQRWHRIZKDW\RXDUHGRLQJZKDW
\RXDUHGRLQJZLWK\RXUOLIHEHFDXVHWRJURZURVHVRIDZDUHQHVVPXFKHQHUJ\
ZLOOEHQHHGHGDUHVHUYRLURIHQHUJ\ZLOOEHQHHGHG$OOWKDWLVJUHDWFRPHVRQO\
ZKHQ\RXKDYHH[WUDHQHUJ\,I\RXUZKROHHQHUJ\LVZDVWHGRQWKHPXQGDQH
WKHQWKHVDFUHGZLOOQHYHUEHFRQWDFWHG

$QGWKHWKLUGJHQHUDOSRLQWLVGRQ
WUDWLRQDOL]H\RXUHUURUVDQGPLVWDNHV7KH
PLQGWHQGVWRUDWLRQDOL]H,I\RXFRPPLWVRPHPLVWDNHWKHPLQGVD\V,WKDGWR
EHVRWKHUHZHUHUHDVRQVIRULW,DPQRWUHVSRQVLEOHWKHYHU\VLWXDWLRQPDGH
WKLVKDSSHQ$QGWKHPLQGLVYHU\FOHYHUDWUDWLRQDOL]LQJHYHU\WKLQJ

$YRLGUDWLRQDOL]LQJ\RXURZQHUURUVDQGPLVWDNHVEHFDXVHLI\RXUDWLRQDOL]H\RX
SURWHFWWKHP7KHQWKH\ZLOOEHUHSHDWHG$YRLGUDWLRQDOL]LQJ\RXUHUURUV6WRS
UDWLRQDOL]DWLRQFRPSOHWHO\5HDVRQLQJLVRQHWKLQJUDWLRQDOL]DWLRQLVWRWDOO\
DQRWKHU5HDVRQLQJFDQEHXVHGIRUVRPHSRVLWLYHSXUSRVHVEXWUDWLRQDOL]DWLRQ
FDQQHYHUEHXVHGIRUDQ\SRVLWLYHSXUSRVH

$QG\RXZLOOEHDEOHWRILQGZKHQ\RXDUHUDWLRQDOL]LQJ\RXFDQGHFHLYHRWKHUV
EXW\RXFDQQRWGHFHLYH\RXUVHOI<RXNQRZWKDW\RXKDYHIDOOHQ5DWKHUWKDQ
ZDVWLQJWLPHLQUDWLRQDOL]LQJDQGFRQYLQFLQJ\RXUVHOIWKDWQRWKLQJKDVJRQH
ZURQJSXWWKHZKROHHQHUJ\LQWREHLQJDZDUH

$OOWKHVHJHQHUDOSRLQWVDUHWRKHOS\RXVRWKDW\RXFDQEORFNWKHOHDNVRI\RXU
HQHUJ\2WKHUZLVH*RGJRHVRQSRXULQJHQHUJ\LQWR\RXDQG\RXKDYHVRPDQ\
OHDNDJHVWKDW\RXDUHQHYHUIXOO(QHUJ\FRPHVEXWOHDNVRXW

7KHILIWKVXWUD
&+$1*(<285,1&/,1$7,21$1'7+(10$,17$,1,7

&KDQJH\RXULQFOLQDWLRQIURPWKHPLQGWRWKHKHDUW7KDWLVWKHILUVWFKDQJH
7KLQNOHVVIHHOPRUH,QWHOOHFWXDOL]HOHVVLQWXLWPRUH7KLQNLQJLVDYHU\
GHFHSWLYHSURFHVVLWPDNHV\RXIHHOWKDW\RXDUHGRLQJJUHDWWKLQJV%XW\RXDUH
VLPSO\PDNLQJFDVWOHVLQWKHDLU7KRXJKWVDUHQRWKLQJEXWFDVWOHVLQWKHDLU

)HHOLQJVDUHPRUHPDWHULDOPRUHVXEVWDQWLDO7KH\WUDQVIRUP\RX7KLQNLQJ
DERXWORYHLVQRWJRLQJWRKHOSEXWIHHOLQJORYHLVERXQGWRFKDQJH\RX7KLQNLQJ
LVYHU\PXFKORYHGE\WKHHJREHFDXVHWKHHJRIHHGVRQILFWLRQV7KHHJR




FDQQRWGLJHVWDQ\UHDOLW\DQGWKLQNLQJLVDILFWLWLRXVSURFHVV,WLVDNLQGRI
GUHDPLQJDVRSKLVWLFDWHGGUHDPLQJ'UHDPVDUHSLFWRULDODQGWKLQNLQJLV
FRQFHSWXDOEXWWKHSURFHVVLVWKHVDPH'UHDPLQJLVDSULPLWLYHNLQGRIWKLQNLQJ
DQGWKLQNLQJLVDFLYLOL]HGNLQGRIGUHDPLQJ

&KDQJHIURPWKHPLQGWRWKHKHDUWIURPWKLQNLQJWRIHHOLQJIURPORJLFWRORYH
$QGWKHVHFRQGFKDQJHLVIURPWKHKHDUWWRWKHEHLQJEHFDXVHWKHUHLVDVWLOO
GHHSHUOD\HULQ\RXZKHUHHYHQIHHOLQJVFDQQRWUHDFK5HPHPEHUWKHVHWKUHH
ZRUGVPLQGKHDUWEHLQJ7KHEHLQJLV\RXUSXUHQDWXUH6XUURXQGLQJWKHEHLQJ
LVIHHOLQJDQGVXUURXQGLQJIHHOLQJLVWKLQNLQJ7KLQNLQJLVIDUDZD\IURPEHLQJEXW
IHHOLQJLVDOLWWOHFORVHULWUHIOHFWVVRPHJORU\RIWKHEHLQJ,WLVMXVWDVLQWKH
VXQVHWWKHVXQLVUHIOHFWHGE\WKHFORXGVDQGWKHFORXGVVWDUWKDYLQJEHDXWLIXO
FRORUV7KH\WKHPVHOYHVDUHQRWWKHVXQEXWWKH\DUHUHIOHFWLQJWKHOLJKWRIWKH
VXQ

)HHOLQJVDUHFORVHWREHLQJVRWKH\UHIOHFWVRPHWKLQJRIWKHEHLQJ%XWRQHKDV
WRJREH\RQGIHHOLQJVWRR7KHQZKDWLVEHLQJ",WLVQHLWKHUWKLQNLQJQRUIHHOLQJLW
LVSXUHDPQHVV2QHVLPSO\LV

7KLQNLQJLVYHU\VHOILVKDQGHJRLVWLF)HHOLQJLVPRUHDOWUXLVWLFOHVVHJRLVWLF
%HLQJLVQRHJRHJROHVVQHVVQHLWKHUVHOILVKQHVVQRUDOWUXLVPEXWD
VSRQWDQHLW\DPRPHQWWRPRPHQWUHVSRQVLYHQHVV2QHGRHVQRWOLYHDFFRUGLQJ
WRRQHVHOIRQHOLYHVDFFRUGLQJWR*RGDFFRUGLQJWRWKHZKROH

)HHOLQJLVKDOIDQGQRKDOIFDQHYHUVDWLVI\\RX7KLQNLQJDQGIHHOLQJDUHERWK
KDOYHVDQG\RXZLOOUHPDLQGLYLGHG%HLQJLVWRWDODQGRQO\WKHWRWDOFDQEULQJ
FRQWHQWPHQW

$QGWKHXOWLPDWHWKHIRXUWKFKDQJHLVIURPEHLQJWRQRQEHLQJ7KDWLVQLUYDQD
HQOLJKWHQPHQWRQHVLPSO\GLVDSSHDUVRQHVLPSO\LVQRW*RGLVHQOLJKWHQPHQW
LV/LJKWLVGHOLJKWLVEXWWKHUHLVQRERG\ZKRLVGHOLJKWHG1HWLQHWLQHLWKHUWKLV
QRUWKDWQHLWKHUH[LVWHQFHQRUQRQH[LVWHQFHWKLVLVWKHXOWLPDWHVWDWH$WLVKDLV
VORZO\VORZO\WDNLQJKLVGLVFLSOHVWRZDUGVLW

/HWPHUHSHDWIURPWKLQNLQJWRIHHOLQJIURPIHHOLQJWREHLQJIURPEHLQJWRQRQ
EHLQJDQGRQHKDVDUULYHG2QHKDVGLVDSSHDUHGDQGRQHKDVDUULYHG2QHLV
QRPRUHIRUWKHILUVWWLPH$QGIRUWKHILUVWWLPHRQHUHDOO\LV

7KHVL[WKVXWUD
'2127',6&866'()(&76

7KHPLQGWHQGVWRGLVFXVVWKHGHIHFWVRIRWKHUV,WKHOSVWKHHJRWRIHHOJRRG
(YHU\ERG\LVVXFKDVLQQHUZKHQHYHU\ERG\LVVXFKDVLQQHUFRPSDUDWLYHO\RQH
IHHOVOLNHDVDLQW:KHQHYHU\ERG\LVGRLQJZURQJLWIHHOVJRRGWKDW$WOHDVW,
DPQRWGRLQJWKDWPXFKZURQJ





+HQFHSHRSOHWDONDERXWRWKHUV
GHIHFWVQRWRQO\GRWKH\WDONDERXWWKHPWKH\
JRRQPDJQLI\LQJWKHP7KDW
VZK\WKHUHLVVRPXFKMR\LQJRVVLSLQJ:KHQWKH
JRVVLSSDVVHVIURPRQHKDQGWRDQRWKHUKDQGLWEHFRPHVULFKHU$QGZKHQLW
SDVVHVEDFNDJDLQVRPHWKLQJZLOOEHDGGHGWRLW%\WKHHYHQLQJLI\RXFRPHWR
NQRZWKHJRVVLSWKDW\RXVWDUWHGLQWKHPRUQLQJ\RXZLOOEHVXUSULVHG,QWKH
PRUQLQJLWZDVMXVWDPROHKLOOQRZLWLVDPRXQWDLQ3HRSOHDUHYHU\FUHDWLYH
UHDOO\FUHDWLYHDQGLQYHQWLYH

:K\DUHSHRSOHVRLQWHUHVWHGLQJRVVLSLQJDERXWRWKHUVLQILQGLQJIDXOWZLWK
RWKHUVLQORRNLQJLQWRRWKHUV
ORRSKROHVDQGGHIHFWV":K\DUHSHRSOH
FRQWLQXRXVO\WU\LQJWRORRNWKURXJKRWKHUV
NH\KROHV"7KHUHDVRQLVWKLVKHOSVWR
JLYHWKHPDEHWWHUIHHOLQJDERXWWKHPVHOYHV7KH\EHFRPH3HHSLQJ7RPVMXVW
WRKDYHDJRRGIHHOLQJ,DPIDUEHWWHU7KHUHLVDPRWLYDWLRQ,WLVQRWMXVWWR
KHOSRWKHUVLWLVQRWZKDWVRHYHUWKH\VD\QRWZLWKVWDQGLQJZKDWWKH\VD\7KH
EDVLFUHDVRQLV,IRWKHUVDUHYHU\XJO\WKHQ,DPEHDXWLIXO7KH\DUHIROORZLQJ
$OEHUW(LQVWHLQ
VWKHRU\RIUHODWLYLW\


,KDYHKHDUG0XOOD1DVUXGGLQZDVVWD\LQJLQDKRWHO$WHOHJUDPKDGDUULYHG
IURPKRPHDQGKHZDVLQDKXUU\WRFDWFKWKHWUDLQ+HUXVKHG%XWZKHQKH
UHDFKHGGRZQVWDLUVDQGORRNHGDWKLVOXJJDJHWKHXPEUHOODZDVPLVVLQJ+HKDG
WRJRXSWRWKHURRPDJDLQDQGE\WKHWLPHKHUHDFKHGWKHIRXUWHHQWKIORRUWKH
URRPKDGDOUHDG\EHHQJLYHQWRVRPHERG\HOVHDQHZO\ZHGFRXSOH
$OWKRXJKKHZDVLQDKXUU\DQGKHPLJKWPLVVWKHWUDLQLIKHOLQJHUHGWKHUHDOLWWOH
ORQJHUWKHWHPSWDWLRQZDVJUHDW6RKHORRNHGWKURXJKWKHNH\KROHWRVHHZKDW
ZDVKDSSHQLQJ

$QHZO\ZHGFRXSOHWKH\ZHUHDOVRLQDKXUU\WKH\KDGDOUHDG\ZDLWHGWRRORQJ
WKHPDUULDJHFHUHPRQ\DQGWKHFKXUFKDQGWKHJXHVWVDQGDOOWKDWVRPHKRZ
WKH\KDGJRWULGRIDOORIWKHPDQGWKH\ZHUHO\LQJQDNHGRQWKHEHGWDONLQJ
VZHHWQRWKLQJV$QGWKH\RXQJPDQZDVVD\LQJWRWKHZRPDQ<RXKDYHVXFK
EHDXWLIXOH\HV,KDYHQHYHUVHHQVXFKEHDXWLIXOH\HV7RZKRPGRWKHVHH\HV
EHORQJ"

$QGWKHZRPDQVDLG7R\RX7R\RXDQGRQO\WR\RX
$QGVRRQWKHOLVWZHQWRQ7KHVHEHDXWLIXOKDQGVWKHVHEHDXWLIXOEUHDVWVDQG
WKLVDQGWKDWWKLVZHQWRQDQGRQ$QG0XOODKDGFRPSOHWHO\IRUJRWWHQDERXW
WKHWUDLQDQGWKHWD[LZDLWLQJGRZQVWDLUV%XWWKHQVXGGHQO\KHUHPHPEHUHGKLV
XPEUHOOD:KHQWKHOLVWZDVDERXWWREHFRPSOHWHGKHVDLG:DLW:KHQ\RX
FRPHWRWKH\HOORZXPEUHOODWKDWEHORQJVWRPH

3HRSOHDUHXQFRQVFLRXVO\GRLQJPDQ\WKLQJV,IWKH\EHFRPHFRQVFLRXVWKHVH
WKLQJVZLOOGURS$WLVKDVD\V'RQ
WSRQGHURYHURWKHUV
GHIHFWVLWLVQRQHRI\RXU
EXVLQHVV'RQ
WLQWHUIHUHLQRWKHUV
OLYHVLWLVQRQHRI\RXUEXVLQHVV

%XWWKHUHDUHJUHDWPRUDOLVWVZKRVHZKROHZRUNLVWRVHHZKRLVGRLQJZURQJ




7KHLUZKROHOLIHLVZDVWHGWKH\DUHOLNHSROLFHGRJVVQLIILQJKHUHDQGWKHUH7KHLU
ZKROHOLIH
VZRUNLVWRNQRZZKRLVGRLQJZURQJ

$WLVKDVD\V7KDWLVDQXJO\WUDLWDQGDVKHHUZDVWDJHRIWLPHDQGHQHUJ\1RW
RQO\LVLWDZDVWDJHEXWLWVWUHQJWKHQVDQGJUDWLILHVWKHHJR$QGDQHJRPRUH
JUDWLILHGEHFRPHVPRUHRIDEDUULHU

$QGUHPHPEHULWLVQRWRQO\DTXHVWLRQRIQRWGLVFXVVLQJRWKHUV
GHIHFWV'RQ
W
HYHQEHWRRPXFKFRQFHUQHGDERXW\RXURZQGHIHFWV7DNHQRWHEHDZDUHDQG
OHWWKHPDWWHUEHVHWWOHGWKHQDQGWKHUH7KHUHDUHDIHZRWKHUSHRSOHZKREUDJ
DERXWWKHLURZQGHIHFWV

,WLVVXVSHFWHGE\SV\FKRORJLVWVWKDW6DLQW$XJXVWLQH
VDXWRELRJUDSK\KLV
FRQIHVVLRQVDUHQRWWUXH+HEUDJJHGDERXWKLVGHIHFWV+HZDVQRWWKDWEDGD
SHUVRQ%XWPDQLVUHDOO\XQEHOLHYDEOH,I\RXVWDUWEUDJJLQJDERXW\RXUTXDOLWLHV
WKHQWRR\RXJRWRH[WUHPHV,I\RXVWDUWEUDJJLQJDERXWVLQVWKHQWRR\RXJRWR
WKHH[WUHPH%XWLQERWKZD\V\RXGRRQO\RQHWKLQJ


:KDW6DLQW$XJXVWLQHLVGRLQJLVVLPSOH%\EUDJJLQJDERXWKLVGHIHFWVDQGVLQV
DQGDOONLQGVRIXJO\WKLQJVKHLVSUHSDULQJDFRQWH[W2XWRIVXFKDKHOOKHURVH
DQGEHFDPHDJUHDWVDLQW1RZKLVVDLQWOLQHVVORRNVIDUPRUHVLJQLILFDQWWKDQLW
ZRXOGKDYHORRNHGLIKHKDGEHHQVLPSO\DJRRGSHUVRQIURPWKHYHU\EHJLQQLQJ

$QGWKHVDPHLVWKHFDVHZLWK0DKDWPD*DQGKLLQ,QGLD,QKLVDXWRELRJUDSK\KH
VLPSO\H[DJJHUDWHVDERXWKLVGHIHFWVDQGJRHVRQWDONLQJDERXWWKHP,WKHOSV
KLPLQDYHU\YLFDULRXVZD\+HZDVVRORZKHZDVLQVXFKDVHYHQWKKHOODQG
IURPWKHUHKHVWDUWHGULVLQJDQGEHFDPHDJUHDWPDKDWPDDJUHDWVDLQW7KH
MRXUQH\ZDVYHU\DUGXRXV7KLVLVYHU\HJRIXOILOOLQJ

'RQ
WGLVFXVVRWKHUV
GHIHFWVGRQ
WGLVFXVV\RXURZQGHIHFWV7DNHQRWHDQG
WKDWLVWKDW$WLVKDVD\VDZDUHQHVVLVHQRXJKQRWKLQJHOVHLVQHHGHG,I\RXDUH
IXOO\DZDUHRIDQ\WKLQJWKHILUHRIDZDUHQHVVEXUQVLW7KHUHLVQRQHHGIRUDQ\
RWKHUUHPHG\

'21
77+,1.$%287$1<7+,1*7+$7&21&(51627+(56

$QGWKDW
VZKDW\RXJRRQWKLQNLQJ1LQHW\QLQHSHUFHQWRIWKHWKLQJVWKDW\RX
WKLQNDERXWFRQFHUQRWKHUV'URSWKHPGURSWKHPLPPHGLDWHO\

<RXUOLIHLVVKRUWDQG\RXUOLIHLVVOLSSLQJRXWRI\RXUILQJHUV(DFKPRPHQW\RX
DUHOHVVHDFKGD\\RXDUHOHVVDQGHDFKGD\\RXDUHOHVVDOLYHDQGPRUHGHDG
(DFKELUWKGD\LVDGHDWKGD\RQHPRUH\HDULVJRQHIURP\RXUKDQGV%HDOLWWOH
PRUHLQWHOOLJHQW

'21277+,1.$%287$1<7+,1*7+$7&21&(51627+(5675$,1




),567$*$,1677+('(),/(0(177+$7,6*5($7(67

*XUGMLHIIXVHGWRVD\WRKLVGLVFLSOHVWKHILUVWWKLQJWKHYHU\YHU\ILUVWWKLQJ
)LQGRXWZKDW\RXUJUHDWHVWFKDUDFWHULVWLFLV\RXUJUHDWHVWXQGRLQJ\RXUFHQWUDO
FKDUDFWHULVWLFRIXQFRQVFLRXVQHVV(DFKRQH
VLVGLIIHUHQW

6RPHERG\LVVH[REVHVVHG,QDFRXQWU\OLNH,QGLDZKHUHIRUFHQWXULHVVH[KDV
EHHQUHSUHVVHGWKDWKDVEHFRPHDOPRVWDXQLYHUVDOFKDUDFWHULVWLFHYHU\ERG\LV
REVHVVHGZLWKVH[6RPHERG\LVREVHVVHGZLWKDQJHUDQGVRPHERG\HOVHLV
REVHVVHGZLWKJUHHG<RXKDYHWRZDWFKZKLFKLV\RXUEDVLFREVHVVLRQ

6RILUVWILQGWKHPDLQFKDUDFWHULVWLFXSRQZKLFK\RXUZKROHHJRHGLILFHUHVWV$QG
WKHQEHFRQVWDQWO\DZDUHRILWEHFDXVHLWFDQH[LVWRQO\LI\RXDUHXQDZDUH,WLV
EXUQWLQWKHILUHRIDZDUHQHVVDXWRPDWLFDOO\

$QGUHPHPEHUUHPHPEHUDOZD\VWKDW\RXDUHQRWWRFXOWLYDWHWKHRSSRVLWHRILW
2WKHUZLVHZKDWKDSSHQVLVDSHUVRQEHFRPHVDZDUHWKDW0\REVHVVLRQLV
DQJHUVRZKDWVKRXOG,GR",VKRXOGFXOWLYDWHFRPSDVVLRQ0\REVHVVLRQLV
VH[VRZKDWVKRXOG,GR",VKRXOGSUDFWLFHEUDKPDFKDU\DFHOLEDF\

3HRSOHPRYHIURPRQHWKLQJWRWKHRSSRVLWH7KDWLVQRWWKHZD\RI
WUDQVIRUPDWLRQ,WLVWKHVDPHSHQGXOXPPRYLQJIURPOHIWWRULJKWIURPULJKWWR
OHIW$QGWKDW
VKRZ\RXUOLIHKDVEHHQPRYLQJIRUFHQWXULHVLWLVWKHVDPH
SHQGXOXP

7KHSHQGXOXPKDVWREHVWRSSHGLQWKHPLGGOH$QGWKDW
VWKHPLUDFOHRI
DZDUHQHVV-XVWEHDZDUHWKDW7KLVLVP\FKLHISLWIDOOWKLVLVWKHSODFHZKHUH,
VWXPEOHDJDLQDQGDJDLQWKLVLVWKHURRWRIP\XQFRQVFLRXVQHVV'RQ
WWU\WR
FXOWLYDWHWKHRSSRVLWHRILWEXWSRXU\RXUZKROHDZDUHQHVVLQWRLW&UHDWHDJUHDW
ERQILUHRIDZDUHQHVVDQGLWZLOOEHEXUQHG$QGWKHQWKHSHQGXOXPVWRSVLQWKH
PLGGOH

$QGZLWKWKHVWRSSLQJRIWKHSHQGXOXPWLPHVWRSV<RXVXGGHQO\HQWHULQWRWKH
ZRUOGRIWLPHOHVVQHVVGHDWKOHVVQHVVHWHUQLW\

$QGWKHODVWVXWUD
$%$1'21$//+23(62)5(68/76

7KHHJRLVUHVXOWRULHQWHGWKHPLQGDOZD\VKDQNHUVIRUUHVXOWV7KHPLQGLV
QHYHULQWHUHVWHGLQWKHDFWLWVHOILWVLQWHUHVWLVLQWKHUHVXOW:KDWDP,JRLQJWR
JDLQRXWRILW",IWKHPLQGFDQPDQDJHWRJDLQZLWKRXWJRLQJWKURXJKDQ\DFWLRQ
WKHQLWZLOOFKRRVHWKHVKRUWFXW

7KDW
VZK\HGXFDWHGSHRSOHEHFRPHYHU\FXQQLQJEHFDXVHWKH\DUHDEOHWRILQG
VKRUWFXWV,I\RXHDUQPRQH\WKURXJKDOHJDOZD\LWPD\WDNH\RXUZKROHOLIH%XW
\RXFDQHDUQPRQH\E\VPXJJOLQJE\JDPEOLQJRUE\VRPHWKLQJHOVHE\




EHFRPLQJDSROLWLFDOOHDGHUDSULPHPLQLVWHUDSUHVLGHQWWKHQ\RXKDYHDOOWKH
VKRUWFXWVDYDLODEOHWR\RX7KHHGXFDWHGSHUVRQEHFRPHVFXQQLQJ+HGRHVQRW
EHFRPHZLVHKHVLPSO\EHFRPHVFOHYHU+HEHFRPHVVRFXQQLQJWKDWKHZDQWV
WRKDYHHYHU\WKLQJZLWKRXWGRLQJDQ\WKLQJIRULW

7KHPLQGWKHHJRDUHDOOUHVXOWRULHQWHG7KHEHLQJLVQRWUHVXOWRULHQWHG$QG
KRZFDQWKHQRQEHLQJHYHUEHUHVXOWRULHQWHG",WLVQRWWKHUHDWDOOLQWKHILUVW
SODFH

0HGLWDWLRQKDSSHQVRQO\WRWKRVHZKRDUHQRWUHVXOWRULHQWHG

7KHUHLVDQDQFLHQWVWRU\

$PDQZDVYHU\PXFKLQWHUHVWHGLQVHOINQRZOHGJHLQVHOIUHDOL]DWLRQ+LVZKROH
VHDUFKKDGEHHQWRILQGDPDVWHUZKRFRXOGWHDFKKLPPHGLWDWLRQ+HZHQWIURP
RQHPDVWHUWRDQRWKHUEXWQRWKLQJZDVKDSSHQLQJ
<HDUVZHQWE\KHZDVWLUHGH[KDXVWHG7KHQVRPHRQHWROGKLP,I\RXUHDOO\
ZDQWWRILQGDPDVWHU\RXZLOOKDYHWRJRWRWKH+LPDOD\DV+HOLYHVLQVRPH
XQNQRZQSDUWVRIWKH+LPDOD\DV\RXZLOOKDYHWRVHDUFKIRUKLP2QHWKLQJLV
FHUWDLQKHLVWKHUH1RERG\NQRZVH[DFWO\ZKHUHEHFDXVHZKHQHYHUVRPHERG\
FRPHVWRNQRZRIKLPKHPRYHVIURPWKDWSODFHDQGJRHVHYHQGHHSHULQWRWKH
+LPDOD\DQUDQJHV

7KHPDQZDVJHWWLQJROGEXWKHJDWKHUHGFRXUDJH)RUWZR\HDUVKHKDGWRZRUN
WRHDUQPRQH\IRUWKHMRXUQH\WKHQKHPDGHWKHMRXUQH\,WLVDQROGVWRU\+H
KDGWRULGHRQFDPHOVDQGKRUVHVDQGWKHQJRRQIRRWDQGWKHQKHUHDFKHGWKH
+LPDOD\DV3HRSOHVDLG<HVZHKDYHKHDUGDERXWWKHROGPDQYHU\DQFLHQWKH
LVRQHFDQQRWVD\KRZROGPD\EHWKUHHKXQGUHG\HDUVROGRUHYHQILYH
KXQGUHG\HDUVROGQRERG\NQRZV+HOLYHVVRPHZKHUHEXWWKHORFDWLRQFDQQRW
EHJLYHQWR\RX1RERG\LVDZDUHRIZKHUHH[DFWO\\RXZLOOILQGKLPEXWKHLV
WKHUH,I\RXVHDUFKKDUG\RXDUHERXQGWRILQGKLP

7KHPDQVHDUFKHGDQGVHDUFKHGDQGVHDUFKHG)RUWZR\HDUVKHZDVURDPLQJ
LQWKH+LPDOD\DVWLUHGH[KDXVWHGGHDGH[KDXVWHGOLYLQJRQO\RQZLOGIUXLWV
OHDYHVDQGJUDVV+HKDGORVWPXFKZHLJKW%XWKHZDVLQWHQWWKDWKHKDGWRILQG
WKLVPDQHYHQLILWWRRNKLVOLIHLWZRXOGEHZRUWKLW

$QGFDQ\RXLPDJLQH"2QHGD\KHVDZDVPDOOKXWDJUDVVKXW+HZDVVRWLUHG
WKDWKHZDVQRWHYHQDEOHWRZDONVRKHFUDZOHG+HUHDFKHGWKHKXW7KHUHZDV
QRGRRUKHORRNHGLQWKHUHZDVQRERG\LQVLGH$QGQRWRQO\ZDVWKHUHQRERG\
LQVLGHEXWWKHUHZDVHYHU\VLJQWKDWIRU\HDUVWKHUHKDGEHHQQRERG\LQVLGH

<RXFDQWKLQNZKDWZRXOGKDYHKDSSHQHGWRWKDWPDQ+HIHOORQWKHJURXQG2XW
RIVKHHUWLUHGQHVVKHVDLG,JLYHXS+HZDVO\LQJWKHUHXQGHUWKHVXQLQWKH
FRROEUHH]HRIWKH+LPDOD\DVDQGIRUWKHILUVWWLPHKHVWDUWHGIHHOLQJVREOLVVIXO
KHKDGQHYHUWDVWHGVXFKEOLVV6XGGHQO\KHVWDUWHGIHHOLQJIXOORIOLJKW6XGGHQO\




DOOWKRXJKWVGLVDSSHDUHGVXGGHQO\KHZDVWUDQVSRUWHGDQGIRUQRUHDVRQDW
DOOEHFDXVHKHKDGQRWGRQHDQ\WKLQJ

$QGWKHQKHEHFDPHDZDUHWKDWVRPHERG\ZDVOHDQLQJRYHUKLP+HRSHQHGKLV
H\HV$YHU\DQFLHQWPDQZDVWKHUH$QGWKHROGPDQVPLOLQJVDLG6R\RX
KDYHFRPH+DYH\RXVRPHWKLQJWRDVNPH"
$QGWKHPDQVDLG1R
$QGWKHROGPDQODXJKHGDJUHDWEHOO\ODXJKZKLFKZDVHFKRHGE\WKHYDOOH\V
$QGKHVDLG6RQRZ\RXNQRZZKDWPHGLWDWLRQLV"
$QGWKHPDQVDLG<HV

:KDWKDGKDSSHQHG"7KDWDVVHUWLRQZKLFKFDPHIURPKLVGHHSHVWFRUHRIEHLQJ
,JLYHXSLQWKDWYHU\JLYLQJXSDOOJRDORULHQWHGPLQGHIIRUWVDQGHQGHDYRUV
GLVDSSHDUHG,JLYHXS,QWKDWYHU\PRPHQWKHZDVQRPRUHWKHVDPHSHUVRQ
$QGEOLVVVKRZHUHGRQKLP+HZDVVLOHQWKHZDVDQRERG\DQGKHWRXFKHGWKH
XOWLPDWHVWUDWXPRIQRQEHLQJ7KHQKHNQHZZKDWPHGLWDWLRQLV
0HGLWDWLRQLVDQRQJRDORULHQWHGVWDWHRIPLQG

7KLVODVWVXWUDLVWUHPHQGRXVO\VLJQLILFDQW
$%$1'21$//+23(62)5(68/76

$QGWKHQWKHUHLVQRQHHGWRJRDQ\ZKHUH*RGZLOOFRPHWR\RX'HHSGRZQ
VD\,JLYHXS$QGVLOHQFHGHVFHQGVEHQHGLFWLRQVKRZHUV

0HGLWDWHRYHUWKHVHVXWUDVWKH\DUHPHDQWRQO\IRUPHGLWDWRUV$WLVKDLVQRWD
SKLORVRSKHUKHLVDVLGGKDDEXGGKD:KDWKHLVVD\LQJLVQRWVRPH
VSHFXODWLRQ7KHVHDUHFOHDUFXWLQVWUXFWLRQVJLYHQRQO\WRWKRVHZKRDUHUHDG\
WRWUDYHOWRJRRQWKHSLOJULPDJHLQWRWKHXQNQRZQ
(QRXJKIRUWRGD\





FKDSWHUWHQPLUDFOHVDUH\RXUELUWKULJKW


IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ

%(/29('26+2
:+$7,662$775$&7,9($%2870,66,1*"

'HYDUDMLWKDVDWUHPHQGRXVDWWUDFWLRQEHFDXVHLWLVRQO\WKURXJKPLVVLQJWKDW
WKHHJRFDQVXUYLYH,WLVRQO\WKURXJKVHDUFKLQJVHHNLQJGHVLULQJWKDWWKHHJR
H[LVWVLWH[LVWVLQWKHWHQVLRQEHWZHHQWKDWZKLFKLVDQGWKDWZKLFKVKRXOGEH
7KHPRPHQWWKHVKRXOGGLVDSSHDUVWKHHJRFROODSVHV+HQFHDOOHWKLFDO
V\VWHPVDOOPRUDOLWLHVDUHQRXULVKPHQWVIRUWKHHJR7KHPRUDOPDQLVWKHPRVW
HJRLVWLFPDQLQWKHZRUOG$QGWKHPHFKDQLVPLVYHU\VLPSOH6HHNLQJ
VHDUFKLQJ\RXOLYHLQWKHIXWXUHZKLFKLVQRWDQGWKHHJRFDQH[LVWRQO\ZLWKWKDW
ZKLFKLVQRWEHFDXVHLWLWVHOILVQRW

,I\RXDUHLQWKHPRPHQWLQWKHSUHVHQWWKHHJRKDVQRSRVVLELOLW\RIVXUYLYLQJ
HYHQIRUDVLQJOHPRPHQW7KHSUHVHQWLVDQGWKHHJRLVQRWOLNHOLJKWLVDQG
GDUNQHVVLVQRW%ULQJOLJKWLQDQGGDUNQHVVGLVDSSHDUV(YHQWRVD\WKDWLW
GLVDSSHDUVLVQRWULJKWEHFDXVHLWZDVQRWWKHUHLQWKHILUVWSODFHVRKRZFDQLW
GLVDSSHDU",WZDVDSXUHDEVHQFH7KHDEVHQFHRIOLJKWWKDW
VZKDWGDUNQHVVLV
7KHDEVHQFHRIWKHSUHVHQWWKDW
VZKDWWKHHJRLV1RWWREHKHUHQRZWKDW
V
ZKDWWKHHJRLVQRWWREHKHUHQRZWREHVRPHZKHUHHOVHVHHNLQJDQG
VHDUFKLQJIRUDIDUDZD\JRDOORRNLQJDWDIDUDZD\GLVWDQWVWDU7KHIDUWKHUDZD\
WKHJRDOWKHELJJHUWKHHJR

+HQFHSHRSOHZKRDUHQRWZRUOGO\KDYHELJJHUHJRVWKDQWKHVRFDOOHGSRRU
ZRUOGO\SHRSOH6SLULWXDOSHRSOHKDYHELJJHUHJRVQDWXUDOO\WKHLUJRDOLVYHU\IDU
DZD\GLVWDQWEH\RQGGHDWKDERYHWKHVHYHQVNLHV*RGLVWKHLUJRDORU
PRNVKDRUQLUYDQDJRDOVZKLFKORRNDOPRVWLPSRVVLEOH




7KHSRVVLEOHJRDOFDQJLYH\RXRQO\DVPDOOHJRDQGWKDWWRRRQO\IRUWKHWLPH
EHLQJ2QFHWKHJRDOLVDFKLHYHG\RXZLOOVWDUWIHHOLQJIUXVWUDWHG7KDW
VZKDW
KDSSHQVHYHU\GD\<RXZDQWHGDEHDXWLIXOKRXVHQRZ\RXKDYHJRWLWDQG
VXGGHQO\IUXVWUDWLRQVHWVLQ7KHHJRQHHGVDQHZJRDOWRVXUYLYHQRZLWVWDUWV
IDQWDVL]LQJDERXWDELJJHUSDODFH

<RXZHUHVHHNLQJDQGVHDUFKLQJIRUDZRPDQQRZ\RXKDYHJRWKHUDQGWKH
PRPHQW\RXKDYHJRWKHU\RXDUHILQLVKHGZLWKKHU,WPD\WDNHDIHZGD\VIRU
\RXWRUHFRJQL]HWKHIDFWWKDWLVDQRWKHUPDWWHUEXW\RXDUHILQLVKHGZLWKKHU
1RZ\RXUHJRQHHGVDQRWKHUZRPDQVRWKDWWKHMRXUQH\FDQFRQWLQXH

7KHHJRLVFRQVWDQWO\MRXUQH\LQJIURPWKHSUHVHQWWRVRPHQRQH[LVWHQWLDOIXWXUH
,I\RXDVNPHWKLVLVP\GHILQLWLRQRIVDPVDUDWKHZRUOG7KHHJRMRXUQH\LQJ
IURPWKHSUHVHQWWRWKHIXWXUHLVWKHZRUOG$QGWKHHJRQRWMRXUQH\LQJDWDOO
VLPSO\EHLQJKHUHQRZLVWKHHQGRIVDPVDUD\RXDUHLQQLUYDQDVDPDGKL
HQOLJKWHQPHQW+HQFHHQOLJKWHQPHQWFDQQRWEHUHGXFHGWRDJRDO,I\RXUHGXFH
LWWRDJRDO\RXKDYHPLVVHGWKHZKROHSRLQW

$OOWKHEXGGKDVRIDOOWKHDJHVKDYHEHHQWHOOLQJ\RXDYHU\VLPSOHIDFW%H
GRQ
WWU\WREHFRPH:LWKLQWKHVHWZRZRUGVEHDQGEHFRPLQJ\RXUZKROHOLIHLV
FRQWDLQHG%HLQJLVHQOLJKWHQPHQWEHFRPLQJLVLJQRUDQFH%XW\RXKDYHEHHQ
WDXJKWWREHFRPHWKLVWREHFRPHWKDW$QGWKHPLQGLVVRFXQQLQJDQGWKHZD\V
RIWKHHJRDUHVRVXEWOHWKDWLWHYHQWXUQV*RGQLUYDQDHQOLJKWHQPHQWWUXWKLQWR
JRDOVLWVWDUWVDVNLQJKRZWRDFKLHYHWKHP7KH\DUHQRWWREHDFKLHYHGWKH\
FDQQRWEHDFKLHYHGWKHDFKLHYLQJPLQGLVWKHRQO\EDUULHU7KH\DUHDOUHDG\
KHUH<RXKDYHWRGURSWKHDFKLHYLQJPLQG\RXKDYHWRIRUJHWMRXUQH\LQJIURP
WKLVSRLQWWRWKDW\RXVLPSO\KDYHWRUHOD[DQGEHDQGDOOLVDWWDLQHG

/DR7]XFDOOVLWZXZHLDFWLRQZLWKRXWDFWLRQ<RXKDYHQRWPRYHGDVLQJOHLQFK
DQG\RXKDYHDUULYHGWKLVLVZXZHL<RXKDYHQRWJRQHDQ\ZKHUH\RXKDYHQRW
HYHQWKRXJKWRIJRLQJDQ\ZKHUHDQG\RXDUHDOUHDG\WKHUH6XGGHQO\WKH
UHFRJQLWLRQFRPHV,QHYHUORVWWKHKRPH,RQO\IHOODVOHHSDQGVWDUWHGGUHDPLQJ
DERXWDFKLHYLQJ

7KRVHZKRJLYH\RXJRDOVDUH\RXUHQHPLHV7KRVHZKRWHOO\RXZKDWWREHFRPH
DQGKRZWREHFRPHLWDUHWKHSRLVRQHUV7KHUHDOPDVWHUVLPSO\VD\V7KHUHLV
QRWKLQJWREHFRPH<RXDUHDOUHDG\WKDWLWLVDOUHDG\WKHFDVH6WRSUXQQLQJ
DIWHUVKDGRZV6LWVLOHQWO\DQG%(6LWWLQJVLOHQWO\GRLQJQRWKLQJWKHVSULQJ
FRPHVDQGWKHJUDVVJURZVE\LWVHOI


7KHVHFRQGTXHVWLRQ
26+2

%(&$86(,$021/<$%(*,11(5,17+(6($5&+)255($/,7<&28/'




<28'(),1()250(7+()2857(5067587+*2'63,5,78$/)$&7

.HQ-RQHVLI\RXDUHRQO\DEHJLQQHULQWKHVHDUFKSOHDVHFRPHEDFNGRQ
WJR
DKHDG'RQ
WEHFRPHPRUHRIDQH[SHUWLQWKHVSLULWXDOVHDUFKEHFDXVHWKH
H[SHUWVDUHWKHORVHUV'RQ
WEHFRPHPRUHNQRZOHGJHDEOHEHFRPHPRUH
LQQRFHQW'URSDOOWKDW\RXNQRZIRUJHWDOOWKDW\RXNQRZ5HPDLQZRQGHULQJ
EXWGRQ
WWUDQVIRUP\RXUZRQGHULQJLQWRTXHVWLRQVEHFDXVHRQFHWKHZRQGHULV
FKDQJHGLQWRDTXHVWLRQVRRQHURUODWHUWKHTXHVWLRQZLOOEULQJNQRZOHGJH$QG
NQRZOHGJHLVDIDOVHFRLQ

)URPWKHVWDWHRIZRQGHUWKHUHDUHWZRSDWKV2QHLVRITXHVWLRQLQJWKHZURQJ
SDWKLWOHDGV\RXLQWRPRUHDQGPRUHNQRZOHGJH7KHRWKHULVQRWRI
TXHVWLRQLQJEXWHQMR\LQJ(QMR\WKHZRQGHUWKHZRQGHUWKDWOLIHLVWKHZRQGHU
WKDWH[LVWHQFHLVWKHZRQGHURIWKHVXQDQGWKHVXQOLJKWDQGWKHWUHHVEDWKHGLQ
LWVJROGHQUD\V([SHULHQFHLW'RQ
WSXWLQDTXHVWLRQPDUNOHWLWEHDVLWLV
5HPDLQLJQRUDQWLI\RXHYHUZDQWWREHFRPHHQOLJKWHQHG5HPDLQLQQRFHQW
FKLOGOLNHLI\RXHYHUZDQWDFRPPXQLRQZLWKH[LVWHQFHDQGUHDOLW\5HPDLQLQ
ZRQGHULI\RXZDQWWKHP\VWHULHVWRRSHQXSIRU\RX0\VWHULHVQHYHURSHQXSIRU
WKRVHZKRJRRQTXHVWLRQLQJ4XHVWLRQHUVVRRQHURUODWHUHQGXSLQDOLEUDU\
4XHVWLRQHUVVRRQHURUODWHUHQGXSZLWKVFULSWXUHVEHFDXVHVFULSWXUHVDUHIXOORI
DQVZHUV

$QGDQVZHUVDUHGDQJHURXVWKH\NLOO\RXUZRQGHU7KH\DUHGDQJHURXVEHFDXVH
WKH\JLYH\RXWKHIHHOLQJWKDW\RXNQRZDOWKRXJK\RXNQRZQRW7KH\JLYH\RX
WKLVPLVFRQFHSWLRQDERXW\RXUVHOIWKDWQRZTXHVWLRQVKDYHEHHQVROYHG,NQRZ
ZKDW7KH%LEOHVD\V,NQRZZKDWWKH.RUDQVD\V,NQRZZKDWWKH*LWDVD\V,
KDYHDUULYHG<RXZLOOEHFRPHDSDUURW\RXZLOOUHSHDWWKLQJVEXW\RXZLOOQRW
NQRZDQ\WKLQJ7KLVLVQRWWKHZD\WRNQRZNQRZOHGJHLVQRWWKHZD\WRNQRZ

7KHQZKDWLVWKHZD\WRNQRZ":RQGHU/HW\RXUKHDUWGDQFHZLWKZRQGHU%H
IXOORIZRQGHUWKUREZLWKLWEUHDWKHLWLQEUHDWKHLWRXW:K\EHLQVXFKDKXUU\
IRUWKHDQVZHU"&DQ
W\RXDOORZDP\VWHU\WRUHPDLQDP\VWHU\",NQRZWKHUHLVD
JUHDWWHPSWDWLRQQRWWRDOORZLWWRUHPDLQDP\VWHU\WRUHGXFHLWWRNQRZOHGJH
:K\LVWKLVWHPSWDWLRQWKHUH"EHFDXVHRQO\LI\RXDUHIXOORINQRZOHGJHZLOO\RX
EHLQFRQWURO

0\VWHU\ZLOOFRQWURO\RXNQRZOHGJHZLOOPDNH\RXWKHFRQWUROOHU0\VWHU\ZLOO
SRVVHVV\RX<RXFDQQRWSRVVHVVWKHP\VWHULRXVLWLVVRYDVWDQG\RXUKDQGV
DUHVRVPDOO,WLVVRLQILQLWH\RXFDQQRWSRVVHVVLW\RXZLOOKDYHWREH
SRVVHVVHGE\LWDQGWKDWLVWKHIHDU.QRZOHGJH\RXFDQSRVVHVVLWLVVR
WULYLDONQRZOHGJH\RXFDQFRQWURO

7KLVWHPSWDWLRQRIWKHPLQGWRUHGXFHHYHU\ZRQGHUHYHU\P\VWHU\WRD
TXHVWLRQLVEDVLFDOO\IHDURULHQWHG:HDUHDIUDLGDIUDLGRIWKHWUHPHQGRXVQHVV
RIOLIHRIWKLVLQFUHGLEOHH[LVWHQFH:HDUHDIUDLG2XWRIIHDUZHFUHDWHVRPH
VPDOONQRZOHGJHDURXQGRXUVHOYHVDVDSURWHFWLRQDVDQDUPRUDVDGHIHQVH




,WLVRQO\FRZDUGVZKRUHGXFHWKHWUHPHQGRXVO\YDOXDEOHFDSDFLW\RIZRQGHULQJ
WRTXHVWLRQV7KHUHDOO\EUDYHWKHFRXUDJHRXVSHUVRQOHDYHVLWDVLWLV5DWKHU
WKDQFKDQJLQJLWLQWRDTXHVWLRQKHMXPSVLQWRWKHP\VWHU\5DWKHUWKDQWU\LQJWR
FRQWUROLWKHDOORZVWKHP\VWHU\WRSRVVHVVKLP

$QGWKHMR\RIEHLQJSRVVHVVHGDQGWKHEHQHGLFWLRQRIEHLQJSRVVHVVHGLV
LQYDOXDEOH<RXFDQQRWLPDJLQHZKDWLWLV\RXKDYHQHYHUGUHDPWDERXWLW
EHFDXVHWREHSRVVHVVHGE\WKHP\VWHU\LVWREHSRVVHVVHGE\*RG
.HQ-RQHV\RXVD\%HFDXVH,DPRQO\DEHJLQQHU

<RXDUHIRUWXQDWHWKDW\RXDUHRQO\DEHJLQQHU7KHUHDUHPDQ\ZKRKDYH
EHFRPHH[SHUWVWKH\ZLOOKDYHWRFRPHEDFNKRPHDQGLWLVJRLQJWREHDORQJ
ORQJDUGXRXVMRXUQH\7KH\KDYHDFFXPXODWHGVRPXFKNQRZOHGJHWKDWGURSSLQJ
LWLVJRLQJWREHDGLIILFXOWWDVN,I\RXDUHUHDOO\DEHJLQQHUEHKDSS\<RXKDYH
QRWJRQHIDUDZD\\RXDUHMXVWEHJLQQLQJ&RPHEDFN

7KHUHLVQRQHHGWRGHILQHWKHVHEHDXWLIXOZRUGVEHFDXVHWKH\DUHQRWRQO\
ZRUGV<RXZDQWPHWRGHILQHWUXWK'R\RXNQRZKDVDQ\ERG\HYHUGHILQHG
WUXWK",VLWGHILQDEOHDWDOO":KDWLVDGHILQLWLRQ"$GHILQLWLRQPHDQVDWDXWRORJ\
\RXSXWWKHVDPHZRUGVLQDGLIIHUHQWZD\:KDWDUH\RXUGHILQLWLRQVLQIDFW"
6\QRQ\PV

-XVWORRNDW\RXUGHILQLWLRQVDQG\RXZLOOILQG\RXKDYHEHHQSDUDSKUDVLQJ%XW
KRZFDQSDUDSKUDVLQJGHILQHDQ\WKLQJ"7KHVHFRQGWKLQJWKDW\RXWKLQNLVWKH
GHILQLWLRQLQLWVRZQWXUQQHHGVDQRWKHUGHILQLWLRQ'HILQLWLRQVDUHHLWKHU
WDXWRORJLHVRUMXVWVWXSLG

)RUH[DPSOHDVNZKDWWKHPLQGLVDQGWKHNQRZHUVWKHNQRZOHGJHDEOHVD\,W
LVQRWPDWWHU$QGWKHQDVNWKHP:KDWLVPDWWHU"$QGWKH\VD\,WLVQRW
PLQG:KDWNLQGRIGHILQLQJLVJRLQJRQ"0LQGLVQRWPDWWHUWKLVEHFRPHVD
GHILQLWLRQ0DWWHULVQRWPLQGWKLVEHFRPHVDGHILQLWLRQ%RWKUHPDLQLQGHILQDEOH
\RXKDYHQRWGHILQHGDQ\WKLQJ\RXKDYHVLPSO\VKLIWHGWKHSUREOHPIURPRQH
SODFHWRDQRWKHU

<RXFDQEHIRRORQO\IRROV

$QGWKHWUXWKPHDQVWKHZKROHDOOWKDWLVWKHWRWDO$OOWKDWLVKRZFDQ\RX
GHILQHLW",WLVXQERXQGHGLQILQLWH'HILQLWLRQPHDQVGUDZLQJDOLQHDURXQGLW
ORFDWLQJLWVD\LQJ7KLVLVLW%XWWKHUHLVQRZD\WRGHILQHWUXWKEHFDXVHWKHUH
LVQRZD\WRGUDZDOLQHDURXQGLW,WLVLQILQLWHLWLVHWHUQDOLWKDVQREHJLQQLQJQR
HQG

3HRSOHZKRKDYHWULHGWRGHILQHWUXWKVD\7UXWKLVWKDWZKLFKLV%XWWKDWLV
WDXWRORJ\7KHTXHVWLRQUHPDLQVWKHVDPHWKHP\VWHU\UHPDLQVXQVROYHG7UXWK
LVWKDWZKLFKLVZKDWKDYH\RXDGGHG"+DYH\RXPDGHLWDOLWWOHVLPSOHUWKDQ
EHIRUH"<RXFDQFDOOLWWKDWZKLFKLVRU\RXFDQFDOOLWWUXWKRU\RXFDQFDOOLW




*RGEXW\RXDUHVLPSO\XVLQJQDPHVZRUGVODEHOVIRUVRPHWKLQJZKLFKLV
EDVLFDOO\LQGHILQDEOH

7UXWKFDQQRWEHGHILQHGDOWKRXJKLWFDQFHUWDLQO\EHH[SHULHQFHG%XW
H[SHULHQFHLVQRWDGHILQLWLRQ$GHILQLWLRQLVPDGHE\WKHPLQGH[SHULHQFH
FRPHVWKURXJKSDUWLFLSDWLQJ,IVRPHERG\DVNV:KDWLVDGDQFH"KRZFDQ\RX
GHILQHLW"%XW\RXFDQGDQFHDQG\RXFDQNQRZWKHLQQHUIHHORILW

*RGLVWKHXOWLPDWHGDQFH<RXZLOOKDYHWROHDUQHFVWDWLFGDQFLQJWRH[SHULHQFH
*RG*RGLVWKHGDQFHZKHUHWKHGDQFHUGLVDSSHDUV7KHQWKHH[SHULHQFH
DUULYHVVKRZHUVRQ\RXDQG\RX.12:%XWWKDWNQRZLQJLVQRWNQRZOHGJH
WKDWNQRZLQJLVZLVGRP

7UXWKFDQQRWEHGHILQHG/DR7]XVD\VLI\RXGHILQHLW\RXKDYHDOUHDG\PDGHLW
XQWUXH+HOLYHGDORQJOLIHLWPXVWKDYHEHHQUHDOO\ORQJEHFDXVHWKHVWRU\LV
WKDWIRUHLJKW\WZR\HDUVKHOLYHGLQKLVPRWKHU
VZRPEVRZKHQKHZDVERUQKH
ZDVDOUHDG\HLJKW\WZR\HDUVROG7KHQLIKHOLYHGIRUDWOHDVWHLJKW\WZRPRUH
\HDUVKHPXVWKDYHOLYHGYHU\ORQJ%XWKHQHYHUZURWHDVLQJOHZRUG

+LVZKROHOLIHKLVGLVFLSOHVZHUHDJDLQDQGDJDLQDVNLQJUHTXHVWLQJ:ULWH
VRPHWKLQJ<RXDUHJHWWLQJROGHUDQGROGHUDQGROGHUDQGRQHGD\\RXZLOOKDYH
WROHDYHWKHERG\/HDYH\RXUODVWWHVWDPHQW%XWKHZRXOGODXJKDQGQRWVD\D
WKLQJRUKHZRXOGNHHSVLOHQWDVLIKHKDGQRWKHDUG

7KHQZKHQKHEHFDPHYHU\ROGKHVWDUWHGPRYLQJWRZDUGVWKH+LPDOD\DV+H
VDLGWRKLVGLVFLSOHV1RZ,DPJRLQJWRWKH+LPDOD\DVQHYHUWRUHWXUQDJDLQ0\
ZKROHOLIH,KDYHEHHQDZDQGHUHUDQGWKH+LPDOD\DVDUHWKHEHVWSODFHWRGLH,
OLYHGEHDXWLIXOO\,OLYHGWKHPRVWHFVWDWLFOLIHSRVVLEOH,ZRXOGDOVROLNHWRGLH
PRVWHFVWDWLFDOO\PRVWDHVWKHWLFDOO\,ZRXOGOLNHWRGLHLQWKHVLOHQFHRIWKH
+LPDOD\DVLQWKRVHEHDXWLIXOPRXQWDLQV

:KHQKHZDVOHDYLQJWKHERUGHURI&KLQDWKHJXDUGDWWKHERUGHUSUHYHQWHG
KLP+HVDLG,ZRQ
WDOORZ\RXWROHDYHWKHFRXQWU\XQOHVV\RXZULWHVRPHWKLQJ
+HPXVWKDYHEHHQDYHU\SHUFHSWLYHPDQWKHJXDUG7KHZRUOGLVLQKLVGHEWIRU
RQHRIWKHJUHDWHVWWKLQJVWKDWKDVHYHUEHHQZULWWHQWKH7DR7H&KLQJ7KHUH
LVQRRWKHUERRNFRPSDUDEOHWRLW

)LQGLQJQRZD\WRDYRLGLWEHFDXVHWKHJXDUGZRXOGQ
WDOORZKLPWRJRDQGKH
ZDQWHGWROHDYHWKHFRXQWU\DVIDVWDVTXLFNO\DVSRVVLEOHGHDWKZDVFRPLQJ
FORVHUDQGKHZDQWHGWRGLHLQWKHVLOHQFHRIWKH+LPDOD\DVFRPSHOOHGWRZULWH
KHVDWLQWKHJXDUG
VURRPIRUWKUHHGD\VDQGFRPSOHWHGWKHERRN7DR7H&KLQJ
%XWWKHILUVWWKLQJWKDWKHZURWHZDV7DRFDQQRWEHVDLG2QFHVDLGLWLVQR
PRUH7DR

<RXFDQXQGHUVWDQGZKDWKHPHDQV+HLVVD\LQJWKDWLI\RXUHDGWKHILUVW
VWDWHPHQWWKHUHLVQRQHHGWRJRDQ\IXUWKHU7UXWKFDQQRWEHVDLG2QFHVDLG




LWLVQRPRUHWUXHWKLVLVKLVGHFODUDWLRQ1RZLI\RXXQGHUVWDQGWKHERRNLV
ILQLVKHG:KDWFDQEHVDLGDERXWWKHWUXWK"<HVLWFDQEHOLYHGH[SHULHQFHG
<RXFDQORYHOLYHEHEXWGHILQLWLRQLVQRWSRVVLEOH,I\RXZDQWGHILQLWLRQV\RX
ZLOOKDYHWRJRWRDXQLYHUVLW\3URIHVVRUVGHILQHZKDWWUXWKLVDQGHDFK
SURIHVVRURISKLORVRSK\GHILQHVLWLQKLVRZQZD\DQGWKHUHDUHPLOOLRQVRI
GHILQLWLRQVDQGDOODUHIDOVH1RGHILQLWLRQFDQHYHUEHWUXH

:KDWWRVD\DERXWWUXWKHYHQWKHVPDOOH[SHULHQFHVRIOLIHFDQQRWEHGHILQHG
:KDWLVORYH"2UZKDWLVWKHWDVWHRIVXJDURQ\RXUWRQJXH"+RZWRGHILQHLW"
:KDWLVEHDXW\ZKHQ\RXVHHLWLQDORWXVIORZHU"
2QHRIWKHJUHDWHVWPRGHUQSKLORVRSKHUV*(0RRUHKDVZULWWHQDERRN
3ULQFLSLD(WKLFDLQZKLFKKHWULHVWRGHILQHZKDWJRRGLV2IFRXUVHWKDWLVWKH
ILUVWTXHVWLRQLQWKHZRUOGRIHWKLFVZKDWLVJRRG"$QGIRUWZRKXQGUHGRUWZR
KXQGUHGDQGILIW\SDJHVKHWULHVKDUGWKLVZD\DQGWKDWDQGFDQQRWGHILQHLW
$QGKHZDVRQHRIWKHPRVWSHUFHSWLYHSHRSOHWKLVFHQWXU\KDVSURGXFHG

'HIHDWHGWLUHGH[KDXVWHGLQWKHHQGKHVD\VJRRGLVLQGHILQDEOH,WLVDV
LQGHILQDEOHDVWKHFRORU\HOORZ,IVRPHERG\DVNV:KDWLV\HOORZ"WKHUHLVD
PDULJROGIORZHUDQGVRPHERG\DVNV<RXFDOOLW\HOORZ":KDWLV\HOORZ"KRZ
DUH\RXJRLQJWRGHILQHLW":KDWPRUHFDQ\RXVD\"<HOORZLV\HOORZJRRGLV
JRRGEHDXW\LVEHDXW\%XWWKHVHDUHWDXWRORJLHV\RXDUHQRWGHILQLQJDQ\WKLQJ
\RXDUHVLPSO\UHSHDWLQJZRUGV

:KDWLVWUXWK"7KHUHLVQRZD\WRGHILQHLW

,DPQRWWHDFKLQJSKLORVRSK\WR\RX,DPVKDULQJP\WUXWKZLWK\RX'RQ
WDVNIRU
GHILQLWLRQV,I\RXKDYHWKHFRXUDJHWKHQWDNHDSOXQJHLQWRWKHH[SHULHQFHWKDW
LVPDGHDYDLODEOHKHUHWDNHDMXPSLQWRPHGLWDWLRQDQG\RXZLOONQRZ$QGVWLOO
HYHQZKHQ\RXNQRZ\RXZLOOQRWEHDEOHWRGHILQHLW
$QG\RXDVN:KDWLV*RG"

7KDWLVDQRWKHUQDPHIRUWUXWKWKHORYHU
VQDPH7UXWKLVWKHQDPHJLYHQE\
WKHPHGLWDWRUWRWRWDOLW\*RGLVWKHQDPHJLYHQWRWRWDOLW\WRWUXWKE\DORYHUE\
DGHYRWHH%RWKDUURZVSRLQWWRWKHVDPHSKHQRPHQRQEXWWKHORYHUFDQ
WWKLQN
LQWHUPVRIDEVWUDFWZRUGV7UXWKLVYHU\DEVWUDFW\RXFDQQRWKXJWUXWKFDQ
\RX"<RXFDQQRWNLVVWUXWKRUFDQ\RX"<RXFDQQRWVD\KHOORWRWUXWK\RX
FDQQRWKROGKDQGVZLWKWUXWK7UXWKLVLPSHUVRQDOLWLVWKHZRUGJLYHQE\WKH
PHGLWDWRUZKRGRHVQRWZDQWWREULQJDQ\SHUVRQDOLW\LQWRLW

*RGLVWKHQDPHJLYHQRXWRIORYHRXWRIDSHUVRQDOUHODWLRQVKLSZLWKH[LVWHQFH
7KHORYHUZDQWVWRVD\7KRXWKHORYHUZDQWVWRVD\+LWKHORYHUZDQWVWR
KDYHDFRPPXQLRQDGLDORJXH,WLVWKHVDPHWRWDOLW\EXWWKHORYHUPDNHVLW
SHUVRQDO7KHQWUXWKEHFRPHV*RG

$QG\RXDVN:KDWLVVSLULWXDO"





7REHLQUHODWLRQVKLSZLWKWUXWKRU*RGLVWREHVSLULWXDO5HPHPEHUWREHLQ
UHODWLRQVKLSQRWWRWDONDERXWVSLULWXDOLW\QRWWRIROORZDFHUWDLQFUHHGGRJPD
FKXUFKEXWWREHLQGLUHFWLPPHGLDWHUHODWLRQVKLSZLWKH[LVWHQFHLVVSLULWXDOLW\7R
EHLQWXQHZLWKWKHZKROHWRIHHOWKHKDUPRQ\DQGWKHMR\DQGWKHVKHHU
FHOHEUDWLRQRIEHLQJKHUHWKDWLVVSLULWXDOLW\,WKDVQRWKLQJWRGRZLWKJRLQJWRWKH
FKXUFKRUWKHWHPSOHLWKDVQRWKLQJWRGRZLWKUHFLWLQJWKH.RUDQRU7KH%LEOHRU
WKH*LWD,WKDVQRWKLQJWRGRZLWKDQ\NLQGRIZRUVKLSULWXDOLWKDVVRPHWKLQJWR
GRZLWKFRPPXQLRQFRPPXQLRQZLWKWKHWUHHVFRPPXQLRQZLWKWKHVWDUV
FRPPXQLRQZLWKWKHULYHUVFRPPXQLRQZLWKDOOWKDWLV,WLVFRPPXQLRQZLWKWKLV
PXOWLGLPHQVLRQDOH[SUHVVLRQRI*RGLWLVKDYLQJDGLDORJXHZLWKWKHZKROH7KH
TXDOLW\RIPDGORYHLVQHHGHGWKHQ\RXDUHVSLULWXDO6SLULWXDOLW\LVQRWDKHDG
WULSLWLVDKHDUWWRKHDUWGLDORJXHDQGXOWLPDWHO\DEHLQJWREHLQJGLDORJXH

$QGIRXUWK\RXDVN:KDWLVDIDFW"

$IDFWLVWKHWUXWKVHHQZLWKXQDZDUHQHVVVHHQZLWKEOLQGQHVVVHHQZLWKFORVHG
H\HVVHHQXQLQWHOOLJHQWO\XQPHGLWDWLYHO\7KHQWKHWUXWKEHFRPHVDIDFW
)RUH[DPSOH\RXFRPHDFURVVDEXGGKD,I\RXORRNDWKLPXQFRQVFLRXVO\KHLV
MXVWDIDFWDKLVWRULFDOIDFWKHLVERUQRQDFHUWDLQGD\DQGLVJRLQJWRGLHRQD
FHUWDLQGD\+HLVWKHERG\WKDW\RXFDQVHHZLWK\RXUH\HVKHLVDFHUWDLQ
SHUVRQDSHUVRQDOLW\+LVWRU\FDQWDNHQRWHRIKLP\RXFDQKDYHDSLFWXUHRI
KLP

%XWLI\RXORRNQRWZLWKXQFRQVFLRXVQHVVEXWZLWKJUHDWFRQVFLRXVQHVVZLWK
DZDUHQHVVZLWKJUHDWOLJKWVLOHQFHWKHQWKHIDFWLVQRORQJHUWKHUHWKHUHLV
WUXWK7KHQ%XGGKDLVQRWVRPHERG\ZKRLVERUQRQDFHUWDLQGDWHKHLV
VRPHERG\ZKRLVQHYHUERUQDQGLVQHYHUJRLQJWRGLH7KHQ%XGGKDLVQRWWKH
ERG\WKHERG\LVMXVWDQDERGH7KHQ%XGGKDLVQRWWKHFRQILQHGEHLQJWKDW
DSSHDUVWR\RXKHUHSUHVHQWVWKHWRWDOWKHZKROH7KHQ%XGGKDLVDUD\RIWKH
LQILQLWHDJLIWRIWKHEH\RQGWRWKHHDUWK7KHQVXGGHQO\WKHIDFWKDV
GLVDSSHDUHGQRZWKHUHLVWUXWK

%XWKLVWRU\FDQWDNHQRQRWHRIWUXWKKLVWRU\FRQVLVWVRIIDFWV,Q,QGLDZHKDYH
WZRGLIIHUHQWV\VWHPV2QHZHFDOOKLVWRU\KLVWRU\WDNHVQRWHRIWKHIDFWV
$QRWKHUZHFDOOSXUDQDP\WKRORJ\LWWDNHVQRWHRIWKHWUXWK:HKDYHQRWZULWWHQ
KLVWRULHVDERXW%XGGKD0DKDYLUDRU.ULVKQDQR7KDWZRXOGKDYHEHHQ
GUDJJLQJVRPHWKLQJLPPHQVHO\EHDXWLIXOLQWRWKHPXGG\XQFRQVFLRXVQHVVRI
KXPDQLW\:HKDYHQRWZULWWHQKLVWRULHVDERXWWKHVHSHRSOHZHKDYHZULWWHQ
P\WKV:KDWLVDP\WK"$P\WKLVDSDUDEOHDSDUDEOHWKDWRQO\SRLQWVWRWKH
PRRQEXWVD\VQRWKLQJDERXWLWDILQJHUSRLQWLQJWRWKHPRRQDQLQGLFDWLRQDQ
DUURZVD\LQJQRWKLQJ

*RWRD-DLQDWHPSOHDQG\RXZLOOEHVXUSULVHG<RXZLOOILQGWZHQW\IRXUVWDWXHV
RIWZHQW\IRXUJUHDWHQOLJKWHQHGPDVWHUVWKHWZHQW\IRXU7,57+$1.$5$6$QG
WKHPRVWVWULNLQJWKLQJZLOOEHWKLVWKDWWKH\DOOORRNDEVROXWHO\DOLNH7KLVLV
LPSRVVLEOHWKHUHDUHQRWHYHQWZRSHUVRQVDEVROXWHO\DOLNHLQWKHZRUOGQRW




HYHQWZLQVDUHDEVROXWHO\DOLNH6RKRZZDVLWSRVVLEOHDQGWKHWLPHVSDQLV
ELJWKRXVDQGVRI\HDUVIRUWZHQW\IRXUWLUWKDQNDUDVWREHH[DFWO\DOLNH"

7KLVLVQRWKLVWRU\7KHVHVWDWXHVGRQ
WGHSLFWWKHUHDOSHUVRQVQRQRWDWDOO
7KH\DUHQRWSLFWRULDOUHSUHVHQWDWLRQV7KHQZKDWDUHWKH\"7KH\UHSUHVHQW
VRPHWKLQJRIWKHLQQHUWKH\UHSUHVHQWVRPHWKLQJRIPHGLWDWLYHQHVVWKH\
UHSUHVHQWVRPHWKLQJRILQQHUVWLOOQHVVVRPHWKLQJRIWKHEHLQJ7KRVHWZHQW\IRXU
VWDWXHVDUHMXVWUHSUHVHQWDWLRQVYLVLEOHUHSUHVHQWDWLRQVRIVRPHWKLQJZKLFKLV
LQYLVLEOH

6LWWLQJEHIRUHWKHVHVWDWXHVLI\RXVLOHQWO\JRRQZDWFKLQJ\RXZLOOEHVXUSULVHG
6RPHWKLQJVWDUWVKDSSHQLQJLQVLGH\RX7KHVWDWXHLVDIRUPRIREMHFWLYHDUWLW
V\QFKURQL]HVZLWKWKHLQQHUIRUPRI\RXUEHLQJ7KHSRVWXUHRIWKHVWDWXH
V\QFKURQL]HVZLWK\RXUSRVWXUH,I\RXVLWLQWKHVDPHSRVWXUHZLWKHUHFWVSLQH
KDOIRSHQHGH\HVMXVWORRNLQJDWWKHWLSRI\RXUQRVHGRLQJQRWKLQJDVLI\RXDUH
DOVRDPDUEOHVWDWXHDOOZKLWHZLWKLQDQGZLWKRXWWKHQ\RXZLOONQRZWKDW\RX
DUHQRWIDFLQJRUGLQDU\VWDWXHV\RXDUHFRQIURQWLQJJUHDWV\PEROV7KLVLV
P\WKRORJ\

0\WKRORJ\LVERXQGWREHSRHWLFEHFDXVHRQO\SRHWU\FDQJLYHDIHZJOLPSVHVRI
WKHXQNQRZQ

,WLVVDLGWKDWZKHUHYHU%XGGKDPRYHGWUHHVZRXOGVWDUWEORRPLQJRXWRIVHDVRQ
1RZWKLVLVSRHWU\SXUHSRHWU\LWGLGQRWKDSSHQDVDIDFW%XWWKLVVKRZV
VRPHWKLQJWKHUHLVQRRWKHUZD\WRVD\LW,WVD\VZKHQHYHU%XGGKDLVFRQWDFWHG
HYHQWUHHVVWDUWEORRPLQJRXWRIVHDVRQVRZKDWWRVD\DERXWPDQ"

,WLVVDLGWKDWZKHUHYHU0RKDPPHGZRXOGPRYHLQWKHGHVHUW
VKRWVXQDQG
WKHUHZDVILUHHYHU\ZKHUHDVPDOOFORXGDZKLWHFORXGZRXOGJRRQPRYLQJ
DERYHKLPMXVWWRJLYHKLPVKDGHOLNHDQXPEUHOOD7KLVLVSRHWU\EHDXWLIXOEXWLW
LVQRWDKLVWRULFDOIDFW$PDQOLNH0RKDPPHGLVSURWHFWHGE\H[LVWHQFHDPDQ
OLNH0RKDPPHGLVLQHYHU\ZD\FDUHGIRUE\H[LVWHQFH2QHZKRKDV
VXUUHQGHUHGWRH[LVWHQFHLVERXQGWREHFDUHGIRUE\H[LVWHQFH2QHZKRKDV
WUXVWHGWRWDOO\KRZFDQH[LVWHQFHEHXQFDULQJDERXWKLP"7RVD\WKLVWKHUHLV
WKLVPHWDSKRURIWKHFORXGMXVWKDQJLQJRYHUKLVKHDGZKHUHYHUKHZRXOGJR

-HVXVGLHVRQWKHFURVVDQGWKHQDIWHUWKUHHGD\VLVUHVXUUHFWHG7KLVLVSRHWU\
QRWKLVWRU\7KLVLVQRWIDFWWKLVLVWUXWK,WVLPSO\VD\VWKDWWKRVHZKRGLHLQ*RG
DQGIRU*RGDWWDLQWRHWHUQDOOLIH7KRVHZKRDUHUHDG\WRGLHIRU*RGDUH
UHVXUUHFWHGRQDQRWKHUSODQHRIEHLQJWKH\ORVHWKHSK\VLFDOERG\EXWWKH\JDLQ
WKHOXPLQRXVERG\7KH\DUHQRPRUHSDUWRIWKHHDUWKEXWWKH\EHFRPHSDUWRI
WKHVN\WKH\GLVDSSHDUIURPWLPHEXWWKH\DSSHDULQHWHUQLW\

%XWDOOWKHUHOLJLRQVKDYHEHHQWU\LQJWRSURYHWKDWWKHVHDUHIDFWV$QGLQWU\LQJ
WRSURYHWKDWWKHVHDUHIDFWVWKH\KDYHVLPSO\SURYHGWKDWWKH\DUHIRROV7KHVH
DUHQRWIDFWVWKHVHDUHV\PEROLFWUXWKV





:KDWVRHYHU\RXVHHDURXQG\RXLVDIDFW<RXVHHDWUHHDJUHHQWUHHIXOORI
VDSDQGIORZHUVLWLVDIDFW%XWLI\RXPHGLWDWHDQGRQHGD\VXGGHQO\\RXU
H\HVRSHQRSHQWRWKHUHDODQGWKHWUHHLVQRPRUHMXVWDWUHHWKHJUHHQRILW
LVQRWKLQJEXW*RGJUHHQLQLWDQGWKHVDSUXQQLQJWKURXJKLWLVQRPRUHD
SK\VLFDOSKHQRPHQRQEXWVRPHWKLQJVSLULWXDOLIRQHGD\\RXFDQVHHWKHEHLQJ
RIWKHWUHHWKH*RGRIWKHWUHHWKDWWKHWUHHLVRQO\DPDQLIHVWDWLRQRIWKHGLYLQH
\RXKDYHVHHQWKHWUXWK

7UXWKQHHGVPHGLWDWLYHH\HV,I\RXGRQ
WKDYHPHGLWDWLYHH\HVWKHQWKHZKROHRI
OLIHLVMXVWGXOOGHDGIDFWVXQUHODWHGWRHDFKRWKHUDFFLGHQWDOPHDQLQJOHVVD
MXPEOHMXVWDFKDQFHSKHQRPHQRQ,I\RXVHHWKHWUXWKHYHU\WKLQJIDOOVLQWROLQH
HYHU\WKLQJIDOOVWRJHWKHULQDKDUPRQ\HYHU\WKLQJVWDUWVKDYLQJVLJQLILFDQFH

5HPHPEHUDOZD\VVLJQLILFDQFHLVWKHVKDGRZRIWUXWK$QGWKRVHZKROLYHRQO\
LQIDFWVOLYHDQXWWHUO\PHDQLQJOHVVOLIH

7KHWKLUGTXHVWLRQ
%(/29('26+2

<28+$9(6$,'7+$7(1/,*+7(10(17,6$/:$<6727$/1(9(5
3$57,$/67,//<28&203$5(<28567$7(2)120,1':,7+$1
25&+(675$:+,/(7+$72).5,6+1$0857,,6&203$5(':,7+7+$7
2)$6,1*/()/87(3/$<(5+$61277+((1/,*+7(1('21($&&(66
72$//.12:/('*(":+<7+$77811(/9,6,212).5,6+1$0857,"

+HQN)DDVVHQHQOLJKWHQPHQWLVDOZD\VWRWDO,ILWLVDQRUFKHVWUDLWLVDWRWDO
RUFKHVWUDLILWLVRQO\DVRORIOXWHWKHQLWLVDQDEVROXWHO\WRWDOVRORIOXWH([LVWHQFH
LVDOZD\VWRWDOVRLVHQOLJKWHQPHQWDOZD\VWRWDO7KHVPDOOIORZHULVDVWRWDODV
WKHVXQ7RWDOLW\LVDWRWDOO\GLIIHUHQWSKHQRPHQRQWKDQTXDQWLW\LWLVFRQFHUQHG
ZLWKTXDOLW\

.ULVKQDPXUWL
VVRORIOXWHLVDVWRWDODVP\RUFKHVWUDP\RUFKHVWUDLVQRWPRUH
WRWDO7RWDOLW\FDQQRWEHPRUHRUOHVV<RXWKLQNLQWHUPVRITXDQWLW\WKDW
VZK\
WKHTXHVWLRQKDVDULVHQ,DPWDONLQJDERXWTXDOLW\(DFKDFWRIWKHHQOLJKWHQHG
SHUVRQLVWRWDO:KHWKHUKHLVGULQNLQJWHDRUSDLQWLQJDJUHDWSDLQWLQJSOD\LQJ
PXVLFRUMXVWVLWWLQJVLOHQWO\GRLQJQRWKLQJHDFKDFWLVWRWDO.ULVKQDPXUWLLVDVROR
IOXWHSOD\HUDQGDIHZVRORIOXWHSOD\HUVDUHQHHGHGDVPXFKDVRUFKHVWUDVDUH
QHHGHG7KH\HQKDQFHWKHEHDXW\RIH[LVWHQFHWKH\PDNHOLIHULFKHU

'URS\RXUPLQGWKDWJRHVRQFRPSDULQJLQWHUPVRITXDQWLW\5DLVH\RXUOHYHORI
FRQVFLRXVQHVVDOLWWOHKLJKHUDQGVWDUWWKLQNLQJRITXDOLW\DQGWKHQWKHUHLVQR
SUREOHP

.ULVKQDPXUWLLVGRLQJZKDWKHFDQGREHVW,ZRXOGQRWOLNHKLPWREHFRPHDQ
RUFKHVWUDQR7KDWZRXOGLPSRYHULVKWKHZRUOG+HVKRXOGJRRQGRLQJZKDWKH




LVGRLQJWKDWJLYHVFRORUWROLIHYDULHW\

,FDQQRWEHFRPHDVRORIOXWHSOD\HUQRWWKDWLWLVQRWEHDXWLIXOEXWLWLVVLPSO\
QRWP\ZD\,HQMR\EHLQJDQRUFKHVWUD,ZRXOGOLNH$WLVKDWRSOD\ZLWKPHDQG
%DKDXGGLQDQG.DELUDQG1DQDNDQG/DR7]XDQG=DUDWKXVWUDDQGPDQ\PDQ\
PRUH,ZRXOGOLNHWRSOD\ZLWKWKHPDOODQGEHFRPHSDUWRIWKLVRUFKHVWUD
7KLVLVP\ZD\7KHUHLVQRWKLQJKLJKHURUORZHU2QFH\RXDUHHQOLJKWHQHG
WKHUHLVQRWKLQJKLJKHURUORZHUWKHUHFDQQRWEH,IDORWXVIORZHUEHFRPHV
HQOLJKWHQHGLWZLOOEHDORWXVIORZHU,IDURVHEHFRPHVHQOLJKWHQHGLWZLOOEHD
URVH7KH\ERWKKDYHWKHVDPHTXDOLW\RIEHLQJHQOLJKWHQHGEXWWKHURVHZLOO
UHPDLQDURVHDQGWKHORWXVZLOOUHPDLQDORWXV

<RXDVNPH<RXKDYHVDLGWKDWHQOLJKWHQPHQWLVDOZD\VWRWDOQHYHUSDUWLDO
<HVLWLVQHYHUSDUWLDO$QG.ULVKQDPXUWLLVQRWDSDUWLDOIOXWHSOD\HU+HLVDWRWDO
IOXWHSOD\HUKHLVWRWDOO\LQKLVDFWXWWHUO\LQKLVDFW+HVD\VKHLVIRUWXQDWHWKDW
KHKDVQRWUHDGWKH9HGDV7KH%LEOHWKH.RUDQWKH8SDQLVKDGV7DR7H&KLQJ
:K\"EHFDXVHWKH\PLJKWKDYHGLVWXUEHGKLPPLJKWKDYHOHIWDIHZWUDFHV
EHKLQGPLJKWKDYHEHFRPHSDUWRIKLVEHLQJ+HZDQWVWREHVLPSO\KLPVHOILQ
XWWHUSXULW\

0\DSSURDFKLVWRWDOO\GLIIHUHQW,ZRXOGOLNHWRKDYHDVELJDFRPSDQ\RI
HQOLJKWHQHGSHRSOHZLWKPHDVSRVVLEOH,WLVDGLIILFXOWFRPSDQ\EHFDXVHWKH\
DUHDOOVXFKGLIIHUHQWSHRSOHWREHFRPHDKRVWWRDOORIWKHPLVWURXEOHVRPH%XW
,HQMR\LW7KHPRUHWURXEOHVRPHLWLVWKHPRUH,HQMR\LW,WLVDEHDXWLIXO
FKDOOHQJH<RXFDQQRWXQGHUVWDQGKRZGLIILFXOWLWLVWRKDYH%XGGKD0DKDYLUD
0RKDPPHGDQG0RVHVVWD\LQJWRJHWKHUZLWK\RX0DKDYLUDVWDQGVQDNHGDQG
%XGGKDGRHVQRWOLNHLWDWDOO$QGEHFDXVH%XGGKDLVQRWQDNHG0DKDYLUDLVQRW
KDSS\HLWKHU7RKDYHDOOWKHVHSHRSOHVWD\ZLWK\RXLVDJUHDWFKDOOHQJH
.ULVKQDPXUWLOLYHVDORQH,WKDVLWVRZQFKDOOHQJHEXWWKDWLVQRWP\FKRLFH,DP
QRWVD\LQJWKDWP\FKRLFHKDVWREHKLVFKRLFH,DPQRWVD\LQJWKDWKHKDVWRGR
ZKDW,DPGRLQJ,DPSHUIHFWO\KDSS\GRLQJP\WKLQJDQG,DPSHUIHFWO\KDSS\
WKDWKHLVGRLQJKLVWKLQJ

0DQ\SHRSOHKDYHDVNHGPHTXHVWLRQVVD\LQJWKDW,KDYHVSRNHQRQGHDG
PDVWHUVVRPDQ\EXWZK\GRQ
W,VRPHWLPHVVSHDNRQDOLYLQJPDVWHU"
/HW.ULVKQDPXUWLGLHWKHQ,ZLOOVSHDNRQKLP7KHUHLVDUHDVRQIRULW,NQRZ
KRZGLIILFXOWLWLVHYHQWRNHHSVRPDQ\GHDGPDVWHUVWRJHWKHUEXW\RXFDQ
PDQDJHZLWKGHDGPDVWHUVLI,WHOO0DKDYLUDWRVWDQGLQWKLVFRUQHUKHKDVWR
VWDQGLQWKLVFRUQHU%XWDOLYLQJPDVWHUZRQ
WOLVWHQKHZLOOVWDUWPHGGOLQJKHZLOO
VWDUWDUJXLQJZLWKRWKHUV$QGVRPHWLPHV,QHHGDOLWWOHVOHHSWRR

<RXVD\+DVQRWWKHHQOLJKWHQHGRQHDFFHVVWRDOONQRZOHGJH"

(QOLJKWHQPHQWKDVQRWKLQJWRGRZLWKNQRZOHGJHDWDOO7KHHQOLJKWHQHGRQHKDV
QRDFFHVVWRNQRZOHGJH<HVKHKDVHYHU\DFFHVVWRLQQRFHQFHDQG
.ULVKQDPXUWLSOD\LQJKLVIOXWHLVDVLQQRFHQWDV,DPZLWKP\RUFKHVWUD,WLVQRWD




TXHVWLRQRINQRZOHGJHLWLVDTXHVWLRQRIZLVGRP:LVGRPLVDWRWDOO\GLIIHUHQW
SKHQRPHQRQZLVGRPLVLQQRFHQFH<RXFDQHYHQFDOOLWLJQRUDQFHWKDWZLOOGR
EXWSOHDVHGRQ
WFDOOLWNQRZOHGJH,WLVFORVHUWRLJQRUDQFHWKDQWRNQRZOHGJH
6RFUDWHVLVUHSRUWHGWRKDYHVDLGLQKLVODVWGD\V,NQRZRQO\RQHWKLQJWKDW,
NQRZQRWKLQJ7KLVLVHQOLJKWHQPHQWNQRZLQJRQO\RQHWKLQJ,NQRZQRWKLQJ
7KHPRPHQWDOONQRZOHGJHGLVDSSHDUVWKHHJRGLVDSSHDUVWKHSHUVRQDOLW\
GLVDSSHDUVWKHQWKHVHSDUDWLRQEHWZHHQ\RXDQGH[LVWHQFHGLVDSSHDUV$JDLQ
\RXDUHFOHDQSXUHRQHZLWKWKHZKROH

$QG\RXDOVRDVN:K\WKDWWXQQHOYLVLRQRI.ULVKQDPXUWL"
7KDW\RXKDYHWRDVN.ULVKQDPXUWLQRWPH7KDWLVQRWP\EXVLQHVV+HORYHVLW
WKDW
VKRZKHKDVJURZQ)RUFHQWXULHVIRUPDQ\PDQ\OLYHVKHKDVEHHQ
PRYLQJWRZDUGVDWXQQHOYLVLRQ$QGWKHWXQQHOYLVLRQKDVLWVRZQEHDXWLHV
EHFDXVHZKDWVRHYHU\RXVHH\RXVHHYHU\FOHDUO\EHFDXVH\RXUH\HVDUH
IRFXVHG

+HQFHWKHFODULW\RI.ULVKQDPXUWL1RERG\KDVHYHUEHHQVRFOHDUVRFU\VWDO
FOHDU1RERG\KDVHYHUEHHQVRORJLFDOVRUDWLRQDOQRERG\KDVHYHUEHHQVR
DQDO\WLFDO+LVSURIXQGLW\LQJRLQJLQWRWKLQJVDQGWKHLUGHWDLOVLVVLPSO\
XQEHOLHYDEOH%XWWKDWLVSDUWRIKLVWXQQHOYLVLRQ<RXFDQQRWKDYHHYHU\WKLQJ
UHPHPEHU,I\RXZDQWFODULW\\RXZLOOQHHGWXQQHOYLVLRQ\RXZLOOKDYHWR
EHFRPHPRUHDQGPRUHIRFXVHGRQOHVVDQGOHVV

7KDW
VKRZWKH\GHILQHVFLHQFH.QRZLQJPRUHDQGPRUHDERXWOHVVDQGOHVV
$QGLIVFLHQFHHYHUVXFFHHGVLQLWVXOWLPDWHJRDOWKHQZHZLOOKDYHWRVD\
.QRZLQJHYHU\WKLQJDERXWQRWKLQJ7KDWFDQEHWKHRQO\ORJLFDOFRQFOXVLRQRI
NQRZLQJPRUHDQGPRUHDERXWOHVVDQGOHVV:KHUHZLOOLWOHDG",WZLOOOHDGWRD
SRLQWZKHUH\RXNQRZDOODERXWQRWKLQJ

6FLHQFHLVDWXQQHOYLVLRQ.ULVKQDPXUWLLVDVFLHQWLILFLQGLYLGXDOLW\YHU\VFLHQWLILF
+HQFHKLVDSSHDOIRUDOOWKRVHZKRORYHDQDO\VLVGLVVHFWLRQZKRORYHJRLQJLQWR
PLQXWHGHWDLOV+HLVMXVWWKHRSSRVLWHRI/DR7]X/DR7]XVD\V(YHU\ERG\
VHHPVWREHVRFOHDURQO\,DPFRQIXVHG

$PDQRIWKHTXDOLW\RI/DR7]XDPDQRIXOWLPDWHHQOLJKWHQPHQWVD\LQJWKLV
(YHU\ERG\VHHPVWREHVRFOHDUDERXWHYHU\WKLQJH[FHSWPH,DPVRFRQIXVHG
,DPVRPXGGOHKHDGHGWKDW,GRQ
WNQRZZKDWLVZKDW(YHU\ERG\ZDONVZLWK
VXFKFHUWDLQW\DQG,KHVLWDWHDWHDFKVWHS(YHU\ERG\JRHVVRVWUDLJKWZLWKRXW
ORRNLQJVLGHZD\V$QG,ZDONOLNHDPDQLQZLQWHUFURVVLQJDFROGLF\FROG
VWUHDP

/DR7]XLVMXVWWKHRSSRVLWHRI-.ULVKQDPXUWL+HKDVQRWXQQHOYLVLRQ+LV
YLVLRQLVVRZLGHVRVSUHDGRXWLWFDQQRWEHYHU\FOHDU,WLVERXQGWREHKD]\
PLVW\EXWWKDWWRRKDVLWVRZQEHDXW\.ULVKQDPXUWL
VVWDWHPHQWVKDYHORJLF/DR
7]X
VVWDWHPHQWVKDYHSRHWU\





0\YLVLRQLVHYHQZLGHUWKDQ/DR7]X
V,LQFOXGH/DR7]XDQGPDQ\PRUH
2EYLRXVO\/DR7]XFRXOGQRWKDYHLQFOXGHGPH7ZHQW\ILYHFHQWXULHVKDYH
SDVVHGLQWKRVHWZHQW\ILYHFHQWXULHVJUHDWHQOLJKWHQHGSHRSOHKDYHKDSSHQHG
RQWKHHDUWK,FODLPWKHZKROHKHULWDJHDVQRERG\KDVHYHUFODLPHGEHIRUH
/DR7]XKDGQHYHUKHDUGDERXW.ULVKQD/DR7]XKDGQHYHUKHDUGDERXW
3DWDQMDOL3DWDQMDOLKDGQHYHUKHDUGDERXW/DR7]XRU&KXDQJ7]XRU/LHK7]X
%XGGKDKDGQRDZDUHQHVVRI=DUDWKXVWUDRU0RVHV

1RZWKHZRUOGKDVEHFRPHDVPDOOYLOODJHDJOREDOYLOODJHDQGWKHZKROHKLVWRU\
RIKXPDQLW\LVRXUV,DPLQDWRWDOO\GLIIHUHQWVLWXDWLRQ,NQRZHYHU\WKLQJDERXW
/DR7]X&KXDQJ7]X/LHK7]X&RQIXFLXV0HQFLXV0LODUHSD0DUSD7LORSD
1DURSD%RGKLGKDUPD0DKDNDVK\DS6DULSXWUD0DKDYLUD$GLQDWKD0RVHV
$EUDKDP-HVXV)UDQFLV.DELU1DQDN'DGX0HHUD5DEL\DDOO7KHZKROH
ZRUOGLVDYDLODEOHWRPH

,VHHWKHZKROHVN\DOOWKHVWDUVDOOWKHFRQVWHOODWLRQVP\YLVLRQLVERXQGWREH
WKHPRVWSRHWLF%XWWKHGHHSHU\RXJRLQWRSRHWU\WKHOHVVDQGOHVVORJLFDOLW
EHFRPHV7KHGHHSHU\RXJRLQWRSRHWU\LWEHFRPHVPRUHDQGPRUHORYHOLNH
DQGOHVVDQGOHVVOLNHORJLF$WWKHYHU\URFNERWWRPRISRHWU\DOOFODULW\
GLVDSSHDUV1RWKLQJLVFOHDUEXWHYHU\WKLQJLVEHDXWLIXOHYHU\WKLQJLVP\VWHULRXV
1RWKLQJLVFOHDUEXWHYHU\WKLQJLVVLPSO\IDQWDVWLF

.ULVKQDPXUWLKDVKLVZD\DQG,DPKDSS\WKDWKHLVLQWKHZRUOG+HLVDWWKH
RWKHUH[WUHPH,IKHLVJRQH,ZLOOPLVVKLPPRUHWKDQDQ\ERG\HOVHLQWKHZRUOG
%XW,FDQXQGHUVWDQG\RXUTXHVWLRQ+HQN)DDVVHQ7KLVLVQRWWKHRQO\TXHVWLRQ
\RXKDYHDVNHGPDQ\PRUHDERXWWKHVDPHWKLQJ,WVHHPVLWKDVKXUW\RX
GHHSO\WKDW,FULWLFL]HG.ULVKQDPXUWL<RXGRQ
WXQGHUVWDQGPH\HW7KLVLVP\
ZD\RISD\LQJUHVSHFWVWRKLP7KLVLVP\ZD\RIGHFODULQJWKDWWKHUHH[LVWV
DQRWKHUHQOLJKWHQHGSHUVRQLQWKHZRUOG

,IP\RUFKHVWUDGRHVQRWVXLW\RXWKHQWKHRQO\DOWHUQDWLYHSRVVLEOHLVWKHVROR
IOXWHSOD\LQJRI-.ULVKQDPXUWL7KHUHLVQRRWKHUQRWKLUGSHUVRQZKRFDQEHRI
DQ\KHOSWR\RX(LWKHU.ULVKQDPXUWLRUPHWKHUHLVQRRWKHUDOWHUQDWLYH5LJKW
QRZWKHUHLVQRRWKHUDOWHUQDWLYH

.ULVKQDPXUWLLVERXQGWRFULWLFL]HPH,FDQXQGHUVWDQGLW+LVVWDQGSRLQWLV
VLPSOHDQGFOHDUP\VWDQGSRLQWLVDOLWWOHPRUHXQFOHDU6RPHWLPHV,ZLOO
DSSUHFLDWHKLPWUHPHQGRXVO\EHFDXVH,ZRXOGOLNHKLPWRDOVREHFRPHSDUWRI
P\RUFKHVWUD$QGVRPHWLPHV,ZLOOFULWLFL]HKLPEHFDXVHP\RZQOLNLQJLVQRWIRU
VRORIOXWHV

7KHODVWTXHVWLRQ
%(/29('26+2

,)((/<286+$5($/272)(627(5,&32,176:,7+3(23/(:+2
+$9(12:$<2)9$/,'$7,1*:+$7<28$5(6$<,1*:+$7,67+(




,03257$1&(2)+($5,1*$%2877+(6,;7+257+(6,;7((17+-$,1$
7,57+$1.$5$2527+(5(627(5,&,1)250$7,21727+(3(5621,1
26+.26+25%522./<1*2,1*72:25.217+(&52:'('%8625
68%:$<(9(5<'$<":+$7,67+(5(/(9$1&(2)+($5,1*7+$7
-(686:$621&(,1,1',$257+$7$526,&58&,$16(&72)63,5,76
:25.,1*)5207+(27+(56,'(3266(66('+,7/(5"

'DYLG/LJKWIRROVDUHHYHU\ZKHUHDVPXFKLQ2VKNRVKDQG%URRNO\QDVWKH\
DUHLQ%RPED\DQG3RRQD1RFRXQWU\KDVDQ\FODLPRQIRROV$QGIRROVDUH
DOZD\VVHDUFKLQJIRUVRPHWKLQJHVRWHULFRQO\QRQVHQVHDSSHDOVWRWKHP$QG
VRPHWLPHV,WDONQRQVHQVHEHFDXVH,DPQRWKHUHRQO\WRKHOSWKRVHZKRDUH
QRWIRROV,DPDOVRWKURZLQJP\QHWZLGHUDQGZLGHUVRPHIRROVKDYHWREH
FDXJKWE\PHWRR7KH\DUHJRRGSHRSOH

1RZMXVWORRN'DYLG/LJKWIURPZKHUHKDYH\RXFRPH"+RZZHUH\RXFDXJKW"
7KRVHVWXSLGWKHRULHVDERXWWKHVL[WKRUVL[WHHQWKWLUWKDQNDUDVRUWKH
5RVLFUXFLDQVHFUHWPDVWHUV.RRWKXPL.+GLUHFWLQJ$GROI+LWOHUDQGWKHZKROH
1D]LPRYHPHQW

7KHUHLVDGHHSXUJHLQPDQWRNQRZWKLQJVZKLFKDUHZRUWKOHVVWRNQRZWKLQJV
ZKLFKPDNH\RXIHHOVSHFLDOEHFDXVHRQO\\RXNQRZWKRVHWKLQJVDQGQRERG\
HOVHGRHV0DQZDQWVWREHVSHFLDODQGQRWKLQJPDNHV\RXPRUHVSHFLDOWKDQ
VRFDOOHGHVRWHULFNQRZOHGJH7KDWLVZK\HVRWHULFNQRZOHGJHUHPDLQVLPSRUWDQW
$OONLQGVRIUXEELVKJRRQLQWKHQDPHRIHVRWHULFNQRZOHGJHWKDWWKHHDUWKLV
KROORZWKDWLQVLGHWKHHDUWKWKHUHDUHJUHDWFLYLOL]DWLRQV$QGWKHUHDUHSHRSOH
ZKRVWLOOEHOLHYHLQLWDQGLQPDQ\PRUHVXFKVWRULHV

0DQOLYHVVXFKDGXOODQGGUDEOLIHWKDWKHZDQWVVRPHVHQVDWLRQ7KRVHZKRDUH
DOLWWOHZLVHUWKH\UHDGVFLHQWLILFILFWLRQRUGHWHFWLYHVWRULHV7KRVHZKRDUHQRWVR
ZLVHWKH\UHDGVSLULWXDOILFWLRQ

$QGWKHVHWKLQJVZHUHVDLGE\PHZKHQ,ZDVVXUURXQGHGE\DFHUWDLQJURXSRI
IRROV7KH\ZHUHQRWLQWHUHVWHGLQDQ\WKLQJHOVH$QG,KDYHWRUHVSRQGWR\RXDV
\RXJURZP\UHVSRQVHVZLOOEHKLJKHUDQGKLJKHU7KHGD\\RXKDYHXQGHUVWRRG
WKHZKROHVWXSLGLW\RIWKHKXPDQPLQG,ZLOOQRWQHHGWRWDONWR\RXMXVWVLWWLQJ
VLOHQWO\ZLOOEHPRUHWKDQHQRXJK

7KHVHWKLQJVZHUHWROGE\PHWRDFHUWDLQJURXSRISHRSOHZKRZHUHRQO\
LQWHUHVWHGLQWKRVHWKLQJV,WZRXOGKDYHEHHQDEVROXWHO\SRLQWOHVVWRWDONDERXW
DQ\WKLQJHOVHZLWKWKRVHSHRSOH1RZWKDWWKH\KDYHDOPRVWGLVDSSHDUHGDQG
QRZWKDWDWRWDOO\GLIIHUHQWTXDOLW\KDVFRPHKHUH,FDQJRPRUHLQWRWKHZRUOGRI
WKHWUXWK%XWVWLOO,KDYHWRXVHZRUGVDQGZRUGVGLVWRUW

2QO\VLOHQFHFRPPXQLFDWHVWKHWUXWKDVLWLV3OHDVHJHWUHDG\DVVRRQDV
SRVVLEOHVRWKDWZHFDQMXVWEHWRJHWKHUPHUJLQJLQWRHDFKRWKHU
VHQHUJLHV
EHLQJORVWLQHDFKRWKHU$QGPLUDFOHVDUHSRVVLEOH:KDW,FDQQRWVD\LQ\HDUV




FDQEHFRPPXQLFDWHGLQDVLQJOHPRPHQWRIVLOHQFHDQGZKDWFDQQHYHUEHVDLG
FDQWUDQVSLUHZKHQEHWZHHQPHDQG\RXWKHUHLVQREDUULHURIWKRXJKWZKHQ
P\VLOHQFHDQG\RXUVLOHQFHDUHMXVWSUHVHQWWRHDFKRWKHUPLUURULQJHDFKRWKHU
MXVWDVWZRPLUURUVPLUURUHDFKRWKHU

0\UHDOZRUNKDVQRW\HWVWDUWHG,DPMXVWSUHSDULQJWKHJURXQGSUHSDULQJWKH
SHRSOHZKRZLOOEHDEOHWRWDNHSDUWLQWKHUHDOZRUN7KLVLVMXVWWKHSUHOLPLQDU\
VWDJH6RGRQ
WZDVWHWLPHJHWUHDG\IRUJUHDWWKLQJVJUHDWWKLQJVDUHZDLWLQJIRU
\RX%XWWKHRQO\UHDGLQHVVIURP\RXUVLGHZLOOEHDWUHPHQGRXVVLOHQFHDQG
WKHQWKHUHZLOOEHQRQHHGWRWDONDWDOO

,WLVUHDOO\DWRUWXUHIRUPHWRWDONWR\RX<RXFDQQRWLPDJLQHKRZGLIILFXOWLWLVIRU
PHWRIRUFHP\VHOIWRWDONWR\RXFRQWLQXRXVO\,WLVMXVWOLNHZDONLQJRQD
WLJKWURSH:RUGVKDYHGLVDSSHDUHGLQPH,KDYHWREULQJWKHPEDFNDJDLQDQG
DJDLQ,WLVDUGXRXVWLULQJ%XWLWFDQQRWEHVWRSSHGXQOHVV\RXVD\,JLYHXS
7KHGD\\RXDUHDEOHWRVD\1RZ,DPUHDG\WREHVLOHQW,GRQ
WKRSHIRU
DQ\WKLQJ,DPUHDG\WRUHQRXQFHKRSLQJ,DPUHDG\WRUHQRXQFHDOOLGHDVRI
VSLULWXDOLW\*RGWUXWKQLUYDQDHQOLJKWHQPHQW,ZRXOGMXVWOLNHWRHQMR\EHLQJ
ZLWK\RXWKLVPRPHQWKHUHQRZWKHQPLUDFOHVZLOOVWDUWKDSSHQLQJ
<HVRXWRIVHDVRQ\RXDUHJRLQJWREORRP

$QGUHPHPEHU\RXDUHHQWLWOHGWRDOOWKRVHPLUDFOHVWKH\DUH\RXUELUWKULJKW
(QRXJKIRUWRGD\





FKDSWHUHOHYHQH[SHOOHGIURPWKHZRUOG


IHEUXDU\DPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ

%(/29('26+2
,'21
781'(567$1'<286$,'7+$7/21*,1*,6,1$1'2),76(/)
',9,1(<(7<28+$9(2)7(16$,'7+$7$//'(6,5,1*(9(1)25
*2',6081'$1($1'12763,5,78$/

'HYD$VKRNDORQJLQJLQLWVSXULW\LVGLYLQHORQJLQJZKHQLWORQJVIRUQRWKLQJLV
GLYLQH7KHPRPHQWDQREMHFWRIWKHORQJLQJDULVHVLWEHFRPHVPXQGDQH
/RQJLQJLVDSXUHILUHWKDWSXULILHVORQJLQJLVDVPRNHOHVVILUHDVPRNHOHVV
IODPH%XWWKHPRPHQWLWEHFRPHVDWWDFKHGWRDQ\REMHFWZKDWVRHYHUZRUOGO\
RWKHUZRUOGO\PRQH\PHGLWDWLRQ*RGQLUYDQDLWGRHVQ
WPDWWHUDQ\REMHFW
DQGWKHORQJLQJLVQRPRUHSXUHLWLVFRQWDPLQDWHGE\WKHREMHFW7KHQWKHREMHFW
EHFRPHVPRUHLPSRUWDQWWKDQWKHORQJLQJLWVHOI7KHQWKHORQJLQJLVRQO\D
PHDQVLWLVQRPRUHWKHHQGLQLWVHOI

$QGWKHZKROHHIIRUWRIVDQQ\DVLVWRKHOS\RXGURSDOOREMHFWVRIORQJLQJ
/RQJLQJZLOOQRWGLVDSSHDULQIDFWWKHPRUHREMHFWVDUHGURSSHGWKHPRUH
LQWHQVHWKHPRUHWRWDOWKHORQJLQJZLOOEHFRPHEHFDXVHWKHHQHUJ\LQYROYHGLQ
WKHREMHFWVZLOOEHUHOHDVHG$QGWKHUHFRPHVDPRPHQWZKHQRQHLVVLPSO\
WKLUVW\QRWWKLUVW\IRUVRPHWKLQJEXWMXVWVLPSO\WKLUVW\+XQJU\QRWKXQJU\IRU
VRPHWKLQJMXVWDSXUHILUHRIORQJLQJ$QGWKDWYHU\SXUHILUHFRQVXPHV\RX
UHGXFHV\RXWRDVKHV$QGRXWRIWKDWVRPHWKLQJQHZLVERUQ

7KLVLVWKHPHDQLQJRIWKHSDUDEOHRIWKHSKRHQL[WKLVLVWKHVLJQLILFDQFHRIWKH
SDUDEOHRIWKHSKRHQL[7KHELUGGLHVRXWRIDILUHWKDWDULVHVZLWKLQKLVRZQ
EHLQJLVFRQVXPHGE\LWGLVDSSHDUVLQWRLWDQGWKHQLVUHVXUUHFWHG
$QGWKLVLVWKHPHDQLQJRI-HVXV
UHVXUUHFWLRQWRRKLVG\LQJRQWKHFURVVDQG
EHLQJUHERUQ-HVXVVD\VDJDLQDQGDJDLQ8QOHVV\HDUHERUQDJDLQ\HZLOOQRW
EHDEOHWRHQWHULQWRP\NLQJGRPRI*RG

%XWKRZWREHERUQDJDLQXQOHVV\RXGLHILUVW"$QXOWLPDWHGHDWKKDVWRSUHFHGH
LWEHIRUHWKHXOWLPDWHELUWKFDQKDSSHQ

$VKRND,FDQXQGHUVWDQG\RXUFRQIXVLRQEHFDXVHRQWKHRQHKDQG,VD\
/RQJLQJLVLQDQGRILWVHOIGLYLQH,UHSHDWLWDJDLQLWLVVR$QGWKHUHLVQR
FRQWUDGLFWLRQZKHQ,VD\WKDWDOOGHVLULQJHYHQIRU*RGLVPXQGDQHDQGQRW
VSLULWXDO/RQJLQJLVGLYLQH/RQJIRUDQG\RXKDYHIDOOHQ7KLVLVWKHRULJLQDOIDOO
<RXKDYHORVWWKHSXULW\WKHYLUJLQLW\RIORQJLQJLWKDVEHFRPHPXGG\LWKDV
IDOOHQRQWKHHDUWKLWVZLQJVDUHFXW


7KHUHLVQRFRQWUDGLFWLRQLQWKHVHWZRVWDWHPHQWV:KHQHYHU\RXILQGD




FRQWUDGLFWLRQLQP\VWDWHPHQWVPDNHLWDSRLQWWRPHGLWDWHRYHUWKHPEHFDXVH
HVVHQWLDOO\WKHUHFDQQRWEHDFRQWUDGLFWLRQ$SSDUHQWO\WKHUHPD\EHEXWQRZ
\RXKDYHWRVWDUWGRLQJVRPHKRPHZRUNWRR

0HGLWDWHORRNDWDOOWKHSRVVLEOHDVSHFWVDOOWKHSRVVLEOHPHDQLQJVDQG\RXZLOO
EHVXUSULVHG:KHQ\RXDUHDEOHWRVHHWKHFRQVLVWHQF\WKHLQWULQVLF
FRQVLVWHQF\ZKHQ\RXDUHDEOHWRJREH\RQGWKHFRQWUDGLFWLRQLWZLOOEHD
PRPHQWRIJUHDWLQVLJKW,WZLOOILOO\RXZLWKOLJKWLWZLOOPDNH\RXGHOLJKWHG
EHFDXVHLWLVDGLVFRYHU\DQGHDFKGLVFRYHU\KHOSVJURZWK

7KHVHFRQGTXHVWLRQ
%(/29('26+2
2)7(1,+$9(7+()((/,1*7+$7,$0127'2,1*620(7+,1*,28*+7
72%('2,1*25'2,1*620(7+,1*,6+28/'127%('2,1*7+$7
620(7+,1*+$672&+$1*($1')$67$6&+22/'$<6
:255<
7+$7,$0127*2,1*720$.(7+(*5$'(7+$7,0,*+7%(
(;3(//('

.ULVKQD3UDEKXWKLVLVKRZZHDOOKDYHEHHQEURXJKWXS2XUZKROHHGXFDWLRQ
LQWKHIDPLO\LQWKHVRFLHW\LQWKHVFKRROLQWKHFROOHJHLQWKHXQLYHUVLW\
FUHDWHVWHQVLRQLQXV$QGWKHIXQGDPHQWDOWHQVLRQLVWKDW\RXDUHQRWGRLQJWKDW
ZKLFK\RXRXJKWWRGR

7KHQLWSHUVLVWV\RXUZKROHOLIHLWIROORZV\RXOLNHDQLJKWPDUHLWJRHVRQ
KDXQWLQJ\RX,WZLOOQHYHUOHDYH\RXDWUHVWLWZLOOQHYHUDOORZ\RXWRUHOD[,I\RX
UHOD[LWZLOOVD\:KDWDUH\RXGRLQJ"<RXDUHQRWVXSSRVHGWRUHOD[\RXVKRXOG
EHGRLQJVRPHWKLQJ,I\RXDUHGRLQJVRPHWKLQJLWZLOOVD\:KDWDUH\RXGRLQJ"
<RXQHHGVRPHUHVWLWLVDPXVWRWKHUZLVH\RXZLOOGULYH\RXUVHOIFUD]\\RX
DUHDOUHDG\RQWKHYHUJH

,I\RXGRVRPHWKLQJJRRGLWZLOOVD\<RXDUHDIRRO'RLQJJRRGLVQRWJRLQJWR
SD\SHRSOHZLOOFKHDW\RX,I\RXGRVRPHWKLQJEDGLWZLOOVD\:KDWDUH\RX
GRLQJ"<RXDUHSUHSDULQJWKHZD\WRJRWRKHOO\RXZLOOKDYHWRVXIIHUIRULW,W
ZLOOQHYHUOHDYH\RXDWUHVWZKDWVRHYHU\RXGRLWZLOOEHWKHUHFRQGHPQLQJ\RX
7KLVFRQGHPQHUKDVEHHQLPSODQWHGLQ\RX7KLVLVWKHJUHDWHVWFDODPLW\WKDW
KDVKDSSHQHGWRKXPDQLW\$QGXQOHVVZHJHWULGRIWKLVFRQGHPQHULQVLGHXV
ZHFDQQRWEHWUXO\KXPDQZHFDQQRWEHWUXO\MR\RXVDQGZHFDQQRWSDUWLFLSDWH
LQWKHFHOHEUDWLRQWKDWH[LVWHQFHLV

$QGQRZQRERG\FDQGURSLWH[FHSW\RX$QGWKLVLVQRWRQO\\RXUSUREOHP
.ULVKQD3UDEKXWKLVLVWKHSUREOHPRIDOPRVWHYHU\KXPDQEHLQJ:KDWVRHYHU
FRXQWU\\RXDUHERUQLQZKDWVRHYHUUHOLJLRQ\RXEHORQJWRLWGRHVQ
WPDWWHU
&DWKROLFFRPPXQLVW+LQGX0RKDPPHGDQ-DLQD%XGGKLVWLWGRHVQRWPDWWHU
WRZKDWNLQGRILGHRORJ\\RXEHORQJWKHHVVHQWLDOLVWKHVDPH7KHHVVHQWLDOLVWR
FUHDWHDVSOLWLQ\RXVRRQHSDUWDOZD\VFRQGHPQVWKHRWKHUSDUW,I\RXIROORZ
WKHILUVWSDUWWKHQWKHVHFRQGSDUWVWDUWVFRQGHPQLQJ\RX<RXDUHLQDQLQQHU




FRQIOLFWDFLYLOZDU

7KLVFLYLOZDUKDVWREHGURSSHGRWKHUZLVH\RXZLOOPLVVWKHZKROHEHDXW\WKH
EHQHGLFWLRQRIOLIH<RXZLOOQHYHUEHDEOHWRODXJKWR\RXUKHDUW
VFRQWHQW\RX
ZLOOQHYHUEHDEOHWRORYH\RXZLOOQHYHUEHDEOHWREHWRWDOLQDQ\WKLQJ$QGLWLV
RQO\RXWRIWRWDOLW\WKDWRQHEORRPVWKDWWKHVSULQJFRPHVDQG\RXUOLIHVWDUWV
KDYLQJFRORUDQGPXVLFDQGSRHWU\

,WLVRQO\RXWRIWRWDOLW\WKDWVXGGHQO\\RXIHHOWKHSUHVHQFHRI*RGDOODURXQG\RX
%XWWKHLURQ\LVWKDWWKHVSOLWKDVEHHQFUHDWHGE\\RXUVRFDOOHGVDLQWVSULHVWV
DQGFKXUFKHV,QIDFWWKHSULHVWKDVEHHQWKHJUHDWHVWHQHP\RI*RGRQWKH
HDUWK

:HKDYHWRJHWULGRIDOOWKHSULHVWVWKH\DUHWKHURRWFDXVHRIKXPDQSDWKRORJ\
7KH\KDYHPDGHHYHU\ERG\LOODWHDVHWKH\KDYHFDXVHGDQHSLGHPLFRI
QHXURVLV$QGWKHQHXURVLVKDVEHFRPHVRSUHYDOHQWWKDWZHWDNHLWIRUJUDQWHG
:HWKLQNWKDWWKLVLVDOOOLIHLVDERXWZHWKLQNWKLVLVZKDWOLIHLVDVXIIHULQJD
ORQJORQJGHOD\HGVXIIHULQJDSDLQIXODJRQL]LQJH[LVWHQFHDQDXWRELRJUDSK\RI
PXFKDGRDERXWQRWKLQJ

$QGLIZHORRNDWRXUVRFDOOHGOLIHLWVHHPVVREHFDXVHWKHUHLVQHYHUDVLQJOH
IORZHUQHYHUDVLQJOHVRQJLQWKHKHDUWQHYHUDUD\RIGLYLQHGHOLJKW
,WLVQRWVXUSULVLQJWKDWLQWHOOLJHQWSHRSOHDOORYHUWKHZRUOGDUHDVNLQJZKDWWKH
PHDQLQJRIOLIHLV:K\VKRXOGZHJRRQOLYLQJ":K\DUHZHVRFRZDUGO\DVWR
JRRQOLYLQJ":K\FDQ
WZHJDWKHUDOLWWOHFRXUDJHDQGSXWDVWRSWRDOOWKLV
QRQVHQVH":K\FDQ
WZHFRPPLWVXLFLGH"

1HYHUEHIRUHLQWKHZRUOGZHUHWKHUHVRPDQ\SHRSOHWKLQNLQJWKDWOLIHLVVR
XWWHUO\PHDQLQJOHVV:K\KDVWKLVKDSSHQHGLQWKLVDJH",WKDVQRWKLQJWRGR
ZLWKWKLVDJH)RUFHQWXULHVIRUDWOHDVWILYHWKRXVDQG\HDUVWKHSULHVWVKDYH
EHHQGRLQJWKHKDUP1RZLWKDVUHDFKHGWRWKHXOWLPDWHSHDN

,WLVQRWRXUZRUNZHDUHYLFWLPV:HDUHWKHYLFWLPVRIKLVWRU\,IPDQEHFRPHV
DOLWWOHPRUHFRQVFLRXVWKHILUVWWKLQJWREHGRQHLVWREXUQDOOWKHKLVWRU\ERRNV
)RUJHWWKHSDVWLWZDVQLJKWPDULVK6WDUWDQHZIURPDEFDVLI$GDPLVERUQ
DJDLQ6WDUWDVLIZHDUHDJDLQLQWKHJDUGHQRI(GHQLQQRFHQWXQFRQWDPLQDWHG
XQSROOXWHGE\PHDQSULHVWV

7KHSULHVWVKDYHEHHQYHU\PHDQEHFDXVHWKH\GLVFRYHUHGVRPHWKLQJ
WUHPHQGRXVO\VLJQLILFDQWIRUWKHPVHOYHVGLYLGHDPDQVSOLWDPDQPDNHKLP
EDVLFDOO\VFKL]RSKUHQLFDQG\RXDOZD\VUHPDLQLQSRZHU$GLYLGHGPDQLVD
ZHDNPDQ$QXQGLYLGHGPDQDQLQGLYLGXDOKDVVWUHQJWKVWUHQJWKWRDFFHSW
DQ\DGYHQWXUHDQ\FKDOOHQJH
$PDQZDVORRNLQJIRUDJRRGFKXUFKWRDWWHQGDQGIRXQGDVPDOORQHLQZKLFK
WKHFRQJUHJDWLRQZDVUHDGLQJZLWKWKHPLQLVWHU7KH\ZHUHVD\LQJ:HKDYHOHIW
XQGRQHWKRVHWKLQJVZHRXJKWWRKDYHGRQHDQGZHKDYHGRQHWKRVHWKLQJV




ZKLFKZHRXJKWQRWWRKDYHGRQH
7KHPDQGURSSHGLQWRDVHDWDQGVLJKHGZLWKUHOLHIDVKHVDLGWRKLPVHOI7KDQN
JRRGQHVV,
YHIRXQGP\FURZGDWODVW

*RWRDQ\FKXUFKDQG\RXZLOOILQG\RXUFURZG\RXZLOOILQGUHSOLFDVRI\RXU
EHLQJ0D\EHWKHODQJXDJHLVDOLWWOHELWGLIIHUHQWWKHULWXDODOLWWOHELWGLIIHUHQWEXW
WKHIXQGDPHQWDOVDUHWKHVDPH7KHIXQGDPHQWDOLVPDQKDVWREHUHGXFHGWRD
FLYLOZDU

7KHILUVWGD\ZKHQ\RXUHFRJQL]HWKLVZKDWWKHSULHVWVKDYHGRQHWR\RXLVD
GD\RIJUHDWLQVLJKW$QGWKHILUVWGD\ZKHQ\RXGURSDOOWKLVQRQVHQVHLVWKHGD\
RIWKHEHJLQQLQJRIOLEHUDWLRQ

'RZKDW\RXUQDWXUHZDQWVWRGRGRZKDW\RXULQWULQVLFTXDOLWLHVKDQNHUWRGR
'RQ
WOLVWHQWRWKHVFULSWXUHVOLVWHQWR\RXURZQKHDUWWKDWLVWKHRQO\VFULSWXUH,
SUHVFULEH<HVOLVWHQYHU\DWWHQWLYHO\YHU\FRQVFLRXVO\DQG\RXZLOOQHYHUEH
ZURQJ$QGOLVWHQLQJWR\RXURZQKHDUW\RXZLOOQHYHUEHGLYLGHG/LVWHQLQJWR
\RXURZQKHDUW\RXZLOOVWDUWPRYLQJLQWKHULJKWGLUHFWLRQZLWKRXWHYHUWKLQNLQJRI
ZKDWLVULJKWDQGZKDWLVZURQJ

6RWKHZKROHDUWIRUWKHQHZKXPDQLW\ZLOOFRQVLVWLQWKHVHFUHWRIOLVWHQLQJWRWKH
KHDUWFRQVFLRXVO\DOHUWO\DWWHQWLYHO\$QGIROORZLWWKURXJKDQ\PHDQVDQGJR
ZKHUHYHULWWDNHV\RX<HVVRPHWLPHVLWZLOOWDNH\RXLQWRGDQJHUVEXWWKHQ
UHPHPEHUWKRVHGDQJHUVDUHQHHGHGWRPDNH\RXULSH$QGVRPHWLPHVLWZLOO
WDNH\RXDVWUD\EXWUHPHPEHUDJDLQWKRVHJRLQJVDVWUD\DUHSDUWRIJURZWK
0DQ\WLPHV\RXZLOOIDOO5LVHXSDJDLQEHFDXVHWKLVLVKRZRQHJDWKHUVVWUHQJWK
E\IDOOLQJDQGULVLQJDJDLQ7KLVLVKRZRQHEHFRPHVLQWHJUDWHG

%XWGRQ
WIROORZUXOHVLPSRVHGIURPWKHRXWVLGH1RLPSRVHGUXOHFDQHYHUEH
ULJKWEHFDXVHUXOHVDUHLQYHQWHGE\SHRSOHZKRZDQWWRUXOH\RX<HV
VRPHWLPHVWKHUHKDYHEHHQJUHDWHQOLJKWHQHGSHRSOHLQWKHZRUOGWRRD
%XGGKDD-HVXVD.ULVKQDD0RKDPPHG7KH\KDYHQRWJLYHQUXOHVWRWKH
ZRUOGWKH\KDYHJLYHQWKHLUORYH%XWVRRQHURUODWHUWKHGLVFLSOHVJDWKHUWRJHWKHU
DQGVWDUWPDNLQJFRGHVRIFRQGXFW2QFHWKHPDVWHULVJRQHRQFHWKHOLJKWLV
JRQHDQGWKH\DUHLQGHHSGDUNQHVVWKH\VWDUWJURSLQJIRUFHUWDLQUXOHVWRIROORZ
EHFDXVHQRZWKHOLJKWLQZKLFKWKH\FRXOGKDYHVHHQLVQRPRUHWKHUH1RZWKH\
ZLOOKDYHWRGHSHQGRQUXOHV

:KDW-HVXVGLGZDVKLVRZQKHDUW
VZKLVSHULQJDQGZKDW&KULVWLDQVJRRQGRLQJ
LVQRWWKHLURZQKHDUWV
ZKLVSHULQJ7KH\DUHLPLWDWRUVDQGWKHPRPHQW\RX
LPLWDWH\RXLQVXOW\RXUKXPDQLW\\RXLQVXOW\RXU*RG

1HYHUEHDQLPLWDWRUEHDOZD\VRULJLQDO'RQ
WEHFRPHDFDUERQFRS\%XWWKDW
V
ZKDWLVKDSSHQLQJDOORYHUWKHZRUOGFDUERQFRSLHVDQGFDUERQFRSLHV
/LIHLVUHDOO\DGDQFHLI\RXDUHDQRULJLQDODQG\RXDUHPHDQWWREHDQRULJLQDO
$QGQRWZRPHQDUHDOLNHVRP\ZD\RIOLIHFDQQHYHUEHFRPH\RXUZD\RIOLIH





,PELEHWKHVSLULWLPELEHWKHVLOHQFHRIWKHPDVWHUOHDUQKLVJUDFH'ULQNDVPXFK
RXWRIKLVEHLQJDVSRVVLEOHEXWGRQ
WLPLWDWHKLP,PELELQJKLVVSLULWGULQNLQJKLV
ORYHUHFHLYLQJKLVFRPSDVVLRQ\RXZLOOEHDEOHWROLVWHQWR\RXURZQKHDUW
V
ZKLVSHULQJV$QGWKH\DUHZKLVSHULQJV7KHKHDUWVSHDNVLQDYHU\VWLOOVPDOO
YRLFHLWGRHVQRWVKRXW

/LVWHQWRWKHPDVWHU
VVLOHQFHVRRQHGD\\RXFDQOLVWHQWR\RXURZQLQQHUPRVW
FRUH$QGWKHQWKLVSUREOHPZLOOQHYHUDULVH,DPGRLQJVRPHWKLQJWKDW,VKRXOG
QRWGRDQG,DPQRWGRLQJVRPHWKLQJWKDW,VKRXOGGR7KLVSUREOHPDULVHVRQO\
EHFDXVH\RXDUHEHLQJGRPLQDWHGE\RXWHUUXOHV\RXDUHLPLWDWRUV

:KDWLVULJKWIRUDEXGGKDLVQRWULJKWIRU\RX-XVWORRNKRZGLIIHUHQW.ULVKQDLV
IURP%XGGKD,I.ULVKQDKDGIROORZHG%XGGKDZHZRXOGKDYHPLVVHGRQHRIWKH
PRVWEHDXWLIXOPHQRIWKLVHDUWK2ULI%XGGKDKDGIROORZHG.ULVKQDKHZRXOG
KDYHEHHQMXVWDSRRUVSHFLPHQ-XVWWKLQNRI%XGGKDSOD\LQJRQWKHIOXWHKH
ZRXOGKDYHGLVWXUEHGPDQ\SHRSOH
VVOHHSKHZDVQRWDIOXWHSOD\HU-XVWWKLQN
RI%XGGKDGDQFLQJLWORRNVVRULGLFXORXVMXVWDEVXUG

%XWWKHVDPHLVWKHFDVHZLWK.ULVKQD6LWWLQJXQGHUQHDWKDWUHHZLWKQRIOXWH
ZLWKQRFURZQRISHDFRFNIHDWKHUVZLWKQREHDXWLIXOFORWKHVMXVWVLWWLQJOLNHD
EHJJDUXQGHUDWUHHZLWKFORVHGH\HVQRERG\GDQFLQJDURXQGKLPQRWKLQJRI
WKHGDQFHQRWKLQJRIWKHVRQJDQG.ULVKQDORRNVVRSRRUVRLPSRYHULVKHG
$%XGGKDLVD%XGGKDD.ULVKQDLVD.ULVKQDDQG\RXDUH\RX$QG\RXDUHQRW
LQDQ\ZD\OHVVWKDQDQ\ERG\HOVH5HVSHFW\RXUVHOIUHVSHFW\RXURZQLQQHU
YRLFHDQGIROORZLW

$QGUHPHPEHU,DPQRWJXDUDQWHHLQJ\RXWKDWLWZLOODOZD\VOHDG\RXWRWKHULJKW
0DQ\WLPHVLWZLOOWDNH\RXWRWKHZURQJEHFDXVHWRFRPHWRWKHULJKWGRRURQH
KDVWRNQRFNILUVWRQPDQ\ZURQJGRRUV7KDW
VKRZLWLV,I\RXVXGGHQO\VWXPEOH
XSRQWKHULJKWGRRU\RXZLOOQRWEHDEOHWRUHFRJQL]HWKDWLWLVULJKW

7KHUHDUHPDQ\SHRSOHZKRFRPHKHUHGLUHFWO\WKH\KDYHQHYHUEHHQWR
DQ\ERG\HOVH,WLVDOPRVWLPSRVVLEOHWRKDYHDQ\FRQWDFWZLWKWKHP7KH\FDQQRW
XQGHUVWDQGZKDWLVKDSSHQLQJKHUHWKH\KDYHQREDFNJURXQGWKH\KDYHQR
FRQWH[WIRULW7KH\KDYHQRWOHDUQHGZKDWLVZURQJVRKRZFDQWKH\XQGHUVWDQG
ZKDWLVULJKW"

%XWZKHQSHRSOHFRPHKHUHDQGWKH\KDYHOLYHGZLWKPDQ\PDQ\VRFDOOHG
PDVWHUVDQGOLYHGZLWKPDQ\PDQ\VHHNHUVDQGEHHQSDUWRIPDQ\VFKRROV
ZKHQWKH\FRPHKHUHVRPHWKLQJLPPHGLDWHO\LVOLWLQWKHLUKHDUWV7KH\KDYH
VHHQVRPXFKWKDWQRZWKH\FDQUHFRJQL]HZKDWLVWUXH

6RUHPHPEHULQWKHXOWLPDWHUHFNRQLQJQRHIIRUWLVHYHUZDVWHGDOOHIIRUWV
FRQWULEXWHWRWKHXOWLPDWHFOLPD[RI\RXUJURZWK6RGRQ
WEHKHVLWDQWGRQ
WEH
ZRUULHGWRRPXFKDERXWJRLQJZURQJ7KDWLVRQHRIWKHSUREOHPVSHRSOHKDYH




EHHQWDXJKWQHYHUWRGRDQ\WKLQJZURQJDQGWKHQWKH\EHFRPHVRKHVLWDQWVR
IHDUIXOVRIULJKWHQHGRIGRLQJZURQJWKDWWKH\EHFRPHVWXFN7KH\FDQQRW
PRYHVRPHWKLQJZURQJPD\KDSSHQ6RWKH\EHFRPHOLNHURFNVWKH\ORVHDOO
PRYHPHQW

,WHDFK\RX&RPPLWDVPDQ\PLVWDNHVDVSRVVLEOHUHPHPEHULQJRQO\RQHWKLQJ
GRQ
WFRPPLWWKHVDPHPLVWDNHDJDLQ$QG\RXZLOOEHJURZLQJ,WLVSDUWRI\RXU
IUHHGRPWRJRDVWUD\LWLVSDUWRI\RXUGLJQLW\WRJRHYHQDJDLQVW*RG$QGLWLV
VRPHWLPHVEHDXWLIXOWRJRHYHQDJDLQVW*RG7KLVLVKRZ\RXZLOOVWDUWKDYLQJD
VSLQHRWKHUZLVHWKHUHDUHPLOOLRQVRISHRSOHVSLQHOHVV

%HFDXVH,VD\VXFKWKLQJVPDQ\SHRSOHDUHDQJHUHG-XVWWKHRWKHUGD\D
MRXUQDOLVWFDPHKHUH+HKDGFRPHWRFRYHUZKDWLVKDSSHQLQJKHUHLQWKLV
DVKUDPDQGKHZDQWHGWRKDYHERWKVWRULHVWKHSHRSOHZKRDUHIRULWDQGWKH
SHRSOHZKRDUHDJDLQVWLW6RKHZHQWDURXQGWKHWRZQ+HWDONHGWRSROLFH
RIILFHUVKHZHQWWRVHHWKHPD\RURI3RRQD$QGZKDWWKHPD\RUVDLGZDVUHDOO\
EHDXWLIXO,ORYHGLW

+HVDLG7KLVPDQLVVRGDQJHURXVWKDWKHVKRXOGEHH[SHOOHGIURP3RRQDQRW
RQO\IURP3RRQDEXWIURP,QGLDQRWRQO\IURP,QGLDEXWIURPWKHZRUOG
,ORYHGLW$QG,VWDUWHGWKLQNLQJDERXWLW:KHUHZLOOWKH\H[SHOPHIURPWKH
ZRUOG"7KDW
VDUHDOO\IDQWDVWLFLGHD,IWKH\FDQPDQDJHLW,DPZLOOLQJWRJR
:K\LVWKHUHVRPXFKDQJHU"7KHDQJHUKDVDUHDVRQLQLWLWKDVDUDWLRQDOH
EHKLQGLW7KHUDWLRQDOHLVWKDW,DPWU\LQJWRJLYH\RXDWRWDOO\QHZYLVLRQRI
UHOLJLRXVOLIHDQGLIWKHQHZYLVLRQVXFFHHGVWKHQDOOWKHROGYLVLRQVZLOOKDYHWR
GLH

.ULVKQD3UDEKXIRUJHWDOODERXWZKDW\RXKDYHEHHQWROG7KLVLVULJKWDQGWKLV
LVZURQJ/LIHLVQRWVRIL[HG7KHWKLQJWKDWLVULJKWWRGD\PD\EHZURQJ
WRPRUURZWKHWKLQJWKDWLVZURQJWKLVPRPHQWPD\EHULJKWWKHQH[WPRPHQW
/LIHFDQQRWEHSLJHRQKROHG\RXFDQQRWODEHOLWVRHDVLO\7KLVLVULJKWDQGWKLVLV
ZURQJ/LIHLVQRWDFKHPLVW
VVKRSZKHUHHYHU\ERWWOHLVODEHOHGDQG\RXNQRZ
ZKDWLVZKDW/LIHLVDP\VWHU\RQHPRPHQWVRPHWKLQJILWVDQGWKHQLWLVULJKW
$QRWKHUPRPHQWVRPXFKZDWHUKDVJRQHGRZQWKH*DQJHVWKDWLWQRORQJHUILWV
DQGLWLVZURQJ

:KDWLVP\GHILQLWLRQRIULJKW"7KDWZKLFKLVKDUPRQLRXVZLWKH[LVWHQFHLVULJKW
DQGWKDWZKLFKLVGLVKDUPRQLRXVZLWKH[LVWHQFHLVZURQJ<RXZLOOKDYHWREHYHU\
DOHUWHDFKPRPHQWEHFDXVHLWKDVWREHGHFLGHGHDFKPRPHQWDIUHVK<RX
FDQQRWGHSHQGRQUHDG\PDGHDQVZHUVIRUZKDWLVULJKWDQGZKDWLVZURQJ2QO\
VWXSLGSHRSOHGHSHQGRQUHDG\PDGHDQVZHUVEHFDXVHWKHQWKH\QHHGQRWEH
LQWHOOLJHQW7KHUHLVQRQHHG\RXDOUHDG\NQRZZKDWLVULJKWDQGZKDWLVZURQJ
\RXFDQFUDPWKHOLVWWKHOLVWLVQRWYHU\ELJ

7KH-HZVKDYHWHQFRPPDQGPHQWVVRVLPSOH\RXNQRZZKDWLVULJKWDQGZKDW
LVZURQJ%XWOLIHJRHVRQFKDQJLQJFRQWLQXRXVO\,I0RVHVFRPHVEDFN,GRQ
W




WKLQNKHZLOOJLYH\RXWKHVDPHWHQFRPPDQGPHQWVKHFDQQRW$IWHUWKUHH
WKRXVDQG\HDUVKRZFDQKHJLYH\RXWKHVDPHFRPPDQGPHQWV"+HZLOOKDYHWR
LQYHQWVRPHWKLQJQHZ

%XWP\RZQXQGHUVWDQGLQJLVWKLVWKDWZKHQHYHUFRPPDQGPHQWVDUHJLYHQWKH\
FUHDWHGLIILFXOWLHVIRUSHRSOHEHFDXVHE\WKHWLPHWKH\DUHJLYHQWKH\DUHDOUHDG\
RXWRIGDWH/LIHPRYHVVRIDVWLWLVDG\QDPLVPLWLVQRWVWDWLF,WLVQRWD
VWDJQDQWSRROLWLVD*DQJHVLWJRHVRQIORZLQJ,WLVQHYHUWKHVDPHIRUWZR
FRQVHFXWLYHPRPHQWV6RRQHWKLQJPD\EHULJKWWKLVPRPHQWDQGPD\QRWEH
ULJKWWKHQH[W

7KHQZKDWWRGR"7KHRQO\SRVVLEOHWKLQJLVWRPDNHSHRSOHVRDZDUHWKDWWKH\
WKHPVHOYHVFDQGHFLGHKRZWRUHVSRQGWRDFKDQJLQJOLIH

$QROG=HQVWRU\7KHUHZHUHWZRWHPSOHVULYDOV%RWKWKHPDVWHUVWKH\PXVW
KDYHEHHQVRFDOOHGPDVWHUVPXVWKDYHUHDOO\EHHQSULHVWVZHUHVRPXFK
DJDLQVWHDFKRWKHUWKDWWKH\WROGWKHLUIROORZHUVQHYHUWRORRNDWWKHRWKHUWHPSOH
(DFKRIWKHSULHVWVKDGDER\WRVHUYHKLPWRJRDQGIHWFKWKLQJVIRUKLPWRJR
RQHUUDQGV7KHSULHVWRIWKHILUVWWHPSOHWROGKLVER\VHUYDQW1HYHUWDONWRWKH
RWKHUER\7KRVHSHRSOHDUHGDQJHURXV

%XWER\VDUHER\V2QHGD\WKH\PHWRQWKHURDGDQGWKHER\IURPWKHILUVW
WHPSOHDVNHGWKHRWKHU:KHUHDUH\RXJRLQJ"
7KHRWKHUVDLG:KHUHYHUWKHZLQGWDNHVPH+HPXVWKDYHEHHQOLVWHQLQJWR
JUHDW=HQWKLQJVLQWKHWHPSOHKHVDLG:KHUHYHUWKHZLQGWDNHVPH$JUHDW
VWDWHPHQWSXUH7DR

%XWWKHILUVWER\ZDVYHU\PXFKHPEDUUDVVHGRIIHQGHGDQGKHFRXOGQRWILQG
KRZWRDQVZHUKLP)UXVWUDWHGDQJU\DQGDOVRIHHOLQJJXLOW\EHFDXVH0\
PDVWHUVDLGQRWWRWDONZLWKWKHVHSHRSOH7KHVHSHRSOHUHDOO\DUHGDQJHURXV
1RZZKDWNLQGRIDQVZHULVWKLV"+HKDVKXPLOLDWHGPH

+HZHQWWRKLVPDVWHUDQGWROGKLPZKDWKDGKDSSHQHG,DPVRUU\WKDW,WDONHG
WRKLP<RXZHUHULJKWWKRVHSHRSOHDUHVWUDQJH:KDWNLQGRIDQVZHULVWKLV",
DVNHGKLP
:KHUHDUH\RXJRLQJ"
DVLPSOHIRUPDOTXHVWLRQDQG,NQHZKH
ZDVJRLQJWRWKHPDUNHWMXVWDV,ZDVJRLQJWRWKHPDUNHW%XWKHVDLG

:KHUHYHUWKHZLQGVWDNHPH


7KHPDVWHUVDLG,ZDUQHG\RXEXW\RXGLGQ
WOLVWHQ1RZORRNWRPRUURZ\RX
VWDQGDWWKHVDPHSODFHDJDLQ:KHQKHFRPHVDVNKLP
:KHUHDUH\RXJRLQJ"

DQGKHZLOOVD\
:KHUHYHUWKHZLQGVWDNHPH
7KHQ\RXDOVREHDOLWWOHPRUH
SKLORVRSKLFDO6D\
,I\RXGRQ
WKDYHDQ\OHJVWKHQ"%HFDXVHWKHVRXOLV
ERGLOHVVDQGWKHZLQGFDQQRWWDNHWKHVRXODQ\ZKHUH
:KDWDERXWWKDW"

$EVROXWHO\UHDG\WKHZKROHQLJKWKHUHSHDWHGLWDJDLQDQGDJDLQDQGDJDLQ$QG
QH[WPRUQLQJYHU\HDUO\KHZHQWWKHUHVWRRGRQWKHULJKWVSRWDQGDWWKHH[DFW




WLPHWKHER\FDPH+HZDVYHU\KDSS\QRZKHZDVJRLQJWRVKRZKLPZKDWUHDO
SKLORVRSK\LV6RKHDVNHG:KHUHDUH\RXJRLQJ"$QGKHZDVZDLWLQJ
%XWWKHER\VDLG,DPJRLQJWRIHWFKYHJHWDEOHVIURPWKHPDUNHW
1RZZKDWWRGRZLWKWKHSKLORVRSK\WKDWKHKDGOHDUQHG"

/LIHLVOLNHWKDW<RXFDQQRWSUHSDUHIRULW\RXFDQQRWEHUHDG\IRULW7KDW
VLWV
EHDXW\WKDW
VLWVZRQGHUWKDWLWDOZD\VWDNHV\RXXQDZDUHVLWDOZD\VFRPHVDV
DVXUSULVH,I\RXKDYHH\HV\RXZLOOVHHWKDWHDFKPRPHQWLVDVXUSULVHDQGQR
UHDG\PDGHDQVZHULVHYHUDSSOLFDEOH
$QGDOOWKHROGUHOLJLRQVKDYHVXSSOLHG\RXZLWKUHDG\PDGHDQVZHUV0DQXKDV
JLYHQKLVFRPPDQGPHQWV0RVHVKDVJLYHQKLVFRPPDQGPHQWVDQGVRRQDQG
VRIRUWK

,GRQ
WJLYH\RXDQ\FRPPDQGPHQW,QIDFWWKHYHU\ZRUGFRPPDQGPHQWLVXJO\
7RFRPPDQGVRPHERG\LVWRUHGXFHKLPWRDVODYH,GRQ
WJLYH\RXDQ\RUGHUV
\RXDUHQRWWREHREHGLHQWWRPHRUWRDQ\ERG\HOVH,VLPSO\WHDFK\RXDQ
LQWULQVLFODZRIOLIH%HREHGLHQWWR\RXURZQVHOIEHDOLJKWXQWR\RXUVHOIDQG
IROORZWKHOLJKWDQGWKLVSUREOHPZLOOQHYHUDULVH7KHQZKDWVRHYHU\RXGRLVWKH
WKLQJWRGRDQGZKDWVRHYHU\RXGRQ
WGRLVWKHWKLQJWKDWKDVQRWWREHGRQH

$QGUHPHPEHUGRQ
WJRRQORRNLQJEDFNDJDLQDQGDJDLQEHFDXVHOLIHJRHVRQ
FKDQJLQJ7RPRUURZ\RXPD\VWDUWWKLQNLQJZKDW\RXGLG\HVWHUGD\ZDVZURQJ,W
ZDVQRWZURQJ\HVWHUGD\LWPD\ORRNZURQJWRPRUURZ7KHUHLVQRQHHGWRORRN
EDFNOLIHJRHVDKHDG%XWWKHUHDUHPDQ\GULYHUVZKRJRRQORRNLQJLQWKHUHDU
YLHZPLUURU7KH\GULYHRQZDUGVEXWWKH\ORRNEDFNZDUGVWKHLUOLIHLVJRLQJWREH
DFDWDVWURSKH

/RRNDKHDG7KHURDGWKDW\RXKDYHSDVVHG\RXKDYHSDVVHG,WLVILQLVKHG
GRQ
WFDUU\LWDQ\PRUH'RQ
WEHXQQHFHVVDULO\EXUGHQHGE\WKHSDVW*RRQ
FORVLQJWKHFKDSWHUVWKDW\RXKDYHUHDGWKHUHLVQRQHHGWRJREDFNDJDLQDQG
DJDLQ$QGQHYHUMXGJHDQ\WKLQJRIWKHSDVWWKURXJKWKHQHZSHUVSHFWLYHWKDWLV
DUULYLQJEHFDXVHWKHQHZLVQHZLQFRPSDUDEO\QHZ7KHROGZDVULJKWLQLWVRZQ
FRQWH[WDQGWKHQHZLVULJKWLQLWVRZQFRQWH[WDQGWKH\DUHLQFRPSDUDEOH

:KDW,DPWU\LQJWRH[SODLQWR\RXLVGURSJXLOWEHFDXVHWREHJXLOW\LVWROLYHLQ
KHOO1RWEHLQJJXLOW\\RXZLOOKDYHWKHIUHVKQHVVRIGHZGURSVLQWKHHDUO\
PRUQLQJVXQ\RXZLOOKDYHWKHIUHVKQHVVRIORWXVSHWDOVLQWKHODNH\RXZLOOKDYH
WKHIUHVKQHVVRIWKHVWDUVLQWKHQLJKW2QFHJXLOWGLVDSSHDUV\RXZLOOKDYHD
WRWDOO\GLIIHUHQWNLQGRIOLIHOXPLQRXVDQGUDGLDQW<RXZLOOKDYHDGDQFHWR\RXU
IHHWDQG\RXUKHDUWZLOOEHVLQJLQJDWKRXVDQGDQGRQHVRQJV

7ROLYHLQVXFKUHMRLFLQJLVWREHDVDQQ\DVLQWROLYHLQVXFKMR\LVWROLYHDGLYLQH
OLIH7ROLYHEXUGHQHGZLWKJXLOWLVVLPSO\WREHH[SORLWHGE\WKHSULHVWV
*HWRXWRI\RXUSULVRQV+LQGX&KULVWLDQ0RKDPPHGDQ-DLQD%XGGKLVW
FRPPXQLVW*HWRXWRIDOO\RXUSULVRQVJHWRXWRIDOO\RXULGHRORJLHVEHFDXVH
LGHRORJLHVVXSSO\\RXUHDG\PDGHDQVZHUV,I\RXDVNWKHFRPPXQLVWDTXHVWLRQ




KHZLOOKDYHWRORRNLQ'DV.DSLWDO,QWKHVDPHZD\LI\RXDVNWKH+LQGXKH
WXUQVWKHSDJHVRIWKH*LWD

:KHQDUH\RXJRLQJWRXVH\RXURZQFRQVFLRXVQHVV":KHQ"+RZORQJDUH\RX
JRLQJWRUHPDLQWHWKHUHGWRWKHGHDGSDVW"7KH*LWDZDVERUQILYHWKRXVDQG
\HDUVEDFNOLIHKDVFKDQJHGVRPXFK,I\RXZDQWWRUHDGWKH*LWDUHDGLWDV
EHDXWLIXOOLWHUDWXUHEXWMXVWOLNHWKDWQRPRUHWKDQWKDW,WLVEHDXWLIXOOLWHUDWXUH
LWLVEHDXWLIXOSRHWU\EXWLWKDVQRGLFWXPVWREHIROORZHGDQGQRFRPPDQGPHQWV
WREHIROORZHG(QMR\LWDVDJLIWIURPWKHSDVWDVWKHJLIWRIDJUHDWSRHW9\DVD
%XWGRQ
WPDNHLWDGLVFLSOLQHIRU\RXUOLIHLWLVXWWHUO\LUUHOHYDQW

$QGHYHU\WKLQJEHFRPHVLUUHOHYDQWEHFDXVHOLIHQHYHUUHPDLQVFRQILQHG,WJRHV
RQDQGRQLWFURVVHVDOOERUGHUVDOOERXQGDULHVLWLVDQLQILQLWHSURFHVV7KH*LWD
FRPHVWRDIXOOVWRSVRPHZKHUHWKH.RUDQFRPHVWRDIXOOVWRSVRPHZKHUHEXW
OLIHQHYHUFRPHVWRDIXOOVWRSUHPHPEHULW5HPLQG\RXUVHOIRILW
$QGWKHRQO\ZD\WREHLQFRQWDFWZLWKOLIHWKHRQO\ZD\QRWWRODJEHKLQGOLIHLV
WRKDYHDKHDUWZKLFKLVQRWJXLOW\DKHDUWZKLFKLVLQQRFHQW)RUJHWDOODERXW
ZKDW\RXKDYHEHHQWROGZKDWKDVWREHGRQHDQGZKDWKDVQRWWREHGRQH
QRERG\HOVHFDQGHFLGHLWIRU\RX

$YRLGWKRVHSUHWHQGHUVZKRGHFLGHIRU\RXWDNHWKHUHLQVLQ\RXURZQKDQGV
<RXKDYHWRGHFLGH,QIDFWLQWKDWYHU\GHFLVLYHQHVV\RXUVRXOLVERUQ:KHQ
RWKHUVGHFLGHIRU\RX\RXUVRXOUHPDLQVDVOHHSDQGGXOO:KHQ\RXVWDUW
GHFLGLQJRQ\RXURZQDVKDUSQHVVDULVHV7RGHFLGHPHDQVWRWDNHULVNVWR
GHFLGHPHDQV\RXPD\EHGRLQJZURQJZKRNQRZVWKDWLVWKHULVN:KR
NQRZVZKDWLVJRLQJWRKDSSHQ"7KDWLVWKHULVNWKHUHLVQRJXDUDQWHH
:LWKWKHROGWKHUHLVDJXDUDQWHH0LOOLRQVDQGPLOOLRQVRISHRSOHKDYHIROORZHG
LWKRZFDQVRPDQ\SHRSOHEHZURQJ"7KDWLVWKHJXDUDQWHH,IVRPDQ\SHRSOH
VD\LWLVULJKWLWPXVWEHULJKW

,QIDFWWKHORJLFRIOLIHLVMXVWWKHRSSRVLWH,IVRPDQ\SHRSOHDUHIROORZLQJD
FHUWDLQWKLQJEHFHUWDLQLWLVZURQJEHFDXVHVRPDQ\SHRSOHDUHQRWVR
HQOLJKWHQHGDQGFDQQRWEHVRHQOLJKWHQHG7KHPDMRULW\FRQVLVWVRIIRROVXWWHU
IRROV%HZDUHRIWKHPDMRULW\,IVRPDQ\SHRSOHDUHIROORZLQJVRPHWKLQJWKDWLV
HQRXJKSURRIWKDWLWLVZURQJ

7UXWKKDSSHQVWRLQGLYLGXDOVQRWWRFURZGV+DYH\RXHYHUKHDUGRIDFURZG
EHFRPLQJHQOLJKWHQHG"7UXWKKDSSHQVWRLQGLYLGXDOVD7LORSDDQ$WLVKDD
1DQDND.DELUD)DULG

7UXWKKDSSHQVWRLQGLYLGXDOV

%HDQLQGLYLGXDOLI\RXUHDOO\ZDQWWUXWKWRKDSSHQWR\RX

7DNHDOOWKHULVNVWKDWDUHQHHGHGWREHDQLQGLYLGXDODQGDFFHSWWKHFKDOOHQJHV
VRWKDWWKH\FDQVKDUSHQ\RXFDQJLYH\RXEULOOLDQFHDQGLQWHOOLJHQFH





7UXWKLVQRWDEHOLHILWLVXWWHULQWHOOLJHQFH,WLVDIODULQJXSRIWKHKLGGHQVRXUFHV
RI\RXUOLIHLWLVDQHQOLJKWHQLQJH[SHULHQFHRI\RXUFRQVFLRXVQHVV%XW\RXZLOO
KDYHWRSURYLGHWKHULJKWVSDFHIRULWWRKDSSHQ$QGWKHULJKWVSDFHLVDFFHSWLQJ
\RXUVHOIDV\RXDUH'RQ
WGHQ\DQ\WKLQJGRQ
WEHFRPHVSOLWGRQ
WIHHOJXLOW\
5HMRLFH$QG,VD\WR\RXDJDLQUHMRLFHDV\RXDUH

7KHWKLUGTXHVWLRQ

%(/29('26+2
:+<'2(66208&+&217529(56<6855281'<28$1'<285
$6+5$0"

.ULVKQD3UHPLILWZHUHQRWVRLWZRXOGKDYHEHHQUHDOO\DVXUSULVHLWZRXOG
KDYHEHHQDPLUDFOHLWZRXOGKDYHEHHQXQEHOLHYDEOH7KLVLVWKHQDWXUDOFRXUVH
7KLVLVZKDWZDVKDSSHQLQJWR6RFUDWHV$QGZKDWZDVKLVPLVWDNH"+LVPLVWDNH
ZDVWKDWKHZDVWU\LQJWRWHOOWKHWUXWKDVLWLV+LVPLVWDNHKLVRQO\PLVWDNHZDV
WKDWKHZDVQRWUHDG\WRFRPSURPLVHZLWKWKHVWXSLGLWLHVRIWKHFURZG+HOLYHGLQ
FRQWLQXRXVFRQWURYHUV\KHGLHGEHFDXVHRIWKRVHFRQWURYHUVLHV

'R\RXWKLQN-HVXVOLYHGDQRQFRQWURYHUVLDOOLIH"7KHQZK\ZDVKHFUXFLILHG"$
UHZDUGIRUDQRQFRQWURYHUVLDOOLIH"+HOLYHGFRQWLQXRXVO\LQFRQWURYHUV\LWLV
ERXQGWREHVR6RLWZDVZLWK%XGGKDVRLWZDVZLWK%RGKLGKDUPDVRLWKDV
DOZD\VEHHQDQGLWVHHPVVRLWLVDOZD\VJRLQJWREH

7UXWKFUHDWHVFRQWURYHUV\EHFDXVHLWVKRFNVSHRSOHLWVKDWWHUVWKHLULOOXVLRQV
$QGWKH\ZDQWWRFOLQJWRWKHLULOOXVLRQVWKRVHLOOXVLRQVDUHYHU\FRQVROLQJ
FRPIRUWDEOHFRQYHQLHQWDQGFR]\7KH\GRQ
WZDQWWROHDYHWKHLUGUHDPVWKH\
DUHQRWUHDG\WRGURSWKHLULQYHVWPHQWVLQDOONLQGVRIIRROLVKSURMHFWVDQGWKDW
V
ZKDWWUXWKUHTXLUHVRIWKHP7KH\IHHODQJU\WKH\ZDQWWRWDNHUHYHQJH

,W
VDEVROXWHO\QDWXUDO,DPJRLQJWROLYHLQFRQWURYHUV\DQGWKLVLVRQO\WKH
EHJLQQLQJ:DLWIRUWKHGD\WKH\H[SHOPHIURPWKHZRUOG,DPUHDOO\HQFKDQWHG
ZKHUHZLOOWKH\VHQGPH",WZLOOEHZRUWKLWZRUWKDOOWKHWURXEOHRIJRLQJWKHUH
DQGOLYLQJRXWRIWKHZRUOG

7KLVLVRQO\WKHEHJLQQLQJWKLVLVMXVWWKHVSDUN6RRQWKHZKROHIRUHVWZLOOEHRQ
ILUHDQGWKLVILUHLVJRLQJWRVSUHDGDOORYHUWKHHDUWKEHFDXVH,DPQRWILJKWLQJ
DJDLQVW+LQGXIDQDWLFLVP,DPQRWILJKWLQJDJDLQVW0RKDPPHGDQIDQDWLFLVP,
DPVLPSO\ILJKWLQJDJDLQVWDOONLQGVRIIDQDWLFLVP

6RFUDWHVZDVRQO\ILJKWLQJDJDLQVWWKHOLHVWKDWZHUHSUHYDOHQWLQWKHVPDOOFLW\RI
$WKHQVLWZDVDYHU\VPDOOSODFH%XGGKDZDVDJDLQVWWKH+LQGXEHOLHIV-HVXV
ZDVILJKWLQJWKH-XGDLFKHULWDJH0\ILJKWLVPXOWLGLPHQVLRQDO,DPILJKWLQJZLWK
-HZV,DPILJKWLQJZLWK+LQGXV,DPILJKWLQJZLWK%XGGKLVWV,DPILJKWLQJZLWK
-DLQDV,DPILJKWLQJZLWK0RKDPPHGDQV0\ILJKWLVQRWDGGUHVVHGWRDQ\ERG\




LQSDUWLFXODU+HQFH,DPERXQGWRFUHDWHVRPDQ\HQHPLHVPRUHWKDQDQ\ERG\
KDVHYHUGRQH

%XWFHUWDLQO\,DPDOVRJRLQJWRFUHDWHMXVWDVPDQ\IULHQGVPRUHWKDQDQ\ERG\
KDVHYHUGRQHEHFDXVHOLIHNHHSVDEDODQFH,I\RXKDYHVRPDQ\HQHPLHV\RX
ZLOOKDYHDVPDQ\IULHQGVLI\RXKDYHVRPDQ\IULHQGV\RXZLOOKDYHDVPDQ\
HQHPLHV/LIHDOZD\VNHHSVDEDODQFHOLIHQHYHUORVHVEDODQFH6RWKHPRUH
HQHPLHVWKHUHDUHWKHPRUHIULHQGVWKHUHZLOOEH

7KHZKROHWKLQJVHHPVWREHYHU\LQWULJXLQJYHU\LQWHUHVWLQJ$QGUHPHPEHU
\RXFDQQRWVDWLVI\DOOWKDWLVQRWSRVVLEOHDQG,DPQRWLQWHUHVWHGLQLWHLWKHU

7ZRWKRXVDQGILYHKXQGUHG\HDUVDJR$HVRSWROGWKLVVWRU\
,WZDVDEULJKWVXQQ\PRUQLQJLQDPRXQWDLQYLOODJH$QROGPDQDQGKLV
JUDQGVRQZHUHJRLQJWRWKHPDUNHWLQWKHODUJHWRZQLQWKHYDOOH\WRVHOOD
GRQNH\7KHGRQNH\ZDVEHDXWLIXOO\JURRPHGDQGEUXVKHGDQGWKH\VHWRII
KDSSLO\GRZQWKHVWHHSSDWK,QDZKLOHWKH\SDVVHGVRPHSHRSOHORXQJLQJE\
WKHVLGHRIWKHSDWK

/RRNDWWKDWVLOO\SDLUVDLGRQHRIWKHRQORRNHUV7KHUHWKH\JRVFUDPEOLQJ
DQGVWXPEOLQJGRZQWKHSDWKZKHQWKH\FRXOGEHULGLQJFRPIRUWDEO\RQWKHEDFN
RIWKDWVXUHIRRWHGEHDVW

7KHROGPDQKHDUGWKLVDQGWKRXJKWLWZDVULJKW6RKHDQGWKHER\PRXQWHGWKH
GRQNH\DQGWKXVFRQWLQXHGWKHLUGHVFHQW

6RRQWKH\SDVVHGDQRWKHUJURXSRISHRSOHJRVVLSLQJE\WKHZD\VLGH/RRNDW
WKHOD]\SDLUEUHDNLQJWKHEDFNRIWKDWSRRUGRQNH\

7KHROGPDQWKRXJKWWKH\ZHUHULJKWDQGVLQFHKHZDVWKHKHDYLHUKHGHFLGHG
WRZDONZKLOHWKHER\URGH

,QDOLWWOHZKLOHWKH\KHDUGPRUHFRPPHQWV/RRNDWWKDWGLVUHVSHFWIXOFKLOGKH
ULGHVZKLOHWKHROGPDQZDONV

7KHROGPDQWKRXJKWWKH\ZHUHULJKWDQGLWZDVRQO\SURSHUWKDWKHVKRXOGULGH
ZKLOHWKHER\ZDONHG

6XUHHQRXJKWKH\VRRQKHDUGWKLV:KDWDPHDQROGPDQULGLQJDWKLVHDVH
ZKLOHWKHSRRUFKLOGKDVWRWU\WRNHHSXSRQIRRW

%\WKLVWLPHWKHROGPDQDQGWKHER\ZHUHEHFRPLQJLQFUHDVLQJO\EHZLOGHUHG
:KHQWKH\ILQDOO\KHDUGWKHFULWLFLVPWKDWWKHGRQNH\ZRXOGEHDOOZRUQRXWDQG
QRRQHZRXOGZDQWWREX\KLPDIWHUWKHORQJZDONWRWKHPDUNHWWKH\VDWGRZQ
GHMHFWHGE\WKHVLGHRIWKHURDG





$IWHUWKHGRQNH\KDGEHHQDOORZHGWRUHVWIRUDZKLOHWKH\FRQWLQXHGWKHMRXUQH\
EXWLQDFRPSOHWHO\GLIIHUHQWPDQQHU7KXVLWZDVODWHWKDWDIWHUQRRQWKDWWKHROG
PDQDQGWKHER\ZHUHVHHQJDVSLQJEUHDWKOHVVO\LQWRWKHPDUNHWSODFH6OXQJRQ
DSROHEHWZHHQWKHPKXQJE\KLVWLHGIHHWZDVWKHGRQNH\

$V$HVRSVDLG<RXFDQ
WSOHDVHHYHU\RQH,I\RXWU\\RXORVH\RXUVHOI
,FDQQRWSOHDVHHYHU\ERG\DQGQHLWKHUDP,LQWHUHVWHGLQSOHDVLQJHYHU\ERG\,
DPQRWDSROLWLFLDQWKHSROLWLFLDQWULHVWRSOHDVHHYHU\ERG\,DPKHUHRQO\WRKHOS
WKRVHZKRUHDOO\ZDQWWREHKHOSHG,DPQRWLQWHUHVWHGLQWKHPRELQWKHFURZG
,DPRQO\LQWHUHVWHGLQWKRVHVLQFHUHVHHNHUVZKRDUHUHDG\WRULVNDOODOOWR
DWWDLQWKHPVHOYHV

7KLVLVJRLQJWRDQJHUPDQ\WKLVLVJRLQJWRFUHDWHPXFKFRQWURYHUV\EHFDXVH,
DPDYHU\QRQFRPSURPLVLQJSHUVRQ,ZLOOVD\RQO\WKDWZKLFKLVWUXHWRPH
ZKDWVRHYHUWKHFRQVHTXHQFH,I,DPFRQGHPQHGIRULWRUPXUGHUHGIRULWWKDW
V
SHUIHFWO\RND\%XW,DPQRWJRLQJWRFRPSURPLVHQRWDQLRWD

,KDYHQRWKLQJWRORVHVRZK\FRPSURPLVH",KDYHQRWKLQJWRJDLQVRZK\
FRPSURPLVH"$OOWKDWFRXOGKDYHKDSSHQHGKDVKDSSHQHG1RWKLQJFDQEHWDNHQ
DZD\IURPPHEHFDXVHP\WUHDVXUHLVRIWKHLQQHU$QGQRWKLQJFDQEHDGGHGWR
LWEHFDXVHP\WUHDVXUHLVRIWKHLQQHU

6R,DPJRLQJWROLYHWKHZD\,ZDQWWROLYH,DPJRLQJWROLYHLQP\RZQ
VSRQWDQHLW\DQGDXWKHQWLFLW\,DPQRWKHUHWRIXOILOODQ\ERG\
VH[SHFWDWLRQV,DP
QRWLQWHUHVWHGLQEHLQJFDOOHGDVSLULWXDOSHUVRQRUDVDLQWHLWKHU,GRQ
WQHHGDQ\
FRPSOLPHQWVIURPDQ\ERG\,GRQ
WZDQWWKHFURZGWRZRUVKLSPH$OOWKRVH
VWXSLGJDPHVDUHILQLVKHG

,DPLQWKDWVWDWHZKHUHQRWKLQJFDQKDSSHQDQ\PRUHLWLVEH\RQGKDSSHQLQJ
6R,ZLOOJRRQVD\LQJWKLQJVZKLFKRIIHQGSHRSOH,WLVQRWWKDW,ZDQWWRRIIHQG
WKHPEXWZKDWFDQ,GR",IWUXWKRIIHQGVWKHPWKHQLWRIIHQGVWKHP,DPJRLQJ
WROLYHOLIHWKHZD\LWLVKDSSHQLQJWRPH,ILWLVQRWDFFRUGLQJWRWKHLU
H[SHFWDWLRQVHLWKHUWKH\FDQFKDQJHWKHLUH[SHFWDWLRQVRUWKH\FDQIHHODQJU\
PLVHUDEOHDQGJRRQFOLQJLQJWRWKHLUH[SHFWDWLRQV

,DPXWWHUO\IUHHIURPWKHLURSLQLRQLWGRHVQRWPDWWHUWRPHDWDOO

6R.ULVKQD3UHPWKHFRQWURYHUVLHVZLOOEHFRPHPRUHDQGPRUH$QGEHFDXVH,
DPFRQWURYHUVLDOP\SHRSOHDUHERXQGWREHFRQWURYHUVLDOWRR%HFDXVH,DP
FRQWURYHUVLDO\RXZLOODOVREHRIIHQVLYH\RXZLOODOVRKDYHWRVXIIHU<RXZLOODOVR
KDYHWREHUHDG\WREHSHUVHFXWHGLQPDQ\ZD\V

%XWUHPHPEHURQHWKLQJ7ROLYHDOLIHRIFRPSURPLVHLVZRUVHWKDQGHDWK$QG
WROLYHDOLIHRIWUXWKHYHQLILWLVIRUDVLQJOHPRPHQWLVIDUPRUHYDOXDEOHWKDQWR
OLYHHWHUQDOO\LQOLHV7RGLHIRUWUXWKLVIDUPRUHYDOXDEOHWKDQWROLYHLQOLHV





7KHODVWTXHVWLRQ

%(/29('26+2
:+$7,6<285,'($2)+($9(1"

7KHUHLVQRKHDYHQDQGWKHUHLVQRKHOO7KH\DUHQRWJHRJUDSKLFDOWKH\DUHSDUW
RI\RXUSV\FKRORJ\7KH\DUHSV\FKRORJLFDO7ROLYHDOLIHRIVSRQWDQHLW\WUXWK
ORYHDQGEHDXW\LVWROLYHLQKHDYHQ7ROLYHDOLIHRIK\SRFULV\OLHVDQG
FRPSURPLVHVWROLYHDFFRUGLQJWRRWKHUVLVWROLYHLQKHOO7ROLYHLQIUHHGRPLV
KHDYHQDQGWROLYHLQERQGDJHLVKHOO

<RXFDQGHFRUDWH\RXUSULVRQFHOOEHDXWLIXOO\EXWWKDWPDNHVQRGLIIHUHQFHLWLV
VWLOODSULVRQFHOO$QGWKDW
VZKDWSHRSOHKDYHEHHQGRLQJWKH\JRRQGHFRUDWLQJ
WKHLUSULVRQFHOO7KH\JLYHLWEHDXWLIXOQDPHVWKH\JRRQSDLQWLQJLWSXWWLQJQHZ
SLFWXUHVRQWKHZDOOVDUUDQJLQJWKHIXUQLWXUHLQQHZZD\VSXUFKDVLQJPRUHDQG
PRUHWKLQJVEXWWKH\OLYHLQSULVRQV

<RXUPDUULDJHLVDSULVRQ\RXUFKXUFKLVDSULVRQ\RXUQDWLRQDOLW\LVDSULVRQ
+RZPDQ\SULVRQV\RXKDYHFUHDWHG<RXDUHQRWOLYLQJLQRQHSULVRQ\RXU
SULVRQVDUHOLNH&KLQHVHER[HVDER[ZLWKLQDER[ZLWKLQDER[ZLWKLQDER[LW
JRHVRQ<RXDUHOLNHDQRQLRQSHHOLWDQRWKHUOD\HUSHHOWKDWDQRWKHUOD\HU
'HVWUR\RQHSULVRQDQG\RXILQGDQRWKHULQVLGH7KLVLVZKDWKHOOLV

7RUHDFKWKHYHU\FRUHRIWKHRQLRQZKHUHDOOOD\HUVKDYHEHHQGURSSHGDQG
WKHUHLVRQO\QRWKLQJQHVVLQ\RXUKDQGVWKDWLVIUHHGRPQLUYDQDERGKLFKLWWD
7KHFRQVFLRXVQHVVRIDEXGGKDWKHSXUHFRQVFLRXVQHVVRIDEXGGKDWKDWLV
KHDYHQ

$QGP\LGHDRIKHDYHQLVQRWVRPHWKLQJIDUDZD\DKHDYHQLQWKHVN\ZKHUH
RQO\DQJHOVOLYH'R\RXNQRZWKDWDQJHOVGRQ
WSHUVSLUH"7KH\GRQ
WQHHGDQ\
GHRGRUDQWV$QGGR\RXNQRZLQKHDYHQWKHUHDUHQRSXEVEHFDXVHSXEVDUH
QRWQHHGHG7KHUHDUHULYHUVRIZLQHVR\RXFDQMXPSLQWRWKHULYHUVDQGGULQNWR
\RXUKHDUW
VFRQWHQW$QGWKHUHDUHEHDXWLIXOZRPHQZKRQHYHUJURZROGZKR
DUHVWXFNDWWKHDJHRIHLJKWHHQ&HQWXULHVDQGFHQWXULHVKDYHSDVVHGEXWWKH\
DUHVWXFNDWWKHDJHRIHLJKWHHQ7KH\KDYHJROGHQERGLHV-XVWWKLQNRILW,W
ORRNVPRUHOLNHDQLJKWPDUH*ROGHQERGLHV":LWKH\HVRIVDSSKLUH"
1RWKDWLVQRWP\LGHDRIKHDYHQ,QWKDWZD\,DPDQROG-HZ

7KHPLQLVWHUVDLGWRKLVIULHQG5DEEL,GUHDPHGRID-HZLVKKHDYHQWKHRWKHU
QLJKW,WZDVYHU\OLIHOLNHDQGLWVHHPHGWRPHWRMXVWVXLWWKH-HZLVKLGHDO,WZDV
DFURZGHGWHQHPHQWGLVWULFWZLWK-HZLVKSHRSOHHYHU\ZKHUH7KHUHZHUHFORWKHV
RQOLQHVIURPHYHU\ZLQGRZZRPHQRQHYHU\VWRRSSXVKFDUWSHGGOHUVRQHYHU\
FRUQHUFKLOGUHQSOD\LQJVWLFNEDOORQHYHU\VWUHHW7KHQRLVHDQGFRQIXVLRQZHUH
VRJUHDWWKDW,ZRNHXS

7KHUDEELVDLG%\DVWUDQJHFRLQFLGHQFH)DWKHU:LOOLDPV,GUHDPHGWKHRWKHU




QLJKWRIDQ(SLVFRSDOLDQKHDYHQ,WZDVYHU\OLIHOLNHDQGLWVHHPHGWRPHMXVWWKH
LGHDORI(SLVFRSDOLDQV,WZDVDQHDWVXEXUEZLWKZHOOVSDFHG(QJOLVK7XGRUDQG
PDQRUKRXVHVZLWKEHDXWLIXOODZQVHDFKZLWKLWVRZQIORZHUEHGZLWKFOHDQZLGH
WUHHOLQHGVWUHHWVDQGDOOZDVVXIIXVHGLQZDUPVXQVKLQH
7KHYLFDUVPLOHG$QGWKHSHRSOH"

2KPXUPXUHGWKHUDEELWKHUHZHUHQRSHRSOH

0\LGHDRIKHDYHQLVQRWXQHDUWKO\+HDYHQLVKHUH\RXMXVWKDYHWRNQRZKRZ
WROLYHLW$QGKHOOWRRLVKHUHDQG\RXNQRZSHUIHFWO\ZHOOKRZWROLYHLW,WLVRQO\
DTXHVWLRQRIFKDQJLQJ\RXUSHUVSHFWLYH\RXUDSSURDFKWRZDUGVOLIH

7KHHDUWKLVEHDXWLIXO,I\RXVWDUWOLYLQJLWVEHDXW\HQMR\LQJLWVMR\VZLWKQRJXLOWLQ
\RXUKHDUW\RXDUHLQSDUDGLVH,I\RXFRQGHPQHYHU\WKLQJHYHU\VPDOOMR\LI
\RXEHFRPHDFRQGHPQHUDSRLVRQHUWKHQWKHVDPHHDUWKWXUQVLQWRDKHOO
EXWRQO\IRU\RX,WGHSHQGVRQ\RXZKHUH\RXOLYHLWLVDTXHVWLRQRI\RXURZQ
LQQHUWUDQVIRUPDWLRQ,WLVQRWDFKDQJHRISODFHLWLVDFKDQJHRILQQHUVSDFH
/LYHMR\RXVO\JXLOWOHVVO\OLYHWRWDOO\OLYHLQWHQVHO\$QGWKHQKHDYHQLVQRPRUHD
PHWDSK\VLFDOFRQFHSWLWLV\RXURZQH[SHULHQFH

(QRXJKIRUWRGD\


FKDSWHUWZHOYHEXGGKDLQWKHVXSHUPDUNHW


IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ

%(/29('26+2
21(2)7+((66(17,$//$:62)1$785(6((0672%(
5(/$7,216+,3,17(5'(3(1'(1&(,+$9(:$7&+('7:2%,5'6)/<
,17,0$7(:,7+($&+27+(5$1':,7+7+(:,1'62($6<$1'
:,7+287675,)(,13(5)(&7+$5021<:+$7,67+(6(&5(72)
7+,67+$76((0662+$5')25+80$1%(,1*6"3/($6(26+26$<
620(7+,1*$%2875(/$7,216+,3

9DVXPDWLWKHPRVWIXQGDPHQWDOWKLQJWREHUHPHPEHUHGLVWKDWOLIHLVGLDOHFWLFDO
,WH[LVWVWKURXJKGXDOLW\LWLVDUK\WKPEHWZHHQRSSRVLWHV<RXFDQQRWEHKDSS\
IRUHYHURWKHUZLVHKDSSLQHVVZLOOORVHDOOPHDQLQJ<RXFDQQRWEHLQKDUPRQ\
IRUHYHURWKHUZLVH\RXZLOOEHFRPHXQDZDUHRIWKHKDUPRQ\+DUPRQ\KDVWREH




IROORZHGE\GLVFRUGDJDLQDQGDJDLQDQGKDSSLQHVVKDVWREHIROORZHGE\
XQKDSSLQHVV(YHU\SOHDVXUHKDVLWVRZQSDLQDQGHYHU\SDLQKDVLWVRZQ
SOHDVXUH

8QOHVVRQHXQGHUVWDQGVWKLVGXDOLW\RIH[LVWHQFHRQHUHPDLQVLQXQQHFHVVDU\
PLVHU\$FFHSWWKHWRWDOZLWKDOOLWVDJRQLHVDQGDOOLWVHFVWDVLHV'RQ
WKDQNHUIRU
WKHLPSRVVLEOHGRQ
WGHVLUHWKDWWKHUHVKRXOGEHRQO\HFVWDV\DQGQRDJRQ\

(FVWDV\FDQQRWH[LVWDORQHLWQHHGVDFRQWUDVW$JRQ\EHFRPHVWKHEODFNERDUG
WKHQHFVWDV\EHFRPHVYHU\FOHDUDQGORXGMXVWDVLQWKHGDUNQHVVRIQLJKWWKH
VWDUVDUHVREULJKW7KHGDUNHUWKHQLJKWWKHEULJKWHUDUHWKHVWDUV,QWKHGD\
WKH\GRQ
WGLVDSSHDUWKH\VLPSO\EHFRPHLQYLVLEOH\RXFDQQRWVHHWKHP
EHFDXVHWKHUHLVQRFRQWUDVW

7KLQNRIDOLIHZLWKRXWGHDWKDQGLWZLOOEHXQHQGXUDEOHSDLQDQXQHQGXUDEOH
H[LVWHQFH,WZLOOEHLPSRVVLEOHWROLYHZLWKRXWGHDWK'HDWKGHILQHVOLIHJLYHVLWD
NLQGRILQWHQVLW\EHFDXVHOLIHLVIOHHWLQJHDFKPRPHQWEHFRPHVSUHFLRXV,IOLIH
LVHWHUQDOWKHQZKRFDUHV"2QHFDQZDLWIRUWRPRUURZIRUHYHUWKHQZKRZLOO
OLYHQRZDQGKHUH"%HFDXVHWRPRUURZWKHUHLVGHDWKLWIRUFHV\RXWROLYHQRZ
DQGKHUH<RXKDYHWRSOXQJHLQWRWKHSUHVHQWPRPHQW\RXKDYHWRJRWRLWV
XOWLPDWHGHSWKEHFDXVHZKRNQRZVWKHQH[WPRPHQWPD\FRPHPD\QRW
FRPH

6HHLQJWKLVUK\WKPRQHLVDWHDVHDWHDVHZLWKERWK:KHQXQKDSSLQHVVFRPHV
RQHZHOFRPHVLWZKHQKDSSLQHVVFRPHVRQHZHOFRPHVLWNQRZLQJWKDWWKH\DUH
SDUWQHUVLQWKHVDPHJDPH

7KLVLVVRPHWKLQJZKLFKKDVWREHFRQWLQXRXVO\UHPHPEHUHG,ILWEHFRPHVD
IXQGDPHQWDOUHPHPEUDQFHLQ\RX\RXUOLIHZLOOKDYHDWRWDOO\QHZIODYRUWKH
IODYRURIIUHHGRPWKHIODYRURIXQFOLQJLQJQHVVWKHIODYRURIQRQDWWDFKPHQW
:KDWVRHYHUFRPHV\RXUHPDLQVWLOOVLOHQWDFFHSWLQJ

$QGWKHSHUVRQZKRLVFDSDEOHRIEHLQJVWLOOVLOHQWDFFHSWLQJRISDLQIUXVWUDWLRQ
DQGPLVHU\WUDQVIRUPVWKHYHU\TXDOLW\RIPLVHU\LWVHOI7RKLPPLVHU\DOVR
EHFRPHVDWUHDVXUHWRKLPHYHQSDLQJLYHVDVKDUSQHVV7RKLPHYHQ
GDUNQHVVKDVLWVRZQEHDXW\GHSWKLQILQLW\7RKLPHYHQGHDWKLVQRWWKHHQG
EXWRQO\DEHJLQQLQJRIVRPHWKLQJXQNQRZQ

9DVXPDWL\RXVD\2QHRIWKHHVVHQWLDOODZVRIQDWXUHVHHPVWREH
UHODWLRQVKLSLQWHUGHSHQGHQFH

7KH\DUHQRWV\QRQ\PRXV5HODWLRQVKLSLVRQHWKLQJLQWHUGHSHQGHQFHWRWDOO\
DQRWKHU5HODWLRQVKLSPHDQV\RXDUHVHSDUDWH\RXDUHLQGHSHQGHQWDQGVRLV
WKHRWKHUDQG\RXGHFLGHWRUHODWH5HODWLRQVKLSLVQRWLQWHUGHSHQGHQFHLWLVD
FRQWUDFWEHWZHHQWZRLQGHSHQGHQWSHUVRQV+HQFHDOOUHODWLRQVKLSVDUHIDOVH
EHFDXVHEDVLFDOO\LQGHSHQGHQFHLVIDOVH1RERG\LVLQGHSHQGHQWDQGLI\RX




DUHQRWLQGHSHQGHQWKRZFDQ\RXUHODWH":LWKZKRPFDQ\RXUHODWH"

/LIHLVLQWHUGHSHQGHQFH1RERG\LVLQGHSHQGHQWQRWIRUDVLQJOHPRPHQWFDQ
\RXH[LVWDORQH<RXQHHGWKHZKROHH[LVWHQFHWRVXSSRUW\RXHDFKPRPHQW\RX
DUHEUHDWKLQJLWLQDQGRXW,WLVQRWUHODWLRQVKLSLWLVXWWHULQWHUGHSHQGHQFH
5HPHPEHU,DPQRWVD\LQJLWLVGHSHQGHQFHEHFDXVHWKHLGHDRIGHSHQGHQFH
DJDLQSUHVXPHVWKDWZHDUHLQGHSHQGHQW,IZHDUHLQGHSHQGHQWWKHQ
GHSHQGHQFHLVSRVVLEOH%XWERWKDUHLPSRVVLEOHLWLVLQWHUGHSHQGHQFH

:KDWGR\RXVD\"$UHZDYHVLQGHSHQGHQWIURPWKHRFHDQRUDUHWKH\GHSHQGHQW
RQWKHRFHDQ"1HLWKHULVWUXH7KH\DUHWKHRFHDQQHLWKHULQGHSHQGHQWQRU
GHSHQGHQW7KHRFHDQFDQQRWH[LVWZLWKRXWWKHZDYHVWKHZDYHVFDQQRWH[LVW
ZLWKRXWWKHRFHDQ7KH\DUHXWWHUO\RQHLWLVDXQLW\

$QGVRLVRXUZKROHOLIH:HDUHZDYHVRIDFRVPLFRFHDQRIFRQVFLRXVQHVV
7KDWPHDQVORYHFDQKDYHWKUHHGLPHQVLRQV2QHLVWKDWRIGHSHQGHQFHWKDW
V
ZKDWKDSSHQVWRWKHPDMRULW\RISHRSOH7KHKXVEDQGLVGHSHQGHQWRQWKHZLIH
WKHZLIHLVGHSHQGHQWRQWKHKXVEDQGWKH\H[SORLWHDFKRWKHUWKH\GRPLQDWH
HDFKRWKHUWKH\SRVVHVVHDFKRWKHUWKH\UHGXFHHDFKRWKHUWRDFRPPRGLW\,Q
QLQHW\QLQHSHUFHQWRIFDVHVWKDW
VZKDWLVKDSSHQLQJLQWKHZRUOG7KDW
VZK\
ORYHZKLFKFDQRSHQWKHJDWHVRISDUDGLVHRQO\RSHQVWKHJDWHVRIKHOO

7KHVHFRQGSRVVLELOLW\LVORYHEHWZHHQWZRLQGHSHQGHQWSHUVRQV7KDWWRR
KDSSHQVRQFHLQDZKLOH%XWWKDWWRREULQJVPLVHU\EHFDXVHWKHUHLVFRQVWDQW
FRQIOLFW1RDGMXVWPHQWLVSRVVLEOHERWKDUHVRLQGHSHQGHQWDQGQRERG\LVUHDG\
WRFRPSURPLVHWRDGMXVWZLWKWKHRWKHU


3RHWVDUWLVWVWKLQNHUVVFLHQWLVWVWKRVHZKROLYHLQDNLQGRILQGHSHQGHQFHDW
OHDVWLQWKHLUPLQGVDUHLPSRVVLEOHSHRSOHWROLYHZLWKWKH\DUHHFFHQWULFSHRSOH
WROLYHZLWK7KH\JLYHIUHHGRPWRWKHRWKHUEXWWKHLUIUHHGRPORRNVPRUHOLNH
LQGLIIHUHQFHWKDQOLNHIUHHGRPORRNVPRUHDVLIWKH\GRQ
WFDUHDVLILWGRHVQ
W
PDWWHUWRWKHP7KH\OHDYHHDFKRWKHUWRWKHLURZQVSDFHV5HODWLRQVKLSVHHPV
WREHRQO\VXSHUILFLDOWKH\DUHDIUDLGWRJRGHHSHULQWRHDFKRWKHUEHFDXVHWKH\
DUHPRUHDWWDFKHGWRWKHLUIUHHGRPWKDQWRORYHDQGWKH\GRQ
WZDQWWR
FRPSURPLVH

$QGWKHWKLUGSRVVLELOLW\LVRILQWHUGHSHQGHQFH7KDWKDSSHQVYHU\UDUHO\EXW
ZKHQHYHULWKDSSHQVDSDUWRISDUDGLVHIDOOVRQWKHHDUWK7ZRSHUVRQVQHLWKHU
LQGHSHQGHQWQRUGHSHQGHQWEXWLQDWUHPHQGRXVV\QFKURQLFLW\DVLIEUHDWKLQJIRU
HDFKRWKHURQHVRXOLQWZRERGLHVZKHQHYHUWKDWKDSSHQVORYHKDV
KDSSHQHG2QO\FDOOWKLVORYH7KHRWKHUWZRDUHQRWUHDOO\ORYHWKH\DUHMXVW
DUUDQJHPHQWVVRFLDOSV\FKRORJLFDOELRORJLFDOEXWDUUDQJHPHQWV7KHWKLUGLV
VRPHWKLQJVSLULWXDO

9DVXPDWL\RXDOVRVD\,KDYHZDWFKHGWZRELUGVIO\LQWLPDWHZLWKHDFKRWKHU




DQGZLWKWKHZLQGVRHDV\DQGZLWKRXWVWULIHLQSHUIHFWKDUPRQ\
<HVLWFUHDWHVMHDORXV\%XWELUGVDUHQRWDZDUHWKH\KDYHQRFRQVFLRXVQHVV
WKH\H[LVWEHORZFRQVFLRXVQHVV7KHLUKDUPRQ\ORRNVOLNHKDUPRQ\WR\RXQRWWR
WKHP$QGWKHLUMR\RQWKHZLQJLV\RXULQWHUSUHWDWLRQQRWWKHLUV5HPHPEHULWLW
LV\RXULQWHUSUHWDWLRQ7KH\FDQ
WLQWHUSUHWWKH\KDYHQRW\HWHYROYHGWKDW
FRQVFLRXVQHVVZKLFKFDQLQWHUSUHWZKLFKFDQORRNEDFNZKLFKFDQORRNIRUZDUG
ZKLFKFDQREVHUYHDQGORRNLQWRWKLQJV7KHLUEHKDYLRULVPHFKDQLFDO

0DQLVDKLJKHUEHLQJPDQKDVWKHFDSDFLW\WREHFRQVFLRXV$QGZLWK
FRQVFLRXVQHVVWURXEOHEHJLQV7KHKLJKHU\RXPRYHWKHPRUHGDQJHURXV
EHFRPHVHYHU\VWHS,I\RXIDOO\RXZLOOEHIDOOLQJIURPVXFKKHLJKWVWKDW\RXZLOO
GLVDSSHDUVRPHZKHUHLQWKHYDOOH\,QWKHYDOOH\\RXFDQZDONXQFRQVFLRXVO\
WKHUHLVQRIHDU%XWZKHQ\RXDUHPRYLQJWRZDUGVWKHWRSUHDFKLQJWRWKHSHDN
\RXZLOOKDYHWREHPRUHDQGPRUHFRQVFLRXV

0DQLVYHU\FORVHWR*RGWKHFORVHVW+HQFHWKHUHVSRQVLELOLW\DQGWKHGDQJHU
WKHKD]DUGWKHDGYHQWXUH<RXFDQIDOO$QGZKDWLVWKHIDOO"

%HFDXVH\RXDUHFDSDEOHRIEHLQJFRQVFLRXVWKHUHDUHWZRSRVVLELOLWLHV<RXFDQ
EHFRPHVHOIFRQVFLRXVWKDWLVWKHIDOO,IWKHVHOIRYHUSRZHUV\RXU
FRQVFLRXVQHVV\RXKDYHIDOOHQ,IFRQVFLRXVQHVVGRHVQRWDOORZWKHVHOIWR
RYHUSRZHULWLI\RXVLPSO\DUHFRQVFLRXVDQGWKHUHLVQRVHOILQLWD
FRQVFLRXVQHVVZLWKRXWDFHQWHUDFRQVFLRXVQHVVZLWKRXWDQ\ERG\EHLQJWKHUHWR
EHFRQVFLRXVWKHQ\RXDUHULVLQJDQGULVLQJDQGULVLQJDQGWKHFOLPD[LVQRWIDU
DZD\0D\EHDIHZVWHSVPRUHDQG\RXZLOOKDYHDUULYHGKRPH7KHQ\RXZLOO
NQRZZKDWKDUPRQ\LV$QG\RXZLOONQRZWKHHWHUQDOKDUPRQ\RIH[LVWHQFHWKH
VLOHQFHWKDWKDVQHYHUEHHQEURNHQIURPWKHEHJLQQLQJOHVVEHJLQQLQJVWRWKH
HQGOHVVHQGLWFRQWLQXHVWKHVDPH7KHQ\RXZLOONQRZWKHYLUJLQSXULW\RI
H[LVWHQFHZKLFKKDVQHYHUEHHQSROOXWHG

:KDWFDQSRRUELUGVDQGDQLPDOVNQRZRILW"

%XW,FDQXQGHUVWDQG9DVXPDWLVRPHWLPHVLWFUHDWHVJUHDWMHDORXV\7ZRELUGV
RQWKHZLQJLQVXFKKDUPRQ\LQVXFKORYHDQGLQWLPDF\QRWRQO\EHWZHHQ
WKHPVHOYHVEXWZLWKWKHZLQGZLWKWKHVXQZLWKWKHUDLQDQGPDQVWDUWVIHHOLQJ
:K\FDQ
W,EHVRKDSS\":K\FDQ
W,UHODWHZLWKVXFKEHDXW\":K\FDQ
W,HQMR\
WKHZLQGDQGWKHUDLQDQGWKHVXQVRUHOD[HGO\"

,WLVQRWEHFDXVH\RXDUHORZHUWKDQWKHELUGVLWLVEHFDXVH\RXDUHKLJKHUDQG
PXFKPRUHLVUHTXLUHGRI\RX,WLVEHFDXVH\RXDUHKLJKHUWKDW*RG
VFULWHULRQ
IRU\RXLVKLJKHUWRR<HVDGUXQNDUGORRNVORVWZLWKRXWDQ\DQ[LHW\ZLWKRXWDQ\
ZRUU\DQG%XGGKDDOVRORRNVZLWKRXWDQ\ZRUU\DQGZLWKRXWDQ\DQ[LHW\%XGGKD
DOVRORRNVGUXQN%XWGR\RXWKLQNWKH\H[LVWRQWKHVDPHSODQH"7KHGUXQNDUG
KDVIDOOHQIURPFRQVFLRXVQHVVDQGWKHEXGGKDKDVULVHQIURPWKHVHOI

6HOIFRQVFLRXVQHVVLVKXPDQ,I\RXIDOOIURPFRQVFLRXVQHVV\RXZLOOKDYHD




FHUWDLQIRUJHWIXOQHVVRIDQ[LHW\,I\RXULVHIURPWKHVHOI\RXZLOOQRWRQO\KDYHD
IRUJHWIXOQHVVRIDQ[LHW\DQ[LHWLHVVLPSO\HYDSRUDWHWKH\H[LVWQRPRUH
<RXFDQEHFRPHEXGGKDV9DVXPDWL\RXKDYHWKHFDSDFLW\WKHSRWHQWLDOWR
EHFRPHDEXGGKD7KHELUGVDUHSRRU%XWPDQKDVIDOOHQVRORZWKDWKHHYHQ
VWDUWVIHHOLQJMHDORXVRISRRUELUGV

<RXDVN:KDWLVWKHVHFUHWRIWKLVWKDWVHHPVVRKDUGIRUKXPDQEHLQJV"
7KHVHFUHWLVFRQVFLRXVQHVV&RQVFLRXVQHVVEULQJVIUHHGRP)UHHGRPGRHVQRW
PHDQRQO\WKHIUHHGRPWRGRULJKWLIWKDWZDVWKHPHDQLQJRIIUHHGRPZKDWNLQG
RIIUHHGRPZRXOGLWEH",I\RXDUHRQO\IUHHWRGRULJKWWKHQ\RXDUHQRWIUHH
)UHHGRPLPSOLHVERWKWKHDOWHUQDWLYHVWRGRULJKWWRGRZURQJ)UHHGRP
LPSOLHVWKHULJKWWRVD\\HVRUWRVD\QR

$QGWKLVLVVRPHWKLQJVXEWOHWREHXQGHUVWRRG6D\LQJQRIHHOVPRUHRID
IUHHGRPWKDQVD\LQJ\HV$QG,DPQRWSKLORVRSKL]LQJLWLVDVLPSOHIDFW\RXFDQ
REVHUYHLQ\RXUVHOI:KHQHYHU\RXVD\QR\RXIHHOPRUHIUHH:KHQHYHU\RX
VD\\HV\RXGRQ
WIHHOIUHHEHFDXVH\HVPHDQV\RXKDYHREH\HG\HVPHDQV
\RXKDYHVXUUHQGHUHGZKHUHLVWKHIUHHGRP"1RPHDQV\RXDUHVWXEERUQ
NHHSLQJDORRIQRPHDQV\RXKDYHDVVHUWHG\RXUVHOIQRPHDQV\RXDUHUHDG\WR
ILJKW1RGHILQHV\RXPRUHFOHDUO\WKDQ\HV<HVLVYDJXHLWLVOLNHDFORXG1RLV
YHU\VROLGDQGVXEVWDQWLDOOLNHDURFN

7KDW
VZK\SV\FKRORJLVWVVD\WKDWEHWZHHQVHYHQDQGIRXUWHHQ\HDUVRIDJH
HDFKFKLOGVWDUWVOHDUQLQJWRVD\QRPRUHDQGPRUH%\VD\LQJQRKHLVJHWWLQJ
RXWRIWKHSV\FKRORJLFDOZRPERIWKHPRWKHU(YHQZKHQWKHUHLVQRQHHGWRVD\
QRKHZLOOVD\QR(YHQZKHQWRVD\\HVLVLQKLVIDYRUKHZLOOVD\QR
7KHUHLVPXFKDWVWDNHKHKDVWROHDUQWRVD\QRPRUHDQGPRUH%\WKHWLPHKH
LVIRXUWHHQVH[XDOO\PDWXUHKHZLOOVD\WKHXOWLPDWHQRWRWKHPRWKHUKHZLOOIDOO
LQORYHZLWKDZRPDQ7KDWLVKLVXOWLPDWHQRWRWKHPRWKHUKHLVWXUQLQJKLVEDFN
RQWKHPRWKHU+HVD\V,DPILQLVKHGZLWK\RX,KDYHFKRVHQP\ZRPDQ,
KDYHEHFRPHDQLQGLYLGXDOLQGHSHQGHQWLQP\RZQULJKW,ZDQWWROLYHP\OLIH,
ZDQWWRGRP\RZQWKLQJ

$QGLIWKHSDUHQWVLQVLVW+DYHVKRUWKDLUKHZLOOKDYHORQJKDLU,IWKHSDUHQWV
LQVLVW+DYHORQJKDLUKHZLOOKDYHVKRUWKDLU-XVWZDWFKDOLWWOHORQJHU:KHQ
KLSSLHVEHFRPHSDUHQWVWKHQWKH\ZLOOVHHWKHLUFKLOGUHQZLOOKDYHVKRUWKDLU
EHFDXVHWKH\ZLOOKDYHWROHDUQQR

,IWKHSDUHQWVLQVLVW&OHDQOLQHVVLVQH[WWR*RGWKHFKLOGUHQZLOOVWDUWOLYLQJLQ
HYHU\NLQGRIGLUW7KH\ZLOOEHGLUW\7KH\ZRQ
WWDNHDEDWKWKH\ZRQ
WFOHDQ
WKHPVHOYHVWKH\ZRQ
WXVHVRDS$QGWKH\ZLOOILQGUDWLRQDOL]DWLRQVWKDWVRDSLV
GDQJHURXVWRWKHVNLQWKDWLWLVXQQDWXUDOWKDWQRDQLPDOHYHUXVHVVRDS7KH\
FDQILQGDVPDQ\UDWLRQDOL]DWLRQVDVSRVVLEOHEXWGHHSGRZQDOOWKRVH
UDWLRQDOL]DWLRQVDUHMXVWFRYHUXSV7KHUHDOWKLQJLVWKH\ZDQWWRVD\QR$QGRI
FRXUVHZKHQ\RXZDQWWRVD\QR\RXKDYHWRILQGUHDVRQV





+HQFHQRJLYHV\RXDVHQVHRIIUHHGRPQRWRQO\WKDWLWDOVRJLYHV\RXDVHQVH
RILQWHOOLJHQFH7RVD\\HVQHHGVQRLQWHOOLJHQFH:KHQ\RXVD\\HVQRERG\
DVNV\RXZK\:KHQ\RXKDYHDOUHDG\VDLG\HVZKRERWKHUVWRDVN\RXZK\"
7KHUHLVQRQHHGRIDQ\UHDVRQLQJRUDUJXPHQW\RXKDYHDOUHDG\VDLG\HV
:KHQ\RXVD\QRZK\LVERXQGWREHDVNHG,WVKDUSHQV\RXULQWHOOLJHQFHLW
JLYHV\RXDGHILQLWLRQDVW\OHIUHHGRP:DWFKWKHSV\FKRORJ\RIWKHQR

,WLVVRKDUGIRUKXPDQEHLQJVWREHLQKDUPRQ\EHFDXVHRIFRQVFLRXVQHVV
&RQVFLRXVQHVVJLYHVIUHHGRPIUHHGRPJLYHV\RXWKHFDSDFLW\WRVD\QRDQG
WKHUHLVPRUHSRVVLELOLW\WRVD\QRWKDQWRVD\\HV$QGZLWKRXW\HVWKHUHLVQR
KDUPRQ\<HVLVKDUPRQ\%XWLWWDNHVWLPHWRJURZXSWRPDWXUHWRFRPHWR
VXFKDPDWXULW\ZKHUH\RXFDQVD\\HVDQG\HWUHPDLQIUHHZKHUH\RXFDQVD\
\HVDQG\HWUHPDLQXQLTXHZKHUH\RXFDQVD\\HVDQG\HWQRWEHFRPHDVODYH
7KHIUHHGRPWKDWLVEURXJKWE\QRLVDYHU\FKLOGLVKIUHHGRP,WLVJRRGIRU
VHYHQ\HDUROGVXSWRIRXUWHHQ\HDUROGV%XWLIDSHUVRQJHWVFDXJKWLQLWDQGKLV
ZKROHOLIHEHFRPHVDQRVD\LQJWKHQKHKDVVWRSSHGJURZLQJ

7KHXOWLPDWHJURZWKLVWRVD\\HVZLWKVXFKMR\DVDFKLOGVD\VQR7KDWLVD
VHFRQGFKLOGKRRG$QGWKHPDQZKRFDQVD\\HVZLWKWUHPHQGRXVIUHHGRPDQG
MR\ZLWKQRKHVLWDWLRQZLWKQRVWULQJVDWWDFKHGZLWKQRFRQGLWLRQVDSXUHDQG
VLPSOHMR\DSXUHDQGVLPSOH\HVWKDWPDQKDVEHFRPHDVDJH7KDWPDQ
OLYHVLQKDUPRQ\DJDLQ$QGKLVKDUPRQ\LVRIDWRWDOO\GLIIHUHQWGLPHQVLRQWKDQ
WKHKDUPRQ\RIWUHHVDQLPDOVDQGELUGV7KH\OLYHLQKDUPRQ\EHFDXVHWKH\
FDQQRWVD\QRDQGWKHVDJHOLYHVLQKDUPRQ\EHFDXVHKHGRHVQRWVD\QR

%HWZHHQWKHWZRWKHELUGVDQGWKHEXGGKDVDUHDOOKXPDQEHLQJVXQJURZQ
XSLPPDWXUHFKLOGLVKVWXFNVRPHZKHUHVWLOOWU\LQJWRVD\QRWRKDYHVRPH
IHHOLQJRIIUHHGRP

,DPQRWVD\LQJGRQ
WOHDUQWRVD\QR,DPVD\LQJOHDUQWRVD\QRZKHQLWLVWLPH
WRVD\QREXWGRQ
WJHWVWXFNZLWKLW6ORZO\VORZO\VHHWKDWWKHUHLVDKLJKHU
IUHHGRPWKDWFRPHVZLWK\HVDQGDJUHDWHUKDUPRQ\$SHDFHWKDWSDVVHWK
XQGHUVWDQGLQJ

7KHVHFRQGTXHVWLRQ

%(/29('26+2
,65(/$7,216+,37+(5(%(&$86(/29(,6127"

0XNWL*DQGKD\HV/RYHLVQRWDUHODWLRQVKLS/RYHUHODWHVEXWLWLVQRWD
UHODWLRQVKLS$UHODWLRQVKLSLVVRPHWKLQJILQLVKHG$UHODWLRQVKLSLVDQRXQWKHIXOO
VWRSKDVFRPHWKHKRQH\PRRQLVRYHU1RZWKHUHLVQRMR\QRHQWKXVLDVPQRZ
DOOLVILQLVKHG

<RXFDQFDUU\LWRQMXVWWRNHHS\RXUSURPLVHV<RXFDQFDUU\LWRQEHFDXVHLWLV
FRPIRUWDEOHFRQYHQLHQWFR]\<RXFDQFDUU\LWRQEHFDXVHWKHUHLVQRWKLQJHOVH




WRGR<RXFDQFDUU\LWRQEHFDXVHLI\RXGLVUXSWLWLWLVJRLQJWRFUHDWHPXFK
WURXEOHIRU\RX

5HODWLRQVKLSPHDQVVRPHWKLQJFRPSOHWHILQLVKHGFORVHG/RYHLVQHYHUD
UHODWLRQVKLSORYHLVUHODWLQJ,WLVDOZD\VDULYHUIORZLQJXQHQGLQJ/RYHNQRZV
QRIXOOVWRSWKHKRQH\PRRQEHJLQVEXWQHYHUHQGV,WLVQRWOLNHDQRYHOWKDW
VWDUWVDWDFHUWDLQSRLQWDQGHQGVDWDFHUWDLQSRLQW,WLVDQRQJRLQJ
SKHQRPHQRQ/RYHUVHQGORYHFRQWLQXHV,WLVDFRQWLQXXP,WLVDYHUEQRWD
QRXQ$QGZK\GRZHUHGXFHWKHEHDXW\RIUHODWLQJWRUHODWLRQVKLS":K\DUHZH
LQVXFKDKXUU\"EHFDXVHWRUHODWHLVLQVHFXUHDQGUHODWLRQVKLSLVDVHFXULW\
UHODWLRQVKLSKDVDFHUWDLQW\5HODWLQJLVMXVWDPHHWLQJRIWZRVWUDQJHUVPD\EH
MXVWDQRYHUQLJKWVWD\DQGLQWKHPRUQLQJZHVD\JRRGE\H:KRNQRZVZKDWLV
JRLQJWRKDSSHQWRPRUURZ"$QGZHDUHVRDIUDLGWKDWZHZDQWWRPDNHLWFHUWDLQ
ZHZDQWWRPDNHLWSUHGLFWDEOH:HZRXOGOLNHWRPRUURZWREHDFFRUGLQJWRRXU
LGHDVZHGRQ
WDOORZLWIUHHGRPWRKDYHLWVRZQVD\6RZHLPPHGLDWHO\UHGXFH
HYHU\YHUEWRDQRXQ

<RXDUHLQORYHZLWKDZRPDQRUDPDQDQGLPPHGLDWHO\\RXVWDUWWKLQNLQJRI
JHWWLQJPDUULHG0DNHLWDOHJDOFRQWUDFW:K\"+RZGRHVWKHODZFRPHLQWR
ORYH"7KHODZFRPHVLQWRORYHEHFDXVHORYHLVQRWWKHUH,WLVRQO\DIDQWDV\DQG
\RXNQRZWKHIDQWDV\ZLOOGLVDSSHDU%HIRUHLWGLVDSSHDUVVHWWOHGRZQEHIRUHLW
GLVDSSHDUVGRVRPHWKLQJVRLWEHFRPHVLPSRVVLEOHWRVHSDUDWH


,QDEHWWHUZRUOGZLWKPRUHPHGLWDWLYHSHRSOHZLWKDOLWWOHPRUHHQOLJKWHQPHQW
VSUHDGRYHUWKHHDUWKSHRSOHZLOOORYHORYHLPPHQVHO\EXWWKHLUORYHZLOOUHPDLQ
DUHODWLQJQRWDUHODWLRQVKLS$QG,DPQRWVD\LQJWKDWWKHLUORYHZLOOEHRQO\
PRPHQWDU\7KHUHLVHYHU\SRVVLELOLW\WKHLUORYHPD\JRGHHSHUWKDQ\RXUORYH
PD\KDYHDKLJKHUTXDOLW\RILQWLPDF\PD\KDYHVRPHWKLQJPRUHRISRHWU\DQG
PRUHRI*RGLQLW$QGWKHUHLVHYHU\SRVVLELOLW\WKHLUORYHPD\ODVWORQJHUWKDQ
\RXUVRFDOOHGUHODWLRQVKLSHYHUODVWV%XWLWZLOOQRWEHJXDUDQWHHGE\WKHODZE\
WKHFRXUWE\WKHSROLFHPDQ

7KHJXDUDQWHHZLOOEHLQQHU,WZLOOEHDFRPPLWPHQWIURPWKHKHDUWLWZLOOEHD
VLOHQWFRPPXQLRQ,I\RXHQMR\EHLQJZLWKVRPHERG\\RXZRXOGOLNHWRHQMR\LW
PRUHDQGPRUH,I\RXHQMR\WKHLQWLPDF\\RXZRXOGOLNHWRH[SORUHWKHLQWLPDF\
PRUHDQGPRUH

$QGWKHUHDUHDIHZIORZHUVRIORYHZKLFKEORRPRQO\DIWHUORQJLQWLPDFLHV7KHUH
DUHVHDVRQDOIORZHUVWRRZLWKLQVL[ZHHNVWKH\DUHWKHUHLQWKHVXQEXWZLWKLQVL[
ZHHNVDJDLQWKH\DUHJRQHIRUHYHU7KHUHDUHIORZHUVZKLFKWDNH\HDUVWRFRPH
DQGWKHUHDUHIORZHUVZKLFKWDNHPDQ\\HDUVWRFRPH7KHORQJHULWWDNHVWKH
GHHSHULWJRHV

%XWLWKDVWREHDFRPPLWPHQWIURPRQHKHDUWWRDQRWKHUKHDUW,WKDVQRWHYHQWR
EHYHUEDOL]HGEHFDXVHWRYHUEDOL]HLWLVWRSURIDQHLW,WKDVWREHDVLOHQW




FRPPLWPHQWH\HWRH\HKHDUWWRKHDUWEHLQJWREHLQJ,WKDVWREHXQGHUVWRRG
QRWVDLG

,WLVVRXJO\VHHLQJSHRSOHJRLQJWRWKHFKXUFKRUWKHFRXUWWRJHWPDUULHG,WLVVR
XJO\VRLQKXPDQ,WVLPSO\VKRZVWKH\FDQ
WWUXVWWKHPVHOYHVWKH\WUXVWWKH
SROLFHPDQPRUHWKDQWKH\WUXVWWKHLURZQLQQHUYRLFH,WVKRZVWKH\FDQ
WWUXVW
WKHLUORYHWKH\WUXVWWKHODZ

*DQGKDIRUJHWUHODWLRQVKLSVDQGOHDUQKRZWRUHODWH2QFH\RXDUHLQD
UHODWLRQVKLS\RXVWDUWWDNLQJHDFKRWKHUIRUJUDQWHG7KDW
VZKDWGHVWUR\VDOOORYH
DIIDLUV7KHZRPDQWKLQNVVKHNQRZVWKHPDQWKHPDQWKLQNVKHNQRZVWKH
ZRPDQ1RERG\NQRZVHLWKHU,WLVLPSRVVLEOHWRNQRZWKHRWKHUWKHRWKHU
UHPDLQVDP\VWHU\$QGWRWDNHWKHRWKHUIRUJUDQWHGLVLQVXOWLQJGLVUHVSHFWIXO

7RWKLQNWKDW\RXNQRZ\RXUZLIHLVYHU\YHU\XQJUDWHIXO+RZFDQ\RXNQRZWKH
ZRPDQ"+RZFDQ\RXNQRZWKHPDQ"7KH\DUHSURFHVVHVWKH\DUHQRWWKLQJV
7KHZRPDQWKDW\RXNQHZ\HVWHUGD\LVQRWWKHUHWRGD\6RPXFKZDWHUKDVJRQH
GRZQWKH*DQJHVVKHLVVRPHERG\HOVHWRWDOO\GLIIHUHQW5HODWHDJDLQVWDUW
DJDLQGRQ
WWDNHLWIRUJUDQWHG

$QGWKHPDQWKDW\RXVOHSWZLWKODVWQLJKWORRNDWKLVIDFHDJDLQLQWKHPRUQLQJ
+HLVQRPRUHWKHVDPHSHUVRQVRPXFKKDVFKDQJHG6RPXFKLQFDOFXODEO\
PXFKKDVFKDQJHG7KDWLVWKHGLIIHUHQFHEHWZHHQDWKLQJDQGDSHUVRQ7KH
IXUQLWXUHLQWKHURRPLVWKHVDPHEXWWKHPDQDQGWKHZRPDQWKH\DUHQRPRUH
WKHVDPH([SORUHDJDLQVWDUWDJDLQ7KDW
VZKDW,PHDQE\UHODWLQJ

5HODWLQJPHDQV\RXDUHDOZD\VVWDUWLQJ\RXDUHFRQWLQXRXVO\WU\LQJWREHFRPH
DFTXDLQWHG$JDLQDQGDJDLQ\RXDUHLQWURGXFLQJ\RXUVHOIWRHDFKRWKHU<RXDUH
WU\LQJWRVHHWKHPDQ\IDFHWVRIWKHRWKHU
VSHUVRQDOLW\<RXDUHWU\LQJWR
SHQHWUDWHGHHSHUDQGGHHSHULQWRKLVUHDOPRILQQHUIHHOLQJVLQWRWKHGHHS
UHFHVVHVRIKLVEHLQJ<RXDUHWU\LQJWRXQUDYHODP\VWHU\ZKLFKFDQQRWEH
XQUDYHOHG

7KDWLVWKHMR\RIORYHWKHH[SORUDWLRQRIFRQVFLRXVQHVV$QGLI\RXUHODWHDQG
GRQ
WUHGXFHLWWRDUHODWLRQVKLSWKHQWKHRWKHUZLOOEHFRPHDPLUURUWR\RX

([SORULQJKLPXQDZDUHV\RXZLOOEHH[SORULQJ\RXUVHOIWRR*HWWLQJGHHSHULQWR
WKHRWKHUNQRZLQJKLVIHHOLQJVKLVWKRXJKWVKLVGHHSHUVWLUULQJV\RXZLOOEH
NQRZLQJ\RXURZQGHHSHUVWLUULQJVWRR/RYHUVEHFRPHPLUURUVWRHDFKRWKHU
DQGWKHQORYHEHFRPHVDPHGLWDWLRQ5HODWLRQVKLSLVXJO\UHODWLQJLVEHDXWLIXO
,QUHODWLRQVKLSERWKSHUVRQVEHFRPHEOLQGWRHDFKRWKHU-XVWWKLQNKRZORQJ
KDVLWEHHQVLQFH\RXVDZ\RXUZLIHH\HWRH\H"+RZORQJKDVLWEHHQVLQFH\RX
ORRNHGDW\RXUKXVEDQG"0D\EH\HDUV:KRORRNVDWRQH
VRZQZLIH"<RXKDYH
DOUHDG\WDNHQLWIRUJUDQWHGWKDW\RXNQRZKHU:KDWPRUHLVWKHUHWRORRNDW"

<RXDUHPRUHLQWHUHVWHGLQVWUDQJHUVWKDQLQWKHSHRSOH\RXNQRZ\RXNQRZ




WKHZKROHWRSRJUDSK\RIWKHLUERGLHV\RXNQRZKRZWKH\UHVSRQG\RXNQRZ
HYHU\WKLQJWKDWKDVKDSSHQHGLVJRLQJWRKDSSHQDJDLQDQGDJDLQ,WLVD
UHSHWLWLYHFLUFOH

,WLVQRWVRLWLVQRWUHDOO\VR1RWKLQJHYHUUHSHDWVHYHU\WKLQJLVQHZHYHU\GD\
-XVW\RXUH\HVEHFRPHROG\RXUDVVXPSWLRQVEHFRPHROG\RXUPLUURUJDWKHUV
GXVWDQG\RXEHFRPHLQFDSDEOHRIUHIOHFWLQJWKHRWKHU

+HQFH,VD\UHODWH%\VD\LQJUHODWH,PHDQUHPDLQFRQWLQXRXVO\RQD
KRQH\PRRQ*RRQVHDUFKLQJDQGVHHNLQJHDFKRWKHUILQGLQJQHZZD\VRI
ORYLQJHDFKRWKHUILQGLQJQHZZD\VRIEHLQJZLWKHDFKRWKHU$QGHDFKSHUVRQLV
VXFKDQLQILQLWHP\VWHU\LQH[KDXVWLEOHXQIDWKRPDEOHWKDWLWLVQRWSRVVLEOHWKDW
\RXFDQHYHUVD\,KDYHNQRZQKHURU,KDYHNQRZQKLP$WWKHPRVW\RX
FDQVD\,KDYHWULHGP\EHVWEXWWKHP\VWHU\UHPDLQVDP\VWHU\
,QIDFWWKHPRUH\RXNQRZWKHPRUHP\VWHULRXVWKHRWKHUEHFRPHV7KHQORYHLV
DFRQVWDQWDGYHQWXUH

7KHWKLUGTXHVWLRQ

%(/29('26+2
,)((//,.(7+()52*,17+()$,5<7$/(:+2*(76.,66('$1'
67$576*52:,1*8372%(7+(+$1'620(35,1&(%87,
067,//
:($5,1*)52**<&/27+(6$1'7+(<$5(7227,*+7$1'7+(
35,1&(66,61
7,17(5(67('$1':28/'1
7,7%(1,&(-86772%($
)52*$*$,1"+(/3

'HYD6DJXQD\RXVHHPWREHYHU\ROGIDVKLRQHG7KHZRUOGKDVFKDQJHGDORW
VLQFHWKHVHNLQGVRIVWRULHVZHUHZULWWHQ1RZMXVWWKHYLFHYHUVDH[LVWV7RXFKD
SULQFHDQGKHEHFRPHVDIURJNLVVDSULQFHDQGLPPHGLDWHO\WKHUHLVDIURJ
7KLVIDEOHLVQRORQJHUDSSOLFDEOH%XWLWZLOOEHJRRGWRJRDOLWWOHGHHSHULQWRLW

:K\ZHUHVXFKNLQGVRIVWRULHVLQYHQWHG"ZK\LQWKHILUVWSODFH":KDWLVWKHLU
SV\FKRORJ\"7KHSV\FKRORJ\LVWRFRYHUXSVRPHWKLQJXJO\DERXWKXPDQEHLQJV
7KHUHDOLW\LVWKDWWKHPRPHQW\RXNLVVDZRPDQRUDPDQWKHPRPHQW\RXIDOO
LQORYHZLWKDPDQRUDZRPDQLPPHGLDWHO\WKHSURFHVVVWDUWVWKDWWKHPDQ
VWDUWVEHFRPLQJDIURJWKHZRPDQVWDUWVEHFRPLQJDIURJ

1RZWKLVLVDIDFWDQG\RXDOONQRZLW$QGWKHVHIDEOHVZHUHFUHDWHGWRFRYHU
XSWKLVUHDOLW\7KHVHIDEOHVZHUHFUHDWHGWRGHFHLYH\RXWKDWWKLVLVQRWVRWKDW
LQUHDOLW\\RXFDQNLVVDIURJDQGKHEHFRPHVDSULQFH7RGHFHLYH\RXDERXWWKH
UHDOLW\RIOLIHWKHVHVWRULHVZHUHFUHDWHG6PDOOFKLOGUHQUHDGWKHVHVWRULHVDQG
EHOLHYHLQWKHPDQGODWHURQWKH\DUHYHU\PXFKGLVLOOXVLRQHG

7KHVHVWRULHVDUHIDQWDVLHVZLVKIXOILOOPHQWV7KDW
VKRZPDQZRXOGOLNHWKLQJV
WREH.LVVDIURJDQGWKHIURJLVWUDQVIRUPHGLQWRDKDQGVRPHSULQFH7KHVHDUH
ZLVKIXOILOOPHQWVLWGRHVQRWKDSSHQZKDWKDSSHQVLVMXVWWKHFRQWUDU\%XWKRZ




WRKLGHLW"+RZQRWWRORRNDWLW"&UHDWHEHDXWLIXOIDEOHVDURXQGLW
1LQHW\QLQHSHUFHQWRIRXUUHOLJLRQDQGDKXQGUHGSHUFHQWRIRXUOLWHUDWXUH
FRQVLVWVRIGHFHSWLRQV,WJRHVRQWDONLQJDERXWWKLQJVDVWKH\DUHQRWQHYHU
KDYHEHHQDQGQHYHUZLOOEH

%XWPDQLVWKHDQLPDOZKROLYHVWKURXJKLOOXVLRQV+HFDQQRWOLYHZLWKUHDOLW\
UHDOLW\LVWRRPXFKLWKXUWV+DYH\RXQRWVHHQLWLQ\RXURZQOLIH")DOOLQORYHZLWK
DZRPDQVKHZDVVREHDXWLIXOZKHQVKHZDVXQDYDLODEOHZKHQVKHZDV
EH\RQG\RXUJUDVSVKHZDVOLNHD&OHRSDWUD$QGRQFH\RXDUHPDUULHGWRKHU
\RXDUHIHGXSZLWKKHUERUHGWRGHDWK1RZ\RXFDQQRWEHOLHYHKRZ\RX
PDQDJHGWRVHH&OHRSDWUDLQWKLVZRPDQVKHORRNVXWWHUO\XJO\LQHYHU\SRVVLEOH
ZD\

$QGWKHVDPHLVWKHFDVHIURPKHUVLGH6KHZDVWKLQNLQJ\RXZHUHDFKDUPLQJ
SULQFHOLNHWKHSULQFHVLQWKHIDEOHVZKRFRPHRQWKHLUEHDXWLIXOKRUVHV6KH
WKRXJKWVKHKDGIRXQGKHUFKDUPLQJSULQFH$QGZKHQVKHOLYHVZLWKWKHUHDOLW\
KHVQRUHVLQWKHQLJKWKHVWLQNVDQGKHKDVVXFKGLUW\KDELWVKHVPRNHVVKH
FDQQRWHYHQNLVVKLPEHFDXVHKHVPHOOVVRPXFKRIVPRNLQJ$QGVXGGHQO\VKH
EHFRPHVDZDUHWKDWWKHFKDUPLQJSULQFHZDVQHYHUWKHUHLQUHDOLW\KHZDVD
SURMHFWLRQVKHKDGSURMHFWHGKLP

(YHU\GD\WKHSHUVRQEHFRPHVPRUHDQGPRUHRUGLQDU\7KHUHDOLW\LVNLVVD
SULQFHDQGKHEHFRPHVDIURJ%XWWKHQKRZWROLYH"

,IDOOWKHVHUHDOLWLHVDUHPDGHNQRZQWKHQOLIHZLOOEHFRPHLPSRVVLEOH6RZH
FUHDWHIDQWDVLHVIDEOHVILFWLRQVWRFUHDWHVRPHFRQVRODWLRQWRFUHDWHDOLWWOH
FR]\DWPRVSKHUH,ILWLVQRWUHDODWOHDVW\RXFDQGUHDP\RXFDQIDQWDVL]H\RX
FDQEHOLHYHWKDWLILWLVQRWUHDOWRGD\WRPRUURZLWLVJRLQJWREHUHDO*RRQ
NLVVLQJWKHIURJDQGVRRQHURUODWHUKHZLOOEHFRPHDSULQFH7KHVHDUHPDNH
EHOLHYHV

3HRSOHEHOLHYHLQWKHLPPRUWDOLW\RIWKHVRXOEHFDXVHWKH\DUHFRQVFLRXVRI
GHDWKQRWWKDWWKH\NQRZWKHVRXOLVLPPRUWDOEXWMXVWEHFDXVHWKH\VHH
HYHU\ERG\G\LQJWKH\NQRZWKHFHUWDLQW\RIGHDWK1RZKRZWRHVFDSHIURPD
FHUWDLQW\"&UHDWHDILFWLRQ

5HPHPEHU,DPQRWVD\LQJWKDWWKHVRXOLVQRWHWHUQDO,DPVLPSO\VD\LQJWKDW
SHRSOH
VEHOLHIWKDWWKHVRXOLVHWHUQDOLVDILFWLRQ7KHEHOLHILVDILFWLRQ
3HRSOHEHOLHYHLQD*RGZKRFDUHVEHFDXVHWKH\IHHOVRXQFDUHGIRU1RERG\
FDUHVDERXWWKHPWKH\IHHOVROHIWDORQHQRERG\VHHPVWREHLQWHUHVWHGLQWKHP
ZKHWKHUWKH\OLYHRUGLHZLOOQRWPDWWHU7KH\KDYHWRFUHDWHDIDWKHUILJXUHKLJKLQ
KHDYHQZKRFDUHVIRUWKHP(YHQLIQRERG\FDUHV*RGFDUHV,WLVDJUHDW
VRODFH

,QWKHQDPHRIUHOLJLRQLQWKHQDPHRIOLWHUDWXUHLQWKHQDPHRISRHWU\PXVLF
ZHKDYHEHHQFUHDWLQJILFWLRQVZHFUHDWHDIHZEXIIHUVDURXQGRXUVHOYHVVR




WKHVKRFNVRIUHDOLW\GRQ
WUHDFKWRXV

<RXPXVWKDYHVHHQEXIIHUVLQUDLOZD\WUDLQV%HWZHHQWZRERJLHVWZR
FRPSDUWPHQWVWKHUHDUHEXIIHUVVRLIVRPHKRZVRPHDFFLGHQWKDSSHQVWKH
FRPSDUWPHQWVGRQ
WUXQLQWRHDFKRWKHUDQGWKHVKRFNRIWKHDFFLGHQWFDQEH
DEVRUEHGE\WKHEXIIHUV&DUVKDYHVSULQJVVRWKDW\RXGRQ
WIHHOWKHEXPSVRQ
URXJKURDGV7KRVHVSULQJVJRRQDEVRUELQJWKHEXPSVWKHVKRFNVWKH\DUH
VKRFNDEVRUEHUV

0DQKDVFUHDWHGPDQ\SV\FKRORJLFDOVKRFNDEVRUEHUVDURXQGKLPVHOI$QGZKDW
,ZRXOGOLNHWRVD\WR\RXLVWKLVWKDWXQOHVV\RXGURSDOOVKRFNDEVRUEHUV\RXDUH
QHYHUJRLQJWREHIUHH

2QO\WUXWKOLEHUDWHV$QGLQWKHEHJLQQLQJWUXWKVKRFNVYHU\PXFKEXWWKDW
V
KRZLWLVWKDW
VKRZWKLQJVDUHWKDW
VKRZQDWXUHIXQFWLRQV<RXKDYHWRRSHQ
\RXUVHOI\RXKDYHWREHYXOQHUDEOHWRDOOWKHVKRFNVRIOLIH,WZLOOKXUWLWZLOO
ZRXQG\RXZLOOFU\\RXZLOOZHHS\RXZLOOEHLQDUDJHDJDLQVWOLIH%XWVORZO\
VORZO\\RXZLOOVWDUWVHHLQJWKDWWUXWKLVWUXWKDQGLWLVSRLQWOHVVWREHLQDUDJH
DJDLQVWWUXWK$QGRQFHWKHUDJHKDVVXEVLGHGWKHWUXWKKDVDEHDXW\RILWVRZQ
7UXWKOLEHUDWHV
7KHUHDOZRUNRIDPDVWHULVWRGHVWUR\WKHDEVRUEHUVRIWKHGLVFLSOHV$QGLWLV
UHDOO\YHU\KDUGZRUNKDUGLQWKHVHQVHWKDWWKHGLVFLSOHVUHVLVWLQHYHU\
SRVVLEOHZD\7KH\SURWHFWWKHLUDEVRUEHUVDQGLIWKH\IHHOWKDWWKHUHLVVRPH
GDQJHUWKH\FUHDWHPRUHDEVRUEHUVDURXQGWKHPVHOYHV,IWKH\VHHWKDW
VRPHERG\LVDIWHUWKHPWRVQDWFKWKHLUDEVRUEHUVWKH\EHFRPHYHU\GHIHQVLYH
YHU\SURWHFWLYHDQGWKH\FUHDWHPRUHDUPRUVDURXQGWKHPVHOYHV

7KHUHDOPDVWHUFDQQRWJLYH\RXVRODFHKHFDQRQO\JLYH\RXIUHHGRP+HFDQ
JLYH\RXEOLVVEXWKHFDQQRWJLYH\RXFRQVRODWLRQ$QGKHZLOOKDYHWRGHVWUR\
PDQ\WKLQJVLQ\RXZKLFK\RXKDYHFKHULVKHGIRUORQJQRXULVKHGIRUORQJ+HZLOO
KDYHWRWDNHDZD\DOOWKHFORWKHVWKDWSURWHFW\RXKHZLOOKDYHWROHDYH\RXQXGH
LQUHDOLW\

,WIULJKWHQVLWVFDUHVEXWWKDWLVWKHRQO\ZD\\RXFDQJURZ*URZWKKDVWREH
ZLWKUHDOLW\QRWDJDLQVWUHDOLW\$QGRQFH\RXKDYHWDVWHGVRPHWKLQJRIUHDOLW\DV
LWLV\RXZLOOQHYHUJDWKHUDQ\RWKHUEXIIHUVVKRFNDEVRUEHUVDURXQG\RXDJDLQ
6DJXQD\RXVD\,IHHOOLNHWKHIURJLQWKHIDLU\WDOHZKRJHWVNLVVHGDQGVWDUWV
JURZLQJXSWREHWKHKDQGVRPHSULQFH

<RXPXVWEHGUHDPLQJ7KLQJVDUHQRWGRQHWKDWZD\KHUH<RXFDPHKHUH
6DJXQDDVDFKDUPLQJSULQFH<RXKDYHEHHQNLVVHGDQGQRZ\RXDUHDIURJ
%XWWKHUHLVQRWKLQJZURQJZLWKEHLQJDIURJIURJVDUHEHDXWLIXOSHRSOH
<RXVD\%XW,
PVWLOOZHDULQJIURJJ\FORWKHV2IFRXUVH\RXDUHVWLOODIURJ
$QGWKH\DUHWRRWLJKW\RXDUHLPDJLQLQJDQGWKHSULQFHVVLVQ
WLQWHUHVWHG
DQGZRXOGQ
WLWEHQLFHMXVWWREHDIURJDJDLQ"





:KDWDUH\RXWDONLQJDERXW"<RXGRQ
WQHHGDQ\KHOS\RXDOUHDG\DUHRQH
$FFHSW\RXUIURJJLQHVVDQGIRUJHWDOODERXWWKHSULQFHVV,QIDFW,KDYHQHYHU
VHHQDIURJLQWHUHVWHGLQDSULQFHVVIRROLVKLGHD%HFRPHLQWHUHVWHGLQDQRWKHU
IURJ$QGLQWKDWZD\,FDQKHOS\RX,KDYHVRPDQ\IURJVKHUH

7KHILIWKTXHVWLRQ

%(/29('26+2
<28+$9(6$,'7+$7.5,6+1$0857,&$1*(7$1*5<+2:,67+$7
3266,%/($6,1(1/,*+7(10(177+(5(,61221(7+(5(72%(
$1*5<"

+HQN)DDVVHQLQHQOLJKWHQPHQWWKHUHLVQRERG\WKHUHWRJHWDQJU\DQGWKHUHLV
QRERG\WKHUHQRWWRJHWDQJU\HLWKHU6RZKDWVRHYHUKDSSHQVKDSSHQV
.ULVKQDPXUWLGRHVQRWJHWDQJU\WKHZD\\RXJHWDQJU\(YHU\WKLQJZLWKDQ
HQOLJKWHQHGSHUVRQKDSSHQVRQDWRWDOO\GLIIHUHQWSODQH+LVDQJHUFRPHVRXWRI
KLVFRPSDVVLRQ<RXUDQJHUFRPHVRXWRIKDWHDJJUHVVLRQFUXHOW\+HEHFRPHV
DQJU\VRPHWLPHVKHVWDUWVSXOOLQJKLVKDLURXWKHKLWVKLVRZQIRUHKHDGEXW
RXWRIFRPSDVVLRQ
-XVWWKLQNIRUILIW\\HDUVRUPRUHKHKDVEHHQWHDFKLQJDFHUWDLQNLQGRIWUXWKWR
WKHZRUOGDQGQRERG\XQGHUVWDQGVKLP7KHVDPHSHRSOHJDWKHUHDFK\HDUWR
OLVWHQWRKLPWKHVDPHSHRSOH

2QFHKHZDVWDONLQJLQ%RPED\VRPHERG\UHSRUWHGWKLVWRPHDQGWKHSHUVRQ
ZKRUHSRUWHGLWWRPHLVDQROGODG\ROGHUWKDQ.ULVKQDPXUWL6KHVDZ
.ULVKQDPXUWLZKHQKHZDVDFKLOGVKHKDVVHHQKLPDQGOLVWHQHGWRKLPIRUILIW\
\HDUV$QGEHFDXVHVKHLVDOLWWOHGHDIYHU\ROGVKHVLWVLQWKHIURQWRQDFKDLU
$QGIRUILIW\\HDUV.ULVKQDPXUWLKDVEHHQVD\LQJWKDWWKHUHDUHQRPHWKRGVIRU
PHGLWDWLRQWKDWPHGLWDWLRQLVQRWQHHGHGDWDOO-XVWEHLQWKHSUHVHQWDQGOLYH
\RXUOLIHWKDW
VHQRXJKPHGLWDWLRQQRRWKHUWHFKQLTXHLVQHHGHG

)RURQHDQGDKDOIKRXUVKHSRXUHGKLVKHDUWRXWDQGDWWKHHQGWKHODG\VWRRG
XSDQGDVNHG+RZWRPHGLWDWH"1RZZKDWGR\RXVXSSRVHKHVKRXOGGR"+H
KLWKLVKHDG

7KLVLVQRW\RXUDQJHU7KLVLVVRXQEHOLHYDEOH+HLVWLUHGRIWKLVODG\EXWWKLV
ODG\LVQRWWLUHGRIKLP6KHFRPHVWRHYHU\WDONWROLVWHQWRKLPDQGDVNVWKH
VDPHVWXSLGTXHVWLRQV

:KHQ,VD\.ULVKQDPXUWLFDQJHWDQJU\,GRQ
WPHDQ+HQNWKDWKHFDQJHW
DQJU\OLNH\RXJHWDQJU\+LVDQJHULVRXWRIFRPSDVVLRQ7KLVVLWXDWLRQLV
XQEHOLHYDEOH+HZDQWVWRKHOSWKLVODG\DQGKHIHHOVVRKHOSOHVV+HWULHVWKLV
ZD\DQGWKDW+LVPHVVDJHLVYHU\VLPSOHVLQJXODURQHGLPHQVLRQDO)RUILIW\
\HDUVKHKDVEHHQVD\LQJRQO\DVLQJOHZRUG,QHVVHQFHKLVZKROHWHDFKLQJFDQ
EHSULQWHGRQRQHVLGHRIDSRVWFDUG+HKDVEHHQVD\LQJLWLQDVPDQ\SRVVLEOH
ZD\VDVRQHFDQLQYHQWEXWLWLVWKHVDPHFLWDGHOWKDWKHDWWDFNVIURPWKHQRUWK




IURPWKHVRXWKIURPWKHZHVWIURPWKHHDVW$QGVWLOOSHRSOHJRRQOLVWHQLQJWR
KLPDQGJRRQDVNLQJWKHVDPHROGIRROLVKTXHVWLRQV

+HFHUWDLQO\JHWVDQJU\$QGZKHQDPDQOLNH.ULVKQDPXUWLJHWVDQJU\KHLVSXUH
DQJHU0DQ\LQ,QGLDKDYHIHOWYHU\GLVDSSRLQWHGZLWK.ULVKQDPXUWLEHFDXVHKH
JHWVDQJU\7KH\KDYHDFHUWDLQFRQFHSWWKDWDEXGGKDVKRXOGQRWJHWDQJU\
7KH\JRZLWKDSUHMXGLFH$QGZKHQWKH\VHHWKDW.ULVKQDPXUWLFDQJHWDQJU\
WKH\DUHGLVLOOXVLRQHG6RWKLVPDQLVQRWDEXGGKDKHKDVQRWEHFRPH
HQOLJKWHQHG\HW

,VD\WR\RXWKDWKHLVRQHRIWKHPRVWHQOLJKWHQHGSHUVRQVZKRKDVHYHUZDONHG
RQWKLVHDUWK6WLOOKHFDQJHWDQJU\EXWKLVDQJHUFRPHVRXWRIFRPSDVVLRQLWLV
FRQGHQVHGFRPSDVVLRQ+HFDUHVDERXW\RXVRPXFKVRWKDWKHEHFRPHV
DQJU\7KLVLVDWRWDOO\GLIIHUHQWTXDOLW\RIDQJHU

$QGZKHQKHEHFRPHVDQJU\KHLVUHDODQJHU<RXUDQJHULVSDUWLDOOXNHZDUP
<RXUDQJHULVOLNHDGRJZKRLVQRWFHUWDLQKRZWREHKDYHZLWKDVWUDQJHU+H
PD\EHDIULHQGRIWKHPDVWHUVRKHZDJVKLVWDLOKHPD\EHDQHQHP\VRKH
EDUNV+HGRHVERWKWRJHWKHU2QRQHKDQGKHJRHVRQEDUNLQJRQWKHRWKHU
KDQGKHJRHVRQZDJJLQJKLVWDLO+HLVSOD\LQJWKHGLSORPDWVRZKDWVRHYHUWKH
FDVHWXUQVRXWWREHKHFDQDOZD\VIHHOULJKW,IWKHPDVWHUFRPHVDQGKHVHHV
WKDWWKHPDVWHULVIULHQGO\WKHEDUNLQJZLOOVWRSDQGKLVZKROHHQHUJ\ZLOOJRLQWR
WKHWDLO,IWKHPDVWHULVDQJU\ZLWKWKHLQWUXGHUWKHQWKHWDLOZLOOVWRSFRPSOHWHO\
DQGKLVZKROHHQHUJ\ZLOOJRLQWREDUNLQJ

<RXUDQJHULVDOVROLNHWKDW<RXDUHZHLJKLQJXSKRZIDUWRJRKRZPXFKZLOO
SD\GRQ
WJREH\RQGWKHOLPLWGRQ
WSURYRNHWKHRWKHUSHUVRQWRRPXFK

%XWZKHQDPDQOLNH.ULVKQDPXUWLEHFRPHVDQJU\KHLVSXUHDQJHU$QGSXUH
DQJHUKDVDEHDXW\EHFDXVHLWKDVWRWDOLW\+HLVMXVWDQJHU+HLVOLNHDVPDOO
FKLOGUHGIDFHGMXVWDQJHUDOORYHUUHDG\WRGHVWUR\WKHZKROHZRUOG

7KDW
VZKDWKDSSHQHGWR-HVXV:KHQKHZHQWLQWRWKHJUHDWWHPSOHDQGVDZ
WKHPRQH\FKDQJHUVDQGWKHLUWDEOHVLQVLGHWKHWHPSOHKHZDVLQDUDJH+H
EHFDPHDQJU\WKHVDPHDQJHUWKDWFRPHVRXWRIFRPSDVVLRQDQGORYH
6LQJOHKDQGHGKHGURYHDOOWKHPRQH\FKDQJHUVRXWRIWKHWHPSOHDQGRYHUWXUQHG
WKHLUERDUGV+HPXVWKDYHEHHQUHDOO\YHU\DQJU\EHFDXVHGULYLQJDOOWKH
PRQH\FKDQJHUVRXWRIWKHWHPSOHVLQJOHKDQGHGLVQRWDQHDV\WKLQJ

$QGUHSRUWVVD\,GRQ
WNQRZKRZIDUWKH\DUHULJKWEXWUHSRUWVVD\WKDWKHZDV
QRWDYHU\VWURQJPDQ5HSRUWVVD\WKDWKHZDVQRWHYHQDYHU\WDOOPDQ\RXZLOO
EHVXUSULVHGKHZDVRQO\IRXUIHHWVL[LQFKHV$QGQRWRQO\WKDWRQWRSRILWKH
ZDVDKXQFKEDFN,GRQ
WNQRZKRZIDUWKRVHUHSRUWVDUHWUXHEHFDXVH,GRQ
W
ZDQWWRJRWRFRXUW%XWLWLVWKHUHLQWKHERRNVDQFLHQWERRNVYHU\DQFLHQW
ERRNV





6RKRZGLGWKLVKXQFKEDFNIRXUIHHWVL[LQFKHVKLJKGULYHRXWDOOWKH
PRQH\FKDQJHUVVLQJOHKDQGHG"+HPXVWKDYHEHHQSXUHUDJH
,QGLDQVDUHDQJU\DERXWWKDW7KH\FDQQRWWUXVWWKDW-HVXVLVHQOLJKWHQHGMXVW
EHFDXVHRIWKLVLQFLGHQW

3HRSOHKDYHWKHLUSUHMXGLFHVWKHLULGHDV5DWKHUWKDQVHHLQJLQWRUHDOLW\UDWKHU
WKDQORRNLQJLQWRDQHQOLJKWHQHGPDQWKH\FRPHUHDG\ZLWKVRPDQ\FRQFHSWV
DQGXQOHVVKHILWVWKHPKHLVQRWHQOLJKWHQHG$QGOHWPHWHOO\RXQRHQOLJKWHQHG
SHUVRQLVJRLQJWRILWZLWK\RXUXQHQOLJKWHQHGSUHMXGLFHVLWLVLPSRVVLEOH

,WKDSSHQHGDODG\FDPHWRPH6KHKDGEHHQDIROORZHURI.ULVKQDPXUWLIRU
PDQ\\HDUVWKHQDVPDOOWKLQJGLVWXUEHGWKHZKROHWKLQJDQGWKHZKROHDSSOHFDUW
ZDVXSWXUQHG7KHWKLQJZDVVRVPDOOWKDW,ZDVVXUSULVHG7KHUHZDVDFDPSLQ
+ROODQGZKHUH.ULVKQDPXUWLKROGVDFDPSHYHU\\HDUDQGWKHZRPDQKDGJRQH
WKHUHIURP,QGLD1HDUDERXWWZRWKRXVDQGSHRSOHKDGJDWKHUHGIURPDOORYHUWKH
ZRUOGWROLVWHQWRKLP7KHQH[WPRUQLQJWKHOHFWXUHVZHUHJRLQJWRVWDUWDQGWKH
ZRPDQKDGJRQHVKRSSLQJ$QGVKHZDVVXUSULVHG.ULVKQDPXUWLZDVDOVR
VKRSSLQJ$QHQOLJKWHQHGSHUVRQVKRSSLQJ"&DQ\RXEHOLHYHLW"

%XGGKDLQDVXSHUPDUNHW"$QGQRWRQO\WKDWKHZDVSXUFKDVLQJDQHFNWLH
(QOLJKWHQHGSHRSOHQHHGQHFNWLHV"$QGQRWRQO\WKDWWKHZKROHFRXQWHUZDV
IXOORIQHFNWLHVDQGKHZDVWKURZLQJWKHPWKLVZD\DQGWKDWDQGKHZDVQRW
VDWLVILHGZLWKDQ\

7KHZRPDQZDWFKHGORRNHGDWWKHZKROHVFHQHDQGIHOOIURPWKHVN\6KH
WKRXJKW,KDYHFRPHIURP,QGLDIRUWKLVRUGLQDU\PDQZKRLVSXUFKDVLQJ
QHFNWLHV$QGHYHQWKHQRIWKRXVDQGVRIQHFNWLHVRIDOOFRORUVDQGDOONLQGVRI
PDWHULDOQRWKLQJLVVDWLVI\LQJWRKLP,VWKLVGHWDFKPHQW",VWKLVDZDUHQHVV"
6KHWXUQHGDZD\6KHGLGQ
WDWWHQGWKHFDPSVKHFDPHEDFNLPPHGLDWHO\$QG
WKHILUVWWKLQJVKHGLGZDVWRFRPHUXQQLQJWRPHDQGVKHVDLG<RXDUHULJKW
,VDLG:KDWGR\RXPHDQ"

6KHVDLG<RXDUHULJKWWKDWLWZDVXVHOHVVZDVWLQJP\WLPHZLWK.ULVKQDPXUWL
1RZ,ZDQWWREHFRPHDVDQQ\DVLQRI\RXUV

,VDLG3OHDVHH[FXVHPH,FDQQRWDFFHSW\RX,I\RXFDQQRWDFFHSW
.ULVKQDPXUWLKRZFDQ,DFFHSW\RX"*HWORVW%HFDXVHKHUH\RXZLOOVHHIDU
PRUHGLVDSSRLQWLQJWKLQJV:KDWDUH\RXJRLQJWRGRZLWKP\0HUFHGHV%HQ]"
6REHIRUHLWKDSSHQVZK\ERWKHU":KDWDUH\RXJRLQJWRGRZLWKP\DLU
FRQGLWLRQHGURRP"%HIRUHLWKDSSHQVLWLVEHWWHUWKDW\RXJRDQGILQGVRPH
0XNWDQDQGDHWFHWHUD<RXKDYHQRWEHHQDEOHWRXQGHUVWDQG.ULVKQDPXUWL\RX
ZLOOQRWEHDEOHWRXQGHUVWDQGPH

3HRSOHOLNH.ULVKQDPXUWLOLYHRQDWRWDOO\GLIIHUHQWSODQH7KHLUDQJHULVQRW\RXU
DQJHU$QGZKRNQRZVWKDWKHZDVQRWMXVWSOD\LQJZLWKWKRVHWLHVIRUWKLVVWXSLG
ROGZRPDQ"0DVWHUVDUHNQRZQWRGHYLVHWKLQJVOLNHWKDW+HJRWULGRIWKLVVWXSLG




ROGZRPDQYHU\HDVLO\

7KHODVWTXHVWLRQ

%(/29('26+2
,1,7$/<$3225&28175<:(+$9(21/<7+5((7+,1*67+(
323(7+(3,==$$1'*266,312:,1&20,1*72,1',$:(+$9(
/2677+(3,==$$1':,7+<28$67+(323(3/($6($7/($67/(7
86+$9(7+(*266,3

9LGHKD,DPQRWDYHUVHWRJRVVLSLQJ,QIDFW,ORYHLW%XWZKDWWRGRZLWKWKLVROG
PDQ$WLVKD"(YHU\GD\,GHFLGHWRJRVVLSDOLWWOHDQGKHVD\VQR$QG,KDYHWR
EHDOLWWOHUHVSHFWIXOWRZDUGVKLP$QGWKHSUREOHPLVQRWVRPXFKZLWK$WLVKD
WKHSUREOHPLVWKHVXWUDWKDWLVFRPLQJ,ZLOOILQGDOHJDOZD\WRZULJJOHRXWRILW
%XWJRVVLSLQJLVGLIILFXOWEXWLI\RXSURPLVHPHQRWWRWHOODQ\ERG\,ZLOO

$PDQZDVZDONLQJGRZQWKHVWUHHWORRNLQJLQWRVKRSZLQGRZVDQGKLVJD]H
VWRSSHGRQDVPDOORYHUQLJKWVKDYLQJNLWEDJLQDVKRS:KDWVWRSSHGKLPZDV
WKHSULFHDQH[RUELWDQWWKUHHKXQGUHGGROODUV

+LVFXULRVLW\JRWWKHEHWWHURIKLPDQGKHZDVFRPSHOOHGWRJRLQDQGDVNDERXW
LWDOWKRXJKKHGLGQRWQHHGRQH:K\LVWKLVOLWWOHEDJVRH[SHQVLYH"KHDVNHG
7KHVKRSNHHSHUUHSOLHG,WLVPDGHRXWRIDYHU\VSHFLDOOHDWKHU
(YHQLILWZDVPDGHRXWRIDOOLJDWRUVNLQRUPLQNOLQHGLWZRXOGQ
WEHVRFRVWO\
VDLGWKHLQTXLULQJPDQ

7KHVKRSNHHSHUDQVZHUHG7KHVWRU\EHKLQGWKLVVPDOOEDJLVVSHFLDO7KH
OHDWKHUVPLWK
VXQFOHLVDUDEELDQGWKLVEDJLVPDGHHQWLUHO\RXWRIIRUHVNLQV
,FDQVHHWKDWWKDWZRXOGEHXQLTXHWKHPDQFDPHEDFN%XWWKUHHKXQGUHG
GROODUVLVVWLOOWRRKLJKDSULFH

7KHVKRSNHHSHUWKHQVDLG,WLVYHU\FRQYHQLHQW:KHQ\RXUXELWLWWXUQVLQWRD
ODUJHVXLWFDVH
(QRXJKIRUWRGD\





FKDSWHUWKLUWHHQGRQ
WPDNHZLFNHGMRNHV


IHEUXDU\DPLQEXGGKDKDOO


$%$1'2132,621(')22'
'21
7%(&216,67(17
'21
70$.(:,&.('-2.(6
'21
7:$,7)25$123325781,7<
'21
7675,.($77+(+($57
'21
775$16)(57+(&2:
6/2$'727+(%8//
'21
7%$&.7+()$925,7(
'21
7+$9(:521*9,(:6
'21
7)$//)257+(&(/(67,$/'(021

7KHILUVWVXWUD
$%$1'2132,621(')22'

$FFRUGLQJWRWKHP\VWLFWUDGLWLRQVRIWKH(DVWDOOWKDW\RXWKLQN\RXDUHLVQRWKLQJ
EXWIRRG<RXUERG\LVIRRG\RXUPLQGLVIRRG\RXUVRXOLVIRRG%H\RQGWKHVRXO
WKHUHLVFHUWDLQO\VRPHWKLQJZKLFKLVQRWIRRG7KDWVRPHWKLQJLVNQRZQDV
DQDWWDQRVHOI,WLVXWWHUHPSWLQHVV%XGGKDFDOOVLWVKXQ\DWKHYRLG,WLVSXUH
VSDFH,WFRQWDLQVQRWKLQJEXWLWVHOILWLVFRQWHQWOHVVFRQVFLRXVQHVV

:KLOHWKHFRQWHQWSHUVLVWVWKHIRRGSHUVLVWV%\IRRGLVPHDQWWKDWZKLFKLV
LQJHVWHGIURPWKHRXWVLGH7KHERG\QHHGVSK\VLFDOIRRGZLWKRXWLWLWZLOOVWDUW
ZLWKHULQJDZD\7KLVLVKRZLWVXUYLYHVLWFRQWDLQVQRWKLQJEXWSK\VLFDOIRRG

<RXUPLQGFRQWDLQVPHPRULHVWKRXJKWVGHVLUHVMHDORXVLHVSRZHUWULSVDQGD
WKRXVDQGDQGRQHWKLQJV$OOWKDWLVDOVRIRRGRQDOLWWOHPRUHVXEWOHSODQHLWLV
IRRG7KRXJKWLVIRRG+HQFHZKHQ\RXKDYHQRXULVKLQJWKRXJKWV\RXUFKHVW
H[SDQGV:KHQ\RXKDYHWKRXJKWVZKLFKJLYH\RXHQHUJ\\RXIHHOJRRG




6RPHERG\VD\VVRPHWKLQJJRRGDERXW\RXDFRPSOLPHQWDQGORRNZKDW
KDSSHQVWR\RX\RXDUHQRXULVKHG$QGVRPHERG\VD\VVRPHWKLQJZURQJ
DERXW\RXDQGZDWFKLWLVDVLIVRPHWKLQJKDVEHHQVQDWFKHGDZD\IURP\RX
\RXDUHZHDNHUWKDQ\RXZHUHEHIRUH

7KHPLQGLVIRRGLQDVXEWOHIRUP7KHPLQGLVQRWKLQJEXWWKHLQQHUVLGHRIWKH
ERG\KHQFHZKDW\RXHDWDIIHFWV\RXUPLQG,I\RXHDWQRQYHJHWDULDQIRRG\RX
ZLOOKDYHDSDUWLFXODUNLQGRIPLQGLI\RXHDWYHJHWDULDQIRRG\RXZLOOFHUWDLQO\
KDYHDGLIIHUHQWNLQGRIPLQG

'R\RXNQRZWKLVLPPHQVHO\LPSRUWDQWIDFWDERXW,QGLDQKLVWRU\",QGLDQHYHU
DWWDFNHGDQ\FRXQWU\LQLWVZKROHKLVWRU\RIWHQWKRXVDQG\HDUVQHYHUQRWD
VLQJOHDJJUHVVLYHDFW+RZZDVLWSRVVLEOH":K\"7KHVDPHKXPDQLW\H[LVWV
KHUHDVH[LVWVHYHU\ZKHUHHOVHEXWLWLVMXVWWKDWDGLIIHUHQWNLQGRIERG\FUHDWHG
DGLIIHUHQWPLQG

<RXFDQZDWFKLW\RXUVHOI(DWVRPHWKLQJDQGZDWFKHDWVRPHWKLQJHOVHDQG
ZDWFK.HHSQRWHVDQG\RXZLOOEHFRPHDZDUHDQGVXUSULVHGWRILQGWKDWHDFK
WKLQJWKDW\RXGLJHVWLVQRWRQO\SK\VLFDOLWKDVDSV\FKRORJLFDOSDUWWRLW,WPDNHV
\RXUPLQGYXOQHUDEOHWRFHUWDLQLGHDVWRFHUWDLQGHVLUHV

+HQFHGRZQWKHDJHVWKHUHKDVEHHQDVHDUFKIRUDNLQGRIIRRGWKDWZLOOQRW
VWUHQJWKHQWKHPLQGEXWZLOOKHOSLWWRILQDOO\GLVVROYHDNLQGRIIRRGZKLFK
LQVWHDGRIVWUHQJWKHQLQJWKHPLQGZLOOVWUHQJWKHQPHGLWDWLRQQRPLQG1RIL[HG
DQGFHUWDLQUXOHVFDQEHJLYHQEHFDXVHSHRSOHDUHGLIIHUHQWDQGHDFKRQHKDV
WRGHFLGHIRUKLPVHOI

$QGZDWFKZKDW\RXDOORZLQWR\RXUPLQG3HRSOHDUHFRPSOHWHO\XQDZDUHWKH\
JRRQUHDGLQJHYHU\WKLQJDQGDQ\WKLQJWKH\JRRQORRNLQJDWWKHWYDQ\VLOO\
VWXSLGWKLQJ7KH\JRRQOLVWHQLQJWRWKHUDGLRWKH\JRRQFKLWFKDWWLQJFKDWWHULQJ
ZLWKSHRSOHDQGWKH\DUHDOOSRXULQJUXEELVKLQWRHDFKRWKHU
VKHDGV5XEELVKLV
DOOWKDWWKH\KDYH

$YRLGVXFKVLWXDWLRQVLQZKLFK\RXDUHXQQHFHVVDULO\EXUGHQHGZLWKUXEELVK<RX
DOUHDG\KDYHWRRPXFKDVLWLV\RXQHHGWREHXQEXUGHQHGRILW$QG\RXJRRQ
FROOHFWLQJLWDVLILWLVVRPHWKLQJSUHFLRXV

7DONOHVVOLVWHQRQO\WRWKHHVVHQWLDOEHWHOHJUDSKLFLQWDONLQJDQGOLVWHQLQJ,I
\RXWDONOHVVLI\RXOLVWHQOHVVVORZO\VORZO\\RXZLOOVHHWKDWDFOHDQOLQHVVD
IHHOLQJRISXULW\DVLI\RXKDYHMXVWWDNHQDEDWKZLOOVWDUWDULVLQJZLWKLQ\RX7KDW
EHFRPHVWKHQHFHVVDU\VRLOIRUPHGLWDWLRQWRDULVH'RQ
WJRRQUHDGLQJDOONLQGV
RIQRQVHQVH

2QFH,XVHGWROLYHLQDKRXVHZKHUHWKHQHLJKERUZDVDPDGPDQZKRZDVYHU\
PXFKLQWHUHVWHGLQQHZVSDSHUV+HZRXOGFRPHHYHU\GD\WRFROOHFWDOOWKH
QHZVSDSHUVIURPPH,IVRPHWLPHVKHZDVLOORU,ZDVQRWDWKRPHWKHQKH




ZRXOGFRPHODWHURQ

2QFHLWKDSSHQHGIRUWHQGD\V,ZDVDZD\DQGZKHQ,FDPHEDFNKHFDPH
DJDLQWRFROOHFWDOOWKHQHZVSDSHUV,VDLGWRKLP%XWWKHVHDUHROGQRZWHQ
GD\VROG

+HVDLG:KDWGRHVLWPDWWHU",WLVWKHVDPHUXEELVK2QO\WKHGDWHVFKDQJH
,WPXVWKDYHEHHQDYHU\VDQHPRPHQWLQWKDWPDGPDQ
VOLIH<HVWKHUHDUH
LQVDQHPRPHQWVLQVRFDOOHGVDQHSHRSOH
VOLYHVDQGYLFHYHUVD+HZDVWHOOLQJ
WKHWUXWKVD\LQJ,WLVWKHVDPHROGQRQVHQVH:KDWGRHVLWPDWWHU",KDYHWLPH
DQG,KDYHWRUHPDLQRFFXSLHG

,DVNHGKLP:KDWGLG\RXGRIRUWKHVHWHQGD\V"
+HVDLG,ZDVUHDGLQJWKHROGQHZVSDSHUVUHDGLQJWKHPDJDLQDQGDJDLQDQG
DJDLQ

/HDYHDIHZJDSVLQ\RXUPLQGXQRFFXSLHG7KRVHPRPHQWVRIXQRFFXSLHG
FRQVFLRXVQHVVDUHWKHILUVWJOLPSVHVRIPHGLWDWLRQWKHILUVWSHQHWUDWLRQVRIWKH
EH\RQGWKHILUVWIODVKHVRIQRPLQG$QGWKHQLI\RXFDQPDQDJHWRGRWKLVWKH
RWKHUWKLQJLVWRFKRRVHSK\VLFDOIRRGZKLFKGRHVQRWKHOSDJJUHVVLRQDQG
YLROHQFHZKLFKLVQRWSRLVRQRXV

1RZHYHQVFLHQWLVWVDJUHHZLWKWKLVWKDWZKHQ\RXNLOODQDQLPDORXWRIIHDUKH
UHOHDVHVDOONLQGVRISRLVRQV'HDWKLVQRWHDV\:KHQ\RXDUHNLOOLQJDQDQLPDO
RXWRIIHDUDJUHDWWUHPEOLQJDULVHVLQVLGH7KHDQLPDOZDQWVWRVXUYLYHDOONLQGV
RISRLVRQVDUHUHOHDVHG

:KHQ\RXDUHLQIHDU\RXDOVRUHOHDVHSRLVRQVLQWKHERG\7KRVHSRLVRQVDUH
KHOSIXOWKH\KHOS\RXWRHLWKHUILJKWRUWDNHIOLJKW6RPHWLPHVLWKDSSHQVWKDWLQ
DQJHU\RXFDQGRWKLQJVZKLFK\RXFRXOGQHYHUKDYHLPDJLQHG\RXUVHOIGRLQJ
<RXFDQPRYHDURFNZKLFKRUGLQDULO\\RXFRXOGQRWKDYHHYHQVKDNHQEXW
DQJHULVWKHUHDQGSRLVRQLVUHOHDVHG

,QIHDUSHRSOHFDQUXQVRIDVWWKDWHYHQ2O\PSLFUXQQHUVZLOOEHOHIWEHKLQG-XVW
WKLQNRI\RXUVHOIUXQQLQJLIVRPHERG\LVEHKLQG\RXZLWKDGDJJHUWRNLOO\RX<RX
ZLOOGRWKHEHVW\RXFDQGR\RXUZKROHERG\ZLOOEHJHDUHGWRIXQFWLRQDWLWV
RSWLPXP

:KHQ\RXNLOODQDQLPDOWKHUHLVDQJHUWKHUHLVDQ[LHW\WKHUHLVIHDU'HDWKLV
IDFLQJKLPDOOWKHJODQGVRIWKHDQLPDOUHOHDVHPDQ\NLQGVRISRLVRQV+HQFH
WKHPRGHUQLGHDLVWKDWEHIRUHNLOOLQJDQDQLPDOPDNHKLPXQFRQVFLRXVJLYHKLP
DQDHVWKHVLD,QPRGHUQEXWFKHULHVDQDHVWKHVLDLVEHLQJXVHG%XWWKDWGRHVQRW
PDNHPXFKGLIIHUHQFHRQO\DYHU\VXSHUILFLDOGLIIHUHQFHEHFDXVHDWWKHGHHSHVW
FRUHZKHUHQRDQDHVWKHVLDFDQHYHUUHDFKGHDWKKDVWREHHQFRXQWHUHG,WPD\
QRWEHFRQVFLRXVWKHDQLPDOPD\QRWEHDZDUHRIZKDWLVKDSSHQLQJEXWLWLV
KDSSHQLQJDVLILQDGUHDP+HLVSDVVLQJWKURXJKDQLJKWPDUH





$QGWRHDWPHDWLVWRHDWSRLVRQHGIRRG

$YRLGDQ\WKLQJWKDWLVSRLVRQHGRQWKHSK\VLFDOSODQHDYRLGDQ\WKLQJWKDWLV
SRLVRQHGRQWKHPHQWDOSODQH$QGRQWKHPHQWDOSODQHWKLQJVDUHPRUH
FRPSOLFDWHG,I\RXWKLQN\RXDUHD+LQGX\RXDUHSRLVRQHGLI\RXWKLQN\RXDUH
D0RKDPPHGDQ\RXDUHSRLVRQHG,I\RXWKLQN\RXDUHD&KULVWLDQD-DLQDD
%XGGKLVW\RXDUHSRLVRQHG$QG\RXKDYHEHHQSRLVRQHGVORZO\VRVORZO\WKDW
\RXKDYHEHFRPHDWWXQHGWRLW<RXDUHDGGLFWHGWRLW

<RXKDYHEHHQVSRRQIHGVLQFHWKHYHU\ILUVWGD\IURP\RXUPRWKHU
VEUHDVW\RX
KDYHEHHQSRLVRQHG$OONLQGVRIFRQGLWLRQLQJVDUHSRLVRQV7RWKLQNRIRQHVHOI
DVD+LQGXLVWRWKLQNRIRQHVHOIRSSRVHGWRKXPDQLW\7RWKLQNRIRQHVHOIDV
*HUPDQDV&KLQHVHLVWRWKLQNRIRQHVHOIRSSRVHGWRKXPDQLW\LVWRWKLQNLQ
WHUPVRIHQPLW\QRWIULHQGVKLS

7KLQNRI\RXUVHOIRQO\DVDKXPDQEHLQJ,I\RXKDYHDQ\LQWHOOLJHQFHWKLQNRI
\RXUVHOIRQO\DVDVLPSOHKXPDQEHLQJ$QGZKHQ\RXULQWHOOLJHQFHJURZVDOLWWOH
PRUH\RXZLOOGURSHYHQWKHDGMHFWLYHKXPDQ\RXZLOOWKLQNRI\RXUVHOIRQO\DVD
EHLQJ$QGWKHEHLQJLQFOXGHVDOOWKHWUHHVDQGWKHPRXQWDLQVDQGWKHULYHUV
DQGWKHVWDUVDQGWKHELUGVDQGWKHDQLPDOV

%HFRPHELJJHUEHFRPHKXJH:K\DUH\RXOLYLQJLQWXQQHOV":K\DUH\RX
FUHHSLQJLQWRVPDOOGDUNEODFNKROHV"%XW\RXWKLQN\RXDUHOLYLQJLQJUHDW
LGHRORJLFDOV\VWHPV<RXDUHQRWOLYLQJLQJUHDWLGHRORJLFDOV\VWHPVEHFDXVH
WKHUHDUHQRJUHDWLGHRORJLFDOV\VWHPV1RLGHDLVJUHDWHQRXJKWRFRQWDLQD
KXPDQEHLQJEHLQJKRRGFDQQRWEHFRQWDLQHGE\DQ\FRQFHSW$OOFRQFHSWV
FULSSOHDQGSDUDO\]H

'RQ
WEHD&DWKROLFDQGGRQ
WEHDFRPPXQLVWMXVWEHDKXPDQEHLQJ7KHVHDUH
DOOSRLVRQVWKHVHDUHDOOSUHMXGLFHV$QGGRZQWKHDJHV\RXKDYHEHHQ
K\SQRWL]HGLQWRWKHVHSUHMXGLFHV7KH\KDYHEHFRPHSDUWRI\RXUEORRG\RXU
ERQHV\RXUYHU\PDUURZ<RXZLOOKDYHWREHYHU\DOHUWWRJHWULGRIDOOWKLV
SRLVRQLQJ

<RXUERG\LVQRWSRLVRQHGDVPXFKDV\RXUPLQGLV7KHERG\LVDVLPSOH
SKHQRPHQRQLWFDQEHHDVLO\FOHDQHG,I\RXKDYHEHHQHDWLQJQRQYHJHWDULDQ
IRRGVLWFDQEHVWRSSHGLWLVQRWVXFKDELJGHDO$QGLI\RXVWRSHDWLQJPHDW
ZLWKLQWKUHHPRQWKV\RXUERG\ZLOOEHFRPSOHWHO\IUHHRIDOOWKHSRLVRQVFUHDWHG
E\QRQYHJHWDULDQIRRGV,WLVVLPSOH3K\VLRORJ\LVQRWYHU\FRPSOLFDWHG
%XWWKHSUREOHPDULVHVZLWKSV\FKRORJ\$-DLQDPRQNQHYHUHDWVDQ\SRLVRQHG
IRRGQHYHUHDWVDQ\WKLQJQRQYHJHWDULDQ%XWKLVPLQGLVSROOXWHGDQGSRLVRQHG
E\-DLQLVPDVQRERG\HOVH
VLV

7KHUHDOIUHHGRPLVIUHHGRPIURPDQ\LGHRORJ\&DQ
W\RXVLPSO\OLYHZLWKRXWDQ\
LGHRORJ\",VDQLGHRORJ\QHHGHG":K\LVDQLGHRORJ\QHHGHGVRPXFK",WLV




QHHGHGEHFDXVHLWKHOSV\RXWRUHPDLQVWXSLGLWLVQHHGHGEHFDXVHLWKHOSV\RX
WRUHPDLQXQLQWHOOLJHQW,WLVQHHGHGEHFDXVHLWVXSSOLHV\RXUHDG\PDGHDQVZHUV
DQG\RXQHHGQRWILQGWKHPRQ\RXURZQ

7KHUHDOPDQRILQWHOOLJHQFHZLOOQRWFOLQJWRDQ\LGHRORJ\IRUZKDW"+HZLOOQRW
FDUU\DORDGRIUHDG\PDGHDQVZHUV+HNQRZVWKDWKHKDVHQRXJKLQWHOOLJHQFH
VRWKDWZKDWHYHUVLWXDWLRQDULVHVKHZLOOEHDEOHWRUHVSRQGWRLW:K\FDUU\DQ
XQQHFHVVDU\ORDGIURPWKHSDVW":KDWLVWKHSRLQWRIFDUU\LQJLW"

$QGLQIDFWWKHPRUH\RXFDUU\IURPWKHSDVWWKHOHVV\RXZLOOEHDEOHWRUHVSRQG
WRWKHSUHVHQWEHFDXVHWKHSUHVHQWLVQRWDUHSHWLWLRQRIWKHSDVWLWLVDOZD\V
QHZDOZD\VDOZD\VQHZ,WLVQHYHUWKHROGLWPD\VRPHWLPHVDSSHDUOLNHWKH
ROGEXWLWLVQRWROGWKHUHDUHEDVLFGLIIHUHQFHV

/LIHQHYHUUHSHDWVLWVHOI,WLVDOZD\VIUHVKDOZD\VQHZDOZD\VJURZLQJDOZD\V
H[SORULQJDOZD\VPRYLQJLQWRQHZDGYHQWXUHV<RXUROGUHDG\PDGHDQVZHUVDUH
QRWJRLQJWRKHOS\RX,QIDFWWKH\ZLOOKLQGHU\RXWKH\ZLOOQRWDOORZ\RXWRVHH
WKHQHZVLWXDWLRQ7KHVLWXDWLRQZLOOEHQHZDQGWKHDQVZHUZLOOEHROG

7KDW
VZK\\RXORRNVRVWXSLGLQOLIH%XWWRUHPDLQVWXSLGVHHPVFKHDSHU7REH
LQWHOOLJHQWQHHGVHIIRUWWREHLQWHOOLJHQWPHDQV\RXKDYHWRJURZ$QGJURZWKLV
SDLQIXO7REHLQWHOOLJHQWPHDQV\RXKDYHWREHFRQWLQXRXVO\DOHUWDQGDZDUH\RX
FDQQRWIDOODVOHHS\RXFDQQRWOLYHOLNHDVRPQDPEXOLVW

$QGWREHLQWHOOLJHQWKDVDIHZPRUHGDQJHUVWRR7REHLQWHOOLJHQWLVYHU\GLIILFXOW
EHFDXVH\RXKDYHWROLYHZLWKWKHVWXSLGFURZGV7ROLYHZLWKEOLQGSHRSOHDQG
KDYHH\HVLVDGDQJHURXVVLWXDWLRQWKH\DUHERXQGWRGHVWUR\\RXUH\HV7KH\
FDQQRWWROHUDWH\RX\RXDUHDQRIIHQVH

+HQFH-HVXVLVFUXFLILHG6RFUDWHVLVSRLVRQHG$O+LOODMLVNLOOHG6DUPDGLV
EHKHDGHG7KHVHZHUHWKHPRVWLQWHOOLJHQWSHRSOHWKDWKDYHHYHUZDONHGRQWKH
HDUWK$QGKRZKDYHZHEHKDYHGZLWKWKHP":K\GLGDPDQRIWKHLQWHOOLJHQFH
RI6RFUDWHVKDYHWREHNLOOHG"+HEHFDPHLQWROHUDEOH+LVSUHVHQFHEHFDPH
VXFKDQRIIHQVH7RORRNLQWRKLVH\HVPHDQWWRORRNLQWKHPLUURU$QGZHDUHVR
XJO\WKDWUDWKHUWKDQDFFHSWLQJWKHIDFWWKDWZHDUHXJO\WKHHDVLHUFRXUVHLVWR
GHVWUR\WKHPLUURUDQGIRUJHWDOODERXW\RXUXJOLQHVVDQGVWDUWOLYLQJDJDLQLQWKH
ROGGUHDPWKDW\RXDUHWKHPRVWEHDXWLIXOSHUVRQLQWKHZRUOG

:HGHVWUR\HG6RFUDWHVEHFDXVHKHZDVDPLUURU+HQFHSHRSOHKDYHGHFLGHGLW
LVEHWWHUWRUHPDLQPHGLRFUHLWLVEHWWHUWRUHPDLQXQLQWHOOLJHQW

-XVWWKHRWKHUGD\,ZDVUHDGLQJDUHSRUW$IHZSV\FKRORJLVWVLQ(QJODQGKDYH
GLVFRYHUHGWKDWE\WKHWLPHJUHDWSROLWLFLDQVUHDFKWKHKLJKHVWSRVWVWKHLU
LQWHOOLJHQFHLVDOUHDG\ZLWKHULQJDZD\-XVWWKLQNRIDPDQRIHLJKW\IRXU
EHFRPLQJDSULPHPLQLVWHU7KRVHSV\FKRORJLVWVKDYHZDUQHGWKHZKROHZRUOG
WKDWWKLVLVGDQJHURXV3HRSOHZKRKDYHJRQHEH\RQGWKHDJHRIVL[W\VHYHQW\




HLJKW\WKH\EHFRPHSULPHPLQLVWHUVDQGSUHVLGHQWV7KLVLVGDQJHURXVIRUWKH
ZRUOGEHFDXVHWKH\KDYHVRPXFKSRZHUDQGVROLWWOHLQWHOOLJHQFHOHIW

%XWWKRVHSV\FKRORJLVWVDUHQRWDZDUHRIDQRWKHUWKLQJWKDW,ZRXOGOLNHWRWHOO
\RX,QIDFWSHRSOHFKRRVHWKHPWREHSULPHPLQLVWHUVDQGSUHVLGHQWVEHFDXVH
WKH\DUHQRORQJHULQWHOOLJHQW3HRSOHGRQ
WOLNHLQWHOOLJHQWSHUVRQV3HRSOHOLNH
SHRSOHZKRORRNOLNHWKHPZKRDUHOLNHWKHPWKH\IHHOWKH\DUHQRWVWUDQJHUV
,QWHOOLJHQWSHRSOHZLOOEHVWUDQJHUV


,FDQ
WWKLQNRIDQ\FRXQWU\ZKLFKFRXOGFKRRVH6RFUDWHVWREHWKHSULPHPLQLVWHU
LPSRVVLEOH+HLVVRGLIIHUHQWKLVDSSURDFKWROLIHLVVRGLIIHUHQWKLVLQVLJKWLQWR
WKLQJVLVVRGHHS1RFRXQWU\FRXOGDIIRUGRUQRFRXQWU\FRXOGEHVR
FRXUDJHRXVDVWRPDNHKLPWKHSULPHPLQLVWHUEHFDXVHKHZRXOGEULQJFKDRV
+HZRXOGVWDUWFKDQJLQJHDFKDQGHYHU\WKLQJEHFDXVHHDFKDQGHYHU\WKLQJ
QHHGVWREHFKDQJHG

7KLVURWWHQVRFLHW\KDVWREHGHVWUR\HGFRPSOHWHO\RQO\WKHQFDQDQHZVRFLHW\
EHFUHDWHG5HQRYDWLRQLVQRWJRLQJWRKHOS:HKDYHEHHQUHQRYDWLQJWKHVDPH
ROGUXLQVIRUFHQWXULHV1RPRUHSURSVQRPRUHUHQRYDWLRQVQRPRUHZKLWHZDVK
$OOWKDWLVQHHGHGLVWRGHPROLVKLWDQGOHWXVFUHDWHDQHZVRFLHW\/HWXVEULQJD
QHZKXPDQEHLQJ+20212986/HWXVJLYHELUWKWRVRPHWKLQJQHZDQHZ
PLQGDQHZFRQVFLRXVQHVV

3HRSOHFKRRVHGXOOGHDGSHUVRQVWREHLQSRZHUEHFDXVH\RXFDQEHVDIHZLWK
WKHP1RZ,QGLDLVYHU\VDIHZLWK0RUDUML'HVDLKHLVQRWJRLQJWRGRDVLQJOH
WKLQJ+HZLOONHHSHYHU\WKLQJLQWDFWKHZLOONHHSWKLVFRXQWU\
VXJO\EXUHDXFUDF\
DVLWLV+HZLOOQRWFKDQJHDQ\WKLQJKLVZKROHHIIRUWZLOOEHWRVWRSFKDQJH
-DLSUDNDVK1DUD\DQZDVWKLQNLQJRIEULQJLQJDERXWDWRWDOUHYROXWLRQDQGZKDW
KDVKDSSHQHGLVWRWDOIDLOXUH

&RXQWULHVFKRRVHPHGLRFUHSHRSOHWREHLQSRZHUEHFDXVHWKH\ZLOOVDYHWKHLU
WUDGLWLRQWKHLUFRQYHQWLRQVWKHLUSUHMXGLFHV7KH\ZLOOSURWHFWWKHLUSRLVRQV
,QVWHDGRIGHVWUR\LQJWKHPWKH\ZLOOHQKDQFHWKHPDQGVWUHQJWKHQWKHP
,WLVFHUWDLQO\GDQJHURXVWRKDYHXQLQWHOOLJHQWSHRSOHLQSRZHUIXOSRVWV$QGLWLV
EHFRPLQJPRUHDQGPRUHGDQJHURXVEHFDXVHWKH\KDYHPRUHDQGPRUHSRZHU
DQGOHVVDQGOHVVLQWHOOLJHQFH%XWZK\GRHVLWKDSSHQ"7KHUHLVDVXEWOHORJLFLQ
LW3HRSOHGRQ
WZDQWWRFKDQJH&KDQJHLVDUGXRXVFKDQJHLVGLIILFXOW

,I\RXFKDQJH\RXUSRLVRQRXVIRRGV\RXZLOOEHVXUSULVHGDQHZLQWHOOLJHQFHZLOO
EHUHOHDVHGLQ\RX$QGWKLVQHZLQWHOOLJHQFHZLOOPDNHLWSRVVLEOHQRWWRJRRQ
VWXIILQJ\RXUVHOIZLWKQRQVHQVH7KLVQHZLQWHOOLJHQFHZLOOPDNH\RXFDSDEOHRI
GURSSLQJWKHSDVWDQGLWVPHPRULHVRIGURSSLQJXQQHFHVVDU\GHVLUHVDQG
GUHDPVGURSSLQJMHDORXVLHVDQJHUVWUDXPDVDQGDOONLQGVRISV\FKRORJLFDO
ZRXQGV





%HFDXVH\RXFDQQRWGURSSV\FKRORJLFDOZRXQGV\RXEHFRPHYLFWLPVRISV\FKR
IUDXG7KHZRUOGLVIXOORISV\FKRDQDO\VWVRIPDQ\NLQGVWKH\FRPHLQDOOVKDSHV
DQGVL]HV7KHZRUOGLVIXOORIDOONLQGVRISV\FKRWKHUDSLHV%XWZK\DUHVRPDQ\
SV\FKRWKHUDSLHVQHHGHG"7KH\DUHQHHGHGEHFDXVH\RXDUHQRWLQWHOOLJHQW
HQRXJKWRKHDO\RXURZQZRXQGV,QVWHDGRIKHDOLQJWKHPLQVWHDGRIRSHQLQJ
WKHPWRWKHZLQGVDQGWRWKHVXQ\RXJRRQKLGLQJWKHP<RXQHHG
SV\FKRWKHUDSLVWVWRKHOS\RXWRRSHQ\RXUZRXQGVWRWKHVXQVRWKDWWKH\FDQEH
KHDOHGVRWKDWWKH\FDQEHDOORZHGWRKHDO

%XWLWLVYHU\GLIILFXOWWRILQGDUHDOSV\FKRWKHUDSLVW2XWRIDKXQGUHG
SV\FKRWKHUDSLVWVQLQHW\QLQHDUHSV\FKRIUDXGVQRWSV\FKRWKHUDSLVWV
<RXZLOOEHVXUSULVHGWRNQRZWKDWPRUHSV\FKRWKHUDSLVWVDQGSV\FKRDQDO\VWV
FRPPLWVXLFLGHWKDQSHRSOHLQDQ\RWKHUSURIHVVLRQ7KHQXPEHULVDOPRVW
GRXEOH1RZZKDWNLQGRISHRSOHDUHWKHVH"$QGKRZZHUHWKH\JRLQJWRKHOS
RWKHUV":KDWZHUHWKH\GRLQJWKHLUZKROHOLYHVKHOSLQJSHRSOH"

0RUHSV\FKRDQDO\VWVJRPDGLQVDQHWKDQSHRSOHLQDQ\RWKHUSURIHVVLRQRIWKH
ZRUOG7KHQXPEHULVDOPRVWGRXEOH:K\"DQGWKH\ZHUHKHOSLQJRWKHUSHRSOH
WRZDUGVVDQLW\ZKHQWKH\WKHPVHOYHVZHUHLQVDQH7KHUHLVHYHU\SRVVLELOLW\
WKDWWKH\EHFDPHLQWHUHVWHGLQSV\FKRWKHUDS\EHFDXVHRIWKHLULQVDQLW\,WZDVDQ
HIIRUWWRILQGDFXUHIRUWKHPVHOYHV

$QG\RXZLOOEHVXUSULVHGWRNQRZWKDWSV\FKRWKHUDSLVWVRIRQHNLQGJRIRU
SV\FKRWKHUDS\WRSV\FKRWKHUDSLVWVRIDQRWKHUNLQG7KH)UHXGLDQJRHVWRWKH
-XQJLDQWKH-XQJLDQJRHVWRWKH)UHXGLDQDQGVRRQDQGVRIRUWK7KLVLVDYHU\
VWUDQJHVLWXDWLRQ

,ILQWHOOLJHQFHLVUHOHDVHGLQ\RX\RXZLOOEHDEOHWRGRDOOWKDWLVQHHGHG<RXZLOO
EHDEOHWRKHDO\RXURZQZRXQGV\RXZLOOEHDEOHWRVHH\RXURZQWUDXPDV\RX
QHHGQRWJRWRDSULPDOWKHUDSLVW

,DPDOORZLQJDOONLQGVRIWKHUDSLHVLQWKLVFRPPXQH,QIDFWLQQRRWKHUSODFHLQ
WKHZRUOGDUHVRPDQ\SV\FKRWKHUDSLHVDYDLODEOHVL[W\LQDOO:K\DP,DOORZLQJ
WKHVHWKHUDSLHV"-XVWEHFDXVHRI\RXEHFDXVH\RXDUHQRW\HWUHDG\WRUHOHDVH
\RXULQWHOOLJHQFH

$VWKHFRPPXQHJRHVGHHSHUDQGGHHSHULQWRLQQHUUHDOL]DWLRQVWKHUDSLHVFDQ
EHGURSSHG:KHQWKHFRPPXQHKDVUHDOO\EORRPHGWKHUHZLOOEHQRQHHGRI
DQ\WKHUDS\7KHQORYHLVWKHUDS\LQWHOOLJHQFHLVWKHUDS\7KHQOLYLQJGD\WRGD\
PRPHQWWRPRPHQWDZDUHDQGDOHUWLVWKHUDS\7KHQDOONLQGVRIWKLQJVWKDW\RX
GRGXULQJWKHGD\FOHDQLQJDQGFRRNLQJDQGZDVKLQJWKH\DUHDOOWKHUDS\

7KHUDSLHVDUHKHUHRQO\IRUWKHWLPHEHLQJ7KHGD\,EHFRPHFRQYLQFHGWKDW
QRZWKHPDMRUSDUWRI\RXKDVJRQHEH\RQGWKHUDSLHVWKHUDSLHVZLOOGLVDSSHDU
EHFDXVHWKHQWKHPDMRUSDUWZLOOEHDEOHWRSXOOWKHPLQRUSDUWLQWRLQWHOOLJHQFH
DOVR





:HDUHWU\LQJWRFUHDWHDQLQWHOOLJHQWNLQGRIOLIH,DPQRWPXFKRIDUHOLJLRXV
SHUVRQ,DPQRWDVDLQW,KDYHQRWKLQJWRGRZLWKVSLULWXDOLW\$OOWKRVHFDWHJRULHV
DUHLUUHOHYDQWDERXWPH<RXFDQQRWFDWHJRUL]HPH\RXFDQQRWSLJHRQKROHPH
%XWRQHWKLQJFDQEHVDLGWKDWP\ZKROHHIIRUWLVWRKHOS\RXUHOHDVHWKHHQHUJ\
FDOOHGORYHLQWHOOLJHQFH,IORYHLQWHOOLJHQFHLVUHOHDVHG\RXDUHKHDOHG

$QGWKHWKLUGNLQGRISRLVRQHGIRRGLVVSLULWXDO7KDW
VZKDWWKHVHOILV7KHVHOI
QHHGVFRQWLQXRXVDWWHQWLRQ,WIHHGVRQDWWHQWLRQDWWHQWLRQLVLWVIRRG,WLVQRW
RQO\WKHSROLWLFLDQZKRKDQNHUVIRUDWWHQWLRQPRUHDQGPRUHDWWHQWLRQIURPPRUH
DQGPRUHSHRSOH<RXUVRFDOOHGVDLQWVDUHGRLQJWKHVDPH

7KHUHLVQRGLIIHUHQFHEHWZHHQVDLQWVDQGSROLWLFLDQVDQGDFWRUVQRGLIIHUHQFHDW
DOO7KHLUEDVLFQHHGLVWKHVDPHDWWHQWLRQ0RUHSHRSOHVKRXOGSD\DWWHQWLRQ
WRPHPRUHSHRSOHVKRXOGORRNXSWRPH7KDWEHFRPHVIRRGIRUWKHHJRDQGLW
LVWKHVXEWOHVWNLQGRISRLVRQHGIRRG

7KHVHWKUHHWKLQJVDUHLPSOLHGLQWKHILUVWVXWUD$WLVKDVD\V
$%$1'2132,621(')22'

3K\VLFDOSV\FKRORJLFDOVSLULWXDO/HW\RXUSK\VLRORJLFDOERG\EHSXUHRIDOO
SRLVRQVDQGWR[LQVDQG\RXUPLQGEHXQEXUGHQHGIURPDOONLQGVRIUXEELVKDQG
MXQN$QGOHW\RXUVRXOEHIUHHIURPWKHLGHDRIWKHVHOI:KHQWKHVRXOLVIUHH
IURPWKHLGHDRI
,
\RXKDYHDUULYHGDWWKDWLQQHUVSDFHFDOOHGQRVHOI$1$77$

7KDWLVIUHHGRPWKDWLVQLUYDQDWKDWLVHQOLJKWHQPHQW<RXKDYHFRPHKRPH
1RZWKHUHLVQRZKHUHWRJRQRZ\RXFDQVHWWOHUHVWDQGUHOD[1RZ\RXFDQ
HQMR\WKHPLOOLRQVRIMR\VWKDWDUHEHLQJVKRZHUHGXSRQ\RXE\H[LVWHQFH
:KHQWKHVHWKUHHSRLVRQHGIRRGVDUHGURSSHG\RXEHFRPHHPSW\%XWWKLV
HPSWLQHVVLVQRWDQHJDWLYHNLQGRIHPSWLQHVV<RXDUHHPSW\LQWKHVHQVHWKDW
DOOSRLVRQVDOOFRQWHQWVDUHJRQH%XW\RXDUHIXOOIXOORIVRPHWKLQJZKLFK
FDQQRWEHQDPHGIXOORIVRPHWKLQJZKLFKGHYRWHHVFDOO*RG

$WLVKDFDQQRWXVHWKDWZRUGKHLVQRWDGHYRWHHKHLVQRWD%+$.7$+H
FDQQRWXVHDQ\ZRUGIRULWKHUHPDLQVFRPSOHWHO\VLOHQWDERXWLW+HVD\V'URS
WKLVGURSWKLVGURSWKLVDQGWKHQZKDWVRHYHUUHPDLQVLV\RXWKHUHDO\RX
$QGWKHVHFRQGVXWUDLVDYHU\YHU\VLJQLILFDQWVXWUD

'21
7%(&216,67(17

+DYH\RXHYHUKHDUGDQ\WKLQJOLNHWKDW'RQ
WEHFRQVLVWHQW":KHQ\RXKHDULW
IRUWKHILUVWWLPHRUUHDGLWIRUWKHILUVWWLPH\RXZLOOWKLQNWKHUHKDVEHHQVRPH
PLVWDNHPD\EHDSURRIPLVWDNHRUVRPHWKLQJ%HFDXVH\RXUVRFDOOHGVDLQWV
KDYHEHHQWHOOLQJ\RXMXVWWKHRSSRVLWH'RQ
WEHLQFRQVLVWHQWWKH\VD\%H
FRQVLVWHQW





,WLVKHUHWKDW$WLVKDLVVXSHUE+HVD\V
'21
7%(&216,67(17

:K\":KDWLVFRQVLVWHQF\"&RQVLVWHQF\PHDQVOLYLQJDFFRUGLQJWRWKHSDVW
:LWKZKDWZLOO\RXEHFRQVLVWHQW",I\RXZDQWWREHFRQVLVWHQW\RXFDQKDYHRQO\
RQHUHIHUHQFHDQGWKDWLVWKHSDVW7REHFRQVLVWHQWPHDQVWROLYHDFFRUGLQJWR
WKHSDVWDQGWROLYHDFFRUGLQJWRWKHSDVWLVQRWWROLYHDWDOO7ROLYHDFFRUGLQJWR
WKHSDVWLVWREHGHDG7KHQ\RXUOLIHZLOOEHMXVWDUHSHWLWLRQ

7REHFRQVLVWHQWPHDQV\RXKDYHDOUHDG\GHFLGHGWKDWQRZWKHUHLVQRPRUHWR
OLIHWKDW\RXKDYHDOUHDG\FRPHWRDIXOOVWRS\RXGRQ
WDOORZOLIHWRKDYH
DQ\WKLQJQHZWRJLYHWR\RX\RXKDYHFORVHG\RXUGRRUV7KHVXQZLOOULVHEXW
\RXZLOOQRWDOORZLWVUD\VWRHQWHULQWR\RXUURRP$QGWKHIORZHUVZLOOEORRPEXW
\RXZLOOUHPDLQXQDZDUHRIWKHLUIUDJUDQFH0RRQVZLOOFRPHDQGJREXW\RXZLOO
UHPDLQVWDJQDQW<RXKDYHVWRSSHGEHLQJDULYHU

$ULYHUFDQQRWEHDFRQVLVWHQWSKHQRPHQRQ2QO\DSRQGFDQEHFRQVLVWHQW
EHFDXVHLWLVQRQIORZLQJ7KHIORZE\LWVYHU\QDWXUHKDVWREHLQFRQVLVWHQW
EHFDXVHLWKDVWRIDFHQHZVLWXDWLRQVQHZFKDOOHQJHV1HZVSDFHVDUH
FRQVWDQWO\FRPLQJXSRQLWLWKDVWRUHVSRQGVSRQWDQHRXVO\QRWDFFRUGLQJWRWKH
SDVW

7KHFRQVLVWHQWPDQLVDORJLFDOPDQKLVOLIHLVRQHGLPHQVLRQDO+HOLYHVLQ
DULWKPHWLFKHIROORZVORJLF,IDQ\WKLQJJRHVDJDLQVWORJLFKHVLPSO\DYRLGV
VHHLQJLWKHSUHWHQGVWKDWLWLVQRWWKHUHEHFDXVHLWLVVRGLVWXUELQJWRKLVORJLF
$QGWKHORJLFDOPDQLVWKHSRRUHVWPDQLQWKHZRUOGEHFDXVHOLIHFRQVLVWVQRW
RQO\RIORJLFEXWRIORYHWRR$QGORYHLVLOORJLFDO2QO\DYHU\VPDOOSDUWRIOLIHLV
ORJLFDOWKHVXSHUILFLDOSDUW7KHGHHSHU\RXJRWKHPRUHDQGPRUH\RXPRYH
LQWRWKHLOORJLFDORUWREHPRUHDFFXUDWHWKHVXSUDORJLFDO

/RJLFLVJRRGLQWKHPDUNHWSODFHEXWQRWLQWKHWHPSOHQRWLQWKHPRVTXHQRWLQ
WKHFKXUFK/RJLFLVJRRGLQWKHRIILFHLQWKHVKRSLQWKHIDFWRU\/RJLFLVQRW
JRRGZKHQ\RXDUHZLWK\RXUIULHQGVZKHQ\RXDUHZLWK\RXUEHORYHGZLWK\RXU
FKLOGUHQ/RJLFLVJRRGZKHQ\RXDUHGHDOLQJLQDEXVLQHVVOLNHZD\%XWOLIHLVQRW
DOOEXVLQHVVWKHUHLVVRPHWKLQJIDUPRUHYDOXDEOHLQOLIHWKDQDQ\EXVLQHVV$OORZ
WKDWWRR

$SURIHVVRURISKLORVRSK\ZHQWWRDGRFWRUDQGDVNHGIRUDGYLFHRQKRZWR
LPSURYHKLVVH[OLIH
<RXVHHPWREHLQJRRGSK\VLFDOFRQGLWLRQVDLGWKHGRFWRUDIWHUDQ
H[DPLQDWLRQ<RXUXQWHQPLOHVDGD\HYHU\GD\IRUVHYHQGD\VWKHQSKRQH
PH
$ZHHNODWHUWKHSURIHVVRUWHOHSKRQHG:HOOVDLGWKHSK\VLFLDQKDVWKH
UXQQLQJLPSURYHG\RXUVH[OLIH"
,GRQ
WNQRZVDLGWKHSURIHVVRU,DPVHYHQW\PLOHVIURPKRPHQRZ





7KLVLVWKHZD\DORJLFDOPLQGIXQFWLRQV,WLVRQHGLPHQVLRQDO/LIHLV
PXOWLGLPHQVLRQDO'RQ
WFRQILQHLWGRQ
WPDNHLWOLQHDUGRQ
WOLYHOLNHDOLQH/LYH
WKHPXOWLGLPHQVLRQVRILWWKHPXOWLSKDVHVRILWDQGWKHQ\RXFDQQRWEH
FRQVLVWHQWEHFDXVHOLIHLVSDUDGR[LFDORQHPRPHQWLWLVMR\DQRWKHUPRPHQWLW
LVVDGQHVV,I\RXDUHYHU\FRQVLVWHQWWKHQ\RXKDYHWRJRRQVPLOLQJZKHWKHU
\RXUKHDUWLVFU\LQJRUVPLOLQJWKDWGRHVQ
WPDWWHU\RXKDYHWREHFRQVLVWHQW
<RXKDYHWREH-LPP\&DUWHUDQGJRRQVPLOLQJ

,KDYHKHDUGWKDWKLVZLIHKDVWRFORVHKLVPRXWKHYHU\QLJKWEHFDXVHDWQLJKW
DOVRKHJRHVRQVPLOLQJ,I\RXSUDFWLFHVXFKDWKLQJWKHZKROHGD\QDWXUDOO\
KRZFDQ\RXUHOD[VRVXGGHQO\DWQLJKW",WEHFRPHVDIL[HGSDWWHUQ

/LIHFRQVLVWVRIVDGQHVVWRR$QGVDGQHVVLVDOVREHDXWLIXOLWKDVLWVRZQGHSWK
LWVRZQGHOLFDF\LWVRZQGHOLFLRXVQHVVLWVRZQWDVWH$PDQLVSRRUHULIKHKDV
QRWNQRZQVDGQHVVKHLVLPSRYHULVKHGYHU\PXFKLPSRYHULVKHG+LVODXJKWHU
ZLOOEHVKDOORZKLVODXJKWHUZLOOQRWKDYHGHSWKEHFDXVHGHSWKFRPHVRQO\
WKURXJKVDGQHVV$PDQZKRNQRZVVDGQHVVLIKHODXJKVKLVODXJKWHUZLOOKDYH
GHSWK+LVODXJKWHUZLOOKDYHVRPHWKLQJRIKLVVDGQHVVWRRKLVODXJKWHUZLOOEH
PRUHFRORUIXO

$PDQZKROLYHVOLIHLQLWVWRWDOLW\LVDUDLQERZKHOLYHVWKHZKROHVSHFWUXPRILW
+HFDQQRWEHFRQVLVWHQWKHKDVWREHLQFRQVLVWHQW

$WLVKDLVJLYLQJ\RXVRPHWKLQJWUHPHQGRXVO\YDOXDEOH/LYHDOOWKHPRRGVRIOLIH
WKH\DUH\RXURZQDQGWKH\DOOKDYHVRPHWKLQJWRFRQWULEXWHWR\RXUJURZWK
'RQ
WEHFRPHFRQILQHGWRDVPDOOVSDFH+RZVRHYHUFRPIRUWDEOHDQGFR]\LW
ORRNVGRQ
WEHFRPHFRQILQHGWRDVPDOOVSDFH%HDQDGYHQWXUHU6HDUFKDQG
VHHNDOOWKHIDFHWVRIOLIHDOOWKHDVSHFWVRIOLIH

,WLVVDLGWKDW\RXFDQQRWZULWHDQRYHODERXWDJRRGPDQ$QGWKDWLVWUXHD
JRRGPDQUHDOO\KDVQROLIH:KDWQRYHOFDQ\RXZULWHDERXWKLP"$WWKHPRVW
\RXFDQZULWHDFKDUDFWHUFHUWLILFDWHVD\LQJWKDWKHLVJRRGDQGWKDWLVKLV
ZKROHOLIH+HGRHVQRWKDYHPXFKRIDOLIHEHFDXVHKHKDVQR
PXOWLGLPHQVLRQDOLW\

/LYHDQGDOORZDOOWKDWLVSRVVLEOH6LQJGDQFHFU\ZHHSODXJKORYHPHGLWDWH
UHODWHEHDORQH%HLQWKHPDUNHWSODFHDQGVRPHWLPHVEHLQWKHPRXQWDLQV

/LIHLVVKRUW/LYHLWDVULFKO\DVSRVVLEOHDQGGRQ
WWU\WREHFRQVLVWHQW7KH
FRQVLVWHQWPDQLVDYHU\SRRUPDQ2IFRXUVHWKHVRFLHW\UHVSHFWVWKHFRQVLVWHQW
PDQEHFDXVHWKHFRQVLVWHQWPDQLVSUHGLFWDEOH<RXNQRZZKDWKHLVJRLQJWR
GRWRPRUURZ\RXNQRZKRZKHLVJRLQJWRUHDFW+HLVPDQDJHDEOHKHFDQEH
HDVLO\PDQLSXODWHG<RXNQRZZKDWEXWWRQVWRSXVKDQGKRZKHZLOODFW+HLVD
PDFKLQHKHLVQRWWUXO\DPDQ<RXFDQSXWKLPRQDQGRIIDQGKHZLOOEHKDYH
DFFRUGLQJWR\RXKHLVLQ\RXUKDQGV





7KHVRFLHW\UHVSHFWVWKHFRQVLVWHQWPDQWKHVRFLHW\FDOOVFRQVLVWHQF\
FKDUDFWHU$QGWKHUHDOPDQKDVQRFKDUDFWHU$UHDOPDQLVFKDUDFWHUOHVVRU
EH\RQGFKDUDFWHU$UHDOPDQFDQQRWDIIRUGFKDUDFWHUEHFDXVHFKDUDFWHUFDQEH
DIIRUGHGRQO\DWWKHFRVWRIOLIH,I\RXUHQRXQFHOLIH\RXFDQKDYHFKDUDFWHU,I
\RXGRQ
WUHQRXQFHOLIH\RXZLOOKDYHPDQ\FKDUDFWHUVEXW\RXZLOOQRWKDYH
FKDUDFWHU,I\RXGRQ
WUHQRXQFHOLIHKRZFDQ\RXKDYHDFKDUDFWHU"(DFK
PRPHQWOLIHLVQHZDQGVRDUH\RX

6RFLHW\ZLOOQRWUHVSHFW\RX\RXZLOOQRWEHDUHVSHFWDEOHFLWL]HQEXWZKR
FDUHV"2QO\PHGLRFUHSHRSOHFDUHDERXWWKHUHVSHFWRIWKHVRFLHW\7KHUHDO
SHUVRQFDUHVDERXWRQO\RQHWKLQJ:KHWKHU,DPOLYLQJP\OLIHRUQRWZKHWKHU,
DPOLYLQJLWDFFRUGLQJWRP\RZQYLVLRQRUQRWLWLVP\OLIHDQG,DPUHVSRQVLEOH
WRP\VHOI

7KHPRVWLPSRUWDQWUHVSRQVLELOLW\LVQRWWRWKHQDWLRQRUWRWKHFKXUFKRUWR
DQ\ERG\HOVH7KHUHDOUHVSRQVLELOLW\LVWR\RXUVHOI$QGLWLVWKDW\RXKDYHWROLYH
\RXUOLIHDFFRUGLQJWR\RXURZQOLJKWDQG\RXKDYHWRPRYHZKHUHYHUOLIHOHDGV
ZLWKRXWDQ\FRPSURPLVH

7KHPDQRIFKDUDFWHUFRPSURPLVHV+LVFKDUDFWHULVQRWKLQJEXWDQHIIRUWWR
JXDUDQWHHWKHVRFLHW\,DPQRWGDQJHURXVDQGWRGHFODUHWRWKHVRFLHW\,ZLOO
IROORZWKHUXOHVRIWKHJDPH,DPXWWHUO\DW\RXUGLVSRVDO

7KHVDLQWKDVFKDUDFWHUKHQFHKHLVUHVSHFWHG7KHVDJHKDVQRFKDUDFWHU
KHQFHLWLVYHU\GLIILFXOWWRUHFRJQL]HKLP6RFUDWHVLVDVDJH-HVXVLVDVDJH
/DR7]XLVDVDJHEXWWKH\DUHYHU\GLIILFXOWWRUHFRJQL]HDOPRVWLPSRVVLEOH
EHFDXVHWKH\GRQ
WOHDYHDQ\WUDFHEHKLQGWKHP7KH\GRQ
WILWLQWRDQ\PROG
WKH\DUHSXUHIUHHGRP7KH\DUHOLNHELUGVIO\LQJLQWKHVN\WKH\GRQ
WOHDYHDQ\
IRRWSULQWV

,WLVRQO\IRUDYHU\IHZVHQVLWLYHVRXOVWRILQGDVDJHDVDPDVWHUEHFDXVHWKH
PHGLRFUHIROORZWKHVDLQW2QO\YHU\YHU\LQWHOOLJHQWSHRSOHDWWXQHWKHPVHOYHVWR
DVDJHEHFDXVHWKHVDJHKDVQRFKDUDFWHUDQGKHFDQQRWIXOILOODQ\RI\RXU
H[SHFWDWLRQV+HLVERXQGWRRIIHQG\RXKHLVERXQGWRGLVDSSRLQW\RXKHLV
ERXQGWRVKDNH\RXDQGVKDWWHU\RXLQPDQ\PDQ\ZD\V

6ORZO\VORZO\KHZLOOPDNH\RXDVIUHHDVKHKLPVHOILV
$QGQRZWKHWKLUGVXWUDWKHPRVWGDQJHURXV,KDYHEHHQUHDOO\ZRUULHGDERXWLW

'21
70$.(:,&.('-2.(6

:KDWLVDZLFNHGMRNH")LUVW,ZLOOKDYHWRWHOOWKUHHMXVWWRH[SODLQ$QGWKUHH
EHFDXVHLWLVDYHU\HVRWHULFQXPEHU

7KHILUVW





:LWKDEX]]DQGDEHHSDQGDZKLUUDVWUDQJHVSDFHVKLSGHVFHQGVWR(DUWK
7ZREL]DUUHFUHDWXUHVHPHUJHDQGIORDWWRWKHJURXQG7KH\DUHD\RXQJ0DUWLDQ
FRXSOHERWKVFLHQWLVWVKHUHRQDQH[SORUDWRU\YLVLW7KH\GHFLGHWKDWWKHEHVW
ZD\WRILQGRXWDERXW(DUWKLVWRFRPPXQLFDWHZLWKVRPHRIWKHLQKDELWDQWVVR
RIIWKH\ERXQFHLQVHDUFKRIVRPHOLNHO\FDQGLGDWHV7KH\HQWHUDQDSDUWPHQW
EXLOGLQJLQWKHP\VWHULRXVZD\0DUWLDQVKDYHRIGRLQJWKHVHWKLQJVDQGVHWWOH
XSRQDQHZO\ZHGGHGFRXSOHE\WKHQDPHVRI(YHUHWWDQG*ODG\V6SULQNOH
KRQHVW

:HOO(YHUHWWDQG*ODG\VDUHDVVXUSULVHGDVFRXOGEHEXWTXLFNO\DGMXVWLQWKDW
VSHFLDOZD\QHZO\ZHGVKDYHRIDGDSWLQJWRVWDUWOLQJVXUSULVHV:LWKRQHWKLQJ
DQGDQRWKHUWKHWDONILQDOO\HQGVXSRQWKHVXEMHFWRIUHSURGXFWLRQ7KH0DUWLDQ
PDOHDVWRXQGVWKH6SULQNOHVE\RIIHULQJWRGHPRQVWUDWHWKHZD\SHRSOH
UHSURGXFHRQKLVSODQHW%HIRUHWKH\FDQSURWHVWLQWKHLUHPEDUUDVVPHQWKH
JUDEVWKH0DUWLDQZRPDQSODFHVWKHHLJKWFKXEE\ILQJHUVRIKLVVLQJOHKDQGRQ
KHUIRUHKHDGDQGZKLOHKHVSDUNOHVDQGVKHWZLQNOHVDQRSHQLQJDSSHDUVLQKHU
VLGHDQGDWLQ\EDE\0DUWLDQKRSVRXWDQGVWDUWVSUDQFLQJDURXQG(YHUHWWDQG
*ODG\V
OLYLQJURRP

7KH0DUWLDQPDOHWKHQDVNVWKHPKRZLWLVGRQHRQ(DUWK7KH\KHPDQGKDZD
ELWDQGILQDOO\GHFLGHWKDWLWZRXOGEHWRRGLIILFXOWWRGHVFULEH6RLQWKHLQWHUHVW
RILQWHUSODQHWDU\FRRSHUDWLRQWKH\WDNHRIIWKHLUFORWKHVDQGJLYHD
GHPRQVWUDWLRQ

7KH0DUWLDQVZDWFKWKHLUSHUIRUPDQFHHQWKUDOOHG:KHQLWLVDOORYHUWKH0DUWLDQ
ZRPDQDVNV:KHQZLOOWKH(DUWKFKLOGFRPHRXW"*ODG\VVKDNHVKHUKHDGDQG
WHOOVKHUWKDWLWZLOOWDNHQLQHPRQWKV7KH0DUWLDQVDUHDPD]HGDWWKLVVFUDWFK
WKHLUKHDGVDELWDQGWKHQWKHPDOHDVNV%XWLILWLVQ
WFRPLQJRXWULJKWQRZ
KRZFRPH\RXZHUHERWKVRH[FLWHGWRZDUGVWKHHQG"

7KHVHFRQG
$PDQZHQWWRVHHKLVGRFWRUEHFDXVHKHZDVIHHOLQJXQGHUWKHZHDWKHU7KH
GRFWRUDVNHGWKHXVXDOTXHVWLRQVVXFKDVKDGWKHPDQEHHQGULQNLQJRUHDWLQJ
WRRPXFK
1RVDLGWKHPDQ
:HOOSHUKDSV\RXKDYHKDGWRRPDQ\ODWHQLJKWV"TXHULHGWKHGRFWRU
1RWKHPDQUHSOLHG
7KHGRFWRUWKRXJKWDERXWWKHSUREOHPIRUDZKLOHDQGWKHQDVNHG0XFKVH["
,QIUHTXHQWO\FDPHWKHUHSO\
,VWKDWWZRZRUGVRURQH"

$QGWKHWKLUG
$ZRPDQZDONHGLQWRDVXSHUPDUNHWWREX\VRPHEURFFROL6KHZHQWXSWRDPDQ
LQWKHYHJHWDEOHGHSDUWPHQWDQGVDLG6LUGR\RXKDYHDQ\EURFFROL"
7KHPDQUHSOLHG1RPD
DPQRQHWRGD\&RPHEDFNWRPRUURZ
$IHZKRXUVODWHUWKHZRPDQZDVEDFNDJDLQDVNLQJWKHPDQ6LUGR\RXKDYH




DQ\EURFFROL"
/RRNODG\,DOUHDG\WROG\RXZHGRQ
WKDYHDQ\EURFFROLWRGD\
7KHODG\OHIWRQO\WRUHWXUQDJDLQWKDWVDPHGD\%\WKLVWLPHWKHPDQZDV
H[DVSHUDWHGDQGVDLG:KDWGRHVWRPVSHOOLQWKHZRUGWRPDWR"
6KHUHSOLHG7RP
$QGZKDWGRHVSRWVSHOOLQWKHWKHZRUGSRWDWR"KHDVNHG
3RWZDVWKHUHSO\
+HWKHQVDLG$QGZKDWGRHVIXFNVSHOOLQWKHZRUGEURFFROL"
6KHORRNHGSX]]OHGDQGVDLG7KHUH
VQRIXFNLQEURFFROL
+HVLJKHGDGHHSVLJKDQGH[FODLPHG/DG\WKDW
VZKDW,
YHEHHQWU\LQJWRWHOO
\RXDOOGD\

,GRQ
WNQRZZKHWKHUWKH\DUHZLFNHGMRNHVRUQRWEXWRQHWKLQJLVFHUWDLQ$WLVKD
ZRXOGKDYHHQMR\HGWKHP

,QIDFWE\ZLFNHGMRNHVKHPHDQVVRPHWKLQJWRWDOO\GLIIHUHQW+HPHDQV'RQ
W
VD\DQ\WKLQJDJDLQVWDQ\ERG\GRQ
WKXUWDQ\ERG\ZKHQWKH\DUHQRWSUHVHQW
GRQ
WKXUWDQ\ERG\EHKLQGWKHLUEDFN

7KHWUDQVODWLRQLVQRWH[DFW$WLVKD
VZKROHPHDQLQJLV'RQ
WJRVVLSDERXW
SHRSOHZLWKDGHOLEHUDWHLQWHQWLRQWRKXUWWKHPEHFDXVHWKDWLVQRWUHDOO\MRNLQJ
WKDWLVQRWIXQWKDWLVQRWKXPRURXV$WLVKDFDQ
WEHDJDLQVWWKHVHQVHRIKXPRU
LWLVLPSRVVLEOH1RPDQRIKLVLQWHOOLJHQFHDQGDZDUHQHVVFDQEHDJDLQVWWKH
VHQVHRIKXPRU,QIDFWLWLVSHRSOHOLNH$WLVKDZKRKDYHJLYHQWKHEHVWUHOLJLRXV
KXPRUWRWKHZRUOG$WLVKDFRPHVIURP*DXWDP%XGGKD
VWUDGLWLRQWKHVDPH
OLQHDJHDVWKH=HQSHRSOH$QG=HQLVWKHRQO\UHOLJLRQZKLFKKDVDFFHSWHG
KXPRUDVSUD\HU,WLVQRWSRVVLEOHQRWSRVVLEOHDWDOOWKDW$WLVKDKDGQRVHQVH
RIKXPRU

7KHQWKHVXWUDFDQQRWEHUHDOO\DJDLQVWMRNHV,WLVDJDLQVWKXUWLQJSHRSOH:KDW
KHLVVD\LQJLVJRLQJGHHSHULQWRWKHSV\FKRORJ\RIWKHMRNHLQWRWKHUDWLRQDOH
EHKLQGWKHMRNH,WLVZKDW6LJPXQG)UHXGGLGRQHWKRXVDQG\HDUVODWHU6LJPXQG
)UHXGWKLQNVWKDWZKHQ\RXMRNHDERXWVRPHERG\WKHUHLVHYHU\SRVVLELOLW\WKDW
\RXDUHDJJUHVVLYHWKDW\RXKDYHDQJHUWKDWLQDYLFDULRXVZD\\RXDUH
SUHWHQGLQJWREHKXPRURXVEXW\RXUHDOO\ZDQWWREHRIIHQVLYH

%XWWKDWFDQQRWEHGHFLGHGE\DQ\ERG\HOVHIURPWKHRXWVLGHRQO\\RXFDQEH
WKHMXGJH,IWKHUHLVDGHOLEHUDWHHIIRUWLQ\RXUPLQGWRRIIHQGVRPHERG\WRKXUW
VRPHERG\LILWLVYLROHQFHGLVJXLVHGDVKXPRUDYRLGLW%XWLILWLVQRWYLROHQFH
EXWMXVWDSXUHVHQVHRIKXPRUWKHVHQVHRIIXQWKHVHQVHRIQRWWDNLQJOLIH
VHULRXVO\QRWWDNLQJLWWRRVHULRXVO\WKHQWKHUHLVQRSUREOHP

,I,PHHW$WLVKDVRPHGD\,DPJRLQJWRWHDFKKLPDIHZMRNHV$QGP\IHHOLQJLV
KHZLOOHQMR\LW

-RNHVFDQEHMXVWSXUHKXPRUZLWKRXWDQ\YLROHQFHLQWKHP6RPHWLPHVRQWKH




VXUIDFHRQHPD\WKLQNWKHUHLVVRPHYLROHQFHEXWWKHSRLQWLVQRWZKDWRWKHUV
WKLQNWKHSRLQWLVZKDW\RXULQWHQWLRQLV,WLVDTXHVWLRQRILQWHQWLRQ<RXFDQ
VPLOHZLWKDQLQWHQWLRQWRRIIHQGWKHQVPLOLQJEHFRPHVDVLQ$Q\WKLQJFDQ
EHFRPHDVLQLIGHHSGRZQWKHGHVLUHLVWRGRYLROHQFH$QGDQ\WKLQJFDQ
EHFRPHYLUWXHLIGHHSGRZQWKHUHLVDGHVLUHWRFUHDWHPRUHMR\LQOLIHPRUH
ODXJKWHULQOLIH

0\RZQXQGHUVWDQGLQJLVWKDWWKHUHLVQRWKLQJPRUHYDOXDEOHWKDQODXJKWHU
/DXJKWHUEULQJV\RXFORVHVWWRSUD\HU,QIDFWRQO\ODXJKWHULVOHIWLQ\RXZKHQ\RX
DUHWRWDO,QHYHU\WKLQJHOVH\RXUHPDLQSDUWLDOHYHQLQORYHPDNLQJ\RXUHPDLQ
SDUWLDO%XWZKHQ\RXKDYHDUHDOO\KHDUWIHOWEHOO\ODXJKDOOWKHSDUWVRI\RXU
EHLQJWKHSK\VLRORJLFDOWKHSV\FKRORJLFDOWKHVSLULWXDOWKH\DOOYLEUDWHLQRQH
VLQJOHWXQHWKH\DOOYLEUDWHLQKDUPRQ\

+HQFHODXJKWHUUHOD[HV$QGUHOD[DWLRQLVVSLULWXDO/DXJKWHUEULQJV\RXWRWKH
HDUWKEULQJV\RXGRZQIURP\RXUVWXSLGLGHDVRIEHLQJKROLHUWKDQWKRX/DXJKWHU
EULQJV\RXWRUHDOLW\DVLWLV7KHZRUOGLVDSOD\RI*RGDFRVPLFMRNH$QG
XQOHVV\RXXQGHUVWDQGLWDVDFRVPLFMRNH\RXZLOOQHYHUEHDEOHWRXQGHUVWDQG
WKHXOWLPDWHP\VWHU\

,DPDOOIRUMRNHV,DPDOOIRUODXJKWHU

$WLVKDKDVEHHQZURQJO\WUDQVODWHG:KDWKHDFWXDOO\PHDQVLV'RQ
WEHYLROHQW
HYHQLQ\RXUZRUGV(YHQZKLOHMRNLQJGRQ
WEHYLROHQWEHFDXVHYLROHQFHEUHHGV
PRUHYLROHQFHDQJHUZLOOEULQJPRUHDQJHUDQGLWFUHDWHVDYLFLRXVFLUFOHWKDW
KDVQRHQG

7KHIRXUWK
'21
7:$,7)25$123325781,7<

%HFDXVHWKHRSSRUWXQLW\LVQRZWKHRSSRUWXQLW\LVKHUH6RWKRVHZKRVD\:H
DUHZDLWLQJIRUDQRSSRUWXQLW\DUHEHLQJGHFHSWLYHDQGWKH\DUHQRWGHFHLYLQJ
DQ\ERG\EXWWKHPVHOYHV
7KHRSSRUWXQLW\LVQRWJRLQJWRFRPHWRPRUURZ,WKDVDOUHDG\DUULYHGLWKDV
DOZD\VEHHQKHUH,WZDVKHUHHYHQZKHQ\RXZHUHQRWKHUH([LVWHQFHLVDQ
RSSRUWXQLW\WREHLVWKHRSSRUWXQLW\

'21
7:$,7)25$123325781,7<

'RQ
WVD\7RPRUURZ,ZLOOPHGLWDWHWRPRUURZ,ZLOOORYHWRPRUURZ,ZLOOKDYHD
GDQFLQJUHODWLRQVKLSZLWKH[LVWHQFH:K\WRPRUURZ"7RPRUURZQHYHUFRPHV
:K\QRWQRZ":K\SRVWSRQH"3RVWSRQHPHQWLVDWULFNRIWKHPLQGLWNHHSV\RX
KRSLQJDQGPHDQZKLOHWKHRSSRUWXQLW\LVVOLSSLQJE\$QGLQWKHHQG\RXZLOO
FRPHWRWKHFXOGHVDFGHDWKDQGWKHUHZLOOEHQRPRUHRSSRUWXQLW\OHIW






$QGWKLVKDVKDSSHQHGPDQ\WLPHVLQWKHSDVW<RXDUHQRWQHZKHUH\RXKDYH
EHHQERUQDQG\RXKDYHGLHGPDQ\PDQ\WLPHV$QGHDFKWLPHWKHPLQGKDV
SOD\HGWKHVDPHWULFNDQG\RXKDYHQRW\HWOHDUQHGDQ\WKLQJ

$WLVKDVD\V
'21
7:$,7)25$123325781,7<'21
7675,.($77+(+($57

+HVD\V&ULWLFL]HSHRSOH
VPLQGVFULWLFL]HWKHLULGHRORJLHVFULWLFL]HWKHLUV\VWHPV
RIWKRXJKWFULWLFL]HHYHU\WKLQJEXWQHYHUFULWLFL]HDQ\ERG\
VORYHQHYHUFULWLFL]H
DQ\ERG\
VWUXVW:K\"EHFDXVHORYHLVVRYDOXDEOHWUXVWLVVRLPPHQVHO\
YDOXDEOH7RGHVWUR\LWWRFULWLFL]HLWWRVKDWWHULWLQDQ\ZD\LVWKHJUHDWHVWKDUP
RQHFDQGRWRDQ\ERG\

<RXFDQFULWLFL]HWKHPLQGLWVKRXOGEHFULWLFL]HGEXWQRWWKHKHDUW:KHQHYHU
\RXVHHVRPHWKLQJRIWKHKHDUWDYRLGWKHWHPSWDWLRQWRFULWLFL]HLW
-XVWWKHRSSRVLWHLVWKHFDVHZLWKSHRSOH7KH\FDQWROHUDWH\RXULGHRORJ\WKH\
FDQWROHUDWH\RXUPLQGEXWWKHPRPHQWWKH\VHH\RXUORYH\RXUWUXVWWKH\MXPS
XSRQ\RX7KH\FDQQRWWROHUDWH\RXUWUXVWLWLVWRRPXFK7KH\ZLOOVD\WKDWWKLVLV
K\SQRVLVWKDW\RXKDYHEHHQK\SQRWL]HG\RXKDYHEHHQGHFHLYHG\RXDUH
OLYLQJLQDQLOOXVLRQWKDWORYHLVPDGQHVVORYHLVEOLQGORJLFKDVH\HVDQGORYHLV
EOLQG

7KHWUXWKLVMXVWWKHRSSRVLWH/RJLFLVEOLQGFULWLFL]HLW/RYHKDVH\HVRQO\ORYH
KDVH\HVEHFDXVHRQO\ORYHFDQVHH*RG&ULWLFL]HEHOLHIVEHFDXVHEHOLHIVDUH
QRWKLQJEXWGRXEWVKLGGHQEHKLQGEHDXWLIXOZRUGV&ULWLFL]HEHOLHIVEXWGRQ
W
FULWLFL]HDQ\ERG\
VWUXVW

$QGZKDWLVWKHGLIIHUHQFH"7UXVWKDVWKHTXDOLW\RIORYH%HOLHILVMXVWDUDWLRQDO
DSSURDFK,IVRPHERG\VD\V,EHOLHYHLQ*RGEHFDXVHWKHVHDUHWKHSURRIVIRU
*RGWKHQFULWLFL]HKLPEHFDXVHSURRIVFDQRQO\SURYHWKHEHOLHI%XWGRQ
W
FULWLFL]HVRPHERG\ZKRVD\V,ORYH*RG,GRQ
WNQRZZK\,VLPSO\ORYH*RG,
DPLQORYH7KHUHDUHQRSURRIVLQIDFWWKHUHLVHYHU\SURRIDJDLQVWKLPEXWVWLOO,
ORYH*RG

5HPHPEHUWKHIDPRXVVWDWHPHQWRI7HUWXOOLDQDJUHDW&KULVWLDQP\VWLF&5('2
48,$$%685'806RPHERG\DVNHGKLP:K\GR\RXEHOLHYHLQ*RG"+H
VDLG%HFDXVH*RGLVDEVXUG%HFDXVH*RGFDQQRWEHEHOLHYHGLQWKDW
VZK\,
EHOLHYHLQ*RG

(YHU\WKLQJHOVHFDQEHEHOLHYHGRQO\*RGFDQQRWEHEHOLHYHG%XWLQEHOLHYLQJ
WKDWZKLFKFDQQRWEHEHOLHYHGRQHJURZV7KDWLVUHDFKLQJIRUWKHLPSRVVLEOH
6RZKHQHYHU\RXVHHVRPHERG\LQORYHVRPHERG\LQWUXVWDYRLGWKHWHPSWDWLRQ
WRFULWLFL]H,WLVHDV\WRFULWLFL]HLWLVHDV\WRWKURZSRLVRQDWVRPHERG\
VORYH
DIIDLU%XW\RXGRQ
WNQRZWKDW\RXKDYHEHHQGHVWUXFWLYH\RXGRQ
WNQRZWKDW
\RXKDYHGHVWUR\HGVRPHWKLQJRILPPHQVHEHDXW\<RXKDYHWKURZQDURFNRQD
URVHIORZHU





'21
775$16)(57+(&2:
6/2$'727+(%8//

3HRSOHDUHDOZD\VILQGLQJVFDSHJRDWV%HFDXVHWKH\FDQQRWDQVZHUWKHVWURQJ
SHUVRQWKH\WDNHUHYHQJHRQWKHZHDN

7KHUHLVDVWRU\DERXW0XOOD1DVUXGGLQ+HZDVLQWKHFRXUWRIDJUHDWNLQJKH
ZDVWKHMHVWHURIWKHFRXUW+HVDLGVRPHWKLQJYHU\IXQQ\EXWWKHNLQJIHOW
RIIHQGHGDQGKHVODSSHG0XOOD1DVUXGGLQ1RZ0XOODZDQWHGWRVODSKLPEDFN
EXWWKDWZDVULVN\WKDWZDVGDQJHURXVVRKHVODSSHGWKHPDQZKRZDV
VWDQGLQJE\KLVVLGH
7KHPDQZDVWDNHQDEDFNKHVDLG:KDWDUH\RXGRLQJ",KDYHQRWGRQH
DQ\WKLQJWR\RX
$QG0XOODVDLG:K\DUH\RXDUJXLQJZLWKPH"<RXFDQVODSWKHPDQZKRLV
VWDQGLQJE\\RXUVLGH7KHZRUOGLVELJE\WKHWLPHLWFRPHVEDFNDJDLQZHZLOO
VHH-XVWOHWLWJRSDVVLWRQ

7KDW
VZKDWSHRSOHDUHGRLQJDFWXDOO\GRLQJ,WLVQRWMXVWDVWRU\7KHKXVEDQG
KDVEHHQKXPLOLDWHGE\WKHERVVDQGKHFRPHVKRPHDQGLVDQJU\DWWKHZLIHIRU
QRUHDVRQDWDOO2UPD\EHKHILQGVDUHDVRQDUHDVRQFDQDOZD\VEHIRXQG
WKH\DUHVRVLPSOHWRILQG7KHUHLVWRRPXFKVDOWLQWKHYHJHWDEOHVRUWKH
FKDSDWWLLVEXUQWRUVRPHWKLQJDQ\WKLQJ+HZLOOILQGDUHDVRQDQGKHZLOO
FRQYLQFHKLPVHOIWKDWKHLVDQJU\EHFDXVHRIWKLVUHDVRQ7KHUHDOLW\LVWKDWKHLV
DQJU\DWKLVERVV%XWWKHERVVLVDSRZHUIXOPDQWRVD\DQ\WKLQJFRXOGEH
GDQJHURXVKHPLJKWORVHKLVMRE6RKHVPLOHGZKHQWKHERVVZDVLQVXOWLQJKLP
KHZHQWRQZDJJLQJKLVWDLO1RZKHLVSURMHFWLQJWKHERVVRQWRWKHZLIH
,IWKHVWRU\LVKDSSHQLQJLQWKH:HVWWKHQWKHZLIHFDQDOVRMXPSRQKLP%XWLILW
LVKDSSHQLQJLQWKH(DVWWKHZLIHFDQQRWGRDQ\WKLQJ,QWKH(DVWKXVEDQGV
KDYHEHHQWHOOLQJWKHLUZLYHVWKDWKXVEDQGVKDYHWREHWUHDWHGDVJRGV7KHZLIH
FDQQRWVD\DQ\WKLQJVKHZLOOKDYHWRZDLWIRUWKHFKLOGWRFRPHEDFNIURPVFKRRO
DQGWKHQVKHZLOOGRZLWKWKHFKLOGZKDWVRHYHUVKHZDQWHGWRGRZLWKWKH
KXVEDQG6KHZLOOEHDWWKHFKLOG7KHFKLOGLVODWHKLVFORWKHVDUHWRUQDJDLQKH
KDVGRQHWKLVDQGWKDWDJDLQKHKDVEHHQSOD\LQJZLWKWKHZURQJER\VDJDLQ
$QGZKDWFDQWKHFKLOGGR"+HZLOOJRLQWRKLVURRPDQGEHDWRUGHVWUR\KLVWR\V
,QWKLVZD\LWJRHVRQVKLIWLQJ

$WLVKDLVVD\LQJ3OHDVHGRQ
WVKLIWWKLQJVRWKHUZLVH\RXUZKROHOLIH\RXZLOOEH
MXVWVKLIWLQJDQGVKLIWLQJ7DNHWKHUHVSRQVLELOLW\WDNHWKHULVN5HVSRQGWRWKH
VLWXDWLRQZKDWVRHYHUWKHFRVW

'21
775$16)(57+(&2:
6/2$'727+(%8//'21
7%$&.7+(
)$925,7(


'RQ
WKDYHOLNHVDQGGLVOLNHV%HMXVWEHIDLUGRQ
WGHFLGHWKURXJK\RXU
SUHMXGLFHV\RXUOLNHVDQGGLVOLNHV-XVWGHFLGHWKHFDVHRQLWVRZQPHULWDQG




\RXUOLIHZLOOKDYHWKHEHDXW\RIWUXWK\RXUOLIHZLOOKDYHWKHVWUHQJWKRIWUXWK

'21
7+$9(:521*9,(:6

$OOYLHZVDUHZURQJ/LIHVKRXOGEHOLYHGZLWKRXWYLHZVOLIHVKRXOGEHOLYHGLQ
LPPHGLDWHFRQWDFWZLWKUHDOLW\%XWLILWLVQRWSRVVLEOHWKHQDWOHDVWGRQ
WKDYH
ZURQJYLHZV:KDWDUHZURQJYLHZV"9LHZVZKLFKDUHURRWHGLQSUHMXGLFHKDWH
DQJHUJUHHGDPELWLRQYLROHQFH

7KHILUVWWKLQJLVGRQ
WKDYHDQ\NLQGRIYLHZV/LYHOLIHZLWKRXWDSKLORVRSK\WR
OLYHE\1RSKLORVRSK\LVQHHGHGWROLYHOLIHLQIDFWWKHEHVWDQGPRVWJORULRXVOLIH
LVWKHOLIHZKLFKLVOLYHGZLWKRXWDQ\SKLORVRSK\VLPSOHLQQRFHQWVSRQWDQHRXV
%XWLILWLVQRWSRVVLEOHULJKWQRZWKHQVWDUWE\DWOHDVWGURSSLQJZURQJYLHZV

'RQ
WOLYHWKURXJKSUHMXGLFHGRQ
WOLYHWKURXJKDQJHUGRQ
WOLYHWKURXJKKDWUHG
GRQ
WOLYHWKURXJKJUHHGDQGDPELWLRQGRQ
WOLYHWKURXJKGUHDPV%HPRUHUHDO
PRUHUHDOLVWLF%HDOLWWOHPRUHDOHUWDQGZDWFKIXOZDWFKLQJHDFKDFWFDXWLRXVO\
EHFDXVHHDFKDFWFUHDWHVDFKDLQRIDFWLRQV:KDWVRHYHU\RXGRZLOOUHPDLQLQ
WKHZRUOGHYHQZKHQ\RXDUHJRQHEHFDXVHWKHFKDLQZLOOFRQWLQXH,I\RX
FDQQRWGRVRPHWKLQJEHDXWLIXOLQWKHZRUOGDWOHDVWGRQ
WGRVRPHWKLQJXJO\

7KHKLJKHVWSRVVLELOLW\LVWROLYHZLWKRXWDQ\YLHZVWRMXVWOLYHWRMXVWEH7KH
VHFRQGEHVWLVWRDWOHDVWGURSWKHQHJDWLYHSDUWDQGIROORZWKHSRVLWLYH$QG
VORZO\VORZO\\RXZLOOVHHWKDWLI\RXFDQGURSWKHQHJDWLYHWKHSRVLWLYHFDQDOVR
EHGURSSHG,QIDFWWRGURSWKHQHJDWLYHLVPRUHGLIILFXOWWKDQWRGURSWKHSRVLWLYH

7KHSHUVRQZKRFDQGURSWKHQRFDQHDVLO\GURSWKH\HVEHFDXVHWKHQRLV
PRUHHJRVWUHQJWKHQLQJWKDQWKH\HV7KHSHUVRQZKRFDQGURSDQJHUKDWUHG
DQGJUHHGFDQHDVLO\GURSWKHSRVLWLYHIHHOLQJV$QGWRUHPDLQWUDQVFHQGHQWDOWR
DOOGXDOLWLHVLVWKHXOWLPDWHJRDORI$WLVKDDQGDOOWKHJUHDWPDVWHUV

$QGWKHODVWVXWUD
'21
7)$//)257+(&(/(67,$/'(021

7KHHJRLVFDOOHGWKHFHOHVWLDOGHPRQ5HPHPEHUFRQVWDQWO\HDFKPRPHQWRI
\RXUOLIHKDVWREHFRPHDFRQVWDQWUHPHPEUDQFHWKDWWKHHJRLVYHU\VXEWOHDQG
LWKDVYHU\FXQQLQJZD\VWRFRPHEDFNDJDLQDQGDJDLQ,WIROORZV\RXWRWKHYHU\
ODVWLWKRSHVWRWKHYHU\ODVWWKDW\RXZLOOEHWUDSSHG%HZDUHRILW

7KLVHJRLVFDOOHGLQ&KULVWLDQ0RKDPPHGDQDQG-XGDLFVFULSWXUHVWKHGHYLO,WLV
\RXURZQPLQGWKHYHU\FHQWHURI\RXURZQPLQG


,QWKHEHJLQQLQJMXVWWU\IRUDIHZPRPHQWVWROLYHZLWKRXWDQ\
,
<RXDUHGLJJLQJ
DKROHLQWKHHDUWKLQWKHJDUGHQMXVWGLJWKHKROHMXVWEHFRPHWKHGLJJLQJDQG
IRUJHWWKDW,DPGRLQJLW/HWWKHGRHUHYDSRUDWH<RXZLOOSHUVSLUHLQWKHVXQ




DQGWKHUHZLOOEHQRGRHUDQGWKHGLJJLQJZLOOFRQWLQXH$QG\RXZLOOEHVXUSULVHG
KRZGLYLQHOLIHLVLIWKHHJRFDQGLVDSSHDUHYHQIRUDVLQJOHPRPHQW

7DNLQJDVKRZHUMXVWOHWWKHZDWHUIDOORQ\RXEXWGRQ
WEHWKHUHDVDQ
,
5HOD[
IRUJHWWKH
,
DQG\RXZLOOEHVXUSULVHG7KHVKRZHULVQRWRQO\FRROLQJ\RXUERG\
LWFRROV\RXULQQHUPRVWFRUHWRR

$QGLI\RXVHDUFK\RXZLOOILQGVRPDQ\PRPHQWVLQRUGLQDU\OLIHHYHU\GD\ZKHQ
WKHHJRFDQEHSXWDVLGH$QGWKHMR\LVVRJUHDWWKDWRQFH\RXKDYHWDVWHGLW\RX
FDQGRLWDJDLQDQGDJDLQ$QGVORZO\VORZO\\RXEHFRPHFDSDEOHRISXWWLQJLWRII
XQOHVVLWLVDEVROXWHO\QHFHVVDU\

$QGWKHQWKDWGD\RIEOHVVLQJDOVRFRPHVZKHQ\RXNQRZLWLVQRWQHFHVVDU\DW
DOO<RXVD\WKHILQDOJRRGE\HWRLW7KHGD\WKHHJRGLHV\RXKDYHUHDFKHGWKH
SRLQWRIQRVHOI7KDWLV\RXUUHDOEHLQJ1RQEHLQJLV\RXUUHDOEHLQJ1RWWREHLV
WREHIRUWKHILUVWWLPH
(QRXJKIRUWRGD\


FKDSWHUIRXUWHHQRWKHUJXUXVDQGHWFHWHUDQDQGDV 


IHEUXDU\DPLQEXGGKDKDOO

7KHILUVWTXHVWLRQ




%(/29('26+2
&$1<286$<620(7+,1*$%287'($7+$1'7+($572)'<,1*"

'HYD9DQGDQDWKHILUVWWKLQJWREHNQRZQDERXWGHDWKLVWKDWGHDWKLVDOLH
'HDWKH[LVWVQRWLWLVRQHRIWKHPRVWLOOXVRU\WKLQJV'HDWKLVWKHVKDGRZRI
DQRWKHUOLHWKHQDPHRIWKDWRWKHUOLHLVWKHHJR'HDWKLVWKHVKDGRZRIWKH
HJR%HFDXVHWKHHJRLVGHDWKDSSHDUVWREHWKHUH

7KHVHFUHWRINQRZLQJGHDWKRIXQGHUVWDQGLQJGHDWKLVQRWLQGHDWKLWVHOI<RX
ZLOOKDYHWRJRGHHSHULQWRWKHH[LVWHQFHRIWKHHJR<RXZLOOKDYHWRORRNZDWFK
REVHUYHEHDZDUHRIZKDWWKLVHJRLV$QGWKHGD\\RXKDYHIRXQGWKDWWKHUHLV
QRHJRWKDWWKHUHKDVQHYHUEHHQLWDSSHDUHGRQO\EHFDXVH\RXZHUHQRW
DZDUHLWDSSHDUHGRQO\EHFDXVH\RXZHUHNHHSLQJ\RXURZQH[LVWHQFHLQ
GDUNQHVVWKHGD\LWLVXQGHUVWRRGWKDWWKHHJRLVDFUHDWLRQRIDQXQFRQVFLRXV
PLQGWKHHJRGLVDSSHDUVDQGVLPXOWDQHRXVO\GHDWKGLVDSSHDUV

7KHUHDO\RXLVHWHUQDO/LIHLVQHLWKHUERUQQRUGLHV7KHRFHDQFRQWLQXHVZDYHV
FRPHDQGJREXWZKDWDUHZDYHV"-XVWIRUPVWKHZLQGSOD\LQJZLWKWKHRFHDQ
:DYHVKDYHQRVXEVWDQWLDOH[LVWHQFH6RDUHZHZDYHVSOD\WKLQJV

%XWLIZHORRNGHHSGRZQLQWRWKHZDYHWKHUHLVDQRFHDQDQGWKHHWHUQDOGHSWK
RILWDQGWKHXQIDWKRPDEOHP\VWHU\RILW/RRNGHHSGRZQLQWR\RXURZQEHLQJ
DQG\RXZLOOILQGWKHRFHDQ$QGWKDWRFHDQLVWKHRFHDQDOZD\VLV<RXFDQQRW
VD\,WZDV\RXFDQQRWVD\,WZLOOEH<RXFDQRQO\XVHRQHWHQVHIRULWWKH
SUHVHQWWHQVHLWLV

7KLVLVWKHZKROHVHDUFKRIUHOLJLRQ7KHVHDUFKLVWRILQGWKDWZKLFKWUXO\LV:H
KDYHDFFHSWHGWKLQJVZKLFKUHDOO\DUHQRWDQGWKHJUHDWHVWDQGWKHPRVWFHQWUDO
RIWKHPLVWKHHJR$QGRIFRXUVHLWFDVWVDELJVKDGRZWKDWVKDGRZLVGHDWK

7KRVHZKRWU\WRXQGHUVWDQGGHDWKGLUHFWO\ZLOOQHYHUEHDEOHWRSHQHWUDWHLQWR
WKHP\VWHU\RILW7KH\ZLOOEHILJKWLQJZLWKGDUNQHVV'DUNQHVVLVQRQH[LVWHQWLDO
\RXFDQQRWILJKWZLWKLW%ULQJOLJKWDQGWKHGDUNQHVVLVQRPRUH

+RZFDQZHNQRZWKHHJR"%ULQJDOLWWOHPRUHDZDUHQHVVWR\RXUH[LVWHQFH

(DFKDFWKDVWREHGRQHOHVVDXWRPDWLFDOO\WKDQ\RXKDYHEHHQGRLQJXSWRQRZ
DQG\RXKDYHWKHNH\,I\RXDUHZDONLQJGRQ
WZDONOLNHDURERW'RQ
WJRRQ
ZDONLQJDV\RXKDYHDOZD\VZDONHGGRQ
WGRLWPHFKDQLFDOO\%ULQJDOLWWOH
DZDUHQHVVWRLWVORZGRZQOHWHDFKVWHSEHWDNHQLQIXOOFRQVFLRXVQHVV

%XGGKDXVHGWRVD\WRKLVGLVFLSOHVWKDWZKHQ\RXUDLVH\RXUOHIWIRRWGHHSGRZQ
VD\/HIW:KHQ\RXUDLVH\RXUULJKWIRRWGHHSGRZQVD\5LJKW)LUVWVD\LWVR
WKDW\RXFDQEHFRPHDFTXDLQWHGZLWKWKLVQHZSURFHVV7KHQVORZO\VORZO\OHW
WKHZRUGVGLVDSSHDUMXVWUHPHPEHU/HIWULJKWOHIWULJKW





7U\LWLQVPDOODFWV<RXDUHQRWVXSSRVHGWRGRELJWKLQJV(DWLQJWDNLQJDEDWK
VZLPPLQJZDONLQJWDONLQJOLVWHQLQJFRRNLQJ\RXUIRRGZDVKLQJ\RXUFORWKHV
GHDXWRPDWL]HWKHSURFHVVHV5HPHPEHUWKHZRUGGHDXWRPDWL]DWLRQWKDWLVWKH
ZKROHVHFUHWRIEHFRPLQJDZDUH

7KHPLQGLVDURERW7KHURERWKDVLWVXWLOLW\WKLVLVWKHZD\WKHPLQGIXQFWLRQV
<RXOHDUQVRPHWKLQJZKHQ\RXOHDUQLWLQWKHEHJLQQLQJ\RXDUHDZDUH)RU
H[DPSOHLI\RXOHDUQVZLPPLQJ\RXDUHYHU\DOHUWEHFDXVHOLIHLVLQGDQJHU2ULI
\RXOHDUQWRGULYHDFDU\RXDUHYHU\DOHUW<RXKDYHWREHDOHUW<RXKDYHWREH
FDUHIXODERXWPDQ\WKLQJVWKHVWHHULQJZKHHOWKHURDGWKHSHRSOHSDVVLQJE\
WKHDFFHOHUDWRUWKHEUDNHWKHFOXWFK<RXKDYHWREHDZDUHRIHYHU\WKLQJ7KHUH
DUHVRPDQ\WKLQJVWRUHPHPEHUDQG\RXDUHQHUYRXVDQGLWLVGDQJHURXVWR
FRPPLWDPLVWDNH,WLVVRGDQJHURXVWKDW
VZK\\RXKDYHWRNHHSDZDUH%XWWKH
PRPHQW\RXKDYHOHDUQHGGULYLQJWKLVDZDUHQHVVZLOOQRWEHQHHGHG7KHQWKH
URERWSDUWRI\RXUPLQGZLOOWDNHLWRYHU

7KDW
VZKDWZHFDOOOHDUQLQJ/HDUQLQJVRPHWKLQJPHDQVLWKDVEHHQWUDQVIHUUHG
IURPFRQVFLRXVQHVVWRWKHURERW7KDW
VZKDWOHDUQLQJLVDOODERXW2QFH\RX
KDYHOHDUQHGDWKLQJLWLVQRPRUHSDUWRIWKHFRQVFLRXVLWKDVEHHQGHOLYHUHGWR
WKHXQFRQVFLRXV1RZWKHXQFRQVFLRXVFDQGRLWQRZ\RXUFRQVFLRXVQHVVLVIUHH
WROHDUQVRPHWKLQJHOVH

7KLVLVLQLWVHOIWUHPHQGRXVO\VLJQLILFDQW2WKHUZLVH\RXZLOOUHPDLQOHDUQLQJD
VLQJOHWKLQJ\RXUZKROHOLIH7KHPLQGLVDJUHDWVHUYDQWDJUHDWFRPSXWHU8VH
LWEXWUHPHPEHUWKDWLWVKRXOGQRWRYHUSRZHU\RX5HPHPEHUWKDW\RXVKRXOG
UHPDLQFDSDEOHRIEHLQJDZDUHWKDWLWVKRXOGQRWSRVVHVV\RXLQWRWRWKDWLW
VKRXOGQRWEHFRPHDOODQGDOOWKDWDGRRUVKRXOGEHOHIWRSHQIURPZKHUH\RX
FDQFRPHRXWRIWKHURERW

7KDWRSHQLQJRIWKHGRRULVFDOOHGPHGLWDWLRQ%XWUHPHPEHUWKHURERWLVVR
VNLOOIXOLWFDQHYHQWDNHPHGLWDWLRQLQWRLWVFRQWURO2QFH\RXKDYHOHDUQHGLWWKH
PLQGVD\V1RZ\RXQHHGQRWEHZRUULHGDERXWLW,DPFDSDEOHRIGRLQJLW,ZLOO
GRLW\RXOHDYHLWWRPH

$QGWKHPLQGLVVNLOOIXOLWLVDYHU\EHDXWLIXOPDFKLQHLWIXQFWLRQVZHOO,QIDFWDOO
RXUVFLHQFHWRJHWKHUZLWKDOORXUVRFDOOHGSURJUHVVLQNQRZOHGJHKDVQRW\HW
EHHQDEOHWRFUHDWHVRPHWKLQJVRVRSKLVWLFDWHGDVWKHKXPDQPLQG7KH
JUHDWHVWFRPSXWHUVLQH[LVWHQFHDUHVWLOOUXGLPHQWDU\FRPSDUHGWRWKHPLQG
7KHPLQGLVVLPSO\DPLUDFOH

%XWZKHQVRPHWKLQJLVVRSRZHUIXOWKHUHLVGDQJHULQLW<RXFDQEHK\SQRWL]HG
VRPXFKE\LWDQGLWVSRZHUWKDW\RXFDQORVH\RXUVRXO,I\RXKDYHFRPSOHWHO\
IRUJRWWHQKRZWREHDZDUHWKHQWKHHJRLVFUHDWHG

(JRLVWKHVWDWHRIXWWHUXQDZDUHQHVV7KHPLQGKDVWDNHQSRVVHVVLRQRI\RXU




ZKROHEHLQJLWKDVVSUHDGOLNHDFDQFHUDOORYHU\RXQRWKLQJLVOHIWRXW7KHHJR
LVWKHFDQFHURIWKHLQQHUWKHFDQFHURIWKHVRXO

$QGWKHRQO\UHPHG\WKHRQO\UHPHG\,VD\LVPHGLWDWLRQ7KHQ\RXVWDUW
UHFODLPLQJDIHZWHUULWRULHVIURPWKHPLQG$QGWKHSURFHVVLVGLIILFXOWEXW
H[KLODUDWLQJWKHSURFHVVLVGLIILFXOWEXWHQFKDQWLQJWKHSURFHVVLVGLIILFXOWEXW
FKDOOHQJLQJWKULOOLQJ,WZLOOEULQJDQHZMR\LQWR\RXUOLIH:KHQ\RXUHFODLP
WHUULWRU\EDFNIURPWKHURERW\RXZLOOEHVXUSULVHGWKDW\RXDUHEHFRPLQJDWRWDOO\
QHZSHUVRQWKDW\RXUEHLQJLVUHQHZHGWKDWWKLVLVDQHZELUWK

$QG\RXZLOOEHVXUSULVHGWKDW\RXUH\HVVHHPRUH\RXUHDUVKHDUPRUH\RXU
KDQGVWRXFKPRUH\RXUERG\IHHOVPRUH\RXUKHDUWORYHVPRUHHYHU\WKLQJ
EHFRPHVPRUH$QGPRUHQRWRQO\LQWKHVHQVHRITXDQWLW\EXWLQWKHVHQVHRI
TXDOLW\WRR<RXQRWRQO\VHHPRUHWUHHV\RXVHHWUHHVPRUHGHHSO\7KHJUHHQ
RIWKHWUHHVEHFRPHVJUHHQHUQRWRQO\WKDWEXWLWEHFRPHVOXPLQRXV1RWRQO\
WKDWEXWWKHWUHHVWDUWVKDYLQJDQLQGLYLGXDOLW\RILWVRZQ1RWRQO\WKDWEXW\RX
FDQKDYHDFRPPXQLRQZLWKH[LVWHQFHQRZ

$QGWKHPRUHWHUULWRULHVWKDWDUHUHFODLPHGWKHPRUHDQGPRUH\RXUOLIH
EHFRPHVSV\FKHGHOLFDQGFRORUIXO<RXDUHWKHQDUDLQERZWKHZKROH
VSHFWUXPDOOWKHQRWHVRIPXVLFWKHZKROHRFWDYH<RXUOLIHEHFRPHVULFKHU
PXOWLGLPHQVLRQDOKDVGHSWKKDVKHLJKWKDVWUHPHQGRXVO\EHDXWLIXOYDOOH\VDQG
KDVWUHPHQGRXVO\EHDXWLIXOVXQOLWSHDNV<RXVWDUWH[SDQGLQJ$V\RXUHFODLP
SDUWVIURPWKHURERW\RXVWDUWFRPLQJDOLYH)RUWKHILUVWWLPH\RXDUHWXUQHGRQ

7KLVLVWKHPLUDFOHRIPHGLWDWLRQWKLVLVVRPHWKLQJQRWWREHPLVVHG7KHSHRSOH
ZKRPLVVLWKDYHQRWOLYHGDWDOO$QGWRNQRZOLIHLQVXFKLQWHQVLW\LQVXFK
HFVWDV\LVWRNQRZWKDWWKHUHLVQRGHDWK1RWWRNQRZOLIHFUHDWHVGHDWK
LJQRUDQFHRIOLIHFUHDWHVGHDWK

7RNQRZOLIHLVWRNQRZWKHUHLVQRGHDWKWKHUHQHYHUKDVEHHQ1RERG\KDV
HYHUGLHG,GHFODUHDQGQRERG\LVHYHUJRLQJWRGLH'HDWKLVLPSRVVLEOHLQWKH
YHU\QDWXUHRIWKLQJVRQO\OLIHLV<HVOLIHJRHVRQFKDQJLQJIRUPVRQHGD\\RX
DUHWKLVDQRWKHUGD\\RXDUHVRPHWKLQJHOVH:KHUHLVWKHFKLOG\RXRQFHZHUH"
+DVWKHFKLOGGLHG"&DQ\RXVD\WKDWWKHFKLOGKDVGLHG"7KHFKLOGKDVQRWGLHG
EXWWKHQZKHUHLVWKHFKLOG"7KHIRUPKDVFKDQJHG7KHFKLOGLVVWLOOWKHUHLQLWV
HVVHQWLDOLW\EXWQRZ\RXKDYHEHFRPHD\RXQJPDQRUD\RXQJZRPDQ7KH
FKLOGLVWKHUHZLWKDOOLWVEHDXW\LWKDVEHHQVXSHULPSRVHGE\QHZULFKHV

$QGWKHQRQHGD\\RXZLOOEHFRPHROG7KHQZKHUHLV\RXU\RXWK"'LHG"1R
DJDLQVRPHWKLQJPRUHKDVKDSSHQHG2OGDJHKDVEURXJKWLWVRZQFURSROGDJH
KDVEURXJKWLWVRZQZLVGRPROGDJHKDVEURXJKWLWVRZQEHDXWLHV

7KHFKLOGLVLQQRFHQWWKDWLVKLVFRUH7KH\RXWKLVRYHUIORZLQJZLWKHQHUJ\WKDW
LVKLVFRUH$QGWKHROGPDQKDVVHHQDOOOLYHGDOONQRZQDOOZLVGRPKDVDULVHQ
WKDWLVKLVFRUH%XWKLVZLVGRPFRQWDLQVVRPHWKLQJRIKLV\RXWKLWLVDOVR




RYHUIORZLQJLWLVUDGLDQWLWLVYLEUDQWLWLVSXOVDWLQJLWLVDOLYH$QGLWDOVRKDV
VRPHWKLQJRIWKHFKLOGLWLVLQQRFHQW

,IWKHROGPDQLVQRW\RXQJDOVRWKHQKHKDVRQO\DJHGKHLVQRWROG+HKDV
JURZQLQWLPHLQDJHEXWKHLVQRWJURZQXS+HKDVPLVVHG,IWKHROGPDQLV
QRWLQQRFHQWOLNHWKHFKLOGLIKLVH\HVGRQ
WVKRZWKDWFU\VWDOFODULW\RILQQRFHQFH
WKHQKHKDVQRW\HWOLYHG

,I\RXOLYHWRWDOO\FXQQLQJQHVVDQGFOHYHUQHVVGLVDSSHDUDQGWUXVWDULVHV7KHVH
DUHWKHFULWHULDWRNQRZZKHWKHURQHKDVOLYHGRUQRW7KHFKLOGQHYHUGLHVEXW
RQO\LVPHWDPRUSKRVHG7KH\RXWKQHYHUGLHVWKHUHLVRQO\DQHZPXWDWLRQ
DJDLQ$QGGR\RXWKLQNWKHROGPDQGLHV"<HVWKHERG\GLVDSSHDUVEHFDXVHLW
KDVVHUYHGLWVSXUSRVHEXWWKHFRQVFLRXVQHVVFRQWLQXHVWKHMRXUQH\

,IGHDWKZDVDUHDOLW\H[LVWHQFHZRXOGEHXWWHUO\DEVXUGH[LVWHQFHZRXOGEH
PDG,I%XGGKDGLHVWKDWPHDQVVXFKEHDXWLIXOPXVLFVXFKVSOHQGRUVXFK
JUDFHVXFKEHDXW\VXFKSRHWU\GLVDSSHDUVIURPH[LVWHQFH7KHQWKHH[LVWHQFH
LVYHU\VWXSLG7KHQZKDWLVWKHSRLQW"7KHQKRZLVJURZWKSRVVLEOH"7KHQKRZLV
HYROXWLRQSRVVLEOH"

%XGGKDLVDUDUHJHPLWKDSSHQVRQO\RQFHLQDZKLOH0LOOLRQVRISHRSOHWU\DQG
WKHQRQHSHUVRQEHFRPHVDEXGGKDDQGWKHQKHGLHVDQGDOOLVILQLVKHGVR
ZKDWLVWKHSRLQW"

1R%XGGKDFDQQRWGLH+HLVDEVRUEHGKHLVDEVRUEHGE\WKHZKROH+H
FRQWLQXHV1RZWKHFRQWLQXLW\LVERGLOHVVEHFDXVHKHKDVEHFRPHVRH[SDQGHG
WKDWQRERG\FDQFRQWDLQKLPH[FHSWWKHERG\RIWKHXQLYHUVHLWVHOI+HKDV
EHFRPHVRRFHDQLFWKDWLWLVQRWSRVVLEOHWRKDYHVPDOOPDQLIHVWDWLRQV1RZKH
FDQH[LVWRQO\LQHVVHQFH+HFDQH[LVWRQO\DVDIUDJUDQFHQRWDVDIORZHU+H
FDQQRWKDYHDIRUPKHFDQRQO\H[LVWDVDIRUPOHVVLQWHOOLJHQFHRIH[LVWHQFH

7KHZRUOGKDVJURZQPRUHDQGPRUHLQWHOOLJHQW%HIRUH%XGGKDLWZDVQRWVR
LQWHOOLJHQWVRPHWKLQJZDVPLVVLQJ%HIRUH-HVXVLWZDVQRWVRLQWHOOLJHQWEHIRUH
0RKDPPHGLWZDVQRWVRLQWHOOLJHQW7KH\KDYHDOOFRQWULEXWHG,I\RXXQGHUVWDQG
ULJKWO\*RGLVQRWVRPHWKLQJWKDWKDVKDSSHQHGEXWLVKDSSHQLQJ

*RGLVKDSSHQLQJHYHU\GD\%XGGKDKDVFUHDWHGVRPHWKLQJ0DKDYLUDKDV
FUHDWHGVRPHWKLQJ3DWDQMDOLKDVFUHDWHGVRPHWKLQJ/DR7]X=DUDWKXVWUD
$WLVKD7LORSDWKH\KDYHDOOFRQWULEXWHG

*RGLVEHLQJFUHDWHG/HW\RXUKHDUWVEHWKULOOHGWKDW\RXFDQEHFRPHDFUHDWRU
RI*RG<RXKDYHEHHQWROGDJDLQDQGDJDLQWKDW*RGFUHDWHGWKHZRUOG
,ZRXOGOLNHWRWHOO\RXZHDUHFUHDWLQJ*RGHYHU\GD\

$QG\RXFDQVHHWKHFKDQJHV,I\RXORRNLQWKH2OG7HVWDPHQWWKHZRUGVWKDW
WKH*RGRIWKH2OG7HVWDPHQWXWWHUVORRNVRXJO\6RPHWKLQJVHHPVWREHYHU\




SULPLWLYH7KH*RGRIWKH2OG7HVWDPHQWVD\V,DPDYHU\MHDORXV*RG&DQ
\RXWKLQNRI*RGEHLQJMHDORXV"7KRVHZKRGRQ
WIROORZPHVKRXOGEHFUXVKHG
DQGWKURZQLQWRKHOOILUH7KRVHZKRGRQ
WREH\PHJUHDWUHYHQJHZLOOEHWDNHQ
RQWKHP

&DQ\RXWKLQNRIWKHVHZRUGVEHLQJXWWHUHGE\%XGGKD"1RWKHFRQFHSWRI*RG
LVEHLQJSROLVKHGHYHU\GD\7KH*RGRI0RVHVLVUXGLPHQWDU\WKH*RGRI-HVXV
LVIDUPRUHVRSKLVWLFDWHGIDUPRUHFXOWXUHG$VPDQEHFRPHVFXOWXUHGKLV*RG
EHFRPHVFXOWXUHG$VPDQKDVPRUHXQGHUVWDQGLQJKLV*RGKDVPRUH
XQGHUVWDQGLQJEHFDXVH\RXU*RGUHSUHVHQWV\RX

7KH*RGRI0RVHVLVODZWKH*RGRI-HVXVLVORYH7KH*RGRI%XGGKDLV
FRPSDVVLRQWKH*RGRI$WLVKDLVXWWHUHPSWLQHVVDQGVLOHQFH
:HDUHVHDUFKLQJIRUQHZGLPHQVLRQVRI*RGZHDUHDGGLQJQHZGLPHQVLRQVWR
*RG*RGLVEHLQJFUHDWHG<RXDUHQRWMXVWDVHHNHU\RXDUHDOVRDFUHDWRU
$QGWKHIXWXUHZLOONQRZIDUEHWWHUYLVLRQVRI*RG

%XGGKDGRHVQRWGLHKHGLVDSSHDUVLQWRRXUFRQFHSWRI*RG-HVXVPHOWVLQWR
WKHRFHDQRIRXU*RG$QGWKHSHRSOHZKRDUHQRW\HWDZDNHQHGWKH\DOVRGRQ
W
GLH7KH\KDYHWRFRPHEDFNDJDLQDQGDJDLQLQWRVRPHIRUPEHFDXVHWKHRQO\
SRVVLELOLW\RIEHLQJDZDNHQHGLVWKURXJKIRUPV

7KHZRUOGLVDFRQWH[WIRUEHFRPLQJDZDNHQHGDQRSSRUWXQLW\

5HPHPEHU$WLVKD+HVD\V'RQ
WZDLWIRUWKHRSSRUWXQLW\EHFDXVHWKHZRUOG
LVWKHRSSRUWXQLW\ZHDUHDOUHDG\LQLW7KHZRUOGLVDQRSSRUWXQLW\WROHDUQ,W
ORRNVSDUDGR[LFDOWLPHLVWKHRSSRUWXQLW\WROHDUQWKHHWHUQDOWKHERG\LVWKH
RSSRUWXQLW\WROHDUQWKHERGLOHVVPDWWHULVWKHRSSRUWXQLW\WROHDUQ
FRQVFLRXVQHVVVH[LVWKHRSSRUWXQLW\WROHDUQVDPDGKL7KHZKROHH[LVWHQFHLV
DQRSSRUWXQLW\$QJHULVWKHRSSRUWXQLW\WROHDUQFRPSDVVLRQJUHHGLVWKH
RSSRUWXQLW\WROHDUQVKDULQJDQGGHDWKLVWKHRSSRUWXQLW\WRJRLQWRWKHHJRDQG
VHHZKHWKHU,DPRU,DPQRW,I,DPWKHQPD\EHGHDWKLVSRVVLEOH%XWLI\RX
ILQGIRU\RXUVHOIWKDW,DPQRWWKDWWKHUHLVSXUHHPSWLQHVVLQVLGHWKDWWKHUHLV
QRERG\LI\RXFDQIHHOWKDWQRERGLQHVVLQVLGH\RXZKHUHLVGHDWK":KDWLV
GHDWK":KRFDQGLH"
9DQGDQD\RXUTXHVWLRQLVVLJQLILFDQW<RXDVN&DQ\RXVD\VRPHWKLQJDERXW
GHDWK"2QO\RQHWKLQJWKDWGHDWKLVQRW

$QG\RXDVNDQGWKHDUWRIG\LQJ":KHQWKHUHLVQRGHDWKKRZDUH\RX
JRLQJWROHDUQWKHDUWRIG\LQJ"<RXZLOOKDYHWROLYHWKHDUWRIOLYLQJ,I\RXNQRZ
KRZWROLYH\RXZLOONQRZHYHU\WKLQJDERXWOLIHDQGDERXWGHDWK%XW\RXZLOO
KDYHWRDSSURDFKWKHSRVLWLYH

1HYHUPDNHWKHQHJDWLYHWKHREMHFWRI\RXUVWXG\EHFDXVHWKHQHJDWLYHLVQRW
WKHUH<RXFDQJRRQDQGRQDQG\RXZLOOQHYHUDUULYHDQ\ZKHUH7U\WR
XQGHUVWDQGZKDWOLJKWLVQRWGDUNQHVV7U\WRXQGHUVWDQGZKDWOLIHLVQRWGHDWK




7U\WRXQGHUVWDQGZKDWORYHLVQRWKDWH

,I\RXJRLQWRKDWH\RXZLOOQHYHUXQGHUVWDQGLWEHFDXVHKDWHLVRQO\WKHDEVHQFH
RIORYH6RLVGDUNQHVVWKHDEVHQFHRIOLJKW+RZFDQ\RXXQGHUVWDQGDEVHQFH"
,I\RXZDQWWRXQGHUVWDQGPH\RXKDYHWRXQGHUVWDQGPHQRWP\DEVHQFH,I
\RXZDQWWRVWXG\WKLVFKDLUWKLVFKDLUKDVWREHVWXGLHGQRWWKDWZKHQ
$VKHHVKKDVWDNHQLWDZD\\RXVWDUWVWXG\LQJWKHDEVHQFH:KDWZLOO\RXVWXG\"

$OZD\VEHDOHUWQHYHUJHWKRRNHGLQWRDQ\WKLQJQHJDWLYH0DQ\SHRSOHJRRQ
VWXG\LQJQHJDWLYHWKLQJVWKHLUHQHUJLHVDUHVLPSO\ZDVWHG7KHUHLVQRDUWRI
G\LQJ2UWKHDUWRIOLYLQJLVWKHDUWRIG\LQJ/LYH

%XW\RXUVRFDOOHGUHOLJLRXVSHRSOHKDYHEHHQWHDFKLQJ\RXQRWWROLYH7KH\DUH
WKHFUHDWRUVRIGHDWK,QDYHU\LQGLUHFWZD\WKH\KDYHFUHDWHGGHDWKEHFDXVH
WKH\KDYHPDGH\RXVRDIUDLGRIOLYLQJ(YHU\WKLQJLVZURQJ/LIHLVZURQJWKH
ZRUOGLVZURQJWKHERG\LVZURQJORYHLVZURQJUHODWLRQVKLSLVZURQJHQMR\LQJ
DQ\WKLQJLVZURQJ7KH\KDYHPDGH\RXVRJXLOW\DERXWHYHU\WKLQJVR
FRQGHPQDWRU\RIHYHU\WKLQJWKDW\RXFDQQRWOLYH$QGZKHQ\RXFDQQRWOLYH
ZKDWLVOHIW"7KHDEVHQFHWKHDEVHQFHRIOLIHDQGWKDWLVGHDWK$QGWKHQ\RX
DUHWUHPEOLQJWUHPEOLQJEHIRUHVRPHWKLQJZKLFKLVQRWZKLFKLV\RXURZQ
FUHDWLRQ$QGEHFDXVH\RXVWDUWWUHPEOLQJLQJUHDWIHDURIGHDWKWKHSULHVW
EHFRPHVYHU\SRZHUIXO+HVD\V'RQ
WEHZRUULHG,DPKHUHWRKHOS\RX

)ROORZPH,ZLOOVDYH\RXIURPKHOODQG,ZLOOWDNH\RXWRKHDYHQ$QGWKRVHZKR
DUHZLWKLQP\IROGZLOOEHVDYHGDQGQRERG\HOVHZLOOEHVDYHG

&KULVWLDQVJRRQVD\LQJWKHVDPHWKLQJWRSHRSOH8QOHVV\RXDUHD&KULVWLDQ
\RXFDQQRWEHVDYHG2QO\-HVXVZLOOVDYH\RX7KHGD\RIMXGJPHQWLVFRPLQJ
FORVHUDQGRQWKHGD\RIMXGJPHQWWKRVHZKRDUHZLWK-HVXVKHZLOOUHFRJQL]H
WKHPKHZLOOVRUWWKHPRXW$QGWKHRWKHUVPLOOLRQVDQGPLOOLRQVZLOOEHVLPSO\
WKURZQLQWRKHOOIRUHWHUQLW\5HPHPEHUWKHUHLVQRHVFDSHIRUHWHUQLW\WKH\ZLOO
EHWKURZQLQWRKHOO

$QGWKHVDPHLVWKHDWWLWXGHRIRWKHUUHOLJLRQV%XWRXWRIIHDUSHRSOHVWDUW
FOLQJLQJWRVRPHWKLQJZKDWVRHYHULVDYDLODEOHLQWKHFORVHYLFLQLW\,I\RXDUH
DFFLGHQWDOO\ERUQLQD+LQGXKRPHRUD-DLQDRUD-HZLVKKRPH\RXEHFRPHD
-HZRUD-DLQDRUD+LQGXDVWKHFDVHPD\EH:KDWVRHYHULVDYDLODEOHFORVH
E\WKHFKLOGVWDUWVFOLQJLQJWRLW

0\DSSURDFKLVWRWDOO\GLIIHUHQW,GRQ
WVD\EHDIUDLGWKDWLVWKHVWUDWHJ\RIWKH
SULHVWWKDWLVKLVWUDGHVHFUHW,VD\WKHUHLVQRWKLQJWRIHDUEHFDXVH*RGLVLQ
\RX7KHUHLVQRWKLQJWRIHDU/LYHOLIHIHDUOHVVO\OLYHHDFKPRPHQWDVLQWHQVHO\
DVSRVVLEOH,QWHQVLW\KDVWREHUHPHPEHUHG$QGLI\RXGRQ
WOLYHDQ\PRPHQW
LQWHQVHO\WKHQZKDWKDSSHQV"<RXUPLQGKDQNHUVIRUUHSHWLWLRQ

<RXORYHDZRPDQ\RXUPLQGKDQNHUVIRUUHSHWLWLRQ:K\":K\GR\RXKDQNHU




IRUWKHVDPHH[SHULHQFHDJDLQDQGDJDLQ"<RXHDWFHUWDLQIRRG\RXHQMR\LW
QRZ\RXKDQNHUIRUWKHVDPHIRRGDJDLQDQGDJDLQ:K\"7KHUHDVRQLVWKDW
ZKDWVRHYHU\RXGR\RXQHYHUGRLWWRWDOO\+HQFHVRPHWKLQJUHPDLQV
GLVFRQWHQWHGLQ\RX,I\RXGRLWWRWDOO\WKHUHZLOOEHQRKDQNHULQJIRUUHSHWLWLRQ
DQG\RXZLOOEHVHDUFKLQJIRUWKHQHZH[SORULQJWKHXQNQRZQ<RXZLOOQRWPRYH
LQDYLFLRXVFLUFOH\RXUOLIHZLOOEHFRPHDJURZWK2UGLQDULO\SHRSOHRQO\JRRQ
PRYLQJLQFLUFOHV7KH\DSSHDUWRPRYHEXWWKH\RQO\DSSHDUWR

*URZWKPHDQV\RXDUHQRWPRYLQJLQDFLUFOHWKDWVRPHWKLQJQHZLVKDSSHQLQJ
HYHU\GD\HYHU\PRPHQWUHDOO\$QGZKHQGRHVWKDWEHFRPHSRVVLEOH"
:KHQHYHU\RXVWDUWOLYLQJLQWHQVHO\

,ZRXOGOLNHWRWHDFK\RXKRZWRHDWLQWHQVHO\DQGWRWDOO\KRZWRORYHLQWHQVHO\
DQGWRWDOO\KRZWRGRVPDOOWKLQJVZLWKVXFKXWWHUHFVWDV\WKDWQRWKLQJLVOHIW
EHKLQG,I\RXODXJKOHWWKHODXJKWHUVKDNH\RXUYHU\IRXQGDWLRQV,I\RXFU\
EHFRPHWHDUVOHW\RXUKHDUWEHSRXUHGRXWWKURXJKWHDUV,I\RXKXJVRPHERG\
WKHQEHFRPHWKHKXJ,I\RXNLVVVRPHERG\WKHQEHMXVWWKHOLSVWKHQEHMXVW
WKHNLVV$QG\RXZLOOEHVXUSULVHGKRZPXFK\RXKDYHEHHQPLVVLQJKRZPXFK
\RXKDYHPLVVHGKRZ\RXKDYHOLYHGXSWRQRZLQDOXNHZDUPZD\

,FDQWHDFK\RXWKHDUWRIOLYLQJWKDWLPSOLHVWKHDUWRIG\LQJ\RXQHHGQRWOHDUQLW
VHSDUDWHO\7KHPDQZKRNQRZVKRZWROLYHNQRZVKRZWRGLH7KHPDQZKR
NQRZVKRZWRIDOOLQORYHNQRZVZKHQWKHPRPHQWKDVFRPHWRIDOORXWRILW+H
IDOOVRXWRILWJUDFHIXOO\ZLWKDJRRGE\HZLWKJUDWLWXGHEXWRQO\WKHPDQZKR
NQRZVKRZWRORYH

3HRSOHGRQ
WNQRZKRZWRORYHDQGWKHQWKH\GRQ
WNQRZKRZWRVD\JRRGE\H
ZKHQWKHWLPHKDVFRPHWRVD\LW,I\RXORYH\RXZLOONQRZWKDWHYHU\WKLQJEHJLQV
DQGHYHU\WKLQJHQGVDQGWKHUHLVDWLPHIRUEHJLQQLQJDQGWKHUHLVDWLPHIRU
HQGLQJDQGWKHUHLVQRZRXQGLQLW2QHLVQRWZRXQGHGRQHVLPSO\NQRZVWKH
VHDVRQLVRYHU2QHLVQRWLQGHVSDLURQHVLPSO\XQGHUVWDQGVDQGRQHWKDQNV
WKHRWKHU<RXJDYHPHVRPDQ\EHDXWLIXOJLIWV<RXJDYHPHQHZYLVLRQVRIOLIH
\RXRSHQHGDIHZZLQGRZV,PLJKWQHYHUKDYHRSHQHGRQP\RZQ1RZWKHWLPH
KDVFRPHWKDWZHVHSDUDWHDQGRXUZD\VSDUW1RWLQDQJHUQRWLQUDJHQRWZLWK
DJUXGJHQRWZLWKDQ\FRPSODLQWEXWZLWKWUHPHQGRXVJUDWLWXGHZLWKJUHDWORYH
ZLWKWKDQNIXOQHVVLQWKHKHDUW

,I\RXNQRZKRZWRORYH\RXZLOONQRZKRZWRVHSDUDWH<RXUVHSDUDWLRQZLOODOVR
KDYHDEHDXW\DQGDJUDFH$QGWKHVDPHLVWKHFDVHZLWKOLIHLI\RXNQRZKRZ
WROLYH\RXZLOONQRZKRZWRGLH<RXUGHDWKZLOOEHWUHPHQGRXVO\EHDXWLIXO
7KHGHDWKRI6RFUDWHVLVWUHPHQGRXVO\EHDXWLIXOWKHGHDWKRI%XGGKDLV
WUHPHQGRXVO\EHDXWLIXO7KHGD\%XGGKDGLHGLQWKHPRUQLQJKHJDWKHUHGDOOKLV
GLVFLSOHVDOOKLVVDQQ\DVLQVDQGWROGWKHP7KHODVWGD\KDVFRPHQRZP\
ERDWKDVDUULYHGDQG,KDYHWROHDYH$QGWKLVKDVEHHQDEHDXWLIXOMRXUQH\D
EHDXWLIXOWRJHWKHUQHVV,I\RXKDYHDQ\TXHVWLRQVWRDVN\RXFDQDVNWKHP
EHFDXVH,ZLOOQRWEHDYDLODEOHWR\RXSK\VLFDOO\DQ\PRUH





$JUHDWVLOHQFHIHOORQWKHGLVFLSOHVDJUHDWVDGQHVV$QG%XGGKDODXJKHGDQG
VDLG'RQ
WEHVDGEHFDXVHWKDW
VZKDW,KDYHEHHQWHDFKLQJ\RXDJDLQDQG
DJDLQHYHU\WKLQJWKDWEHJLQVHQGV1RZOHWPHWHDFK\RXE\P\GHDWKWRR$V
,KDYHEHHQWHDFKLQJ\RXWKURXJKP\OLIHOHWPHWHDFK\RXWKURXJKP\GHDWK
WRR

1RERG\FRXOGJDWKHUWKHFRXUDJHWRDVNDTXHVWLRQ7KHLUZKROHOLIHWKH\KDG
DVNHGWKRXVDQGVDQGWKRXVDQGVRITXHVWLRQVDQGWKLVZDVQRWDPRPHQWWRDVN
DQ\WKLQJWKH\ZHUHQRWLQWKHPRRGWKH\ZHUHFU\LQJDQGZHHSLQJ
6R%XGGKDVDLG*RRGE\H,I\RXGRQ
WKDYHDQ\TXHVWLRQVWKHQ,ZLOOGHSDUW

+HVDWXQGHUWKHWUHHZLWKFORVHGH\HVDQGKHGLVDSSHDUHGIURPWKHERG\,QWKH
%XGGKLVWWUDGLWLRQWKLVLVFDOOHGWKHILUVWPHGLWDWLRQWRGLVDSSHDUIURPWKH
ERG\,WPHDQVWRGLVLGHQWLI\\RXUVHOIIURPWKHERG\WRNQRZWRWDOO\DQG
DEVROXWHO\,DPQRWWKHERG\

$TXHVWLRQLVERXQGWRDULVHLQ\RXUPLQGKDG%XGGKDQRWNQRZQLWEHIRUH"+H
KDGNQRZQLWEHIRUHEXWDSHUVRQOLNH%XGGKDWKHQKDVWRFUHDWHVRPHGHYLFH
VRWKDWMXVWDOLWWOHELWRIKLPUHPDLQVFRQQHFWHGZLWKWKHERG\2WKHUZLVHKH
ZRXOGKDYHGLHGORQJEHIRUHIRUW\WZR\HDUVEHIRUHKHZRXOGKDYHGLHG7KH
GD\KLVHQOLJKWHQPHQWKDSSHQHGKHZRXOGKDYHGLHG2XWRIFRPSDVVLRQKH
FUHDWHGDGHVLUHWKHGHVLUHWRKHOSSHRSOH,WLVDGHVLUHDQGLWNHHSV\RX
DWWDFKHGWRWKHERG\

+HFUHDWHGDGHVLUHWRKHOSSHRSOH:KDWVRHYHU,KDYHNQRZQ,KDYHWRVKDUH
,I\RXZDQWWRVKDUH\RXZLOOKDYHWRXVHWKHPLQGDQGWKHERG\7KDWVPDOOSDUW
UHPDLQHGDWWDFKHG

1RZKHFXWVHYHQWKDWVPDOOURRWLQWKHERG\KHEHFRPHVGLVLGHQWLILHGIURPWKH
ERG\7KHILUVWPHGLWDWLRQFRPSOHWHWKHERG\LVOHIW7KHQWKHVHFRQGPHGLWDWLRQ
WKHPLQGLVGURSSHG+HKDGGURSSHGWKHPLQGORQJEHIRUHDVDPDVWHULWZDV
GURSSHGEXWDVDVHUYDQWLWZDVVWLOOXVHG1RZLWLVQRWHYHQQHHGHGDVD
VHUYDQWLWLVXWWHUO\GURSSHGWRWDOO\GURSSHG

$QGWKHQWKHWKLUGPHGLWDWLRQKHGURSSHGKLVKHDUW,WKDGEHHQQHHGHGXSWR
QRZKHKDGEHHQIXQFWLRQLQJWKURXJKKLVKHDUWRWKHUZLVHFRPSDVVLRQZRXOGQRW
KDYHEHHQSRVVLEOH+HKDGEHHQWKHKHDUWQRZKHGLVFRQQHFWVIURPWKHKHDUW

:KHQWKHVHWKUHHPHGLWDWLRQVDUHFRPSOHWHGWKHIRXUWKKDSSHQV+HLVQRPRUH
DSHUVRQQRPRUHDIRUPQRPRUHDZDYH+HGLVDSSHDUVLQWRWKHRFHDQ+H
EHFRPHVWKDWZKLFKKHKDGDOZD\VEHHQKHEHFRPHVWKDWZKLFKKHKDGNQRZQ
IRUW\WZR\HDUVEHIRUHEXWKDGEHHQVRPHKRZPDQDJLQJWRGHOD\LQRUGHUWR
KHOSSHRSOH

+LVGHDWKLVDWUHPHQGRXVH[SHULPHQWLQPHGLWDWLRQ$QGLWLVVDLGWKDWPDQ\ZKR




ZHUHSUHVHQWMXVWVHHLQJKLPPRYLQJVORZO\VORZO\)LUVWWKH\VDZWKHERG\
ZDVQRPRUHWKHVDPHVRPHWKLQJKDGKDSSHQHGWKHDOLYHQHVVKDG
GLVDSSHDUHGIURPWKHERG\7KHERG\ZDVWKHUHEXWOLNHDVWDWXH7KRVHZKR
ZHUHPRUHSHUFHSWLYHPRUHPHGLWDWLYHWKH\LPPHGLDWHO\VDZWKDWQRZWKHPLQG
KDGEHHQGURSSHGDQGWKHUHZDVQRPLQGLQVLGH7KRVHZKRZHUHHYHQPRUH
SHUFHSWLYHFRXOGVHHWKDWWKHKHDUWZDVILQLVKHG$QGWKRVHZKRZHUHUHDOO\RQ
WKHYHUJHRIEXGGKDKRRGVHHLQJ%XGGKDGLVDSSHDUWKH\DOVRGLVDSSHDUHG

0DQ\GLVFLSOHVEHFDPHHQOLJKWHQHGWKHGD\%XGGKDGLHGPDQ\MXVWVHHLQJ
KLPG\LQJ7KH\KDGZDWFKHGKLPOLYLQJWKH\KDGVHHQKLVOLIHEXWQRZFDPHWKH
FUHVFHQGRWKHFOLPD[7KH\VDZKLPG\LQJVXFKDEHDXWLIXOGHDWKVXFKJUDFH
VXFKPHGLWDWLYHQHVVVHHLQJLWPDQ\ZHUHDZDNHQHG

7REHZLWKDEXGGKDWROLYHZLWKDEXGGKDWREHVKRZHUHGE\KLVORYHLVD
EOHVVLQJ%XWWKHJUHDWHVWEOHVVLQJLVWREHSUHVHQWZKHQDEXGGKDGLHV<RXFDQ
VLPSO\ULGHRQWKDWHQHUJ\\RXFDQVLPSO\WDNHDTXDQWXPOHDSZLWKWKDWHQHUJ\
EHFDXVH%XGGKDLVGLVDSSHDULQJDQGLI\RXUORYHLVJUHDWDQG\RXUFRQQHFWLRQ
LVGHHSLWLVERXQGWRKDSSHQ

,WLVJRLQJWRKDSSHQWRPDQ\RIP\VDQQ\DVLQV7KHGD\,GLVDSSHDUPDQ\RI
\RXDUHJRLQJWRGLVDSSHDUZLWKPH

9LYHNDJDLQDQGDJDLQVD\VWRPH,GRQ
WZDQWWROLYHDVLQJOHPRPHQWZKHQ
\RXDUHJRQH$QG,VD\WRKHU'RQ
WEHZRUULHG(YHQLI\RXZDQWWROLYH\RX
ZLOOQRWEHDEOHWR-XVWWKHRWKHUGD\'HHNVKDZDVVD\LQJWR9LYHN2QFH
2VKRLVJRQH,DPJRQH7KDWLVWUXH%XWWKLVLVQRWRQO\WUXHDERXW9LYHNDQG
'HHNVKDWKLVLVWUXHRIPDQ\RI\RX$QGWKLVLVQRWVRPHWKLQJWKDW\RXKDYHWR
GRLWZLOOVLPSO\KDSSHQRILWVRZQDFFRUG,WZLOOEHDKDSSHQLQJ%XWLWLV
SRVVLEOHRQO\LI\RXDOORZWRWDOWUXVWWRKDSSHQ
:KLOH,DPDOLYHLI\RXDOORZWRWDOWUXVWWRKDSSHQWKHQ\RXFDQPRYHZLWKPHLQ
P\GHDWKWRR%XWLIWKHUHLVDOLWWOHGRXEW\RXZLOOWKLQN%XW,KDYHVWLOOQRWGRQH
PDQ\WKLQJVDQG,KDYHWROLYHP\OLIH,NQRZWKDWLWLVVDGWKDWWKHPDVWHULV
OHDYLQJDQG,NQRZLWZRXOGKDYHEHHQIDUEHWWHULIKHZDVDOLYHEXW,KDYHPDQ\
WKLQJVWRGR,KDYHWROLYHP\OLIHDQGDWKRXVDQGDQGRQHGHVLUHV,IWKHUHLVD
OLWWOHGRXEWLWZLOOFUHDWHDWKRXVDQGDQGRQHGHVLUHV%XWLIWKHUHLVQRGRXEW
WKHQWKHGHDWKRIWKHPDVWHULVWKHPRVWOLEHUDWLQJH[SHULHQFHWKDWKDVHYHU
KDSSHQHGRQWKLVHDUWK

%XGGKDZDVYHU\IRUWXQDWHWRKDYHJUHDWGLVFLSOHV-HVXVZDVQRWVRIRUWXQDWH
KLVGLVFLSOHVZHUHFRZDUGV:KLOHKHZDVG\LQJWKH\DOOHVFDSHG:KLOHKHZDV
RQWKHFURVVWKH\HVFDSHGPLOHVDZD\LQIHDUWKDWWKH\PLJKWEHFDXJKW$IWHU
WKUHHGD\VZKHQWKHVWRQHZDVUHPRYHGIURPLQIURQWRIWKHWRPEZKHUHKLV
ERG\ZDVNHSWWKHUHZDVQRWDVLQJOHRQHRIWKHDSRVWOHVRQO\0DU\0DJGDOHQH
WKHSURVWLWXWHDQGDQRWKHU0DU\WZRZRPHQKDGJDWKHUHGFRXUDJH

7KHGLVFLSOHVZHUHDIUDLGWKDWLIWKH\ZHQWWRVHHZKDWKDGKDSSHQHGWRWKH




PDVWHU
VERG\RUWRWDNHWKHPDVWHU
VERG\GRZQWKH\PLJKWEHFDXJKW2QO\WZR
ZRPHQKDGHQRXJKORYH:KHQ-HVXV
ERG\ZDVWDNHQGRZQIURPWKHFURVV
WKHQWRRWKUHHZRPHQWRRNWKHERG\GRZQ$OOWKRVHJUHDWDSRVWOHVZHUHQRW
WKHUH

-HVXVZDVQRWYHU\IRUWXQDWH$QGWKHUHDVRQLVFOHDUKHZDVVWDUWLQJVRPHWKLQJ
QHZ,QWKH(DVWEXGGKDVKDYHH[LVWHGIRUPLOOLRQVRI\HDUV7KH:HVWHUQ
FRQFHSWRIWLPHLVQRWULJKWWKH:HVWHUQFRQFHSWRIWLPHLVYHU\VPDOODQGLWLV
EHFDXVHRI&KULVWLDQLW\WKDWLWLVYHU\VPDOO&KULVWLDQWKHRORJLDQVKDYHHYHQ
FDOFXODWHGZKHQWKHZRUOGZDVFUHDWHGWKHWZHQW\WKLUGRI0DUFK,ZDV
ZRQGHULQJZK\QRWWKHWZHQW\ILUVW"*RGPLVVHGE\RQO\WZRGD\V2QWKH
WZHQW\WKLUGRI0DUFKIRXUWKRXVDQGDQGIRXU\HDUVEHIRUH&KULVWWKHZRUOGZDV
FUHDWHG$YHU\VPDOOLGHDRIWLPH

7KHZRUOGKDVH[LVWHGIRUPLOOLRQVRI\HDUV1RZVFLHQFHLVFRPLQJFORVHUDQG
FORVHUWRWKH(DVWHUQFRQFHSWRIWLPH,QWKH(DVWEXGGKDVKDYHH[LVWHGIRU
WKRXVDQGVDQGWKRXVDQGVRI\HDUVVRZHNQRZKRZWREHZLWKDEXGGKDKRZ
WROLYHZLWKKLPKRZWRWUXVWKLPDQGKRZWREHZLWKKLPZKHQKHLVG\LQJDQG
KRZWRGLHZLWKKLP

0XFKRILWKDVEHHQIRUJRWWHQE\FRXUWHV\RI&KULVWLDQLW\DQG:HVWHUQHGXFDWLRQ
7KHPRGHUQ,QGLDQLVQRW,QGLDQDWDOO,WLVYHU\GLIILFXOWWRILQG,QGLDQVLQ,QGLD
DOPRVWLPSRVVLEOH2QO\RQFHLQDZKLOHGR,FRPHDFURVVDQ,QGLDQ6RPHWLPHV
LWKDSSHQVWKDWSHRSOHZKRDUHFRPLQJIURPIDUDZD\FRXQWULHVDUHIDUPRUH
,QGLDQWKDQWKHVRFDOOHG,QGLDQV7KUHHKXQGUHG\HDUVRI:HVWHUQGRPLQDWLRQ
DQG:HVWHUQHGXFDWLRQKDYHPDGHWKH,QGLDQPLQGFRPSOHWHO\GLVRULHQWHG

7KH:HVWHUQPLQGLVFRPLQJFORVHUDQGFORVHUWRZDUGVXQGHUVWDQGLQJEXGGKDV
PRUHWKDQWKH(DVWHUQPLQGLWVHOIGRHV$QGWKHUHDVRQLVWKDWWKH:HVWLV
JHWWLQJIHGXSZLWKWHFKQRORJ\DQGVFLHQFHLVEHFRPLQJPRUHDQGPRUH
KRSHOHVVDQGKDVVHHQWKDWZKDWVFLHQFHKDVSURPLVHGLWKDVQRWEHHQDEOHWR
IXOILOO,QIDFWLWKDVVHHQWKDWDOOWKHUHYROXWLRQVKDYHIDLOHG$QGQRZWKHUHLVRQO\
RQHUHYROXWLRQOHIWWKHLQQHUWKHUHYROXWLRQRIWKHLQGLYLGXDOWKHUHYROXWLRQWKDW
LVEURXJKWE\LQQHUWUDQVIRUPDWLRQ

,QGLDQVDUHVWLOOKRSLQJWKDWZLWKDOLWWOHEHWWHUWHFKQRORJ\DOLWWOHEHWWHU
JRYHUQPHQWDOLWWOHPRUHPRQH\DOLWWOHPRUHSURGXFWLRQWKLQJVZLOODOOEH
SHUIHFWO\RND\7KH,QGLDQPLQGLVKRSLQJLWLVYHU\PDWHULDOLVWLF7KHPRGHUQ
,QGLDQLVPRUHPDWHULDOLVWLFWKDQWKHSHRSOHRIDQ\RWKHUFRXQWU\7KHPDWHULDOLVW
FRXQWULHVDUHIHGXSZLWKPDWHULDOLVP,WKDVIDLOHGWKH\DUHGLVDSSRLQWHGDQG
GLVLOOXVLRQHG

6ROHWPHWHOO\RXP\VDQQ\DVLQVDUHPRUH,QGLDQ7KH\PD\EH*HUPDQVWKH\
PD\EH1RUZHJLDQVWKH\PD\EH'XWFKWKH\PD\EH,WDOLDQV)UHQFK(QJOLVK
$PHULFDQV5XVVLDQV&]HFKV-DSDQHVH&KLQHVHEXWWKH\DUHIDUPRUH,QGLDQ
-RXUQDOLVWVDJDLQDQGDJDLQFRPHDQGDVN:K\GRQ
WZHVHHPRUH,QGLDQV




KHUH"$QG,VD\7KH\DUHDOO,QGLDQV7KHUHDUHMXVWDIHZIRUHLJQHUVMXVW
WKRVHIHZZKRP\RXWKLQNDUH,QGLDQVMXVWWKRVHIHZIRUHLJQHUVRWKHUZLVHWKH\
DUHDOO,QGLDQV

7REHDQ,QGLDQKDVQRWKLQJWRGRZLWKJHRJUDSK\LWKDVVRPHWKLQJWRGRZLWKDQ
LQQHUDSSURDFKWRZDUGVUHDOLW\0RGHUQ,QGLDKDVIRUJRWWHQWKHZD\VRIWKH
%XGGKDDQGKDVIRUJRWWHQKRZWROLYHZLWKEXGGKDV

,DPWU\LQJWRUHYHDOWKDWWUHDVXUHWR\RXDJDLQ/HWLWVLQNGHHSLQ\RXUKHDUW7KH
ILUVWSULQFLSOHLVWKHDUWRIOLYLQJ%HOLIHDIILUPDWLYH/LIHLVV\QRQ\PRXVZLWK*RG
<RXFDQGURSWKHZRUGJRGOLIH,6*RG/LYHZLWKUHYHUHQFHZLWKJUHDWUHVSHFW
DQGJUDWLWXGH<RXKDYHQRWHDUQHGWKLVOLIHLWKDVEHHQDVKHHUJLIWIURPWKH
EH\RQG)HHOWKDQNIXODQGSUD\HUIXODQGWDNHDVPDQ\ELWHVRILWDVSRVVLEOHDQG
FKHZLWZHOODQGGLJHVWLWZHOO

0DNH\RXUOLIHDQDHVWKHWLFH[SHULHQFH$QGQRWPXFKLVQHHGHGWRPDNHLWDQ
DHVWKHWLFH[SHULHQFHMXVWDQDHVWKHWLFFRQVFLRXVQHVVLVQHHGHGDVHQVLWLYH
VRXO%HFRPHPRUHVHQVLWLYHPRUHVHQVXRXVDQG\RXZLOOEHFRPHPRUH
VSLULWXDO

3ULHVWVKDYHDOPRVWSRLVRQHG\RXUERG\LQWRDVWDWHRIGHDWK<RXDUHFDUU\LQJ
SDUDO\]HGERGLHVDQGSDUDO\]HGPLQGVDQGSDUDO\]HGVRXOV\RXDUHPRYLQJRQ
FUXWFKHV7KURZDZD\DOOWKRVHFUXWFKHV(YHQLI\RXKDYHWRIDOODQGFUDZORQ
WKHJURXQGWKDWLVEHWWHUWKDQFOLQJLQJWRFUXWFKHV


$QGH[SHULHQFHOLIHLQDOOSRVVLEOHZD\VJRRGEDGELWWHUVZHHWGDUNOLJKW
VXPPHUZLQWHU([SHULHQFHDOOWKHGXDOLWLHV'RQ
WEHDIUDLGRIH[SHULHQFH
EHFDXVHWKHPRUHH[SHULHQFH\RXKDYHWKHPRUHPDWXUH\RXEHFRPH6HDUFK
IRUDOOSRVVLEOHDOWHUQDWLYHVPRYHLQDOOGLUHFWLRQVEHDZDQGHUHUDYDJDERQGRI
WKHZRUOGRIOLIHDQGH[LVWHQFH$QGGRQ
WPLVVDQ\RSSRUWXQLW\WROLYH

'RQ
WORRNEDFN2QO\IRROVWKLQNRIWKHSDVWIRROVZKRGRQRWKDYHWKH
LQWHOOLJHQFHWROLYHLQWKHSUHVHQW$QGRQO\IRROVLPDJLQHDERXWWKHIXWXUH
EHFDXVHWKH\GRQ
WKDYHWKHFRXUDJHWROLYHLQWKHSUHVHQW)RUJHWWKHSDVW
IRUJHWWKHIXWXUHWKLVPRPHQWLVDOO7KLVPRPHQWKDVWREHFRPH\RXUSUD\HU
\RXUORYH\RXUOLIH\RXUGHDWK\RXUHYHU\WKLQJ7KLVLVLW

$QGOLYHFRXUDJHRXVO\GRQ
WEHFRZDUGV'RQ
WWKLQNRIFRQVHTXHQFHVRQO\
FRZDUGVWKLQNRIFRQVHTXHQFHV'RQ
WEHWRRUHVXOWRULHQWHGSHRSOHZKRDUH
UHVXOWRULHQWHGPLVVOLIH'RQ
WWKLQNRIJRDOVEHFDXVHJRDOVDUHDOZD\VLQWKH
IXWXUHDQGIDUDZD\DQGOLIHLVKHUHQRZFORVHE\

$QGGRQ
WEHWRRSXUSRVLYH/HWPHUHSHDWLWGRQ
WEHWRRSXUSRVLYH'RQ
W
DOZD\VEULQJLQWKHLGHD:KDWLVWKHSXUSRVHRILW"EHFDXVHWKDWLVDVWUDWHJ\
FUHDWHGE\\RXUHQHPLHVE\WKHHQHPLHVRIKXPDQLW\WRSRLVRQ\RXUYHU\




VRXUFHRIOLIH$VNWKHTXHVWLRQ:KDWLVWKHSXUSRVHRILW"DQGHYHU\WKLQJ
EHFRPHVPHDQLQJOHVV

,WLVHDUO\PRUQLQJWKHVXQLVULVLQJDQGWKHHDVWLVUHGZLWKWKHVXQDQGWKHELUGV
DUHVLQJLQJDQGWKHWUHHVDUHZDNLQJXSDQGLWLVDOOMR\,WLVDUHMRLFLQJDQHZ
GD\KDVKDSSHQHGDJDLQ$QG\RXDUHVWDQGLQJWKHUHDVNLQJWKHTXHVWLRQ:KDW
LVWKHSXUSRVHRILW"<RXPLVV\RXPLVVLWWRWDOO\<RXDUHVLPSO\GLVFRQQHFWHG

$URVHIORZHULVGDQFLQJLQWKHZLQGVRGHOLFDWHDQG\HWVRVWURQJVRVRIW\HW
ILJKWLQJZLWKWKHVWURQJZLQGVRPRPHQWDU\\HWVRFRQILGHQW/RRNDWWKH
URVHIORZHU+DYH\RXHYHUVHHQDQ\URVHIORZHUQHUYRXV"6RFRQILGHQWVRXWWHUO\
FRQILGHQWDVLILWLVJRLQJWREHKHUHIRUHYHU-XVWDPRPHQW
VH[LVWHQFHDQG
VXFKWUXVWLQHWHUQLW\'DQFLQJLQWKHZLQGZKLVSHULQJZLWKWKHZLQGVHQGLQJRXW
LWVIUDJUDQFHDQG\RXDUHVWDQGLQJWKHUHDVNLQJWKHTXHVWLRQ:KDWLVWKH
SXUSRVHRILW"

<RXIDOOLQORYHZLWKDZRPDQDQGDVNWKHTXHVWLRQ:KDWLVWKHSXUSRVHRILW"
<RXDUHKROGLQJWKHKDQGRI\RXUEHORYHGRU\RXUIULHQGDQGDVNLQJWKHTXHVWLRQ
:KDWLVWKHSXUSRVHRILW"$QG\RXPD\VWLOOEHKROGLQJKDQGVEXWQRZOLIHKDV
GLVDSSHDUHG\RXUKDQGLVGHDG

5DLVHWKHTXHVWLRQ:KDWLVWKHSXUSRVH"DQGHYHU\WKLQJLVGHVWUR\HG/HWPH
WHOO\RXWKHUHLVQRSXUSRVHLQOLIH/LIHLVLWVRZQSXUSRVHLWLVQRWDPHDQVWR
VRPHHQGLWLVDQHQGXQWRLWVHOI7KHELUGRQWKHZLQJWKHURVHLQWKHZLQGWKH
VXQULVLQJLQWKHPRUQLQJWKHVWDUVLQWKHQLJKWDPDQIDOOLQJLQORYHZLWKD
ZRPDQDFKLOGSOD\LQJRQWKHVWUHHWWKHUHLVQRSXUSRVH/LIHLVVLPSO\
HQMR\LQJLWVHOIGHOLJKWLQJLQLWVHOI(QHUJ\LVRYHUIORZLQJGDQFLQJIRUQRSXUSRVH
DWDOO,WLVQRWDSHUIRUPDQFHLWLVQRWDEXVLQHVV/LIHLVDORYHDIIDLULWLVSRHWU\
LWLVPXVLF'RQ
WDVNXJO\TXHVWLRQVOLNH:KDWLVWKHSXUSRVH"EHFDXVHWKH
PRPHQW\RXDVNLW\RXGLVFRQQHFW\RXUVHOIIURPOLIH/LIHFDQQRWEHEULGJHGE\
SKLORVRSKLFDOTXHVWLRQV3KLORVRSK\KDVWREHSXWDVLGH

%HSRHWVRIOLIHVLQJHUVPXVLFLDQVGDQFHUVORYHUVDQG\RXZLOONQRZWKHUHDO
SKLORVRSK\RIOLIH3+,/2623+,$3(5(11,6

$QGLI\RXNQRZKRZWROLYHDQGLWLVDVLPSOHDUW7KHWUHHVDUHOLYLQJDQG
QRERG\LVWKHUHWRWHDFKWKHP,QIDFWWKH\PXVWEHODXJKLQJVHHLQJWKDW\RX
KDYHDVNHGVXFKDTXHVWLRQWKH\PXVWEHJLJJOLQJ\RXPD\QRWEHDEOHWR
KHDUWKHLUJLJJOH

7KHZKROHH[LVWHQFHLVQRQSKLORVRSKLFDO,I\RXDUHSKLORVRSKLFDOWKHQDJDS
DULVHVEHWZHHQ\RXDQGH[LVWHQFH([LVWHQFHVLPSO\LVIRUQRSXUSRVH$QGWKH
SHUVRQZKRUHDOO\ZDQWVWROLYHKDVWRJHWULGRIWKLVLGHDRISXUSRVH,I\RXVWDUW
OLYLQJZLWKRXWDQ\SXUSRVHZLWKLQWHQVLW\WRWDOLW\ORYHDQGWUXVWZKHQGHDWK
FRPHV\RXZLOONQRZKRZWRGLHEHFDXVHGHDWKLVQRWWKHHQGRIOLIHEXWRQO\
DQHSLVRGHLQOLIH





,I\RXKDYHNQRZQRWKHUWKLQJVLI\RXKDYHOLYHGRWKHUWKLQJV\RXZLOOEHDEOHWR
OLYHGHDWKWRR7KHUHDOPDQRIXQGHUVWDQGLQJOLYHVKLVGHDWKDVPXFKDVKHOLYHV
KLVOLIHZLWKWKHVDPHLQWHQVLW\ZLWKWKHVDPHWKULOO

6RFUDWHVZDVVRWKULOOHGZKHQKHZDVJRLQJWREHJLYHQSRLVRQ7KHSRLVRQZDV
EHLQJSUHSDUHGRXWVLGHKLVURRP+LVGLVFLSOHVKDGJDWKHUHGKHZDVO\LQJRQWKH
EHGUHDG\EHFDXVHWKHWLPHZDVFRPLQJFORVHU$WVL[R
FORFNH[DFWO\DVWKH
VXQVHWVKHZRXOGEHJLYHQWKHSRLVRQ3HRSOHZHUHQRWHYHQEUHDWKLQJWKH
FORFNZDVFRPLQJFORVHUDQGFORVHUWRVL[R
FORFNDQGWKLVEHDXWLIXOPDQZRXOG
EHJRQHIRUHYHU$QGKHKDGQRWFRPPLWWHGDQ\VLQ+LVRQO\VLQZDVWKDWKH
XVHGWRWHOOWKHWUXWKWRSHRSOHWKDWKHZDVDWHDFKHURIWUXWKWKDWKHZRXOGQRW
FRPSURPLVHWKDWKHZRXOGQRWERZGRZQWRWKHVWXSLGSROLWLFLDQV7KDWZDVKLV
RQO\FULPHKHKDGQRWGRQHDQ\KDUPWRDQ\ERG\$QG$WKHQVZDVWRUHPDLQ
SRRUHUIRUHYHU

,QIDFWZLWKWKHGHDWKRI6RFUDWHV$WKHQVGLHG7KHQLWQHYHUKDGWKHVDPH
JORU\DJDLQQHYHU,WZDVVXFKDFULPHNLOOLQJ6RFUDWHVWKDW$WKHQVFRPPLWWHG
VXLFLGH*UHHNFXOWXUHQHYHUUHDFKHGVXFKDKHLJKWDJDLQ)RUDIHZGD\VLW
FRQWLQXHGMXVWHFKRHVRI6RFUDWHVEHFDXVH3ODWRZDVKLVGLVFLSOHMXVWDQ
HFKR$QG$ULVWRWOHZDV3ODWR
VGLVFLSOHDQHFKRRIDQHFKR6ORZO\VORZO\DV
WKHHFKRHVRI6RFUDWHVGLVDSSHDUHG*UHHNFXOWXUHGLVDSSHDUHGIURPWKHZRUOG
,WKDGVHHQGD\VRIJORU\EXWLWFRPPLWWHGVXLFLGHE\PXUGHULQJ6RFUDWHV
+LVGLVFLSOHVZHUHYHU\PXFKGLVWXUEHGEXW6RFUDWHVZDVWKULOOHGMXVWDVDVPDOO
FKLOGZKHQ\RXWDNHKLPWRWKHH[KLELWLRQLVVRWKULOOHGE\HYHU\WKLQJHDFKDQG
HYHU\WKLQJLVVRLQFUHGLEOH+HZRXOGJHWXSDJDLQDQGDJDLQDQGJRWRWKH
ZLQGRZDQGDVNWKHPDQZKRZDVSUHSDULQJWKHSRLVRQ:K\DUH\RXGHOD\LQJ"
1RZLWLVVL[R
FORFN

$QGWKHPDQVDLG$UH\RXPDG6RFUDWHVRUVRPHWKLQJ",DPGHOD\LQJMXVWVR
WKDWDEHDXWLIXOPDQOLNH\RXFDQVWD\DOLWWOHORQJHU,FDQQRWGHOD\IRUHYHUEXW
WKLVPXFK,FDQGR$OLWWOHELWPRUHOLQJHUDOLWWOHELWPRUH:K\DUH\RXLQVXFKD
KXUU\WRGLH"

6RFUDWHVVDLG,KDYHNQRZQOLIH,KDYHOLYHGOLIH,NQRZWKHWDVWHRIOLIH1RZ,
DPVRFXULRXVDERXWGHDWK7KDW
VZK\,DPLQVXFKDKXUU\,DPSXOVDWLQJZLWK
JUHDWMR\WKHYHU\LGHDWKDWQRZ,DPJRLQJWRGLHDQG,ZLOOEHDEOHWRVHHZKDW
GHDWKLV,ZDQWWRWDVWHGHDWK,KDYHWDVWHGHYHU\WKLQJHOVHRQO\RQHWKLQJKDV
UHPDLQHGXQNQRZQ,KDYHOLYHGOLIHDQGNQRZQDOOWKDWOLIHFDQJLYH7KLVLVWKH
ODVWJLIWRIOLIHDQG,DPUHDOO\LQWULJXHG

7KHPDQZKRKDVOLYHGUHDOO\OLYHGZLOONQRZKRZWRGLH

9DQGDQDWKHUHLVQRDUWRIGHDWK7KHDUWRIOLIHLVWKHDUWRIGHDWKEHFDXVH
GHDWKLVQRWVRPHWKLQJVHSDUDWHIURPOLIH'HDWKLVWKHKLJKHVWSHDNRIOLIHWKH
(YHUHVWWKHYLUJLQVQRZFRYHUHGVXQOLW(YHUHVW,WLVWKHPRVWEHDXWLIXOWKLQJLQ




H[LVWHQFH

%XW\RXFDQNQRZWKHEHDXW\RIGHDWKRQO\LI\RXNQRZWKHEHDXW\RIOLIH/LIH
SUHSDUHV\RXIRUGHDWK%XWSHRSOHDUHQRWOLYLQJDWDOOWKH\DUHKDPSHUHGLQ
HYHU\SRVVLEOHZD\IURPOLYLQJ6RWKH\GRQ
WNQRZZKDWOLIHLVDQGFRQVHTXHQWO\
WKH\ZLOOQRWNQRZZKDWGHDWKLV

'HDWKLVDOLH<RXGRQ
WHQGZLWKLW\RXRQO\WDNHDWXUQ<RXPRYHRQDQRWKHU
URDG\RXGLVDSSHDUIURPWKLVURDG\RXDSSHDURQDQRWKHUURDG,I\RXDUHQRW
\HWDZDNHQHGQRW\HWHQOLJKWHQHGWKHQKHUH\RXGLHWKHUH\RXDUHERUQ<RX
GLVDSSHDUIURPRQHERG\DQG\RXDSSHDULPPHGLDWHO\LQVRPHZRPEEHFDXVH
PLOOLRQVRIIRROLVKSHRSOHDUHFRSXODWLQJDOORYHUWKHZRUOGWKH\DUHMXVWZDLWLQJ
IRU\RX$QGWKHUHDUHUHDOO\VRPDQ\WKDWLWLVJRRGWKDW\RXGLHXQFRQVFLRXVDQG
\RXFKRRVHWKHQHZZRPEXQFRQVFLRXVO\,ILWZDVDFRQVFLRXVFKRLFH\RX
ZRXOGJRFUD]\+RZWRFKRRVH":KRPWRFKRRVH"

8QFRQVFLRXVO\\RXGLHXQFRQVFLRXVO\\RXDUHERUQLQWRWKHFORVHVWSRVVLEOH
ZRPEWKDWILWVZLWK\RX2QHERG\LVJRQHDQGDQRWKHULVLPPHGLDWHO\IRUPHG

%XWLI\RXDUHHQOLJKWHQHG$QGZKDWGR,PHDQE\HQOLJKWHQHG",PHDQLI\RX
KDYHOLYHG\RXUOLIHZLWKDZDUHQHVVDQG\RXKDYHUHDFKHGWKHSRLQWRI
DZDUHQHVVZKHUHQRGDUNVSRWRIXQFRQVFLRXVQHVVH[LVWVLQ\RXWKHQWKHUHLV
QRORQJHUDQ\ZRPEIRU\RX7KHQ\RXHQWHULQWRWKHZRPERI*RGH[LVWHQFH
LWVHOI7KDWLVOLEHUDWLRQPRNVKDQLUYDQD

7KHODVWTXHVWLRQ

%(/29('26+2
025$5-,'(6$,21&(6$,'7+$7,)+(','6(783$&200,66,2172
,19(67,*$7(86:(:28/'127/,.(7+(5(68/76,)7+(
*29(510(17'2(66(783$&200,66,21,67+(5($1<+23($7
$//2),76%(,1*5($//<23(15($//<,03$57,$/"

.ULVKQDSUHPSROLWLFVFDQQHYHUEHLPSDUWLDOSROLWLFVLVSDUWLDOLW\3ROLWLFVFDQ
QHYHUEHXQSUHMXGLFHGLWLVURRWHGLQSUHMXGLFH6RGRQ
WKRSHIRUPXFK,WZLOOEH
IXQWKDW
VDOOZHZLOOHQMR\WKHSHRSOHZKRFRPHZLWKWKHFRPPLVVLRQ(QMR\LW
WKHQLIKHDSSRLQWVDQ\FRPPLVVLRQDQGWKHSHRSOHFRPHKHUHHQMR\LW*LYH
WKHPDIHHOLQJRI\RXUOLIHWKDWLVKDSSHQLQJKHUH:KRNQRZVVRPHERG\PD\EH
WXUQHGRQ

%XWGRQ
WWUXVWSROLWLFLDQV7KHJDPHZLWKSROLWLFLDQVLVDGDQJHURXVJDPH
)ULHQGVKLSLVGDQJHURXVZLWKWKHPHQPLW\LVGDQJHURXVZLWKWKHP%XWLWFDQQRW
EHDYRLGHG$QGZKDWLVKDSSHQLQJKHUHLVVRKXJHWKDWSROLWLFLDQVFDQQRW
UHPDLQRXWRILWIRUORQJ

-XVWWKHRWKHUGD\LQWKH,QGLDQSDUOLDPHQWWKH\GLVFXVVHGXVDJDLQDORQJ




GLVFXVVLRQ$SKRQHFDOOFDPHIURP'HOKLVD\LQJ6HQG.ULVKQD3UHP0DGKXUD
DQGWKHRWKHUSUHVVSHRSOHEHFDXVHQRZWKLVLVWKHRQO\KRWWKLQJWKDWSHRSOH
DUHWDONLQJDERXW

:HDUHQRWLQWHUHVWHGLQSROLWLFLDQVLQSROLWLFVQRWDWDOO%XWZHFDQQRWDYRLG
WKHPHLWKHU3ROLWLFVLVOLNHWKHZHDWKHUZKHWKHU\RXOLNHLWRUQRWLWLVJRLQJWR
DIIHFW\RXDQ\ZD\

,WLVNQRZQQRZZK\1DVVHUVXGGHQO\GLHGRIDKHDUWDWWDFN+HUHFHLYHGD
WHOHSKRQHFDOOIURP*ROGD0HLUZKRWROGKLP/HW
VPDNHORYHQRWZDU
1RZZKHWKHU\RXPDNHORYHRU\RXPDNHZDUZLWKSROLWLFLDQVLWLVJRLQJWREH
GLIILFXOWJRLQJWRXJKJRLQJ

6R.ULVKQD3UHPWKHUHLVQRQHHGIRUDQ\KRSH,QWKHILUVWSODFH,GRQ
WWKLQN
KHLVJRLQJWRDSSRLQWDFRPPLVVLRQIRUPDQ\UHDVRQV2QHUHDVRQLVWKHRWKHU
GD\LQSDUOLDPHQWVRPHERG\UDLVHGWKHTXHVWLRQ:K\DFRPPLVVLRQRQO\IRU
2VKR"$QGDJUHDWVKLYHUZHQWWKURXJKWKHZKROHSDUOLDPHQW

,WLVUHSRUWHGLQWKHQHZVSDSHUVWKDWWKHPDQVXJJHVWHGWKH\DSSRLQWD
FRPPLVVLRQWRLQYHVWLJDWH6DW\D6DL%DED*XUX0DKDUDMML0DKDULVKL0DKHVK
<RJL0XNWDQDQGDDQGRWKHU(WFHWHUD(WFHWHUDQDQGDV7KH\ZHUHYHU\KDSS\WR
KDYHDFRPPLVVLRQLQYHVWLJDWHP\SODFHP\FRPPXQHEXWQRZWKHUHLVIHDU
$QGWKDWORRNVORJLFDOLI\RXZDQWWRLQYHVWLJDWHRQHFRPPXQHWKHQZK\QRW
DOO"7KDWLVWKHILUVWSUREOHPWKH\ZLOOKDYHWRIDFH

6HFRQGO\KHZRXOGOLNHWRDYRLGWRHVFDSHIURPDSSRLQWLQJWKHFRPPLVVLRQ
EHFDXVHZKRNQRZVZKDWZLOOKDSSHQLIWKHFRPPLVVLRQFRPHV"7KHSHRSOHZKR
FRPHDQGJREDFNWRKLPWKH\PD\UHSRUWWKDWDOOWKDWDSSHDUVLQWKH
QHZVSDSHUVLVIDOVHLWLVQRWWKHWUXHSLFWXUH6RPDQ\SHRSOHKDYHYLVLWHGWKH
DVKUDPDQGVRPDQ\PHPEHUVRISDUOLDPHQWKDYHFRPHDQGZKRVRHYHUKDV
FRPHKDVUHSRUWHGWRKLP<RXDUHXQQHFHVVDULO\SUHMXGLFHG6RPHWKLQJ
EHDXWLIXOLVKDSSHQLQJDPHHWLQJRI(DVWDQG:HVWLVKDSSHQLQJ

6RKHLVDOVRDIUDLGGHHSGRZQ:KRNQRZVWKHFRPPLVVLRQPD\UHSRUW
IDYRUDEO\WKHQZKDWLVKHJRLQJWRGR"2QFHWKHFRPPLVVLRQUHSRUWVIDYRUDEO\
LWZLOOEHFRPHDJUHDWSUREOHPIRUKLP6RKHKDVIRXQGDYHU\OHJDOZD\WR
HVFDSHIURPDSSRLQWLQJWKHFRPPLVVLRQ+HVD\VWKDW,VKRXOGZULWHDSHUVRQDO
OHWWHUWRKLPDVNLQJWKDWDFRPPLVVLRQEHDSSRLQWHGWRLQYHVWLJDWHPHDQGP\
ZRUN+HNQRZVSHUIHFWO\ZHOOWKDWIRUILYH\HDUV,KDYHVWRSSHGZULWLQJSHUVRQDO
OHWWHUV

$QGZK\VKRXOG,ZULWHDSHUVRQDOOHWWHU",IWKHJRYHUQPHQWZDQWVWRNQRZZKDW
LVKDSSHQLQJLWLVWKHLUZRUNWRILQGWKDWRXW,IWKH\KDYHGHFLGHGZLWKRXW
LQYHVWLJDWLQJWKHQWKH\DUHEHLQJXQGHPRFUDWLF,IWKH\VD\WRWKHZRUOG:HZLOO
QRWDOORZDQ\WHOHYLVLRQFRPSDQLHVIURP+ROODQGIURP(QJODQGIURP-DSDQRU
IURP$XVWUDOLDWRFRYHUWKHZRUNDQGWKHFRPPXQHEHFDXVHLWZLOOQRWUHSUHVHQW




WKHWUXH,QGLDQVSLULWDQGWKHWUXH,QGLDQLPDJHLIWKH\KDYHGHFLGHGLWZLWKRXW
LQYHVWLJDWLQJDWDOOWKHQLWLVWKHLUGXW\WRDSSRLQWDFRPPLVVLRQ:K\VKRXOG,
DVNWKHPWRDSSRLQWDFRPPLVVLRQ"%XWWKLVLVDOHJDOWULFN+HNQRZV,GRQ
W
ZULWHSHUVRQDOOHWWHUV)RUILYH\HDUV,KDYHQRWGRQHVRDQG,DPQRWJRLQJWRGR
LWQRZ

$QGWKHQKHLVZRUULHGDOVRDERXWVRPHWKLQJKHVDLGLQSDUOLDPHQWWKHRWKHUGD\
+HVDLGWKDWKHKDVQRWUHFHLYHGDQ\SHUVRQDOOHWWHUIURPPHDQGLWLVDOZD\V
<RJD/D[PLWKHPDQDJLQJWUXVWHHZKRZULWHV$QGVKHZULWHV2VKRLVRQO\D
JXHVWLQWKHFRPPXQHVRKRZFDQZHLQYHVWLJDWHDJXHVW"

%XW/D[PLLVULJKW,DPVLPSO\\RXUJXHVW$QG,GRQ
WGRDQ\WKLQJVRZKDWDUH
WKH\JRLQJWRLQYHVWLJDWH"7KH\FDQFRPHDQGVLWZLWKPHIRUWZHQW\IRXUKRXUV
LQP\URRP,GRQ
WGRDQ\WKLQJWKHUHLVQRWKLQJWRLQYHVWLJDWH7KHTXHVWLRQLVRI
WKHFRPPXQHWKHZRUNWKDWJRHVRQLQWKHFRPPXQHWKDWKDVWREH
LQYHVWLJDWHG

%XWKHLVQRWLQWHUHVWHGLQWKHFRPPXQH+LVLQWHUHVWEDVLFDOO\LVVRPHKRZWR
FUHDWHDWUDSLQZKLFKKHFDQFDWFKPHEHFDXVHKHNQRZVLI,DPFDXJKWRULI,
DPLPSULVRQHGWKHQWKHZKROHZRUNZLOOEHGHVWUR\HGHDVLO\7KHRWKHUGD\LQ
SDUOLDPHQWKHVDLGLWXQFRQVFLRXVO\LWPXVWKDYHFRPHRXWRIKLP2VKRLV
WKHDVKUDP2VKRLVWKHFRPPXQH6RZHFDQQRWLQYHVWLJDWHWKHFRPPXQH
XQOHVVKHZULWHV$QG,DPQRWJRLQJWRZULWH,GRQ
WWKLQNSROLWLFLDQVDUHRIDQ\
ZRUWKDQG,GRQ
WWKLQNWKH\DUHZRUWK\WRLQYHVWLJDWHDUHOLJLRXVFRPPXQH
,QIDFWVRPHGD\ZHVKRXOGWKLQNRIDSSRLQWLQJDFRPPLVVLRQWRLQYHVWLJDWHWKH
SROLWLFLDQV

7KUHHSULPHPLQLVWHUVRIWKUHHJUHDWFRXQWULHVDUHVLWWLQJDWDGLQQHUSDUW\ZKHQ
DOORIDVXGGHQDORXGIDUWLVKHDUGFRPLQJIURPWKHVHDWZKHUHWKHODG\KRVWLV
GLQLQJ6KHLVEDUHO\DEOHWRKROGKHUVHOIWRJHWKHUZKHQLPPHGLDWHO\IURPDFURVV
WKHWDEOHWKH)UHQFKSULPHPLQLVWHUVWDQGVXSDQGLQDORXGILUPYRLFHH[FODLPV
([FXVHPHPHVVLHXUVGDPHVEXW,PXVWXQH[SHFWHGO\OHDYH,DPQRWIHHOLQJ
ZHOO

*UDWHIXODQGUHOLHYHGWKHODG\PDQDJHVWRUHJDLQKHUFRPSRVXUHZKHQWHQ
PLQXWHVODWHUVKHOHWVDQRWKHUIDUWHVFDSH'LVPD\HGDQGEOXVKLQJXSWRKHU
HDUVVKHZDWFKHVKRZWKH(QJOLVKSULPHPLQLVWHUVWDQGVXSDQGGHFODUHV,DP
VRUU\ODGLHVDQGJHQWOHPHQEXW,PXVWUHWLUHHDUO\WRQLJKW,DPQRWIHHOLQJZHOO

7KHVFHQHKDSSHQVRQFHPRUHDQGWKLVWLPHWKH,QGLDQSULPHPLQLVWHUSURXGO\
VWDQGVXSDQGVD\VORXGO\:HOOQRZODGLHVDQGJHQWOHPHQLWLVP\KRQRUDQG
P\GXW\WRJRKRPH

*HWLW"
,GRQ
WKDYHDQ\UHVSHFWIRUWKHVHSROLWLFLDQVDQGSROLWLFDOOHDGHUV,KDYHUHVSHFW
IRUWKHPDVKXPDQEHLQJVEXWQRWDVSROLWLFLDQV3ROLWLFVLVWKHPRVWXJO\




SKHQRPHQRQRQWKHHDUWKDQGSROLWLFLDQVWKHXJOLHVWKXPDQEHLQJV,KDYH
WUHPHQGRXVUHVSHFWIRUKXPDQEHLQJVEXW,FDQ
WKDYHDQ\UHVSHFWIRUWKHXJO\
SROLWLFVWKDWJRHVRQ

7KHUHLVQRQHHGWRKDYHDQ\KRSH)LUVWWKH\ZLOOQRWDSSRLQWDQ\FRPPLVVLRQ
DIUDLGWKDWLWPD\WXUQDJDLQVWWKHP$QGLWLVQRWJRLQJWREHHDV\HLWKHULIWKH\
DSSRLQWDFRPPLVVLRQZHDUHILUVWJRLQJWRJLYHWRXJKWHVWVIRUWKHFRPPLVVLRQ
WRRWRILQGRXWZKHWKHUWKH\DUHUHDOO\FDSDEOHRILQYHVWLJDWLQJDFRPPXQH

:KDWGRWKH\NQRZDERXWLW":KDWGRWKH\NQRZDERXWWKHWKHUDSLHVWKDWDUH
JRLQJRQKHUH")LUVWWKH\ZLOOEHH[DPLQHG$JURXSRIILIW\WKHUDSLVWVZLOO
H[DPLQHWKHPLQHYHU\SRVVLEOHZD\8QOHVVZHDUHVDWLVILHGWKDWWKH\DUH
ZRUWK\WRLQYHVWLJDWHZHZRQ
WDOORZWKHPLQVLGHWKHJDWH

)LUVWWKH\DUHQRWJRLQJWRDSSRLQWDFRPPLVVLRQ+HLVDIUDLGZKRPWR
DSSRLQW":KHUHDUHWKH\JRLQJWRILQGSHRSOHZKRXQGHUVWDQGSULPDOWKHUDS\
ELRHQHUJHWLFVHQFRXQWHUSV\FKRGUDPDSV\FKRV\QWKHVLVDQGSV\FKRDQDO\VLV"
$QGKHLVDIUDLGWKDWLIKHDSSRLQWVVRPHERG\ZKRXQGHUVWDQGVWKHVHWKLQJVKH
ZLOOEHLQVXSSRUWRIXV+HFDQDSSRLQWDUHWLUHGVHQLOHMXGJHEXWKHZLOOQRW
NQRZDQ\WKLQJDERXWLWDQGWKDWZLOOEHUHDOO\KLODULRXV

,GRQ
WWKLQNKHLVJRLQJWREXWLIKHGRHVDSSRLQWDFRPPLVVLRQHQMR\LW/HW
WKHPFRPHDQGKDYHUHDOIXQZLWKWKHZKROHWKLQJ$WOHDVWOHWWKHPFDUU\EDFN
VRPHMR\VRPHODXJKWHUIURPKHUH:KDWWKH\UHSRUWLVLUUHOHYDQWEHFDXVHZKDW
KDSSHQVDOPRVWDOZD\VLVWKLVEHIRUHWKH\FRPHKHUHWKHUHSRUWZLOODOUHDG\EH
UHDG\7KDW
VZKDWKDSSHQV7KHUHSRUWZLOOEHSUHSDUHGE\VRPHERG\HOVH%XW
ZHDUHQRWLQWHUHVWHGLQWKHLUUHSRUWV

,KDGRQO\VDLGWRDSSRLQWDFRPPLVVLRQVRWKDWWKHJRYHUQPHQWFDQKDYHDW
OHDVWDVKRZRIGHPRFUDF\,WLVXWWHUO\XQGHPRFUDWLFWRSUHYHQWPHGLDSHRSOH
UHDFKLQJ3RRQD,WLVVRXQGHPRFUDWLFZKDWWKH\WHOOSHRSOHQRZZHHYHQKDYH
OHWWHUVLQRXUSRVVHVVLRQ7RRQHVDQQ\DVLQDQ,QGLDQDPEDVVDGRULQ$PHULFD
ZURWH,I\RXZDQWWRJRWR3RRQDWKHQIRUJHWDOODERXWLWZHDUHQRWJRLQJWR
JLYH\RXDQ\HQWU\YLVD%XWLI\RXZDQWWRJRWRDQ\RWKHUDVKUDPZULWHDQGZH
DUHUHDG\WRJLYHLWWR\RX

-XVWVHHWKHIRROLVKQHVVRIWKHPDQZULWLQJLW

1RZLQ%RPED\RQWKHSDVVSRUWVRIVDQQ\DVLQVWKH\DUHZULWLQJ7KLVYLVDLVQRW
YDOLGIRU3RRQD6RLWVHHPV3RRQDLVQRORQJHUSDUWRI,QGLD$WRXULVWLVHQWLWOHG
WRWRXUWKHZKROHRI,QGLDH[FHSW3RRQD%XWZK\SUHYHQWSHRSOHIURPFRPLQJWR
3RRQD"-XVW.RUHJDRQ3DUNZRXOGKDYHEHHQHQRXJK

,QHYHU\SRVVLEOHZD\WKH\DUHGRLQJZKDWVRHYHUWKH\FDQGRWRKDVVOHDQG
KLQGHUXV7KH\KDYHWULHGRQHWKLQJWKDWWKH\DUHYHU\FOHYHUDWGRLQJWRILQG
VRPHIODZLQRXUILQDQFHV7KH\KDYHQRWEHHQDEOHWRGRLW6DGO\WKHILQDQFH




PLQLVWHUKDGWRGHFODUH\HVWHUGD\LQSDUOLDPHQW7KHLUILQDQFHVDUHDEVROXWHO\
RND\DQGZHFRXOGQRWILQGDQ\IODZLQWKHP6RQRZWKH\DUHDWDORVVDVWR
ZKDWWRGR

,QIDFWWKHUHLVQRWKLQJWKDWWKH\FDQILQGKHUHZKLFKLVEHLQJGRQHDJDLQVWWKH
ODZ%XWMXVWWKHLUSUHMXGLFHVWKHLUROGURWWHQPLQGVWKHLUWUDGLWLRQDOPLQGV

7KH\FDQQRWEHOLHYHWKDWDSKHQRPHQRQOLNHPHLVHYHQSRVVLEOHLQ,QGLD%XWLW
LVKDSSHQLQJDQGLWLVJRLQJWRJURZ,WLVJURZLQJ$QGWKHPRUHWKH\KLQGHULW
WKHPRUHLWZLOOJURZ7KDWLVDQLQQHUORJLFRIWKLQJVWKHPRUHKLQGUDQFHVWKHUH
DUHDQGWKHPRUHFKDOOHQJHVWKHPRUHLWLVJRLQJWRJURZ

,I-HVXVKDGQRWEHHQFUXFLILHGWKHUHZRXOGKDYHEHHQQR&KULVWLDQLW\,IRQHGD\
WKHSROLWLFLDQVGHFLGHWRFUXFLI\PH,ZLOOEHWKHKDSSLHVWSHUVRQLQWKHZRUOG
(QRXJKIRUWRGD\


FKDSWHUILIWHHQWKHVPRNHOHVVIODPH

IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ

%(/29('26+2
<280867+$9(72/'86620$1<7,0(6$/5($'<%87,67,//'21
7
*(7,7:+$7,67+(6(('2)'(6,5(",6,721/<,17+((;,67(1&(
2)0,1'"$1'+2:,67+('(6,5(2)7+(%2'<)256(;5(/$7('72
7+(0,1'"

$QXUDJWKHHQHUJ\FDOOHGGHVLUHKDVEHHQFRQGHPQHGIRUFHQWXULHV$OPRVWDOO
WKHVRFDOOHGVDLQWVKDYHEHHQDJDLQVWLWEHFDXVHGHVLUHLVOLIHDQGWKH\ZHUHDOO
OLIHQHJDWLYH'HVLUHLVWKHYHU\VRXUFHRIDOOWKDW\RXVHHDQGWKH\ZHUHDJDLQVW
DOOWKDWZKLFKLVYLVLEOH7KH\ZDQWHGWRVDFULILFHWKHYLVLEOHDWWKHIHHWRIWKH
LQYLVLEOHWKH\ZDQWHGWRFXWWKHURRWVRIGHVLUHVRWKHUHZRXOGQRORQJHUEHDQ\
SRVVLELOLW\RIOLIH

$WUHPHQGRXVO\JUHDWXUJHWRFRPPLWWRWDOVXLFLGHKDVGRPLQDWHGKXPDQLW\GRZQ
WKHDJHV

,KDYHDWRWDOO\GLIIHUHQWFRQFHSWRIGHVLUH)LUVWGHVLUHLWVHOILV*RG'HVLUH
ZLWKRXWDQ\REMHFWGHVLUHZLWKRXWEHLQJJRDORULHQWHGXQPRWLYDWHGGHVLUHSXUH
GHVLUHLV*RG7KHHQHUJ\FDOOHGGHVLUHLVWKHVDPHHQHUJ\DV*RG

'HVLUHKDVQRWWREHGHVWUR\HGLWKDVWREHSXULILHG'HVLUHKDVQRWWREH
GURSSHGLWKDVWREHWUDQVIRUPHG<RXUYHU\EHLQJLVGHVLUHWREHDJDLQVWLWLVWR
EHDJDLQVW\RXUVHOIDQGDJDLQVWDOO7REHDJDLQVWLWLVWREHDJDLQVWWKHIORZHUV




DQGWKHELUGVDQGWKHVXQDQGWKHPRRQ7REHDJDLQVWLWLVDJDLQVWDOOFUHDWLYLW\
'HVLUHLVFUHDWLYLW\

7KH(DVWHUQVFULSWXUHVDUHSHUIHFWO\ULJKWZKHQWKH\VD\WKDW*RGFUHDWHGWKH
ZRUOGEHFDXVHDJUHDWGHVLUHDURVHLQKLPDGHVLUHWRFUHDWHDGHVLUHWR
PDQLIHVWDGHVLUHWRPDNHPDQ\IURPRQHDGHVLUHWRH[SDQG%XWWKHVHDUH
RQO\PHWDSKRUV*RGLVQRWVHSDUDWHIURPGHVLUH'HVLUHPHDQVDORQJLQJD
JUHDWORQJLQJWRH[SDQGWREHFRPHKXJHWREHHQRUPRXVDVKXJHDVWKHVN\

-XVWZDWFKSHRSOHZDWFKGHVLUHVDQG\RXZLOOXQGHUVWDQGZKDW,PHDQ(YHQLQ
\RXURUGLQDU\GHVLUHVWKHEDVLFWKLQJLVSUHVHQW,QIDFWZKDWWKHPDQZKRZDQWV
WRKDYHPRUHDQGPRUHPRQH\UHDOO\ZDQWVLVQRWPRQH\EXWH[SDQVLRQ
EHFDXVHPRQH\FDQKHOS\RXH[SDQG<RXFDQKDYHDELJJHUKRXVH\RXFDQ
KDYHDELJJHUJDUGHQ\RXFDQKDYHWKLV\RXFDQKDYHWKDW\RXUWHUULWRU\ZLOO
EHELJJHU\RXUIUHHGRPZLOOEHELJJHU:LWKPRUHPRQH\\RXZLOOKDYHPRUH
DOWHUQDWLYHVWRFKRRVHIURP
7KHPDQZKRLVDIWHUPRQH\PD\QRWNQRZZK\KHLVDIWHUWKHPRQH\+HPD\
KLPVHOIWKLQNDQGEHOLHYHWKDWKHORYHVPRQH\EXWWKDWLVRQO\RQWKHVXUIDFHRI
KLVFRQVFLRXVQHVV*RGHHSHULQWRKLVXQFRQVFLRXVKHOSKLPWRPHGLWDWHDQG
\RXZLOOEHVXUSULVHGDQGKHZLOOEHVXUSULVHGWRILQGWKDWWKHGHVLUHIRUPRQH\LV
QRWUHDOO\WKHGHVLUHIRUPRQH\LWLVWKHGHVLUHWRH[SDQG

$QGWKHVDPHLVWKHFDVHZLWKDOORWKHUGHVLUHV0HQZDQWPRUHSRZHUPRUH
IDPHORQJHUOLIHEHWWHUKHDOWKEXWZKDWDUHWKH\GHVLULQJLQWKHVHGLIIHUHQW
WKLQJV"7KHVDPHH[DFWO\WKHVDPHWKH\ZDQWWREHPRUH7KH\GRQ
WZDQWWR
UHPDLQFRQILQHGWKH\GRQ
WZDQWWREHOLPLWHG,WKXUWVWRIHHOWKDW\RXDUH
GHILQDEOHEHFDXVHLI\RXDUHGHILQDEOHWKHQ\RXDUHMXVWDQREMHFWDWKLQJD
FRPPRGLW\,WKXUWVWKDW\RXKDYHOLPLWDWLRQVEHFDXVHWRKDYHOLPLWDWLRQVPHDQV
WREHLPSULVRQHG

%XWDOOWKHVHREMHFWVRIGHVLUHVRRQHURUODWHUGLVDSSRLQW0RQH\EHFRPHV
SRVVLEOHRQHGD\DQG\HWH[SDQVLRQKDVQRWKDSSHQHG\RXPD\KDYHDOLWWOH
PRUHIUHHGRPRIFKRLFHEXWWKDWGRHVQRWVDWLVI\7KHGHVLUHZDVIRUWKHLQILQLWH
DQGPRQH\FDQQRWSXUFKDVHWKHLQILQLWH<HV\RXKDYHPRUHSRZHU\RXDUH
PRUHZHOONQRZQEXWWKDWGRHVQ
WUHDOO\PDWWHULQWKHORQJUXQ0LOOLRQVRISHRSOH
KDYHOLYHGRQWKLVHDUWKDQGZHUHYHU\IDPRXVDQGQRZQRERG\HYHQNQRZV
WKHLUQDPHV(YHU\WKLQJKDVGLVDSSHDUHGLQWRGXVWGXVWLQWRGXVWQRWHYHQ
WUDFHVDUHOHIW:KHUHLV$OH[DQGHUWKH*UHDW":KDWLVKH":RXOG\RXOLNHWREH
DGHDG$OH[DQGHUWKH*UHDWRUDQDOLYHEHJJDU"$VN\RXUVHOIDQG\RXUEHLQJZLOO
VD\LWLVEHWWHUWREHDOLYHDQGEHDEHJJDUWKDQWREHGHDGDQGEHDQ$OH[DQGHU

,I\RXZDWFKFDUHIXOO\PRQH\SRZHUSUHVWLJHQRWKLQJVDWLVILHV2QWKH
FRQWUDU\WKH\PDNH\RXPRUHGLVFRQWHQWHG:K\"EHFDXVHZKHQ\RXZHUH
SRRUWKHUHZDVDKRSHWKDWRQHGD\WKHPRQH\ZDVJRLQJWRKDSSHQDQGDOO
ZRXOGEHVHWWOHGDQGVHWWOHGIRUHYHUDQGWKHQ\RXZRXOGUHOD[DQGHQMR\1RZ
WKDWKDVKDSSHQHGDQGWKHUHVHHPVWREHQRVLJQRIDQ\UHOD[DWLRQ,QIDFW\RX




DUHPRUHWHQVHWKDQEHIRUH\RXDUHPRUHDQ[LHW\ULGGHQWKDQEHIRUH

0RQH\KDVEURXJKWDIHZEOHVVLQJVEXWLQWKHVDPHPHDVXUHLWKDVEURXJKW
PDQ\FXUVHVWRR<RXFDQKDYHDELJJHUKRXVHEXWQRZ\RXZLOOKDYHOHVV
SHDFH<RXFDQKDYHDELJJHUEDQNEDODQFHEXW\RXZLOODOVRKDYHDELJJHU
PDGQHVVDQ[LHW\QHXURVLVSV\FKRVLV0RQH\KDVEURXJKWDIHZWKLQJVZKLFK
DUHJRRGLQWKHZDNHRILWPDQ\RWKHUWKLQJVKDYHDUULYHGZKLFKDUHQRWJRRGDW
DOO$QGLI\RXORRNDWWKHZKROHWKLQJWKHZKROHHIIRUWKDVEHHQDVKHHU
ZDVWDJH$QGQRZ\RXFDQQRWKDYHHYHQWKHKRSHWKDWWKHSRRUPDQFDQKDYH

7KHULFKPDQEHFRPHVKRSHOHVV+HNQRZVQRZWKHPRQH\ZLOOJRRQLQFUHDVLQJ
DQGQRWKLQJLVJRLQJWRKDSSHQMXVWGHDWKRQO\GHDWK+HKDVWDVWHGDOONLQGV
RIWKLQJVQRZKHRQO\IHHOVDWDVWHOHVVQHVV$NLQGRIGHDWKKDVDOUHDG\
KDSSHQHGEHFDXVHKHFDQQRWFRQFHLYHRIKRZWRIXOILOOWKDWGHVLUHIRUH[SDQVLRQ
%XWGHVLUHLQLWVHOILVQRWZURQJ7KHGHVLUHIRUPRQH\WKHGHVLUHIRUSRZHUWKH
GHVLUHIRUSUHVWLJHDUHZURQJREMHFWVIRUGHVLUHOHWLWEHYHU\FOHDU%\KDYLQJ
ZURQJREMHFWVRIGHVLUHGHVLUHLWVHOIGRHVQRWEHFRPHZURQJ<RXFDQKDYHD
VZRUGDQG\RXFDQNLOOVRPHERG\WKDWGRHVQRWPDNHWKHVZRUGVRPHWKLQJ
ZURQJ<RXFDQDOVRVDYHVRPHERG\ZLWKWKHVDPHVZRUG3RLVRQFDQNLOODQG
SRLVRQFDQEHFRPHPHGLFLQHWRR,QWKHULJKWKDQGVSRLVRQLVQHFWDULQWKH
ZURQJKDQGVQHFWDULVSRLVRQ

7KLVLVWKHHVVHQWLDOZLVGRPRIDOOWKHEXGGKDVRIDOOWKHDJHV:KDWWKHSULHVWV
VD\LVRQHWKLQJZKDWWKHEXGGKDVKDYHEURXJKWWRWKHZRUOGLVWRWDOO\GLIIHUHQWLW
LVGLDPHWULFDOO\RSSRVLWH

'HVLUHKDVWREHSXULILHGDQGWUDQVIRUPHGEHFDXVHLWLV\RXUHQHUJ\\RXGRQ
W
KDYHDQ\RWKHUHQHUJ\+RZWRWUDQVIRUPGHVLUH"2QHZD\WKHRUGLQDU\ZD\WKH
PHGLRFUHZD\LVWRFKDQJHWKHREMHFW'RQ
WJRDIWHUPRQH\VWDUWJRLQJDIWHU
*RG<RXDUHIUXVWUDWHGZLWKPRQH\EHFRPHUHOLJLRXVJRWRWKHFKXUFKWRWKH
WHPSOHWRWKHPRVTXH/HW\RXUGHVLUHKDYHDQHZREMHFWFDOOHG*RGZKLFKLV
DVLOOXVRU\DVWKHREMHFWFDOOHGPRQH\HYHQPRUHLOOXVRU\EHFDXVHZKDWGR\RX
NQRZDERXW*RG"0RQH\DWOHDVWLVVRPHWKLQJYLVLEOHREMHFWLYH\RXKDYHNQRZQ
LW\RXKDYHVHHQLW:KDWGR\RXNQRZRI*RG"<RXKDYHRQO\KHDUGWKHZRUG
*RGUHPDLQVDZRUGXQOHVVH[SHULHQFHG*RGUHPDLQVDQHPSW\ZRUGXQOHVV
\RXSRXUVRPHFRQWHQWLQWRLWWKURXJK\RXURZQH[LVWHQWLDOH[SHULHQFH

3HRSOHZKHQWKH\DUHIUXVWUDWHGZLWKZRUOGO\GHVLUHVVWDUWFKDQJLQJWKHREMHFW
WKH\VWDUWPDNLQJRWKHUZRUOGO\REMHFWVRIGHVLUHKHDYHQSDUDGLVHDQGDOOWKH
MR\VRIKHDYHQ%XWLWLVWKHVDPHWULFNWKHPLQGLVDJDLQEHIRROLQJ\RX7KLVLV
QRWWKHZD\RIWKHLQWHOOLJHQWSHUVRQWKLVLVWKHZD\RIWKHVWXSLG

:KDWLVLQWHOOLJHQFH",QWHOOLJHQFHPHDQVWKHLQVLJKWWKDWQRREMHFWFDQIXOILOO\RXU
GHVLUH1RREMHFW,VD\DQG,VD\LWFDWHJRULFDOO\QRREMHFWFDQHYHUIXOILOO\RXU
GHVLUH<RXUGHVLUHLVGLYLQH<RXUGHVLUHLVDVELJDVWKHVN\HYHQWKHVN\LV
QRWDOLPLWWRLW1RREMHFWFDQILOOLW7KHQZKDWLVWREHGRQH"7KHLQWHOOLJHQW




SHUVRQVWRSVGHVLULQJREMHFWV+HPDNHVKLVGHVLUHSXUHRIDOOREMHFWVZRUOGO\
RWKHUZRUOGO\+HVWDUWVOLYLQJKLVGHVLUHLQLWVSXULW\PRPHQWWRPRPHQW+HLVIXOO
RIGHVLUHIXOORIRYHUIORZLQJHQHUJ\+LVRUGLQDU\OLIHEHFRPHVVRLQWHQVHVR
SDVVLRQDWHWKDWZKDWVRHYHUKHWRXFKHVZLOOEHWUDQVIRUPHG7KHEDVHUPHWDOZLOO
EHFRPHJROGDQGWKHGHDGWUHHZLOOFRPHWREORRPDJDLQ

,WLVVDLGRI%XGGKDWKDWZKHUHYHUKHPRYHGGHDGWUHHVZRXOGVWDUWJURZLQJ
OHDYHVRXWRIVHDVRQWUHHVZRXOGEORRP7KHVHDUHEHDXWLIXOSRHWLFH[SUHVVLRQV
RIDFHUWDLQPHWDSK\VLFDOWUXWK%XGGKDLVSXUHGHVLUHMXVWGHVLUH1RWDGHVLUH
IRUDQ\WKLQJKHKDVDEDQGRQHGDOOREMHFWV

/HWPHUHPLQG\RXILUVWKHDEDQGRQHGWKHZRUOG+HZDVDSULQFHKHZDVERUQ
WREHDNLQJ6HHLQJWKHIXWLOLW\RIPRQH\VHHLQJWKHIXWLOLW\RIDOONLQGVRI
UHODWLRQVKLSVVHHLQJWKHIXWLOLW\RIDOOWKDWWKHZRUOGFDQJLYHKHZDVRQO\
WZHQW\QLQH\HDUVROGKHHVFDSHG+HGLGZHOOEHFDXVHDIWHUWKLUW\LWEHFRPHV
PRUHGLIILFXOWPRUHDQGPRUHGLIILFXOW

+LSSLHVDUHULJKW7KH\VD\'RQ
WEHOLHYHDPDQZKRLVRYHUWKLUW\%XGGKD
HVFDSHGDWWKHULJKWWLPHKHZDVH[DFWO\WZHQW\QLQHEHFDXVHWKHPRUH\RX
EHFRPHH[SHULHQFHGLQZRUOGO\ZD\VWKHPRUHFRZDUGO\\RXEHFRPH5HOLJLRQLV
IRUWKHFRXUDJHRXVUHOLJLRQLVIRUWKHEUDYHUHOLJLRQLVIRUWKH\RXQJWKRVHZKR
DUHVWLOODEOHWRWDNHWKHULVNWKRVHZKRDUHVWLOODEOHWRJDPEOH

%XGGKDHVFDSHG6HHLQJWKHIXWLOLW\KHHVFDSHGLQVHDUFKRI*RGLQVHDUFKRI
WUXWK+HUHSODFHGKLVGHVLUHIRUWKHZRUOGZLWKWKHGHVLUHIRU*RGWUXWKQLUYDQD
)RUVL[\HDUVKHZRUNHGKDUG%\WKHWLPHKHZDVWKLUW\ILYHKHZDVXWWHUO\VSHQW
+HKDGGRQHDOOWKDWZDVSRVVLEOHKXPDQO\SRVVLEOHWRGR+HIDVWHGIRU
PRQWKVPHGLWDWHGSUDFWLFHG\RJD$QGLQWKRVHGD\VWKHUHZHUHGLIIHUHQWNLQGV
RIVFKRROV+HZHQWIURPRQHWHDFKHUWRDQRWKHUIURPRQHVFKRROWRDQRWKHUKH
SUDFWLFHGDOOSRVVLEOHPHWKRGV$QGRQHGD\LWVXGGHQO\IODVKHG

+HZDVFURVVLQJWKHULYHU1LUDQMDQD,WLVDVPDOOULYHUZKHQ,ZHQWWRVHHWKH
ULYHU,FRXOGQRWEHOLHYHWKHVWRU\7KHVWRU\VD\VWKDWKHFRXOGQRWFURVVWKHULYHU
1LUDQMDQDKHFRXOGQRWVZLPLWEHFDXVHKHZDVVRZHDN7KHULYHULVVRQDUURZ
WKHULYHULVVRVPDOOEXWKHPXVWKDYHEHHQYHU\ZHDNIURP\HDUVRIIDVWLQJ,WLV
VDLGWKDWKHKDGIDVWHGVRORQJWKDW\RXFRXOGFRXQWKLVERQHVKLVULEV+HKDG
EHFRPHVLPSO\ERQHVKHZDVDVNHOHWRQKLVVWRPDFKKDGFRPSOHWHO\
GLVDSSHDUHGKLVVWRPDFKDQGKLVEDFNKDGEHFRPHRQH+HPXVWKDYHEHHQ
UHDOO\ZHDNKHFRXOGQRWFURVVWKHULYHUDQGZDVKDQJLQJRQWRWKHURRWRIDWUHH
KDYLQJQRHQHUJ\WRJHWRXWRIWKHULYHU

,QWKDWPRPHQWDJUHDWLQVLJKWKDSSHQHG,QVLJKWVKDSSHQRQO\LQVXFK
PRPHQWV:KHQWKHIUXVWUDWLRQLVWRWDOZKHQWKHGLVDSSRLQWPHQWLVFRPSOHWH
ZKHQWKHGLVLOOXVLRQPHQWLVXWWHUZKHQWKHUHLVQRWKLQJOHIWWRKRSHIRULQWKDW
PRPHQWKHVDZWKHSRLQWOHVVQHVVRILWDOO7KHZRUOGO\REMHFWVZHUH
PHDQLQJOHVVKHKDGKDGDOORIWKHPDQGWKH\GLGQRWVDWLVI\$QGWKRVH




RWKHUZRUOGO\GHVLUHVZHUHMXVWDVIRROLVKDVWKHZRUOGO\GHVLUHV,QWKDWPRPHQW
LQWKDWLQVLJKWKHEHFDPHREMHFWOHVV

/HWPHWHOO\RXWKHVFULSWXUHVUHSRUWLWYHU\ZURQJO\7KH\VD\WKDWLQWKDW
PRPHQWKHEHFDPHGHVLUHOHVV%XWWU\WRXQGHUVWDQGZKDW,DPWU\LQJWRFRQYH\
WR\RX+HEHFDPHREMHFWOHVVQRWGHVLUHOHVV<RXFDQQRWEHFRPHGHVLUHOHVV
'HVLUHLV\RXUYHU\OLIH\RXUEUHDWK\RXUKHDUWEHDWGHVLUHLV\RXUEHLQJ%XW
FHUWDLQO\DWUDQVIRUPDWLRQKDSSHQHGKHEHFDPHREMHFWOHVV7KLVZRUOGO\
RWKHUZRUOGO\DOOGHVLUHVLQWRWRGLVDSSHDUHGDVREMHFWVQRWGHVLUHDVHQHUJ\
7KHUHZDVQRREMHFWSXUHHQHUJ\ZDVIHOWDGHVLULQJIRUQRWKLQJDSXUHGHVLUH
PRYLQJQRZKHUHDSXUHGHVLUHKHUHQRZ

7KDWYHU\QLJKWKHDWWDLQHGHQOLJKWHQPHQW+DYLQJQRWKLQJWRGHVLUHKHUHVWHG
XQGHUDWUHHDQGIHOODVOHHS)RUWKHILUVWWLPHKHUHDOO\VOHSW:KHQWKHUHLV
QRWKLQJWRGHVLUHWKHUHLVQRWKLQJWRGUHDPDERXWHLWKHUEHFDXVHGUHDPVDUH
UHIOHFWLRQVRI\RXUGHVLUHV'UHDPVDUHUHIOHFWLRQVRI\RXUIUXVWUDWLRQVGUHDPV
DUHUHIOHFWLRQVRI\RXUUHSUHVVLRQVGUHDPVUHIOHFW\RXUGD\OLIH7KDWQLJKWWKHUH
ZDVQRGUHDPLWZDVDGUHDPOHVVGHHSVOHHS

3DWDQMDOLVD\VGUHDPOHVVGHHSVOHHSLVFORVHVWWRVDPDGKLMXVWRQHVWHSPRUH
DQG\RXKDYHFRPHKRPH$QGWKDWRQHVWHSKDSSHQHGHDUO\LQWKHPRUQLQJ
5HVWHG%XGGKDRSHQHGKLVH\HV)RUWKHILUVWWLPHLQKLVOLIHWKHUHZDVQRZKHUH
WRJRQRWKLQJWRGR)RUWKHILUVWWLPHLQOLIHKHPXVWKDYHEHHQDWDORVV1RZ
ZKDW"7KHUHZDVQRWKLQJWRFOLQJWRQRWKLQJWRKROGRQWR7KHUHPXVWKDYH
EHHQDQXWWHUHPSWLQHVV7LPHPXVWKDYHVWRSSHG7KHUHZDVQRSURJUDPDQ\
PRUH(YHU\GD\KHXVHGWRJHWXSZLWKVRPDQ\LGHDVWREHFXOWLYDWHGVRPDQ\
PHWKRGVWREHSUDFWLFHGVRPDQ\UHOLJLRXVULWXDOVWREHGRQHDQGDOOWKDW7RGD\
WKHUHZDVQRWKLQJOHIW8WWHUHPSWLQHVV

%XWGR\RXWKLQNKHGLHG"1RKHZDVERUQ2EMHFWVZHUHQRWWKHUH1RZWKH
GHVLUHZDVSXUHMXVWDWKUREDSXOVDWLRQMXVWDSDVVLRQIRUQRWKLQJLQ
SDUWLFXODU5HVWLQJXQGHUWKHWUHHZLWKRSHQH\HVKHPXVWKDYHEHHQVHHLQJWKH
VN\LQWKHHDVWEHFRPLQJUHGDQGWKHQWKHVXQULVH$QGZLWKWKHULVLQJVXQDQG
ZLWKWKHVN\WXUQLQJUHGDQGZLWKWKHODVWVWDURIWKHQLJKWGLVDSSHDULQJKH
EHFDPHHQOLJKWHQHG

:KDWGRHVWKLVZRUGHQOLJKWHQPHQWPHDQ",WVLPSO\PHDQVGHVLUHZDVIUHHG
IURPDOOREMHFWV+HEHFDPHSXUHORYHFRPSDVVLRQSXUHOLIH$QGWKLVSXUHOLIH
KDVWUHPHQGRXVEHDXW\DQGHFVWDV\ZLWKWKLVSXUHOLIH\RXKDYHDWWDLQHGWKH
LQILQLWH'HVLUHUHPDLQVVPDOOEHFDXVH\RXFRQILQHLWWRVPDOOREMHFWVGHVLUH
UHPDLQVVPDOOEHFDXVH\RXGHVLUHVPDOOWKLQJV6HHLQJLWSHRSOHVWDUWGHVLULQJ
ELJWKLQJVEXWELJWKLQJVDUHDOVRVPDOOWKLQJVKRZVRHYHUELJWKH\DUHWKH\
KDYHOLPLWDWLRQV

-XVWWKLQNRI\RXU*RG+RZELJLVKH"(J\SWLDQVXVHGWRVD\KHLVVHYHQIHHWWDOO
QRWKLQJPXFK7KHUHDUHPDQ\'XWFKVDQQ\DVLQVKHUH:KHQHYHU,VHHD




'XWFKVDQQ\DVLQ,UHPHPEHUWKH(J\SWLDQVDQGWKH(J\SWLDQJRGV,QGLDQVVD\
KHKDVWKUHHIDFHV6RZKDW"2XUSROLWLFLDQVKDYHRQHWKRXVDQGDQGRQHIDFHV
DQGHYHU\RQHKDVPDQ\IDFHV2QO\WKUHH":KHQ\RXWDONWR\RXUZLIH\RXKDYH
RQHIDFHZKHQ\RXWDONWR\RXUJLUOIULHQG\RXKDYHDQRWKHUIDFHZKHQ\RXWDON
WR\RXUVHUYDQWVWLOODQRWKHUZKHQ\RXWDONWR\RXUERVVVWLOODQRWKHU-XVWZDWFK
WKHZKROHGD\KRZPDQ\IDFHV\RXKDYH$QG*RGVHHPVWREHYHU\SRRU
RQO\WKUHHIDFHV"+RZGRHVKHPDQDJHZLWKRQO\WKUHHIDFHV"

$OOFRQFHSWVRI*RGDUHERXQGWREHOLPLWHG&RQFHSWVDVVXFKDUHERXQGWREH
OLPLWHG(YHQLI\RXVD\KHLVLQILQLWHZKDWGR\RXPHDQ":KDWGR\RXPHDQE\
LQILQLWH"7U\WRFRPSUHKHQGWKHPHDQLQJRIWKHZRUGLQILQLWHDQG\RXZLOOEHLQD
GLIILFXOW\(YHQ\RXUZRUGLQILQLWHZLOOEHIRXQGWREHILQLWH<RXFDQVD\KHLV
XQERXQGHGEXWMXVWWKLQNZKDWGR\RXPHDQ"7KHERXQGDU\PXVWEH
VRPHZKHUHKRZFRXOGLWEHWKDWRQHMXVWJRHVRQDQGRQDQGRQ"7KHUHPXVW
EHDERXQGDU\PD\EHLWLVYHU\IDUDZD\IDUIDUDZD\PD\EH\RXZLOOQHYHU
UHDFKLWEXWZKDWGR\RXPHDQE\XQERXQGHG"<RXVLPSO\PHDQXQPHDVXUHG
QRWKLQJPRUH

:KDWGR\RXPHDQZKHQ\RXVD\WKHRFHDQLVXQIDWKRPDEOH"'R\RXWKLQNWKHUH
LVQRERWWRPWRLW"7KHERWWRPLVWKHUHDOWKRXJKZHPD\QRWKDYHIDWKRPHGLW
2XUZD\VRIPHDVXUHPHQWDUHVPDOORXU\DUGVWLFNVDUHVPDOO

$Q\ZRUGWKDWZHFDQXVHLVERXQGWRUHPDLQOLPLWHG+HQFHWKRVHZKRKDYH
NQRZQ*RGWKH\VD\QRWKLQJFDQEHVDLGDERXWKLP%XGGKDGLGQRWHYHQVD\
WKLVPXFKWKDWQRWKLQJFDQEHVDLGDERXWKLPEHFDXVHKHVDLGLI\RXVD\
QRWKLQJFDQEHVDLGDERXWKLP\RXKDYHDOUHDG\VDLGVRPHWKLQJ<RXKDYH
DOUHDG\GHILQHGKLP1RWKLQJFDQEHVDLGDERXWKLPLVDVWDWHPHQWDQGDOO
VWDWHPHQWVGHILQH

<RXFDQPRYHIURPVPDOOREMHFWVWRELJJHUDQGELJJHUREMHFWVEXWVWLOO\RXU
GHVLUH\RXUOLIHZLOOQRWIHHOIXOILOOHG,WFDQQRWIHHOIXOILOOHGXQOHVVLWLVUHDOO\
LQILQLWHQRWLQFRQFHSWLRQVEXWLQH[SHULHQFHDQGXQOHVV\RXWDVWHWKHLQILQLW\RI
H[LVWHQFH

'HVLUHLVEHDXWLIXOWKHUHLVQRWKLQJZURQJLQLWRQO\IUHHLWIURPREMHFWV:LWK
IUHHGRPIURPREMHFWVGHVLUHLVGLYLQH

$QXUDJ\RXVD\<RXPXVWKDYHWROGXVVRPDQ\WLPHVDOUHDG\EXW,VWLOOGRQ
W
JHWLW

-XVWE\P\VD\LQJLW\RXDUHQRWJRLQJWRJHWLW<RXZLOOKDYHWRPRYHLQWR
H[SHULHQFH,WLVQRWDSKLORVRSKLFDOV\VWHPRIWKRXJKWWKDW,DPFRQYH\LQJWR
\RX,DPRQO\SRLQWLQJWRZDUGVDSDWKWKHSDWKKDVWREHIROORZHG<RXZLOOQRW
JHWLWMXVWE\OLVWHQLQJWRPH<HV\RXFDQJHWLWLI\RXVLWVLOHQWO\E\P\VLGH<RX
FDQJHWLWLQWKHLQWHUYDOVZKHQ,DPKHUHDQG\RXDUHKHUHDQGQRZRUG
LQWHUIHUHVLQWHUYHQHV





:RUGVGRQ
WFRPPXQLFDWH2QWKHFRQWUDU\IRUKLJKHUWKLQJVWKH\EHFRPH
EDUULHUV)RUORZHUWKLQJVWKH\DUHEULGJHVWKHKLJKHU\RXPRYHWKHOHVVDQG
OHVVWKH\DUHEULGJHVWKHPRUHDQGPRUHWKH\DUHZDOOV

<RXVD\<RXPXVWKDYHWROGXVVRPDQ\WLPHVDOUHDG\EXW,VWLOOGRQ
WJHWLW
,ZLOOJRRQVD\LQJLW$QXUDJDJDLQDQGDJDLQEXWUHPHPEHU\RXZLOOQRWJHWLW
MXVWE\OLVWHQLQJWRPH<RXZLOOKDYHWREHVRPHWKLQJOLNHPH<RXZLOOKDYHWR
LPELEHPH\RXZLOOKDYHWRGLJHVWPH,WLVQRWVRPHWKLQJYHUEDOWKDWLV
KDSSHQLQJKHUHLWLVVRPHWKLQJH[LVWHQWLDO,WLVDORYHDIIDLU
,DPQRWDWHDFKHU,DPQRWWHDFKLQJ\RXDQ\WKLQJ,DPVLPSO\LPSDUWLQJ
VRPHWKLQJWR\RX:KDWKDVKDSSHQHGWRPH,DPLQYLWLQJ\RXWRSDUWDNHRILW
%HP\JXHVWOHWPHEH\RXUKRVW$QGLI\RXFDQHYHQEHDJXHVWIRUDVLQJOH
PRPHQWWKDWZKLFKKDVQRWEHHQXQGHUVWRRGIRUVRORQJZLOOEHLPPHGLDWHO\
XQGHUVWRRG$QGQRWRQO\ZLOOLWEHXQGHUVWRRG\RXZLOOEHVXUSULVHGKRZ\RX
ZHQWRQPLVVLQJLW,WLVVRVLPSOHWRKDYHXQGHUVWRRGLWZRXOGKDYHEHHQVLPSOH

%XWLWLVDTXHVWLRQRIDQHQHUJ\FRPPXQLFDWLRQ$QGVORZO\VORZO\,ZLOOWXUQWKH
FRPPXQHLQWRDQHQHUJ\FRPPXQLFDWLRQ:RUGVFDQWDNH\RXRQO\VRIDUWKHQLW
KDVWREHFRPHDPHHWLQJRIHQHUJLHV<RXKDYHWREHHOHFWULILHGE\PH<RX
KDYHWRDOORZP\SXUHGHVLULQJP\SXUHHQHUJ\,WLVREMHFWOHVV,GRQ
WGHVLUHD
WKLQJ,DPVLPSO\GHVLUH,I\RXDOORZ\RXUVHOIWRFRPHLQFRQWDFWZLWKWKLV
HQHUJ\WKHUHZLOOEHDWUDQVIRUPDWLRQDWXUQLQJSRLQWDFRQYHUVLRQ
<RXVD\:KDWLVWKHVHHGRIGHVLUH"

7KHUHLVQRVHHGRIGHVLUH'HVLUHLVWKHVHHGRIDOO'HVLUHLVWKHXOWLPDWHVHHG
*RGGHVLUHGWREHPDQ*RGGHVLUHGWRH[SDQG*RGGHVLUHGWRFUHDWH
'HVLUHLVWKHVHHGRIHYHU\WKLQJ

,I\RXDVNPH,ZLOOVD\*RGLVGHVLUHWKDW
VZK\KHFRXOGGHVLUH2QO\GHVLUH
FDQGHVLUH

<RXDVN,VLWRQO\LQWKHH[LVWHQFHRIPLQG"

1R7KHPLQGKDVRQO\DYHU\WXQQHOYLVLRQ7KHPLQGLVDVLI\RXDUHKLGLQJ
EHKLQGDGRRUDQGORRNLQJWKURXJKWKHNH\KROH<HVVRPHWLPHV\RXFDQVHHD
ELUGRQWKHZLQJEXWIRURQO\DVSOLWVHFRQGDQGWKHQLWLVJRQH<RXVHH
VRPHERG\SDVVLQJE\DEHDXWLIXOZRPDQDEHDXWLIXOPDQRUDGRJMXVWIRUD
PRPHQWDQGLWLVJRQH$PRPHQWEHIRUHLWZDVQRWWKHUHDPRPHQW
DIWHUZDUGVLWLVQRPRUHWKHUH7KDW
VKRZWKHPLQGFUHDWHVWLPH,WLVDNH\KROH

<RXVHHDELUGRQWKHZLQJDQG\RXVHHLWRQO\IRUMXVWDVHFRQG%HIRUHWKDWLW
ZDVQRWGR\RXWKLQNLWZDVQRW",WZDVEXWIRU\RXLWZDVLQWKHIXWXUH
EHFDXVHLWZDVQRWLQIURQWRI\RXUNH\KROH$QGDIWHUDPRPHQWLWLVQRPRUH
DJDLQGR\RXWKLQNLWLVQRPRUH",WVWLOOLVEXWIRU\RXLWLVSDVW





0LQGLVOLPLWHGKHQFHLWFUHDWHVGLYLVLRQVSDVWSUHVHQWDQGIXWXUH7KHSUHVHQW
LVWKDWZKLFKIRUDPRPHQWDSSHDUVRQWKHVFUHHQRIWKHPLQGDQGWKHSDVWLV
WKDWZKLFKLVQRPRUHRQWKHVFUHHQDQGWKHIXWXUHLVWKDWZKLFKLVQRW\HW%XW
OHWPHWHOO\RXDOOLVDQGDOZD\VLV1RWKLQJHYHUJRHVRXWRIH[LVWHQFHDQG
QRWKLQJHYHUFRPHVLQWRH[LVWHQFH(YHU\WKLQJSHUVLVWVUHPDLQV

7LPHLVDIDOVHQRWLRQFUHDWHGE\WKHPLQG

(WHUQLW\LVWUXWKWLPHOHVVQHVVLVWUXWK
6RPHERG\DVNHG-HVXV7HOOXVVRPHWKLQJPRUHDERXWWKHNLQJGRPRI*RG
:KDWZLOOEHVSHFLDOWKHUH"6RPHWKLQJXQLTXH<HVZHKDYHKHDUGWKDWWKHUHZLOO
EHSOHDVXUHEXWSOHDVXUHZHNQRZPD\EHLWZLOOEHWKRXVDQGVDQGWKRXVDQGV
RIWLPHVJUHDWHUEXWZHNQRZZKDWSOHDVXUHLV:HKDYHKHDUGWKHUHZLOOEH
FHOHVWLDOPXVLFRND\ZHNQRZVRPHWKLQJDERXWPXVLF%XWZKDWZLOOEH
VSHFLDO"

$QG\RXZLOOEHVXUSULVHGZKDW-HVXVVDLG,WLVQRWUHFRUGHGLQWKH&KULVWLDQ
VFULSWXUHVEXWWKHUHDUHDIHZVD\LQJVVFDWWHUHGKHUHDQGWKHUHLQRWKHU
VFULSWXUHV7KLVLVUHFRUGHGE\WKH6XILV-HVXVVDLG7KHUHVKDOOEHWLPHQR
ORQJHU$WUHPHQGRXVO\VLJQLILFDQWDQVZHU7KHUHVKDOOEHWLPHQRORQJHUWKLV
ZLOOEHVSHFLDO<RXKDYHNQRZQHYHU\WKLQJEXW\RXKDYHQRWNQRZQ
WLPHOHVVQHVV7KHUHVKDOOEHWLPHQRORQJHUPHDQVWKHUHVKDOOEHPLQGQR
ORQJHU0LQGDQGWLPHDUHV\QRQ\PRXV

,QWKHXOWLPDWHUHFNRQLQJWLPHLVPLQGPLQGLVWLPH%RWKDUHDVSHFWVRIWKH
VDPHFRLQWKH\ERWKGLVDSSHDUWRJHWKHU'URSRQHDQGWKHRWKHULVJRQHDOVR
<RXDVNPH:KDWLVWKHVHHGRIGHVLUH"

$QXUDJWKHUHLVQRVHHGRIGHVLUH'HVLUHLVWKHXOWLPDWHVHHGRIDOORWKHUVHHGV
$QG\RXDVN,VLWRQO\LQWKHH[LVWHQFHRIPLQG"

1R7KHPLQGKDVRQO\DOLWWOHJOLPSVHRIGHVLUHMXVWDIOLFNHULQJJOLPSVHRI
GHVLUH0LQGNQRZVQRWKLQJRIGHVLUHPLQGRQO\NQRZVDERXWGHVLULQJWKLVDQG
GHVLULQJWKDW'HVLULQJPRQH\GHVLULQJSRZHUGHVLULQJSUHVWLJHPLQGNQRZV
DERXWGHVLUHVIRUREMHFWV:KHQWKHREMHFWVDUHQRPRUHWKHUHGHVLUHLVQRPRUH
SDUWRIWKHPLQG7KHQGHVLUHLVEH\RQGPLQGWKHQGHVLUHLVVLPSO\DQ
RYHUIORZLQJHQHUJ\

:LOOLDP%ODNHVD\VGHVLUHLVHQHUJ\DQGHQHUJ\LVGHOLJKW,KDYHKHDUGDUXPRU
WKDW6DUJDPDRQHRIRXUVDQQ\DVLQVLVDGLUHFWGHVFHQGDQWRI:LOOLDP%ODNH

:HKDYHEHDXWLIXOSHRSOHKHUH:LOOLDP%ODNHLVRQHRIWKHPRVWEHDXWLIXO
SHUVRQVZKRKDVHYHUZDONHGRQWKHHDUWKRQHRIWKHPRVWSHQHWUDWLQJP\VWLFV
6DUJDPDPXVWKDYHVRPHWKLQJRI:LOOLDP%ODNH
VTXDOLW\LQKLP%XWLWPD\EH
MXVWDUXPRUEHFDXVH,KDYHKHDUGDQRWKHUUXPRUDOVRWKDW:LOOLDP%ODNHKDGQR
VRQDWDOO%XWWKDWPD\EHDSSOLFDEOHRQO\WROHJDOVRQVRQHFDQKDYHLOOHJDO




VRQV

:LOOLDP%ODNH
VLQVLJKWLVWUXH'HVLUHLVHQHUJ\HQHUJ\LVGHOLJKW&RQWHPSODWH
RYHULW-XVWSXUHGHVLUHMXVWRYHUIORZLQJHQHUJ\IRUQRSDUWLFXODUREMHFWIRUQR
GHVWLQDWLRQ

7KDW
VZKDW\RXKDYHWRUHPHPEHUZKHQ\RXFRPHWRPHIRUDQHQHUJ\GDUVKDQ
IRUDFORVHXS-XVWEHFRPHSXUHGHVLUHMXVWDQRYHUIORZLQJGHVLUHIRUQRWKLQJ
LQSDUWLFXODU'RQ
WZDLWIRUDQ\H[SHULHQFH([SHULHQFHVZLOOFRPHEXWGRQ
WZDLW
IRUWKHP,I\RXZDLW\RXZLOOPLVVEHFDXVHZKHQ\RXDUHZDLWLQJIRUDQ
H[SHULHQFH\RXDUHQRPRUHLQWKHKHUHQRZ<RXKDYHDOUHDG\PLVVHGWKHSRLQW
WKHPLQGKDVFRPHLQ7KHREMHFWKDVREVWUXFWHGWKHSXULW\RIGHVLUH

:KHQ\RXDUHLQDQHQHUJ\GDUVKDQZLWKPHZKHQ\RXDUHSDUWDNLQJRI
VRPHWKLQJRIP\HQHUJ\MXVWEHSXUHGHVLUHJRLQJQRZKHUHPRYLQJQRZKHUH
MXVWWKULOOHGIRUQRUHDVRQDWDOOMXVWPDGO\HFVWDWLFIRUQRUHDVRQDWDOO$QGLQ
WKRVHIHZPRPHQWV\RXZLOOKDYHWKHFRQWDFWZLWKPHEHFDXVHWKRVHIHZ
PRPHQWVDUHP\UHDOLW\

%XWLI\RXDUHVLWWLQJWKHUHZDLWLQJWRKDYHVRPHJUHDWH[SHULHQFHRIOLJKWLQVLGH
WKHQPD\EH\RXPD\H[SHULHQFHVRPHOLJKWEXW\RXKDYHPLVVHG<RXKDYH
WKURZQWKHGLDPRQGVDZD\DQGJDWKHUHGSHEEOHVRQWKHVKRUH<RXPD\EH
ZDLWLQJIRU\RXUNXQGDOLQLWRULVH\RXPD\KDYHDFHUWDLQVHQVDWLRQULVLQJLQ\RXU
VSLQHEXWZKDWLVLW",WLVSRLQWOHVV,WPD\JLYH\RXDNLFNDVSLULWXDONLFNEXW
WKHQLWLVJRQH

:LWKPHMXVWEHSXUHGHVLUHVZD\LQJZLWKPHPRYLQJZLWKPHGDQFLQJZLWK
PHDOORZLQJPHWRSHQHWUDWH\RXWR\RXUGHHSHVWFRUHWRWKHGHHSHVWFRUHRI
\RXUGHVLUHWRWKHYHU\VHHG$QGWKHQVRPHWKLQJLPPHQVHVRPHWKLQJ
LQFUHGLEOHVRPHWKLQJ\RXFDQQRWLPDJLQHLVSRVVLEOHDQHQWU\RIWKHEH\RQG
LQWR\RXWKHPHHWLQJRIWKHHDUWKDQGVN\

<RXVD\,VLWRQO\LQWKHH[LVWHQFHRIPLQG"

1RWKHPLQGLVDEDUULHU,WDOORZVGHVLUHRQO\OLWWOHRXWOHWVDQGGHVLUHLVDQ
RFHDQ7KHPLQGKDVWREHGURSSHGQRWGHVLUHWKHPLQGKDVWREHGURSSHGVR
WKDW\RXFDQKDYHWRWDOGHVLUH

$QG\RXDVN$QGKRZLVWKHGHVLUHLQWKHERG\IRUVH[UHODWHGWRWKHPLQG"

7KHPLQGLVQRWVHSDUDWHIURP\RXUERG\LWLVWKHLQQHUSDUWRIWKHERG\<RXDUH
VHSDUDWHIURPWKHERG\DQGWKHPLQGERWK<RXDUHDQHQWLW\WUDQVFHQGHQWDO
\RXDUHDZLWQHVVWRWKHPLQGDQGWKHERG\ERWK%XW\RXUPLQGDQG\RXUERG\
DUHERWKRQHDQGWKHVDPHHQHUJ\7KHERG\LVYLVLEOHPLQGWKHPLQGLVLQYLVLEOH
ERG\7KHERG\LVWKHH[WHULRUPLQGDQGWKHPLQGLVWKHLQWHULRUERG\





+HQFHVH[LVQRWRQO\SK\VLFDO,WLVIDUPRUHFHUHEUDOLWLVIDUPRUHSV\FKRORJLFDO
WKDQSK\VLFDO,QIDFWVH[LVWULJJHUHGQRWE\\RXUSK\VLRORJ\EXWE\\RXU
SV\FKRORJ\7KHSK\VLRORJ\FRRSHUDWHVZLWKLWEXWGHHSGRZQVH[FRPHVIURP
WKHLQQHUERG\WRWKHRXWHUERG\

<RXPD\EHDZDUH\RXPD\QRWEHDZDUHEHFDXVH\RXDUHQRWDWDOODZDUHRI
ZKDWJRHVRQKDSSHQLQJWR\RX%XWZDWFKWKHILUVWWKLQJDERXWVH[KDSSHQVLQ
WKHKHDGLQWKHPLQG$QGWKHQLPPHGLDWHO\WKHERG\LVDIIHFWHGEHFDXVHWKH
ERG\DQGWKHPLQGDUHQRWVHSDUDWH

7KHUHFDQEHDSK\VLRORJLFDOVH[WRR7KDW
VZKDWKDSSHQVZKHQ\RXJRWRD
SURVWLWXWHLWLVSK\VLRORJLFDOLWLVMXVWDUHOLHIIRUWKHERG\7KHERG\LV
RYHUEXUGHQHGZLWKHQHUJ\DQG\RXGRQ
WNQRZZKDWWRGRZLWKLW<RXKDYHWR
WKURZLWRXWVRPHKRZWRXQEXUGHQ\RXUVHOIVRWKDW\RXFDQIHHODOLWWOHUHOD[HG
EHFDXVH\RXKDYHWRRPXFKHQHUJ\DQG\RXDUHVRXQFUHDWLYHWKDW\RXGRQ
W
NQRZZKDWWRGRZLWKLW

<RXFDQ
WVLQJDVRQJWRWDOO\,I\RXFDQ\RXZLOOEHVXUSULVHGWKHHQHUJ\
GLVDSSHDUVLQWRWKHVRQJDQGEHFRPHVWKHVRQJ7KHUHLVQRQHHGWRJRWRD
SURVWLWXWH%XW\RXFDQQRWGDQFH\RXFDQQRWSOD\RQWKHJXLWDU\RXDUHVR
XQFUHDWLYH

3URVWLWXWHVZLOOH[LVWLQWKHZRUOGXQOHVVPDQEHFRPHVPRUHFUHDWLYH$QGQRZLQ
WKH:HVWZKHUHWKH:RPHQ
V/LEHUDWLRQPRYHPHQWLVGHPDQGLQJHTXDOLW\LQ
HYHU\WKLQJHYHQPDOHSURVWLWXWHVKDYHFRPHLQWRH[LVWHQFH7KH\ZHUHERXQG
WREHFDXVHZK\VKRXOGWKHUHEHRQO\IHPDOHSURVWLWXWHV":K\QRWPDOH
SURVWLWXWHVWRR"(TXDOLW\LVHTXDOLW\

0DQLVXQFUHDWLYH+DYH\RXREVHUYHG"$Q\WLPHZKHQ\RXDUHFUHDWLYHVH[
GLVDSSHDUV,I\RXDUHSDLQWLQJDQGWRWDOO\DEVRUEHGLQLW\RXGRQ
WKDYHDQ\
VH[XDOGHVLUH6H[VLPSO\GRHVQRWFURVVWKHWKUHVKROGRI\RXUPLQGLWLVVLPSO\
QRWWKHUH

2QO\LQGHHSFUHDWLYLW\DUHSHRSOHFHOLEDWHLQQRRWKHUZD\<RXUVDLQWVVR
FDOOHGVDLQWVDUHQRWFHOLEDWHEHFDXVHWKH\DUHVRXQFUHDWLYHWKH\FDQQRWEH
,WLVLPSRVVLEOHLWLVMXVWDJDLQVWWKHYHU\VFLHQFHRIHQHUJ\7KH\DUHGRLQJ
QRWKLQJVLWWLQJLQWKHWHPSOHVDQGDVKUDPVUHSHDWLQJ5DP5DP5DP5DPRU
MXVWVWXSLGO\SOD\LQJZLWKWKHLUPDODVKRZFDQWKH\EHFHOLEDWH"+RZFDQ
EUDKPDFKDU\DKDSSHQWRWKHP",WKDSSHQVRQO\ZKHQFUHDWLYLW\WDNHVDOO\RXU
HQHUJ\DQGQRHQHUJ\LVOHIWDVDWHQVLRQLQ\RX

3RHWVFDQEHFHOLEDWHPRUHSDLQWHUVFDQEHFHOLEDWHPRUHGDQFHUVFDQEH
FHOLEDWHPRUHPXVLFLDQVFDQEHFHOLEDWHPRUH,DPQRWVD\LQJWKDWWKH\DUHDOO
FHOLEDWHV,DPVD\LQJWKDWZKHQHYHUDSRHWLVDSRHWKHFDQEHFHOLEDWH
EHFDXVHDSRHWLVQRWWZHQW\IRXUKRXUVDGD\DSRHW,WLVYHU\UDUHWRILQGDSRHW
ZKRLVWZHQW\IRXUKRXUVDGD\DSRHW7KHQKHEHFRPHVDVHHUWKHQKH




EHFRPHVDULVKLWKHQKHLVQRPRUHDQRUGLQDU\SRHW

,WLVIURPSHRSOHOLNHWKHVHZKRZHUHIRUWZHQW\IRXUKRXUVSRHWVWKDWJUHDW
SRHPVOLNHWKH8SDQLVKDGVWKH.RUDQDQGWKH*LWDZHUHERUQ,WLVQRWRUGLQDU\
SRHWU\2UGLQDU\SRHWVDUHRQO\RQFHLQDZKLOHSRHWVRWKHUZLVHWKH\DUH
RUGLQDU\SHRSOHPD\EHIDUZRUVH2UGLQDU\SDLQWHUVDUHRQO\RQFHLQDZKLOH
SDLQWHUV

,WLVVDLGDERXWDJUHDW,QGLDQSRHW5DELQGUDQDWKWKDWZKHQHYHUKHZDVLQWKH
PRRGWRFUHDWHKHZRXOGFORVHKLVGRRUVDQGGLVDSSHDULQWRKLVURRPIRUGD\V
WRJHWKHUWKUHHRUIRXUGD\V1RIRRGQREDWKKHZRXOGQRWHYHQFRPHRXW
2QO\ZKHQKLVHQHUJ\KDGPRYHGLQWRFUHDWLYLW\DQGKHZDVXQEXUGHQHGZRXOG
KHRSHQKLVGRRUDQGFRPHRXW$QGSHRSOHZKRVDZKLPFRPLQJRXWRIKLV
URRPDIWHUIRXUGD\VRIIDVWLQJDQGUHPDLQLQJORVWLQKLVFUHDWLYLW\DOOREVHUYHG
WKDWKLVIDFHZDVQRPRUHWKHVDPH+HORRNHGDVLIKHKDGJRQHWRVRPHRWKHU
ZRUOG+HORRNHGVRGHOLFDWHOLNHDURVHIORZHUKHORRNHGVREHDXWLIXOVR
IHPLQLQHVRJUDFHIXOVREXGGKDOLNH%XWRQO\IRUDIHZKRXUVZRXOGWKDW
IUDJUDQFHVXUURXQGKLPDQGWKHQLWZRXOGGLVDSSHDU$QGHYHQIRUPRQWKV
WRJHWKHUWKHPRRGPLJKWQRWFRPH

3RHWVDUHRQO\RQFHLQDZKLOHSRHWV$QGZKHQ\RXUHDGDZKROHSRHPWKH
ZKROHSRHPLVQRWDSRHPHLWKHU2QO\DIHZOLQHVKHUHDQGWKHUHDUHUHDOO\
SRHWU\WKHRWKHUOLQHVDUHMXVWPDQDJHGE\WKHSRHWWKH\GLGQRWGHVFHQGRQ
KLP

$JUHDWSRHW&ROHULGJHGLHG+HOHIWIRUW\WKRXVDQGLQFRPSOHWHSRHPV0DQ\
WLPHVLQKLVOLIHKHZDVDVNHG:K\GRQ
W\RXFRPSOHWHWKHVHWKLQJV"7KH\DUH
VRWUHPHQGRXVO\EHDXWLIXODQGRQO\RQHOLQHLVPLVVLQJ-XVWFRPSOHWHRQHOLQH
DQGWKHSRHPZLOOEHFRPSOHWH

%XW&ROHULGJHDOZD\VUHIXVHG+HVDLG,ZLOOQRWFRPSOHWHLWXQOHVVLWFRPHV
IURPWKHEH\RQG,DPQRWJRLQJWRGRLW7KHVHOLQHVKDYHFRPHIURPWKH
EH\RQG,KDYHMXVWQRWHGWKHPGRZQ,DPQRWWKHZULWHU,DPQRWWKHDXWKRU,
DPMXVWDVWHQR,KDYHVLPSO\QRWHGGRZQVRPHWKLQJWKDWKDVEHHQGLFWDWHG
IURPWKHEH\RQG$QGWKDWRQHOLQHLVPLVVLQJ,FDQQRWDGGLWEHFDXVHPDQ\
WLPHV,KDYHWULHGWRDGGLWDQG,KDYHDOZD\VIDLOHG,WORRNVVRXJO\LWORRNVVR
GLIIHUHQWVRPXQGDQHVRPHGLRFUH,WGRHVQRWKDYHWKDWOXPLQRVLW\

:KHQ5DELQGUDQDWKIRUWKHILUVWWLPHWUDQVODWHGKLVJUHDWERRN*LWDQMDOLLQWR
(QJOLVKKHZDVDOLWWOHZRUULHGDVWRZKHWKHUWKHWUDQVODWLRQKDGFRPHWKURXJKRU
QRW(QJOLVKZDVQRWKLVPRWKHUWRQJXHLQWKHILUVWSODFH$QGVHFRQGO\WR
WUDQVODWHSURVHLVRQHWKLQJLWLVHDV\WRWUDQVODWHSRHWU\LVYHU\GLIILFXOWDQG
PRUHVRWRWUDQVODWHSRHWU\IURPDODQJXDJHOLNH%HQJDOLZKLFKLVVRSRHWLF7KH
ZKROHODQJXDJHLVSRHWLFLWVIODYRULVRISRHWU\

+HZDVZRUULHG+DVWKHWUDQVODWLRQFRPHWUXHWRWKHVSLULWRIP\RULJLQDO"+H




VKRZHGLWWRRQHJUHDW(QJOLVKPDQ&)$QGUHZV$QGUHZVZHQWWKURXJKLWDQG
DWMXVWIRXUSRLQWVKHVDLG)RXUZRUGVKDYHWREHFKDQJHGJUDPPDWLFDOO\WKH\
DUHZURQJ1DWXUDOO\5DELQGUDQDWKFKDQJHGWKHP


7KHQZKHQKHUHDG*LWDQMDOLDQGKLVSRHPVIRUWKHILUVWWLPHLQDSRHWV
JDWKHULQJ
LQ/RQGRQKHZDVVXUSULVHGKHFRXOGQRWEHOLHYHKLVHDUV2QH(QJOLVKSRHW
<HDWVVWRRGXSDQGVDLG(YHU\WKLQJLVSHUIHFWO\ULJKWEXWDWMXVWIRXUSRLQWV
VRPHWKLQJLVYHU\PXQGDQHVRPHWKLQJLVQRWSRHWLF7KHZKROHSRHWU\IORZV
EHDXWLIXOO\EXWDWIRXUSRLQWVWKHULYHUFRPHVDFURVVURFNV

:LWKDWUHPEOLQJLQKLVKHDUW5DELQGUDQDWKDVNHG:KDWDUHWKRVHIRXUSRLQWV"
$QGWKH\ZHUHH[DFWO\WKHVDPHDVWKRVHZKLFK&)$QGUHZVKDGVXJJHVWHG
5DELQGUDQDWKWROGKLP7KHVHDUH&)$QGUHZV
ZRUGVKHNQRZV(QJOLVKEHWWHU
WKDQPH

<HDWVVDLG7KDWLVULJKWLWLVEHWWHU(QJOLVKEXWQRWEHWWHUSRHWU\7KH
JUDPPDULVULJKWEXWSRHWU\LVQRWJUDPPDU7KHODQJXDJHLVULJKWEXWSRHWU\LV
QRWRQO\ODQJXDJH3RHWU\LVVRPHWKLQJWKDWKRYHUVDERYHODQJXDJHDQG
JUDPPDU3OHDVHJREDFNWR\RXUROGZRUGV

5DELQGUDQDWKJRWKLV1REHOSUL]HZLWKWKLVERRN*LWDQMDOL
$OOSRHWVDUHQRWDOZD\VSRHWVDOOSRHPVDUHQRWSRHPV+HQFH\RXPD\QRWEH
DEOHWRXQGHUVWDQGZKDW,DPWU\LQJWRFRQYH\WR\RXEXWZKHQHYHUDSRHWLVD
SRHWKHLVFHOLEDWH6H[XDOLW\VLPSO\GLVDSSHDUVHYDSRUDWHV$QGZKHQHYHUD
SRHPLVERUQLQDSRHWKHLVSDUWRI*RGKHLVDFUHDWRU,QWKDWPRPHQWLWLV
LPSRVVLEOHWRJLYHDQ\REMHFWWR\RXUGHVLUH6H[JLYHVDQREMHFWWR\RXUGHVLUH
6H[LVQRWSXUHFDQQRWEHEHFDXVHWKHREMHFWLVDOZD\VWKHUH

7KHPRPHQWVH[EHFRPHVSXUHLWLVVDPDGKL

7KHPLQGDQGWKHERG\ERWKDUHVH[XDO7KHERG\KDVFRPHRXWRIVH[DQGWKH
PLQGLVDOZD\VKDQNHULQJIRUREMHFWVKHQFHLWLVVH[XDO%XWERWKFDQEHSXULILHG
WKURXJKFUHDWLYLW\

0\PHVVDJHP\NH\P\JROGHQNH\WRWUDQVIRUP\RXUHQHUJLHVLVFUHDWLYLW\%H
PRUHDQGPRUHFUHDWLYHDQGVORZO\VORZO\\RXZLOOVHHDWUDQVIRUPDWLRQ
KDSSHQLQJRILWVRZQDFFRUG<RXUPLQGZLOOGLVDSSHDU\RXUERG\ZLOOKDYHD
WRWDOO\GLIIHUHQWIHHOWRLWDQGFRQVWDQWO\\RXZLOOUHPDLQDZDUHWKDW\RXDUH
VHSDUDWHWKDW\RXDUHDSXUHZLWQHVV

$QGWKDWSXUHZLWQHVVLVSXUHGHVLUHDQGQRWKLQJHOVH
,DPQRWDJDLQVWGHVLUH,DPDOOIRUGHVLUHEXW,DPQRWIRUGHVLUHVZLWKREMHFWV
/HWREMHFWVGLVDSSHDUDQGWKHQ\RXZLOOKDYHDGHVLUHOLNHDIODPHZLWKRXWDQ\
VPRNH,WEULQJVJUHDWOLEHUDWLRQ





7KHVHFRQGTXHVWLRQ



%(/29('26+2
,81'(567$1'(9(5<7+,1*7+$7<286$<%87:+<'2(60</,)(
67,//5(0$,181&+$1*('"

6XGKDVWRXQGHUVWDQGVRPHWKLQJLQWHOOHFWXDOO\LVRQHWKLQJEXWWRXQGHUVWDQG
VRPHWKLQJLQWHOOHFWXDOO\LVQRWJRLQJWRWUDQVIRUP\RXUOLIH<RXZLOOUHPDLQWKH
VDPH7RXQGHUVWDQGVRPHWKLQJLQWHOOHFWXDOO\LVUHDOO\WRGHFHLYH\RXUVHOI<RX
KDYHQRWXQGHUVWRRGWKHPLQGKDVRQO\SUHWHQGHGWRKDYHXQGHUVWRRG7KLVLVD
WULFNEHFDXVHLI\RXUHDOO\XQGHUVWDQGLWWKHQFKDQJHLVERXQGWRKDSSHQ$QG
WKHPLQGGRHVQRWZDQWDQ\FKDQJH

7KHPLQGLVYHU\WUDGLWLRQDOFRQYHQWLRQDOFRQIRUPLVWRUWKRGR[7KHPLQGLV
QHYHUUHYROXWLRQDU\LWLVDJDLQVWDOOFKDQJH$QGWKHFKDQJH,DPWDONLQJDERXWLV
DWRWDOFKDQJH

<RXVD\,XQGHUVWDQGHYHU\WKLQJWKDW\RXVD\
<RXRQO\EHOLHYHWKDW\RXXQGHUVWDQG<RXXQGHUVWDQGWKHZRUGVQDWXUDOO\0\
ZRUGVDUHVLPSOH,GRQ
WNQRZPDQ\ZRUGV,QIDFWLI\RXFRXQW,PXVWEHXVLQJ
QRWPRUHWKDQIRXUKXQGUHGZRUGV%XWVHHWKHWXUQRXW,DPQRWDPDQRI
ODQJXDJH<RXFDQXQGHUVWDQGZKDW,DPVD\LQJDVIDUDVZRUGVDUHFRQFHUQHG
EXWGR\RXFRPSUHKHQGLW"7KDWLVWKHTXHVWLRQWKDWLVWKHFUX[RIWKHPDWWHU

'R\RXFRPSUHKHQGZKDWLVEHLQJLPSDUWHGWR\RX"

6XGKDV\RXPXVWKDYHDYHU\SKLORVRSKLFDOEHQWRIPLQG0HGLWDWHRYHUWKLV
DQHFGRWH

$SDWLHQWRIKLVDJUHDWSKLORVRSKHULQKLVWKLUWLHVHDJHUO\UHVSRQGHGDWWKH
EHJLQQLQJRIWKHUDS\WRHDFKLQWHUSUHWDWLRQKLVDQDO\VWPDGHE\VD\LQJ,KHDU
\RX,KHDU\RX
,
PVRUU\VDLGWKHGRFWRU,GLGQ
WNQRZ\RXZHUHDOLWWOHGHDI
,
PQRW,KHDU\RX,WPHDQV,FRPSUHKHQGVDLGWKHSKLORVRSKHU
:HOOZKDWLVLWWKDW\RXFRPSUHKHQG"
7KHSKLORVRSKHUSDXVHG-HVXVKHILQDOO\UHSOLHG,GRQ
WNQRZ

8QGHUVWDQGLQJLVQRWWKHTXHVWLRQEXWFRPSUHKHQVLRQ8QGHUVWDQGLQJLVRIWKH
KHDGFRPSUHKHQVLRQLVVRPHWKLQJGHHSHURIWKHKHDUW$QGLILWLVUHDOO\WRWDO
WKHQLWLVHYHQGHHSHURIWKHEHLQJ

:KHQ\RXXQGHUVWDQGVRPHWKLQJWKHQ\RXKDYHWRGRVRPHWKLQJDERXWLW:KHQ
\RXFRPSUHKHQGVRPHWKLQJ\RXQHHGQRWGRDQ\WKLQJDERXWLWWKHYHU\
FRPSUHKHQVLRQLVHQRXJKWRFKDQJH\RX,I\RXFRPSUHKHQGVRPHWKLQJLWKDV




DOUHDG\FKDQJHG\RXWKHUHLVQRQHHGWRGRDQ\WKLQJDERXW\RXU
FRPSUHKHQVLRQV

3OHDVHGRQ
WWU\WRXQGHUVWDQGPHLQWHOOHFWXDOO\,DPQRWDQLQWHOOHFWXDOLQIDFW,
DPDQWLLQWHOOHFWXDO,DPQRWDSKLORVRSKHU,DPYHU\DQWLSKLORVRSKLF7U\WR
FRPSUHKHQGPH

$QGKRZGRHVRQHWU\WRFRPSUHKHQG"+RZGRHVRQHWU\WRXQGHUVWDQGLQWKH
ILUVWSODFH"8QGHUVWDQGLQJPHDQVOLVWHQLQJZLWKWKHKHDGFRQWLQXRXVO\
LQWHUSUHWLQJHYDOXDWLQJMXGJLQJ7KLVLVULJKWWKLVLVZURQJ<HVWKLVLVWUXH,
KDYHUHDGDERXWLW7KLVPXVWEHULJKWEHFDXVH-HVXVDOVRVDLGLWLQWKHVDPH
ZD\7KLVLVDOVRLQWKH*LWDDQGLQWKH9HGDV

7KLVJRHVRQWKLVFRQVWDQWFKDWWHULQJLQVLGHWKDW\RXFDOOXQGHUVWDQGLQJ$QG
WKHQRXWRIWKLVKRWFKSRWFK\RXFUHDWHDK\SRWKHVLVDQG\RXWKLQNWKLVLVZKDW,
KDYHEHHQWHOOLQJ\RX&RPSUHKHQVLRQFDQQRWFRPHWKLVZD\WKLVLVWKHZD\WR
SUHYHQWFRPSUHKHQVLRQ

/LVWHQVLOHQWO\ZLWKQRLQQHUFKDWWHULQJZLWKQRLQQHUWDONZLWKRXWHYDOXDWLQJ,DP
QRWVD\LQJEHOLHYHZKDW,VD\,DPQRWVD\LQJDFFHSWZKDW,VD\,DPVD\LQJ
WKHUHLVQRQHHGWREHLQDKXUU\WRDFFHSWRUUHMHFW)LUVWDWOHDVWOLVWHQZK\EH
LQVXFKDKXUU\":KHQ\RXVHHDURVHIORZHUGR\RXDFFHSWRUUHMHFWLW":KHQ
\RXVHHDEHDXWLIXOVXQVHWGR\RXDFFHSWRUUHMHFWLW"<RXVLPSO\VHHLWDQGLQ
WKDWYHU\VHHLQJLVDPHHWLQJ

'RQ
WOHW\RXUPLQGZDQGHU/LVWHQVLOHQWO\DWWXQHGDQGWKHQVRPHWKLQJZLOOVWLU
LQWKHKHDUW7UXWKKDVWKDWTXDOLW\LWVWLUVWKHKHDUW7UXWKKDVWKHTXDOLW\RIEHLQJ
VHOIHYLGHQWLWQHHGVQRSURRIV

,IZKDW,DPVD\LQJKDVDQ\WKLQJRIWUXWKLQLWLWZLOOEHXQGHUVWRRGE\\RXUKHDUW
%XWWKHPLQGKDVWRJLYHZD\$QGWKHQ\RXZLOOQRWQHHGWRFKDQJH\RXUOLIH
DFFRUGLQJWRLWLWZLOOEHFKDQJHGRILWVRZQDFFRUG

7KHWKLUGTXHVWLRQ

%(/29('26+2
:+$7":+$7"":+$7"""

3DWUHQ\RXUHPLQGPHRIDVWRU\$PDQZDVWURXEOHGIRUPDQ\\HDUVZLWKD
VRUHDUP+HKDGEHHQWRPDQ\GRFWRUVDQGFRXOGQRWILQGRXWZKDWZDVFDXVLQJ
WKHSUREOHP)LQDOO\DIULHQGXUJHGKLPWRVHHDGRFWRUZKRZDVIDPRXVIRUKLV
DELOLW\WRGLDJQRVHLOOQHVVHV7KHGRFWRUZDVYHU\H[SHQVLYHDQGKHKDGWRZDLWD
ORQJWLPHIRUDQDSSRLQWPHQW)LQDOO\KHVDWZDLWLQJLQWKHRIILFH7KHGRFWRU
ZDONHGLQKDQGHGKLPDMDUDQGWROGKLPWRUHWXUQLWWKHQH[WGD\ZLWKKLVILUVW
PRUQLQJ
VXULQH7KHQKHSURPSWO\OHIWWKHURRP





7KHPDQZDVLQIXULDWHG+HGLGQRWHYHQORRNDWPHKHWKRXJKW$QGKRZFDQ
KHWHOOZKDWLVZURQJZLWKP\DUPIURPP\XULQH"
7KHQH[WPRUQLQJWKHPDQVWLOODQJU\SHHGLQWKHMDU7KHQKHKDGKLVZLIHSHH
LQLWWKHQKHKDGKLVGDXJKWHUSHHLQLW7KHQDVKHZDONHGRXWWKHGRRUKHVDZ
KLVGRJSHHLQJRQDWUHHDQGKHJRWVRPHRIWKDWDOVR+HJDYHWKHXULQHWRWKH
GRFWRUDQGVDWWKHUHODXJKLQJWRKLPVHOI

-XVWWKHQWKHGRFWRUUHHQWHUHGWKHURRPDQGH[FODLPHG3OHDVHVLUWKLVLVQR
ODXJKLQJPDWWHU<RXUZLIHKDVEHHQIRROLQJDURXQGRQ\RX\RXUGDXJKWHULV
SUHJQDQW\RXUGRJKDVZRUPVDQGLI\RXGRQ
WVWRSMHUNLQJRII\RXUDUPZLOO
QHYHUJHWEHWWHU

1RZ3DWUHQ\RXDVNPH:KDW":KDW"":+$7"""
,DPQRWWKLVNLQGRIGRFWRU\RXZLOOKDYHWRJRVRPHZKHUHHOVH

7KHIRXUWKTXHVWLRQ

%(/29('26+2
:+<&$1
7,)((/$1<:21'(5,1(;,67(1&("

6KLYDQDQGD\RXDUHWRRNQRZOHGJHDEOH\RXNQRZWRRPXFK$QGDOOWKDW\RX
NQRZLVMXVWKRO\FRZGXQJDOONQRZOHGJHDOZD\VLV:LVGRPLVDWRWDOO\
GLIIHUHQWPDWWHU.QRZOHGJHLVDOOURWMXQN\RXJDWKHULWIURPKHUHDQGWKHUHLWLV
QRW\RXURZQ,WKDVQRDXWKHQWLFLW\LWKDVQRWJURZQLQ\RXUEHLQJ\RXKDYHQRW
JLYHQELUWKWRLW

%XWLWJLYHV\RXDYHU\JUDWLILHGHJRWRIHHO,NQRZ$QGWKHPRUH\RXEHFRPH
VHWWOHGLQWKHLGHDRI,NQRZWKHOHVVDQGOHVVZLOO\RXIHHOZRQGHULQOLIH+RZ
FDQDPDQRINQRZOHGJHIHHOZRQGHU".QRZOHGJHGHVWUR\VZRQGHU$QGZRQGHU
LVWKHVRXUFHRIZLVGRPZRQGHULVWKHVRXUFHRIDOOWKDWLVEHDXWLIXODQGZRQGHU
LVWKHVRXUFHIRUWKHVHDUFKWKHUHDOVHDUFK:RQGHUWDNHV\RXRQWKHDGYHQWXUH
WRNQRZWKHP\VWHULHVRIOLIH

7KHNQRZOHGJHDEOHSHUVRQDOUHDG\NQRZVNQRZVQRWKLQJEXWWKLQNVWKDWKH
DOUHDG\NQRZV+HKDVFRPHWRDIXOOVWRS+HKDVQRWUHDFKHGDQ\ZKHUHKH
KDVQRWNQRZQDQ\WKLQJ+HLVDFRPSXWHUKLVPLQGLVVLPSO\SURJUDPPHG

0D\EHKHKDV0$
V3K'
V'/LWW
VPD\EHKHKDVEHHQWRWKHELJJHVW
HGXFDWLRQFHQWHUVRIWKHZRUOGDQGKHKDVDFFXPXODWHGPXFKLQIRUPDWLRQEXW
WKDWLQIRUPDWLRQLVGHVWUR\LQJKLVVHQVLWLYLW\WRIHHOWKHP\VWHU\RIWKHIORZHUVWKH
ELUGVWKHWUHHVWKHVXQOLJKWDQGWKHPRRQEHFDXVHKHNQRZVDOOWKHDQVZHUV
+RZFDQKHVHHDQ\EHDXW\LQWKHPRRQ"+HDOUHDG\NQRZVHYHU\WKLQJDERXW
WKHPRRQ$QGLI\RXVD\WRKLP0\EHORYHG
VIDFHORRNVOLNHWKHIXOOPRRQKH
ZLOOODXJK+HZLOOVD\<RXDUHVLPSO\IRROLVK+RZFDQ\RXFRPSDUHWKHPRRQ
ZLWK\RXUEHORYHG
VIDFH"7KHUHLVQRFRPSDULVRQSRVVLEOH





+HLVPDWKHPDWLFDOO\ULJKWVFLHQWLILFDOO\ULJKWEXWSRHWLFDOO\ZURQJ$QGOLIHLVQRW
RQO\VFLHQFH-XVWDV-HVXVVDLG0DQFDQQRWOLYHE\EUHDGDORQH,VD\WR\RX
0DQFDQQRWOLYHE\VFLHQFHDORQH$IHZZLQGRZVDUHWREHOHIWRSHQIRUSRHWLF
H[SHULHQFHVVRVRPHVXQVRPHZLQGDQGVRPHUDLQFDQFRPHIURPUHDO
H[LVWHQFH

<RXFDQQRWEHWKULOOHGE\OLIHLI\RXDUHWRRIXOORINQRZOHGJH

,XVHGWRJRIRUDORQJZDONHYHU\HYHQLQJZKHQ,ZDVLQWKHXQLYHUVLW\$
SURIHVVRUXVHGWRIROORZPH)RUWZRRUWKUHHGD\V,WROHUDWHGLWDQGWKHQ,VDLG
(LWKHU\RXVWRSFRPLQJRU,ZLOOKDYHWRVWRSFRPLQJ
+HVDLG:K\"
,VDLG<RXDUHGHVWUR\LQJP\ZKROHZDON
+HVDLG+RZ"
+HNQHZWRRPXFKDERXWHYHU\WKLQJDQGKHZRXOGWDON7KLVWUHHEHORQJVWR
WKDWVSHFLHV1RZZKRERWKHUV"7KHWUHHLVEHDXWLIXOLWLVGDQFLQJLQWKHZLQG
WKHIROLDJHLVVR\RXQJVRIUHVK7KHJUHHQRILWWKHUHGRILWWKHJROGRILWDOOLV
VREHDXWLIXODQGKHLVWDONLQJDERXWWKHVSHFLHV+HZDVDYHU\YHU\LQIRUPHG
PDQDERXWHYHU\WKLQJ$ELUGRQWKHZLQGKHZRXOGLPPHGLDWHO\ODEHOLW+HZDV
DJUHDWODEHOHU
,VDLG3OHDVHHLWKHU\RXVWRSFRPLQJ\RXDUHGHVWUR\LQJP\HYHQLQJZDON
RU,ZLOOKDYHWRVWRS

6KLYDQDQGD\RXPXVWEHWRREXUGHQHG<RXDUH,NQRZ\RX<RXDUHEXUGHQHG
ZLWKJUHDWVFULSWXUHVPRXQWDLQVRIVFULSWXUHVQRWKLQJFDQHYHUVXUSULVH\RX

$PDQFRPHVLQWRDEDUREYLRXVO\QHUYRXVDQGREYLRXVO\LQDKXUU\ZDONVRYHU
WRWKHFRXQWHUSLFNVXSDQHPSW\JODVVDQGVWDUWVHDWLQJLW:KHQKHLVILQLVKHG
KHJRHVRYHUWRWKHZDOOZDONVXSWKHZDOOZDONVDORQJWKHFHLOLQJZDONVGRZQ
WKHRWKHUZDOODQGGLVDSSHDUVRXWWKHGRRU
7KHEDUNHHSHUFDQ
WEHOLHYHKLVH\HV:KDWWKHKHOOKHVD\VLVJRLQJRQ
KHUH"
$PDQZKRKDVEHHQVLWWLQJRQDEDUVWRRODQGVHHQWKHZKROHWKLQJVD\VZLWKD
VKUXJRIKLVVKRXOGHUV'RQ
WZRUU\,NQRZWKDWJX\,W
VDOZD\VWKHVDPHWKLQJ
ZLWKKLPFRPHVDQGJRHVZLWKRXWHYHQVD\LQJKHOOR

7KHUHDUHPLOOLRQVRISHRSOHZKRDUHOLYLQJOLNHWKLV0LUDFOHVDUHKDSSHQLQJDOO
DURXQGEXWWKH\FDQ
WVHHDQ\WKLQJWKH\DUHEOLQGZLWKWKHLUNQRZOHGJH
'URS\RXUNQRZOHGJH.QRZOHGJHLVZRUWKOHVVZRQGHULVSUHFLRXV5HJDLQWKH
ZRQGHUWKDW\RXKDGZKHQ\RXZHUHDFKLOGDQGWKHNLQJGRPRI*RGEHORQJV
RQO\WRWKRVHZKRDUHDEOHWREHFRPHFKLOGUHQDJDLQ

7KHODVWTXHVWLRQ







%(/29('26+2
,$0,1$-$0,/29(7+5((:20(17+,6,6+(//$1'7+,6+$6%((1
*2,1*21)257+5((0217+612::+$772'2"

<RXPXVWEHVRPHWKLQJRIDPDQ2QHZRPDQLVHQRXJK<RXQHHGOHJDO
SURWHFWLRQ%XWLI\RXKDYHWROHUDWHGLWSDWLHQWO\IRUWKUHHPRQWKVZDLWDOLWWOH
PRUH7LPHVHWWOHVHYHU\WKLQJ$QGZRPHQDUHDOZD\VPRUHSHUFHSWLYHWKDQ
PHQLI\RXFDQQRWGRDQ\WKLQJWKH\DUHERXQGWRGRVRPHWKLQJ

-RKQDQG0DU\EHJDQPDNLQJORYHLQDUDLOZD\FXWWLQJ$VWKHLUORYHPDNLQJ
SURJUHVVHGWKH\UROOHGGRZQRQWRWKHUDLOZD\WUDFNVLQWKHSDWKRIWKHRQFRPLQJ
H[SUHVV
7KHGULYHUVHHLQJWKHWZRERGLHVDKHDGRQWKHOLQHKDOWHGWKHWUDLQMXVWLQWLPH
1RZGHOD\LQJWKHWUDLQLVDVHULRXVRIIHQVHDQGDWWKHWULDOWKHMXGJHGHPDQGHG
DQH[SODQDWLRQ
1RZORRN-RKQKHVDLG,DPDPDQRIWKHZRUOGDQG,FDQXQGHUVWDQG\RX
DQG\RXUJLUOIULHQGKDYLQJDOLWWOHIXQ%XWZK\GLGQ
W\RXJHWRXWRIWKHZD\RIWKH
WUDLQ"
:HOOLW
VOLNHWKLV<RXU+RQRUVDLG-RKQ,ZDVFRPLQJWKHWUDLQZDVFRPLQJ
DQG0DU\ZDVFRPLQJDQG,WKRXJKWWKDWZKRHYHUFRXOGVWRSZRXOGVWRS
(QRXJKIRUWRGD\





FKDSWHUVL[WHHQWKHXQLYHUVLW\RILQQHUDOFKHP\
IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ

%(/29('26+2
<(6$1'12

3UHP0DGKXPDQLVDGLOHPPDKHLVERWK\HVDQGQR,WLVQRWDEQRUPDOLQ\RX
LWLVWKHQRUPDOVWDWHRIKXPDQNLQG0DQLVKDOIHDUWKKDOIVN\SDUWPDWWHUSDUW
FRQVFLRXVQHVVSDUWGXVWSDUWGLYLQH0DQLVDWHQVLRQ)ULHGULFK1LHW]VFKHVD\V
DURSHVWUHWFKHGEHWZHHQWZRLQILQLWLHV

7KHSDVWLVWKDWRIDQDQLPDODQGWKHIXWXUHLVWKDWRI*RG$QGEHWZHHQWKHWZR
LVPDQKDOIDQLPDOKDOIDQJHO7KHQRFRPHVIURPWKHSDVWWKH\HVLVD
SRVVLELOLW\IRUWKHIXWXUH'RXEWFRPHVIURPGDUNQHVVWUXVWLVWKHE\SURGXFWRI
OLJKW7KHKLJKHUVHOILQ\RXLVDOZD\VWUXVWLQJWKHORZHULVFXQQLQJDQGDOZD\V
GRXEWLQJ$QG\RXDUHERWKDV\RXDUHQRZ

0DQLVQDWXUDOO\VFKL]RSKUHQLF6FKL]RSKUHQLDLVQRWDGLVHDVHLWLVQRW
SDWKRORJ\LWLVWKHVWDWHRIQRUPDOKXPDQEHLQJV,WVWDUWVORRNLQJOLNHD
SDWKRORJ\RQO\ZKHQLWJRHVWRWKHH[WUHPHZKHQ\HVDQGQRDUHVRGLYLGHGWKDW
WKHUHLVQRWHYHQDQDQGWREULGJHWKHP:KHQWKH\EHFRPHXQEULGJHDEOH
WKHQLWEHFRPHVSDWKRORJLFDO2WKHUZLVHHYHU\KXPDQEHLQJLVDOZD\VLQDNLQG
RIGXDOLW\LQDVWDWHRIHLWKHURU1RRWKHUDQLPDOLVLQWKDWVWDWH'RJVDUHVLPSO\
GRJVDQGOLRQVDUHOLRQVDQGWUHHVDUHWUHHVDQGURFNVDUHURFNV7KH\GRQ
W
KDYHDQ\GXDOLW\WKHUHLVQRGLYLVLRQ

0DQLVGXDOGRXEOHGLYLGHG,WLVKLVPLVHU\EXWLWLVDOVRWKHSRVVLELOLW\IRUKLV
EOLVV,WLVKLVDJRQ\EXWRXWRIWKLVDJRQ\HFVWDV\FDQEHERUQ1RDQLPDOFDQEH
HFVWDWLFH[FHSWPDQ+DYH\RXVHHQDQ\DQLPDOHFVWDWLFHFVWDV\OLNHD
EXGGKDD5DPDNULVKQD"7KHUHLVQRSRVVLELOLW\RIFRPLQJDFURVVDQDQLPDO
ZKLFKLVVRHFVWDWLF(YHQWKHURVHEXVKZLWKVRPDQ\EHDXWLIXOIORZHUVLVQRW
HFVWDWLFLQWKHVHQVH-HVXVLV7KHURVHEXVKLVVLPSO\DURVHEXVKWKHUHLVQR
H[XEHUDQFHWKHUHLVQRRYHUIORZLQJWKHUHLVQRUHMRLFLQJ,WLVDPDWWHURIIDFW
QRWWKDWVRPHWKLQJLQFUHGLEOHLVKDSSHQLQJQRWWKDWVRPHWKLQJIURPWKHEH\RQG
KDVGHVFHQGHGQRWWKDW*RGKDVEHHQUHDOL]HGQRWWKDWOLJKWKDVFRPHDQG
SHQHWUDWHGWRWKHGHHSHVWFRUHRI\RXUEHLQJDQG\RXDUHIXOORILWDQG\RXDUH
HQOLJKWHQHG

7KHELUGRQWKHZLQJLVIUHHEXWNQRZVQRWKLQJDERXWIUHHGRP2QO\PDQHYHQ
WKRXJKKHPD\EHLPSULVRQHGNQRZVDERXWIUHHGRP+HQFHWKHPLVHU\WKH
ERQGDJHRQRQHKDQGDQGWKHYLVLRQRIIUHHGRPRQWKHRWKHU7KHUHDOLW\WKH
XJO\UHDOLW\DQGWKHWUHPHQGRXVO\OXPLQRXVSRVVLELOLW\
0DQFDQEHPLVHUDEOHDVQRRWKHUDQLPDOFDQHYHUEHPLVHUDEOH+DYH\RXVHHQ
DQ\DQLPDOFU\LQJLWVKHDUWRXWZHHSLQJFRPPLWWLQJVXLFLGH"+DYH\RXVHHQDQ\




DQLPDOODXJKLQJDEHOO\ODXJKWHUWKDWVKDNHVWKHYHU\IRXQGDWLRQV"1RDOOWKHVH
WKLQJVDUHSRVVLEOHRQO\IRUPDQ+HQFHWKHJUDQGHXURIPDQKHQFHKLVGLJQLW\
DQGKHQFHKLVDQ[LHW\WRR

7KHDQ[LHW\LVRYHUZKHWKHU\RXDUHJRLQJWRPDNHLWRUQRWZKHWKHUWKLVWLPHLWLV
JRLQJWRKDSSHQRUQRW7KHDQ[LHW\LVDQDWXUDOFRQVHTXHQFHRIWZR
GLDPHWULFDOO\RSSRVLWHSRVVLELOLWLHVRQHFDQIDOOLQWRKHOODQGRQHFDQULVHLQWR
KHDYHQ

0DQLVMXVWDODGGHUDQG\RXPRYHRQWKLVODGGHUOLNHD\R\R2QHPRPHQW\RX
DUHLQKHDYHQDQRWKHUPRPHQW\RXDUHLQKHOO2QHPRPHQWVXGGHQO\WKHVXQOLW
SHDNDQRWKHUPRPHQWWKHGDUNHVWYDOOH\WKDW\RXKDYHHYHUFRPHDFURVV2QH
PRPHQWORYHVKDULQJDQRWKHUPRPHQWDQJHUPLVHUOLQHVV2QHPRPHQWVXFK
DQH[SDQGHGKHDUWWKDW\RXFDQFRQWDLQWKHZKROHZRUOGDQGDQRWKHUPRPHQW
\RXDUHVRPHDQWKDW\RXFDQQRWLPDJLQH\RXKDGWKLVSRVVLELOLW\WREHVRPHDQ

0DQJRHVRQPRYLQJEHWZHHQWKHVHWZRLQILQLWLHVFRQWLQXRXVO\OLNHDSHQGXOXP
3UHP0DGKX\RXUTXHVWLRQLVVLJQLILFDQWEHFDXVHLWLVHYHU\ERG\
VTXHVWLRQ,WLV
QRWDTXHVWLRQLWLVIDUPRUHH[LVWHQWLDO,WLVDSUREOHPQRDQVZHUFDQKHOS
VRPHVROXWLRQKDVWREHVHDUFKHGIRU

1RZWKHUHDUHWZRSRVVLELOLWLHVIRUWKHVROXWLRQ2QHLVWRIDOOEDFNDQGEH
VDWLVILHGZLWK\RXUDQLPDOQHVV%HVDWLVILHGWKDW
VZKDWPLOOLRQVDUHWU\LQJWRGR
GULQNHDWVOHHSDQGIRUJHWDOODERXWWKHJUHDWHUFKDOOHQJHVRIOLIH(DWGULQNDQG
EHPHUU\EHFDXVHWRPRUURZZHVKDOOEHQRPRUH7KDW
VZKDWWKHPDWHULDOLVW
VD\V

7KHPDWHULDOLVWKDVDFFHSWHGWKHORZHUVHOIKHGHQLHVWKHKLJKHUVHOIMXVWLQ
VKHHUVHOIGHIHQVH+HGRHVQRWGHQ\LWEHFDXVHKHNQRZVWKDWLWLVQRWQRKH
NQRZVQRWKLQJDERXWLW+HGHQLHVLWEHFDXVHLIKHGRHVQRWGHQ\LWWKHQWKDW
HLWKHURURSHQVXSDJDLQ$JDLQRQHLVLQDSUREOHPDJDLQVRPHWKLQJKDVWREH
GRQHDJDLQWKHDWHDVHQHVVLVORVW$JDLQWKHMRXUQH\WKHZDQGHULQJDQGWKH
GLVFRPIRUWDQGWKHLQFRQYHQLHQFHDQGWKHLQVHFXULW\RIWKHMRXUQH\

,WLVEHWWHUWRVD\WKDWWKHKLJKHUGRHVQRWH[LVWWKDWWKHUHLVQR*RGWKDWWKHUH
KDVQHYHUEHHQDQ\*RGWKDWWKHUHLVQRVRXOWKDWWKHUHLVQRWKLQJLQQHUWKDW
PDQKDVQRLQWHULRULW\WKDWPDQLVMXVWZKDWKHLVIURPWKHRXWVLGHWKDWPDQLV
KLVEHKDYLRUDQGWKHUHLVQRVRXOLQKLP

)URP3DYORYWR%)6NLQQHUWKLVLVZKDWLVEHLQJWDXJKWWRWKHZRUOGE\WKHVR
FDOOHGVFLHQWLILFSV\FKRORJLVWVWKHEHKDYLRULVWVWKDWPDQLVRQO\EHKDYLRU7KHUH
LVQRRQHLQVLGHMXVWDVWKHUHLVQRRQHLQVLGHDPDFKLQH7KHPDFKLQHLVMXVWD
IXQFWLRQDOXQLW\LWKDVQRRUJDQLFXQLW\LQLWLWKDVQRVRXO<RXFDQGLVPDQWOHLW
\RXFDQUHDUUDQJHLWDJDLQ

7KDW
VZKDWVFLHQWLVWVKRSHWKDWVRRQHURUODWHUWKH\ZLOOEHDEOHWRGLVPDQWOH




PDQDQGUHDVVHPEOHKLP$WOHDVWWKHRUHWLFDOO\LWVHHPVSRVVLEOHIRUWKHP,WLV
QRWSRVVLEOH<RXFDQQRWGLVPDQWOHDQGUHDVVHPEOHPDQEHFDXVHWKHUHLV
VRPHWKLQJZKLFKLVQRQPHFKDQLFDOLQPDQ$QGWKDWQRQPHFKDQLFDOSDUWLVKLV
JORU\%XWLWLVEHWWHUWRGHQ\LWLWPDNHVOLIHHDVLHULWPDNHVOLIHOHVVDQ[LRXVLW
PDNHVOLIHOHVVRIDSUREOHP<RXFDQJRRQOLYLQJWKHVKDOORZGD\WRGD\OLIHRI
VRFDOOHGSOHDVXUHVHDWGULQNDQGEHPHUU\

7KRVHZKRGHFLGHIRUWKDWDUHUHQRXQFLQJWKHRSSRUWXQLW\$WLVKDLVWDONLQJDERXW
7KH\DUHUHQRXQFLQJWKHRSSRUWXQLW\WREHFRPHJRGV7KH\DUHVHWWOLQJIRU
VRPHWKLQJYHU\ORZWKH\DUHVHWWOLQJIRUVRPHWKLQJYHU\FKHDSWKH\DUHPLVVLQJ
VRPHWKLQJYHU\HVVHQWLDO<HV\RXFDQEHDWHDVHZLWKWKHORZHUVHOI\RXFDQ
VHWWOHZLWKWKHGRXEWLQJVHOI%XWWKHQWKHUHLVQRJURZWK$QGWKHUHZLOOEHQR
HFVWDV\EHFDXVHWKHUHZLOOQHYHUEHDQ\EXGGKDERUQLQ\RX<RXZLOOQHYHU
FRPHWRNQRZDQ\WKLQJRIFKULVWFRQVFLRXVQHVV<RXZLOOUHPDLQLQGDUNQHVVRI
FRXUVHDWHDVHEXWZKDWLVWKHSRLQWRIEHLQJDWHDVH"

)DUPRUHYDOXDEOHLVFUHDWLYHGLVFRQWHQWIDUPRUHYDOXDEOHLVWKHLQVHFXULW\RI
WKHXQNQRZQIDUPRUHYDOXDEOHLVDKRPHOHVVZDQGHULQJLQVHDUFKRIWKHUHDO
KRPH

5HOLJLRQLVIRUWKRVHZKRGRQ
WDFFHSWWKHORZHUDVWKHEHDOODQGHQGDOO,DP
QRWVD\LQJGHQ\WKHORZHUUHPHPEHUEHFDXVHWKHUHDUHIRROLVKSHRSOHZKRJR
WRWKHRWKHUH[WUHPH2QHVWXSLGW\SHRISHRSOHGHQLHVWKHKLJKHUVD\VLWGRHV
QRWH[LVWDQGVHWWOHVZLWKWKHORZHU7KHRWKHUVWXSLGNLQGGHQLHVWKHORZHUVD\V
WKHUHLVQRORZHUWKHUHLVRQO\WKHKLJKHU2QHVD\V*RGLVLOOXVLRQWKHZRUOGLV
WUXWK7KHRWKHUVD\VWKHZRUOGLVLOOXVLRQ*RGLVWUXWK

,QP\DSSURDFKERWKDUHEHLQJVWXSLGEHFDXVHERWKDUHGRLQJWKHVDPHWKLQJ
%RWKZDQWWREHDWHDVHERWKDUHGHQ\LQJWKHSRODURSSRVLWHERWKDUHGHQ\LQJ
WKHSRVVLELOLW\RIDQ\LQQHUWHQVLRQ$QGUHPHPEHULWLVWKHLQQHUWHQVLRQWKDW
JLYHV\RXDOLYHQHVV$QGWKHELJJHUWKHWHQVLRQWKHPRUHDOLYH\RXDUH

<RXNQRZ\RXKDYHH[SHULHQFHGLW(YHU\ERG\KDVH[SHULHQFHGLWPRUHRUOHVV
WKHDWWUDFWLRQRIWKHRSSRVLWH$PDQLVDWWUDFWHGWRDZRPDQDQGYLFHYHUVD
ZK\"7KHQHJDWLYHSROHRIHOHFWULFLW\LVDWWUDFWHGWRZDUGVWKHSRVLWLYHSROHDQG
YLFHYHUVDZK\":K\WKHDWWUDFWLRQIRUWKHRSSRVLWH"%HFDXVHLQWKDWYHU\
DWWUDFWLRQOLIHDULVHV,QWKDWWHQVLRQKRZFDQ\RXUHPDLQGHDG",QWKDWYHU\
WHQVLRQ\RXVWDUWSXOVDWLQJ

7KRVHZKRVHWWOHDQGFKRRVHRQHDJDLQVWWKHRWKHUEHFRPHVWDOHEHFRPHGHDG
7KHPDWHULDOLVWEHFRPHVVXSHUILFLDODQG\RXUVRFDOOHGVSLULWXDOLVWDOVREHFRPHV
SKRQ\<RXUVRFDOOHGPDWHULDOLVWOLYHVZLWKVKDOORZSOHDVXUHVDQG\RXUVRFDOOHG
VSLULWXDOLVWOLYHVLQLPDJLQDWLRQLQIDQWDV\%RWKDUHPLVVLQJOLIHDQGLWVOLIHJLYLQJ
WHQVLRQV0DQKDVWROLYHZLWKERWKDQGLQVXFKDZD\WKDWQHLWKHULVGHQLHGDQG
\HWERWKEHFRPHFRPSOHPHQWDU\WRHDFKRWKHU<HVQHHGQRWEHDJDLQVWQR
WKHUHLVQRQHFHVVLW\WKDWWKHQRVKRXOGEHDJDLQVWWKH\HV7KH\FDQGHILQH




HDFKRWKHUWKH\FDQQRXULVKHDFKRWKHU

7KDW
VP\ZKROHHIIRUWKHUH,EULQJ\RXDQHZGLVSHQVDWLRQWKDWWKHHDUWKDQG
WKHVN\KDYHWREHDFFHSWHGWRJHWKHU%RG\DQGVRXOWKHZRUOGDQG*RGKDYHWR
EHDFFHSWHGWRJHWKHU1RWKLQJLVZURQJLQWKHORZHUWKHORZHUKDVWREHFRPH
WKHEDVHIRUWKHKLJKHU7KHORZHUKDVWRIXQFWLRQDVWKHIRXQGDWLRQLI\RXGHQ\
LW\RXZRQ
WKDYHDQ\IRXQGDWLRQ

7KDW
VZK\UHOLJLRXVFRXQWULHVIRUH[DPSOH,QGLDEHFDPHSRRUHUDQGSRRUHUDQG
SRRUHU7KH\ORVWWKHLUIRXQGDWLRQVDQGEHFDPHYHU\SKRQ\+RZFDQ\RXEHWUXH
LI\RXGHQ\VRPHWKLQJZKLFKLVDOODURXQG\RXDQGVRUHDO",I\RXVD\WKHZRUOGLV
LOOXVLRQPD\DKRZFDQ\RXEHWUXH"<RXNQRZLWLVQRW

(YHQWKHSHUVRQZKRVD\VWKDWWKHZRUOGLVPD\DGRHVQRWWU\WRSDVVWKURXJK
WKHZDOOKHJRHVWKURXJKWKHGRRU,IERWKDUHPD\DLOOXVLRQZKDWLVWKH
GLIIHUHQFH"&DQ\RXILQGDQ\GLIIHUHQFHEHWZHHQWZRLOOXVLRQV",VRQHDOLWWOHOHVV
DQLOOXVLRQDQGWKHRWKHUDOLWWOHPRUH"(YHQWKHSHUVRQZKRVD\VWKHZRUOGLV
LOOXVLRQGRHVQRWVWDUWHDWLQJVWRQHV:KDWLVWKHGLIIHUHQFHEHWZHHQEUHDGDQG
VWRQHVWKHQ"%RWKDUHLOOXVLRQVERWKDUHGUHDPV

%XWE\GHQ\LQJWKHZRUOG\RXORVHFRQWDFWZLWKWKHUHDOLW\7KDW
VZKDWKDSSHQHG
LQWKH(DVWSDUWLFXODUO\LQ,QGLD,QGLDEHFDPHGLVRULHQWHGIURPUHDOLW\LWORVWLWV
URRWVLQWKHHDUWK,WEHFDPHXQHDUWKO\DOLWWOHJKRVWO\7KDW
VP\H[SHULHQFHRI
,QGLD,QGLDLVDJKRVWLWKDVORVWLWVERG\$QGQRERG\HOVHLVUHVSRQVLEOHIRULW
,WFRXOGQRWJDWKHUFRXUDJHWRDFFHSWWKHSRODURSSRVLWHV,WEHFDPHSRRULW
EHFDPHXJO\LWEHFDPHLOO

,QGLDFKRVHWKLVVRWKDWLWFRXOGEHDWHDVHZLWKWKHKLJKHU%XWWKHKLJKHUFDQ
H[LVWRQO\ZLWKWKHORZHUWKLVLVRQHWKLQJPRUHRIJUHDWLPSRUWDQFHWREH
UHPHPEHUHG7KHORZHUFDQH[LVWZLWKRXWWKHKLJKHULWZLOOUHPDLQXQIXOILOOHG
EXWLWFDQH[LVW7KHKLJKHUFDQQRWHYHQH[LVWZLWKRXWWKHORZHU

<RXFDQQRWKDYHDEXLOGLQJDWHPSOHDFKXUFKZLWKRXWWKHIRXQGDWLRQV%XW
\RXFDQKDYHWKHIRXQGDWLRQVZLWKRXWPDNLQJWKHWHPSOH7KDWLVSRVVLEOH
EHFDXVHWKHORZHUFRPHVILUVWDQGWKHKLJKHUFRPHVODWHU7KHORZHUFDQFRPH
DQGWKHKLJKHUPD\QRWFRPH

7KH(DVWWULHGWKHKLJKHUZLWKRXWWKHORZHUWKHWHPSOHZLWKRXWWKHIRXQGDWLRQV
1RZVXFKDWHPSOHFDQRQO\EHLQ\RXULPDJLQDWLRQLWFDQQRWH[LVWLQUHDOLW\$QG
LWFUHDWHVK\SRFULV\7KHJUHDWHVWK\SRFULV\SRVVLEOHLQWKHZRUOGKDVKDSSHQHG
LQ,QGLD7KHK\SRFULV\LVZHKDYHWROLYHLQWKHORZHUEHFDXVHWKHORZHULVWKH
UHDODQGZHKDYHWRGHQ\LWDQGWDONDERXWWKHKLJKHU$QGEHFDXVHWKHORZHULV
GHQLHGWKHKLJKHUFDQQRWKDYHDQ\VXEVWDQFHLWLVGUHDPVWXII6RSHRSOHDUH
YHU\PXFKREVHVVHGZLWKPRQH\EXWWKH\WDONRI*RGREVHVVHGZLWKSROLWLFV
DQGSRZHUDQGWKH\WDONRI*RG7KDWUHPDLQVMXVWWDON





,QWKH:HVWMXVWWKHRSSRVLWHKDVKDSSHQHG7KHORZHUZDVDFFHSWHGIRUWKH
VDPHUHDVRQEHFDXVHLIWKHUHLVRQO\RQH\RXFDQUHOD[<RXFDQGURSWKH
FUHDWLYHGLVFRQWHQWLIWKHUHLVRQO\RQH+HQFHWKHDWWUDFWLRQIRUWKHRQHLWLVDQ
DWWUDFWLRQWRZDUGVVXLFLGH

7KLQNRIDZRUOGZKHUHRQO\PHQH[LVWDQGQRZRPHQ7KHUHZLOOEHQRWHQVLRQ
FHUWDLQO\7KHUHZLOOEHJUHDWEURWKHUKRRGHYHU\ERG\ZLOOEHJD\OLWHUDOO\JD\
%XWOLIHZLOOORVHVRPHWKLQJVRPHWKLQJRILPPHQVHLPSRUWDQFHWKHUHZLOOEHQR
WHQVLRQ,WZLOOEHOLNHKDYLQJORRVHVWULQJVRQDVLWDU\RXFDQQRWFUHDWHPXVLF

<RXKDYHWRPDNHWKHPWLJKWDQGWHQVHRQO\WKHQFDQ\RXVWULNHPXVLFRXWRI
WKHPRQO\WKHQFDQWKHKLGGHQEHFRPHPDQLIHVW:LWKORRVHVWULQJVRQDVLWDU
KRZFDQ\RXFUHDWHPXVLF"7KH\KDYHWREHWLJKWLQDFHUWDLQWHQVLRQ2QO\JUHDW
PDVWHUVNQRZKRZPXFKWHQVLRQLVWKHULJKWWHQVLRQ$QGLQWKHULJKWWHQVLRQWKH
JUHDWHVWPHORG\LVSRVVLEOH

,WHDFK\RXWKHULJKWWHQVLRQEHWZHHQWKHORZHUDQGWKHKLJKHUEHWZHHQWKHERG\
DQGWKHVRXOEHWZHHQWKHHDUWKDQGKHDYHQDULJKWWHQVLRQZLWKQRDQWDJRQLVP
7KHORZHUKDVQRWWREHGHQLHGIRUWKHKLJKHUQHLWKHUKDVWKHKLJKHUWREH
GHQLHGIRUWKHORZHU7KH\DUHWRJHWKHUWKH\DUHWZRDVSHFWVRIWKHVDPHUHDOLW\
WKH\LQWHUSHQHWUDWH

6R,GRQ
WVD\GURS\RXUGRXEW,GRQ
WVD\GURS\RXUQR,VD\OHW\RXUQREHFRPH
WKHWHQVLRQIRU\RXU\HVOHW\RXUQREHFRPHWKHEDFNJURXQGIRU\RXU\HV/HW
\RXUQRFUHDWHWKHFRQWH[WLQZKLFKWKH\HVZLOOEHPRUHPHDQLQJIXO2QO\LQ
FRQWUDVWGRHVPHDQLQJDULVH<RXZULWHZLWKZKLWHFKDONRQDEODFNERDUGZK\"
%HFDXVHRQO\LQFRQWUDVWZLOOWKHZKLWHVKRZLWZLOOEHORXGDQGFOHDU/HWQR
EHFRPHWKHEODFNERDUGDQG\HVWKHZKLWHZULWLQJRQLW

<RXUWUXVWVKRXOGQRWEHDEOLQGWUXVW\RXUWUXVWVKRXOGEHDWUXVWZKLFKKDVH\HV
<RXUWUXVWVKRXOGQRWEHDQLPSRWHQWWUXVWDWUXVWZKLFKLVWUXVWEHFDXVH\RXDUH
LPSRWHQWWRVD\QR<RXUWUXVWVKRXOGEHDOLYHVWURQJDQGYLWDO<RXUWUXVWZLOOEH
FDSDEOHRIVD\LQJQR6D\\HVDQG\HWUHWDLQWKHFDSDFLW\WRVD\QRWKHQ\RXZLOO
EHVXUSULVHG\RXU\HVKDVVXFKVKDUSQHVVVXFKEULOOLDQFHVXFKLQWHOOLJHQFH
7KHQLWLVQRWEOLQGLWKDVH\HVWRVHH

8VHQRDVDIRXQGDWLRQIRU\HVXVHGRXEWDVPDQXUHIRUWKHURVHEXVK8VH
HYHU\WKLQJWKDW*RGKDVJLYHQWR\RX1RWKLQJQRWKLQJDWDOOKDVWREHGHQLHG
DOOKDVWREHDEVRUEHGEHFDXVHQRWKLQJLVXQHVVHQWLDORUXQLPSRUWDQW(YHQ
WKRXJKVRPHWLPHVLWORRNVXQHVVHQWLDODQGXQLPSRUWDQWHYHQWKRXJKVRPHWLPHV
LWORRNVSRVLWLYHO\KDUPIXODQGSRLVRQRXVLWKDVQRWWREHGHQLHG,WKDVQRWWREH
WKURZQRXWEHFDXVHODWHURQRQWKHZD\DV\RXEHFRPHZLVHU\RXZLOOUHSHQWLI
\RXWKUHZVRPHWKLQJDZD\EHFDXVH\RXZLOOQHHGLWLQVRPHVLWXDWLRQ7KHUHDUH
PRPHQWVZKHQSRLVRQLVQHHGHGDVPHGLFLQH7KHUHDUHPRPHQWVRIZLVGRP
ZKHQMXVWWKHWRXFKRIWKHZLVHPDQDQGWKHSRLVRQEHFRPHVQHFWDU





,ZDQW\RXWREHFRPHDOFKHPLVWV7KLVLVDQDOFKHPLFDOVFKRRODXQLYHUVLW\IRU
LQQHUDOFKHP\:HDUHWU\LQJWRFKDQJHWKHEDVHUPHWDOLQWRJROG6RUHPHPEHU
,DFFHSW\RXUQRWRR,ORYH\RXUQRWRR,DFFHSWDOOWKDW\RXDUH,DFFHSWDOOWKDW
\RXDUHQRWHYHQWKDWWRR<RXDUHDFFHSWHGZKDWVRHYHU\RXDUHDQG\RXDUH
DFFHSWHGZKDWVRHYHU\RXDUHQRW<RXDUHDFFHSWHGLQWRWDOLW\

)URPP\VLGHWKHUHLVQRTXHVWLRQRIGHQ\LQJDQ\WKLQJEXWRIWUDQVIRUPLQJLW

7KHVHFRQGTXHVWLRQ

%(/29('26+2
:+$7,67+((*2"5(0$,1,1*81(1/,*+7(1('$5(:($/:$<6
)81&7,21,1*7+528*+7+((*225$5(7+(5(020(176:+(1:(
$5()5((2),7"

3UHPSDULMDWPDQKDVQRFHQWHUVHSDUDWHIURPWKHFHQWHURIWKHZKROH7KHUHLV
RQO\RQHFHQWHULQH[LVWHQFHWKHDQFLHQWVXVHGWRFDOOLW7DRGKDPPD*RG
7KRVHZRUGVKDYHEHFRPHROGQRZ\RXFDQFDOOLWWUXWK7KHUHLVRQO\RQH
FHQWHURIH[LVWHQFH7KHUHDUHQRWPDQ\FHQWHUVRWKHUZLVHWKHXQLYHUVHZRXOG
QRWEHUHDOO\DXQLYHUVHLWZRXOGEHFRPHDPXOWLYHUVH,WLVDXQLW\KHQFHLWLV
FDOOHGWKHXQLYHUVHLWKDVRQO\RQHFHQWHU

%XWWKLVLVWREHPHGLWDWHGXSRQDOLWWOH7KDWRQHFHQWHULVP\FHQWHU\RXU
FHQWHUHYHU\ERG\
VFHQWHU7KDWRQHFHQWHUGRHVQRWPHDQWKDW\RXDUH
FHQWHUOHVVWKDWRQHFHQWHUVLPSO\PHDQVWKDW\RXGRQ
WKDYHDVHSDUDWHFHQWHU
/HWXVVD\LWLQGLIIHUHQWZRUGV<RXFDQPDNHPDQ\FRQFHQWULFFLUFOHVRQRQH
FHQWHUPDQ\FLUFOHV<RXFDQWKURZDSHEEOHLQDVLOHQWODNHRQHFHQWHUDULVHV
IURPWKHIDOORIWKHSHEEOHDQGWKHQPDQ\FRQFHQWULFFLUFOHVDULVHDQGWKH\JRRQ
VSUHDGLQJWRWKHIDUWKHVWVKRUHPLOOLRQVRIFRQFHQWULFFLUFOHVEXWWKH\DOOKDYH
RQHFHQWHU

(DFKFDQFODLPWKLVFHQWHUDVKLVRZQ$QGLQDZD\LWLVKLVFHQWHUEXWLWLVQRW
RQO\KLV7KHHJRDULVHVZLWKWKHFODLP7KHFHQWHULVPLQHVHSDUDWH,WLVQRW
\RXUFHQWHULWLVP\FHQWHULWLVPH7KHLGHDRIDVHSDUDWHFHQWHULVWKHURRWRI
WKHHJR

:KHQDFKLOGLVERUQKHFRPHVZLWKRXWDFHQWHURIKLVRZQ)RUQLQHPRQWKVLQ
WKHPRWKHU
VZRPEKHIXQFWLRQVZLWKWKHPRWKHU
VFHQWHUDVKLVFHQWHUKHLVQRW
VHSDUDWH7KHQKHLVERUQ7KHQLWLVXWLOLWDULDQWRWKLQNRIRQHVHOIDVKDYLQJD
VHSDUDWHFHQWHURWKHUZLVHOLIHZLOOEHFRPHYHU\GLIILFXOWDOPRVWLPSRVVLEOH7R
VXUYLYHDQGWRVWUXJJOHIRUVXUYLYDOLQWKHILJKWRIOLIHHYHU\ERG\QHHGVDFHUWDLQ
LGHDRIZKRWKH\DUH$QGQRERG\KDVDQ\LGHD,QIDFWQRERG\FDQHYHUKDYH
DQ\LGHDEHFDXVHDWWKHGHHSHVWFRUH\RXDUHDP\VWHU\<RXFDQ
WKDYHDQ\
LGHDRILW$WWKHGHHSHVWFRUH\RXDUHQRWLQGLYLGXDO\RXDUHXQLYHUVDO

7KDW
VZK\LI\RXDVNWKH%XGGKD:KRDUH\RX"KHUHPDLQVVLOHQWKHGRHVQRW




DQVZHULW+HFDQQRWEHFDXVHQRZKHLVQRPRUHVHSDUDWH+HLVWKHZKROH%XW
LQRUGLQDU\OLIHHYHQ%XGGKDKDVWRXVHWKHZRUG
,
,IKHIHHOVWKLUVW\KHKDVWR
VD\,DPWKLUVW\$QDQGDEULQJPHDOLWWOHZDWHU,DPWKLUVW\

7REHH[DFWO\ULJKWKHVKRXOGVD\$QDQGDEULQJVRPHZDWHU7KHXQLYHUVDO
FHQWHULVDOLWWOHWKLUVW\%XWWKDWZLOOORRNDOLWWOHRGG$QGWRVD\LWDJDLQDQG
DJDLQVRPHWLPHVWKHXQLYHUVDOFHQWHULVKXQJU\DQGVRPHWLPHVWKHXQLYHUVDO
FHQWHULVIHHOLQJDOLWWOHFROGDQGVRPHWLPHVWKHXQLYHUVDOFHQWHULVWLUHGLWZLOO
EHXQQHFHVVDU\DEVROXWHO\XQQHFHVVDU\6RKHFRQWLQXHVWRXVHWKHROG
PHDQLQJIXOZRUG
,
,WLVYHU\PHDQLQJIXOHYHQWKRXJKDILFWLRQLWLVVWLOO
PHDQLQJIXO%XWPDQ\ILFWLRQVDUHPHDQLQJIXO

)RUH[DPSOH\RXKDYHDQDPH7KDWLVDILFWLRQ<RXFDPHZLWKRXWDQDPH\RX
GLGQRWEULQJDQDPHZLWK\RXWKHQDPHZDVJLYHQWR\RX7KHQE\FRQVWDQW
UHSHWLWLRQ\RXVWDUWEHFRPLQJLGHQWLILHGZLWKLW<RXNQRZ\RXUQDPHLV5DPDRU
5DKLPRU.ULVKQD,WJRHVVRGHHSWKDWLIDOO\RXWKUHHWKRXVDQGVDQQ\DVLQVIDOO
DVOHHSKHUHDQGVRPHERG\FRPHVDQGFDOOV5DPDZKHUHDUH\RX"QRERG\
ZLOOKHDUH[FHSW5DPD5DPDZLOOVD\:KRKDVFRPHWRGLVWXUEP\VOHHS"
(YHQLQVOHHSKHNQRZVKLVQDPHLWKDVUHDFKHGWRWKHXQFRQVFLRXVLWKDV
VHHSHGWKURXJKDQGWKURXJK%XWLWLVDILFWLRQ

%XWZKHQ,VD\LWLVDILFWLRQ,GRQ
WPHDQLWLVXQQHFHVVDU\,WLVQHFHVVDU\ILFWLRQ
LWLVXVHIXORWKHUZLVHKRZDUH\RXJRLQJWRDGGUHVVSHRSOH",I\RXZDQWWRZULWH
DOHWWHUWRVRPHERG\WRZKRPDUH\RXJRLQJWRZULWH"

$VPDOOFKLOGRQFHZURWHDOHWWHUWR*RG+LVPRWKHUZDVLOODQGKLVIDWKHUKDG
GLHGDQGWKH\KDGQRPRQH\VRKHDVNHG*RGIRUILIW\UXSHHV
:KHQWKHOHWWHUUHDFKHGWKHSRVWRIILFHWKH\ZHUHDWDORVVZKDWWRGRZLWKLW"
:KHUHWRVHQGLW",WZDVVLPSO\DGGUHVVHGWR*RG6RWKH\RSHQHGLW7KH\IHOW
YHU\VRUU\IRUWKHOLWWOHER\DQGWKH\GHFLGHGWRFROOHFWVRPHPRQH\DQGVHQGLWWR
KLP7KH\FROOHFWHGVRPHPRQH\KHKDGDVNHGIRUILIW\UXSHHVEXWWKH\FRXOG
FROOHFWRQO\IRUW\
7KHQH[WOHWWHUFDPHDJDLQDGGUHVVHGWR*RGDQGWKHER\KDGZULWWHQ'HDU
6LUSOHDVHQH[WWLPHZKHQ\RXVHQGWKHPRQH\VHQGLWGLUHFWO\WRPHGRQ
W
VHQGLWWKURXJKWKHSRVWRIILFH7KH\KDYHWDNHQWKHLUFRPPLVVLRQWHQUXSHHV

,WZLOOEHGLIILFXOWLIQRERG\KDVDQDPH$OWKRXJKQRERG\KDVDQDPHLQUHDOLW\
VWLOOLWLVDEHDXWLIXOILFWLRQKHOSIXO$QGQRERG\NQRZVLWPRUHWKDQ,GREHFDXVH
,GRQ
WWKLQNDQ\ERG\LQWKHZKROHKLVWRU\RIKXPDQLW\KDVJLYHQDVPDQ\QDPHV
DV,KDYHJLYHQ<RXFDQFRXQWRQPH

1DPHVDUHQHHGHGIRURWKHUVWRFDOO\RX
,
LVQHHGHGIRU\RXWRFDOO\RXUVHOIEXW
LWLVMXVWDILFWLRQ,I\RXJRGHHSLQWR\RXUVHOI\RXZLOOILQGWKHQDPHKDV
GLVDSSHDUHGWKHLGHDRI
,
KDVGLVDSSHDUHGWKHUHLVOHIWRQO\DSXUHDPQHVVLV
QHVVH[LVWHQFHEHLQJ





$QGWKDWEHLQJLVQRWVHSDUDWHLWLVQRW\RXUVDQGPLQHWKDWEHLQJLVWKHEHLQJRI
DOO5RFNVULYHUVPRXQWDLQVWUHHVDOODUHLQFOXGHG,WLVDOOLQFOXVLYHLWH[FOXGHV
QRWKLQJ7KHZKROHSDVWWKHZKROHIXWXUHWKLVLPPHQVHXQLYHUVHHYHU\WKLQJLV
LQFOXGHGLQLW7KHGHHSHU\RXJRLQWR\RXUVHOIWKHPRUHDQGPRUH\RXZLOOILQG
WKDWSHUVRQVGRQ
WH[LVWWKDWLQGLYLGXDOVGRQ
WH[LVW7KHQZKDWH[LVWVLVDSXUH
XQLYHUVDOQHVV2QWKHFLUFXPIHUHQFHZHKDYHQDPHVHJRVLGHQWLWLHV:KHQZH
MXPSIURPWKHFLUFXPIHUHQFHWRZDUGVWKHFHQWHUDOOWKRVHLGHQWLWLHVGLVDSSHDU
7KHHJRLVMXVWDXVHIXOILFWLRQ

8VHLWEXWGRQ
WEHGHFHLYHGE\LW

3DULMDW\RXDOVRDVN5HPDLQLQJXQHQOLJKWHQHGDUHZHDOZD\VIXQFWLRQLQJ
WKURXJKWKHHJRRUDUHWKHUHPRPHQWVZKHQZHDUHIUHHRILW"
%HFDXVHLWLVDILFWLRQWKHUHDUHPRPHQWVZKHQ\RXDUHIUHHRILW%HFDXVHLWLVD
ILFWLRQLWFDQUHPDLQWKHUHRQO\LI\RXJRRQPDLQWDLQLQJLW$ILFWLRQQHHGVJUHDW
PDLQWHQDQFH7UXWKQHHGVQRPDLQWHQDQFHWKDWLVWKHEHDXW\RIWUXWK%XWD
ILFWLRQ"<RXKDYHFRQVWDQWO\WRSDLQWLWWRJLYHLWDSURSKHUHDQGWKHUHDQGLWLV
FRQVWDQWO\FROODSVLQJ%\WKHWLPH\RXKDYHPDQDJHGWRSURSXSRQHVLGHWKH
RWKHUVLGHVWDUWVFROODSVLQJ

$QGWKDW
VZKDWSHRSOHJRRQGRLQJWKHLUZKROHOLIHWU\LQJWRPDNHWKHILFWLRQ
VHHPDVLILWLVWKHWUXWK+DYHPRUHPRQH\WKHQ\RXFDQKDYHDELJJHUHJRD
OLWWOHPRUHVROLGWKDQWKHHJRRIWKHSRRUPDQ7KHSRRUPDQ
VHJRLVWKLQKH
FDQ
WDIIRUGDWKLFNHUHJR%HFRPHWKHSULPHPLQLVWHURUSUHVLGHQWRIDFRXQWU\
DQG\RXUHJRLVSXIIHGXSWRH[WUHPHV7KHQ\RXGRQ
WZDONRQWKHHDUWK

2XUZKROHOLIHWKHVHDUFKIRUPRQH\SRZHUSUHVWLJHWKLVDQGWKDWLVQRWKLQJ
EXWDVHDUFKIRUQHZSURSVDVHDUFKIRUQHZVXSSRUWVWRVRPHKRZNHHSWKH
ILFWLRQJRLQJ$QGDOOWKHWLPH\RXNQRZGHDWKLVFRPLQJ:KDWVRHYHU\RXPDNH
GHDWKLVJRLQJWRGHVWUR\LW%XWVWLOORQHJRHVRQKRSLQJDJDLQVWKRSHPD\EH
HYHU\ERG\HOVHGLHVEXWQRW\RX

$QGLQDZD\LWLVWUXH<RXKDYHDOZD\VVHHQRWKHUSHRSOHG\LQJ\RXKDYH
QHYHUVHHQ\RXUVHOIG\LQJVRLWVHHPVWUXHDOVRORJLFDODOVR7KLVSHUVRQGLHV
WKDWSHUVRQGLHVDQG\RXQHYHUGLH<RXDUHDOZD\VWKHUHWRIHHOVRUU\IRUWKHP
\RXDOZD\VJRZLWKWKHPWRWKHFHPHWHU\WRVD\JRRGE\HDQGWKHQ\RXDUHEDFN
KRPHDJDLQ
'RQ
WEHGHFHLYHGE\LWEHFDXVHDOOWKRVHSHRSOHZHUHGRLQJWKHVDPHWKLQJ
$QGQRERG\LVDQH[FHSWLRQ'HDWKFRPHVDQGGHVWUR\VWKHZKROHILFWLRQRI\RXU
QDPH\RXUIDPH'HDWKFRPHVDQGVLPSO\HIIDFHVDOOQRWHYHQIRRWSULQWVDUH
OHIW:KDWVRHYHUZHJRRQPDNLQJRXWRIRXUOLIHLVQRWKLQJEXWZULWLQJRQZDWHU
QRWHYHQRQVDQGEXWRQZDWHU<RXKDYHQRWHYHQZULWWHQLWDQGLWLVJRQH<RX
FDQQRWHYHQUHDGLWEHIRUH\RXFRXOGKDYHUHDGLWLWLVJRQH

%XWZHJRRQWU\LQJWRPDNHWKHVHFDVWOHVLQWKHDLU%HFDXVHLWLVDILFWLRQLW
QHHGVFRQVWDQWPDLQWHQDQFHFRQVWDQWHIIRUWGD\DQGQLJKW$QGQRERG\FDQEH




VRFDUHIXOIRUWZHQW\IRXUKRXUV6RVRPHWLPHVLQVSLWHRI\RXWKHUHDUH
PRPHQWVZKHQ\RXKDYHDJOLPSVHRIUHDOLW\ZLWKRXWWKHHJRIXQFWLRQLQJDVD
EDUULHU:LWKRXWWKHVFUHHQRIWKHHJRWKHUHDUHPRPHQWVLQVSLWHRI\RX
UHPHPEHU(YHU\ERG\RQFHLQDZKLOHKDVWKRVHPRPHQWV

)RUH[DPSOHHYHU\QLJKWZKHQ\RXIDOOGHHSO\LQWRVOHHSDQGWKHVOHHSLVVR
GHHSWKDW\RXFDQQRWHYHQGUHDPWKHQWKHHJRLVQRPRUHIRXQGDOOWKHILFWLRQV
DUHJRQH'HHSGUHDPOHVVVOHHSLVDNLQGRIVPDOOGHDWK,QGUHDPVWKHUHLVD
SRVVLELOLW\WKDW\RXPD\VWLOOPDQDJHWRUHPHPEHULW3HRSOHJRRQPDQDJLQJWR
PDLQWDLQWKHLUHJRHYHQLQWKHLUGUHDPV

7KDW
VZK\SV\FKRDQDO\VLVWULHVWRJRGHHSLQWR\RXUGUHDPVEHFDXVHWKHUHLV
OHVVSRVVLELOLW\RI\RXPDLQWDLQLQJ\RXULGHQWLW\PRUHORRSKROHVFDQEHIRXQG
WKHUH,QWKHGD\WLPH\RXDUHYHU\DOHUWDQGRQJXDUGFRQWLQXRXVO\WKHUHZLWKD
VKLHOGWRSURWHFW\RXUHJR,QGUHDPVVRPHWLPHV\RXIRUJHW%XWWKHSHRSOHZKR
KDYHEHHQVWXG\LQJGUHDPVVD\WKDWHYHQLQGUHDPVWKHSURWHFWLRQUHPDLQVLW
EHFRPHVDOLWWOHPRUHVXEWOH

)RUH[DPSOH\RXVHHLQDGUHDPWKDW\RXKDYHNLOOHG\RXUXQFOH,I\RXJRGHHS
LQWRLW\RXZLOOEHVXUSULVHG\RXZDQWHGWRNLOO\RXUIDWKHUEXW\RXNLOOHG\RXU
XQFOH<RXGHFHLYHG\RXUVHOIWKHHJRSOD\HGDJDPH<RXDUHVXFKDJRRGJX\
KRZFDQ\RXNLOO\RXURZQIDWKHU"$QGWKHXQFOHORRNVOLNH\RXUIDWKHUDOWKRXJK
QRERG\UHDOO\ZDQWVWRNLOOWKHLUXQFOH8QFOHVDUHDOZD\VQLFHSHRSOHZKR
ZDQWVWRNLOORQH
VXQFOH"$QGZKRGRHVQRWZDQWWRNLOORQH
VRZQIDWKHU"

7KHUHLVERXQGWREHJUHDWDQWDJRQLVPEHWZHHQWKHIDWKHUDQGWKHVRQ7KH
IDWKHUKDVWRGLVFLSOLQHWKHVRQKHKDVWRFXUEDQGFXWKLVIUHHGRPDQGRUGHU
KLPDQGIRUFHKLPWRREH\$QGQRERG\ZDQWVWRREH\DQGEHGLVFLSOLQHGDQG
JLYHQVKRXOGVDQGVKRXOGQRWV7KHIDWKHULVVRSRZHUIXOWKDWWKHVRQIHHOV
MHDORXV$QGWKHJUHDWHVWMHDORXV\LVWKDWWKHVRQZDQWVWKHPRWKHUWREH
FRPSOHWHO\KLVRZQDQGWKLVIDWKHUDOZD\VFRPHVLQEHWZHHQKHLVDOZD\VWKHUH
$QGQRWRQO\GRHVWKHVRQIHHOMHDORXVRIWKHIDWKHUWKHIDWKHUDOVRIHHOVMHDORXV
RIWKHVRQEHFDXVHKHLVDOZD\VWKHUHEHWZHHQKLVZLIHDQGKLP

0XOOD1DVUXGGLQ
VVRQJRWPDUULHG+HFDPHKRPHZLWKKLVZLIHDQGZLWKKLV
IULHQGVDQGUHODWLYHVWKHZKROHKRXVHZDVIXOO+HZHQWRXWIRUVRPHWKLQJDQG
ZKHQKHFDPHEDFNKHZDVYHU\PXFKWDNHQDEDFNKLVIDWKHUZDVKXJJLQJKLV
ZLIHDQGNLVVLQJKHU7KLVZDVWRRPXFK7KLVLVQRWDOORZHG+HZDVYHU\DQJU\
DQGVDLG:KDWDUH\RXGRLQJ"
7KHIDWKHUVDLG$QGZKDWKDYH\RXEHHQGRLQJ\RXUZKROHOLIH"<RXKDYHEHHQ
NLVVLQJDQGKXJJLQJP\ZLIHDQG,QHYHUVDLGDQ\WKLQJWR\RX

+HPD\QRWKDYHVDLGDQ\WKLQJEXWKHPXVWKDYHIHOWOLNHLW7KHUHLVDQ
DQWDJRQLVPEHWZHHQWKHIDWKHUDQGWKHVRQEHWZHHQWKHGDXJKWHUDQGWKH
PRWKHUDQDWXUDODQWDJRQLVPDQDWXUDOMHDORXV\7KHGDXJKWHUZDQWVWR
SRVVHVVWKHIDWKHUEXWWKHPRWKHULVWKHUHVKHORRNVOLNHWKHHQHP\




8QFOHVDUHYHU\EHDXWLIXOSHRSOHEXWLQDGUHDP\RXZLOOQRWNLOO\RXURZQIDWKHU
<RXUPRUDOFRQVFLHQFHSDUWRI\RXUHJRZLOOSUHYHQW\RXIURPGRLQJVXFKD
WKLQJ<RXZLOOILQGDVXEVWLWXWHWKLVLVDVWUDWHJ\
,I\RXPLQXWHO\REVHUYH\RXUGUHDPV\RXZLOOILQGPDQ\VWUDWHJLHVWKHHJRLVVWLOO
WU\LQJWRSOD\7KHHJRFDQQRWDFFHSWWKHIDFW,DPNLOOLQJP\RZQIDWKHU",DP
VXFKDQREHGLHQWVRQUHVSHFWIXOWRZDUGVP\IDWKHUORYLQJKLPVRPXFKDQG,
DPWU\LQJWRNLOOP\IDWKHU"7KHHJRZRQ
WDFFHSWWKHLGHDWKHHJRVKLIWVWKH
LGHDDOLWWOHELWWRWKHVLGH7KHXQFOHORRNVDOPRVWOLNHWKHIDWKHUNLOOWKHXQFOH
WKDWVHHPVHDVLHU7KHXQFOHLVRQO\DVXEVWLWXWH7KLVLVZKDWJRHVRQHYHQLQ
GUHDPV
%XWLQGUHDPOHVVVOHHSWKHHJRFRPSOHWHO\GLVDSSHDUVEHFDXVHZKHQWKHUHLV
QRWKLQNLQJQRGUHDPLQJKRZFDQ\RXFDUU\DILFWLRQ"%XWGUHDPOHVVVOHHSLV
YHU\VPDOO,QHLJKWKRXUVRIKHDOWK\VOHHSLWLVQRWPRUHWKDQWZRKRXUV%XWRQO\
WKRVHWZRKRXUVDUHUHYLWDOL]LQJ,I\RXKDYHWZRKRXUVRIGHHSGUHDPOHVVVOHHS
LQWKHPRUQLQJ\RXDUHQHZIUHVKDOLYH/LIHDJDLQKDVDWKULOOWRLWWKHGD\
VHHPVWREHDJLIW(YHU\WKLQJVHHPVWREHQHZEHFDXVH\RXDUHQHZ$QG
HYHU\WKLQJVHHPVWREHEHDXWLIXOEHFDXVH\RXDUHLQDEHDXWLIXOVSDFH
:KDWKDSSHQHGLQWKHVHWZRKRXUVZKHQ\RXIHOOLQWRGHHSVOHHSZKDW
3DWDQMDOLFDOOVVXVKXSWLGUHDPOHVVVOHHS"7KHHJRGLVDSSHDUHG$QGWKH
GLVDSSHDUDQFHRIWKHHJRKDVUHYLWDOL]HG\RXUHMXYHQDWHG\RX:LWKWKH
GLVDSSHDUDQFHRIWKHHJRHYHQWKRXJKLQGHHSXQFRQVFLRXVQHVV\RXKDGD
WDVWHRI*RG
3DWDQMDOLVD\VWKHUHLVQRWPXFKGLIIHUHQFHEHWZHHQVXVKXSWLGUHDPOHVVVOHHS
DQGVDPDGKLWKHXOWLPDWHVWDWHRIEXGGKDKRRGQRWPXFKGLIIHUHQFHDOWKRXJK
WKHUHLVDGLIIHUHQFH7KHGLIIHUHQFHLVWKDWRIFRQVFLRXVQHVV,QGUHDPOHVVVOHHS
\RXDUHXQFRQVFLRXVLQVDPDGKL\RXDUHFRQVFLRXVEXWWKHVWDWHLVWKHVDPH
<RXPRYHLQWR*RG\RXPRYHLQWRWKHXQLYHUVDOFHQWHU<RXGLVDSSHDUIURPWKH
FLUFXPIHUHQFHDQG\RXJRWRWKHFHQWHU$QGMXVWWKDWFRQWDFWZLWKWKHFHQWHUVR
UHMXYHQDWHV\RX
3HRSOHZKRFDQQRWVOHHSDUHUHDOO\PLVHUDEOHSHRSOHYHU\PLVHUDEOHSHRSOH
7KH\KDYHORVWDQDWXUDOVRXUFHRIEHLQJLQFRQWDFWZLWK*RG7KH\KDYHORVWD
QDWXUDOSDVVDJHLQWRWKHXQLYHUVDODGRRUKDVFORVHG
7KLVFHQWXU\LVWKHILUVWFHQWXU\ZKLFKLVVXIIHULQJIURPVOHHSOHVVQHVV:HKDYH
FORVHGDOOWKHRWKHUGRRUVQRZZHDUHFORVLQJWKHODVWGRRUWKHGRRURIVOHHS
7KDWVHHPVWREHWKHODVWGLVFRQQHFWLRQIURPWKHXQLYHUVDOHQHUJ\WKHJUHDWHVW
GDQJHU$QGQRZWKHUHDUHIRROLVKSHRSOHLQWKHZRUOGZKRDUHZULWLQJERRNVDQG
ZLWKYHU\ORJLFDODFXPHQVD\LQJWKDWVOHHSLVQRWQHHGHGDWDOOLWLVDZDVWDJHRI
WLPH7KH\DUHULJKWLWLVDZDVWDJHRIWLPH)RUSHRSOHZKRWKLQNLQWHUPVRI
PRQH\DQGZRUNSHRSOHZKRDUHZRUNDKROLFVIRUWKHPLWLVDZDVWDJHRIWLPH
-XVWDVWKHUHLVQRZ$OFRKROLFV$QRQ\PRXVVRRQZHZLOOQHHG:RUNDKROLFV
$QRQ\PRXV,SURSRVH0RUDUML'HVDL
VQDPHIRUWKHSUHVLGHQWRI:RUNDKROLFV
$QRQ\PRXV
3HRSOHZKRDUHREVHVVHGZLWKZRUNWKH\KDYHWREHFRQVWDQWO\RQWKHJR7KH\
FDQQRWUHVWWKH\FDQQRWUHOD[(YHQZKHQWKH\DUHG\LQJWKH\ZLOOEHGRLQJ
VRPHWKLQJRURWKHU
7KHVHSHRSOHDUHQRZVXJJHVWLQJWKDWVOHHSLVXQQHFHVVDU\7KH\DUH




VXJJHVWLQJWKDWVOHHSLVUHDOO\DQXQQHFHVVDU\KDQJRYHUIURPWKHSDVW7KH\VD\
WKDWLQWKHSDVWZKHQWKHUHZDVQRHOHFWULFLW\DQGQRILUHRXWRIQHFHVVLW\SHRSOH
KDGWRVOHHS1RZWKHUHLVQRQHHG,WLVMXVWDQROGKDELWLPELEHGLQPLOOLRQVRI
\HDUVLWKDVWREHGURSSHG7KHLULGHDLVWKDWLQWKHIXWXUHVOHHSZLOOGLVDSSHDU
$QGWKHVDPHLVKDSSHQLQJEHKLQGWKHLURQFXUWDLQLQ5XVVLDWRR7KH\DUH
FUHDWLQJQHZGHYLFHVVRWKDWSHRSOHFDQEHWDXJKWWKLQJVZKLOHWKH\DUHDVOHHS
DQHZNLQGRIHGXFDWLRQVRWLPHLVQRWZDVWHG,WLVWKHODVWWRUWXUHWKDWZHDUH
JRLQJWRLQYHQWIRUFKLOGUHQ:HLQYHQWHGWKHVFKRROZHDUHQRWVDWLVILHGZLWK
WKDW6PDOOFKLOGUHQLPSULVRQHGLQVFKRROV
,Q,QGLDVFKRROVDQGSULVRQVXVHGWREHSDLQWHGWKHVDPHZD\WKHVDPHFRORU
$QGWKH\ZHUHWKHVDPHW\SHRIEXLOGLQJXJO\ZLWKQRDHVWKHWLFVHQVHZLWKQR
WUHHVDQGELUGVDQGDQLPDOVDURXQGWKHPVRWKDWFKLOGUHQZRXOGQRWEH
GLVWUDFWHG2WKHUZLVHZKRZLOOOLVWHQWRWKHIRROLVKPDWKHPDWLFVWHDFKHUZKHQD
FXFNRRVXGGHQO\VWDUWVFDOOLQJIURPWKHZLQGRZ"2UDGHHUFRPHVLQWRWKHFODVV
DQGWKHWHDFKHULVWHDFKLQJ\RXJHRJUDSK\RUKLVWRU\&KLOGUHQZLOOEH
GLVWUDFWHGVRWKH\KDYHWREHWDNHQDZD\IURPQDWXUHDZD\IURPVRFLHW\7KH\
KDYHWREHIRUFHGWRVLWRQKDUGEHQFKHVIRUILYHKRXUVVL[KRXUVVHYHQKRXUV
7KLVJRHVRQIRU\HDUVWRJHWKHU$OPRVWRQHWKLUGRIOLIHLVVSHQWLQVFKRROV<RX
KDYHPDGHVODYHVRIWKHP,QWKHLUUHPDLQLQJOLIHWKH\ZLOOUHPDLQZRUNDKROLFV
WKH\ZLOOQRWEHDEOHWRKDYHDUHDOKROLGD\
1RZWKHVHSHRSOHDUHWKLQNLQJZK\ZDVWHWKHQLJKWWLPH"6RFKLOGUHQFDQEHSXW
LQWRQLJKWHGXFDWLRQ7KH\ZLOOEHDVOHHSLQEHGEXWWKHLUHDUVZLOOEHFRQQHFWHG
WRDFHQWUDOVFKRRODQGLQDYHU\YHU\VXEWOHVXEOLPLQDOZD\PHVVDJHVZLOOEH
SXWLQWRWKHLUKHDGV7KH\ZLOOEHSURJUDPPHG
$QGLWKDVEHHQIRXQGWKDWWKH\FDQOHDUQPRUHHDVLO\LQWKLVZD\WKDQWKH\OHDUQ
ZKLOHWKH\DUHDZDNH1DWXUDOO\EHFDXVHZKHQ\RXDUHDZDNHKRZVRHYHU\RX
DUHSURWHFWHGDWKRXVDQGDQGRQHWKLQJVGLVWUDFW\RXUPLQG$QGFKLOGUHQDUHVR
IXOORIHQHUJ\WKDWHYHU\WKLQJDWWUDFWVWKHPWKH\DUHFRQWLQXRXVO\GLVWUDFWHG7KDW
LVMXVWHQHUJ\QRWKLQJHOVHWKHUHLVQRVLQLQLW7KH\DUHQRWGHDGWKDW
VZK\
WKH\DUHGLVWUDFWHG
$GRJVWDUWVEDUNLQJVRPHERG\VWDUWVILJKWLQJRXWVLGHVRPHERG\SOD\VDWULFN
RQWKHWHDFKHURUVRPHERG\WHOOVDMRNHDQGWKHUHDUHDWKRXVDQGDQGRQH
WKLQJVZKLFKJRRQGLVWUDFWLQJWKHP%XWZKHQDFKLOGLVDVOHHSDQGGHHSO\
DVOHHSZKHQGUHDPVDUHQRWWKHUHWKHUHLVQRGLVWUDFWLRQDWDOO1RZWKDW
GUHDPOHVVVOHHSFDQEHXVHGDVSDUWRISHGDJRJ\
,WVHHPVZHDUHLQHYHU\ZD\UHDG\WRGLVFRQQHFWRXUVHOYHVIURPWKHXQLYHUVDO
VRXUFHRIEHLQJ1RZWKHVHFKLOGUHQZLOOEHWKHXJOLHVWSRVVLEOHEHFDXVHHYHQ
ZKHQWKHUHZDVDSRVVLELOLW\RIEHLQJORVWFRPSOHWHO\EH\RQGWKHHJRWKDWKDV
DOVREHHQWDNHQDZD\7KHODVWSRVVLELOLW\RIHJRGLVDSSHDUDQFHLVWKHQQR
ORQJHUDYDLODEOH:KHQWKH\FRXOGKDYHEHHQLQFRQWDFWZLWK*RGWKH\ZLOOEH
WDXJKWVRPHUXEELVKKLVWRU\7KHGDWHVZKHQ*HQJKLV.KDQZDVERUQZKR
ERWKHUVZKRFDUHV",QIDFWLI*HQJKLV.KDQKDGQHYHUEHHQERUQWKDWZRXOG
KDYHEHHQIDUEHWWHU7KDW
VZKDW,ZURWHLQP\SDSHUDQGP\WHDFKHUZDVYHU\
DQJU\,KDGWRVWDQGIRUWZHQW\IRXUKRXUVRXWVLGHWKHFODVVEHFDXVH,KDG
ZULWWHQ,WLVXQIRUWXQDWHWKDWKHZDVERUQ,WZRXOGKDYHEHHQYHU\IRUWXQDWHLI
KHKDGQRWEHHQERUQDWDOO




%XWNLQJVDQGHPSHURUVWKH\JRRQDQGRQEHLQJERUQMXVWWRWRUWXUHVPDOO
FKLOGUHQWKH\KDYHWRUHPHPEHUWKHGDWHVDQGWKHQDPHVIRUQRUHDVRQDWDOO$
EHWWHUNLQGRIHGXFDWLRQZLOOGURSDOOWKLVFUDS1LQHW\SHUFHQWRILWLVFUDSDQGWKH
UHPDLQLQJWHQSHUFHQWFDQEHYHU\PXFKLPSURYHG$QGWKHQOLIHFDQKDYHPRUH
MR\PRUHUHVWPRUHUHOD[DWLRQ
%HFDXVHWKHHJRLVDILFWLRQLWGLVDSSHDUVVRPHWLPHV7KHJUHDWHVWWLPHLV
GUHDPOHVVVOHHS6RPDNHLWDSRLQWWKDWVOHHSLVYHU\YDOXDEOHGRQ
WPLVVLWIRU
DQ\UHDVRQ6ORZO\VORZO\PDNHVOHHSDUHJXODUWKLQJ%HFDXVHWKHERG\LVD
PHFKDQLVPLI\RXIROORZDUHJXODUSDWWHUQRIVOHHSWKHERG\ZLOOILQGLWHDVLHUDQG
WKHPLQGZLOOILQGLWHDVLHUWRGLVDSSHDU
*RWREHGDWH[DFWO\WKHVDPHWLPH'RQ
WWDNHLWOLWHUDOO\LIRQHGD\\RXDUHODWH
\RXZLOOQRWEHVHQWWRKHOORUDQ\WKLQJ,KDYHWREHFDXWLRXVEHFDXVHWKHUHDUH
DIHZSHRSOHKHUHZKRDUHKHDOWKIUHDNV7KHLURQO\GLVHDVHLVWKDWWKH\DUH
FRQWLQXRXVO\WKLQNLQJRIKHDOWK,IWKH\VWRSWKLQNLQJRIKHDOWKWKH\ZLOOEH
SHUIHFWO\ZHOO%XWLI\RXFDQPDNH\RXUVOHHSDUHJXODUWKLQJJRLQJWREHGDW
DOPRVWWKHVDPHWLPHDQGJHWWLQJXSDWDOPRVWWKHVDPHWLPHWKHERG\LVD
PHFKDQLVPWKHPLQGLVWRRDQGLWVLPSO\VOLSVLQWRGUHDPOHVVVOHHSDWDFHUWDLQ
PRPHQW
7KHVHFRQGJUHDWHVWVRXUFHRIHJROHVVH[SHULHQFHVLVVH[ORYH7KDWWRRKDV
EHHQGHVWUR\HGE\WKHSULHVWVWKH\KDYHFRQGHPQHGLWVRLWLVQRORQJHUVXFKD
JUHDWH[SHULHQFH6XFKDFRQGHPQDWLRQIRUVRORQJLWKDVFRQGLWLRQHGWKHPLQGV
RISHRSOH(YHQZKLOHWKH\DUHPDNLQJORYHWKH\NQRZGHHSGRZQWKDWWKH\DUH
GRLQJVRPHWKLQJZURQJ6RPHJXLOWLVOXUNLQJVRPHZKHUH$QGWKLVLVVRHYHQIRU
WKHPRVWPRGHUQWKHPRVWFRQWHPSRUDU\HYHQWKH\RXQJHUJHQHUDWLRQ
2QWKHVXUIDFH\RXPD\KDYHUHYROWHGDJDLQVWWKHVRFLHW\RQWKHVXUIDFH\RX
PD\EHDFRQIRUPLVWQRPRUH%XWWKLQJVKDYHJRQHYHU\GHHSLWLVQRWD
TXHVWLRQRIUHYROWLQJRQWKHVXUIDFH<RXFDQJURZORQJKDLUWKDWZRQ
WKHOS
PXFK<RXFDQEHFRPHDKLSS\DQGVWRSWDNLQJEDWKVWKDWZRQ
WKHOSPXFK<RX
FDQEHFRPHDGURSRXWLQHYHU\SRVVLEOHZD\WKDW\RXFDQLPDJLQHDQGWKLQNRI
EXWWKDWZRQ
WKHOSUHDOO\EHFDXVHWKLQJVKDYHJRQHWRRGHHSDQGDOOWKHVHDUH
VXSHUILFLDOPHDVXUHV
)RUWKRXVDQGVRI\HDUVZHKDYHEHHQWROGWKDWVH[LVWKHJUHDWHVWVLQ,WKDV
EHFRPHSDUWRIRXUEORRGERQHDQGPDUURZ6RHYHQLI\RXNQRZFRQVFLRXVO\
WKDWWKHUHLVQRWKLQJZURQJLQLWWKHXQFRQVFLRXVNHHSV\RXDOLWWOHGHWDFKHG
DIUDLGJXLOWULGGHQDQG\RXFDQQRWPRYHLQWRLWWRWDOO\
,I\RXFDQPRYHLQWRORYHPDNLQJWRWDOO\WKHHJRGLVDSSHDUVEHFDXVHDWWKH
KLJKHVWSHDNDWWKHKLJKHVWFOLPD[RIORYHPDNLQJ\RXDUHSXUHHQHUJ\7KH
PLQGFDQQRWIXQFWLRQ:LWKVXFKMR\ZLWKVXFKDQRXWEXUVWRIHQHUJ\WKHPLQG
VLPSO\VWRSV,WLVVXFKDQXSVXUJHRIHQHUJ\WKDWWKHPLQGLVDWDORVVLWGRHV
QRWNQRZZKDWWRGRQRZ,WLVSHUIHFWO\FDSDEOHRIUHPDLQLQJLQIXQFWLRQLQ
QRUPDOVLWXDWLRQVEXWZKHQDQ\WKLQJYHU\QHZDQGYHU\YLWDOKDSSHQVLWVWRSV
$QGVH[LVWKHPRVWYLWDOWKLQJ
,I\RXFDQJRGHHSO\LQWRORYHPDNLQJWKHHJRGLVDSSHDUV7KDWLVWKHEHDXW\RI
ORYHPDNLQJWKDWLWLVDQRWKHUVRXUFHRIDJOLPSVHRI*RGMXVWOLNHGHHSVOHHS
EXWIDUPRUHYDOXDEOHEHFDXVHLQGHHSVOHHS\RXZLOOEHXQFRQVFLRXV,Q
ORYHPDNLQJ\RXZLOOEHFRQVFLRXVFRQVFLRXV\HWZLWKRXWWKHPLQG




+HQFHWKHJUHDWVFLHQFHRI7DQWUDEHFDPHSRVVLEOH3DWDQMDOLDQG\RJDZRUNHG
RQWKHOLQHVRIGHHSVOHHSWKH\FKRVHWKDWSDWKWRWUDQVIRUPGHHSVOHHSLQWRD
FRQVFLRXVVWDWHVR\RXNQRZZKR\RXDUHVR\RXNQRZZKDW\RXDUHDWWKH
FHQWHU
7DQWUDFKRVHORYHPDNLQJDVDZLQGRZWRZDUGV*RG7KHSDWKRI\RJDLVYHU\
ORQJEHFDXVHWRWUDQVIRUPXQFRQVFLRXVVOHHSLQWRFRQVFLRXVQHVVLVYHU\
DUGXRXVLWPD\WDNHPDQ\OLYHV$QGZKRNQRZV\RXPD\RUPD\QRWEHDEOHWR
SHUVLVWIRUVRORQJSHUVHYHUHIRUVRORQJEHSDWLHQWIRUVRORQJ6RWKHIDWHWKDW
KDVIDOOHQRQ\RJDLVWKLVWKDWWKHVRFDOOHG\RJLVJRRQRQO\GRLQJERG\
SRVWXUHV7KH\QHYHUJRGHHSHUWKDQWKDWWKDWWDNHVWKHLUZKROHOLIH2IFRXUVH
WKH\JHWEHWWHUKHDOWKDORQJHUOLIHEXWWKDWLVQRWWKHSRLQW<RXFDQKDYH
EHWWHUKHDOWKE\MRJJLQJUXQQLQJVZLPPLQJ\RXFDQKDYHDORQJHUOLIHWKURXJK
PHGLFDOFDUH7KDWLVQRWWKHSRLQW
7KHSRLQWZDVWREHFRPHFRQVFLRXVLQGHHSVOHHS$QG\RXUVRFDOOHG\RJLVJR
RQWHDFKLQJ\RXKRZWRVWDQGRQ\RXUKHDGDQGKRZWRGLVWRUWDQGFRQWRUW\RXU
ERG\<RJDKDVEHFRPHDNLQGRIFLUFXVPHDQLQJOHVV,WKDVORVWLWVUHDO
GLPHQVLRQ
,QWKHQHZFRPPXQH,KDYHWKHYLVLRQRIUHYLYLQJ\RJDDJDLQLQLWVWUXHIODYRULQ
LWVWUXHGLPHQVLRQ$QGWKHJRDOLVWREHFRPHFRQVFLRXVZKLOH\RXDUHGHHSO\
DVOHHS7KDWLVWKHHVVHQWLDOWKLQJLQ\RJDDQGLIDQ\\RJLLVWHDFKLQJDQ\WKLQJ
HOVHLWLVDOOXVHOHVV
%XW7DQWUDKDVFKRVHQDIDUVKRUWHUZD\WKHVKRUWHVWDQGIDUPRUHSOHDVDQWWRR
/RYHPDNLQJFDQRSHQWKHZLQGRZ$OOWKDWLVQHHGHGLVWRXSURRWWKH
FRQGLWLRQLQJVWKDWWKHSULHVWVKDYHSXWLQWR\RX7KHSULHVWVSXWWKRVH
FRQGLWLRQLQJVLQWR\RXVRWKDWWKH\FRXOGEHFRPHPHGLDWRUVDQGDJHQWVEHWZHHQ
\RXDQG*RGVRWKDW\RXUGLUHFWFRQWDFWZDVFXW1DWXUDOO\\RXZRXOGQHHG
VRPHERG\HOVHWRFRQQHFW\RXDQGWKHSULHVWZRXOGEHFRPHSRZHUIXO$QGWKH
SULHVWKDVEHHQSRZHUIXOGRZQWKHDJHV
:KRVRHYHUFDQSXW\RXLQFRQWDFWZLWKSRZHUUHDOSRZHUZLOOEHFRPHSRZHUIXO
*RGLVUHDOSRZHUWKHVRXUFHRIDOOSRZHU7KHSULHVWUHPDLQHGGRZQWKHDJHV
VRSRZHUIXOPRUHSRZHUIXOWKDQNLQJV1RZWKHVFLHQWLVWKDVWDNHQWKHSODFHRI
WKHSULHVWEHFDXVHQRZKHNQRZVKRZWRXQORFNWKHGRRUVRIWKHSRZHUKLGGHQ
LQQDWXUH7KHSULHVWNQHZKRZWRFRQQHFW\RXZLWK*RGWKHVFLHQWLVWNQRZVKRZ
WRFRQQHFW\RXZLWKQDWXUH%XWWKHSULHVWKDVWRGLVFRQQHFW\RXILUVWVRQR
LQGLYLGXDOSULYDWHOLQHUHPDLQVEHWZHHQ\RXDQG*RG+HKDVVSRLOHG\RXULQQHU
VRXUFHVSRLVRQHGWKHP+HEHFDPHYHU\SRZHUIXOEXWWKHZKROHKXPDQLW\
EHFDPHOXVWOHVVORYHOHVVIXOORIJXLOW
0\SHRSOHKDYHWRGURSWKDWJXLOWFRPSOHWHO\:KLOHPDNLQJORYHWKLQNRISUD\HU
PHGLWDWLRQ*RG:KLOHPDNLQJORYHEXUQLQFHQVHFKDQWVLQJGDQFH<RXU
EHGURRPVKRXOGEHDWHPSOHDVDFUHGSODFH$QGORYHPDNLQJVKRXOGQRWEHD
KXUULHGWKLQJ*RGHHSHULQWRLWVDYRULWDVVORZO\DQGDVJUDFHIXOO\DVSRVVLEOH
$QG\RXZLOOEHVXUSULVHG<RXKDYHWKHNH\
*RGKDVQRWVHQW\RXLQWRWKHZRUOGZLWKRXWNH\V%XWWKRVHNH\VKDYHWREH
XVHG\RXKDYHWRSXWWKHPLQWRWKHORFNDQGWXUQWKHP
/RYHLVDQRWKHUSKHQRPHQRQRQHRIWKHPRVWSRWHQWLDOZKHUHWKHHJR
GLVDSSHDUVDQG\RXDUHFRQVFLRXVIXOO\FRQVFLRXVSXOVDWLQJYLEUDWLQJ<RXDUH




QRPRUHDQLQGLYLGXDO\RXDUHORVWLQWRWKHHQHUJ\RIWKHZKROH
7KHQVORZO\VORZO\OHWWKLVEHFRPH\RXUYHU\ZD\RIOLIH:KDWKDSSHQVDWWKH
SHDNRIORYHKDVWREHFRPH\RXUGLVFLSOLQHQRWMXVWDQH[SHULHQFHEXWD
GLVFLSOLQH7KHQZKDWVRHYHU\RXDUHGRLQJDQGZKHUHYHU\RXDUHZDONLQJHDUO\
LQWKHPRUQLQJZLWKWKHVXQULVLQJKDYHWKHVDPHIHHOLQJWKHVDPHPHUJHUZLWK
H[LVWHQFH/\LQJGRZQRQWKHJURXQGWKHVN\IXOORIVWDUVKDYHWKHVDPHPHUJHU
DJDLQ/\LQJGRZQRQWKHHDUWKIHHORQHZLWKWKHHDUWK
6ORZO\VORZO\ORYHPDNLQJVKRXOGJLYH\RXWKHFOXHIRUKRZWREHLQORYHZLWK
H[LVWHQFHLWVHOI$QGWKHQWKHHJRLVNQRZQDVDILFWLRQLVXVHGDVDILFWLRQ$QG
LI\RXXVHLWDVDILFWLRQWKHUHLVQRGDQJHU
7KHUHDUHDIHZRWKHUPRPHQWVZKHQWKHHJRVOLSVRILWVRZQDFFRUG,Q
PRPHQWVRIJUHDWGDQJHU\RXDUHGULYLQJDQGVXGGHQO\\RXVHHDQDFFLGHQWLV
JRLQJWRKDSSHQ<RXKDYHORVWFRQWURORIWKHFDUDQGWKHUHVHHPVWREHQR
SRVVLELOLW\RIVDYLQJ\RXUVHOI<RXDUHJRLQJWRFUDVKLQWRWKHWUHHRULQWRWKH
RQFRPLQJWUXFNRU\RXDUHJRLQJWRIDOOLQWKHULYHULWLVDEVROXWHO\FHUWDLQ,Q
WKRVHPRPHQWVVXGGHQO\WKHHJRZLOOGLVDSSHDU
7KDW
VZK\WKHUHLVDJUHDWDWWUDFWLRQWRPRYHLQWRGDQJHURXVVLWXDWLRQV3HRSOH
FOLPE(YHUHVW,WLVDGHHSPHGLWDWLRQDOWKRXJKWKH\PD\RUPD\QRWXQGHUVWDQG
WKLV0RXQWDLQHHULQJLVRIJUHDWLPSRUWDQFH&OLPELQJPRXQWDLQVLVGDQJHURXV
WKHPRUHGDQJHURXVLWLVWKHPRUHEHDXWLIXO<RXZLOOKDYHJOLPSVHVJUHDW
JOLPSVHVRIHJROHVVQHVV:KHQHYHUGDQJHULVYHU\FORVHWKHPLQGVWRSV0LQG
FDQWKLQNRQO\ZKHQ\RXDUHQRWLQGDQJHULWKDVQRWKLQJWRVD\LQGDQJHU
'DQJHUPDNHV\RXVSRQWDQHRXVDQGLQWKDWVSRQWDQHLW\\RXVXGGHQO\NQRZWKDW
\RXDUHQRWWKHHJR
2UWKHVHZLOOEHIRUGLIIHUHQWSHRSOHEHFDXVHSHRSOHDUHGLIIHUHQWLI\RXKDYH
DQDHVWKHWLFKHDUWWKHQEHDXW\ZLOORSHQWKHGRRUV-XVWVHHLQJDEHDXWLIXO
ZRPDQRUDPDQSDVVLQJE\MXVWIRUDVLQJOHPRPHQWDIODVKRIEHDXW\DQG
VXGGHQO\WKHHJRGLVDSSHDUV<RXDUHRYHUZKHOPHG
2UVHHLQJDORWXVLQWKHSRQGRUVHHLQJWKHVXQVHWRUDELUGRQWKHZLQJ
DQ\WKLQJWKDWWULJJHUV\RXULQQHUVHQVLWLYLW\DQ\WKLQJWKDWSRVVHVVHV\RXIRUWKH
PRPHQWVRGHHSO\WKDW\RXIRUJHW\RXUVHOIWKDW\RXDUHDQG\HW\RXDUHQRWWKDW
\RXDEDQGRQ\RXUVHOIWKHQWRRWKHHJRVOLSV,WLVDILFWLRQ\RXKDYHWRFDUU\LW
,I\RXIRUJHWLWIRUDPRPHQWLWVOLSV
$QGLWLVJRRGWKDWWKHUHDUHDIHZPRPHQWVZKHQLWVOLSVDQG\RXKDYHD
JOLPSVHRIWKHWUXHDQGWKHUHDO,WLVEHFDXVHRIWKHVHJOLPSVHVWKDWUHOLJLRQKDV
QRWGLHG,WLVQRWEHFDXVHRIWKHSULHVWVWKH\KDYHGRQHHYHU\WKLQJWRNLOOLW,WLV
QRWEHFDXVHRIWKHVRFDOOHGUHOLJLRXVWKRVHZKRJRWRWKHFKXUFKDQGWKH
PRVTXHDQGWKHWHPSOH7KH\DUHQRWUHOLJLRXVDWDOOWKH\DUHSUHWHQGHUV
5HOLJLRQKDVQRWGLHGEHFDXVHRIWKHVHIHZPRPHQWVZKLFKKDSSHQPRUHRUOHVV
WRDOPRVWHYHU\ERG\7DNHPRUHQRWHRIWKHPLPELEHWKHVSLULWRIWKRVH
PRPHQWVPRUHDOORZWKRVHPRPHQWVPRUHFUHDWHVSDFHVIRUWKRVHPRPHQWVWR
KDSSHQPRUH7KLVLVWKHWUXHZD\WRVHHN*RG1RWWREHLQWKHHJRLVWREHLQ
*RG
7KHWKLUGTXHVWLRQ
%(/29('26+2
:+<'2<28(03+$6,=(7+(,03257$1&(2)+(5(12:6208&+"





5DKLPEHFDXVHWKHUHLVQRWKLQJHOVH+HUHLVWKHRQO\VSDFHQRZLVWKHRQO\
WLPH%H\RQGWKHKHUHQRZWKHUHLVQRWKLQJ7ZRWKRXVDQG\HDUVDJRDJUHDW
-HZLVKPDVWHU+LOOHOZURWHDOLWWOHSRHPLQ$UDPDLF7KHSRHPLVWKLV

,I,
PQRWIRUP\VHOI
7KHQZKRFDQEHIRUPH"
$QGLI,
PRQO\IRUP\VHOI
7KHQZKDWDP,"
$QGLIQRWQRZ
:KHQ"

,WLVDEHDXWLIXOVWDWHPHQWLIQRWQRZWKHQZKHQ"7RPRUURZ"%XWWKHWRPRUURZ
QHYHUFRPHV
+HQFH,HPSKDVL]HWKHKHUHQRZ'RQ
WOHWWKLVPRPHQWVOLSE\XQXVHGXQOLYHG
XQSHQHWUDWHGVTXHH]HDOOWKDW\RXFDQRXWRILW/LYHLWSDVVLRQDWHO\DQGZLWK
LQWHQVLW\VR\RXQHHGQRWUHSHQWODWHURQWKDW\RXPLVVHG\RXUOLIH

,WZDVDIWHUWKH6HFRQG:RUOG:DUWKHZDUKDGHQGHG-RH'LQNZDVVWLOOLQ
-DSDQZDLWLQJWREHGLVFKDUJHG+LVZLIH,UPD'LQNZDVZLOGZLWKDQ[LHW\DQG
MHDORXV\EHFDXVHVKHUHDGDERXWWKHJRLQJVRQEHWZHHQWKH$PHULFDQVROGLHUV
DQGWKH-DSDQHVHJLUOV
)LQDOO\VKHFRXOGVWDQGLWQRORQJHUDQGVKHZURWHKHUKXVEDQG-RHKXUU\XS
DQGFRPHEDFN:KDWGRWKRVHJLUOVKDYHDQ\ZD\WKDWWKH$PHULFDQJLUOV
GRQ
W"
1RWDWKLQJZURWHEDFN-RH%XWZKDWWKH\
YHJRWWKH\
YHJRWKHUH

$QGWKDWLVWKHPRVWLPSRUWDQWWKLQJ7KHTXHVWLRQLVRIKHUHDQGQRZ
$QGWKHODVWTXHVWLRQ

%(/29('26+2:+$7,6$0,5$&/("
6DGKDQDQGDLWGHSHQGV7RPHHYHU\WKLQJLVDPLUDFOH,QHYHUFRPHDFURVV
DQ\WKLQJWKDWLVQRWDPLUDFOHRQO\PLUDFOHVH[LVW(YHU\WKLQJLVVXFKDVXUSULVHLW
LVVRXQEHOLHYDEOH%XWLI\RXUH\HVDUHFORVHGLI\RXUH\HVDUHIXOORIGXVWLI\RXU
PLQGLVWRRNQRZOHGJHDEOHLI\RXWKLQN\RXNQRZDOOWKHQQRWKLQJLVDPLUDFOH
7RNQRZ,GRQ
WNQRZDQ\WKLQJPDNHVHYHU\WKLQJDPLUDFOH,WGHSHQGVRQ\RXU
LQQHUVWDWHLWGHSHQGVRQ\RX$QGWROLYHDOLIHZLWKRXWPLUDFOHVLVQRWWROLYHDW
DOO<RXFDQKDYHDPLOOLRQPLUDFOHVHYHU\GD\\RXDUHHQWLWOHGWRKDYHWKHP%XW
EHFDXVH\RXGRQ
WNQRZKRZWRFRQQHFW\RXUVHOIZLWKWKHPLUDFXORXV\RXDUH
EHLQJFKHDWHGE\VWXSLGSHRSOH
6RPHERG\SURGXFHVD6ZLVVPDGHZDWFKDQG\RXWKLQNWKLVLVDPLUDFOH7KHQ
\RXEHFRPHYLFWLPVRIRUGLQDU\PDJLFLDQV'RQ
WEHEHIRROHG
7KHVHHGVSURXWLQJLQWROHDYHVLVDPLUDFOHQRWVRPHERG\SURGXFLQJD6ZLVV
PDGHZDWFKRXWRIQRWKLQJ7KDWLVMXVWDWULFNDYHU\RUGLQDU\WULFNVWUHHW
PDJLFLDQVDUHGRLQJLWDOORYHUWKHZRUOG7KH\DUHMXVWVLPSOHSHRSOHQRW
FXQQLQJSHRSOHRWKHUZLVH\RXZRXOGKDYHZRUVKLSSHGWKHP





:KLOHH[SORULQJWKHZLOGVRI6RXWK$PHULFDDPDQZDVFDSWXUHGE\VDYDJHV
7KH\ZHUHGDQFLQJH[FLWHGO\DURXQGEHIRUHNLOOLQJKLPZKHQWKHH[SORUHUKDGD
EULJKWLGHD+HZRXOGEDIIOHWKHPZLWKPDJLF7DNLQJDFLJDUHWWHOLJKWHUIURPKLV
SRFNHWKHVKRXWHG,PDNHILUH
:LWKDIOLFNRIWKHWKXPEWKHOLJKWHUEXUVWLQWRIODPH7KHVDYDJHVIHOOEDFNDQG
JD]HGLQZRQGHU
0DJLFFULHGWKHH[SORUHU
,WFHUWDLQO\LVVDLGWKHFKLHI,W
VWKHRQO\WLPH,HYHUVDZDOLJKWHUZRUNRQWKH
ILUVWWU\
,WGHSHQGVRQ\RXZKDW\RXFDOODPLUDFOH$VIDUDV,DPFRQFHUQHGWKHUHLV
QRWKLQJHOVHH[FHSWPLUDFOHV$QGGURSWKHVHVWXSLGNLQGVRIPLUDFOHV
0XOOD1DVUXGGLQDQGKLVZLIHDUHVLWWLQJRQH6XQGD\OLVWHQLQJWRWKHUDGLRZKHQ
WKLVIDLWKKHDOHUFRPHVRQDQGKHVD\V,I\RXKDYHDSDUWRI\RXUERG\\RXZDQW
KHDOHGSODFHRQHKDQGRQWKHUDGLRDQGWKHRWKHUKDQGRQWKHDIIOLFWHGSDUW
7KHZLIHSODFHGRQHKDQGRQWKHUDGLRDQGWKHRWKHURQKHUKHDUW7KH0XOOD
SODFHGRQHKDQGRQWKHUDGLRDQGWKHRWKHURQKLVDSSHQGDJH
6RWKHZLIHVDLG0XOODKH
VWU\LQJWRFXUHWKHVLFNQRWUDLVHWKHGHDG

(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUVHYHQWHHQZDNHXSWKHVODYH
IHEUXDU\DPLQEXGGKDKDOO


'21
76((.62552:)256385,286&20)2576
$//$%62537,216$5(())(&7(',121(
21(0(7+2':,//&255(&7$//:521*
$77+(%(*,11,1*$1'$77+((1'
7+(5($5(7:27+,1*672'2
%(3$7,(17:+,&+(9(52)7+(7:22&&856
2%6(59(7:235(&(376(9(1$77+(5,6.2)/,)(
/($517+(7+5((',)),&8/7,(6
7$.(837+(7+5((3$5762)7+(35,1&,3$/&$86(
0(',7$7(217+(7+5((7+,1*612772%('(6752<('
0$.(7+(7+5((,16(3$5$%/()5209,578(

$QDQFLHQWVWRU\-HVXVVRQRI0DU\RQFHFDPHXSRQDQROGPDQZKROLYHG
RQDPRXQWDLQLQWKHRSHQDLUZLWKRXWDQ\VKHOWHUIURPKHDWRUFROG-HVXVDVNHG
KLPZK\KHKDGQRWEXLOWKLPVHOIDKRXVH
$KVSLULWRI*RGVDLGWKHROGPDQ3URSKHWVEHIRUHWKHHSUHGLFWHGWKDW,
ZRXOGOLYHIRURQO\VHYHQKXQGUHG\HDUV,WLVQRWZRUWKP\WURXEOHWRVHWWOH
GRZQ
/LIHLVDZDQGHULQJLWLVQRWDKRPH,WLVDVHDUFKIRUWKHKRPHEXWLWLWVHOILVQRW
WKHKRPH,WLVDQLQTXLU\DQDGYHQWXUH,WLVQRWQHFHVVDULO\WKDW\RXZLOOVXFFHHG
VXFFHVVLVYHU\UDUHEHFDXVHWKHVHDUFKLVYHU\FRPSOH[DQGWKHUHDUHD
WKRXVDQGDQGRQHGLIILFXOWLHVRQWKHZD\
%XWOHWWKLVEH\RXUILUVWXQGHUVWDQGLQJDERXWWRGD\
VVXWUDV7KH\DUHRI
LPPHQVHYDOXH:KHQ\RXPHGLWDWHDQGZKHQ\RXJRGHHSHULQWRWKHP\RXZLOO
EHVXUSULVHGWKHVHVXWUDVDUHMXVWOLNHRFHDQVFRQWDLQHGLQGHZGURSV
0RKDPPHGVD\V,DPOLNHDULGHUZKRVKHOWHUVXQGHUDWUHHWKHQJRHVRQKLV
ZD\<HVWKLVOLIHLVDQRYHUQLJKW
VVWD\DFDUDYDQVHUDL'RQ
WVHWWOHLQLW8VH
WKHRSSRUWXQLW\WRUHDFKKLJKHUDQGKLJKHUDQGKLJKHUEHFDXVHWKHUHLVQRHQG
WRKHLJKWVWRGHSWKV%XWUHPHPEHUDOZD\VGRQ
WWDNHOLIHIRUJUDQWHGLWLVRQO\
DQRSSRUWXQLW\ZLWKLPPHQVHSRWHQWLDODQGSRVVLELOLWLHV%XWLI\RXVWDUWWKLQNLQJ



WKDW\RXKDYHDOUHDG\DUULYHGEHFDXVH\RXDUHDOLYH\RXZLOOPLVVWKHZKROH
SRLQW
-HVXVVD\VDJDLQDQGDJDLQ7KHZRUOGLVWREHWUHDWHGDVDEULGJHQRWDVD
VWRSSLQJSODFH8VHLWDVDEULGJHLWFDQEULGJH\RXWR*RG$QGZKHQOLIH
EHFRPHVDEULGJHWR*RGLWLVGLYLQH%XWLI\RXGRQ
WXVHLWDVDEULGJHWRZDUGV
*RGLWUHPDLQVPXQGDQHVSXULRXVLOOXVRU\LPDJLQDU\ILFWLWLRXV
7KHILUVWVXWUD
'21
76((.62552:)256385,286&20)2576
(YHU\ERG\VHHNVVHDUFKHVIRUEOLVVDQGDOPRVWHYHU\ERG\VXFFHHGVLQILQGLQJ
MXVWWKHRSSRVLWH,VD\DOPRVWEHFDXVHDIHZSHRSOHKDYHWREHOHIWRXWRIWKH
DFFRXQWD%XGGKDD=DUDWKXVWUDD/DR7]XDQ$WLVKD%XWWKH\DUHVRIHZ
DQGIDUEHWZHHQWKH\DUHH[FHSWLRQVWKH\RQO\SURYHWKHUXOH6R,VD\DOPRVW
HYHU\ERG\ZKRVHDUFKHVIRUEOLVVILQGVPLVHU\DQGVXIIHULQJ3HRSOHWU\WRHQWHU
LQWRKHDYHQEXWE\WKHWLPHWKH\KDYHDUULYHGVXGGHQO\WKH\UHFRJQL]HWKHIDFW
WKDWLWLVKHOO
7KHUHPXVWEHDJUHDWPLVXQGHUVWDQGLQJVRPHZKHUH7KHPLVXQGHUVWDQGLQJLV
WKDWWKRVHZKRVHHNSOHDVXUHZLOOILQGVRUURZEHFDXVHSOHDVXUHLVRQO\D
FDPRXIODJHLWLVVRUURZKLGLQJLWVHOIEHKLQGDFXUWDLQ,WLVDPDVNWHDUVKLGLQJ
EHKLQGVPLOHVWKRUQVZDLWLQJIRU\RXEHKLQGIORZHUV7KRVHZKRVHHLWDQG
HYHU\ERG\FDQVHHLWEHFDXVHLWLVVRREYLRXVHYHU\ERG\FRPHVWRH[SHULHQFH
LWDJDLQDQGDJDLQ%XWPDQLVWKHDQLPDOZKRQHYHUOHDUQV
$ULVWRWOHKDVGHILQHGPDQDVDUDWLRQDOEHLQJ7KDWLVVKHHUQRQVHQVH0DQLV
WKHPRVWLUUDWLRQDOEHLQJ\RXFDQILQGDQ\ZKHUH0DQFDQEHUDWLRQDOEXWLVQRW
,WLVQRWWKHGHILQLWLRQRIPDQDVKHLVLWLVWKHGHILQLWLRQRIPDQDVKHVKRXOGEH
$%XGGKD\HVD0RKDPPHG\HVWKH\DUHUDWLRQDOEHLQJVUDWLRQDOLQWKH
VHQVHWKDWWKH\OLYHLQWHOOLJHQWO\WKH\OLYHZLVHO\WKH\XVHHDFKVLQJOHRSSRUWXQLW\
WRJURZWRPDWXUHWREH%XWDVIDUDVPLOOLRQVRIKXPDQEHLQJVDUHFRQFHUQHG
QLQHW\QLQHSRLQWQLQHSHUFHQWRISHRSOHWKH\DUHQRWUDWLRQDOEHLQJVDWDOOWKH\
DUHXWWHUO\LUUDWLRQDO
7KHLUILUVWLUUDWLRQDOLW\LVWKDWWKH\SDVVWKURXJKWKHVDPHH[SHULHQFHDJDLQDQG
DJDLQ\HWWKH\OHDUQQRWKLQJWKH\UHPDLQWKHVDPH+RZPDQ\WLPHVKDYH\RX
EHHQDQJU\DQGZKDWKDYH\RXOHDUQHGRXWRILW"+RZPDQ\WLPHVKDYH\RX
EHHQMHDORXVDQGZKDWH[SHULHQFHKDYH\RXJDLQHGRXWRILW"<RXJRRQPRYLQJ
WKURXJKH[SHULHQFHVZLWKRXWLQDQ\ZD\EHLQJDIIHFWHGE\WKHP<RXUHPDLQXQ
JURZQXS\RXUZD\RIOLIHLVYHU\LUUDWLRQDOXQLQWHOOLJHQW
7KHLQWHOOLJHQWSHUVRQZLOOEHDEOHWRVHHHDVLO\WKDWVHHNLQJSOHDVXUHDOOWKDWLV
IRXQGLVVRUURZ$QGZKDWDUHWKRVHSOHDVXUHVLQIDFW"9HU\VSXULRXVRQHV
6RPHERG\ZDQWVWRPDNHDELJKRXVHDQGKRZPXFKWURXEOHKHWDNHVDQGKRZ
PXFKVXIIHULQJKHJRHVWKURXJKDQGKRZPDQ\DQ[LHWLHVDQGKRZPDQ\QHUYRXV
EUHDNGRZQV
7KH\VD\WKDWLI\RXDUHUHDOO\DVXFFHVVIXOSHUVRQ\RXDUHERXQGWRKDYHDKHDUW
DWWDFNVRPHZKHUHEHWZHHQIRUW\WZRDQGIRUW\HLJKW,I\RXGRQ
WKDYHDKHDUW
DWWDFNEHIRUH\RXDUHILIW\\RXUOLIHLVZDVWHG\RXDUHDIDLOXUH\RXKDYHQRWWULHG
WRVXFFHHG\RXKDYHQRWEHHQDPELWLRXVHQRXJK$PELWLRXVSHRSOHDUHERXQG
WRKDYHKHDUWDWWDFNVWKHPRUHDPELWLRXVZLOOKDYHQHUYRXVEUHDNGRZQV
,I\RXGRQ
WQHHGWKHSV\FKLDWULVWWKDWVLPSO\PHDQV\RXKDYHQRWXVHG\RXU




PLQGLQWKHZD\VRIDPELWLRQ$QGWKHZKROHVRFLHW\LVJHDUHGWRZDUGVDPELWLRQ
WKHZKROHHGXFDWLRQDOV\VWHPSURGXFHVRQO\DPELWLRXVPLQGV7KDWPHDQV
SRWHQWLDOSDWLHQWVIRUWKHSV\FKRWKHUDSLVW,WVHHPVDVLIWKHUHLVDFRQVSLUDF\
WKDWWKHZKROHHGXFDWLRQDOV\VWHPRQO\FUHDWHVSHRSOHIRUGRFWRUVIRUSULHVWVIRU
SV\FKRWKHUDSLVWV
7KHZKROHV\VWHPVHHPVWREHVLFNVLFNXQWRGHDWK,WGRHVQRWFUHDWHWKH
KHDOWK\DOLYHUDGLDQWKXPDQEHLQJLWGRHVQRWFUHDWHWKHMR\RXVWKH
FHOHEUDWLQJWKHIHVWLYHEHLQJ,WGRHVQRWWHDFK\RXKRZWRPDNH\RXUOLIHD
IHVWLYDO:KDWVRHYHULWWHDFKHVWDNHV\RXGHHSHUDQGGHHSHULQWRKHOO$QG\RX
NQRZLWEHFDXVH,DPQRWWDONLQJDERXWVRPHVSHFXODWLYHV\VWHPVRIWKRXJKW,
DPWDONLQJVLPSO\DERXW\RXUSV\FKRORJ\\RXUVWDWHRIEHLQJ
$WLVKDLVULJKW+HVD\V
'21
76((.62552:)256385,286&20)2576
+RZPXFKVXIIHULQJ\RXKDYHFUHDWHGIRUZKDW"6RPHERG\ZDQWHGDOLWWOH
ELJJHUKRXVHDOLWWOHELJJHUEDQNEDODQFHDOLWWOHPRUHIDPHDOLWWOHPRUHQDPH
PRUHSRZHU6RPHERG\ZDQWHGWREHFRPHWKHSUHVLGHQWRUWKHSULPHPLQLVWHU
$OODUHVSXULRXVEHFDXVHGHDWKZLOOWDNHWKHPDZD\7KDWLVWKHGHILQLWLRQRIWKH
VSXULRXV
2QO\WKDWZKLFKFDQQRWEHWDNHQDZD\E\GHDWKLVUHDO(YHU\WKLQJHOVHLVXQUHDO
LWLVPDGHRIWKHVDPHVWXIIGUHDPVDUHPDGHRI,I\RXDUHUXQQLQJDIWHUWKLQJV
ZKLFKZLOOEHWDNHQDZD\E\GHDWKWKHQ\RXUOLIHLVDWDOHWROGE\DQLGLRWIXOORI
VRXQGDQGIXU\VLJQLI\LQJQRWKLQJ<RXZLOOQHYHUDWWDLQWRDQ\VLJQLILFDQFH
$QGZLWKRXWVLJQLILFDQFHKRZFDQWKHUHEHDVRQJ"$QGZLWKRXWVLJQLILFDQFHKRZ
FDQ\RXHYHUVD\WKDW,KDYHOLYHG"7KHWUHHKDVQRWEORRPHGWKHWUHHKDVQRW
EHHQIUXLWIXO:KDWWRVD\DERXWIUXLWVDQGIORZHUVHYHQOHDYHVKDYHQRWFRPH
0LOOLRQVDUHERUQDVVHHGVDQGGLHDVVHHGV)URPWKHFUDGOHWRWKHJUDYHWKHLU
VWRU\LVMXVWRIGULIWLQJ$FFLGHQWDOLWLVDQGWKHXOWLPDWHUHVXOWLVJUHDWVRUURZ7KH
LGHDRIKHOORQO\V\PEROL]HVWKHJUHDWVRUURZWKDW\RXFUHDWHE\DZURQJNLQGRI
OLYLQJ
$WLVKDVD\V
'21
76((.62552:)256385,286&20)2576
7KHQZKDWKDVWREHGRQH"7KLQNRIVRPHWKLQJKLJKHUVRPHWKLQJWKDWLV
EH\RQGGHDWKVRPHWKLQJWKDWFDQQRWEHGHVWUR\HGVRPHWKLQJWKDWLV
LQGHVWUXFWLEOHVRPHWKLQJWKDWWUDQVFHQGVWLPHDQGVRUURZZLOOQRWEHFUHDWHG
,I\RXVHDUFKWKHXOWLPDWHHDFKPRPHQWRI\RXUOLIHZLOOEHFRPHPRUHDQGPRUH
SHDFHIXOFDOPTXLHWFRROIUDJUDQW,I\RXVHDUFKIRUWKHXOWLPDWHLI\RXVHDUFK
IRUWKHWUXWKRU*RGRUQLUYDQDRUZKDWVRHYHU\RXZDQWWRFDOOLWLI\RXDUHLQ
VHDUFKIRUWKHGHHSHVWLQOLIHDQGWKHKLJKHVWLQOLIHDQG\RXDUHQRWDIWHU
VSXULRXVWKLQJVWKHQ\RXUYHU\VHDUFKZLOOEULQJDQHZTXDOLW\WR\RXUEHLQJ<RX
ZLOOIHHOURRWHGLQWHJUDWHG\RXZLOOIHHOWRJHWKHU$QG\RXZLOOIHHODQHZMR\
DULVLQJLQ\RXUKHDUWQRWFRPLQJIURPWKHRXWVLGH
7KHUHDOMR\QHYHUFRPHVIURPWKHRXWVLGHLWLVWKHVSXULRXVWKDWFRPHVIURPWKH
RXWVLGHGHDWKFDQWDNHDZD\RQO\WKDWZKLFKKDVFRPHIURPWKHRXWVLGH
'HDWKKDSSHQVRQO\RQWKHZLWKRXWLWQHYHUKDSSHQVZLWKLQ'HDWKKDSSHQVRQ
WKHRXWVLGHQHYHURQWKHLQVLGHWKHLQVLGHLVHWHUQDO<RXULQWHULRULW\LVEH\RQG
GHDWKLWKDVDOZD\VEHHQKHUHZLOODOZD\VEHKHUHEXW\RXDUHXQDZDUHRILW




<RXJRRQUXQQLQJDIWHUVKDGRZVDQGWKHUHDOZDLWVIRU\RXWRORRNLQWRWXUQLQ
WRWXQHLQ
6RWKHILUVWWKLQJVHHNWKDWZKLFKLVGHDWKOHVVDQGVRRQHURUODWHU\RXZLOONQRFN
RQWKHGRRUVRIKHDYHQ
7KHVHFRQGWKLQJLVZK\LQWKHILUVWSODFHGR\RXUXQDIWHUVSXULRXVSOHDVXUHV"
7KLVZRPDQWKDWPDQZK\GR\RXUXQDIWHUVSXULRXVSOHDVXUHV":KDWLVWKH
UDWLRQDOHEHKLQGLW"7KHUDWLRQDOHLVWKDW\RXDUHDOUHDG\LQVRUURZ<RXZDQW
VRPHKRZWRIRUJHWDOODERXWLW\RXZDQWWRGURZQ\RXUVHOILQDOFRKROLQVH[LQ
PRQH\LQSRZHUSROLWLFV\RXZDQWVRPHZKHUHWRGURZQ\RXUVHOI
3ROLWLFLDQVFDQHDVLO\VD\WKDWSURKLELWLRQLVQHHGHGEHFDXVHWKH\KDYHDIDU
PRUHGDQJHURXVLQWR[LFDQWDYDLODEOHWRWKHP0RUDUML'HVDLFDQLQVLVWIRU
SURKLELWLRQEHFDXVHKHLVGULQNLQJRXWRIKLVSRZHUSROLWLFVKHLVGURZQLQJ
KLPVHOILQDYHU\VXEWOHNLQGRILQWR[LFDQW,QIDFWQRDOFRKROLVPRUHGDQJHURXV
WKDQSROLWLFV
,IDQ\WKLQJKDVWREHSURKLELWHGIURPWKHZRUOGLWLVQRWDOFRKROLWLVSROLWLFV$QG
KRZPDQ\SHRSOHGULQNDOFRKROLQ,QGLD"1RWPRUHWKDQVHYHQSHUFHQW$QGKRZ
PDQ\PRUHSHRSOHDUHSROLWLFDO",GRQ
WWKLQN\RXFDQILQGDQ\SHUVRQZKRLVQRW
SROLWLFDOYHU\GLIILFXOW
<RXPD\QRWEHDFWXDOO\LQSROLWLFVEXWSROLWLFVLVIDUPRUHVXEWOH7KHKXVEDQGLV
WU\LQJWRGRPLQDWHRYHUWKHZLIHWKLVLVSROLWLFV7KHZLIHLVWU\LQJWRPDQLSXODWH
WKHKXVEDQGLQKHURZQZD\WKLVLVSROLWLFV7KHFKLOGLVLQDWDQWUXPDQGZDQWV
DWR\LPPHGLDWHO\WKLVLVSROLWLFV3ROLWLFVPHDQVDQHIIRUWWRGRPLQDWHWKH
RWKHU$QGLWLVYHU\LQWR[LFDWLQJLWLVWKHZRUVWNLQGRIDOFRKRODYDLODEOHLQWKH
ZRUOG
$IHZSHRSOHGURZQLQSRZHUSROLWLFVDIHZVHHNVKHOWHULQVH[XDOLW\DIHZJRWR
WKHSXEEXWPDQ\PRUHVLPSO\JRRQVHDUFKLQJVSXULRXVFRPIRUWVJRIURPRQH
FRPIRUWWRDQRWKHU:KHQWKH\KDYHDFKLHYHGRQHDQGIRXQGWKDWLWJLYHV
QRWKLQJQRQRXULVKPHQWLPPHGLDWHO\WKH\VWDUWVHHNLQJVRPHWKLQJHOVH7KHLU
OLIHEHFRPHVDFRQVWDQWRFFXSDWLRQVRWKH\QHHGQRWORRNDWWKHLQQHUVRUURZ
WKDWLVJDWKHULQJOLNHDFORXGDGDUNFORXG
6RWKHVHFRQGPHDQLQJRIWKHVXWUDLVUDWKHUWKDQVHHNLQJVSXULRXVFRPIRUWV
WKHEHVWZD\LVWRJRLQWR\RXUVRUURZ0HGLWDWHJRGHHSLQWRLW'RQ
WHVFDSH
IURP\RXUPLVHU\EHFDXVHE\HVFDSLQJ\RXZLOOQHYHUOHDUQZKDWLWLVDQG\RXZLOO
QHYHUOHDUQKRZWRWUDQVFHQGLW7KHEHDXW\LVLI\RXUHDOO\NQRZWKHFDXVHRI
\RXUPLVHU\LQWKDWYHU\NQRZLQJPLVHU\LVWUDQVFHQGHGEHFDXVHWKHFDXVHLV
DOZD\VDQGDOZD\VLJQRUDQFHDQGQRWKLQJHOVH
-HVXVVD\V7UXWKOLEHUDWHV7KLVLVRQHRIWKHPRVWLPSRUWDQWVWDWHPHQWVHYHU
PDGHYHU\IXQGDPHQWDOIRUHYHU\VHHNHUWRXQGHUVWDQG7UXWKOLEHUDWHVQRWWKH
WUXWKWKDW\RXJDWKHUIURPVFULSWXUHVEXWWKHWUXWKWKDW\RXFRPHDFURVVWKURXJK
\RXURZQH[SHULHQFLQJ
<RXDUHVDG*RLQWR\RXUVDGQHVVUDWKHUWKDQHVFDSLQJLQWRVRPHDFWLYLW\LQWR
VRPHRFFXSDWLRQUDWKHUWKDQJRLQJWRVHHDIULHQGRUWRDPRYLHRUWXUQLQJRQ
WKHUDGLRRUWKHWY5DWKHUWKDQHVFDSLQJIURPLWWXUQLQJ\RXUEDFNWRZDUGVLW
GURSDOODFWLYLW\&ORVH\RXUH\HVJRLQWRLWVHHZKDWLWLVZK\LWLVDQGVHH
ZLWKRXWFRQGHPQLQJLWEHFDXVHLI\RXFRQGHPQ\RXZLOOQRWEHDEOHWRVHHWKH
WRWDOLW\RILW6HHZLWKRXWMXGJLQJ,I\RXMXGJH\RXZLOOQRWEHDEOHWRVHHWKH




ZKROHRILW:LWKRXWMXGJPHQWZLWKRXWFRQGHPQDWLRQZLWKRXWHYDOXDWLRQMXVW
ZDWFKLWZKDWLWLV/RRNDVLILWLVDIORZHUVDGDFORXGGDUNEXWORRNDWLWZLWK
QRMXGJPHQWVRWKDW\RXFDQVHHDOOWKHIDFHWVRILW
$QG\RXZLOOEHVXUSULVHGWKHGHHSHU\RXJRLQWRLWWKHPRUHLWVWDUWVGLVSHUVLQJ
,IDSHUVRQFDQJRLQWRKLVVRUURZGHHSO\KHZLOOILQGDOOVRUURZKDVHYDSRUDWHG
,QWKDWHYDSRUDWLRQRIVRUURZLVMR\LVEOLVV
%OLVVKDVQRWWREHIRXQGRXWVLGHDJDLQVWVRUURZ%OLVVKDVWREHIRXQGGHHS
KLGGHQEHKLQGWKHVRUURZLWVHOI<RXKDYHWRGLJLQWR\RXUVRUURZIXOVWDWHVDQG
\RXZLOOILQGDZHOOVSULQJRIMR\
7KHVHFRQGVXWUD
$//$%62537,216$5(())(&7(',121(
6R$WLVKDVD\V7KHUHLVQRQHHGWRKDYHPDQ\JRDOVRQHJRDOLVHQRXJK
,QTXLUHLQWRWKHWUXWKRI\RXUOLIH2QO\RQHVHDUFKLVHQRXJKWRGHOLYHU\RXIURP
DOO\RXUPLVHULHVVXIIHULQJVKHOOV,QTXLUHLQWRWKHWUXWKRI\RXUEHLQJVHHDOOWKH
IDFHWVRILWWKHDQJHUWKHJUHHGWKHOXVW*RLQWRHDFK$QGE\JRLQJLQWRHDFK
\RXZLOOILQGDOZD\VDQGDOZD\VWKHVDPHVRXUFHRIMR\WKHVDPHVSULQJRIMR\
6ORZO\VORZO\\RXZLOOEHFRPHDIHVWLYDO1RWKLQJKDVEHHQDGGHGIURPWKH
RXWVLGHEXW\RXKDYHGLVFRYHUHG\RXUVHOI<RXKDYHFRPHLQWRWKHNLQJGRPRI
*RG
7KHWKLUGVXWUD
21(0(7+2':,//&255(&7$//:521*
2QHJRDOWUXWKDQGRQHPHWKRG:KDWLVWKDWPHWKRG",FDOOLWPHGLWDWLRQ
$WLVKDXVHGWRFDOOLWDZDUHQHVV%XGGKDXVHGWRFDOOLWPLQGIXOQHVV7KHVHDUH
GLIIHUHQWZRUGVIRUWKHVDPHTXDOLW\WKHTXDOLW\RIEHLQJDWWHQWLYHDOHUWDZDNH
$WLVKDLVYHU\PDWKHPDWLFDOQRJUHDWPDWKHPDWLFLDQFDQEHVRPDWKHPDWLFDODV
KHLV+HLVPRYLQJVWHSE\VWHS)LUVWKHVD\V'RQ
WVHHNVSXULRXVFRPIRUWV
WKDWLVJRLQJDVWUD\'RQ
WHVFDSHIURP\RXUVRUURZIXOVWDWHJRLQWRLW/HWWKLV
EHFRPH\RXURQHJRDOWKHVHDUFKIRUWKHWUXWKRI\RXUEHLQJ+HLVQRWWDONLQJ
DERXWDQ\WUXWKWKDWOLYHVVRPHZKHUHLQWKHVN\KHLVQRWWDONLQJDERXWDQ\
SKLORVRSKLFDOWUXWK+HLVWDONLQJDERXWWKHWUXWKWKDW\RXDUHKHLVWDONLQJDERXW
\RX+HLVXWWHUO\SV\FKRORJLFDOKHLVQRWWDONLQJDERXWPHWDSK\VLFV
7KHQWKHPHWKRGDQGKHJRHVVRTXLFNQRWDVLQJOHZRUGZDVWHGQRWDVLQJOH
ZRUGVXSHUIOXRXV+HLVVRWHOHJUDSKLFWKDWLVWKHPHDQLQJRIWKHZRUG6875$
6XWUDPHDQVYHU\WHOHJUDSKLF7KHUHZDVDJUHDWQHHGLQWKRVHGD\VZKHQ
$WLVKDZDVZULWLQJWKHVHVXWUDVWKHUHZDVDJUHDWQHHGWREHYHU\YHU\VKRUW
FRQGHQVHGWHOHJUDSKLFEHFDXVHERRNVZHUHQRWDYDLODEOHSHRSOHKDGWR
UHPHPEHUWKHP$QGLWLVEHWWHUWRPDNHYHU\YHU\FRQGHQVHGVXWUDVVRSHRSOH
FDQUHPHPEHU1RZWKHVHDUHRQO\VHYHQSRLQWVZHDUHGLVFXVVLQJDQGFDQEH
HDVLO\UHPHPEHUHG
21(0(7+2':,//&255(&7$//:521*
7KDWPHWKRGLVDZDUHQHVV7KHUHDUHPDQ\LOOQHVVHVEXWWKHUHLVRQO\RQH
KHDOWK7KHTXDOLW\RIKHDOWKLVRQHDOZD\VWKHVDPH:KHWKHU,DPKHDOWK\RU
\RXDUHKHDOWK\WKHIHHORIKHDOWKLVWKHVDPH'LVHDVHVDUHPLOOLRQVZURQJVDUH
PDQ\EXWWKHULJKWNH\WKDWXQORFNVDOOWKHGRRUVWKHPDVWHUNH\LVRQO\RQH
$QGUDWKHUWKDQFXWWLQJWKHEUDQFKHVUDWKHUWKDQSUXQLQJWKHOHDYHVZK\QRWFXW
WKHYHU\URRW"7KHUHDUHPDQ\SHRSOHZKRJRRQSUXQLQJWKHOHDYHVRUFXWWLQJ




WKHEUDQFKHVWKHVHSHRSOHDUHNQRZQDVPRUDOLVWV
7KHPRUDOSHUVRQLVDOLWWOHELWVWXSLGSHUVRQVWXSLGLQWKHVHQVHWKDWKHWKLQNV
WKDWE\FXWWLQJWKHOHDYHVKHLVJRLQJWRGHVWUR\WKHWUHH+HLVQRWJRLQJWR
GHVWUR\WKHWUHHWKLVZD\<RXFXWRQHOHDIDQGWKHWUHHZLOOUHVSRQGZLWKWKUHH
OHDYHVLQVWHDGWKHIROLDJHZLOOEHFRPHWKLFNHU<RXFXWRQHEUDQFKDQGWKHWUHH
ZLOOSRXULWVVDSDQGMXLFHVLQWRDQRWKHUEUDQFKDQGWKHRWKHUEUDQFKZLOOEHFRPH
WKLFNHUDQGELJJHU7KLVLVZKDWKDSSHQVLQ\RXUOLIH
6RPHERG\LVDJDLQVWVH[KHUHSUHVVHVVH[KHFXWVWKDWEUDQFK1RZWKHZKROH
HQHUJ\EHFRPHVDQJHU<RXZLOOILQGVWRULHVLQ,QGLDQVFULSWXUHVVWRULHVOLNHWKH
VWRU\RI'XUYDVDDJUHDWVRFDOOHGPDKDWPDZKRUHSUHVVHGKLVVH[WRWDOO\DQG
WKHQEHFDPHDOODQJHUMXVWUHGKRWDQJHU,WLVERXQGWRKDSSHQ<RXFDQQRW
GHVWUR\DQ\HQHUJ\QHYHU,WLVQRWSRVVLEOHLQWKHYHU\QDWXUHRIWKLQJV
(QHUJLHVFDQRQO\EHWUDQVIRUPHGQHYHUGHVWUR\HG,I\RXFORVHRQHRXWOHWWKH
HQHUJ\ZLOOVWDUWIORZLQJIURPDQRWKHU,I\RXFORVHWKHIURQWGRRUWKHQIURPWKH
EDFNGRRUDQGIURPWKHEDFNGRRULWLVPRUHGDQJHURXVEHFDXVHLWPDNHV\RXU
OLIHWKHOLIHRIDK\SRFULWHLWPDNHV\RXUOLIHGRXEOH<RXVWDUWOLYLQJLQDGXDOZD\
\RXVD\RQHWKLQJ\RXGRDQRWKHU\RXVKRZRQHWKLQJ\RXDUHDQRWKHU<RX
EHFRPHPRUHDQGPRUHVSOLW
0\HPSKDVLVLVDOVRH[DFWO\WKHVDPHDV$WLVKD
V<RXFRPHWRPHZLWKD
WKRXVDQGDQGRQHSUREOHPVEXWP\DQVZHULVDOZD\VWKHVDPH,I\RXFRPH
ZLWKDQJHU,VD\EHDZDUHRILWLI\RXFRPHZLWKJUHHG,VD\EHDZDUHRILWLI\RX
FRPHZLWKOXVW,VD\EHDZDUHRILWEHFDXVHDZDUHQHVVFXWVWKHYHU\URRW
:KDWLVWKHURRW"8QDZDUHQHVVLVWKHURRW
2QHFDQEHDQJU\RQO\LIKHLVXQDZDUH7U\WREHDQJU\DQGDZDUHWRJHWKHUDQG
\RXZLOOILQGLWLPSRVVLEOH(LWKHU\RXZLOOEHDZDUHWKHQDQJHUZLOOQRWEHIRXQG
RU\RXZLOOEHDQJU\DQGDZDUHQHVVZLOOKDYHGLVDSSHDUHG8SWRQRZQRERG\
KDVEHHQDEOHWRPDQDJHERWKWRJHWKHUDQG,GRQ
WWKLQN\RXFDQSURYHWKH
H[FHSWLRQ7U\LW,WLVSRVVLEOH\RXPD\WKLQNERWKDUHKDSSHQLQJEXWLI\RX
PLQXWHO\ZDWFK\RXZLOOVHHZKHQDZDUHQHVVLVWKHUHDQJHULVQRWZKHQDQJHU
LVWKHUHDZDUHQHVVLVQRW8QDZDUHQHVVLVWKHURRWRIDOOLOOQHVVHVWKHQ
DZDUHQHVVLVWKHRQO\PHGLFLQH
%XGGKDVD\V,DPDSK\VLFLDQ$QGRQFHVRPHERG\DVNHG<RXDJDLQDQG
DJDLQVD\\RXDUHDSK\VLFLDQEXW,GRQ
WVHHDQ\PHGLFLQHVDURXQG\RX:KDW
PHGLFLQHVGR\RXJLYH"
+HVDLG0\PHGLFLQHLVRQO\RQHLWLVDZDUHQHVV,SUHVFULEHDZDUHQHVV$QG
LWKDVQRWWREHEURXJKWIURPWKHFKHPLVW\RXKDYHWRFKDQJH\RXULQQHU
FKHPLVWU\WREULQJLW<RXKDYHWRFKDQJH\RXULQQHUFKHPLVWU\5LJKWQRZ\RXU
LQQHUFKHPLVWU\IXQFWLRQVLQVXFKDZD\WKDWLWSURGXFHVXQDZDUHQHVV
XQFRQVFLRXVQHVV,WFDQEHFKDQJHGLWFDQEHGHDXWRPDWL]HG+RZWRGRLW\RX
ZLOOILQGLQWKHVXWUDVWKDWDUHWRIROORZ
%XWUHPHPEHURQHPHWKRGLVHQRXJKWRFRUUHFWDOOZURQJ7KDWPHWKRGLV
DZDUHQHVV$QGKRZZLOO\RXNQRZWKDW\RXKDYHDWWDLQHGLW"$ZDUHQHVVLV
VRPHWKLQJLQQHULWLVVRGHHSWKDWQRERG\FDQVHHLW6WLOOLI\RXEHFRPHDZDUH
HYHU\ERG\ZKRKDVDOLWWOHLQWHOOLJHQFHZKRKDVH\HVWRVHHZLOOEHFRPHDZDUH
RILWEHFDXVHDVDZDUHQHVVKDSSHQVDWWKHLQQHUFRUHFRPSDVVLRQVWDUWV
UDGLDWLQJORYHVWDUWVUDGLDWLQJ




%XGGKDVD\V/LJKWWKHFDQGOHRIDZDUHQHVVLQ\RXUKHDUWDQG\RXUZKROHEHLQJ
ZLOOUDGLDWHFRPSDVVLRQ&RPSDVVLRQLVWKHSURRI8QOHVVFRPSDVVLRQKDSSHQV
UHPHPEHU\RXPXVWEHGHFHLYLQJ\RXUVHOI\RXPXVWEHGRLQJVRPHWKLQJHOVH
WKDQEHLQJDZDUH
)RUH[DPSOH\RXFDQWU\FRQFHQWUDWLRQ&RQFHQWUDWLRQLVQRWDZDUHQHVVDQGWKH
SHUVRQRIFRQFHQWUDWLRQZLOOQHYHUVKRZFRPSDVVLRQ&RPSDVVLRQLVQRWD
FRQVHTXHQFHRIFRQFHQWUDWLRQ&RQFHQWUDWLRQPHDQVWKHIRFXVLQJRIWKHPLQG
WKHQDUURZLQJRIWKHPLQGRQRQO\RQHSRLQW7KHFRQFHQWUDWHGPLQGEHFRPHVD
YHU\SRZHUIXOPLQGEXWUHPHPEHULWLVPLQGDQGYHU\SRZHUIXOKHQFHPRUH
GDQJHURXVWKDQHYHU&RQFHQWUDWLRQLVWKHPHWKRGRIVFLHQFH
$ZDUHQHVVLVWRWDOO\GLIIHUHQWLWLVQRWIRFXVLQJLWLVXQIRFXVHGDOHUWQHVV)RU
H[DPSOHULJKWQRZ\RXDUHOLVWHQLQJWRPH<RXFDQKHDULQDFRQFHQWUDWHGZD\
\RXFDQEHIRFXVHGRQPHWKHQ\RXZLOOPLVVWKHELUGVDQGWKHLUVRQJVWKHQ\RX
ZLOOPLVVWKLVQRLVHRQWKHURDG7KHQ\RXDUHQRWDZDUHWKHQ\RXUPLQGKDV
EHFRPHYHU\QDUURZ$ZDUHQHVVLVQRWWKHQDUURZLQJRIWKHPLQGEXWWKH
GLVDSSHDUDQFHRIWKHPLQG7KHQDUURZLQJRIWKHPLQGPDNHVWKHPLQGPRUHRI
DPLQGKHQFHWKH+LQGXPLQGLVPRUHRIDPLQGWKH0RKDPPHGDQPLQGLV
PRUHRIDPLQGWKHFRPPXQLVWPLQGLVPRUHRIDPLQGEHFDXVHWKHVHDUHDOO
QDUURZLQJ6RPHERG\LVIRFXVHGRQ'DV.DSLWDORUWKH&RPPXQLVW0DQLIHVWR
VRPHERG\LVIRFXVHGRQWKH.RUDQRURQWKH'KDPPDSDGDVRPHERG\RQWKH
*LWDVRPHERG\RQ7KH%LEOHIRFXVHGSHRSOH7KH\FUHDWHQDUURZPLQGVLQWKH
ZRUOG7KH\FUHDWHFRQIOLFWWKH\GRQ
WEULQJFRPSDVVLRQ
)RUWKRXVDQGVRI\HDUVUHOLJLRQVKDYHH[LVWHGEXWFRPSDVVLRQLVVWLOODGUHDP
:HKDYHQRWEHHQDEOHWRFUHDWHDZRUOGWKDWNQRZVZKDWORYHLVIULHQGVKLSLV
EURWKHUKRRGLV<HVZHWDONDQGZHWDONWRRPXFKDERXWDOOWKHVHEHDXWLIXO
WKLQJV,QIDFWWKHWDONKDVEHFRPHQDXVHDWLQJLWLVVLFNHQLQJ,WVKRXOGVWRS1R
PRUHWDONRIEURWKHUKRRGDQGORYHDQGWKLVDQGWKDWZHKDYHWDONHGIRU
WKRXVDQGVRI\HDUVIRUQRSXUSRVH
7KHUHDVRQLVWKDWWKHFRQFHQWUDWHGPLQGEHFRPHVQDUURZEHFRPHVPRUHRID
PLQG$QGORYHLVQRWWKHIXQFWLRQRIWKHPLQGORYHLVWKHIXQFWLRQRIQRPLQG
RUFDOOLWKHDUWZKLFKPHDQVWKHVDPH1RPLQGDQGKHDUWDUHV\QRQ\PRXV
$ZDUHQHVVPHDQVWROLVWHQWRPHXQIRFXVHGDOHUWRIFRXUVHQRWIDOOHQDVOHHS
EXWDOHUWWRWKHVHELUGVWKHLUFKLUSLQJDOHUWWRWKHZLQGWKDWSDVVHVWKURXJKWKH
WUHHVDOHUWWRHYHU\WKLQJWKDWLVKDSSHQLQJ&RQFHQWUDWLRQH[FOXGHVPXFK
LQFOXGHVOLWWOH$ZDUHQHVVH[FOXGHVQRWKLQJLQFOXGHVDOO
$ZDUHQHVVLVDVWDWHRIQRPLQG<RXDUH\HW\RXDUHQRWIRFXVHG<RXDUHMXVW
DPLUURUUHIOHFWLQJDOOHFKRLQJDOOVHHWKHEHDXW\RILWDQGWKHVLOHQFHDQGWKH
VWLOOQHVV6XGGHQO\\RXDUHDQG\RXDUHQRWDQGWKHPLUDFOHVWDUWVKDSSHQLQJ,Q
WKLVVLOHQFH\RXZLOOIHHODFRPSDVVLRQFRPSDVVLRQIRUDOOVXIIHULQJEHLQJV,WKDV
QRWWREHSUDFWLFHGHLWKHULWFRPHVRQLWVRZQ
$WLVKDVD\V$ZDUHQHVVLQVLGHFRPSDVVLRQRQWKHRXWVLGH&RPSDVVLRQLVWKH
RXWHUVLGHRIDZDUHQHVVWKHH[WHULRURIDZDUHQHVV$ZDUHQHVVLV\RXULQWHULRULW\
VXEMHFWLYLW\&RPSDVVLRQLVUHODWLQJZLWKRWKHUVVKDULQJZLWKRWKHUV
7KHIRXUWKVXWUD
$77+(%(*,11,1*$1'$77+((1'7+(5($5(7:27+,1*672'2
%\WKHEHJLQQLQJLVPHDQWWKHPRUQLQJDQGE\WKHHQGWKHHYHQLQJ,QWKH




PRUQLQJUHPHPEHURQHWKLQJVD\V$WLVKDWKDWDQHZGD\DQHZRSSRUWXQLW\
KDVDJDLQEHHQJLYHQWR\RX)HHOJUDWHIXO([LVWHQFHLVVRJHQHURXV<RXKDYH
ZDVWHGVRPDQ\GD\VDQGDJDLQRQHGD\KDVEHHQJLYHQWR\RX([LVWHQFHLVVR
KRSHIXODERXW\RX<RXKDYHEHHQZDVWLQJDQGZDVWLQJDQGGRLQJQRWKLQJ\RX
KDYHZDVWHGVRPXFKYDOXDEOHRSSRUWXQLW\DQGWLPHDQGHQHUJ\EXWH[LVWHQFH
VWLOOKRSHV2QHGD\PRUHLVJLYHQWR\RX
$WLVKDVD\V,QWKHPRUQLQJUHPHPEHULWLVDQHZGD\DQHZEHJLQQLQJ+DYHD
GHFLVLRQGHHSLQ\RXUKHDUWWKDW7RGD\,DPQRWJRLQJWRZDVWHWKLVRSSRUWXQLW\
(QRXJKLVHQRXJK7RGD\,DPJRLQJWREHDZDUHWRGD\,DPJRLQJWREHDOHUW
WRGD\,DPJRLQJWRGHYRWHDVPXFKHQHUJ\DVSRVVLEOHWRWKHVLQJOHFDXVHWKH
FDXVHRIPHGLWDWLRQ,ZLOOPHGLWDWHLQDOOP\DFWV,ZLOOGRDOOWKHDFWLYLWLHVWKH
XVXDOGD\WRGD\DFWLYLWLHVEXWZLWKDQHZTXDOLW\,ZLOOEULQJWKHTXDOLW\RI
DZDUHQHVVWRWKHP
:HOFRPHWKHQHZGD\)HHOJUDWHIXOKDSS\WKDWH[LVWHQFHVWLOOWUXVWVLQ\RX
WKHUHLVVWLOODSRVVLELOLW\WKHWUDQVIRUPDWLRQFDQVWLOOKDSSHQ6WDUWWKHGD\ZLWKD
JUHDWGHFLVLYHQHVV
$QGLQWKHHYHQLQJDJDLQIHHOJUDWLWXGHWKDWWKHGD\ZDVJLYHQWR\RXDQGIHHO
JUDWLWXGHIRUDOOWKDWKDSSHQHGJRRGDQGEDGERWKKDSSLQHVVDQG
XQKDSSLQHVVERWKEHFDXVHWKH\DUHDOOWHDFKHUV
(YHU\WKLQJLVDQRSSRUWXQLW\7DNHQULJKWO\HYHU\PRPHQWLVDVWHSSLQJVWRQH
)DLOXUHDVPXFKKHOSV\RXWREHFRPHDOHUWDVVXFFHVVVRPHWLPHVLQIDFWIDLOXUH
KHOSV\RXWREHFRPHPRUHDZDUHWKDQVXFFHVV6XFFHVVKHOSV\RXWRIDOO
DVOHHS,QKDSSLQHVVSHRSOHIRUJHWLQKDSSLQHVVQRERG\UHPHPEHUV*RG,Q
XQKDSSLQHVVVXGGHQO\WKHUHPHPEUDQFHFRPHV
)RUWXQDWHLVWKHPDQZKRFDQUHPHPEHUHYHQZKHQKHLVKDSS\IRUWXQDWHLVWKH
PDQZKRFDQUHPHPEHUZKHQHYHU\WKLQJLVJRLQJJRRGDQGVPRRWK:KHQWKH
VHDLVURXJKHYHU\ERG\UHPHPEHUV*RGWKHUHLVQRWKLQJVSHFLDOLQLWLWLVMXVW
RXWRIIHDU
,WKDSSHQHG,QWKHVHDWKHUHZDVDVKLSDVKLSZKLFKZDVFDUU\LQJPDQ\
0RKDPPHGDQVWR0HFFD7KH\ZHUHRQDSLOJULPDJH7KH\ZHUHDOOVXUSULVHGE\
RQHWKLQJEHFDXVHWKH\ZHUHDOOSLOJULPVJRLQJWRWKHKRO\RIKROLHVHDFKZDV
SUD\LQJDOOWKHILYHSUD\HUVSUHVFULEHGIRUD0RKDPPHGDQHYHU\GD\H[FHSWD
6XILP\VWLF%XWWKHP\VWLFZDVVRUDGLDQWZLWKMR\WKDWQRERG\GDUHGWRDVNKLP
ZK\
7KHQRQHGD\WKHVHDZDVYHU\URXJKDQGWKHFDSWDLQGHFODUHG7KHUHVHHPVWR
EHQRSRVVLELOLW\WKDWZHFDQEHVDYHGVRSOHDVHGR\RXUODVWSUD\HU7KHVKLSLV
JRLQJWRVLQN$QGHYHU\ERG\IHOOLQSUD\HUH[FHSWWKH6XILP\VWLF
1RZWKLVZDVWRRPXFK0DQ\SHRSOHJDWKHUHGDURXQGWKHP\VWLF7KH\ZHUH
UHDOO\DQJU\DQGWKH\VDLG<RXDUHDPDQRI*RG:HKDYHZDWFKHG\RX\RX
KDYHQHYHUSUD\HG%XWZHGLGQ
WVD\DQ\WKLQJZHIHOWWKDWWKLVZRXOGEH
GLVUHVSHFWIXO\RXDUHWKRXJKWWREHDKRO\PDQ%XWQRZLWLVXQEHDUDEOH7KH
VKLSLVVLQNLQJDQG\RXDUHDPDQRI*RGLI\RXSUD\\RXUSUD\HUZLOOEH
OLVWHQHGWR:K\DUH\RXQRWSUD\LQJ"
7KHP\VWLFVDLG7RSUD\RXWRIIHDULVWRPLVVWKHZKROHSRLQWWKDW
VZK\,DP
QRWSUD\LQJ
$QGWKHQWKH\DVNHG7KHQZK\GLG\RXQRWSUD\ZKHQWKHUHZDVQRTXHVWLRQRI




IHDU"
+HVDLG,DPLQSUD\HUVR,FDQQRWSUD\2QO\WKRVHZKRDUHQRWLQSUD\HUFDQ
SUD\%XWZKDWLVWKHSRLQWRIWKHLUSUD\HU"(PSW\ULWXDOV,DPLQSUD\HULQIDFW,
DPSUD\HU(DFKPRPHQWLVDSUD\HU
3UD\HULVWKH6XILZRUGIRUWKHVDPHTXDOLW\IRUZKLFK$WLVKDZLOOXVHWKHZRUG
DZDUHQHVV
6RLQWKHHYHQLQJWKDQNDJDLQWKDQNWKHZKROHH[LVWHQFH)RU$WLVKDWKHUHLVQR
*RGUHPHPEHU(YHQLI,XVHWKHZRUGJRGLWLVQRW$WLVKD
VZRUGIRU$WLVKDWKH
ZKROHH[LVWHQFHLVGLYLQHWKHUHLVQRSHUVRQDO*RG
7KDWKDVDOZD\VEHHQWKHDWWLWXGHRIWKHPHGLWDWRU,I\RXDUHDPDQRISUD\HU
H[LVWHQFHDSSHDUVDV*RGDVSHUVRQDO,I\RXDUHDPDQRIPHGLWDWLRQ
H[LVWHQFHLVLPSHUVRQDOMXVWDZKROHQHVVDGLYLQHQHVV)RUWKHPDQRISUD\HU
WKHUHLV*RGIRUWKHPDQRIDZDUHQHVVWKHUHLVJRGOLQHVVEXWQR*RG
+*:HOOVLVUHSRUWHGWRKDYHVDLGWKDW*DXWDP%XGGKDZDVWKHPRVWJRGOHVV
PDQ\HWWKHPRVWJRGO\7KLVLVWUXHPRVWJRGOHVVEHFDXVHKHQHYHUEHOLHYHG
LQDQ\*RG\HWWKHPRVWJRGO\EHFDXVHKHKLPVHOIZDVGLYLQH+HKLPVHOIZDV
DVJRGO\DVRQHFDQHYHUEHRUKRSHHYHUWREH
6RLQWKHHYHQLQJIHHOJUDWHIXOIRUZKDWVRHYHUKDSSHQHGGXULQJWKHGD\$QGWZR
WKLQJVPRUHUHPHPEHUZKHQ\RXIDLOHGLQWKHGD\LQEHLQJDZDUHDQGEHLQJ
FRPSDVVLRQDWHMXVWUHPHPEHU$WLVKDGRHVQRWVD\UHSHQWMXVWUHPHPEHU
$QGOHWPHUHPLQG\RXZKHQLQ7KH%LEOH-HVXVVD\VDJDLQDQGDJDLQ5HSHQW
LWLVDPLVWUDQVODWLRQIURPWKH$UDPDLF,Q(QJOLVKLWKDVWDNHQRQDWRWDOO\
GLIIHUHQWPHDQLQJDGLDPHWULFDOO\RSSRVLWHPHDQLQJ,WKDVEHFRPHUHSHQWDQFH
)HHOJXLOW\
,Q$UDPDLFUHSHQWVLPSO\PHDQVUHWXUQORRNEDFNWKDW
VDOO7DNHDFRXQWEDFN
WKHGD\LVJRQHORRNEDFN-XVWZDWFKDJDLQWDNHQRWHZKHQ\RXIDLOHGLQ
DZDUHQHVVWKDWZLOOKHOS\RXWRPRUURZLWZLOOHQKDQFH\RXUDZDUHQHVV$QG
WDNHQRWHZKHQ\RXIDLOHGLQFRPSDVVLRQWKDWZLOOKHOS\RXWRPRUURZWREH
PRUHFRPSDVVLRQDWH$QGDOVRWDNHQRWHZKHQ\RXVXFFHHGHGLQEHLQJDZDUH
DQGFRPSDVVLRQDWH'RQ
WIHHODQ\SULGHIRULWHLWKHUQRJXLOWQRSULGH,WLVQRW
DTXHVWLRQRIJXLOWDQGSULGHLWLVVLPSO\WDNLQJDQDFFRXQWRIWKHGD\WKDWLVJRQH
EHIRUH\RXJRWRVOHHSMXVWORRNLQJEDFNZLWKQRHYDOXDWLRQQHLWKHU
FRQGHPQLQJRQHVHOIDVDVLQQHUQRUEHLQJYHU\YHU\SURXGWKDW7RGD\,KDYH
EHHQVRDZDUHVRFRPSDVVLRQDWH,KDYHGRQHVRPDQ\JRRGGHHGV1RWKLQJ
RIWKHVRUWMXVWQRWLFLQJEDFNZKDWKDSSHQHGIURPWKHPRUQLQJWRWKHHYHQLQJ
7KLVLVDOVRDPHWKRGRIEHFRPLQJPRUHDZDUH
%(3$7,(17:+,&+(9(52)7+(7:22&&856
5HPHPEHUZKHWKHU\RXVXFFHHGLQDZDUHQHVVRU\RXIDLOEHSDWLHQW'RQ
WEH
LPSDWLHQWEHFDXVHLPSDWLHQFHLVQRWJRLQJWRKHOS-XVWZDWFKSDWLHQWO\DQGZDLW
LQWUHPHQGRXVWUXVWWKDWLIWKLVPXFKFDQKDSSHQPRUHLVSRVVLEOH$QRWKHUOHDI
ZLOOEHERUQWRPRUURZDQRWKHUIORZHUZLOOEORRPWRPRUURZ
$OVRUHPHPEHUWKDWWKLVERG\LVQRWWKHRQO\ERG\0DQ\PRUH\RXKDGEHIRUH
DQGPDQ\PRUH\RXDUHJRLQJWRKDYHLQWKHIXWXUH7KHUHLVQRKXUU\%HSDWLHQW
EHFDXVHKXUU\FDQRQO\GLVWXUEWKLQJV+XUU\LVQRWJRLQJWRKHOSEXWKLQGHU
2%6(59(7:235(&(376(9(1$77+(5,6.2)/,)(
7KHVHWZRSUHFHSWVRIDZDUHQHVVDQGFRPSDVVLRQDUHVRYDOXDEOHWKDWHYHQLI




\RXVRPHWLPHVKDYHWRVDFULILFH\RXUOLIHIRUWKHPLWLVZRUWKLW/LIHLVQRWKLQJ
EXWDQRSSRUWXQLW\WRDWWDLQWRDZDUHQHVVDQGFRPSDVVLRQ,I\RXGRQ
WDWWDLQ
DZDUHQHVVDQGFRPSDVVLRQZKDWLVWKHSRLQWRIJRLQJRQOLYLQJ",WLV
PHDQLQJOHVV
-XVWPHGLWDWHRYHULW,IRQHLVVRPXFKUHDG\VRLQWHQWVRGHHSO\FRPPLWWHGWR
EHDZDUHDQGFRPSDVVLRQDWHWKDWKHLVUHDG\WRVDFULILFHKLVOLIHZLOOKHUHPDLQ
XQDZDUHORQJ",PSRVVLEOH7KLVYHU\PRPHQWLIWKLVLQWHQVLW\LVWKHUH
DZDUHQHVVZLOOKDSSHQRXWRIWKLVLQWHQVLW\7KLVLQWHQVLW\ZLOOIODUHXSOLNHDOLJKW
LQVLGHDQGRXWRIWKDWOLJKWWKHUDGLDQFHRIFRPSDVVLRQ
/LIHLQLWVHOILVQRWPHDQLQJIXO,WLVPHDQLQJIXORQO\LI\RXFDQVLQJDVRQJRIWKH
HWHUQDOLI\RXFDQUHOHDVHVRPHIUDJUDQFHRIWKHGLYLQHRIWKHJRGO\LI\RXFDQ
EHFRPHDORWXVIORZHUGHDWKOHVVWLPHOHVV,I\RXFDQEHFRPHSXUHORYHLI\RX
FDQEHDXWLI\WKLVH[LVWHQFHLI\RXFDQEHFRPHDEOHVVLQJWRWKLVH[LVWHQFHRQO\
WKHQGRHVOLIHKDYHVLJQLILFDQFHRWKHUZLVHLWLVSRLQWOHVV,WLVOLNHDQHPSW\
FDQYDV\RXFDQJRRQFDUU\LQJLW\RXUZKROHOLIHDQG\RXFDQGLHXQGHULWV
ZHLJKWEXWZKDWLVWKHSRLQW"3DLQWVRPHWKLQJRQLW
0HDQLQJKDVWREHFUHDWHGLQOLIHPHDQLQJLVQRWJLYHQDOUHDG\<RXDUHJLYHQ
IUHHGRP\RXDUHJLYHQFUHDWLYLW\\RXDUHJLYHQOLIH$OOWKDWLVQHHGHGWRFUHDWH
PHDQLQJLVJLYHQ$OOWKHHVVHQWLDOLQJUHGLHQWVRIPHDQLQJDUHJLYHQEXW
PHDQLQJLVQRWJLYHQPHDQLQJKDVWREHFUHDWHGE\\RX<RXKDYHWREHFRPHD
FUHDWRULQ\RXURZQULJKW
$QGZKHQ\RXEHFDPHDFUHDWRULQ\RXURZQULJKW\RXSDUWLFLSDWHZLWK*RG\RX
EHFRPHDSDUWRI*RG
/($517+(7+5((',)),&8/7,(6
7KHUHDUHWKUHHGLIILFXOWLHVLQEHFRPLQJDZDUH7KHVHDUHYHU\HVVHQWLDOIRUHDFK
VHHNHUWRXQGHUVWDQG,QIDFWHYHU\ERG\EHFRPHVDZDUHEXWRQO\ZKHQWKHDFW
LVILQLVKHG<RXKDYHEHHQDQJU\\RXVODSSHG\RXUZLIHRU\RXWKUHZDSLOORZDW
\RXUKXVEDQG/DWHURQZKHQWKHKHDWLVFRROHGWKHPRPHQWKDVSDVVHG\RX
EHFRPHDZDUH%XWQRZLWLVSRLQWOHVVQRZQRWKLQJFDQEHGRQH:KDWKDVEHHQ
GRQHFDQQRWEHXQGRQHLWLVWRRODWH
7KUHHWKLQJV$WLVKDVD\VDUHWREHUHPHPEHUHG2QHLVEHFRPLQJDZDUHZKLOH
WKHDFWLVKDSSHQLQJ7KDWLVWKHILUVWGLIILFXOW\IRUWKHSHUVRQZKRZDQWVWR
EHFRPHDZDUHEHFRPLQJDZDUHLQWKHDFWLWVHOI
$QJHULVWKHUHOLNHVPRNHLQVLGH\RX%HFRPLQJDZDUHLQWKHYHU\WKLFNRILWWKDW
LVWKHILUVWGLIILFXOW\EXWLWLVQRWLPSRVVLEOH-XVWDOLWWOHHIIRUWDQG\RXZLOOEHDEOH
WRFDWFKKROGRILW,QWKHEHJLQQLQJ\RXZLOOVHH\RXEHFRPHDZDUHZKHQWKH
DQJHUKDVJRQHDQGHYHU\WKLQJKDVFRROHG\RXEHFRPHDZDUHDIWHUILIWHHQ
PLQXWHV7U\\RXZLOOEHFRPHDZDUHDIWHUILYHPLQXWHV7U\DOLWWOHPRUH\RX
ZLOOEHFRPHDZDUHLPPHGLDWHO\DIWHURQHPLQXWH7U\DOLWWOHPRUHDQG\RXZLOO
EHFRPHDZDUHMXVWZKHQWKHDQJHULVHYDSRUDWLQJ7U\DOLWWOHPRUHDQG\RXZLOO
EHFRPHDZDUHH[DFWO\LQWKHPLGGOHRILW$QGWKDWLVWKHILUVWVWHSEHDZDUHLQ
WKHDFW
7KHQWKHVHFRQGVWHSZKLFKLVHYHQPRUHGLIILFXOWEHFDXVHQRZ\RXDUHJRLQJ
LQWRGHHSHUZDWHUV7KHVHFRQGVWHSRUWKHVHFRQGGLIILFXOW\$WLVKDFDOOVLWLV
UHPHPEHULQJEHIRUHWKHDFWZKHQWKHDFWKDVQRW\HWKDSSHQHGEXWLVVWLOOD
WKRXJKWLQ\RXLWKDVQRWEHHQDFWXDOL]HGEXWLWKDVEHFRPHDWKRXJKWLQ\RXU




PLQG,WLVWKHUHSRWHQWLDOO\WKHUHOLNHDVHHGLWFDQEHFRPHWKHDFWDQ\PRPHQW
1RZ\RXZLOOQHHGDOLWWOHPRUHVXEWOHDZDUHQHVV7KHDFWLVJURVV\RXKLWWKH
ZRPDQ<RXFDQEHFRPHDZDUHZKLOH\RXDUHKLWWLQJEXWWKHLGHDRIKLWWLQJLVIDU
PRUHVXEWOH7KRXVDQGVRILGHDVJRRQSDVVLQJLQWKHPLQGZKRWDNHVQRWHRI
WKHP"7KH\JRRQDQGRQWKHWUDIILFFRQWLQXHV0RVWRIWKRVHLGHDVQHYHU
EHFRPHDFWV
7KLVLVWKHGLIIHUHQFHEHWZHHQVLQDQGFULPH&ULPHLVZKHQVRPHWKLQJEHFRPHV
DQDFW1RODZFRXUWFDQSXQLVK\RXIRUDWKRXJKW<RXFDQWKLQNRIPXUGHULQJ
VRPHERG\EXWQRODZFDQSXQLVK\RX<RXFDQHQMR\\RXFDQGUHDPEXW\RX
DUHQRWXQGHUODZXQOHVV\RXDFWXQOHVV\RXGRVRPHWKLQJDQGWKHWKRXJKWLV
WUDQVIRUPHGLQWRDFWXDOLW\WKHQLWEHFRPHVDFULPH
%XWUHOLJLRQJRHVGHHSHU,WVD\VZKHQ\RXWKLQNLWLWLVDOUHDG\DVLQ:KHWKHU
\RXDFWXDOL]HLWRUQRWGRHVQRWPDWWHU\RXKDYHFRPPLWWHGLWLQ\RXULQQHU
ZRUOGDQG\RXDUHDIIHFWHGE\LW\RXDUHFRQWDPLQDWHGE\LW\RXDUHEOHPLVKHG
E\LW
7KHVHFRQGGLIILFXOW\$WLVKDVD\VLVWRFDWFKKROGZKHQWKHWKRXJKWLVDULVLQJLQ
\RX,WFDQEHGRQHEXWLWFDQEHGRQHRQO\ZKHQ\RXKDYHFURVVHGWKHILUVW
EDUULHUEHFDXVHWKRXJKWLVQRWVRVROLG%XWVWLOOLWLVVROLGHQRXJKWREHVHHQ\RX
KDYHWRMXVWSUDFWLFHDOLWWOHELW6LWWLQJVLOHQWO\MXVWZDWFK\RXUWKRXJKWV-XVWVHH
DOOWKHQXDQFHVRIDWKRXJKWKRZLWDULVHVKRZLWWDNHVIRUPKRZLWUHPDLQV
DELGHVDQGKRZWKHQLWOHDYHV\RX,WEHFRPHVDJXHVWDQGWKHQZKHQWKHWLPH
FRPHVLWOHDYHV\RX$QGPDQ\WKRXJKWVFRPHDQGJR\RXDUHDKRVWZKHUH
PDQ\WKRXJKWVFRPHDQGJR-XVWZDWFK
'RQ
WWU\IURPWKHYHU\EHJLQQLQJZLWKWKHGLIILFXOWWKRXJKWVWU\ZLWKVLPSOH
WKRXJKWV7KDWZLOOPDNHLWHDVLHUEHFDXVHWKHSURFHVVLVWKHVDPH-XVWVLWLQ
WKHJDUGHQFORVH\RXUH\HVDQGVHHZKDWVRHYHUWKRXJKWLVSDVVLQJDQGWKH\
DUHDOZD\VSDVVLQJ7KHGRJEDUNVLQWKHQHLJKERUKRRGDQGLPPHGLDWHO\D
SURFHVVRIWKRXJKWVWDUWVLQ\RX<RXVXGGHQO\UHPHPEHUDGRJ\RXKDGLQ\RXU
FKLOGKRRGDQGKRZPXFK\RXKDGORYHGWKDWGRJDQGWKHQWKHGRJGLHGDQG
KRZ\RXVXIIHUHG
7KHQFRPHVWKHLGHDRIGHDWKDQGWKHGRJLVIRUJRWWHQDQG\RXUHPHPEHUWKH
GHDWKRI\RXUPRWKHU$QGZLWKWKHLGHDRIWKHPRWKHUVXGGHQO\\RXUHPHPEHU
\RXUIDWKHU$QGWKLQJVJRRQDQGRQ-XVWWKHZKROHWKLQJZDVWULJJHUHGE\D
IRROLVKGRJZKRLVQRWHYHQDZDUHWKDW\RXDUHVLWWLQJLQ\RXUJDUGHQZKRLV
VLPSO\EDUNLQJEHFDXVHKHNQRZVQRWKLQJHOVHWRNHHSKLPVHOIRFFXSLHG+LV
EDUNLQJLVQRWKLQJEXWSROLWLFNLQJKLVSROLWLFVSRZHUSROLWLFV
7KDW
VZK\GRJVDUHYHU\PXFKDJDLQVWXQLIRUPV7KHSROLFHPDQWKHSRVWPDQ
WKHVDQQ\DVLQDQGWKHGRJVDUHYHU\DQJU\7KH\GRQ
WWROHUDWHXQLIRUPV+RZ
GDUH\RXZDONLQXQLIRUPWU\LQJWRGRPLQDWHWKHP"7KH\DUHDQJU\DJDLQVW
SROLFHPHQDQGSHRSOHOLNHWKDW
+HZDVQRWDZDUHRI\RXKHKDVQRWEDUNHGIRU\RXHVSHFLDOO\EXWDFKDLQZDV
WULJJHUHG:DWFKWKHVHVLPSOHFKDLQVDQGWKHQVORZO\VORZO\WU\WKHPZLWKPRUH
HPRWLRQDOO\LQYROYHGWKLQJV<RXDUHDQJU\\RXDUHJUHHG\\RXDUHMHDORXV
MXVWFDWFKKROGRI\RXUVHOILQWKHPLGGOHRIWKHWKRXJKW7KDWLVWKHVHFRQG
GLIILFXOW\
$QGWKHWKLUGGLIILFXOW\LVWRFDWFKKROGRIWKLVSURFHVVZKLFKUHVXOWVXOWLPDWHO\LQ




DQDFWEHIRUHLWEHFRPHVDWKRXJKW7KDWLVWKHPRVWGLIILFXOWULJKWQRZ\RX
FDQQRWHYHQFRQFHLYHRILW%HIRUHDQ\WKLQJEHFRPHVDWKRXJKWLWLVDIHHOLQJ
7KHVHDUHWKHWKUHHWKLQJVIHHOLQJFRPHVILUVWWKHQFRPHVWKRXJKWWKHQFRPHV
WKHDFW<RXPD\QRWEHDZDUHDWDOOWKDWHDFKWKRXJKWLVSURGXFHGE\DFHUWDLQ
IHHOLQJ,IWKHIHHOLQJLVQRWWKHUHWKHWKRXJKWZLOOQRWFRPH)HHOLQJEHFRPHV
DFWXDOL]HGLQWKRXJKWWKRXJKWEHFRPHVDFWXDOL]HGLQWKHDFW
1RZ\RXKDYHWRGRWKHDOPRVWLPSRVVLEOHWKLQJWRFDWFKKROGRIDFHUWDLQ
IHHOLQJ+DYH\RXQRWZDWFKHGVRPHWLPHV"<RXGRQ
WUHDOO\NQRZZK\\RXDUH
IHHOLQJDOLWWOHGLVWXUEHGWKHUHLVQRUHDOWKRXJKWWKDWFDQEHFDXJKWDVWKHFDXVH
EXW\RXDUHGLVWXUEHG\RXIHHOGLVWXUEHG6RPHWKLQJLVJHWWLQJUHDG\
XQGHUJURXQGVRPHIHHOLQJLVJDWKHULQJIRUFH6RPHWLPHV\RXIHHOVDG7KHUHLV
QRUHDVRQWRIHHOVDGDQGWKHUHLVQRWKRXJKWWRSURYRNHLWVWLOOWKHVDGQHVVLV
WKHUHDJHQHUDOL]HGIHHOLQJ7KDWPHDQVDIHHOLQJLVWU\LQJWRFRPHDERYH
JURXQGWKHVHHGRIWKHIHHOLQJLVVHQGLQJLWVOHDYHVRXWRIWKHJURXQG
,I\RXDUHDEOHWREHFRPHDZDUHRIWKHWKRXJKWWKHQVRRQHURUODWHU\RXZLOO
EHFRPHDZDUHRIWKHVXEWOHQXDQFHVRIWKHIHHOLQJ7KHVHDUHWKHWKUHH
GLIILFXOWLHV
$WLVKDVD\V
/($517+(7+5((',)),&8/7,(6
$QGLI\RXFDQGRWKHVHWKUHHWKLQJVVXGGHQO\\RXZLOOIDOOLQWRWKHGHHSHVWFRUH
RI\RXUEHLQJ
$FWLRQLVWKHIDUWKHVWIURPWKHEHLQJWKHQFRPHVWKRXJKWWKHQFRPHVIHHOLQJ
$QGEHKLQGIHHOLQJMXVWKLGGHQEHKLQGIHHOLQJLV\RXUEHLQJ7KDWEHLQJLV
XQLYHUVDO7KDWEHLQJLVWKHJRDORIDOOPHGLWDWRUVWKHJRDORIDOOWKRVHZKRSUD\
FDOOLW*RGDWPDQVHOIQRVHOIZKDWVRHYHU\RXZLVKWRFDOOLWEXWWKLVLVWKH
JRDO$QGWKHVHWKUHHEDUULHUVKDYHWREHFURVVHG7KHVHWKUHHEDUULHUVDUHOLNH
WKUHHFRQFHQWULFFLUFOHVDURXQGWKHFHQWHURIEHLQJ
7$.(837+(7+5((3$5762)7+(35,1&,3$/&$86(
1RZDYHU\LPSRUWDQWVXWUD7KHODVWWKUHHVXWUDVDUHMXVWJROGHQ.HHSWKHPLQ
\RXUKHDUWWKH\ZLOOQRXULVK\RXWKH\ZLOOVWUHQJWKHQ\RXWKH\ZLOOWUDQVIRUP\RX
3DUWLFXODUO\IRUP\VDQQ\DVLQVWKH\DUHRILPPHQVHYDOXH
7$.(837+(7+5((3$5762)7+(35,1&,3$/&$86(
:KDWDUHWKRVHWKUHHSDUWVRIWKHSULQFLSDOFDXVH",QWKHWUDGLWLRQRI%XGGKD
WKHUHDUHWKUHHIDPRXVVKHOWHUVEXGGKDPVKDUDQDPJDFKFKKDPL,JRWRWKH
IHHWRIWKHEXGGKD,VXUUHQGHUP\VHOIWRWKHEXGGKDVDQJKDPVKDUDQDP
JDFKFKKDPL,JRWRWKHIHHWRIWKHFRPPXQH,VXUUHQGHUP\VHOIWRWKH
EXGGKDILHOGGKDPPDPVKDUDQDPJDFKFKKDPL,VXUUHQGHUP\VHOIWRWKH
XOWLPDWHODZZKLFKLVSHUVRQLILHGE\WKHEXGGKDDQGLVVHDUFKHGIRUE\WKH
FRPPXQHZKLFKKDVEHFRPHDFWXDOLQWKHEXGGKDDQGLVDQLQTXLU\LQWKH
FRPPXQH7KHVHWKUHHDUHWKHPRVWLPSRUWDQWWKLQJVIRUDVHHNHUWKHPDVWHU
WKHFRPPXQHDQGWKHGKDPPD7DRORJRVWKHXOWLPDWHODZ
8QOHVV\RXDUHLQFRQWDFWZLWKRQHZKRKDVDOUHDG\UHDOL]HGLWLVDOPRVW
LPSRVVLEOHIRU\RXWRJURZ7KHKLQGUDQFHVDUHPLOOLRQVWKHSLWIDOOVPDQ\WKH
IDOVHGRRUVPDQ\WKHWHPSWDWLRQVDUHPDQ\WKHUHLVHYHU\SRVVLELOLW\RIJRLQJ
DVWUD\8QOHVV\RXDUHLQWKHFRPSDQ\RIVRPHRQHZKRNQRZVWKHZD\ZKRKDV
WUDYHOHGWKHZD\ZKRKDVDUULYHGLWLVDOPRVWLPSRVVLEOHIRU\RXWRUHDFK




8QOHVV\RXUKDQGVDUHLQWKHKDQGVRIVRPHRQHZKRP\RXFDQWUXVWDQGWR
ZKRP\RXFDQVXUUHQGHU\RXDUHERXQGWRJRDVWUD\7KHPLQGFUHDWHVVRPDQ\
WHPSWDWLRQVVRDOOXULQJWKH\DUHVRPDJQHWLFLVWKHLUSRZHUWKDWXQOHVV\RX
DUHLQWKHSRZHUILHOGRIVRPHRQHZKRVHPDJQHWLVPLVIDUPRUHSRZHUIXOWKDQ
DQ\RWKHUNLQGRIWHPSWDWLRQLWLVLPSRVVLEOHWRUHDFK7KDWLVWKHPHDQLQJRI
GLVFLSOHKRRG
%8''+$06+$5$1$0*$&+&++$0,,VXUUHQGHUWRWKHPDVWHU
7KHPDVWHULVVXFKDPDJQHWLFIRUFHWKDW\RXUVXUUHQGHUWRWKHPDVWHUEHFRPHV
\RXUSURWHFWLRQKHQFHLWLVFDOOHGWKHVKHOWHU7KHQ\RXDUHVHFXUHWKHQ\RXDUH
JXDUGHGWKHQ\RXDUHSURWHFWHG7KHQ\RXUKDQGLVLQWKRVHKDQGVZKLFKNQRZ
ZKHUHWRWDNH\RXZKDWGLUHFWLRQWRJLYHWR\RX
7KHVHFRQGWKLQJLVWKHFRPPXQH(DFKEXGGKDFUHDWHVDFRPPXQHEHFDXVH
ZLWKRXWDFRPPXQHDEXGGKDFDQQRWIXQFWLRQ$FRPPXQHPHDQVKLVHQHUJ\
ILHOGDFRPPXQHPHDQVWKHSHRSOHZKRKDYHEHFRPHMRLQHGZLWKKLPD
FRPPXQHPHDQVDQDOWHUQDWHVRFLHW\WRWKHRUGLQDU\PXQGDQHVRFLHW\ZKLFK
JRHVDIWHUVSXULRXVFRPIRUWVLWLVWKHUHDYDLODEOHWRHYHU\ERG\
$VPDOORDVLVLQWKHGHVHUWRIWKHZRUOGLVZKDWLVPHDQWE\DFRPPXQHFUHDWHG
E\DEXGGKDDVPDOORDVLVLQZKLFKOLIHLVOLYHGZLWKDWRWDOO\GLIIHUHQWJHVWDOW
ZLWKDWRWDOO\GLIIHUHQWYLVLRQZLWKDWRWDOO\GLIIHUHQWJRDOZKHUHOLIHLVOLYHGZLWK
SXUSRVHPHDQLQJZKHUHOLIHLVOLYHGZLWKPHWKRGHYHQWKRXJKWRWKHRXWVLGHUV
LWPD\ORRNOLNHPDGQHVVEXWWKDWPDGQHVVKDVDPHWKRGLQLWZKHUHOLIHLV
OLYHGSUD\HUIXOO\DOHUWDZDUHDZDNHZKHUHOLIHLVQRWMXVWDFFLGHQWDOZKHUHOLIH
VWDUWVEHFRPLQJPRUHDQGPRUHDJURZWKLQDFHUWDLQGLUHFWLRQWRZDUGVDFHUWDLQ
GHVWLQDWLRQZKHUHOLIHLVQRPRUHOLNHGULIWZRRG
$QGWKHWKLUGLVWKHGKDPPD'KDPPDPHDQVWUXWK%XGGKDUHSUHVHQWVWKH
GKDPPDLQWZRZD\VRQHWKURXJKKLVFRPPXQLFDWLRQYHUEDODQGVHFRQG
WKURXJKKLVSUHVHQFHWKURXJKKLVVLOHQFHWKURXJKKLVFRPPXQLRQQRQYHUEDO
7KHYHUEDOFRPPXQLFDWLRQLVRQO\DQLQWURGXFWLRQIRUWKHQRQYHUEDO7KH
QRQYHUEDOLVDQHQHUJ\FRPPXQLFDWLRQ7KHYHUEDOLVRQO\SUHSDUDWRU\LWVLPSO\
SUHSDUHV\RXVR\RXFDQDOORZWKHPDVWHUWRFRPPXQLFDWHZLWK\RXHQHUJ\ZLVH
EHFDXVHHQHUJ\ZLVHLWLVUHDOO\PRYLQJLQWRWKHXQNQRZQ(QHUJ\ZLVHLWQHHGV
JUHDWWUXVWEHFDXVH\RXZLOOEHFRPSOHWHO\XQDZDUHZKHUH\RXDUHJRLQJ
DZDUHWKDW\RXDUHJRLQJVRPHZKHUHDZDUHWKDW\RXDUHEHLQJOHGVRPHZKHUH
DZDUHWKDWVRPHWKLQJLVKDSSHQLQJRIWUHPHQGRXVLPSRUWEXWZKDWH[DFWO\LWLV
\RXGRQ
W\HWKDYHWKHODQJXDJHIRU\RXGRQ
WKDYHDQ\H[SHULHQFHWRUHFRJQL]H
<RXZLOOEHPRYLQJLQWRWKHXQFKDUWHG
7KHEXGGKDUHSUHVHQWVGKDPPDWUXWKLQWZRZD\V9HUEDOO\KHFRPPXQLFDWHV
ZLWKWKHVWXGHQWVQRQYHUEDOO\WKURXJKVLOHQFHWKURXJKHQHUJ\KH
FRPPXQLFDWHVZLWKWKHGLVFLSOHV$QGWKHQWKHUHFRPHVWKHXOWLPDWHXQLW\ZKHUH
QHLWKHUFRPPXQLFDWLRQQRUFRPPXQLRQLVQHHGHGEXWRQHQHVVKDVEHHQ
DFKLHYHGZKHUHWKHPDVWHUDQGWKHGLVFLSOHEHFRPHRQHZKHQWKHGLVFLSOHLV
MXVWDVKDGRZZKHQWKHUHLVQRVHSDUDWLRQ7KHVHDUHWKHWKUHHVWDJHVRI
JURZWKVWXGHQWGLVFLSOHGHYRWHH
0(',7$7(217+(7+5((7+,1*612772%('(6752<('
7KHEXGGKDWKHVDQJKDWKHGKDPPDPHGLWDWHRYHUWKHVHWKUHHWKLQJVQRWWR
EHGHVWUR\HG7KHZRUOGZLOOEHYHU\PXFKDJDLQVWDOOWKHVHWKUHHWKLQJVWKH




ZRUOGZLOOEHEHQWXSRQGHVWUR\LQJWKHP7KRVHZKRORYHWUXWKWKRVHZKRDUH
UHDOVHHNHUVLQTXLUHUVWKH\ZLOOGRHYHU\WKLQJWRSURWHFWWKHVHWKUHHWKLQJV
)LUVWWKHEXGGKD:K\GRHVWKHZRUOGFUHDWHVVRPDQ\GLIILFXOWLHVIRUWKH
EXGGKDZKHQHYHUKHDSSHDUVLQZKDWVRHYHUIRUP"+HPD\EH.ULVKQD&KULVW
$WLVKD7LORSD6DUDKDKHPD\DSSHDULQDQ\IRUP%\EXGGKDKRRG,PHDQ
DZDUHQHVVDZDNHQLQJ:KHUHYHUDZDNHQLQJKDSSHQVWKHZKROHZRUOG
EHFRPHVDQWDJRQLVWLF:K\"EHFDXVHWKHZKROHZRUOGLVDVOHHS
7KHUHLVDQ$UDELFVD\LQJ'RQ
WZDNHXSDVODYHEHFDXVHKHPD\EHGUHDPLQJ
WKDWKHLVIUHH'RQ
WZDNHXSDVODYHKHPD\EHGUHDPLQJWKDWKHLVIUHHWKDW
KHLVQRPRUHDVODYH
%XWWKHEXGGKDZLOOVD\:DNHXSWKHVODYH(YHQWKRXJKKHLVGUHDPLQJ
EHDXWLIXOGUHDPVRIIUHHGRPZDNHKLPXSDQGPDNHKLPDZDUHWKDWKHLVD
VODYHEHFDXVHRQO\WKURXJKWKDWDZDUHQHVVFDQKHUHDOO\EHFRPHIUHH
7KHZRUOGLVIDVWDVOHHSDQGSHRSOHDUHHQMR\LQJWKHLUGUHDPV7KH\DUH
GHFRUDWLQJWKHLUGUHDPVWKH\DUHPDNLQJWKHLUGUHDPVPRUHDQGPRUHFRORUIXO
WKH\DUHPDNLQJWKHPSV\FKHGHOLF7KHQFRPHVDPDQZKRVWDUWVVKRXWLQJIURP
WKHKRXVHWRSV:DNHXS7KHVOHHSHUVIHHORIIHQGHGWKH\GRQ
WZDQWWRZDNH
XSEHFDXVHWKH\NQRZWKDWRQFHWKHGUHDPLVJRQHWKH\ZLOOEHOHIWZLWKWKHLU
PLVHU\DQGVXIIHULQJDQGQRWKLQJHOVH7KH\DUHQRW\HWDZDUHWKDWEHKLQGWKHLU
PLVHU\WKHUHLVDVRXUFHRIMR\WKDWFDQEHIRXQG:KHQHYHUVRPHWKLQJOLNH
DZDNHQLQJKDVKDSSHQHGWRWKHPWKH\KDYHDOZD\VIRXQGWKHPVHOYHVXWWHUO\
PLVHUDEOH6RWKH\ZDQWWRUHPDLQGURZQHGLQVRPHWKLQJZKDWVRHYHULWLVWKH\
ZDQWWRUHPDLQRFFXSLHG
7KHWHDFKLQJRIWKHEXGGKDVLV)LQGWLPHDQGDSODFHWRUHPDLQXQRFFXSLHG
7KDW
VZKDWPHGLWDWLRQLVDOODERXW)LQGDWOHDVWRQHKRXUHYHU\GD\WRVLWVLOHQWO\
GRLQJQRWKLQJXWWHUO\XQRFFXSLHGMXVWZDWFKLQJZKDWVRHYHUSDVVHVE\LQVLGH,Q
WKHEHJLQQLQJ\RXZLOOEHYHU\VDGORRNLQJDWWKLQJVLQVLGH\RX\RXZLOOIHHORQO\
GDUNQHVVDQGQRWKLQJHOVHDQGXJO\WKLQJVDQGDOONLQGVRIEODFNKROHV
DSSHDULQJ<RXZLOOIHHODJRQ\QRHFVWDV\DWDOO%XWLI\RXSHUVLVWSHUVHYHUH
WKHGD\FRPHVZKHQDOOWKHVHDJRQLHVGLVDSSHDUDQGEHKLQGWKHDJRQLHVLVWKH
HFVWDV\
6RWKHILUVWWKLQJZKHQHYHUWKHEXGGKDDSSHDUVWKHZRUOGLVDJDLQVWKLP7KH
ZRUOGLVIDVWDVOHHSGUHDPLQJDQGWKHEXGGKDWULHVWRZDNHSHRSOHXS7KHUH
DUHDWKRXVDQGDQGRQHRWKHUUHDVRQVZK\WKHZRUOGZDQWVWRGHVWUR\DEXGGKD
DQGZK\$WLVKDLVVD\LQJ
0(',7$7(217+(7+5((7+,1*612772%('(6752<('
+DG-HVXV
GLVFLSOHVNQRZQVRPHWKLQJOLNHWKLVWKH\ZRXOGKDYHWULHGLQHYHU\
ZD\WRSURWHFW-HVXVEXWWKH\ZHUHQRWDZDUHDWDOO-HVXVFRXOGOLYHRQO\WKUHH
\HDUVDVDEXGGKD+HFRXOGKDYHOLYHGWRDYHU\ROGDJHKHFRXOGKDYHKHOSHG
PLOOLRQVRISHRSOHRQWKHSDWKEXWWKHGLVFLSOHVZHUHQRWDZDUHWKDWDJUHDW
WUHDVXUHZDVLQWKHLUSRVVHVVLRQDQGLWKDGWREHSURWHFWHGDQGJXDUGHG
7KHUHDUHPDQ\UHDVRQV2QHUHDVRQZK\SHRSOHDUHDJDLQVWLVEHFDXVH
ZKHQHYHUDEXGGKDDSSHDUVLQWKHZRUOGKHLVXQLTXHKHFDQQRWEHFRPSDUHG
WRDQ\RWKHUEXGGKDRIWKHSDVWWKDWLVWKHSUREOHP3HRSOHEHFRPH
DFFXVWRPHGVORZO\VORZO\WRWKHSDVWEXGGKDVEXWZKHQHYHUDQHZEXGGKD
DUULYHVKHLVVRQHZVRXQLTXHVRGLIIHUHQWWKDWWKH\FDQQRWEHOLHYHKHLVD




EXGGKDEHFDXVHWKH\KDYHDFHUWDLQFRQFHSWLRQ
7KRVHZKRKDYHNQRZQ0DKDYLUDKRZFDQWKH\UHFRJQL]HPHDVDEXGGKD"
EHFDXVH,DPQRWVWDQGLQJQDNHG7KRVHZKRKDYHVHHQ-HVXVKRZWKH\FDQ
UHFRJQL]H$WLVKDDVWKHEXGGKD"EHFDXVH$WLVKDLVQRWFXULQJWKHLOODQG
KHOSLQJWKHGHDGWREHUDLVHGDJDLQLVQRWKHOSLQJWKHEOLQGWRVHH$WLVKDLVD
WRWDOO\GLIIHUHQWNLQGRIEXGGKDKHLVQRWVHUYLQJWKHSRRUKLVZRUNLVRQDWRWDOO\
GLIIHUHQWSODQH
7KH&KULVWLDQFDQQRWUHFRJQL]H%XGGKDDVDEXGGKD:KDWWRVD\RIWKH
&KULVWLDQ0DKDYLUDDQG%XGGKDZHUHFRQWHPSRUDULHVEXW-DLQDVGRQ
W
UHFRJQL]H*DXWDP%XGGKDDVWKHDZDNHQHGRQHDQG%XGGKLVWVGRQ
WUHFRJQL]H
0DKDYLUDDVWKHDZDNHQHGRQH7KH\ZHUHFRQWHPSRUDULHVLQWKHVDPH
SURYLQFHVRPHWLPHVOLYHGLQWKHVDPHWRZQDQGRQFHVWD\HGLQWKHVDPH
6(5$,%XWHDFKEXGGKDKDVDXQLTXHTXDOLW\LQFRPSDUDEOHKHQFHQRSUHYLRXV
EXGGKDFDQEHXVHGDVDFULWHULRQ7KDWFUHDWHVGLIILFXOW\
%XGGKDVDUHXQUHFRJQL]DEOHEHFDXVH\RXUOLIHKDVQRH[SHULHQFHWKURXJKZKLFK
\RXFDQUHFRJQL]HDEXGGKD7KHVH[XDOSHUVRQFDQUHFRJQL]HWKHVH[XDOWKH
PRQH\PLQGHGFDQUHFRJQL]HWKHPRQH\PLQGHGEXWKRZFDQ\RXUHFRJQL]HD
EXGGKD"<RXGRQ
WKDYHDQ\H[SHULHQFHRIDZDUHQHVV,QWKHEXGGKD\RXZLOO
RQO\VHHUHIOHFWHG\RXURZQPLQG,WLVQDWXUDO
7KHEXGGKDLVXQFRPSURPLVLQJWKDWFUHDWHVWURXEOH+HFDQQRWFRPSURPLVH
7UXWKFDQQRWEHFRPSURPLVHGZLWKDQ\OLHVFRPIRUWDEOHOLHV7KHEXGGKDVHHPV
WREHYHU\XQVRFLDODQGVRPHWLPHVDQWLVRFLDO7KHEXGGKDQHYHUIXOILOOVDQ\
H[SHFWDWLRQVRIWKHPXOWLWXGHVKHFDQQRWKHLVQRWKHUHWRIROORZ\RX7KHUHLV
RQO\RQHZD\\RXFDQIROORZKLPLI\RXZDQWWREHZLWKKLPRWKHUZLVHJHWORVW
+HFDQQRWIXOILOO\RXUH[SHFWDWLRQV<RXUH[SHFWDWLRQVDUHIRROLVK\RXU
H[SHFWDWLRQVDUH\RXUH[SHFWDWLRQVRXWRIXQDZDUHQHVVDQGEOLQGQHVV:KDW
YDOXHFDQWKH\KDYH"
7KHEXGGKDLVDOZD\VUHEHOOLRXVDQWLWUDGLWLRQDOQRQFRQIRUPLVW7KDWFUHDWHV
WURXEOH7KHEXGGKDGRHVQRWEHORQJWRWKHSDVWLQIDFWWKHIXWXUHEHORQJVWR
WKHEXGGKD+HLVDOZD\VEHIRUHKLVWLPHKHLVDQHZELUWKRI*RG
$OOWKHVHWKLQJVDUHHQRXJKIRUWKHVRFLHW\RIWKHEOLQGPDGSRZHUKXQJU\
DPELWLRXVHJRLVWVDOONLQGVRIQHXURWLFVSV\FKRWLFVLWLVHQRXJKIRUWKHPWREH
WRJHWKHUDQGWRGHVWUR\DQ\SRVVLELOLW\RIWKHUHEHLQJDEXGGKD
$QGWKH\DUHDOVRDJDLQVWWKHVDQJKDHYHQPRUHVR7KH\FDQWROHUDWHD
EXGGKDLIKHLVDORQHWKH\NQRZZKDWFDQKHGR"7KH\KDYHWROHUDWHG
.ULVKQDPXUWLPRUHHDVLO\WKDQWKH\FDQWROHUDWHPH:KDWFDQ.ULVKQDPXUWLGR"
+HFDQFRPHDQGWDONDQGSHRSOHOLVWHQDQGSHRSOHKDYHEHHQOLVWHQLQJIRUILIW\
\HDUVDQGQRWKLQJKDVKDSSHQHGVRKHFDQWDONDIHZ\HDUVPRUHWKHUHLV
QRWKLQJWREHZRUULHGDERXWKLP
,ZDVDOVRDORQHWUDYHOLQJDOORYHUWKHFRXQWU\IURPRQHFRUQHUWRWKHRWKHU
FRUQHUDOPRVWWKUHHZHHNVHYHU\PRQWKRQWKHWUDLQRQWKHSODQHFRQWLQXRXVO\
WUDYHOLQJDQGWKHUHZDVQRWPXFKSUREOHP7KHGD\,VWDUWHGVDQQ\DVWKH
VRFLHW\EHFDPHDOHUW:K\"EHFDXVHWRFUHDWHDEXGGKDILHOGWRFUHDWHD
VDQJKDPHDQVQRZ\RXDUHFUHDWLQJDQDOWHUQDWHVRFLHW\\RXDUHQRPRUHD
VLQJOHLQGLYLGXDO\RXDUHJDWKHULQJSRZHU\RXFDQGRVRPHWKLQJ1RZ\RXFDQ
FUHDWHDUHYROXWLRQ




6RSHRSOHZDQWWRGHVWUR\DOOFRPPXQHV'R\RXNQRZFRPPXQHVGRQ
WKDYH
ORQJOLYHVYHU\UDUHO\GRFRPPXQHVVXUYLYHYHU\UDUHO\0LOOLRQVRIWLPHV
FRPPXQHVKDYHEHHQFUHDWHGDQGWKHVRFLHW\GHVWUR\VWKHPVRRQHURUODWHU
DQGPRUHVRRQHUWKDQODWHU%XWDIHZFRPPXQHVKDYHVXUYLYHG)RUH[DPSOH
%XGGKD
VFRPPXQHVWLOOFRQWLQXHVQRWZLWKWKHVDPHSXULW\PXFKJDUEDJHKDV
HQWHUHGLQWRLW,WLVQRPRUHWKHVDPHFU\VWDOFOHDUZDWHUWKDW\RXFDQVHHDW
*DQJRWULZKHUHWKH*DQJHVLVERUQ1RZWKH%XGGKD
VFRPPXQHLVOLNHWKH
*DQJHVQHDU9DUDQDVLGLUW\GHDGERGLHVIORDWLQJLQLWDOONLQGVRIJDUEDJH
EHLQJSRXUHGLQWRLW%XWVWLOOLWLVDOLYH0DQ\KDYHFRPSOHWHO\GLVDSSHDUHG
)RUH[DPSOHQRFRPPXQHRI/DR7]XVXUYLYHVQRFRPPXQHRI=DUDWKXVWUD
VXUYLYHV<HVDIHZIROORZHUVDUHWKHUHEXWWKH\DUHQRWFRPPXQHV1R
FRPPXQHRI6DUDKD7LORSD$WLVKDVXUYLYHV7KH\DOOKDGFUHDWHGFRPPXQHV
%XWWKHVRFLHW\LVUHDOO\ELJKXJHSRZHUIXOZKHQWKHPDVWHULVDOLYHPD\EHWKH
FRPPXQHFDQVXUYLYHEXWRQFHWKHPDVWHULVJRQHWKHVRFLHW\VWDUWVGHVWUR\LQJ
WKHFRPPXQHIURPDOOSRVVLEOHGLUHFWLRQV
$WLVKDVD\V
0(',7$7(217+(7+5((7+,1*612772%('(6752<('
$QGWKHWKLUGLVGKDPPDWKHWUXWK7KHZRUOGLVDJDLQVWWKHWUXWKWKHZRUOGOLYHV
LQOLHV/LHVDUHYHU\FRPIRUWDEOHYHU\VHFXUHFR]\DQG\RXFDQFUHDWHOLHV
DFFRUGLQJWR\RXUVHOIDFFRUGLQJWR\RXUQHHGV7UXWKLVQHYHUDFFRUGLQJWR\RX
\RXKDYHWREHDFFRUGLQJWRWKHWUXWKDQGWKDWLVGLIILFXOW0DQ\FKXQNVRI\RXU
EHLQJZLOOKDYHWREHFXWVRWKDW\RXFDQILWZLWKWUXWK<RXUHJRZLOOKDYHWREH
GURSSHGVRWKDW\RXFDQHQWHULQWRWKHWHPSOHRIWUXWK
/LHVDUHSHUIHFWO\EHDXWLIXOFKHDSHYHU\ZKHUHDYDLODEOH<RXFDQJRVKRSSLQJ
DQG\RXFDQSXUFKDVHEDJIXOVRIOLHVDVPDQ\DV\RXZDQW$QGWKHEHVWWKLQJ
DERXWWKHPLVWKDWWKH\ILWZLWK\RXWKH\QHYHUUHTXLUHWKDW\RXVKRXOGILWZLWK
WKHP7KH\DUHYHU\IULHQGO\WKH\GRQ
WUHTXLUHDQ\WKLQJIURP\RXWKH\GRQ
W
GHPDQGWKH\GRQ
WDVNIRUDQ\FRPPLWPHQW7KH\DUHUHDG\WRVHUYH\RX
7UXWKFDQQRWVHUYH\RX\RXZLOOKDYHWRVHUYHWUXWK
$WLVKDLVJLYLQJ\RXDJUHDWLQVLJKW3DUWLFXODUO\IRUP\VDQQ\DVLQVLWKDVWREH
UHPHPEHUHGPHGLWDWHGXSRQ7KHEXGGKDLVKHUHWKHFRPPXQHKDVVWDUWHG
KDSSHQLQJWKHWUXWKLVEHLQJVKDUHG1RZLWLVXSWR\RXWRKHOSLWVXUYLYHWR
SURWHFWLWVRWKDWLWFDQOLYHORQJDQGVHUYHKXPDQLW\ORQJ
$QGWKHODVWVXWUD
0$.(7+(7+5((,16(3$5$%/()5209,578(
/HWWKLVEH\RXUYLUWXH\RXUUHOLJLRQVHUYLQJWKHEXGGKDVHUYLQJWKHFRPPXQH
VHUYLQJWKHWUXWK/HWWKLVEH\RXURQO\YLUWXH\RXURQO\UHOLJLRQ
(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUHLJKWHHQGURSSLQJRXWRIWKHRO\PSL


IHEUXDU\DPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ

%(/29('26+2+2:726/2:'2:1"

$QDQG6RPHQOLIHLVQRWJRLQJDQ\ZKHUHWKHUHLVQRJRDOWRLWQRGHVWLQDWLRQ
/LIHLVQRQSXUSRVLYHLWVLPSO\LV8QOHVVWKLVXQGHUVWDQGLQJSHQHWUDWHV\RXU
KHDUW\RXFDQQRWVORZGRZQ
6ORZLQJGRZQLVQRWDTXHVWLRQRIDQ\KRZLWLVQRWDTXHVWLRQRIWHFKQLTXH
PHWKRG:HUHGXFHHYHU\WKLQJLQWRDKRZ7KHUHLVDJUHDWKRZWRLVPDOORYHU
WKHZRUOGDQGHYHU\SHUVRQSDUWLFXODUO\WKHPRGHUQFRQWHPSRUDU\PLQGKDV
EHFRPHDKRZWRHUKRZWRGRWKLVKRZWRGRWKDWKRZWRJURZULFKKRZWREH
VXFFHVVIXOKRZWRLQIOXHQFHSHRSOHDQGZLQIULHQGVKRZWRPHGLWDWHHYHQKRZ
WRORYH7KHGD\LVQRWIDURIIZKHQVRPHVWXSLGJX\LVJRLQJWRDVNKRZWR
EUHDWKH
,WLVQRWDTXHVWLRQRIKRZDWDOO'RQ
WUHGXFHOLIHLQWRWHFKQRORJ\/LIHUHGXFHG
LQWRWHFKQRORJ\ORVHVDOOIODYRURIMR\
,KDYHFRPHDFURVVDERRNWKHQDPHRIWKHERRNLVKLODULRXV7KHQDPHLV<RX
0XVW5HOD[1RZWKHPXVWLVWKHSUREOHPEXWLWLVWKHUH,WLVEHFDXVHRIWKH
PXVWWKDWQRERG\LVDEOHWRUHOD[1RZDQRWKHUPXVWRQWRSRIDOORWKHUPXVWV
<RX0XVW5HOD[LVJRLQJWRFUHDWHPRUHWHQVLRQLQ\RXUOLIH7U\WRUHOD[DQG
\RXZLOOILQGRXWWKDW\RXIHHOPRUHWHQVHWKDQHYHU7U\KDUGHUDQG\RXZLOOIHHO
PRUHWHQVHDQGPRUHWHQVH
5HOD[DWLRQLVQRWDFRQVHTXHQFHLVQRWDUHVXOWRIVRPHDFWLYLW\LWLVWKHJORZRI
XQGHUVWDQGLQJ
7KLVLVWKHILUVWWKLQJ,ZRXOGOLNHWRUHODWHWR\RXOLIHLVSXUSRVHOHVV,WLVYHU\




KDUGWRDFFHSWLW$QGZK\LVLWVRKDUGWRDFFHSWWKDWOLIHLVSXUSRVHOHVV",WLV
KDUGEHFDXVHZLWKRXWSXUSRVHWKHHJRFDQQRWH[LVW,WLVKDUGWRFRQFHLYHWKDWOLIH
KDVQRJRDOEHFDXVHZLWKRXWDQ\JRDOEHLQJWKHUHWKHUHLVQRSRLQWLQKDYLQJD
PLQGLQKDYLQJDQHJR
7KHHJRFDQH[LVWRQO\LQDJRDORULHQWHGYLVLRQWKHPLQGFDQH[LVWRQO\LQWKH
IXWXUH7KHSXUSRVHEULQJVIXWXUHLQWKHJRDOFUHDWHVWKHVSDFHIRUWKRXJKWVWR
PRYHGHVLUHVWRDULVH$QGWKHQQDWXUDOO\WKHUHLVKXUU\EHFDXVHOLIHLVVKRUW
7RGD\ZHDUHKHUHDQGWRPRUURZZHDUHJRQHPD\EHWKHQH[WPRPHQW
/LIHLVYHU\VKRUW,IWKHUHLVDJRDOWREHDFKLHYHGWKHUHLVERXQGWREHKXUU\
$QGWKHUHLVERXQGWREHZRUU\DFRQVWDQWZRUU\ZKHWKHU,DPJRLQJWRPDNHLW
RUQRWDWUHPEOLQJKHDUWDVKDNLQJRIWKHIRXQGDWLRQV<RXZLOOUHPDLQDOPRVW
DOZD\VLQDQLQQHUHDUWKTXDNH\RXZLOOEHDOZD\VRQWKHYHUJHRIDQHUYRXV
EUHDNGRZQ+DYHDJRDODQGVRRQHURUODWHU\RXZLOOHQGXSRQWKH
SV\FKRDQDO\VW
VFRXFK
0\YLVLRQLVWKDWRIDJRDOOHVVOLIH7KDWLVWKHYLVLRQRIDOOWKHEXGGKDV
(YHU\WKLQJVLPSO\LVIRUQRUHDVRQDWDOO(YHU\WKLQJVLPSO\LVXWWHUO\DEVXUG,I
WKLVLVXQGHUVWRRGWKHQZKHUHLVWKHKXUU\DQGIRUZKDW"7KHQ\RXVWDUWOLYLQJ
PRPHQWWRPRPHQW7KHQWKLVPRPHQWLVJLYHQWR\RXDJUDFLRXVJLIWIURP*RG
RUWKHZKROHRUZKDWVRHYHU\RXZDQWWRFDOOLW7DRGKDPPDORJRV
7KLVPRPHQWLVDYDLODEOHWR\RXVLQJDVRQJOLYHLWLQLWVWRWDOLW\$QGGRQ
WWU\WR
VDFULILFHLWIRUDQ\RWKHUPRPHQWWKDWLVJRLQJWRFRPHLQWKHIXWXUH/LYHLWIRULWV
RZQVDNH
7KH\VD\DUWLVIRUDUW
VVDNH,WPD\EHVRLWPD\QRWEHVR,DPQRWDQDUWLVW
%XW,FDQVD\WR\RX/LIHLVIRUOLIH
VVDNH(DFKPRPHQWLVXWWHUO\IRULWVRZQ
VDNH7RVDFULILFHLWIRUDQ\WKLQJHOVHLVWREHXQLQWHOOLJHQW$QGRQFHWKHKDELWRI
VDFULILFLQJVHWWOHVWKHQWKLVPRPHQW\RXZLOOVDFULILFHIRUWKHQH[WDQGWKHQH[W
IRUWKHQH[WDQGVRRQVRIRUWKWKLV\HDUIRUWKHQH[W\HDUDQGWKLVOLIHIRUWKH
QH[WOLIH7KHQLWLVDVLPSOHORJLFDOSURFHVVRQFH\RXKDYHWDNHQWKHILUVWVWHS
WKHQWKHZKROHMRXUQH\VWDUWVWKHMRXUQH\WKDWOHDGV\RXLQWRWKHZDVWHODQGWKH
MRXUQH\WKDWPDNHV\RXUOLIHDGHVHUWWKHMRXUQH\WKDWLVVHOIGHVWUXFWLYHVXLFLGDO
/LYHLQWKHPRPHQWIRUWKHVKHHUMR\RIOLYLQJLW7KHQHDFKPRPHQWKDVWKH
TXDOLW\RIDQRUJDVP<HVLWLVRUJDVPLF7KLVLVKRZP\VDQQ\DVLQVKDYHWROLYH
ZLWKQRVKRXOGZLWKQRRXJKWZLWKQRPXVWZLWKQRFRPPDQGPHQW<RXDUHQRW
KHUHWREHZLWKPHWREHFRPHPDUW\UV\RXDUHKHUHWREHZLWKPHWRHQMR\OLIHWR
LWVIXOOQHVV$QGWKHRQO\ZD\WROLYHORYHHQMR\LVWRIRUJHWWKHIXWXUH,WH[LVWV
QRW
$QGLI\RXFDQIRUJHWWKHIXWXUHLI\RXFDQVHHWKDWLWLVQRWWKHUHWKHUHLVQR
SRLQWLQFRQVWDQWO\JHWWLQJUHDG\IRULW7KHPRPHQWIXWXUHLVGURSSHGSDVW
EHFRPHVLUUHOHYDQWRQLWVRZQDFFRUG:HFDUU\WKHSDVWVRWKDWZHFDQXVHLWLQ
WKHIXWXUH2WKHUZLVHZKRZLOOFDUU\WKHSDVW",WLVXQQHFHVVDU\,IWKHUHLVQR
IXWXUHZKDWLVWKHSRLQWRIFDUU\LQJWKHNQRZOHGJHWKDWWKHSDVWKDVJLYHQWR
\RX",WLVDEXUGHQZKLFKZLOOGHVWUR\WKHMR\RIWKHMRXUQH\
$QGOHWPHUHPLQG\RXLWLVDSXUHMRXUQH\/LIHLVDSLOJULPDJHWRQRZKHUHIURP
QRZKHUHWRQRZKHUH$QGEHWZHHQWKHVHWZRQRZKHUHVLVWKHQRZKHUH
1RZKHUHFRQVLVWVRIWZRZRUGVQRZKHUH%HWZHHQWKHVHWZRQRZKHUHVLVWKH
QRZKHUH




,WLVQRWDTXHVWLRQRIIROORZLQJDFHUWDLQWHFKQLTXHWRVORZGRZQEHFDXVHLI\RXU
EDVLFDSSURDFKWRZDUGVOLIHUHPDLQVWKHVDPHJRDORULHQWHG\RXPD\WU\WR
VORZGRZQDQG\RXPD\HYHQVXFFHHGLQVORZLQJGRZQEXWQRZ\RXKDYH
VWDUWHGDQRWKHUWHQVLRQLQ\RXUOLIH<RXKDYHWREHFRQVWDQWO\RQJXDUGVRWKDW
\RXUHPDLQVORZ\RXKDYHWRKROG\RXUVHOIFRQWLQXRXVO\VRWKDW\RXUHPDLQVORZ
<RXFDQQRWKDYHDIUHHIORZRI\RXUHQHUJLHV<RXZLOOEHFRQVWDQWO\DIUDLG
EHFDXVHLI\RXIRUJHWWKHWHFKQLTXHLPPHGLDWHO\WKHROGKDELWZLOOWDNH
SRVVHVVLRQRI\RX$QGWKHKDELWLVWKHUHEHFDXVHLQIDFWWKHKDELWLVURRWHGLQ
WKHSKLORVRSK\RI\RXUOLIH<RXKDYHEHHQWDXJKWWREHFRPHDFKLHYHUV$FKLHYH
VRPHWKLQJ
)URPWKHYHU\ILUVWPRPHQWDFKLOGLVERUQZHVWDUWIHHGLQJKLPSRLVRQV
DPELWLRQDFKLHYHPHQWVXFFHVVULFKQHVVQDPHIDPH:HVWDUWSRLVRQLQJKLV
VRXUFHVRIEHLQJZHJLYHJUHDWDWWHQWLRQWZHQW\ILYH\HDUVDUHZDVWHGLQJLYLQJ
DSRLVRQRXVHGXFDWLRQWRFKLOGUHQ,WLVRQHWKLUGRIOLIHLWVHHPVWREHDZDVWDJH
$QGLWLVWKHPRVWLPSRUWDQWRQHWKLUGEHFDXVHE\WKHWLPHDSHUVRQLVWZHQW\
ILYHKHKDVDOUHDG\VWDUWHGGHFOLQLQJLQPDQ\ZD\V7KHKLJKHVWSHDNRIKLV
VH[XDOLW\LVQRORQJHUWKHUHLWZDVQHDUDERXWZKHQKHZDVVHYHQWHHQDQGDKDOI
QHDUDERXWHLJKWHHQKHKDGWKHKLJKHVWVH[XDOSHDN%\WKHWLPHKHLVWZHQW\ILYH
KHLVDOUHDG\JHWWLQJROG
7ZHQW\ILYH\HDUVZDVWHGLQFUHDWLQJDQDFKLHYHU
VPLQG$QGWKHQWKHUHLV
FRPSHWLWLRQFRQIOLFW2QHDFKOHYHORIOLIHHYHU\ZKHUHWKHUHLVSROLWLFV(YHQLQ
SULYDWHLQWLPDWHUHODWLRQVKLSWKHUHLVSROLWLFVWKHKXVEDQGWU\LQJWRFRQWUROWKH
ZLIHWKHZLIHWU\LQJWRFRQWUROWKHKXVEDQGWKHFKLOGUHQWU\LQJWRFRQWUROWKH
SDUHQWVWKHSDUHQWVWU\LQJWRFRQWUROWKHFKLOGUHQ7KHUHLVQRLQWLPDF\OHIW
EHFDXVHIRUWKHDFKLHYLQJPLQGLQWLPDF\LVQRWSRVVLEOH+HRQO\NQRZVKRZWR
XVHWKHRWKHUKHFDQQRWEHUHVSHFWIXOWRWKHRWKHU+HLVH[SORLWDWLYH+LV
UHODWLRQVKLSZLWKOLIHLVZKDW0DUWLQ%XEHUFDOOVWKH,LWUHODWLRQVKLSHYHU\WKLQJLV
UHGXFHGLQWRDFRPPRGLW\
<RXORYHDZRPDQLPPHGLDWHO\\RXVWDUWUHGXFLQJKHULQWRDFRPPRGLW\
UHGXFLQJKHULQWREHLQJDZLIHDQGVKHLVWU\LQJWRUHGXFH\RXIURPDPDQLQWRD
KXVEDQG7REHDPDQLVVRPHWKLQJEHDXWLIXOWREHDZRPDQLVVRPHWKLQJ
GLYLQHEXWWREHDZLIHRUWREHDKXVEDQGLVVLPSO\XJO\/RYHLVQRPRUHWKHUH
LWLVODZ,QWLPDF\LVJRQHQRZLWLVEDUJDLQEXVLQHVV1RZWKHSRHWU\LVGHDG
$QGERWKDUHLQSROLWLFVQRZZKRGRPLQDWHVZKRP"
)URPWKHPRVWLQWLPDWHUHODWLRQVKLSWRWKHPRVWLPSHUVRQDOUHODWLRQVKLSLWLVWKH
VDPHVWRU\7KHVWRU\LVWKDWRI,LW7KDW
VZK\ZHKDYHFUHDWHGDQXJO\ZRUOG
$QGQDWXUDOO\ZKHQWKHUHLVVRPXFKFRPSHWLWLRQDQGVRPDQ\FRPSHWLWRUV
6RPHQKRZFDQ\RXVORZGRZQ",I\RXVORZGRZQ\RXZLOOEHDIDLOXUHLI\RX
VORZGRZQ\RXZLOOQHYHUEHDEOHWRVXFFHHGLI\RXVORZGRZQ\RXDUHORVW,I
\RXVORZGRZQ\RXZLOOEHDQRQ\PRXV\RXZLOOQRWEHDEOHWROHDYH\RXU
VLJQDWXUHLQWKHZRUOG:KRZLOO\RXEHLI\RXVORZGRZQ"(YHU\ERG\HOVHLVQRW
VORZLQJGRZQ
,WLVDOPRVWDVLI\RXDUHLQDQ2O\PSLFUDFHDQG\RXDVNPH+RZWRVORZ
GRZQ",I\RXVORZGRZQ\RXDUHDGURSRXW7KHQ\RXDUHQRPRUHLQWKH
2O\PSLFUDFH$QGWKLVZKROHOLIHKDVEHHQWXUQHGLQWRDQ2O\PSLFUDFH
(YHU\ERG\LVUDFLQJDQGHYHU\ERG\KDVWRUDFHWRWKHRSWLPXPEHFDXVHLWLVD




TXHVWLRQRIOLIHDQGGHDWK0LOOLRQVRIHQHPLHVZHDUHOLYLQJLQDZRUOGZKHUH
HYHU\ERG\LV\RXUHQHP\EHFDXVHZLWKZKRPVRHYHU\RXDUHLQFRPSHWLWLRQ
WKH\DUH\RXUHQHPLHV7KH\DUHGHVWUR\LQJ\RXUSRVVLELOLWLHVRIVXFFHVV\RXDUH
GHVWUR\LQJWKHLUSRVVLELOLWLHVRIVXFFHVV
,QWKLVDPELWLRXVZRUOGIULHQGVKLSFDQQRWEORRPORYHLVDOPRVWLPSRVVLEOH
FRPSDVVLRQFDQQRWH[LVW:HKDYHFUHDWHGVXFKDQXJO\PHVVDQGWKHURRWLV
WKDWZHWKLQNWKDWWKHUHLVVRPHWKLQJWRDFKLHYH
7KHUHLVQRGLIIHUHQFHEHWZHHQDFDSLWDOLVWFRXQWU\RUDFRPPXQLVWFRXQWU\LWLV
WKHVDPHSKLORVRSK\&RPPXQLVPLVDE\SURGXFWRIFDSLWDOLVPMXVWDV
&KULVWLDQLW\LVDE\SURGXFWRI-XGDLVP7KHUHLVQRWPXFKGLIIHUHQFHRQO\ZRUGV
FKDQJH7KHJDPHUHPDLQVWKHVDPHWUDQVODWHGLQWRDQRWKHUODQJXDJH
FHUWDLQO\EXWWKHJDPHLVWKHVDPH
3RZHUSROLWLFVLVDVJUHDWLQDFRPPXQLVWFRXQWU\LQIDFWWKHUHLVPRUHWKDQ
WKHUHLVLQDFDSLWDOLVWFRXQWU\EHFDXVHZHQHYHUFKDQJHWKHIRXQGDWLRQZH
RQO\JRRQZKLWHZDVKLQJWKHZDOOV<RXFDQZKLWHZDVKWKHP\RXFDQFKDQJH
WKHFRORUWKDWLVQRWJRLQJWRPDNHDQ\UHDOGLIIHUHQFH$QGWKDW
VZKDWZHJRRQ
GRLQJLQRXULQGLYLGXDOOLYHVWRR
2QHSROLWLFLDQFDPHWRPHDQGKHZDQWHGWROHDUQKRZWRPHGLWDWH,DVNHGZK\
+HVDLG:K\"0HGLWDWLRQJLYHVSHDFHVLOHQFHDQG,ZDQWWREHVLOHQW,ZDQWWR
EHSHDFHIXO
,DVNHGKLP'R\RXUHDOO\ZDQWWREHVLOHQWDQGSHDFHIXO"
+HVDLG<HVWKDW
VZK\,KDYHFRPHIURPVRORQJDGLVWDQFH
7KHQ,VDLGWKHILUVWWKLQJ\RXZLOOKDYHWRXQGHUVWDQGLVWKDWWKHSROLWLFDOPLQG
FDQQHYHUEHVLOHQWDQGFDQQHYHUEHSHDFHIXO<RXZLOOKDYHWRFKRRVH,I\RX
ZDQWUHDOO\WRHQWHULQWRWKHZRUOGRIPHGLWDWLRQ\RXZLOOKDYHWRJHWRXWRIWKH
ZRUOGRISROLWLFV<RXFDQQRWULGHRQWZRKRUVHVDQGWZRKRUVHVZKLFKDUHJRLQJ
LQGLDPHWULFDOO\RSSRVLWHGLUHFWLRQV
+HVDLG7KDWLVWRRPXFK,QIDFW,KDGFRPHWR\RXEHFDXVHRIP\SROLWLFDO
ZRUN7KHUHLVVRPXFKWHQVLRQLQWKHPLQG,FDQQRWVOHHSLQWKHQLJKW,FDQQRW
UHVW,WRVVDQGWXUQDQGWKHZKROHGD\DQGWKHQLJKWWRRWKHVDPHSROLWLFDO
DQ[LHW\FRQWLQXHV,KDGFRPHWR\RXVRWKDW\RXFDQWHDFKPHDWHFKQLTXHRI
PHGLWDWLRQWKDWFDQKHOSPHWRUHOD[DQGFRPSHWHPRUHHIILFLHQWO\LQWKHZRUOG,
DPQRWUHDG\WRSD\WKDWPXFKIRUPHGLWDWLRQ,ZDQWPHGLWDWLRQWRVHUYHPHLQ
P\SROLWLFDOFRPSHWLWLRQ7ZHQW\\HDUV,KDYHEHHQLQSROLWLFVDQG\HW,KDYHQRW
EHFRPHWKHFKLHIPLQLVWHURIP\VWDWH
1RZWKLVPDQFDQQRWPHGLWDWH0HGLWDWLRQLVQRWVRPHWKLQJWKDWFDQJURZLQDQ\
VRLO,WQHHGVDEDVLFXQGHUVWDQGLQJWKHFKDQJHKDVWREHYHU\IXQGDPHQWDO,W
QHHGVDQHZVRLOWRJURZLQLWQHHGVDQHZJHVWDOW
$PHGLWDWRUQDWXUDOO\VORZVGRZQZLWKQRHIIRUW+HGRHVQRWSUDFWLFHLW$
SUDFWLFHGWKLQJLVQHYHUWUXHLWLVDUWLILFLDODUELWUDU\$YRLGSUDFWLFHGWKLQJVDW
WKHPRVWWKH\FDQEHDFWLQJVWKH\DUHQRWWUXH$QGRQO\WUXWKOLEHUDWHV
$PHGLWDWRULVQDWXUDOO\VORZQRWEHFDXVHKHLVWU\LQJWREHVORZEXWMXVW
EHFDXVHWKHUHLVQRZKHUHWRJR7KHUHLVQRWKLQJWRDFKLHYHWKHUHLVQRWKLQJWR
EHFRPHWKHEHFRPLQJKDVFHDVHG:KHQEHFRPLQJFHDVHVEHLQJLV$QGEHLQJ
LVVORZQRQDJJUHVVLYHXQKXUULHG
7KHQ\RXFDQVDYRUWKHWDVWHRIHDFKPRPHQWZLWKWRWDOSUHVHQFH\RXFDQEH




SUHVHQWWRWKHSUHVHQWRWKHUZLVH\RXDUHLQVXFKDKXUU\WKDWLWLVLPSRVVLEOHWR
KDYHDQ\ORRNDWWKDWZKLFKLV<RXUH\HVDUHIRFXVHGRQDIDUDZD\GLVWDQWJRDO
DIDUDZD\GLVWDQWVWDU\RXDUHORRNLQJWKHUH
,KDYHKHDUGDQDQFLHQWVWRU\LWKDSSHQHGLQ*UHHFH$JUHDWDVWURORJHUWKH
PRVWIDPRXVRIWKRVHGD\VIHOOLQWRDZHOO%HFDXVHLQWKHQLJKWKHZDVVWXG\LQJ
WKHVWDUVZDONLQJRQWKHURDGKHIRUJRWWKDWWKHUHZDVDZHOOE\WKHVLGHDQGIHOO
LQWRLW
7KHVRXQGRIKLVIDOOLQJDQGKLVFU\LQJ$QROGZRPDQZKROLYHGLQDKXWE\WKH
VLGHFDPHRXWKHOSHGKLPWRJHWRXWRIWKHZHOO+HZDVYHU\KDSS\+HVDLG
<RXKDYHVDYHGP\OLIH'R\RXNQRZZKR,DP",DPWKHUR\DODVWURORJHU0\
IHHLVYHU\JUHDWHYHQNLQJVKDYHWRZDLWIRUPRQWKVWRFRQVXOWPHEXWIRU
\RX,ZLOOSUHGLFW\RXUIXWXUH<RXFRPHWRPRUURZPRUQLQJWRP\KRXVHDQG,ZLOO
QRWWDNHDQ\IHH
7KHROGZRPDQODXJKHGDQGVKHVDLG)RUJHWDOODERXWLW<RXFDQQRWVHHHYHQ
WZRIHHWDKHDGKRZFDQ\RXVHHP\IXWXUH"
7KLVLVWKHVLWXDWLRQRIPLOOLRQVRISHRSOHRQWKLVHDUWK7KH\FDQQRWVHHWKDW
ZKLFKLVWKH\DUHREVHVVHGZLWKWKDWZKLFKVKRXOGEH7KHJUHDWHVWREVHVVLRQ
WKDWKXPDQLW\VXIIHUVLVRIWKDWZKLFKVKRXOGEH,WLVDNLQGRIPDGQHVV
7KHUHDOO\KHDOWK\SHUVRQKDVQRFRQFHUQZLWKWKDWZKLFKVKRXOGEH+LVZKROH
FRQFHUQLVWKHLPPHGLDWHWKDWZKLFKLV$QG\RXZLOOEHVXUSULVHGLI\RXHQWHU
LQWRWKHLPPHGLDWH\RXZLOOILQGWKHXOWLPDWHLQLW,I\RXPRYHLQWRWKDWZKLFKLV
FORVHE\\RXZLOOILQGDOOWKHGLVWDQWVWDUVLQLW,I\RXPRYHLQWKHSUHVHQW
PRPHQWWKHZKROHHWHUQLW\LVLQ\RXUKDQGV,I\RXNQRZ\RXUEHLQJWKHUHLVQR
TXHVWLRQRIEHFRPLQJ$OOWKDW\RXFRXOGKDYHHYHULPDJLQHGWREHFRPH\RX
DOUHDG\DUH
<RXDUHJRGVZKRKDYHIRUJRWWHQZKRWKH\DUH<RXDUHHPSHURUVZKRKDYH
IDOOHQDVOHHSDQGDUHGUHDPLQJWKDWWKH\KDYHEHFRPHEHJJDUV1RZEHJJDUV
DUHWU\LQJWREHFRPHHPSHURUVLQGUHDPVWKH\DUHPDNLQJJUHDWHIIRUWVWR
EHFRPHHPSHURUVDQGDOOWKDWLVQHHGHGLVWRZDNHXS$QGZKHQ,VD\ZDNH
XSZKHUHFDQ\RXZDNHXS",QWKHIXWXUH",QWKHSDVW"7KHSDVWLVQRPRUHWKH
IXWXUHQRW\HWZKHUH\RXFDQZDNHXS"<RXFDQZDNHXSRQO\QRZDQG\RX
FDQZDNHXSRQO\KHUH7KLVLVWKHRQO\PRPHQWWKHUHLVDQGWKLVLVWKHRQO\
UHDOLW\WKHUHLVDQGWKLVLVWKHRQO\UHDOLW\WKDWKDVDOZD\VEHHQDQGZLOODOZD\V
EH
&KDQJH\RXUEDVLFSKLORVRSK\RIWKDWRIDQDFKLHYHU5HOD[LQWR\RXUEHLQJ'RQ
W
KDYHDQ\LGHDOVGRQ
WWU\WRPDNHVRPHWKLQJRXWRI\RXUVHOIGRQ
WWU\WRLPSURYH
XSRQ*RG<RXDUHSHUIHFWDV\RXDUH:LWKDOO\RXULPSHUIHFWLRQV\RXDUH
SHUIHFW,I\RXDUHLPSHUIHFW\RXDUHSHUIHFWO\LPSHUIHFWEXWSHUIHFWLRQLVWKHUH
2QFHWKLVLVXQGHUVWRRGZKHUHLVWKHKXUU\":KHUHLVWKHZRUU\"<RXKDYH
DOUHDG\VORZHGGRZQ$QGWKHQLWLVDPRUQLQJZDONZLWKQRGHVWLQDWLRQJRLQJ
QRZKHUH<RXFDQHQMR\HDFKWUHHDQGHDFKVXQUD\DQGHDFKELUGDQGHDFK
SHUVRQWKDWSDVVHVE\
7KHVHFRQGTXHVWLRQ
%(/29('26+2
,67+(5($1<5($/',))(5(1&(%(7:((1',))(5(175$&(6
1$7,21$/,7,(6(7&(7(5$(7&(7(5$"





5DPDQDQGDWKHUHDUHQRUHDOGLIIHUHQFHVWKHUHFDQQRWEH$OOGLIIHUHQFHVDUH
VXSHUILFLDO7KH-HZLVQRWGLIIHUHQWIURPWKH+LQGXWKH0RKDPPHGDQLVQRW
GLIIHUHQWIURPWKH&KULVWLDQWKH&KLQHVHLVQRWGLIIHUHQWIURPWKH$PHULFDQWKH
1HJURLVQRWGLIIHUHQWIURPWKH(QJOLVK
0DQLVRQHGLIIHUHQFHVDUHVXSHUILFLDO<HVWKH\DUHWKHUHREYLRXVO\$1HJURLV
D1HJURKHKDVEODFNVNLQKHORRNVGLIIHUHQWIURPWKHZKLWHPDQ%XWWKH
GLIIHUHQFHLVQRWDGLIIHUHQFHWKDWPDNHVDGLIIHUHQFH7KHGLIIHUHQFHLVVRVPDOO
MXVWDOLWWOHPRUHEODFNSLJPHQWLQKLVVNLQIRXU$11$6
ZRUWKPRUHMXVWWKDWLV
WKHGLIIHUHQFHIRXUDQQDV$QGUHPHPEHUKHLVIRXUDQQDVPRUHWKDQWKHZKLWH
PDQQRWOHVVULFKHUE\IRXUDQQDV
%XWWKHGLIIHUHQFHRIWKHFRORURIWKHVNLQRUWKHGLIIHUHQFHRIWKHOHQJWKRI\RXU
QRVHLVQRWDQLPSRUWDQWGLIIHUHQFH-XVWEHFDXVH\RXKDYHDORQJQRVHD
-HZLVKQRVH\RXGRQ
WEHFRPHWKHFKRVHQSHRSOHRI*RG2UMXVWEHFDXVH\RX
DUHERUQLQ,QGLD\RXGRQ
WEHFRPHUHOLJLRXVHLWKHU
7KHVHDUHDOOVWXSLGLGHDV%XWWKHVHVWXSLGLGHDVKDYHSHUVLVWHGLQWKHZRUOG
DQGQRWRQO\SHUVLVWHGKDYHSURYHGJUHDWFDODPLWLHVWRKXPDQLW\7KH\ZHUH
YHU\HJRJUDWLI\LQJ7KH+LQGXWKLQNVKHLVWKHPRVWUHOLJLRXVLQWKHZRUOGKLV
FRXQWU\WKHPRVWVDFUHGZKDWQRQVHQVHWKH\JRRQWDONLQJ
&RXQWULHVDUHVHSDUDWHRQO\RQWKHSROLWLFDOPDSVRWKHUZLVHLWLVMXVWRQHHDUWK
-XVWWKLUW\\HDUVDJR.DUDFKLDQG/DKRUHXVHGWREHKRO\ODQGMXVWWKLUW\\HDUV
DJR%XWQRZWKH\DUHLQ3DNLVWDQDQGYHU\XQKRO\1RZ,QGLDQVFDQQRWWKLQNRI
DSODFHZKLFKLVPRUHXQKRO\WKDQ/DKRUHRU.DUDFKL1RZWKH\DUHWKHXQKROLHVW
RIWKHXQKRO\DQGWKH\XVHGWREHSDUWRIWKHKRO\ODQG-XVWDOLWWOHFKDQJHRI
SROLWLFVDOLQHGUDZQRQWKHPDSQRWRQWKHHDUWKWKHHDUWKLVVWLOOXQGLYLGHG

,KDYHKHDUGDVWRU\:KHQ,QGLDDQG3DNLVWDQZHUHJRLQJWREHGLYLGHGWKHUH
ZDVDPDGKRXVHMXVWRQWKHERUGHUDQGQRERG\ZDVSDUWLFXODUO\LQWHUHVWHGLQ
KDYLQJWKDWPDGKRXVHQHLWKHU,QGLDQRU3DNLVWDQ%XWLWKDGWRJRVRPHZKHUH
DQGEHFDXVHSROLWLFLDQVZHUHXWWHUO\XQLQWHUHVWHGLWZDVGHFLGHGWRDVNWKH
PDGPHQWKHPVHOYHVZKHUHWKH\ZDQWWRJR
$JUHDWJDWKHULQJRQHWKRXVDQGPDGPHQZHUHJDWKHUHGDQGWKH\ZHUHDVNHG
:KHUHGR\RXZDQWWRJR"
$QGWKH\VDLG:HGRQ
WZDQWWRJRDQ\ZKHUHZHVLPSO\ZDQWWRUHPDLQKHUH
$JDLQDQGDJDLQLQPDQ\ZD\VLWZDVH[SODLQHGWRWKHP<RXZLOOQRWEHJRLQJ
DQ\ZKHUH\RXZLOOUHPDLQKHUH%XWVWLOOZHZDQWWRDVNZKHUHGR\RXZDQWWRJR
WR,QGLDRUWR3DNLVWDQ"
7KHPDGPHQFRXOGQRWEHOLHYHWKHLUHDUV7KH\VDLG1RZ\RXDUHFUHDWLQJ
JUHDWVXVSLFLRQLQXVZKHWKHUZHDUHPDGRU\RXDUHPDG,IZHDUHQRWJRLQJWR
JRDQ\ZKHUHWKHQZK\VKRXOGZHGHFLGHZKHUHZHVKRXOGJR"
7KHUHZDVQRFRPPXQLFDWLRQSRVVLEOH$QG\RXVHHWKHPDGSHRSOHZHUHIDU
PRUHULJKW7KH\DUHDOZD\VIDUPRUHULJKWWKDQ\RXUVRFDOOHGSROLWLFLDQV
7KHQWKHOHDGHUVGHFLGHGMXVWGLYLGHLWLQWKHPLGGOH$QGDZDOOZDVUDLVHGLQ
WKHPLGGOHRIWKHPDGKRXVH,KDYHKHDUGWKDWVWLOOWKHPDGPHQVRPHWLPHVFOLPE
XSRQWKHZDOODQGWKH\ODXJK7KHZKROHWKLQJVHHPVWREHVRULGLFXORXV7KH\
DUHH[DFWO\LQWKHVDPHSODFHEXWVRPHKDYHEHFRPH3DNLVWDQLVDQGVRPHKDYH




EHFRPH,QGLDQVDQGMXVWDZDOOLQEHWZHHQ$QGWKH\VWLOOWDONDERXWLW:KDW
KDSSHQHG"EHFDXVHZHDUHWKHVDPH\RXDUHWKHVDPHZHGRQ
WVHHDQ\
GLIIHUHQFH%XWQRZZHDUHHQHPLHVZHUHDOO\VKRXOGQRWWDON
'LIIHUHQFHVDUHQRWWKHUH2ULIWKH\DUHWKHUHYHU\VPDOOGLIIHUHQFHVOLNH
'R\RXNQRZKRZPDQ\,QGLDQVLWWDNHVWRVFUHZLQDOLJKWEXOE")RXU2QHWR
KROGWKHEXOEDQGWKUHHWRVFUHZKLPURXQG
2UGR\RXNQRZPDQ\&DOLIRUQLDQVLWWDNHVWRFKDQJHDOLJKWEXOE")RXU2QHWR
FKDQJHWKHEXOEDQGWKUHHWRVKDUHLQWKHH[SHULHQFH

7KHWKLUGTXHVWLRQ
%(/29('26+2
72'$<,6$:&/($5/<7+$7,5($//<$0&$86,1*0<2:1
68))(5,1*$1'7+$7,'21
7+$9(72$1'620(7+,1*+($9<
/,)7(')5200<&+(67:+(1,6$:7+$7,:$6127-867*2,1*
$5281',1&,5&/(6
7+$1.<287+$1.<28%(/29('0$67(5
%872+,$062$)5$,'2)%(&20,1*/,*+7$1'3(50($%/(,7,6
$//62(0%$55$66,1*

'HYD$VKRNDWKHILUVWH[SHULHQFHRIIUHHGRPLVDOZD\VHPEDUUDVVLQJ7KHILUVW
UD\RIOLJKWWRWKHEOLQGLVERXQGWREHHPEDUUDVVLQJ2QHZKRKDVDOZD\VOLYHGLQ
FKDLQVDVXGGHQPHVVDJHIURPWKHNLQJWKDWKHLVIUHHGLWLVDOZD\V
HPEDUUDVVLQJ+HKDGEHFRPHDFFXVWRPHGWROLYHDFHUWDLQNLQGRIOLIHKHKDG
HYROYHGDFHUWDLQVW\OHRIOLIH7KHUHZDVVHFXULW\LQWKHSULVRQKHKDGVHWWOHG
1RZHYHU\WKLQJXQVHWWOHV,WLVQRWRQO\WKHTXHVWLRQWKDWWKHFKDLQVDUHEHLQJ
WDNHQDZD\QRZKHZLOOKDYHWRIDFHWKHJUHDWZLGHZRUOGDJDLQ+HZLOOKDYHWR
OHDUQDOOWKDWKHKDVIRUJRWWHQKHZLOOKDYHWRUHOHDUQ,WLVJRLQJWREHGLIILFXOW
DQGKHZLOOORRNDOLWWOHDPDWHXUFRPSDUHGWRRWKHUV(YHQZDONLQJRQWKHVWUHHW
ZLWKRXWWKHFKDLQVWRZKLFKKHKDVEHFRPHDFFXVWRPHGZLOOEHDOLWWOHRGGKH
ZLOOQRWIHHODWHDVH
:KHQWKH)UHQFKUHYROXWLRQDULHVIUHHGWKHSULVRQHUVIURPWKHJUHDW)UHQFK
SULVRQRI%DVWLOOHWKH\ZHUHVXUSULVHGWKHSULVRQHUVZHUHQRWUHDG\WRJRRXW
7KDWZDVWKHELJJHVWSULVRQRI)UDQFHZKHUHRQO\SHRSOHZKRKDGEHHQ
VHQWHQFHGIRUWKHLUZKROHOLIHZHUHNHSW7KHUHZHUHSHRSOHZKRKDGEHHQLQWKH
SULVRQIRUWKLUW\\HDUVIRUW\\HDUVHYHQILIW\\HDUV
1RZMXVWWKLQNRIDSHUVRQZKRKDGFRPHWRWKHSULVRQZKHQKHZDVRQO\
WZHQW\DQGKDGOLYHGLQWKHSULVRQIRUILIW\\HDUV+HKDVFRPSOHWHO\IRUJRWWHQ
DERXWWKHZRUOGKRZLWORRNV)LIW\\HDUVOLYLQJLQDGDUNFHOOZLWKKHDY\FKDLQV
7KRVHFKDLQVKDGQRORFNEHFDXVHWKHUHZDVQRQHHGHYHUWRXQORFNWKHP7KH\
ZHUHFKDLQHGIRUKLVZKROHOLIHWKH\ZHUHSHUPDQHQWKHDY\)RUILIW\\HDUVKH
KDVVOHSWZLWKWKRVHFKDLQVRQKDQGVDQGIHHWKHKDVEHFRPHXWWHUO\
DFFXVWRPHGWRWKDWOLIH$QGWKHIRRGFRPHVDWWKHULJKWWLPHKHKDVQRWWRZRUU\
DERXWLW,WLVQRWPXFKRIDIRRGEXWVWLOOVRPHWKLQJLVEHWWHUWKDQQRWKLQJ+H
KDVQRUHVSRQVLELOLW\KHQHHGQRWFDUHDERXWDQ\WKLQJHYHU\WKLQJLVEHLQJGRQH
IRUKLP
0D\EHVORZO\VORZO\KHKDGVWDUWHGWKLQNLQJWKDWKHLVQRWDSULVRQHUEXWDNLQJ




ZKRVHHYHU\QHHGLVIXOILOOHG2WKHUVWDNHHYHU\FDUH0D\EHVORZO\VORZO\KH
KDGFRQYLQFHGKLPVHOIWKDWWKHSHRSOHZKRVWDQGRQJXDUGDUHQRWWKHUHWR
SUHYHQWKLPIURPJRLQJRXWEXWWKH\DUHKLVERG\JXDUGV$QGWKLVLVQDWXUDO
:KHQ\RXOLYHILIW\\HDUVLQDSULVRQ\RXKDYHWRFUHDWHVXFKUDWLRQDOL]DWLRQV
VXFKKDOOXFLQDWLRQVVXFKEHDXWLIXOWKHRULHV:HDOOKDYHGRQHWKLQJVOLNHWKLV
7KHQRQHGD\VXGGHQO\WKHUHYROXWLRQDULHVFDPHDQGIRUFHGWKHSULVRQHUVWRJHW
RXW7KHSULVRQHUVIRXJKWEDFNWKH\ZHUHQRWUHDG\7KLVLVVRPHWKLQJWREH
XQGHUVWRRG(YHQZKHQWKH\ZHUHIUHHGDJDLQVWWKHLUZLOOILIW\SHUFHQWRIWKHP
FDPHEDFNLQWKHQLJKWWRVOHHSDWOHDVWLQWKHLUFHOOV:KHUHHOVHVKRXOGWKH\
VOHHS"
2QHPRUHLPSRUWDQWWKLQJDYHU\LPSRUWDQWWKLQJKDSSHQHG7KH\GHPDQGHG
WKHLUFKDLQVEHFDXVHWKH\FRXOGQRWVOHHSZLWKRXWWKHP)LIW\\HDUVVOHHSLQJZLWK
WKDWKHDY\ORDGRIFKDLQVLWPD\KDYHVWDUWHGVRXQGLQJOLNHPXVLF7XUQLQJLQWKH
QLJKWDQGWKHFKDLQVDQGWKHVRXQGQRZZLWKRXWFKDLQVWKH\PXVWEHIHHOLQJ
VROLJKWWKDWVOHHSZDVLPSRVVLEOH
7KLVLVWKHVLWXDWLRQRIDOOKXPDQEHLQJV:HDUHEURXJKWXSLQVXFKDZD\WKDW
ZHRQO\EHOLHYHWKDWZHDUHIUHHEXWZHDUHQRW:KLOHQDWLRQVH[LVWQRPDQLV
UHDOO\IUHH:KLOHSROLWLFLDQVJRRQGRPLQDWLQJKXPDQLW\WKHZRUOGZLOOUHPDLQLQ
VODYHU\7KH\JRRQSHUVXDGLQJ\RXWKDW\RXDUHIUHH<RXDUHQRW7KHUHDUHD
WKRXVDQGDQGRQHZDOOVDURXQG\RXPD\EHYHU\WUDQVSDUHQWVRWKDW\RXFDQ
ORRNWKURXJKWKHZDOOVDQGWKDWJLYHV\RXDIHHOLQJWKDW\RXDUHIUHHEXW\RXDUH
QRW:KLOHWKHUHDUHUHOLJLRQVLQ\RXUKHDG&KULVWLDQLW\+LQGXLVP
0RKDPPHGDQLVP-DLQLVP%XGGKLVP\RXDUHQRWIUHH$PLQGFDQQRWEHIUHH
)UHHGRPPHDQVIUHHGRPIURPWKHPLQG
2QO\DQRPLQGNQRZVWKHWDVWHRIIUHHGRP
%XWWREHDQRPLQGLVVRULVN\\RXZLOOKDYHWRORVHDOOWKDW\RXKDYHEHFRPH
DFFXVWRPHGWRDOOWKDW\RXKDYHEHFRPHVRDWWDFKHGWR$OO\RXUSRVVHVVLRQV
DUHFRQWDLQHGLQ\RXUPLQG\RXUSKLORVRSKLHV\RXUUHOLJLRQV\RXUFRQFHSWV\RXU
WKHRULHVDOODUHFRQWDLQHGLQ\RXUPLQG,I\RXGURSWKHPLQGDQGWKDW
VZKDW
PHGLWDWLRQLVDOODERXWGURSSLQJWKHPLQG\RXZLOOIHHODVLI\RXKDYHEHHQ
UREEHGDVLI\RXKDYHVXGGHQO\EHHQIRUFHGWREHQDNHGDVLIVXGGHQO\LQVLGH
\RXKDYHEHFRPHHPSW\<RXZLOOPLVVWKDWROGIXOOQHVVDOWKRXJKLWZDVRQO\
MXQN%XWSHRSOH
VLGHDLVWKDWLWLVDOZD\VEHWWHUWRKDYHVRPHWKLQJWKDQQRWKLQJ
ZKDWVRHYHUWKDWVRPHWKLQJLV
(YHQWREHPLVHUDEOHLVEHWWHUWKDQWREHQRWKLQJHYHQWREHLQSDLQLVEHWWHU
WKDQWREHQRWKLQJ3HRSOHDUHVRPXFKDIUDLGRIEHLQJQRWKLQJ$QGQRWKLQJLV
IUHHGRPQRWKLQJPHDQVQRWKLQJQRERG\QRPLQG
$QGZKHQWKHILUVWJOLPSVHDUULYHVMXVWDZKLIIRIQRPLQGDVPDOOEUHH]HIURP
WKHEH\RQG$VKRNDLWLVHPEDUUDVVLQJ(QFKDQWLQJDQGHPEDUUDVVLQJERWK
FDOOLQJ\RXIRUWKWRFRPHRXWRI\RXUJUDYHDQG\HWVFDU\
%XWQRZZKHQWKHFDOOKDVEHHQKHDUGLWKDVWREHUHVSHFWHG:KHQ\RXKDYH
VHHQDOLWWOHJOLPSVHWKDW\RXDUHWKHFUHDWRURI\RXURZQPLVHU\LWZLOOEHYHU\
GLIILFXOWIRU\RXQRZWRJRRQFUHDWLQJLW,WLVHDV\WROLYHLQPLVHU\ZKHQ\RXNQRZ
RWKHUVDUHFUHDWLQJLWZKDWFDQ\RXGR"<RXDUHKHOSOHVV7KDW
VZK\ZHJRRQ
WKURZLQJUHVSRQVLELOLWLHVRQRWKHUV
7KHUHDUHSHRSOHZKRWKLQNWKH\DUHLQPLVHU\EHFDXVHRISDVWNDUPDSDVWOLIH




NDUPD7KHZKROHLGHDLVVRIRROLVKSXW\RXUKDQGLQWKHILUHQRZDQG\RXZLOOEH
EXUQHGQH[WOLIH/LIHLVLPPHGLDWH7KDW
VZKDWOLIHLVLPPHGLDF\/LIHQHYHU
SRVWSRQHV<RXGRVRPHWKLQJEHDXWLIXODQGLQWKDWYHU\GRLQJ\RXDUHUHZDUGHG
QRWWKDW\RXZLOOKDYHWRZDLWPDQ\OLYHVIRUWKHUHZDUG<RXGRVRPHWKLQJXJO\
DQGLQWKDWYHU\DFWLVWKHSXQLVKPHQWWKHSXQLVKPHQWLVQRWVHSDUDWHIURPWKH
DFW
7KLVLVRQHRIP\IXQGDPHQWDOWKLQJV\RXKDYHWRXQGHUVWDQG,DPDJDLQVWWKH
ZKROHLGHDRINDUPD,WLVDVWUDWHJ\RIWKHPLQGWRWKURZUHVSRQVLELOLW\RQWKH
SDVW$QGRQFHWKHUHVSRQVLELOLW\LVWKURZQRQVRPHWKLQJZKDWVRHYHULWLV[\
]LWGRHVQ
WPDWWHUZKDWLWLV\RXFDQUHOD[LQ\RXUPLVHU\DQG\RXFDQUHPDLQ
PLVHUDEOH:KDWFDQ\RXGR"<RXVWDUWIHHOLQJOLNHDYLFWLP1RZWKHSDVWFDQQRW
EHFKDQJHGZKDWKDVEHHQGRQHKDVEHHQGRQH\RXFDQQRWXQGRLWQRZ\RX
KDYHWRDFFHSWLW
,WLVEHFDXVHRIWKLVIRROLVKLGHDRINDUPDWKDWWKH(DVWKDVVXIIHUHGVRPXFK
3HRSOHDUHSRRUDQGWKH\VD\ZKDWWKH\FDQGR"7KH\DUHKXQJU\VWDUYLQJ
G\LQJDQGWKH\JRRQWKLQNLQJZKDWFDQWKH\GR"7KH\KDYHGRQHVRPHWKLQJ
ZURQJLQWKHSDVWWKH\KDYHWRVXIIHUIRULW$JUHDWLQYHQWLRQRIWKHSULHVWVWR
NHHSSHRSOHLQPLVHU\DQG\HWFRQWHQWHGLQJUHDWVXIIHULQJ\HWFUHDWLQJQR
WURXEOHIRUWKHVWDWXVTXR
7KHJUHDWHVWLGHDDJDLQVWUHYROXWLRQWKDWKDVHYHUEHHQLQYHQWHGLVWKHLGHDRI
NDUPD7KDW
VZK\LQWKHWHQWKRXVDQG\HDUKLVWRU\RI,QGLDWKHUHKDVQHYHUEHHQ
DUHYROXWLRQ8QOHVVWKH,QGLDQPLQGFKDQJHVWRWDOO\WKHUHLVQRWJRLQJWREHDQ\
UHYROXWLRQ5HYROXWLRQVHHPVWREHDEVROXWHO\XQ,QGLDQ7KH,QGLDQ
FRQVFLRXVQHVVLVVRPXFKEXUGHQHGZLWKWKHLGHDRINDUPDZLWKWKHSDVWWKDW
\RXFDQQRWFUHDWHDQ\UHYROWLQWKLVFRXQWU\
7KLVLVVWUDQJH2QHRIWKHPRVWDQFLHQWODQGVRIWKHZRUOGDQG\HWDUHYROXWLRQ
KDVQHYHUKDSSHQHG3HRSOHOLNH%XGGKD$WLVKD.DELUKDYHZDONHGRQWKLV
HDUWKDQG\HWQRWDVLQJOHUHYROXWLRQ<HVUHYROXWLRQDULHVKDYHKDSSHQHG
%XGGKDLVDUHYROXWLRQDU\EXWWKHFRXQWU\UHPDLQHGXQDIIHFWHG
,QIDFW%XGGKLVPGLVDSSHDUHGIURPWKLVFRXQWU\IRUWKHVLPSOHUHDVRQWKDWLWZDV
WRRUHYROXWLRQDU\,WGLGQ
WILWZLWKWKHFRQIRUPLVWPLQGRIWKHFRXQWU\LWGLGQ
WILW
ZLWKWKHLGHDRIDFFHSWLQJWKDWZKDWVRHYHULVLVQRWKLQJFDQEHGRQHQRKRSH
3HRSOHJRRQWKURZLQJWKHUHVSRQVLELOLW\RQWKHSDVWRURQIDWHNLVPHWRURQ
*RG$QGLIWKHVHWKLQJVKDYHEHFRPHRXWRIGDWHWKHQWKHVRFLDOVWUXFWXUHRU
WKHHFRQRPLFV\VWHPRIWKHVRFLHW\FDSLWDOLVPRUFRPPXQLVPRUIDVFLVPEXW
WKH\QHHGVRPHWKLQJDVDQH[FXVHVRWKDWWKH\FDQUHPDLQIUHHIUHHIURPWKH
DURXVDORIWKHYLVLRQWKDW,DPUHVSRQVLEOHIRUP\VXIIHULQJDQGQRERG\HOVH
(YHQLISHRSOHGURS*RGVRFLHW\NDUPDHWFHWHUDWKHQWKH\VWDUWILQGLQJQHZ
ZD\V)UHXGLDQVZLOOVD\\RXDUHVXIIHULQJEHFDXVHRIWKHXQFRQVFLRXV)UHXG
VD\VWKHUHLVQRKRSHIRUPDQPDQZLOODOZD\VUHPDLQPLVHUDEOH$OOWKDWZHFDQ
PDQDJHLVWRNHHSKLPQRUPDOO\PLVHUDEOHWKDWLVDOOWKDWFDQEHGRQH7KHEHVW
WKDWFDQEHGRQHDFFRUGLQJWR)UHXGLVWKDWSHRSOHFDQEHNHSWZLWKLQOLPLWVRI
PLVHU\WKDW
VDOO0LVHUDEOHWKH\DUHJRLQJWREHWKHUHLVQRKRSHRIDEOLVVIXO
KXPDQLW\:K\"EHFDXVHRIWKHXQFRQVFLRXV
7KHXQFRQVFLRXVLQVWLQFWVDUHLQFRQIOLFWZLWKVRFLHW\$QG)UHXGVD\VLI\RXDOORZ
WKHXQFRQVFLRXVLQVWLQFWVIXOOSOD\WKHQWKHVRFLHW\WKHFXOWXUHWKHFLYLOL]DWLRQ




GLVDSSHDUVDQG\RXZLOOEHEDFNLQWKHZRUOGRIWKHMXQJOHDQG\RXZLOOVXIIHU2U
LI\RXDOORZWKHVRFLHW\WRKDYHFRQWURORYHU\RXWRLQKLELW\RXUXQFRQVFLRXV
LQVWLQFWVWKHQWKHUHLVDFRQVLVWHQWFRQIOLFWEHWZHHQ\RXUXQFRQVFLRXVDQGWKH
VRFLDOFRGH$QGEHFDXVHRIWKDWFRQIOLFW\RXUHPDLQPLVHUDEOH
7KHUHVHHPVWREHQRZD\RXW
7KHUHDOO\UHOLJLRXVSHUVRQLVRQHZKRVWRSVILQGLQJH[FXVHVIRUKLVPLVHU\,W
QHHGVJXWVWRDFFHSWWKDW,DPUHVSRQVLEOHWKDW7KLVLVP\FKRLFH,KDYH
FKRVHQP\OLIHWKLVZD\WKDW0\IUHHGRPLVWKHUHKDVDOZD\VEHHQWKHUHWR
FKRRVHZKDWVRHYHU,ZDQW,FDQFKRRVHPLVHU\,FDQFKRRVHEOLVV
0DQ
VVRXOFRQVLVWVRIIUHHGRP
,WHDFK\RXIUHHGRP
%XWIUHHGRPPHDQVWDNLQJWKHUHVSRQVLELOLW\WRWDOUHVSRQVLELOLW\IRU\RXUOLIHRQ
\RXURZQVKRXOGHUVQRWWKURZLQJLWRQWRVRPHERG\HOVH
$VKRNDVRPHWKLQJEHDXWLIXOKDVKDSSHQHGWR\RXVRPHWKLQJWUHPHQGRXVO\
VLJQLILFDQW(PEUDFHLW'RQ
WIHHOHPEDUUDVVHGHPEUDFHLW/RYHLWFKHULVKLW
QRXULVKLWZHOFRPHLW6RPHWUXWKKDVNQRFNHGRQ\RXUGRRU
<RXVD\7RGD\,VDZFOHDUO\WKDW,UHDOO\DPFDXVLQJP\RZQVXIIHULQJDQGWKDW
,GRQ
WKDYHWRDQGVRPHWKLQJKHDY\OLIWHGIURPP\FKHVWZKHQ,VDZWKDW,ZDV
QRWMXVWJRLQJDURXQGLQFLUFOHV7KDQN\RXWKDQN\RX%HORYHG0DVWHU%XWRK,
DPVRDIUDLGRIEHFRPLQJOLJKWDQGSHUPHDEOH
,FDQXQGHUVWDQGLW,WLVGLIILFXOWWRGURSFKDLQVSULVRQVERQGDJHVVODYHULHV:H
KDYHLQYHVWHGVRPXFKLQWKHPDQGIRUVRORQJ,FDQXQGHUVWDQG
<RXVD\,WLVDOOVRHPEDUUDVVLQJ
,WLV%XWVWLOOQRZWKHUHLVQRJRLQJEDFN(YHQLI\RXZDQWWRJREDFNWKHUHLVQR
JRLQJEDFN7KDWJOLPSVHZLOOKDXQW\RXWKDWJOLPSVHZLOOIROORZ\RXOLNHD
VKDGRZWKDWJOLPSVHZLOOUHPLQG\RXDJDLQDQGDJDLQ$VKRND\RXDUH
UHVSRQVLEOHDQG\RXDUHGRLQJLWDJDLQ:DWFK<RXDUHDJDLQFKRRVLQJPLVHU\
ZKLOHWKHRWKHUDOWHUQDWLYHLVDYDLODEOH
2QH6XILP\VWLFZKRKDGUHPDLQHGKDSS\KLVZKROHOLIHQRRQHKDGHYHUVHHQ
KLPXQKDSS\ZKRZDVDOZD\VODXJKLQJZKRZDVODXJKWHUZKRVHZKROHEHLQJ
ZDVDSHUIXPHRIFHOHEUDWLRQ,QKLVROGDJHZKHQKHZDVG\LQJRQKLV
GHDWKEHGDQGVWLOOHQMR\LQJGHDWKODXJKLQJKLODULRXVO\DGLVFLSOHDVNHG<RX
SX]]OHXV1RZ\RXDUHG\LQJZK\DUH\RXODXJKLQJ":KDWLVWKHUHIXQQ\DERXW
LW":HDUHIHHOLQJVRVDG:HZDQWHGWRDVN\RXPDQ\WLPHVLQ\RXUOLIHZK\\RX
DUHQHYHUVDG%XWQRZFRQIURQWLQJGHDWKDWOHDVWRQHVKRXOGEHVDG<RXDUH
VWLOOODXJKLQJKRZDUH\RXPDQDJLQJLW"
7KHROGPDQVDLG,WLVVLPSOH,KDGDVNHGP\PDVWHU,KDGJRQHWRP\
PDVWHUDVD\RXQJPDQ,ZDVRQO\VHYHQWHHQDQGDOUHDG\PLVHUDEOHDQGP\
PDVWHUZDVROGVHYHQW\DQGKHZDVVLWWLQJXQGHUDWUHHODXJKLQJIRUQRUHDVRQ
DWDOO7KHUHZDVQRERG\HOVHWKHUHQRWKLQJKDGKDSSHQHGQRERG\KDGFUDFNHG
DMRNHRUDQ\WKLQJDQGKHZDVVLPSO\ODXJKLQJKROGLQJKLVEHOO\,DVNHGKLP

:KDWLVWKHPDWWHUZLWK\RX"$UH\RXPDGRUVRPHWKLQJ"

+HVDLG
2QHGD\,ZDVDOVRDVVDGDV\RXDUH7KHQLWGDZQHGRQPHWKDWLWLV
P\FKRLFHLWLVP\OLIH

6LQFHWKDWGD\HYHU\PRUQLQJZKHQ,JHWXSWKHILUVWWKLQJ,GHFLGHLVEHIRUH,
RSHQP\H\HV,VD\WRP\VHOI
$EGXOODK
WKDWZDVKLVQDPH
ZKDWGR\RX




ZDQW"0LVHU\"%OLVVIXOQHVV":KDW\RXDUHJRLQJWRFKRRVHWRGD\"
$QGLW
KDSSHQVWKDW,DOZD\VFKRRVHEOLVVIXOQHVV
,WLVDFKRLFH7U\LW:KHQ\RXEHFRPHDZDUHWKHILUVWPRPHQWLQWKHPRUQLQJ
WKDWVOHHSKDVOHIWDVN\RXUVHOI$EGXOODKDQRWKHUGD\:KDWLV\RXULGHD"'R
\RXFKRRVHPLVHU\RUEOLVVIXOQHVV"
$QGZKRZRXOGFKRRVHPLVHU\"$QG:+<",WLVVRXQQDWXUDOXQOHVVRQHIHHOV
EOLVVIXOLQPLVHU\EXWWKHQWRR\RXDUHFKRRVLQJEOLVVQRWPLVHU\
,WKDVEHHQJRRG$VKRND1RZOHWWKLVLQVLJKWJDWKHUPRUHURRWVLQ\RXKHOSLW
6ORZO\VORZO\\RXZLOOEHFRPHPRUHDQGPRUHDWWXQHGWRWKLVQHZIHHORIOLIHDQG
H[LVWHQFHLWLVDQDWWXQHPHQW$QGRQFH\RXKDYHOHDUQHGKRZWREHLQ
KDUPRQ\ZLWKWKLVLQQHUEOLVVIXOQHVV\RXZLOOEHFRPHDZDUHRIKLJKHUDQGKLJKHU
SHDNVRIEOLVV7KHUHDUHFOLPD[HVDQGFOLPD[HVSHDNVEH\RQGSHDNV2QHSHDN
OHDGVWRDQRWKHUSHDNRQHVPDOOKDUPRQ\VRRQRSHQVDGRRUIRUDELJJHU
KDUPRQ\DQGVRRQVRIRUWKDGLQILQLWXP
7KHIRXUWKTXHVWLRQ
%(/29('26+2
,(1-2<('9(5<08&+<285&2,1,1*7+(:25'(7&(7(5$1$1'$6,
:21'(5+2:<28',',7
,W
VVLPSOH<RXFDQJRDQGVHHPDQ\VDLQWVLQ,QGLDDQG\RXZLOOILQGWKDWWKH\
KDYHQRLQGLYLGXDOLW\QRXQLTXHQHVVQRRULJLQDOLW\QRIODYRURIWKHLURZQ7KH\
DUHJUDPRSKRQHUHFRUGV+LV0DVWHU
V9RLFHMXVWTXRWLQJVFULSWXUHVOLNH
SDUURWV7KH\DUHLPLWDWRUVSVHXGRSODVWLFQRWKLQJKDVKDSSHQHGWRWKHP
,DPQRWVD\LQJWKDWWKH\DUHQRWVDLQWVWKH\DUHVDLQWVEXWQRWKLQJKDV
KDSSHQHGWRWKHP7KHLUVDLQWOLQHVVLVMXVWDFXOWLYDWHGJHVWXUHLWLVQRWD
KDSSHQLQJ7KH\KDYHFKDUDFWHUFHUWDLQO\WKH\KDYHFKDUDFWHU,DPQRW
GHQ\LQJWKDWEXWWKHLUFKDUDFWHULVOLNHDJDUPHQWLWLVMXVWDFRYHUXS'HHS
GRZQWKH\DUHMXVWWKHRSSRVLWHRILW7KH\DUHVDLQWVRQWKHVXUIDFHLQWKH
FRQVFLRXVPLQGDQGWKH\DUHVLQQHUVLQWKHXQFRQVFLRXV$QGXOWLPDWHO\LWLVWKH
GHHSHUXQFRQVFLRXVWKDWLVPRUHGHFLVLYHWKDQWKHVXSHUILFLDOFRQVFLRXV
<RXFDQQRWEHDVDLQWLI\RXGRQ
WUHSUHVVWKHVLQQHU$QGZKHQ\RXUHSUHVVWKH
VLQQHUWKHVLQQHUJRHVGHHSHULQWR\RXUEHLQJ6RWKHVHVDLQWVDUHLQFRQVWDQW
FRQIOLFWDNLQGRIFLYLOZDUILJKWLQJZLWKWKHPVHOYHV<RXFDQVHHWKH\GRQ
WKDYH
DQ\]HVWIRUOLIHWKH\GRQ
WKDYHDQ\HQHUJ\IRULWWKH\GRQ
WKDYHDQ\
FKHHUIXOQHVV+RZFDQWKH\EHFKHHUIXO"7KHLUZKROHOLIHLVDPLVHUDEOHFRQIOLFW
ZLWKWKHPVHOYHV7KH\FDQQRWEHDWHDVHWKH\FDQQRWUHOD[EHFDXVHWKH\DUH
DIUDLGLIWKH\UHOD[WKHVLQQHULVWKHUHDQGLIWKH\UHOD[WKHVLQQHUZLOOUDLVHLWV
KHDG7KH\KDYHWRFRQVWDQWO\UHSUHVVLW
5HPHPEHULI\RXUHSUHVVVRPHWKLQJ\RXKDYHWRUHSUHVVLWFRQVWDQWO\GD\LQ
GD\RXW\HDULQ\HDURXW$QGWKHSUREOHPLVQRWVROYHGE\UHSUHVVLQJ,QIDFWLW
EHFRPHVPRUHDQGPRUHDFXWHFKURQLFEHFDXVHZKDWVRHYHULVUHSUHVVHG
EHFRPHVPRUHDQGPRUHSRZHUIXO,WJDWKHUVHQHUJ\LWEHFRPHVDWXPRULQVLGH
\RX
<RXZLOOVHHPRUHDQGPRUHIHDULQ\RXUVRFDOOHGVDLQWV
H\HV&KDUDFWHUWKH\
KDYHWKH\DUHJRRGSHRSOHWKH\GRQ
WGRDQ\WKLQJEDGWKH\IROORZWKHGLFWDWHV
RIWKHVRFLHW\WKH\IXOILOOWKHH[SHFWDWLRQVRIWKHZRUVKLSSHUV
,FDOOWKHP(WFHWHUDQDQGDVEHFDXVHQREXGGKDHYHUIROORZVWKHGLFWDWHVRIWKH




VRFLHW\QREXGGKDKDVDQ\FKDUDFWHU/HWPHUHSHDWLWQREXGGKDKDVDQ\
FKDUDFWHU+HQHHGQRWKDYHDQ\FKDUDFWHUKHKDVFRQVFLRXVQHVV+HKDVWKH
UHDOWKLQJZK\VKRXOGKHKDYHDSODVWLFIORZHU":KHQ\RXFDQJURZUHDOURVHV
ZK\ERWKHUDERXWSODVWLFURVHV"&KDUDFWHULVDSODVWLFIORZHUFRQVFLRXVQHVVLVD
UHDOURVH1REXGGKDKDVDQ\FKDUDFWHUKHKDVFRQVFLRXVQHVV+HGRHVQRWOLYH
RXWRIUHDG\PDGHSURJUDPVKHOLYHVPRPHQWWRPRPHQWRXWRIKLV
FRQVFLRXVQHVVKHUHVSRQGVKHGRHVQRWUHDFW
(WFHWHUDQDQGDVDUHSUHGLFWDEOH<RXNQRZZKDWWKH\DUHDQG\RXFDQEH
SHUIHFWO\VHFXUHWKDWWKH\DUHJRLQJWRUHPDLQWKHVDPHWRPRUURZWRR7KH\DUH
GHDGSHRSOH\RXFDQGHSHQGRQWKHP1REXGGKDLVSUHGLFWDEOH<RXFDQQRW
VD\ZKDWKHLVJRLQJWREHWRPRUURZRUWKHQH[WPRPHQWEHFDXVHDVOLIH
FKDQJHVKLVUHVSRQVHVFKDQJH$QGOLIHLVFRQVWDQWO\FKDQJLQJ
2OG+HUDFOLWXVLVULJKWKHLVDEXGGKDKHLVULJKWZKHQKHVD\V\RXFDQQRW
VWHSWZLFHLQWKHVDPHULYHU1REXGGKDLVHYHUWKHVDPHDJDLQQRWHYHQIRUWZR
FRQVHFXWLYHPRPHQWVLVKHWKHVDPH+HPRYHVZLWKOLIHKHLVDULYHUKHLVQRW
VWDJQDQW+HKDVXQLTXHQHVVRULJLQDOLW\+HVSHDNVQRWDXWKRULWDWLYHO\EXWRQ
KLVRZQDXWKRULW\5HPHPEHUWKHGLIIHUHQFH7KHSHUVRQZKRVSHDNV
DXWKRULWDWLYHO\GHULYHVKLVDXWKRULW\IURPVRPHZKHUHHOVHIURPWKH9HGDVIURP
7KH%LEOHIURPWKH.RUDQIURPWKHWUDGLWLRQIURPWKHVWDWHIURPWKHFKXUFK
7KHPDQZKRVSHDNVRQKLVRZQDXWKRULW\GHULYHVKLVDXWKRULW\IURPQRZKHUH,W
LVKLVRZQH[SHULHQFHDQGH[SHULHQFHLVVHOIHYLGHQWVHOIYDOLGDWLQJ
<RXDVNPHKRZGR,PDQDJHVXFKFRLQDJHRIZRUGV,FDQQRWKHOSLW/RRNDW
DQ\VRFDOOHGVDLQWDQG\RXZLOOILQGZULWWHQRQKLVIRUHKHDG(WFHWHUDQDQGD

:KHQ1RDKKDGEXLOWWKHDUNDQGWKHWLPHFDPHWRKDYHDOOWKHSDLUVRIDQLPDOV
JRDERDUG1RDKQDPHGHDFKRQHDVLWZHQWE\XSWKHJDQJSODQN$VDVWUDQJH
ORRNLQJDQLPDOSDVVHGE\1RDKVDLG7KHQDPHRIWKLVDQLPDOLV
KLSSRSRWDPXV
1RDK
VZLIHORRNHGDWKLPDQGVDLG1RDKZK\LQWKHZRUOGGLG\RXFDOOWKDW
DQLPDOWKDWVWUDQJHORRNLQJFUHDWXUHDKLSSRSRWDPXV"
1RDKUHVSRQGHG:HOOLWLVWKHRQO\RQHRIWKHDQLPDOVWKDWKDVJRQHWKURXJK
WKDWUHDOO\ORRNHGOLNHDKLSSRSRWDPXV

7KHUHDUHSHRSOHZKRORRNOLNHDKLSSRSRWDPXV,FDOOWKHPUHVSHFWIXOO\
(WFHWHUDQDQGDV,WLVMXVWRXWRIUHVSHFWWKDW,KDYHFRLQHGWKHZRUG

7KHILIWKTXHVWLRQ
%(/29('26+2
+2:&$1:(.12:7+(',))(5(1&(%(7:((16855(1'(5$1'
'(3(1'(1&<127-867:,7+<28%87:,7+$//7+$7&20(683,1
285/,9(6"

9HHUHVKZDUWKHGLIIHUHQFHLVVRDEVROXWHO\FOHDUWKDWRQFH\RXKDYH
H[SHULHQFHGVXUUHQGHU\RXZLOOQHYHUPLVVXQGHUVWDQGLQJZKDWLVVXUUHQGHUDQG
ZKDWLVGHSHQGHQF\
6XUUHQGHULVRXWRIORYHGHSHQGHQF\LVRXWRIIHDU'HSHQGHQF\LVDUHODWLRQVKLS




LQZKLFK\RXDUHKDQNHULQJIRUVRPHWKLQJGHVLULQJVRPHWKLQJWKHUHLVDPRWLYH
<RXDUHUHDG\WREHFRPHGHSHQGHQWWKDW
VZKDW\RXDUHZLOOLQJWRSD\IRU
VRPHWKLQJ6XUUHQGHUKDVQRGHVLUHLQLW,WLVVKHHUMR\LWLVWUXVWLWLV
XQPRWLYDWHG
,WLVOLNHIDOOLQJLQORYH,QIDFWLWLVH[DFWO\IDOOLQJLQORYHDORYHWKDWNQRZVQR
ERXQGVDORYHWKDWLVWRWDOO\GLIIHUHQWIURPZKDW\RXRUGLQDULO\FDOOORYH<RXUORYH
LVDJDLQDNLQGRIGHSHQGHQF\<RXEHFRPHGHSHQGHQWRQWKHSHUVRQ\RXORYH
EHFDXVHLQIDFW\RXGRQ
WORYH\RXDUHVLPSO\ILQGLQJVRPHERG\WRFOLQJWR
RWKHUZLVH\RXIHHOYHU\ORQHO\<RXZDQWWRDYRLG\RXUORQHOLQHVV\RXZDQW
VRPHERG\WRILOO\RXULQQHUEODFNKROH\RXUHPSWLQHVV
%XWUHDOORYHLVQRWDQHVFDSHIURPORQHOLQHVVUHDOORYHLVDQRYHUIORZLQJ
DORQHQHVV2QHLVVRKDSS\LQEHLQJDORQHWKDWRQHZRXOGOLNHWRVKDUH
KDSSLQHVVDOZD\VZDQWVWRVKDUH,WLVWRRPXFKLWFDQQRWEHFRQWDLQHGOLNHWKH
IORZHUFDQQRWFRQWDLQLWVIUDJUDQFHLWKDVWREHUHOHDVHG
6XUUHQGHULVWKHKLJKHVWIRUPRIORYHWKHSXUHVWIRUPRIORYH<RXZLOOQRWIHHO
GHSHQGHQWEHFDXVHWKHUHZLOOEHQRFOLQJLQJLQLW<RXZLOOQRWIHHOGHSHQGHQW
EHFDXVHLWLVQRWRXWRIORQHOLQHVVWKDW\RXKDYHVXUUHQGHUHG,I\RXKDYH
VXUUHQGHUHGRXWRIORQHOLQHVVWKHQLWLVQRWVXUUHQGHUDWDOOWKHQLWLVVRPHWKLQJ
HOVH
$QRWKHUWKLQJVXUUHQGHUDOZD\VKDSSHQVLWLVQRWDGRLQJ<RXFDQQRWGRLW
KRZFDQ\RXGRVXUUHQGHU",I\RXGRLWLWLVQRWVXUUHQGHU<RXDUHWKHGRHU
DQGLIWKHGRHULVWKHUHWKHQLWFDQEHWDNHQEDFNDQ\PRPHQW
6XUUHQGHUKDSSHQVWKHGRHULVQRWIRXQG<RXVLPSO\ILQG\RXUVHOIPHOWLQJLQWR
VRPHERG\LQWRVRPHWKLQJ<RXPD\ILQG\RXUVHOIPHOWLQJLQWRDVXQVHWDQGLWLV
VXUUHQGHU<RXPD\ILQG\RXUVHOIPHOWLQJLQWRWKHVWDUU\QLJKWDQGLWLVVXUUHQGHU
<RXPD\ILQG\RXUVHOIPHOWLQJLQWRDZRPDQRUPDQDQGLWLVVXUUHQGHU<RXPD\
ILQG\RXUVHOIPHOWLQJLQWRPXVLFDQGLWLVVXUUHQGHU6XUUHQGHUKDVPDQ\
GLPHQVLRQVEXWWKHWDVWHLVWKHVDPH\RXVLPSO\ILQG\RXUVHOIPHOWLQJ<RX
VLPSO\ILQG\RXUVHOIQRPRUHDNLQGRIHJROHVVQHVVLVIHOW
<RXDUHLQIDFW\RXDUHYHU\PXFKDQG\HW\RXDUHQRW3UHVHQFHDQGDEVHQFH
ERWKWRJHWKHUVXUUHQGHULVSDUDGR[LFDO3UHVHQFHEHFDXVHWKHHJRLVQRW
WKHUHVR\RXDUHMXVWDZDUHQHVVDQGDEVHQFHEHFDXVHWKHHJRLVQRWWKHUHVR
\RXFDQQRWVD\,DP
9HHUHVKZDUGHSHQGHQF\LVXJO\VXUUHQGHULVEHDXWLIXO'HSHQGHQF\ZLOOPDNH
\RXIHHOUHGXFHGVXUUHQGHUZLOOPDNH\RXIHHOHQKDQFHGH[SDQGHG
'HSHQGHQF\ZLOOFUHDWHUHDFWLRQLQ\RXWRUHYROW6XUUHQGHUZLOOEULQJPRUHDQG
PRUHWUXVW
%XWWKHGLVWLQFWLRQLVGHOLFDWH2QFHNQRZQLWLVQRWGLIILFXOWEXWLI\RXKDYHQRW
H[SHULHQFHGLW\HWWKHQVXUUHQGHUZLOOORRNOLNHGHSHQGHQF\EHFDXVH
GHSHQGHQF\LVZKDW\RXNQRZ
,FDQQRWH[SODLQLWWR\RX,FDQRQO\LQGLFDWHDIHZGLUHFWLRQV,QWKHPRUQLQJ
ZKHQWKHVXQLVULVLQJMXVWVLWVLOHQWO\RQWKHULYHUEDQN:DWFKLW'RLQJQRWKLQJ
MXVWVLWWLQJVLOHQWO\ZDWFKLW$QGVRPHWLPHLQVRPHEOLVVIXOPRPHQWLWZLOO
KDSSHQWKHUHZLOOEHQRREVHUYHUDQGQRWKLQJREVHUYHG7KHREVHUYHUEHFRPHV
WKHREVHUYHG,WLVQRWWKDW\RXDUHVHSDUDWHIURPWKHULVLQJVXQ\RXDUHLW
6LWWLQJE\WKHWUHHMXVWFORVH\RXUH\HVIHHOWKHWUHH+XJWKHWUHHMXVWEHRQH




ZLWKLWDVLI\RXDUHZLWK\RXUEHORYHG$QGVRPHWLPHVDQGLWLVQRWSUHGLFWDEOH
,FDQQRWVD\WKDWLWZLOOKDSSHQHDFKWLPH2QO\RQFHLQDZKLOHLWZLOOKDSSHQ
EHFDXVHLWKDVWRKDSSHQLQVSLWHRI\RXWKDW
VZK\RQO\RQFHLQDZKLOH
2UORYLQJ\RXUZRPDQPHOWLQWRKHUZDUPWK)RUDPRPHQWIRUJHWVH[XDOLW\IRU
DPRPHQWIRUJHWDOOWKDWJRHVRQLQ\RXUKHDGLQ\RXUIDQWDV\)RUDPRPHQWMXVW
PHOWLQWRWKHUHDOZRPDQ'RQ
WFDUU\DQ\SRUQRJUDSK\LQ\RXUKHDGGRQ
WPDNH
VH[XDOLW\VRPHWKLQJFHUHEUDO/HW\RXUVH[XDOLW\EHDGHHSVHQVXRXVQHVV
VHQVLWLYLW\DJXWIHHOLQJ0HOWLQWRWKHZRPDQDVLI\RXDUHDJDLQDFKLOGLQWKH
PRWKHU
VZRPE8QOHVV\RXKDYHNQRZQWKLVZLWK\RXUEHORYHG\RXKDYHQRW
NQRZQ\RXUEHORYHG$FKLOGDJDLQLQWKHPRWKHU
VZRPEDEVROXWHO\WRJHWKHUDOO
GLVWDQFHVJRQHDQGLQWKDWPRPHQW\RXZLOONQRZZKDWVXUUHQGHULV
%XWWKHPDOHHJRFUHDWHVWURXEOHHYHU\ZKHUH(YHQEHLQJZLWK\RXUZRPDQ\RX
DUHWU\LQJWRFRQWUROWKHVLWXDWLRQ(YHQLQRXUODQJXDJHXJO\H[SUHVVLRQVKDYH
HQWHUHGZHFDOOLWORYHPDNLQJ+RZFDQ\RXPDNHORYH"1RERG\FDQPDNHORYH
%XWLWKDVFRPHLQWRODQJXDJHQRWZLWKRXWDQ\UHDVRQ3HRSOHDUHWU\LQJWRPDNH
ORYHHYHQLQORYHWKH\DUHGRHUV6RWKHJUHDWHVWRSSRUWXQLW\RINQRZLQJ
VXUUHQGHULVPLVVHG
$QGQRZ\RXKDYHPDQXDOV+RZ7R0DNH/RYH+RZ7R$WWDLQ7RWDO2UJDVP
$QGSHRSOHDUHUHDGLQJWKHVHPDQXDOVDQGIROORZLQJWKHLQVWUXFWLRQV,NQRZRI
VRPHIRROLVKSHRSOHZKRPDNHORYHWRWKHLUZRPDQDQGE\WKHEHGVLGHLVWKH
PDQXDODQGWKH\JRRQORRNLQJLQWRLWKRZWRPDNHWRWDORUJDVP
6RPHPRPHQWVLQOLIHZKHQ\RXDUHQRWDGRHUQRWDNQRZHUZKHQ\RXVLPSO\
DUH\RXZLOOKDYHWKHWDVWH,WFDQFRPHWKURXJKEHDXW\LWFDQFRPHWKURXJK
SRHWU\LWFDQFRPHWKURXJKPXVLFLWFDQFRPHWKURXJKVRPDQ\GRRUV*RGKDV
PDQ\GRRUVWRKLVWHPSOH
%XW9HHUHVKZDUP\IHHOLQJLVWKDW\RXNQRZRQO\GHSHQGHQF\KHQFHWKH
TXHVWLRQKDVDULVHQ2QHZKRKDVNQRZQVXUUHQGHUFDQQRWDVNWKHTXHVWLRQ%H
LQUHOD[DWLRQDIHZPRPHQWV,WFDQEHDQ\NLQGRIVLWXDWLRQVVZLPPLQJLQWKH
ULYHUUHOD[ZLWKWKHULYHURUVXQQLQJRQWKHEHDFKUHOD[ZLWKWKHVXQDQ\WKLQJ
/LIHLVIXOORIRSSRUWXQLWLHV5HPHPEHU$WLVKD+HVD\VOLIHLVIXOORIRSSRUWXQLWLHV
OLIHLVWKHRSSRUWXQLW\'RQ
WZDLWIRUWKHRSSRUWXQLW\WKHRSSRUWXQLW\LVDOUHDG\
KHUH
%XW\RXZLOOKDYHWROHDUQDWRWDOO\GLIIHUHQWNLQGRIFRQVFLRXVQHVVQRWWKDWRID
GRHUEXWWKDWNLQGRIFRQVFLRXVQHVVZKLFKLVVLPSO\H[LVWLQJWKDWVLPSOH
FRQVFLRXVQHVVLQQRFHQW
$QGWKDWKDSSHQVVRPDQ\WLPHVWR\RXKHUHZKLOHOLVWHQLQJWRPH,QWKH
SDXVHVZKHQVRPHWLPHV,VWRSLWLVWKHUH
'ULQNLW

7KHODVWTXHVWLRQ
%(/29('26+2
,:$1772*(70$55,('3/($6(*,9(0(<285%/(66,1*6
3UDEKDWKDYH\RXJRQHFUD]\RUVRPHWKLQJ"/RYHLVHQRXJKPDUULDJHLVQRW
JRLQJWRDGGDQ\WKLQJWRLW,QIDFWZK\DUH\RXLQVXFKDKXUU\WRILQLVKVRPH
EHDXWLIXOH[SHULHQFH":DLW:KHQ\RXVHHWKDWQRZORYHLVILQLVKHG\RXFDQJHW
PDUULHG




$PLQLVWHUUHFHLYHGWKLVWKDQN\RXOHWWHUIURPDEULGHJURRPKHKDGPDUULHG'HDU
5HYHUHQG,ZDQWWRWKDQN\RXIRUWKHEHDXWLIXOZD\\RXEURXJKWP\KDSSLQHVVWR
DFRQFOXVLRQ
3UDEKDW\RXDUHYHU\\RXQJRQO\WZHQW\WZR2QHVKRXOGPDUU\RQO\ZKHQRQH
LVZLVHHQRXJK0DUULDJHLVQRWIRU\RXQJSHRSOH)RU\RXQJSHRSOHLVWRIRRO
DURXQG0DUULDJHLVIRUWKRVHZKRKDYHH[SHULHQFHGOLIHLQPDQ\ZD\VZKRKDYH
VHHQDOOWKHFRORUVWKHZKROHVSHFWUXPRILWDQGDUHQRZUHDG\WRVHWWOH
0\RZQVXJJHVWLRQLVWKDWQRERG\VKRXOGPDUU\EHIRUHIRUW\WZR:KHQ\RXKDYH
DOUHDG\KDG\RXUILUVWKHDUWDWWDFNWKHQPDUU\%HIRUHWKDWLWLVWRRHDUO\DQG
IRROLVK%XWPD\EHEHFDXVH\RXDUHRQO\WZHQW\WZRDQGIRROLVKWKHTXHVWLRQKDV
DULVHQ

)LYH\HDUROG6WHYHQ$UH\RXDYLUJLQ"
)RXU\HDUROG6XVDQ1RQRW\HW

,WWDNHVWLPH<RXDUHWRR\RXQJZDLWDOLWWOH:KHQ\RXDUHWLUHGZKHQ\RXDUH
WLUHGRIDGYHQWXUHVZKHQ\RXDUHWLUHGRI\RXUIUHHGRPZKHQ\RXDUHWLUHGRI
\RXURSHQQHVVWROLIHDQGLWVPLOOLRQVRIRSSRUWXQLWLHVWKHQ\RXFDQJRWRD
FRXUWDQGJHWPDUULHG%XWZK\QRZ"

6WXGHQWLQWKH+LJKODQGVORRNLQJIRUVXPPHUZRUN*RWDQ\RGGMREV"
)DUPHU:HOO\RXFRXOGWU\PLONLQJWKHEXOO

7KDWZLOOEHIDUEHWWHU3UDEKDW<RXDUHLQVHDUFKIRUVRPHRGGMREVRWKHUZLVH
ZK\"
/RYHDQGORYHDVGHHSO\DVSRVVLEOH$QGLIORYHLWVHOIEHFRPHVWKHPDUULDJH
WKDWLVDQRWKHUWKLQJDOWRJHWKHUGLIIHUHQW,IORYHLWVHOIEHFRPHVVXFKDQLQWLPDF\
WKDWLWLVXQEUHDNDEOHWKDWLVDQRWKHUWKLQJWKDWLVQRWDOHJDOVDQFWLRQ
/HJDOVDQFWLRQVDUHQHHGHGRQO\EHFDXVH\RXDUHDIUDLG<RXNQRZWKDW\RXU
ORYHLVQRWHQRXJK\RXQHHGWKHOHJDOVXSSRUWIRULW<RXNQRZSHUIHFWO\ZHOOWKDW
\RXFDQHVFDSHRUWKHZRPDQFDQHVFDSHKHQFH\RXQHHGWKHSROLFHPDQWR
NHHS\RXWRJHWKHU%XWWKLVLVXJO\WRQHHGDSROLFHPDQWRNHHS\RXWRJHWKHU
7KDW
VZKDWPDUULDJHLV
,FDQEOHVV\RXUORYHEXW,FDQQRWEOHVV\RXUPDUULDJH,IORYHLWVHOILV\RXU
PDUULDJHWKHQDOORIP\EOHVVLQJVDUHWKHUHIRU\RXRWKHUZLVHZDLW7KHUHLVQR
KXUU\,WLVEHWWHUWRZDLWWKDQWRUHSHQWODWHURQ
(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUQLQHWHHQWKHWKUHHUXQJODGGHURIORYH
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
0$1<7,0(6,+$9(7+28*+72)48(67,216)(/772%(
0($1,1*)8/($&+7,0(7+(48(67,215(62/9(',76(/)25
6((0('$%685'$)7(5/(77,1*,7*(67$7()25$:+,/(7+(
3$5$'2;,67+$77+(:25'6',662/9(%877+(48(67,210$5.
5(0$,16
$QDQG6KDQWDPWKHTXHVWLRQPDUNLVERXQGWRUHPDLQIRUHYHUEHFDXVHWKH
TXHVWLRQPDUNKDVQRWKLQJWRGRZLWKWKHTXHVWLRQDWDOO,WKDVVRPHWKLQJWRGR
ZLWKWKHP\VWHU\RIOLIHLWVHOI/LIHQHYHUEHFRPHVNQRZQLWDOZD\VUHPDLQVD
P\VWHU\DTXHVWLRQPDUNDQGDTXHVWLRQPDUNZKLFKFDQQRWEHGLVVROYHG,WLV
LQWKHYHU\QDWXUHRIH[LVWHQFHLWLVWKHYHU\FHQWHURIH[LVWHQFHWKHUHLVQRZD\
WRILQGDQ\DQVZHURUH[SODQDWLRQIRULW
7KDW
VZK\SKLORVRSK\IDLOVDQGSRHWU\VXFFHHGV7KDW
VZK\PDWKHPDWLFVIDLOV
DQGPXVLFVXFFHHGV7KDW
VZK\ORJLFDOZD\VODJVEHKLQGDQGORYHUHDFKHV
DUULYHV
7KHTXHVWLRQPDUNLVLPPHQVHO\VLJQLILFDQW$OOTXHVWLRQVDUHDEVXUG$QGDOO
TXHVWLRQVDUHVRRQHURUODWHUUHVROYHGDUHERXQGWREHUHVROYHGEHFDXVHDOO
TXHVWLRQVKDYHDQVZHUV,I\RXFDQIRUPXODWHDTXHVWLRQ\RXFDQILQGDQDQVZHU
IRULWEXWWKHTXHVWLRQPDUNLVQRW\RXUIRUPXODWLRQ,WLVWKHUHLWLVRQHDFKOHDIRI
WKHWUHHVRQHDFKVRXQGRIWKHELUGV2QHDFKFORXGRQHDFKVWDURQHDFK
DWRPWKHTXHVWLRQPDUNLVWKHUH
/LIHLVQRWDSUREOHPEXWDP\VWHU\$SUREOHPLVWKDWZKLFKFDQEHVROYHGDW
OHDVWWKHRUHWLFDOO\LVVROXEOH$P\VWHU\LVWKDWZKLFKFDQEHOLYHGEXWFDQQHYHU
EHVROYHG

$QDQFLHQW+DVVLGVWRU\
$QROG+DVVLGPDVWHUDVNHGRQHRIKLVGLVFLSOHV:KDWGRZHPHDQZKHQZH
XVHWKHZRUGJRG"
7KHGLVFLSOHZRXOGQ
WDQVZHUWKHGLVFLSOHZRXOGQ
WORRNLQWKHH\HVRIWKHPDVWHU
:LWKEHQWKHDGDVKDPHGRIKLPVHOIKHUHPDLQHGVLOHQW
7KHTXHVWLRQZDVDVNHGDJDLQDQGDJDLQ7KULFHWKHPDVWHUDVNHG7KHPRUH
WKHPDVWHUDVNHGWKHPRUHVLOHQWWKHGLVFLSOHEHFDPH$QGWKHVLOHQFHZDVYHU\
HPEDUUDVVLQJ7KHGLVFLSOHKDVWRUHVSHFWWKHTXHVWLRQRIWKHPDVWHUDQGLW
ZDVDVLIKHKDVQRWHYHQKHDUGQRUHVSRQVHIURPWKHGLVFLSOH7KHPDVWHUZDV



LUULWDWHGDQGKHDVNHG:K\GRQ
W\RXDQVZHUPH":KDWGRZHPHDQE\WKH
ZRUGJRGZKHQZHXVHLW"
$QGWKHGLVFLSOHVDLG%HFDXVH,GRQ
WNQRZKRZFDQ,DQVZHU",GRQ
WNQRZ
*RG
$QGWKHPDVWHUODXJKHGDODXJKWHUZKLFKFDQKDSSHQRQO\WRWKRVHZKRKDYH
DUULYHG+HVDLG$QGGR\RXWKLQN,NQRZ"

:KRNQRZV":KRKDVHYHUNQRZQ"%XWVWLOO*RGLVDQGVWLOO*RGKDVWREH
DGGUHVVHG
:KRHYHUWROG\RXWKDW*RGLVDQREMHFWRINQRZOHGJH"*RGLVQRWDQREMHFWRI
NQRZOHGJH*RGLVQRWDQREMHFWDWDOO*RGLVWKHVLOHQFHWKDWSHUYDGHV\RX
ZKHQZRUGVGLVVROYH*RGLVWKHTXHVWLRQPDUNWKDWUHPDLQV6KDQWDPZKHQ
TXHVWLRQVDUHJRQHHYDSRUDWHG*RGLVWKHP\VWHU\XQUHVROYDEOH
,DPQRWKHUHWRJLYHDQVZHUV,DPKHUHWRSURYRNHLQ\RXWKHTXHVWLRQPDUN
WKHXOWLPDWHTXHVWLRQPDUN,WLVQRWDTXHVWLRQUHPHPEHUWKHXOWLPDWHTXHVWLRQ
PDUNLVQRWDTXHVWLRQ7KHUHLVQRTXHVWLRQDWDOO6LPSO\\RXDUHHQFRXQWHULQJ
VRPHWKLQJLQHIIDEOHLQGHILQDEOHLQILQLWHHWHUQDOZLWKQREHJLQQLQJDQGQRHQG
ZLWKQRSRVVLELOLW\WRFRPSUHKHQGLWZLWKQRSRVVLELOLW\WRHQFRPSDVVLW2QWKH
FRQWUDU\*RGLVWKHRQHZKRHQFRPSDVVHV\RX*RGLVWKHRQHZKR
FRPSUHKHQGV\RX*RGLVWKHRQHIRUZKRP\RXDUHQRWDTXHVWLRQQRUD
TXHVWLRQPDUN
6ORZO\VORZO\OHDUQWKHZD\VRIOLYLQJLQP\VWHU\0LQGFRQWLQXRXVO\KDQNHUVWR
GHP\VWLI\HYHU\WKLQJWKHUHLVDGHHSXUJHLQWKHPLQGWRGHP\VWLI\:K\"
EHFDXVHLWFDQFRQWURORQO\ZKHQVRPHWKLQJLVGHP\VWLILHG0\VWHU\VWDUWV
FRQWUROOLQJLWKHQFHPLQGHVFDSHVIURPP\VWHULHV0LQGZDQWVH[SODQDWLRQV
EHFDXVHRQFHVRPHWKLQJLVH[SODLQHGLWFDQEHPDQLSXODWHGRQFHVRPHWKLQJLV
QRPRUHDVHFUHWWKHQWKHPLQGLVWKHPDVWHU,QWKHSUHVHQFHRIDVHFUHWWKH
PLQGIHHOVVLPSO\LPSRWHQW7KHJUHDWHUWKHVHFUHWWKHPRUHWKHLPSRWHQFHRI
WKHPLQG
%XWWKDWLVZKHUHSUD\HUDULVHVPHGLWDWLRQDULVHVDQGDOOWKDWLVEHDXWLIXO7KDWLV
ZKHUHWUXWKLVIHOW0LQGLVQRWWKHGRRUWRWUXWKLWLVDGRRUWRSRZHU
)UDQFLV%DFRQLVULJKWZKHQKHVD\V.QRZOHGJHLVSRZHU0LQGLVDSRZHU
VHHNHUPLQGLVDOZD\VDIWHUSRZHUPRUHDQGPRUHSRZHU+HQFHPLQGVORZO\
VORZO\EHFDPHWRRPXFKDWWDFKHGWRVFLHQFHPLQGEHFDPHVFLHQFH6FLHQFHLV
WKHVHDUFKIRUSRZHU$QGWKHQDXWRPDWLFDOO\VFLHQFHEHFRPHVUHGXFHGWR
WHFKQRORJ\:KDWLVWHFKQRORJ\"+RZWRPDQLSXODWHQDWXUH7KDWKRZLV
WHFKQRORJ\NQRZKRZLVWHFKQRORJ\6FLHQFHSUHSDUHVWKHEOXHSULQWVFLHQFH
JLYHVWKHLGHDKRZWRGHP\VWLI\H[LVWHQFHDQGWKHQWHFKQRORJ\LPSOHPHQWVLW
5HOLJLRQLVQRWRIWKHPLQGUHOLJLRQLVRIWKHKHDUW0LQGUDLVHVTXHVWLRQVWKH
KHDUWNQRZVRQO\WKHXOWLPDWHTXHVWLRQPDUN
,WLVEHDXWLIXO6KDQWDPLWLVWUHPHQGRXVO\LPSRUWDQWWKDW\RXEHFDPHDZDUHRI
WKLVSKHQRPHQRQWKDWTXHVWLRQVDULVHLQWKHEHJLQQLQJWKH\ORRNPHDQLQJIXO
EXWVRRQWKH\DUHUHVROYHG,IRQHFDQZDLWDOOTXHVWLRQVUHVROYHWKHUHLVQR
QHHGWRJRDQ\ZKHUHWRDVN7KHPLQGWKDWLVFDSDEOHRIFUHDWLQJDFHUWDLQ
TXHVWLRQLVFDSDEOHRIILQGLQJWKHDQVZHUWRRLQIDFWLI\RXGLVVHFWWKHTXHVWLRQ
GHHSO\\RXZLOOILQGWKHDQVZHUKLGGHQWKHUH7KHDQVZHULVDOZD\VLQWKH




TXHVWLRQ7KHTXHVWLRQLVRQO\DIRUPRIWKHDQVZHUWKHTXHVWLRQLVRQO\WKH
EHJLQQLQJRIWKHDQVZHU7KHTXHVWLRQLVWKHVHHGDQGWKHDQVZHUZLOOEHWKH
VSURXWDQGWKHVHHGFRQWDLQVWKHVSURXW
,I\RXZDLWDOLWWOHLI\RXDUHDOLWWOHSDWLHQWLI\RXDOORZWKHTXHVWLRQWRPRYH
ZLWKLQ\RX\RXDUHFDSDEOHRIVROYLQJLW(LWKHULWZLOOEHVROYHGRU\RXZLOOFRPH
WRNQRZWKDWLWLVDEVXUG7KHUHDUHDEVXUGTXHVWLRQVZKLFKFDQQRWEHVROYHG
DQGWKH\DUHQRWP\VWHULHVHLWKHUUHPHPEHUWKH\DUHVLPSO\DEVXUGTXHVWLRQV
)RUH[DPSOHOLQJXLVWLFDOO\LWPD\ORRNSHUIHFWO\ULJKWJUDPPDWLFDOO\LWPD\ORRN
SHUIHFWO\ULJKWDQGH[LVWHQWLDOO\LWPD\EHDEVXUG)RUH[DPSOH\RXFDQDVN
:KDWLVWKHVPHOORIWKHFRORUUHG"/LQJXLVWLFDOO\JUDPPDWLFDOO\WKHUHLVQRIODZ
LQLW:KDWLVWKHVPHOORIWKHFRORUUHG"WKHTXHVWLRQFDQEHUDLVHGEXWLI\RX
ORRNGHHSLQWRLWLWLVQRWDTXHVWLRQLWLVVLPSO\DEVXUG&RORUVKDYHQRWKLQJWR
GRZLWKVPHOOVWKHUHLVQRUHODWLRQVKLSDWDOO&RORUVDUHFRORUVVPHOOVDUH
VPHOOVQHLWKHUVPHOOVKDYHFRORUVQRUFRORUVKDYHVPHOOV
,WLVMXVWOLNHDVNLQJKRZWRVHHPXVLFZLWKWKHH\HV7KHTXHVWLRQORRNVSHUIHFWO\
ULJKW+RZWRVHHPXVLF"%XWPXVLFLVQRWDQREMHFWWREHVHHQLWLVQRWDQREMHFW
IRUWKHH\HVLWFDQRQO\EHKHDUGQRWVHHQ%HDXW\FDQEHVHHQEXWFDQQRWEH
KHDUG
:HFDQPDNHDWKRXVDQGDQGRQHDEVXUGTXHVWLRQV3HRSOHKDYHDVNHGGRZQ
WKHDJHVWKHVRFDOOHGZLVHWRR,QWKH0LGGOH$JHVWKHZKROH&KULVWLDQZRUOG
ZDVVRFRQFHUQHGDQGWKHUHZDVVXFKJUHDWDUJXPHQWDQGFRQWURYHUV\RQVXFK
DEVXUGTXHVWLRQVDV+RZPDQ\DQJHOVFDQVWDQGRQWKHSRLQWRIDQHHGOH"
*UHDWWKHRORJLDQVZURWHJUHDWWUHDWLVHVRQWKHVHTXHVWLRQV
,QIDFWWKHVRFDOOHGOHDUQHGSHRSOHDUHDOZD\VGHHSGRZQYHU\VWXSLGSHRSOH
7KHLUOHDUQHGQHVVLVQRWKLQJEXWDFRYHUXSIRUWKLVLQQHUVWXSLGLW\7KH\UDLVH
JUHDWIXVVIRUQRWKLQJJUHDWDGRIRUQRWKLQJ7KH\DUHFOHYHUWKDWLVWUXHFOHYHU
WRFUHDWHVXFKDEVXUGTXHVWLRQV$WOHDVWWKH\DUHDEOHWRJLYHWRWKRVHDEVXUG
TXHVWLRQVDQDSSHDUDQFHRIUDWLRQDOLW\
+RZPDQ\KHOOVDUHWKHUH",QWKHWLPHVRI%XGGKDWKHTXHVWLRQEHFDPHVR
LPSRUWDQWLQ,QGLD+LQGXVEHOLHYHLQWKUHHKHOOV-DLQDVVWDUWHGEHOLHYLQJLQ
VHYHQKHOOVDQGWKHQWKHUHZDVUHDOO\DPDQRILQVLJKW6DQMD\D9LOHWKLSXWWDZKR
PXVWKDYHEHHQDEOHWRODXJKDWDEVXUGLWLHV+HVDLG:KRVD\VVHYHQ",KDYH
H[DFWO\FRXQWHGWKHUHDUHVHYHQKXQGUHG
+HPXVWKDYHEHHQDZLVHPDQKHZDVVLPSO\MRNLQJDERXWWKLVDEVXUG
FRQWURYHUV\+RZPDQ\KHOOV"+RZPDQ\KHDYHQV"+RZPDQ\DQJHOV":KHQ
GLG*RGFUHDWHWKHZRUOG":K\GLG*RGFUHDWHWKHZRUOG"$OODUHDEVXUG
TXHVWLRQV\RXFDQQRWVROYHWKHPEHFDXVHWKH\DUHQRWTXHVWLRQVLQWKHILUVW
SODFH1HLWKHUDUHWKH\P\VWHULHVEHFDXVHDP\VWHU\FDQQRWEHIRUPXODWHGLQ
ZRUGV,WLVRQO\DTXHVWLRQPDUNDTXHVWLRQPDUNLQWKHVLOHQWKHDUWMXVWD
JUHDWVXUSULVHDZRQGHUDZH$QGWKHQHDFKDQGHYHU\WKLQJFUHDWHVDZH
$OORZWKLVTXHVWLRQPDUNWRVHWWOHLQ\RX7KHPHDQLQJIXOTXHVWLRQVZLOOEH
VROYHGWKHPHDQLQJOHVVZLOOEHNQRZQDVDEVXUGWKHQILQDOO\UHPDLQVRQO\WKH
TXHVWLRQPDUN
,DPKDSS\6KDQWDP<RXVD\7KHSDUDGR[LVWKDWWKHZRUGVGLVVROYHEXWWKH
TXHVWLRQPDUNUHPDLQV
5HMRLFH&HOHEUDWH7KLVLVDJUHDWPRPHQWWKLVLVWKHGRRUWRWKHGLYLQH




7KHVHFRQGTXHVWLRQ

%(/29('26+2
,67+(5(5($//<620(7+,1*/,.($1,1)(5,25,7<&203/(;"

3V\FKREDEEOHWKHSV\FKRORJLVWVKDYHWDNHQWKHSODFHRIWKHWKHRORJLVW7KH
WKHRORJLDQLVRXWRIGDWHWKHSV\FKRORJLVWLVLQ$QGSV\FKRORJ\KDVFUHDWHG
JUHDWSV\FKREDEEOHJUHDWZRUGVVWUDQJHZRUGVDQGZKHQ\RXFDQXVHJUHDW
DQGVWUDQJHZRUGVZKLFKDUHUHDOO\QRWKLQJEXWJLEEHULVK\RXFDQLPSUHVV
SHRSOH
'R\RXNQRZIURPZKHUHWKHZRUGJLEEHULVKFRPHV",WFRPHVIURPWKHQDPHRI
D6XILP\VWLF-DEEDU+HXVHGWRWDONQRQVHQVHEHFDXVHKHFDPHWR
XQGHUVWDQGWKDWZKDWVRHYHU\RXVD\LVQRQVHQVH7KHQZK\HYHQSUHWHQGWKDWLW
LVVHQVH"
-DEEDUVWDUWHGUHDOO\WDONLQJQRQVHQVH+HZRXOGXVHVRXQGVZRUGVQRERG\
FRXOGIROORZZKDWKHZDVVD\LQJ(YHU\ERG\ZDVIUHHWRKDYHKLVRZQ
LQWHUSUHWDWLRQ7KHIROORZHUVRI-DEEDUZHUHPDQ\EHFDXVHZKHQWKHPDVWHU
FDQQRWEHXQGHUVWRRGLWLVYHU\HDV\IRUWKHGLVFLSOHVWRIROORZKLPEHFDXVH
WKHQWKH\FDQLQWHUSUHW
)RUH[DPSOHLI\RXKDGDVNHG-DEEDU'R\RXEHOLHYHLQ*RG"KHZRXOGKDYH
VDLG+RRKRR1RZLWLVXSWR\RXWRILQGRXWZKDW+RRKRRPHDQV7KHYHU\
FOHYHURQHZLOOWKLQNLWLVWKHODVWSDUWRI$OODKKRRWKDWWKHPDVWHUKDVJLYHQRQO\
DKLQWDQGVRRQVRIRUWK
2UKHZLOOGRVRPHWKLQJDEVXUG<RXDVN:KDWLV*RG"DQGKHPD\VWDQGRQ
KLVKHDGLPPHGLDWHO\1RZLWLVXSWR\RXWRILJXUHLWRXWDQGHYHU\ERG\LV
FOHYHULQILJXULQJRXWWKLQJV6RPHERG\ZLOOWKLQNKHKDGJLYHQWKHLQGLFDWLRQWKDW
HYHU\WKLQJLVWRSV\WXUY\VRZKDWVRHYHU\RXKDYHEHHQWKLQNLQJXSWRQRZKDVWR
EHSXWXSVLGHGRZQ6RPHGLVFLSOHVHYHQVWDUWHGUHDGLQJWKHVFULSWXUHV
EDFNZDUGV
%XWRQHWKLQJZDVJRRGDERXWLW-DEEDUPXVWKDYHHQMR\HGWKHZKROHVKRZ+H
PXVWKDYHUHDOO\HQMR\HGKRZPDQ\LQWHUSUHWDWLRQVSHRSOHFDQILQG7KH(QJOLVK
ZRUGJLEEHULVKFRPHVIURP-DEEDU
1RZWKHJUHDWHVWJLEEHULVKWKDWLVLQLVSV\FKRORJLFDO)UHXGUHDOO\FUHDWHGD
QHZODQJXDJHSV\FKRDQDO\VLVLVQRWKLQJEXWDQHZODQJXDJH)RUVPDOOWKLQJV
IRUWKLQJVZKLFKHYHU\ERG\XQGHUVWDQGVKHZLOOILQGVXFKGLIILFXOWZRUGV
2HGLSXVFRPSOH[IRUDVPDOOWKLQJWKDWHYHU\ER\ORYHVKLVPRWKHU1RZLI
\RXVD\HYHU\ER\ORYHVKLVPRWKHUQRERG\FDQWKLQNWKDW\RXDUHYHU\OHDUQHG
EXWLI\RXVD\7KLVER\VXIIHUVIURPDQ2HGLSXVFRPSOH[LWVRXQGV

2QH-HZLVKODG\ZDVWDONLQJWRWKHQHLJKERUDQGVKHVDLG7KHSV\FKRDQDO\VW
ZKRLVWUHDWLQJP\VRQKDVVDLGWKDWP\VRQVXIIHUVIURPDQ2HGLSXVFRPSOH[
$QGWKHQHLJKERUODG\VDLG2HGLSXVVFKPRHGLSXV'RHVQ
WPDWWHUDVORQJDV
KHLVDJRRGER\DQGORYHVKLVPRWKHU

1RZWKLVZRUGLQIHULRULW\FRPSOH[7KHUHLVQRWKLQJOLNHLQIHULRULW\FRPSOH[DOO
WKDWLVWKHUHLVWKHSKHQRPHQRQRIWKHHJR$QGEHFDXVHRIWKHSKHQRPHQRQRI




WKHHJRWZRWKLQJVDUHSRVVLEOH,I\RXDUHHJRLVWLF\RXDUHERXQGWRFRPSDUH
\RXUVHOIZLWKRWKHUV7KHHJRFDQQRWH[LVWZLWKRXWFRPSDULVRQKHQFHLI\RX
UHDOO\ZDQWWRGURSWKHHJRGURSFRPSDULQJ<RXZLOOEHVXUSULVHGZKHUHKDVWKH
HJRJRQH"&RPSDUHDQGLWLVWKHUHDQGLWLVWKHUHRQO\LQFRPSDULVRQ,WLVQRW
DQDFWXDOLW\LWLVDILFWLRQFUHDWHGRXWRIFRPSDULVRQ
)RUH[DPSOH\RXDUHSDVVLQJWKURXJKDJDUGHQDQG\RXFRPHDFURVVDYHU\ELJ
WUHH&RPSDUHWKHWUHHLVVRELJVXGGHQO\\RXDUHVRVPDOO,I\RXGRQ
W
FRPSDUH\RXHQMR\WKHWUHHWKHUHLVQRSUREOHPDWDOO7KHWUHHLVELJVRZKDW
6ROHWLWEHELJ\RXDUHQRWDWUHH$QGWKHUHDUHRWKHUWUHHVDOVRZKLFKDUHQRW
VRELJEXWWKH\DUHQRWVXIIHULQJIURPDQ\LQIHULRULW\FRPSOH[,KDYHQHYHUFRPH
DFURVVDWUHHZKLFKVXIIHUVIURPLQIHULRULW\FRPSOH[RUIURPVXSHULRULW\FRPSOH[
(YHQWKHKLJKHVWWUHHD/HEDQRQFHGDUHYHQWKDWWUHHGRHVQRWVXIIHUIURP
VXSHULRULW\FRPSOH[EHFDXVHFRPSDULVRQGRHVQRWH[LVW
0DQFUHDWHVFRPSDULVRQEHFDXVHHJRLVSRVVLEOHRQO\LIQRXULVKHGE\
FRPSDULVRQFRQWLQXRXVO\%XWWKHQ\RXZLOOKDYHWZRRXWFRPHVVRPHWLPHV\RX
ZLOOIHHOVXSHULRUDQGVRPHWLPHV\RXZLOOIHHOLQIHULRU$QGWKHSRVVLELOLW\RI
IHHOLQJLQIHULRULVJUHDWHUWKDQWKHSRVVLELOLW\RIIHHOLQJVXSHULRUEHFDXVHWKHUH
DUHPLOOLRQVRISHRSOHVRPHERG\LVPRUHEHDXWLIXOWKDQ\RXVRPHERG\LVWDOOHU
WKDQ\RXVRPHERG\LVVWURQJHUWKDQ\RXVRPHERG\VHHPVWREHPRUH
LQWHOOLJHQWWKDQ\RXVRPHERG\LVPRUHOHDUQHGWKDQ\RXVRPHERG\LVPRUH
VXFFHVVIXOVRPHERG\LVPRUHIDPRXVVRPHERG\LVWKLVVRPHERG\LVWKDW,I
\RXMXVWJRRQFRPSDULQJPLOOLRQVRISHRSOH\RXZLOOJDWKHUDJUHDWLQIHULRULW\
FRPSOH[%XWLWGRHVQ
WH[LVWLWLV\RXUFUHDWLRQ
7KRVHZKRDUHPRUHPDGWKH\VXIIHUIURPDVXSHULRULW\FRPSOH[7KH\DUHVR
PDGWKDWZKHQWKH\FRPSDUHWKH\FDQQRWVHHWKDWWKHUHDUHPLOOLRQVRISHRSOH
ZKRDUHGLIIHUHQWLQPDQ\ZD\VDQGVXSHULRULQPDQ\ZD\V7KH\DUHVR
REVHVVHGZLWKWKHHJRWKDWWKH\UHPDLQFORVHGWRDQ\WKLQJWKDWLVVXSHULRUWKH\
DOZD\VORRNDWWKHLQIHULRU,WLVVDLGWKDWSHRSOHOLNHWRPHHWSHRSOHZKRDUHLQ
VRPHZD\LQIHULRUWRWKHPLWJLYHVWKHPJUHDWQRXULVKPHQW3HRSOHOLNHSHRSOH
ZKRVXSSRUWWKHLUHJR
7KHPRUHPDGSHUVRQZLOOVXIIHUIURPDVXSHULRULW\FRPSOH[EHFDXVHKHZLOO
DOZD\VFKRRVHWKRVHWKLQJVZKLFKPDNHKLPIHHOVXSHULRU%XWKHNQRZVWKDWKH
LVSOD\LQJDWULFN+RZFDQKHGHFHLYHKLPVHOI"+HNQRZVWKDWKHKDVFKRVHQ
RQO\WKRVHSRLQWVZKLFKPDNHKLPIHHOVXSHULRUKHNQRZVZKDWKHKDVQRW
FKRVHQWKDWLVWKHUHRQWKHPDUJLQKHLVSHUIHFWO\DZDUHRILW6RKLV
VXSHULRULW\FRPSOH[LVDOZD\VVKDNLQJLWLVPDGHRQVDQGWKHKRXVHFDQ
FROODSVHDQ\PRPHQW+HVXIIHUVIURPDQ[LHW\EHFDXVHKHKDVPDGHDKRXVHRQ
WKHVDQG
-HVXVVD\V'RQ
WPDNH\RXUKRXVHRQWKHVDQGILQGDURFN
7KHPRUHVDQHSHUVRQZLOOVXIIHUIURPDQLQIHULRULW\FRPSOH[EHFDXVHKHZLOO
ORRNDOODURXQGZLOOEHDYDLODEOHWRDOOWKDWLVKDSSHQLQJDOODURXQGDQGZLOOVWDUW
FROOHFWLQJLGHDVWKDWKHLVLQIHULRU%XWERWKDUHVKDGRZVRIWKHHJRWZRVLGHVRI
WKHHJR7KHVXSHULRUSHUVRQGHHSGRZQFDUULHVWKHLQIHULRULW\FRPSOH[DQGWKH
SHUVRQZKRVXIIHUVIURPLQIHULRULW\FRPSOH[GHHSGRZQFDUULHVDVXSHULRULW\
FRPSOH[KHZDQWVWREHVXSHULRU





,KDYHKHDUG,GRQ
WNQRZKRZIDULWLVFRUUHFWWKDW0RUDUML'HVDLDVNHGD
SV\FKRDQDO\VWRIFRXUVHLQSULYDF\:K\GR,VXIIHUIURPDQLQIHULRULW\
FRPSOH["
7KHSV\FKRDQDO\VWZHQWLQWRGHHSDQDO\VLVGD\VDQGGD\VZLWK0RUDUML'HVDL
O\LQJRQKLVFRXFKIUHHDVVRFLDWLQJ$QGWKHQRQHGD\ERXQFLQJZLWKMR\WKH
SV\FKRDQDO\VWGHFODUHG6LU,FHUWLI\WKDW\RXGRQ
WVXIIHUIURPLQIHULRULW\
FRPSOH[\RXQHHGQRWEHZRUULHGDERXWLW
$QG0RUDUML'HVDLZDVDOVRKDSS\+HVDLG%XW,KDGDOZD\VWKRXJKWWKDW,
VXIIHUDQGQRZ\RXVD\,GRQ
WVXIIHU<RXPXVWEHULJKWEXWFDQ\RXJLYHPH
WKHH[SODQDWLRQDVWRKRZ\RXVD\VRVRFRQILGHQWO\"
$QGWKHSV\FKRDQDO\VWVDLG6LU\RXGRQ
WVXIIHUIURPLQIHULRULW\FRPSOH[\RX
DUHVLPSO\LQIHULRU

([FHSWSROLWLFLDQV,GRQ
WWKLQNDQ\ERG\LVLQIHULRU,PDNHDQH[FHSWLRQIRU
SROLWLFLDQV,QIDFWLIVRPHERG\GRHVQRWVXIIHUIURPDQLQIHULRULW\FRPSOH[KHZLOO
QRWJRLQWRSROLWLFVDWDOO3ROLWLFVLVWKHDUHQDIRUWKRVHZKRVXIIHUIURPDQ
LQIHULRULW\FRPSOH[EHFDXVHWKH\ZDQWWRSURYHWRWKHPVHOYHVDQGWRWKHZRUOG
WKDWWKH\DUHQRWLQIHULRU/RRN,KDYHEHFRPHWKHSULPHPLQLVWHURUWKH
SUHVLGHQW1RZZKRFDQVD\,DPLQIHULRU",KDYHSURYHGWKDW,DPQRWLQIHULRU
3ROLWLFVDWWUDFWVWKHSHRSOHZKRDUHYHU\HJRLVWLFDQGVXIIHUIURPLQIHULRULW\
FRPSOH[
$UWLVWVDUHMXVWRQWKHRWKHUSRODULW\WKH\VXIIHUIURPVXSHULRULW\FRPSOH[7KH\
NQRZWKH\DUHFUHDWRUVWKH\NQRZWKDWWKH\KDYHFRPHZLWKDVSHFLDOTXDOLW\WR
FUHDWHVRPHWKLQJLQWKHZRUOG3ROLWLFLDQVVXIIHUIURPDQLQIHULRULW\FRPSOH[DQG
WU\WRUHDFKWRKLJKHUDQGKLJKHUSRZHUSRVWVWRSURYHWRWKHPVHOYHVDQGWR
RWKHUVWKDWLWLVQRWVR$UWLVWVVXIIHUIURPVXSHULRULW\FRPSOH[WKDW
VZK\DUWLVWV
FRQVWDQWO\TXDUUHODPRQJVWWKHPVHOYHV1RDUWLVWHYHUDJUHHVWKDWDQRWKHUDUWLVW
KDVFRQWULEXWHGDQ\WKLQJWRWKHZRUOG7KH\DUHFRQWLQXRXVO\FULWLFL]LQJHDFK
RWKHUWKH\FDQQRWEHIULHQGVWKH\DUHDOOVXSHULRUSHRSOH
7KHP\VWLFLVWKHRQHZKRKDVFRPHWRVHHWKHZKROHVWXSLGLW\RILWWKHZKROH
JDPHRIWKHHJR$QGWKHVHDUHWKHWKUHHZRUOGVDYDLODEOHWKHZRUOGRIWKH
SROLWLFLDQWKHZRUOGRISRZHUSROLWLFVWKHZRUOGRIWKHDUWLVWRUWKHZRUOGRIWKH
P\VWLF
7KHP\VWLFLVRQHZKRKDVVHHQWKDWDOOFRPSDULVRQLVIDOVHPHDQLQJOHVVKH
KDVGURSSHGFRPSDULQJ7KHPRPHQW\RXGURSFRPSDULQJ\RXDUHVLPSO\
\RXUVHOIQHLWKHUVXSHULRUQRULQIHULRU+RZFDQ\RXEHVXSHULRURULQIHULRULI\RX
DUHMXVW\RXUVHOI"
-XVWWKLQNWKH7KLUG:RUOG:DUKDVKDSSHQHGDQGHYHU\ERG\HOVHKDV
GLVDSSHDUHGIURPWKHZRUOGDQGRQO\$QDQG%DVKLUZKRKDVDVNHGWKLV
TXHVWLRQLVOHIW7KHZKROHZRUOGLVVXGGHQO\JRQHRQO\%DVKLULVOHIWVLWWLQJLQ
.RUHJDRQ3DUN3RRQD:LOO\RXEHVXSHULRURULQIHULRU"<RXZLOOEHVLPSO\
\RXUVHOIEHFDXVHWKHUHZLOOEHQRERG\WRFRPSDUHZLWK
$P\VWLFLVWKHRQHZKRVLPSO\NQRZVWKDWKHLVKLPVHOI+HOLYHVKLVOLIH
DFFRUGLQJWRKLVRZQOLJKWKHFUHDWHVKLVRZQVSDFHKHKDVKLVRZQEHLQJ+HLV
XWWHUO\FRQWHQWHGZLWKKLPVHOIEHFDXVHZLWKRXWFRPSDULVRQ\RXFDQQRWEH
GLVFRQWHQWHGHLWKHU$QGKHLVQRWDQHJRLVWKHFDQQRWEHHJRQHHGV




FRPSDULVRQHJRIHHGVRQFRPSDULVRQ+HLVVLPSO\GRLQJKLVWKLQJ7KHURVHLV
DURVHDQGWKHORWXVLVDORWXVDQGVRPHWUHHLVYHU\KLJKDQGVRPHRWKHUWUHHLV
YHU\VPDOOEXWHYHU\WKLQJLVDVLWLV
-XVWWU\WRVHHIRUDVLQJOHPRPHQWZLWKRXWFRPSDULQJDQGWKHQZKHUHLV
VXSHULRULW\DQGZKHUHLVLQIHULRULW\"$QGZKHUHLVWKHHJRWKHVRXUFHRILWDOO"
7KHWKLUGTXHVWLRQ
%(/29('26+2
,$0$'',&7('727(//,1*/,(6:+<'2,'2,7"

9LPDOLWPD\EHMXVWWRIHHOVXSHULRU3HRSOHVWDUWWHOOLQJOLHVEHFDXVHWKDWJLYHV
WKHPDVSHFLDOLW\WKH\FDQSUHWHQGWKDWWKH\NQRZWKLQJVZKLFKQRERG\HOVH
NQRZV7UXWKLVXQLYHUVDOWKHOLHLVSULYDWH,WLV\RXURZQFUHDWLRQQRERG\HOVH
NQRZVDERXWLW\RXEHFRPHYHU\VSHFLDOWKHNQRZHU,I\RXVD\WKHWUXWK\RXZLOO
QRWEHVSHFLDO
,KDYHKHDUGWKDWLQDYLOODJHWKHUHZDVDZLVHPDQ2QFHLWKDSSHQHGWKDWIURP
WKHSDODFHRIWKHNLQJVRPHYHU\SUHFLRXVGLDPRQGVZHUHVWROHQDQGWKHNLQJ
V
SHRSOHZHUHVHDUFKLQJIRUWKHVWROHQWUHDVXUH7KHNLQJKDGORYHGWKRVHVWRQHV
VRPXFKWKDWDWDQ\FRVWWKH\KDGWREHEURXJKWEDFNEXWQRFOXHZDVDYDLODEOH
7KHQVRPHERG\VXJJHVWHG:HKDYHDQROGZLVHPDQLQWKHWRZQPD\EHKH
FDQEHRIVRPHVXSSRUWVRPHKHOSVRPHLQVLJKWKHFDQJLYH:KHQHYHUZHDUH
LQWURXEOHZHDUHSRRUSHRSOHZHFDQQRWJRWRYHU\OHDUQHGVFKRODUVZH
FDQQRWJRWRWKHH[SHUWVZHDOZD\VJRWRRXUROGZLVHPDQ,WKDVQHYHUEHHQ
DGLVDSSRLQWPHQWKHDOZD\VILQGVVRPHEHDXWLIXODGYLFHIRUXV
6RWKHDXWKRULWLHVZHQWWRWKHZLVHPDQ7KHZLVHPDQFORVHGKLVH\HV
PHGLWDWHGDOLWWOHDQGWKHQKHVDLG<HV,NQRZZKRKDVGRQHLW%XWEHIRUH,
FDQWHOO\RXDIHZSURPLVHVIURP\RX)LUVWQRERG\VKRXOGHYHUNQRZWKDW,KDYH
WROG\RXZKRKDVVWROHQWKHGLDPRQGV
7KHSURPLVHZDVRIFRXUVHJLYHQ7KHQWKHZLVHPDQVDLG<RXFRPHZLWKPH
:HZLOOKDYHWRJRYHU\IDUDZD\IURPSHRSOHGHHSLQWKHIRUHVWVRQRERG\FDQ
KHDUVRPHWKLQJRUHYHQJXHVV$QGMXVWWKHFKLHIRI\RXKDVWRFRPHZLWKPH
+HWRRNWKHFKLHIDQGWKHFKLHIZDVYHU\H[FLWHGKHZDVMXVWRQWKHYHUJHRI
GLVFRYHULQJWKHWUHDVXUHDQGKHZDVKRSLQJWREHUHZDUGHGE\WKHNLQJ
LPPHQVHO\,WZDVDORQJZDONLQWRWKHIRUHVW$JDLQDQGDJDLQKHVDLG1RZ
WKHUHLVQRERG\EXWWKHROGPDQVDLG-XVWDOLWWOHPRUH
)LQDOO\WKHFKLHIZDVWLUHGDQGKHVDLG:K\GR\RXJRRQPDNLQJPHZDONPRUH
DQGPRUH",DPWLUHGXWWHUO\WLUHG,I\RXNQRZSOHDVHVD\,I\RXGRQ
WNQRZVD\
LW
7KHZLVHPDQVDLG,NQRZLW&RPHFORVHWRPH,ZLOOZKLVSHULQ\RXUHDUVVR
QRERG\KHDUV
7KHFKLHIVDLG<RXVHHPWREHDOPRVWPDG7KHUHLVQRERG\KHUHZHKDYHOHIW
SHRSOHPLOHVDZD\
%XWWKHZLVHPDQVDLG-XVWLQFDVH$QGKHZKLVSHUHGLQWKHHDUVRIWKHFKLHI
,WLVDEVROXWHO\FHUWDLQVRPHWKLHIKDVGRQHLW
1RZLI\RXVD\VXFKXQLYHUVDOWUXWKV\RXZLOOQRWEHYHU\VSHFLDO3HRSOHORYH
JRVVLSLQJSHRSOHORYHWHOOLQJOLHVLQYHQWLQJOLHV%\LQYHQWLQJOLHVWKH\KDYH
VRPHVSHFLDONQRZOHGJHWKDWQRERG\HOVHLQWKHZRUOGKDVLWLVWKHLURZQ




LQYHQWLRQVRQRERG\NQRZVDERXWLW7KH\FDQGHFRUDWHLWLQVXFKDZD\WKH\
FDQUDWLRQDOL]HWKH\FDQFUHDWHPDQ\PDQ\VWUDWHJLHVWRSURWHFWLW$QGLWDOZD\V
EULQJVMR\WRSHRSOHZKHQWKH\FDQEHIRRORWKHUVWKHQWKH\NQRZWKH\DUHZLVHU
WKDQRWKHUV
7KLVLVDQHJRWULS7KHHJRLVWKHJUHDWHVWOLHLQWKHZRUOGDQGWKHHJRDOZD\V
IHHOVJRRGZKHQHYHULWFDQIHHOVSHFLDO$QGLWLVQRWDTXHVWLRQZKHWKHU\RXDUH
WHOOLQJDOLHRUQRWWKHZKROHTXHVWLRQLVZKHWKHUWKHRWKHULVEHOLHYLQJLWRUQRW,I
WKHRWKHULVEHOLHYLQJDWOHDVWIRUWKHPRPHQWLWORRNVOLNHWKHWUXWK$QGZKHQ
\RXFUHDWHPDQ\EHOLHYHUVLQ\RXLWJLYHV\RXSRZHU
7UXWKQHHGVQREHOLHYHUV/HWPHUHPLQG\RXWUXWKQHHGVQREHOLHYHUV7KHVXQ
ULVHVLQWKHPRUQLQJ\RXGRQ
WEHOLHYHLQLWGR\RX"1RERG\DVNVDQ\ERG\'R
\RXEHOLHYHLQWKHVXQVLU"'R\RXEHOLHYHLQWKHPRRQ",IVRPHERG\FRPHV
DQGDVNV'R\RXEHOLHYHLQWKHVXQGR\RXEHOLHYHLQWKHPRRQGR\RXEHOLHYH
LQWKHWUHHV"\RXZLOOWKLQNKLPPDG:KDWLVKHDVNLQJWKHVHWKLQJVIRU"7KH\
DUHVRWKHUHLVQRTXHVWLRQRIEHOLHYLQJLQWKHP
3HRSOHEHOLHYHLQOLHVWUXWKQHHGVQREHOLHYHUV$QGZKHQ\RXLQYHQWOLHV\RX
EHFRPHDJUHDWOHDGHU7KDW
VKRZRQWKHHDUWKWKUHHKXQGUHGUHOLJLRQVH[LVW
7UXWKLVRQHDQGWKUHHKXQGUHGUHOLJLRQV3HRSOHKDYHVKRZQJUHDW
LQYHQWLYHQHVV:KHQOLHVDUHVXFKWKDWQRERG\FDQGHWHFWWKHPDQGWKHUHLVQR
ZD\WRSURYHIRURUDJDLQVW\RXDUHSURWHFWHG6RPDQ\SHRSOHJRRQWDONLQJ
VSLULWXDOOLHVWKDWLVVDIHU
9LPDOLI\RXUHDOO\ZDQWWRHQMR\WHOOLQJOLHVWHOOVSLULWXDOOLHVWKDWWKHHDUWKLV
KROORZWKDWLQVLGHWKHHDUWKWKHUHLVWKHUHDOFLYLOL]DWLRQWKDWXIR
VFRPHIURPWKH
KROORZHDUWK7HOOOLHVVXSHUQDWXUDOVSLULWXDOWKDW*RGKDVQRWWKUHHIDFHVEXW
IRXU1RERG\FDQSURYHRUGLVSURYHKRZPDQ\IDFHV*RGKDVDOOWKDWZLOOEH
GHFLVLYHLVZLWKZKDWFRQILGHQFH\RXFDQOLH<RXUFRQILGHQFHZLOOEHFDWFKLQJ
SHRSOHLWZLOOEHFRPHFRQWDJLRXV<RXFDQORRNGRZQWKHDJHVLWKDVEHHQ
KDSSHQLQJ
$GROI+LWOHUKDVZULWWHQLQKLVDXWRELRJUDSK\0HLQ.DPSIWKDWDOLHUHSHDWHG
DJDLQDQGDJDLQEHFRPHVDWUXWK$QGKHNQRZVLQIDFWQRERG\HOVHNQRZVLW
VRZHOODVKHNQRZVLWLVKLVRZQH[SHULHQFH+LVZKROHOLIHKHOLYHGRQOLHVOLHV
VREODWDQWWKDWRQWKHVXUIDFHRILWQRERG\ZRXOGKDYHWKRXJKWWKDWDQ\ERG\
ZRXOGEHOLHYHLQWKHP
)RUH[DPSOH7KHZKROHZRUOGLVGHWHULRUDWLQJWKHZKROHZRUOGLVJRLQJGRZQWR
KHOOEHFDXVHRIWKH-HZV+RZGRWKH-HZVFRPHLQ":KHQIRUWKHILUVWWLPHKH
VWDUWHGWDONLQJDERXWWKH-HZVHYHQKLVIULHQGVODXJKHGHYHQKLVIULHQGVWROG
KLP7KLVLVVWXSLG+HVDLG<RXVLPSO\ZDLW*RRQUHSHDWLQJLWDQGQRWRQO\
QRQ-HZVDUHJRLQJWREHOLHYHLWHYHQ-HZVZLOOEHOLHYHLW<RXMXVWJRRQ
UHSHDWLQJLW
%HOLHIVDUHFUHDWHGE\FRQVWDQWUHSHWLWLRQ$QGKHPDGHWKHZKROH*HUPDQUDFH
EHOLHYHRQHRIWKHPRVWLQWHOOLJHQWUDFHVRQWKHHDUWKDQGLWEHFDPHYLFWLPWR
WKLVVWXSLGPDQ%XWKHKDGDIHZTXDOLWLHV)RUH[DPSOHKHZDVFDSDEOHRI
UHSHDWLQJVRPHWKLQJFRQWLQXRXVO\IRU\HDUVZLWKFRQILGHQFHIURPWKHKRXVHWRSV
ZLWKDEVROXWHFHUWDLQW\ZLWKQRKHVLWDWLRQ,WZDVFRQWDJLRXV
3HRSOHGRQ
WEHOLHYHLQZKDW\RXVD\SHRSOHEHOLHYHLQWKHZD\\RXVD\LW$QG
RQFH\RXKDYHOHDUQHGWKHDUWRIWHOOLQJOLHVLWEHFRPHVDQDGGLFWLRQEHFDXVH




SHRSOHVWDUWEHOLHYLQJLQ\RX\RXVWDUWEHFRPLQJSRZHUIXO$QGWKHQLI\RXFDQ
PDQDJHDIHZPRUHWKLQJV\RXUSRZHUZLOOEHLPPHQVH
)RUH[DPSOHLI\RXFDQPDQDJHDFHUWDLQFKDUDFWHUWKDWJLYHV\RXFUHGLELOLW\,I
\RXUFKDUDFWHULVVXFKWKDWSHRSOHFDQEHOLHYHLQ\RXPRUHHDVLO\WKDWZLOOKHOS
\RX7KHSHRSOHZKROLYHRQOLHVDOZD\VFUHDWHDFKDUDFWHUDURXQGWKHPVHOYHVLI
QRWDFKDUDFWHUWKHQDWOHDVWDQDSSHDUDQFHRILW
+LWOHUZDVD0$+$70$+HZDVQRWDGULQNHUKHZRXOGQRWWRXFKDQ\LQWR[LFDQW
+RZFDQ\RXQRWEHOLHYHLQVXFKDSHUVRQ"+HZRXOGHDWRQO\YHJHWDULDQIRRG
KHZRXOGQRWWRXFKQRQYHJHWDULDQIRRG+RZFDQ\RXQRWEHOLHYHLQVXFKD
SHUVRQ"+HZRXOGQRWGULQNHYHQWHDRUFRIIHHKHZRXOGQRWVPRNH+RZFDQ
\RXQRWEHOLHYHLQVXFKDSHUVRQ"+HZDVDJUHDWHUPDKDWPDWKDQ0RUDUML
'HVDLEHFDXVHKHZRXOGQRWHYHQGULQNKLVRZQXULQH+RZFDQ\RXQRWEHOLHYH
LQVXFKDSHUVRQ"<RXKDYHWREHOLHYH+HKDVDOOWKHFUHGLELOLW\
+HZRXOGJHWXSHDUO\LQWKHPRUQLQJDVKDVEHHQWDXJKWGRZQWKHDJHVKH
ZRXOGJRHDUO\WREHG+HUHPDLQHGDEDFKHORUDOPRVWWRWKHHQG,VD\DOPRVW
EHFDXVHRQO\WKUHHKRXUVEHIRUHKHGLHGFRPPLWWHGVXLFLGHKHJRWPDUULHG,
WKLQNWKDWLVWKHRQO\WKLQJWKDWKHHYHUGLGZKLFKFDQEHFDOOHGZLVHMXVWWKUHH
KRXUVEHIRUH+HPXVWKDYHWKRXJKW1RZZKDWFDQPDUULDJHGRWRPH",DP
JRLQJWRGLHDQ\ZD\
-XVWWKUHHKRXUVEHIRUHLQWKHPLGGOHRIWKHQLJKWZKHQKHGHFLGHGWRFRPPLW
VXLFLGHKHFDOOHGWKHSULHVW7KHSULHVWZDVDZDNHQHGZDVEURXJKWWRKLV
XQGHUJURXQGFHOO-XVWWKUHHIRXUIULHQGVZHUHSUHVHQWWKHPDUULDJHFHUHPRQ\
ZDVGRQHTXLFNDQGIDVWDQGWKHRQO\WKLQJWKDWWKH\GLGDIWHUWKHPDUULDJH
FHUHPRQ\ZDVFRPPLWVXLFLGHWKDWZDVWKHLUKRQH\PRRQ+HKDGUHPDLQHGD
EDFKHORUKLVZKROHOLIH
7KHVHWKLQJVJLYHFUHGLELOLW\,I\RXUHDOO\ZDQWWREHDOLDULI\RXUHDOO\ZDQWWRJR
RQO\LQJWKHQ\RXKDYHWRFUHDWHSURRIVWKDW\RXDUHDPDQRIFKDUDFWHUKRZ
FDQ\RXOLH"3HRSOHZLOOEHOLHYH\RX7KDW
VZK\\RXUVDLQWVZKROLYHRQVR
FDOOHGVSLULWXDOOLHVGHSHQGRQFKDUDFWHU
$PDQZKROLYHVRQWUXWKQHHGQRWGHSHQGRQDQ\WKLQJHOVHWUXWKLVHQRXJK%XW
WUXWKGRHVQRWFUHDWHEHOLHILQSHRSOHLQIDFWWUXWKRIIHQGVSHRSOH3HRSOHORYH
OLHVDQGDUHDOZD\VRIIHQGHGE\WKHWUXWK9LPDOWKDWLVWKHFDXVHQRWRQO\RI
\RXUDGGLFWLRQPLOOLRQVDUHDGGLFWHGWROLHVIRUWKHVLPSOHUHDVRQWKDWSHRSOH
DUHQHYHURIIHQGHGE\OLHV,QIDFWWKH\ZDQWWRKHDUPRUHDQGPRUH7KH\VD\
:KDWLVQHZ"
7UXWKLVQHYHUQHZ,I\RXDUHWKLQNLQJDERXWWUXWKWKHQWKHUHLVQRWKLQJQHZ
XQGHUWKHVXQ:KHQ\RXVD\:KDWLVQHZ":KDWLVWKHQHZV"\RXDUH
LQTXLULQJ*LYHPHDIHZPRUHOLHVDIHZPRUHJRVVLSVDIHZPRUHUXPRUV
$QG\RXDUHUHDG\WREHOLHYH,QIDFWWKHJUHDWHUWKHOLHLVWKHJUHDWHULVWKH
SRVVLELOLW\RILWVEHOLHIEHFDXVHLIWKHUHLVRQO\DVPDOOOLHLWFDQEHGHWHFWHGE\
SHRSOHWKH\KDYHWKDWPXFKLQWHOOLJHQFH%XWLIWKHOLHLVYHU\ELJELJJHUWKDQ
WKHLULQWHOOLJHQFHWKH\ZLOOQHYHUEHDEOHWRGHWHFWLW7KDW
VZK\JUHDWOLHVOLYHIRU
FHQWXULHV
1RZKHOOLVDOLHWKHUHLVQRKHOO$QGKHDYHQLVDOLHWKHUHLVQRKHDYHQ%XW
WKH\KDYHOLYHGIRUFHQWXULHVDQGFHQWXULHVDQG,GRQ
WWKLQNWKH\DUHJRLQJWR
GLVDSSHDU7KH\ZLOOOLYH*RGDVDSHUVRQLVDOLH7KHUHLVJRGOLQHVVEXWWKHUHLV




QR*RG:KHQHYHU,XVHWKHZRUGJRG,VLPSO\PHDQJRGOLQHVVUHPHPEHULW
7UDQVODWHLWDOZD\VDVJRGOLQHVV7KHUHLVDTXDOLW\RIJRGOLQHVVLQH[LVWHQFHEXW
WKHUHLVQR*RG%XWSHRSOHZDQWD*RGQRWJRGOLQHVVWKH\DUHQRWLQWHUHVWHGLQ
JRGOLQHVV
7KDW
VZK\SHRSOHOLNH%XGGKDFRXOGQRWLQIOXHQFHPXFK%XGGKDDQGKLVZKROH
UHOLJLRQGLVDSSHDUHGIURPWKLVFRXQWU\2QHRIWKHPRVWIXQGDPHQWDOUHDVRQV
ZDVWKLVWKDWKHHPSKDVL]HGJRGOLQHVVDQGQRW*RG,IJRGOLQHVVLVWKHUHWKHQLW
LVDGLIILFXOWWDVN<RXKDYHWRJURZLQWRJRGOLQHVVLWLVQRWVRPHWKLQJUHDG\PDGH
WKHUHWKDW\RXFDQSRVVHVV,WLVQRWVRPHWKLQJWKDW\RXFDQSUD\WRLWLVQRW
VRPHWKLQJWKDW\RXFDQGHVLUHDQ\WKLQJIURP,WLVQRWDOUHDG\WKHUHLWKDVWREH
FUHDWHGLQWKHLQQHUPRVWFRUHRI\RXUEHLQJ,WLVOLNHORYHLWKDVWREORRPLQ
\RX\RXKDYHWRUHOHDVHWKHIUDJUDQFHRILW<RXKDYHWREHFRPHJRGO\RQO\
WKHQWKHUHLV*RGRWKHUZLVHWKHUHLVQR*RG
%XWWKLVLVWRRPXFK1RERG\ZDQWVWRSD\VRJUHDWDSULFH:K\QRWEHOLHYHLQD
VLPSOHOLHWKDWWKHUHLVD*RGDYHU\YHU\ROGDQFLHQWPDQZLWKDZKLWHEHDUG
VLWWLQJRQDJROGHQWKURQHUHDG\WRIXOILOODQ\RI\RXUGHPDQGVLI\RXWUXO\DVN"
$QGWKDWLVWKHWULFN,I\RXUSUD\HULVIXOILOOHGWKHSULHVWFDQVD\<RXUHDOO\
DVNHGLILWLVQRWIXOILOOHG7KHUHZDVQRWUXVWLQ\RXUSUD\HU
,QIDFWWKHUHLVQHYHUWUXVWLQ\RXUSUD\HUEHFDXVHZKHQWKHUHLVWUXVWWKHUHLVQR
QHHGWRSUD\$OOSUD\HUVDULVHRXWRIGRXEW%XWVRPHWLPHVLWLVMXVWD
FRLQFLGHQFHVRPHSUD\HUVKDSSHQWREHIXOILOOHG,WLVMXVWDKDSSHQLQJLWLVMXVW
DFKDQFHWKHUHLVQRERG\WRIXOILOOWKHP%XWZKHQWKH\DUHIXOILOOHGWKHSULHVW
FDQH[SORLWWKHVLWXDWLRQ+HFDQVD\/RRN\RXSUD\HGGHHSO\WUXVWIXOO\\RXU
SUD\HULVIXOILOOHG
%XWWKLVKDSSHQVRQO\RQFHLQDZKLOH1LQHW\QLQHWLPHVLQDKXQGUHG\RXU
SUD\HULVQRWIXOILOOHG%XW\RXNQRZ\RXUVHOIWKDWWKHUHZDVQRWWUXVWGRXEWZDV
WKHUH(YHQZKHQ\RXZHUHSUD\LQJWKHUHZDVGRXEWZKHWKHUWKHUHLVD*RG
ZKHWKHUKHZLOOKHDUZKHWKHUKHZLOOOLVWHQZKHWKHUKHZLOOREOLJHDOONLQGVRI
GRXEWV,QVSLWHRIDOOWKHVHGRXEWV\RXVD\:K\QRWWU\":KDW\RXDUHJRLQJWR
ORVH"*LYHLWDWU\0D\EHSHUKDSV<RXNQRZLW6RZKHQLWLVQRWIXOILOOHGWKH
SULHVWFDQDOZD\VVD\WR\RX<RXUWUXVWZDVQRWWRWDO
*RGLVDOLHDVDSHUVRQ*RGLVDTXDOLW\QRWDSHUVRQDOLW\<RXFDQQRWSUD\WR
*RG<RXFDQEHLQSUD\HUEXWZKHQWKHSUD\HULVUHDOO\WKHUHLWLVRQO\DTXDOLW\
RIORYHQRWKLQJHOVH1RZRUGVWRH[SUHVVLWQRERG\WRDGGUHVVLWLWLVVLPSO\D
VRQJDZRUGOHVVVRQJLQWKHKHDUWMXVWDVWLUULQJRIWKHGHHSHVWLQ\RX
3HRSOHORYHOLHV7UXWKLVDUGXRXV$QGSHRSOHDOVRORYHOLHVEHFDXVHWKH\PDNH
WKHPIHHOJRRG<RXPXVWOLHDERXWVRPHERG\HOVH\RXPHHWDDQG\RXOLH
DERXWEDQG\RXPDNHDIHHOJRRGWKHQ\RXPHHWEDQG\RXOLHDERXWDDQG\RX
PDNHEIHHOJRRG:KHQ\RXOLHDERXWRWKHUVWRSHRSOH\RXJLYHWKHPWKHLGHD
WKDWWKH\DUHEHWWHUWKDQRWKHUV<RXFDQSOD\WKLVJDPHDQGLI\RXSOD\LW
FOHYHUO\FXQQLQJO\\RXFDQH[SORLWYHU\PXFK
0XOOD1DVUXGGLQDQGKLVIULHQG5DKLPWXOODKDUHVWDQGLQJRQDVWUHHWFRUQHU
LQVXOWLQJRQHDQRWKHU7KHRQHFDOOVWKHRWKHUVWXSLGDFKHDWDWKLHI7KHRWKHU
VD\V<RXDUHDFRZDUGDPLVHUDK\SRFULWH)LQDOO\WKH\EHJLQLQVXOWLQJHDFK
RWKHU
VIDPLOLHV
0XOOD1DVUXGGLQORRNV5DKLPWXOODKVWUDLJKWLQWKHH\HDQGVD\V<RXUVLVWHULVD




VWLQNLQJROGZKRUHIRUWZHQW\ILYHSDLVDVKHZLOOOHWDRQHH\HGOHSHUFUDZORYHU
KHU
5DKLPWXOODKVWDQGVWKHUHVSHHFKOHVV$E\VWDQGHULVDPD]HG+HJRHVRYHUWR
KLPDQGVD\V)RU*RG
VVDNHPDQKRZFDQ\RXMXVWVWDQGWKHUHDQGOHWWKH
0XOODLQVXOW\RXUVLVWHUOLNHWKDW"
5DKLPWXOODKVD\V,GRQ
WKDYHDVLVWHU,QHYHUKDGDVLVWHUDQGQRZWKDWP\
SDUHQWVDUHERWKGHDG,QHYHUZLOOKDYHDVLVWHU
6RWKHE\VWDQGHUWXUQVWR0XOOD1DVUXGGLQDQGVD\V0XOODWKHUHLVQRSRLQW
\RXULQVXOWLQJKLPOLNHWKDWKHGRHVQRWKDYHDVLVWHU
6XUHVD\VWKH0XOOD2IFRXUVHQRW,NQRZLWDQGKHNQRZVLWDQGQRZHYHQ
\RXNQRZLW%XW,DVN\RXKRZPDQ\RIWKHSHRSOHZKRKDGWKHLUZLQGRZVRSHQ
DQGZHUHOLVWHQLQJWRRXUHYHU\ZRUGKRZPDQ\RIWKHPDOVRNQRZLW"
3HRSOHDUHOLYLQJLQHQRUPRXVLJQRUDQFHWKH\KDYHQRWOLWWKHFDQGOHRIOLJKWWKDW
LVWKHUHLQWKHLUKHDUWV7KHLULQWHULRULW\LVIXOORIGDUNQHVV7KH\GRQ
WNQRZHYHQ
WKHPVHOYHVZKDWHOVHFDQWKH\NQRZ"+HQFH\RXFDQOLHHDVLO\DQGWKH\ZLOO
EHOLHYHLWDQG\RXFDQH[SORLWWKHLUEHOLHI7KHSROLWLFLDQVKDYHEHHQGRLQJLWWKH
SULHVWVKDYHEHHQGRLQJLWDQGLWKDVEHHQGRQHGRZQWKHDJHV([SORLWSHRSOH
7KLVLVRQHRIWKHPRVWFXQQLQJEXVLQHVVHVHYHULQYHQWHGE\PDQ
,QWKHQDPHRIUHOLJLRQRQO\OLHVDQGOLHVDUHEHLQJSURSDJDWHG+HQFHZKHQHYHU
DPDQRIWUXWKDUULYHVWKHUHLVJUHDWFRQIXVLRQ-HVXVFUHDWHVFRQIXVLRQEHFDXVH
KHVWDUWVWHOOLQJWKHWUXWKDVLWLVDQGSHRSOHKDYHEHHQDFFXVWRPHGWROLHV7KH\
WKLQNWKHLUOLHVDUHWKHWUXWKDQGQRZKHUHFRPHVWKLVPDQDQGKHVWDUWVVD\LQJ
VRPHWKLQJHOVHVRPHWKLQJWRWDOO\GLIIHUHQW(LWKHUWKH\KDYHWREHOLHYHLQWKLV
PDQWKHQWKH\KDYHWRGURSWKHLUZKROHWUDGLWLRQZKLFKLVDORQJORQJ
LQYHVWPHQWDQGRQO\DYHU\IHZFRXUDJHRXVRQHVFDQGRLW7KHHDVLHUZD\LVWR
GHVWUR\WKLVPDQWRPDNHWKLVPDQVLOHQWVRWKH\FDQJRRQGUHDPLQJDQG
EHOLHYLQJLQWKHLUOLHV
<RXDVNPH,DPDGGLFWHGWRWHOOLQJOLHV:K\GR,GRLW"
<RXPXVWKDYHNQRZQWKHDQFLHQWDUWRIWKHSROLWLFLDQVDQGWKHSULHVWVPD\EH
\RXXQFRQVFLRXVO\KDYHVWXPEOHGXSRQLW$QGQRZWKRVHOLHVDUHSD\LQJRIIIRU
\RX
,NQRZRQHPDQDYHU\JRRGPDQLQDZD\+HKDVQHYHUZRUNHGKHKDVQHYHU
GRQHDQ\WKLQJEXWKHLVYHU\JRRGDWDIHZWKLQJVDWSOD\LQJFDUGVDWSOD\LQJ
FKHVVDWJRVVLSLQJDQGWKLQJVOLNHWKDWKHLVSHUIHFW9HU\FXOWXUHGYHU\
HGXFDWHGKHLVD3K'ZHKDGVWXGLHGWRJHWKHU+HKDVOLYHGKLVZKROHOLIHRQ
OLHVDQGFKHDWLQJSHRSOH
:KHQ,ZDVDSURIHVVRULQWKHXQLYHUVLW\VRPHWLPHVKHZRXOGFRPHDQGVWD\
ZLWKPHIRUDIHZGD\V2QFH,DVNHGKLP:KHQDUH\RXJRLQJWRVWRSDOOWKLV
EXVLQHVVRIWHOOLQJOLHV"
+HVDLG1HYHU
,VDLG%XWVRRQHURUODWHU\RXZLOOEHFDXJKW
+HVDLG1HYHUEHFDXVHWKHUHDUHVRPDQ\PLOOLRQVDQGPLOOLRQVRISHRSOHLQ
WKLVZRUOGDQG,FKHDWDSHUVRQRQO\RQHWLPHWKHQ,IRUJHWDERXWKLPWKHQ,ILQG
DQRWKHUYLFWLP$QGKHVDLG,KDYHRQO\DVPDOOOLIHPD\EHVHYHQW\DWWKH
PRVWHLJKW\\HDUVDQGWKHZRUOGLVELJDQGYLFWLPVDUHVRPDQ\,FDQJRRQ
FKHDWLQJ




+HZDVYHU\FOHYHULQPDNLQJIULHQGVKHZDVYHU\FOHYHUDWFUHDWLQJDIHHOLQJLQ
\RXWKDWKHLVDPDQZKRFDQEHWUXVWHG2QFHWKHWUXVWKDVDULVHQKHZRXOG
LPPHGLDWHO\GHFHLYH\RX%XWWKDWPXFKLVFHUWDLQKHQHYHUGHFHLYHGDSHUVRQ
WZLFH7KHUHLVQRQHHGHLWKHUWKHUHDUHVRPDQ\SHRSOH
<RXPXVWKDYHIRXQGVRPHQRXULVKPHQWLQWHOOLQJOLHVWRSHRSOH0D\EHWKH\SD\
\RXPRUHDWWHQWLRQPD\EHWKH\PDNH\RXIHHOWKDW\RXNQRZPRUHWKDQWKH\
NQRZ7KHUHDUHSHRSOHZKRJRRQUHDGLQJHDFKRWKHU
VKDQGV1RERG\NQRZV
DQ\WKLQJ7KHUHDUHSHRSOHWDURWFDUGUHDGHUVH[SHUWVLQ,&KLQJUHDGLQJ
7KHVHDUHDOOEDVLFDOO\JDPHV<RXFDQLQYHQW\RXURZQJDPH$QGLI\RXVWDUW
SOD\LQJWKHVHJDPHV\RXZLOOEHFRPHPRUHDQGPRUHHIILFLHQW$QGWKHVHWKLQJV
SD\DOWKRXJKZKDW\RXDUHJDLQLQJLVPXQGDQHVSXULRXVDQGZKDW\RXDUH
ORVLQJLVYHU\HVVHQWLDO<RXDUHORVLQJ\RXUYHU\VRXO\RXDUHFRPPLWWLQJ
VXLFLGHEXWLWIHHOVDVLILWLVSD\LQJ
6WRSHQMR\LQJLWXQOHDUQWKHZKROHDUW2IFRXUVH\RXZLOOIHHOPDQ\GLIILFXOWLHV
DULVLQJEHFDXVH\RXPXVWKDYHEHFRPHGHSHQGHQWRQWKHDUWRIWHOOLQJOLHV
7DNHWKHULVNOHWLWEHKDUG)RUDIHZGD\VLWZLOOEHKDUG6WRSLPPHGLDWHO\
/LVWHQWR$WLVKD
VDGYLFHWKUHHGLIILFXOWLHV
)LUVWLI\RXEHFRPHDZDUHZKHQ\RXDUHO\LQJWRVRPHERG\LPPHGLDWHO\LQWKH
PLGGOHRILWDVNWREHIRUJLYHQ6D\LPPHGLDWHO\7KLVZDVDOLHDQG,ZDVDJDLQ
JHWWLQJLQWRP\ROGWULFN)RUJLYHPHSOHDVH,WZLOOEHKDUGEXWWKHUHLVQRRWKHU
ZD\:KHQDKDELWKDVEHFRPHYHU\GHHSURRWHGLWKDVWREHKDPPHUHG
6HFRQGEHFRPHDZDUHZKHQ\RXDUHMXVWSUHSDULQJWRWHOODOLH-XVWDVLWLVRQ
WKHOLSVMXVWRQWKHWRQJXHVWRSLWWKHQDQGWKHUHDERUWLWWKHQDQGWKHUH
$QGWKLUGEHFRPHDZDUHZKHQDOLHVWDUWVDULVLQJLQ\RXUIHHOLQJVLQWKHKHDUW
,I\RXFDQGRWKHVHWKUHHDZDUHQHVVHVO\LQJZLOOGLVDSSHDU$QGWKHPRPHQW
O\LQJGLVDSSHDUVWUXWKDUULYHV$QGWUXWKLVWKHRQO\WKLQJZRUWKVHHNLQJDQG
VHDUFKLQJEHFDXVHWUXWKOLEHUDWHV
7KHIRXUWKTXHVWLRQ
%(/29('26+2
<2863($.$%287/29($1'&203$66,21,.12:2)$1')((/
',))(5(17)25062)/29($1'&203$66,21&$1<28(;3/$,17+(
',))(5(17)25062)/29($1':+$7<280($1%<&203$66,21"

'RURWK\.DSODQORYHLVDODGGHUDODGGHURIWKUHHUXQJV7KHORZHVWUXQJLVVH[
WKHPLGGOHLVORYHDQGWKHKLJKHVWLVSUD\HU%HFDXVHRIWKHVHWKUHHUXQJVWKHUH
DUHDWKRXVDQGDQGRQHFRPELQDWLRQVSRVVLEOH
5HDOFRPSDVVLRQDSSHDUVRQO\DWWKHWKLUGUXQJZKHQVH[HQHUJ\EHFRPHV
SUD\HUWKHFRPSDVVLRQRIDEXGGKDWKHFRPSDVVLRQ$WLVKDLVWDONLQJDERXW
:KHQSDVVLRQKDVEHHQWUDQVIRUPHGVRWRWDOO\VRXWWHUO\WKDWLWLVQRPRUH
SDVVLRQDWDOOWKHQFRPSDVVLRQDSSHDUV5HDOFRPSDVVLRQDSSHDUVRQO\ZKHQ
\RXUVH[HQHUJ\KDVEHFRPHSUD\HU
%XWFRPSDVVLRQFDQDSSHDURQWKHVHFRQGUXQJWRRDQGFRPSDVVLRQFDQ
DSSHDURQWKHILUVWUXQJDOVR+HQFHWKHUHDUHVRPDQ\GLIIHUHQWFRPSDVVLRQV
)RUH[DPSOHLIFRPSDVVLRQDSSHDUVRQWKHILUVWUXQJZKHQ\RXDUHOLYLQJDWWKH
ORZHVWOHYHORIORYHHQHUJ\VH[WKHQFRPSDVVLRQZLOOEHMXVWDQHJRWULS7KHQ
FRPSDVVLRQZLOOEHYHU\HJRWLVWLF\RXZLOOHQMR\WKHLGHDRIEHLQJ




FRPSDVVLRQDWH<RXZLOOUHDOO\HQMR\WKHRWKHU
VVXIIHULQJEHFDXVHLWLVWKH
RWKHU
VVXIIHULQJWKDWLVJLYLQJ\RXWKHRSSRUWXQLW\WREHFRPSDVVLRQDWH
6RPHERG\KDVIDOOHQLQWKHULYHUDQGLVGURZQLQJ7KHVH[XDOSHUVRQFDQMXPSLQ
DQGVDYHKLPEXWKLVMR\LVWKDWKHZDVVRJRRGWKDWKHGLGVRPHWKLQJEHDXWLIXO
VRPHWKLQJJUHDW+HZLOOWDONDERXWLWZLWKSULGHKHZLOOEUDJDERXWLW&RPSDVVLRQ
RQWKHORZHVWUXQJWKDWRIVH[ZLOODSSHDURQO\DVDQHJRWULS
7KDW
VZKDWPLOOLRQVRIPLVVLRQDULHVDOORYHUWKHZRUOGDUHGRLQJVHUYLQJWKH
SRRUVHUYLQJWKHLOOVHUYLQJWKHXQHGXFDWHGDERULJLQDOVSULPLWLYHV%XWWKHZKROH
MR\LVWKDW,DPGRLQJVRPHWKLQJJUHDW7KH
,
LVVWUHQJWKHQHG7KDWLVDQXJO\
IRUPRIFRPSDVVLRQ,WLVFDOOHGGXW\'XW\LVDIRXUOHWWHUGLUW\ZRUG
7KHVHFRQGNLQGRIFRPSDVVLRQDSSHDUVZKHQORYHKDVDUULYHG7KHQ
FRPSDVVLRQLVV\PSDWK\\RXIHHO\RXUHDOO\IHHOIRUWKHRWKHU<RXIDOOLQWRD
KDUPRQ\ZLWKWKHRWKHUWKHRWKHU
VVXIIHULQJVWLUV\RX,WLVQRWVRPHWKLQJWREUDJ
DERXW2QWKHVHFRQGUXQJ\RXZLOOQHYHUWDONDERXW\RXUFRPSDVVLRQQHYHULW
LVQRWVRPHWKLQJWREHWDONHGDERXW,QIDFW\RXZLOOQHYHUIHHOWKDW\RXKDYHGRQH
DQ\WKLQJVSHFLDO\RXZLOOVLPSO\IHHO\RXKDYHGRQHZKDWVRHYHUZDVWREHGRQH
<RXZLOOVHHWKDWLWZDVKXPDQWRGRLW7KHUHLVQRWKLQJVSHFLDOLQLWQRWKLQJ
H[WUDRUGLQDU\\RXKDYHQRWDWWDLQHGVRPHVSLULWXDOPHULWLQGRLQJLW7KHUHLV
QRWKLQJOLNHPHULWLQLWLWZDVQDWXUDOVSRQWDQHRXV7KHQFRPSDVVLRQLV
EHFRPLQJPRUHVRIWPRUHEHDXWLIXO
$WWKHWKLUGUXQJZKHUHVH[HQHUJ\EHFRPHVSUD\HUFRPSDVVLRQDSSHDUVDV
HPSDWK\QRWHYHQV\PSDWK\EXWHPSDWK\6\PSDWK\PHDQVIHHOLQJWKH
RWKHU
VVXIIHULQJEXW\RXDUHVWLOODWDGLVWDQFHHPSDWK\PHDQVEHFRPLQJRQH
ZLWKWKHRWKHU
VVXIIHULQJQRWRQO\IHHOLQJLWEXWVXIIHULQJLWDFWXDOO\JRLQJLQWRLW
,IVRPHERG\LVFU\LQJV\PSDWK\PHDQV\RXIHHOIRUWKHRQHZKRLVFU\LQJ
HPSDWK\PHDQV\RXVWDUWFU\LQJ<RXDUHQRWRQO\LQDIHHOLQJVSDFH\RX
EHFRPHDWWXQHG\RXEHFRPHUHDOO\RQHDWRQHPHQWKDSSHQV
$PDQFDPHWR%XGGKDDQGDVNHG,DPYHU\ULFKDQG,KDYHQRFKLOGUHQDQG
P\ZLIHKDVDOVRGLHG1RZ,KDYHDOOWKHPRQH\LQWKHZRUOG,ZRXOGOLNHWRGR
VRPHPHULWRULRXVZRUN,ZRXOGOLNHWRGRVRPHWKLQJIRUWKHSRRUDQGWKH
GRZQWURGGHQ-XVWWHOOPHZKDWVKRXOG,GR"
$QGLWLVVDLG%XGGKDEHFDPHYHU\VDGDQGDWHDUUROOHGGRZQIURPKLVH\H
7KHPDQZDVYHU\PXFKSX]]OHG+HVDLG7HDUVLQ\RXUH\HV"$QG\RXORRNVR
VDGZK\"
%XGGKDVDLG<RXFDQQRWKHOSDQ\ERG\EHFDXVH\RXKDYHQRWHYHQKHOSHG
\RXUVHOI\HW$QG\RXFDQQRWGRDQ\WKLQJFRPSDVVLRQDWHEHFDXVH\RXUHQHUJLHV
DUHVWLOODWWKHORZHVW<RXUEDVHPHWDOKDVQRW\HWEHFRPHJROG,QIDFW%XGGKD
VDLG,DPIHHOLQJVRVRUU\IRU\RX<RXZDQWWREHRIVRPHKHOSWRSHRSOHEXW
\RXDUHQRW<RXGRQ
WH[LVW\HWEHFDXVHDZDUHQHVVKDVQRWKDSSHQHGDQG
ZLWKRXWDZDUHQHVVKRZFDQ\RXEH"<RXGRQ
WKDYHDUHDOFHQWHUIURPZKHUH
FRPSDVVLRQFDQIORZ
&RPSDVVLRQFDQKDYHWKHVHWKUHHFDWHJRULHVDQGORYHDOVRKDVWKUHH
FDWHJRULHV)LUVWVH[6H[VLPSO\PHDQV*LYHPHJLYHPHPRUHDQGPRUH,W
LVH[SORLWDWLRQLWLVZKDW0DUWLQ%XEHUFDOOVWKH,LWUHODWLRQVKLS<RXDUHDWKLQJ
DQG,ZDQWWRXVH\RX7KHPDQXVHVWKHZRPDQWKHZRPDQXVHVWKHPDQWKH
SDUHQWVXVHWKHFKLOGUHQDQGWKHFKLOGUHQXVHSDUHQWVIULHQGVXVHIULHQGV7KH\




VD\$IULHQGLVDIULHQGRQO\DIULHQGLQQHHGLVDIULHQGLQGHHG8VHUHGXFH
WKHRWKHULQWRDFRPPRGLW\
7ROLYHLQWKH,LWZRUOGLVWRPLVVWKHZKROHZRQGHURIH[LVWHQFH7KHQ\RXDUH
VXUURXQGHGE\WKLQJVQRWE\SHUVRQVQRWE\SHRSOHQRWE\OLIHEXWMXVW
PDWHULDOWKLQJV7KHSRRUHVWPDQLQWKHZRUOGLVRQHZKROLYHVLQWKH,LW
UHODWLRQVKLS6H[LVH[SORLWDWLRQ
/RYHLVWRWDOO\GLIIHUHQW/RYHLVQRWH[SORLWDWLRQ/RYHLVQRWDQ,LWUHODWLRQVKLSLW
LVDQ,WKRXUHODWLRQVKLS7KHRWKHULVUHVSHFWHGDVDSHUVRQLQKLVRZQULJKWWKH
RWKHULVQRWDWKLQJWREHXVHGWREHSRVVHVVHGWREHPDQLSXODWHG7KHRWKHULV
DQLQGHSHQGHQWSHUVRQDIUHHGRP7KHRWKHUKDVWREHFRPPXQLFDWHGZLWKQRW
H[SORLWHG/RYHLVDFRPPXQLFDWLRQRIHQHUJLHV
6H[LVRQO\*LYHPHJLYHPHJLYHPHPRUH+HQFHWKHVH[XDOUHODWLRQVKLSLV
FRQWLQXRXVO\WKDWRIZDUFRQIOLFWEHFDXVHWKHRWKHUDOVRVD\V*LYHPH%RWK
ZDQWPRUHDQGPRUHDQGQRERG\LVUHDG\WRJLYH+HQFHWKHFRQIOLFWWKHWXJRI
ZDU$QGRIFRXUVHZKRVRHYHUSURYHVPRUHVWURQJZLOOH[SORLWWKHRWKHU%HFDXVH
PDQKDVEHHQPXVFXODUO\VWURQJHUWKDQZRPDQKHKDVH[SORLWHGKHKDV
UHGXFHGZRPHQWRXWWHUQRQHQWLWLHVKHKDVGHVWUR\HGWKHVRXORIZRPHQ$QGLW
ZDVHDVLHUIRUKLPLIWKHVRXOZDVFRPSOHWHO\GHVWUR\HG
)RUFHQWXULHVZRPHQZHUHQRWDOORZHGWRUHDGLQPDQ\UHOLJLRQVZRPHQZHUH
QRWDOORZHGWRJRWRWKHWHPSOHZRPHQZHUHQRWDOORZHGWREHFRPHSULHVWV
:RPHQZHUHQRWDOORZHGDQ\SXEOLFOLIHDQ\VRFLDOOLIH7KH\ZHUHLPSULVRQHGLQ
WKHKRXVHVWKH\ZHUHFKHDSODERUWKHZKROHGD\ZRUNLQJZRUNLQJZRUNLQJ
$QGWKH\ZHUHUHGXFHGWRVH[REMHFWV7KHUHKDVQRWEHHQPXFKGLIIHUHQFH
EHWZHHQSURVWLWXWHVDQGZLYHVLQWKHSDVW7KHZLIHZDVUHGXFHGLQWRD
SHUPDQHQWSURVWLWXWHWKDW
VDOO7KHUHODWLRQVKLSZDVQRWDUHODWLRQVKLSLWZDVDQ
RZQHUVKLS
/RYHUHVSHFWVWKHRWKHU,WLVDJLYHDQGWDNHUHODWLRQVKLS/RYHHQMR\VJLYLQJ
DQGORYHHQMR\VWDNLQJ,WLVDVKDULQJLWLVDFRPPXQLFDWLRQ%RWKDUHHTXDOLQ
ORYHLQDVH[XDOUHODWLRQVKLSERWKDUHQRWHTXDO/RYHKDVDWRWDOO\GLIIHUHQW
EHDXW\WRLW
7KHZRUOGLVVORZO\VORZO\PRYLQJWRZDUGVORYHUHODWLRQVKLSVKHQFHWKHUHLV
JUHDWWXUPRLO$OOWKHROGLQVWLWXWLRQVDUHGLVDSSHDULQJWKH\KDYHWRGLVDSSHDU
EHFDXVHWKH\ZHUHEDVHGRQWKH,LWUHODWLRQVKLS1HZZD\VRIFRPPXQLFDWLRQ
QHZZD\VRIVKDULQJDUHERXQGWREHGLVFRYHUHG7KH\ZLOOKDYHDGLIIHUHQW
IODYRUWKHIODYRURIORYHRIVKDULQJ1RQSRVVHVVLYHWKH\ZLOOEHWKHUHZLOOEHQR
RZQHU
7KHQWKHKLJKHVWVWDWHRIORYHLVSUD\HU,QSUD\HUWKHUHLVFRPPXQLRQ,QVH[
WKHUHLVWKH,LWUHODWLRQVKLSLQORYHWKH,WKRXUHODWLRQVKLS0DUWLQ%XEHUVWRSV
WKHUHKLV-XGDLFWUDGLWLRQZRQ
WDOORZKLPWRJRIXUWKHU%XWRQHVWHSPRUHKDVWR
EHWDNHQWKDWLVQHLWKHU,QRUWKRXDUHODWLRQVKLSZKHUH,DQGWKRXGLVDSSHDU
DUHODWLRQVKLSZKHUHWZRSHUVRQVQRPRUHIXQFWLRQDVWZREXWIXQFWLRQDVRQH$
WUHPHQGRXVXQLW\DKDUPRQ\DGHHSDFFRUGWZRERGLHVEXWRQHVRXO7KDWLV
WKHKLJKHVWTXDOLW\RIORYH,FDOOLWSUD\HU
/RYHKDVWKHVHWKUHHVWDJHVDQGFRPSDVVLRQDFFRUGLQJO\KDVWKUHHVWDJHVDQG
ERWKFDQH[LVWLQGLIIHUHQWFRPELQDWLRQV
+HQFH'RURWK\.DSODQWKHUHDUHVRPDQ\NLQGVRIORYHDQGVRPDQ\NLQGVRI




FRPSDVVLRQ%XWWKHEDVLFWKHPRVWIXQGDPHQWDOLVWRXQGHUVWDQGWKLVWKUHH
UXQJODGGHURIORYH7KDWZLOOKHOS\RXWKDWZLOOJLYH\RXDQLQVLJKWLQWRZKHUH\RX
DUHZKDWNLQGRIORYH\RXDUHOLYLQJLQDQGZKDWNLQGRIFRPSDVVLRQLVKDSSHQLQJ
WR\RX:DWFK%HZDUHQRWWRUHPDLQFDXJKWLQLW7KHUHDUHKLJKHUUHDOPV
KHLJKWVWREHFOLPEHGSHDNVWREHDWWDLQHG
$QGWKHODVWTXHVWLRQ

%(/29('26+2
,'21
781'(567$1'<283/($6('21
7&21)86(0(,+$9(&20(
+(5(72$77$,1620(&/$5,7<
6XUDM\RXKDYHFRPHWRWKHZURQJSODFH&RQIXVLRQLVP\WHFKQLTXHWREULQJ
FODULW\<RXDUHIHHOLQJFRQIXVHGEHFDXVH\RXPXVWKDYHFRPHZLWKFHUWDLQ
SUHMXGLFHVDQG,DPVKDWWHULQJWKHP+HQFHWKHFRQIXVLRQKHQFH\RXDUHIHHOLQJ
FKDRV<RXKDGFRPHKHUHWREHPDGHPRUHFHUWDLQDERXW\RXUSUHMXGLFHV,DP
QRWKHUHWRKHOS\RXUSUHMXGLFHV,DPQRWKHUHWRKHOS\RXUWUDGLWLRQV\RXU
FRQGLWLRQLQJV0\ZRUNFRQVLVWVLQGHPROLVKLQJ\RXFRPSOHWHO\EHFDXVHRQO\
ZKHQ\RXDUHXWWHUO\GHPROLVKHGWKHQHZLVERUQ:KHQWKHROGFHDVHVWRH[LVW
WKHQHZDSSHDUVDQGWKDWQHZKDVFODULW\
&ODULW\LVQRWFHUWDLQW\FHUWDLQW\LVQRWFODULW\&ODULW\FRPHVQRWRXWRIPLQGDQG
LWVSURMHFWLRQVDQGLGHDVDQGSKLORVRSKLHVFODULW\FRPHVRXWRIWKHPLUURUOLNH
TXDOLW\RIQRPLQG&ODULW\VLPSO\PHDQVWKDW\RXKDYHQRLGHDRIZKDWLVWKDW
\RXKDYHQRSKLORVRSK\WRFOLQJWRWKDW\RXKDYHQRLGHRORJ\&KULVWLDQ+LQGX
0RKDPPHGDQFRPPXQLVWWKDW\RXDUHVLPSO\ZLWKRXWDQ\LGHRORJ\ZLWKRXW
DQ\SKLORVRSK\ZLWKRXWDQ\VFULSWXUHHPSW\XWWHUO\HPSW\
7KDWYLUJLQLW\LVFODULW\7KHQDOOGXVWLVJRQHDQGWKHPLUURUUHIOHFWVWKDWZKLFKLV
<RXVD\%HORYHG2VKR,GRQ
WXQGHUVWDQG\RX
,WLVQRWDTXHVWLRQRIXQGHUVWDQGLQJDWDOO,DPQRWWU\LQJLQDQ\ZD\WRPDNH
P\VHOIXQGHUVWRRGE\\RX,WLVQRWDTXHVWLRQRIXQGHUVWDQGLQJNQRZLQJLWLVD
TXHVWLRQRIIHHOLQJVHHLQJEHLQJ%XWWKDW
VZKDWKDSSHQVWRPDQ\SHRSOHWKH\
FRPHZLWKDFHUWDLQLGHDZLWKDFHUWDLQODQJXDJHWKDWWKH\XQGHUVWDQG,XVH
GLIIHUHQWPHWKRGVWKDWWKH\KDYHQHYHUHYHQKHDUGDERXW7KH\FRPHZLWKWKHLU
H[SHFWDWLRQVWKHLULGHRORJLHVWKHLUODQJXDJH,VSHDNDWRWDOO\GLIIHUHQWODQJXDJH
DQG,KDYHQRLGHRORJ\WRWHDFK\RX,KDYHQRWKLQJWRWHDFK\RX,DPQRWD
WHDFKHUDWDOO,KDYHQRWKLQJWRFRQYH\WR\RX,KDYHQRPHVVDJH<RXZLOOKDYH
WROHDUQP\ODQJXDJHRWKHUZLVHWKHUHLVJRLQJWREHPRUHDQGPRUH
PLVXQGHUVWDQGLQJDQGPRUHDQGPRUHFRQIXVLRQ

'LG\RXKHDUDERXWWKH3(OHFWXUHUZKRZHQWWRWKHGRFWRUDQGVDLG:KHQ,
ZDVWZHQW\LWZDVOLNHVWHHOVRVROLG,FRXOGQRWEHQGLWDWDOO:KHQ,ZDVWKLUW\
,FRXOGEHQGLWEXWRQO\DZHHELWPLQG\RX1RZ,
PVL[W\IRXU,FDQWLHDNQRWLQ
LW
$IWHUOLVWHQLQJWRWKLVWKHGRFWRUDVNHGZKDWLWZDVWKDWKHZDQWHGWRNQRZ$QG
WKHOHFWXUHUUHSOLHG$P,JHWWLQJVWURQJHUGRFWRU"
0HGLWDWHRYHULW'LIIHUHQWODQJXDJHV

$QLQH[SHULHQFHG\RXQJPDQYLVLWVDKRXVHRISURVWLWXWLRQ+HLVVXUSULVHGDWWKH




SROLWHQHVVRIWKHJLUO,QWKHPRUQLQJKHJHWVGUHVVHGDQGLVDERXWWRGHSDUW
+RZDERXWVRPHPRQH\"VD\VWKHJLUO
2KQRKHUHSOLHV\RXKDYHEHHQNLQGHQRXJKDOUHDG\
7KHWUDYHOLQJVDOHVZRPDQJRHVWREHGZLWKWKHIDUPHU
VVRQ7U\LQJWRJHW
VRPHWKLQJJRLQJVKHVD\VWRKLP:RXOG\RXWUDGHVLGHVZLWKPH"5ROORYHUPH
DQG,ZLOOUROORYHU\RXDQGZHZLOOEHPRUHFRPIRUWDEOH
2KWKDW
VDOOULJKWPD
DP,
OOMXVWZDONWR\RXUVLGHRIWKHEHG
+HGRHVVR7KLVKDSSHQVVHYHUDOPRUHWLPHV)LQDOO\VKHVD\V,GRQ
WWKLQN
\RXNQRZZKDW,UHDOO\ZDQW
<HV,GRKHUHSOLHV<RXZDQWWKHZKROHGDUQEHGEXW\RXDLQ
WJRQQDJHWLW
7KHGUDIWERDUGH[DPLQHUVH\HGWKHVZLVK\\RXQJPDQZLWKVXVSLFLRQ7KH\KDG
RUGHUVWRZDWFKRXWIRUSRWHQWLDOGUDIWHYDGHUVIHLJQLQJKRPRVH[XDOLW\$IWHU
VXEMHFWLQJWKHFKDSWRDQH[WHQVLYHSK\VLFDODQGSV\FKRORJLFDOH[DPLQDWLRQRQH
RIWKHH[DPLQHUVGHFODUHG:HOOIHOODKLWORRNVOLNH\RXDUHJRLQJWRPDNHD
JRRGOLWWOHVROGLHU
)DEXORXVUHSOLHGWKH\RXQJPDQ:KHQGR,PHHWKLP"

(QRXJKIRUWRGD\


WKHERRNRIZLVGRPWZHQW\GLRJHQHVDQGWKHGRJ
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
:+$7,67+,6$77$&+0(17720,6(5<"$1':+<,6,762',)),&8/7
72%(+$33<"

3UHP'DUVKDQPLVHU\KDVPDQ\WKLQJVWRJLYHWR\RXZKLFKKDSSLQHVVFDQQRW
JLYH,QIDFWKDSSLQHVVWDNHVDZD\PDQ\WKLQJVIURP\RX+DSSLQHVVWDNHVDOO
WKDW\RXKDYHHYHUKDGDOOWKDW\RXKDYHHYHUEHHQKDSSLQHVVGHVWUR\V\RX
0LVHU\QRXULVKHV\RXUHJRDQGKDSSLQHVVLVEDVLFDOO\DVWDWHRIHJROHVVQHVV
7KDWLVWKHSUREOHPWKHYHU\FUX[RIWKHSUREOHP7KDW
VZK\SHRSOHILQGLWYHU\
GLIILFXOWWREHKDSS\7KDW
VZK\PLOOLRQVRISHRSOHLQWKHZRUOGKDYHWROLYHLQ
PLVHU\KDYHGHFLGHGWROLYHLQPLVHU\,WJLYHV\RXDYHU\YHU\FU\VWDOOL]HGHJR
0LVHUDEOH\RXDUH+DSS\\RXDUHQRW,QPLVHU\FU\VWDOOL]DWLRQLQKDSSLQHVV
\RXEHFRPHGLIIXVHG
,IWKLVLVXQGHUVWRRGWKHQWKLQJVEHFRPHYHU\FOHDU0LVHU\PDNHV\RXVSHFLDO
+DSSLQHVVLVDXQLYHUVDOSKHQRPHQRQWKHUHLVQRWKLQJVSHFLDODERXWLW7UHHV
DUHKDSS\DQGDQLPDOVDUHKDSS\DQGELUGVDUHKDSS\7KHZKROHH[LVWHQFHLV
KDSS\H[FHSWPDQ%HLQJPLVHUDEOHPDQEHFRPHVYHU\VSHFLDOH[WUDRUGLQDU\
0LVHU\PDNHV\RXFDSDEOHRIDWWUDFWLQJSHRSOH
VDWWHQWLRQ:KHQHYHU\RXDUH
PLVHUDEOH\RXDUHDWWHQGHGWRV\PSDWKL]HGZLWKORYHG(YHU\ERG\VWDUWVWDNLQJ
FDUHRI\RX:KRZDQWVWRKXUWDPLVHUDEOHSHUVRQ":KRLVMHDORXVRID
PLVHUDEOHSHUVRQ":KRZDQWVWREHDQWDJRQLVWLFWRDPLVHUDEOHSHUVRQ"7KDW



ZRXOGEHWRRPHDQ
7KHPLVHUDEOHSHUVRQLVFDUHGIRUORYHGDWWHQGHGWR7KHUHLVJUHDWLQYHVWPHQW
LQPLVHU\,IWKHZLIHLVQRWPLVHUDEOHWKHKXVEDQGVLPSO\WHQGVWRIRUJHWKHU,I
VKHLVPLVHUDEOHWKHKXVEDQGFDQQRWDIIRUGWRQHJOHFWKHU,IWKHKXVEDQGLV
PLVHUDEOHWKHZKROHIDPLO\WKHZLIHWKHFKLOGUHQDUHDURXQGKLPZRUULHGDERXW
KLPLWJLYHVJUHDWFRPIRUW2QHIHHOVRQHLVQRWDORQHRQHKDVDIDPLO\IULHQGV
:KHQ\RXDUHLOOGHSUHVVHGLQPLVHU\IULHQGVFRPHWRYLVLW\RXWRVRODFH\RX
WRFRQVROH\RX:KHQ\RXDUHKDSS\WKHVDPHIULHQGVEHFRPHMHDORXVRI\RX
:KHQ\RXDUHUHDOO\KDSS\\RXZLOOILQGWKHZKROHZRUOGKDVWXUQHGDJDLQVW\RX
1RERG\OLNHVDKDSS\SHUVRQEHFDXVHWKHKDSS\SHUVRQKXUWVWKHHJRVRIWKH
RWKHUV7KHRWKHUVVWDUWIHHOLQJ6R\RXKDYHEHFRPHKDSS\DQGZHDUHVWLOO
FUDZOLQJLQGDUNQHVVPLVHU\DQGKHOO+RZGDUH\RXEHKDSS\ZKHQZHDOODUHLQ
VXFKPLVHU\
$QGRIFRXUVHWKHZRUOGFRQVLVWVRIPLVHUDEOHSHRSOHDQGQRERG\LVFRXUDJHRXV
HQRXJKWROHWWKHZKROHZRUOGJRDJDLQVWKLPLWLVWRRGDQJHURXVWRRULVN\,WLV
EHWWHUWRFOLQJWRPLVHU\LWNHHSV\RXDSDUWRIWKHFURZG+DSS\DQG\RXDUHDQ
LQGLYLGXDOPLVHUDEOH\RXDUHSDUWRIDFURZG+LQGX0RKDPPHGDQ&KULVWLDQ
,QGLDQ$UDELDQ-DSDQHVH+DSS\"'R\RXNQRZZKDWKDSSLQHVVLV",VLW+LQGX
&KULVWLDQ0RKDPPHGDQ"+DSSLQHVVLVVLPSO\KDSSLQHVV2QHLVWUDQVSRUWHG
LQWRDQRWKHUZRUOG2QHLVQRPRUHSDUWRIWKHZRUOGWKHKXPDQPLQGKDV
FUHDWHGRQHLVQRPRUHSDUWRIWKHSDVWRIWKHXJO\KLVWRU\2QHLVQRPRUHSDUW
RIWLPHDWDOO:KHQ\RXDUHUHDOO\KDSS\EOLVVIXOWLPHGLVDSSHDUVVSDFH
GLVDSSHDUV
$OEHUW(LQVWHLQKDVVDLGWKDWLQWKHSDVWVFLHQWLVWVXVHGWRWKLQNWKDWWKHUHZHUH
WZRUHDOLWLHVVSDFHDQGWLPH%XWKHVDLGWKDWWKHVHWZRUHDOLWLHVDUHQRWWZR
WKH\DUHWZRIDFHVRIWKHVDPHVLQJOHUHDOLW\+HQFHKHFRLQHGWKHZRUG
VSDFLRWLPHDVLQJOHZRUG7LPHLVQRWKLQJHOVHEXWWKHIRXUWKGLPHQVLRQRI
VSDFH(LQVWHLQZDVQRWDP\VWLFRWKHUZLVHKHZRXOGKDYHLQWURGXFHGWKHWKLUG
UHDOLW\DOVRWKHWUDQVFHQGHQWDOQHLWKHUVSDFHQRUWLPH7KDWWRRLVWKHUH,FDOOLW
WKHZLWQHVV$QGRQFHWKHVHWKUHHDUHWKHUH\RXKDYHWKHZKROHWULQLW\<RX
KDYHWKHZKROHFRQFHSWRIWULPXUWLWKUHHIDFHVRI*RG7KHQ\RXKDYHDOOWKH
IRXUGLPHQVLRQV7KHUHDOLW\LVIRXUGLPHQVLRQDOWKUHHGLPHQVLRQVRIVSDFHDQG
WKHIRXUWKGLPHQVLRQRIWLPH
%XWWKHUHLVVRPHWKLQJHOVHZKLFKFDQQRWEHFDOOHGWKHILIWKGLPHQVLRQEHFDXVH
LWLVQRWWKHILIWKUHDOO\LWLVWKHZKROHWKHWUDQVFHQGHQWDO:KHQ\RXDUHEOLVVIXO
\RXVWDUWPRYLQJLQWRWKHWUDQVFHQGHQWDO,WLVQRWVRFLDOLWLVQRWWUDGLWLRQDOLWKDV
QRWKLQJWRGRZLWKKXPDQPLQGDWDOO
<RXUTXHVWLRQLVVLJQLILFDQW'DUVKDQ:KDWLVWKLVDWWDFKPHQWWRPLVHU\"
7KHUHDUHUHDVRQV-XVWORRNLQWR\RXUPLVHU\ZDWFKDQG\RXZLOOEHDEOHWRILQG
ZKDWWKHUHDVRQVDUH$QGWKHQORRNLQWRWKRVHPRPHQWVZKHQRQFHLQDZKLOH
\RXDOORZ\RXUVHOIWKHMR\RIEHLQJLQMR\DQGWKHQVHHZKDWGLIIHUHQFHVDUH
WKHUH7KHVHZLOOEHWKHIHZWKLQJVZKHQ\RXDUHPLVHUDEOH\RXDUHD
FRQIRUPLVW6RFLHW\ORYHVLWSHRSOHUHVSHFW\RX\RXKDYHJUHDWUHVSHFWDELOLW\
\RXFDQHYHQEHFRPHDVDLQWKHQFH\RXUVDLQWVDUHDOOPLVHUDEOH7KHPLVHU\LV
ZULWWHQODUJHRQWKHLUIDFHVLQWKHLUH\HV%HFDXVHWKH\DUHPLVHUDEOHWKH\DUH
DJDLQVWDOOMR\7KH\FRQGHPQDOOMR\DVKHGRQLVPWKH\FRQGHPQHYHU\




SRVVLELOLW\RIMR\DVVLQ7KH\DUHPLVHUDEOHDQGWKH\ZRXOGOLNHWRVHHWKHZKROH
ZRUOGPLVHUDEOH,QIDFWRQO\LQDPLVHUDEOHZRUOGFDQWKH\EHWKRXJKWWREH
VDLQWV,QDKDSS\ZRUOGWKH\ZRXOGKDYHWREHKRVSLWDOL]HGPHQWDOO\WUHDWHG
7KH\DUHSDWKRORJLFDO
,KDYHVHHQPDQ\VDLQWVDQG,KDYHEHHQORRNLQJLQWRWKHOLYHVRI\RXUSDVW
VDLQWV1LQHW\QLQHRXWRIDKXQGUHGRIWKHPDUHVLPSO\DEQRUPDOQHXURWLFRU
HYHQSV\FKRWLF%XWWKH\ZHUHUHVSHFWHGDQGWKH\ZHUHUHVSHFWHGIRUWKHLU
PLVHU\UHPHPEHU7KHPRUHPLVHU\WKH\OLYHGWKURXJKWKHPRUHWKH\ZHUH
UHVSHFWHG7KHUHKDYHEHHQVDLQWVZKRZRXOGEHDWWKHLUERG\ZLWKDZKLSHYHU\
GD\LQWKHPRUQLQJDQGSHRSOHZRXOGJDWKHUWRVHHWKLVJUHDWDXVWHULW\
DVFHWLFLVPSHQDQFH$QGWKHJUHDWHVWZDVRQHZKRZRXOGKDYHZRXQGVDOORYHU
KLVERG\DQGWKHVHSHRSOHZHUHWKRXJKWWREHVDLQWV
7KHUHKDYHEHHQVDLQWVZKRKDYHGHVWUR\HGWKHLUH\HVEHFDXVHLWLVEHFDXVHRI
WKHH\HVWKDWRQHEHFRPHVDZDUHRIEHDXW\DQGOXVWDULVHV$QGWKH\ZHUH
UHVSHFWHGEHFDXVHWKH\KDGGHVWUR\HGWKHLUH\HV*RGKDGJLYHQWKHPH\HVWR
VHHWKHEHDXW\RIH[LVWHQFHWKH\EHFDPHEOLQGE\WKHLURZQGHFLVLRQ
7KHUHKDYHEHHQVDLQWVZKRFXWWKHLUJHQLWDORUJDQV$QGWKH\ZHUHUHVSHFWHG
YHU\PXFKWUHPHQGRXVO\IRUWKHVLPSOHUHDVRQWKDWWKH\KDGEHHQVHOI
GHVWUXFWLYHYLROHQWZLWKWKHPVHOYHV7KHVHSHRSOHZHUHSV\FKRORJLFDOO\LOO
7KHUHKDYHEHHQVDLQWVZKRKDYHEHHQZRUVKLSSHGEHFDXVHWKH\ZHUHFDSDEOH
RIIDVWLQJIRUORQJSHULRGVZHUHH[SHUWVLQIDVWLQJ,WLVDFHUWDLQH[SHUWLVH\RX
QHHGDOLWWOHWUDLQLQJ1RWPXFKLQWHOOLJHQFHLVQHHGHGWKHWUDLQLQJLVYHU\
RUGLQDU\DQGDQ\VWXSLGSHUVRQFDQJRWKURXJKLWDQGOHDUQLW<RXMXVWKDYHWREH
DEOHWRHQMR\VXIIHULQJDQGRQO\WKHLOOSHUVRQHQMR\VVXIIHULQJ,I\RXFDQ
UHPDLQIRUWHQWZHOYHGD\VRQDIDVWRQO\WKHILUVWIRXUILYHGD\VDUHGLIILFXOW
7KHQWKHERG\PHWDEROLVPEHFRPHVDWWXQHGWRQRWHDWLQJ,QIDFWLWVWDUWVHDWLQJ
LWVHOI
7KHERG\KDVDGXDOPHFKDQLVPLQLWIRUHPHUJHQF\SXUSRVHVWKHERG\KDVD
GXDOPHFKDQLVP<RXHDW\RXJHWHQHUJ\IURPWKHRXWVLGHEHFDXVHHYHU\GD\
\RXQHHGDFHUWDLQTXDQWLW\RIHQHUJ\WROLYHE\,I\RXGRQ
WGRWKDWWKHQWKH
ERG\KDVVRPHVWRUHGHQHUJ\IRUHPHUJHQF\WLPHVWKDW
VZKDWIDWLV)DWLV
HPHUJHQF\IRRGVWRUHGIRRG,IDSHUVRQLVQRUPDOKHDOWK\KHFDQOLYHIRUWKUHH
PRQWKVZLWKRXWIRRGWKDWPXFKIDWWKHERG\FRQWDLQV
,QWKHDQFLHQWGD\VZKHQWKHERG\ZDVGHYHORSLQJDQGPDQZDVFRPLQJGRZQ
IURPWKHWUHHVDQGZDVEHFRPLQJDKXQWHULWZDVQRWSRVVLEOHHYHU\GD\WRILQG
IRRG6RPHGD\V\RXZRXOGILQGLWVRPHGD\V\RXZRXOGQRWILQG0DQVWDUWHG
JDWKHULQJVRPHVWRUDJHLQVLGHWKHERG\KDVOHDUQHGWKLV
7KHPRUHDIUDLG\RXDUHRIWRPRUURZWKHPRUHIDW\RXZLOOJDWKHU7KDW
VZK\
ZRPHQJDWKHUPRUHIDW'RZQWKHDJHVWKH\KDYHEHHQPRUHDIUDLGWKH\KDYH
EHHQPDGHPRUHDIUDLGE\PHQ7KH\JDWKHUPRUHIDW$QGZRPHQDUHPRUH
FDSDEOHRIJRLQJRQDIDVWWKDQPHQ:RPHQQHHGPRUHIDWDOVREHFDXVHWKH\
ZLOOKDYHWRJRWKURXJKSUHJQDQF\DQGHDWLQJEHFRPHVGLIILFXOWLQSUHJQDQF\
7KH\ZLOOKDYHWRHDWWKHLURZQVWRUHGIRRG,QIDFWWREHRQDIDVWLVQRWKLQJEXW
HDWLQJ\RXUVHOILWLVFDQQLEDOLVP5HGXFHGWRWKHWUXWKDPDQZKRIDVWVLVD
FDQQLEDOKHHDWVKLPVHOI7KDW
VZK\ZKHQ\RXIDVWHYHU\GD\RQHRUWZR
SRXQGVRIZHLJKWVWDUWWRGLVDSSHDU:KHUHLVLWJRLQJ"<RXDUHHDWLQJLWLWLV




\RXUQHHGHYHU\GD\QHHG7KDWPXFKHQHUJ\LVXVHGE\\RXUPDFKLQHE\\RXU
ERG\
*UHDWVDLQWVZHUHGRLQJORQJIDVWVMXVWWRUWXULQJWKHPVHOYHV%XWLWLVQRWPXFKRI
DQLQWHOOLJHQWWKLQJ-XVWIRUDIHZGD\VWKHILUVWZHHNLWLVGLIILFXOWWKHVHFRQG
ZHHNLWLVYHU\HDV\WKHWKLUGZHHNLWEHFRPHVGLIILFXOWWRHDW7KHIRXUWKZHHN
\RXKDYHFRPSOHWHO\IRUJRWWHQ7KHERG\HQMR\VHDWLQJLWVHOIDQGIHHOVOHVV
KHDY\REYLRXVO\ZLWKQRSUREOHPVWRGLJHVW$QGWKHZKROHHQHUJ\WKDWLV
FRQWLQXRXVO\EHLQJXVHGLQGLJHVWLRQEHFRPHVDYDLODEOHWRWKHKHDG<RXFDQ
WKLQNPRUH\RXFDQFRQFHQWUDWHPRUH\RXFDQIRUJHWWKHERG\DQGLWVQHHGV
%XWWKHVHWKLQJVVLPSO\FUHDWHGPLVHUDEOHSHRSOHDQGDPLVHUDEOHVRFLHW\/RRN
LQWR\RXUPLVHU\DQG\RXZLOOILQGFHUWDLQIXQGDPHQWDOWKLQJVDUHWKHUH2QHLW
JLYHV\RXUHVSHFW3HRSOHIHHOPRUHIULHQGO\WRZDUGV\RXPRUHV\PSDWKHWLF<RX
ZLOOKDYHPRUHIULHQGVLI\RXDUHPLVHUDEOH7KLVLVDYHU\VWUDQJHZRUOG
VRPHWKLQJLVIXQGDPHQWDOO\ZURQJZLWKLW,WVKRXOGQRWEHVRWKHKDSS\SHUVRQ
VKRXOGKDYHPRUHIULHQGV%XWEHFRPHKDSS\DQGSHRSOHEHFRPHMHDORXVRI
\RXWKH\DUHQRPRUHIULHQGO\7KH\IHHOFKHDWHG\RXKDYHVRPHWKLQJWKDWLVQRW
DYDLODEOHWRWKHP:K\DUH\RXKDSS\"6RZHKDYHOHDUQHGGRZQWKHDJHVD
VXEWOHPHFKDQLVPWRUHSUHVVKDSSLQHVVDQGWRH[SUHVVPLVHU\,WKDVEHFRPH
RXUVHFRQGQDWXUH
0\VDQQ\DVLQVKDYHWRGURSWKLVZKROHPHFKDQLVP<RXKDYHWROHDUQKRZWREH
KDSS\DQG\RXKDYHWROHDUQWRUHVSHFWKDSS\SHRSOHDQG\RXKDYHWROHDUQWR
SD\PRUHDWWHQWLRQWRKDSS\SHRSOHUHPHPEHU7KLVLVDJUHDWVHUYLFHWR
KXPDQLW\'RQ
WV\PSDWKL]HWRRPXFKZLWKSHRSOHZKRDUHPLVHUDEOH,I
VRPHERG\LVPLVHUDEOHKHOSEXWGRQ
WV\PSDWKL]H'RQ
WJLYHKLPWKHLGHDWKDW
PLVHU\LVVRPHWKLQJZRUWKZKLOH/HWKLPNQRZSHUIHFWO\ZHOOWKDW\RXDUHKHOSLQJ
KLPEXW7KLVLVQRWRXWRIUHVSHFWWKLVLVVLPSO\EHFDXVH\RXDUHPLVHUDEOH
$QG\RXDUHQRWGRLQJDQ\WKLQJEXWWU\LQJWREULQJWKHPDQRXWRIKLVPLVHU\
EHFDXVHPLVHU\LVXJO\/HWWKHSHUVRQIHHOWKDWWKHPLVHU\LVXJO\WKDWWREH
PLVHUDEOHLVQRWVRPHWKLQJYLUWXRXVWKDW<RXDUHQRWGRLQJDJUHDWVHUYLFHWR
KXPDQLW\
%HKDSS\UHVSHFWKDSSLQHVVDQGKHOSSHRSOHWRXQGHUVWDQGWKDWKDSSLQHVVLV
WKHJRDORIOLIH6$7&+,7$1$1'7KH(DVWHUQP\VWLFVKDYHVDLG*RGKDV
WKUHHTXDOLWLHV+HLVVDWKHLVWUXWKEHLQJ+HLVFKLWFRQVFLRXVQHVV
DZDUHQHVV$QGXOWLPDWHO\WKHKLJKHVWSHDNLVDQDQGEOLVV:KHUHYHUEOLVVLV
*RGLV:KHQHYHU\RXVHHDEOLVVIXOSHUVRQUHVSHFWKLPKHLVKRO\$QG
ZKHUHYHU\RXIHHODJDWKHULQJZKLFKLVEOLVVIXOIHVWLYHWKLQNRILWDVDVDFUHG
SODFH
:HKDYHWROHDUQDWRWDOO\QHZODQJXDJHRQO\WKHQWKLVROGURWWHQKXPDQLW\FDQ
EHFKDQJHG:HKDYHWROHDUQWKHODQJXDJHRIKHDOWKZKROHQHVVKDSSLQHVV,W
LVJRLQJWREHGLIILFXOWEHFDXVHRXULQYHVWPHQWVDUHJUHDW
'DUVKDQWKDWLVZK\LWLVVRGLIILFXOWWREHKDSS\DQGVRHDV\WREHPLVHUDEOH
2QHWKLQJPRUHPLVHU\QHHGVQRWDOHQWVDQ\ERG\FDQDIIRUGLW+DSSLQHVV
QHHGVWDOHQWVJHQLXVFUHDWLYLW\2QO\FUHDWLYHSHRSOHDUHKDSS\
/HWWKLVVLQNGHHSLQ\RXUKHDUWRQO\FUHDWLYHSHRSOHDUHKDSS\+DSSLQHVVLVD
E\SURGXFWRIFUHDWLYLW\&UHDWHVRPHWKLQJDQG\RXZLOOEHKDSS\&UHDWHD
JDUGHQOHWWKHJDUGHQEORRPDQGVRPHWKLQJZLOOEORRPLQ\RX&UHDWHD




SDLQWLQJDQGVRPHWKLQJVWDUWVJURZLQJLQ\RXZLWKWKHJURZLQJSDLQWLQJ$VWKH
SDLQWLQJFRPHVWRWKHILQLVKDV\RXDUHJLYLQJWKHODVWWRXFKHVWRWKHSDLQWLQJ
\RXZLOOVHH\RXDUHQRPRUHWKHVDPHSHUVRQ<RXDUHJLYLQJWKHODVWWRXFKHVWR
VRPHWKLQJWKDWLVYHU\QHZLQ\RX
:ULWHDSRHPVLQJDVRQJGDQFHDGDQFHDQGVHH\RXVWDUWEHFRPLQJKDSS\
7KDW
VZK\LQP\FRPPXQHFUHDWLYLW\LVJRLQJWREHRXUSUD\HUWR*RG7KLV
FRPPXQHLVQRWJRLQJWREHRIWKRVHVDGORQJIDFHVZKRDUHQRWGRLQJDQ\WKLQJ
MXVWVLWWLQJXQGHUWUHHVRULQWKHLUKXWVYHJHWDWLQJ7KLVFRPPXQHLVJRLQJWREHD
FRPPXQHRIDUWLVWVSDLQWHUVSRHWVVFXOSWRUVGDQFHUVPXVLFLDQVDQGVR
PDQ\WKLQJVDUHWKHUHWREHGRQH
*RGKDVRQO\JLYHQ\RXDQRSSRUWXQLW\WREHFUHDWLYHOLIHLVDQRSSRUWXQLW\WREH
FUHDWLYH,I\RXDUHFUHDWLYH\RXZLOOEHKDSS\+DYH\RXVHHQWKHMR\LQWKHH\HV
RIDPRWKHUZKHQWKHFKLOGVWDUWVJURZLQJLQKHUZRPE"+DYH\RXVHHQWKH
FKDQJHWKDWKDSSHQVWRWKHZRPDQZKHQVKHEHFRPHVSUHJQDQW":KDWLV
KDSSHQLQJ"6RPHWKLQJLVIORZHULQJLQKHUVKHLVEHLQJFUHDWLYHVKHLVJRLQJWR
JLYHELUWKWRDQHZOLIH6KHLVXWWHUO\KDSS\WUHPHQGRXVO\MR\RXVDVRQJLVLQ
KHUKHDUW
:KHQWKHFKLOGLVERUQDQGWKHZRPDQVHHVWKHFKLOGIRUWKHILUVWWLPHVHHWKH
GHSWKRIKHUH\HVWKHMR\RIKHUEHLQJ6KHKDVJRQHWKURXJKPXFKSDLQIRUWKLV
MR\EXWVKHKDVQRWJRQHLQWRWKLVSDLQIRUWKHSDLQ
VVDNH6KHKDVVXIIHUHGEXW
KHUVXIIHULQJLVWUHPHQGRXVO\YDOXDEOHLWLVQRWDVFHWLFLWLVFUHDWLYH6KHKDV
VXIIHUHGWRFUHDWHPRUHMR\
:KHQ\RXZDQWWRFOLPEWRWKHKLJKHVWSHDNRIWKHPRXQWDLQVLWLVDUGXRXV$QG
ZKHQ\RXKDYHUHDFKHGWKHSHDNDQG\RXOLHGRZQZKLVSHULQJZLWKWKHFORXGV
ORRNLQJDWWKHVN\WKHMR\WKDWILOOV\RXUKHDUWWKDWMR\DOZD\VFRPHVZKHQHYHU
\RXUHDFKDQ\SHDNRIFUHDWLYLW\
,WQHHGVLQWHOOLJHQFHWREHKDSS\DQGSHRSOHDUHWDXJKWWRUHPDLQXQLQWHOOLJHQW
7KHVRFLHW\GRHVQRWZDQWLQWHOOLJHQFHWRIORZHU7KHVRFLHW\GRHVQRWQHHG
LQWHOOLJHQFHLQIDFWLWLVYHU\PXFKDIUDLGRILQWHOOLJHQFH7KHVRFLHW\QHHGVVWXSLG
SHRSOH:K\"EHFDXVHVWXSLGSHRSOHDUHPDQDJHDEOH,QWHOOLJHQWSHRSOHDUH
QRWQHFHVVDULO\REHGLHQWWKH\PD\REH\WKH\PD\QRWREH\%XWWKHVWXSLG
SHUVRQFDQQRWGLVREH\KHLVDOZD\VUHDG\WREHFRPPDQGHG7KHVWXSLGSHUVRQ
QHHGVVRPHERG\WRFRPPDQGKLPEHFDXVHKHKDVQRLQWHOOLJHQFHWROLYHRQKLV
RZQ+HZDQWVVRPHERG\WRGLUHFWKLPKHVHHNVDQGVHDUFKHVKLVRZQW\UDQWV
3ROLWLFLDQVGRQ
WZDQWLQWHOOLJHQFHWRKDSSHQLQWKHZRUOGSULHVWVGRQ
WZDQW
LQWHOOLJHQFHWRKDSSHQLQWKHZRUOGJHQHUDOVGRQ
WZDQWLQWHOOLJHQFHWRKDSSHQLQ
WKHZRUOG1RERG\UHDOO\ZDQWVLW3HRSOHZDQWHYHU\ERG\WRUHPDLQVWXSLGWKHQ
HYHU\ERG\LVREHGLHQWFRQIRUPLVWQHYHUJRHVRXWVLGHWKHIROGUHPDLQVDOZD\V
SDUWRIWKHPRELVFRQWUROODEOHPDQLSXODWDEOHPDQDJHDEOH
7KHLQWHOOLJHQWSHUVRQLVUHEHOOLRXV,QWHOOLJHQFHLVUHEHOOLRQ7KHLQWHOOLJHQW
SHUVRQGHFLGHVRQKLVRZQZKHWKHUWRVD\QRRU\HV7KHLQWHOOLJHQWSHUVRQ
FDQQRWEHWUDGLWLRQDOKHFDQQRWJRRQZRUVKLSSLQJWKHSDVWWKHUHLVQRWKLQJWR
ZRUVKLSLQWKHSDVW7KHLQWHOOLJHQWSHUVRQZDQWVWRFUHDWHDIXWXUHZDQWVWROLYH
LQWKHSUHVHQW+LVOLYLQJLQWKHSUHVHQWLVKLVZD\RIFUHDWLQJWKHIXWXUH
7KHLQWHOOLJHQWSHUVRQGRHVQRWFOLQJWRWKHGHDGSDVWGRHVQRWFDUU\FRUSVHV
+RZVRHYHUEHDXWLIXOWKH\KDYHEHHQKRZVRHYHUSUHFLRXVKHGRHVQRWFDUU\WKH




FRUSVHV+HLVILQLVKHGZLWKWKHSDVWLWLVJRQHDQGLWLVJRQHIRUHYHU
%XWWKHIRROLVKSHUVRQLVWUDGLWLRQDO+HLVUHDG\WRIROORZWKHSULHVWUHDG\WR
IROORZDQ\VWXSLGSROLWLFLDQUHDG\WRIROORZDQ\RUGHUDQ\ERG\ZLWKDXWKRULW\
DQGKHLVUHDG\WRIDOODWKLVIHHW:LWKRXWLQWHOOLJHQFHWKHUHFDQEHQRKDSSLQHVV
0DQFDQRQO\EHKDSS\LIKHLVLQWHOOLJHQWXWWHUO\LQWHOOLJHQW
0HGLWDWLRQLVDGHYLFHWRUHOHDVH\RXULQWHOOLJHQFH7KHPRUHPHGLWDWLYH\RX
EHFRPHWKHPRUHLQWHOOLJHQW\RXEHFRPH%XWUHPHPEHUE\LQWHOOLJHQFH,GRQ
W
PHDQLQWHOOHFWXDOLW\,QWHOOHFWXDOLW\LVSDUWRIVWXSLGLW\
,QWHOOLJHQFHLVDWRWDOO\GLIIHUHQWSKHQRPHQRQLWKDVQRWKLQJWRGRZLWKWKHKHDG
,QWHOOLJHQFHLVVRPHWKLQJWKDWFRPHVIURP\RXUYHU\FHQWHU,WZHOOVXSLQ\RX
DQGZLWKLWPDQ\WKLQJVVWDUWJURZLQJLQ\RX<RXEHFRPHKDSS\\RXEHFRPH
FUHDWLYH\RXEHFRPHUHEHOOLRXV\RXEHFRPHDGYHQWXURXV\RXVWDUWORYLQJ
LQVHFXULW\\RXVWDUWPRYLQJLQWRWKHXQNQRZQ<RXVWDUWOLYLQJGDQJHURXVO\
EHFDXVHWKDWLVWKHRQO\ZD\WROLYH
7REHDVDQQ\DVLQPHDQVWRGHFLGHWKDW,ZLOOOLYHP\OLIHLQWHOOLJHQWO\WKDW,ZLOO
QRWEHMXVWDQLPLWDWRUWKDW,ZLOOOLYHZLWKLQP\RZQEHLQJ,ZLOOQRWEHGLUHFWHG
DQGFRPPDQGHGIURPZLWKRXWWKDW,ZLOOULVNDOOWREHP\VHOIEXW,ZLOOQRWEH
SDUWRIDPRESV\FKRORJ\WKDW,ZLOOZDONDORQHWKDW,ZLOOILQGP\RZQSDWK
WKDW,ZLOOPDNHP\RZQSDWKLQWKHZRUOGRIWUXWK-XVWE\ZDONLQJLQWRWKH
XQNQRZQ\RXFUHDWHWKHSDWK7KHSDWKLVQRWDOUHDG\WKHUHMXVWE\ZDONLQJ\RX
FUHDWHLW
)RUVWXSLGSHRSOHWKHUHDUHVXSHUKLJKZD\VZKHUHFURZGVPRYH$QGIRU
FHQWXULHVDQGFHQWXULHVWKH\KDYHEHHQPRYLQJDQGJRLQJQRZKHUHJRLQJLQ
FLUFOHV7KHQ\RXKDYHWKHFRPIRUWWKDW\RXDUHZLWKPDQ\SHRSOH\RXDUHQRW
DORQH
,QWHOOLJHQFHJLYHV\RXWKHFRXUDJHWREHDORQHDQGLQWHOOLJHQFHJLYHV\RXWKH
YLVLRQWREHFUHDWLYH$JUHDWXUJHDJUHDWKXQJHUDULVHVWREHFUHDWLYH$QGRQO\
WKHQDVDFRQVHTXHQFH\RXFDQEHKDSS\\RXFDQEHEOLVVIXO
7KHVHFRQGTXHVWLRQ
%(/29('26+2
:+<&$1,5(0(0%(57+(86(/(667+,1*6)25<($56%871277+(
(66(17,$/21(6",)25*(77+((66(17,$/$/0267,00(',$7(/<
9HHUHQGUD\RXDUHIRUWXQDWHIRUWXQDWHLQWKHVHQVHWKDWDWOHDVW\RXKHDUWKH
HVVHQWLDO3HRSOHGRQ
WKHDUDWDOOVRWKHUHLVQRTXHVWLRQRIIRUJHWWLQJ3HRSOH
RQO\KHDUWKHQRQHVVHQWLDO0LQGIHHGVRQWKHQRQHVVHQWLDOWKHXVHOHVVWULYLD
7KHHVVHQWLDOLVDEHDXWLIXOZRUGLWFRPHVIURPHVVHQFH7KHHVVHQWLDOIHHGV
\RXUHVVHQFHKHQFHLWLVFDOOHGHVVHQWLDO7KHQRQHVVHQWLDORQO\GHFRUDWHV\RXU
VXUIDFHWKHQRQHVVHQWLDOUHPDLQVRQWKHFLUFXPIHUHQFHLWQHYHUUHDFKHVWRWKH
FHQWHURI\RXUEHLQJ2QO\WKHHVVHQWLDOUHDFKHVWRWKHFHQWHU
%XW\RXUFLUFXPIHUHQFHLVWKLFNLWGRHVQRWDOORZWKHHVVHQWLDOWRUHDFKWRWKH
FHQWHULWKLQGHUV,WLVDVWUDWHJ\RIWKHPLQGEHFDXVHLI\RXUEHLQJEHFRPHV
PRUHSRZHUIXOWKHPLQGORVHVLWVJULSRQ\RX7KHUHLVDJUHDWFRQIOLFWEHWZHHQ
WKHFLUFXPIHUHQFHDQGWKHFHQWHUZKRLVJRLQJWRGRPLQDWHZKRP"7KH
FLUFXPIHUHQFHLVGRPLQDWLQJ7KHFLUFXPIHUHQFHRQO\DOORZVWKDWZKLFKQRXULVKHV
LWDQGGRHVQRWDOORZWKDWZKLFKQRXULVKHVWKHHVVHQFHDQGHYHU\WKLQJKDVWR
SDVVWKURXJKWKHFLUFXPIHUHQFH




6FLHQWLVWVVD\WKDWRQO\WZRSHUFHQWLVDOORZHGWRUHDFKWRWKHFRUHQLQHW\HLJKW
SHUFHQWLVSUHYHQWHGIURPUHDFKLQJ7KDW
VZK\\RXKDYHSRRUVRXOVULFKPLQGV
DQGSRRUVRXOVNQRZOHGJHDEOHPLQGVEXWIRROLVKVRXOV<RXGRQ
WKDYHZLVGRP
8QOHVV\RXVWDUWGRLQJVRPHWKLQJGHOLEHUDWHO\DERXWLWWKLVLVJRLQJWRUHPDLQVR
0LQGORYHVWKHQRQHVVHQWLDOLWLVDOZD\VKXQJU\IRUJRVVLS6RPHWKLQJXWWHUO\
XVHOHVVDQGLWOLVWHQVVRDWWHQWLYHO\
,KDYHKHDUGDERXWDSULHVW+HZDVJLYLQJDGLVFRXUVHWRKLVFRQJUHJDWLRQDQG
DOPRVWHYHU\ERG\ZDVIDVWDVOHHSWKDW
VZKDWSHRSOHGRLQFKXUFKHVWHPSOHV
,QIDFWSHRSOHZKRVXIIHUIURPVOHHSOHVVQHVVWKH\JRWRWKHFKXUFKHVWRWKH
WHPSOHV,IHYHU\WKLQJIDLOVWUDQTXLOL]HUVGRQ
WZRUNDQ\PRUHMXVWJRWRD
UHOLJLRXVGLVFRXUVHLWQHYHUIDLOVLWLPPHGLDWHO\VXFFHHGV
6RDOPRVWHYHU\ERG\ZDVDVOHHS$QGWKDWZDVQRWWKHSUREOHPEHFDXVHWKH
SULHVWNQHZLWZDVKLVZKROHOLIH
VH[SHULHQFH%XWDIHZSHRSOHZHUHWKHUHZKR
ZHUHVQRULQJWRRDQGWKDWZDVDJUHDWGLVWXUEDQFH6RRXWIURPQRZKHUH
XQFRQQHFWHGZLWKWKHGLVFRXUVHKHVWDUWHGWHOOLQJDVWRU\
+HVDLG2QFHLWKDSSHQHG,ZDVSDVVLQJWKURXJKDGHVHUW7KHUHZDVQRERG\
MXVW,ZDVWKHUHZLWKP\GRQNH\DQGVXGGHQO\WKHGRQNH\VWDUWHGVSHDNLQJWR
PH
(YHU\ERG\ZDVIXOO\DZDNH(YHU\ERG\1RWDVLQJOHSHUVRQZDVDVOHHS$QG
WKHQKHGURSSHGWKHVWRU\WKHQDQGWKHUHVWDUWHGKLVGLVFRXUVHDJDLQ2QHPDQ
VWRRGXSDQGVDLG%XWZKDWKDSSHQHG":KDWGLGWKHGRQNH\VD\"
7KHSULHVWVDLG<RXDUHVRPXFKLQWHUHVWHGLQZKDWWKHGRQNH\VDLG\RXDOO
EHFDPHIXOO\DZDNH%XW\RXDUHQRWLQWHUHVWHGLQZKDW,DPVD\LQJ
0X]D'DL%RRDQ$UDEPHUFKDQWZDVLQWKHPDUNHWSODFHRQHGD\ZKHQKHIHOW
WHUULEOHFUDPSV+HMXVWFRXOGQ
WFRQWUROKLPVHOIDQGOHWRXWDORQJORXGIDUW
3HRSOHVWDUHGDWKLPIURPDOOVLGHV0RUWDOO\HPEDUUDVVHGKHUDQEDFNWRKLV
KRXVHSDFNHGKLVIHZEHORQJLQJVDQGMRXUQH\HGIDUDZD\)RU\HDUVKHWUDYHOHG
IURPWRZQWRWRZQEXWDOZD\VDYRLGHGKLVKRPHWRZQ
$WODVWDQROGDQGZHDU\PDQKHGHFLGHGWRUHWXUQ+HKDGJURZQDORQJEHDUG
DQGKLVIDFHKDGDJHGHQRXJKVRWKDWKHZDVVXUHKHZRXOGQRWEHUHFRJQL]HG
+LVKHDUWORQJHGIRUWKHROGIDPLOLDUVWUHHWV
2QFHLQWRZQKHZHQWGLUHFWO\WRWKHPDUNHWSODFH7KHUHWRKLVVXUSULVHKHVDZ
WKHVWUHHWKDGEHHQSDYHG+HWXUQHGWRWKHPDQQHDUHVWKLPDQGVDLG0\
IULHQGKRZVPRRWKWKLVVWUHHWLV:KHQE\WKHJUDFHRI$OODKZDVLWVRQHDWO\
SDYHG"
2KWKDWVDLGWKHPDQ7KDWZDVGRQHWKUHH\HDUVIRXUPRQWKVDQGWZRGD\V
DIWHU0X]D'DL%RRIDUWHGLQWKHPDUNHWSODFH

3HRSOHQHYHUIRUJHWWKHVWXSLGWKLQJVRIOLIH0X]D'DL%RRWKH\KDYHIRUJRWWHQ
QRERG\UHFRJQL]HVKLPEXWWKDWKDVEHFRPHVRPHWKLQJKLVWRULFDO
9HHUHQGUDLWLVVRZLWKHYHU\ERG\
VPLQGLWLVQRWKLQJVSHFLDOWR\RX
<RXVD\:K\FDQ,UHPHPEHURQO\WKHXVHOHVVWKLQJVDQGIRU\HDUVEXWQRWWKH
HVVHQWLDORQHV"
7KHHVVHQWLDORQHVDUHDJDLQVW\RXUPLQG7KHPLQGLVFRQWLQXRXVO\DIUDLGRI
DOORZLQJDQ\WUXWKWRHQWHU\RX,WILQGVDWKRXVDQGDQGRQHZD\VWRDYRLGWKH
WUXWKEHFDXVHWKHWUXWKLVJRLQJWRVKDWWHULW,WDOORZVRQO\WKDWZKLFKLV




VXSSRUWLYH$QGEHFDXVHPLQGLWVHOILVUXEELVKLWFROOHFWVUXEELVKDQGYHU\
MR\RXVO\
:KDW%XGGKDKDVVDLGZLOOEHIRUJRWWHQ%XGGKDXVHGWRUHSHDWHDFKVWDWHPHQW
WKUHHWLPHV2QFHVRPHERG\DVNHG:K\GR\RXUHSHDWWKUHHWLPHV"
+HVDLG%HFDXVH,NQRZWKHILUVWWLPH\RXGRQ
WKHDUDWDOO7KHVHFRQGWLPH
\RXKHDUEXW\RXKHDUVRPHWKLQJHOVHWKDW,KDYHQRWVDLG7KHWKLUGWLPH,KRSH
WKDW\RXKHDUWKDWZKLFKLVVDLGH[DFWO\WKDWZKLFKLVVDLG
,WLVYHU\GLIILFXOWWRUHDG%XGGKLVWVFULSWXUHVEHFDXVHHDFKVWDWHPHQWUHSHDWHG
WKUHHWLPHVEHFRPHVYHU\WLULQJ6RQRZWKH\KDYHLQYHQWHGDGHYLFHWKH\ZULWH
WKHVWDWHPHQWDQGWKH\PDNHWKUHHVWDUVVR\RXNQRZWKUHHWLPHVQRQHHGWR
UHDGWKUHHWLPHV
,IVRPHERG\FDPHWR%XGGKDWRVXUUHQGHUKHKDGWRVXUUHQGHUWKUHHWLPHV+H
KDGWRVD\EXGGKDPVKDUDQDPJDFKFKKDPLVDQJKDPVKDUDQDPJDFKFKKDPL
GKDPPDPVKDUDQDPJDFKFKKDPLWKUHHWLPHV:K\"%XGGKDLVUHSRUWHGWR
KDYHVDLG7KHILUVWWLPH\RXPD\KDYHVDLGLWEXWPD\QRWKDYHPHDQWLW7KH
VHFRQGWLPH\RXPD\KDYHPHDQWLWEXWPD\QRWKDYHPHDQWWKDWZKLFK,PHDQ
E\LW7KHWKLUGWLPH,KRSHWKDW\RXDUHH[DFWO\GRLQJZKDWLVH[SHFWHG
,WLVQRWDIRUPDOWKLQJWRVD\EXGGKDPVKDUDQDPJDFKFKKDPL,JRWRWKHIHHW
RIWKH%XGGKD,ILWLVIRUPDOLWLVPHDQLQJOHVV,I\RXDUHVLPSO\UHSHDWLQJLW
EHFDXVHRWKHUVDUHUHSHDWLQJLWLWLVXVHOHVV$QGSHRSOHDUHLPLWDWRUV

2QFHLWKDSSHQHG,ZDVVWD\LQJLQDKRXVHDQG,WROGWKHIULHQGZLWKZKRP,ZDV
VWD\LQJWKDWSHRSOHDUHLPLWDWRUV
+HVDLG$OO"
,VDLG$OO
+HVDLG7KHQJLYHPHDGHPRQVWUDWLRQ
,VDLG<RXZDLW
,WROGKLP:KHQWKHQH[WSHUVRQFRPHVWRVHHPHWKHPRPHQWKHHQWHUV\RX
WRXFKP\IHHWSXWDKXQGUHGUXSHHQRWHDWP\IHHW
$QGLWKDSSHQHGZKHQWKHQH[WSHRSOHFDPHWRVHHPHWKUHHSHRSOHFDPHWR
VHHPHWRJHWKHUKHLPPHGLDWHO\WRXFKHGP\IHHWDQGOHIWDKXQGUHGUXSHH
QRWHWKHUHDQGDOOWKUHHWRXFKHGP\IHHWDQGOHIWKXQGUHGUXSHHQRWHV
LPPHGLDWHO\
,VDLG:KDWGR\RXVD\QRZ"$QGWKHVHDUHWKHSHRSOHZKRKDYHEHHQFRPLQJ
WRVHHPHIRU\HDUVDQGQRWHYHQDVLQJOHSDLVDDQGVXGGHQO\KXQGUHGUXSHH
QRWHV
,DVNHGWKHP:K\GLG\RXGRWKLV"
7KH\VDLG:K\"EHFDXVHZHWKRXJKWPD\EHWKLVLVZKDWZHKDYHWRGR,ILW
LVEHLQJGRQHWKHQLWPXVWEHGRQH

3HRSOHDUHLPLWDWRUV,QWHPSOHVDQGPRVTXHVLQFKXUFKHV\RXZLOOILQGWKHP
ERZLQJGRZQ6RPHERG\LVERZLQJGRZQWRDFURVVZK\"&DQ\RXUHDOO\
DQVZHUZK\\RXJRRQERZLQJGRZQWRWKHFURVV"EHFDXVH\RXUSDUHQWVKDYH
EHHQGRLQJLW$QGDVNWKHSDUHQWV:K\"EHFDXVHWKHLUSDUHQWVKDYHEHHQ
GRLQJLWDQGVRRQDQGVRIRUWK3HRSOHVLPSO\LPLWDWH,PLWDWLRQLVHDV\LW
UHPDLQVRQWKHVXUIDFH,WLVQRWDFRPPLWPHQWFRPPLWPHQWJRHVWRWKHKHDUW




<RXZLOOKDYHWREHYHU\FRQVFLRXV\RXZLOOKDYHWROHDUQWZRWKLQJV2QHWKH
PRPHQW\RXVHHVRPHWKLQJQRQHVVHQWLDOLVWKHUHGRQ
WSD\DQ\DWWHQWLRQWRLW
E\SDVVLW7KHUHLVQRQHHGHYHQWRORRNDWLWWKHUHLVQRQHHGWRUHDGLW
,I\RXVWDUWUHDGLQJRQO\WKHHVVHQWLDORXUFLWLHVZLOOEHFRPHIDUPRUHEHDXWLIXO
EHFDXVHERDUGVDQGDGYHUWLVHPHQWVRQWKHZDOOVZLOOGLVDSSHDU7KH\DUHWKHUH
EHFDXVH\RXJRRQUHDGLQJWKHP$QGWKHVDPHWKLQJ/LYYDOLWWOHKRWVLSSD
*ROG6SRW:KHQHYHU\RXSDVVDJDLQ\RXUHDGLW/LYYDOLWWOHKRW,WLV
XQFRQVFLRXV$QGLI\RXUHDGLWWRRPDQ\WLPHV/LYYDOLWWOHKRWVLSSD*ROG
6SRWRQHGD\\RXZLOOVLSSD*ROG6SRW+RZORQJFDQ\RXDYRLGLW"
7KHZKROHDGYHUWLVLQJGHSHQGVRQ\RXUIRROLVKQHVV-XVWFRQVWDQWUHSHWLWLRQ
7KDW
VZK\WKHODWHVWWKLQJLVQRWWRKDYHIL[HGOLJKWVIRUDGYHUWLVHPHQWVWKH\JR
RQRII/LYYDOLWWOHKRW\RXKDYHUHDGRQFHWKHOLJKWJRHVRII,WFRPHVDJDLQ
/LYYDOLWWOHKRWDJDLQ\RXKDYHWRUHDGLW,ILWUHPDLQVFRQVWDQW\RXZLOOUHDGLW
RQO\RQFHDQG\RXZLOOJRKRPH%XWLILWFKDQJHVZKLOH\RXDUHSDVVLQJLW
FKDQJHVIRXURUILYHWLPHVWKHQIRXURUILYHWLPHV\RXKDYHWRUHDGLW
7KHZKROHVFLHQFHRIDGYHUWLVLQJGHSHQGVRQ\RXUIRROLVKQHVV-XVWJRRQ
UHSHDWLQJDQGSHRSOHVWDUWSXUFKDVLQJ$Q\WKLQJFDQEHVROG,QWKHROGGD\VWKH
HFRQRPLVWVXVHGWRVD\WKDWWKLVLVDIXQGDPHQWDOODZLWLVQRPRUH:KDWWKH\
XVHGWRWKLQNDIXQGDPHQWDOODZZDVZKHUHYHUWKHUHLVGHPDQGWKHUHLVVXSSO\
1RZLWLVMXVWYLFHYHUVDZKHUHYHUWKHUHLVVXSSO\WKHUHLVGHPDQG)LUVWVXSSO\
DQ\WKLQJMXVWFUHDWHDK\SQRWLFDWPRVSKHUHDERXWLWDQGDQ\WKLQJUHSHDWHGWRR
PDQ\WLPHVEHFRPHVDK\SQRVLV
%HZDUHRIWKHQRQHVVHQWLDO1RERG\FDQIRUFH\RXLI\RXDUHDZDUHWRFOLQJWR
WKHQRQHVVHQWLDO$QGLI\RXGRQ
WFOLQJWRWKHQRQHVVHQWLDOLI\RXGRQ
WJDWKHU
WKHQRQHVVHQWLDOSDVVDJHVZLOOEHDYDLODEOHIURPWKHFLUFXPIHUHQFHWRWKH
FHQWHUDQGWKHHVVHQWLDOFDQJRLQ
7KDW
VZK\LWKDSSHQVWRPDQ\VDQQ\DVLQV-XVWQRZ+DULGDVKDVVDLGWKDWKH
XVHGWRJRRXWVLGHWKHDVKUDPQRZLWLVEHFRPLQJPRUHDQGPRUHGLIILFXOWWRJR
RXWVLGH:K\LVLWEHFRPLQJPRUHDQGPRUHGLIILFXOWWRJRRXWVLGH"1RERG\LV
SUHYHQWHGIURPJRLQJRXWVLGHEXWLWEHFRPHVGLIILFXOWRQLWVRZQEHFDXVH\RX
VHHVRPXFKQRQVHQVHDQG\RXKDYHWRVHHLWEHFDXVHLWLVWKHUH\RXKDYHWR
OLVWHQWRLW
2QFH\RXKDYHVWDUWHGOLYLQJLQWKHHVVHQWLDOVORZO\VORZO\PDQ\WKLQJVWKDW\RX
XVHGWRGREHIRUHJRLQJWRWKHPRYLHVUHDGLQJWKHQRYHOVVHHLQJWKHWY
OLVWHQLQJWRWKHUDGLRJRVVLSLQJZLWKSHRSOHVWDUWGLVDSSHDULQJ$QGWKHHQHUJ\
WKDWLVLQYROYHGLQWKHPEHFRPHVDYDLODEOHIRUWKHHVVHQWLDO
%XGGKDKDVVDLGWKDWWKHVDQQ\DVLQVKRXOGQRWORRNPRUHWKDQIRXUIHHWDKHDG
ZKLOHKHLVZDONLQJRQWKHURDGMXVWIRXUIHHWDKHDG:K\"6RWKDW\RXQHHG
QRWVHHDOOWKDWLVJRLQJRQDURXQG,WLVEHDXWLIXOLWLVVLJQLILFDQW
/LVWHQWRWKDWZKLFKZLOOKHOS\RXUVRXOWRJURZ5HDGWKDWZKLFKZLOOSURYRNH
DVSLUDWLRQVIRU*RG6HHWKDWZKLFKZLOOJLYH\RXDQHZYLVLRQQHZH\HVFODULW\
/LIHLVVKRUWHQHUJ\LVOLPLWHG'RQ
WEHIRROLVKGRQ
WJRRQZDVWLQJLWRQWKH
QRQHVVHQWLDO%XW\RXKDYHWREHFRQVFLRXVRQO\WKHQWKHQRQHVVHQWLDOFDQEH
GURSSHG$QGWKHILUVWWKLQJLVWRGURSWKHQRQHVVHQWLDORQO\WKHQWKHVHFRQG
WKLQJLVSRVVLEOHWRJHWDWWXQHGZLWKWKHHVVHQWLDO
6HHLQJWKHIDOVHDVWKHIDOVHLVWKHEHJLQQLQJRIVHHLQJWKHWUXHDVWKHWUXH






7KHWKLUGTXHVWLRQ
%(/29('26+2
,6,7(9(53266,%/(723$,17$727$//<6$7,6)<,1*3$,17,1*"
3UHP0XUWLZKLOHSDLQWLQJHDFKPRPHQWFDQEHWRWDOO\VDWLVI\LQJ%XWRQFHWKH
SDLQWLQJLVFRPSOHWHLWFDQQHYHUEHWRWDOO\VDWLVI\LQJEHFDXVHLILWLVWRWDOO\
VDWLVI\LQJWKHSDLQWHUZLOOKDYHWRFRPPLWVXLFLGH7KHUHZLOOEHQRQHHGWROLYH
DQ\PRUH
7KDW
VZK\,VD\OLIHLVORQJLQJSXUHORQJLQJORQJLQJWRDWWDLQKLJKHUDQGKLJKHU
SHDNVORQJLQJWRJRGHHSHUDQGGHHSHULQWRH[LVWHQFH%XWHDFKPRPHQWFDQEH
XWWHUO\VDWLVI\LQJWKDWGLIIHUHQFHKDVWREHUHPHPEHUHG:KHQ\RXDUHSDLQWLQJ
HDFKEUXVKHDFKFRORUWKDW\RXWKURZRQWKHFDQYDVHDFKPRPHQWRILWLVWRWDOO\
VDWLVI\LQJ7KHUHLVQRWKLQJPRUHWRLW<RXDUHXWWHUO\ORVWSRVVHVVHGLI\RXDUH
DFUHDWRU
,I\RXDUHRQO\DWHFKQLFLDQWKHQLWLVQRWVR7KHWHFKQLFLDQLVQRWORVWZKLOHKHLV
SDLQWLQJKHLVVHSDUDWHIURPKLVSDLQWLQJ+HLVMXVWXVLQJKLVNQRZOHGJH+H
NQRZVKRZWRSDLQWWKDW
VDOO7KHUHLVQRWKLQJLQKLVKHDUWWRSDLQWQRYLVLRQ
QRSRHWU\QRVRQJ+HKDVQRWKLQJWRFUHDWHEXWMXVWWKHWHFKQRORJ\+HLVD
WHFKQLFLDQQRWDQDUWLVW+HFDQSDLQWEXWZKLOHSDLQWLQJLWLVQRWPHGLWDWLRQIRU
KLPLWLVQRWDORYHDIIDLUIRUKLP+HLVGRLQJLWKHLVDGRHUVHSDUDWH%XWWKH
FUHDWRULVQRWVHSDUDWHZKLOHKHLVFUHDWLQJKHLVRQHZLWKLW+HLVXWWHUO\ORVWKH
KDVIRUJRWWHQKLPVHOI
7KDW
VZK\ZKHQSDLQWHUVDUHSDLQWLQJWKH\IRUJHWDERXWIRRGIRUJHWDERXWWKLUVW
IRUJHWDERXWVOHHS7KH\IRUJHWDERXWWKHERG\VRPXFKWKDWWKH\FDQJRRQ
SDLQWLQJIRUHLJKWHHQKRXUVZLWKRXWIHHOLQJDWDOOWLUHG(DFKPRPHQWLVDEVROXWHO\
VDWLVI\LQJ
%XWRQFHWKHSDLQWLQJLVFRPSOHWHDJUHDWVDGQHVVGHVFHQGVRQWKHUHDOSDLQWHU
7KHVHGLIIHUHQFHVKDYHWREHUHPHPEHUHG:KHQWKHSDLQWLQJLVFRPSOHWHWKH
WHFKQLFLDQIHHOVYHU\KDSS\DJRRGMREGRQHILQLVKHG+HLVIHHOLQJWLUHGLWZDV
DORQJWLULQJSURFHVVQRFRQWHQWPHQWRQWKHZD\+HZDVMXVWZDLWLQJIRUWKH
UHVXOWKHZDVUHVXOWRULHQWHG+HZDQWHGWRILQLVKLWVRPHKRZDQGQRZLWLV
ILQLVKHG+HWDNHVDGHHSVLJKRIUHOLHI+HLVKDSS\QRWZKLOHKHLVSDLQWLQJEXW
RQO\ZKHQWKHSDLQWLQJLVFRPSOHWH
-XVWWKHRSSRVLWHKDSSHQVWRWKHFUHDWRU+HLVKDSS\ZKLOHKHLVSDLQWLQJRQFH
WKHSDLQWLQJLVFRPSOHWHDJUHDWVDGQHVVGHVFHQGVRQKLP6RLWLVRYHU"7KDW
SHDNWKDWFOLPD[WKDWRUJDVPLFH[SHULHQFHLVRYHU"7KDWWKULOOWKDWDGYHQWXUH
WKDWJRLQJLQWRWKHXQNQRZQLVRYHU"MXVWDVORYHUVIHHOVDGDIWHUDGHHS
RUJDVPDVXEWOHVDGQHVVEHDXWLIXOLQLWVHOIRIWUHPHQGRXVYDOXHIDUPRUH
YDOXDEOHWKDQWKHKDSSLQHVVRIWKHWHFKQLFLDQEHFDXVHRXWRIWKLVVDGQHVV
DQRWKHUSDLQWLQJZLOODULVHRXWRIWKLVVDGQHVVDQRWKHUORQJLQJWRVRDUKLJK
DQRWKHUDVSLUDWLRQWRUHDFKEH\RQGDQRWKHUVHDUFKDQRWKHULQTXLU\DQRWKHU
SUHJQDQF\7KHSDLQWHUZLOOEHSUHJQDQWVRRQZLOOIHHOIXOOVRIXOOWKDWKHZLOO
KDYHWRVKDUHLWDJDLQ
,WLVVDLGWKDWZKHQ*LEERQWKHJUHDWKLVWRULDQILQLVKHGKLVJUHDWZRUNDERXW
ZRUOGKLVWRU\7KLUW\WKUHH\HDUVLWWRRNWRILQLVKLWDQGKHZDVVRWUHPHQGRXVO\




KDSS\IRUWKRVHWKLUW\WKUHH\HDUVWKDWLWLVVDLGWKDWKHGLGQ
WDJH+HUHPDLQHG
H[DFWO\WKHVDPHDVLIWLPHQHYHUSDVVHGDVLIWLPHKDVVWRSSHG
%XWWKHGD\LWZDVILQLVKHGKHVWDUWHGFU\LQJ+LVZLIHFRXOGQRWEHOLHYHLW6KH
VDLG<RXDUHFU\LQJ"<RXVKRXOGEHKDSS\\RXVKRXOGGDQFH7KHZRUNLV
FRPSOHWH
*LEERQVDLG7KHZRUNLVFRPSOHWH1RZZKDWLVOHIWIRUPH"0\OLIHLV
FRPSOHWH$QGZLWKLQILYH\HDUVKHDJHGVRPXFKDQGE\WKHVHYHQWK\HDUKH
ZDVJRQH
,WLVVDLGWKDW9LQFHQWYDQ*RJKWKHJUHDW'XWFKSDLQWHUFRPPLWWHGVXLFLGHZKHQ
KHIHOWWKDWKHKDGGRQHWKHSHUIHFWSDLQWLQJ,WLVSRVVLEOH,IWKHSDLQWHUIHHOVWKH
SHUIHFWKDVKDSSHQHGWKHQWKHUHLVQRSRLQWLQOLYLQJ7KHFUHDWRUOLYHVWRFUHDWH
7KHVLQJHUOLYHVWRVLQJWKHGDQFHUOLYHVWRGDQFHWKHORYHUOLYHVWRORYHWKHWUHH
OLYHVWREORRPLILWKDVEORRPHGDQGWKHSHUIHFWIORZHUVKDYHFRPHWKHQZKDW
LVWKHSRLQWRISURORQJLQJDIXWLOHPHDQLQJOHVVH[LVWHQFH"
3UHP0XUWL\RXUTXHVWLRQLVVLJQLILFDQW<RXDVN,VLWSRVVLEOHWRSDLQWDWRWDOO\
VDWLVI\LQJSDLQWLQJ"
<HVDQGQR<HVZKLOH\RXDUHSDLQWLQJLWZLOOEHWRWDOO\VDWLVI\LQJ$QGQRRQFH
LWLVRYHU\RXZLOOIHHOJUHDWVDGQHVV%XWWKDWVDGQHVVLVDOVRFUHDWLYHEHFDXVHLW
LVRQO\RXWRIWKDWVDGQHVV\RXZLOODJDLQVWDUWPRYLQJWRZDUGVWKHVXQOLWSHDNV
$QGLQWKLVOLIHQRWKLQJUHDOO\LVHYHUSHUIHFWRUFDQHYHUEHSHUIHFW
<RXZLOOEHVXUSULVHGWKDW,EHOLHYHLQDQLPSHUIHFW*RG<RXZLOOEHVKRFNHG
EHFDXVHDWOHDVWDOOWKHUHOLJLRQVDUHDJUHHGRQRQHWKLQJWKDW*RGLVSHUIHFW,
GRQ
WDJUHHEHFDXVHLI*RGLVSHUIHFWWKHQ)ULHGULFK1LHW]VFKHLVULJKWWKDW*RG
LVGHDG*RGLVSHUIHFWO\LPSHUIHFWWKDWPXFK,FDQVD\+HQFHWKHUHLVJURZWK
HYROXWLRQKHQFHWKHUHLVPRYHPHQW,WLVDOZD\VDOZD\VFRPLQJFORVHUDQG
FORVHUWRSHUIHFWLRQEXWLWLVQHYHUSHUIHFWDQGLWZLOOQHYHUEHSHUIHFW
1RWKLQJHYHULVSHUIHFW,QIDFWLPSHUIHFWLRQKDVDEHDXW\RILWVRZQEHFDXVH
LPSHUIHFWLRQKDVDOLIH:KHQHYHUVRPHWKLQJLVSHUIHFWMXVWWKLQNFRQWHPSODWH
ZKHQHYHUVRPHWKLQJLVUHDOO\SHUIHFWOLIHZLOOGLVDSSHDUIURPLW
/LIHFDQH[LVWRQO\LIVRPHWKLQJLVVWLOOLPSHUIHFWDQGKDVWREHSHUIHFWHG/LIHLV
WKHHIIRUWWRSHUIHFWWKHLPSHUIHFW/LIHLVWKHDPELWLRQWRPDNHWKHXJO\EHDXWLIXO
6RPHWKLQJRILPSHUIHFWLRQLVDPXVWIRUOLIHWRH[LVWIRUOLIHWRJRRQJURZLQJDQG
IORZLQJ
1RWKLQJHYHULVSHUIHFW2ULIVRPHWKLQJDQ\WLPHKDSSHQVWREHSHUIHFWLQWKH
(DVWZHKDYHDULJKWYLVLRQRILW:HVD\ZKHQHYHUDSHUVRQEHFRPHVSHUIHFW
WKDWLVKLVODVWOLIH7KHVFULSWXUHVJLYHGLIIHUHQWUHDVRQVIRULWP\UHDVRQLVWRWDOO\
GLIIHUHQW,VD\\HVZKHQ%XGGKDLVSHUIHFWKHZLOOQRWFRPHEDFNEHFDXVH
SHUIHFWLRQPHDQVOLIHLVQRPRUHSRVVLEOH+HZLOOGLVDSSHDULQWRWKHFRVPRV
5DELQGUDQDWKDJUHDW,QGLDQSRHWDQGP\VWLFSUD\HGKLVODVWSUD\HUWR*RG
6HQGPHEDFN5HPHPEHU,DPQRWSHUIHFW6HQGPHEDFN<RXUZRUOGZDVWRR
EHDXWLIXODQG\RXJDYHPHVXFKDSUHFLRXVOLIH$QG,GRQ
WZDQWWRGLVDSSHDU
\HW,KDYH\HWWRVLQJPDQ\VRQJV,KDYH\HWWRSDLQWPDQ\SDLQWLQJVWKHUHLV
\HWPXFKLQP\KHDUWZKLFKQHHGVWREORRP6HQGPHEDFN,DPQRWSHUIHFW
6HQGPHEDFN
7KDWZDVKLVODVWSUD\HUKHGLHGSUD\LQJWKLVZD\,WLVRQHRIWKHPRVWEHDXWLIXO
SUD\HUVDQGRQHRIWKHPRVWEHDXWLIXOZD\VWRGLH+RZFDQRQHWKDQN*RGPRUH




WKDQWKLV"<RXUZRUOGZDVEHDXWLIXO,ORYHG\RXUZRUOG,ZDVQRWZRUWK\RILWEXW
\RXPDGHPH,DPQRWZRUWK\WREHVHQWEDFNEXWVWLOO\RXUFRPSDVVLRQLV
JUHDW$WOHDVWRQHWLPHPRUHVHQGPHEDFN
/LIHUHPDLQVJURZLQJ1RWKLQJHYHULVSHUIHFWRUZKHQHYHUVRPHWKLQJLVSHUIHFW
LWGLVDSSHDUVLWJRHVLQWRDQQLKLODWLRQ7KH%XGGKLVWZRUGLVQLUYDQD1LUYDQD
PHDQVDQQLKLODWLRQQLUYDQDPHDQVFHVVDWLRQ/LWHUDOO\QLUYDQDPHDQVEORZLQJ
RXWWKHFDQGOH-XVWDV\RXEORZRXWDFDQGOHDQGVXGGHQO\WKHOLJKWLVJRQH
JRQHIRUHYHUKDVGLVDSSHDUHGLQWRQRWKLQJQHVVWKDWLVQLUYDQD$OOWKH
EXGGKDVVD\ZKRVRHYHUEHFRPHVSHUIHFWPRYHVLQWRQLUYDQDJRHVLQWR
DQQLKLODWLRQ
'RQ
WKDQNHUIRUDSHUIHFWSDLQWLQJ0XUWLRWKHUZLVHWKHSDLQWHUZLOOGLH$QG\RX
KDYH\HWWRVLQJPDQ\VRQJV
$QGWKHSDLQWLQJFDQQRWEHSHUIHFWWKHVRQJDQGWKHGDQFHFDQQRWEHSHUIHFW
IRUDIHZPRUHUHDVRQV2QHZKHQ\RXYLVXDOL]HLWLQWKHGHHSHVWFRUHRI\RXU
KHDUWLWLVDWRWDOO\GLIIHUHQWWKLQJ:KHQ\RXVWDUWSDLQWLQJLW\RXDUHWUDQVODWLQJLW
IURPWKHVXEWOHWRWKHJURVV,QWKDWYHU\WUDQVIRUPLQJLQWKDWYHU\WUDQVODWLRQ
PXFKLVORVW
+HQFHQRSDLQWHUHYHUIHHOVVDWLVILHGZKHQKHILQLVKHVKLVSDLQWLQJ,WLVQRWWKH
VDPHDVWKDWZKLFKKHZDQWHGWRSDLQWVLPLODUEXWQRWWKHVDPH+HKDVVRPH
YLVLRQWRFRPSDUHLWKDVIDOOHQYHU\VKRUW+HQFHKHVWDUWVDQRWKHUSDLQWLQJ
5DELQGUDQDWKDJDLQKDVWREHUHPHPEHUHG+HZURWHVL[WKRXVDQGVRQJV
VHHPVWREHWKHJUHDWHVWSRHWWKHZRUOGKDVHYHUNQRZQDQGHDFKVRQJLVD
EHDXW\%XWZKHQKHZDVG\LQJKHZDVFU\LQJKHZDVVD\LQJWR*RG7KHVRQJ
WKDW,ZDQWHGWRVLQJ,KDYHQRWVXQJ\HW
$QROGIULHQGZDVE\WKHVLGHRIWKHEHGDQGWKHROGIULHQGVDLG:KDWDUH\RX
VD\LQJ"+DYH\RXJRQHPDG"<RXKDYHVXQJVL[WKRXVDQGVRQJV,Q(XURSH
6KHOOH\LVWKRXJKWWREHRQHRIWKHJUHDWHVWSRHWV+HKDVVXQJRQO\WZR
WKRXVDQGVRQJV<RXKDYHGHIHDWHGKLPWKUHHWLPHV<RXVKRXOGEHKDSS\DQG
FRQWHQWHG
5DELQGUDQDWKRSHQHGKLVWHDUILOOHGH\HVDQGKHVDLG,DPQRW<HVVL[
WKRXVDQGVRQJV,KDYHVXQJEXW\RXGRQ
WNQRZWKHLQQHUVWRU\7KHLQQHUVWRU\
LV,ZDQWHGWRVLQJRQO\RQHVRQJ%XWEHFDXVHLWQHYHUZDVSRVVLEOH,WULHG
RQFHIDLOHG,WULHGDJDLQ,IDLOHG6L[WKRXVDQGWLPHV,KDYHIDLOHG7KRVHDUHDOO
HIIRUWVDQG,DPQRWVDWLVILHGZLWKDQ\RIWKHP7KDWZKLFK,ZDQWHGWRVLQJLVVWLOO
XQVXQJ
,QIDFWQRERG\FDQVLQJLW
%XGGKDXVHGWRGHFODUHLQHYHU\WRZQZKHUHYHUKHZRXOGJR3OHDVHGRQ
WDVN
WKHVHHOHYHQTXHVWLRQV,QWKRVHHOHYHQTXHVWLRQVDOOLPSRUWDQWTXHVWLRQVZHUH
LQFOXGHG*RGVRXOGHDWKOLIHWUXWKHYHU\WKLQJLPSRUWDQWZDVLQFOXGHG:K\"
%HFDXVHKHZRXOGVD\WKH\FDQQRWEHDQVZHUHG1RWWKDW,GRQ
WNQRZEXWWR
EULQJWKHPWRZRUGVLVLPSRVVLEOH
7KHUHZDVDQDQFLHQWP\VWHULRXVZDOOZKLFKVWRRGDWWKHHGJHRIDYLOODJHDQG
ZKHQHYHUDQ\RQHFOLPEHGWKHZDOOWRORRNRQWRWKHRWKHUVLGHLQVWHDGRIFRPLQJ
EDFNKHVPLOHGDQGMXPSHGWRWKHRWKHUVLGHQHYHUWRUHWXUQ7KHLQKDELWDQWVRI
WKHYLOODJHEHFDPHFXULRXVDVWRZKDWFRXOGGUDZWKHVHEHLQJVWRWKHRWKHUVLGH
RIWKHZDOO$IWHUDOOWKHLUYLOODJHKDGDOOWKHQHFHVVLWLHVRIOLYLQJDFRPIRUWDEOH




OLIH
7KH\PDGHDQDUUDQJHPHQWZKHUHWKH\WLHGDSHUVRQ
VIHHWVRZKHQKHORRNHG
RYHUDQGZLVKHGWRMXPSWKH\FRXOGSXOOKLPEDFN
7KHQH[WWLPHVRPHRQHWULHGWRFOLPEWKHZDOOWRVHHZKDWZDVRQWKHRWKHUVLGH
WKH\FKDLQHGKLVIHHWVRKHFRXOGQRWJRRYHU+HORRNHGRQWKHRWKHUVLGHDQG
ZDVGHOLJKWHGDWZKDWKHVDZDQGVPLOHG7KRVHVWDQGLQJEHORZJUHZFXULRXVWR
TXHVWLRQKLPDQGSXOOHGKLPEDFN7RWKHLUJUHDWGLVDSSRLQWPHQWKHKDGORVWWKH
SRZHURIVSHHFK
7KRVHZKRKDYHVHHQFDQQRWVD\7KDWZKLFKKDVEHHQVHHQFDQQRWEHSDLQWHG
FDQQRWEHUHGXFHGWRZRUGV%XWVWLOOHDFKRQHKDVWRJLYHDWU\7KHZRUOGJRHV
RQEHFRPLQJPRUHDQGPRUHEHDXWLIXOEHFDXVHRIWKHVHHIIRUWV7KHZRUOGLV
EHDXWLIXOEHFDXVHRIWKHVL[WKRXVDQGVRQJVWKDW5DELQGUDQDWKWULHGDOWKRXJKKH
IDLOHGWRVLQJWKHVRQJWKDWKHZDQWHG7KRVHVL[WKRXVDQGIDLOXUHVKDYHPDGH
WKHZRUOGIDUPRUHEHDXWLIXOWKDQLWHYHUZDV,WZLOOQRWEHWKHVDPHZRUOGDJDLQ
WKRVHVL[WKRXVDQGVRQJVZLOOJRRQUHVRQDWLQJ
6RJRRQSDLQWLQJJRRQFUHDWLQJ<HW,WHOO\RXDJDLQDQGDJDLQ\RXZLOOQHYHU
EHVDWLVILHG,EOHVV\RXWKDW\RXVKRXOGQHYHUEHVDWLVILHGEXWOHWHDFKPRPHQW
RI\RXUFUHDWLYLW\EHDJUHDWFRQWHQWPHQW%XWZKHQVRPHWKLQJLVILQLVKHGPRYH
DKHDG<RXKDYHLQILQLWHFDSDFLWLHVWRFUHDWH\RXDUHXQOLPLWHG\RXGRQ
WKDYH
DQ\OLPLWVWR\RXUSRWHQWLDO<RXDUHQRWDZDUHZKDW\RXFDQGRDQG\RXZLOO
QHYHUEHDZDUHXQOHVV\RXGRLW
+HQFHWKHJUHDWHVWFUHDWRUVDUHDZDUHKRZSRRUKDVEHHQWKHLUFUHDWLRQ
EHFDXVHWKH\EHFRPHDZDUHPRUHDQGPRUHDZDUHKRZPXFKPRUHLV
SRVVLEOH7KHRUGLQDU\SHUVRQZKRKDVQHYHUFUHDWHGDQ\WKLQJLVQRWDZDUHZKDW
KHFDQGR7KHUHLVQRRWKHUZD\WRNQRZZKDW\RXFDQGRXQOHVV\RXGRLW$QG
ZKLOHGRLQJLW\RXFDQVHHWKDWZKDW\RXZDQWHGWRGRZKDWZDVYHU\FOHDULQ
\RXULQQHUZRUOGKDVEHFRPHYHU\GLPDQGRUGLQDU\ZKHQLWKDVEHHQEURXJKWWR
WKHRXWHU
<RXZLOOWU\DJDLQ(DFKHIIRUWZLOOEHFRPHEHWWHUDQGEHWWHUDQGEHWWHUPRUHDQG
PRUHSHUIHFWEXWQHYHUSHUIHFW

7KHIRXUWKTXHVWLRQ
%(/29('26+2
,$09(5<08&+$)5$,'2)6(;%(&$86(,$0$)5$,'2)'($7+,
+$9(%((172/'6,1&(0<&+,/'+22'%<0<62&,(7<$1'5(/,*,21
7+$7,7,66(;7+$7%5,1*6'($7+:+$7,67+(7587+$%287,7"

6XUHVKFDQ
W\RXVHHDVLPSOHIDFWWKDWHYHQ\RXUJUHDWVDLQWVGLH"%XGGKDDQG
&KULVWDQG=DUDWKXVWUDDQG/DR7]XZKHUHDUHWKH\",ILWLVWKURXJKVH[WKDW
GHDWKFRPHVWKHQ\RXUFHOLEDWHVPXVWEHDOLYHWKH\ZLOOQHYHUGLH7KHQDOOWKH
&DWKROLFPRQNVZLOOOLYHIRUHYHUDQGZLOOPDNHWKHZRUOGVRXJO\7KHQDOOWKH
QXQVZLOOOLYHIRUHYHUWKHZRUOGZLOOEHFRPHDPRQDVWHU\PRQNVDQGQXQV
PRQNVDQGQXQV
(YHU\ERG\GLHVGHDWKKDVQRWKLQJWRGRZLWKVH['HDWKKDVVRPHWKLQJWRGR
ZLWKELUWKDQGELUWKKDVDOUHDG\KDSSHQHGVRGHDWKFDQQRWEHDYRLGHGQRZ
2QHSDUWKDVDOUHDG\KDSSHQHGDQGWKHVHFRQGSDUWFDQQRWEHGLYLGHGDQG




VHSDUDWHGIURPLW
,QIDFWWKHSHRSOHZKRDUHYHU\VH[XDOOLYHORQJHVW7KDW
VZKDWVFLHQWLILF
UHVHDUFKHUVKDYHIRXQGWKHVH[XDOSHRSOHOLYHORQJHVW1RWRQO\WKDWWKHJUHDW
FUHDWRUVSDLQWHUVSRHWVPXVLFLDQVVLQJHUVDFWRUVWKH\DUHDOOYHU\VH[XDO
1RWKLQJKDV\HWEHHQVDLGDERXWWKHP\VWLFVEXW,VD\WR\RXWKHP\VWLFVDUH
WKHPRVWVH[XDOSHRSOHLQWKHZRUOG2IFRXUVHWKHLUVH[LVZLWKRXWDQ\REMHFW
WKH\DUHVLPSO\VH[XDO,WLVSXUHHQHUJ\SXUHORQJLQJSXUHGHVLUH7KH\GHVLUH
QRWKLQJWKHLUVH[KDVQRREMHFWLWLVXQDGGUHVVHGLWLVVLPSO\DWUHPHQGRXVSRRO
RIHQHUJ\%XWWKH\DUHVH[XDO
6H[LVOLIHDQGZKHUHYHU\RXVHHOLIH\RXZLOOILQGVH[VRPHZKHUHLQVRPHZD\
7KHGD\VH[GLVDSSHDUV\RXZLOOVWDUWG\LQJEHFDXVHLWLVVH[HQHUJ\WKDWNHHSV
\RXDOLYH'URSWKHIRROLVKLGHDVWKDW\RXKDYHEHHQWDXJKW7KLVKDVEHHQGRQH
WRPDQ\SHRSOHLQGLIIHUHQWZD\V$WKRXVDQGDQGRQHLQKLELWLRQVDQGWDERRV
KDYHEHHQFUHDWHGDQGWKHEHVWZD\WRPDNH\RXDIUDLGRIVH[LVWRDVVRFLDWHLW
ZLWKGHDWK7KLVLVWKHVLPSOHVLPSOHORJLFSULHVWVKDYHGLVFRYHUHG$QGSULHVWV
KDYHEHHQWKHPRVWFXQQLQJSHRSOHLQWKHZRUOG7KH\PXVWKDYHGLVFRYHUHGLQ
WKHYHU\EHJLQQLQJWKDWLI\RXMRLQVH[ZLWKGHDWKWKHQ\RXFDQPDNHSHRSOH
DIUDLGRIVH[2QFHWKH\DUHDIUDLGRIVH[WKH\DUHDIUDLGRILQWHOOLJHQFH
FUHDWLYLW\WKH\DUHDIUDLGRIEHLQJWKH\DUHDIUDLGRIIUHHGRPWKH\DUHUHDG\WR
EHFRPHVODYHV
'HDWKKDVQRWKLQJWRGRZLWKVH[6H[RUQRVH[GHDWKLVJRLQJWRKDSSHQ,Q
IDFWLI\RXFDQPRYHGHHSLQWRVH[DQGWUDQVIRUPLWVHQHUJ\LQWRORYHDQGFDQ
PRYHGHHSLQWRORYHDQGWUDQVIRUPLWVHQHUJ\LQWRSUD\HU\RXZLOOFRPHWRNQRZ
WKDWWKHUHLVQRGHDWK7KDWLVWKHRQO\ZD\WRNQRZVRPHWKLQJRILPPRUWDOLW\

7ZRPHQZHUHWDONLQJDQGLWFDPHRXWWKDWRQHRIWKHPZDVD0RUPRQ+RZ
PDQ\ZLYHVGR\RXKDYH"
2QO\RQH
+RZPDQ\ZLYHVGRHV\RXUIDWKHUKDYH"
2QO\RQHKHUHSOLHG%XWP\JUDQGIDWKHUKDGVL[W\ILYHZLYHV
0RUPRQVKDYHPDQ\ZLYHV
+RZGLGKHHYHUDUUDQJHKLVVH[OLIH"
7KDWZDVHDV\0\JUDQGIDWKHUOLYHGLQRQHKRXVHDQGDPLOHGRZQWKHURDGKLV
VL[W\ILYHZLYHVOLYHGLQDQRWKHUKRXVH+HKDGDUXQQHUDQGHDFKQLJKWIRU
H[DPSOHKHZRXOGWHOOKLVUXQQHUWRUXQGRZQWKHPLOHDQGWHOOZLIHQXPEHUWHQ
WRJHWUHDG\IRUWKHQLJKW7KHQH[WQLJKWKHZRXOGKDYHKLVUXQQHUUXQGRZQWKH
PLOHDQGKDYHZLIHQXPEHUWKLUW\ILYHJHWUHDG\DQGVRRQHWFHWHUD
<RXUJUDQGIDWKHUPXVWKDYHEHHQDUHPDUNDEOHPDQ%XWIRUJLYHP\FXULRVLW\,
ZDQWWRNQRZKRZORQJKHOLYHG
+HOOWKHROGPDQOLYHGWLOOKHZDVQLQHW\HLJKW\HDUVRIDJH$QGWKHIXQQ\SDUW
ZDVWKDWWKHUXQQHUGLHGDWWKHDJHRIILIW\ZKLFKSURYHVDJUHDWPRUDO,WLVQRW
WKHVH[WKDWNLOOV\RXEXWUDWKHUWKHUXQQLQJDIWHULW
7KHILIWKTXHVWLRQ
%(/29('26+2
<28$5($/:$<67$/.,1*$%287120,1''5233,1*7+(0,1'
%(&20,1*0,1'/(660<81'(567$1',1*2)7+,6,67+$7<28$5(




5()(55,1*127727+(:+2/(0,1'7+$7,61270,1'/(66,17+(
25',1$5<6(16(2)7+(:25'%8721/<727+$7$1$/<7,&$/
48$/,7<2)0,1':+,&+&$86(66(3$5$7,21$1'35(9(17625
+,1'(56(;3(5,(1&,1*$1<7+,1*727$//<$7$1<21(7,0(
%873(5+$36,+$9(0,6,17(535(7('<285:25'672),70<2:1
,'($6"

&DURO7LEEVWKLVLVZKDWWKHDQDO\WLFDOPLQGLV<HVWKDWLVH[DFWO\ZKDW,PHDQ
GURSSLQJWKHDQDO\WLFDOPLQG%XWZKHQ\RXGURSWKHDQDO\WLFDOPLQGQRWKLQJLV
OHIWEHFDXVHPLQGLVSXUHDQDO\VLVDQGQRWKLQJHOVH2QFHWKHDQDO\WLFDOPLQGLV
GURSSHGORJLFLVGURSSHGUHDVRQLVGURSSHGEHFDXVHWKRVHDUHPHWKRGVIRU
DQDO\VLV2QFHWKHDQDO\WLFDOPLQGLVGURSSHGZKDWLVOHIWRIWKRXJKW"7KRXJKWLV
EDVLFDOO\DQDO\WLFDOLWLVWKHSURFHVVRIFDWHJRUL]DWLRQODEHOLQJDQDO\]LQJ7KHQ
ZKDWLVOHIW"0LQGLVJRQHRQO\KHDUWLVOHIWLQWXLWLRQLVOHIW
%XWLI\RXORYHZRUGV\RXFDQVD\WKHV\QWKHWLFDOPLQGLVOHIW%XWWKDWPDNHV
QRGLIIHUHQFHDWDOOWKDWZLOOVLPSO\VKRZWKDW\RXDUHYHU\PXFKFOLQJLQJWR\RXU
DQDO\WLFDOPLQG1RZ\RXZLOOFDOOLWV\QWKHWLFDOPLQG
6LJPXQG)UHXGFUHDWHGDQDO\VLVSV\FKRDQDO\VLVDQGWKHQ$VVDJLROLFUHDWHG
V\QWKHVLVSV\FKRV\QWKHVLV$QGERWKDUHQRWEDVLFDOO\GLIIHUHQWERWKDUH
DVSHFWVRIWKHVDPHFRLQ6LJPXQG)UHXGWULHVWRDQDO\]HDQG$VVDJLROLWULHVWR
V\QWKHVL]HEXWZKHWKHU\RXDQDO\]HRUV\QWKHVL]H\RXXVHWKHVDPHPLQG
7KHUHLVDVWDWHFDOOHGQRPLQG,DPWDONLQJDERXWWKDW,WNQRZVQRWKLQJRI
DQDO\VLVQRWKLQJRIV\QWKHVLV,WVLPSO\NQRZVQRWLWLVLQQRFHQWRINQRZOHGJH,W
LVSXUHEHLQJSUHVHQFHDPLUURUWKDWUHIOHFWVWKDWZKLFKLV
&DURO7LEEVDQDO\]HDOLWWOHPRUH$QGWKHQ\RXZLOOILQGLIDQDO\VLVLVGURSSHG
WKHQQRWKLQJLVOHIWEHKLQG

7KHUHZDVRQFHDPDQZKRJRWLQWRDQHDUO\IDWDODXWRPRELOHDFFLGHQW+HVSHQW
DZHHNLQWKHKRVSLWDOLQDFRPDEHIRUHUHJDLQLQJFRQVFLRXVQHVV:KHQKH
FDPHWRWKHGRFWRUZDVDWKLVEHGVLGHDQGKHDVNHGWKHGRFWRUZKDWKDG
KDSSHQHG
7KHGRFWRUUHSOLHG:HOO,KDYHDOLWWOHEDGQHZVDQGDOLWWOHJRRGQHZV,ZLOOWHOO
\RXWKHEDGQHZVILUVW<RXKDYHEHHQLQDYHU\VHULRXVDXWRPRELOHDFFLGHQW
ZKLFKFUXVKHGERWKRI\RXUOHJV:KLOH\RXZHUHLQDFRPDZHKDGWRDPSXWDWH
ERWKOHJVLQRUGHUWRVDYH\RXUOLIH
2KP\*RGFULHGWKHPDQ<RXPHDQERWKP\OHJVKDYHEHHQFXWRII",ZLOO
QHYHUEHDEOHWRZDONDJDLQ",ZLOOKDYHWRVSHQGWKHUHVWRIP\OLIHLQD
ZKHHOFKDLU"2KWKLVLVWKHZRUVWWKLQJWKDWFRXOGKDSSHQVDLGWKHPDQLQGHHS
DQJXLVK*DWKHULQJKLPVHOIWRJHWKHUDELWKHTXHULHG:HOOZKDWLVWKHJRRG
QHZV"
5HSOLHGWKHGRFWRU7KHPDQGRZQWKHKDOOZD\KDVRIIHUHGWREX\\RXUVKRHVIRU
HOHYHQGROODUV
2QFHWKHDQDO\WLFDOPLQGLVJRQHZKDWLVOHIW"-XVWWKHVKRHV\RXFDQVHOO
WKHP%XWHYHQIRUHOHYHQGROODUVLWLVQRWVXFKJRRGQHZV

$QGWKHODVWTXHVWLRQ




%(/29('26+2:+2,6$/$=<0$1"
3UHP1LUYDQLWGHSHQGV7RDZRUNDKROLFWKHDQVZHUZLOOEHWRWDOO\GLIIHUHQW7R
DZRUNDKROLFDOPRVWHYHU\ERG\LVOD]\%XWWRWKHOD]LHVWDOPRVWHYHU\ERG\LVD
ZRUNDKROLF
,WKDSSHQHG7KHUHZDVDQHPSHURULQ-DSDQZKRZDVKLPVHOIYHU\OD]\DQG
ORYHGOD]\SHRSOH/D]\SHRSOHDUHJRRGSHRSOHWKH\KDYHQHYHUEHHQ
PLVFKLHYRXVWKH\FDQQRWEHEHFDXVHPLVFKLHIQHHGVDFWLYLW\<RXKDYHWREH
YHU\DFWLYHRQO\WKHQ\RXFDQEHPLVFKLHYRXV-XVWWKLQNLI$OH[DQGHUWKH*UHDW
KDGEHHQDOLWWOHOD]\$GROI+LWOHUDOLWWOHOD]\0RUDUML'HVDLDOLWWOHOD]\WKHZRUOG
ZRXOGKDYHEHHQVREHDXWLIXO$OOWKHPLVFKLHIFRPHVIURPWKHDFWLYHSHRSOH
/D]\SHRSOHKDYHQHYHUGRQHDQ\KDUPWKDWPXFKFDQEHDEVROXWHO\VDLG
7KHNLQJORYHGOD]\SHRSOH+HVDLGWRKLVSULPHPLQLVWHU1RERG\KDVGRQH
DQ\WKLQJIRUWKHVHEHDXWLIXOSHRSOHFDOOHGOD]\,ZDQWWRGRVRPHWKLQJ,WLVQRW
WKHLUIDXOWWKDWWKH\DUHOD]\*RGKDVPDGHWKHPWKDWZD\$QGLQDZD\WKH\DUH
YHU\JRRGEHFDXVHWKH\GRQ
WKDUPDQ\ERG\7KH\QHHGVWDWHSURWHFWLRQ6R\RX
GHFODUHWKDWZKRVRHYHULVOD]\FDQFRPHDQGEHSDUWRIWKHSDODFH+HKDVWREH
VHUYHGDVDJRYHUQPHQWJXHVWDQGKHFDQOLYHKLVOD]\OLIHZLWKRXWDQ\ZRUU\DQG
ZLWKRXWDQ\WRUWXUHIURPWKHVRFDOOHGDFWLYHSHRSOH
7KHSULPHPLQLVWHUVDLG,WZLOOEHYHU\GLIILFXOWEHFDXVHPDQ\ZKRDUHQRWOD]\
ZLOODOVRFRPHDQGWKHUHZLOOEHJUHDWGLIILFXOW\KRZWRGHFLGHZKRLVZKR
$QGWKDW
VH[DFWO\ZKDWKDSSHQHG7KRXVDQGVRISHRSOHVWDUWHGFRPLQJ7KH
NLQJZDVSX]]OHGKHKDGQHYHUWKRXJKWWKDWVRPDQ\SHRSOHDUHOD]\7KHQD
GHYLFHZDVPDGHWKH\ZHUHDOOSODFHGLQVWUDZKXWVDQGLQWKHPLGGOHRIWKH
QLJKWILUHZDVSXWWRWKHVWUDZKXWV$OPRVWHYHU\ERG\UDQRXWH[FHSWIRXUWKH\
VLPSO\ZHQWLQVLGHWKHLUEODQNHWVWKH\UHIXVHGWRPRYHRXW7KH\VDLG,I*RG
ZDQWVWRNLOOXVLW
VRND\,IKHZDQWVWRVDYHXVKHZLOOILQGVRPHZD\
6RWKRVHIRXUZHUHDFFHSWHGDVUR\DOJXHVWV7KH\ZHUH
,WLVGLIILFXOWKRZWRGHFLGH"$OH[DQGHUWKRXJKWWKDW'LRJHQHVZDVOD]\DQG
'LRJHQHVWKRXJKWWKDW$OH[DQGHUZDVPDG$OH[DQGHUWULHGWRFRQTXHUWKHZKROH
ZRUOGWKLVLVVKHHUPDGQHVVDQG'LRJHQHVZDVVROD]\WKDWKHUHPDLQHG
QDNHGEHFDXVHLWZDVVXFKDERWKHUDWLRQWRSXWWKHFORWKHVRQDQGRII$QGWKHQ
VRPHWLPHV\RXKDYHWRZDVKWKHPDQG\RXKDYHWRORRNIRU%DKDGXUDQGWKH
VRDSDQGWKLVDQGWKDWLWLVDORQJVHTXHQFHRIWKLQJV
'LRJHQHVKDGRQO\RQHEHJJLQJERZO7KDWWRRRQHGD\KHWKUHZLQWKHULYHU
EHFDXVHLWZDVVXFKDERWKHUDWLRQWRFOHDQLW$QGWKHGD\KHWKUHZLWKHVDZD
GRJWKDWJDYHKLPWKHLQVSLUDWLRQ+HZDVJRLQJWRZDUGVWKHULYHUWKLUVW\ZLWKKLV
EHJJLQJERZODQGWKHGRJZDVDOVRWKLUVW\DQGKHZDVDOVRJRLQJWRWKHULYHU
7KHGRJUDQIDVWMXPSHGLQWRWKHULYHUGUDQNWRKLVKHDUW
VFRQWHQW$QG
'LRJHQHVWKRXJKW6RWKHGRJLVIDUPRUHLQWHOOLJHQW:LWKRXWDQ\EHJJLQJERZO
DQGKHLVGRLQJZHOO:K\GR,JRRQFDUU\LQJWKLVZHLJKW"+HWKUHZWKHEHJJLQJ
ERZOKHWKDQNHGWKHGRJWKH\EHFDPHIULHQGV7KH\EHFDPHVRIULHQGO\WKDW
WKH\VWDUWHGVKDULQJWKHSODFHZKHUHWKHGRJXVHGWROLYH'LRJHQHVDOVR
VWDUWHGOLYLQJ,WZDVMXVWDELJSLSHWKHGRJXVHGWROLYHWKHUHWKDWEHFDPHWKH
KRXVHRI'LRJHQHVWRR
:KHQ$OH[DQGHUZHQWWRVHH'LRJHQHVQDWXUDOO\SRODURSSRVLWHVDUHDOZD\V
DWWUDFWHGKHZDVO\LQJGRZQRQWKHVDQGE\WKHVLGHRIWKHULYHULQWKHHDUO\




PRUQLQJVXQZDUPQDNHGKHZDVHQMR\LQJVLQJLQJDVRQJ7KHGRJZDVVLWWLQJ
E\KLVVLGHDOVRHQMR\LQJWKHPRUQLQJ$OH[DQGHUFDPHZLWKDOOKLV
SDUDSKHUQDOLDWKHJHQHUDOVDQGWKHSULPHPLQLVWHUVDQGWKH\GHFODUHGDVZDV
SDUWRIWKHFRXUWPDQQHULVPWKDW$OH[DQGHUWKH*UHDWLVKHUH
'LRJHQHVORRNHGDWWKHGRJDQGODXJKHG$OH[DQGHUFRXOGQRWXQGHUVWDQGZK\
KHORRNHGDWWKHGRJKHDVNHGZK\'LRJHQHVVDLG,ORRNHGDWWKHGRJEHFDXVH
RQO\KHZLOOXQGHUVWDQG7KHVHIRROVWKDW\RXKDYHEURXJKWZLWK\RXWKH\ZLOOQRW
XQGHUVWDQGDWDOO7KLVGRJLVYHU\ZLVH,QWKHILUVWSODFHKHQHYHUVSHDNVVR
ZLVHQHYHUXWWHUVDZRUGMXVWNHHSVHYHU\WKLQJVHFUHW$QGKHLVWKHRQO\RQH
ZKRFDQXQGHUVWDQGWKDWRQHZKRGHFODUHVWKDWKHLVJUHDWFDQ
WEH*UHDWQHVV
QHHGQRWEHGHFODUHGLWLVWKHUHRULWLVQRWWKHUH
6KRFNHG$OH[DQGHUFRXOGQRWEHOLHYHWKDWWKLVZRXOGEHWKHZD\KHZRXOGEH
UHFHLYHGEXWVWLOOKHZDVLPSUHVVHGE\WKHPDQKHZDVVRMR\RXV+HVDLG,
IHHODOLWWOHMHDORXVRI\RX1H[WWLPHLI*RGDVNVPH
$OH[DQGHUZKDWGR\RX
ZDQWWREHFRPH"
,ZLOODVNWREHFRPH'LRJHQHV
'LRJHQHVDJDLQORRNHGDWWKHGRJ$QGLWLVVDLGWKDWWKHGRJVPLOHG$OH[DQGHU
FRXOGQRWEHOLHYHZKDWZDVKDSSHQLQJZKDWZDVWUDQVSLULQJ+HVDLG:KDWLV
WKHPHDQLQJRILW"
'LRJHQHVVDLG,WLVVRIRROLVKWRZDLWIRUWKHQH[WOLIH:HOLYHPRPHQWWR
PRPHQWPHDQGP\IULHQGDQG\RXDUHKRSLQJIRUWKHQH[WOLIH,I\RXDUHVR
MHDORXVRI'LRJHQHVZKRLVSUHYHQWLQJ\RX",V*RGSUHYHQWLQJ\RX"7KURZRII
WKHFORWKHVDQGWHOOWKHVHIRROLVKSHRSOHWRJR$QGWKHEDQNLVVRELJZHFDQ
VKDUH7KDWLVRXUKRXVH)LUVWRQO\WKHGRJXVHGWROLYHKHUHWKHQ,EHFDPHD
SDUWRILW\RXFDQDOVREHFRPHDSDUWRILW:HKDYHQRWKLQJHOVHVRWKHUHLVQR
TXDUUHOQRFRPSHWLWLRQQRWKLQJ
,WPXVWKDYHEHHQRQHRIWKHJUHDWHVWPRPHQWVLQKLVWRU\-XVWWRWKLQNRILW
$OH[DQGHUVDLG,DPKDSS\WKDW,FDPH,KDYHVHHQDPDQZRUWKVHHLQJ&DQ,
GRVRPHWKLQJIRU\RX"
'LRJHQHVVDLG<RXMXVWPRYHDOLWWOHWRWKHOHIWEHFDXVH\RXDUHKLQGHULQJWKH
VXQ1RWKLQJHOVHLVQHHGHGEHFDXVHZHGRQ
WQHHGDQ\WKLQJ
<RXDVNPH:KRLVDOD]\PDQ"
,WLVYHU\UHODWLYH0\RZQVXJJHVWLRQLVDFWRQO\ZKHQLWLVHVVHQWLDO$QGHYHQ
ZKLOHGRLQJWKLQJVGRQ
WEHFRPHDGRHUEHFRPHDQRQGRHU/HW*RGGRWKLQJV
WKURXJK\RXWKHQDFWLRQDQGLQDFWLRQDUHRQH
7KDW
VZKDW/DR7]XVD\V:XZHLDFWLRQWKURXJKLQDFWLRQ7KHQDFWLRQDQG
OD]LQHVVDUHQRPRUHRSSRVLWHEXWFRPSOHPHQWDULHV$UHDOPDQZLOOKDYHERWK
WKHFDSDFLWLHVKHFDQDFWKHFDQEHOD]\KHFDQUHVW
:KDWRUGLQDULO\KDSSHQVLVWKDWSHRSOHEHFRPHDGGLFWHGHLWKHUWRZRUNRUWR
OD]LQHVVDQGWKDWLVZURQJ'RQ
WEHFRPHDGGLFWHG'REXWGRQ
WEHFRPHD
GRHU$QGWKHQHYHQZKLOHGRLQJWKLQJV\RXZLOOUHPDLQDWUHVWSHUIHFWO\DWUHVW
$OH[DQGHURQWKHFLUFXPIHUHQFHDQG'LRJHQHVDWWKHFHQWHUWKDWLVP\GHILQLWLRQ
RIDWRWDOPDQ

0XOOD1DVUXGGLQRQFHWROGPH0\XQFOHKDVWKHOD]LHVWURRVWHULQWKHZRUOG
+RZFDQ\RXWHOO",DVNHGKLP
$WVXQULVHKHMXVWZDLWVXQWLOVRPHRWKHUURRVWHUFURZVWKHQKHQRGVKLVKHDG





(QRXJKIRUWRGD\


WKHERRNRIZLVGRPFKDSWHUWZHQW\RQHYDJDERQGVRIWKHVRXO
PDUFKDPLQEXGGKDKDOO


75$,1,03$57,$//<,1(9(5<$5($
,7,6,03257$1772+$9(75$,1(''((3/<$1'3(59$6,9(/<,1
(9(5<7+,1*
$/:$<60(',7$7(2163(&,),&2%-(&76
<286+28/'+$9(12&21&(51)2527+(5)$&7256
7+(5()25($33/<<2856(/)72,03257$170$77(56
'21
7'27+,1*6%$&.:$5'6
'21
79$&,//$7(
75$,1$67+28*+&872))
2QFHDMDLQDPRQNFDPHWRVHHPH+HDVNHG,VKHOOUHDO",VWKHUHUHDOO\D
KHOO",QVWHDGRIDQVZHULQJKLP,DVNHGKLP$QGZKHUHGR\RXWKLQN\RXDUH
OLYLQJ"0DQOLYHVLQKHOOEHFDXVHPDQLVXSVLGHGRZQ<RXQHHGQRWJRWRVRPH
VWXSLG\RJDWHDFKHUWROHDUQWKHKHDGVWDQGSRVWXUHEHFDXVH\RXDUHDOUHDG\
GRLQJLW(YHU\WKLQJLVLQWKHZURQJRUGHU)RUFHQWXULHV\RXKDYHEHHQPHVVHG
XSDFKDRVKDVEHHQFUHDWHGLQ\RXLQVWHDGRIDFRVPRV<RXDUHMXVWDNLQGRI
PDGQHVV:KDWHYHU\RXWKLQNLVQRUPDOLVQRWQRUPDODWDOO,WDSSHDUVQRUPDO
EHFDXVH\RXKDYHOLYHGZLWKWKHVHSHRSOHIURP\RXUYHU\FKLOGKRRGDQG\RX
KDYHVWDUWHGWKLQNLQJWKDWWKHVHDUHWKHRQO\SHRSOHVRWKH\PXVWEHQRUPDO
,WLVDVLIRQHZDVERUQLQDPDGKRXVHDQGIURPWKHYHU\EHJLQQLQJZDV
DFTXDLQWHGRQO\ZLWKPDGSHRSOHKHZLOOWKLQNWKHPQRUPDO,QIDFWLIKHHYHU
FRPHVDFURVVVRPHERG\ZKRLVVDQHKHZLOOEHYHU\SX]]OHGKHZLOOQRWEHDEOH
WREHOLHYHKLVRZQH\HV+HZLOOWKLQNWKLVPDQKDVJRQHFUD]\
0DQLVDFKDRV/HWWKLVLGHDVLQNGHHSLQWR\RXUKHDUWEHFDXVHRQO\WKHQWKH
GHVLUHWRFUHDWHDFRVPRVRXWRIWKLVFKDRVDULVHV7KHPRPHQW\RXUHDOL]HWKDW
\RXDUHVWDQGLQJRQ\RXUKHDGDJUHDWPRPHQWKDVDUULYHG1RZ\RXFDQQRWJR
RQVWDQGLQJRQ\RXUKHDGDQ\PRUH\RXKDYHWRGRVRPHWKLQJLWLVLQHYLWDEOH




<RXKDYHWRDFWDQGWKDWYHU\DFWEHFRPHVUHOLJLRQ
5HOLJLRQLVDJDLQVWVRFLHW\EHFDXVHVRFLHW\OLYHVRQWKLVVRFDOOHGQRUPDO
PDGQHVVRISHRSOH6RFLHW\ZDQWVSHRSOHWREHDEQRUPDORQO\WKHQFDQWKH\EH
H[SORLWHGRQO\WKHQFDQWKH\EHUHGXFHGLQWRPDFKLQHVRQO\WKHQFDQWKH\EH
UHGXFHGWRVODYHVDQGKDSSLO\DQGZLWKRXWDQ\UHYROW
)RUWKRXVDQGVRI\HDUVPDQKDVOLYHGLQDQLPSULVRQHGVWDWH7KRVHSULVRQV
KDYHEHHQJLYHQEHDXWLIXOQDPHV\RXFDOOWKHPFKXUFKHVUHOLJLRQVLGHRORJLHV
6RPHERG\OLYHVLQD&DWKROLFSULVRQDQGVRPHERG\OLYHVLQDFRPPXQLVWSULVRQ
DQGERWKJRRQEUDJJLQJDERXWWKHLUSULVRQWKDWWKHLUSULVRQLVIDUEHWWHU%XWDQ\
SHUVRQZKROLYHVWKURXJKVRPHLGHRORJ\LVDSULVRQHUEHFDXVHHYHU\LGHRORJ\
QDUURZVGRZQ\RXUFRQVFLRXVQHVVEHFRPHVFKDLQVRQ\RXUEHLQJ$Q\ERG\
ZKREHORQJVWRDQ\FURZGRXWRIIHDURXWRIFRQGLWLRQLQJRXWRIDNLQGRI
K\SQRVLVLVQRWWUXO\DPDQLVQRW\HWERUQ7KHRSSRUWXQLW\KDVEHHQJLYHQWR
KLPEXWKHLVZDVWLQJLW
<RXKDYHEHHQWDXJKWYDOXHVZKLFKDUHQRWUHDOO\YDOXHV\RXKDYHEHHQWDXJKW
WKLQJVZKLFKDUHEDVLFDOO\SRLVRQRXV)RUH[DPSOH\RXKDYHEHHQWROGQRWWR
ORYH\RXUVHOIDQG\RXKDYHEHHQWROGVRPDQ\WLPHVWKDWLWORRNVOLNHDVLPSOH
IDFWWUXWK%XWDPDQZKRLVLQFDSDEOHRIORYLQJKLPVHOIZLOOEHLQFDSDEOHRI
ORYLQJDQ\ERG\HOVH7KHPDQZKRFDQQRWORYHKLPVHOIFDQQRWORYHDWDOO
<RXKDYHEHHQWROGWREHDOWUXLVWLFDQGQHYHUVHOILVK$QGLWORRNVVREHDXWLIXO
EXWLWRQO\ORRNVEHDXWLIXOLWLVGHVWUR\LQJ\RXUYHU\URRWV2QO\DUHDOO\VHOILVK
SHUVRQFDQEHDOWUXLVWLFEHFDXVHRQHZKRLVQRWURRWHGLQKLVVHOILVQRWVHOILVK
ZLOOQRWERWKHUDERXWDQ\ERG\HOVH,IKHFDQQRWFDUHIRUKLPVHOIKRZFDQKH
FDUHIRUDQ\ERG\HOVH"+HLVVXLFLGDOQDWXUDOO\KHZLOOEHFRPHPXUGHURXV
<RXUZKROHVRFLHW\XSWRQRZKDVEHHQDVRFLHW\RIPXUGHUHUV$IHZSHRSOH
FRPPLWVXLFLGHWKH\EHFRPHVDLQWV$IHZPRUHJRRQFRPPLWWLQJPXUGHUWKH\
EHFRPHJUHDWSROLWLFLDQVJUHDWOHDGHUV*HQJKLV.KDQ1DGLU6KDK
7DPHUODQH$OH[DQGHU1DSROHRQ$GROI+LWOHU6WDOLQ0DR%XWERWKDUHQHXURWLF
ERWKDUHXQKHDOWK\
<RXKDYHWREHWDXJKWQHZYDOXHV$WLVKD
VVXWUDVZLOOKHOS\RXLPPHQVHO\+HLV
UHDOO\DUHYROXWLRQDU\DUHDOO\UHOLJLRXVPDQDPDQZKRNQRZVQRWWKURXJK
VFULSWXUHVEXWE\KLVRZQH[SHULHQFHDPDQZKRKDVORRNHGGHHSLQWRWKH
PLVHU\RIPDQDPDQZKRLVUHDOO\VRIXOORIFRPSDVVLRQWKDWKHZDQWVWRKHOS
WREHRIVRPHKHOSWRWKHVXIIHULQJKXPDQLW\$QGWKHVXIIHULQJKXPDQLW\LVQRW
KHOSHGE\FUHDWLQJPRUHKRVSLWDOVRUE\PDNLQJPRUHSHRSOHHGXFDWHG7KH
VXIIHULQJKXPDQLW\FDQEHKHOSHGRQO\E\JLYLQJLWDQHZVRXO
3HRSOHOLNH0RWKHU7HUHVDRI&DOFXWWDDUHVLPSO\VHUYLQJWKHVWDWXVTXR7KDW
V
ZK\WKH\DUHUHVSHFWHGE\WKHVWDWXVTXR7KH\DUHJLYHQJROGPHGDOVSUL]HV
DZDUGVDQGWKHVRFLHW\WKLQNV0RWKHU7HUHVDLVWKHV\PERORIUHDO
VDLQWOLKRRGQHVV,WLVQRWVRVKHLVVLPSO\LQWKHVHUYLFHRIDURWWHQVRFLHW\2I
FRXUVHWKHURWWHQVRFLHW\UHVSHFWVKHU6KHLVQRWDUHYROXWLRQDU\VKHLVQRWD
UHOLJLRXVSHUVRQ
$QGWKLVLVVRPHWKLQJWREHXQGHUVWRRGVRFLHW\UHVSHFWVRQO\WKRVHVDLQWVZKR
DUHQRWUHDOO\VDJHVEXWDUHDJHQWVDJHQWVZKRKHOSWKHVRFLHW\WRFRQWLQXHDV
LWLVDJHQWVRIWKHHVWDEOLVKPHQW
$WLVKDLVQRWIRUWKHHVWDEOLVKPHQW+HZDQWVWRFUHDWHDQHZPDQDQHZ




KXPDQLW\DVDOZD\VEXGGKDVKDYHGUHDPHGDERXW7KHLUGUHDPVUHPDLQ\HW
XQIXOILOOHG
+HUH,DPDJDLQGUHDPLQJDJUHDWGUHDPRIJLYLQJELUWKWRDQHZPDQ<RXDUH
P\KRSHLQWKHVDPHZD\$WLVKDKDGKRSHGZLWKKLVRZQGLVFLSOHV7KHVHVXWUDV
ZHUHQRWZULWWHQDVDERRNWKHVHVXWUDVZHUHJLYHQWRKLVGLVFLSOHVWRPHGLWDWH
RQ
7KHILUVWVXWUD
75$,1,03$57,$//<,1(9(5<$5($,7,6,03257$1772+$9(75$,1('
'((3/<$1'3(59$6,9(/<,1(9(5<7+,1*
7KHILUVWWKLQJLVLPSDUWLDOLW\RQHVKRXOGEHXQSUHMXGLFHGDQGQRERG\LV
XQSUHMXGLFHG$QGWKDWLVDEDVLFUHTXLUHPHQWWRJURZLQWRDJUHDWHUYLVLRQ7R
FRPHRXWRIWKHSULVRQVWKHILUVWWKLQJLVWRGURSSUHMXGLFHVSUHMXGLFHVFDOOHG
+LQGXLVPSUHMXGLFHVFDOOHG0RKDPPHGDQLVPSUHMXGLFHVFDOOHG&KULVWLDQLW\
2QHKDVWRGURSDOOSUHMXGLFHV+RZFDQ\RXHYHUNQRZWUXWKLI\RXKDYHDOUHDG\
GHFLGHGZKDWLWLV",I\RXDUHDOUHDG\IXQFWLRQLQJIURPDFRQFOXVLRQ\RXZLOO
QHYHUDUULYHWRWUXWKQHYHU,WLVLPSRVVLEOH
'RQ
WVWDUWE\DSULRULDVVXPSWLRQVGRQ
WVWDUWE\DQ\EHOLHI7KHQRQO\DUH\RXD
WUXHVHHNHU%XWHYHU\ERG\VWDUWVE\EHOLHIVRPHERG\EHOLHYHVLQ7KH%LEOH
VRPHERG\HOVHLQWKH.RUDQVRPHERG\EHOLHYHVLQWKH*LWDDQGVRPHERG\LQ
'KDPPDSDGD$QGWKH\VWDUWE\EHOLHI
%HOLHIPHDQV\RXGRQ
WNQRZVWLOO\RXKDYHWDNHQVRPHWKLQJIRUJUDQWHG1RZ
\RXUZKROHHIIRUWZLOOEHWRSURYHLWULJKWLWZLOOEHFRPH\RXUHJRWULS(DFKEHOLHI
EHFRPHVDQHJRWULS\RXKDYHWRSURYHLWULJKW,ILWLVZURQJWKHQ\RXDUHZURQJ
LILWLVULJKWWKHQ\RXDUHULJKW$QGHYHU\SHUVRQLVQRWKLQJEXWDEDJIXORIEHOLHIV
5HPHPEHUDOOEHOLHIVDUHVWXSLG,DPQRWVD\LQJWKDWWKRVHEHOLHIVDUHEDVLFDOO\
XQWUXHWKH\PD\QRWEHWKH\PD\EHEXWWREHOLHYHLVVWXSLG7RNQRZLV
LQWHOOLJHQW,WPD\EHWKDWZKHQ\RXFRPHWRNQRZLWPD\EHWKHVDPHWKLQJWKDW
\RXZHUHWROGE\RWKHUVWREHOLHYHEXWVWLOOWREHOLHYHLQLWLVZURQJDQGWRNQRZ
LWULJKWEHFDXVHRQFH\RXEHOLHYHLQVRPHWKLQJWKDW\RXKDYHQRWNQRZQ\RX
KDYHDOUHDG\VWDUWHGJDWKHULQJDURXQG\RXUVHOIDGDUNQHVVZKLFKZLOOQRWKHOS
\RXWRNQRZWRVHH<RXDUHDOUHDG\EHFRPLQJNQRZOHGJHDEOH$QGNQRZLQJ
KDSSHQVWRWKRVHZKRDUHQRWNQRZOHGJHDEOHEXWLQQRFHQW.QRZLQJKDSSHQVWR
WKRVHH\HVZKLFKDUHDEVROXWHO\ZLWKRXWWKHGXVWRINQRZOHGJH
7KHILUVWWKLQJ$WLVKDVD\V%HLPSDUWLDOVWDUWZLWKRXWDQ\FRQFOXVLRQVWDUW
ZLWKRXWDQ\DSULRULEHOLHI6WDUWH[LVWHQWLDOO\QRWLQWHOOHFWXDOO\WKHVHDUHWZR
GLIIHUHQWGLPHQVLRQVQRWRQO\GLIIHUHQWEXWGLDPHWULFDOO\RSSRVLWH
6RPHERG\FDQVWDUWKLVMRXUQH\LQWRORYHE\VWXG\LQJDERXWORYHE\JRLQJWRWKH
OLEUDU\E\ORRNLQJLQWKH(QF\FORSHGLD%ULWDQQLFDWROHDUQZKDWORYHLV7KLVLVDQ
LQWHOOHFWXDOLQTXLU\+HPD\JDWKHUPXFKLQIRUPDWLRQKHPD\ZULWHDWUHDWLVHDQG
VRPHIRROLVKXQLYHUVLW\PD\JLYHKLPD3K'EXWKHNQRZVQRWKLQJRIORYH
:KDWVRHYHUKHLVZULWLQJLVRQO\LQWHOOHFWXDOLWLVQRWH[SHULHQWLDO$QGLILWLVQRW
H[SHULHQWLDOLWLVQRWWUXH
7UXWKLVDQH[SHULHQFHQRWDEHOLHI7UXWKQHYHUFRPHVE\VWXG\LQJDERXWLWWUXWK
KDVWREHHQFRXQWHUHGWUXWKKDVWREHIDFHG7KHSHUVRQZKRVWXGLHVDERXWORYH
LVOLNHWKHSHUVRQZKRVWXGLHVDERXWWKH+LPDOD\DVE\ORRNLQJDWWKHPDSRIWKH
PRXQWDLQV7KHPDSLVQRWWKHPRXQWDLQ$QGLI\RXVWDUWEHOLHYLQJLQWKHPDS




\RXZLOOJRRQPLVVLQJWKHPRXQWDLQ,I\RXEHFRPHWRRPXFKREVHVVHGZLWKWKH
PDSWKHPRXQWDLQPD\EHWKHUHMXVWLQIURQWRI\RXEXWVWLOO\RXZLOOQRWEHDEOH
WRVHHLW
$QGWKDW
VKRZLWLV7KHPRXQWDLQLVLQIURQWRI\RXEXW\RXUH\HVDUHIXOORI
PDSVPDSVRIWKHVDPHPRXQWDLQPDSVDERXWWKHVDPHPRXQWDLQPDGHE\
GLIIHUHQWH[SORUHUV6RPHERG\KDVFOLPEHGWKHPRXQWDLQIURPWKHQRUWKVLGH
VRPHERG\IURPWKHHDVW7KH\KDYHPDGHGLIIHUHQWPDSV.RUDQ%LEOH*LWD
GLIIHUHQWPDSVRIWKHVDPHWUXWK%XW\RXDUHWRRIXOORIWKHPDSVWRREXUGHQHG
E\WKHLUZHLJKW\RXFDQQRWPRYHHYHQDQLQFK<RXFDQQRWVHHWKHPRXQWDLQ
MXVWVWDQGLQJLQIURQWRI\RXLWVYLUJLQVQRZSHDNVVKLQLQJOLNHJROGLQWKHPRUQLQJ
VXQ<RXGRQ
WKDYHWKHH\HVWRVHHLW
7KHSUHMXGLFHGH\HLVEOLQGWKHKHDUWIXOORIFRQFOXVLRQVLVGHDG7RRPDQ\D
SULRULDVVXPSWLRQVDQG\RXULQWHOOLJHQFHVWDUWVORVLQJLWVVKDUSQHVVLWVEHDXW\LWV
LQWHQVLW\,WEHFRPHVGXOO'XOOLQWHOOLJHQFHLVZKDWLVFDOOHGLQWHOOHFW<RXUVR
FDOOHGLQWHOOLJHQWVLDLVQRWUHDOO\LQWHOOLJHQWLWLVMXVWLQWHOOHFWXDO,QWHOOHFWLVD
FRUSVH<RXFDQGHFRUDWHLW\RXFDQGHFRUDWHLWZLWKJUHDWSHDUOVGLDPRQGV
HPHUDOGVEXWVWLOODFRUSVHLVDFRUSVH
7REHDOLYHLVDWRWDOO\GLIIHUHQWPDWWHU,QWHOOLJHQFHLVDOLYHQHVVLWLVVSRQWDQHLW\
LWLVRSHQQHVVLWLVYXOQHUDELOLW\LWLVLPSDUWLDOLW\LWLVWKHFRXUDJHWRIXQFWLRQ
ZLWKRXWFRQFOXVLRQV$QGZK\GR,VD\LWLVDFRXUDJH",WLVDFRXUDJHEHFDXVH
ZKHQ\RXIXQFWLRQRXWRIDFRQFOXVLRQWKHFRQFOXVLRQSURWHFWV\RXWKH
FRQFOXVLRQJLYHV\RXVHFXULW\VDIHW\<RXNQRZLWZHOO\RXNQRZKRZWRFRPHWR
LW\RXDUHYHU\HIILFLHQWZLWKLW7RIXQFWLRQZLWKRXWDFRQFOXVLRQLVWRIXQFWLRQLQ
LQQRFHQFH7KHUHLVQRVHFXULW\\RXPD\JRZURQJ\RXPD\JRDVWUD\
2QHZKRLVUHDG\WRJRRQWKHH[SORUDWLRQFDOOHGWUXWKKDVWREHUHDG\DOVRWR
FRPPLWPDQ\HUURUVPLVWDNHVKDVWREHDEOHWRULVN2QHPD\JRDVWUD\EXW
WKDWLVKRZRQHDUULYHV*RLQJPDQ\PDQ\WLPHVDVWUD\RQHOHDUQVKRZQRWWRJR
DVWUD\&RPPLWWLQJPDQ\PLVWDNHVRQHOHDUQVZKDWLVDPLVWDNHDQGKRZQRWWR
FRPPLWLW.QRZLQJZKDWLVHUURURQHFRPHVFORVHUDQGFORVHUWRZKDWLVWUXWK,W
LVDQLQGLYLGXDOH[SORUDWLRQ\RXFDQQRWGHSHQGRQRWKHUV
FRQFOXVLRQV
+HQFH$WLVKDVD\V
75$,1,03$57,$//<,1(9(5<$5($,7,6,03257$1772+$9(
75$,1(''((3/<$1'3(59$6,9(/<,1(9(5<7+,1*
7KHVHFRQGWKLQJKHVD\V/HW\RXUOLIHEHDVPXOWLGLPHQVLRQDODVSRVVLEOHGRQ
W
OLYHRQHGLPHQVLRQDOO\0RQNVQXQVDQGWKHVRFDOOHGSULHVWVKDYHDOOOLYHG
GRZQWKHDJHVRQHGLPHQVLRQDOO\7KH\OLYHDYHU\QDUURZOLIHWKH\PRYHDV
WUDLQVPRYHRQIL[HGUDLOV7KH\JRRQGRLQJWKHVDPHULWXDOWKHVDPHSUD\HU
GD\LQGD\RXW\HDULQ\HDURXWOLIHLQOLIHRXWWKH\JRRQUHSHDWLQJ7KHLU
ZKROHOLIHPRYHVLQFLUFOHV$QGWKH\DUHQRWULFKWKH\FDQQRWEHULFKQHVV
FRPHVE\OLYLQJOLIHLQDOOLWVGLPHQVLRQV
$UHOLJLRXVSHUVRQVKRXOGH[SORUHLQHYHU\SRVVLEOHZD\VKRXOGWU\WRH[SHULHQFH
OLIHLQDOOLWVWDVWHVVZHHWDQGELWWHUJRRGDQGEDG7KHUHDOO\UHOLJLRXVSHUVRQ
ZLOOEHYHU\H[SHULPHQWDO+HZLOOH[SHULPHQWZLWKPXVLFKHZLOOH[SHULPHQWZLWK
GDQFHKHZLOOH[SHULPHQWZLWKSRHWU\ZLWKSDLQWLQJZLWKVFXOSWXUHZLWK
DUFKLWHFWXUH+HZLOOJRRQH[SHULPHQWLQJZLWKHYHU\WKLQJHYHU\WKLQJWKDW
EHFRPHVDYDLODEOHKHZLOOEHDFKLOGH[SORULQJHYHU\WKLQJ$QGWKDWPDNHV\RXU




LQQHUOLIHULFK
'R\RXNQRZDOOJUHDWGLVFRYHULHVDUHPDGHE\SHRSOHZKRDUHQRWRQH
GLPHQVLRQDO2QHGLPHQVLRQDOSHRSOHFDQQHYHUPDNHGLVFRYHULHVLWLV
LPSRVVLEOHEHFDXVHDGLVFRYHU\KDSSHQVRQO\OLNHFURVVEUHHGLQJ$
PDWKHPDWLFLDQVWDUWVZULWLQJSRHWU\QRZ\RXFDQEHFHUWDLQVRPHWKLQJLVRQWKH
ZD\+LVZKROHWUDLQLQJLVWKDWRIDPDWKHPDWLFLDQKLVDSSURDFKLVWKDWRI
PDWKHPDWLFVDQGKHVWDUWVZULWLQJSRHWU\1RZQRSRHWFDQZULWHSRHWU\OLNHWKLV
WKLVLVJRLQJWREHVRPHWKLQJQHZEHFDXVHVRPHWKLQJRIWKHPDWKHPDWLFVLV
ERXQGWRILOWHULQ$QGPDWKHPDWLFVDQGSRHWU\KDYLQJDPHHWLQJLVD
FURVVEUHHGLQJ
6FLHQWLVWVVD\FKLOGUHQWKDWDUHERUQRXWRIFURVVEUHHGLQJDUHVWURQJHUPRUH
EHDXWLIXOPRUHLQWHOOLJHQW%XWPDQLVVRVWXSLGWKDWKHQHYHUOHDUQV1RZ
HYHU\ERG\NQRZVWKDWLWLVJRRGWREULQJDQ(QJOLVKEXOOIRUDQ,QGLDQFRZWKDWLV
SHUIHFWO\EHDXWLIXODQGWKDWLVEHLQJGRQH%XWDVIDUDVPDQLVFRQFHUQHGZH
UHPDLQVWXSLG,WZRXOGEHEHDXWLIXOLISHRSOHPDUU\GLIIHUHQWUDFHVGLIIHUHQW
EDFNJURXQGVGLIIHUHQWFXOWXUHV$6LEHULDQPDUU\LQJVRPHRQHLQ$IULFDWKHQ
VRPHWKLQJLVUHDOO\JRLQJWRKDSSHQVRPHPLUDFOH
0\RZQVXJJHVWLRQLVEHFDXVHZLWKLQDIHZ\HDUVZHDUHJRLQJWRILQGRXW
RWKHUSODQHWVZKHUHHYROXWLRQKDVDOPRVWUHDFKHGWRWKHSRLQWWKDWLWKDVUHDFKHG
RQWKHHDUWKRUDIHZSODQHWVZKHUHLWKDVHYHQUHDFKHGKLJKHUP\RZQ
VXJJHVWLRQLVIRULQWHUSODQHWDU\PDUULDJHV7KHQPLUDFOHVZLOOVWDUWKDSSHQLQJ$
0DUWLDQPDUU\LQJD3RRQDLWHWKHQVRPHWKLQJLVJRLQJWRKDSSHQVRPHWKLQJ
UHDOO\QHZZKLFKKDVQHYHUKDSSHQHGEHIRUH
$WLVKDVD\V([SHULPHQWH[SHULHQFHDVPDQ\GLPHQVLRQVDVDUHDYDLODEOHWR
\RX
%HFRPHDJDUGHQHUEHFRPHDVKRHPDNHUEHFRPHDFDUSHQWHUWKDW
VZKDWLV
JRLQJWRKDSSHQLQP\FRPPXQH$OOGLPHQVLRQVKDYHWREHPDGHDYDLODEOHDQG
SHRSOHKDYHWRH[SHULPHQWDQGHQMR\DQGH[SORUH,WLVQRWWKDWZKHQ\RXGR
VRPHVFLHQWLILFZRUNVRPHWKLQJKDSSHQVRQO\LQWKHRXWVLGHZRUOG:KHQ\RX
DUHGRLQJVRPHVFLHQWLILFZRUNVRPHWKLQJKDSSHQVLQVLGH\RXUFRQVFLRXVQHVV
\RXUFRQVFLRXVQHVVVWDUWVWDNLQJDIRUPDVFLHQWLILFIRUP,IWKLVSHUVRQVWDUWV
SDLQWLQJWKHQWKHSDLQWLQJZLOOKDYHVRPHWKLQJRIWKHVFLHQFHLQLW$QGLIWKH
SDLQWHUVWDUWVEHFRPLQJDSK\VLFLVWFHUWDLQO\KLVYLVLRQLVJRLQJWRJLYHELUWKWR
QHZWKLQJV
$OOJUHDWGLVFRYHULHVXSWRQRZKDYHEHHQPDGHE\SHRSOHZKRZHUHWUDLQHGIRU
VRPHWKLQJHOVHEXWZHUHFRXUDJHRXVHQRXJKWRHQWHULQWRDUHQDVZKHUHWKH\
ZHUHDPDWHXUV/HVVFRXUDJHRXVSHRSOHUHPDLQFOLQJLQJZLWKWKHWKLQJWKDWWKH\
NQRZEHVW7KHQWKH\JRRQGRLQJLWWKHLUZKROHOLIH$QGWKHPRUHWKH\GRLWWKH
PRUHHIILFLHQWWKH\EHFRPHWKHPRUHHIILFLHQWWKH\EHFRPHWKHOHVVFDSDEOHRI
WU\LQJDQ\WKLQJQHZ
$FRXQWU\UHPDLQVDOLYHRQO\LISHRSOHDUHPXOWLGLPHQVLRQDO$PHULFDLVQRZWKH
PRVWDOLYHFRXQWU\LQWKHZRUOGIRUWKHVLPSOHUHDVRQWKDWSHRSOHDUHWU\LQJHYHU\
NLQGRIWKLQJ)URPPDWKHPDWLFVWRPHGLWDWLRQHYHU\WKLQJLVEHLQJWULHG$PHULFD
LVMXVWRQWKHYHUJHRIDJUHDWVWHSLIDQHZVWHSLVJRLQJWRKDSSHQDQ\ZKHUHLW
LVJRLQJWRKDSSHQLQ$PHULFD,WFDQ
WKDSSHQLQ,QGLD,WFDQ
WKDSSHQEHFDXVH
0RUDUML'HVDLDQGSHRSOHOLNHWKDWZRQ
WDOORZLWWRKDSSHQLQ,QGLDULJLGVWDOH




PLQGVKDYLQJQRYLVLRQRIWKHIXWXUHKDYLQJQRYLVLRQRIZKDWLVJRLQJWRKDSSHQ
WRPRUURZKDYLQJQRLGHDRIZKDWLVUHDOO\KDSSHQLQJWRGD\
,Q$PHULFDSHRSOHJRRQFKDQJLQJWKHLUMREVWKUHH\HDUVLVWKHDYHUDJHOLPLW
ZKHQSHRSOHFKDQJHWKHLUMREV7KUHH\HDUVDOVRLVWKHDYHUDJHOLPLWZKHQ
SHRSOHFKDQJHWKHLUWRZQV7KUHH\HDUVLVDOVRWKHDYHUDJHOLPLWZKHQSHRSOH
FKDQJHWKHLUVSRXVHV7KHQXPEHUWKUHHLVYHU\HVRWHULF
:KHQDPDQKDVOLYHGZLWKPDQ\ZRPHQKDVGRQHPDQ\NLQGVRIZRUNKDV
EHHQDFREEOHUKDVEHHQDFDUSHQWHUKDVEHHQDQHQJLQHHUKDVEHHQDSDLQWHU
DQGDPXVLFLDQQDWXUDOO\KHLVYHU\ULFK(DFKZRPDQWKDWKHKDVOLYHGZLWK
KDVLPSDUWHGVRPHFRORUWRKLPDQGHDFKZRUNWKDWKHKDVGRQHKDVRSHQHGD
QHZGRRULQWRKLVEHLQJ6ORZO\VORZO\PDQ\GRRUVRIKLVEHLQJDUHRSHQLQJKLV
FRQVFLRXVQHVVH[SDQGVKHEHFRPHVKXJHHQRUPRXV
<RXDUH\RXUH[SHULHQFH+HQFHH[SHULHQFHPRUH%HIRUHVHWWOLQJH[SHULHQFH
DVPXFKDVSRVVLEOH7KHUHDOSHUVRQQHYHUVHWWOHVWKHUHDOSHUVRQDOZD\V
UHPDLQVKRPHOHVVDZDQGHUHUDYDJDERQGDYDJDERQGRIWKHVRXO+HUHPDLQV
FRQWLQXDOO\LQVHDUFKKHUHPDLQVDQLQTXLUHUDOHDUQHUKHQHYHUEHFRPHV
OHDUQHG'RQ
WEHLQDKXUU\WREHFRPHOHDUQHGUHPDLQDOHDUQHU7REHFRPH
OHDUQHGLVXJO\WRUHPDLQDOHDUQHUKDVWUHPHQGRXVEHDXW\DQGJUDFHLQLW
EHFDXVHLWLVOLIHLWVHOI
75$,1,03$57,$//<,1(9(5<$5($,7,6,03257$1772+$9(
75$,1(''((3/<$1'3(59$6,9(/<,1(9(5<7+,1*
:KDWVRHYHU\RXDUHOHDUQLQJOHDUQLWLQLWVWRWDOLW\'RQ
WOHWLWEHMXVWDKLWDQG
UXQDIIDLUJRLQWRLWDVLILWLV\RXUZKROHOLIH6WDNHHYHU\WKLQJ%HWRWDO
ZKDWVRHYHU\RXGREHFDXVHLWLVRQO\RXWRIWRWDOLW\WKDWRQHOHDUQV,WLVRQO\
ZKHQ\RXDUHWRWDOO\LQWRVRPHWKLQJWKDWP\VWHULHVDUHUHYHDOHGWR\RX,I\RXDUH
WRWDOO\LQORYHWKHQORYHUHYHDOVLWVP\VWHULHVLI\RXDUHWRWDOO\LQSRHWU\WKHQWKH
ZRUOGRISRHWU\RSHQVLWVKHDUW
,I\RXDUHWRWDOO\LQORYHZLWKDQ\WKLQJWKDWLVWKHRQO\SRVVLEOHZD\WRKDYHD
UDSSRUWZLWKWKDWFHUWDLQGLPHQVLRQ6REHWRWDODQGJRWRWKHYHU\GHSWKRILW
'RQ
WMXVWJRRQVZLPPLQJLQPDQ\ULYHUVEHFRPHDGLYHUJRWRWKHURFNERWWRP
RIHYHU\WKLQJEHFDXVHWKHGHHSHU\RXJRLQWRDQ\WKLQJWKHPRUHDQGPRUH
GHHS\RXZLOOEHFRPH'HSWKFDOOVWKHGHSWKKHLJKWSURYRNHVWKHKHLJKW
:KDWVRHYHUZHDUHGRLQJRXWVLGHVLPXOWDQHRXVO\JRHVRQKDSSHQLQJLQVLGH
7KLVLVDIXQGDPHQWDOODZRIOLIH
$WLVKDVD\V'LVFLSOLQHLQPDQ\PDQ\WKLQJVEHWRWDOJRLQWRGHSWKWRWKHYHU\
URRWVRIHYHU\WKLQJEHFDXVHWKHVHFUHWVDUHLQWKHURRWVWKH\DUHQRWLQWKH
IORZHUV)ORZHUVDUHRQO\H[SUHVVLRQVRIMR\EXWWKHVHFUHWVDUHQRWWKHUH
6HFUHWVDUHKLGGHQLQWKHURRWVVHFUHWVDUHDOZD\VKLGGHQLQGDUNQHVV<RXZLOO
KDYHWRJRLQWRGDUNGHSWKVWKHQRQO\\RXZLOONQRZWKHVHFUHWV$QGWKHPRUH
\RXH[SHULHQFHOLIHLQLWVPXOWLGLPHQVLRQDOLW\WKHULFKHUZLOOEH\RXUVRXO,W
GHSHQGVRQ\RXKRZULFK\RXPDNH\RXUVRXORUKRZSRRU\RXOLYH
0LOOLRQVRISHRSOHDUHOLYLQJDOLIHRISRYHUW\DQG,GRQ
WQHFHVVDULO\PHDQWKH
RXWHUSRYHUW\,NQRZULFKSHRSOHDQGVRSRRUWKDWVRPHWLPHVHYHQEHJJDUVDUH
ULFKHUWKDQWKH\DUH,NQRZULFKSHRSOHZKRFDQDIIRUGHYHU\WKLQJEXWKDYHQHYHU
H[SHULPHQWHGZLWKDQ\WKLQJZKRDUHVLPSO\YHJHWDWLQJFRPIRUWDEO\ZKRDUH
VLPSO\G\LQJVORZO\VORZO\H[LVWLQJFRPIRUWDEO\EXWQRWOLYLQJQRLQWHQVLW\QR




IODLUQRIODPHQRILUHMXVWDFROGOLIH&RPIRUWDEO\WKH\ZLOOOLYHDQGFRPIRUWDEO\
WKH\ZLOOGLHEXWLQIDFWWKH\ZLOOQHYHUKDYHOLYHG
$QGRQHZKRKDVQHYHUOLYHGKRZFDQKHGLH"
'HDWKLVWKHXOWLPDWHP\VWHU\7KDWJLIWLVJLYHQRQO\WRWKRVHZKRKDYHOLYHG
UHDOO\LQWHQVHO\ZKRKDYHEXUQHGWKHLUWRUFKRIOLIHIURPERWKWKHHQGVWRJHWKHU
2QO\WKHQLWKDSSHQVVRPHWLPHVWKDWLQDVLQJOHPRPHQWRILQWHQVLW\WKHZKROH
OLIHLVUHYHDOHG,QDVLQJOHPRPHQWRIWRWDOLQWHQVLW\WKHZKROHHWHUQLW\RSHQVLWV
GRRUVWR\RX\RXDUHZHOFRPHGE\*RG
*RGLVQRWIRXQGE\SUD\LQJRQ\RXUNQHHV*RGLVQRWIRXQGLQWKHWHPSOHVDQG
FKXUFKHV*RGLVIRXQGLQLQWHQVHOLYLQJDOLIHRIGHSWKGHSWKDQGWRWDOLW\DQG
DGHDWKDOVRRIGHSWKDQGWRWDOLW\/LYHWRWDOO\DQGGLHWRWDOO\DQG*RGLV\RXUV
DQGWUXWKLV\RXUV
7KHVHFRQGVXWUD
$/:$<60(',7$7(2163(&,),&2%-(&76
)LUVWWKLQJE\PHGLWDWLRQ$WLVKDQHYHUPHDQVFRQFHQWUDWLRQUHPHPEHU
&RQFHQWUDWLRQDQGPHGLWDWLRQDUHSRODURSSRVLWHV&RQFHQWUDWLRQQDUURZVGRZQ
\RXUPLQGLWLVIRFXVLQJRQRQHSRLQW,WLQFOXGHVRQO\VRPHWKLQJDQGH[FOXGHV
HYHU\WKLQJHOVH0HGLWDWLRQLVDOOLQFOXVLYHLWH[FOXGHVQRWKLQJ,WLVQRWD
QDUURZLQJGRZQRIWKHPLQGLWLVDQH[SDQVLRQRIFRQVFLRXVQHVV&RQFHQWUDWLRQ
LVRIWKHPLQGPHGLWDWLRQLVRIFRQVFLRXVQHVV&RQFHQWUDWLRQLVPLQGPHGLWDWLRQ
LVQRPLQG&RQFHQWUDWLRQLVDWHQVLRQ\RXZLOOEHWLUHGRILWVRRQHURUODWHU<RX
FDQQRWFRQFHQWUDWHIRUDORQJWLPHLWLVHIIRUW%XWRQHFDQEHPHGLWDWLYHWZHQW\
IRXUKRXUVEHFDXVHLWLVUHOD[DWLRQ
6RUHPHPEHU$WLVKDVD\V
$/:$<60(',7$7(KHPHDQVDOZD\VUHOD[2163(&,),&2%-(&76
:KDWGRHVKHPHDQE\VSHFLILFREMHFWV"6DGQHVVDQJHUJUHHGOXVWWKH
QHJDWLYHVORYHEHDXW\MR\IUHHGRPWKHSRVLWLYHV
%HJLQZLWKWKHQHJDWLYHEHFDXVH\RXDUHOLYLQJLQWKHQHJDWLYH:KHQVDG
PHGLWDWHRQLW'RQ
WEHLQDKXUU\WRJHWULGRILWGRQ
WEHLQDKXUU\WRJHW
RFFXSLHGVRPHZKHUHHOVHVRWKDW\RXFDQIRUJHWLW7KDWZLOOEHPLVVLQJDQ
RSSRUWXQLW\EHFDXVHVDGQHVVKDVLWVRZQGHSWKVDGQHVVKDVLWVRZQEHDXW\
VDGQHVVKDVLWVRZQWDVWH/LYHLWUHOD[LQWRLWEHLWDQGZLWKRXWDQ\HIIRUWWR
HVFDSHZLWKRXWDQ\HIIRUWWRJHWRFFXSLHGVRPHZKHUHHOVH/HWLWEHWKHUH
HQMR\,WLVDIORZHULQJRI\RXUEHLQJ6DGQHVVWRRLVDIORZHULQJRI\RXUEHLQJ
$QG\RXZLOOEHVXUSULVHGLI\RXFDQPHGLWDWHRQVDGQHVVVDGQHVVZLOOUHYHDOLWV
VHFUHWVWR\RXDQGWKH\DUHRIWUHPHQGRXVYDOXH$QGVDGQHVVRQFHLWKDV
UHYHDOHGLWVVHFUHWVWR\RXZLOOGLVDSSHDU,WVZRUNLVGRQHLWVPHVVDJH
GHOLYHUHG$QGZKHQVDGQHVVGLVDSSHDUVMR\DULVHV
-R\DULVHVRQO\ZKHQVDGQHVVGLVDSSHDUVRXWRIPHGLWDWLRQWKHUHLVQRRWKHU
ZD\-R\ZHOOVXSZKHQ\RXKDYHEURNHQWKHLFHRIVDGQHVVWKDWVXUURXQGVLW,Q
IDFWVDGQHVVLVOLNHWKHVKHOOWKDWVXUURXQGVWKHVHHGLWLVSURWHFWLYHLWLVQRWWKH
HQHP\2QFHWKHVHHGKDVGURSSHGLWVSURWHFWLRQLVVXUUHQGHUHGLQWRWKHVRLO
WKHVKHOOKDVGLHGRQO\WKHQWKHVSURXWLVERUQ
,WKDSSHQVLQVLGHH[DFWO\OLNHWKDW0HGLWDWHRQDQ\WKLQJQHJDWLYHDQGVORZO\
VORZO\\RXZLOOEHVLPSO\WDNHQE\VXUSULVHWKDWVDGQHVVWXUQVLQWRMR\WKDW
DQJHUWXUQVLQWRFRPSDVVLRQWKDWJUHHGWXUQVLQWRVKDULQJDQGVRRQVRIRUWK




7KLVLVWKHVFLHQFHRILQQHUDOFKHP\KRZWRFKDQJHWKHQHJDWLYHLQWRWKH
SRVLWLYHKRZWRFKDQJHWKHEDVHPHWDOLQWRJROG
%XWUHPHPEHUQHYHUVWDUWZLWKWKHSRVLWLYHEHFDXVH\RXGRQ
WNQRZDQ\WKLQJRI
WKHSRVLWLYH$QGWKDW
VZKDWLVEHLQJWDXJKWE\PDQ\SHRSOHLQWKHZRUOGWKH
SRVLWLYHWKLQNHUVWKH\DUHFDOOHG7KH\GRQ
WNQRZDQ\WKLQJDERXWWKHLQQHU
DOFKHP\<RXGRQ
WEHJLQZLWKJROG,I\RXDOUHDG\KDYHJROGWKHQZKDWLVWKH
SRLQWRIEHJLQQLQJDWDOO"<RXGRQ
WQHHGDOFKHP\<RXKDYHWREHJLQZLWKEDVH
PHWDOWKHEDVHPHWDOKDVWREHFKDQJHGLQWRJROG$QGWKHEDVHPHWDOLVZKDW
\RXKDYHLVZKDW\RX$5(+HOOLVZKDW\RXDUHLWKDVWREHWUDQVIRUPHGLQWR
KHDYHQ3RLVRQLVDYDLODEOHLWKDVWREHWUDQVIRUPHGLQWRQHFWDU6WDUWZLWKWKH
QHJDWLYH
$OOWKHEXGGKDVKDYHLQVLVWHG*R9,$1(*$7,9$EHFDXVHWKHQHJDWLYHEULQJV
WKHSRVLWLYHDQGWKHQHJDWLYHEULQJVWKHSRVLWLYHVRHDVLO\<RXGRQ
WGUDJLW\RX
GRQ
WLPSRVHLWXSRQ\RXUVHOI,I\RXVWDUWZLWKWKHSRVLWLYHDVWKHVRFDOOHG
SRVLWLYHWKLQNHUVDUHWHDFKLQJ\RXZLOOEHFRPHSKRQ\:KDWZLOO\RXGR"+RZ
ZLOO\RXVWDUWZLWKMR\"<RXPD\VWDUWVPLOLQJEXWWKDWVPLOHZLOOEHSDLQWHGLWZLOO
EHMXVWRQWKHOLSVQRWHYHQVNLQGHHS
6WDUWZLWKWKHQHJDWLYHDQG\RXGRQ
WQHHGWRWKLQNDERXWWKHSRVLWLYHDWDOO,I\RX
PHGLWDWHRQWKHQHJDWLYHLI\RXJRGHHSO\LQWRLWWRWKHGHHSHVWURRWRILW
VXGGHQO\DQH[SORVLRQKDSSHQVWKHQHJDWLYHGLVDSSHDUVDQGWKHSRVLWLYHKDV
DUULYHG,QIDFWLWKDVDOZD\VEHHQWKHUHKLGGHQEHKLQGWKHQHJDWLYH7KH
QHJDWLYHZDVDVKHOWHU7KHQHJDWLYHZDVQHHGHGEHFDXVH\RXZHUHQRW\HW
ZRUWK\HQRXJKWKHQHJDWLYHZDVQHHGHGVRWKDW\RXFRXOGEHFRPHZRUWK\
HQRXJKWRUHFHLYHWKHSRVLWLYH
7KHZRUOGLVWKHQHJDWLYHSROHRI*RG<RXQHHGQRWUHQRXQFHLW\RXKDYH
VLPSO\WREHPHGLWDWLYHLQLW$QGRQHGD\\RXZLOOVHHWKHZRUOGKDVGLVDSSHDUHG
DQGWKHUHLV*RGDQGRQO\*RG

%D\D]LGRI%LVWDPD6XILP\VWLFXVHGWRVD\LQKLVODWHU\HDUV)LUVW,XVHGWR
DVNSHRSOH
:KHUHLV*RG"
$QGWKHQRQHGD\LWKDSSHQHG,VWDUWHGDVNLQJ
SHRSOHZKHUH*RGLV1272QHGD\WKHUHZDVQR*RGDQG,ZDVDVNLQJZKHUH
KHLVWKHQH[WGD\WKHUHZDVRQO\*RGDQG,ZDVDVNLQJ
,VWKHUHDSODFHZKHUH
KHLVQRW"
7KHVDPHZRUOGEXW\RXUH\HVDUHGLIIHUHQWQRZ\RXDUHQRWWKH
VDPH
$/:$<60(',7$7(2163(&,),&2%-(&76
6WDUWZLWKWKHQHJDWLYHDQG\RXZLOOILQGWKHSRVLWLYH'LJDZHOO)LUVW\RXILQGRQO\
HDUWKURFNVJDUEDJH6ORZO\VORZO\\RXFRPHWRWKHZDWHU)LUVWLWLVYHU\GLUW\
WKHQLWEHFRPHVSXUHUDQGSXUHUDQGSXUHU([DFWO\WKHVDPHZD\RQHKDVWRGLJ
DZHOOZLWKLQRQH
VRZQEHLQJ7KHEHJLQQLQJKDVWREHQHJDWLYHDQGWKHHQGLV
RILWVHOISRVLWLYH<RXUZRUNKDVWREHZLWKWKHQHJDWLYHWKHSRVLWLYHLVWKH
UHZDUG
7KHWKLUGVXWUD
<286+28/'+$9(12&21&(51)2527+(5)$&7256
$WLVKDVD\V:KLOH\RXDUHPHGLWDWLQJRQDQ\VSHFLILFVXEMHFWIRUH[DPSOH
VDGQHVVWKHQEHLWDQGIRUJHWHYHU\WKLQJHOVHDVLIQRWKLQJHOVHH[LVWV-XVWEH
WRWDOO\VDG6DYRULWWDVWHLWOHWLWVLQNLQ\RXVRDNLQLWMXVWEHDVSRQJH




7KDW
VZKDWPHGLWDWLRQLVDOODERXWMXVWEHDVSRQJH$QGZKHQWKLVPRRGLV
WKHUHVRDNLQLWWR\RXUWRWDOFDSDFLW\WRWKHRSWLPXP0HGLWDWLQJRQVDGQHVVEH
LW0HGLWDWLQJVLPSO\PHDQVGURSSLQJWKHGLVWLQFWLRQEHWZHHQWKHREVHUYHUDQG
WKHREVHUYHGOHWWKHREVHUYHUEHFRPHWKHREVHUYHG'URSWKDWROGGLFKRWRP\RI
REMHFWDQGVXEMHFWGLVDSSHDULQWRWKHREMHFWRI\RXUPHGLWDWLRQ'RQ
WVWDQG
DORRIGRQ
WEHDVSHFWDWRU6HFUHWVDUHQRWUHYHDOHGWRWKHVSHFWDWRUVVHFUHWV
DUHUHYHDOHGRQO\WRWKRVHZKRWDNHDMXPSZKRGLYHGHHSLQWRVRPHWKLQJ
SHRSOHZKRGRQ
WKROGWKHPVHOYHVEDFN
$QGLI\RXDUHWRWDOO\VDG\RXDUHMXVWRQWKHYHUJHRIDGLVFRYHU\VDGQHVVZLOO
HYDSRUDWH$WDFHUWDLQLQWHQVLW\DWDFHUWDLQSRLQWLWVLPSO\HYDSRUDWHVDV
GHZGURSVHYDSRUDWHLQWKHPRUQLQJVXQ2QFHWKHKHDWKDVUHDFKHGDFHUWDLQ
LQWHQVLW\WKHGHZGURSVGLVDSSHDU([DFWO\OLNHWKDWWKHVDGQHVVZLOOGLVDSSHDU
DQGVXGGHQO\RXWRIQRZKHUHMR\KDVDUULYHGWKHJXHVWKDVDUULYHG1RZEHD
KRVWWRLW1RZPHGLWDWHRQLWDJDLQEHRQHZLWKLW1RZEHMR\'RQ
WVWDQGDORRI
DJDLQ'RQ
WVWDUWWKLQNLQJ6XFKDEHDXWLIXOH[SHULHQFHLVKDSSHQLQJ,DP
KDYLQJWKHH[SHULHQFHRIMR\'RQ
WVWDUWFUHDWLQJDGLVWDQFHEHWZHHQ\RXDQG
WKHMR\%HWKHMR\'DQFHLWVLQJLW0DQLIHVWLWEHLW
7+(5()25($33/<<2856(/)72,03257$170$77(56
/LIHLVVKRUWHQHUJ\OLPLWHGYHU\OLPLWHG$QGZLWKWKLVOLPLWHGHQHUJ\ZHKDYHWR
ILQGWKHXQOLPLWHGZLWKWKLVVKRUWOLIHZHKDYHWRILQGWKHHWHUQDO$JUHDWWDVND
JUHDWFKDOOHQJH6RSOHDVHGRQ
WEHFRQFHUQHGZLWKXQLPSRUWDQWPDWWHUV
:KDWLVLPSRUWDQWDQGZKDWLVXQLPSRUWDQW",Q$WLVKD
VGHILQLWLRQRULQWKH
GHILQLWLRQRIDOOWKHEXGGKDVWKDWZKLFKFDQEHWDNHQE\GHDWKLVXQLPSRUWDQW
DQGWKDWZKLFKFDQQRWEHWDNHQE\GHDWKLVLPSRUWDQW5HPHPEHUWKLVGHILQLWLRQ
OHWWKLVEHDWRXFKVWRQH<RXFDQMXGJHDQ\WKLQJLPPHGLDWHO\RQWKLVWRXFKVWRQH
+DYH\RXVHHQWKHWRXFKVWRQHRQZKLFKJROGLVMXGJHG"/HWWKLVEHDWRXFKVWRQH
IRUZKDWLVLPSRUWDQW,VGHDWKJRLQJWRWDNHLWDZD\IURP\RX"7KHQLWLVQRW
LPSRUWDQW0RQH\WKHQLVQRWLPSRUWDQWXVHIXOEXWQRWLPSRUWDQWKDVQR
LPSRUW3RZHUSUHVWLJHUHVSHFWDELOLW\GHDWKZLOOFRPHDQGHIIDFHWKHPDOOVR
ZK\PDNHVRPXFKIXVVDERXWWKHPIRUWKHIHZGD\V\RXDUHKHUH"7KLVLVD
FDUDYDQVHUDLDQRYHUQLJKWVWD\DQGE\WKHPRUQLQJZHJR
5HPHPEHURQO\WKDWZKLFK\RXFDQWDNHZLWK\RXZKHQ\RXOHDYHWKHERG\LV
LPSRUWDQW7KDWPHDQVH[FHSWPHGLWDWLRQQRWKLQJLVLPSRUWDQW([FHSW
DZDUHQHVVQRWKLQJLVLPSRUWDQWEHFDXVHRQO\DZDUHQHVVFDQQRWEHWDNHQDZD\
E\GHDWK(YHU\WKLQJHOVHZLOOEHVQDWFKHGDZD\EHFDXVHHYHU\WKLQJHOVHFRPHV
IURPZLWKRXW2QO\DZDUHQHVVZHOOVXSZLWKLQWKDWFDQQRWEHWDNHQDZD\$QG
WKHVKDGRZVRIDZDUHQHVVFRPSDVVLRQORYHWKH\FDQQRWEHWDNHQDZD\
WKH\DUHLQWULQVLFSDUWVRIDZDUHQHVV
<RXZLOOEHWDNLQJZLWK\RXRQO\ZKDWVRHYHUDZDUHQHVV\RXKDYHDWWDLQHGWKDWLV
\RXURQO\UHDOZHDOWK$OOHOVHLVLOOWKQRWZHDOWK

'21
7'27+,1*6%$&.:$5'6
7KLVLVDYHU\VLJQLILFDQWVXWUD,VDLGWR\RXLQWKHEHJLQQLQJSHRSOHDUHXSVLGH
GRZQLQDSHUPDQHQWKHDGVWDQGSRVWXUH3HRSOHDUHOLYLQJEDFNZDUGV/LIH
PRYHVIRUZDUGSHRSOHOLYHEDFNZDUGVLQPDQ\PDQ\ZD\V
7KHILUVWPHDQLQJLVWKHKHDUWKDVWREHWKHPDVWHUDQGWKHKHDGWKHVHUYDQW




%XWSHRSOHDUHXSVLGHGRZQWKHKHDGKDVEHFRPHWKHPDVWHUDQGWKHKHDUWKDV
EHFRPHWKHVHUYDQW/RJLFUXOHVORYHLVQRWHYHQKHHGHG3HUVRQDOLW\KDV
EHFRPHPRUHLPSRUWDQWWKDQLQGLYLGXDOLW\3HUVRQDOLW\LVWKDWZKLFKLVFRQIHUUHG
RQ\RXE\RWKHUVLQGLYLGXDOLW\LVWKDWZKLFKLVJLYHQWR\RXE\*RG3HUVRQDOLW\LV
MXVWDPDVNSHUVRQDLQGLYLGXDOLW\LV\RXUXQLTXHQHVV
7KHVRFLHW\ZDQWV\RXWRKDYHEHDXWLIXOSHUVRQDOLWLHVWKHVRFLHW\ZDQWV\RXWR
KDYHSHUVRQDOLWLHVZKLFKDUHFRPIRUWDEOHIRUWKHVRFLHW\FRQYHQLHQWIRUWKH
VRFLHW\%XWWKHSHUVRQLVQRWWKHUHDOWKLQJWKHLQGLYLGXDOLVWKHUHDOWKLQJ7KH
LQGLYLGXDOLVQRWQHFHVVDULO\DOZD\VFRPIRUWDEOHWRWKHVRFLHW\LQIDFWKHLVYHU\
LQFRQYHQLHQW
-HVXVPXVWKDYHEHHQYHU\LQFRQYHQLHQWRWKHUZLVHSHRSOHGRQ
WNLOOGRQ
W
PXUGHUGRQ
WFUXFLI\,I-HVXVZHUHUHDOO\DSHUVRQDOLW\WKHUHZRXOGKDYHEHHQ
QRWURXEOH+HZRXOGKDYHEHHQDZHOOUHVSHFWHGUDEELWKHPDVVHVZRXOGKDYH
ZRUVKLSSHGKLP-HZVZRXOGKDYHUHPHPEHUHGKLPDVDJUHDWVDLQW%XWKHZDV
DQLQGLYLGXDO,QGLYLGXDOVGRQ
WILWHDVLO\ZLWKRWKHUVLQGLYLGXDOVILWRQO\ZLWKRWKHU
LQGLYLGXDOVDQGWKHQWRRWKHKDUPRQ\LVQRWLPSRVHGHQIRUFHGWKHKDUPRQ\
LVQDWXUDO%XWLQGLYLGXDOVGRQ
WILWZLWKSHUVRQDOLWLHV/LJKWFDQQRWEHDGMXVWHG
ZLWKGDUNQHVVWKDWLVWKHWURXEOH
-HVXVPD\KDYHEHHQWRRPXFKRIDWURXEOHPDNHUEHFDXVHKHRQO\ZRUNHGIRU
WKUHH\HDUVDQGLQRQO\WKUHH\HDUVKHFUHDWHGVRPXFKRIIHQVHWKDWSHRSOHKDG
WRNLOOKLP$QG-HZVDUHQRWGDQJHURXVSHRSOH-HZVDUHEXVLQHVVPLQGHG
SHRSOH,QIDFWIRUWKHVHWZRWKRXVDQG\HDUV-HZVKDYHEHHQFU\LQJDQGZHHSLQJ
GHHSGRZQEHFDXVHWKH\NLOOHG-HVXVDQGPLVVHGWKHRSSRUWXQLW\RIWKHJUHDWHVW
EXVLQHVVSRVVLEOH&KULVWLDQLW\LVWKHJUHDWHVWILUPRQWKHHDUWK-HZVPXVWKDYH
EHHQYHU\MHDORXV
7KLVWLPHZKHQLWZDVJRLQJWRKDSSHQWKH\GLGQ
WPLVV6LJPXQG)UHXGZDVD
-HZKHVWDUWHGDQRWKHUEXVLQHVVSV\FKRDQDO\VLV7KLVWLPHWKH\GLGQRWPLVV
DOOWKHLPSRUWDQWSV\FKRDQDO\VWVDUH-HZV1RZSV\FKRDQDO\VLVLVELJEXVLQHVV
-HVXVPXVWKDYHRIIHQGHGWHUULEO\WKH\FRXOGQRWWROHUDWHKLPHYHQIRUDVLQJOH
GD\6RWRR6RFUDWHV%XGGKDDQG0DKDYLUDDOOLQGLYLGXDOVKDYHVXIIHUHG
EHFDXVHRIWKHSKRQ\VRFLHW\7KHWUXWKEHFRPHVLQWROHUDEOH%XWWKRXJKWKH\
PD\KDYHVXIIHUHGIURPWKHRXWVLGHIURPWKHLQVLGHWKH\OLYHGDEOLVVIXOOLIHWKH\
OLYHGDQRUJDVPLFOLIH(DFKPRPHQWRIWKHLUOLIHZDVDQRUJDVPDGHHSORYH
DIIDLUZLWKH[LVWHQFH
8QOHVV\RXVWDUWOLYLQJULJKWVLGHXS\RXZLOOJRRQPLVVLQJEHLQJDQLQGLYLGXDO
\RXZLOOQHYHUEHFRPHDXWKHQWLF7KHKHDGLVJRRGEXWRQO\DVDVHUYDQWQRWDV
DPDVWHU7KHKHDUWKDVWREHWKHPDVWHUIHHOLQJVVKRXOGGRPLQDWHWKRXJKWV
$QGRQFHWKLVKDVKDSSHQHGWKHQDQRWKHUVWHSFDQEHWDNHQEHLQJVKRXOG
GRPLQDWHIHHOLQJV
7KHVHDUHWKHWKUHHOD\HUVWKRXJKWVWKHRXWHUPRVWDQGEHLQJWKHLQQHUPRVW
DQGIHHOLQJLQEHWZHHQWKHEULGJH0RYHIURPWKRXJKWVWRIHHOLQJVDQGIURP
IHHOLQJVWREHLQJDQGVWDUWOLYLQJIURPEHLQJ7KDWGRHVQRWPHDQWKDW\RXGRQ
W
KDYHDQ\IHHOLQJV\RXZLOOKDYHIHHOLQJVEXWWKRVHIHHOLQJVZLOOIROORZEHLQJ
WKH\ZLOOKDYHWKHIODYRURIEHLQJWKHKHDUWEHDWRIEHLQJ,WGRHVQRWPHDQWKDW
\RXZLOOQRWEHDEOHWRWKLQN\RXZLOOEHDEOHWRWKLQNIDUPRUHLQWHOOLJHQWO\EXW
QRZ\RXUWKLQNLQJZLOOKDYHWKHMXLFLQHVVRI\RXUIHHOLQJVDQGWKHOLJKWRI\RXU




EHLQJ\RXUWKRXJKWVZLOOEHOXPLQRXV
5LJKWQRZLWLVMXVWWKHRWKHUZD\WKRXJKWVDUHGRPLQDWLQJIHHOLQJV$QGEHFDXVH
RIWKLVGRPLQDWLRQHYHU\WKLQJKDVJRQHWRSV\WXUY\EHFDXVHRIWKLVGRPLQDWLRQ
\RXFDQQRWUHDFKWRWKHEHLQJEHFDXVHWKRXJKWLVLPSRWHQWWRUHDFKWRWKH
EHLQJ7KHLQQHULVFDSDEOHRIUHDFKLQJWKHRXWHUQRWYLFHYHUVD7KHFHQWHUFDQ
WRXFKWKHFLUFXPIHUHQFHEXWQRWYLFHYHUVD
)XWXUHKDVEHFRPHPRUHLPSRUWDQWWR\RXWKDQWKHSUHVHQW3UHVHQWVKRXOGEH
WKHFHQWUDODQGHYHU\WKLQJVKRXOGJRURXQGLW7KDWKDVEHFRPHPRUHLPSRUWDQW
WKDQWKLVWKHQKDVEHFRPHPRUHLPSRUWDQWWKDQQRZ&KDQJHWKHVHYDOXHV
8QOHVV\RXFKDQJHWKHVHYDOXHV\RXDUHQRWVDQQ\DVLQV/HWQRZEHPRUH
LPSRUWDQWOHWKHUHEHPRUHLPSRUWDQWOHWWKLVEHPRUHLPSRUWDQW
8SDQLVKDGVVD\7KRXDUWWKDW,VD\WR\RX7KRXDUWWKLVEHFDXVHWKDW
PHDQVIDUDZD\DVLI*RGLVIDUDZD\7KRXDUWWKDWQR7KRXDUW7+,6WKLV
YHU\PRPHQWWKLVDLUWKDWVXUURXQGV\RXWKHVHFKLUSLQJELUGVWKLVUDLOZD\WUDLQ
SDVVLQJE\WKHVHWUHHVWKLVVXQWKHVHSHRSOH,DQG\RXWKLVVLOHQFHZKHUH
QHLWKHU,DPQRU\RXDUH7KRXDUWWKLV/HWWKLVEHFRPHPRUHLPSRUWDQWWKDQ
WKDWDQG\RXUOLIHZLOOKDYHDWRWDOO\GLIIHUHQWTXDOLW\WRLW
%HFDXVHOLIHJRHVDKHDGDQG\RXUPLQGLVSDVWRULHQWHGPLQGDQGOLIHQHYHU
PHHW0LQGJRHVEDFNZDUGVOLYHVEDFNZDUGV0LQGLVDUHDUYLHZPLUURU8VHLW
ZKHQWKHRFFDVLRQDULVHV<HVWKHUHDUYLHZPLUURULQWKHFDUKDVVRPH
LPSRUWDQWIXQFWLRQWRIXOILOO%XWLI\RXEHFRPHREVHVVHGZLWKWKHUHDUYLHZPLUURU
DQG\RXRQO\ORRNLQWRWKHUHDUYLHZPLUURUDQGGULYHWKHFDUORRNLQJDOZD\VLQWR
WKHUHDUYLHZPLUURUWKHQWKHUHLVJRLQJWREHGDQJHU7KHQWKHUHDUHJRLQJWREH
DFFLGHQWVDQGDFFLGHQWVDQGQRWKLQJHOVH
$QGWKDW
VZKDWKDVEHHQKDSSHQLQJWRKXPDQLW\/RRNWKUHHWKRXVDQG\HDUVRI
KLVWRU\DQG\RXZLOOILQGRQO\DFFLGHQWVDQGDFFLGHQWVDQGDFFLGHQWV,QWKUHH
WKRXVDQG\HDUVZHKDYHIRXJKWILYHWKRXVDQGZDUV:KDWPRUHDFFLGHQWVGR\RX
ZDQW"$QGLQWKHVHWKUHHWKRXVDQG\HDUVZKDWKDYHZHGRQHWRWKHHDUWKWR
QDWXUH":HKDYHGHVWUR\HGWKHHFRORJ\1RZLIVRPHWKLQJLVQRWGRQH
LPPHGLDWHO\WKHHDUWKPD\EHFRPHXQLQKDELWDEOH
7KHHDUWKKDVEHHQSRLVRQHGE\XVZHDUHNLOOLQJLW$QGZHKDYHWROLYHRQLW
DQGZHDUHWXUQLQJLWLQWRDFRUSVH,WKDVVWDUWHGVWLQNLQJLQPDQ\SODFHV:H
KDYHJLYHQQDWXUHDQGHDUWKDFDQFHUQDWXUHKDVJLYHQXVOLIHDQGZHDUHJLYLQJ
GHDWKWRQDWXUHLQUHWXUQ$QGWKHEDVLFUHDVRQWKHEDVLFFDXVHLVWKDWZHKDYH
EHHQOLVWHQLQJWRWKHPLQGZKLFKPRYHVEDFNZDUGV
0LQGPHDQVSDVW0LQGKDVQRLGHDRIWKHSUHVHQWFDQQRWKDYHDQ\LGHDRIWKH
SUHVHQW0LQGRQO\PHDQVWKDWZKLFKKDVEHHQOLYHGNQRZQH[SHULHQFHGWKH
DFFXPXODWHGSDVW,WFDQQRWKDYHDQ\FRQWDFWZLWKWKHSUHVHQWLWZLOOKDYHWKDW
FRQWDFWRQO\ZKHQWKHSUHVHQWLVQRPRUHSUHVHQWDQGKDVEHFRPHSDVW$QGOLIH
PRYHVDKHDG:HOLYHLQWKHSUHVHQWDQGZHPRYHLQWKHIXWXUHDQGPLQGQHYHU
OLYHVLQWKHSUHVHQWDQGDOZD\VFOLQJVWRWKHSDVW7KLVLVWKHGLFKRWRP\WKH
JUHDWHVWFDODPLW\7KLVLVWKHNQRWWKDWKDVWREHFXW
$WLVKDVD\V'21
7'27+,1*6%$&.:$5'6
$QRWKHUPHDQLQJRIWKLVVXWUDLVUHPHPEHUOLIHFDQEHUHDOO\OLYHGRQO\LI\RXOLYH
LWQDWXUDOO\,I\RXLPSRVHDUWLILFLDOFRPPDQGPHQWVRYHULW\RXZLOOGHVWUR\LW
)RUH[DPSOH,WROG\RXXQOHVV\RXORYH\RXUVHOI\RXFDQQRWORYHDQ\ERG\HOVH




+HQFH,VD\WR\RXEHVHOILVKEHFDXVHRQO\RXWRIVHOILVKQHVVLVDOWUXLVPERUQ
%XW\RXKDYHEHHQWROGDJDLQDQGDJDLQWKDW\RXDUHZRUWKOHVV<RXKDYHEHHQ
WROGWKDW\RXKDYHQRYDOXHWKDWDV\RXDUH\RXDUHRQO\ZRUWKFRQGHPQDWLRQ
WKDWDV\RXDUH\RXDUHERXQGWRKHOO<RXKDYHWREHZRUWK\\RXKDYHWR
FKDQJH\RXKDYHWREHFRPHDVDLQWWKLVDQGWKDW2QHWKLQJLVFHUWDLQWKDWDV
\RXDUH\RXDUHQRWRIDQ\ZRUWK+RZFDQ\RXORYH\RXUVHOI"
$QGZKHQDSHUVRQFDQQRWORYHKLPVHOIDQGKDWHVKLPVHOIKHKDWHVHYHU\ERG\
HOVHKHKDWHVWKHZKROHZRUOG%\KDWLQJKLPVHOIKHEHFRPHVOLIHQHJDWLYHDQG
WKHSHUVRQZKRLVOLIHQHJDWLYHLVOLIHGHVWUXFWLYH
<RXUPRQNVDQGQXQVKDYHDOOEHHQOLIHQHJDWLYHWKH\KDYHQRWDIILUPHGOLIH
WKH\KDYHQRWQRXULVKHGOLIHWKH\KDYHQRWEHDXWLILHGOLIHWKH\KDYHQRWEHHQD
EOHVVLQJWRWKHZRUOG7KH\KDYHEHHQDFXUVH<RXUPRQDVWHULHVVKRXOG
GLVDSSHDUZHGRQ
WQHHGPRQDVWHULHV:HFHUWDLQO\QHHGVDQQ\DVLQVEXWWKH\
VKRXOGOLYHLQWKHZRUOGSDUWRIWKHZRUOGWUDQVIRUPLQJWKHZRUOG%XWWKHEDVLF
WUDQVIRUPDWLRQWKDWKDVWRKDSSHQLVWKDWWKH\VKRXOGEHORYHUVRIWKHPVHOYHV
7KHSHUVRQZKRGRHVQRWORYHKLPVHOIEHFRPHVDPDVRFKLVWKHVWDUWVWRUWXULQJ
KLPVHOI$QGWKHVHPDVRFKLVWVKDYHEHHQZRUVKLSSHGDVVDLQWVGRZQWKHDJHV
$QGDSHUVRQZKRLVDPDVRFKLVWFDQQRWEHDQ\WKLQJHOVHWKDQDVDGLVWWRR
EHFDXVHKHZKRWRUWXUHVKLPVHOIZRXOGOLNHHYHU\ERG\WREHWRUWXUHG7RUWXULQJ
EHFRPHVKLVVDFULILFHWR*RG
6RWKHUHKDYHEHHQPDVRFKLVWVWKHUHKDYHEHHQVDGLVWV$QGEHFDXVHLQOLIH
\RXFDQQRWILQGDQ\TXDOLW\SXUHO\VR\RXZLOOQRWILQGPDVRFKLVWVDQGVDGLVWV
VHSDUDWH,WLVDOPRVWDOZD\VWKHFDVHWKDWWKHVDPHSHUVRQLVERWKPDVRVDGLVW
HYHU\ERG\LVOLNHWKDW<RXKDYHEHHQFRQGLWLRQHGE\\RXUUHOLJLRQVLQVXFKD
ZD\WKDW\RXDUHDJDLQVW\RXUVHOIDQGDJDLQVWRWKHUV2QWKHRQHKDQG\RX
WRUWXUH\RXUVHOIZLWKEHDXWLIXOUDWLRQDOL]DWLRQVDQGRQWKHRWKHUKDQG\RXWRUWXUH
RWKHUVDJDLQZLWKEHDXWLIXOUDWLRQDOL]DWLRQV
/LIHKDVEHFRPHDWRUWXUHFKDPEHUDFRQFHQWUDWLRQFDPSLWLVQRPRUHD
FHOHEUDWLRQ,WVKRXOGEHDFHOHEUDWLRQ,IQDWXUHLVDOORZHGWRWDNHLWVRZQFRXUVH
LWLVERXQGWREHDFHOHEUDWLRQ
6RWKHODVWWKLQJWREHUHPHPEHUHG
'21
7'27+,1*6%$&.:$5'6
*RZLWKQDWXUHGRQ
WWU\WRJRXSVWUHDP*RZLWKWKHVWUHDPRIOLIH*RZLWKWKH
ULYHUGRQ
WSXVKWKHULYHU'RQ
WWU\WRFRQTXHUQDWXUH\RXFDQQRW\RXFDQRQO\
GHVWUR\LWDQGGHVWUR\\RXUVHOILQWKHHIIRUW7KHYHU\LGHDRIFRQTXHULQJQDWXUH
LVYLROHQWXJO\9LFWRU\LVQRWJRLQJWREHDJDLQVWQDWXUHYLFWRU\LVSRVVLEOHRQO\
ZLWKQDWXUH
'21
79$&,//$7(
<RXUPLQGZLOOYDFLOODWH0LQGLVYDFLOODWLRQPLQGLVHLWKHURUPLQGLVDOZD\VLQ
WKDWVSDFHRIWREHRUQRWWREH,I\RXUHDOO\ZDQWWRJURZPDWXUHLI\RXUHDOO\
ZDQWWRNQRZZKDWWKLVOLIHLVDOODERXWGRQ
WYDFLOODWH&RPPLWLQYROYH,QYROYH
\RXUVHOIZLWKOLIHJHWFRPPLWWHGWROLIHGRQ
WUHPDLQDVSHFWDWRU'RQ
WJRRQ
WKLQNLQJZKHWKHUWRGRRUQRW6KRXOG,GRWKLVRUWKDW"<RXFDQJRRQ
YDFLOODWLQJ\RXUZKROHOLIHDQGWKHPRUH\RXYDFLOODWHWKHPRUHWUDLQHG\RX
EHFRPHLQYDFLOODWLRQ
/LIHLVIRUWKRVHZKRNQRZKRZWRFRPPLWKRZWRVD\\HVWRVRPHWKLQJKRZWR




VD\QRWRVRPHWKLQJGHFLVLYHO\FDWHJRULFDOO\2QFH\RXKDYHFDWHJRULFDOO\VDLG
\HVRUQRWRVRPHWKLQJWKHQ\RXFDQWDNHDMXPSWKHQ\RXFDQGLYHGHHSLQWR
WKHRFHDQ
3HRSOHDUHMXVWVLWWLQJRQWKHIHQFH0LOOLRQVRISHRSOHDUHIHQFHVLWWHUVWKLV
ZD\RUWKDWMXVWZDLWLQJIRUWKHRSSRUWXQLW\WRFRPH$QGWKHRSSRUWXQLW\ZLOO
QHYHUFRPHEHFDXVHLWKDVDOUHDG\FRPHLWLVWKHUH
0\RZQVXJJHVWLRQLVWKDWHYHQLIVRPHWLPHVLWKDSSHQVWKDW\RXFRPPLWWRWKH
ZURQJWKLQJHYHQWKHQLWLVJRRGWRFRPPLWEHFDXVHWKHGD\\RXZLOONQRZLWLV
ZURQJ\RXFDQJHWRXWRILW$WOHDVW\RXZRXOGKDYHOHDUQHGRQHWKLQJWKDWLWLV
ZURQJDQGQHYHUWRJHWLQWRDQ\WKLQJOLNHWKDWDJDLQ,WLVDJUHDWH[SHULHQFHLW
EULQJV\RXFORVHUWRWUXWK
:K\GRSHRSOHYDFLOODWHVRPXFK"EHFDXVHIURPWKHYHU\FKLOGKRRG\RXKDYH
EHHQWROGQRWWRFRPPLWDQ\PLVWDNHV7KDWLVRQHRIWKHJUHDWHVWWHDFKLQJVRIDOO
WKHVRFLHWLHVDOORYHUWKHZRUOGDQGYHU\GDQJHURXVYHU\KDUPIXO7HDFK
FKLOGUHQWRFRPPLWDVPDQ\PLVWDNHVDVSRVVLEOHZLWKRQO\RQHFRQGLWLRQGRQ
W
FRPPLWWKHVDPHPLVWDNHDJDLQWKDW
VDOO$QGWKH\ZLOOJURZDQGWKH\ZLOO
H[SHULHQFHPRUHDQGPRUHDQGWKH\ZLOOQRWYDFLOODWH2WKHUZLVHDWUHPEOLQJ
DQGWLPHLVSDVVLQJE\RXWRI\RXUKDQGVDQG\RXDUHYDFLOODWLQJ
,VHHPDQ\SHRSOHVWDQGLQJRQWKHVKRUHYDFLOODWLQJZKHWKHUWRWDNHWKHMXPSRU
QRW+HUHLWKDSSHQVHYHU\GD\
-XVWDIHZGD\VDJRRQH\RXQJPDQFDPHWRPH)RUWKUHH\HDUVKHKDVEHHQ
YDFLOODWLQJZKHWKHUWRWDNHVDQQ\DVRUQRW,VDLG'HFLGHHLWKHU\HVRUQRDQG
EHILQLVKHGZLWKLW$QG,DPQRWVD\LQJGHFLGH\HV,DPRQO\VD\LQJ'(&,'(1R
LVDVJRRGDV\HV%XWZDVWLQJWKUHH\HDUV",I\RXKDGWDNHQVDQQ\DVWKUHH
\HDUVDJR,WROGKLPE\WKLVWLPH\RXZRXOGKDYHNQRZQZKHWKHULWLVZRUWKLW
RUQRWDWOHDVWRQHWKLQJZRXOGKDYHEHHQGHFLGHG9DFLOODWLQJWKUHH\HDUV
QRWKLQJKDVEHHQGHFLGHG<RXDUHLQWKHVDPHVSDFHDQGWKUHH\HDUVKDYH
JRQHE\
$WLVKDVD\V'21
79$&,//$7(75$,1$67+28*+&872))
7KLVLVWKHVHFUHWRIPHGLWDWLRQWKHODVWVXWUDWRGD\
75$,1$67+28*+&872))
0LQGLVYDFLOODWLRQ7KHGLVFLSOLQHRIDPHGLWDWRULVWREHFRPHVRZDWFKIXORIWKH
PLQGVRDOHUWWRWKHPLQGDQGLWVVWXSLGLWLHVLWVKHVLWDWLRQVLWVWUHPEOLQJVLWV
YDFLOODWLRQVWREHFRPHVRZDWFKIXOWKDW\RXDUHFXWRII
7KDWLVWKHZKROHSXUSRVHRIZDWFKLQJZDWFKLQJFXWV\RXRII
:DWFKDQ\WKLQJLQWKHPLQGDQG\RXDUHFXWRII:DWFKLQJLVDVZRUG
,IDWKRXJKWLVPRYLQJLQ\RXUPLQGMXVWZDWFKLWDQGVXGGHQO\\RXZLOOVHHWKH
WKRXJKWLVWKHUH\RXDUHKHUHDQGWKHUHLVQREULGJHOHIW'RQ
WZDWFKDQG\RX
EHFRPHLGHQWLILHGZLWKWKHWKRXJKW\RXEHFRPHLWZDWFKDQG\RXDUHQRWLW
0LQGSRVVHVVHV\RXEHFDXVH\RXKDYHIRUJRWWHQKRZWRZDWFK/HDUQLW
-XVWORRNLQJDWDURVHIORZHUZDWFKLWRUDWWKHVWDUVRUWKHSHRSOHSDVVLQJRQ
WKHURDGVLWE\WKHVLGHDQGZDWFK$QGWKHQVORZO\VORZO\FORVH\RXUH\HVDQG
VHHWKHLQQHUWUDIILFPRYLQJWKRXVDQGVRIWKRXJKWVGHVLUHVGUHDPVSDVVLQJ
E\,WLVDOZD\VUXVKKRXUWKHUH
-XVWZDWFKDVVRPHERG\ZDWFKHVDULYHUIORZLQJE\VLWWLQJRQWKHEDQN
-XVWZDWFKDQGZDWFKLQJ\RXZLOOEHFRPHDZDUHWKDW\RXDUHQRWLW




0LQGLVEHLQJLGHQWLILHGZLWKLW1RPLQGLVEHLQJGLVLGHQWLILHGZLWKLW'RQ
WEHD
PLQGEHFDXVHLQIDFW\RXDUHQRWDPLQG7KHQZKRDUH\RX"<RXDUH
FRQVFLRXVQHVV<RXDUHWKDWZDWFKIXOQHVV\RXDUHZLWQHVVLQJ\RXDUHWKDWSXUH
REVHUYDWLRQWKDWPLUURUOLNHTXDOLW\WKDWUHIOHFWVHYHU\WKLQJEXWQHYHUEHFRPHV
LGHQWLILHGZLWKDQ\WKLQJ
5HPHPEHU,DPQRWVD\LQJWKDW\RXDUHFRQVFLRXV,DPVD\LQJ\RXDUH
FRQVFLRXVQHVVWKDWLV\RXUWUXHLGHQWLW\7KHGD\RQHNQRZV,DP
FRQVFLRXVQHVVRQHKDVFRPHWRNQRZWKHXOWLPDWHEHFDXVHWKHPRPHQW\RX
NQRZ,DPFRQVFLRXVQHVV\RXDOVRNQRZDOOLVFRQVFLRXVQHVVRQGLIIHUHQW
SODQHV7KHURFNLVFRQVFLRXVLQLWVRZQZD\DQGWKHWUHHLVFRQVFLRXVLQLWVRZQ
ZD\DQGWKHDQLPDOVDQGWKHSHRSOH(YHU\ERG\LVFRQVFLRXVLQKLVRZQZD\
DQGFRQVFLRXVQHVVLVDPXOWLIDFHWHGGLDPRQG
7KHGD\\RXNQRZ,DPFRQVFLRXVQHVV\RXKDYHNQRZQWKHXQLYHUVDOWUXWK
\RXKDYHFRPHWRWKHJRDO
6RFUDWHVVD\V0DQNQRZWK\VHOI7KDWLVWKHWHDFKLQJRIDOOWKHEXGGKDV
.QRZWK\VHOI+RZDUH\RXJRLQJWRNQRZ\RXUVHOI",IPLQGUHPDLQVWRRPXFK
DQGJRHVRQFODPRULQJDURXQG\RXJRHVRQPDNLQJJUHDWQRLVH\RXZLOOQHYHU
KHDUWKHVWLOOVPDOOYRLFHZLWKLQ<RXKDYHWREHFRPHGLVLGHQWLILHGZLWKWKHPLQG
*HRUJH*XUGMLHIIXVHGWRVD\0\ZKROHWHDFKLQJFDQEHFRQGHQVHGLQWRRQH
ZRUGDQGWKDWLVGLVLGHQWLILFDWLRQ+HLVULJKW1RWRQO\KLVWHDFKLQJFDQEH
FRQGHQVHGLQWRRQHZRUGDOOWKHWHDFKLQJRIDOOWKHPDVWHUVFDQEHFRQGHQVHG
LQWRRQHZRUGGLVLGHQWLILFDWLRQ'RQ
WEHLGHQWLILHGZLWKWKHPLQG
7KDWLVWKHPHDQLQJRI$WLVKD+HVD\V
75$,1$67+28*+&872))
'LVFLSOLQH\RXUVHOILQWRGHHSDZDUHQHVVVRWKDW\RXDUHFXWRIIIURPWKHPLQG,I
\RXFDQKDYHRQO\DVLQJOHPRPHQWRIWKLVFXWRIIQHVVWKHILUVWVDWRULKDV
KDSSHQHG,QWKHVHFRQGVDWRUL\RXEHFRPHFDSDEOHRIFXWWLQJRIIIURPWKHPLQG
ZKHQHYHU\RXZDQW,QWKHILUVWVDWRULLWKDSSHQVDFFLGHQWDOO\PHGLWDWLQJ
ZDWFKLQJRQHGD\LWKDSSHQVDOPRVWOLNHDQDFFLGHQW<RXZHUHJURSLQJLQWKH
GDUNDQG\RXKDYHVWXPEOHGXSRQWKHGRRU7KHILUVWVDWRULLVDVWXPEOLQJRQWKH
GRRU
7KHVHFRQGVDWRULLVEHFRPLQJSHUIHFWO\DZDUHZKHUHWKHGRRULVDQGZKHQHYHU
\RXZDQWWR\RXFDQJRWRWKHGRRUZKHQHYHU\RXZDQWWRJR(YHQLQWKH
PDUNHWSODFHVXUURXQGHGE\DOOWKHFODPRURIWKHPDUNHW\RXFDQJRWRWKHGRRU
6XGGHQO\\RXFDQEHFRPHFXWRII
$QGWKHWKLUGVDWRULLVZKHQ\RXDUHDEVROXWHO\FXWRIIVRWKDWHYHQLI\RXZDQWWR
MRLQZLWKWKHPLQG\RXFDQQRW<RXFDQXVHLWOLNHDPDFKLQHVHSDUDWHIURP\RX
EXWHYHQLQ\RXUGHHSVOHHS\RXDUHQRWLGHQWLILHGZLWKLW
7KHVHDUHWKHWKUHHVDWRULVWKUHHVDPDGKLV)LUVWDFFLGHQWDOVWXPEOLQJVHFRQG
EHFRPLQJPRUHGHOLEHUDWHFRQVFLRXVLQUHDFKLQJWRWKHGRRUDQGWKLUG
EHFRPLQJDWWXQHGVRGHHSO\ZLWKWKHGRRUWKDW\RXQHYHUORVHWUDFNRILWWKDWLWLV
DOZD\VWKHUHDOZD\VRSHQ7KLVLVWKHVWDWHFDOOHGVDWRULLQ-DSDQVDPDGKLLQ
,QGLD,Q(QJOLVKLWLVWUDQVODWHGDVHFVWDV\7KDWZRUGLVEHDXWLIXOOLWHUDOO\LW
PHDQVVWDQGLQJRXW(FVWDV\PHDQVVWDQGLQJRXWVWDQGLQJRXWRIWKHPLQG
$WLVKD
VODVWVXWUD75$,1$67+28*+&872))LVH[DFWO\WKHVDPHDVWKH
PHDQLQJRIWKHZRUGHFVWDV\VRFXWRIIIURPWKHPLQGWKDW\RXDUHVWDQGLQJ




RXWWKDWPLQGLVWKHUHEXW\RXDUHQRWLW6RPHSHRSOHKDYHDOVRVWDUWHG
WUDQVODWLQJVDPDGKLQRWDVHFVWDV\EXWDVLQVWDV\7KDWWRRLVEHDXWLIXOEHFDXVH
LWLVQRWVWDQGLQJRXWLWLVVWDQGLQJRXWRIWKHPLQGLI\RXWKLQNRIWKHPLQGEXWLI
\RXWKLQNRIFRQVFLRXVQHVVWKHQLWLVVWDQGLQJLQ
$VIDUDVPLQGLVFRQFHUQHGHFVWDV\LVWKHULJKWZRUGEXWDVIDUDV
FRQVFLRXVQHVVLVFRQFHUQHGLQVWDV\LVIDUEHWWHU%XWERWKDUHDVSHFWVRIWKH
VDPHWKLQJVWDQGLQJRXWRIWKHPLQGLVVWDQGLQJLQFRQVFLRXVQHVVNQRZLQJWKDW
,DPQRWPLQGLVNQRZLQJ,DPFRQVFLRXVQHVV$+$0%5$+0$60,7KDWLV
WKHPHDQLQJRIWKH8SDQLVKDGLFVD\LQJ,DP*RG,DPFRQVFLRXVQHVV
(QRXJKIRUWRGD\


WKHERRNRIZLVGRPFKDSWHUWZHQW\WZRWKHJUHDWHVWMRNHWKHUHLV
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2:+$7,6,112&(1&(:+$7,6%($87<"


5DP)DNHHUWROLYHLQWKHPRPHQWLVLQQRFHQFHWROLYHZLWKRXWWKHSDVWLV
LQQRFHQFHWROLYHZLWKRXWFRQFOXVLRQVLVLQQRFHQFHWRIXQFWLRQRXWRIWKHVWDWHRI
QRWNQRZLQJLVLQQRFHQFH$QGWKHPRPHQW\RXIXQFWLRQRXWRIVXFKWUHPHQGRXV
VLOHQFHZKLFKLVQRWEXUGHQHGE\DQ\SDVWRXWRIVXFKWUHPHQGRXVVWLOOQHVV
ZKLFKNQRZVQRWKLQJWKHH[SHULHQFHWKDWKDSSHQVLVEHDXW\
:KHQHYHU\RXIHHOEHDXW\LQWKHULVLQJVXQLQWKHVWDUVLQWKHIORZHUVRULQ
WKHIDFHRIDZRPDQRUDPDQZKHUHYHUDQGZKHQHYHU\RXIHHOEHDXW\ZDWFK
$QGRQHWKLQJZLOODOZD\VEHIRXQG\RXKDGIXQFWLRQHGZLWKRXWPLQG\RXKDG
IXQFWLRQHGZLWKRXWDQ\FRQFOXVLRQ\RXKDGVLPSO\IXQFWLRQHGVSRQWDQHRXVO\
7KHPRPHQWJULSSHG\RXDQGWKHPRPHQWJULSSHG\RXVRGHHSO\WKDW\RXZHUH
FXWRIIIURPWKHSDVW
$QGZKHQ\RXDUHFXWRIIIURPWKHSDVW\RXDUHFXWRIIIURPWKHIXWXUH
DXWRPDWLFDOO\EHFDXVHSDVWDQGIXWXUHDUHWZRDVSHFWVRIWKHVDPHFRLQWKH\
DUHQRWVHSDUDWHDQGWKH\DUHQRWVHSDUDEOHHLWKHU<RXFDQWRVVDFRLQ
VRPHWLPHVLWLVKHDGVVRPHWLPHVLWLVWDLOVEXWWKHRWKHUSDUWLVDOZD\VWKHUH
KLGLQJEHKLQG
3DVWDQGIXWXUHDUHWZRDVSHFWVRIWKHVDPHFRLQ7KHQDPHRIWKHFRLQLVPLQG
:KHQWKHZKROHFRLQLVGURSSHGWKDWGURSSLQJLVLQQRFHQFH7KHQ\RXGRQ
W
NQRZZKR\RXDUHWKHQ\RXGRQ
WNQRZZKDWLVWKHUHLVQRNQRZOHGJH
%XW\RXDUHH[LVWHQFHLVDQGWKHPHHWLQJRIWKHVHWZRLVQHVVHVWKHVPDOOLV
QHVVRI\RXPHHWLQJZLWKWKHLQILQLWHLVQHVVRIH[LVWHQFHWKDWPHHWLQJWKDW
PHUJHULVWKHH[SHULHQFHRIEHDXW\
,QQRFHQFHLVWKHGRRUWKURXJKLQQRFHQFH\RXHQWHULQWREHDXW\7KHPRUH
LQQRFHQW\RXEHFRPHWKHPRUHH[LVWHQFHEHFRPHVEHDXWLIXO7KHPRUH
NQRZOHGJHDEOH\RXDUHWKHPRUHDQGPRUHH[LVWHQFHLVXJO\EHFDXVH\RXVWDUW
IXQFWLRQLQJIURPFRQFOXVLRQV\RXVWDUWIXQFWLRQLQJIURPNQRZOHGJH




7KHPRPHQW\RXNQRZ\RXGHVWUR\DOOSRHWU\7KHPRPHQW\RXNQRZDQGWKLQN
WKDW\RXNQRZ\RXKDYHFUHDWHGDEDUULHUEHWZHHQ\RXUVHOIDQGWKDWZKLFKLV
7KHQHYHU\WKLQJLVGLVWRUWHG7KHQ\RXGRQ
WKHDUZLWK\RXUHDUV\RXWUDQVODWH
7KHQ\RXGRQ
WVHHZLWK\RXUH\HV\RXLQWHUSUHW7KHQ\RXGRQ
WH[SHULHQFHZLWK
\RXUKHDUW\RXWKLQNWKDW\RXH[SHULHQFH7KHQDOOSRVVLELOLW\RIPHHWLQJZLWK
H[LVWHQFHLQLPPHGLDF\LQLQWLPDF\LVORVW<RXKDYHIDOOHQDSDUW
7KLVLVWKHRULJLQDOVLQ$QGWKLVLVWKHZKROHVWRU\WKHELEOLFDOVWRU\RI$GDPDQG
(YHHDWLQJWKHIUXLWRIWKHWUHHRINQRZOHGJH2QFHWKH\KDYHHDWHQWKHIUXLWRI
NQRZOHGJHWKH\DUHGULYHQRXWRISDUDGLVH1RWWKDWVRPHERG\GURYHWKHPRXW
QRWWKDW*RGRUGHUHGWKHPWRJHWRXWRISDUDGLVHWKH\WKHPVHOYHVIHOO.QRZLQJ
WKH\ZHUHQRPRUHLQQRFHQWNQRZLQJWKH\ZHUHVHSDUDWHIURPH[LVWHQFH
NQRZLQJWKH\ZHUHHJRVNQRZLQJFUHDWHGVXFKDEDUULHUDQLURQEDUULHU
<RXDVNPH5DP)DNHHU:KDWLVLQQRFHQFH"
9RPLWNQRZOHGJH7KHIUXLWRIWKHWUHHRINQRZOHGJHKDVWREHYRPLWHG7KDW
V
ZKDWPHGLWDWLRQLVDOODERXW7KURZLWRXWRI\RXUV\VWHPLWLVSRLVRQSXUH
SRLVRQ/LYHZLWKRXWNQRZOHGJHNQRZLQJWKDW,GRQ
WNQRZ)XQFWLRQRXWRIWKLV
VWDWHRIQRWNQRZLQJDQG\RXZLOONQRZZKDWEHDXW\LV
6RFUDWHVNQRZVZKDWEHDXW\LVEHFDXVHKHIXQFWLRQVRXWRIWKLVVWDWHRIQRW
NQRZLQJ7KHUHLVDNQRZOHGJHWKDWGRHVQRWNQRZDQGWKHUHLVDQLJQRUDQFH
WKDWNQRZV%HFRPHLJQRUDQWOLNH6RFUDWHVDQGWKHQDWRWDOO\GLIIHUHQWTXDOLW\
HQWHUV\RXUEHLQJ\RXEHFRPHDFKLOGDJDLQLWLVDUHELUWK<RXUH\HVDUHIXOORI
ZRQGHUDJDLQHDFKDQGHYHU\WKLQJWKDWVXUURXQGVVXUSULVHV7KHELUGRQWKH
ZLQJDQG\RXDUHWKULOOHG7KHVKHHUMR\RIVHHLQJWKHELUGRQWKHZLQJDQGLWLV
DVLI\RXDUHRQWKHZLQJ
7KHGHZGURSVOLSSLQJIURPDORWXVOHDIDQGWKHPRUQLQJVXQVKLQLQJRQLWDQG
FUHDWLQJDVPDOOUDLQERZDURXQGLWDQGWKHPRPHQWLVVRRYHUZKHOPLQJWKH
GHZGURSVOLSSLQJRIIWKHOHDIMXVWRQWKHYHUJHRIPHHWLQJZLWKWKHLQILQLWH
GLVDSSHDULQJLQWRWKHODNHDQGLWLVDVLI\RXVWDUWVOLSSLQJDVLI\RXUGURSVWDUWV
VOLSSLQJLQWRWKHRFHDQRI*RG
,QWKHPRPHQWRILQQRFHQFHQRWNQRZLQJWKHGLIIHUHQFHEHWZHHQWKHREVHUYHU
DQGWKHREVHUYHGHYDSRUDWHV<RXDUHQRPRUHVHSDUDWHIURPWKDWZKLFK\RXDUH
VHHLQJ\RXDUHQRPRUHVHSDUDWHIURPWKDWZKLFK\RXDUHKHDULQJ
/LVWHQLQJWRPHULJKWQRZ\RXFDQIXQFWLRQLQWZRZD\V2QHLVWKHZD\RI
NQRZOHGJHFKDWWHULQJLQVLGH\RXUVHOIMXGJLQJHYDOXDWLQJFRQVWDQWO\WKLQNLQJ
ZKHWKHUZKDW,DPVD\LQJLVULJKWRUZURQJZKHWKHULWILWVZLWK\RXUWKHRULHVRU
QRWZKHWKHULWLVORJLFDORULOORJLFDOVFLHQWLILFRUXQVFLHQWLILF&KULVWLDQRU+LQGX
ZKHWKHU\RXFDQJRZLWKLWRUQRWZKHWKHU\RXFDQVZDOORZLWRUQRWDWKRXVDQG
DQGRQHWKRXJKWVFODPRULQJLQVLGH\RXUPLQGWKHLQQHUWDONWKHLQQHUWUDIILF
WKLVLVRQHZD\RIOLVWHQLQJ%XWWKHQ\RXDUHOLVWHQLQJIURPVRIDUDZD\WKDW,ZLOO
QRWEHDEOHWRUHDFK\RX
,JRRQWU\LQJEXW,ZLOOQRWEHDEOHWRUHDFK\RX<RXDUHUHDOO\RQVRPHRWKHU
SODQHW\RXDUHQRWKHUH\RXDUHQRWQRZ<RXDUHD+LQGX\RXDUHD&KULVWLDQ
\RXDUHD0RKDPPHGDQ\RXDUHDFRPPXQLVWEXW\RXDUHQRWKHUHQRZ7KH
%LEOHLVWKHUHEHWZHHQPHDQG\RXRUWKH.RUDQRUWKH*LWD$QG,JURSHIRU\RX
EXW,FRPHDFURVVWKHEDUULHURIWKH.RUDQ,JURSHIRU\RXEXWWKHUHLVDTXHXHRI
SULHVWVEHWZHHQPHDQG\RX7KLVLVWKHZD\RINQRZOHGJHWKLVLVWKHZD\RI




UHPDLQLQJGHDIRIUHPDLQLQJEOLQGRIUHPDLQLQJKHDUWOHVV
7KHUHLVDQRWKHUZD\RIOLVWHQLQJWRRMXVWOLVWHQLQJQRWKLQJEHWZHHQPHDQG\RX
7KHQWKHUHLVLPPHGLDF\FRQWDFWPHHWLQJFRPPXQLRQ7KHQ\RXGRQ
W
LQWHUSUHWEHFDXVH\RXDUHQRWZRUULHGZKHWKHULWLVULJKWRUZURQJ1RWKLQJLV
ULJKWQRWKLQJLVZURQJ,QWKDWPRPHQWRILQQRFHQFHRQHGRHVQRWHYDOXDWH
7KHUHLVQRWKLQJWRHYDOXDWHZLWKQRFULWHULRQQRDSULRULNQRZOHGJHQRDOUHDG\
DUULYHGFRQFOXVLRQQRWKLQJWRFRPSDUHZLWK<RXFDQRQO\OLVWHQMXVWDVRQH
OLVWHQVWRWKHUXQQLQJVRXQGRIZDWHULQWKHKLOOVRUDVRORIOXWHSOD\HULQWKH
IRUHVWRUVRPHERG\SOD\LQJRQWKHJXLWDU<RXOLVWHQ
%XWWKHSHUVRQZKRKDVFRPHWROLVWHQDVDFULWLFZLOOQRWOLVWHQ7KHSHUVRQZKR
KDVFRPHVLPSO\WROLVWHQQRWDVDFULWLFEXWWRHQMR\WKHPRPHQWZLOOEHDEOHWR
OLVWHQWRWKHPXVLF:KDWLVWKHUHWRXQGHUVWDQGLQPXVLF"7KHUHLVQRWKLQJWR
XQGHUVWDQG7KHUHLVVRPHWKLQJWRWDVWHFHUWDLQO\WKHUHLVVRPHWKLQJWRGULQN
DQGEHGUXQNZLWKFHUWDLQO\EXWZKDWLVWKHUHWRXQGHUVWDQG"
%XWWKHFULWLFKHLVQRWWKHUHWRWDVWHKHLVQRWWKHUHWRGULQNKHLVWKHUHWR
XQGHUVWDQG+HLVQRWOLVWHQLQJWRWKHPXVLFEHFDXVHKHLVVRIXOORIPDWKHPDWLFV
+HLVFRQWLQXRXVO\FULWLFL]LQJWKLQNLQJ+HLVQRWLQQRFHQWKHNQRZVWRRPXFK
KHQFHKHZLOOPLVVWKHEHDXW\RILW+HPD\DUULYHDWVRPHVWXSLGFRQFOXVLRQV
EXWKHZLOOPLVVWKHZKROHPRPHQW$QGWKHPRPHQWLVPRPHQWRXV
,I\RXFDQOLVWHQMXVWOLVWHQLI\RXFDQVHHMXVWVHHWKHQWKLVYHU\PRPHQW\RX
ZLOONQRZZKDWLQQRFHQFHLV
$QG,DPQRWKHUHRQO\WRH[SODLQWR\RXZKDWLQQRFHQFHLV,DPKHUHWRJLYHD
WDVWHRILW+DYHDFXSRIWHD,RIIHULWWR\RXHDFKPRPHQWLWLVEHLQJRIIHUHG
6LSLWIHHOWKHZDUPWKRIWKHPRPHQWDQGWKHPXVLFRILWDQGWKHVLOHQFHDQG
WKHORYHWKDWRYHUIORZV%HHQFRPSDVVHGZLWKLW'LVDSSHDUIRUDPRPHQWZLWK
\RXUPLQGZDWFKLQJMXGJLQJFULWLFL]LQJEHOLHYLQJGLVEHOLHYLQJIRUDJDLQVW)RU
DPRPHQWEHMXVWDQRSHQQHVVDQG\RXZLOONQRZZKDWLQQRFHQFHLV$QGLQWKDW
\RXZLOONQRZZKDWEHDXW\LV
%HDXW\LVDQH[SHULHQFHWKDWKDSSHQVLQLQQRFHQFHWKHIORZHUWKDWEORRPVLQ
LQQRFHQFH-HVXVVD\V8QOHVV\RXDUHOLNHVPDOOFKLOGUHQ\RXZLOOQRWHQWHULQWR
P\NLQJGRPRI*RG

7KHVHFRQGTXHVWLRQ
%(/29('26+2
620(7,0(6,%(/,(9(<28$1'620(7,0(6,',6%(/,(9(<28+2:
/21*$0,72/,9(,17+,6'8$/,7<"+2:$0,72'5237+,6'8$/,7<
$1'81,7("3/($6((;3/$,1

0RKDQ%KDUWLZKRKDVWROG\RXWREHOLHYHLQPH",I\RXEHOLHYH\RXZLOO
GLVEHOLHYHWRR1RERG\FDQEHOLHYHZLWKRXWGLVEHOLHYLQJ/HWLWEHVHWWOHGRQFHIRU
DOOQRERG\FDQEHOLHYHZLWKRXWGLVEHOLHYLQJ(YHU\EHOLHILVDFRYHUXSIRU
GLVEHOLHI
%HOLHILVRQO\WKHFLUFXPIHUHQFHRIWKHFHQWHUFDOOHGGRXEWEHFDXVHWKHGRXEWLV
WKHUH\RXFUHDWHEHOLHI7KHGRXEWKXUWVLWLVOLNHDZRXQGLWLVSDLQIXO%HFDXVH
WKHGRXEWLVDZRXQGLWKXUWVLWPDNHV\RXIHHO\RXULQQHUHPSWLQHVV\RXULQQHU
LJQRUDQFH<RXZDQWWRFRYHULWXS%XWKLGLQJ\RXUZRXQGEHKLQGDURVHIORZHU




GR\RXWKLQNLWLVJRLQJWRKHOS"'R\RXWKLQNWKHURVHIORZHUZLOOEHDEOHWRKHOS
WKHZRXQGGLVDSSHDU"-XVWWKHFRQWUDU\6RRQHURUODWHUWKHURVHIORZHUZLOOVWDUW
VWLQNLQJRIWKHZRXQG7KHZRXQGZLOOQRWGLVDSSHDUEHFDXVHRIWKHURVHIORZHU
LQIDFWWKHURVHIORZHUZLOOGLVDSSHDUEHFDXVHRIWKHZRXQG
$QG\RXPD\EHDEOHWRGHFHLYHVRPHERG\HOVHZKRLVORRNLQJIURPWKHRXWVLGH
\RXUQHLJKERUVPD\WKLQNWKDWWKHUHLVQRZRXQGEXWDURVHIORZHUEXWKRZ
FDQ\RXGHFHLYH\RXUVHOI"7KDWLVLPSRVVLEOH1RERG\FDQGHFHLYHKLPVHOIGHHS
GRZQVRPHZKHUH\RXZLOONQRZ\RXDUHERXQGWRNQRZWKDWWKHZRXQGH[LVWV
DQG\RXDUHKLGLQJLWEHKLQGDURVHIORZHU$QG\RXNQRZWKHURVHIORZHULV
DUELWUDU\LWKDVQRWJURZQLQ\RX\RXKDYHSOXFNHGLWIURPWKHRXWVLGHZKLOHWKH
ZRXQGKDVJURZQLQVLGH\RX\RXKDYHQRWSOXFNHGLWIURPWKHRXWVLGH
7KHFKLOGEULQJVWKHGRXEWLQKLPDQLQQHUGRXEWWKDWLVQDWXUDO,WLVEHFDXVH
RIWKHGRXEWKHLQTXLUHVLWLVEHFDXVHRIWKHGRXEWKHTXHVWLRQV*RZLWKDFKLOG
IRUDPRUQLQJZDONLQWKHZRRGVDQGKHEULQJVVRPDQ\TXHVWLRQVWKDW\RXIHHO
ERUHGWKDW\RXZDQWWRWHOOKLPWRVKXWXS%XWKHJRHVRQDVNLQJ
)URPZKHUHDUHWKHVHTXHVWLRQVFRPLQJ"7KH\DUHQDWXUDOWRWKHFKLOG'RXEWLV
DQLQQHUSRWHQWLDOLWLVWKHRQO\ZD\WKHFKLOGZLOOEHDEOHWRLQTXLUHDQGVHDUFK
DQGVHHN1RWKLQJLVZURQJDERXWLW<RXUSULHVWVKDYHEHHQWHOOLQJ\RXDOLHWKDW
WKHUHLVVRPHWKLQJZURQJDERXWGRXEW7KHUHLVQRWKLQJZURQJDERXWLW,WLV
QDWXUDODQGLWKDVWREHDFFHSWHGDQGUHVSHFWHG:KHQ\RXUHVSHFW\RXUGRXEW
LWLVQRORQJHUDZRXQGZKHQ\RXUHMHFWLWLWEHFRPHVDZRXQG
/HWLWEHYHU\FOHDUGRXEWLWVHOILVQRWDZRXQG,WLVDWUHPHQGRXVKHOSEHFDXVH
LWZLOOPDNH\RXDQDGYHQWXUHUH[SORUHU,WZLOOWDNH\RXWRWKHIDUWKHVWVWDULQ
VHDUFKRIWUXWKLWZLOOPDNH\RXDSLOJULP,WLVQRWXQKHDOWK\WRKDYHGRXEW'RXEW
LVEHDXWLIXOGRXEWLVLQQRFHQWGRXEWLVQDWXUDO%XWWKHSULHVWVKDYHFRQGHPQHG
LWGRZQWKHDJHV%HFDXVHRIWKHLUFRQGHPQDWLRQWKHGRXEWZKLFKFRXOGKDYH
EHFRPHDIORZHULQJRIWUXVWKDVEHFRPHMXVWDVWLQNLQJZRXQG&RQGHPQ
DQ\WKLQJDQGLWEHFRPHVDZRXQGUHMHFWDQ\WKLQJDQGLWEHFRPHVDZRXQG
0\WHDFKLQJLVWKHILUVWWKLQJWREHGRQH0RKDQ%KDUWLLVQRWWRWU\WREHOLHYH
:K\",IGRXEWLVWKHUHGRXEWLVWKHUH7KHUHLVQRQHHGWRKLGHLW,QIDFWDOORZLW
KHOSLWOHWLWEHFRPHDJUHDWTXHVW/HWLWEHFRPHDWKRXVDQGDQGRQHTXHVWLRQV
DQGXOWLPDWHO\\RXZLOOVHHLWLVQRWWKHTXHVWLRQVWKDWDUHUHOHYDQWLWLVWKH
TXHVWLRQPDUN'RXEWLVQRWDVHDUFKIRUEHOLHIGRXEWVLPSO\LVJURSLQJIRUWKH
P\VWHU\PDNLQJHYHU\HIIRUWWRXQGHUVWDQGWKHXQXQGHUVWDQGDEOHWR
FRPSUHKHQGWKHLQFRPSUHKHQVLEOHDJURSLQJHIIRUW
$QGLI\RXJRRQVHDUFKLQJVHHNLQJZLWKRXWVWXIILQJ\RXUVHOIZLWKERUURZHG
EHOLHIVWZRWKLQJVZLOOKDSSHQ2QH\RXZLOOQHYHUKDYHDQ\GLVEHOLHI
5HPHPEHUGRXEWDQGGLVEHOLHIDUHQRWV\QRQ\PRXV'LVEHOLHIKDSSHQVRQO\
ZKHQ\RXKDYHDOUHDG\EHOLHYHGZKHQ\RXKDYHDOUHDG\GHFHLYHG\RXUVHOIDQG
RWKHUV'LVEHOLHIFRPHVRQO\ZKHQEHOLHIKDVHQWHUHGLQLWLVDVKDGRZRIEHOLHI
$OOEHOLHYHUVDUHGLVEHOLHYHUVWKH\PD\EH+LQGXVWKH\PD\EH&KULVWLDQVWKH\
PD\EH-DLQDV,NQRZDOORIWKHPDOOEHOLHYHUVDUHGLVEHOLHYHUVEHFDXVHEHOLHI
EULQJVGLVEHOLHILWLVWKHVKDGRZRIEHOLHI&DQ\RXEHOLHYHZLWKRXWGLVEHOLHYLQJ"
,WLVLPSRVVLEOHLWFDQQRWEHGRQHLQWKHQDWXUHRIWKLQJV,I\RXZDQWWR
GLVEHOLHYHWKHILUVWUHTXLUHPHQWLVWREHOLHYH&DQ\RXEHOLHYHZLWKRXWDQ\
GLVEHOLHIHQWHULQJIURPWKHEDFNGRRU"2UFDQ\RXGLVEHOLHYHZLWKRXWKDYLQJDQ\




EHOLHILQWKHILUVWSODFH"%HOLHYHLQ*RGDQGLPPHGLDWHO\WKHGLVEHOLHIFRPHVLQ
%HOLHYHLQDIWHUOLIHDQGGLVEHOLHIDULVHV'LVEHOLHILVVHFRQGDU\EHOLHILVSULPDU\
$QG0RKDQ%KDUWLZKDW\RXZDQWWRGRLVZKDWPLOOLRQVRISHRSOHLQWKHZRUOG
ZDQWWRGRWKH\GRQ
WZDQWWKHGLVEHOLHIWKH\ZDQWRQO\WKHEHOLHI,FDQQRWKHOS
QRERG\FDQKHOS,I\RXRQO\DUHLQWHUHVWHGLQEHOLHI\RXZLOOKDYHWRVXIIHUWKH
GLVEHOLHIDOVR<RXZLOOUHPDLQGLYLGHG\RXZLOOUHPDLQVSOLW\RXZLOOUHPDLQ
VFKL]RSKUHQLF<RXFDQQRWKDYHWKHIHHORIRUJDQLFXQLW\\RX\RXUVHOIKDYH
EDUUHGLWIURPKDSSHQLQJ
:KDW
VP\VXJJHVWLRQ")LUVWGURSEHOLHYLQJ/HWEHOLHIVEHGURSSHGWKH\DUHDOO
UXEELVK7UXVWLQGRXEWWKDW
VP\VXJJHVWLRQGRQ
WWU\WRKLGHLW7UXVWLQGRXEW
7KDWLVWKHILUVWWKLQJWREULQJLQ\RXUEHLQJWUXVWLQ\RXUGRXEW$QGVHHWKH
EHDXW\RILWKRZEHDXWLIXOO\WUXVWKDVFRPHLQ
,DPQRWVD\LQJEHOLHYH,DPVD\LQJ758677KHGRXEWLVDQDWXUDOJLIWLWPXVW
EHIURP*RGIURPZKHUHHOVHFDQLWEH"<RXEULQJGRXEWZLWK\RXWUXVWLQLW
WUXVWLQ\RXUTXHVWLRQLQJ$QGGRQ
WEHLQDKXUU\WRVWXIIDQGKLGHLWZLWKERUURZHG
EHOLHIVIURPWKHRXWVLGHIURPWKHSDUHQWVIURPWKHSULHVWVIURPWKHSROLWLFLDQV
IURPWKHVRFLHW\WKHFKXUFK<RXUGRXEWLVVRPHWKLQJEHDXWLIXOEHFDXVHLWLV
\RXUVLWLVVRPHWKLQJEHDXWLIXOEHFDXVHLWLVDXWKHQWLF2XWRIWKLVDXWKHQWLF
GRXEWVRPHGD\ZLOOJURZWKHIORZHURIDXWKHQWLFWUXVW,WZLOOEHDQLQQHUJURZWKLW
ZLOOQRWEHDQLPSRVLWLRQIURPWKHRXWVLGH
7KDWLVWKHGLIIHUHQFHEHWZHHQEHOLHIDQGWUXVWWUXVWJURZVLQVLGH\RXLQ\RXU
LQWHULRULW\LQ\RXUVXEMHFWLYLW\-XVWDVGRXEWLVLQQHUVRLVWUXVW$QGRQO\WKH
LQQHUFDQWUDQVIRUPWKHLQQHU%HOLHILVIURPWKHRXWVLGHLWFDQ
WKHOSEHFDXVHLW
FDQ
WUHDFKWRWKHLQQHUPRVWFRUHRI\RXUEHLQJDQGLWLVWKHUHWKDWWKHGRXEWLV
)URPZKHUHWRVWDUW"7UXVW\RXUGRXEW7KDW
VP\ZD\RIEULQJLQJWUXVWLQ'RQ
W
EHOLHYHLQ*RGGRQ
WEHOLHYHLQWKHVRXOGRQ
WEHOLHYHLQWKHDIWHUOLIH7UXVWLQ
\RXUGRXEWDQGLPPHGLDWHO\DFRQYHUVLRQKDVVWDUWHG7UXVWLVVXFKDSRZHUIXO
IRUFHWKDWHYHQLI\RXWUXVWLQ\RXUGRXEW\RXKDYHEURXJKWOLJKWLQ$QGGRXEWLV
OLNHGDUNQHVV7KDWVPDOOWUXVWLQGRXEWZLOOVWDUWFKDQJLQJ\RXULQQHUZRUOGWKH
LQQHUVFHQH
$QGTXHVWLRQ:K\EHDIUDLG":K\EHVRFRZDUGO\"4XHVWLRQTXHVWLRQDOOWKH
EXGGKDVTXHVWLRQPHEHFDXVHLIWKHUHLVWUXWKWUXWKLVQRWDIUDLGRI\RXU
TXHVWLRQLQJ,IEXGGKDVDUHWUXHWKH\DUHWUXH\RXQHHGQRWEHOLHYHLQWKHP*R
RQGRXEWLQJWKHPDQGVWLOORQHGD\\RXZLOOVHHWUXVWKDVDULVHQ
:KHQ\RXGRXEWDQG\RXJRRQLQGRXEWLQJWRWKHYHU\HQGWRWKHYHU\ORJLFDO
HQGVRRQHURUODWHU\RXZLOOVWXPEOHXSRQDWUXWK'RXEWLVJURSLQJLQGDUNQHVV
EXWWKHGRRUH[LVWV,I%XGGKDFRXOGJHWWRWKHGRRULI-HVXVFRXOGJHWWRLWLI
$WLVKDFRXOGJHWWRLWLI,FDQJHWWRLWZK\FDQ
W\RX"(YHU\ERG\LVFDSDEOHRI
JHWWLQJWRWKHGRRUEXW\RXDUHDIUDLGRIJURSLQJVR\RXVLWLQ\RXUGDUNFRUQHU
EHOLHYLQJLQVRPHERG\ZKRKDVIRXQGWKHGRRU<RXKDYHQRWVHHQWKDW
VRPHERG\\RXKDYHKHDUGDERXWKLPIURPRWKHUVZKRKDYHKHDUGLWIURP
RWKHUVDQGVRRQVRIRUWK
+RZGR\RXEHOLHYHLQ-HVXV":K\"<RXKDYHQRWVHHQ-HVXV$QGHYHQLI\RX
KDGVHHQKLP\RXZRXOGKDYHPLVVHG7KHGD\KHZDVFUXFLILHGWKRXVDQGVKDG
JDWKHUHGWRVHHKLPDQGGR\RXNQRZZKDWWKH\ZHUHGRLQJ"7KH\ZHUHVSLWWLQJ
RQKLVIDFH<RXPD\KDYHEHHQLQWKDWFURZGEHFDXVHWKDWFURZGZDVQRW




GLIIHUHQWDWDOO0DQKDVQRWFKDQJHG
'DUZLQVD\VPDQKDVHYROYHGRXWRIWKHPRQNH\0D\EHEXWVLQFHWKHQ
HYROXWLRQVHHPVWRKDYHVWRSSHG,WPXVWKDYHEHHQDQDFFLGHQWVRPHPRQNH\
PXVWKDYHIDOOHQIURPWKHWUHHDQGFRXOGQRWJHWEDFN0D\EHKHZDVIUDFWXUHG
RUEHFDPHDIUDLGRIIDOOLQJDJDLQVRKHVWDUWHGOLYLQJRQWKHHDUWK:KHQ\RXOLYH
LQWKHWUHHV\RXFDQOLYHZLWKDOO\RXUIRXUKDQGVRUIRXUOHJVEXWZKHQ\RXOLYH
RQWKHHDUWK\RXKDYHWRVWDQGRQWZROHJV
%HFDXVHWKHPRQNH\ZDVDEOHWRORRNDOORYHUWKHSODFHIURPWKHWUHHVKHKDG
DOZD\VOLYHGWKDWZD\ORRNLQJDOORYHUWKHSODFHWKHUHZDVQRGDQJHUKHFRXOG
VHHIDUDZD\2QFHKHZDVRQWKHJURXQGOLYLQJRQDOOIRXUVZDVGDQJHURXV+H
FRXOGQRWVHHDOODURXQGKHFRXOGVHHRQO\MXVWWZRWKUHHIHHWLQIURQWRIKLPVHOI
DQGKHZDVDIUDLGWKDWZDVQRWKLVZD\RIOLYLQJ+HKDGOLYHGDOZD\VLQDNLQG
RIVHFXULW\LQWKHWUHHVORRNLQJDOORYHUWKHSODFH:KHUHYHUWKHHQHP\ZDVKH
ZDVDZDUHKHFRXOGSURWHFWKLPVHOI2XWRIVKHHUIHDUKHKDGWRVWDQGRQWZR
OHJVRQWKHJURXQG-XVWWKLQNRIWKDWKLODULRXVVLWXDWLRQDPRQNH\WU\LQJWRVWDQG
RQWZROHJV$OOWKHPRQNH\VPXVWKDYHODXJKHGXSURDULRXVO\/RRNDWWKDWIRRO
ZKDWKHLVWU\LQJWRGR
6LQFHWKHQHYROXWLRQVHHPVWRKDYHVWRSSHG1RWKLQJKDVKDSSHQHGVLQFHWKHQ
0DQKDVOLYHGDOPRVWWKHVDPHZD\KLVPLQGKDVQRWFKDQJHG<HVWKLQJVKDYH
FKDQJHGZHOLYHLQEHWWHUKRXVHVZLWKEHWWHUSOXPELQJ,DPQRWWDONLQJDERXW
,QGLD
6RPHVDQQ\DVLQKDVMXVWDVNHGPH2VKR<RXVD\OLIHLVEHDXWLIXO,FRXOGKDYH
EHOLHYHG\RXEXWWZRWKLQJVZRPHQDQG,QGLDQSOXPELQJWKH\GRQ
WDOORZPH
WREHOLHYHLQLW
:RPHQFDQEHFKDQJHGEXW,QGLDQSOXPELQJ"1R
:HKDYHEHWWHUURDGVDQGEHWWHUYHKLFOHVWRFDUU\\RXIURPRQHSODFHWRDQRWKHU
JUHDWWHFKQRORJ\PDQKDVODQGHGRQWKHPRRQEXWPDQKDVQRWFKDQJHG
7KDW
VZK\,VD\PDQ\RI\RXPXVWKDYHEHHQLQWKHFURZGWKDWZDVVSLWWLQJRQ
-HVXVDQGPDQ\RI\RXPXVWKDYHEHHQLQWKHFURZGWKDWZDVZLWQHVVLQJ
0DQVRRU
VPXUGHUZKRZHUHWKURZLQJVWRQHVDWWKHPXUGHUHGP\VWLF<RXKDYH
QRWFKDQJHG
+RZFDQ\RXEHOLHYHLQ-HVXV"<RXZHUHVSLWWLQJRQKLVIDFHZKHQKHZDVDOLYH
DQGQRZ\RXEHOLHYHLQKLPDIWHUWZRWKRXVDQG\HDUV",WLVMXVWDGHVSHUDWH
HIIRUWWRKLGH\RXUGRXEW:K\GR\RXEHOLHYHLQ-HVXV"
,IRQHWKLQJFDQEHGURSSHGIURPWKH-HVXVVWRU\WKHZKROHRI&KULVWLDQLW\ZLOO
GLVDSSHDU,IRQHWKLQJRQO\RQHWKLQJWKHSKHQRPHQRQRIUHVXUUHFWLRQWKDW
DIWHUEHLQJFUXFLILHGDQGUHPDLQLQJGHDGWKUHHGD\V-HVXVFDPHEDFNDJDLQLI
WKLVSDUWFDQEHGURSSHGWKHZKROHRI&KULVWLDQLW\ZLOOGLVDSSHDU<RXEHOLHYHLQ
-HVXVEHFDXVH\RXDUHDIUDLGRIGHDWKDQGKHVHHPVWREHWKHRQO\PDQZKR
KDVFRPHEDFNDJDLQZKRKDVGHIHDWHGGHDWK
&KULVWLDQLW\EHFDPHWKHJUHDWHVWUHOLJLRQLQWKHZRUOG%XGGKLVPFRXOGQRW
EHFRPHWKDWJUHDWIRUWKHVLPSOHUHDVRQWKDWWKHIHDURIGHDWKKHOSVSHRSOHWR
EHOLHYHLQ&KULVWPRUHWKDQLQ%XGGKD,QIDFWWREHOLHYHLQ%XGGKDQHHGVJXWV
EHFDXVH%XGGKDVD\V,WHDFK\RXWRWDOGHDWK7KLVVPDOOGHDWKKHLVQRW
VDWLVILHGZLWKLW+HVD\V7KLVVPDOOGHDWKZRQ
WGR\RXZLOOEHFRPLQJEDFN
DJDLQ,WHDFK\RXWKHWRWDOGHDWKWKHXOWLPDWHGHDWK$QQLKLODWLRQ,WHDFKVRWKDW




\RXZLOOQHYHUFRPHEDFNDJDLQVRWKDW\RXZLOOGLVDSSHDU\RXZLOOEHGLIIXVHGLQ
H[LVWHQFH\RXZRQ
WEHDQ\PRUHDQ\ORQJHUQRWHYHQDWUDFHZLOOEHOHIW
EHKLQG
,Q,QGLD%XGGKLVPGLVDSSHDUHGFRPSOHWHO\GLVDSSHDUHG6XFKDJUHDWVRFDOOHG
UHOLJLRXVFRXQWU\DQG%XGGKLVPFRPSOHWHO\GLVDSSHDUHG:K\"3HRSOHEHOLHYH
LQUHOLJLRQVZKLFKWHDFKWKDW\RXZLOOOLYHDIWHUGHDWKWKDWWKHVRXOLVLPPRUWDO
%XGGKDZDVVD\LQJWKDWWKHRQO\WKLQJZRUWKUHDOL]LQJLVWKDW\RXDUHQRW
%XGGKLVPFRXOGQRWVXUYLYHLQ,QGLDEHFDXVHLWGLGQ
WJLYH\RXDFRYHUXSIRU
\RXUIHDU
%XGGKDGLGQRWVD\WRSHRSOH%HOLHYHLQPH+HQFHKLVWHDFKLQJGLVDSSHDUHG
IURPWKLVFRXQWU\EHFDXVHSHRSOHZDQWWREHOLHYH3HRSOHGRQ
WZDQWWUXWKWKH\
ZDQWEHOLHI%HOLHILVFKHDS7UXWKLVGDQJHURXVDUGXRXVGLIILFXOWRQHKDVWRSD\
IRULW2QHKDVWRVHHNDQGVHDUFKDQGWKHUHLVQRJXDUDQWHHWKDW\RXZLOOILQGLW
WKHUHLVQRJXDUDQWHHWKDWWKHUHLVDQ\WUXWKDQ\ZKHUH,WPD\QRWEHDWDOOWKH
JRDOPD\QRWH[LVW
3HRSOHZDQWEHOLHIDQG%XGGKDVDLGKLVODVWPHVVDJHWRWKHZRUOGZDVDSSR
GLSREKDYDEHDOLJKWXQWR\RXUVHOI+HKDGVDLGWKLVEHFDXVHKLVGLVFLSOHVZHUH
FU\LQJ7HQWKRXVDQGVDQQ\DVLQVVXUURXQGLQJKLPRIFRXUVHWKH\ZHUHVDG
DQGWHDUVZHUHIDOOLQJWKHLUPDVWHUZDVOHDYLQJ$QG%XGGKDVDLGWRWKHP'RQ
W
FU\:K\DUH\RXFU\LQJ"
2QHRIWKHGLVFLSOHV$QDQGDVDLG%HFDXVH\RXDUHOHDYLQJXVEHFDXVH\RX
ZHUHRXURQO\KRSHEHFDXVHZHKDGKRSHGDQGKRSHGORQJWKDWLWLVWKURXJK\RX
ZHZLOODWWDLQWRWUXWK
,WZDVWRDQVZHU$QDQGDWKDW%XGGKDVDLG'RQ
WEHZRUULHGDERXWWKDW,FDQQRW
JLYH\RXWUXWKQRERG\HOVHFDQJLYHLWWR\RXLWLVQRWWUDQVIHUDEOH%XW\RXFDQ
DWWDLQLWRQ\RXURZQ%HDOLJKWXQWR\RXUVHOI
0RKDQ%KDUWLWKHVDPHLVP\DWWLWXGH<RXQHHGQRWEHOLHYHLQPH,GRQ
WZDQW
EHOLHYHUVKHUH,ZDQWVHHNHUVDQGWKHVHHNHULVDWRWDOO\GLIIHUHQWSKHQRPHQRQ
7KHEHOLHYHULVQRWDVHHNHU7KHEHOLHYHUGRHVQRWZDQWWRVHHNWKDW
VZK\KH
EHOLHYHV7KHEHOLHYHUZDQWVWRDYRLGVHHNLQJWKDW
VZK\KHEHOLHYHV7KH
EHOLHYHUZDQWVWREHGHOLYHUHGVDYHGKHQHHGVDVDYLRU+HLVDOZD\VLQVHDUFK
RIDPHVVLDKVRPHERG\ZKRFDQHDWIRUKLPFKHZIRUKLPGLJHVWIRUKLP%XW
LI,HDW\RXUKXQJHULVQRWJRLQJWREHVDWLVILHG1RERG\FDQVDYH\RXH[FHSW
\RXUVHOI
,QHHGVHHNHUVKHUHLQTXLUHUVQRWEHOLHYHUV%HOLHYHUVDUHWKHPRVWPHGLRFUH
SHRSOHLQWKHZRUOGWKHOHDVWLQWHOOLJHQWSHRSOHLQWKHZRUOG6RIRUJHWDERXW
EHOLHI\RXDUHFUHDWLQJWURXEOHIRU\RXUVHOI<RXVWDUWEHOLHYLQJLQPHWKHQ
GLVEHOLHIDULVHVLWLVERXQGWRDULVHEHFDXVH,DPQRWKHUHWRILWZLWK\RXU
H[SHFWDWLRQV
0RKDQ%KDUWLFRPHVIURPD-DLQDIDPLO\,WWRRNJUHDWFRXUDJHIRUKLPWR
EHFRPHDVDQQ\DVLQRIPLQH%XWWKHWUDGLWLRQDOPLQGLVWKHUH\RXFDQQRWVR
HDVLO\JHWULGRILW6RYHU\GHHSGRZQLQWKHXQFRQVFLRXVWKHUHDUHOXUNLQJ
H[SHFWDWLRQVRIKRZ,VKRXOGEH7KHQGLVEHOLHILVERXQGWRDULVH
,OLYHLQP\RZQZD\,GRQ
WFRQVLGHU\RX,GRQ
WFRQVLGHUDQ\ERG\DWDOO
EHFDXVHLI\RXVWDUWFRQVLGHULQJRWKHUV\RXFDQ
WOLYH\RXUOLIHDXWKHQWLFDOO\
&RQVLGHUDQG\RXZLOOEHFRPHSKRQ\,NQRZLI,FDQOLYHLQDJUDVVKXW




WKRXVDQGVDQGWKRXVDQGVRI,QGLDQVZLOOFRPHWRZRUVKLSPH,I,FDQOLYHQDNHG
PLOOLRQVZLOOWKLQNRIPHDVDVDLQWDJUHDWVDLQW,I,FDQHDWRQO\RQFHDGD\DQG
WKDWWRRE\EHJJLQJWKHZKROHFRXQWU\ZLOOEHKDSS\ZLWKPH%XW,FDQ
WGRWKHVH
WKLQJVWKH\DUHQRWQDWXUDOWRPH
,WPD\KDYHEHHQQDWXUDOIRU0DKDYLUDWREHQDNHGKHQFHKHZDVQDNHG$QG
UHPHPEHUSHRSOHZHUHQRWKDSS\EHFDXVHWKHSHRSOHZKRZHUHVXUURXQGLQJ
0DKDYLUDKDGEHOLHYHGLQ.ULVKQDDQG5DPDDQGWKH\ZHUHQRWQDNHG6RWKH\
ZHUHH[SHFWLQJ0DKDYLUDWREHKDYHOLNH.ULVKQDWKH\ZHUHH[SHFWLQJDIOXWHDQG
KHKDGQRQH7KH\PXVWKDYHVHDUFKHGLQIDFWWKHUHZDVQRZKHUHWRVHDUFK
KHZDVVWDQGLQJQDNHG+HZDVQRWIXOILOOLQJWKHLUH[SHFWDWLRQV:KHUHLVWKH
FURZQRISHDFRFNIHDWKHUV"7KH\KDGNQRZQ.ULVKQDKHZDVDWRWDOO\GLIIHUHQW
LQGLYLGXDODWRWDOO\GLIIHUHQWH[SUHVVLRQRIH[LVWHQFH9HU\FRORUIXOKHZDVD
UDLQERZZLWKSHDFRFNIHDWKHUVDVDFURZQZLWKEHDXWLIXOIORZHUVDVJDUODQGV
WKHGUHVVWKHJDUPHQWVPDGHRIWKHEHVWVLONSRVVLEOH
$QGKHKDGRUQDPHQWVRQKLVERG\GLDPRQGVJROGRUQDPHQWVOLNHZRPHQ,Q
WKRVHGD\VPHQXVHGWRKDYHRUQDPHQWV7KDWVHHPVWREHPRUHQDWXUDO
EHFDXVHLQQDWXUHWKHPDOHDQLPDOLVPRUHRUQDPHQWDOWKDQWKHIHPDOH7KH
PDOHSHDFRFNKDVWKRVHEHDXWLIXOIHDWKHUVWKHIHPDOHSHDFRFNKDVQREHDXWLIXO
IHDWKHUVDWDOO,WLVHQRXJKIRUKHUWREHWKHIHPDOHWKDWLVHQRXJK7KHPDOH
KDVWRVXEVWLWXWHVRPHWKLQJEHFDXVHKHLVQRWIHPDOHKHKDVWRORRNEHDXWLIXO
KHKDVWREHRUQDPHQWDO7KHPDOHSHDFRFNGDQFHVUHPHPEHUQRWWKHIHPDOH
7KDWGDQFHLVDVXEVWLWXWH+HZDQWVWRORRNDVEHDXWLIXODVSRVVLEOHKHLV
DIUDLGKHPD\QRWEHFKRVHQ
,WLVWKHPDOHFXFNRRWKDWJLYHVWKHFDOOWKDWEHDXWLIXOVRXQGWKDWVRQJFRPHV
IURPWKHPDOHFXFNRR7KHIHPDOHVLPSO\VLWVZDLWVMXVWWREHIHPDOHLVHQRXJK
/RRNLQQDWXUHDQG\RXZLOOEHVXUSULVHGIHPDOHDQLPDOVDUHQRWRUQDPHQWDODW
DOO,QWKHDQFLHQWGD\VLWZDVVRZLWKPHQWRR7KHIHPDOHLVEHDXWLIXODVVKHLV
QDWXUHKDVPDGHKHUEHDXWLIXO
6RLQWKRVHGD\VRI.ULVKQDILYHWKRXVDQG\HDUVEDFNWKHPDOHXVHGWRKDYH
EHDXWLIXOJDUPHQWVIORZHUVRUQDPHQWVDQG+LQGXVZHUHDFFXVWRPHGWRWKDW
LGHD$QGWKHQFDPH0DKDYLUDVWDQGLQJQDNHGZLWKQRRUQDPHQWVQR
JDUPHQWVQRWKLQJWREHDXWLI\KLVERG\MXVWXWWHUO\QDNHG1RWRQO\WKDWKHXVHG
WRSXOORXWKLVRZQKDLU+HPXVWKDYHORRNHGDOLWWOHFUD]\2QO\FUD]\SHRSOHSXOO
RXWWKHLUKDLUZKHQPDGQHVVSRVVHVVHV\RX\RXSXOORXW\RXUKDLU+HZDV
SXOOLQJLWIRUDFHUWDLQGLIIHUHQWUHDVRQEHFDXVHKDLUJLYHVDFHUWDLQEHDXW\
$QGWKHSHRSOHZKRGRQ
WKDYHKDLUWKHEDOGSHRSOHOLNHPHKDYHWRFUHDWH
EHDXWLIXOWKHRULHV7KH\VD\WKDWEDOGSHRSOHDUHWKHPRVWVH[XDO7KHZKROH
WKHRU\LVWKDWSHRSOHJREDOGLQWKUHHZD\V$IHZSHRSOHVWDUWIURPWKHIURQW
WKH\DUHWKHPRVWVH[XDO$IHZSHRSOHVWDUWIURPWKHEDFNWKH\DUHQRWVH[XDO
WKH\RQO\WKLQNWKH\DUHVH[XDO$QGDIHZSHRSOHVWDUWLQWKHPLGGOHLWLVEHWWHU
QRWWRVD\DQ\WKLQJDERXWWKHP+DLUJLYHVEHDXW\%DOGSHRSOHPXVWIHHO
VRPHWKLQJKDVWREHVXEVWLWXWHGDQGWKH\KDYHFUHDWHGWKHUXPRUDOORYHUWKH
ZRUOGWKDWEDOGSHRSOHDUHYHU\VH[XDO
.ULVKQDDQG5DPDZHUHYHU\DHVWKHWLFSHRSOHDQG0DKDYLUDZDVWRWDOO\
GLIIHUHQWYHU\DXVWHUH%XWWKDWZDVQDWXUDOWRKLPKHZDVEHDXWLIXOLQKLV
QDNHGQHVVDVEHDXWLIXODV.ULVKQDZDVZLWKDOOKLVJDUPHQWVDQGRUQDPHQWV,Q




IDFWDQFLHQWVFULSWXUHVVD\WKDW0DKDYLUDPD\KDYHEHHQWKHPRVWEHDXWLIXOPDQ
LQWKHZRUOG7KDWPD\KDYHEHHQRQHRIWKHUHDVRQVZK\KHZHQWQDNHG,I\RX
KDYHDZHOOSURSRUWLRQHGERG\LI\RXUERG\LVUHDOO\EHDXWLIXOZKRFDUHVDERXW
FORWKHV"
8JO\SHRSOHDUHYHU\PXFKZRUULHGDERXWFORWKHVEHFDXVHWKDW
VKRZVRPHKRZ
WKH\PDQDJH1RZDZRPDQZKRKDVDQXJO\ERG\ZLOOQRWEHUHDG\WRJRQDNHG
RQWKHEHDFK6KHZLOOEHYHU\PXFKDJDLQVWEHDFKHVVKHZLOOEHYHU\PXFK
DJDLQVWJRLQJQDNHGQXGHSHRSOHDQGQXGLVWFDPSV7KHRQO\WKLQJVKHLVUHDOO\
DJDLQVWLVWKDWVKHNQRZVWKDWLIVKHJRHVQDNHGLWZLOOEHDUHDOO\KRUULEOHVFHQH
:KHQHYHUDFRXQWU\EHFRPHVEHDXWLIXOSHRSOHVWDUWEHFRPLQJQXGH:KHQHYHU
LWKDVKDSSHQHGWKDWDUDFHKDVEHFRPHEHDXWLIXOSHRSOHVWDUWJRLQJQXGH
7KHUHLVQRQHHGWRKLGH:HKLGHRQO\WKHXJO\SDUW%XWFORWKHVDUHKHOSIXOWR
SHRSOHZKRGRQ
WKDYHEHDXWLIXOERGLHV<RXPD\QRWKDYHDEHDXWLIXOFKHVW
PDQO\FKHVWEXW\RXFDQZHDUVWXIIHGFRDWVDQGWKH\FDQJLYHDIHHODWOHDVWWR
WKHRXWVLGHUV

$PDQZDVVHDUFKLQJRQDQXGHEHDFKKHZDVVHDUFKLQJIRUKLVZLIH$
SROLFHPDQZDVORRNLQJDWKLP+HEHFDPHVXVSLFLRXVDQGDVNHGKLP:KDWDUH
\RXVHDUFKLQJIRU"$QGIRUKRXUV\RXKDYHEHHQVHDUFKLQJVHDUFKLQJIRUVRPH
KLGGHQWUHDVXUH"
+HVDLG1RMXVWDVXQNHQFKHVW

<RXFDQKDYHVWXIIHGFORWKHVZKLFKFDQJLYHDVKDSHWR\RXUERG\
0DKDYLUDPXVWKDYHEHHQEHDXWLIXOWKDW
VP\IHHOLQJWRRPXVWKDYHEHHQD
UDUHEHDXWLIXOPDQ%XWLWZDVQRWH[SHFWHGKHQFHSHRSOHZHUHDJDLQVWKLP1R
YLOODJHQRWRZQZDVKRVSLWDEOHWRKLP+HZDVGULYHQDZD\IURPYLOODJHVDQG
WRZQVVWRQHVZHUHWKURZQDWKLPZLOGGRJVZHUHUHOHDVHGEHKLQGKLPVRWKDW
WKH\FRXOGFKDVHKLPRXWRIWKHWRZQMXVWEHFDXVHKHZDVQXGH+HZDVQRW
GRLQJDQ\KDUPWRDQ\ERG\WKHPRVWKDUPOHVVSHUVRQ\RXFDQWKLQNRIKH
ZRXOGQRWHYHQGRKDUPWRWKHDQWV,QWKHQLJKWKHXVHGWRVOHHSRQO\RQRQH
VLGH+HZRXOGQRWFKDQJHIURPRQHVLGHWRWKHRWKHUEHFDXVHZKRNQRZVDQ
DQWPD\KDYHFUDZOHGEHKLQGKLPLQWKHQLJKWDQGLIKHWXUQVRYHUWKHDQWPD\EH
NLOOHG+HZRXOGQRWZDONLQWKHQLJKWEHFDXVHVRPHLQVHFWPD\EHNLOOHG+H
ZRXOGQRWZDONRQJUDVVRQODZQVKHZRXOGQRWZDONLQWKHUDLQ\VHDVRQ
EHFDXVHVRPDQ\LQVHFWVDUHERUQLQWKHUDLQ\VHDVRQ6XFKDKDUPOHVVPDQ
EXW\HWSHRSOHPLVEHKDYHGZLWKKLP$QGWKHRQO\UHDVRQ"KHZDVQRWIXOILOOLQJ
WKHLUH[SHFWDWLRQV
1REXGGKDKDVHYHUIXOILOOHGDQ\ERG\
VH[SHFWDWLRQV,QIDFWWKDW
VZK\KH
EHFRPHVDEXGGKDKHQHYHUFRPSURPLVHV0RKDQ%KDUWLLI\RXKDYHDQ\
H[SHFWDWLRQVDERXWPH\RXZLOODJDLQDQGDJDLQEHLQWURXEOHEHFDXVH,GRQ
W
FRQVLGHU\RXUH[SHFWDWLRQV
*HRUJH*XUGMLHIIXVHGWRVD\WRKLVGLVFLSOHVRQHRIWKHPRVWIXQGDPHQWDOWKLQJV
'RQ
WFRQVLGHURWKHUVRWKHUZLVH\RXZLOOQHYHUJURZ$QGWKDW
VZKDWLV
KDSSHQLQJLQWKHZKROHZRUOGHYHU\ERG\LVFRQVLGHULQJRWKHUV:KDWZLOOP\
PRWKHUWKLQN":KDWZLOOP\IDWKHUWKLQN":KDWZLOOWKHVRFLHW\WKLQN":KDWZLOO
P\ZLIHP\KXVEDQG":KDWWRVD\RIWKHSDUHQWVHYHQSDUHQWVDUHDIUDLGRI




FKLOGUHQ7KH\WKLQN:KDWZLOORXUFKLOGUHQWKLQN"
2QHPDQFDPHWRPHDQGKHVDLG6LQFH,KDYHEHFRPHDVDQQ\DVLQP\
FKLOGUHQWKLQNWKDW,KDYHJRQHFUD]\WKH\ODXJKDWPH1RWKLQJKXUWVPHPRUH
WKDQWKLVWKDWP\RZQFKLOGUHQWKH\ORRNDWPHIURPWKHZLQGRZWKH\GRQ
W
FRPHLQVLGHWKHURRP7KH\ZKLVSHUWRHDFKRWKHU,GRQ
WNQRZZKDWEXWWKH\
WDONDERXWPH7KH\WKLQNVRPHWKLQJKDVJRQHZURQJ
3HRSOHDUHFRQVLGHULQJHDFKRWKHUDQGWKHQWKHUHDUHPLOOLRQVRISHRSOHWR
FRQVLGHU,I\RXJRRQFRQVLGHULQJHDFKDQGHYHU\ERG\\RXZLOOQHYHUEHDQ
LQGLYLGXDO\RXZLOOEHMXVWDKRGJHSRGJH6RPDQ\FRPSURPLVHVPDGH\RX
ZRXOGKDYHFRPPLWWHGVXLFLGHORQJDJR
,WLVVDLGSHRSOHGLHDWWKHDJHRIWKLUW\DQGDUHEXULHGDWWKHDJHRIVHYHQW\
'HDWKKDSSHQVYHU\HDUO\,WKLQNWKLUW\LVDOVRQRWULJKWGHDWKKDSSHQVHYHQ
HDUOLHU6RPHZKHUHQHDUWZHQW\RQHZKHQWKHODZDQGWKHVWDWHUHFRJQL]H\RX
DVDFLWL]HQWKDWLVWKHPRPHQWZKHQDSHUVRQGLHV,QIDFWWKDW
VZK\WKH\
UHFRJQL]H\RXDVDFLWL]HQQRZ\RXDUHQRPRUHGDQJHURXVQRZ\RXDUHQR
PRUHZLOGQRZ\RXDUHQRPRUHUDZ1RZHYHU\WKLQJKDVEHHQSXWULJKWLQ\RX
IL[HGULJKWLQ\RXQRZ\RXKDYHEHHQDGMXVWHGWRWKHVRFLHW\7KDW
VZKDWLW
PHDQVZKHQWKHQDWLRQJLYHV\RXWKHULJKWWRYRWHWKHQDWLRQFDQWUXVWQRZWKDW
\RXULQWHOOLJHQFHKDVEHHQGHVWUR\HG\RXFDQYRWH7KHUHLVQRIHDUDERXW\RX
\RXDUHDFLWL]HQ\RXDUHDFLYLOL]HGPDQ<RXDUHQRPRUHDPDQWKHQ\RXDUH
DFLWL]HQ
0\RZQREVHUYDWLRQLVSHRSOHGLHQHDUDERXWWZHQW\RQH7KHQZKDWVRHYHULVLV
DSRVWKXPRXVH[LVWHQFH2QWKHJUDYHVZHVKRXOGVWDUWZULWLQJWKUHHGDWHVELUWK
GHDWKDQGSRVWKXPRXVGHDWK
0RKDQ%KDUWLILUVW\RXEHOLHYHLQPHWKDW
VZKHUH\RXJRZURQJGRQ
WEHOLHYH
LQPHDQGWKHQ\RXGLVEHOLHYH7KHQ\RXJHWFDXJKWXSLQWKHFRQIOLFWDQGWKH
SUREOHPDULVHV:KDWWRGR"+RZWRJHWRXWRIWKLVGXDOLW\"<RXFUHDWHWKH
GXDOLW\DQGWKHQ\RXZDQWWRJHWRXWRILW,ZLOOQRWWHOO\RXKRZWRJHWRXWRILW,
ZLOOWHOO\RXKRZQRWWRJHWLQWRLW:K\LQWKHILUVWSODFHVKRXOG\RXJHWLQWRLW"
7KH\GHILQHDZLWW\SHUVRQDVRQHZKRNQRZVKRZWRJHWRXWRIGLIILFXOWLHVDQG
WKHZLVHRQHDVRQHZKRNQRZVKRZQHYHUWRJHWLQWRWKHP%HZLVH:K\QRW
FXWWKHYHU\URRW"'RQ
WEHOLHYHLQPHEHDIHOORZWUDYHOHUZLWKPH7KDW
VZKDW
P\VDQQ\DVLQVDUHWKH\DUHQRWEHOLHYHUVWKH\DUHIHOORZWUDYHOHUV7KH\DUH
ZDONLQJZLWKPHLQWRWKHXQNQRZQWKH\DUHZDONLQJZLWKWKHLURZQIHHWRQWKHLU
RZQ,GRQ
WFDUU\\RXRQP\VKRXOGHUV,GRQ
WZDQW\RXWREHFULSSOHV\RXU
ZKROHOLIH,GRQ
WJLYH\RXDQ\FUXWFKHV\RXKDYHWRZDONRQ\RXURZQ
<HV,NQRZWKHZD\,KDYHZDONHGRQLW,NQRZDOOWKHSLWIDOOVRQWKHZD\,ZLOO
JRRQVKRXWLQJORXGO\DW\RX%HZDUHWKHUHLVDSLWIDOO%XWVWLOOLWLVXSWR\RXWR
GHFLGHZKHWKHUWRIDOOLQWRLWRUQRW,I\RXIDOOLQWRLW,GRQ
WFRQGHPQ\RX,UHVSHFW
\RXUIUHHGRP,I\RXGRQ
WIDOOLQWRLW,GRQ
WUHZDUG\RX,WDNHLWIRUJUDQWHGWKLVLV
KRZDQLQWHOOLJHQWSHUVRQEHKDYHV6RWKHUHLVQRUHZDUGZLWKPHDQGQR
SXQLVKPHQWZLWKPHWKHUHLVQRKHOODQGQRKHDYHQWKHUHLVQRVLQQRYLUWXH
7KLVLVP\MR\WRVKDUH,ILWLV\RXUMR\WRVKDUHLWZLWKPHJRRGZHFDQJR
DORQJDVIDUDV\RXGHFLGHWRFRPHDORQJZLWKPH7KHPRPHQW\RXZDQWWR
KDYHDVHSDUDWHZD\LW
VSHUIHFWO\JRRGZHZLOOGHSDUWZLWKDJRRGE\H
7KHUHLVQRQHHGWREHOLHYHLQPHWKHUHLVQRQHHGWRFOLQJRQWRPH$QGWKHQ




WKHUHLVQRTXHVWLRQRIGLVEHOLHIDQGWKHGXDOLW\QHYHUDULVHVDQG\RXQHHGQRW
ILQGDZD\WRJHWRXWRILW3OHDVHGRQ
WJHWLQWRLW
7KHWKLUGTXHVWLRQ
%(/29('26+2
:+$7,6(;$&7/<<285$77,78'($%287'($7+"
.DPDOHVKDP\VWLFZKRZDVEHLQJOHGWRWKHJDOORZVVDZDELJFURZGUXQQLQJ
RQEHIRUHKLP'RQ
WEHLQVXFKDKXUU\KHVDLGWRWKHP,FDQDVVXUH\RX
QRWKLQJZLOOKDSSHQZLWKRXWPH
7KDW
VP\DWWLWXGHWRZDUGVGHDWKLWLVWKHJUHDWHVWMRNHWKHUHLV'HDWKKDVQHYHU
KDSSHQHGFDQQRWKDSSHQLQWKHYHU\QDWXUHRIWKLQJVEHFDXVHOLIHLVHWHUQDO
/LIHFDQQRWHQGLWLVQRWDWKLQJLWLVDSURFHVV,WLVQRWVRPHWKLQJWKDWEHJLQV
DQGHQGVLWKDVQREHJLQQLQJDQGQRHQG<RXKDYHDOZD\VEHHQKHUHLQ
GLIIHUHQWIRUPVDQG\RXZLOOEHKHUHLQGLIIHUHQWIRUPVRUXOWLPDWHO\IRUPOHVV
7KDW
VKRZDEXGGKDOLYHVLQH[LVWHQFHKHEHFRPHVIRUPOHVVQHVV+H
GLVDSSHDUVIURPWKHJURVVIRUPVWRWDOO\
'HDWKLVQRWWKHUHLWLVDOLHEXWLWDSSHDUVYHU\UHDO,WRQO\DSSHDUVYHU\UHDOLW
LVQRW,WDSSHDUVVREHFDXVH\RXEHOLHYHWRRPXFKLQ\RXUVHSDUDWHH[LVWHQFH,W
LVLQEHOLHYLQJWKDW\RXDUHVHSDUDWHIURPH[LVWHQFHWKDW\RXJLYHUHDOLW\WRGHDWK
'URSWKLVLGHDRIEHLQJVHSDUDWHIURPH[LVWHQFHDQGGHDWKGLVDSSHDUV
,I,DPRQHZLWKH[LVWHQFHKRZFDQ,GLH"([LVWHQFHZDVWKHUHEHIRUHPHDQG
ZLOOEHWKHUHDIWHUPH,DPMXVWDULSSOHLQWKHRFHDQDQGWKHULSSOHFRPHVDQG
JRHVWKHRFHDQUHPDLQVDELGHV<HV\RXZLOOQRWEHWKHUHDV\RXDUH\RXZLOO
QRWEHWKHUH7KLVIRUPZLOOGLVDSSHDUEXWWKHRQHZKRLVDELGLQJLQWKLVIRUPZLOO
JRRQDELGLQJHLWKHULQRWKHUIRUPVRUXOWLPDWHO\LQIRUPOHVVQHVV
6WDUWIHHOLQJRQHZLWKH[LVWHQFHEHFDXVHWKDW
VKRZLWLV7KDW
VZK\P\
LQVLVWHQFHDJDLQDQGDJDLQWROHWWKHGLVWLQFWLRQEHWZHHQWKHREVHUYHUDQGWKH
REVHUYHGGLVDSSHDUDVPDQ\WLPHVGXULQJWKHGD\DVSRVVLEOH)LQGDIHZ
PRPHQWVZKHQHYHU\RXFDQILQGZKHUHYHU\RXFDQILQGDQGMXVWOHWWKLV
GLVWLQFWLRQDQGGLIIHUHQFHEHWZHHQWKHREVHUYHUDQGWKHREVHUYHGGLVDSSHDU
%HFRPHWKHWUHH\RXDUHVHHLQJDQGEHFRPHWKHFORXG\RXDUHORRNLQJDWDQG
VORZO\VORZO\\RXZLOOVWDUWODXJKLQJDWGHDWK
7KLVP\VWLFZKRZDVEHLQJOHGWRWKHJDOORZVPXVWKDYHVHHQWKHXWWHUOLHRI
GHDWKKHFRXOGMRNHDERXWKLVRZQGHDWK+HZDVEHLQJOHGWRWKHJDOORZVKH
VDZDELJFURZGUXQQLQJRQEHIRUHKLPWKH\ZHUHJRLQJWRVHHWKHFUXFLIL[LRQ
3HRSOHDUHYHU\PXFKLQWHUHVWHGLQVXFKWKLQJV,IWKH\KHDUWKDWVRPHERG\LV
EHLQJPXUGHUHGSXEOLFO\WKRXVDQGVRISHRSOHZLOOJDWKHUWRVHHLW:K\WKLV
DWWUDFWLRQ"'HHSGRZQ\RXDUHDOOPXUGHUHUVDQGWKLVLVDYLFDULRXVZD\WRHQMR\
LW7KDW
VZK\ILOPVDERXWPXUGHUDQGYLROHQFHGHWHFWLYHQRYHOVDUHVRPXFKLQ
YRJXHSRSXODU8QOHVVDILOPKDVPXUGHULQLWDQGVXLFLGHLQLWDQGREVFHQHVH[
LQLWLWQHYHUEHFRPHVDER[RIILFHKLW,WQHYHUVXFFHHGVLWIDLOV:K\"
EHFDXVHQRERG\LVLQWHUHVWHGLQDQ\WKLQJHOVH7KHVHDUHGHHSGHVLUHVLQ\RXU
EHLQJ6HHLQJWKHPRQWKHVFUHHQWKHUHLVDYLFDULRXVHQMR\PHQWDVLI\RXDUH
GRLQJLW\RXEHFRPHLGHQWLILHGZLWKWKHFKDUDFWHUVLQWKHILOPRULQWKHQRYHO
1RZWKLVP\VWLFZDVEHLQJOHGWRWKHJDOORZV+HVDZDELJFURZGUXQQLQJRQ
EHIRUHKLP'RQ
WEHLQVXFKDKXUU\KHVDLGWRWKHP,FDQDVVXUH\RXQRWKLQJ
ZLOOKDSSHQZLWKRXWPH<RXFDQZDONHDVLO\VORZO\WKHUHLVQRKXUU\,DPWKH




SHUVRQWKH\DUHJRLQJWRNLOODQGQRWKLQJLVJRLQJWRKDSSHQZLWKRXWPH
7KLVLVP\DWWLWXGHDERXWGHDWK/DXJK/HWODXJKWHUEH\RXUDWWLWXGHDERXWGHDWK
,WLVDFRVPLFOLHFUHDWHGE\PDQKLPVHOIFUHDWHGE\WKHHJRE\
VHOIFRQVFLRXVQHVV
7KDW
VZK\LQQDWXUHQRRWKHUDQLPDOELUGWUHHLVDIUDLGRIGHDWK2QO\PDQDQG
KHPDNHVVRPXFKIXVVRXWRILWKLVZKROHOLIHWUHPEOLQJ'HDWKLVFRPLQJ
FORVHUDQGEHFDXVHRIGHDWKKHFDQQRWDOORZKLPVHOIWROLYHWRWDOO\+RZFDQ\RX
OLYHLI\RXDUHVRDIUDLG"/LIHLVSRVVLEOHRQO\ZLWKRXWIHDU/LIHLVSRVVLEOHRQO\
ZLWKORYHQRWZLWKIHDU$QGGHDWKFUHDWHVIHDU
$QGZKRLVWKHFXOSULW"*RGKDVQRWFUHDWHGGHDWKLWLVPDQ
VRZQLQYHQWLRQ
&UHDWHWKHHJRDQG\RXKDYHFUHDWHGWKHRWKHUVLGHRILWGHDWK
7KHIRXUWKTXHVWLRQ
%(/29('26+2
,&$1127%(/,(9(7+$7,$0:+$7,6:521*:,7+0("
1DUHVKLWLVLPSRVVLEOH,WLVLPSRVVLEOHWRVD\WKDW,DPQRWEHFDXVHHYHQWR
VD\WKDW\RXKDYHWREH2QHRIWKHJUHDWSKLORVRSKHUVRIWKH:HVWWKHPRGHUQ
IDWKHURISKLORVRSK\LQWKH:HVWZDV'HVFDUWHV+LVZKROHOLIHZDVDQLQTXLU\IRU
VRPHWKLQJLQGXELWDEOHZKLFKFDQQRWEHGRXEWHG+HZDQWHGDIRXQGDWLRQDQGD
IRXQGDWLRQZKLFKFDQQRWEHGRXEWHGRQO\WKHQWKHULJKWHGLILFHFDQEHEXLOWXSRQ
LW+HVHDUFKHGYHU\VLQFHUHO\KHVHDUFKHG
*RGFDQEHGRXEWHGWKHRWKHUOLIHFDQEHGRXEWHGHYHQWKHH[LVWHQFHRIWKH
RWKHUFDQEHGRXEWHG,DPKHUH\RXFDQVHHPHEXWZKRNQRZV\RXPD\EH
GUHDPLQJEHFDXVHLQGUHDPDOVR\RXVHHWKHRWKHUDQGLQGUHDPWKHRWKHU
VHHPVDVUHDODVLQWKHVRFDOOHGUHDOOLIH<RXQHYHUGRXEWLQ\RXUGUHDP,Q
IDFWLQWKHUHDOOLIH\RXPD\GRXEWVRPHWLPHVEXWLQWKHGUHDPLWLVLQGXELWDEOH
&KXDQJ7]XLVUHSRUWHGWRKDYHVDLG0\JUHDWHVWSUREOHPLVRQHZKLFK,DP
XQDEOHWRVROYH7KHSUREOHPLVWKDWRQHQLJKW,GUHDPHGWKDW,DPDEXWWHUIO\
6LQFHWKDWQLJKW,DPFRQIXVHG
$IULHQGDVNHG:KDWLV\RXUFRQIXVLRQ"(YHU\ERG\GUHDPVWKHUHLVQRWKLQJ
VSHFLDODERXWLW:K\EHVRZRUULHGDERXWLWWKDW\RXDUHDEXWWHUIO\LQDGUHDP"
6RZKDW"
+HVDLG6LQFHWKDWGD\,DPSX]]OHG,FDQQRWGHFLGHZKR,DP,I&KXDQJ7]X
FDQEHFRPHDEXWWHUIO\LQWKHGUHDPZKRNQRZVZKHQWKHEXWWHUIO\JRHVWR
VOHHSVKHPD\GUHDPWKDWVKHLV&KXDQJ7]X7KHQDP,UHDOO\&KXDQJ7]XRU
MXVWDEXWWHUIO\GUHDPLQJ",IWKLVLVSRVVLEOHWKDW&KXDQJ7]XFDQEHFRPHD
EXWWHUIO\WKHQWKDWWRRLVSRVVLEOH$EXWWHUIO\UHVWLQJLQWKHDIWHUQRRQVXQ
XQGHUQHDWKWKHVKDGRZRIDWUHHPD\EHGUHDPLQJWKDWVKHKDVEHFRPHD
&KXDQJ7]X1RZZKRDP,"DEXWWHUIO\GUHDPLQJRU&KXDQJ7]XGUHDPLQJ"
,WLVGLIILFXOW(YHQWRGHFLGHWKHRWKHULVLVGLIILFXOWYHU\GLIILFXOW
'HVFDUWHVVHDUFKHGORQJ7KHQKHVWXPEOHGXSRQRQO\RQHIDFWDQGWKDWIDFWLV
,DP7KDWFDQQRWEHGRXEWHGWKDW
VLPSRVVLEOHEHFDXVHHYHQWRVD\,DP
QRW\RXDUHUHTXLUHG

:LIH,WKLQN,KHDUEXUJODUV$UH\RXDZDNH"
+XVEDQG1R





1RZLI\RXDUHQRWDZDNHKRZFDQ\RXVD\1R"7KDW1RSUHVXSSRVHVWKDW
\RXDUHDZDNH
<RXDVNPH,FDQQRWEHOLHYHWKDW,DP
,WLVQRWDTXHVWLRQRIEHOLHI\RX$5(:KRLVWKLVZKRFDQQRWEHOLHYH":KRLV
WKLVZKRLVIXOORIGRXEW"&DQGRXEWH[LVWZLWKRXWDGRXEWHU"&DQGUHDPH[LVW
ZLWKRXWDGUHDPHU",IWKHGUHDPLVWKHUHRQHWKLQJLVDEVROXWHO\FHUWDLQWKH
GUHDPHULVWKHUH,IWKHGRXEWLVWKHUHWKHQRQHWKLQJLVDEVROXWHO\FHUWDLQWKH
GRXEWHULVWKHUH
7KLVLVWKHIRXQGDWLRQRIDOOUHOLJLRQV,DP,WQHHGQRWEHEHOLHYHGWKHUHLVQR
TXHVWLRQRIEHOLHILWLVDVLPSOHIDFW&ORVH\RXUH\HVDQGWU\WRGHQ\LW<RX
FDQQRWGHQ\LWEHFDXVHLQWKHYHU\GHQLDO\RXZLOOEHSURYLQJLW
%XWWKLVDJHLVWKHDJHRIGRXEW$QGUHPHPEHUDQ\DJHWKDWLVWKHDJHRIGRXEW
LVDJUHDWDJH:KHQJUHDWGRXEWVDULVHLQWKHKXPDQKHDUWJUHDWWKLQJVDUH
ERXQGWRKDSSHQ:KHQJUHDWGRXEWVDULVHJUHDWFKDOOHQJHVDULVH
1RZWKLVLVWKHJUHDWHVWFKDOOHQJHIRU\RX1DUHVKWRJRGHHSHULQWRWKLV
GRXEWHUZKRGRXEWVHYHQWKHH[LVWHQFHRIKLVRZQEHLQJ*RLQWRWKLVGRXEWJR
LQWRWKLVGRXEWHU/HWWKLVEHFRPH\RXUPHGLWDWLRQDQGUHDFKLQJGHHSHULQWRLW
\RXZLOOVHHWKDWWKLVLVWKHRQO\LQGXELWDEOHIDFWLQH[LVWHQFHWKHRQO\WUXWKZKLFK
FDQQRWEHGRXEWHG
$QGRQFH\RXKDYHIHOWLWWUXVWDULVHV
7KHODVWTXHVWLRQ
%(/29('26+2$5($//0,1'6-(:,6+"
$EKL\DQDWKHUHLVVRPHWUXWKLQLWLWLVVR7REHD-HZKDVQRWKLQJWRGRZLWK
DQ\UDFH-HZLVKQHVVLVUHDOO\DTXDOLW\WKHTXDOLW\WKDWFDOFXODWHVWKHTXDOLW\
WKDWWKLQNVDOZD\VLQWHUPVRIEXVLQHVV7KDW
VZK\WKHRWKHUGD\,VDLGWR\RX
WKDWLWLVUHDOO\XQEHOLHYDEOHKRZWKH,WDOLDQVFRXOGVQDWFKWKHJUHDWHVWEXVLQHVV
IURPWKH-HZV,WLVUHDOO\XQEHOLHYDEOHLWLVDPLUDFOHEHFDXVHWKH9DWLFDQLVWKH
JUHDWHVWEXVLQHVVRQWKHHDUWK$OOWKH5RFNHIHOOHUVDQGDOOWKH0RUJDQVDQGDOO
WKH)RUGVSXWWRJHWKHUVWLOOIDOOVKRUW
-HZLVKQHVVLVDTXDOLW\LWFDQEHIRXQGLQD+LQGXLWFDQEHIRXQGLQD-DLQDLW
FDQEHIRXQGLQD&KULVWLDQLQD%XGGKLVW,WLVWKHTXDOLW\RIFDOFXODWLRQ,WFDQ
EHFRPHJUHDWLQWHOOLJHQFHLWFDQDOVREHFRPHJUHDWFXQQLQJQHVVERWK
DOWHUQDWLYHVDUHWKHUH
-HZVKDYHJLYHQWKHJUHDWHVWPLQGVWRWKHZRUOGWKHSHRSOHZKRKDYH
GRPLQDWHGWKLVFHQWXU\ZHUHDOO-HZV.DUO0DU[6LJPXQG)UHXG$OEHUW(LQVWHLQ
WKHWKUHHJUHDWPLQGVZKRKDYHGRPLQDWHGZKRKDYHOHIWWKHLULPPHQVHLPSDFW
RQPRGHUQKXPDQLW\ZHUHDOO-HZV-HZVVQDWFKPRUH1REHOSUL]HVWKDQ
DQ\ERG\HOVH7KDWLVRQHSDUWWKHPLQGFDQEHFRPHYHU\LQWHOOLJHQW%XWWKH
RWKHUSDUWLVLWFDQEHFRPHYHU\FXQQLQJPHDQFDOFXODWLYH

2QKLVZD\KRPHIURPWKHPDUNHWZKHUHKHERXJKWDEHDXWLIXOKRUVHDWDYHU\
JRRGSULFH0RVHVLVVXUSULVHGE\DVWRUPDQGWKH6LEHULDQVWRUPVDUHUHDOO\
IULJKWHQLQJ
0\*RGLI\RXJUDQWPHVDIHW\KHSUD\V,SURPLVHWRVHOOP\KRUVHDQGJLYH
WKHPRQH\WRWKHSRRU
$VVRRQDVKHXWWHUHGWKHVHZRUGVWKHVQRZVWRSSHGDQGWKHVN\FOHDUHGXS




6R0RVHVDUULYHGKRPHVDIHO\
7KHIROORZLQJZHHNZLWKDKHDY\KHDUWKHZHQWWRWKHPDUNHWWRVHOOKLVKRUVH
%XWKHWRRNDJRRVHZLWKKLP
+RZPXFKIRUWKHKRUVH"2OG,VDDFDVNHGKLP
7KHKRUVHLVVROGZLWKWKHJRRVHDQVZHUHG0RVHV7ZRUXEOHVIRUWKHKRUVH
DQGDKXQGUHGUXEOHVIRUWKHJRRVH

7KDWFDOFXODWLYHQHVVWKDWFXQQLQJQHVVQRZKHLVHYHQGHFHLYLQJ*RG

2QHVPDOOER\PXVWKDYHEHHQ-HZLVKZDVJRLQJWRWKHV\QDJRJXH+LV
PRWKHUKDGJLYHQKLPWZRVPDOOFRLQVRQHIRUKLPVHOIDQGRQHWREHRIIHUHGWR
*RGLQWKHV\QDJRJXH2QWKHZD\KHZDVSOD\LQJZLWKWKHFRLQVDQGRQHFRLQ
VOLSSHGIURPKLVKDQGZHQWLQWRDKROH7KHER\VWRRGWKHUHORRNHGDWWKHVN\
DQGVDLG6RWDNH\RXUFRLQ+HUHJRHV\RXUFRLQ*RG<RXDUHRPQLSRWHQWVR
\RXFDQILQGLWDQ\ZKHUH,WZLOOEHDOLWWOHGLIILFXOWIRUPH

-XVWDVPDOOER\EXWKHILQGVDZD\RXWRIWKHSUREOHP7KLVTXDOLW\LV
-HZLVKQHVV

,EUDKLP6LOEHUVWHLQDULFKPHUFKDQWLQYLWHVDOOKLVIULHQGVWRDSDUW\WRFHOHEUDWH
KLVWZHQW\ILYH\HDUVRIPDUULDJH
2QKLVLQYLWDWLRQFDUGLVZULWWHQ7KHSUHVHQWVRIWKHJXHVWVZKRFDQQRWYLVLWXV
RQWKLVRFFDVLRQZLOOEHUHWXUQHG
2QHRIKLVFOLHQWV=DFKDULDDIWHUUHFHLYLQJWKHLQYLWDWLRQERUURZVDPDJQLILFHQW
VLOYHUFKDQGHOLHUIURPWKHMHZHOU\VKRSDQGWHOOVKLVZLIH(VWKHU,KDYHJRWD
JUHDWLGHDGHDU:HZLOOVHQGWKLVFKDQGHOLHUDVDSUHVHQWWRWKH6LOEHUVWHLQV
EXWZHZRQ
WYLVLWWKHPVRLWZRQ
WFRVWXVDQ\WKLQJDVWKH\ZLOOUHWXUQLWWRXV
=DFKDULDVHQGVWKHFKDQGHOLHUDQGSDWLHQWO\ZDLWVIRUWKHUHWXUQRIWKHSUHVHQW
2QHZHHNJRHVE\WKHQWZRWKHQWKUHHQRVLJQRIWKHFKDQGHOLHU9HU\QHUYRXV
=DFKDULDILQDOO\GHFLGHVWRJRDQGVHHWKH6LOEHUVWHLQV6LOEHUVWHLQZDUPO\JUHHWV
KLVJHQHURXVIULHQG$KILQDOO\WKHUH\RXDUH,NQHZ\RXZHUHFRPLQJ-XVWWKLV
PRUQLQJ,ZDVVD\LQJWRP\GHDUZLIH5HEHFFD
,IP\ROGIULHQG=DFKDULDGRHV
QRWFRPHWRGD\DKZHOOWRREDGWRPRUURZZHZLOOKDYHWRVHQGWKHFKDQGHOLHU
EDFNWRKLP


7KLVTXDOLW\ZKHUHYHULWLVIRXQGLV-HZLVKQHVV
,I\RXWU\WRZDWFK\RXURZQPLQG\RXZLOOILQGD-HZKLGGHQWKHUH:KHQHYHU\RX
FDOFXODWHDQGZKHQHYHU\RXVWDUWOLYLQJPDWKHPDWLFDOO\ZKHQHYHU\RXUOLIH
EHFRPHVMXVWDEXVLQHVVMXVWDORJLFZKHQHYHU\RXORVHORYHZKHQHYHU\RX
ORVHWKHTXDOLW\WRVKDUHWRULVNWRJDPEOHZKHQHYHU\RXORVHWKHTXDOLW\RI
JLYLQJZKROHKHDUWHGO\IRUWKHVKHHUMR\RIJLYLQJEHZDUHRIWKH-HZZLWKLQ
%XWWKH-HZLVYHU\GLIILFXOWWRGHVWUR\EHFDXVHLWSD\V\RX,WKHOSV\RXWR
VXFFHHGLQWKHZRUOGLWKHOSV\RXWREHFRPHIDPRXVLQWKHZRUOGLWRIIHUV\RX
WKHZKROHZRUOG,I\RXDUHUHDOO\FDOFXODWLYHWKHZKROHZRUOGLV\RXUV7KH
WHPSWDWLRQLVJUHDW,I\RXDUHWHPSWHGE\WKHZRUOGDQGDOOWKDWLWFDQRIIHU\RX
FDQQRWJHWULGRIWKHLQQHU-HZ




$QGXQOHVV\RXJHWULGRIWKHLQQHU-HZ\RXZLOOQHYHUEHUHOLJLRXV\RXZLOOQHYHU
KDYHLQQRFHQFHDQGZLWKRXWLQQRFHQFHWKHUHLVQREHDXW\QREHQHGLFWLRQ
(QRXJKIRUWRGD\


WKHERRNRIZLVGRPFKDSWHUWZHQW\WKUHHEHKLQGWKHPDVWHU
VKDQGV
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
:+(5(,67+(:,71(66:+(17+(2%6(59(5$1'7+(2%6(59('




%(&20(21("

$QDQG3UDYHVKWKHREVHUYHUDQGWKHREVHUYHGDUHWZRDVSHFWVRIWKHZLWQHVV
:KHQWKH\GLVDSSHDULQWRHDFKRWKHUZKHQWKH\PHOWLQWRHDFKRWKHUZKHQWKH\
DUHRQHWKHZLWQHVVIRUWKHILUVWWLPHDULVHVLQLWVWRWDOLW\
%XWWKLVTXHVWLRQDULVHVLQPDQ\SHRSOHWKHUHDVRQLVWKDWWKH\WKLQNWKHZLWQHVV
LVWKHREVHUYHU,QWKHLUPLQGVWKHREVHUYHUDQGWKHZLWQHVVDUHV\QRQ\PRXV,W
LVIDOODFLRXVWKHREVHUYHULVQRWWKHZLWQHVVEXWRQO\DSDUWRILW$QGZKHQHYHU
WKHSDUWWKLQNVRILWVHOIDVWKHZKROHHUURUDULVHV
7KHREVHUYHUPHDQVWKHVXEMHFWLYHDQGWKHREVHUYHGPHDQVWKHREMHFWLYH7KH
REVHUYHUPHDQVWKDWZKLFKLVRXWVLGHWKHREVHUYHGDQGWKHREVHUYHUDOVR
PHDQVWKDWZKLFKLVLQVLGH
7KHLQVLGHDQGWKHRXWVLGHFDQ
WEHVHSDUDWHWKH\DUHWRJHWKHUWKH\FDQRQO\EH
WRJHWKHU:KHQWKLVWRJHWKHUQHVVRUUDWKHURQHQHVVLVH[SHULHQFHGWKHZLWQHVV
DULVHV<RXFDQQRWSUDFWLFHWKHZLWQHVV,I\RXSUDFWLFHWKHZLWQHVV\RXZLOOEH
SUDFWLFLQJRQO\WKHREVHUYHUDQGWKHREVHUYHULVQRWWKHZLWQHVV
7KHQZKDWKDVWREHGRQH"0HOWLQJKDVWREHGRQHPHUJLQJKDVWREHGRQH
6HHLQJDURVHIORZHUIRUJHWFRPSOHWHO\WKDWWKHUHLVDQREMHFWVHHQDQGDVXEMHFW
DVDVHHU/HWWKHEHDXW\RIWKHPRPHQWWKHEHQHGLFWLRQRIWKHPRPHQW
RYHUZKHOP\RXERWKVRWKHURVHDQG\RXDUHQRPRUHVHSDUDWHEXW\RXEHFRPH
RQHUK\WKPRQHVRQJRQHHFVWDV\
/RYLQJH[SHULHQFLQJPXVLFORRNLQJDWWKHVXQVHWOHWLWKDSSHQDJDLQDQGDJDLQ
7KHPRUHLWKDSSHQVWKHEHWWHUEHFDXVHLWLVQRWDQDUWEXWDNQDFN<RXKDYHWR
JHWWKHNQDFNRILWRQFH\RXKDYHJRWLW\RXFDQWULJJHULWDQ\ZKHUHDQ\
PRPHQW
:KHQWKHZLWQHVVDULVHVWKHUHLVQRERG\ZKRLVZLWQHVVLQJDQGWKHUHLVQRWKLQJ
WREHZLWQHVVHG,WLVDSXUHPLUURUPLUURULQJQRWKLQJ(YHQWRVD\LWLVDPLUURULV
QRWULJKWLWZLOOEHEHWWHUWRVD\LWLVDPLUURULQJ,WLVPRUHDG\QDPLFSURFHVVRI
PHOWLQJDQGPHUJLQJLWLVQRWDVWDWLFSKHQRPHQRQLWLVDIORZ7KHURVH
UHDFKLQJ\RX\RXUHDFKLQJLQWRWKHURVHLWLVDVKDULQJRIEHLQJ
)RUJHWWKDWLGHDWKDWWKHZLWQHVVLVWKHREVHUYHULWLVQRW7KHREVHUYHUFDQEH
SUDFWLFHGWKHZLWQHVVKDSSHQV7KHREVHUYHULVDNLQGRIFRQFHQWUDWLRQDQGWKH
REVHUYHUNHHSV\RXVHSDUDWH7KHREVHUYHUZLOOHQKDQFHVWUHQJWKHQ\RXUHJR
7KHPRUH\RXEHFRPHDQREVHUYHUWKHPRUH\RXZLOOIHHOOLNHDQLVODQG
VHSDUDWHDORRIGLVWDQW
'RZQWKHDJHVWKHPRQNVDOORYHUWKHZRUOGKDYHEHHQSUDFWLFLQJWKHREVHUYHU
7KH\PD\KDYHFDOOHGLWWKHZLWQHVVEXWLWLVQRWWKHZLWQHVV7KHZLWQHVVLV
VRPHWKLQJWRWDOO\GLIIHUHQWTXDOLWDWLYHO\GLIIHUHQW7KHREVHUYHUFDQEHSUDFWLFHG
FXOWLYDWHG\RXFDQEHFRPHDEHWWHUREVHUYHUWKURXJKSUDFWLFLQJLW
7KHVFLHQWLVWREVHUYHVWKHP\VWLFZLWQHVVHV7KHZKROHSURFHVVRIVFLHQFHLV
WKDWRIREVHUYDWLRQYHU\NHHQDFXWHVKDUSREVHUYDWLRQVRQRWKLQJLVPLVVHG
%XWWKHVFLHQWLVWGRHVQRWFRPHWRNQRZ*RG$OWKRXJKKLVREVHUYDWLRQLVYHU\
YHU\H[SHUW\HWKHUHPDLQVXQDZDUHRI*RG+HQHYHUFRPHVDFURVV*RGRQ
WKHFRQWUDU\KHGHQLHVWKDW*RGLVEHFDXVHWKHPRUHKHREVHUYHVDQGKLV
ZKROHSURFHVVLVWKDWRIREVHUYDWLRQWKHPRUHKHEHFRPHVVHSDUDWHIURP
H[LVWHQFH7KHEULGJHVDUHEURNHQDQGZDOOVDULVHKHEHFRPHVLPSULVRQHGLQKLV




RZQHJR
7KHP\VWLFZLWQHVVHV%XWUHPHPEHUZLWQHVVLQJLVDKDSSHQLQJDE\SURGXFW
DE\SURGXFWRIEHLQJWRWDOLQDQ\PRPHQWLQDQ\VLWXDWLRQLQDQ\H[SHULHQFH
7RWDOLW\LVWKHNH\RXWRIWRWDOLW\DULVHVWKHEHQHGLFWLRQRIZLWQHVVLQJ)RUJHWDOO
DERXWREVHUYLQJ,WZLOOJLYH\RXPRUHDFFXUDWHLQIRUPDWLRQDERXWWKHREVHUYHG
REMHFWEXW\RXZLOOUHPDLQDEVROXWHO\REOLYLRXVRI\RXURZQFRQVFLRXVQHVV
6FLHQFHLVREMHFWLYHDUWLVVXEMHFWLYHUHOLJLRQLVQHLWKHUQHWLQHWLQHLWKHUWKLV
QRUWKDW7KHQZKDWLVUHOLJLRQ"5HOLJLRQLVWKHPHHWLQJRIWKHREMHFWDQGWKH
VXEMHFWUHOLJLRQLVWKHPHHWLQJRIWKHORYHUDQGWKHEHORYHG5HOLJLRQLVWKH
GLVDSSHDUDQFHRIWKHVHSDUDWLRQRIWKHGXDOLW\$QGLQWKDWVHSDUDWLRQHQHUJ\LV
UHOHDVHGHQHUJ\WKDWZDVFRQILQHGE\WKHGXDOWKDWZDVNHSWVHSDUDWHVLPSO\
GDQFHVLQXWWHUXQLW\
7KDWXQLW\LVZLWQHVVLQJ,WKDSSHQVRQO\RQFHLQDZKLOHWR\RXDQGHYHQWKHQ
\RXGRQ
WWDNHPXFKQRWHRILWEHFDXVHLWFRPHVOLNHDIODVKDQGLWLVJRQH$QG
EHFDXVH\RXGRQ
WXQGHUVWDQGLW\RXGRQ
WSUHVHUYHWKHH[SHULHQFH,QIDFW\RX
QHJOHFWLW\RXLJQRUHLWLWVHHPVWREHGDQJHURXV
,WKDSSHQVZKHQ\RXDUHLQDGHHSRUJDVPLFVWDWHZKHQWKHZRPDQDQGPDQ
PHHWDQGPHUJHDQGGLVDSSHDULQWRHDFKRWKHU,WKDSSHQVRQO\IRUDVLQJOH
PRPHQWDWWKHKLJKHVWSHDN:KHQWKHLUHQHUJLHVDUHQRPRUHWZRZKHQWKH
HQHUJLHVKDYHSHQHWUDWHGLQWRHDFKRWKHUVRGHHSO\WKDW\RXFDQQRWFDOOWKHP
WZRDWDOOWKDWRUJDVPLFSHDNLVWKHPRPHQWZKHUHZLWQHVVLQJDULVHV7KLVLV
WKHZKROHVHFUHWRI7DQWUD7DQWUDGLVFRYHUHGWKDWLQRUJDVPLFHFVWDV\
ZLWQHVVLQJDULVHVRQLWVRZQDFFRUG,WLVDJLIWIURP*RGDQDWXUDOJLIWWRHQWHU
LQWRVDPDGKL
%XWLWKDSSHQVLQDOOFUHDWLYHH[SHULHQFHVEHFDXVHDOOFUHDWLYHH[SHULHQFHVDUH
RUJDVPLFLQDVXEWOHVHQVHWKHUHLVVRPHWKLQJRIWKHVH[XDODQGWKHVHQVXRXV
LQWKHP:KHQDSDLQWHUORRNVDWWKHWUHHVWKHQWKHJUHHQDQGWKHUHGDQGWKH
JROGRIWKHWUHHVLVQRWWKHVDPHDVZKHQ\RXORRNDWWKHWUHHV+LVH[SHULHQFHLV
RUJDVPLFKHLVXWWHUO\ORVWLQLW+HLVQRWWKHUHDVDQREVHUYHUKHIDOOVLQGHHS
UDSSRUW+HEHFRPHVRQHZLWKWKHJUHHQDQGWKHUHGDQGWKHJROGRIWKHWUHHV
7KHSDLQWHUNQRZVWKDWORRNLQJDWWKHEHDXWLIXOH[LVWHQFHLVDQRUJDVPLF
H[SHULHQFH+HQFHZKLOHWKHSDLQWHULVSDLQWLQJKHEHFRPHVDEVROXWHO\
QRQVH[XDOKHEHFRPHVFHOLEDWH+HLVDOUHDG\H[SHULHQFLQJRUJDVPLFMR\KH
QHHGQRWJRLQWRVH[DWDOO&HOLEDF\FRPHVQDWXUDOO\WRKLP
7KRXVDQGVRISRHWVDQGSDLQWHUVDQGPXVLFLDQVKDYHUHPDLQHGFHOLEDWHDQG
ZLWKQRHIIRUW0RQNVUHPDLQFHOLEDWHZLWKJUHDWHIIRUW:K\"7KHPRQNLV
XQFUHDWLYHLQKLVOLIHWKHUHLVQRRUJDVPLFH[SHULHQFHKLVPLQGKDQNHUVIRUWKH
VH[XDOH[SHULHQFH7KHSRHWWKHPXVLFLDQWKHDUWLVWWKHGDQFHUZKRLVFDSDEOH
RIEHLQJORVWLQWRZKDWVRHYHUKHLVGRLQJLVKDYLQJRUJDVPLFH[SHULHQFHVRQD
KLJKHUSODQHVH[LVQRWDQHFHVVLW\,IRQFHLQDZKLOHVXFKDSHUVRQPRYHVLQWR
VH[LWLVQRWRXWRIQHHGLWLVMXVWSOD\IXOQHVVLWLVVLPSOHSOD\IXOQHVV$QGZKHQ
VH[KDVWKHTXDOLW\RISOD\IXOQHVVLWLVVDFUHG:KHQLWLVRXWRIQHHGLWLVDOLWWOH
ELWXJO\EHFDXVHRXWRIQHHG\RXH[SORLWWKHRWKHUDQGRXWRIQHHGLWFDQQHYHU
WDNH\RXWRWKHKLJKHVWRUJDVPLFSHDN<RXUHPDLQDOZD\VGLVFRQWHQWHG
VRPHZKHUHRURWKHUEHFDXVHRXWRIQHHGPHDQVWKHUHLVDPRWLYHWKHUHLVJRDO
RULHQWDWLRQ7KHUHLVPDQLSXODWLRQH[SORLWDWLRQDQHIIRUWWRXVHWKHRWKHUDVD




PHDQV:KHQ\RXDUHVLPSO\SOD\IXOLWLVWRWDOO\GLIIHUHQW
'+/DZUHQFHLVULJKWZKHQKHVD\VWKDWKHH[SHULHQFHG*RGLQVH[XDORUJDVP
%XWKLVVH[XDOLW\LVWRWDOO\GLIIHUHQWIURPWKHVH[XDOLW\RIWKHPRQNV7KH\ZLOOQRW
EHDEOHWRXQGHUVWDQG/DZUHQFH
/DZUHQFHZDVRQHRIWKHPRVWPLVXQGHUVWRRGPHQRIWKLVFHQWXU\RQHRIWKH
PRVWEHDXWLIXORQHRIWKHPRVWFUHDWLYHRQHRIWKHPRVWSUHFLRXVEXWWKHPRVW
PLVXQGHUVWRRG$QGWKHUHDVRQLVWKDWKLVH[SHULHQFHKDVDWRWDOO\GLIIHUHQW
TXDOLW\:KHQKHLVWDONLQJDERXWVH[XDORUJDVPKHLVQRWWDONLQJDERXW\RXU
VH[XDORUJDVPKHLVWDONLQJDERXWKLVVH[XDORUJDVP2QO\YHU\UDUHSHRSOHZLOO
EHDEOHWRXQGHUVWDQGKLP+HLVDQDWXUDOWDQWULNDXQDZDUHRIWKHVFLHQFHRI
7DQWUDEXWKHVWXPEOHGXSRQLW6RPHKRZDZLQGRZKDVRSHQHGLQKLVOLIHKLV
VHQVXDOLW\LVVSLULWXDO
,WLVQRWDTXHVWLRQRIZKDW\RXGRLWLVDTXHVWLRQRIKRZ\RXGRLW$QG
XOWLPDWHO\LWLVDTXHVWLRQZKHWKHU\RXGRLWRU\RXDOORZLWWRKDSSHQ,I\RXDOORZ
LWWRKDSSHQWKHQZKHQHYHUWKHUHLVDFUHDWLYHPHHWLQJ\RXZLOOVXGGHQO\
EHFRPHDZLWQHVV7KHREVHUYHUDQGWKHREVHUYHGEHFRPHRQHLQLWLQIDFWLW
KDSSHQVRQO\ZKHQWKH\EHFRPHRQH
7KHVHFRQGTXHVWLRQ
%(/29('26+2
3/($6(6$<620(7+,1*$%2877+(5(/$7,216+,32)
&216&,2861(66$1'(1(5*<

3UHP1DUHQPRGHUQSK\VLFVKDVGLVFRYHUHGRQHRIWKHJUHDWHVWWKLQJVHYHU
GLVFRYHUHGDQGWKDWLVPDWWHULVHQHUJ\7KDWLVWKHJUHDWHVWFRQWULEXWLRQRI
$OEHUW(LQVWHLQWRKXPDQLW\HLVHTXDOWRPFPDWWHULVHQHUJ\0DWWHURQO\
DSSHDUVRWKHUZLVHWKHUHLVQRVXFKWKLQJDVPDWWHUQRWKLQJLVVROLG(YHQWKH
VROLGURFNLVDSXOVDWLQJHQHUJ\HYHQWKHVROLGURFNLVDVPXFKHQHUJ\DVWKH
URDULQJRFHDQ7KHZDYHVWKDWDUHDULVLQJLQWKHVROLGURFNFDQQRWEHVHHQ
EHFDXVHWKH\DUHYHU\VXEWOHEXWWKHURFNLVZDYLQJSXOVDWLQJEUHDWKLQJLWLV
DOLYH
)ULHGULFK1LHW]VFKHKDVGHFODUHGWKDW*RGLVGHDG*RGLVQRWGHDGRQWKH
FRQWUDU\ZKDWKDVKDSSHQHGLVWKDWPDWWHULVGHDG0DWWHUKDVEHHQIRXQGQRWWR
H[LVWDWDOO7KLVLQVLJKWLQWRPDWWHUEULQJVPRGHUQSK\VLFVYHU\FORVHWR
P\VWLFLVPYHU\FORVH)RUWKHILUVWWLPHWKHVFLHQWLVWDQGWKHP\VWLFDUHFRPLQJ
YHU\FORVHDOPRVWKROGLQJKDQGV
(GGLQJWRQRQHRIWKHJUHDWHVWVFLHQWLVWVRIWKLVDJHKDVVDLG:HXVHGWRWKLQN
WKDWPDWWHULVDWKLQJQRZLWLVQRPRUHVR0DWWHULVPRUHOLNHDWKRXJKWWKDQOLNH
DWKLQJ
([LVWHQFHLVHQHUJ\6FLHQFHKDVGLVFRYHUHGWKDWWKHREVHUYHGLVHQHUJ\WKH
REMHFWLVHQHUJ\'RZQWKHDJHVDWOHDVWIRUILYHWKRXVDQG\HDUVLWKDVEHHQ
NQRZQWKDWWKHRWKHUSRODULW\WKHVXEMHFWWKHREVHUYHUFRQVFLRXVQHVVLV
HQHUJ\
<RXUERG\LVHQHUJ\\RXUPLQGLVHQHUJ\\RXUVRXOLVHQHUJ\7KHQZKDWLVWKH
GLIIHUHQFHEHWZHHQWKHVHWKUHH"7KHGLIIHUHQFHLVRQO\RIDGLIIHUHQWUK\WKP
GLIIHUHQWZDYHOHQJWKVWKDW
VDOO7KHERG\LVJURVVHQHUJ\IXQFWLRQLQJLQD
JURVVZD\LQDYLVLEOHZD\




0LQGLVDOLWWOHPRUHVXEWOHEXWVWLOOQRWWRRVXEWOHEHFDXVH\RXFDQFORVH\RXU
H\HVDQG\RXFDQVHHWKHWKRXJKWVPRYLQJWKH\FDQEHVHHQ7KH\DUHQRWDV
YLVLEOHDV\RXUERG\\RXUERG\LVYLVLEOHWRHYHU\ERG\HOVHLWLVSXEOLFO\YLVLEOH
<RXUWKRXJKWVDUHSULYDWHO\YLVLEOH1RERG\HOVHFDQVHH\RXUWKRXJKWVRQO\\RX
FDQVHHWKHPRUSHRSOHZKRKDYHZRUNHGYHU\GHHSO\LQWRVHHLQJWKRXJKWV
%XWRUGLQDULO\WKH\DUHQRWYLVLEOHWRRWKHUV
$QGWKHWKLUGWKHXOWLPDWHOD\HULQVLGH\RXLVWKDWRIFRQVFLRXVQHVV,WLVQRW
HYHQYLVLEOHWR\RX,WFDQQRWEHUHGXFHGLQWRDQREMHFWLWUHPDLQVVXEMHFW
,IDOOWKHVHWKUHHHQHUJLHVIXQFWLRQLQKDUPRQ\\RXDUHKHDOWK\DQGZKROH,I
WKHVHHQHUJLHVGRQ
WIXQFWLRQLQKDUPRQ\DQGDFFRUG\RXDUHLOOXQKHDOWK\\RX
DUHQRPRUHZKROH$QGWREHZKROHLVWREHKRO\
7KHHIIRUWWKDWZHDUHPDNLQJKHUHLVKRZWRKHOS\RXVRWKDW\RXUERG\\RXU
PLQG\RXUFRQVFLRXVQHVVFDQDOOGDQFHLQRQHUK\WKPLQDWRJHWKHUQHVVLQD
GHHSKDUPRQ\QRWLQFRQIOLFWDWDOOEXWLQFRRSHUDWLRQ7KHPRPHQW\RXUERG\
PLQGDQGFRQVFLRXVQHVVIXQFWLRQWRJHWKHU\RXKDYHEHFRPHWKHWULQLW\DQGLQ
WKDWH[SHULHQFHLV*RG
<RXUTXHVWLRQLVVLJQLILFDQW1DUHQ<RXDVN3OHDVHVD\VRPHWKLQJDERXWWKH
UHODWLRQVKLSRIFRQVFLRXVQHVVDQGHQHUJ\
7KHUHLVQRUHODWLRQVKLSRIFRQVFLRXVQHVVDQGHQHUJ\&RQVFLRXVQHVVLVHQHUJ\
SXUHVWHQHUJ\PLQGLVQRWVRSXUHERG\LVVWLOOOHVVSXUH%RG\LVPXFKWRR
PL[HGDQGPLQGLVDOVRQRWWRWDOO\SXUH&RQVFLRXVQHVVLVWRWDOSXUHHQHUJ\%XW
\RXFDQNQRZWKLVFRQVFLRXVQHVVRQO\LI\RXPDNHDFRVPRVRXWRIWKHWKUHH
DQGQRWDFKDRV3HRSOHDUHOLYLQJLQFKDRVWKHLUERGLHVVD\RQHWKLQJWKHLU
ERGLHVZDQWWRJRLQRQHGLUHFWLRQWKHLUPLQGVDUHFRPSOHWHO\REOLYLRXVRIWKH
ERG\EHFDXVHIRUFHQWXULHV\RXKDYHEHHQWDXJKWWKDW\RXDUHQRWWKHERG\
IRUFHQWXULHV\RXKDYHEHHQWROGWKDWWKHERG\LV\RXUHQHP\WKDW\RXKDYHWR
ILJKWZLWKLWWKDW\RXKDYHWRGHVWUR\LWWKDWWKHERG\LVVLQ
%HFDXVHRIDOOWKHVHLGHDVVLOO\DQGVWXSLGWKH\DUHKDUPIXODQGSRLVRQRXV
WKH\DUHEXWWKH\KDYHEHHQWDXJKWIRUVRORQJWKDWWKH\KDYHEHFRPHSDUWRI
\RXUFROOHFWLYHPLQGWKH\DUHWKHUH\RXGRQ
WH[SHULHQFH\RXUERG\LQD
UK\WKPLFGDQFHZLWK\RXUVHOI
+HQFHP\LQVLVWHQFHRQGDQFLQJDQGPXVLFEHFDXVHLWLVRQO\LQGDQFHWKDW\RX
ZLOOIHHOWKDW\RXUERG\\RXUPLQGDQG\RXDUHIXQFWLRQLQJWRJHWKHU$QGWKHMR\
LVLQILQLWHZKHQDOOWKHVHIXQFWLRQWRJHWKHUWKHULFKQHVVLVJUHDW
&RQVFLRXVQHVVLVWKHKLJKHVWIRUPRIHQHUJ\$QGZKHQDOOWKHVHWKUHHHQHUJLHV
IXQFWLRQWRJHWKHUWKHIRXUWKDUULYHV7KHIRXUWKLVDOZD\VSUHVHQWZKHQWKHVH
WKUHHIXQFWLRQWRJHWKHU:KHQWKHVHWKUHHIXQFWLRQLQDQRUJDQLFXQLW\WKHIRXUWK
LVDOZD\VWKHUHWKHIRXUWKLVQRWKLQJEXWWKDWRUJDQLFXQLW\
,QWKH(DVWZHKDYHFDOOHGWKDWIRXUWKVLPSO\WKHIRXUWKWXUL\DZHKDYHQRW
JLYHQLWDQ\QDPH7KHWKUHHKDYHQDPHVWKHIRXUWKLVQDPHOHVV7RNQRZWKH
IRXUWKLVWRNQRZ*RG/HWXVVD\LWLQWKLVZD\*RGLVZKHQ\RXDUHDQRUJDQLF
RUJDVPLFXQLW\*RGLVQRWZKHQ\RXDUHDFKDRVDGLVXQLW\DFRQIOLFW:KHQ
\RXDUHDKRXVHGLYLGHGDJDLQVW\RXUVHOIWKHUHLVQR*RG
:KHQ\RXDUHWUHPHQGRXVO\KDSS\ZLWK\RXUVHOIKDSS\DV\RXDUHEOLVVIXODV
\RXDUHJUDWHIXODV\RXDUHDQGDOO\RXUHQHUJLHVDUHGDQFLQJWRJHWKHUZKHQ
\RXDUHDQRUFKHVWUDRIDOO\RXUHQHUJLHV*RGLV7KDWIHHOLQJRIWRWDOXQLW\LV




ZKDW*RGLV*RGLVQRWDSHUVRQVRPHZKHUH*RGLVWKHH[SHULHQFHRIWKHWKUHH
IDOOLQJLQVXFKXQLW\WKDWWKHIRXUWKDULVHV$QGWKHIRXUWKLVPRUHWKDQWKHVXP
WRWDORIWKHSDUWV
,I\RXGLVVHFWDSDLQWLQJ\RXZLOOILQGWKHFDQYDVDQGWKHFRORUVEXWWKHSDLQWLQJ
LVQRWVLPSO\WKHVXPWRWDORIWKHFDQYDVDQGWKHFRORUVLWLVVRPHWKLQJPRUH
7KDWVRPHWKLQJPRUHLVH[SUHVVHGWKURXJKWKHSDLQWLQJFRORUFDQYDVWKH
DUWLVWEXWWKDWVRPHWKLQJPRUHLVWKHEHDXW\'LVVHFWWKHURVHIORZHUDQG\RX
ZLOOILQGDOOWKHFKHPLFDOVDQGWKLQJVLWLVFRQVWLWXWHGRIEXWWKHEHDXW\ZLOO
GLVDSSHDU,WZDVQRWMXVWWKHVXPWRWDORIWKHSDUWVLWZDVPRUH
7KHZKROHLVPRUHWKDQWKHVXPWRWDORIWKHSDUWVLWH[SUHVVHVWKURXJKWKHSDUWV
EXWLWLVPRUH7RXQGHUVWDQGWKDWLWLVPRUHLVWRXQGHUVWDQG*RG*RGLVWKDW
PRUHWKDWSOXV,WLVQRWDTXHVWLRQRIWKHRORJ\LWFDQQRWEHGHFLGHGE\ORJLFDO
DUJXPHQWDWLRQ<RXKDYHWRIHHOEHDXW\\RXKDYHWRIHHOPXVLF\RXKDYHWRIHHO
GDQFH$QGXOWLPDWHO\\RXKDYHWRIHHOWKHGDQFHLQ\RXUERG\PLQGVRXO
<RXKDYHWROHDUQKRZWRSOD\RQWKHVHWKUHHHQHUJLHVVRWKDWWKH\DOOEHFRPH
DQRUFKHVWUD7KHQ*RGLVQRWWKDW\RXVHH*RGWKHUHLVQRWKLQJWREHVHHQ
*RGLVWKHXOWLPDWHVHHULWLVZLWQHVVLQJ/HDUQWRPHOW\RXUERG\PLQGVRXO
ILQGRXWZD\VZKHQ\RXFDQIXQFWLRQDVDXQLW\
,WKDSSHQVPDQ\WLPHVWKDWUXQQHUV<RXZLOOQRWWKLQNRIUXQQLQJDVD
PHGLWDWLRQEXWUXQQHUVVRPHWLPHVKDYHIHOWDWUHPHQGRXVH[SHULHQFHRI
PHGLWDWLRQ7KH\ZHUHVXUSULVHGEHFDXVHWKH\ZHUHQRWORRNLQJIRULWZKR
WKLQNVWKDWDUXQQHULVJRLQJWRH[SHULHQFH*RG"EXWLWKDVKDSSHQHGDQGQRZ
UXQQLQJLVEHFRPLQJPRUHDQGPRUHDQHZNLQGRIPHGLWDWLRQ,WFDQKDSSHQLQ
UXQQLQJ,I\RXKDYHHYHUEHHQDUXQQHULI\RXKDYHHQMR\HGUXQQLQJLQWKHHDUO\
PRUQLQJZKHQWKHDLULVIUHVKDQG\RXQJDQGWKHZKROHZRUOGLVFRPLQJEDFNRXW
RIVOHHSDZDNHQLQJDQG\RXZHUHUXQQLQJDQG\RXUERG\ZDVIXQFWLRQLQJ
EHDXWLIXOO\DQGWKHIUHVKDLUDQGWKHQHZZRUOGDJDLQERUQRXWRIWKHGDUNQHVV
RIWKHQLJKWDQGHYHU\WKLQJVLQJLQJDOODURXQGDQG\RXZHUHIHHOLQJVRDOLYH$
PRPHQWFRPHVZKHQWKHUXQQHUGLVDSSHDUVWKHUHLVRQO\UXQQLQJ7KHERG\
PLQGDQGVRXOVWDUWIXQFWLRQLQJWRJHWKHUVXGGHQO\DQLQQHURUJDVPLVUHOHDVHG
5XQQHUVKDYHVRPHWLPHVFRPHDFFLGHQWDOO\RQWKHH[SHULHQFHRIWKHIRXUWK
WXUL\DDOWKRXJKWKH\ZLOOPLVVLWEHFDXVHWKH\ZLOOWKLQNLWZDVMXVWEHFDXVHRI
UXQQLQJWKDWWKH\HQMR\HGWKHPRPHQWWKDWLWZDVDEHDXWLIXOGD\WKDWWKHERG\
ZDVKHDOWK\DQGWKHZRUOGZDVEHDXWLIXODQGLWZDVMXVWDFHUWDLQPRRG7KH\ZLOO
QRWWDNHQRWHRILW%XWLIWKH\WDNHQRWHRILWP\RZQREVHUYDWLRQLVWKDWDUXQQHU
FDQPRUHHDVLO\FRPHFORVHWRPHGLWDWLRQWKDQDQ\ERG\HOVH-RJJLQJFDQEHRI
LPPHQVHKHOSVZLPPLQJFDQEHRILPPHQVHKHOS$OOWKHVHWKLQJVKDYHWREH
WUDQVIRUPHGLQWRPHGLWDWLRQV
'URSROGLGHDVRIPHGLWDWLRQVWKDWMXVWVLWWLQJXQGHUQHDWKDWUHHZLWKD\RJD
SRVWXUHLVPHGLWDWLRQ7KDWLVRQO\RQHRIWKHZD\VDQGPD\EHVXLWDEOHIRUDIHZ
SHRSOHEXWLVQRWVXLWDEOHIRUDOO)RUDVPDOOFKLOGLWLVQRWPHGLWDWLRQLWLVWRUWXUH
)RUD\RXQJPDQZKRLVDOLYHYLEUDQWLWLVUHSUHVVLRQLWLVQRWPHGLWDWLRQ0D\EH
IRUDQROGPDQZKRKDVOLYHGZKRVHHQHUJLHVDUHGHFOLQLQJLWPD\EH
PHGLWDWLRQ
3HRSOHGLIIHUWKHUHDUHPDQ\W\SHVRISHRSOH7RVRPHRQHZKRKDVDORZNLQG
RIHQHUJ\VLWWLQJXQGHUQHDWKDWUHHLQD\RJDSRVWXUHPD\EHWKHEHVW




PHGLWDWLRQEHFDXVHWKH\RJDSRVWXUHLVWKHOHDVWHQHUJ\H[SHQVLYHWKHOHDVW
:KHQWKHVSLQHLVHUHFWPDNLQJDQLQHW\GHJUHHDQJOHZLWKWKHHDUWK\RXUERG\
H[SHQGVWKHOHDVWHQHUJ\SRVVLEOH,I\RXDUHOHDQLQJWRZDUGVWKHOHIWRUWRZDUGV
WKHIURQWWKHQ\RXUERG\VWDUWVVSHQGLQJPRUHHQHUJ\EHFDXVHWKHJUDYLWDWLRQ
VWDUWVSXOOLQJ\RXGRZQZDUGVDQG\RXKDYHWRNHHS\RXUVHOI\RXKDYHWRKROG
\RXUVHOIVRWKDW\RXGRQ
WIDOO7KLVLVH[SHQGLWXUH$QHUHFWVSLQHZDVIRXQGWR
QHHGWKHOHDVWVSHQGLQJRIHQHUJ\
7KHQVLWWLQJZLWK\RXUKDQGVWRJHWKHULQWKHODSLVDOVRYHU\YHU\XVHIXOIRUORZ
HQHUJ\SHRSOHEHFDXVHZKHQERWKWKHKDQGVDUHWRXFKLQJHDFKRWKHU\RXU
ERG\HOHFWULFLW\VWDUWVPRYLQJLQDFLUFOH,WGRHVQRWJRRXWRI\RXUERG\LW
EHFRPHVDQLQQHUFLUFOHWKHHQHUJ\PRYHVLQVLGH\RX
<RXPXVWNQRZWKDWHQHUJ\LVDOZD\VUHOHDVHGWKURXJKWKHILQJHUVHQHUJ\LV
QHYHUUHOHDVHGIURPURXQGVKDSHGWKLQJV)RUH[DPSOH\RXUKHDGFDQQRW
UHOHDVHHQHUJ\LWFRQWDLQVLW(QHUJ\LVUHOHDVHGWKURXJKWKHILQJHUVWKHWRHVRI
WKHIHHWDQGWKHKDQGV,QDFHUWDLQ\RJDSRVWXUHWKHIHHWDUHWRJHWKHUVRRQH
IRRWUHOHDVHVHQHUJ\DQGLWHQWHUVLQWRWKHRWKHUIRRWRQHKDQGUHOHDVHVHQHUJ\
DQGLWHQWHUVLQWRWKHRWKHUKDQG<RXJRRQWDNLQJ\RXURZQHQHUJ\\RXEHFRPH
DQLQQHUFLUFOHRIHQHUJ\,WLVYHU\UHVWLQJLWLVYHU\UHOD[LQJ
7KH\RJDSRVWXUHLVWKHPRVWUHOD[HGSRVWXUHSRVVLEOH,WLVPRUHUHOD[LQJWKDQ
HYHQVOHHSEHFDXVHZKHQ\RXDUHDVOHHS\RXUZKROHERG\LVEHLQJSXOOHGE\
JUDYLWDWLRQ:KHQ\RXDUHKRUL]RQWDOLWLVUHOD[LQJLQDWRWDOO\GLIIHUHQWZD\,WLV
UHOD[LQJEHFDXVHLWEULQJV\RXEDFNWRWKHDQFLHQWGD\VZKHQPDQZDVDQ
DQLPDOKRUL]RQWDO,WLVUHOD[LQJEHFDXVHLWLVUHJUHVVLYHLWKHOSV\RXWREHFRPH
DQDQLPDODJDLQ
7KDW
VZK\LQDO\LQJSRVWXUH\RXFDQQRWWKLQNFOHDUO\LWEHFRPHVGLIILFXOWWRWKLQN
7U\LW<RXFDQGUHDPHDVLO\EXW\RXFDQQRWWKLQNHDVLO\IRUWKLQNLQJ\RXKDYHWR
VLW7KHPRUHHUHFW\RXVLWWKHEHWWHULVWKHSRVVLELOLW\WRWKLQN7KLQNLQJLVDODWH
DUULYDOZKHQPDQEHFDPHYHUWLFDOWKLQNLQJDUULYHG:KHQPDQXVHGWREH
KRUL]RQWDOGUHDPLQJZDVWKHUHEXWWKLQNLQJZDVQRWWKHUH6RZKHQ\RXOLHGRZQ
\RXVWDUWGUHDPLQJWKLQNLQJGLVDSSHDUV,WLVDNLQGRIUHOD[DWLRQEHFDXVH
WKLQNLQJVWRSV\RXUHJUHVV
7KH\RJDSRVWXUHLVDJRRGPHGLWDWLRQIRUWKRVHZKRKDYHORZHQHUJ\IRUWKRVH
ZKRDUHLOOIRUWKRVHZKRDUHROGIRUWKRVHZKRKDYHOLYHGWKHZKROHOLIHDQG
QRZDUHFRPLQJFORVHUDQGFORVHUWRGHDWK
7KRXVDQGVRI%XGGKLVWPRQNVKDYHGLHGLQWKHVLWWLQJORWXVSRVWXUHEHFDXVHWKH
EHVWZD\WRUHFHLYHGHDWKLVLQWKHORWXVSRVWXUHEHFDXVHLQWKHORWXVSRVWXUH
\RXZLOOEHIXOO\DOHUWDQGEHFDXVHHQHUJLHVZLOOEHGLVDSSHDULQJWKH\ZLOOEH
EHFRPLQJOHVVDQGOHVVHYHU\PRPHQW'HDWKLVFRPLQJ,QDORWXVSRVWXUH\RX
FDQNHHSDOHUWQHVVWRWKHYHU\HQG$QGWREHDOHUWZKLOH\RXDUHG\LQJLVRQHRI
WKHJUHDWHVWH[SHULHQFHVWKHXOWLPDWHLQRUJDVP
$QGLI\RXDUHDZDNHZKLOH\RXDUHG\LQJ\RXZLOOKDYHDWRWDOO\GLIIHUHQWNLQGRI
ELUWK\RXZLOOEHERUQDZDNH2QHZKRGLHVDZDNHLVERUQDZDNH2QHZKRGLHV
XQFRQVFLRXVLVERUQXQFRQVFLRXV2QHZKRGLHVZLWKDZDUHQHVVFDQFKRRVHWKH
ULJKWZRPEIRUKLPVHOIKHKDVDFKRLFHKHKDVHDUQHGLW7KHPDQZKRGLHV
XQFRQVFLRXVO\KDVQRULJKWWRFKRRVHWKHZRPEWKHZRPEKDSSHQV
XQFRQVFLRXVO\DFFLGHQWDOO\




7KHPDQZKRGLHVSHUIHFWO\DOHUWLQWKLVOLIHZLOOEHFRPLQJRQO\RQFHPRUH
EHFDXVHQH[WWLPHWKHUHZLOOEHQRQHHGWRFRPH-XVWDOLWWOHZRUNLVOHIWWKH
RWKHUOLIHZLOOGRWKDWZRUN)RURQHZKRLVG\LQJZLWKDZDUHQHVVRQO\RQHWKLQJ
LVOHIWQRZKHKDVKDGQRWLPHWRUDGLDWHKLVDZDUHQHVVLQWRFRPSDVVLRQ1H[W
WLPHKHFDQUDGLDWHKLVDZDUHQHVVLQWRFRPSDVVLRQ$QGXQOHVVDZDUHQHVV
EHFRPHVFRPSDVVLRQVRPHWKLQJUHPDLQVLQFRPSOHWHVRPHWKLQJUHPDLQV
LPSHUIHFW
5XQQLQJFDQEHDPHGLWDWLRQMRJJLQJGDQFLQJVZLPPLQJDQ\WKLQJFDQEHD
PHGLWDWLRQ0\GHILQLWLRQRIPHGLWDWLRQLVZKHQHYHU\RXUERG\PLQGVRXODUH
IXQFWLRQLQJWRJHWKHULQUK\WKPLWLVPHGLWDWLRQEHFDXVHLWZLOOEULQJWKHIRXUWKLQ
$QGLI\RXDUHDOHUWWKDW\RXDUHGRLQJLWDVDPHGLWDWLRQQRWWRWDNHSDUWLQWKH
2O\PSLFVEXWGRLQJLWDVDPHGLWDWLRQWKHQLWLVWUHPHQGRXVO\EHDXWLIXO
,QWKHQHZFRPPXQHZHDUHJRLQJWRLQWURGXFHDOONLQGVRIPHGLWDWLRQV7KRVH
ZKRHQMR\VZLPPLQJWKH\ZLOOKDYHRSSRUWXQLWLHVWRJRIRUDVZLPPLQJ
PHGLWDWLRQ7KRVHZKRHQMR\UXQQLQJWKH\ZLOOKDYHWKHLUJURXSWRUXQIRUPLOHV
(DFKDFFRUGLQJWRKLVQHHGRQO\WKHQWKLVZRUOGFDQEHIXOORIPHGLWDWLRQ
RWKHUZLVHQRW
,IZHJLYHRQO\DIL[HGSDWWHUQRIPHGLWDWLRQWKHQLWZLOOEHDSSOLFDEOHRQO\WRD
IHZSHRSOH7KDWKDVEHHQRQHRIWKHSUREOHPVLQWKHSDVWIL[HGSDWWHUQVRI
PHGLWDWLRQQRWIOXLGIL[HGVRWKH\ILWFHUWDLQW\SHVDQGDOORWKHUVDUHOHIWLQWKH
GDUNQHVV
0\HIIRUWLVWRPDNHPHGLWDWLRQDYDLODEOHWRHDFKDQGHYHU\ERG\ZKRVRHYHU
ZDQWVWRPHGLWDWHPHGLWDWLRQVKRXOGEHPDGHDYDLODEOHDFFRUGLQJWRKLVW\SH,I
KHQHHGVUHVWWKHQUHVWVKRXOGEHKLVPHGLWDWLRQ7KHQVLWWLQJVLOHQWO\GRLQJ
QRWKLQJDQGWKHVSULQJFRPHVDQGWKHJUDVVJURZVE\LWVHOIWKDWZLOOEHKLV
PHGLWDWLRQ:HKDYHWRILQGDVPDQ\GLPHQVLRQVWRPHGLWDWLRQDVWKHUHDUH
SHRSOHLQWKHZRUOG$QGWKHSDWWHUQKDVQRWWREHYHU\ULJLGEHFDXVHQRWZR
LQGLYLGXDOVDUHDOLNH7KHSDWWHUQKDVWREHYHU\OLTXLGVRWKDWLWFDQILWZLWKWKH
LQGLYLGXDO,QWKHSDVWWKHSUDFWLFHZDVWKDWWKHLQGLYLGXDOKDGWRILWZLWKWKH
SDWWHUQ
,EULQJDUHYROXWLRQ7KHLQGLYLGXDOKDVQRWWRILWZLWKWKHSDWWHUQWKHSDWWHUQKDV
WRILWZLWKWKHLQGLYLGXDO0\UHVSHFWIRUWKHLQGLYLGXDOLVDEVROXWH,DPQRWPXFK
FRQFHUQHGZLWKPHDQVPHDQVFDQEHFKDQJHGDUUDQJHGLQGLIIHUHQWZD\V
7KDW
VZK\\RXILQGVRPDQ\PHGLWDWLRQVJRLQJRQKHUH:HGRQ
WKDYHHQRXJK
RSSRUWXQLWLHVKHUHRWKHUZLVH\RXZRXOGEHVXUSULVHGKRZPDQ\GRRUV*RG
V
WHPSOHKDV$QG\RXZRXOGEHVXUSULVHGDOVRWKDWWKHUHLVDVSHFLDOGRRURQO\IRU
\RXDQGIRUQRERG\HOVH7KDW
V*RG
VORYHIRU\RXKLVUHVSHFWIRU\RX<RXZLOO
EHUHFHLYHGWKURXJKDVSHFLDOGRRUQRWWKURXJKWKHSXEOLFJDWH\RXZLOOEH
UHFHLYHGDVDVSHFLDOJXHVW
%XWWKHEDVLFIXQGDPHQWDOLVZKDWVRHYHUWKHPHGLWDWLRQLWKDVWRILOOWKLV
UHTXLUHPHQWWKDWWKHERG\PLQGFRQVFLRXVQHVVDOOWKUHHVKRXOGIXQFWLRQLQ
XQLW\7KHQVXGGHQO\RQHGD\WKHIRXUWKKDVDUULYHGWKHZLWQHVVLQJ2ULI\RX
ZDQWWRFDOOLW*RGFDOOLW*RGRUQLUYDQDRU7DRRUZKDWVRHYHU\RXZLOO

7KHWKLUGTXHVWLRQ





%(/29('26+2
,1$'((3(0%5$&(:,7+<28
,125*$60,&3/$<:,7+(;,67(1&(
/,77/(025(2)<28
/,77/(/(662)0(

'DUVKDQWKDW
VZKDWLVDOUHDG\KDSSHQLQJWR\RX(YHU\GD\\RXDUH
GLVDSSHDULQJDQGLWLVVRREYLRXV(YHU\GD\VRPHWKLQJRI\RXLVHYDSRUDWLQJ
PRUHDQGPRUH,DPEHFRPLQJ\RXUEHLQJ6RRQ'DUVKDQZLOOQRWEHIRXQG
WKHUHDWDOO
$QGWKDWLVWKHPRPHQWRIJUHDWEOHVVLQJVZKHQWKHGLVFLSOHGLVDSSHDUVZKHQ
WKHGLVFLSOHLVRQO\DYHKLFOHRIWKHPDVWHU$QGWKHPDVWHULVQRERG\H[FHSWWKH
ZKROH7KHPDVWHULVRQHZKRLVQRWWKHPDVWHULVRQHZKRKDVDOUHDG\
GLVDSSHDUHGLQWR*RG7KHPDVWHULVDOUHDG\DKROORZEDPERRDQG*RGLVXVLQJ
KLPDVDIOXWH
:KHQWKHGLVDSSHDUDQFHDOVRKDVKDSSHQHGWRWKHGLVFLSOHWKHILUVWH[SHULHQFH
LVWKDWRIPHHWLQJDQGPHUJHUZLWKWKHPDVWHUEHFDXVHWKHGLVFLSOHGRHVQRW
NQRZZKDW*RGLVKHNQRZVRQO\WKHPDVWHU7KHPDVWHULVKLVRUKHU*RG
2QFHWKHGLVFLSOHGLVDSSHDUVLQWRWKHPDVWHUDQGDOORZVWKHPDVWHUWRHQWHULQWR
WKHLQQHUPRVWFRUHRIKLVEHLQJWKHVHFRQGH[SHULHQFHLVWKDWWKHPDVWHUKDV
QHYHUEHHQWKHUH
+LGGHQEHKLQGWKHPDVWHU
VKDQGVZHUH*RG
VKDQGVKLGGHQEHKLQGWKH
PDVWHU
VZRUGVZHUH*RG
VPHVVDJHV7KHPDVWHUZDVRQO\DVLQJHUVLQJLQJWKH
VRQJVRIWKHLQILQLWHDQGWKHHWHUQDO
'DUVKDQLWLVKDSSHQLQJWR\RX,DPXWWHUO\KDSS\ZLWK\RXDOOP\EOHVVLQJVDUH
IRU\RX
<RXVD\,QDGHHSHPEUDFHZLWK\RXLQRUJDVPLFSOD\ZLWKH[LVWHQFHOLWWOH
PRUHRI\RXOLWWOHOHVVRIPH
7KLVLVKDSSHQLQJWKLVZLOOJRRQKDSSHQLQJ<RXUSUD\HULVJRLQJWREHIXOILOOHGLQ
WKLVOLIH,FDQJXDUDQWHHRQO\IRUDYHU\IHZSHRSOHLWLVYHU\GLIILFXOWWR
JXDUDQWHHEXWIRU'DUVKDQ,FDQJXDUDQWHHLQWKLVYHU\OLIHLWLVJRLQJWREH
IXOILOOHG

7KHILIWKTXHVWLRQ
%(/29('26+2
:+$7,67+,6/21*,1*,10(7+$7125(/$7,216+,3&$16$7,6)<
7+$7127($565(/,(9(7+$7,6127&+$1*('%<0$1<$1'
%($87,)8/'5($06$1'$'9(1785(6"
3UHP.DYLWDLWLVVRQRWRQO\ZLWK\RXEXWZLWKHYHU\ERG\ZKRKDVDOLWWOH
LQWHOOLJHQFH,WLVQRWGHWHFWHGE\WKHVWXSLGSHRSOHEXWWKHLQWHOOLJHQWSHUVRQLV
ERXQGWRVWXPEOHXSRQWKHIDFWVRRQHURUODWHUDQGWKHPRUHLQWHOOLJHQW\RX
DUHWKHVRRQHULWZLOOEHWKDWQRUHODWLRQVKLSFDQVDWLVI\
:K\"EHFDXVHHYHU\UHODWLRQVKLSLVRQO\DQDUURZWRZDUGVWKHXOWLPDWH
UHODWLRQVKLSLWLVDPLOHVWRQHLWLVQRWDJRDO(YHU\ORYHDIIDLULVMXVWDQLQGLFDWLRQ
RIDELJJHUORYHDIIDLUDKHDGMXVWDOLWWOHWDVWHEXWWKDWOLWWOHWDVWHLVQRWJRLQJWR
TXHQFK\RXUWKLUVWRUVDWLVI\\RXUKXQJHU2QWKHFRQWUDU\WKDWOLWWOHWDVWHZLOO




PDNH\RXPRUHWKLUVW\ZLOOPDNH\RXPRUHKXQJU\
7KDW
VZKDWKDSSHQVLQHYHU\UHODWLRQVKLS5DWKHUWKDQJLYLQJ\RXFRQWHQWPHQWLW
JLYHV\RXDWUHPHQGRXVGLVFRQWHQWPHQW(DFKUHODWLRQVKLSIDLOVLQWKLVZRUOG
DQGLWLVJRRGWKDWLWIDLOVLWZRXOGKDYHEHHQDFXUVHLILWZDVQRWVR,WLVD
EOHVVLQJWKDWLWIDLOV
%HFDXVHHDFKUHODWLRQVKLSIDLOVWKDW
VZK\\RXVWDUWVHDUFKLQJIRUWKHXOWLPDWH
UHODWLRQVKLSZLWK*RGZLWKH[LVWHQFHZLWKWKHFRVPRV<RXVHHWKHIXWLOLW\DJDLQ
DQGDJDLQWKDWLWLVQRWJRLQJWREHVDWLVILHGE\DQ\PDQE\DQ\ZRPDQWKDW
HDFKH[SHULHQFHHQGVLQWUHPHQGRXVIUXVWUDWLRQEHJLQVLQJUHDWKRSHDQGOHDYHV
\RXLQJUHDWKRSHOHVVQHVV,WLVDOZD\VVRLWFRPHVZLWKJUHDWURPDQFHDQGHQGV
LQDELWWHUWDVWH:KHQLWKDSSHQVDJDLQDQGDJDLQRQHKDVWROHDUQVRPHWKLQJ
WKDWHDFKUHODWLRQVKLSLVRQO\DQH[SHULPHQWDWLRQWRSUHSDUH\RXIRUWKHXOWLPDWH
UHODWLRQVKLSIRUWKHXOWLPDWHORYHDIIDLU
7KDW
VZKDWUHOLJLRQLVDOODERXW
<RXVD\:KDWLVWKLVORQJLQJLQPHWKDWQRUHODWLRQVKLSFDQVDWLVI\"
7KDWLVWKHORQJLQJIRU*RG<RXPD\NQRZLW\RXPD\QRWNQRZLW<RXPD\QRW
EHDEOH\HWWRDUWLFXODWHLWH[DFWO\ZKDWLWLVEHFDXVHLQWKHEHJLQQLQJLWLVYHU\
YDJXHFORXG\VXUURXQGHGE\JUHDWPLVW%XWLWLVWKHORQJLQJIRU*RGLWLVWKH
ORQJLQJWRPHUJHZLWKWKHZKROHVRWKHUHLVQRVHSDUDWLRQDQ\ORQJHU
<RXFDQQRWPHUJHZLWKDPDQRUDZRPDQIRUHYHUWKHVHSDUDWLRQLVERXQGWR
KDSSHQ7KHPHUJHUFDQRQO\EHPRPHQWDU\DQGDIWHUWKDWPRPHQWLVJRQH\RX
ZLOOEHOHIWLQJUHDWGDUNQHVV$IWHUWKDWIODVKWKDWOLJKWQLQJLVJRQHWKHGDUNQHVV
LVJRLQJWREHHYHQPRUHWKDQLWZDVEHIRUH7KDW
VZK\PLOOLRQVRISHRSOHGHFLGH
QRWWRJRLQWRDQ\ORYHUHODWLRQVKLSEHFDXVHDWOHDVWRQHLVDFFXVWRPHGWR
RQH
VGDUNQHVVRQHKDVQRWNQRZQDQ\WKLQJHOVH7KHUHLVDNLQGRIVDWLVIDFWLRQ
RQHNQRZVWKDWWKLVLVZKDWOLIHLVWKDWWKHUHLVQRPRUHWRLWVRWKHUHLVQR
GLVFRQWHQW
2QFH\RXKDYHWDVWHGORYHRQFH\RXKDYHVHHQDIHZPRPHQWVRIMR\RIWKDW
WUHPHQGRXVWKUREELQJZKHQWZRSHUVRQVDUHQRORQJHUWZR%XW\RXIDOODJDLQ
DQGDJDLQIURPWKDWSHDNDQGHDFKWLPH\RXIDOOWKHGDUNQHVVLVIDUGDUNHUWKDQ
EHIRUHEHFDXVHQRZ\RXNQRZWKDWOLJKWLV1RZ\RXNQRZWKDWWKHUHDUHSHDNV
QRZ\RXNQRZWKDWOLIHKDVPXFKPRUHWRRIIHUWR\RXWKDWWKLVPXQGDQH
H[LVWHQFHRIJRLQJWRWKHRIILFHHYHU\GD\DQGFRPLQJKRPHDQGHDWLQJDQG
VOHHSLQJWKDWWKLVPXQGDQHH[LVWHQFHLVQRWDOOWKDWWKLVPXQGDQHH[LVWHQFHLV
RQO\WKHSRUFKRIWKHSDODFH
,I\RXKDYHQHYHUEHHQLQYLWHGLQDQG\RXKDYHOLYHGDOZD\VLQWKHSRUFKWKHQ
\RXWKLQNWKLVLVZKDWOLIHLVWKLVLV\RXUKRPH2QFHDZLQGRZRSHQVDQG\RX
FDQVHHLQVLGHWKHSDODFHWKHEHDXW\RILWWKHJUDQGHXURILWWKHVSOHQGRURILW
RURQFH\RXDUHLQYLWHGLQIRUDPRPHQWDQGWKHQWKURZQRXWDJDLQQRZWKH
SRUFKFDQQHYHUVDWLVI\\RX1RZWKLVSRUFKLVJRLQJWREHDKHDY\EXUGHQRQ
\RXUKHDUW1RZ\RXDUHJRLQJWRVXIIHU\RXUDJRQ\LVJRLQJWREHJUHDW
7KLVLVP\REVHUYDWLRQWKDWWKHSHRSOHZKRDUHYHU\XQFUHDWLYHDUHPRUH
VDWLVILHGWKDQWKHSHRSOHZKRDUHFUHDWLYH7KHFUHDWLYHSHUVRQLVYHU\PXFK
XQVDWLVILHGEHFDXVHKHNQRZVPXFKPRUHLVSRVVLEOHDQGLWLVQRWKDSSHQLQJ
:K\LVLWQRWKDSSHQLQJ"
7KHFUHDWLYHSHUVRQLVFRQVWDQWO\VHDUFKLQJKHFDQQRWUHVWEHFDXVHKHKDV




VHHQDIHZJOLPSVHV2QFHLQDZKLOHDZLQGRZKDVRSHQHGDQGKHKDVVHHQ
EH\RQG+RZFDQKHUHVW"+RZFDQKHIHHOFRPIRUWDEOHDQGFR]\LQWKDWVWXSLG
SRUFK"+HNQRZVDERXWWKHSDODFHKHKDVVHHQWKHNLQJWRRDQGKHNQRZV
7KDWSDODFHEHORQJVWRPHLWLVP\ELUWKULJKW$OOWKDWLVQHHGHGLVKRZWRHQWHU
LQWRWKHSDODFHKRZWREHFRPHDSHUPDQHQWUHVLGHQWLQLW<HVPRPHQWDULO\KH
KDVEHHQLQVLGHDQGKHKDVEHHQWKURZQRXWDJDLQDQGDJDLQ
7KHPRUHVHQVLWLYHDSHUVRQLVWKHPRUH\RXZLOOILQGKLPLQGLVFRQWHQW7KH
PRUHLQWHOOLJHQWWKHPRUHGLVFRQWHQWZLOOEHIRXQGWKHUH,WKDVDOZD\VEHHQVR
<RXFRPHIURPWKH:HVWWRWKH(DVW\RXVHHWKHEHJJDURQWKHURDGWKH
ODERUHUFDUU\LQJPXGRQKLVKHDGDQG\RXIHHODOLWWOHELWVXUSULVHGWKHLUIDFHV
GRQ
WVKRZGLVFRQWHQWPHQW7KH\KDYHQRWKLQJWREHFRQWHQWHGZLWKEXW
VRPHKRZWKH\DUHVDWLVILHG$QGWKHVRFDOOHG,QGLDQUHOLJLRXVSHRSOHWKLQNLWLV
EHFDXVHRIUHOLJLRQWKDWWKH\DUHVDWLVILHG$QGWKHVRFDOOHG,QGLDQVDLQWVJRRQ
EUDJJLQJDERXWLW/RRNWKH:HVWKDVHYHU\WKLQJVFLHQFHDQGWHFKQRORJ\KDV
SURYLGHGWKH:HVWZLWKHYHU\SRVVLEOHFRPIRUWDQG\HWQRERG\LVFRQWHQWHG$QG
LQRXUFRXQWU\SHRSOHDUHVRUHOLJLRXVWKDWWKH\KDYHQRWKLQJ\HWWKH\DUH
FRQWHQWHG7KHVDLQWVRIWKLVFRXQWU\JRRQEUDJJLQJDERXWLWEXWWKHLUZKROH
EUDJJLQJLVEDVHGRQDIDOODF\7KHSHRSOHRIWKLVFRXQWU\WKHSRRUSHRSOHWKH
XQHGXFDWHGSHRSOHWKHVWDUYLQJSHRSOHDUHQRWFRQWHQWHGEHFDXVHWKH\DUH
UHOLJLRXVWKH\DUHFRQWHQWHGEHFDXVHWKH\KDYHQRVHQVLWLYHQHVV7KH\DUH
FRQWHQWHGEHFDXVHWKH\DUHQRWFUHDWLYHWKH\DUHFRQWHQWHGEHFDXVHWKH\KDYH
QHYHUVHHQDQ\JOLPSVH
7KH:HVWLVEHFRPLQJGLVFRQWHQWHGEHFDXVHWKHFRPIRUWWKHFRQYHQLHQFHDOO
WKDWVFLHQFHKDVSURYLGHGIRUWKHPKDVJLYHQWKHPVRPXFKWLPHWRH[SORUHWR
PHGLWDWHWRSUD\WRSOD\PXVLFWRGDQFHWKDWDIHZJOLPSVHVKDYHVWDUWHG
KDSSHQLQJ7KH\DUHEHFRPLQJDZDUHWKDWWKHUHLVPXFKPRUHWROLIHWKDQ
DSSHDUVRQWKHVXUIDFHRQHKDVWRGLYHGHHS
7KH(DVWLVVLPSO\SRRUDQGSRYHUW\PDNHVSHRSOHLQVHQVLWLYHUHPHPEHU$
SRRUSHUVRQKDVWREHLQVHQVLWLYHRWKHUZLVHKHZLOOQRWEHDEOHWRVXUYLYHDWDOO,I
KHLVYHU\VHQVLWLYHWKHSRYHUW\ZLOOEHWRRPXFK+HKDVWRJURZDWKLFNVNLQ
DURXQGKLPVHOIDVDSURWHFWLRQRWKHUZLVHKRZZLOOKHVXUYLYH"+HKDVWREHFRPH
YHU\EOLQGRQO\WKHQFDQKHOLYHLQDSRRUFRXQWU\2WKHUZLVHWKHEHJJDULVWKHUH
WKHLOOSHRSOHDUHWKHUHRQWKHVWUHHWG\LQJLIKHLVQRWLQVHQVLWLYHKRZLVKH
JRLQJWRZRUNDWDOO"7KRVHEHJJDUVZLOOKDXQWKLP+HKDVWRFORVHKLVGRRUV
<RXFDQVHHLWKDSSHQLQJRQWKH,QGLDQVWUHHWV7KH:HVWHUQYLVLWRUIRUWKHILUVW
WLPHEHFRPHVYHU\SX]]OHGDPDQLVG\LQJRQWKHVWUHHWDQGQR,QGLDQWDNHVDQ\
QRWHRILWSHRSOHJRRQSDVVLQJ7KLVKDSSHQVHYHU\GD\
,IWKH\VWDUWWDNLQJQRWHRILWWKH\ZLOOQRWEHDEOHWROLYHDWDOOWKH\KDYHQRWDQ\
WLPHIRUVXFKOX[XULHV7KLVLVDOX[XU\7KH\FDQQRWWDNHWKHSHUVRQWRWKH
KRVSLWDOWKH\KDYHQRWLPH,IWKH\VWDUWEHLQJVRFRPSDVVLRQDWHWKH\ZLOOVWDUW
G\LQJWKHPVHOYHVEHFDXVHZKRLVJRLQJWRHDUQIRUWKHLUIDPLO\"7KH\KDYHWR
EHFRPHXWWHUO\EOLQGDQGGHDI7KH\JRRQPRYLQJOLNH]RPELHVVHHLQJQRWKLQJ
:KDWVRHYHULVKDSSHQLQJE\WKHVLGHLVQRWKLQJWRGRZLWKWKHPLWLVQRQHRI
WKHLUEXVLQHVVHYHU\ERG\LVVXIIHULQJKLVRZQNDUPD
7KHEHJJDUG\LQJRQWKHVWUHHWLVVXIIHULQJIURPKLVRZQNDUPDPD\EHKHZDV
DPXUGHUHULQWKHSDVWOLIH<RXQHHGQRWZRUU\DERXWKLPLQIDFW\RXVKRXOGEH




KDSS\WKDWKHLVVXIIHULQJIURPKLVNDUPDQRZKLVNDUPDLVILQLVKHG1H[WELUWK
KHZLOOEHERUQDNLQJRUVRPHWKLQJOLNHWKDWEHDXWLIXOUDWLRQDOL]DWLRQVWRNHHS
\RXUVHOIEOLQGLQVHQVLWLYH
,WLVYHU\GLIILFXOWIRUWKHSRRUSHUVRQWRKDYHVRPHDHVWKHWLFVHQVHKHFDQQRW
DIIRUGLW,IKHKDVDHVWKHWLFVHQVHWKHQKHZLOOIHHOKLVSRYHUW\WRRPXFKLWZLOO
EHFRPHXQEHDUDEOH+HFDQQRWKDYHDVHQVHIRUFOHDQOLQHVVKHFDQQRWKDYHD
VHQVHIRUEHDXW\+HFDQQRWDIIRUGWKHVHWKLQJVZKDWLVWKHSRLQWRIKDYLQJWKH
VHQVLWLYLW\IRUWKHP",WZLOOEHDWRUWXUHFRQVWDQWWRUWXUH+HZLOOQRWEHDEOHWR
VOHHSLQKLVXJO\KRXVHZLWKDOONLQGVRIGLUWZLWKDOONLQGRIURWWHQWKLQJVWKH\
DUHKLVRQO\SRVVHVVLRQV+HVHHPVWREHYHU\VDWLVILHGKHKDVWREHKH
FDQQRWDIIRUGGLVVDWLVIDFWLRQ
,WKDVQRWKLQJWRGRZLWKUHOLJLRQUHPHPEHU$OOSRRUSHRSOHDUHVDWLVILHGZLWKRXW
DQ\H[FHSWLRQ<RXFDQJRWR$IULFDDQG\RXZLOOILQGWKHSRRUSHRSOHVDWLVILHG
WKH\DUHHYHQSRRUHUWKDQ,QGLDQVDQGWKHLUVDWLVIDFWLRQLVIDUGHHSHU<RXFDQ
JRWR,QGLDQDERULJLQDOWULEHVZKLFKDUHWKHSRRUHVWLQWKHZRUOGEXW\RXZLOOVHH
RQWKHLUIDFHVDNLQGRIVDWLVIDFWLRQDVLIQRWKLQJLVZURQJDOOLVULJKW7KH\KDYH
WREHOLHYHWKDWDOOLVULJKWWKH\KDYHWRFRQVWDQWO\DXWRK\SQRWL]HWKHPVHOYHVWKDW
DOOLVULJKWRWKHUZLVHKRZZLOOWKH\EHDEOHWRVOHHSDQGKRZZLOOWKH\EHDEOHWR
HDW"
2QFHDFRXQWU\EHFRPHVULFKLWEHFRPHVVHQVLWLYH2QFHDFRXQWU\EHFRPHV
ULFKDIIOXHQWLWEHFRPHVDZDUHRIPDQ\PDQ\GLPHQVLRQVRIOLIHWKDWKDYH
DOZD\VEHHQWKHUHEXWRQHKDGQRWLPHWRORRNDW7KHULFKFRXQWU\VWDUWVWKLQNLQJ
RIPXVLFSDLQWLQJSRHWU\DQGXOWLPDWHO\PHGLWDWLRQEHFDXVHPHGLWDWLRQLVWKH
ODVWOX[XU\7KHUHLVQRJUHDWHUOX[XU\WKDQPHGLWDWLRQ0HGLWDWLRQLVWKHODVW
OX[XU\EHFDXVHLWLVWKHXOWLPDWHORYHDIIDLU
,WLVJRRG.DYLWDWKDW\RXDUHQRWVDWLVILHGZLWK\RXUUHODWLRQVKLSV,QGLDQVDUH
YHU\VDWLVILHGEHFDXVHLQIDFWWKHUHLVQRUHODWLRQVKLSDWDOO,WLVPDUULDJHLWKDV
QRWKLQJWRGRZLWKUHODWLRQVKLS3DUHQWVGHFLGHLWDQGDVWURORJHUVDQGSDOPLVWV,W
KDVQRWKLQJWRGRZLWKWKHSHUVRQVZKRDUHJRLQJWRJHWPDUULHGWKH\DUHQRW
HYHQDVNHGWKH\DUHVLPSO\SXWLQWRDFHUWDLQVLWXDWLRQZKHUHWKH\VWDUWOLYLQJ
WRJHWKHU,WLVQRWDUHODWLRQVKLS7KH\PD\SURGXFHFKLOGUHQEXWLWLVQRWORYH
WKHUHLVQRWKLQJRIURPDQFHLQLW%XWRQHWKLQJLVJRRGDERXWLWLWLVYHU\VWDEOH
:KHQWKHUHLVQRUHODWLRQVKLSWKHUHLVQRSRVVLELOLW\RIGLYRUFH'LYRUFHLV
SRVVLEOHRQO\LIWKHUHLVORYH7U\WRXQGHUVWDQGPH/RYHPHDQVJUHDWKRSHORYH
PHDQV,KDYHDUULYHG/RYHPHDQV,KDYHIRXQGWKHZRPDQRUWKHPDQ/RYH
PHDQVWKHIHHOLQJWKDW:HDUHPDGHIRUHDFKRWKHU/RYHPHDQVQRZWKHUHLV
QRQHHGWRVHDUFKDQ\PRUH
,I\RXVWDUWZLWKVXFKJUHDWKRSHE\WKHWLPHWKHKRQH\PRRQLVRYHUWKH
UHODWLRQVKLSZLOOEHRYHU7KHVHJUHDWKRSHVFDQQRWEHIXOILOOHGE\KXPDQEHLQJV
<RXDUHKRSLQJWKDWWKHZRPDQLVDJRGGHVVVKHLVQRW6KHLVKRSLQJWKHPDQ
LVDJRGKHLVQRW1RZKRZORQJFDQWKH\JRRQGHFHLYLQJHDFKRWKHU"6RRQHU
RUODWHUWKH\ZLOOVWDUWVHHLQJWKHDFWXDO7KH\ZLOOVHHWKHIDFWDQGWKHILFWLRQZLOO
VWDUWHYDSRUDWLQJ
1RUHODWLRQVKLSFDQVDWLVI\EHFDXVHHYHU\UHODWLRQVKLSEHJLQVZLWKJUHDWKRSH
DQGWKDWLVQRWSRVVLEOHWREHIXOILOOHG<HVWKDWKRSHFDQEHIXOILOOHGEXWLWFDQ
EHIXOILOOHGRQO\ZKHQ\RXKDYHIDOOHQLQORYHZLWKWKHZKROH1RSDUWFDQIXOILOOLW




:KHQ\RXKDYHIDOOHQLQORYHZLWKWKHWRWDOZKHQWKHPHUJHUKDSSHQVZLWKWKH
WRWDORQO\WKHQZLOOWKHUHEHFRQWHQWPHQW7KHUHZLOOEHQRERG\ZKRLVFRQWHQWHG
WKHUHZLOOEHVLPSO\FRQWHQWPHQW$QGWKHQWKHUHLVQRHQGWRLW
,DPDOOIRUORYHEHFDXVHORYHIDLOV<RXZLOOEHVXUSULVHG,KDYHP\RZQORJLF,
DPDOOIRUORYHEHFDXVHORYHIDLOV,DPQRWIRUPDUULDJHEHFDXVHPDUULDJH
VXFFHHGVLWJLYHV\RXDSHUPDQHQWVHWWOHPHQW$QGWKDWLVWKHGDQJHU\RX
EHFRPHVDWLVILHGZLWKDWR\\RXEHFRPHVDWLVILHGZLWKVRPHWKLQJSODVWLF
DUWLILFLDOPDQPDGH
7KDW
VZK\LQWKH(DVWSDUWLFXODUO\LQ,QGLD,WLVDYHU\DQFLHQWFRXQWU\DQG
DQFLHQWFRXQWULHVEHFRPHFXQQLQJMXVWDVROGSHRSOHEHFRPHFXQQLQJ2XWRI
FXQQLQJQHVVWKLVFRXQWU\GHFLGHGIRUFKLOGPDUULDJHEHFDXVHRQFHVRPHERG\LV
DGROHVFHQWKRSHVWDUWVDULVLQJORQJLQJURPDQFHSRHWU\QRZLWZLOOEHGLIILFXOW
7KHEHVWZD\WKDW,QGLDIRXQGZDVFKLOGPDUULDJHPDUULDJHRIFKLOGUHQ7KH\
GRQ
WNQRZZKDWPDUULDJHLVWKH\GRQ
WNQRZZKDWUHODWLRQVKLSLVWKH\GRQ
W
NQRZZKDWORYHLVWKH\DUHQRWHYHQKXQJU\IRULWVH[KDVQRW\HWEHFRPHD
PDWXUHWKLQJLQWKHP/HWWKHPJHWPDUULHG
-XVWWKLQNDWKUHH\HDUROGJLUOEHLQJPDUULHGWRDILYH\HDUROGER\1RZWKH\
ZLOOJURZWRJHWKHUMXVWDVEURWKHUVDQGVLVWHUVJURZWRJHWKHU+DYH\RXHYHUIHOW
DQ\GHVLUHWRGLYRUFH\RXUVLVWHU",GRQ
WWKLQNDQ\ERG\HYHUGLYRUFHVRQH
VRZQ
VLVWHUWKHUHLVQRQHHG<RXWDNHLWIRUJUDQWHG(YHU\ERG\WKLQNVKLVPRWKHULV
JRRGEHDXWLIXOKLVVLVWHULVEHDXWLIXOKLVEURWKHULVEHDXWLIXO<RXWDNHWKHVH
WKLQJVIRUJUDQWHG
7KHUHZDVRQO\RQHUHODWLRQVKLSZKLFKZDVDYDLODEOHIRU\RXWRFKRRVHRXWRI
\RXURZQIUHHGRP\RXUVSRXVH\RXUZRPDQ\RXUPDQ,Q,QGLDZHGHVWUR\HG
HYHQWKDWIUHHGRP+XVEDQGVDQGZLYHVZHUHDVPXFKJLYHQDVEURWKHUVDQG
VLVWHUV$QGZKHQ\RXKDYHJURZQWRJHWKHUIRU\HDUVDFHUWDLQNLQGRIIULHQGVKLS
DFHUWDLQNLQGRIDVVRFLDWLRQDULVHV<RXEHFRPHDFFXVWRPHGWRHDFKRWKHU
7KLVLVQRWUHODWLRQVKLSWKLVLVQRWORYH%XW,QGLDKDGGHFLGHGIRUVWDELOLW\DQG
DQDQFLHQWFRXQWU\NQRZVSHUIHFWO\ZHOOORYHFDQQHYHUEHVWDEOH&KRRVHORYH
DQG\RXFKRRVHWURXEOH
,QWKH:HVWORYHKDVEHFRPHPRUHDQGPRUHLPSRUWDQWDQGZLWKLWDOONLQGVRI
WURXEOHVKDYHDULVHQ7KHIDPLO\LVIDOOLQJDSDUWGLVDSSHDULQJUHDOO\3HRSOHDUH
FKDQJLQJWKHLUZLYHVDQGKXVEDQGVVRPDQ\WLPHVWKDWHYHU\WKLQJVHHPVWREH
MXVWLQDFKDRV
,KDYHKHDUGDERXWRQH+ROO\ZRRGDFWUHVVWKDWVKHPDUULHGIRUWKHWKLUW\ILUVW
WLPH$IWHUWKUHHGD\VVKHEHFDPHDZDUHWKDWWKLVPDQKDGRQFHDOVREHHQKHU
KXVEDQGEHIRUH1RZHYHQWRUHPHPEHUIRUVRPDQ\WLPHV3HRSOHFKDQJH
WKHLUIDFHVFKDQJH1RZWKLVFDQQRWKDSSHQLQ,QGLD(YHQDIWHUOLYHV\RXUZLIH
ZLOOUHPHPEHU\RXHYHQDIWHUOLYHV\RXFDQQRWHVFDSHWKHUHLVQRHVFDSH
%XW,DPDOOIRUORYHDQG,DPDJDLQVWPDUULDJHSDUWLFXODUO\WKHDUUDQJHGNLQG
EHFDXVHWKHDUUDQJHGPDUULDJHJLYHV\RXVDWLVIDFWLRQ$QGORYH"ORYHFDQ
QHYHUVDWLVI\\RX,WJLYHV\RXPRUHDQGPRUHWKLUVWIRUDEHWWHUDQGEHWWHUORYHLW
PDNHV\RXPRUHDQGPRUHORQJIRULWLWJLYHV\RXWUHPHQGRXVGLVFRQWHQWPHQW
$QGWKDWGLVFRQWHQWLVWKHEHJLQQLQJRIWKHVHDUFKIRU*RG:KHQORYHIDLOVPDQ\
WLPHV\RXVWDUWORRNLQJIRUDQHZNLQGRIORYHUDQHZNLQGRIORYHDQHZTXDOLW\
RIORYH7KDWORYHDIIDLULVSUD\HUPHGLWDWLRQVDQQ\DV




.DYLWDLWLVJRRGWKDWQRORQJLQJIRURUGLQDU\ORYHDIIDLUVLVHYHUJRLQJWREH
VDWLVILHG7KHORQJLQJZLOOEHLQWHQVLILHGPRUHQRUHODWLRQVKLSLVJRLQJWRIXOILOO
\RX7KH\ZLOOPDNH\RXPRUHIUXVWUDWHGDQGQRWHDUVZLOOUHOLHYHLWWKH\FDQQRW
7KH\PD\KHOSIRUWKHPRPHQWEXWDJDLQ\RXZLOOEHIXOORISDLQDQGDJRQ\
1RWKLQJLVFKDQJHGE\PDQ\DQGEHDXWLIXOGUHDPVDQGDGYHQWXUHVQRWKLQJLV
FKDQJHG<HW,VD\JRWKURXJKWKHP1RWKLQJLVFKDQJHGEXW\RXDUHFKDQJHG
E\JRLQJWKURXJKDOOWKRVHGUHDPVDQGEHDXWLIXODGYHQWXUHV1RWKLQJLVFKDQJHG
LQWKHZRUOG
-XVWWKLQN.DYLWDWKLVTXHVWLRQKDVDULVHQLQ\RX7KLVLVDFKDQJH+RZPDQ\
SHRSOHDUHWKHUHZKRDVNWKLVW\SHRITXHVWLRQ"7KLVTXHVWLRQLVQRWDQRUGLQDU\
TXHVWLRQLWLVQRWRXWRIFXULRVLW\,FDQIHHOWKHSDLQWKHDJRQ\,FDQIHHO\RXU
WHDUV,FDQVHH\RXUIUXVWUDWLRQVLQLW,FDQVHHDOOWKDWPLVHU\DQGVXIIHULQJ\RX
PXVWKDYHJRQHWKURXJK,WLVDOPRVWWDQJLEOH
1RWKLQJFKDQJHVLQWKHZRUOG%XWIDOOLQJDJDLQDQGDJDLQVRPHWKLQJFKDQJHVLQ
\RXDQGWKDWLVUHYROXWLRQ(YHQWRDVNVXFKDTXHVWLRQPHDQV\RXDUHRQWKH
YHUJHRIDUHYROXWLRQ7KHQDQHZDGYHQWXUHLVQHHGHG2OGDGYHQWXUHVIDLOHG
DQGDQHZRQHQRWLQWKHVHQVHWKDW\RXKDYHWRVHDUFKIRUDQHZPDQRUD
QHZZRPDQDQHZRQHLQWKHVHQVHWKDW\RXKDYHWRVHDUFKLQDQHZ
GLPHQVLRQLVQHHGHG
7KDWGLPHQVLRQLVWKHGLPHQVLRQRIWKHGLYLQH
,VD\WR\RX,DPIXOILOOHGDQGFRQWHQWHG$WLVKDLVIXOILOOHGDQGFRQWHQWHGQRWE\
DQ\UHODWLRQVKLSRIWKHZRUOGQRWE\DQ\ORYHDIIDLURIWKHZRUOGEXWKDYLQJDORYH
DIIDLUZLWKWKHZKROHH[LVWHQFHLVXWWHUO\IXOILOOLQJ
$QGZKHQRQHLVIXOILOOHGRQHVWDUWVRYHUIORZLQJ+HFDQQRWFRQWDLQKLVRZQ
FRQWHQWPHQW+HLVEOHVVHGDQGVRPXFKLVKHEOHVVHGWKDWKHVWDUWVEOHVVLQJ
RWKHUV+HLVVRPXFKEOHVVHGWKDWKHEHFRPHVDEOHVVLQJWRWKHZRUOG
7KHVL[WKTXHVWLRQ
%(/29('26+2:+$7,6$&217(0325$5<0,1'"
&RQWHPSRUDU\PLQGLVDFRQWUDGLFWLRQLQWHUPV0LQGLVQHYHUFRQWHPSRUDU\LWLV
DOZD\VROG0LQGLVSDVWSDVWDQGSDVWDQGQRWKLQJHOVHPLQGPHDQVPHPRU\
7KHUHFDQEHQRFRQWHPSRUDU\PLQGWREHFRQWHPSRUDU\LVWREHZLWKRXWPLQG
,I\RXDUHKHUHQRZWKHQ\RXDUHFRQWHPSRUDU\ZLWKPH%XWWKHQGRQ
W\RXVHH
\RXUPLQGGLVDSSHDUVQRWKRXJKWPRYHVQRGHVLUHDULVHV\RXEHFRPH
GLVFRQQHFWHGZLWKWKHSDVWDQGGLVFRQQHFWHGZLWKWKHIXWXUH
0LQGLVQHYHURULJLQDOFDQQRWEH1RPLQGLVRULJLQDOIUHVK\RXQJPLQGLV
DOZD\VROGURWWHQVWDOH
%XWWKRVHZRUGVDUHXVHGWKH\DUHXVHGLQDWRWDOO\GLIIHUHQWVHQVH,FDQ
XQGHUVWDQG\RXUTXHVWLRQLQWKDWVHQVHWKRVHZRUGVDUHPHDQLQJIXO7KHPLQG
RIWKHQLQHWHHQWKFHQWXU\ZDVDGLIIHUHQWPLQGWKHTXHVWLRQVWKH\ZHUHDVNLQJ
\RXDUHQRWDVNLQJ7KHTXHVWLRQVWKDWZHUHYHU\LPSRUWDQWLQWKHHLJKWHHQWK
FHQWXU\DUHQRZVWXSLGTXHVWLRQV+RZPDQ\DQJHOVFDQGDQFHRQWKHSRLQWRID
QHHGOH"ZDVRQHRIWKHJUHDWHVWWKHRORJLFDOTXHVWLRQVLQWKHPLGGOHDJHV1RZ
FDQ\RXILQGVXFKDVWXSLGSHUVRQZKRZLOOWKLQNWKDWWKLVLVDQLPSRUWDQW
TXHVWLRQ"$QGWKLVZDVGLVFXVVHGE\WKHJUHDWHVWWKHRORJLDQVQRWVPDOOSHRSOH
JUHDWSURIHVVRUVZHUHZULWLQJWUHDWLVHVRQLWFRQIHUHQFHVZHUHDUUDQJHG+RZ
PDQ\DQJHOV"1RZZKRFDUHV",WLVVLPSO\LUUHOHYDQW




,Q%XGGKD
VWLPHDJUHDWTXHVWLRQZDV:KRFUHDWHGWKHZRUOG",WKDV
SHUVLVWHGIRUFHQWXULHVEXWQRZIHZHUDQGIHZHUSHRSOHDUHZRUULHGDERXWZKR
FUHDWHGWKHZRUOG<HVWKHUHDUHVRPHROGIDVKLRQHGSHRSOHEXWYHU\UDUHO\
VXFKTXHVWLRQVDUHDVNHGRIPH%XW%XGGKDZDVHQFRXQWHUHGHYHU\GD\1RWD
VLQJOHGD\PXVWKDYHSDVVHGZKHQVRPHERG\GLGQRWDVNWKHTXHVWLRQ:KR
FUHDWHGWKHZRUOG"%XGGKDKDGWRVD\DJDLQDQGDJDLQWKDWWKHZRUOGKDV
DOZD\VEHHQWKHUHQRERG\KDVFUHDWHGLWEXWSHRSOHZHUHQRWVDWLVILHG1RZ
QRERG\FDUHV9HU\UDUHO\VRPHERG\DVNVPHWKHTXHVWLRQ:KRFUHDWHGWKH
ZRUOG",QWKDWVHQVHWKHPLQGJRHVRQFKDQJLQJDVWLPHJRHVRQFKDQJLQJ,Q
WKDWVHQVHWKHFRQWHPSRUDU\PLQGLVDUHDOLW\

+XVEDQGWRZLIH,VDLGZHDUHQRWJRLQJRXWWRQLJKWDQGWKDWLVVHPLILQDO

1RZWKLVLVDFRQWHPSRUDU\PLQG1RKXVEDQGLQWKHSDVWZRXOGKDYHVDLGWKDW,W
ZDVDOZD\VILQDOWKHODVWZRUGZDVKLV

7ZRKLJKFODVV(QJOLVKODGLHVPHWHDFKRWKHUE\DFFLGHQWZKLOHRXWVKRSSLQJLQ
/RQGRQ2QHQRWLFHGWKHRWKHUZDVSUHJQDQWDQGDVNHG:K\GDUOLQJZKDWD
VXUSULVH<RXREYLRXVO\JRWPDUULHGVLQFH,ODVWVDZ\RX
7KHVHFRQGVDLG<HV+H
VDZRQGHUIXOPDQKH
VDQRIILFHULQWKH*KXUND
ULIOHV
7KHTXHVWLRQHUZDVKRUULILHG$*KXUND'DUOLQJDUHQRWWKH\DOOEODFN"
2KQRVKHVDLG2QO\WKHSULYDWHV
7KHTXHVWLRQHUH[FODLPHG'DUOLQJKRZFRQWHPSRUDU\

,QWKDWVHQVHWKHUHLVDFRQWHPSRUDU\PLQG

+DYH\RXKHDUGDERXWWKHODWHVWIDPLO\JDPH",WLVFDOOHGLQFHVW
/LWWOHVLVWHUWREURWKHULQEHG+H\\RXDUHEHWWHUDWWKLVWKDQ'DGG\
<HV0XPP\VD\VVRWRR

2WKHUZLVHWKHUHLVQRFRQWHPSRUDU\PLQG)DVKLRQVFRPHDQGJRLI\RXWKLQNRI
IDVKLRQVWKHQWKHUHDUHFKDQJHV%XWEDVLFDOO\DOOPLQGLVROG0LQGDVVXFKLV
ROGDQGWKHUHFDQEHQRPRGHUQPLQGWKHPRVWPRGHUQPLQGLVVWLOORIWKHSDVW
7KHUHDOO\DOLYHSHUVRQLVDKHUHQRZSHUVRQ+HGRHVQRWOLYHRXWRIWKHSDVWKH
GRHVQRWOLYHIRUWKHIXWXUHKHOLYHVRQO\LQWKHPRPHQWIRUWKHPRPHQW7KH
PRPHQWLVDOO+HLVVSRQWDQHRXVWKDWVSRQWDQHLW\LVWKHIUDJUDQFHRIQRPLQG
0LQGLVUHSHWLWLYHPLQGDOZD\VPRYHVLQFLUFOHV0LQGLVDPHFKDQLVP\RXIHHG
LWZLWKNQRZOHGJHLWUHSHDWVWKHVDPHNQRZOHGJHLWJRHVRQFKHZLQJWKHVDPH
NQRZOHGJHDJDLQDQGDJDLQ
1RPLQGLVFODULW\SXULW\LQQRFHQFH1RPLQGLVWKHUHDOZD\WROLYHWKHUHDOZD\
WRNQRZWKHUHDOZD\WREH

$QGWKHODVWTXHVWLRQ
%(/29('26+2:+<$5(32/,7,&,$16620($1"
3UHP&KULVWRWKH\DUHPHDQEHFDXVHWKH\DUHVWXSLG6WXSLGLW\KDVDOZD\VWKH




VKDGRZRIPHDQQHVV7KHPRUHLQWHOOLJHQW\RXDUHWKHOHVVPHDQ\RXDUH7KH
XWWHUO\LQWHOOLJHQWSHUVRQFDQQRWKDYHDQ\PHDQQHVVLWLVLPSRVVLEOH+HFDQ
KDYHRQO\ORYHDQGFRPSDVVLRQ
7KHVWXSLGSHUVRQKDVWREHPHDQEHFDXVHWKDWLVWKHRQO\ZD\KHWKLQNVKHFDQ
ZLQ7KHLQWHOOLJHQWSHUVRQKDVQRGHVLUHWRZLQWKHLQWHOOLJHQWSHUVRQLVDOUHDG\
YLFWRULRXVLQKLVLQWHOOLJHQFH7KHLQWHOOLJHQWSHUVRQLVDOUHDG\VXSHULRULQKLV
LQWHOOLJHQFHKHKDVQRWWRFRPSHWHIRULW7KHVWXSLGSHUVRQKDVWRFRQWLQXRXVO\
FRPSHWH$QGEHFDXVHKHLVVWXSLGKHFDQQRWUHO\RQKLVLQWHOOLJHQFHKHKDVWR
UHO\RQVRPHWKLQJHOVHKHEHFRPHVPHDQFXQQLQJGHFHSWLYHDK\SRFULWH
7RPHVWXSLGLW\LVWKHRQO\VLQDQGHYHU\WKLQJHOVHLVMXVWDE\SURGXFWRILW$QG
LQWHOOLJHQFHLVWKHRQO\YLUWXHHYHU\WKLQJHOVHWKDWZHKDYHNQRZQDVYLUWXH
IROORZVLWOLNHDVKDGRZ

7ZRSROLWLFLDQVDUHUHWXUQLQJKRPHIURPWKHEDUODWHDWQLJKWGUXQNDVXVXDO$V
WKH\DUHPDNLQJWKHLUZD\GRZQWKHVLGHZDONRQHRIWKHPVSRWVDKHDSRIGXQJ
LQIURQWRIWKHPMXVWDVWKH\DUHZDONLQJLQWRLW
6WRSKH\HOOV
:KDWLVLW"DVNVWKHRWKHU
/RRNVD\VWKHILUVW6KLW
*HWWLQJQHDUHUWRWDNHDJRRGORRNDWLWWKHVHFRQGGUXQNDUGH[DPLQHVWKHGXQJ
FDUHIXOO\DQGVD\V1RLWLVQ
WLW
VPXG
,WHOO\RXLW
VVKLWUHSHDWVWKHILUVW
1RLWLVQ
WVD\VWKHRWKHU
,W
VVKLW
1R
6RILQDOO\WKHILUVWDQJULO\VWLFNVKLVILQJHULQWKHGXQJDQGSXWVLWWRKLVPRXWK
$IWHUKDYLQJWDVWHGLWKHVD\V,WHOO\RXLWLVVKLW
6RWKHVHFRQGSROLWLFLDQGRHVWKHVDPHDQGVORZO\VDYRULQJLWVD\V0D\EH\RX
DUHULJKW+PP
7KHILUVWSROLWLFLDQWDNHVDQRWKHUWU\WRSURYHKLVSRLQW,W
VVKLWKHGHFODUHV
+PP\HVPD\EHLWLVDQVZHUVWKHVHFRQGDIWHUKLVVHFRQGWU\
)LQDOO\DIWHUKDYLQJKDGHQRXJKRIWKHGXQJWREHVXUHWKDWLWLVWKH\ERWK
KDSSLO\KXJHDFKRWKHULQIULHQGVKLSDQGH[FODLP:RZ,
PFHUWDLQO\JODGZH
GLGQ
WVWHSRQLW
(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUWZHQW\IRXUEULQJLQWKHQHZPDQ
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
:+$7,67+,685*(72'2620(7+,1*72&5($7("72)5((<285
0(66$*(<285:25'81727+(:25/'",)((//,.(,$0,1$
+855<$1'7+$7$//7+(3(23/(,17+(&20081(+$9(7+(6$0(
)((/,1*,7,6$6,)7+(5(,6127,0(/()7$6,)$1<'$<7+,69(5<
020(17&$1%(7+(/$67020(17
$0,'<,1*",$0(;3/2',1*($&+$1'(9(5<020(17:+$7,6
7+$7":+$7,67+,685*("3/($6(6$<620(7+,1*)257+,67+,567
6DUMDQRPDQLVG\LQJPDQNLQGLVG\LQJ$QGLQIDFWWKHUHLVQRWPXFKWLPHOHIW
$QGWKLVLVIHOWQRWRQO\KHUHDURXQGWKHFRPPXQHLWLVIHOWHYHU\ZKHUHE\
VHQVLWLYHLQWHOOLJHQWFUHDWLYHSHRSOH2QO\WKHPHGLRFUHDUHXQDZDUHRILWRQO\
WKHSROLWLFLDQVJRRQUXVKLQJLQWRWKHGDQJHUWKHFDODPLW\WKDWDZDLWVWRWDOO\
XQDZDUHZKHUHWKH\DUHJRLQJDQGZKHUHWKH\DUHOHDGLQJWKHZRUOG
%XWSHRSOHRIVHQVLWLYLW\DZDUHQHVVPHGLWDWLYHQHVVSHRSOHRIWKHKHDUWDUH
HYHU\ZKHUHIHHOLQJWKDWWKHGDQJHULVYHU\FORVHWKDWPDQNLQGFDQFRPPLW
VXLFLGHDQ\PRPHQWWKDWWKHIXWXUHZDVQHYHUVRXQFHUWDLQDVLWLVWRGD\WKDW
WKHWRPRUURZPD\UHDOO\QHYHUFRPH
7KHVHDUHPRPHQWVRIJUHDWWXUPRLOEXWWKH\FDQEHFRPHRIJUHDWFUHDWLYLW\WRR
:KHQRQHLVHQFRXQWHULQJGHDWKRQHFDQEULQJRQH
VWRWDOSRWHQWLDOLQWR
PDQLIHVWDWLRQ:KHQWKHUHLVQRWLPHOHIW\RXFDQQRWSRVWSRQH+HQFHWKHKXUU\
:KHQGHDWKLVYHU\LPPLQHQWOLIHIODUHVXSWRWKHRSWLPXP$QGWKDWLVZKDWLV
KDSSHQLQJWRDOOFUHDWLYHSHRSOHDURXQGWKHZRUOGDQGPRUHVRDURXQGWKLV
FRPPXQHEHFDXVHP\ZKROHDSSURDFKLVVXFKWKDWRQO\WKHYHU\FUHDWLYHRQHV
ZLOOEHDWWUDFWHGWRLW
,WHDFKVHQVLWLYLW\'RZQWKHDJHVUHOLJLRQVKDYHEHHQWHDFKLQJMXVWWKHRSSRVLWH
KRZWREHFRPHLQVHQVLWLYHEHFDXVHWKHPRUHLQVHQVLWLYH\RXDUHWKHPRUH
\RXFDQUHPDLQDORRIGLVWDQWGHWDFKHG%HFDXVHLWZDVWKRXJKWWKDWWRDWWDLQWR
*RGRQHKDVWRUHQRXQFHWKHZRUOGLWZDVDQDWXUDOFRQVHTXHQFHDORJLFDO
FRQVHTXHQFHWKDWRQHVKRXOGOHDUQKRZWREHPRUHDQGPRUHLQVHQVLWLYHWR
EHDXW\WRPXVLFWRORYHWRSHRSOHWROLIHLWVHOI,QWKHSDVWUHOLJLRQKDVEHHQ
WHDFKLQJSHRSOHKRZWREHXQLQWHOOLJHQWEHFDXVHVHQVLWLYLW\DQGLQWHOOLJHQFHJR
WRJHWKHULQVHQVLWLYLW\DQGVWXSLGLW\JRWRJHWKHU
<RXUVRFDOOHGVDLQWVDUHQRWLQWHOOLJHQWSHRSOHDWDOOEXW\RXKDYHZRUVKLSSHG
WKHP$QG\RXKDYHZRUVKLSSHGWKHPIRUWKHZURQJUHDVRQEHFDXVHWKH\ZHUH
LQVHQVLWLYHEHFDXVHWKH\KDGGXOOHGWKHLUFRQVFLRXVQHVVEHFDXVHWKH\KDG
JURZQWKLFNVNLQDURXQGWKHPVHOYHV7KHVSULQJZLOOFRPHEXWWKH\ZLOOUHPDLQ
XQDIIHFWHGWKHFORXGVZLOOJDWKHUDQGWKH\ZLOOUHPDLQXQDIIHFWHG7KHSHDFRFN
ZLOOGDQFHEXWWKH\ZLOOUHPDLQXQDIIHFWHGWKHQLJKWVN\ZLOOEHIXOORIVWDUVEXW
WKH\ZLOOEHFRPSOHWHO\XQDZDUHRILW7KDWZDVWKHZKROHGLVFLSOLQHLQWKHSDVW
KRZWREHFRPHOLNHDURFNVRWKDWWKHZRUOGFDQQRWRYHUSRZHU\RX,WZDVDNLQG
RISDUDQRLDLWZDVEDVHGLQIHDU
,WHDFK\RXMXVWWKHRSSRVLWHEHVHQVLWLYHEHDOHUWEHORYLQJEHVHQVXRXV
EHFDXVH*RGLVQRWDJDLQVWWKHURVHIORZHU*RGLVLQLW,I\RXFDQVHQVXRXVO\



IHHOWKHYHOYHW\QHVVRIWKHURVH\RXKDYHWRXFKHG*RGKLPVHOI*RGLVQRW
DJDLQVWWKHVWDUVDQGWKHVXQDQGWKHPRRQKHLVLQWKHP,I\RXFDQDOORZWKHP
WRHQWHULQWR\RXUEHLQJLI\RXDOORZWKHPWRVWLU\RXUKHDUWLI\RXFDQDOORZWKHP
WRGULYH\RXFUD]\LQDGDQFHRIMR\DQGFHOHEUDWLRQ\RXZLOOEHFRPLQJFORVHU
DQGFORVHUWRKRPH,WHDFKVHQVLWLYLW\,WHDFKORYH
7KHSHRSOHZKRKDYHJDWKHUHGDURXQGPHKDYHDWRWDOO\GLIIHUHQWTXDOLW\WR
WKHP7KLVLVQRWDQRUGLQDU\DVKUDPLWLVDFRPPXQHRIFUHDWRUVDUWLVWV
SDLQWHUVVLQJHUVPXVLFLDQV$OONLQGVRIWDOHQWHGSHRSOHKDYHFRPHWRPHRQO\
WKH\FDQXQGHUVWDQGZKDW,DPVD\LQJ3HRSOHXQGHUVWDQGDFFRUGLQJWRWKHLURZQ
LQQHUFDSDELOLWLHV,PD\VD\RQHWKLQJ\RXPD\XQGHUVWDQGVRPHWKLQJHOVH
&RPPXQLFDWLRQLVQRWHDV\ODQJXDJHLVQRWDGHTXDWHDQG\RXZLOOXQGHUVWDQG
RQO\WKDWIRUZKLFK\RXKDYHFRPH
,KDYHJDWKHUHGDURXQGPHDVSHFLDONLQGRISHRSOH+HQFHWKLVXUJHZLOOEHIHOW
E\DOPRVWHYHU\ERG\WKDWVRPHWKLQJKDVWREHGRQH)LUVWLWZLOOEHDYHU\YHU\
YDJXHNLQGRIIHHOLQJMXVWDVLOHQWYRLFHZLWKLQ\RXUEHLQJKHDUG\HWQRWKHDUG
XQGHUVWRRG\HWQRWXQGHUVWRRGDZKLVSHUQRWYHU\FOHDUDOLWWOHPXGG\QRW
YHU\WUDQVSDUHQW,QWKHEHJLQQLQJWKLVLVERXQGWREHVR<RXZLOOKHDULWOLNHD
VRQJLWZLOOEHPRUHSRHWU\WKDQSURVHLWZLOOFRPHWR\RXOLNHGUHDPVYLVLRQV
6ORZO\VORZO\WKHXQFRQVFLRXVZLOOEHDEOHWRFRPPXQLFDWHWRWKHFRQVFLRXV
$QGWKDW
VZKDWPHGLWDWLRQLVDOODERXWOHDUQLQJWKHZD\WREULGJHWKH
XQFRQVFLRXVZLWKWKHFRQVFLRXVVRWKDW\RXURZQEHLQJFDQJLYH\RXLQGLFDWLRQV
ZKHUHWRPRYHZKHUHWRJRVRWKDW\RXGRQ
WQHHGDOHDGHUVRWKDW\RX
EHFRPHDJXLGHWR\RXUVHOIVRWKDW\RXFDQEHFRPHDOLJKWXQWR\RXUVHOI
6DUMDQR\RXDUHQRWG\LQJEXWWKLVZLOOEHIHOWOLNHWKDWEHFDXVH\RXDUHSDUWRI
KXPDQLW\DQGKXPDQLW\LVG\LQJ$OOWKDWLVKXPDQLVGLVDSSHDULQJDQGDOOWKDWLV
LQKXPDQLVEHFRPLQJPRUHDQGPRUHGRPLQDWLQJDQGSRZHUIXO
0DQLVEHLQJUHGXFHGWRDPDFKLQHDQGPHFKDQLFDOYDOXHVDUHEHFRPLQJ
GRPLQDQW7KHDUWLVWLVQRWUHVSHFWHGEXWWKHWHFKQLFLDQLV3RHWU\LVQRWORYHG
EXWSOXPELQJLV7KHGDQFHULVQRPRUHLQWKHFHQWHURIOLIHEXWWKHEXVLQHVVPDQ
WKHEXUHDXFUDWWKHSROLWLFLDQDUH$OOWKDWLVEHDXWLIXOLVEHFRPLQJLUUHOHYDQWWR
PDQEHFDXVHWKDWZKLFKLVEHDXWLIXOFDQQRWEHXVHGDVDPHDQVWRDQ\WKLQJ
7KDWZKLFKLVEHDXWLIXOLVDQHQGXQWRLWVHOI<RXFDQQRWXVHSRHWU\LQZDU\RX
ZLOOQHHGWKHVFLHQWLVWQRWWKHSRHW$QG\RXFDQQRWXVHPXVLFLDQVLQWKH
PDUNHWSODFHWKHUH\RXZLOOQHHGHFRQRPLVWV
7KLVZKROHOLIHLVJHDUHGDURXQGZURQJWKLQJV0RQH\LVPRUHLPSRUWDQWWKDQ
PHGLWDWLRQ7KLVLVDYHU\WRSV\WXUY\VLWXDWLRQPDQLVVWDQGLQJRQKLVKHDG0DQ
LVG\LQJDQGWKHGHDWKLVYHU\VORZ$QGUHPHPEHUZKHQGHDWKLVYHU\IDVW\RX
FDQDYRLGLWEHFDXVH\RXEHFRPHLQWHQVHO\DZDUHRILW:KHQLWFRPHVYHU\YHU\
VORZDVORZSRLVRQLQJ
)RUH[DPSOHDSHUVRQJRHVRQVPRNLQJHYHU\GD\$OOWKHH[SHUWVJRRQVD\LQJ
WKDWWKLVLVGDQJHURXVWR\RXWKDWWKLVZLOONLOO\RXEXWKHVPRNHVHYHU\GD\DQG
LWGRHVQ
WNLOOKLP6R\RXPD\ZULWHLWRQHYHU\SDFNHWRIFLJDUHWWHVQRERG\
ERWKHUVDERXW\RXUZDUQLQJVWKDW7KLVLVKDUPIXOWRKHDOWKWKDW7KLVLVKDUPIXO
WROLIH:KRFDUHV"EHFDXVHH[SHULHQFHVD\VVRPHWKLQJHOVH<RXVPRNH
HYHU\GD\GR]HQVRIFLJDUHWWHVDQG\RXGRQ
WGLHDQG\RXKDYHQRWGLHG\HW
<RXEHOLHYHLQ\RXUH[SHULHQFH7KHSRLVRQLVYHU\YHU\VORZLIDSHUVRQJRHVRQ




VPRNLQJRQHGR]HQFLJDUHWWHVHYHU\GD\WKHQLWZLOOWDNHWZHQW\\HDUVWRSRLVRQ
WKHZKROHV\VWHP1RZWZHQW\\HDUVLVDORQJWLPHDQGPDQKDVDYHU\YHU\
VKRUWYLVLRQKHLVVKRUWVLJKWHG
7KHZRUOGLVEHLQJSRLVRQHGYHU\VORZO\7KHULYHUVDUHEHLQJSROOXWHGWKH
RFHDQVDUHEHLQJSROOXWHGWKHODNHVDUHG\LQJ1DWXUHLVEHLQJGHVWUR\HG:H
DUHH[SORLWLQJWKHHDUWKVRPXFKWKDWVRRQHURUODWHUZHZLOOQRWEHDEOHWROLYHRQ
LW:HDUHQRWEHKDYLQJZHOOZLWKQDWXUH
2XUZKROHDSSURDFKLVZURQJLWLVGHVWUXFWLYH:HRQO\WDNHIURPWKHHDUWKDQG
ZHQHYHUJLYHDQ\WKLQJEDFN:HRQO\H[SORLWQDWXUH7KHHFRORJ\LVEURNHQWKH
FLUFXODWLRQLVEURNHQZHDUHQRWOLYLQJLQDSHUIHFWFLUFOHDQGQDWXUHLVDSHUIHFW
FLUFOHLI\RXWDNHIURPRQHKDQGDQG\RXJLYHIURPDQRWKHU\RXGRQ
WGHVWUR\LW
%XWZHDUHGRLQJLWZHRQO\JRRQWDNLQJDQGDOOWKHUHVRXUFHVDUHEHLQJVSHQW
%XWWKLVSRLVRQLQJLVKDSSHQLQJVORZO\VORZO\<RXGRQ
WVHHLWKDSSHQLQJ
EHFDXVHLWWDNHVDORQJWLPH$QGWKHQWKHUHDUHSROLWLFLDQVZKRJRRQJDWKHULQJ
PRUHDQGPRUHDWRPLFZHDSRQVPRUHDWRPERPEVPRUHK\GURJHQERPEV
VXSHUK\GURJHQERPEVDVLIPDQKDVGHFLGHGWRFRPPLWVXLFLGH
7KLVLVZKDWLVEHLQJIHOWE\\RX6DUMDQR<RXKDYHWKHKHDUWRIDSRHWRUWKH
KHDUWRIDSDLQWHUWKHKHDUWRIDORYHU<RXKDYHLPPHQVHSRWHQWLDOIRUFUHDWLYLW\
<RXDUHVHQVLWLYHKHQFH\RXDUHIHHOLQJLW%XWWKHIHHOLQJLVDVLI,DPG\LQJ
1RQRW\RXVRPHWKLQJIDUPRUHLPSRUWDQWLVKDSSHQLQJVRPHWKLQJIDUPRUH
GDQJHURXVWRR
,QGLYLGXDOVKDYHDOZD\VGLHGLWLVQRWDSUREOHP,WLVLQIDFWSDUWRIUHF\FOLQJ
<RXUERG\JRHVEDFNWRWKHVRXUFHVWREHUHQHZHG\RXUEHLQJPRYHVEDFNLQWR
WKHHWHUQDOWREHUHVWHGDQGWKHQ\RXFRPHEDFNDJDLQIUHVK\RXQJ/LIHWLUHV
OLIHH[KDXVWVGHDWKLVDUHVW)RUWKHLQGLYLGXDOGHDWKLVDEOHVVLQJEXWQRWIRU
KXPDQLW\LWVHOIWKHQLWLVDFXUVH,QGLYLGXDOVJRRQG\LQJDQGWKH\JRRQFRPLQJ
EDFN%XWKXPDQLW\LVQHHGHGIRUWKHPWRFRPHEDFN7KLVHDUWKLVDEHDXWLIXO
SODQHWDQGLWLVLQWKHZURQJKDQGV+HQFH\RXDUHIHHOLQJWKDWVRPHWKLQJLVWREH
GRQHYHU\XUJHQWO\<HVLWLVXUJHQWEHFDXVHGHDWKLVFRPLQJFORVHU
7KLVFHQWXU\
VHQGLVJRLQJWRVHHHLWKHUWKHWRWDOGHVWUXFWLRQRIKXPDQLW\DQG
ZLWKLWWKHWRWDOGHVWUXFWLRQRIOLIHRQWKLVHDUWKRUDQHZPDQEHLQJERUQDQHZ
PDQZKRZLOOQRWKDWHOLIHDVLQWKHSDVWLWKDVEHHQGRQHDQHZPDQZKRZLOO
ORYHOLIHDQHZPDQZKRZLOOQRWEHQHJDWLYHLQDQ\ZD\EXWZLOOEHDIILUPDWLYHD
QHZPDQZKRZLOOQRWGHVLUHOLIHDIWHUGHDWKEXWZLOOOLYHPRPHQWWRPRPHQWLQ
VKHHUMR\ZKRZLOOWKLQNRIWKLVOLIHDVDJLIWDQGQRWDVDSXQLVKPHQWZKRZLOO
QRWEHDQWDJRQLVWLFWRWKHERG\ZKRZLOOUHVSHFWWKHERG\DVWKHWHPSOHRIWKH
VRXOZKRZLOOORYHDQGZKRZLOOQRWEHDIUDLGRIORYHZKRZLOOPRYHLQDOONLQGVRI
UHODWLRQVKLSVDQG\HWEHDEOHWRUHPDLQKLPVHOI
7REHLQUHODWLRQVKLSDQGEHFRPHGHSHQGHQWLVWKHVLJQRIZHDNQHVV$QGWR
HVFDSHWRWKH+LPDOD\DVRUWRVRPH&DWKROLFPRQDVWHU\EHFDXVHRIWKHIHDURI
EHFRPLQJGHSHQGHQWLVDJDLQWKHVLJQRIZHDNQHVVLWLVFRZDUGO\
7ROLYHLQUHODWLRQVKLSDQG\HWUHPDLQLQGHSHQGHQWWKDWLVZKDWFRXUDJHLV7KH
QHZPDQZLOOEHFRXUDJHRXV,QWKHSDVWRQO\WZRNLQGVRIFRZDUGVKDYHH[LVWHG
RQWKHHDUWKWKHZRUOGO\NLQGDQGWKHRWKHUZRUOGO\NLQGEXWERWKDUHFRZDUGV
7KHUHDOO\EUDYHPDQZLOOOLYHLQWKHZRUOGDQG\HWQRWEHRILW(LWKHUWKLVLVJRLQJ
WRKDSSHQRUDWRWDOGHVWUXFWLRQ1RZWKHUHLVQRWKLUGDOWHUQDWLYH0DQFDQQRW




VXUYLYHDVKHLV(LWKHUKHKDVWRFKDQJHKLPVHOIWUDQVPXWHKLPVHOIRUKHKDVWR
GLHDQGYDFDWHWKHHDUWK
7KLVLVZKDWLVIHOWWKLVLVZK\\RXDUHLQVXFKDKXUU\7KDW
VZK\,DPLQVXFKD
KXUU\0\VDQQ\DVLQVFDQEHWKHQHZPDQP\VDQQ\DVLQVFDQKHUDOGWKHQHZ
DJH+HQFHP\VDQQ\DVLQVDUHJRLQJWREHRSSRVHGE\DOOSDVWRULHQWHGSHRSOH
E\+LQGXVE\&KULVWLDQVE\0RKDPPHGDQVE\-DLQDVE\%XGGKLVWVE\
DOPRVWHYHU\ERG\7KH\DUHJRLQJWREHRSSRVHGDQGWKDWLVQDWXUDOEHFDXVHZH
DUHWU\LQJWREULQJDQHZIXWXUHLQ7REULQJWKDWQHZIXWXUHZHZLOOKDYHWR
GHVWUR\WKHSDVWEHFDXVHXQOHVVWKHSDVWFHDVHVWRH[LVWWKHIXWXUHFDQQRW
FRPHLQWRH[LVWHQFH
7KHSDVWKDVWRGLH:HKDYHWRGURSRXUFOLQJLQJZLWKWKHSDVW:KDWGRHVLW
PHDQZKHQ\RXVD\WKDW,DPD+LQGX",WPHDQV\RXFOLQJWRDFHUWDLQSDVW
WUDGLWLRQ:KDWGR\RXPHDQZKHQ\RXVD\WKDW,DPD0RKDPPHGDQ"<RX
FOLQJWRVRPHWKLQJSDVW
%XWZKHQ\RXVD\,DPDVDQQ\DVLQDQHRVDQQ\DVLQ\RXGRQ
WFOLQJWRDQ\
SDVW<RXUH\HVDUHIRFXVHGRQWKHIXWXUH<RXUURRWVDUHLQWKHSUHVHQWDQG\RXU
EUDQFKHVDUHPRYLQJWRZDUGVWKHIXWXUH7KHQWKHSDVWLVLUUHOHYDQW,ZDQW\RX
WRUHPHPEHULWDJDLQDQGDJDLQWKDWWKHSDVWKDVWREHPDGHLUUHOHYDQW<RX
KDYHWRFXW\RXUVHOIRIIIURPWKHSDVW
<RXVD\6DUMDQR:KDWLVWKLVXUJHWRGRVRPHWKLQJ"
<HVVRPHWKLQJKDVWREHGRQH<RXKDYHWRJLYHELUWKWR\RXUVHOIDQG\RXKDYH
WRSUHSDUHWKHZD\IRUWKHQHZPDQ
:KDWLVWKLVXUJHWRGRVRPHWKLQJWRFUHDWH"WRIUHH\RXUPHVVDJH\RXUZRUG
XQWRWKHZRUOG"
<HVLWKDVWREHVKRXWHGIURPWKHKRXVHWRSVLWKDVWREHKDPPHUHGEHFDXVH
SHRSOHDUHGHDISHRSOHDUHEOLQGWKH\ZLOOQRWKHDUZKDWLVEHLQJVDLGWRWKHP
-XVWWKHRWKHUGD\1HHUDMVHQWPHDEHDXWLIXOSDUDEOHIURP3LHUUH'HODWWUH
V
7DOHVRID'DODL/DPD,QWKLVEHDXWLIXOERRNFRPHVWKLVSDUDEOH

$OOWKHPRQNVKDGVHHQWKHVSLULWFRPHRXWRIWKHZDOOORQJHQRXJKWRXWWHUMXVW
RQHZRUG%XWHDFKPRQNKDGKHDUGDGLIIHUHQWZRUG7KHHYHQWLVLPPRUWDOL]HG
LQWKLVSRHP
7KHRQHZKRZDQWHGWRGLHKHDUG/,9(
7KHRQHZKRZDQWHGWROLYHKHDUG',(
7KHRQHZKRZDQWHGWRWDNHKHDUG*,9(
7KHRQHZKRZDQWHGWRJLYHKHDUG.((3
7KHRQHZKRZDVDOZD\VDOHUWKHDUG6/((3
7KHRQHZKRZDVDOZD\VDVOHHSKHDUG:$.(
7KHRQHZKRZDQWHGWROHDYHKHDUG67$<
7KHRQHZKRZDQWHGWRVWD\'(3$57
7KHRQHZKRQHYHUVSRNHKHDUG35($&+
7KHRQHZKRDOZD\VSUHDFKHGKHDUG35$<
(DFKRQHOHDUQHGKRZKHKDGEHHQLQVRPHRQHHOVH
VZD\

:KDW,DPVD\LQJKDVWREHFRQYH\HGWRDVPDQ\SHRSOHDVSRVVLEOHDQGDV
IDVWDVSRVVLEOH8VHDOOPRGHUQPHGLDWRUHDFKDVPDQ\SHRSOHDVSRVVLEOH




6WLOOEHDZDUHWKDWLWLVYHU\GLIILFXOWWRFRPPXQLFDWH,WLVDOPRVWDQLPSRVVLELOLW\
WRFRPPXQLFDWHVWLOOLWKDVWREHGRQH(YHQLIIUDJPHQWVRIZKDW,DPVD\LQJDUH
XQGHUVWRRGLWZLOOEHHQRXJKWRFUHDWHWKHILHOGWKHHQHUJ\ILHOGLQZKLFKWKH
QHZPDQFDQEHFRQFHLYHG
(YHQLISHRSOHPLVXQGHUVWDQGLWLWLVEHWWHUWRXQGHUVWDQGWKHWUXWKEXWHYHQLI
WKHWUXWKLVPLVXQGHUVWRRGLWLVEHWWHUWKDQDOLH6RPHWKLQJRIWKHWUXWKZLOO
UHPDLQLQWKHPLVXQGHUVWDQGLQJWRR$QGWUXWKLVDSRWHQWLDOSRZHUDJUHDW
SRZHU(YHQLIDIUDJPHQWMXVWDVHHGRIWUXWKIDOOVLQWR\RXUKHDUWVRRQHURU
ODWHU\RXZLOOEHFRPHWKHJDUGHQRI(GHQ,WFDQQRWEHDYRLGHG-XVWDGURSDQG
WKHZKROHRFHDQZLOOILQGLWVZD\WRZDUGV\RX
6DUMDQRLWKDVWREHGRQH<RXKDYHWRFUHDWHP\PHVVDJHLQDVPDQ\IRUPVDV
SRVVLEOH&RPSRVHPXVLFSOD\RQWKHJXLWDURURQWKHIOXWHEHFDXVHLWLVHDVLHU
WRVWLUWKHKHDUWRIWKHSHRSOHWRZDNHLWXSWKURXJKPXVLFWKDQWKURXJKZRUGV
'DQFHEXWGDQFHLQDQHZZD\VR\RXUGDQFHEHFRPHVDWHDFKLQJRI
PHGLWDWLRQ'DQFHLQVXFKDZD\WKDWWKHRQHZKRORRNVDW\RXVWDUWVIHHOLQJWKDW
LWLVQRWRQO\DGDQFHEXWVRPHWKLQJPRUHVRPHWKLQJSOXVVRWKDWKHVWDUWV
IHHOLQJWKHYLEHRIPHGLWDWLRQWKDWLVKDSSHQLQJLQVLGH\RX
3DLQWSDLQWSLFWXUHVZKLFKFDQEHFRPHREMHFWVRIPHGLWDWLRQSDLQWSLFWXUHVRI
WKHLQQHUVN\RIEXGGKDV7KHPRGHUQSDLQWLQJLVSDWKRORJLFDO,I\RXORRNDW
3LFDVVR
VSDLQWLQJV\RXFDQQRWORRNORQJ\RXZLOOVWDUWIHHOLQJXQHDV\<RX
FDQQRWKDYH3LFDVVRSDLQWLQJVLQ\RXUEHGURRPEHFDXVHWKHQ\RXZLOOKDYH
QLJKWPDUHV,I\RXPHGLWDWHRQD3LFDVVRSDLQWLQJORQJHQRXJK\RXZLOOJRPDG
EHFDXVHWKRVHSDLQWLQJVDUHRXWRI3LFDVVR
VPDGQHVV
*RWR$MDQWD(OORUD.KDMXUDKR.RQDUDNDQG\RXZLOOVHHDWRWDOO\GLIIHUHQW
ZRUOGRIFUHDWLYLW\/RRNLQJDWWKHVWDWXHRIDEXGGKDVRPHWKLQJLQ\RXVWDUWV
IDOOLQJLQWXQH6LWWLQJVLOHQWO\ZLWKDEXGGKDVWDWXH\RXVWDUWEHFRPLQJVLOHQW
7KHYHU\SRVWXUHWKHYHU\VKDSHWKHIDFHWKHFORVHGH\HVWKHVLOHQFHWKDW
VXUURXQGVDPDUEOHVWDWXHZLOOKHOS\RXWRJHWFRQQHFWHGZLWK\RXURZQLQQHU
VRXUFHVRIVLOHQFH
*XUGMLHIIXVHGWRVD\WKDWWKHUHDUHWZRNLQGVRIDUW2QHKHXVHGWRFDOOREMHFWLYH
DUWDQGWKHRWKHUKHXVHGWRFDOOVXEMHFWLYHDUW6XEMHFWLYHDUWLVDEVROXWHO\
SULYDWHSHUVRQDO3LFDVVR
VDUWLVVXEMHFWLYHDUWKHLVVLPSO\SDLQWLQJVRPHWKLQJ
ZLWKRXWDQ\YLVLRQIRUWKHSHUVRQZKRZLOOVHHLWZLWKRXWDQ\LGHDRIWKHSHUVRQ
ZKRZLOOORRNDWLW+HLVVLPSO\SRXULQJRXWKLVRZQLQQHULOOQHVVLWLVKHOSIXOIRU
KLPVHOILWLVWKHUDSHXWLF
,DPQRWVD\LQJWKDW3LFDVVRVKRXOGVWRSSDLQWLQJEHFDXVHLIKHVWRSVSDLQWLQJ
KHLVERXQGWRJRPDG,WLVSDLQWLQJWKDWLVNHHSLQJKLPVDQHKLVSDLQWLQJLVOLNH
YRPLWLQJ:KHQ\RXKDYHHDWHQVRPHWKLQJZURQJZKHQ\RXKDYHDIRRG
SRLVRQLQJYRPLWLQJLVWKHPRVWKHDOWK\ZD\WRWKURZWKHWR[LQVWKHSRLVRQV
RXWVLGHWKHV\VWHPLWZLOOKHOS3LFDVVR
VSDLQWLQJVDUHOLNHYRPLWLQJ+HLV
VXIIHULQJIURPPDQ\LOOQHVVHVDOOWKHLOOQHVVWKDWKXPDQLW\LVVXIIHULQJIURP+H
VLPSO\UHSUHVHQWVKXPDQLW\KHLVYHU\UHSUHVHQWDWLYH
+HUHSUHVHQWVWKHZKROHPDGQHVVWKDWLVKDSSHQLQJLQPLOOLRQVRISHRSOH+HLVD
VHQVLWLYHVRXOKHKDVEHFRPHVRDWWXQHGZLWKWKHSDWKRORJ\RIPDQNLQGWKDWLW
KDVEHFRPHKLVRZQSDWKRORJ\+HQFHWKHDSSHDORIKLVSDLQWLQJVRWKHUZLVH
WKH\DUHXJO\+HQFHKLVJUHDWQDPHEHFDXVHKHGHVHUYHVLWKHUHSUHVHQWV




WKHDJH7KLVLV3LFDVVR
VDJHZKDW\RXFDQQRWVD\DERXW\RXUVHOIKHKDVVDLG
LW:KDW\RXFDQQRWSRXURXWRI\RXUVHOIKHKDVSRXUHGLWRQWKHFDQYDV%XWLWLV
DVXEMHFWLYHSKHQRPHQRQ,WLVWKHUDSHXWLFWRKLPEXWLWLVGDQJHURXVWR
HYHU\ERG\HOVH
7KHDQFLHQWDUWZDVQRWRQO\DUWLWZDVGHHSGRZQP\VWLFLVP'HHSGRZQLW
ZDVRXWRIPHGLWDWLRQ,WZDVREMHFWLYHLQ*XUGMLHII
VWHUPLQRORJ\,WZDVPDGHVR
WKDWLIVRPHERG\PHGLWDWHVRYHULWKHVWDUWVIDOOLQJLQWRWKRVHGHSWKVZKHUH*RG
OLYHV
.KDMXUDKRRU.RQDUDNLI\RXPHGLWDWHWKHUH\RXZLOONQRZZKDWWKH7DQWUD
PDVWHUVZHUHGRLQJ7KH\ZHUHFUHDWLQJLQVWRQHVRPHWKLQJWKDWLVIHOWLQWKH
XOWLPDWHRUJDVPLFMR\,WZDVWKHPRVWGLIILFXOWWKLQJWRGRWREULQJHFVWDV\LQWR
WKHVWRQH$QGLIWKHVWRQHFDQVKRZWKHHFVWDV\WKHQHYHU\ERG\FDQPRYHLQWR
WKDWHFVWDV\HDVLO\
%XWSHRSOHZKRJRWR.KDMXUDKRDUHIRROLVKSHRSOH7KH\ORRNHLWKHUDW
.KDMXUDKRVFXOSWXUHDVREVFHQHWKHQWKH\PLVVWKHZKROHSRLQWWKHQWKH\DUH
VHHLQJVRPHWKLQJZKLFKLVZLWKLQWKHLURZQXQFRQVFLRXVRUWKH\DUHWRR
PRUDOLVWLFWKHQWKH\GRQ
WPHGLWDWHRQDQ\VWDWXHVWKH\DUHLQDKXUU\WRJHW
RXWRIWKHWHPSOHVRPHKRZWKH\MXVWWKURZJODQFHV
.KDMXUDKRVFXOSWXUHLVQRWMXVWWRVHHLWLVIRUPHGLWDWLRQ6LWVLOHQWO\DQG
PHGLWDWHIRUKRXUV,IRQHJRHVWR.KDMXUDKRRQHVKRXOGOLYHDWOHDVWIRUWKUHH
PRQWKVWKHUHVRKHFDQPHGLWDWHRQHDFKSRVVLEOHLQQHUSRVWXUHRIRUJDVPLF
MR\$QGWKHQVORZO\VORZO\WKHDWRQHPHQWVORZO\VORZO\WKHKDUPRQ\WKHQ
VXGGHQO\\RXDUHWUDQVSRUWHGLQWRDQRWKHUZRUOGWKHZRUOGRIWKRVHP\VWLFV
ZKRFUHDWHGWKLVWHPSOH7KLVLVREMHFWLYHDUW
6RWRRLVWKH7DM0DKDO2QDIXOOPRRQQLJKWLI\RXVLWVLOHQWO\E\WKHVLGHRILW
QRWEHLQJERWKHUHGDERXWWKHKLVWRU\RIWKH7DM0DKDODQGZKRFUHDWHGLWDQG
ZK\WKRVHDUHDOOQRQVHQVHLUUHOHYDQWIDFWVWKH\GRQ
WPDWWHU6KDK-DKDQ
DQGKLVEHORYHGDQGKLVPHPRU\RIKLVEHORYHGKHFUHDWHGLW'RQ
WEH
ERWKHUHGE\WKHJXLGHVWLSWKHPEHIRUHWKH\VWDUWWRUWXULQJ\RXDQGJHWULGRI
WKHP
6KDK-DKDQKDVQRWKLQJWRGRZLWKWKH7DM0DKDOLQIDFW<HVKHFUHDWHGLWKH
FUHDWHGLWDVDPHPRULDOIRUKLVZLIHEXWKHLVQRWWKHHVVHQWLDOVRXUFHRILW7KH
HVVHQWLDOVRXUFHLVLQWKH6XILZD\RIOLIHLWLVLQ6XILVP%DVLFDOO\LWZDVFUHDWHG
E\6XILPDVWHUV6KDK-DKDQZDVMXVWLQVWUXPHQWDO7KH6XILPDVWHUVKDYH
FUHDWHGVRPHWKLQJRILPPHQVHYDOXH,I\RXVLOHQWO\VLWLQWKHIXOOPRRQQLJKWMXVW
ORRNLQJDWWKH7DM0DKDOVRPHWLPHVZLWKRSHQH\HVDQGVRPHWLPHVZLWKFORVHG
H\HVVORZO\VORZO\\RXZLOOIHHOVRPHWKLQJWKDW\RXKDYHQHYHUIHOWEHIRUH6XILV
FDOOHGLW]LNUUHPHPEUDQFHRI*RG
7KHEHDXW\RIWKH7DM0DKDOZLOOUHPLQG\RXRIWKRVHUHDOPVIURPZKHUHDOO
EHDXW\DOOEHQHGLFWLRQFRPHV<RXZLOOEHFRPHDWWXQHGZLWKWKH6XILZD\RI
UHPHPEHULQJ*RGEHDXW\LV*RG
6DUMDQRGRQ
WWU\WRUHSUHVVWKLVXUJH&UHDWHLQDQ\ZD\WKDWVXLWV\RX0\
PHVVDJHKDVWREHGHOLYHUHGLQDOOSRVVLEOHPHGLXPV
,QWKHQHZFRPPXQHZHDUHJRLQJWRKDYHPDQ\JXLOGV7KHVFXOSWRUVZLOOKDYH
WKHLURZQJXLOGDQGWKH\ZLOOVFXOSWDQGWKHSRHWVZLOOKDYHWKHLURZQJXLOGDQG
WKHSDLQWHUVDQGWKHFDUSHQWHUVDQGWKHGDQFHUVDQGWKHPXVLFLDQVDQGWKH




QRYHOLVWVDQGWKHILOPPDNHUV$OOSRVVLEOHPHGLDKDYHWREHXVHGWRDSSURDFKDV
PDQ\SHRSOHDVSRVVLEOHWRDSSURDFKDVPDQ\GLIIHUHQWNLQGVRISHRSOHDV
SRVVLEOHEHFDXVHRQHZKRFDQXQGHUVWDQGSRHWU\PD\QRWXQGHUVWDQGSURVH
DQGRQHZKRFDQXQGHUVWDQGPXVLFPD\QRWXQGHUVWDQGSDLQWLQJDQGRQHZKR
FDQXQGHUVWDQGVFXOSWXUHPD\QRWXQGHUVWDQGSRHWU\
$QGWKHPHVVDJHLVVRLPSRUWDQWEHFDXVHWKHZKROHIXWXUHRIKXPDQLW\GHSHQGV
RQLW1RZKHUHHOVHLVWKHH[SHULPHQWEHLQJGRQHRQVXFKDJUHDWVFDOH7KHUHLV
QRRWKHUFRPPXQLW\RQWKHZKROHHDUWKZKLFKLVZRUNLQJLQVXFKDZD\DVWKLV
FRPPXQH7KLVLVWKHJUHDWHVWWKHUDSHXWLFFHQWHULQWKHZRUOGQRZ
:HQHHGDJUHDWWKHUDSHXWLFFHQWHUVRWKDWWKHPRGHUQPLQGFDQEHKHOSHGWR
YRPLWFDWKDUWDOOWKDWKDVJRQHZURQJLQLW7KHQZHZLOOQHHGFUHDWRUV$QGRQFH
VRPHERG\KDVFDWKDUWHGDQGWKURZQRXWDOOWKDWLVZURQJDJUHDWXUJHZLOODULVH
LQKLPWRFUHDWH
2QFHSDWKRORJ\GLVDSSHDUVHYHU\ERG\EHFRPHVDFUHDWRU/HWLWEHXQGHUVWRRG
DVGHHSO\DVSRVVLEOHRQO\LOOSHRSOHDUHGHVWUXFWLYH7KHSHRSOHZKRDUH
KHDOWK\DUHFUHDWLYH&UHDWLYLW\LVDNLQGRIIUDJUDQFHRIUHDOKHDOWK:KHQD
SHUVRQLVUHDOO\KHDOWK\DQGZKROHFUHDWLYLW\FRPHVQDWXUDOO\WRKLPWKHXUJHWR
FUHDWHDULVHV
7KLVXUJHLVEHLQJIHOWE\PDQ\MXVWOLNH\RX6DUMDQR'RVRPHWKLQJIRULWDQG
ZKDWVRHYHU\RXGRLVJRRG)ROORZ\RXURZQXUJHGRQ
WGLVWRUWLW,QWKH
EHJLQQLQJLWZLOOUHPDLQYDJXHEXWLI\RXIROORZLWVRRQLWZLOOEHFRPHFOHDUPRUH
DQGPRUHFOHDU$QGLI\RXVWDUWGRLQJVRPHWKLQJDERXWLWWKLQJVZLOOEHFRPH
YHU\FOHDUYHU\VRRQ
7KHUHDUHPDQ\WKLQJVZKLFKEHFRPHFOHDURQO\ZKHQ\RXGRVRPHWKLQJDERXW
WKHP)RUH[DPSOHWKHSRHWLVQHYHUUHDOO\DZDUHRIWKHSRHWU\XQOHVVKHKDV
ZULWWHQLW,WUHPDLQVDYHU\YDJXHFORXG\SKHQRPHQRQ2QFHKHZULWHVLWGRZQLW
VWDUWVWDNLQJVKDSHIRUPLWEHFRPHVFU\VWDOOL]HGLQWRZRUGV1RSDLQWHULVHYHU
DEOHWRVD\DQ\WKLQJDERXWZKDWKHZDQWVWRSDLQWXQOHVVKHKDVSDLQWHGLW
,WLVVDLGWKDWWKHEHVWZD\WROHDUQLVWRWHDFK$QG,DJUHHZLWKLWEHFDXVHZKDW
\RXZDQWWROHDUQ\RXZLOOQRWEHUHDOO\FOHDUO\DZDUHRIXQOHVV\RXVWDUWWHDFKLQJ
LW
,QWKHIXWXUHHGXFDWLRQZLOOKDYHWKDWGLPHQVLRQ0\RZQYLVLRQLVWKDWHDFK
VWXGHQWVKRXOGEHJLYHQDQRSSRUWXQLW\WRWHDFKWRR7KHVWXGHQWVZKRDUH
UHDGLQJDQGVWXG\LQJIRUWKHLUPDVWHU
VGHJUHHVKRXOGEHDOORZHGWRJRWRORZHU
FODVVHVWRWHDFKWKRVHZKRDUHZRUNLQJIRUWKHLUEDFKHORU
VGHJUHHWKH\VKRXOG
EHDOORZHGWRWHDFKWKHORZHUFODVVHV
(YHU\VWXGHQWVKRXOGEHDWHDFKHUDOVRDQGYLFHYHUVD(YHU\WHDFKHURQFHLQD
ZKLOHVKRXOGVLWZLWKWKHVWXGHQWVDQGVWDUWOHDUQLQJDJDLQ(DFKWHDFKHURQFHLQ
DZKLOHVKRXOGEHDVWXGHQWDQGHDFKVWXGHQWRQFHLQDZKLOHVKRXOGEHD
WHDFKHUWRR7KLVGLIIHUHQFHEHWZHHQWKHWHDFKHUDQGWKHWDXJKWKDVWREH
GLVVROYHGWKHWHDFKHUDQGWKHWDXJKWDUHSDUWRIRQHSURFHVV
$QGWKHVDPHLVWUXHDERXWRWKHUSKHQRPHQD7KHWKHUDSLVWDQGWKHSDWLHQW
WKHWKHUDSLVWVKRXOGQRWUHPDLQDOZD\VDWKHUDSLVWRQFHLQDZKLOHKHVKRXOGOLH
GRZQRQWKHFRXFKDQGOHWWKHSDWLHQWEHWKHWKHUDSLVWDQGKHEHFRPHVWKH
SDWLHQW$QGLPPHQVHZLOOEHWKHEHQHILWRXWRILW7KHSDWLHQWZLOOOHDUQPDQ\
WKLQJVWKDWKHZDVQRWDEOHWROHDUQZKLOHKHZDVIXQFWLRQLQJDVDSDWLHQWE\




EHFRPLQJWKHWKHUDSLVWE\WU\LQJWRVROYHWKHSUREOHPRIWKHWKHUDSLVWEHFDXVH
QRZWKHWKHUDSLVWLVWKHSDWLHQWKHZLOOEHDEOHWRVHHPDQ\WKLQJVPRUHFOHDUO\
$QGWKHWKHUDSLVWDVDSDWLHQWZLOOEHDEOHWRVHHPRUHFOHDUO\WKHSUREOHPWKH
DQ[LHW\WKHDQJXLVKRIWKHSDWLHQWEHFDXVHKHZLOOEHVWDQGLQJLQWKHVKRHVRI
WKHSDWLHQWQRZKHZLOONQRZZKHUHLWSLQFKHV
7KHWKHUDSLVWDQGWKHSDWLHQWVKRXOGQRWEHGLYLGHGWKH\VKRXOGEHFRPHSDUWRI
RQHWHDP,WLVDWKHUDS\WHDPDQGVRPHWLPHVWKHWKHUDSLVWSOD\VWKHUROHRIWKH
SDWLHQWDQGVRPHWLPHVWKHSDWLHQWSOD\VWKHUROHRIWKHWKHUDSLVWWKHUROHVDUH
LQWHUFKDQJHDEOHDQGVRRQDQGVRIRUWK$FRXSOHPDNLQJORYHWKHPDQVKRXOG
QRWDOZD\VUHPDLQWKHPDQDQGWKHZRPDQVKRXOGQRWDOZD\VUHPDLQWKH
ZRPDQ6RPHWLPHVWKHPDQVKRXOGEHWKHZLIHSDVVLYHDQGWKHZRPDQVKRXOG
EHWKHKXVEDQGDFWLYHWKH\VKRXOGFKDQJHUROHV7KHKXVEDQGDQGZLIHVKRXOG
QRWUHPDLQIUR]HQWKH\VKRXOGEHPRUHPHOWLQJRQFHLQDZKLOHWKHZLIHVKRXOG
SOD\WKHDFWLYHUROHWDNHLQLWLDWLYHPDNLQJORYHDQGWKHKXVEDQGVKRXOGEHMXVW
SDVVLYHUHFHSWLYH/RYHZLOOKDYHDJUHDWHUULFKQHVVWKDWZD\WKDQLWKDVWRGD\
,QIDFWDOOIUR]HQUROHVKDYHWREHE\DQGE\GLVVROYHG/LIHKDVWREHFRPHPRUH
OLTXLG
6RGRZKDWVRHYHU\RXFDQGRDQGE\GRLQJLW\RXZLOONQRZZKDWZDVWKHXUJH
%HDUWLFXODWHWU\WRFRQYH\WKHPHVVDJHDQGGRQ
WEHDIUDLG
$JUHDWIHDUDULVHVZKHQ\RXDUHWU\LQJWRGHOLYHUVRPHWKLQJLPPHQVHO\YDOXDEOH
JUHDWIHDUDULVHVRQHVWDUWVIHHOLQJQHUYRXV7KHUHLVQRQHHGWRIHHOQHUYRXV
EHFDXVHLWLVQRWKLQJWRGRZLWK\RX7KHXUJHLVFRPLQJIURPWKHLQQHUPRVW
VRXUFHVRI\RXUEHLQJLWLVGLYLQH<RXDUHLQWKHKDQGVRI*RGEHLQVWUXPHQWDO
\RXQHHGQRWEHZRUULHG
<RXQHHGQRWEHSURXGLIVRPHWKLQJJRRGKDSSHQV\RXQHHGQRWEHDVKDPHGLI
VRPHWKLQJJRHVZURQJ6XUUHQGHUERWKULJKWDQGZURQJXQWRWKHIHHWRI*RGDQG
EHIUHHRI\RXUVHOIFRQVFLRXVQHVVEHFDXVHLI\RXDUHQRWIUHHRI\RXUVHOI
FRQVFLRXVQHVV\RXZLOOQHYHUUHDOO\EHDFUHDWRULQP\VHQVHRIWKHZRUG
7KHUHDOFUHDWRUKDVQRVHOI7KHUHDOFUHDWLRQFRPHVRXWRIQRVHOIWKHUHDO
FUHDWLRQFRPHVRXWRILQQHUHPSWLQHVV:KHQRQHLVXWWHUO\HPSW\RQHLVIXOORI
*RG1RWWREHLVWKHZD\IRU*RGWRHQWHU\RX,I\RXDUHWRRPXFKKHLVQRW
WKHUH,I\RXDUHQRWRQO\KHLVWKHUH$QGFUHDWLYLW\LVSDUWRIWKHFUHDWRU
1RPDQHYHUFUHDWHVLWLVDOZD\V*RGZKRFUHDWHV+HQFHWKHSRHWZKLOHKHLV
FUHDWLQJLVGLYLQHDQGWKHSDLQWHUZKLOHKHLVSDLQWLQJLVGLYLQH7KHRQO\WKLQJLI
KHLVVHOIFRQVFLRXVWKHQ*RGLVQRWWKHUHWKHQZKDWVRHYHUKHZLOOGRZLOOEH
VXEMHFWLYHDUW
%XWLIKHLVQRWWKHUHLIKHLVGURZQHGLQSDLQWLQJFRPSOHWHO\ORVWKDVIRUJRWWHQ
KLPVHOIDQGWKHUHLVQRVHOIFRQVFLRXVQHVVWKHUHLVQRHJRWKHQ*RGLVWKHUH
:KHQ\RXILQGDSDLQWHUSDLQWLQJXWWHUO\ORVWOLQJHUDURXQG*RGLVYHU\FORVHE\
IDUPRUHFORVHWKDQ\RXZLOOILQGKLPLQWKHWHPSOHVLQWKHPRVTXHVLQWKH
FKXUFKHV
:KHQDVLQJHULVVLQJLQJVLWE\WKHVLGH)HHO*RGLVYHU\FORVHE\:KHQ
VRPHERG\LVSOD\LQJRQWKHIOXWHKLGHEHKLQGDWUHHDQGOLVWHQDQG\RXZLOOEH
DEOHWRVHHVRPHWKLQJVRPHWKLQJWKDWLVQRWRIWKLVZRUOGVRPHWKLQJWKDWLVRI
WKHEH\RQG&UHDWLYLW\LVDOZD\VIURPWKHEH\RQG
7KHVHFRQGTXHVWLRQ




%(/29('26+2:+$7,6/,)("
'HYDGDWWDOLIHLVQRWVRPHWKLQJWKDWFDQEHGHILQHG$QGOLIHLVQRWRQHWKLQJ
HLWKHUWKHUHDUHDVPDQ\OLYHVDVWKHUHDUHSHRSOH/LIHLVQRWDVLQJXODU
SKHQRPHQRQ0\OLIHKDVDWDVWHRILWVRZQ\RXUOLIHKDVLWVRZQLQGLYLGXDOLW\
7KHOLIHRIDWUHHFHUWDLQO\LVQRW\RXUOLIHDQGWKHOLIHRIDULYHULVQRWWKHOLIHRI
WKHWUHH
/LIHLVDPXOWLSOLFLW\OLIHKDVPLOOLRQVRIIRUPV+RZFDQLWEHGHILQHG"1R
GHILQLWLRQZLOOGRMXVWLFHWRLW<HVLWFDQEHOLYHGLWFDQEHWDVWHGEXWLWFDQQRWEH
GHILQHG$QG\RXUGHILQLWLRQZLOOVLPSO\VKRZ\RXUH[SHULHQFH,WZLOOQRWVD\
DQ\WKLQJDERXWOLIHLWZLOORQO\VD\VRPHWKLQJDERXWKRZ\RXKDYHXQGHUVWRRG
\RXUOLIH,WZLOOQRWEHUHOHYDQWWRDQ\ERG\HOVH
VOLIH5HPHPEHUWKLVWKHQOLIHLV
IHOWDVDWUHPHQGRXVP\VWHU\
6RO*UHHQEHUJZDVWKHRQO\-HZLVKPDQLQDVPDOO7H[DVWRZQ+HKDGJLYHQ
IUHHO\RIKLVZHDOWKDQGZDVSDUWLFXODUO\NLQGWRWKHEODFNSRSXODWLRQ$QGWKHQ
*UHHQEHUJGLHG
6LQFHKHKDGQRUHODWLYHV*UHHQEHUJEHTXHDWKHGDOOKLVZRUOGO\JRRGVWRWKH
WRZQVSHRSOH,QRUGHUWRVKRZWKHLUUHVSHFWDQGDSSUHFLDWLRQWKH\GHFLGHGWR
EXU\*UHHQEHUJLQJUDQGVW\OH
7KH\GUHVVHGKLPXSLQDFRZER\RXWILWFRPSOHWHZLWKWHQJDOORQKDWDQGJROG
VSXUV7KH\KDGDVROLGJROG&DGLOODFEXLOWSODFHG*UHHQEHUJEHKLQGWKHZKHHO
DQGWKHQGXJDKROHODUJHHQRXJKWRDFFRPPRGDWHWKHFDUDQGLWVGHFHDVHG
RFFXSDQW
$VWKH\ZHUHORZHULQJWKH&DGG\LQWRWKHJURXQGWZREODFNVVWRRGQHDUE\DQG
RQHFRPPHQWHGWRWKHRWKHU$KWHOO\DPDQWKHP-HZLVKIRONVVXUHNQRZV
KRZWROLYH
7KHGHILQLWLRQGHSHQGVRQ\RX7KHGHILQLWLRQLVDOZD\VJRLQJWREH\RXU
GHILQLWLRQKRZ\RXFRQFHLYHOLIHLWZLOOQRWEHWKHGHILQLWLRQRIOLIH)RUWKHPRQH\
PDGOLIHZLOOKDYHWKHVRXQGRIPRQH\RIVROLGJROG)RUWKHSRZHUPDGWKH
SRZHUPDQLDFOLIHZLOOKDYHDGLIIHUHQWWDVWH)RUWKHSRHWRIFRXUVHOLIHZLOO
KDYHVRPHWKLQJRISRHWU\LQLW
,WGLIIHUVLQGLYLGXDOWRLQGLYLGXDOLWGHSHQGV%XWRQHWKLQJLVFHQWUDOHVVHQWLDO
DQGWKDW,ZRXOGOLNHWRWHOO\RX2QHWKLQJLVYHU\HVVHQWLDODQ\ERG\ZKRLVUHDOO\
DOLYHZLOOEHKHUHQRZ:KDWVRHYHUWKHIRUPDQGZKDWVRHYHUWKHH[SUHVVLRQRIKLV
LQGLYLGXDOOLIHRQHWKLQJZLOOEHHVVHQWLDOO\WKHUHWKHTXDOLW\RIEHLQJKHUHQRZ
3DVWLVQRPRUHIXWXUHLVQRW\HWVRWKRVHZKROLYHLQWKHSDVWGRQ
WOLYHWKH\
RQO\WKLQNWKH\OLYH$QGWKRVHZKROLYHLQWKHIXWXUHFDQ
WOLYHEHFDXVHKRZFDQ
\RXPDNHDQ\WKLQJRXWRIWKHIXWXUHZKLFKKDVQRWFRPH\HW"
%XWWKDW
VKRZSHRSOHDUHOLYLQJ0LOOLRQVOLYHLQWKHSDVWDQGWKHUHPDLQLQJ
PLOOLRQVOLYHLQWKHIXWXUHDQGLWLVYHU\UDUHWRILQGDSHUVRQZKROLYHVKHUHQRZ
%XWWKDWLVWKHUHDOSHUVRQWKDWLVWKHSHUVRQZKRLVUHDOO\DOLYH/LIHQHHGVRQO\
RQHWKLQJWREHURRWHGLQWKHSUHVHQW7KHUHLVQRZKHUHHOVHIRULWWREHURRWHG
3DVWLVPHPRU\IXWXUHLVLPDJLQDWLRQERWKDUHXQUHDO
7KHUHDOLVWKLVPRPHQWWKLVQHVV
<RXDVNPH:KDWLVOLIH"
7KLVLVLW
<RXZLOOKDYHWROHDUQKRZWRXQEXUGHQ\RXUVHOIIURPSDVWDQGIXWXUHWKHQ\RX




ZLOOEHDEOHWROLYHOLNHDURVHIORZHURUOLNHDELUGRUOLNHDQDQLPDOOLNHDWUHH
7KHQ\RXZLOOKDYHWKHVDPHJUHHQQHVVWKHQ\RXZLOOKDYHWKHVDPHOLIHMXLFH
IORZLQJLQ\RX
$V,VHHLWPLOOLRQVRISHRSOHRQWKHURDGDUHQRWDOLYHEXWZDONLQJ]RPELHVWKH\
DUHGHDGSHRSOH,QWKHLUH\HV\RXZLOOQRWILQGOLIHIORZLQJOLIHMXLFHVIORZLQJ
7KHLUOLIHLVXWWHUO\PHDQLQJOHVVLWLVPHDQLQJOHVVEHFDXVHLWLVQRWOLIH

,QWKHROGGD\VDPLQLVWHUKDGDQHJURQDPHG(]UDLQKLVKRXVHKROG(]UDZDV
VPDUWDQGDPELWLRXVEXWKHFRXOGQ
WUHDGRUZULWH
2QH6XQGD\WKHPLQLVWHUVDZ(]UDLQFKXUFKVFULEEOLQJDZD\LQGXVWULRXVO\
WKURXJKWKHVHUPRQ$IWHUZDUGVWKHPLQLVWHUDVNHGKLP(]UDZKDWZHUH\RX
GRLQJLQFKXUFK"
7DNLQ
QRWHVVXK$K
VHDJDKWRO
DUQ
/HWPHVHHVDLGWKHPLQLVWHUDQGKHJODQFHGRYHU(]UD
VQRWHVZKLFKORRNHG
PRUHOLNH&KLQHVHWKDQ(QJOLVK
:K\(]UDKHFKLGHGWKLVLVDOOQRQVHQVH
$KWKRXJKWVRVDLG(]UDDOOWKHWLPH\RXZDVSUHDFKLQJLW

/LIHLVQRWWKHUHUHDG\PDGHDYDLODEOH<RXJHWWKHOLIHWKDW\RXFUHDWH\RXJHW
RXWRIOLIHWKDWZKLFK\RXSXWLQWRLW)LUVW\RXKDYHWRSRXUPHDQLQJLQWRLW<RX
KDYHWRJLYHFRORUDQGPXVLFDQGSRHWU\\RXKDYHWREHFUHDWLYH2QO\WKHQZLOO
\RXEHDOLYH
7KHVHFRQGHVVHQWLDOWKLQJWKDWRQO\WKRVHIHZSHRSOHZKRDUHFUHDWLYHNQRZ
ZKDWOLIHLV7KHXQFUHDWLYHQHYHUNQRZEHFDXVHOLIHLVLQFUHDWLYLW\OLIHLV
FUHDWLYLW\&DQ
W\RXVHHKRZOLIHJRHVRQFUHDWLQJ",WLVDFRQWLQXXPRIFUHDWLYLW\
FRQVWDQWFUHDWLYLW\HYHU\PRPHQWFUHDWLYLW\
,QIDFW*RGLVQRWDFUHDWRU,WLVEHWWHUWRFDOOKLPFUHDWLYLW\EHFDXVHYHUEVDUH
WUXHUWKDQQRXQV1RXQVORRNOLNHWKLQJVYHUEVDUHSURFHVVHVDOLYHIORZLQJ
G\QDPLF*RGLVPRUHFUHDWLYLW\WKDQDFUHDWRU:KHQHYHU\RXDUHFUHDWLQJ\RX
ZLOOKDYHWKHWDVWHRIOLIHDQGLWZLOOGHSHQGRQ\RXULQWHQVLW\RQ\RXUWRWDOLW\/LIH
LVQRWDSKLORVRSKLFDOSUREOHPLWLVDUHOLJLRXVP\VWHU\7KHQDQ\WKLQJFDQ
EHFRPHWKHGRRUHYHQFOHDQLQJWKHIORRU,I\RXFDQGRLWFUHDWLYHO\ORYLQJO\
WRWDOO\\RXZLOOKDYHVRPHWDVWHRIOLIH
+HUHLQWKHDVKUDP\RXZLOOVHHSHRSOHFOHDQLQJWKHIORRUVFOHDQLQJWKH
EDWKURRPVVWUXFWXULQJURRPVPDNLQJIXUQLWXUH%XW\RXZLOOVHHDWRWDOO\GLIIHUHQW
TXDOLW\ZKDWVRHYHUWKHLUZRUNLVWKH\DUHGRLQJLWRXWRILPPHQVHORYH$QG\RX
ZLOOVHHMR\7KDWMR\LVQRWFRPLQJRXWRIWKHZRUNWKDWMR\LVFRPLQJRXWRIWKHLU
WRWDOLW\LQWKHZRUOGRXWRIWKHLUVXUUHQGHUWRWKHZRUN1RZRUNLQLWVHOIFDQJLYH
\RXMR\XQOHVV\RXSRXUMR\LQWRLW
6RGRQ
WDVNZKDWOLIHLVDVNKRZWRHQWHULQWROLIH7KHGRRULVQRZKHUHDQG
\RXKDYHWREHFUHDWLYHRQO\WKHQZLOO\RXEHDEOHWRHQWHUWKHGRRURWKHUZLVH
\RXZLOOJRRQVWDQGLQJLQWKHGRRUZD\ZLWKRXWHQWHULQJWKHSDODFH
6RWKHVHFRQGHVVHQWLDOLVEHFUHDWLYH,IWKHVHWZRWKLQJVDUHIXOILOOHG\RXZLOO
NQRZZKDWOLIHLV
7KHWKLUGTXHVWLRQ
%(/29('26+2




,67+(5(68&+$7+,1*$65,*+725:521*"

$NDPWKHUHLVQRVXFKWKLQJDVULJKWRUZURQJEHFDXVHVRPHWKLQJPD\EHULJKW
WKLVPRPHQWDQGLWPD\QRWEHULJKWWKHQH[WPRPHQW6RPHWKLQJPD\EHZURQJ
WRGD\DQGPD\QRWEHZURQJWRPRUURZ
5LJKWDQGZURQJDUHQRWIL[HGHQWLWLHVWKH\DUHQRWODEHOVWKDW\RXFDQSXWRQ
WKLQJV7KLVLVULJKWDQG7KLVLVZURQJ%XWWKLVKDVEHHQGRQHXSWRQRZ
5LJKWDQGZURQJKDYHEHHQGHFLGHGE\SHRSOH$QGEHFDXVHSHRSOHKDYH
GHFLGHGULJKWDQGZURQJWKH\KDYHPLVJXLGHGWKHZKROHKXPDQLW\
0DQXGHFLGHVLQRQHZD\ZKDWKHWKLQNVLVULJKWEHFRPHVULJKWIRUPLOOLRQVDQG
PLOOLRQVRI+LQGXVIRUWKRXVDQGVRI\HDUV,WLVVRVWXSLGLWLVXQEHOLHYDEOH+RZ
FDQSHRSOHJRRQIROORZLQJ0DQXIRUILYHWKRXVDQG\HDUV"(YHU\WKLQJHOVHKDV
FKDQJHG,I0DQXFRPHVEDFNKHZLOOQRWEHDEOHWRUHFRJQL]HWKHZRUOGDWDOO
HYHU\WKLQJKDVFKDQJHG%XWWKH+LQGXPLQGJRHVRQIROORZLQJWKHFDWHJRULHV
WKDW0DQXKDVIL[HG
6WLOODIWHUILYHWKRXVDQG\HDUVWKHUHDUHPLOOLRQVRISHRSOHLQ,QGLDZKRDUHQRW
WUHDWHGOLNHSHRSOH:KDWWRVD\WKDWWKH\DUHQRWWUHDWHGOLNHSHRSOHWKH\DUH
QRWHYHQWUHDWHGOLNHFDWWOH(YHQFRZVDUHIDUPRUHLPSRUWDQWWKDQDOLYHSHRSOH
&RZVDUHZRUVKLSSHGFRZVDUHKRO\DQGWKHXQWRXFKDEOHVWKHVXGUDVWKH
UHMHFWHGSHRSOHUHMHFWHGE\0DQXILYHWKRXVDQG\HDUVDJRDUHEXUQHG
$QGHYHQDPDQOLNH9LQRED%KDYHLVUHDG\WRJRRQIDVWLQJLIFRZVODXJKWHULV
QRWFRPSOHWHO\VWRSSHGLQWKHFRXQWU\WRWDOO\VWRSSHG%XWKHLVFRPSOHWHO\
VLOHQWKHGRHVQRWVD\DVLQJOHZRUGWKDWWKHXQWRXFKDEOHVDUHEHLQJNLOOHG
EXUQHGDOLYHWKHLUZRPHQUDSHGWKHLUFKLOGUHQPXUGHUHGEXWFKHUHG9LOODJHVRI
XQWRXFKDEOHVZKROHYLOODJHVDUHEHLQJHIIDFHGIURPWKHHDUWKDQG9LQRED
%KDYHLVQRWWKLQNLQJRIJRLQJRQDIDVW:KRERWKHUVDERXWWKHVHXQWRXFKDEOHV"
7KH\DUHQRWSDUWRIKXPDQLW\WKH\DUHQRWKXPDQEHLQJV&RZVKDYHWREH
VDYHGEHFDXVH0DQXZRUVKLSVWKHFRZ
,WPD\KDYHEHHQULJKWDWWKDWPRPHQW,DPQRWDJDLQVW0DQX,DPDJDLQVWWKH
IRROLVKIROORZHUVRI0DQX,WPD\KDYHEHHQULJKWDWWKDWWLPHEHFDXVHWKHFRZ
ZDVYHU\YHU\LPSRUWDQWLWZDVWKHFHQWHURIWKHZKROHHFRQRP\SDUWLFXODUO\WKH
,QGLDQHFRQRP\ZDVEDVHGRQWKHFRZ,WZDVDQDJULFXOWXUDOVRFLHW\DQGWKH
FRZZDVWKHVRXUFHRIPDQ\WKLQJVRIWKHEXOOVWKHEXOORFNVWKHPDQXUHWKH
PLONLWZDVLPPHQVHO\LPSRUWDQWLWZDVSHUIHFWO\ULJKWWRVDYHLW%XWQRZWKH
ZRUOGLVOLYLQJLQDWRWDOO\GLIIHUHQWZD\0DQXKDGDYHU\VPDOOZRUOGQRZZH
KDYHWKHZKROHHDUWKWRWKLQNRILWLVQRWRQO\DTXHVWLRQRIDVPDOOVHFW%XWRQFH
ULJKWKDVEHHQIL[HGSHRSOHJRRQIROORZLQJEOLQGO\LWKDVEHHQOLNHWKDWXSWR
QRZ
)RUH[DPSOHLQWKHWHQFRPPDQGPHQWV0RVHVVD\V'RQRWZRUVKLSDQ\RWKHU
JRGWKDQWKHWUXH*RG'RQ
WPDNHLGROVRIWKHWUXH*RGDQGGRQ
WZRUVKLSDQ\
RWKHUJRGV,WZDVDWRWDOO\GLIIHUHQWZRUOGWKUHHWKRXVDQG\HDUVKDYHSDVVHG,Q
IDFWLQWKRVHWHQFRPPDQGPHQWVWKHUHLVQRWDVLQJOHFRPPDQGPHQWZKLFKVD\V
DQ\WKLQJDERXWDWKHLVWV,WVD\V'RQ
WZRUVKLSDQ\RWKHUJRG,WGRHVQRWVD\
'RQ
WGLVEHOLHYHLQ*RGEHFDXVHWKHUHZDVQRGLVEHOLHYHU$WKHLVPZDVQRWDW
DOOLQWKHDLU
1RZWKHPRVWIXQGDPHQWDOWKLQJZLOOEHWRWHDFKSHRSOHKRZQRWWREHDWKHLVWV




EHFDXVHDWKHLVPLVYHU\SUHYDOHQW$OPRVWKDOIRIWKHHDUWKKDVJRQHFRPPXQLVW
LWLVDWKHLVWDQGWKHUHPDLQLQJKDOILVRQO\IRUPDOO\WKHLVW1RZWKHPRVW
IXQGDPHQWDOFRPPDQGPHQWVKRXOGEH'RQ
WEHDWKHLVWVGRQ
WEHGLVEHOLHYHUV
GRQ
WEHGRXEWHUV1RZWUXVWVKRXOGEHWKHPRVWIXQGDPHQWDOWHDFKLQJWREH
JLYHQWRSHRSOH
$VWLPHFKDQJHVULJKWVFKDQJHZURQJVFKDQJH$QG\RXFDQVHHLWLQ\RXURZQ
OLIHHYHU\GD\WKLQJVDUHGLIIHUHQWDQG\RXJRRQFOLQJLQJWR\RXUIL[HGLGHDV
7KHPDQZKROLYHVZLWKIL[HGLGHDVOLYHVDGHDGOLIH+HLVQHYHUVSRQWDQHRXV
DQGKHLVQHYHULQDULJKWUHODWLRQVKLSZLWKWKHVLWXDWLRQWKDWH[LVWV+HLVQHYHU
UHVSRQVHDEOHKHIXQFWLRQVRXWRIKLVROGFRQFOXVLRQVZKLFKDUHQRORQJHU
UHOHYDQWKHGRHVQRWORRNDWWKHVLWXDWLRQLWVHOI
6R$NDPDFFRUGLQJWRPHWKHUHLVQRVXFKWKLQJDVULJKWDQGQRVXFKWKLQJDV
ZURQJ7KHQZKDWGR,WHDFK",WHDFKDZDUHQHVVQRWODEHOLQJQRWFDWHJRUL]LQJ
,WHDFKDZDUHQHVV,WHDFK\RXWREHIXOO\DZDUHLQHYHU\VLWXDWLRQDQGDFWRXWRI
\RXUDZDUHQHVV2ULQGLIIHUHQWZRUGV,FDQVD\$Q\DFWLRQWKDWKDSSHQV
WKURXJKDZDUHQHVVLVULJKWDQ\DFWLRQWKDWKDSSHQVWKURXJKXQDZDUHQHVVLV
ZURQJ
%XWVHHWKHHPSKDVLV7KHHPSKDVLVLVQRWRQWKHDFWLRQLWVHOIWKHHPSKDVLVLV
RQWKHVRXUFHDZDUHQHVVRUXQDZDUHQHVV,I\RXDFWIXOO\DZDUHWKHQ
ZKDWVRHYHU\RXGRLVULJKW,I\RXPRYHPHFKDQLFDOO\DQGGRWKLQJV
XQFRQVFLRXVO\DVLI\RXDUHDVOHHSZDONHUDVRPQDPEXOLVWWKHQZKDWVRHYHU\RX
GRLVZURQJ
$ZDUHQHVVLVULJKWXQDZDUHQHVVLVZURQJ
%XWLI\RXJRWRWKHSULHVWVWKH\ZLOOWHDFK\RXZKDWLVULJKWDQGZKDWLVZURQJ
7KH\ZLOOQRWJLYH\RXLQVLJKWWKH\ZLOOJLYH\RXGHDGFDWHJRULHV7KH\ZLOOQRW
JLYH\RXOLJKWVRWKDW\RXFDQVHHLQHYHU\VLWXDWLRQZKDWWRGRDQGZKDWQRWWR
GRWKH\ZDQW\RXWRGHSHQGRQWKHP7KH\GRQ
WJLYH\RXLQVLJKWLQWRWKLQJVVR
\RXKDYHWRUHPDLQGHSHQGHQWIRUHYHU7KH\JLYH\RXFUXWFKHVEXWWKH\GRQ
W
PDNH\RXVWDQGRQ\RXURZQIHHW
$YRLGWKHSULHVWV:KHQHYHU\RXJRWRDQ\NLQGRIH[SHUWVWKHLUZKROHHIIRUWLQ
IDFWLVKRZWRPDNH\RXGHSHQGHQWRQWKHP

7KHVWDURID%URDGZD\KLWZDVYLVLWLQJIULHQGVZKHQWDONJRWDURXQGDVXVXDOWR
SV\FKLDWU\,PXVWVD\VDLGWKHKRVWHVV,WKLQNP\DQDO\VWLVWKHEHVWLQWKH
ZRUOG<RXFDQ
WLPDJLQHZKDWKHKDVGRQHIRUPH<RXRXJKWWRWU\KLP
%XW,GRQ
WQHHGDQDO\VLVVDLGWKHVWDU,FRXOGQRWEHPRUHQRUPDOWKHUHLV
QRWKLQJZURQJZLWKPH
%XWKHLVDEVROXWHO\JUHDWLQVLVWHGKHUIULHQG+HZLOOILQGVRPHWKLQJZURQJ
7KHUHDUHSHRSOHZKROLYHRQILQGLQJVRPHWKLQJZURQJZLWK\RX7KHLUZKROH
WUDGHVHFUHWLVWRILQGVRPHWKLQJZURQJZLWK\RX7KH\FDQQRWDFFHSW\RXDV\RX
DUHWKH\ZLOOJLYH\RXLGHDOVLGHDVLGHRORJLHVDQGWKH\ZLOOPDNH\RXIHHOJXLOW\
DQGWKH\ZLOOPDNH\RXIHHOZRUWKOHVVGLUW,Q\RXURZQH\HVWKH\ZLOOPDNH\RX
IHHOVRFRQGHPQHGWKDW\RXZLOOIRUJHWDOODERXWIUHHGRP
,QIDFW\RXZLOOEHFRPHDIUDLGRIIUHHGRPEHFDXVH\RXZLOOVHHKRZEDG\RXDUH
KRZZURQJ\RXDUHDQGLI\RXDUHIUHH\RXDUHJRLQJWRGRVRPHWKLQJZURQJ
VRIROORZVRPHERG\7KHSULHVWGHSHQGVRQLWWKHSROLWLFLDQGHSHQGVRQLW7KH\




JLYH\RXULJKWDQGZURQJIL[HGLGHDVDQGWKHQ\RXZLOOUHPDLQJXLOW\IRUHYHU
,VD\WR\RX7KHUHLVQRWKLQJULJKWDQGQRWKLQJZURQJ,GRQ
WZDQW\RXWRGHSHQG
RQPHDQG,GRQ
WJLYH\RXDQ\IL[HGLGHDV,VLPSO\JLYH\RXLQGLFDWLRQVKLQWV
ZKLFKKDYHWREHZRUNHGRXWE\\RX$QGWKHKLQWWKDW,JLYHWR\RXLVDZDUHQHVV
%HFRPHPRUHDZDUHDQGLWLVDPLUDFOH
,I\RXDUHDQJU\WKHSULHVWZLOOVD\DQJHULVZURQJGRQ
WEHDQJU\:KDWZLOO\RX
GR"<RXFDQUHSUHVVDQJHU\RXFDQVLWXSRQLW\RXFDQVZDOORZLWOLWHUDOO\EXWLW
ZLOOJRLQWR\RXLQWR\RXUV\VWHP6ZDOORZDQJHUDQG\RXZLOOKDYHXOFHUVLQWKH
VWRPDFKVZDOORZDQJHUDQGVRRQHURUODWHU\RXZLOOKDYHFDQFHU6ZDOORZDQJHU
DQG\RXZLOOKDYHDWKRXVDQGDQGRQHSUREOHPVDULVLQJRXWRILWEHFDXVHDQJHU
LVSRLVRQ%XWZKDWZLOO\RXGR",IDQJHULVZURQJ\RXKDYHWRVZDOORZLW
,GRQ
WVD\DQJHULVZURQJ,VD\DQJHULVHQHUJ\SXUHHQHUJ\EHDXWLIXOHQHUJ\
:KHQDQJHUDULVHVEHDZDUHRILWDQGVHHWKHPLUDFOHKDSSHQ:KHQDQJHU
DULVHVEHDZDUHRILWDQGLI\RXDUHDZDUH\RXZLOOEHVXUSULVHG\RXDUHLQIRUD
VXUSULVHPD\EHWKHJUHDWHVWVXUSULVHRI\RXUOLIHWKDWDV\RXEHFRPHDZDUH
DQJHUGLVDSSHDUV$QJHULVWUDQVIRUPHG$QJHUEHFRPHVSXUHHQHUJ\DQJHU
EHFRPHVFRPSDVVLRQDQJHUEHFRPHVIRUJLYHQHVVDQJHUEHFRPHVORYH$QG
\RXQHHGQRWUHSUHVVVR\RXDUHQRWEXUGHQHGE\VRPHSRLVRQ$QG\RXDUHQRW
EHLQJDQJU\VR\RXDUHQRWKXUWLQJDQ\ERG\%RWKDUHVDYHGWKHRWKHUWKH
REMHFWRI\RXUDQJHULVVDYHGDQG\RXDUHVDYHG,QWKHSDVWHLWKHUWKHREMHFW
ZDVWRVXIIHURU\RXZHUHWRVXIIHU
:KDW,DPVD\LQJLVWKDWWKHUHLVQRQHHGIRUDQ\ERG\WRVXIIHU-XVWEHDZDUH
OHWDZDUHQHVVEHWKHUH$QJHUZLOODULVHDQGZLOOEHFRQVXPHGE\DZDUHQHVV
2QHFDQQRWEHDQJU\ZLWKDZDUHQHVVDQGRQHFDQQRWEHJUHHG\ZLWKDZDUHQHVV
DQGRQHFDQQRWEHMHDORXVZLWKDZDUHQHVV$ZDUHQHVVLVWKHJROGHQNH\
7KHODVWTXHVWLRQ
%(/29('26+2
7+(25$1*(75,&.('0(&$8*+7+2/'2)0($1'%528*+70(
+(5(
(9(5<%2'<6((0672.12:%8712%2'<7(//60($//2),7,
7+,1.$1'0(',7$7(217+(25$1*()25'$<6%877+(5(67,//
5(0$,16$6(&5(7,1,7
0<1$0(,6),5($1'7+(5(,6),5(%851,1*,10(,67+$7127
(128*+"
,+$9($/:$<6%((1$)5$,'72:($581,)2506$1'81'(567$1'
7+$77+,6,6,10<:$<2):($5,1*7+(25$1*(
,'21
7.12::+<'2,+$9(72:($5,7$6$0(66$*(25,6,7
6,03/<$0(',7$7,2121,762:1217+(3$7+727+(/,*+7"

6\EUDQGWKHUHLVQRVHFUHWLQLWLWLVMXVWDZD\WRUHFRJQL]HP\SHRSOH,KDYH
SRRUH\HVLJKWP\H\HVKDYHJRQHDOOLQZDUGV,ZLOOWHOO\RXRQHVWRU\

,NQRZRIDWUDJLFFDVHZKHUHDPLQLVWHUPDGHMXVWRQHOLWWOHWUDQVJUHVVLRQ)RU
ZHHNVWKLVSUHDFKHUO\SLRXVPDQKDGDGPLUHGDQGFRYHWHGDIODVK\VSRUWFRDWLQ
DFORWKLQJVWRUHZLQGRZ,WZDVFRORUIXOWRRFRORUIXOIRUDSUHDFKHUIRUDSUHDFKHU
LWZDVDOPRVWEODVSKHPRXV%XWILQDOO\RQHDIWHUQRRQKHFUDFNHGDQGZHQWLQ




DQGERXJKWWKDWEODVSKHPRXVFRDW,WZDVDEULJKWVXQQ\GD\DVKHVWHSSHGRXW
RIWKHFORWKLQJVWRUHLQKLVJDXG\JDUE<HWORDQGEHKROGULJKWWKHUHLQWKHEULJKW
VXQOLJKWKHZDVVWUXFNGHDGE\DOLJKWQLQJEROW
8SLQKHDYHQKHZDVGXPEIRXQGHGDVKHIDFHGWKH/RUG/RUGRK/RUGKH
VDLG:K\PH"$QGZK\VRVXGGHQO\DIWHUDOOP\\HDUVRIIDLWKIXOVHUYLFH"
:K\5HYHUHQG6PLWKVDLGWKH/RUG:KDWDGUHDGIXOPLVWDNH:HKDGQR
LGHDLWZDV\RX
6R,MXVWKDYHSRRUH\HVLJKWWRUHFRJQL]HP\SHRSOH,I\RXZDQWWREHFRPHRQH
RIP\SHRSOH\RXZLOOKDYHWRZHDURUDQJH7KHUHLVQRVHFUHWDERXWLWDOOWKRVH
VHFUHWVWKDW,KDYHEHHQWHOOLQJ\RXDUHDOOMXVWEXOOVKLW
(QRXJKIRUWRGD\


WKHERRNRIZLVGRPFKDSWHUWZHQW\ILYHZHDUHDQFLHQWSLOJULPV




PDUFKDPLQEXGGKDKDOO


<286+28/'),1')5(('20%<0($162)%27+(;$0,1$7,21$1'
,19(67,*$7,21'21
7%5$*'21
7%(&21680('%<-($/286<
'21
7$&7&$35,&,286/<'21
7(;3(&77+$1.6
7+,648,17(66(17,$/(/,;,52)$'9,&(%<:+,&+7+($'9$1&(0(17
2)7+(),9('(&$<,6&+$1*(',1727+(%2'+,3$7+,6
75$160,77('7+528*+'+$50$.,57,
%<$:$.(1,1*7+(.$50,&(1(5*<2)35(9,28675$,1,1*$1'%<
9,578(2)0<,17(16(,17(5(67,,*125('0,6(5<$1'%$'
5(387$7,21$1'628*+7,16758&7,2172&21752/(*2&/,1*,1*
12:(9(1:+(1,',(,
//+$9(125(*5(7

0DQ
VJUHDWHVWORQJLQJLVIRUIUHHGRP0DQ,6DORQJLQJIRUIUHHGRP)UHHGRPLV
WKHYHU\HVVHQWLDOFRUHRIKXPDQFRQVFLRXVQHVVORYHLVLWVFLUFXPIHUHQFHDQG
IUHHGRPLVLWVFHQWHU7KHVHWZRIXOILOOHGOLIHKDVQRUHJUHW$QGWKH\ERWKDUH
IXOILOOHGWRJHWKHUQHYHUVHSDUDWHO\
3HRSOHKDYHWULHGWRIXOILOOORYHZLWKRXWIUHHGRP7KHQORYHEULQJVPRUHDQGPRUH
PLVHU\PRUHDQGPRUHERQGDJH7KHQORYHLVQRWZKDWRQHKDVH[SHFWHGLWWR
EHLWWXUQVRXWMXVWWKHRSSRVLWH,WVKDWWHUVDOOKRSHVLWGHVWUR\VDOOH[SHFWDWLRQV
DQGOLIHEHFRPHVDZDVWHODQGDJURSLQJLQGDUNQHVVDQGQHYHUILQGLQJWKH
GRRU
/RYHZLWKRXWIUHHGRPQDWXUDOO\WHQGVWREHSRVVHVVLYH$QGWKHPRPHQW
SRVVHVVLYHQHVVHQWHUVLQ\RXVWDUWFUHDWLQJERQGDJHIRURWKHUVDQGERQGDJHIRU
\RXUVHOIEHFDXVH\RXFDQQRWSRVVHVVVRPHERG\ZLWKRXWEHLQJSRVVHVVHGE\
KLP<RXFDQQRWPDNHVRPHERG\DVODYHZLWKRXWEHFRPLQJDVODYH\RXUVHOI
:KDWVRHYHU\RXGRWRRWKHUVLVGRQHWR\RX
7KLVLVWKHEDVLFSULQFLSOHWREHXQGHUVWRRGWKDWORYHZLWKRXWIUHHGRPQHYHU
EULQJVIXOILOOPHQW
$QGWKHUHKDYHEHHQSHRSOHZKRKDYHWULHGWKHRWKHUH[WUHPHIUHHGRPZLWKRXW
ORYH7KHVHDUHWKHPRQNVWKHHVFDSLVWVWKHSHRSOHZKRUHQRXQFHGWKHZRUOG
$IUDLGRIORYHDIUDLGRIORYHEHFDXVHLWEULQJVERQGDJHWKH\UHQRXQFHDOOWKH
VLWXDWLRQVZKHUHORYHFDQIORZJURZFDQKDSSHQLVSRVVLEOH7KH\HVFDSHLQWR
ORQHOLQHVV7KHLUORQHOLQHVVQHYHUEHFRPHVDORQHQHVVLWUHPDLQVORQHOLQHVV
$QGORQHOLQHVVLVDQHJDWLYHVWDWHLWLVXWWHUO\HPSW\LWLVVDG
2QHFDQEHDVROLWDU\EXWWKDWGRHVQRWEULQJVROLWXGH6ROLWDULQHVVLVMXVW
SK\VLFDODORQHQHVVVROLWXGHLVVSLULWXDODORQHQHVV,I\RXDUHMXVWORQHO\DQG
\RXZLOOEHLI\RXKDYHUHQRXQFHGWKHZRUOG,I\RXKDYHHVFDSHGIURPWKHZRUOG
RXWRIIHDU\RXZLOOEHORQHO\WKHZRUOGZLOOKDXQW\RXDQGDOONLQGVRIGHVLUHVZLOO
VXUURXQG\RX<RXZLOOVXIIHUPLOOLRQVRIQLJKWPDUHVEHFDXVHZKDWVRHYHU\RX
KDYHUHQRXQFHGFDQQRWEHGURSSHGVRHDVLO\
5HQXQFLDWLRQLVUHSUHVVLRQDQGQRWKLQJHOVH$QGWKHPRUH\RXUHSUHVVDWKLQJ
WKHPRUH\RXQHHGWRUHSUHVVLW$QGWKHPRUH\RXJRRQUHSUHVVLQJLWWKHPRUH
SRZHUIXOLWEHFRPHV,WZLOOHUXSWLQ\RXUGUHDPVLWZLOOHUXSWLQ\RXU
KDOOXFLQDWLRQV3HRSOHOLYLQJLQWKHPRQDVWHULHVVWDUWKDOOXFLQDWLQJSHRSOHJRLQJ
WRWKH+LPDOD\DQFDYHVVRRQHURUODWHUDUHQRPRUHLQFRQWDFWZLWKUHDOLW\7KH\
VWDUWFUHDWLQJDUHDOLW\RIWKHLURZQDSULYDWHUHDOLW\DILFWLWLRXVUHDOLW\



7KH&KULVWLDQZLOOWDONWR&KULVW,QKLVORQHO\FDYHKHFUHDWHV&KULVWMXVWVRWKDW
KHFDQKDYHVRPHERG\WKHUHMXVWVRWKDWKHLVQRWORQHO\$QGPDQ\PHWKRGVRI
KDOOXFLQDWLQJKDYHEHHQGHYHORSHGE\WKHVHPRQNV,I\RXIDVWKDOOXFLQDWLRQ
EHFRPHVHDVLHU7KHERG\EHFRPHVZHDNHU\RXVWDUWORVLQJFRQWURORYHUUHDOLW\
7KHPRUHZHDNWKHERG\LVWKHPRUHLVWKHSRVVLELOLW\RIKDOOXFLQDWLRQ3HRSOHLQ
IHYHULOOQHVVVWDUWKDOOXFLQDWLQJ7KHH[DFWVDPHUXOHWRUWXUHWKHERG\ZHDNHQ
WKHERG\VWDUYHWKHERG\DQGKDOOXFLQDWLRQVZLOOEHHDVLHU
<RXFDQKDYH-HVXV&KULVWRU.ULVKQDRU*DXWDP%XGGKDJUHDWFRPSDQ\\RX
FDQKDYHEXWLWLVDOOLPDJLQDWLRQ7KH+LQGXZLOOQHYHUVHH&KULVWDQGWKH
&KULVWLDQZLOOQHYHUVHH.ULVKQD<RXZLOOVHHRQO\ZKDWVRHYHU\RXEHOLHYHLQ\RX
ZLOOVHHRQO\ZKDWVRHYHU\RXFUHDWHE\\RXUEHOLHILWLVDSURMHFWLRQ
,WZLOOEHGLIILFXOWWRSURMHFWLWLQWKHPDUNHWSODFHEHFDXVHWKHUHZLOOEHVRPDQ\
SHRSOHZKRZLOOGHQ\\RXUSURMHFWLRQ7KH\ZLOOWDNH\RXWRWKHSV\FKLDWULVWWKH\
ZLOOWKLQN\RXKDYHJRQHQXWV,I\RXVWDUWWDONLQJWR&KULVWLQWKHPDUNHWSODFH\RX
ZLOOHQGXSLQVRPHKRVSLWDO
%XWLQWKH+LPDOD\DQFDYHWKHUHLVQRERG\HOVH\RXDUHIUHHWRFUHDWH
ZKDWVRHYHU\RXZDQWWR\RXUKHDUW
VFRQWHQW/RQHOLQHVVLVVXFKDPLVHU\WKDW
RQHVWDUWVEHOLHYLQJLQRQH
VRZQKDOOXFLQDWLRQVWRKDYHFRPSDQ\%XWWKLVLV
PDGQHVV
2QWKHRQHKDQGLVWKHSHUVRQWKHZRUOGO\SHUVRQZKRKDVWULHGWRILQGORYH
ZLWKRXWIUHHGRPDQGKDVIDLOHG+LVOLIHLVQRWKLQJEXWDORQJORQJVODYHU\WR
PDQ\PDQ\SHRSOHWRPDQ\PDQ\WKLQJV+HLVFKDLQHGERG\PLQGVRXOKHLV
QRWIUHHWRKDYHHYHQDVOLJKWPRYHPHQW7KDWLVRQHIDLOXUHWKHPDMRULW\RI
KXPDQLW\LVFDXJKWLQWKDWH[WUHPH
$IHZHVFDSHIURPWKHZRUOGVHHLQJWKHPLVHU\WKH\VWDUWVHDUFKLQJIRUWKH
RWKHUH[WUHPHIUHHGRPPRNVKDQLUYDQD%XWWKH\EHFRPHQHXURWLFSV\FKRWLF
WKH\VWDUWOLYLQJLQWKHLURZQGUHDPV/RQHOLQHVVLVVRPXFKWKDWRQHKDVWR
FUHDWHVRPHWKLQJWREHZLWK
%RWKWKHVHH[WUHPHHIIRUWVKDYHIDLOHG+HQFHKXPDQLW\VWDQGVRQDFURVVURDGV
:KHUHWRJR"7KHSDVWKDVXWWHUO\IDLOHG$OOWKHHIIRUWVWKDWZHKDYHGRQHLQWKH
SDVWSURYHGZURQJOHGWRFXOGHVDFV1RZZKHUHWRJRZKDWWRGR"
$WLVKDKDVDQLPSRUWDQWPHVVDJHWRGHOLYHUWR\RX7KDWLVWKHPHVVDJHRIDOOWKH
EXGGKDVRIDOOWKHHQOLJKWHQHGSHRSOHRIWKHZRUOG7KH\VD\/RYHDQGIUHHGRP
DUHQRWVHSDUDWHWKLQJV\RXFDQQRWFKRRVH(LWKHU\RXZLOOKDYHWRKDYHERWKRU
\RXZLOOKDYHWRGURSERWK%XW\RXFDQQRWFKRRVH\RXFDQQRWKDYHRQH
/RYHLVWKHFLUFXPIHUHQFHIUHHGRPLVWKHFHQWHU
2QHKDVWRJURZLQVXFKGHOLFDWHEDODQFHWRZKHUHORYHDQGIUHHGRPFDQEORRP
WRJHWKHU$QGWKH\FDQEHFDXVHLQDIHZUDUHLQGLYLGXDOVLWKDVKDSSHQHG$QGLI
LWKDVKDSSHQHGWRRQO\DVLQJOHLQGLYLGXDOLQWKHZKROHKLVWRU\LWFDQKDSSHQWR
HYHU\KXPDQEHLQJ,WLV\RXUSRWHQWLDO\RXUELUWKULJKW
0HGLWDWLRQLVWKHEDODQFH
0HGLWDWLRQLVWKHELUGZLWKWZRZLQJVIUHHGRPDQGORYH
0\HIIRUWKHUHLQWKLVEXGGKDILHOGLVWRJLYH\RXERWKWKHZLQJVWRJHWKHUEHORYLQJ
DQGEHIUHHEHORYLQJDQGEHQRQSRVVHVVLYH%HIUHHEXWGRQ
WEHFRPHFROG
UHPDLQZDUPZDUPZLWKORYH
<RXUIUHHGRPDQG\RXUORYHKDYHWRJURZKDQGLQKDQGLQGHHSHPEUDFHLQD




NLQGRIGDQFHKHOSLQJHDFKRWKHU$QGWKHQWKHWRWDOPDQLVERUQZKROLYHVLQ
WKHZRUOGDQGLVQRWRIWKHZRUOGDWDOO7KHQWKHPDQLVERUQLQZKRPH[WUHPHV
PHHWDQGPHUJHDQGEHFRPHFRPSOHPHQWDULHVWKHQWKHPDQLVULFK-XVWWR
ORYHZLWKRXWIUHHGRPLVWREHLPSRYHULVKHGRUMXVWWREHIUHHZLWKRXWORYHLVWR
OLYHLQORQHOLQHVVVDGQHVVGDUNQHVV)UHHGRPLVQHHGHGIRUORYHWRJURZORYHLV
QHHGHGVRWKDWIUHHGRPFDQEHQRXULVKHG
0\VDQQ\DVLQKDVWRUHPHPEHUFRQVWDQWO\QRWWRFKRRVHEHWZHHQWKHVHWZR
%RWKKDYHWREHDEVRUEHGWRJHWKHUGLJHVWHGWRJHWKHU/RYHKDVWREHFRPH\RXU
FLUFXPIHUHQFH\RXUDFWLRQDQGIUHHGRPKDVWREHFRPH\RXUEHLQJ\RXUFHQWHU
\RXUVRXO

7KHILUVWVXWUD
<286+28/'),1')5(('20%<0($162)%27+(;$0,1$7,21$1'
,19(67,*$7,21
)UHHGRPFDQEHRIWKUHHW\SHVDQGWKRVHWKUHHW\SHVKDYHWREHXQGHUVWRRG
ZHOO7KHILUVWLVIUHHGRPIURPWKHVHFRQGLVIUHHGRPIRUDQGWKHWKLUGLVMXVW
IUHHGRPQHLWKHUIURPQRUIRU7KHILUVWIUHHGRPIURPLVDUHDFWLRQ,WLVSDVW
RULHQWHG\RXDUHILJKWLQJDJDLQVWWKHSDVW\RXZDQWWRJHWULGRILW\RXDUH
REVHVVHGZLWKLW
3V\FKRDQDO\VLVWULHVWRJLYH\RXWKLVIUHHGRPIUHHGRPIURPIURPWKHSDVW
WUDXPDVFKLOGKRRGZRXQGV3ULPDOWKHUDS\LVEDVHGEDVLFDOO\RQWKHSDVW<RX
KDYHWRJREDFNZDUGVWRIUHH\RXUVHOIIURPWKHSDVW\RXKDYHWRUHDFKWRWKH
ILUVWSULPDOVFUHDPWKHQ\RXZLOOEHIUHH6RIUHHGRPPHDQVIRUSULPDO
WKHUDS\IRUSV\FKRDQDO\VLVDQGIRURWKHUWKHUDSLHVWKDWWKHSDVWKDVWREH
GURSSHG<RXKDYHWRILJKWZLWKLW\RXKDYHWRVRPHKRZPDQDJHWRGLVHQWDQJOH
\RXUVHOIIURPWKHSDVWWKHQ\RXZLOOEHIUHH
$VIDUDVWKLVIUHHGRPLVFRQFHUQHG.DUO0DU[DQG6LJPXQG)UHXGDUHQRW
RSSRVHGWRHDFKRWKHUWKH\ERWKDJUHH.DUO0DU[VD\VRQHKDVWREHFRPHIUHH
IURPWKHSDVWDOOSDVWVRFLDOVWUXFWXUHVHFRQRPLFVWUXFWXUHV+LVDSSURDFKLV
SROLWLFDO)UHXG
VDSSURDFKLVSV\FKRORJLFDOEXWERWKDUHURRWHGLQWKHLGHDRI
IUHHGRPIURP
$OOSROLWLFDOUHIRUPVDUHUHDFWLRQVDQGZKHQ\RXUHDFW\RXDUHQHYHUIUHH7KLV
KDVWREHXQGHUVWRRG,WRQO\JLYHV\RXDQDSSHDUDQFHRIIUHHGRPEXWLWLVQHYHU
WUXHIUHHGRP2XWRIUHDFWLRQWRWDOIUHHGRPLVQRWSRVVLEOH2XWRIUHDFWLRQWUXH
IUHHGRPLVQRWSRVVLEOH$QGRQO\WRWDOIUHHGRPLVWUXHIUHHGRP
<RXFDQJRDJDLQVWWKHSDVWEXWMXVWLQEHLQJDJDLQVWLW\RXDUHFDXJKWE\LWIURP
WKHEDFNGRRU7KDW
VZK\LWKDVKDSSHQHGDJDLQDQGDJDLQWKDWZLWK
ZKRPVRHYHU\RXDUHILJKWLQJ\RXEHFRPHOLNHKLP&KRRVH\RXUHQHPLHVYHU\
FDUHIXOO\EHFDXVH\RXZLOOEHGHWHUPLQHGE\WKHP)LJKWLQJZLWKWKHP\RXZLOO
KDYHWROHDUQWKHLUVWUDWHJLHVREYLRXVO\<RXZLOOKDYHWROHDUQWKHLUWDFWLFV\RX
ZLOOKDYHWROHDUQWKHLUZD\V6ORZO\VORZO\HQHPLHVEHFRPHYHU\DOLNHPRUH
DOLNHWKDQIULHQGV
,WKDSSHQHGLQ6RYLHW5XVVLD:KHQWKHUHYROXWLRQFDPHDQGWKHFRPPXQLVWV
FKDQJHGWKHZKROHVRFLDOVWUXFWXUHWKHF]DUZDVNLOOHGDQGDVWUDQJH
SKHQRPHQRQFDPHLQWRH[LVWHQFH7KHSHRSOHZKRKDGNLOOHGWKHF]DUWXUQHGRXW
WREHJUHDWHUF]DUVWKDQWKHF]DUVWKHPVHOYHV-RVHI6WDOLQSURYHGWREHIDUPRUH




WHUULEOHWKDQ,YDQWKH7HUULEOH,YDQLVQRWKLQJFRPSDUHGWR-RVHI6WDOLQ
$QGLWLVDQDWXUDOSKHQRPHQRQ,DPQRWEODPLQJ-RVHI6WDOLQDWDOO,FDQ
XQGHUVWDQGZKDWUHDOO\KDSSHQHG,I\RXILJKWZLWKWKHF]DU\RXKDYHWROHDUQKLV
ZD\VDQGE\WKHWLPH\RXDUHWKHZLQQHU\RXKDYHOHDUQHGWKHZD\VVRVNLOOIXOO\
VRHIILFLHQWO\WKH\KDYHEHFRPH\RXUZD\V<RXVWDUWSUDFWLFLQJWKHVDPHRQ
\RXUHQHPLHV7KDW
VZK\HYHU\UHYROXWLRQKDVIDLOHG3HUVRQVFKDQJHEXWWKH
VWUXFWXUHVUHPDLQWKHVDPHEHFDXVHWKHLGHDRIIUHHGRPIURPLVEDVLFDOO\
ZURQJ
7KHVHFRQGLGHDLVIUHHGRPIRULWLVIXWXUHRULHQWHG7KHILUVWLVSROLWLFDOWKH
VHFRQGLVPRUHSRHWLFYLVLRQDU\XWRSLDQ0DQ\SHRSOHKDYHWULHGWKDWWRREXW
WKDWWRRLVQRWSRVVLEOHEHFDXVHIXWXUHRULHQWHG\RXFDQ
WOLYHLQWKHSUHVHQW
DQG\RXKDYHWROLYHLQWKHSUHVHQW<RXGRQ
WOLYHLQWKHSDVW\RXGRQ
WOLYHLQWKH
IXWXUH\RXKDYHWROLYHLQWKHSUHVHQW
9LVLRQDULHVRQO\LPDJLQH%HDXWLIXOXWRSLDVWKH\KDYHLPDJLQHGEXWWKRVHXWRSLDV
QHYHUEHFRPHUHDOLW\FDQQRWEHFRPHUHDOLW\
,I\RXUHDFWWRWKHSDVW\RXDUHGHWHUPLQHGE\WKHSDVW,I\RXIRUJHWWKHSDVW
DQGORRNDWWKHIXWXUH\RXDUHVWLOOGULYHQE\WKHSDVW\RXMXVWDUHQRWDZDUHRILW
/RRNLQJDWWKHIXWXUH\RXGUHDPEHDXWLIXOGUHDPVEXWWKH\FDQ
WFKDQJHUHDOLW\
7KHUHDOLW\UHPDLQVWKHVDPHGUHDPVDUHYHU\LQHIIHFWLYHLPSRWHQW
7KHILUVWIUHHGRPIURPLVDUHDFWLRQ7KHVHFRQGIUHHGRPIRULVUHYROXWLRQ7KH
WKLUGMXVWIUHHGRPLVUHEHOOLRQ,WLVSUHVHQWRULHQWHG7KHILUVWLVSROLWLFDOWKH
VHFRQGLVSRHWLFWKHWKLUGLVP\VWLFUHOLJLRXV
:KDWGR,PHDQZKHQ,VD\MXVWIUHHGRP"1HLWKHUIRUQRUDJDLQVWQRSDVWQR
IXWXUHMXVWEHLQJKHUHQRZMXVWOLYLQJPRPHQWWRPRPHQWZLWKQRLGHRORJ\ZLWK
QRXWRSLD
7KHUHDOVDQQ\DVLQWKHUHDOP\VWLFLVQRWDJDLQVWWKHSDVWLVQRWIRUWKHIXWXUH
+HLVVRXWWHUO\DEVRUEHGE\WKHSUHVHQWWKDWKHKDVQRWLPHQRHQHUJ\IRUWKH
SDVWDQGWKHIXWXUH7KLVLVKRZWKHUHEHOLVERUQ
7KHUHEHOLVWKHPRVWEHDXWLIXOSKHQRPHQRQLQWKHZRUOG%XGGKDLVDUHEHOVR
LV-HVXV$WLVKDLVDUHEHOVRLV.DELU7KHVHDUHUHEHOV<RXZLOOPLVXQGHUVWDQG
WKHPLI\RXWKLQNRIWKHPDVLIWKH\ZHUHUHYROXWLRQDULHVWKH\ZHUHQRW1HLWKHU
ZHUHWKH\UHDFWLRQDULHV7KHLURULHQWDWLRQLVWRWDOO\GLIIHUHQWWKHLURULHQWDWLRQLV
QRZKHUH7KH\GRQ
WOLYHIRUDQ\LGHDODQGWKH\GRQ
WOLYHDJDLQVWDQ\LGHDO
7KH\GRQ
WKDYHDQ\LGHDVQRLGHRORJ\H[LVWVLQWKHFRQVFLRXVQHVV
7KHVKHHUSXULW\RIWKLVPRPHQWWKH\OLYHLWWKH\HQMR\LWWKH\VLQJLWWKH\
GDQFHLW$QGZKHQWKHQH[WPRPHQWFRPHVWKH\OLYHWKHQH[WPRPHQWZLWKWKH
VDPHMR\ZLWKWKHVDPHFKHHUIXOQHVV7KH\PRYHPRPHQWWRPRPHQWWKH\
GRQ
WSODQDKHDG
7KDW
VZK\LQWKH(DVWZKHUHP\VWLFVKDYHEHHQDJUHDWIRUFHQRWKLQJOLNH
FRPPXQLVPKDVKDSSHQHG7KHLGHDLV:HVWHUQWKHLGHDFDQQRWEHFRQFHLYHG
WRKDYHKDSSHQHGLQWKH(DVWHUQFRQVFLRXVQHVV$QGQRWKLQJOLNHIXWXUHXWRSLDV
0RUH
V8WRSLDRURWKHUXWRSLDVWKHUHDUHVRPDQ\XWRSLDQVRFLDOLVWVQRWKLQJ
OLNHWKDWKDVKDSSHQHGHLWKHU
%XWVRPHWKLQJWRWDOO\GLIIHUHQWKDVKDSSHQHGD%XGGKDDQ$WLVKDLQGLYLGXDOV
OLYLQJPRPHQWWRPRPHQWLQVXFKVKHHUMR\WKDWWKHLUMR\LVFRQWDJLRXV
:KRVRHYHUFRPHVLQFRQWDFWZLWKWKHPLVRYHUZKHOPHGVWDUWVORRNLQJDWUHDOLW\




ZLWKQHZH\HV7KH\JLYH\RXDQHZLQVLJKWLQWRWKHKHUHQRZ7KLVLVMXVW
IUHHGRP0HGLWDWHRYHULW
7KHUHLVQRQHHGIRUDQ\SV\FKRORJ\HLWKHUDQGWKDW
VZK\SV\FKRORJ\KDVQRW
KDSSHQHGLQWKH(DVW7KHUHLVQRQHHGWRJRLQWRSDVWWUDXPDVDQGLQIDFWHYHQ
LI\RXJRLQWRSDVWWUDXPDV\RXDUHQHYHUIUHHRIWKHP0D\EH\RXEHFRPHPRUH
DFFHSWLQJPRUHXQGHUVWDQGLQJEXW\RXDUHQHYHUIUHHRIWKHP
:KDWVRHYHUWKHIRXQGHURISULPDOWKHUDS\$UWKXU-DQRYVD\VDERXWWKH
SRVWSULPDOPDQKHKDVQRWEHHQDEOHWRFUHDWHDVLQJOHSRVWSULPDOPDQ+H
KLPVHOILVQRWDSRVWSULPDOPDQ7RWDOO\IUHHIURPWKHSDVWWRWDOO\IUHHIURPSDVW
ZRXQGVLWLVQRWSRVVLEOH7KHZD\LWLVGRQHE\SV\FKRDQDO\VLVDQGNLQGUHG
WKHUDSLHVLWLVQRWSRVVLEOH7KHSDVWLVQRWWKHUH)URPZKDWDUH\RXWU\LQJWRJHW
IUHH"
,QIDFWXQGHUWKHLPSDFWRIDFKDULVPDWLFSV\FKRWKHUDSLVW\RXVWDUWFUHDWLQJD
SDVWDFFRUGLQJWRKLP7KLVKDSSHQVLI\RXJRWRWKH)UHXGLDQ\RXFUHDWHD
)UHXGLDQSDVWDQGLI\RXJRWRWKH-XQJLDQ\RXFUHDWHD-XQJLDQSDVW1RZWKLV
LVDZHOONQRZQIDFWWKDWWKHSDWLHQWVVWDUWFUHDWLQJIDQWDVL]LQJWKHSDVWWKDWLV
H[SHFWHGE\WKHWKHUDSLVW7KH-XQJLDQSDWLHQWVWDUWVJRLQJLQWRSDVWOLYHVYHU\
HDVLO\DQGVWDUWVEULQJLQJJUHDWP\VWHULHVHVRWHULFRFFXOW,WQHYHUKDSSHQHGWR
DQ\SDWLHQWZLWK)UHXG7KH)UHXGLDQSDWLHQWEULQJVZKDW)UHXGH[SHFWVOLELGR
VH[XDOIDQWDVLHVVWUDQJHVH[XDOIDQWDVLHVLQFHVWDQGDOONLQGVRIVH[XDOZRXQGV
7KH\QHYHUVXUIDFHLQ-XQJLDQSV\FKRWKHUDS\7KHSULPDOSDWLHQWVWDUWVEULQJLQJ
VFUHDPVZKLFKPD\QRWKDYHDQ\UHDOLW\
%XWSHRSOHDUHYHU\REOLJLQJLI\RXJLYHWKHPDQLGHDWKH\REOLJH\RXE\IXOILOOLQJ
LW,QIDFWWKHSDWLHQWVWDUWVIHHOLQJYHU\YHU\FRPSDVVLRQDWHWRZDUGWKHWKHUDSLVW
KHLVZRUNLQJVRKDUGSRRUIHOORZVRVRRQHURUODWHUKHVWDUWVREOLJLQJ1RZ
WKHUHDUHKXQGUHGVRISV\FKRWKHUDSLHVLQWKH:HVWDQGHDFKSV\FKRWKHUDSLVW
EHFRPHVFRQYLQFHGWKDWKHLVULJKW+LVSDWLHQWVEHIRROKLP$QGWKHVDPH
SDWLHQWVJRWRDQRWKHUSV\FKRWKHUDSLVWDQGWKH\EHIRROWKHRWKHUWRR7KH
SDWLHQWVDUHSOD\LQJDJUHDWJDPHDQGWKDWLVKDSSHQLQJXQFRQVFLRXVO\
0LQGLVVRYDVW\RXFDQDOZD\VFKRRVHDIHZIUDJPHQWVZKLFKZLOOEHVDWLVI\LQJ
WRDSDUWLFXODUSKLORVRSK\WRDSDUWLFXODUSV\FKRORJ\WRDSDUWLFXODUWKHUDS\0DQ
LVDYDVWFRQWLQHQWPDQLVQRWDVPDOOSKHQRPHQRQ,WFDQFRQWDLQPDQ\)UHXGV
PDQ\-XQJVPDQ\$GOHUV$QG\RXFDQDOZD\VFKRRVHWKHUHLVVRPXFKLQ
\RXWKDW\RXFDQDOZD\VILQGZD\VRIFKRRVLQJFHUWDLQIUDJPHQWVZKLFKILWZLWK
WKHWKHUDS\\RXDUHJRLQJWKURXJK
7KH(DVWKDVQRWFUHDWHGDQ\WKLQJOLNHFRPPXQLVPDQGLWKDVQRWFUHDWHG
DQ\WKLQJOLNHSV\FKRDQDO\VLVIRUDFHUWDLQUHDVRQ7KHUHDVRQLVWKDWWKHP\VWLF
LVQRWWU\LQJWREHIUHHIURPWKHSDVWWKHP\VWLFLVQRWWU\LQJWREHIUHHIRU
VRPHWKLQJLQWKHIXWXUH7KHP\VWLF
VHIIRUWIRUIUHHGRPZKDWKHFDOOVPRNVKD
WRWDOIUHHGRPKDVQRWKLQJWRGRZLWKWKDWZKLFKLVQRPRUHDQGKDVQRWKLQJWR
GRZLWKWKDWZKLFKLVQRW\HW+LVZKROHFRQFHUQLVWKLVPRPHQWWKLVVPDOOFU\VWDO
FOHDUPRPHQW
$QGWREHLQWKLVPRPHQWLVWREHLQPHGLWDWLRQ
7REHXWWHUO\LQWKLVPRPHQWLVWREHLQPHGLWDWLRQ
$QGZKHQPHGLWDWLRQKDSSHQV\RXZLOOVHHWZRZLQJVJURZLQJLQ\RXRQHZLOOEH
RIORYH$WLVKDFDOOVLWFRPSDVVLRQDQRWKHUZLOOEHRIIUHHGRP$QGWKH\ZLOO




ERWKVWDUWJURZLQJWRJHWKHU7KLVEULQJVIXOILOOPHQW7KHQWKHUHLVQRJUXGJHQR
UHJUHW$WLVKDLVULJKWKHVD\V
12:(9(1:+(1,',(,
//+$9(125(*5(7
/LIHKDVEHHQDIXOILOOPHQW,KDYHNQRZQLWVP\VWHULHV,KDYHORYHG,KDYHOLYHG
LQIUHHGRP,KDYHNQRZQDOOWKDWZDVQHHGHGWREHFRQWHQWHG,DPXWWHUO\
IXOILOOHG/LIHKDVEHHQIUXLWIXO/LIHKDVQRWEHHQDZDVWDJHLWKDVEHHQD
FRQVWDQWHQULFKPHQWDQG,KDYHEORRPHGDQGWKHORWXVKDVRSHQHG
7RGLHZLWK\RXULQQHUORWXVIXOO\LQEORRPWRGLHLQORYHLQIUHHGRPLVWKHSURRI
WKDWRQHKDVNQRZQOLIHLVWKHSURRIWKDWRQHKDVUHDOO\OLYHG$OORWKHUVRQO\JR
WKURXJKHPSW\JHVWXUHVWKH\DUHQRWOLYLQJ
<286+28/'),1')5(('20%<0($162)%27+(;$0,1$7,21$1'
,19(67,*$7,21
+RZWRILQGWKLVIUHHGRP"+RZWRILQGWKLVHVVHQWLDOFRUHRI\RXUEHLQJ",W
KDSSHQVLQPHGLWDWLRQ$WLVKDFDOOVPHGLWDWLRQDZDUHQHVV$QGDZDUHQHVVKDV
WREHGHYHORSHGLWLVRQO\DVHHGLQ\RXLWFDQEHFRPHDWUHH$QGWZRWKLQJVKH
VXJJHVWVZLOOEHKHOSIXORQHLVH[DPLQDWLRQDQGWKHRWKHULVLQYHVWLJDWLRQ
([DPLQDWLRQPHDQVQHYHUDOORZDQ\WKLQJWRSDVV\RXUPLQGZLWKRXWREVHUYLQJLW
PLQXWHO\6RFUDWHVLVUHSRUWHGWRKDYHVDLGWKDWDOLIHLVZRUWKOHVVLI\RXKDYHQRW
OLYHGLWWKURXJKH[DPLQDWLRQ$QXQH[DPLQHGOLIHLVDZRUWKOHVVOLIH
([DPLQDWLRQLVWKHILUVWVWHSEHFRPLQJDOHUWWRZKDWSDVVHVWKURXJK\RXUPLQG
$QGWKHUHLVFRQVWDQWWUDIILFVRPDQ\WKRXJKWVVRPDQ\GHVLUHVVRPDQ\
GUHDPVDUHSDVVLQJE\<RXKDYHWREHZDWFKIXO\RXKDYHWRH[DPLQHHDFKDQG
HYHU\WKLQJWKDWSDVVHVWKURXJKWKHPLQG1RWDVLQJOHWKRXJKWVKRXOGSDVV
XQDZDUHVEHFDXVHWKDWPHDQV\RXZHUHDVOHHS%HFRPHPRUHDQGPRUH
REVHUYDQW
$QGWKHVHFRQGVWHSLVLQYHVWLJDWLRQ)LUVWREVHUYHH[DPLQHDQGWKHQVWDUW
ORRNLQJLQWRWKHURRWV:K\GRHVDFHUWDLQWKLQJKDSSHQDJDLQDQGDJDLQ"<RX
EHFRPHDQJU\DJDLQDQGDJDLQH[DPLQDWLRQZLOOVLPSO\VKRZ\RXWKDWDQJHU
FRPHVDQGJRHV,QYHVWLJDWLRQZLOOVKRZ\RXWKHURRWVRIDQJHUIURPZKHUHLW
FRPHVEHFDXVHLWPD\EHLWLVDOPRVWDOZD\VVRWKDWDQJHULVRQO\DV\PSWRP
RIVRPHWKLQJHOVHZKLFKLVKLGGHQ,WPD\EH\RXUHJRWKDWIHHOVKXUWDQG\RX
EHFRPHDQJU\EXWWKHHJRNHHSVLWVHOIKLGLQJXQGHUJURXQG,WLVOLNHURRWVRIWKH
WUHHV\RXVHHWKHIROLDJHEXW\RXGRQ
WVHHWKHURRWV
%\H[DPLQDWLRQ\RXZLOOVHHWKHWUHHE\LQYHVWLJDWLRQ\RXZLOOVHHWKHURRWV$QG
LWLVRQO\E\VHHLQJWKHURRWVWKDWDWUDQVIRUPDWLRQLVSRVVLEOH%ULQJWKHURRWVWR
WKHOLJKWDQGWKHWUHHVWDUWVG\LQJ,I\RXFDQILQGWKHURRWRI\RXUDQJHU\RXZLOO
EHVXUSULVHGWKDWWKHDQJHUVWDUWVGLVDSSHDULQJ,I\RXFDQILQGWKHURRWRI\RXU
VDGQHVV\RXZLOOEHDJDLQVXUSULVHG
)LUVWH[DPLQHZKDWLVFRQVWDQWO\WKHUHLQ\RXUPLQGZKDWLVEHLQJUHSHDWHGDJDLQ
DQGDJDLQ<RXGRQ
WKDYHPDQ\WKRXJKWV,I\RXH[DPLQHPLQXWHO\\RXZLOOVHH
WKDW\RXKDYHRQO\DIHZWKRXJKWVUHSHDWHGDJDLQDQGDJDLQPD\EHLQQHZ
IRUPVQHZFRORUVQHZJDUPHQWVQHZPDVNVEXW\RXKDYHRQO\DYHU\IHZ
WKRXJKWV
$QGLI\RXJRLQWRLWPLQXWHO\\RXZLOOEHVXUSULVHG\RXKDYHRQHEDVLFWKRXJKW
*XUGMLHIIXVHGWRVD\WRKLVGLVFLSOHV)LUVWILQGRXW\RXUPDLQFKDUDFWHULVWLF
$QGHDFKSHUVRQKDVDPDLQFKDUDFWHULVWLFLWPD\EHJUHHGLWPD\EHDQJHULW




PD\EHVH[MHDORXV\LWPD\EHVRPHWKLQJHOVH)LQGRXWZKLFKLVWKHPDLQ
FKDUDFWHULVWLFZKLFKLVWKHFHQWHUDURXQGZKLFKDOO\RXUWKRXJKWVDQGPRRGV
PRYH,I\RXFDQILQGWKHFHQWHU\RXKDYHIRXQGWKHURRW
$QGWKHPLUDFOHLVWKDWRQFHWKHURRWLVIRXQG\RXQHHGQRWFXWLWLWLVFXWLQWKH
YHU\ILQGLQJRILW7KLVLVWKHLQQHUVHFUHWRIWUDQVIRUPDWLRQ
:DWFKDJDLQDQGDJDLQ\RXEHFRPHVDG6XGGHQO\RXWRIQRZKHUHHYHU\WKLQJ
ZDVJRLQJJRRGDQGVRPHWKLQJFOLFNVDQG\RXEHFRPHVDG$QGDJDLQLWLV
JRQHDQGE\WKHHYHQLQJLWLVEDFNDQGVRRQVRIRUWK:K\GRHVWKLVKDSSHQ"
)LUVWH[DPLQHWKHQLQYHVWLJDWH%\H[DPLQDWLRQDQGLQYHVWLJDWLRQWKHTXDOLW\
FDOOHGDZDUHQHVVZLOOEHERUQLQ\RX2QFHDZDUHQHVVLVWKHUH\RXKDYHWKH
VZRUGZKLFKFDQFXWDOOWKHURRWVRIDOOWKHGLVHDVHV$QGRQFHDZDUHQHVVLV
ERUQVORZO\VORZO\\RXDUHJHWWLQJRXWRIWKHSDVWDQGRXWRIWKHIXWXUHDQG\RX
DUHHQWHULQJWKHSUHVHQW<RXDUHEHFRPLQJPRUHSUHVHQWWRWKHSUHVHQW<RX
DUHDWWDLQLQJWRDNLQGRISUHVHQFHZKLFKZDVQHYHUWKHUH\RXDUHEHFRPLQJ
OXPLQRXV$QGLQWKLVSUHVHQFHZKHQ\RXFDQIHHOWKHPRPHQWSDVVLQJE\DOO
\RXUVHQVHVZLOOEHFRPHVRSXUHVRVHQVLWLYHVRVHQVXRXVVRDOHUWDQGDOLYH
WKDWWKHZKROHOLIHZLOOWDNHDQHZLQWHQVLW\<RXZLOODWWDLQWRDJUHDW]HVWIXOQHVV
7KHZRUOGZLOOEHWKHVDPHDQG\HWQRWWKHVDPHWKHWUHHVZLOOORRNJUHHQHUWKH
URVHVURVLHUWKHSHRSOHPRUHDOLYHPRUHEHDXWLIXOWKHVDPHZRUOGDQGWKH
SHEEOHVRQWKHVKRUHVWDUWORRNLQJOLNHGLDPRQGVDQGHPHUDOGV
:KHQDZDUHQHVVLVYHU\YHU\GHHSURRWHGZKHQ\RXDUHSUHVHQWWRWKHSUHVHQW
\RXDWWDLQWRDSV\FKHGHOLFYLVLRQRIOLIH7KDW
VZK\P\VWLFVWDONRIVRPXFK
EHDXW\DQG\RXGRQ
WILQGLW0\VWLFVWDONRILPPHQVHFHOHEUDWLRQJRLQJRQDQG
\RXGRQ
WVHHDQ\FHOHEUDWLRQDQ\ZKHUH0\VWLFVWDONRIJUHDWPXVLFEXW\RX
GRQ
WKHDUDQ\PXVLF
$QGWKHP\VWLFVDUHULJKWDJUHDWPXVLFLVSDVVLQJE\EXW\RXDUHGHDI*UHDW
EHDXW\LVDOODURXQGEXW\RXDUHEOLQG7KHZKROHH[LVWHQFHLVFHOHEUDWLQJWKLV
YHU\PRPHQWDVPXFKDVLWZDVFHOHEUDWLQJZKHQ$WLVKDZDVDOLYH([LVWHQFHLV
FHOHEUDWLRQ
%XW\RXUKHDUWLVGHDG2QO\\RXUSK\VLFDOKHDUWLVEHDWLQJ\RXUVSLULWXDOKHDUWLV
FRPSOHWHO\QRQIXQFWLRQLQJ$QGZLWKRXWLW\RXZLOOQRWEHDEOHWRVHHWKH
FHOHEUDWLRQRIOLIH+RZFDQ\RXIHHOJUDWHIXOWR*RGLI\RXGRQ
WVHHWKH
FHOHEUDWLRQ"+RZFDQ\RXIHHOWKDQNIXOWR*RGLI\RXGRQ
WVHHWKHJLIW")RUZKDW
WREHWKDQNIXO"<RXFDQRQO\EHIXOORIFRPSODLQWVUHJUHWVJUXGJHV<RXFDQ
RQO\EHDQJU\DWH[LVWHQFH:K\KDYH\RXEHHQFUHDWHGZK\WKLVVXIIHULQJ"<RX
VHHRQO\VXIIHULQJEHFDXVH\RXUH\HVFDQRQO\VHHVXIIHULQJ2WKHUZLVH
H[LVWHQFHLVDEOHVVLQJDEHQHGLFWLRQ

7KHVHFRQGVXWUD
'21
7%5$*
$WLVKDLVUHDOO\EHDXWLIXOYHU\WHOHJUDSKLF+LVVXWUDVORRNDVLIKHLVWDNLQJ
TXDQWXPMXPSVWKH\VHHPWREHXQUHODWHG7KH\DUHQRWWKHUHLVDQLQQHU
UHODWLRQVKLSEHFDXVHZKHQWKLVSV\FKHGHOLFYLVLRQKDSSHQVWR\RX\RXZLOO
VWDUWEUDJJLQJ:KHQWKLVDZDUHQHVVKDSSHQVWR\RXWKHODVWEXWRQHDVVDXOWRI
WKHHJRLVERXQGWRKDSSHQWRR,WLVLQHYLWDEOH<RXZLOOVWDUWIHHOLQJKROLHUWKDQ
WKRX<RXZLOOVWDUWPRYLQJOLNHDVDLQW\RXZLOOVWDUWIHHOLQJH[KLELWLQJWKDW\RX




DUHQRWDQRUGLQDU\PRUWDOWKDW\RXDUHH[WUDRUGLQDU\WKDW\RXDUHQRWRIWKLV
ZRUOGWKDW\RXDUHWUDQVFHQGHQWDO
$QGDOWKRXJKDOOWKHVHWKLQJVDUHULJKW$WLVKDVD\V3OHDVHGRQ
WEUDJ+HLVQRW
VD\LQJWKDW\RXDUHO\LQJ$OOWKHVHWKLQJVDUHWUXHZKHQDZDUHQHVVKDSSHQV
PLUDFOHVVWDUWKDSSHQLQJ(DFKPRPHQWEHFRPHVVXFKDPLUDFOHDQG\RXVWDUW
VRDULQJKLJK\RXVWDUWDWWDLQLQJWRQHZSHDNVLQHYHU\WKLQJ:KDWVRHYHU\RXGR
EHFRPHVVXFKDGHOLJKWDQGZKHUHYHU\RXPRYHOLIHDSSHDUVWREHVRGLYLQH
$QG\RXFDQVHHWRRWKDWZKHUHYHU\RXPRYH\RXEULQJDFHUWDLQVDFUHGQHVVWR
WKHSODFH1RWWKDWWKHVHDUHOLHVWKHVHDUHKDSSHQLQJ%XWLI\RXVWDUWEUDJJLQJ
DOOWKHVHWKLQJVZLOOGLVDSSHDUEHFDXVHWKHHJRKDVHQWHUHGLQVXFKDVXEWOH
ZD\DQG\RXFRXOGQRWH[DPLQHLWDQG\RXFRXOGQRWLQYHVWLJDWHLW
(JRZLOOULGHRQ\RXUVSLULWXDOH[SHULHQFHVQRZ2QHKDVQRZWREHYHU\FDUHIXO
7KHQRQPHGLWDWRUFDQEHFDUHOHVVKHFDQDIIRUGWREHFDUHOHVVEHFDXVHKH
KDVQRWKLQJWRORVH%XWWKHPHGLWDWRUFDQQRWEHFDUHOHVVKHKDVPXFKWRORVH
7UHDVXUHVDUHWKHUHQRZDQGWKH\FDQEHORVWZLWKLQDVHFRQG
:KHQ\RXVWDUWPRYLQJWRWKHKLJKHUUHDOPV\RXFDQIDOOYHU\HDVLO\DQGWKHIDOO
LVJRLQJWREHJUHDW,I\RXIDOOZDONLQJRQ0*5RDGWKHUHLVQRWPXFKGDQJHU
EXWLI\RXIDOOIURP(YHUHVWLWLVYHU\GDQJHURXV\RXPD\QRWVXUYLYHDWDOO
6RWKRVHZKRVWDUWPRYLQJLQWKHZRUOGRIPHGLWDWLRQKDYHWROHDUQWREHYHU\
FDUHIXO7KHSDWKLVQDUURZDQGMXVWE\WKHVLGHRIWKHSDWKLVWKHJUHDWDE\VV$
VLQJOHZURQJVWHSDQG\RXZLOOIDOODQG\RXZLOOIDOOEDGO\,WPD\WDNH\HDUVRU
HYHQOLYHVIRU\RXWRDWWDLQWRWKHVDPHKHLJKWDJDLQ$QGLI\RXIDOORQFHIURPD
FHUWDLQVSDFHWKHWHQGHQF\LVWKDWDJDLQ\RXZLOOIDOOIURPWKHVDPHVSDFHWKDW
EHFRPHV\RXUKDELW
0\REVHUYDWLRQLVWKLVWKDWPHGLWDWRUVOHDUQKDELWVRIDOZD\VIDOOLQJIURPD
FHUWDLQVWDJHVRZKHQHYHUWKDWVWDWHLVDJDLQWKHUHWKH\IDOO*UHDWHIIRUWLV
QHHGHGWRUHDFKLWDJDLQEXWQRZLWEHFRPHVDSRLQWZKHUHWKHPLQGVXGGHQO\
WDNHVWKHZURQJVWHSKDELWXDOO\PHFKDQLFDOO\6RLWLVEHWWHUWREHDZDUHZKHQ
IRUWKHILUVWWLPH\RXDUHPRYLQJKLJKVRQRKDELWRIIDOOLQJLVFUHDWHGLQ\RX
'21
7%5$*
6SLULWXDOH[SHULHQFHVVKRXOGQRWEHWDONHGDERXW,IDJUHDWQHHGDULVHVLQ\RXWR
WDONDERXWLW\RXFDQJRWR\RXUPDVWHU\RXFDQVKDUHZLWK\RXUPDVWHU7KHUHLV
QRGDQJHULQLWEHFDXVHVKDULQJZLWKWKHPDVWHULVDOZD\VKHOSIXO,QWKHILUVW
SODFHZKDWVRHYHU\RXEULQJWRWKHPDVWHUKHZLOOPDNH\RXIHHOWKDWLWLVQRWKLQJ
'RQ
WEHVWXSLGWKLVLVMXVWEXOOVKLW)RUJHWDOODERXWLW(YHQLI\RXEULQJQLUYDQD
WRKLPKHZLOOVD\7KLVLVQRWKLQJWKURZLWRXW/HDYHLWZKHUH\RXOHDYH\RXU
VKRHVHYHQQLUYDQD
7KDWLVRQHRIWKHVHFUHWVRIWKHPDVWHULQKLVZRUNRQWKHGLVFLSOH+HZLOOQHYHU
SDW\RXUEDFNKHZLOOQHYHUVD\*UHDW<RXDUHVRJUHDW\RXKDYHDWWDLQHG
6HFRQGO\KHZLOODOZD\VPDNH\RXEHDZDUHWKDWH[SHULHQFHVKRZVRHYHU
EHDXWLIXODUHVWLOOH[SHULHQFHV7KHUHDOLVQRWWKDWZKLFKLVH[SHULHQFHGEXWWKH
RQHZKRH[SHULHQFHV+LVHPSKDVLVZLOODOZD\VEHWRZDUGVWKHZLWQHVVWRZDUGV
WKHLQQHUVXEMHFWLYLW\QRWWRZDUGVWKHREMHFW
6RPHERG\VHHVJUHDWOLJKWDQGLWLVUHDOO\DJUHDWUHMRLFLQJZKHQ\RXVHHLQQHU
OLJKW<RXGRQ
WZDONRQWKHHDUWK\RXDUHVRGHOLJKWHG\RXORVHDOOZHLJKW
JUDYLWDWLRQQRORQJHUIXQFWLRQVRQ\RX<RXIHHODVLILI\RXZDQW\RXFDQIO\




%XWLI\RXJRWRWKHPDVWHUKHZLOOVD\6RZKDW"7KLVKDSSHQVWRHYHU\ERG\
7KLVLVQRWKLQJVSHFLDORWKHUVDUHGRLQJIDUEHWWHU7KLVLVRQO\DQH[SHULHQFH
DQGH[SHULHQFHPHDQVVRPHWKLQJRXWVLGH5HPHPEHUWKHH[SHULHQFHU
UHPHPEHUWKHRQHZKRLVH[SHULHQFLQJWKHOLJKW<RXDUHQRWLW\RXDUHWKH
ZLWQHVVRILW<HVOLJKWLVWKHUHEXW\RXDUHQRWLW<RXDUHWKHRQHZKRKDVVHHQ
WKHOLJKW5HPHPEHUWKHVHHU
0DVWHUVDUHJUHDWDUWLVWVLQSXOOLQJOHJV<RXPD\JRVWDQGLQJXSULJKWDQGWKH\
ZLOOSXOO\RXUOHJDQG\RXZLOOIDOOIODWRQWKHJURXQG$QGWKHQH[WWLPHZKHQ
VRPHJUHDWVSLULWXDOH[SHULHQFHKDSSHQV\RXZLOOEHDIUDLGHYHQWRJRWRWKH
PDVWHUDQGWHOODERXWLW7KLVLVYHU\HVVHQWLDO
$QGWKHWKLUGWKLQJWKHUHDUHWKLQJVZKLFKLI\RXWDONDERXWWKHPLI\RXVWDUW
H[KLELWLQJWKHPWKHHQHUJ\WKDWLVQHHGHGWRQRXULVKWKHPVWDUWVPRYLQJLQWR
H[KLELWLQJWKHP
7KHVHHGQHHGVWREHKLGGHQLQWKHVRLO,WVKRXOGQRWEHEURXJKWRXWDJDLQDQG
DJDLQLI\RXEULQJLWRXW\RXZLOONLOOLW$QGWKHVHVSLULWXDOH[SHULHQFHVDUHOLNH
JUHDWVHHGV7KHGLVFLSOHKDVWROHDUQWKHDUWRINHHSLQJVHFUHWV7KLVLVRQHRI
WKHYHU\HVVHQWLDOSDUWVRIEHLQJZLWKDPDVWHUWKHFDSDFLW\WRNHHSVHFUHWV

,KDYHKHDUGDPDQZDVLQVHDUFKRIDPDVWHUZKRKDVDWWDLQHGWRWKHXOWLPDWH
VHFUHW+HZHQWWRPDQ\EXWZDVIUXVWUDWHGILQDOO\GLVDSSRLQWHG7KHQKHKHDUG
WKDWIDUDZD\GHHSLQWKHGHVHUWWKHUHLVDQROGPDQZKRKDVDWWDLQHGWRWKH
XOWLPDWHVHFUHWEXWWRSHUVXDGHKLPLVYHU\GLIILFXOWKHGRHVQRWDFFHSWGLVFLSOHV
HDVLO\
7KLVPDQZDVFKDOOHQJHG+HVROGDOOWKDWKHKDGDQGWUDYHOHGWRWKHGHVHUW,W
WRRNWKUHH\HDUVIRUKLPWRUHDFKWKHUH8WWHUO\WLUHGZHDU\RIWKHZKROHVHDUFK
PDQ\WLPHVKHKDGGHFLGHGWRWXUQEDFNEXWLWZDVDJDLQVWKLVHJRWKHHJRRI
WKHVHHNHU:KDWZLOOSHRSOHVD\"%DFNKRPHWKH\ZLOOODXJKDQGWKH\ZLOOVD\

:HKDGWROG\RXVREHIRUH

6RKHSHUVLVWHGSHUVHYHUHGDQGILQDOO\UHDFKHG<HVWKHROGPDQKDG
VRPHWKLQJLWZDVVRDSSDUHQWLWZDVVRWUDQVSDUHQW+HKDGVHHQPDQ\
PDVWHUVEXWDOOERJXVKRFXVSRFXVWKLVPDQKDGVRPHWKLQJ+HORRNHGLQWRWKH
H\HVRIWKHROGPDQDQGKHVDZVXFKGHSWKDVKHKDGQHYHUVHHQ
7KHROGPDQZDVVLWWLQJXQGHUDWUHHDQGWKHZKROHYLEHDURXQGWKHWUHHZDVVR
LPPHQVHWKDWWKHPDQZDVRYHUZKHOPHG+HVWDUWHGIHHOLQJGUXQN+HIHOODWWKH
IHHWRIWKHROGPDQDQGVDLG,KDYHFRPHWRILQGWKHXOWLPDWHVHFUHW&DQ\RX
WHOOLWWRPH"
$QGWKHPDVWHUVDLG7KHQIRUWKUHH\HDUV\RXZLOOKDYHWREHVLOHQWQRWDVLQJOH
ZRUGKDVWREHXWWHUHG6HUYHPHIRUWKUHH\HDUVLQDEVROXWHVLOHQFH,I\RXFDQ
PDQDJHWKDWWKHQ,FDQWHOO\RXWKHVHFUHWEHFDXVHWKHVHFUHWKDVWREHNHSW
6(&5(7,I\RXFDQPDQDJHVLOHQFHIRUWKUHH\HDUVWKDWZLOOEHDQLQGLFDWLRQ
WKDW\RXDUHFDSDEOHRINHHSLQJVRPHWKLQJZLWKLQ\RXUVHOI
7KHPDQDJUHHG7KRVHWKUHH\HDUVZHUHUHDOO\ORQJDOPRVWOLNHWKUHHOLYHV
GHVHUWQRERG\HOVHMXVWWKLVROGPDQDQGVLOHQFHWKHVLOHQFHRIWKHGHVHUW
WKHVLOHQFHRIWKHROGPDQDQGWKUHH\HDUV,WDSSHDUHGDVLIPDQ\PDQ\\HDUV
KDGSDVVHG:KHQWKHWKUHH\HDUVZHUHRYHUWKHPDQDVNHG1RZVLUWKUHH
\HDUVDUHRYHU7HOOPHWKHVHFUHW




7KHPDVWHUVDLG1RZ\RXKDYHWRPDNHDSURPLVHWKDW\RXZLOOQHYHUWHOOWKLV
VHFUHWWRDQ\ERG\QHYHU1(9(5$QDEVROXWHSURPLVHLVQHHGHG
7KHPDQVDLG,SURPLVH,SURPLVHWR\RX,SURPLVHWR*RGZLWKP\ZKROH
KHDUWWKDWQHYHUZLOO,UHYHDOWKLVVHFUHWWRDQ\ERG\
7KHROGPDQVWDUWHGODXJKLQJ+HVDLG7KDW
VJRRG6RZKDWGR\RXWKLQNLI\RX
FDQNHHSLWDVHFUHWIRU\RXUZKROHOLIHFDQQRW,"7KLVLVWKHSURPLVHWKDW,KDYH
JLYHQWRP\RZQPDVWHU,FDQQRWUHYHDOLW%XW,ZLOOWHOO\RXRQHWKLQJKHVDLG
7KHVDPHWKLQJKDSSHQHGZLWKP\PDVWHU7KUHH\HDUV,KDGUHPDLQHGVLOHQW
DQGLWZDVDVORQJDVLWKDVEHHQORQJWR\RX$QGWKHQWKHGD\FDPHDQG,ZDV
VRKDSS\WKDWIRUWKUHH\HDUV,KDGNHSWVLOHQW([DFWO\WKHVDPHWKLQJKDSSHQHG
,DVNHGKLPDERXWWKHVHFUHWDQGKHVDLG
3URPLVHWKDW\RXZLOOQHYHUUHYHDOWKH
VHFUHWWRDQ\ERG\
,SURPLVHGDQGKHODXJKHGWKHZD\,KDYHODXJKHGDQGKH
VDLG
6RZKDWGR\RXWKLQNLI\RXFDQNHHSLWDVHFUHWFDQQRW,"

6RLQIDFWWKHUHLVQRVHFUHW7KHZKROHDUWLVRINHHSLQJLWLWLVQRWDTXHVWLRQRI
WKHVHFUHW0\RZQXQGHUVWDQGLQJLVWKDWWKHVDPHKDVEHHQKDSSHQLQJDJDLQ
DQGDJDLQ7KLVPXVWKDYHKDSSHQHGZLWKP\PDVWHUDQGKLVPDVWHUDQGVRRQ
VRIRUWK7KHUHVHHPVWREHQRVHFUHWEXWZHKDYHOHDUQHGDORWE\NHHSLQJLW
6HHWKHSRLQWLI\RXFDQNHHSDVHFUHWZKHWKHUWKHVHFUHWLVZRUWKNHHSLQJRU
QRWWKDWLVQRWWKHSRLQW:KHWKHUWKHUHLVDVHFUHWRUQRWWKDWLVQRWWKHSRLQW
7KHPDVWHUPD\KDYHZKLVSHUHGLQ\RXUHDUWKDW7ZRSOXVWZRLVIRXUQRZNHHS
LWDVHFUHW7KDWZLOOGRLWLVQRWDTXHVWLRQRIZKDWLWLVWKHTXHVWLRQLVFDQ\RX
NHHSVRPHWKLQJLQVLGH\RX"
-XVWWKHRWKHUQLJKW,ZDVWHOOLQJ5DGKD1RZ\RXKDYHWRNHHSWKLVDVHFUHW,
KDYHQRWWROGDQ\VHFUHWWRKHUEXWVKHKDVSURPLVHG<HVVKHVDLG,ZLOO
NHHSLW,WROGKHU<RXDUHDJRVVLSRQHRIWKHJUHDWHVWJRVVLSHUVLQWKH
FRPPXQHVR\RXKDYHWRNHHSLWDVHFUHW$QGVKHKDVSURPLVHG,GRQ
WNQRZ
ZKDWVHFUHWVKHKDVSURPLVHGIRUEXWQRZVKHKDVWRNHHSLW7KHDUWLVLQ
NHHSLQJLW
'21
7%5$*
'RQ
WH[KLELW$QDWXUDOWHQGHQF\RIWKHPLQGLVWRH[KLELW$QGZKHQ\RXKDYH
VRPHWKLQJVSHFLDOIRUH[DPSOH\RXFDQUHDGVRPHERG\
VWKRXJKWVLWLVYHU\
QDWXUDOWRJRDQGVKRZLWWRSHRSOH
2QFHD0RKDPPHGDQ\RXQJPDQZDVZLWKPHIRUPDQ\\HDUVDYHU\VWXEERUQ
IHOORZDQGZKDWVRHYHU,JDYHKLPWRGRKHZRXOGSXWKLVZKROHHQHUJ\LQWRLW
7KHQRQHGD\LWKDSSHQHGWKDWKHVWDUWHGUHDGLQJSHRSOH
VWKRXJKWV,WZDVYHU\
GLIILFXOWIRUPHWRNHHSKLPVLOHQWDERXWLW$QGWKLVLVWUHVSDVVWRUHDGDQ\ERG\
V
WKRXJKWVLWLVHQWHULQJLQWRKLVSULYDF\
%HFDXVH,WROGKLPWRNHHSLWWRKLPVHOIQHYHUWRSUDFWLFHLWKHNHSWLW2XWRI
NHHSLQJLWDVHFUHWDQGQRWH[KLELWLQJDQGQRWSUDFWLFLQJLWDQRWKHUTXDOLW\DURVH
RXWRILWKHEHFDPHDEOHWRSXWDWKRXJKWLQ\RXUPLQGYHU\HDVLO\ZLWKRXW\RXU
NQRZLQJ:KDWVRHYHUKHZRXOGOLNHWRSXWLQ\RXUPLQG\RXZRXOGLPPHGLDWHO\
DFWDFFRUGLQJO\+HEHFDPHDNLQGRI'HOJDGRDQGZLWKRXWDQ\HOHFWURGHV+H
GLVFRYHUHGLWVXGGHQO\
,KDGVHQWKLPIRUDMRXUQH\KHZDVVLWWLQJRQDEXVDQGMXVWWKHLGHDMXVWWKH
LGHDVXGGHQO\FDPHLQKLVPLQGLIKHFDQUHDGSHRSOH
VWKRXJKWVFDQQRWKHSXW
DWKRXJKWLQVRPHERG\
VPLQG"RXWRIQRZKHUH"




%HFDXVH,KDGQRWWROGKLPDQ\WKLQJDERXWLWKHWULHG+HMXVWWULHGZLWKWKH
SHUVRQZKRZDVVLWWLQJLQWKHVHDWDKHDGRIKLP)DOOGRZQIURP\RXUVHDW
DQGWKHPDQIHOOGRZQ+HKLPVHOIZDVVKRFNHGEXWWKHQKHWKRXJKWLWPD\EH
MXVWDFRLQFLGHQFHWKHPDQZDVMXVWJRLQJWRIDOOGRZQ6RKHWULHGRQDQRWKHU
DQGDJDLQLWKDSSHQHG+HEHFDPHVRDIUDLGDQGWKHLGHDVWDUWHGWRUWXULQJKLP
:K\QRWWDNHWKHZKROHEXVGRZQWKHKLOO"+HKDGWRVWRSWKHGULYHUDQGJHW
GRZQIURPWKHEXVLQWKHPLGGOHRIWKHMRXUQH\
+HFDPHEDFNWRPHDQGKHVDLG7KLVLVYHU\GDQJHURXV,WULHGRQWZR
SHUVRQVLWZRUNHGDQGWKHQWKHLGHDFDPHWRPH
:K\QRWWU\ZLWKWKHZKROH
EXV"

,I\RXHQWHULQWRWKHZRUOGRIPHGLWDWLRQWKHVHDUHVPDOOWKLQJVZKLFKVWDUW
KDSSHQLQJ$YRLGWKHPQHYHUXVHWKHPQHYHUH[KLELWDQGGRQ
WWDONDERXWWKHP
EHFDXVHLI\RXWDONSHRSOHZLOOVD\1RZVKRZVRPHSURRI,I\RXWDONDERXW
WKHPWKH\ZLOODVNIRUWKHSURRI7KHQ\RXZLOOVWDUWSUDFWLFLQJWKHPDQGVRRQ\RX
ZLOOORVHWKHHQHUJ\
7KHHQHUJ\LVQHHGHGIRULQQHUQRXULVKPHQW:KHQVRPHWKLQJLVJURZLQJLQ\RX
WKHZKROHHQHUJ\KDVWREHWXUQHGLQWRPDQXUH'RQ
WXVHLWRXWVLGHLQDQ\ZD\
7KHEHVWZD\WREHJLQLV'21
7%5$*

7KHWKLUGVXWUD
'21
7%(&21680('%<-($/286<
1RZ\RXZLOOEHDWDORVVWRILQGWKHUHODWLRQVKLSEXWLWLVWKHUH$WLVKDLVVD\LQJ
WKDW\RXPD\QRWEUDJEXWRWKHUVPD\EUDJWKHQMHDORXV\ZLOODULVH2WKHUVPD\
VWDUWVKRZLQJWKHLUVSLULWXDOSRZHUVDQGE\VKRZLQJWKHLUVSLULWXDOSRZHUVWKH\
PD\EHZRUVKLSSHGE\SHRSOHUHVSHFWHGE\SHRSOHWKRXJKWWREHJUHDWVDLQWV
<RXDUHKROGLQJDVHFUHWLQ\RXUKHDUWDQG\RXNQRZ\RXFDQGRJUHDWHU
PLUDFOHVWKDQWKH\FDQGR7KH\DUHEHLQJZRUVKLSSHGE\SHRSOHDQGQRERG\
NQRZVDQ\WKLQJDERXW\RX\RXDUHMXVWDQRERG\-HDORXV\PD\DULVHDQGLI
MHDORXV\DULVHVWKDWLVWKHQHJDWLYHSDUWRIEUDJJLQJ7KHQVRRQHURUODWHU\RX
ZLOOVWDUWEUDJJLQJ
2QHPRUHSRLQWWREHXQGHUVWRRG,WKDSSHQVWKDWZKHQIRUWKHILUVWWLPHD
PHGLWDWRUDWWDLQVWRVRPHSV\FKLFHQHUJ\VRPHSV\FKLFSRZHUWKHWHQGHQF\D
QDWXUDOWHQGHQF\LVWRH[KLELWLW$QGLIKHH[KLELWVVRRQHURUODWHUKHZLOOORVHWKH
SRZHU7KHQDJUHDWSUREOHPDULVHVKHFDQQRWGRLWQRZEXWQRZKHKDV
UHVSHFWDELOLW\+HLVZRUVKLSSHGDQGSHRSOHH[SHFWKLPWRGRPLUDFOHV1RZZKDW
LVKHJRLQJWRGR"+HZLOOKDYHWRWXUQWRPDJLFKHZLOOKDYHWRVWDUWOHDUQLQJ
WULFNVWRPDLQWDLQKLVSUHVWLJH
7KDW
VZKDWKDSSHQHGWR6DW\D6DL%DEDDQGSHRSOHOLNHWKDW7KHILUVWWKLQJV
WKDWWKH\KDGGRQHZHUHUHDOWKHILUVWIHZH[SHULPHQWVWKDWWKH\KDGGRQHZHUH
QRWSKRQ\%XWWKHQWKHHQHUJ\GLVDSSHDUV$QGE\WKDWWLPH\RXKDYHEHFRPH
IDPRXVDQGSHRSOHVWDUWJDWKHULQJIRROLVKSHRSOHVWXSLGSHRSOHDQGWKH\
H[SHFW\RXDQG\RXUZKROHHJRGHSHQGVRQ\RXUH[KLELWLRQ
1RZWKHRQO\SRVVLEOHDOWHUQDWLYHLVWROHDUQPDJLFWULFNVVRWKDW\RXFDQJRRQ
PDLQWDLQLQJ\RXUSUHVWLJH,I\RXEUDJVRRQHURUODWHU\RXZLOOEHFRPHDYLFWLPRI
PDJLFDOWULFNV<RXZLOOKDYHWROHDUQDQGGHFHLYHSHRSOH
'RQ
WEHMHDORXVEHFDXVHLI\RXDUHMHDORXVLWZLOOEHLPSRVVLEOHIRU\RXWRNHHS




WKHVHFUHWORQJ
$QGWKHIRXUWK
'21
7$&7&$35,&,286/<
'RQ
WLUULWDWHSHRSOHXQQHFHVVDULO\E\SUHWHQGLQJWREHKROLHUWKDQRWKHUVE\
SUHWHQGLQJWREHVDLQWO\E\SUHWHQGLQJWREHVSHFLDO'RQ
WLUULWDWHSHRSOHGRQ
W
DFWLQVXFKZD\V:K\"EHFDXVHGLIILFXOWLHVDUHJRLQJWRDULVHRQWKHLURZQVR
GRQ
WSOHDVHDGGWRWKHP
<RXUYHU\SUHVHQFHLVJRLQJWRFUHDWHWURXEOHVIRU\RXVRDWOHDVWDYRLGDVPXFK
DVSRVVLEOHLUULWDWLQJSHRSOH,I\RXSUHWHQGWREHKROLHUWKHQ\RXZLOOFUHDWH
FRPSHWLWRUV,I\RXSUHWHQGWKDW\RXDUHVSHFLDOWKHQWKHUHZLOOEHRWKHUVZKRZLOO
GHQ\$UJXPHQWDWLRQVZLOODULVHXQQHFHVVDU\FRQWURYHUVLHVHQPLWLHV
$WLVKDLVVD\LQJWKLVIRUDYHU\VSHFLDOUHDVRQ7KHVSHFLDOUHDVRQLVWKDWWKHYHU\
SUHVHQFHRIDSHUVRQZKRKDVVRPHVSLULWXDOTXDOLW\LVHQRXJKWRFUHDWHWURXEOH
IRUKLPEHFDXVHEOLQGSHRSOHGRQ
WOLNHSHRSOHZLWKH\HV7KRVHZKRKDYHOLYHG
DOZD\VLQGDUNQHVVGRQ
WOLNHSHRSOHZKREULQJOLJKWWRWKHPWKH\KDWHWKHP
EHFDXVHWKHSUHVHQFHRIDPDQRIOLJKWLVLQVXOWLQJLWPDNHVWKHPIHHOLQIHULRU
$QGWKLVKDSSHQVRILWVRZQDFFRUGVRSOHDVHGRQ
WLQDQ\ZD\GRDQ\WKLQJWR
HQKDQFHLWPRUH(YHQLI\RXNHHSHYHU\WKLQJVHFUHWDIHZSHRSOHDUHJRLQJWR
NQRZDERXWLW,WVSUHVHQFHLVVXFKWKDWDIHZSHRSOHDUHERXQGWRILQG\RX(YHQ
LI\RXHVFDSHWRWKH+LPDOD\DVDIHZSHRSOHDUHERXQGWRVHDUFKDQGVHHN\RX
RXWEHFDXVHWKHUHDUHVHHNHUV7KHUHDUHSHRSOHZKRDUHYHU\VHQVLWLYHWKHUH
DUHSHRSOHZKRKDYHEHHQORRNLQJIRUOLYHVIRUVRPHWKLQJWRKDSSHQLQWKHLUOLIH
<RXZLOOEHFRPHNQRZQ7KHUHLVQRQHHGWREUDJWKHUHLVQRQHHGWREHMHDORXV
7U\WRKLGH\RXUVHOIDVPXFKDV\RXFDQVWLOO\RXZLOOEHFRPHNQRZQ
<RXFDQQRWKLGHDOLJKWXQGHUQHDWKDEXVKLWZLOOVKRZ<RXFDQQRWKLGHDOLJKW
LWZLOOUDGLDWH$QGRQFHVHHNHUVVWDUWJDWKHULQJDURXQG\RXDQGGLVFLSOHVFRPH
DQGGHYRWHHVFRPHWKHVRFLHW\DWODUJHLVJRLQJWREHYHU\LUULWDWHGZLWK\RXWKH
VRFLHW\LVJRLQJWREHDQJU\ZLWK\RX7KHVRFLHW\ZLOOWU\WRGHVWUR\\RXDQG\RXU
ZKROHZRUNDQG\RXUZKROHFRPPXQH
:K\"EHFDXVH\RXDUHXQGHUPLQLQJWKHVRFLHW\\RXDUHFXWWLQJLWVYHU\URRWV
,WOLYHVLQDPELWLRQDQG\RXDUHWHDFKLQJDQRQDPELWLRXVOLIH,WOLYHVLQ
0DFKLDYHOOLDQZD\VDQG\RXDUHWHDFKLQJWKHZD\VRIWKH%XGGKD,WOLYHV
WKURXJKMHDORXV\YLROHQFHSRVVHVVLYHQHVVDQG\RXDUHWHDFKLQJORYH<RXDUH
XQGHUPLQLQJLWVYHU\IRXQGDWLRQ\RXDUHGHVWUR\LQJLWVYHU\URRWV,WFDQQRW
IRUJLYH\RXLWZLOOWDNHUHYHQJH6RLWLVEHWWHUWREHYHU\FDXWLRXV
'21
7(;3(&77+$1.6
,WLVQDWXUDOZKHQ\RXDWWDLQFORVHUDQGFORVHUWR*RGLWLVYHU\QDWXUDOWRIHHO
WKDWSHRSOHZLOOEHWKDQNIXOWR\RX<RXDUHEULQJLQJDJLIWWRWKHPWKHJUHDWHVW
JLIWWKHUHLVWKHJLIWRI*RG,WLVYHU\QDWXUDOWRIHHOWKDWSHRSOHZLOOEHWKDQNIXOWR
\RX'RQ
WH[SHFWLWH[SHFWMXVWWKHFRQWUDU\WKDWSHRSOHZLOOQHYHUEHDEOHWR
IRUJLYH\RX7KHJUHDWHUWKHJLIW\RXEULQJWRWKHPWKHJUHDWHUZLOOEHWKHLUDQJHU
7KH\ZLOOFUXFLI\\RXWKH\ZLOOSRLVRQ\RXH[SHFWWKLQJVOLNHWKDW
(YHQ-HVXVZDVQRWH[SHFWLQJWKDWVRPXFKWRUWXUHZDVJRLQJWREHGRQHWRKLP
WKDWVRPXFKVXIIHULQJZDVJRLQJWREHFUHDWHGIRUKLP)URPWKHFURVVKH
VKRXWHGWR*RG+DYH\RXIRUVDNHQPH":K\":K\LVWKLVKDSSHQLQJWRPH"
:KDWZURQJKDYH,GRQH"'HHSGRZQVRPHZKHUHKHZDVQRWH[SHFWLQJWKDW




FUXFLIL[LRQZDVJRLQJWRKDSSHQ
$WLVKDLVYHU\FOHDULQKLVDGYLFHWRKLVGLVFLSOHV
'21
7(;3(&77+$1.6
2QWKHFRQWUDU\H[SHFWWKDWSHRSOHZLOOEHDQJU\LUULWDWHGUHYHQJHIXOWKH\ZLOO
EHFRPHDQWDJRQLVWLFWR\RX+RSHIRUWKHEHVWDQGH[SHFWWKHZRUVW,IWKH\GRQ
W
NLOO\RXEHWKDQNIXOWRWKHP
$GLVFLSOHRI%XGGKDZDVJRLQJWRVSUHDGKLVPDVWHU
VZRUG%XGGKDDVNHGKLP
:KHUHZLOO\RXEHJRLQJLQZKDWGLUHFWLRQWRZKDWSURYLQFH"$QGKHVDLGWKDW
KHZDVJRLQJWRDUHPRWHFRUQHURI%LKDULWZDVFDOOHG6XNKDEHFDXVHQR
RWKHUGLVFLSOHRI\RXUVKDVHYHUJRQHWRWKDWSDUW
%XGGKDVDLG%HIRUH\RXGHFLGHDQVZHUWKUHHTXHVWLRQV)LUVWGR\RXNQRZWKH
SHRSOHRIWKDWSURYLQFHDUHYHU\YLROHQWHDVLO\LUULWDEOHPXUGHURXV",WLV
GDQJHURXVWRJRWRWKHPWKDW
VZK\QRRWKHUGLVFLSOHKDVHYHQWKRXJKWRIJRLQJ
WRWKHP,IWKH\LQVXOW\RXDQGWKH\DUHJRLQJWRLQVXOW\RXKRZDUH\RXJRLQJWR
UHVSRQG":KDWZLOOKDSSHQLQ\RXUKHDUW"
$QGWKHGLVFLSOHVDLG<RXNQRZSHUIHFWO\ZHOOZKDWZLOOKDSSHQLQP\KHDUW
EHFDXVH\RXNQRZP\KHDUWEHFDXVH\RXDUHP\KHDUW:K\VXFKXQQHFHVVDU\
TXHVWLRQV"%XWEHFDXVH\RXDVN,KDYHWRDQVZHU,IWKH\LQVXOWPHGHHSGRZQ
LQP\KHDUW,ZLOOIHHOWKDQNIXOWRWKHPWKDWWKH\RQO\LQVXOWPHWKH\FRXOGKDYH
EHDWHQPH
%XGGKDVDLG1RZWKHVHFRQGTXHVWLRQ7KH\ZLOOEHDW\RX\RXDUHJRLQJWREH
EHDWHQ7KHQZKDWZLOOKDSSHQWR\RX"7KHQZKDWZLOO\RXWKLQN"
7KHGLVFLSOHVDLG<RXNQRZSHUIHFWO\ZHOO,ZLOOEHWKDQNIXOWRWKHPEHFDXVH,
ZLOOWKLQNWKH\DUHRQO\EHDWLQJPHZKHQWKH\FRXOGKDYHNLOOHGPH
%XGGKDVDLG1RZWKHWKLUGTXHVWLRQ7KH\FDQNLOO\RX$QGLIWKH\NLOO\RXZKDW
ZLOOKDSSHQWR\RX":KDWZLOO\RXWKLQNLQ\RXUKHDUW"
7KHGLVFLSOHVDLG<RXNQRZSHUIHFWO\ZHOO\RXDUHXQQHFHVVDULO\DVNLQJPH
%XWEHFDXVH\RXDVN,KDYHWRDQVZHU,IWKH\NLOOPHZKLOH,DPEHLQJNLOOHG,
ZLOOEHWKDQNIXOEHFDXVHWKH\KDYHJLYHQPHDEHDXWLIXORSSRUWXQLW\WKHJUHDWHVW
FKDOOHQJH
&DQ\RXEHWKDQNIXOHYHQWRWKRVHZKRDUHNLOOLQJ\RX"7KHJUHDWHVWFKDOOHQJH
,ZLOOEHWKDQNIXOWRWKHPEHFDXVHWKH\DUHNLOOLQJPHDQGWDNLQJP\OLIHDZD\
IURPPHDOLIHLQZKLFK,PD\KDYHFRPPLWWHGVRPHZURQJ1RZWKHUHLVQR
SRVVLELOLW\,ZLOOQHYHUFRPPLWDQ\ZURQJ$OLIHLQZKLFK,PD\KDYHIDOOHQIURP
P\DZDUHQHVVQRZWKH\DUHWDNLQJWKDWOLIHDZD\IURPPH,FDQQRWIDOOIURPP\
DZDUHQHVVDQ\PRUH,ZLOOEHWKDQNIXOWRWKHPXWWHUO\WKDQNIXOEHFDXVHZKHQ
VRPHERG\LVEHLQJNLOOHGLIKHFDQUHPDLQDOHUWWKDWLVKLVODVWOLIHKHZLOOQRWEH
FRPLQJEDFNWRWKHHDUWK,ZLOOWKLQNWKH\DUHP\IULHQGVWKH\DUHGHOLYHULQJPH
IURPERQGDJH,ZLOODOZD\VUHPHPEHUWKHPZLWKWUHPHQGRXVJUDWLWXGHLQP\
KHDUW
%XGGKDVDLG1RZ\RXFDQJRZKHUHYHU\RXZDQWEHFDXVHZKHUHYHU\RXJR
\RXZLOOEHDEOHWRUDGLDWHP\HQHUJ\<RXZLOOEHDEOHWRVKDUHP\ORYHDQGP\
FRPSDVVLRQDQG\RXZLOOEHDEOHWRPDNHSHRSOHDOHUWDZDUH<RXDUHUHDG\
$WLVKDVD\V'21
7(;3(&77+$1.62QWKHFRQWUDU\EHWKDQNIXOLI
VRPHWKLQJZURQJLVEHLQJGRQHWR\RX7KDWLVQDWXUDO\RXVKRXOGNQRZZHOO\RX
VKRXOGH[SHFWLW,ILWGRHVQ
WKDSSHQWKDWLVDPLUDFOH,I-HVXVLVQRWFUXFLILHGLI




6RFUDWHVLVQRWSRLVRQHGLI0DKDYLUDLVQRWEHDWHQDJDLQDQGDJDLQLIPDQ\
HIIRUWVDQGDWWHPSWVDUHQRWPDGHRQ%XGGKD
VOLIHWKDWZLOOEHDPLUDFOH7KHVH
WKLQJVKDYHWREHH[SHFWHG7KDW
VKRZWKHJUHDWHUSDUWRIKXPDQLW\OLYHVLQ
GDUNQHVVLQVXFKGDUNQHVVIURPWKHLUGDUNQHVV\RXFDQQRWH[SHFWPRUH
7+,648,17(66(17,$/(/,;,52)$'9,&(%<:+,&+7+($'9$1&(0(17
2)7+(),9('(&$<,6&+$1*(',1727+(%2'+,3$7+,6
75$160,77('7+528*+'+$50$.,57,
7KHRULJLQDOPDVWHULV*DXWDPDWKH%XGGKDEXW$WLVKD
VPDVWHULV'KDUPDNLUWL
7KHGLVFLSOHQHYHUIRUJHWVWKHPDVWHUHYHQZKHQKHKLPVHOIEHFRPHV
HQOLJKWHQHG7KHQWRRKLVJUDWLWXGHUHPDLQVLQIDFWLWJURZVLWEHFRPHVWRWDO
DEVROXWH$WLVKDUHPHPEHUVKLVPDVWHU'KDUPDNLUWL,WZDV'KDUPDNLUWLZKRWROG
KLPWRJRWR'KDUPDUDNVKLWDWROHDUQVRPHWKLQJPRUHDQGLWZDV'KDUPDNLUWL
ZKRWROGKLP$IWHU'KDUPDUDNVKLWD\RXJRWR<RJLQ0DLWUH\DWROHDUQVRPHWKLQJ
PRUH%XWKHZDVIROORZLQJWKHJXLGDQFHRIKLVPDVWHU'KDUPDNLUWL
'KDUPDNLUWLLVRQHRIWKHYHU\IDPRXV%XGGKLVWPDVWHUV0DQ\RIKLVGLVFLSOHV
EHFDPHHQOLJKWHQHG$WLVKDLVRQO\RQHRIKLVGLVFLSOHVEXWWKHPRVWIDPRXV+H
VD\V
7+,648,17(66(17,$/(/,;,52)$'9,&(
7KLVQHFWDUWKDW,KDYHSRXUHGLQWRWKHSUHYLRXVVXWUDVKDVQRWKLQJWRGRZLWK
PH,DPQRWWKHDXWKRURIWKHVHVXWUDV7KHVHWUXWKVZHUHWUDQVPLWWHGWRPH
IURPP\PDVWHUDQGWKH\ZHUHWUDQVPLWWHGWRP\PDVWHUIURPKLVPDVWHU
2ULJLQDOO\WKH\FRPHIURP*DXWDPDWKH%XGGKD7KHVHVXWUDVDUHQRWPLQHKH
LVVD\LQJ7KH\GRQ
WKDYHP\VLJQDWXUHRQWKHP,DPMXVWDYHKLFOHDPHGLXP
WUDQVPLWWLQJZKDWVRHYHUKDVEHHQJLYHQWRPH,DPLQVWUXPHQWDO
6HHWKHHJROHVVQHVVRIWKHSHUVRQDQGUHPHPEHULW$QGZKDWLVWKH
TXLQWHVVHQWLDOHOL[LURIWKLVZKROHDGYLFH"7KDWLVKRZWRWUDQVIRUPWKHILYH
GHFD\VLQWRWKHERGKLSDWK:KDWDUHWKHILYHGHFD\V"
0HGLWDWHRQWZRVWDWHV2QHLVWKHVWDWHRIVOHHSLQZKLFKWKHJUHDWHUSDUWRI
KXPDQLW\LV3HRSOHDUHOLYLQJOLNHVRPQDPEXOLVWVPHFKDQLFDOLVWKHLUOLIH
XQFRQVFLRXVLVWKHLUEHKDYLRU7KH\DUHQRWDZDUHZKRWKH\DUHWKH\DUHQRW
DZDUHZKDWWKH\DUHGRLQJWKH\DUHQRWDZDUHZKHUHWKH\DUHJRLQJ7KHLUOLIHLV
DFFLGHQWDODGULIWZRRG
,QWKLVVWDWHDOVRERGKLFKLWWDEXGGKDFRQVFLRXVQHVVRUFKULVWFRQVFLRXVQHVV
RUNULVKQDFRQVFLRXVQHVVZKDWVRHYHUQDPH\RXFKRRVH\RXFDQFKRRVH
H[LVWV(YHQLQWKRVHSHRSOHZKRDUHSHUIHFWO\DVOHHSQRWHYHQDJOLPSVHRI
DZDUHQHVVERGKLFKLWWDH[LVWVWKHEXGGKDFRQVFLRXVQHVVH[LVWVEXWLWLVFRYHUHG
LQUXEELVK$QGWKHUXEELVKFRPHVIURPILYHVHQVHVWKHH\HVWKHHDUVDQGWKH
RWKHUVHQVHV
7KHVHQVHVJRRQSRXULQJLQWR\RXDOONLQGVRILPSUHVVLRQVIURPWKHRXWVLGH
:KDWVRHYHU\RXVHHLPPHGLDWHO\UHDFKHVLQVLGHZKDWVRHYHU\RXUHDGUHDFKHV
LQVLGHZKDWVRHYHU\RXKHDUUHDFKHVLQVLGH$QG\RXUERGKLFKLWWDLVOLNHD
GLDPRQGFRYHUHGZLWKOD\HUVDQGOD\HUVRILPSUHVVLRQV7KLVLVRQHVWDWH
:KDWVRHYHUWKHVHILYHVHQVHVEULQJWR\RXLVJRLQJWREHWDNHQDZD\E\GHDWK
EHFDXVHZKDWVRHYHUFRPHVIURPZLWKRXWGHDWKZLOOGLVFRQQHFW\RXIURPLW,WFDQ
QHYHUEHFRPHSDUWRI\RXLWUHPDLQVDSDUW,WUHPDLQVDIRUHLJQHOHPHQWLQ\RXLW
QHYHUEHFRPHV\RXUQDWXUH




7KHVHFRQGVWDWHLVRIWKHDZDNHQHGRQHWKHEXGGKDWKHHQOLJKWHQHGRQHZKR
LVDEVROXWHO\DOHUW$WUDQVIRUPDWLRQKDSSHQVLQKLP+HDOVRKDVILYHVHQVHVEXW
QRZKLVILYHVHQVHVIXQFWLRQLQDWRWDOO\GLIIHUHQWZD\+LVILYHVHQVHVVWDUW
SRXULQJKLVFRPSDVVLRQWRWKHRXWVLGHZRUOG
7RWKHSHUVRQZKRLVDVOHHSWKHILYHVHQVHVEULQJRQO\LPSUHVVLRQVIURPWKH
RXWVLGH7RWKHSHUVRQZKRLVDZDNHWKHVHVDPHILYHVHQVHVVWDUWSRXULQJKLV
ORYHKLVHQHUJ\KLVFRPSDVVLRQLQWRWKHZRUOG
:KHQERGKLFKLWWDLVGLVFRYHUHGZKHQLQQHUFRQVFLRXVQHVVLVNQRZQ\RXDUHQR
PRUHDEHJJDU<RXGRQ
WWDNHDQ\WKLQJIURPZLWKRXW2QWKHFRQWUDU\\RX
EHFRPHDQHPSHURU\RXVWDUWSRXULQJ\RXUEHLQJLQWRWKHRXWVLGHZRUOG\RX
EHDXWLI\LW\RXEHFRPHDEOHVVLQJWRLW7KLVLVWKHWUDQVIRUPDWLRQ
,I\RXDUHDOHUW\RXZLOOJLYHVRPHWKLQJWRWKHZRUOG\RXZLOOEHDJLYHU
5HPHPEHUWKHPRUH\RXJLYHWKHPRUH\RXKDYHEHFDXVHWKHPRUH\RXSRXU
LQWRWKHZRUOGIURPWKHXQNQRZQVRXUFHVRIH[LVWHQFHPRUHDQGPRUHJRHVRQ
IORZLQJLQWR\RX<RXDUHFRQQHFWHGZLWKWKHRFHDQLF7KHERGKLFKLWWDLVWKHGRRU
RIWKHRFHDQLF7KDWRFHDQLV*RG)URPWKDWRFHDQVSULQJVJRRQIORZLQJLQWR
\RX<RXMXVWVKDUH
-HVXVVD\V7KRVHZKRVDYHZLOOORVHDQGWKRVHZKRORVHZLOOVDYH
6KDUHDQG\RXZLOOKDYHPRUH*LYHDQG\RXZLOOJHWIURPWKHEH\RQG7KH
WUDQVIRUPHGSHUVRQLVFRQWLQXRXVO\JLYLQJ+HKDVVRPXFKWRJLYHKHLV
RYHUIORZLQJ
7+,648,17(66(17,$/(/,;,52)$'9,&(%<:+,&+7+($'9$1&(0(17
2)7+(),9('(&$<,6&+$1*(',1727+(%2'+,3$7+,6
75$160,77('7+528*+'+$50$.,57,
0\PDVWHU'KDUPDNLUWL$WLVKDVD\VKDVJLYHQPHWKLVVHFUHWRIWUDQVIRUPLQJ
WKHHQHUJLHVWKHLUGLUHFWLRQ1RZWKHILYHVHQVHVDUHQRPRUHDFFXPXODWLQJ
XQQHFHVVDU\UXEELVKZKLFKLVJRLQJWRGHFD\DQGVWLQN%XWQRZWKH\KDYH
EHFRPHSDVVDJHVRIDQRYHUIORZLQJGLYLQHHQHUJ\
%<$:$.(1,1*7+(.$50,&(1(5*<2)35(9,28675$,1,1*$1'%<
9,578(2)0<,17(16(,17(5(67,,*125('0,6(5<$1'%$'
5(387$7,21$1'628*+7,16758&7,2172&21752/(*2&/,1*,1*
+HLVVD\LQJ,FRXOGILQG'KDUPDNLUWLRQO\EHFDXVHRIP\SDVWVHDUFKHV)RU
OLYHV,KDYHEHHQVHDUFKLQJ
$QGWKHVDPH,VD\WR\RX<RXDUHQRWQHZSHRSOH\RXDUHDQFLHQWVHHNHUV
2WKHUZLVHWKHUHDUHSHRSOHOLYLQJLQWKHQHLJKERUKRRGZKRKDYHQRWHYHQVHHQ
PHDQGZKRZLOOQHYHUVHHDQGZKRZLOOQHYHUKHDUDQGZKRZLOOQHYHUNQRZ
ZKDWLVKDSSHQLQJKHUH-XVWOLYLQJDIHZIHHWDZD\DQGWKH\ZLOOQRWNQRZWKDW
VRPHWKLQJRILPPHQVHYDOXHLVKDSSHQLQJKHUH
$QG\RXKDYHFRPHIURPIDUIDUDZD\FRUQHUVRIWKHZRUOG<RXPXVWKDYHEHHQ
VHHNLQJIRUPDQ\OLYHV<RXKDYHJDWKHUHGDFHUWDLQHQHUJ\WKDWNQRZVZKHUH
WKHEXGGKDILHOGLVDQG\RXDUHDWWUDFWHGWRZDUGVWKDWEXGGKDILHOG<RXNQRZ
ZKHUHWKHPDJQHWLV
%<$:$.(1,1*7+(.$50,&(1(5*<2)35(9,28675$,1,1*
+HVDLG,WPXVWKDYHEHHQEHFDXVHLQP\SDVWOLYHV,KDYHEHHQGLVFLSOLQLQJ
P\VHOILQPDQ\ZD\VWKDW,PXVWKDYHJDWKHUHGDFHUWDLQNDUPLFHQHUJ\WKDW,
FRXOGILQGWKHPDVWHUWKDW,ZDVIRUWXQDWHHQRXJKWRILQGWKHPDVWHU




$1'%<9,578(2)0<,17(16(,17(5(67
P\SDVVLRQDWHGHVLUHWRNQRZWKHWUXWK2QO\WZRWKLQJVDUHQHHGHGHQHUJ\WR
VHHNDQGSDVVLRQDWHLQWHUHVWWRSXWWKDWHQHUJ\LQWRDFHUWDLQGLUHFWLRQ
,,*125('0,6(5<$1'%$'5(387$7,21
:KHQ\RXFRPHWRDPDVWHUDQGWKHPDVWHULV5($//<DPDVWHUWKHVRFLHW\
ZLOOEHDJDLQVW\RXWKHVRFLHW\ZLOOFUHDWHPLVHU\IRU\RX<RXZLOOKDYHWRVXIIHU
PDQ\NLQGVRIWKLQJVEDGUHSXWDWLRQ
,,*125('0,6(5<$1'%$'5(387$7,21
,WPXVWKDYHEHHQEHFDXVHRIP\SDVWNDUPLFHQHUJ\LWPXVWKDYHEHHQ
EHFDXVHIRUPDQ\OLYHV,KDYHEHHQVHHNLQJDQGVHDUFKLQJ
(YHU\ERG\LVDQDQFLHQWSLOJULP
,,*125('0,6(5<$1'%$'5(387$7,21
,WLVYHU\GLIILFXOWWRLJQRUHPLVHU\DQGEDGUHSXWDWLRQ1RZIRUP\VDQQ\DVLQV,
DPFUHDWLQJDWKRXVDQGDQGRQHNLQGVRIGLIILFXOWLHV7KHZRUOGZLOOEHDJDLQVW
\RXZKHUHYHU\RXZLOOJR\RXZLOOKDYHDEDGUHSXWDWLRQPP"-XVWWREH
DVVRFLDWHGZLWKPHZLOOEHHQRXJKIRUSHRSOHWRFRQGHPQ\RXULGLFXOH\RXWKLQN
RI\RXDVLI\RXDUHPDGRUVRPHWKLQJ
2QO\WKRVHZKRDUHUHDOVHHNHUVZLOOEHDEOHWRLJQRUHDOOWKLVPLVHU\DQGEDG
UHSXWDWLRQ7KRVHZKRDUHMXVWFXULRXVWKH\ZLOOQRWEHDEOHWRGRLW2QO\WKH
IRUWXQDWHRQHVRQO\WKHFRXUDJHRXVRQHVRQO\WKHWUXHVHHNHUVZLOOEHDEOHWR
LJQRUHHYHU\WKLQJZLOOEHDEOHWRVDFULILFHHYHU\WKLQJZLOOEHDEOHWRVWDNH
HYHU\WKLQJ
2QFH\RXKDYHFRPHLQFRQWDFWZLWKDOLYLQJPDVWHUWKHQDOOHOVHLVPHDQLQJOHVV
WKHQHYHU\WKLQJFDQEHVWDNHGLWFDQEHHDVLO\VDFULILFHG
$1'628*+7,16758&7,2172&21752/(*2&/,1*,1*
,GURSSHGWKHSHRSOH,LJQRUHGZKDWWKH\VD\,QVWHDG,SRXUHGP\ZKROH
HQHUJ\LQWRRQHWKLQJKRZWRGURSWKLVLGHDRIHJRKRZWRGURSHJRFOLQJLQJ
$OOWKHVHVXWUDVDUHQRWKLQJEXWWKHZKROHVFLHQFHRIGHVWUR\LQJHJR2QFHWKH
HJRLVQRPRUHWKHUHRQFH\RXDUHQRPRUHVHSDUDWHIURPH[LVWHQFHRQFH\RX
GRQ
WWKLQN\RXUVHOIVHSDUDWHIURPH[LVWHQFHLPPHGLDWHO\\RXDUHHQOLJKWHQHG
+HUHWKHHJRGLVDSSHDUVWKHUH*RGDSSHDUVLPPHGLDWHO\LQVWDQWO\
12:(9(1:+(1,',(,
//+$9(125(*5(7
,KRSHP\VDQQ\DVLQVZLOODOVREHDEOHWRVD\WKDWRQHGD\
12:(9(1:+(1,',(,
//+$9(125(*5(7
,WLVSRVVLEOHRQO\LIERGKLFKLWWDLVDWWDLQHG,WLVSRVVLEOHRQO\LI\RXKDYHFRPHWR
NQRZ\RXULQQHUPRVWHVVHQWLDOFRUHWKDWLWLVQRWSHUVRQDOWKDWLWLVXQLYHUVDO
WKDWLWLVQRWPRUWDOWKDWLWLVLPPRUWDOWKDWLWKDVQRWKLQJWRGRZLWKWLPHDQG
VSDFHWKDWLWLVHWHUQLW\LWVHOI
$05,7$6<$3875$+ZHDUHVRQVRILPPRUWDOLW\
2QFH\RXKDYHNQRZQLWOLIHLVQRWDUHJUHW
/LIHLVDEOHVVLQJDEHQHGLFWLRQ
0HGLWDWHRQ$WLVKDOLVWHQWRKLVDGYLFHLWLVRILPPHQVHYDOXH,WLVQRWD
SKLORVRSK\LWLVDPDQXDOWRGLVFLSOLQH\RXUVHOILWLVDPDQXDORILQQHU
WUDQVIRUPDWLRQ,WLVWKHERRNWKDWFDQKHOS\RXJURZLQWRZLVGRP,FDOOLW7KH
%RRNRI:LVGRP
(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUWZHQW\VL[WKHLOORJLFDOHOHFWURQ
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
)5(('20&$1%(:,//('/29(1273/($6(&200(17
$QDQG$NDPIUHHGRPFDQEHZLOOHGEHFDXVHLWLV\RXURZQGHFLVLRQWRUHPDLQLQ
DSULVRQ,WLV\RXURZQUHVSRQVLELOLW\<RXKDYHZLOOHG\RXUVODYHU\\RXKDYH
GHFLGHGWRUHPDLQDVODYHKHQFH\RXDUHDVODYH&KDQJHWKHGHFLVLRQDQGWKH



VODYHU\GLVDSSHDUV
<RXKDYHLQYHVWHGLQ\RXUXQIUHHGRP$Q\PRPHQW\RXVHHWKHSRLQW\RXFDQ
GURSLWLQVWDQWO\LWFDQEHGURSSHG1RERG\KDVIRUFHGXQIUHHGRPRQ\RXLWLV
\RXUFKRLFH<RXFDQFKRRVHWREHIUHH\RXFDQFKRRVHWREHXQIUHH\RXDUHVR
IUHHWKDW\RXFDQFKRRVHHLWKHU7KLVLVSDUWRI\RXULQQHUIUHHGRPQRWWR
FKRRVHLWLVSDUWRI\RXUIUHHGRP+HQFHLWFDQEHZLOOHG
%XWORYHFDQQRWEHZLOOHG/RYHLVDE\SURGXFWRIIUHHGRPLWLVWKHRYHUIORZLQJ
MR\RIIUHHGRPLWLVWKHIUDJUDQFHRIIUHHGRP)LUVWWKHIUHHGRPKDVWREHWKHUH
WKHQORYHIROORZV,I\RXWU\WRZLOOORYH\RXZLOOFUHDWHRQO\VRPHWKLQJDUWLILFLDO
DUELWUDU\$ZLOOHGORYHZLOOQRWEHWUXHORYHLWZLOOEHSKRQ\
$QGWKDW
VZKDWSHRSOHDUHGRLQJ/RYHFDQQRWEHZLOOHGDQGWKH\JRRQZLOOLQJ
LW:KDWFDQEHZLOOHGIUHHGRPWKH\JRRQLJQRULQJ7KH\JRRQWKLQNLQJWKDW
VRPHERG\HOVHLVUHVSRQVLEOHIRUWKHLUVODYHU\DQGWKHLUOLIHRIVODYHU\7KLVLVD
YHU\WRSV\WXUY\FRQFHSWLRQRI\RXURZQOLIH<RXDUHXSVLGHGRZQ
&KDQJHWKHYLVLRQZLOOIUHHGRPDQGORYHZLOOFRPHRILWVRZQDFFRUG:KHQORYH
FRPHVRQLWVRZQDFFRUGRQO\WKHQLWLVEHDXWLIXOEHFDXVHRQO\WKHQLWLVQDWXUDO
VSRQWDQHRXV
:LOOHGORYHZLOOEHDNLQGRIDFWLQJ<RXZLOOEHSUHWHQGLQJZKDWHOVHFDQ\RX
GR"<RXZLOOEHPRYLQJWKURXJKHPSW\JHVWXUHVZKDWHOVHLVSRVVLEOH"<RX
FDQQRWEHRUGHUHGWRORYHVRPHERG\\RXFDQQRWRUGHU\RXUVHOIWRORYH
VRPHERG\,ILWLVQRWWKHUHLWLVQRWWKHUHLILWLVWKHUHLWLVWKHUH,WLVVRPHWKLQJ
EH\RQG\RXUZLOO,QIDFWLWLVMXVWWKHRSSRVLWHRIZLOOLWLVVXUUHQGHU
:KHQRQHLVWRWDOO\GLVVROYHGLQWRIUHHGRPDQGZKHQRQHLVUHDOO\IUHHWKHHJR
GLVDSSHDUV7KHHJRLV\RXUERQGDJHWKHHJRLV\RXUSULVRQ,QWRWDOIUHHGRP
WKHUHLVQRHJRIRXQG6XUUHQGHUKDSSHQV\RXVWDUWIHHOLQJRQHZLWKH[LVWHQFH
DQGWKDWRQHQHVVEULQJVORYH
7KHVHFRQGTXHVWLRQ
%(/29('26+2
0$1<6((7+(:25.7+$7*2(621$5281'<28$6$02'(/)25
7+(+2/,67,&$3352$&+72/,)(3/($6(7$/.$%2877+,6
.ULVKQD3UHPWKHROGPDQLVG\LQJ$QGLWLVJRRGQHZVWKDWWKHROGPDQLVRQ
KLVGHDWKEHGEHFDXVHWKHQHZFDQEHERUQRQO\ZKHQWKHROGLVJRQHXWWHUO\
JRQH7KHROGKDVWRFHDVH7KHROGKDVH[LVWHGORQJDQGWKHROGPDQKDVEHHQ
DFXUVHEHFDXVHKHZDVURRWHGLQYHU\VWXSLGFRQFHSWLRQVRIOLIH
7KHROGPDQZDVEDVHGRQVXSHUVWLWLRQV7KHPRVWEDVLFIODZLQWKHFRQFHSWRI
WKHROGPDQZDVSHUIHFWLRQLVPKHZDQWHGWREHSHUIHFWDQGWKHYHU\LGHDRI
SHUIHFWLRQLVPGULYHVSHRSOHFUD]\7KHSHUIHFWLRQLVWLVERXQGWREHDQHXURWLFKH
FDQQRWHQMR\OLIHWLOOKHLVSHUIHFW$QGSHUIHFWLRQDVVXFKQHYHUKDSSHQVLWLVQRW
LQWKHQDWXUHRIWKLQJV7RWDOLW\LVSRVVLEOHSHUIHFWLRQLVQRWSRVVLEOH
7KDWLVWKHIXQGDPHQWDORIWKHKROLVWLFDSSURDFK$QGWKHUHLVDWUHPHQGRXV
GLIIHUHQFHEHWZHHQSHUIHFWLRQDQGWRWDOLW\3HUIHFWLRQLVDJRDOVRPHZKHUHLQWKH
IXWXUHWRWDOLW\LVDQH[SHULHQFHKHUHQRZ7RWDOLW\LVQRWDJRDOLWLVDVW\OHRIOLIH
,I\RXFDQJHWLQWRDQ\DFWZLWK\RXUZKROHKHDUW\RXDUHWRWDO7RWDOLW\EULQJV
ZKROHQHVVDQGWRWDOLW\EULQJVKHDOWKDQGWRWDOLW\EULQJVVDQLW\
7KHSHUIHFWLRQLVWFRPSOHWHO\IRUJHWVDERXWWRWDOLW\+HKDVVRPHLGHDKRZKH
VKRXOGEHDQGREYLRXVO\WLPHZLOOEHQHHGHGWRUHDFKWKDWLGHD,WFDQ
WKDSSHQ




QRZWRPRUURZGD\DIWHUWRPRUURZWKLVOLIHPD\EHQH[WOLIHVROLIHKDVWREH
SRVWSRQHG
7KDW
VZKDWWKHROGPDQKDVEHHQGRLQJKLWKHUWRSRVWSRQLQJSRVWSRQLQJ7KH
PDQLQWKHSDVWKDVQRWUHDOO\OLYHGKLVOLIHZDVQRWKLQJEXWDVHTXHQFHRI
SRVWSRQHPHQWV
,WHDFK\RXWROLYHKHUHQRZZLWKQRLGHDRIWKHIXWXUHDWDOO7KHIXWXUHZLOOEH
ERUQRXWRI\RXUOLYHGSUHVHQW,IWKHSUHVHQWKDVEHHQOLYHGWRWDOO\WKHIXWXUHZLOO
KDYHHYHQPRUHWRWDOLW\WRLW2XWRIWRWDOLW\PRUHWRWDOLW\LVERUQ
%XWLI\RXKDYHDQLGHDZKDW\RXZDQWWREHLQWKHIXWXUHWRGD\\RXZLOOOLYHYHU\
SDUWLDOO\EHFDXVH\RXUPDLQFRQFHUQEHFRPHVWKHIXWXUH<RXUH\HVEHFRPH
IRFXVHGRQWKHIXWXUH\RXORVHFRQWDFWZLWKWKHUHDODQGWKHSUHVHQWDQGWKH
WRPRUURZZLOOEHERUQRXWRIWKHUHDOZLWKZKLFK\RXDUHQRWLQFRQWDFW7KH
WRPRUURZZLOOFRPHRXWRIWRGD\DQGWRGD\ZDVXQOLYHG
7KH(QJOLVKZRUGGHYLOLVYHU\EHDXWLIXO,I\RXUHDGLWEDFNZDUGVLWEHFRPHV
OLYHG7KDWZKLFKLVOLYHGEHFRPHVGLYLQHDQGWKDWZKLFKLVQRWOLYHGEHFRPHV
GHYLO2QO\WKHOLYHGLVWUDQVIRUPHGLQWRJRGOLQHVVWKHXQOLYHGWXUQVSRLVRQRXV
7RGD\\RXSRVWSRQHDQGZKDWVRHYHUUHPDLQVXQOLYHGLQ\RXZLOOKDQJDURXQG
\RXOLNHDZHLJKW,I\RXKDGOLYHGLW\RXZRXOGKDYHEHHQIUHHRILW,WZRXOGQRW
KDYHKDXQWHG\RXLWZRXOGQRWKDYHWRUWXUHG\RX
%XWPDQXSWRQRZKDVEHHQWDXJKWQRWWROLYHEXWWRKRSHKRSHWKDWWRPRUURZ
WKLQJVZLOOEHVXFKWKDW\RXZLOOEHDEOHWROLYHKRSHWKDWWRPRUURZ\RXZLOOEH
ZRUWK\WROLYHKRSHWKDWWRPRUURZ\RXZLOOEH-HVXV&KULVWRU*DXWDPDWKH
%XGGKD
<RXDUHQHYHUJRLQJWREH-HVXVWKH&KULVWRU*DXWDPDWKH%XGGKD\RXDUH
VLPSO\JRLQJWREH\RXUVHOI<RXDUHQRWDFDUERQFRS\RIDQ\ERG\HOVH,WZRXOG
KDYHEHHQXJO\WREHDQRWKHU&KULVWRUDQRWKHU%XGGKDWKDWZRXOGKDYHEHHQD
JUHDWLQVXOWWR\RXUKXPDQLW\0DQKDVGLJQLW\EHFDXVHPDQKDVRULJLQDOLW\
7KHROGFRQFHSWZDVWROLYHDFFRUGLQJWRDFHUWDLQSDWWHUQWKH%XGGKLVWSDWWHUQ
WKH&KULVWLDQSDWWHUQWKH+LQGXSDWWHUQ7KHROGZDVQRWLQIDYRURIWKH
LQGLYLGXDOLWZDVLQIDYRURIDFHUWDLQSDWWHUQ7KDWSDWWHUQFUHDWHVVODYHU\
,WHDFKWKHLQGLYLGXDO,WHDFKWKHXQLTXHLQGLYLGXDO5HVSHFW\RXUVHOIORYH
\RXUVHOIEHFDXVHWKHUHKDVQHYHUEHHQDSHUVRQOLNH\RXDQGWKHUHQHYHUZLOOEH
DJDLQ*RGQHYHUUHSHDWV<RXDUHXWWHUO\XQLTXHLQFRPSDUDEO\XQLTXH<RX
QHHGQRWEHOLNHVRPHERG\HOVH\RXQHHGQRWEHDQLPLWDWRU\RXKDYHWREH
DXWKHQWLFDOO\\RXUVHOI\RXURZQEHLQJ<RXKDYHWRGR\RXURZQWKLQJ
7KHPRPHQW\RXVWDUWDFFHSWLQJDQGUHVSHFWLQJ\RXUVHOI\RXVWDUWEHFRPLQJ
ZKROH7KHQWKHUHLVQRWKLQJWRGLYLGH\RXWKHQWKHUHLVQRWKLQJWRFUHDWHWKH
VSOLW+LWKHUWRPDQKDVEHHQVFKL]RSKUHQLF$QG,DPQRWVD\LQJWKDWDIHZ
SHRSOHKDYHEHHQVFKL]RSKUHQLFWKHZKROHKXPDQLW\KDVEHHQVFKL]RSKUHQLF
/HDYHDIHZH[FHSWLRQVD.ULVKQDD/DR7]XKHUHDQGWKHUH\RXFDQFRXQW
WKHPRQ\RXUILQJHUV7KH\GRQ
WFRQVWLWXWHKXPDQLW\WKH\DUHH[FHSWLRQVDQG
WKHH[FHSWLRQVRQO\SURYHWKHUXOH%XWWKHJUHDWHUSDUWRIKXPDQLW\KDVOLYHGD
VFKL]RSKUHQLFOLIHDGLYLGHGOLIHIUDJPHQWDU\
$QGKRZGLGPDQEHFRPHVRVSOLW")LUVWWKLQJ\RXDUHQRWDFFHSWDEOHDV\RX
DUHVRUHMHFW\RXUVHOI5DWKHUWKDQUHVSHFWLQJ\RXUVHOIUHMHFW\RXUVHOIUDWKHU
WKDQUHVSHFWLQJ\RXUVHOIUHVSHFWVRPHLGHDVRPHLPDJLQDU\LGHDRIKRZ\RX




VKRXOGEH'RQ
WOLYHWKHUHDOWU\WROLYHWKHVKRXOGDQGWKHQ\RXDUHVSOLW\RX
KDYHEHFRPHWZR<RXDUHWKDWZKLFK\RXDUHEXWWKDW\RXUHMHFWUHSUHVV$QG
\RXZDQWWREHWKDWZKLFK\RXDUHQRWDQGWKDWZKLFK\RXDUHQRW\RXORYHDQG
\RXUHVSHFWDQG\RXZRUVKLS<RXKDYHEHFRPHWZR
1RWRQO\WKDW\RXKDYHEHHQVSOLWLQWZR\RXKDYHEHHQPDGHPDQ\EHFDXVH
\RXZHUHWDXJKWWKDWWKHERG\LV\RXUHQHP\WKDW\RXKDYHWRJHWULGRIWKH
ERG\<RXZHUHWDXJKWWKDWPDQ\WKLQJVLQ\RXKDYHWREHFXWRIIWKDW\RXDUH
QRWDV\RXVKRXOGEHWKDWJUHDWFKDQJHVKDYHWREHGRQH
1DWXUDOO\\RXVWDUWHGUHMHFWLQJ\RXUVH[\RXVWDUWHGUHMHFWLQJ\RXUGHVLUHV\RX
VWDUWHGUHMHFWLQJ\RXUDQJHU$QGDOOWKHVHUHMHFWHGSDUWVDUHHQHUJLHVWREH
WUDQVIRUPHG7KH\DUHQRW\RXUHQHPLHVWKH\DUHIULHQGVLQGLVJXLVH
$QJHUWUDQVIRUPHGEHFRPHVFRPSDVVLRQVH[WUDQVIRUPHGEHFRPHVSUD\HU
JUHHGWUDQVIRUPHGEHFRPHVVKDULQJ%XWLQWKHSDVWLWZDVWROGDJDLQDQGDJDLQ
UHSHDWHGGRZQWKHDJHVWKDW\RXKDGWRUHMHFWWKLVUHMHFWWKDW,I\RXOLVWHQWRWKH
ROGWHDFKLQJV\RXZLOOEHVXUSULVHG\RXDUHUHMHFWHGDOPRVWQLQHW\QLQHSHUFHQW
2QO\RQHSHUFHQWVRPHLPDJLQDU\VRXORIZKLFK\RXDUHQRWDZDUHDWDOOLV
DFFHSWHGLQ\RX$QGDOOWKDW\RXDUHDZDUHRILVUHMHFWHG
7KHVHIUDJPHQWVGRQRWDOORZ\RXWREHFRPHRQHSLHFHDQGXQOHVV\RXEHFRPH
RQHSLHFHWKHUHLVQRSHDFHSRVVLEOH8QOHVV\RXDUHDWRJHWKHUQHVVLQWHJUDWHG
FU\VWDOOL]HG\RXZLOOQRWNQRZZKDW*RGLVEHFDXVH*RGVSHDNVRQO\WRWKRVH
ZKRDUHUHDO*RGVSHDNVRQO\WRWKRVHZKRDUHQRWDFURZGQRWQRLV\
:KHQWKHUHDUHPDQ\LQ\RX\RXDUHDFURZGDQGWKHFURZGLVQRLV\:KHQ\RX
EHFRPHRQHWKHUHLVVLOHQFH2QO\E\EHFRPLQJRQHZLOO\RXDWWDLQWRVLOHQFH
DQGLQWKDWVLOHQFH\RXFDQKHDUWKHYRLFHRI*RGLQWKDWVLOHQFH\RXFDQVWDUW
IHHOLQJWKHSUHVHQFHRIWKHGLYLQH$QGZKHQ\RXDUHRQH\RXZLOOEHDEOHWR
KDYHDFRPPXQLRQZLWKWKHZKROH%\EHLQJDZKROH\RXUVHOI\RXEHFRPH
FDSDEOHRIKDYLQJDFRPPXQLRQZLWKWKHZKROH
0DQKDVOLYHGYHU\SDUWLDOO\LQIUDJPHQWVLQJXLOWLQIHDU$QHZPDQLV
QHHGHGXUJHQWO\QHHGHG(QRXJKLVHQRXJKVD\JRRGE\HWRWKHROGPDQ7KH
ROGKDVFUHDWHGRQO\ZDUVYLROHQFHLWKDVFUHDWHGVDGLVWVPDVRFKLVWVLWKDV
FUHDWHGDYHU\XJO\KXPDQEHLQJ,WKDVPDGHSHRSOHSDWKRORJLFDOLWKDVQRW
DOORZHGDQDWXUDOKHDOWK\VDQHKXPDQLW\WREHERUQ
-XVWWKHRWKHUGD\VRPHERG\DVNHG:KRLVDPDVRFKLVWDQGZKRLVDVDGLVW"
$PDVRFKLVWLVDSHUVRQZKRORYHVWRKDYHDFROGVKRZHUHYHU\PRUQLQJEXW
WDNHVLQVWHDGDZDUPRQH$QGWKHVDGLVWLVDSHUVRQZKRLIDVNHGE\D
PDVRFKLVW3OHDVHSOHDVHKLWP\KHDGKDUGVD\V1R
3HRSOHDUHWRUWXULQJWKHPVHOYHVDQGWRUWXULQJRWKHUVLQHYHU\SRVVLEOHZD\,QWKH
QDPHRIUHOLJLRQLQWKHQDPHRIPRUDOLW\LQWKHQDPHRIQDWLRQDOLW\SHRSOHDUH
WRUWXULQJHDFKRWKHUNLOOLQJHDFKRWKHU%HDXWLIXOQDPHVKDYHEHHQIRXQGIRUYHU\
SDWKRORJLFDOLQVDQHWKLQJV,QVDQLWLHVDUHFDOOHGQDWLRQDOLWLHVLQVDQLWLHVDUH
FDOOHGPRUDOLWLHVEHDXWLIXOODEHOVRQYHU\XJO\WKLQJV
%XWLWLVWLPHWKDWZHJHWULGRILWDOO$QGLIZHGRQ
WJHWULGRILWDOOVRRQHQRXJK
WKHQWKHFXSZLOOEHIXOO0DQLVJRLQJWRGLHLIWKHQHZGRHVQRWDUULYHWKHROG
FDQQRWVXUYLYH7KHUHLVQRSRVVLELOLW\IRUWKHROGWRVXUYLYHLWKDVFRPHWRLWV
WHWKHU
VHQG,WKDVOLYHGPRUHWKDQH[SHFWHG
,WHDFK\RXDQHZPDQDQHZKXPDQLW\ZKLFKZLOOQRWWKLQNRIWKHIXWXUHDQG




ZKLFKZLOOQRWOLYHZLWKVKRXOGVDQGRXJKWVZKLFKZLOOQRWGHQ\DQ\QDWXUDO
LQVWLQFWZKLFKZLOODFFHSWLWVERG\ZKLFKZLOODFFHSWDOOWKDWLVJLYHQE\*RGZLWK
GHHSJUDWLWXGH
<RXUERG\LV\RXUWHPSOHLWLVVDFUHG<RXUERG\LVQRW\RXUHQHP\,WLVQRW
LUUHOLJLRXVWRORYH\RXUERG\WRWDNHFDUHRI\RXUERG\LWLVUHOLJLRXV,WLV
LUUHOLJLRXVWRWRUWXUH\RXUERG\DQGWRGHVWUR\LW7KHUHOLJLRXVSHUVRQZLOOORYHKLV
ERG\EHFDXVHLWLVWKHWHPSOHZKHUH*RGOLYHV
<RXDQG\RXUERG\DUHQRWUHDOO\WZREXWWKHPDQLIHVWDWLRQRIRQH<RXUVRXOLV
\RXULQYLVLEOHERG\DQG\RXUERG\LV\RXUYLVLEOHVRXO,WHDFKWKLVXQLW\DQGZLWK
WKLVXQLW\PDQEHFRPHVZKROH,WHDFK\RXMR\QRWVDGQHVV,WHDFK\RX
SOD\IXOQHVVQRWVHULRXVQHVV,WHDFK\RXORYHDQGODXJKWHUEHFDXVHWRPHWKHUH
LVQRWKLQJPRUHVDFUHGWKDQORYHDQGODXJKWHUDQGWKHUHLVQRWKLQJPRUH
SUD\HUIXOWKDQSOD\IXOQHVV
,GRQ
WWHDFK\RXUHQXQFLDWLRQDVLWKDVEHHQWDXJKWGRZQWKHDJHV,WHDFK\RX
5HMRLFHUHMRLFHDQGUHMRLFHDJDLQ5HMRLFLQJVKRXOGEHWKHHVVHQWLDOFRUHRIP\
VDQQ\DVLQV
<HV.ULVKQD3UHPP\DSSURDFKWROLIHLVKROLVWLFEHFDXVHWRPHWREHZKROHLV
WREHKRO\
7KHWKLUGTXHVWLRQ
%(/29('26+2
'2,5,*+7/<81'(567$1'<287+$7,)<28$1'<285%(/29('&$1
75$16087(<2856(;8$/(1(5*<,17263,5,78$/,7<7+$77+,6
5(/$7,216+,3:,//127%(6$7,6)<,1*(,7+(5"<2856((0,1*
&2175$',&7,21621/29(&21)86(0(
1HOOLHFRQIXVLRQLVP\ZD\RIZRUNLQJRQ\RX,FRQIXVH\RXVRWKDWFODULW\
EHFRPHVSRVVLEOH3HRSOHDUHYHU\PXFKFHUWDLQWKH\DOUHDG\WKLQNWKH\NQRZ
$QGEHFDXVHRIWKHLUFHUWDLQW\WKH\DUHFORVHG,I\RXDOUHDG\NQRZWKHQWKHUHLV
QRQHHGWRVHHNDQGVHDUFK)RUZKDW",I\RXDOUHDG\NQRZWKHQ\RXFDQNHHS
\RXUGRRUVDQGZLQGRZVFORVHG
3HRSOHDUHPXFKWRRFHUWDLQDQGWKDWLVDJUHDWSUREOHP7KH\KDYHWREHPDGH
XQFHUWDLQDJDLQWKH\KDYHWREHVKDNHQLQWKHLUFHUWDLQWLHVWKHLUGRJPDVDQG
FUHHGVKDYHWREHWDNHQDZD\+HQFHFRQIXVLRQDULVHV:KDWLVFRQIXVLRQ"
ZKHQ\RXVWDUWORVLQJJULSRQ\RXUROGFHUWDLQW\<RXZHUHIHHOLQJWKDW\RXNQRZ
DQGVXGGHQO\\RXVWDUWIHHOLQJWKDW\RXGRQ
WNQRZ<RXZHUHWKLQNLQJ\RXKDYH
WKHDQVZHUDQGVXGGHQO\\RXEHFRPHDZDUHWKDWWKHTXHVWLRQLVWKHUHDQGWKH
DQVZHUZDVMXVWLPSRVHG
,WKDSSHQVWRHYHU\QHZGLVFLSOHKHUHDQG1HOOLHLVDQHZVDQQ\DVLQMXVWWKH
RWKHUGD\VKHKDVEHFRPHDVDQQ\DVLQ)RUDIHZGD\V\RXZLOOEHFRPHPRUH
DQGPRUHFRQIXVHG,WLVDJRRGVLJQLWPHDQV\RXDUHOLVWHQLQJWRPH
7KHUHDUHDIHZSHRSOHZKRJRRQOLVWHQLQJWRPHDQGDUHQHYHUFRQIXVHG7KDW
VLPSO\PHDQVWKH\KDYHQRWKHDUGWKHLUHDUVDUHIXOORIZD[WKH\DUHGHDI
7KHUHDUHSHRSOHZKRQRWRQO\GRQ
WEHFRPHFRQIXVHGEXWOLVWHQLQJWRPHWKH\
EHFRPHHYHQPRUHFHUWDLQ7KDWPHDQVWKH\KDYHKHDUGVRPHWKLQJHOVHWKDW
ZDVQRWVDLG

7ZRPRYLQJPHQZHUHVWUXJJOLQJZLWKDELJFUDWHLQDGRRUZD\7KH\SXVKHG




DQGWXJJHGXQWLOWKH\ZHUHH[KDXVWHGEXWLWZRXOGQRWPRYH
)LQDOO\WKHPDQRQWKHRXWVLGHVDLG:HKDGEHWWHUJLYHXSZHZLOOQHYHUJHWLW
LQ
7KHIHOORZRQWKHLQVLGHVDLG:KDWGR\RXPHDQJHWLWLQ",WKRXJKW\RXZHUH
WU\LQJWRJHWLWRXW

,I\RXEHFRPHFRQIXVHGE\OLVWHQLQJWRPHWKDWPHDQV\RXKDYHKHDUGPH7KH
PRUHLQWHOOLJHQW\RXDUHWKHPRUHFRQIXVHG\RXZLOOEHFRPH$QG,XVH
FRQWUDGLFWLRQDVDWHFKQLTXH,JRRQFRQWUDGLFWLQJP\VHOI
:K\GR,FRQWUDGLFWP\VHOI",DPQRWWHDFKLQJDSKLORVRSK\KHUH7KH
SKLORVRSKHUKDVWREHYHU\FRQVLVWHQWIODZOHVVORJLFDOUDWLRQDODOZD\VUHDG\
WRDUJXHDQGSURYHKLVVWDWHPHQWV,DPQRWDSKLORVRSKHU,DPQRWKHUHJLYLQJ
\RXDFRQVLVWHQWGRJPDWRZKLFK\RXFDQFOLQJ0\ZKROHHIIRUWLVWRJLYH\RXD
QRPLQG
%HSHUIHFWO\FOHDUDERXWLW0\HIIRUWLVQRWWRVWUHQJWKHQDFHUWDLQPLQGP\HIIRUW
LVMXVWWKHRSSRVLWHRILWWRJLYH\RXDVWDWHRIQRPLQGDVWDWHZKLFKKDVQR
NQRZOHGJHDVWDWHZKLFKIXQFWLRQVIURPQRWNQRZLQJDVWDWHRILQQRFHQFH
,XVHFRQWUDGLFWLRQDVDGHYLFH,VD\RQHWKLQJRXWRI\RXUROGKDELW\RXFOLQJWR
LWWKHQH[WGD\,KDYHWRFRQWUDGLFWLW:KHQ,FRQWUDGLFWLW\RXKDYHWRGURSLW%XW
\RXPD\VWDUWFOLQJLQJWRWKHQHZWKLQJWKDW,KDYHVDLG,ZLOOKDYHWRFRQWUDGLFWLW
DJDLQ
7KLVZLOOJRRQ\RXZLOOJRRQFOLQJLQJWRWKLVWRWKDW2QHGD\VXGGHQO\\RXZLOO
EHFRPHDZDUHZKDWLVKDSSHQLQJ,GRQ
WDOORZ\RXDQ\FHUWDLQW\QRWKLQJWRFOLQJ
WR$QGLI,FRQWUDGLFWZKDWLVWKHSRLQWRIFOLQJLQJDWDOO"7KHQZK\QRWZDLW",ZLOO
FRQWUDGLFWDQGWKHQ\RXZLOOKDYHWROHDYHLWDQGLWLVSDLQIXO2QFH\RXFOLQJWRD
WKLQJDQGWKHQ\RXKDYHWROHDYHLWLWLVSDLQIXOLWFUHDWHVDQ[LHW\
6RWKRVHZKRKDYHOLVWHQHGWRPHIRUDORQJWLPHOLVWHQVLPSO\7KH\VLPSO\
OLVWHQWKH\GRQ
WFOLQJ7KH\NQRZSHUIHFWO\ZHOOQRZWKDWWKH\DUHDZDUHRIWKH
JDPHWKDWWRPRUURZ,ZLOOFRQWUDGLFW6RZK\FDUU\LWIRUWZHQW\IRXUKRXUV"7KH
SDLQRIFDUU\LQJWKHZHLJKWDQGWKHQWKHSDLQRIGURSSLQJLWVORZO\VORZO\LW
GDZQVLQ\RXUDZDUHQHVVWKDWWKHUHLVQRQHHGWRFOLQJWKLVPDQFRQWUDGLFWV
7KLVPDQLVFRQVLVWHQWO\LQFRQVLVWHQW
2QFH\RXKDYHXQGHUVWRRGWKDW\RXOLVWHQWRPHDVRQHOLVWHQVWRPXVLF<RX
OLVWHQWRPHDVRQHOLVWHQVWRWKHZLQGSDVVLQJWKURXJKWKHSLQHWUHHV\RXOLVWHQ
WRPHDVRQHOLVWHQVWRWKHELUGVVLQJLQJLQWKHPRUQLQJ<RXGRQ
WVD\WRWKH
FXFNRR<HVWHUGD\\RXUVRQJZDVGLIIHUHQWDQG\RXGRQ
WJRWRWKHURVHIORZHU
DQGVD\/DVWVHDVRQWKHIORZHUVZHUHELJJHURUVPDOOHUZK\DUH\RX
FRQWUDGLFWLQJ\RXUVHOI"
<RXGRQ
WVD\WRWKHSRHW,QRQHRI\RXUSRHPV\RXVDLGWKLVDQGLQDQRWKHU
SRHP\RXKDYHVDLGVRPHWKLQJHOVH<RXGRQ
WH[SHFWDSRHWWREHFRQVLVWHQW
VR\RXGRQ
WDVN3RHWU\LVQRWDWKHRU\LWLVQRWDV\OORJLVPLWLVDVRQJ
,DPQRWDSKLORVRSKHU$OZD\VUHPHPEHUWKDW,DPDSRHWQRWDSKLORVRSKHU
5HPHPEHUDOZD\VWKDW,DPQRWDPLVVLRQDU\EXWDPXVLFLDQSOD\LQJRQWKHKDUS
RI\RXUKHDUW6RQJVZLOOJRRQFKDQJLQJ\RXQHHGQRWFOLQJWRDQ\WKLQJWKHQ
WKHUHZLOOEHQRFRQIXVLRQDWDOO
7KHSHRSOHZKRDUHDOZD\VKDQNHULQJIRUFRQVLVWHQF\FDQQHYHUHQWHULQWRWKH




P\VWHU\RIOLIH&RQVLVWHQF\LVVRPHWKLQJPDQPDGHLWLVDUELWUDU\([LVWHQFHLV
QRWFRQVLVWHQW$QGQRZHYHQSK\VLFLVWVDJUHHZLWKWKHSRHWVDQGWKHP\VWLFV
<RXPXVWEHDZDUHWKDWPRGHUQSK\VLFVEHOLHYHVLQWKHWKHRU\RIXQFHUWDLQW\
PRGHUQSK\VLFVEHOLHYHVLQWKHLOORJLFDOEHKDYLRURIDWRPVRIWKHXQSUHGLFWDELOLW\
RIWKHEHKDYLRURIHOHFWURQV,WZDVVXFKDVKRFNWRWKHPRGHUQSK\VLFLVWV
EHFDXVHWKH\KDGDOZD\VEHOLHYHGWKDWPDWWHUEHKDYHVFRQVLVWHQWO\7KHZKROH
IRXQGDWLRQRIVFLHQFHKDVEHHQVKDNHQWKHVHWZHQW\\HDUVLWKDVEHHQVXFKD
VKRFN3HRSOHKDYHQRW\HWEHFRPHDZDUHRILWEHFDXVHWKHWKHRULHVDUHVR
FRPSOLFDWHGDQGVRVXEWOHWKDWWKH\ZLOOQHYHUEHFRPHSDUWRIFRPPRQ
NQRZOHGJH$QGWKH\DUHVRDJDLQVWFRPPRQVHQVHWKH\ORRNPRUHOLNHIDLU\
WDOHVVWRULHVZULWWHQIRUFKLOGUHQ
7KHHOHFWURQVMXPSIURPRQHVSRWWRDQRWKHUDQGEHWZHHQWKHWZRWKH\GRQ
W
H[LVW1RZFDQLWEHEHOLHYHG"$QHOHFWURQMXPSLQJIURPVSRWDWRVSRWEDQG
EHWZHHQWKHWZRKHLVQRW"$QG,DPXVLQJKHNQRZLQJO\GHOLEHUDWHO\EHFDXVH
\RXFDQQRWXVHLWDQ\PRUH$JUHDWP\VWHU\WKH\FDOOLWDTXDQWXPOHDS$
VSHFLDOZRUGKDVEHHQFRLQHGTXDQWXPEHFDXVHLQWKHPLGGOHLWLVQRWIRXQG
,WLVDVLIIURP1HZ<RUN\RXFRPHWR3RRQDEXWLQWKHVSDFHEHWZHHQWKHWZR
\RXDUHQRW<RXVLPSO\GLVDSSHDUIURP1HZ<RUNDQG\RXDSSHDULQ3RRQD
1RZWKHUHLVDSRVVLELOLW\VRPHGD\5LJKWQRZLWLVVFLHQFHILFWLRQEXWWKH
SRVVLELOLW\LVWKHUHWKDWRQHGD\LWPD\KDSSHQWKDWWKHUHZLOOEHQRQHHGWRWDNH
ORQJMRXUQH\VZDVWLQJWLPH7LPHKDVOLPLWDWLRQV
)RUH[DPSOHLI\RXZDQWWRJRWRWKHQHDUHVWVWDULWZLOOWDNHIRXU\HDUVWKH
QHDUHVWVWDU$QGWKDWWRRRQO\LI\RXJRZLWKWKHVSHHGRIOLJKW$QGLWLV
LPPHQVHWKHVSHHGRIOLJKWRQHKXQGUHGDQGHLJKW\VL[WKRXVDQGPLOHVSHU
VHFRQG,I\RXJRDWWKLVVSHHGZKLFKVHHPVDOPRVWLPSRVVLEOHWKHQLWZLOOWDNH
IRXU\HDUVWRUHDFKWKHFORVHVWVWDU
$QGWKHQWKHUHDUHVWDUVZKLFKDUHDKXQGUHG\HDUVWZRKXQGUHGRQHWKRXVDQG
WZRWKRXVDQGRQHPLOOLRQWZRPLOOLRQ\HDUVDZD\7KHUHDUHVWDUVVRIDUDZD\
WKDWZHKDYHQRWEHHQDEOHWRGHWHFWWKHP\HW
+RZFDQMRXUQH\VEHPDGHWRIDUDZD\VWDUV"7KHRQO\SRVVLELOLW\LVLIRQHGD\ZH
PDQDJHWRGRZKDWWKHHOHFWURQLVDOUHDG\PDQDJLQJWRGRDPDFKLQHLQZKLFK
\RXHQWHUKHUHDQG\RXGLVDSSHDUDQGDQRWKHUPDFKLQHRQWKHVWDURQHPLOOLRQ
\HDUVDZD\DQG\RXDSSHDUWKHUH%HWZHHQWKHWZRQRWUDYHOLQJWLPHLVORVW
\RXVLPSO\GHPDWHULDOL]HKHUHDQG\RXPDWHULDOL]HVRPHZKHUHHOVH,WLVD
SRVVLELOLW\,IWKHHOHFWURQFDQGRLWZK\QRWPDQ"0DQLVQRWKLQJEXWPLOOLRQVDQG
PLOOLRQVRIHOHFWURQVVRWKHSRVVLELOLW\LVWKHUH
(YHQWRWKLQNRILWVHHPVWREHPLQGEORZLQJ%XWPRGHPSK\VLFVVD\VHOHFWURQV
DUHEHKDYLQJLQDYHU\P\VWHULRXVZD\LOORJLFDOXQSUHGLFWDEOHFRQIXVLQJ
,DPQRWDSKLORVRSKHUZKRLVWU\LQJWRPDNHDV\VWHPRIWKRXJKW,DPDP\VWLF
ZKRLVWU\LQJWRFRQYH\WKHP\VWHULHVWKDWKDYHEHFRPHDYDLODEOHWRPH,ZLOO
FRQIXVH\RX

,WLVOLNHDIULHQGRIPLQHZKRLVDMLJVDZSX]]OHILHQG2QHGD\KLVNLGVZHUH
SOD\LQJZLWKKLVSX]]OHVDQGWKH\SXWKLV0DULO\Q0RQURHSX]]OHEDFNLQWKH
VDPHER[ZLWKKLV5HYROXWLRQDU\:DUSX]]OH
,DVNHGKLPKRZKHPDGHRXWZLWKWKLQJVDOOPL[HGXS




2KKHVDLG,GLGDOOULJKW%XW,QHYHUUHDOL]HGWKDW*HRUJH:DVKLQJWRQKDG
VXFKVH[\OHJV

/LIHLVDYHU\PL[HGSX]]OH:KDWVRHYHU\RXPDNHRXWRILWLVJRLQJWREH
DUELWUDU\\RXFDQQRWILJXUHLWRXWLQUHDOLW\0\VXJJHVWLRQWRP\VDQQ\DVLQVLVWR
IRUJHWDOODERXWILJXULQJRXWZKDWLWLV5DWKHUOLYHLWUDWKHUHQMR\LW'RQ
WDQDO\]H
LWFHOHEUDWHLW
6R1HOOLH\RXZLOOKDYHWRSXWXSZLWKPH\RXZLOOKDYHWRWROHUDWHP\
FRQWUDGLFWLRQV7KH\DSSHDUDVFRQWUDGLFWLRQVRQO\WR\RX)URPP\VLGH,DP
VLPSO\WDONLQJP\VWHULHVDQGP\VWHULHVDUHERXQGWREHLOORJLFDO%XW\RXU
TXHVWLRQLVUHOHYDQWDQGVLJQLILFDQW
<RXDVN'R,ULJKWO\XQGHUVWDQG\RXWKDWHYHQLI\RXDQG\RXUEHORYHGFDQ
WUDQVPXWH\RXUVH[XDOHQHUJ\LQWRVSLULWXDOLW\WKDWWKLVUHODWLRQVKLSZLOOQRWEH
VDWLVI\LQJHLWKHU"
<HVLWZLOOQRWEHVDWLVI\LQJHLWKHU,QIDFWLWZLOOFUHDWHLQ\RXWKHJUHDWHVW
GLVFRQWHQWWKDW\RXKDYHHYHUIHOWEHFDXVHLWZLOOPDNH\RXDZDUHKRZPXFKLV
SRVVLEOH,WZLOOPDNH\RXDZDUHRIWKHWUHPHQGRXVPRPHQWRIWKDWRUJDVPLF
XQLW\RIWKDWVSLULWXDOWUDQVPXWDWLRQ%XWLWZLOOUHPDLQRQO\PRPHQWDU\:LWKWKH
RXWHUQRWKLQJFDQEHFRPHSHUPDQHQW$QGRQFHWKHPRPHQWLVJRQHWKHKLJKHU
ZDVWKHSHDNWKHORZHUZLOOEHWKHYDOOH\DQG\RXZLOOIDOOGHHSGRZQLQ
GDUNQHVV
%XWLWZLOOPDNH\RXDZDUHRIRQHWKLQJWKDWLIPDOHDQGIHPDOHHQHUJ\FDQKDYH
DPHHWLQJZKLFKLVQRQWHPSRUDOWKHQWKHUHZLOOEHHWHUQDOFRQWHQWPHQW
+RZWRPDQDJHLW"2XWRIWKLVTXHVWLRQWKHZKROHVFLHQFHRI7DQWUDZDVERUQ
+RZWRGRLW",WFDQEHGRQH,WFDQQRWEHGRQHZLWKWKHEHORYHGRXWVLGHLW
FDQQRWEHGRQHZLWKRXWWKHEHORYHGRXWVLGHUHPHPEHUWKDWWRREHFDXVHWKH
ILUVWJOLPSVHFRPHVIURPWKHEHORYHGRXWVLGH,WLVRQO\DJOLPSVHEXWZLWKLW
FRPHVDQHZYLVLRQWKDWGHHSGRZQLQVLGH\RXUVHOIWKHUHDUHERWKWKHHQHUJLHV
SUHVHQWPDOHDQGIHPDOH
0DQLVELVH[XDOHYHU\PDQHYHU\ZRPDQ+DOIRI\RXLVPDOHDQGKDOIRI\RX
LVIHPDOH,I\RXDUHDZRPDQWKHQWKHIHPDOHSDUWLVRQWRSDQGWKHPDOHSDUWLV
KLGGHQEHKLQGDQGYLFHYHUVD2QFH\RXKDYHEHFRPHDZDUHRIWKLVWKHQDQHZ
ZRUNVWDUWV\RXULQQHUZRPDQDQGLQQHUPDQFDQKDYHDPHHWLQJDQGWKDW
PHHWLQJFDQUHPDLQDEVROXWH7KHUHLVQRQHHGWRFRPHEDFNIURPWKHSHDN%XW
WKHILUVWYLVLRQFRPHVIURPWKHRXWHU
+HQFH7DQWUDXVHVWKHRXWHUZRPDQWKHRXWHUPDQDVSDUWRILQQHUZRUN2QFH
\RXKDYHEHFRPHDZDUHWKDW\RXKDYHDZRPDQLQVLGH\RXRUDPDQLQVLGH\RX
WKHQWKHZRUNWDNHVRQDWRWDOO\QHZTXDOLW\LWVWDUWVPRYLQJLQDQHZGLPHQVLRQ
1RZWKHPHHWLQJKDVWRKDSSHQLQVLGH\RXKDYHWRDOORZ\RXULQQHUZRPDQDQG
PDQWRPHHW
,Q,QGLDZHKDYHKDGWKDWFRQFHSWIRUDWOHDVWILYHWKRXVDQG\HDUV<RXPD\QRW
KDYHVHHQWKHVWDWXHVRI6KLYDDVDUGKDQDULVKZDUKDOIPDQKDOIZRPDQ7KDWLV
WKHSLFWXUHRIHYHU\ERG\
VEHLQJLQQHUEHLQJ<RXPXVWKDYHVHHQVKLYDOLQJDLW
V\PEROL]HVWKHPDOH%XWVKLYDOLQJDLVSODFHGLQWKHIHPDOHVH[XDORUJDQLWLVQRW
DORQHWKH\DUHWRJHWKHU7KDWDJDLQUHSUHVHQWVWKHLQQHUGXDOLW\WKHLQQHU
SRODULW\EXWWKHSRODULW\FDQPHHWDQGPHUJH




:LWKWKHRXWHUWKHPHUJHUZLOOEHRQO\IRUWKHPRPHQW7KHQJUHDWIUXVWUDWLRQ
DQGJUHDWPLVHU\DQGWKHKLJKHUWKHPRPHQWWKHGHHSHUZLOOEHWKHGDUNQHVV
WKDWIROORZVLW%XWWKHPHHWLQJFDQKDSSHQLQZDUGO\
)LUVWOHDUQWKDWWKHSHDNLVSRVVLEOHDQGWKHQIHHOJUDWHIXOWRWKHZRPDQZKRKDV
JLYHQ\RXWKHSHDNIHHOJUDWHIXOWRWKHPDQ7DQWUDZRUVKLSVWKHZRPDQDVWKH
JRGGHVVDQGWKHPDQDVWKHJRG$Q\ZRPDQZKRKHOSV\RXWRDWWDLQWRWKLV
YLVLRQLVDJRGGHVVDQ\PDQWKDWKHOSV\RXWRDWWDLQWRWKLVYLVLRQLVDJRG/RYH
EHFRPHVVDFUHGEHFDXVHLWJLYHV\RXWKHILUVWJOLPSVHVRIWKHGLYLQH7KHQWKH
LQQHUZRUNVWDUWV<RXKDYHZRUNHGZLWKRXWQRZ\RXKDYHWRZRUNZLWKLQ
7DQWUDKDVWZRSKDVHVWZRVWDJHVWKHRXWHUWKHH[WURYHUW7DQWUDDQGWKH
LQQHUWKHLQWURYHUW7DQWUD7KHEHJLQQLQJKDVWREHDOZD\VIURPWKHZLWKRXWLWLV
EHFDXVHZHDUHWKHUHVRZHKDYHWRVWDUWIURPWKHSODFHZHDUHDQGWKHQPRYH
LQZDUGV:KHQWKHLQQHUPDQDQGZRPDQKDYHPHWDQGPHOWHGDQGZKHQ\RX
DUHQRPRUHGLYLGHGLQVLGH\RXKDYHEHFRPHRQHLQWHJUDWHGFU\VWDOOL]HGRQH
\RXKDYHDWWDLQHG7KLVLVHQOLJKWHQPHQW
%XWULJKWQRZHYHU\WKLQJLVXSVLGHGRZQ<RXKDYHFRPSOHWHO\IRUJRWWHQWKH
LQQHUWKHRXWHUKDVEHFRPH\RXUZKROHOLIH7KLVLVDVLIVRPHERG\LVVWDQGLQJ
RQKLVKHDGDQGKDVIRUJRWWHQFRPSOHWHO\KRZWRVWDQGRQKLVIHHWDJDLQ1RZ
VWDQGLQJRQ\RXUKHDG\RXUOLIHZLOOEHUHDOO\GLIILFXOW,I\RXZDQWWRJR
VRPHZKHUHLI\RXZDQWWRGRVRPHWKLQJHYHU\WKLQJZLOOEHFRPHYHU\YHU\
GLIILFXOWDOPRVWLPSRVVLEOH
$QGWKDWLVZKDWLVKDSSHQLQJ3HRSOHDUHXSVLGHGRZQEHFDXVHWKHZLWKRXWKDV
EHFRPHPRUHLPSRUWDQWWKDQWKHZLWKLQ7KHZLWKRXWKDVEHFRPHDOOLPSRUWDQW
DQGWKHZLWKLQLVFRPSOHWHO\LJQRUHGIRUJRWWHQ
7KHUHDOWUHDVXUHLVZLWKLQ)URPWKHZLWKRXW\RXFDQJHWRQO\KLQWVRIWKHLQQHU
WUHDVXUHIURPWKHZLWKRXWRQO\DUURZVSRLQWLQJWRWKHLQQHUPRVWFRUHRI\RXU
EHLQJIURPZLWKRXWRQO\PLOHVWRQHV%XWGRQ
WFOLQJWRDPLOHVWRQHDQGGRQ
W
WKLQNWKDWWKLVLVWKHJRDODQG\RXKDYHDUULYHG
5HPHPEHUWKDWWKHRUGLQDU\PDQLVOLYLQJDYHU\DEQRUPDOOLIHEHFDXVHKLV
YDOXHVDUHXSVLGHGRZQ0RQH\LVPRUHLPSRUWDQWWKDQPHGLWDWLRQORJLFLVPRUH
LPSRUWDQWWKDQORYHPLQGLVPRUHLPSRUWDQWWKDQKHDUW3RZHURYHURWKHUVLV
PRUHLPSRUWDQWWKDQSRZHURYHURQH
VRZQEHLQJ0XQGDQHWKLQJVDUHPRUH
LPSRUWDQWWKDQILQGLQJVRPHWUHDVXUHVZKLFKGHDWKFDQQRWGHVWUR\

/DUU\ZHQWWRDQ,WDOLDQUHVWDXUDQWDQGMXVWDVWKHZDLWHUZDVDERXWWRVHUYHKH
WULSSHGDQGGXPSHGDZKROHERZORIPLQHVWURQHULJKWLQ/DUU\
VODS
:DV/DUU\DQJU\":DVKHHYHQVOLJKWO\UXIIOHG"
+HVLPSO\ORRNHGXSZLWKJUHDWGLJQLW\DQGGLVGDLQDQGVDLG:DLWHU,EHOLHYH
WKHUHLVDVRXSLQP\IO\

7KLQJVDUHFRPSOHWHO\XSVLGHGRZQ7KHIO\LVQRWLQWKHVRXSWKHVRXSLVLQWKH
IO\$QGWKDW
VZK\WKHUHLVVRPXFKPLVHU\(YHU\ERG\VHHPVWREHVLPSO\
UXQQLQJDIWHUVKDGRZVNQRZLQJSHUIHFWO\ZHOOWKDWWKHUHLVQRWKLQJWRKDSSHQ
WKDWQRWKLQJLVHYHUJRLQJWRKDSSHQEXWZKDWHOVHWRGR"6WDQGLQJE\WKHVLGHRI
WKHURDGZKHQHYHU\ERG\LVUXVKLQJORRNVVLOO\,WLVEHWWHUWRJRRQUXVKLQJZLWK
WKHFURZG




/HWWKLVVLQNGHHSLQ\RXUKHDUWWKDWXQOHVVWKHZLWKLQEHFRPHVPRUHLPSRUWDQW
WKDQWKHZLWKRXW\RXDUHOLYLQJDYHU\DEQRUPDOOLIH7KHQRUPDOSHUVRQLVRQH
ZKRVHZLWKLQLVWKHVRXUFHRIHYHU\WKLQJWKDWKHLVGRLQJ7KHZLWKRXWLVRQO\D
PHDQVWKHZLWKLQLVWKHHQG
7KHORYHDIIDLUWKDW\RXKDYHZLWKDZRPDQRUDPDQLVDPHDQVWRWKHHQG7KH
HQGLVKDYLQJDORYHDIIDLUZLWK\RXULQQHUZRPDQRULQQHUPDQ7KHRXWHUKDVWR
EHXVHGDVDOHDUQLQJVLWXDWLRQLWLVDJUHDWRSSRUWXQLW\
,DPQRWDJDLQVWWKHRXWHUORYHDIIDLU,DPDOOIRULWEHFDXVHZLWKRXWLW\RXZLOO
QHYHUEHFRPHDZDUHRIWKHLQQHU%XWUHPHPEHUGRQ
WJHWVWXFNLQWKHRXWHU

7KHIRXUWKTXHVWLRQ
%(/29('26+2
:+<,67+(5(68&+$1(;35(66,21$67+(',57<2/'0$1",$0
*(77,1*21$1',6863(&73(23/($5(%(*,11,1*727+,1.$%287
0(,1(;$&7/<7+26(:25'6

,WLVEHFDXVHRIDORQJORQJUHSUHVVLYHVRFLHW\WKDWWKHGLUW\ROGPDQH[LVWV,WLV
EHFDXVHRI\RXUVDLQWV\RXUSULHVWV\RXUSXULWDQVWKDWWKHROGGLUW\PDQH[LVWV
,ISHRSOHDUHDOORZHGWROLYHWKHLUVH[XDOOLIHMR\RXVO\E\WKHWLPHWKH\DUHQHDULQJ
IRUW\WZRUHPHPEHU,DPVD\LQJIRUW\WZRQRWHLJKW\IRXUMXVWZKHQWKH\DUH
QHDULQJIRUW\WZRVH[ZLOOVWDUWORVLQJLWVJULSRQWKHP-XVWDVVH[DULVHVDQG
EHFRPHVYHU\SRZHUIXOE\WKHWLPHRQHLVIRXUWHHQLQH[DFWO\WKHVDPHZD\E\
WKHWLPHRQHLVIRUW\WZRLWVWDUWVGLVDSSHDULQJ,WLVDQDWXUDOFRXUVH$QGZKHQ
VH[GLVDSSHDUVWKHROGPDQKDVDORYHKDVFRPSDVVLRQRIDWRWDOO\GLIIHUHQW
NLQG7KHUHLVQROXVWLQKLVORYHQRGHVLUHKHZDQWVWRJHWQRWKLQJRXWRILW+LV
ORYHKDVDSXULW\DQLQQRFHQFHKLVORYHLVDMR\
6H[JLYHV\RXSOHDVXUH$QGVH[JLYHV\RXSOHDVXUHRQO\ZKHQ\RXKDYHJRQH
LQWRVH[WKHQSOHDVXUHLVWKHHQGUHVXOW,IVH[KDVEHFRPHLUUHOHYDQWQRW
UHSUHVVHGEXWEHFDXVH\RXH[SHULHQFHGLWVRGHHSO\WKDWLWLVQRPRUHRIDQ\
YDOXH<RXKDYHNQRZQLWDQGNQRZOHGJHDOZD\VEULQJVIUHHGRP<RXKDYH
NQRZQLWWRWDOO\DQGEHFDXVH\RXKDYHNQRZQLWWKHP\VWHU\LVILQLVKHGWKHUHLV
QRWKLQJPRUHWRH[SORUH,QWKDWNQRZLQJWKHZKROHHQHUJ\WKHVH[XDOHQHUJ\LV
WUDQVPXWHGLQWRORYHFRPSDVVLRQ2QHJLYHVRXWRIMR\7KHQWKHROGPDQLVWKH
PRVWEHDXWLIXOPDQLQWKHZRUOGWKHFOHDQHVWPDQLQWKHZRUOG
7KHUHLVQRH[SUHVVLRQLQDQ\ODQJXDJHDVWKHFOHDQROGPDQ,KDYHQHYHUKHDUG
LW%XWWKLVH[SUHVVLRQWKHGLUW\ROGPDQH[LVWVLQDOPRVWDOOODQJXDJHV7KH
UHDVRQLVWKDWWKHERG\EHFRPHVROGWKHERG\EHFRPHVWLUHGWKHERG\ZDQWVWR
JHWULGRIDOOVH[XDOLW\EXWWKHPLQGEHFDXVHRIUHSUHVVHGGHVLUHVVWLOOKDQNHUV
:KHQWKHERG\LVQRWFDSDEOHDQGWKHPLQGFRQWLQXRXVO\KDXQWV\RXIRU
VRPHWKLQJZKLFKWKHERG\LVLQFDSDEOHRIGRLQJUHDOO\WKHROGPDQLVLQDPHVV
+LVH\HVDUHVH[XDOOXVW\KLVERG\GHDGDQGGXOO$QGKLVPLQGJRHVRQ
JRDGLQJKLP+HVWDUWVKDYLQJDGLUW\ORRNDGLUW\IDFHKHVWDUWVKDYLQJ
VRPHWKLQJXJO\LQKLP

,WUHPLQGVPHRIWKHVWRU\RIWKHPDQZKRRYHUKHDUGKLVZLIHDQGKHUVLVWHU
GLVFXVVLQJKLVIUHTXHQWRXWRIWRZQEXVLQHVVWULSV7KHVLVWHUNHSWVXJJHVWLQJ




WKDWWKHZLIHVKRXOGZRUU\DERXWKHUKXVEDQGEHLQJXQFKDSHURQHGDWWKRVHSRVK
UHVRUWFRQYHQWLRQKRWHOVZLWKVRPDQ\DWWUDFWLYHXQDWWDFKHGFDUHHUZRPHQ
DURXQG
0HZRUU\"VDLGWKHZLIH:K\KH
GQHYHUFKHDWRQPH+H
VWRROR\DOWRR
GHFHQWWRRROG

7KHERG\VRRQHURUODWHUEHFRPHVROGLWLVERXQGWREHFRPHROG%XWLI\RXKDYH
QRWOLYHG\RXUGHVLUHVWKH\ZLOOFODPRUDURXQG\RXWKH\DUHERXQGWRFUHDWH
VRPHWKLQJXJO\LQ\RX(LWKHUWKHROGPDQEHFRPHVWKHPRVWEHDXWLIXOPDQLQWKH
ZRUOGEHFDXVHKHDWWDLQVWRDQLQQRFHQFHWKHVDPHDVWKHLQQRFHQFHRIDFKLOG
RUHYHQIDUGHHSHUWKDQWKHLQQRFHQFHRIDFKLOGKHEHFRPHVDVDJH%XWLI
GHVLUHVDUHVWLOOWKHUHUXQQLQJOLNHDQXQGHUFXUUHQWWKHQKHLVFDXJKWLQDWXUPRLO

$YHU\ROGPDQZDVDUUHVWHGZKLOHDWWHPSWLQJWRVH[XDOO\PROHVWD\RXQJ
ZRPDQ6HHLQJVXFKDQROGPDQHLJKW\IRXULQFRXUWWKHPDJLVWUDWHUHGXFHG
WKHFKDUJHIURPUDSHWRDVVDXOWZLWKDGHDGZHDSRQ
,I\RXDUHEHFRPLQJROGUHPHPEHUWKDWROGDJHLVWKHFOLPD[RIOLIH5HPHPEHU
WKDWROGDJHFDQEHWKHPRVWEHDXWLIXOH[SHULHQFHEHFDXVHWKHFKLOGKDVKRSHV
IRUWKHIXWXUHKHOLYHVLQWKHIXWXUHKHKDVJUHDWGHVLUHVWRGRWKLVWRGRWKDW
(YHU\FKLOGWKLQNVWKDWKHLVJRLQJWREHVRPHERG\VSHFLDO$OH[DQGHUWKH
*UHDW-RVHI6WDOLQ0DR=HGRQJKHOLYHVLQGHVLUHVDQGLQWKHIXWXUH7KH
\RXQJPDQLVWRRPXFKSRVVHVVHGE\WKHLQVWLQFWVDOOLQVWLQFWVH[SORGLQJLQKLP
6H[LVWKHUH0RGHUQUHVHDUFKVD\VWKDWHYHU\PDQWKLQNVRQFHDWOHDVWDERXW
VH[HYHU\WKUHHVHFRQGV:RPHQDUHDOLWWOHEHWWHUWKH\WKLQNRIVH[HYHU\VL[
VHFRQGV,WLVDJUHDWGLIIHUHQFHDOPRVWGRXEOHWKDWPD\EHWKHFDXVHRIPDQ\
ULIWVEHWZHHQKXVEDQGVDQGZLYHV
2QFHHYHU\WKUHHVHFRQGVVH[VRPHKRZIODVKHVLQWKHPLQG7KH\RXQJPDQLV
SRVVHVVHGE\VXFKJUHDWQDWXUDOIRUFHVWKDWKHFDQQRWEHIUHH$PELWLRQLVWKHUH
DQGWLPHLVUXQQLQJIDVWDQGKHKDVWRGRVRPHWKLQJDQGKHKDVWREH
VRPHWKLQJ$OOWKRVHKRSHVDQGGHVLUHVDQGIDQWDVLHVRIFKLOGKRRGKDYHWREH
IXOILOOHGKHLVLQDJUHDWUXVKLQDKXUU\
7KHROGPDQNQRZVWKDWWKRVHFKLOGLVKGHVLUHVZHUHUHDOO\FKLOGLVK7KHROGPDQ
NQRZVWKDWDOOWKRVHGD\VRI\RXWKDQGWXUPRLODUHJRQH7KHROGPDQLVLQWKH
VDPHVWDWHDVZKHQWKHVWRUPKDVJRQHDQGVLOHQFHSUHYDLOV7KDWVLOHQFHFDQ
EHRIWUHPHQGRXVEHDXW\GHSWKULFKQHVV,IWKHROGPDQLVUHDOO\PDWXUHZKLFK
LVYHU\UDUHO\WKHFDVHWKHQKHZLOOEHEHDXWLIXO%XWSHRSOHRQO\JURZLQDJH
WKH\GRQ
WJURZXS+HQFHWKHSUREOHP
*URZXSEHFRPHPRUHPDWXUHEHFRPHPRUHDOHUWDQGDZDUH$QGROGDJHLV
WKHODVWRSSRUWXQLW\JLYHQWR\RXEHIRUHGHDWKFRPHVSUHSDUH$QGKRZGRHV
RQHSUHSDUHIRUGHDWK"%\EHFRPLQJPRUHPHGLWDWLYH
,IVRPHOXUNLQJGHVLUHVDUHVWLOOWKHUHDQGWKHERG\LVJHWWLQJROGDQGWKHERG\LV
QRWFDSDEOHRIIXOILOOLQJWKRVHGHVLUHVGRQ
WEHZRUULHG0HGLWDWHRYHUWKRVH
GHVLUHVZDWFKEHDZDUH-XVWE\EHLQJDZDUHDQGZDWFKIXODQGDOHUWWKRVH
GHVLUHVDQGWKHHQHUJ\FRQWDLQHGLQWKHPFDQEHWUDQVPXWHG%XWEHIRUHGHDWK
FRPHVEHIUHHRIDOOGHVLUHV
:KHQ,VD\EHIUHHRIDOOGHVLUHV,VLPSO\PHDQEHIUHHRIDOOREMHFWVRIGHVLUHV




7KHQWKHUHLVDSXUHORQJLQJ7KDWSXUHORQJLQJLVGLYLQHWKDWSXUHORQJLQJLV
*RG7KHQWKHUHLVSXUHFUHDWLYLW\ZLWKQRREMHFWZLWKQRDGGUHVVZLWKQR
GLUHFWLRQZLWKQRGHVWLQDWLRQMXVWSXUHHQHUJ\DSRRORIHQHUJ\JRLQJ
QRZKHUH7KDW
VZKDWEXGGKDKRRGLV$WLVKDFDOOVLWERGKLFKLWWDEXGGKD
FRQVFLRXVQHVV

7KHILIWKTXHVWLRQ
%(/29('26+2
:+<,6,1',$623225"

7KHVRFDOOHGVDLQWVDUHUHVSRQVLEOH'RZQWKHDJHV,QGLDKDVOLYHGZLWKD
ZURQJSKLORVRSK\DSKLORVRSK\WKDWWHDFKHVRWKHUZRUOGOLQHVVDSKLORVRSK\
WKDWWHDFKHVWKDWWKHZRUOGLVLOOXVLRQDQGRQO\WKHRWKHUZRUOGLVWUXH<RXKDYH
QRWVHHQWKHRWKHUZRUOGWKHWUXHZRUOG\RXKDYHWREHOLHYH$QGWKHZRUOGWKDW
\RXKDYHVHHQDQGVHHHYHU\GD\DQGH[SHULHQFHHYHU\GD\LVLOOXVRU\LVPD\D
7KLVIRROLVKSKLORVRSK\LVWKHURRWFDXVHRI,QGLD
VSRYHUW\,IWKHZRUOGLVLOOXVRU\
WKHQZK\FDUHDERXWVFLHQFHZK\FDUHDERXWWHFKQRORJ\":KDWLVWKHSRLQW",I
WKHZRUOGLVLOOXVRU\SRYHUW\LVDOVRDQLOOXVLRQWKHEHJJDURQWKHVWUHHWLVDOVRDQ
LOOXVLRQWKHVWDUYLQJSHUVRQLVDOVRDQLOOXVLRQ
7KH:HVWKDVOLYHGZLWKWKHLGHDWKDWRQO\WKLVZRUOGLVUHDO+HQFHLWKDV
EHFRPHULFKDWOHDVWRXWZDUGO\ULFK7KH:HVWKDVGHQLHGWKHRWKHUZRUOG*RG
LVGHDG$QGWKH:HVWVWDUWHGEHFRPLQJULFKRQO\ZKHQLWVWDUWHGGURSSLQJWKH
LGHDRIWKHRWKHUZRUOGWKHQLWVZKROHHQHUJ\ZDVIRFXVHGRQWKLVZRUOG,W
EHFDPHULFKPDWHULDOO\EXWLWEHFDPHSRRUVSLULWXDOO\
7KHRWKHUZRUOGLVDOVRUHDODQGUHDORQDKLJKHUSODQH7KH(DVWEHFDPHSRRU
PDWHULDOO\7KHRWKHUZRUOGLVUHDOEXWWKHRWKHUZRUOGFDQRQO\EHEDVHGRQWKH
UHDOLW\RIWKLVZRUOG7KLVZRUOGIXQFWLRQVDVDIRXQGDWLRQ6RPD\EHRQFHLQD
ZKLOHDSHUVRQLQ,QGLDZDVDEOHWREHFRPHLQZDUGO\ULFK%XWWKHPLOOLRQVWKH
PDVVHVUHPDLQRXWZDUGO\SRRU$QGEHFDXVHWKHUHLVQRIRXQGDWLRQWKH\KDYH
UHPDLQHGLQZDUGO\SRRUWRR
7KHVHDWWLWXGHVKDYHEHHQWZRKDOYHVRIRQHZKROH7KHQHZPDQ,WDONDERXW
DQGWKHQHZKXPDQLW\ZLOOQRWEH(DVWHUQRU:HVWHUQ,WZLOOQRWEHOLHYHLQWKLV
ZRUOGRQO\RULQWKDWZRUOGRQO\LWZLOOEHOLHYHLQWKHWRWDOLW\RIPDQ,WZLOOEHOLHYH
LQWKHERG\RIPDQLWZLOOEHOLHYHLQWKHVRXORIPDQLWZLOOEHOLHYHLQWKHPDWHULDO
LWZLOOEHOLHYHLQWKHVSLULWXDO,QIDFWWKHQHZKXPDQLW\ZLOOWKLQNRIVSLULWXDOLW\DQG
PDWHULDOLW\DVWZRDVSHFWVRIRQHSKHQRPHQRQ7KHQWKHZRUOGZLOOEHULFKLQ
ERWKZD\VZLWKLQDQGZLWKRXW
,QGLDKDVWRJHWULGRILWVRWKHUZRUOGO\REVHVVLRQ,WKDVWROHDUQWRORYHWKLVZRUOG
WRRLWKDVWROHDUQWKDWWKLVZRUOGLVDOVRUHDO7KHYHU\PRPHQWWKDWKDSSHQVZLOO
EHDJUHDWFKDQJHLQ,QGLD
VOLIH%XWWKHVDLQWVWKHVRFDOOHGVDLQWVVWLOOJRRQ
WHDFKLQJWKDWWKLVZRUOGLVXQUHDO$QGWKHSRRUSHRSOHDUHFRQVROHGE\LWVRWKH\
JRRQFOLQJLQJWRWKHSKLORVRSK\,IWKHZRUOGLVXQUHDOWKLVFRQVROHVWKHUHLV
QRWKLQJWREHZRUULHGDERXWLWLVRQO\DTXHVWLRQRIDIHZ\HDUVWKHQ\RXZLOO
HQWHULQWRWKHUHDOZRUOG6RZK\ERWKHU"
7KH(DVWHUQPLQGUHPDLQVXQVFLHQWLILFEHFDXVHRIWKLVEDVLFDOO\ZURQJ
SKLORVRSK\VFLHQFHFDQEHFUHDWHGRQO\LIWKHZRUOGLVDFFHSWHGDVUHDO$QGLI




VFLHQFHLVWKHUHWKHQWHFKQRORJ\LVWKHUHDQGWHFKQRORJ\LVWKHRQO\ZD\WR
FUHDWHULFKHV7KHVRFDOOHGVDLQWVDUHUHVSRQVLEOHDQGWKHVRFDOOHGOHDGHUV
WKHSROLWLFLDQVDUHUHVSRQVLEOHEHFDXVHWKHSROLWLFLDQVJRRQWHDFKLQJDQWL
VFLHQWLILFDWWLWXGHVWRWKHFRXQWU\*DQGKL
VSKLORVRSK\LVDQWLVFLHQWLILF<RXZLOO
EHVXUSULVHGWRNQRZWKDWKHZDVDJDLQVWUDLOZD\WUDLQVWKHSRVWRIILFHWKH
WHOHJUDSKPRGHUQPHGLFLQH+HZDVDJDLQVWWKHEDVLFWHFKQRORJLHVZKLFKFDQ
KHOSWKHFRXQWU\$QGKHVWLOOUHPDLQVWKHIDWKHUILJXUHKHVWLOOGRPLQDWHVWKH
,QGLDQPLQGSDUWLFXODUO\WKH,QGLDQSROLWLFLDQ
VPLQG
,QGLDKDVWRJHWULGRI*DQGKLRWKHUZLVHLWFDQQRWEHFRPHULFK%XW*DQGKLDOVR
FRQVROHVEHFDXVHKHSUDLVHVWKHSRRUPDQ+HFDOOVWKHSRRUPDQGDULGUD
QDUD\DQKHVD\VWKDW*RGLVLQWKHSRRUPDQWKHSRRUPDQLVGLYLQH+LV
WHDFKLQJLVWKDWWKHULFKPDQLVVRPHWKLQJZURQJDQGWKHSRRUPDQLVVRPHWKLQJ
ULJKW3RYHUW\KDVVRPHVSLULWXDOLW\LQLWDFFRUGLQJWRKLP
,I\RXSUDLVHSRYHUW\DVVSLULWXDOLW\QDWXUDOO\WKHSRRUSHUVRQ
VHJRLVJUDWLILHG
+HQFHWKHSRRUSHRSOHLQ,QGLDJRRQZRUVKLSSLQJ*DQGKLHYHU\WRZQKDVKLV
VWDWXH7KHSRRUPDQKDVQRWKLQJHOVHWRIHHOJUDWLILHGDERXW7KLVLGHDJLYHVKLP
JUHDWFRQWHQWPHQWWKDWKHKDVVRPHWKLQJVSLULWXDOLQKLPKLVSRYHUW\LVVSLULWXDO
7KHUHLVQRWKLQJVSLULWXDOLQSRYHUW\3RYHUW\LVXJO\XQVSLULWXDOLUUHOLJLRXV7KH
SRRUPDQLVWKHFDXVHRIDOOWKDWLVZURQJLQWKHZRUOGEHFDXVHRXWRISRYHUW\DOO
NLQGVRIVLQVDQGFULPHVDULVH7KHSRRUPDQKDVQRWWREHJUDWLILHGKHKDVWR
EHPDGHDZDUH'RVRPHWKLQJDQGJHWRXWRI\RXUSRYHUW\,I\RXJRRQ
SUDLVLQJWKHSRRUPDQKHZLOOEHFRPHPRUHDQGPRUHSRRUWREHFRPHPRUHDQG
PRUHVSLULWXDO7KHSRRUHUKHLVWKHPRUHGLYLQH

$IDUPODERUHUJRWDZLUHIURPKRPHLWDQQRXQFHGWKDWKLVZLIHKDGMXVWJLYHQ
ELUWKWRTXLQWXSOHWV+HGHFLGHGLWZDVWLPHWRORRNIRUDEHWWHUSD\LQJMRE
7HOOPHVDLGWKHHPSOR\PHQWDJHQWDWWKHILUPZKHUHKHDSSOLHG'R\RXKDYH
DQ\VDOHVDELOLW\"&DQ\RXW\SHUXQDFRPSXWHURUGULYHDWUXFN"
6DGO\KHDQVZHUHG1R
7KHLQWHUYLHZHUDVNHG7KHQZKDWFDQ\RXGR"
+HUHDFKHGLQWRKLVSRFNHWEURXJKWRXWWKHWHOHJUDPDQGVDLG+HUHUHDGWKLV

,QGLD
VZKROHFUHDWLYLW\FRQVLVWVLQEULQJLQJPRUHDQGPRUHFKLOGUHQLQWRWKH
ZRUOG7KHUHLVQRUHDVRQWREHVXUSULVHGE\,QGLD
VSRYHUW\(YHU\GD\
WKRXVDQGVDUHERUQ0HGLFLQHKDVKHOSHGSHRSOHWROLYHORQJPHGLFLQHKDV
KHOSHGSHRSOHWRGLHODWHUDQGODWHU7KHGHDWKUDWHKDVWUHPHQGRXVO\FKDQJHG
MXVWWKLUW\\HDUVDJRRXWRIWHQFKLOGUHQERUQLQ,QGLDQLQHZHUHJRLQJWRGLH
EHIRUHWKHDJHRIRQH1RZQLQHOLYHRQO\RQHGLHV7KHGHDWKUDWHKDVEHHQ
FKDQJHGEXWWKHELUWKUDWHUHPDLQVWKHVDPH
1RZWKHUHDUHRQO\WZRSRVVLELOLWLHVHLWKHUGURSWKHELUWKUDWHRUUDLVHWKH
GHDWKUDWH7KHUHDUHRQO\WZRSRVVLELOLWLHVHLWKHUNLOOSHRSOHLQVRPHZD\RU
RWKHU$QGWKDW
VZKDWKDSSHQVDJDLQDQGDJDLQQDWXUDOFDODPLWLHVNLOO
SHRSOHJUHDWGLVHDVHVVSUHDGDQGNLOOSHRSOHZDUVFRPHDQGNLOOSHRSOH%XW
WKH\DUHDOOODJJLQJEHKLQGWKH\DUHQRWDEOHWRFRSHZLWKPRGHUQPHGLFLQH
8QOHVVWKHELUWKUDWHGHFOLQHVWKHUHLVQRSRVVLELOLW\IRU,QGLDWRVHHJRRGGD\V
%XWWKH,QGLDQVDUHDFFXVWRPHGWRKDYLQJPDQ\FKLOGUHQ,WLVYHU\PDQO\LWLV




WKRXJKWWREHDJUHDWEOHVVLQJIURP*RGWKHPRUHFKLOGUHQ\RXKDYHWKHPRUH
EOHVVHG\RXDUH
7KHVHIRROLVKLGHDVKDYHWREHFKDQJHGEXWLWLVYHU\GLIILFXOWWRFKDQJHWKHP
%HFDXVH,DPDJDLQVWDOOWKHVHLGHDVWKH,QGLDQPDVVHVDUHDJDLQVWPH7KH\
ZDQWWREHVXSSRUWHGWKHLUVDLQWVJRRQVD\LQJWRWKHPWKDWDFKLOGLVDJLIWRI
*RGWKHLUVDLQWVJRRQEOHVVLQJWKHP1RZHDFKFKLOGEULQJVDQHZFXUVHLWLV
QRORQJHUDEOHVVLQJ
7KHSROLWLFLDQVDUHDIUDLGWKDWLIWKH\IRUFHELUWKFRQWURORQWKHFRXQWU\WKHQWKH
SHRSOHZRQ
WYRWHIRUWKHPVRWKH\FDQQRWHQIRUFHELUWKFRQWURO6RWKH\GHOLYHU
VHUPRQVRQEUDKPDFKDU\DFHOLEDF\WKH\WKHPVHOYHVDUHQRWFHOLEDWHDQGWKH\
JRRQWHDFKLQJSHRSOHFHOLEDF\$QGSHRSOHORYHWKHVHLGHDVWKHVHDUHWKH
LGHDVWKH\KDYHORYHGIRUFHQWXULHVVRWKH\IHHOYHU\JRRGWKLVLVWKHLUFXOWXUH
WKHLUFXOWXUHLVEHLQJSUDLVHG7KLVLVWKHULJKWZD\WRFRQWUROSRSXODWLRQ
FHOLEDF\
$QGKRZPDQ\SHRSOHDUHJRLQJWRGRLW"7KDWLVQRWWKHSRLQWDWDOO$FXOWXUDO
LGHDSUDLVHGIRUFHQWXULHVIHHOVYHU\HJRVDWLVI\LQJ
&HOLEDF\LVQRWJRLQJWRZRUN%LUWKFRQWUROZLOOKDYHWREHEURXJKWLQ,ISHRSOH
ZLOOLQJO\DFFHSWLWJRRG,IWKH\GRQ
WDFFHSWLWZLOOLQJO\WKHQLWKDVWREHIRUFHGRQ
WKHP3HRSOHFDQQRWEHOHIWWRGHVWUR\WKHZKROHFRXQWU\%XWLI\RXWDONDERXW
HQIRUFLQJELUWKFRQWUROWKH\VD\WKHQ\RXDUHQRWDGHPRFUDW
<RXVWRSSHRSOHE\IRUFHLQPDQ\WKLQJVWKLHYHVDUHQRWDOORZHGWRVWHDOLVLW
QRQGHPRFUDWLF"7KLHYHVVKRXOGEHDOORZHGJLYHQIUHHGRPGHPRFUDF\PHDQV
IUHHGRP0XUGHUVDUHQRWDOORZHG1RZJLYLQJELUWKWRVRPDQ\FKLOGUHQLVIDU
PRUHRIDFULPHWKDQVWHDOLQJLQIDFWLWLVDIDUELJJHUFULPHWKDQPXUGHU
7KLQJVKDYHFKDQJHGVLWXDWLRQVKDYHFKDQJHG1RZWREULQJDQXQQHFHVVDU\
FKLOGLQWRWKHZRUOGLVIDUPRUHDFULPHWKDQNLOOLQJDSHUVRQ,WLVQRWDTXHVWLRQRI
GHPRFUDF\LWLVDTXHVWLRQRIVXUYLYDO'HPRFUDF\LVJRRGEXWGHPRFUDF\FDQ
H[LVWRQO\LIWKHFRXQWU\FDQVXUYLYH7KHFRXQWU\LVG\LQJVWDUYLQJ8QOHVVELUWK
FRQWUROLVHQIRUFHGWRWDOO\WKLVFRXQWU\FDQQRWEHULFK
0\DWWLWXGHLVYHU\FOHDUP\DSSURDFKLVDEVROXWHO\FOHDUEXWWKHFRXQWU\
VROG
PLQGLVQRWUHDG\WROLVWHQ3HRSOHFRPHWRPHDQGWKH\VD\:KDW\RXDUH
GRLQJIRU,QGLD
VSRYHUW\":K\GRQ
W\RXUXQKRVSLWDOVDQGZK\GRQ
W\RX
GLVWULEXWHIUHHIRRGIURPWKHDVKUDP"
7KLVKDVEHHQGRQHIRUDWOHDVWWHQWKRXVDQG\HDUV$VKUDPVKDYHEHHQ
GLVWULEXWLQJIUHHIRRGIRUWHQWKRXVDQG\HDUVLWKDVQRWKHOSHG+RZLWLVJRLQJWR
KHOSLIRQHPRUHDVKUDPJRHVRQGLVWULEXWLQJIUHHIRRG"7KHUHDUHVRPDQ\
KRVSLWDOVLWKDVQRWKHOSHGKRZLWLVJRLQJWRKHOSLIZHUXQDIHZPRUH
KRVSLWDOV"
7KDWLVQRWP\DSSURDFK,ZDQWWRFXWWKHYHU\URRWRIWKHSUREOHP,DPQRW
LQWHUHVWHGLQSUXQLQJWKHOHDYHV%XWSHRSOHDUHGXSHGDQGGXOOHGE\WKHVDLQWV
E\WKHOHDGHUVE\WKHPRUDOLVWV
.DUO0DU[VHHPVWREHULJKWDWOHDVWLQDFHUWDLQVHQVHWKDWUHOLJLRQKDVEHHQ
XVHGDVDQRSLXPWRGXSHSHRSOHDQGGXOOWKHLULQWHOOLJHQFH5HDOUHOLJLRQLVQRW
RSLXPEXWUHDOUHOLJLRQLVUDUH,WH[LVWVRQO\ZKHQWKHUHLVDOLYLQJPDVWHU
RWKHUZLVHSULHVWVJRRQSUHWHQGLQJWKDWWKH\KDYHWKHNH\VRIUHOLJLRQ7KH\GRQ
W
KDYHDQ\NH\VDOOWKDWWKH\GRLVVHUYHWKHSROLWLFLDQV




7KHUHLVDFRQVSLUDF\EHWZHHQRUJDQL]HGUHOLJLRQDQGWKHVWDWHEHWZHHQ
FKXUFKDQGVWDWH7RJHWKHUWKH\GRPLQDWHSHRSOHWRJHWKHUWKH\UHGXFHSHRSOH
LQWRVODYHU\,IWKHSHRSOHDUHSRRULWLVHDVLHUWRIRUFHWKHPLQWRVODYHU\LISHRSOH
DUHSRRULWLVHDVLHUWRJLYHWKHPEHOLHIVVXSHUVWLWLRQV,ISHRSOHDUHSRRUWKH\DUH
DOZD\VDIUDLGRIKHOODQGDOZD\VJUHHG\IRUKHDYHQ7KHSULHVWFDQGRPLQDWH
WKHPDQGWKHSROLWLFLDQFDQDOVRGRPLQDWHWKHPEHFDXVHWKH\DUHVRSRRU
,QSRYHUW\SHRSOHORVHLQWHOOLJHQFH,QWHOOLJHQFHQHHGVDFHUWDLQQRXULVKPHQW,W
LVDZHOONQRZQVFLHQWLILFIDFWWKDWLIFHUWDLQYLWDPLQVDUHPLVVLQJLQ\RXUIRRG\RX
ZLOOQRWEHLQWHOOLJHQW$QG,DPUHDOO\ZRUULHGEHFDXVHWKRVHDUHWKHYLWDPLQV
ZKLFKDUHPLVVLQJLQ,QGLDQIRRG,QGLDQIRRGLVYHU\GHILFLHQWKHQFH\RXVHH
WKHLQWHOOLJHQFHLVRQDYHU\ORZOHYHO(YHQWKHVRFDOOHGLQWHOOLJHQWVLDRI,QGLD
GRHVQ
WVHHPWREHYHU\LQWHOOLJHQW,QWHOOLJHQFHLVQHHGHGWRWUDQVIRUPWKLV
FRXQWU\LWVSRYHUW\
$QGWKDW
VZKDWP\ZRUNLVKHUHWRFUHDWHPRUHLQWHOOLJHQFHWKURXJKPHGLWDWLRQ
WRFUHDWHPRUHLQWHOOLJHQWSHRSOHE\GHVWUR\LQJWKHLUVXSHUVWLWLRQVEHOLHIVWR
FUHDWHPRUHDOHUWSHRSOHVRWKH\FDQEHPRUHUHVSRQVLYHWRWKHUHDOVLWXDWLRQ
WKDWH[LVWVLQWKHFRXQWU\DQGLQWKHZRUOG
2QO\LQWKLVZD\FDQZHFXWWKHYHU\URRWRIWKHSUREOHP

7KHODVWTXHVWLRQ
%(/29('26+2
:+<$0,+(5("

7KLVLVDYHU\SKLORVRSKLFDOTXHVWLRQ.LUWDQ
7KHUHLVDVWRU\DERXWWZRELJEHHI\$PHULFDQIRRWEDOOSOD\HUVLQSKLORVRSK\
FODVVVLWWLQJDWWKHLUILQDOH[DPLQDWLRQ7KHH[DPTXHVWLRQZDVMXVWRQHZRUG
:K\"
$OOWKHVWXGHQWVEHJDQZULWLQJPDGO\ILOOLQJH[DPERRNDIWHUERRN7KHWZR
IRRWEDOOSOD\HUVORRNHGDWHDFKRWKHUDQGVKUXJJHG7KHILUVWZURWHWZRZRUGVRQ
KLVH[DPSDSHU:K\QRW"DQGOHIWWKHURRP7KHVHFRQGIHOORZZURWHRQH
ZRUG%HFDXVHDQGOHIWZLWKKLVIULHQG
1RWNQRZLQJZKDWWRGRWKHSURIHVVRUJDYHWKHILUVWIHOORZWKHJUDGHRI$DQG
WKHVHFRQGIHOORZWKHJUDGHRI$PLQXV

7KLVLVUHDOO\DSKLORVRSKLFDOTXHVWLRQ:K\DP,KHUH"
,GRQ
WNQRZ:K\QRW"2UEHFDXVH

7KUHHQHZO\GHFHDVHGFDQGLGDWHVIRUKHDYHQVLWLQWKHZDLWLQJURRPRI6DLQW
3HWHU
VRIILFH)LQDOO\6DLQW3HWHUUHWXUQVIURPOXQFKDQGDVNVWKHUHFHSWLRQLVWWR
VHQGLQWKHILUVWFDQGLGDWH
+RZGLG\RXGLHDQGZK\GR\RXWKLQN\RXDUHHOLJLEOHIRUKHDYHQ"6DLQW3HWHU
DVNHG
:HOOVDLGWKHPDQIRUVRPHWLPH,VXVSHFWHGP\ZLIHZDVFKHDWLQJRQPH
7KLVPRUQLQJDQHLJKERUFDOOHGDQGFRQILUPHGWKHDZIXOWUXWK+HWROGPHDJX\
KDGHQWHUHGRXUDSDUWPHQWDKDOIKRXUDJRDQGKDGQRWFRPHRXW)XULRXVO\,
UXVKHGKRPHEXUVWLQWRWKHDSDUWPHQWDQGIRXQGP\ZLIHO\LQJQDNHGRQWKH




EHG,VWDUWHGWRVHDUFKWKHDSDUWPHQWLQDMHDORXVUDJH,ORRNHGWKURXJKWKH
ZKROHIODWXQGHUWKHEHGLQWKHFORVHWVEHKLQGFXUWDLQVHYHU\ZKHUH
,IRXQGQRRQH)LQDOO\RXWRIVKHHUIUXVWUDWLRQDQGEOLQGUDJH,SLFNHGXSWKH
UHIULJHUDWRUFDUULHGLWRXWRQWRWKHEDFNSRUFKDQGWKUHZLWGRZQLQWRWKHEDFN
\DUGWKUHHVWRULHVEHORZ7KHH[HUWLRQDQGH[FLWHPHQWPXVWKDYHEHHQWRRPXFK
IRUPH,PXVWKDYHGLHGULJKWWKHQDQGWKHUHRIDKHDUWDWWDFN
:HOOVDLG6DLQW3HWHUWKDW
VDYHU\XQXVXDOZD\WRGLHEXWHQWLUHO\PRUDO
$GPLWWHG6HQGLQWKHQH[WFDQGLGDWH
7KHVHFRQGFDQGLGDWHWROGDQHYHQPRUHVXUSULVLQJVWRU\6DLQW3HWHUKHVDLG
LI\RXZLOOH[FXVHWKHH[SUHVVLRQ,VZHDUWR*RG,ZDVPLQGLQJP\RZQ
EXVLQHVVWDNLQJDQDSLQWKHKDPPRFNRXWLQWKHEDFN\DUG,KHDUGDQRLVHDQG
ORRNHGXSMXVWLQWLPHWRVHHDIXOOVL]HUHIULJHUDWRUIDOOLQJRQPHIURPWKHWKLUG
IORRU
+PPPVDLG6DLQW3HWHU0RVWWUDJLFDQGPRVWFLUFXPVWDQWLDO%XWDJDLQ
HQWLUHO\SURSHUDQGPRUDO$GPLWWKLVPDQDQGVHQGLQWKHQH[WFDQGLGDWH
6DLQW3HWHUVDLGWKHWKLUGFDQGLGDWH,NQRZ\RXDUHQRWJRLQJWREHOLHYHD
ZRUG,VD\,MXVWNQRZLW,JRWFDOOHGWRWKLVODG\
VDSDUWPHQWWRIL[KHU
UHIULJHUDWRU,ZDVZRUNLQJRQLWZKHQDOORIDVXGGHQVKHVFUHDPHG
+HUHFRPHV
P\KXVEDQG)RU*RG
VVDNHKLGH
6RKHOSPH6DLQW3HWHUWKHODVWWKLQJ,
UHPHPEHUZDVFOLPELQJLQWRWKHUHIULJHUDWRUDQGFORVLQJWKHGRRU
.LUWDQ,GRQ
WNQRZZK\\RXDUHKHUH:K\QRW"%HFDXVH
(QRXJKIRUWRGD\


WKHERRNRIZLVGRPFKDSWHUWZHQW\VHYHQWKHVRXOLVDTXHVWLRQ
PDUFKDPLQEXGGKDKDOO


7KHILUVWTXHVWLRQ
%(/29('26+2
:+<,6,762',)),&8/7725(/$7("

'HYD6KDQWDEHFDXVH\RXDUHQRW\HW7KHUHLVDQLQQHUHPSWLQHVVDQGWKHIHDU
WKDWLI\RXUHODWHZLWKVRPHERG\VRRQHURUODWHU\RXZLOOEHH[SRVHGDVHPSW\
+HQFHLWVHHPVVDIHUWRNHHSDGLVWDQFHZLWKSHRSOHDWOHDVW\RXFDQSUHWHQG
\RXDUH




<RXDUHQRW<RXDUHQRW\HWERUQ\RXDUHRQO\DQRSSRUWXQLW\<RXDUHQRW\HWD
IXOILOOPHQWDQGRQO\WZRIXOILOOHGSHUVRQVFDQUHODWH7RUHODWHLVRQHRIWKH
JUHDWHVWWKLQJVRIOLIHWRUHODWHPHDQVWRORYHWRUHODWHPHDQVWRVKDUH%XW
EHIRUH\RXFDQVKDUH\RXPXVWKDYH$QGEHIRUH\RXFDQORYH\RXPXVWEHIXOO
RIORYHRYHUIORZLQJZLWKORYH
7ZRVHHGVFDQQRWUHODWHWKH\DUHFORVHG7ZRIORZHUVFDQUHODWHWKH\DUHRSHQ
WKH\FDQVHQGWKHLUIUDJUDQFHVWRHDFKRWKHUWKH\FDQGDQFHLQWKHVDPHVXQ
DQGLQWKHVDPHZLQGWKH\FDQKDYHDGLDORJXHWKH\FDQZKLVSHU%XWWKDWLVQRW
SRVVLEOHIRUWZRVHHGV6HHGVDUHXWWHUO\FORVHGZLQGRZOHVVKRZWRUHODWH"
$QGWKDWLVWKHVLWXDWLRQ0DQLVERUQDVDVHHGKHFDQEHFRPHDIORZHUKHPD\
QRW,WDOOGHSHQGVRQ\RXZKDW\RXGRZLWK\RXUVHOILWDOOGHSHQGVRQ\RX
ZKHWKHU\RXJURZRU\RXGRQ
W,WLV\RXUFKRLFHDQGHDFKPRPHQWWKHFKRLFH
KDVWREHIDFHGHDFKPRPHQW\RXDUHRQWKHFURVVURDGV
0LOOLRQVRISHRSOHGHFLGHQRWWRJURZ7KH\UHPDLQVHHGVWKH\UHPDLQ
SRWHQWLDOLWLHVWKH\QHYHUEHFRPHDFWXDOLWLHV7KH\GRQ
WNQRZZKDWVHOI
UHDOL]DWLRQLVWKH\GRQ
WNQRZZKDWVHOIDFWXDOL]DWLRQLVWKH\GRQ
WNQRZDQ\WKLQJ
RIEHLQJ8WWHUO\HPSW\WKH\OLYHXWWHUO\HPSW\WKH\GLH+RZFDQWKH\UHODWH"
,WZLOOEHH[SRVLQJ\RXUVHOI\RXUQXGLW\\RXUXJOLQHVV\RXUHPSWLQHVVVDIHU
LWVHHPVWRNHHSDGLVWDQFH(YHQORYHUVNHHSGLVWDQFHWKH\FRPHRQO\VRIDU
DQGWKH\UHPDLQDOHUWWRZKHQWRWXUQEDFN7KH\KDYHERXQGDULHVWKH\QHYHU
FURVVWKHERXQGDULHVWKH\UHPDLQFRQILQHGWRWKHLUERXQGDULHV
<HVWKHUHLVDNLQGRIUHODWLRQVKLSEXWLWLVQRWWKDWRIUHODWLQJLWLVWKDWRI
SRVVHVVLRQWKHKXVEDQGSRVVHVVHVWKHZLIHWKHZLIHSRVVHVVHVWKHKXVEDQG
WKHSDUHQWVSRVVHVVWKHFKLOGUHQDQGVRRQDQGVRIRUWK%XWWRSRVVHVVLVQRWWR
UHODWH,QIDFWWRSRVVHVVLVWRGHVWUR\DOOSRVVLELOLWLHVRIUHODWLQJ,I\RXUHODWH\RX
UHVSHFW\RXFDQQRWSRVVHVV,I\RXUHODWHWKHUHLVJUHDWUHYHUHQFH,I\RXUHODWH
\RXFRPHYHU\FORVHYHU\YHU\FORVHLQGHHSLQWLPDF\RYHUODSSLQJ6WLOOWKH
RWKHU
VIUHHGRPLVQRWLQWHUIHUHGZLWKVWLOOWKHRWKHUUHPDLQVDQLQGHSHQGHQW
LQGLYLGXDO7KHUHODWLRQVKLSLVWKDWRI,WKRXQRWWKDWRI,LWRYHUODSSLQJ
LQWHUSHQHWUDWLQJ\HWLQDVHQVHLQGHSHQGHQW
.KDOLO*LEUDQVD\V%HOLNHWZRSLOODUVWKDWVXSSRUWWKHVDPHURRIEXWGRQ
WVWDUW
SRVVHVVLQJWKHRWKHUOHDYHWKHRWKHULQGHSHQGHQW6XSSRUWWKHVDPHURRIWKDW
URRILVORYH
7ZRORYHUVVXSSRUWVRPHWKLQJLQYLVLEOHDQGVRPHWKLQJLPPHQVHO\YDOXDEOH
VRPHSRHWU\RIEHLQJVRPHPXVLFKHDUGLQWKHGHHSHVWUHFHVVHVRIWKHLU
H[LVWHQFH7KH\VXSSRUWERWKWKH\VXSSRUWVRPHKDUPRQ\EXWVWLOOWKH\UHPDLQ
LQGHSHQGHQW7KH\FDQH[SRVHWKHPVHOYHVWRWKHRWKHUEHFDXVHWKHUHLVQR
IHDU7KH\NQRZWKH\$5(7KH\NQRZWKHLULQQHUEHDXW\WKH\NQRZWKHLULQQHU
SHUIXPHWKHUHLVQRIHDU
%XWRUGLQDULO\WKHIHDUH[LVWVEHFDXVH\RXGRQ
WKDYHDQ\SHUIXPH,I\RXH[SRVH
\RXUVHOI\RXZLOOVLPSO\VWLQN<RXZLOOVWLQNRIMHDORXVLHVKDWUHGVDQJHUVOXVW
<RXZLOOQRWKDYHWKHSHUIXPHRIORYHSUD\HUFRPSDVVLRQ
0LOOLRQVRISHRSOHKDYHGHFLGHGWRUHPDLQVHHGV:K\":KHQWKH\FDQEHFRPH
IORZHUVDQGWKH\FDQDOVRKDYHDGDQFHLQWKHZLQGDQGWKHVXQDQGWKHPRRQ
ZK\KDYHWKH\GHFLGHGWRUHPDLQVHHGV"7KHUHLVVRPHWKLQJLQWKHLUGHFLVLRQ
WKHVHHGLVPRUHVHFXUHWKDQWKHIORZHU7KHIORZHULVIUDJLOHWKHVHHGLVQRW




IUDJLOHWKHVHHGORRNVVWURQJHU7KHIORZHUFDQEHGHVWUR\HGYHU\HDVLO\MXVWD
VWURQJZLQGDQGWKHSHWDOVZLOOEORZDZD\7KHVHHGFDQQRWEHGHVWUR\HGVR
HDVLO\E\WKHZLQGWKHVHHGLVYHU\SURWHFWHGVHFXUH7KHIORZHULVH[SRVHG
VXFKDGHOLFDWHWKLQJDQGH[SRVHGWRVRPDQ\KD]DUGVDVWURQJZLQGPD\
FRPHLWPD\UDLQFDWVDQGGRJVWKHVXQPD\EHWRRKRWVRPHIRROLVKPDQPD\
SOXFNWKHIORZHU$Q\WKLQJFDQKDSSHQWRWKHIORZHUHYHU\WKLQJFDQKDSSHQWR
WKHIORZHUWKHIORZHULVFRQVWDQWO\LQGDQJHU%XWWKHVHHGLVVDIHKHQFHPLOOLRQV
RISHRSOHGHFLGHWRUHPDLQVHHGV%XWWRUHPDLQDVHHGLVWRUHPDLQGHDGWR
UHPDLQDVHHGLVQRWWROLYHDWDOO,WLVVHFXUHFHUWDLQO\EXWLWKDVQROLIH'HDWKLV
VHFXUHOLIHLVLQVHFXULW\2QHZKRUHDOO\ZDQWVWROLYHKDVWROLYHLQGDQJHULQ
FRQVWDQWGDQJHU2QHZKRZDQWVWRUHDFKWRWKHSHDNVKDVWRWDNHWKHULVNRI
JHWWLQJORVW2QHZKRZDQWVWRFOLPEWKHKLJKHVWSHDNVKDVWRWDNHWKHULVNRI
IDOOLQJIURPVRPHZKHUHVOLSSLQJGRZQ
7KHJUHDWHULVWKHORQJLQJWRJURZWKHPRUHDQGPRUHGDQJHUKDVWREH
DFFHSWHG7KHUHDOPDQDFFHSWVGDQJHUDVKLVYHU\VW\OHRIOLIHDVKLVYHU\
FOLPDWHRIJURZWK
<RXDVNPH6KDQWD:K\LVLWVRGLIILFXOWWRUHODWH"
,WLVGLIILFXOWEHFDXVH\RXDUHQRW\HW)LUVWEH(YHU\WKLQJHOVHLVSRVVLEOHRQO\
DIWHUZDUGVILUVWEH
-HVXVVD\VLWLQKLVRZQZD\)LUVWVHHN\HWKHNLQJGRPRI*RGWKHQDOOHOVH
VKDOOEHDGGHGXQWR\RX7KLVLVMXVWDQROGH[SUHVVLRQIRUWKHVDPHWKLQJWKDW,
DPVD\LQJ)LUVWEHWKHQDOOHOVHVKDOOEHDGGHGXQWR\RX
%XWEHLQJLVWKHEDVLFUHTXLUHPHQW,I\RXDUHFRXUDJHFRPHVDVD
FRQVHTXHQFH,I\RXDUHJUHDWGHVLUHIRUDGYHQWXUHWRH[SORUHDULVHVDQG
ZKHQ\RXDUHUHDG\WRH[SORUH\RXFDQUHODWH5HODWLQJLVH[SORULQJH[SORULQJ
WKHRWKHU
VFRQVFLRXVQHVVH[SORULQJWKHRWKHU
VWHUULWRU\%XWZKHQ\RXH[SORUH
WKHRWKHU
VWHUULWRU\\RXKDYHWRDOORZDQGZHOFRPHWKHRWKHUWRH[SORUH\RXLW
FDQQRWEHRQHZD\WUDIILF$QG\RXFDQDOORZWKHRWKHUWRH[SORUH\RXRQO\ZKHQ
\RXKDYHVRPHWKLQJVRPHWUHDVXUHZLWKLQ\RX7KHQWKHUHLVQRIHDU,QIDFW\RX
LQYLWHWKHJXHVW\RXHPEUDFHWKHJXHVW\RXFDOOKLPLQ\RXZDQWKLPLQ<RX
ZDQWKLPWRVHHZKDW\RXKDYHGLVFRYHUHGLQ\RXUVHOI\RXZDQWWRVKDUHLW
)LUVWEHWKHQ\RXFDQUHODWHDQGUHPHPEHUWRUHODWHLVEHDXWLIXO5HODWLRQVKLS
LVDWRWDOO\GLIIHUHQWSKHQRPHQRQUHODWLRQVKLSLVVRPHWKLQJGHDGIL[HGDIXOO
SRLQWKDVDUULYHG<RXJHWPDUULHGWRDZRPDQDIXOOSRLQWKDVDUULYHG1RZ
WKLQJVZLOORQO\GHFOLQH<RXKDYHUHDFKHGWKHOLPLWQRWKLQJLVJURZLQJDQ\PRUH
7KHULYHUKDVVWRSSHGDQGLWLVEHFRPLQJDUHVHUYRLU5HODWLRQVKLSLVDOUHDG\D
WKLQJFRPSOHWHUHODWLQJLVDSURFHVV$YRLGUHODWLRQVKLSVDQGJRGHHSHUDQG
GHHSHULQWRUHODWLQJ
0\HPSKDVLVLVRQYHUEVQRWRQQRXQVDYRLGQRXQVDVPXFKDVSRVVLEOH,Q
ODQJXDJH\RXFDQQRWDYRLGWKDW,NQRZEXWLQOLIHDYRLGEHFDXVHOLIHLVDYHUE
/LIHLVQRWDQRXQLWLVUHDOO\OLYLQJQRWOLIH,WLVQRWORYHLWLVORYLQJ,WLVQRW
UHODWLRQVKLSLWLVUHODWLQJ,WLVQRWDVRQJLWLVVLQJLQJ,WLVQRWDGDQFHLWLV
GDQFLQJ
6HHWKHGLIIHUHQFHVDYRUWKHGLIIHUHQFH$GDQFHLVVRPHWKLQJFRPSOHWHWKHODVW
WRXFKHVKDYHEHHQPDGHQRZWKHUHLVQRWKLQJHOVHWRGR6RPHWKLQJFRPSOHWH
LVVRPHWKLQJGHDG/LIHNQRZVQRIXOOSRLQWFRPPDVDUHRND\EXWQRIXOOSRLQWV




5HVWLQJSODFHVDUHRND\EXWQRGHVWLQDWLRQ
6KDQWDLQVWHDGRIWKLQNLQJKRZWRUHODWHIXOILOOWKHILUVWUHTXLUHPHQWPHGLWDWH
EHDQGWKHQUHODWLQJZLOODULVHRXWRILWRQLWVRZQDFFRUG2QHZKREHFRPHV
VLOHQWEOLVVIXORQHZKRVWDUWVKDYLQJRYHUIORZLQJHQHUJLHVEHFRPHVDIORZHU
KDVWRUHODWH,WLVQRWVRPHWKLQJWKDWKHKDVWROHDUQKRZWRGRLWVWDUWV
KDSSHQLQJ+HUHODWHVZLWKSHRSOHKHUHODWHVZLWKDQLPDOVKHUHODWHVZLWKWUHHV
KHUHODWHVHYHQZLWKURFNV
,QIDFWWZHQW\IRXUKRXUVDGD\KHUHODWHV,IKHLVZDONLQJRQWKHHDUWKKHLV
UHODWLQJZLWKWKHHDUWKKLVIHHWWRXFKLQJWKHHDUWKKHLVUHODWLQJ,IKHLV
VZLPPLQJLQWKHULYHUKHLVUHODWLQJZLWKWKHULYHUDQGLIKHLVORRNLQJDWWKHVWDUV
KHLVUHODWLQJZLWKWKHVWDUV
,WLVQRWDTXHVWLRQRIDUHODWLRQVKLSZLWKVRPHERG\LQSDUWLFXODU7KHEDVLFIDFW
LVLI\RXDUH\RXUZKROHOLIHEHFRPHVDUHODWLQJ,WLVDFRQVWDQWVRQJDFRQVWDQW
GDQFHLWLVDFRQWLQXXPDULYHUOLNHIORZ
0HGLWDWHILQGRXW\RXURZQFHQWHUILUVW%HIRUH\RXFDQUHODWHZLWKVRPHERG\
HOVHUHODWHZLWK\RXUVHOIWKDWLVWKHEDVLFUHTXLUHPHQWWREHIXOILOOHG:LWKRXWLW
QRWKLQJLVSRVVLEOH:LWKLWQRWKLQJLVLPSRVVLEOH
7KHVHFRQGTXHVWLRQ
%(/29('26+2
$6<28'529($:$<72'$<,)(/7,$0$)5$,'2))25*(77,1*,6
7+(5($1<7+,1*,1(('725(0(0%(5"

$QDQGD9DQGDQD\HVWKHUHLVDJUHDWQHHGWRUHPHPEHU\RXUVHOI<RXU
TXHVWLRQLVUHDOO\VLJQLILFDQW,FDOODTXHVWLRQVLJQLILFDQWZKHQLWLVH[LVWHQWLDO
ZKHQLWLVQRWLQWHOOHFWXDOZKHQLWLVQRWERRNLVKZKHQLWGRHVQRWFRPHRXWRI
\RXUNQRZOHGJHEXWFRPHVRXWRI\RXUH[LVWHQWLDOH[SHULHQFH,WKDVDWRWDOO\
GLIIHUHQWTXDOLW\WRLW
<HVWKHUHLVVRPHWKLQJWREHUHPHPEHUHG%XWWKDWVRPHWKLQJLVQRWRXWVLGH
\RXWKDW
VZK\\RXFDQQRWILJXUHLWRXW<RXVLPSO\IHOWDIHDUDVLI\RXDUH
IRUJHWWLQJVRPHWKLQJDYHU\YDJXHNLQGRIIHDUVRPHWKLQJIHOWEXWQRW\HW
FOHDUO\IHOW6RPHWKLQJLVWKHUHOXUNLQJLQWKHXQFRQVFLRXVLQWKHGDUNQHVVRI
\RXUVRXO\RXIHOWDIUDLGRIIRUJHWWLQJ
$QGUHDOO\WKHQLWEHFRPHVDJUHDWTXHVWLRQ:KDWDP,DIUDLGRIIRUJHWWLQJ",V
WKHUHDQ\WKLQJ,QHHGWRUHPHPEHU"

$=HQPDVWHUZDVG\LQJ$WWKHODVWPRPHQWZKHQDOOKLVGLVFLSOHVKDG
JDWKHUHGKHRSHQHGKLVH\HVDQGVDLG:KDWLVWKHDQVZHU"
7KHGLVFLSOHVZHUHGXPEIRXQGHGWKH\FRXOGQRWILJXUHLWRXW:KDWLVWKH
DQVZHU"
6RWKHPDVWHUVWDUWHGODXJKLQJDQGKHVDLG6RRND\ZKDWLVWKHTXHVWLRQ"

+HZDVSRVLQJDYHU\YHU\H[LVWHQWLDOWKLQJ:KDWLVWKHDQVZHU"(YHQEHIRUHWKH
TXHVWLRQLVDVNHGKHLVDVNLQJZKDWLVWKHDQVZHU7KHTXHVWLRQLVQRWDVNHG
EHFDXVHLWFDQQRWEHDVNHG%XWWKHTXHVWLRQLVWKHUHLWLVWKHUHLQHYHU\ERG\
V
VRXO2QHPD\EHDOHUWDERXWLWRQHPD\QRWEHDOHUWDERXWLWRQHPD\EH
FRPSOHWHO\REOLYLRXVRILWEXWWKHTXHVWLRQLVWKHUHLQHYHU\ERG\
VVRXO




7KHVRXOLVDTXHVWLRQLWLVDTXHVW+HQFHWKHPDVWHULVDVNLQJ:KDWLVWKH
DQVZHU"
7KHGLVFLSOHVFRXOGQRWILJXUHLWRXWEHFDXVHWKLVLVQRWWKHZD\SHRSOHDVNILUVW
DERXWWKHTXHVWLRQWKHQWKH\DVNDERXWWKHDQVZHU
$QGVRPHWKLQJH[DFWO\OLNHWKDWKDVKDSSHQHGWR\RX9DQGDQD$IUDLGRI
IRUJHWWLQJIRUJHWWLQJZKDWWKDWLVQRWFOHDU-XVWDIHHOLQJDFORXGSDVVHGE\
DQGWKHIHHOLQJPXVWKDYHEHHQLQWHQVH
,VWKHUHDQ\WKLQJ,QHHGWRUHPHPEHU"\RXDVN

,WLV\RX\RXUVHOI6HOIUHPHPEHULQJLVQHHGHG%XGGKDXVHGWRFDOOLWULJKW
PLQGIXOQHVVVDPPDVDWL0DKDYLUDXVHGWRFDOOLWYLYHNDZDUHQHVV*HRUJH
*XUGMLHIIXVHGWRFDOOLWVHOIUHPHPEHULQJ.DELUXVHGWRFDOOLW685$7,%XWWKH\
DOOPHDQWKHVDPHWKLQJ
<RXGRQ
WNQRZZKR\RXDUH<RXDUHWKDWPXFKLVFHUWDLQ,QIDFWRQO\WKDWLV
FHUWDLQDQGQRWKLQJHOVH7KHH[LVWHQFHRIRWKHUVLVQRWFHUWDLQ
7KH(QJOLVKSKLORVRSKHU%HUNHOH\KDGJRQHIRUDPRUQLQJZDONZLWK
'U-RKQVRQ'U-RKQVRQZDVYHU\FULWLFDORI%HUNHOH\
VLGHDVEHFDXVH%HUNHOH\
XVHGWRVD\WKDWWKHZKROHZRUOGLVDQLGHDLWLVQRWDUHDOLW\EXWMXVWDQLGHDDQ
LGHDLQWKHPLQGRI*RG:HDUHLGHDVLQWKHPLQGRI*RGMXVWLGHDVSXUH
LGHDVQRWUHDOHQWLWLHV
$JDLQDQGDJDLQKHZDVKDPPHULQJ'U-RKQVRQ
VKHDGZLWKWKHVDPH
SKLORVRSK\WKDWPRUQLQJLWZDVWRRPXFK+HZDVVD\LQJ$OOWKHVHWUHHVDQG
WKLVVXQDQGWKLVVN\DOOWKHVHDUHLGHDV(QRXJKLVHQRXJK'U-RKQVRQZDVD
UHDOLVWDGRZQWRHDUWKPDQ+HWRRNDURFNIURPWKHURDGDQGKLWKDUGRQWKH
IHHWRI%HUNHOH\%HUNHOH\VFUHDPHGLQGHHSSDLQEORRGVWDUWHGRR]LQJRXWRIKLV
IHHWDQGKHVDLG:KDWDUH\RXGRLQJ"+DYH\RXVXGGHQO\JRQHPDG"
$QG'U-RKQVRQVDLG%XWLWLVMXVWDQLGHDWKLVURFN:K\DUH\RXVFUHDPLQJ"
:K\GR\RXORRNVRDQJU\"

,WLVQRWUHSRUWHGZKDW%HUNHOH\VDLGEXWWKHUHLVDSDUDOOHOVWRU\LQ,QGLDQKLVWRU\
ZKLFKWDNHVDEHDXWLIXOWXUQ

$%XGGKLVWFDPHWRWKHFRXUWRIDNLQJ+HZDVDJUHDWP\VWLFDQGEHORQJHGWRD
FHUWDLQVFKRRORI%XGGKLVWVZKRSUHFHGHG%HUNHOH\E\DWOHDVWWZRWKRXVDQG
\HDUV+LVZDVWKHVDPHLGHDLWLVFDOOHGYLJ\DQYDGWKHZKROHH[LVWHQFHLV
QRWKLQJEXWLGHDV
7KHNLQJPXVWKDYHEHHQDPDQOLNH'U-RKQVRQYHU\HDUWKERXQGYHU\
UHDOLVWLFSUDJPDWLF7KHSKLORVRSKHUZDVYHU\DUJXPHQWDWLYHKHGHIHDWHGWKH
NLQJ
VFRXUWDOOWKHOHDUQHGPHQWKDWWKHNLQJKDGJDWKHUHGDURXQGKLPVHOI7KH
NLQJZDVIHHOLQJKXPLOLDWHGVRKHVDLG1RZWKHODVWDUJXPHQWWKHUHDO
DUJXPHQW
7KH\KDGDPDGHOHSKDQWZKLFKZDVEURXJKWLQWRWKHFRXUW\DUGRIWKHSDODFH
7KHSRRUP\VWLFWKHSKLORVRSKHUZDVOHIWDORQHLQWKHFRXUW\DUGDQGKHZDV
WUHPEOLQJDQGWKHQWKHPDGHOHSKDQWZDVOHIW7KHPDGHOHSKDQWUXVKHG
WRZDUGVWKHSKLORVRSKHUDQG\RXFDQLPDJLQHZKDWKDSSHQHGWR%HUNHOH\ZDV
QRWKLQJFRPSDUHGWRLWKHMXPSHGDQGVKRXWHGDQGFULHGDQGEHJJHGIRUKLVOLIH




7KHNLQJZDVVWDQGLQJRQWKHEDOFRQ\ZLWKWKHZKROHFRXUWDQGWKH\ZHUH
ODXJKLQJ6RQRZLWZDVSURYHGWKDWWKHHOHSKDQWLVQRWMXVWDQLGHDLWLVQRWMXVW
DGUHDP
7KHSKLORVRSKHUZDVFU\LQJZLWKIROGHGKDQGVDQGDVNLQJ6DYHPHSOHDVH$W
WKHODVWPRPHQWKHZDVVDYHGMXVWDWWKHODVWPRPHQW(YHQDIWHUKHZDV
VDYHGKHZDVWUHPEOLQJIRUKRXUVWKHHOHSKDQWZDVVRIHURFLRXV
7KHNLQJVDLGWRKLP6RQRZZKDWGR\RXWKLQN",VWKHHOHSKDQWUHDORUQRW"
+HVDLG1RVLU,WLVMXVWDQLGHD
7KHNLQJVDLG7KHQZK\ZHUH\RXVFUHDPLQJDQGZK\ZHUH\RXEHJJLQJIRU
\RXUOLIH"
7KHSKLORVRSKHUVDLG7KDWZDVDQLGHDWRR0\FU\LQJP\HIIRUWWREHVDYHG
\RXUNLQGQHVVWRVDYHPHDOODUHLGHDVWKH\GRQ
WUHDOO\H[LVWMXVWILJPHQWVRI
WKHPLQG7KLVLVJRLQJWRWKHYHU\ORJLFDOFRQFOXVLRQRILW+HVDLG'RQ
WEHVR
KDSS\EHFDXVH,P\VHOIDPDQLGHDDQGQRWKLQJHOVH
7KHNLQJVDLG7KHQZHZLOOSXW\RXEDFNDQGZHZLOOEULQJWKHPDGHOHSKDQW
$QGWKHSKLORVRSKHUVDLG,ZLOOEHJIRUP\OLIHDJDLQ%XWWKDWGRHVQ
WPDWWHU
WKDWGRHVQ
WFKDQJHP\DUJXPHQWDQGP\SRVLWLRQ7KHSKLORVRSK\UHPDLQV
LQWDFW

,QIDFWWKHUHLVQRZD\WRSURYHWKDWRWKHUVH[LVWEHFDXVH\RXKDYHQHYHU
WRXFKHGDQ\ERG\DQG\RXKDYHQHYHUVHHQDQ\ERG\:KHQ\RXVHHVRPHERG\
\RXGRQ
WVHHKLPUHDOO\DOOWKDWKDSSHQVLVWKDWDSLFWXUHLVVHHQLQVLGH\RXU
EUDLQ,WPD\FRUUHVSRQGWRVRPHUHDOLW\LWPD\QRWFRUUHVSRQG7KHUHLVQRZD\
WRNQRZEHFDXVHZHFDQQRWNQRZUHDOLW\GLUHFWO\
$OZD\VLWLVWKURXJKWKHVHQVHVWKDWZHNQRZUHDOLW\6HQVHVPD\EHGHFHLYLQJ
DQG\RXNQRZSHUIHFWO\ZHOOWKDWXQGHUWKHLPSDFWRIDOFRKROWKH\GHFHLYHXQGHU
WKHLPSDFWRISV\FKHGHOLFVWKH\GHFHLYHYHU\PXFK2QHFDQDFWLQDVWXSLGZD\
LQDVXLFLGDOZD\XQGHUWKHLPSDFWRIVRPHSV\FKHGHOLF
2QHZRPDQLQ1HZ<RUNWRRNOVGDQGWKRXJKWWKDWVKHFRXOGIO\$QGZKHQ\RX
DUHXQGHUWKHLPSDFWRIOVG\RXVLPSO\EHOLHYHLWLWLVVR,WLVQRWDTXHVWLRQRID
GUHDPRUDGHVLUHRUDIDQWDV\LWLVVRUHDOLWLVPRUHUHDOWKDQWKHZRUOGRXWVLGH
WKDQWKHREMHFWLYHZRUOG6KHVLPSO\IOHZRXWRIWKHZLQGRZIURPWKHQLQWKIORRU
GDVKHGRQWKHJURXQGGLHG7KLVW\SHRIDFFLGHQWKDVEHHQKDSSHQLQJDOORYHU
WKHZRUOG
7KHH[LVWHQFHRIRWKHUVWKHH[LVWHQFHRIWKHRXWVLGHZRUOGLVQRWDEVROXWHO\
FHUWDLQ%HUNHOH\VWLOOUHPDLQVXQUHIXWHGWKHUHLVQRZD\WRUHIXWHKLP7KHRQO\
WKLQJWKDWLVDEVROXWHO\FHUWDLQLV\RXURZQH[LVWHQFH7KHGUHDPPD\EHIDOVH
EXWWKHGUHDPHUFDQQRWEH(YHQIRUWKHIDOVHGUHDPWRH[LVWWKHUHLVDQHHGRID
UHDOGUHDPHUWREHGHFHLYHGDWOHDVWVRPHERG\LVQHHGHGWREHGHFHLYHG
7KHZRUOGPD\EHLOOXVLRQEXWZKRLVDQLOOXVLRQ"$WOHDVWVRPHFRQVFLRXVQHVVLV
QHHGHGDEVROXWHO\QHHGHGFDWHJRULFDOO\QHHGHGZLWKRXWVRPHFRQVFLRXVQHVV
WKHLOOXVLRQFDQQRWH[LVW7KHURSHPD\QRWEHWKHVQDNHWKHVQDNHPD\EHWKH
LOOXVLRQ%XWWKHSHUVRQZKRKDVWKHLOOXVLRQLVQRWDQLOOXVLRQKLPVHOI
7KLVKDVWREHUHPHPEHUHGWKDW,DPUHDO7KLVKDVWREHUHPHPEHUHGWKDW,
DPWKHRQO\FHUWDLQUHDOLW\HYHU\WKLQJHOVHPD\EHRUPD\QRWEH
:HQHYHUORRNLQZDUGVIRUWKLVDEVROXWHUHDOLW\DQGZHJRRQOLYLQJDOLIHZLWKRXW




EDVLQJLWRQWKLVURFNRIFHUWDLQW\+HQFHRXUOLYHVDUHMXVWFDVWOHVLQWKHDLURUDW
WKHPRVWVDQGFDVWOHVVLJQDWXUHVPDGHRQZDWHU\RXKDYHQRWHYHQ
FRPSOHWHGLWDQGWKHVLJQDWXUHLVJRQH2XUOLYHVDUHOLNHWKDWRQHPRPHQWZH
DUHKHUHDQRWKHUPRPHQWZHDUHJRQHDQGWKDWPRPHQWFRXOGKDYHEHHQXVHG
IRUVHOIUHPHPEHULQJ
2QO\SHRSOHZKRXVHWKHLUOLIHIRUVHOIUHPHPEHULQJDUHXVLQJWKLVJUHDW
RSSRUWXQLW\

$PDQUXQVLQWRDQROGIULHQGZKRKDVEHFRPHDGUXQNDUG%XWZK\GR\RX
GULQNVRPXFK"KHDVNVKLP
7RIRUJHWWKHGUXQNDUGUHSOLHV
7RIRUJHWZKDW"DVNVKLVIULHQG
2KVD\VWKHGUXQNDUGVFUDWFKLQJKLVKHDG,IRUJRW
$PDQJRHVWRWKHSV\FKRDQDO\VW'RFWRUKHVD\V\RXKDYHWRKHOSPH,
KDYHDWHUULEOHSUREOHP,IRUJHWHYHU\WKLQJDEVROXWHO\HYHU\WKLQJ
6RWHOOPHDERXWWKLVSUREOHPUHSOLHVWKHWKHUDSLVWSUHSDULQJKLVQRWHSDG
:KDWSUREOHP"DVNVWKHPDQSX]]OHG

:HDUHLQWKLVIRUJHWIXOQHVVZHDUHWKLVIRUJHWIXOQHVV
,ORYHG\RXUTXHVWLRQ9DQGDQD<RXVD\$V\RXGURYHDZD\WRGD\,IHOW,DP
DIUDLGRIIRUJHWWLQJ,VWKHUHDQ\WKLQJ,QHHGWRUHPHPEHU"
<RXQHHGWRUHPHPEHU\RXUVHOI<RXQHHGWREHFRPHDIODPHRILQQHU
DZDUHQHVVDQDZDUHQHVVVRGHHSWKDWHYHQLQGUHDPVLWZLOOEHSUHVHQWDQ
DZDUHQHVVVRFU\VWDOOL]HGWKDWHYHQLQGHHSVOHHSGUHDPOHVVVOHHSLWZLOOEH
WKHUHEXUQLQJOLNHDOLJKW
(YHQLQGHHSVOHHSWKHPDQRIDZDUHQHVVNQRZVWKDWKHLVIDVWDVOHHSWKDWLV
SDUWRIKLVDZDUHQHVV<RXGRQ
WNQRZHYHQZKLOH\RXDUHDZDNHWKDW\RXDUH
7KHPDQRIDZDUHQHVVNQRZVHYHQZKLOHDVOHHSWKDWKHLV
%XGGKD
VFKLHIGLVFLSOH$QDQGDDVNHGKLPRQFH%KDQWHDIHZWKLQJVSX]]OH
PHYHU\PXFKDQGRQHRIWKHPRVWSX]]OLQJWKLQJVLVWKLVWKDWLQWKHQLJKW,KDYH
ZDWFKHG\RXPDQ\WLPHVLWLVVREHDXWLIXOWRZDWFK\RXZKLOH\RXDUHDVOHHS
EXW\RXDOZD\VVOHHSLQWKHVDPHSRVWXUHDQG\RXPDLQWDLQWKHVDPHSRVWXUH
IURPWKHEHJLQQLQJWRWKHHQG:KHQ\RXJRWRVOHHS\RXDUHLQWKLVSRVWXUHLQ
WKHQLJKWPDQ\WLPHV,ZDNHXSDQGORRNDW\RXDQG\RXDUHLQWKHVDPH
SRVWXUHWKHKDQGLVUHVWLQJLQWKHVDPHSODFHDQGWKHIHHWDQGWKHKHDG$QGLQ
WKHPRUQLQJDOVRZKHQ,VHH\RX\RXDUHLQWKHVDPHSRVWXUH+RZLVWKLV
SRVVLEOH"
%XGGKDVDLG%HFDXVH,UHPDLQDZDNH7KHERG\VOHHSVEXWP\RZQVOHHSLV
JRQHIRUHYHU7KHERG\UHVWVEXW,DPDOHUW
7KLVDOHUWQHVVLVQHHGHG9DQGDQD7KLVDOHUWQHVVZLOOPDNHDYDLODEOHWR\RXDOO
WKHP\VWHULHVRIH[LVWHQFH)LUVWEHFRPHDFTXDLQWHGZLWKWKHP\VWHU\WKDW\RX
DUHWKHQ\RXKDYHWKHPDVWHUNH\LWFDQRSHQDOOWKHORFNVRIH[LVWHQFH
7KHWKLUGTXHVWLRQ
%(/29('26+2
,+$9()$//(1,1/29($1'68))(5('08&+$)7(5/,67(1,1*72
<28,)(/781:,//,1*72/(7*22)7+('5($07+$77+('((35,&+




(;3(5,(1&(0</29($))$,5%5,1*6:,//1278/7,0$7(/</($'72
6$7,6)$&7,21+2:&$1,*2%(<21'7+,6$77$&+0(177+$7,662
5,&+<(7623$,1)8/"

'RQQDORYHLVERWK,WLVULFKDQGLWLVSDLQIXOLWLVDJRQ\DQGLWLVHFVWDV\
EHFDXVHORYHLVWKHPHHWLQJRIWKHHDUWKDQGWKHVN\RIWKHNQRZQDQGWKH
XQNQRZQRIWKHYLVLEOHDQGWKHLQYLVLEOH
/RYHLVWKHERXQGDU\WKDWGLYLGHVPDWWHUDQGFRQVFLRXVQHVVWKHERXQGDU\RIWKH
ORZHUDQGWKHKLJKHU/RYHKDVURRWVLQWKHHDUWKWKDWLVLWVSDLQLWVDJRQ\$QG
ORYHKDVLWVEUDQFKHVLQWKHVN\WKDWLVLWVHFVWDV\
/RYHLVQRWDVLQJOHSKHQRPHQRQLWLVGXDO,WLVDURSHVWUHWFKHGEHWZHHQWZR
SRODULWLHV<RXZLOOKDYHWRXQGHUVWDQGWKHVHWZRSRODULWLHVRQHLVVH[DQRWKHULV
SUD\HU/RYHLVWKHURSHVWUHWFKHGEHWZHHQVH[DQGSUD\HUSDUWRILWLVVH[SDUW
RILWLVSUD\HU
7KHVH[XDOSDUWLVERXQGWREULQJPDQ\PLVHULHVWKHSDUWWKDWEHORQJVWRSUD\HU
ZLOOEULQJPDQ\MR\V+HQFHLWLVGLIILFXOWWRUHQRXQFHORYHEHFDXVHLQUHQRXQFLQJ
RQHLVDIUDLGWKHMR\VWKDWFRPHZLOODOVREHUHQRXQFHG2QHLVQRWDEOHHLWKHUWR
EHWRWDOO\LQLWEHFDXVHDOOWKRVHSDLQVDJDLQDQGDJDLQUHPLQG\RXWRUHQRXQFH
LW7KLVLVWKHPLVHU\RIWKHORYHUWKHORYHUOLYHVLQDWHQVLRQSXOOHGDSDUW
'RQQD,FDQXQGHUVWDQG\RXUSUREOHP7KLVLVWKHEDVLFSUREOHPRIDOOORYHUV
EHFDXVHORYHEULQJVERWKPDQ\WKRUQVDQGPDQ\IORZHUVDQGWKH\ERWKFRPH
WRJHWKHU/RYHLVDURVHEXVK2QHGRHVQRWZDQWWKRVHWKRUQVRQHZRXOGOLNH
WKHURVHEXVKWREHDOOIORZHUVDQGQRWKRUQVEXWWKH\FRPHWRJHWKHUWKH\DUH
DVSHFWVRIRQHHQHUJ\
%XW,DPQRWVD\LQJWR\RXWRUHQRXQFHORYH,DPQRWVD\LQJWR\RXWREHFRPH
GHWDFKHG:KDW,DPVD\LQJWR\RXLVPDNHLWPRUHDQGPRUHSUD\HUIXO0\
ZKROHDSSURDFKLVWKDWRIWUDQVIRUPDWLRQQRWRIUHQXQFLDWLRQ<RXPXVWKDYH
PLVXQGHUVWRRGPH,DPQRWDJDLQVWVH[EXW,DPDOOIRUPDNLQJVH[DSUD\HU
7KHORZHVWFDQEHSRVVHVVHGE\WKHKLJKHVWWKHQWKHSDLQRILWGLVDSSHDUV
:KDWSDLQLVWKHUHLQVH[XDOLW\"%HFDXVHLWUHPLQGV\RXRI\RXUDQLPDOLW\WKDW
LVWKHSDLQ,WUHPLQGV\RXRIWKHSDVWLWUHPLQGV\RXRI\RXUELRORJLFDOERQGDJH
LWUHPLQGV\RXWKDW\RXDUHQRWIUHH\RXDUHXQGHUWKHVODYHU\RIWKHLQVWLQFWV
JLYHQE\QDWXUHWKDW\RXDUHQRWLQGHSHQGHQWIURPQDWXUHWKDW\RXUVWULQJVDUH
SXOOHGE\QDWXUHWKDW\RXDUHMXVWDSXSSHWLQWKHKDQGVRIXQNQRZQ
XQFRQVFLRXVIRUFHV
6H[LVIHOWOLNHDKXPLOLDWLRQ,QVH[\RXVWDUWIHHOLQJ\RXDUHORVLQJ\RXUGLJQLW\
KHQFHWKHSDLQ$QGWKHQWKHIXOILOOPHQWLVVRPRPHQWDU\VRRQHURUODWHUDQ\
LQWHOOLJHQWSHUVRQZLOOEHFRPHDZDUHWKDWWKHVDWLVIDFWLRQLVPRPHQWDU\DQG
IROORZHGE\ORQJQLJKWVRISDLQ
7KHHFVWDV\LVMXVWOLNHDEUHH]HLWFRPHVDQGJRHVDQGOHDYHV\RXLQD
GHVHUWOLNHVWDWHXWWHUO\IUXVWUDWHGGLVDSSRLQWHG<RXKDGKRSHGPXFKPDQ\
WKLQJVZHUHSURPLVHGE\WKHLQVWLQFWXDOSDUWRI\RXDQGQRWKLQJKDVEHHQ
GHOLYHUHG
,QIDFWVH[LVDVWUDWHJ\RIQDWXUHWRSHUSHWXDWHLWVHOI,WLVDPHFKDQLVPWKDW
NHHSV\RXUHSURGXFLQJRWKHUZLVHSHRSOHZLOOGLVDSSHDU-XVWWKLQNRIDKXPDQLW\
ZKHUHVH[LVQRORQJHUDQLQVWLQFWDQG\RXDUHIUHHDW\RXURZQZLOOWRJRLQWR




VH[RUQRW7KHQWKHZKROHWKLQJZLOOORRNVRDEVXUGWKHZKROHWKLQJZLOOORRN
ULGLFXORXV-XVWWKLQNLIWKHUHLVQRLQVWLQFWLYHIRUFHSXOOLQJ\RX,GRQ
WWKLQN
DQ\ERG\ZLOOEHUHDG\WRJRLQWRVH[1RERG\JRHVE\FRQVHQWUHOXFWDQWO\
UHVLVWLQJRQHJRHVLQWRLW
,I\RXUHDGDERXWDQGVWXG\WKHVH[XDOSDWWHUQVRIGLIIHUHQWVSHFLHVRIDQLPDOV
DQGLQVHFWV\RXZLOOEHYHU\PXFKSX]]OHGKRZFRXOGWKLVEHGRQHLILWZDVOHIWWR
WKHVSHFLHVWKHPVHOYHV")RUH[DPSOHWKHUHDUHVSLGHUVZKLFKZKLOHWKHPDOH
PDNHVORYHWRKHUWKHIHPDOHVWDUWVHDWLQJKLP%\WKHWLPHWKHORYHLVILQLVKHG
WKHPDOHLVILQLVKHG1RZWKLQNRIWKHVHVSLGHUVLIWKH\DUHIUHHWRFKRRVHWKH
PRPHQWWKH\VHHWKHIHPDOHWKH\ZLOOHVFDSHDVIDUDVWKH\FDQ:K\VKRXOG
WKH\FRPPLWVXLFLGHNQRZLQJLWSHUIHFWO\ZHOO"7KH\KDYHVHHQRWKHUPDOHV
GLVDSSHDULQJWKHVDPHZD\HYHU\GD\LWLVKDSSHQLQJEXWZKHQWKHLQVWLQFW
SRVVHVVHVWKHPWKH\DUHMXVWDVODYHWRLW7UHPEOLQJDIUDLGVWLOOWKH\PDNHORYH
NQRZLQJSHUIHFWO\ZHOOWKLVLVWKHHQG:KHQWKHPDOHLVKDYLQJWKHRUJDVPWKH
IHPDOHVWDUWVHDWLQJKLP
7KHIHPDOHEHGEXJKDVQRRSHQLQJVRLWLVYHU\GLIILFXOWWRPDNHORYHWRKHU7KH
PDOHEXJILUVWKDVWRPDNHDKROHLQKHU<RXFDQHDVLO\VHHZKHWKHUWKHIHPDOH
EHGEXJLVDYLUJLQRUQRWEHFDXVHHDFKWLPHORYHLVPDGHDVFDULVOHIWLWLV
UHDOO\VFUHZLQJEXWZLOOLQJO\VKHDOORZVLW,WLVSDLQIXODQGWKHUHLVGDQJHUWR
KHUOLIHEHFDXVHLIWKHPDOHPDNHVWKHKROHLQVRPHZURQJSODFHVKHZLOOEH
GHDGDQGWKHUHDUHVWXSLGPDOHVWRR%XWVWLOOWKHULVNKDVWREHWDNHQWKHUHLV
VRPHVXFKXQFRQVFLRXVIRUFHWKDWLWKDVWREHDFFHSWHG
,IVH[ZHUHOHIWWR\RXUGHFLVLRQ,GRQ
WWKLQNSHRSOHZRXOGJRLQWRLW7KHUHDUH
UHDVRQVZK\SHRSOHPDNHORYHKLGLQJIURPWKHSXEOLFIURPSHRSOHEHFDXVHLW
ORRNVVRULGLFXORXV-XVWPDNLQJORYHLQSXEOLF\RXNQRZWKDWRWKHUVZLOOVHHWKH
ULGLFXORXVQHVVRILW\RX\RXUVHOINQRZLWLVULGLFXORXV2QHIHHOVRQHLVIDOOLQJ
EHORZKXPDQLW\WKHJUHDWSDLQLVWKHUHWKDW\RXDUHGUDJJHGEDFNZDUGV
%XWLWEULQJVDIHZPRPHQWVRIXWWHUSXULW\DQGMR\DQGLQQRFHQFHWRR,WEULQJVD
IHZPRPHQWVRIWLPHOHVVQHVVZKHQVXGGHQO\WKHUHLVQRWLPHOHIW,WEULQJVD
IHZPRPHQWVRIHJROHVVQHVVWRRZKHQLQGHHSRUJDVPLFVSDVPWKHHJRLV
IRUJRWWHQ,WJLYHV\RXDIHZJOLPSVHVRI*RGKHQFHLWFDQQRWEHUHQRXQFHG
HLWKHU
3HRSOHKDYHWULHGWRUHQRXQFHLW'RZQWKHDJHVPRQNVKDYHEHHQUHQRXQFLQJLW
IRUWKHVLPSOHUHDVRQWKDWLWLVVRKXPLOLDWLQJVRDJDLQVWWKHGLJQLW\RIKXPDQ
EHLQJV7REHXQGHUWKHLPSDFWRIVRPHXQFRQVFLRXVLQVWLQFWLVGHKXPDQL]LQJ
GHPRUDOL]LQJ7KHPRQNVKDYHUHQRXQFHGLWWKH\KDYHOHIWWKHZRUOGEXWZLWKLW
DOOWKHMR\LQWKHLUOLIHKDVDOVRGLVDSSHDUHG7KH\EHFRPHYHU\VHULRXVDQGVDG
WKH\WXUQVXLFLGDO1RZWKH\GRQ
WVHHDQ\PHDQLQJLQOLIHDOOOLIHEHFRPHV
PHDQLQJOHVV7KHQWKH\VLPSO\ZDLWIRUGHDWKWRFRPHDQGGHOLYHUWKHP
,WLVDGHOLFDWHSUREOHPKRZWRVROYHLW"0RQNVKDYHQRWEHHQDEOHWRVROYHLW2Q
WKHFRQWUDU\WKH\FUHDWHGPDQ\SHUYHUVLRQVLQWKHZRUOG$OOWKHSHUYHUVLRQVWKDW
DUHFRQGHPQHGE\\RXUVRFDOOHGVDLQWVDUHFUHDWHGE\WKRVHVDPHSHRSOH7KH
ILUVWLGHDRIKRPRVH[XDOLW\DURVHLQWKHPRQDVWHULHVEHFDXVHPHQZHUHNHSW
WRJHWKHUDZD\DQGDORRIIURPZRPHQDQGZRPHQZHUHNHSWWRJHWKHUDORRIDQG
DZD\IURPPHQ
7KHUHDUH&DWKROLFPRQDVWHULHVZKHUHQRZRPDQKDVHQWHUHGIRURQHWKRXVDQG




\HDUV1RWHYHQDVPDOOEDE\RIVL[PRQWKVROGLVDOORZHG-XVWWKHYHU\LGHD
VHHPVWREHYHU\KRUULEOHWKHVHPRQNVVHHPWREHUHDOO\GDQJHURXVHYHQD
VL[PRQWKROGJLUOLVQRWDOORZHGLQWKHPRQDVWHU\:KDWGRHVLWVKRZ":KDWIHDU
:KDWSDUDQRLD
1DWXUDOO\WKHPRQNVKXGGOHWRJHWKHUWKHQWKHLULQVWLQFWVVWDUWFUHDWLQJQHZZD\V
VWDUWLQYHQWLQJSHUYHUVLRQVWKH\WXUQKRPRVH[XDO+RPRVH[XDOLW\LVUHDOO\YHU\
UHOLJLRXVLWLVDE\SURGXFWRIUHOLJLRQ5HOLJLRQKDVJLYHQPDQ\WKLQJVWRWKH
ZRUOGKRPRVH[XDOLW\LVRQHRIWKHP
$OONLQGVRISHUYHUVLRQV1RZ\RXGRQ
WKHDURIDQ\ZRPDQPDNLQJORYHWRWKH
GHYLOWKHGHYLOVHHPVWRKDYHORVWDOOLQWHUHVWLQZRPHQVXGGHQO\7KHUHLVQR
GHYLO%XWLI\RXNHHSZRPHQDZD\IURPDOOSRVVLELOLWLHVRIIDOOLQJLQORYHRIEHLQJ
LQORYHWKHQWKHPLQGZLOOVWDUWFUHDWLQJLWVRZQSURMHFWLRQVDQGRIFRXUVHWKRVH
SURMHFWLRQVZLOOEHYHU\YHU\FRORUIXO$QGWKRVHSURMHFWLRQVDUHERXQGWR
KDSSHQ\RXFDQQRWDYRLGWKHP
6RPRQNVDQGQXQVKDYHQRWEHHQDEOHWRVROYHWKHSUREOHPWKH\KDYHHYHQ
PHVVHGXSWKHZKROHWKLQJPRUH$QGWKHZRUOGO\SHUVRQWKHVHQVXRXVWKH
LQGXOJHQWSHUVRQKDVQRWEHHQDEOHWRVROYHLWHLWKHU+HVXIIHUVPLVHUDEO\KLV
ZKROHOLIHLVDVXIIHULQJ+HJRHVRQKRSLQJIURPRQHKRSHWRDQRWKHUKRSHDQG
JRHVRQIDLOLQJLQHYHU\KRSHDQGVORZO\VORZO\DJUHDWKRSHOHVVQHVVVHWWOHVLQ
KLVEHLQJ
0\DSSURDFKLVQHLWKHUZRUOGO\QRURWKHUZRUOGO\
0\DSSURDFKLVQRWRIUHMHFWLQJVRPHWKLQJEXWXVLQJLW
0\XQGHUVWDQGLQJLVWKDWZKDWVRHYHULVJLYHQWR\RXLVSUHFLRXV<RXPD\NQRZ
LWVYDOXH\RXPD\QRWNQRZLWVYDOXHEXWLWLVSUHFLRXVLILWZDVQRWVRH[LVWHQFH
ZRXOGQRWKDYHJLYHQLWWR\RX6R\RXKDYHWRILQGZD\VWRWUDQVIRUPLW<RX
KDYHWRPDNH\RXUORYHPRUHSUD\HUIXO\RXKDYHWRPDNH\RXUVH[PRUHORYLQJ
6ORZO\VORZO\VH[KDVWREHWUDQVIRUPHGLQWRDVDFUHGDFWLYLW\LWKDVWREH
UDLVHG5DWKHUWKDQVH[SXOOLQJ\RXGRZQLQWRWKHPLUHRIDQLPDOLW\\RXFDQSXOO
VH[XSZDUGV
7KHVDPHHQHUJ\WKDWSXOOV\RXGRZQFDQSXOO\RXXSZDUGVDQGWKHVDPH
HQHUJ\FDQJLYH\RXZLQJV,WKDVWUHPHQGRXVSRZHUFHUWDLQO\LWLVWKHPRVW
SRZHUIXOWKLQJLQWKHZRUOGEHFDXVHDOOOLIHDULVHVRXWRILW,ILWFDQJLYHELUWKWRD
FKLOGWRDQHZOLIHLILWFDQEULQJDQHZOLIHLQWRH[LVWHQFH\RXFDQLPDJLQHLWV
SRWHQWLDOLWFDQEULQJDQHZOLIHWR\RXWRR-XVWDVLWFDQEULQJDQHZFKLOGLQWR
WKHZRUOGLWFDQJLYHDQHZELUWKWR\RX
$QGWKDW
VZKDW-HVXVPHDQVZKHQKHVD\VWR1LFRGHPXV8QOHVV\RXDUHERUQ
DJDLQ\RXZLOOQRWEHDEOHWRHQWHULQWRP\NLQJGRPRI*RGXQOHVV\RXDUH
ERUQDJDLQXQOHVV\RXDUHFDSDEOHRIJLYLQJELUWKWR\RXUVHOIDQHZYLVLRQD
QHZTXDOLW\WR\RXUHQHUJLHVDQHZWXQLQJWR\RXULQVWUXPHQW<RXULQVWUXPHQW
FRQWDLQVJUHDWPXVLFEXW\RXKDYHWROHDUQKRZWRSOD\RQLW
6H[KDVWREHFRPHDJUHDWPHGLWDWLYHDUW7KDW
VWKHFRQWULEXWLRQRI7DQWUDWRWKH
ZRUOG7DQWUD
VFRQWULEXWLRQLVWKHJUHDWHVWEHFDXVHLWJLYH\RXNH\VWRWUDQVIRUP
WKHORZHVWLQWRWKHKLJKHVW,WJLYHV\RXNH\VWRWUDQVIRUPPXGLQWRORWXVHV,WLV
RQHRIWKHJUHDWHVWVFLHQFHVWKDWKDYHKDSSHQHGEXWEHFDXVHRIWKHPRUDOLVWV
DQGWKHSXULWDQVDQGWKHVRFDOOHGUHOLJLRXVSHRSOH7DQWUDKDVQRWEHHQDOORZHG
WRKHOSSHRSOH,WVVFULSWXUHVKDYHEHHQEXUQHGWKRXVDQGVRI7DQWUDPDVWHUV




KDYHEHHQNLOOHGEXUQHGDOLYH7KHZKROHWUDGLWLRQKDVEHHQDOPRVWGHVWUR\HG
SHRSOHKDYHEHHQIRUFHGWRJRXQGHUJURXQG
-XVWWKHRWKHUGD\,UHFHLYHGDOHWWHUIURPP\VDQQ\DVLQVIURP$PHULFDVD\LQJ
WKDW*XUGMLHII
VSHRSOHDUHVRSHUVHFXWHGE\WKHJRYHUQPHQWWKDWWKH\KDYH
GHFLGHGWRJRXQGHUJURXQG7KH\KDYHZULWWHQ:HDUHDIUDLGWKDWVRRQHURU
ODWHUWKLVLVJRLQJWRKDSSHQWRXV6KRXOGZHVWDUWSUHSDULQJVRWKDWLIWKLV
KDSSHQVWRXVZHFDQDOVRVWDUWZRUNLQJLQDKLGGHQZD\"
,WLVSRVVLEOHEHFDXVHLWKDVEHHQDOZD\VVR*XUGMLHII
VZRUNDOVRFRQVLVWVLQ
WUDQVIRUPLQJWKHVH[XDOHQHUJ\LQWRDQLQQHULQWHJUDWLRQWKHRUJDQL]HGFKXUFK
LVDOZD\VDJDLQVWDQ\HIIRUWRIWKLVNLQG
0\ZRUNLVKLQGHUHGLQHYHU\ZD\P\SHRSOHDUHKDUDVVHGLQHYHU\ZD\-XVWD
IHZGD\VDJRWKH,QGLDQSDUOLDPHQWGLVFXVVHGIRURQHKRXUZKDWVKRXOGEHGRQH
ZLWKPHDVLIWKLVFRXQWU\KDVQRRWKHUSUREOHPWRGLVFXVV6RPXFKIHDU$QG,
DPQRWGRLQJDQ\KDUPWRDQ\ERG\,GRQ
WHYHQJRRXWVLGHWKHJDWH$QGDWOHDVW
WKLVPXFKIUHHGRPLVHYHU\ERG\
VELUWKULJKWLIVRPHRQHZDQWVWRFRPHWRPH
DQGZDQWVWREHWUDQVIRUPHGLWLVQRERG\
VEXVLQHVVWRLQWHUIHUH,GRQ
WJRWR
DQ\ERG\,ISHRSOHFRPHWRPHDQGWKH\ZDQWWREHWUDQVIRUPHGWKHQZKDW
NLQGRIGHPRFUDF\LVWKLV"
%XWWKHVWXSLGSROLWLFLDQVDQGWKHSULHVWVKDYHDOZD\VEHHQLQDFRQVSLUDF\7KH\
GRQ
WZDQWSHRSOHWREHWUDQVIRUPHGEHFDXVHWUDQVIRUPHGSHRSOHDUHQRORQJHU
XQGHUWKHLUGRPLQDWLRQ7UDQVIRUPHGSHRSOHEHFRPHLQGHSHQGHQWIUHH
WUDQVIRUPHGSHRSOHEHFRPHVRDZDUHDQGVRLQWHOOLJHQWWKDWWKH\FDQVHH
WKURXJKDOOWKHJDPHVRIWKHSROLWLFLDQVDQGWKHSULHVWV7KHQWKH\DUHQRERG\
V
IROORZHUVWKHQWKH\VWDUWOLYLQJDWRWDOO\QHZNLQGRIOLIHQRWWKHOLIHRIWKHFURZG
EXWWKHOLIHRIWKHLQGLYLGXDO7KH\EHFRPHOLRQVWKH\DUHQRPRUHVKHHS
$QGWKHSROLWLFLDQVDQGWKHSULHVWVDUHLQWHUHVWHGWKDWHYHU\KXPDQEHLQJVKRXOG
UHPDLQDVKHHS2QO\WKHQFDQWKH\EHWKHVKHSKHUGVOHDGHUVJUHDWOHDGHUV
0HGLRFUHDQGVWXSLGSHRSOHSUHWHQGLQJWREHJUHDWOHDGHUVEXWWKDWLVSRVVLEOH
RQO\LIWKHZKROHKXPDQLW\UHPDLQVYHU\ORZLQLQWHOOLJHQFHLVNHSWUHSUHVVHG
8SWRQRZRQO\WZRH[SHULPHQWVKDYHEHHQGRQH2QHZDVRILQGXOJHQFHZKLFK
KDVIDLOHGZKLFKLVEHLQJWULHGDJDLQE\WKH:HVWDQGLVJRLQJWRIDLOXWWHUO\IDLO
$QGWKHRWKHUZDVWKDWRIUHQXQFLDWLRQZKLFKKDVEHHQWULHGE\WKH(DVWDQG
DOVRLQWKH:HVWE\&KULVWLDQLW\7KDWWRRKDVIDLOHGXWWHUO\IDLOHG
$QHZH[SHULPHQWLVQHHGHGXUJHQWO\QHHGHG0DQLVLQDJUHDWWXUPRLOLQD
JUHDWFRQIXVLRQ:KHUHWRJR":KDWWRGRZLWKRQHVHOI"
'RQQD,DPQRWVD\LQJUHQRXQFHVH[,DPVD\LQJWUDQVIRUPLW,WQHHGQRW
UHPDLQMXVWELRORJLFDOEULQJVRPHVSLULWXDOLW\WRLW:KLOHPDNLQJORYHPHGLWDWH
WRR:KLOHPDNLQJORYHEHSUD\HUIXO/RYHVKRXOGQRWEHMXVWDSK\VLFDODFWSRXU
\RXUVRXOLQWRLW
7KHQVORZO\VORZO\WKHSDLQVWDUWVGLVDSSHDULQJDQGWKHHQHUJ\FRQWDLQHGLQWKH
SDLQLVUHOHDVHGDQGEHFRPHVPRUHDQGPRUHDEHQHGLFWLRQ7KHQDJRQ\LV
WUDQVIRUPHGLQWRHFVWDV\
<RXVD\,KDYHIDOOHQLQORYHDQGVXIIHUHGPXFK
<RXDUHEOHVVHG7KHUHDOO\SRRUSHRSOHDUHWKRVHZKRKDYHQHYHUIDOOHQLQORYH
DQGQHYHUVXIIHUHG7KH\KDYHQRWOLYHGDWDOO7RIDOOLQORYHDQGWRVXIIHULQORYH
LVJRRG,WLVSDVVLQJWKURXJKILUHLWSXULILHVLWJLYHV\RXLQVLJKWLWPDNHV\RX




PRUHDOHUW7KLVLVWKHFKDOOHQJHWREHDFFHSWHG7KRVHZKRGRQ
WDFFHSWWKLV
FKDOOHQJHUHPDLQVSLQHOHVV
<RXVD\,KDYHIDOOHQLQORYHDQGVXIIHUHGPXFK$IWHUOLVWHQLQJWR\RX,IHOW
XQZLOOLQJWROHWJRRIWKHGUHDPWKDWWKHGHHSULFKH[SHULHQFHP\ORYHDIIDLU
EULQJVZLOOQRWXOWLPDWHO\OHDGWRVDWLVIDFWLRQ
,DPQRWWHOOLQJ\RXWRGURS\RXUORYH,DPVLPSO\WHOOLQJ\RXDIDFWWKDWLWZLOO
QRWEULQJ\RXWRXOWLPDWHFRQWHQWPHQW,WLVQRWLQP\KDQGVWRFKDQJHWKHQDWXUH
RIWKLQJV,DPVLPSO\VWDWLQJDIDFW,ILWZDVLQP\KDQGV,ZRXOGKDYHOLNHG\RX
WRKDYHXOWLPDWHFRQWHQWPHQWLQORYH%XWLWGRHVQ
WKDSSHQ:KDWFDQZHGR"
7ZRSOXVWZRDUHIRXU
,WLVDIXQGDPHQWDOODZRIOLIHWKDWORYHEULQJV\RXWRGHHSHUDQGGHHSHU
GLVVDWLVIDFWLRQV8OWLPDWHO\ORYHEULQJV\RXWRVXFKDGLVFRQWHQWWKDW\RXVWDUW
ORQJLQJIRUWKHXOWLPDWHEHORYHG*RG\RXVWDUWVHDUFKLQJIRUWKHXOWLPDWHORYH
DIIDLU
6DQQ\DVLVDQXOWLPDWHORYHDIIDLUWKHVHDUFKIRU*RGWKHVHDUFKIRUWUXWK,WLV
SRVVLEOHRQO\ZKHQ\RXKDYHIDLOHGPDQ\WLPHVORYHGDQGVXIIHUHGDQGHDFK
VXIIHULQJKDVEURXJKW\RXPRUHDQGPRUHFRQVFLRXVQHVVPRUHDQGPRUH
XQGHUVWDQGLQJ2QHGD\WKHUHFRJQLWLRQDUULYHVWKDWORYHFDQJLYH\RXDIHZ
JOLPSVHVDQGWKRVHJOLPSVHVDUHJRRGDQGWKRVHJOLPSVHVDUHJOLPSVHVRI
*RGEXWLWFDQRQO\JLYH\RXJOLPSVHVPRUHWKDQWKDWLVQRWSRVVLEOH%XWWKDW
WRRLVWRRPXFKEXWZLWKRXWWKRVHJOLPSVHV\RXZLOOQHYHUVHHNDQGVHDUFK*RG
7KRVHZKRKDYHQRWORYHGDQGVXIIHUHGQHYHUEHFRPHVHHNHUVRI*RGWKH\
FDQQRWWKH\KDYHQRWHDUQHGWKDWZRUWKWKH\KDYHQRWEHFRPHZRUWK\,WLVWKH
VROHULJKWRIWKHORYHURQHGD\WRVWDUWVHDUFKLQJIRUWKHXOWLPDWHEHORYHG
/RYHDQGORYHPRUHGHHSO\6XIIHUDQGVXIIHUPRUHGHHSO\/RYHWRWDOO\DQG
VXIIHUWRWDOO\EHFDXVHWKLVLVKRZWKHLPSXUHJROGSDVVHVWKURXJKILUHDQG
EHFRPHVSXUHJROG
,DPQRWVD\LQJWR\RXHVFDSHIURP\RXUORYHDIIDLUVJRGHHSHULQWRWKHP,KHOS
P\VDQQ\DVLQVWRJRLQWRORYHEHFDXVH,NQRZORYHXOWLPDWHO\IDLOV$QGXQOHVV
WKH\NQRZE\WKHLURZQH[SHULHQFHWKDWORYHXOWLPDWHO\IDLOVWKHLUVHDUFKIRU*RG
ZLOOUHPDLQSKRQ\
7KHIRXUWKTXHVWLRQ
%(/29('26+2
:+$7,6-($/286<$1':+<'2(6,7+8576208&+"

3UHP*DUEKDMHDORXV\LVFRPSDULVRQ$QGZHKDYHEHHQWDXJKWWRFRPSDUHZH
KDYHEHHQFRQGLWLRQHGWRFRPSDUHDOZD\VFRPSDUH6RPHERG\HOVHKDVD
EHWWHUKRXVHVRPHERG\HOVHKDVDPRUHEHDXWLIXOERG\VRPHERG\HOVHKDV
PRUHPRQH\VRPHERG\HOVHKDVDPRUHFKDULVPDWLFSHUVRQDOLW\&RPSDUHJR
RQFRPSDULQJ\RXUVHOIZLWKHYHU\ERG\HOVH\RXSDVVE\DQGJUHDWMHDORXV\ZLOO
EHWKHRXWFRPHLWLVWKHE\SURGXFWRIWKHFRQGLWLRQLQJIRUFRPSDULVRQ
2WKHUZLVHLI\RXGURSFRPSDULQJMHDORXV\GLVDSSHDUV7KHQ\RXVLPSO\NQRZ
\RXDUH\RXDQG\RXDUHQRERG\HOVHDQGWKHUHLVQRQHHG,WLVJRRGWKDW\RX
GRQ
WFRPSDUH\RXUVHOIZLWKWUHHVRWKHUZLVH\RXZLOOVWDUWIHHOLQJYHU\MHDORXV
ZK\DUH\RXQRWJUHHQ"$QGZK\KDV*RGEHHQVRKDUGRQ\RXDQGQR
IORZHUV",WLVEHWWHUWKDW\RXGRQ
WFRPSDUHZLWKELUGVZLWKULYHUVZLWKPRXQWDLQV




RWKHUZLVH\RXZLOOVXIIHU<RXRQO\FRPSDUHZLWKKXPDQEHLQJVEHFDXVH\RX
KDYHEHHQFRQGLWLRQHGWRFRPSDUHRQO\ZLWKKXPDQEHLQJV\RXGRQ
WFRPSDUH
ZLWKSHDFRFNVDQGZLWKSDUURWV2WKHUZLVH\RXUMHDORXV\ZRXOGEHPRUHDQG
PRUH\RXZRXOGEHVREXUGHQHGE\MHDORXV\WKDW\RXZRXOGQRWEHDEOHWROLYHDW
DOO
&RPSDULVRQLVDYHU\IRROLVKDWWLWXGHEHFDXVHHDFKSHUVRQLVXQLTXHDQG
LQFRPSDUDEOH2QFHWKLVXQGHUVWDQGLQJVHWWOHVLQ\RXMHDORXV\GLVDSSHDUV(DFK
LVXQLTXHDQGLQFRPSDUDEOH<RXDUHMXVW\RXUVHOIQRERG\KDVHYHUEHHQOLNH
\RXDQGQRERG\ZLOOHYHUEHOLNH\RX$QG\RXQHHGQRWEHOLNHDQ\ERG\HOVH
HLWKHU
*RGFUHDWHVRQO\RULJLQDOVKHGRHVQRWEHOLHYHLQFDUERQFRSLHV

$EXQFKRIFKLFNHQVZHUHLQWKH\DUGZKHQDIRRWEDOOIOHZRYHUWKHIHQFHDQG
ODQGHGLQWKHLUPLGVW$URRVWHUZDGGOHGRYHUVWXGLHGLWWKHQVDLG,
PQRW
FRPSODLQLQJJLUOVEXWORRNDWWKHZRUNWKH\DUHWXUQLQJRXWQH[WGRRU

1H[WGRRUJUHDWWKLQJVDUHKDSSHQLQJWKHJUDVVLVJUHHQHUWKHURVHVDUHURVLHU
(YHU\ERG\VHHPVWREHVRKDSS\H[FHSW\RXUVHOI<RXDUHFRQWLQXRXVO\
FRPSDULQJ$QGWKHVDPHLVWKHFDVHZLWKWKHRWKHUVWKH\DUHFRPSDULQJWRR
0D\EHWKH\WKLQNWKHJUDVVLQ\RXUODZQLVJUHHQHULWDOZD\VORRNVJUHHQHUIURP
WKHGLVWDQFHWKDW\RXKDYHDPRUHEHDXWLIXOZLIH<RXDUHWLUHG\RXFDQQRW
EHOLHYHZK\\RXDOORZHG\RXUVHOIWREHWUDSSHGE\WKLVZRPDQ\RXGRQ
WNQRZ
KRZWRJHWULGRIKHUDQGWKHQHLJKERUPD\EHMHDORXVRI\RXWKDW\RXKDYH
VXFKDEHDXWLIXOZLIH$QG\RXPD\EHMHDORXVRIKLP
(YHU\ERG\LVMHDORXVRIHYHU\ERG\HOVH$QGRXWRIMHDORXV\ZHFUHDWHVXFKKHOO
DQGRXWRIMHDORXV\ZHEHFRPHYHU\PHDQ

$QHOGHUO\IDUPHUZDVPRRGLO\UHJDUGLQJWKHUDYDJHVRIWKHIORRG+LUDP\HOOHG
DQHLJKERU\RXUSLJVZHUHDOOZDVKHGGRZQWKHFUHHN
+RZDERXW7KRPSVRQ
VSLJV"DVNHGWKHIDUPHU
7KH\
UHJRQHWRR
$QG/DUVHQ
V"
<HV
+XPSKIHMDFXODWHGWKHIDUPHUFKHHULQJXS,WDLQ
WDVEDGDV,WKRXJKW

,IHYHU\ERG\LVLQPLVHU\LWIHHOVJRRGLIHYHU\ERG\LVORVLQJLWIHHOVJRRG,I
HYHU\ERG\LVKDSS\DQGVXFFHHGLQJLWWDVWHVYHU\ELWWHU
%XWZK\GRHVWKHLGHDRIWKHRWKHUHQWHULQ\RXUKHDGLQWKHILUVWSODFH"$JDLQOHW
PHUHPLQG\RXEHFDXVH\RXKDYHQRWDOORZHG\RXURZQMXLFHVWRIORZ\RXKDYH
QRWDOORZHG\RXURZQEOLVVIXOQHVVWRJURZ\RXKDYHQRWDOORZHG\RXURZQEHLQJ
WREORRP+HQFH\RXIHHOHPSW\LQVLGHDQG\RXORRNDWHDFKDQGHYHU\ERG\
V
RXWVLGHEHFDXVHRQO\WKHRXWVLGHFDQEHVHHQ
<RXNQRZ\RXULQVLGHDQG\RXNQRZWKHRWKHUV
RXWVLGHWKDWFUHDWHVMHDORXV\
7KH\NQRZ\RXURXWVLGHDQGWKH\NQRZWKHLULQVLGHWKDWFUHDWHVMHDORXV\
1RERG\HOVHNQRZV\RXULQVLGH7KHUH\RXNQRZ\RXDUHQRWKLQJZRUWKOHVV$QG
WKHRWKHUVRQWKHRXWVLGHORRNVRVPLOLQJ7KHLUVPLOHVPD\EHSKRQ\EXWKRZ




FDQ\RXNQRZWKDWWKH\DUHSKRQ\"0D\EHWKHLUKHDUWVDUHDOVRVPLOLQJ<RX
NQRZ\RXUVPLOHLVSKRQ\EHFDXVH\RXUKHDUWLVQRWVPLOLQJDWDOOLWPD\EH
FU\LQJDQGZHHSLQJ
<RXNQRZ\RXULQWHULRULW\DQGRQO\\RXNQRZLWQRERG\HOVH$QG\RXNQRZ
HYHU\ERG\
VH[WHULRUDQGWKHLUH[WHULRUSHRSOHKDYHPDGHEHDXWLIXO([WHULRUVDUH
VKRZSLHFHVDQGWKH\DUHYHU\GHFHSWLYH

7KHUHLVDQDQFLHQW6XILVWRU\
$PDQZDVYHU\PXFKEXUGHQHGE\KLVVXIIHULQJ+HXVHGWRSUD\HYHU\GD\WR
*RG:K\PH"(YHU\ERG\VHHPVWREHVRKDSS\ZK\DPRQO\,LQVXFK
VXIIHULQJ"2QHGD\RXWRIJUHDWGHVSHUDWLRQKHSUD\HGWR*RG<RXFDQJLYH
PHDQ\ERG\HOVH
VVXIIHULQJDQG,DPUHDG\WRDFFHSWLW%XWWDNHPLQH,FDQQRW
EHDULWDQ\PRUH
7KDWQLJKWKHKDGDEHDXWLIXOGUHDPEHDXWLIXODQGYHU\UHYHDOLQJ+HKDGD
GUHDPWKDWQLJKWWKDW*RGDSSHDUHGLQWKHVN\DQGKHVDLGWRHYHU\ERG\%ULQJ
DOO\RXUVXIIHULQJVLQWRWKHWHPSOH(YHU\ERG\ZDVWLUHGRIKLVVXIIHULQJLQIDFW
HYHU\ERG\KDVSUD\HGVRPHWLPHRURWKHU,DPUHDG\WRDFFHSWDQ\ERG\HOVH
V
VXIIHULQJEXWWDNHPLQHDZD\WKLVLVWRRPXFKLWLVXQEHDUDEOH
6RHYHU\ERG\JDWKHUHGKLVRZQVXIIHULQJVLQWREDJVDQGWKH\UHDFKHGWKH
WHPSOHDQGWKH\ZHUHORRNLQJYHU\KDSS\WKHGD\KDVFRPHWKHLUSUD\HUKDV
EHHQKHDUG$QGWKLVPDQDOVRUXVKHGWRWKHWHPSOH
$QGWKHQ*RGVDLG3XW\RXUEDJVE\WKHZDOOV$OOWKHEDJVZHUHSXWE\WKH
ZDOOVDQGWKHQ*RGGHFODUHG1RZ\RXFDQFKRRVH$Q\ERG\FDQWDNHDQ\
EDJ
$QGWKHPRVWVXUSULVLQJWKLQJZDVWKLVWKDWWKLVPDQZKRKDGEHHQSUD\LQJ
DOZD\VUXVKHGWRZDUGVKLVEDJEHIRUHDQ\ERG\HOVHFRXOGFKRRVHLW%XWKHZDV
LQIRUDVXUSULVHEHFDXVHHYHU\ERG\UXVKHGWRKLVRZQEDJDQGHYHU\ERG\ZDV
KDSS\WRFKRRVHLWDJDLQ:KDWZDVWKHPDWWHU")RUWKHILUVWWLPHHYHU\ERG\KDG
VHHQRWKHUV
PLVHULHVRWKHUV
VXIIHULQJVWKHLUEDJVZHUHDVELJRUHYHQELJJHU
$QGWKHVHFRQGSUREOHPZDVRQHKDGEHFRPHDFFXVWRPHGWRRQH
VRZQ
VXIIHULQJV1RZWRFKRRVHVRPHERG\HOVH
VZKRNQRZVZKDWNLQGRIVXIIHULQJV
ZLOOEHLQVLGHWKHEDJ":K\ERWKHU"$WOHDVW\RXDUHIDPLOLDUZLWK\RXURZQ
VXIIHULQJVDQG\RXKDYHEHFRPHDFFXVWRPHGWRWKHPDQGWKH\DUHWROHUDEOH
)RUVRPDQ\\HDUV\RXKDYHWROHUDWHGWKHPZK\FKRRVHWKHXQNQRZQ"
$QGHYHU\ERG\ZHQWKRPHKDSS\1RWKLQJKDGFKDQJHGWKH\ZHUHEULQJLQJWKH
VDPHVXIIHULQJEDFNEXWHYHU\ERG\ZDVKDSS\DQGVPLOLQJDQGMR\RXVWKDWKH
FRXOGJHWKLVRZQEDJEDFN
,QWKHPRUQLQJKHSUD\HGWR*RGDQGKHVDLG7KDQN\RXIRUWKHGUHDP,ZLOO
QHYHUDVNDJDLQ:KDWVRHYHU\RXKDYHJLYHQPHLVJRRGIRUPHPXVWEHJRRG
IRUPHWKDW
VZK\\RXKDYHJLYHQLWWRPH

%HFDXVHRIMHDORXV\\RXDUHLQFRQVWDQWVXIIHULQJ\RXEHFRPHPHDQWRRWKHUV
$QGEHFDXVHRIMHDORXV\\RXVWDUWEHFRPLQJSKRQ\EHFDXVH\RXVWDUW
SUHWHQGLQJ<RXVWDUWSUHWHQGLQJWKLQJVWKDW\RXGRQ
WKDYH\RXVWDUWSUHWHQGLQJ
WKLQJVZKLFK\RX&$1
7KDYHZKLFKDUHQRWQDWXUDOWR\RX<RXEHFRPHPRUH
DQGPRUHDUWLILFLDO,PLWDWLQJRWKHUVFRPSHWLQJZLWKRWKHUVZKDWHOVHFDQ\RX




GR",IVRPHERG\KDVVRPHWKLQJDQG\RXGRQ
WKDYHLWDQG\RXGRQ
WKDYHD
QDWXUDOSRVVLELOLW\RIKDYLQJLWWKHRQO\ZD\LVWRKDYHVRPHFKHDSVXEVWLWXWHIRU
LW

,KHDUWKDW-LPDQG1DQF\6PLWKKDGDJUHDWWLPHLQ(XURSHWKLVVXPPHU,W
VVR
JUHDWZKHQDFRXSOHILQDOO\JHWVDFKDQFHWRUHDOO\OLYHLWXS7KH\ZHQW
HYHU\ZKHUHDQGGLGHYHU\WKLQJ3DULV5RPH\RXQDPHLWWKH\VDZLWDQGWKH\
GLGLW
%XWLWZDVVRHPEDUUDVVLQJFRPLQJEDFNKRPHDQGJRLQJWKURXJKFXVWRPV<RX
NQRZKRZFXVWRPRIILFHUVSU\LQWRDOO\RXUSHUVRQDOEHORQJLQJV7KH\RSHQHGXS
DEDJDQGWRRNRXWWKUHHZLJVVLONXQGHUZHDUSHUIXPHKDLUFRORULQJUHDOO\
HPEDUUDVVLQJ$QGWKDWZDVMXVW-LP
VEDJ

-XVWORRNLQVLGH\RXUEDJDQG\RXZLOOILQGVRPDQ\DUWLILFLDOSKRQ\SVHXGR
WKLQJVIRUZKDW":K\FDQ
W\RXEHQDWXUDODQGVSRQWDQHRXV"EHFDXVHRI
MHDORXV\
7KHMHDORXVPDQOLYHVLQKHOO'URSFRPSDULQJDQGMHDORXV\GLVDSSHDUV
PHDQQHVVGLVDSSHDUVSKRQLQHVVGLVDSSHDUV%XW\RXFDQGURSLWRQO\LI\RX
VWDUWJURZLQJ\RXULQQHUWUHDVXUHVWKHUHLVQRRWKHUZD\
*URZXSEHFRPHDPRUHDQGPRUHDXWKHQWLFLQGLYLGXDO/RYH\RXUVHOIDQG
UHVSHFW\RXUVHOIWKHZD\*RGKDVPDGH\RXDQGWKHQLPPHGLDWHO\WKHGRRUVRI
KHDYHQRSHQIRU\RX7KH\ZHUHDOZD\VRSHQ\RXKDGVLPSO\QRWORRNHGDW
WKHP
7KHODVWTXHVWLRQ
%(/29('26+2
'21
7<28.12:+2:72&2817"21('$<$)7(57+()2857+
48(67,21<286$,'12:7+(6(9(17+48(67,21
,WLVUHDOO\GLIILFXOWIRUPH<RXVKRXOGEHKDSS\WKDW,GRQ
WVD\DIWHUWKHVHYHQWK
7KHILUVWTXHVWLRQ

/LWWOH-RKQQ\LVLQWKHFODVVURRPOHDUQLQJKRZWRDGG+RZPXFKLVWZRSOXV
WZR-RKQQ\"DVNVWKHWHDFKHU
-RKQQ\KHVLWDWHVORRNVDWKLVKDQGDQGVWDUWVFRXQWLQJZLWKKLVILQJHUV2QH
WZRWKUHHIRXUKHH[FODLPV
1RQR-RKQQ\VD\VWKHWHDFKHU<RXFDQ
WXVH\RXUKDQGV<RXKDYHWR
FRXQWLQ\RXUKHDG6RKRZPXFKLVIRXUSOXVIRXU-RKQQ\"VKHDVNVDJDLQ
-RKQQ\KLGHVKLVKDQGVEHKLQGKLVEDFNDQGZKLVSHULQJWRKLPVHOIFRXQWV2QH
WZRWKUHHIRXUHLJKWKHVKRXWVWULXPSKDQWO\
1RQRQR-RKQQ\UHSOLHVWKHWHDFKHUDQJULO\1RZSXW\RXUKDQGVLQ\RXU
SRFNHWVDQGWHOOPHKRZPXFKLVILYHSOXVILYH"
-RKQQ\SXWVKLVKDQGVLQKLVSRFNHWVFRQFHQWUDWHVWDNHVDIHZPLQXWHVDQG
WKHQFULHVRXW(OHYHQPD
DP
,WLVUHDOO\GLIILFXOWIRUPHWRFRXQW,FDQQRWFRXQWRQP\ILQJHUV7RNHHSP\
ILQJHUVDWWKHEDFNZLOOEHYHU\GLIILFXOWDQG,GRQ
WKDYHSRFNHWV
(QRXJKIRUWRGD\





WKHERRNRIZLVGRPFKDSWHUWZHQW\HLJKWEHDMRNHXQWR\RXUVHOI
PDUFKDPLQEXGGKDKDOO
7KHILUVWTXHVWLRQ
%(/29('26+2
3/($6((;3/$,17+(',))(5(1&(%(7:((1$6$11<$6,1$1'21(
:+2,6127<(7/,9(6:,7+$'((3&200,70(17727587+

/\QQH6WHYHQVGR\RXNQRZZKDWWUXWKLV"2WKHUZLVHKRZFDQWKHUHEHD
FRPPLWPHQW"&RPPLWPHQWLVSRVVLEOHRQO\LI\RXNQRZ7KHVDQQ\DVLQLVRQH
ZKRNQRZVWKDWKHNQRZVQRWWKHVDQQ\DVLQLVRQHZKRVHFRPPLWPHQWLVQRWWR
WUXWKEXWWRWKHLQTXLU\LQWRWUXWK$QGWKHLQTXLU\LVSRVVLEOHRQO\ZLWKVRPHRQH
ZKRNQRZVZKRKDVDUULYHG7KHVDQQ\DVLQLVRQHZKRLVFRPPLWWHGWRWKH




SHUVRQRUWRWKHQRSHUVRQDURXQGZKRPKHIHHOVWKHYLEHRIWUXWKWKHYLEHRI
DXWKHQWLFLW\
/\QQH6WHYHQV\RXUFRPPLWPHQWWRWUXWKLVMXVWDQLGHD<RXUWUXWKLVMXVWD
ZRUGDPLQGWULS,I\RXZDQWWRPDNHLWDUHDOSLOJULPDJH\RXZLOOKDYHWREHD
GLVFLSOHDQGWREHDGLVFLSOHLVWREHDVDQQ\DVLQ
7REHDGLVFLSOHPHDQVWREHUHDG\WROHDUQUHDG\WRJRLQWRWKHXQNQRZQZLWK
VRPHRQHZKRKDVEHHQLQLW$ORQHYHU\UDUHO\RQHKDVDWWDLQHGWRWUXWK1RW
WKDWLWKDVQRWKDSSHQHGDORQHDOVRLWKDVKDSSHQHGEXWYHU\UDUHO\MXVWDQ
H[FHSWLRQRWKHUZLVHRQHKDVWROHDUQLQFRPPXQLRQZLWKDPDVWHU
7KHQWRRLWGRHVQRWKDSSHQHDVLO\,WLVDQDUGXRXVMRXUQH\'URSSLQJWKH
FOLQJLQJWRWKHNQRZQLVQRWHDV\7KDWLVRXUZKROHLQYHVWPHQWWKDWLVRXUZKROH
LGHQWLW\'URSSLQJWKHFOLQJLQJWRWKHNQRZQLVGURSSLQJWKHHJRLVFRPPLWWLQJD
NLQGRIVSLULWXDOVXLFLGHDORQH\RXZLOOQRWEHDEOHWRGRLW8QOHVV\RXVHH
VRPHERG\ZKRKDVFRPPLWWHGWKDWVXLFLGHDQGVWLOOLVLQIDFWIRUWKHILUVWWLPH
LV<RXZLOOKDYHWRORRNLQWRWKRVHH\HVZKLFKKDYHVHHQWUXWKDQGDJOLPSVH
RIWKHWUXWKZLOOEHFDXJKWWKURXJKWKRVHH\HV<RXZLOOKDYHWRKROGKDQGVZLWK
VRPHRQHZKRKDVNQRZQUHFHLYHWKHZDUPWKDQGWKHORYHDQGWKHXQNQRZQ
ZLOOVWDUWIORZLQJLQWR\RX
7KDW
VZKDWLWPHDQVWREHZLWKDPDVWHUWREHDGLVFLSOH,I\RXDUHUHDOO\
FRPPLWWHGWRWUXWK\RXDUHERXQGWREHFRPHDVDQQ\DVLQ,I\RXUFRPPLWPHQWWR
WUXWKLVDQLQTXLU\WKHQ\RXZLOOKDYHWROHDUQWKHZD\VRIOHDUQLQJ$QGWKHILUVW
WKLQJWROHDUQLVWRVXUUHQGHUWRWUXVWWRORYH
7KHVDQQ\DVLQLVRQHZKRKDVIDOOHQLQORYHZLWKDSHUVRQRUDQRSHUVRQZKHUH
KHIHHOVDJXWIHHOLQJ<HVLWKDVKDSSHQHGKHUH7REHZLWKVRPHRQHZKRKDV
NQRZQLVFRQWDJLRXVDQGWUXWKLVQRWWDXJKWLWLVFDXJKW
<RXUWUXWKLVQRWKLQJEXWDQLGHDLQ\RXUPLQGPD\EHDSKLORVRSKLFDOLQTXLU\
EXWDSKLORVRSKLFDOLQTXLU\LVQRWJRLQJWRKHOS,WKDVWREHFRPHH[LVWHQWLDO\RX
KDYHWRJLYHSURRIVLQ\RXUOLIHWKDW\RXDUHUHDOO\FRPPLWWHG2WKHUZLVH\RXFDQ
JRRQSOD\LQJWKHJDPHRIZRUGVEHDXWLIXOJDPHVRIWKHRULHVV\VWHPVRI
WKRXJKWDQGWKHUHDUHWKRXVDQGV<RXFDQDOVRPDNHDSULYDWHV\VWHPRI
WKRXJKWRI\RXURZQDQG\RXZLOOWKLQNWKLVLVWUXWK
7UXWKLVQRWRI\RXUPDNLQJWUXWKKDVQRWKLQJWRGRZLWK\RXUPLQG7UXWK
KDSSHQVDQGLWKDSSHQVRQO\ZKHQ\RXKDYHEHFRPHDQRPLQG%XWKRZDUH
\RXJRLQJWREHFRPHDQRPLQG"2Q\RXURZQ\RXZLOOUHPDLQWKHPLQG<RX
PD\WKLQNDERXWWKHQRPLQG\RXPD\SKLORVRSKL]HDERXWWKHQRPLQG\RXPD\
UHDGWKHVFULSWXUHVDERXWQRPLQGEXW\RXZLOOUHPDLQDPLQG2Q\RXURZQ
VHHNLQJDQGVHDUFKLQJ\RXUHJRZLOOIHHOYHU\JRRGEXWWKDWLVWKHEDUULHU,WLV
OLNHSXOOLQJ\RXUVHOIXSE\\RXURZQERRWVWUDSV
,IVRPHZKHUH\RXILQGKHOSLVDYDLODEOHGRQ
WPLVVLWEHFDXVHWKHRSSRUWXQLW\
LVUDUHWKHEXGGKDILHOGLVUDUH2QO\RQFHLQDZKLOHVRPHZKHUHDEXGGKD
DULVHVDERGKLFKLWWDKDSSHQV7KHQGRQ
WPLVVWKHRSSRUWXQLW\,I\RXU
FRPPLWPHQWLVUHDOO\WRZDUGVWUXWK\RXFDQQRWDYRLGEHFRPLQJDVDQQ\DVLQ,WLV
LQHYLWDEOHEHFDXVHQRPLQGLVOHDUQHGRQO\E\VLWWLQJE\WKHVLGHRIDQRPLQG
,I\RXVLWE\P\VLGHVORZO\VORZO\\RXUPLQGZLOOVWDUWGLVSHUVLQJOLNHWKHPRUQLQJ
PLVW6ORZO\VORZO\DVLOHQFHZLOOVWDUWSHQHWUDWLQJ\RXQRWRI\RXUGRLQJEXW
FRPLQJRQLWVRZQ$VWLOOQHVVZLOOSHUYDGH\RX




$QGWKHPRPHQW\RXDUHXWWHUO\VWLOOQRWHYHQDWKRXJKWPRYLQJLQVLGH\RXWKDW
LVWKHPRPHQWRILOOXPLQDWLRQ)RUWKHILUVWWLPH\RXKDYHDJOLPSVHRIWUXWKQRW
WKHLGHDRIWUXWKEXWWUXWKLWVHOI

7KHVHFRQGTXHVWLRQ
%(/29('26+2
0<)((/,1*67(//0(7+$7817,/,.12:<28,&$1
775867$1'
<(7<286$<817,/,75867<28,&$1127.12:<28:+$772'2"

:LOOLDPWKHUHDUHWZRNLQGVRINQRZLQJ2QHLVIURPDGLVWDQFH\RXUHPDLQ
DORRI\RXUHPDLQDQREVHUYHUDVSHFWDWRU7KDW
VZKDWVFLHQWLILFNQRZLQJLV\RX
QHHGQRWJHWLQYROYHGLQLWLQIDFW\RXVKRXOGQRWJHWLQYROYHG<RXVKRXOGEH
YHU\REMHFWLYH\RXVKRXOGQRWDOORZ\RXUVXEMHFWLYLW\WRLQWHUIHUHZLWK\RXU
REVHUYDWLRQ<RXVKRXOGVLPSO\EHWKHUHOLNHDPHFKDQLFDOZDWFKHU<RXVKRXOG
QRWEHDKXPDQEHLQJ\RXVKRXOGEHMXVWDFRPSXWHU
$QGWKLVLVFHUWDLQWKDWVRRQHURUODWHUVFLHQFHLVJRLQJWREHWDNHQRYHUE\
FRPSXWHUVURERWVEHFDXVHWKH\ZLOOEHPRUHVFLHQWLILF7KHUHZLOOEHQR
VXEMHFWLYLW\LQWKHPWKH\ZLOOVLPSO\VHHWKHIDFW7KHIDFWZLOOQRWEHLQWHUIHUHG
ZLWKLQDQ\ZD\LWZLOOUHPDLQXWWHUO\REMHFWLYH
7KDWLVWKHZD\RIVFLHQFHNQRZLQJIURPDGLVWDQFHNHHSLQJDORRIGHWDFKHG
7KDW
VKRZWKHVFLHQWLVWZLOONQRZDURVHIORZHUWKDW
VKRZWKHVFLHQWLVWZLOONQRZ
WKHVXQVHWWKDW
VKRZWKHVFLHQWLVWZLOONQRZWKHEHDXW\RIDZRPDQRUDPDQ
%XWWKHSUREOHPLVVRPHWKLQJHVVHQWLDOLVERXQGWREHPLVVHGVRPHWKLQJYHU\
IXQGDPHQWDOVRPHWKLQJZKLFKLVWKHFRUHRIWKHZKROHWKLQJ7KHVFLHQWLVWFDQ
NQRZWKHURVHIORZHUKHFDQNQRZRIZKDWLWLVFRQVWLWXWHGKHFDQNQRZDOOWKH
FKHPLFDOVHWFHWHUDEXWKHZLOOQHYHUNQRZWKHEHDXW\RILW+HZLOOUHPDLQEOLQG
WRWKHEHDXW\KLVYHU\DSSURDFKKLVPHWKRGRORJ\SURKLELWVKLP
,I\RXDUHGHWDFKHG\RXFDQQRWNQRZEHDXW\%HDXW\LVNQRZQRQO\ZKHQ\RXIDOO
HQUDSSRUWZKHQWKHREVHUYHUEHFRPHVWKHREVHUYHGZKHQWKHUHLVQRZDOO
EHWZHHQZKHQHYHU\ZDOOKDVEHHQWUDQVIRUPHGLQWRDEULGJH:KHQWKHUHLVD
NLQGRIPHOWLQJZKHQ\RXEHFRPHWKHIORZHUDQGWKHIORZHUEHFRPHV\RXWKHQ
WKHUHLVDWRWDOO\GLIIHUHQWNLQGRINQRZLQJWKHZD\DSRHWNQRZV+HZLOONQRZ
EHDXW\KHZLOOQRWNQRZWKHFKHPLFDOV+HZLOOQRWNQRZWKHREMHFWLYHIORZHUKH
ZLOONQRZVRPHWKLQJIDUGHHSHU+HZLOONQRZWKHVSLULWXDOLW\RIWKHIORZHUWKH
VSLULWRIWKHIORZHU
$QGWKHP\VWLFKLVNQRZLQJLVWKHKLJKHVWIRUPRISRHWLFNQRZLQJWKHXOWLPDWH
IRUPRISRHWLFNQRZLQJ7KHSRHWLVWKHUHRQO\IRUPRPHQWV6RPHWLPHVKHLVD
SRHWKHPHHWVKHPLQJOHVPHUJHVLQWRWKHIORZHUVRPHWLPHVKHEHFRPHVD
GHWDFKHGREVHUYHU+HQFHSRHWU\LVDNLQGRIPL[WXUHRIERWKWKHNQRZOHGJHV
6FLHQWLILFNQRZOHGJHLVSXUHO\REMHFWLYHP\VWLFNQRZLQJLVSXUHO\VXEMHFWLYH
SRHWLFNQRZLQJLVEHWZHHQWKHWZRDPL[WXUHRIERWKDOLWWOHELWRIVFLHQFHD
OLWWOHELWRIUHOLJLRQ%XWEDVLFNQRZLQJFDQEHGLYLGHGLQWZRWKHVFLHQWLILFDQGWKH
P\VWLF
1RZLWGHSHQGVRQ\RXLQZKDWZD\\RXZDQWWRNQRZPH
<RXVD\0\IHHOLQJVWHOOPHWKDWXQWLO,NQRZ\RX,FDQ
WWUXVW\RX
7KHVHDUHQRWIHHOLQJVWKHUH\RXDUHPLVXQGHUVWDQGLQJ\RXUVHOI7KHVHDUH




WKRXJKWVWKHVHFDQQRWEHIHHOLQJVWKDW
VDVKHHUPLVXQGHUVWDQGLQJ7KLVLVWKH
ZD\WKRXJKWVVSHDN7KRXJKWVDOZD\VVD\%HFDUHIXOFDXWLRXVPRYHORJLFDOO\
DQGRIFRXUVHWKLVLVYHU\ORJLFDOKRZFDQ\RXWUXVWPHLI\RXGRQ
WNQRZPH"
,WLVDORJLFDOVWDWHPHQW,WLVQRWDVWDWHPHQWIURP\RXUJXWOHYHOLWFDQQRWEH
EHFDXVHJXWIHHOLQJVDUHYHU\LOORJLFDO*XWIHHOLQJVZLOOVD\WR\RXWKHVDPHDV,
DPVD\LQJWUXVWDQG\RXZLOONQRZ
6RWKHILUVWWKLQJWREHVDLGLVWKHVHDUHQRW\RXUIHHOLQJVWKHVHDUH\RXU
WKRXJKWV<RXZDWFKDJDLQ\RXJRLQWRWKHVHVRFDOOHGIHHOLQJVDJDLQDQG\RX
ZLOOILQGWKH\DUHQRWFRPLQJIURPWKHKHDUWWKH\DUHFRPLQJIURPWKHKHDG7KH
KHDGVD\V)LUVWNQRZWKHQWUXVW
$QGWKLVLVDJUHDWVWUDWHJ\LI\RXEHOLHYHLQWKHKHDGDQGLWVGLFWDWLRQ)LUVW
NQRZWKHQ\RXFDQWUXVW7KHQ\RXZLOOQHYHUWUXVWEHFDXVHNQRZLQJFDQQRW
KDSSHQZLWKRXWWUXVWP\VWLFNQRZLQJFDQQRWKDSSHQZLWKRXWWUXVW6FLHQWLILF
NQRZLQJLVSRVVLEOHEXWVFLHQWLILFNQRZLQJLVQRWDSSOLFDEOHKHUH
<RXFDQNQRZPHVFLHQWLILFDOO\0\GRFWRUFRPHVWRH[DPLQHP\ERG\KHNQRZV
PHLQDZD\<RXGRQ
WNQRZPHLQWKDWZD\\RXNQRZPHLQDWRWDOO\GLIIHUHQW
ZD\0\GRFWRULVDIUDLGWRFRPHWROLVWHQWRPHEHFDXVHKHGRHVQRWZDQWWR
ORVHDSDWLHQW,IKHOLVWHQVWRPHWKHQ,ZLOOEHWKHGRFWRUDQGKHZLOOEHWKH
SDWLHQW+HFRPHVDQGKHLVLQDKXUU\WRHVFDSH
2QFHLWKDSSHQHGWKDWKHZDVKROGLQJP\KDQG,KDGVRPHWURXEOHZLWKP\
WKXPEDQGVRPHWKLQJKDSSHQHGWRKLPZKLFKZDVQRWVFLHQWLILF2XWVLGHWKH
URRPKHWROG9LYHN+HLV*RGKH,6*RGEXWVLQFHWKHQ,KDYHQRWVHHQ
KLPKHKDVVLPSO\GLVDSSHDUHG6RPHWKLQJQRQVFLHQWLILFVRPHWKLQJZKLFKZDV
QRWRIWKHKHDG+HIHOWPHIRUDPRPHQWEXWEHFDPHIULJKWHQHG
:DWFK,I\RXUKHDGLVVD\LQJWKHVHWKLQJVWKHVHDUHQRWIHHOLQJV)HHOLQJV
FDQQRWVD\WKHVHWKLQJVEHFDXVHWKLVLVQRWWKHODQJXDJHRIIHHOLQJV)HHOLQJV
VD\)DOOLQORYHDQGWKHQ\RXZLOONQRZ7KRXJKWVVD\'RXEWLQTXLUHPDNH
FHUWDLQ:KHQHYHU\WKLQJLVDEVROXWHO\SURYHGDQG\RXDUHFRQYLQFHGUDWLRQDOO\
FRQYLQFHGWKHQ\RXFDQWUXVW$QGWKHORJLFDSSHDUVYHU\YHU\FOHDQWKHUH
VHHPVWREHQRWULFNLQLW7KHUHLV7KHWULFNLVWKDWWKURXJKVFLHQWLILFNQRZLQJ
\RXFDQQRWNQRZWKHP\VWHU\WKDWLVFRQIURQWLQJ\RX\RXFDQQRWNQRZWKHSRHWU\
WKDWLVVKRZHULQJRQ\RX\RXFDQQRWVHHWKHEHDXW\DQGWKHJUDFHWKDWLV
DYDLODEOHWR\RX
<RXZLOOVHHP\ERG\\RXZLOOOLVWHQWRP\ZRUGVEXW\RXZLOOPLVVP\VLOHQFHV
$QGWKH\DUHP\UHDOPHVVDJHV<RXZLOOEHDEOHWRVHHPHDV,DSSHDURQWKH
VXUIDFHEXW\RXZLOOQRWEHDEOHWRSHQHWUDWHLQWRPHDV,DPDWWKHFHQWHU
.QRZLQJWKHFLUFXPIHUHQFHLVSRVVLEOHVFLHQWLILFDOO\EXWE\NQRZLQJWKH
FLUFXPIHUHQFHRIDSHUVRQORYHGRHVQRWDULVH$QGWKHUHODWLRQVKLSEHWZHHQWKH
GLVFLSOHDQGWKHPDVWHULVWKHFUHVFHQGRRIORYHWKHKLJKHVWSHDNRIORYH/RYH
FDQQRWJRKLJKHUWKDQWKDWWKDWLVWKHXOWLPDWHLQORYH
7KHVHDUH\RXUWKRXJKWVQRWIHHOLQJV$QGLI\RXOLVWHQWRWKRXJKWV\RXFDQQRW
KDYHDQ\FRPPXQLRQZLWKPH<RXZLOOOLVWHQWRP\ZRUGV\RXZLOOOLVWHQWRP\
DUJXPHQWV\RXZLOOEHFRPHPRUHNQRZOHGJHDEOH\RXZLOOJRSHUIHFWO\VDWLVILHG
WKDW\RXKDYHVRPHWKLQJZLWK\RX$QGDOOWKDWLVQRQVHQVH7KRVHZRUGVWKDW
\RXKDYHDFFXPXODWHGWKHNQRZOHGJHWKDW\RXKDYHJDWKHUHGDUHRIQRXVHDW
DOO




,WLVQRWDTXHVWLRQRIJDWKHULQJLQIRUPDWLRQKHUHLWLVDTXHVWLRQRILPELELQJWKH
VSLULWWKHRQO\ZD\LVWRWUXVW,WLVRQO\WKURXJKWUXVWWKDWNQRZLQJKDSSHQV
6FLHQFHXVHVGRXEWDVLWVPHWKRGUHOLJLRQXVHVWUXVWDVLWVPHWKRG7KDWLVWKHLU
IXQGDPHQWDOGLIIHUHQFH'RXEWLVLUUHOHYDQWLQWKHZRUOGRIORYHMXVWDVWUXVWLV
LUUHOHYDQWLQWKHZRUOGRIWKLQJV,QWKHZRUOGRI,LWRQO\GRXEWLVVLJQLILFDQW\RX
FDQQRWWUXVWWKLQJVWKHVFLHQWLVWFDQQRWMXVWVLWWKHUHLQWUXVWZDLWLQJIRU
VRPHWKLQJWRKDSSHQ1RWKLQJZLOOKDSSHQ+HKDVWRGRXEWLQTXLUHLQYHVWLJDWH
GLVVHFW+HKDVWRXVHKLVPLQGKLVORJLFWKHQRQO\VRPHFRQFOXVLRQVFDQEH
DUULYHGDW
$QGWKRVHFRQFOXVLRQVZLOODOZD\VUHPDLQDSSUR[LPDWHWKH\ZLOODOZD\VUHPDLQ
FRQGLWLRQDOEHFDXVHLQWKHIXWXUHPRUHIDFWVPD\EHNQRZQDQGWKHZKROHWKLQJ
ZRXOGKDYHWREHFKDQJHGDJDLQ7KH\FDQQRWEHFDWHJRULFDO
6RWUXVWLVQRWWKHSRLQWLWQHYHUDULVHVLQWKHZRUOGRIVFLHQFHGRXEWUHPDLQVWKH
EDVH,IVRPHWLPHV\RXFRPHWRDFRQFOXVLRQWKHFRQFOXVLRQGRHVQRWEHFRPH
\RXUWUXVWGRHVQRWEHFRPH\RXUIDLWK,WUHPDLQVDQK\SRWKHVLV
$QK\SRWKHVLVPHDQVWKDWXSWRQRZZKDWVRHYHUKDVEHHQNQRZQVXSSRUWVWKLV
WKHRU\,WLVRQO\XSWRQRZZHFDQ
WVD\DQ\WKLQJDERXWWRPRUURZ7RPRUURZ
PRUHIDFWVPD\EHNQRZQDQGFHUWDLQO\ZKHQPRUHIDFWVZLOOEHNQRZQWKH
K\SRWKHVLVZLOOKDYHWREHDGMXVWHGDQGWKHWKHRU\ZRXOGKDYHWREHFKDQJHG
6FLHQFHJRHVRQFKDQJLQJHYHU\GD\LWLVWHPSRUDOLWOLYHVLQWKHZRUOGRIWLPH
EHFDXVHPLQGLVWLPH0LQGFDQQRWOLYHZLWKRXWWLPHPLQGLVPRPHQWDU\
WHPSRUDO
7KHZRUOGRIUHOLJLRQIXQFWLRQVLQDWRWDOO\GLIIHUHQWGLPHQVLRQRQDGLIIHUHQWOHYHO
,WEHJLQVLQWUXVWLQORYHWKHQDWRWDOO\GLIIHUHQWNLQGRINQRZLQJKDSSHQV
:KHQ\RXORYHDZRPDQ\RXNQRZKHU<RXNQRZKHUQRWDVWKHJ\QHFRORJLVW
NQRZVKHU\RXNQRZKHULQDWRWDOO\GLIIHUHQWZD\<RXGRQ
WNQRZKHU
SK\VLRORJ\\RXGRQ
WNQRZKHUPDWHULDOH[LVWHQFHEXW\RXNQRZKHUVSLULWXDO
SUHVHQFH/RYHRQO\ORYHLVFDSDEOHRINQRZLQJWKHVSLULWXDOSUHVHQFH<RXIDOO
LQORYHQRWZLWKWKHSK\VLFDOERG\\RXIDOOLQORYHZLWKWKHVSLULWXDOSUHVHQFHRID
SHUVRQ%XWWKDWLVDYDLODEOHRQO\LQWUXVW
,QVFLHQFHWUXVWLVXWWHUO\XVHOHVV,QUHOLJLRQGRXEWLVXWWHUO\XVHOHVV
6R:LOOLDPLWLVXSWR\RX,I\RXKDYHFRPHKHUHWRVWXG\ZKDWLVKDSSHQLQJ
KHUHVFLHQWLILFDOO\WKHQ\RXDUHZHOFRPH<RXFDQJRDFFRUGLQJWR\RXURZQ
WKRXJKWVGRQ
WFDOOWKHPIHHOLQJVSOHDVH<RXFDQJRRQDFFRUGLQJWR\RXU
KHDGGRQ
WFDOOLW\RXUKHDUWLWLVQRW<RXDUHZHOFRPHEHKHUHVWXG\
REVHUYHFRPHWRFHUWDLQFRQFOXVLRQVEXWWKH\ZLOOUHPDLQK\SRWKHVHV
%XWLI\RXKDYHFRPHWREHWUDQVIRUPHGQRWWREHLQIRUPHGRQO\WKHQ\RXZLOO
KDYHWRXQGHUVWDQGWKDWWKHUHLVDGLIIHUHQWGRRU$QGWKDWGRRULVWUXVW7UXVWLV
DQDEVXUGSKHQRPHQRQORJLFDOO\DEVXUG7KDW
VZK\ORJLFDOZD\VVD\VORYHLV
EOLQGDOWKRXJKORYHKDVLWVRZQH\HVIDUPRUHGHHSJRLQJVWLOOWRORJLFLWLV
EOLQG
/RJLFULGLFXOHVORYHDQGORYHVPLOHVNQRZLQJO\DWWKHZKROHIRROLVKQHVVRIORJLF
,I\RXKDYHFRPHKHUHZLWKDORJLFDODSSURDFKVWXG\REVHUYHFRPHWRVRPH
FRQFOXVLRQVEXWWKH\DUHQRWJRLQJWRWUDQVIRUP\RXWKDWPXFK\RXPXVWEH
DZDUHRI,I\RXKDYHFRPHWREHWUDQVIRUPHGWKHQIDOOLQORYH7KHQIRUJHWWKH
KHDGWKHQOHWWKHUHEHDFRQWDFWKHDUWWRKHDUWVSLULWWRVSLULW7KHQWKHUHLVQR




QHHGWREHWRRPXFKFRQFHUQHGZLWKZKDW\RXVHH\RXUZKROHFRQFHUQVKRXOG
EHZLWKZKDW\RXIHHO7KHQ\RXVKRXOGQRWEHWRRPXFKFRQFHUQHGLQFROOHFWLQJ
LQIRUPDWLRQEXWEHLQJLQFHOHEUDWLRQZLWKPH
7KHQGRQ
WWDNHPXFKQRWHRIZKDW,VD\WDNHQRWHRIZKDW,DP/LVWHQWRP\
VLOHQFHVWKHSDXVHVWKHJDSVWKHLQWHUYDOV,DPPRUHWKHUH7KHQ\RXZLOO
EHFRPHDZDUHRIDWRWDOO\GLIIHUHQWZRUOGH[LVWLQJKHUHWKHEXGGKDILHOG,WLVDQ
HQHUJ\ILHOG\RXKDYHWREHRSHQDQGYXOQHUDEOHWRLWRQO\WKHQLWFDQSHUPHDWH
\RXSHUYDGH\RXRYHUZKHOP\RX
7KHWKLUGTXHVWLRQ
%(/29('26+2
<286$,'7+(27+(5'$<7+$71221(,6,17(5(67('$1<025(,1
48(67,216/,.(:+2&5($7('7+(81,9(56("%87$5(&(17
(',7,212)7,0(0$*$=,1('(927('&216,'(5$%/(63$&(72$1
$57,&/((17,7/(',17+(%(*,11,1**2'$1'6&,(1&(
7+(%$6,&7+(0(2)7+($57,&/(:$67+$76&,(1&($1'5(/,*,21
+$9(%((1%528*+7&/26(72*(7+(5%<7+(%,*%$1*7+(25<
2)&5($7,21,1:+,&+7+(81,9(56(,6683326('72+$9(&20(
,172%(,1*7+528*+$9$67),5(%$//(;3/26,21),)7((125
7:(17<0,//,21<($56$*2
7,0(6$<67+$77+,66281'69(5<08&+/,.(7+(6725<:+,&+
7+(2/'7(67$0(17+$6%((17(//,1*$//$/21*1$0(/<7+$7
7+(81,9(56(%(*$1,1$6,1*/()/$6+,1*$&72)&5($7,21
:+$7,6:521*:,7+7+(+<327+(6,67+$77+(81,9(56(:$6
&5($7('7+$7,7+$'$%(*,11,1*"$1':+<'2<28$66(577+$7
,7','127",6,7127$67(3,17+(5,*+7',5(&7,21:+(16&,(1&(
$1'5(/,*,21$*5(("

6XEKXWLWKHILUVWWKLQJWRUHPHPEHULVIRUWKUHHKXQGUHG\HDUVUHOLJLRQKDVEHHQ
ORVLQJLWVWHUULWRU\FRQWLQXRXVO\)LUVWUHOLJLRQWULHGWRGHVWUR\VFLHQFH,WZDV
XQDEOHWRGRLWEHFDXVH\RXFDQQRWGHVWUR\WUXWKDQGVFLHQFHZDVWUXHUDVIDU
DVWKHREMHFWLYHZRUOGLVFRQFHUQHGWKDQUHOLJLRQ,QIDFWUHOLJLRQKDVQRDXWKRULW\
WRVD\DQ\WKLQJDERXWWKHREMHFWLYHZRUOG
:KHQ\RXDUHLOO\RXJRWRWKHSK\VLFLDQ\RXGRQ
WJRWRWKHSRHW7KHSRHWKDV
QRDXWKRULW\KHPD\EHDJUHDWSRHWEXWWKDWLVLUUHOHYDQWZKHQ\RXDUHLOO+H
PD\EHDJUHDWSRHWEXWZKHQVRPHWKLQJJRHVZURQJLQ\RXUEDWKURRP\RX
GRQ
WFDOOKLP\RXFDOODSOXPEHU7KHSOXPEHUPD\QRWEHDSRHWDWDOOEXWWKH
SOXPEHULVUHOHYDQWWKHUH<RXGRQ
WFDOO$OEHUW(LQVWHLQKHPD\EHDJUHDW
SK\VLFLVWEXWZKDWGRHVKHNQRZDERXWSOXPELQJ"
5HOLJLRQZDVSURYLQJWREHXWWHUO\ZURQJ,WZDVZURQJDERXWWKHREMHFWLYHZRUOG
2QFHVFLHQFHVWDUWHGLQYHVWLJDWLQJWKHREMHFWLYHRUJDQL]HGUHOLJLRQZDVYHU\
PXFKDIUDLG,IWKHUHKDGEHHQD-HVXVKHZRXOGQRWKDYHEHHQDIUDLGKHZRXOG
VLPSO\KDYHVDLG$ERXWWKHREMHFWLYHOLVWHQWRVFLHQFH,ID%XGGKDZDVWKHUH
KHZRXOGKDYHVDLG/LVWHQWRVFLHQFH
%XWWKHUHZDVQREXGGKDLQWKH:HVWZKHUHVFLHQFHZDVJURZLQJ$QGSHRSOH
OLNH*DOLOHRDQG&RSHUQLFXVDQG.HSOHUZHUHWRUWXUHGLQHYHU\SRVVLEOHZD\
EHFDXVHRUJDQL]HGUHOLJLRQWKHFKXUFKEHFDPHYHU\PXFKDIUDLGZKDWWKH\




ZHUHVD\LQJZDVJRLQJDJDLQVWWKHLUVFULSWXUHV
7KHVFLHQWLVWVZHUHVD\LQJWKDWWKHVXQGRHVQRWJRDURXQGWKHHDUWKDQG7KH
%LEOHVD\VLWGRHV7KHVFLHQWLVWVZHUHVD\LQJWKHHDUWKJRHVDURXQGWKHVXQ
QRZLI7KH%LEOHFDQEHZURQJLQRQHWKLQJWKHQZK\QRWLQRWKHUV"7KDWZDV
WKHSUREOHPWKDWZDVWKHIHDU
7KHSHUVRQZKRVDLGWKDWWKHHDUWKJRHVDURXQGWKHVXQZDVFDOOHGWRWKHFRXUW
E\WKH9DWLFDQ*DOLOHRKDGWRDSSHDULQKLVROGDJHKHZDVPRUHWKDQ
VHYHQW\LOORQKLVGHDWKEHGEXWKHZDVIRUFHGWRFRPHWRWKHFRXUWWRGHFODUH
WKHUHWKDWZKDWVRHYHUKHKDGVDLGLVZURQJ
+HPXVWKDYHEHHQDPDQRIJUHDWKXPRU+HVDLG<HVLILWRIIHQGV\RX,
GHFODUHWKDWZKDWVRHYHU,KDYHVDLGLVZURQJWKDWWKHHDUWKGRHVQRWJRDURXQG
WKHVXQEXWWKHVXQJRHVDURXQGWKHHDUWK
(YHU\ERG\ORRNHGKDSS\DQGWKHQ*DOLOHRVDLG%XWVLUQRWKLQJZLOOFKDQJHE\
P\VWDWHPHQW7KHHDUWKZLOOVWLOOJRURXQGDQGURXQGWKHVXQP\VWDWHPHQW
PDNHVQRGLIIHUHQFH,I\RXDUHRIIHQGHGE\P\VWDWHPHQW,FDQWDNHLWEDFN,
FDQUHIXWHLW,I\RXZDQWPHWRZULWHDQRWKHUWUHDWLVH,FDQZULWHWKDWWRR%XW
QRWKLQJZLOOFKDQJHE\WKDW:KRFDUHVDERXWP\VWDWHPHQW"1HLWKHUWKHVXQQRU
WKHHDUWK
2UJDQL]HGUHOLJLRQWULHGWRNLOOVFLHQFHWKH\FRXOGQRWEHFDXVHWUXWKFDQQRWEH
NLOOHG6ORZO\VORZO\VFLHQFHKDVSRVVHVVHGWKHZKROHWHUULWRU\RIWKHREMHFWLYH
ZRUOG7KHQWKHQDWXUDOWHQGHQF\RIPLQGVFLHQFHVWDUWHGFODLPLQJWKDWZKLFK
FRXOGQRWEHFODLPHGE\LW6FLHQFHFUHDWHGWKHVDPHIDOODF\DVRUJDQL]HG
UHOLJLRQZKLFKZDVVD\LQJ$ERXWWKHREMHFWLYHZRUOGDOVRZHDUHULJKW7KH\
ZHUHQRW7KH\DUHULJKWDERXWWKHVXEMHFWLYHZRUOGDERXWWKHLQWHULRUPRVWEHLQJ
RIH[LVWHQFHWKH\DUHULJKW%XWWKH\DUHQRWULJKWDERXWWKHFLUFXPIHUHQFHRILW
WKDWLVQRWWKHLUGLPHQVLRQ%XWWKH\ZHUHFODLPLQJWKDWWKH\DUHULJKWDERXWERWK
7KHVDPHVWDUWHGKDSSHQLQJZLWKSK\VLFLVWVFKHPLVWVDQGRWKHUVFLHQWLVWV,QWKH
EHJLQQLQJRIWKLVFHQWXU\VFLHQFHEHFDPHYHU\DUURJDQWWKHVDPHW\SHRI
DUURJDQFHMXVWWKHDXWKRULW\VKLIWHGIURPWKHSULHVWVWRWKHVFLHQWLVWV7KH
VFLHQWLVWVVWDUWHGVD\LQJ7KHUHLVQR*RGDQGWKHUHLVQRVRXODQGWKHUHLVQR
FRQVFLRXVQHVVDQGDOOWKDWLVUXEELVK
7KLVW\SHRIDUURJDQFHKDVDOZD\VUHPDLQHGZLWKPDQ:HKDYHQRW\HWOHDUQHG
DQ\WKLQJ7KLVLVDJDLQWKHVDPHJDPHEHLQJSOD\HG:KHQVFLHQFHEHFDPH
YHU\DUURJDQWQDWXUDOO\UHOLJLRQEHFDPHGHIHQVLYH,WZDVORVLQJLWEHFDPH
GHIHQVLYH6RDQ\WKLQJWKDWLVGLVFRYHUHGE\VFLHQFHUHOLJLRQWULHVWRDSSURSULDWH
,WWULHVVRPHKRZWRPDNHLWILWZLWKLWVHOIEHFDXVHWKHRQO\SRVVLELOLW\IRULWWR
VXUYLYHQRZLVLILWSURYHVLWVHOIWREHVFLHQWLILF
,QWKHEHJLQQLQJLWZDVMXVWWKHRSSRVLWH,IDVFLHQWLVWZDVWRVXUYLYHWKHRQO\
ZD\ZDVWRSURYHWKDWZKDWVRHYHUKHKDVIRXQGLVDFFRUGLQJWRWKHVFULSWXUHV
WKDWLWSURYHVWKHVFULSWXUHVWKDWLWLVQRWDJDLQVW
1RZWKHZKROHWKLQJLVMXVWYLFHYHUVD1RZLIUHOLJLRQZDQWVWRH[LVWLQWKHZRUOG
LWKDVFRQWLQXRXVO\WRORRNXSWRVFLHQFH:KDWVRHYHUVFLHQFHGLVFRYHUVUHOLJLRQ
LPPHGLDWHO\MXPSVXSRQDQGWULHVWRSURYH7KLVLVZKDWZHKDYHEHHQVD\LQJ
DOODORQJ
7KLV%LJ%DQJWKHRU\KDVQRWKLQJWRGRZLWKWKHUHOLJLRXVDWWLWXGHDQGWKH
UHOLJLRXVWKHRU\RIFUHDWLRQ,QWKHELJEDQJWKHRU\WKHUHLVQR*RGLWLVDOODQ




DFFLGHQWLWLVQRWFUHDWLRQUHPHPEHUEHFDXVHWKHUHLVQRFUHDWRULQLW
%XWUHOLJLRQLVYHU\GHIHQVLYHFRQWLQXRXVO\VHDUFKLQJIRUDQ\WKLQJWRFOLQJWR7KH
ELJEDQJWKHRU\VD\VWKDWLQDVXGGHQH[SORVLRQLQDJUHDWIODVKRIOLJKWWKH
ZRUOGZDVFUHDWHG-XPSRQLW\RXFDQDOZD\VILQGVRPHZD\VRPHORJLFDOZD\
<RXFDQVD\<HVWKLVLVULJKWWKLVLVZKDWZHKDYHEHHQVD\LQJDOODORQJ*RG
LQWKHEHJLQQLQJVDLG
/HWWKHUHEHOLJKW
DQGQRZWKHWKHRU\VD\VWKHUHZDVD
JUHDWH[SORVLRQWKHZRUOGZDVVXGGHQO\FUHDWHG
%XWWKHEDVLFWKLQJLVPLVVLQJGRQ
WEHGHFHLYHG5HOLJLRQKDVEHHQVD\LQJWKDW
*RGVDLG/HWWKHUHEHOLJKW7KHEDVHLVQRWWKHOLJKWWKHEDVHLV*RGVD\LQJ
/HWWKHUHEHOLJKW7KDW*RGLVPLVVLQJLQWKHELJEDQJWKHRU\WKHUHLVQR*RG
LWZDVDVXGGHQDFFLGHQWQRWFUHDWLRQ
$QGRQHPRUHWKLQJWKLVELJEDQJWKHRU\LVQRWWRWDOO\DFFHSWHGWKHUHDUHPDQ\
RWKHUWKHRULHV7KHVHDUHDOOJXHVVHVWKH\DUHQRWSURYHG\HWQRWKLQJLVSURYHG
,QIDFW,GRQ
WWKLQNWKDWLWFDQHYHUEHSURYHGKRZWKHZRUOGFDPHLQWRH[LVWHQFH
,WLVLPSRVVLEOHEHFDXVHQRERG\ZDVWKHUHWRZLWQHVVLW\RXFDQQRWILQGDQ
H\HZLWQHVVVRDOOWKDWWKH\FDQGRZLOOEHMXVWJXHVVZRUN
$QGLWKDSSHQHGILIWHHQRUWZHQW\ELOOLRQ\HDUVDJR<RXFDQQRWHYHQEHFHUWDLQ
ZKHWKHU.ULVKQDHYHUH[LVWHGRUQRWMXVWILYHWKRXVDQG\HDUVDJR<RXFDQQRWEH
FHUWDLQHYHQDERXW-HVXVZKHWKHUKHZDVUHDOO\DQKLVWRULFDOSHUVRQRULVMXVWD
P\WKDQGKHZDVRQO\WZRWKRXVDQG\HDUVDJR'R\RXWKLQN\RXFDQEH
FHUWDLQDERXWVRPHWKLQJWKDWKDSSHQHGWZHQW\ELOOLRQ\HDUVDJR"$OOJXHVVHV
$QGVWLOO,VD\WKHZRUOGZDVQHYHUFUHDWHGWKHUHZDVQREHJLQQLQJ
:K\GR,VD\WKDWWKHUHZDVQREHJLQQLQJ"6XEKXWLLWLVVRVLPSOH(YHQLI\RX
EHOLHYHLQWKHELJEDQJWKHRU\WKHUHPXVWKDYHEHHQVRPHWKLQJWKDWH[SORGHG
'R\RXWKLQNQRWKLQJH[SORGHG",IWKHUHZDVVRPHWKLQJ[\]DQ\QDPH,
DPQRWPXFKLQWHUHVWHGLQVXFKQRQVHQVHWKLQJV[\]ZKDWVRHYHULWZDVWKDW
H[SORGHGLIVRPHWKLQJZDVWKHUHEHIRUHWKHH[SORVLRQWKHQWKHH[SORVLRQLVQRW
WKHEHJLQQLQJ,WPD\EH$EHJLQQLQJEXWLWLVQRWWKHEHJLQQLQJ
$QGZKHQ,VD\WKHUHKDVQHYHUEHHQDQ\EHJLQQLQJ,PHDQWKHEHJLQQLQJ
6RPHWKLQJZDVDOZD\VWKHUHZKHWKHULWH[SORGHGRUZKHWKHULWJUHZVORZO\LQ
RQHGD\RULQVL[GD\VRULQRQHVLQJOHPRPHQWGRHVQ
WPDWWHU7KHUHPXVWKDYH
EHHQVRPHWKLQJEHIRUHLWEHFDXVHRQO\VRPHWKLQJFDQFRPHRXWRIVRPHWKLQJ
(YHQLI\RXVD\WKHUHZDVQRWKLQJDQGLWFDPHRXWRIQRWKLQJWKHQ\RXUQRWKLQJ
LVIXOORIVRPHWKLQJLWLVQRWUHDOO\QRWKLQJ
+HQFH,VD\WKHUHKDVQHYHUEHHQDQ\EHJLQQLQJDQGWKHUHZLOOQHYHUEHDQ\
HQG0D\EHDEHJLQQLQJPD\EHPDQ\EHJLQQLQJVDQGPD\EHPDQ\HQGVEXW
QHYHUWKHILUVWDQGQHYHUWKHODVW:HDUHDOZD\VLQWKHPLGGOH([LVWHQFHLVQRWD
FUHDWLRQEXWDFUHDWLYLW\,WLVQRWWKDWLWEHJLQVRQHGD\DQGHQGVRQHGD\,WJRHV
RQDQGRQLWLVDQRQJRLQJSURFHVV
7KDW
VZK\6XEKXWL,VD\WKDWDOOWKHVHJXHVVHVDUHXVHOHVVDQGWKHUHLVQR
QHHGIRUWKHPDQGWKH\VHUYHQRSXUSRVH7KLVZDV%XGGKD
VDSSURDFKWRR
:KHQHYHUVRPHERG\ZRXOGDVNDTXHVWLRQOLNH:KRFUHDWHGWKHZRUOG"
ZKHWKHUWKHZRUOGZDVHYHUFUHDWHGRULVXQFUHDWHG%XGGKDZRXOGDQVZHUE\
RWKHUTXHVWLRQV+HZRXOGDVN,IZKRFUHDWHGWKHZRUOGLVGHFLGHGLVLWJRLQJWR
KHOS\RXUHQOLJKWHQPHQW",VLWJRLQJWRKHOS\RXEHFRPHPRUHVLOHQWPRUH
PHGLWDWLYHPRUHDZDUH"




&HUWDLQO\WKHSHUVRQZRXOGDQVZHU,WLVQRWJRLQJWRKHOS:KRFUHDWHGWKH
ZRUOGGRHVQ
WPDWWHU,WZLOOQRWKHOSP\HQOLJKWHQPHQWDQGLWZLOOQRWPDNHPH
PRUHPHGLWDWLYH
7KHQ%XGGKDVDLG7KHQZK\ERWKHUDERXWDOOWKLV"7KLQNRIWKLQJVZKLFKFDQ
KHOS\RXWREHFRPHPRUHPHGLWDWLYHWKLQNRIWKLQJVZKLFKFDQKHOS\RXEHFRPH
IUHHRIDOOWKHHJRFOLQJLQJWKLQNRIWKLQJVZKLFKFDQXOWLPDWHO\OHDG\RXLQWRWKH
VWDWHRIVDPDGKL
0\DSSURDFKLVDOVRWKHVDPHWKHVHDUHDOOLUUHOHYDQWTXHVWLRQV$QGEHFDXVHRI
WKHVHLUUHOHYDQWTXHVWLRQVWKHUHKDVEHHQVRPXFKFRQWURYHUV\GRZQWKHDJHV
DQGWKRXVDQGVRISHRSOHKDYHZDVWHGWKHLUOLYHVGLVFXVVLQJZKRFUHDWHGWKH
ZRUOGZKHQH[DFWO\ZKDWZDVWKHGDWHDQGVRRQDQGVRIRUWK
,WKLQNWKHVHSHRSOHZHUHQHXURWLFV,GRQ
WWKLQNWKHPKHDOWK\QRUPDOVDQH
SHRSOH:KRFDUHV")RUZKDW",WGRHVQRWPDWWHUDWDOOLWLVLPPDWHULDO
7KHIRXUWKTXHVWLRQ
%(/29('26+2
:+$7,67+(6(&5(72)$-2.("

7KHVXGGHQXQH[SHFWHGWXUQWKDWLVWKHVHFUHWRIDMRNHWKHUHYHODWLRQ<RX
DUHH[SHFWLQJVRPHWKLQJDQGLWGRHVQ
WKDSSHQZKDWKDSSHQVLVVRWRWDOO\
DEVXUGDQG\HWKDVDORJLFRILWVRZQLWLVULGLFXORXVDQG\HWQRWLOORJLFDO7KDW
V
ZKDWVXGGHQO\EHFRPHVDODXJKWHULQ\RX<RXVHHWKHULGLFXORXVQHVVRILWDQG
DOVRWKHORJLFRILW,WLVXQH[SHFWHGLILWLVH[SHFWHGWKHQLWGRHVQ
WEULQJ
ODXJKWHUWR\RX,I\RXNQRZWKHMRNHWKHQLWGRHVQ
WEULQJODXJKWHUWR\RX
EHFDXVHQRZ\RXNQRZHYHU\WKLQJLVH[SHFWHG

7ZRLQVHFWVZHUHOLYLQJLQDFHPHWHU\2QHVDLGWRWKHRWKHU:DQWWRPDNHORYH
LQGHDG(UQHVWWRQLJKW"

1RZSRRUGHDG(UQHVW

$Q(QJOLVKPDQRQKLVILUVWWULSWR$PHULFDZHQWWRRQHRIWKRVHVWDQGXSFRPLF
QLJKWFOXEVIRUWKHILUVWWLPH$IWHUKHKDGKDGDFRXSOHRIGULQNVWKHOLJKWV
GLPPHGDQG+HQQ\<RXQJPDQVWHSSHGLQWRWKHVSRWOLJKWDQGJUHHWHGWKHFURZG
ZLWKKLVIDPRXVWUDGHPDUNJDJ7DNHP\ZLIHSOHDVH
7KHFURZGEHOO\ODXJKHG7KH(QJOLVKPDQZDVLPSUHVVHG%\-RYHKHVDLGWR
KLPVHOI,PXVWUHPHPEHUWKDWDQGWU\LWRQWKHFKDSVEDFNKRPH
1RZZKHQVRPHERG\VD\V7DNHP\ZLIH\RXDUHH[SHFWLQJKHZLOOVD\IRU
H[DPSOH7DNHP\ZLIHIRUH[DPSOH%XWKHLVVD\LQJ7DNHP\ZLIHDQG
WKHQWKHVLOHQFHWKHOLWWOHSDXVHSOHDVH7KDWLVXQH[SHFWHG
6RPHZHHNVODWHUEDFNLQ/RQGRQKHVWHSSHGWRWKHPLFURSKRQHDWDPHHWLQJ
RIKLVFOXEDQGZLWKJUHDWFRQILGHQFHVQDSSHGRXW&RQVLGHUP\ZLIH3OHDVH

1RZWKHZKROHWKLQJLVORVW-XVWDVLQJOHZRUGPDNHVLWDEHDXW\
7KHVHFUHWRIWKHMRNHLVWKDWLWEULQJV\RXWRDSRLQWZKHUH\RXDUHH[SHFWLQJ
H[SHFWLQJH[SHFWLQJWKDWWKLVLVJRLQJWRKDSSHQWKHQLWQHYHUKDSSHQV$QG
ZKDWKDSSHQVLVVRVXGGHQDQGEHFDXVH\RXZHUHH[SHFWLQJVRPHWKLQJ\RX




ZHUHFRPLQJWRDWHQVLRQDQGWKHQVXGGHQO\VRPHWKLQJHOVHKDSSHQVDQGWKH
WHQVLRQKDVFRPHWRVXFKDFOLPD[WKDWLWH[SORGHV<RXDUHDOOODXJKWHU,WLVD
WUHPHQGRXVUHOHDVHLWLVJUHDWPHGLWDWLRQ,I\RXFDQODXJKWRWDOO\LWZLOOJLYH\RX
DPRPHQWRIQRWLPHQRPLQG0LQGOLYHVORJLFDOO\ZLWKH[SHFWDWLRQVODXJKWHULV
VRPHWKLQJWKDWFRPHVIURPWKHEH\RQG0LQGLVDOZD\VJXHVVLQJZKDWLVJRLQJWR
KDSSHQJURSLQJ$QGVRPHWKLQJKDSSHQVZKLFKLVDEVROXWHO\FRQWUDU\WRLWV
H[SHFWDWLRQVLWVLPSO\VWRSVIRUDPRPHQW
$QGWKDWLVWKHPRPHQWZKHQWKHPLQGVWRSVZKHQODXJKWHUFRPHVIURP\RXU
EHOO\DEHOO\ODXJK<RXUZKROHERG\JRHVLQWRDVSDVPLWLVRUJDVPLF
$JRRGODXJKLVWUHPHQGRXVO\PHGLWDWLYH

$Q(QJOLVKJHQWOHPDQZHQWWRKLVVXUJHRQVD\LQJ2OGFKDS,KDYHWKLVGDPQHG
GHVLUHWREHDQ,ULVKPDQ&DQ\RXSHUIRUPVRPHRSHUDWLRQWRPDNHPHRQH"
:HOOUHSOLHGWKHVXUJHRQLWLVDIDLUO\ULVN\EXVLQHVV\RXNQRZ:HKDYHWR
UHPRYHQLQHW\SHUFHQWRI\RXUEUDLQ
'RLWUHSOLHGWKH(QJOLVKPDQ
:KHQKHDZRNHIURPWKHRSHUDWLRQKHIRXQGKLVEHGVXUURXQGHGE\ORQJIDFHG
GRFWRUV+LVVXUJHRQVWHSSHGIRUZDUGVD\LQJ7HUULEO\VRUU\ROGFKDSEXW
GXULQJWKHRSHUDWLRQWKHROGVFDOSHOVOLSSHGDQGZHDFFLGHQWDOO\UHPRYHGRQH
KXQGUHGSHUFHQWRI\RXUEUDLQ
$KQDIXFNLQ
ZRUULHVPDWH
7KHILIWKTXHVWLRQ
%(/29('26+2
:+$7,6<2850(66$*(,16+257"

3DULQLUYDQDEHWWHUNQRZQLQWKHFRPPXQHDV3DULEDQDQD%XGGKD
VPHVVDJH
LQVKRUWLV%HDOLJKWXQWR\RXUVHOI$QGPLQH"%HDMRNHXQWR\RXUVHOI
7KHVL[WKTXHVWLRQ

26+2
:+<$0,$/:$<67+,1.,1*2)021(<"

:KDWHOVHLVWKHUHWRWKLQNDERXW"0RQH\LVSRZHU(YHU\ERG\HOVHLVWKLQNLQJRI
PRQH\GRQ
WEHZRUULHG(YHQWKRVHZKRDUHWKLQNLQJRIWKHRWKHUZRUOGWKH\
KDYHGLIIHUHQWFRLQVEXWWKH\DUHDOVRWKLQNLQJRIPRQH\0RQH\UHSUHVHQWV
SRZHUZLWKPRQH\\RXFDQSXUFKDVHSRZHU
<RXUVDLQWVDUHDOVRWKLQNLQJRIPRQH\WKH\FDOOLWYLUWXH%\YLUWXH\RXFDQ
SXUFKDVHDEHWWHUKRXVHLQKHDYHQDEHWWHUFDUDEHWWHUZRPDQ$IHZSHRSOH
DUHQRWWKDWJUHHG\WKH\DUHWKLQNLQJRQO\RIWKHPRQH\WKDWLVFXUUHQWLQWKLV
ZRUOG$IHZSHRSOHDUHPRUHJUHHG\WKH\WKLQNRIWKHRWKHUZRUOG$QGLI\RX
DUHWKLQNLQJRIYLUWXHWRDWWDLQWRSDUDGLVHZKDWLVLWH[FHSWPRQH\"
$PDQVWRSVWKLQNLQJDERXWPRQH\RQO\ZKHQKHVWDUWVOLYLQJLQWKHSUHVHQW
0RQH\LVWKHIXWXUHPRQH\LVVHFXULW\IRUWKHIXWXUHDJXDUDQWHHIRUWKHIXWXUH,I
\RXKDYHDJRRGEDQNEDODQFH\RXUIXWXUHLVVDIH,I\RXKDYHDJRRGFKDUDFWHU
HYHQOLIHDIWHUGHDWKLVVDIH
7KHZKROHZRUOGLVWKLQNLQJLQWHUPVRIPRQH\7KRVHZKRWKLQNLQWHUPVRI




SRZHUSROLWLFVDUHWKLQNLQJLQWHUPVRIPRQH\EHFDXVHPRQH\LVQRWKLQJEXWD
V\PEROIRUSRZHU7KDW
VZK\\RXFDQJRRQDFFXPXODWLQJPRUHDQGPRUH
PRQH\EXWWKHGHVLUHQHYHUOHDYHV\RXWRKDYHVWLOOPRUHEHFDXVHWKHWKLUVWIRU
SRZHULVXQOLPLWHGLWNQRZVQRHQG
$QGSHRSOHDUHWKLUVW\IRUSRZHUEHFDXVHGHHSGRZQWKH\DUHHPSW\6RPHKRZ
WKH\ZDQWWRVWXIIWKDWHPSWLQHVVZLWKVRPHWKLQJLWPD\EHPRQH\SRZHU
SUHVWLJHUHVSHFWDELOLW\FKDUDFWHUYLUWXH$Q\WKLQJZLOOGRWKH\ZDQWWRVWXIIWKHLU
LQQHUHPSWLQHVV
7KHUHDUHRQO\WZRW\SHVRISHRSOHLQWKHZRUOGWKRVHZKRWU\WRVWXIIWKHLULQQHU
HPSWLQHVVDQGWKRVHYHU\UDUHSUHFLRXVEHLQJVZKRWU\WRVHHWKHLQQHU
HPSWLQHVV7KRVHZKRWU\WRVWXIILWUHPDLQHPSW\IUXVWUDWHG7KH\JRRQ
FROOHFWLQJJDUEDJHWKHLUZKROHOLIHLVIXWLOHDQGIUXLWOHVV2QO\WKHRWKHUNLQGWKH
YHU\SUHFLRXVSHRSOHZKRWU\WRORRNLQWRWKHLULQQHUHPSWLQHVVZLWKRXWDQ\GHVLUH
WRVWXIILWEHFRPHPHGLWDWRUV
0HGLWDWLRQLVORRNLQJLQWR\RXUHPSWLQHVVZHOFRPLQJLWHQMR\LQJLWEHLQJRQH
ZLWKLWZLWKQRGHVLUHWRILOOLWWKHUHLVQRQHHGEHFDXVHLWLVDOUHDG\IXOO,WORRNV
HPSW\EHFDXVH\RXGRQ
WKDYHWKHULJKWZD\RIVHHLQJLW<RXVHHLWWKURXJKWKH
PLQGWKDWLVWKHZURQJZD\,I\RXSXWWKHPLQGDVLGHDQGORRNLQWR\RXU
HPSWLQHVVLWKDVWUHPHQGRXVEHDXW\LWLVGLYLQHLWLVRYHUIORZLQJZLWKMR\
1RWKLQJHOVHLVQHHGHG
2QO\WKHQDSHUVRQVWRSVWKLQNLQJDERXWPRQH\VWRSVWKLQNLQJDERXWSRZHU
VWRSVWKLQNLQJDERXWSDUDGLVHEHFDXVHKHLVDOUHDG\LQSDUDGLVHEHFDXVHKHLV
DOUHDG\ULFKEHFDXVHKHLVDOUHDG\SRZHUIXO
%XWRUGLQDULO\5DPGDVLWLVQRWMXVWWRGRZLWK\RXHYHU\ERG\WKLQNVLQVRPH
ZD\RURWKHUDERXWPRQH\

7ZRPRWKHUVZHUHWDONLQJ2QHVDLGWRWKHRWKHU,KDYHQ
WVHHQ\RXLQDORQJ
WLPH+RZLV\RXUVRQDQGZKDWLVKHGRLQJ"
6KHUHSOLHG0\VRQLVDIDPRXVDFWRULQ+ROO\ZRRGDQGKH
VPDNLQJDIRUWXQH
+HMXVWEXLOWDQHZKRPHWKDWFRVWWKUHHKXQGUHGWKRXVDQGGROODUV:KDWLV\RXU
VRQGRLQJ"
6DLGWKHRWKHUPRWKHU0\VRQLVGRLQJHYHQEHWWHU+HLVJD\DQGOLYHVLQ
+ROO\ZRRGKHMXVWPRYHGLQZLWKDQDFWRUZKRKDVDWKUHHKXQGUHGWKRXVDQG
GROODUKRPH
$\RXQJZRPDQKDVGHFLGHGWRSXWDVLGHVRPHPRQH\IRUDUDLQ\GD\DQG
LQIRUPVKHUKXVEDQGWKDWHDFKWLPHWKH\PDNHORYHVKHZLOOH[SHFWKLPWRSXW
ILYHGROODUVLQWKHSLJJ\EDQN
7KDWQLJKWDVKHEHJLQVWRPDNHDGYDQFHVVKHUHPLQGVKLPRIKHUUHTXLUHPHQW
+HILQGVWKDWKHKDVRQO\IRXUGROODUVLQKLVZDOOHWDQGVRWKHZLIHDJUHHVWRRQO\
IRXUILIWKVRIDORYHDIIDLU+RZHYHUDVKHUSDVVLRQPRXQWVVKHRIIHUVWROHQG
KLPDGROODUXQWLOWKHQH[WGD\

5DFKHOLVSUHJQDQWDQG6DPP\KHUKXVEDQGDYHU\WHPSHUDPHQWDOPDQ
VXIIHUVIURPWKHSDLQVRIFHOLEDF\
5DFKHOZKRPDQDJHVWKHKRXVHKROGWDNHVSLW\RQKLPDQGJLYHVKLPDKXQGUHG
OLUDVWRYLVLWWKHUHGOLJKWGLVWULFW




:KHQ6DUDKWKHQHLJKERUVHHV6DPP\UXQQLQJRXWRIWKHKRXVHVKHFDOOVKLP
:KHUHDUH\RXUXQQLQJWROLNHWKDW"<RXORRNVRYHU\KDSS\
6DPP\VKRZVKHUWKHPRQH\DQGWHOOVKHUWKDWKHLVJRLQJWRVSHQGLWRQD
EHDXWLIXO\RXQJJLUO
*LYHPHWKHPRQH\SURSRVHVSUHWW\6DUDK<RXZRQ
WUHJUHWLW\RXZLOOVHH
5DFKHOVRRQFRPHVWRNQRZDERXWLW9HU\LQGLJQDQWVKHH[SORGHV7KHELWFK
:KHQVKHZDVSUHJQDQWODVW\HDU,GLGWKHVDPHIRU,VDDFKHUKXVEDQGIRU
QRWKLQJ

3HRSOHDUHFRQWLQXRXVO\WKLQNLQJRIPRQH\DQGPRQH\DQGPRQH\,WLVQRWKLQJ
VSHFLDOWR\RX5DPGDV\RXDUHDQRUPDOO\DEQRUPDOSHUVRQDVQHXURWLFDV
HYHU\ERG\HOVH
%XWSOHDVHFRPHRXWRIWKLVQHXURVLV/LYHWKHPRPHQWGURSWKHIXWXUHDQG
PRQH\ORVHVLWVJODPRU/LYHWKHPRPHQWZLWKVXFKWRWDOLW\DQGDEDQGRQDVLI
WKHUHLVQRRWKHUPRPHQWWRFRPHWR\RXDJDLQDVLIWKLVLVWKHODVWPRPHQW
7KHQDOOGHVLUHIRUPRQH\DQGSRZHUVLPSO\OHDYHV\RX
,IVXGGHQO\\RXFRPHWRNQRZWKDWWRGD\\RXDUHJRLQJWRGLHZKDWZLOOKDSSHQ"
:LOO\RXVWLOOEHLQWHUHVWHGLQPRQH\"6XGGHQO\DOOGHVLUHIRUPRQH\ZLOOOHDYH
\RX,IWKLVLVWKHODVWGD\\RXFDQ
WZDVWHLWWKLQNLQJDERXWWRPRUURZKDYLQJ
PRUHPRQH\LQWKHZRUOGWKHUHLVJRLQJWREHQRWRPRUURZ
%HFDXVHZHOLYHLQWKHWRPRUURZVPRQH\KDVEHFRPHYHU\LPSRUWDQW$QG
EHFDXVHZHGRQ
WOLYHZHRQO\LPLWDWHRWKHUVPRQH\KDVEHFRPHYHU\
LPSRUWDQW6RPHERG\PDNHVDKRXVHDQGQRZ\RXDUHIHHOLQJYHU\LQIHULRU<RX
ZHUHQRWDWDOOGLVVDWLVILHGZLWK\RXURZQKRXVHMXVWDIHZGD\VEHIRUHEXWQRZ
WKLVPDQKDVPDGHDELJJHUKRXVHQRZFRPSDULVRQDULVHVDQGLWKXUWVLWKXUWV
\RXUHJR<RXZRXOGOLNHWRKDYHPRUHPRQH\6RPHERG\KDVGRQHVRPHWKLQJ
HOVHDQG\RXUHJRLVGLVWXUEHG
'URSFRPSDULQJDQGOLIHLVUHDOO\EHDXWLIXO'URSFRPSDULQJDQG\RXFDQHQMR\
OLIHWRWKHIXOO$QGWKHSHUVRQZKRHQMR\VKLVOLIHKDVQRGHVLUHWRSRVVHVV
EHFDXVHKHNQRZVWKHUHDOWKLQJVRIOLIHZKLFKDUHZRUWKHQMR\LQJFDQQRWEH
SXUFKDVHG
/RYHFDQQRWEHSXUFKDVHG<HVVH[FDQEHSXUFKDVHG6RRQHZKRNQRZVZKDW
ORYHLVZLOOQRWEHLQWHUHVWHGLQPRQH\%XWRQHZKRGRHVQRWNQRZZKDWORYHLV
LVERXQGWRUHPDLQLQWHUHVWHGLQPRQH\EHFDXVHPRQH\FDQSXUFKDVHVH[DQG
VH[LVDOOWKDWKHNQRZV
<RXFDQQRWSXUFKDVHWKHVWDUU\QLJKW2QHZKRNQRZVKRZWRHQMR\WKHQLJKWIXOO
RIVWDUVZRQ
WERWKHUPXFKDERXWPRQH\<RXFDQQRWSXUFKDVHDVXQVHW<HV
\RXFDQSXUFKDVHD3LFDVVREXWRQHZKRNQRZVKRZWRHQMR\DVXQVHWZLOOQRW
EHLQWHUHVWHGDWDOOLQSXUFKDVLQJDSDLQWLQJ/LIHLVVXFKDSDLQWLQJVXFKD
PRYLQJDOLYHSDLQWLQJ
%XWSHRSOHZKRGRQ
WNQRZKRZWRVHHDVXQVHWDUHUHDG\WRSXUFKDVHD3LFDVVR
IRUPLOOLRQVRIGROODUV7KH\ZLOOQRWHYHQNQRZKRZWRKDQJLWZKHWKHULWLVXSVLGH
GRZQRUULJKWVLGHXSEXWWKH\ZDQWWRVKRZWRRWKHUVWKDWWKH\KDYHD3LFDVVR
SDLQWLQJ

,KDYHKHDUGWKDWRQFHDULFKPDQFDPHWR3LFDVVRKHZDQWHGWZRSDLQWLQJV




LPPHGLDWHO\DQGKHZDVUHDG\WRSD\DVPXFKDVZDVGHPDQGHG3LFDVVR
GHPDQGHGDIDEXORXVSULFHWKLQNLQJWKDWKHZRXOGQRWEHDEOHWRSD\LW
EHFDXVHRQO\RQHSDLQWLQJZDVUHDG\%XWWKHULFKPDQZDVUHDG\WRSD\6R
3LFDVVRZHQWLQFXWWKHFDQYDVLQWZRDQGWKHULFKPDQWKRXJKWWKH\ZHUHWZR
SDLQWLQJV

,KDYHKHDUGDQRWKHUVWRU\


,QDQH[KLELWLRQD3LFDVVRH[KLELWLRQSHRSOHDUHDSSUHFLDWLQJKLVSDLQWLQJV$OO
WKHFULWLFVKDYHJDWKHUHGDURXQGDFHUWDLQSDLQWLQJZKLFKORRNVWKHPRVWDEVXUG
KHQFHWKHPRVWDSSHDOLQJEHFDXVHZKHQVRPHWKLQJLVDEVXUGLWLVDFKDOOHQJH
WR\RXULQWHOOHFWDQGHYHU\FULWLFLVWU\LQJWRSURYHWKDWKHXQGHUVWDQGVZKDWLWLV
$QGWKHQFDPH3LFDVVRDQGKHVDLG:DLW6RPHIRROKDVKXQJLWXSVLGHGRZQ
/HWPHSXWLWULJKWILUVW$QGWKH\ZHUHH[SUHVVLQJJUHDWDSSUHFLDWLRQIRUWKH
SDLQWLQJ
,I\RXNQRZKRZWRHQMR\DURVHIORZHUDJUHHQWUHHLQ\RXUFRXUW\DUGWKH
PRXQWDLQVWKHULYHUWKHVWDUVWKHPRRQLI\RXNQRZKRZWRHQMR\SHRSOH\RX
ZLOOQRWEHVRPXFKREVHVVHGZLWKPRQH\7KHREVHVVLRQLVDULVLQJEHFDXVHZH
KDYHIRUJRWWHQWKHODQJXDJHRIFHOHEUDWLRQ+HQFHPRQH\KDVEHFRPHWKHRQO\
WKLQJWREUDJDERXW\RXUOLIHLVVRHPSW\
,ZLOOQRWWHOO\RXWRUHQRXQFHPRQH\7KDWKDVEHHQWROGWR\RXGRZQWKHDJHVLW
KDVQRWFKDQJHG\RX,DPJRLQJWRWHOO\RXVRPHWKLQJHOVHFHOHEUDWHOLIHDQG
WKHREVHVVLRQZLWKPRQH\GLVDSSHDUVDXWRPDWLFDOO\$QGZKHQLWJRHVRQLWVRZQ
DFFRUGLWOHDYHVQRVFUDWFKHVLWOHDYHVQRZRXQGVEHKLQGLWOHDYHVQRWUDFH
EHKLQG

7KHVHYHQWKTXHVWLRQ
26+2:+$7,6:,6'20"

6WHSKHQ&UDQHZULWHV,PHWDVHHUKHKHOGLQKLVKDQGVWKHERRNRIZLVGRP
6LU,DGGUHVVHGKLPOHWPHUHDG&KLOGKHEHJDQ
6LU,VDLGWKLQNQRWWKDW,DPDFKLOGIRUDOUHDG\,NQRZPXFKRIWKDWZKLFK
\RXKROG
$KPXFKKHVPLOHG7KHQKHRSHQHGWKHERRNDQGKHOGLWEHIRUHPH6WUDQJH
WKDW,VKRXOGKDYHJRQHVRVXGGHQO\EOLQG

:LVGRPLVQRWNQRZOHGJH7KHNQRZOHGJHDEOHSHUVRQFDQQRWVHHLWKHLVEOLQG
2QO\WKHLQQRFHQWSHUVRQFDQVHHLWRQO\DFKLOGRQHZKRNQRZVQRWKLQJRQH
ZKRIXQFWLRQVIURPWKHVWDWHRIQRWNQRZLQJFDQNQRZZKDWZLVGRPLV:LVGRP
KDVQRWKLQJWRGRZLWKNQRZOHGJHQRWDWDOOLWKDVVRPHWKLQJWRGRZLWK
LQQRFHQFH6RPHWKLQJRIWKHSXULW\RIWKHKHDUWLVDPXVWVRPHWKLQJRIWKH
HPSWLQHVVRIEHLQJLVQHHGHGIRUZLVGRPWRJURZ
2QO\WKRVHZKRDUHOLNHVPDOOFKLOGUHQZLOOEHDEOHWRHQWHULQWRP\NLQJGRPRI
*RG<HV-HVXVLVULJKW
.QRZOHGJHFRPHVIURPZLWKRXWZLVGRPZHOOVXSZLWKLQ.QRZOHGJHLVERUURZHG




ZLVGRPLVRULJLQDO:LVGRPLV\RXULQVLJKWLQWRH[LVWHQFHQRW%XGGKD
VLQVLJKW
QRW$WLVKD
VLQVLJKWQRWP\LQVLJKWEXW\RXULQVLJKWDEVROXWHO\\RXULQVLJKWLQWR
H[LVWHQFH
:KHQ\RXDUHDEOHWRVHHZLWKQRGXVWRINQRZOHGJHRQWKHPLUURURI\RXUVRXO
ZKHQ\RXUVRXOLVZLWKRXWDQ\GXVWRINQRZOHGJHZKHQLWLVMXVWDPLUURULW
UHIOHFWVWKDWZKLFKLV7KDWLVZLVGRP7KDWUHIOHFWLQJRIWKDWZKLFKLVLVZLVGRP
.QRZOHGJHJUDWLILHVWKHHJRZLVGRPKDSSHQVRQO\ZKHQWKHHJRLVJRQH
IRUJRWWHQ.QRZOHGJHFDQEHWDXJKWXQLYHUVLWLHVH[LVWWRWHDFK\RX:LVGRP
FDQQRWEHWDXJKWLWLVOLNHDQLQIHFWLRQ\RXKDYHWREHZLWKWKHZLVH\RXKDYHWR
PRYHZLWKWKHZLVHDQGRQO\WKHQZLOOVRPHWKLQJVWDUWPRYLQJLQVLGH\RX
7KHPRYHPHQWLQWKHGLVFLSOHLVQRWFDXVHGE\WKHPDVWHULWLVQRWXQGHUWKHODZ
RIFDXVHDQGHIIHFW,WLVZKDW&DUO*XVWDY-XQJFDOOVV\QFKURQLFLW\7KHPDVWHU
LVVRIXOORIVLOHQFHVRRYHUIORZLQJZLWKLQQRFHQFHWKDWKLVSUHVHQFHWULJJHUVD
SURFHVVLQ\RXVLPSO\WULJJHUVDSURFHVVLQ\RX1RWKLQJLVWUDQVIHUUHG\RXU
LQQHUEHLQJVWDUWVUHPHPEHULQJWKDW,DOVRKDYHWKHVDPHWUHDVXUHDVP\
PDVWHU,KDGVLPSO\IRUJRWWHQDERXWLW,KDGPRYHGLQWRWKHZLWKRXWNHHSLQJWKH
ZLWKLQDWWKHEDFN7KHWUHDVXUHZDVQRWORVWEXWRQO\IRUJRWWHQ,KDGIDOOHQ
DVOHHS
$QGWKHDVOHHSSHUVRQDWWKHPRVWFDQGUHDPWKDWKHLVDZDNH%XWWKDWWRRLVD
GUHDP7KDWGUHDPLVNQRZOHGJH7KHSHUVRQZKRLVDVOHHSDQGWKLQNVWKDWKH
NQRZVWKDWLVNQRZOHGJH%XWWKHSHUVRQZKRUHDOO\DZDNHVLVZLVH
.QRZOHGJHLVDIDOVHSODVWLFVXEVWLWXWHIRUZLVGRP
:LVGRPLVWUXHNQRZOHGJHUDWKHUNQRZLQJWKDQNQRZOHGJHEHFDXVHLWKDVQR
IXOOSRLQWWRLW,WJRHVRQJURZLQJLWJRHVRQIORZLQJ7KHPDQRIZLVGRPJRHVRQ
OHDUQLQJWKHUHQHYHUFRPHVDVWRS
'RQ
WEHNQRZOHGJHDEOHEHZLVH
$QGWKHODVWTXHVWLRQ
%(/29('26+2
:+2$5(<28$1':+$7$5(<28'2,1*"

.ULVKQD3UHP,DPQRWDQG,DPQRWGRLQJDQ\WKLQJDWDOO%XWVRPHWKLQJLV
KDSSHQLQJVRPHWKLQJWUHPHQGRXVLVKDSSHQLQJWKDWLVDQRWKHUPDWWHULWKDV
QRWKLQJWRGRZLWKP\GRLQJLW
,DPQRW:KHQ,VD\WKLV,PHDQWKDWWKHUHLVQRSHUVRQDOLW\QRSHUVRQEXW
MXVWDSUHVHQFH$QGWKHSUHVHQFHZLWKRXWWKHSHUVRQORRNVDOPRVWOLNHDQ
DEVHQFH,WLV7KHSHUVRQLVDEVHQW
,DPRQO\DKROORZEDPERRDQGLI\RXKHDUVRPHPXVLFWKHQLWPXVWEHIURP
*RGLWLVQRWIURPPHLWKDVQRWKLQJWRGRZLWKPH,DPQRWWKHUH,KDYHXWWHUO\
GLVDSSHDUHG7KDW
VZKDWHQOLJKWHQPHQWLVDOODERXW7KDW
VZKDW$WLVKDFDOOV
ERGKLFKLWWD
%XWWKLQJVDUHKDSSHQLQJWKH\DOZD\VKDSSHQ:KHQHYHUDSHUVRQGLVDSSHDUV
DQGEHFRPHVDSUHVHQFHLPPHQVHO\YDOXDEOHWKLQJVKDSSHQDURXQGKLP$
JUHDWV\QFKURQLFLW\VWDUWVIXQFWLRQLQJ7KRVHZKRDUHFRXUDJHRXVHQRXJKWR
FRPHFORVHWRVXFKDSUHVHQFHVWDUWFKDQJLQJZLWKQRHIIRUWMXVWVKHHUJUDFH
VWDUWEHFRPLQJWRWDOO\GLIIHUHQWEHLQJVE\MXVWEHLQJLQWKHEXGGKDILHOGLQWKH
HQHUJ\ILHOGRIDPDVWHU




,DPQRWGRLQJDQ\WKLQJ.ULVKQD3UHPDQG,DPQRW%XWVWLOO\RXVHHPH
FRPLQJJRLQJWDONLQJWR\RXGRLQJWKLVDQGWKDW)RUWKDW,ZLOOWHOO\RXDVWRU\

$+ROO\ZRRGGLUHFWRURQFHVHQWRXWZRUGWKDWKHZDVORRNLQJIRUDQDFWRUWRSOD\
WKHUROHRI6KDNHVSHDUH
V+DPOHW7KHDFWRUZDVWREHRYHUVL[IHHWWDOO\RXQJ
DQGYLJRURXVDQGKDYHDQH[FHOOHQWFRPPDQGRIWKHODQJXDJH
2QWKHGD\RIWKHFDVWLQJFDOOPDQ\ILQHWDOO\RXQJPHQVKRZHGXSEXWDPRQJ
WKHPZDVDOLWWOHROG-HZLVKPDQZLWKDKHDY\<LGGLVKDFFHQW7KHGLUHFWRU
SLFNHGKLPRXWLPPHGLDWHO\DQGDVNHG:KDWGR\RXZDQW"
7KHPDQDQVZHUHG,YDQWWREHDQKHFWRU,YDQWWRSOD\+HPOHW
$UH\RXNLGGLQJRUMXVWFUD]\"WKHGLUHFWRUDVNHG<RXDUHRQO\ILYHIHHWWDOODQG
\RXKDYHDQDFFHQWVRWKLFN,FRXOGFXWLWZLWKDNQLIH:KDWFDQ\RXSRVVLEO\
GR"
7KHOLWWOHPDQVDLG,YDQWWRKHFW*LIIPHDFKDQFH
)LQDOO\WKHGLUHFWRUJDYHLQ*HWXSRQVWDJHDQGWU\LW
7KHOLWWOHPDQVWHSSHGRXWRQWRWKHVWDJH6RPHKRZKHORRNHGPXFKWDOOHUDQG
IXOORIHQHUJ\+HEHJDQWRVSHDNZLWKDERRPLQJYRLFHDQGWKHSHUIHFWNLQJ
V
(QJOLVK7REHRUQRWWREH
:KHQKHZDVILQLVKHGWKHUHZDVDKXVK(YHU\RQHZDVDPD]HG7KHGLUHFWRU
VDLG7KDW
VXQEHOLHYDEOH
7KHRWKHUDFWRUVVDLG7KDW
VZRQGHUIXO
7KHOLWWOH-HZMXVWVKUXJJHGKLVVKRXOGHUVDQGVDLG'DW
V+(&7,1*
(QRXJKIRUWRGD\