You are on page 1of 338

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VXQOSL] ,WoVDSHQFLO 'QGHHVWHOPR" :KHUHoVPLQH"


(VWRHVXQYDVR 7KLVLVDJODVV +D\XQDIEULFDFHUFDGHDTX 7KHUHoVDIDFWRU\QHDUKHUH
4XHVHVWR" :KDWoVWKLV" 'DPHHOOLEUR *LYHPHWKHERRN
4XHV" :KDWLVLW" 9HQDPLFDVD &RPHWRP\KRXVH
(VXQFRFKH" ,VLWDFDU" VWDHVODQLFDDOWHUQDWLYD 7KLVLVWKHRQO\DOWHUQDWLYH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHYLYHHOOD" :KHUHGRHVVKHOLYH" 7HHVWQHVSHUDQGR 7KH\oUHZDLWLQJIRU\RX


$TXWHGHGLFDV" :KDWGR\RXGR" 1RORKDJDVWRGDYD 'RQoWGRLW\HW
/OXHYHPXFKRHQHOQRUWH ,WUDLQVDORWLQWKHQRUWK +D\SUREOHPDV" $UHWKHUHDQ\SUREOHPV"
1RPHJXVWDWXWUDMH ,GRQoWOLNH\RXUVXLW 4XYDVDGHFLUOH" :KDWDUH\RXJRLQJWRWHOOKLP"
3RUTXHVWVDTX" :K\DUH\RXKHUH" 4XLEDVDGHFLUOH" :KDWZHUH\RXJRLQJWRWHOO
   KLP"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\" +DKDELGRXQUHWUDVR 7KHUHoVEHHQDGHOD\


1RYDDSDVDUQDGD 1RWKLQJoVJRLQJWRKDSSHQ (VWXGHFLVLQ ,WoVXSWR\RX
1RHVORTXHSLHQVDV ,WoVQRWZKDW\RXWKLQN (VWRVHHVWFRPSOLFDQGR 7KLVLVJHWWLQJFRPSOLFDWHG
3UXEDORWHJXVWDU 7U\LW\RXoOOOLNHLW 4XWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW"
6HHVWKDFLHQGRWDUGH ,WoVJHWWLQJODWH <RTXHWQRORKDUD ,ZRXOGQoWGRLWLI,ZHUH\RX

+HDG &DEH]D
%DFN (VSDOGD

$UP %UD]R

)HHW 3LHV

/HJ 3LHUQD

9RFDEXODULR%RG\ &XHUSR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RWHSXHGHVHFKDUDWUV <RXFDQoWEDFNRXW 7HQJRFDUQHGHJDOOLQD,KDYHJRRVHSLPSOHV


1RPHEDMHVHOQLYHO 'RQoWORZHUP\OHYHO /HYDQWDHOSXHQWHOHYDGL]R5DLVHWKHGUDZEULGJH
&UHRTXHOVHKDHQDPRUDGR ,WKLQNKHoVIDOOHQLQORYH 6HGHVSHJHOVHOOR 7KHVWDPSFDPHRII
1RKLFLHURQQDGDDOUHVSHFWR 7KH\GLGQoWGRDQ\WKLQJDERXWLW +D\XQYLHMRGLFKRTXHGLFH7KHUHoVDQROGVD\LQJWKDWVD\V
1RGLVFXWDPRVKR\ /HWoVQRWDUJXHWRGD\ 3XHGRGHVFDUWDUHVWD
  DOWHUQDWLYD ,FDQUXOHRXWWKLVDOWHUQDWLYH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3URQRPEUHVGHPRVWUDWLYRV

$ELUGLQKDQGLVZRUWKWZRLQWKHEXVK $QH\HIRUDQH\HDQGDWRRWKIRU 7KLVLVDSHQ(VWRHVXQEROJUDIR


(VPHMRUSMDURHQPDQRTXHFLHQWR DWRRWK
YRODQGR 2MRSRURMR\GLHQWHSRUGLHQWH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7RNLOOWZRELUGVZLWKRQHVWRQH ,WFRVWVDQDUPDQGDOHJ
0DWDUGRVSMDURVGHXQWLUR &XHVWDXQRMRGHODFDUD $TXHOORHVXQEROJUDIR"
(VWRHVXQDQLOOR
$OOWKDWJOLWWHUVLVQRWJROG fDGLDPRQGLQWKHURXJK $TXHOORQRHVXQDYLQ
1RHVRURWRGRORTXHUHOXFH fXQGLDPDQWHHQEUXWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
|RMR DWHQFLQDODSURQXQFLDFLQ DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

&RXQWULHVDQGQDWLRQDOLWLHV

6SDLQ 6SDQLVK 7KH8QLWHG6WDWHV $PHULFDQ


)UDQFH )UHQFK &DQDGD NQDGD &DQDGLDQ
*HUPDQ\ *HUPDQ 0H[LFR 0H[LFDQ
,WDO\ ,WDOLDQ 3HUX 3HUXYLDQ|RMR
*UHDW%ULWDLQ %ULWLVK &RORPELD &RORPELDQ
(QJODQG (QJOLVK &KLOH &KLOHDQ
6FRWODQG 6FRWWLVK %UD]LO %UD]LOLDQ
,UHODQG LUODQG ,ULVK $UJHQWLQD $UJHQWLQHR$UJHQWLQLDQ
%HOJLXP %HOJLDQ -DSDQ -DSDQHVH
*UHHFH JULV *UHHN &KLQD &KLQHVH
7XUNH\ WUNL 7XUNLVK ,QGLD ,QGLDQ
5XVVLD UVLD 5XVVLDQ $IULFD $IULFDQ
6ZHGHQ VXLGHQ 6ZHGLVK $VLD LVLD $VLDQ $VLDWLF
1RUZD\ QUZHL 1RUZHJLDQ .RUHD FRQp.q .RUHDQ
'HQPDUN 'DQLVK GLQLV $XVWUDOLD $XVWUDOLDQ
)LQODQG )LQQLVK 0RURFFR PRUFR 0RURFFDQ
3RODQG 3ROLVK (J\SW FKLSW (J\SWLDQ
$XVWULD $XVWULDQ ,VUDHO ,VUDHOL LVULOL
7KH1HWKHUODQGVRU+ROODQG 'XWFK|RMR $OJHULD $OJHULDQ
&XED NLED &XEDQ NLEDQ ,UDQ ,UDQLDQ

(VWLPDGR6U6PLWK 'HDU0U6PLWK

*UDFLDV SRU VX FDUWD GHO  GH DJRVWR UHIHUHQWH D FXUVRV GH 7KDQN\RXIRU\RXUOHWWHURI$XJXVWZLWKUHJDUGWRWUDLQLQJ
IRUPDFLQ SDUD QXHVWURV YHQGHGRUHV /OHYDPRV WUHV DRV FRXUVHVIRURXUVDOHVSHRSOH)RUWKHSDVWWKUHH\HDUVZHKDYH
FRQWUDWDQGRORVVHUYLFLRVGHXQDHPSUHVDGHFRQVXOWRUDSDUD EHHQ FRQWUDFWLQJ WKH VHUYLFHV RI D FRQVXOWLQJ UP IRU WKLV
HVWHQ\HVWDPRVEDVWDQWHFRQWHQWRVFRQORVUHVXOWDGRVRE SXUSRVH DQG DUH TXLWH VDWLVHG ZLWK WKH UHVXOWV REWDLQHG WR
WHQLGRVKDVWDODIHFKD GDWH

1RREVWDQWHDJUDGHFHPRVVXRIHUWD\ODPDQWHQGUHPRVHQ 1HYHUWKHOHVVZHDSSUHFLDWH\RXURIIHUDQGZLOONHHSLWLQRXU
QXHVWURVDUFKLYRVSDUDIXWXUDUHIHUHQFLD OHVIRUIXWXUHUHIHUHQFH

$WHQWDPHQWH 6LQFHUHO\\RXUV

(VWLPDGRDPLJR\DOXPQR<RD\HUSOD\DFKLFDUHVWDXUDQWHGLVFRWHFDKRWHOQRFKHDPDP$FDERGHH[SUHVDUFRQFLHUWRLPSDFWR\KDVWD
FRQFLHUWDHORFXHQFLDXQDVHULHGHDFWLYLGDGHVTXHUHDOLFD\HUWDUGH HVWRGRPHQWLUD 6LWHMDVQRKHXWLOL]DGRQLQJQYHUER\DSHVDUGH
HOORKHORJUDGRWUDQVPLWLUFRQHFDFLDXQDVVLWXDFLRQHV0XFKRVHVSDROHVWHPLVWDQWRFRPHWHUHUURUHVJUDPDWLFDOHVTXHRVHQUHGLVX
RVFDOOLVDQWHVGHOOHJDUDODSDUWHGHOUHVWDXUDQWH6L\RFRPRSURIHVRUWXYLHUDTXHHOHJLUHQWUHXQRTXHKDFHXQDFDUQLFHUDFRQPLLGLRPD
SHURGLFHORTXHSLHQVD\XQRTXHDOQDOVHFDOODSRUORTXHHQLQJOVOODPDPRVpSDUOLVLVSRUDQOLVLVqSUHHURHOSULPHUR5HFXHUGDQRYDV
DKDEODUXQLQJOVSHUIHFWRQXQFD3HURHVLPSRUWDQWHTXHDGTXLHUDVODFRQDQ]DVXFLHQWHFRPRSDUDVXSHUDUHOVHQWLGRGHOULGFXOR\VDOWDU
DODSLVFLQD/RV&'oV\'9'oVGHOPWRGR9DXJKDQGLVSRQLEOHVFDGDGRPLQJRFRQ(/081'2WHD\XGDUQDFRQVHJXLUOR
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OOLEURHVYHUGH 7KHERRNLVJUHHQ (OWX\RHVLPSRUWDQWH <RXUVLVLPSRUWDQW


4XLQHV" :KRLVLW" (VWQHQODVDODGHHVSHUD 7KH\oUHLQWKHZDLWLQJURRP
6R\SURIHVRU ,oPDWHDFKHU 0LVOLEURVVRQSHVDGRV 0\ERRNVDUHKHDY\
VWDHVXQDPHVD 7KLVLVDWDEOH 7XVFDOFHWLQHVVRQD]XOHV<RXUVRFNVDUHEOXH
'QGHHVW$OHPDQLD" :KHUHoV*HUPDQ\" 6XVSDGUHV GHO HVWQDTX +LVSDUHQWVDUHKHUH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RWDUGHV 'RQoWEHODWH |9HQJD|9PRQRV &RPHRQ/HWoVJR


7UHPHOR %ULQJLWWRPH $GQGHTXLHUHVLU" :KHUHGR\RXZDQWWRJR"
0XVWUDPHOR 6KRZLWWRPH 3RUTXWHQJRTXHKDFHUOR" :K\GR,KDYHWRGRLW"
'PHOR *LYHLWWRPH +D]ORTXHGLJR 'RZKDW,VD\
(QWUJDPHOR 'HOLYHULWWRPH +D]ORTXHWHGLJR 'RZKDW,WHOO\RX

6KRXOGHU +RPEUR

(OERZ &RGR :ULVW 0XHFD

.QHH 5RGLOOD

$QNOH 7RELOOR

9RFDEXODULR-RLQWV $UWLFXODFLRQHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HHQFDQWWXSUHVHQWDFLQ ,ORYHG\RXUSUHVHQWDWLRQ 6HWHROYLGUPDUOR <RXIRUJRWWRVLJQLW


<DVHORKHGLFKR DO  ,oYHDOUHDG\WROGKLP 'QGHGHERUPDUOR" :KHUHDP,VXSSRVHGWRVLJQLW"
&XQGRSLHQVDVKDFHUOR" :KHQDUH\RXSODQQLQJWRGRLW" &DVLQXQFDHVWVGHDFXHUGR <RXKDUGO\HYHUDJUHH
4XWHKDFHSHQVDUHVR" :KDWPDNHV\RXWKLQNWKDW" 9R\DPDQWHQHUPLSDODEUD ,oPJRLQJWRNHHSP\ZRUG
0HREOLJDURQDKDFHUOR 7KH\PDGHPHGRLW 0HSUHJXQWRGQGHHVWDUQ ,ZRQGHUZKHUHWKH\DUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|'HKDEHUORVDELGR +DG,NQRZQ <DQRSXHGRFRQHOOR ,FDQoWWDNHLWDQ\PRUH


1RPHVXHQD IDPLOLDU  ,WGRHVQoWULQJDEHOO %URPHDVRTX" $UH\RXNLGGLQJ"
OHVGLJQRGHFRQDQ]D +HoVWUXVWZRUWK\ $FHOHUDHOULWPR 6SHHGXSWKHSDFH
1RPHGHFHSFLRQHV 'RQoWOHWPHGRZQ 1RWHTXHGHVDWUV 'RQoWIDOOEHKLQG
&XHQWRFRQWLJR ,oPFRXQWLQJRQ\RX 0HHVWVSLVDQGR <RXoUHVWHSSLQJRQPH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV p3HRSOHqUHTXLHUHHOSOXUDOGHOYHUER

7REHDWDURXQG DERXW WKHEXVK %RWWRPVXS 3HRSOHDUH /DJHQWHHV


$QGDUVHFRQURGHRV |$OFHQWUR\SDoGHQWUR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,WoVQRWP\FXSRIWHD 7RSDVVWKHEXFN IUDVHVHQLQJOV"
1RHVORPR 3DVDUODSHORWD
/DJHQWHHQ,WDOLDHVLWDOLDQD
%ORRGLVWKLFNHUWKDQZDWHU 7RFDOODVSDGHDVSDGH /DJHQWHHQ1RUXHJDHVQRUXHJD
/DVDQJUHWLUD /ODPDUDOSDQSDQ\DOYLQRYLQR /DJHQWHHQ6XL]DHVVXL]D

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV


p,QIURQWRIqVLJQLFDpGHODQWHGHqQRpHQIUHQWHGHq

+DFHDRVVXIUODVFRQVHFXHQFLDVGHXQPDOHQWHQGLGRHQLQJOV $ODPDDQDVLJXLHQWH\RHVWDEDWDQIHOL]HVSHUQGROHGHODQ
GHELGRDHVWDH[SUHVLQ'DEDFODVHDXQGLUHFWLYR\SRUXQRV WHGH1XHYRV0LQLVWHULRV\OLJXDOPHQWHIHOL]HVSHUQGRPH
GDVPLFRFKHHVWDEDHQHOWDOOHU/DFODVHHUDDODVRFKRGHOD HQIUHQWHGH1XHYRV0LQLVWHULRVHVGHFLUHQHOODWHUDOGHOD
PDDQD\TXHGFRQHOGLUHFWLYRHQTXHPHUHFRJLHUDDODV &DVWHOODQDHQHOODGRWRWDOPHQWHRSXHVWR
SDUDLUFRQODVXRFLQDSDUDGDUODFODVH
8QDKRUDPVWDUGH\DSRUWHOIRQROPHDFXVGHKDEHUOH
3XHVWRTXHQRPHJXVWDEDKDEODUFDVWHOODQRHQFODVHOHGLMHTXH GDGRSODQWQ<ROHDFXVGHQRKDEHUSUHVWDGRODDWHQFLQ
OHHVSHUDUDpLQIURQWRI1XHYRV0LQLVWHULRVq(OSDUHFHQWHQ GHELGDDPLVH[SOLFDFLRQHVJUDPDWLFDOHV
GHUPHSHUIHFWDPHQWH 'HOLR4XLxRQHVSURIHVRU9DXJKDQ

(VWLPDGD6UWD-RKQVRQ 'HDU0LVV-RKQVRQ

(Q SULPHU OXJDU TXLHUR H[SUHVDU PL DJUDGHFLPLHQWR SRU HO )LUVWRIDOO,ZDQWWRH[SUHVVP\DSSUHFLDWLRQIRUWKHH[FHOOHQW
H[FHOHQWHVHUYLFLRTXHVXHPSUHVDQRVSUHVWGXUDQWHODUH VHUYLFH \RXU FRPSDQ\ JDYH XV GXULQJ WKH UHFHQW VDOHV FDP
FLHQWHFDPSDDGHYHQWDV7LHQH9GXQH[FHOHQWHHTXLSRGH SDLJQ <RX KDYH DQ H[FHOOHQW WHDP RI SURIHVVLRQDOV DQG WKH
SURIHVLRQDOHV \ OD LQIRUPDFLQ TXH QRV SURSRUFLRQDURQ IXH LQIRUPDWLRQWKH\SURYLGHGXVZLWKZDVYHU\YDOXDEOH
PX\YDOLRVD

&RPRVDEHORVSUHSDUDWLYRVSDUDODFDPSDDGHLQYLHUQRFR $V \RX NQRZ WKH SUHSDUDWLRQV IRU WKH ZLQWHU FDPSDLJQ ZLOO
PHQ]DUQDPHGLDGRVGHVHSWLHPEUH\SRUVXSXHVWRTXHUH EHJLQLQWKHPLGGOHRI6HSWHPEHUDQGRIFRXUVHZHZDQW\RXU
PRV TXH VX HTXLSR YXHOYD D D\XGDUQRV D Q GH DVHJXUDU HO WHDPWRKHOSXVDJDLQLQRUGHUWRHQVXUHWKHVDPHOHYHORIVXF
PLVPRQLYHOGH[LWRTXHKHPRVGLVIUXWDGRHVWHYHUDQR FHVVZHHQMR\HGWKLVVXPPHU

$WHQWDPHQWH 9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR/RPVLPSRUWDQWHDODKRUDGHGRPLQDUXQVHJXQGRLGLRPDHQVLWXDFLRQHVSUFWLFDVHVSRVHHUXQRGRQVLPR
SDUDFDSWDUVLQHVIXHU]RORVVLJQLFDGRV\PDWLFHVGHWXVLQWHUORFXWRUHV(VWRQRVHSXHGHREWHQHUDWUDYVGHODXODQLFRQHOPHMRUPWRGR
QLFRQHOPHMRUSURIHVRUGHOPXQGR/DQLFDIRUPDGHFRQVHJXLUORVGHVSXVGHDSUHQGHUODVIRUPDV\HVWUXFWXUDVHQVXVHQWLGRWHULFRHV
H[SRQLHQGRHORGRDFLHQWRVGHKRUDVGHLQJOVSURQXQFLDGRSRUFHQWHQDUHVGHSHUVRQDVFRQVXVGLVWLQWRVDFHQWRVYHORFLGDGHV\WHPSHUD
PHQWRV/DFRPXQLFDFLQVLHPSUHHPSLH]DSRUHORGR6LHVWHDVSHFWRQRIXQFLRQDWRGRVORVGHPVFRQRFLPLHQWRV\KDELOLGDGHVVLUYHQGH
PX\SRFR3RGUVLPSUHVLRQDUDWXSURIHVRUFRQWXH[FHOHQWHGRPLQLRGHORVYHUERVLUUHJXODUHVSHURQRSRGUVGHVHQYROYHUWHHQDEVROXWR
HQQLQJQIRURGHFRPXQLFDFLQ(ORGRORHVWRGR3RUHOORWHLQVLVWRHQTXHDGHPVGHOHHUQXHVWUROLEURFDGDGRPLQJRDWUDYVGH(/
081'2GHGLTXHVWXWLHPSRFRPRSULRULGDGDHVFXFKDUHO&'GHDXGLRTXHORDFRPSDD\DYHUHQHO'9'ODVWUHVFODVHVLPSDUWLGDVSRU
XQVHUYLGRU
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(UHVPLHVSRVD <RXoUHP\ZLIH (OTXHHVWDOOHVPR7KHRQHRYHUWKHUHLVPLQH


6R\WXPDULGR ,oP\RXUKXVEDQG 'HTXLQHVHVWHOSL]":KRVHSHQFLOLVWKLV"
6RQPLVKLMRV 7KH\oUHP\FKLOGUHQ 9LYRHQ(VSDD,OLYHLQ6SDLQ
VWHHVPLSHUUR 7KLVLVP\GRJ 7UDEDMRHQXQDIEULFD,ZRUNLQDIDFWRU\
VWRVVRQPLVOLEURV 7KHVHDUHP\ERRNV 7HHVWR\KDEODQGR,oPWDONLQJWR\RX

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

0HJXVWDLUDOO ,OLNHWRJRWKHUH JRLQJ  6HWDUGDPXFKR,WWDNHVDORQJWLPH


1ROOXHYHPXFKRDTX ,WGRHVQoWUDLQPXFKKHUH 7HYDVDFDQVDUGHP<RXoUHJRLQJWRJHWWLUHGRIPH
7HORYR\DGHFLU ,oPJRLQJWRWHOO\RX 3XHGRKDFHUOR\RWDPELQ"&DQ,GRLWWRR"
1RORYDQDKDFHU 7KH\oUHQRWJRLQJWRGRLW 1RPHGLFXHQWD,GLGQoWUHDOL]H
/RKDFHQPX\DPHQXGR 7KH\GRLWYHU\RIWHQ +DEDYDULRVDVXQWRV7KHUHZHUHVHYHUDOPDWWHUV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&RQIDHQP 7UXVWPH 4XVHVLHQWHDOVHUPLOORQDULR"+RZGRHVLWIHHOWREH


   DPLOOLRQDLUH"
6ORTXHKDJR ,NQRZZKDW,oPGRLQJ 9DQDLQWHQWDUGHVWUXLUWH7KH\oUHJRLQJWRWU\WRGHVWUR\
   \RX
9DVDHVWURSHDUORWRGR <RXoUHJRLQJWRUXLQHYHU\WKLQJ 'HHVRSXHGHVHVWDUVHJXUR<RXFDQEHVXUHRIWKDW
(VWR\HQSHURGRGHSUXHED ,oPRQDWULDOSHULRG 3UXEDWHOR\GHVSXVFPSUDOR7U\LWRQDQGWKHQEX\LW
+D\XQYLHMRUHIUQTXHGLFH 7KHUHoVDQROGVD\LQJWKDWVD\V (VHWLSRQRPHDVXVWDSDUDQDGD7KDWJX\GRHVQoWVFDUHPHDWDOO

(\HV 2MRV
(DUV 2UHMDV
0RXWK %RFD

1RVH 1DUL]

&KLQ %DUELOOD

9RFDEXODULR)DFH &DUD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

<DORVXSHUDUV <RXoOOJHWRYHULW &PRTXHHVWVFDQVDGR":KDWGR\RXPHDQ\RXoUHWLUHG"


(VSHUMXGLFLDOSDUDWXVDOXG ,WoVKDUPIXOWR\RXUKHDOWK 4XVLJQLFD27$1":KDWGRHV27$1VWDQGIRU"
<RTXHWOHOOHYDEDDOO ,I,ZHUH\RX,oGWDNHKLPWKHUH |1RPHGLJDV<RXGRQoWVD\
6LQRKXELHUDVLGRSRUWL ,ILWKDGQoWEHHQIRU\RX ,QWHQWKDFHUOHOD]DQFDGLOOD,WULHGWRWULSKLP
/RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW 7HHVWVVRQURMDQGR<RXoUHEOXVKLQJ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (QIRTXHYHUEDOGHODVHPDQD

'RQoWSXWWKHFDUWEHIRUHWKHKRUVH 7KDWoVDKRUVHRIDGLIIHUHQW 7RWDNH  7DUGDU


1RHPSH]DUODFDVDSRUHOWHMDGR FRORXU
(VRHVKDULQDGHRWURFRVWDO 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
7KH\FDXJKWPHUHGKDQGHG IUDVHVHQLQJOV"
0HFRJLHURQFRQODVPDQRVHQODPDVD 7REHLQWKHGROGUXPV
(VWDUGHFDSDFDGD 6HWDUGDGRVKRUDVHQLUGH/RQGUHVD0DGULG
$FKLSRIIWKHROGEORFN  OWDUGDPLQXWRVHQDIHLWDUVH
'HWDOSDORWDODVWLOOD 7DUGRPXFKRHQOOHJDUDOWUDEDMR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

*RLQJ&RPLQJ*RLQJEDFN&RPLQJEDFN

(OFRQWUDULRGHpJRLQJq \HQGR HVpFRPLQJq YLQLHQGR 6H 7KHQ,oPJRLQJEDFNWR%DUFHORQD pJRLQJEDFNq


SURQXQFLDFPLQJ QH[WZHHN \HQGRGHUHJUHVR
7DPELQYDPRVDYHUDTXODSUHSRVLFLQpEDFNq GHYXHOWD  /XHJRYROYHUD%DUFHORQDODSU[LPD
VHPDQD
&XDQGRpEDFNqVLJDDORVYHUERVpJRLQJqRpFRPLQJqODH[SUH
VLQHTXLYDOHDOYHUERpWRUHWXUQq YROYHU p5HWXUQqHVXQYHUER )LQDOO\,oPFRPLQJEDFNWR0DGULG pFRPLQJEDFNq
LPSRUWDQWHSHURVHXVDPXFKRPHQRVTXHpJREDFNqRpFRPH WKHQH[WGD\ YLQLHQGRGHUHJUHVR
EDFNq(VFXULRVRPXFKRVHVSDROHVFRQIXQGVODGLIHUHQFLD 3RUOWLPRYROYHUD0DGULGDOGD
WHULFDHQWUHpJREDFNq\pFRPHEDFNqSXHVWRTXHDPERVVLJQL VLJXLHQWH
FDQpYROYHUq$KRUDELHQXQRVLJQLFDpYROYHUSDUDDOOq\RWUR
pYROYHUKDFLDDTXq,PDJLQHPRVTXHYLYHVHQ0DGULG\TXHYDV
DYLDMDUPDDQDGHVGH0DGULGKDVWD%DUFHORQD\TXHSDVDGR 5HFDSLWXODQGRVLHOSURIHVRUVHOHYDQWDGHODPHVDHQGRQGH
PDDQDYDVDUHJUHVDUD0DGULGSDUDOXHJRYROYHUD%DUFHOR HVWFRQWLJR\VHGLULJHKDFLDODSXHUWDOHSRGUVGHFLU
QDODVHPDQDTXHYLHQH\UHJUHVDUGHQXHYRDOGDVLJXLHQWH <RXUHJRLQJWRWKHGRRU
(VWXGLHPRVODVIUDVHVFRUUHVSRQGLHQWHVHQLQJOVSDUDH[SUHVDU
HVWHSODQGHYLDMH9R\DXVDUHOSUHVHQWHFRQWLQXRFRQpJRLQJq\ 6LOXHJRYXHOYHDODPHVDGRQGHWHVWVGLUV
pFRPLQJqGHQWURGHXQDLGHDGHIXWXURLQPHGLDWR <RXUHFRPLQJEDFNWRWKHWDEOH

,oPJRLQJWR%DUFHORQDWRPRUURZ pJRLQJq \HQGR 6LGHVSXVYXHOYHDGLULJLUVHKDFLDODSXHUWDGLUV


9R\D%DUFHORQDPDDQD <RXUHJRLQJEDFNWRWKHGRRU

,oPFRPLQJEDFNWR0DGULGWKHQH[WGD\ pFRPLQJEDFNq
9XHOYRD0DGULGDOGDVLJXLHQWH YLQLHQGRGHUHJUHVR DWHQFLQDODSURQXQFLDFLQ

(VWLPDGRDPLJR\DOXPQR
9HUGDGQ 8QRSXHGHGRPLQDUODJUDPWLFDDEDUFDUXQYRFDEXODULRH[WHQVR\VHUSRUQDWXUDOH]DGHFLGLGR\UHVXHOWRSHURVLDODKRUDGHOD
YHUGDGQRHQWLHQGHWRGRDODSULPHUDVXGRPLQLRVXGHFLVLQ\VXYRFDEXODULRVHGHUUXPEDQ\DFDEDQYDOLHQGRSDUDPX\SRFR
9HUGDGQ 6LXQRTXHGRPLQDGHYHUGDGHOLGLRPDHVLJXDOPHQWHFDSD]GHHQWHQGHUWRGRDODSULPHUDVHFRQYLHUWHHQXQFRPXQLFDGRUFDVL
WDQHFD]HQLQJOVFRPRHQVXSURSLDOHQJXD6LHQWHTXHFRQWURODODVLWXDFLQ\HVWFPRGRHQFXDOTXLHUIRUR\DPELHQWH
9HUGDGQ 6LXQRFRQPHQRVFRQRFLPLHQWRVGHOLQJOVGHUHSHQWHHPSLH]DDHQWHQGHUWRGRRFDVLWRGRDODSULPHUDVXVFRQRFLPLHQWRVOLPL
WDGRVRUHFHQKDVWDOPLWHVLQVRVSHFKDGRV\VXPRWLYDFLQSDUDKDFHUVHFRQORVGHPVDVSHFWRVGHOLGLRPDVXEHPLOHQWHURV
9HUGDGQ 1RKD\QDGDSHRUTXHODDQJXVWLDGHQRVHJXLUELHQODGLQPLFDYHUEDOHQXQDUHXQLQGHDOWRQLYHO/HFRQGHQDDXQRDFDOODU
VH\DVHQWLUVHYLROHQWRHLQWLO

/DFRPSUHQVLQDXGLWLYDHVFRQPXFKDGLIHUHQFLDHODVSHFWRPVLPSRUWDQWHTXHXQRGHEHGRPLQDUDODKRUDGHKDEODUHFD]PHQWHXQ
LGLRPD&PRGHEHXQRPHMRUDUVXQLYHODXGLWLYR"2\HQGR\HVFXFKDQGRHOLGLRPDGXUDQWHPXFKDVKRUDV1RH[LVWHQRWUDVIUPXODVPV
USLGDVRHIHFWLYDV<ORPHMRUHVHPSH]DUFRQORV&'oV\'9'oVGHOPWRGR9DXJKDQTXH(/081'2WHRIUHFHFDGDGRPLQJRHQWXTXLRVFR

5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VSDUDP ,WoVIRUPH (OPRHVSDUDP 0LQHLVIRUPH


6RQSDUDWL 7KH\oUHIRU\RX (OWX\RHVSDUDWL <RXUVLVIRU\RX
(VSDUDO ,WoVIRUKLP (OVX\R GHO HVSDUDO+LVLVIRUKLP
6RQSDUDHOOD 7KH\oUHIRUKHU (OVX\R GHHOOD HVSDUDHOOD +HUVLVIRUKHU
(VSDUDQRVRWURV ,WoVIRUXV (OQXHVWURHVSDUDQRVRWURV2XUVLVIRUXV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VWHPSH]DQGRDOORYHU ,WoVVWDUWLQJWRUDLQ 3UHJXQWDV" $Q\TXHVWLRQV"


&XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ" 7HSXHGRKDFHUXQDSUHJXQWD"&DQ,DVN\RXDTXHVWLRQ"
&XQGRWHUPLQD" :KHQGRHVLWHQG" /RTXHTXLHUDV $Q\WKLQJ
&XQGRWHUPLQDV" :KHQGR\RXQLVK" 4XLQGHVFXEULHOWRPR" :KRGLVFRYHUHGWKHDWRP"
&XQWRWLHPSRGXUDODFODVH" +RZORQJGRHVWKHFODVVODVW" /RGHVFXEUL(LQVWHLQ" 'LG(LQVWHLQGLVFRYHULW"

3DJHV 3JLQDV

&RYHU &XELHUWD 7LWOH 7WXOR

6SLQH /RPR

-DFNHW 6REUHFXELHUWD

9RFDEXODULR%RRN /LEUR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLHURRVWHRDTXO ,ZDQWHLWKHUWKLVRQHRUWKDWRQH &DEH" 'RHVLWW"


1RTXLHURQLHOXQRQLHORWUR ,GRQoWZDQWHLWKHURQH $QWHVFDED ,WXVHGWRW
&XDOTXLHUDHVWELHQ (LWKHURQHLVQHZLWKPH 7HYHRFDQVDGR <RXORRNWLUHG
0DQWQPHLQIRUPDGR .HHSPHLQIRUPHG 'HEHQGHHVWDUORFRV7KH\PXVWEHFUD]\
7RGRHVWIXHUDGHFRQWURO (YHU\WKLQJLVRXWRIFRQWURO 1RVTXFUHHU ,GRQoWNQRZZKDWWRWKLQN

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RSLHUGDVGHYLVWDODPHWD 'RQoWORVHVLJKWRIWKHJRDO 1RPHPDOLQWHUSUHWHV 'RQoWJHWPHZURQJ


&UX]DURQODPHWD 7KH\FURVVHGWKHQLVKOLQH /RKLFHVLQTXHUHU ,GLGQoWPHDQWRGRLW
(OLQJOVHVPLOHQJXDPDWHUQD (QJOLVKLVP\PRWKHUWRQJXH 4XLHUROHHUXQDFLWDGH/DUUD ,ZDQWWRUHDGDTXRWHIURP
   /DUUD
$QWHVKDEDPVQLHYH 7KHUHXVHGWREHPRUHVQRZ +D\HVFDVH]GHHVFRFHVHV 7KHUHoVDVKRUWDJHRI6FRWV
$QWHVQHYDEDPV ,WXVHGWRVQRZPRUH 7HQHPRVXQVXSHUYLWGHFDMD:HKDYHDFDVKVXUSOXV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3KUDVDO9HUEGHODVHPDQD

:LOGKRUVHVFRXOGQoWNHHSPHDZD\ 7KHGLHLVFDVW 7RJHWRQ 6XELU


1RPHORSHUGHUDSRUQDGDGHOPXQGR /DVXHUWHHVWHFKDGD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
'RQoWORRNDJLIWKRUVHLQWKHPRXWK ,WoVP\VKRXW IUDVHVHQLQJOV"
$FDEDOORUHJDODGRQROHPLUHVHOGLHQWH |,QYLWR\R
6XERDODXWREVDOQDOGHPLFDOOH
7RFKDQJHKRUVHVLQPLGVWUHDP 7KH\ZHUHGURSSLQJOLNHLHV 7HQFXLGDGRFXDQGRVXEDVDODXWREV
&DPELDUGHRSLQLQDPLWDGGHFDPLQR &DDQFRPRPRVFDV 0HFDFXDQGRVXEDODXWREV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+LVs+HUs7KHLU 6XGHOs6XGHHOODs6XGHHOORV

(QFDVWHOODQRpVXqSXHGHGDUOXJDUDFRQIXVLQSXHVWRTXH (OSHULRGLVWDTXLVRDFODUDU
SXHGHVLJQLFDUpGHOqpGHHOODqpGHHOORVqpGHHOODVqpGH9Gq 4XLHUHGHFLUTXHHVWHQ&XEDHQVXSDVQDWDO$UJHQWLQDRHQ
RpGH9GVq PLSDV(VSDD"

(QHODR)LGHO&DVWURUHFLELDXQJUXSRGHSHULRGLVWDV &DVWURVRQUL\GLMR
HVSDROHV'XUDQWHHOWUDQVFXUVRGHODFRQIHUHQFLDGHSUHQVDXQ 9GWHQGUTXHHQFRQWUDUODUHVSXHVWDDHVDSUHJXQWD
SHULRGLVWDHVSDROOHSUHJXQW
'QGHVHHQFXHQWUDDKRUD&KH*XHYDUD" (QLQJOVDIRUWXQDGDPHQWHQRVROHPRVVXIULUFRQIXVLRQHVGH
HVWHWLSR1XHVWURVDGMHWLYRVSRVHVLYRVVRQPVSUHFLVRV
&DVWUROHUHVSRQGL
(VWHQVXSDV

(VWLPDGR3HWHU 'HDU3HWHU

5HFLEWXFDUWD\HVWR\FRPSOHWDPHQWHGHDFXHUGRFRQWXIRU , UHFHLYHG \RXU OHWWHU DQG FRPSOHWHO\ DJUHH ZLWK \RXU ZD\ RI
PDGHYHUODVFRVDV1RVR\QHFHVDULDPHQWHXQJUDQGHIHQVRU VHHLQJWKLQJV,PQRWQHFHVVDULO\DJUHDWGHIHQGHURIWKLVNLQG
GHHVWHWLSRGHDQOLVLVSHURHQHVWHFDVRFUHRTXHHVLPSRU RIDQDO\VLVEXWLQWKLVFDVH,WKLQNLWVLPSRUWDQWWREHDEVROX
WDQWH HVWDU DEVROXWDPHQWH VHJXUR DQWHV GH ODQ]DU HO QXHYR WHO\VXUHEHIRUHODXQFKLQJWKHQHZSURGXFW
SURGXFWR

5HFXHUGRXQFDVRSDUHFLGRKDFHXQRVDRV(QDTXHOHQ ,UHPHPEHUDVLPLODUFDVHVRPH\HDUVDJR$WWKDWWLPHZH
WRQFHV RPLWLPRV DOJXQRV HQVD\RV RSFLRQDOHV SRU IDOWD GH VNLSSHG VRPH RSWLRQDO WHVWV IRU ODFN RI WLPH 0DUNHWLQJ ZDV
WLHPSR 0DUNHWLQJWHQDSULVD \PVWDUGHVXIULPRVODVFRQ LQDKXUU\ DQGZHODWHUVXIIHUHGWKHFRQVHTXHQFHV7KHUHIRUH
VHFXHQFLDV3RUORWDQWRSXHGHVFRQWDUFRQPLDSR\RHVWDYH] \RXFDQFRXQWRQP\VXSSRUWWKLVWLPHLI\RXGHFLGHWRXVH\RXU
VLGHFLGHVXVDUWXDXWRULGDGSDUDGHWHQHUODSURGXFFLQ DXWKRULW\WRVWRSSURGXFWLRQ

8QVDOXGR 5HJDUGV

(VWLPDGRDPLJR\DOXPQR1RKDFHPXFKRXQFRQRFLGRKRPEUHGHQHJRFLRVHVSDROFHUUHQXQSDVGHOVXGHVWHDVLWLFRXQFRQWUDWR
SDUDODYHQWDGHFLGRIRVIULFR'HUHJUHVRFRPHQWDVXVGRVFRODERUDGRUHVTXHVXVLQWHUORFXWRUHVHQODQHJRFLDFLQWUHVPLHPEURVGHO
0LQLVWHULRGH,QGXVWULDGHOSDVHQFXHVWLQKDEDQVLPSDWL]DGRFRQOQDGDPVLQLFLDUODVSULPHUDVURQGDVGHODODUJDVHULHGHHQFXHQWURV
p3DUHFDTXHVHPDUDYLOODEDQGHODIRUPDHQTXHPHH[SUHVDEDq$XQTXH\RWHSLGRXQHVIXHU]RSRUGHUULEDUXQDGHWUVGHRWUDODVPOWLSOHV
EDUUHUDVSDUDOOHJDUDODPHWDFRQWXLQJOVVSHUIHFWDPHQWHTXHHVXQDWDUHDODUJD\GLIFLO1RWRGRHOPXQGROOHJDSHURWHQJRXQUHVSHWR
WUHPHQGRSRUORVTXHDXQTXHQROOHJDQSRQHQWRGDODFDUQHHQHODVDGRUHQLQWHUWDUOR7HGLJRXQVHFUHWRVLDOJQGDOOHJDVDODPHWD
HQWHQGHUVODVDWLVIDFFLQGHHVHKRPEUHGHQHJRFLRVHVSDRO3RGHUH[SUHVDUVHELHQHQRWUDOHQJXD\GHVHQYROYHUVHVLQGLFXOWDGHVFRQ
SHUVRQDVGHRWUDFXOWXUDSURGXFHXQDVDWLVIDFFLQWUHPHQGD
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVWRXQEROJUDIR" ,VWKLVDSHQ" 'QGHYLYHV":KHUHGR\RXOLYH"


(VXQWHOIRQR" ,VLWDWHOHSKRQH" 6DEHVPLQRPEUH"'R\RXNQRZP\QDPH"
4XHV" :KDWLVLW" 7HQJRFRFKH\GRVPRWRV,KDYHDFDUDQGWZR
   PRWRUF\FOHV
'HTXFRORUHV" :KDWFRORXULVLW" 1RWHQJRSHUUR,GRQoWKDYHDGRJ
(UHVGH6XHFLD" $UH\RXIURP6ZHGHQ" &XQWRVKLMRVWLHQHV"+RZPDQ\FKLOGUHQGR\RX
   KDYH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+DFHEXHQWLHPSR 7KHZHDWKHULVQLFH 3RUTXQRVHORGLFHV":K\GRQoW\RXWHOOKLP"


4XWLHPSRKDFHKR\" :KDWoVWKHZHDWKHUOLNHWRGD\" 4XLHURTXHPHHVFXFKHV,ZDQW\RXWROLVWHQWRPH
1RTXLHURVDOLUKR\ ,GRQoWZDQWWRJRRXWWRGD\ +DEODVGHPDVLDGR<RXWDONWRRPXFK
3UHHURTXHGDUPHHQFDVD ,SUHIHUWRVWD\DWKRPH 3UXHEDKDFLQGRORDV7U\GRLQJLWWKLVZD\
1RPHJXVWDHOPDOWLHPSR ,GRQoWOLNHEDGZHDWKHU 6KDFHUOR,NQRZKRZWRGRLW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

,UDSRUHOOLEUR ,oOOJRDQGJHWWKHERRN 4XHVWDUQKDFLHQGR",ZRQGHUZKDWWKH\oUHGRLQJ


&RPSUXHEDTXHWLHQHVWRGR &KHFNWKDW\RXKDYHHYHU\WKLQJ 'MDPHORDP/HDYHLWWRPH
$VHJUDWHGHTXHHVWQOLVWRV 0DNHVXUHWKH\oUHUHDG\ 'DWHODYXHOWD7XUQDURXQG
/HVOOHYR\DDOKRWHO" 6KDOO,WDNHWKHPWRWKHKRWHO" (QVDPHORTXHWLHQHV6KRZPHZKDW\RXKDYH
$EURODYHQWDQD" 6KDOO,RSHQWKHZLQGRZ" |(VXQKRPEUHWDQH[WUDR+HoVVXFKDVWUDQJHPDQ

(\HEURZV &HMDV

(\HOLGV 3USDGRV
(\HODVKHV 3HVWDDV

3XSLO 3XSLOD
,ULV ,ULV

9RFDEXODULR(\HV 2MRV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VWR\DJRWDGR ,oPH[KDXVWHG 6DOHKXPRGHODUHMLOOD6PRNHoVFRPLQJRXWRIWKHYHQW


/HVUHFRJHUFDPLQRGHFDVD ,oOOSLFNWKHPXSRQWKHZD\KRPH ,QFRUSUDWH6LWXS
(VWVHQPHGLR <RXoUHLQWKHZD\ 8QWDODWRVWDGDFRQPDQWHTXLOOD6SUHDGEXWWHURQWKHEUHDG
4XWDWHGHHQPHGLR *HWRXWRIWKHZD\ |1LVHWHRFXUUD'RQoW\RXGDUH
7PEDWH\GHVFDQVDXQUDWR /LHGRZQDQGUHVWIRUDZKLOH (VWRDOLYLDUHOGRORU7KLVZLOOUHOLHYHWKHSDLQ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3XQWRJUDPWLFDOGHODVHPDQD

7KHHDUO\ELUGFDWFKHVWKHZRUP fDIDWHZRUVHWKDQGHDWK $ERXWWR $SXQWRGH


$OTXHPDGUXJD'LRVOHD\XGD 3UHIHULUDPRULUPHTXH
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
7KHPRUHWKHPHUULHU 7REHOWK\ULFK IUDVHVHQLQJOV"
&XDQWRVPVPHMRU VHUHHUHDSHUVRQDV  (VWDUIRUUDGR GHGLQHUR 
(OWUHQHVWDSXQWRGHVDOLU
7KHH[FHSWLRQSURYHVWKHUXOH 7KHUHDUHSOHQW\RIVKLQWKHVHD (OHGLFLRHVWDSXQWRGHYHQLUVHDEDMR
/DH[FHSFLQFRQUPDODUHJOD +D\PXFKRPVGRQGHHOHJLU 0LHTXLSRHVWDSXQWRGHJDQDUOD/LJD
QXHYDSDUHMD 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

4XHUHPRVDKRUDFRQIXQGLURVDWRGRVYHDPRVORVFRQWDEOHV\ORVLQFRQWDEOHV

$TXYDPRVDHQWUDUHQDOJRTXHSDUDORVHVSDROHVSDUHFHFODUR   XQDERWHOODGHDJXD
FXDQGRORDSUHQGLVSHURTXHVHKDFHFRQIXVRGHVSXV4XL]   GRVOLWURVGHDJXD
VHDSRUTXHORVOLEURVGHWH[WRVLHPSUHKDEODQGHpFRQWDEOHVH
LQFRQWDEOHVqORFXDOREOLJDDODOXPQRDKDFHUXQDHVSHFLHGH PRQH\ GLQHUR  (VWHVXVWDQWLYRWDPELQHVDEVWUDFWR
HVWXGLRHQDEVWUDFWR  LQFRQWDEOH$KRUDPHGLUVp&PRTXH
 HVLQFRQWDEOHHOGLQHUR"$PXFKDJHQWH
DERRN XQOLEUR  (VWHVXVWDQWLYR ERRN HVXQDSDODEUD  OHHQFDQWDFRQWDUVXGLQHURq(VWR\GH
 FRQFUHWD3XHGHVVHDODUORSRUHMHPSOR\  DFXHUGRSHURVLJRHQPLVWUHFH(OGLQHUR
 GHFLUXQOLEUR7DPELQSXHGHVFRQWDU  QRHVFRQWDEOH8QRQRSXHGHGHFLU
 OLEURVVLWLHQHVEDVWDQWHVRQHWZR  p7HQJRWUHVGLQHURVq7LHQHVTXHUHIHULUWHD
 WKUHHHWF  XQDXQLGDGFRQWDEOH
  7HQJRWUHVHXURV
ZDWHU DJXD  (VWHVXVWDQWLYR ZDWHU HVXQDSDODEUD   7HQJRGRVVDFRVGHGLQHUR
 DEVWUDFWD6LODVHDODVQRSXHGHVGHFLU  /DVSDODEUDVpHXURqRpVDFRqVRQSDODEUDV
 XQDJXD1RSXHGHVFRQWDUHOpDJXDqVLQRTXH  FRQFUHWDVFRQWDEOHV8QRSXHGHFRQWDU
 WLHQHVTXHUHIHULUWHDSDODEUDVFRQFUHWDVR  pVDFRVqRpHXURVq$KRUDELHQXQRQRSXHGH
 XQLWDULDV  FRQWDUpGLQHURVqRpDJXDVq

(VWLPDGR-XDQ 'HDU-RKQ

6LJXLHQGRQXHVWUDFRQYHUVDFLQWHOHIQLFDGHHVWDPDDQD ,QOLQHZLWKRXUWHOHSKRQHFRQYHUVDWLRQWKLVPRUQLQJ,KHUHE\
WH FRQUPR SRU OD SUHVHQWH QXHVWUD DVLVWHQFLD DO FXUVR GH FRQUPRXUDWWHQGDQFHDWWKHWHDFKHUWUDLQLQJFRXUVH0\LGHD
IRUPDFLQGHSURIHVRUHV0LLGHDGHPRPHQWRHVPDQGDUDO DW WKLV WLPH LV WR VHQG WKH FRUHVWDII RQO\ ZKHUHE\ \RX ZLOO
HTXLSRQFOHRVRODPHQWHSRUORTXHQHFHVLWDUVKDFHUUHVHU QHHGWRPDNHKRWHODQGFRXUVHUHVHUYDWLRQVIRUQLQHSHRSOH
YDVGHKRWHO\FXUVRSDUDQXHYHSHUVRQDV

0HJXVWDHOIRUPDWRGHOFXUVRTXHPHPDQGDVWHSRUID[\HV , OLNH WKH FRXUVH IRUPDW WKDW \RX ID[HG WR PH DQG ,P VXUH
WR\VHJXURGHTXHPLVSURIHVRUHVVHEHQHFLDUQGHOPLVPR P\ WHDFKHUV ZLOO EHQHW IURP LW , SODQ WR DWWHQG RQH RI WKH
7HQJR LQWHQFLQ GH DVLVWLU D XQD GH ODV VHVLRQHV GHO OWLPR VHVVLRQVRQWKHODVWGD\EXW,ZLOOFRQWDFW\RXDJDLQWRFRQUP
GDSHURYROYHUDSRQHUPHHQFRQWDFWRFRQWLJRSDUDFRQU WKHGHWDLOV
PDUORVGHWDOOHV

6DOXGRV %HVWUHJDUGV

(VWLPDGRDPLJR\DOXPQR0HFRVWWUDEDMR\VXGRUHVKDFHUPHFRQWXLGLRPDHOFXDODERUGHQVHULRDORVDRV'HGLTXPLOKRUDVDHVH
REMHWLYR3DUDHOLQJOVWDPSRFRH[LVWHQDWDMRVYOLGRVVDOYRHOHVIXHU]RSHUVRQDOGHFDGDXQR(OSU[LPRGRPLQJRWHDQLPRDVHJXLUFRQ
QXHVWURPWRGRVREUHWRGRHQVXYHUWLHQWHDXGLWLYD\WHOHYLVLYD/RVOLEURV9DXJKDQSRQGUQPXFKRVSXQWRVVREUHPXFKDVHVHQORUHIH
UHQWHDHVWUXFWXUD\JUDPWLFDDVSHFWRVHVWWLFRVSHURVLWHHQWUHJDVFRQEXHQQLPR\FRQODPHQWHDELHUWDDO&'\'9'GHFDGDVHPDQD
WHHPSDSDUVGHXQLQJOVWUHPHQGDPHQWHGLQPLFR\FRQQXHVWURHVWLORGLYHUWLGR<FRQFDGDVHPDQDTXHSDVDWXRGRLUDFRVWXPEUQ
GRVHPV\PVDORVVRQLGRVGHOLGLRPD\WXFRQDQ]DDXPHQWDUDOPLVPRWLHPSR7HORDVHJXUR
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VDTXHOORXQFRFKH" ,VWKDWDFDU" 4XKDFHVORVVEDGRV":KDWGR\RXGRRQ6DWXUGD\V"


6LQRHVXQFRFKHTXHV" ,ILWoVQRWDFDUZKDWLVLW" 4XHVWVKDFLHQGRDKRUD":KDWDUH\RXGRLQJQRZ"
4XHVHVR" :KDWoVWKDW" 7HJXVWDWXFDVDQXHYD"'R\RXOLNH\RXUQHZKRXVH"
(VHVWRXQEROJUDIR" ,VWKLVDSHQ" 4XLHURXQFRFKHQXHYR,ZDQWDQHZFDU
(VXQOLEUR" ,VLWDERRN" +D\DJXDHQHOYDVR7KHUHoVVRPHZDWHULQWKHJODVV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

OTXLHUHKDEODUFRQWLJR +HZDQWVWRWDONWR\RX /RYDVDSHUGHU<RXoUHJRLQJWRORVHLW


1HFHVLWRWXD\XGD ,QHHG\RXUKHOS 6LHPSUHORSLHUGHV<RXDOZD\VORVHLW
(OWX\RHVHOD]XO <RXUVLVWKHEOXHRQH 9LHQHVRQR"$UH\RXFRPLQJRUQRW"
(VQHFHVDULRDKRUD" ,VLWQHFHVVDU\QRZ" ,UVLGHMDGHOORYHU,oOOJRLILWVWRSVUDLQLQJ
(QTXSLHQVDV" :KDWDUH\RXWKLQNLQJDERXW" 6PVTXHW,NQRZPRUHWKDQ\RXGR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HYHUGDGFUHHVWRGRHVR" 'R\RXUHDOO\EHOLHYHDOOWKDW" 7HYDDHQFDQWDU<RXoUHJRLQJWRORYHLW


1ROOHJDURQDXQDFXHUGR 7KH\GLGQoWUHDFKDQDJUHHPHQW 1RPHSUHVLRQHVPV'RQoWSUHVVXUHPHDQ\PRUH
/DVFRVDVHVWQPHMRUDQGR 7KLQJVDUHJHWWLQJEHWWHU )DOWDDOJXLHQ6RPHRQHoVPLVVLQJ
'LPHORTXHTXLHUHV 7HOOPHZKDW\RXZDQW 4XLHURTXHPHORH[SOLTXHQ,ZDQWWKHPWRH[SODLQLWWRPH
'QGHFRPSUDHOODVXURSD" :KHUHGRHVVKHEX\KHUFORWKHV" 7HULQGHV"'R\RXJLYHXS"

%DWKURRP &XDUWRGHEDR

.LWFKHQ &RFLQD

/LYLQJ5RRP 6DODGHHVWDU

%HGURRP 'RUPLWRULR

'LQLQJ5RRP &RPHGRU

9RFDEXODULR+RXVH &DVD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VWDPRVSRUGHODQWHGHWRGRV :HoUHDKHDGRIHYHU\RQH 'HELVWHKDFHUORKDFHDRV<RXVKRXOGoYHGRQHLW\HDUVDJR


OWXYRTXHWUDJDUVHVXRUJXOOR +HKDGWRVZDOORZKLVSULGH 1RODSDJXHVFRQPLJR'RQoWWDNHLWRXWRQPH
6LHQWRKDEHUORKHFKR ,oPVRUU\,GLGLW 6LWHSLFDHOFRGRUVFDWHOR,I\RXUHOERZLWFKHVVFUDWFKLW
7HQGUVTXHSDUWLUGHFHUR :HoOOKDYHWRVWDUWIURPVFUDWFK $UUDQTXXQDSJLQDGHOOLEUR,WRUHDSDJHRXWRIWKHERRN
|4XIROOQ :KDWDPHVV (VWVPHWLGRHQXQEXHQOR<RXoUHLQWURXEOH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3XQWRJUDPWLFDOGHODVHPDQD

7RNLFNWKHEXFNHW ,WoVZDWHUXQGHUWKHEULGJH ,ZDQW\RXWRGRf4XLHURTXHKDJDVf


(VWLUDUODSDWD $JXDSDVDGDQRPXHYHPROLQR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
+HGLGLWDFFLGHQWDOO\RQSXUSRVH %HZDUHRI*UHHNVEHDULQJJLIWV IUDVHVHQLQJOV"
/RKL]RVLQTXHUHUTXHULHQGR 7HQFXLGDGRSXHGHKDEHUJDWR
HQFHUUDGR 4XLHURTXHODHPSUHVDFUH]FD
%HDXW\LVLQWKHH\HRIWKHEHKROGHU 4XLHUHVTXH(VSDDJDQH"
7RGRHVVHJQHOFRORUGHOFULVWDOFRQ |*RRGULGGDQFH <RQRTXHUDTXHKLFLHUDVHVR
TXHVHPLUD |$GLV\KDVWDQXQFD 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

4XHUHPRVDKRUDFRQIXQGLUOHVGHQXHYRFRQWDEOHVHLQFRQWDEOHVspVRPHq\pDQ\q

 &XDQGRODSDODEUDHVVLQJXODU\FRQWDEOH OLEURVLOODHWF   &XDQGRODSDODEUDHVSOXUDO\FRQWDEOH OLEURVVLOODVHWF 


XVDPRVpDqRpDQq XVDPRVpVRPHqRpDQ\q
 7KHUHoVDERRNRQWKHWDEOH  7KHUHDUHVRPHERRNVRQWKHWDEOH
 7KHUHLVQoWDERRNRQWKHWDEOH  7KHUHDUHQoWDQ\ERRNVRQWKHWDEOH
 ,VWKHUHDERRNRQWKHWDEOH"  $UHWKHUHDQ\ERRNVRQWKHWDEOH"
 7KHUHoVDQDSSOHLQP\SRFNHW
 7KHUHLVQoWDQDSSOHLQP\SRFNHW  1RH[LVWHQSDODEUDVTXHVHDQSOXUDOHVHLQFRQWDEOHV(VLPSR
 ,VWKHUHDQDSSOHLQP\SRFNHW" VLEOH1RSRGHPRVGHFLUpGLQHURVqpDJXDVqRpWLQWDVqHQLQJOV
(QFDVWHOODQRDYHFHVVVREUHWRGRFRQODSDODEUDpOHFKHqSHUR
 &XDQGRODSDODEUDHVVLQJXODUHLQFRQWDEOH WLQWDGLQHURHWF  HVWRVXVRVQRVRQHVWQGDU
XVDPRVpVRPHqRpDQ\q
 7KHUHoVVRPHLQNLQWKHERWWOH
 7KHUHLVQoWDQ\LQNLQWKHERWWOH
 ,VWKHUHDQ\LQNLQWKHERWWOH"

0X\VHRUHVPRV 'HDU6LUV

0HGLULMRD9GVFRQUHIHUHQFLDDQXHVWURSHGLGRQGHO ,DPZULWLQJ WR \RXLQUHIHUHQFHWRRXURUGHUQRRI6HS


GHVHSWLHPEUHGHHVWHDRHQHOFXDOVROLFLWDPRVPH WHPEHU  RI WKLV \HDU LQ ZKLFK ZH UHTXHVWHG  FLJDUHWWH
FKHURVFRQQXHVWURORJRWLSR&RPRSXHGHQYHUHQODFRSLDGHO OLJKWHUVZLWKRXUORJR$V\RXFDQVHHRQWKHHQFORVHGFRS\RI
SHGLGRDGMXQWDODIHFKDGHHQWUHJDHUDSDUDHOGHRFWXEUH WKHRUGHUWKHGHOLYHU\GDWHZDVIRU2FWREHU

&RPRKR\HVHOGHRFWXEUH\QRKHPRVUHFLELGRORVPHFKH $VWRGD\LV2FWREHUDQGZHKDYHQRWUHFHLYHGWKHOLJKWHUVZH
URVTXLVLUDPRVVDEHUODVLWXDFLQGHOSHGLGR\VLSRGHPRV ZRXOGOLNHWRNQRZWKHVWDWXVRIWKHRUGHUDQGZKHWKHURUQRW
HVSHUDU R QR OD HQWUHJD HQ ORV SU[LPRV GDV 6L QR QRV YH ZHFDQH[SHFWGHOLYHU\LQWKHQH[WIHZGD\V2WKHUZLVHZHZLOO
UHPRVREOLJDGRVDFDQFHODUHOSHGLGR\DTXHQROOHJDUQORV EHIRUFHGWRFDQFHOWKHRUGHUDVWKHOLJKWHUVZLOOQRWDUULYHLQ
PHFKHURVDWLHPSRSDUDLQFOXLUVHHQHOPDLOLQJSUHYLVWRSDUD WLPHWREHLQFOXGHGLQWKHPDLOLQJVHWIRU2FWREHU
HOGHRFWXEUH

$WHQWDPHQWH 6LQFHUHO\\RXUV

(VWLPDGRDPLJR\DOXPQR$GLIHUHQFLDGHORTXHDOJXQRVSUHJRQDQSRUDKHVPX\GLIFLODSUHQGHUDXWLOL]DUHFD]PHQWHXQVHJXQGRLGLR
PD3DVDUGHXQQLYHOLQVXFLHQWHDXQEXHQQLYHOH[LJHFRPRPQLPRKRUDVGHFODVHKRUDVGHHVWXGLRRDWHQFLQSHUVRQDO\
KRUDVPVGHDSXURVGHFRPXQLFDFLQHQODYLGDUHDO6LDOJXLHQWHGLFHRWUDFRVDPLHQWH1LQJXQDSHUVRQDHQHVWHSODQHWDKDOOHJDGRGH
DGROHVFHQWHRGHDGXOWRDXQDOWRQLYHOGHHFDFLDFRPXQLFDWLYDHQLQJOVVLQKDEHUOHGHGLFDGRXQPQLPRGHGRVPLOKRUDV<UHFXHUGDGH
HVDVGRVPLOKRUDVOHH[LJHQFHUUDUORVRMRVWDSDUODQDUL]\VDOWDUDODJXDHQODSDUWHPVSURIXQGDGHODSLVFLQD(QRWUDVSDODEUDVQR
WHKDUVFRQXQEXHQGRPLQLRGHPLLGLRPDVLQRWUDJDVPXFKDDJXD/RVLHQWRSHURHVDV6LSXGLHUDGHFLUWHRWUDFRVDWHORGLUD6LSXGLHUD
DKRUUDUWHDOJRGHGRORUORKDUD
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVXVWHG" :KRDUH\RX" 6XVRMRV GHHOOD VRQERQLWRV+HUH\HVDUHSUHWW\


'QGHHVWV" :KHUHDUH\RX" 1XHVWUDVFDVDVVRQSHTXHDV2XUKRXVHVDUHVPDOO
(VWR\HQ,WDOLD ,oPLQ,WDO\ 9XHVWUDURSDHVWVXFLD<RXUFORWKHVDUHGLUW\
,WDOLDHVXQSDV ,WDO\LVDFRXQWU\ 6XVSODQHV GHHOORV VRQEXHQRV7KHLUSODQVDUHJRRG
5RPDHVXQDFLXGDG 5RPHLVDFLW\ &XOHVVRQWXVLQWHQFLRQHV":KDWDUH\RXULQWHQWLRQV"

6LQN )UHJDGHUR
)UHH]HU &RQJHODGRU

+RE 3ODFD

)ULGJH 1HYHUD

2YHQ +RUQR

9RFDEXODULR.LWFKHQ &RFLQD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(QVDPHOR GLGFWLFDPHQWH  7HDFKLWWRPH 'VHOR DO 7HOOKLP


/OYDVHORDO 7DNHLWWRKLP 6ORTXHTXLHUHQ,NQRZZKDWWKH\ZDQW
3GHPHOR $VNPHIRULW 1RPHORGHVDV'RQoWJLYHLWWRPHOLNHWKDW
&OODWH %HTXLHW (VWQHPSH]DQGRDHQIDGDUVH7KH\oUHVWDUWLQJWRJHWDQJU\
(VWDWHTXLHWR %HVWLOO 'LMHORPLVPRHOPHVSDVDGR,VDLGWKHVDPHWKLQJDPRQWK
   DJR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'MDPHKDFHUORXQDYH]PV /HWPHGRLWRQHPRUHWLPH |1RPHKDJDVHVWR'RQoWGRWKLVWRPH


4XLHURDVXPLUPVWDUHDV ,ZDQWWRWDNHRQPRUHWDVNV 0HDOHJURGHKDEHUODYLVWR,oPJODG,VDZKHU
(VWQWRPQGRWHHOSHOR 7KH\oUHSXOOLQJ\RXUOHJ 7HLPSRUWDTXHDEUDODSXHUWD"'R\RXPLQGLI,RSHQWKHGRRU"
3RUTXQRIXQFLRQD" :K\GRHVQoWLWZRUN" +D\XQDVHULHGHWHPDVTXH7KHUHoVDVHULHVRIVXEMHFWV
   WKDW
)XQFLRQDUVLORWUDWDVELHQ ,WoOOZRUNLI\RXWUHDWLWZHOO 7HSDVDDOJR",VVRPHWKLQJZURQJ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

<DWHLQIRUPDU ,oOOOHW\RXNQRZ (VWRPHSRQHHQIHUPR7KLVPDNHVPHVLFN


6XEHHOYROXPHQXQSRFR 7XUQLWXSDOLWWOH 6LHVWWRUFLGRHQGHU]DOR,ILWoVFURRNHGVWUDLJKWHQLW
0HVHQWPX\DERFKRUQDGR ,IHOWYHU\HPEDUUDVVHG 6LHVHVWUHFKRHQVQFKDOR,ILWoVQDUURZZLGHQLW
1RWHGHVDQLPHV 'RQoWJHWGLVFRXUDJHG 6LHVODUJRDFUWDOR,ILWoVORQJVKRUWHQLW
$KUUDPHORVGHWDOOHV 6SDUHPHWKHGHWDLOV 6LHVGELOIRUWDOFHOR,ILWoVZHDNVWUHQJWKHQLW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV &RQMXQFLQGHODVHPDQD
1HYHUWKHOHVVf1RREVWDQWHf
%HJJDUVFDQoWEHFKRRVHUV $UH\RXXSIRULW"
$PXFKDKDPEUHQRKD\SDQGXUR 7HDSXQWDV" 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$QDSSOHDGD\NHHSVWKHGRFWRUDZD\ /DXJKWHULVWKHEHVWPHGLFLQH 1RPHJXVWD1RREVWDQWHHVWDUHQOD
$GLDULRXQDPDQ]DQDHVFRVDVDQD /DULVDHVHOPHMRUUHPHGLR UHXQLQ
1RHVWR\GHDFXHUGR1RREVWDQWHRVDSR\R
7KHUHoVQRVPRNHZLWKRXWUH /HWE\JRQHVEHE\JRQHV 1RHVEXHQRSDUDODVDOXG1RREVWDQWH
&XDQGRHOURVXHQDDJXDOOHYD /RSDVDGRSDVDGRHVW WRPDURWUR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

/DSURQXQFLDFLQGHpPRQH\qHVpPQLq

$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOV'HFLPRVIXQQ\ WRGDYDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQHVWDSDODEUDWDQ
SURQXQFLDGRIQL  LPSRUWDQWHpPRQH\q

3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qHQLQJOVHQWRQFHVKD] <VLHVWVPX\HQDPRUDGRGHWXFQ\XJHSXHGHVSUDFWLFDU
FDGDGDHOHMHUFLFLRTXHFRQVLVWHHQGHFLUPLOYHFHVGLQHUR GLFLHQGR,KDYHDORWRIIXQQ\PRQH\KRQH\/DVWUHVOWLPDVSD
JUDFLRVR ODEUDVULPDQSHUIHFWDPHQWH\OHJXVWDUTXHOHOODPHVpPLHOq
WUPLQRTXHVHWUDGXFHDTXFRPRpHQFDQWRPRq 
IXQQ\PRQH\

/DVGRVSDODEUDVVXHQDQH[DFWDPHQWHLJXDOULPDQ3UDFWFDODV
SRUTXHHQORVDRVTXHOOHYRHQVHDQGRLQJOVDHVSDROHV DWHQFLQDODSURQXQFLDFLQ

(VWLPDGR6U-RKQVRQ 'HDU0U-RKQVRQ

*UDFLDVSRUVXFDUWDGHOGHRFWXEUH\SRUHODSR\RTXHQRV 7KDQN\RXIRU\RXUOHWWHURI2FWREHUDQGIRUWKHVXSSRUW\RX
KDSUHVWDGRDORODUJRGHHVWRVPHVHV/DFRQDQ]DTXH9G KDYH JLYHQ XV RYHU WKH SDVW IHZ PRQWKV7KH FRQGHQFH \RX
KDPRVWUDGRHQQXHVWURVPWRGRV\SURFHGLPLHQWRVQRVKD KDYHVKRZQLQRXUPHWKRGVDQGSURFHGXUHVKDVHQDEOHGXVWR
SHUPLWLGRVHJXLUDGHODQWH\FRQVHJXLUORVEXHQRVUHVXOWDGRV PRYHIRUZDUGDQGDFKLHYHWKHQHUHVXOWVZHDOOH[SHFWHG
TXHWRGRVHVSHUEDPRV

+D\PRPHQWRVHQORVTXHXQRGHEHFRQDUHQODIH\DSHVDU 7KHUHDUHWLPHVLQZKLFKRQHPXVWUHO\RQIDLWKDQGLQVSLWH
GHRSLQLRQHVFRQWUDULDVKDFHUHOHVIXHU]RTXHHO[LWRH[LJH RI FRQWUDU\ RSLQLRQV PDNH WKH HIIRUW WKDW VXFFHVV GHPDQGV
6LQ VX IH \ VX FRQVWDQWH DSR\R QRV KDEUD VLGR PXFKR PV :LWKRXW\RXUIDLWKDQG\RXUFRQVWDQWVXSSRUWLWZRXOGKDYH
GLIFLODOFDQ]DUHO[LWR EHHQPXFKPRUHGLIFXOWIRUXVWRDFKLHYHVXFFHVV

$WHQWDPHQWH 9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR+DFHWUHVVHPDQDVXQDOWRHMHFXWLYRGHXQDHPSUHVDHVSDRODGHKHUUDPLHQWDVYROYLGH=XULFKIUXVWUDGR\
HQIDGDGR&RPRP[LPRUHVSRQVDEOHGHVXHPSUHVD\SUHVLGHQWHGHODDVRFLDFLQHVSDRODTXHHQJOREDEDDORVIDEULFDQWHVGHVXVHFWRU
SRUSULPHUDYH]KDEDDVLVWLGRFRPRQLFRUHSUHVHQWDQWHHVSDRODODUHXQLQGHODDVRFLDFLQHXURSHDTXHYHODSRUORVLQWHUHVHVGHVXV
OLDOHVQDFLRQDOHV$OOGXUDQWHGRVGDVQXHVWURHMHFXWLYR\VXVKRPORJRVGHRQFHSDVHVPVKDEDQDLUHDGRXQDODUJDVHULHGHSUREOH
PDVGHOVHFWRU(UDLPSRUWDQWHOOHJDUDXQDFXHUGRHVWDEOHFHUXQIUHQWHFRPQ\HOHYDUORVWHPDVDFRUGDGRVDODFRPLVLQGH%UXVHODVTXH
KDELWXDOPHQWHSXEOLFDODVGLUHFWLYDVTXHDIHFWDQDODVHPSUHVDVPLHPEUR'HUHJUHVRDVXRFLQDH[KDXVWRGHOHVIXHU]ROHFRPHQWVX
H[SHULHQFLDDVXVHFUHWDULD\QLFRFRQGHQWHp1XQFDPHKHVHQWLGRWDQLQWLO+DVLGRGHYHUGDGYLROHQWR+DEODEDQGHFRVDVTXHFRQR]FR
PHMRUTXHHOORV\QRKHSRGLGRGHFLUQDGD(QFXDQWRSHUGDHOKLORGHODVFRQYHUVDFLRQHVQRPHDWUHYDQLDDEULUODERFD$YHFHVQRHVWDED
VHJXURVLWRGDYDHVWDEDQHQHOSXQWRGHORUGHQGHOGDRVL\DKDEDQSDVDGRDOSXQWR<GHODFRQYHUVDFLQHQODVFRPLGDV\FHQDVQRWH
GLJRQDGDq$PLJR\DOXPQRHVWDFDQFLQHVDOJREDVWDQWHFRPQHQWUHORVDOWRVGLUHFWLYRVGH(VSDD\GHPXFKRVRWURVSDVHV(VWXGLDFRQ
QRVRWURV\KD]WRGRHOHVIXHU]RSRVLEOHSDUDVXSHUDUODVGLFXOWDGHV7HD\XGDUHPRVHQWRGRORSRVLEOHDHYLWDUHOPDOWUDJRTXHKDSDVDGR
QXHVWURDPLJRTXHVHIXHD=XULFKGHSHQGHPVGHWLTXHGHP
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

$TXHOORVVRQWXVFXDGHUQRV 7KRVHDUH\RXUQRWHERRNV (VWR\KDEODQGRLQJOV,oPVSHDNLQJ(QJOLVK


&XQGRHVODHVWD" :KHQoVWKHSDUW\" (VWR\VHQWDGRHQPLVLOOD,oPVLWWLQJLQP\FKDLU
$TXKRUDHVODUHXQLQ" :KDWWLPHLVWKHPHHWLQJ" (VWR\GHSLHGHODQWHGHWL,oPVWDQGLQJLQIURQWRI\RX
6XOLEUR GHO HVJUDFLRVR +LVERRNLVIXQQ\ 1RHVWR\GHSLHGHWUVGHWL,oPQRWVWDQGLQJEHKLQG\RX
(VDVSHUVRQDVVRQPX\DOWDV 7KRVHSHRSOHDUHYHU\WDOO (VWR\VHQWDGRDOODGRGHHOOD,oPVLWWLQJQH[WWRKHU

&ROODU &XHOOR

6OHHYH 0DQJD
3RFNHW %ROVLOOR

%XWWRQ %RWQ

&XII 3XR

9RFDEXODULR6KLUW &DPLVD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RORKDFHQORVVEDGRV 7KH\GRQoWGRLWRQ6DWXUGD\V 9HQDYHUOR&RPHDQGVHHLW


1RPHORGHVWRGDYD 'RQoWJLYHLWWRPH\HW &XQWRYDDGXUDU"+RZORQJLVLWJRLQJWRODVW"
<DORWHQJR ,DOUHDG\KDYHLW 0HDOHJURGHTXHORVHSDV,oPJODG\RXNQRZDERXWLW
0HJXVWDQORVQXHYRVYHFLQRV ,OLNHWKHQHZQHLJKERXUV 4XLQVDEHGRQGHHVW-XDQ":KRNQRZVZKHUH-RKQLV"
/OHYDHVWRDOGHVSDFKRGH-XDQ 7DNHWKLVWR-RKQoVRIFH 'HEHGHKDEHUXQPDOHQWHQGLGR7KHUHPXVWEHD
   PLVXQGHUVWDQGLQJ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XVLJQLFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ" +DVSHUGLGRHOWRTXHPJLFR<RXoYHORVW\RXUPDJLFWRXFK


<DKHFXELHUWRHVHSXQWR ,oYHDOUHDG\FRYHUHGWKDWSRLQW 4XGDWHGRQGHHVWV6WD\ZKHUH\RXDUH
$TXVDEH" :KDWGRHVLWWDVWHOLNH" <DQRVTXLQVR\,GRQoWNQRZZKR,DPDQ\PRUH
+XHOHDRUHV ,WVPHOOVOLNHRZHUV VPHOOVRI  $QWHVFUHDTXHHUDHOMHIHDTX,XVHGWRWKLQN,ZDVWKHERVV
(VWVHQJRUGDQGR <RXoUHJHWWLQJIDW $QWHVODJHQWHPHUHVSHWDED3HRSOHXVHGWRUHVSHFWPH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XLQVDFHVHWHPD" :KREURXJKWXSWKDWVXEMHFW" +DVRGROROWLPR"+DYH\RXKHDUGWKHODWHVW"


1RVDOLHOWHPD 7KHVXEMHFWGLGQoWFRPHXS 1RVQDGDGHO,KDYHQoWKHDUGDQ\WKLQJIURP
   KLP
0HFDDODJXD ,IHOOLQWRWKHZDWHU 4XLHURODVPHGLGDVH[DFWDV,ZDQWWKHH[DFWPHDVXUHPHQWV
0HTXHGGRUPLGRHQHOFLQH ,IHOODVOHHSLQWKHFLQHPD (OUH]DUQRD\XGDU3UD\LQJZRQoWKHOS
(VGLIFLOKDFHUDPLJRVDTX ,WoVKDUGWRPDNHIULHQGVKHUH 7HQJRXQDDPSROODHQHOWDOQ,KDYHDEOLVWHURQP\KHHO


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9HUERLUUHJXODUGHODVHPDQD

7KHSHQLVPLJKWLHUWKDQWKHVZRUG 7KHUHoVDOZD\VDFDWFK 7HOO  'HFLU


0VSXHGHODSOXPDTXHODHVSDGD 1RKD\PLHOVLQKLHO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
/HWVOHHSLQJGRJVOLH <RXFRXOGoYHKHDUGDSLQGURS IUDVHVHQLQJOV"
0HMRUQRUHYROYHUHODVXQWR 1RVHRDQLXQDPRVFD
3XHGHVGHFUPHORDKRUD"
7KHJUDVVLVDOZD\VJUHHQHURQ <RXFDQoWKDYH\RXUFDNHDQGHDW OPHORGLMRD\HU
WKHRWKHUVLGH LWWRR 7HORGLUORDQWHVSRVLEOH
1DGLHHVWFRQWHQWRFRQVXVXHUWH 1RVHSXHGHWHQHUWRGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED

WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DWHQFLQDODSURQXQFLDFLQ DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHIDPLO\

SDUHQWV SDGUHV JUDQGIDWKHU DEXHOR FRXVLQ NVHQ SULPRRSULPD


IDWKHU SDGUH JUDQGPRWKHU DEXHOD SDUHQWVLQODZ VXHJURV
PRWKHU PDGUH JUDQGVRQ QLHWR IDWKHULQODZ VXHJUR
VLVWHU KHUPDQD JUDQGGDXJKWHU QLHWD PRWKHULQODZ VXHJUD
EURWKHU KHUPDQR JUDQGFKLOGUHQ QLHWRV VLVWHULQODZ FXDGD
EURWKHUVDQGVLVWHUV KHUPDQRV DXQW DQW WD EURWKHULQODZ FXDGR
VRQ KLMR XQFOH QFDO WR VRQLQODZ \HUQR
GDXJKWHU KLMD DXQWDQGXQFOH WRV GDXJKWHULQODZ QXHUD
FKLOGUHQ KLMRV RQLRV QHSKHZ QX VREULQR LQODZV SDULHQWHVSROWLFRV
JUDQGSDUHQWV DEXHORV QLHFH QLV VREULQD UHODWLYHV SDULHQWHVHQJHQHUDO

(VWLPDGR'DYLG 'HDU'DYLG

&RPRFRQWLQXDFLQDQXHVWUDFRQYHUVDFLQWHOHIQLFDTXLVLH $VDIROORZXSWRRXUWHOHSKRQHFRQYHUVDWLRQ,ZRXOGOLNH
UD DDGLU DOJR TXH SRU OR YLVWR SDVDPRV SRU DOWR 6L UHFXHU WRDGGVRPHWKLQJWKDWZHDSSDUHQWO\RYHUORRNHG,I\RX
GDV XQR GH ORV SUREOHPDV HUD SUHFLVDPHQWH OD FDQWLGDG GH UHPHPEHURQHRIWKHSUREOHPVZDVSUHFLVHO\WKHDPRXQW
HQHUJDTXHWHQDPRVTXHSURGXFLUSDUDHOHYDUODVXVWDQFLD RIHQHUJ\ZHKDGWRSURGXFHWRUDLVHWKHVXEVWDQFHWRWKH
DOSXQWRGHHEXOOLFLQ6LEDMDPRVODSUHVLQSRGUHPRVEDMDU ERLOLQJSRLQW,IZHORZHUWKHSUHVVXUHZHFDQORZHULQWXUQ
DODYH]HOSXQWRGHHEXOOLFLQKDFLHQGRPHQRVFDUDODRSHUD WKHERLOLQJSRLQWDQGPDNHWKHRSHUDWLRQOHVVFRVWO\DQGWKH
FLQ\PVUHQWDEOHHOSURFHVRHQVXWRWDOLGDG RYHUDOOSURFHVVPRUHSURWDEOH

1R VR\ PX\ H[SHUWR HQ FPR UHDOL]DU OD PRGLFDFLQ SHUR ,DPQRWYHU\H[SHUWLQKRZWRSHUIRUPWKLVPRGLFDWLRQEXW
HVWR\VHJXURGHTXHFRVWDUPHQRVEDMDUODSUHVLQTXHHOH ,PVXUHLWZLOOFRVWOHVVWRORZHUWKHSUHVVXUHWKDQWRUDLVHWKH
YDUODWHPSHUDWXUDEDMRFRQGLFLRQHVDWPRVIULFDVQRUPDOHV WHPSHUDWXUHXQGHUQRUPDODWPRVSKHULFFRQGLWLRQV
3RQWH FRQ HVWR HQ VHJXLGD \ DYVDPH FXDQGR WHQJDV DOJR *HWRQWRWKLVULJKWDZD\DQGOHWPHNQRZZKHQ\RXKDYH
&RPRELHQVDEHVQRQRVTXHGDPXFKRWLHPSR VRPHWKLQJ$V\RXZHOONQRZZHGRQWKDYHPXFKWLPHOHIW

8QVDOXGR 5HJDUGV

(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRSDUDHVFULELUDVTXHVHUEUHYH/DJUDPWLFDHQVQRYDOHSDUDQDGDVLWQRWHHVIXHU]DV
SDUDDUWLFXODUODFRQDJLOLGDGHQFRQYHUVDFLRQHV6LQRWLHQHVFRQTXLQKDEODUSDUDHVWLPXODUHQODSUFWLFDWXGRPLQLRWHULFRGHODVHVWUXF
WXUDVKD]ORFRQODSDUHG/HHHQYR]DOWDWRGDVODVIUDVHVTXHJXUDQHQHVWDVOPLQDV\HQHOOLEURTXHUHFLELUVFDGDGRPLQJR3DJDUVDOWRV
GLYLGHQGRV LWZLOOSD\KDQGVRPHGLYLGHQGV $VORKLFH\RFRQVXLGLRPD
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6RQSDUDYRVRWURV 7KH\oUHIRU\RX (OYXHVWURHVSDUDYRVRWURV<RXUVLVIRU\RX


(VSDUDHOORV ,WoVIRUWKHP (OVX\R GHHOORV HVSDUDHOORV7KHLUVLVIRUWKHP
(VSDUDP" ,VLWIRUPH" 'DPHHOPR*LYHPHPLQH
6RQSDUDWL" $UHWKH\IRU\RX" 'DOHDOHOVX\R*LYHKLPKLV
(VSDUDHOOD" ,VLWIRUKHU" 'DOHDHOODHOVX\R*LYHKHUKHUV

,QVROH 3ODQWLOOD

7RQJXH /HQJHWD
/DFHV &RUGRQHV

6ROH 6XHOD +HHO 7DFQ

9RFDEXODULR6KRH =DSDWR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQGRKD\XQGHVFDQVR" :KHQLVWKHUHDEUHDN" 4XLQOHYLR":KRVDZKLP"


0HJXVWDWXIRUPDGHHQVHDU ,OLNH\RXUZD\RIWHDFKLQJ /HYLVWHW"'LG\RXVHHKLP"
/RKDUVLPHD\XGDV ,oOOGRLWLI\RXKHOSPH 4XLQORKL]R":KRGLGLW"
1RORSXHGRKDFHUVROR ,FDQoWGRLWDORQH /RKLFLVWHW"'LG\RXGRLW"
4XLQORYDDKDFHU" :KRoVJRLQJWRGRLW" 'HMDGHKDFHUPHSUHJXQWDV6WRSDVNLQJPHTXHVWLRQV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RFUHRQDGDGHORTXHGLFHV ,GRQoWEHOLHYHDQ\WKLQJ\RXVD\ &PRORJUDVWHFRQYHQFHUOH"+RZGLG\RXPDQDJHWR


   FRQYLQFHKLP"
+DVWDTXHQRORSUXHEDV 8QWLO\RXWU\LW +DVMDGRREMHWLYRVDPELFLRVRV<RXoYHVHWDPELWLRXVREMHFWLYHV
4XRSLQDVGHO" :KDWGR\RXWKLQNRIKLP" 7HQJRXQDPHWDHQODYLGD,KDYHDJRDOLQOLIH
(VWVSHQVDQGRHQO" $UH\RXWKLQNLQJDERXWKLP" 1RKDFHIDOWDTXHPHORPDQGHV<RXGRQoWKDYHWRVHQGLWWRPH
3LQVDORDQWHVGHDFWXDU 7KLQNDERXWLWEHIRUHDFWLQJ 9DOHODSHQD",VLWZRUWKLW"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

<DQRQLHYDPXFKR ,WGRHVQoWVQRZPXFKDQ\PRUH &REUDQSLH]DV\PDQRGHREUD7KH\FKDUJHIRUSDUWVDQGODERXU


/HVGLMHORTXHPHGLMLVWH ,WROGWKHPZKDW\RXWROGPH (VWVUDOHQWL]DQGRODFODVH<RXoUHVORZLQJGRZQWKHFODVV
/HHQWHUUDURQDOGDVLJXLHQWH 7KH\EXULHGKLPWKHQH[WGD\ $FHOHUD6SHHGXS
1RIXLDOHQWLHUUR ,GLGQoWJRWRWKHEXULDO 1RWHDSR\HVHQODPHVD'RQoWOHDQRQWKHWDEOH
([SUHVPLFRQGROHQFLDV ,RIIHUHGP\FRQGROHQFHV 'HVFRQIDGHWRGRV'RQoWWUXVWDQ\RQH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

/HWE\JRQHVEHE\JRQHV pELJRQVq  ,WoVDVPDOOZRUOG 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/RSDVDGRSDVDGRHVW (OPXQGRHVXQSDXHOR IUDVHVHQLQJOV"

:KHQLWUDLQVLWSRXUV 2QHPDQoVPHDWLVDQRWKHUPDQoV 1RVHSXHGHREOLJDUDODJHQWHDDVLVWLUDOD


6LHPSUHOOXHYHVREUHPRMDGR SRLVRQ FRQIHUHQFLD
1XQFDOOXHYHDJXVWRGHWRGRV 7UDEDMRDMRUQDGDLQWHQVLYDDTXGHVGHKDFH
2QFHDWKLHIDOZD\VDWKLHI PVGHXQDR
4XLHQUREDXQDYH]UREDGLH] $QDSSOHDGD\NHHSVWKHGRFWRU 7XYLHURQTXHUHFXUULUDODYLROHQFLD
 DZD\
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
$GLDULRXQDPDQ]DQDHVFRVD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
VDQD ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QFDVWHOODQRVLKDEODVGHGRVOLEURVXQRD]XO\RWURYHUGH 7KHRQHRQWKHWDEOHLVEOXH
GLFHV(OD]XOHVWHQODPHVD\HOYHUGHHVWHQODVLOOD 7KHRQHRQWKHFKDLULVJUHHQ

(QLQJOVGHFLPRVOLWHUDOPHQWH(OD]XOXQRHVWHQODPHVD\HO (QFDVWHOODQRHVWDVHULHGHSUHJXQWDV\DUPDFLRQHVVHUDFRPR
YHUGHXQRHVWHQODVLOOD VLJXH
7KHEOXHRQHLVRQWKHWDEOHDQGWKHJUHHQRQHLVRQWKHFKDLU
4XOLEURHVD]XOHOJUDQGHRHOSHTXHR" (OSHTXHR ORHV 
(OXVRGHpRQHqFRPRSURQRPEUHVHH[WLHQGHDODVVLJXLHQWHV &XOHVYHUGH"   (OJUDQGH ORHV 
H[SUHVLRQHV)MDWHELHQHQORVHMHPSORV
&XOHVWHQODPHVD"  (OD]XO ORHVW 
:KLFKERRNLVEOXHWKHELJRQHRUWKHVPDOORQH" 7KHVPDOORQHLV &XOHVWHQODVLOOD"  (OYHUGH ORHVW 
:KLFKRQHLVJUHHQ"   7KHELJRQHLV
(O TXH HVWHQODPHVDHVD]XO
:KLFKRQHLVRQWKHWDEOH" 7KHEOXHRQHLV (O TXH HVWHQODVLOODHVYHUGH
:KLFKRQHLVRQWKHFKDLU" 7KHJUHHQRQHLV

(VWLPDGR6U%URRNO\Q 'HDU0U%URRNO\Q

*UDFLDVSRUVXFDUWDGHGHQRYLHPEUH\SRUODLQIRUPDFLQ 7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHHQFORVHG
DGMXQWDTXHOHVROLFLW LQIRUPDWLRQWKDW,UHTXHVWHG
$OKRMHDUODYHRTXHVXVVHUYLFLRVVHDMXVWDQSHUIHFWDPHQWHD 8SRQ ORRNLQJ WKURXJK LW , VHH WKDW \RXU VHUYLFH WV RXU
QXHVWUDVQHFHVLGDGHV6LQHPEDUJRVXVSUHFLRVSDUHFHQPX\ QHHGV SHUIHFWO\ +RZHYHU \RXU SULFHV DUH VXUSULVLQJO\ KLJK LQ
DOWRVHQFRPSDUDFLQFRQORVGHVXVFRPSHWLGRUHVDOJXQRV FRPSDULVRQZLWK\RXUFRPSHWLWRUVVRPHRIZKRPKDYHJLYHQ
GHORVFXDOHVQRVKDQSURSRUFLRQDGRXQH[FHOHQWHVHUYLFLRHQ XVH[FHOOHQWVHUYLFHLQWKHSDVW
HOSDVDGR ,DPDZDUHRIWKHIDFWWKDW\RXUFRPSDQ\SRVVHVVHVDQHZDQG
6R\FRQVFLHQWHGHOKHFKRGHTXHVXFRPSDDSRVHHXQSUR UHYROXWLRQDU\SURFHVVFDSDEOHRIFXWWLQJZDLWLQJWLPHLQKDOI
FHVR QXHYR \ UHYROXFLRQDULR FDSD] GH UHGXFLU D OD PLWDG HO EXW \RXU SULFH LV  SHUFHQW KLJKHU WKDQ \RXU KLJKHVW SULFHG
WLHPSRGHHVSHUDSHURVXSUHFLRHVXQSRUFLHQWRPD\RU FRPSHWLWRUV
TXHHOGHVXFRPSHWLGRUGHSUHFLRPVDOWR 8QOHVV \RX FDQ FRQYLQFH XV RWKHUZLVH , ZLOO EH IRUFHG WR
$QRVHUTXH9GVQRVSXHGDQFRQYHQFHUGHORFRQWUDULRPH SRVWSRQH D GHFLVLRQ RQ \RXU RIIHU DQG WR FRQWLQXH ZLWK RXU
YHUREOLJDGRDSRVSRQHUXQDGHFLVLQVREUHVXRIHUWD\VH UHJXODUVXSSOLHU
JXLUFRQQXHVWURSURYHHGRUKDELWXDO

$WHQWDPHQWH 6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR+DFHXQRVGDVUHFLEXQFRUUHRHOHFWUQLFRGHXQGLUHFWLYRGHHPSUHVDTXHGHFDORVLJXLHQWHp0LSUREOHPDQR
HVHOGLQHURSXHGRSDJDUHOFXUVRTXHTXLHUD0LSUREOHPDHVHOWLHPSRqUPDGR)HOLSH/HUHVSRQGp(VWLPDGR)HOLSHVLQWLHPSRDPLJR
PRQRKD\QDGDTXHKDFHU6LHQWRGHFLUORSHURWHQGUVTXHEXVFDUKDVWDGHEDMRGHODVSLHGUDVSDUDDUDDUWLHPSRHQHOGDHQODVHPDQD
\HQORVPHVHVSDUDHVWHWHPD+DFHUVHGHDGXOWRFRQXQDDOWDFDSDFLGDGGHFRPXQLFDFLQHQLQJOVHVKDUWDPHQWHGLIFLO4XLQGLJDOR
FRQWUDULRRSUHJRQHVROXFLRQHVUSLGDV\IFLOHVPLHQWH/RVTXHGLJDQHVWDVFRVDVVRQVLPSOH\OODQDPHQWHRSRUWXQLVWDVTXHVHDSURYHFKDQ
GHODGHVHVSHUDFLQGHODJHQWH\VXEVTXHGDGHVROXFLRQHVLQGRORUDV3DVDORPLVPRHQHOVHFWRUGHORVDGHOJD]DQWHV3RUORWDQWR\SDUD
QDOL]DUGLUTXHODFXHVWLQPVLPSRUWDQWHDODKRUDGHKDFHUVHFRQXQVHJXQGRLGLRPDQRHVHOGLQHUR(VHOWLHPSR\HOHVIXHU]Rq
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHHUHV" :KHUHDUH\RXIURP" 7LHQHVKHUPDQRV"'R\RXKDYHDQ\EURWKHUVDQG


   VLVWHUV"
(UHVIUDQFV"ffffff $UH\RX)UHQFK" 9LYHVFRQWXVSDGUHV"'R\RXOLYHZLWK\RXUSDUHQWV"
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX" 'QGHYLYHQWXVSDGUHV":KHUHGR\RXUSDUHQWVOLYH"
(V7RQ\%ODLUSROLWLFR" ,V7RQ\%ODLUDSROLWLFLDQ" 0LVWRVYLYHQFHUFDGHDTX0\DXQWDQGXQFOHOLYHQHDUKHUH
(VSURIHVRU" ,VKHDWHDFKHU" 0LWRWUDEDMDHQXQDIEULFD0\XQFOHZRUNVLQDIDFWRU\

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/XFHHOVRO 7KHVXQLVVKLQLQJ 6GQGHYLYHQ,NQRZZKHUHWKH\OLYH


6DOJDPRVGHSDVHR /HWoVJRRXWIRUDZDON 1RVTXKRUDHV,GRQoWNQRZZKDWWLPHLWLV
6DOJDPRVGHSDVHR HQFRFKH  /HWoVJRRXWIRUDGULYH +HWRPDGRXQDGHFLVLQ,oYHPDGHDGHFLVLRQ WDNHQ
4XLHUHVYHQLUFRQQRVRWURV" 'R\RXZDQWWRFRPHZLWKXV" (VWOORYLHQGRDFQWDURV,WoVUDLQLQJFDWVDQGGRJV
$GQGHYDLV" :KHUHDUH\RXJRLQJ" 0HSXHGHVSUHVWDUWXSDUDJXDV"&DQ\RXOHQGPH\RXUXPEUHOOD"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RPLUHVDWUV 'RQoWORRNEDFN 7LUODOHFKHDOVXHOR,VSLOWWKHPLONRQWRWKHRRU


/HJXVWD DO FRQWDUFKLVWHV +HOLNHVWHOOLQJMRNHV WRWHOO  0HFDDODJXD,IHOOLQWRWKHZDWHU
&XQWDQRVWRGDODKLVWRULD 7HOOXVWKHZKROHVWRU\ &KRTXFRQWUDHOPXUR,UDQLQWRWKHZDOO
&PELDORSRURWUR &KDQJHLWIRUDQRWKHU RQH  6XEKDVWDODSODQWD,ZHQWXSWRWKHWKRRU
6HPHKDFDGR ,GURSSHGLW $SHQDVSRGDUHVSLUDU,FRXOGKDUGO\EUHDWKH

%UDQFK 5DPD

7UXQN 7URQFR /HDI +RMD

%DUN &RUWH]D 5RRWV 5DFHV

9RFDEXODULR7UHH UERO

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

VWDVVRQODVUHJODVGHOMXHJR 7KHVHDUHWKHUXOHVRIWKHJDPH 3UHGLFDFRQHOHMHPSOR3UDFWLFHZKDW\RXSUHDFK


7PDORRGMDOR 7DNHLWRUOHDYHLW /RURPSHQSHGD]RV FDUWD ,WRUHLWXS
6HIXHVLQSURQXQFLDUSDODEUD +HOHIWZLWKRXWVD\LQJDZRUG 4XLQVHFUHHTXHHV" O :KRGRHVKHWKLQNKHLV"
'HMDGHPRUGHUWHODVXDV 6WRSELWLQJ\RXUQDLOV 0VYDOHWDUGHTXHQXQFD,WoVEHWWHUODWHWKDQQHYHU
&DXVDVWHEXHQDLPSUHVLQ" 'LG\RXPDNHDJRRGLPSUHVVLRQ" 6HPHKDWUDVSDSHODGRODFDUWD,oYHPLVSODFHGWKHOHWWHU


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV $GMHWLYRV
/RVDGMHWLYRVVXHOHQSUHFHGHUDOVXVWDQWLYRTXH
$IRRODQGKLVPRQH\DUHVRRQSDUWHG )RROVUXVKLQZKHUHDQJHOVIHDU GHVFULEHQHQLQJOV
$ORVWRQWRVQROHVGXUDHOGLQHUR WRWUHDG
(OQHFLRHVDWUHYLGR\HOVDELR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:KDWWKHERVVVD\VJRHV FRPHGLGR IUDVHVHQLQJOV"
'RQGHKD\SDWUQQRPDQGDPDULQHUR %DUFHORQDHVXQDFLXGDGJUDQGHRXQD
7KHHDUO\ELUGFDWFKHVWKHZRUP FLXGDGSHTXHD"
$FWLRQVVSHDNORXGHUWKDQZRUGV $OTXHPDGUXJD'LRVOHD\XGD (O1LORHVXQURODUJRRXQURFRUWR"
(OPRYLPLHQWRVHGHPXHVWUDDQGDQGR 0LOQHVJUDQGHRSHTXHR"
*RRGULGGDQFH 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
|$GLV\KDVWDQXQFD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
&PRHVWV" +RZDUH\RX"s&PRHUHV" :KDWDUH\RXOLNH"

)MDWHHQODVGRVIUDVHV(QHVSDROVORVHFDPELDHOYHUERGHHVWDU 3DUDGHFLUpFPRHUHVqRpFPRVRQqRpFPRHVHOODqHWFUHFXUUL
DVHU6LQHPEDUJRHQLQJOVDOQRH[LVWLUGRVYHUERVGLVWLQWRVSDUD PRVDOPLVPRKELWRTXHFRQORVYHUERVGHVHQWLGR
HOFRQFHSWRpWREHqGHEHPRVEXVFDURWUDIRUPDGHH[SUHVDUODLGHD
GHpFPRHVq3DUDHOORKDFHPRVXVRGHODSDODEUDpOLNHqGHVSXV (OODHVFRPRVXKHUPDQD 6KHoVOLNHKHUVLVWHU
GHOYHUERpWREHq(VIFLOHQWHQGHUHOFRQFHSWRSXHVWRTXH\DVD &PRHVWXQXHYRMHIH" :KDWoV\RXUQHZERVVOLNH"
ELVPXFKRVHOXVRGHpOLNHqFRQORVYHUERVGHVHQWLGR &PRHVHQVHDULQJOV :KDWoVLWOLNHWHDFKLQJ
SRUODUDGLR"   (QJOLVKRQWKHUDGLR"
+HORRNVOLNH(OYLV3UHVOH\ 6HSDUHFHD(OYLV3UHVOH\     RpWRWHDFKq
,WVPHOOVOLNHJDUOLF   +XHOHDDMR &PRHVYLYLUHQ6XHFLD" :KDWoVLWOLNHOLYLQJLQ
,WWDVWHVOLNHIURJOHJV  6DEHDDQFDVGHUDQD    6ZHGHQ" RpWROLYHq
,WIHHOVOLNHPLQN   3DUHFHYLVQ DOWDFWR &PRKDVLGRODUHXQLQ" :KDWZDVWKHPHHWLQJOLNH"
,WVRXQGVOLNHDVRQJE\WKH%HDWOHV 6XHQDDXQDFDQFLQGHORV &PRIXHWUDEDMDUFRPRWD[LVWD" :KDWZDVLWOLNHZRUNLQJ
   %HDWOHV    DVDWD[LGULYHU" RpWRZRUNq
 

(VWLPDGD6UWD7D\ORU 'HDU0LVV7D\ORU

/HHVFULERFRQUHIHUHQFLDDVXFDUWDGHOGHMXQLRSDVDGRHQ , DP ZULWLQJ WR  \RX LQ UHIHUHQFH WR \RXU OHWWHU RI ODVW -XQH 
ODFXDOVROLFLWDXQDOQHDGHFUGLWRGHPHVHVSRULPSRUWH LQ ZKLFK \RX UHTXHVW D PRQWK FUHGLW OLQH LQ WKH DPRXQW RI
GHFRQHOQGHQDQFLDUODFRPSUDGHXQDIXUJRQH   LQ RUGHU WR QDQFH WKH SXUFKDVH RI D YDQ IRU \RXU
WDSDUDVXQHJRFLR EXVLQHVV
/DV OQHDV GH FUGLWR D FRUWR SOD]R VXHOHQ FRQFHGHUVH SDUD 6KRUWWHUPFUHGLWOLQHVDUHXVXDOO\JUDQWHGWRKHOSFRPSDQLHV WR 
D\XGDU D ODV HPSUHVDV D VXSHUDU SUREOHPDV WHPSRUDOHV GH RYHUFRPHWHPSRUDU\FDVKSUREOHPVQRWWRLQYHVWLQ[HGDVVHWV,
WHVRUHUDQRSDUDLQYHUWLUHQDFWLYRVMRV&UHRTXHHQVXFDVR EHOLHYHWKDWLQ\RXUFDVHLWZRXOGEHDGYLVDEOHWKDW\RXYLVLWXVVR
VHUDDFRQVHMDEOHTXHQRVYLVLWDUDSDUDTXHMXQWRVSRGDPRV WKDWWRJHWKHUZHFDQORRNIRUWKHPRVWVXLWDEOHIRUPXODWRVROYH
EXVFDUODIUPXODPVDSURSLDGDSDUDUHVROYHUHVWDFXHVWLQ WKLVPDWWHU

$WHQWDPHQWH 6LQFHUHO\\RXUV

4XLHUHVHUELOLQJH"2OYGHOR<DHVGHPDVLDGRWDUGH0LVKLMRVVRQELOLQJHV6HKDQFULDGRR\HQGRLQJOV\HVSDROGHVGHHOGDHQTXHQD
FLHURQ+DQYLVWRGLH]PLOKRUDVGHWHOHYLVLQ\FLQHHQHVSDRO\WUHVPLOKRUDVHQLQJOV'HVGHSUHHVFRODUKDVWDODXQLYHUVLGDGKDQDVLVWLGRDSODQHV
GHHVWXGLRLQJOHVHVRDPHULFDQRVDEVRUELHQGRPVGHKRUDVGHYRFHVQDWLYDVVREUHWHPDV\DVLJQDWXUDVGHJUDQYDULHGDG66RQELOLQJHV
6LTXLHUHVHUELOLQJHFRPRPLVKLMRVROYGHOR1ROHYDVHUSRVLEOHHQHVWDYLGD(VDEVROXWDPHQWHLPSRVLEOHTXHXQDSHUVRQDGHVSXVGHORVRFKR
DRVGHHGDGOOHJXHDGRPLQDUXQVHJXQGRLGLRPDFRQODPLVPDDJLOLGDGDFHQWR\HVSRQWDQHLGDGTXHVXOHQJXDPDWHUQD
4XLHUHVHUELOQJH"p1RSUREOHPq'HPHPHVHVGHVXWLHPSR6R\ELOLQJH&XDQGRFDPELRGHPLLQJOVQDWLYRDOFDVWHOODQRVHPH
QRWDHQVHJXLGDXQDFHQWRDPHULFDQR6LXVWHGVHMDPXFKRDSUHFLDUDOJQWURSLH]RIRQWLFRHQPLGLFFLQ\RFDVLRQDOHVLPSUHFLVLRQHVJUDPDWL
FDOHV8VRHOFDVWHOODQRDGLDULRSDUDUHVROYHUXQVLQQPHURGHDVXQWRVPXFKRVGHJUDQLPSRUWDQFLD6LHVWR\KDEODQGRHQLQJOVFRQXQHVSDRO
\SHUFLERTXHQRPHHQWLHQGHFLHUWRVPDWLFHVFDPELRDOLQVWDQWHDOFDVWHOODQRSDUDDVHJXUDUODHFDFLDGHPLDUJXPHQWDFLQRHOLPSDFWRGHPL
GHVFULSFLQ66R\ELOLQJH6LTXLHUHXVWHGVHUELOLQJHFRPR\RWLHQHPXFKRWUDEDMRSRUGHODQWHSHURVLVLJXHODVLQVWUXFFLRQHVTXHSRQJRDVX
GLVSRVLFLQHQHVWHPWRGRTXHOHRIUHFH(O0XQGRORSRGUFRQVHJXLUHQPHVHVFRPRPQLPRGHSHQGLHQGRGHOWLHPSR\HVIXHU]RTXHLQYHUWD
HQODWDUHD
&RPRYHH[LVWHQGRVGHQLFLRQHVSDUDHOWUPLQRpELOLQJHq\DPEDVVRQYOLGDVSHURODQLFDDODTXHXVWHGGHEHDVSLUDU\ODQLFDDODTXHSXHGH
DVSLUDUVLHQGRUHDOLVWDHVODVHJXQGDGHQLFLQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVHOOD" :KRLVVKH" OWHFRQRFH+HNQRZV\RX


&PRVHOODPDHOOD :KDWoVKHUQDPH" /HFDHVELHQ+HOLNHV\RX
'QGHHVWVXFRFKH" HOOD :KHUHoVKHUFDU" OYLYHFHUFDGHDTX+HOLYHVQHDUKHUH
VWHHVVXFRFKH 7KLVLVKHUFDU 7UDEDMDOHMRVGHVXFDVD+HZRUNVIDUIURPKLVKRXVH
6XFRFKHHVURMR +HUFDULVUHG /HJXVWDWUDEDMDU+HOLNHVWRZRUN

/REVWHU /DQJRVWD

2\VWHU 2VWUD

0XVVHO 0HMLOOQ

3UDZQ *DPED &UDE &DQJUHMR

9RFDEXODULR6HDIRRG 0DULVFR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RWLHQHVTXHGHFLUQDGD <RXGRQoWKDYHWRVD\DQ\WKLQJ /RKDUHQFXDQWRSXHGD,oOOGRLWDVVRRQDV,FDQ


/OHYDHOLQIRUPHDOMHIH 7DNHWKHUHSRUWWRWKHERVV |'DWHSULVD+XUU\XS
(OMHIHORHVWHVSHUDQGR 7KHERVVLVZDLWLQJIRULW +DVJDVWDGRWRGRWXGLQHUR<RXoYHVSHQWDOO\RXUPRQH\
7HHVWQEXVFDQGR 7KH\oUHORRNLQJIRU\RX $KRUDTXYDVDKDFHU"1RZZKDWDUH\RXJRLQJWRGR"
(OODPHOODPDPXFKR 6KHFDOOVPHDORW (VSHUDKDVWDTXHWHOODPHQ:DLWXQWLOWKH\FDOO\RX


+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HUHWXYLHURQDOOKRUDV 7KH\NHSWPHWKHUHIRUKRXUV /OHJDUSRUPLVSURSLRVPHGLRV,oOOJHWWKHUHRQP\RZQ


7DUGPXFKRHQKDFHUOR,WWRRNPHDORQJWLPHWRGRLW <DQRHVORTXHHUD,WoVQRWZKDWLWXVHGWREH
1RORSXHGROHYDQWDU ,FDQoWOLIWLW <DWHDFRVWXPEUDUV<RXoOOJHWXVHGWRLW
1RVR\ORVXFLHQWHPHQWHDOWR ,oPQRWWDOOHQRXJK 1LORLQWHQWHV'RQoWHYHQWU\
6R\GHPDVLDGREDMR ,oPWRRVKRUW +HHFKDGRXQYLVWD]RDOSODQ,oYHORRNHGRYHUWKHSODQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HLPSRUWDUDQRJULWDU":RXOG\RXPLQGQRWVKRXWLQJ" 0XFKDVJUDFLDV VLQFHUR 7KDQN\RXYHU\PXFK


1RKDFHIDOWDTXHPHJULWHV <RXGRQoWKDYHWRVKRXWDWPH |0XFKDVJUDFLDV VDUFVWLFR 7KDQNVDORW
'LPHTXHQRHVYHUGDG 7HOOPHLWoVQRWWUXH 0VYDOHSUHYHQLUTXHFXUDU,WoVEHWWHUWREHVDIHWKDQVRUU\
1RUHQHQODVFRQGLFLRQHV7KH\GRQoWTXDOLI\ 'LRVORVFUD\HOORVVHMXQWDQ%LUGVRIDIHDWKHURFNWRJHWKHU
OVHFD\GHVXSHGHVWDO +HIHOORIIKLVSHGDVWDO /HJXVWDGHVPRQWDUVXVMXJXHWHV+HOLNHVWRWDNHKLVWR\VDSDUW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 0XFKPDQ\

7LPHLVDJUHDWKHDOHU /LYHDQGOHWOLYH p0XFKqVHHPSOHDFRQVXVWDQWLYRVQRFRQWDEOHV


(OWLHPSRORFXUDWRGR +D\GHWRGRHQODYLDGHO6HRU PLHQWUDVTXHpPDQ\qVHHPSOHDFRQVXVWDQWLYRV

FRQWDEOHVHQSOXUDO
7KHVTXHDN\ZKHHOJHWVWKHRLO JUHDVH  ,WoVPRUHEOHVVHGWRJLYHWKDQWR
(OTXHQROORUDQRPDPD UHFHLYH 3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
+D\PVIHOLFLGDGHQGDUTXHHQ IUDVHVHQLQJOV"
7KHVKRHPDNHUoVVRQDOZD\VJRHV UHFLELU 1RKD\PXFKDLQIRUPDFLQHQHVWHFDWORJR
EDUHIRRW 4XHGDPXFKRGLQHURHQWXFXHQWDDILQDOGHPHV"
(QFDVDGHOKHUUHURFXFKLOORGHSDOR 1HFHVVLW\LVWKHPRWKHURILQYHQWLRQ &RQRFLVWHDPXFKDJHQWHHQHOFUXFHUR"
/DQHFHVLGDGKDFHPDHVWURV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(UHV-XDQ"+ROD-XDQVR\0DUD ,VWKLV-RKQ"+HOOR-RKQWKLV (QLQJOVKDVWDTXHQRVHLGHQWLTXHHOVH[RGHXQDSHUVRQDHP


LV0DU\ SOHDPRVHOSURQRPEUHQHXWURpLWqRORVSURQRPEUHVGHPRVWUDWL
$OJXLHQOODPDDODSXHUWD 6RPHRQHLVNQRFNLQJDWWKH YRVpWKLVqRpWKDWq(QODVSULPHUDVRFKRIUDVHVQRDSDUHFHQLpKHq
4XLQVHU" GRRU,ZRQGHUZKRLWLV QLpVKHqVLHPSUHpLWqpWKLVqRpWKDWq

6LHV-XDQGLOHTXHQRHVWR\ ,ILWoV-RKQWHOOKLP,oPQRWKHUH 6R\\R   ,WoVPH HQIUDQFVHV


$WUDYVGHODSXHUWD 4XLQHV" :KRLVLW"    FRPRHQLQJOVFoHVWPRL
6R\\R|$EUH ,WoVPH2SHQXS
(VHVWHVHRUHOVHRU-RKQVRQ" ,VWKLV0U-RKQVRQ" 6RPRVQRVRWURV   ,WoVXV HQIUDQFVFoHVWQRXV
4XLQHVHVDSHUVRQD" :KRoVWKDW"
&UHRTXHHV&DUORV ,WKLQNLWoV&KDUOHV 3HGUR"(UHVW"   3HWHULVWKDW\RX" HQ
4XHVWKDFLHQGRDTXD :KDWoVKHGRLQJKHUHDWWKLV    IUDQFV3LHUUHFoHVWWRL"
HVWDVKRUDV" WLPHRIWKHGD\ RUQLJKW "

(VWLPDGR+DQV 'HDU+DQV

(QSULPHUOXJDUTXLHURDJUDGHFHUWXD\XGD\DVHVRUDPLHQWRHQ )LUVWRIDOO,ZDQWWRWKDQN\RXIRU\RXUKHOSDQGDGYLFHLQWKH
ODRUJDQL]DFLQGHQXHVWUDQXHYDVXFXUVDO<DHVWDPRVIXQFLR RUJDQL]DWLRQ RI RXU QHZ EUDQFK:H DUH DOUHDG\ RSHUDWLQJ LQ
QDQGRDSHVDUGHTXHWHQHPRVXQDVRODOQHDGHWHOIRQR VSLWHRIWKHIDFWWKDWZHKDYHRQO\RQHWHOHSKRQHOLQH
/DUD]QSULQFLSDOSRUODTXHWHHVFULERHVSDUDSHGLUWHXQSH 7KHPDLQUHDVRQIRUP\ZULWLQJ WR \RXLV WRDVN\RXDVPDOO
TXHRIDYRU6LQGXGDUHFRUGDUVD-XDQ3UH]HOVHRUPD\RU IDYRU1RGRXEW\RXUHPHPEHU-XDQ3HUH] WKHROGHUPDQ\RX
TXHHQWUHYLVWDVWHSDUDHOSXHVWRGHFRQWDEOHSDUDODVXFXUVDO LQWHUYLHZHGIRUWKHMRERIEUDQFKDFFRXQWDQW+HKDVD\HDU
7LHQHXQKLMRGHDRVTXHDFDEDGHWHUPLQDUVXVHVWXGLRV\ ROG VRQ ZKR KDV MXVW QLVKHG KLV VWXGLHV DQG ZKR ZDQWV WR
TXHTXLHUHSDVDUXQDRWUDEDMDQGR\HVWXGLDQGRHQ$OHPDQLD VSHQGD\HDUZRUNLQJDQGVWXG\LQJLQ*HUPDQ\SUHIHUDEO\OLYLQJ
SUHIHULEOHPHQWHYLYLHQGRFRQXQDIDPLOLD ZLWKDIDPLO\
6LPHSXHGHVD\XGDUHQHVWHDVXQWRWHORDJUDGHFHUDGHYHUDV ,I\RXFDQKHOSPHRXWLQWKLVPDWWHU,ZRXOGUHDOO\DSSUHFLDWH
3UH]KDUHVXOWDGRVHUXQDXWQWLFRYHWHUDQRHQFPRPRQWDU LW 3HUH] KDV WXUQHG RXW WR EH D WUXH YHWHUDQ LQ KRZ WR VHW XS
XQDRFLQD\VXD\XGDHVW\HQGRPXFKRPVDOOGHODPHUD DQ RIFH DQG KLV KHOS LV JRLQJ IDU EH\RQG PHUH DFFRXQWLQJ
FRQWDELOLGDG(VSRUHVWRSRUORTXHTXLVLHUDD\XGDUOH\SRUOR 7KDWVZK\,ZRXOGOLNHWRKHOSKLPDQGZK\,PDVNLQJIRU\RXU
TXHSLGRWXFRODERUDFLQ FROODERUDWLRQ

8QVDOXGR %HVWUHJDUGV

(VWLPDGRDOXPQR\DPLJR6L\ROHRIUHFLHUDXQWUDEDMRHQOD218VHJXUDPHQWHGHFOLQDUDPLRIHUWDDOHJDQGRXQGRPLQLRSREUHGHO
LQJOV6LQHPEDUJRHVPX\SRVLEOHTXHODPLWDGGHODJHQWHTXHVWUDEDMDHQODRUJDQL]DFLQHQFXHVWLQSRVHDFRQRFLPLHQWRVFRPRORV
VX\RVRPX\SRFRVPV6LXVWHGVXELHUDFRQPLJRXQDSRUXQDODVSODQWDVGHODVHGHQHR\RUTXLQDGHOD218REVHUYDUDDOJRLQFOXVR
PVVRUSUHQGHQWHWRGDYDHQWHQGHUDSHUIHFWDPHQWHDWRGRVFXDQGRKDEODQHQLQJOVSRUWHOIRQRRFDUDDFDUD
(VWDVSHUVRQDVHMHUFHQIXQFLRQHVLPSRUWDQWHVTXHH[LJHQXQGRPLQLRGHOLGLRPDLQJOV\GHKHFKRVXGRPLQLRHVVXFLHQWHSDUDUHDOL]DU
FRQ[LWRODVFLWDGDVIXQFLRQHV6LXVWHGORVHQWLHQGHSHUIHFWDPHQWHSRUTXPHGLFHTXHVXQLYHOGHLQJOVHVLQVXFLHQWHVLYXHOYRD
RIUHFHUOHHOWUDEDMRGHDQWHV"
4XWLHQHQHVWVSHUVRQDVTXHXVWHGQRWLHQH"3RUTXDSHVDUGHHQWHQGHUODVSHUIHFWDPHQWHQRVHDWUHYHDDFHSWDUPLRIHUWD"7LHQH
DOSDUHFHUORVPLVPRVFRQRFLPLHQWRVTXHWLHQHQHOORV&XOHVHOSUREOHPD"
(OSUREOHPDHVTXHOHIDOWDQDXVWHGSUHFLVDPHQWHODVWUHVFRVDVTXHHOORVVSRVHHQRGRFRQDQ]DDOKDEODU\DJLOLGDGRUDOFRQODJUDP
WLFDPVEVLFD\VHQFLOODGHOLGLRPD2,'2s&21),$1=$s$*,/,'$'*5$0$7,&$/
        
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VXQFRFKHJUDQGH ,WoVDELJFDU 9DDOWUDEDMRHQFRFKH +HGULYHVWRZRUN


6XFDVDHVSHTXHD +HUKRXVHLVVPDOO +D\DOJXQRVSUREOHPDVDKRUD 7KHUHDUHVRPHSUREOHPVQRZ
3HURHVXQDFDVDERQLWD %XWLWoVDSUHWW\KRXVH +D\SUREOHPDVWRGRVORVGDV 7KHUHDUHSUREOHPVHYHU\GD\
(OODHVDOWD\DWUDFWLYD6KHoVWDOODQGDWWUDFWLYH +D\RUHVHQODFRFLQD7KHUHDUHVRPHRZHUVLQWKHNLWFKHQ
(OODHVGH-DSQ 6KHoVIURP-DSDQ +D\SDQHQODFRFLQDWDPELQ 7KHUHoVVRPHEUHDGLQWKHNLWFKHQWRR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&UHRTXHOWHFRQRFH ,WKLQNKHNQRZV\RX 1RKDJDVQDGDKDVWDTXHWHGLJD'RQoWGRDQ\WKLQJXQWLO,WHOO\RX


0HORSXHGHVWUDHUDKRUD"&DQ\RXEULQJLWWRPHQRZ" 6LJXHPLVFRQVHMRV )ROORZP\DGYLFH VLQJXODU 
1ROHVHQVHHVHVR 'RQoWVKRZWKHPWKDW /ORUDUQRD\XGDDQDGD &U\LQJGRHVQoWKHOSDWDOO
&XOGHORVGRVTXLHUHV" :KLFKRQHGR\RXZDQW" 6LSXHGRWHOOHYDUDOO ,I,FDQ,oOOWDNH\RXWKHUH
VWHHVPHMRUTXHDTXO 7KLVRQHoVEHWWHUWKDQWKDWRQH *UDFLDVSRUWRGR 7KDQN\RXIRUHYHU\WKLQJ

7RZHU 7RUUH
6FUHHQ 3DQWDOOD

.H\V 7HFODV

.H\ERDUG 7HFODGR

0RXVH 5DWQ

9RFDEXODULR-RLQWV $UWLFXODFLRQHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWGHPDVLDGROHMRVSDUDOHHUOR ,WoVWRRIDUDZD\WRUHDG 7XHQIRTXHHVGLVWLQRDOPR <RXUDSSURDFKLVGLIIHUHQWIURPPLQH


$FUFDORPV\OROHHU %ULQJLWFORVHUDQG,oOOUHDGLW 1RKD\WDQWRVFRPRDQWHV 7KHUHDUHQoWDVPDQ\DVEHIRUH
+D]ORVHJQHOSURVSHFWR 'RLWDFFRUGLQJWRWKHGLUHFWLRQV $QWHVKDEDPV 7KHUHXVHGWREHPRUH
1RGHEHUDVKDEODUDV <RXVKRXOGQoWWDONOLNHWKDW 0HJXVWDFPRUPDVODVFDUWDV ,OLNHWKHZD\\RXVLJQOHWWHUV
OPHYDDVXELUHOVXHOGR +HoVJRLQJWRUDLVHP\VDODU\ 1RHVWR\DOGDHQWRGRHVWR ,oPQRWXSWRGDWHRQDOOWKLV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1XQFDPHKHHQDPRUDGR ,oYHQHYHUIDOOHQLQORYH 4XLQORVYXHOYHDPRQWDU" :KRSXWVWKHPEDFNWRJHWKHU"


(OTXHYHQJDQRQR :KHWKHUWKH\FRPHRUQRW 7HKDVSDVDGRHVWDYH] <RXoYHJRQHWRRIDUWKLVWLPH
/RHVSHURFRQLOXVLQ ,oPORRNLQJIRUZDUGWRLW 1RVDEUDVSRUFDVXDOLGDGf" <RXZRXOGQoWKDSSHQWRNQRZ"
'DOHODYXHOWDDODWRUWLOOD 7XUQWKHRPHOHWRYHU 7HQGUVTXHDJXDQWDUWH <RXoOOKDYHWRJULQDQGEHDULW
4XLPSRUWD" :KDWGLIIHUHQFHGRHVLWPDNH" 1RJXDUGRUHQFRU ,GRQoWKROGDJUXGJH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9HUERVLUUHJXODUHV
5HFXHUGDTXHHOSDVDGRGHOYHUERpWRWKLQNqVH
/DXJKWHULVWKHEHVWPHGLFLQH +RQHVW\LVWKHEHVWSROLF\ SURQXQFLDp]RUWq\QRFRPRVHHVFULEH
/DULVDHVHOPHMRUUHPHGLR /RPHMRUHVVHUIUDQFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6SULQJLVLQWKHDLU 7KHSHQLVPLJKWLHUWKDQWKHVZRUG IUDVHVHQLQJOV"
/DSULPDYHUDODVDQJUHDOWHUD 0VSXHGHODSOXPDTXHODHVSDGD 4XLHURTXHODHPSUHVDFUH]FD
4XLHUHVTXH(VSDDJDQH"
+HDOWKLVEHWWHUWKDQZHDOWK 7KHUHoVQRVXEVWLWXWHIRUH[SHULHQFH <RQRTXHUDTXHKLFLHUDVHVR
/DVDOXGHVODPHMRUULTXH]D 0VVDEHHOGLDEORSRUYLHMRTXH 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
SRUGLDEOR WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ

HVWDVIUDVHV

6RQPXFKDVODVYH]TXHPLVDPLJRPHSLGHQTXHOHVFXHQWHFPRPH 0HHQFDQWDQWXVRMRD]XO6LWHGLMHUDODVYH]TXHKHVRDGRFRQWXV
HQIDGRFXDQGRPLVHVWXGLDQWHQRXVDQODpVqDOQDOGHODVRUDFLQHQ ODELR\FRQHOSHUIXPHGHWXVFDEHOOR\FPRDQKHORVHQWLUWXRMRVFOD
LQJO2VDVHJXURTXHVLUHFLELHUDGRVGODUSRUODVYH]TXHPLVDOXPQR YDGRHQORVPR1XQFDPHFDQVRGHMDUPHHQWXVDQGDUHQODIRUPD
QRXVDQODGLFKRVDpVqVHUDPLOORQDULRFRPRORVPDJQDWHXRWURFDVRV HQTXHPXHYHVODVFDGHUD0HHQFDQWDFXDQGRVHWHVXEHQORVFRORU
VLPLODU VREUHWRGRFXDQGRKDEODVGHODVH[WUDDVYLVLQTXHWLHQHVDOJXQDV
YH]$PVHPHSRQHQORVSHORGHSXQWD
/DV SDODEUD SXHGHQ VHU SDODEUDV VLQJXODU R SDODEUDV SOXUDO /RV
VXVWDQWLYRV VLQJXODU QR OOHYDQ XQD pVq DO QDO \ ORV VXVWDQWLYRV 6LWIXHUDVSURIHVRUGHHVSDROFXOVHUDWXUHDFFLQHQFODVHVLWRGR
SOXUDOVODOOHYDQ&XDQGRORVHVWXGLDQWHVHVSDROQRSURQXQFLDQ WXVDOXPQRKDEODUDQDVFRQVWDQWHPHQWHGDWUDVGDPHVWUDPHV
ODpVqDOQDOGHORVSOXUDOVXHQDIDWDO0LWHQVLQVDQJXQHDVXEH DRWUDDR6HJXUDPHQWHFRJHUDVPDQDDODHQVHDQ]D\VREUHWRGR
YDULRSXQWRV\FDVLSLHUGRORVHVWULER&XDQGRPLVDOXPQRPHQR DOGLFKRVRYLFLRGHQRUHPDWDUORVSOXUDO7HQGUDVJDQDGHWLUDUODWRDOOD
WDQDVPHGLFHQ3HURKRPEUHTXPVGD"6LQRSURQXQFLDPRV 3XHORVHVSDROWHQLVODPDOGLWDPDQDGHFRPHURVODVpVqFDGDGRV
OD pVq FXDQGR KDEODPRV HQ FDVWHOODQR VLPSOHPHQWH FUHHQ TXH SRUWUH2VDVHJXURGHTXHVLSXGLUDLVFRUUHJLUVRODPHQWHHVWHHUURU\
VRPRVDQGDOX]3XHELHQWDOYHQRVXHQHPDOHQYXHVWUDOHQJXD QLQJXQRPYXHVWURQLYHOGHLQJOPHMRUMDUDHQXQDOLQVWDQWH2
SHURHQLQJOVXHQDKRUULEOHPHQWHPDO4XWDOVXHQDHQHVSD VHDHOGHODIDOWDGHFDOLGDGGHYXHVWURLQJOVHGHEHDTXHRJXVWD
ROHOSUUDIRDFRQWLQXDFLQ" PXFKRFRPHURODGLFKRVDpVqDOSURQXQFLDUORVSOXUDO

0X\VHRUPR 'HDU6LU

(OGHDEULOGHHVWHDR KDFHPHV\PHGLR FRPSUXQDODYD 2Q $SULO  RI WKLV \HDU D PRQWK DQG D KDOI DJR  , ERXJKW D
GRUD:+,7(/,1(HQXQDSHTXHDWLHQGDGHEDUULRFHUFDGHPL :+,7(/,1( ZDVKLQJ PDFKLQH LQ D VPDOO QHLJKERUKRRG VKRS
FDVD/DSDJXHQHIHFWLYR\XQMRYHQGHODWLHQGDPHODLQVWDODO QHDU P\ KRXVH , SDLG IRU LW LQ FDVK DQG D \RXQJ PDQ IURP
GDVLJXLHQWH GHDEULO 'RVGDVGHVSXVSRUFDXVDVTXHWDQWR WKH VKRS LQVWDOOHG LW IRU PH WKH IROORZLQJ GD\ $SULO   7ZR
PLHVSRVDFRPR\RGHVFRQRFHPRVODODYDGRUDGHMGHIXQFLR GD\VODWHUIRUFDXVHVQHLWKHUP\ZLIHQRU,NQRZWKHZDVKLQJ
QDUHLQXQGQXHVWUDFRFLQDFDGDYH]TXHLQWHQWDPRVSRQHUOD PDFKLQHVWRSSHGZRUNLQJDQGRRGHGRXUNLWFKHQHYHU\WLPH
HQPDUFKD ZHWULHGWRVWDUWLW

$OSRQHUQRVHQFRQWDFWRFRQODWLHQGDQRVGLMHURQTXHQRKD 8SRQ FRQWDFWLQJ WKH VKRS WKH\ WROG XV WKH\ GLG QRW GR
FDQPDQWHQLPLHQWR\TXHOODPUDPRVDOIDEULFDQWHHVGHFLUD PDLQWHQDQFHDQGWKDWZHVKRXOGFDOOWKHPDQXIDFWXUHUWKDW
9GV&XDQGRQRVSXVLPRVHQFRQWDFWRFRQ9GVVXGHSDUWDPHQ LV \RX :KHQ ZH FRQWDFWHG \RX \RXU VHUYLFH GHSDUWPHQW
WRGHVHUYLFLRQRVLQIRUPTXHQRSRGDSUHVWDUQRVVHUYLFLRFRQ LQIRUPHG XV WKDW LW FRXOG QRW JLYH XV VHUYLFH XQGHU WKH
DUUHJORDODVFRQGLFLRQHVGHODJDUDQWD\DTXHODWLHQGDGRQGH FRQGLWLRQVLQWKHZDUUDQW\VLQFHWKHVKRSZKHUHZHERXJKWWKH
FRPSUDPRVODODYDGRUDQRHUDXQFRQFHVLRQDULRDXWRUL]DGR ZDVKLQJPDFKLQHZDVQRWDQDXWKRUL]HGGHDOHU

3DUDGHFLUOHODYHUGDGQRHQWLHQGRQDGD6LHPSUHKHWHQLGRXQ 7RWHOO\RXWKHWUXWK,GRQWXQGHUVWDQGDWKLQJ,KDYHDOZD\V
DOWRFRQFHSWRGH:+,7(/,1(\PHSDUHFHH[WUDRTXHXQDFRP KDGDKLJKUHJDUGIRU:+,7(/,1(DQGLWVHHPVVWUDQJHWRPH
SDDWDQSUHVWLJLRVDSXHGDGHMDUDXQFOLHQWHWDQGHVDPSDUDGR WKDW VXFK D SUHVWLJLRXV FRPSDQ\ FRXOG OHDYH D FXVWRPHU VR
FRPRKDVLGRPLFDVR KHOSOHVVDVKDVEHHQP\FDVH

$WHQWDPHQWH 9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR/DVHRUDGHODL]TXLHUGDPDQHMDFRQWLQR\DFLHUWRWUHVRFXDWURWLHPSRVGH
ORVYHUERV\XQDVSDODEUDVGHYRFDEXODULR/RVPDQHMDFRQVHQFLOOH]SHURFRQDJLOLGDG6LXVWHGHV
FRPRODPD\RUDGHPLVDOXPQRVHVSDROHVHQWRQFHVVHSDUHFHPVDOVHRUGHODGHUHFKDTXLHQFUHH
TXHDSUHQGHUVLJQLFDVHJXLUDFXPXODQGRFRQRFLPLHQWRVQXHYRV\VHJXLUDGHQWUQGRVHHQWHUUHQRV
PVOHMDQRV\DYDQ]DGRVGHOLGLRPD3RUFLHUWRFRQR]FRDODVHRUD(VSUHVLGHQWDGHODOLDOHVSDROD
GHXQDJUDQPXOWLQDFLRQDOLQJOHVD7DPELQFRQR]FRDOVHRUGHODGHUHFKD$SHVDUGHOOHYDUDRVLQ
WHQWDQGRHQWHQGHU\DVLPLODUODHVWUXFWXUDGHOLQJOVPHGLDQWHFODVHV\PVFODVHVXQDRV\RWURQR
QRVHDWUHYHVDOLUDOH[WUDQMHURSDUDVXFRPSDDQLGXHUPHELHQFXDQGROHGLFHQTXHGHEHUHFLELUXQD
YLVLWDGHIXHUD\DWHQGHUOD 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHVRQ" :KHUHDUHWKH\IURP" (VWVFRPLHQGRPXFKR<RXoUHHDWLQJDORW


6RQGH5XVLD" $UHWKH\IURP5XVVLD" 6LQWDWHSRUIDYRU6LWGRZQSOHDVH
6RPRVGH86$ :HoUHIURPWKH6WDWHV 1RWHOHYDQWHV'RQoWJHWXS
(OODHVULFD 6KHoVULFK 0UDORV/RRNDWWKHP
(VULFROWDPELQ",VKHULFKWRR" /HOR\IUPDOR5HDGLWDQGVLJQLW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

9HQGUQFXDQGR\ROHVOODPH 7KH\oOOFRPHZKHQ,FDOOWKHP 'QGHOOXHYHPVDTX":KHUHGRHVLWUDLQWKHPRVWKHUH"


(VWDPRVMXJDQGRDODVFDUWDV :HoUHSOD\LQJFDUGV 6R\PVDOWRTXHW,oPWDOOHUWKDQ\RXDUH
1ROHJXVWDLUDOSDUTXH +HGRHVQoWOLNHWRJRWRWKHSDUN 1RHUHVWDQDOWRFRPR\R<RXoUHQRWDVWDOODV,DP
4XHVORTXHOHJXVWDKDFHU" :KDWGRHVKHOLNHWRGR" +D\PVDUHQDDTXTXHDOO7KHUHoVPRUHVDQGKHUHWKDQWKHUH
&XQGRWLHQHHOODVXFODVH" :KHQGRHVVKHKDYHKHUFODVV" 1RKD\WDQWDDUHQDFRPRDTX7KHUHLVQoWDVPXFKVDQGWKHUH
DVKHUH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RVORTXHTXLHUHVGHFLU ,GRQoWNQRZZKDW\RXPHDQ )RUPXODREMHWLYRVSULPHUR6HWREMHFWLYHVUVW


4XVLJQLFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ" 0HGXHOHHOKRPEURGHUHFKR0\ULJKWVKRXOGHUKXUWV
3RUTXPLHQWHOWDQWR" :K\GRHVKHOLHVRPXFK" 'QGHWHGXHOH":KHUHGRHVLWKXUW
1XQFDVHKDKHFKR ,WoVQHYHUEHHQGRQH (VWRSHUMXGLFDUQXHVWUDVYHQWDV7KLVZLOOKXUWRXUVDOHV
3RUTXQXQFDVHKDKHFKR" :K\KDVQoWLWHYHUEHHQGRQH" +D]ORTXHGLJRQRORTXHKDJR'RZKDW,VD\QRWZKDW,GR
(VLQWLOFRQWLQXDU ,WoVSRLQWOHVVWRFRQWLQXH $YDQFHDWRGDPTXLQD)XOOVSHHGDKHDG IXOOVWHDPf

+DQGOHEDUV 0DQLOODU
6DGGOH 6LOOQ

:KHHOV 5XHGDV
&KDLQ &DGHQD

3HGDOV 3HGDOHV

9RFDEXODULR%LF\FOH %LFLFOHWD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VXQDSUGLGDGHWLHPSR ,WoVDZDVWHRIWLPH 1RWHDJDFKHVSDUDUHFRJHUOR'RQoWEHQGGRZQWRSLFNLWXS


7LHQHVEXHQDVSHFWRKR\ <RXORRNJRRGWRGD\ QLFH  (VPLVLQR,WoVP\IDWH
6HPHDFHUF\VRQUL +HFDPHXSWRPHDQGVPLOHG (UHVJDIH<RXoUHDMLQ[
(VWR\WRWDOPHQWHGHVSLHUWR ,oPZLGHDZDNH 3ULPHURVDOGDQGRPDUFKDDWUV)LUVWEDFNRXW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV )XWXURFRQpJRLQJWRq

%UDLQLVEHWWHUWKDQEUDZQ /LJKWQLQJQHYHUVWULNHVWZLFHLQWKH /DIRUPDGHH[SUHVDUHOIXWXURPVXWLOL]DGD



0VYDOHPDDTXHIXHU]D VDPHSODFH HQLQJOV
1RKD\WHPSHVWDGTXHPXFKRGXUH
%HWWHUODWHWKDQQHYHU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0VYDOHWDUGHTXHQXQFD <RXoOOJHWRYHULW IUDVHVHQLQJOV"
<DORVXSHUDUV OYDDOODPDUPVWDUGH
+LVEDUNLVZRUVHWKDQKLVELWH 1RRVYDDJXVWDUODSURSXHVWD
3HUURODGUDGRUSRFRPRUGHGRU 0DQFDQQRWOLYHE\EUHDGDORQH 9DDIXQFLRQDUPLSODQ"
1RVORGHSDQYLYHHOKRPEUH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3ULPHURYR\DODSOD\D\GHVSXVDOTXLRVFR\GHVSXVDOEDU\GHVSXVYROYHUDFDVD

(QHVWDIUDVHODSDODEUDpGHVSXVqDSDUHFHFXDWURYHFHV )MHVHHQHVWDQDUUDWLYD
|1RVHOHRFXUUDMDPVXVDUODSDODEUDpDIWHUqHQHVWRVFDVRVHQLQJOV
$IWHU GHVSXVGH 3DXOD(LVHQEDFKLVJRLQJRQYDFDWLRQWRPRUURZPRUQLQJ6KHoOO
7KHQ GHVSXV UHQW D FDU DQG GULYH WR 3DULV 6KHoOO VSHQG WKUHH GD\V LQ 3DULV
6LXVDUDODSDODEUDpDIWHUqHQODFLWDGDIUDVHWUDGXFLGDDOLQJOVHV DQGWKHQGULYHWR0RQWH&DUORZKHUHVKHoOOVWD\IRUWZRQLJKWV
WDUDGLFLHQGRORVLJXLHQWH3ULPHURYR\DLUDODSOD\D\GHVSXV 7KHQVKHoOOGULYHWR,WDO\WRYLVLW3LVD)ORUHQFHDQG9HQLFH6KHoOO
GHDOTXLRVFR\GHVSXVGHDOEDU\GHVSXVGHYROYHUDFDVD VWD\VL[GD\VLQ,WDO\7KHQVKHoOOGULYHEDFNWR*HUPDQ\WKURXJK
3RUORWDQWRQRXVHQXQFDpDIWHUqFXDQGRTXLHUHH[SUHVDUHQIRU $XVWULD6KHoOOVWD\RQHQLJKWLQ,QQVEUXFNDQGWKHQGULYHEDFN
PDQDUUDWLYDpGHVSXVqRpOXHJRq8VHpWKHQqRpDQGWKHQq WR+HLGHOEHUJ

(VWLPDGRVVHRUHV *HQWOHPHQ

(OSUHVHQWHGRFXPHQWRHVXQLPSUHVRGHSHGLGRTXH9GGHEH 7KLVGRFXPHQWLVDQRUGHUIRUPWKDW\RXVKRXOGUHDGDQGVLJQ
OHHU\UPDUVLHVWFRQIRUPHFRQODVFRQGLFLRQHVH[SXHVWDV LI \RX DJUHH ZLWK WKH WHUPV VHW GRZQ KHUHLQ ,I \RX GR QRW
HQHOPLVPR6LQRHVWFRQIRUPHSQJDVHHQFRQWDFWRFRQOD DJUHHFRQWDFWWKHSHUVRQLQGLFDWHGLQWKHER[WKDWDSSHDUVLQ
SHUVRQDLQGLFDGDHQODFDVLOODTXHDSDUHFHHQODSDUWHLQIHULRU WKHERWWRPULJKWKDQGFRUQHURIWKLVGRFXPHQW
GHUHFKDGHHVWHGRFXPHQWR
3OHDVHUHDGWKHIROORZLQJFRQGLWLRQVLQRUGHUWRDYRLGSRVVLEOH
5RJDPRV OHD ODV VLJXLHQWHV FRQGLFLRQHV FRQ HO Q GH HYLWDU PLVXQGHUVWDQGLQJV
SRVLEOHVPDOHQWHQGLGRV
7KHLQYRLFHVKDOOLQGLFDWHWKHRUGHUQXPEHUWKDWDSSHDUVLQ
/DIDFWXUDLQGLFDUHOQPHURGHSHGLGRTXHDSDUHFHHQOD WKHWRSULJKWKDQGFRUQHURIWKLVGRFXPHQW
FDVLOODGHODSDUWHVXSHULRUGHUHFKDGHHVWHGRFXPHQWR 7KHLQYRLFHVKDOOLQFOXGHWKHEDQNDQGDFFRXQWQXPEHUWR
/DIDFWXUDLQFOXLUHOEDQFR\QPHURGHFXHQWDDORVTXH ZKLFKWKHSD\PHQWVKRXOGEHPDGH
KDGHHIHFWXDUVHHOSDJR &RSLHVRIWKHLQYRLFHDQGGHOLYHU\QRWHVKDOOEHYLVLEOHRQ
&RSLDVGHODIDFWXUD\GHODOEDUQGHEHUQHVWDUYLVLEOHVHQ WKHRXWVLGHRIWKHSDFNDJH
HOH[WHULRUGHOHPEDODMH
,I\RXKDYHDQ\TXHVWLRQVRQWKHFRQWHQWVRIWKLVGRFXPHQWGR
6LWLHQHFXDOTXLHUSUHJXQWDDFHUFDGHOFRQWHQLGRGHHVWHGR QRWKHVLWDWHWRFRQWDFWXV
FXPHQWRQRGXGHHQSRQHUVHHQFRQWDFWRFRQQRVRWURV

$WHQWDPHQWH 6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR9DDQHFHVLWDUXQDOXSDSDUDOHHUORTXHGLFHQXHVWURDPLJRDODL]TXLHUGD6HWUDWD
GHOPHMRUSURIHVRUGHLQJOVTXHFRQR]FR\OOHYRDRVREVHUYDQGRHOWUDEDMRGHFHQWHQDUHVGHSURIHVRUHV6XV
DOXPQRVOHDGRUDQDSHVDUGHTXHOOHVH[LJHDGLDULRDKDFHUXQHVIXHU]RJUDQGH/HVSUHVLRQDOHVDQLPDOHV
LPSORUDOHVSURYRFDOHVVXSOLFDOHVDPHQD]DOHVLQVLVWHOHVSHUVLJXHOHVSUHGLFDOHVVHUPRQHDOHVLUULWDOHVSLQ
FKDOHVUHWDOHVGHVDIDOHVDJUDGDOHVHQWUHWLHQH\HQGHQLWLYDOHVHQVHDFRQDEVROXWDFLHQFLD\DUWH+DFLDO
VXVDOXPQRVVLHQWHQUHVSHWRDSUHFLR\KDVWDDGPLUDFLQ\VLHQWHQODREOLJDFLQ\HOGHVHRGHWUDEDMDUDOP[LPR
SDUDSURJUHVDU\QDOPHQWHUHPDWDUODIDHQD/RKDFHQSRUO\HQOWLPRWUPLQRSDUDHOORVPLVPRV(VHODOXP
QRTXLHQUHVXHOYHHOWHPDGHOLQJOVSHURHVHOSURIHVRUTXLHQGHVHPSHDHOSDSHOPVFUWLFRHLPSUHVFLQGLEOH
HOSDSHOGHPRWLYDUDOP[LPRDODOXPQR6LVXSURIHVRUQROHWUDWDFRPRPLDPLJRGHDOODGRWUDWD\PRWLYDDVXV
DOXPQRVEXVTXHRWURSURIHVRU\VLJDEXVFDQGRKDVWDHQFRQWUDUOR
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VDUHJLQHVSREUH 7KDWUHJLRQLVSRRU 1RVHORGHVD3HGUR 'RQoWJLYHLWWR3HWHU


/DJHQWHDOOHVSREUH 7KHSHRSOHWKHUHDUHSRRU $FXVWDWH *RWREHG
&KLQDHVXQSDVPX\JUDQGH &KLQDoVDYHU\ELJFRXQWU\ (VFUEHORFRQHVWHEROJUDIR :ULWHLWZLWKWKLVSHQ
(VWHQ$VLD ,WoVLQ$VLD 1ROOHYHVFRVDVSHVDGDV 'RQoWFDUU\KHDY\WKLQJV
$VLDHVXQFRQWLQHQWH $VLDoVDFRQWLQHQW 7HHVWR\HVFXFKDQGR ,oPOLVWHQLQJWR\RX

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&PRIXQFLRQD" +RZGRHVLWZRUN" +D\PVJHQWHTXHDQWHV 7KHUHDUHPRUHSHRSOHWKDQEHIRUH


$TXVHGHGLFDHOOD" :KDWGRHVVKHGR" 1RKD\WDQWDJHQWHFRPRDQWHV 7KHUHDUHQoWDVPDQ\SHRSOHDVEHIRUH
4XKDFHHOODDKRUD" :KDWoVVKHGRLQJQRZ" 7UWDOHVFRQPXFKRFXLGDGR 7UHDWWKHPYHU\FDUHIXOO\
3RUTXIXPDHOODHQFODVH" :K\GRHVVKHVPRNHLQFODVV" 0HDOHJURGHTXH-XDQHVW ,oPJODG-RKQoVKHUH
4XLQODFRQRFH" :KRNQRZVKHU" 0HDOHJURGHTXHOYLQLHUD ,oPJODGKHFDPH

&RDW 3HOR
7DLO &ROD

/HJ 3DWD

6QRXW 0RUUR

3DZ 3LH &ODZV *DUUDV

9RFDEXODULR'RJ 3HUUR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1XQFDORKDJR ,QHYHUGRLW 6LJDWRGRUHFWR *RVWUDLJKWDKHDG


3RUTXQXQFDORKDFHV" :K\GRQoW\RXHYHUGRLW" 1RPHDPHQDFHV 'RQoWWKUHDWHQPH
1XQFDORKDUQ 7KH\oOOQHYHUGRLW 6LHVGHPDVLDGRFRUWRDOUJDOR ,ILWoVWRRVKRUWOHQJWKHQLW
3RUTXQXQFDORKDUQ" :K\ZRQoWWKH\HYHUGRLW" (VWRWHDODUODPHQWH 7KLVZLOOVKDUSHQ\RXUPLQG
&XQGRVHKDU" :KHQZLOOLWEHGRQH" /HGLXQDSUHWQGHPDQRV ,VKRRNKDQGVZLWKKLP

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VWSURIXQGDPHQWHGRUPLGR +HoVVRXQGDVOHHS 1RWHDVRPHVSRUODYHQWDQD 'RQoWOHDQRXW RI WKHZLQGRZ


,QYHQWDXQDKLVWRULD 0DNHXSDVWRU\ &PRWHORSXHGRFRPSHQVDU" +RZFDQ,PDNHLWXSWR\RX"
0HPXHURGHKDPEUH ,oPVWDUYLQJ $SDJDODYHOD %ORZRXWWKHFDQGOH
(VWVDSXQWRGHSHUGHUORWRGR <RXoUHDERXWWRORVHHYHU\WKLQJ <DQRYDOHODSHQD ,WoVQRWZRUWKLWDQ\PRUH
(VWR\KDUWRGHOLQJOV ,oPVLFNDQGWLUHGRI(QJOLVK 1RSXHGRGREODUODURGLOOD ,FDQoWEHQGP\NQHH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (OXVRGHOLPSHUVRQDO
+DVWDTXHQRVHSDPRVODLGHQWLGDGGHODSHUVRQD
,WoVOLNHWDONLQJWRDEULFNZDOO /HWVOHHSLQJGRJVOLH FRQTXLHQHVWDPRVKDEODQGRVROHPRVHPSOHDU
(VFRPRKDEODUDODSDUHG 0HMRUQRUHPRYHUHODVXQWR ODIRUPDLPSHUVRQDO

:DOOVKDYHHDUV 0LVIRUWXQHVDOZD\VFRPHLQWKUHHV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


+D\URSDWHQGLGD 1RKD\GRVVLQWUHV IUDVHVHQLQJOV"
(VWHHV1LJHO3HUNLQV"
7KHFRDVWLVFOHDU ,IDWUVW\RXGRQoWVXFFHHGWU\ (V3KLOOLS-RKQVRQ"
1RKD\PRURVHQODFRVWD DQGWU\DJDLQ 4XLQHV"
 3HUVHYHUD\WULXQIDUV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
 WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
6SHDNYV7DON HVWDVIUDVHV

 ,ZRXOGOLNHWRVSHDNWR\RX 'LUHFWR\IRUPDO6HJQHOWRQRHPSOHDGRSRGUDLQWLPLGDUXQSRFR
 ,ZRXOGOLNHWRWDONWR\RX 'LUHFWR\PHQRVIRUPDO+DFHIDOWDIRU]DUHOWRQREDVWDQWHSDUDTXHLQWLPLGH
 ,ZRXOGOLNHWRVSHDNZLWK\RX 'DODLGHDGHFRQVXOWDUIRUPDOPHQWHFRQODRWUDSHUVRQD
 ,ZRXOGOLNHWRWDONZLWK\RX 'DODLGHDGHFKDUODULQIRUPDOPHQWH

(OYHUERpWRVSHDNqVLJQLFDpKDEODUqHQHOVHQWLGRGHHPLWLUVRQLGRVLQWHOLJLEOHVGHQWURGHXQOHQJXDMHFRPSUHQVLEOH(OYHUERpWRWDONq
VLJQLFDpKDEODUqHQHOVHQWLGRGHPDQWHQHUXQDFRQYHUVDFLQ)MDWHHQODVIUDVHVVLJXLHQWHV\FPRDOJXQDVVXHQDQDEVXUGDV

 <RXQHHGWRVSHDNORXGHU 1HFHVLWDVKDEODUPVDOWR
 <RXQHHGWRWDONORXGHU 1HFHVLWDFRQYHUVDUPVDOWR HVWDIUDVHQRHVDEVXUGDHQLQJOV6HSXHGHGHFLU
 7KHPXPP\RSHQHGKLVH\HVDQGVSRNHWRPH /DPRPLDDEULVXVRMRV\PHKDEO
 7KHPXPP\RSHQHGKLVH\HVDQGWDONHGWRPH /DPRPLDDEULVXVRMRV\PHFRQWXQDVFXDQWDVFRVDV
 <RXUFKLOGVSHDNVDORWLQFODVV 6XKLMRSDUWLFLSDRUDOPHQWHPXFKRHQFODVH
 <RXUFKLOGWDONVDORWLQFODVV 6XKLMRKDEODPXFKRHQFODVH +D\TXHOODPDUOHODDWHQFLQ 
 :HUH\RXVSHDNLQJWRPH" 6HHVWDEDGLULJLHQGRXVWHGDP"
 :HUH\RXWDONLQJWRPH" 0HKDEODEDVDP"

(VWLPDGR-XDQ 'HDU-RKQ

3ULPHURTXLHURUHFRUGDUWHTXHWHQHPRVXQDUHXQLQSUHYLV )LUVW RI DOO , ZDQW WR UHPLQG \RX WKDW ZH KDYH D PHHWLQJ
WDSDUDHOSU[LPRPLUFROHVGDHQODVDODD]XOGHOKRWHO VFKHGXOHGIRUQH[W:HGQHVGD\WKHWKLQWKHEOXHURRPRIWKH
=XUEDUQ7HGLJRHVWRSRUTXHUHFXHUGRTXHODOWLPDYH]TXH =XUEDUDQ+RWHO,PWHOOLQJ\RXWKLVEHFDXVH,UHPHPEHUWKDWWKH
MDPRVXQDUHXQLQSDUHFLGDFRQWDQWDDQWHODFLQVHWHRO ODVW WLPH ZH VHW D VLPLODU PHHWLQJ VR IDU LQ DGYDQFH \RX IRUJRW
YLG(VSHURTXHWXPHPRULDQRWHIDOOHHVWDYH] DERXWLW,KRSH\RXUPHPRU\GRHVQWIDLO\RXWKLVWLPH

7HHVFULERSRUTXHHORWURGDWURSHFFRQ&KDUOH\3RUWHUFXDQ ,PZULWLQJ WR \RXEHFDXVHWKHRWKHUGD\,UDQLQWR&KDUOH\3RUWHU


GRFRPDFRQHOYLFHSUHVLGHQWHGHO%DQFR3XH\RHQ(O*UDQHUR ZKHQ , ZDV KDYLQJ OXQFK ZLWK WKH YLFHSUHVLGHQW RI WKH 3XH\R
+DDGHOJD]DGRPXFKR\PHGLFHTXHDKRUDWUDEDMDFRPRFRQ %DQNLQ(O*UDQHUR+HVORVWDORWRIZHLJKWDQGKHWHOOVPHWKDW
VXOWRUHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\DGTXLVLFLRQHV/H KHQRZZRUNVDVDFRQVXOWDQWLQVXEMHFWVUHODWHGWRPHUJHUVDQG
FRQWTXHHVWDEDVEXVFDQGRXQDIRUPDGHYHQGHUSDUWHGHWX DFTXLVLWLRQV,WROGKLPWKDW\RXZHUHORRNLQJIRUDZD\WRVHOOSDUW
HPSUHVDDXQVRFLRH[WUDQMHUR\OSDUHFLPX\LQWHUHVDGRHQ RI\RXUFRPSDQ\WRDIRUHLJQSDUWQHUDQGKHVHHPHGYHU\LQWHUHVWHG
FRQRFHUPVGHWDOOHV/HGLWXQPHURGHWHOIRQR LQNQRZLQJPRUHGHWDLOV,JDYHKLP\RXUWHOHSKRQHQXPEHU

(VSHURTXHQRWHLPSRUWH3XHGHTXH&KDUOH\QRVHDODSHUVR , KRSH \RX GRQW PLQG &KDUOH\ PD\ QRW EH WKH PRVW SOHDVDQW
QDPVDJUDGDEOHGHOPXQGRSHURWLHQHVTXHUHFRQRFHUTXH SHUVRQLQWKHZRUOGEXW\RXKDYHWRDGPLWKHNQRZVWKHUXOHVRI
FRQRFHODVUHJODVGHOMXHJRPHMRUTXHODPD\RUD WKHJDPHEHWWHUWKDQPRVW

0DQWHQPHDOFRUULHQWH .HHSPHLQIRUPHG

6DOXGRV 5HJDUGV

(VWLPDGRDPLJR\DOXPQR0HTXHGDSRFRHVSDFLRDTXDEDMRSDUDGHFLUWHDOJRFRQVWUXFWLYRSHURYR\DLQWHQWDUOR6LWHGLMHUDORTXHFREUR
SRUXQDFODVHPHGLUDVp|TXFDURq<DQWHWXUHDFFLQ\RWHGLUDFRQPXFKDFDOPD4XGHVHDVFODVHVGHLQJOVRDSUHQGHULQJOV"6LOR
TXHGHVHDVVRQFODVHVGHLQJOVHQWRQFHVVVR\FDURSHURVLORTXHTXLHUHVHVDSUHQGHUGHXQDYH]SRUWRGDVPLLGLRPDHQWRQFHVVR\HO
PVEDUDWRGHOPHUFDGR6VR\HOPVEDUDWRHQWUPLQRVGHXQLGDGGHDSUHQGL]DMHSRUHXURJDVWDGR5HFXHUGDODIRUPDFLQH[LVWHSDUD
FDPELDUDODJHQWH\VLHOFDPELRQROOHJDHOMXLFLRHVFRQFOX\HQWHSRUPXFKRDKRUURQHJRFLDGRHQHOSUHFLRHOGLQHURJDVWDGRHVGLQHURGH
XQQHFLR
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

%DUFHORQDHVWFHUFDGH*HURQD %DUFHORQDLVQHDU*HURQD &XOHVWXFRFKH":KLFKRQHoV\RXUFDU"


*HURQDHVWOHMRVGH&GL] *HURQDLVIDUIURP&DGL] (OPRHVHOURMR0LQHLVWKHUHGRQH
1RHVWR\FDQVDGR ,oPQRWWLUHG (OVX\R GHHOOD HVHOD]XO+HUVLVWKHEOXHRQH
OQRWLHQHKDPEUH +HoVQRWKXQJU\ (OVX\R GHHOOD HVWDOODGR
GHOGH3HWHU",VKHUVWKHRQHQH[WWR3HWHUoV"
7LHQHVVHG" $UH\RXWKLUVW\" 1RHOGH3HWHUHVWDOODGRGHOPR1R3HWHUoVLVQH[WWRPLQH

 /RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+D\VDOHQODPHVD" ,VWKHUHDQ\VDOWRQWKHWDEOH" 'LMHTXHHUDXQDEXHQDLGHD,VDLGLWZDVDJRRGLGHD


1RKD\DJXDHQODQHYHUD 7KHUHLVQoWDQ\ZDWHULQWKHIULGJH /HGLMHTXHHUDXQDEXHQDLGHD,WROGKHULWZDVDJRRGLGHD
OGLVIUXWDWUDEDMDQGRORV 'RHVKHHQMR\ZRUNLQJ 1RHVWR\WDQHQIRUPDFRPR
VEDGRV"RQ6DWXUGD\V"PLKHUPDQR,oPQRWDVWDVP\EURWKHU
OYLHQHPDDQD +HoVFRPLQJWRPRUURZ 1RVORTXHTXLHUHVGHFLU,GRQoWNQRZZKDW\RXPHDQ
+DFHIURIXHUD" ,VLWFROGRXWVLGH" 5HDOPHQWHQRWLHQHLPSRUWDQFLD,WUHDOO\GRHVQoWPDWWHU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/HVSHGTXHPHD\XGDVHQ,DVNHGWKHPWRKHOSPH 'HEHUDVSHGLUOHD\XGD DHOOD  <RXVKRXOGDVNKHUIRUKHOS


'LMHURQFXQGRORVDEUDQ" 'LGWKH\VD\ZKHQWKH\ZRXOG 3RUTXQROHHVFULEHV" DO  :K\GRQoW\RXZULWHWRKLP"
NQRZ"
1RHVWR\WDQHQIRUPDFRPR 1RVFRQGXFLUXQFRFKH ,GRQoWNQRZKRZWRGULYHDQ
DQWHV ,oPQRWDVWDV,XVHGWREH DXWRPWLFR DXWRPDWLFFDU
6LHPSUHKHVLGRPDOVLPRHQ
PDWHPWLFDV ,oYHDOZD\VEHHQWHUULEOHDWPDWKV (VWQDSXQWRGHUPDUHO 7KH\oUHDERXWWRVLJQWKH
(OLQJOVHVFDGDYH]PV (QJOLVKLVPRUHDQGPRUH FRQWUDWR FRQWUDFW
LPSRUWDQWHKR\HQGD LPSRUWDQWQRZDGD\V 7LHQHVKXHYRHQODEDUELOOD <RXoYHJRWVRPHHJJRQ\RXUFKLQ

7DLOQ &ROD &RFNSLW &DELQDGHOSLORWR

(QJLQH 0RWRU

$LOHURQ $OHUQ :LQJV $ODV

9RFDEXODULR3ODQH $YLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3HUPWHPHTXHWHSUHVHQWHD /HWPHLQWURGXFH\RXWRP\ZLIH (VWR\OH\HQGRXQOLEURDVGHJRUGR ,oPUHDGLQJDERRNWKDWWKLFN


PLPXMHU
3UHIHULUDTXHQRGLMHUDVQDGD ,oGUDWKHU\RXGLGQoWVD\DQ\WKLQJ 1RWLHQHEXHQDSLQWD ,WoVQRWORRNLQJJRRG
(QWUHQODHPSUHVDKDFHGLH]DRV ,MRLQHGWKHFRPSDQ\WHQ\HDUVDJR 1RPHJXVWDUDHVWDUHQVXSLHO ,ZRXOGQoWOLNHWREHLQKLVVKRHV
'HEHUDKDEHUVDELGRTXHHVR ,VKRXOGKDYHNQRZQWKDW |2MDOQRKXELHVHQDFLGRQXQFD ,ZLVK,oGQHYHUEHHQERUQ
RFXUULUD ZRXOGKDSSHQ
0HSUHJXQWRVLOVHUFDSD]GH ,ZRQGHULIKHoOOEHFDSDEOHRI /RVSUHFLRVGHODVDFFLRQHVKDQ 6KDUHSULFHVKDYHSOXPPHWHG
DYHULJXDUORVROR ZRUNLQJLWRXWRQKLVRZQ FDGRHQSLFDGROWLPDPHQWH UHFHQWO\


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDO6DEHUKDFHUDOJR

7RHDFKKLVRZQ +HPHWKLVPDWFK 1RROYLGHVTXHpVDEHUKDFHUDOJRqVHGLFHpWR
&DGDRYHMDFRQVXSDUHMD 6HHQFRQWUFRQODKRUPDGHVX NQRZKRZWRGRVRPHWKLQJq
]DSDWR
0RQH\WDONV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&RQGLQHUREDLODHOSHUUR 0RQH\GRHVQoWJURZRQWUHHV IUDVHVHQLQJOV"
(OGLQHURQRFUHFHHQORVUEROHV (OODVDEHWRFDUHOSLDQR
(DVLHUVDLGWKDQGRQH OVDEHYHQGHUKLHORDORVHVTXLPDOHV
'HOGLFKRDOKHFKRKD\XQWUHFKR /LIHLVQoWDEHGRIURVHV 1RVDEHVQDGDU"
/DYLGDQRHVXQOHFKRGHURVDV 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
0X\LPSRUWDQWHODSURQXQFLDFLQGHpPRQH\qHVpPQLq

$ORPHMRUVDEHVGHFLUpJUDFLRVRqHQLQJOV6HGLFHIXQQ\ SURQXQ IXQQ\PRQH\


FLDGRpIQLq  /DV GRV SDODEUDV VXHQDQ H[DFWDPHQWH LJXDO ULPDQ 3UDFWFDODV
3XHVVL\DFRQRFHVODSDODEUDpIXQQ\qSUDFWLFDXQDVPLOYHFHVDOGD SRUTXHHQORVDRVTXHOOHYRHQVHDQGRLQJOVDHVSDROHVWR
HOVLJXLHQWHHMHUFLFLRGLQHURJUDFLRVR GDYDQRFRQR]FRDQDGLHTXHSURQXQFLHELHQODSDODEUDpPRQH\q

(VWLPDGR6U%RQLOOD 'HDU0U%RQLOOD

7DO\FRPRDFRUGDPRVHQQXHVWUDUHXQLQGHOPDUWHVOHDGMXQWR $V DJUHHG XSRQ LQ RXU 7XHVGD\ PHHWLQJ , KDYH HQFORVHG
FRQODSUHVHQWHXQDUHODFLQFRPSOHWDGHODVSHUVRQDVTXHSRVHHQ KHUHZLWKDFRPSOHWHOLVWRIWKHSHRSOHZKRRZQVKDUHVLQ\RXU
DFFLRQHVHQVXFRPSDD/DOLVWDLQFOX\HSHUVRQDVQRVORGH(V FRPSDQ\ 7KH OLVW LQFOXGHV SHRSOH QRW RQO\ IURP 6SDLQ EXW
SDDVLQRGHO5HLQR8QLGR(VWDGRV8QLGRV\/HMDQR2ULHQWH3DUH IURPWKH8QLWHG.LQJGRPWKH8QLWHG6WDWHVDQGWKH)DU(DVW
FHTXHVXHPSUHVDHVEDVWDQWHSRSXODUHQWUHDOJXQRVJHVWRUHVGH ,WVHHPV\RXUFRPSDQ\LVTXLWHSRSXODUDPRQJVRPHSHQVLRQ
IRQGRVGHSHQVLRQHVTXHSRUORYLVWRWLHQHQPVIHHQHOIXWXUR IXQGPDQDJHUVZKRDSSDUHQWO\KDYHPRUHIDLWKLQWKHIXWXUH
GHOQHJRFLRTXH9GPLVPR RIWKHEXVLQHVVWKDQ\RX\RXUVHOIGR

5HIHUHQWHDODQXHYDHPLVLQGHFDSLWDO FDSLWDOVWRFNLVVXH QR &RQFHUQLQJ D QHZ FDSLWDO VWRFN LVVXH , FDQQRW WHOO \RX \HW
SXHGRGHFLUOHWRGDYDVLKD\VXFLHQWHLQWHUVSRUSDUWHGHORVLQ LI WKHUH LV HQRXJK LQWHUHVW RQ WKH SDUW RI LQYHVWRUV WR FRYHU
YHUVRUHVHQFXEULUOD1HFHVLWRFRQWLQXDUPLVFRQWDFWRVFRQFLHUWRV LW,QHHG WRFRQWLQXHP\FRQWDFWVZLWKFHUWDLQVWRFNPDUNHW
DQDOLVWDVEXUVWLOHVSDUDWHQHUXQDJDPDFRPSOHWDGHRSLQLRQHV DQDO\VWVLQRUGHUWRJHWDFRPSOHWHUDQJHRIRSLQLRQV

(VSHURYROYHUDSRQHUPHHQFRQWDFWRFRQ9GFRPRPVWDUGHHO ,KRSHWREHEDFNLQWRXFKZLWK\RXE\:HGQHVGD\RIQH[WZHHN
PLUFROHVGHODVHPDQDSU[LPD(QWUHWDQWROHHQYRPLVPVFRU DWWKHODWHVW,QWKHPHDQWLPHP\ZDUPHVWUHJDUGV
GLDOHVVDOXGRV

$WHQWDPHQWH 6LQFHUHO\

(VWLPDGRDPLJR\DOXPQRWHEULQGRXQSRHPDTXHQDUUDXQKHFKRTXHWXYROXJDUKDFHXQRVDRV

)HOLSHTXHUtDSHGLUXQDVFHQVR
4XHUtDUHVSHWREXVFDEDFRQVHQVR 3RUDTXHOHQWRQFHV)HOLSHWHQGUDXQRVDRV(UDXQMRYHQLQTXLHWR\FRQPXFKRDIQGH
4XHUtDGLQHURVHFUHtDH[SHUWR VXSHUDFLQ 'LULJD XQD VHFFLQ GHQWUR GH OD OLDO GH XQD HPSUHVD QRUWHDPHULFDQD GH SUR
<HQHVRVHIXHDKDEODUFRQ$OEHUWR GXFWRVGHSHUIXPHUD6HFUHDXQIHQPHQR\HQFLHUWDPHGLGDORHUD6LQHPEDUJR$OEHUWR
YHWHUDQRGLUHFWRUGH5HFXUVRV+XPDQRVOHSXVRHQVXVLWLR\)HOLSHSDVRWURVFXDWURDRVHQ
0HPDQHMRHQWRGR
5HVXHOYR\DUUDVR ODFDVDDQWHVGHVHUSURPRFLRQDGR
6R\OLVWRQRERER
6ROYHQWRFDGDFDVR +DUWRGHQRHQFRQWUDUVXFDPLQRSURIHVLRQDOSRUFXOSDGHOLQJOVGHMODHPSUHVD\GHGLFXQ
DRDUHVROYHUHOWHPDGHOLGLRPD6HJDVWPLOHXURVKRUDVGHFODVHVSDUWLFXODUHVHQ
0HPHUH]FRPiVSDVWD
<XQGHVSDFKRFRQYLVWDV (VSDDVHJXLGDVGHWUHVPHVHVHQXQFDPSXVXQLYHUVLWDULRHQ&DQDGHVWXGLDQGRDSOLFDFLR
6R\XQWtRFRQFDVWD QHVLQIRUPWLFDVPDUNHWLQJ\GLUHFFLQLQWHUQDFLRQDO6HFRGHDEDDGLDULRFRQXQRVFRP
<GHODVPHQWHVPiVOLVWDV SDHURVHQFODVHWRGRVFDQDGLHQVHVRQRUWHDPHULFDQRV+L]RPXFKDVDPLVWDGHV\FRQYLUWL
ODVKRUDVWHULFDVGHFODVHHQXQDFRQVWDQWHSUFWLFDHQ&DQDG
&RQHVWR$OEHUWRFRQXQJHVWRVLQFHUR
6HHFKySDUDDWUiVHQVXVLOODGHFXHUR
$PLJR)HOLSHHUHVWRGRXQWtR $KRUDQXHYHDRVPVWDUGH)HOLSHHVHOGLUHFWRUJHQHUDOGHXQDOLDOHVSDRODGHXQDDVH
3HURWHIDOWDXQDFRVDTXHQRVFDXVDXQOtR JXUDGRUDLQJOHVD*DQDYHFHVPVGHORTXHJDQDEDFXDQGRWUDEDMDEDHQODHPSUHVDGH
7XLQJOpVHVGHSHQDHVXQKHFKRVDELGR
SHUIXPHUD
<ORVWtRVFRQFDVWDVRQELOLQJHVFRQEUtR 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHHVHOOD" :KHUHoVVKHIURP" (OOLEURD]XOHVWGHEDMRGHODPHVD7KHEOXHERRNLVXQGHUWKHWDEOH


(VGH)UDQFLD" HOOD  ,VVKHIURP)UDQFH" /DPHVDHVWDOODGRGHODSXHUWD7KHWDEOHLVQH[WWRWKHGRRU
OQRHVGH,QJODWHUUD +HoVQRWIURP(QJODQG /DSXHUWDHVWHQIUHQWHGHOHVSHMR7KHGRRULVRSSRVLWHWKHPLUURU
(UHVLQJOV" $UH\RX(QJOLVK" (OHVSHMRHVWHQODSDUHG7KHPLUURULVRQWKHZDOO
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX" 1RKD\SXHUWDHQDTXHOODSDUHG7KHUHLVQoWDGRRULQWKDWZDOO

3ODWH 3ODWR

)RUN 7HQHGRU

NQLIH &XFKLOOR

6SRRQ &XFKDUD 1DSNLQ 6HUYLOOHWD

9RFDEXODULR&XWOHU\ &XEHUWHUD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7UDEDMDVFRPRSURIHVRU" 'R\RXZRUNDVDWHDFKHU" 1XQFDKHLGRD6XHFLD ,oYHQHYHUEHHQWR6ZHGHQ


OWUDEDMDFRPRGHQWLVWD +HZRUNVDVDGHQWLVW 9LYRDTXGHVGHKDFHWUHVDRV ,oYHOLYHGKHUHIRUWKUHH\HDUV
7UDEDMRFRPRXQHVFODYR,ZRUNOLNHDVODYH (OODYLYHDTXGHVGH 6KHoVOLYHGKHUHVLQFH
+D\PHQRVUEROHVHQPL7KHUHDUHIHZHUWUHHVLQP\ +DVLGRD=XULFKDOJXQDYH]" +DYH\RXHYHUEHHQWR=XULFK"
MDUGQTXHHQHOMDUGQGH'DYH JDUGHQWKDQLQ'DYHoVJDUGHQ
|/OPDPHFXDQGROOHJXHV &DOOPHZKHQ\RXJHWWKHUH +DVWHUPLQDGR\D" +DYH\RXQLVKHG\HW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HQJREDVWDQWHGLQHURSDUD ,KDYHHQRXJKPRQH\WREX\ 6XVSHQGWRGRVPLVH[PHQHV,IDLOHGDOOP\H[DPV


FRPSUDUPHXQFRFKH DFDU 6XHORTXHGDUPHHQEODQFR,XVXDOO\JREODQNZKHQ,KDYH
/DSHOFXODGXUKRUD\PHGLD7KHOPODVWHGDQKRXUDQGDKDOI FXDQGRWHQJRTXHKDEODUHQ WRVSHDNLQSXEOLF
7DUGDPRVWUHVVHPDQDV\,WWRRNXVWKUHHDQGDKDOIZHHNV SEOLFR
PHGLDHQOOHJDUDKHQELFLFOHWD WRJHWWKHUHE\ELNH $QWHVRGLDEDMXJDUDOUXJE\,XVHGWRKDWHSOD\LQJUXJE\
6HVXHOHWDUGDUPV ,WXVXDOO\WDNHVORQJHU 0HUHFHODSHQD" ,VLWZRUWKLW"
1RWDUGDPRVWDQWRODOWLPDYH],WGLGQoWWDNHXVDVORQJODVWWLPH 0HUHFHODSHQDLUDYHUOD,V LW ZRUWK JRLQJ WR VHH WKH
7RUUH(LIIHO" (LIIHO7RZHU"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RVYHPRVDPLWDGGHVHSWLHPEUH,oOOVHH\RXLQPLG6HSWHPEHU 'HOGLFKRDOKHFKRKD\XQJUDQ 7KDWoVHDVLHUVDLGWKDQGRQH


'HEHUDPRVKDEHUWHUPLQDGR:HVKRXOGKDYHQLVKHGE\WKH WUHFKR
SDUDQDOHVGHPHV HQGRIWKHPRQWK 0HHQWHUSRUHOERFDDERFD ,KHDUGDERXWLWWKURXJK
0HSDJDQDSULQFLSLRVGHPHV,JHWSDLGDWWKHEHJLQQLQJRI ZRUGRIPRXWK
WKHPRQWK 0LFRFKHQRGHMDGHFDODUVH0\FDUNHHSVVWDOOLQJ
9HRDPLVXHJUDXQPHVV\ ,VHHP\PRWKHULQODZHYHU\ (VKRUDGHTXHWHYD\DVDODFDPD ,WoVWLPH\RXZHQWWREHG
RWURQR RWKHUPRQWK ODSDJODYHODDQWHVGH+HEOHZRXWWKHFDQGOHEHIRUH
|3XHGHVFRQWDUFRQPLJR<RXFDQFRXQWRQPH DSDJDUODOX] VZLWFKLQJRIIWKHOLJKW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92


&RPPRQVD\LQJV 3KUDVDO9HUE
5HFXHUGD TXH QR VH SXHGH GHFLU pWR SLFN XS
,WWDNHVWZRWRWDQJR ,WZDVDEOHVVLQJLQGLVJXLVH \RXqVLQRKD\TXHGHFLUpWRSLFN\RXXSqFRQHO
(VDVFRVDVQRVHKDFHQVLQFRRSHUDFLQ 1RKD\PDOTXHSRUELHQQRYHQJD SURQRPEUH p\RXq HQPHGLR

,WoVDELWWHUSLOOWRVZDOORZ <RXVKRXOGFRXQW\RXUEOHVVLQJV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


(VXQWUDJRDPDUJR 'HEHUDVGDUJUDFLDVSRUORTXHWLHQHV IUDVHVHQLQJOV"
'QGHWHUHFRMR"
:HoOOKDYHWRVZHHWHQWKHSLOO 2QFHLQDEOXHPRRQ 1RWHSXHGRUHFRJHUPDDQD
7HQGUHPRVTXHGRUDUODSOGRUD 'H3DVFXDVD5DPRV 7HUHFRJHUPDDQDSRUODPDDQD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
)ULGD\WKHWK
(Q(VSDDHOGDGHODPDODVXHUWHHVHOPDUWHV\(QLQJOV (OPDUWHVGD 7XHVGD\WKHWK
HOYLHUQHV)MDWHFPRORGHFLPRVHQLQJOV)ULGD\WKHWK (OSU[LPRYLHUQHVGD 1H[W)ULGD\WKHWK
&XQWDVYHFHVDODVHPDQDHQHOWUDEDMRVHGLFHQIUDVHVTXHFRQ /RTXLHURSDUDHOMXHYHVGD ,ZDQWLWE\7KXUVGD\WKHWK
WLHQHQUHIHUHQFLDVDIHFKDVFRQFUHWDVWDOHVFRPRHOGDHO (VWDUQHOVEDGRGD 7KH\oOOEHKHUHRQ6DWXUGD\WKHWK
OXQHVGDHOPDUWHVGDHWF (VKR\GD" ,VWRGD\WKHWK"
3XHV HQ LQJOV WDPELQ UHFXUULPRV D HVWD IRUPD GH SUHFLVLQ 6HHQWUHJDUHOOXQHVGD ,WoOOEHGHOLYHUHGRQ0RQGD\WKHVW
SDUDODVIHFKDVSHURXVDQGRQPHURVRUGLQDOHV SULPHURVHJXQ
GRWHUFHURHWF  $VTXHQRWHTXHGDPVUHPHGLRTXHDSUHQGHUDPDQHMDUGHIRU
PDJLOORVQPHURVRUGLQDOHV6LQRORKDFHVWXVIXWXURVLQWHUOR
fHOGD RQWKHUG FXWRUHVQRWDUQORRMRTXHHVWVFRQHOLQJOVDXQTXHPXFKDV
fHOOXQHVGD 0RQGD\WKHWK RWUDFRVDVODVVHSDVGHFLUELHQ

(VWLPDGD6UWD/ODPDV 'HDU0LVV/ODPDV

0HGLULMRD9GFRQUHIHUHQFLDDPLSOL]DGHVHJXURGHFRFKH ,DPZULWLQJ WR \RXZLWKUHIHUHQFHWRP\FDULQVXUDQFHSROLF\


Q+HUHFLELGRXQDFDUWDUPDGDSRU9GGLFLQGRPH QR,KDYHUHFHLYHGDOHWWHUVLJQHGE\\RXWHOOLQJPHWKDW
TXH SXHVWR TXH QR KH DERQDGR OD SULPD FRUUHVSRQGLHQWH D VLQFH,KDYHQRWSDLGWKHSUHPLXPFRUUHVSRQGLQJWRWKLV\HDU
HVWHDRPLSOL]DTXHGDFDQFHODGDMXQWRFRQODFREHUWXUD P\SROLF\LVKHUHE\FDQFHOHGWRJHWKHUZLWKWKHFRYHUDJH

6L9GLQYHVWLJDXQSRFRYHUTXHHOSDJRGHPLSOL]DHV\ ,I \RX LQYHVWLJDWH D ELW \RX ZLOO VHH WKDW WKH SD\PHQW RI P\
VLHPSUHKDVLGRDWUDYVGHPLEDQFR/HDGMXQWRXQDFRSLD SROLF\ LV DQG KDV DOZD\V EHHQ WKURXJK P\ EDQN , KDYH
GHOLPSUHVRLQLFLDOGHVROLFLWXGGHODSOL]DGRQGHHQFRQWUD HQFORVHG D FRS\ RI WKH LQLWLDO SROLF\ UHTXHVW IRUP ZKHUH \RX
U WRGRV ORV GHWDOOHV GHO SURFHVR 3RU OR YLVWR DOJXLHQ HQ VX ZLOOQGDOOWKHGHWDLOVRIWKHSURFHVV$SSDUHQWO\VRPHRQHLQ
GHSDUWDPHQWR GH LQIRUPWLFD FRPHWL XQ HUURU \ FDGD DR \RXU GDWD SURFHVVLQJ GHSDUWPHQW PDGH D PLVWDNH DQG HYHU\
VX FRPSDD LQWHQWD FREUDU OD SULPD D WUDYV GH XQ EDQFR \HDU\RXUFRPSDQ\ WULHV WRFROOHFW WKHSUHPLXP WKURXJK WKH
HTXLYRFDGR ZURQJEDQN

(VWH HV HO WHUFHU DR FRQVHFXWLYR TXH HVFULER XQD FDUWD GH 7KLVLVWKHWKLUG\HDULQDURZWKDW,KDYHZULWWHQDOHWWHURIWKLV
HVWHWLSRSDUDUHVROYHUHVWHSUREOHPD\HVSHURTXHVHDODOWL NLQGWRVROYHWKLVSUREOHPDQG,KRSHLWLVWKHODVWWLPH,GRQRW
PDYH]1RPHJXVWDODVHQVDFLQGHFRQGXFLUVLQFREHUWXUD OLNHWKHIHHOLQJRIGULYLQJZLWKRXWLQVXUDQFHFRYHUDJHDQGLI,
GHVHJXUR\VLQRYHRXQDVROXFLQUSLGD\HFD]DHVWHSUR GRQRWVHHDTXLFNDQGHIIHFWLYHVROXWLRQWRWKLVSUREOHP,ZLOO
EOHPDPHYHUREOLJDGRDFDPELDUGHDVHJXUDGRUD EHIRUFHGWRFKDQJHLQVXUDQFHFRPSDQLHV

$WHQWDPHQWH 6LQFHUHO\

(VWLPDGRDOXPQR\DPLJR+DFHSRFRXQVHRUGHDRVFRQRFLGRGHXQDPLJRPRVHFLWFRQPLJRHQPLGHVSDFKRSDUDTXHOHUHFR
PHQGDUDFPRUHPHGLDUGHXQDYH]SRUWRGDVVXSVLPRLQJOV(VWDEDGHVHVSHUDGR\DSUHQGHUHOLGLRPDHUDVHJQVXVSURSLDVSDODEUDV
XQDFXHVWLQGHYLGDRPXHUWH/HKLFHXQDSUXHED\WHQDXQQLYHOSUHLQWHUPHGLRHVGHFLUSULQFLSLDQWHDOWR)LQDOL]DGDODSUXHEDGLVH
GHODQWHGHOFRQSDSHO\OSL]XQERUUDGRUSDUDXQSODQGHDWDTXHTXHLQFOXDKRUDVGHFODVHVLQGLYLGXDOHVVLHWHSURJUDPDVLQWHQVLYRV
UHVLGHQFLDOHVGHQGHVHPDQDDORODUJRGHXQDR FDGDPHV\PHGLR \XQSODQSHUVRQDOGHWUDEDMRTXHFRQVLVWDHQSLH]DVGHPDWHULDO
GLGFWLFR\KRUDVGHWUDEDMRSHUVRQDO/HGLMHp6U3UH]DOFDERGHORVPHVHVGHSURJUDPDXVWHGSRVHHUXQQLYHODYDQ]DGREDMR\
SRGUVROYHQWDUVLQGLFXOWDGHVODPD\RUDGHODVVLWXDFLRQHVDODVTXHVHHQIUHQWHHQVXYLGDSURIHVLRQDO/HFRVWDUWRGRPDWHULDOHVLQFOXL
GRVHXURVq(OVHRUPHPLUVRUSUHQGLGRpHXURV"(VWXVWHGORFR"'QGHYR\DHQFRQWUDUHXURVSDUDDSUHQGHU
LQJOV"q/HUHVSRQGp8VWHGWLHQHXQQLYHOFDVLGHSULQFLSLDQWH\VHJQPHKDGLFKRHVXQDFXHVWLQGHYLGDRPXHUWH$SUHQGHUDPDQHMDU
ELHQXQVHJXQGRLGLRPDDORVDRVH[LJHXQWUHPHQGRHVIXHU]Rq$OQDOHO6U3UH]VHIXHDRWURFHQWURGHIRUPDFLQHQEXVFDGHDO
JXLHQTXHIXHUDPHQRVUHDOLVWDTXH\R$OSRFRWLHPSRPHHQWHUSRUPLDPLJRTXHVHFRPSUXQPHVGHVSXVXQ%0:SRUHXURV
(VWFODURGQGHHVWDEDQVXVSULRULGDGHV\HOSRUTXQRKDOOHJDGRQXQFDDGRPLQDUHOLGLRPDGHOLQJOV
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDOO ,WoVRYHUWKHUH 1RORFXEUDVFRQHVWR'RQoWFRYHULWZLWKWKLV


(VWQFRQPLJR 7KH\oUHZLWKPH 1RPHEXVTXHV'RQoWORRNIRUPH
1RHVWVHQODOLVWD <RXoUHQRWRQWKHOLVW 'LWXQRPEUH6D\\RXUQDPH
&XOHVODFDSLWDOGH(VSDD" :KDWoVWKHFDSLWDORI6SDLQ" 'LOHWXDSHOOLGR7HOOKLP\RXUVXUQDPH ODVWQDPH
4XHVHVR" :KDWoVWKDW" (OD]XOHVWHQHOVXHOR7KHEOXHRQHLVRQWKHRRU

3HQ %ROJUDIR
5XOHU 5HJOD

0DUNHU 5RWXODGRU
3HQFLO /SL]

5XEEHU *RPD

9RFDEXODULR6WDWLRQHU\ $UWFXORVGHSDSHOHUD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XWDOHVWV" +RZDUH\RXGRLQJ" 7HQJRPLHGRGHHOOD,oPDIUDLGRIKHU


0HHQFXHQWURPDO ,GRQoWIHHOZHOO 'HTXWLHQHVPLHGR":KDWDUH\RXDIUDLGRI"
4XLHURRWUDRSRUWXQLGDG ,ZDQWDQRWKHUFKDQFH 7HQJRPLHGRGHYRODU,oPDIUDLGRI\LQJ
3RQORDTXDOODGRGHODSXHUWD 3XWLWKHUHQH[WWRWKHGRRU 7HQJRPLHGRGHKDEODUFRQO,oPDIUDLGWRWDONWRKLP
/OQDORGHDJXD )LOOLWZLWKZDWHU 1RLEDVDKDEODUFRQO":HUHQoW\RXJRLQJWRWDONWRKLP"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RWHQJRQLLGHD ,KDYHQRLGHD 6HHVWKDFLHQGRWDUGH,WoVJHWWLQJODWH


$TXVDEH" :KDWGRHVLWWDVWHOLNH" 3ULPHURWHHQVHDUODIEULFD)LUVW,oOOVKRZ\RXDURXQGWKHIDFWRU\
7RGRYDDVDOLUELHQ (YHU\WKLQJZLOOWXUQRXWQH +ROD-XDQ"6R\3HGUR+HOOR-RKQ"7KLVLV3HWHU
0HORSXHGHVUHFRUGDU" &DQ\RXUHPLQGPH" 1RHVHOPRPHQWRPVSURSLFLR7KLVLVQRWWKHEHVWWLPH
4XLHUHQTXHSDUHPRVWRGR 7KH\ZDQWXVWRVWRSHYHU\WKLQJ 6R\SDUWLGDULRGHKDFHUOR,oPLQIDYRXURIGRLQJLW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\
  
0D[LPL]DWXVJDQDQFLDV 0D[LPLVH\RXUSURWV 1RSLHUGDVORVHVWULERV'RQoWORVH\RXUWHPSHU
0HSRQGUFRQHOORHQVHJXLGD ,oOOJHWULJKWRQWRLW 0DQWQODFDOPD.HHS\RXUFRRO
*UDFLDVD'LRVTXHHVWVDTX 7KDQN*RG\RXoUHKHUH +DEODQGRGHOUH\GH5RPD6SHDNLQJRIWKHGHYLO
1RSRGULU DXQDLQYLWDFLQ  ,ZRQoWEHDEOHWRPDNHLW 7HQJRXQDOHYHFRMHUD,KDYHDVOLJKWOLPS
1REDMHVODJXDUGLD'RQoWOHW\RXUJXDUGGRZQ 1RGHVHOEUD]RDWRUFHU'RQoWJLYHLQ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDO7KHUHWREH
,FRXOGHDWDKRUVH 6LHPSUHSLHQVDTXHODSDODEUDpWKHUHqIXQFLRQD
7KHOXOOEHIRUHWKHVWRUP 0HFRPHUDXQDYDFDHQWHUD FRPR VXMHWR FRQ OR TXH KD\ TXH LQYHUWLUOD FRQ
/DFDOPDTXHSUHFHGHDODWRUPHQWD HO YHUER pWR EHq FXDQGR TXLHUHV KDFHU XQD
7KHWUXWKZLOORXW SUHJXQWD
7KHVN\oVWKHOLPLW 6HSLOODDXQPHQWLURVRDQWHV
3RQWH D SUXHED 6DEHV GHFLU ODV VLJXLHQWHV
7RGRHVSRVLEOH TXHDXQFRMR
IUDVHVHQLQJOV"
1RGHEHUDKDEHUSUREOHPDV
+HoVDIUDLGRIKLVRZQVKDGRZ
7KHVDPHROGVWRU\ 7LHQHPLHGRKDVWDGHVXSURSLD 3XHGHTXHKD\DXQDUD]QSDUDHOOR
/DPLVPDKLVWRULDGHVLHPSUH VRPEUD +DEDXQSUREOHPDFRQWXPYLO"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7HQJRWUHVPLOHVGHHXURVHQHOEDQFR

6XHQDH[WUDDODIUDVHGHOWWXORYHUGDG"(QLQJOVWDPELQVRQDUD   7ZRWKRXVDQGELUGV
H[WUDRGHFLUpWKUHHWKRXVDQGVRIHXURVq3HURHQLQJOVVXHQDLJXDOGH   7ZRPLOOLRQELUGV
H[WUDRGHFLUpWHQJRWUHVPLOORQHVGHHXURVHQHOEDQFRq)LMDRV   7ZRELOOLRQELUGV

'RVPLOSMDURV 'RVPLOSMDURV (VGHFLUHQLQJOVpPLOOLRQqpELOOLRQq\pWULOOLRQqWLHQHQHOPLVPRWUD


'RVPLOORQHVGHSMDURV 'RVPLOOQSMDURV WDPLHQWRTXHpPLOq,JXDOTXHQRGLFHVHQFDVWHOODQRpWHQJRGRVPLOHV
'RVELOORQHVGHSMDURV 'RVELOOQSMDURV GHHXURVqHQLQJOVQRGHFLPRVpWHQJRGRVPLOORQHVGHHXURVq'HFL
PRVpWHQJRGRVPLOOQHXURVq
/DWUDGXFFLQGHODFROXPQDGHODGHUHFKDHVWRGRXQGHVFDODEURHQ
FDVWHOODQR6LQHPEDUJRDVORGHFLPRVHQLQJOV

(VWLPDGR6U$ORQVR 'HDU0U$ORQVR

0HGLULMRD9GSDUDLQIRUPDUOHGHODSU[LPDIHULDGHHOHFWURGR ,DPZULWLQJWRLQIRUP\RXRIWKHXSFRPLQJHOHFWULFDODSSOLDQFH
PVWLFRVSUHYLVWDSDUDODVHJXQGDVHPDQDGHQRYLHPEUH&RPR IDLUVFKHGXOHGIRUWKHVHFRQGZHHNRI1RYHPEHU$VLQSUHYLRXV
HQDRVDQWHULRUHVKHPRVUHVHUYDGRSURYLVLRQDOPHQWHSDUDVX \HDUVZHKDYHWHQWDWLYHO\UHVHUYHGDVTXDUHPHWHUFRUQHU
HPSUHVDXQVWDQGGHHVTXLQDGHPHWURVFXDGUDGRV/HDJUD ERRWKIRU\RXUFRPSDQ\:HZRXOGDSSUHFLDWH\RXUFRQUPLQJ
GHFHUDPRVQRVFRQUPDUDHVWRRQRVLQGLFDUDODVPRGLFDFLR WKLVRULQGLFDWLQJWKHFKDQJHV\RXZLVKWRPDNH
QHVTXHGHVHHUHDOL]DU

(VWHDRODIHULDYDDVHUXQPD\RUFRQODSDUWLFLSDFLQGH 7KLV \HDU WKH IDLU LV JRLQJ WR EH  SHUFHQW ODUJHU ZLWK WKH
QXPHURVDVHPSUHVDVPXOWLQDFLRQDOHV(VWDPRVVHJXURVGHTXH SDUWLFLSDWLRQ RI QXPHURXV PXOWLQDWLRQDO UPV :H DUH VXUH
VXFRPSDDHQFRQWUDUHODPELHQWHLGHDOSDUDODSURPRFLQGH WKDW \RXU FRPSDQ\ ZLOO QG WKH DWPRVSKHUH LGHDO IRU WKH
VXQXHYDOQHDGHSURGXFWRVTXH\DHVWWHQLHQGRWDQWR[LWRHQ SURPRWLRQRI\RXUQHZOLQHRISURGXFWVZKLFKDUHDOUHDG\VR
HOPHUFDGRQDFLRQDO VXFFHVVIXOLQWKHGRPHVWLFPDUNHW

/HDGMXQWRODOLVWDGHSUHFLRVSDUDHVWHDR(OSOD]RSDUDHOSDJR ,KDYHHQFORVHGWKHSULFHOLVWIRUWKLV\HDU7KHGHDGOLQHIRUWKH
LQLFLDOGHOWHUPLQDHOGHRFWXEUH LQLWLDOSD\PHQWRISHUFHQWLV2FWREHU

$ODHVSHUDGHVXVQRWLFLDV /RRNLQJIRUZDUGWR\RXUUHSO\,DP

UHFLEDXQFRUGLDOVDOXGRGH 6LQFHUHO\\RXUV

(VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR&RQUDGRWLHQHXQVHULRSUREOH
&RQUDGRLQVLVWtDRWUDYH]HQORPLVPR
&RQVXDFWLWXGGHVLHPSUHGHDEVROXWRHVWRLFLVPR PD1RYDDOOHJDUQXQFDDPDQHMDUELHQHOLQJOV$ERUGDHOLGLRPDFRPR
+DEODUpLQJOpVFXDQGRORKD\DDSUHQGLGR XQPDWHPWLFRDERUGDXQDHFXDFLQGLIHUHQFLDO&UHHTXHDSUHQGHULQJOV
<PLHQWUDVHVSHUDUpTXHGDHQWHQGLGR" VLJQLFDFXEULUFDGDWHUUHQRHVWDQFRGHOLGLRPDKDVWDHQWHQGHUORSHUIHF
WDPHQWH,QJOVDSUXHEDGHDJXDDSUXHEDGHJROSHV\DSUXHEDGHEDODV
1HFHVLWRPiVFODVHV\DPSOLDUYRFDEXODULR (VWDQTXLGDGSHUIHFWD/RTXH&RQUDGRVHQLHJDDDFHSWDUHVTXHQXQFDYDD
1HFHVLWRPiVJUDPiWLFDXQFRPSOHWRLQYHQWDULR KDEODUXQLQJOVFRUUHFWR6XDIQGHWUDWDUHVWHFDPSRGHOVDEHUFRPRXQD
1RVR\FRPXQLFDGRUFRPRDOJXQRVWHPHUDULR FLHQFLDH[DFWDOHFRQGHQDDSDVDUHOUHVWRGHVXYLGDHQXQDFODVHFRQSUR
6R\FDXWR\KX\RGHFXDOTXLHUHVFHQDULR IHVRU\PWRGR\DSRVSRQHULQGHQLGDPHQWHORVLQFPRGRVHVFHQDULRV
'RQGHPHIDOWHPLEORF\PLHOGLFFLRQDULR GHXVRSUFWLFRHQVLWXDFLRQHVUHDOHV/RTXH&RQUDGRVHQLHJDDDFHSWDU
3RUTXHPLLQJOpVWRGDYtDHVEDVWDQWHSUHFDULR SRUPLHGRRSRUWR]XGH]HVTXHHOLQJOVHVDUWH\FLHQFLDJUDFLD\WFQLFD
0HQLHJRDKDEODUXQLQJOpVOLEHUWDULR DOHJUD\UHVSRQVDELOLGDG0LHQWUDV&RQUDGRLQVLVWDHQSHUIHFFLRQDUVXPD
1LUD\DUSRUXQPRPHQWRXQOHQJXDMHHVWUDIDODULR QHMRGHOVLPXODGRUGHYXHORSRVSRQHORPVHVHQFLDOGHWRGRYRODU(OGD
+DEODUpFXDOPHYLVWRFRQHOFRUUHFWRYHVWXDULR
TXHYXHOHSRUSULPHUDYH]HVDSULPHUDKRUDGHYXHORYDOGUSRUKRUDV
3RUORWDQWRVLJDPRVFRQHOFOiVLFRLWLQHUDULR
GHVLPXODGRU6DOWHDODJXD'RQ&RQUDGR0MHVH
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVHWXOLEURHVR" ,VWKDW\RXUERRN" (OPRHVHOYHUGH0LQHLVWKHJUHHQRQH


&PRWHOODPDV"ffffff :KDWoV\RXUQDPH" (OGHHOODHVFRPRHOWX\R+HUVLVOLNH\RXUV
&PRVHOODPDO" :KDWoVKLVQDPH" 'QGHHVWQORVQXHVWURV":KHUHDUHRXUV"
&XOHVVXGLUHFFLQ" GHHOOD  :KDWoVKHUDGGUHVV" 1RPHWUDLJDVHOGHO'RQoWEULQJPHKLV
'QGHHVWDVXFDVD" GHHOORV  :KHUHoVWKHLUKRXVH" 1RORKDJDVFRPR\RORKDJR'RQoWGRLWOLNH,GRLW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7HQFXLGDGR %HFDUHIXO /RKDJRSRUTXHPHJXVWD,GRLWEHFDXVH,OLNHWR


3RUTXQROHVOODPDV" :K\GRQoW\RXFDOOWKHP" +XERXQLQFHQGLRSRUODQRFKH7KHUHZDVDUHGXULQJWKHQLJKW
(VWQHVSHUDQGRWXOODPDGD 7KH\oUHH[SHFWLQJ\RXUFDOO 1RYLVWHORTXH\RYL<RXGLGQoWVHHZKDW,VDZ
+D]ORHQFXDQWRSXHGDV 'RLWDVVRRQDV\RXFDQ 7HQJRTXHHVWDUDOODODVGRV,KDYHWREHWKHUHDWRoFORFN
4XPHGLMLVWH" :KDWGLG\RXWHOOPH" $OJXLHQOODPDDODSXHUWD6RPHRQHoVNQRFNLQJDWWKHGRRU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HSHGTXHQRGLMHUDVQDGD ,DVNHG\RXQRWWRVD\DQ\WKLQJ &RJHOLEUHHOYLHUQHV\GHVFDQVD7DNH)ULGD\RIIDQGJHWVRPHUHVW


1RVHKDEODQ 7KH\GRQoWWDONWRHDFKRWKHU OHVEXHQRFRQORVQPHURV+HoVJRRGDWQXPEHUV
1RWHHQIDGHVWDQWR 'RQoWJHWVRDQJU\ $FDEDVGHFRPHWHUXQHUURU<RXoYHMXVWPDGHDPLVWDNH
1RWHTXLWHVODFKDTXHWD 'RQoWWDNH\RXUMDFNHWRII &XQWRDQWHVPHMRU7KHVRRQHUWKHEHWWHU
fVREUHWRGRFXDQGRFDQWHVHVSHFLDOO\ZKHQ\RXVLQJ 7HQHPRVTXHSDUWLUGHFHUR:HKDYHWRVWDUWIURPVFUDWFK

%DWKWXE %DHUD
6KRZHU 'XFKD

7DSV *ULIRV

:DVKEDVLQ /DYDER
7RLOHW 9WHU

9RFDEXODULR%DWKURRP &XDUWRGHEDR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

<RWHUHOHYR ,oOOWDNHRYHUIRU\RX (QTXWHKDVPHWLGR":KDWKDYH\RXJRW\RXUVHOILQWR"


|4XSDVDDTX" :KDWoVJRLQJRQKHUH" (VXQWRWDQWHVWDUXGR+HoVVXFKDKDUGKHDGHGJX\
QHWHDQRVRWURV -RLQXV 7HQJRXQWUDEDMRGHRFLQD,KDYHDGHVNMRE
1RDJXDQWRDJHQWHFRPRO ,FDQoWVWDQGSHRSOHOLNHKLP $FHSWRPLSDUWHGHODFXOSD,DFFHSWP\VKDUHRIWKHEODPH
(OWLHPSRHVWGHQXHVWUDSDUWH 7LPHLVRQRXUVLGH (VWR\KHFKRXQOR,oPDOOPL[HGXS


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

,WVSUHDGOLNHZLOGUH 7RWDNHWKHEXOOE\WKHKRUQV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6HH[WHQGLFRPRXQUHJXHURGHSOYRUD $JDUUDUDOWRURSRUORVFXHUQRV IUDVHVHQLQJOV"
1RUPDOPHQWHKD\XQSHULRGRGHSUXHEDGH
:KHQWKHGXVWKDVVHWWOHG 7RVZLPDJDLQVWWKHWLGH VHLVPHVHV
&XDQGRKD\DSDVDGRODWRUPHQWD ,UFRQWUDFRUULHQWH (VYDJDEXQGRGHVGHKDFHTXLQFHDRV
/RVHQFKXIHVHVSDROHVQRIXQFLRQDQHQ
:DWFK\RXUVWHS 7RVOHHSOLNHDORJ ,QJODWHUUD
&XLGDGRFRQHOHVFDOQ 'RUPLUFRPRXQWURQFR 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPRQWKVRIWKH\HDUDQGWKHLUSURQXQFLDWLRQ

-DQXDU\ FKQLXHUL HQHUR 3ULPHUSXQWR/RVPHVHVDOLJXDOTXHORVGDVGHODVHPDQDVLHP


)HEUXDU\ IEUXHUL IHEUHUR SUHVHHVFULEHQHQPD\VFXOD
0DUFK PDUFK PDU]R 0DUFK
$SULO LSUDO DEULO
0D\ PL PD\R 6HJXQGRSXQWR+HKHFKRXQLQWHQWRGHDFHUFDUPHORPVSRVL
-XQH FKQ MXQLR EOHDODSURQXQFLDFLQGHODpMqHQLQJOV6HWUDWDGHXQVRQLGR
-XO\ FKXOL MXOLR IRQWLFRTXHQRH[LVWHHQFDVWHOODQR5HDOPHQWHHOVRQLGRHVXQD
$XJXVW XJDVW DJRVWR pFKqXVDQGRODVFXHUGDVYRFDOHVDOPLVPRWLHPSR YHUpFKQLXH
6HSWHPEHU VHSWPEHU VHSWLHPEUH ULqRpFKQqRpFKXOLq 
2FWREHU DNWEHU RFWXEUH
1RYHPEHU QRIPEHU QRYLHPEUH 7HUFHUSXQWR/DpYqHQLQJOVVHSDUHFHPVDODpIqHVSDRODTXH
'HFHPEHU GLVPEHU GLFLHPEUH DODpEq YHUpQRIPEHUq 

(VWLPDGR3HGUR 'HDU3HWHU

$QWHVTXHQDGDHQKRUDEXHQDSRUWXHOHFFLQFRPRSUHVLGHQ )LUVWRIDOOFRQJUDWXODWLRQVRQ\RXUHOHFWLRQDVSUHVLGHQWRIWKH
WHGHO&OXEGHORV/HRQHV<DHUDKRUDGHTXHDOJXLHQFRQLGHDV /LRQV&OXE,WVDERXWWLPHVRPHRQHZLWKQHZLGHDVRFFXSLHG
QXHYDVRFXSDUDHVHSXHVWR6L3UH]KXELHUDVLGRUHHOHJLGRHVWR\ WKDW SRVLWLRQ ,I 3HUH] KDG EHHQ UHHOHFWHG ,P VXUH D ORW RI
VHJXURGHTXHPXFKDJHQWHVHKDEUDPDUFKDGRGHOFOXE SHRSOHZRXOGKDYHOHIWWKHFOXE

7HHVFULERSRUTXHDOSDUHFHUYDPRVDYHUQRVHQ1XHYD<RUNHQ ,PZULWLQJWR\RXEHFDXVHDSSDUHQWO\ZHUHJRLQJWRVHHHDFK
HO&RQJUHVRGHO$WQGHO$WOQWLFR1RUWH0HHQWHUD\HUGHTXH RWKHU LQ 1HZ <RUN DW WKH 1RUWK $WODQWLF 7XQD &RQYHQWLRQ ,
LEDVDDVLVWLUDOFRQJUHVRHQQRPEUHGH3HVFDEXHQD\TXLHURTXH IRXQGRXW\HVWHUGD\WKDW\RXZHUHJRLQJWRDWWHQGRQEHKDOI
VHSDVTXHYR\DLUWDPELQHQQRPEUHGHO0LQLVWHULRGH$JUL RI 3HVFDEXHQD DQG , ZDQW \RX WR NQRZ WKDW ,OO EH JRLQJ RQ
FXOWXUD EHKDOIRIWKH0LQLVWU\RI$JULFXOWXUH

3RUFLHUWRYD3DTXLWDFRQWLJR"0DQROLVLHPSUHVHDEXUUHHQHV %\WKHZD\LV3DTXLWDJRLQJZLWK\RX"0DQROLDOZD\VJHWVER
WRVHYHQWRVSHURVLYDVDOOHYDUD3DTXLWDHVRFDPELDODVFRVDV UHG DW WKHVH HYHQWV EXW LI \RXUH JRLQJ WR WDNH 3DTXLWD WKDW
FKDQJHVWKLQJV
$YVDPH UHVSHFWR D WXV SODQHV7HQJR XQDV JDQDV WHUULEOHV GH
DOHMDUPH GHO QXHYR PLQLVWUR SRU XQRV GDV 1R KD\ TXLHQ OH /HWPHNQRZ\RXUSODQV,FDQWZDLWWRJHWDZD\IURPWKHQHZ
DJXDQWH PLQLVWHUIRUDIHZGD\V1RERG\FDQVWDQGWKHJX\

+DVWDSURQWR 6HH\RXVRRQ

(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDDGHYH]HQFXDQGRKHYLVWRSXEOLFDGRVORVUHVXOWDGRVGHGLYHUVDVHQFXHVWDVDFHUFD
GHOQLYHOGHLQJOVGHORVHVSDROHV6HJQODHQFXHVWDODFLIUDGHSHUVRQDVTXHVHGHVHQYXHOYHQHQLQJOVSXHGHRVFLODUHQWUHXQ\XQ
<RWUDVDRVGHH[SHULHQFLD\REVHUYDFLQVLWRODFLIUDSRUGHEDMRGHO'HVHQYROYHUVHVLQSUREOHPDVHQLQJOVVLJQLFD

 3RGHUDVLVWLUDXQDUHXQLQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUWRGRDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHU
YHQLUHQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
 &RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIFFWHOHV
HWF\VDEHUPDQWHQHUHOWLSRKDVWDHOSXQWRGHSRGHUSDUWLFLSDUWDPELQGHOEXHQDPELHQWHUHLQDQWH
 6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPWLFDVLQWD[LV\RUWRJUDID

'HORVFDVLPLOORQHVGHSHUVRQDVTXHYLYHQHQ(VSDDQLSRVHHQHVWHQLYHO
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6R\HVSDRO ,oP6SDQLVK (VWOORYLHQGR,WoVUDLQLQJ


(UHVIUDQFV <RXoUH)UHQFK +DFHVRO,WoVVXQQ\
(OODHVDOHPDQD 6KHoV*HUPDQ +DFHYLHQWR,WoVZLQG\
6RPRVLQJOHVHV :HoUH(QJOLVK +DFHFDORU,WoVKRW
6RQFKLQRV 7KH\oUH&KLQHVH +DFHIUR,WoVFROG

+HDGERDUG &DEHFHUR
%HGVLGHODPS /PSDUDGHODPHVLOOD

3LOORZ $OPRKDGD
%HGVLGHWDEOH 0HVLOODGHQRFKH

%HG &DPD

9RFDEXODULR%HGURRP 'RUPLWRULR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3RUTXHVWVOORUDQGR" :K\DUH\RXFU\LQJ" 'QGHHVWXYLVWHDQRFKH":KHUHZHUH\RXODVWQLJKW"


OHVWHTXLYRFDGR +HoVZURQJ (VWDEDFRQPLQRYLD,ZDVZLWKP\JLUOIULHQG
7HQHPRVUD]Q :HoUHULJKW &XQGRQDFLVWH":KHQZHUH\RXERUQ"
(VWRVVRQPRV 7KHVHDUHPLQH 7HSXHGRKDFHUXQD&DQ,DVN\RXDSHUVRQDO
&PRHQFXHQWUDHOWLHPSR" +RZGRHVKHQGWKHWLPH" SUHJXQWDSHUVRQDO"TXHVWLRQ"
  +DEODPHQRVTXHVXKHUPDQD+HVSHDNVOHVVWKDQKLVVLVWHU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6ORHVWDEDEURPHDQGR ,ZDVMXVWMRNLQJ 1RKD\PRWLYRSRUHOTXH7KHUHoVQRQHHGWRZRUU\


1RORKHYLVWRWRGDYD ,KDYHQoWVHHQLW\HW SUHRFXSDUVH
'HTXHVWEDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW" %VFDORHQ,QWHUQHW/RRNLWXSRQWKH,QWHUQHW
4XLHURTXHPHORGLJDVDKRUD ,ZDQW\RXWRWHOOPHQRZ OHVXQSHVDGR+HoVDSDLQLQWKHQHFN
/OHYRDRVYLYLHQGRHQ6HYLOOD ,oYHEHHQOLYLQJLQ6HYLOOH |7UDQTXLOR7DNHLWHDV\
IRU\HDUV (OODHVJXDSVLPD6KHoVJRUJHRXV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|4XDOLYLR :KDWDUHOLHI |4XOLVWLOORHUHV<RXoUHVXFKDVPDUWDOHF


6LQRKXELHUDVLGRSRUWLKDEUD ,ILWKDGQoWEHHQIRU\RX,oG /RWHQDQWRGRFDOFXODGR7KH\KDGLWDOOJXUHGRXW
JDQDGRKDYHZRQ 'HPRPHQWR\KDVWDQXHYRDYLVR)RUWKHWLPHEHLQJ
OUHVXOWVHUXQGHVDVWUH +HWXUQHGRXWWREHDGLVDVWHU <DQRSXHGRPV7KLQJVDUHJHWWLQJRQWRSRIPH
1LVLTXLHUDYLQRHOSURIHVRU 1RWHYHQWKHWHDFKHUFDPH |3UHSDUDGRVOLVWRV\D5HDG\VWHDG\JR
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW" 


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

:HoUHEDFNWRVTXDUHRQH 7KHUHoVQRWKLQJWRLW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


(VWDPRVRWUDYH]SDUWLHQGRGHFHUR (VIDFLOVLPR1RWLHQHPD\RUVHFUHWR IUDVHVHQLQJOV"

7KDWoVWKHZD\WKHFRRNLHFUXPEOHV fWKURXJKWKLFNDQGWKLQ &XOHVQXHVWURSUHVXSXHVWR"


$VHVODYLGD4XVHOHYDDKDFHU" WDQWRDODVGXUDVFRPRDODV 0HHVWVOODPDQGRPHQWLURVR"
PDGXUDV &RPSUDUWLQWDSDUDODLPSUHVRUD
6WLFNDURXQG 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
4XGDWH1RWHYD\DV (QJOLVKLVDSLHFHRIFDNH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 (OLQJOVHVSDQFRPLGR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HOOR +ROD 'HXVRXQLYHUVDO


+L +ROD 'HXVRXQLYHUVDODKRUDDQWHVVORHQ((88
*RRGPRUQLQJ %XHQRVGDV 6HGLFHKDVWDPHGLRGD
*RRGDIWHUQRRQ %XHQDVWDUGHV 6HGLFHHQWUHPHGLRGD\ODFDGDGHOVRORKDVWDTXHXQRWHUPLQH
GHWUDEDMDU
*RRGHYHQLQJ %XHQDVWDUGHV 6HGLFHSRUODWDUGHFXDQGRXQR\DHVWPVUHODMDGRGHVSXVGH
WUDEDMDU$OJXQRVGLFHQTXHpDIWHUQRRQqFDPELDDpHYHQLQJqFRQ
HOSULPHUZKLVN\
*RRGQLJKW %XHQDVQRFKHV 6DOXGRGHGHVSHGLGDFXDQGRXQRVHYDDODFDPDRVHGHVSLGHGH
VXVDQWULRQHV\DPX\GHQRFKH
*RRGE\H $GLV 'HVSHGLGDHVWQGDUSHURTXL]ODPHMRU
%\H $GLV 'HVSHGLGDEUHYH\USLGDPX\XVDGD
%\HE\H $GLV 'HVSHGLGDPVFDULRVD
6HH\RXODWHU +DVWDOXHJR 0X\FRUULHQWH
6HH\RXWRPRUURZ +DVWDPDDQD 6HXVDPVHQFDVWHOODQRTXHHQLQJOV
6HH\RXVRRQ +DVWDSURQWR 6HXVDPVHQFDUWDVTXHDOKDEODU
+RZGR\RXGR" &PRHVW" 6DOXGRIRUPDODOVHUSUHVHQWDGRDXQH[WUDR
+RZDUH\RX" &PRHVW" 6DOXGRPHQRVIRUPDOSDUDFRQRFLGRV
+RZDUH\RXGRLQJ" 4XWDO" 6DOXGRIDPLOLDUXVDGRFRQDPLJRV
+RZoVLWJRLQJ" &PRYDQODVFRVDV" 6DOXGRPX\FRUULHQWH
+RZDUHWKLQJVJRLQJ" &PRYDQODVFRVDV" 6DOXGRPX\FRUULHQWH
9HU\ZHOOWKDQN\RX 0X\ELHQJUDFLDV 0X\IRUPDO
)LQHWKDQN\RX %LHQJUDFLDV 8VDHVWDIRUPDVLHPSUH
3OHDVHGWRPHHW\RX (QFDQWDGR 6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
,WoVDSOHDVXUH (VXQSODFHU 6DOXGRDOJRIRUPDODOVHUSUHVHQWDGR
1LFHWRPHHW\RX (QFDQWDGR 6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
*ODGWRPHHW\RX (QFDQWDGR 6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
*RRGWRPHHW\RX (QFDQWDGR 6DOXGRPHQRVIRUPDODOVHUSUHVHQWDGR
7KDQN\RX *UDFLDV $JUDGHFLPLHQWRSUHIHULGR
7KDQNV *UDFLDV $JUDGHFLPLHQWRUSLGRHQWUHDPLJRV
7KDQN\RXYHU\PXFK 0XFKDVJUDFLDV (OPHMRUGHORVDJUDGHFLPLHQWRV
7KDQNVDORW 0XFKDVJUDFLDV &XLGDGRFRQHVWDIRUPD(VODTXHVHXVDFXDQGRGLFHVpPXFKDV
JUDFLDVqGHIRUPDVDUFVWLFD
<RXoUHZHOFRPH 'HQDGD 8VDGRHQ((88 SHURVHHVWLPSRQLHQGRHQRWURVSDVHV
DQJORVDMRQHVWDPELQ 
1RWDWDOO 'HQDGD 'HXVRXQLYHUVDO
'RQoWPHQWLRQLW 'HQDGD 8VDGRDOJRPHQRV
7KDQN\RX $9G 0X\XVDGRVREUHWRGRDOGHFLUp$9GqDGHSHQGLHQWHVGHWLHQGD
RVLPLODU6HDFHQWDHOp\RXq

(VWLPDGRDPLJR\DOXPQR3RUQXHVWURJUDQGHVHRGHSUHVHQWDUWHWRGDFODVHGHVDOXGRVGHVSHGLGDVHWFKHPRVSUHVFLQGLGRKR\GHODFDUWD
FRPHUFLDO(VLPSRUWDQWHTXHDSUHQGDVELHQODVIRUPDVVHQFLOODVH[SXHVWDVHQHVWDFKD\DTXHSRUPX\ELHQTXHDOJXLHQGRPLQHHOLQJOV
PXFKDVYHFHVVLHQWHFLHUWDLQVHJXULGDGDODKRUDGHH[SUHVDUODVIRUPDVPVVHQFLOODVGHHWLTXHWDVRFLDO(ODOXPQRHVSDROWLHQGHDSHQVDU
TXHSURJUHVDUVLJQLFDDFXPXODUFRQRFLPLHQWRVWHULFRVFDGDYH]PVFRPSOHMRV\GLIFLOHV(VWRQRHVFLHUWR3URJUHVDUVLJQLFDFRQVROLGDU
XQJLOXVRRUDOGHODEDVHJUDPDWLFDO\GHIRUPDV\HVWUXFWXUDVVHQFLOODVFRPRODVH[SXHVWDVHQHVWDSJLQD
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

OHVPLWR +HoVP\XQFOH 9HQDTXDKRUD&RPHKHUHQRZ


(VXQFRFKHFDURffffff ,WoVDQH[SHQVLYHFDU %DLODSDUDP'DQFHIRUPH
1RVR\GH0DGULG ,oPQRWIURP0DGULG 1RKDEOHVFRQHOOD'RQoWVSHDNWRKHU
1RHUHVPX\LQWHOLJHQWH <RXDUHQoWYHU\LQWHOOLJHQW &RQWHVWHODSUHJXQWD$QVZHUWKHTXHVWLRQ
1RVRQPLVSULPRV7KH\DUHQoWP\FRXVLQV 3LQVDWHOR7KLQNDERXWLW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDODLJOHVLD" +RZRIWHQGR\RXJRWRFKXUFK" &HQFRQHOMHIHDQRFKH,KDGGLQQHUZLWKWKHERVVODVW


(OODWRFDPX\ELHQHOSLDQR 6KHSOD\VWKHSLDQRYHU\ZHOO  QLJKW
'QGHYDVGHYDFDFLRQHV :KHUHDUH\RXJRLQJRQKROLGD\ 3RUTXOHGLMLVWHHVR DHOOD ":K\GLG\RXVD\WKDWWRKHU"
HVWHDR"WKLV\HDU" /HHVHOLEURFXDQGRWHQD,UHDGWKDWERRNZKHQ,ZDV
9PRQRV /HWoVJR 9LVWHODSHOFXODHQHOFLQH"'LG\RXVHHWKHOPDWWKHFLQHPD"
6LHPSUHPHOHYDQWRWHPSUDQR ,DOZD\VJHWXSHDUO\ &XQWRGXUDODSHOFXOD"+RZORQJGRHVWKHOPODVW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6HPHROYLGGHFUVHOR DHOORV  ,IRUJRWWRWHOOWKHP 8QDVYDFDFLRQHVPHYHQGUDQELHQ,FRXOGGRZLWKDKROLGD\


3RUTXWHHQIDGDVWHSRUHVR" :K\GLG\RXJHWDQJU\DERXWWKDW" 'HEHUDVKDEUPHORGLFKR<RXVKRXOGKDYHWROGPH
0HJXVWDUDTXHWVHOR ,oGOLNH\RXWRDVNKLP 3RQORDOUHYV3XWLWWKHRWKHUZD\URXQG
SUHJXQWDUDV DO 6LOHVWXYLHUDDTXQRKDEUD,IKHZHUHKHUHWKHUHZRXOGQoW
6LJXHVYLYLHQGRFRQWXVREULQD" $UH\RXVWLOOOLYLQJZLWK\RXUQLHFH"SUREOHPD EHDQ\SUREOHP
0HFXHVWDOOHJDUDQGHPHV ,QGLWGLIFXOWWRPDNHHQGVPHHW $SJDORVDQWHVGHTXHWHPDUFKHV7XUQWKHPRIIEHIRUH\RXOHDYH
  UDVHXQDYH]2QFHXSRQDWLPH

3DLQWLQJ &XDGUR

(DVHO &DEDOOHWH 3DLQWEUXVK 3LQFHO

&DQYDV /LHQ]R 3DOHWWH 3DOHWD

9RFDEXODULR$UW $UWH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HFXHVWDHQWHQGHUWH ,KDYHWURXEOHXQGHUVWDQGLQJ\RX 9LYLHURQIHOLFHV\FRPLHURQSHUGLFHV7KH\OLYHGKDSSLO\HYHUDIWHU


3XHGHTXHKD\DKDELGRXQHUURU 7KHUHPLJKWKDYHEHHQDPLVWDNH 4XSDVDFRQWLJR":KDWoVXSZLWK\RX"
7HLPSRUWDUDEDMDUODPVLFD" :RXOG\RXPLQGWXUQLQJWKH 0HHQFDQWDTXHGDUPHHQOD,ORYHKDYLQJDOLHLQ
PXVLFGRZQ"FDPDKDVWDWDUGH
$\HUPHHQWHUGHTXHVHKDQ ,IRXQGRXW\HVWHUGD\WKDWWKH\ 7XWUDMHHVWFRPSOHWDPHQWH<RXUVXLWoVWRWDOO\FUHDVHG
GLYRUFLDGRJRWGLYRUFHGDUUXJDGR
0HFXHVWDOOHJDUDQGHPHV ,QGLWGLIFXOWWRPDNH 1ROHFRMRHOWUXFR,FDQoWJHWWKHKDQJRILW
 HQGVPHHW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3UHJXQWDVFRQODSUHSRVLFLQIURPq
5HFXHUGDTXHFXDQGRSUHJXQWDPRVGHGQGHHV
7KDWPDNHVWZRRIXV 7REHSDUWRIWKHIXUQLWXUH D DOJXLHQODSUHSRVLFLQpIURPqVHFRORFDDOQDO
<DVRPRVGRV SHUVRQ  HMHPSORV\ 
)RUPDUSDUWHGHOGHFRUDGR
7KHRWKHUVLGHRIWKHFRLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/DRWUDFDUDGHODPRQHGD 7LPHLVDJUHDWKHDOHU IUDVHVHQLQJOV"
(OWLHPSRORFXUDWRGR OHVGH)UDQFLD"
7KHWLSRIWKHLFHEHUJ 'HGQGHHVHOOD"
/DSXQWDGHOLFHEHUJ :HoUHUXQQLQJRXWRIWLPH 'HGQGHHUHV"
6HQRVDFDEDHOWLHPSR 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KH6SDQLVKVXEMXQFWLYHLQ(QJOLVK

7HDFKHU3DFRWHOO0DUDWRWHOO 3URIHVRU3DFRGLD0DUDTXHPH GLIHUHQFLDTXHH[LVWHHQWUHHOXVRGHOVXEMXQWLYRHQHVSDRO TXHPH


PHWRJHWXS GLJDTXHPHOHYDQWH GLJDTXHPHOHYDQWHHWF \FPRORKDFHPRVHQLQJOV
3DFR0DUDWHOOWKHWHDFKHUWR 3DFR0DUDGLDOSURIHVRUTXHVH
JHWXS OHYDQWH (OVXEMXQWLYRH[LVWHHQLQJOVSHURVORHQRFDVLRQHVSRFRIUHFXHQWHV
0DUD*HWXSSOHDVH 0DUD/HYQWDWHSRUIDYRU )MDWHHQODIUDVHDFRQWLQXDFLQ
7HDFKHU3DFRZKDWLV0DUD 3URIHVRU3DFRTXPHHVW
WHOOLQJPH" GLFLHQGR0DUD" 7HOOKLPWRFRPHWRP\RIFHDVVRRQDVSRVVLEOH
3DFR6KHoVWHOOLQJ\RXWRJHWXS 3DFR7HHVWGLFLHQGRTXHWH 'LOHTXHYHQJDDPLRFLQDORDQWHVSRVLEOH
OHYDQWHV
)MDWHHQODSDUWHVXEUD\DGDGHODLQVWUXFFLQp7HOOKLPWRFRPHq(Q
(VWXGLDORVPHQVDMHVLQWHUFDPELDGRVHQLQJOVHQWUHORVWUHVSDUWLFLSDQ LQJOVQRGHFLPRVp'LOHTXHYHQJDqVLQROLWHUDOPHQWHp'LOHYHQLUq
WHV\GHVSXVFRPSUDORVFRQVXWUDGXFFLQDOFDVWHOODQR)MDWHHQOD

(VWLPDGR6U*DUFD 'HDU0U*DUFtD

(VWDUGHDFXHUGRFRQQRVRWURVHQTXHHO[LWRGHXQDHPSUHVD <RXZLOODJUHHZLWKXVWKDWDFRPSDQ\VVXFFHVVKDVDORWWRGR
WLHQHPXFKRTXHYHUFRQODLPDJHQTXHSUR\HFWD/DJHQWHVXHOH ZLWKWKHLPDJHLWSURMHFWV3HRSOHXVXDOO\EX\DFHUWDLQSURGXFW
FRPSUDUXQGHWHUPLQDGRSURGXFWRSRUTXHWLHQHFRQDQ]DHQOD EHFDXVHWKH\KDYHFRQGHQFHLQWKHEUDQGRULQWKHFRPSDQ\
PDUFDRHQODFRPSDDTXHORIDEULFD(VWDFRQDQ]DVHGHEHLQ WKDW PDQXIDFWXUHV LW 7KLV FRQGHQFH LV GXH SUHFLVHO\ WR WKH
GXGDEOHPHQWHDODLPDJHQGHODHPSUHVDRGHVXVPDUFDV LPDJHRIWKHFRPSDQ\RULWVEUDQGV

'HVGHKDFHDRV,0$*(%8,/',1*,1&HVOGHUPXQGLDOHQ )RU WKH SDVW  \HDUV ,0$*(%8,/',1* ,1& KDV EHHQ WKH
FUHDULPJHQHVTXHVHWUDGXFHQHQYHQWDV\EHQHFLRV1XHVWUR ZRUOGOHDGHULQFUHDWLQJLPDJHV WKDW WUDQVODWHLQWRVDOHVDQG
HTXLSRGHSURIHVLRQDOHVWLHQHDRVGHH[SHULHQFLDWUDWDQGRFRQ SURWV 2XU WHDP RI SURIHVVLRQDOV KDV \HDUV RI H[SHULHQFH
ORVPHGLRVGHFRPXQLFDFLQ\SXHGHQHQPHQRVWLHPSRGHOR GHDOLQJ ZLWK WKH PHGLD DQG WKH\ FDQ LQ OHVV WLPH WKDQ \RX
TXH9GSLHQVDFUHDURFDPELDUXQDLPDJHQFRUSRUDWLYD\OOHYDU WKLQNFUHDWHRUFKDQJHDFRUSRUDWHLPDJHDQGFDUU\DFRPSDQ\
XQDHPSUHVDKDFLDXQDSRVLFLQGHOLGHUD]JRHQHOPHUFDGR WRZDUGDSRVLWLRQRIPDUNHWOHDGHUVKLS

'QRVXQDRSRUWXQLGDGSDUDGHPRVWUDUOHORTXHSRGHPRVKDFHU *LYHXVDQRSSRUWXQLW\WRVKRZ\RXZKDWZHFDQGR,WZLOOEH
6HUODPHMRULQYHUVLQTXHVXHPSUHVDSXHGDUHDOL]DU WKHEHVWLQYHVWPHQW\RXUFRPSDQ\FDQPDNH

$WHQWDPHQWH 6LQFHUHO\\RXUV

3DUDHOSLORWRQRYDWRHOVLPXODGRU\SUiFWLFDV (VWLPDGRDPLJR\DOXPQR/DFODVHHOSURIHVRU\HOPWRGRVRQQHFHVDULRV
DGTXLHUHKDELOLGDGHVHQXQSULQFLSLRHVWiWLFDV SDUDDGTXLULUXQDEDVHWHULFDJUDPDWLFDO\SDUDUHDOL]DUSUFWLFDVGHUHSUR
6LKX\HGHYRODULQVLVWLHQGRHQVLPXODU GXFFLQRUDOFRQHOQGHFRQVROLGDUKELWRVDXWRPDWL]DGRVGHODQWHGHO
SRGUiVLTXLHUHGLH]PLOKRUDVDFXPXODU SURIHVRUHQHOFPRGRDPELHQWHGHODXOD3HURHOWURFODVHSURIHVRUPWR
SHURVLQKRUDVGHYXHORHVD~QSULQFLSLDQWH
GRQRGHMDGHVHUXQSHUIHFWRHTXLYDOHQWHDOVLPXODGRUGHYXHORGRQGHVL
\TXLpQVHRIUHFHUtDFRPRSULPHUDFRPSDxDQWH"
XQRVHHVWUHOODQRPXHUH7HDWUHYHUDVDPRQWDUFRQXQSLORWRQRYDWROD
3HURFRQVyORFLHQKRUDVGHVLPXODGRU SULPHUDYH]TXHSLORWDVHXQDYLQ"/RKDUDVVLHOQRYDWR\DWXYLHUDPLOKR
PiVRWUDVFLQFXHQWDGHDYLDGRU UDVGHDGLHVWUDPLHQWRHQXQVLPXODGRU"3UREDEOHPHQWHWDPSRFR/DFODVH
ODFXHVWLyQ\DHVRWUD\KDEUtDEDVWDQWHV GHLQJOVHOSURIHVRU\HOPWRGRFRQVWLWX\HQHQHOPHMRUGHORVFDVRVXQ
GLVSXHVWRVDVXELUVLQPLHGRQLFDOPDQWHV VLPXODGRUGHYXHORGRQGHVLWHHVWUHOODVQRPXHUHV6LTXLHUHVKDFHUWH
SRUTXHVDEHQTXHGLH]KRUDVGHDYLDGRU GHYHUGDGFRQHOLQJOVYDVDWHQHUTXHYRODUPXFKRSDUDVXSHUDUHOPLHGR
HTXLYDOHQDPLOGHVLPXODGRU HVFQLFR\HOVHQWLGRGHOULGFXOR
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

1RHVWPX\FRQWHQWD 6KHoVQRWYHU\KDSS\ (VWR\HVWXGLDQGRHQXQD ,oPVWXG\LQJDWDQDFDGHP\


1RVRPRVKHUPDQRV :HDUHQoWEURWKHUV DFDGHPLD
3RUTXHVWDELHUWR" :K\LVLWRSHQ" 0LWDYLYHHQXQDSDUWDPHQWR 0\DXQWOLYHVLQDDW
'QGHHVWHOODDKRUD" :KHUHLVVKHQRZ" 7LHQHVPDVFRWDV" 'R\RXKDYHDQ\SHWV"
4XLQHVVRQWXVDPLJRV" :KRDUH\RXUIULHQGV" &PRVHGHOHWUHDWXQRPEUH" +RZGR\RXVSHOO\RXUQDPH"
  1RTXLHURWXVH[FXVDV ,GRQoWZDQW\RXUH[FXVHV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXUFORWKHV" /RFRPSUHODRSDVDGR +HERXJKWLWODVW\HDU


1HFHVLWRKDEODUFRQWXVSDGUHV ,QHHGWRVSHDNWR\RXUSDUHQWV 3HQVTXHHVWDEDVFDVDGR ,WKRXJKW\RXZHUHPDUULHG
1RFUHRTXHWHQJDWLHPSR ,GRQoWWKLQN,KDYHWKHWLPH )XHHOODFRQWLJRDOPGLFR" 'LGVKHJRZLWK\RXWRWKHGRFWRU"
1XQFDVHUHQ 7KH\QHYHUODXJK 1RHVWDPRVOLVWRVWRGDYD :HoUHQRWUHDG\\HW
3RUTXKDFHHVR" :K\GRHVKHGRWKDW" (OODWUDMRVXRUGHQDGRUDFODVH 6KHEURXJKWKHUFRPSXWHUWR
   WKHFODVV

6DLO 9HOD

'HFN &XELHUWD

%RZ 3URD

3RUWKROH 2MRGHEXH\
+XOO &DVFR

9RFDEXODULR%RDW %DUFR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

<RTXWQRORKDUD ,I,ZHUH\RX,ZRXOGQoWGRLW +DEDPHQRVGHORTXHHVSHUDED 7KHUHZHUHIHZHUWKDQ,H[SHFWHG


6R\FXUDGHVGHKDFHDRV ,oYHEHHQDSULHVWIRU\HDUV &XQWRWDUGDUDPRVVL +RZORQJZRXOGLWWDNHXVLIZH
6HSDUHFHDVXPDGUH" 'RHVVKHORRNOLNHKHUPRWKHU"YROVHPRV"HZ"
7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN |4XLPEFLOHUHV <RXoUHVXFKDIRRO
1RPHGHMEHVDUOD 6KHGLGQoWOHWPHNLVVKHU &XQGRSHQVDEDVGHFUVHOR :KHQZHUH\RXSODQQLQJWRWHOO
 DHOOD "KHU"
  2MDOHVWXYLHUDVDTX ,ZLVK\RXZHUHKHUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/OHJDUVREUHODVRFKR ,oOOEHWKHUHDWHLJKWLVK (VXQWRUEHOOLQR +HoVDUHDOOLYHZLUH


(VWR\SHODGR ,oPEURNH +HFRQYRFDGRXQDUHXQLQ ,oYHFDOOHGDPHHWLQJRQ0RQGD\
6HPHTXHGDURQSHJDGDVODV ,RYHUVOHSW SDUDHOOXQHV
VEDQDV  7HQGUHPRVTXHDSOD]DUOR :HoOOKDYHWRSXWLWRIIXQWLO0D\
1RVORTXHKDUDVLQWL ,GRQoWNQRZZKDW,oGGRZLWKRXW\RXKDVWDPD\R
(QTXGHPRQLRVHVWDEDV :KDWWKHKHOOZHUH\RXWKLQNLQJRI" 0HTXHGLSDGR,ZDVJREVPDFNHG
SHQVDQGR"  &RQVOWDORFRQODDOPRKDGD 6OHHSRQLW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3KUDVDOYHUE
7RPDNHLWXSZLWKVRPHRQH
+HoVDWRXJKQXWWRFUDFN )LUVWWKLQJLQWKHPRUQLQJ +DFHUODVSDFHVFRQDOJXLHQ
OHVXQKXHVRGXURGHURHU $SULPHUDKRUDGHODPDDQD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
$OORIDVXGGHQ ,QWKHPHDQWLPH 6HUIFLOKDFHUODVSDFHVFRQO
'HUHSHQWH 0LHQWUDVWDQWR 7RGDYDQRKDKHFKRODVSDFHVFRQVXPHMRU
DPLJD
$VIDUDV,oPFRQFHUQHG ,QDOLWWOHZKLOH +DVKHFKRODVSDFHVFRQWXFRPSDHURGH
3RUPHQORTXHDPVHUHHUH 'HQWURGHSRFR WUDEDMR\D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
:KDWWLPHGR\RXKDYHEUHDNIDVW"

(QLQJOVHPSOHDPRVHOYHUERpWRKDYHqSDUDFRQVXPLFLRQHV(Q WRKDYHDEHHU WRPDUXQDFHUYH]D


FDVWHOODQR HPSOHLV pWRPDUq R XVLV XQ YHUER HVSHFFR FRPR WRKDYHDVQDFN PHUHQGDU
pGHVD\XQDUqpDOPRU]DUqRpFHQDUq7HSLGRSRUIDYRUTXHUHFXHU WRKDYHDFXSRIFRIIHH WRPDUXQDWD]DGHFDI
GHVHVWRVLHPSUH\DTXHORVSURIHVRUHVGHLQJOVHVWDPRVFDQVD WRKDYHDFXSRIWHD WRPDUXQDWD]DGHW
GRVGHRUWDQWRpWRWDNHDFRIIHHq6HGLFHWRKDYHDFRIIHH
/DQLFDH[FHSFLQHVFXDQGRXQRWRPDPHGLFLQDV(QHVWRVFD
WRKDYHEUHDNIDVW GHVD\XQDU VRVHPSOHDPRVHOYHUERpWRWDNHqFRPRHQHVSDRO
WRKDYHOXQFK DOPRU]DURFRPHU
WRKDYHGLQQHU FHQDU 7DNH\RXUV\UXS 7PDWHWXMDUDEH
WRKDYHDGULQN WRPDUXQDFRSD +HWRRNWZRVOHHSLQJSLOOV 6HWRPGRVSDVWLOODVSDUDGRUPLU
WRKDYHVRPHWKLQJWRHDW WRPDUDOJRGHFRPHU <RXWDNHWRRPXFKPHGLFLQH 7RPDVGHPDVLDGRVPHGLFDPHQWRV

(VWLPDGR6U,YDQRYLFK 'HDU0U,YDQRYLFK

+HPRVUHFLELGRHOHQYRGHFDPLVDV\DOLQVSHFFLRQDU :H KDYH UHFHLYHG WKH VKLSPHQW RI  VKLUWV DQG XSRQ
ODV KHPRV HQFRQWUDGR DOJR PX\ H[WUDR7RGDV \ FDGD XQD LQVSHFWLQJWKHPZHKDYHIRXQGVRPHWKLQJYHU\VWUDQJH(DFK
GH ODV FDPLVDV WLHQHQ OR TXH SDUHFH VHU XQD TXHPDGXUD GH DQGHYHU\RQHRI WKHVKLUWVKDVZKDWVHHPV WREHDFLJDUHWWH
FLJDUULOOR FLJDUHWWHEXUQ HQVXPDQJDGHUHFKD EXUQRQWKHULJKWVOHHYH

+XHOJDGHFLUTXHQRSRGHPRVDFHSWDUHOHQYR\TXHGDPRVDOD ,WJRHVZLWKRXWVD\LQJWKDWZHFDQQRWDFFHSWWKHVKLSPHQWDQG
HVSHUDGHVXVLQVWUXFFLRQHVHQFXDQWRDTXKDFHUFRQHOOR6LQ ZHDZDLW\RXULQVWUXFWLRQVDVWRZKDWWRGRZLWKLW+RZHYHU
HPEDUJRORTXHQRVSUHRFXSDDKRUDVRQORVSOD]RVTXHWHQHPRV ZKDWZRUULHVXVQRZDUHWKHGHDGOLQHVZHKDYHWRPHHWZLWK
TXHFXPSOLUFRQORVPD\RULVWDV\DTXHHOORVHVSHUDQWHQHUODV WKH ZKROHVDOHUV VLQFH WKH\ H[SHFW WR KDYH WKH VKLUWV LQ WKHLU
FDPLVDVHQVXVDOPDFHQHVQRPVWDUGHGHOGHGLFLHPEUH ZDUHKRXVHVQRODWHUWKDQ'HFHPEHU

$YVHQRV FXDQWR DQWHV VREUH FPR SLHQVDQ UHVROYHU HVWH /HW XV NQRZ DV VRRQ DV SRVVLEOH KRZ \RX SODQ WR VROYH WKLV
WHPD+D\PXFKRGLQHURHQMXHJR\VHUDXQDOVWLPDTXHQR PDWWHU 7KHUH LV D ORW RI PRQH\ LQYROYHG DQG LW ZRXOG EH D
SXGLUDPRVVXPLQLVWUDUODPHUFDQFDSDUDODWHPSRUDGDGH SLW\LIZHFRXOGQRWVXSSO\WKHPHUFKDQGLVHIRUWKH&KULVWPDV
1DYLGDG VHDVRQ

$WHQWDPHQWH 6LQFHUHO\

/DSDVWLOODGHORVFLHQPLOHXURV
(VWLPDGRDOXPQR\DPLJR(QXQDUHFLHQWHHQFXHVWDUHDOL]DGDSRU9DXJKDQ6\VWHPVHOGHORVHQFXHVWDGRVJHQWHHQVXPD\RUDGHOUHD
GHUHFXUVRVKXPDQRVGHGLIHUHQWHVHPSUHVDVDUPDURQTXHGHH[LVWLUXQDSDVWLOODSRUYDORUGHFLHQPLOHXURVFDSD]GHGRWDULQPHGLDWDPHQWH
GHLQJOVDTXLHQODWRPDVHVXGLUHFWRUJHQHUDOVFRPSUDUDSDVWLOODVSDUDYDULDVSHUVRQDVGHODRUJDQL]DFLQ'HKHFKRXQRDDGLTXHVX
GLUHFWRUFRPSUDUDVLHWHFXDWURSDUDVXVLQPHGLDWRVVXERUGLQDGRVXQDSDUDO\GRVSDUDVXVGRVKLMRV(VGHFLUHOVHRUJDVWDUDHXURV
GHJROSHSDUDTXLWDUGHHQPHGLRHOSUREOHPDGHOLQJOV3HURJDVWDUDORPLVPRVLHQYH]GHLQJOVODSDVWLOODFRQULHUDORVFRQRFLPLHQWRVGH
XQSUHVWLJLRVR0%$"3UREDEOHPHQWHQRORFXDOPHFRQGXFHDXQDUHH[LQFXULRVD(OVHFWRUGHODHQVHDQ]DGHLGLRPDVHVWDWRPL]DGR\
JR]DGHSRFRSUHVWLJLRDOFRPSDUDUVHFRQRWURVVHFWRUHVGHODIRUPDFLQGLUHFWLYD6LIXUDPRVDODSXHUWDGHVDOLGDGHFXDOTXLHUHVFXHODGH
QHJRFLRVSUHVWLJLRVD\SUHJXQWVHPRVDFDGDUHFLQJUDGXDGRFRQVXWRJD\ELUUHWHVLOHJXVWDUDLQLFLDUVXFDUUHUDHQXQFHQWURGHIRUPDFLQ
HQLGLRPDVQRVGLUDTXHQLKDEODUTXHOHHVSHUDXQSXHVWRHQXQEDQFRGHLQYHUVLRQHVRHQXQDSUHVWLJLRVDUPDGHFRQVXOWRUD6LQHPEDU
JRDOFDERGHXQRVDRVTXHUUDWDQWRFRPRDTXHOGLUHFWRUJHQHUDOODSDVWLOODPJLFDGHORVFLHQPLOHXURV\SRVLEOHPHQWHSDJDUDHOSUHFLR
0RUDOHMDFXDQGRODPDJLDHQWUDHQODHFXDFLQHODSUHQGL]DMHGHOLQJOVDVXPHVXSRVLFLQFRUUHFWDHQODMHUDUTXDGHORVYDORUHVIRUPDWLYRV
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

/DVPXMHUHVHVSDRODVVRQJXDSDV 6SDQLVKZRPHQDUHSUHWW\ +D\XQDILHVWDPDDQDHQHOSDUTXH7KHUHoVDSDUW\WRPRUURZLQWKHSDUN


(O-DSRQVHVXQLGLRPDGLIFLO -DSDQHVHLVDGLIFXOWODQJXDJH (OSHUURGH)UDQNHVWORFR)UDQNoVGRJoVFUD]\
(VXQDSHOFXODFRUWD ,WoVDVKRUWOP TXKRUDFRPHV":KDWWLPHGR\RXKDYHOXQFK"
7XSDGUHHVXQKRPEUHJUDFLRVR <RXUIDWKHULVDIXQQ\PDQ 4XPVLFDWHJXVWD":KDWPXVLFGR\RXOLNH"
5XVLDHVXQSDVPX\JUDQGH 5XVVLDLVDYHU\ELJFRXQWU\ 1RWHQJRGLQHUR,GRQoWKDYHDQ\PRQH\

/ROOLSRS 3LUXOHWD

6ZHHWV &DUDPHORV

&KHZLQJXP &KLFOH

&KRFRODWH %RPEQ
)UXLWJXP *RPLQROD

9RFDEXODULR&RQIHFWLRQDU\ *RORVLQDV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+D\PXFKDVPXMHUHVHQ $UHWKHUHPDQ\ZRPHQLQ\RXU 6DEHVTXKRUDHV"'R\RXNQRZZKDWWKHWLPHLV"


WXHPSUHVD"FRPSDQ\" 6LPHORGDVWHORDEULU,I\RXJLYHLWWRPH,oOORSHQLWIRU\RX
4XVLJQLFDHVR" :KDWGRHVWKDWPHDQ" &RQTXLQHVWXYLVWHD\HU":KRZHUH\RXZLWK\HVWHUGD\"
0LWRKDEODFLQFRLGLRPDV 0\XQFOHVSHDNVYHODQJXDJHV 1RHVWDEDFRQQDGLH,ZDVQoWZLWKDQ\RQH
&XQGRVHORYDVDSUHJXQWDU :KHQDUH\RXJRLQJWRDVNKLP" 1RVSRUTXORYHQGL,GRQoWNQRZZK\KHVROGLW
DO "
1RKD\DJXDHQODERWHOOD 7KHUHLVQoWDQ\ZDWHULQWKHERWWOH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RLUDPHQRVTXHGHMHGHOORYHU,ZRQoWJRXQOHVVLWVWRSVUDLQLQJ 3RUTXQRIXLVWHLQYLWDGR":K\ZHUHQoW\RXLQYLWHG"
+DVUHVHUYDGRXQDFLWDFRQHO +DYH\RXPDGHDQDSSRLQWPHQW 4XLQWHKDFHJUDFLD":KRPDNHV\RXODXJK"
PGLFR\D" ZLWKWKHGRFWRU\HW" 'HEHVKDEHUWHHTXLYRFDGR<RXPXVWKDYHPDGHDPLVWDNH
0HJXVWDUDTXHOROH\HUDVHQ ,oGOLNH\RXWRUHDGLWDORXG (VSHURFRQLOXVLQYHUWH,ORRNIRUZDUGWRVHHLQJ\RX
YR]DOWD  3LUGHWH*HWORVW
&XQWRWLHPSROOHYDVFDVDGR" +RZORQJKDYH\RXEHHQPDUULHG"
3RUTXQRSHGLVWHHOOLEUR :K\GLGQoW\RXDVNIRUWKH
GHUHFODPDFLRQHV" FRPSODLQWVERRN"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RVHORGLJDVDQDGLH .HHSLWWR\RXUVHOI (OEDUHVWDEDUHSOHWR7KHEDUZDVSDFNHG


(VXQJUDQDFLRQDGRDOSXHQWLQJ +HoVUHDOO\LQWREXQJHHMXPSLQJ 2MDOQROHKXELHVHVGLFKRQDGD,ZLVK\RXKDGQoWVDLGDQ\WKLQJ
&PRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ" WRKLP
7HQJRDOHUJLD ,oYHJRWKD\IHYHU 'HEHUDKDEHUKDELGRXQ7KHUHVKRXOGKDYHEHHQD
+XELHUDWDUGDGRGHPDVLDGR ,WZRXOGKDYHWDNHQWRRORQJ JXDUGLDGHVHJXULGDGVHFXULW\JXDUG
  |'DPHXQUHVSLUR*LYHPHDEUHDN
  |4XUROOR:KDWDGUDJ



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (VWLORLQGLUHFWR
5HFXHUGDTXHHQXQDSUHJXQWDLQGLUHFWDHO
2QWKHRWKHUKDQG <RXoUHSXOOLQJP\OHJ VXMHWRVLHPSUHSUHFHGHHOYHUER
(QFDPELR 0HHVWVWRPDQGRHOSHOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,oPDOOHDUV <RXoOOKDYHWRWZLVWKLVDUP IUDVHVHQLQJOV"
7LHQHVWRGDPLDWHQFLQ 7HQGUVTXHSUHVLRQDUOH
6DEHVVLWHQHPRVVXFLHQWHGLQHUR"
$WWKHHQGRIWKHGD\ 6DEHVGQGHHVWQPLVOODYHV"
$UPHGWRWKHWHHWK 6DEHVGHTXFRORUVRQ"
(QHODQOLVLVQDO
$UPDGRKDVWDORVGLHQWHV 
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7RODVW

(VWHYHUERPHUHFHXQDPHQFLQDSDUWHSXHVWRTXHORVHVSDROHVFDVL +RZORQJGRHVWKLVFODVVODVW" &XQWRWLHPSRGXUDHVWDFODVH"


QXQFDORXVLV6LQHPEDUJRVLJQLFDpGXUDUqSRUORTXHHVLPSRUWDQ ,WODVWVRQHKRXU 'XUDXQDKRUD
WHXVDUOR4XL]QRORXVLVSRUTXHHVLGQWLFRDODGMHWLYRpODVWq OWL +RZORQJGRHVDFLJDUHWWHODVW" &XQWRWLHPSRGXUDXQFLJDUUR"
PR \RVHQWUDODGXGD6LQHPEDUJRWLHQHVTXHKDFHUWHFRQHVWHYHUER ,WODVWVPLQXWHV 'XUDPLQXWRV
SRUTXHVHXVDPXFKR7HPXHVWURDFRQWLQXDFLQIUDVHVFRQHOYHUER +RZORQJGRHVDYLGHRJDPH &XQWRWLHPSRVXHOHGXUDUXQ
pWRODVWq XVXDOO\ODVW" YLGHRMXHJR"
,WODVWVDERXWPLQXWHV 'XUDXQRVPLQXWRV
7KRVHPHHWLQJVDOZD\VODVWD (VDVUHXQLRQHVVLHPSUHGXUDQ
ORQJWLPH PXFKRWLHPSR
+RZORQJGRHVDPRYLHODVW" &XQWRWLHPSRGXUDXQDSHOFXOD" 'R\RXQHHGDORQJODVWLQJFXUHIRU\RXU(QJOLVK"

(VWLPDGD6UWD3D\QH 'HDU0LVV3D\QH

/HDGMXQWRHOLQIRUPHGHDVLVWHQFLDGHQRYLHPEUHGHVJORVDGR , KDYH HQFORVHG WKH DWWHQGDQFH UHSRUW IRU 1RYHPEHU EURNHQ


SRUJUXSRV/DDVLVWHQFLDJOREDOIXHGHO\VLQOXJDUDGXGDV GRZQE\JURXSV7KHRYHUDOODWWHQGDQFHZDVDQGZLWKRXW
OD PHMRU DVLVWHQFLD IXH HQWUH ORV JUXSRV GH PDDQD FRQ XQD D GRXEW WKH EHVW DWWHQGDQFH ZDV DPRQJ WKH PRUQLQJ
WDVDGHOFRPSDUDGDFRQHOSDUDORVJUXSRVGHWDUGH JURXSVZLWKDSHUFHQWUDWHFRPSDUHGWRSHUFHQWIRUWKH
DIWHUQRRQJURXSV
1RREVWDQWHGHEHPRVWHQHUHQFXHQWDTXHODVFODVHVGHWDUGHVH
FRPSRQHQSULQFLSDOPHQWHGHJHQWHGHOGHSDUWDPHQWRFRPHUFLDO 1HYHUWKHOHVV ZH VKRXOG NHHS LQ PLQG WKDW WKH DIWHUQRRQ
TXLHQHVWLHQHQTXHYLDMDUPVDPHQXGRTXHODVSHUVRQDVGHI FODVVHVDUHFRPSRVHGSULPDULO\RISHRSOHIURPWKHFRPPHUFLDO
EULFDODPD\RUDGHODVFXDOHVUHFLEHQVXVFODVHVSRUODPDDQD GHSDUWPHQW ZKR KDYH WR WUDYHO PRUH RIWHQ WKDQ IDFWRU\
SHRSOHPRVWRIZKRPUHFHLYHWKHLUFODVVHVLQWKHPRUQLQJ
$KRUDTXHHOSURJUDPDOOHYDGRVPHVHVIXQFLRQDQGRVHUDDFRQ
VHMDEOHHVWXGLDUODVFLIUDVGHDVLVWHQFLDLQGLYLGXDOHV\WRPDUODV 1RZWKDWWKHSURJUDPKDVEHHQLQSURJUHVVIRUWZRPRQWKVLW
PHGLGDVQHFHVDULDV ZRXOGEHDGYLVDEOHWRVWXG\WKHLQGLYLGXDODWWHQGDQFHJXUHV
DQGWDNHWKHQHFHVVDU\PHDVXUHV

$WHQWDPHQWH 6LQFHUHO\

(VWLPDGRDPLJR\DOXPQR(OYHUDQRSDVDGRXQDMRYHQHMHFXWLYDGHODOLDOHVSDRODGHXQDLPSRUWDQWHHPSUHVDPXOWLQDFLRQDOSDV
XQPHVHQ3KLODGHOSKLD$QWHVGHLUGHVGH(VSDD\DWUDYVGH,QWHUQHWVHDSXQWDXQDVHULHGHFXUVRVPXFKRVGHHOORVFXULRVRV
TXHVHRIUHFHQJUDWXLWDPHQWHDSHUVRQDVMXELODGDV\DSUHFLRVPGLFRVDGHVHPSOHDGRV1XHVWUDHMHFXWLYDVHDSXQWDXQDVFODVHV
GHFRFLQDEDLOHGHVDOQFRPXQLFDFLQLQWHUSHUVRQDODHUELFFPRKDEODUHQSEOLFRFLHQFLDGLHWDULDHOPDQHMRGH$FFHVV\([FHO\
HODUWHGHKDFHUFHVWDVGHPLPEUH

(VWXYRXQDPHGLDGHVLHWHKRUDVFDGDGDLQYROXFUDGDHQORVFXUVRV\VHFRGHDEDDGLDULRFRQXQDVSHUVRQDVGLVWLQWDVWRGDVQRU
WHDPHULFDQDV$OFDERGHWUHVGDV\DWHQDXQJUDQQPHURGHDPLJRV\HQODVGRVOWLPDVVHPDQDVGHVXHVWDQFLDMDPVFHQDEDHQ
QLQJQVLWLRTXHQRIXHUDODFDVDGHXQFRPSDHURGHFXUVR6HORSDVHQJUDQGH\YROYLD(VSDDFRQXQLQJOVUHDOPHQWHEXHQR
VREUHWRGRHQHODVSHFWRDXGLWLYR

3RU OR WDQWR OR UHFRPHQGDEOH HV VDOLU IXHUD SDUD PHMRUDU HO LQJOV QR SDUD HVWXGLDUOR 'HGLFDU WLHPSR HVWXGLDQGR ORV YHU
ERVLUUHJXODUHV\ORVSURQRPEUHVUHODWLYRVHQ/RQGUHVRHQ'DOODVHVSHUGHUORPVULFR\SURGXFWLYRGHODH[SHULHQFLD(VUHQXQ
FLDU D UHODFLRQDUVH GH IRUPD GLQPLFD FRQ SHUVRQDV QDWLYDV D FDPELR GHO HVWXGLR DVSWLFR GH OD PHFQLFD HVWWLFD GHO LGLRPD
0RUDOHMD1RVDOJDVIXHUDSDUDUHFLELUFODVHVGHLQJOV6DOIXHUDSDUDUHFLELUFODVHV(1LQJOV
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWWXFDVD":KHUHLV\RXUKRXVH" 4XKDFHVPDDQD":KDWDUH\RXGRLQJWRPRUURZ"
0ODJDHVWHQHOVXUGH(VSDD 0DODJDLVLQWKHVRXWKRI6SDLQ 3RUTXHVWXGLDVDOHPQ":K\GR\RXVWXG\*HUPDQ"
(VFRFLDHVWDOQRUWHGH,QJODWHUUD 6FRWODQGLVWRWKHQRUWKRI(QJODQG (VWRVVRQORV]DSDWRVGH/LQGD7KHVHDUH/LQGDoVVKRHV
0DQFKHVWHUHVWHQHOQRUWH 0DQFKHVWHULVLQWKHQRUWK &DOHVWXFRPLGDSUHIHULGD":KDWoV\RXUIDYRXULWHIRRG"
GH,QJODWHUUDRI(QJODQG 1RPHVLHQWRPX\ELHQ,GRQoWIHHOYHU\ZHOO
(VXQDFLXGDGRXQSXHEOR" ,VLWDFLW\RUDWRZQ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

9R\DEXVFDUOR ,oPJRLQJWRORRNIRULW 7DUGDWUHVKRUDVHQOOHJDUDOO,WWDNHVWKUHHKRXUVWRJHWWKHUH


4XHRSLQDVGHOQXHYRMHIH" :KDWGR\RXWKLQNRIWKHQHZERVV" /DFRQRFFXDQGRHVWXYHHQ/RQGUHV,PHWKHUZKHQ,ZDVLQ/RQGRQ
1RKDEOHVFRQFRPLGDHQODERFD 'RQoWVSHDNZLWKIRRGLQ\RXU 1RKXERPVLFDHQODHVWD7KHUHZDVQoWDQ\PXVLFDWWKHSDUW\
 PRXWK 1RKXERFKLFDVWDPSRFR7KHUHZHUHQoWDQ\JLUOVHLWKHU
&XQWDVKDELWDFLRQHVWLHQH +RZPDQ\EHGURRPVGRHV\RXU 0HSXHGHVGHFLUGQGHHVWQ&DQ\RXWHOOPHZKHUHWKH
WXFDVD"KRXVHKDYH" ORVVHUYLFLRV"WRLOHWVDUH"
3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNHWKDW"

 +LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR $YVDQRVFXDQWRDQWHV/HWXVNQRZDVVRRQDVSRVVLEOH


HVSDRO"OHDUQ6SDQLVK" 3DUHFHFRPRVLQRKXELHUDV<RXORRNOLNH\RXKDYHQoWVOHSW
6LVXSLHUDODUHVSXHVWDWHORGLUD ,I,NQHZWKHDQVZHU,oGWHOO\RX GRUPLGR   
3XHGHVUHFRUGDUTXHVWDEDV &DQ\RXUHPHPEHUZKDW\RX 1HFHVLWRVDFDUGLQHURGHOEDQFR,QHHGWRWDNHVRPHPRQH\RXW
KDFLHQGRFXDQGRSDV"ZHUHGRLQJZKHQLWKDSSHQHG"RIWKHEDQN
1DGLHPHKDGLFKRQDGDWRGDYD 1RRQHKDVWROGPHDQ\WKLQJ\HW 6LSHQVDUDVXQSRFRPVQR,I\RXWKRXJKWDOLWWOHPRUH\RX
1RUHFXHUGRODOWLPDYH]TXH ,FDQoWUHPHPEHUWKHODVWWLPH RIHQGHUDVDODJHQWH ZRXOGQoWRIIHQGSHRSOH
PHHPERUUDFK,JRWGUXQN |1RVHDVQLR*URZXS

)LOOLQJ (PSDVWH
*XPV (QFDV

7HHWK 'LHQWHV

7RQJXH /HQJXD
/LSV /DELRV

9RFDEXODULR0RXWK %RFD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|+DEODPVDOWR 6SHDNXS 'HWDOSDORWDODVWLOOD$FKLSRIIWKHROGEORFN


+DEUDVYHQLGRVLWHORKXELHUD :RXOG\RXKDYHFRPHLI,oGWROG 4XKDVHVWDGRKDFLHQGR:KDWKDYH\RXEHHQJHWWLQJXS
GLFKR"\RX" OWLPDPHQWH"WRODWHO\"
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ (VWR\SDFKXFKR,oPIHHOLQJXQGHUWKHZHDWKHU
PHWLQGRWHFRQPLJR"RQPH" 'HQGHWH6WDQGXSIRU\RXUVHOI
/DUJXPRQRVGHDTX /HWoVJHWRXWRIKHUH +D]OHIUHQWH6WDQGXSWRKLP
7HQGUVTXHDJXDQWDUODXQ <RXoOOKDYHWRSXWXSZLWKKHU 
SRFRPVIRUDOLWWOHORQJHU


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3ULPHUFRQGLFLRQDO
1RROYLGHVTXHQXQFDVHXVDpZLOOqHQOD
,WOHIWDEDGWDVWHLQP\PRXWK %DSWLVPRIUH PLVPDRUDFLQTXHODSDODEUDpLIqHQXQ
0HGHMFRQPDOVDERUGHERFD %DXWLVPRGHIXHJR FRQGLFLRQDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,oPRXWRIVKDSH 'RQoWEHDWDURXQGWKHEXVK fDERXW IUDVHVHQLQJOV"
1RHVWR\HQIRUPD IVLFD  WKHEXVK  6LWLHQHVTXHSDJDUPVWHTXHMDUV"
1RFRQVHJXLUHPRVQDGDVLQRKDFHPRVXQ
1RDQGHVSRUODVUDPDV
JUDQHVIXHU]R
*LYHPHEDOOSDUNJXUH (OODVHGRUPLUVLOHFDQWDPRV
'DPHXQDFLIUDDSUR[LPDGD 7KDWoVEHVLGHWKHSRLQW
(VRQRYLHQHDOFDVR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\
FRPSUXHEDWXVUHVSXHVWDVHVWHGRPLQJRDOFRPSUDU
(/&8562'(,1*/6'(),1,7,92GH9DXJKDQ1RVOR
VDEUVVLKDVDFHUWDGRVLQRTXHSRGUVHVFXFKDUFPR
VHSURQXQFLDQHVWDVIUDVHV
<RDSUHFLRODVRUHV

WROLNH JXVWDUOHDXQR PVVLFDEHHOYHUERpWROLNHqSRGUDWUDGXFLUVHFRPRpDSUHFLDUq


WRHQMR\ GLVIUXWDUGHJXVWDUOHDXQR RpYDORUDUq

(OYHUERpWROLNHqHVHOYHUERTXHPVVROLVFRQIXQGLUORVHVSDR ,OLNHRZHUV $SUHFLRODVRUHV


OHV3RUHMHPSORHQYH]GHGHFLUpPHJXVWDQODVRUHVqGHFVFRQ
EDVWDQWHIUHFXHQFLDp<RJXVWRDODVRUHVq (QRWUDVSDODEUDVHQLQJOVH[SUHVDPRVpJXVWDUqDOUHYV5HFXHU
GR TXH FXDQGR KDFH DRV ORV VROGDGRV QRUWHDPHULFDQRV GH OD
0HJXVWDQODVRUHV ,OLNHRZHUV %DVHGH7RUUHMQLEDQDGLVFRWHFDVDYHFHVVHOHVRDHQVXPDO
FDVWHOODQRGHFLUDXQDFKLFDJXDSDp<RJXVWRWq(VWDEDQWUDGX
)LMRVTXHHQLQJOVVR\\RTXLHQHMHUFHODLQXHQFLDVREUHODVR FLHQGROLWHUDOPHQWHGHOLQJOVp,OLNH\RXq
UHV QR ODV RUHV VREUH P 4XL] SDUD DFODUDU OD GLIHUHQFLD DQ

(VWLPDGR6U'XUNKHLP 'HDU0U'XUNKHLP

$OUHYLVDUHOERUUDGRUQDOGHVXOLEURGHWH[WRKHPRVHQFRQWUD 8SRQUHYLHZLQJWKHQDOGUDIWRI\RXUWH[WERRNZHKDYHIRXQG
GRXQSDVDMHTXHQRHVWGHQWURGHOHVSULWXGHQXHVWURJUXSR DSDVVDJHWKDWLVQRWZLWKLQWKHVSLULWRIRXUHGXFDWLRQDOJURXS
HGXFDWLYR 1RV UHIHULPRV HVSHFFDPHQWH D ORV WUHV SULPHURV :HUHIHUVSHFLFDOO\WRWKHUVWWKUHHSDUDJUDSKVRQSDJH
SUUDIRVGHODSJLQDHQORVFXDOHV9GLQWHQWDMXVWLFDUHO LQZKLFK\RXWU\WRMXVWLI\WKHXVHRIIRUFHWRGLVSHUVHSROLWLFDO
XVRGHODIXHU]DSDUDGLVSHUVDUODVPDQLIHVWDFLRQHVSROWLFDV GHPRQVWUDWLRQV

1RVRPRVSDUWLGDULRVQHFHVDULDPHQWHGHFRQYRFDUPDQLIHVWD :H DUH QRW QHFHVVDULO\ LQ IDYRU RI FDOOLQJ GHPRQVWUDWLRQV
FLRQHV6LQHPEDUJRQRSRGHPRVGHQLQJXQDPDQHUDDSR\DUHO +RZHYHU ZH FDQQRW LQ DQ\ ZD\ VXSSRUW WKH XVH RI IRUFH QR
XVRGHODIXHU]DFXDOTXLHUDTXHVHDHOREMHWLYR6RPRVXQDRUJD PDWWHUZKDWWKHREMHFWLYH:HDUHDSHDFHORYLQJRUJDQL]DWLRQ
QL]DFLQSDFFDGHGLFDGDH[FOXVLYDPHQWHDXQDQREOHFDXVDOD GHYRWHG H[FOXVLYHO\ WR D QREOH FDXVH WKH HGXFDWLRQ RI WKH
HGXFDFLQGHODPHQWH&XDOTXLHUUHIHUHQFLDDOXVRGHODIXHU]D PLQG$Q\UHIHUHQFHWRWKHXVHRIIRUFHLVWKHUHIRUHIRUHLJQWR
HVSRUORWDQWRDMHQDDQXHVWUDORVRID RXUSKLORVRSK\

3RU HVWD UD]Q OH SHGLUDPRV TXH PRGLFDUD ORV SUUDIRV HQ )RUWKLVUHDVRQZHZRXOGDVN\RXWRPRGLI\WKHSDUDJUDSKVLQ
FXHVWLQ'HRWURPRGRQRSRGUHPRVDSUREDUHOERUUDGRUQDO TXHVWLRQ2WKHUZLVHZHFDQQRWDSSURYHWKHQDOGUDIW

$WHQWDPHQWH <RXUVVLQFHUHO\

(VWLPDGRDPLJR\DOXPQR3RUTXVRQPXGRVORVVRUGRPXGRV"8QPGLFROHGLUTXHWLHQHQSHUIHFWDPHQWHODVFXHUGDVYRFDOHVDOLJXDO
TXHQRVRWURV(QWRQFHVSRUTXWLHQHQTXHXVDUODVPDQRVSDUDFRPXQLFDUVH"/DUHVSXHVWDODVDEHPRVWRGRVXQVRUGRPXGRHVPXGR
SRUTXHHVVRUGR$OQRRUQRDSUHQGHDGHVDUUROODUODVGHPVKDELOLGDGHVQHFHVDULDVSDUDODFRPXQLFDFLQ'HEHIRU]RVDPHQWHUHFXUULUD
ODVPDQRV2FXUUHH[DFWDPHQWHORPLVPRDODKRUDGHLQWHQWDUGRPLQDUXQVHJXQGRLGLRPD7SXHGHVWHQHUXQDJUDPWLFDSXOLGVLPD
XQYRFDEXODULRH[WHQVR\XQDSURQXQFLDFLQGLJQDGHHORJLRSHURVLDODKRUDGHODYHUGDGQRHQWLHQGHVELHQORVVLJQLFDGRV\ORVPDWLFHV
HVWVWDQFRQGHQDGRDODLQFRPXQLFDFLQFRPRHOVRUGRPXGR(VLPSRUWDQWHTXHHQWLHQGDVHVWRSRUTXHHOHVSDROPHGLRLQYLHUWHVXV
SULRULGDGHV\SRQHFDVLWRGRVXHPSHRHQDSUHQGHUWHRUDJUDPDWLFDO\HQDPSOLDUVXYRFDEXODULR'HGLFDVXGLQHUR\VXWLHPSRDDWHQGHU
ODVSULRULGDGHVPHQRVFUWLFDV3LHQVDTXHFRQDSUHQGHUVHORVYHUERVLUUHJXODUHVSRGUHQWHQGHUDQDWLYRVFXDQGRKDEODQ3RVHHUXQDPSOLR
YRFDEXODULR\SURIXQGRVFRQRFLPLHQWRVJUDPDWLFDOHVSHURFRQXQRGRSRFRQRHTXLYDOHDVHUHOFLHUYRPVYHOR]GHOPXQGRSHURVLQRGR
QLROIDWR6XWUHPHQGDYHORFLGDGQROHYDOHSDUDQDGDVLQRVDEHRUQLROHUODDSUR[LPDFLQGHODPDQDGDGHORERV6HFRQYLHUWHHQPDQMDU
GHORVGHSUHGDGRUHV 5LFKDUG9DXJKDQ



 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

7HQJRPXFKDVHG ,oPYHU\WKLUVW\ 0HHVWVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"


+D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKH -XDQHVWVHQWDGRGHWUVGHO -XDQLVVLWWLQJEHKLQGWKH
ERWWOH" FRQGXFWRU GULYHU
OHVLQWHOLJHQWH" ,VKHLQWHOOLJHQW" 0DUDHVWVHQWDGDGHODQWH 0DUDLVVLWWLQJLQIURQWRI-XDQ
)HEUHURHVWGHVSXVGHHQHUR )HEUXDU\LVDIWHU-DQXDU\ GH-XDQ
0DU]RHVWDQWHVGHDEULO 0DUFKLVEHIRUH$SULO 1RKDEORUXVR ,GRQoWVSHDN5XVVLDQ
1DFKRHVWVHQWDGRDOODGR 1DFKRLVVLWWLQJQH[WWR-XDQ
GH-XDQ

)LQJHUV 'HGRV
.QXFNOHV QXGLOORV

3DOP 3DOPD
1DLO 8D

7KXPE 3XOJDU

9RFDEXODULR+DQGV 0DQRV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQGRYDLVDHPSH]DU" :KHQDUH\RXJRLQJWRVWDUW" &UHHVTXHGHEHUDLU" 'R\RXWKLQN,VKRXOGJR"


&RQTXIUHFXHQFLDORKDFHQ" +RZRIWHQGRWKH\GRLW" 6HWHYDDROYLGDU <RXoUHJRLQJWRIRUJHW
+D\PXFKRD]FDUHQHOVXHOR 7KHUHoVDORWRIVXJDURQWKH (OLQJOVHVPVIFLOGHORTXH (QJOLVKLVHDVLHUWKDQ,
RRU SHQVDED WKRXJKW
/RKDUSDVDGRPDDQD ,oOOGRLWWKHGD\DIWHU +DEDSUREOHPDV" :HUHWKHUHDQ\SUREOHPV"
WRPRUURZ -XDQWUDEDMDFDGDYH]PVGXUR -XDQLVZRUNLQJKDUGHUDQG
4XLHURKDEODULQJOVPVD ,ZDQWWRVSHDN(QJOLVKPRUH KDUGHU
PHQXGR RIWHQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|1RORKDJDV 'RQoWGRLW &UHRTXHHOODTXLVRGHFLU ,WKLQNVKHPHDQWVRPHWKLQJ


|1RPHORGLJDV 'RQoWWHOOPH RWUDFRVD HOVH
|1RJULWHV 'RQoWVKRXW 3XHGHTXHYD\DPRVDODSOD\D :HPLJKWJRWRWKHEHDFK
|1RVDOWHV 'RQoWMXPS PDDQD WRPRUURZ
|1RFDQWHV 'RQoWVLQJ (OODVLHPSUHWLHQHUD]Q\ 6KHoVDOZD\VULJKWDQGQHYHU
QXQFDVHHTXLYRFD ZURQJ
3HSHPDVWLFDGHIRUPDPX\ 3HSHFKHZVYHU\QRLVLO\
UXLGRVD
(VWR\SHQVDQGRHQMXELODUPH ,oPWKLQNLQJDERXWUHWLULQJ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HSLFDODQDUL] 0\QRVHLWFKHV 0HJXVWDUDKDEHUSRGLGRLU ,ZRXOGOLNHWRKDYHEHHQDEOH


+D\DOJRUDURHQO 7KHUHoVVRPHWKLQJVWUDQJH WRJR
DERXWKLP (VWDPRVSDUDGRVHQXQDWDVFR :HoUHVWXFNLQDWUDIFMDP
&PRIXHODFRVHFKDGH +RZZDVODVW\HDUoVZKHDW (ODJXDHVWPVFDOLHQWH 7KHZDWHULVZDUPHULQWKH
WULJRHODRSDVDGR" KDUYHVW" GRQGHVHWRFDIRQGR VKDOORZHQG
+DKDELGRPXFKDVGHPRUDV +DYHWKHUHEHHQPDQ\GHOD\V 0LSDVDSRUWHHVWDSXQWR 0\SDVVSRUWLVDERXWWRUXQ
HVWHPHV" WKLVPRQWK" GHFDGXFDU RXW
0HJXVWDVHQWDUPHDOODGR ,OLNHWRVLWE\WKHUH 1RWHUHVXOWDH[WUHPDGDPHQWH'RQoW\RXQGWKLVFKDLU
GHODFKLPHQHD UHSODFH  LQFPRGDHVWDVLOOD" H[WUHPHO\XQFRPIRUWDEOH"

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

,WoVEHWWHUWREHVDIHWKDQVRUU\ %DSWLVPRIUH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


0VYDOHSUHYHQLUTXHFXUDU %DXWLVPRGHIXHJR IUDVHVHQLQJOV"

,oPRXWRIVKDSH ,QWKHEOLQNRIDQH\H 'HTXFRORUHV"


1RHVWR\HQIRUPD IVLFD  (QXQDEULU\FHUUDUGHRMRV (VVWHXQDXWREVURMRRXQ
DXWREVYHUGH"
*LYHPHDEDOOSDUNJXUH 7KDWoVEHVLGHWKHSRLQW (VXQDXWREVURMR
'DPHXQDFLIUDDSUR[LPDGD (VRQRYLHQHDOFDVR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED

WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHHOHSKDQWVLQP\OLYLQJURRPDUHJUHHQ

/DUHJODHQLQJOVGLFHTXHFXDQGRQRVUHIHULPRVDFRVDVHQJHQHUDOQR GHYLVWDUHVSHFWRDOFDVWHOODQR\ODUHJODHQLQJOV
XVHPRVQLQJQDUWFXOR
(OHSKDQWVDUHJUH\ LQJOV /RVHOHIDQWHVVRQJULVHV XQD
/RVHOHIDQWHVVRQJULVHV (OHSKDQWVDUHJUD\ LQJOVDPHULFDQR EULWQLFR JHQHUDOL]DFLQ
7KHHOHSKDQWVWKDWDUHLQP\ /RVHOHIDQWHVTXHHVWQHQPL
6R\SDUWLGDULRGHODIRUPDLQJOHVDRVHDQRFRPSDUWRFRQHOFDVWHOODQR OLYLQJURRPDUHJUHHQ VDOQVRQYHUGHV
ODSUFWLFDGHSRQHUXQDUWFXORGHWHUPLQDGRGHODQWHGHVXVWDQWLYRV
pJHQHUDOL]DGRVq&UHRTXHHVLQFRUUHFWRHQVXHVHQFLD&XDQGRPHUH (QHOVHJXQGRHMHPSORVTXHHVWR\KDFLHQGRXQDUHIHUHQFLDpGHWHUPL
HURDpHOHIDQWHVqHQJHQHUDOQRGHERXVDUXQDUWFXORpGHWHUPLQDGRq QDGDqDXQJUXSRHVSHFFRGHHOHIDQWHVHVGHFLUORVTXHVHHQFXHQWUDQ
SRUTXHHVWR\KDEODQGRGHHOHIDQWHVpLQGHWHUPLQDGDPHQWHqHVGHFLU HQHVWRVPRPHQWRVHQPLVDOQ
HQJHQHUDO(VSHURTXHORVGRVHMHPSORVVLJXLHQWHVWHDFODUHQPLSXQWR

(VWLPDGR-XDQ 'HDU-RKQ

*UDFLDVSRUWXFDUWDGHOGHRFWXEUH(VWR\FRPSOHWDPHQWHGH 7KDQN\RXIRU\RXUOHWWHURI2FWREHU,FRPSOHWHO\DJUHHZLWK
DFXHUGRFRQWXGHFLVLQGHVHJXLUDGHODQWHFRQHOSODQ,,'HKHFKR \RXU GHFLVLRQ WR JR DKHDG ZLWK SODQ ,, ,Q IDFW , ZRXOG KDYH
\RKXELHUDHOHJLGRHVHSODQGHVGHHOSULQFLSLR\DTXHHUDHOQLFR FKRVHQWKDWSODQIURPWKHEHJLQQLQJVLQFHLWZDVWKHRQO\RQH
TXHFRQWHPSODEDODFRQVWUXFFLQGHXQDOPDFQHQ=DUDJR]D WKDWLQFOXGHGWKHFRQVWUXFWLRQRIDZDUHKRXVHLQ=DUDJR]D

0DDQDYR\DSUHVHQWDUHOSODQDO&RQVHMRGH$GPLQLVWUDFLQ6H 7RPRUURZ,DPJRLQJWRSUHVHQWWKHSODQWRWKH%RDUG7KH\ZLOO
YDQDTXHMDUGHOFRVWHHVRWHORSXHGRDVHJXUDU3HURHVWR\VHJXUR FRPSODLQDERXWWKHFRVW,FDQDVVXUH\RXRIWKDW%XW,DPFHUWDLQ
GHTXHWHUPLQDUQSRUDSUREDUOR/DFRPSDDYDELHQHQHVWRV WKDWWKH\ZLOOHQGXSDSSURYLQJLW7KHFRPSDQ\LVJRLQJZHOODWWKLV
PRPHQWRV\DSHVDUGHTXH0RUJDQVHDWDQFRQVHUYDGRUFRQHO WLPHDQGLQVSLWHRIWKHIDFWWKDW0RUJDQLVVRFRQVHUYDWLYHZLWK
GLQHURFUHRTXHLQFOXVROHVWDUGLVSXHVWRDGDUODOX]YHUGH FDVK,WKLQNHYHQKHZLOOEHZLOOLQJWRJLYHWKHJUHHQOLJKW

7HOODPDUHQFXDQWRVHSDDOJR ,OOFDOO\RXDVVRRQDV,NQRZDQ\WKLQJ

8QVDOXGR 5HJDUGV



(OFDPLQRVHFUHWRDOLQJOV (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVXQSRFRODUJR2FXSDU
WUHVRFXDWURFKDVSRUORTXHQRROYLGHVFRPSUDUWH(/081'2ORVSU[LPRVWUHV
/RKDJRORKLFHORKDUpORKHKHFKR
HVWDVFRVDVSURQXQFLpVLQUHQFRUQLGHVSHFKR RFXDWURGDV(OSRHPDGHVFULEHFRQSUHFLVLQPLH[SHULHQFLDSDUDKDFHUPHFRQ
PLOYHFHVDOGtDHQORVDxRVVHWHQWD WXLGLRPD/OHJXD(VSDDFXDQGRWHQDDRVGHVSXVGHKDEHUFXUVDGROD
ODERUTXHGHVXGRUHVQRHVWDEDH[HQWD DVLJQDWXUDGHHVSDROFRPROHQJXDH[WUDQMHUDDORODUJRGHVHLVDRVHQODHVFXHOD
VHFXQGDULD'RPLQDEDEDVWDQWHELHQODWHRUDJUDPDWLFDOGHOLGLRPD\VDEDpVR
4XHUtDGRPLQDUSRUFRPSOHWRODHVWUXFWXUD
TXHUtDPHWHUYXHVWUDOHQJXDHQFLQWXUD EUHYLYLUqHQFRQYHUVDFLRQHVFDUDDFDUDVREUHWHPDVFRWLGLDQRV6LQHPEDUJRQDGD
TXHUtDTXHODJHQWHDSUHFLDUDPLWDODQWH PVDWHUUL]DUDTXPHGLFXHQWDGHTXHHVWDEDDDRVOX]GHSRGHUWUDQVPLWLUPL
LQFOXVRHQXQDOHQJXDSDUDPtGLVRQDQWH SHUVRQDOLGDG\PLVKDELOLGDGHVDWUDYVGHPLPRGHVWRGRPLQLRSUFWLFRGHOLGLR
PD$ORODUJRGHWUHVDRVGHGLTXHQWRUQRDWUHVKRUDVGLDULDVDFRQVROLGDUPL
(OWHPDHOHVTXHPDHOHPEOHPDHOSUREOHPD
3RUTXpPDVFXOLQR"'LRVPtRTXpGLOHPD GRPLQLR0HFRVWKRUDVDSUHQGHUELHQWXOHQJXD\VLWHGLMHUDTXHOOHJDUV
/DPDQRODPRWRODOODYHODPDU DGRPLQDUODPDHQPHQRVWHHVWDUDKDFLHQGRXQDFRIDYRU0HJXVWDUDGHFLUWH
3RUTXpIHPHQLQR"0HYR\DGHVLQDU TXHFRQPLOSDODEUDVRFRQHOPWRGRUHYROXFLRQDULRp;qSRGUDVKDFHUWHFRQPL
7REHFRQWLQXHGLQWKHQH[WLQVHUWf LGLRPDVLQGRORUQLLQFLVLQSHURWHHVWDUDPLQWLHQGR 5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWVOLVWR" $UH\RXUHDG\" (VWR\KDEODQGRFRQO ,oPWDONLQJWRKLP


(VWVFDQVDGR" $UH\RXWLUHG" (OODHVWKDEODQGRFRQPLJR 6KHoVWDONLQJWRPH
(VWVDTX" $UH\RXKHUH" (VWDPRVKDEODQGRFRQHOORV :HoUHWDONLQJWRWKHP
(VWVDOO" $UH\RXWKHUH" 0HHVWVKDEODQGR" $UH\RXWDONLQJWRPH"
(VWVIHOL]" $UH\RXKDSS\" 1RHVWQKDEODQGRFRQHOOD 7KH\oUHQRWWDONLQJWRKHU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(OODLUVLOHSDJDV 6KHoOOJRLI\RXSD\KHU 7HUPLQDODVWUHV\PHGLD ,QLVKHGDWKDOISDVWWKUHH


7RFRHOSLDQRSHRUTXHO ,SOD\WKHSLDQRZRUVHWKDQKH 4XSDV" :KDWKDSSHQHG"
GRHV 4XHVWSDVDQGR" :KDWoVKDSSHQLQJ"
OWRFDHOSLDQRPHMRUTXH\R +HSOD\VWKHSLDQREHWWHUWKDQ 4XSDVDU" :KDWZLOOKDSSHQ"
,GR 4XSDVD" :KDWoVKDSSHQLQJ"
3XHGHVHQYLUPHOR" &DQ\RXVHQGLWWRPH" QXQFD:KDWKDSSHQV"
(VJUDWLV" ,VLWIUHH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XOHSDV" :KDWKDSSHQHGWRKLP" 0HUHFHODSHQDTXHWHWRPHV ,WoVZRUWKWDNLQJ\RXUWLPH


4XOHHVWSDVDQGR" :KDWoVKDSSHQLQJWRKLP" WXWLHPSR
4XOHSDVDU" :KDWZLOOKDSSHQWRKLP" 6LJRWHQLHQGRSUREOHPDV ,oPVWLOOKDYLQJSUREOHPVZLWK
4XOHSDVD" :KDWoVWKHPDWWHUZLWKKLP" FRQPLRUGHQDGRU P\FRPSXWHU
QXQFD:KDWoVKDSSHQLQJWR 3UVWDPHODVOODYHVGHWX /HQGPH\RXUFDUNH\VULJKW
KLP" FRFKHDKRUDPLVPR QRZ
5HDOPHQWHWLHQHLPSRUWDQFLD" 'RHVLWUHDOO\PDWWHU" |3RUQPLQXHUDKDGHMDGR 0\GDXJKWHULQODZKDVJLYHQ
GHIXPDU XSVPRNLQJDWORQJODVW
3RVHRHOFRFKHPVEDUDWR ,RZQWKHFKHDSHVWFDULQWKH
GHOPXQGR ZRUOG

6WDPS 6HOOR

3RVWPDUN 0DWDVHOORV

$GGUHVV 'LUHFFLQ

(QYHORSH 6REUH 3RVWFRGH &GLJRSRVWDO

9RFDEXODULR0DLO &RUUHR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HKDVHQWHUDGRGHOROWLPR" +DYH\RXKHDUGWKHODWHVW" *DVWPVGHODFXHQWDHO ,RYHUVSHQWODVWPRQWK


1RWHDSHWHFHYROYHUDFDVD" 'RQoW\RXIHHOOLNHJRLQJEDFN PHVSDVDGR
KRPH" 1RVSHUGLPRVHQORVEDUULRV :HJRWORVWLQWKHEDFNVWUHHWV

1RVHGDQFXHQWDGHORGXUR 7KH\GRQoWUHDOLVHKRZKDUG
 SREUHVGH/RQGUHV RI/RQGRQ
TXHHV LWLV |+HPRVVLGRGHVFXELHUWRV :HoYHEHHQIRXQGRXW
/DIHFKDGHODQ]DPLHQWRQR 7KHODXQFKGDWHFDQQRWEH $KRUDTXHORGLFHVf 1RZ\RXFRPHWRPHQWLRQLWf
VHSXHGHUHWUDVDU EURXJKWEDFN *UDQL]ODQRFKHHQWHUD ,WKDLOHGWKHZKROHQLJKWORQJ
6XELHOFRVWHGHODYLGDXQ 7KHFRVWRIOLYLQJURVHSHU
SRUFLHQWRHQPD\R FHQWLQ0D\


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV :DVJRLQJWR

7RUHDGEHWZHHQWKHOLQHV %LUGVRIDIHDWKHURFNWRJHWKHU 8QDHVWUXFWXUDTXHHPSOHDPRVSDUDGHFLUOR


TXHWHQDPRVLQWHQFLQGHKDFHUSHURTXHDO
/HHUHQWUHOQHDV 'LRVORVFUD\HOORVVHMXQWDQ
QDOQROOHJDPRVDKDFHU

%H\RQGWKHVKDGRZRIDGRXEW 7RELWHWKHGXVW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


1LODPVPQLPDGXGD 0RUGHUHOSROYR IUDVHVHQLQJOV"
<RLEDDHVFULELUOH DHOOD SHURPHOODPD\HU
+HoVDELJVKLQWKHRUJDQLVDWLRQ +HoVDVEOLQGDVDEDW 7HGLMHTXHHOODLEDDGHFLUHVR
(VXQSH]JRUGRHQODRUJDQL]DFLQ (VWPVFLHJRTXHXQWRSR 7HLEDDOODPDU|WHORMXUR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
,ZDQW\RXWRLPSURYH\RXU(QJOLVK

)MDWHHQHVWDVGRVIUDVHVHQFDVWHOODQR YHQJLVYHQJDQf $KRUDELHQODIRUPDHQLQJOVGHH[SUHVDUHVWDLGHD


4XLHURYHQLU4XLHURTXHOYHQJD HVPX\GLIHUHQWHDKDFHUORHQFDVWHOODQRSRUORTXHGHEHVKDFHUXQHV
$KRUDPUDODVHQLQJOV IXHU]RSDUDDVLPLODUOR
,ZDQWWRFRPH,ZDQWKLPWRFRPH
1RWDUVTXHODSDUWHVXEUD\DGDGHODVGRVIUDVHVQRFDPELDHQDEVROX ,ZDQWf <28 fWROHDUQ(QJOLVK
WR8QLFDPHQWHLQVHUWDPRVHOSURQRPEUHTXHKDFHGHFRPSOHPHQWR ,ZDQWf +,0 fWROHDUQ(QJOLVK
GLUHFWRpKLPq ,ZDQWf +(5 fWROHDUQ(QJOLVK
,ZDQWf 86 fWROHDUQ(QJOLVK
(VPX\VHQFLOOR\GHKHFKRHVPXFKRPVIFLOHQLQJOVTXHHQFDV ,ZDQWf 7+(0 fWROHDUQ(QJOLVK
WHOODQR\DTXHHQWXLGLRPDKD\TXHDSUHQGHUWRGDXQDVHULHGHFRQ 7KH\ZDQWf 0( fWROHDUQ(QJOLVK
MXJDFLRQHV GHQWUR GHO VXEMXQWLYR YHQJD YHQJDV YHQJD YHQJDPRV

(VWLPDGD6UWD/HVWHU 'HDU0LVV/HVWHU

'HVHRH[SUHVDUOHQXHVWUDVGLVFXOSDVSRUHOWUDWRTXHSRUORYLVWR ,ZLVKWRH[SUHVVRXUDSRORJLHVIRUWKHWUHDWPHQWWKDW0U3HUH]
UHFLELHO6U3UH]HQVXYLVLWDDQXHVWUDIEULFD&RPR9GVDEH DSSDUHQWO\UHFHLYHGLQKLVYLVLWWRRXUIDFWRU\$V\RXNQRZRXU
QXHVWURSURFHVRGHIDEULFDFLQHPSOHDXQDWFQLFDUHYROXFLRQDULD PDQXIDFWXULQJ SURFHVV HPSOR\V D UHYROXWLRQDU\ WHFKQLTXH
TXHWRGDYDUHTXLHUHXQDOWRJUDGRGHSURWHFFLQFRQWUDHOHVSLR WKDWVWLOOUHTXLUHVDKLJKGHJUHHRISURWHFWLRQIURPLQGXVWULDO
QDMHLQGXVWULDO HVSLRQDJH

(O6U3UH]DOSDUHFHUQRVHLGHQWLFDOHQWUDUHQHOUHFLQWR SUHPL 0U 3HUH] DSSDUHQWO\ GLG QRW LGHQWLI\ KLPVHOI XSRQ HQWHULQJ
VHV \HOJXDUGDGHVHJXULGDGQROHUHFRQRFLSRUTXHHUDQXHYR(V WKH SUHPLVHV DQG WKH VHFXULW\ JXDUG GLG QRW UHFRJQL]H KLP
QXHVWUDSROWLFDFDPELDUGHJXDUGDFDGDGRVPHVHV(VWR\VHJXUR EHFDXVH KH ZDV QHZ  ,W LV RXU SROLF\ WR FKDQJH JXDUGV HYHU\
GHTXH9GHQWHQGHUTXHGHEHPRVHQWRGRPRPHQWRPDQWHQHU WZR PRQWKV , DP VXUH \RX ZLOO XQGHUVWDQG WKDW ZH PXVW DW
ODPVHVWULFWDVHJXULGDG\VLHQWRFXDOTXLHUSUREOHPDTXHHVWD DOO WLPHV PDLQWDLQ WKH VWULFWHVW VHFXULW\ DQG , DP VRUU\ IRU
SROWLFDSXHGDRFDVLRQDU ZKDWHYHULQFRQYHQLHQFHWKLVSROLF\PD\FDXVH

$WHQWDPHQWH 6LQFHUHO\\RXUV



(OFDPLQRVHFUHWRDOLQJOV FRQW (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLQGHOOWLPR
GD&RPRGLJRHQODSULPHUDHVWURIDWHQJRDFHQWRDPHULFDQRFXDQGRKDEORHQ
3HURFRQWLHPSR\XQDFDxD\XQHVIXHU]RWUHPHQGR
HVSDRO'HKHFKRVLPHDSXUDVWHGLUTXHFRPHWRFLHUWRVHUURUHVGHJUDPWLFD\
DSUHQGtYXHVWUDOHQJXDVLQVXUDQLUHPLHQGR
0LDFHQWRHVJXLULSHURPLGRPLQLRFDXWLYD GHIRQWLFDFXDQGRKDEOR\PVWRGDYDFRQIRUPHDYDQ]RFRQODHGDG\EDMRPV
\HPEDXFRDPXFKRVFRQPLYR]VXJHVWLYD ODJXDUGLD6LQHPEDUJRODJHQWHPHORSHUGRQDWRGRSRUTXHREVHUYDTXHWHQJR
XQDFDSDFLGDGFRPXQLFDWLYDPX\DOWDHQWXLGLRPD(VLPSRUWDQWHUHFRUGDUHVWR
3HURVDEHVDPLJRHOPRQWRGHPLLQYHUVLyQ"
HLQFLGHHQORTXH\DWHKHGLFKRHQQXPHURVDVRFDVLRQHVWQXQFDYDVDKDEODU
6DEHVGHYHUDVHODOFDQFHGHPLLQPHUVLyQ"
'HGLTXpWUHVPLOKRUDVDDOFDQ]DUHOREMHWLYR XQLQJOVJUDPDWLFDOPHQWHSHUIHFWRQLYDVDSURQXQFLDUPLOHQJXDFRPRXQQDWL
GHGRPLQDUYXHVWUDOHQJXDGHXQPRGRGHQLWLYR YRQLGHOHMRV6LQHPEDUJRHVWVSHUIHFWDPHQWHFDSDFLWDGRSDUDOOHJDUDH[KLELU
GHODQWHGHSURSLRV\H[WUDRVXQSURIXQGRGRPLQLRGHOLQJOVFRPRYHKFXORGH
7REHFRQWLQXHGLQWKHQH[WLQVHUWf FRPXQLFDFLQ
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHOLEURHVPX\LQWHUHVDQWH 7KLVERRNLVYHU\LQWHUHVWLQJ /HVHVWR\HVFULELHQGRDHOORV ,oPZULWLQJWRWKHP


(VHOLEURQRHVPX\LQWHUHVDQWH7KDWERRNLVQoWYHU\ (OODPHHVFULEHWRGRVORVGDV 6KHZULWHVWRPHHYHU\GD\
LQWHUHVWLQJ OHVWKDEODQGRGHVXPXMHU +HoVWDONLQJDERXWKLVZLIH
6RQHVWRVWXVJXDQWHV" $UHWKHVH\RXUJORYHV" /OHYDXQDFDUSHWDHQODPDQR +HoVFDUU\LQJDIROGHULQKLV
(VLPSRUWDQWH" ,VLWLPSRUWDQW" KDQG
(VPR ,WoVPLQH (VWR\KDEODQGRSRUWHOIRQR ,oPWDONLQJRQWKHSKRQH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

|&DQWDSDUDHOSUHVLGHQWH 6LQJIRUWKHSUHVLGHQW0DULO\Q 3RUPQRKD\SUREOHPD ,WoVQHE\PH


0DULO\Q 6DEHVGQGHHVWHO 'R\RXNQRZZKHUH)UHGoV
(OORVQRORVDEHQ 7KH\GRQoWNQRZ GHVSDFKRGH)UHG" RIFHLV"
/HKLFH DO XQDSUHJXQWD ,DVNHGKLPDGLIFXOWTXHVWLRQ |4XLHURTXHYHQJDV\D ,ZDQW\RXWRFRPHQRZ
GLIFLO &XQWRGXU" +RZORQJGLGLWODVW"
|+D]XQHVIXHU]R 0DNHDQHIIRUW 'XUPXFKRWLHPSR" 'LGLWODVWORQJ"
7LHQHVTXHSUHJXQWDUSRU-RKQ <RXKDYHWRDVNIRU-RKQ

6WDPHQ (VWDPEUH

%XG &DSXOOR

3HWDO 3WDOR

6WHP 7DOOR

/HDI +RMD

9RFDEXODULR)ORZHU )ORU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(QTXHVWVSHQVDQGR" :KDWDUH\RXWKLQNLQJDERXW" $FDERGHHVWRUQXGDU ,oYHMXVWVQHH]HG


&RQTXLQHVWDEDVFHQDQGR" :KRZHUH\RXKDYLQJGLQQHU |-HVV %OHVV\RX
ZLWK" 1RVXHORHVWRUQXGDU ,GRQoWXVXDOO\VQHH]H
3DUDTXLQVRQHVDVRUHV" :KRDUHWKRVHRZHUVIRU" $QWHVHVWRUQXGDEDPV ,XVHGWRVQHH]HPRUH
OHVFULELHODUWFXORHQXQD +HZURWHWKHDUWLFOHLQDVLQJOH
 )LQJHVWDUPDOR ,SUHWHQGHGWREHLOO
VRODQRFKH QLJKW
/RHVFULELHQIUDQFV +HZURWHLWLQ)UHQFK

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HVRQHQFXDQWRHQFRQWU ,EOHZP\QRVHDVVRRQDV, 1RWHUHVXOWDJUDFLRVR" 'RQoW\RXQGLWIXQQ\"


PLSDXHOR IRXQGP\KDQGNHUFKLHI &RPDQGDQWHFUHRTXHOHVDOH &DSWDLQ,WKLQNWKHUHoVVPRNH
1RSXHGRGHVKDFHUPHGH ,FDQoWJHWULGRIWKLVFROG KXPRGHOPRWRU FRPLQJRXWRIWKHHQJLQH
HVWHUHVIULDGR /DSDQWDOODHVWPX\ERUURVD 7KHVFUHHQoVJRQHKD]\ IX]]\ 
1RVORTXHHVWVLQVLQXDQGR ,GRQoWNQRZZKDW\RXoUH $FDEDGHRFXUULU 
JHWWLQJDW 6LQDGLHGDFRQXQDLGHDPHMRU,IQRRQHFRPHVXSZLWKD
(OSDUDEULVDVHVPLQVFXOR 7KHZLQGVFUHHQLVWLQ\ WHQGUHPRVTXHDGRSWDUDTXHOOD EHWWHULGHDZHoOOKDYHWRJR
6HPHKDQDFDEDGRODVLGHDV ,oYHUXQRXWRILGHDV ZLWKWKDWRQH
6HPHKDQGHVDWDGRORV 0\VKRHODFHVKDYHFRPH
FRUGRQHV XQGRQH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

+HoVEXUQLQJWKHFDQGOHDWERWKHQGV E\WKHVNLQRI\RXUWHHWK 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


7UDEDMDGHPDVLDGR9DDUHYHQWDU SRUORVSHORV IUDVHVHQLQJOV"

7REXU\WKHKDWFKHW E\ZRUGRIPRXWK (OWUHQVDOHGHODQGQ


(QWHUUDUHOKDFKDGHJXHUUD SRUHOERFDDERFD +D\PXFKRWUFRSRUGHODQWH
0LVYHFLQRVVRQPX\HQWURPHWLGRV
,KDYHEXWWHULHVLQP\VWRPDFK :KDWoVEXJJLQJ\RX"
7HQJRKRUPLJXHRGHORVQHUYLRV 4XPRVFDWHKDSLFDGR" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

*LYH3HWHUWKHERRN*LYHLWWRKLPQRZ

(QLQJOVWDQWRORVFRPSOHPHQWRVGLUHFWRVFRPRORVFRPSOHPHQ 6KHoVVKRZLQJ3HWHUDQG7RP (OODHVWHQVHDQGRODIRWRD


WRVLQGLUHFWRVHQVXYHUVLQpSURQRPEUHqVRQORVPLVPRV WKHSLFWXUH 3HWHU\7RP
PH\RXKLPKHULWXV\RXWKHP 6KHoVVKRZLQJLWWRWKHP (OODHVWHQVHQGRVHOD
9DPRVDSRQHUSULPHURIUDVHVVLQSURQRPEUHV\OXHJRVXHTXLYD
OHQWHFRQSURQRPEUHV &XDQGRHOFRPSOHPHQWRGLUHFWRHVXQVXVWDQWLYR QRXQSURQRP
EUH QRUPDOPHQWHSRQHPRVSULPHURHOFRPSOHPHQWRLQGLUHFWR
,oPJLYLQJ-RKQWKHERRN (VWR\GDQGRD-XDQHOOLEUR VHJXLGRGHOFRPSOHPHQWRGLUHFWR
,oPJLYLQJLWWRKLP (VWR\GQGRVHOR ,oPJLYLQJ-RKQWKHERRN
 FLQGLUHFWR  FGLUHFWR
,oPVKRZLQJ0DUDWKHSLFWXUH (VWR\HQVHDQGRD0DUDODIRWR $KRUD ELHQ FXDQGR DPERV FRPSOHPHQWRV VRQ SURQRPEUHV OR
,oPVKRZLQJLWWRKHU (VWR\HQVHQGRVHOD KDFHPRVDOUHYV
,oPJLYLQJLWWRKLP
,oPJLYLQJ\RXWKHERRNV (VWR\GQGRWHORVOLEURV  FGLUHFWR  FLQGLUHFWR 
,oPJLYLQJWKHPWR\RX (VWR\GQGRWHORV

(VWLPDGR-DNH 'HDU-DNH

&XDQGRUHFLEWXID[D\HUOODPD&DUORV\OHSHGTXHQRVKL :KHQ,JRW\RXUID[\HVWHUGD\,FDOOHG&DUORVDQGDVNHGKLP
FLHUDXQSUHVXSXHVWRSDUDWUHVPLOIROOHWRV1ROHGLMHQDGDGH IRUDQHVWLPDWHIRUEURFKXUHV,GLGQWWHOOKLPDQ\WKLQJ
ODRIHUWDGH%UXQR6LVXSUHFLRQRVXSHUDDOGH%UXQRHQXQ DERXW%UXQRVRIIHU,IKLVSULFHGRHVQRWH[FHHG%UXQRVE\
FUHRTXHGHEHUDPRVVHJXLUFRQO<DFRQRFHPRVFPR ,WKLQNZHVKRXOGFRQWLQXHZLWKKLP:HDOUHDG\NQRZKRZKH
WUDEDMD\VDEHPRVTXHVSHUDU3XHGHTXH%UXQRVHDPVED ZRUNVDQGZHNQRZZKDWWRH[SHFW%UXQRPD\EHFKHDSHUEXW
UDWRSHURQRPHJXVWDFRUUHUULHVJRVHQHVWHWHPD ,GRQWOLNHWRUXQULVNVRQWKLVPDWWHU

$SURSVLWRPHOODP.DWK\D\HUSDUDGHFLUPHTXH\DHVWD %\WKHZD\.DWK\FDOOHGPH\HVWHUGD\WRWHOOPHVKHZDVEDFN
EDGHYXHOWD4XLHUHTXHODOODPHVSDUDKDEODUGHOGLQHURTXH 6KHZDQWV\RX WRFDOOKHU WR WDONDERXW WKHPRQH\VKHRZHV
WHGHEH'HEHHVWDUVLQEODQFDSRUTXHPHSUHJXQWVLSRGD \RX6KHPXVWEHEURNHEHFDXVHVKHDVNHGPHLI,FRXOGRIIHU
RIUHFHUOHXQWUDEDMR%XHQDVXHUWH KHUDMRE*RRGOXFN

8QVDOXGR 5HJDUGV



(OFDPLQRVHFUHWRDOLQJOV FRQW (VWLPDGRDPLJR\DOXPQR(OSRHPDGHODL]TXLHUGDHVFRQWLQXDFLQGHOGHORV
6LPHFRVWyWUHVPLOKRUDV\\RVR\OLQJLVWD GRVOWLPRVGDV$TXUHLWHURTXHPHFRVWWUHVPLOKRUDVGHWUDEDMRKDFHUPHFRQ
GHYHUGDGW~SUHWHQGHVODPLVPDFRQTXLVWD XQEXHQGRPLQLRGHOFDVWHOODQR(QODVGRVHVWURIDVGHODL]TXLHUGDLQVLQRTXH
GHOLGLRPDLQJOpVFRQFODVHVFRQYHQFLRQDOHV HODGXOWRHVSDROWLHQGHDSHQVDUTXHSXHGHDSUHQGHULQJOVVLQKDFHUHOPLVPR
HVTXLYDQGRDOSDVRORVHVIXHU]RVH[FHSFLRQDOHV" HVIXHU]RTXH\RKHKHFKRSDUDDSUHQGHUVXOHQJXD&UHHHTXLYRFDGDPHQWHTXHVH
1RVHDVLOXVRTXH\DKD\EDVWDQWHV DSUHQGHLQJOVDVLVWLHQGRDFODVHV1DGLHHQODKLVWRULDGHOPXQGRVHKDKHFKRFRQ
ODVSDODEUDVTXHVLJXHQQRVRQSHWXODQWHV XQVHJXQGRLGLRPDGHDGXOWROLPLWQGRVHDDVLVWLUDFODVHVVWDVQRFRQVWLWX\HQ
6RQHOIUXWRGHDxRVREVHUYDQGRHOSURFHVR QXQFDPVGHOGHODVDFFLRQHVQHFHVDULDVSDUDVROXFLRQDUHOSUREOHPD(ORWUR
GHDSUHQGHUHOLQJOpVFRQXQDOWRSURJUHVR VHGLYLGHHQWUHHOHVWXGLRRWUDEDMRSHUVRQDO\HOSDVDUPXFKRVDSXURVGHFR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf PXQLFDFLQHQVLWXDFLRQHVUHDOHV 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(ORUGHQDGRUHVWURWR 7KHFRPSXWHULVEURNHQ (VWQIXPDQGRHQHOEDU 7KH\oUHVPRNLQJLQWKHEDU


(VWR\HQHOFRFKH ,oPLQWKHFDU 7HHVWR\GDQGRXQDPRQHGD ,oPJLYLQJ\RXDFRLQ
(VWR\HQHODXWREV ,oPRQWKHEXV 'DYLGHVWWUDEDMDQGRPXFKR 'DYLGLVZRUNLQJDORW
(VWR\HQHODYLQ ,oPRQWKHSODQH 6HYLOODHVWOHMRVGH*LMQ 6HYLOOHLVIDUIURP*LMQ
(VWR\HQHODVFHQVRU ,oPLQWKHOLIW )UDQFLDHVWDOQRUWHGH(VSDD )UDQFHLVWRWKHQRUWKRI6SDLQ

:LQGRZSDQH &ULVWDO

:LQGRZIUDPH 0DUFR

%OLQGV 3HUVLDQDV

&XUWDLQV &RUWLQDV
:LQGRZVLOO $OIL]DU

9RFDEXODULR:LQGRZ 9HQWDQD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+DFHEXHQWLHPSRKR\ 7KHZHDWKHULVQLFHWRGD\ (VSHURXQDOODPDGDDODVVHLV ,oPH[SHFWLQJDFDOODWVL[


6LHPSUHOOXHYHORVYLHUQHV ,WDOZD\VUDLQVRQ)ULGD\V 0HORLEDVDGHFLU" :HUH\RXJRLQJWRWHOOPH"
1XQFDOHHQWLHQGRD3DXO ,QHYHUXQGHUVWDQG3DXOZKHQ (VWDEDDIHLWQGRPHFXDQGR ,ZDVVKDYLQJZKHQKHFDOOHG
FXDQGRKDEOD KHVSHDNV OOODP
$YHFHVOWHUPLQDDODVWUHV 6RPHWLPHVKHQLVKHVDWWKUHH 1RFRQR]FRDQDGLHTXH ,GRQoWNQRZDQ\RQHZKRFDQ
1RPHJXVWDQORVOXQHV ,GRQoWOLNH0RQGD\V SXHGDKDFHUHVR GRWKDW
0LFRFKHQRHVWWDQR[LGDGR 0\FDULVQoWDVUXVW\DV\RXUVLV
FRPRHOWX\R

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VHPRFLRQDQWHYHUGDG" ,WoVH[FLWLQJLVQoWLW" OQXQFDKDGHPRVWUDGRVX +HKDVQHYHUSURYHQKLV


(VWFDVDGRFRQ-XOLDYHUGDG" +HoVPDUULHGWR-XOLDLVQoWKH" LQRFHQFLD LQQRFHQFH
OSXHGHKDEODUJULHJRYHUGDG"+HFDQVSHDN*UHHNFDQoWKH" 0LMHUVH\HQFRJL 0\MXPSHUVKUDQN
*DQDURQHOSDUWLGRYHUGDG" 7KH\ZRQWKHPDWFKGLGQoW 7UDVXQDODUJDEVTXHGD $IWHUDOHQJWK\VHDUFK,IRXQG
WKH\" HQFRQWUORTXHEXVFDED ZKDW,ZDVORRNLQJIRU
/HVJDQDURQYHUGDG" 7KH\EHDWWKHPGLGQoWWKH\" 9R\DWRFDUHOWLPEUH ,oPJRLQJWRULQJWKHEHOO
1RTXLHURTXHDGHODQWHVD ,GRQoWZDQW\RXWRRYHUWDNH
DTXHOFRFKH WKDWFDU

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&RQVHJXHOWUDEDMR ,JRWWKHMRE 6HKDTXLWDGRODEDUED +HoVVKDYHG VKDYHQ KLVEHDUG


&RQVHJXOOHJDUDOWUDEDMR ,PDQDJHGWRJHWWRZRUN RII
DQWHVGHODVVLHWH EHIRUHVHYHQ 0HYR\DGHMDUODEDUED ,oPJRLQJWRJURZDEHDUG
6R\UHVSRQVDEOHGHO ,oPLQFKDUJHRIWKHDFFRXQWV /DEDUEDWHKDFHPD\RU <RXUEHDUGPDNHV\RXORRN
GHSDUWDPHQWRGHFRQWDELOLGDG GHSDUWPHQW ROGHU
'HSHQGRGHOGLUHFWRUJHQHUDO ,UHSRUWWRWKHJHQHUDO 0HHVWQVDOLHQGRFDQDV ,oPJHWWLQJJUH\KDLU
PDQDJHU 4XWHSDUHFHQORVKRPEUHV :KDWGR\RXWKLQNRIPHQZKR
*HVWLRQRXQHTXLSRGH ,PDQDJHDWZHQW\SHUVRQ TXHVHWLHQHOSHOR" G\HWKHLUKDLU"
SHUVRQDV WHDP



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 6HJXQGRFRQGLFLRQDO
5HFXHUGDTXHHQXQFRQGLFLRQDOQXQFDVH
:KRFDOOVWKHVKRWVKHUH" 3HWHUoVDWWKHKHOP XWLOL]DpZRXOGqHQODPLVPDRUDFLQTXHOD
4XLQWLHQHODOWLPDSDODEUDDTX" 3HGURHVWDOWLPQ SDODEUDpLIq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:KRoVLQFKDUJHKHUH" :KRFDOOVWKHWXQHKHUH" IUDVHVHQLQJOV"
4XLQHVWDOPDQGRDTX" 4XLQOOHYDODYR]FDQWDQWHDTX" 6L\ROH\HUDPVWHQGUDXQYRFDEXODULRPV
DPSOLR
:KRoVWKHERVVKHUH" ,FDQWDNHRYHUIRUKLP OQRVHUDFDPSHQVLQRIXHUDHOPHMRU
4XLQPDQGDDTX" /HSXHGRVXVWLWXLU\R 6LJDQDUDVODORWHUDWHFRPSUDUDVXQ\DWH"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

5HH[LYHSURQRXQV

P\VHOI <RPLVPRPPLVPR 6KHRIWHQWULHVWRNLOOKHUVHOI (OODDPHQXGRLQWHQWDPDWDUVH


\RXUVHOI 7PLVPRWLPLVPR VXLFLGDUVH 
KLPVHOI OPLVPRVPLVPR 7KHSODFHLWVHOILVQoWWRREDG (OVLWLRHQVQRHVWGHPDVLDGR
KHUVHOI (OODPLVPDVPLVPD EXW PDOSHUR
LWVHOI (OORPLVPRVPLVPRHQV :HDOZD\VGRLWRXUVHOYHV 6LHPSUHORKDFHPRVQRVRWURV
RXUVHOYHV 1RVRWURVPLVPRV PLVPRV
\RXUVHOYHV 9RVRWURVPLVPRV <RXXVXDOO\VDYHWKHEHVWIRU 6ROLVJXDUGDUORPHMRUSDUD
WKHPVHOYHV (OORVPLVPRVVPLVPRVHQV \RXUVHOYHV YRVRWURVPLVPRV
7KH\FRQVLGHUWKHPVHOYHVYHU\ 6HFRQVLGHUDQDVPLVPRVPX\
,oPWDONLQJWRP\VHOI (VWR\KDEODQGRFRQPLJRPLVPR LPSRUWDQW LPSRUWDQWHV
<RXoUHORRNLQJDW\RXUVHOILQWKH (VWVPLUQGRWHHQHOHVSHMR $VN\RXUVHOIWKHIROORZLQJ +D]WHODVLJXLHQWHSUHJXQWD
PLUURU TXHVWLRQ
+HOS\RXUVHOI 6UYHWHWPLVPR XQDLQYLWD /RRNDW\RXUVHOI |0UDWH
FLQDVHUYLUVH +HWDNHVKLPVHOIYHU\VHULRXVO\ OVHORWRPDPX\HQVHULR
+HDOZD\VFKRRVHVKLPVHOI OVLHPSUHVHHOLJHDVPLVPR <RXKDYHWRVHOO\RXUVHOI 7LHQHVTXHYHQGHUWHDWLPLVPR

(VWLPDGR6U%UXQR 'HDU0U%UXQR

&RQUHIHUHQFLDDVXRIHUWDGHGLVHDUHLPSULPLUIROOHWRV 5HJDUGLQJ \RXU RIIHU WR GHVLJQ DQG SULQW  WZRFRORU
DGRVFRORUHVODPHQWRLQIRUPDUOHTXHQXHVWUDGHFLVLQHVFRQ EURFKXUHV , DP VRUU\ WR LQIRUP \RX WKDW RXU GHFLVLRQ LV WR
WLQXDUFRQQXHVWURDFWXDOSURYHHGRU(OPRWLYRGHHVWDGHFLVLQ FRQWLQXHZLWKRXUFXUUHQWVXSSOLHU7KHUHDVRQIRUWKLVGHFLVLRQ
HVHOGHVHRSRUSDUWHGHOD'LUHFFLQGHXWLOL]DUORVVHUYLFLRVGHO LVWKHGHVLUHRQWKHSDUWRIWKH0DQDJHPHQWWRXVHWKHVHUYLFHV
PLVPRSURYHHGRUTXHSURSRUFLRQDVHUYLFLRDQXHVWUDFDVDPD RIWKHVDPHVXSSOLHUWKDWSURYLGHVVHUYLFHWRRXUKHDGTXDUWHUV
WUL]HQ$OHPDQLD1RKHPRVGHVFDUWDGRVXRIHUWDSRUUD]RQHV LQ *HUPDQ\:H KDYH QRW UXOHG RXW \RXU RIIHU IRU UHDVRQV RI
GHFDOLGDGRSUHFLR TXDOLW\RUSULFH

1RREVWDQWHDJUDGHFHPRVVXRIHUWD\HVSHUDPRVWHQHUODRSRU 1HYHUWKHOHVV ZH DSSUHFLDWH \RXU RIIHU DQG KRSH WR KDYH WKH
WXQLGDGGHXVDUVXVVHUYLFLRVHQHOIXWXUR RSSRUWXQLW\WRXVH\RXUVHUYLFHVLQWKHIXWXUH

$WHQWDPHQWH 6LQFHUHO\\RXUV



(OFDPLQRVHFUHWRDOLQJOV FRQW (VWLPDGRDPLJR\DOXPQR&RQHVWDHQWUHJDWHUPLQDPRVHOSRHPDVREUHHOHV
IXHU]RTXHXQRWLHQHTXHKDFHUVLGHVHDGHYHUGDGFRQVHJXLUXQJUDQGRPLQLRHQ
(VEODQFRRQHJURHOJULVQRH[LVWH
XQVHJXQGRLGLRPD/DSULPHUDOQHDGLFHTXHDSUHQGHULQJOVHVEODQFRRQHJUR
FRQXQHVIXHU]RDPHGLDVHOUHVXOWDGRHVWULVWH
WUHVPLOKRUDVVRQPXFKDVORVpORFRPSUHQGR 8QRGHEHRLUDSRUWRGDVRUHQXQFLDUDWRGRHOOR5HVSHWRODVGRVGHFLVLRQHV6LQ
SHURFRQGHGLFDUPXFKDVPHQRVQRKD\GLYLGHQGR HPEDUJRODLQPHQVDPD\RUDGHODVSHUVRQDVPHGLFHQTXHTXLHUHQLUDSRUWR
GDVSHURSRFRGHVSXVSRQHQSHURV\SHUHWHVDOFRVWHDOSURJUDPDDOHVIXHU]R
6LQRSXHGHVHQWUDUHQWDQIXHUWHDSXHVWD
QHFHVDULRf0XFKRVVHSLHQVDQTXHDSUHQGHULQJOVHVORPLVPRTXHDSXQWDUVHD
SRUIDOWDGHJDQDVRSRUORPXFKRTXHFXHVWD
HQWLHQGRpQRSUREOHPqTXHDSXQWHVPiVEDMR XQFXUVRGH3RZHU3RLQWRVLPLODU&UHHQTXHFRQXQDVKRULWDVGHFODVHOOHJDUQD
SHURQRSLGDVHOFLHORQLTXHWHEXVTXHXQDWDMR VHUELOLQJHV8QRSXHGHOOHJDUDDOFDQ]DUXQQLYHOLQWHUPHGLRGHLQJOVFRQXQDV
$SUHQGHXQLQJOpVSDUDDQGDUSRUFDVD KRUDVGHGHGLFDFLQSHURVLTXLHUHGHVHQYROYHUVHFRQHFDFLDFRQPHQRVGH
\GHMDGHUHPRYHUXQDWLHUUDWDQHVFDVD
KRUDVHVLPSRVLEOH 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWHODHURSXHUWR" :KHUHoVWKHDLUSRUW" (VWVVHQWDGRRGHSLH" $UH\RXVLWWLQJRUVWDQGLQJ"


(VXQDHURSXHUWRJUDQGH" ,VLWDELJDLUSRUW" $TXHOODVLOODHVPD 7KDWFKDLULVPLQH
(VWQDTX" $UHWKH\KHUH" (VWR\VHQWDGRHQHOVXHOR ,oPVLWWLQJRQWKHRRU
'QGHHVWQ" :KHUHDUHWKH\" 6XFDVD GHHOORV HVWOHMRV 7KHLUKRXVHLVIDUIURPKHUH
6RPRVDPLJRV :HDUHIULHQGV GHDTX
$TXHOORVQRHVWQDTX 7KRVHDUHQRWKHUH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+D\XQEDQFRFHUFDGHDTX" ,VWKHUHDEDQNQHDUKHUH" (VWDPRVHPSH]DQGRD :HoUHVWDUWLQJWRJHWWLUHG


+D\XQRHQHVWDFDOOH 7KHUHoVRQHRQWKLVVWUHHW FDQVDUQRV
(VRQRHVORTXHQHFHVLWR 7KDWoVQRWZKDW,QHHG 1RGRUPELHQDQRFKH ,GLGQoWVOHHSZHOOODVWQLJKW
4XQHFHVLWDQ" :KDWGRWKH\QHHG" 0HOHYDQWPX\WHPSUDQR ,JRWXSYHU\HDUO\
3UHJQWDOHV $VNWKHP $TXKRUDOOHJDVWHDOWUDEDMR" :KDWWLPHGLG\RXJHWWRZRUN"
/OHJXDOWUDEDMRPVWDUGH ,JRWWRZRUNODWHUWKDQXVXDO
TXHGHFRVWXPEUH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQGRLEDVDHFKDUORDO :KHQZHUH\RXJRLQJWR
 (VWVGLVSXHVWRDSDUWLFLSDU" $UH\RXZLOOLQJWRSDUWLFLSDWH"
FRUUHR" SRVWLW" 'HEHUDKDEHUPVTXHHVWR 7KHUHVKRXOGEHPRUHWKDQ
3HQVDEDTXHORKDEDVKHFKR ,WKRXJKW\RXKDGGRQHLW WKLV
<RTXHWQRORKDUD ,ZRXOGQoWGRLWLI,ZHUH\RX 'LOHTXHTXLHURTXHYHQJD 7HOOKLP,ZDQWKLPWRFRPH
4XOHGLUDVDO" :KDWZRXOG\RXVD\WRKLP" &XDQGRVHWHUPLQHGPHOR :KHQLWoVQLVKHGWHOOPH
1ROHGLUDQDGD ,ZRXOGQoWWHOOKLPDQ\WKLQJ 1ROHVGHMHVVDOLUKDVWDTXH 'RQoWOHWWKHPOHDYHXQWLOLWoV
VHWHUPLQH QLVKHG

&DS *RUUR

*RJJOHV *DIDVGHQDWDFLQ

$UPEDQGV 0DQJXLWRV

7RZHO 7RDOOD

7UXQNV %DDGRU

9RFDEXODULR6ZLPPLQJ 1DWDFLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6XFRFKHKDVLGRUREDGR +LVFDUKDVEHHQVWROHQ $TXYLHQHWDQWRDOERURWR" :KDWoVDOOWKHIXVVDERXW"


'QGHVHHQFRQWUHOFRFKH" :KHUHZDVWKHFDUIRXQG" (UDXQDSOD\DGHJXLMDUURV ,WZDVDSHEEOHEHDFK
/RFXEULUHOVHJXUR" :LOOWKHLQVXUDQFHFRYHULW" &DDDJXDQLHYH ,WZDVVOHHWLQJ
'HEHUDVKDFHUWHXQVHJXUR <RXVKRXOGWDNHRXWLQVXUDQFH 0LVFDOFHWLQHVHVWDEDQ 0\VRFNVZHUHVRDNLQJ
/DUXHGDWLHQHXQSLQFKD]R 7KHWLUHKDVDSXQFWXUH HPSDSDGRV
|(VIXU]DWH 3XOO\RXUVRFNVXS


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

,WoVWLSSLQJLWGRZQZLWKUDLQ 7RODQGIHHWUVW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


(VWOORYLHQGRDFQWDURV &DHUGHSLH IUDVHVHQLQJOV"
1ROHKDJDVFRVTXLOODV DHOOD 1ROHJXVWD
+HZDVFDXJKWUHGKDQGHG +HoVDFUHDWXUHRIKDELW 1RFXHQWHVFRQ3DEORSDUDGDUWHFRPLGD(V
/HSLOODURQFRQODVPDQRVHQODPDVD (VXQDQLPDOGHFRVWXPEUHV PX\DJDUUDGR
3HWHUFDVLVHGHVPD\FXDQGRYLRODVFLIUDV
,WoVGLUWFKHDS +HGRHVQoWFXWWKHPXVWDUG
(VEDUDWVLPR 1RHVWDODDOWXUD1RSRVHHOR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
QHFHVDULR WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

:KRVSHDNVSHUIHFW&KLQHVHf\RXRU\RXUERVV"1HLWKHURIXVGR

:KLFKFRXQWU\LVLQ$VLDf %RWKRIWKHPDUHLQ$VLD :KRoVULFKf\RX\RXUEURWKHU


&KLQDRU,QGLD" $OWHUQDWLYH7KH\oUHERWKLQ$VLD RU\RXUVLVWHU" 1RQHRIXVLVULFK
:KLFKFRXQWU\LVLQ$VLDf  :KRoVULFKf%RWQ2UWHJDRU
0H[LFRRU6SDLQ" 1HLWKHURIWKHPLVLQ$VLD WKH2VERUQHIDPLO\" $OORIWKHPDUHULFK
:KLFKFRXQWU\LVLQ$VLDf $OORIWKHPDUHLQ$VLD
&KLQD-DSDQRU,QGLD" $OWHUQDWLYH7KH\oUHDOOLQ$VLD &XDQGRVRQGRVXVDPRVpERWKqRpQHLWKHUq&XDQGRVRQWUHVR
:KLFKFRXQWU\LVLQ$VLDf PVXVDPRVpDOOqRpQRQHq
0H[LFR6SDLQRU)UDQFH" 1RQHRIWKHPLVLQ$VLD
p1HLWKHUqWLHQHGRVSURQXQFLDFLRQHVDFHSWDEOHVpQ]HUqpQL]HUq
$UH\RXULFKRULV\RXUEURWKHUULFK" 1HLWKHURIXVLVULFK
,V(PLOLR%RWQULFKRULV  /DSURQXQFLDFLQGHpQRQHqULPDFRQRQHGRQHWRQVRQVXQ
$PDQFLR2UWHJDULFK" %RWKRIWKHPDUHULFK IXQUXQJXQZRQ

(VWLPDGR6U0RUHQR 'HDU0U0RUHQR

/HHVFULERSRUPHGLDFLQGH-XDQ%ODQFRTXLHQPHKDLQGLFDGR ,DPZULWLQJ WR \RXWKURXJK-XDQ%ODQFRZKRKDVLQIRUPHG


TXHVXHPSUHVDHVWEXVFDQGRXQDSHUVRQDSDUDRFXSDUHOQXH PH WKDW \RXU FRPSDQ\ LV ORRNLQJ IRU D SHUVRQ WR RFFXS\ WKH
YRSXHVWRGHMHIHGH6HUYLFLRVGH0DUNHWLQJ QHZSRVLWLRQRI0DUNHWLQJ6HUYLFHV0DQDJHU

7HQJR  DRV \ VR\ OLFHQFLDGR HQ &LHQFLDV (PSUHVDULDOHV SRU ,DP\HDUVROGDQGKROGDGHJUHHLQ%XVLQHVV$GPLQLVWUDWLRQ
OD8QLYHUVLGDGGH1XHYR0[LFRFRQXQ0DVWHUHQ0DUNHWLQJ IURP WKH 8QLYHUVLW\ RI 1HZ 0H[LFR ZLWK D 0DVWHUV LQ
\3XEOLFLGDGSRUHO,QVWLWXWR*LOEXQNLHQ'HVGHKDFHDRVPH 0DUNHWLQJDQG$GYHUWLVLQJIURP WKH*LOEXQNLHQ,QVWLWXWH)RU
HQFDUJRGHWRGRHODVSHFWRFRPHUFLDOGH0$&52/,1(6,%(5,&$ WKHSDVWVHYHQ\HDUV,KDYHEHHQLQFKDUJHRIDOOWKHPDUNHWLQJ
IDFWXUDFLQ  PLOORQHV GH HXURV  OD FXDUWD FRPSDD PV DQGVDOHVDVSHFWVLQ0$&52/,1(6,%(5,&$ VDOHVPLOOLRQ
JUDQGHGH(VSDDHQHOVHFWRUGHOWUDQVSRUWHGHSLHOHV IXU 0L HXURV WKHIRXUWKODUJHVWFRPSDQ\LQ6SDLQLQWKHIXUWUDQVSRUW
ODERU FRQVLVWH HQ IRUPXODU OD HVWUDWHJLD FRPHUFLDO FRQWUDWDU \ LQGXVWU\0\MREFRQVLVWVRIIRUPXODWLQJWKHVDOHVDQGPDUNHWLQJ
IRUPDU DO HTXLSR GH YHQGHGRUHV VXEFRQWUDWDU ODV DJHQFLDV GH VWUDWHJ\UHFUXLWLQJDQGWUDLQLQJWKHVDOHVIRUFHVXEFRQWUDFWLQJ
SXEOLFLGDG\VXSHUYLVDUHOWUDEDMRUHDOL]DGR DGYHUWLVLQJDJHQFLHVDQGVXSHUYLVLQJWKHZRUNSHUIRUPHG

0HLQWHUHVDODSRVLELOLGDGGHWUDEDMDUFRQVXFRPSDDSRUTXH ,DPLQWHUHVWHGLQWKHSRVVLELOLW\RIZRUNLQJIRU\RXUFRPSDQ\
PHJXVWDUDWHQHUODRSRUWXQLGDGGHDSOLFDUPLVFRQRFLPLHQWRV EHFDXVH , ZRXOG OLNH WR KDYH WKH RSSRUWXQLW\ WR DSSO\ P\
DPHUFDGRVPVJUDQGHV\GLQPLFRV NQRZOHGJHWRODUJHUDQGPRUHG\QDPLFPDUNHWV

/HDGMXQWRPLFXUULFXOXPYLWDH ,KDYHHQFORVHGP\&9IRU\RXUUHIHUHQFH

$ODHVSHUDGHVXVQRWLFLDV $ZDLWLQJ\RXUUHSO\,DP

/HVDOXGDDWHQWDPHQWH 9HU\WUXO\\RXUV

(VWLPDGRDPLJR\DOXPQR(OPHMRUDOXPQRTXHKHWHQLGRHQPLYLGDIXHXQWHQLHQWHFRURQHOGH$UWLOOHUDGLUHFWRUGHOD(VFXHODGH$UWL
OOHUDGH6HJRYLD(PSH]GHSULQFLSLDQWHDORVDRV\GRVDRVPVWDUGHFRQDVLVWDDUHXQLRQHV\DFWRVFRQPLOLWDUHVGHOD27$1
6HGHVHQYROYDFRQEDVWDQWHVROWXUD&XDQGROHFRQRFHQVXSULPHUDFODVHPHVDQWLJp'HDU/RUGZK\RQHDUWKLVWKLVVWXGHQWIRUPH,
ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHHq6LQHPEDUJRHVWHPLOLWDUSURQWRPHVRUSUHQGL\PHKL]RYHUTXHQDGLHHUDXQQHJDGRSDUD
ORVLGLRPDV$SOLFXQDGLVFLSOLQDPLOLWDUDODWDUHD\HQPHQRVGHXQDROOHJDXQQLYHOLQWHUPHGLRDOWR&DGDQRFKHHQFDVDHVFXFKDED
XQFXHQWRGHXQDVSJLQDVHQFDVHWH\FRQDXULFXODUHV0HFRVWWUDEDMRVXPLQLVWUDUOHWDQWRPDWHULDOSHURDOQDOPLDPLJRHOPLOLWDU
VXPHQOHFWXUD\DXGLFLQPVGHSJLQDVGHLQJOV6LHPSUHGHFDp$PLJR5LFKDUGTXHUHUHVSRGHU&DGDGDUH]RD'LRVSDUDTXH
PHD\XGHFRQHOLQJOV\FDGDYH]OPHGLFHTXHORKDUDFRQGLFLQGHTXHORHVWXGLHDWRSH(VXQSDFWRTXHWHQHPRVq0HHQVHOD
H[SUHVLQp$'LRVURJDQGR\FRQHOPD]RGDQGRqH[SUHVLQTXHSXHGHVDSOLFDUWHWWDPELQ
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VURMRRYHUGH" ,VLWUHGRUJUHHQ" +D\D]FDUHQHOVXHOR 7KHUHoVVRPHVXJDURQWKH


(VD]XORQDUDQMD" ,VLWEOXHRURUDQJH" RRU
(VJULVRQHJUR" ,VLWJUH\RUEODFN" +D\WLQWDHQODPHVD 7KHUHoVVRPHLQNRQWKHWDEOH
(VPDUUQRPRUDGR" ,VLWEURZQRUSXUSOH" +D\DJXDHQHOYDVR 7KHUHoVVRPHZDWHULQWKH
(VDPDULOORREODQFR" ,VLW\HOORZRUZKLWH" JODVV
+D\WLQWDHQPLFDPLVD" ,VWKHUHDQ\LQNRQP\VKLUW"
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$YHFHVYR\DOSDUTXH ,VRPHWLPHVJRWRWKHSDUN 9R\DHQFHQGHUODOX] ,oPJRLQJWRWXUQRQWKHOLJKW


(OODYDDOJLPQDVLRDPHQXGR 6KHRIWHQJRHVWRWKHJ\P WEpVZLWFKRQq
&DVLQXQFDYDQDO 7KH\KDUGO\HYHUJRWRWKH
 9R\DDSDJDUODOX] ,oPJRLQJWRWXUQRIIWKHOLJKW
VXSHUPHUFDGR VXSHUPDUNHW WEpVZLWFKRIIq
&DVLVLHPSUHYDQDO 7KH\DOPRVWDOZD\VJRWRWKH
 9R\DHQFHQGHUXQDYHOD ,oPJRLQJWROLJKWDFDQGOH
KLSHUPHUFDGR K\SHUPDUNHW 9R\DDSDJDUODYHOD ,oPJRLQJWREORZRXWWKH
1XQFDYDQDODFDUQLFHUD 7KH\QHYHUJRWRWKHEXWFKHUoV FDQGOH
|$SJDOD ODYHOD  %ORZWKHFDQGOHRXW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XDQWRDQWHVPHMRU 7KHVRRQHUWKHEHWWHU &XOHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRGRLW"


&XDQWRPVJUDQGHPHMRU 7KHELJJHUWKHEHWWHU KDFHUOR"
&XDQWRPVUSLGRPHMRU 7KHIDVWHUWKHEHWWHU &XOHVHOPHMRUPRGRGH :KDWoVWKHEHVWZD\WRVROYH
&XDQWRPVEDUDWRPHMRU 7KHFKHDSHUWKHEHWWHU VROXFLRQDUOR" LW"
&XDQWRPVVHJXURPHMRU 7KHVDIHUWKHEHWWHU +D\XQDPDQHUDPVVHJXUD 7KHUHoVDVDIHUZD\WKDQWKDW
TXHHVDFUHPH EHOLHYHPH
(VWVVHJXURGHTXHKD\ $UH\RXVXUHWKHUHoVDVDIHU
XQDPDQHUDPVVHJXUD" ZD\"
(VRQRIXQFLRQDUDGH 7KHUHoVQRZD\WKDWZRXOG
QLQJXQDPDQHUD ZRUN
5RG &DD
/LQH 6HGDO

+RRN $Q]XHOR

5HHO &DUUHWH

%DLW &HER
9RFDEXODULR)LVKLQJ 3HVFD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1DGLHFRQRFHDQDGLHTXH 1RERG\NQRZVDQ\ERG\ZKR
 7LHQHVXQDSHVWDDMXVWR <RXKDYHDQH\HODVKMXVW

SXHGDKDFHUFXDOTXLHUFRVD FDQGRDQ\WKLQJ HQFLPDGHOODELRVXSHULRU DERYH\RXUXSSHUOLS
1DGLHTXHFRQR]FRVDEH 1RERG\,NQRZNQRZV
 0HHQWUXQDDVWLOOD ,JRWDVSOLQWHUZKLOVWVDQGLQJ

QDGDGHOWHPD DQ\WKLQJDERXWWKHPDWWHU PLHQWUDVOLMDEDODPHVD GRZQWKHWDEOH
&XDOTXLHUDSRGUDKDFHU $Q\ERG\FRXOGGRWKDWZLWK
 0HGLXQJROSHHQHOGHGR ,EDQJHGP\ELJWRHRQWKH
HVRFRQORVRMRVFHUUDGRV WKHLUH\HVVKXW JUDQGHGHOSLHFRQHOURGDSL VNLUWLQJERDUG
3HVWDHDUHVFRPRJXLDU %OLQNLQJLVOLNHZLQNLQJZLWK
 0HVDOHQSHFDVHQYHUDQR ,FRPHRXWLQIUHFNOHVLQWKH
ORVGRVRMRVDODYH] ERWKH\HVDWWKHVDPHWLPH VXPPHU
|7HYDVDTXHGDUEL]FR <RXoUHJRLQJWRJRFURVVH\HG 5RJHUVDOLGHODUPDULR 5RJHUFDPHRXW RIWKHFORVHW 

KDFHXQSDUGHPHVHV DFRXSOHRIPRQWKVDJR


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (OSURQRPEUHGHPRVWUDWLYR
5HFXHUGDTXHXQDYH]TXHXWLOL]DPRVXQ
,WoVGD\OLJKWUREEHU\ ,WoVGRJHDWGRJ SURQRPEUHGHPRVWUDWLYRQRYROYHPRVD
(VXQWLPRPDQLHVWR &RPSHWHQFLDIHUR]VLQUHJODV XWLOL]DUOR|1RKDFHIDOWDVHDODUDOJRGRV
YHFHV
,WoVDULSRII 'RQoWKROG\RXUEUHDWK 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
(VXQDXWQWLFRURER 1RVHUQDGDGHORWURPXQGR IUDVHVHQLQJOV"
(VWRVVRQOLEURV
7KHGHYLOoVDGYRFDWH 7KDWoVDGRXEOHHGJHGVZRUG $TXHOORVQRVRQOLEURVVRQUHYLVWDV
(ODERJDGRGHOGLDEOR (VXQDUPDGHGREOHOR 6RQHVWRVEROJUDIRV"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPJRLQJWRWHDFK\RXVRPHWKLQJ

&XDQGR YLQH D (VSDD D ORV  DRV QR KDEODED HVSDRO PX\ 3XHV HQ LQJOV WH UHFRPLHQGR OR PLVPR DSUQGHWH ELHQ p,oP
ELHQ6LQHPEDUJRHQGRVGDV\DHUDFDSD]GHKDEODUVREUHDFFLR JRLQJWRq\OXHJRDDGHWRGRVORVYHUERVTXHSXHGDV
QHVGHIXWXURVLQJUDQGHVSUREOHPDV&PRORFRQVHJX"
,oPJRLQJWRJR,oPJRLQJWRHDW,oPJRLQJWRFRPH,oPJRLQJWRFDOO
$SUHQGODH[SUHVLQpYR\Dq\OXHJRPHKLFHFRQWRGRVORVLQQL
WLYRVTXHSRGDLUFRPHUYHQLUOODPDUHWF/XHJRORVMXQWDED\ 'HVSXVFDPELDp,oPqDp\RXoUHqpKHoVqpVKHoVqpLWoVqpZHoUHq
\DHVWKDEODEDXLGDPHQWHXWLOL]DQGRHOWLHPSRGHOIXWXUR pWKH\oUHq\\DHVW+DEUVDSUHQGLGRSHUIHFWDPHQWHDKDEODU
VREUHDFFLRQHVGHIXWXUR
9R\DLU9R\DFRPHU9R\DYHQLU9R\DOODPDU(WF

(VWLPDGR6U3DVWRU 'HDU0U3DVWRU

*UDFLDVSRUVXFDUWDGHOGHQRYLHPEUH\SRUHOLQWHUHVDQWHLQIRU 7KDQN\RXIRU\RXUOHWWHURI1RYHPEHUDQGIRUWKHLQWHUHVWLQJ
PHVREUHHOVHFWRUGHODFHURHQ&RUHDGHO6XU\-DSQ&RQUHVSHFWR UHSRUWRQWKHVWHHOLQGXVWU\LQ6RXWK.RUHDDQG-DSDQ&RQFHUQLQJ
DODSUHJXQWDTXHQRVKDFHHQVXFDUWDQXHVWUDLQWHQFLQHQHVWRV WKHTXHVWLRQWKDW\RXDVNXVLQ\RXUOHWWHURXULQWHQWLRQDWWKLV
PRPHQWRVHVFRQWLQXDUFRQODLGHDGHFHUUDUQXHVWUDVIEULFDVGH SRLQW LV WR FRQWLQXH ZLWK WKH LGHD RI FORVLQJ RXU IDFWRULHV LQ
3LWWVEXUJK\$NURQ\FRPHQ]DUODFRQVWUXFFLQGHGRVQXHYDVI 3LWWVEXUJKDQG$NURQDQGVWDUWLQJWKHFRQVWUXFWLRQRIWZRQHZ
EULFDVHQ0LFKLJDQEDVDGDVHQODQXHYDWHFQRORJD%ODQFKDUG IDFWRULHVLQ0LFKLJDQEDVHGRQWKHQHZ%ODQFKDUGWHFKQRORJ\

<DKHPRVOOHJDGRDXQDFXHUGRFRQHO6LQGLFDWRGHORV7UDEDMD :HKDYHDOUHDG\UHDFKHGDQDJUHHPHQWZLWKWKH6WHHOZRUNHUV
GRUHV GHO $FHUR VREUH HO SODQ GH LQGHPQL]DFLQ SDUD ORV  8QLRQRQDVHYHUDQFHSD\SODQIRU WKHZRUNHUV WKDWZH
WUDEDMDGRUHVTXHQRVYHUHPRVREOLJDGRVDGHVSHGLU(QFXDQWRD ZLOO EH IRUFHG WR OD\ RII $V IRU WKH QHZ IDFWRULHV LQ 0LFKLJDQ
ODVQXHYDVIEULFDVGH0LFKLJDQVORYDPRVDUHTXHULUXQDV ZHDUHRQO\JRLQJWRQHHGVRPHSHRSOHEHWZHHQGLUHFWDQG
SHUVRQDVHQWUHWUDEDMDGRUHVGLUHFWRVHLQGLUHFWRV LQGLUHFWZRUNHUV

$WHQWDPHQWH 6LQFHUHO\



$UH\RXP\QHZWHDFKHUPLSURIHQXHYD" (VWLPDGRDPLJR\DOXPQR5DOHVXQFDVREDVWDQWHWSLFRHQWUHGLUHFWLYRVWFQL
0\QDPHLV5D~O\PLLQJOpVHVGHFXHYD
,WDONOLNHDFDYHPDQGHVWUR]DQGRJUDPiWLFD FRV\HPSOHDGRVHVSDROHV'LJDPRVTXHUHSUHVHQWDXQGHORVFDVRV6XIDOWD
,WU\YHU\KDUGDXQTXHGHIRUPDHUUiWLFD GHLQJOVOHPROHVWD\HVFRQGHVXHQIDGRGHWUVGHXQDDFWLWXGJUDFLRVD\SRFR
,KRSH\RXDUHSDWLHQWTXHQRVR\PX\FOpYHU VHULD/RWULVWHGHHVWRVFDVRVHVTXHVHWUDWDFDVLVLHPSUHGHXQDSHUVRQDSRWHQ
<VLFRQWLJRDSUHQGR,ZLOOORYH\RXIRUHYHU FLDOPHQWHEULOODQWH/DJUDFLDTXHH[KLEHUHYHODXQDPHQWHJLOWDQJLOTXHSLHQVD
<RXVHHPLUODQGHVDDQG\RXUVPLOHPHHQFDQWD TXHSXHGHUHVROYHUODVFRVDVFRQPXFKRLQJHQLR\SRFRWUDEDMR(VWRHVSRVLEOH
$UH\RXDJRRGWHDFKHU"7LHQHVFDUDGHVDQWD SDUDDOJXQRVUHWRVSHURSDUDHOLQJOVQRIXQFLRQD1XHVWURDPLJR5DOWHQGUTXH
0\(QJOLVKLVEDG\PHWDFKDQGHYDJR FDPELDUVLTXLHUHDSUHQGHULQJOVGHYHUGDG7HQGUTXHGDUXQJLURGHJUDGRV
7KH\FDOOPHPX\EHVWLDVHUiXQKDODJR" SXHVWRTXHHOLQJHQLR\ODDJXGH]DVORD\XGDQHQXQ/DLQWHOLJHQFLDD\XGDHQ
6HUpPHVXSRQJRXQSRFRFRPRHOEXKR
DORPHMRUQRDSUHQGRSHURPHMRPXFKR RWUR(OUHVWDQWHVHUHGXFHDXQDVRODFXHVWLQHVIXHU]RSHUVRQDO
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVODFDSLWDOGH$XVWULD" :KDWoVWKHFDSLWDORI$XVWULD" %REHVWPLUDQGRD-DQH %RELVORRNLQJDW-DQH


&XOHVODFDSLWDOGH6XHFLD" :KDWoVWKHFDSLWDORI6ZHGHQ" -DQHHVWPLUDQGRVXUHORM -DQHLVORRNLQJDWKHUZDWFK
&XOHVODFDSLWDOGH6XL]D" :KDWoVWKHFDSLWDORI 3DXOHVWPLUDQGRHOUHORM 3DXOLVORRNLQJDWWKHFORFNRQ
6ZLW]HUODQG" GHODSDUHG WKHZDOO
5RGH-DQHLURQRHVODFDSLWDO 5LRGH-DQHLURLVQoWWKHFDSLWDO
 +HQU\HVWYLHQGRODWHOHYLVLQ +HQU\LVZDWFKLQJWHOHYLVLRQ
GH%UDVLO RI%UD]LO 6DQG\HVWGXUPLHQGRHQ 6DQG\LVVOHHSLQJRQWKHVRID
6\GQH\QRHVODFDSLWDOGH 6\GQH\LVQoWWKHFDSLWDORI HOVRI
$XVWUDOLD $XVWUDOLD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'DQWUDEDMDORVPDUWHVHQ 'DQZRUNVLQ0DQFKHVWHURQ 1RVTXGHFLU ,GRQoWNQRZZKDWWRVD\


0DQFKHVWHU 7XHVGD\V 1RVDGQGHLU ,GRQoWNQRZZKHUHWRJR
7UDEDMDORVPLUFROHVHQ +HZRUNVLQ%LUPLQJKDPRQ 1RVFPRKDFHUOR ,GRQoWNQRZKRZWRGRLW
%LUPLQJKDP :HGQHVGD\V 1RVDTXLQSUHJXQWDU ,GRQoWNQRZZKRPWRDVN
7UDEDMDORVMXHYHVHQVX +HZRUNVLQKLVRIFHRQ
 (VWR\DOJRFRQIXVR ,oPDELWFRQIXVHG
GHVSDFKR 7KXUVGD\V
7UDEDMDORVVEDGRVHQ/LYHUSRRO+HZRUNVLQ/LYHUSRRORQ
6DWXUGD\V
/RVGRPLQJRVQRWUDEDMD +HGRHVQoWZRUNRQ6XQGD\V

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LPDDQDYLHQHVWHOR ,I\RXFRPHWRPRUURZ,oOOVKRZ
 /OHYRWUHVDRVLQWHQWDQGR ,oYHEHHQWU\LQJWRORFDWHKLP
HQVHDU LWWR\RX ORFDOL]DUOH IRUWKUHH\HDUV
1RWHORHQVHDUVLQRYLHQHV ,ZRQoWVKRZLWWR\RXLI\RX /OHYRGRFHDRVHVWXGLDQGR ,oYHEHHQVWXG\LQJ(QJOLVKIRU
GRQoWFRPH LQJOV WZHOYH\HDUV
1RORKDUDQRVHUTXHYHQJDV,ZRQoWGRLWXQOHVV\RXFRPH /OHYRWUHVPHVHVWUDEDMDQGR ,oYHEHHQZRUNLQJRQWKLV
1RORKDUKDVWDTXHQRYHQJDV,ZRQoWGRLWXQWLO\RXFRPH HQHVWHSUR\HFWR SURMHFWIRUWKUHHPRQWKV
/RKDUHQFXDQWRYHQJDV ,oOOGRLWDVVRRQDV\RXFRPH /OHYRWUHLQWDPLQXWRV ,oYHEHHQFRQFHQWUDWLQJRQWKLV
FHQWUQGRPHHQHVWHDUWFXOR DUWLFOHIRUWKLUW\PLQXWHV
/OHYRWUHVKRUDVHVFULELHQGR ,oYHEHHQZULWLQJRXWFKHTXHV
FKHTXHV IRUWKUHHKRXUV

6NLVXLW 7UDMHGHHVTX
*ORYH *XDQWH

6NLSROH %DVWQ

6NLERRW %RWDGHHVTX

6NL (VTX

9RFDEXODULR6NLLQJ (VTX

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HUREDURQHQ3DUV ,ZDVUREEHGLQ3DULV (OPLQLVWURGH([WHULRUHV 7KH)RUHLJQ6HFUHWDU\WRUHXS



/HWLPDURQHQ5RPD 7KH\ZHUHFRQQHGLQ5RPH URPSLHOSDSHO WKHSLHFHRISDSHU
WEpULSSHGRIIq (OPLQLVWURGHO,QWHULRUMXJ 7KH+RPH6HFUHWDU\SOD\HGD
/HUREDURQHOEROVRHQHO +HUKDQGEDJZDVVWROHQDWWKH XQSDSHOLPSUHVFLQGLEOHHQHO YLWDOUROHLQWKHDIIDLU
DHURSXHUWR DLUSRUW DVXQWR
1RVHQJDDURQHQODHVWDFLQ :HZHUHWULFNHGDWWKHVWDWLRQ 1DGLHHVLPSUHVFLQGLEOH 1RERG\LVLQGLVSHQVDEOH
1RVUHVFDWDURQMXVWRDWLHPSR :HZHUHUHVFXHGMXVWLQWLPH 3XHGRFDPELDUPHGHPHVD" &DQ,FKDQJHWDEOHV"0LQHLV

/DPDHVWFRMD ZRQN\
6HOHFD\HOSHORWUDVFDHUVH +LVKDLUIHOORXWZKHQKHIHOO

GHXQUEROGHQLR RXWRIDWUHHDVDER\

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV $VfDV
$XQTXHHPSOHLVGRVSDODEUDVGLVWLQWDVHQ
+HoVDGRZQWRHDUWKSHUVRQ +HGULQNVOLNHDVK HVSDROQRVRWURVXWLOL]DPRVODPLVPDGRV
(VXQDSHUVRQDVHQFLOOD\SUFWLFD %HEHFRPRXQFRVDFR YHFHV

+HoVGUDJJLQJKLVIHHW +HGULYHVPHXSWKHZDOO 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


(VWUDOHQWL]DQGRODVFRVDVDSRVWD 0HVDFDGHPLVFDVLOODV IUDVHVHQLQJOV"
1RKDFHWDQWRIURFRPR\RSHQVDED
,KDYHWRGUDZWKHOLQH ,oOOGURS\RXDOLQH 1RFRQGX]FRWDQUSLGRFRPRPLKHUPDQR
+DVWDDTXKHPRVOOHJDGR 7HHVFULELUXQDVOQHDV 1RGLVSRQJRGHWDQWRWLHPSRFRPRW

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
,oPPRYLQJEDFNWR7H[DVQH[W\HDU

)MDWHHQHVWDVIUDVHVHQFDVWHOODQR :KHQDUH\RXJRLQJWRWKHFOLQLF"
,oPJRLQJWR%DUFHORQDWRPRUURZ
4XKDFHVPDDQDSRUODPDDQD" 7KH\oUHEULQJLQJWKHUHVXOWVWRPRUURZ
&XQGRYDVDODFOQLFD" ,oPWDNLQJP\ZLIHWRWKHGRFWRUWRPRUURZ
9R\PDDQDD%DUFHORQD
0DDQDQRVWUDHQORVUHVXOWDGRV (VWDIRUPDWDQFRUULHQWHGHH[SUHVDUDFFLRQHVIXWXUDVVRODPHQWH
/OHYRDPLPXMHUDOPGLFRPDDQD SXHGHXVDUVHSDUDXQQPHUROLPLWDGRGHYHUERV
&RPRYHVDGHPVGHOIXWXURFRQpZLOOq\HOIXWXURFRQpJRLQJWRq
(QWRGDVHVWDVIUDVHVHQFDVWHOODQRKHPRVXWLOL]DGRHOSUHVHQWHSDUD KD\YHFHVHQODVTXHHPSOHDPRVHOSUHVHQWHFRQWLQXRSDUDDFFLRQHV
H[SUHVDUDFFLRQHVTXHYDQDWHQHUOXJDUHQHOIXWXUR GHIXWXUR\DUPHPHQWHSURJUDPDGDV3HURHQHODQOLVLVQDOQRGH
(QLQJOVPXFKDVYHFHVKDFHPRVORPLVPRSHURVROHPRVXVDUHO EHVSUHRFXSDUWHSRUORVSHTXHRVPDWLFHVTXHGLIHUHQFLDQDODVWUHV
SUHVHQWHFRQWLQXR7HSRQJRORVPLVPRVHMHPSORV IRUPDVGHIRUPXODUHOWLHPSRIXWXUR4XL]ORPHMRUVHDXVDUVLHPSUH
pJRLQJWRLQQLWLYRqVDOYRFXDQGRTXLHUDVH[SUHVDUXQDFRQGLFLQ
:KDWDUH\RXGRLQJWRPRUURZPRUQLQJ" HQFX\RFDVRFRQYLHQHXVDUpZLOOq ,ZLOOJRLI\RXSD\PH 

(VWLPDGD6XVDQ 'HDU6XVDQ

4XLHURDFXVDUUHFLERGHODPDTXHWDGHODSRUWDGDSDUDQXHVWUD ,MXVWZDQWWRDFNQRZOHGJHUHFHLSWRIWKHPRFNXSFRYHUIRURXU
QXHYDVHULHGHOLEURV'HKHFKR V LQWHQWOODPDUWHD\HUSRUOD QHZ VHULHV RI ERRNV $FWXDOO\ , GLG WU\ WR SKRQH \RX \HVWHUGD\
WDUGHSDUDGDUWHPLVFRPHQWDULRV(VWR\UHDOPHQWHLPSUHVLRQDGR DIWHUQRRQLQRUGHUWRJLYH\RXP\IHHGEDFN,UHDOO\DPLPSUHVVHG
FRQHOPDWHULDOJUFR\PHSDUHFHTXHW\WXHTXLSRKDELVFRQ ZLWKWKHDUWZRUNDQGIHHOWKDW\RXDQG\RXUWHDPKDYHPDQDJHG
VHJXLGRWUDQVPLWLUHOHVSULWXGHHVWDQXHYDLQLFLDWLYDHGLWRULDO WRFRQYH\WKHVSLULWEHKLQGWKLVQHZSXEOLVKLQJYHQWXUH

6LQ HPEDUJR V FUHR TXH QHFHVLWDPRV UHXQLUQRV XQD YH] PV +RZHYHU,GRIHHOWKDWZHQHHGWRJHWWRJHWKHURQFHPRUHLQ
FRQHOQGHGHEDWLUHOGLVHRGHORVORPRVGHORVOLEURV9R\D RUGHUWRGLVFXVVWKHGHVLJQRIWKHERRNVSLQHV,DPJRLQJWREH
HVWDUGLVSRQLEOHWRGDODVHPDQDTXHYLHQHDVTXHVLQRWHLP IUHHDOOQH[WZHHNVRLI\RXGRQWPLQGJLYLQJPHDULQJZH
SRUWDGDUPHXQWRTXHSRGUHPRVMDUXQDKRUDSDUDYHUQRV FDQDUUDQJHDWLPHWRPHHWXS

8QFRUGLDOVDOXGR %HVWUHJDUGV



/DGXUDOHFFLQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR/HSUHVHQWRWUHVHVWURIDVGHODVTXHFRPSRQHQHO
9LFHQWHHVWiWULVWHDVXVWDGR\WHQVR SRHPDVREUHPLDPLJR9LFHQWH+HFDPELDGRVXQRPEUHSHURVHWUDWDGHXQDSHU
6XDSORPRGHVLHPSUHYDHQFODURGHVFHQVR VRQDUHDO/RTXHOHSDVORTXHXVWHGYDDYHUQDUUDGRKR\\HQVXFHVLYRVGDVHV
6XFRVWXPEUHGHPDQGDUHQVXVIXHURVLQWHUQRV XQDKLVWRULDYHUGLFD9LFHQWHHVXQDSHUVRQDGHJUDQ[LWRHQODYLGDHFRQPLFD
VHKDKHFKRDxLFRVHQHVWRVODUHVH[WHUQRV GH(VSDDSHURHQXQPRPHQWRGHWHUPLQDGRGHVXWUD\HFWRULDSURIHVLRQDOVHYLR
(OPRWLYRGHVXPDOGHVXDQJXVWLDYLWDO WUHPHQGDPHQWHDIHFWDGRSRUODIDOWDGHOLQJOV6XFDVRGHEHVHUOHGRSRUWRGRV
HVDOJRGHLPSRUWDQFLDSDUDpOFDSLWDO ORVHVWXGLDQWHVGH,QJHQLHUD(FRQPLFDV'HUHFKR(PSUHVDULDOHV\RWUDVFDUUHUDV
5HSUHVHQWDUD(VSDxDHQXQHQFXHQWURWDQFODYH
\QRFD]DURQGDHVGHYHUGDGPX\JUDYH SXHVWRTXHODPD\RUDGHHVWRVMYHQHVTXHYDQDGLULJLUORVGHVLJQLRVGHHVWHSDV
HQHOIXWXURWLHQHXQQLYHOGHLQJOVSDUHFLGRDOGHQXHVWURDPLJR9LFHQWH6LQRVH
9LFHQWHGLULJHODDVRFLDFLyQQDFLRQDO FRQFLHQFLDQDKRUDPLVPRGHODLPSRUWDQFLDGHTXLWDUGHHQPHGLRHOSHVDGRODVWUH
TXHYHODSRUTXHWRGRVHDFODUR\UDFLRQDO
(QODVP~OWLSOHVUPDVTXHFRPSRQHQHOVHFWRU GHOLQJOVORYDQDDUUDVWUDUHOUHVWRGHVXYLGD6LWLHQHDRVRPHQRVRWLHQH
UDFLRQDOL]DQGRDODYH]HODSDUDWRSURGXFWRU KLMRVRQLHWRVHQHVWDHGDGDVHJUHVHGHDWDMDUHVWHSUREOHPDDKRUDPLVPR\QR
FHMHHQVXHPSHRKDVWDHOLPLQDUORGHOWRGR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XHVHVR" :KDWoVWKDW" 9LYHVHQODFXLGDG" 'R\RXOLYHLQWKHFLW\"


(VXQPYLO" ,VLWDPRELOH" (VXQDPXMHUPX\DOWD 6KHoVDYHU\WDOOZRPDQ
(UHVUXVR" $UH\RX5XVVLDQ" 1RFRQR]FRVXQRPEUH ,GRQoWNQRZKHUQDPH
(VXQSDVJUDQGH ,WoVDELJFRXQWU\ (VWFDVDGD 6KHoVPDUULHG
&XOHVODFDSLWDOGH5XVLD" :KDWoVWKHFDSLWDORI5XVVLD" &XQWRVQLRVWLHQHQ" +RZPDQ\FKLOGUHQGRWKH\
KDYH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(O6U6PLWK\DQRYLYHDTX 0U6PLWKGRHVQoWOLYHKHUH 0HHQFDQWDWXFRUEDWDQXHYD ,ORYH\RXUQHZWLH


DQ\PRUH )XHFDUD" :DVLWH[SHQVLYH"
$TXVHGHGLFD" :KDWGRHVKHGR" )XHPVEDUDWDTXHODWX\D ,WZDVFKHDSHUWKDQ\RXUV
(VSHULRGLVWD +HoVDMRXUQDOLVW &PRORVDEHV" +RZGR\RXNQRZ"
(QWRQFHVGQGHYLYH" :KHUHGRHVKHOLYHWKHQ" 0HORGLMRWXPXMHU <RXUZLIHWROGPH
9LYHFHUFDGHPLFXDGD +HOLYHVQHDUP\VLVWHULQODZ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

9DPRVDWRPDUXQDFRSD /HWoVJRIRUDGULQN +DFDWDQWRFDORUTXHPH ,WZDVVRKRW,IDLQWHG


7HLQYLWRDXQDFRSD ,oOOEX\\RXDGULQN GHVPD\
,QYLWDPRVDWXDPLJR" 6KDOOZHLQYLWH\RXUIULHQG" 7RGRHOPXQGRDOOHVWDED (YHU\RQHWKHUHZDVVZHDWLQJ
OQXQFDEHEHHQWUHVHPDQD +HQHYHUGULQNVRQZHHNGD\V VXGDQGR
1RORLQYLWHPRVHQWRQFHV /HWoVQRWLQYLWHKLPWKHQ (ORUDGRUHVWDEDDJRWDGR 7KHVSHDNHUZDVH[KDXVWHGE\
DOQDO WKHHQG
&DVLVXIULXQFRODSVR +HQHDUO\FROODSVHG
1RIXHXQDLGHDWDQEXHQD ,WZDVQoWVXFKDJRRGLGHD

6WDOOV 3DWLRGHEXWDFDV
&LUFOH 3ODWHD

$LVOH 3DVLOOR
6HDW %XWDFD

5RZ )LOD

9RFDEXODULR7KHDWUH 7HDWUR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

2MDOKXELHVHVHVWDGRDOO ,ZLVK\RXoGEHHQWKHUH 7HJXVWDQORVSDQWDORQHV <RXOLNHEDJJ\WURXVHUVGRQoW



7HQGUDVTXHKDEHUOHYLVWR <RXVKRXOGKDYHVHHQKLP
 DQFKRVYHUGDG" \RX"
DFWXDU SHUIRUP OJDQHORURHQORV +HZRQWKHJROGLQWKH

1XQFDKDEDYLVWRQDGD ,oGQHYHUVHHQDQ\WKLQJOLNHLW
 PHWURVYDOOD PHWUHVKXUGOHV
SDUHFLGR 6XSHOXFD GHO VDOWDDODYLVWD+LVZLJVWLFNVRXWDPLOH
0VYDOHTXHQRWHDFHUTXHV <RXoGEHWWHUQRWJRXSWRKLP
 0LSDUHMDQRVRSRUWDODV 0\SDUWQHUFDQoWVWDQG]]\

DO EHELGDVJDVHRVDV GULQNV
(VSUREDEOHTXHWHGXQ +HoVOLNHO\WRSXQFK\RX 3UXHEDGHMDQGRORVSLHVHQ 7U\VRDNLQJ\RXUIHHWLQVRPH
SXHWD]R UHPRMRFRQDJXDFDOLHQWH KRWZDWHU


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV ([SUHVLQGHODVHPDQD
1RYDOHFRQWUDGXFLUHVWDVIUDVHVGHIRUPD
7RJR'XWFK 7RGRORTXHVXEHEDMD OLWHUDO\DTXHH[SUHVDGDVHQSUHVHQWHVLPSOH
3DJDUDODDPHULFDQD :KDWJRHVXSPXVWFRPHGRZQ VLQXVRGHXQDX[LOLDUVXHQDQUDUDV

7RHDWKXPEOHSLH +HZRQIDLUDQGVTXDUH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


$GPLWLUHOHUURU\SDVDUYHUJHQ]D *DQFRQWRGDVODVGHODOH\ IUDVHVHQLQJOV"
1RWHRLJR
(YHU\7RP'LFNDQG+DUU\ )DPLOLDULW\EUHHGVFRQWHPSW 1RRLJRODPVLFD
&XDOTXLHUKLMRGHYHFLQR 'RQGHKD\FRQDQ]DGDDVFR |1RRLJRXQFDUDMR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ

LFDQJR,FQWJR HVWDVIUDVHV

6LQRHQWLHQGHVHOWWXORGHHVWDVHFFLQIMDWHSRUTXHHVWR\GL VLEOHVPDOHQWHQGLGRV6LRSWDVSRUXVDUODFRQWUDFFLQHQWRQFHV
FLHQGRORVLJXLHQWH SRQDWHQFLQDHVWDVGRVH[SOLFDFLRQHV

,FDQJR,FDQoWJR  &XDQGRDUPDPRVGLFLHQGRSRUHMHPSORp,FDQJRqVROHPRV
VLQGDUQRVFXHQWDDVHQWLUFRQODFDEH]D,QYHUVDPHQWHFXDQGR
5HDOPHQWHHOXVRGHpFDQqHVEDVWDQWHIFLO(OSUREOHPDYLHQHVL QHJDPRVGLFLHQGRSRUHMHPSORp,FDQoWJRqVROHPRVVLQGDU
TXLHUHVGLIHUHQFLDUHQWUHHODUPDWLYR\HOQHJDWLYR\DTXHpFDQq\ QRVFXHQWDQHJDUFRQODFDEH]D7XSURIHVRUVHJXUDPHQWHQRVH
ODFRQWUDFFLQpFDQoWqVXHQDQPX\SDUHFLGRV'HKHFKRVXHQDQWDQ KDEUGDGRFXHQWDGHHVWHKHFKRSHURFDVLVLHPSUHVHUHSLWH(V
SDUHFLGRVTXHLQFOXVRORVQDWLYRVDYHFHVWHQHPRVTXHFRQUPDUVL FXULRVR
HOLQWHUORFXWRUWDPELQQDWLYRHVWDUPDQGRRQHJDQGR
 0V LPSRUWDQWH FXDQGR DUPDPRV DFHQWXDPRV PXFKR HO
3RUHOOR\RPXFKDVYHFHVUHFRPLHQGRDPLVDOXPQRVTXHQRXVHQ VXMHWRp,FDQJRq&XDQGRQHJDPRVDFHQWXDPRVPXFKRHO
ODFRQWUDFFLQpFDQoWqTXHGLJDQpFDQQRWqFRQHOQGHHYLWDUSR YHUERpFDQoWqp,FDQoWJRq

(VWLPDGD0DUD 'HDU0DULD

$QWHVTXHQDGDTXLHURGDUWHODVJUDFLDVSRUODD\XGDTXHQRV )LUVWRIDOO,ZDQWWRWKDQN\RXIRUWKHKHOS\RXJDYHXVLQ-XO\,I
SUHVWDVWHHQMXOLR6LQRKXELHUDVLGRSRUWXFRQYHUVDFLQFRQ9L LWKDGQWEHHQIRU\RXUFRQYHUVDWLRQZLWK9LFHQWH%DOGRPLQRV
FHQWH%DOGRPLQRVHVWR\VHJXURGHTXHQRKDEUDPRVFRQVHJXL ,PVXUHZHZRXOGQWKDYHJRW WHQ WKHFRQWUDFW1RZZHDUH
GRHOFRQWUDWR$KRUDHVWDPRVWUDEDMDQGRFRQ%DOGRPLQRVFDVL ZRUNLQJZLWK%DOGRPLQRVDOPRVWHYHU\GD\DQGLWLVFOHDUWKDW
WRGRVORVGDV\HVWFODURTXHWLHQHXQFRQFHSWRPX\DOWRGHWL KHKDVDYHU\KLJKUHJDUGIRU\RX

(QFXDQWRDORVIROOHWRVWHQGUVTXHHVSHUDUXQRVGDVPV6L $VIRUWKHEURFKXUHV\RXZLOOKDYHWRZDLWDIHZPRUHGD\V,I
QRUHFXHUGRPDOORVQHFHVLWDEDVSDUDHOGDGHHVWHPHVOR ,UHPHPEHUULJKW\RXQHHGWKHPIRUWKHWKRIWKLVPRQWK
FXDOQRVGDWLHPSRGHVREUDSDUDWHQHUORWRGROLVWR ZKLFKJLYHVXVSOHQW\RIWLPHWRKDYHHYHU\WKLQJUHDG\

'DOHUHFXHUGRVPRVD$OIUHGR+DFHPVGHXQDRTXHQROH *LYHP\UHJDUGVWR$OIUHG,WVEHHQPRUHWKDQD\HDUVLQFH,ODVW
YHR9DDSHQVDUTXHPHKHROYLGDGRGHO VDZKLP+HVJRLQJWRWKLQN,YHIRUJRWWHQDERXWKLP

8QVDOXGR %HVWUHJDUGV



/DGXUDOHFFLQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR$TXWHQHPRVDQXHVWURDPLJR9LFHQWHHQVXYHUWLHQ
(VH[SHUWRHQORVX\R\FRQFHGHHQWUHYLVWDV WHGHKRPEUHLPSRUWDQWH HQ(VSDD \HQVXQXHYDVLWXDFLQGHYXOQHUDELOLGDG
DSROtWLFRV\SHULRGLVWDVSRSXODUHV\SURJUHVLVWDV IXHUDGHOSDV (VXQKRPEUHDFRVWXPEUDGRDO[LWRDPDQGDU\DVHUHVFXFKDGR
6XVHFWRUHVWDQFODYH\VXYR]WDQEXVFDGD $XQTXHHVXQDSHUVRQDGHUPHEUDPRUDODGPLWHTXHQROHGLVJXVWDVHQWLUVH
TXHQXQFDKDVWDDKRUDVHKDSDUDGRDQWHQDGD LPSRUWDQWHHLQX\HQWH3HURDKRUDWRGRHVWRKDFDPELDGRSRUTXHSRUSULPHUD
YH]GHEHVDOLUDOH[WUDQMHURFRPRQLFRUHSUHVHQWDQWHHVSDROMXQWRDUHSUHVHQ
3HURDKRUDVXDVSHFWRGHHVWDPSDLPSRUWDQWH
VHHQFXHQWUDDFKLFDGRQHUYLRVRYDFLODQWH WDQWHVPVGHRWURVSDVHVGHOD8QLQ(XURSHD6HGDFXHQWDGHTXHVDEHWDQWR
0DxDQDOHWRFDRWURGtDUHSOHWR RPVTXHVXVKRPORJRVVREUHORVSXQWRVDWUDWDUHQODUHXQLQGHGRVMRUQDGDV
GHUHXQLRQHVHQLQJOpVFRQHOIRURFRPSOHWR DODTXHGHEHDVLVWLUSHURVHVLHQWHWRWDOPHQWHLQWLOSRUTXHDSHQDVHQWLHQGHODV
FRUULHQWHVGHGLVFXVLQTXHVHFUX]DQGHIRUPDGLQPLFDGHXQODGRDRWURGHOD
6RQVyORKRPEUHVKRPEUHVH[SHUWRV
JUDQPHVDGHFDREDGRQGHWLHQHOXJDUODUHXQLQ1RVDEHTXKDFHU\HVFRQV
TXHDOLJXDOTXH9LFHQWHQHFHVLWDQFRQFLHUWRV
&RQODFRPLVLyQGH%UXVHODVTXHSXEOLFDGLUHFWLYDV FLHQWHGHTXHQXQFDVHKDVHQWLGRWDQDSXUDGR\YLROHQWRFRPRKDVWDDKRUD6L
TXHDIHFWDQDOVHFWRU\DVXVEXHQDVSHUVSHFWLYDV OHSUHJXQWDQDOJRVREUH(VSDDQRVDEUSUREDEOHPHQWHGHTXDVXQWROHHVWQ
KDEODQGR7LHQHXQJUDYHSUREOHPD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWWXMHIH" :KHUHoV\RXUERVV" (V6DQ6HEDVWLQXQD ,V6DQ6HEDVWLDQDSUHWW\FLW\"


(VW O HQ3DUV" ,VKHLQ3DULV" FLXGDGERQLWD"
(VW O HQHOVXUGH)UDQFLD +HoVLQWKHVRXWKRI)UDQFH (VWHFRFKHHVPX\YLHMR 7KLVFDULVYHU\ROG
(VIUDQFV" ,VKH)UHQFK" $TXHOJDWRHVWPX\JRUGR 7KDWFDWLVYHU\IDW
1RQRORHV 1RKHoVQRW 6RQWX\RVHVWRVEROJUDIRV" $UHWKHVHSHQV\RXUV"
6RQVX\RV GHO DTXHOORV $UHWKRVHERRNVKLV"
OLEURV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6LQWDWHSRUIDYRU 6LWGRZQSOHDVH 6DEHVGQGHHVWQ" 'R\RXNQRZZKHUHWKH\DUH"


+D\PXFKDVVLOODVDTX 7KHUHDUHDORWRIFKDLUVKHUH 6DEHOTXLQVR\" 'RHVKHNQRZZKR,DP"
+D\XQVLOOQDOO" ,VWKHUHDQDUPFKDLURYHU /HGLUVSRUTXHVWR\DTX" :LOO\RXWHOOKLPZK\,oPKHUH"
WKHUH" 6DEDTXHQRVHORGLUDV ,NQHZ\RXZRXOGQoWWHOOKLP
+D\PXFKRGLQHURHQODFDMD 7KHUHLVDORWRIPRQH\LQWKH 3XHVHQWRQFHVORKDU\R :HOO,oOOGRLWWKHQ
ER[
1RIXPHVHQODRFLQD 'RQoWVPRNHLQWKHRIFH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

OQRKDHVFULWRWRGDYDHO +DVQoWKHZULWWHQWKHUHSRUW 6LJXHKDFLHQGRORTXHHVWV &DUU\RQGRLQJZKDW\RXoUH


LQIRUPH" \HW" KDFLHQGR GRLQJ
7XYLHURQXQDGLVFXVLQ 7KH\oYHKDGDQDUJXPHQW 1RPHGHIUDXGHV 'RQoWOHWPHGRZQ
(VWXYLPRVKDEODQGRGHHVR :HZHUHGLVFXVVLQJWKDWODVW (VWDPRVPX\RUJXOORVRVGHWL :HoUHYHU\SURXGRI\RX
DQRFKH QLJKW +DQOXFKDGRPXFKRSRUOR 7KH\oYHIRXJKWKDUGIRUZKDW
1RGHEHUDVSRQHUWHHQ 6KRXOGQoW\RXFRQWDFWKHU"
 TXHWLHQHQ WKH\KDYH
FRQWDFWRFRQHOOD" 6HPHKDEDROYLGDGRSRU ,oGFRPSOHWHO\IRUJRWWHQ
(OODLEDDHFKDUORDOFRUUHR 6KHZDVJRLQJWRSRVWLW FRPSOHWR

&XUWDLQ 7HOQ 6HW 'HFRUDGR

%DFNGURS 7HOQGHIRQGR

:LQJV %DVWLGRUHV
2UFKHVWUD3LW )RVR

9RFDEXODULR6WDJH (VFHQDULR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VSHURTXHQRHVWV ,KRSH\RXoUHQRWH[SHFWLQJ
 7HQJRPXFKRHQODFDEH]D ,KDYHDORWRQP\PLQG

HVSHUDQGRYLVLWDV YLVLWRUV 9DPRVDGHMDUORSDUDRWURGD /HWoVFDOOLWDGD\
0HGLVJXVWDPXFKRTXH ,ZLVK\RXZRXOGQoWGRWKDW
 6DOJRXQPRPHQWRSDUD ,oPSRSSLQJRXWWRJHWVRPH

KDJDVHVR FRPSUDUOHFKH PLON
(OSUREOHPDHVTXHOHVW 7KHWURXEOHLVWKDWKHoVEURNH
 1RROYLGHVDEURFKDUWHHO 'RQoWIRUJHWWRIDVWHQ\RXU

VLQXQGXUR FLQWXUQ VHDWEHOW
|4XSHVDGLOOD :KDWDQLJKWPDUH 6HPHHVWQWDSRQDQGR 0\HDUVDUHSRSSLQJ

(VRORHVWURSHDUDWRGR 7KDWZRXOGUXLQHYHU\WKLQJ ORVRGRV



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 7HUFHUFRQGLFLRQDO
5HFXHUGDTXHQXQFDQXQFDQXQFDGHFLPRV
7RJKWDQXSKLOOEDWWOH )LUVWFRPHUVWVHUYHG pZRXOGKDYHqHQODPLVPDRUDFLQTXHOD
/XFKDUHQFLUFXQVWDQFLDVDGYHUVDV 'LVSRQLELOLGDGVHJQRUGHQGHOOHJDGD SDODEUDpLIqHQXQFRQGLFLRQDO6LHPSUHYDHQ
ODRWUDRUDFLQ
(YHU\WKLQJLVQHDQGGDQG\ ,WVHUYHVKLPULJKW
7RGRHVWUHTXHWHELHQ |/HHVWELHQHPSOHDGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
)LUHDZD\ 7KHUHoVVRPHWKLQJVK\KHUH 6LPHKXELHVHDFRUGDGRWHKDEUDOODPDGR
$GHODQWH3UHJQWHPHORTXHTXLHUD $TXKD\JDWRHQFHUUDGR (OODKDEUDHVWDGRGHDFXHUGRVLKXELHUDV
LQVLVWLGR
6LKXELHUDVLGRLPSRUWDQWHPHORKDEUDV
GLFKR"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,QHYHUPDNHPLVWDNHV'R\RXHYHUPDNHPLVWDNHV"

/DFRORFDFLQHQODVIUDVHVGHORVDGYHUELRVGHIUHFXHQFLD DOZD\V +HRIWHQKDVOXQFKDWKRPH ODPHQXGRDOPXHU]DHQFDVD


QHYHUXVXDOO\HWF HVODVLJXLHQWH 6KHQHYHUKDVWLPHIRUPH (OODQXQFDWLHQHWLHPSRSDUDP
7KH\XVXDOO\KDYHFRIIHH (OORVQRUPDOPHQWHWRPDQFDI
  6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVDUPDWLYDHODGYHUELR
VHFRORFDLQPHGLDWDPHQWHGHVSXVGHOYHUERpWREHq   6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVQHJDWLYD
HODGYHUELRVHFRORFDHQWUHHOYHUERDX[LOLDU\HOYHUERSULQFL
+HLVDOZD\VDQJU\ OVLHPSUHHVWHQIDGDGR SDO
6KHLVQHYHUUHDG\ (OODQXQFDHVWOLVWD
7KH\DUHDOZD\VFRPSODLQLQJ (OORVVLHPSUHHVWQTXHMQGRVH +HGRHVQoWXVXDOO\KDYHWLPH OQRWLHQHQRUPDOPHQWHWLHPSR
,GRQoWDOZD\VKDYHHQRXJK 1RVLHPSUHWHQJRVXFLHQWH
 6LODIUDVHFRQWLHQHHOYHUERpWREHq\HVLQWHUURJDWLYDHODGYHU PRQH\ GLQHUR
ELRVHFRORFDLQPHGLDWDPHQWHGHVSXVGHOVXMHWRGHODIUDVH
  6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVLQWHUURJD
,VKHDOZD\VDQJU\" (VWOVLHPSUHHQIDGDGR" WLYDHODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUERSULQFLSDO
,VVKHXVXDOO\WLUHG" (VWHOODQRUPDOPHQWH
FDQVDGD" 'R\RXDOZD\VKDYHOXQFKDW 6LHPSUHDOPXHU]DVHQFDVD"
$UHWKH\DOZD\VFRPSODLQLQJ" (VWQHOORVVLHPSUHTXHMQGRVH" KRPH"
'RHVKHXVXDOO\KDYHHQRXJK 1RUPDOPHQWHWLHQHOVXFLHQWH
 6LODIUDVHFRQWLHQHXQYHUERTXHQRVHDpWREHq\HVDUPDWLYD WLPH" WLHPSR"
HODGYHUELRVHFRORFDHQWUHHOVXMHWR\HOYHUER



/DGXUDOHFFLQGHODPLJR9LFHQWH
(VWLPDGR DPLJR \ DOXPQR 1XHVWUR DPLJR 9LFHQWH OR HVW SDVDQGR PX\ PDO
3HURWRGRVORVLQFOXLGRHOLWDOLDQR &RPR UHFLQ QRPEUDGR SUHVLGHQWH GH XQD LPSRUWDQWH DVRFLDFLQ QDFLRQDO TXH
VHH[SUHVDQHQLQJOpVFRPRVLIXHUDFULVWLDQR
YHODSRUODEXHQDPDUFKDGHXQVHFWRUHQWHURGHODHFRQRPDHVSDRODVWDHV
<9LFHQWHVHYHREOLJDGRDDJXDQWDU
GRFHKRUDVDOGtDDSXQWRGHUHYHQWDU ODSULPHUDYH]TXHDVLVWHDODUHXQLQDQXDOGHWRGRVORVGHPVSUHVLGHQWHVGH
ODVDVRFLDFLRQHVDQHVGHORVSULQFLSDOHVSDVHVGHOD8QLQ(XURSHD&RPRFDGD
*RWLWDVGHVXGRUVHOHIRUPDQHQODIUHQWH DRORV9LFHQWHLQFOXLGRFRPHQWDQODVLWXDFLQGHOVHFWRUHQVXVUHVSHFWLYRV
HVFXFKDQGRDVXFROHJDVFRQFDOPDDSDUHQWH
SDVHV\GHEDWHQODUHGDFFLQGHXQGRFXPHQWRSDUDHOHYDUDODFRPLVLQFRUUHV
6XSRFRLQJOpVOHDQXODSRUFRPSOHWR
FRPRVLIXHUDXQIHQyPHQRGHORPiVREVROHWR SRQGLHQWHHQ%UXVHODVTXHSXEOLFDGLUHFWLYDVTXHDIHFWDQDOVHFWRU/RVGRVGDVGH
UHXQLQVLUYHQSDUDHVWDEOHFHUHQWUHWRGRVXQIUHQWHFRPQDQWHODFRPLVLQHQ
1XQFDPiVSLHQVDpOPHQLHJRDDFHSWDU FXHVWLQ2EYLDPHQWHHVLPSUHVFLQGLEOHHQWHQGHUSHUIHFWDPHQWHHOLQJOV\VDEHU
HVWDYHUJHQ]DWDQIXHUWHHVWHGHVWLQRWDQYXOJDU
H[SUHVDUVHHQHVWHLGLRPDVLQGLFXOWDGHV9LFHQWHHVXQDHPLQHQFLDHQVXFDPSR
0HQLHJRDVHQWLUPHWDQYLROHQWR\WRQWR
KDUpDOJRDOUHVSHFWR\ORKDUpPX\SURQWR +DFRQVDJUDGRVXYLGDDODDFWLYLGDGHFRQPLFDGHVXVHFWRU\QDGLHVDEHPVTXH
O3HURDKRUDWRGRHVWRQROHYDOHSDUDQDGD
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

1RVR\DOWR ,oPQRWWDOO 4XHVORTXHHVWGHEDMR :KDWoVXQGHUWKHWDEOH"


0LSDGUHHVPX\DOWR 0\IDWKHULVYHU\WDOO GHODPHVD"
OHVWFRQPLKHUPDQD +HoVZLWKP\VLVWHU 6XKHUPDQR GHHOOD TXLHUH +HUEURWKHUZDQWVVRPH
6RQGH,WDOLD 7KH\oUHIURP,WDO\ FDI FRIIHH
'QGHHVWPLSHUUR" :KHUHoVP\GRJ" &XQWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
0LPHMRUDPLJRWLHQHGRV 0\EHVWIULHQGKDVWZRVLVWHUV
KHUPDQDV
<RQRWHQJRKHUPDQRV ,GRQoWKDYHDQ\EURWKHUVDQG
VLVWHUV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$WXMHIHOHJXVWDHOYLQRWLQWR" 'RHV\RXUERVVOLNHUHGZLQH" $OOKDEDGHPDVLDGDJHQWH 7KHUHZHUHWRRPDQ\SHRSOH


4XLHUHVVDOLUHVWDQRFKH" 'R\RXZDQWWRJRRXWWRQLJKW" WKHUH
1RTXLHURYHUOH ,GRQoWZDQWWRVHHKLP 1RVHDVWDQQHJDWLYR 'RQoWEHVRQHJDWLYH
'QGHWUDEDMDHOOD" :KHUHGRHVVKHZRUN" (VWR\VHJXURGHTXHLUV ,oPVXUH\RXoOOJR
7UDEDMDQWRGRVORVVEDGRV" 'RWKH\ZRUNHYHU\6DWXUGD\" 3RUTXPHHVWGLFLHQGR :K\LVKHWHOOLQJPHWKLV"
HVWR"
'DGOHXQDRSRUWXQLGDG *LYHKLPDFKDQFH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XOLEURTXLHUHQTXHOHDV" :KLFKERRNGRWKH\ZDQW\RX 1RSXGHFUHHUORTXHGLMHURQ ,FRXOGQoWEHOLHYHZKDWWKH\


WRUHDG" VDLG
4XLHUHQTXHOHDHOTXHHVW 7KH\ZDQWPHWRUHDGWKHRQH
 'LUDVHVWRVLHOODHVWXYLHUD :RXOG\RXVD\WKDWLIVKHZHUH
DOODGRGHOWX\R QH[WWR\RXUV DTX" KHUH"
1RSXHGHVOHHUORVGRV" &DQoW\RXUHDGWKHPERWK" )XHWDQUDURORTXHGLMR ,WZDVVXFKDVWUDQJHWKLQJWR
0HDEXUULUGHVSXVGHODV ,oOOJHWERUHGDIWHUWKHUVWYH VD\
SULPHUDVFLQFRSJLQDV SDJHV 'LPHH[DFWDPHQWHORTXH 7HOOPHH[DFWO\ZKDWVKHVDLG
7HQJRTXHHOHJLURHOWX\R ,KDYHWRFKRRVHHLWKHU\RXUV
 GLMRHOOD
RHOGHO RUKLV /HGLMHDHOODTXHQRVHOR ,WROGKHU,ZRXOGQoWWHOO
GLUDDQDGLH DQ\ERG\

6WULQJV &XHUGDV
)UHW 7UDVWH

7XQLQJSHJ &ODYLMD 1HFN 0VWLO %ULGJH 3XHQWH

9RFDEXODULR*XLWDU *XLWDUUD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7LHQHTXHKDEHUXQDOLQWHUQD 7KHUHKDVWREHDWRUFKKHUH
 +XELHVHMXUDGRTXHOHFRQRFD,FRXOGKDYHVZRUQ,NQHZKLP
SRUDTXHQDOJQVLWLR VRPHZKHUH 3RUTXWLHQHVORVRMRVWDQ :K\DUH\RXUH\HVVRVZROOHQ"
1RPHGLJDVTXHROYLGDVWH 'RQoWWHOOPH\RXIRUJRWWREX\ KLQFKDGRV"
FRPSUDUSLODV EDWWHULHV 0WHWHODFDPLVDSDUHFHV 7XFNLQ\RXVKLUW\RXORRNOLNH

/DVTXHPHYHQGLHURQVRQ 7KHRQHVWKH\VROGPHDUHWKH
 XQYDJDEXQGR DWUDPS
GHXQWDPDRHTXLYRFDGR ZURQJVL]H 'LOHTXHWDPELQVHFHSLOOH 7HOOKLPWREUXVKKLVKDLUWRR

9XHOYHDODWLHQGD\SLGHTXH *REDFNWRWKHVKRSDQGDVN
 HOSHOR
WHGHYXHOYDQHOGLQHUR IRU\RXUPRQH\EDFN &PRFRQVLJXHVTXHWXSHOR +RZGR\RXDOZD\VJHW\RXU

<DKHWLUDGRHOWLFNHW ,oYHDOUHDG\WKURZQDZD\WKH HVWVLHPSUHWDQHQUHGDGR" KDLUVRWDQJOHG"
UHFHLSW

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

)OHVKDQGEORRG <RXFDQoWVHHWKHIRUHVWIRUWKHWUHHV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


'HFDUQH\KXHVR /RVUEROHVQRWHGHMDQYHUHO IUDVHVHQLQJOV"
ERVTXH
7RJHW\RXUIRRWLQWKHGRRU 6ORQJDQRRUWH
/RJUDULQWURGXFLUVHHQDOJR 7KHIRXUFRUQHUVRIWKHHDUWK 0LSHUURVHUDVFDVLQSDUDUFXDQGRWLHQH
/RVFXDWURSXQWRVFDUGLQDOHV SXOJDV
)RUWKHWLPHEHLQJ |(VXQPLODJURTXHKD\DVDSUREDGRWRGRVWXV
'HPRPHQWR 7RVWDUWIURPVFUDWFK H[PHQHV
3DUWLUGHVGHFHUR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7REHZRUWK 9DOHU

6HWUDWDGHXQDH[SUHVLQHQSULQFLSLRH[WUDDSXHVWRTXHUHTXLH GRFRQODUHVSXHVWDDODVHJXQGDSUHJXQWDSHURVLODVHFUHWDULD
UHHOXVRGHOYHUERpWREHqORFXDOKDFHTXHVXWUDGXFFLQOLWHUDO SHVDSRUHMHPSORNLORVHQWRQFHVHOHTXLYDOHQWHHQRURYDOGUD
VXHQHDEVXUGD VHUYDOHGHUR" 6LQHPEDUJRORXVDPRVDGLDULR ZRXOGEHZRUWK HXURV(OSUHFLRGHONLORGHRURDGDGH
&RQWHVWDDODVVLJXLHQWHVSUHJXQWDV KR\HVGHHXURV,Q\RXURSLQLRQZKLFKLVZRUWKPRUHD
JRRGVHFUHWDU\RUNLORVRIJROG"
 2QHKXQGUHGSRXQGVLVZRUWK 7UXH
PRUHWKDQRQHKXQGUHGGROODUV )DOVH 1RGHEHPRVFRQIXQGLUODH[SUHVLQpWREHZRUWKqFRQHOFRVWH
 $JRRGVHFUHWDU\LVZRUWKKHUZHLJKWLQJROG 7UXH GHDOJR
)DOVH ,GRQoWNQRZKRZPXFKP\ZHGGLQJULQJFRVW0\ZLIHERXJKW
 3RVVHVVLQJDWRWDOPDVWHU\RI(QJOLVKLVZRUWK 7UXH LWIRUPHEHIRUHWKHFHUHPRQ\,WoVDQLFHULQJ0D\EHLWFRVW
WKHHTXLYDOHQWRIWZRDQQXDOVDODULHV )DOVH HXURV,I,PHOWHGLWGRZQDQGVROGWKHJROGLWZRXOGSUREDEO\EH
ZRUWKQRPRUHWKDQHXURVRUPD\EHHYHQOHVV6HQWLPHQWDOO\
/DVUHVSXHVWDVVRQ7UXH)DOVH7UXH3XHGHTXHQRHVWVGHDFXHU KRZHYHULWoVZRUWKPLOOLRQV

(VWLPDGR6U7UDLQRU 'HDU0U7UDLQRU

/HDGMXQWRXQOLEURFRQFDUWDVFRPHUFLDOHVHQHVSDRO+DQVLGR ,KDYHHQFORVHGDERRNZLWKEXVLQHVVOHWWHUVLQ6SDQLVK7KH\KDYH
FUHDGDVSDUDTXHVXVDOXPQRVODVWUDGX]FDQ\DSUHQGDQODVIRUPDV EHHQFUHDWHGIRU\RXUVWXGHQWVWRWUDQVODWHLQWR(QJOLVKDQGWROHDUQ
PVFRPXQHVTXHDSDUHFHQHQODVFDUWDVFRPHUFLDOHVHQLQJOV WKHPRVWFRPPRQIRUPVDSSHDULQJLQEXVLQHVVOHWWHUVLQ(QJOLVK

&XDQGRODVUHSDVHQRWDUTXHHOHVWLORGHDOJXQDVGHODVFDUWDVHQ :KHQ\RXJRRYHUWKHP\RXZLOOQRWLFHWKDWWKHVW\OHRIVRPHRIWKH
HVSDROQRHVGHOWRGRQDWLYR(OPRWLYRHVSRUTXHTXHUHPRVHVFUL OHWWHUVLQ6SDQLVKLVQRWHQWLUHO\QDWLYH7KHUHDVRQLVWKDWZHZDQWWR
ELUGHQWURGHXQHVWLORTXHD\XGHDODOXPQRDIDPLOLDUL]DUVHFRQHO ZULWHZLWKLQDVW\OHWKDWZLOOKHOSVWXGHQWVWREHFRPHIDPLOLDUZLWK
HVWLORTXHGHEHXVDUDOUHGDFWDUHQLQJOV(QRWUDVSDODEUDVSRGUQ WKHVW\OHWKDWWKH\PXVWXVHZKHQZULWLQJLQ(QJOLVK,QRWKHUZRUGV
YHUHOLQJOVDWUDYVGHOHVSDRO WKH\ZLOOEHDEOHWRVHHWKH(QJOLVKWKURXJKWKH6SDQLVK

/OHYDPRVFLQFRDRVXVDQGRHVWHPWRGRGHUHGDFFLQFRQJUDQ )RUWKHSDVWYH\HDUVZHKDYHEHHQXVLQJWKLVZULWLQJPHWKRGZLWK
[LWR(VHOQLFRPWRGRTXHKHPRVHQFRQWUDGRFDSD]GHPHMRUDU JUHDWVXFFHVV,WLVWKHRQO\PHWKRGWKDWZHKDYHIRXQGFDSDEOHRI
ODHVFULWXUDGHQXHVWURVDOXPQRVHQXQSOD]RUD]RQDEOHGHWLHPSR LPSURYLQJRXUVWXGHQWVZULWLQJVNLOOVLQDUHDVRQDEOHSHULRGRIWLPH

$WHQWDPHQWH 6LQFHUHO\



/DGXUDOHFFLQGHODPLJR9LFHQWH (VWLPDGRDPLJR\DOXPQR1XHVWURDPLJR9LFHQWHKDWRPDGRXQDGHFLVLQ$SDUWLU
0HQLHJRDYROYHUDDJXDQWDUKRUDV
GHSDVDGRPDDQDGHUHJUHVRD(VSDDYDDLQYHUWLUORQHFHVDULRHQGLQHURWLHPSR\
GHGLVFXVLyQHQLQJOpVSRUTXHDSDUWLUGHDKRUD HVIXHU]RSDUDTXLWDUVHGHHQPHGLRHOSHVDGRODVWUHGHOLQJOV'LFHWH[WXDOPHQWHp'H
DSUHQGHUpHOLGLRPDRPRULUpHQHOHPSHxR PLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHRq(VXVWHGGXHRGHVXSURSLRGHVWLQR"1R
'HPLSURSLRGHVWLQRQRUHQXQFLRDVHUGXHxR HVIFLOVHUOR\VHJXUDPHQWHHVLPSRVLEOHOOHJDUDVHUORDO1RREVWDQWHODJHQWH
-DPiVHQPLYLGDORKHSDVDGRWDQPDO TXHWULXQIDHQODYLGDWLHQHODFDSDFLGDGVXFLHQWHFRPRSDUDGRPLQDUORVKHFKRV\
HVSRUWDQWRPLGHFLVLyQ\HVXQLODWHUDO ORVDFRQWHFLPLHQWRVDVXDQWRMR6DEHFRQYHUWLUODVRSRUWXQLGDGHVHQORJURVSHUVRQD
4XHDSUHQGHUpHOLQJOpVDXQTXHPHFXHVWHXQGLQHUDO OHV(VWHWLSRGHSHUVRQDVKDHQWHQGLGRGHVGHMRYHQODLPSRUWDQFLDGHOLQJOV\DFWD
\VLQRORFRQVLJRVLJQLFDUiPLIXQHUDO DYHFHVLPSODFDEOHPHQWHSDUDUHVROYHUHOSUREOHPD3RUHVRQRPHFDQVRGHUHSHWLU
(VLQDGPLVLEOHTXHXQDSHUVRQDGHPLWDODQWH TXHODJHQWHTXHPVPHKDLPSUHVLRQDGRFRQVXLQJOVHQ(VSDDORKDFRQVHJXLGR
QRVHSDLQJOpVKDVWDHVKXPLOODQWH SRUVXFXHQWDVLQPLD\XGD9LFHQWHHVXQDSHUVRQDEULOODQWHSHURHVXQDH[FHSFLQ
0DxDQDPHWRFDXQGtDWHUULEOH &XDQGRHUDMRYHQQRDSOLFVXIXHU]DGHYROXQWDGHQHVWHDVSHFWRDVXIRUPDFLQ\
SHURSDVDGRPDxDQDVHUpLQGHVWUXFWLEOH SUHSDUDFLQ3HURDSHVDUGHVXHGDGYDDSRQHUUHPHGLR\FRPRVXHOHQGHFLUDTX
7REHFRQWLQXHGLQWKHQH[WLQVHUW QXQFDHVWDUGHVLODGLFKDHVEXHQD 5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(QHVWDFDVDWUHVQLRVHVWQ ,QWKLVKRXVHWKUHHFKLOGUHQDUH
 6RQODVGRV\FXDUWR ,WoVTXDUWHUSDVWWZR
FRQWHQWRV KDSS\ 6RQODVWUHV\YHLQWH ,WoVWZHQW\SDVWWKUHH
(QDTXHOODFDVDGRVQLRV ,QWKDWKRXVHWZRFKLOGUHQDUH
 6RQODVRFKRPHQRVFXDUWR ,WoVTXDUWHUWRHLJKW
HVWQFRQWHQWRVWDPELQ KDSS\WRR 6RQODVFXDWUR\FLQFR ,WoVYHSDVWIRXU
3HURHQHVWDFDVDXQQLR %XWLQWKLVKRXVHRQHFKLOGLV
 6RQODVQXHYHHQSXQWR ,WoVQLQHRoFORFNRQWKHGRW
HVWWULVWH VDG
(QHVWDHPSUHVDGRV ,QWKLVFRPSDQ\WZRSHRSOH

SHUVRQDVVRQDOHPDQDV DUH*HUPDQ
(QDTXHOODHPSUHVDXQD ,QWKDWFRPSDQ\RQHSHUVRQ

SHUVRQDHVLUODQGHVD LV,ULVK

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VWVHVFXFKDQGR9DXJKDQ $UH\RXOLVWHQLQJWR9DXJKDQ
 $TXKRUDOOHJDWXWUHQ" :KDWWLPHGRHV\RXUWUDLQ
5DGLR ZZZYDXJKDQUDGLRFRP " 5DGLR ZZZYDXJKDQUDGLRFRP " DUULYH"
(VWR\HVFXFKDQGRPL ,oPOLVWHQLQJWRP\IDYRXULWH
 9DVDOOHJDUWDUGH" $UH\RXJRLQJWREHODWH"
SURJUDPDIDYRULWR SURJUDPPH /OHJDUDWLHPSR ,oOODUULYHRQWLPH
/RHVWR\HVFXFKDQGRHQHOFRFKH,oPOLVWHQLQJWRLWLQWKHFDU 6XHOROOHJDUDWLHPSR ,XVXDOO\DUULYHRQWLPH
/RHVFXFKRWRGRVORVGDV ,OLVWHQWRLWHYHU\GD\ /OHJDUDODVGRV\PHGLDVL ,oOODUULYHDWKDOISDVWWZRLI,oP
6ORORHVFXFKRHQHOFRFKH ,RQO\OLVWHQWRLWLQWKHFDU KD\VXHUWH OXFN\

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLQORFRQVWUX\" :KREXLOWLW" )XHFRQVWUXLGRSRUORVURPDQRV ,WZDVEXLOWE\WKH5RPDQV


4XLQORHVFULEL" :KRZURWHLW" )XHHVFULWRSRUXQKRPEUHFLHJR ,WZDVZULWWHQE\DEOLQGPDQ
4XLQORHQFRQWU" :KRIRXQGLW" )XHHQFRQWUDGRSRUXQRV ,WZDVIRXQGE\VRPHUHWLUHG
4XLQORSHUPLWL" :KRDOORZHGLW" DUTXHORJRVMXELODGRV DUFKDHRORJLVWV
4XLQORHPSH]" :KRVWDUWHGLW" )XHSHUPLWLGRSRUXQMXH] ,WZDVDOORZHGE\DZHOO
FRQRFLGR NQRZQMXGJH
)XHHPSH]DGRSRUXQORFR ,WZDVVWDUWHGE\DPDGPDQ

)ORZHUV )ORUHV

)ORZHUSRW 0DFHWD *UDVV &VSHG

%XVK $UEXVWR 3DWLR 3DWLR


9RFDEXODULR*DUGHQ -DUGQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|7HQJRXQDVJDQDVGHYHUOH ,FDQoWZDLWWRVHHKLVIDFH
 'HMDGHMXJDUFRQORVSDOLOORV 6WRSSOD\LQJZLWKWKHWRRWK

ODFDUD GHGLHQWHVTXLHUHV" SLFNVZLOO\RX"
6LKXELHUDVLGRFRQVWUXLGR ,ILWKDGEHHQEXLOWE\WKH
 $UUDVDWRGRVHQHOGHEDWH +HZLSHGWKHRRUZLWK
SRUORVURPDQRVHVWDUD 5RPDQVLWZRXOGEHLQDEHWWHU HYHU\RQHLQWKHGHEDWH
HQPHMRUHVWDGRKR\GD VWDWHWRGD\ (OSDUDEULVDVVHHVW 7KHZLQGVFUHHQLVVWHDPLQJXS

|0HQRVPDOTXHWUDMLVWHXQ ,WoVMXVWDVZHOO\RXEURXJKWDQ
 FXEULHQGRGHYDKR
SDUDJXDV XPEUHOOD 6HPHFD\XQERWQ\SDUHFH 2QHRIP\EXWWRQVFDPHRII

|4XFXDGURPVLQWHUHVDQWH :KDWDQLQWHUHVWLQJSLFWXUH
 TXHWDPELQKHSHUGLGR DQG,VHHPWRKDYHORVWWKH
0HHQFDQWDHOPDUFR ,ORYHWKHIUDPH HOGHUHSXHVWR VSDUHRQH
0HORGHMHQKHUHQFLDPLWR 0\JUHDWXQFOHOHIWLWWRPHLQ /DFDPSDDSUHQDYLGHDHVOD 7KHUXQXSWR&KULVWPDVLVWKH
DEXHOR KLVZLOO SRFDFRQPVPRYLGDGHODR EXVLHVWWLPHRI\HDU


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3UHVHQWHFRQWLQXR
+HPRVUHGDFWDGRHVWDVIUDVHVSDUDTXHHO
)URPWKHZRUGJR 7KHUXOHVRIWKHJDPH HVSDROVHFLDORPVSRVLEOHDOLQJOV
'HVGHHOPLVPRLQLFLR /DVUHJODVGHMXHJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
)URPWKHERWWRPRIP\KHDUW *DPHSODQ IUDVHVHQLQJOV"
'HVGHHOIRQGRGHPLFRUD]Q (VWUDWHJLD
(VWVGQGRPHXQOLEUR
+HoVIXOORIKRWDLU +HJHWVRQP\QHUYHV 1RHVWQGQGRQRVXQOLEUR
6ORGLFHWRQWHUDV 0HSRQHGHORVQHUYLRV OHVWGQGROHXQOLEURDHOOD"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
0DQ\s0XFKs$ORWRI

0XFKRV DOXPQRV LQFOXVR GH QLYHOHV DYDQ]DGRV PH SLGHQ TXH  ,KDYHDORWRIWLPH 7HQJRPXFKRWLHPSR
YXHOYDDH[SOLFDUOHVFXDQGRGHEHQXVDUXQDXRWUDH[SUHVLQ3DUD  ,KDYHDORWRISUREOHPV 7HQJRPXFKRVSUREOHPDV
PHVEDVWDQWHVHQFLOOR
 ,GRQoWKDYHDORWRIWLPH 1RWHQJRPXFKRWLHPSR
 08&+VLJQLFDpPXFKRqSHURVORVHXVDHQHOQHJDWLYRRHO  ,GRQoWKDYHDORWRISUREOHPV 1RWHQJRPXFKRVSUREOHPDV
LQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVVLQJXODURLQFRQ
WDEOH  'R\RXKDYHDORWRIWLPH" 7LHQHVPXFKRWLHPSR"
 'R\RXKDYHDORWRISUREOHPV" 7LHQHVPXFKRVSUREOHPDV"
 ,GRQoWKDYHPXFKWLPH 1RWHQJRPXFKRWLHPSR
 'R\RXKDYHPXFKWLPH" 7LHQHVPXFKRWLHPSR" $ODQDOL]DUORVWUHVSXQWRVDQWHULRUHVODFRQFOXVLQHVODVLJXLHQ
WHXVDVLHPSUHpDORWRIq
 0$1<VLJQLFDpPXFKRVq\QRUPDOPHQWHVHXVDHQHOQHJDWL
YRRHOLQWHUURJDWLYRFXDQGRHOREMHWRGHODIUDVHHVSOXUDO 7HUHFRPLHQGRTXHXVHVpDORWRIqVLHPSUH\DVHYLWDUVFDHUHQ
 7DPELQVHSXHGHXVDUpPDQ\qHQDUPDWLYRSHURHVPHQRV XQHUURUp$ORWRIqVHSURQXQFLDPVRPHQRVpDOWDIq$KRUD
FRPQTXHORVLJXLHQWH ELHQWHDGYLHUWRTXHFXDQGRQRPHQFLRQDPRVHOREMHWRTXLWD
PRVODOWLPDSDODEUDpRIq
 ,GRQoWKDYHPDQ\SUREOHPV 1RWHQJRPXFKRVSUREOHPDV
 'R\RXKDYHPDQ\SUREOHPV" 7LHQHVPXFKRVSUREOHPDV" &RQPHQFLQGHOREMHWR
'R\RXKDYHDORWRIPRQH\"  <HV,KDYHDORWRIPRQH\
 $/272)VLJQLFDpPXFKRqRpPXFKRVq\SXHGHXVDUVHHQHO
DUPDWLYRQHJDWLYRHLQWHUURJDWLYR(VGLJDPRVXQDH[SUHVLQ 6LQPHQFLRQDUHOREMHWR
pXQLYHUVDOq9DOHSDUDWRGRVREUHWRGRSDUDHODUPDWLYR 'R\RXKDYHDORWRIPRQH\"  <HV,KDYHDORW




(VWLPDGRDPLJR\DOXPQR'HVSXVGHVXSHQRVDSULPHUDH[SHULHQFLDHQ=XULFK
OXJDUGHODIDPRVDUHXQLQGHGRVGDVQXHVWURDPLJR9LFHQWHORWHQDPX\FODUR
&XDQGRYROYLD(VSDDSXVRHQPDUFKDVXSURSVLWR'XUDQWHORVPHVHVTXH
/DGXUDOHFFLQGHODPLJR9LFHQWH VLJXLHURQDVXDPDUJDH[SHULHQFLDDVLVWLDKRUDVGHFODVHLQGLYLGXDO\WUDV
ODVSULPHUDVKRUDVDFXGLDHQFXHQWURVUHVLGHQFLDOHVFRQSURIHVRUHVXQQ
<PLVKLMRV"(VWiFODURPHYDQDREHGHFHU GHVHPDQDDOPHV)LQDOPHQWHHQHOOWLPRPHVGHVXSURJUDPDDVLVWLGXUDQWH
9HQFHUiQHOLQJOpVVLQGHVIDOOHFHU GRVVHPDQDVDORTXHGHQRPLQDPRV9DXJKDQWRZQGRQGHGXUDQWHGDVWXYR
/DOLEHUWDGORHVWRGRSHURDKRUDHVHYLGHQWH TXHRU\UHFLWDUPVGHFLHQPLOIUDVHVDFRPSDDGRGHJHQWHQDWLYDGHKDEODLQ
TXHODOLEHUWDGQRVHREWLHQHSRUDUWHQLDFFLGHQWH
JOHVDGHWRGRHOPXQGR(QWRWDO9LFHQWHUHFLELPVGHPLOKRUDVGHIRUPDFLQ
HVHDRWRGDVHQUJLPHQLQGLYLGXDO,QYLUWLRWUDVKRUDVGHWUDEDMRSHUVRQDO
/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD
1RYLHQHGH'LRVQLGHDEUDFDGDEUD
HVWXGLDQGRORVPDWHULDOHVQDYHJDQGRSRUODZHEHQLQJOV\YLHQGRGRFXPHQWDOHV
6HJDQDGRWiQGRVHGHFRQRFLPLHQWRV \SURJUDPDVGHQRWLFLDVGHO5HLQR8QLGR\GH(VWDGRV8QLGRV+DQSDVDGRRFKR
GHKDELOLGDGHV\GHVWUH]DVGHDGLHVWUDPLHQWR DRV\GHVGH9LFHQWHHVYLFHSUHVLGHQWHGHOD$VRFLDFLQ(XURSHDGHVXVHFWRU
8VDHOLQJOVGXUDQWHHOGHVXWLHPSRGHWUDEDMR6XVGRVKLMRVWLHQHQ\
)LQ DRVUHVSHFWLYDPHQWH\VHPDQHMDQFRQVROWXUDHQHOLGLRPD9LFHQWHQRGHMDGH
UHSHWLUp/DOLEHUWDGFRPRODVXHUWHHVDOJRTXHVHODEUD1RYLHQHGH'LRVQLGH
DEUDFDGDEUDq7DQWROFRPRVXVKLMRVWLHQHQODVXHUWHGHWHQHUXQDPSOLRDEDQLFR
GHRSRUWXQLGDGHVSURIHVLRQDOHVSDUDHOHJLU6XHUWH"%XHQRUHFWLFR6XSDGUHKD
WHQLGRHODFLHUWRGHHQWHQGHUTXHODOLEHUWDGHVDOJRTXHVHODEUD
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OSXHEORHVWDOODGRGHXQD 7KHYLOODJHLVQH[WWRD 3XHGHVKDEODULQJOV" &DQ\RXVSHDN(QJOLVK"


PRQWDD PRXQWDLQ OSXHGHWUDEDMDUHQHVHSDV" &DQKHZRUNLQWKDWFRXQWU\"
/DLJOHVLDHVWHQIUHQWHGHOEDU 7KHFKXUFKLVRSSRVLWHWKHEDU 1RPHDFXHUGRGHVXQRPEUH ,FDQoWUHPHPEHUKHUQDPH
(OVXSHUPHUFDGRHVWFHUFD 7KHVXSHUPDUNHWLVQHDUWKH
 GHHOOD  
GHODSOD]D VTXDUH &XOHVVXQRPEUH GHHOOD " :KDWoVKHUQDPH"
(OSXHEORHVWOHMRVGHODFDSLWDO7KHYLOODJHLVIDUIURPWKH &XOHVVXDSHOOLGR GHHOORV " :KDWoVWKHLUVXUQDPH"
 FDSLWDO
(OFXUDHVYLHMR\VDELR 7KHSULHVWLVROGDQGZLVH

(\HVKDGRZ 6RPEUDGHRMRV %OXVKHU &RORUHWH

)RXQGDWLRQ %DVH

/LSVWLFN 3LQWDODELRV

(\HOLQHU /SL]GHRMRV

9RFDEXODULR0DNHXS 0DTXLOODMH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

|+D]ODFDPD 0DNHWKHEHG OQRVDEHQDGDGHHOOR +HGRHVQoWNQRZDQ\WKLQJ


|+D]XQHVIXHU]R 0DNHDQHIIRUW  DERXWLW
|+D]XQUXLGR 0DNHDQRLVH 7HORH[SOLFDU ,oOOH[SODLQLWWR\RX
|+D]XQDSURPHVD 0DNHDSURPLVH |([SOFDPHOR ([SODLQLWWRPH
|3LGHXQGHVHR 0DNHDZLVK 1RVTXLQHVVRQ ,GRQoWNQRZZKRWKH\DUH
&XQGRVHFDVDURQ" :KHQGLGWKH\JHWPDUULHG"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HEHUDVYHUDXQHVSHFLDOLVWD<RXVKRXOGVHHDVSHFLDOLVW /HGLMH DHOOD TXHQRWHORGLMHUD ,WROGKHUQRWWRWHOO\RX


OGHEHUDGHMDUGHIXPDU +HVKRXOGVWRSVPRNLQJ 'HFLGQRGHFLUQDGD ,GHFLGHGQRWWRVD\DQ\WKLQJ
&UHHVTXHGHEHUDLUDODERGD"'R\RXWKLQN,VKRXOGJRWRWKH 7RGRRFXUULPX\USLGR ,WDOOKDSSHQHGYHU\TXLFNO\
 ZHGGLQJ" 7HQJRWRGRORTXHTXLHUR ,KDYHHYHU\WKLQJ,ZDQW
&RQRFDXQPDWULPRQLRPX\,PHWDYHU\QLFHPDUULHG 1RORWRTXHV|3XHGHTXH 'RQoWWRXFKWKDW,WPLJKWELWH
VLPSWLFRHQODVYDFDFLRQHV FRXSOHRQKROLGD\ WHPXHUGD \RX
4XRSLQDVVREUHHO :KDWGR\RXWKLQNDERXW

PDWULPRQLR" PDUULDJH"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HKDEUMXELODGRFXDQGR ,oOOKDYHUHWLUHGE\WKHWLPH\RX 6HPHFD\HOMDUUQVLQTXHUHU,GURSSHGWKHYDVHE\PLVWDNH


WWHFDVHV JHWPDUULHG \VHURPSLHQSHGD]RV DQGLWVKDWWHUHG
7HQGUDRVFXDQGR ,oOOEHZKHQWKDWKDSSHQV 6HPHFD\HOSDSHOLWR\VHOR ,GURSSHGWKHSLHFHRISDSHU
HVRRFXUUD OOHYHOYLHQWR DQGLWEOHZDZD\
+DEUDOFDQ]DGRORVFLQFXHQWD ,oOOKDYHUHDFKHGE\WKHWLPH &RUUGHWUVGHHOORSHURVH ,UDQDIWHULWEXWLWEOHZRXWRI
FXDQGRHVRRFXUUD WKDWKDSSHQV OROOHYHOYLHQWRIXHUDGHPL UHDFK
/OHYDUWUDEDMDQGRWUHLQWDDRV,oOOKDYHEHHQZRUNLQJIRUWKLUW\ DOFDQFH
FXDQGRDOFDQFHORVFLQFXHQWD \HDUVE\WKHWLPH,UHDFK )UHQGHPDVLDGRWDUGH\OHGLXQ,EUDNHGWRRODWHDQGGHQWHG
+DUDRVDTXDHVWDV,oOOKDYHEHHQKHUHIRU\HDUV JROSHDOSDUDFKRTXHVGHOFRFKH WKHFDULQIURQWoVEXPSHU
DOWXUDVGHODRTXHYLHQH E\WKLVWLPHQH[W\HDU GHGHODQWH
(VSHURTXHQRWHLPSRUWHTXHWH,KRSH\RXGRQoWPLQGPH
ORGLJDSHURWXFUHPDOOHUDHVW WHOOLQJ\RXEXW\RXULHVDUH
DELHUWD XQGRQH

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 7KHUHZDVWKHUHZHUH
5HFXHUGDTXHHQLQJOVKD\TXHGLIHUHQFLDU
/HWoVJHWWKHEDOOUROOLQJ +HKDVDJLIWRIWKHJDE HQWUHHOSOXUDO\HOVLQJXODUFXDQGRGHFLPRVHO
(PSHFHPRVFRQHVWR\D 7LHQHPXFKDODELD HTXLYDOHQWHGHpKXERq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HKDVDORWRIJHWXSDQGJR &DQ\RXJLYHPHDKDQG" IUDVHVHQLQJOV"
7LHQHPXFKDHQHUJD\HPSXMH 0HSXHGHVHFKDUXQDPDQR" +XERPXFKRVIDPRVRVHQHOHVWUHQR
1RKXERFKLFDVHQODHVWD
,JRWP\ZLUHVFURVVHG +HoVDJOXWWRQIRUSXQLVKPHQW +XERXQDVHQVDFLQGHGHFHSFLQFRQVX
6HPHKDQFUX]DGRORVFDEOHV (VXQPDVRFD QXHYRGLVFR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
'R\RXNQRZZKR,DP"

'R\RXNQRZZKDWWLPHLWLV" PDWLYRSRUTXHODSUHJXQWDQRHVVREUHGQGHYLYHVLQRVLpVDEHVq
<HV,NQRZZKDWWLPHLWLV GQGHYLYH/DVHJXQGDIUDVHHVDUPDWLYDHQWRGRVORVVHQWLGRV
:KDWWLPHLVLW" 6RODPHQWHODWHUFHUDIUDVHHVXQDSUHJXQWDGLUHFWDFRQpOLYHqSRU
,WoVRoFORFN ORTXHVHXVDHODX[LOLDUpGRHVq

(Q HVWH HMHPSOR QRWDUV TXH pLW LVq HQ ODV GRV SULPHUDV IUDVHV 0VHMHPSORV
HVW HQ DUPDWLYR VXMHWR  YHUER  /D WHUFHUD IUDVH HV GLIHUHQ
WH\DTXHHVXQDSUHJXQWDGLUHFWDSRUORTXHpLWLVqVHLQYLHUWHD 'R\RXNQRZZKR,DP" 'R\RXNQRZKRZWDOOKHLV"
pLVLW"q <HV,NQRZZKR\RXDUH <HV,NQRZKRZWDOOKHLV
5HJOD 6OR GHEHV SRQHU HO YHUER GHODQWH GHO VXMHWR FXDQGR VH :KRDP," +RZWDOOLVKH"
WUDWDGHXQDSUHJXQWDGLUHFWD/DSULPHUDSUHJXQWDHVWDPELQ <RXoUHWKHWHDFKHU +HoVWZRPHWHUVWDOO
GLUHFWDSHURODSUHJXQWDHVpGR\RXNQRZ"q
'R\RXNQRZZKHUH5RPHLV" 'R\RXNQRZZKHUH,OLYH"
'R\RXNQRZZKHUH5REHUW5HGIRUGOLYHV" <HV,NQRZZKHUH5RPHLV <HV,NQRZZKHUH\RXOLYH
<HV,NQRZZKHUHKHOLYHV :KHUHoV5RPH" :KHUHGR,OLYH"
:KHUHGRHVKHOLYH" ,WoVLQ,WDO\ <RXOLYHLQ0DGULG
+HOLYHVLQ&DOLIRUQLD
'R\RXNQRZZKDWWKLVLV" 'R\RXNQRZZKR3ULQFHLV"
5HJOD6ORVHXVDXQYHUERDX[LOLDU pGRqHQHVWHFDVR FXDQGRVH <HV,NQRZZKDWLWLV <HV,NQRZZKR3ULQFHLV
WUDWDGHXQDSUHJXQWDGLUHFWD)MDWHHQODVGRVSULPHUDVIUDVHV(O :KDWLVLW" :KRLV3ULQFH"
YHUERpOLYHVqHVWHQDUPDWLYR(QODSULPHUDIUDVHHVWHQDU ,WoVDERRN +HoVDURFNVWDUIURP0LQQHVRWD


(VWLPDGRDPLJR\DOXPQR7DQFUHGRHVUHDO\HVFDVLELOLQJHDKRUD$ORVDRV
(OPDHVWURDUSRQHUR FXDQGRHQWUFRPRGLUHFWRUFRPHUFLDOHQXQDHPSUHVDHQDSXURVQRVDEDGH
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD FLUQLp\HVq3HURDSHVDUGHHOORIXHFKDGRFRPRVDOYDGRUSRUODOLDOHVSDROD
QRVD\XGHDUHVROYHU\GHIRUPDH[SUHVD GHXQDPXOWLQDFLRQDOQRUWHDPHULFDQD7DQFUHGR\DWHQDIDPDHQHOVHFWRUGHVHU
XQSUREOHPDLPSRUWDQWHSDUDHOiUHDFRPHUFLDO XQDSHUVRQDFDSD]GHKDFHUPLODJURV6LQHPEDUJRQXQFDKDEDWUDEDMDGRHQXQD
FHQWUDGRHVRVtHQXQKRPEUHHVSHFLDO
PXOWLQDFLRQDOSRUORTXHMDPVKDEDQHFHVLWDGRVDEHULQJOV(UDXQKRPEUHTXH
6XQRPEUHHV7DQFUHGR\DQDOGHHQHUR VHKDEDKHFKRDVPLVPRDEDQGRQDQGRORVHVWXGLRVDORVDRVSDUDWUDEDMDU
VHUiQXHVWURQXHYRPDHVWURDUSRQHUR
6XVDUSRQHVDODGRVDSXQWDGRVDOPHUFDGR GHDSUHQGL]HQODPLVPDDFWLYLGDGTXHDKRUDLEDDGLULJLUDQLYHOQDFLRQDO1RWHQD


DXPHQWDUiQQXHVWUDVYHQWDVGHXQPRGRGHVWD HVWXGLRVVXSHULRUHVQLVHFXQGDULRV(UDXQKRPEUHWDQUXGRTXHLQFOXVRGHVWUR]D
FDGR EDHOFDVWHOODQRFRQIUDVHVFRPRp&RQWUDPVODGLJRTXHQRPHVLUYDFRFUHWDVq
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR $KRUDFRPRKHGLFKRDOSULQFLSLRHVFDVLELOLQJH
XQIHQyPHQRDQGDQWHFRQXQFODURGHVWLQR (VHOUHVSRQVDEOHGHYHQWDVGHWRGDOD5HJLQ,,]RQDTXHLQFOX\HWRGD(XURSD\HO
FRQpOODHPSUHVDUHSXQWDUiPX\SURQWR
SRUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR QRUWHGHIULFD5HFXHUGRRUOHGHFLUFRQVXVRQULVDGHSLOORp,KDYHVHYHQW\FLQFR
SHRSOHLQP\GHSDUWPHQWq
3HURWHQHPRVXQSUREOHPDORSRGUiVDGLYLQDU /DSUHJXQWDGHOPLOOQHVFPRGHPRQLRVXQKRPEUHFRPR7DQFUHGROOHJDVHU
QXHVWUDVHGHGH2KLRYDDDOXFLQDU
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD FDVLELOLQJH")FLOODHPSUHVDJDVWHXURVVRODPHQWHHQOSDUDTXHGRPL
VDEHWDQWRLQJOpVFRPR%XVKGHSDQGHUHWDV QDUDHOLQJOV6LSXVLUDPRVSUHFLRDOWLHPSRTXH7DQFUHGRHVWXYRDXVHQWHGHVX
WUDEDMRSRUDSUHQGHULQJOVODFLIUDQDOURQGDUDORVHXURV
7LHQHXVWHGHXURVSDUDDSUHQGHULQJOV"0HLPDJLQRTXHQR7DPSRFRVHPHRFXUULUDSURSRQHUOHXQDFLIUDWDQDOWD6LQHP
EDUJRKHFRQRFLGRDPXFKDVSHUVRQDVTXHKDQLQYHUWLGRHVWHGLQHURHQHVIXHU]R7DPELQKHFRQRFLGRDSDGUHVTXHVHKDQSUHRFXSD
GRSDUDTXHVXVKLMRVDSUHQGLHUDQDKDEODULQJOVLJXDORPHMRUTXH7DQFUHGRJDVWDQGRHOHTXLYDOHQWHDHXURVHQSODQLFDFLQ
HLQWHUVSHUVRQDO(VWDVSHUVRQDVKDQKHFKRHVWDVLQYHUVLRQHVVDEHGRUDVGHTXHXQDOWRQLYHOGHLQJOVDXPHQWDDOUHGHGRUGH
HXURVVXVXHOGRDORODUJRGHVXYLGDSURIHVLRQDODGHPVGHD\XGDUOHVDFRQVHJXLUXQDPD\RUOLEHUWDGGHHOHFFLQ
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6RQLQWHOLJHQWHV" $UHWKH\LQWHOOLJHQW" 7LHQHQUD]Q" $UHWKH\ULJKW"


6RQUSLGRV" $UHWKH\TXLFN" 7LHQHQKDPEUH" $UHWKH\KXQJU\"
6RQDOWRV" $UHWKH\WDOO" 7LHQHQPLHGR" $UHWKH\VFDUHG"
6RQVLPSWLFRV" $UHWKH\QLFH" 7LHQHQVXHR" $UHWKH\VOHHS\"
(VWQFRQWHQWRV" $UHWKH\KDSS\" 7LHQHQVHG" $UHWKH\WKLUVW\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

0LMHIHVHFRJHXQUHVIULDGR 0\ERVVFDWFKHVDFROGHYHU\
 (OODGHEHGHHVWDUIRUUDGD 6KHPXVWEHORDGHG
FDGDDR \HDU 7HQJRTXHWUDEDMDUHQ3DOHQFLD ,KDYHWRZRUNLQ3DOHQFLD
0LYHFLQRYHODWHOHYLVLQ 0\QHLJKERXUZDWFKHV
 XQDVHPDQDVRWUDQR HYHU\RWKHUZHHN
WRGDVODVQRFKHV WHOHYLVLRQHYHU\QLJKW ,UGQGHTXLHUDV ,oOOJRZKHUHYHU\RXZDQW
0LFRPSDHURGHWUDEDMRWHUPLQD0\FROOHDJXHQLVKHVZRUNDW +DUORTXHTXLHUDV ,oOOGRZKDWHYHU\RXZDQW
ODMRUQDGDDODVGHODWDUGH SP 3RGHPRVHPSH]DUFXDQGR :HFDQVWDUWZKHQHYHU\RX
0LKHUPDQRHQVHDIUDQFV 0\EURWKHUWHDFKHV)UHQFKRQ
 TXLHUDV OLNH
ORVYLHUQHV )ULGD\V
0LKHUPDQDODYDVXJDWR 0\VLVWHUZDVKHVKHUFDWRQFH

XQDYH]DOPHV DPRQWK

&KDLQ &DGHQD /LG 7DSD

7RLOHWSDSHU 3DSHOKLJLQLFR

7RLOHWEUXVK (VFRELOOD 6HDW $VLHQWR

9RFDEXODULR7RLOHW 5HWUHWH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HEHUDVGHFUPHORSURQWR <RXVKRXOGWHOOPHVRRQ 6LJRSHQVDQGRTXHHVXQD ,VWLOOWKLQNLWoVDJRRGLGHD


'HEHUDVKDEUPHORGLFKRDQWHV <RXVKRXOGKDYHWROGPHVRRQHU EXHQDLGHD
+HFRPLGRHQDTXHOUHVWDXUDQWH,oYHRIWHQHDWHQDWWKDW 6LJRWHQLHQGRDOJXQDVGXGDV ,VWLOOKDYHVRPHGRXEWV
DPHQXGR UHVWDXUDQW 8QDYH]TXHKD\DVUPDGRHO 2QFH\RXoYHVLJQHGWKH
'HEHUDFRPHUPVDPHQXGR <RXVKRXOGHDWPRUHRIWHQ GRFXPHQWRSRGHPRVSURFHGHU GRFXPHQWZHFDQSURFHHG
&XDQWRPHQRVFRPHVPV 7KHOHVV\RXHDWWKHWKLQQHU 1RIXQFLRQDEDELHQODSDQWDOOD0\FRPSXWHUVFUHHQZDVQoW
GHOJDGROOHJDVDHVWDU \RXEHFRPH GHPLRUGHQDGRU ZRUNLQJSURSHUO\
OQRHVGHDU +HoVQRWWUXVWZRUWK\

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LHOODVHKXELHVHHQWHUDGRDQWHV ,IVKHKDGIRXQGRXWHDUOLHUZH (OYLHUQHVPHYDQDVDFDUXQ,oPKDYLQJP\WRRWKRXWRQ


SRGUDPRVKDEHUUHDFFLRQDGR ZRXOGKDYHEHHQDEOHWRUHDFW GLHQWH )ULGD\
6LKXELHVHVLGRLQIRUPDGRKDEUD ,I,KDGEHHQWROG,ZRXOGKDYH 0HYDQDFRUWDUHOSHORHO,oPKDYLQJP\KDLUFXWRQ
UHWUDQVPLWLGRHOPHQVDMH SDVVHGRQWKHPHVVDJH PLUFROHV :HGQHVGD\
6LHPSUHPHFXHVWDUHFRUGDUORV,DOZD\VKDYHWURXEOH 9DQDDOLFDWDUPLFXDUWRGH,oPKDYLQJP\EDWKURRPWLOHG
QRPEUHVGHODJHQWH UHPHPEHULQJSHRSOHoVQDPHV EDRHOVEDGR RQ6DWXUGD\
6XSUHJXQWD GHHOOD PHUHVXOW ,IRXQGKHUTXHVWLRQH[WUHPHO\ 9DQDUHFRUWDUPLVHWRHO ,oPKDYLQJP\KHGJHWULPPHG

H[WUHPDGDPHQWHGLIFLOGH GLIFXOWWRDQVZHU GRPLQJR RQ6XQGD\
FRQWHVWDU 9DQDUHYLVDUPLFRFKHHO,oPKDYLQJP\FDUVHUYLFHGRQ
&RQWRGRHVHUXLGRQRSXHGR :LWKDOOWKDWQRLVH,FDQoW PDUWHVSRUODWDUGH 7XHVGD\HYHQLQJ
FRQFHQWUDUPH WKLQNVWUDLJKW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV /DPD\RULDGH
1LVHWHRFXUUDGHFLUp7KHPRVWfq
7RJRIRUEURNH 7RJRRIIRQDWDQJHQW (VWULFWDPHQWHSURKLELGRHOXVRGHODUWFXOR
-XJDUVHHOWRGRSRUHOWRGR 6DOLUVHSRUODWDQJHQWH DQWHVGHODSDODEUDpPRVWqHQHVWRVFDVRV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7RJREURNH ,QVORZPRWLRQ IUDVHVHQLQJOV"
$UUXLQDUVH $FPDUDOHQWD /DPD\RUDGHODVDUDDVVRQLQRIHQVLYDV
/DPD\RUDGHORVDOFRKOLFRVHVWQHEULRVD
7REHEURNH 7RJRZLWKWKHRZ GLDULR
(VWDUVLQEODQFD 'HMDUVHOOHYDUSRUODFRUULHQWH /DPD\RUDGHODJHQWHHQPLFDOOHHVHVSDROD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
6RGR,s0HWRR

0HJXVWDODFRPLGDHVSDROD  ,OLNH6SDQLVKIRRG 7RVLPSOLI\\RXUOLIH


7RJLYH\RXRQHXQLYHUVDOZD\WRVD\p\RWDPELQq
    0HWRR  7R DYRLG FRPSOLFDWLQJ \RXU OLIH E\ PDNLQJ \RX WU\ WR OHDUQ
$PWDPELQ 7UHVSRVLELOLGDGHV ,GRWRR VRPHWKLQJWKDW\RXZLOOQHYHUDVVLPLODWH
    6RGR, 6LQRHVWVGHDFXHUGRFRQPLJR\TXLHUHVDSUHQGHUDUHSURGXFLU
FRQWRWDOHVSRQWDQHLGDG\DJLOLGDGODIRUPDPVFRUUHFWDGHGHFLU
&XOGHODVWUHVIRUPDVHVODPHMRU"6RGR, p\R WDPELQq HQWRQFHV DSUQGHWH OD OLVWD RIUHFLGD D FRQWLQXD
&XOUHSUHVHQWDXQDDEHUUDFLQJUDPDWLFDO"0HWRR FLQKDVWDHOSXQWRGHSRGHUUHVSRQGHUDOLQVWDQWHDQWHFXDOTXLHU
&XOUHFRPLHQGRTXHXVHV"0HWRR DUPDFLQGHWXLQWHUORFXWRU3DUDFRQVHJXLUORWHQGUVTXHDG
TXLULUXQDDJLOLGDGLQVOLWDFRQORVYHUERVDX[LOLDUHVXQDDJLOLGDG
:K\GR,UHFRPPHQGWKHOHDVWFRUUHFWIRUP"s7KUHHUHDVRQV VLPLODUDODGHORVPHMRUHVPDODEDULVWDVGHOPXQGR

,oPKDSS\$QG\RX" 6RDP, ,oPQRWKDSS\$QG\RX"1HLWKHUDP,


,KDYHDFDU$QG\RX" 6RGR, ,GRQoWKDYHDFDU$QG\RX"1HLWKHUGR,
,oYHJRWDFDU$QG\RX" 6RKDYH, ,KDYHQoWJRWDFDU$QG\RX"1HLWKHUKDYH,
,oOOJRWKHUHWRPRUURZ$QG\RX" 6RZLOO, ,ZRQoWJRWKHUHWRPRUURZ$QG\RX"1HLWKHUZLOO,
,oPJRLQJWRVHHKLP$QG\RX" 6RDP, ,oPQRWJRLQJWRVHHKLP$QG\RX"1HLWKHUDP,
,ZHQWWKHUH\HVWHUGD\$QG\RX" 6RGLG, ,GLGQoWJRWKHUH\HVWHUGD\$QG\RX"1HLWKHUGLG,
,ZDVERUQLQDKRVSLWDO$QG\RX" 6RZDV, ,ZDVQoWERUQLQDKRXVH$QG\RX"1HLWKHUZDV,
,oYHEHHQWKHUHWZLFH$QG\RX" 6RKDYH, ,KDYHQoWEHHQWKHUHODWHO\$QG\RX"1HLWKHUKDYH,
,FDQGRLW$QG\RX" 6RFDQ, ,FDQoWGRLW$QG\RX"1HLWKHUFDQ,
,ZRXOGOLNHWRVHHKHU$QG\RX" 6RZRXOG, ,ZRXOGQoWOLNHWRVHHKHU$QG\RX"1HLWKHUZRXOG,
,VKRXOGPDNHDQHIIRUW$QG\RX" 6RVKRXOG, ,VKRXOGQoWPDNHDQHIIRUW$QG\RX"1HLWKHUVKRXOG,
,FRXOGJRLI,KDGWLPH$QG\RX" 6RFRXOG, ,FRXOGQoWJRLILWUDLQHG$QG\RX"1HLWKHUFRXOG,
,PD\JRWKHUH$QG\RX" 6RPD\, ,PD\QRWJRWKHUH$QG\RX",PD\QRWHLWKHU
,KDGDOUHDG\GRQHLW$QG\RX" 6RKDG, ,KDGQoWGRQHLW\HW$QG\RX"1HLWKHUKDG,
,PXVWJRWKHUH$QG\RX"6RPXVW, ,PXVWQoWJRWKHUH$QG\RX"1HLWKHUPXVW,

$OWHUQDWLYD5HSHWLUODVIUDVHV 0HWRR $OWHUQDWLYD5HSHWLUODVIUDVHV0HQHLWKHU

/DSDODEUDpQHLWKHUqDGPLWHGRVDOWHUQDWLYDVGHSURQXQFLDFLQQ]HURQL]HU

 ([DJHUDHOEDQTXHUR"6LQRH[DJHUD
(VWLPDGR DPLJR \ DOXPQR (O SDVDGR VEDGR FRQRF D XQ FRQVXOWRU QRUWHDPHULFDQR FRQ JUDQ FXiQWDVRSRUWXQLGDGHVGHQHJRFLR
H[SHULHQFLDHQHOWUDWRFRQODEDQFD\FRQGLYHUVRVJRELHUQRVHQWHPDVUHODFLRQDGRVFRQIXVLRQHV\ VHHVWiQGHVDSURYHFKDQGRSRUHO
DGTXLVLFLRQHV/HSUHJXQWTXKDFDHQ(VSDD\PHFRQWXQDFRQYHUVDFLQTXHKDEDWHQLGRHVD GHVFRQRFLPLHQWRJHQHUDOGHLQJOpV
PLVPDPDDQDFRQXQYLFHSUHVLGHQWHGHXQRGHORVJUDQGHVEDQFRVHVSDROHV HQWUHHPSUHVDULRV\FXDGURVGLUHFWL
6SDQLVKEDQNHU:HoYHWKRXJKWDERXWEX\LQJRXWDQ$PHULFDQEDQNEXWZHSUHIHUWRVWD\LQ6RXWK YRV"<QRKDEOHPRVGHORVSROtWLFRV
$PHULFD PiVLPSRUWDQWHVGHOSDtV(OHVSDxRO
$PHULFDQFRQVXOWDQW:KDWGR\RXKDYHDJDLQVW86EDQNV" HVXQH[FHOHQWHJHVWRUHPSUHVDULR\
6SDQLVKEDQNHU1RWKLQJEXWZHGRQoWOLNHRXWVRXUFLQJRXUGXHGLOLJHQFHWRWKLUGSDUWLHV)RU QHJRFLDGRUFXDQGRVHVLHQWHVHJXUR
WKLQJVOLNHWKLVZHGRQoWWUXVWDQ\RQHRXWVLGHRXURZQRUJDQL]DWLRQ GHVtPLVPR3HURKDVWDTXHQRVH
$PHULFDQFRQVXOWDQW:K\GRQoW\RXSHUIRUPWKHGXHGLOLJHQFH\RXUVHOYHV" FRQFLHQFLHGHDERUGDUFRQDEVROXWD
6SDQLVKEDQNHU:HGRQoWKDYHHQRXJKSHRSOHZKRVHFRPPDQGRI(QJOLVKLVJRRGHQRXJK VHULHGDGHOLQJOpVRWURVVHKDUiQFRQ
$PHULFDQFRQVXOWDQW$PRQJPDQDJHUVDQGHPSOR\HHV" ODVWDMDGDVPiVJUDQGHVGHOFUHFLHQWH
SDVWHOGHODHFRQRPtDPXQGLDO
6SDQLVK EDQNHU ,WoV LQFUHGLEOH LVQWo LW" %XW WKHUHoV QRERG\ LQ WKLV FRXQWU\ ZLWK WKH ULJKW
FRPPDQGRIWKHODQJXDJH 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDPRVDTX :HoUHKHUH (OODTXLHUHYHQLUFRQQRVRWURV 6KHZDQWVWRFRPHZLWKXV


(VWDPRVFRQHOORV :HoUHZLWKWKHP (OODQRTXLHUHLUFRQHOORV 6KHGRHVQoWZDQWWRJRZLWKWKHP
(VWQFRQQRVRWURV 7KH\oUHZLWKXV /HVJXVWDDHOORV" 'RWKH\OLNHKHU"
1RHVWDOO ,WoVQRWWKHUH /HJXVWDQDHOOD" 'RHVVKHOLNHWKHP"
'QGHHVW" :KHUHLVLW" 1RORV ,GRQoWNQRZ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XWHJXVWDUDSDUDFHQDU" :KDWZRXOG\RXOLNHIRUGLQQHU" +D]PHXQDSUHJXQWD $VNPHDTXHVWLRQ


7HJXVWDODFRPLGDLQJOHVD" 'R\RXOLNH(QJOLVKIRRG" 6DEUODUHVSXHVWD" :LOO,NQRZWKHDQVZHU"
3UHHURODFRPLGDHVSDROD ,SUHIHU6SDQLVKIRRG 6LHPSUHFRPHWRHUURUHV ,DOZD\VPDNHPLVWDNHV
9R\DSUHSDUDUDOJRGHOLFLRVR ,oPJRLQJWRSUHSDUH OQXQFDKDFHVXVGHEHUHV +HQHYHUGRHVKLVKRPHZRUN
VRPHWKLQJGHOLFLRXV 4XLQLEDDKDFHUORSRUO" :KRZDVJRLQJWRGRLWIRUKLP"
|(VRWLHQHEXHQDSLQWD 7KDWORRNVQLFH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'MDPHKDFHUORSRUWL /HWPHGRLWIRU\RX /RKHEXVFDGRHQWRGDVSDUWHV ,oYHORRNHGHYHU\ZKHUHIRULW


1RGHMHVTXHHOSHUURHQWUHHQ'RQoWOHWWKHGRJLQWKHURRP +DVPLUDGRGHEDMRGHO +DYH\RXORRNHGXQGHUWKHSLOH
ODKDELWDFLQ PRQWQGHURSD" RIFORWKHV"
1RHVWSHUPLWLGRHQODFDVD ,WoVQRWDOORZHGLQWKHKRXVH ,QFOXVRKHPLUDGRHQFLPD ,oYHHYHQORRNHGRQWRSRIWKH
'MDORHQPLPHVDGHWUDEDMR /HDYHLWRQP\GHVN GHODUPDULR ZDUGUREH
|'MDPHHQSD] /HDYHPHDORQH <GHWUVGHODQHYHUD" :KDWDERXWEHKLQGWKHIULGJH"
7HQJRPLHGRGHORTXHSXHGD ,oPVFDUHGZKDW,PLJKWQG
HQFRQWUDUDOO WKHUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0LLPSUHVRUDVHKDTXHGDGR 0\SULQWHUKDVUXQRXWRILQN &RQR]FRDXQKRPEUHTXHSXHGH,NQRZDPDQZKRFDQIHOOD


VLQWLQWD WDODUXQUEROHQGRVPLQXWRV WUHHLQPLQXWHV
7LHQHVXQFDUWXFKRGHPV" 'R\RXKDYHDVSDUHFDUWULGJH" /DDUGLOODOLVWDKDDUUDQFDGR 7KHFKLSPXQNKDVVWULSSHGDOO

1RWHQJRQLLGHDGHFDUJDUOR ,KDYHQRLGHDKRZWRORDGLW WRGDODFRUWH]D WKHEDUNRII
&DVLORURPSODOWLPDYH] ,QHDUO\EURNHLWWKHODVWWLPH |(VWHYLQRKXHOH\VDEHDFRUFKR7KLVZLQHLVFRUNHG
<RTXHWOODPDUDDXQH[SHUWR,I,ZHUH\RX,oGFDOODQH[SHUW |7RGDYDIDOWDPRVFLQFR:HoUHVWLOOYHVKRUW
6KDXQHVTXLODRYHMDV6KDXQVKHDUVVKHHS

/LIW $VFHQVRU %HOO 7LPEUH

%HOOER\ %RWRQHV

5HFHSWLRQ 5HFHSFLQ

/REE\ UHDGHUHFHSFLQ

9RFDEXODULR+RWHO +RWHO



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV /DH[SUHVLQGHODVHPDQD
(QLQJOVQRpKDFHPRVSUHJXQWDVqVLQR
'RQoWJRRYHUERDUG 7REHDJXLQHDSLJ pSUHJXQWDPRVSUHJXQWDVq
1RWHSDVHV 6HUFRQHMLOORGH,QGLDV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
<RXKDYHWKHJUHHQOLJKW +HoVDELJPRXWK IUDVHVHQLQJOV"
7LHQHVOX]YHUGH DXWRUL]DFLQ  (VXQERFD]DV
4XLHURKDFHUWHXQDSUHJXQWD
*ULQDQGEHDULW <RXoUHLQJRRGKDQGV 7HSXHGRKDFHUXQDVSUHJXQWDV"
$MR\DJXD (VWVHQEXHQDVPDQRV 1XQFDKDJRHVDSUHJXQWDDODVPXMHUHV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
+HZDVERUQRQDPRXQWDLQWRSLQ7HQQHVVHH 'DY\&URFNHWW

(OYHUERpQDFHUqQRH[LVWHHQLQJOV6LQHPEDUJRORVDQJORSDU SDULGR 9HDPRVDOJXQRVHMHPSORV


ODQWHVQDFHPRVLJXDOTXHYRVRWURVORVKLVSDQRKDEODQWHV/RTXH
KDFHPRV HQ ORV SDVHV GH KDEOD LQJOHVD HV pVHU SDULGRVq WR EH :KHQZHUH\RXERUQ" ,ZDVERUQLQ
ERUQ /DSDODEUDpERUQqHVXQSDUWLFLSLRSDVDGRTXHSURYLHQHGHO &XQGRQDFLVWH"  1DFHQ
YHUERpWREHDUqYHUERTXHVLJQLFDpSDULUq3RUORWDQWRSDUDGH :KHUHZHUH\RXERUQ" ,ZDVERUQLQ+RXVWRQ
FLUTXHXQQLRQDFHFDGDVHJXQGRVHQHOPXQGRGHFLPRVOLWH 'QGHQDFLVWH"  1DFHQ+RXVWRQ
UDOPHQWHp8QQLRHVSDULGRFDGDVHJXQGRVHQHOPXQGRq
&UHRTXHQRKDFHIDOWDH[WHQGHUVHPVVREUHHVWR/RLPSRUWDQWH
$EDE\LVERUQHYHU\VHFRQGVLQWKHZRUOG DTX QR HV KDFHUWH FRQ HO SDUWLFLSLR pERUQq VLQR JDQDU DJLOLGDG
$V TXH SDUD GHFLU p\R QDFq WLHQHV TXH GHFLU p, ZDV ERUQq IXL FRQpZDVq\pZHUHq

$SUHFLDGR%UXFH 'HDU%UXFH

'XUDQWHORVOWLPRVPHVHVHVWDPRVWHQLHQGREDVWDQWHVSHWLFLR 'XULQJWKHODVWIHZPRQWKVZHKDYHKDGTXLWHDIHZUHTXHVWVLQRXU
QHVHQQXHVWUDSDSHOHUDGHSURGXFWRVKHFKRVFRQSDSHOUHFLFODGR VWDWLRQHU\ VKRS IRU SURGXFWV PDGH RI UHF\FOHG SDSHU:HYH QHYHU
1RVRWURVQXQFDKHPRVWUDEDMDGRHVWHWLSRGHPDWHULDOSHURGDGR FDUULHGWKLVW\SHRIPDWHULDOEXWJLYHQWKHHPSKDVLVWKHPHGLDKDV
HOQIDVLVTXHORVPHGLRVGHFRPXQLFDFLQKDQSXHVWRHQWHPDV SXWRQHQYLURQPHQWDOLVVXHVLWVHHPVWKDWWKHUHLVDJURZLQJGHPDQG
PHGLRDPELHQWDOHV SDUHFH TXH KD\ XQD FUHFLHQWH GHPDQGD GH IRUUHF\FOHGSURGXFWVHVSHFLDOO\DPRQJ\RXQJHUSHRSOH
SURGXFWRVUHFLFODGRVHVSHFLDOPHQWHHQWUHODJHQWHPVMRYHQ

&RPRVXPLQLVWUDGRUKDELWXDOGHODPD\RUSDUWHGHQXHVWURVSUR $VWKHUHJXODUVXSSOLHURIPRVWRIRXUSURGXFWV,WKRXJKW\RXPLJKW
GXFWRVSLHQVRTXH9GSRGUDPDQGDUPHLQIRUPDFLQVREUHHVWH EHDEOHWRVHQGPHVRPHLQIRUPDWLRQRQWKLVPDUNHW,ZRXOGOLNH
PHUFDGR0HJXVWDUDVDEHUTXSURGXFWRVWLHQHGLVSRQLEOHVWD WRNQRZZKDWSURGXFWV\RXKDYHDYDLODEOHVXFKDVIROGHUVELQGHUV
OHVFRPRFDUSHWDVFDUSHWDVFRQDQLOODVFDOHQGDULRVGHPHVDSD GHVNFDOHQGDUVOLQHGDQGXQOLQHGSDSHUHWF,KDYHKHDUGWKDWWKHVH
SHOUD\DGR\HQEODQFRHWF+HRGRTXHHVWRVSURGXFWRVVRQDOJR SURGXFWVDUHVRPHZKDWPRUHH[SHQVLYHWKDQWKHWUDGLWLRQDORQHVVR
PVFDURVTXHORVWUDGLFLRQDOHVDVTXHSRUIDYRULQFOX\DXQDOLVWD SOHDVHLQFOXGHDSULFHOLVWDQGJLYHPHDQLGHDRIZKDWSURWPDUJLQV
GHSUHFLRV\GPHXQDLGHDGHTXPUJHQHVGHEHQHFLRSXHGR ,FDQH[SHFW
HVSHUDU

8QFRUGLDOVDOXGR %HVWUHJDUGV



(VWLPDGRDPLJR\DOXPQR&DGDGRPLQJRYR\DYLODRD3DOHQFLDSDUDDEULURWURFXUVROODPDGR9DXJKDQWRZQGRQGHHVSDROHV
\DQJORSDUODQWHVSDVDQKRUDVMXQWRVKDEODQGRHQLQJOV(QFDGDDSHUWXUDKDEORGHODQWHGHOJUXSR\SUHJXQWRDFDGDXQR
GHGQGHHV6LHPSUHRFXUUHORVLJXLHQWH+HOOR0DQXHOZKHUHDUH\RXIURP"<0DQXHOQRVGLFHp0DGUq$QWHHVWRSUHJXQWR
DORVDQJORSDUODQWHVpGHGQGHKDGLFKRTXHHVq\VHHQFRJHQGHKRPEURVp0DQXHOGPHORRWUDYH]:KHUHDUH\RXIURP"qO
UHSLWHp0DGUq'HQXHYRORVDQJORSDUODQWHVPHPLUDQFRQFDUDGHQRHQWHQGHUp0DQXHOUHSHDW
0$s'5,'
p0DGUq1R0DQXHO0$'5,'p0DGUq
0DQXHO VH GHPXHVWUD LQFDSD] GH GHFLU HO QRPEUH GH VX FLXGDG GH QLQJXQD IRUPD TXH QR VHD OD SURQXQFLDFLQ FDVWL]D<R OH
SUHJXQWRDXVWHG(VW0DQXHOFDSDFLWDGRSDUDDSUHQGHULQJOV"(VWGHYHUGDGKDFLHQGRXQHVIXHU]RSDUDDSUHQGHU"

6LXVWHGQRSXHGHSURQXQFLDUHOQRPEUHGHVXSURSLDFLXGDGSDUDTXHXQH[WUDQMHUROHHQWLHQGDHQWRQFHVDOJRIDOOD2KDUD
ELHQHQROYLGDUVHLQJOVSRUQRVHUFDSD]GHDSUHQGHUORRQRHVWKDFLHQGRXQHVIXHU]R&XDQGRKDEORHQHVSDROVREUH5REHUW
5HGIRUGVLHPSUHGLJRpUUUUUEHUUUUUGIRUqSRUTXHVLQRQDGLHDTXHQWHQGHUDTXLHQPHUHHUR6LXVWHGQRSXHGHKDFHUOR
PLVPRHQVHQWLGRFRQWUDULRHQWRQFHVPLRSLQLQHVTXHQRHVWWRPDQGRHQVHULRHODSUHQGL]DMHGHOLQJOV1RHVIFLODSUHQGHU
DSURQXQFLDUELHQRWURLGLRPDSHURWRGDYDQRKHFRQRFLGRDQLQJQDOXPQRHVSDROTXHQRORKD\DFRQVHJXLGRVLQJUDQGHV
SUREOHPDVFXDQGRKDFHXQSHTXHRHVIXHU]R
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VVWHWXSHULGLFR" ,VWKLV\RXUQHZVSDSHU" 'QGHHVWQORVPRV" :KHUHDUHPLQH"


1RQRORHV(VVXSHULGLFR 1RLWLVQoW,WoVKHUQHZVSDSHU
 (VWQDOODGRGHORVGHO 7KH\oUHQH[WWRKLV
GHHOOD  6RQDTXHOORVORVVX\RV GHHOOD " $UHWKRVHKHUV"
1RHVXQSHULGLFRHVXQD ,WoVQRWDQHZVSDSHULWoVD
 1RQRORVRQ6RQGHHOODV 1RWKH\oUHQRW7KH\oUHWKHLUV
UHYLVWD PDJD]LQH 4XLQWLHQHORVPRVHQWRQFHV" :KRKDVPLQHWKHQ"
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ"
6ORHV <HVLWLV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWDJHQWHKDEDHQOD +RZPDQ\SHRSOHZHUHWKHUH
 VWDKDVLGRODSHRUFRPLGD 7KLVKDVEHHQWKHZRUVWPHDO
UHXQLQ" LQWKHPHHWLQJ" TXHMDPVKHFRPLGR ,oYHHYHUHDWHQ
7RGRHOPXQGRHVWXYRDOO (YHU\ERG\ZDVWKHUH +DVSUREDGRDOJXQDYH]OD +DYH\RXHYHUWULHG(QJOLVK
+DEODURQGHORVSUREOHPDV 'LGWKH\WDONDERXWWKH
 FRPLGDLQJOHVD" IRRG"
TXHHVWDPRVWHQLHQGR" SUREOHPVZHoUHKDYLQJ" 1RSRUTX"&PRHV" 1RZK\":KDWoVLWOLNH"
1RKXERWLHPSRVXFLHQWH 7KHUHZDVQoWHQRXJKWLPHIRU
 1RHVWDQEXHQDFRPRVWD ,WLVQoWDVJRRGDVWKLV
SDUDHVR WKDW 'LRVPRGHEHGHVHUDVTXHURVD *RRG/RUGLWPXVWEHGLVJXVWLQJ
(QWRQFHVGHTXKDEODVWHLV 7KHQZKDWGLG\RXWDONDERXW
GXUDQWHGRVKRUDV" IRUKRXUV"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LIXHUDVIDPRVRTXLQWH ,I\RXZHUHIDPRXVZKRZRXOG 0HGLMLVWHTXHLEDVDYHQLUD <RXWROGPH\RXZHUHJRLQJWR


JXVWDUDVHU" \RXOLNHWREH" PLHVWD FRPHWRP\SDUW\
(QSULPHUOXJDUQRPHJXVWDUD)LUVWRIDOO,ZRXOGQoWZDQWWR 9DQDRSHUDUDPLVXHJUDHVHGD 0\PRWKHULQODZoVKDYLQJDQ
VHUIDPRVR EHIDPRXV RSHUDWLRQWKDWGD\
3RUTXQR"1RHVSDUDWDQWR :K\QRW",WoVQRWWKDWEDG 1RSXHGHDSOD]DUORXQSDU &DQoWVKHSXWLWRIIDFRXSOHRI
1RTXLHURTXHPLFDUDHVWHQ ,GRQoWZDQWP\IDFHWREHRQ
 GHGDV" GD\V"
ODSRUWDGDGHODVUHYLVWDV WKHFRYHURIPDJD]LQHV 3RUVXSXHVWRTXHQR(VXQ 2IFRXUVHQRWLWoVDYHU\
|1RFUHRTXHDQDGLHOHJXVWDUD ,GRQoWWKLQNDQ\ERG\ZRXOG
 DVXQWRPX\JUDYH VHULRXVPDWWHU
YHUHVRWDPSRFR ZDQWWRVHHWKDWHLWKHU |4XDJXDHVWDVHUHV :KDWDSDUW\SRRSHU\RXDUH

3LJ &HUGR

&RZ 9DFD

+HQ *DOOLQD

'XFN 3DWR *RRVH *DQVR

9RFDEXODULR)DUP *UDQMD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RPHORKXELHVHFUHGRVL ,ZRXOGQoWKDYHEHOLHYHGLWLI, 'HMDGHIDVWLGLDUPHTXLHUHV"6WRSKDVVOLQJPHZLOO\RX"


QRORKXELHUDYLVWR KDGQoWVHHQLW 3RUTXWLHQHVXQDOPDWDQ:K\DUH\RXVXFKDVHQVLWLYH
3RUTX"4XGHPRQLRVSDV" :K\":KDWWKHKHOOKDSSHQHG" VHQVLEOH" VRXO"
9LDPLFRQWDEOHYHVWLGR ,VDZP\DFFRXQWDQWGUHVVHGDV <SRUTXQRPHSXHGHVGHMDU$QGZK\FDQoW\RXHYHUOHDYH
GHPXMHU DZRPDQ QXQFDHQSD]" PHDORQH"
$QGD\DGHEHVHVWDUGHEURPD <HDKULJKW\RXPXVWEHMRNLQJ 1RORSXHGRHYLWDU,FDQoWKHOSLW
(VWDEDGHFDPLQRDXQDHVWD +HZDVRQKLVZD\WRDIDQF\ $OJQGDVHOOHYDUVXPHUHFLGR+HoOOJHWKLVFRPHXSSDQFHRQHGD\
GHGLVIUDFHV GUHVVSDUW\


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV /HWoV
7RGRHOPXQGRVDEHTXHpOHWoVJRqVLJQLFD
+HoVKDUGRIKHDULQJ 1RVZHDW pYDPRVq3XHVpOHWoVqWDPELQVHHPSOHDFRQ
(VGXURGHRGR 1LQJQSUREOHPD'HVFXLGD FXDOTXLHURWURYHUEREVLFR

,oPKDYLQJDEODVW ,KHDUGLWWKURXJKWKHJUDSHYLQH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


0HORHVWR\SDVDQGRERPED /RRSRUUDGLRPDFXWR IUDVHVHQLQJOV"
|(PSHFHPRV
+HDGVZLOOUROO +HKDVDKHDUWRIJROG |6LJDPRV
9DQDURGDUFDEH]DV 7LHQHXQFRUD]QGHRUR |9D\PRQRVIXHUDHOQGHVHPDQD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,NQRZPRUHSHRSOHWKDQ\RX <RXNQRZIHZHUSHRSOHWKDQPH
+HHDUQVPRUHPRQH\WKDQKHU 6KHHDUQVOHVVPRQH\WKDQKLP
:HJRWRPRUHIRRWEDOOJDPHVWKDQWKHP 7KH\JRWRIHZHUIRRWEDOOJDPHVWKDQXV
,GULQNPRUHZLQHWKDQP\ZLIH 6KHRPHMRU0\ZLIHGULQNVOHVVZLQHWKDQPH

(QODVHJXQGDFROXPQDQRWDUVTXHFXDQGRHOVXVWDQWLYRHVFRQ ORVDQJORSDUODQWHVGHMDPRVIXHUDHOYHUERDX[LOLDU\FDPELDPRV
WDEOH SHRSOHJDPHV XVDPRVpIHZHUqHQOXJDUGHpOHVVq HO SURQRPEUH SHUVRQDO SRU XQ SURQRPEUH FRPSOHPHQWR 'HFL
PRVIUDVHVFRPR7MXHJDVDOWHQLVPHMRUTXHP
pIHZHUqVHSURQXQFLDHU
8QLQFLVR(VJUDPDWLFDOPHQWHPVFRUUHFWRHQODVIUDVHVFLWDGDV (VWRQRHVFRUUHFWRJUDPDWLFDOPHQWHHQLQJOVSHURHVFDVLXQL
XVDUHOSURQRPEUHSHUVRQDODOQDOGHFDGDIUDVHHOYHUERDX[L YHUVDOHQVXXVRSRUORTXHSUHHURHQVHDUOR\DTXHHVORTXH
OLDU7HSRQJRHOSULPHUHMHPSOR PV VH R\H $KRUD ELHQ VL SUHHUHV LQWHQWDU XVDU OD IRUPD JUD
PDWLFDOPHQWHFRUUHFWDWLHQHVWRGRPLDSR\RSDUDHOOR3HURSDUD
,NQRZPRUHSHRSOHWKDQ\RXGR <RXNQRZIHZHUSHRSOHWKDQ,GR XVDUORFRUUHFWDPHQWHWHQGUVTXHWHQHUXQH[FHOHQWHGRPLQLRGH
6LQHPEDUJRHQHOOHQJXDMHQRUPDOGHOGDDGDXQDPD\RUDGH WRGRVORVYHUERVDX[LOLDUHV DPLVGRGRHVGLGKDVZDVHWF 

(VWLPDGR6U-HQNLQV 'HDU0U-HQNLQV
+DFHXQRVGDVPLHQWUDVKRMHDEDHO%XVLQHVV1HZVOHTXH9G $IHZGD\VDJRDV,ZDVORRNLQJWKURXJK%XVLQHVV1HZV,UHDGWKDW
KDEDVLGRQRPEUDGR&RQVHMHUR'HOHJDGRGH$JUL,QWHUQDWLRQDO \RXKDGEHHQQDPHG&(2RI$JUL,QWHUQDWLRQDO,ZDQWWRH[SUHVV
4XLHURH[SUHVDUOHPLVIHOLFLWDFLRQHVPVVLQFHUDVSRUVXQRPEUD P\ZDUPHVWFRQJUDWXODWLRQVRQ\RXUDSSRLQWPHQW
PLHQWR 1RQHWKHOHVV WKH QHZV FDPH DV QR VXUSULVH WR WKRVH RI XV ZKR
1RREVWDQWHODQRWLFLDQRKDVLGRQLQJXQDVRUSUHVDSDUDORVTXH ZRUNHGZLWK\RXLQWKHSDVWDQGZKRNQRZKRZHIFLHQWO\\RX
WUDEDMDPRVFRQ9GHQHOSDVDGR\VDEHPRVFRQTXHHFDFLDRE REWDLQUHVXOWV2QHRQO\KDVWRORRNDWKRZ\RXUFRPSDQ\UDQNHG
WLHQHUHVXOWDGRV6ORKD\TXHYHUFRPRHVWDEDVXHPSUHVDHQHO ZKHQ \RX WRRN RYHU DV 3URGXFWLRQ 0DQDJHU WZR \HDUV DJR
UDQNLQJFXDQGR9GRFXSHOFDUJRGH*HUHQWHGH3URGXFFLQKDFH DQGZKHUHLWVWDQGVQRZ:HDUHDOODZDUHRIZKRGHVHUYHVWKH
GRVDRV\HOOXJDUTXHRFXSDDKRUD7RGRVVRPRVFRQVFLHQWHVGH UHFRJQLWLRQIRUWKHLPSURYHPHQW
TXLQPHUHFHHOUHFRQRFLPLHQWRSRUODPHMRUD , KRSH WKDW \RXU DSSRLQWPHQW QRW RQO\ VWUHQJWKHQV WKH QH
(VSHURTXHVXQRPEUDPLHQWRQRVORUHIXHUFHODVEXHQDVUH UHODWLRQVWKDWKDYHEHHQDWUDGLWLRQEHWZHHQRXUWZRFRPSDQLHV
ODFLRQHV TXH \D VRQ WUDGLFLQ HQWUH QXHVWUDV GRV HPSUHVDV EXWDOVRRSHQVWKHGRRUWRIXUWKHUFRRSHUDWLRQLQQHZHOGV
VLQRTXHWDPELQDEUDODSXHUWDDXQDPD\RUFRRSHUDFLQHQ $JDLQFRQJUDWXODWLRQV
QXHYRVFDPSRV
'HQXHYRHQKRUDEXHQD %HVWUHJDUGV

8QFRUGLDOVDOXGR



(VWLPDGRDPLJR\DOXPQR+DEDTXHKDFHUSUXHEDVGHQLYHOSDUDORVHPSOHDGRVGHXQDHPSUHVD&LQFRPLQXWRVFRQFDGDXQREDVWDED
SDUDVDEHUVXQLYHODSUR[LPDGRSDUDHOLQLFLRGHOSURJUDPDIRUPDWLYR6RQLDIXHGHODVOWLPDV\HQWUHQODVDODFRQFDUDGHPLHGR7HQGUD
DRV&RPRHQRWURVFDVRVFRPRHOVX\RTXLVHWUDQTXLOL]DUODFRQSUHJXQWDVVHQFLOODVpGHGQGHHUHV"qpFXQGRWHUPLQDVWHWXV
HVWXGLRV"qHWF6RQLDQRIXHFDSD]GHIRUPXODUUHVSXHVWD(VWDEDDSXUDGD&DPELDOHVSDRO\FRQXQDVRQULVDFRPSDVLYDOHGLMHp4XL]
FRQYHQJDSDUWLUGHFHURQRFUHHV"q(OODDVLQWL\OXHJROHSUHJXQWp+DVHVWXGLDGRDOJXQDYH]LQJOV"qp6RFKRDRVHQHOFROHJLRq
0HTXHGGHSLHGUD&PRHVSRVLEOHTXHHVWRRFXUUD"&PRHVSRVLEOHTXHKD\DSURIHVRUHVGHSULPDULDHQVHDQGRLQJOVVLQVDEHUOR
KDEODU"(QVHDQHOLGLRPDFRPRHOOJHEUDXQDVHULHGHHFXDFLRQHVJUDPDWLFDOHV\SDUDGHFRQWDU/XHJRORVSURIHVRUHVGHLQVWLWXWRHQ
VXPD\RUDHVSDROHVDPDQWHVGHOLQJOVLQWHQWDQUHSDUDUHOGDR\DFRPHWHUXQDUHFRQVWUXFFLQSHURVHHQIUHQWDQFRQHOLPSHUDWLYR
GHDWHQHUVHDODVSDXWDVRFLDOHVGRQGHODGHPRVWUDFLQWHULFDSULPDVREUHODFDSDFLWDFLQSUFWLFD$OQDOORVMYHQHVOOHJDQDOD
XQLYHUVLGDGVLQVDEHUORKDEODUHQDEVROXWR3HURQRKD\TXHSUHRFXSDUVH/DVXQLYHUVLGDGHVDVLJQDQFHURLPSRUWDQFLDDOWHPD(VpXQD
PDUDq7RGRVDSUXHEDQ<DVDRWUDVDR(OVLVWHPDSEOLFRWLHQHDORVDOXPQRVGHVGHORVKDVWDORVDRV/RVWLHQHGXUDQWHODUJRV
DRV\DQDVORVHQWUHJDQDOPHUFDGRODERUDOFRQXQQLYHOpPHQRVXQRqSXHVWRTXHGHVSXVFRPSHWHDSHUVRQDVFRPR\RGHVKDFHUHO
HQWXHUWR\HQGHUH]DUODPDODSURQXQFLDFLQODGHIHFWXRVDJUDPWLFD\HQJHQHUDOHORGLRTXHODJHQWHWLHQHKDFLDPLLGLRPD
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWXPDGUHHVFRFHVD" ,V\RXUPRWKHU6FRWWLVK" 'QGHHVWHOFXDUWRGH :KHUHoVWKHEDWKURRPSOHDVH"


1RQRORHVHVGH,UODQGD 1RVKHLVQoWVKHoVIURP,UHODQG EDRSRUIDYRU"
(VGHOVXUGHHVHSDV" ,VVKHIURPWKHVRXWKRIWKDW 6XEHODHVFDOHUD\HVODSULPHUD*RXSWKHVWDLUVDQGLWoVWKH
FRXQWU\" SXHUWDDODL]TXLHUGD UVWGRRURQWKHOHIW
6ORHV(VGHOVXURHVWH <HVVKHLV6KHoVIURPWKH
 (VWELHQVLPHGXFKR" ,VLWDOULJKWLI,KDYHDVKRZHU"
SDUDVHUH[DFWR VRXWKZHVWWREHH[DFW &ODURWLHQHVXQDWRDOOD" 6XUHGR\RXKDYHDWRZHO"
(VPX\EHOOR ,WoVYHU\EHDXWLIXO 1RSRGUDVGDUPHXQD 1R,GRQoWFRXOG\RXJLYHPH
SRUIDYRU" RQHSOHDVH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HTXHTXLSRHUHV" :KLFKIRRWEDOOWHDPGR\RX &XQWRVDRVWHQDVFXDQGR +RZROGZHUH\RXZKHQ\RX


VXSSRUW" YLQLVWHD(VSDD" FDPHWR6SDLQ"
6R\KLQFKDGHO/LYHUSRRO ,oPDIDQRI/LYHUSRRO 9LQHGHVSXVGHOLFHQFLDUPH ,FDPHDIWHUJUDGXDWLQJIURP
/RV%HDWOHVHUDQGHDOO 7KH%HDWOHVZHUHIURPWKHUH HQODXQLYHUVLGDG XQLYHUVLW\
6DVHV\PXFKRVIXWEROLVWDV <HVWKDWoVULJKWDQGPDQ\ 3RUTXGHFLGLVWHYHQLUDTX" :K\GLG\RXGHFLGHWRFRPH
HVSDROHVYLYHQDOODKRUD 6SDQLVKIRRWEDOOSOD\HUVOLYH KHUH"
WDPELQ WKHUHWRRQRZ 7RGRHOPXQGRPHGLMRTXH (YHU\ERG\WROGPH,ZRXOG
(VXQDSHQDTXHSHUGLHUDQ ,WoVDSLW\WKH\ORVWWKHQDOODVW
 PHGLYHUWLUDPXFKR KDYHDORWRIIXQ
ODQDOHODRSDVDGR \HDU 7HQDQUD]Q" :HUHWKH\ULJKW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LWHGLMHUDTXHVR\XQIXJLWLYR,I,WROG\RX,ZHUHDIXJLWLYH 3RUTXQRWHSUXHEDVHVH :K\GRQoW\RXWU\WKDWGUHVV


TXGLUDV" ZKDWZRXOG\RXVD\" YHVWLGR" RQ"
'LUDTXHPHHVWVPLQWLHQGR ,oGVD\WKDW\RXZHUHO\LQJWRPH 1XQFDHQFXHQWURYHVWLGRV ,FDQQHYHUQGGUHVVHVWKDW
<VLWHGLMHUDTXHVR\%XGD $QGLI,VDLGWKDW,ZDV%XGGKD
 TXHPHTXHGHQELHQ WPH
TXKDUDV" ZKDWZRXOG\RXGR" 7HVHQWDUDGHPDUDYLOOD ,WZRXOGORRNJUHDWRQ\RX
7HDFRQVHMDUDTXHIXHUDVD ,oGDGYLVH\RXWRYLVLWD
 1XQFDSRGUDSHUPLWUPHOR ,FRXOGQHYHUDIIRUGLW
XQSVLTXLWUD SV\FKLDWULVW 3RUTXQRLQYLHUWHVGLQHURHQ :K\GRQoW\RXLQYHVWPRQH\LQ
1RVYDPRVDOSXE" 6KDOOZHJRWRWKHSXE" %ROVD" WKH6WRFN0DUNHW"

(DUV 2UHMDV

7XVN &ROPLOOR

,YRU\ 0DUO

&DOI &UD

7UXQN 7URPSD

9RFDEXODULR(OHSKDQW (OHIDQWH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

2VWHORGHOURERGHDQRFKH" 'LG\RXKHDUDERXWODVWQLJKWoV 6DEHVORTXHHVHOFRFNQH\ 'R\RXNQRZZKDWFRFNQH\


UREEHU\" UK\PLQJVODQJ" UK\PLQJVODQJLV"
&XQWRVHOOHYDURQ" +RZPXFKGLGWKH\JHWDZD\ (VXQLGLRPDHQFODYHGHODFODVH,WoVDZRUNLQJFODVVFRGH
ZLWK" REUHUDEDVDGRHQULPDV ODQJXDJHEDVHGRQUK\PH
'RVPLOORQHVGHHXURV\ PLOOLRQHXURVDQG
 )XHLQYHQWDGRSRUFKRUL]RV ,WZDVLQYHQWHGE\FURRNVWR

REUDVPDHVWUDV PDVWHUSLHFHV SDUDGHVSLVWDUDORVSROLV PLVOHDGWKHFRSV
(OHGLFLRHVWDEDELHQ :DVWKHEXLOGLQJZHOO $TXIHFKDVHUHPRQWD" :KHQGRHVLWGDWHEDFNWR"
SURWHJLGR" SURWHFWHG" +DFLDQDOHVGHOVLJOR;,; 7RZDUGVWKHHQGRIWKHWK
1RKDEUDSDVDGRVLKXELHUD ,WZRXOGQoWKDYHKDSSHQHGLI FHQWXU\
KDELGRXQJXDUGLDGHVHJXULGDG WKHUHKDGEHHQDVHFXULW\JXDUG


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

<RXKLWWKHQDLORQWKHKHDG ,oPLQD[ 3RQWHDSUXHED6DEHVGHFLUORVVLJXLHQWHV
+DVGDGRHQHOFODYR (VWR\HQXQDSULHWR YHUERVHQLQJOV"

+HKLWWKHURRI 7HOOPHLQDQXWVKHOO +DFHUXQDSUHJXQWD


6HSXVRIXULRVR 'PHORHQGRVSDODEUDV 3UHJXQWDUVREUHDOJR
6HDODU FRQODPDQR 
7RIHHOLOODWHDVH ,QDQLQVWDQW
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
6HQWLUVHLQTXLHWRHLQFPRGR (QXQVDQWLDPQ
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

DVDGMHWLYRDV
DVPXFKVXVWDQWLYRLQFRQWDEOHDV
DVPDQ\VXVWDQWLYRFRQWDEOHSOXUDODV

 )UDVHVFRQDGMHWLYR 5RQQ\LVDVWDOODVKLVIDWKHU
  1DSROHRQZDVQoWDVWDOODV:HOOLQJWRQ
 )UDVHVFRQVXVWDQWLYRLQFRQWDEOH 7KHUHLVDVPXFKVXQOLJKWLQ,WDO\DVLQ6SDLQ
  7KHUHLVQoWDVPXFKROLYHRLOLQ*HUPDQ\DVLQ6SDLQ
 )UDVHVFRQVXVWDQWLYRFRQWDEOHSOXUDO 0\VRQKDVDVPDQ\WR\VDVP\QHLJKERUoVVRQ
  7KHUHDUHQoWDVPDQ\HOHSKDQWVLQ6SDLQDVLQ$IULFD

7DPELQKDFHPRVDOLJXDOTXHHQFDVWHOODQRIUDVHVHQODVTXHHOVXVWDQWLYRHVLPSOFLWR\QRDSDUHFH
 ,KDYHDVPXFKDV\RX 7HQJRWDQWRFRPRW
 ,KDYHDVPDQ\DV\RX 7HQJRWDQWRVFRPRW

(VWLPDGD6UD0XUUD\ 'HDU0V0XUUD\

*UDFLDVSRUVXFDUWDGHOGHPD\R7HQJRORFDOL]DGDODLQIRUPD 7KDQN\RXIRU\RXUOHWWHURI0D\,KDYHORFDWHGWKHLQIRUPDWLRQ
FLQTXH9GQRVVROLFLW\DGHPVDGMXQWRODVKRMDVGHHVSHFL WKDW\RXUHTXHVWHGDQGLQDGGLWLRQ,KDYHHQFORVHGWKHVSHFLFDWLRQ
FDFLRQHVSDUDHO6LVWHPDGH$ODUPDV$QWLUURERHOFXDOLQFOX\H VKHHWV IRU WKH %XUJODU $ODUP 6\VWHP ZKLFK LQFOXGHV WKH FHQWUDO
SDQHOGHFRQWUROVHQVRUHV\XQLGDGH[WHULRUGHDODUPDFRQVLUHQD FRQWUROSDQHOWKHVHQVRUVDQGWKHRXWGRRUDODUPXQLWZLWKVLUHQDQG
\OXFHVGHGHVWHOOR DVKLQJOLJKWV
/RV SURGXFWRV DUULED LQGLFDGRV SXHGHQ VHU DGTXLULGRV HQ FXDO 7KHDERYHSURGXFWVFDQEHSXUFKDVHGIURPDQ\RIRXUDXWKRUL]HG
TXLHUDGHQXHVWURVGLVWULEXLGRUHVDXWRUL]DGRV$GMXQWDPRVXQD GLVWULEXWRUV:HKDYHHQFORVHGDOLVWRIRQHVLQ\RXUDUHD+RZHYHUZH
UHODFLQGHORVPLVPRVHQVXUHD6LQHPEDUJRQRVRWURVQRWUD GRQRWFDUU\WKHFRSSHUZLULQJWKDW\RXZLOOQHHGIRU\RXULQVWDOODWLRQ
EDMDPRVHOKLORGHFREUHTXH9GQHFHVLWDUSDUDKDFHUODLQVWD EXW\RXFDQEX\LWDQ\HOHFWULFDOVXSSOLHVVWRUH
ODFLQSHURSXHGHFRPSUDUORHQFXDOTXLHUDOPDFQGHUHSXHVWRV 6KRXOG \RX QHHG DGGLWLRQDO LQIRUPDWLRQ DERXW WKHVH RU RWKHU
HOFWULFRV SURGXFWVSOHDVHFRQWDFWRXU&XVWRPHU6HUYLFH'HSDUWPHQW
6LQHFHVLWDLQIRUPDFLQDGLFLRQDODFHUFDGHHVWHXRWURSURGXFWR 7KDQN \RX IRU \RXU LQWHUHVW LQ 6HFXULW\ 6\VWHPV SURGXFWV:H ORRN
FRQWDFWHFRQQXHVWUR'HSDUWDPHQWRGH$WHQFLQDO&OLHQWH IRUZDUGWREHLQJRIVHUYLFHWR\RXDJDLQLQWKHIXWXUH
*UDFLDVSRUVXLQWHUVHQORVSURGXFWRVGH6HFXULW\6\VWHPV(VSH
UDPRVSRGHUVHUYLUOHRWUDYH]HQHOIXWXUR 6LQFHUHO\

$WHQWDPHQWH



(VWLPDGRDPLJR\DOXPQR0XFKRVHQYLGLDQDORVIXWEROLVWDVH[WUDQMHURVTXHDOSRFRWLHP
SRGHYLYLUHQ(VSDDFRQWHVWDQHQHVSDRODODVSUHJXQWDVGHORVSHULRGLVWDV6DEHQPHQRV
HVSDROTXHXVWHGLQJOVSHURKDEODQVLQLQPXWDUVH\GHODQWHGHFPDUDVGHWHOHYLVLQ$
GLIHUHQFLDGHXVWHGTXLHQSUHHUHQRUPDOPHQWHXVDUHOLQJOVVRODPHQWHHQFODVHFRQVX
SURIHVRUHOIXWEROLVWDYLYHDVHGLDGRSRUHOLGLRPD/RVLQSXWVOLQJVWLFRVJLUDQDVXDOUHGH
GRUHQORVHQWUHQDPLHQWRVHQODWHOHYLVLQHQWRGDVSDUWHV(VOJLFRTXHSURQWRVLQWRQLFH\
GLJDVXVFXDWURSDODEUDV(OGHORVHVWXGLDQWHVGHLQJOVHQ(VSDDSUHHUHQHYLWDUWHQHU
TXHXVDUHOLGLRPD(VTXLYDQRKX\HQGHRSRUWXQLGDGHVGHXVR6DEHQFLQFRYHFHVPVLQJOV
HQWHRUDTXHDTXHOORVUXVRVREOJDURVTXHDORVWUHVPHVHVKDEODQHVSDROGHODQWHGHWRGR
HOPXQGR6LXVWHGVHVLHQWHDOXGLGRDTXHQWRQFHVLQWHQWHVXSHUDUHOVHQWLGRGHOULGFXOR
SRUTXHVLQRORFRQVLJXHMDPVOOHJDUDXQQLYHOPQLPRVXFLHQWH
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VXQUHVWDXUDQWHFDUR" ,VLWDQH[SHQVLYHUHVWDXUDQW" &XQWRVDRVWLHQHWX +RZROGLV\RXUEURWKHU"


(VFDURSHURHVPX\EXHQR ,WoVH[SHQVLYHEXWLWoVYHU\ KHUPDQR"
JRRG 7LHQHDRV +HoV\HDUVROG
(VWFHUFDGHDTX" ,VLWQHDUKHUH" |9D\D(VRHVXQKHUPDQRPD\RU |:RZ7KDWoVDQROGEURWKHU
1RHVWXQSRFROHMRV 1RLWoVDOLWWOHIDU <RWHQJRWDPELQ ,oPWRR
(VRQRHVPX\EXHQR 7KDWoVQRWYHU\JRRG |6RLVJHPHORVHQWRQFHV <RXoUHWZLQVWKHQ

<RON <HPD
6KHOO &VFDUD

:KLWH &ODUD

(JJFXS +XHYHUD 7HDVSRRQ &XFKDULWD

9RFDEXODULR%RLOHGHJJ +XHYRSDVDGRSRUDJXD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHLUVHVWDV1DYLGDGHV" :KHUHZLOO\RXJRWKLV 6DEHVGQGHHVW*RPHUD" 'R\RXNQRZZKHUH*RPHUDLV"


&KULVWPDV" 0HSXHGHVGHFLUTXKRUDHV" &DQ\RXWHOOPHZKDWWKHWLPHLV"
&UHRTXHYROYHUDFDVD ,WKLQN,oOOJRKRPH 1RPHDFXHUGRGQGHIXHHOOD ,GRQoWUHPHPEHUZKHUHVKH
,UWXQRYLDFRQWLJR" :LOO\RXUJLUOIULHQGJRZLWK\RX" ZHQW
1RYHQGUFRQPLJR 6KHZRQoWFRPHZLWKPH 6DEHOFXQGRHPSH]" 'RHVKHNQRZZKHQLWVWDUWHG"
7LHQHTXHHVWXGLDUSDUDXQRV 6KHKDVWRVWXG\IRUVRPH 1RVSRUTXYLQLHURQ ,GRQoWNQRZZK\WKH\FDPH
H[PHQHVLPSRUWDQWHV LPSRUWDQWH[DPV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XIXHORSULPHURTXH :KDWZDVWKHUVWWKLQJ\RX
 0HJXVWDUDTXHWHHVIRU]DUDV ,oGOLNH\RXWRPDNHDELJJHU
KLFLVWHDOOHYDQWDUWHKR\" GLGZKHQ\RXJRWXSWRGD\" PV HIIRUW
+LFHODVFRVDVGHFDVD ,GLGWKHKRXVHZRUN 4XWHJXVWDUDTXHKLFLHUD :KDWZRXOG\RXOLNHPHWRGR
1RGHVD\XQDVWHQDGD" 'LGQoW\RXKDYHDQ\WKLQJIRU H[DFWDPHQWH" H[DFWO\"
EUHDNIDVW" 7HQGUDVTXHOOHJDUDWLHPSR <RXoUHVXSSRVHGWRDUULYHRQ
&RPEDFRQVDOFKLFKDV ,DWHEDFRQVDXVDJHV DOWUDEDMR WLPHIRUZRUN
FKDPSLRQHVKXHYRV\DOXELDV PXVKURRPVHJJVDQGEHDQV (UHVGHPDVLDGRH[LJHQWH <RXoUHWRRGHPDQGLQJ
7HYDVDSRQHUPX\JRUGR <RXoUHJRLQJWRJHWUHDOO\IDW |7LHQHVGHPDVLDGDFDUD <RXoYHJRWWRRPXFKFKHHN

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQWRWDUGDUDVHQWHUPLQDU +RZORQJZRXOGLWWDNH\RXWR 4XVLJQLFDUZDQGHU" ,ZRQGHUZKDWpZDQGHUq


VLWXYLHUDVPVWLHPSR" QLVKLI\RXKDGPRUHWLPH" PHDQV"
3XHGHTXHQHFHVLWHRWUD ,PLJKWQHHGDQRWKHUIRUWQLJKW 1RTXLHUHGHFLUpSUHJXQWDUVH 'RHVQoWLWPHDQpWRDVNRQHVHOI
TXLQFHQD DOJRq" VRPHWKLQJq"
$PSOLDUWXSOD]RGRV ,oOOH[WHQG\RXUGHDGOLQHE\ (VRHVFRQpRq\RPHUHHURD 7KDWoVZLWKDQpRq,oPUHIHUULQJ

VHPDQDVHQWRQFHV ZHHNVWKHQ ODSDODEUDFRQpDq WRWKHZRUGZLWKDQpDq
1RWHIDOODU ,ZRQoWOHW\RXGRZQ $SUHQGHULQJOVVXSRQHXQ /HDUQLQJ(QJOLVKLVYHU\

|$VHJUDWHGHHOOR 0DNHVXUHRILW JUDQGHVDIR FKDOOHQJLQJ
4XHUHUHVSRGHU :KHUHWKHUHoVDZLOOWKHUHoVD
ZD\


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 0VTXH0HQRVTXH
5HFXHUGDTXHKD\GRVIRUPDVGHWUDGXFLU
,QEURDGGD\OLJKW +HoVLQWKHFOLQN pPHQRVqpOHVVqVHHPSOHDSDUDVXVWDQWLYRV
$SOHQDOX]GHOGD (VWHQFKLURQD QRFRQWDEOHV\pIHZHUqSDUDVXVWDQWLYRV
FRQWDEOHVHQSOXUDO
,QFROGEORRG ,QWKHORQJUXQf 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
$VDQJUHIUD $ODODUJD IUDVHVHQLQJOV"
3RUTXWLHQHVPVFRPLGDTXH\R"
,ZRXOGQoWOLNHWREHLQKLVVKRHV .HHSPHLQWKHORRS 'HEHUDFRPHUPVIUXWDGHODTXHFRPR
1RPHJXVWDUDHVWDUHQVXSHOOHMR 0QWHQPHHQHOFUFXORGHORV 0VWLHQHPHQRVOHWUDVTXHPHQRV
LQIRUPDGRV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UHVHQWH 7KHUHLVDSDUW\QRZ +D\XQDHVWDDKRUD (VWDUHJODQXQFDFDPELD(QIXWXUDVFKDVYHUHPRVH[SUHVLRQHV


7KHUHDUHVHYHUDOSDUWLHVQRZ +D\YDULDVHVWDV PVGHVDUUROODGDVGHHVWDIUPXODFRPRpKDKDELGRqpKDEUDq
DKRUD pGHEHKDEHUqpWLHQHTXHKDEHUqHWF
6LHPSUHHVODSDODEUDpWKHUHqPVXQDFRQMXJDFLQGHOYHUERpWR
3DVDGR 7KHUHZDVDSDUW\\HVWHUGD\ +XERXQDHVWDD\HU EHq0VHMHPSORV
7KHUHZHUHVHYHUDOSDUWLHV +XERYDULDVHVWDV
\HVWHUGD\ D\HU :KHQZLOOWKHUHEHDPHHWLQJ" &XQGRKDEUXQDUHXQLQ"
7KHUHZLOOEHDPHHWLQJ +DEUXQDUHXQLQPDDQD
)XWXUR 7KHUHZLOOEHDSDUW\WRPRUURZ +DEUXQDHVWD WRPRUURZ
PDDQD :LOOWKHUHEHDQRSSRUWXQLW\IRU +DEUXQDRSRUWXQLGDGSDUD
7KHUHLV PH" P"
1RWDFPRVLHPSUHHPSH]DPRVODIUDVH 7KHUHDUH 7KHUHZRQoWEHDGHFLVLRQXQWLO 1RKDEUXQDGHFLVLQKDVWDOD
FRQODSDODEUDpWKHUHqVHJXLGDGHXQD 7KHUHZDV QH[WZHHN VHPDQDSU[LPD
FRQMXJDFLQGHOYHUERpWREHq 7KHUHZHUH 7KHUHZLOOEHDORWRISHRSOHDW +DEUPXFKDJHQWHHQOD
7KHUHZLOOEH WKHZHGGLQJ ERGD

6U$OFDOGH 'HDU0D\RU%HUNVRQ
/DSURSXHVWDDGMXQWDHVER]DQXHVWURSODQSDUDPHMRUDUODSUR 7KH HQFORVHG SURSRVDO RXWOLQHV RXU SODQ WR LPSURYH HPSOR\HH
GXFWLYLGDGGHOSHUVRQDOGHVX'HSDUWDPHQWRGH3DUTXHV\0HGLR SURGXFWLYLW\ LQ \RXU 3DUNV DQG (QYLURQPHQW 'HSDUWPHQW 2XU
$PELHQWH1XHVWURSURJUDPDOHSHUPLWHDSURYHFKDUORVUHFXUVRV SURJUDP HQDEOHV \RX WR PDNH WKH PRVW RI ERWK HFRQRPLF DQG
WDQWRHFRQPLFRVFRPRKXPDQRVVLQGHVSHGLUHPSOHDGRVRUH KXPDQ UHVRXUFHV ZLWKRXW OD\LQJ RII DQ\ HPSOR\HHV RU UHGXFLQJ
GXFLUODDWHQFLQDOSEOLFR UHVSRQVLYHQHVVWRWKHSXEOLF
(O6U+XJK%DFKHQFDEH]DUQXHVWURVWDIIGHHVSHFLDOLVWDVsXQHTXL 0U+XJK%DFKZLOOKHDGRXUVWDIIRIVSHFLDOLVWVDWHDPZKLFKEULQJV
SRTXHDSRUWDDHVWDWDUHDXQWRWDOFRPELQDGRGHDRVGHH[ WR WKLV DVVLJQPHQW D FRPELQHG WRWDO RI  \HDUV RI H[SHULHQFH LQ
SHULHQFLDHQFDPSRVSDUHFLGRV(O6U%DFKOHLQIRUPDUFDGDPHVGH UHODWHGHOGV0U%DFKZLOOUHSRUWWKHWHDPVQGLQJVWR\RXHDFK
ORVUHVXOWDGRVGHOHTXLSRGXUDQWHHODRTXHGXUDHOHVWXGLR PRQWKGXULQJWKHRQH\HDUVWXG\
(QVLWXDFLRQHVVLPLODUHV6DZ\HUDQG)ULVN6$DXPHQWODSUR ,QVLPLODUVLWXDWLRQV6DZ\HUDQG)ULVN,QFLQFUHDVHGSURGXFWLYLW\WR
GXFWLYLGDGHQWUHXQ\XQSRUFLHQWR/RFRQVHJXLPRVGHVD SHUFHQW:HDFKLHYHGWKLVE\GHYHORSLQJEHWWHUFRPPXQLFDWLRQV
UUROODQGRXQDPHMRUFRPXQLFDFLQHQWUHHO6WDII\OD'LUHFFLQ\ EHWZHHQ VWDII DQG 0DQDJHPHQW DQG EHWZHHQ GHSDUWPHQW
HQWUHHOSHUVRQDOGHOGHSDUWDPHQWR\HOSEOLFR/RVPHFDQLVPRV SHUVRQQHO DQG WKH SXEOLF7KH PHFKDQLVPV ZH LQVWDOOHG IRU DLULQJ
TXHLPSODQWDPRVSDUDGDUDFRQRFHUODVTXHMDVPHMRUDURQQRWD JULHYDQFHVPDUNHGO\LPSURYHGHPSOR\HHPRUDOH
EOHPHQWHODPRUDOGHORVHPSOHDGRV 2XUSURJUDPKDVSURYHGWREHDSRZHUIXODOO\LQWDFNOLQJWKHSUREOHPV
1XHVWURSURJUDPDKDGHPRVWUDGRVHUXQSRGHURVRDOLDGRSDUD RILQDWLRQDQGEXGJHWFXWEDFNV
DERUGDUSUREOHPDVGHLQDFLQ\UHGXFFLRQHVSUHVXSXHVWDULDV
$WHQWDPHQWH 9HU\WUXO\\RXUV


(VWLPDGRDPLJR\DOXPQR8QGLUHFWLYRGHXQDPXOWLQDFLRQDOIDUPDFXWLFDSRQHOD&11QDGDPVOOHJDUDFDVD/XHJROHHFHQD\FKDUOD
FRQVXIDPLOLDFRQXQLQJOVGHIRQGRTXHOHYDDFDULFLDQGRHORGR(OQGHVHPDQDOHHHOSHULGLFRHQHVSDROFRQFDVFRVSXHVWRV\XQ
&'VXPLQLVWUDQGRLQJOVDVXVRGRV1ROHSUHVWDDWHQFLQDOJXQDSHURHQXQDRDEVRUEHKRUDVGHpPVLFDqLQJOHVD(OGLUHFWRU
GHXQDHPSUHVDTXPLFDWXYRRWUDLGHD2EOLJDGRSRUVXPGLFRDXQDKRUDGLDULDGHELFLFOHWDHVWWLFDGHFLGLSRQHUVHDXULFXODUHV\
HVFXFKDULQJOV(QSRFRVPHVHVODDQJXVWLDGHODVUHXQLRQHVVHKDEDUHGXFLGRDOPQLPR2WURGHXQEDQFRLQJOVHPSH]DOHYDQWDUVH
DQWHV\FDIHQPDQRHPSDSDUVHGHO6N\1HZVLQJOV(QWUHVRUERVRDPHGLDKRUDGLDULDGHQRWLFLDV$YHFHVVXPHQWHYDJDEDSHURVXV
RGRVUHJLVWUDEDQWRGR\SURQWRHPSH]DEDDHQWHQGHUPHMRUDVXVLQWHUORFXWRUHV(OVHFUHWRHVWHQORTXHHQLQJOVOODPDPRVpH[SRVX
UHq(VPVHFD]pRUqLQJOVTXHHVFXFKDUOR1RVHHQWLHQGHDRWURMQGRVHHQVXVSDODEUDVVLQRDEVRUELHQGRHOVHQWLGRGHVXVRUDFLR


QHV(VHVWDDFWLWXGGHUHODMDGDDEVRUFLQORTXHXQRGHEHIRPHQWDU3RQHUXQYGHRGLFLHQGRpYR\DHQWHQGHUHVWDSHOFXODDXQTXHPH
PXHUDHQHOHPSHRqHVFRQWUDSURGXFHQWH8QRGHEHSRQHUODSHOFXODSHURQRHVIRU]DUVHSDUDHQWHQGHUOD6LDOQDOQRKDHQWHQGLGR
QDGDSXHVTXHSRQJDRWUDPDDQD\GHVSXVRWUD$ORVVHLVPHVHVVYDDHQWHQGHUFRVDVPXFKDVFRVDV
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(UHVPLDPLJR" $UH\RXP\IULHQG" 4XKDFHV" :KDWDUH\RXGRLQJ"


1RQRORVR\/RVLHQWR 1R,oPQRW,oPVRUU\ 9R\DOPGLFR ,oPJRLQJWRWKHGRFWRU
'QGHHVWQ" :KHUHDUHWKH\" 3RUTX"&XOHVHOSUREOHPD" :K\":KDWoVWKHSUREOHP"
$TXHOORVVRQWXVDPLJRV" $UHWKRVH\RXUIULHQGV" 7HQJRGRORUGHPXHODV ,KDYHDWRRWKDFKH
1RHVDHVPLIDPLOLD 1RWKDWoVP\IDPLO\ 7LHQHVTXHLUDOGHQWLVWD <RXKDYHWRJRWRWKHGHQWLVW
QRDOPGLFR QRWWKHGRFWRU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR +DVSUREDGRDOJXQDYH]VXVKL" +DYH\RXHYHUWULHGVXVKL"


LJOHVLD" FKXUFK" 1RQRPHJXVWDODFRPLGD 1R,GRQoWOLNHIRUHLJQIRRG
9R\SRFDVYHFHVDKRUD ,VHOGRPJRQRZ H[WUDQMHUD
4XTXLHUHGHFLUpSRFDVYHFHVq":KDWGRHVpVHOGRPqPHDQ" 0HYDVDGHFLUTXHQRFRPHV $UH\RXJRLQJWRWHOOPH\RX
4XLHUHGHFLUXQDYH]DODR ,WPHDQVRQFHD\HDUDW
 SDWDWDVRDUUR]" GRQoWHDWSRWDWRHVRUULFH"
HQ1DYLGDG &KULVWPDV 7RGRHOPXQGRFRPHHVDV (YHU\ERG\HDWVWKRVHIRRGV
(VODQLFDYH]DODRTXHYDV" ,VWKDWWKHRQO\WLPHLQWKH\HDU FRPLGDV
\RXJR" 3XHVHUDQFRPLGDVH[WUDQMHUDV :HOOWKH\ZHUHIRUHLJQIRRGV
KDFHFLHQWRVGHDRVWDPELQ KXQGUHGVRI\HDUVDJRWRR
0LGGOHQJHU &RUD]Q
,QGH[QJHU QGLFH
5LQJQJHU $QXODU

/LWWOHQJHU 0HLTXH
7KXPE 3XOJDU

9RFDEXODULR7KH+DQG /D0DQR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HGHMDQWXVSDGUHVSDVDU 'R\RXUSDUHQWVOHW\RXVWD\
 6HKDFHQERFDGLOORVDTX 6DQGZLFKHVDUHPDGHKHUH
WRGDODQRFKHIXHUD" RXWDOOQLJKW" 6HHVWFRQVWUX\HQGRDKRUD ,WoVEHLQJEXLOWQRZ
1RPHKDFHQYROYHUSURQWR 1RWKH\PDNHPHFRPHKRPH 6HJUDEHODRSDVDGR ,WZDVUHFRUGHGODVW\HDU
HDUO\ &XQGRVHUP" :KHQZDVLWVLJQHG"
$TXKRUDWLHQHVTXHYROYHU :KDWWLPHGR\RXKDYHWRJR
 6HFUH\HURQPXFKDVPHQWLUDV 0DQ\RI\RXUOLHVZHUH
DFDVD" KRPH" WX\DV EHOLHYHG
&XDQGRHOVROVHSRQJD :KHQWKHVXQVHWV
3RGUVKDFHUORTXHTXLHUDV :LOO\RXEHDEOHWRGR
FXDQGRVHDVPD\RU" ZKDWHYHU\RXZDQWZKHQ
\RXoUHROGHU"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XDQWRPVSLHQVRPVPH 7KHPRUH,WKLQNWKHPRUH, 7RGDYDYDVGHWUVGHHVDFKLFD"$UH\RXVWLOODIWHUWKDWJLUO"


SUHRFXSR ZRUU\ &XQGRYDVDLQWHQWDU :KHQDUH\RXJRLQJWRWU\DQG

&XDQWRPVPHSUHRFXSRPV 7KHPRUH,ZRUU\WKHPRUH OLJUWHOD" SXOOKHU"
LQWHQVRVVRQPLVGRORUHVGH LQWHQVHP\KHDGDFKHVDUH 7LHQHVPLHGRGHTXHWH $UH\RXIULJKWHQHGVKHoVJRLQJ

FDEH]D UHFKDFH" WRNQRFN\RXEDFN
&XDQWRSHRUHVVRQPLVGRORUHV7KHZRUVHP\KHDGDFKHVDUH 4XLHQQRVHDUULHVJDQRJDQD 1RWKLQJYHQWXUHGQRWKLQJ
GHFDEH]DPHQRVGXHUPR WKHOHVV,VOHHS JDLQHG
&XDQWRPHQRVGXHUPRSHRU 7KHOHVV,VOHHSWKHZRUVH, 9R\DFRQVXOWDUORFRQOD ,oPJRLQJWRVOHHSRQLW
DVSHFWRWHQJR ORRN DOPRKDGD
(QWRQFHV\DHVKRUDGHTXHGHMH7KHQLWoVWLPH,VWRSSHG
GHSHQVDU WKLQNLQJ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV ([SUHVLQGHODVHPDQD

7REHLQWKHUHG ,WoVLQWKHSLSHOLQH |2MR7RGDVHVWDVIUDVHVVHH[SUHVDQFRQXQ


(VWDUHQQPHURVURMRV GHFLWDULR  (VWHQIDVHGHGHVDUUROOR YHUERDX[LOLDUGHPV

7REHLQWKHEODFN +HYDQLVKHGLQWRWKLQDLU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


1RHVWDUHQQPHURVURMRV 'HVDSDUHFLVLQGHMDUUDVWUR IUDVHVHQLQJOV"
(OODQRVHDFXHUGDGHFXDQGROHFRQRFL
:HoUHLQWKHVDPHERDW +HoVDMDFNRIDOOWUDGHV 1RPHDFXHUGRGHWXQRPEUH
(VWDPRVORVGRVHQODPLVPDVLWXDFLQ (VXQPDRVRTXHVDEHKDFHUGH OQRVHDFXHUGDGHQDGDGHODHVWD
WRGR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
(YHU\WKLQJDERXWWKHZHDWKHU

+DFHEXHQGD 7KHZHDWKHUoVQLFH &DHJUDQL]R ,WoVKDLOLQJ


R,WoVDQLFHGD\ /XFHHOVRO 7KHVXQoVVKLQLQJ
+DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH 6HHVWQXEODQGR ,WoVJHWWLQJFORXG\
+DFHXQWLHPSRHVSOQGLGR ,WoVDQHGD\R,WoVD (OFLHORVHHVWGHVSHMDQGR 7KHVN\oVFOHDULQJXS
EHDXWLIXOGD\ (VWVDOLHQGRHOVRO SRUGHWUVGHODVQXEHV  7KHVXQoVFRPLQJRXW
+DFHPDOWLHPSR 7KHZHDWKHUoVEDG 7RUPHQWD 6WRUP
+DFHXQWLHPSRKRUULEOH 7KHZHDWKHUoVDZIXO 7LHPSRWRUPHQWRVR 6WRUP\ZHDWKHU
/OXHYHRHVWOORYLHQGR ,WoVUDLQLQJ 5D\RV\WUXHQRV /LJKWQLQJDQGWKXQGHU
+DFHXQGDOOXYLRVR ,WoVDUDLQ\GD\
+DFHFDORU ,WoVKRW &XDQGRSUHJXQWDPRVSRUHOWLHPSRVROHPRVXWLOL]DUGRV
+DFHIUR ,WoVFROG H[SUHVLRQHV +RZoVWKHZHDWKHU"
+DFHXQGDWHPSODGR ,WoVZDUP :KDWoVWKHZHDWKHUOLNH"
+DFHIUHVFR ,WoVFRRO
+DFHYLHQWR ,WoVZLQG\ /DSULPHUDH[SUHVLQODXVDPRVQRUPDOPHQWHFXDQGRVOR
+DFHIUR\OOXYLD ,WoVFROGDQGUDLQ\ TXHUHPRVWHQHUFRQYHUVDFLQ3RUHMHPSORVLHVWR\KDEODQGR
+DFHIUR\YLHQWR ,WoVFROGDQGZLQG\ FRQXQDPLJRTXHHVWHQ(VWRFROPROHSXHGRSUHJXQWDUp+RZoV
+D\QLHEOD ,WoVIRJJ\ WKHZHDWKHULQ6WRFNKROP"q5HDOPHQWHQRQHFHVLWRVDEHUFPR
(OFLHORHVWGHVSHMDGR 7KHVN\oVFOHDU HVWHOWLHPSRSRUTXHQRPHDIHFWD$KRUDELHQVLHVWR\HQPL
(VWQXEODGR ,WoVFORXG\ NORGL KDELWDFLQGHFLGLHQGRTXSRQHUPHSDUDVDOLUSXHGRSHGLUDPL
(OFLHORHVWWDSDGRGHQXEHV 7KHVN\oVRYHUFDVW PXMHUTXHPLUHSRUODYHQWDQD\PHGLJDTXWLHPSRKDFH(Q
1LHYD ,WoVVQRZLQJ HVWHFDVRGLUDp:KDWoVWKHZHDWKHUOLNHWRGD\"q
/OXHYHDFQWDURV ,WoVUDLQLQJFDWVDQGGRJV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7LHQHTXHKDEHUXQDIRUPDPVVHQFLOODGHKDFHUHVWR+HOHGR 7KHUHoVJRWWREHDQHDVLHUZD\WRGRWKLV,oYHUHDGWKHLQVWUXFWLRQV
ODVLQVWUXFFLRQHVXQD\RWUDYH]\DQQRPHSXHGRFUHHUTXHVWD RYHUDQGRYHUDJDLQDQG,VWLOOFDQoWEHOLHYHWKDWWKLVLVWKHRQO\
VHDODQLFDPDQHUDGHKDFHUOR'DPHXQGDRGRV\DYHULJXRXQ ZD\WRGRLW*LYHPHDGD\RUWZRDQG,oOOJXUHRXWDVKRUWFXW
DWDMRTXHQRVDKRUUDUPXFKRWLHPSR,QFOXVRSXHGHTXHLQWHQWH WKDWoOOVDYHXVDORWRIWLPH,PD\HYHQWU\WRGHVLJQDQLQKRXVH
GLVHDUXQSURJUDPDLQWHUQRGHVGHFHUR&XDOTXLHUFRVDHVPHMRU SURJUDPIURPVFUDWFK$Q\WKLQJoVEHWWHUWKDQGRLQJLWWKHZD\
TXHKDFHUORFRPRLQGLFDQODVLQVWUXFFLRQHV WKHLQVWUXFWLRQVVD\


 (OODPHQWRGHODEHOOD(OYLUD
(VFRQPXFKRSHVDUTXHRVFXHQWRHOFXHQWR (VWLPDGRDPLJR\DOXPQR&RQRFD(OYLUDHQFXDQGRYLQRDPLHPSUHVDSDUDUHDOL]DU
'HFyPR(OYLUDPXMHUFRQWDOHQWR SUFWLFDV7HQGUDXQRVDRVHQHVHPRPHQWR\HVWDEDHQHOOWLPRDRGH,FDGH(UDXQD
6HYLRLPSRWHQWH\WUXQFDGRVXVXHxR MRYHQHVSDELODGD\OLVWD\PHH[WUDTXHQRVXSLHUDQDGDGHLQJOV6HORDGYHUW\HOODHVWDED
<FyPRVXPXQGRWHUPLQyWDQSHTXHxR GHDFXHUGRHQTXHWHQDTXHDERUGDUHVWHWHPDSHURVXSULPHUDSULRULGDGHUDWHUPLQDUOD
(OYLUDIXHOLVWDPiVOLVWDTXHQLQJXQR FDUUHUD\DFWRVHJXLGRUHDOL]DUXQRGHORVPDVWHUVPVIDPRVRVGH(VSDDORFXDOUHTXHUD
'HVXFODVHIXHVLHPSUHODQ~PHURXQR TXH VH WUDVODGDUD GRV DRV D %DUFHORQD 'HVSXV GH VXV FXDWUR PHVHV GH SUFWLFDV HQ PL
&XUVyXQJUDQ0DVWHUHOPHMRUGHOSDtV HPSUHVDVHJXLPRVHQFRQWDFWR\FRPRVHKDEDSURSXHVWRIXHD%DUFHORQD\GRVDRVPV
<IXHPX\GXOFHPiVGXOFHTXHHODQtV WDUGHWHUPLQFRQ[LWRHOPDVWHUHQFXHVWLQ&RQRFLDXQMRYHQGH$OLFDQWHFRPSDHURGH
(QFDQWDEDDWRGRVFRQPDJLD\KHFKL]R FXUVR\VHKLFLHURQQRYLRV'HFLGLHURQDQFDUVHHQ&DWDOXD\(OYLUD\DSUHSDUDGDHQWRGRV
(UDJXDSDFRQJDQDVFRQXQDLUHFDVWL]R ORVDVSHFWRVVHSURSXVRIRUMDUXQDYLGDSURIHVLRQDOHQ%DUFHORQD(VWDEDFRQYHQFLGDGHTXH
6XLQWHQFLyQHUDFODUDTXHUtDFRQTXLVWDU VDEUDWUDVODGDUORV[LWRVDFDGPLFRVDOPXQGRSURIHVLRQDO6HJXLUHPRVVXKLVWRULDHQODV
(OPXQGRHQWHUR\DWRGRVGHVOXPEUDU SU[LPDVFKDVGH(/081'2
7REHFRQWLQXHG 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWPLEROVR" :KHUHoVP\EDJ" 4XLHURVDOLUFRQO ,ZDQWWRJRRXWZLWKKLP


(VWGHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH 3RUTXTXLHUHVVDOLUFRQO" :K\GR\RXZDQWWRJRRXW
4XPHVD" :KLFKWDEOH" ZLWKKLP"
/DPHVDGHOULQFQGHVX 7KHWDEOHLQWKHFRUQHURIKHU 1RHVWR\VHJXURFUHRTXH ,oPQRWVXUH,WKLQNKHKDV
KDELWDFLQ URRP WLHQHDOJRGLIHUHQWH VRPHWKLQJGLIIHUHQW
3RUTXHVWDOO" :K\LVLWWKHUH" 3XHVQRWLHQHQLGLHQWHVQLSHOR :HOOKHGRHVQoWKDYHDQ\WHHWK
RUKDLU
(VWR\KDEODQGRGHVXEHOOH]D ,oPWDONLQJDERXWKLVLQQHU
LQWHULRU EHDXW\

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+DEODVWHFRQWXMHIDD\HU" 'LG\RXVSHDNWR\RXUERVV +DVKDEODGRFRQHOODKR\" +DYH\RXVSRNHQWRKHUWRGD\\HW"


\HVWHUGD\" 7RGDYDQRKDOOHJDGR 6KHKDVQoWDUULYHG\HW
1RWXYHQDGDGHWLHPSR ,GLGQoWKDYHDQ\WLPH 4XLHUHVTXHKDEOHFRQHOOD" 'R\RXZDQWPHWRVSHDNWRKHU"
+DEODUVFRQHOODKR\" :LOO\RXVSHDNWRKHUWRGD\" (VRHVWDUDUHDOPHQWHELHQ 7KDWZRXOGEHUHDOO\QLFH
/DYHUVLHQFXHQWURWLHPSR ,oOOVHHKHULI,FDQQGWLPH SRGUDV" FRXOG\RX"
7LHQHVTXHHQFRQWUDUWLHPSR <RXKDYHWRQGWLPH 0HGHEHVXQIDYRUHQWRQFHV <RXRZHPHDIDYRXUWKHQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VXQDPXMHUGHPXFKR[LWR 6KHoVDUHDOO\VXFFHVVIXOZRPDQ 7HORKDEUDGLFKRVLOR ,ZRXOGKDYHWROG\RXLI,KDG


3RUTXKDWHQLGRWDQWR[LWR":K\KDVVKHKDGVRPXFKVXFFHVV" KXELHUDVDELGR NQRZQ
7UDEDMDGXUR\KDWHQLGR 6KHZRUNVKDUGDQGKDVEHHQ
 'HEHUDVKDEUPHORGLFKR <RXVKRXOGKDYHWROGPH
PXFKDVXHUWH OXFN\ &PRWHORSRGUDKDEHU +RZFRXOG,KDYHWROG\RXLI,
$XQTXHVXKHUPDQRHVXQ $OWKRXJKKHUEURWKHUoVDUHDO GLFKRVLQRORVDED" GLGQoWNQRZ"
DXWQWLFRIUDFDVDGR IDLOXUH /RKDEUDVVDELGRVLKXELHUDV <RXoGKDYHNQRZQLI\RXoG
1LWUDEDMDGXURQLKDWHQLGR +HQHLWKHUZRUNVKDUGQRUKDV HVWDGRHQHOVLWLRDSURSLDGR EHHQLQWKHULJKWSODFH
PXFKDVXHUWH KDGPXFKOXFN 4XFUHHVTXHVR\"8Q :KDWGR\RXWKLQN,DP"$
PDJR" ZL]DUG"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7LHQHVHOGHVJORVHGHHVDV 'R\RXKDYHWKHEUHDNGRZQRQ (V7KH(FRQRPLVWGHGHUHFKDV,V7KH(FRQRPLVWULJKWRU


FLIUDV" WKRVHJXUHV" RGHL]TXLHUGDV" OHIWZLQJ"
3DUDPLQRWLHQHQPXFKR 7KH\GRQoWPDNHPXFKVHQVH (QFXDQWRDSROWLFDVVRFLDOHV $VIDUDVVRFLDOSROLFLHVDUH

VHQWLGR WRPH HVEDVWDQWHOLEHUDO FRQFHUQHGLWoVTXLWHOLEHUDO
6HVXSRQHTXHHUHVXQEXHQ <RXoUHVXSSRVHGWREHDJRRG (VWDIDYRUGHORVPDWULPRQLRV,WoVLQIDYRXURIJD\PDUULDJHV
FRQWDEOH DFFRXQWDQW JD\V\ODOHJDOL]DFLQSDUFLDO DQGSDUWLDOOHJDOLVDWLRQRI
1RSXHGRKDFHUPLODJURV1R ,oPQRWDPLUDFOHZRUNHU,P GHODVGURJDV GUXJV
VR\PDJR QRWDZL]DUG (QUHODFLQDODSROWLFDH[WHULRU ,QWHUPVRI$PHULFDQIRUHLJQ
3XHGHTXHWHQJDTXHEXVFDUD ,PLJKWKDYHWRORRNIRU HVWDGRXQLGHQVHHVDOJR SROLF\LWoVVRPHZKDW
DOJXLHQTXHORVHD VRPHRQHZKRLV FRQVHUYDGRU FRQVHUYDWLYH
(FRQPLFDPHQWHKDEODQGR (FRQRPLFDOO\VSHDNLQJLWoV

HVFDVLQHROLEHUDO DOPRVWQHROLEHUDO

)DVWIRUZDUG $YDQ]DU
5HZLQG 5HERELQDU
3OD\ 5HSURGXFLU

5HFRUG *UDEDU
3DXVH 3DXVD

9RFDEXODULR5HPRWHFRQWURO 0DQGRDGLVWDQFLD


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 8VHGWR
&XDQGRKDEODPRVGHFRVDVTXHDQWHV
-XVWDURXQGWKHFRUQHU .HHS\RXUQJHUVFURVVHG KDFDPRVFRQIUHFXHQFLDHPSOHDPRVOD
-XVWRDODYXHOWDGHODHVTXLQD 4XHWHQJDVVXHUWH H[SUHVLQpXVHGWRqPVHOYHUEREVLFR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
-XVWLQWKHQLFNRIWLPH +HUNQLJKWLQVKLQLQJDUPRU IUDVHVHQLQJOV"
-XVWRDWLHPSRSRUORVSHORV 6XSUQFLSHD]XO |$QWHV\RSHQVDEDTXHDSUHQGHULQJOVVHUD
IFLO
7RNHHSDEUHDVWZLWKf 7RXFKZRRG.QRFNRQZRRG |$QWHV\RSHQVDEDTXHODYLGDHUDIFLO
0DQWHQHUVHDOGDVREUH 7RFDUPDGHUD $QWHVQREHEDWDQWRFDIFRPREHERDKRUD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,WVRXQGVOLNHKHORRNVOLNH\RX 6HJQPHFXHQWDVSDUHFHTXHOVHSDUHFHDWL
/RVYHUERVGHVHQWLGR\ODVUHJODVTXHORVDFRPSDDQ
7KHYHVHQVHV 7KHYHYHUEVRIVHQVH pIHHOZHOOqSHURVLJQLFDpVHQWLUVHUHFXSHUDGRq(OXVRGHpZHOOq
7KHVHQVHRIVLJKW 7RORRN HQHVWRVGRVOWLPRVFDVRVLPSOLFDUDTXHODSHUVRQDHQFXHVWLQ
7KHVHQVHRIWRXFK 7RIHHO HVWDEDHQIHUPD
7KHVHQVHRIVRXQG 7RVRXQG
7KHVHQVHRIVPHOO 7RVPHOO 5HJOD&XDQGRHOYHUERGHVHQWLGRYDVHJXLGRGHXQVXVWDQWLYR
7KHVHQVHRIWDVWH 7RWDVWH VHOHDDGHpOLNHq

5HJOD/RVYHUERVGHVHQWLGRVORTXLHUHQDORVDGMHWLYRV'HV <RXORRNOLNH5REHUW5HGIRUG 7HSDUHFHVD5REHUW5HGIRUG


GHDQDORVDGYHUELRV ,IHHOOLNHDQHZPDQ 0HVLHQWRFRPRXQKRPEUH
QXHYR
<RXORRNJRRG 7HYHRELHQ <RXULGHDVRXQGVOLNH3DFRoV 7XLGHDVHSDUHFHDODGH3DFR
,IHHOJRRG 0HVLHQWRELHQ <RXUFRORJQHVPHOOVOLNHJDVROLQH 7XFRORQLDKXHOHDJDVROLQD
<RXULGHDVRXQGVJRRG 7XLGHDVXHQDELHQ 7KHIRRGWDVWHVOLNHGHWHUJHQW /DFRPLGDVDEHDGHWHUJHQWH
<RXUFRORJQHVPHOOVJRRG 7XFRORQLDKXHOHELHQ
7KHIRRGWDVWHVJRRG /DFRPLGDVDEHELHQ /RVEULWQLFRVHLUODQGHVHVDYHFHVGLFHQpVPHOOVRIqRpWDVWHVRIq
DXQTXHWDPELQXWLOL]DQpOLNHq
1RVHSXHGHGHFLUHQLQJOVpVRXQGVZHOOqQLpVPHOOVZHOOqQL
pWDVWHVZHOOq6LQHPEDUJRHVSRVLEOHGHFLUpORRNVZHOOqSHUR +LVFORWKHVVPHOORIFLJDUHWWHVPRNH
VLJQLFDPVELHQpSDUHFHUUHFXSHUDGRq7DPELQVHSXHGHGHFLU 6XURSDKXHOHDKXPRGHWDEDFR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+HPRVHVWDGRUHSDVDQGRODVFXHQWDVGHOQXHYRSUR\HFWRGHFRQV :HoYHEHHQJRLQJRYHUWKHJXUHVRQWKHQHZFRQVWUXFWLRQSURMHFW
WUXFFLQ\FUHHPRVTXHDQQRHVHOPRPHQWRGHEXVFDUXQVRFLR DQGZHIHHOWKDWLWoVQRWWKHULJKWWLPH\HWWRVHHNDSDUWQHU7KH
/DOWLPDDYHQWXUDFRQMXQWDHQODTXHQRVLQYROXFUDPRVDFDE ODVWMRLQWYHQWXUHZHJRWLQYROYHGLQZDVDDVFRLQWKHHQGDQG
VLHQGRXQDVFR\WRGDYDORHVWDPRVSDJDQGR1RVJXVWDUDWH ZHoUHVWLOOSD\LQJIRULW:HoGOLNHDFRXSOHPRUHPRQWKVWRVHHKRZ
QHUXQSDUGHPHVHVPVSDUDYHUFPRSURJUHVDQHQJHQHUDOODV RSHUDWLRQVDUHSURJUHVVLQJLQJHQHUDOEHIRUHFRPPLWWLQJWRDQHZ
RSHUDFLRQHVDQWHVGHFRPSURPHWHUQRVFRQXQDQXHYDDOLDQ]D DOOLDQFH


 (OODPHQWRGHODEHOOD(OYLUD
(VWLPDGR DPLJR \ DOXPQR (VWR\ H[DJHUDQGR VHJXUDPHQWH OD UHDFFLQ GH (OYLUD WUDV VX
6XSULPHUDHQWUHYLVWDIXHXQIUDFDVRURWXQGR SULPHUDHQWUHYLVWDGHWUDEDMR6HWUDWDEDGHXQDHPSUHVDIDPRVVLPDHQWRGRHOPXQGR
(OWUDEDMRTXHTXHUtDPiVTXHQDGDHQHOPXQGR
FX\DOLDOHVSDRODWLHQHVXVHGHHQ%DUFHORQD(OFRQVHMHURGHOHJDGRGHODOLDOKDEDGDGR
([LJtDHOLQJOpVDOJROyJLFR\QRUPDO
XQDFKDUODKDFLDHOQDOGHOVHJXQGRDRHQHOPDVWHUTXH(OYLUDFXUVDEDHQ%DUFHORQD7UDV
<HOLQJOpVGH(OYLUD"QLHVFULWRQLRUDO
ODFKDUODHOODOHKDEDFRQRFLGR\VWHOHDQLPDWRPDUFRQWDFWRFRQODHPSUHVD/RTXHHOOD
(OMHIHGHVHOHFFLyQDSHVDUGHOKHFKL]R QROHGLMRQLVHOHRFFXULGHFUVHORHUDTXHQRVDEDLQJOV+DEDQKDEODGRGHOUHDGH
&RQWyTXHODHPSUHVDGHXQJUXSRVXL]R
PDUNHWLQJDOJRTXHOHLQWHUHVDEDHQHVSHFLDOD(OYLUDTXLHQSHQVDEDTXHVHUDXQVXHR
%XVFDEDDJHQWHFRQPXFKDVFXDOLGDGHV
KHFKR UHDOLGDG HQWUDU HQ HO GHSDUWDPHQWR GH PDUNHWLQJ GH OD HPSUHVD QPHUR XQR GHO
,QFOXLGRHOLQJOpVSDUDWRGDVODVDFWLYLGDGHV
PXQGRHQVXVHFWRU7RGDVXYLGDKDEDVLGRXQDVXFHVLQGH[LWRVDFDGPLFRV\DKRUDLEDD
(OYLUDQRFUHtDORTXHHVWDEDSDVDQGR FRPHQ]DUODFDGHQDGH[LWRVHQODYLGDSURIHVLRQDO6LQHPEDUJRIXHUHFKD]DGDGHSODQRHQ
$TXpHVWDEDHVWHWtRHVWHMHIHMXJDQGR"
ODSULPHUDHQWUHYLVWDSRUVXIDOWDGHLQJOV7HQDDRV\KDEDH[SHULPHQWDGRVXSULPHU
5HFKD]DUODDHOODODQ~PHURXQR
FRQWUDWLHPSR9HDPRVGHTXHVWKHFKD9HDPRVVLVDEHUHPRQWDU
/DPiVJXDSDODPiVOLVWDPHMRUTXHQLQJXQR
5LFKDUG9DXJKDQ
7REHFRQWLQXHG 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

7XFDUDHVUHGRQGD <RXUIDFHLVURXQG 4XLQHVHO3ULPHU0LQLVWUR :KRLVWKH%ULWLVK3ULPH


6XVSLHUQDVVRQODUJDV GHHOOD  +HUOHJVDUHORQJ %ULWQLFR" 0LQLVWHU"
6XVSLHVVRQJUDQGHV GHO  +LVIHHWDUHELJ (V*RUGRQ%URZQ ,WoV*RUGRQ%URZQ
6XVRUHMDVVRQURMDV GHHOORV  7KHLUHDUVDUHUHG 1RHV7RQ\%ODLU" ,VQoWLW7RQ\%ODLU"
0LQDUL]HVSHTXHD 0\QRVHLVVPDOO 1RWLHQHRWURWUDEDMRDKRUD 1RKHKDVDQRWKHUMREQRZ
4XHVWKDFLHQGR" :KDWoVKHGRLQJ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&UHRTXHV ,WKLQNVR /RFRPSUHQ(O&RUWH,QJOV ,ERXJKWLWLQ(O&RUWH,QJOV


&UHRTXHQR ,GRQoWWKLQNVR (OODWUDMRVXFPDUDDOWUDEDMR 6KHEURXJKWKHUFDPHUDWRZRUN
(VSHURTXHV ,KRSHVR /XFKHQODSULPHUD*XHUUD +HIRXJKWLQWKHUVW*XOI:DU
(VSHURTXHQR ,KRSHQRW GHO*ROIR
3RUVXSXHVWR&ODUR 2IFRXUVH 0HHQVHDURQHVSDROHQHO 7KH\WDXJKWPH6SDQLVKDW
FROHJLR VFKRRO
3HQVDEDTXHYHQDV ,WKRXJKW\RXZHUHFRPLQJ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'QGHHVWDEDVFRPLHQGR :KHUHZHUH\RXHDWLQJZKHQLW (QYDPHORSRU606SRUOD 7H[WPHLQWKHPRUQLQJ


FXDQGRVXFHGL" KDSSHQHG" PDDQD
4XKDFDVFXDQGRVHFD\HURQ:KDWZHUH\RXGRLQJZKHQ 7HDGMXQWRXQDUFKLYR3') ,oPDWWDFKLQJDSGIOH
ODV7RUUHV*HPHODV" WKH7ZLQ7RZHUVIHOO" (VFUEHPHD# DUURED  :ULWHWRPHDW
,EDHQFRFKHDOWUDEDMR ,ZDVGULYLQJWRZRUNZKHQ,
 HOPXQGR SXQWR FRP # DW HOPXQGR GRW FRP
FXDQGRODYL VDZKHU (QYDPHORSRUFRUUHR (PDLOPHLW
0HGLMRHOODTXHLEDDYHQLU 6KHVDLGVKHZDVJRLQJWRFRPH HOHFWUQLFR 
4XGHFDPRV" :KDWZHUHZHVD\LQJ" 1RWHPROHVWHVHQHQYLUPHOR 'RQoWERWKHUID[LQJPHLW
SRUID[

)LUHPDQ %RPEHUR

+RVH 0DQJXHUD )LUH ,QFHQGLR

/DGGHU (VFDOHUD
)LUHHQJLQH &RFKHGHERPEHURV

9RFDEXODULR7KH)LUH%ULJDGH &XHUSRGH%RPEHURV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HEHUDKDEHUPVELOOHWHV 7KHUHVKRXOGEHPRUHQRWHVLQ 1RKD\QLQJQMXJDGRU 7KHUHDUHQR6SDQLVKSOD\HUVLQ



HQPLFDUWHUD P\ZDOOHW HVSDROHQHOLQLFLDO WKHVWDUWLQJ
+DKDELGRXQORFRQORV 7KHUHKDVEHHQDPL[XSZLWK (VHH[WUHPRL]TXLHUGRHV 7KDWOHIWZLQJHULVUHDOO\IDVW

LQYLWDGRV WKHJXHVWV PX\USLGR
+DEUDKDELGRSUREOHPDVVL 7KHUHZRXOGKDYHEHHQ &HQWUDODSHORWDGHPDUDYLOOD +HFURVVHVWKHEDOOZRQGHUIXOO\
QRKXELHUDVOODPDGR SUREOHPVLI\RXKDGQoWFDOOHG |4XHFDEH]D]RGHOGHODQWHUR :KDWDKHDGHUIURPWKHFHQWUH
6LKXELHUDKDELGRSROLFDVDOO ,IWKHUHKDGEHHQVRPH FHQWUR IRUZDUG
QRKDEUDSDVDGR SROLFHWKHUHLWZRXOGQoWKDYH |2KQR/HKDQH[SXOVDGR 2KQR+HoVEHHQVHQWRII
KDSSHQHG
3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
PDOHQWHQGLGR PLVXQGHUVWDQGLQJ

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV $RV

<RXNQRZIXOOZHOOWKDWf 7KHOHVVHURIWZRHYLOV $QWHVGH&ULVWRVHGLFHp%&q6DEHVFPR


6DEHVSHUIHFWDPHQWHTXH (OPHQRUGHORVPDOHV GHFLPRVpG&qHQLQJOV"

7KHODVWVWUDZ $QHFHVVDU\HYLO 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


/DJRWDTXHFROPHOYDVR 8QPDOQHFHVDULR IUDVHVHQLQJOV"
-XOLR&VDUIXHDVHVLQDGRHQD&
7KHODXJKLQJVWRFN $OHYHOSOD\LQJHOG $OHMDQGUR0DJQRPXULHQD&
(OKD]PHUUHU 5HJODVGHMXHJRHTXLWDWLYDV (OHPSHULRURPDQRFD\HQG&

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQ&ORVH\RXUPRXWKZLWKWKHOHWWHUpPq3OHDVH
LPDPQLPDXPDQ
)MDWHFRQDWHQFLQHQODVGRVH[WUDDVSDODEUDVTXHKHHVFULWR\WUDWD &ODP DOPHMD *\P JLPQDVLR
GHYRFDOL]DUODV$OVHJXQGRLQWHQWRWHGDUVFXHQWDGHTXHVHWUDWDGH 'DP SUHVD -LP GLPLQXWLYRGH-DPHV
p,oPDPDQq\p,oPDZRPDQq<SRUTXKHUHFXUULGRDXQDRUWRJUDID /DPE FRUGHUR ODpEqHVPXGD 6OLP HVEHOWR
WDQH[WUDD"3XHVSRUTXHVORDVSXHGRWUDQVPLWLUDORVHVSDROHVOD +DP MDPQ +\PQ KLPQR ODpQqHVPXGD
LPSRUWDQFLDGHFHUUDUODERFDDOSURQXQFLDUODOHWUDpPqHQLQJOV -DP FRQWXUD )URP GHGHVGH
*UDP JUDPR 6XP VXPD
1RUPDOPHQWHORVHVSDROHVHQOXJDUGHGDUOHXQOLEURDOOHGDLVXQ ([DP H[DPHQ 6RPH DOJXQRV
OLEURDXQDJDOOLQD ,JDYHpKHQqDERRN (QOXJDUGHHQVHDUOHVXQD 7KHP HOORV 7KXPE GHGRSXOJDU pEqPXGD
IRWRHQVHLVpHQWRQFHVqXQDIRWR ,VKRZHGpWKHQqDSKRWR (QYH]
GHLUDOJLPQDVLRYDLVDODJLQHEUD ,JRWRWKHpJLQqHYHU\GD\ (QYH] 6HJXQGRODVHFFLQGHDEDMRFRQWLHQHIUDVHVFRQYDULDVpPq5HSL
GHOODPDUDPLDPLJR-LPSRUVXQRPEUHOHSRQLVQRPEUHGHPXMHU WHODVIUDVHVFHUUDQGRODERFDFDGDYH]TXHDSDUHFHODOHWUD
KHOORp-HDQqKRZDUH\RX" HWFWHUD/OHYRDRVOXFKDQGRDIDYRU
GHODpPqLQJOHVD\HVWR\SHUGLHQGRODEDWDOODSHURSXHVWRTXHQRVH 6RPHRIWKHVXPVDUHIURPWKHH[DP
OOHJDDODQREOHFDWHJRUDGHYHQFLGRVLQKDEHUOXFKDGRVLUYDHVWDSJL $OJXQDVGHODVVXPDVVRQGHOH[DPHQ 
QDFRPRXQLQWHQWRPVHQODODUJDJXHUUDSRUHOELHQGHODpPq3HUR -LPLVJRLQJWRSLFNWKHPXSIURPWKHKDPDQGFKHHVHVKRS
DQWHVGHVHJXLUPLVLQVWUXFFLRQHVPVDEDMRGLPLOYHFHVHQYR]DOWD -LPYDDUHFRJHUOHVGHODWLHQGDGHMDPQ\TXHVR
HOVLJXLHQWHQRPEUHSURFXUDQGRVLHPSUHFHUUDUODERFDFRQODOWLPD ,oPDVOLPDQLPDO 6R\XQDQLPDOHVEHOWR
OHWUD'DYLG%HFNKDP $P,JRLQJWREHFRPHDFODPLQDPRPHQW"
9R\DFRQYHUWLUPHHQDOPHMDGHQWURGHXQPRPHQWR"
+HSXHVWRXQDOLVWDGHSDODEUDVTXHWHUPLQDQHQpPq4XLHURTXH -LPZLOOKXPWKHK\PQLQVRPHRIWKHJ\PV
UHSLWDVFDGDSDODEUDYHFHVDOGDGXUDQWHXQDR6LWHFXHVWD -LPWDUDUHDUHOKLPQRHQDOJXQRVGHORVJLPQDVLRV
DDGHXQOLJHURVRQLGRGHpDqGHVSXVGHODpPq ,oPLQP\PRWKHUoVPHPRU\ (VWR\HQODPHPRULDGHPLPDGUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
0LUD-RKQWHQHPRVTXHHQFRQWUDUXQDIRUPDGHDPRUWLJXDUHO /LVWHQ -RKQ ZHoYH JRW WR QG D ZD\ WR DEVRUE WKH QRLVH LQ WKH
UXLGRHQOD]RQDFRPQGHODRFLQD/DDFVWLFDHVPDOVLPD\ JHQHUDORIFHDUHD7KHDFRXVWLFVDUHWHUULEOHDQGZKHQHYHU\RQHoV
FXDQGRWRGRHOPXQGRHVWDOWHOIRQRORVUXLGRVUHERWDQHQHO RQ WKH SKRQH WKH QRLVH ERXQFHV RII WKH RRU ZDOOV DQG FHLOLQJ
VXHORSDUHGHV\WHFKRFRPRERODVGHSLQJSRQJ1RSRGUQUH OLNH FUD]\ SLQJSRQJ EDOOV &RXOGQoW D IHZ UXJV RQ WKH RRU DQG
GXFLUXQSRFRHOUXLGRXQDVFXDQWDVDOIRPEUDV\TXL]XQDRGRV PD\EHDQDGGLWLRQDOSODQWRUWZRUHGXFHVRPHRIWKHQRLVH"
SODQWDVDGLFLRQDOHV"

 (OODPHQWRGHODEHOOD(OYLUD
(VWLPDGRDPLJR\DOXPQR(OYLUDWLHQHPX\EXHQDDFWLWXG$OSULQFLSLRVHHQIDGFRQ
6HIXHIXULRVDSHURQDGDKHULGD HOUHVSRQVDEOHGHUHFXUVRVKXPDQRVGHODHPSUHVDGRQGHVHHQWUHYLVWSRUSULPHUD
1RLEDDVHQWLUVHQLWULVWHQLDEDWLGD
YH]3HURDSHVDUGHHVWDUDFRVWXPEUDGDDWHQHU[LWRHQWRGRORTXHHPSUHQGHWLHQH
(UDPX\DSOLFDGDGHYHUGDGORVDEtD
VXFLHQWHKXPLOGDGSDUDGDUVHFXHQWDGHTXHXQRQRSXHGHJDQDUVLHPSUH3HURHQPL
<VXFDUD\VXFXHUSRHUDQSXUDSRHVtD
RSLQLQHVWFRPHWLHQGRVXVHJXQGRHUURUHOFXDOFRQVLVWHHQVHJXLUEXVFDQGRWUDEDMR
4XHUtDOXFLUHQHUJtD\EULOODQWH] VDELHQGRTXHQRVHPDQHMDHQDEVROXWRHQLQJOV'HEHUDSDUDUWRGR\YROFDUVHHQ
<VHHQWUHJyFRQJDQDV\VLQGHMDGH]
HOHVWXGLRGHOLQJOVFRPRVHKDYROFDGRKDVWDDKRUDHQVXYLGDDFDGPLFD$KRUD
$EXVFDUXQWUDEDMRHQXQDHPSUHVDGHSULPHUD(Q
GHEHGHGLFDUHOPLVPRWLHPSR\HVIXHU]RDOLQJOVTXHKDGHGLFDGRGXUDQWHGRVDRV
XQDHPSUHVDER\DQWHHQXQDHPSUHVDSXQWHUD
DOPDVWHUHQGLUHFFLQGHHPSUHVDV6XSULPHUHUURUSRUFLHUWRIXHQRSRVSRQHUHO
7HQtDXQDPLVLyQHQODYLGDORVDEtD PDVWHUKDVWDGHVSXVGHUHVROYHUHOWHPDGHOLQJOV'HKHFKRHVPHMRUSRVSRQHUOR
'HMDUtDVXKXHOODFRQEUtR\RVDGtD
KDVWDORVDRVFXDQGRXQRWLHQHPVH[SHULHQFLD\PVPDGXUH](QFDPELR
1RSRUQDGDKDEtDWDQWRVDxRVHVWXGLDGR
HOLQJOVFXDQWRPVORSRVSRQHVPVGLIFLOVHWHKDFH
3DUDYHUDOQDOHOFDPLQRDJULDGR
7REHFRQWLQXHG
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VVWHHOQDO" ,VWKLVWKHHQG" +D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH"


1RHVHOFRPLHQ]R 1RLWoVWKHEHJLQQLQJ 1RQRKD\+D\DOJRHQHOYDVR 1RWKHUHLVQoW7KHUHoVVRPHLQ
(VVDODSULPHUDSJLQD" ,VWKDWWKHUVWSDJH"  WKHJODVV
1RHVODOWLPDSJLQD 1RLWoVWKHODVWSDJH +D\DOJQSUREOHPD" ,VWKHUHDSUREOHP"
1RHUHVPX\LQWHOLJHQWH <RXoUHQRWYHU\LQWHOOLJHQW 6ORKD\(VXQSUREOHPD <HVWKHUHLV,WoVDKXJH
HQRUPH SUREOHP
4XGLIHUHQFLDKD\HQWUH :KDWGLIIHUHQFHLVWKHUH
DQ\\VRPH" EHWZHHQDQ\DQGVRPH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VWXYLVWHHQODUHXQLQD\HU" :HUH\RXDWWKHPHHWLQJ &UHYHUXQDPRVFD ,WKRXJKW,VDZD\


\HVWHUGD\" /ROH\FXDQGRVHOHYDQW +HUHDGLWZKHQKHJRWXS
3RUTXQRHVWXYLVWHDOO" :K\ZHUHQoW\RXWKHUH" 9LQHHQFXDQWRRODQRWLFLD ,FDPHDVVRRQDV,KHDUGWKH
4XHVWDEDVKDFLHQGR" :KDWZHUH\RXGRLQJ"  QHZV
(VWDUVHQODSU[LPD" :LOO\RXEHDWWKHQH[WRQH" 6HPDUFKFXDQGRVHORGLMH 6KHOHIWZKHQ,WROGKHU
'HEHVLUDWRGDVODVUHXQLRQHV <RXPXVWJRWRDOOWKH /RYHQGLHURQFXDQGRORV 7KH\VROGLWZKHQWKHSULFHV
PHHWLQJV SUHFLRVVXELHURQ URVH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HJXVWR" 'R\RXOLNHPH" 1RPHJXVWDHOTXHVR$O ,GRQoWOLNHFKHHVH1HLWKHU


&PRHUDQVXVSDGUHV" :KDWZHUHKHUSDUHQWVOLNH" WDPSRFR GRHVKH
/HJXVWDVWHDHOOD" 'LGVKHOLNH\RX" 1HFHVLWRXQDFRSD(OODWDPELQ ,QHHGDGULQN6RGRHVVKH
4XDVSHFWRWLHQH" :KDWGRHVKHORRNOLNH" 1RHVWDUDOOOWDPSRFR 6KHZRQoWEHWKHUH1HLWKHU
(OODWHJXVWYHUGDG" <RXOLNHGKHUGLGQoW\RX" ZLOOKH
0HJXVWDUDVHUPLOORQDULR ,oGOLNHWREHDPLOOLRQDLUH6R
$WRGRVQRVRWURVWDPELQ ZRXOGZHDOO
0LFDVDQRHVWHQ0DGULG 0\KRXVHLVQoWLQ0DGULG
/DPDWDPSRFR 1HLWKHULVPLQH

6WDSOHU *UDSDGRUD

'UDZLQJSLQ &KLQFKHWD
%XOOGRJFOLS 6XMHWDSDSHOHVFRQSLQ]D

6WDSOH *UDSD 3DSHUFOLS &OLS6XMHWDSDSHOHV

9RFDEXODULR2IFH6XSSOLHV 0DWHULDOGH2FLQD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HQHPRVTXHFRQYRFDUXQD :HKDYHWRFDOODPHHWLQJ
 'HMPRVORSRUKR\ /HWoVFDOOLWDGD\
UHXQLQ (VWR\KHFKRSROYR ,oPEHDW
&XQGRVHYDDFHOHEUDU" :KHQLVLWJRLQJWREHKHOG" (VWR\SHODGRSHURQR ,oPEURNHEXWQRWEURNHQ

6HFHOHEUDUHQODVDODGH ,WoOOEHKHOGLQWKHFRQIHUHQFH
 TXHEUDQWDGR
FRQIHUHQFLDV URRP 9R\DWXPEDUPH ,oPJRLQJWRKLWWKHVDFN
3RGHPRVDSOD]DUORKDVWD &DQZHSXWLWRIIXQWLO
 0HYR\DHFKDUXQDFDEH]DGLWD,oPJRLQJWRKDYHZLQNV
HOOXQHV" 0RQGD\"
$QXOPRVOD /HWoVFDOOLWRII


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (OJHQLWLYRVDMQ
3DUDGHFLUHOOLEURGH-XDQQRGHFLPRVpWKH
7KHOLJKWDWWKHHQGRIWKHWXQQHO /RQJWLPHQRVHH ERRNRI-XDQqVLQRp-XDQoVERRNq
/DOX]DOQDOGHOWQHO +DFHPXFKRTXHQRWHYHR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
/LNHFORFNZRUN +HoVORVWKLVPDUEOHV IUDVHVHQLQJOV"
&RPRXQUHORM 6HKDYXHOWRORFR
$TXOHVHODYLQGHO5H\
,NQRZLWOLNHWKHEDFNRIP\KDQG 7KH\oYHORVWWKHLUVKLUW (OFRFKHGH&DUORVQRHVQHJUR
/RFRQR]FRFRPRODSDOPDGHPLPDQR +DQSHUGLGRKDVWDODFDPLVD 'QGHHVWHOFRFKHGH/XLJL"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'HVFXLGDDKRUDOHVOODPR

8QD SUHJXQWD (V JUDPDWLFDOPHQWH FRUUHFWR HO WWXOR GH HVWD VHF WUDVLQWHQFLRQHV)MDWHHQODVVLJXLHQWHVIUDVHVRH[SUHVLRQHVWDQRP
FLQ" QLSUHVHQWHVHQHVSDRO\VXVHTXLYDOHQWHVLJXDOPHQWHRPQLSUHVHQ
2LJRDGLDULRIUDVHVFRPRVWDHQHVSDRO\SDUDPQRVRQFRUUHFWDV WHVHQLQJOV
3RUTXXWLOL]LVHOSUHVHQWHSDUDDFFLRQHVGHIXWXUR" 9R\SDUDDOO ,oOOEHULJKWWKHUH
$KRUDEDMR ,oOOEHULJKWGRZQ
(QVHJXLGDYR\0DDQDORKDJR6LPHGHMDVWHPDWR (QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
$KRUDVXER ,oOOEHULJKWXS
0HUHVXOWDFXULRVDHVWDIRUPDSHUR\DODKHDVLPLODGR\ODXVRWDPELQ $KRUDWHYHR ,oOOVHH\RXLQMXVWDPLQXWH
FXDQGRKDEORHQHVSDRO3HURHQLQJOVVXHQDPX\PDO6XHQDSULPL $KRUDOOHJDPRVDHVHSXQWR :HoOOJHWWRWKDWSRLQWVKRUWO\
WLYRXVDUHOSUHVHQWHKDELWXDO ,JR,GRLWf,NLOO\RX SDUDLQWHQFLRQHV 0DDQDOOXHYHVHJXUR 7RPRUURZLWoVJRLQJWRUDLQIRU
GHIXWXUR(QLQJOVGHEHPRVSRUREOLJDFLQHPSOHDUHOIXWXUR6LGL VXUH
FHVIUDVHVHQLQJOVFRPRVWDV 6LSXHGRORKDJR ,I,FDQ,oOOGRLW
/HUHFLERVLQRKD\PV ,oOOUHFHLYHKLPLIWKHUHoVQR
1RZ,FDOOKLP 7RPRUURZ,GRLW ,JRQRZ ,I\RXOHWPH,NLOO\RX UHPHGLR RWKHUFKRLFH

fWHWDFKDUQGH7DU]QRGH7HUPLQDWRU6XHQDDFXDQGRVHHPSOHD 8QHVSDROGHEXHQDIRUPDFLQDFDGPLFDPHLQVLVWLUHQTXHWDP
HOLQQLWLYRHQHVSDROSDUDHOGREODMHGHORVLQGLRVDPHULFDQRV KRP ELQHQFDVWHOODQRORPVFRUUHFWRHVHPSOHDUHOWLHPSRIXWXURHQHV
EUHEODQFRKDEODUFRQOHQJXDEtGD  WRVFDVRV6LQHPEDUJRVHR\HPVHOSUHVHQWHKDELWXDO\HOGH
(QLQJOVVLHPSUHGHEHPRVXVDUHOWLHPSRIXWXURSDUDH[SUHVDUQXHV PLVDOXPQRVWUDVODGDQHVWHKELWRDOLQJOV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LDWLQRWHLPSRUWDPHYR\DPDUFKDU7HQJRTXHLUDXQFRQFLHU ,I\RXGRQoWPLQG,oPJRLQJWRWDNHRII,KDYHWRDWWHQGDFRQFHUW
WRRUJDQL]DGRSRUODDVRFLDFLQGRQGHWUDEDMDPLPXMHU(VSHUR RUJDQL]HGE\WKHDVVRFLDWLRQZKHUHP\ZLIHZRUNV,KRSH,GRQoW
QRTXHGDUPHGRUPLGRDODPLWDG|$K&DVLPHROYLGR+HGHMDGR IDOODVOHHSLQWKHPLGGOHRILW2K,DOPRVWIRUJRW,OHIWWKHQDO
HOOWLPRERUUDGRUGHOFRQWUDWRSDUDHOVWDQGHQWXPHVD5HYVDOR GUDIW RI WKH FRQWUDFW IRU WKH VWDQG RQ \RXU GHVN /RRN LW RYHU
\VLHVWELHQIUPDOR\PQGDVHORD6LPSVRQGHO'HSDUWDPHQWR DQG LI LWoV RND\ VLJQ LW DQG IRUZDUG LW WR 6LPSVRQ LQ WKH /HJDO
/HJDO 'HSDUWPHQW


 (OODPHQWRGHODEHOOD(OYLUD FRQW
(VWLPDGR DPLJR \ DOXPQR 'H QXHYR H[DJHUR SHUR VOR XQ SRFR /DV HPSUHVDV XVDQ
6HLVHQWUHYLVWDVEDVWDURQSDUDTXHDOQDOVXSLHUD HOLQJOVFRPRSULPHUDFULEDSRUTXHHVWROHVSHUPLWHTXLWDUGHHQPHGLRDOGHORV
4XHVLQHOLQJOpVVyORTXHGDEDEDUUHQGHUD
FDQGLGDWRVVLQWHQHUTXHFLWDUOHVSDUDSUXHEDVSVLFRWFQLFDVQLSULPHUDVHQWUHYLVWDV6L
7UDVDxRVGHHVWXGLRFRQQRWDEULOODQWH
DOJXLHQGLFHHQVXFXUULFXOXPpQLYHOPHGLRqRPHQRVHVWGHVFDUWDGRLQFOXVRVLWLHQH
6HHQIUHQWDEDDDOJRELHQDODUPDQWH
QRWDVVREUHVDOLHQWHVHQODFDUUHUD2WUDFRVDTXHKHREVHUYDGRDOJRTXHQRPHJXVWD
(OLQJOpVHOLQJOpVTXpFUX]TXpSUREOHPD HVTXHPXFKDVHPSUHVDVVLQGDUVHFXHQWDDYHFHVFRQFHGHQGHPDVLDGDLPSRUWDQFLDDO
$KRUDHOLQJOpVVXSRQtDXQGLOHPD
LQJOV6LHQWUDXQMRYHQFRQXQLQJOVLPSHFDEOHHQXQSURFHVRGHVHOHFFLQSDUHFHTXH
6XVFROHJLRV\SURIHVQRKDEtDQDFHUWDGR
DODHPSUHVDVHOHFLHJDHOUDFLRFLQLRDOPHQRVDORVUHVSRQVDEOHVGHUHD/RVGH5HFXUVRV
<OHKDEtDQOHJDGRXQIXWXURFRPSOLFDGR
+XPDQRVVRQPVDYH]DGRV\VDEHQUHFRQRFHUODH[LVWHQFLDRQRGHRWUDVFXDOLGDGHV6LQ
$ODVEXHQDVHPSUHVDVDODVPiVFRWL]DGDV HPEDUJRVWRVVHOHFFLRQDQSDUDRWURVMHIHV\HVWRVMHIHVFXDQGRVHHQWHUDQGHTXHKD\
/HVLQWHUHVDEDQELHQSRFRODVQRWDVODXUHDGDV
DOJQFDQGLGDWRFRQXQLQJOVH[FHOHQWHLQVLVWHQDYHFHVHQTXHVHDHOHOHJLGR8QEXHQ
1LPLUDEDQORV0DVWHUQLODVPDWUtFXODVGHKRQRU
GRPLQLRGHOLQJOVDEUHPXFKDVSXHUWDVHQHOPHUFDGRODERUDO\SURIHVLRQDOHVSDRO
3RUTXHVLQHOLQJOpVVyORTXHGDEDVROGDGRU
5LFKDUG9DXJKDQ
7REHFRQWLQXHG

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VXQDFDOOHODUJD ,WoVDORQJVWUHHW 0HFRPSUHQGHV" 'R\RXXQGHUVWDQGPH"


6RQHGLFLRVDOWRV 7KH\oUHWDOOEXLOGLQJV 7HFRPSUHQGHVLKDEODV +HXQGHUVWDQGV\RXLI\RX
(VXQDHPSUHVDLPSRUWDQWH ,WoVDQLPSRUWDQWFRPSDQ\ HVSDRO VSHDN6SDQLVK
6RQOLEURVLQWHUHVDQWHV 7KH\oUHLQWHUHVWLQJERRNV /HVFRQRFHELHQ" 'RHVKHNQRZWKHPZHOO"
(VXQDSHOFXODDEXUULGD ,WoVDERULQJOP /HFRQRFHDOSHURQROD +HNQRZVKLPEXWKHGRHVQoW
FRQRFHDHOOD NQRZKHU
(OODQROHFRQRFHDOWDPSRFR 6KHGRHVQoWNQRZKLPHLWKHU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+DEUFDPELRVHQHVWDHPSUHVD7KHUHZLOOEHFKDQJHVDWWKLV 6DEHHOODQDGDU" 'RHVVKHNQRZKRZWRVZLP"


FRPSDQ\ 1DGDFRPRXQSH] 6KHVZLPVOLNHDVK
1RKDEUPXFKDJHQWHDOO 7KHUHZRQoWEHPDQ\SHRSOH 6DEHOFDQWDU" 'RHVKHNQRZKRZWRVLQJ"
WKHUH &DQWDFRPRXQQJHO +HVLQJVOLNHDQDQJHO
+DEUWLHPSRSDUDLUGH :LOOWKHUHEHDQ\WLPHWRJR
 1RVDEHVKDFHUQDGD" 'RQoW\RXNQRZKRZWRGR
FRPSUDV" VKRSSLQJ" DQ\WKLQJ"
&XQWRWLHQHV" +RZPXFKGR\RXKDYH"
&XQWRVQHFHVLWDV" +RZPDQ\GR\RXQHHG"

&RUN &RUFKR 1HFN &XHOOR

/DEHO (WLTXHWD

%RWWOH %RWHOOD

%RWWOHRSHQHU 6DFDFRUFKRV

9RFDEXODULR%RWWOHRI:LQH %RWHOODGH9LQR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HLPSRUWDVLIXPR" 'R\RXPLQGLI,VPRNH" +DEUDQJDQDGRFRQRWUR :RXOGWKH\KDYHZRQZLWKD


<RTXHWQRIXPDUDDTX ,I,ZHUH\RX,ZRXOGQoWVPRNH HQWUHQDGRU" GLIIHUHQWFRDFK"
KHUH |1LKDEODU 1RZD\
1RPHLPSRUWDORYR\D ,GRQoWFDUH,oPJRLQJWROLJKWLW
 6LKXELHUDQWHQLGRPHMRUHV ,IWKH\KDGKDGEHWWHUSOD\HUV
HQFHQGHU MXJDGRUHVKDEUDVLGRGLIHUHQWH LWZRXOGKDYHEHHQGLIIHUHQW
0HGHYROYLVWHPLPHFKHUR" 'LG\RXJLYHPHEDFNP\ (VWVDUPDQGRORREYLR <RXoUHVWDWLQJWKHREYLRXV
OLJKWHU" 7HYR\DGDUXQSXHWD]RHQ ,oPJRLQJWRSXQFK\RXLQWKH
/HLPSRUWDUDQRIXPDU" :RXOG\RXPLQGQRWVPRNLQJ" ODFDUD IDFH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RKDEUDLGRDQRVHUTXH,ZRXOGQoWKDYHJRQHXQOHVV |2\HWRPHKDVWLUDGRPLFRSD2\PDWH\RXVSLOOHGP\GULQN
KXELHUDVYHQLGRW \RXKDGFRPH |7HODHVWVEXVFDQGR<RXoUHDVNLQJIRULW
6LHPSUHTXHQRVSDJXHQOR$VORQJDVWKH\SD\XVIRULW &XLGDGRFRQHVDERFD.HHS\RXPRXWKVKXW
KDUHPRVORPHMRUTXHSRGDPRV ZHoOOGRRXUEHVW 6HKDDUPDGRXQDJRUGD,WoVDOONLFNHGRII
6XSRQLHQGRTXHQROR6XSSRVLQJZHGRQoWQLVKLW +DFHPRVXQVLQSD/HWoVGRDUXQQHU
WHUPLQDPRVTXSDVDU" ZKDWZLOOKDSSHQ"
/OHYDWXEXIDQGDSRUVLDFDVR7DNH\RXUVFDUIMXVWLQFDVH
6LKXELHUDQDFLGRHQ&KLQDVHUD,I,oGEHHQERUQLQ&KLQD,oGEH
FKLQR &KLQHVH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV (OVXSHUODWLYR

7RPDNHDNLOOLQJ 7KHPDQLQWKHVWUHHW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


)RUUDUVH (OKRPEUHGHODFDOOH IUDVHVHQLQJOV"

7RPDNHHQGVPHHW *LYHPH\RXUZRUG (OODKDFHORVEL]FRFKRVPVVDEURVRVGHO


/OHJDUDQGHPHV 'DPHWXSDODEUD PXQGR
(VODFKLFDPVJXDSDGHOPXQGR
7RPDNHPRQH\KDQGRYHUVW 7RPDNHDPRXQWDLQRXWRIDPROHKLOO /RSHRUGHHOODHVVXWHPSHUDPHQWR
*DQDUPXFKRGLQHUR$PDQRV +DFHUXQDPRQWDDGHXQJUDQRGH
OOHQDV DUHQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQRPEUHVSRVHVLYRVsHMHUFLFLRVRUDOHV

/RVUHFXDGURVFRQWLHQHQHMHPSORVGHSXUDPHFQLFDJUDPDWLFDO$TX <RXoUHDIULHQGRIKHUV
SRGUVFRQVROLGDUWX\DSUREDEDDJLOLGDGFRQORVDGMHWLYRVSRVHVLYRV +HoVDIULHQGRI\RXUV p)ULHQGqVHSURQXQFLDpIUHQGq
P\\RXURXUHWF FRQORVSURQRPEUHVSRVHVLYRV PLQH\RXUVRXUV <RXoUHDIULHQGRIKLV p7KHLUVqVHSURQXQFLDp]HUVq
HWF \FRQORVSURQRPEUHVFRPSOHPHQWR PH\RXXVHWF /HHFDGD :HoUH DOO JRRG IULHQGV FDQoW p,oPDqVHSURQXQFLDpLPDq
IUDVHHQYR]DOWDFLQFRYHFHVDOGDGXUDQWHVHLVPHVHV$VOHHUVFDGD \RXWHOO" p<RXUVqVHSURQXQFLDpLUVq
IUDVHXQDVYHFHV/DUHSHWLFLQDGLQQLWXPHVODQLFDIRUPDGH &DQoW\RXWHOO" 1RORYHV"
FRQVHJXLUXQGRPLQLRVHJXURGHODHVWUXFWXUDJUDPDWLFDOGHRWURLGLR
PD3RUVXSXHVWRQRYR\DHVWDUSUHVHQWHFRQWLJRSDUDVDEHUVLORKD
FHVRQRSHURVHUWXLQJOVQRHOPRHOTXHVXIULUODVFRQVHFXHQFLDV 0LQHLVWKHRQHQH[WWR\RXUV 0LQHEHORQJVWRPH
/XHJRQRWHTXHMHV <RXUVLVWKHRQHQH[WWRPLQH <RXUVEHORQJVWR\RX
(QOD]DELHQODpPqFRQODpDq +LVLVWKHRQHQH[WWRKHUV +LVEHORQJVWRKLP
(QOD]DELHQODpGqFRQODpRq +HUVLVWKHRQHQH[WWRKLV +HUVEHORQJVWRKHU
7KHLUVLVWKHRQHQH[WWRRXUV 2XUVEHORQJVWRXV
/DSULPHUDIUDVHLPDIUQGDIKLV 2XUVLVWKHRQHQH[WWRWKHLUV 7KHLUVEHORQJVWRWKHP
,oPDIULHQGRIKLV :HoUHIULHQGVRI\RXUV
+HoVDIULHQGRIPLQH +HoVDIULHQGRIRXUV
,oPDIULHQGRI\RXUV :HoUHIULHQGVRIKLV 0\ERRNLVPLQH *LYHPHPLQH
<RXoUHDIULHQGRIPLQH 6KHoVDIULHQGRIRXUV <RXUERRNLV\RXUV ,oOOJLYH\RX\RXUV
,oPDIULHQGRIKHUV 6KHoVDIULHQGRIRXUV +LVERRNLVKLV *LYHKLPKLV
6KHoVDIULHQGRIPLQH :HoUHIULHQGVRIKHUV +HUERRNLVKHUV *LYHKHUKHUV
,oPDIULHQGRIWKHLUV :HoUHIULHQGVRIWKHLUV 2XUERRNLVRXUV *LYHXVRXUV
7KH\oUHIULHQGVRIPLQH 7KH\oUHIULHQGVRIRXUV 7KHLUERRNLVWKHLUV *LYHWKHPWKHLUV
<RXoUHDIULHQGRIRXUV 6KHoVDIULHQGRI\RXUV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|'HEHVHVWDUGHEURPD3RUTXHVWDUD\RLQWHUHVDGRHQXQLUPH <RXPXVWEHNLGGLQJ:K\ZRXOG,EHLQWHUHVWHGLQMRLQLQJ7D\ORU
D7D\ORU $VRFLDGRV"1RKD\IRUPDGHTXHHOORVPHSDJXHQOR $VVRFLDWHV"7KHUHoVQRZD\WKH\oGEHDEOHWRSD\PHZKDW,JHW
TXHJDQRDTX$GHPVOOHYRDTXODPLWDGGHPLYLGDODERUDO\ KHUH%HVLGHV,oYHEHHQKHUHIRUKDOIP\ZRUNLQJOLIHDQGWKHODVW
OROWLPRTXHTXLHURKDFHUHVLUPH6LQFHUDPHQWHFUHHVTXHQH WKLQJ , ZDQW WR GR LV OHDYH 'R \RX KRQHVWO\ WKLQN ,oG GHDO ZLWK
JRFLDUDFRQ7D\ORUDWXVHVSDOGDV"|9HQJD\D|0HFRQRFHVPHMRU 7D\ORUEHKLQG\RXUEDFN"&RPHRQQRZ<RXNQRZPHEHWWHUWKDQ
TXHHVR|9DPRV WKDW&RPHRQ

 (OODPHQWRGHODEHOOD(OYLUD FRQW
(VWLPDGRDPLJR\DOXPQR1XHVWUDSREUH(OYLUDVHKDGDGRFXHQWDGHTXHVLQLQJOV
$VXVWDGD(OYLUDDFRPHWLyHOLQJOpV WRGRVXEDJDMHHGXFDWLYRYDOHPXFKRPHQRVGHORTXHSHQVDED$KRUDOHWRFDXQWUDJR
&RQYRFDEORVWDQUDURVTXHSDUHFtDMDSRQpV
DPDUJRFRPHQ]DUHQVHULRDORVDRVDDSUHQGHULQJOVXQLGLRPDGHUD]JHUPQLFD
&RQFRGRV\WHVyQVHSURSXVRYHQFHU
OOHQDGHVRQLGRV\IRUPDVJUDPDWLFDOHVPX\DOHMDGDVGHODOJLFDODWLQD/RTXHHVSHRU
8QLGLRPDTXHSURQWRFRPHQ]yDDERUUHFHU
DOLJXDOTXHWDQWRVHVSDROHVDQWHODLPSHULRVDQHFHVLGDGGHDSUHQGHULQJOV(OYLUDQR
$OFDERGHXQPHVOHFDPELDURQGHSURIHVRU HVWPX\LQVWUXLGDHQFPRDERUGDUHOWHPD&ODVHV"&XUVRVLQWHQVLYRV"8QDHVWDQFLD
<HOQXHYRXQSDVRWDFRQDLUHVGHVHGXFWRU
HQ ,QJODWHUUD" 8Q SURIHVRU SDUWLFXODU" (VW GHVRULHQWDGD SHUR HOLJH \ SRQH WRGR GH
1RWHQtDQLPpWRGRQLVLVWHPDDOJXQR
VXSDUWHFRPRVLHPSUH3HURHOLQJOVQRHVFRPRHOOJHEUDRODKLVWRULDRHODQOLVLV
1LFHUHEURPiVJUDQGHTXHXQSLQFKRPRUXQR
PDFURHFRQPLFR(VDOJRGLQPLFRTXHQRWLHQHYDOLGH]VLXQRQRVDEHPDQHMDUODV
6HLVPHVHVPiVWDUGHWUDVXQFXDUWRLQWHQWR PLOORQHVGHFRPELQDFLRQHV\SHUPXWDFLRQHVTXHYRFDEORVDGPLWHQ DGHPVGH
(OYLUDHPSH]DEDDHQWRQDUXQODPHQWR
HQWHQGHUDFHQWRVGHWRGRVORVFRORUHV $OQDO(OYLUDVHGDFXHQWDGHORGLIFLOTXHHVOD
/DVFODVHVODVQRWDVHOVLVWHPDHGXFDWLYR
WDUHD\HPSLH]DDEXVFDUFXOSDEOHV 
/HKDEtDQGHSDUDGRPX\SRFRSRVLWLYR
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHOODFDVDGD" ,VVKHPDUULHG" 4XSDVDHVWDQRFKH" :KDWoVKDSSHQLQJWRQLJKW"


1RORHVWHVWVROWHUD 1RVKHLVQoWVKHoVVLQJOH 9DPRVDKDFHUXQDHVWD :HoUHJRLQJWRKDYHDSDUW\
(VHVHVXQRYLR" ,VWKDWKHUER\IULHQG" 3XHGRLU" &DQ,FRPH"
1RORHVHVVXMHIH 1RLWLVQoWLWoVKHUERVV (VWXHVWDGHFXPSOHDRV ,WoV\RXUELUWKGD\SDUW\
(VWVVHJXURGHTXHQRHV $UH\RXVXUHLWLVQoWKHU 3XHGRLQYLWDUDWRGRVPLV &DQ,LQYLWHDOOP\IULHQGV"
VXQRYLR" ER\IULHQG" DPLJRV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$TXMXHJDQ" :KDWGRWKH\SOD\" %DLORPHMRUTXHW ,GDQFHEHWWHUWKDQ\RX


&XQGRFRPLHQ]D" :KHQGRHVLWVWDUW" (OODHVODPHMRUDWOHWDGHVX 6KHoVWKHEHVWDWKOHWHLQKHU
'QGHMXJDURQHOOWLPR :KHUHGLGWKH\SOD\WKHODVW
 FROHJLR VFKRRO
SDUWLGR" PDWFK" 6RQPXFKRSHRUTXHQRVRWURV 7KH\oUHPXFKZRUVHWKDQXV
3RUTXSHUGLHURQ" :K\GLGWKH\ORVH" (VHOSHRUSUHVLGHQWHGHOD +HoVWKHZRUVWSUHVLGHQWLQ
4XLQMXHJDHQHOHTXLSR" :KRSOD\VLQWKHWHDP" KLVWRULD KLVWRU\
(VWPVOHMRVGHORTXHSLHQVDV ,WoVIXUWKHUWKDQ\RXWKLQN

3ODQHW 3ODQHWD 6WDU (VWUHOOD

6SDFHVKLS 1DYH(VSDFLDO

6KRRWLQJVWDU (VWUHOOD)XJD] 0RRQ /XQD

9RFDEXODULR2XWHU6SDFH (VSDFLR6LGHUDO

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(UHVWDQHVWSLGR <RXoUHVRVWXSLG $TXKRUDDSDUHFLHOOD" :KDWWLPHGLGVKHVKRZXS"


'LFHVFRVDVWDQULGFXODV <RXVD\VXFKULGLFXORXVWKLQJV 1DGLHODUHFRJLHQHO 1RERG\SLFNHGKHUXSIURPWKH
6LSHQVDUDVXQSRFRPVQR ,I\RXWKRXJKWDOLWWOHPRUH\RX
 DHURSXHUWR DLUSRUW
GLUDVHVDVFRVDV ZRXOGQoWVD\WKRVHWKLQJV 4XVDOLPDO" :KDWZHQWZURQJ"
3RUTXQRPHGHMDVHQSD]" :K\GRQoW\RXOHDYHPHDORQH" 1RIDFWXUDWLHPSR 6KHGLGQoWFKHFNLQLQWLPH
'HEHUDVVHUPVFRQVLGHUDGR<RXVKRXOGEHPRUHFRQVLGHUDWH 1RHVPX\VHQVDWDYHUGDG" 6KHoVQRWYHU\VHQVLEOHLVVKH"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HOOHYDVELHQFRQHOORV"'R\RXJHWRQZHOOZLWKWKHP" 3LHQVROXHJRH[LVWR,WKLQNWKHUHIRUH,DP
0HHVWFRVWDQGRVXSHUDUHVWH,oPKDYLQJWURXEOHJHWWLQJRYHU /RVVDELRVVLHPSUHSHQVDPRV*UHDWPLQGVWKLQNDOLNH
UHVIULDGR WKLVFROG LJXDO
7HGHIHQGLVWHFRQWXLQJOV'LG\RXJHWE\ZLWK\RXU (VXQKDFKD+HoVDUHDOVWDU
HQ1XHYD=HODQGD" (QJOLVKLQ1HZ=HDODQG" 0HEORTXHRFXDQGRPHKDEOD0\PLQGJRHVEODQNZKHQKH
|'HVKD]WHGHHVHFKLFOH*HWULGRIWKDWFKHZLQJJXP VSHDNVWRPH
QRZ (VFRUWLWR+HoVDELWWKLFN
1RSXHGRFRPXQLFDUPH,FDQoWJHWWKURXJKWRWKHERVV
WHOHIQLFDPHQWH FRQHOMHIH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDO
7KHUHZLOOEH +DEU
,WoVDPDWWHURIOLIHDQGGHDWK +HKDVWKH0LGDVWRXFK
(VXQDVXQWRGHYLGDRPXHUWH 7RGRORTXHWRFDVHFRQYLHUWHHQRUR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,WGLGQoWPHHWP\H[SHFWDWLRQV 0LQG\RXUVWHS
1RFXPSOLPLVH[SHFWDWLYDV &XLGDGRFRQHOHVFDOQ XRWURREVWFXOR  &UHRTXHKDEUXQDHVWDHOYLHUQHV
1RKDEUVXFLHQWHFRPLGDSDUDWRGRHO
7KHUHoVPHWKRGLQKLVPDGQHVV 0RQH\ODXQGHULQJ PXQGR
1RHVWWDQORFRFRPRSDUHFH /DYDGRGHGLQHURQHJUR +DEUYLQRHQODHVWD"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHPDQ\IDFHVRIpIDLUq

)DLU -XVWRLPSDUFLDO   )DLU


%XHQR WLHPSR )DUHZHOO
 )DLU /LPSLR IDLUSOD\  DWPRVIULFR $GLV OLWHUDOPHQWHTXHWHYD\DELHQRTXHWHVDOJDELHQ 
MXHJROLPSLR   )DLU )HULD ,GLGQoWIDUHWRRZHOORQWKHH[DP
 )DLU 5XELR SHOR FODUR WH]   )DLU 5HJXODUQRSDUD 1RKHVDOLGRPX\ELHQSDUDGRHQORVH[PHQHV
 )DLU %HOORKHUPRVR WLUDUFRKHWHV ,KDYHVXFKDIDLUFRPSOH[LRQWKDW,QHHGVXQVFUHHQ
 )DLU %DVWDQWHEXHQR )DUH 7DULIDSDVDMH 7HQJRODWH]WDQFODUDTXHQHFHVLWRSURWHFFLQVRODU
 )DLU &RQVLGHUDEOH )DUH 6DOLU HQXQH[DPHQ +HoVDIDLUZHDWKHUIULHQG
SUXHEDHWF (VDPLJRFXDQGRWRGRYDELHQ /LWHUDOPHQWHFXDQGRKDFHEXHQWLHPSR 
,WoVQRWIDLUIRUSHRSOHZLWKIDLUVNLQWRIDUHZHOODWWKHFRXQW\IDLU ,WoVFRPSOHWHO\XQIDLULQP\RSLQLRQ
1RHVMXVWRTXHDODJHQWHGHSLHOFODUDOHVDOJDQELHQODVFRVDVHQ (VWRWDOPHQWHLQMXVWRHQPLRSLQLQ
ODIHULDGHOFRQGDGR  8VRVsss %RWKWKHWD[LIDUHVDQGWKHEXVIDUHDUHJRLQJXS
7KH\UHFHLYHGDIDLUDPRXQWRIFULWLFLVPGHVSLWHWKHIDLUSOD\HYLGHQW 6XEHQWDQWRODVWDULIDVGHWD[LFRPRODWDULIDGHODXWREV
ZKHQVHWWLQJWKHIDUHV 7RWHOO\RXWKHWUXWKWKHUHVXOWVZHUHRQO\IDLU
5HFLELHURQEDVWDQWHFUWLFDDSHVDUGHOMXHJROLPSLRHYLGHQWHDOD $GHFLUYHUGDGORVUHVXOWDGRVQRIXHURQPX\DOO
KRUDGHMDUODVWDULIDV  8VRVss ,oPIDLUO\LPSUHVVHGZLWKWKHRXWFRPH
7KHIDLUGDPVHOKDGDIDLUFKDQFHRIZLQQLQJWKHKHDUWRI/DQFHORW (VWR\EDVWDQWHLPSUHVLRQDGRSRUHOGHVHQODFH
EXWKHUPDUNVRQWKHLQWHOOLJHQFHWHVWZHUHRQO\IDLU 7KHWUDGHIDLULVVFKHGXOHGIRUHDUO\-XQH
/DEHOODGRQFHOODWHQDXQDSUREDELOLGDGEDVWDQWHEXHQDGHJDQDU /DIHULDGHPXHVWUDVHVWSUHYLVWDSDUDSULPHURVGHMXQLR
HOFRUD]QGH/DQ]DURWHSHURVXQRWDHQODSUXHEDGHLQWHOLJHQFLD $OOoVIDLULQORYHDQGZDU
VORIXHXQDSUREDGRUDVSDGR  8VRVss 7RGRYDOHHQHODPRU\HQODJXHUUD
,ZRQLWIDLUDQGVTXDUH
0LUURUPLUURURQWKHZDOOZKRoVWKHIDLUHVWRQHRIDOO" /RJDQFRQWRWDOMXVWLFLD /LWHUDOPHQWHFRQWRGDVODVGHODOH\ 
(VSHMLWRHVSHMLWRTXLQHVODPVEHOODGHOUHLQR" <RXKDYHDIDLUFKDQFHRIZLQQLQJWKHUVWSUL]H
7LHQHVEDVWDQWHVSRVLELOLGDGHVGHJDQDUHOSULPHUSUHPLR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LHOWHOHYLVRUQRWLHQHPDQGRDGLVWDQFLDFRQXQERWQSDUDTXHVHDSD ,IWKH79GRHVQoWKDYHDUHPRWHFRQWUROZLWKDEXWWRQWRDXWRPD
JXHGHIRUPDDXWRPWLFDHQWRQFHVQRORFRPSUHV/DQLFDFRQGLFLQ WLFDOO\WXUQLWRIIWKHQGRQoWEX\LW7KHRQO\FRQGLWLRQ,UHTXLUH
TXH\ROHH[LMRDXQWHOHYLVRUHVTXHVHDSDJXHSRUVVRORGHVSXVGHTXH RQD79LVIRULWWREHDEOHWRWXUQRIIE\LWVHOIDIWHU,IDOODVOHHS
PHGXHUPD3DUDPODWHOHYLVLQHVFRPRXQVRPQIHUR1RPHSXH )RUPHD79LVOLNHDVOHHSLQJSLOO,FDQoWIDOODVOHHSZLWKRXWLWRQ
GRGRUPLUVLQTXHHVWHQFHQGLGDSHURQRPHJXVWDGHMDUODHQFHQGLGD EXW,GRQoWOLNHOHDYLQJLWRQDOOQLJKWRUZDNLQJXSDWDP
WRGDODQRFKHRGHVSHUWDUPHDODVGHODPDDQDSDUDDSDJDUOD WRWXUQLWRII

 (OODPHQWRGHODEHOOD(OYLUD FRQW
(VWLPDGR DPLJR \ DOXPQR (Q HO SRHPD H[DJHUR RWUD YH] SHUR QR GHPDVLDGR 8Q
'LIHUHQFLDUVHHQORVHVWXGLRVQRDEUtDODVSXHUWDV
H[FHOHQWH GRPLQLR GHO LQJOV DEUH SXHUWDV D PDQVDOYD 6LQ FRQWDU D JHQWH QDWLYD
&RQGLIHUHQFLDUVHHQHOLQJOpVOORYtDQODVRIHUWDV
UHVLGHQWHHQ(VSDDRDSHUVRQDVFX\RSDGUHRPDGUHHVQDWLYRGHKDEODLQJOHVDQR
1LVXVFROHJLRVQLVXIDFXOWDGOHKDEtDQDYLVDGR
KDEUHQWRGD(VSDDPVGHSHUVRQDVFRQXQQLYHOGHLQJOVVLPLODUDOTXHVH
4XHVLQHOLQJOpVHVWDEDWRGRGHVRODGR
HQFXHQWUDDWRGRVORVQLYHOHVVRFLDOHV\SURIHVLRQDOHVHQ'LQDPDUFD+RODQGD6XHFLD
'XUDQWHGLH]DxRV(OYLUDDVLVWtD R 1RUXHJD /RV HVSDROHV FRQ EXHQ KLVWRULDO DFDGPLFR R SURIHVLRQDO TXH DO PLVPR
$FODVHVGHLQJOpVFRQFUHFLHQWHDSDWtD
WLHPSRGHPXHVWUDQXQQLYHOUHDOPHQWHDOWRGHLQJOVVHULIDQHQWUHODVHPSUHVDV6L
1RHUDFDSD]GHUHPDWDUODIDHQD
XVWHGKLFLHUDXQDHQFXHVWDGHVXHOGRVHQWUHODVSHUVRQDVGHDDRVTXHWUDEDMDQ
<VHQWtDFRPRVLIXHUDXQDIXHUWHFDGHQD
HQHPSUHVDVHQ(VSDDHQFRQWUDUDTXHHQWUHORVTXHIRUPDQHOSULPHUWLHQHQFDVL
&RQVLJXLyXQWUDEDMRFRPRUHVSRQVDEOHGHFXHQWD WRGRVXQQLYHOGHLQJOVSDUHFLGRDOGHORVHVFDQGLQDYRV(OYLUDDOSDUHFHU\DVHKDGDGR
(QXQDHPSUHVDQDFLRQDOGHGLFDGDDODYHQWD
FXHQWDGHHVWR\DKRUDHVXQSRFRWDUGHSDUDTXHORUHPHGLH$KRUDGHEHJDQDUVHODYLGD
'HSURGXFWRVGHOKRJDUFRQVHGHHQ$OLFDQWH
\FRPRYHUPVDGHODQWHHGXFDUDVXVKLMRV 
<XQIXWXURSDUDHOODPX\SRFRH[FLWDQWH
5LFKDUG9DXJKDQ
7REHFRQWLQXHG
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDHVPLYLGD 7KLVLVP\OLIH 9DDMXJDUFRQQRVRWURV" ,VKHJRLQJWRSOD\ZLWKXV"


(VHHVWXSUREOHPD 7KDWLV\RXUSUREOHP 1RYDDYHQLU +HLVQoWJRLQJWRFRPH
(VWRVVRQPLVHVWXGLDQWHV 7KHVHDUHP\VWXGHQWV 3RUTXQR"1RSXHGHMXJDU" :K\QRW"&DQoWKHSOD\"
(VRVVRQVXVEROJUDIRV 7KRVHDUHKLVSHQV 9DDYHUDXQPGLFR +HoVJRLQJWRVHHDGRFWRU
(VWDVSDODEUDVVRQQHFHVDULDV"$UHWKHVHZRUGVQHFHVVDU\" 7LHQHDOJQSUREOHPDJUDYH" 'RHVKHKDYHDVHULRXVSUREOHP"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLHURLUPHDKRUD ,ZDQWWROHDYHQRZ 0HGXHOHHOKRPEUR 0\VKRXOGHUKXUWV


1HFHVLWDVDEHUORSURQWR +HQHHGVWRNQRZVRRQ 7HQJRGRORUGHRGR ,KDYHDQHDUDFKH
/HVJXVWDFRPHUHQVLWLRV 7KH\OLNHHDWLQJLQGLIIHUHQW 0HGXHOHODHVSDOGD ,KDYHDSDLQLQP\EDFN
GLIHUHQWHV SODFHV 0HHVWQPDWDQGRORVSLHV 0\IHHWDUHNLOOLQJPH
/HJXVWDKDEODU 6KHHQMR\VWDONLQJ 0HKHURWRODSLHUQD ,EURNHP\OHJ
OTXLHUHYHUWH +HZDQWVWRVHH\RX

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HSRQHVWULVWHIFLOPHQWH" 'R\RXJHWVDGHDVLO\" 0HDFRQVHMDURQTXHQRIXHUD 7KH\DGYLVHGPHQRWWRJR


&RQTXIUHFXHQFLDWH +RZRIWHQGR\RXJHWGUXQN"
 4XPVWHGLMHURQ" :KDWHOVHGLGWKH\WHOO\RX"
HPERUUDFKDV" 0HGLMHURQTXHHVSHUDVH 7KH\WROGPHWRZDLWXQWLOQH[W
0HSHUGHQODVFDOOHVHVWUHFKDV,JRWORVWLQWKHQDUURZVWUHHWV KDVWDHODRTXHYLHQH \HDU
GH6HYLOOD RI6HYLOOH (OMHIHWHUHFRUGOODPDUD 'LGWKHERVVUHPLQG\RXWRFDOO
$KRUDHVWRVFXUHFLHQGRPV ,WoVJHWWLQJGDUNHUHDUOLHUQRZ
 ORVSURYHHGRUHV" WKHVXSSOLHUV"
WHPSUDQR (VPX\GLVWUDGR +HoVYHU\DEVHQWPLQGHG
(VGLIFLODFRVWXPEUDUVHD ,WoVGLIFXOWWRJHWXVHGWRWKLV

HVWHFDORU KHDW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LQRKXELHUDOODPDGRPH,I,KDGQoWSKRQHG\RXoGKDYH 1RHQWLHQGRQDGDGHORTXHGLFH,FDQoWPDNHKHDGQRUWDLORI
KDEUDVPDWDGR NLOOHGPH ZKDWKHoVVD\LQJ
1XQFDKDUDXQDFRVDDV,oGQHYHUGRDQ\WKLQJOLNHWKDW 'HTXHVWDKDEODQGR":KDWoVKHRQDERXW"
7DUGDVWHPXFKRHQSHUGRQDUPH,WWRRN\RXDORQJWLPHWR 0HYXHOYHORFRDYHFHV+HGULYHVPHFUD]\VRPHWLPHV
IRUJLYHPH &UHRTXHOHIDOWDXQWRUQLOOR,WKLQNKHKDVDVFUHZORRVH
4XKDEUDVKHFKRVLIXHUDV\R":KDWZRXOG\RXKDYHGRQHLI 6HVXQSRFRUDURYHUGDG"<HDKKHoVDELWZHLUGLVQoWKH"
\RXZHUHPH"
1RKDJDVHOWRQWR'RQoWDFWWKHIRRO

/LS 7DSD

0XVLF6WDQG $WULO
.H\V 7HFOD

.H\ERDUG 7HFODGR

3HGDOV 3HGDOHV

9RFDEXODULR*UDQG3LDQR 3LDQRGH&ROD



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV p7RRPXFKq pWRRPDQ\q


(PSOHDPRVpWRRPXFKqFRQVXVWDQWLYRV
,QP\QHFNRIWKHZRRGV +HoVDQLJKWRZO LQFRQWDEOHV\pWRRPDQ\qFRQVXVWDQWLYRV
3RUPLVSDJRV (VXQQRFWPEXOR pEKRQRFWXUQRq  FRQWDEOHV
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HKDVQHUYHVRIVWHHO /HWoVJHWGRZQWRWKHQLWW\JULWW\ IUDVHVHQLQJOV"
7LHQHQHUYLRVGHDFHUR 9D\DPRVDORHVHQFLDODOPHROORGHODVXQWR /RVIXWEROLVWDVWLHQHQGHPDVLDGRGLQHUR
+D\GHPDVLDGDJHQWHHQHO0HWURSRUODV
$QHVWHJJ ,WoVOLNHQGLQJDQHHGOHLQDKD\VWDFN PDDQDV
8QRVDKRUURVSDUDOD (VFRPRHQFRQWUDUXQDDJXMDHQXQSDMDU +D\GHPDVLDGRVYHUERVLUUHJXODUHVHQLQJOV
MXELODFLQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
1LFH

7KLVLVDQLFHSODFH (VWHVLWLRHVDJUDGDEOH 6KHoVQLFH (VPDMD\DJUDGDEOH


6KHoVDQLFHJLUO (VXQDFKLFDPDMD 6KHoVUHDOO\QLFH |4XJXDSDHVHVDFKLFD
%HQLFHWR\RXUOLWWOHVLVWHU 6EXHQRFRQWXKHUPDQLWD 6KHoV1,&( |9D\DSHGD]RGHWD
:KDWDQLFHJHVWXUH |4XGHWDOOHPVDJUDGDEOH (QODVHJXQGDIUDVHHODGYHUELRpUHDOO\qFDPELDUDGLFDOPHQWHHOVLJ
<RXORRNQLFHWRGD\ (VWVJXDSRKR\ QLFDGRGHpQLFHq(QODWHUFHUDIUDVHVREUDQFRPHQWDULRV$ODFHQWXDU
7KDQN \RX 7KDWoV ZDV YHU\ *UDFLDV+DVLGRPX\DPDEOHGHWX ODSDODEUDpQLFHqDGHFXDGDPHQWHODIUDVHDVXPHXQVLJQLFDGRWR
QLFHRI\RX SDUWH WDOPHQWHGLVWLQWR3HURUHSLWRpQLFHqHVVRVRFRPRDGMHWLYRDVRODV\
,KDYHWREH0U1LFH*X\ 7HQJRTXHVHUHOEXHQRGHODSHOFXOD VLDOJXLHQWHGLFHTXHHOUHVXOWDGRGHOSUR\HFWRHQHOTXHKDVLQYHUWLGR
+DYHDQLFHGD\ 4XHSDVHXQEXHQGD WUHVDRVGHWXYLGDHVpQLFHqHVSDUDUHWRUFHUOHHOSHVFXH]Rp1LFHqHV
:HKDGDQLFHWLPH 1RVORSDVDPRVELHQ XQDGMHWLYRTXHFXDQGRORXWLOL]DPRVVHQRVIRUPDXQDVRQULVDVXDYH
\GXOFHVLQQLQJXQDFKLVSDHQORVRMRV9HDPRVPVIUDVHVSDUDD\X
7HQJRXQDPLJRHVSDROGHQRPEUH6HUJLRFX\RLQJOVHVGHQLYHO GDUWH\TXHVDTXHVWXVSURSLDVFRQFOXVLRQHV
QDWLYRFRPRHOPR6HFULHQ((88SHURWDPELQKDEODXQHVSDRO <RXoYH GRQH D QLFH MRE EXW +DVKHFKRXQEXHQWUDEDMRSHUR
ULFRHQFRQWHQLGRV\PDWLFHV6ROHPRVKDEODUHQHVSDROQRHQLQJOV KDYH\RXVHHQ3HWHUoVZRUN" KDVYLVWRHOWUDEDMRGH3HGUR"
SHURGHYH]HQFXDQGR6HUJLRLQWHUFDODODSDODEUDpQLFHqHQVXOHQJXDMH ,WoVQLFHWRNQRZWKDWVRPHRQH (VWELHQVDEHUTXHDOJXLHQHVW
0HGLFHIUDVHVFRPRp3DUDHVHSXHVWROROWLPRTXHQHFHVLWDPRVHV LVORRNLQJRXWIRUPH YHODQGRSRUPLELHQ
DOJXLHQPX\pQLFHqq 2KfWKDWoVQLFH $KEXHQRELHQ
0HOODPDODDWHQFLQHOKHFKRGHTXHXVHpQLFHqFXDQGRVXLPSUH ,FDQoWGRWKDWWRKLP,oPWRR 1RSXHGRKDFHUOHHVR6R\GHPD
VLRQDQWH GRPLQLR GHO HVSDRO OH SHUPLWLUD VHU LJXDO H LQFOXVR PV QLFH VLDGRDPDEOH\FRPSUHQVLYR
HORFXHQWHHQVXOHQJXDPDWHUQD/RKDFHSRUTXHQRH[LVWHXQDWUD )LQDOPHQWHHVIDPRVDODIUDVHGH/HR'XURFKHUSRSXODUHQWUHQD
GXFFLQGHOWRGRH[DFWDSDUDpQLFHq(QVXVHQWLGRSXURpQLFHqSXHGH GRUGHELVEROTXHGHFDp1LFHJX\VQLVKODVWq /RVEXHQRVWHU
WUDGXFLUVHFRPRpPDMR\DJUDGDEOHq6LQHPEDUJRHVXQDSDODEUDWH PLQDQORV~OWLPRV (UDSDUWLGDULRGH]DUDQGHDU\GDUOHXQDSDOL]D
UULEOHPHQWHVRVDVLQRYDDFRPSDDGDGHXQRVDGYHUELRVGHVFULSWLYRV DODGYHUVDULRLQFOXVRHQXQMXHJRWDQFLYLOL]DGRFRPRHOELVERO
RGHXQWRQRGHYR]GLIHUHQFLDGRU3RUHMHPSOR &ORYHUGDOHLVDQLFHJX\

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+ROD (GGLH &PR WH YD" 'QGH FRQVLJXHV WRGRV HVRV FKLVWHV +L (GGLH +RZoV LW JRLQJ":KHUH GR \RX JHW DOO WKRVH MRNHV \RX
TXHPHPDQGDVSRUHPDLO"'HEHVSDVDUWHKRUDVEXVFDQGRWRGDV VHQGPHE\HPDLO"<RXPXVWVSHQGKRXUVVHDUFKLQJWKH,QWHUQHW
HVDVFRVDVHQ,QWHUQHW6DEHVSDUDVHUVLQFHURFDVLSUHIHULUDTXH IRUWKDWVWXII<RXNQRZWRWHOO\RXWKHWUXWK,oGDOPRVWSUHIHU\RX
QRPHPDQGDUDVWDQWRV7HQJRPXFKRWUDEDMR\QRWHQJRWLHPSR GLGQoWVHQGPHVRPDQ\,oYHJRWDORWRIZRUNWRGRDQG,MXVWGRQoW
SDUDOHHUORVWRGRVDSHVDUGHODWHQWDFLQ KDYHWLPHWRUHDGWKHPDOOfGHVSLWHWKHWHPSWDWLRQ


(OODPHQWRGHODEHOOD(OYLUD FRQW (VWLPDGR DPLJR \ DOXPQR (OYLUD TXLHUH HQ HVWRV PRPHQWRV HQFRQWUDU D ORV
(VWDEDDVTXHDGD\TXHUtDFXOSDU FXOSDEOHVGHVXGHVWLQR+D\WUHVHOVLVWHPDHGXFDWLYRHVSDROORVSDGUHVGH(OYLUD
$WHUFHURVSRUVXGHVWLQRXQGHVWLQRWDQYXOJDU \(OYLUDPLVPD(OVLVWHPDHGXFDWLYRWLHQHFRPRKHGLFKRHQRWUDRFDVLQDRV
&RQSRFDVDVSLUDFLRQHV\VXEHOOH]DDMDGD SDUDUHVROYHUHVWDFDUHQFLDIRUPDWLYD\QLVLTXLHUDVHDFHUFDDXQDVROXFLQ0VELHQ
'HFLGLyHPSUHQGHUXQDVDQWDFUX]DGD HPSHRUDODFRVDGHMDQGRDORVHVWXGLDQWHVFRPRFDUQHGHFDQGHODVDFDGHPLDV
'HFLGLyDWDFDUHOVLVWHPDHGXFDWLYR SULYDGDV/RVSDGUHVGH(OYLUDKDEUDQKHFKRELHQHQVDEHUORTXHVXKLMDLEDDQHFHVLWDU
8QVLVWHPDSDUDHOODWDQSRFRHIHFWLYR HQODYLGDSDUDSRGHUGHVDUUROODUVHSURIHVLRQDOPHQWHFRQOLEHUWDG+R\HQGDVRQ
/DHPSUHQGLyFRQVXVSDGUHVORVSREUHVVHxRUHV FDGDYH]PVORVSDGUHVTXHVHSUHRFXSDQSRUHVWHWHPDSHUROHVFXHVWDPXFKR
&RQVXVPDHVWURV\SURIHVFRQVXVDQWLJXRVWXWRUHV GLQHURVXSOLUODLQFDSDFLGDGGHOVLVWHPDHGXFDWLYR3HURODSULQFLSDOFXOSDEOHHQWRGR
7RGRVSDUDHOODOHKDEtDQIDOODGR HVWRHV(OYLUD$SDUWLUGHORVDRVODFKLFDVHJXUDPHQWHVDEDTXHHOLQJOVHUD
(UDQWRGRVPLRSHVKDEtDQHVWURSHDGR LPSRUWDQWH0XFKRVMYHQHVWLHQHQSRFRLQWHUVDFLHUWDVHGDGHVSRUGRWDUVHGHODV
(OIXWXURGHHOODSRUVHULJQRUDQWHV KDELOLGDGHVHVHQFLDOHVSDUDHO[LWR2WURVFRPR(OYLUDVLPSOHPHQWHVRQPLRSHV
'HORTXHHOPXQGRGHPDQGDDORVPHMRUHVDVSLUDQWHV
5LFKDUG9DXJKDQ

7REHFRQWLQXHG
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQODVKDELWDFLRQHV" :KHUHDUHWKHEHGURRPV" 4XLHUHVYHQLUDXQFRQFLHUWR" 'R\RXZDQWWRFRPHWRD


4XHVXQ/RZ%HJLQQHU" :KDWLVDp/RZ%HJLQQHUq" FRQFHUW"
4XLQHUHV" :KRDUH\RX" 3XHGHVWUDHUDWXKHUPDQD <RXFDQEULQJ\RXUVLVWHU
&XQGRHVODFHQD" :KHQLVGLQQHU" 7HJXVWDHVFXFKDUPVLFD" 'R\RXOLNHOLVWHQLQJWRPXVLF"
3RUTXHVWQDTX" :K\DUHWKH\KHUH" 0HHQFDQWDODPVLFD ,ORYHPXVLF
7RFDOXQLQVWUXPHQWR" 'RHVKHSOD\DQLQVWUXPHQW"

$HULDO $QWHQD

7UDQVLVWRUUDGLR 7UDQVLVWRU
9ROXPH 9ROXPHQ

6SHDNHU $OWDYR] 7XQHU 6LQWRQL]DGRU

9RFDEXODULR5DGLR 5DGLR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HTXLQHVHVWHPYLO" :KRVHPRELOHLVWKDW" 6LJXHVWUDEDMDQGRHQOD $UH\RXVWLOOZRUNLQJLQWKH


(VGHHOOD ,WoVKHUV SDQDGHUD" EDNHU\"
(VWX\RHVH03" ,VWKDW03\RXUV" 1R\DQRWUDEDMRDOO 1R,GRQoWZRUNWKHUHDQ\PRUH
1RQRHVPR&UHRTXHHV 1RLWoVQRWPLQH,WKLQNLWoV
 7XYHTXHGHMDUOR ,KDGWROHDYHLW
GHO KLV +DVHQFRQWUDGRXQQXHYR +DYH\RXIRXQGDQHZMRE\HW"
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW" WUDEDMR\D"
$FDERGHHPSH]DUHQXQD ,oYHMXVWVWDUWHGLQDEXWFKHUV
FDUQLFHUD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HGHMDQOOHYDUURSDQRUPDO 'RWKH\OHW\RXZHDUQRUPDO
 3UHIHULUDVTXHYLQLHUDPV :RXOG\RXUDWKHU,FDPHODWHU"
DOWUDEDMR" FORWKHVWRZRUN" WDUGH"
1RQRVKDFHQOOHYDUWUDMHV\ 1RWKH\PDNHXVZHDUVXLWV 3UHIHULUDTXHQRYLQLHUDV\ ,oGUDWKHU\RXGLGQoWFRPHIXOO
FRUEDWDV DQGWLHV SXQWR VWRS
4X",QFOXVRDODVPXMHUHV" :KDW"(YHQWKHZRPHQ" 'HMPRVORSDUDRWURPRPHQWR /HWoVOHDYHLWIRUDQRWKHUWLPH
/HVGHMDQYHVWLUVHFRPRHOODV 7KH\OHWWKHPGUHVVKRZHYHU
 &DPELDPRVGHWHPD" 6KDOOZHFKDQJHWKHVXEMHFW"
TXLHUDQ WKH\ZDQW 4XWHDSHWHFHKDFHU" :KDWGR\RXIHHOOLNHGRLQJ"
(VRHVLQMXVWRGHEHUDV 7KDWoVXQIDLU\RXVKRXOG

TXHMDUWHSRUHOOR FRPSODLQDERXWLW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VWDPRVHPSH]DQGRFRQPDO :HoUHJHWWLQJRIIWRDEDGVWDUW
 0HKHHQDPRUDGR,oPKHDGRYHUKHHOVLQORYHZLWK
SLHFRPRVLHPSUH DVXVXDO SHUGLGDPHQWHGHHOOD KHU
4XH\RVHSDQRVHKDKHFKR $VIDUDV,NQRZQRWKLQJKDV
 (VWEXHQVLPD6KHoVDVWXQQHU
QDGD EHHQGRQH $XQTXHHVXQSRFRFUHGD$OWKRXJKVKHoVDELWIXOORI
(VWR\GHDFXHUGRFRQWLJR ,DJUHHZLWK\RXWRDFHUWDLQ
 KHUVHOI
KDVWDFLHUWRSXQWR H[WHQW /DVDSDULHQFLDVHQJDDQ$SSHDUDQFHVFDQEHGHFHSWLYH
(VWR\GLVSXHVWRDKDFHU ,oPZLOOLQJWRGRDQ\WKLQJ
 (QHOIRQGRHVXQSRFRWPLGD'HHSGRZQVKHoDELWVK\
FXDOTXLHUFRVD
+D\TXHFRUUHUULHVJRVGH <RXKDYHWRWDNHULVNVIURPWLPH

YH]HQFXDQGR WRWLPH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV p7RJHWXVHGWRq pWREHXVHGWRq


8QRVLJQLFDDFRVWXPEUDUVH\HORWURVLJQLFD
,GRQoWNQRZDQ\RQHRIIKDQG ,oPRQJRRGWHUPVZLWK0DQROR HVWDUDFRVWXPEUDGRSHURFXOHVFXO"
1RFRQR]FRDQDGLHDVGHSURQWR 0DQROR\\RQRVOOHYDPRVELHQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KH\SOD\HGDWULFNRQ\RX :HoUHQRWRQVSHDNLQJWHUPV <DWHKDVDFRVWXPEUDGRDOVDERUGHOFDI
7HJDVWDURQXQDEURPD 1RQRVKDEODPRV DPHULFDQR"
1XQFDPHDFRVWXPEUDUDOVHQWLGRGHKXPRU
,oOOJLYHLWWR\RXRQDVLOYHUSODWWHU +HoVRQWKHEDOO LQJOV
7HORGDUHQEDQGHMDGHSODWD (VWLQIRUPDGR\HVSDELODGR 1RHVWR\DFRVWXPEUDGRDGDUSUHVHQWDFLRQHV
HQLQJOV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

0RVW

0RVWZRPHQLQ6SDLQGRQoWZHDURZHUVLQWKHLUKDLU 0RVWEDGJX\VHQGXSLQMDLO
0RVWZRPHQLQ6SDLQGRQoWXVHIDQVUHJXODUO\ /DPD\RUDGHORVPDORVDFDEDQHQODFUFHO
0RVWZRPHQLQ6SDLQDUHDWWUDFWLYH 0RVW6ZHGHVVSHDNPRUHWKDQRQHODQJXDJH
0RVWZRPHQLQ6SDLQVSHDNJRRG(QJOLVK /DPD\RUDGHORVVXHFRVKDEODQPVGHXQLGLRPD
0RVWZRPHQLQ6SDLQDUHPDUULHG (QWRGRVORVHMHPSORVTXHDFDERGHRIUHFHUWHHVWR\KDEODQGRGHOD
0RVWZRPHQLQ6SDLQGRPRVWRIWKHKRXVHZRUN PD\RUD GH OD JHQWH HQ JHQHUDO GH OD PD\RUD GH ODV UHXQLRQHV HQ
0RVWZRPHQLQ6SDLQKDYHFKLOGUHQ JHQHUDOGHODPD\RUDGHODVEDQGHUDVHQJHQHUDOHWF$KRUDIMDWHHQ
0RVWZRPHQLQ6SDLQGRQoWKDYHDQRXWVLGHMRE ODVVLJXLHQWHVIUDVHV
0RVWZRPHQLQ6SDLQDUHRYHUZHLJKW 0RVWRIWKHSHRSOH,VDZODVWZHHNZHUH6SDQLVK
0RVWZRPHQLQ6SDLQUHDGJRVVLSPDJD]LQHV /DPD\RUDGHODJHQWHTXHYLODVHPDQDSDVDGDHUDHVSDROD
0RVWZRPHQLQ6SDLQKDYHWKHLURZQEDQNDFFRXQW 0RVWRIWKHPHHWLQJV,DWWHQGHGODVW\HDUZHUHERULQJ
, DJUHH ZLWK VHYHQ RI WKH VHQWHQFHV DERYH /DPD\RUDGHODVUHXQLRQHVDODVTXHDVLVWHODRSDVDGRIXHURQDEXUULGDV
+RZPDQ\GR\RXDJUHHZLWK" 0RVWRIWKHDJVLQ$VLDKDYHWKUHHFRORUV
&DGDIUDVHHQHOUHFXDGURFRPLHQ]DFRQODH[SUHVLQpPRVWq /DPD\RUDGHODVEDQGHUDVHQ$VLDWLHQHQWUHVFRORUHV
VLQ QLQJXQD SUHSRVLFLQ GHVSXV &XDQGR TXHUHPRV H[ 0RVWRIWKHEDGJX\V,NQRZKDYHQHYHUVSHQWDGD\LQMDLO
SUHVDUHQLQJOVODLGHDGHXQDPD\RUDGHJHQWHREMHWRV /DPD\RUDGHORVPDORVTXHFRQR]FRMDPVKDQSDVDGRXQGDHQODFUFHO
FDVRVDVXQWRVHWFVROHPRVHPSOHDUODH[SUHVLQpPRVWq 0RVWRIWKH6ZHGHVDWWKHSDUW\VSRNHSHUIHFW(QJOLVK
VHJXLGDLQPHGLDWDPHQWHGHOVXMHWRHQFXHVWLQ /DPD\RUDGHORVVXHFRVHQODHVWDKDEODEDQXQLQJOVSHUIHFWR
0RVWSHRSOHOLYHLQWHPSHUDWHFOLPDWHV (QORVOWLPRVFLQFRHMHPSORVQRVHVWDPRVUHULHQGRDODPD\RUDGH
/DPD\RUDGHODJHQWHYLYHHQFOLPDVWHPSODGRV XQJUXSRHVSHFFRRGHWHUPLQDGRGHJHQWHUHXQLRQHVEDQGHUDVHWF
0RVWPHHWLQJVDUHDZDVWHRIWLPH 3RUHVWRFDPELDPRVGHpPRVWVXMHWRqDpPRVWRIWKHVXMHWRq3DUD
/DPD\RUDGHODVUHXQLRQHVVRQXQDSUGLGDGHWLHPSR WHUPLQDUHVLPSRUWDQWHVDEHUTXHODH[SUHVLQHQLQJOVSDUDpODPD
0RVWDJVFRQWDLQPRUHWKDQRQHFRORU \RUDGHODVYHFHVqHV
/DPD\RUDGHODVEDQGHUDVFRQWLHQHQPVGHXQFRORU 0RVWRIWKHWLPH pWLPHqVLHPSUHYDHQVLQJXODU 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RWHORYDVDFUHHUSHUR+DUROGVHGHMODVOODYHVGHQWURGHOFRFKH <RXoUHQRWJRLQJWREHOLHYHLWEXW+DUROGOHIWWKHNH\VLQWKHFDU
7RGDYD HVWDPRV DTX HQ HO EDU GH FDUUHWHUD GHVGH GRQGH WH OODP :HoUHVWLOOKHUHDWWKHURDGVLGHUHVWDXUDQWZKHUH,FDOOHG\RXIURP
KDFHXQDKRUDWUDWDQGRGHHQFRQWUDUXQDIRUPDGHHQWUDUHQHOFRFKH DQKRXUDJRWU\LQJWRQGDZD\WREUHDNLQWRWKHFDU:HFDOOHGD
+HPRVOODPDGRDXQFHUUDMHURORFDOSHURDQQRKDOOHJDGR(QOWLPR ORFDOORFNVPLWKEXWKHKDVQoWDUULYHG\HW,IZRUVWFRPHVWRZRUVW
FDVRVLODVFRVDVYDQDSHRUURPSHUXQDGHODVYHQWDQDV ,oOOEUHDNRQHRIWKHZLQGRZV

 (OODPHQWRGHODEHOOD(OYLUD FRQW
(OYLUD(OYLUDODFXOSDHVGHPXFKRV (VWLPDGRDPLJR\DOXPQR3RGHPRVVDFDUGRVFRVDVLPSRUWDQWHVGHHVWDVHVWURIDVGHO
3HURHOHJLVWHW~PDOWDPELpQORVFDUWXFKRV SRHPD 3ULPHUR DXQTXH H[DJHUR XQ SRFR VREUH OD LPSRUWDQFLD GHO LQJOV FRPSDUDGR
([LVWHVRODPHQWHXQDEDODGHLQWHUpV FRQRWUDVFXDOLGDGHV\FRQRFLPLHQWRVVHVFLHUWRTXHHVHOFRQRFLPLHQWRRKDELOLGDGTXH
(VDEDODTXHULGDPtDHVDEDODHVHOLQJOpV PVUSLGDPHQWH\PVIFLOPHQWHDEUHODVSXHUWDVDODHPSUHVDSDUDUHFLQOLFHQFLDGRV
3HUGLVWHHOWUHQ\DHVWDUGHPXMHU 3RUHOORHVLPSRUWDQWVLPRTXHWDQWRHOMRYHQPLVPRFRPRVXVSDGUHVVHFRQFLHQFLHQGH
<GHFODVHV\PiVFODVHVWHGHEHVDEVWHQHU ODQHFHVLGDGGHTXHDTXOVHKDJDFRQXQQLYHOGHLQJOVUHDOPHQWHOODPDWLYR6HJXQGR
3HURWLHQHVGRVKLMRVFULDWXUDVLPSROXWDV FRPRVXJHULPRVD(OYLUDHQHOSRHPDHOPHMRUPRPHQWRSDUDFRPHQ]DUHVFXDQGRHOMRYHQ
4XHDEVRUEHQDOYXHORFRVDVJUDQGHV\GLPLQXWDV HVWRGDYDQLR'HVGHTXHOOHJDFRQFXDWURGDVGHODFOQLFDXKRVSLWDOKD\IRUPDVSDUD
'HVFRQItDGHOFROHJLR\GHORVGLFWDGRVGHO0LQLVWHULR DVHJXUDU OD SUHVHQFLD GHO LQJOV D VX DOUHGHGRU /RV QLRV DEVRUEHQ \ DVLPLODQ ODV FRVDV
1RVRPHWDVDWXVKLMRVDWXPLVPRFDXWLYHULR FRQXQDUDSLGH]\XQDIDFLOLGDGHQYLGLDEOHVSHURWDPELQROYLGDQFRQODPLVPDUDSLGH]\
(PSLH]DDKRUDDGRWDUOHVGHOLGLRPD IDFLOLGDG3RUORWDQWRFXDOTXLHUHVWUDWHJLDTXHXVWHGGHFLGDFRQUHVSHFWRDVXVKLMRVGHEHVHU
4XHOHVDEULUiODVSXHUWDVDXQTXHOHVIDOWHGLSORPD DOJRFRQWLQXDGRHQHOWLHPSR'HEHDSOLFDUHOGLFKRHQHVSDROpVLQSULVDVSHURVLQSDXVDq 
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VVWHEXHQR" ,VWKLVJRRG" (OODWLHQHXQDFDUDEHOOD 6KHKDVDEHDXWLIXOIDFH


(VVDPDOD" ,VWKDWEDG" OWLHQHXQDERFDUDUD +HKDVDVWUDQJHPRXWK
(VLQWHUHVDQWH" ,VLWLQWHUHVWLQJ" OWLHQHORVGLHQWHVPX\EODQFRV +HKDVYHU\ZKLWHWHHWK
6RQVWDVLPSRUWDQWHV" $UHWKHVHLPSRUWDQW" (OODQRWLHQHXQDQDUL]ODUJD 6KHGRHVQoWKDYHDORQJQRVH
6RQDTXHOODVYHUGHVRD]XOHV" $UHWKRVHJUHHQRUEOXH" OQRWLHQHORVEUD]RVIXHUWHV +HGRHVQoWKDYHVWURQJDUPV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RKD\PXFKRGLQHURHQHO 7KHUHLVQoWPXFKPRQH\LQWKH
 (VGHPDVLDGRGLIFLO ,WoVWRRGLIFXOW
EROVR EDJ 7HQHPRVGHPDVLDGRVFRFKHV :HKDYHWRRPDQ\FDUVRQWKH
+D\SRFDGLIHUHQFLDHQWUH 7KHUHoVOLWWOHGLIIHUHQFH
 HQODFDOOH URDG
ORVGRV EHWZHHQWKHWZR +D\GHPDVLDGRUXLGR 7KHUHoVWRRPXFKQRLVH
+D\SRFDVSHUVRQDVDTXKR\ 7KHUHDUHIHZSHRSOHKHUHWRGD\ 1RHVORVXFLHQWHPHQWHEDUDWR ,WoVQRWFKHDSHQRXJK
1RKD\PXFKRVKRPEUHV 7KHUHDUHQoWPDQ\PHQZKR
 1RKD\VXFLHQWHVUEROHV 7KHUHDUHQoWHQRXJKWUHHV
TXHVDEHQHVR NQRZWKDW
'HTXHVWVKDEODQGR" :KDWDUH\RXWDONLQJDERXW"

7LPHV 0XOWLSOLFDGRSRU

'LYLGHGE\ 'LYLGLGRSRU 0LQXV 0HQRV

(TXDOV ,JXDOD 3OXV 0V

9RFDEXODULR&DOFXODWRU &DOFXODGRUD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$TXHVWVHVSHUDQGR" :KDWDUH\RXZDLWLQJIRU" &PRWHJDQDVODYLGD" +RZGR\RXPDNHDOLYLQJ"


(VSHURTXHOOHJXHPLKHUPDQR,oPH[SHFWLQJP\EURWKHUWR 0HEXUORGHODJHQWH ,PDNHIXQRISHRSOH
HQFXDOTXLHUPRPHQWR DUULYHDWDQ\PRPHQW 3XHGHVJDQDUGLQHUR &DQ\RXPDNHPRQH\GRLQJ
7LHQHVLOXVLQSRUYROYHU $UH\RXORRNLQJIRUZDUGWR
 KDFLHQGRHVR" WKDW"
DYHUOH" VHHLQJKLPDJDLQ" 6HSXHGHVLXQRHVXQEXHQ <RXFDQLI\RXoUHDJRRGFORZQ
+DFHVLJORVTXHQROHYHR ,WoVEHHQDJHVVLQFH,oYHVHHQKLP SD\DVR
&XQWRKDFHTXHQROHYHV" +RZORQJKDVLWEHHQVLQFH\RX 'HKHFKRKHKHFKRXQDIRUWXQD ,QIDFW,oYHPDGHDIRUWXQH
ODVWVDZKLP"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0VYDOHTXHWHFDOOHV <RXoGEHWWHUVKXWXS 4XRSLQDVGHOFDOHQWDPLHQWR:KDWGR\RXWKLQNDERXWJOREDO


4XLQPHYDDKDFHUFDOODU" :KRoV JRLQJ WR PDNH PH VKXW JOREDO" ZDUPLQJ"
XS" 1RHVPVTXHXQDWRQWHUD ,WoVMXVWDORWRIKRWDLU
6LJXHPLVFRQVHMRVVLQR 7DNHP\DGYLFHRWKHUZLVH 1RGLJDVEREDGDV 'RQoWVSHDNQRQVHQVH
(VWVPRQRFXDQGRWHHQIDGDV <RX ORRN FXWH ZKHQ \RX JHW (VWFLHQWFDPHQWHSUREDGR ,WoVVFLHQWLFDOO\SURYHQ
DQJU\ (VRORGLUVW 6SHDNIRU\RXUVHOI
&RQKDODJRVQRYDVD )ODWWHU\ZLOOJHW\RXQRZKHUH
FRQVHJXLUQDGD


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDOp7KHUHLVq

%HWKHUHDWRoFORFNRQWKHGRW :HoUHRQWKHVDPHZDYHOHQJWK 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
(VWWHDOODODVHQSXQWR (VWDPRVHQODPLVPDORQJLWXGGHRQGD IUDVHVHQLQJOV"

<RXUMRELVRQWKHOLQH +HGLGLWRQWKHVO\ +D\XQSROORHQODFRFLQD"


7XSXHVWRGHWUDEDMRHVWHQSHOLJUR /RKL]RDODFKLWDFDOODQGR +D\XQSHUURGHWUVGHOVRI"
+D\XQKRPEUHHQPLRFLQD"
1HYHUQHYHUODQG ,IHHORQWRSRIWKHZRUOG
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/DWLHUUDGHQXQFDMDPV |0HVLHQWRGHPDUDYLOOD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

$OPRVWfEXWQRWTXLWH

4XHVWLRQ +DYH \RX UHDFKHG \RXU JRDO RI EHFRPLQJ ULFK DQG ,oPDOPRVWUHDG\ ,oPQRWTXLWHUHDG\
IDPRXV"$QVZHU1RWTXLWH ,WoVDOPRVWWLPH ,WoVQRWTXLWHWLPH\HW
(QWLHQGHVODUHVSXHVWD"(VWHOVHRUFHUFDROHMRVGHVXPHWD" +DYHZHDUULYHG\HW"$OPRVW +DYHZHDUULYHG\HW"1RWTXLWH
9HDPRVPVHMHPSORV 7KLVLVDOPRVWZKDW,ZDQW 7KLVLVQRWTXLWHZKDW,ZDQW
*LYHPHWZRPLQXWHV,oPQRWTXLWHUHDG\\HW
'DPHGRVPLQXWRV(VWR\FDVLFDVLOLVWR $GLIHUHQFLDGHpDOPRVWqFXDQGRHPSOHDPRVpQRWTXLWHqIRU]D
,oPQRWTXLWHVXUHZKHWKHUWRFDOOKLPRUQRW PRVODHQWRQDFLQFRQXQOHYHJHVWRGHUHVLJQDFLQ
1RHVWR\GHOWRGRVHJXURVLOODPDUOHRQR 'LG\RXUHDFKWKHQDOV" 1RWTXLWH
,oPQRWTXLWHRYHUP\FROG\HW /OHJDVWHDODQDO" 1RfSHURFDVL
&DVLHVWR\UHFXSHUDGRGHPLUHVIULDGRSHURPHTXHGDDOJR +DYH\RXPDGHXSZLWK\RXUJLUOIULHQG\HW" 1RWTXLWH
+LVp0U&OHDQqLPDJHLVQRWTXLWHGHVHUYHG 7HKDVUHFRQFLOLDGRFRQWXQRYLD" 1RGHOWRGR
6XLPDJHQGHp0VWHU3URSHUqQRHVGHOWRGRPHUHFLGD
,WoVQRWTXLWHULJKW /DH[SUHVLQpQRWTXLWHqWDPELQSXHGHDSDUHFHUGHQWURGHXQD
1RHVWELHQGHOWRGR FRQMXJDFLQ3XHGHVGHFLUSRUHMHPSORp,GRQoWTXLWHXQGHUVWDQG
\RXq 1RWHDFDERGHHQWHQGHUGHOWRGR (QHVWHFDVRpQRWqHVW
8WLOL]DPRVDGLDULRODH[SUHVLQpQRWTXLWHq VHSURQXQFLDpTXLWq  FRQWUDGRGHQWURGHODH[SUHVLQpGRQRWq2SRUHMHPSORpWKH\
\VLQHPEDUJRQRFRQR]FRDQLQJQHVSDROFDSD]GHHQWHQGHU KDYHQoW TXLWH PDGH XS WKHLU PLQGq 1R DFDEDQ GH GHFLGLUVH GHO
VLTXLHUDVXVLJQLFDGR1LQJQOLEURGHJUDPWLFDORH[SOLFD\VH WRGR  /R LPSRUWDQWH HV UHFRUGDU TXH OD PLWDG GH ODV YHFHV TXH
QRVROYLGDDORVSURIHVRUHVGHLQJOVPHQFLRQDUOR6LQHPEDUJR R\HVODSDODEUDpTXLWHqHQXQDIUDVHVHJXUDPHQWHVHWUDWDGHOD
QDGDPVGHMDUHODXODORXWLOL]DPRVFRQQXHVWURVDPLJRVDQJOR LGHDGHpFDVLFDVLqRpQRGHOWRGRq
SDUODQWHV(OVLJQLFDGRPVH[DFWRHVpFDVLFDVLqHQPXFKRVFD
VRV\pQRGHOWRGRqHQRWURV(QHOFDVRGHpFDVLFDVLqFDSWDPRV ,oYHEHHQWHDFKLQJ(QJOLVKIRU\HDUVDQG,oPVWLOOQRWTXLWHVXUH
ODLGHDSRUODSXHUWDWUDVHUDHPSOHDQGRXQDH[SUHVLQEDVDGD KRZ WR H[SODLQ FHUWDLQ H[SUHVVLRQV LQ WKH ODQJXDJH LQFOXGLQJ
HQXQDQHJDFLQ pQRWTXLWHq

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+DKDELGRXQDYLRODFLQHQODVHJXULGDG$QRFKHDOJXLHQHQWUHQ 7KHUHoVEHHQDEUHDFKLQVHFXULW\/DVWQLJKWVRPHERG\JRWLQWRWKH
HOVHUYLGRU\HVWURSHYDULRVDUFKLYRVGHODEDVHGHGDWRV1HFHVL VHUYHUDQGPHVVHGXSVHYHUDOGDWDEDVHOHV:HoOOQHHGDFRXSOHRI
WDUHPRVXQSDUGHGDVSDUDGHMDUODVFRVDVFRPRHVWDEDQSHUR GD\VWRJHWWKLQJVEDFNWKHZD\WKH\ZHUHEXW,oPZRUULHGDERXW
HVWR\SUHRFXSDGRSRUFPRRFXUULHVWR4XLHQTXLHUDTXHIXHVH KRZWKLVKDSSHQHG:KRHYHULWZDVFRXOGoYHGHVWUR\HGPRUHWKDQ
SRGDKDEHUGHVWUXLGRPVGHXQDRGHWUDEDMR D\HDUoVZRUN


(OODPHQWRGHODEHOOD(OYLUD FRQW (VWLPDGR DPLJR \ DOXPQR $TX DWDFR D WRGRV ORV VLVWHPDV HGXFDWLYRV GHO
PXQGRSRUTXHHQPLRSLQLQQRVDEHQSUHSDUDUDODJHQWHDGHFXDGDPHQWH
1RFRQItHVHQORVGHPiVSDUDUHVROYHUWXSUREOHPD
1LHQHOHVWDGRQLHQHOVLVWHPDSDUDVROYHQWDUFDGDWHPD
(OPHMRUVLVWHPDXQLYHUVLWDULRSDUDPHVHOQRUWHDPHULFDQR3HURSHFDGHPX\
<DYHVORTXHSDVDFXDQGRVLJXHVODVSDXWDV FDUR\QRSXHGHVDOYDUDWDQWRVTXHOOHJDQGHXQVLVWHPDSULPDULR\VHFXQGDULR
'HORVVLVWHPDVHGXFDWLYRVTXHQRVDEHQQLDXWDV TXHYDGHPDOHQSHRU0HMRUDUODHGXFDFLQH[LJHPXFKRWLHPSRHVIXHU]R\
6REUHFyPRHQWUHJDUDODYLGDUHDO SDFLHQFLD(Q(VSDDVHFDPELDGHORVRID\HQIRTXHHGXFDWLYRVFDGD
([SHUWRVSUHSDUDGRVFRQEDJDMHSURIHVLRQDO DRVORFXDOGLFXOWDDQPVODFRQVROLGDFLQGHPHMRUDV3HURVR\RSWLPLVWD\
)LQ HQORTXHVHUHHUHDOLQJOV\DHVWDPRVHPSH]DQGRDYHUFRVDVSRVLWLYDV
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6RQWXVSDGUHV" $UHWKH\\RXUSDUHQWV" +D\VLOODVHQHVDKDELWDFLQ" $UHWKHUHDQ\FKDLUVLQWKDW


1RORVRQVRQPLVWRV 1RWKH\oUHQRWLWoVP\XQFOH URRP"
DQGP\DXQW 6KD\DOJXQDVHQPLGHVSDFKR <HVWKHUHDUHVRPHLQP\RIFH
1RHVWR\PX\FRQWHQWR ,oPQRWYHU\KDSS\ +D\PRQWDDVHQ/RQGUHV" $UHWKHUHPDQ\PRXQWDLQVLQ
3RUTXHVWVWULVWH" :K\DUH\RXVDG" /RQGRQ"
1RORV ,GRQoWNQRZ 1RQRKD\PRQWDDVHQHVD 1RWKHUHDUHQoWDQ\PRXQWDLQV
FLXGDG LQWKDWFLW\
4XHVWVSHQVDQGR" :KDWDUH\RXWKLQNLQJ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWDOHFKHWHQHPRV" +RZPXFKPLONGRZHKDYH" 'LPHGRQGHHVWXYLVWHDQRFKH 7HOOPHZKHUH\RXZHUHODVW


&XQWRVYDVRVQHFHVLWDHOOD" +RZPDQ\JODVVHVGRHVVKH QLJKW
QHHG" 'LMRORTXHHVWDEDKDFLHQGR" 'LGKHVD\ZKDWKHZDVGRLQJ"
3RUTXKDEODHOODDV" :K\GRHVVKHWDONOLNHWKDW" 1RVGLMRSRUTXQRYLQR +HWROGXVZK\KHGLGQoWFRPH
&RQTXLQHVWVDOLHQGRO" :KRLVKHJRLQJRXWZLWK" 2VWHFRQTXLQVDOL" 'LG\RXKHDUZKRKHZHQWRXW
9LYHQMXQWRV" 'RWKH\OLYHWRJHWKHU" ZLWK"
6DEHVFRPROOHJDOO" 'R\RXNQRZKRZKHJRWWKHUH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXQRKDYHQLGRWRGDYD":K\KDVQoWKHFRPH\HW" 7UDEDMRSDUDTXHPLIDPLOLD ,ZRUNVRWKDWP\IDPLO\KDV


3RUTXQRIXLLQYLWDGR" :K\ZDVQoW,LQYLWHG" WHQJDFRPLGDHQODPHVD IRRGRQWKHWDEOH
3RUTXQRVHORGLMLVWH" :K\GLGQoW\RXWHOOWKHP" /RVHOHIDQWHVLQGLRVWLHQHQODV ,QGLDQHOHSKDQWVKDYHVPDOO
3RUTXQRHVWDUVDOO" :K\ZRQoW\RXEHWKHUH" RUHMDVSHTXHDVPLHQWUDVTXH HDUVZKHUHDVWKH$IULFDQRQHV
3RUTXQROHFUHHUDV" :K\ZRXOGQoW\RXEHOLHYHLW" ORVDIULFDQRVODVWLHQHQJUDQGHV DUHELJ
0LHQWUDVTXHYLYDVDTX $VORQJDV\RXOLYHKHUH\RXoOO
REHGHFHUVPLVUHJODV REH\P\UXOHV
(QFXDQWROOHJXHDTXQRV $VVRRQDVKHJHWVKHUHZHoOO
SLUDPRV EHRII
3DUHFHFRPRVLQRKXELHUDV <RXORRNDVLI\RXKDGQoWVOHSW
GRUPLGR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQGRVHDQXQFLDU":KHQZLOOLWEHDQQRXQFHG" 0HHQFDQWDUDXQSLQFKRGH,oGORYHDSLHFHRI6SDQLVK
&XQWRWLHPSRVHSXHGH+RZORQJFDQLWEHNHSWLQWKH WRUWLOODGHSDWDWD RPHOHW
JXDUGDUHQODQHYHUD" IULGJH" &RPLVFDOORVGHYHUGDG"'R\RXUHDOO\HDWWULSH"
&XOHVHOQLFRHGLFLRTXH:KDWoVWKHRQO\EXLOGLQJWKDW 1XQFDWHQJRKDPEUHGHVSXV,oPQHYHUKXQJU\DIWHUHDWLQJ
VHSXHGHYHUGHVGHODOXQD" FDQEHVHHQIURPWKHPRRQ" GHFRPHUFRFLGR VWHZ
&PRVHKDU"+RZZLOOLWEHGRQH" 1RKD\QDGDPHMRUTXHHO<RXFDQoWEHDW6SDQLVKKDP
3XHGHTXHVHFDQFHOH,WPLJKWEHFDQFHOOHG MDPQHVSDRO
4XLQFRUWDHOEDFDODRDTX":KRUXQVWKHVKRZKHUH"

3OLHUV 3LQ]DV

6FUHZGULYHU 'HVWRUQLOODGRU

+DPPHU 0DUWLOOR

6DZ 6LHUUD

6SDQQHU /ODYHGHWXHUFDV

9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDOp7RRq p(QRXJKq

<RXKDYHWREHRQ\RXUWRHV ,oPJRLQJRXWRIP\PLQG 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


7LHQHVTXHHVWDUDOHUWD 0HHVWR\YROYLHQGRORFR IUDVHVHQLQJOV"
1RWHQJRVXFLHQWHDUUR]SDUDKDFHUXQD
7RWKLQNRXWRIWKHER[ 2YHUP\GHDGERG\ SDHOOD
3HQVDUGHIRUPDFUHDWLYD 7HQGUVTXHSDVDUSRUHQFLPDGHPLFDGYHU (OODQRFRQRFHDVXFLHQWHVSHUVRQDVSDUD
RUJDQL]DUXQDHVWD
<RXoUHRXWRI\RXUPLQG 'RQoWOHWLWJRWR\RXUKHDG (OODQRHVORVXFLHQWHPHQWHSRSXODUSDUD
|(VWVORFR 4XHQRVHWHVXEDDODFDEH]D RUJDQL]DUXQDHVWD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(QJOLVKLVWZLFHDVHDV\DV6SDQLVK

7KHUHDUHHLJKWPLOOLRQSHRSOHLQ/RV$QJHOHV7KHUHDUHPLOOLRQ HVpGRVYHFHVWDQJUDQGHqFRPR/RVQJHOHV6LQHPEDUJRHVOD
SHRSOHLQ&DLUR:KDWFDQZHVD\DERXWWKHWZRFLWLHV" IRUPDTXHKDELWXDOPHQWHXWLOL]DPRVFXDQGRFRPSDUDPRVFRVDV
HPSOHDQGRPDJQLWXGHVQXPULFDV$KRUDELHQQRHVQHFHVDULR
&DLURLVWZRWLPHVELJJHUWKDQ/RV$QJHOHV TXHDVLPLOHVHVWDIRUPDSXHVWRTXHODIRUPDPVVHQFLOODWDP
&DLURLVWZLFHDVELJDV/RV$QJHOHV ELQHVFRUUHFWDDGHPVGHLGQWLFDDODIRUPDHVSDROD3HURFRQ
YLHQHTXHHVWVDOPHQRVIDPLOLDUL]DGRFRQHOODSRUTXHODYDVDRU
:KLFKVHQWHQFHLVPRUHFRUUHFW"%RWKDUHSHUIHFWO\FRUUHFW:KLFK FRQVWDQWHPHQWHVLOOHJDVDWHQHUPXFKRFRQWDFWRFRQHOLQJOV
VHQWHQFHLVPRUHFRPPRQ"7KHVHFRQGRQHLVWZLFHDVFRPPRQ
DVWKHUVW WZRWLPHVPRUHFRPPRQ  9DXJKDQ6\VWHPVLVWZLFHDVJRRGDVLWVFRPSHWLWRUV
0RXQW(YHUHVWLVWKUHHWLPHDVKLJKDVWKH0RQFD\RLQ$UDJQ
'RVYHFHVPVIFLO 7ZLFHDVHDV\ 7KHEULJKWVLGHRIWKLVVDWHOOLWHUHHFWVDERXWWLPHVDVPXFK
7UHVYHFHVPVDOWR 7KUHHWLPHVDVWDOO VXQOLJKWDVWKHGDUNVLGH
8QPLOOQGHYHFHVPV $PLOOLRQWLPHVDVFRPSOLFDWHG 6\PPHWULFDOJRULWKPVDUHDWKRXVDQGWLPHVDVIDVWDV
FRPSOLFDGR DV\PPHWULFRQHV
7KLVQHZFRPSXWHUV\VWHPLVYHWLPHVDVIDVWDVWKHROGRQH
6HWUDWDGHXQDIRUPDDOJRH[WUDD\FRPSOLFDGDGHH[SUHVDUHVWH
WLSRGHFRPSDUDWLYR/LWHUDOPHQWHGHFLPRVHQLQJOVTXH(O&DLUR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RPHDSHWHFHWUDEDMDUHVWDPDDQD0HKHWRPDGRWUHVWD]DV ,GRQoWIHHOOLNHZRUNLQJWKLVPRUQLQJ,oYHKDGWKUHHFXSVRIFRIIHH
GHFDI\WRGDYDQRSXHGRPDQWHQHUORVRMRVDELHUWRV$QRFKH DQG,VWLOOFDQoWNHHSP\H\HVRSHQ,KDUGO\VOHSWODVWQLJKWDIWHU
FDVLQRGRUPGHVSXVGHTXHPHGHVSHUWDUDODWRUPHQWDGHJUD WKHKDLOVWRUPZRNHPHXS,WPXVWKDYHEHHQDURXQGEHIRUH,
QL]R'HEDGHVHUDOUHGHGRUGHODVFXDQGRPHSXGHYROYHUD ZDVDEOHWRJREDFNWRVOHHS,WVHHPVWKDWWKHROGHU,JHWWKHPRUH
GRUPLU3DUHFHTXHFXDQWRPVPD\RUPHKDJRPVPHFXHVWD WURXEOH,KDYHJHWWLQJDJRRGQLJKWoVVOHHS
WHQHUXQDEXHQDQRFKHGHGHVFDQVR



0LDPLJR-RV
(VWLPDGR DPLJR \ DOXPQR(VWH SRHPD HV GH XQ DOXPQR TXH WXYH HQWUH  \
5HFXHUGRODSULPHUDFODVHFRPRVLIXHUDD\HU(QWUHQHODXOD\PHGLMRp7HQJR
0\PRVWPHPRUDEOHVWXGHQWWKHEHVWRQHRIDOO DRV\PHGLFHQTXHDKRUDWHQJRTXHDSUHQGHULQJOV/HGLJRGHHQWUDGDTXHQR
:DVDVKRUWOLWWOHPDQZLWKDPRXVWDFKHTXLWHVPDOO
PHKDFHJUDFLDWHQHUTXHDSUHQGHUDOJRQXHYRDHVWDVDOWXUDVSHURVRQODVUGHQHVq
+HEHJDQKLVUVWFODVVDEHJLQQHUDWEHVW
'HVSXVHPSHFXQDFODVHWSLFDGHSULQFLSLDQWH\PHTXHGDVXVWDGRGHVXQLYHO
$WDJHEXWZLWKYLJRXUDQG]HVW
(UDXQQLYHOFHURDEVROXWRDEVROXWR1RVDEDVLTXLHUDTXHSDUDQHJDUHQLQJOV
$SURIHVVLRQDOVROGLHUDUWLOOHU\ZDVKLVJDPH VHGHFDpQRq7DPELQPHTXHGGHVLQDGRDORUVXSURQXQFLDFLQ(UDOJLFR(O
$QGWRDQQLKLODWH(QJOLVKKLVLPPHGLDWHDLP
EXHQPLOLWDUQRKDEDWHQLGRTXHSURQXQFLDUSDODEUDDOJXQDHQRWURLGLRPDHQ
+HZDVRQHPHWHUIW\EXWVWURQJDQGUREXVW
DRV/DSULPHUDFODVHGXUGRVKRUDV\FXDQGRWHUPLQOPHGLMRp(VXVWHGEXHQ
$QGGHWHUPLQHGWRJKWDVVXFFHVVZDVDPXVW
SURIHVRU0HKDJXVWDGRODFODVH&UHRTXHYR\DDSUHQGHUHVWHLGLRPDFRQXVWHG
7KHUVWWKLQJKHOHDUQHGZDVP\QDPHLV-RVp 4XWHQJRTXHKDFHUSDUDPDDQD"q$SDUWLUGHHVHPRPHQWRpPLDPLJR-RVqHO
$QGRQKHDULQJKLVDFFHQW,VWDUWHGWRSUD\
PLOLWDUSURJUHVPVUSLGDPHQWHTXHHOGHWRGRVORVDOXPQRVTXHKHWHQLGR
'HDU*RGZK\RQHDUWKLVWKLVVWXGHQWIRUPH
HQPLYLGDHLQFOX\RDJHQWHGHWRGDVODVHGDGHV&XOIXHVXVHFUHWR"<DORLUHPRV
,ZRXOGUDWKHUEHIRUFHGWRJLYHFODVVWRDWUHH
YLHQGRHQODVSU[LPDVFKDV
7REHFRQWLQXHG 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVHWXFRFKH" ,VWKDW\RXUFDU" 0HJXVWDWXSHOR ,OLNH\RXUKDLU


6ORHV <HVLWLV 'QGHYDVDFRUWUWHOR" :KHUHGR\RXJRWRFXWLW"
(VMDSRQV" ,VLW-DSDQHVH" 0LQRYLRPHORFRUWDHQFDVD 0\ER\IULHQGFXWVLWDWKRPH
1RQRORHV(VXQFRFKHDOHPQ1RLWLVQoW,WoVD*HUPDQFDU (VVHVXWUDEDMRQRUPDO" ,VWKDWKLVQRUPDOMRE"
/RVFRFKHVDOHPDQHVVRQPX\ *HUPDQFDUVDUHYHU\JRRG 1RHVVXKREE\7UDEDMDHQXQ 1RLWoVKLVKREE\+HZRUNVLQ
EXHQRV EDQFR DEDQN

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HTXLQHVHVHFRFKH" :KRVHFDULVWKDW" 6DOLPRVHVWDQRFKH" 6KDOOZHJRRXWWRQLJKW"


'HTXLQHUDODHVWD" :KRVHSDUW\ZDVLW" &RQWHVWRDOWHOIRQR" 6KDOO,DQVZHUWKHSKRQH"
'HTXLQVRQHVDVRUHV" :KRVHRZHUVDUHWKRVH" /HVGHFLPRVTXHQRSRGHPRVLU" 6KDOOZHWHOOWKHPZHFDQoWJR"
'HTXLQHVHVWDURSD" :KRVHFORWKHVDUHWKHVH" $SDJRHORUGHQDGRU" 6KDOO,WXUQWKHFRPSXWHURII"
'HTXLQHVHVWDFRSD" :KRVHGULQNLVWKLV" $EULPRVODWLHQGDDKRUD" 6KDOOZHRSHQWKHVKRSQRZ"

:DVKHUV $UDQGHODV %ROWV 3HUQRV

1DLOV &ODYRV

1XWV 7XHUFDV 6FUHZV 7RUQLOORV

9RFDEXODULR7RROER[ &DMDGHKHUUDPLHQWDV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRWLHPSROOHYDOORYLHQGR"+RZORQJKDVLWEHHQUDLQLQJ" 4XWHKDFHUHU" :KDWPDNHV\RXODXJK"


(VWOORYLHQGRGHVGHTXHQRV ,WoVEHHQUDLQLQJVLQFHZHJRW 1RVXHORUHUPXFKR ,GRQoWXVXDOO\ODXJKPXFK
OHYDQWDPRV XS 4XWHKDUDFDPELDUGH :KDWZRXOGPDNH\RXFKDQJH
(VWDVGHVGHKDFHVHLVKRUDV ,WoVEHHQOLNHWKLVIRUVL[KRXUV RSLQLQ" \RXUPLQG"
&XQWRFUHHVTXHGXUDU" +RZORQJGR\RXWKLQNLWZLOO 3RUTXQRPHKDFHVXQD :K\GRQoW\RXPDNHPHDQ
ODVW" RIHUWDTXHQRSXHGDUHFKD]DU" RIIHU,FDQoWUHIXVH"
1RVQRVR\HOKRPEUHGHO ,GRQoWNQRZ,oPQRWWKH
 (VRFDPELDWRWDOPHQWHODVFRVDV 7KDWPDNHVDOOWKHGLIIHUHQFH
WLHPSR ZHDWKHUPDQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HHVWVTXHGDQGRDWUVHQWXV<RXoUHIDOOLQJEHKLQGLQ\RXU |4XWUDEDMRPVFKDSXFHUR:KDWDORXV\MRE\RXoYHGRQH
HVWXGLRV VWXGLHV KDVKHFKRDOO WKHUH
+D]XQHVIXHU]RSDUDSRQHUWH0DNHDQHIIRUWWRFDWFKXS 1XQFDGLMHTXHIXHVHXQ ,QHYHUVDLG,ZDVDKDQG\PDQ
DOGD PDQLWDV
9R\WDQUSLGRFRPRSXHGR,oPJRLQJDVIDVWDV,FDQ (VDVEDOGDVHVWQWRWDOPHQWH7KRVHVKHOYHVDUHWRWDOO\
/RVLHQWRHVRQREDVWD,oPVRUU\WKDWoVQRWJRRG WRUFLGDV ZRQN\
HQRXJK 1RWHQDXQQLYHOGHEXUEXMD,GLGQoWKDYHDVSLULWOHYHO
|(QWRQFHVORGHMR,TXLWWKHQ 7HFRJLVWHXQSHGRDQWHVGH'LG\RXJHWSLVVHGEHIRUH
KDFHUOR" GRLQJLW"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDO'HTXLQf"VH
WUDGXFHFRPRp:KRVHf"q
7KHSODFHZDVSDFNHGOLNHVDUGLQHV +HDOZD\VSDVVHVWKHEXFN
(OVLWLRHVWDEDGHERWHHQERWH 6LHPSUHSDVDODSHORWD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+HoVDSDLQLQWKHQHFN +HoVDSHQQ\SLQFKHU
(VXQSHVDGR (VXQDJDUUDGR 'HTXLQVRQHVRVEROJUDIRV"
1RVGHTXLQVRQORVEROJUDIRV
7KDWoVSDUIRUWKHFRXUVH :KRoVJRLQJWRSLFNXSWKHWDE" 1RVGHTXLQHVODFDVD
(VRHVWGHQWURGHORKDELWXDO 4XLQYDDSDJDU ODVFRQVXPLFLRQHV "
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

,JUHZXSZKHUH,ZDVEURXJKWXSDQGHGXFDWHG

,PSRUWDQWHHOYHUERFRPSXHVWRpWRJURZXSqVLJQLFDKDFHUVH r p7REULQJXSqHVFULDURHGXFDUDRWUDSHUVRQDp,EURXJKWXS
PD\RU FULDUVH R HGXFDUVH 1R VLJQLFD pFUHFHUq 2LJR FRQ FLHUWD P\FKLOGUHQq (GXTXDPLVKLMRV 
IUHFXHQFLD D PXFKRV GLUHFWLYRV HVSDROHV GHFLU pRXU FRPSDQ\ LV
JURZLQJXSq0HFXHVWDQRUHUPHFXDQGRORRLJRSRUTXHHVWQGL r (O YHUER pWR HGXFDWHq VLJQLFD pIRUPDUq PV TXH pHGXFDUq
FLHQGROLWHUDOPHQWHpQXHVWUDHPSUHVD\DVHHVWKDFLHQGRPD\RU (VWQWLPDPHQWHOLJDGRDODHVFRODUL]DFLQ
FLWDq6LTXLHUHVKDEODUGHOEXHQFUHFLPLHQWRGHWXHPSUHVDGL
2XUFRPSDQ\LVJURZLQJ r 7DPELQXWLOL]DPRVORVYHUERVpWRUHDUq\pWRUDLVHqSDUDGHFLU
$KRUDIMDWHELHQHQODVFXDWURIUDVHVVLJXLHQWHV pFULDUqRpHGXFDUqSHURRVRQPHQRVXVXDOHV FDVRGHpUHDUq R
PHQRVUHFRPHQGDEOHV FDVRGHpUDLVHq (OYHUERpWRUDLVHqHQ
,JUHZXSLQ7H[DV 0HFULHQ7H[DV HVWHFRQWH[WRGHEHXVDUVHSDUDODFUDGHDQLPDOHVQRSDUDOD
,ZDVEURXJKWXSLQ7H[DV )XLHGXFDGRHQ7H[DV FUDGHKLMRVSHURDSHVDUGHHVWRVHXVDPXFKRp,ZDVUDLVHG
,ZDVHGXFDWHGLQ7H[DV &XUVPLIRUPDFLQ LQ7H[DVq )XLFULDGR\HGXFDGRHQ7H[DV 
DFDGPLFDHQ7H[DV
0\SDUHQWVEURXJKWPHXS 0LVSDGUHVPHHGXFDURQFRQ r (O VXVWDQWLYR pXSEULQJLQJq HV OD SDODEUD PV DSURSLDGD
OHQLHQWO\ FLHUWDSHUPLVLYLGDG SDUDODFULDQ]DRHGXFDFLQGHODVSHUVRQDVp+HKDGDVWULFW
XSEULQJLQJq 7XYR XQD HGXFDFLQ HVWULFWD  (O VXVWDQWLYR
r p7R JURZ XSq HV OR TXH XQD SHUVRQD H[SHULPHQWD HQ VX LQ SURYLHQHGHOYHUERFRPSXHVWRpWREULQJXSq
IDQFLDQLH]\DGROHVFHQFLD7DPELQORSXHGHH[SHULPHQWDU
PHQWDORSVLFROJLFDPHQWH\DGHDGXOWR'HFLPRVpJURZXSq 3RUWDQWRXQDEXHQDWUDGXFFLQSDUDHOWWXORGHHVWDOPLQDVHUD
FXDQGRTXHUHPRVGHFLUDDOJXLHQ|1RVHDVLQIDQWLO 0HFULGRQGHIXLHGXFDGR\IRUPDGR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LQRWHGHFLGHVSURQWRDOJXLHQORKDUSRUWL7HQHPRVTXHWH ,I\RXGRQoWPDNHXS\RXUPLQGSUHWW\VRRQVRPHERG\ZLOOPDNHLW
QHU\DXQDGHFLVLQVREUHHOSUR\HFWRGH3HWHUVRQSDUDQDOHVGH XSIRU\RX:HoYHJRWWRKDYHDGHFLVLRQRQWKH3HWHUVRQSURMHFWE\
PHVRQRVDUULHVJDPRVDSHUGHUWRGRHOFRQWUDWR(UHVHO'LUHFWRU WKHHQGRIWKLVPRQWKRUZHoOOULVNORVLQJWKHHQWLUHFRQWUDFW<RXoUH
*HQHUDO\HOORVFUHHQTXHWHUHVTXLQOOHYDODYR]FDQWDQWHHQ WKHJHQHUDOPDQDJHUDQGWKH\WKLQN\RXoUHFDOOLQJDOOWKHVKRWVRQ
WRGRHVWR1RVHUDEXHQRGDUOHVXQDLPSUHVLQGLVWLQWDDHVWDV WKLV ,W ZRXOGQoW EH JRRG WR JLYH WKHP D GLIIHUHQW LPSUHVVLRQ DW
DOWXUDV WKLVSRLQWLQWLPH


0LDPLJR-RV FRQW
(VWLPDGR DPLJR \ DOXPQR 0L DPLJR -RV PLOLWDU GH SURIHVLQ QR GHM GH
LPSUHVLRQDUPHGXUDQWHORVGRVSULPHURVDRVGHVXDSUHQGL]DMH0LVWHPRUHV
%XWP\SDWLHQFHLVJROGHQDQGP\VPLOHQHYHUHQGLQJ GHO SULPHU GD SURQWR GHVDSDUHFLHURQ DQWH XQD DGPLUDFLQ SRU HO HVIXHU]R
$QG,QHYHUJHWDQJU\RUVRXQGFRQGHVFHQGLQJ
TXHKDFDHODUWLOOHUR$FULELOODEDDEDOD]RVHOLQJOV&RQXQDFHQWRWXUROHQVH
$VDSHUIHFWSURIHVVRU,FDQZHOOPDVTXHUDGH
\ODYR]URQFD\VSHUDWSLFDGHVXHGDG\GHVXUDQJRPLOLWDUIXHUHSLWLHQGR
$QGP\SDWLHQFHLVYDVWZKHQ,NQRZ,OOEHSDLG
KDVWDODVDFLHGDGIUDVHWUDVIUDVHHQLQJOVGHVGHODPVVHQFLOODKDVWDODPV
(YHU\GD\IRUWZR\HDUVIURPHLJKWWKLUW\WRWHQ FXULRVD /H HQFDQWDED GHFLUWKH WUDIF LV EXPSHU WR EXPSHU HO WUFR HVW
+HUHSHDWHGHDFKVWUXFWXUHDJDLQDQGDJDLQ
DWDVFDGRHVGHFLUGHSDUDFKRTXHDSDUDFKRTXH 2WUDIUDVHVX\DHUDWKHVN\LV
+LVPLOLWDU\GLVFLSOLQHDQGWRWDOGHYRWLRQ
RYHUFDVW HOFLHORHVWWDSDGRGHQXEHV (OFDVRHVTXHOHHQFDQWDEDHOUHWRGH
3XVKHGKLVSURJUHVVEH\RQG1HZWRQVWKLUGODZRIPRWLRQ
DSUHQGHULQJOVVSHUROHHQFDQWDEDSRUTXHWHQDGHODQWHDXQSURIHVRUDOTXH
,QD\HDUKHFRXOGKDQGOHZLWKUHODWLYHHDVH UHVSHWDED\DGPLUDEDSURIHVLRQDOPHQWH0RUDOHMDHOSURIHVRUORHVWRGR6LHV
5RXWLQHVLWXDWLRQVRIGLIIHUHQWGHJUHHV
XQSHWDUGRQDGLHDSUHQGHDSHVDUGHODWUDFWLYRGHOWHPD6LHVXQIHQPHQR
$QGLQWZR\HDUVKLVOHYHOZDVPRUHWKDQHQRXJK
KDVWDORVWHPDVPVFRPSOLFDGRVVHKDFHQDWUDFWLYRV\HODSUHQGL]DMHDGTXLHUH
7RQHJRWLDWHFRQWUDFWVZLWKPRUHWKDQRQHEOXII
WUD\HFWRULDVVRUSUHQGHQWHV
7REHFRQWLQXHG
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVXWUDEDMR" :KDWoVKLVMRE" 0HHQFDQWDODPVLFD ,ORYHPXVLF


(VSROLFD +HoVDSROLFHPDQ 4XPVLFDWHJXVWD" :KLFKPXVLFGR\RXOLNH"
(VHHVXQWUDEDMRGLIFLO 7KDWoVDGLIFXOWMRE 0HJXVWDWRGR ,OLNHHYHU\WKLQJ
(VXQSURIHVLRQDOPX\EXHQR +HoVDYHU\JRRGSURIHVVLRQDO +D\DOJXQDPVLFDTXHQR ,VWKHUHDQ\PXVLF\RXGRQoW
6XKHUPDQRHVSROLFD ,VKLVEURWKHUDSROLFHPDQWRR" WHJXVWH" OLNH"
WDPELQ" 1RPHJXVWDPXFKRHOUDS ,GRQoWOLNHUDSPXFK

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7XQRYLRYDDYHQLUDODHVWD" ,V\RXUER\IULHQGJRLQJWR 7HJXVWDUDWRPDUXQDWD]D :RXOG\RXOLNHWRKDYHDFXS


FRPHWRWKHSDUW\" GHW" RIWHD"
1RHVWDUDTXHVHQGH +HZRQoWEHKHUHWKDW
 1RJUDFLDVQRWHQJRVHG 1RWKDQNV,oPQRWWKLUVW\
VHPDQD ZHHNHQG 4XWDODOJRGHFRPHU" +RZDERXWVRPHWKLQJWRHDW"
'QGHLU" :KHUHZLOOKHJR" 1RJUDFLDVWDPSRFRWHQJR 1RWKDQNV,oPQRWKXQJU\
9DDLUDODERGDGHXQDPLJR +HoVJRLQJWRJRWRDIULHQGoV KDPEUH HLWKHU
ZHGGLQJ 'PHORFXDQGRTXLHUDVDOJR 7HOOPHZKHQ\RXZDQW
1RTXLHUHVLUFRQO" 'RQoW\RXZDQWWRJRZLWKKLP" VRPHWKLQJ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'QGHGHMPLPYLO" :KHUHGLG,OHDYHP\PRELOH" 0HSXHGHVJUDEDUXQDV &DQ\RXUHFRUGVRPHWDSHVIRU


1RORGHMDVWHGHEDMRGHOD 'LGQoW\RXOHDYHLWXQGHUWKH
 FLQWDV" PH"
HVFDOHUD" VWDLUV" 3RUTXTXLHUHVTXHKDJD :K\GR\RXZDQWPHWRGR
0HORSHGLVWHSUHVWDGRQR" <RXERUURZHGLWGLGQoW\RX" HVR" WKDW"
3HURWHORGHYROYKDFH %XW,JDYHLWEDFNWR\RXDQ
 0HD\XGDUDDSUHSDUDUPL ,WZRXOGKHOSPHWRSUHSDUH
XQDKRUD KRXUDJR RSRVLFLQ P\FLYLOVHUYLFHH[DP
0HSXHGHVSUHVWDUHOWX\RXQ &DQ\RXOHQGPH\RXUVIRUD
 &XOHVPLSOD]R" :KDWoVP\GHDGOLQH"
VHJXQGR" PRPHQW" 1RFRUUHSULVD 7KHUHoVQRUXVK

&RDW $EULJR

-XPSHU -HUVH\
6FDUI %XIDQGD

+DW *RUUR

*ORYHV *XDQWHV

9RFDEXODULR:LQWHUFORWKHV 5RSDGHLQYLHUQR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQGRWXYROXJDUHO :KHQGLGWKHNLGQDSSLQJWDNH &XOHVODGLIHUHQFLDHQWUHXQ:KDWoVWKHGLIIHUHQFHEHWZHHQ


VHFXHVWUR" SODFH" VRERUQR\XQFKDQWDMH" DEULEHDQGEODFNPDLO"
&XQWRVUHKHQHVKDED" +RZPDQ\KRVWDJHVZHUH (OSULPHURHVFXDQGRSDJDVD7KHIRUPHULVZKHQ\RXSD\
WKHUH" DOJXLHQDFDPELRGHTXHWH VRPHRQHLQUHWXUQIRUWKHP
&XQWRSLGLHURQGHUHVFDWH" :KDWUDQVRPGLGWKH\DVNIRU" KDJDQXQIDYRU GRLQJ\RXDIDYRXU
5HVFDWDURQDORVUHKHQHV" 'LGWKH\UHVFXHWKHKRVWDJHV" (OVHJXQGRHVXQDHVSHFLHGH7KHODWWHULVDNLQGRIWKUHDW
7RGDYDORVWLHQHQSUHVRV 7KH\oUHVWLOOEHLQJKHOG DPHQD]D
SULVRQHU 6LDPHQD]RFRQSXEOLFDUDOJXQDV,I,WKUHDWHQWRSXEOLVKVRPH
IRWRVFRPSURPHWLGDVWX\DV FRPSURPLVLQJSKRWRVRI\RXUV
HVRHVFKDQWDMH WKDWoVEODFNPDLO
1RWHDWUHYHUDVYHUGDG"<RXZRXOGQoWGDUHZRXOG\RX"



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV *LPQDVLDYHUEDO
7RGDVHVWDVIUDVHVFRQWLHQHQODSDODEUD
7RSOD\LWE\HDU 6KHoVZRUWKKHUZHLJKWLQJROG pUDWKHUqHQYH]GHpSUHIHUq
,PSURYLVDU WRFDUGHRGDV  (OODYDOHVXSHVRHQRUR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,oPSUHVVHGIRUWLPH &DQ\RXSXOOVRPHVWULQJVIRUPH" 4XLHUHVLUDODSOD\DRSUHHUHVLUDOD
9R\FRQHOWLHPSRMXVWR 0HSXHGHVD\XGDUDWUDYVGHWXVFRQWDFWRV" PRQWDD"
4XLHUHVMXJDUDOWHQLVRSUHHUHVMXJDUDO
+HoVQRWSXOOLQJKLVZHLJKW ,KDYHWRSRZGHUP\QRVH EDORQFHVWR"
1RHVWSRQLHQGRGHVXSDUWH 7HQJRTXHLUDOVHUYLFLR HPSROYDUODQDUL]  4XLHUHVXQYDVRGHYLQRRSUHHUHVWRPDU
  XQDFHUYH]D"

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
<RXVWDUW\RXUFDUHHURQFH\RXoYHQLVKHG\RXUVWXGLHV

6LHQPLVDRVGHHQVHDQ]DKXELHUDUHFLELGRXQHXURSRUFDGDYH] ,PHWKHUWZR\HDUVLQWRP\FDUHHUDVDODZ\HU
TXHKHRGRGHFLUDXQHVSDROpFDUHHUqDOUHIHULUVHDVXFDUUHUDXQLYHU /DFRQRFDORVGRVDRVGHLQLFLDUPLDQGDGXUDFRPRDERJDGR
VLWDULDVHUDPLOORQDULR(QLQJOVODSDODEUDpFDUHHUqVORVHUHHUHD 0RVWSHRSOHHQGXSLQDFDUHHUSODQWKDWWKH\GLGQoWVWXG\IRU
WXYLGDRFDUUHUDSURIHVLRQDO7XpFDUHHUqQRHPSLH]DKDVWDTXHQRKD /DPD\RUDGHODJHQWHDFDEDWUDEDMDQGRHQDOJRSDUDORTXHQR
\DVWHUPLQDGRORVHVWXGLRV\HPSUHQGLGRWXWUD\HFWRULDSURIHVLRQDO KDHVWXGLDGR
0\GHJUHHLVLQHQJLQHHULQJEXWP\FDUHHUKDVEHHQLQDFFFRXQWLQJ 6KHoVGRLQJDODZGHJUHH
DQGQDQFH (OODHVWKDFLHQGRODFDUUHUDGH'HUHFKR
0HOLFHQFLHQLQJHQLHUDSHURPLYLGDSURIHVLRQDOODKHGHGLFDGR ,SDLGIRUDOOP\FKLOGUHQoVFROOHJHHGXFDWLRQ ((88
DODFRQWDELOLGDG\QDQ]DV ,SDLGIRUDOOP\FKLOGUHQoVXQLYHUVLW\HGXFDWLRQ 58
%HIRUHFKRRVLQJDGHJUHHSODQFRQVLGHUWKHSURVDQGFRQVRIWKH 3DJXODFDUUHUDGHWRGRVPLVKLMRV
FDUHHULWZLOOOHDG\RXWR 5HFXHUGDODSDODEUDpFDUHHUqQRWLHQHQDGDTXHYHUFRQODFDUUHUD
$QWHV GH HOHJLU XQD FDUUHUD XQLYHUVLWDULD VRSHVD ORV SURV \ ORV XQLYHUVLWDULD(VXQDSDODEUDTXHQRHQWUDHQHVFHQDKDVWDTXH
FRQWUDVGHODDFWLYLGDGDODFXDOGLFKDFDUUHUDWHFRQGXFLU XQRQRLQLFLHGHYHUGDGXQDDFWLYLGDGGHQWURGHXQDRULHQWDFLQ
:KDW GHJUHH \RX RULJLQDOO\ REWDLQHG KDV OLWWOH LQXHQFH RQ WKH SURIHVLRQDOFRQFUHWD+D\JHQWHTXHYDGDQGRWXPERVSRUVXYLGD
FDUHHUSDWKZHSORWIRU\RXLQWKLVRUJDQL]DWLRQ ODERUDO VLQ QXQFD GHGLFDUVH D XQD DFWLYLGDG TXH SXGLHUD GHQR
/DFDUUHUDXQLYHUVLWDULDTXHRULJLQDOPHQWHKLFLVWHLQX\HSRFRHQ PLQDUVHpP\FDUHHUq0LSDGUHVHOLFHQFLHQHPSUHVDULDOHV KH
HOFDPLQRSURIHVLRQDOTXHWHWUD]DPRVHQHVWDRUJDQL]DFLQ REWDLQHG D GHJUHH LQ %XVLQHVV $GPLQLVWUDWLRQ  6LQ HPEDUJR VX
,PHWKHUZKHQ,ZDVDWWKHXQLYHUVLW\ WUD\HFWRULDSURIHVLRQDOVHRULHQWSRUFRPSOHWRDOPXQGRGHOVH
/DFRQRFFXDQGRKDFDODFDUUHUD JXURGHYLGD KLVFDUHHUZDVLQOLIHLQVXUDQFH 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$OIUHG$GOHUXQIDPRVRSVLFORJRDXVWUDFRGLMRXQDYH]TXHHO $OIUHG $GOHU D IDPRXV $XVWULDQ SV\FKRORJLVW RQFH VDLG WKDW WKH
SULQFLSDOSHOLJURGHODYLGDHVTXHWRPDPRVGHPDVLDGDVSUHFDX FKLHI GDQJHU LQ OLIH LV WKDW ZH PD\ WDNH WRR PDQ\ SUHFDXWLRQV
FLRQHV(VRHVIFLOGHGHFLUVREUHWRGRVLFRPR$OIUHG$GOHUWLH 7KDWoV HDV\ WR VD\ HVSHFLDOO\ LI OLNH $OIUHG $GOHU \RX KDYH IHZ
QHVSRFDVSUHRFXSDFLRQHVHFRQPLFDV3DUDJHQWHQRUPDOFRPR QDQFLDOZRUULHV)RUQRUPDOSHRSOHOLNHPH,KDYHEHH[WUHPHO\
\R WHQHPRV TXH VHU H[WUHPDGDPHQWH FXLGDGRVRV FRQ QXHVWUR FDUHIXOZLWKP\PRQH\DQGKRZ,LQYHVWLW
GLQHUR\FRQFPRORLQYHUWLPRV


0LDPLJR-RV FRQW (VWLPDGR DPLJR \ DOXPQR 'XUDQWH HO WHUFHU DR GH FODVH PL DPLJR -RV
,Q\HDUQXPEHUWKUHH,IRXQGVRPHWKLQJTXLWHVWUDQJH FRQWUDMRXQDHQIHUPHGDGTXHDFDEFRQVXYLGD1RPHGLMRQDGDSHURVSHUFLE
$QG,VWDUWHGWRQRWLFHDWURXEOLQJFKDQJH XQFDPELRHQVXSURJUHVR$OSULQFLSLRORDFKDFDEDDVXHGDG,EDDFXPSOLU
+LVLQFUHGLEOHSURJUHVVEHJDQWRVXEVLGH ORVDRV\\RSHQVDEDTXHHUDOJLFRTXHODPHPRULDHPSH]DUDDIDOODUOH
$QG,VDZWKHUHZDVVRPHWKLQJKHZDQWHGWRKLGH \TXHHOJUDQHVIXHU]RTXHKDEDKHFKRFRPHQ]DVHDSDVDUOHIDFWXUD3HURDO
1HDUWKHHQGRIWKH\HDULWZDVWRWDOO\FOHDU FDERGHXQRVPHVHVHVWDEDFODURTXHKDEDDOJRPV6XGRPLQLRGHOLQJOVVH
7KDWWKHHIIRUWDQGZLOORIWKLVDUP\HQJLQHHU UHVTXHEUDMDED<RQRGHFDQDGD0HOLPLWDEDDVHJXLUHQVHQGROHORPHMRU
:DVXQDEOHWRVWRSWKHVWHDG\GHFOLQH TXHVDED(OQRGHMHQQLQJQPRPHQWRDDVLVWLUDFODVH\DHVWXGLDU0V
,QKLVPDVWHU\RI(QJOLVKRQH\HDUSULRUGLYLQH WDUGHVXSHTXH\DVDEDTXHOHTXHGDEDSRFRWLHPSRSHUROHHQFDQWDEDODFODVH
%XWKLVDWWHQGDQFHZDVSHUIHFWDQGKLVHIIRUWVXSUHPH \OHJXVWDEDWHQHUXQUHWRWRGDYDHQODYLGDHQHVWHFDVRHOLQJOV5HFXHUGR
$QGKLVVSLULWSHUVLVWHQWDQGKLVSDVVLRQIXOOVWHDP SHUIHFWDPHQWHFPRDYHFHVOHUHJDDEDSRUKDEHUROYLGDGRXQDHVWUXFWXUD
%XWKLVJUDPPDUZDVEUHDNLQJDQGKLVPHPRU\VSHQW RSRUFDHUHQHOPLVPRHUURUSRUHQVLPDYH]0LDPLJR-RVVLPSOHPHQWHVH
$QGKLVSURJUHVVZDVQRZLQDVSLUDOOLQJGHVFHQW GLVFXOSDED\VHJXDWUDEDMDQGRDWRSH
7REHFRQWLQXHG 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHVRQWXVSDGUHV" :KHUHDUH\RXUSDUHQWVIURP" /RVD]XOHVVRQWX\RV" $UH\RXUVWKHEOXHRQHV"


6RQGH7DVPDQLD 7KH\oUHIURP7DVPDQLD 1RVRQGHPLKHUPDQD 1RWKH\oUHP\VLVWHUoV
'QGHHVWD7DVPDQLD :KHUHLV7DVPDQLD" &XOHVVRQORVWX\RV" :KLFKRQHVDUH\RXUV"
(VWHQ$XVWUDOLD ,WoVLQ$XVWUDOLD /RVPRVVRQORVYHUGHV 0LQHDUHWKHJUHHQRQHV
1RVRQHXURSHRV 7KH\oUHQRW(XURSHDQ &XQWRVWLHQHV" +RZPDQ\GR\RXKDYH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRVDRVWHQDVFXDQGR +RZROGZHUH\RXZKHQ,ZDV
 'QGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDWKDW"
\RQDF" ERUQ" VRPEUHUR"
7HQDWUHVFXDQGRQDFLVWH ,ZDVZKHQ\RXZHUHERUQ 0HORUHJDOPLDEXHOR 0\JUDQGIDWKHUJDYHLWWRPH
1RHUHVWDQYLHMRFRPRPL <RXoUHQRWDVROGDVP\
 (VRVVRPEUHURVHVWQGH 7KRVHKDWVDUHLQIDVKLRQQRZ
KHUPDQR EURWKHU PRGDDKRUD
&XQWRVDRVWLHQHO" +RZROGLVKH" 0HGDLJXDOQRVLJRODPRGD ,GRQoWFDUH,GRQoWIROORZ
(VPXFKRPD\RUTXHW +HoVPXFKROGHUWKDQ\RX IDVKLRQ
6HQRWDSRUORVSDQWDORQHV <RXFDQWHOOIURPWKHWURXVHUV
TXHOOHYDVSXHVWRV \RXoUHZHDULQJ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRKDFHTXHQRYHVD +RZORQJKDVLWEHHQVLQFH\RX
 6LPHGLHUDQXQDOLEUDSRUFDGD,I,KDGDSRXQGIRUHYHU\WLPH
'DYH" VDZ'DYH" YH]TXHPHKDQGLFKRHVRf VRPHERG\VDLGWKDWWRPH
/OHYRFXDWURDRVVLQYHUOH ,KDYHQoWVHHQKLPIRUIRXU &XQWRKDEUDVDKRUUDGR" +RZPXFKZRXOG\RXKDYH
\HDUV VDYHG"
3RUTXQROHKDVYLVWRHQORV :K\KDYHQoW\RXVHHQKLPLQ
 7HQGUDDKRUUDGDVXQDVWUHV ,oGKDYHVDYLQJVRIDERXWWKUHH
OWLPRVDRV" WKHODVWIHZ\HDUV" OLEUDV SRXQGV
7XYLPRVXQDIXHUWHGLVFXVLQ :HKDGDELJDUJXPHQW
 &XOHVHOWLSRGHFDPELR :KDWoVWKHH[FKDQJHUDWH
6LHPSUHOHJXVWGLVFXWLU +HDOZD\VOLNHGWRDUJXH HQWUHODOLEUD\HOHXUR" EHWZHHQWKHSRXQGDQGWKH
HXUR"
8QDOLEUDVLJXHYDOLHQGRPV $SRXQGLVVWLOOZRUWKPRUH
TXHXQHXUR WKDQDHXUR

7VKLUW &DPLVHWD
)OLSRSV &KDQFODV

&DS *RUUD

6KRUWV 3DQWDOQFRUWR

6ZLPPLQJWUXQNV %DDGRU

9RFDEXODULR6XPPHUFORWKHV 5RSDGHYHUDQR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VDVRUHVVHHVWQ7KRVHRZHUVDUHZLWKHULQJ
 'HPDVLDGDVFRFLQHUDV 7RRPDQ\FRRNVVSRLOWKHEURWK

PDUFKLWDQGR HVWURSHDQHOFDOGR
6HPHROYLGUHJDUODV,IRUJRWWRZDWHUWKHP 0XFKDVPDQRVIDFLOLWDQHO 0DQ\KDQGVPDNHOLJKWZRUN

'HEHUDVFXLGDUODVSODQWDV<RXVKRXOGORRNDIWHUSODQWVDV
 WUDEDMR
FRPRVLIXHUDQXQDPDVFRWD LIWKH\ZHUHDSHW /DDXVHQFLDKDFHTXHHO $EVHQFHPDNHVWKHKHDUWJURZ

4XGHEHUDGDUOHV":KDWVKRXOG,IHHGWKHP" FRUD]QVHHQFRMDPV IRQGHU
7HUQXUDFDULR\PXFKR7HQGHUQHVVDIIHFWLRQDQGDORW
 2MRVTXHQRYHQFRUD]QTXH 2XWRIVLJKWRXWRIPLQG

FXLGDGR RIFDUH QRVLHQWH
/DRULJLQDOLGDGQRHVPLIXHUWH 2ULJLQDOLW\LVQRWP\VWURQJ
SRLQW

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9HUERVLUUHJXODUHV

7RJKWUHZLWKUH <RXoOOKDYHWRSXW\RXUIRRWGRZQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


3DJDUFRQODPLVPDPRQHGD 7HQGUVTXHLPSRQHUWXYROXQWDG IUDVHVHQLQJOV"

6KRYHLW 3XW\RXUFDUGVRQWKHWDEOH <DKDVPROLGRHOFDI"


0WHWHORGRQGHWHTXHSD 3RQHUWXVFDUWDVVREUHODPHVD 4XLQFDYHODJXMHUR"
$SDJXODYHOD VRSODQGR 
+HoVSXVKLQJXSGDLVLHV +HoVQHYHUVHWIRRWLQDFKXUFK
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
(VWFULDQGRPDOYDV 1XQFDKDSXHVWRHOSLHHQXQDLJOHVLD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHVWRU\RIKLVWRU\DQGWKHKLVWRU\RIVWRULHV

/RV HVSDROHV VROLV FRQIXQGLU FRQ FLHUWD IUHFXHQFLD ODV SDODEUDV /DKLVWRULDGH5RPDHVLQWHUHVDQWH
pKLVWRU\q\pVWRU\q/DSULPHUDVHUHHUHQLFDPHQWHDODGRFXPHQ 7KHKLVWRU\RI5RPHLVLQWHUHVWLQJ
WDFLQHLQWHUSUHWDFLQGHDFRQWHFLPLHQWRVGHOSDVDGR/DVHJXQGDHV /DKLVWRULDTXHPHHVWVFRQWDQGRHVLQWHUHVDQWH
QXHVWUDSDODEUDHQLQJOVSDUDFXHQWRUHODWRQDUUDWLYDRXQDKLVWRULD 7KHVWRU\\RXoUHWHOOLQJPHLVLQWHUHVWLQJ
TXHVHFXHQWD /DKLVWRULDHVXQDODUJDKLVWRULDGHODYDQLGDGKXPDQD
6XHQDH[WUDRRUIUDVHVFRPRODVLJXLHQWHp,KHDUGDIXQQ\KLVWRU\ +LVWRU\LVDORQJVWRU\RIKXPDQYDQLW\
\HVWHUGD\q 'H KHFKRXQDQJORSDUODQWHWDUGDUDXQRV VHJXQGRV HQ 1RPHYHQJDVFRQODPLVPDKLVWRULD
GDUVHFXHQWDGHORTXHHVWGLFLHQGRVXLQWHUORFXWRU/DSULPHUDSDUWH 'RQoWWHOOPHWKHVDPHVWRU\DJDLQ
GHOWWXORGHHVWDVHFFLQSRGUDWUDGXFLUVHDOJRDVFRPRp(OUHODWRGH /DKLVWRULDWXYRXQQDOIHOL]
ODKLVWRULDq:LOO'XUDQWXQJUDQKLVWRULDGRUQRUWHDPHULFDQRGHGLF 7KHVWRU\KDGDKDSS\HQGLQJ
DRVGHVXYLGDDHVFULELUp7KH6WRU\RI&LYLOL]DWLRQqGHS (OOLEURUHODWDODKLVWRULDGHODH[SHGLFLQDO3ROR6XU
JLQDV3RUTXQRORWLWXOp7KH+LVWRU\RI&LYLOL]DWLRQq" 7KHERRNWHOOVWKHVWRU\RIWKHH[SHGLWLRQWRWKH6RXWK3ROH
6R\OLFHQFLDGRHQKLVWRULDGHODUWH
r 7KH6WRU\RI&LYLOL]DWLRQXQDQDUUDWLYDTXHUHODWDHOGLVFXUULU ,KDYHDGHJUHHLQDUWKLVWRU\
GHODFLYLOL]DFLQGHVGHVXDSDULFLQKDVWDKR\ /DKLVWRULDGHODUWHLQFOX\HODKLVWRULDGHFDGDSLQWRU
$UWKLVWRU\LQFOXGHVWKHVWRU\RIHYHU\DUWLVW
r 7KH+LVWRU\RI&LYLOL]DWLRQXQDHQXPHUDFLQ\GHVFULSFLQGH (OSURIHVRUGHKLVWRULDQRVFXHQWDKLVWRULDVDFHUFDGHVXDEXHOR
ORVDFRQWHFLPLHQWRVTXHKDQFRQIRUPDGRODFLYLOL]DFLQ 7KHKLVWRU\WHDFKHUWHOOVXVVWRULHVDERXWKLVJUDQGIDWKHU


3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$PHGLGDTXHHOSROLFDVHDFHUFDEDDOFHQWURFRPHUFLDOSDUDHFKDU $VWKHSROLFHPDQDSSURDFKHGWKHVKRSSLQJFHQWHUWRFKHFNRQD
XQYLVWD]RDXQLQFLGHQWHGHKXUWRHQXQDWLHQGDVHSHUFDWGHXQ VKRSOLIWLQJ LQFLGHQW KH QRWLFHG D PDQ ZLWK VHYHUDO SODVWLF EDJV
KRPEUHFRQYDULDVEROVDVGHSOVWLFRDQGDQGRUSLGDPHQWHKDFD ZDONLQJ TXLFNO\ WRZDUG D SDUNHG FDU +H RUGHUHG WKH PDQ WR
XQFRFKHDSDUFDGR2UGHQDOKRPEUHTXHVHSDUDUDJULWQGROH VWRSVKRXWLQJWKHRUGHUWKUHHWLPHV)LQDOO\KHSXOOHGRXWKLVJXQ
WUHVYHFHV)LQDOPHQWHVDFVXDUPD\OHGLVSDUPDWQGROH(O DQG VKRW KLP GHDG7KH PDQ QHYHU KHDUG WKH SROLFHPDQoV RUGHU
KRPEUHQXQFDR\ODRUGHQGHOSROLFDSRUTXHHUDHVWXGLDQWHGH EHFDXVHKHZDVDVWXGHQWDWWKHORFDOVFKRROIRUWKHGHDI
XQDHVFXHODFHUFDQDSDUDVRUGRV


0LDPLJR-RV FRQW (VWLPDGRDPLJR\DOXPQR7UDVODPXHUWHGH-RVVXHVSRVDPHHQWUHJXQDFDUWD
7KHQRQH6XQGD\-XOLWDWKHZLIHRI-RVp HQODTXHHOPLOLWDUKDEODEDGHPLpPWRGRqTXHWDQWROHKDEDJXVWDED3HURVH
*DYHWKHQHZVWKDWKHUKXVEDQGKDGMXVWSDVVHGDZD\ HTXLYRFDED1RHUDPLPWRGRORTXHOHJXVWDEDDQXHVWURDPLJR-RV)XHPLHVWLOR
+HKDGOHIWPHDOHWWHUZKLFK,VWLOONHHSWRGD\ GHHQVHDQ]DSURGXFWRGHODHQHUJD\GHODSDVLQTXHDSOLFRDFDGDFRVDTXHKDJR
7KHODVWOHWWHUZULWWHQE\P\JRRGIULHQG-RVp &XDOTXLHUPWRGRGHHQVHDQ]DHQPDQRVGHXQDSDVLRQDGRSRUODHQVHDQ]D\D
'HDUWHDFKHU,POHDYLQJZLWKRXWKDYLQJSDLG VHDGHLQJOVGHOJHEUDRGHDQWURSRORJDSURGXFLUUHVXOWDGRVVRUSUHQGHQWHVHQ
7KHGHEWWKDW,RZHIRU\RXUKRO\FUXVDGH ORVDOXPQRV$ODLQYHUVDXQRSXHGHHQWUHJDUHOPHMRUPWRGRMDPVGLVHDGRFRQ
0\ODVW\HDUVZHUHIXQZLWKWKHSURYRFDWLYHUHWR HVSHFWFXORGHOX]\VRQLGRDXQSURIHVRUGHOPRQWQ\ORVDOXPQRVVHJXLUQFRQ
7RPDVWHU\RXUODQJXDJHZLWK\RXUGHOLJKWIXOOLEUHWR ODDSDWDGHVLHPSUH6RQORVDOXPQRVTXLHQHVDSUHQGHQQRHOSURIHVRU\FRPSHWH
,I,PUHLQFDUQDWHGZKLOH\RXDUHVWLOOKHUH D VWH VHU HO FDWDOL]DGRU GHO DSUHQGL]DMH &XDOTXLHU WHPD HV LQWHUHVDQWH \ KDVWD
,ZLOOVHQGRXWGHWHFWLYHVZLWKHOHFWURQLFJHDU IDVFLQDQWHFXDQGRHVHQVHDGRSRUXQDSDVLRQDGRSURIHVRUFDSD]GHFRQHFWDUFRQ
7RQG\RXDQGEULQJ\RXWRWHDFKPHRQFHPRUH VXVDOXPQRV&XDQGRXQDOXPQRVHGDFRQXQSURIHVRUGHHVWHWLSRHODSUHQGL]DMH
:LWKWKDWPHWKRG\RXXVHWKDW,VRPXFKDGRUH FDPELDGHWUD\HFWRULD\DGTXLHUHYHORFLGDGHVVXSHUVQLFDV(ODOXPQROLWHUDOPHQWH
)LQ GHYRUDHOUHDGHVDEHUHQFXHVWLQ7RGRJLUDHQWRUQRDOSURIHVRU
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VDHVXQDPHVDURMD 7KDWoVDUHGWDEOH &XQWRVSULPRVWLHQHHOOD" +RZPDQ\FRXVLQVGRHVVKH


(VWHHVXQWHOIRQREODQFR 7KLVLVDZKLWHSKRQH KDYH"
(VWDVVRQLGHDVSHTXHDV 7KHVHDUHVPDOOLGHDV &UHRTXHVORWLHQHXQR ,WKLQNVKHRQO\KDVRQH
(VDVVRQSDODEUDVJUDQGHV 7KRVHDUHELJZRUGV $TXKRUDHPSLH]DDWUDEDMDU" :KDWWLPHGRHVVKHVWDUW
4XLQHUHV" :KRDUH\RX" ZRUN"
1RHPSLH]DKDVWDHOPHGLRGD 6KHGRHVQoWVWDUWXQWLOPLGGD\
&XQWDVKRUDVWUDEDMDFDGDGD" +RZPDQ\KRXUVGRHVVKH
ZRUNHDFKGD\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VFULELVWHDWXWD" 'LG\RXZULWHWR\RXUDXQW" 7HGLYHUWLVWHPXFKRHVWH 'LG\RXKDYHDORWRIIXQWKLV


3RUTXWHQJRTXHHVFULELUOH":K\GR,KDYHWRZULWHWRKHU" YHUDQR" VXPPHU"
DHOOD 1RPHWHPRTXHQR 1R,oPDIUDLGQRW
3DUDGDUOHODVJUDFLDVSRUHO 7RVD\WKDQNVIRUWKHSUHVHQW
 3RUTXORSDVDVWHWDQPDO" :K\GLG\RXKDYHDEDGWLPH"
UHJDORTXHWHFRPSU VKHERXJKW\RX +L]RPX\PDOWLHPSR 7KHZHDWKHUZDVUHDOO\EDG
6ORIXHXQFHSLOORGHGLHQWHV,WZDVRQO\DWRRWKEUXVK 4XWLHPSRHVSHUDEDVHQ :KDWZHDWKHUGLG\RXH[SHFW
(VLPSRUWDQWHVHUHGXFDGR,WoVLPSRUWDQWWREHSROLWH $ODVND" LQ$ODVND"

/XQJV 3XOPRQHV
+HDUW &RUD]Q

/LYHU +JDGR

,QWHVWLQHV ,QWHVWLQRV .LGQH\V 5LRQHV

9RFDEXODULR2UJDQV UJDQRV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'MDPHHFKDUXQYLVWD]R /HWPHKDYHDORRN 'HTXVLUYHLQWHQWDUOR" :KDWoVWKHSRLQWLQWU\LQJ"


1RHUHVORVXFLHQWHPHQWH <RXoUHQRWROGHQRXJK
 1XQFDWHQGUV[LWRVLQROR <RXoOOQHYHUVXFFHHGLI\RX
PD\RU LQWHQWDV GRQoWWU\
7XVSDGUHVPHPDWDUDQVLOR <RXUSDUHQWVZRXOGNLOOPHLI
 0HDEXUURPX\IFLOPHQWH ,JHWERUHGYHU\HDVLO\
VXSLHUDQ WKH\NQHZ 'HEHUDVGDUXQEXHQHMHPSOR <RXVKRXOGVHWDJRRGH[DPSOH
0LVSDGUHVWLHQHQXQD 0\SDUHQWVDUHYHU\RSHQ
 DORVGHPV WRWKHRWKHUV
PHQWDOLGDGPX\DELHUWD PLQGHG 1RTXLHURVHUXQPRGHORD ,GRQoWZDQWWREHDQ\ERG\oV
7HORHQVHDUHPRVFXDQGR :HoOOVKRZ\RXZKHQ\RXJURZ
 LPLWDUSRUQDGLH UROHPRGHO
VHDVXQSRFRPVPDGXUR XSDOLWWOH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/DLQDFLQKDVXELGRRWUDYH],QDWLRQKDVULVHQDJDLQ 7HGHPDQGDUSRUFDOXPQLD ,oOOVXH\RXIRUOLEHO


/DVOWLPDVFLIUDVGHGHVHPSOHR7KHODWHVWXQHPSOR\PHQW /DDFXVDFLQQRVHPDQWHQGU 7KHFDVHZRQoWVWDQGXSLQ

VRQDOHQWDGRUDV JXUHVDUHHQFRXUDJLQJ HQHOWULEXQDO FRXUW
1RSXHGRSHUPLWLUPHHVWD ,FDQoWDIIRUGWKLVPRUWJDJH
 |1RHVWVWDQVHJXUR ,ZRXOGQoWEHWRQLW
KLSRWHFD 7HQJRXQDERJDGRGHSULPHUD,KDYHDUVWUDWHODZ\HU
/DVWDVDVGHLQWHUVVRQ 7KHLQWHUHVWUDWHVDUHFULSSOLQJ
 7HQJRDORVMXHFHVHQPLEROVLOOR,KDYHWKHMXGJHVLQP\SRFNHW
DJRELDQWHV
&XOHVVRQODVFRQGLFLRQHV :KDWDUHWKHERUURZLQJWHUPV"

GHOSUVWDPR"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV +RZPXFKf"
1RROYLGHVTXHHOVXVWDQWLYRpPRQH\qHV
+HZHQWIURPUDJVWRULFKHV 7KHUHoVDORWRIUHGWDSHLQYROYHG LQFRQWDEOHHQLQJOV
3DVGHODSREUH]DDODULTXH]D ,QFOX\HPXFKRSDSHOHREXURFUWLFR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
*LYHWKHPUHGFDUSHWWUHDWPHQW ,WoVZLWKRXWUK\PHRUUHDVRQ IUDVHVHQLQJOV"
7UWDORVDFXHUSRGHUH\ 1RWLHQHQLSLHVQLFDEH]D &XQWRGLQHURKD\HQODFXHQWDQPHUR
"
,VPHOODUDW 6DYHLWIRUDUDLQ\GD\ +D\HQODFXHQWDQPHUR
+D\DOJRVRVSHFKRVRDTX *XUGDORSDUDFXDQGRWHSXHGD 1RKD\GLQHURHQODFXHQWDQPHUR
KDFHUIDOWD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

:HVDLOHGVWUDLJKWWKURXJKWKHVWUDLW 1DYHJDPRVWRGRUHFWRDWUDYVGHOHVWUHFKR

&RPR WRGRV VDELV HO VLJQLFDGR FOVLFR GH pVWUDLJKWq HV UHFWR <DKHPRVGLFKRTXHpVWUDLJKWqVLJQLFDUHFWRRGHUHFKR6LQHP
RGHUHFKR6HSURQXQFLDpVWUHLWqDOLJXDOTXHODSDODEUDLQJOHVD EDUJRHVXQDSDODEUDTXHVHXVDPXFKVLPR\TXHDGPLWHPV
SDUDGHQRPLQDUXQHVWUHFKRJHROJLFRHOFXDOVHHVFULEHpVWUDLWq GHDGMHWLYRVRDGYHUELRVPVHQFDVWHOODQR(QODVGRVSU[L
7KH6WUDLWRI*LEUDOWDU PDVFKDVYDPRVDHQWUDUGHOOHQRDHQXPHUDUWRGRVVXVXVRV
7KH6WUDLWRI0DJHOODQ 'R\RXNQRZZKHUHWKHVHVL[LPSRUWDQW PXFKRVLQWHUHVDQWHV\KDVWDFXULRVRVSHURSULPHURTXLHURKDFHU
7KH6WUDLWRI+RUPX] VWUDLWVDUHORFDWHG"1RWLFHKRZZHXVH PHQFLQGHOYHUERHQLQJOVTXHSURYLHQHGHODGMHWLYRRGHODG
7KH6WUDLWRI0DODFFD WKH/DWLQVW\OHRIVSHHFKH[FHSWZKHQ YHUELRpVWUDLJKWq6HWUDWDGHpWRVWUDLJKWHQq
7KH6WUDLWRI2UDQWR UHIHUULQJWRWKH%HULQJ6WUDLW
7KH%HULQJ6WUDLW 7RVWUDLJKWHQHQGHUH]DU
6RPXFKIRUVWUDLWV \DHVWELHQGHHVWUHFKRV 'HDKRUDHQDGH 6WUDLJKWHQ\RXUEDFN 3QWHGHUHFKR
ODQWH IURP QRZ RQ  YR\ D FHQWUDUPH HQ OD SDODEUD pVWUDLJKWq 7RVWUDLJKWHQRXWUHVROYHUDUUHJODU
FRPRDGMHWLYR\DGYHUELR ,WWRRNPHDQKRXUWRVWUDLJKWHQHYHU\WKLQJRXW 7DUG
&RPRDGMHWLYR 7KLVLVDVWUDLJKWOLQH XQDKRUDHQUHVROYHUORWRGR
   (VWDHVXQDOQHDUHFWD 7RVWUDLJKWHQXSRUGHQDU
&RPRDGYHUELR +HZHQWVWUDLJKWKRPHDIWHUZRUN 6WUDLJKWHQXS\RXUURRPEHIRUHOHDYLQJ 2UGHQDWXKD
   )XHGLUHFWDPHQWHDFDVDGHVSXVGHOWUDEDMR ELWDFLQDQWHVGHVDOLU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
5HDOPHQWHFUHHVTXHVHYDQDFUHHUHVDKLVWRULD"3RUTXQROHV 'R\RXUHDOO\WKLQNWKH\oUHJRLQJWREHOLHYHWKDWVWRU\":K\GRQoW
FXHQWDVODYHUGDG"6HGDUQFXHQWDGHTXHDOQ\DOFDERHUHV \RXMXVWWHOOWKHPWKHWUXWK"7KH\oOOUHDOL]HWKDW\RXoUHKXPDQDIWHU
KXPDQR\SUREDEOHPHQWHWHSHUGRQDUQ$GHPVWRGRVROYLGD DOODQGZLOOSUREDEO\IRUJLYH\RX%HVLGHVZHDOOIRUJHWPHHWLQJV
PRVUHXQLRQHVRFLWDVHQDOJQPRPHQWRDVTXHSRUTXLEDV RUDSSRLQWPHQWVDWVRPHSRLQWVRZK\VKRXOG\RXEHGLIIHUHQW"
DVHUWGLIHUHQWH"/DQLFDGLIHUHQFLDDTXHVTXHQRHUDXQDFLWD 7KHRQO\GLIIHUHQFHKHUHLVWKDWLWZDVQoWMXVWDQ\DSSRLQWPHQW,W
FXDOTXLHUD(UDWXSURSLDERGD ZDV\RXURZQZHGGLQJ


(VWLPDGRDPLJR\DOXPQR0XFKRVHVWXGLDQWHVDOQDOL]DUODFDUUHUDSRVSRQHQVXHQ 0iVWHUHQ'LUHFFLyQGH(PSUHVDV
0iVWHUHQ'HUHFKR&RPXQLWDULR
WUDGDHQHOPHUFDGRODERUDOSDUDKDFHUDOJQWLSRGH0VWHU([LVWHXQDEDQLFRLPSUHVLR
0iVWHUHQ5HODFLRQHV/DERUDOHV
QDQWHGHRSFLRQHV,QFOX\RDODGHUHFKDVORGHODVPVGHFLHQSRVLELOLGDGHV$OJXQRV 0iVWHUHQ*HVWLyQGH3DWULPRQLRV
MYHQHVTXLHUHQDDGLUXQHOHPHQWRSUFWLFRDORVHVWXGLRVH[FHVLYDPHQWHWHULFRVGHOD 0iVWHUHQ'LUHFFLyQGH3UR\HFWRV
XQLYHUVLGDG2WURVVLPSOHPHQWHGHVHDQDODUJDUHOSHURGRGHHVWXGLRDQWHVGHHQWUDUHQOD 0iVWHUHQ5HFXUVRV+XPDQRV
YLGDUHDO6HDSXQWDQDXQPVWHU\GHGLFDQIFLOPHQWHKRUDV\DYHFHVPXFKDVPV 0iVWHUHQ%ROVD\0HUFDGRVQDQFLHURV
DODREWHQFLQGHOWWXOR'HVSXVHQWUDQQDOPHQWHHQHOPHUFDGRODERUDO\DODPD\RUD 0iVWHUHQ7HFQRORJtD(QHUJpWLFD


VH OHV FLHUUDQ ODV PHMRUHV SXHUWDV SRU OD IDOWD GH XQ DOWR QLYHO GH LQJOV 'HVSXV VL OHV 0iVWHUHQ7ULEXWDFLyQ
SUHJXQWDVVLHVWQGLVSXHVWRVDGHGLFDUKRUDVRPVDOLGLRPDWHGLUQTXHQRWLHQHQ 0iVWHUHQ&RPHUFLR,QWHUQDFLRQDO
HVHWLHPSRQLHVHGLQHUR6LQHPEDUJRKDQJDVWDGRVLQSHVWDHDUXQGLQHUDOHQWLHPSR 0iVWHUHQ'LUHFFLyQ,QWHUQDFLRQDO
\GLQHURSDUDKDFHUXQPVWHUTXHHQHODQOLVLVQDOQROHVGLIHUHQFLDHQHOPHUFDGR6L 0iVWHUHQ3HULRGtVPR
DORVDRVXQMRYHQKDFHXQPVWHUHVWFRPHWLHQGRXQHUURUSXHVWRTXHORVPVWHU 0iVWHUHQ+RVSLWDOLW\0DQDJHPHQW
0iVWHUHQ'LUHFFLyQ\*HVWLyQQDQFLHUD
VRQYHFHVPVDSURYHFKDEOHVVLHOMRYHQWLHQHDRV\FLHUWDH[SHULHQFLDHQHO
0iVWHUHQ'LUHFFLyQ0HGLRDPELHQWDO
PXQGRUHDO(VDORVDRVFXDQGRGHEHVLQIDOWDDFRPHWHUHOLQJOVVLQRORKDKHFKR
0iVWHUHQ$VHVRUtDLQWHJUDO
DQWHV'HVSXVHVLPSRVLEOHUHVROYHUOR8QR\DWLHQHQRYLRQRYLDRFQ\XJHMHIHKLMRV 0iVWHUHQ'LVHxRPXOWLPHGLD
KLSRWHFDFROHJLRVGRVFRFKHVTXHSDJDUHWF(OLQJOVHVPXFKRPVGLIFLOGHGRPLQDUTXH 0iVWHUHQ*OREDOPDUNHWLQJ
FXDOTXLHUDGHODVUHDVGHFRQRFLPLHQWRVPHQFLRQDGRVHQORVPVWHUUHODFLRQDGRVDODGHUH 0iVWHUHQ&RPXQLFDFLyQ\0HUFDGRWHFQLD
FKD6LORVMYHQHVQRORUHVXHOYHQGHOWRGRDQWHVGHHQWUDUHQHOPHUFDGRODERUDOHOQROR 0iVWHUHQ3XEOLFLGDG\'LVHxRJUiFR
YDQDUHVROYHUQXQFD 0iVWHUHQ6XSSO\FKDLQPDQDJHPHQW
5LFKDUG9DXJKDQ 0iVWHUHQ6RIWZDUHGHJHVWLyQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XGDHV" :KDWGD\LVLW" 9PRQRVDOSDUTXH /HWoVJRWRWKHSDUN


4XPHVHV" :KDWPRQWKLVLW" 3RUTXTXLHUHVKDFHUHVR" :K\GR\RXZDQWWRGRWKDW"
(QTXHVWDFLQHVWDPRV" :KDWVHDVRQDUHZHLQ" +DFHEXHQWLHPSR 7KHZHDWKHUoVQLFH
4XDRHV" :KDW\HDULVLW" &RPSUHPRVXQKHODGR /HWoVEX\DQLFHFUHDP
'HTXQDFLRQDOLGDGHUHV" :KDWQDWLRQDOLW\DUH\RX" 7LHQHVGLQHUR" 'R\RXKDYHDQ\PRQH\"

/DQFH /DQ]D
+HOPHW <HOPR

6KLHOG (VFXGR
$UPRXU $UPDGXUD

6ZRUG (VSDGD

9RFDEXODULR.QLJKW &DEDOOHUR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7HSXHGRD\XGDU" &DQ,KHOS\RX" 3RUTXQRPHORGLMLVWH" :K\GLGQoW\RXWHOOPH"


4XLHURXQNLORGHSDWDWDVSRU ,oGOLNHDNLORRISRWDWRHV
 3RUTXQROHVKDVOODPDGR" :K\KDYHQoW\RXFDOOHGWKHP"
IDYRU SOHDVH 3RUTXQRPHKDEODUV" :K\ZRQoW\RXVSHDNWRPH"
4XLHUHVDOJRPV" 'R\RXZDQWDQ\WKLQJHOVH" 3RUTXQRKDVLGRDOWUDEDMR" :K\KDYHQoW\RXJRQHWR
1DGDPVJUDFLDV 1RWKLQJHOVHWKDQN\RX ZRUN"
&XQWRFXHVWD" +RZPXFKGRHVLWFRVW" 3RUTXQRKDELGRUHXQLRQHV :K\KDYHQoWWKHUHEHHQDQ\
OWLPDPHQWH" PHHWLQJVODWHO\"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HORGLUDVVLORVXSLHUDV" :RXOG\RXWHOOPHLI\RXNQHZ" $YVDPHFXDQGRHVWVOLVWR /HWPHNQRZZKHQ\RXoUH


6LWHORGLMHUDFDPELDUDDOJR" ,I,WROG\RXZRXOGLWPDNHD UHDG\
GLIIHUHQFH" 6HUXQDHWHUQLGDG ,WoOOEHDJHV
6LIXHUDPDULQHURQDYHJDUD ,I,ZHUHDVDLORU,oGVDLOWKH
 $TXYLHQHWDQWDSULVD" :KDWoVWKHKXUU\"
SRUORVVLHWHPDUHV VHYHQVHDV |0HPDUFKR ,oPRII
6LIXHUDVDVWUHFRVHUDPXFKDV ,I,ZHUHDWDLORU,oGVHZVHYHUDO
 |(VSHUDTXH\DYR\ +ROGRQ,oPFRPLQJ
FRVWXUDV VHDPV
6LIXHUDFLUXMDQRYHUDPXFKDV ,I,ZHUHVXUJHRQ,oGVHH

H[WUHPLGDGHVFRUWDGDV VHYHUHGOLPEV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HELGRDFLUFXQVWDQFLDV 'XHWRXQIRUHVHHQ 'QGHSXHGRHQFRQWUDUDPL :KHUHFDQ,QGP\3ULQFH


LPSUHYLVWDVf FLUFXPVWDQFHVf 3UQFLSH$]XO" &KDUPLQJ"
'HPRPHQWR\KDVWDQXHYR )RUWKHWLPHEHLQJWKHVKRZ 6ORH[LVWHQHQORVFXHQWRV +HRQO\H[LVWVLQIDLU\WDOHV
DYLVRHOHVSHFWFXORVHKD KDVEHHQFDQFHOOHG GHKDGDV
FDQFHODGR 9LYRHQXQPXQGRGHHQVXHR,OLYHLQDGUHDPZRUOG
0HQRVPDOHUDXQDDXWQWLFD -XVWDVZHOOLWZDVDUHDO UDVHXQDYH] 2QFHXSRQDWLPHf
SDWDWD WXUNH\ fYLYLHURQIHOLFHV\FRPLHURQ fDQGWKH\OLYHGKDSSLO\HYHU
5HFLELEXHQDVFUWLFDV ,WJRWJRRGUHYLHZV SHUGLFHV DIWHU
6ORHQODSUHQVDDPDULOOD 2QO\LQWKHWDEORLGSUHVV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 9RFDEXODULR

'RHVWKDWQDPHULQJDEHOO" :KHQLQ5RPHGRDVWKH5RPDQVGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7HVXHQDHVHQRPEUH" 'RQGHIXHUHVKD]ORTXHYLHUHV IUDVHVHQLQJOV"

7RULVHIURPWKHGHDG +HUXEVVKRXOGHUVZLWKLPSRUWDQWSHRSOH 'XGRTXHHVWXYLHUDGLFLHQGRODYHUGDG


5HVXFLWDUGHHQWUHORVPXHUWRV 6HFRGHDFRQJHQWHLPSRUWDQWH (QUHDOLGDGQRSRGUDGHFLUVLHVWXYLHUD
GLFLHQGRODYHUGDG
5RPHZDVQoWEXLOWLQDGD\ 7KDWoVULJKWXSP\DOOH\ (OMDUGQHVWOOHQRGHPDODVKLHUEDV
1RVHJDQ=DPRUDHQXQDKRUD (VRHQFDMDH[DFWDPHQWHFRQPLVDSWLWXGHV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
/RYHOHWWHUVVWUDLJKWIURP\RXUKHDUW

/RYHOHWWHUVfVWUDLJKWIURP\RXUKHDUW $YHUVLHQWLHQGRWRGRHVWR'LFHXVWHGTXHYLRDXQSHUURFRQGX
.HHSXVVRQHDUZKLOHDSDUW FLHQGRXQFRFKH(VDV"
,oPQRWDORQHLQWKHQLJKW 6LQFHUR\VLQURGHRV
ZKHQ,FDQKDYHDOOWKHORYH\RXZULWH 6WRSEHDWLQJDURXQG WKHEXVK,ZDQW\RX WRJLYHPHDVWUDLJKW
(OYLV3UHVOH\ DQVZHU
&DUWDVGHDPRUfGLUHFWDPHQWHGHVGHWXFRUD]Q(OYLVVDEDPX\ 'HMDGHGDUURGHRV4XLHURTXHPHGHVXQDUHVSXHVWDFODUD\VLQFHUD
ELHQFXDQGRXVDUODSDODEUDpVWUDLJKWq\HQHVWDFKD\HQODVL 'LUHFWDPHQWH
JXLHQWHYR\DLQWHQWDUTXHWHIDPLOLDULFHVFRQVXVYDULDGRVXVRV *HQWOHPHQOHWPHJHWVWUDLJKWWRWKHSRLQW
/LVR SHOR 6HRUHVSHUPWDQPHLUGLUHFWDPHQWHDOJUDQR
+HKDVVWUDLJKWKDLU+HGRHVQoWKDYHFXUO\KDLURUZDY\KDLUEXW &RQVHFXWLYRVHJXLGR
VWUDLJKWKDLU ,VSHQWYHVWUDLJKWGD\VOLYLQJOLNHDFORLVWHUHGPRQNLQDPRQDVWHU\
7LHQHHOSHOROLVR1RWLHQHHOSHORQLUL]DGRQLRQGXODGRVLQRHOSHOROLVR (VWXYHFLQFRGDVVHJXLGRVYLYLHQGRFRPRXQPRQMHGHFODXVXUD
5HFWR HQXQPRQDVWHULR
$ULJKWDQJOHLVWKHFRQYHUJHQFHRIWZRVWUDLJKWOLQHVWKDWIRUPD $SDORVHFR
GHJUHHDQJOH 3RXUPHDZKLVN\VWUDLJKW
8QQJXORUHFWRHVODFRQYHUJHQFLDGHGRVOQHDVUHFWDVTXHIRU 'HPHXQZKLVN\fDSDORVHFR
PDQXQQJXORGHJUDGRV (UJXLGR
&ODURDFODUDUHQWHQGHU ,FDQDOZD\VUHFRJQL]HKLPDPRQJWKHUXQQHUV+HUXQVZLWKKLV
/HW PH JHW WKLV VWUDLJKW<RX VD\ \RX VDZ D GRJ GULYLQJ D FDU ,V EDFNVWUDLJKW
WKDWULJKW" 6LHPSUHOHUHFRQR]FRHQWUHORVFRUUHGRUHV&RUUHFRQODHVSDOGDHUJXLGD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(OODWUDWGHHFKDUPHODFXOSDSRUHOIUDFDVRGHOSUR\HFWR<RHVWDED 6KHWULHGWREODPHPHIRUWKHIDLOXUHRIWKHSURMHFW,ZDVLQFKDUJH
HQFDUJDGRGHORVDVSHFWRVWFQLFRV\HOODVXSHUYLVDEDODVYHQWDV\ RIWKHWHFKQLFDODVSHFWVDQGVKHRYHUVDZWKHVDOHVDQGDIWHUVDOHV
HODSR\RSRVWsYHQWD&DGDLQIRUPHTXHUHFLELPRVGHORVXVXDULRV VXSSRUW (YHU\ UHSRUW ZH UHFHLYHG IURP XVHUV SUDLVHG WKH GHVLJQ
DODEDEDHOGLVHR\HOIXQFLRQDPLHQWRGHODPTXLQD6REUHORTXH DQG RSHUDWLRQ RI WKH PDFKLQH :KDW WKH\ ELWWHUO\ FRPSODLQHG
VHTXHMDEDQDPDUJDPHQWHHUDVLQHPEDUJRGHOPDQWHQLPLHQWR\ DERXWWKRXJKZDVWKHPDLQWHQDQFHDQGVHUYLFHDQGVKHZDVLQ
HOVHUYLFLR\HOODHUDODUHVSRQVDEOHGHHVRQR\R FKDUJHRIWKDWQRWPH


(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDWHSRQJRXQDOLVWDGHWHPDVTXHTXLHURTXHLQYHVWLJXHVDWUDYVGH &ODUN*DEOH
(O&LG
:LNLSHGLD6LWLHQHVRUGHQDGRUH,QWHUQHWDEUHODSJLQDKWWSHQZLNLSHGLDRUJ\HQODFROXPQDL]TXLHUGD
&DEH]DGH9DFD
GHODSJLQDYHUVXQUHFXDGURGHEVTXHGDWLWXODGRpVHDUFKq(VFULEHDOOPLVPRHOSULPHUWHPDTXHDSDUHFH
*HQJKLV.KDQ
DODGHUHFKD\OHHHODUWFXORFRUUHVSRQGLHQWHGHSULQFLSLRDQ7HUPLQDUVPXFKRPVH[SHUWRVREUH&ODUN 3RFDKRQWDV
*DEOH\WXLQJOVKDEUPHMRUDGRXQSRFRWDPELQ$OGDVLJXLHQWHKD]ORPLVPRSDUDHOVHJXQGRWHPD\ 6XOOD
DVVXFHVLYDPHQWHKDVWDFXEULUORVTXHWHVXJLHUR6LORGHVHDVSXHGHVSRUVXSXHVWREXVFDURWURVWHPDV %LOO\WKH.LG
\DTXHORTXHTXLHURFRQVHJXLUHVTXHOHDVWRGRORSRVLEOHGHQWURGHXQLQJOVGLUHFWR\VHQFLOOR\:LNLSHGLD $OIUHG+LWFKFRFN
VH SUHVWD EDVWDQWH D HVWH Q 5HFXHUGD TXH FDGD DUWFXOR FRQWLHQH FRPR SURPHGLR  IUDVHV HQ LQJOV 2SWLPLVP
WRGDVFRUUHFWDPHQWHFRQVWUXLGDV6LHQGDVSXHGHVOHHUORVDUWFXORVFLWDGRVKDEUVDEVRUELGR .UDNDWRD
IUDVHVHQLQJOV6LGHVSXVORJUDVOHHUXQDUWFXORSRUGDGXUDQWHXQDRWXFHUHEURFDSWDUFRQVFLHQWHR /LWWOH,FH$JH
LQFRQVFLHQWHPHQWHFDVLIUDVHVWRGDVHQXQLQJOVSHUIHFWR/DOHFWXUDHVPX\UHFRPHQGDEOHSDUD 6DOHPZLWFKWULDOV
PHMRUDUHOLQJOVKDEODGRVLHPSUHTXHVHDXQLQJOVQRWFQLFRRUHEXVFDGR6LQHPEDUJRSDUDTXHIXQFLRQH &RFKLVH
WLHQHVTXHGHGLFDUFLHUWRWLHPSRFDGDGDRFDGDVHPDQDDODOHFWXUD 0DU\6KHOOH\
5LFKDUG9DXJKDQ -RVHSK %LEOH
([LVWHQWLDOLVP


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(UHVHOQXHYRHVWXGLDQWH" $UH\RXWKHQHZVWXGHQW" 4XVLJQLFDpfq" :KDWGRHVpfqPHDQ"


(VHVDODSURIHVRUD" ,VWKDWWKHWHDFKHU" &PRVHGLFHpqHQLQJOV" +RZGR\RXVD\pqLQ
(VXQSRFRMRYHQ 6KHoVDOLWWOH\RXQJ (QJOLVK"
4XKRUDHV" :KDWWLPHLVLW" 1RHQWLHQGR ,GRQoWXQGHUVWDQG
(VPHGLDQRFKH ,WoVPLGQLJKW 3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH"
3XHGHVKDEODUPVGHVSDFLR &DQ\RXVSHDNPRUHVORZO\
SRUIDYRU" SOHDVH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQRFHVDDOJXLHQDTX" 'R\RXNQRZDQ\ERG\KHUH" 0HSXHGHVHFKDUXQDPDQR" &DQ\RXJLYHPHDKDQG"


1RQRFRQR]FRDQDGLH 1R,GRQoWNQRZDQ\ERG\ (QTXSXHGRVHUYLUOH" +RZFDQ,KHOS"
6DEHVDOJRGHFRFKHV" 'R\RXNQRZDQ\WKLQJDERXW 3XHGHVSRQHUODPHVD" &DQ\RXVHWWKHWDEOH"
FDUV" +DVSODQFKDGRFDPLVDV +DYH\RXHYHULURQHGVKLUWV"
6DOJXQDVFRVDV ,NQRZVRPHWKLQJV DOJXQDYH]"
1XQFDVDEHQDGD +HQHYHUNQRZVDQ\WKLQJ 4XPVVDEHVKDFHU" :KDWHOVHGR\RXNQRZKRZ
WRGR"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HEHGHKDEHUXQDPDQHUD 7KHUHPXVWEHDZD\WRGRLW
 3RGUVDVLVWLUDOEDXWL]R" :LOO\RXEHDEOHWRDWWHQGWKH
GHKDFHUOR EDSWLVP"
'HEHUDGHKDEHUPVJHQWH 7KHUHVKRXOGEHPRUHSHRSOH
 3DUDTX" :KDWIRU"
DTX KHUH 4XTXLHUHVGHFLUFRQpSDUD :KDWGR\RXPHDQpZKDW
+DEUDPVVLQRHVWXYLHUD 7KHUHZRXOGEHPRUHLILW
 TXq" IRUq"
OORYLHQGR ZHUHQoWUDLQLQJ 3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VPDNLQJ
9DDKDEHUXQDKXHOJD 7KHUHoVJRLQJWREHDVWULNH
 SRQLHQGRH[FXVDV" H[FXVHV"
PDDQD WRPRUURZ 1RWHQJRQLLGHD ,KDYHQRLGHD
1RODKDEUYHUGDG" 7KHUHZRQoWEHZLOOWKHUH"

6ZRUGVK (PSHUDGRU
6DUGLQH 6DUGLQD
+DNH 0HUOX]D

0RQNVK 5DSH &RG %DFDODR

9RFDEXODULR)LVK 3HVFDGR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

$TXKRUDOOHJDVWH" :KDWWLPHGLG\RXWXUQXS" 9DQDURGDUFDEH]DVSRUHVWR +HDGVZLOOUROOIRUWKLV


$OQDOQRSXGHLU ,FRXOGQoWPDNHLWLQWKHHQG 3XHGHTXHHQFXHQWUHQXQ7KH\PLJKWQGDVFDSHJRDW
3DVDEDDOJR" :DVDQ\WKLQJZURQJ" FDEH]DGHWXUFR
7HQJRMDTXHFDVWHUULEOHV ,oYHEHHQKDYLQJUHDOO\EDG (VRVHUDORPVQRUPDO 7KDWZRXOGEHSDUIRUWKH
OWLPDPHQWH PLJUDLQHVODWHO\ FRXUVH
,QFOXVRHORWURGDPHGHVPD\ 7KHRWKHUGD\,HYHQSDVVHG &XQGRFUHHVTXHVHGHFLGLUQ" :KHQGR\RXUHFNRQWKH\oOO
RXW PDNHXSWKHLUPLQGV"
1RPHORH[SOLFR ,WEHDWVPH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV 3UHVHQWHSHUIHFWRHOLQWHUURJDWLYR
 p$OJXQDYH]qHQHVWHFRQWH[WRVHWUDGXFHSRU
:KRUXQVWKHVKRZKHUH" 6D\ZKHQ ODSDODEUDpHYHUq
4XLQPDQGDDTX" 'LFXDQWR DOVHUYLUWRFDI 
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KH\DUULYHGVDIHDQGVRXQG +HUXQVULQJVDURXQG\RXRQWKDWVXEMHFW IUDVHVHQLQJOV"
/OHJDURQVDQRV\VDOYRV 7HGDPLOYXHOWDVHQHVHWHPD +DVYLVWRDOJXQDYH]XQ291,"
+DVKDEODGRDOJXQDYH]FRQ-XOLR,JOHVLDV"
6DYH\RXUVNLQ $VDUXOHRIWKXPE +DVDOJXQDYH]FRPLGRRUHMDGHFHUGR"
6DOYDHOSHOOHMR &RPRUHJODJHQHUDO OLWHUDOPHQWHpGHSXOJDUq 

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KUHHVWUDLJKWSDJHVDERXWpVWUDLJKWq

$GHPV GH ORV DGMHWLYRV \ DGYHUELRV TXH DSDUHFHQ HQ HVWD  'LUHFWDPHQWH
FKD \ HQ OD DQWHULRU WHQHPRV DGMHWLYRV FRPSXHVWRV PX\ LP ,GUDQNWKHZLQHVWUDLJKWIURPWKHERWWOH
SRUWDQWHV HQ LQJOV FRQ OD SDODEUD pVWUDLJKWq (O PV FRPQ HV %HEHOYLQRGLUHFWDPHQWHGHODERWHOOD
pVWUDLJKWIRUZDUGq HO FXDO VH WUDGXFH OLWHUDOPHQWH FRPR pUHFWR ,oOOWHOOLWWR\RXVWUDLJKWWR\RXUIDFH
KDFLDGHODQWHq6LQHPEDUJRVXVLJQLFDGRUHDOHVpVLQFHURIUDQFR 7HORGLUGLUHFWDPHQWHDODFDUD
\UHFWRqp-RKQLVDVWUDLJKWIRUZDUGSHUVRQq -XDQHVXQDSHUVRQD (QVHJXLGD
VLQFHUDIUDQFD\UHFWD  ,oOOGRLWVWUDLJKWDZD\
/RKDUHQVHJXLGD
-XVWRH[DFWDPHQWH &RQFODULGDG
+HURIFHLVVWUDLJKWDFURVVWKHKDOOIURPPLQH ,FRXOGQoWWKLQNVWUDLJKWIRUWKUHHGD\VDIWHUWKHEDGH[SHULHQFH,KDG
6XGHVSDFKRHVWMXVWRHQIUHQWHGHOPRFUX]DQGRHOSDVLOOR 1RSXGHSHQVDUFRQFODULGDGGXUDQWHWUHVGDVGHVSXVGHODPDOD
$OIUHQWH H[SHULHQFLDTXHWXYH
$OZD\VORRNVWUDLJKWDKHDG'RQoWORRNVLGHZD\V 6HULR\VLQLQPXWDUVH
0LUHVLHPSUHDOIUHQWH1RPLUHDORVODGRV +HWROGRYHUMRNHVDQGNHSWDVWUDLJKWIDFHWKURXJKRXW
'HUHFKR &RQWPVGHFKLVWHV\PDQWXYRODFDUDVHULDGHSULQFLSLRDQ
7KHPXPP\NHSWZDONLQJVWUDLJKWWRZDUGVPH &ODULGDGHQGHQLWLYD
/DPRPLDVHJXDDQGDQGRGHUHFKDKDFLDP +HoOOQHYHUORRNVWUDLJKWLQWR\RXUH\HVDQGJLYH\RXDVWUDLJKWDQVZHU
6WDQGXSVWUDLJKW RUpVLWXSVWUDLJKWq 1XQFDWHPLUDUGLUHFWDPHQWHDODFDUDSDUDGDUWHXQDUHVSXHVWD
3QWHGHUHFKR FODUD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VFXULRVRTXHGLJDVHVR-XVWRKDFHGRVVHPDQDVHVWDEDKDEODQ ,WoVIXQQ\\RXVD\WKDW-XVWWZRZHHNVDJR,ZDVWDONLQJZLWKD
GRFRQXQDPLJRGHHVWHWHPD\PHGLMRORPLVPRTXHPHKDV IULHQGDERXWWKHVDPHTXHVWLRQDQGKHVDLGH[DFWO\WKHVDPHWKLQJ
GLFKRW-RKQVRQYDDVHUGHVSHGLGRSRUHO&RQVHMRGH$GPLQLV \RXGLG-RKQVRQLVJRLQJWREHUHGE\WKHERDUGRIGLUHFWRUVLQ
WUDFLQHQVXSU[LPDUHXQLQ6LHVWLVHQORFLHUWRHQWRQFHVQR WKHQH[WERDUGPHHWLQJ,IWKHWZRRI\RXDUHULJKWWKHQ,ZRQoW
YHQGHUWRGDYDPLVDFFLRQHV&RQ-RKQVRQIXHUDGHOSDQRUDPD VHOOP\VKDUHV\HW:LWK-RKQVRQRXWWKHSLFWXUH,oPVXUHWKHVWRFN
HVWR\VHJXURGHTXHHOSUHFLRGHODVDFFLRQHVVXELU SULFHZLOOJRXS



(VWLPDGRDPLJR\DOXPQR5HFRPLHQGRGRVWLSRVGHOHFWXUDODSDVLYD\ODOHFWXUDHQYR]DOWD3DUDODSULPHUDUHFRPLHQGRQRYHODVGH
WLSREHVWVHOOHUHVGHFLUHOWLSRGHOLEURTXHXQRHQFXHQWUDHQORVDHURSXHUWRV1RHVTXHPHJXVWHQQHFHVDULDPHQWHHVWRVOLEURVGHVGH
HOSXQWRGHYLVWDFXOWXUDOSHURVRQH[FHOHQWHVSDUDODDEVRUFLQGHPXFKRLQJOVHQSRFRWLHPSR(VWHWLSRGHQRYHODVXHOHEDVDUVHHQ
XQDWUDPDGHFLHUWRVXVSHQVH\PXFKDVYHFHVODIXHU]DGHODWUDPDKDFHTXHWHROYLGHVHQTXLGLRPDHVWVOH\HQGR(QRWUDVSDODEUDV
ODIXHU]DGHODWUDPDHVPVTXHODGLFXOWDGGHOLGLRPD(VLPSRUWDQWHHQHVWRVFDVRV12(03/($581',&&,21$5,2'HEHVOHHU
SJLQDWUDVSJLQDVLJXLHQGRODWUDPDVRODPHQWH9HUVPXFKDVSDODEUDVTXHGHVFRQRFHVSHURVLQRTXLWDQGHODFRPSUHQVLQGHOR
TXHHVWSDVDQGRQRWHSUHRFXSHV6LJXHOH\HQGR6LSDUDVHVSDUDEXVFDUODHQHOGLFFLRQDULRYHUDVTXHHQHOGHORVFDVRVVHWUDWD
GHXQDSDODEUDUHEXVFDGDRSRFRQHFHVDULDSDUDHOGDDGD6ORHFKDPDQRDOGLFFLRQDULRVLWURSLH]DVFRQXQDSDODEUDRH[SUHVLQ
TXHKDFHTXHQRSXHGDVVHJXLUHQWHQGLHQGRSRUGRQGHYDODKLVWRULD+DFHFLQFRDRVUHFRPHQGDOGLUHFWRUGHUHFXUVRVKXPDQRVGH
XQRVODERUDWRULRVLPSRUWDQWHVODOHFWXUDGHXQDQRYHODDOPHV$OFDERGHDR\PHGLROHYROYDYHUHQXQDFRPLGD\PHGLFHp5LFKDUG
OOHYRQRYHODVOHGDV\QRYHDVFPRKDPHMRUDGRPLLQJOV7HQDVPXFKDUD]Qq(QQ<DYHV
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWQDTX 7KH\oUHKHUH (OYLVHUDHOUH\ (OYLVZDVWKH.LQJ


(OODHVWDOO 6KHoVWKHUH 'LDQDHUDXQDSULQFHVD 'LDQDZDVDSULQFHVV
(VDKRUD" ,VLWQRZ" 0LSHUURVHOODPD3UQFLSH 0\GRJoVQDPHoV3ULQFH
&XQGRHV" :KHQLVLW" -RKQ:D\QHHUDHOGXTXH -RKQ:D\QHZDVWKH'XNH
1RHVWDUGH ,WLVQoWODWH )UHGGLH0HUFXU\HUD4XHHQ )UHGGLH0HUFXU\ZDV4XHHQ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

5HVHUYDVWHXQDPHVDHQHVH 'LG\RXERRNDWDEOHDWWKDW
 &XQWRWDUGDVWHLVHQOOHJDU" +RZORQJGLGLWWDNH\RXWRJHW
QXHYRUHVWDXUDQWH" QHZUHVWDXUDQW" KHUH"
/RVLHQWRVHPHROYLG ,oPVRUU\,IRUJRW 1RVKDWDUGDGRXQDHWHUQLGDG ,WKDVWDNHQXVDQHWHUQLW\
&RQTXIUHFXHQFLDVHWH +RZRIWHQGR\RXIRUJHWWRGR
 &RQTXDHUROQHDYRODVWH" :KLFKDLUOLQHGLG\RX\ZLWK"
ROYLGDKDFHUODVFRVDV" WKLQJV" 9LQHHQPLEXUUR ,FDPHRQP\GRQNH\
3DUDVHUVLQFHUDQRPHDFXHUGR7REHKRQHVW,FDQoWUHPHPEHU 1RPHVRUSUHQGHTXHKD\DV ,oPQRWVXUSULVHGLWWRRN\RXD
(VHHVXQFKLVWHPDOR 7KDWoVDEDGMRNH WDUGDGRWDQWRWLHPSR ORQJWLPH

0LQW 0HQWD 5RVHPDU\ 5RPHUR

3DUVOH\ 3HUHMLO

7K\PH 7RPLOOR

%DVLO $OEDKDFD

9RFDEXODULR+HUEV +LHUEDV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7RPDPRVXQGHVFDQVR" 6KDOOZHWDNHDEUHDN" 5HFDOLQWDORHQHOPLFURRQGDV 5HKHDWLWLQWKHPLFURZDYH


7RGDYDQRKHPRVKHFKRQDGD:HKDYHQoWGRQHDQ\WKLQJ\HW /RYR\DSRQHUHQXQDROOD ,oPJRLQJWRSXWLWLQD
(VWR\DJRWDGR ,oPH[KDXVWHG VDXFHSDQ
(UHVODSHUVRQDPVYDJDTXH <RXoUHWKHOD]LHVWSHUVRQ,oYH
 1RROYLGHVUHPRYHUORPXFKR 'RQoWIRUJHWWRVWLULWDORW
MDPVKHFRQRFLGR HYHUNQRZQ 'HEHUDVHJXLUODUHFHWD" 6KRXOG,IROORZWKHUHFLSH"
7RGDYDWLHQHVTXHFRQRFHUD <RXVWLOOKDYHWRPHHWP\
 $UULHVJDUHVODPHMRUPDQHUD 7DNLQJULVNVLVWKHEHVWZD\WR
PLVREULQR QHSKHZ GHDSUHQGHU OHDUQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

)XLVWHDOHVWUHQRGHHVH 'LG\RXJRWKHSUHPLHUHRI
 |4XUROOR :KDWDGUDJ
QXHYRHVSHFWFXOR" WKDWQHZVKRZ" 'HTXKDEODV" :KDWDUH\RXRQDERXW"
2TXHUHFLELPX\PDODV ,KHDUGLWJRWUHDOO\EDG
 7HQJRTXHDJXDQWDUDPLV ,KDYHWRSXWXSZLWKWKH

FUWLFDV UHYLHZV SDULHQWHVSROWLFRVHVWDQRFKH LQODZVWRQLJKW
6ORGHPRGHUQLOORV 2QO\IURPWUHQG\W\SHV 1RQRVOOHYDPRVGHPDUDYLOOD :HGRQoWJHWRQOLNHDKRXVH
'HYHUGDGWHDSHWHFHLUDYHU 'R\RXUHDOO\IHHOOLNHJRLQJWR RQUH
XQPXVLFDOFRQFDQFLRQHVGH VHHDPXVLFDOZLWKVRQJVIURP (VXQDSHQDPLVXHJUDHV 7KDWoVDVKDPHP\

ORVDRVVHVHQWD" WKHVL[WLHV" JHQLDO PRWKHULQODZoVJUHDW
<RPHDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ




Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV ,WGHSHQGV
(VWDH[SUHVLQVXHOHLUHQWHUFHUDSHUVRQDOR
<RXVFDUHGWKHGD\OLJKWVRXWRIPH 6HHLQJLVEHOLHYLQJ FXOVLJQLFDTXHQRGHEHVROYLGDUODpVqDO
|0HKDVGDGRXQVXVWRGHPXHUWH 9HUSDUDFUHHU QDOGHOYHUER
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HKDVDVFUHZORRVH 2QVHFRQGWKRXJKWf IUDVHVHQLQJOV"
/HIDOWDXQWRUQLOOR 3HQVQGRORELHQ 'HSHQGHGHODFRPLGDTXHFRPDV
'HSHQGHGHVLWHQJRWLHPSRRQR
,oPKDYLQJVHFRQGWKRXJKWVDERXWLW :HGRQoWVHHH\HWRH\HRQWKDW 'HSHQGHGHORTXHTXLHUDVKDFHUFRQHOUHVWR
0HHVWQHQWUDGRGXGDVDOUHVSHFWR 1RHVWDPRVGHDFXHUGRVREUH GHWXYLGD
 HVHSXQWR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
'HDWKDQG<RJKXUW

8QDDPLJDPDHVSDRODSURIHVRUDGHLQJOVVHIXHFRQVXPDGUHGHYLVLWD PDOFLHUWDVOHWUDVRVLDFHQWDVPDOFLHUWDVSDODEUDV+R\YR\D
D(VWDGRV8QLGRV(OODKDEODPX\ELHQLQJOVSHURVXDFHQWRDOLJXDOTXH FHQWUDUPHQLFDPHQWHHQODp\qTXHVHSURQXQFLDFRPRXQDpLq
HOPRHQFDVWHOODQRQRHVQDWLYR6XPDGUHHVGLDEWLFD\FXDQGRKD\ ODWLQD
XQDHPHUJHQFLD\QRWLHQHVXPHGLFLQDDPDQRVLHPSUHWRPDXQ\RJXU <HDU LU <XJRVODYLD LJRVODYLD
(VWDQGRFRPLHQGRHQXQUHVWDXUDQWHHQ:DVKLQJWRQODPDGUHFRPHQ] <HOORZ LOR <XP\XP DPDP LPLP
DHQFRQWUDUVHPDO\ODKLMDPLDPLJDSLGLFRQFLHUWRDSXURXQpFKRNUWq 6FRWODQG<DUG VFWODQLUG <XSSLH LSL
3URQXQFLODp\qLQJOHVDFRPRVLIXHUDXQDp\qHVSDRODHVGHFLUFRPR <DKRR LZKR <HW LW
XQDpFKqFRQODVFXHUGDVYRFDOHVYLEUDQGR(OFDPDUHURQRHUDFDSD]GH <DQNHH LQNL <RNH \XJR LN
HQWHQGHUODVWHOODPDXQFRPSDHURSHURQRKXERVXHUWHWDPSRFR <HPHQ LPHQ <RON \HPDGHKXHYR LN
+DVWDFXDWURHPSOHDGRVGHOUHVWDXUDQWHFRQFDUDGHSUHRFXSDFLQLQWHQ <HVWHUGD\ LVWHUGD\ 1HZ<RUN QLLUN
WDEDQGHVFLIUDUORTXHPLDPLJDTXHUDGHFLU0\PRWKHULVDGLDEHWLFDQG <RJD LJD <RX L
VKHQHHGVpFKRJUWq$OYHUTXHQDGLHODHQWHQGDFDPELGHWFWLFD\SUR <RGD LGD <RXQJ LQN
QXQFLODSDODEUDDFHQWXDQGRODSULPHUDVODED0\PRWKHULVDGLDEHWLF <RJKXUW LJXUW <RXU LU
DQGVKHQHHGVpFKJXUWq6LQHPEDUJRORVFDPDUHURVSHUSOHMRVVHJXDQ <RJL%HDU LJXLYHU <R\R LL
VLQHQWHQGHUOD3UHVDGHOSQLFRPLDPLJDVDFXQEROJUDIR\HVFULELOD <DFKW LW <HV LV
SDODEUDHQXQWUR]RGHSDSHO&XDQGRORVFXDWURHPSOHDGRVPLUDURQHOSD <RXQJ<DQNHHVZKRGR\RJDLQ<HPHQDUHXVXDOO\\XSSLHV
SHOFDVLDOXQVRQRGLMHURQ$KpLJXUWq:KDW\RXZDQWLVpLJXUWq:K\ ,QLQNLVLJDLPHQLVXDOLLSLV
GLGQoW\RXVD\VR"q
4XLQWXYRODFXOSDHQHVWHPDOHQWHQGLGR" 6LTXLHUHVKDFHUUHUDORVDQJORSDUODQWHVGLOHVFRQWXDFHQWRHV
7HYR\DGHFLUDOJR\WLHQHVTXHFUHHUPH3RUPXFKRTXHWHHVIXHUFHVHQ SDROTXHHVWVLQWHUHVDGRHQRMHDUODV3JLQDV$PDULOODV/RVHV
SURQXQFLDUELHQ\SRUPXFKRTXHWXVLQWHUORFXWRUHVDQJORSDUODQWHVVHHV SDROHVVLHPSUHGHFVp7KH<HOORZ3DJHVqTXHSDUDHOORVVXHQD
IXHUFHQHQHQWHQGHUWHQRORJUDUVTXHWHHQWLHQGDQQXQFDVLSURQXQFLDV FRPRpWKHMHOORSDJHVq ODVSJLQDVGHJHODWLQDFRQVDERUDIUXWD 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DREUD GHWHDWUR IXHXQ[LWRURWXQGR7RP.HOOHUHVFULELXQ 7KHSOD\ZDVDUHVRXQGLQJVXFFHVV7RP.HOOHUZURWHDWZRFROXPQ
DUWFXORGHGRVFROXPQDVHQHO&KLFDJR7ULEXQHDOGDVLJXLHQWH UHYLHZLQWKH&KLFDJR7ULEXQHWKHIROORZLQJGD\SUDLVLQJWKHFDVW
DODEDQGR HO UHSDUWR \ OD GLUHFFLQ<R QR HVWXYH DOO SHUR WHQJR DQGGLUHFWLRQ,ZDVQoWWKHUHEXW,oPSODQQLQJWRJRWKLVHYHQLQJ
SUHYLVWRLUHVWDQRFKHVLFRQVLJRXQDHQWUDGD0HDOHJUDGHTXH LI , FDQ JHW D WLFNHW ,oP UHDOO\ JODG -HQQLIHUoV QDOO\ JRWWHQ WKH
SRUQ-HQQLIHUKD\DDOFDQ]DGRHOUHFRQRFLPLHQWRTXHVHPHUHFH UHFRJQLWLRQVKHGHVHUYHV,SHUVRQDOO\WKLQNVKHoVWKHEHVWIHPDOH
3HUVRQDOPHQWHFUHRTXHHVODPHMRUGLUHFWRUDGHWHDWURGHOSDV VWDJHGLUHFWRULQWKLVFRXQWU\


(VWLPDGRDPLJR\DOXPQR$\HUWHUHFRPHQGGRVWLSRVGHOHFWXUDODSDVLYDFRQVLVWHQWHHQOHHUXQDQRYHODDOPHVVLQGLFFLRQDULR\OD
OHFWXUDHQYR]DOWD+R\TXLHURKDEODUGHHVWDOWLPD$GLIHUHQFLDGHODOHFWXUDSDVLYDODDFWLYDGHEHKDFHUVHHQYR]DOWDSDUDSUDFWLFDU
ULWPRHQWRQDFLQSURQXQFLDFLQ\ORPVLPSRUWDQWHXLGH]\VROWXUDHQHOKDEODU3HURHVPX\LPSRUWDQWHHQHVWHWLSRGHHMHUFLFLRTXH
VHDVKXPLOGH\FRPSUHVQRYHODVVLPSOLFDGDVGHQLYHOHOHPHQWDOVRODPHQWHLQFOXVRVLFUHHVTXHWXQLYHOGHLQJOVHVDOWR&XDQGRWHQJDV
XQDRYDULDVQRYHODVGHHVWHQLYHOOHODVHQYR]DOWDGHSLHSUHIHULEOHPHQWH,PDJLQDTXHSHUVRQDVWHHVWQHVFXFKDQGR\OHHSDUDTXH
WHRLJDQGHFODPDQGRHOLGLRPDVLHVSUHFLVR$OWHUPLQDUHOSULPHUOLEURODVROWXUD\HOLPSDFWRGHWXLQJOVKDEODGRKDEUPHMRUDGRHQ
XQ'HVSXVOHHRWUDQRYHODUHSLWRGHQLYHOHOHPHQWDO/DVFDVDVTXHSUHSDUDQ\SXEOLFDQHVWDVQRYHODVGHGLFXOWDGJUDGXDGDPLGHQ
ODGLFXOWDGFRQIRUPHDXQEDUHPROLWHUDULRHVGHFLUHOOLEURGHQLYHOLQWHUPHGLRHVPVGLIFLOTXHHOGHQLYHOHOHPHQWDOSRUTXHYDVLHQGR
PVOLWHUDULRFRQYRFDEXODULRSRFRWLOSDUDSHUVRQDVFRPRWTXLHQVHJXUDPHQWHWLHQHVTXHXVDUHOLQJOVSDUDVLWXDFLRQHVQRUPDOHV
GHFRPXQLFDFLQ$GHPVODVQRYHODVGHQLYHOHOHPHQWDOFRQWLHQHQHOGHWRGRORTXHQHFHVLWDUVSDUDDQGDUSRUHOPXQGRFRQHO
LQJOV7DPELQHVYHUGDGTXHHQODVQRYHODVPVHOHPHQWDOHVFRQRFHUVFDVLWRGRHOYRFDEXODULR\HVWUXFWXUDV\VDEUVSURQXQFLDUODV
FRUUHFWDPHQWHHYLWDQGRLQFUXVWDUYLFLRVGHSURQXQFLDFLQ<SRUOWLPRGXGRTXHWHQJDVXQDDJLOLGDG\HVSRQWDQHLGDGWRWDOHVFRQODV
HVWUXFWXUDVSUHVHQWHVHQODVQRYHODVVLPSOLFDGDVGHQLYHOHOHPHQWDO2WUDYH]WHSLGRKXPLOGDGHQHOHVIXHU]R\HQHOHQIRTXH
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6XVRMRV GHHOOD VRQD]XOHV +HUH\HVDUHEOXH 7LHQHVXQPRPHQWR" 'R\RXKDYHDPRPHQW"


6XVRUHMDV GHO QRVRQ +LVHDUVDUHQoWELJ
 7HQJRPVGHXQPRPHQWR ,KDYHPRUHWKDQDPRPHQW
JUDQGHV &XQWRWLHQHV" +RZPXFKGR\RXKDYH"
6RQKRPEUHVDOWRV 7KH\oUHWDOOPHQ &XQWRHVWVEXVFDQGR" +RZPXFKDUH\RXORRNLQJIRU"
6RPRVPXMHUHVHVSDRODV :HoUH6SDQLVKZRPHQ 7HQJRWRGRHOWLHPSRGHO ,KDYHDOOWKHWLPHLQWKHZRUOG
(VWR\FRQWHQWRKR\ ,oPKDSS\WRGD\ PXQGR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWDVYHFHVKDEODVWHFRQ +RZPDQ\WLPHVGLG\RXVSHDN
 (OODKDEODPXFKRQR" 6KHWDONVDORWGRHVQoWVKH"
HOODD\HU" WRKHU\HVWHUGD\" 1RKDEODWDQWRFRPRVX 6KHGRHVQoWWDONDVPXFKDV
1RODYL ,GLGQoWVHHKHU KHUPDQR KHUEURWKHU
&XQGRIXHODOWLPDYH] :KHQZDVWKHODVWWLPHVKH
 OQXQFDSDUDGHKDEODU +HQHYHUVWRSVWDONLQJ
TXHHVWXYRDOO" ZDVKHUH" 3RUTXKDEODWDQWR" :K\GRHVKHWDONVRPXFK"
1RHVWXYRDTXSRUWXHVWD :DVQoWVKHKHUHIRU\RXU
 (VSHULRGLVWDHQODUDGLR +HoVDUDGLRMRXUQDOLVW
GHFXPSOHDRV" ELUWKGD\SDUW\"
(VRIXHKDFHPHVHV 7KDWZDVPRQWKVDJR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HSUHRFXSDHQYHMHFHU" 'R\RXZRUU\DERXWJHWWLQJROG" 0VYDOHTXHOHVDYLVHVTX <RXoGEHWWHUOHWWKHPNQRZ


<RQXQFDPHSUHRFXSRSRU ,QHYHUZRUU\DERXWDQ\WKLQJ
 YDPRVDOOHJDUWDUGH ZHoOOEHODWH
QDGD 6HGLVJXVWDQIFLOPHQWH" 'RWKH\JHWXSVHWHDVLO\"
&PRSXHGHVVHUWDQ +RZFDQ\RXEHVRFDUHIUHH" 7LHQGHQDVHUXQSRFR 7KH\WHQGWREHDOLWWOHWRXFK\
GHVSUHRFXSDGR" VXVFHSWLEOHVDYHFHV DWWLPHV
6RQODVSUHRFXSDFLRQHVODV ,WoVZRUU\LQJWKDWPDNHV\RX
 3RUTXKD\JHQWHWDQVHQVLEOH" :K\DUHVRPHSHRSOHVR
TXHWHKDFHQHQYHMHFHU JHWROG VHQVLWLYH"
7HLPSRUWDVLWRPRSUHVWDGD 'R\RXPLQGLI,ERUURZ\RXU
 3UHHUHVTXHODJHQWHWHQJD 'R\RXSUHIHUSHRSOHWRKDYHD
WXORVRID" SKLORVRSK\" HOFRUD]QGHSLHGUD" KHDUWRIVWRQH"

3KHDVDQW )DLVQ

*XLQHDIRZO *DOOLQDGH*XLQHD
*URXVH 8URJDOOR

4XDLO &RUGRQL] 3DUWULGJH 3HUGL]

9RFDEXODULR*DPHELUGV $YHVGHFD]D

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQGRYDLVDHQPDUFDU :KHQDUH\RXJRLQJWRIUDPH &XQWDVH[LRQHVSXHGHV +RZPDQ\SUHVVXSVFDQ\RX



HVWDVIRWRV" WKHVHSLFWXUHV" KDFHU" GR"
&XDQGRQRVORSRGDPRV :KHQZHFDQDIIRUGWR +LFHDEGRPLQDOHVD\HU ,GLGVLWXSV\HVWHUGD\
SHUPLWLU 'HEHVGHWHQHUXQDEXHQD <RXPXVWKDYHDJRRGVL[SDFN

(VWLVOOHJDQGRDQGHPHV" $UH\RXPDNLQJHQGVPHHW" WDEOHWD
1RHVSDUDWDQWRWRGDYD ,WoVQRWWKDWEDG\HW 6HSRGUDGHFLUTXHHVWR\ <RXFRXOGVD\,oPDELWRIDKXQN

2VJXVWDUDTXHRVSUHVWDUD :RXOG\RXOLNHWRPHWROHQG EDVWDQWHFDFKDV
DOJRHQHIHFWLYR" \RXVRPHFDVK" 3LHQVRTXHpJLOLqVHUDPV ,WKLQNSUDWZRXOGEHPRUH

SUHFLVR DFFXUDWH

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV  7REHZRUWK
5HFXHUGDTXHVLXQYHUERYLHQHGHVSXVGH
7RVHSDUDWHWKHZKHDWIURPWKHFKDII <RXoUHVNDWLQJRQWKLQLFH HVWDH[SUHVLQWLHQHTXHLUHQJHUXQGLR
6HSDUDUHOWULJRGHODSDMD (VWVSLVDQGRWHUUHQRUHVEDODGL]R
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,WoVDVKRWLQWKHGDUN +HKDVVNHOHWRQVLQKLVFORVHW IUDVHVHQLQJOV"
+D\XQDPX\UHPRWDSRVLELOLGDG 7LHQHVHFUHWRVYHUJRQ]RVRVTXH
RFXOWDU 0HUHFHODSHQDLUDO0XVHRGHO3UDGR
,oPVLFNDQGWLUHGRI(QJOLVK 0HUHFHODSHQDSHUVHYHUDU
(VWR\KDUWRGHOLQJOV 2XUFKDQFHVDUHVOLP 0HUHFHODSHQD"
1XHVWUDVSRVLELOLGDGHVVRQUHPRWDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

)UDQNO\P\GHDU,GRQoWJLYHDGDPQ

7UDGXFFLQOLWHUDO)UDQFDPHQWHTXHULGDQRGR\XQDPDOGLFLQ (VWDIRUPDpGRHVQoWPDNHDQ\GLIIHUHQFHqHVXQVLQQLPR
7UDGXFFLQFRUUHFWD)UDQFDPHQWHFDULRPHLPSRUWDXQFDUDMR SHUIHFWRGHpLWGRHVQoWPDWWHUq6RQH[SUHVLRQHVLGQWLFDV
)RUPDVHQLQJOVSDUDWUDQVPLWLUODLGHDGHTXHDOJRQRWHLPSRUWD 7DPELQVHSXHGHGHFLUpLWPDNHVQRGLIIHUHQFHWRPHq
5KHWW%XWOHUHODSXHVWRSURWDJRQLVWDGHp*RQHZLWKWKH:LQGqHP r  )UDQNO\P\GHDU,GRQoWFDUH
SOHODVSDODEUDVGHOWWXORGHHVWDVHFFLQHQHOPRPHQWRHQTXH (QHVWHFRQWH[WRODH[SUHVLQp,GRQoWFDUHqHVXQSRFRIXHU
DEDQGRQDED SDUD VLHPSUH D 6FDUOHWW 2o+DUD \ VWD GHVHVSHUDGD WH(VWVGLFLHQGROLWHUDOPHQWHpPHWUDHVLQFXLGDGRq
DQWHODLGHDGHTXHGDUVHVRODOHGLMRp:KDWZLOO,GRZLWKRXW\RX"q r  )UDQNO\P\GHDU,GRQoWJLYHDGDPQ
5KHWW%XWOHUSRGUDKDEHUVLGRPVHGXFDGRHQVXUHVSXHVWDRDO /DH[SUHVLQp,GRQoWJLYHDGDPQqHVPX\FRUULHQWHHQLQJOV
FRQWUDULRPVJURVHUR6HDPRVJXLRQLVWDVGHFLQH\YHDPRVODV 0HOODPPXFKRODDWHQFLQFXDQGROOHJXD(VSDD\RD
SRVLELOLGDGHV H[SUHVLRQHVFRPRp0HLPSRUWDXQUEDQRq1RODVHQWHQGD
r  )UDQNO\P\GHDULWoVQRWLPSRUWDQWWRPH SRUTXHEXVFDEDHOQHJDWLYR%XVFDEDDOJRDVFRPRp1R
(VWDUHVSXHVWDQRHVQLVRVDQLIXHUWH(VODGHFODUDFLQ PHLPSRUWDQLXQUEDQRq/DIUDVHp,GRQoWJLYHDqDGPLWH
DVSWLFDGHXQKHFKRHQRSLQLQGH5KHWW1RKLHUHQLQJXQD PXFKDVSDODEUDVVXVWLWXWLYDVGHpGDPQqGHVGHODVPV
VHQVLELOLGDG VXDYHVKDVWDODVPVIXHUWHV5HFRPLHQGRVLHPSUHODVPV
r  )UDQNO\P\GHDULWGRHVQoWPDWWHUWRPH VXDYHVFRPRSRUHMHPSORp,GRQoWJLYHDKRRWq PHLPSRUWD
(VWDUHVSXHVWDHVXQSRFRFUXHO&XDQGRGLFHVpLWGRHVQoW XQpJULWRGHEKRq 
PDWWHUqHVWVGLFLHQGRTXHQLHQWUDHQWXFRQVLGHUDFLQ 3RUOWLPRFRQYLHQHUHFRUGDUTXHODH[SUHVLQp,GRQoWPLQGqVLJQLFD
,QGLIHUHQFLDWRWDO pQRPHLPSRUWDqVRODPHQWHFXDQGRHVWVGDQGRSHUPLVRDDOJXLHQ
r  )UDQNO\P\GHDULWGRHVQoWPDNHDQ\GLIIHUHQFHWRPH SDUDTXHKDJDDOJR 'R\RXPLQGLI,VPRNH"1R,GRQoWPLQG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6HVXSRQHTXHKR\QRGHEDOORYHU$KRUDFPRYR\DOOHJDUKDV ,WZDVQoWVXSSRVHGWRUDLQWRGD\1RZKRZDP,JRLQJWRJHWWR
WDPLFRFKHVLQFDODUPHKDVWDORVKXHVRV"$TXKRUDHVQXHVWUD P\FDUZLWKRXWJHWWLQJVRDNHGWRWKHERQH":KDWWLPHLVRXUQH[W
SU[LPDUHXQLQ"6LWHQHPRVWLHPSRSUHIHULUDHVSHUDUKDVWDTXHOD PHHWLQJ" ,I ZH KDYH WLPH ,oG UDWKHU ZDLW XQWLO WKH VWRUP EORZV
WRUPHQWDDPDLQHDQWHVGHFUX]DUODFDOOHDODSDUFDPLHQWR'HKHFKR RYHUEHIRUHFURVVLQJWKHVWUHHWWRWKHSDUNLQJORW,QIDFW,oGUDWKHU
SUHIHULUDOOHJDUWDUGHDODUHXQLQDQWHVTXHHQWUDUHPSDSDGR DUULYHODWHIRUWKHPHHWLQJWKDQZDONLQVRDNLQJZHW


(VWLPDGRDPLJR\DOXPQR/RVHUURUHVTXHFRPHWHQORVHVSDROHVDODERUGDUHOLQJOVVRQ 3LHQVDQTXHFRQKRUDVGHFODVHSXHGHQ
SDVDUGHXQQLYHOEVLFRDXQGRPLQLRVXFLHQWH(QWUHFODVHVHVWXGLRSHUVRQDO\XVRHQODYLGDUHDOODFLIUDHVWHQKRUDVHVGHFLU
YHFHVPV 3LHQVDQTXHVHDSUHQGHLQJOVDWUDYVGHFODVHV1RVHGDQFXHQWDGHTXHVWDVFRQVWLWX\HQVORHOGHODVROXFLQ
(ORWURHVWHQXQGHGLFDGRDOHVWXGLRSHUVRQDO\RWURFDSHDQGRDSXURVOLQJVWLFRVHQODYLGDUHDO 1RTXLHUHQUHFRQRFHU
TXHKD\XQDSDUWHRGLRVDLQHYLWDEOHHQHOSURFHVRHOHVWXGLRSHUVRQDO\HOGRPLQLRRUDOJLOGHODJUDPWLFD 1RSUHVWDQVXFLHQWH
DWHQFLQDODFRPSUHQVLQDXGLWLYD3LHQVDQTXHVLHQWLHQGHQDVXSURIHVRUHQWHQGHUQHQVLWXDFLRQHVUHDOHV &UHHQTXHSURJUHVDU
VLJQLFD VXPDU PV JUDPWLFD \ YRFDEXODULR (Q UHDOLGDG GHVSXV GH  KRUDV GH FODVH SURJUHVDU VLJQLFD SRWHQFLDFLQ DXGLWLYD \
IRPHQWRGHODFRQDQ]DDOKDEODU3HURFXDQGRSUHVWDPRVDWHQFLQDHVWRVOWLPRVDVSHFWRVHOHVWXGLDQWHHVSDROVHTXHMDGHTXHQRHVW
pSURJUHVDQGRq &RQFHGHQPHQRVLPSRUWDQFLDDOLQJOVTXHDRWURVDVSHFWRVGHVXIRUPDFLQ/RSRVSRQHQKDVWDGHVSXVGHODFDUUHUD
\DORVDRV\DQRWLHQHQODPLVPDIDFLOLGDGTXHDQWHVSDUDDSUHQGHUQLWLHQHQPXFKRWLHPSRGLVFUHFLRQDO 1RVRQFRQVWDQWHVHQHO
HVIXHU]R6HGHVDQLPDQFRQIDFLOLGDGREXVFDQH[FXVDVSDUDQRVHUFRQVHFXHQWHVFRQVXUHVROXFLQ 1RDFHSWDQTXHKDFHUVHFRQXQ
EXHQGRPLQLRGHOLQJOVH[LJHXQDLQYHUVLQIXHUWHHQGLQHUR\HQWLHPSR3DUDHOORVWLHQHTXHKDEHUSRUIXHU]DXQDVROXFLQLQGRORUDDOD
YXHOWDGHODHVTXLQD &RQIXQGHQSULRULGDGHVDOFUHHUTXHGHEHQDVSLUDUDXQSHUIHFWRGRPLQLRKDEODGRDOJRLPSRVLEOHGHFRQVHJXLU6X
SULRULGDGVLHPSUHGHEHVHUHODVSHFWRDXGLWLYR &UHHQTXH\HQGRDOH[WUDQMHURVHKDUQFRQHOLQJOV(VWRQRVXHOHVHUYHUGDGDQRVHU
TXHSDVHQYDULRVDRVIXHUD 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHPSUDQR ,WoVHDUO\ 3LHQVDHOODTXHHVWR\ORFR" 'RHVVKHWKLQN,oPFUD]\"


&PRHVWWXSDGUHKR\" +RZoV\RXUIDWKHUWRGD\" &UHRTXHSLHQVDTXHHUHV ,WKLQNVKHWKLQNV\RXoUH
(VWPHMRUJUDFLDV +HoVEHWWHUWKDQN\RX H[WUDR VWUDQJH
<WXPDGUHHVWELHQ" $QG\RXUPRWKHU",VVKHRN" 7DOYH]VR\XQH[WUDRSHUR 0D\EH,oPDVWUDQJHUEXW,oP
(VWGHYDFDFLRQHVHQHVWH 6KHoVRQKROLGD\DWWKH QRVR\H[WUDR QRWVWUDQJH
PRPHQWR PRPHQW 'HGQGHVDFDHVDVLGHDV" :KHUHGRHVVKHQGKHULGHDV"
(OODOHHPXFKRVOLEURV 6KHUHDGVDORWRIERRNV

6FDOH (VFDPD
)LQ $OHWD

7DLO &ROD

*LOO $JDOODEUDQTXLD %RQH (VSLQD

9RFDEXODULR)LVK 3H]

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDOD +RZRIWHQGR\RXJRWR
 6DEHVMXJDUDODMHGUH]" 'R\RXNQRZKRZWRSOD\FKHVV"
LJOHVLD" FKXUFK" 1RKHMXJDGRHQDRV ,KDYHQoWSOD\HGIRU\HDUV
3RUTXTXLHUHVVDEHUOR" :K\GR\RXZDQWWRNQRZ" (VXQHMHUFLFLRPX\EXHQR ,WoVDYHU\JRRGH[HUFLVHIRUWKH
0HGLMLVWHTXHHUDVFDWOLFR <RXWROGPH\RXZHUHD&DWKROLF SDUDODPHQWH PLQG
6XSRQJRTXHYR\XQDVWUHV ,VXSSRVH,JRDERXWWKUHH
 /DVSRVLELOLGDGHVVRQLQQLWDV 7KHSRVVLELOLWLHVDUHHQGOHVV
YHFHVDODR WLPHVD\HDU +D\TXHMXJDUFRQDOJXLHQ <RXQHHGWRSOD\ZLWK
%RGDVEDXWL]RV\SULPHUDV :HGGLQJV%DSWLVPVDQG)LUVW TXHWHQJDHOPLVPRQLYHO VRPHRQHZKRKDVWKHVDPH
FRPXQLRQHV &RPPXQLRQV TXHW OHYHODV\RX

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLQJDQHOSUHPLR" :KRZRQWKHSUL]H" (UHVORPHMRUTXHPHKD <RXoUHWKHEHVWWKLQJWKDWoV


3UHPLDURQDOIDYRULWR 7KH\DZDUGHGLWWRWKH SDVDGRQXQFD HYHUKDSSHQHGWRPH
IDYRXULWH 'LFHVODVFRVDVPVGXOFHV <RXVD\WKHVZHHWHVWWKLQJV
&UHHVTXHORPHUHFH" 'R\RXWKLQNKHGHVHUYHVLW" 7HQJRXQDOHQJXDGHD]FDU 0\WRQJXHoVPDGHRIVXJDU
0LRSLQLQQRFXHQWDSDUD 0\RSLQLRQGRHVQoWFRXQWIRU
 7LHQHVXQSLFRGHRUR <RXKDYHWKHJLIWRIWKHJDE
PXFKR PXFK 7RGDYDWHTXHGDWRGRXQ <RXVWLOOKDYHDZKROHZRUOGWR
4XLQGHEHUDKDEHUJDQDGR" :KRVKRXOGKDYHZRQ" PXQGRSRUGHVFXEULU GLVFRYHU

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HVFDUJDVPVLFD" 'R\RXGRZQORDGPXVLF" +DVSUREDGRDOJXQDYH]HO +DYH\RXHYHUWULHGEXQJHH



<RVLJRFRPSUDQGRORV&'oV ,VWLOOEX\ROGIDVKLRQHG&'oV
 SXHQWLQJ" MXPSLQJ"
GHWRGDODYLGD 1RSHURVR\PX\DFLRQDGR 1REXW,oPDELJIDQRI

(VLPSRUWDQWHDSR\DUOD ,WoVLPSRUWDQWWRVXSSRUWOLYH
 DOIRRWLQJ MRJJLQJ
PVLFDHQYLYR PXVLF 6XIULXQFDVRKRUULEOHGH 6KHVXIIHUHGDKRUULEOHFDVHRI

/DVGLVFRJUFDV\DQR 5HFRUGFRPSDQLHVDUHQoW
 PREELQJHQHOWUDEDMR KDUDVVPHQWDWZRUN
LQYLHUWHQHQQXHYRVPVLFRV LQYHVWLQJLQQHZPXVLFLDQV 0HWHHOFRFKHHQHOSDUNLQJ 3XWWKHFDULQWKDWGHSDUWPHQW

DQ\PRUH GHHVHJUDQDOPDFQ VWRUHoVFDUSDUN
/RVEHQHFLRVVLJXHQVLHQGR 3URWoVVWLOOWKHERWWRPOLQH
 1RVHVXSRQHTXHODV $UHQoWZRUGVHQGLQJLQLQJ

ORIXQGDPHQWDO SDODEUDVWHUPLQDGDVHQLQJ VXSSRVHGWREHWKHVDPHLQ
VRQLJXDOHVHQLQJOV" (QJOLVK"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV /DIDPLOLD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
,WZDVDVOLSRIWKHWRQJXH 7UHDWWKHPZLWKDYHOYHWJORYH IUDVHVHQLQJOV"
)XHXQODSVXVOLQJXDH 7UWDORVFRQJXDQWHVGHVHGD
$OEHUWRHVHOKLMRGH6DQGUR
0U.QRZLWDOO $QGVRRQDQGVRIRUWK 1DWDOLDHVODDEXHODGH5REHUWR
'RQVDEHORWRGR (WFWHUDHWFWHUDHWFWHUD 6DQGURHVHOFXDGRGH0DULR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
+HVPRNHVOLNHDFKLPQH\ 6RPHRWKHUWLPH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
)XPDFRPRXQFDUUHWHUR (QDOJQRWURPRPHQWR VLQGHQLU  ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

(VSHURTXHQRHVSHUHVTXHWHHVSHUH ,KRSH\RXGRQoWH[SHFWPHWRZDLWIRU\RX

r 7RKRSH(VSHUDUFRQLOXVLQTXHDOJRVXFHGDSHURVLQVDEHUVLVXFH 7KHGHIHQGDQWLVZDLWLQJIRUWKHMXU\WRUHWXUQIRUDYHUGLFW
GHURQR8QRUH]DXQSRFRSDUDTXHVHDYHUGDGRVHSURGX]FD +HoVKRSLQJIRUWKHEHVWEXWKHoVH[SHFWLQJWKHZRUVW
r  7RH[SHFW(VSHUDUFRQIXQGDPHQWRTXHDOJRYDDVXFHGHU/R (ODFXVDGRHVWHVSHUDQGRDTXHHOMXUDGRYXHOYDSDUDHOYHUHGLF
WLHQHVSUHYLVWRGHQWURGHWXVH[SHFWDWLYDV7HVRUSUHQGHUDVVL WR6XVHVSHUDQ]DVHVWQHQTXHSDVHORPHMRUSHURSUHYORSHRU
QRVXFHGLHUDSHURWDPSRFRHVDOJRVHJXURDO ,KRSHWKH\GRQoWH[SHFWWRRPXFKIURPPHWRRVRRQ
r  7RZDLWIRU(VSHUDUDYHFHVFRQFLHUWDLPSDFLHQFLDDTXHDOJR (VSHURTXHQRHVSHUHQGHPDVLDGRGHPGHPDVLDGRSURQWR
WRWDOPHQWHSUHYLVWRVXFHGD$YHFHVVHWUDWDGHDOJRTXHWHQD :HKDYHDORWRIKRSHVSODFHGLQWKHPEXWPRVWSHRSOH
TXHKDEHUVXFHGLGRSHURTXHHVWWDUGDQGRHQVXFHGHU$QD DUHQoWH[SHFWLQJWRRPXFK
GLHOHJXVWDWHQHUTXHHVSHUDU 1RERG\OLNHVWRZDLW  7HQHPRVPXFKDVHVSHUDQ]DVSXHVWDVHQHOORVSHURODPD\RUDGH
,KRSHVKHoVQRWH[SHFWLQJDEDE\ ODJHQWHQRHVSHUDGHPDVLDGR
(VSHURTXHHOODQRHVWHVSHUDQGRXQEHE ,ZDVH[SHFWLQJDQLPSRUWDQWSKRQHFDOODWSPDQGQRZLWoV
,KRSH\RXGRQoWKDYHWRZDLWWRRORQJ ,oPVWDUWLQJWRJHWWLUHGRIZDLWLQJ,KRSHWKH\FDOOVRRQ
(VSHURTXHQRWHQJDVTXHHVSHUDUGHPDVLDGR (VSHUDEDXQDOODPDGDLPSRUWDQWHDODVGHODWDUGH\DKRUD
,H[SHFWHGDERXWDPLQXWHZDLW VRQODV(VWR\HPSH]DQGRDFDQVDUPHGHHVSHUDU(VSHURTXH
(VSHUDEDXQDHVSHUDGHXQRVPLQXWRV OODPHQSURQWR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RHVSHUHVTXH0DUDVLJDWXFRQVHMR/DFRQR]FRGHVGHKDFHDRV 'RQoWH[SHFW0DUDWRIROORZ\RXUDGYLFH,oYHNQRZQKHUIRUDJHV
\QXQFDKDVHJXLGRXQRGHPLVFRQVHMRV(OODHVSDWROJLFDPHQWH DQGVKHoVQHYHURQFHIROORZHGDQ\DGYLFHRIPLQH6KHoVSDWKROR
LQGHSHQGLHQWH \ OH JXVWD KDFHU YDOHU HVWH KHFKR &XDQGR WLHQH JLFDOO\LQGHSHQGHQWDQGOLNHVWRDVVHUWWKLVIDFW:KHQVKHQHHGV
TXH WRPDU XQD GHFLVLQ LPSRUWDQWH VXHOH SUHJXQWDU D PXFKD WR PDNH DQ LPSRUWDQW GHFLVLRQ VKH RIWHQ FRQVXOWV ZLWK D ORW RI
JHQWHSHURDFDEDGLVHDQGRVXSURSLDVROXFLQ SHRSOHEXWVKHXVXDOO\HQGVXSGHVLJQLQJKHURZQVROXWLRQ


(VWLPDGRDPLJR\DOXPQR5HFXHUGDTXHQXQFDKDEODUVLQJOVSHUIHFWDPHQWHQLHQJUDPWLFDQLHQIRQWLFDQLHQYRFDEXODULR
6LHUHVSHUIHFFLRQLVWDVORFRQODFRPSUHQVLQDXGLWLYDSXHVWRTXHHVWRVLHPSUHHVODSULRULGDGQPHURXQR2GRFRQDQ]D\
DJLOLGDGRUDOFRQODJUDPWLFDEVLFDVWDVVRQODVWUHVSULRULGDGHV$FRQWLQXDFLQYHUVFROXPQDVFRQIUDVHVHQLQJOVWRGDVFRQ
HOYHUERpWRGRq(QWHQGHUVELHQFDGDIUDVH\SHQVDUVTXHWHHVWR\VRPHWLHQGRDXQHMHUFLFLRSDUDSULQFLSLDQWHV6LQHPEDUJR
WHUHWRDGHPRVWUDUTXHSXHGHVVLQSHVWDHDUUHSURGXFLUODVHVSRQWQHDPHQWH3ULPHURWUDGFHODVDOFDVWHOODQRHQRWURSDSHO\
GHVSXVLQWHQWDWUDGXFLUODVRUDOPHQWHRWUDYH]DOLQJOV$VSRGUVYHULFDUODDJLOLGDGTXHWLHQHVFRQHOYHUERpWRGRq

5LFKDUG9DXJKDQ

,GRLWRIWHQ :KHQGLGVKHGRLW" +HGRHVQWGRLWRIWHQ :K\KDVQWLWEHHQGRQH\HW"


,GLGLW\HVWHUGD\ :K\GLGWKH\GRLW" +HKDVQWGRQHLWODWHO\ :KHQZLOOLWEHGRQH"
,YHGRQHLWWZLFHWKLVZHHN :K\GLGQW\RXGRLWWRR" +HZRQWGRLWWRPRUURZ 'RQWGRLWSOHDVH
,OOGRLWWRPRUURZ :K\KDYHQWWKH\GRQHLW\HW" +HVQRWJRLQJWRGRLW :KRVGRLQJLWQRZ"


:KRGRHVLW" :K\KDVQWKHGRQHLW\HW" ,ZRXOGGRLWLIKHFRXOG :KRGLGLW\HVWHUGD\"


'R\RXGRLW" :KHQDUH\RXJRLQJWRGRLW" +HZRXOGQWGRLWIRUPRQH\ :KRXVXDOO\GRHVLW"
'RHVKHGRLW" +RZDUH\RXJRLQJWRGRLW" ,GRQWGRLWOLNHVKHGRHVLW :K\GRHVLWGRLW"
'RWKH\GRLW" +RZDP,JRLQJWRGRLW" +HGRHVQWGRLWOLNH,GRLW +RZDUH\RXGRLQJ" TXpWDO"
:K\GRHVVKHGRLW" :KHQDP,JRLQJWRGRLW" +RZGR\RXGR" :KDWDUH\RXGRLQJ"
:K\GR\RXGRLW" :KRVJRLQJWRGRLW" :KDWGR\RXGRRQ6XQGD\V" ,PGRLQJQH HVWR\ELHQ
:KHQGRWKH\GRLW" :KRGLGLWODVWQLJKW" :KDWGRHVVKHGRIRUDOLYLQJ" ,PGRLQJQRWKLQJ
+RZGRHVKHGRLW" :KRVGRLQJLWQRZ" ,WVEHHQGRQH <RXGLGWKHULJKWWKLQJ
+RZGRWKH\GRLW" :KRVGRQHLWODWHO\" ,WKDVQWEHHQGRQH :KDWFDQ,GRIRU\RX"
:KHQZLOO\RXGRLW" 'RLWSOHDVH :KHQZDVLWGRQH" :KDWGRHV\RXUVLVWHUGR"
+RZRIWHQKDYH\RXGRQHLW" ,WKDVQWEHHQGRQH\HW :K\ZDVQWLWGRQH" 'RZKDWKHGRHV


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVWHHOFXDUWRGHEDR" ,VWKLVWKHEDWKURRP" 4XHVWKDFLHQGR" :KDWoVKHGRLQJ"


(VDHVODFRFLQD 7KDWoVWKHNLWFKHQ (VWHVFULELHQGRXQDFDUWDD +HoVZULWLQJDOHWWHUWRKLV
'QGHHVWHOVDOQ" :KHUHoVWKHOLYLQJURRP" VXVDEXHORV JUDQGSDUHQWV
(VWDVVRQODVKDELWDFLRQHV 7KHVHDUHWKHEHGURRPV 9LYHQHQORV(VWDGRV8QLGRV" 'RWKH\OLYHWKH8QLWHG6WDWHV"
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH 1RYLYHQHQ,UODQGD 1RWKH\OLYHLQ,UHODQG
&XQGRYHQDVXVQLHWRV" :KHQGRWKH\VHHWKHLU
JUDQGFKLOGUHQ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+D\DOJRLQWHUHVDQWHHQHO ,VWKHUHDQ\WKLQJLQWHUHVWLQJLQ &XQGRIXHODOWLPDYH] :KHQZDVWKHODVWWLPH\RX


SHULGLFRKR\" WKHQHZVSDSHUWRGD\" TXHYRODVWHHQXQDYLQ" HZLQDSODQH"
+D\PXFKDVFRVDVTXHWHQJR 7KHUHDUHPDQ\WKLQJV,KDYH 1XQFDKHYRODGRHQQDGD ,oYHQHYHURZQLQDQ\WKLQJ
TXHOHHU WRUHDG &XQGRIXHODOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
&XQWRVSHULGLFRVOHHVDO +RZPDQ\QHZVSDSHUVGR\RX WHGHMDVWHFUHFHUHOSHOR" JUHZ\RXUKDLUORQJ"
GD" UHDGDGD\" 1XQFDPHORKHGHMDGRFUHFHU ,oYHQHYHUJURZQP\KDLUORQJ
&XOWHJXVWDOHHU" :KLFKGR\RXOLNHWRUHDG" 6R\FDOYRGHVGHORVDRV ,oYHEHHQEDOGVLQFH,ZDV
(O0XQGRSRUVXSXHVWR (O0XQGRRIFRXUVH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RVHVXSRQHTXHHVWVHQHO $UHQoW\RXVXSSRVHGWREHDW
 6HOHVKDGLFKR\D" +DYHWKH\EHHQWROG\HW"
FROHJLR" VFKRRO" 1DGLHOHVKDLQIRUPDGR 1RERG\oVLQIRUPHGWKHP\HW"
+R\HVXQGDGHIRUPDFLQ ,WoVWHDFKHUWUDLQLQJGD\WRGD\ WRGDYD" :KHQDUHWKH\JRLQJWREH
SDUDORVSURIHVRUHV &XQGRVHOHVYDDGHFLU" WROG"
1RVHVXSRQHTXH\DHVWQ $UHQoWWKH\VXSSRVHGWREH 0DDQDVHOHVGDUHOQLTXLWR 7KH\oOOEHJLYHQWKHLUQDOSD\
IRUPDGRV" WUDLQHGDOUHDG\" WRPRUURZ
1XQFDVHSXHGHGHMDUGH <RXFDQQHYHUVWRSOHDUQLQJ 3RUTXVHOHVGHVSLGL" :K\ZHUHWKH\VDFNHG"
DSUHQGHUFRVDVHQHVWDYLGD WKLQJVLQWKLVOLIH
|&XQWDUD]QWLHQHVKLMRPR +RZULJKW\RXDUHP\VRQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVGHVFLIUDUHVHOHWUHUR" &DQ\RXPDNHRXWWKDWVLJQ" (VXQDSHUVRQDHQFDQWDGRUD 6KHoVDGHOLJKWIXOSHUVRQ


7HQHPRVTXHUHFXSHUDUHO :HKDYHWRPDNHXSIRUORVW 3RUTXHUHVVLHPSUHWDQ :K\DUH\RXDOZD\VVR

WLHPSRSHUGLGR WLPH JUXQ" JUXPS\"
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VPDNLQJXS (VXQDDXWQWLFDFRWLOOD 6KHoVDUHDOJRVVLS

LQYHQWQGRWHH[FXVDV" H[FXVHV" <PX\HQWURPHWLGDWDPELQ $QGYHU\QRV\WRR

+DVKHFKRODVSDFHVFRQWX +DYH\RXPDGHXSZLWK\RXU <WTXLQWHFUHHVTXHHUHV $QGZKRGR\RXWKLQN\RXDUH
QRYLD\D" JLUOIULHQG\HW" 6DQ-XDQ%DXWLVWD" 6W-RKQWKH%DSWLVW"
(VSDDVHFRPSRQHGH 6SDLQLVPDGHXSRI
SURYLQFLDV SURYLQFHV

&DUWRQ 7HWUDEULN
7XE 7DUULQD

-DU 7DUUR
7XEH 7XER

&DQ /DWD

9RFDEXODULR&RQWDLQHUV 5HFLSLHQWHV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

&RPPRQVD\LQJV )RU 6LQFH


 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
+HoVWKHVSLWWLQJLPDJHRIP\EURWKHU ,oPQRWJRLQJWRVWLFNP\QHFNRXW IUDVHVHQLQJOV"
(VODYLYDLPDJHQGHPLKHUPDQR IRU\RX
|1RYR\DDUULHVJDUHOFXHOORSRUWL 9LYRHQPLFDVDDFWXDOGHVGHKDFHVLHWH
,WoVVWDWHRIWKHDUW DRV
(VOROWLPR WHFQRORJDYDQJXDUGLVWD  $VWRUPLQDWHDFXS 6HFRQRFHQGHVGHKDFHYDULRVPHVHV
8QDWRUPHQWDHQXQYDVRGHDJXD 1RODYHRGHVGHHOOXQHV
6WHHUFOHDURIWKRVHSHRSOH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
(YLWDHQWUDUHQFRQWDFWRFRQHVDJHQWH +HoVDVVWXEERUQDVDPXOH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
(VPVWHUFRTXHXQDPXOD ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URRIRIEORRGRQWKHSRRUFRRNoVGRRU (YLGHQFLDGHVDQJUHHQODSXHUWDGHOSREUHFRFLQHUR

(OWWXORGHHVWDVHFFLQHVXQIUDJPHQWRGHIUDVHTXHFRQWLHQHFLQFRSDODEUDVFRQGREOHpRq&XULRVDPHQWHQLQJXQDGHODVFLQFRSDODEUDV
ULPDQLVXHQDLJXDO7RGDVVHSURQXQFLDQGHIRUPDGLVWLQWD&PRHVSRVLEOHHVWR"&PRHVSRVLEOHTXHHOLGLRPDPVLPSRUWDQWHGHO
PXQGRWHQJDWDQSRFDOJLFDHQVXSURQXQFLDFLQ"'HVGHKDFHGRVVLJORVVHLQWHQWDUDFLRQDOL]DUODRUWRJUDIDLQJOHVDSHURVLQ[LWR3RUHO
PRPHQWRQRWLHQHVPVUHPHGLRTXHPHPRUL]DU\SUDFWLFDULQFHVDQWHPHQWHODSURQXQFLDFLQLQFOXLGRVORVFDVRVHQORVTXHQRH[LVWHQLQ
JXQDHTXLYDOHQFLDIRQWLFDGHQWURGHODVYRFDOHVHVSDRODV/RVUHFXDGURVH[SXHVWRVDFRQWLQXDFLQGLYLGHQODVSULQFLSDOHVSDODEUDVLQJOHVDV
FRQGREOHpRqVHJQVXVWHUPLQDFLRQHV&RQHVWRLQWHQWRRIUHFHUWHDOJQWLSRGHSDWUQGHSURQXQFLDFLQ

6RQLGRGHpXQq DIWHUQRRQ WURRSV FURRN 6RQLGRTXHQR FKRRVH <KRR


VRRQ 6RQLGRGHpXPq 6RQLGRGHpXIq KRRN H[LVWHHQHVSDRO JRRVH NDQJDUR
VSRRQ EORRP *RRI\ ORRN KRRG PRRVH FFNRR
QRRQ ERRP SURRI URRN ZRRG 6RQLGRGHpXOq VKDPSR
EDOORRQ EURRP VSRRI VKRRN JRRG FRRO YRGRR
FDUWRRQ GRRP URRI WRRN VWRRG SRRO JORR
SODWRRQ JORRP 6RQLGRGHpX]q 6RQLGRGHpRUq 6RQLGRFDVL IRRO :WHUORR
KDUSRRQ JURRP WRRWK GRRU GHpDGq VFKRRO 7RR
EDVVRRQ URRP ERRWK RRU EORRG WRRO PRR
PRQVRRQ ]RRP WROOERRWK 6RQLGRGHpXUq 6RQLGRGHpXWq 6RQLGRGHpXq ERR
VDORRQ 6RQLGRTXHQR VPRRWK 0RRU ERRW )LMDRVHQOD ]RR
ODJRRQ H[LVWHHQHVSDRO 6RQLGRTXHQR SRRU URRW DFHQWXDFLQ
W\SKRRQ IRRW H[LVWHHQHVSDRO 6RQLGRGHpXGq VKRRW EDPER
UDFFRRQ 6RQLGRGHpXSq ERRN PRRG 6RQLGRGHpXVq WDER
FRFRRQ ORRS FRRN IRRG ORRVH WDWWR

3XHGHVLGHQWLFDUHQWUHODVSDODEUDVGHDUULEDODVTXHFRUUHVSRQGHQDODVVLJXLHQWHVSDODEUDVHQFDVWHOODQR"
IDJRWVRQLGRGHYDFDHVWDGRGHQLPRUD]FDELQDGHSHDMHSHUVRQDMHGH'LVQH\JDURPRURFLUFXQYDODFLQRMR
PDSDFKHIDWDOGHVWLQRKDUSQVDQJUHODGUQOLVRSDURGLDRFDJORER\GLEXMRDQLPDGR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+RODHOVHRU$GDPV"0LQRPEUHHV3KLOOLS3HDUVRQ\PHKDQSHGL +HOOR0U$GDPV"0\QDPHLV3KLOOLS3HDUVRQDQG,oYHEHHQLQVWUXF
GRTXHFRQWDFWHFRQ9GFRQUHVSHFWRDOHQYRGHOLEURVD(VSDD WHGWRFRQWDFW\RXFRQFHUQLQJWKHVKLSPHQWRIERRNVWR6SDLQ
7HQHPRV ORV OLEURV \ VRODPHQWH QHFHVLWDPRV VDEHU FPR SUHHUH :HKDYHWKHERRNVRQKDQGDQGRQO\QHHGWRNQRZKRZ\RXZRXOG
TXH VH ORV HQYLHPRV SRU DYLQ R SRU YD PDUWLPD 8Q HQYR SRU SUHIHUWKHPWREHVKLSSHGE\DLURUVXUIDFHPDLO"$QDLUVKLSPHQW
DYLQWDUGDUDHQWUH\GDV\HOPDUWLPRXQDVVHLVVHPDQDV ZRXOGWDNHIURPWZRWRGD\VDQGVXUIDFHDERXWVL[ZHHNV


(VWLPDGRDPLJR\DOXPQR9LQHD(VSDDDORVDRV(Q2NODKRPD\DKDEDFXUVDGRVHLVDRVGHOHQJXDHVSDROD\DSHVDUGH
HVWRQRHQWHQGDDQDGLHGXUDQWHPLVSULPHUDVVHPDQDVDTX9LYFRQXQDIDPLOLDHVSDROD\DORVSRFRVGDV\DVDODFRQQXHYRV
DPLJRV\DPLJDVWRGRVHVSDROHV(OFRQWDFWRTXHWXYHFRQHOHVSDROIXHGHYDULDVKRUDVFDGDGDPXFKDVYHFHVHQVLWXDFLRQHV
FRPSOLFDGDV GLVFXVLRQHVSHWLFLRQHVFRQYHUVDFLRQHVWHOHIQLFDVFRQWDFWRVFRQIXQFLRQDULRVGHOD$GPLQLVWUDFLQHWF $SHVDUGH
WRGRHVWHULFRFRQWDFWRFRQHOLGLRPDHVSDROWDUGVLHWHPHVHVHQVHQWLUPHVHJXUR\HFD]HQODVFRPXQLFDFLRQHV(VWDVHJXULGDG
HVWDED QWLPDPHQWH OLJDGD D PL FDSDFLGDG SDUD HQWHQGHU D OD JHQWH D OD SULPHUD VLQ KDFHU XQ HVIXHU]R 5HFXHUGR PX\ ELHQ OD
DQJXVWLD\IUXVWUDFLQGHQRSRGHUPHH[SUHVDUELHQSRUTXHQRHVWDEDGHOWRGRVHJXURGHORTXHGHFDODJHQWHRGHORVPDWLFHVGHVX
FRQYHUVDFLQ6LHWHPHVHVWDUGYLYLHQGRHQ(VSDD,PDJQDWHORTXHYDVDWDUGDUWHQFRQVHJXLUORPLVPRYLYLHQGRFRPRYLYHVHQ
XQSDVGHKDEODQRLQJOHVD3RUORWDQWRLQWHQWDVLHPSUHURGHDUWHGHOVRQLGRGHOLQJOVWRGDVODVKRUDVGHOGDTXHSXHGDVSRUTXHVL
QRORJUDVGHVDUUROODUXQRGRQVLPRSDUDHOLQJOVVLHPSUHYDVDVHQWLULQVHJXULGDG 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVWXSURIHVLQ" :KDWoV\RXUMRE" +D\DJXDHQODERWHOOD" ,VWKHUHDQ\ZDWHULQWKHERWWOH"


6R\SURIHVRU ,oPDWHDFKHU 1RHVWYDFD 1RLWoVHPSW\
(VWRVVRQWXVDOXPRV" $UHWKHVH\RXUVWXGHQWV" +D\RWUD" ,VWKHUHDQRWKHU"
6ORVRQ <HVWKH\DUH 1RKD\ERWHOODVDKRUD 7KHUHDUHQoWDQ\ERWWOHVQRZ
6RQPX\MYHQHV 7KH\DUHYHU\\RXQJ +D\OHFKHHQHVHYDVR 7KHUHoVVRPHPLONLQWKDWJODVV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRVLGLRPDVVDEHV +RZPDQ\ODQJXDJHVFDQ\RX
 &XOHVODFLXGDGPV :KDWoVWKHZHWWHVWWRZQLQ
KDEODU" VSHDN" KPHGDGH(VSDD" 6SDLQ"
1RVKDEODUQLQJXQR ,FDQoWVSHDNDQ\ 6LQRPHHTXLYRFRHVWHQ ,I,oPQRWPLVWDNHQ,WKLQNLWoV
'HEHVKDEODUWXOHQJXD <RXPXVWVSHDN\RXUPRWKHU &GL] LQ&GL]
PDWHUQD WRQJXH |1LKDEODU'HEHGHHVWDUHQ 1RZD\,WPXVWEHLQ*DOLFLD
3HQVDEDTXHKDEODEDVGH ,WKRXJKW\RXZHUHWDONLQJ *DOLFLD
RWURVLGLRPDV DERXWRWKHUODQJXDJHV (VRHVORTXHSLHQVDWRGRHO 7KDWoVZKDWHYHU\ERG\WKLQNV
6DEHVFRQGXFLU" &DQ\RXGULYH" PXQGR
$FDERGHUHFRUGDUVHOODPD ,oYHMXVWUHPHPEHUHGLWoV
*UD]DOHPD FDOOHG*UD]DOHPD

2DWV $YHQD

:KHDW 7ULJR

%DUOH\ &HEDGD

5\H &HQWHQR %UDQ 6DOYDGR

9RFDEXODULR&HUHDOV &HUHDOHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XKDUDVVLQRWXYLHUDVTXH :KDWZRXOG\RXGRLI\RX
 0HHVWFRVWDQGRFROJDUHVH ,oPKDYLQJWURXEOHKDQJLQJ
WUDEDMDUQXQFDPV" QHYHUKDGWRZRUN" FXDGUR WKLVSLFWXUH
0HJXVWDUDWUDEDMDUSDUDXQD ,oGOLNHWRZRUNIRUDFKDULW\RU
 'QGHFRQVHJXLVWHHVH :KHUHGLG\RXJHWWKDW
VRFLHGDGEHQFDRXQD21* DQ1*2 PDUWLOOR\HVRVFODYRV" KDPPHUDQGWKRVHQDLOV"
<RYLDMDUDSRUWRGRHOPXQGR ,oGWUDYHOWKHZKROHZRUOGDQG
 0LDPLJRHVGXHRGHXQD 0\IULHQGRZQVDKDUGZDUH
\YLYLUDFRPRXQSOD\ER\ OLYHOLNHDSOD\ER\ IHUUHWHUD VWRUH
(VRHVWSLFRGHWLHUHVWDQ 7KDWoVW\SLFDORI\RX\RXoUHVR
 (VHHVXQPDUFRSUHFLRVR 7KDWoVDEHDXWLIXOIUDPH
VXSHUFLDO VXSHUFLDO (VXQDPH]FODGHPDUO\UREOH ,WoVDPL[WXUHRILYRU\DQGRDN
6LSXGLHUDVWHQHUFLQFRFDVDV ,I\RXFRXOGKDYHKRXVHV

GQGHODVFRPSUDUDV" ZKHQZRXOG\RXEX\WKHP"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VDSHOFXODIXHXQJUDQ[LWR 7KDWOPZDVDELJKLW &XOHVVRQORVVLHWHSHFDGRV" :KDWDUHWKH6HYHQ'HDGO\


7HQDXQRVSODQRVPX\ ,WKDGVRPHUHDOO\LQWHUHVWLQJ 6LQV"
LQWHUHVDQWHV VKRWV $YDULFLD*XOD,UDTXPV" *UHHG*OXWWRQ\:UDWKfZKDW
<DSHURKDEDGHPDVLDGRV <HDKEXWWKHUHZHUHWRRPDQ\ HOVH"
SULPHURVSODQRV FORVHXSV (QYLGLD6REHUELD3HUH]D\ (QY\3ULGH6ORWKDQG/XVW

/DEDQGDVRQRUDIXHPHPRUDEOH 7KHVRXQGWUDFNZDV /XMXULD
PHPRUDEOH /DOXMXULDHVXQSHFDGRGH ,VOXVWUHDOO\DVLQ"

/DVLQWHUSUHWDFLRQHVIXHURQ 7KHDFWLQJZDVUDWKHUZRRGHQ YHUGDG"
DFDUWRQDGDV 3XHVHQHVHFDVRHVWR\ :HOO,oPGRRPHGWRDQHWHUQDO

FRQGHQDGRDXQLQHUQRHWHUQR KHOOLQWKDWFDVH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   +DYHMXVW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
&RPHLQWRWKHKRXVH /RRNLQWRWKHPDWWHU IUDVHVHQLQJOV"
(QWUDHQODFDVD WHVWVGHQWUR  ,QYHVWLJDHODVXQWR
$FDERGHWHQHUXQDLGHD
*RLQWRWKHKRXVH ,IHOOLQWRWKHZDWHU $FDEDPRVGHDEULUXQDFXHQWDEDQFDULDGH
(QWUDHQODFDVD WHVWVIXHUD  0HFDDODJXD ,QWHUQHW
(OODDFDEDGHHQWUDUHQHOTXLUIDQR
/RRNLQWRWKHER[ 7KH\LQYLWHGPHLQWRWKHLUKRXVH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
0LUDHQODFDMD 0HLQYLWDURQDHQWUDUHQVXFDVD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

'RVIRUPDVGLIHUHQWHVGHOSDVDGR

&XDQGR WHQD  DRV VLHPSUH LED FRQ PL QRYLD D XQ JUDQ ODJR $QWHVYLYDHQ2NODKRPD
FHUFDGH6DSXOSD 2NODKRPD 3ULPHURLEDDVXFDVD\ORVGRVHQ $QWHVKDEODEDXQVRORLGLRPD
JDQFKEDPRVODODQFKDIXHUDERUGDGHVXSDGUHDOSDUDFKRTXHV $QWHVWHQDPVWLHPSROLEUH
GHPLFRFKH'HVSXVEDPRVDOODJREDMEDPRVODODQFKDDODJXD $QWHVHUDWPLGR
DSDUFEDPRVHOFRFKH\VXEDPRVDODODQFKD'HVSXVSDVEDPRV $QWHVWUDEDMDEDPXFKRPHQRVTXHDKRUD
WUHVKRUDVHVTXLDQGRFRPLHQGR\GLYLUWLQGRQRV3RUODWDUGHGHM $QWHVQHYDEDPVTXHDKRUD
EDPRVODODQFKDDQFODGDFHUFDGHXQDRULOODDSDUWDGD\QRVDGHQ $QWHVKDEDPVDXWRULGDGSRUDTX
WUEDPRVHQHOERVTXHGRQGHYROYDPRVDSDVDUORELHQ $QWHVSRGDSURQXQFLDUHVSDROVLQSUREOHPD
:KHQ,ZDV\HDUVROG,ZRXOGDOZD\VJRZLWKP\JLUOIULHQGWR ,XVHGWROLYHLQ2NODKRPD
DELJODNHQHDU6DSXOSD2NODKRPD)LUVW,ZRXOGJRWRKHUKRXVH ,XVHGWRVSHDNRQO\RQHODQJXDJH
DQG WKH WZR RI XV ZRXOG KLWFK WKH RXWERDUG PRWRUERDW WR WKH ,XVHGWRKDYHPRUHIUHHWLPH
EXPSHURIP\FDU7KHQZHZRXOGJRWRWKHODNHORZHUWKHERDW ,XVHGWREHVK\
LQWRWKHZDWHUSDUNWKHFDUDQGJHWLQWRWKHERDW7KHQZHZRXOG ,XVHGWRZRUNPXFKOHVVWKDQ,GRQRZ
VSHQGWKUHHKRXUVVNLLQJHDWLQJDQGKDYLQJDJRRGWLPH,QWKH ,WXVHGWRVQRZPRUHWKDQQRZ
DIWHUQRRQ ZH ZRXOG OHDYH WKH ERDW DQFKRUHG QHDU D VHFOXGHG 7KHUHXVHGWREHDXWKRULW\DURXQGKHUH
VKRUHDQGZHZRXOGZDONLQWRWKHIRUHVWZKHUHZHZRXOGKDYHD ,XVHGWREHDEOHWRSURQRXQFH6SDQLVKZLWKRXWDQ\SUREOHPV
JRRGWLPHRQFHDJDLQ

&XDQGRGHVFULEHVDFFLRQHVUHSHWLWLYDVRKDELWXDOHVGHOSDVD &XDQGR TXLHUHV GHMDU FRQVWDQFLD GH DOJR TXH HUDV HVWDEDV
GRORPVFRUULHQWHHVHPSOHDUHOYHUERDX[LOLDUpZRXOGq(VWD KDFDVWHQDVHWFRTXHSDVDEDRTXHKDEDHQHOSDVDGRVLQ
IRUPDHVPX\FRUULHQWHHQLQJOV\FXULRVDPHQWHORVOLEURVGH SUHFLVDUFXQGRRGXUDQWHFXQWRWLHPSRGHMDQGRDOPLVPR
JUDPWLFDLQJOHVDQRVXHOHQKDFHUPHQFLQGHHOOD6LQHP WLHPSRODFRQVWDQFLDFODUDGHTXHWDOH[LVWHQFLDKELWRFRQR
EDUJRHVODIRUPDPVFRPQGHFRQWDUDFWLYLGDGHVRDFFLR FLPLHQWRRUHDOLGDG\DQRHVYLJHQWHHQHOSUHVHQWHHQWRQFHV
QHVKDELWXDOHVHQHOSDVDGR\HVODIRUPDTXHPVVHDVHPHMD VORSXHGHVXVDUODH[SUHVLQpXVHGWRqPVHOLQQLWLYR(V
DODH[SUHVLQpVRODqHQFDVWHOODQR WDVGRVSDODEUDVVHSURQXQFLDQLVWX

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|1RPHORSXHGRFUHHU|/RKDQKHFKRRWUDYH]9HQJRDTXDOPHQRV , FDQoW EHOLHYH LW7KH\ GLG LW DJDLQ , FRPH KHUH DW OHDVW WZLFH D
GRVYHFHVSRUVHPDQD\SLGRXQDKDPEXUJXHVDVLQSHSLQLOORV\VLQ ZHHN DQG RUGHU D KDPEXUJHU ZLWK QR SLFNOHV DQG RQLRQV 7KH\
FHEROOD&DVLVLHPSUHVHROYLGDQ\OHVKDJRSUHSDUDUPHRWUDKDPEXU IRUJHW DOPRVW HYHU\ WLPH DQG , KDYH WR PDNH WKHP SUHSDUH
JXHVD1ROHVGHMRTXHTXLWHQHOSHSLQLOOR\ODFHEROODGHODTXHPH DQRWKHUKDPEXUJHU,GRQoWOHWWKHPWDNHWKHSLFNOHVDQGRQLRQV
KDQVHUYLGRSRUTXHVR\DOUJLFRDDPEDVFRVDV7HQJRTXHLQVLVWLU RIIWKHRQHWKH\JDYHPHEHFDXVH,oPDOOHUJLFWRERWK,KDYHWR
FDGDYH]TXHWLHQHQTXHSUHSDUDUPHRWUDKDPEXUJXHVDQXHYD LQVLVWHYHU\WLPHWKDWWKH\PDNHPHDQHZEXUJHU


(VWLPDGRDPLJR\DOXPQRp|||2IHUWDHVSHFLDO||8QDOLFHQFLDWXUDXQLYHUVLWDULDHQVORPHVHV/D8QLYHUVLGDG&OHPHQWLQDGH
6DOHPOHRIUHFHODRSRUWXQLGDGGHREWHQHUXQDWLWXODFLQXQLYHUVLWDULDWRWDOPHQWHDFUHGLWDGD\HQODFDUUHUDTXHXVWHGHOLMDHQ
VORPHVHV$WUDYVGHQXHVWURQXHYRVLVWHPDUHYROXFLRQDULRGHHVWXGLRXVWHGSRGUREWHQHUXQDWLWXODFLQFRQXQPQLPR
GHHVIXHU]R\PHGLDQWHFXDWURH[PHQHVIFLOHVGHDSUREDU/DWLWXODFLQHVUHFRQRFLGDHQWRGRVORVFRQWLQHQWHV\HQWRGRVORV
PELWRVGHODDFWLYLGDGHPSUHVDULDOHLQGXVWULDO/RVSULPHURVDOXPQRVTXHVHPDWULFXOHQHQOD8QLYHUVLGDG&OHPHQWLQDGH
6DOHPUHFLELUQFRPSOHWDPHQWHJUDWLVHO'LFFLRQDULR2[IRUGGHOD/HQJXD,QJOHVD\XQEROJUDIR3DUNHUFKDSDGRHQRURq
3UHJXQWDQ&RQVLGHUDVHVWDRIHUWDOHJWLPD"3RUVXSXHVWRTXHQR1RHUHVWRQWR1DGLHFRQVLGHUDUDOHJWLPDXQDRIHUWDDV
3UHJXQWDQ3RUTXFRQVLGHUDVOHJWLPDVRIHUWDVFRPRVWDFXDQGRWLHQHQTXHYHUFRQHODSUHQGL]DMHGHOLQJOV"
$XQTXHRVDQLPDPRVDVDFDUWRGRHOSURYHFKRSRVLEOHGHHVWHFXUVRGHLQJOVTXHRIUHFHPRVDWUDYVGH(/081'2QRGHMDPRV
GHUHFRUGDURVTXHDSUHQGHUELHQLQJOVH[LJHHOPLVPRHVIXHU]RTXHVDFDUXQDVHJXQGDOLFHQFLDWXUDHQHVWHFDVRXQDVHJXQGD
OLFHQFLDWXUDGHYHUGDG 5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVHOSUHVLGHQWH" :KRLVWKHSUHVLGHQW" 'HTXFRORUVRQORVRMRVGH :KDWFRORXUDUH-RKQoVH\HV"


'HTXSDV" :KLFKFRXQWU\" -RKQ"
4XLQHVHOSUHVLGHQWHGH :KRLVWKHSUHVLGHQWRI
 6RQPDUURQHVRVFXURV 7KH\oUHGDUNEURZQ
$OHPDQLD" *HUPDQ\" 3RUTXQRVRQD]XOHVVXVRMRV" :K\DUHQoWKLVH\HVEOXH"
&UHRTXHHVXQDPXMHU ,WKLQNLWoVDZRPDQ 6XVSDGUHVWLHQHQORVRMRV +LVSDUHQWVKDYHEOXHH\HV
(V$QJHOD0HUNHO ,WoV$QJHOD0HUNHO D]XOHV
/RVRMRVGHVXSDGUHVRQ +LVIDWKHUoVH\HVDUHEURZQ
PDUURQHV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RPSUDVWHHVHFRFKH" 'LG\RXEX\WKDWFDU" +DVWHQLGRWXVYDFDFLRQHV\D" +DYH\RXKDG\RXUKROLGD\V\HW"


7RGDYDQR 1RW\HW (VWXYHGHYDFDFLRQHVKDFH ,ZDVRQKROLGD\DORQJWLPH
&XQGRYDVDFRPSUDUOR" :KHQDUH\RXJRLQJWREX\LW" PXFKRWLHPSR DJR
6LWHQJRHOGLQHURORFRPSUDU ,I,KDYHWKHPRQH\,oOOEX\LW &XQWRWLHPSRHVKDFH +RZORQJLVDORQJWLPHDJR"
&XQGRWHSDJDWXHPSUHVD" :KHQGRHV\RXUFRPSDQ\SD\ PXFKRWLHPSR"
\RX" 1RKHLGRDQLQJXQDSDUWH ,KDYHQoWJRQHDQ\ZKHUHVLQFH
GHVGH6HPDQD6DQWD (DVWHU
(QWRQFHVQRPLHQWHV <RXoUHQRWO\LQJWKHQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRYDOHWXFDVD" +RZPXFKLV\RXUKRXVHZRUWK" (VXQJHQLRGHODSXEOLFLGDG +HoVDQDGYHUWLVLQJJHQLXV


1RYDOHWDQWRFRPRFXDQGROD ,WoVQRWZRUWKDVPXFKDVZKHQ
 1RHVWXGL(PSUHVDULDOHVHQ 'LGQoWKHGR%XVLQHVV6WXGLHV
FRPSU ,ERXJKWLW +DUYDUG" DW+DUYDUG"
1RYDOHODSHQDFRPSUDUQDGD ,WoVQRWZRUWKEX\LQJDQ\WKLQJ
 3URSRQHXQDVLGHDVJHQLDOHV +HFRPHVXSZLWKEULOOLDQW
HQHVWHPRPHQWR DWWKHPRPHQW LGHDV
/DVLQYHUVLRQHVVLHPSUHYDOHQ ,QYHVWPHQWVDUHDOZD\VZRUWK
 6XWDOHQWRQRVHDFDEDQXQFD 7KHUHoVQRHQGWRKLVWDOHQW
ODSHQD LW (VXQDSHQDTXHVHDWDQ ,WoVDVKDPHKHoVVR
<RTXHWVHUDXQSRFRPV ,I,ZHUH\RX,oGEHDOLWWOHPRUH UHWUDGR ZLWKGUDZQ
SDFLHQWH\HVSHUDUDXQSDUGH SDWLHQWDQGZDLWDFRXSOHRI
DRV \HDUV
%RG\ORWLRQ /HFKHFRUSRUDO
6KRZHUJHO *HOGHGXFKD

7DOFXPSRZGHU 3ROYRVGHWDOFR

%DWKWRZHO 7RDOODGHEDR

6RDS -DEQ

9RFDEXODULR%DWKWLPH +RUDGHEDR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1HFHVLWRXQLQIRUPHHQ ,QHHGDQLQGHSWKUHSRUW (UHVSDUWLGDULRGHOOLEUH $UH\RXDVXSSRUWHURIIUHH


SURIXQGLGDG FRPHUFLR" WUDGH"
4XLHURTXHPHORGHVDSULPHUD ,ZDQW\RXWRJLYHLWWRPHUVW (VWR\HQFRQWUDGH ,oPDJDLQVWSURWHFWLRQLVP
KRUDGHODPDDQD WKLQJLQWKHPRUQLQJ SURWHFFLRQLVPR
(QQRPEUHGHODGLUHFFLQ 2QEHKDOIRIWKHPDQDJHPHQW 3HURORVDUDQFHOHVD\XGDQD %XWWDULIIVRIWHQKHOSWRSURWHFW
TXLHURDJUDGHFHURVWRGR ,ZDQWWRWKDQN\RXDOO SURWHJHUQXHVWUDVLQGXVWULDV RXULQGXVWULHV
(QUHVXPLGDVFXHQWDVVHKD ,QVKRUWLWoVEHHQFDOOHGRII 7DPELQVLUYHQSDUDPDQWHQHU 7KH\DOVRVHUYHWRNHHSWKH
FDQFHODGR DO7HUFHU0XQGRHQODSREUH]D 7KLUG:RUOGLQSHUPDQHQW
$ODODUJDWHQGUHPRVTXH ,QWKHORQJUXQZHoOOKDYHWR SHUPDQHQWH SRYHUW\
FRQWUDWDUDPVJHQWH KLUHPRUHSHRSOH (VXQWHPDFRPSOLFDGLOORQR",WoVDWULFN\OLWWOHLVVXHLVQoWLW"



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   |2MDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
*HWLQWRWKHFDU :HUDQLQWRWKHVWUHHWODPS IUDVHVHQLQJOV"
0WHWHHQHOFRFKH &KRFDPRVFRQWUDODIDUROD
|2MDOHQWHQGLHUDODWHOHYLVLQ
7KH\MXPSHGLQWRWKHSRRO :HUDQLQWRDQROGIULHQG QRUWHDPHULFDQD
6DOWDURQDODSLVFLQD 7URSH]DPRVFRQXQDQWLJXRDPLJR |2MDOQRKDEODUDIUDQFVWDQPDO
|2MDOIXHUDPVYDOLHQWH
,ZDONHGLQWRWKHEXLOGLQJ ,GURYHLQWRWKHJDUDJH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
(QWU DQGDQGR HQHOHGLFLR (QWU FRQGXFLHQGR HQHOJDUDMH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HOSIXOH[SUHVVLRQV  

$FFRUGLQJWR 6HJQHQRSLQLQGH KHFKRXQOR 7RWKLQNRXWORXG 3HQVDUHQYR]DOWD


3ULRUWR $QWHVGH 7RJHWPL[HGXS &RQIXQGLUVH 7RWLHORRVHHQGV $WDUFDERVVXHOWRV
3URYLGHGWKDW $FRQGLFLQGHTXH 7REHZLOOLQJWR (VWDUGLVSXHVWRD 8QOHVV $QRVHUTXHDPHQRV
VLHPSUHTXH 7REHZRUWKLW 9DOHUODSHQD TXH
$VORQJDV $FRQGLFLQGHTXH 7REUHDNWKHLFH 5RPSHUHOKLHOR 8SVDQGGRZQV $OWLEDMRV
VLHPSUHTXH 7RJDLQWLPH *DQDUWLHPSR :KHUHDV 0LHQWUDVTXH
5HJDUGLQJ 5HIHUHQWHD 7RJHWRIIWRDJRRGVWDUW 6DOLUFRQEXHQSLH :LWKRXWDGRXEW 6LQGXGD
&RQFHUQLQJ 5HIHUHQWHD 7RJHWRIIWRDEDGVWDUW 6DOLUFRQPDOSLH 1RGRXEW 6LQGXGD
5LJKWDZD\ (QVHJXLGD 7RJHWULGRI 'HVKDFHUVHGH $VDJHQHUDOUXOH &RPRUHJODJHQHUDO
6DIHDQGVRXQG 6DQR\VDOYR 7RNHHSDQH\HRQ 9LJLODU 2QWKHZKROH (QWUPLQRVJHQHUDOHV
6RIDU +DVWDDKRUD 7RUHO\RQ &RQDUHQ $VIDUDV,NQRZ 4XH\RVHSD
6RRQHURUODWHU 7DUGHRWHPSUDQR 7RUHVRUWWR 5HFXUULUD $VIDUDV,oP (QORTXHDPVH
(YHQWXDOO\ 7DUGHRWHPSUDQRDO 7RUXOHRXW 'HVFDUWDU FRQFHUQHG UHHUH
QDO 7RUXQULVNV &RUUHUULHVJRV SHOLJUR $KHDGRI 3RUGHODQWHGH
7RDFHUWDLQH[WHQW +DVWDFLHUWRSXQWR 7RWDNHULVNV &RUUHUULHVJRV FDOFXODGR $WEHVW (QHOPHMRUGHORVFDVRV
7REHDZDUHRI 6HUFRQVFLHQWHGH 7RVHWDQH[DPSOH 'DUHMHPSOR %H\RQG 0VDOOGH
7REHLQWRXFK (VWDUHQFRQWDFWR 7RJLYHDQH[DPSOH 3RQHUXQHMHPSOR %\FKDQFH 3RUFDVXDOLGDG
7RNHHSLQWRXFK 6HJXLUHQFRQWDFWR 7RVWDQGWKHSDFH $JXDQWDUHOULWPR %\IDU &RQPXFKDGLIHUHQFLD
7REHPL[HGXS (VWDUFRQIXQGLGRHVWDU 7RVWDUWIURPVFUDWFK 3DUWLUGHFHUR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
9R\DWHQHUTXHSURKLELUWHFXDOTXLHUWLSRGHHMHUFLFLRLQWHQVRSRU ,oP JRLQJ WR KDYH WR SURKLELW DQ\ NLQG RI VWUHQXRXV H[HUFLVH IRU
HOPRPHQWR6TXHODYLGDVLQHOWHQLVHVFRPRODYLGDVLQR[JHQR WKHWLPHEHLQJ,NQRZWKDWOLIHZLWKRXWWHQQLVLVOLNHOLIHZLWKRXW
SHURVLTXLHUHVTXHWXURGLOODVHFXUHODQLFDUHFHWDHVWUHVPHVHV R[\JHQEXWLI\RXZDQW\RXUNQHHWRKHDOWKHRQO\SUHVFULSWLRQLV
GHGHVFDQVR\UHFXSHUDFLQ3DUDVHSWLHPEUHXRFWXEUHGHEHUDV WKUHHPRQWKVRIUHVWDQGUHFXSHUDWLRQ%\6HSWHPEHURU2FWREHU
VHUFDSD]GHKDFHUIRRWLQJXRWURHMHUFLFLRPHQRVLQWHQVRSHURQR \RX VKRXOG EH DEOH WR GR VRPH MRJJLQJ RU RWKHU OHVV VWUHQXRXV
WHUHFRPLHQGRYROYHUDODVFDQFKDVGHWHQLVSRUORPHQRVKDVWDOD H[HUFLVHEXW,ZRXOGQoWUHFRPPHQG\RXUHWXUQWRWKHWHQQLVFRXUWV
SU[LPDSULPDYHUD DWOHDVWXQWLOQH[WVSULQJ


(VWLPDGRDPLJR\DOXPQR6HJXUDPHQWHWHHVWVFDQVDQGRXQSRFRGHPLVVHUPRQHV1RTXLHURVHUDJXDHVWDVSHURVTXHQDGLHVHKDFH
FRQXQEXHQQLYHOHQRWURLGLRPDVLQVXGDUHOHTXLYDOHQWHDPDUDWRQHV3HURSXHVWRTXH\DKHH[SOLFDGRHVWRGHPDQHUDVGLIHUHQWHV
YR\DGHVFDQVDUGXUDQWHXQDVFKDVHLQWHQWDUHQWUHWHQHUWHXQSRFRFRQHOLQJOV$ORODUJRGHODVSU[LPDVHQWUHJDVYDPRVDYHUGRV
SRHPDVJUDFLRVRV\GRVSRHPDVGHDPRU1RFRQWLHQHQPHQVDMHVGLUHFWRVQLVXEOLPLQDOHVLQVWQGRWHDKDFHUXQHVIXHU]RDVTXHSXHGHV
WRPDUWHXQSHTXHRGHVFDQVR(OSULPHUSRHPDGHVFULEHFPRXQSURIHVRUJDQDHOFRUD]QDVXEHOODDOXPQDPHGLDQWHODHQVHDQ]DGHO
FRQGLFLRQDO(VWHQLQJOV\HQHVSDRO 5LFKDUG9DXJKDQ
)ORUHQWLQDDQGWKH&RQGLWLRQDO
(VKHUPRVDHVRVt\XQDDOXPQDDSOLFDGD 3HURKD\XQQXHYRSURIHTXHPHGLFHQQXQFDIDOOD
'HHVWDPSDLQFUHtEOHFRQHOSHORHQFDVFDGD 8QSURIHTXHPHGLFHQODFRQYHUWLUiHQVXYDVDOOD
$WRGRVQRVWLHQHSHUGLGDPHQWHHQDPRUDGRV $KtODWLHQHVVROLWDVROLWDHQVXDXOD
<DKRUDFRQVXUHWRXQSHOtQDFDORUDGRV 2TXL]iPHMRUGLFKRODHUDHQVXMDXOD
1RVUHWDDHQVHxDUOHFRQDLUHDYLVSDGR *RRGHYHQLQJ)ORUHQWLQDZRXOG\RXOHWPHEH\RXUWHDFKHU
(OPDQHMRGHOFRQGLFLRQDOHQSUHVHQWH\SDVDGR ,I,SURPLVHG\RXDJDUGHQIXOORIHYHU\JRUJHRXVFUHDWXUH"
$UPDTXHMDPiVHQVXYLGDKDKDELGR :RXOG\RXOLVWHQWRPHFDUHIXOO\DQGSXWIRUWK\RXUYHU\EHVW
3HUVRQDFDSDFLWDGDSDUDJDQDUOHWDOSDUWLGR ,I,ORRNHGLQWR\RXUH\HVDQGVKRZHGDVPLOHRIKHDUWIHOW]HVW"
7REHFRQWLQXHG

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6RQHVRVWXVFLJDUURV" $UHWKRVH\RXUFLJDUHWWHV" 'HTXLQHVHVDURSD" :KRVHFORWKHVDUHWKRVH"


1RQRORVRQ 1RWKH\DUHQoW (VPD 7KH\oUHPLQH
%LHQIXPDUHVPDOR *RRGVPRNLQJLVEDG 4XKDFHDOO" :KDWDUHWKH\GRLQJWKHUH"
6RQVXVFLJDUURV 7KH\oUHKLVFLJDUHWWHV (VWR\ODYQGROD ,oPZDVKLQJWKHP
|3HURHVHHVWXKLMR %XWWKDWoV\RXUVRQ 3RUTXORHVWVKDFLHQGRHQ :K\DUH\RXGRLQJLWLQWKH
HOUR" ULYHU"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6DEHVPXFKRGHRUGHQDGRUHV"'R\RXNQRZPXFKDERXW 'XUDQWHFXQWRWLHPSRKDV +RZORQJKDYH\RXKDGWKRVH


FRPSXWHUV" WHQLGRHVDV]DSDWLOODV" WUDLQHUV"
3XHGHVHFKDUXQYLVWD]RDO &DQ\RXWDNHDORRNDWPLQH"
 /DVWHQJRGHVGHKDFHWUHVDRV ,oYHKDGWKHPIRUDERXWWKUHH
PR" \HDUV
7LHQHDOJQSUREOHPD" 'RHVLWKDYHDSUREOHP" &XQWRWLHPSRKDFHTXHODV +RZORQJKDYH\RXEHHQ
1RIXQFLRQDPX\ELHQ ,WGRHVQoWZRUNYHU\ZHOO OOHYDVSXHVWDV" ZHDULQJWKHP"
&PSUDWHXQRQXHYR %X\DQHZRQH /DVOOHYRSXHVWDVGHVGHHO ,oYHEHHQZHDULQJWKHPVLQFH
GRPLQJR 6XQGD\
'HEHUDVFDPELDUODVKXHOHQ <RXVKRXOGFKDQJHWKHPWKH\
PDO VPHOOEDG

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HHVWR\FDQVDQGRGHWRGR ,oPJHWWLQJWLUHGRIDOOWKLV 9DVDSDJDUFRQHIHFWLYRRFRQ $UH\RXJRLQJWRSD\LQFDVKRU


HVWR WDUMHWDGHFUGLWR" E\FUHGLWFDUG"
4XWHSDVD" :KDWoVWKHPDWWHUZLWK\RX" 3UHIHULUDSDJDUFRQWDUMHWD ,oGUDWKHUSD\E\FDUG
6HPHHVWDFDEDQGROD 0\LQVSLUDWLRQLVUXQQLQJRXW
 &XOHVODIHFKDGHFDGXFLGDG" :KDWoVWKHH[SLUDWLRQGDWH"
LQVSLUDFLQ &PRKDOODPDGRDHVWD :KDWGLGVKHFDOOWKLV
7RPDXQGHVFDQVRHQWRQFHV 7DNHDEUHDNWKHQ PTXLQD" PDFKLQH"
&UHRTXHPHGDUXQSDVHR ,WKLQN,oOOKDYHDVWUROOLQWKH /DSXHGHVOODPDUFDMHURR <RXFDQVD\FDVKPDFKLQHRU
SRUHOSDUTXH SDUN pDJXMHURHQODSDUHGq KROHLQWKHZDOO

6KLUW &DPLVD

-DFNHW $PHULFDQD 7LH &RUEDWD

%ULHIFDVH 0DOHWQ
7URXVHUV 3DQWDORQHV

9RFDEXODULR%XVLQHVVVXLW 7UDMHGHQHJRFLRV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VDHVXQDFLFDWUL]IHD 7KDWoVDQDVW\VFDU |%XHQWLUR *RRGVKRW


&PRHVTXHWHODKLFLVWHHQ +RZGLG\RXJHWLWRQ\RXU |+DVGDGRHQHOEODQFR <RXKLWWKHEXOOVH\H
ODEDUELOOD" FKLQ" 0LSXQWHUDQRHVWDQSUHFLVD 0\DLPoVQRWWKDWDFFXUDWH
0HHVWDEDDIHLWDQGRFRQXQD ,ZDVVKDYLQJZLWKDIDXOW\ (OEODQFRQRHVSUHFLVDPHQWH 7KHWDUJHWoVQRWH[DFWO\WLQ\

FXFKLOODGHIHFWXRVD EODGH GLPLQXWR
'HPDQGDVWHDODHPSUHVD 'LG\RXVXHWKHFRPSDQ\IRU /DPRGHVWLDWHIDYRUHFH 0RGHVW\EHFRPHV\RX
SRUHOOR" WKDW"
0HGLHURQXQDLQGHPQL]DFLQ 7KH\JDYHPHDKDQGVRPH
JHQHURVD FRPSHQVDWLRQ

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq  
 0HQRVPDO
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
,EDFNHGLQWRWKHJDUDJH :HVWUDSSHGKLPLQWRWKHVHDW IUDVHVHQLQJOV"
(QWUPDUFKDDWUVHQHOJDUDMH /HVXMHWDPRVHQHODVLHQWR FRQFRUUHD 
0HQRVPDOTXHVDEHVGHORTXHKDEODV
,IHOOLQWRWKHWUDS :HVSOLWLWLQWRWZRHTXDOSDUWV |0HQRVPDOTXHQRWHOODPDQWHV
&DHQODWUDPSD /RGLYLGLPRVHQGRVSDUWHVLJXDOHV 0HQRVPDOTXHWXPDGUHQRVHHQWHU

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
,WRRNKHULQWRP\DUPV +HWDONHGPHLQWRJRLQJ
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/DHVWUHFKHQWUHPLVEUD]RV 0HKDEOKDVWDFRQYHQFHUPHSDUDTXH ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
IXHUD DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+HOSIXOH[SUHVVLRQV 

%\WKHZD\ 3RUFLHUWRDSURSVLWR ,QDEDGPRRG 'HPDOKXPRU ,WGRHVQoWPDWWHU 'DLJXDO


'HVSLWH $SHVDUGH ,QDQDZIXOPRRG 'HKXPRUGHSHUURV ,WGRHVQoWPDNH 'DLJXDO
,QVSLWHRI $SHVDUGH ,QDGGLWLRQWR $GHPVGH DQ\GLIIHUHQFH
'HVSLWHWKHIDFWWKDWf $SHVDUGHTXH ,QDGYDQFH 3RUDGHODQWDGR -XVWLQFDVH 3RUVLDFDVR
,QVSLWHRIWKHIDFWWKDWf $SHVDUGHTXHf ,QDQ\FDVH 'HWRGDVIRUPDV 1HYHUWKHOHVV 1RREVWDQWH
'XHWR 'HELGRD ,QDQ\HYHQW 'HWRGDVIRUPDV +RZHYHU 6LQHPEDUJR
'XHWRWKHIDFWWKDWf 'HELGRDTXH ,QFKDUJHRI (QFDUJDGRGH 2QSXUSRVH $SRVWD
2QDFFRXQWRI 'HELGRD ,QGHSWK (QSURIXQGLGDG GHOLEHUDGDPHQWH
2QDFFRXQWRIWKHIDFW 'HELGRDTXH ,QVKRUW (QUHVXPLGDVFXHQWDV 2QEHKDOIRI (QQRPEUHGH
WKDWf ,QWKHORQJUXQ $ODODUJD 2QWKHFRQWUDU\ $OFRQWUDULR
%HFDXVHRI 'HELGRD ,QWKHRU\ (QWHRUD :KDWoVXS" 4XKD\GHQXHYR"
(YHU\RWKHUGD\ 8QGDV\RWURQR ,QYLHZRI (QYLVWDGH +RZoVLWJRLQJ" &PRYDODFRVD"
GDVDOWHUQRV ,WoVDZDVWHRIWLPH (VXQDSUGLGDGH +RZDUHWKLQJV &PRYDQODVFRVDV"
)LUVWWKLQJLQWKHPRUQLQJ $SULPHUDKRUDGHOD WLHPSR JRLQJ"
PDDQD ,WoVSRLQWOHVV (VXQDSUGLGDGH +RZoVHYHU\WKLQJ &PRYDWRGR"
)RUJRRG 3DUDVLHPSUH WLHPSR JRLQJ"
)RUWKHWLPHEHLQJ 'HPRPHQWR 7KHUHoVQRSRLQW (VXQDSUGLGDGH 0D\,KHOS\RX" (QTXOHSXHGRVHUYLU"
,QWKHPHDQWLPH 0LHQWUDVWDQWR WLHPSR 0D\,WDNHDPHVVDJH" 'HVHDGHMDUXQUHFDGR"
,IQHHGEH 6LHVQHFHVDULR ,QZULWLQJ 3RUHVFULWR ,WoVJHWWLQJODWH 6HHVWKDFLHQGRWDUGH
,QDJRRGPRRG 'HEXHQKXPRU :ULWHLWGRZQ $SQWDOR 7DNHLWHDV\ 7RPDODVFRVDVFRQ
ORVRID

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGR$OHMDQGUR0DJQRHVWDEDHQ&RULQWRXQDFLXGDGHVWDGRGH :KHQ$OH[DQGHUWKH*UHDWZDVLQ&RULQWKDFLW\VWDWHLQDQFLHQW
OD$QWLJXD*UHFLDOHOOHYDURQDXQOXJDUGRQGHVLHPSUHVHVHQWDED *UHHFH KH ZDV WDNHQ WR WKH SODFH ZKHUH D IDPRXV SKLORVRSKHU
XQOVRIRIDPRVR\GDEDFRQVHMRVVREUHODYLGD\HOXQLYHUVR&XDQ DOZD\VVDWDQGJDYHDGYLFHRQOLIHDQGRQWKHXQLYHUVH:KHQWKH
GRHOJHQHUDOOHGLMRDOOVRIRTXHOHFRQFHGHUDFXDOTXLHUGHVHRHO JHQHUDOWROGWKHSKLORVRSKHUWKDWKHZRXOGJUDQWKLPDQ\ZLVK
OVRIRVLPSOHPHQWHOHSLGLTXHVHDSDUWDUDXQRVPHWURVDXQODGR WKH SKLORVRSKHU VLPSO\ DVNHG KLP WR PRYH D IHZ PHWHUV WR RQH
SRUTXHOHTXLWDEDODOX]GHOVROQHFHVDULDSDUDOHHU VLGHEHFDXVHKHZDVEORFNLQJWKHVXQOLJKWQHHGHGIRUUHDGLQJ

 )ORUHQWLQDDQGWKH&RQGLWLRQDO FRQW
:RXOG\RXSUDFWLFHHYHU\VHQWHQFHWKDW,DVNHG\RXWRUHSHDW (VWLPDGRDPLJR\DOXPQR$ODL]TXLHUGDWLHQHVODVFXDWUROWLPDVHVWURIDV
,I,VRIWO\ZKLVSHUHGSUDLVHDQGMR\DQGHQFRXUDJHPHQWUHSOHWH" GHO LQWHQWR SRU SDUWH GHO QXHYR SURIHVRU GH FRQYHQFHU D )ORUHQWLQD GH
:RXOG\RXPDNHWKHQHHGHGHIIRUWWRDEVRUEWKHEDVLFIRUPV TXHHVFDSD]GHDSUHQGHUHOPDQHMRGHOFRQGLFLRQDO(PSOHDXQHQIRTXH
,I,VSUHDGDORYHO\FDQRS\WRVKLHOG\RXIURPWKHVWRUPV" XQWDQWRFXULRVRSHURFRPREXHQSURIHVRUQRGHVFDUWDQLQJQDUWLFLRVL
:RXOG\RXOLVWHQWRPHFDUHIXOO\DEVRUELQJP\DGYLFH FRQ HOOR DOFDQ]D VX REMHWLYR SHGDJJLFR (VWXGLD HO SRHPD SDUD KDFHUWH
,I,EDNHGDFKRFRODWHFDNHIRU\RXDQGJDYH\RXHYHU\VOLFH" FRQHOYRFDEXODULR\ODVH[SUHVLRQHV'HVSXVOHORHQYR]DOWDWUDWDQGRGH
:RXOG\RXVWXG\HYHU\QLJKWDQGGD\WRGHPRQVWUDWH\RXUZRUWK FRQVHJXLUHPXODUHOULWPR\ODPWULFD3RUFLHUWRYHUVXQYHUVRTXHGLFH
,I,WRRN\RXLQP\DUPVDQGHZ\RXKLJKDERYHWKHHDUWK" p,I,WRRN\RXLQP\DUPVq6LPLUDVDUULEDHQODVHFFLQGHp3KUDVDOYHUEVq
:RXOG\RXPDVWHUHYHU\VHQWHQFHDQGLPSUHVVPHHYHU\GD\ YHUVXQDIUDVHFDVLLGQWLFDSHURTXHGLFHp,WRRNKHULQWRP\DUPVq3RU
,I,XVHGP\KDQGVWRPRXOG\RXOLNHDVXSSOHZLOOLQJFOD\" TXpLQqHQODIUDVHGHOSRHPDHpLQWRqHQODIUDVHGHDUULED"(QHVWHFDVR
:RXOG\RXQDYLJDWHFRQGLWLRQDOVOLNH9HQHWLDQJRQGROLHUV FRQFUHWRDPEDVIRUPDVVRQYOLGDVDXQTXHXQSXULVWDGLUDpLQWRqVLHPSUH
,I,FXWWKHPRRQLQWZRKDOYHVWRPDNHHDUULQJVIRU\RXUHDUV" 3HURORVSXULVWDVVRQDEXUULGRV\QXQFDORJUDQKDFHUVHFRQXQEXHQGRPLQLR
:RXOG\RXQDOO\)ORUHQWLQDEHFRPHH[SHUWZLWKWKLVWHQVH HQORVLGLRPDV6HDSUHQGHXQLGLRPDHQDPRUQGRVHGHO\VLHOSURIHVRU
,I,QDOO\PDGH\RXUHDOL]HWKDWZLWKPHWKHUHoVQRGHIHQVH" D\XGDFRPRHOGHOSRHPDDTXHWHHQDPRUHVGHVXUHDGHOVDEHUHQWRQFHV
:RXOG\RXJLYHXSLSVRIDFWRDQGDGPLWWKDW\RXKDYHORVW VHWUDWDVLQGXGDGHXQH[FHOHQWHSURIHVRU 5LFKDUG9DXJKDQ
,I,WROG\RXWKDWP\QDPHLVUPO\RQ\RXUKHDUWHPERVVHG"

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&PRHVWWXKHUPDQD" +RZoV\RXUVLVWHU" 4XLHUHVFRPHU" 'R\RXZDQWWRHDW"


(VWHQ)UDQFLDHQHVWH 6KHoVLQ)UDQFHDWWKHPRPHQW 1RJUDFLDVQRWHQJRKDPEUH 1RWKDQNV,oPQRWKXQJU\
PRPHQWR 7LHQHVVHG" $UH\RXWKLUVW\"
3RUTXHVWDOO" :K\LVVKHWKHUH" 6WHQJR7HQJRPXFKDVHG <HV,DP,oPYHU\WKLUVW\
(VWHQHOKRVSLWDO 6KHoVLQKRVSLWDO 4XLHUHVEHEHUDOJR" 'R\RXZDQWWRGULQN
(VWELHQHVHQIHUPHUD ,WoVRNVKHoVDQXUVH VRPHWKLQJ"

6SOLQW 7DEOLOOD

$QWLVHSWLF $QWLVSWLFR

%DQGDJH 9HQGD

*DX]H *DVD
6\ULQJH -HULQJD

9RFDEXODULR)LUVWDLG 3ULPHUDX[LOLR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XKDUVFXDQGRGHMHVOD :KDWZLOO\RXGRZKHQ\RX
 &XQWRWDUGDVWHHQDSUHQGHU +RZORQJGLGLWWDNH\RXWR
XQLYHUVLGDG" OHDYHXQLYHUVLW\" QODQGV" OHDUQ)LQQLVK"
&UHRTXHYLDMDUGXUDQWH ,WKLQN,oOOWUDYHOIRUD\HDU +HWDUGDGRWRGDPLYLGD ,WoVWDNHQPHDOOP\OLIH
XQDR 3RUTXKDVWDUGDGRWDQWR" :K\KDVLWWDNHQ\RXVRORQJ"
'QGHLUV" :KHUHZLOO\RXJR" 3RUTXHHVWDQGLIFLOGH %HFDXVHLWoVVRGLIFXOWWR
(VSUREDEOHTXHYD\DD$VLD ,oOOSUREDEO\JRWR$VLDZLWKP\ WHUPLQDU QLVK
FRQPLVDPLJRV IULHQGV (VHHVHOIDPRVRVHQWLGRGHO 7KDWoVWKHIDPRXV(QJOLVK
9DQDYLDMDUFRQWLJR" $UHWKH\JRLQJWRWUDYHOZLWK KXPRULQJOVQR" VHQVHRIKXPRXULVQoWLW"
\RX"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HSXHGHVSUHVWDUWXFRFKH &DQ\RXOHQGPH\RXUFDUWKLV $QWHVQRKDEDPVWLHQGDV 'LGQoWWKHUHXVHWREHPRUH


HVWHQGHVHPDQD" ZHHNHQG" HQHVWDFDOOH" VKRSVLQWKLVVWUHHW"
1RWHYR\DGHMDUFRQGXFLUPL ,oPQRWJRLQJWROHW\RXGULYH
 1RGHEHUDGHKDEHUPV 6KRXOGQoWWKHUHEHPRUH
FRFKH P\FDU FXHUGDVHQHVWDJXLWDUUD" VWULQJVRQWKLVJXLWDU"
3RUTXQRPHYDVDGHMDU" :K\ZRQoW\RXOHWPH" 3XHGHTXHKD\DKDELGRXQOR" 0LJKWWKHUHKDYHEHHQDPL[
3RUTXHHUHVXQORFRGHWUV %HFDXVH\RXoUHFUD]\EHKLQG XS"
GHOYRODQWH WKHZKHHO 3RUTXQRKDKDELGRQLQJQ :K\KDYHQoWWKHUHEHHQDQ\
-DPVRXQDWRQWHUDLJXDO ,oYHQHYHUKHDUGVXFK FDPELR" FKDQJHV"
QRQVHQVH 1RKDEUPDQHUDGHTXHMDUVH:RQoWWKHUHEHDQ\ZD\WR
SRUHOOR" FRPSODLQDERXWLW"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XVLJQRGHO=RGDFRHUHV" :KDWVWDUVLJQDUH\RX" (VXQDXWQWLFRJROIR +HoVDUHDOMDFNWKHODG


6R\*HPLQLVSHURQRVR\ ,oP*HPLQLEXW,oPQRW
 &UHHVTXHVHQWDUODFDEH]D 'R\RXWKLQNKHoOOHYHUVHWWOH

VXSHUVWLFLRVR VXSHUVWLWLRXV DOJQGD" GRZQ"
&DPLQDVSRUGHEDMRGHODV 'R\RXZDONXQGHUODGGHUV"
 (VGHPDVLDGRPXMHULHJR +HoVWRRPXFKRIDZRPDQLVHU
HVFDOHUDVGHPDQR" $XQTXHHVXQEXHQSDUWLGR $OWKRXJKKHoVDJRRGFDWFK
7LUDVODVDOSRUHQFLPDGHWX 'R\RXWKURZVDOWRYHU\RXU
 QR" LVQoWKH"
KRPEURVLODGHUUDPDV" VKRXOGHULI\RXVSLOOLW" (VWIRUUDGR +HoVORDGHG
7LUDVDODEDVXUDORVHVSHMRV 'R\RXWKURZDZD\EURNHQ

URWRV" PLUURUV"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   3URQRPEUHV3HUVRQDOHV

+HEURXJKWKHULQWRRXUFODVVURRP 7KHSODQHHZLQWRHQHP\DLUVSDFH 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


OODWUDMRDQXHVWUDDXOD (ODYLQHQWUHQHVSDFLRDUHRHQHPLJR IUDVHVHQLQJOV"

:HZDQWWREX\LQWR\RXUFRPSDQ\ 7KH\WRRNKHULQWRWKHRWKHUFODVVURRP $TXHOORVVRQVX\RV GHO 


4XHUHPRVSDUWLFLSDUHQVXHPSUHVD /DOOHYDURQDODRWUDDXOD VWHQRHVVX\R GHHOOD 
(VVWHWX\R"
7KHFDUFXWLQWRP\ODQH 7KHZLQGEOHZWKHOHDYHVLQWRWKHKRXVH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
(OFRFKHVHPHWLHQPLFDUULO /DVKRMDVGHODFDVDODVWUDMRHOYLHQWR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ

7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQULPDQ3XHGHSDUH SURQXQFLDFLQGLIFLOHVGHHUUDGLFDUGHVSXV/HHWRGDVODVSDOD
FHUPHQWLUDSHURHVFLHUWR/DVSDODEUDVLQJOHVDVpFXUYHq\pQHUYHq EUDVGHODOLVWD(OVRQLGRGHYRFDOTXHSUHFHGHDODpUqHVLGQWLFR
ULPDQDODSHUIHFFLQ3RUHVRQRPHJXVWDTXHPLVDOXPQRVYHDQ HQWRGDVODVSDODEUDV7RGRVORVVRQLGRVULPDQFRQODVODEDpLUq
ODSDODEUDHVFULWDHQLQJOVDQWHVGHRUOD/DOHFWXUDVLQXQDDX GHpUVWq3DUDD\XGDURVKHWLOGDGRDOJXQDVGHODVSDODEUDVSDUD
GLFLQ SUHYLD GHVSLVWD \ FRQGXFH DO DOXPQR D DGTXLULU YLFLRV GH DVHJXUDUXQDFRUUHFWDSURQXQFLDFLQGHODVPLVPDV

)LUVW 3ULPHUR +HU 'HHOOD +XUU\ 'DUVHSULVD 7KLUVW\ 6HGLHQWR


/HDUQ $SUHQGHU 6KLUW &DPLVD 6HUYH 6HUYLU 1XUVH (QIHUPHUD
7XUQ *LUDU +XUW 'DDUSHUMXGLFDU &OHUN $GPLQLVWUDWLYR &XUVH 0DOGLFLQ
<RXU 7X 'LUW 7LHUUDVXFLHGDG :RUN 7UDEDMDU 5HKDUVH (QVD\DU
<RXoUH 7HUHVHVWV )OLUW )OLUWHDU 3HUN ([WUDVDODULDO ,PPUVH 6XPHUJLU
)XU 3LHO GHDQLPDO 6OXU $UUDVWUDUODVSDODEUDV 4XLUN 3HFXOLDULGDG 5HLPEUVH 5HHPEROVDU
6XUH 6HJXUR 6NLUW )DOGD -HUN 8QPHPR 9HUVH 9HUVR
6XUI +DFHUVXUI &RQYUW &RQYHUWLU 7HUP 7UPLQR 5HYUVH 5HYHUVR
(DUQ *DQDU &QFHUW &RQFLHUWR )LUP (PSUHVD 'LYUVH 'LYHUVR
&RQFUQ &RQFHUQLU 'VHUW 'HVLHUWR *HUP *HUPHQ 'LVSUVH 'LVSHUVDU
%OXU 8QDPDVDERUURVD 'HVVUW 3RVWUH :RUP *XVDQRORPEUL] 3XUVH 0RQHGHUR
6SXU (VSXHOD 3UYHUW 3HUYHUWLGR $IIUP $UPDU &XUYH &XUYD
5HIU 5HIHULU $OUW $OHUWD &RQIUP &RQUPDU 1HUYH 1HUYLR
2FFU 2FXUULU %LUG 3MDUR %XUS (UXFWDU 1UYRXV 1HUYLRVR
3UHIU 3UHIHULU 7KLUG 7HUFHUR %XUQ 4XHPDU 'HVUYH 0HUHFHU
7UQVIHU 7UDQVIHULU :RUG 3DODEUD %XUVW 5HYHQWDU 2EVUYH 2EVHUYDU
:HUH 3DVDGRGHpWREHq +HDUG 3DVDGRGHpRUq :RUVH 3HRU 5HVUYH 5HVHUYDU
6WLU 5HPRYHU +HUG 0DQDGD :RUVW (OSHRUGHWRGRV &RQVUYH &RQVHUYDU
3HU 3RU :RUU\ 3UHRFXSDUVH 7KLUVW 6HG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/RV VHQWLPLHQWRV VLJXHQ D ODV DFFLRQHV &XDQGR SDVDPRV WLHPSR )HHOLQJVIROORZDFWLRQV:KHQZHVSHQGRXUWLPHWKLQNLQJDERXW
SHQVDQGRHQFPRQRVVHQWLPRVQRVYDPRVHQFRQWUDQGRGHSULPL KRZ ZH IHHO ZH JURZ LQFUHDVLQJO\ GHSUHVVHG %XW ZKHQ ZH
GRV3HURFXDQGRHPSOHDPRVQXHVWUDHQHUJDLQWHQWDQGRKDFHUTXH VSHQGRXUHQHUJLHVWU\LQJWRPDNHRWKHUVIHHOEHWWHUZHEHFRPH
RWURVVHVLHQWDQPHMRUQRVYDPRVVLQWLHQGRFDGDYH]PVVDWLVIHFKRV LQFUHDVLQJO\ VDWLVHG DQG KDSS\ ZLWK RXU OLYHV 'R \RX ZDQW D
\FRQWHQWRVFRQQXHVWUDVYLGDV4XLHUHVXQDFXUDDVHJXUDGDFRQWUDOD VXUHUHFXUHIRUGHSUHVVLRQ"7KHQQGSHRSOHZKRQHHGKHOSDQG
GHSUHVLQ"(QWRQFHVHQFXHQWUDDJHQWHTXHQHFHVLWHD\XGD\FHQWUD IRFXV\RXUPLQGRQKHOSLQJWKHP
WXDWHQFLQHQD\XGDUOHV

(OGXURVHUPQGH&ODUD3DXOHWH (VWLPDGRDPLJR\DOXPQR(VWRVYHUVRVVRQODFRQWLQXDFLQGHOSHTXHRSRHPD
*RRGPRUQLQJ5DO,oP&ODUD3DXOHWH TXHWHLQFOXHQODFKDQ3RUWDQWRUHFRPLHQGRTXHPLUHVHVDFKDSULPHUR
0\(QJOLVKLVSHUIHFWEXW,oPIURP$OEDFHWH SDUDFRPSUHQGHUHOSRUTXGHODGXUDDFWLWXGGH&ODUD3DXOHWH(QHOSRHPDGHOD
0\PRWKHULV(QJOLVKDQG,JUHZXSLQ%ULVWRO L]TXLHUGD&ODUDVHSUHVHQWD\FRPHQWDDOGVFRORDOXPQRTXHDXQTXHWLHQHFDUDGH
$QGP\VPLOHPD\EHVDLQWO\EXW,WHDFKZLWKDSLVWRO VDQWDJXDUGDXQDSLVWRODSDUDFRQVHJXLUVXVREMHWLYRV$OQDOHOODOHGLFHTXHQRVH
<RXZDQWWROHDUQ(QJOLVKDQG\RXoUHSD\LQJJRRGPRQH\ KDJDHOWRQWR GRQoWSOD\GXPE 3RUFLHUWRODpEqDOQDOGHpGXPEqHVPXGD/D
0\MRELVWRWHDFK\RXVRGRQoWWU\WREHIXQQ\ SDODEUDULPDSHUIHFWDPHQWHFRQpFRPHq&ODUD3DXOHWHHVPX\EXHQDSURIHVRUD/D
:HoOOVWDUWZLWKWKHSDVWWHQVHEXWWKHIXWXUHZLOOFRPH FRQR]FRELHQ\VTXHVXVDOXPQRVVLHPSUHDSUHQGHQLQFOXVRORVGVFRORVXQDYH]
$IXWXUHRIOHDUQLQJDQGZLWKPHGRQoWSOD\GXPE TXHDSUHQGDQDVHUPVKXPLOGHVRDWRPDUVHODWDUHDPVHQVHULR
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVHOSUREOHPD" :KDWoVWKHSUREOHP" |9DPRVDKDFHUXQDHVWD :HoUHJRLQJWRKDYHDSDUW\


1RHVWR\PX\FRQWHQWD ,oPQRWYHU\KDSS\ 4XHVWDPRVFHOHEUDQGR" :KDWDUHZHFHOHEUDWLQJ"
3RUTXHVWVWULVWH" :K\DUH\RXVDG" (VPLFXPSOHDRVODVHPDQD ,WoVP\ELUWKGD\QH[WZHHN
0LQRYLDHVWHQRWUDFLXGDG 0\JLUOIULHQGLVLQDGLIIHUHQW
 TXHYLHQH
FLW\ (VRHVYR\DFXPSOLUDRV 7KDWoVULJKW,oPJRLQJWREH
4XFLXGDG" :KLFKFLW\" |(QKRUDEXHQD &RQJUDWXODWLRQV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RPHHQFXHQWURPX\ELHQ ,GRQoWIHHOYHU\ZHOO 3UXEDWHHVWRV]DSDWRV 7U\WKHVHVKRHVRQ


+DFHVDOJRGHHMHUFLFLR" 'R\RXGRDQ\H[HUFLVH" 3ULPHURWLHQHVTXHTXLWDUWH <RXKDYHWRWDNH\RXURQHVRII
1XQFDKDJRQDGDDV ,QHYHUGRDQ\WKLQJOLNHWKDW ORVWX\RV UVW
7LHQHVTXHKDFHUDOJRGH <RXKDYHWRGRVRPHVSRUWDQG $TXWLHQHVSQWHORV +HUH\RXJRSXWWKHPRQ
GHSRUWH\FRPHUELHQ HDWZHOO 1RFDEHQORVGHGRVGHPLVSLHV 0\WRHVGRQoWW
0HWRPDUXQDFHUYH]D\PH ,oOOKDYHDEHHUDQG,oOOWKLQN 4XWDWHORVSXHV 7DNHWKHPRIIWKHQ
ORSHQVDU DERXWLW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXHVWVYLHQGRODWHOH :K\DUH\RXZDWFKLQJ79 3RUFLHUWROHGLMLVWHDOJR" %\WKHZD\GLG\RXVD\


HQYH]GHHVWXGLDU" LQVWHDGRIVWXG\LQJ" DQ\WKLQJWRKLP"
(QYH]GHFRPSUDUORGHEHUDV 5DWKHUWKDQEX\LQJLW\RX
 0HWURSHFFRQOSRU ,EXPSHGLQWRKLPE\FKDQFH
DOTXLODUOR VKRXOGUHQWLW FDVXDOLGDGHQODFDOOH LQWKHVWUHHW
9DPRVDTXHGDUQRVHQFDVDHQ /HWoVVWD\LQUDWKHUWKDQJRLQJ
 'HUUDPVXEHELGDHQFLPD +HVSLOWKLVGULQNRQPHRQ
YH]GHVDOLUSRUDK RXW GHPDSURSVLWR SXUSRVH
6LOHFRQRFLHUDQRGLUDHVR ,IVKHNQHZKLPVKHZRXOGQoW *XDUGDODVGLVWDQFLDVFRQO 6WD\DZD\IURPKLPIURPQRZ
VD\WKDW DSDUWLUGHDKRUD RQ
1RFUHRTXHVHDWDQPDOR ,GRQoWWKLQNKHoVWKDWEDG /OHYDWXSRUWWLO RUGHQDGRU  7DNH\RXUODSWRSMXVWLQFDVH
SRUVLDFDVR

5LGLQJFURS )XVWD 5LGHU -LQHWH

6DGGOH 6LOODGHPRQWDU

5HLQV 5LHQGDV
6WLUUXS (VWULER

9RFDEXODULR+RUVHULGLQJ (TXLWDFLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HUHVSDOGDUVDQWHHOMHIH" :LOO\RXEDFNPHXSLQIURQWRI 4XVLJQLFDpFRQVXPLU :KDWGRHVpEHVWEHIRUHq



WKHERVV" SUHIHUHQWHPHQWHDQWHVGHq" PHDQ"
3XHGHTXHWHQJDTXHHFKDUPH,PD\KDYHWREDFNRXWRIWKH 7LHQHVTXHFRPHUORDQWHVGH <RXKDYHWRHDWLWEHIRUHLW
DWUVHQHODFXHUGR GHDO TXHVHHFKHDSHUGHU JRHVRII
1XQFDFHGHHQXQDGLVFXVLQ +HQHYHUEDFNVGRZQLQDQ (VWHSDQHVWPDQLGR 7KLVEUHDGLVVWDOH
DUJXPHQW 4XPHKDEUDSDVDGRVLOR :KDWZRXOGKDYHKDSSHQHGWR

3RUTXKDVWHQLGRTXH :K\GLG\RXKDYHWREULQJWKDW KXELHUDFRPLGR" PHLI,KDGHDWHQLW"
PHQFLRQDUHVRRWUDYH]" XSDJDLQ" 7HKDEUDVLQWR[LFDGR <RXoGKDYHJRWIRRGSRLVRQLQJ
0HFULDURQHQORVEDUULRV ,ZDVEURXJKWXSLQWKHVOXPV
EDMRVGH/RQGUHV RI/RQGRQ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   +DYH7R
p7HQHUTXHKDFHUDOJRqHVPX\SDUHFLGRHQ
+RZGLG\RXJHWLQWRWKLVPHVV" ,WoVKDUGWRSXWLWLQWRZRUGV LQJOVGHFLPRVpKDYHWRGRVRPHWKLQJq
&PRWHKDVPHWLGRHQHVWHIROOQ" (VGLIFLOGDUOHIRUPDPHGLDQWHSDODEUDV 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KH\OHWPHLQWRWKHKRXVH 7UDQVODWHWKLVLQWR6SDQLVKIRUPH 7HQJRTXHFRPSUDUOHFKH
0HGHMDURQHQWUDUHQODFDVD 7UDGFHPHHVWRDOHVSDRO 1RWXYLPRVTXHKDFHUORDOQDO
7LHQHVTXHOHYDQWDUWHWHPSUDQRPDDQD"
,SD\LQWRWKHVRFLDOVHFXULW\V\VWHP +HoVJURZQLQWRDJRRGORRNLQJ\RXQJPDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
3DJRDODVHJXULGDGVRFLDO 6HKDFRQYHUWLGRHQXQMRYHQPX\DSXHVWR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ

p2XqHQLQJOVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpDRq$TX GHFLUODSDODEUDDOPLVPRWLHPSRTXHVHDODXQDIRWRGHO(YHUHVW
ORV HVSDROHV FRPHWLV PXFKRV HUURUHV GH SURQXQFLDFLQ TXH TXHHODQJORSDUODQWHVHJXLUVLQHQWHQGHUORTXHHVWTXHULHQGR
LPSRVLELOLWDQ OD FRPSUHQVLQ 6L XQR SURQXQFLD pPRXQWDLQq WDO GHFLU6HSURQXQFLDpPRQWHQq(PSHFHPRVFRQHVWDOLVWDGHSD
FRPRVHHVFULEH\DSXHGHUHSHWLUODSDODEUDKDVWDGHOGDGHO-XL ODEUDVTXHULPDQFRQODIDPRVDFHUYH]DHVSDRODp0DKRXq(VWR
FLR )LQDO TXH XQ DQJORSDUODQWH QR OH HQWHQGHU ,QFOXVR SXHGH QRVD\XGDUDUHFRUGDUHOVRQLGRTXHEXVFDPRV

0DKRX 8QDFHUYH]D 3URXG 2UJXOORVR /RXV\ &KDSXFHURSVLPR 5HERXQG 5HERWH


HVSDROD $ORXG (QYR]DOWD )RXO )DOWD HQGHSRUWH $ERXQG $EXQGDU
&ORXG 1XEH $FFRXQW &XHQWD +RXU +RUD 0RXQWDLQ 0RQWDD
/RXG $OWR GHUXLGR $URXQG $OUHGHGRUGH +RXVH &DVD 3URQRXQFH 3URQXQFLDU
7URXW 7UXFKD 5RXQG 5HGRQGR 0RXWK %RFD 0RXVH 5DWQ
$ERXW $FHUFDGH 'URXJKW 6HTXD 6RXQG 6RQLGR 7KRXVDQG 0LO
%RXW &RPEDWHGHER[HR (QFRXQWHU (QFRQWUDUVHFRQ 6RXU $JULR 3ORXJK$UDU
2XW )XHUD &RXQWHU 0RVWUDGRU 7URXVHUV 3DQWDORQHV &RXQFLO&RQVHMR
:LWKRXW 6LQ $FFRXQWDQW &RQWDEOH %RXQFH %RWDU &RXQW&RQWDU
6KRXW *ULWDU 'LVFRXQW 'HVFXHQWR 1RXQ 6XVWDQWLYR &RXFK6RI
6FRXW 5DVWUHDGRU *URXQG 7LHUUDWHUUHQR 6RXWK 6XU $QQRXQFH +DFHUXQ
'HYRXW 'HYRWR )ORXU +DULQD 6SRXVH &Q\XJH FRPXQLFDGR
%ORXVH %OXVD )RXQGHU )XQGDGRU 2XQFH 2Q]D $PRXQW &DQWLGDG
3RXW +DFHUSXFKHURV )RXQG )XQGDU 3URIRXQG 3URIXQGR 2XUV (OQXHVWUR
'RXEW 'XGDU /RXQJH 6DOQ 6XUURXQG 5RGHDU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LWLHQHVXQSRFRGHSDFLHQFLDWHHQVHDUDXWLOL]DUODQXHYDKH ,I\RXoOOMXVWEHDOLWWOHSDWLHQW,oOOVKRZ\RXKRZWRXVHWKHQHZ
UUDPLHQWD+DVLGRGLVHDGDSRUHO'HSDUWDPHQWRGH,QIRUPWL WRRO ,W ZDV GHVLJQHG E\ WKH SHRSOH RYHU LQ ,7 DQG LI \RX OHDUQ
FD\VLDSUHQGHVDXWLOL]DUODFRUUHFWDPHQWHFDQDOL]DUWRGRVORV WRXVHLWULJKWLWoOOFKDQQHODOOHPDLOFRQWDFWVLQWRDFHQWUDOOHVR
FRQWDFWRVGHHPDLODXQDUFKLYRFHQWUDOSDUDTXHWRGRHOPXQGR WKDWHYHU\RQHZLOONQRZZKDWHYHU\RQHHOVHKDVVDLGRUGRQHZLWK
VHSDORTXHWRGRVORVGHPVKDQGLFKRRKHFKRFRQXQFRQWDFWR DJLYHQFRQWDFW7KDWZD\ZKHQ\RXFDOODFXVWRPHURUSURVSHFW
GHWHUPLQDGR'HHVWDIRUPDFXDQGROODPDVDXQFOLHQWHRDXQ \RXoOOKDYHDQLPPHGLDWHEDFNJURXQGOHRQHYHU\FRQWDFWPDGH
LQWHUHVDGRWHQGUVXQDUFKLYRGHDQWHFHGHQWHVGHFDGDFRQWDFWR IURPKHUHZLWKWKDWSHUVRQRUUP
TXHVHKD\DKHFKRGHVGHDTXFRQHVDSHUVRQDRHPSUHVD

(OGXURVHUPQGH&ODUD3DXOHWH FRQW
<RXUFRQWURORIWKHEDVLFVLVIDUIURPSRHWLF (VWLPDGRDPLJR\DOXPQR$TXQXHVWUDDPLJD&ODUDVHUPRQHDDOSREUH5DO
$QG\RXUXVHRIWKHWHQVHVLVIUDQNO\SDWKHWLF TXLHQSHQVHQXQSULQFLSLRTXHSRGUDFRQODVHRULWD5HVXOWDTXH&ODUDFRQRFH
<RXUFKDUPLVDWWUDFWLYHEXWWKHUHoVZRUNWREHGRQH ELHQDHVDHVWLUSHHVSHFFDGHDOXPQRVTXHDGRUQDODVDXODVGHLQJOVDRWUDV
<HVWKHUHoVZRUNWREHGRQHDQGPRVWLVQRWIXQ DRVLQSDVDUQXQFDGHXQQLYHOLQWHUPHGLR6RQSHUVRQDVTXHHQHOIRQGRQR
<RXoUHDW\SLFDOPDQRI6SDQLVKH[WUDFWLRQ TXLHUHQ DSUHQGHU LQJOV SRUTXH VDEHQ SHUIHFWDPHQWH TXH QR YDQ D KDFHU HO
:KRVHDFWLRQVDUHURRWHGLQFOHYHUUHDFWLRQ HVIXHU]RTXHVHUHTXLHUH$OJXQRVSLHQVDQTXHDOJQGDHQFRQWUDUQXQPWRGR
<RXUVPLOHDQG\RXUFKDUPPDNHWKHDWPRVSKHUHSOHDVDQW UHYROXFLRQDULRFRQHOTXHDSUHQGDQHOLGLRPDVLQHVIXHU]R\HQXQWLHPSRUFRUG
$QGDVDUHVXOW,KDYHEURXJKW\RXDSUHVHQW &ODUD3DXOHWHHQVHVXQPWRGRUHYROXFLRQDULRSRUTXHHVGHHVRVSURIHVRUHV
$SUHVHQWFDOOHGKRPHZRUNIWHHQKRXUVDZHHN TXHUHDOPHQWHHVSDELODQDVXVDOXPQRVOHVGRWDQGHXQDFROXPQDYHUWHEUDO
$SUHVHQWGHVLJQHGWRSURYLGHZKDW\RXVHHN JUDPDWLFDO \ OHV KDFHQ UHSHWLU \ SUDFWLFDU OR HVHQFLDO KDVWD TXH VH OHV IRUPD
0\SODQQHYHUIDLOVDQGWKDWoVZK\,DPKHUH VXGRUHQHOODELRVXSHULRU$KRUDOHWRFDHQGHUH]DUD5DO\OHUHFXHUGDTXHHVOD
<RXUERVVNQRZVP\IHHVDSULFHTXLWHVHYHUH HPSUHVDTXLHQHVWSDJDQGRODIRUPDFLQ\TXHSRUWDQWRODFRVDYDPX\HQ
%XW,DOZD\VVXFFHHG,QHYHUKDYHIDLOHG
VHULR3DUDHPSH]DUOHKDFHXQERQLWRUHJDORKRUDVVHPDQDOHVGHGHEHUHV
$QGZLWKSHRSOHOLNH\RX,KDYHDOZD\VSUHYDLOHG
5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUWf 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVHVDPXMHU" :KRoVWKDWZRPDQ" 7LHQHQRYLR" 'RHVVKHKDYHDER\IULHQG"


(VODQXHYDMHID ,WoVWKHQHZERVV 6WLHQHXQQRYLRIUDQFV <HVVKHKDVD)UHQFK
&PRVHOODPD" :KDWoVKHUQDPH" ER\IULHQG
6HOODPD&DURO +HUQDPHoV&DURO 9LYHFRQHOOD" 'RHVKHOLYHZLWKKHU"
(VVLPSWLFD" ,VVKHQLFH" 1RQRYLYHFRQHOOD 1RKHGRHVQoWOLYHZLWKKHU
3RUTXQRYLYHQMXQWRV" :K\GRQoWWKH\OLYHWRJHWKHU"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$TXLQHVWVHVFULELHQGR" :KRDUH\RXZULWLQJWR" &XQWRGLQHURWHTXHGD" +RZPXFKPRQH\GR\RXKDYH


4XHVWHOODHVFXFKDQGR" :KDWLVVKHOLVWHQLQJWR" OHIW"
4XHVWQPLUDQGR" :KDWDUHWKH\ORRNLQJDW" 1RPHTXHGDQDGD ,GRQoWKDYHDQ\WKLQJOHIW
&RQTXLQHVWOKDEODQGR" :KRLVKHWDONLQJZLWK" &XQGRJDVWDVWHWRGRORTXH :KHQGLG\RXVSHQGZKDW,
$TXLQHVWLVHVSHUDQGR" :KRDUH\RXZDLWLQJIRU" WHGL" JDYH\RX"
1RPHGXUPXFKR ,WGLGQoWODVWPHYHU\ORQJ
'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGWDNHPRUHFDUH
FRQWXGLQHUR ZLWK\RXUZDOOHW

6NXOO &UQHR
-DZ 0DQGEXOD

6KRXOGHUEODGH 2PSODWR
&ROODUERQH &ODYFXOD

5LEFDJH &DMDWRUFLFD

9RFDEXODULR%RQHV +XHVRV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXQRORVKDVEXVFDGR :K\KDYHQoW\RXORRNHGIRU
 3RGUDVEDMDUODVOXFHVXQSRFR" &RXOG\RXWXUQGRZQWKHOLJKWV
WRGDYD" WKHP\HW" DOLWWOH"
5HDOPHQWH\DQRORVQHFHVLWR ,GRQoWUHDOO\QHHGWKHP 7HGLMHTXHODVEDMDUDVQRTXH ,WROG\RXWRWXUQWKHPGRZQ
DQ\PRUH ODVDSDJDUDV QRWWXUQWKHPRII
<DQRVRQORVXFLHQWHPHQWH 7KH\oUHQRWELJHQRXJK
 3XHGHVHQFHQGHUODWHOHVLWH <RXFDQSXWWKH79RQLI\RX
JUDQGHV DQ\PRUH DSHWHFH OLNH
3RUTXQRORVGDVDXQD :K\GRQoW\RXJLYHWKHPWR
 7HLPSRUWDHVFXFKDUORFRQ 'R\RXPLQGOLVWHQLQJWRLW
RUJDQL]DFLQEHQFD" FKDULW\" ORVDXULFXODUHVSXHVWRV" ZLWK\RXUKHDGSKRQHVRQ"
&UHHVTXHPLVREULQRORV 'R\RXWKLQNP\QHSKHZ
 6FDORVGHOFDMQHQWRQFHV 7DNHWKHPRXWRIWKHGUDZHU
OOHYDUD" ZRXOGZHDUWKHP" WKHQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RGHPRVFRQWDUFRQWLJR &DQZHFRXQWRQ\RXWRJRRQ 4XLHUHVFHUYH]DUXELDRQHJUD"'R\RXZDQWODJHURUVWRXW"


SDUDODKXHOJD" VWULNH" 1LQJXQDGHODVGRVJUDFLDV 1HLWKHUWKDQNV,oYHTXLW
3XHGHTXHWHQJDTXHVDOLUPH ,PLJKWKDYHWRGURSRXWRIWKH +HGHMDGRGHEHEHU GULQNLQJ
GHOHTXLSR WHDP (VGHPDVLDGRJUDQGHWX ,V\RXUEHHUEHOO\WRRELJWKHVH
1RSXHGHVHFKDUWHDWUVDKRUD<RXFDQoWEDFNRXWQRZ EDUULJDFHUYHFHUDKR\HQGD" GD\V"
7HQJRTXHOOHJDUDQGHPHV,KDYHWRPDNHHQGVPHHW 1RVORODKHGHMDGRGXUDQWH 1R,oYHRQO\JLYHQLWXSIRU
7HFRQYHUWLUVHQXQSDULD <RXoOOEHFRPHDQRXWFDVW OD&XDUHVPD /HQW
,UHPRVGHERUUDFKHUDFXDQGR :HoOOJRRQDELQJHZKHQLWoV

QDOLFH QLVKHG


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   3KUDVDO9HUE7RUXQRYHU
6LJQLFDpDWURSHOODUq\VHHPSOHDWDQWR
6HQGWKHPLQWRP\RIFH :HKHOSHGKLPLQWRKLVEHG UHVSHFWRDSHUVRQDVFRPRDDQLPDOHV
0QGDOHVDPLGHVSDFKR /HD\XGDPRVDTXHVHDFRVWDUD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+HVKXWKLPVHOILQWRKLVURRP 6KHVHGXFHGPHLQWRKHUEHGURRP +DVDWURSHOODGRDOJXQDYH]DXQDQLPDO"
6HHQFHUUHQVXKDELWDFLQ (OODPHVHGXMRKDVWDVXGRUPLWRULR |+DVDWURSHOODGRPLSLH
|(VHFRFKHFDVLPHDWURSHOO
7KH\WKUHZKLPLQWRDZHOO )LUVWSRXUWKHZDWHULQWRWKHSDQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/HWLUDURQDXQSR]R 3ULPHURHFKDHODJXDDOFD]R
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ

p2DqHQLQJOVFDVLVLHPSUHWLHQHHOPLVPRVRQLGRTXHpRXqHQHV WHPRVDFODUDUGHXQDYH]SRUWRGDVXQDUHJODGHSURQXQFLDFLQ
SDRO&UHRFRQRFHUXQDVRODH[FHSFLQTXHYDLQFOXLGDHQODOLVWD IFLOGHDSUHQGHU\IFLOGHUHFRUGDU7RGDVODVSDODEUDVSUHVHQWD
GH DEDMR 2LJR D PLV DOXPQRV GHFLU PXFKDV YHFHV ODV SDODEUDV GDVDFRQWLQXDFLQULPDQPHQRVODOWLPD
pURDGqRpORDGqFRQXQDSURQXQFLDFLQPX\DODHVSDROD,QWHQ

$RDW DRXW $RWH +RD[ KRXNV (QJDR 5RDVW URXVW $VDU


$SSURDFK DSUXFK (QIRTXH /RDG ORXG &DUJD 6RDN VRXN 3RQHUHQUHPRMR
%RDVW ERXVW 3UHVXPLU 7RDVW WRXVW 7RVWDGD 6RDS VRXS -DEQ
%RDW ERXW %DUFD /RDI ORXI %DUUD GHSDQ 7KURDW ]URXW *DUJDQWD
%URDFK EURXFK %URFKH /RDQ ORXQ 3UVWDPR 7RDG WRXG 6DSR
&RDFK FRXFK (QWUHQDGRU 0RDQ PRXQ *HPLU :KRD XRX |6R DOFDEDOOR
&RDO FRXO &DUEQ 0RDW PRXW )RVR GHFDVWLOOR
&RDVW FRXVW &RVWD 2DN RXN 5REOH
&RDW FRXW $EULJR 2DWV RXWV $YHQD /DQLFDH[FHSFLQDHVWDUHJODTXHUHFXHU
&URDN FURXN &URDU 2DWK RX] -XUDPHQWR GR VRQ ODV SDODEUDV TXH RV DQRWR D FRQWL
)ORDW RXW )ORWDU 3RDFK SRXFK (VFDOIDU QXDFLQ\TXHVHEDVDQWRGDVHQpEURDGq
)RDP IRXP (VSXPD 5RDFK URXFK &XFDUDFKD %URDG DPSOLR
*RDO JRXO *ROPHWD 5RDG URXG &DPLQRFDUUHWHUD $EURDG HQHOH[WUDQMHUR
*RDW JRXW &DEUD 5RDP URXP 9DJDUGHDPEXODU %URDGZD\ QRPEUHGHFDOOH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
0H HVWR\ HPSH]DGR D FDQVDU GH VXV FDPELRV GH KXPRU 3XHGH ,oPVWDUWLQJWRJHWDOLWWOHWLUHGRIKLVPRRGFKDQJHV+HPD\EH
TXHSRWHQFLDOPHQWHVHDHOPHMRU'LUHFWRUGH9HQWDVHQODKLVWRULD SRWHQWLDOO\WKHEHVWVDOHVPDQDJHULQWKHKLVWRU\RIRXUFRPSDQ\
GH QXHVWUD HPSUHVD SHUR WRGRV HVWDPRV WHQLHQGR GLFXOWDGHV EXWDOORIXVDUHKDYLQJDKDUGWLPHGHDOLQJZLWKKLPRQDSHUVRQDO
WUDWDQGRFRQOHQHODVSHFWRSHUVRQDO+D\GDVHQORVTXHHVW EDVLV6RPHGD\VKHoVRDWLQJRQWKHFORXGVSUDLVLQJHYHU\RQHLQ
RWDQGRSRUODVQXEHVDODEDQGRDWRGRHOTXHYH\RWURVGDVR VLJKWDQGRWKHUGD\VKHoVHLWKHUJUXPS\DQGXQFRPPXQLFDWLYHRU
ELHQ HVW JUXQ H LQFRPXQLFDWLYR R ELHQ LUULWDEOH \ FRUWDQWH LUULWDEOHDQGVQDSS\6RPHSHRSOHIHHOLQWLPLGDWHGE\KLP
$OJXQDVSHUVRQDVVHVLHQWHQLQWLPLGDGDV

(VWLPDGRDPLJR\DOXPQRp,I\RXPDNHP\WDVNWRXJKq/DpWqLQJOHVDHVXQD
H[SORVLQGHDOLHQWR6LTXLHUHVGHFLUELHQHVWDIUDVHFRORFDWXPDQRGHODQWHGH
(OGXURVHUPQGH&ODUD3DXOHWH FRQW ODERFD\SURFXUDTXHODVGRVOWLPDVSDODEUDV WDVNWRXJK SURGX]FDQXQD
,I\RXPDNHP\WDVNWRXJKZLWK\RXUWSLFDVJUDFLDV H[SXOVLQGHDLUH6LKDFHVORPLVPRHQFDVWHOODQRGLFLHQGRSRUHMHPSORpW
7HFDHUQPLOWRUPHQWDV\XQPRQWQGHGHVJUDFLDV SDUDWLqQRVHQWLUVQLQJXQDERFDQDGDGHDLUHFHUR3HURVLGLFHVHQLQJOV
7KH\VD\\RXoUHTXLWHEULJKWDPDQZLWKDYLVLRQ pWHDIRUWZRqVHQWLUVGRVIXHUWHVH[SORVLRQHVGHDLUHHQODSDOPDGHWXPDQR
%XWIRUPH\RXoUHDPDQZKRLVODFNLQJGHFLVLRQ $KHVWXQDGHODVGLIHUHQFLDVIRQWLFDVPVOODPDWLYDVTXHH[LVWHQHQWUHHO
<RXUOHYHORI(QJOLVKLVVKRFNLQJO\ORZ
LQJOV\HOHVSDRO
:KLFKUHHFWVRQ\RXUFKDUDFWHUDQGSXWV\RXEHORZ
7KHPLOOLRQVRISHRSOHZKRKDYHPDVWHUHGWKHVSHHFK p7KH\VD\\RXoUHTXLWHEULJKWq/DSDODEUDpEULJKWqDGHPVGHUHIHULUVHDXQD
6RJUDFLDVDSDUWHP\MRELVWRWHDFK OX]TXHGHVOXPEUDDODYLVWDWDPELQHVQXHVWUDIRUPDGHGHFLUpLQWHOLJHQWH\
$QG,oOOWHDFK\RXWKLVODQJXDJHRPRULUHQHOLQWHQWR HVSDELODGRq(QHOFDVRGHQXHVWURDPLJR5DO&ODUD3DXOHWH\DSHUFLEHTXHHV
3HURDQWHVGHPRULUUPDUWXOLQFKDPLHQWR XQDSHUVRQDHVSDELODGD6LQHPEDUJRWDPELQSHUFLEHTXHWLHQHXQQLYHOGH
7KHUHoVDVD\LQJLQ(QJOLVKpZKHUHWKHUHoVDZLOOWKHUHoVDZD\q LQJOVEDMRSRUORTXHVDFDXQDFRQFOXVLQTXHHVODFRUUHFWDHQHOGHORV
$QGLI,IDLOLQWKLVSURMHFW\RXoUHWKHRQHZKRZLOOSD\ FDVRV6LDOJXLHQLQWHOLJHQWHQRVDEH\DFRQDRVKDEODUELHQLQJOVHQWRQFHV
6REHJLQZLWK\RXUKRPHZRUN\FRUWDHOUROOR HVTXHDOJRIDOOD'HORVVHLVPLOPLOORQHVGHKDELWDQWHVGHHVWHSODQHWDFXDWUR
3RUTXHDSDUWLUGHDKRUDVXGDUVFRPRXQSROOR PLO VRQ QDWLYRV GH KDEOD LQJOHVD \ RWURV PLO PLOORQHV OR KDEODQ ELHQ FRPR
)LQ VHJXQGDOHQJXD6LWLHQHVDRV\QRHVWVHQWUHHVHFDVLTXHORKDEOD
ELHQFRPRVHJXQGDOHQJXDRDOJRWHIDOODRWLHQHVPXFKRWUDEDMRSRUGHODQWH
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XHVHVWR" :KDWoVWKLV" 0HHQFDQWDHVWHOXJDU ,ORYHWKLVSODFH


(VPLQXHYRRUGHQDGRU ,WoVP\QHZFRPSXWHU 3RUTXWHHQFDQWD" :K\GR\RXORYHLW"
(VXQDFRVDPX\SHTXHD ,WoVDYHU\VPDOOWKLQJ 3RUTXHHVWUDQTXLOR\EHOOR %HFDXVHLWoVTXLHWDQG
(VEDUDWR" ,VLWFKHDS" EHDXWLIXO
1RQRORHV(VPX\FDUR 1RLWLVQoW,WoVYHU\H[SHQVLYH (VXQDSOD\DPDUDYLOORVD ,WoVDZRQGHUIXOEHDFK
&RQTXIUHFXHQFLDYHQVDTX" +RZRIWHQGR\RXFRPHKHUH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RLUGHYDFDFLRQHVHODR ,ZRQoWJRRQKROLGD\QH[W\HDU +DEDDOJXLHQDTXFXDQGR :DVWKHUHDQ\RQHKHUHZKHQ


TXHYLHQH OOHJDVWH" \RXDUULYHG"
3RUTXQRPHD\XGDUV" :K\ZRQoW\RXKHOSPH" 1RKDEDQDGLHVDOYRHOSHUUR 7KHUHZDVQoWDQ\RQHH[FHSW
'QGHHVWXYLVWHD\HUSRUOD :KHUHZHUH\RX\HVWHUGD\
 WKHGRJ
PDDQD" PRUQLQJ" &RQRFHVDDOJXLHQTXHFDQWH 'R\RXNQRZDQ\RQHZKR
1RHVWXYLVWHHQHOWUDEDMR <RXZHUHQoWDWZRUN RSHUD" VLQJVRSHUD"
3RUTXQRHVWDEDVWUDEDMDQGR":K\ZHUHQoW\RXZRUNLQJ" &RQR]FRDDOJXLHQTXHEDLOD ,NQRZVRPHRQHZKRGDQFHV
FRPRXQUXVR OLNHD5XVVLDQ
1RKDEDDOJXLHQDOOTXH :DVQoWWKHUHDQ\RQHZKR
SRGDKDFHUOR" FRXOGGRLW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXHUHVWDQWHUFR" :K\DUH\RXVRVWXEERUQ" 7HDSHWHFHXQDSLQWD" 'R\RXIDQF\DSLQW"


6XSRQJRTXHVR\FRPRPL ,VXSSRVH,oPOLNHP\IDWKHU 6XSRQJRTXHWHHVWVUHULHQGR ,SUHVXPH\RXoUHUHIHUULQJWRD
SDGUH DXQDSLQWDGHFHUYH]D SLQWRIEHHU
%XHQRQRHUHVFRPRWXPDGUH :HOO\RXoUHQRWOLNH\RXU
 3UHIHULUDVXQDSLQWDGHOHFKH" :RXOG\RXUDWKHUDSLQWRI
SDUDQDGD PRWKHUDWDOO PLON"
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW" (VPX\SRFRSUREDEOHTXHPH ,WoVYHU\XQOLNHO\WKDW,oGGULQN
(VODSHUVRQDPVFRPSUHQVLYD6KHoVWKHPRVWXQGHUVWDQGLQJ EHELHUDHVR WKDW
TXHMDPVKHFRQRFLGR SHUVRQ,oYHHYHUPHW 0HSRGUDVHFKDUXQYDVRGH &RXOG\RXSRXUPHDJODVVRI
YLQR" ZLQH"

3ODVWHU +RUPLJQ

6ODWH 3L]DUUD
&RQFUHWH 5HYRTXH

5RRIWLOH 7HMD
%ULFN /DGULOOR

9RFDEXODULR%XLOGLQJPDWHULDOV 0DWHULDOHVGHFRQVWUXFFLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XWHJXVWDUDTXHWHFRPSUDUD:KDWZRXOG\RXOLNHPHWREX\ 7RGDYDQRKDVWHUPLQDGRWX +DYHQoW\RXQLVKHG\RXU/DZ


SDUDYXHVWUDERGD" \RXIRU\RXUZHGGLQJ" FDUUHUDGH'HUHFKR" 'HJUHH\HW"
3XHGHVDPRUWL]DUQXHVWUD &DQ\RXSD\RIIRXUPRUWJDJH" 0HJUDGXFRQVREUHVDOLHQWH ,JRWDUVW
KLSRWHFD" 9DVDKDFHUXQGRFWRUDGR $UH\RXJRLQJWRGRD3K'
(VWDEDSHQVDQGRPVHQ ,ZDVWKLQNLQJPRUHRIVKHHWV HQWRQFHV" WKHQ"
VEDQDVRDOJRDV RUVRPHWKLQJOLNHWKDW (VWR\GHVHRVRSRUVDOLUDO ,oPLWFKLQJWRJHWRXWLQWRWKH
1RVYHQGUDELHQXQ :HFRXOGGRZLWKD PXQGRUHDO UHDOZRUOG
ODYDYDMLOODV GLVKZDVKHU 4XWHJXVWDUDKDEHU :KDWZRXOG\RXOLNHWRKDYH
2VFRPSUDUXQDVDOPRKDGDV ,oOOEX\\RXVRPHSLOORZVDQG FRQVHJXLGRFXDQGRWHQJDV DFKLHYHGZKHQ\RXoUH"
\XQRVFRMLQHV VRPHFXVKLRQV DRV"



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   3KUDVDO9HUE7RKDYHVRPHRQHRQ
WRSXOOVRPHRQHoVOHJ
7KHJHQLHFKDQJHGPHLQWRDIURJ :HFRQWLQXHGLQWRWKHQH[WSKDVH
(OJHQLRPHFRQYLUWLHQXQDUDQD $FRQWLQXDFLQSDVDPRVDODIDVH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
VLJXLHQWH IUDVHVHQLQJOV"
7KH\IROORZHGPHLQWRWKHURRP ,FDUULHGKHULQWRWKHVXLWH 7HHVWR\WRPDQGRHOSHOR
(QWUDURQGHWUVGHPHQODVDOD &RQHOODHQWUHPLVEUD]RVHQWUHQOD 6OROHVHVWDEDWRPDQGRHOSHOR
VXLWH 0HHVWVWRPDQGRHOSHOR"
:HPRYHGLQWRWKLVDWODVWPRQWK 7KH\FDOOHGPHLQWRWKHPHHWLQJ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
1RVFDPELDPRVDHVWHSLVRHOPHV 0HOODPDURQSDUDTXHHQWUDVHDOD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
SDVDGR UHXQLQ ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ

/DV GRV FROXPQDV H[SXHVWDV D FRQWLQXDFLQ FRQWLHQHQ SDODEUDV FULWDHQLQJOVKDVWDORVDRVPRPHQWRHQTXHORVHVWXGLDQWHV


FRQpRZq/DPLWDGGHHOODVVXHQDQFRPRpDRq\ODRWUDPLWDGFRPR WLHQHQ\DXQDFDSDFLGDGDQDOWLFDWSLFDGHODSRVSXEHUWDG$QWHV
pRXq6LQHPEDUJRWRGDVUHSLWRWRGDVVHHVFULEHQFRQpRZq&RPR GHHVDHGDGORVFKLFRVDODSUHQGHUDOHHUHQFDVWHOODQRWUDVODGDQ
\DKHGLFKRHQDQWHULRUHVRFDVLRQHVDSUHQGHULQJOVVLQHVFXFKDU DXWRPWLFDPHQWHDOLQJOVVXKELWRGHSURQXQFLDUODVSDODEUDVWDO
UHSHWLGDPHQWHFDGDSDODEUDWDQVORWHFRQGXFHDKDEODUORGHIRU FRPRVHOHHQ$KRUDDRVPVWDUGHPHWRFDDPHQGH
PDTXHQDGLHWHHQWLHQGD6LQXQDSR\RDXGLWLYRODSDODEUDHVFULWD UH]DUHOHQWXHUWR\GHPRVWUDUTXHXQRQRSXHGHDUVHMDPVGHOD
HVFRQWUDSURGXFHQWH6L\RIXHUDPLQLVWURGH(GXFDFLQFRQSOHQRV OHFWXUDHQLQJOVSDUDSURQXQFLDUORFRUUHFWDPHQWH3HURVXHOHVHU
SRGHUHVGHVWHUUDUDGHODVHVFXHODVODHQVHDQ]DGHODSDODEUDHV GHPDVLDGRWDUGHSDUDFRUUHJLUORVYLFLRVDGTXLULGRV

%RZ ER 3URDKDFHUXQD 'URZQ GURQ $KRJDUVH *URZ JUX &UHFHU


UHYHUHQFLD )URZQ IURQ )UXQFLUHOFHR .QRZ QX 6DEHUFRQRFHU
&RZ NR 9DFD %URZQ EURQ 0DUUQ /RZ OX %DMR )MDWHHQODSULPHUDSDODEUD
GHFDGDJUXSRHVODPLVPD
1RZ QR $KRUD &URZG NURG 0XFKHGXPEUH 0RZ PX &RUWDU KLHUED
6LQHPEDUJRVHJQVXVLJ
3ORZ SOR $UDGR RUWRJUDID 2ZO RO %KR 2ZH X 'HEHU GLQHUR QLFDGR VX SURQXQFLDFLQ
DPHULFDQD 7RZHO WRO 7RDOOD IDYRU HV UDGLFDOPHQWH GLVWLQWD
9RZ IR 9RWR SURPHVD 5HQRZQ UHQRQ 5HQRPEUH 5RZ UX 5HPDU 6LHQWR GHFUWHOR SHUR HQ
:RZ |JXDR |*XDR 6KRZ VKX 0RVWUDU LQJOV XQR WLHQH IRU]RVD
%RZ EX /D]R GHDWDU PHQWH TXH PHPRUL]DU OD
$OORZ DOR 3HUPLWLU %ORZ EOX 6RSODU 6ORZ VOX /HQWR
SURQXQFLDFLQ FRUUHFWD GH
0HRZ PLR 0LDX &URZ NUX &XHUYR 6QRZ VQX 1LHYH ODV SDODEUDV +D\ UHJODV
7RZQ WRQ 3XHEOR )ORZ X )OXLU 7KURZ ]UX /DQ]DUDUURMDU SHURUDUDPHQWHVRQDSOLFD
&URZQ NURQ &RURQD EOHVDWRGRVORVFDVRV
)ORZQ XQ 3DUWLFLSLRGHp\q %HORZ ELOX 3RUGHEDMRGH
'RZQ GRQ +DFLDDEDMR *ORZ JOX 5HVSODQGRU 2ZQ RQ 3RVHHU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QVHDU\DSUHQGHUVRQGRVDFFLRQHVGLVWLQWDVTXHQRVHVRODSDQ 7HDFKLQJDQGOHDUQLQJDUHWZRVHSDUDWHDFWLRQVWKDWGRQoWRYHUODS
H[FHSWRHQHOGHOWLHPSR8QSURIHVRUHVHQFLDOPHQWHQRHQ H[FHSW SHUKDSV  RI WKH WLPH $ WHDFKHU LQ HVVHQFH GRHVQoW
VHDVLQRTXHIDFLOLWDHOSURFHVRGHDSUHQGL]DMH/DJHQWHDSUHQ WHDFK EXW UDWKHU IDFLOLWDWHV WKH OHDUQLQJ SURFHVV 3HRSOH OHDUQ
GHSRUTXHHVWPRWLYDGDSDUDDSUHQGHU\HOSDSHOSULQFLSDOGHXQ EHFDXVHWKH\DUHPRWLYDWHGWROHDUQDQGDWHDFKHUoVSULPDU\UROH
SURIHVRUHVHOGHGLVHDU\SUHVHQWDUODPDWHULDGHWDOIRUPDTXH LVWRGHVLJQDQGSUHVHQWWKHVXEMHFWLQVXFKDZD\WKDWVWXGHQWVDUH
HVWLPXOHDORVDOXPQRVDDVLPLODUOR\DPSOLDUOR/OPDPHSURIHVRU VWLPXODWHGWRDVVLPLODWHLWDQGH[SDQGRQLW&DOOPHDWHDFKHULI
VLTXLHUHVSHURHQUHDOLGDGVR\XQIDFLOLWDGRUGHODSUHQGL]DMH \RXZDQWEXW,oPUHDOO\DOHDUQLQJIDFLOLWDWRU

 8QIUDFDVROLQJVWLFR
(VWLPDGRDPLJR\DOXPQR&RPRORSURPHWLGRHVGHXGD DSURPLVHLVDSURPLVH YR\DGHMDU
/DHVSRHQODSOD\DFRQYHVWLGRGHQRFKH
DVHUPRQHDUVREUHWXREOLJDFLQFRQHOLQJOVSDUDFRQWDUWHXQDKLVWRULDYHUGLFDTXHOHSDV
&DPLQDQGRGHVFDO]D]DSDWRVHQODPDQR
/XPLQRVDOXQDOOHQDFDVLPHGLDQRFKH DXQRGHPLVH[DOXPQRVXQMRYHQGHDRVDTXLHQOHJXVWDEDEXVFDURSRUWXQLGDGHVHQ
<VXEHOORDVSHFWRHVVREUHKXPDQR ODVGLVFRWHFDVHQODVSOD\DVHQFXDOTXLHUSDUWH+DFHDRVDQGDEDSRUHOSDVHRPDUWLPR
|4XKHUPRVXUDGHPXMHU|&ULDWXUDGHOLFLRVD GH 3HVFROD XQD QRFKH GH QDOHV GH VHSWLHPEUH (UD PHGLDQRFKH \ KDFD PX\ EXHQ
6XYHVWLGRVXSHORVXVRQULVDVXVRPEUD WLHPSR+DEDOXQDOOHQD,EDGHUHJUHVRDOKRVWDOGRQGHVHKRVSHGDEDFRQXQJUXSRGH
/DVRODVPXUPXUDQGHVXHVWDPSDSURGLJLRVD DPLJRV\YLRODVLOXHWDGHVOXPEUDQWHGHXQDMRYHQFRQRMRVVRDGRUHVFDPLQDQGRGHVSDFLR
<ODDUHQDDEUHSDVRDWHUFLRSHODGDDOIRPEUD SRUODDUHQDGHODSOD\DHOODVROD,QFOXVRODVRODV\ODDUHQDSDUHFDQQRWDUVXSUHVHQFLD/DV
(QPLYLGDKHFRQWHPSODGRDOJRWDQUDGLDQWH SDODEUDVGHPLH[DOXPQRUHFRJLGDVHQHOSRHPDVRQEDVWDQWHHORFXHQWHV PLGRPLQLRGHO
/DYR\DFRQTXLVWDUHQWRGRVXHVSOHQGRU HVSDROQROOHJDDWDOH[WUHPR \HVWFODURTXHHVWDEDXQWDQWRREQXELODGRSRUODVLWXDFLQ
(VWVRODFRPR\R\QRKD\DWHQXDQWH WDQREQXELODGRTXHQRVHMHQTXHODFKLFDHQFXHVWLQWHQDHOSHORFDVWDR\ODWH]FODUD
$OOYR\FRQPLQREOH]D\FRQWRGRPLFDQGRU
+DEDXQDSUREDELOLGDGGHOGHTXHVHWUDWDVHGHXQDH[WUDQMHUD3RUDTXHOHQWRQFHVPL
p4XWDOFPRHVWV"8QDQRFKHSUHFLRVD H[DOXPQRKDEDUHFLELGRWDQVORGRVVHPDQDVGHFODVHFRQPLJR$SHQDVVDEDFRQMXJDU
7XYHVWLGRPHJXVWD\WXVRQULVDDJUDGD
(QODSOD\DWXJXUDHVWDQQDPLVWHULRVD
HOYHUERpWREHq<VLODFKLFDQRKDEODEDHVSDRO"+DEUSRGLGRQXHVWURDPLJRFDSHDUOD
VLWXDFLQ"/RYHUHPRVHQODVSU[LPDVFKDV
4XHQRSXHGRUHVLVWLUHVWDFRUD]RQDGD
5LFKDUG9DXJKDQ

7REHFRQWLQXHGLQWKHQH[WLQVHUWf
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQWXVSDGUHV" :KHUHDUH\RXUSDUHQWV" 4XSLHQVDHOOD" :KDWGRHVVKHWKLQN"


(VWQDOO 7KH\oUHRYHUWKHUH 'HTXHVWVKDEODQGR" :KDWDUH\RXWDONLQJDERXW"
4XLQHVHVDJHQWHTXHHVW :KRDUHWKRVHSHRSOHZLWK 0HHVWVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"
FRQHOORV" WKHP" 3UHJQWDOHDHOODORTXHSLHQVD $VNKHUZKDWVKHWKLQNV
6RQWXVDEXHORV" $UHWKH\\RXUJUDQGSDUHQWV" (VWDUDTXPDDQD" :LOOVKHEHKHUHWRPRUURZ"
1RQRVRQ6RQPLVWRV 1RWKH\oUHQRW7KH\oUHP\
XQFOHDQGDXQW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLHUHDSUHQGHUHOODDKDEODU 'RHVVKHZDQWWROHDUQ
 $OJXQDYH]KDVWHQLGR +DYH\RXHYHUKDGSUREOHPV
LQJOV" (QJOLVK" SUREOHPDVFRQHOOD" ZLWKKHU"
6DEHOKDEODUIUDQFV" 'RHVKHNQRZKRZWRVSHDN $OJXQDYH]KDMXJDGRDOSROR" +DVKHHYHUSOD\HGSROR"
)UHQFK" $OJXQDYH]HOODKDUREDGR +DVVKHHYHUVWROHQDQ\WKLQJ"
1RKDEODQLQJQLGLRPD +HGRHVQoWVSHDNDQ\IRUHLJQ DOJR"
H[WUDQMHUR ODQJXDJHV $OJXQDYH]KHPRVHVWDGRDOO" +DYHZHHYHUEHHQWKHUH"
9HQGLVWHWXFDVDHODR 'LG\RXVHOO\RXUKRXVHODVW $OJXQDYH]WHKHKDEODGRGH +DYH,HYHUVSRNHQ\RXDERXW
SDVDGR" \HDU" PLWR" P\XQFOH"
&RPSUXQFRFKHQXHYR" 'LGVKHEX\DQHZFDU"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XGLUDVVLWHGLMHUDTXHWH :KDWZRXOG\RXVD\LI,WROG
 &PRVRQVXVRWUDVQRYHODV" :KDWDUHKLVRWKHUQRYHOVOLNH"
TXLHUR" \RX,ORYHG\RX" &RPSDUDGDVFRQVXSULPHUD &RPSDUHGZLWKKLVUVWRQH
7HQDVSHQVDGRGHFLUPHHVR" $UH\RXSODQQLQJRQWHOOLQJPH VRQPX\GHFHSFLRQDQWHV WKH\oYHYHU\GLVDSSRLQWLQJ
WKDW" 3DUHFHTXHVHOHDFDEDURQODV ,WVHHPVKHUDQRXWRILGHDV
'HSHQGHGHFXDOVHDWX ,WGHSHQGVRQZKDW\RXU LGHDVSURQWR TXLFNO\
UHVSXHVWD DQVZHULV +DKHFKRDOJROWLPDPHQWH" +DVKHGRQHDQ\WKLQJODWHO\"
(VWVHQDPRUDGDGHP" $UH\RXLQORYHZLWKPH" /OHYDFLQFRDRVFRQXQEORTXHR+HKDVKDGZULWHUVEORFNIRU
'HEHVVDEHUTXHHVWR\ <RXPXVWNQRZWKDW,oPPDGO\ GHHVFULWRU WKHODVWYH\HDUV
ORFDPHQWHHQDPRUDGRGHWL LQORYHZLWK\RX

%LVKRS $OO
.QLJKW &DEDOOR

3DZQ 3HQ
4XHHQ 5HLQD

5RRN 7RUUH
.LQJ 5H\
9RFDEXODULR&KHVV $MHGUH]

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LSXGLHUDVKDEHUQDFLGRHQ ,I\RXFRXOGKDYHEHHQERUQ +XERXQDWUDFRHQHOEDQFR 7KHUHZDVDKROGXSDWWKH


RWURSDVFXOKDEUDVLGR" LQDGLIIHUHQWFRXQWU\ZKLFK EDQN
ZRXOGLWKDYHEHHQ" 6HOOHYDFDERSRUDWUDFDGRUHV,WZDVFDUULHGRXWE\DUPHG
0HKDEUDJXVWDGRKDEHU ,oGKDYHOLNHGWRKDYHEHHQ DUPDGRVFRQSDVDPRQWDDV UREEHUVLQEDODFODYDV
QDFLGRHQODOXQD ERUQRQWKHPRRQ $WDURQ\DPRUGD]DURQDO 7KH\ERXQGDQGJDJJHGWKH
/D+LVWRULDKDEUDVLGR:RXOGKLVWRU\KDYHEHHQ JHUHQWH PDQDJHU
GLIHUHQWHVL+LWOHUQRKXELHUD GLIIHUHQWLI+LWOHUKDGQoWEHHQ (OFRFKHHQHOTXHKX\HURQORV 7KHWKLHYHVoJHWDZD\FDUZDV
QDFLGR" ERUQ" ODGURQHVHUDXQFRFKHIQHEUH DKHDUVH
6LQGXGDHOVLJOR;;KDEUDVLGR1RGRXEWWKHWZHQWLHWK 6XSRQJRTXHSXVLHURQHO ,VXSSRVHWKH\SXWDOOWKHORRW
PHQRVGRORURVR FHQWXU\ZRXOGKDYHEHHQOHVV ERWQHQHODWDG LQWKHFRIQ
SDLQIXO
2MDOVXVSDGUHVKXELHUDQ ,IRQO\KLVSDUHQWVKDGXVHG
XWLOL]DGRDOJXQDIRUPDGH VRPHIRUPRIFRQWUDFHSWLRQ
DQWLFRQFHSWLYR

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpLQWRq   7RORRNOLNHVRPHRQH
&XDQGRGHFLPRVTXHXQDSHUVRQDVHSDUHFH
'LYLGHLWLQWRWKUHHHTXDOSDUWV ,UHDFKHGLQWRWKHER[DQGWRRNRXWDEDOORW IVLFDPHQWHDRWUDHPSOHDPRVHO
'LYGHORHQWUHVSDUWHVLJXDOHV 0HWHOEUD]RHQODFDMD\VDTXXQDSDSHOHWD YHUERpWRORRNOLNHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,FKHFNHGLQWRWKHKRWHO 7KH\DVNHGPHLQWRWKHPHHWLQJ IUDVHVHQLQJOV"
0HUHJLVWUHQHOKRWHO 0HSLGLHURQTXHHQWUDVHHQODUHXQLQ -RKQVHSDUHFHDVXSDGUH
1RFUHRTXHPHSDUH]FDDPLPDGUH
7KH\UXVKHGLQWRWKHURRP 7KHKHOLFRSWHUFURVVHGLQWRWKHSODQHoVSDWK (OODVHSDUHFHDVXKHUPDQD
(QWUDURQDSUHVXUDGDPHQWHHQOD (OKHOLFSWHURHQWUHQUXWDGHODYLQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
VDOD 
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3URQXQFLDWLRQWKURXJKUK\PLQJ

&UHRTXHODSULPHUDSDODEUDGHFDGDXQDGHODVFXDWURFROXPQDV WDVLQGDUWHFXHQWD\DTXHGLUDVp:KDWKDVWKHQXQGRQH"q7H
H[SXHVWDVDFRQWLQXDFLQWHVHUPX\IFLOGHSURQXQFLDUFRUUHF SDVDUDORPLVPRVLPHSUHJXQWDUDVTXFKR]DFHUUDOGHFLUp:KDW
WDPHQWH$KRUDELHQWRGDVODVGHPVVHSURQXQFLDQGHODPLVPD KXWGLG\RXVKXW"q7RGDVHVWDVSDODEUDVVHEDVDQHQHOVRQLGRIR
IRUPDDSHVDUGHODVJUDQGHVGLIHUHQFLDVRUWRJUFDVTXHH[LVWHQ QWLFRPVFRPQTXHH[LVWHHQLQJOVODpDqWDO\FRPRVHSUR
HQWUHHOODV3RUHMHPSORODH[SUHVLQpKLMRGHOVROqVHGLFHHQLQJOV QXQFLDFXDQGRVHHPSOHDFRPRDUWFXORLQGHWHUPLQDGR DERRND
pVRQRIWKHVXQq6LXQDQJORSDUODQWHHVFXFKDUDHVWDIUDVHHQLQJOV SHQDVWUHHWDFDUHWF /RUHDOPHQWHFXULRVRHVTXHQLQJXQDGHODV
VLQOHHUODQRVDEUDVLVHWUDWDGHpKLMRGHOVROqRpVROGHOKLMRq6L SDODEUDVGHODVOLVWDVFRQWLHQHODOHWUDpDq$VHVHOLQJOV'HEHUDQ
SUHJXQWDVHVpTXKDKHFKRODPRQMD"qWHFRQYHUWLUDVHQXQSRH KDEHUIXVLODGRDOTXHLQYHQWODRUWRJUDIDLQJOHVD

&RPH 9HQLU 0XP 0DP EULWQLFR 7RQ 7RQHODGD %XW 3HUR


6RPH $OJXQRV 6XQ 6RO /RYH $PRU 1XW 7XHUFDIUXWRVHFR
6XP 6XPD 6RQ +LMR $ERYH 3RUHQFLPDGH +XW &KR]D
'XPE 7RQWR pEqPXGD 'RQH +HFKR 'RYH 3DORPD GHFDPSR 6KXW &HUUDU
7KXPE 'HGRSXOJDU pEqPXGD )XQ 'LYHUWLGR *ORYH *XDQWH &XW &RUWDU
5XP 5RQ 1RQH 1LQJXQR 2I 'H *XW 7ULSD
*XP &KLFOH 1XQ 0RQMD 6KRYH (PSXMDU :KDW 4X
3OXP &LUXHOD :RQ 3DVDGRGHpZLQq &XII 3XR GHFDPLVD )ORRG 5LDGD
6OXP %DUULREDMR 2QH 8QR 6WXII 0DWHULD %ORRG 6DQJUH
1XPE (QWXPHFLGR pEqPXGD 5XQ &RUUHU 5RXJK 5XJRVRGXUR 0XG %DUURIDQJR
%XP 9DJDEXQGR 3XQ -XHJRGHSDODEUDV 7RXJK VSHURGXUR
&UXPE 0LJDGHSDQ pEqPXGD +XQ +XQR %OXII )DURO GHSNHU
'UXP 7DPERU %HJXQ &RPHQ]DGR (QRXJK 6XFLHQWH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
<RTXHWQROHOODPDUD/HJXVWDVHQWLUVHQHFHVLWDGR\FUHHTXHHV ,ZRXOGQoWFDOOKLPLI,ZHUH\RX+HOLNHVIHHOLQJQHHGHGDQGKH
LPSUHVFLQGLEOH'HKHFKRFUHHTXHHVHOQLFRFRQWRGDVODVUHVSXHV WKLQNVKHoVLQGLVSHQVDEOH,QIDFWKHWKLQNVKHoVWKHRQO\RQHZLWK
WDV\TXHWRGRVORVGHPVHVWDPRVDTXSDUDDGRUDUOH\VHUYLUOH6LOH WKH DQVZHUV DQG WKDW DOO WKH UHVW RI XV DUH KHUH WR ZRUVKLS DQG
OODPDVVORUHIRU]DUVVXFRQYLFFLQGHTXHHVWDFRPSDDHVYLDEOH VHUYHKLP,I\RXFDOOKLP\RXoOORQO\UHLQIRUFHKLVFRQYLFWLRQWKDW
JUDFLDVDO\VRODPHQWHDO WKLVFRPSDQ\LVYLDEOHWKDQNVWRKLPDQGKLPDORQH


8QIUDFDVROLQJVWLFR FRQW
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH (VWLPDGRDPLJR\DOXPQR0LSREUHDPLJRORHVWSDVDQGRPDO(VWIDVFLQDGR
p3HUGRQD"4XKDVGLFKR"0HORSRGUDVUHSHWLU"q SRU XQD FKLFD \ HVW XVDQGR WRGDV ODV DUPDV D VX DOFDQFH 6LQ HPEDUJR KD
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH WURSH]DGR FRQ XQ LPSHGLPHQWR LQHVSHUDGR HO LQJOV $O SDUHFHU OD GHOLFLRVD
,QJOV"DOHPQ"|$OJRVHPHWLHQHTXHRFXUULU FULDWXUDQRVDEHHVSDROSRUORTXHODJHVWDKDGHPDWHULDOL]DUVHHQRWURLGLRPD
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH 3RUVXHUWHHOFKLFRORWLHQHWRGRDVXIDYRU'HKHFKRODFKLFDHVWPX\LQWHUHVDGD
3HURQRVLQJOVTXPHGLFHVSULQFHVD" HQO/HOODPDpFXWHq NLW WUPLQRTXHVHXVDPXFKRHQ((88SDUDJXDSRR
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH PRQR/XHJRDDGHTXHHVSRWHQFLDOPHQWHHOKRPEUHGHVXYLGD6LQHPEDUJR
|'LRVPR4XPHGLFHHVWDEHOODLQJOHVD" PL DOXPQR QR OD HQWLHQGH 6HU SRVLEOH" 1R VH GD FXHQWD GH TXH OD SUHFLRVD
<RXUHFXWH<RXUHWKHPDQWKDW,ZDQWLQP\OLIH H[WUDQMHUDVHOHHVWFDVLGHFODUDQGR|4XGHVSHUGLFLR|4XUDELD
1RKDEODVFULVWLDQR"'HLQJOVQRVQDGD (VWRSDVKDFHDRV0LDOXPQRGHQRPEUH-RV&DUORVPHFRQWHVWDKLVWRULD
:KHQ\RXQDOO\OHDUQ(QJOLVKWKHQ,OOEH\RXUZLIH XQDV VHPDQDV PV WDUGH \D GH UHJUHVR D 0DGULG \ D ODV FODVHV FRQPLJR )XH
3XHGHDOJXLHQWUDGXFLUORTXHGLFHHVWDPRQDGD" DOXPQRPRGXUDQWHGRVDRV\DSUHQGLPXFKR'HVSXVWUDEDMVHLVDRVHQ
,PVRUU\P\ORYH\RXUHFXWHEXW\RXYHIDLOHG 7RURQWR\DKRUDVHPDQHMDHQLQJOVFRQDEVROXWDVROWXUD&RPLPRVMXQWRVKDFH
:LWK(QJOLVK,PVXUHWKDW\RXZRXOGKDYHSUHYDLOHG XQRVPHVHV\PHGLMRHQLQJOV,oYHQHYHUVHHQDZRPDQDVIDVFLQDWLQJDVWKDW
,PFUD]\IRU6SDQLDUGVDQG\RXUHRQHRIWKHEHVW EHDXWLIXOJLUORQWKHEHDFKLQ3HVFROD,IRQO\,FRXOGWXUQWKHFORFNEDFN
%XW\RXUXQIRUWXQDWH(QJOLVKPDNHV\RXMXVWOLNHWKHUHVW
5LFKDUG9DXJKDQ
)LQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHQRHVPLQXHYROLEUR 7KLVLVQoWP\QHZERRN 4XYDVRHVHOWX\R" :KLFKJODVVLV\RXUV"


(VHQRHVWXFRFKH 7KDWLVQoW\RXUFDU 4XLHUHVRWUDEHELGD" 'R\RXZDQWDQRWKHUGULQN"
(VWRVQRVRQVXVEROLV GHHOOD 7KHVHDUHQoWKHUSHQV +D\YLQRHQODFRFLQD 7KHUHoVVRPHZLQHLQWKH
(VRVQRVRQVXVSDSHOHV GHO 7KRVHDUHQoWKLVSDSHUV NLWFKHQ
'QGHHVWQPLVFRVDV" :KHUHDUHP\WKLQJV" +D\]XPRHQHVDERWHOOD" ,VWKHUHDQ\MXLFHLQWKDW
ERWWOH"
&XQWDVSHUVRQDVYDQDYHQLU" +RZPDQ\SHRSOHDUHJRLQJWR
FRPH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

|/HYQWDWH *HWXS 'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"


|6LQWDWH 6LWGRZQ 7HQJRPLHGRGHOIUDFDVR ,oPDIUDLGRIIDLOXUH
|9HQDTX &RPHKHUH 4XWHKDFHOORUDU" :KDWPDNHV\RXFU\"
|'PHORDKRUD *LYHLWWRPHQRZ /DVFHEROODVPHKDFHQOORUDU 2QLRQVPDNHPHFU\
|1RSDUHV 'RQoWVWRS 6DEHVDOJQFKLVWHEXHQR" 'R\RXNQRZDQ\JRRGMRNHV"

6HZLQJ0DFKLQH 0TXLQDGHFRVHU

6HZLQJ%DVNHW &RVWXUHUR

7KUHDG +LOR

1HHGOH $JXMD
)DEULF 7HOD

9RFDEXODULR6HZLQJ &RVWXUD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HVGHFXQGRODTXLHUHV" +RZORQJKDYH\RXORYHGKHU" (VDSDQWDOODHVWVXFLD 7KDWVFUHHQLVOWK\


/DTXLHURGHVGHODSULPHUDYH] ,oYHORYHGKHUVLQFH,UVWVDZ
 (VSHUIHFWDPHQWHYLVLEOHQR ,WoVSHUIHFWO\YLVLEOHLWoVQRW
TXHODYL KHU HVWERUURVDQLQDGD EOXUUHGRUDQ\WKLQJ
)XHDPRUDSULPHUDYLVWD" :DVLWORYHDWUVWVLJKW" 1RYHVODFDSDGHSROYRGH &DQoW\RXVHHWKHOD\HURIGXVW
&XQWRWLHPSROOHYLVFDVDGRV"+RZORQJKDYH\RXEHHQ HQFLPD" RQLW"
PDUULHG" 4XLWRHOSROYRGHODSDQWDOOD" 6KDOO,GXVWWKHVFUHHQ"
(VWDPRVFDVDGRVGHVGHTXHVH:HoYHEHHQPDUULHGVLQFHVKH /HYR\DSDVDUXQWUDSR ,oPJRLQJWRZLSHLW
TXHGHPEDUD]DGD JRWSUHJQDQW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VHHVXQDSDUDWRPX\FKLF 7KDWoVDIDQF\JDGJHWZKDW 3RUTXQRORVXEUD\DV" :K\GRQoW\RXXQGHUOLQHLW"


TXHV" LVLW" 3RUTXKDVXWLOL]DGRHVWD :K\KDYH\RXXVHGWKLVIRQW"

(VWHFQRORJDGHYDQJXDUGLD ,WoVVWDWHRIWKHDUWWHFKQRORJ\ IXHQWH"
(VHOOWLPR03FRQSDQWDOOD ,WoVWKHODWHVW03ZLWKEXLOWLQ /ODPDUDPVODDWHQFLQVLOR ,WZRXOGJHWPRUHDWWHQWLRQLI

GHYGHRLQFRUSRUDGD YLGHRVFUHHQ SXVLHUDVHQQHJULWD \RXSXWLWLQEROG
'DGHFRPHUDORVFURV 'RHVLWIHHG\RXUNLGVDVZHOO"
 4XHUDTXHORHVFULELHVHV ,ZDQWHG\RXWRZULWHLWDOOLQ
WDPELQ" WRGRHQPD\VFXOD FDSLWDOOHWWHUV
7RGDYDTXHGDPXFKRFDPLQR 7KHUHoVVWLOODORQJZD\WRJR
 3RUTXWLHQHVWDQWDGHELOLGDG:K\GR\RXKDYHVXFKD
SRUUHFRUUHUSDUDHVR IRUWKDW SRUODOHWUDFXUVLYD" ZHDNQHVVIRULWDOLFV"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   7RKDYH

'RQoWORRNXS /RRNXSKLVDGGUHVVLQWKHSKRQHERRN 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


1RPLUHVDUULED %XVFDVXGLUHFFLQHQODJXDWHOHIQLFD IUDVHVHQLQJOV"

/RRNXSWKHZRUGLQWKHGLFWLRQDU\ 7KLQJVDUHORRNLQJXS 7HQJRGRVUHORMHVHQPLSDUHG


%XVFDODSDODEUDHQHOGLFFLRQDULR /DVFRVDVSURPHWHQ 7LHQHVXQDOPSDUDHQWXPHVDGHWUDEDMR
7HQJRXQSHULGLFRHQPLEROVD
/RRNPHXSLI\RXFRPHWR0DGULG +HDOZD\VORRNHGXSWRKLVIDWKHU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/OPDPHVLYLHQHVD0DGULG 6LHPSUHDGPLUDVXSDGUH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3URQXQFLDWLRQWKURXJKUK\PLQJ

7RGDVODVSDODEUDVSUHFHGLGDVSRUHOQPHURWLHQHQHOVRQLGRpXq/DVSUHFHGLGDVSRUHOQPHURRIUHFHQGRVRSFLRQHVYOLGDV pXq
HpLq (OWHUFHUJUXSRVHEDVDHQHOVRQLGRpLq

7UXH WUX 9HUGDG 7KUHZ ]UX 3DVDGRGHpWKURZq .QHZ QXRQL 3DVDGRGHpNQRZq


%OXH EOX $]XO 7KURXJK ]UX $WUDYVGH 6WHZ VWXRVWL (VWRIDGR
&OXH FOX 3LVWDLQGLFLR 7R WX $ 6XH VXRVL 'HPDQGDU SOHLWR
*OXH JOX 3HJDPHQWR 7RR WX 7DPELQGHPDVLDGR 3XUVXH SHUVRSHUVL 3HUVHJXLU
)OHZ X 3DVDGRGHp\q 7ZR WX 'RV 5HQHZ UHQRUHQL 5HQRYDU
)OX X *ULSH =RR VX =RR
6KRH VKX =DSDWR &DQRH FDQ &DQRD &XH NL 6HDOGHLQLFLR
%RR EX $EXFKHDU 3HUX SHU 3HU 4XHXH NL &ROD
'R GX +DFHU 6KDPSRR VKDPS &KDPS 9LHZ YL 9LVWD
:KR MX 4XLQ 7DERR WDE 7DE )HZ 3RFRV
&KHZ FKX 0DVWLFDU 7DWWRR WDW 7DWXDMH +XJK KL pKq 1RPEUHPDVFXOLQR
%UHZ EUX %UHEDMH .DQJDURR NDQJDU &DQJXUR DVSLUDGD
&UHZ FUX 7ULSXODFLQ 'HEXW GHLEL (VWUHQR
'UHZ GUX 3DVDGRGHpGUDZq 'HZ GXRGL 5RFR 5HYLHZ UHYL 5HYLVLQUHSDVR
-HZ FKX -XGR 'XH WR GXRGL 'HELGR D <RX L 9G
/RR OX %DR FRORTXLDO 1HZ QXRQL 1XHYR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DYLHMHFLWDUHFLELWUHVOODPDGDVWHOHIQLFDVGHXQKRPEUHTXH 7KH ROG ZRPDQ UHFHLYHG WKUHH WHOHSKRQH FDOOV IURP D PDQ ZKR
DSHQDVSRGDGHFLUXQDSDODEUDLQWHOLJLEOHSHURFX\DYR]VRQDED FRXOG KDUGO\ VD\ DQ LQWHOOLJLEOH ZRUG EXW ZKRVH YRLFH VRXQGHG
SRUUDURTXHSDUH]FDFRPRODGHVXGLIXQWRPDULGR$ODPDDQD VWUDQJHO\ OLNH WKDW RI KHU GHDG KXVEDQG 7KH QH[W PRUQLQJ VKH
VLJXLHQWHVHIXHDOFHPHQWHULR\HQFRQWUTXHHOYHQGDYDOGHOD ZHQW WR WKH FHPHWDU\ DQG IRXQG WKDW WKH VWRUP\ ZLQGV WKH
QRFKHDQWHULRUKDEDURWRYDULRVFDEOHVGHWHOIRQR\XQRGHHOORV QLJKWEHIRUHKDGEURNHQVRPHWHOHSKRQHZLUHVDQGRQHRIWKHPKDG
KDEDFDGRGLUHFWDPHQWHHQODWXPEDGHVXPDULGR IDOOHQGLUHFWO\RQKHUKXVEDQGoVJUDYH


7KH&RQTXHVWRI'DQLHOD
*RRGQLJKWKRZDUH\RX",OLNH\RXUSDPpOD (VWLPDGRDPLJR\DOXPQR'DQLHODHVDPLJDGHPLKLMD&RPRVWDVHFULHQXQD
0\QDPHLV5D~ODQG,WKLQN\RXUH(VWHOD


IDPLOLDELOLQJHGHSDGUHHVSDRO\PDGUHLQJOHVD3HURDSHVDUGHVHUPLWDGHV
7KHVLVWHURI7ULQLDIULHQGRIP\EURWKHU
SDROD\GHKDEHUVHFULDGRHQ(VSDDSRUVXDVSHFWRSRGUDSDVDUSRUXQDUHFLQ
,KDYHDFXEDWDGR\RXOLNHDQRWKHU"
OOHJDGDGH/LYHUSRRO$ORVDRVFRQRFLHQXQDGLVFRWHFDDOKRPEUHTXHDKRUD
|'LRVPR<DHVWRWURSHVDGR HVVXPDULGR&XDQGRQRVFRQWFPRVHFRQRFLHURQ\HQTXDPELHQWHGHFLGGH
6XLQJOVOHKDFHDXQPVUHWUDVDGR
GLFDUOHXQRVYHUVRVTXHFRPLHQ]DQHQHVWDFKD
0HDFRVDQORVFKLFRV\DQRVTXKDFHU
6HFUHHQTXHHQLQJOVPHVDEUQFRPSODFHU &RPRHVGHVXSRQHU'DQLHODHVDWUDFWLYD/RVFKLFRVSLHQVDQTXHSRUVHUJXLULVHU
+HOORDUH\RXORQHO\",DP-XDQ&KDPRUUR SUHVDIFLO\XWLOL]DQHOSRFRLQJOVTXHVDEHQSDUDSUREDUVXHUWH&RPRDXWRUGHO
,OLNH\RX<RXSUHWW\,FDOO\RXWRPRUURZ" SRHPDQRPHFRVWPXFKRWUDEDMRHPXODUODIRUPDGHKDEODUGHORVFKLFRVGHOD
,KDYHRQH%XJDWWL,WDNH\RXDGULYH GLVFRSRUTXHODHVFXFKRWRGRVORVGDVHQODVHPSUHVDV/DLQPHQVDPD\RUDGHORV
,JRWRP\FDUQRZ<RXFRPHDQGDUULYH" GLUHFWLYRV\WFQLFRVHQ(VSDDJHQWHTXHGLULJHORVGHVLJQLRVGHHVWHSDVWRGDYD
(QFLPDXQIUHVFRTXHSUHVXPHGHFRFKH KDEODQFRPRFXDQGROLJDEDQHQODVGLVFRWHFDV3HURKD\XQGLFKRHVSDROTXHGLFH
&RQSRFRLQJOVD\PHQXGRIDQWRFKH TXHpODH[FHSFLQFRQUPDODUHJODq
4XVHFUHHQHVWRVFKLFRVTXHFRQFXEDWDRFRFKH +DEUDOJXQDH[FHSFLQHVWDQRFKHHQODGLVFR"
&RQVHJXLUQTXHOHVGORPHMRUGHODQRFKH" 5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUW

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(QFDQWDGRGHFRQRFHUOH +RZGR\RXGR" 4XKDFHVHVWDQRFKH" :KDWDUH\RXGRLQJWRQLJKW"


0XFKRJXVWR 3OHDVHGWRPHHW\RX 0HHVWR\ODYDQGRHOSHOR ,oPZDVKLQJP\KDLU
(OSODFHUHVPR ,WoVP\SOHDVXUH 3HURHVWOLPSLR %XWLWoVFOHDQ
&PRHVWV" +RZDUH\RX" |9HQJDVDOFRQPLJR &RPHRQFRPHRXWZLWKPH
1RHVWR\PDO\W" ,oPQRWWRREDGDQG\RX" 1RSXHGRORVLHQWR ,FDQoW,oPVRUU\

:LFN 0HFKD

)ODPH /ODPD

:D[ &HUD

0DWFK &HULOOD
&DQGOH+ROGHU &DQGHOHUR

9RFDEXODULR&DQGOH 9HOD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6DOLKDFHGRVKRUDV +HZHQWRXWWZRKRXUVDJR /OHYRWRGDODPDDQD ,oYHEHHQZDLWLQJIRU\RXDOO


3HQVDEDTXHHVWDEDVHQIHUPD 6KHWKRXJKW\RXZHUHLOO HVSHUQGRWH PRUQLQJ
&RPLPRVHVRD\HU :HDWHWKDW\HVWHUGD\ 'QGHKDVHVWDGR" :KHUHKDYH\RXEHHQ"
&RJXQWD[L ,WRRNDWD[L +HSDVDGRWRGRHOGDGH ,VSHQWWKHZKROHGD\
'XUPLHURQGXUDQWHGLH]KRUDV 7KH\VOHSWIRUWHQKRXUV FRPSUDV VKRSSLQJ
&RPSUDVWHDOJRERQLWR" 'LG\RXEX\DQ\WKLQJQLFH"
7HFRPSUHVWHUHORMGHSXOVHUD ,ERXJKW\RXWKLVZDWFK

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LSXGLHUDVKDEODUFRQHO ,I\RXFRXOGVSHDNZLWKWKH
 0HGHMDUVWXFRFKHHVWHQ :LOO\RXOHWPHXVH\RXUFDU
SUHVLGHQWHTXOHGLUDV" SUHVLGHQWZKDWZRXOG\RXVD\" GHVHPDQD" WKLVZHHNHQG"
6LSXGLHUDVYLDMDUHQHO ,I\RXFRXOGWUDYHOLQWLPHZKDW (VWVLHQGRUHSDUDGRHQHVWH ,WoVEHLQJUHSDLUHGDWWKH
WLHPSRTXDRYLVLWDUDV" \HDUZRXOG\RXYLVLW" PRPHQWR PRPHQW
6LIXHUDVXQVXSHUKURHTX ,I\RXZHUHDVXSHUKHURZKDW
 $OJXLHQKDGHMDGRVXFPDUD 6RPHRQHoVOHIWWKHLUFDPHUD
SRGHUHVHVSHFLDOHVWHQGUDV" VSHFLDOSRZHUVZRXOG\RXKDYH" DTX KHUH
6LSXGLHUDVVHUXQSHUVRQDMH ,I\RXFRXOGEHDFKDUDFWHULQD $OJXLHQHVWHQHOSDVLOORRLJR 6RPHRQHLVLQWKHFRUULGRU
GHXQOLEURTXLQVHUDV" ERRNZKRZRXOGLWEH" VXVSDVRV ,FDQKHDUWKHLUIRRWVWHSV
6LWHSDJDUDXQPLOOQGHHXURV,I,SDLG\RXDPLOOLRQHXURV 7LHQHVPX\EXHQRGR <RXKDYHYHU\JRRGVHQVHRI
WHDFRVWDUDVFRQPLJR" ZRXOG\RXVOHHSZLWKPH" KHDULQJ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|<DHUDKRUD $ERXWWLPHWRR |'HMDGHDFDSDUDUHOPDQGRD 6WRSKRJJLQJWKHUHPRWH



/RVLHQWRHVWDEDPHWLGRHQ 6RUU\,ZDVVWXFNLQDWUDIF GLVWDQFLD FRQWURO
XQDWDVFR MDP 6ORHVWR\KDFLHQGR]DSSLQJ ,oPRQO\FKDQQHOKRSSLQJ
1RFRQRFHVQLQJQDWDMR 'RQoW\RXNQRZDQ\VKRUWFXWV 6DEHVELHQTXHQXQFDKD\ :HOO\RXNQRZWKHUHoVQHYHU
SDUDOOHJDUDTX" WRJHWKHUH" QDGDHQODWHOH DQ\WKLQJRQ79
1RKDJDVXQDPRQWDDGHXQ 'RQoWPDNHDPRXQWDLQRXWRI ,QWHQWRHQFRQWUDUHOFDQDOGH ,oPWU\LQJWRQGWKH
JUDQRGHDUHQD DPROHKLOO ORVYLGHQWHV FODLUYR\DQWoVFKDQQHO
1RVVLQRVGHMDUQHQWUDU ,GRQoWNQRZLIWKH\oOOOHWXVLQ 6LHVDVWHSXHGRGHFLUTXHWX ,IWKDWoVWKHFDVH,FDQWHOO\RX

DKRUD QRZ IXWXURVHSUHVHQWDVRPEUR \RXUIXWXUHORRNVEOHDN


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDO9HUE7RORRNRXWRIWKH
3KUDVDOYHUEVZLWKpXSq  
ZLQGRZ
7KHSROLFHPDQFDPHXSWRPH 7KHROGPDQVORZO\ZDONHGXSWRPH 1RVHVXHOHGHFLUpWRORRNWKURXJKWKH
(OSROLFDVHDFHUFDP (OYLHMRVHDFHUFDPDSDVROHQWR ZLQGRZqHQLQJOVVLQRpWRORRNRXW RI WKH
ZLQGRZq
,ZHQWXSWRWKHSROLFHPDQ ,VZDPXSWRWKHGDP 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0HDFHUTXDOSROLFD 0HDFHUTXDQDGRKDVWDODSUHVD IUDVHVHQLQJOV"
0HDVRPSRUODYHQWDQDSHURQRYLDQDGLH
7KHOLWWOHER\UDQXSWRPH ,GURYHWKHFDUXSWRWKHSXPS (OODSDVDKRUDVPLUDQGRSRUODYHQWDQD
(OQLRVHDFHUFFRUULHQGRDP $FHUTXHOFRFKHKDVWDHOVXUWLGRU 0LUDSRUODYHQWDQLOOD\DYHUVLYHVXQPROLQR

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV6HOI

7RGDVODVSDODEUDVTXHDSDUHFHQDFRQWLQXDFLQFRPLHQ]DQSRUHOSUHMRpVHOIq/DVSDODEUDVHQLQJOVGHOSULPHUJUXSRVRQPX\FRUULHQWHV\
VHHVFXFKDQFDVLDGLDULR/DVGHOVHJXQGRVRQLPSRUWDQWHVWDPELQSHURPHQRVWLOHVSDUDHOGDDGD

6HOIDVVXUHG 6HJXURGHVPLVPR 6HOIUHVSHFW 'LJQLGDG 6HOIGHVWUXFW $XWRGHVWUXLUVH


6HOIFHQWHUHG (JRFQWULFR 6HOIVXIFLHQW $XWRVXFLHQWHH 6HOIGHVWUXFWLRQ $XWRGHVWUXFFLQ
6HOIFRQGHQFH &RQDQ]DHQVPLVPR LQGHSHQGLHQWH 6HOIGHWHUPLQDWLRQ $XWRGHWHUPLQDFLQ
6HOIFRQGHQW &RQDGRHQVPLVPR 6HOIFRQWURO 'RPLQLRGHVPLVPR 6HOIHGXFDWHG $XWRGLGDFWD
6HOIFRQVFLRXV 7PLGRSRUVHUDOJRDFRPSOHMDGR 6HOILPDJH ,PDJHQGHVPLVPR
6HOIGHIHQVH (QGHIHQVDSURSLD 6HOILPSRUWDQW 3UHVXPLGRHQJUHGR
6HOIGLVFLSOLQH $XWRGLVFLSOLQD 6HOIDGGUHVVHG &RQHOQRPEUH\ 6HOILPSRVHG $XWRLPSXHVWR
6HOIGLVFLSOLQHG $XWRGLVFLSOLQDGR GLUHFFLQGHOUHPLWHQWH 6HOHVV 'HVLQWHUHVDGR
6HOIHPSOR\HG $XWQRPR ODERUDO 6HOIDQDO\VLV $XWRDQOLVLV 6HOHVVO\ 'HVLQWHUHVDGDPHQWH
6HOIHVWHHP $XWRHVWLPD 6HOIDVVXUDQFH 6HJXULGDGHQVPLVPR 6HOISRUWUDLW $XWRUUHWUDWR
6HOIH[SODQDWRU\ 0X\FODUR\IFLOGHHQWHQGHU 6HOIFRPSRVHG &RPSXHVWRVHUHQR 6HOISURFODLPHG $XWRSURFODPDGR
6HOVK (JRVWD 6HOIFULWLFDO $XWRFUWLFR 6HOISURSHOOHG $XWRSURSXOVDGR
6HOVKQHVV (JRVPR 6HOIGHFHSWLRQ $XWRHQJDR 6HOIUHVWUDLQW 'RPLQLRGHVPLVPR
6HOIUHOLDQW ,QGHSHQGLHQWH\TXHVHYDOHSRU 6HOIGHIHDWLQJ &RQWUDSURGXFHQWH
VPLVPR 6HOIGHQLDO 6DFULFLRDEQHJDFLQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1HFHVLWDVHVWDUSUHSDUDGRSDUDFXDOTXLHUHYHQWXDOLGDG(QHVWHWLSR <RX QHHG WR EH SUHSDUHG IRU DQ\ HYHQWXDOLW\ ,Q WKLV NLQG RI MRE
GHWUDEDMRGRQGHWLHQHVTXHWUDEDMDUFRQXQDPSOLRHVSHFWURGHSHU ZKHUH\RXKDYHWRZRUNZLWKDEURDGVSHFWUXPRISHUVRQDOLWLHVDQG
VRQDOLGDGHV \ WHPSHUDPHQWRVQXQFDVDEHVTXHVSHUDU /D JHQWH WHPSHUDPHQWV\RXQHYHUNQRZZKDWWRH[SHFW3HRSOHZLOOGRWKH
KDUODVFRVDVPVH[WUDDV<HQWRQFHVSRUVXSXHVWRWHVRUSUHQ VWUDQJHVWWKLQJV$QGWKHQRIFRXUVHWKH\ZLOOVXUSULVH\RXDWWLPHV
GHUQDYHFHVFRQGHWDOOHVPDUDYLOORVRVRFRQVROXFLRQHVLQJHQLRVDV ZLWK ZRQGHUIXO JHVWXUHV RU LQJHQLRXV VROXWLRQV WR SUREOHPV <RX
SDUDORVSUREOHPDV(VRVQRWHDEXUULUVHQWXQXHYRWUDEDMRHVRWH FHUWDLQO\ZRQoWJHWERUHGLQ\RXUQHZMREWKDW,FDQDVVXUH\RX
ORSXHGRDVHJXUDU


7KH&RQTXHVWRI'DQLHOD FRQW (VWLPDGRDPLJR\DOXPQR'HVSXVGHXQWHUFHUHSLVRGLRGHDFRVRHVWDYH]SRUSDU
:KHUHGR\RXDUHFRPHIURP"<RXUIDFHLWGRHVVRXQGPH WHGHOUHODFLRQHVSEOLFDVGHODGLVFRWHFDODSREUH'DQLHODVHFDQVD\VHGLULJHDOD


3DUtV0RQWHFDUORRUSHUKDSVDUHVRUWVNL" VDOLGD6LQHPEDUJRGHMDROYLGDGRVXSDUDJXDV\SRUVXHUWHDOJXLHQVHSHUFDWD\OH
,DP$QGUpV3R]RWKHSXEOLFUHODWLRQV DYLVD/DSHUVRQDHQFXHVWLQKDEODXQLQJOVHORFXHQWHHQFRPSDUDFLQFRQHOGHORV
,QWKLVGLVFRWHFDFDOOHG:HHNHQG9LEUDWLRQV DQWHULRUHVSUHWHQGLHQWHVVREUHWRGRSRUTXHKLODODVIUDVHVFRUUHFWDPHQWH\FRQMXJD
0HYDDGDUDOJRKDVWDHOPLVPRJHUHQWH ORVYHUERVFRQDFLHUWR
0HDFRVDHQXQLQJOVFDVLLQH[LVWHQWH 0LUHPRVXQRVLQVWDQWHVODJUDPWLFDGHODVIUDVHV\HOHVWLORHQJHQHUDO(QODSULPHUD
0HYR\PVQRSXHGRDGLVPX\EXHQDV OQHDGHODWHUFHUDHVWURIDYHPRVFRPRHOFKLFRHVSDROHPSOHDSHUIHFWDPHQWHHO
$JXDQWDUWRGRHVWRHVDJXDQWDUPLOFRQGHQDV
SDVDGRVLPSOH ROYLGDVWH FXDQGRHQFDVWHOODQRVHXVDUDHOSUHWULWRSHUIHFWR KDV
([FXVHPH,WKLQN\RXIRUJRW\RXUXPEUHOOD ROYLGDGR 6HSXHGHQXVDUODVGRVIRUPDVSHURHVPVFRPQHOSDVDGRHQHVWRVFDVRV
<RXUHOHDYLQJDVIDVWDVWKHIDLU&LQGHUHOOD )MDWHWDPELQFRPRHQODVHJXQGDOQHDGHODPLVPDHVWURIDGLFHp\RXoUHOHDYLQJq
%XWLWVUDLQLQJRXWVLGH\RXZRQWZDQWWRJHWZHW HOSUHVHQWHFRQWLQXRFXDQGRHQFDVWHOODQRGLUDPRVpWHYDVqRpWHPDUFKDVq(QOD
6RKHUHLVDQREMHFW\RXPXVWQHYHUIRUJHW
WHUFHUDOQHDGHODPLVPDHVWURIDIMDWHFPRGLFHpZRQoWZDQWq QRTXHUUV /D
$SODTXHRQWKHKDQGOHVKRZVWKHQDPH'DQLHOD IRQWLFDHVpXRWXQWq(QODOWLPDOQHDGHODFXDUWDHVWURIDODSDODEUDpQHqVH
1RW'RULVQRW3HWUDQRW&UX]QRU(VWHOD WUDGXFHHQHVWHFDVRFRPRpQR\HOHJDQWHq
7KHXPEUHOODEHORQJVWRDWDO'DQLHOD
$UH\RXWKHQHRZQHURIWKLVJUDFHIXOXPEUHOOD" 4XHGDQVLHWHHVWRIDVPV6HGLJQDU'DQLHODDKDEODUHQLQJOVDOFKLFR"6HDEODQ
GDUXQSRFR"7HQGUVTXHDGTXLULUDOPHQRVGRVFKDVPVSDUDDYHULJXDUOR
7REHFRQWLQXHGLQWKHQH[WLQVHUW 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHV" :KRLVLW" 4XHVWOH\HQGRHOOD" :KDWLVVKHUHDGLQJ"


6R\\R ,WoVPH (VWOH\HQGRXQOLEURGHXQ 6KHoVUHDGLQJDERRNE\D
(VWVFRQWXDPLJR" $UH\RXZLWK\RXUIULHQG" HVFULWRUIUDQFV )UHQFKZULWHU
1RHVWR\VROR 1R,oPDORQH +DEODIUDQFV" 'RHVVKHVSHDN)UHQFK"
(QWUD &RPHLQ 6DEHFXDWURLGLRPDV 6KHNQRZVIRXUODQJXDJHV
'QGHHVWXGLD" :KHUHGRHVVKHVWXG\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRWLHPSRHVWXYLVWHLVHQ +RZORQJZHUH\RXLQ/RQGRQ"
 $TXLQYLVWHDQRFKH" :KRGLG\RXVHHODVWQLJKW"
/RQGUHV" 4XLQWHYLRFRQHOORV" :KRVDZ\RXZLWKWKHP"
1RVTXHGDPRVDOOXQSDU :HVWD\HGWKHUHIRUDFRXSOH &RQTXLQIXHO" :KRGLGKHJRZLWK"
GHGDV RIGD\V 4XLQIXHFRQHOOD" :KRZHQWZLWKKHU"
3RUTXQRSDVDVWHLVPV :K\GLGQoW\RXVSHQGPXFK 4XLQWHGLMRHVR" :KRWROG\RXWKDW"
WLHPSRDOO" WLPHWKHUH"
(VGHPDVLDGRFDUR\VRPRV ,WoVWRRH[SHQVLYHDQGZHoUH

R GHPDVLDGRVSREUHV WRRSRRU
(VXQDGHODVFLXGDGHVPV ,WoVRQHRIWKHPRVWH[SHQVLYH
FDUDVGHOPXQGR FLWLHVLQWKHZRUOG

+DLUEDQG &LQWLOOR %RZ /D]R

&XUOHU 5XOR +DLUFOLS 3LQ]D

+DLUSLQ +RUTXLOOD

9RFDEXODULR+DLU$FFHVVRULHV $FFHVRULRVGHSHOR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RHVWDEDKDEODQGRFRQQDGLH,ZDVQoWWDONLQJWRDQ\RQH 6HYHQGHUHOHVWDGLR" :LOOWKHVWDGLXPEHVROG"


1LQJXQRGHHOORVVRQWX\RV1RQHRIWKHPDUH\RXUV &UHRTXHYDDVHUGHUUXPEDGR ,WKLQNLWoVJRLQJWREHNQRFNHG
1RKDHVWDGRHQQLQJXQDSDUWH6KHKDVQoWEHHQDQ\ZKHUH GRZQ
1XQFDKHPRVUREDGRQDGD:HoYHQHYHUVWROHQDQ\WKLQJ 4XSLHQVDQKDFHUFRQHO :KDWGRWKH\SODQWRGRZLWK
1LQJXQRGHORVGRVHVWXYR1HLWKHURIWKHPZHUHORVW VXHOR" WKHODQG"
SHUGLGR 6HHVWGLVHDQGRXQFHQWUR $VKRSSLQJFHQWUHLVEHLQJ
FRPHUFLDO GHVLJQHG
1RSRGUDKDEHUFRQVWUXLGR &RXOGQoWWKH\KDYHEXLOWDSDUN
XQSDUTXHRDOJRDV" RUVRPHWKLQJ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VWURSHDUVWXVSXOPRQHVVL <RXoOOUXLQ\RXUOXQJVLI\RX &UHHVHQODWHRUDGHHYROXFLQ'R\RXEHOLHYHLQ'DUZLQoV


VLJXHVIXPDQGR NHHSRQVPRNLQJ GH'DUZLQ" WKHRU\RIHYROXWLRQ"
$QWHVWHQDPXFKDPV ,XVHGWRKDYHPXFKPRUH &UHRHQODOH\GHOPVIXHUWH ,EHOLHYHLQVXUYLYDORIWKH
UHVLVWHQFLD VWDPLQD WWHVW
4XFRQWURODQORVULRQHV" :KDWGRWKHNLGQH\VFRQWURO" 1RGHEHUDKDEHUQLQJXQD 6KRXOGQoWWKHUHEHDQ\IRUPRI
(OKJDGRHVWDIHFWDGRSRU 7KHOLYHULVDIIHFWHGE\ODUJH IRUPDGHVHJXULGDGVRFLDO VRFLDOVHFXULW\WKHQ"
JUDQGHVGRVLVGHDOFRKRO GRVHVRIDOFRKRO HQWRQFHV"
<ODYHMLJDWDPELQ $QGWKHEODGGHUWRR 1RDERJRSRUHOHVWLORGHYLGD ,GRQoWDGYRFDWHWKH$PHULFDQ

HVWDGRXQLGHQVH ZD\RIOLIH
7RGRHOPXQGRGHEHUDWHQHU (YHU\ERG\VKRXOGKDYHHTXDO
LJXDOGDGGHRSRUWXQLGDGHV RSSRUWXQLWLHVLQOLIH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   6WLOO
&XDQGRpWRGDYDqVHHQFXHQWUDHQXQD
RUDFLQHQDUPDWLYRQRHPSOHDPRVp\HWq
&DQ\RXFRPHXSWRP\RIFH" ,KDYHWRJREDFNXSWRKLVRIFH
VLQRpVWLOOq
3XHGHVVXELUDPLGHVSDFKR" 7HQJRTXHYROYHUDVXELUDVXGHVSDFKR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&DQ\RXFRPHEDFNXSWRP\RIFH" ,UDQXSWRKLVRIFH
7RGDYDWHQJRWRGRVPLVGLHQWHV
3XHGHVYROYHUDVXELUDPL 6XEFRUULHQGRDVXGHVSDFKR
7RGDYDPHJXVWDODPVLFDGHORVDRV
GHVSDFKR" VHWHQWD
,KDYHWRJRXSWRKLVRIFH :HoOOGULYHXSWRWKHYLHZSRLQW (OODWRGDYDPHTXLHUH
7HQJRTXHVXELUDVXGHVSDFKR 6XELUHPRV HQFRFKH KDVWDHOPLUDGRU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV8Q  
$SDUWLUGHHVWDFKDYDPRVDYHUEDVWDQWHYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD

8QDEOH ,oPXQDEOHWRDWWHQGWKHHYHQW 8QFRPPLWWHG ,oPXQFRPPLWWHGIRUQRZ


8QDFFHSWDEOH <RXUDWWLWXGHLVXQDFFHSWDEOH 8QFRPPRQ ,WoVXQFRPPRQWRVHHKLPZLWKRXWDVXLW
8QDFFRPSDQLHG +HDUULYHGXQDFFRPSDQLHG 8QFRQUPHG 7KHQDOUHVXOWLVVWLOOXQFRQUPHG
8QDFFXVWRPHG 6KHoVXQDFFXVWRPHGWRRXUDFFHQW 8QFRQVFLRXV +HZDVXQFRQVFLRXVIRUDWOHDVWWHQPLQXWHV
8QDOWHUHG :HOHIWWKHFRQWUDFWXQDOWHUHG 8QFRQVWLWXWLRQDO 7KDWODZZDVIRXQGXQFRQVWLWXWLRQDO
8QDVVLVWHG +HPDQDJHGWRRSHQWKHGRRUXQDVVLVWHG 8QFRQWUROODEOH +LVWHPSHULVXQFRQWUROODEOH
8QDWWDLQDEOH 7KDWJRDOLVXQDWWDLQDEOH LQDOFDQ]DEOH  8QFRQYLQFHG <RXORRNXQFRQYLQFHG HVFpSWLFR 
8QDWWUDFWLYH ,WZDVDQXQDWWUDFWLYHGHVLJQ 8QFRRSHUDWLYH +HoVDQXQFRRSHUDWLYHSHUVRQ
8QDXWKRUL]HG <RXoUHXQDXWKRUL]HGWRHQWHUWKLVDUHD 8QFRYHU 7KH\XQFRYHUHGWKHVFDQGDO GHVWDSDU 
8QDYDLODEOH 7KHFKDLUPDQZDVXQDYDLODEOHIRUFRPPHQW 8QGHFLGHG ,oPVWLOOXQGHFLGHGDERXWZKRWRLQYLWH
8QDYRLGDEOH 7KHDFFLGHQWZDVXQDYRLGDEOH 8QGHIHDWHG :HoUHWKHRQO\XQGHIHDWHGWHDPLQWKHOHDJXH
8QDZDUH ,ZDVXQDZDUHWKDW)HOLSHKDGEHHQUHG 8QGHQLDEOH ,WoVXQGHQLDEOHWKDWKHoVDQLQWHOOLJHQWPDQ
8QEHDUDEOH ,WVRRQEHFDPHDQXQEHDUDEOHVLWXDWLRQ 8QGLJQLHG <RXEHKDYHGLQDQXQGLJQLHGPDQQHU
8QEHDWHQ 2XUWHDPLVXQEHDWHQVRIDU 8QGLVSXWHG +HoVWKHXQGLVSXWHGZRUOGFKDPSLRQ
8QEHOLHYDEOH 7KHIDFWWKDWWKH\ZRQLVXQEHOLHYDEOH 8QGLVWLQJXLVKHG +HZDVXQGLVWLQJXLVKHGDWVFKRRO PHGLRFUH 
8QELDVHG 0\RSLQLRQLVXQELDVHG LPSDUFLDO  8QGR &DQ\RXXQGRWKLVNQRW" GHVKDFHU 
8QEUHDNDEOH +HKDVDQXQEUHDNDEOHZLOO 8QGRXEWHGO\ +HoVXQGRXEWHGO\WKHEHVWLQWKHFODVV
8QEXWWRQ ,FDQoWXQEXWWRQWKHWRSEXWWRQ 8QGUHVV <RXQHHGWRXQGUHVVIRUWKHPHGLFDOFKHFNXS
8QFHUWDLQ ,oPXQFHUWDLQDERXWWKHRXWFRPH LQVHJXUR  8QHDV\ ,IHHOXQHDV\DERXWWKHVLWXDWLRQ LQTXLHWR 
8QFKDQJHG 0\RSLQLRQLVXQFKDQJHG 8QHPSOR\HG +HoVEHHQXQHPSOR\HGIRUVHYHUDOPRQWKV
8QFKDUDFWHULVWLF +LVEHKDYLRUZDVXQFKDUDFWHULVWLF UDUR  8QHPSOR\PHQW 7KHXQHPSOR\PHQWUDWHLQ6SDLQLVSHUFHQW
8QFRPIRUWDEOH 7KLVFKDLULVXQFRPIRUWDEOH 8QHYHQ 7KHWHUUDLQLVTXLWHXQHYHQ GHVQLYHODGR 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(O IXHJR VH YD D DSDJDU VL QR OH HFKDV PV OHD 7HQHPRV TXH 7KH UHoV JRLQJ WR JR RXW LI \RX GRQoW SXW VRPH PRUH ZRRG RQ
PDQWHQHUORYLYRVHDFRPRVHD1RVKHPRVTXHGDGRVLQFHULOODV LW:HKDYHWRNHHSLWEXUQLQJQRPDWWHUZKDW:HoYHUXQRXWRI
\QDGLHDTXWLHQHXQPHFKHURDVTXHVDOJDPRVWRGRVDURPSHU PDWFKHVDQGQRRQHKHUHKDVDFLJDUHWWHOLJKWHUVROHWoVDOOJRRXW
UDPDVGHORVUEROHVSDUDTXHHOIXHJRFRQWLQHWRGDODQRFKH'H DQG EUHDN RII EUDQFKHV IURP WKH WUHHV WR NHHS WKH UH JRLQJ DOO
QRVHUDVQRVFRQJHODUHPRVYLYRV QLJKW2WKHUZLVHZHoOOIUHH]HWRGHDWK


7KH&RQTXHVWRI'DQLHOD FRQW
6VPXFKDVJUDFLDVTXFDEH]DODPD
7DQWDSULVDWHQDTXHQRORVDED (VWLPDGRDPLJR\DOXPQR'DQLHODWRGDYDQRVHKDGLULJLGRHQLQJOVDODSXHVWR
'HQXHYRPLOJUDFLDVHVXVWHGPX\DPDEOH MRYHQTXHDFDEDGHHQWUHJDUOHVXSDUDJXDV3DUHFHXQSRFRGHVSLVWDGD)MDWHFPR
6XJHVWRKDVLGRXQJHVWRORDEOH HOFKLFRVHRIUHFHDDFRPSDDUOHKDVWDODSXHUWDGHVDOLGD
7KHH[LWLVKHUHOHWPHVKRZ\RXWKHZD\
7KLVGLVFRLVFURZGHGDVLWLVHYHU\GD\
OHWPHVKRZ\RXWKHZD\
$QXPEUHOODOLNH\RXUVVKRXOGQRWVXIIHUWKHQRLVH )MDWHWDPELQFPRHPSOHDPRVODSDODEUDQRU
1RUWKHVPRNHQRUWKHGULQNQRUWKHVLOO\\RXQJER\V
VKRXOGQRWVXIIHUWKHQRLVHQRUWKHVPRNHQRUWKHGULQNQRU
,OLNH\RXUXPEUHOODLWVDKDQGVRPHDPLJR WKHVLOO\\RXQJER\V
7KDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
$QGWKHOLJKWLQ\RXUH\HVLVMXVWVLPSO\LQYLWLQJ 3RUOWLPRHPSOHDPRVHOYHUERWRPDWFKSDUDODLGHDGHFDVDURKDFHUMXHJR
<RXFHUWDLQO\VHHPWREHZDUPDQGH[FLWLQJ WKDWPDWFKHVWKHFRORUVRI\RXUORYHO\DEULJR
(VWHKRPEUHPHJXVWDHVFRUWV\DPDEOH (OFKLFRWLHQHWDOHQWRHVWFODUR+DVWDKDFHSRHVDPH]FODQGRGRVLGLRPDV3HUR
6XVRQULVDHVGXOFH\VXLQJOVLPSHFDEOH
'DQLHODSHUPDQHFHFDXWD
6XYR]PHDWUDH\VXPLUDGDPHFDOPD
+DEUHQFRQWUDGRPLFRPSDHURGHODOPD" 5LFKDUG9DXJKDQ
7REHFRQWLQXHGLQWKHQH[WLQVHUW 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVHWXPGLFR" ,VWKDW\RXUGRFWRU" 9LYHVFRQWXVSDGUHV" 'R\RXOLYHZLWK\RXUSDUHQWV"


6LHVO <HVWKDWoVKLP 6SHURTXLHURFRPSUDUPH <HV,GREXW,ZDQWWREX\D
'HTXSDVHV" :KLFKFRXQWU\LVKHIURP" XQDFDVD KRXVH
(VGH/D,QGLD +HoVIURP,QGLD 7XQRYLDORVDEH" 'RHV\RXUJLUOIULHQGNQRZ"
(VXQEXHQPGLFR" ,VKHDJRRGGRFWRU" 6ORVDEH9DPRVDYLYLUMXQWRV <HVVKHGRHV:HDUHJRLQJWR
OLYHWRJHWKHU
/DVFDVDVVRQPX\FDUDV +RXVHVDUHYHU\H[SHQVLYH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLQIXHODSHUVRQDPV :KRZDVWKHPRVWLQWHOOLJHQW (OMHIHKDSHGLGRYHUWH 7KHERVVKDVDVNHGWRVHH\RX


LQWHOLJHQWHGHOVLJORSDVDGR" SHUVRQRIWKHODVWFHQWXU\" 3RUTX"4XKHKHFKR" :K\":KDWKDYH,GRQH"
&XOIXHWXSHOFXODSUHIHULGD :KDWZDV\RXUIDYRXULWHOP 6L\RIXHUDWLUDHQVHJXLGD ,I,ZHUH\RX,oGJRULJKWDZD\
GHODRSDVDGR" ODVW\HDU" (VSHURTXHQRKD\DKHFKR ,KRSH,KDYHQoWGRQHDQ\WKLQJ
&XOHVODXQLYHUVLGDGPV :KDWoVWKHROGHVWXQLYHUVLW\LQ QDGDPDOR ZURQJ
DQWLJXDGHOPXQGR" WKHZRUOG" 3RUTXWHSUHRFXSDVWDQWR" :K\GR\RXZRUU\VRPXFK"
4XLQHVODFKLFDPVJXDSD :KRoVWKHSUHWWLHVWJLUOLQ\RXU
GHWXRFLQD" RIFH"
&XOHVHOSHRUHTXLSRGH :KDWoVWKHZRUVWIRRWEDOOWHDP
IWEROGH(VSDD" LQ6SDLQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7RPHPRVXQGHVFDQVR /HWoVWDNHDEUHDN &XDQGROOHJXHV\DKDEU %\WKHWLPH\RXFRPH,oOO


7FUHHVTXHPHUHFHPRVXQ 'R\RXWKLQNZHGHVHUYHD
 WHUPLQDGR DOUHDG\KDYHQLVKHG
GHVFDQVR" EUHDN" (OPDUWHV\DHVWDUHQ9DOHQFLD %\7XHVGD\,oOOEHLQ9DOHQFLD
/OHYDPRVWRGDODPDDQD :HoYHEHHQZRUNLQJDOO
 $\HU\DVHYHDFODURTXHHUD %\\HVWHUGD\LWZDVFOHDUWKDW
WUDEDMDQGR PRUQLQJ LQWLO LWZDVSRLQWOHVV
7LHQHVWRGDODUD]QHVWR\ <RXoUHFRPSOHWHO\ULJKW,oP
 0HKDEUPDUFKDGRGHFDVDD ,oOOKDYHOHIWP\KRXVHE\WKDW
H[KDXVWR H[KDXVWHG HVDKRUD WLPH
4XVQGZLFKHVKDVWUDGR :KDWVDQGZLFKHVKDYH\RX 4XKDEUVFRQVHJXLGR :KDWZLOO\RXKDYHDFKLHYHG
KR\" EURXJKWZLWK\RXWRGD\" FXDQGRWHQJDV" E\WKHWLPH\RXoUH"

,'&DUG '1, &UHGLW&DUGV 7DUMHWDGH&UGLWR

7UDYHO&DUG $ERQRGH7UDQVSRUWH

&RLQV 0RQHGDV

1RWHV %LOOHWHV
9RFDEXODULR:DOOHW &DUWHUD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVHQYLDUPHXQDIDFWXUD"&DQ\RXVHQGPHDQLQYRLFH" &XOHVWXJQHURSUHIHULGR :KDWoV\RXUIDYRXULWHJHQUH


4XSRUFHQWDMHGH,53)WLHQHV:KDWSHUFHQWDJHRILQFRPH GH79" RI79"
TXHSDJDU" WD[GR\RXKDYHWRSD\" 0HJXVWDQPXFKRODVQRWLFLDV ,UHDOO\OLNHWKHQHZVDQG
(VWVH[HQWRGHSDJDU,9$" ,VWKDWH[HPSWRI9$7" \ORVGRFXPHQWDOHV GRFXPHQWDULHV
3UHHURDFHSWDUGLQHURSRU ,SUHIHUWRDFFHSWPRQH\XQGHU 7DPELQWHQJRGHELOLGDGSRU ,DOVRKDYHDVRIWVSRWIRUWUDYHO
GHEDMRGHODPHVD WKHWDEOH ORVSURJUDPDVGHYLDMHV\GH DQGFRRNHU\SURJUDPPHV
6HQLHJDDDSR\DUHOPHUFDGR +HUHIXVHVWRDGGWRWKHEODFN FRFLQD
QHJUR PDUNHW <TXWDOORVFRQFXUVRV\ORV :KDWDERXWJDPHVKRZVDQG
UHDOLWLHV" UHDOLW\VKRZV"
3UHIHULUDROHUHOVREDFRGHXQ ,oGUDWKHUVPHOODJRULOODoV
JRULOD DUPSLW



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   7RKRSH
6LJQLFDpHVSHUDUqHQHOVHQWLGRGH
7KH\GLGQoWVKRZXSIRUWKHPHHWLQJ ,\RXGRQoWSLFNXSWKHSHQ,oOOSLFNLWXS HVSHUDQ]D([SUHVDORTXHQRVJXVWDUDKDFHU
1RVHSUHVHQWDURQSDUDODUHXQLQ 6LQRUHFRJHVHOEROJUDIRORUHFRJHU\R RORTXHTXHUUDPRVTXHSDVDVH
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KH\GLGQoWWXUQXSIRUWKHPHHWLQJ ,VWD\HGXSODWH IUDVHVHQLQJOV"
1RVHSUHVHQWDURQSDUDODUHXQLQ 0HTXHGOHYDQWDGRKDVWDODVWDQWDV (VSHURSRGHULUDODHVWD
(VSHURTXHPHWRTXHODORWHUD
&DQ\RXWXUQXSWKHUDGLR" 7KH\oYHFRPHXSZLWKDJRRGLGHD (VSHURTXHPHDFXHUGHGHVXQRPEUH
3XHGHVVXELUODUDGLR" HOYROXPHQ 6HOHVKDRFXUULGRXQDEXHQDLGHD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV8Q  
(QHVWDFKDVHJXLPRVYLHQGRYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDVH[
SXHVWDVDFRQWLQXDFLQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVHQFDVWHOODQRVHXVDHODGMHWLYRpSRFRq XQLQVSLUHG SRFRLQVSLUDGR
8QKHOSIXO GHSRFDD\XGDHWF 

8QH[SHFWHG :HUHFHLYHGDQXQH[SHFWHGYLVLWIURPRXUDXQW 8QKDSS\ 6KHVHHPVOLNHDYHU\XQKDSS\SHUVRQ


8QH[SHFWHGO\ 6KHDUULYHGXQH[SHFWHGO\ 8QKDUPHG 0\UHSXWDWLRQZDVXQKDUPHGE\WKHVFDQGDO
8QH[SODLQHG :HUHGKHUDIWHUWKUHHXQH[SODLQHGDEVHQFHV 8QKHDOWK\ +RZFDQ\RXOLYHLQVXFKDQXQKHDOWK\SODFH"
8QH[SORLWHG <RXKDYHDORWRIXQH[SORLWHGWDOHQWV 8QKHOSIXO <RXUDWWLWXGHKDVEHHQTXLWHXQKHOSIXO
8QH[SORUHG ,GRQoWZDQWWRJRLQWRXQH[SORUHGWHUULWRU\ 8QLPSUHVVHG ,ZDVXQLPSUHVVHGZLWKWKHRXWFRPH
8QIDLU +LVWUHDWPHQWRI\RXZDVFRPSOHWHO\XQIDLU 8QLQIRUPHG ,ZDVXQLQIRUPHGDERXWWKHVLWXDWLRQ
8QIDLUO\ 7KH\WUHDWHGPHXQIDLUO\ 8QLQKDELWHG 7KHLVODQGZDVWRWDOO\XQLQKDELWHG
8QIDLWKIXO +HZDVXQIDLWKIXOWRKLVZLIH 8QLQVSLUHG ,ZDVXQLQVSLUHGE\WKHRXWFRPH
8QIDPLOLDU ,oPXQIDPLOLDUZLWKWKLVSDUWRIWKHSURJUDP 8QMXVWLHG 7KHLUDWWLWXGHZDVWRWDOO\XQMXVWLHG
8QIDYRXUDEOH +HPDGHDQXQIDYRXUDEOHLPSUHVVLRQRQHYHU\RQH 8QNQRZLQJO\ ,XQNQRZLQJO\UHYHDOHGWKHVHFUHWSODQV
8QQLVKHG ,VWLOOKDYHVRPHXQQLVKHGEXVLQHVVWRGR 8QNQRZQ  7KHVSDFHVKLSWUDYHOOHGLQWRWKHXQNQRZQ
8QW +HoVWRWDOO\XQWIRUWKHMRE 8QNQRZQ  7KHDFWRUZDVXQNQRZQWRHYHU\RQHODVW\HDU
8QIROG  +RZGLGWKHPHHWLQJXQIROG" 8QOLNH 8QOLNHP\EURWKHU,GROLNHFXFXPEHUV
8QIROG $ ,WZLOOGHSHQGRQKRZHYHQWVXQIROG 8QOLNHO\ ,WoVXQOLNHO\WKDWWKH\ZLOOVWDUWWKLV\HDU
8QIROG  ,I\RXIROGLWGRQoWXQIROGLWXQWLOWRPRUURZ 8QOLPLWHG 7KLVUHQWDOFDUDOORZVIRUXQOLPLWHGPLOHDJH
8QIRUFHG 7KHFKDPSLRQPDGHWKUHHXQIRUFHGHUURUV 8QORDG <RXFDQXQORDGWKHJRRGVRQWKLVSODWIRUP
8QIRUHVHHQ 'XHWRXQIRUHVHHQFLUFXPVWDQFHVZHKDYHf 8QORFN ,WWRRNPHYHPLQXWHVWRXQORFNWKHGRRU
8QIRUJHWWDEOH 7KHEDOOHWSHUIRUPDQFHZDVXQIRUJHWWDEOH 8QOXFN\ ,WoVEHWWHUWREHXQOXFN\LQFDUGVWKDQLQORYH
8QIRUJLYDEOH +HUEHKDYLRXULQWKHPHHWLQJZDVXQIRUJLYDEOH 8QPLVWDNDEOH <RXUYRLFHLVXQPLVWDNDEOH
8QIRUWXQDWH ,WZDVXQIRUWXQDWHWKDWWKHZHDWKHUZDVVREDG 8QQDWXUDO ,WoVXQQDWXUDOIRUDSHUVRQWROHDUQVRVORZO\
8QIRUWXQDWHO\ 8QIRUWXQDWHO\LWUDLQHGFDWVDQGGRJVDOOGD\ 8QQRWLFHG +LVDEVHQFHZHQWXQQRWLFHG
8QIRXQGHG <RXUODFNRIVHOIFRQGHQFHLWWRWDOO\XQIRXQGHG 8QRIFLDO +LVDSSRLQWPHQWLVVWLOOXQRIFLDO
8QIULHQGO\ ,oYHQHYHUPHWVXFKDQXQIULHQGO\SHUVRQ 8QRSSRVHG +LVFDQGLGDF\ZHQWFRPSOHWHO\XQRSSRVHG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RYR\DSRGHUHVWDUHQODUHXQLQGHHVWDWDUGH7HQJRFLWDHQHO ,ZRQoWEHDEOHWRPDNHLWWRWKHPHHWLQJWKLVDIWHUQRRQ,oYHJRW
PGLFR(VHGRORUGHJDUJDQWDGHOTXHPHYHQJRTXHMDQGRQRWHU D GRFWRUoV DSSRLQWPHQW7KDW VRUH WKURDW ,oYH EHHQ FRPSODLQLQJ
PLQDGHLUVH\SDUHFHTXHHVWHPSHRUDQGR0HGXHOHPXFKRDO DERXW MXVW ZRQoW JR DZD\ DQG LW VHHPV WR EH JHWWLQJ ZRUVH ,W
WUDJDU\KHWHQLGRXQDVGFLPDVGHHEUHGXUDQWHODVOWLPDV KXUWVDORWWRVZDOORZDQG,WKLQN,oYHEHHQUXQQLQJDVOLJKWIHYHU
KRUDV1RWHSUHRFXSHVSRUPHQODUHXQLQ3RGUVGHIHQGHUWH IRUWKHSDVWKRXUV'RQoWZRUU\DERXWPHDWWKHPHHWLQJ<RXoOO
DQWHFXDOTXLHUSUHJXQWDTXHQRVSXHGDQSODQWHDU EHDEOHWRKDQGOHDQ\TXHVWLRQWKH\PD\ZDQWWREULQJXS

7KH&RQTXHVWRI'DQLHOD FRQW
+HUHoVWKHGRRUEXWEHFDUHIXOLWoVUDLQLQJDORW (VWLPDGRDPLJR\DOXPQR(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,oPKDSS\WRWHOO
7KHEXVVWRSLVQHDUWKHRQO\GU\VSRW \RXWKDWWKLVSRHPLVKDSS\QHZVIRUHYHU\RQH'DQLHODKDVIRXQGKHUVRXOPDWH
&DQ,VKDUH\RXUXPEUHOOD\RXUVSHFLDODPLJR"
DQGVKHLVVRLPSUHVVHGE\KLVDELOLW\WRPL[WKHWZRODQJXDJHVWKDWVKHQGVKLP
:LWKRXWLW,oOOJHWZHWWHUWKDQWKDWSREUHPHQGLJR
LUUHVLVWLEOH%\WKHZD\WKH\JRWPDUULHGPRQWKVODWHU
7KHEXVQXPEHUQLQHJRHVQHDU&DVD&RUHOOD
:KHUHWKH\oOOVHUYH\RXWKHYHU\EHVWGXFNZLWKJURVHOOD 9DULRVSXQWRVDFRQVLGHUDU
,WoVDVPDOOFRV\UHVWDXUDQWDFRJHGRU\ERQLWR 6HJXQGRYHUVRVSRW OXJDUSDUDMH
)RUDZRPDQZKRVHEHDXW\OOHJDDOLQQLWR
1RYHQRYHUVRFRV\ QWLPRFOLGR\DFRJHGRU WDPELQVHHVFULEHFR]\ 
3RUVXSXHVWREXHQKRPEUH,oOOJRZLWK\RXWKHUH
,FDQQRWEHOLHYHLWTXHQRSXHGHVHU 'FLPRYHUVRZKRVHEHDXW\ FX\DEHOOH]D
3OHDVHWHOOPH\RXUQDPHPLQHoV'DQLHOD OWLPRYHUVRJRUJHRXV SUHFLRVD
$QG,oOOIROORZIRUHYHULQ\RXUJRUJHRXVHVWHOD 
)LQ 5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OGHVD\XQRHVSRUODPDDQD %UHDNIDVWLVLQWKHPRUQLQJ 6R\\R ,WoVPH


8QVDQGZLFKDODVRQFH $VDQGZLFKDWHOHYHQRoFORFN (VO ,WoVKLP
/DFRPLGDHVSRUODWDUGH /XQFKLVLQWKHDIWHUQRRQ (VHOOD ,WoVKHU
(OWDODVFXDWUR 7HDDWIRXURoFORFN 6RPRVQRVRWURV ,WoVXV
/DFHQDHVSRUODQRFKH 'LQQHULVDWQLJKW 6RQHOORV ,WoVWKHP

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3XHGRKDEODUFRQHOVHRU &DQ,VSHDNWR0U$OOHQ 7RGDYDQRKDVHQFRQWUDGR +DYHQoW\RXIRXQG\RXUNH\V


$OOHQSRUIDYRU" SOHDVH" WXVOODYHV" \HW"
/RVLHQWRQRHVWHQHVWH ,oPVRUU\KHLVQoWKHUHDWWKH (VWDEDQHQFLPDGHXQDUPDULR 7KH\ZHUHRQWRSRID
PRPHQWR PRPHQW HQODFRFLQD FXSERDUGLQWKHNLWFKHQ
(VWDUDOOHVWDWDUGH" :LOOKHEHWKHUHWKLV +DVDSUHQGLGRDFRQGXFLU\D" +DYH\RXOHDUQWKRZWRGULYH
DIWHUQRRQ" \HW"
1RHVWGHYDFDFLRQHV 1RKHoVRQKROLGD\ 1RWRGDYDYR\DOWUDEDMRHQ 1R,VWLOOJRWRZRUNRQP\
&XQGRYROYHU" :KHQZLOOKHFRPHEDFN" PLELFL ELNH
3RUTXQXQFDKDVUHFLELGR :K\KDYH\RXQHYHUWDNHQ
FODVHVGHFRQGXFLU" GULYLQJOHVVRQV"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RWLHQHVEXHQDVSHFWR <RXGRQoWORRNYHU\ZHOO &XOHUDHODSHOOLGRGHVROWHUD :KDWoVP\PRWKHUoVPDLGHQ


&UHRTXHFRPDOJRTXHQR ,WKLQN,DWHVRPHWKLQJWKDW GHPLPDGUH" QDPH"
PHVHQWELHQ GLGQoWDJUHHZLWKPH 1RWHQJRODPVPQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
&DUQHSHVFDGRRPDULVFR" 0HDWVKRUVHDIRRG" 7HGR\XQDSLVWD" 6KDOO,JLYH\RXDFOXH"
1RFRFLQORVXFLHQWHORV ,GLGQoWFRRNWKHHJJVHQRXJK &RUWDFDUQH\WLHQHFXFKLOORV +HFXWVPHDWDQGKDVVKDUS
KXHYRVHQPLWRUWLOOD LQP\RPHOHWWH DODGRV NQLYHV
'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGEHPRUHFDUHIXO 2ELHQHVFDUQLFHURRELHQ ,WoVHLWKHU%XWFKHURU6HULDO
DVHVLQRHQVHULH NLOOHU

6QRUNHO (VQUNHO

0DVN *DIDVGH%XFHR

$LU7DQN %RWHOOD

:HWVXLW 1HRSUHQR
)OLSSHUV $OHWDV

9RFDEXODULR6FXED'LYLQJ 6XEPDULQLVPR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXYDVDPDWDUDHVH :K\DUH\RXJRLQJWRNLOOWKDW 3VDPHODVLHUUDSRUIDYRU 3DVVPHWKHVDZSOHDVH


ELFKR" EXJ" 4XDVSHFWRWLHQHODVLHUUD" :KDWGRHVDVDZORRNOLNH"
3RUTXHHOSHTXHRYDPSLUR %HFDXVHWKHOLWWOHYDPSLUH 3DUHFHXQWLEXUQVRQULHQGR ,WORRNVOLNHDVKDUNVPLOLQJ
FKXSDPLVDQJUH VXFNVP\EORRG (VHVDTXHHVWDOODGRGHO ,VWKDWWKHRQHQH[WWRWKH

9DVDDUPDUXQDWUDPSD" $UH\RXJRLQJWRVHWLWDWUDS" PDUWLOOR" KDPPHU"
/RYR\DDSODVWDUFRQPLSXR ,oPJRLQJWRFUXVKLWZLWKP\ (VRHVXQGHVWRUQLOODGRUOD 7KDWoVWKHVFUHZGULYHUWKHVDZ
VW VLHUUDHVWGHEDMRGHODOODYH LVXQGHUWKHPRQNH\ZUHQFK
(VRHVHFD]SHURQRPX\ 7KDWoVHIIHFWLYHEXWQRWYHU\ LQJOHVD
HFLHQWH HIFLHQW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

7RZDLW
3KUDVDOYHUEVZLWKpXSq   6LJQLFDpHVSHUDUqHQHOVHQWLGROLWHUDO
 &XDQGRHVSHUDPRVDOJRRDDOJXLHQVLHPSUH
,oOOFDOOKLPXSWRPRUURZ 7KHUDLQKDVQoWOHWXSDOOGD\ HPSOHDPRVODSUHSRVLFLQpIRUq
/HOODPDUPDDQD /DOOXYLDQRKDDPDLQDGRHQWRGRHOGD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KLVFKDLUWDNHVXSDORWRIVSDFH ,ZRQoWOHWXSXQWLO,JHWLW (VWR\HVSHUDQGRHODXWREV
(VWDVLOODRFXSDPXFKRHVSDFLR 1REDMDUODSUHVLQKDVWDTXHQRORFRQVLJD (VSHUHOWUHQGXUDQWHWUHVKRUDV
OHVSHUWRGDODWDUGHSDUDFRQVHJXLUXQD
HQWUDGD
'RQoWOHWXSQRZ 'RQoWZDLWXSIRUPH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
|1RDRMHVHOULWPRDKRUD 1RPHHVSHUHVOHYDQWDGR OOHJDUWDUGH  WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV8Q  
(VWDHVODWHUFHUDFKDGHGLFDGDDYRFDEXODULRFX\RVLJQLFDGRGHSHQGHGHOSUHMRFRQTXHFRPLHQ]DFDGDSDODEUD1LQJXQDGHODVSDODEUDV
H[SXHVWDVDFRQWLQXDFLQHVUHEXVFDGD6HR\HQDGLDULR(QPXFKRVFDVRVVHXVDHQFDVWHOODQRHODGMHWLYRpSRFRq XQUHDOLVWLF SRFRUHDOLVWD
XQRUWKRGR[ SRFRRUWRGR[RHWF 
8QRUWKRGR[ <RXUZD\RIGRLQJLWLVTXLWHXQRUWKRGR[ 8QUHOHQWLQJ +HZDVXQUHOHQWLQJLQWKHSUHVVXUHKHDSSOLHG
8QSDFN ,oPWRRWLUHGWRXQSDFNQRZ 8QUHOLDEOH <RXFDQoWFRXQWRQKLP+HoVTXLWHXQUHOLDEOH
8QSDLG  +HWRRNWZRPRQWKVoXQSDLGYDFDWLRQ 8QUHPDUNDEOH +HOHGDGXOOXQUHPDUNDEOHOLIH
8QSDLG  7KLVLQYRLFHLVVWLOOXQSDLG 8QUHVROYHG 7KHFULPHUHPDLQVXQUHVROYHG
8QSDUDOOHOHG 7KDWIHDWLVXQSDUDOOHOHGLQKXPDQKLVWRU\ 8QUHVW 7KHUHoVEHHQDORWRIODERXUXQUHVWODWHO\
8QSDYHG %HFDUHIXOEHFDXVHWKHURDGLVVWLOOXQSDYHG 8QULYDOOHG 7KHVHLQVHUWVDUHXQULYDOOHGLQXVHIXOQHVV
8QSOHDVDQW ,WZDVDQXQSOHDVDQWH[SHULHQFHIRUHYHU\RQH 8QURPDQWLF 'R\RXKDYHWREHVRXQURPDQWLF"
8QSOXJ 8QSOXJWKHWRDVWHUEHIRUHWU\LQJWR[LW 8QVDIH /HWoVJHWRXWRIKHUH7KLVSODFHLVXQVDIH
8QSRSXODU 7KHER\ZDVYHU\XQSRSXODUDWWKHVFKRRO 8QVDWLVIDFWRU\ 7KHUHVXOWVZHUHXQVDWLVIDFWRU\LQP\RSLQLRQ
8QSUHGLFWDEOH +HUEHKDYLRULVDOZD\VXQSUHGLFWDEOH 8QVDWLVHG ,oPXQVDWLVHGZLWKWKHVROXWLRQ
8QSUHSDUHG ,ZDVXQSUHSDUHGIRUKHUUHDFWLRQ 8QVFUXSXORXV 7KHSROLWLFLDQZDVXQVFUXSXORXVLQKLVDFWV
8QSURGXFWLYH 7KLVKDVEHHQDYHU\XQSURGXFWLYHPHHWLQJ 8QVNLOOHG :HQHHGPRUHXQVNLOOHGZRUNHUV
8QSURIHVVLRQDO +LVEHKDYLRUDWWKHPHHWLQJZDVXQSURIHVVLRQDO 8QVRFLDEOH :K\GR\RXKDYHWREHVRXQVRFLDEOH"
8QSURWDEOH 7KHFRPSDQ\ZDVXQSURWDEOHDWWKHEHJLQQLQJ 8QVROG 2XUKRXVHLVVWLOOXQVROG
8QSURQRXQFHDEOH <RXUVXUQDPHLVXQSURQRXQFHDEOH 8QVSRNHQ 7KHUHDUHFHUWDLQXQVSRNHQUXOHVLQWKLVKRXVH
8QSXQLVKHG 7KHFULPHZHQWXQSXQLVKHG 8QVWDEOH 7KLVWDEOHLVDELWXQVWDEOH
8QTXDOLHG +HoVXQTXDOLHGIRUWKHMRE 8QVXFFHVVIXO +LVDWWHPSWWRUHDFKWKHWRSZDVXQVXFFHVVIXO
8QTXHVWLRQDEO\ +HoVXQTXHVWLRQDEO\WKHEHVWPDQIRUWKHMRE 8QVXLWDEOH 7KLVMRELVXQVXLWDEOHIRU\RX
8QTXRWH +HVDLGp,KDWH\RXqTXRWHXQTXRWH 8QVXUH 0\GDXJKWHULVXQVXUHDERXWKHUIXWXUH
8QUDYHO 6KHUORFN+ROPHVXQUDYHOOHGWKHP\VWHU\ 8QVXUSDVVHG 7KHTXDOLW\RIWKHVHLQVHUWVLVXQVXUSDVVHG
8QUHDO :RZ,WZDVOLNHXQUHDOPDQ:RZ 8QWDSSHG 7KHUHDUHXQWDSSHGUHVRXUFHVLQWKLVUP
8QUHDOLVWLF <RXUH[SHFWDWLRQVDUHXQUHDOLVWLF 8QWKLQNDEOH ,WoVXQWKLQNDEOHWRFRQVLGHUKLPIRUWKHMRE
8QUHDVRQDEOH /LVWHQWRPHDQGGRQoWEHVRXQUHDVRQDEOH 8QWLH &DQ\RXXQWLHP\VKRHVIRUPH"
8QUHDVRQDEO\ ,WoVEHHQXQUHDVRQDEO\KRWWKLVVXPPHU 8QXVXDO ,WoVXQXVXDOWRVHHKLPGUHVVHGOLNHWKDW
8QUHFHSWLYH +HZDVXQUHFHSWLYHWRP\LGHDV 8QYHLO 7KHSUHVLGHQWXQYHLOHGDSODTXHDWWKHEDQTXHW
8QUHFRJQL]DEOH +HZDVXQUHFRJQL]DEOHLQWKDWVXLWDQGWLH 8QZLOOLQJ +HoVXQZLOOLQJWRFRRSHUDWHZLWKXV
8QUHQHG <RXVKRXOGQoWHDWXQUHQHGROLYHRLO 8QZLVH ,WKLQNLWoVXQZLVHWRLQLWLDWHWKHSODQQRZ
8QUHODWHG 7KLVHYHQWLVFRPSOHWHO\XQUHODWHGWRWKHRWKHU 8QZHOFRPH 7KDWNLQGRIEHKDYLRULVXQZHOFRPHKHUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
3RUTXHUHVWDQFDEH]RWD"7XVQRFLRQHVURPQWLFDVVREUHQXHV :K\ DUH \RX VR KDUGKHDGHG"<RXU URPDQWLF QRWLRQV DERXW RXU
WUD OQHD GH SURGXFWRV QRV YDQ D OOHYDU D OD EDQFDUURWD +HPRV SURGXFW OLQH DUH JRLQJ WR GULYH XV LQWR EDQNUXSWF\ :HoYH GRQH
UHDOL]DGR GRV LQYHVWLJDFLRQHV GH PHUFDGR \ DPEDV PXHVWUDQ WZRPDUNHWVXUYH\VDQGERWKRIWKHPFOHDUO\WHOOXVWKDWWKLVQHZ
FODUDPHQWHTXHHVWHFKDPSQXHYRQRYDDLUELHQHQQLQJXQR VKDPSRR LV QRW JRLQJ WR GR ZHOO LQ DQ\ RI RXU WDUJHW PDUNHWV
GH QXHVWURV PHUFDGRV REMHWLYR 3RU TX HUHV WDQ LQVLVWHQWH HQ :K\DUH\RXVRLQVLVWHQWRQSXVKLQJDKHDG",WZLOOFRVWXVRYHUYH
VHJXLU DGHODQWH" 1RV FRVWDU PV GH FLQFR PLOORQHV GH GODUHV PLOOLRQGROODUVMXVWWRSUHSDUHWKHSURGXFWLRQSURFHVV
VRODPHQWHHOSUHSDUDUHOSURFHVRGHSURGXFFLQ

(VWLPDGRDPLJR\DOXPQR'HPRPHQWRSUHVFLQGRGHODSRHVD0LVGLVFXOSDV6HPHKDDJRWDGRODLQVSLUDFLQSRUDKRUDDVTXHYROYDPRV
DORVVHUPRQHV+DFHFLQFRPHVHVHVWXYHHQ9DOHQFLDSDUDGDUXQDFKDUODHQXQDGHODVXQLYHUVLGDGHVGHHVWDFRPXQLGDG0LSEOLFRHUD
UHGXFLGR6HWUDWDEDGHXQRVHVWXGLDQWHVMYHQHVTXHFXUVDEDQ\GH0DJLVWHULRFRQHVSHFLDOLGDGHQOHQJXDLQJOHVD6HVXSRQH
TXHYDQDVHUIXWXURVSURIHVRUHVGHLQJOVHQODVHVFXHODVSULPDULDV$ORVPLQXWRVGHODFKDUODPHGLFXHQWDGHTXHFLHUWRVDVLVWHQWHV
QRPHHVWDEDQVLJXLHQGRDSHVDUGHTXHKDEODEDXQLQJOVFODURGHVSDFLR\QWLGR$ORVPLQXWRVHPSHFDGHPRVWUDUOHVGLIHUHQWHV
WFWLFDVDHPSOHDUHQFODVHFRQHOQGHKDFHUPVGLQPLFDVODVVHVLRQHV3DUDHOORTXLVHLQYROXFUDUDORVSURSLRVDVLVWHQWHVHVGHFLUDORV
IXWXURVSURIHVRUHVGHLQJOV&XDOIXHPLVRUSUHVDFXDQGRYLTXHQRPVGHFLQFRGHORVHVWXGLDQWHVHUDQFDSDFHVGHKDEODUHQLQJOV
\GHHVWRVFLQFRVRODPHQWHXQDMRYHQKDEODEDFRQEXHQDFHQWR\VLQHUURUHVH[FHVLYRV/DOWLPDKRUDGHODFKDUODHQHVSDROODGHGLTX
DKDEODUOHVGHODLPSRUWDQFLDGHDGTXLULUXQEXHQQLYHOKDEODGR\DXGLWLYRHQLQJOVSDUDHQVHDUORGHIRUPDGLYHUWLGD\GLQPLFD0HGLR
ODLPSUHVLQTXHPVGHODPLWDGGHODVDODPHPLUDEDFRPRVLIXHUDXQELFKRUDUR(QQTXOHYDPRVDKDFHU"(QXQRRGRVDRVHVWRV
MYHQHVSURIHVRUHVYDQDSREODUODVDXODVGHODVHVFXHODVSULPDULDVSDUDHQVHDULQJOV\QLVLTXLHUDHOORVPLVPRVVDEHQKDEODUOR,PDJLQD
TXHWHOOHFWRUWXYLHUDVTXHFRPHQ]DUHOSU[LPRPHVDHQVHDUPHFQLFDGHODXWRPYLODDGROHVFHQWHVGH)3HQVXSULPHUWULPHVWUH
0HLPDJLQRTXHGHGLFDUDVXQDVKRUDVDHPSROODUWHHOWHPD\TXHGHVSXVWHHVIRU]DUDVVREUHPDQHUDSDUDQRKDFHUHOULGFXOR3XHV
PHGDODLPSUHVLQGHTXHHVWRVXFHGHWRGRVORVDRVHQORVFROHJLRV
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

+D\VHVHQWDVHJXQGRVHQXQ 7KHUHDUHVL[W\VHFRQGVLQD
 1RTXLHURKDEODUFRQHOORV ,GRQoWZDQWWRVSHDNWRWKHP
PLQXWR PLQXWH (OODQRQHFHVLWDWUDEDMDUDOO 6KHGRHVQoWQHHGWRZRUNWKHUH
+D\VHVHQWDPLQXWRVHQXQD 7KHUHDUHVL[W\PLQXWHVLQDQ $OOHJXVWDFDQWDUHQHOFXDUWR+HOLNHVWRVLQJLQWKH
KRUD KRXU GHEDR EDWKURRP
+D\YHLQWHFXDWURKRUDVHQ 7KHUHDUHWZHQW\IRXUKRXUVLQ 2GLDQOOHJDUWDUGH 7KH\KDWHWREHODWH
XQGD DGD\ 1RVHQFDQWDHVFXFKDUPVLFD :HORYHWROLVWHQWRPXVLF
+D\VLHWHGDVHQXQDVHPDQD7KHUHDUHVHYHQGD\VLQDZHHN
+D\FLQFXHQWD\GRVVHPDQDV 7KHUHDUHIW\WZRZHHNVLQD
HQXQDR \HDU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQGRVXFHGL" :KHQGLGLWKDSSHQ" 6XSLHURQGQGHIXHWXSULPR" 'LGWKH\NQRZZKHUH\RXU


6XFHGLDOFRPLHQ]RGHDR ,WKDSSHQHGDWWKHEHJLQQLQJ FRXVLQZHQW"
RIWKH\HDU 3RGUDHOODGHFLUPHFXQWRV &RXOGVKHWHOOPHKRZPDQ\
/DYLDPHGLDGRVGHDJRVWR ,VDZKHULQWKHPLGGOHRI$XJXVW QHFHVLWDPRV" ZHQHHG"
&XQGRFUHHVTXHFHUUDUHVD:KHQGR\RXWKLQNWKDWVKRS 6HDFXHUGDOHQTXDR 'RHVKHUHPHPEHUZKDW\HDU
WLHQGD" ZLOOFORVH" YLQLHURQ" WKH\FDPHKHUH"
,PDJLQRTXHDQDOHVGHDR ,LPDJLQHDWWKHHQGRIWKH 1RPHJXVWDUDSHQVDUDTX ,ZRXOGQoWOLNHWRWKLQNZKDW
\HDU KRUDOOHJDFDVD WLPHVKHJRWKRPH
1RVDEHVFXQWRFREUDHOOD" 'RQoW\RXNQRZKRZPXFKVKH
FKDUJHV"

7UDIF/LJKW 6HPIRUR /DPSSRVW )DUROD

5RXQGDERXW 5RWRQGD

=HEUD&URVVLQJ 3DVRGHFHEUD
6LGHZDON $FHUD

9RFDEXODULR6WUHHW &DOOH
+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWR\GHDFXHUGRFRQWXVLGHDV,DJUHHZLWK\RXULGHDV (VWR\PXHUWRGHDEXUULPLHQWR ,oPERUHGRXWRIP\PLQG


(VWXYRHOODGHDFXHUGRFRQ 'LGVKHDJUHHZLWK\RXU 6HQWWDQWDYHUJHQ]DTXH ,IHOWVRHPEDUUDVVHG,FRXOG
WXSURSXHVWD" SURSRVDO" GHVHHVWDUPXHUWR KDYHGLHG
1XQFDKDHVWDGRGHDFXHUGR 6KHKDVQHYHUDJUHHGZLWKPH
 6HPXHUHGHJDQDVGHIXPDU +HoVG\LQJIRUDFLJDUHWWH
FRQPLJRHQQDGD RQDQ\WKLQJ XQFLJDUULOOR
(VWDUQGHDFXHUGRFRQORV :LOOWKH\DJUHHZLWKWKH
 1RWHORKDEUDDJUDGHFLGRVL +HZRXOGQoWKDYHWKDQNHG\RX
FDPELRV" FKDQJHV" ORKXELHUDVKHFKR LI\RXKDGGRQHLW
1RHVWDUDGHDFXHUGRFRQWLJR,ZRXOGQoWDJUHHZLWK\RXLI 1RVHDVWDQWHVWDUXGR 'RQoWEHVRSLJKHDGHG
VLPHSDJDUDVXQPLOOQGHHXURV \RXSDLGPHDPLOOLRQHXURV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+DEOHPVDOWRSRUIDYRU 6SHDNXSSOHDVH 1DFLHQ1RFKHYLHMD +HZDVERUQRQ1HZ<HDUoV(YH


7HQGUVTXHLQYHQWDUWHXQD <RXoOOKDYHWRPDNHXSDVWRU\
 /OHJDPRVD(VWDGRV8QLGRVHO :HDUULYHGLQWKH8QLWHG6WDWHV
KLVWRULD GDGH$FFLQGH*UDFLDV RQ7KDQNVJLYLQJ'D\
/HJXVWDSUHVXPLU +HOLNHVWRVKRZRII /D1RFKHEXHQDVXHOHVHUXQD &KULVWPDV(YHLVXVXDOO\D

6HUHGXFHDXQDFXHVWLQGH ,WERLOVGRZQWRDTXHVWLRQRI
 GHFHSFLQVLVDOHV OHWGRZQLI\RXJRRXW
GLQHUR PRQH\ /RVFDWOLFRVQRGHEHUDQFRPHU&DWKROLFVVKRXOGQoWHDWVKRQ
7HUPLQPRVOR\DGHXQDYH] /HWoVJHWLWRYHUZLWK SHVFDGRHQ9LHUQHV6DQWR *RRG)ULGD\
0XFKDJHQWHYDDORV $ORWRISHRSOHJRWR

FHPHQWHULRVHO'DGHWRGRV FHPHWHULHVRQ$OO6RXOoV'D\
ORV6DQWRV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   ,QWHUURJDWLYR

,GRQoWSODQWREULQJXSWKHVXEMHFW 6KDSHXSRUVKLSRXW 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


1RSLHQVRVDFDUHOWHPD |2HQWUDVHQYHUHGDRWHODUJDV IUDVHVHQLQJOV"

<RXoOOKDYHWRPDNHXSDVWRU\ 7KLQJVDUHVWDUWLQJWRVKDSHXS 7LHQHQQLHWRV"


7HQGUVTXHLQYHQWDUXQDKLVWRULD /DVFRVDVHVWQHPSH]DQGRDWRPDUIRUPD 7HQHPRVPXFKRWUDEDMR"
7LHQHQFRFKH"
'RQoWJLYHXSQRZ 3HWHUoVFRPHXSZLWKDJRRGLGHD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
|1RDEDQGRQHVDKRUD 3HGURKDGDGRXQDEXHQDLGHD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV8QGHU

(OSUHMRpXQGHUqHVPHQRVFRUULHQWHTXHRWURVSUHMRVTXHYDPRVDYHUHQHVWDVFKDV6LQHPEDUJRKD\PXFKDVSDODEUDVLPSRUWDQWHVHQ
LQJOVTXHSDUWHQGHHVWHSUHMR/DVPVLPSRUWDQWHVHQPLRSLQLQVRQORVYHUERVpWRXQGHUHVWLPDWHqpWRXQGHUJRq\pWRXQGHUWDNHq
\ORVDGMHWLYRVpXQGHUSDLGq\pXQGHUVWDIIHGq

8QGHUFORWKHV +HZRUHWKHVDPHXQGHUFORWKHVIRUWKUHHGD\V 8QGHUSDVV 7KLVFLW\LVIXOORIRYHUSDVVHVDQGXQGHUSDVVHV


8QGHUFRRN 7KHVWHDNLVXQGHUFRRNHG&DQ\RXWDNHLWEDFN" 8QGHUSULFHG 7KHERRNLVXQGHUSULFHGDWHXURV
8QGHUFRYHU 0D[LVRXUXQGHUFRYHUDJHQWLQWKH%DONDQV 8QGHUSULYLOHJHG 2XUJURXSKHOSVXQGHUSULYLOHJHGFKLOGUHQ
8QGHUFXUUHQW 7KHUHZDVDQXQGHUFXUUHQWRIDQJHULQKLVZRUGV 8QGHUUDWH 'RQoWXQGHUUDWHKLVDELOLWLHV
8QGHUFXW :HFDQXQGHUFXWWKHLUSULFHE\SHUFHQW 8QGHUVFRUH  8QGHUVFRUHHYHU\QRXQ\RXQGLQWKHWH[W
8QGHUGHYHORSHG &KDGLVFRQVLGHUHGDQXQGHUGHYHORSHGFRXQWU\ 8QGHUVFRUH  ,ZDQWWRXQGHUVFRUHWKHLPSRUWDQFHRIWKLV
8QGHUGRJ ,OLNHLWZKHQWKHXQGHUGRJGHIHDWVWKHIDYRULWH 8QGHUVKLUW +HDOZD\VZHDUVDQXQGHUVKLUWLQZLQWHU
8QGHUHVWLPDWH 'RQoWXQGHUHVWLPDWHKLVVWUHQJWK 8QGHUVWDIIHG 7KHQHZRIFHLVJURVVO\XQGHUVWDIIHG
8QGHUJR <RXQHHGWRXQGHUJRDVHULHVRIPHGLFDOWHVWV 8QGHUVWDWH <RXoUHXQGHUVWDWLQJWKHLPSRUWDQFHRIWKLV
8QGHUJUDGXDWH 8QGHUJUDGXDWHVWXGHQWVPXVWOLYHRQFDPSXV 8QGHUVWDWHPHQW 7KH(QJOLVKDUHIDPRXVIRUXQGHUVWDWHPHQW
8QGHUJURXQG  7KHXQGHUJURXQGLQ/RQGRQLVFDOOHGWKHWXEH 8QGHUWDNH :HPXVWXQGHUWDNHDVHULHVRIREOLJDWLRQV
8QGHUJURXQG  +HoVDPHPEHURIDQXQGHUJURXQGRUJDQL]DWLRQ 8QGHUWDNHU 8QGHUWDNHUVHPEDOPDQGEXU\ERGLHV
8QGHUJURXQG  7KHUHoVDQXQGHUJURXQGFDUSDUNTXLWHQHDUKHUH 8QGHUWDNLQJ 7KLVSURMHFWLVDQLPSRUWDQWXQGHUWDNLQJ
8QGHUJURZWK 7KHUHoVYHU\OLWWOHXQGHUJURZWKLQSLQHIRUHVWV 8QGHUXWLOL]HG 7KLVFRPSDQ\KDVPDQ\XQGHUXWLOL]HGDVVHWV
8QGHUOLQH  ,ZDQW\RXWRXQGHUOLQHWKHQRXQVLQWKHVHQWHQFH 8QGHUYDOXHG 7KHLQYHQWRU\LQWKLVFRPSDQ\LVXQGHUYDOXHG
8QGHUOLQH  ,ZDQWWRXQGHUOLQHWKHLPSRUWDQFHRIWKLV 8QGHUZDWHU ,OLNHWRVZLPXQGHUZDWHU
8QGHUO\LQJ 7KHXQGHUO\LQJFDXVHLVUHDOO\HQY\ 8QGHUZHDU +HPRGHOVXQGHUZHDUIRUDOLYLQJ
8QGHUPLQH +LVDWWLWXGHLVXQGHUPLQLQJP\DXWKRULW\ 8QGHUZHLJKW )RUPHKHoVDERXWYHNLORVXQGHUZHLJKW
8QGHUSDLG ,IHHO,oPXQGHUSDLGIRUP\MRE 8QGHUZRUOG $O&DSRQHZDVDPHPEHURIWKHXQGHUZRUOG
8QGHUSDQWV 7KHWRSSDUWRI\RXUXQGHUSDQWVLVVKRZLQJ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDPDDQDOOHJDURQDODHVWDFLQGHVGH'HWURLWEULOODQWHV\QXH VKLQ\QHZFRIQVMXVWDUULYHGLQWKHWUDLQVWDWLRQIURP'HWURLW
YRVDWDGHV'HVGHDOOVHUQHQYLDGRVDORVGLIHUHQWHVFRQFHVLRQDULRV HDUOLHU WRGD\ )URP WKHUH WKH\ ZLOO EH VKLSSHG WR WKH GLIIHUHQW
DOUHGHGRUGHO(VWHGH0LVVLVVLSSL3RUVXSXHVWRORVDUWFXORVQR GHDOHUVKLSV DURXQG HDVWHUQ 0LVVLVVLSSL 2I FRXUVH WKH  LWHPV
SUHWHQGHQVHUDWDGHVSHURHVRHVORTXHDOJXQRVWHUPLQDUQVLHQGR DUHQRWLQWHQGHGWREHFRIQVEXWWKDWoVZKDWDIHZRIWKHPZLOO
XQDYH]TXHHVWQHQPDQRVGHQHJOLJHQWHVFRQGXFWRUHV HQGXSEHLQJRQFHWKH\oUHLQWKHKDQGVRIFDUHOHVVGULYHUV

(VWLPDGRDPLJR\DOXPQR$ODGHUHFKDYHUVSDODEUDVHQLQJOVFX\RVLJQLFDGR $EGLFDWH $JURQRP\ $QWLGLOXYLDQ
$EGLFDWLRQ $JURQRPLVW $QWLTXLW\
VHJXUDPHQWHVDEHVRLQWX\HVFRQFDVLWRWDOSUHFLVLQ6HWUDWDGHSDODEUDVHQLQJOV
$EHUUDWLRQ $JJUHJDWH $QWLTXDWHG
TXH SURYLHQHQ GHO ODWQ TXH VH XVDQ FRQ FLHUWD IUHFXHQFLD DO KDEODU VREUH WRGR
$EROLVK $JHQF\ $QWLTXDU\
HQWUHSHUVRQDVFX\ROHQJXDMHHVGHDOWRQLYHO/DVSDODEUDVODVKHH[WUDGRGHODV $EROLWLRQ $OLHQ $SSUHKHQVLYH
SULPHUDVSJLQDVGHODVTXHFRPSRQHQORVWUHVWRPRVGH:HEVWHUoV7KLUG $EVWHPLRXV $OWHUFDWLRQ $GDSW
,QWHUQDWLRQDO 'LFWLRQDU\ +DFLHQGR XQ SHTXHR FOFXOR PDWHPWLFR SRGHPRV $IIDEOH $OWUXLVW $GDSWDEOH
SXHVGHGXFLUTXHKD\IFLOPHQWHPVGHPLOSDODEUDVGHXVRFRPQHQLQJOVTXH $IUPDWLRQ $OWHU $GDSWDELOLW\
FRQRFHUVDOLQVWDQWHQDGDPVYHUODV$OJXQDVWLHQHQXQVLJQLFDGRGLIHUHQWHTXH $IUP $OWLPHWHU $GDSWDWLRQ
VXSULPRKHUPDQRHVSDRODTXOODVTXHOODPDPRVIDOVHIULHQGVSHURODPD\RUD $IUPDWLYH $PELJXRXV $SW
GH ODV PLVPDV VLJQLFDQ OR PLVPR HQ DPERV LGLRPDV 3RU OR WDQWR \D SXHGHV $GMDFHQW $PELHQFH $SWLWXGH
DUPDUTXHVDEHVPLOSDODEUDVHQLQJOV$SDUWLUGHHVWDFKDYR\DLQFOXLUXQD $GXODWLRQ $PEXODQFH $TXHGXFW
RGRVFROXPQDVGHSDODEUDVLQJOHVDVGHUD]ODWLQDVREUHWRGRSDUDTXHSXHGDVLU $GXODWH $PLDEOH $TXLIHU
GQGRWHFXHQWDGHTXHWXYRFDEXODULRHQPLLGLRPDQRHVHQDEVROXWRSREUHVLQR $GXOWHUDWH $QJXLVK $UELWUDWLRQ
EDVWDQWHULFR $GYHUVH $QLPRVLW\ $UGHQW
5LFKDUG9DXJKDQ $GYHUVLW\ $QQDOV $UGXRXV
$JUDULDQ $QQXDO $ULG 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OLQYLHUQRHVIUR :LQWHULVFROG (VHVH'9'PR" ,VWKDW'9'PLQH"


(OYHUDQRHVFDOLHQWH 6XPPHULVKRW &PRVHGHOHWUHD'9'" +RZGR\RXVSHOO'9'"
(ORWRRHVYHQWRVR $XWXPQLVZLQG\ (UHVWRQWRGHYHUGDG <RXUHDOO\DUHYHU\VWXSLG
/DSULPDYHUDHVKPHGD 6SULQJLVZHW 'DPHPLVFRVDV *LYHPHP\WKLQJV
(ODRHVODUJR 7KH\HDULVORQJ 4XLHUHVVHUPLDPLJR" 'R\RXZDQWWREHP\IULHQG"

&RFNURDFK &XFDUDFKD $QW +RUPLJD

'UDJRQ\ /LEOXOD

6SLGHU $UDD
%HH $EHMD

9RFDEXODULR,QVHFWV ,QVHFWRV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$TXKRUDYDQDOOHJDU" :KDWWLPHDUHWKH\JRLQJWR +HSHUGLGRPLWUHQ ,oYHPLVVHGP\WUDLQ


DUULYH" 7HLPSRUWDVLPHTXHGRSRUOD'R\RXPLQGLI,VWD\WKHQLJKW"
9DQDYHQLUHVWDWDUGH 7KH\DUHFRPLQJWKLV QRFKH"
DIWHUQRRQ 1RFUHRTXHPLVSDGUHVWHGHMHQ ,GRQoWWKLQNP\SDUHQWVZLOO
6DEHVVLYDQDWUDHUDOQLR" 'R\RXNQRZLIWKH\oUH OHW\RX
EULQJLQJWKHEDE\" 1RWLHQHQSRUTXVDEHUQDGD 7KH\GRQoWKDYHWRNQRZ
/RVDEXHORVYDQDFXLGDUOR 7KHJUDQGSDUHQWVDUHORRNLQJ DQ\WKLQJ
DIWHULW 7HQGUVTXHLUWHWHPSUDQR <RXoOOKDYHWROHDYHHDUO\LQ
&XQWRVDRVWLHQHQVXV +RZROGDUHWKHLUJUDQGSDUHQWV" SRUODPDDQD WKHPRUQLQJ
DEXHORV"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|'HMDGHVHUWDQSHVLPLVWD 6WRSEHLQJVRSHVVLPLVWLF 7XYRTXHYHUFRQORTXHSDV ,WKDGWRGRZLWKZKDW


3RUTXVLHPSUHGLFHVWDQWDV :K\DUH\RXDOZD\VVD\LQJVR
 HQHOSXEDQRFKH KDSSHQHGDWWKHSXEODVWQLJKW
FRVDVQHJDWLYDV" PDQ\QHJDWLYHWKLQJV" 4XWLHQHTXHYHUHVR :KDWGRHVWKDWKDYHWRGR
1RGHEHUDVHVFXFKDUWDQWR <RXVKRXOGQoWOLVWHQWRZKDW FRQPLJR" ZLWKPH"
ORTXHGLFHQORVGHPV RWKHUVVD\VRPXFK 7LHQHWRGRTXHYHUFRQWLJR ,WKDVHYHU\WKLQJWRGRZLWK\RX
/DYLGDSRGUDVHUPXFKR /LIHFRXOGEHPXFKEHWWHULI (OODQRTXLHUHWHQHUQDGDTXH 6KHGRHVQoWZDQWWRKDYH
PHMRUVLFUH\HVHVXQSRFR \RXEHOLHYHGDOLWWOHPRUHLQ YHUFRQWLJRDKRUD DQ\WKLQJWRGRZLWK\RXQRZ
PVHQWLPLVPR \RXUVHOI 3RUTXWHQDTXHVDOLUDV" :K\GLGLWKDYHWRZRUNRXW
3RUTXHVWVWDQVHJXURGH :K\DUH\RXVRVHOIFRQGHQW" OLNHWKLV"
WLPLVPR"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6RPRVWRGRVGHWUHLQWD\ :HoUHDOOWKLUW\VRPHWKLQJV OVOROHHORVSHULGLFRVGH +HRQO\UHDGVWKH(QJOLVK


WDQWRV JUDQIRUPDWR EURDGVKHHWV
(OODWLHQHFXDUHQWD\SRFRV 6KHoVLQKHUHDUO\IRUWLHV 0LKHUPDQDGHYRUDODSUHQVD 0\VLVWHUGHYRXUVWKHWDEORLGV

OHVWHQYHLQWLWDQWRV +HoVLQKLVPLGWZHQWLHV DPDULOOD
7LHQHQVHVHQWD\PXFKRV 7KH\oUHLQWKHLUODWHVL[WLHV +D\DOJXQDGLIHUHQFLDHQWUH ,VWKHUHDQ\GLIIHUHQFH
6HHVWQKDFLHQGRYLHMRV 7KH\oUHJHWWLQJROG ODSUHQVDVHQVDFLRQDOLVWD\OD EHWZHHQWKHVHQVDWLRQDOLVW
SUHQVDDPDULOOD" SUHVVDQGWKHWDEORLGV"
1RWHQLVUHYLVWDVDQRGLQDV 'RQoW\RXKDYHEODQGFHOHEULW\

GHFHOHEULGDGHV" PDJD]LQHV"
7HQHPRVH[DFWDPHQWHODPLVPD:HKDYHH[DFWO\WKHVDPH
ED]RDTXHYRVRWURVDTX PXFNDV\RXGRKHUH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   6KRXOG
,JXDOTXHpPXVWqOHVLJXHHOYHUEREVLFR
+ROGXSWKHWURSK\IRUXVWRVHH ,ZDVKHOGXSLQWUDIF LQQLWLYRVLQpWRq 
/HYDQWDHOWURIHRSDUDTXHORYHDPRV (VWXYHUHWHQLGRHQXQDWDVFR 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+ROG\RXKHDGXSZKHQ\RXZDON <RXoUHKROGLQJXSSURJUHVVRQWKHSURMHFW 'HEHUDVLUDOGHQWLVWD
$QGDFRQODFDEH]DDOWD (VWVHQWRUSHFLHQGRHOSURJUHVRGHO 'HEHUDVLUDOPGLFR
SUR\HFWR 'HEHUDVLUDORFXOLVWD
7KHSLOODUVKROGXSWKHURRI
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/RVSLODUHVVRSRUWDQHOWHMDGR 7KHUREEHUVKHOGXSWKHEDQN
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/RVODGURQHVDWUDFDURQHOEDQFR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV,Q 
,QDELOLW\ +HH[KLELWVDFOHDULQDELOLW\WRFRRSHUDWH ,QFRPSUHKHQVLEOH +LVEHKDYLRUZDVLQFRPSUHKHQVLEOH
,QDFFHVVLEOH 7KHSXEOLFDWLRQLVLQDFFHVVLEOHWRQRQPHPEHUV ,QFRQFHLYDEOH ,WoVLQFRQFHLYDEOHWKDWKHUHIXVHVGWKHRIIHU
,QDFFXUDF\ 7KHUHZHUHDORWRILQDFFXUDFLHVLQWKHDUWLFOH ,QFRQFOXVLYH 7KHSUHOLPLQDU\UHVXOWVZHUHLQFRQFOXVLYH
,QDFFXUDWH <RXUYHUVLRQRIZKDWKDSSHQHGLVLQDFFXUDWH ,QFRQVLGHUDWH 7KDWZDVLQFRQVLGHUDWHRIKLPWRVD\WKDW
,QDGHTXDWH 7KHPRQH\\RXRIIHUHGZDVWRWDOO\LQDGHTXDWH ,QFRQVLVWHQW +LVFRQGXFWLVLQFRQVLVWHQWZLWKKLVEHOLHIV
,QDGYHUWHQWO\ ,LQDGYHUWHQWO\VWHSSHGRQWKH.LQJoVIRRW ,QFRQVSLFXRXV ,PDGHP\VHOILQFRQVSLFXRXVLQWKHFURZG
,QDSSURSULDWH <RXUEHKDYLRUZDVLQDSSURSULDWHIRUWKHRFFDVLRQ ,QFRQYHQLHQW ,WoVLQFRQYHQLHQWIRUPHWRJRWKHUHQRZ
,QDXJXUDWH 7KHSUHVLGHQWLQDXJXUDWHGWKHQHZPRWRUZD\ ,QFRQYHQLHQFH  ,oPUHDOO\VRUU\IRUWKHLQFRQYHQLHQFH
,QDXJXUDWLRQ $OOWKHPLQLVWHUVDWWHQGHGWKHLQDXJXUDWLRQ ,QFRQYHQLHQFH  'RHVWKLVFKDQJHLQFRQYHQLHQFH\RX"
,QERXQG $OOLQERXQGLJKWVWR2SRUWRZHUHUHURXWHGWR9LJR ,QFRUUHFW 1LQHRXWRIWHQDQVZHUVZHUHLQFRUUHFW
,QFDOFXODEOH 7KHORVVHVZHUHLQFDOFXODEOH ,QFRUULJLEOH +LVEHKDYLRULVLQFRUULJLEOH
,QFDSDEOH +HoVLQFDSDEOHRIVKRXWLQJDWDVXERUGLQDWH ,QFUHGLEOH ,FDQoWEHOLHYHLW,WoVVLPSO\LQFUHGLEOH
,QFDSDFLWDWH 7KHDFFLGHQWLQFDSDFLWDWHGKLPIRUWKUHHPRQWKV ,QFXUDEOH <RXoYHFRQWUDFWHGDQLQFXUDEOHGLVHDVH
,QFRKHUHQW +LVQDOZRUGVZHUHLQFRKHUHQW ,QGHFHQW +HXVHGLQGHFHQWODQJXDJHLQWKHPHHWLQJ
,QFRPLQJ ,QFRPLQJFDOOVZLOOEHWUDQVIHUUHGWRDFDOOFHQWHU ,QGHFLSKHUDEOH +LVKDQGZULWLQJLVLQGHFLSKHUDEOH
,QFRPSDWLEOH 7KHMRELVLQFRPSDWLEOHZLWKP\FXUUHQWSRVLWLRQ ,QGHFLVLRQ +LVLQGHFLVLRQLVGULYLQJPHFUD]\
,QFRPSHWHQFH 7KHLULQFRPSHWHQFHZDVFOHDUWRHYHU\RQH ,QGHFLVLYH <RXFDQoWEHLQGHFLVLYHLQWKLVNLQGRIMRE
,QFRPSHWHQW +RZFDQVRPHRQHEHVRLQFRPSHWHQW" ,QGHIHQVLEOH <RXUSRVLWLRQLVLQGHIHQVLEOH
,QFRPSOHWH 7KHFRPSRVLWLRQ\RXZURWHLVVWLOOLQFRPSOHWH ,QGHQLWH &RQVLGHU\RXUFXUUHQWVLWXDWLRQLQGHQLWH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XFRUEDWDQRYDDMXHJRFRQWXWUDMH'HEHUDVEXVFDUTXLHQWH <RXUWLHGRHVQoWPDWFK\RXUVXLW<RXVKRXOGKDYHVRPHRQHKHOS
D\XGH FXDQGR YDV D FRPSUDU URSD $\HU R DQWHD\HU OOHYDVWH XQ \RXRXWZKHQ\RXVKRSIRUFORWKHV<HVWHUGD\RU WKHGD\EHIRUH
FLQWXUQ PDUUQ \ FDOFHWLQHV PDUURQHV FRQ XQ WUDMH D]XO FODUR \HVWHUGD\ \RX ZRUH D EURZQ EHOW DQG EURZQ VRFNV ZLWK D OLJKW
0UDWHHQHOHVSHMRSRUXQPRPHQWR7LHQHVTXHDGPLWLUTXHKD\ EOXHVXLW/RRNDW\RXUVHOILQWKHPLUURUIRUDVHFRQG<RXKDYHWR
DOJRPDO DGPLWWKDWVRPHWKLQJoVZURQJ

(VWLPDGRDPLJR\DOXPQR+DFHSRFRXQR\HQWHGH9DXJKDQ5DGLRPHSUHJXQWVLHOVLVWHPDHGXFDWLYRHVSDRO
0VSDODEUDVLQJOHVDV
HVWDEDSRQLHQGRORVPHGLRVDGHFXDGRVSDUDUHVROYHUODFDUHQFLDTXHH[LVWHHQHOSDVFRQUHVSHFWRDOLQJOV
GHUD]ODWLQD
0LUHVSXHVWDIXHTXHQR3HURODFXHVWLQQRWLHQHTXHYHUFRQORVPHGLRVHFRQPLFRVVLQRPVELHQFRQORV
PHGLRVKXPDQRV\ODHVWUDWHJLDSHGDJJLFD/DYR]QDWLYDWLHQHTXHLPSHUDUVLHPSUHGHVGHODHVFXHODLQIDQWLO $UPDGD $XJXVW
KDVWDHOOWLPRDRGHFDUUHUDXQLYHUVLWDULD6HJXQGRKD\TXHYROFDUWRGDODHQHUJDHQODFDOLGDG\VDWLVIDFFLQ $UPLVWLFH $XVSLFHV
GHO SURIHVRUDGR \ HQ HOLPLQDU WUDEDV EXURFUWLFDV (O SURIHVRU VLHPSUH GHEH VHU HO FHQWUR GHO XQLYHUVR HQ OD $UDEOH $XVWHUH
HQVHDQ]D8QSURIHVRUH[FHOHQWHDPDQWHGHVXHVSHFLDOLGDGWUDQVPLWHDVXVDOXPQRVFRQWDQWDSDVLQTXH $UWLVDQ $XVWHULW\
VWRVVHHQDPRUDQGHODWHPWLFDHQFXHVWLQ\ODDFDEDQGHYRUDQGR&XDQGRHVWRSDVDHOSURIHVRUGHMDGHVHU $UWLFXODWH $X[LOLDU\
SURIHVRU\FRPLHQ]DDVHUORQLFRTXHGHEHVHUXQFDWDOL]DGRUGHODSUHQGL]DMH(OTXHDSUHQGHHVHODOXPQR $UWLFXODWLRQ $YDULFH
\ODODERUGHOSURIHVRUHVFRQYHUWLUDVWHHQVXFPSOLFH/DQLFDIRUPDHQTXHHOSURIHVRUSXHGHPRGLFDU $VFHQGHQF\ %HOOLJHUHQW
UDGLFDOPHQWHODWUD\HFWRULDGHDSUHQGL]DMHHVKDFLHQGRTXHODVFODVHVVHDQWDQLQWHUHVDQWHVSDUDTXHORVDOXPQRV $VWXWH %HOOLJHUHQFH
VDOJDQGHODFODVHGLFLHQGRFRPRPRODHOQXHYRSURIHVWHHVHOQLFREDUHPRGHPHGLFLQGHODFDOLGDGGHXQ $VWXWHQHVV (PEHOOLVK
$WURFLW\ %HQHGLFWLRQ


SURIHVRU(OWHPDPVDEXUULGRHQDSDULHQFLDVHKDFHLQWHUHVDQWHHQPDQRVGHXQEXHQSURIHVRU\DODLQYHUVD
$WURFLRXV %HQHIDFWRU
ORPVSRWHQFLDOPHQWHIDVFLQDQWHVHKDFHDEXUULGR\DQRGLQRHQPDQRVGHXQSURIHVRUGHOPRQWQ3RUWDQWR $WWHQWXDWH %HQHFLDU\
VORSLGRGRVFRVDVDOVLVWHPDHGXFDWLYR ODSUHVHQFLDFRQWLQXDGHODYR]QDWLYD\ SURIHVRUHVFDSDFHVGH $XWKRU %HQHYROHQW
DFWLYDUSDVLRQHVSRUHOLQJOV/RSULPHURHVSRVLEOH/RVHJXQGRSXHGHSDUHFHUGLIFLOSHURXQEXHQSURIHVLRQDO $XWKRUL]H %HQHYROHQFH
GHODEVTXHGD\VHOHFFLQVDEHGQGHHQFRQWUDUSHUOHVHQOQHDFRQORTXHUHFRPLHQGR(OR\HQWHGHUDGLR $XWKRUL]DWLRQ %HQLJQ
WDPELQPHSUHJXQWVLORVHVSDROHVWHQDQPXFKDYHUJHQ]DDODKRUDGHKDEODULQJOV6\QR7RGRVWHQHPRV $XWKRUL]HG %HQHFLDO
YHUJHQ]DHLQVHJXULGDGFXDQGRSLVDPRVWHUUHQRUHVEDODGL]RGRQGHQRFRQWURODPRVHOHQWRUQR(VODQDWXUDOH]D $XWKRULWDULDQ %HQHFLDU\
KXPDQD3HURWDPELQKHFRQVWDWDGRHQPLVDRVHQHVWHSDVTXHHOHVSDROPHGLRVXIUHXQDDYHUVLQDO $XGDFLRXV %HQHW
ULHVJRVXSHULRUDSHUVRQDVGHRWUDVQDFLRQDOLGDGHVTXHFRQR]FR3RUHVWRVHSURGXFHQPHQRVHPSUHGHQGRUHV\ $XGLW %RQDQ]D
HPSUHVDULRVHQ(VSDDTXHHQRWUDVODWLWXGHV+D\JUDQGVLPDVH[FHSFLRQHVDHVWRSHURODDYHUVLQDOULHVJRVH $XGLWRU %RQERQ
SDOSDDTX(QHOIRQGRHQFXHQWURDOHVSDROPX\FRQVHUYDGRUHQVXIRUPDGHHQIRFDUODYLGD $XGLWRULXP %RYLQH 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OOXQHVHVWDQWHVTXHHOPDUWHV0RQGD\LVEHIRUH7XHVGD\ /DTXLHUR ,ORYHKHU


(OMXHYHVHVWGHVSXVTXHHO 7KXUVGD\LVDIWHU:HGQHVGD\
 3RUTXODTXLHUHV" :K\GR\RXORYHKHU"
PLUFROHV 3RUTXHHVJXDSDULFDH %HFDXVHVKHoVSUHWW\ULFKDQG
(OVEDGRHVWHQWUHHOYLHUQHV 6DWXUGD\LVEHWZHHQ)ULGD\DQG LQWHOLJHQWH LQWHOOLJHQW
\HOGRPLQJR 6XQGD\ <HOODWHTXLHUHDWL" $QGGRHVVKHORYH\RX"
4XGDHVWDQWHVGHOMXHYHV":KDWGD\LVEHIRUH7KXUVGD\" (VSHURTXHV ,KRSHVR
4XGDHVWGHVSXVGHO :KDWGD\LVDIWHU7XHVGD\"
PDUWHV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

OHVWHQVHDQGRVXFDUQGH +HoVVKRZLQJWKHSROLFHPDQ
 &XQGRQRVYHUHPRVGHQXHYR" :KHQZLOOZHVHHHDFKRWKHU
LGHQWLGDGDOSROLFD KLV,'FDUG DJDLQ"
6HORHVWHQVHDQGR DO  +HoVVKRZLQJLWWRKLP 'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI
(OODOHGLRHOLQIRUPHDVXMHID 6KHJDYHKHUERVVWKHUHSRUW 6HTXLHUHQ 7KH\ORYHHDFKRWKHU
D\HU \HVWHUGD\ (VWHQDPRUDGRGHVPLVPR +HoVLQORYHZLWKKLPVHOI
6HORGLRD\HU DHOOD  6KHJDYHLWWRKHU\HVWHUGD\ 6HFRQRFHQ" 'RWKH\NQRZHDFKRWKHU"
$TXLQVHORGLR" :KRGLGVKHJLYHLWWR"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'QGHHVWODSXHUWDGH :KHUHoVWKHERDUGLQJJDWH"
 4XHVXQIDOVRDPLJR" :KDWoVDIDOVHIULHQG"
HPEDUTXH" (VDOJXLHQTXHQJHVHUWX,WoVVRPHRQHZKRSUHWHQGVWR
$TXKRUDGHVSHJDHODYLQ" :KDWWLPHGRHVWKHSODQHWDNH DPLJRSHURHQUHDOLGDGQRORHV EH\RXUIULHQGEXWLQIDFWLVQoW
RII" 4XHUDGHFLUOLQJVWLFDPHQWH ,PHDQWOLQJXLVWLFDOO\VSHDNLQJ
|9DPRVDHFKDUXQYLVWD]RDODV/HWoVKDYHDORRNDWWKHVFUHHQV KDEODQGR
SDQWDOODV (VXQDSDODEUDTXHVHSDUHFHD ,WoVDZRUGWKDWORRNVOLNHRQH
<FXQGRDWHUUL]D" $QGZKHQGRHVLWODQG" XQDHQWXLGLRPDSHURTXHWLHQH LQ\RXUODQJXDJHEXWKDVD
$EUFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVDIHW\EHOWV
 XQVLJQLFDGRGLIHUHQWH GLIIHUHQWPHDQLQJ
VHJXULGDGSRUIDYRU SOHDVH 6RQSDODEUDVHQJDRVDV 7KH\oUHGHFHLWIXOZRUGV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XVHUVHUf :KDWZLOOEHZLOOEHf 3RUTXWHHVWVHQFRJLHQGR :K\DUH\RXVKUXJJLQJ\RXU


3DVHORTXHSDVH &RPHZKDWPD\ GHKRPEURV" VKRXOGHUV"
|7UDQTXLOR 7DNHLWHDV\ |1RPHIUXQ]DVHOFHR 'RQoWIURZQDWPH
|&XLGDGR :DWFKRXW 6LHPSUHKDFHSXFKHURVFRPR +HDOZD\VSRXWVOLNHDVSRLOW
|(VSHUD +ROGXS XQQLRPLPDGR FKLOG
9HRTXHHVWVUDVFQGRWHOD ,VHH\RXoUHWZLGGOLQJ\RXU

EDUULJDFRPRVLHPSUH WKXPEVDVXVXDO
6DOXGDFRQODPDQRFRPRVL 6KHZDYHVDVLIVKHZHUHWKH
IXHUDODUHLQDGH,QJODWHUUD 4XHHQRI(QJODQG

5RXQGDERXW 7LRYLYR
6ZLQJV &ROXPSLRV

6OLGH 7RERJQ

6HHVDZ 6XELEDMD

0RQNH\%DUV 3DUDOHODV

9RFDEXODULR3OD\JURXQG 3DWLRGHUHFUHR

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   3KUDVDO9HUE7RWXUQXS
6LJQLFDpOOHJDUq6HXWLOL]DSDUDSHUVRQDV
&DQ\RXWXUQXSWKHYROXPH" &RXOG\RXVSHDNXSSOHDVH" TXHOOHJDQWDUGHRTXHOOHJDQGHIRUPD
3XHGHVVXELUHOYROXPHQ" 3RGUD9GKDEODUPVDOWRSRUIDYRU" LQHVSHUDGD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KHVN\KDVQDOO\FOHDUHGXS :RXOGHYHU\ERG\SOHDVHVWDQGXS" IUDVHVHQLQJOV"
(OFLHORSRUQVHKDGHVSHMDGR 3QJDQVHWRGRVHQSLHSRUIDYRU $TXKRUDOOHJ"
1ROOHJKDVWDODVVHLV
,oOOFOHDULWXSIRU\RX <RXVKRXOGVWDQGXSIRU\RXUULJKWV /OHJDWLHPSR"
7HORDFODUDU 'HEHUDVGHIHQGHUWXVGHUHFKRV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
3UH[HV,Q  HVWDVIUDVHV

,QGHSHQGHQW :HOLYHLQDQLQGHSHQGHQWFRXQWU\ ,QH[DFW 7KHLQIRUPDWLRQ\RXSURYLGHLVLQH[DFW


,QGHSHQGHQFH :HZRQRXULQGHSHQGHQFHDIWHUDORQJVWUXJJOH ,QH[SHQVLYH :HQHHGWRQGDQLQH[SHQVLYHVROXWLRQ
,QGHVFULEDEOH 7KHDYRXURIWKHLFHFUHDPZDVLQGHVFULEDEOH ,QH[SHULHQFHG +HoVWRRLQH[SHULHQFHGWRKDQGOHWKHMRE
,QGHVWUXFWLEOH 2XUQHZDLUFUDIWFDUULHULVLQGHVWUXFWLEOH ,QH[SOLFDEOH +LVEHKDYLRXULVWRWDOO\LQH[SOLFDEOH
,QGLIIHUHQW +HLVWRWDOO\LQGLIIHUHQWWRRXUIDWH ,QIDOOLEOH 7KH3RSHoVLQWHUSUHWDWLRQLVLQIDOOLEOH
,QGLIIHUHQFH 7KHRSSRVLWHRIORYHLVQRWKDWHEXWLQGLIIHUHQFH ,QIDPRXV +LVWHPSHULVLQIDPRXV
,QGLJHVWLRQ 7DNHWKLVEOXHSLOOLI\RXVXIIHULQGLJHVWLRQ ,QGHOLW\ ,QGHOLW\LVDFRPPRQFDXVHIRUGLYRUFH
,QGLUHFW <RXoUHXVLQJDQLQGLUHFWZD\WRJHWZKDW\RXZDQW ,QJKWLQJ 7KHUHoVDORWLQLQJKWLQJLQWKDWFRPSDQ\
,QGLVFUHHW <RXPXVWQoWEHLQGLVFUHHWFRQFHUQLQJWKLVPDWWHU ,QQLWH 7KHSRVVLELOLWLHVDUHLQQLWH
,QGLVSHQVDEOH 1RERG\LVLQGLVSHQVDEOH ,QH[LEOH :HDUHLQH[LEOHRQWKLVSRLQW
,QGLVSRVHG 6KHZDVIHHOLQJLQGLVSRVHGDQGGHFLGHGWRJRKRPH ,QRZ 7KHLQRZRIPRQH\LVFRQWLQXRXV
,QGLVSXWDEOH +HoVWKHLQGLVSXWDEOHOHDGHURIWKHJDQJ ,QIRUPDO +HJDYHDQLQIRUPDOWDONRQWKHPDWWHU
,QGLVWLQFWO\ <RXFDQXVHWKHPLQGLVWLQFWO\ ,QIUHTXHQW 7KHVHNLQGVRIRXWFRPHVDUHLQIUHTXHQW
,QGRRU ,SUHIHULQGRRUVSRUWVWRRXWGRRUVSRUWV ,QJUDWLWXGH ,FDQoWEHOLHYHWKHH[WHQWRIKLVLQJUDWLWXGH
,QGRRUV 7KHZHDWKHUZDVVRFROGWKDWZHVWD\HGLQGRRUV ,QKRVSLWDEOH ,IRXQGWKH5RPDQVTXLWHLQKRVSLWDEOH
,QHGLEOH 7KLVIRRGLVLQHGLEOH ,QKXPDQH 7KH\UHFHLYHGLQKXPDQHWUHDWPHQW
,QHIIHFWLYH <RXUQHZWDFWLFVVHHPWREHWRWDOO\LQHIIHFWLYH ,QODQG 7KHVKLSZDVIRXQGNLORPHWUHVLQODQG
,QHIFLHQW .LOOLQJLHVZLWKFDQQRQVLVUDWKHULQHIFLHQW ,QRSSRUWXQH <RXUUHTXHVWFDPHDWLQLQRSSRUWXQHWLPH
,QHYLWDEOH +LVUHDFWLRQZDVLQHYLWDEOHJLYHQWKHVLWXDWLRQ ,QRUJDQLF ,QRUJDQLFPDWWHUH[KLELWVQRIHHOLQJV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7H LPSRUWDUD EDMDU XQ SRFR OD FDOHIDFFLQ" +DFH PXFKR FDORU :RXOG \RX PLQG WXUQLQJ GRZQ WKH KHDW D ELW" ,WoV UHDOO\ KRW LQ
DTXGHQWURSRUORPHQRVHQHVWD]RQDGHODRFLQD+HSHGLGRDOD KHUH DW OHDVW LQ WKLV DUHD RI WKH RIFH ,oYH DVNHG WKH FRPSDQ\
HPSUHVDTXHPDQGHQXQWFQLFRSDUDUHYLVDUWRGRHOVLVWHPDSHUR WRVHQGDWHFKQLFLDQWRORRNDWWKHHQWLUHV\VWHPEXWWKH\GRQoW
QRSDUHFHQVHUPX\HFLHQWHVHQFXPSOLPHQWDUODVVROLFLWXGHVGH VHHP WR EH YHU\ HIFLHQW LQ OOLQJ WKHLU VHUYLFH RUGHUV , UHDOO\
VHUYLFLR5HDOPHQWHFUHRTXHHVXQSUREOHPDGHGLVHR\TXHQR WKLQNV LWoV D GHVLJQ SUREOHP DQG WKHUHoV QR ZD\ ZH FDQ [ WKDW
KD\XQDIRUPDGHVROXFLRQDUORVLQJDVWDUQRVPXFKRGLQHUR/DGLV ZLWKRXWVSHQGLQJDORWRIPRQH\7KHGLVWULEXWLRQRIWKHDLUGXFWV
WULEXFLQGHORVFRQGXFWRVGHODLUHHVFRPSOHWDPHQWHLOJLFD LVFRPSOHWHO\LOORJLFDO

(VWLPDGRDPLJR\DOXPQR6LJUDEDVHVKRUDVGHFRQYHUVDFLQHQWUHGRVQDWLYRVGHKDEODLQJOHVD\GHVSXV 0VSDODEUDVLQJOHVDV
WUDQVFULELHVHV HQ SDSHO HVDV PLVPDV KRUDV GH FRQYHUVDFLQ \ QDOPHQWH VXEUD\DVHV FDGD YHUER FRQMXJDGR GHUD]ODWLQD
TXHDSDUHFHHQODWUDQVFULSFLQYHUDVTXHGHODVSDODEUDVSURQXQFLDGDVXQDVVHUDQYHUERV
FRQMXJDGRV 'H HVRV  YHUERV  VHUDQ DOJXQD IRUPD GHO YHUER pWR EHq RWURV  VHUDQ DOJQ %UHYLW\ &DQGLG
GHULYDGRGHOYHUERpWRJRqRWURVDOJXQDIRUPDGHOYHUERpWRKDYHq\RWURVGHOYHUERpWRGRq6LPH %ULHI &DQGRU
DSXUDVHOGHWRGDVODVLQFLGHQFLDVGHYHUERHQODVKRUDVGHFRQYHUVDFLQHQWUHORVGRVDQJORSDUODQWHVHQ %XFROLF &DQLQH
FXHVWLQVHUDQGHULYDGRVGHORVYHUERVTXHJXUDQHQODVLJXLHQWHOLVWD &DGHQFH (PDQFLSDWH
&DVFDGH (PDQFLSDWLRQ
7REH 7RNQRZ 'HFDGHQFH ,QFDSDFLWDWH
7RJR 7RPDNH 'HFDGHQW ,QFDSDFLWDWHG
7RKDYH 7RVD\ ,QFLGHQW ,QFDSDFLW\
7RGR 7RWHOO ,QFLGHQWDO 3UHFHSW
7RZDQW 7RVHH 2FFLGHQW &DSLWDO
+DFHXQRVPHVHVXQDOXPQRPHSUHJXQWSRUODGLIHUHQFLDHQWUHpWRERWKHUq\pWRDQQR\q/HUHVSRQGTXHDPERV 2FFLGHQWDO &DSLWDOLVP
YHUERVVLJQLFDQpPROHVWDUqSHURTXHKD\OLJHURVPDWLFHVGHGLIHUHQFLDHQDOJXQRVFDVRVFRQFUHWRV'HVSXVPH &RQFLVH &DSLWXODWLRQ
SXVHDSHQVDUXQSRFRSDUDVDFDUXQHMHPSOR\DFDEGLFLQGROH$GHFLUYHUGDGQRVFXOHVODGLIHUHQFLDHQWUH &RQFLVLRQ &DSLWDOLVWLF
ORVGRVYHUERV/RTXHVVHVTXHXVRHOYHUERpWRERWKHUqTXL]VXQDYH]SRUVHPDQD\XVDUHOYHUERpWRDQQR\q ,QFLVLYH 5HFDSLWXODWH
XQDYH]FDGDGRVPHVHV$KRUDELHQXVRDOJXQDIRUPDGHOYHUERpWREHqVHLVYHFHVSRUPLQXWR3RUWDQWRQRWH ,QFLVLRQ 5HFDSLWXODWLRQ
PROHVWHVHQDSUHQGHUODGLIHUHQFLDSHURDVHJUDWHGHWHQHUXQGRPLQLREUEDURGHOYHUERpWREHqHQSUHVHQWH &HOHVWLDO ,QFDUFHUDWH
SDVDGR\IXWXUR\HQDUPDWLYRQHJDWLYRHLQWHUURJDWLYR&RQRFHUORVPDWLFHVHQWUHYRFDEXODULRGHXVRSXQWXDOHV &DODPLWRXV &DUQLYRURXV
&DODPLW\ &DUQLYRUH
XQDSUGLGDGHWLHPSRVLXQRGHDQWHPDQRQRSRVHH\DXQDDJLOLGDGDFWLYDWRWDOFRQORVGLH]YHUERVTXHDFDERGH 
&DOXPQ\ &DUQLYDO
PHQFLRQDU        5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VGLIFLO" ,VLWGLIFXOW" +D\XQEDQFRFHUFDGHDTX" ,VWKHUHDEDQNQHDUKHUH"


1RQRORHV(VIFLO 1RLWLVQoW,WoVHDV\ +D\PXFKRVEDQFRVOHMRVGH 7KHUHDUHPDQ\EDQNVIDUIURP
6RQFDURV" $UHWKH\H[SHQVLYH" DTX KHUH
1RQRORVRQ6RQEDUDWRV 1RWKH\DUHQoW7KH\oUHFKHDS &XQWDVKDELWDFLRQHVKD\HQ +RZPDQ\EHGURRPVDUHWKHUH
3RUTXVRQEDUDWRV" :K\DUHWKH\FKHDS" WXFDVD" LQ\RXUKRXVH"
6ORKD\XQD 7KHUHLVRQO\RQH
&RQTXLQYLYHV" :KRGR\RXOLYHZLWK"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDOHVYHV" +RZRIWHQGR\RXVHHWKHP" 7DQWR-RKQFRPR6DUDKKDEODQ%RWK-RKQDQG6DUDKVSHDN


1XQFDOHVYHR ,QHYHUVHHWKHP DOHPQ *HUPDQ
&XQGRIXHODOWLPDYH]TXH:KHQZDVWKHODVWWLPH\RX (OODQLEDLODQLFDQWDPX\ELHQ 6KHQHLWKHUGDQFHVQRUVLQJV
KDEODVWHFRQHOORV" VSRNHWRWKHP" YHU\ZHOO
/DOWLPDYH]TXHPHKDEODURQ7KHODVWWLPHWKH\VSRNHWRPH 3RGUDPRVLURELHQDXQ :HFRXOGJRWRHLWKHUDQ
IXHFXDQGRWHQDRQFHDRV ZDVZKHQ,ZDVHOHYHQ UHVWDXUDQWHLWDOLDQRRELHQD ,WDOLDQUHVWDXUDQWRUDQ,QGLDQ
9LQLHURQDPLHVWDGH 7KH\FDPHWRP\ELUWKGD\ XQRKLQG RQH
FXPSOHDRV SDUW\ $SDUWHGHVHUHVFULWRUDHOODHV $VZHOODVEHLQJDZULWHUVKHoV
PVLFRSURIHVLRQDO DSURIHVVLRQDOPXVLFLDQ
1RVPDUFKDUHPRVHQFXDQWR :HoOOOHDYHDVVRRQDVWKH\
OOHJXHQ DUULYH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|(OGRORUGHFDEH]DPHHVW 0\KHDGDFKHLVNLOOLQJPH
 2MDOQRORVKXELHUDVLQYLWDGR ,ZLVK\RXKDGQoWLQYLWHGWKHP
PDWDQGR |'HKDEHUORVDELGR ,IRQO\,KDGNQRZQ
'HEHUDVLUDOPGLFR <RXVKRXOGJRWRWKHGRFWRU 2MDOQRIXHUDVWDQWHUFR ,ZLVK\RXZHUHQoWVRVWXEERUQ
0HSXHGHVFRJHUXQDFLWD" &DQ\RXJHWDQDSSRLQWPHQW 2MDOWXYLHUDRFKREUD]RV ,IRQO\,KDGHLJKWDUPVOLNHDQ
IRUPH" FRPRXQSXOSR RFWRSXV
5HFXUGDPHTXHORKDJD 5HPLQGPHWRGRLWODWHU 7HQGUDXQDVSHFWRXQSRFR <RXoGORRNDOLWWOHVWUDQJH
GHVSXV UDURQR" ZRXOGQoW\RX"
6LQRWHLPSRUWDSXHGHV ,I\RXGRQoWPLQGFDQ\RXGR

KDFHUORDKRUD" LWQRZ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQWRKDFHTXHQRGRQDV +RZORQJKDVLWEHHQVLQFH\RX +D\TXHDFRUWDUHVWRV 7KHVHWURXVHUVQHHGWDNLQJXS


VDQJUH" GRQDWHGEORRG" SDQWDORQHV
1XQFDKHSRGLGRGRQDUVDQJUH,oYHQHYHUEHHQDEOHWRGRQDWH 3RGUDVDODUJDUODVPDQJDV &RXOG\RXOHQJWKHQWKHVOHHYHV
HQ(VSDDSRUVHULQJOV EORRGLQ6SDLQEHFDXVH,oP SRUIDYRU" SOHDVH"
(QJOLVK 7HQGUTXHPHGLUWXFLQWXUD ,oOOKDYHWRPHDVXUH\RXUZDLVW
(VRHVXQSRFRUDFLVWDQR" 7KDWoVVRPHZKDWUDFLVWLVQoWLW" /HJXVWDUDQXQRVJHPHORV :RXOG\RXOLNHVRPHFXILQNV
1RWLHQHQDGDTXHYHUFRQ ,WKDVQRWKLQJWRGRZLWK SDUDHVDFDPLVD" IRUWKDWVKLUW"
UDFLVPR UDFLVP (VXQDFHQDGHHWLTXHWD ,WoVDEODFNWLHGLQQHU
(VXQDPHGLGDGHVHJXULGDG ,WoVDVDIHW\PHDVXUHDJDLQVW
FRQWUDORVSUREOHPDVFDXVDGRVSRU WKHSUREOHPVFDXVHGE\0DG
ODHQIHUPHGDGGHODVYDFDVORFDV &RZoV'LVHDVH %URDFK %URFKH

5LQJ $QLOOR

(DUULQJ 3HQGLHQWH

%UDFHOHW 3XOVHUD
1HFNODFH &ROODU

9RFDEXODULR-HZHOU\ -R\DV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   2XJKW
3DUHFLGRDp'R\RXWKLQN"qLQYHUWLPRVHO
,oPJRLQJWRSXWP\DWXSIRUVDOH ,oPVDYLQJXSIRUDQHZFDU VXMHWR\pRXJKWqVHJXLGRGHpWRq
9R\DSRQHUPLSLVRHQYHQWD (VWR\DKRUUDQGRSDUDXQFRFKHQXHYR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:KRSXWXSWKHFXUWDLQV" 'RQoWZRUU\:HFDQSXW\RXXS 'HEHUDSHGLUSHUPLVR"
4XLQFROJODVFRUWLQDV" 'HVFXLGD3XHGHGRUPLUHQQXHVWUDFDVD 'HEHUDPRVLUQRV"
&UHHVTXHGHEHUDSDUDU"
:KDWoVXS" :K\GRQoW\RXWDNHXSFKHVV"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
4XKD\" 3RUTXQRDSUHQGHVDMHGUH]FRPRKREE\"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV,Q 
,QVDQH ,oPJRLQJWRJRLQVDQHLI,KDYHWROLYHZLWKKLP ,QVXIIHUDEOH $VDFODVVPDWHKHoVTXLWHLQVXIIHUDEOH
,QVDQLW\ 7KHFULPLQDOSOHDGHGWHPSRUDU\LQVDQLW\ ,QVXIFLHQW <RXUHIIRUWLVLQVXIFLHQWIRUSURJUHVV
,QVDWLDEOH +HKDVDQLQVDWLDEOHDSSHWLWHIRUDOPRQGV ,QWDQJLEOH :HVHOOLQWDQJLEOHV
,QVHFXUH ,IHHODELWLQVHFXUHLQPHHWLQJVOLNHWKHODVWRQH ,QWROHUDEOH +LVEHKDYLRXUZDVLQWROHUDEOH
,QVHFXULW\ 3HRSOHQRZVXIIHUJUHDWHULQVHFXULW\WKDQEHIRUH ,QWROHUDQW ,oPLQWROHUDQWRIWKDWNLQGRIEHKDYLRXU
,QVHSDUDEOH 7KHWZRIULHQGVDUHLQVHSDUDEOH ,QWUDQVLJHQW +HoVWRWDOO\LQWUDQVLJHQWRQWKDWTXHVWLRQ
,QVLJKW ,JDLQHGDORWRILQVLJKWLQWRKXPDQEHKDYLRXU ,QYDOLGDWH 7KHQHZGHFLVLRQLQYDOLGDWHVWKHROGRQH
,QVLJKWIXO 7KDWZDVDYHU\LQVLJKWIXOFRPPHQW ,QYDOXDEOH <RXUFRQWULEXWLRQKDVEHHQLQYDOXDEOH
,QVLJQLFDQW ,WoVLQVLJQLFDQWZKHWKHUWKH\VDZLWRUQRW ,QYLQFLEOH 7KH)UHQFKQDWLRQDOWHDPVHHPVLQYLQFLEOH
,QVLQFHUH 7KHZD\KHVPLOHVVHHPVYHU\LQVLQFHUHWRPH ,QYLVLEOH 6RPHWLPHV,ZRXOGOLNHWREHLQYLVLEOH
,QVROYHQW 6LQFHWKHFULVLVWKHFRPSDQ\LVWRWDOO\LQVROYHQW ,QYROXQWDU\ +LVDFWLRQVZHUHFRQVLGHUHGLQYROXQWDU\
,QVWDELOLW\ 7KHUHoVPRUHLQVWDELOLW\LQWKHHFRQRP\QRZ ,QYXOQHUDEOH 7KHFDVWOHZDVFRQVLGHUHGLQYXOQHUDEOH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
,QFOQDWHHLQWHQWDWRFDUWHORVGHGRVGHORVSLHVVLQGREODUODVUR %HQGRYHUDQGWU\WRWRXFK\RXUWRHVZLWKRXWEHQGLQJ\RXUNQHHV
GLOODV 9HV QHFHVLWDV KDFHU DOJXQRV HMHUFLFLRV GH HVWLUDPLHQWR <RXVHHf\RXQHHGWRGRVRPHVWUHWFKLQJH[HUFLVHV:KHQ,FRPH
&XDQGR YXHOYD OD VHPDQD TXH YLHQH TXLHUR YHU QR VOR TXH WH EDFNQH[WZHHN,ZDQWWRVHH\RXQRWRQO\WRXFKLQJ\RXUWRHVEXW
WRFDVORVGHGRVGHORVSLHVVLQRTXHWRFDVHOVXHOR'HVSXVDOD WRXFKLQJRRUDVZHOO7KHQWKHIROORZLQJZHHN\RXoOOVXUSULVHPH
VHPDQD VLJXLHQWH PH VRUSUHQGHUV SRQLHQGR ODV SDOPDV GH ODV E\SXWWLQJ\RXUKDQGVSDOPVGRZQRQWKHRRUZLWKRXWEHQGLQJ
PDQRVHQHOVXHORVLQGREODUODVURGLOODV \RXUNQHHV


(VWLPDGRDPLJR\DOXPQR+DFHSRFRHQXQHQFXHQWURGLJLWDOXQSDUWLFLSDQWHPHSUHJXQWDFHUFDGH 0VSDODEUDVLQJOHVDV
FXQWDVSDODEUDVVHQHFHVLWDQSDUDPDQWHQHUXQDFRQYHUVDFLQHQLQJOVGHPDQHUDXLGD7DPELQPH GHUD]ODWLQD
SUHJXQWVLHUDLPSUHVFLQGLEOHFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGHJUDPWLFDSDUDFRQVHJXLUOR+H
DTXPLUHVSXHVWD $FFHVVLEOH &LUFXPVWDQFHV
,QFHVVDQW &LUFXPYHQW
&XULRVDPHQWHPDQWHQHUXQDFRQYHUVDFLQXLGDRFRPRGLFHVFRQWDUFRQFRQRFLPLHQWRVSURIXQGRVGH
,QWHUFHGH &LUUKRVLV
JUDPWLFDGHSHQGHHQJUDQSDUWHGHFPRWHH[SUHVHVHQWXSURSLRLGLRPD6LHUHVXQDSHUVRQDSDUFD 3UHFHGHQW &LWL]HQ
HQSDODEUDVHQFDVWHOODQRRDFRVWXPEUDGDDGHFLUODVFRVDVFRQVHQFLOOH]HQWRQFHVWDPSRFRQHFHVLWDUV 5HFHVVLRQ &LWULF
XQO[LFRRSXOHQWRHQLQJOV$ODLQYHUVDVLHUHVXQDSHUVRQDDODTXHOHJXVWDGHVSOHJDUXQDDEDQLFRGH &HOHULW\ &LYLF
FRORULGROLQJVWLFRHQFDVWHOODQRORYDVDWHQHUPX\FUXGRDODKRUDGHWUDVODGDUWXVDVSLUDFLRQHVDOLQJOV &HQVRU &LYLO
(QPLWUDEDMRWHQJRTXHKDEODUHQSEOLFRFRQPXFKDIUHFXHQFLDDYHFHVGXUDQWHGRVKRUDVVHJXLGDV\ &HQVRUVKLS &LYLOLDQ
VLQJXLQ$YHFHVH[SRQJRHQFDVWHOODQR\DYHFHVHQLQJOV&XDQGRORKDJRHQLQJOVPHFRQWHQJR\ &HQVXUH &LYLOL]DWLRQ
KDEORFRQXQO[LFRVHQFLOORWRWDOPHQWHDODOFDQFHGHPLSEOLFRFX\RQLYHOPHGLRGHLQJOVQRHVVLHPSUH &HQVXV &LYLOL]HG
DOWR$OQDOGHODFKDUODVLHPSUHOHKDJRXQDVHULHGHSUHJXQWDVDOSEOLFR +DELVSRGLGRVHJXLUPH &HQWHQQLDO &LYLOL]H
ELHQ"6LHPSUHPHUHVSRQGHQTXHVTXHSHUIHFWDPHQWH +DELVHQFRQWUDGRHORFXHQWHHLPSDFWDQWH &HUHEUDO &ODLUYR\DQW
PLFKDUOD"7DPELQPHUHVSRQGHQTXHVTXHPX\LPSDFWDQWH\H[SUHVLYD<QDOPHQWH 2VGDLV 'LVFHUQ &ODQGHVWLQH
FXHQWDGHTXHFRQXQLQJOVVSHUVHQFLOORXQLQJOVTXHKDELVHQWHQGLGRDODSHUIHFFLQKHORJUDGR 'LVFUHWLRQ &ODQ
WUDQVPLWLUXQPHQVDMHGHIRUPDHORFXHQWHHLPSDFWDQWH"0HUHVSRQGHQTXHVWDPELQ&RQFOXVLQ 'LVFUHHW &ODULFDWLRQ
,QGLVFUHHW &ODULI\
SDUDVHUHORFXHQWHHLPSDFWDQWHQRWLHQHVTXHXVDUXQO[LFRDPSOLRUHEXVFDGRRGHJUDQFRORULGR&RQ
'LVFUHWLRQDO &ODULW\
XQRVFXDQWRVYHUERVXQRVFXDQWRVVXVWDQWLYRVXQRVDGMHWLYRVXQRVDGYHUELRVXQDVSUHSRVLFLRQHV\
&LUFXLW &ODULQHW
WDOYH]FXDWURFRQMXQFLRQHVSXHGHVDUUDVDUVLFUHHVHQWXWHPD\VLHQWHVODXUJHQFLDGHWUDQVPLWLUWX &LUFXPIHUHQFH &ODVV
SDVLQDRWURV3RUORWDQWRQRKDFHIDOWDTXHSRVHDVXQYRFDEXODULRDPSOLRQLTXHWHQJDVFRQRFLPLHQWRV


&LUFOH &ODVVLFDO
SURIXQGRVGHJUDPWLFDSDUDVHUSHUIHFWDPHQWHHFD]HLQFOXVRHORFXHQWHDODKRUDGHKDEODULQJOV &LUFXV &ODVVLF
3HURVHVLPSRUWDQWHTXHWHQJDVHVWDFDSDFLGDGHQWXSURSLRLGLRPD/RVEXHQRVFRPXQLFDGRUHVDOD &LUFXODU &ODVVLFDWLRQ
KRUDGHKDEODULQJOVFRPRVHJXQGDOHQJXDVRQVLHPSUHEXHQRVFRPXQLFDGRUHVHQVXOHQJXDPDWHUQD &LUFXODWH &ODVVLVW
\DODLQYHUVDORVTXHVHH[SUHVDQPDOHQVXSURSLRLGLRPDQRWLHQHQQLODPVUHPRWDSRVLELOLGDGGH &LUFXPFLVH &ODXVH
H[SUHVDUVHELHQHQXQVHJXQGRLGLRPDDXQTXHUHFLEDQKRUDVGHIRUPDFLQ6LWXYLHUDTXHGDUWH &LUFXPFLVLRQ &ODXVWURSKRELD
XQFRQVHMRVHUDVHJXLUODSROWLFD.,66 .HHS,W6LPSOH6WXSLG 
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

6R\PGLFR ,oPDGRFWRU 0HSXHGHVGDUGLQHURSRU &DQ\RXJLYHPHVRPHPRQH\


7HUHVHVWXGLDQWH <RXoUHDVWXGHQW IDYRU" SOHDVH"
OHVSROLFD +HoVDSROLFHPDQ 3RUTXQHFHVLWDVGLQHUR" :K\GR\RXQHHGPRQH\"
(OODHVSURIHVRUD 6KHoVDWHDFKHU 4XLHURFRPSUDUHOSHULGLFR ,ZDQWWREX\WKHQHZVSDSHU
6RQKRPEUHVGHQHJRFLRV 7KH\oUHEXVLQHVVPHQ 7LHQHV,QWHUQHW" 'R\RXKDYH,QWHUQHW"
3XHGHVOHHUORDOO <RXFDQUHDGLWWKHUH

7UHDGPLOO &LQWD
/RFNHUV 7DTXLOOD

0DW (VWHULOOD

5RZLQJ0DFKLQH 0DTXLQDGH5HPR

:HLJKWV 3HVDV

9RFDEXODULR*\P *LPQDVLR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$TXMXJDURQ" :KDWGLGWKH\SOD\" &XQWRKDFHTXHQRYDVDO +RZORQJKDVLWEHHQVLQFH\RX


'QGHHVWDEDQMXJDQGR" :KHUHZHUHWKH\SOD\LQJ" GHQWLVWD" ZHQWWRWKHGHQWLVW"
4XLQMXJ" :KRSOD\HG" 1RYR\GHVGHTXHWHQDDRV ,KDYHQoWEHHQVLQFH,ZDV
&PRMXJDURQ" +RZGLGWKH\SOD\" 3HURHVRIXHKDFHDRV %XWWKDWZDV\HDUVDJR
3RUTXHVWDEDMXJDQGRO" :K\ZDVKHSOD\LQJ" (QUHDOLGDGQLQJXQRGHPLV $FWXDOO\QRQHRIP\WHHWKDUH
GLHQWHVHVPR PLQH
$TXLQSHUWHQHFHQHQWRQFHV" :KRGRWKH\EHORQJWRWKHQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

)XLLQYLWDGDQR" ,ZDVLQYLWHGZDVQoW,o" +DVUHFRJLGR\DDORVQLRV +DYH\RXSLFNHGWKHFKLOGUHQ


1RORGLMRGHYHUGDGQR" +HGLGQoWUHDOO\VD\WKDWGLGKH" GHOFROHJLR" XSIURPVFKRRO\HW"
'HEHUDSRQHUPHXQDFRUEDWD,VKRXOGSXWDWLHRQVKRXOGQoW," /HVUHFRJHUFXDQGRWHUPLQH ,oOOSLFNWKHPXSZKHQ,QLVK
QR" GHMXJDUDOJROI SOD\LQJJROI
0HUHVSHWDUVGHVSXVQR" <RXZLOOUHVSHFWPHDIWHUZDUGV &PRSXHGHVSHUPLWLUWHHO +RZFDQ\RXDIIRUGWREHVR
ZRQoW\RX" OXMRGHVHUWDQGHVSUHRFXSDGR" FDUHIUHH"
1RWHPHQWLUDQR" ,ZRXOGQoWOLHWR\RXZRXOG," (VWQHQVD\DQGRSDUDODREUD 7KH\oUHUHKHDUVLQJIRUWKH
GHWHDWURGHOFROHJLR VFKRROSOD\
4XSDSHOHVYDQDKDFHUWXV :KDWUROHVDUH\RXUFKLOGUHQ
QLRV" JRLQJWRSOD\"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HMDGHJULWDUPH|TXLHUHV 6WRSVKRXWLQJDWPHZLOO\RX 3RUTXOHSXVRDOGHSDWLWDV :K\GLGVKHNLFNKLPRXW"


(UHVGHPDVLDGRVXVFHSWLEOH <RXoUHWRRWKLQVNLQQHG HQODFDOOH"
1XQFDWLHQHVFRQVLGHUDFLQ <RXQHYHUVKRZFRQVLGHUDWLRQ 3RUTXHOHHVWDEDHQJDDQGR %HFDXVHKHZDVWZRWLPLQJKHU
FRQODJHQWH WRRWKHUV FRQRWUD
'HMDGHVHUWDQVDQWXUURQD 6WRSEHLQJVRVHOIULJKWHRXV 1RDJXDQWRDODJHQWHLQHO ,FDQoWVWDQGXQIDLWKIXOSHRSOH
|TXLHUHV ZLOO\RX 6XUHODFLQQRHVWDED 7KHLUUHODWLRQVKLSZDVQoW
<DEDVWDSRUKR\ /HWoVFDOOLWDGD\ IXQFLRQDQGRELHQ ZRUNLQJRXW
0HQRVPDOTXHHOODVHHQWHU -XVWDVZHOOVKHIRXQGRXWLQ
DWLHPSR WLPH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   $ERXWWR

+DYH\RXDGGHGXSDOOWKHFROXPQV" +HZDQWVWRPRYHXSWKHFRUSRUDWHODGGHU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+DVVXPDGRWRGDVODVFROXPQDV" 4XLHUHVXELUHOHVFDODIQ IUDVHVHQLQJOV"

+DYH\RXFOHDQHGXS\RXUURRP\HW" :HoUHXVLQJXSRXUQDWXUDOUHVRXUFHV /DRSHUDFLQHVWDSXQWRGHUPDUVH


+DVRUGHQDGR\DWXKDELWDFLQ" (VWDPRVDJRWDQGRQXHVWURVUHFXUVRV /DFDVDHVWDSXQWRGHGHUULEDUVH
QDWXUDOHV (OODHVWDSXQWRGHVHUDVFHQGLGD
<RXoUHPRYLQJXSLQWKHZRUOG
|(QKRUDEXHQD|(VWVSURVSHUDQGR :DVKXSEHIRUHFRPLQJWRGLQQHU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/YDWHODVPDQRVDQWHVGHYHQLUDFHQDU
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV'LV
'LVDELOLW\ +HGLGQoWGLHEXWKHVXIIHUHGSHUPDQHQWGLVDELOLW\ 'LVFRXUDJH <RXVKRXOGGLVFRXUDJHKLPIURPGRLQJLW
'LVDEOHG +HZDVWHPSRUDULO\GLVDEOHGEHFDXVHRIWKHDFFLGHQW 'LVFRXUDJHG :HZHUHDOOGLVFRXUDJHGDIWHURXUVHYHQWKORVV
'LVDGYDQWDJH ,oPDWDGLVDGYDQWDJHFRPSDUHGWR3HGUR 'LVFRXUDJLQJ ,WZDVDGLVFRXUDJLQJH[SHULHQFHIRUHYHU\RQH
'LVDJUHH ,GLVDJUHHZLWKDOPRVWHYHU\WKLQJKHSURSRVHV 'LVHPEDUN 3DVVHQJHUVVKRXOGGLVHPEDUNWKURXJKJDWH
'LVDJUHHPHQW 2XUGLVDJUHHPHQWVKDYHEHFRPHIDPRXV 'LVHQFKDQWHG +HEHFDPHGLVHQFKDQWHGZLWKKLVQHZMRE
'LVDSSHDU 2QWKHFRXQWRIWKUHH,ZLOOGLVDSSHDU 'LVIDYRXU +HIHOOLQWRGLVIDYRXUZLWKWKHQHZERVV
'LVDSSHDUDQFH +LVGLVDSSHDUDQFHZDVDP\VWHU\WRHYHU\RQH 'LVJUDFH +LVEHKDYLRXUZDVDGLVJUDFHWRWKHZKROHIDPLO\
'LVDSSRLQW <RXUDWWLWXGHGLVDSSRLQWVPH 'LVJUDFHIXO +LVEHKDYLRXUZDVGLVJUDFHIXO
'LVDSSRLQWHG ,ZDVGLVDSSRLQWHGZLWKWKHQDOUHVXOW 'LVKHDUWHQLQJ 7KHORVVWRRXUELJULYDOZDVGLVKHDUWHQLQJ
'LVDSSRLQWPHQW +HH[SUHVVHGKLVGLVDSSRLQWPHQWWRHYHU\RQH 'LVKRQHVW +HoVWKHPRVWGLVKRQHVWSHUVRQ,oYHHYHUPHW
'LVDSSRLQWLQJ ,WZDVDGLVDSSRLQWLQJH[SHULHQFHIRUPH 'LVKRQHVW\ ,WVHHPVWKDWGLVKRQHVW\LVDJRRGSROLF\KHUH
'LVDSSURYDO 6KHH[SUHVVHGKHUGLVDSSURYDORIRXUDFWLRQV 'LVLOOXVLRQHG +HVRRQEHFDPHGLVLOOXVLRQHGZLWKKLVPDUULDJH
'LVDSSURYH ,WRWDOO\GLVDSSURYHRIKLVEHKDYLRXUDWWKHHYHQW 'LVLQFOLQHG ,oPGLVLQFOLQHGWRJLYH\RXSHUPLVVLRQWRJR
'LVDUP +LVVPLOHDOZD\VGLVDUPVPH 'LVLQKHULW +LVIDWKHUGLVLQKHULWHGKLP
'LVDUPLQJ +LVVPLOHFDQEHTXLWHGLVDUPLQJ 'LVLQWHJUDWH 7KHERQGVWKDWKHOGWKHPWRJHWKHUGLVLQWHJUDWHG
'LVDVVHPEOH :HKDGWRGLVDVVHPEOHWKHHQWLUHHQJLQH 'LVOLNH ,GLVOLNHVWXG\LQJ(QJOLVK
'LVDVVRFLDWH <RXVKRXOGGLVDVVRFLDWH\RXUVHOIIURPWKRVHSHRSOH 'LVORFDWH ,QUXJE\\RXFDQGLVORFDWH\RXUVKRXOGHU
'LVEHOLHI :KHQ,DSSHDUHGKHORRNHGDWPHLQGLVEHOLHI 'LVOR\DO 7KHVROGLHUVZHUHGLVOR\DOWRWKHLUDJ
'LVFRQQHFW :KHQ3HWHUVWDUWVWDONLQJ,VLPSO\GLVFRQQHFW 'LVOR\DOW\ 7KH\VKRZHGHYLGHQWGLVOR\DOW\LQEDWWOH
'LVFRQWLQXH ,ZDQWWRGLVFRQWLQXHWKHFODVV 'LVPDQWOH ,oPJRLQJWRGLVPDQWOHWKHVFDIIROGLQJ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7LHQHVTXHDIURQWDUHOKHFKRGHTXHWHHVWVKDFLHQGRPD\RU1R <RX KDYH WR IDFH WKH IDFW WKDW \RXoUH JHWWLQJ ROGHU <RXoUH QRW
HUHVWDQKELOFRPRDQWHVSDUDPDQHMDUFLHQWRVGHFRVDVDODYH] DV VNLOOHG DV \RX XVHG WR EH DW PDQDJLQJ D KXQGUHG WKLQJV DW
$GHPVWXPHPRULDHVWHPSH]DQGRDIDOODU1XQFDWHKDVSUH WKHVDPHWLPH$QG\RXUPHPRU\LVVWDUWLQJWRIDLO\RXDVZHOO
JXQWDGRSRUTXORVDOWRVHMHFXWLYRVDORVRVLHPSUHWLHQHQ +DYHQoW\RXHYHUZRQGHUHGZK\WRSH[HFXWLYHVLQWKHLUVDQG
GRV R WUHV VHFUHWDULDV DWHQGLHQGR WRGDV VXV QHFHVLGDGHV" &RQ OD V DOZD\V KDYH WZR RU WKUHH VHFUHWDULHV WHQGLQJ WR WKHLU HYHU\
HGDG ORV HMHFXWLYRV VH FRQYLHUWHQ HQ H[FHOHQWHV HVWUDWHJDV SHUR QHHG" %\ WKDW DJH H[HFXWLYHV PD\ EH H[FHOOHQW VWUDWHJLVWV EXW
VRQLQFRPSHWHQWHVHQORTXHVHUHHUHDORVGHWDOOHVGHOGDDGD WKH\oUHLQFRPSHWHQWZKHUHGD\WRGD\GHWDLOVDUHFRQFHUQHG

 0VSDODEUDVLQJOHVDV
(VWLPDGR DPLJR \ DOXPQR +DFH SRFR UHFLE XQ FRUUHR HOHFWUQLFR GH XQ R\HQWH GH 9DXJKDQ 5DGLR TXH
GHUD]ODWLQD
GHFD&DGDYH]HQWLHQGRPHMRUSHURFPRKDEODUPHMRU"&PRVROWDUPHDKDEODU"%DVWDQFODVHVGH
FRQYHUVDFLQ"/HUHVSRQG &ODYLFKRUG &RHUFLRQ
&OLHQW &RHUFLYH
(VWLPDGRR\HQWH6LSURPHWHVQRUHUWHGHPWHGLUXQRGHORVVHFUHWRVTXHHPSOHKDFHDRVSDUDDGTXLULU &OLHQWHOH &RH[LVW
VROWXUDRUDOFRQWXLGLRPD+DEODEDFRQODSDUHG\PDQWHQDODUJDVFRQYHUVDFLRQHVLQWHUHVDQWVLPDVFRQHO &OLPDWH &RH[LVWHQFH
SDVDMHURLPDJLQDULRTXHPHDFRPSDDEDHQPLVGHVSOD]DPLHQWRVHQFRFKH1LODSDUHGQLHOSDVDMHURHQ &OLPDWRORJ\ &RIIHH
FXHVWLQ PH FRUUHJDQ OD JUDPWLFD QL OD IRQWLFD SHUR PH GDED LJXDO (Q HVRV PRPHQWRV PL SULRULGDG &OLPDWLF &RJQDF
HUDODDGTXLVLFLQGHVROWXUDQRODFRUUHFFLQ\SUHFLVLQJUDPDWLFDO(QHVRVPRPHQWRVTXHUDKXLUGHOD &OLPD[ &RKDELWDWLRQ
SRVLELOLGDGGHVXIULUSDUiOLVLVSRUDQiOLVLV/DVFODVHVGHFRQYHUVDFLQFRPRVXJLHUHVYDOHQVLWLHQHVWLHPSR &OLQLF &RKHUHQFH
\QRWHFREUDQ3DUDPHVLQPRUDOSDJDUDDOJXLHQSDUDFRQYHUVDU6LWLHQHVGHODQWHDXQSURIHVRUSDJDGR &OLQLFDO &RKHUHQW
VWHGHEH]DUDQGHDUWHSDUDTXHHVSDELOHV\PHMRUHVXQDEDUEDULGDG6LQRWUDOHSRUODYHQWDQD\EVFDWH &OLQLFDOO\ &RKHVLRQ
RWURSURIHVRU6LORTXHTXLHUHVHVFRQYHUVDUYHWHXQDYH]DODRRFDGDPHVHVD9DXJKDQWRZQ ZZZ &RDJXODWH &RLQFLGHQFH
&RDVW &RLQFLGH
YDXJKDQWRZQFRP $OOKDEODUVPVHQGDVTXHHQWUHVDRVGHFODVHVUHJXODUHVGHFRQYHUVDFLQ\OR
&RDVWDO &ROLVHXP
KDUVFRQJHQWHGHORPVYDULRSLQWDTXHDOPLVPRWLHPSRWHUHWDUQHORGR/DVFODVHVGHFRQYHUVDFLQFRQ
&RDVWJXDUG &ROODERUDWH
XQSURIHVRUGHLQJOVVRQGHODVIRUPDVPVSREUHVTXHH[LVWHQSDUDSRWHQFLDUODVROWXUDDOKDEODU(OSURIHVRU &REUD &ROODERUDWLRQ
WHKDEODHQYRFDEORVFODURV HVVXGHIRUPDFLQSURIHVLRQDO \QRUPDOPHQWHQRWHREOLJDDH[SUHVDUWHIXHUDGH &RGH &ROODERUDWRU
WX]RQDGHFRQIRUW(VFRPRHVWDUHQXQDELFLFOHWDHVWWLFDTXHVORDGPLWHKDVWDNLOPHWURVSRUKRUD &RGLI\ &ROODSVH 
5LFKDUG9DXJKDQ &RHIFLHQW &ROOHDJXH
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDHVXQDVLOODSHTXHD 7KLVLVDVPDOOFKDLU 4XKDFHWXSDGUH" :KDWGRHV\RXUIDWKHUGR"


(VHHVXQJUDQSUREOHPD 7KDWoVDELJSUREOHP 7UDEDMDHQXQDHPSUHVDJUDQGH+HZRUNVLQDELJFRPSDQ\
(VWRVVRQGDVFDOXURVRV 7KHVHDUHKRWGD\V TXHKDFHPYLOHV WKDWPDNHVPRELOHV
(VRVVRQFRFKHVUSLGRV 7KRVHDUHIDVWFDUV 'QGHORVKDFHQ" :KHUHGRWKH\PDNHWKHP"
(VVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ" 6RQGH)LQODQGLD 7KH\oUHIURP)LQODQG
&XOHVODFDSLWDOGHHVHSDV" :KDWoVWKHFDSLWDORIWKDW
FRXQWU\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7HVWXYLVWHFRQHOORVSHUR\R <RXZHUHZLWKWKHPEXW, 'QGHHVWEDPRV" :KHUHZHUHZH"


QR ZDVQoW 4XLEDVDGHFLU" :KDWZHUH\RXJRLQJWRVD\"
<RKDEORDOHPQSHUROQR ,VSHDN*HUPDQEXWKHGRHVQoW 4XGHFDPRV" :KDWZHUHZHVD\LQJ"
(OODSXHGHYHQLUSHURHOORVQR 6KHFDQFRPHEXWWKH\FDQoW 4XLEDDKDFHU\R" :KDWZDV,JRLQJWRGR"
7KDVHVWDGRHQ(VFRFLDSHUR <RXoYHEHHQWR6FRWODQGEXW
 1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
HOODQR VKHKDVQoW VRPHWKLQJ"
<RHVWXYHDOOSHURWQR ,ZDVWKHUHEXW\RXZHUHQoW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'HEHUDVD\XGDUOHV <RXVKRXOGKHOSWKHP <RTXHWRUGHQDUDWX ,I,ZHUH\RX,oGWLG\XS\RXU


(OODGHEHUDKDEHULGR 6KHVKRXOGKDYHJRQH KDELWDFLQ URRP
3RGUDKDEHUVLGRWDQGLIHUHQWH,WFRXOGKDYHEHHQVRGLIIHUHQW 0VYDOHTXHORKDJDVDKRUD <RXoGEHWWHUGRLWQRZ
4XSRGUDKDEHUKHFKR\R" :KDWFRXOG,KDYHGRQH" VLQR RWKHUZLVH
1RGHEHUDKDEHUORGLFKR ,VKRXOGQoWKDYHVDLGWKDW 1RTXLHUHVTXHWXPDGUHWH <RXGRQoWZDQW\RXUPRWKHUWR
ULD WHOO\RXRII
1RHVWR\EURPHDQGRORGLJR ,oPQRWMRNLQJ,PHDQLW
HQVHULR
9DOHYDOHVHJXLUWXVFRQVHMRV $OULJKWDOULJKW,oOOWDNH\RXU
/LJKWV /XFHV DGYLFH

7LQVHO (VSXPLOOQ
)DLU\ +DGD

'HFRUDWLRQV $GRUQRVHQJHQHUDO %DXEHOV $GRUQRHVIULFR

9RFDEXODULR&KULVWPDVWUHH UEROGH1DYLGDG

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XOHVODPHMRUPDQHUDGH :KDWoVWKHEHVWZD\WRJHWULG
 6LJXHVGHWUVGHHVDFKLFD" $UH\RXVWLOODIWHUWKDWJLUO"
TXLWDUVHHOKLSR" RIWKHKLFFXSV" 1RWHODKDVOLJDGRDQ" +DYHQoW\RXSXOOHGKHU\HW"
6LDVXVWDVDDOJXLHQVXHOH ,I\RXIULJKWHQVRPHRQHWKDW
 'HKHFKRQRVHQUROODPRVOD $FWXDOO\ZHJRWRIIZLWKHDFK

IXQFLRQDU XVXDOO\ZRUNV VHPDQDSDVDGD RWKHUODVWZHHN
3RGUDVEHEHUXQYDVRGHDJXD <RXFRXOGGULQNDJODVVRI &PRFRQVHJXLVWHHVR" +RZGLG\RXSXOOWKDWRII"
FRQODFDEH]DPLUDQGRKDFLD ZDWHUZLWK\RXUKHDGXSVLGH &RQKDODJRVVHFRQVLJXHWRGR )ODWWHU\JHWV\RXHYHU\ZKHUH
DEDMR GRZQ
0DQWQODUHVSLUDFLQWDQWR +ROG\RXUEUHDWKIRUDVORQJDV

WLHPSRFRPRSXHGDV \RXFDQ
&HQWUDWRGDWXDWHQFLQHQHO )RFXV\RXUDOODWWHQWLRQRQWKH
RULJHQGHOSUREOHPDFRPRXQ VRXUFHRIWKHSUREOHPOLNHD
PDHVWURGH=HQ =HQPDVWHU


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   7RKDYHEUHDNIDVWOXQFKDQGGLQQHU

&DOOKLPXSWR\RXURIFH :HoUHJRLQJWRVWDUWXSDQHZEXVLQHVV 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


/OPDOHSDUDTXHVXEDDWXGHVSDFKR 9DPRVDFUHDUXQQXHYRQHJRFLR IUDVHVHQLQJOV"

,oOOVHWLWXSIRU\RX ,IHHOUHVWHGXSDIWHUWKHORQJZHHNHQG 'HVD\XQRHQHOEDUGHDOODGRGHPLFDVD


7HORRUJDQL]DUWRGR 0HVLHQWRGHVFDQVDGRGHVSXVGHOSXHQWH &HQDPRVDODVQXHYH
(Q,QJODWHUUDODJHQWHFRPHDODXQD
<RXSDVVXSPDQ\RSSRUWXQLWLHV 6KHWRUHXSWKHSKRWRRIKHUH[ER\IULHQG
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
'HMDVSDVDUPXFKDVRSRUWXQLGDGHV 5RPSLODIRWRGHVXH[QRYLR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
&KULVWPDV

/DQDYLGDGYLHQHUHSOHWDGHYRFDEXODULR\GHH[SUHVLRQHVQXHYDV5HVXOWDPVGLIFLODSUHQGHUORVELHQ\DTXHVORDSDUHFHQ
DHVWDVDOWXUDVGHODR/XHJRVHHPSDTXHWDQ\VHJXDUGDQMXQWRFRQWRGDVODVGHPVGHFRUDFLRQHVQDYLGHDVKDVWDHODR
VLJXLHQWH$TXWLHQHVXQDRSRUWXQLGDGGHHVWXGLDUXQDVFXDQWDVH[SUHVLRQHVTXHLJXDOHVFXFKDUVHQHVWDSRFDGHODR
(OPXQGRGHODQDYLGDG 7KHZRUOGRI&KULVWPDV
3RQHPRVHOUEROGH1DYLGDGHVWHQGHVHPDQD" 6KDOOZHSXWXSWKH&KULVWPDVWUHHWKLVZHHNHQG"
/RWHQHPRVTXHTXLWDUSDUDODQRFKHGH5H\HV :HKDYHWRWDNHLWGRZQEHIRUH7ZHOIWK1LJKW
1XQFDHQYRWDUMHWDVGHIHOLFLWDFLQ ,QHYHUVHQGDQ\&KULVWPDVFDUGV
4XYDLVDFRPHUHQ1DYLGDG" :KDWDUH\RXJRLQJWRKDYHIRU&KULVWPDVGLQQHU"
6LHPSUHFRPHPRVUHVWRVHOGD :HDOZD\VHDWOHIWRYHUVRQ%R[LQJ'D\
9DVDFROJDUWXFDOFHWQSDUD3DS1RHO" $UH\RXJRLQJWRKDQJXS\RXUVWRFNLQJIRU)DWKHU&KULVWPDV"
4XTXLHUHVSDUD1DYLGDG" :KDWZRXOG\RXOLNHIRU&KULVWPDV"
&UHHVTXHYDDVHUXQDp%ODQFD1DYLGDGq" 'R\RXWKLQNLWoVJRLQJWREHDZKLWH&KULVWPDV"
7HQGUVTXHHVFULELUWXVFDUWDVGHDJUDGHFLPLHQWR <RXoOOKDYHWRZULWH\RXUWKDQN\RXOHWWHUV
0HSDUHFHTXHKD\JHQWHFDQWDQGRYLOODQFLFRVDODSXHUWD 7KDWVRXQGVOLNHVRPHFDUROVLQJHUVDWWKHGRRU
7LHQHVEDVWDQWHSDSHOGHUHJDOR" +DYH\RXJRWHQRXJKZUDSSLQJSDSHU"
4XSXHGRFRPSUDUSDUDPLVXHJUD" :KDWFDQ,JHWP\PRWKHULQODZ"
9DVDLUDODPLVDGHOJDOOR" $UH\RXJRLQJWRJRWRPLGQLJKWPDVV"
$QWHVSRQDPRVXQEHOQHQHOMDUGQSDUDORVQLRV :HXVHGWRSXWDFULELQWKHJDUGHQIRUWKHFKLOGUHQ
1DYLGDGHVXQDERQLWDSRFDGHODRIDPLOLDU &KULVWPDVLVDQLFHIDPLO\WLPHRIWKH\HDU
1DYLGDGHVXQSHULRGRGHODRSDUDORVH[FHVRV &KULVWPDVLVDWLPHIRURYHULQGXOJHQFH
(VWUDGLFLQEHVDUVHGHEDMRGHOPXUGDJR ,WoVWUDGLWLRQDOWRNLVVXQGHUVRPHPLVWOHWRH
(OSHULRGRSUHYLRDODV1DYLGDGHVHVFDWLFRHQODVWLHQGDV 7KHUXQXSWR&KULVWPDVLVFKDRWLFLQWKHVKRSV
+DVJODVHDGRHOSDVWHOGH1DYLGDG" +DYH\RXLFHGWKH&KULVWPDVFDNH\HW"

(VWLPDGRDPLJR\DOXPQR0DDQDHV1DYLGDGDVTXHHQOXJDUTXHVHJXLUFRQPVVHUPRQHVRPLVSRHPDVTXLHURHVFULELUDOJR
HQLQJOVWSLFRDODSRFDQDYLGHD$KYD
7KH&KULVWPDVVHDVRQLVXSRQXVDQG,DQGDOOP\IULHQGVDQGFROOHDJXHVDW9DXJKDQ6\VWHPVZDQWWRZLVKHYHU\RQHDYHU\0HUU\
&KULVWPDVDQGDSURVSHURXV1HZ<HDU7KLVPHVVDJHLVQRWRQO\IRUWKRVHSHRSOHZKRDUHIROORZLQJWKHZHHNO\DQGGDLO\(QJOLVK
SURJUDPGHVLJQHGE\9DXJKDQEXWWRHYHU\UHDGHURI(/081'2DVZHOO&KULVWPDVLVDPRPHQWIRUUHHFWLRQDQGRIFRXUVH1HZ
<HDUoV'D\LVDPRPHQWIRUUHVROXWLRQV)RUPHWKLV&KULVWPDVFRLQFLGHVDOPRVWH[DFWO\ZLWKWKHWKDQQLYHUVDU\RIP\ZHGGLQJ
,PDUULHGDEHDXWLIXO6SDQLVKZRPDQRQ'HFHPEHUDQGZHoUHVWLOOWRJHWKHU2XUFKLOGUHQDUHJURZQQRZDQGVHHPWREH
QGLQJWKHLUZD\LQOLIH:HKDYHDORWWREHWKDQNIXOIRU
0HSHUVRQDOO\"'R,KDYHDORWWREHWKDQNIXOIRUWRR"8QGRXEWHGO\7KLUW\IRXU\HDUVDJR,DGRSWHGDFRXQWU\WKDWKDVWUHDWHGPH
YHU\ZHOO,KDYHZDWFKHG6SDLQSDVVIURPDQDXWKRULWDULDQUHJLPHWRDYLJRURXVDQGSURVSHURXVGHPRFUDF\,KDYHZDWFKHGLW
SDVVIURPDFOHDUO\VHFRQGZRUOGFRXQWU\WRRQHRIWKHWRSWHQHFRQRPLHVJOREDOO\,KDYHKDGWKHSULYLOHJHWRREVHUYHUVWKDQG
DEULOOLDQWSROLWLFDOWUDQVLWLRQIROORZHGE\DOPRVWWKUHHGHFDGHVRIJURZWKDQGPDWXULW\,KDYHEHHQDEOHWRSURVSHUDQGHQMR\D
VWLPXODWLQJFDUHHUWKDWKDVPDGHPHKXQGUHGVRI6SDQLVKIULHQGV6R\HVf,KDYHDORWWREHWKDQNIXOIRUSHUVRQDOO\DVZHOO
$QGZKDWoV P\ 1HZ<HDUoVUHVROXWLRQ",WoVWKHVDPHDVHYHU\\HDUWRFRQWLQXHORRNLQJIRUWKHPDJLFIRUPXODWRKHOSP\6SDQLVK
IULHQGVQDOO\OHDUQ(QJOLVK,WoVDQLQWHUHVWLQJDQGSURYRFDWLYHFKDOOHQJHDQG,ZLOOFRQWLQXHWRVHDUFKKLJKDQGORZXQWLOWKHHQGRI
P\GD\V+RQHVWO\,FDQoWWKLQNRIDQ\WKLQJPRUHIXQ


$QGZKDWZRXOG,UHFRPPHQGWKDW \RX UHHFWXSRQWKLV&KULVWPDVVHDVRQ":KDW1HZ<HDUoVUHVROXWLRQZRXOG,VXJJHVW"$VIRU


DUHHFWLRQZK\QRWWKLQNDERXWOLIHLQJHQHUDO":HDOZD\VFRPSODLQDERXWWKHSUHFDULRXVQHVVRIOLIHDQG,oPVXUHWKDWZHZLOO
FRQWLQXHWRFRPSODLQDERXWLWIRUFHQWXULHVWRFRPH%XWDVDVWXGHQWRIKLVWRU\,FDQWHOO\RXWKDWZHKDYHQHYHUEHHQPRUHFDSDEOH
WKDQZHDUHWRGD\RIIDFLQJSUHFDULRXVQHVVDQGYDQTXLVKLQJLW2XUVWDQGDUGRIOLYLQJDQGTXDOLW\RIOLIHDPRQJDOOVRFLDOVWUDWD
ZRXOGKDYHEHHQWKHVWXIIRIGUHDPVRQO\\HDUVDJR
$QGP\UHFRPPHQGDWLRQWR\RXFRQFHUQLQJD1HZ<HDUoVUHVROXWLRQ"7KDWoVDQHDV\RQH6WXG\(QJOLVKfHYHU\GD\f2ND\"+RZDP
,JRLQJWRVXFFHHGLQ P\ UHVROXWLRQLI\RXGRQoWKHOSPH"
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVWXDSHOOLGR" :KDWoV\RXUVXUQDPHODVW (VWVOLVWR" $UH\RXUHDG\"


QDPH" 'DPHXQVHJXQGR *LYHPHDVHFRQG
0LDSHOOLGRHV&KDQJ/L 0\VXUQDPHLV&KDQJ/L 3RUTXQRHVWVOLVWR" :K\DUHQoW\RXUHDG\"
(VHVHXQQRPEUHHVSDRO" ,VWKDWD6SDQLVKQDPH" (VWR\ODYQGRPHHOSHORHQ ,oPZDVKLQJP\KDLULQWKH
1RHVXQDSHUVRQDLQWHOLJHQWH +HLVQoWDQLQWHOOLJHQWSHUVRQ ODGXFKD VKRZHU
(VXQQRPEUHFKLQR|WRQWR ,WoVD&KLQHVHQDPHVLOO\ |3HURPHHVWVKDEODQGRSRU %XW\RXoUHWDONLQJWRPHRQWKH
HOWHOIRQR SKRQH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHHVWXYLVWHFXDQGR :KHUHZHUH\RXZKHQLW
 1RKHYLVWRWDQWDVSHOFXODVHVWH ,KDYHQoWVHHQDVPDQ\OPV
VXFHGL" KDSSHQHG" DRFRPRHODRSDVDGR WKLV\HDUDVODVW\HDU
1RUHFXHUGRGQGHHVWXYH ,GRQoWUHPHPEHUZKHUH,ZDV 1RKDQWHQLGRWDQWDVXHUWH 7KH\KDYHQoWKDGDVPXFK
1RHVWXYLVWHHQHOWUDEDMR" :HUHQoW\RXDWZRUN" HQHVWHWRUQHRFRPRHQHO OXFNLQWKLVWRXUQDPHQWDVWKH
7LHQHVUD]QHVWDED <RXoUHULJKW,ZDVZRUNLQJ
 DQWHULRU SUHYLRXVRQH
WUDEDMDQGR 1RGLUDTXHHOODHVWDQOLVWD ,ZRXOGQoWVD\VKHoVDVFOHYHU
1XQFDHVWVHTXLYRFDGR <RXoUHQHYHUZURQJ FRPRVXKHUPDQD DVKHUVLVWHU
1RKDOORYLGRHVWHPHVWDQWR 7KHUHKDVQoWEHHQDVPXFKUDLQ
FRPRHOSDVDGR WKLVPRQWKDVODVWPRQWK
1RSLHQVRWDQWRHQWLFRPR ,GRQoWWKLQNDERXW\RXDV
DQWHV PXFKDV,XVHGWR
&KULVWPDVSXGGLQJ 3XGGLQJGH
QDYLGDGGHFRORURVFXURKHFKRD 7XUNH\ 3DYR
EDVHGHIUXWDFRQWDGD\FRDF
FRQIRUPDUHGRQGD
&UDFNHU 8QDHVSHFLHGHSLDWD
SHTXHDTXHVHDEUHGXUDQWHOD
FHQDWLUDQGRGHORVH[WUHPRV\
6WXIQJ 5HOOHQR TXHFRQWLHQHXQUHJDORSHTXH
RXQFKLVWH\XQDFRURQDGH
&UDQEHUU\VDXFH 6DOVDGHDUQGDQR SDSHO
9RFDEXODULR&KULVWPDVGLQQHU &HQDGH1DYLGDG

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXTXLHUHVWUDEDMDUFRQ :K\GR\RXZDQWWRZRUNIRU
 3XHGHTXHOHVWGXUPLHQGR +HPLJKWEHVOHHSLQJ
QRVRWURV" XV" 3XHGHTXHOOXHYDKR\ ,WPLJKWUDLQWRGD\
3RUTXGHEHUDPRVGDUWHHO :K\VKRXOGZHJLYH\RXWKH
 3XHGHTXHWHQJDPRV :HPLJKWKDYHSUREOHPVLIZH
WUDEDMR" MRE" SUREOHPDVVLKDFHPRVHVR GRWKDW
'XUDQWHFXQWRWLHPSR +RZORQJZRXOG\RXVWD\ZLWK
 3XHGHTXHHOODQRYHQJD 6KHPLJKWQRWFRPHDIWHUDOO
SHUPDQHFHUDVFRQQRVRWURV" XV" GHVSXVGHWRGR
&XOHVVRQWXVSXQWRVIXHUWHV:KDWDUH\RXUVWUHQJWKVDQG 3XHGHTXHQRHVWQGHDFXHUGR7KH\PLJKWQRWDJUHHZLWKXV
\GELOHV" ZHDNQHVVHV" FRQQRVRWURV
3RUTXWHPDUFKDVGHWX :K\DUH\RXOHDYLQJ\RXU

DFWXDOSXHVWR" SUHVHQWSRVLWLRQ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&RPRELHQVHDOXVWHG $V\RXKDYHTXLWHULJKWO\ $PRGRGHLQWURGXFFLQ%\ZD\RILQWURGXFWLRQOHWPH


SRLQWHGRXW SHUPWHPHFRPHQ]DUGLFLHQGRf VWDUWE\VD\LQJf
(VWR\GHDFXHUGRKDVWDFLHUWR ,DJUHHXSWRDSRLQW (VXQWSLFRGHFLUTXHORV ,WoVDFOLFKWRVD\WKDWPHQ
SXQWR KRPEUHVQRVDEHQKDFHUGRV FDQoWGRWZRWKLQJVDWWKH
5HFRPLHQGRSOHQDPHQWHHVWH ,WKRURXJKO\UHFRPPHQGWKLV FRVDVDODYH] VDPHWLPH
YLQR ZLQH 3DVHPRVDH[DPLQDUORVSURV\ /HWXVQRZORRNDWWKHSURVDQG
(VMXVWRORTXH\RKDED 7KLVLVH[DFWO\ZKDW,KDGLQ ORVFRQWUDV FRQV
SHQVDGR PLQG ([LVWHRWURSODQWHDPLHQWRSRVLEOH 7KHUHPD\EHDQRWKHUDSSURDFK
|&PRVHDWUHYHDGHFLUHVR +RZGDUHKHVD\WKDW $QGHFXHQWDV :KHQDOOLVVDLGDQGGRQH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   6KRXOGKDYHSDUWLFLSLR

+HGLGQoWOLYHXSWRH[SHFWDWLRQV ,UHDOO\VFUHZHGXS 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


1RHVWXYRDODDOWXUDGHORHVSHUDGR /DKHIDVWLGLDGRSHURELHQ IUDVHVHQLQJOV"

7KHSRQGFRPSOHWHO\GULHGXS 'RQoWJHWVRZRUNHGXS 'HEHUDVKDEHUWHOHYDQWDGRDQWHV


/DFKDUFDVHVHFSRUFRPSOHWR |1RWHSRQJDVWDQGLVJXVWDGR\H[DOWDGR |'HEHUDKDEHUORVDELGR
'HEHUDVKDEHUSHGLGRSHUPLVR
<RXPHVVHGXSWKHZKROHSODQ 6HQGKLPXSWRP\RIFH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
+DVIDVWLGLDGRWRGRHOSODQ 0QGDOHSDUDTXHVXEDDPLGHVSDFKR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV'H
'HEULHI 7KHVS\GHEULHIHGKLVVXSHULRUVRQKLVSURJUHVV 'HPRWH +HZDVGHPRWHGWRDORZHUSRVLWLRQLQWKHUP
'HEULHQJ 7KHGHEULHQJVHVVLRQZDVORQJHUWKDQH[SHFWHG 'HQDWLRQDOL]H +HoVGHQDWLRQDOL]LQJPDQ\VWDWHFRPSDQLHV
'HFODVVLI\ ,oYHGHFLGHGWRGHFODVVLI\WKHVHVHFUHWGRFXPHQWV 'HPLVWLI\ ,ZDQWWRGHPLVWLI\SKUDVDOYHUEVIRU\RX
'HFRPSRVH 7KHERG\GHFRPSRVHGRYHUDSHULRGRIWLPH 'HRGRUDQW ,GRQoWWKLQNKHSXWVRQGHRGRUDQWLQWKHPRUQLQJ
'HFRQWDPLQDWLRQ 7KHGHFRQWDPLQDWLRQSURFHVVLVDELWFRPSOLFDWHG 'HSROLWLFL]H :HQHHGWRGHSROLWFL]HWKHGHEDWH
'HHVFDODWH .HQQHG\ZDQWHGWRGHHVFDODWHWKH9LHWQDP:DU 'HUDLO 7KHQHZGHYHORSPHQWVGHUDLOHGWKHQHJRWLDWLRQV
'HRZHU 5RPHGHRZHUHG6SDLQRIDOOLWVQDWXUDOUHVRXUFHV 'HUHJXODWH 7KHJRYHUQPHQWGHUHJXODWHGWKHHQHUJ\VHFWRU
'HIRUHVWDWLRQ +RXVLQJGHYHORSPHQWFDXVHVGHIRUHVWDWLRQ 'HVWDELOL]H 7KLVQHZODZFRXOGGHVWDELOL]HWKHVWDWXVTXR
'HKXPDQL]H <RXUPDQDJHPHQWVW\OHZLOOGHKXPDQL]HWKHUP 'HYDOXH :HPXVWQoWGHYDOXHRXUFXUUHQF\ULJKWQRZ

3UH[HV,P
,PEDODQFH 7KHUHoVDFOHDULPEDODQFHLQWKHWDVNVDVVLJQHG ,PSDWLHQFH +LVLPSDWLHQFHLVVWDUWLQJWRJHWRQP\QHUYHV
,PPDWHULDO ,WoVLPPDWHULDOZKHWKHUWKHZLWQHVVVDZLWRUQRW ,PSHQHWUDEOH 6RPHSDUWVRIWKLVMXQJOHDUHLPSHQHWUDEOH
,PPDWXUH +LVLPPDWXUHDWWLWXGHLVFDXVLQJDORWRIWURXEOHKHUH ,PSHUFHSWLEOH +LVQHUYRXVWLFZDVDOPRVWLPSHUFHSWLEOH
,PPDWXULW\ +HVKRZVDKLJKGHJUHHRILPPDWXULW\ ,PSHUIHFWLRQ 1RRQHLVWRWDOO\IUHHRILPSHUIHFWLRQV
,PPLJUDQW ,PPLJUDQWVXVXDOO\HQWHU6SDLQIURPWKHVRXWK ,PSHUVRQDO 7KHDWPRVSKHUHZDVTXLWHLPSHUVRQDO
,PPRELOL]H 7KHVXUJHRQKDGWRLPPRELOL]HWKHSDWLHQWoVDUP ,PSHUWLQHQW ,GRQoWDSSUHFLDWH\RXULPSHUWLQHQWUHPDUNV
,PPRUDO (WKLFVVWXGLHVZKDWLVPRUDODQGLPPRUDO ,PSROLWH ,WoVQRWJRRGWREHLPSROLWHWRWKHZDLWHUV
,PSDUWLDO <RXURSLQLRQLVQRWLPSDUWLDOEXWUDWKHUVODQWHG ,PSRVVLEOH ,WoVLPSRVVLEOHWR\OLNH3HWHU3DQ
,PSDWLHQW ,oPLPSDWLHQWWRVHHWKHUHVXOWV ,PSURSHU <RXoYHPDGHLPSURSHUXVHRI\RXUOLFHQVH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6LHQWRLQWHUUXPSLUSHURWHQJRD7HG5RELQVRQDOWHOIRQR\HVW ,oPVRUU\WRLQWHUUXSWEXW,oYHJRW7HG5RELQVRQRQWKHSKRQHDQG
IXULRVRSRUHOLQFUHPHQWRHQORVSUHFLRVGHOPRGHOR.'LFHTXHQR KHoVIXULRXVDERXWWKHSULFHLQFUHDVHRQWKH.PRGHOV+HVD\VKH
VHOHKDLQIRUPDGR\TXH\DKDGDGRVXSDODEUDDPVGHFOLHQ ZDVQoWLQIRUPHGDQGWKDWKHoVDOUHDG\JLYHQKLVZRUGWRRYHU
WHVQXHYRVHQODVOWLPDVWUHVVHPDQDV1RVHVWSLGLHQGRTXHOH QHZFXVWRPHUVLQWKHODVWWKUHHZHHNV+HoVDVNLQJXVWRKRQRUWKH
PDQWHQJDPRVHOSUHFLRDQWLJXRKDVWDQDOGH0DU]R6ORIDOWD ROGSULFHXQWLOWKHHQGRI0DUFK7KDWoVRQO\DPRQWKDQGDKDOI
XQPHV\PHGLRSHURVLVHHQWHUDQORVRWURVGLUHFWRUHVUHJLRQDOHV DZD\EXWLIWKHRWKHUWHUULWRU\PDQDJHUVQGRXWZHFRXOGKDYH
SRGUDPRVHQFRQWUDUQRVFRQXQSUREOHPD DSUREOHPRQRXUKDQGV

(VWLPDGRDPLJR\DOXPQR(OSRHPDTXHYLHQHDFRQWLQXDFLQGHVFULEHXQKHFKRUHDO+HFDPELDGR 0VSDODEUDVLQJOHVDV
ORVQRPEUHVSHURVHWUDWDGHXQDVLWXDFLQTXHWXYROXJDUDPHGLDGRVGHORV7HGHMRFRQHO GHUD]ODWLQD


SULQFLSLRGHOSRHPD\DSDUWLUGHODSU[LPDFKDWHLUFRQWDQGRHQSURVDORTXHODSRHVDH[SOLFD &RPPHQWDWRU &RPSDFW


FRQEDVWDQWHFODULGDG &RPPHUFH &RPSDQLRQ
(OIRJRQHUR\HOPDHVWURDUSRQHUR &RPPHUFLDO &RPSDQ\
&DVLWRGRVORVVHFWRUHVHFRQPLFRV\VRFLDOHVGH
&RPPLVVLRQ &RPSDUDEOH
4XHUHPRVGHQXHYRTXHWXEXHQDHPSUHVD (VSDDHVWQREVHVLRQDGRVFRQHOWHPDGHOLQJOV
&RPPLW &RPSDUDWLYH
1RVD\XGHDUHVROYHU\GHIRUPDH[SUHVD \ ODV HPSUHVDV JDVWDQ LQJHQWHV FDQWLGDGHV GH &RPPLWPHQW &RPSDUH
8QSUREOHPDLPSRUWDQWHSDUDHOUHDFRPHUFLDO GLQHURSDUDRIUHFHURSRUWXQLGDGHVGHIRUPDFLQD &RPPLWWHH &RPSDULVRQ
&HQWUDGRHVRVHQXQKRPEUHHVSHFLDO VXSODQWLOODRSHGLUVROXFLRQHVHVSHFFDVSDUDVX &RPPRQ &RPSDUWPHQW
6XQRPEUHHV7DQFUHGR\DQDOGHHQHUR SHUVRQDOFODYH(OFDVRGH7DQFUHGRHVPX\WSLFR &RPPRWLRQ &RPSDVV
6HUQXHVWURQXHYRPDHVWURDUSRQHUR \ D WUDYV GH VX KLVWRULD SRGUV FRQVWDWDU TXH &RPPXQH &RPSDVVLRQ
6XVDUSRQHVDODGRVDSXQWDGRVDOPHUFDGR QL ODV JUDQGHV HPSUHVDV FRQ VXV SUHVXSXHVWRV &RPPXQLFDWH &RPSDWLELOLW\
$XPHQWDUQQXHVWUDVYHQWDVGHXQPRGRGHVWDFDGR GH IRUPDFLQ VDEHQ DERUGDU FRQ SHULFLD \ WLQR &RPPXQLFDWLRQ &RPSDWLEOH
(VHOKRPEUHSHUIHFWRFRQSHULFLD\WLQR HO WHPD GH LQJOV 0X\ SRFDV KDQ REWHQLGR &RPPXQLRQ &RPSDWULRW
8QIHQPHQRDQGDQWHFRQXQFODURGHVWLQR XQD UHQWDELOLGDG HQ ORV  DRV TXH ODV YHQJR &RPPXQLFDWLYH &RPSHQGLXP
&RQOODHPSUHVDUHSXQWDUPX\SURQWR REVHUYDQGR &RPPXQLVP &RPSHQVDWH
3RUTXH7DQFUHGRQRWLHQHQLXQSHORGHWRQWR &RPPXQLVW &RPSHQVDWLRQ
5LFKDUG9DXJKDQ
&RPPXQLW\ &RPSHWHQFH
7REHFRQWLQXHGf

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVWHVXJDWR" ,VWKLVKHUFDW" /DQRYLDGHPLKHUPDQRHV 0\EURWKHUoVJLUOIULHQGoV


(VHVHVXSHUUR" ,VWKDWKLVGRJ" SRUWXJXHVD 3RUWXJXHVH
'QGHHVWPLSHORWD" :KHUHLVP\EDOO" /DVHFUHWDULDGHVXSDGUHHV +HUIDWKHUoVVHFUHWDU\oV
(VWGHEDMRGHODPHVD ,WoVXQGHUWKHWDEOH DOHPDQD *HUPDQ
3RUTXHVWDOO" :K\LVLWWKHUH" (OQRYLRGHVXKHUPDQDHVLWDOLDQR +LVVLVWHUoVER\IULHQGoV,WDOLDQ
(OFRFKHGHQXHVWURSURIHVRUHV2XUWHDFKHUoVFDUoV-DSDQHVH
MDSRQV
(OQRPEUHGHVXPGLFRHVIUDQFV 7KHLUGRFWRUoVQDPHoV)UHQFK

-RVHSK -RV
0DU\ 0DUD

7KH7KUHH.LQJV /RV5H\HV0DJRV

6KHSKHUG 3DVWRU

0DQJHU 3HVHEUH
9RFDEXODULR1DWLYLW\6FHQH %HOQ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HTXLQHVHVWHFRFKH" :KRVHFDULVWKLV" 1RKHSRGLGRWHUPLQDUOR ,KDYHQoWEHHQDEOHWRQLVKLW


&XOHVHOWX\R" :KLFKRQHLV\RXUV" &XQGRYDVDSRGHU :KHQDUH\RXJRLQJWREHDEOH
'HTXLQVRQHVRVOLEURV" :KRVHERRNVDUHWKRVH" HQYLUPHOR" WRVHQGLWWRPH"
&XOHVVRQORVVX\RV :KLFKRQHVDUHWKHLUV"
 1RSRGUDVLVWLU 6KHZRQoWEHDEOHWRDWWHQG
GHHOORV " 3RGUVFXPSOLUHOSOD]R" :LOO\RXEHDEOHWRPHHWWKH
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW" GHDGOLQH"
(VWR\SUHSDUDGR\OLVWR ,oPUHDG\DQGZLOOLQJ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$FRUWRSOD]RGHEHUDPRV ,QWKHVKRUWWHUPZHVKRXOG
 0HSXHGHVSODQFKDUODFDPLVD" &DQ\RXLURQP\VKLUW"
FRQVLGHUDURWUDVRSFLRQHV FRQVLGHURWKHURSWLRQV 3RUTXQRKDVEDUULGRHOVXHOR" :K\KDYHQoW\RXVZHSWWKH
&XOHVVRQWXVREMHWLYRVD :KDWDUH\RXUORQJWHUPJRDOV" RRU"
ODUJRSOD]R" /OHYDVVLJORVVLQOLPSLDUHOSROYR <RXKDYHQoWGXVWHGLQDJHV
1RKDVDSURYHFKDGRWXV <RXKDYHQoWWDNHQDGYDQWDJH
 &XQGRYDVDIUHJDUODFRFLQD" :KHQDUH\RXJRLQJWRPRS
RSRUWXQLGDGHV RI\RXURSSRUWXQLWLHV WKHNLWFKHQ"
$QWHVHUDVPVWUDEDMDGRU <RXXVHGWREHPRUHKDUG |'MDPHHQSD]|2GLRODVWDUHDV/HDYHPHDORQH,KDWH
ZRUNLQJ GRPVWLFDV KRXVHZRUN
4XWHSDVD" :KDWoVWKHPDWWHUZLWK\RX"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3XHGHTXHVHOHKD\DQSHJDGR +HPLJKWKDYHRYHUVOHSW /RVEHQHFLRVQHWRV 1HWSURWLQFUHDVHGE\LQ



ODVVEDQDV DXPHQWDURQXQHQHO WKHUVWKDOIRI
3XHGHTXHHOODKD\DVDOLGRGH 6KHPLJKWKDYHEHHQRXWRQ SULPHUVHPHVWUHGH
MXHUJDDQRFKH WKHWRZQODVWQLJKW (OGODUFD\XQQXHYRPQLPR7KHGROODUIHOOWRDQHZORZ
3XHGHTXHKD\DKDELGRXQ 0LJKWWKHUHKDYHEHHQD IUHQWHDOHXUR DJDLQVWWKHHXUR
PDOHQWHQGLGR" PLVXQGHUVWDQGLQJ" /DHPSUHVDVHYLRREOLJDGDD 7KHFRPSDQ\ZDVIRUFHGWRFXW

|'HEHUDKDEHUORVDELGR ,PLJKWKDYHNQRZQ UHGXFLUVXSHUVRQDOHQXQ RILWVZRUNIRUFH
|+DEUPHORGLFKR <RXPLJKWKDYHWROGPH (OSUHFLRGHODYLYLHQGDFD\SRU+RXVHSULFHVIHOOIRUWKHIRXUWK
FXDUWRWULPHVWUHFRQVHFXWLYR TXDUWHULQDURZ
/DFRQDQ]DGHORVFRQVXPLGRUHV&RQVXPHUFRQGHQFHLQWKH86
KDFDGREUXVFDPHQWHHQ((88 KDVIDOOHQVKDUSO\

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpXSq   7REHLQDKXUU\
3DUDGHFLUpWHQHUSULVDqQRGHFLPRVQXQFDpWR
7KHGUDLQLVVWRSSHGXS :RXOG\RXVKXWXSSOHDVH" KDYHKXUU\q
(OGHVDJHHVWDWDVFDGR 7HTXLHUHVFDOODUSRUIDYRU" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&DQ\RXKHOSPHXS" ,oOOULQJKLPXSWRPRUURZPRUQLQJ 7LHQHQSULVDSRUWHUPLQDUHOLQIRUPH
0HD\XGDVDOHYDQWDUPH" /HGDUXQWRTXHPDDQDSRUODPDDQD 3RUTXVLHPSUHWLHQHVSULVDFXDQGRWHYHR"
-RKQWHQDSULVDSRUOOHJDUDOEDQFRDQWHVGH
TXHFHUUDUD
+HWKUHZXSDOORYHUWKHEDFNVHDW <RXoYHUXQXSDKHIW\ELOO
'HYROYLSRUWRGRHODVLHQWRGHDWUV +DVLGRDFXPXODQGRXQDFXHQWD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
FRQVLGHUDEOH ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV,U
,UUDWLRQDO +LVEHKDYLRXUZDVWRWDOO\LUUDWLRQDO ,UUHSUHVVLEOH +HULUUHSUHVVLEOHODXJKWHUHQGVXSFDXVLQJSUREOHPV
,UUHJXODU <RXDUHVXIIHULQJDQLUUHJXODUKHDUWEHDW ,UUHVLVWLEOH :KHQVKHVPLOHVVKHoVVLPSO\LUUHVLVWLEOH
,UUHOHYDQW :KHWKHUWKH\JRRUQRWLVWRWDOO\LUUHOHYDQWWRPH ,UUHVSRQVLEOH ,WVHHPVDOORXUQHZSHRSOHDUHWRWDOO\LUUHVSRQVLEOH
,UUHSODFHDEOH &HUWDLQSOD\HUVRQWKHWHDPDUHLUUHSODFHDEOH ,UUHYHUVLEOH 7KHSURFHVVLVLUUHYHUVLEOH7KHUHoVQRWKLQJ,FDQGR

3UH[HV0LV
0LVEHKDYH 7KHLUFKLOGLVDOZD\VPLVEHKDYLQJDWVFKRRO 0LVOHDGLQJ 7KLVLQIRUPDWLRQFDQEHYHU\PLVOHDGLQJ
0LVFDUULDJH +LVZLIHVXIIHUHGDVHULHVRIPLVFDUULDJHV 0LVOHDG 7KH*HUPDQVZHUHPLVOHGE\WKHLUOHDGHUV
0LVFRQFHSWLRQ 7KHLGHDWKDWVQDNHVDUHVOLP\LVDPLVFRQFHSWLRQ 0LVPDQDJHG 7KHPLQLVWHUWRWDOO\PLVPDQDJHGWKHDIIDLU
0LVFRQGXFW 7KHUHoVDORWRIPLVFRQGXFWLQFHUWDLQ1*2V 0LVSODFH ,WKLQN,oYHPLVSODFHGP\ZDOOHW
0LVIRUWXQH ,KDGWKHPLVIRUWXQHWREHDSSRLQWHGVSRNHVPDQ 0LVSULQW 7KHUHDPLVSULQWRQSDJHSDUDJUDSK
0LVJLYLQJV ,KDYHVRPHVHULRXVPLVJLYLQJVDERXWWKHSURMHFW 0LVSURQRXQFH <RXDOZD\VPLVSURQRXQFHP\ODVWQDPH
0LVJXLGHG ,EHOLHYH\RXUDFWLRQVDUHPLVJXLGHG 0LVTXRWH 7KHFKDLUPDQZDVPLVTXRWHGE\WKHSUHVV
0LVKDQGOH 7KH35GHSDUWPHQWPLVKDQGOHGWKHDIIDLU 0LVVSHOO <RXoYHPLVVSHOOHGP\QDPHDJDLQ
0LVLQIRUPHG ,EHOLHYH\RXoYHEHHQPLVLQIRUPHG 0LVVSHOOLQJV 7KHUHDUHORWVRIPLVVSHOOLQJVLQWKHUHSRUW
0LVLQIRUPDWLRQ 7KHJRYHUQPHQWLVLVVXLQJPLVLQIRUPDWLRQRQWKLV 0LVWUHDW ,KDWHSHRSOHZKRPLVWUHDWDQLPDOV
0LVLQWHUSUHW 3OHDVHGRQoWPLVLQWHUSUHWP\ZRUGV 0LVWUHDWHG 7KHSRRUKRUVHZDVPLVWUHDWHGE\LWVRZQHU
0LVMXGJH 'RQoWPLVMXGJHKLVLQWHQWLRQV+HnVDJKWHU 0LVXQGHUVWDQG 'RQoWPLVXQGHUVWDQGPH,GRVXSSRUW\RX
0LVOHDG 7KHXQLRQERVVHVDUHPLVOHDGLQJWKHZRUNHUV 0LVXQGHUVWDQGLQJ ,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGROOHJXHHOPRPHQWRGHWHQHUXQDFKDUODVHULDFRQHOODWH :KHQWKHWLPHFRPHVWRKDYHDVHULRXVWDONZLWKKHU,oOOOHW\RX
ORKDUVDEHU3RUDKRUDORHVWKDFLHQGRELHQ\QRFUHRTXHVHDHO NQRZ6KHoVGRLQJRND\IRUWKHWLPHEHLQJDQG,GRQoWIHHOLWoVWKH
PRPHQWRRSRUWXQRSDUDWUDWDUHOWHPDGHOPDWULPRQLR7HUPLQD ULJKW PRPHQW \HW WR DSSURDFK WKH VXEMHFW RI PDUULDJH 6KH ZLOO
UVLHQGRHODGPLQLVWUDGRUGHOSDWULPRQLRIDPLOLDU\REYLDPHQWH HQG XS EHLQJ WKH DGPLQLVWUDWRU RI WKH HQWLUH IDPLO\ HVWDWH DQG
HOEODQFRGHORVHQFDQWRVGHPXFKRVKRPEUHV(OODQHFHVLWDUVD REYLRXVO\WKHREMHFWRIPDQ\PHQoVFKDUPV6KHoOOQHHGWRNQRZ
EHUFPRMX]JDUVXVLQFHULGDGHVSHFLDOPHQWHODGHDTXHOORVTXH KRZ WR MXGJH WKHLU VLQFHULW\ HVSHFLDOO\ WKH RQHV ZKR SURSRVH
OHSURSRQJDQHOPDWULPRQLR PDUULDJH

(VWLPDGRDPLJR\DOXPQR7DQFUHGRVTXHHVXQIHQPHQR$KRUDGLULJHWRGD(XURSD\HOQRUWHGH 0VSDODEUDVLQJOHVDV
IULFD(VXQPDJRHQORFRPHUFLDO\GHVSOLHJDVXPDJLDHQHOGHODHPSUHVDQRUWHDPHULFDQD GHUD]ODWLQD
SDUDODTXHWUDEDMDGHVGH<DWHKDEOGHOHQXQDFKDDQWHULRUSHURHVWDYH]TXLHURFRQWDU &RPSHWHQW &RPSRVLWLRQ
ODKLVWRULDGHVXVLQLFLRV\FPRORJUDPRVFRQYHQFHUDVXQXHYDHPSUHVDGHKDFHUORQHFHVDULRSDUD &RPSHWLWLRQ &RPSRVHU
UHVROYHUGHXQDYH]SRUWRGDVODFDUHQFLDIRUPDWL &RPSHWLWLYH &RPSRVXUH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW YDTXHSUHVHQWDEDHVWHpVDOYDGRUq(OUHWRHVWDED &RPSHWLWRU &RPSUHKHQG
3HURWHQHPRVXQSUREOHPDORSRGUVDGLYLQDU VHUYLGR7DQFUHGRWHQDDRV\HUDSULQFLSLDQWH &RPSLODWLRQ &RPSUHKHQVLYH
1XHVWUDVHGHGH2KLRYDDDOXFLQDU HQLQJOV'HMORVHVWXGLRVDORVDRVSDUDVHU &RPSLOH &RPSUHVVLRQ
&XDQGRVHSDTXH7DQFUHGRQXHVWUDDUPDVHFUHWD DSUHQGL] GH PHFQLFR \ VX WHVQ H LQWHOLJHQFLD &RPSOHPHQW &RPSXOVLRQ
6DEHWDQWRLQJOVFRPR%XVKGHSDQGHUHWDV QDWXUDOOHD\XGDURQDTXHDRVPVWDUGHIXH &RPSOHPHQWDU\ &RPSXOVLYH
&RPSOHWH &RPSXWH
'HYHQGHUVDEHPXFKRFRPRFKXUURVGHIHULD UDFKDGRFRPRHOQRYDPVGHWRGRHOVHFWRU
&RPSOHWHO\ &RPSXWHU
<VDEUFPRVDFDUQRVGHHVWDPLVHULD 3HURODHPSUHVDHVQRUWHDPHULFDQD\DVXVJUDQ
&RPSOH[ &RPUDGH
3HURHQFRVDVPVQDVHVXQSRFRSDUDGR GHVMHIHVGH2KLRQROHVJXVWDFRQDUGHPDVLDGR &RPSOH[LW\ &RQFDYH
<HQLGLRPDVHVXQKRPEUHPX\SRFRLOXVWUDGR HQJHQWHTXHQRKDEODHOLGLRPDGHODFDVD3RU &RPSOLFDWH &RQFHGH
(QVORVHLVPHVHVWHQGUTXHDVLVWLU WDQWR7DQFUHGRGHEDDSUHQGHULQJOV\QXHVWUD &RPSOLFDWHG &RQFHLYH
$ODVUHXQLRQHVWULPHVWUDOHVTXHVXHOHQFRQVLVWLU HPSUHVD9DXJKDQ6\VWHPVUHFLELHOHQFDUJRGH &RPSOLFDWLRQ &RQFHQWUDWH
(QH[DPLQDUORFRQVHJXLGR\HQMDUHOREMHWLYR ERFDGHOGLUHFWRUGH5HFXUVRV+XPDQRVQXHVWUR &RPSOLFLW\ &RQFHQWUDWLRQ
'HVGHORPVFRPHUFLDOKDVWDORPVDGPLQLVWUDWLYR QDUUDGRUGXUDQWHHVWDSDUWHGHOSRHPD &RPSRQHQW &RQFHQWULF
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RPSRVH &RQFHSW

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

0LQRYLDHVJXDSD 0\JLUOIULHQGoVSUHWW\ |%DLODFRQPLJR 'DQFHZLWKPH


7XQRPEUHHVODUJR <RXUQDPHoVORQJ |&QWDPHXQDFDQFLQ 6LQJPHDVRQJ
6XMHIHHVKRUULEOH GHO  +LVERVVLVKRUULEOH |&RPHWXFRPLGD (DW\RXUIRRG
6XPDGUHHVVLPSWLFD +HUPRWKHUoVQLFH |'LPHDKRUD 7HOOPHQRZ
1XHVWUDFDVDHVWHQODFLXGDG 2XUKRXVHLVLQWKHFLW\ |'DPHHVR *LYHPHWKDW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/RVLHQWRVHPHROYLGGHFUWHOR6RUU\,IRUJRWWRWHOO\RX 4XLQPVVDEDHVR" :KRHOVHNQHZWKDW"


/OHYDEDVSXHVWDHVDFRUEDWDD\HU<RXZRUHWKDWWLH\HVWHUGD\ 4XPVTXLHUHVTXHGLJD" :KDWHOVHGR\RXZDQWPHWR
0HVHQWPX\FDQVDGDFXDQGR,IHOWYHU\WLUHGZKHQ,ZRNH VD\"
PHGHVSHUW XS (QTXRWURVLWLRSRGUDPRV :KHUHHOVHFRXOGZHKROGWKH
OHOLJLODEODQFD +HFKRVHWKHZKLWHRQH FHOHEUDUODUHXQLQ" PHHWLQJ"
3HQVDEDTXHODFRQRFLVWHHQ ,WKRXJKW\RXPHWKHUDWWKH
 'HTXRWUDPDQHUDVHSRGUD+RZHOVHFRXOGLWEHVROYHG"
ODHVWD SDUW\ UHVROYHU"
3RUTXRWURPRWLYRORGLUD" :K\HOVHZRXOGVKHVD\WKDW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XWHWUDHSRUDTX" :KDWEULQJV\RXKHUH" 8QSROLFDVHPHDFHUF $SROLFHPDQFDPHXSWRPH


4XOHKDUDDHOODFDPELDUGH :KDWZRXOGPDNHKHUFKDQJH
 1RVKHPRVTXHGDGRVLQGLQHUR :HoYHUDQRXWRIPRQH\
RSLQLQ" KHUPLQG" 6HOHKDDFDEDGRODSDFLHQFLD +HKDVUXQRXWRISDWLHQFH
4XOHVKL]RPDUFKDUVH" :KDWPDGHWKHPOHDYH" 0DQWHQOHDOHMDGRGHHOOD .HHSKLPDZD\IURPKHU
4XVXFHGLFXDQGROOHJVX :KDWKDSSHQHGZKHQKHU
 /RVERUUDFKRVFDQWDQGRHQOD 7KHGUXQNVVLQJLQJRQWKH
PDULGR" KXVEDQGDUULYHG" FDOOHPHWXYLHURQHQYHODWRGD VWUHHWNHSWPHXSDOOQLJKW
4XSXHGRKDFHUSDUDTXH :KDWFDQ,GRWRPDNH\RXORYH
 ODQRFKH
WPHTXLHUDV" PH"

(OYHV (OIRV

6DFN 6DFRFRQUHJDORV

6OHLJKEHOO &DVFDEHO

6OHLJK 7ULQHR
5HLQGHHU 5HQR

9RFDEXODULR)DWKHU&KULVWPDV 3DSD1RHO

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

9R\DOLPDUPHODVXDV ,oPJRLQJWROHP\QDLOV 8QJUDQJXLRFPSOLFHD-RKQ$ELJNQRZLQJZLQNWR-RKQIRU


0HSXHGHVSUHVWDUFUHPD &DQ\RXOHQGPHVRPH SRUORTXHVLJXH WKLVRQH
KLGUDWDQWH" PRLVWXUL]LQJFUHDP" ,PDJLQDTXHQRKD\SRVHVLRQHV,PDJLQHQRSRVVHVVLRQV,
&PRWHGHSLODVODVD[LODV" +RZGR\RXUHPRYHWKHKDLU PHSUHJXQWRVLSXHGHVf ZRQGHULI\RXFDQf
IURP\RXUDUPSLWV" 1RKD\LQHUQREDMRQRVRWURV 1RKHOOEHORZXVDERYHXVRQO\
9DVDXQDSHOXTXHUDSDUD 'R\RXJRWRDKDLUGUHVVHUoVWR VREUHQRVRWURVVORKD\FLHOR VN\
OLPDUWHODVXDV" VWUDLJKWHQ\RXUKDLU" 6LQQHFHVLGDGGHDYDULFLDR 1RQHHGIRUJUHHGRUKXQJHUD
&RQTXIUHFXHQFLDWHOLPSLDV+RZRIWHQGR\RXRVV\RXU KDPEUHXQDKHUPDQGDGGH EURWKHUKRRGRIPDQ
ORVGLHQWHVFRQKLOR" WHHWK" KRPEUHV
'LUVTXHVR\XQVRDGRU <RXPD\VD\,oPDGUHDPHUEXW
SHURQRVR\HOQLFR ,oPQRWWKHRQO\RQH



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  /DYR]SDVLYD
(OFRPSOHPHQWRGLUHFWRGHXQYHUERDFWLYRVH
:KHQ,ZDVZDONLQJGRZQWKHVWUHHWf 7KH\VKXWGRZQWKHIDFWRU\ODVWPRQWK FRQYLHUWHHQHOVXMHWRGHXQYHUERHQSDVLYD
&XDQGRLEDDQGDQGRSRUODFDOOH &HUUDURQODIEULFDHOPHVSDVDGR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KH\WXUQHGGRZQWKHRIIHU 7KHZROIEOHZWKHKRXVHGRZQ (O&DVWLOORVHFRQVWUX\HQHOVLJOR
5HFKD]DURQODRIHUWD (OORERGHUULEODFDVDVRSODQGR /DVRUHVIXHURQSODQWDGDVGHQRFKH
/DVIDURODVIXHURQGLVHDGDVHQ1RUXHJD
&DQ\RXWXUQGRZQWKHUDGLR" 7KHZLQGEOHZWKHWUHHVGRZQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
3XHGHVEDMDUODUDGLR" (OYLHQWRGHUULEORVUEROHV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV2XW
2XWERDUG 0\ERDWKDVDQRXWERDUGPRWRUDWWDFKHGWRLW 2XWOLQH ,QHHGDEULHIRXWOLQHRIWKHRYHUDOOSURMHFW
2XWEUHDN 7KHUHZDVDQRXWEUHDNRIFKROHUDLQ6UL/DQND 2XWOLYH :RPHQXVXDOO\RXWOLYHPHQ
2XWEXUVW +LVDQJU\RXWEXUVWZDVWRWDOO\XQMXVWLHG 2XWORRN 6KHKDVDYHU\KHDOWK\RXWORRNRQOLIH
2XWFDVW ,IHHOOLNHDQRXWFDVWLQWKLVFORVHGVRFLHW\ 2XWPDQRHXYUH 2XUULYDOVVHHPWRKDYHRXWPDQRHXYUHGXV
2XWFRPH 7KHRXWFRPHRIWKHLUHIIRUWVLVVWLOOWREHVHHQ 2XWQXPEHU 7KH5XVVLDQVRXWQXPEHUHGWKH*HUPDQVE\WR
2XWGDWHG 7KRVHLGHDVDUHFRPSOHWHO\RXWGDWHG 2XWRIGDWH 7KDWWHFKQRORJ\LVDOUHDG\RXWRIGDWH
2XWGR ,FDQRXWGR\RXRQDQ\WKLQJ\RXSURSRVH 2XWRIWKHZD\ ,QGRXWRIWKHZD\SODFHVWRVSHQGP\KROLGD\V
2XWGRRU ,SUHIHURXWGRRUVSRUWVWRLQGRRUVSRUWV 2XWSXW )DFWRU\RXWSXWWKLV\HDULVPRYLQJDWDUHFRUGSDFH
2XWGRRUV ,OLNHWRVSHQGWLPHLQWKHRXWGRRUV 2XWUDQN 7HDFKLQJRXWUDQNVUHVHDUFKDWPRVWXQLYHUVLWLHV
2XWW ,OLNH\RXURXWW:KHUHGLG\RXEX\LW" 2XWUXQ $FKHHWDKFDQRXWUXQDOLRQDQ\GD\RIWKHZHHN
2XWJRLQJ 0\ERVVLVDYHU\RXWJRLQJSHUVRQ 2XWVNLUWV 0\QHZKRXVHLVORFDWHGRQWKHRXWVNLUWVRI3DULV
2XWJURZ <RXUVRQZLOOVRRQRXWJURZWKDWNLQGRIEHKDYLRXU 2XWVSRNHQ +HoVTXLWHRXWVSRNHQZKHQLWFRPHVWRVDIHW\
2XWODZ 2NODKRPDXVHGWREHDVDIHKDYHQIRURXWODZV 2XWVWDQGLQJ <RXoYHGRQHDQRXWVWDQGLQJMRE&RQJUDWXODWLRQV

3UH[HV0XOWL
0XOWLOHYHO 7KH\OLYHLQDPXOWLOHYHOKRXVH 0XOWLQDWLRQDO 1HVWOLVD6ZLVVPXOWLQDWLRQDOFRUSRUDWLRQ
0XOWLOLQJXDO 0DQ\SHRSOHLQ/X[HPERXUJDUHPXOWLOLQJXDO 0XOWLSXUSRVH 7KLVDDPXOWLSXUSRVHKRXVHFOHDQLQJPDFKLQH
0XOWLPLOOLRQDLUH +LVGUHDPLVWREHFRPHDPXOWLPLOOLRQDLUH 0XOWLWDVN :RPHQVD\WKDWPHQFDQoWPXOWLWDVN

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QYLGLR D OD JHQWH TXH SXHGH FRQVHJXLU WHQHU VX PHVD OLPSLD \ ,HQY\SHRSOHZKRFDQPDQDJHWRNHHSWKHLUGHVNFOHDQDQGWLG\,NQRZ
RUGHQDGD&RQR]FRDOGLUHFWRUJHQHUDOGHXQDHPSUHVD\VXPHVD DJHQHUDOPDQDJHURIRQHFRPSDQ\ZKRVHGHVNQHYHUKDVDVLQJOHLWHP
QXQFDWLHQHQDGDQLXQSDSHOQLVLTXLHUDXQRUGHQDGRU6LHVWV RUSLHFHRISDSHURQLWQRWHYHQDFRPSXWHU,I\RXoUHZLWKKLPDQGKH
FRQ O \ QHFHVLWD HVFULELU DOJR DEUH XQ FDMQ VDFD XQD KRMLWD GH QHHGVWRZULWHVRPHWKLQJGRZQKHRSHQVDGUDZHUWDNHVRXWDOLWWOH
SDSHOHVFULEHXQDVSDODEUDV\ORPHWHHQHOEROVLOORGHUHFKRGHVX SLHFHRIZKLWHSDSHUZULWHVDIHZZRUGVDQGSXWVWKHSLHFHRISDSHULQ
FKDTXHWD1RWHQJRQLLGHDGHTXKDFHFRQHOSDSHOGHVSXV KLVULJKWMDFNHWSRFNHW:KDWKHGRHVZLWKLWDIWHUWKDW,KDYHQRLGHD


(VWLPDGRDPLJR\DOXPQR(OGLUHFWRUGH5HFXUVRV+XPDQRVKDEODFRQHOSURYHHGRUGHODIRUPDFLQ 0VSDODEUDVLQJOHVDV
FRQFLHUWDDOWLYH]1RORKDUDVLHOSURYHHGRUIXHUDXQDSUHVWLJLRVDFRQVXOWRUDGHHVWUDWHJLDRXQD GHUD]ODWLQD
IDPRVD HVFXHOD GH QHJRFLRV (O VHFWRU GH OD HQVHDQ]D GH LGLRPDV WDQWR HQ (VSDD FRPR HQ HO &RQFHSWLRQ &RQGHPQ


UHVWR GHO PXQGR HVW DWRPL]DGR \ GHVSUHVWLJLDGR 0XFKDV YHFHV SDVD TXH HO FOLHQWH \D VHD XQ &RQFHSWXDO &RQGHPQDWLRQ
SDUWLFXODU R XQD HPSUHVD GHVFRQID GH OD &RQFHUQ &RQGHQVH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW &RQFHUQLQJ &RQGHQVDWLRQ
FDOLGDG\FUHHTXHWLHQHWDQWRGHUHFKRFRPR
(VLPSHUDWLYRSRUWDQWRTXHWXEXHQDHPSUHVD HOSURYHHGRUGHRSLQDUVREUHFPRUHVROYHU &RQFHUW &RQGHVFHQG
1RVYXHOYDDFDXVDUXQDJUDWDVRUSUHVD XQDFDUHQFLDIRUPDWLYD1RVHOHRFXUULUDD &RQFHVVLRQ &RQGLPHQW
(VLPSHUDWLYRTXH7DQFUHGRHVWFPRGR\VXHOWR QDGLH VXJHULU D XQ FLUXMDQR FPR RSHUDU D &RQFLHUJH &RQGLWLRQ
<VHVLHQWDHQLQJOVXQKRPEUHGHVHQYXHOWR FRUD]Q DELHUWR SHUR VH VLHQWH WRWDOPHQWH &RQFLOLDWH &RQGLWLRQDO
4XHPHKDJDVXQDSURSXHVWD\TXHVHDHFD] &RQFLOLDWLRQ &RQGROHQFHV
OHJLWLPDGR SDUD RSLQDU VREUH FPR TXLHUH
3XHVHQHVWRHVWFODURQRKD\TXHVHUSHUVSLFD] &RQFLVH &RQGRU
TXH VH GLVHH XQ SURJUDPD GH IRUPDFLQ
3UHSUDPHXQSURJUDPDTXHQRVUHVXHOYDODSDSHOHWD &RQFODYH &RQGXFW
HQLQJOV(QHOSRHPDHOGLUHFWRUGH5HFXU &RQFOXGH &RQGXFWRU
6ROXFLQHVRVGHQLWLYD\FRPSOHWD VRV +XPDQRV HVW VROLFLWDQGR XQ PLODJUR &RQFOXVLRQ &RQIHUHQFH
(VWLPDGR6U7HOPROHDJUDGH]FRODFRQDQ]D 4XLHUHTXHGRWHPRVGHLQJOVDXQFXUWLGR &RQFRUGDQFH &RQIHUH
&RPRPLHPSUHVDQRKD\QLQJXQDPHMRUHQODHQVHDQ]D YHQGHGRU GH  DRV TXH QR VDEH GHFLU QL &RQFRUG &RQIHVV
$7DQFUHGROHFRQR]FRHOUHWRHVWVHUYLGR \HV&XOHVQXHVWURSULPHUUHWR"3URQWR &RQFUHWH &RQIHVVLRQ
(OSODQ"1XHVWURMDUDEHFRQERQLDWRKHUYLGR ORYHUHPRV &RQFXELQH &RQIHVVRU
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RQFXUUHQFH &RQGHQFH

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

+R\HVHOSUHVHQWH 7RGD\LVWKHSUHVHQW 1RWHHVWR\KDEODQGRDWL ,oPQRWWDONLQJWR\RX


0DDQDHVHOIXWXUR 7RPRUURZLVWKHIXWXUH 1RHVWHVWXGLDQGRPXFKRHQ 6KHLVQoWVWXG\LQJPXFKDWWKH
$\HUHVHOSDVDGR <HVWHUGD\LVWKHSDVW HVWHPRPHQWR PRPHQW
&XQGRHVVXFXPSOHDRV" :KHQoVKHUELUWKGD\" (VWDPRVFRPLHQGRHQHOMDUGQ :HoUHHDWLQJLQWKHJDUGHQ
1XHVWURWLHPSRHVDKRUD 2XUWLPHLVQRZ (VWHVFXFKDQGRODUDGLR" ,VKHOLVWHQLQJWRWKHUDGLR"
3RUTXORHVWQFRQVWUX\HQGR:K\DUHWKH\EXLOGLQJLWWKHUH"
DOO"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RHVWDQEXHQRFRPRVX ,WoVQRWDVJRRGDVWKHLUUVW
 &SLDOR\SJDOR &RS\DQGSDVWHLW
SULPHUGLVFR UHFRUG &XQWRHVSDFLROLEUHWHTXHGD +RZPXFKIUHHVSDFHGR\RX
(VHVWRORPHMRUTXHSXHGHV ,VWKLVWKHEHVWWKDW\RXFDQ
 HQHOGLVFRGXUR" KDYHOHIWRQ\RXUKDUGGULYH"
KDFHU" GR" 6HUDEXHQDLGHDKDFHUXQD ,WZRXOGEHDJRRGLGHD
1RHVWQWDQFRQWHQWRVFRPR 7KH\oUHQRWDVKDSS\DVWKH\
 FRSLDGHVHJXULGDGGHWRGR WRPDNHDVDIHW\FRS\RI
HVWDEDQKDFHXQDVKRUDV ZHUHDIHZKRXUVDJR HYHU\WKLQJ
6DEHQWDQWRFRPRQRVRWURV 7KH\NQRZDVPXFKDVZHGR
 &XQWRVDUFKLYRVKD\HQHVD +RZPDQ\OHVDUHWKHUHLQ
DFHUFDGHOWHPD DERXWWKHVXEMHFW FDUSHWD" WKDWIROGHU"
1RKD\WDQWDVSHUVRQDVDTX 7KHUHDUHQoWDVPDQ\SHRSOH
 0HORSXHGHVJUDEDUHQXQ&'" &DQ\RXUHFRUGLWIRUPHRQD&'"
FRPRKXERODVHPDQDSDVDGD KHUHDVWKHUHZHUHODVWZHHN

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HGXHOHODJDUJDQWD ,KDYHDVRUHWKURDW 4XWUHVSDODEUDVHPSOHDUDV :KDWWKUHHDGMHFWLYHVZRXOG


7LHQHVPXFKDWRV <RXoYHJRWDEDGFRXJK SDUDGHVFULELUWHGHPDQHUD \RXXVHWRGHVFULEH\RXUVHOI
0HWRUFHOWRELOORMXJDQGRDO ,WZLVWHGP\DQNOHSOD\LQJ
 SRVLWLYD" SRVLWLYHO\"
IXWERO IRRWEDOO (QFDQWDGRURFXUUHQWH\ &KDUPLQJZLWW\DQGKXPEOH
&PRWHKDVFRUWDGR" +RZGLG\RXFXW\RXUVHOI" KXPLOGH
6HURPSLWUHVKXHVRVGHOD +HEURNHWKUHHERQHVLQKLV
 <FPRGHVFULELUDQWXVDPLJRV$QGKRZZRXOG\RXUIULHQGV
SLHUQDGHUHFKD ULJKWOHJ WXVPDODVFXDOLGDGHV" GHVFULEH\RXUEDGSRLQWV"
4XLVTXLOORVRYROXEOH\ )XVV\PRRG\DQGPHVV\
GHVRUGHQDGR
3DUHFHVVHUXQDSHUVRQD <RXVRXQGOLNHDFRPSOH[
FRPSOHMD SHUVRQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/OHYRWRGRHOGDHVWRUQXGDQGR ,oYHEHHQVQHH]LQJDOOGD\ 4XFDXVDHOFDOHQWDPLHQWR :KDWFDXVHVJOREDOZDUPLQJ"


+HXWLOL]DGRPXFKRVSDXHORV ,oYHXVHGVRPDQ\WLVVXHV JOREDO"
VRQQGRPHODQDUL] EORZLQJP\QRVH (VHOHIHFWRLQYHUQDGHURQR" 7KDWoVWKHJUHHQKRXVHHIIHFW
3RUTXHVWVERVWH]DQGR :K\DUH\RX\DZQLQJVR LVQoWLW"
WDQWR" PXFK" <TXSDVDFRQHODJXMHURGH :KDWDERXWWKHKROHLQWKH
1RORVQRORSXHGRHYLWDU ,GRQoWNQRZ,FDQoWKHOSLW ODFDSDGHR]RQR" R]RQHOD\HU"
$YHUVLSDUDVPHORHVWV ,ZLVK\RXoGVWRS\RXoUHJLYLQJ &XHVWDFUHHUORSHURDUUHJODURQ ,WoVKDUGWREHOLHYHEXWWKH\
SHJDQGRDP LWWRPH HVR VROYHGWKDW
4XHGDGHPRVWUDGRTXHTXHUHU,WMXVWJRHVWRVKRZWKDWZKHUH
HVSRGHU WKHUHoVDZLOOWKHUHoVDZD\

+HOPHW &DVFR &OLPEHU (VFDODGRU

5DYLQH %DUUDQFR +DUQHVV $UQV

5RSH &XHUGD

9RFDEXODULR5RFN&OLPELQJ (VFDODGD

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  /Dp6qGHOD7HUFHUD3HUVRQD

+HWULHGWREUHDNGRZQWKHGRRU :K\GLGWKHQHJRWLDWLRQVEUHDNGRZQ" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


,QWHQWGHUULEDUODSXHUWD 3RUTXIUDFDVDURQODVQHJRFLDFLRQHV" IUDVHVHQLQJOV"
%HERGRQGHHOODEHEH
6KHEURNHGRZQDQGVWDUWHGFU\LQJ 0\FDUEURNHGRZQRQWKHZD\KHUH 9LDMRGRQGHHOODYLDMD
3HUGLHOFRQWURO\VHSXVRDOORUDU 0LFRFKHVHDYHULFDPLQRGHDTX 0HVLHQWRGRQGHHOODVHVLHQWD

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
%UHDNLWGRZQLQWRVPDOOHUSDUWV &DQ\RXEUHDNGRZQWKHVDOHVE\UHJLRQ"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
5HGFHORDFRQFHSWRVPVVHQFLOORV 3XHGHVGHVJORVDUODVYHQWDVSRUUHJLRQHV" ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV2YHU
2YHUDOO 2YHUDOOVDOHVLQFOXGLQJHYHU\OLQHJUHZ 2YHUORRN <RXoYHRYHUORRNHGWKHPRVWLPSRUWDQWSRLQW
2YHUERRN $LUOLQHVRIWHQRYHUERRNWKHLULJKWV 2YHUQLJKW 6LQDWUDZDVWKHUVWFDVHRIDQRYHUQLJKWVXFFHVV
2YHUERRNLQJ :HVXIIHUHGWKHFRQVHTXHQFHVRIRYHUERRNLQJ 2YHUSD\ ,WKLQNWKH\RYHUSDLGPHODVWPRQWK
2YHUERDUG 7KHSLUDWHVWKUHZWKH'XWFKRIFHURYHUERDUG 2YHUSRSXODWHG 0RVWPDMRUFDSLWDOVLQ$VLDDUHRYHUSRSXODWHG
2YHUEXUGHQ <RXRYHUEXUGHQ\RXUSHRSOHZLWKPHQLDOWDVNV 2YHUSRZHULQJ +LVEDGEUHDWKZDVRYHUSRZHULQJ
2YHUFDVW 7KHVN\KDVEHHQRYHUFDVWIRUWZRVWUDLJKWGD\V 2YHUUDWH 'RQoWRYHUUDWHKLVVNLOOV/HWKLPSURYHKLVZRUWK
2YHUFKDUJH 7KH\RYHUFKDUJHGPHIRUWKHFRIIHH 2YHUUHDFW ,WKLQN\RXRYHUUHDFWHGWRWKHEDGQHZV
2YHUFRDW ,ZHDUDQRYHUFRDWHYHQLQWKHVXPPHU 2YHUULGH ,oPWKHERVVDQGP\GHFLVLRQVRYHUULGHWKHUHVW
2YHUFRPH ,WWRRNPHDORQJWLPHWRRYHUFRPHWKHWUDJHG\ 2YHUH[WHQGHG ,WKLQNZHoYHRYHUH[WHQGHGRXUUHVRXUFHV
2YHUFRQGHQW +LVRYHUFRQGHQWDWWLWXGHFRXOGEULQJGLVDVWHU 2YHUVHH 7KHVXSHUYLVRUoVMRELVWRRYHUVHHSURGXFWLRQ
2YHUFRRN 7KH\RYHUFRRNHGP\VWHDN,RUGHUHGLWUDUH 2YHUVHDV 2XURYHUVHDVGLYLVLRQLVGRLQJEHWWHUWKDQXVXDO
2YHUFURZGHG 0DQ\SULVRQVLQ&DOFXWWDDUHRYHUFURZGHG 2YHUVKDGRZ +LVVLVWHUoVIDPHRYHUVKDGRZHGKLVDFKLHYHPHQWV
2YHUGR 'RQoWRYHUGRLW0RGHUDWLRQLVWKHNH\ZRUG 2YHUVLJKW  ,oPDPHPEHURIWKHRYHUVLJKWFRPPLWWHH
2YHUGRQH 7KH\EURXJKWP\VWHDNRYHUGRQH,ZDQWLWUDUH 2YHUVLJKW  ,oPVRUU\,GLGQoWLQFOXGH\RX,WZDVDQRYHUVLJKW
2YHUGRVH +HGLHGRIDQRYHUGRVHRISDLQUHOLHYHUV 2YHUVLPSOLI\ 'RQoWWU\WRRYHUVLPSOLI\WKHWDVNVDWKDQG
2YHUGXH 7KHSD\PHQWRI\RXUELOOLVDPRQWKRYHUGXH 2YHUVOHHS 7KHODVWWLPH,RYHUVOHSWZDVWKUHH\HDUVDJR
2YHUHVWLPDWH SHRSOH"'RQoWRYHUHVWLPDWHWKHWXUQRXW 2YHUVSHQG <RXQJFRXSOHVRYHUVSHQGRQHQWHUWDLQPHQW
2YHURZ 7KHEDWKWXERYHURZHGDQGRRGHGWKHKRXVH 2YHUVWDIIHG 7KHUPLVRYHUVWDIIHGIRULWVYROXPHRIEXVLQHVV
2YHUKHDG 7KHUHZHUHMHWV\LQJRYHUKHDG 2YHUWKURZ 7KHPLOLWDU\RYHUWKUHZWKHJRYHUQPHQW
2YHUKHDU ,FRXOGQoWKHOSEXWRYHUKHDU\RXUFRQYHUVDWLRQ 2YHUWLPH 0DQ\SHRSOHPDNHH[WUDPRQH\ZRUNLQJRYHUWLPH
2YHUKHDW 7KHHQJLQHLQP\FDUNHHSVRYHUKHDWLQJ 2YHUZHLJKW 2YHUZHLJKWSHRSOHUXQJUHDWHUKHDOWKULVNV
2YHUODS 7KHVHWZRFRQFHSWVWHQGWRRYHUODS 2YHUZKHOPLQJ 7KHHYLGHQFHLQ\RXUIDYRXULVRYHUZKHOPLQJ
2YHUORDG 'RQoWRYHUORDGWKHNLGVZLWKVRPXFKKRPHZRUN 2YHUZRUNHG <RXORRNRYHUZRUNHG:K\QRWWDNHDIHZGD\VRII"
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RQRVTXHGDQH[LVWHQFLDV+DFHGRVPHVHVTXHSHGLPRVPVGH :HoUHRXWRIVWRFN:HRUGHUHGRYHUDWKRXVDQGQHZERRNVWZR
PLOOLEURVQXHYRV\WRGDYDQRORVKHPRVUHFLELGR(OOLEURDSDUH PRQWKV DJR DQG ZH VWLOO KDYHQoW UHFHLYHG WKHP 7KH ERRN ZDV
FDDQXQFLDGRHQXQDFRQRFLGDUHYLVWDKDFHXQSDUGHVHPDQDV\ ZULWWHQXSLQDSRSXODUQHZVPDJD]LQHDFRXSOHRIZHHNVDJRDQG
KHPRVUHFLELGRPXFKRVHQFDUJRVTXHQRSRGHPRVDWHQGHU0H ZHoYHUHFHLYHGDORWRIRUGHUVZHFDQoWOO,oGJXHVVZHoYHORVWRYHU
DYHQWXUDUDDGHFLUTXHKHPRVSHUGLGRPVGHWUHVPLOHXURVHQ WKUHHWKRXVDQGHXURVLQVDOHVLQMXVWWZRZHHNV,LPDJLQHZHFDQ
YHQWDVHQWDQVORGRVVHPDQDV0HLPDJLQRTXHSRGUHPRVDWHQ OOPDQ\RIWKRVHRUGHUVRQFHWKHERRNVDUHLQVWRFNEXWVRPHRI
GHUDPXFKDVGHHVDVSHWLFLRQHVXQDYH]TXHWHQJDPRVH[LVWHQ WKHPZLOOEHORVWVDOHVRSSRUWXQLWLHV
FLDVSHURDOJXQRVGHHOORVYDQDVHURSRUWXQLGDGHVSHUGLGDV


(VWLPDGRDPLJR\DOXPQR$OGLUHFWRUGH5HFXUVRV+XPDQRVOHHQWUHJXXQDSURSXHVWDFRQXQSUHFLR 0VSDODEUDVLQJOHVDVGHUD]ODWLQD
WRWDOTXHDVFHQGDDWUHLQWDPLOHXURV&UHRTXHIXHODSULPHUDYH]HQVXYLGDTXHYLRXQDFLIUDVLPL &ROOHFW &RPELQDWLRQ
ODUSDUDXQSURJUDPDGHLQJOV&RPRFDVLWRGRHOPXQGRSHQVDEDTXHFRQODFRQWUDWDFLQGHXQDV &ROOHFWLRQ &RPELQH
FODVHVFRQVHJXLUDPRVFRQYHUWLUD7DQFUHGRHQELOLQ &ROOHFWLYH &RPELQHG
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW &ROOLGH &RPEDW
JH1DGLHHQODKLVWRULDVHKDKHFKRGHDGXOWRFRQ
$VXVDRVHVDQSULQFLSLDQWH XQEXHQGRPLQLRGHXQVHJXQGRLGLRPDVLQLQYHUWLU &ROOLVLRQ &RPEXVWLEOH
6XHVSDROGHIHFWXRVRHVRWURDJUDYDQWH XQPQLPRGHHXURV\DVHDGLFKDLQYHUVLQ &ROORTXLDO &RPHGLDQ
&RPHQ]DWUDEDMDUVLHQGRDQDGROHVFHQWH &ROORTXLDOLVP &RPHG\
HQHVIXHU]RHQGLQHURRHQXQDFRPELQDFLQGHODV
<HVWDQQRWDQQRFRPRHOSHRUDJXDUGLHQWH &RORJQH &RPHW
GRVFRVDV,OXVRVKD\HQWRGDVSDUWHVSHURSDUHFHQ
'RWDUOHGHLQJOVHQXQSOD]RUD]RQDEOH &RORQ &RPIRUW
DFDPSDUHQHVSHFLDOHQHOPXQGRGHORVDVSLUDQWHVD
([LJLUXQHVIXHU]RFLHUWDPHQWHFRQVLGHUDEOH &RORQLDO &RPIRUWDEOH
DSUHQGHULQJOV3RUHVRWDQSRFDJHQWHDFDEDUHPD &RORQLDOLVP &RPLF
(QGLQHURWUHLQWDPLO\HQWLHPSR"ODWLUD
WDQGRODIDHQD3LFRWHDQVREUHGHOSUREOHPDGXUDQ &RORQL]DWLRQ &RPLFDO
3HURDOQDOKDEODULQJOVDOLJXDOTXHUHVSLUD
WHDRVUHDOL]DQGRHVSRUGLFDVLQFXUVLRQHVGHSRFD &RORQL]H &RPPD 
0HKDVGLFKRWUHLQWDPLO"%URPHDVRTX" PRQWD$OFDERGHDRVDSHQDVKDQSURJUHVDGR &RORU &RPPDQG
3RUWUHLQWDPLOOHHQVHDVKDVWDFDOD3HO SHURHQGLQHURDFXPXODGRKDQWHUPLQDGRJDVWDQGR &ROXPQ &RPPDQGHU
6HLVPLOHVORP[LPRTXHSRGHPRVGHVWLQDU
XQDIRUWXQDWRGRHQEDOGH &ROXPQLVW &RPPDQGR
7UHLQWDPLOPHRIHQGHQRVTXLHUHVDUUXLQDU" 
&RPD &RPPHPRUDWH
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RPDWRVH &RPPHQFH
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

/RVQPHURVVRQLQWHUHVDQWHV 1XPEHUVDUHLQWHUHVWLQJ 4XLQYDDYHQLUDODFHQD" :KRoVJRLQJWRFRPHWRWKH


&XQWRHVODPLWDGGHGLHFLVLV":KDWoVWKHKDOIRIVL[WHHQ" GLQQHU"
&XQWRHVHOGLH]SRUFLHQWR :KDWoVWHQSHUFHQWRIWZR
 1RSXHGRLU ,FDQoWJR
GHGRVFLHQWRV" KXQGUHG" 3XHGHYHQLUWXKHUPDQD" &DQ\RXUVLVWHUFRPH"
&XQWRVRQGRVPVGRV" :KDWoVWZRSOXVWZR" 1RYDDHVWDUHQ(VSDDHQ 6KHLVQoWJRLQJWREHLQ6SDLQ
&XQWRHVXQFXDUWRGHFLHQ" :KDWoVDTXDUWHURIRQH GLFLHPEUH LQ'HFHPEHU
KXQGUHG" 4XYDDKDFHUHOOD" :KDWoVVKHJRLQJWRGR"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(/081'2HVXQSHULGLFRGLDULR(/081'2LVDGDLO\QHZVSDSHU 1RKDKDELGRPXFKDOOXYLD 7KHUHKDVQoWEHHQPXFKUDLQ


+D\UHXQLRQHVVHPDQDOHV 7KHUHDUHZHHNO\PHHWLQJVRQ
 OWLPDPHQWH ODWHO\
DFHUFDGHHVHWHPD WKDWVXEMHFW &XQGRIXHODOWLPDYH]TXH:KHQZDVWKHODVWWLPHWKHUH
(VXQDUHYLVWDTXHVDOH ,WoVDPDJD]LQHWKDWFRPHVRXW
 KXERXQDUHYROXFLQHQ,QJODWHUUD" ZDVDUHYROXWLRQLQ(QJODQG"
PHQVXDOPHQWH PRQWKO\ 1RKDKDELGRXQDUHYROXFLQ 7KHUHKDVQoWEHHQDSROLWLFDO
7ULPHVWUDOPHQWHVLJQLFDFDGD 4XDUWHUO\PHDQVHYHU\WKUHH
 SROWLFDGHVGHKDFHPVGH UHYROXWLRQIRURYHU\HDUV
WUHVPHVHV PRQWKV DRV
6HUHXQHQDQXDOPHQWH 7KH\PHHWDQQXDOO\ 'HVGHFXQGRKD\XQDIXHQWH+RZORQJKDVWKHUHEHHQD
HQHVWDSOD]D" IRXQWDLQLQWKLVVTXDUH"
6LHPSUHKDKDELGRSUREOHPDV 7KHUHKDYHDOZD\VEHHQ
FRQHOVLVWHPD SUREOHPVZLWKWKHV\VWHP

6SDUURZ *RUULQ

6HDJXOO *DYLRWD
6WRUN &LJHD

2ZO %KR
6ZDQ &LVQH

9RFDEXODULR%LUGV 3MDURV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1RVHORGLMLVWHYHUGDG" <RXGLGQoWWHOOWKHPGLG\RX"
 1RWDUGDUDPRVWDQWRVL ,WZRXOGQoWWDNHXVVRORQJLI
DHOORV KXELHUDPVJHQWHDTX WKHUHZHUHPRUHSHRSOHKHUH
+DKDELGRPDODVQRWLFLDVQR" 7KHUHoVEHHQVRPHEDGQHZV &XQWRWDUGDUQHQWHUPLQDU" +RZORQJZLOOLWWDNHWKHPWR
KDVQoWWKHUH" QLVK"
1RSRGUWHUPLQDUODFDUUHUD 6KHZRQoWEHDEOHWRQLVKWKH
 1XQFDKHWDUGDGRWDQWRHQ ,WoVQHYHUWDNHQPHVRORQJWR
YHUGDG" UDFHZLOOVKH" OOHJDUDTX JHWKHUH
'HEHUDVHVWDUHQHOFROHJLR <RXVKRXOGEHDWVFKRRO
 &XQWRKDEUDLVWDUGDGRVL +RZORQJZRXOGLWKDYHWDNHQ
QR" VKRXOGQoW\RX" KXELHVHLVWHQLGRXQFRFKHPV \RXLI\RXoGKDGDIDVWHUFDU"
(VRIXHXQHUURUGHVDVWURVR 7KDWZDVDGLVDVWURXVPLVWDNH
 USLGR"
YHUGDG" ZDVQoWLW" 1RKDEUDPRVWDUGDGRPHQRV:RXOGQoWLWKDYHWDNHQXVOHVV
VLKXELVHPRVFRJLGROD WLPHLIZHoGWDNHQWKHWROO
FDUUHWHUDGHSHDMH" URDG"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HERGLVFXOSDUPHSRUOR ,PXVWDSRORJL]HIRUZKDW &RORFDODWDUMHWDERFDDUULED 3ODFHWKHFDUGIDFHXS


VXFHGLGR KDSSHQHG 'HMDGORVH[PHQHVERFD /HDYH\RXUH[DPLQDWLRQSDSHUV

7HGHERXQDGLVFXOSD ,RZH\RXDQDSRORJ\ DEDMR IDFHGRZQ
/HVURJDPRVDFHSWHQQXHVWUDV 3OHDVHDFFHSWRXUDSRORJLHVIRU /HGLRODYXHOWDDOFDOFHWQ 6KHWXUQHGWKHVRFNLQVLGHRXW
GLVFXOSDVSRUODVPROHVWLDV WKHLQFRQYHQLHQFHFDXVHG /OHYDVSXHVWRWXVXWHUDO <RXoUHZHDULQJ\RXUVZHDWHU

RFDVLRQDGDV UHYV LQVLGHRXW
/DPHQWDPRVWHQHUTXH :HUHJUHWWRLQIRUP\RXWKDW (VWVOH\HQGRHVHOLEURDO <RXoUHUHDGLQJWKDWERRN

LQIRUPDUOHGHTXHODHPSUHVD WKHFRPSDQ\KDVJRQHLQWR UHYV XSVLGHGRZQ
KDHQWUDGRHQOLTXLGDFLQ OLTXLGDWLRQ
1RORKLFLPRVDSURSVLWR :HGLGQoWGRLWRQSXUSRVH

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  /RTXHpZKDWq

'RQoWOHWLWEULQJ\RXGRZQ &DQ\RXFRPHGRZQWRP\RIFH" 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


1RGHMHVTXHWHGHSULPD 3XHGHVEDMDUDPLGHVSDFKR" IUDVHVHQLQJOV"

<RXQHHGWREULQJGRZQWKHSULFH ,WFRPHVGRZQWRDTXHVWLRQRIPRQH\ 1RVORTXHYL


7LHQHVTXHEDMDUHOSUHFLR 6HUHGXFHDXQDFXHVWLRQGHGLQHUR OKL]RORTXHSXGR
1RHQWHQGORTXH O GHFD
<RXoOOKDYHWRFRPHGRZQWRRXUOHYHO ,WERLOVGRZQWRDTXHVWLRQRIPRQH\
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
7HQGUVTXHEDMDUDQXHVWURQLYHO 6HUHGXFHDXQDFXHVWLRQGHGLQHUR
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
3UH[HV5H
5HDFW +HGLGQoWUHDFWOLNH,H[SHFWHGKLPWR 5HGLVFRYHU $IWHU\HDUV,UHGLVFRYHUHGWKHMR\RIUHDGLQJ
5HDFWLRQ +LVUHDFWLRQWRWKHQHZVLWXDWLRQZDVXQH[SHFWHG 5HHOHFW :HZRQoWUHHOHFW\RXXQOHVV\RXDJUHHWRWKLV
5HDOLJQ :HPXVWUHDOLJQRXUUHVRXUFHVWRWKHQHZWLPHV 5HHYDOXDWH ,WKLQNZHVKRXOGUHHYDOXDWHWKHZKROHSURMHFW
5HDUUDQJH ,oYHUHDUUDQJHGWKHIXUQLWXUHLQWKHOREE\ 5HH[DPLQH ,WKLQNZHVKRXOGUHH[DPLQHWKHVWUDWHJ\
5HDVVXUH /HWPHUHDVVXUH\RX<RXUQDPHLVRQWKHOLVW 5HQDQFH 7KHVHFRQGPRUWJDJHZLOOUHQDQFHWKHUVW
5HDVVXUDQFH <RXUZRUGLVHQRXJKUHDVVXUDQFHIRUPH 5HKDELOLWDWH :HZDQWWRUHKDELOLWDWHWKHHQWLUHFLW\FHQWUH
5HDZDNHQLQJ 7KH5HQDLVVDQFHZDVDFXOWXUDOUHDZDNHQLQJ 5HKDELOLWDWLRQ 7KHUHKDELOLWDWLRQFRVWVZLOOEHTXLWHORZ
5HELUWK ,WZDVDUHELUWKRIFODVVLFDOLGHDV 5HLQIRUFH 7KLVUHSRUWUHLQIRUFHVRXUSRVLWLRQ
5HEXLOG :HQHHGWRUHEXLOGWKHPRUDOHLQWKHFRPSDQ\ 5HLWHUDWH /HWPHUHLWHUDWHRXULQWHUHVWLQWKHSURMHFW
5HFKDUJH ,QHHGMXPSHUFDEOHVWRUHFKDUJHP\EDWWHU\ 5HORFDWH 7KH\ZDQWPHWRUHORFDWHWR=DUDJR]D
5HFRQTXHU ,WWRRN\HDUVWRUHFRQTXHU6SDLQIURPWKH0RRUV 5HPDUU\ 6KHKDVUHPDUULHGVHYHQWLPHV
5HFRQTXHVW 7KH&KULVWLDQUHFRQTXHVWHQGHGLQ*UDQDGD 5HPRGHO ,oPJRLQJWRKDYHP\KRXVHUHPRGHOOHG
5HFRQVLGHU ,WKLQN\RXZRXOGGRZHOOWRUHFRQVLGHU\RXUGHFLVLRQ 5HPRGHOOLQJ 7KHUHPRGHOOLQJZLOOEHGRQHQH[W\HDU
5HFRQVWUXFW *HUPDQ\QHHGHG\HDUVWRUHFRQVWUXFWLWVHFRQRP\ 5HQDPH 5HQDPHWKHOHp7*/q
5HFRQVWUXFWLRQ 7KHUHFRQVWUXFWLRQSURFHVVLQ%RVQLDKDVEHHQWRXJK 5HQHJRWLDWH :HQHHGWRUHQHJRWLDWHWKHFRQWUDFW
5HFUHDWH ,ZDQWWRUHFUHDWHDVFHQHIURP/RSHGH9HJD 5HRUJDQL]H 7KH\oUHSODQQLQJWRUHRUJDQL]HWKHHQWLUHUP
5HF\FOH :HWU\WRUHF\FOHDOOWKHZDVWHVZHSURGXFH 5HSD\ +HUHSDLGP\HIIRUWVZLWKDSDWRQWKHEDFN
5HF\FOLQJ 7KHUHF\FOLQJSURFHVVLVTXLWHH[SHQVLYH 5HUHDG 5HUHDGWKHOHWWHUEHIRUHZULWLQJDQDQVZHU
5HGHQH <RXQHHGWRUHGHQHWKHJRDOVDQGREMHFWLYHV 5HVFKHGXOH &DQ,UHVFKHGXOHWKHDSSRLQWPHQWIRU)ULGD\"
5HGHSOR\ 7KHJHQHUDOUHGHSOR\HGWKHWURRSVRQVHYHUDOIURQWV 5HXQLI\ 7KHGHFLVLRQWRUHXQLI\*HUPDQ\ZDVXQDQLPRXV
5HGLDO ,VHWWKHSKRQHWRUHGLDOWKHQXPEHUHYHU\PLQXWHV 5HZULWH ,KDGWRUHZULWHWKHHQWLUHGRFXPHQW

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XIRUPDGHHVFULELUWLHQGHDVHUGHPDVLDGRRULGD$\HUHVWDEDOH\HQ <RXUZULWLQJWHQGVWREHWRRRZHU\-XVW\HVWHUGD\,ZDVUHDGLQJ
GRODHGLWRULDOTXHHVFULELVWH\QRSXGHDYHULJXDUTXUD]RQDPLHQWR WKHHGLWRULDO\RXZURWHDQG,FRXOGQoWJXUHRXWZKDWDUJXPHQW\RX
KDFDVKDVWDHOWHUFHUSUUDIR/DPD\RUDGHODJHQWHVRQOHFWRUHVLP ZHUHPDNLQJXQWLOWKHWKLUGSDUDJUDSK0RVWSHRSOHDUHLPSDWLHQW
SDFLHQWHV\VLQRDWUDHVVXDWHQFLQHQODSULPHUDOQHDRSRUORPHQRV UHDGHUVDQGLI\RXGRQoWJHWWKHLULQWHUHVWLQWKHUVWOLQHRUDWOHDVW
HQHOSULPHUSUUDIRHQWRQFHVOHVKDVSHUGLGR7LHQHVTXHVHUPVHV WKH UVW SDUDJUDSK WKHQ \RXoYH ORVW WKHP<RX KDYH WR EH PRUH
FXHWR\DQXQFLDUWXVLQWHQFLRQHVHQHOSULPHUSUUDIR FRQFLVHDQGDQQRXQFH\RXULQWHQWLRQVLQWKHUVWSDUDJUDSK

(VWLPDGRDPLJR\DOXPQR7SLFRWSLFRWSLFR&RPRGLMHHQODOWLPDFKDOOHYRDRVHQVHDQ 0VSDODEUDVLQJOHVDV
GR LQJOV HQ HPSUHVDV \ HQ WRGR HVWH WLHPSR QR KH YLVWR QLQJQ SODQWHDPLHQWR pLPSXHVWRq SRU GHUD]ODWLQD
ODHPSUHVDFDSD]GHSURPHWHUQLUHPRWDPHQWHXQDSRVLELOLGDGGH[LWR/RVGLUHFWLYRVVLQRFRQ &RQGHQW &RQIXVH
SRFRLQJOVSLHQVDQTXHFRQXQDVFODVHVSXHGHQDSUHQGHUOR\FXDQGRQRDOFDQ]DQXQDOWRQLYHO &RQGHQWLDO &RQIXVLRQ


HQFLHQKRUDVGHFODVHHFKDQODFXOSDDOSURYHHGRU &RQGHQWLDOLW\ &RQIXVLQJ


(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW &RQJXUDWLRQ &RQIXVHG
< WLHQHQ UD]Q SRUTXH HO SURYHHGRU QR VH KD DWUH
&RQJXUH &RQJHVWHG
<HQFXDQWRDOWLHPSR"3XHV7DQFUHGRHVXQFDVR YLGRDVHQWDUVHFRQHOGLUHFWLYRHQFXHVWLQRFRQHO
&RQQH &RQJHVWLRQ
3DUDOHOWLHPSRHVXQELHQPX\HVFDVR 'HSDUWDPHQWRGH5HFXUVRV+XPDQRVSDUDKDFHUOHV &RQQHPHQW &RQJORPHUDWH
0HGLFHTXHTXLHUHXQFXUVRLQWHQVLYR YHU TXH HQ OXJDU GH FLHQ KRUDV VRQ FRPR PQLPR &RQUP &RQJORPHUDWLRQ
3HURHOSURJUDPDTXHSURSRQHVOHSDUHFHH[FHVLYR PLOKRUDVGHFRQWDFWRFRQHOLGLRPDODVTXHVHYDQD &RQUPDWLRQ &RQJUDWXODWH
/RVQHVGHVHPDQDSDUDOVRQVDJUDGRV QHFHVLWDU/DVDFDGHPLDVGHLGLRPDVVRQHQVXPD &RQVFDWH &RQJUDWXODWLRQV
<ORVSURIHVRUHVGHEHUQHVWDUSUHSDUDGRV \RUD HPSUHVDV SHTXHDV \ DFHSWDQ FXDOTXLHU HQ &RQVFDWLRQ &RQJUHJDWH
3DUDH[LELOL]DUVXVKRUDULRVVHJQODDJHQGD FDUJRLPSXHVWRSRUHOFOLHQWHVLVWHHVXQDHPSUHVD &RQDJUDWLRQ &RQJUHJDWLRQ
4XH7DQFUHGRPDQHMDXQDDJHQGDWUHPHQGD JUDQGH1RVHDWUHYHQDGHFLUOHODYHUGDGRVRQWDQ &RQLFW &RQJUHVV
3HUGRQH6U7HOPRSHURPHWLHQHTXHHVFXFKDU SRFRSURIHVLRQDOHVTXHVHFUHHQFDSDFHVGHSURGXFLU &RQXHQFH &RQJUHVVLRQDO
(OGLQHURGHVXHPSUHVDQRORYR\DGHUURFKDU XQPLODJUR$OQDOWRGRHOVHFWRUGHODHQVHDQ]D &RQIRUP &RQJUXHQW
'RWDUDVXQXHYRPDHVWURDUSRQHUR GHLGLRPDVVHTXHGDGHVSUHVWLJLDGR &RQIRUPDQFH &RQJUXHQFH
'HXQDKDELOLGDGQXHYD\SRUSRFRGLQHUR &RQIRUPLW\ &RQLFDO
5LFKDUG9DXJKDQ &RQIURQW &RQLIHURXV 
7REHFRQWLQXHGf
&RQIURQWDWLRQ &RQMHFWXUH
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

3RUTXHVWHVWHEROLHQPL :K\LVWKLVSHQLQP\EDJ"
 &XQWRVGDVKD\HQXQDR" +RZPDQ\GD\VDUHWKHUHLQD
EROVD" \HDU"
4XLQHVHVHKRPEUH" :KRLVWKDWPDQ" +D\GDVHQXQDR 7KHUHDUHGD\VLQD\HDU
4XHVHVRGHWXFDEH]D" :KDWoVWKDWRQ\RXUKHDG" &XQWRVGDVKD\HQXQPHV" +RZPDQ\GD\VDUHWKHUHLQD
'HGQGHVRQHVDVFKLFDV" :KHUHDUHWKRVHJLUOVIURP" PRQWK"
4XVRQHVWRVSDSHOHVGHPL :KDWDUHWKHVHSDSHUVRQP\
 $OJXQRVWLHQHQGDV\RWURV 6RPHKDYHGD\VDQGRWKHUV
PHVD" WDEOH"  KDYH
)HEUHURHVGLIHUHQWHWLHQH )HEUXDU\LVGLIIHUHQWLWKDV
GDV GD\V

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3XHGRKDEODUFRQ&DUORVSRU &DQ,VSHDNWR&DUORVSOHDVH"
 +DVHVFULWRDOJRDWXVDEXHORV+DYH\RXZULWWHQVRPHWKLQJ
IDYRU" \D" WR\RXUJUDQGSDUHQWV\HW"
4XLQOODPD" :KRoVFDOOLQJ" 7RGDYDHVWR\HVFULELHQGROD ,oPVWLOOZULWLQJWKHOHWWHU
6R\+HOHQOODPRGHVGH 7KLVLV+HOHQ,oPFDOOLQJIURP
 FDUWD
,QJODWHUUD (QJODQG 3RUTXHVWVWDUGDQGRWDQWR" :K\LVLWWDNLQJ\RXVRORQJ"
OQRHVWTXLHUHVGHMDUXQ +HoVQRWKHUHGR\RXZDQWWR
 1RHVWR\DFRVWXPEUDGRD ,oPQRWXVHGWRZULWLQJZLWKDQ
UHFDGR" OHDYHDPHVVDJH" HVFULELUFRQXQDSOXPD LQNSHQ
3XHGHVGHFLUOHTXHOODP+HOHQ"&DQ\RXWHOOKLP+HOHQFDOOHG" $QQRKDQFRPSUDGRXQ +DYHQoWWKH\ERXJKWD
RUGHQDGRU" FRPSXWHU\HW"

)OXWH )ODXWD
+DUS $USD

%DVV %DMR

'UXP 7DPERU &HOOR &KHOR

9RFDEXODULR0XVLFDO,QVWUXPHQWV ,QVWUXPHQWRV0XVLFDOHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$XQTXHVHTXLHUHQQRVHKDQ $OWKRXJKWKH\ORYHHDFKRWKHU
 &UHRTXHQRVGDUQOX]YHUGH ,WKLQNWKH\oOOJLYHXVWKHJUHHQ
FDVDGRDQ WKH\KDYHQoWJRWPDUULHG\HW SDUDHOSUR\HFWR OLJKWIRUWKHSURMHFW
$SHVDUGHOWUFROOHJDURQD ,QVSLWHRIWKHWUDIFWKH\
 &PRVHJXLUHPRVDGHODQWHVL+RZZLOOZHJRRQLIWKH\GRQoW
WLHPSR DUULYHGRQWLPH QRQRVORGDQ" JLYHLWWRXV"
$XQTXHWXYLHUDHOGLQHURQROR (YHQLI,KDGWKHPRQH\,
 7HQGUHPRVTXHHQFRQWUDUXQD :HoOOKDYHWRQGDZD\
FRPSUDUD ZRXOGQoWEX\LW PDQHUD
3DUHFHFRPRVLKXELHVHVYLVWR <RXORRNDVLI\RXoGVHHQD
 (VDSROWLFDSXHGHFDXVDU 7KDWSROLF\PD\FDXVHVRPH
XQIDQWDVPD JKRVW FRQWURYHUVLD FRQWURYHUV\
1RWHQGUV[LWRDPHQRVTXH <RXZRQoWVXFFHHGXQOHVV\RX
 0HLPSRUWDXQEOHGR ,FRXOGQoWFDUHOHVV
WUDEDMHVPXFKR ZRUNKDUGHU

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQSUR\HFWRH[LWRVRH ,WKDVEHHQDVXFFHVVIXO 7UDWDPRVFRQRUJDQL]DFLRQHV :HGHDOZLWKQRQSURW



LQQRYDGRU LQQRYDWLYHSURMHFW VLQQLPRGHOXFUR RUJDQLVDWLRQV
(QOXJDUGHJXHUUDKD\SD] ,QVWHDGRIZDUWKHUHLVSHDFH /DHFRQRPDPXQGLDOHVW 7KHZRUOGHFRQRP\LVJRLQJ

+HPRVSDVDGRGHODVGLFWDGXUDV:HoYHJRQHIURPGLFWDWRUVKLSV SDVDQGRSRUXQDFULVLV WKURXJKDFULVLV
DODVGHPRFUDFLDV WRGHPRFUDFLHV 7HQHPRVTXHIRPHQWDUOD :HKDYHWRSURPRWHFXVWRPHU

3XHEORVTXHDQWHVHVWDEDQ 3HRSOHVZKRXVHGWREHIXOORI GHOLGDGGHOFOLHQWH OR\DOW\
OOHQRVGHRGLRDKRUDVHUHVSHWDQ KDWHQRZUHVSHFWHDFKRWKHU (VWDPRVHQXQPHUFDGRHQDO]D:HoUHLQDJURZLQJPDUNHW
/DSREUH]DKDVLGRUHHPSOD]DGD3RYHUW\KDVEHHQUHSODFHGE\ (VXQDDPHQD]DSDUDQXHVWUD ,WoVDWKUHDWWRRXUPDUNHW

SRUODSURVSHULGDG SURVSHULW\ FXRWDGHPHUFDGR VKDUH

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  7RGRORTXHp(9(5<7+,1*q

'RQoWFRPHGRZQRQPH +HoVFRPHGRZQZLWKWKHX 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


|1RODVSDJXHVFRQPLJR +DFRQWUDGRODJULSH IUDVHVHQLQJOV"

+HUKDLUFRPHVGRZQWRKHUZDLVW 7KH\FXWGRZQDOOWKHWUHHV +LFHWRGRORTXHPHSHGLVWHTXHKLFLHUD


6XSHOROOHJDKDVWDODFLQWXUD 7DODURQWRGRVORVUEROHV &RPSUWRGRORTXHTXHUD
9LHURQWRGRORTXHTXHUDQYHU
&RPHGRZQIURPWKHWUHHULJKWQRZ <RXQHHGWRFXWGRZQRQIDWW\IRRGV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
|%DMDGHOUERODKRUDPLVPR 7LHQHVTXHFRPHUPHQRVDOLPHQWRVJUDVRV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UH[HV'LV
'LVREHGLHQFH 7KHUHLVFOHDUO\DSUREOHPRIGLVREHGLHQFHKHUH 'LVUHJDUG 3OHDVHGLVUHJDUGHYHU\WKLQJ,VDLGODVWQLJKW
'LVREHGLHQW 7KHVROGLHUVZHUHGLVREHGLHQWWRZDUGVWKHLUVXSHULRUV 'LVUHVSHFW ,QHYHUVKRZGLVUHVSHFWWRZDUGVROGHUSHRSOH
'LVREH\ <RXVKRXOGQHYHUGLVREH\\RXUSDUHQWV 'LVUHVSHFWIXO <RXUDWWLWXGHLQWKHPHHWLQJZDVGLVUHVSHFWIXO
'LVRUGHU +HVXIIHUVIURPDOLYHUGLVRUGHU 'LVVDWLVIDFWLRQ +HVKRZHGDFHUWDLQGHJUHHRIGLVVDWLVIDFWLRQ
'LVRUGHUO\ +HZDVQHGIRUGLVRUGHUO\FRQGXFW 'LVVDWLVHG +HZDVH[WUHPHO\GLVVDWLVHGZLWKWKHUHVXOWV
'LVRUJDQL]HG 7KLVFRPSDQ\LVWRWDOO\GLVRUJDQL]HG 'LVVHUYLFH +HoVGRLQJDGLVVHUYLFHWRKLVVRQ DFRIDYRU
'LVTXDOLFDWLRQ +LVGLVTXDOLFDWLRQIURPJROIZDVXQIDLU 'LVWDVWHIXO )LULQJHPSOR\HHVLVDOZD\VGLVWDVWHIXO
'LVTXDOLHG +HZDVGLVTXDOLHGEHFDXVHRIGLVRUGHUO\FRQGXFW 'LVWUXVW ,GLVWUXVWDQ\ZRPDQZKRZHDUVKHDY\PDNHXS
'LVTXDOLI\ +HoOOGLVTXDOLI\\RXLIKHNQRZV\RXWDNHGUXJV 'LVWUXVWIXO ,oPGLVWUXVWIXORIKHUPRWLYHV

3UH[HV)RUH
)RUHDUP 0\IRUHDUPLVEHWZHHQP\ZULVWDQGP\HOERZ )RUHKDQG 0\IRUHKDQGLVZHDNHUWKDQP\EDFNKDQG
)RUHFDVW 7KHZHDWKHUIRUHFDVWFDOOVIRUUDLQDOOQH[WZHHN )RUHKHDG ,KDYHDVFDURQWKHULJKWVLGHRIP\IRUHKHDG
)RUHFORVH 7KH\IRUHFORVHGRQP\KRXVH HMHFXWDUKLSRWHFD )RUHPDQ 7KHIRUHPDQRYHUVHHVWKHDVVHPEO\DUHD
)RUHFORVXUH 7KHUHKDYHEHHQDORWRIPRUWJDJHIRUHFORVXUHV )RUHPRVW )LUVWDQGIRUHPRVWZHPXVWVDYHWKHSHRSOH
)RUHIDWKHU 2XUIRUHIDWKHUVFDPHWRWKLVODQGVHHNLQJIUHHGRP )RUHVHH ,GRQoWIRUHVHHDQ\SUREOHPV
)RUHFRXUW 3UH]LVWKHWHQQLVSOD\HULQWKHIRUHFRXUW )RUHVHHDEOH ,VHHQRSUREOHPVLQWKHIRUHVHHDEOHIXWXUH
)RUHJURXQG 3HSHLVWKHPDQLQWKHIRUHJURXQGRIWKHSKRWR )RUHWDVWH +LVSXQLVKPHQWLVDIRUHWDVWHRIZKDWoVWRFRPH
)RUHUXQQHU -DQH$XVWHQZDVDIRUHUXQQHUWRWKH%URQWHVLVWHUV )RUHZDUQ /HWPHIRUHZDUQ\RX3HSHLVDGLIFXOWPDQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&UHR TXH HO RUR GH WX DQLOOR GH FDVDGR WH HVW LUULWDQGR OD SLHO , WKLQN WKH JROG LQ \RXU ZHGGLQJ ULQJ LV LUULWDWLQJ \RXU VNLQ
3XHGHTXHVHDVDOUJLFRDORUR7HKDSDVDGRDOJXQDYH]"&XQ <RX PLJKW EH DOOHUJLF WR JROG +DV WKLV HYHU KDSSHQHG WR \RX
WR WLHPSR KDV OOHYDGR HO DQLOOR" <R WH UHFRPHQGDUD TXH QR OR EHIRUH"+RZORQJKDYH\RXEHHQZHDULQJ\RXUZHGGLQJULQJ",oG
OOHYDUDVGXUDQWHXQSDUGHVHPDQDV\DSOLFDUDVHVWDFUHPDHQOD UHFRPPHQG\RXQRWZHDULWIRUDFRXSOHRIZHHNVDQGDSSO\WKLV
]RQDDIHFWDGDGRVYHFHVDOGD(OSUREOHPDGHEHUDGHVDSDUHFHU FUHDP WR WKH DIIHFWHG DUHD WZLFH D GD\7KH SUREOHP VKRXOG JR
\HQWRQFHVWHSXHGHVYROYHUDSRQHUHODQLOOR3HURVLHOSUREOHPD DZD\DQGWKHQ\RXFDQSXWWKHULQJEDFNRQ%XWLIWKHSUREOHP
UHDSDUHFHK]PHORVDEHU\EXVFDUHPRVRWUDVROXFLQ FRPHVEDFNOHWPHNQRZDQGZHoOOORRNIRUDQRWKHUVROXWLRQ

(VWLPDGRDPLJR\DOXPQR&XQWRYDOHFRQVHJXLUXQEXHQQLYHOGHLQJOV"6XYDORUHVUHODWLYRRDE 0VSDODEUDVLQJOHVDV
VROXWR"7DQFUHGRWHQGUXQVXHOGRDQXDOQHWRGHFLHQPLOHXURVORFXDOVLJQLFDTXHDODHPSUHVDOH GHUD]ODWLQD
&RQVROLGDWLRQ &RQVXOW
FRVWDUHQWUHWRGRVORVFRQFHSWRVHQWRUQRDHXURV6LDDGLPRVORVLQFHQWLYRVTXHJDQDU
&RQVRPP &RQVXOWDQW
VLFRPRVHHVSHUDKDFHPLODJURV\GDODYXHOWDDODVFRVDVHQWRQFHVQRVHUDH[WUDRTXHWHUPLQDUD &RQVRQDQFH &RQVXOWDWLRQ
HODRFRQPXFKRPVGLQHUR$KRUDELHQDDGLUXQD &RQVRQDQW &RQVXPH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW LPSRUWDQWHKDELOLGDGDGLFLRQDODXQDSHUVRQDWDQFU &RQVRUW &RQVXPHU
(OFRVWHGH7DQFUHGRFRQVHJXULGDGVRFLDO WLFDSDUDODRUJDQL]DFLQHVDOJRGHPXFKRYDORU3DUD &RQVRUWLXP &RQVXPSWLRQ
6HUXQLPSRUWHVHJXUDPHQWHVXVWDQFLDO ODHPSUHVDHOFRVWHQRGHEHVHUXQIDFWRULPSRUWDQWH &RQVSLUDF\ &RQWDFW
&LHQPLOHXURVSRUDRHVHOFRVWHKDELWXDO HQODGHFLVLQVLQRQLFDPHQWHODSUREDELOLGDGGH[L &RQVSLUH &RQWDJLRXV
'HVDOYDGRUHVFRPROHQHOPHUFDGRODERUDO WRGHODDFFLQIRUPDWLYD$TXHO6U7HOPRTXLHUHXQ &RQVWDQW &RQWDLQ
8QWHUFLRGHFLHQPLOHVORQLFRTXHSLGR PLODJURSHURHVWSRQLHQGRSHURV\SHUHWHVDWRGR0H &RQVWHOODWLRQ &RQWDLQHU
8QWHUFLRGHOSULPHUVXHOGRDQXDOFRQYHQLGR SLGHFRQVHJXLUXQREMHWLYR\GHVSXVSURFHGHDDWDU &RQVWLWXWH &RQWDPLQDWH
$FDPELROHGDUXQDQXHYDKDELOLGDG PHXQDPDQRGHWUVGHODHVSDOGD(VWRHVFRUULHQWH &RQVWLWXWLRQ &RQWDPLQDWLRQ
$OJRTXHOHGRWHGHPD\RUXWLOLGDG HQ ODV HPSUHVDV \ HV XQR GH ORV PRWLYRV SRU HO FXDO &RQVWLWXWLRQDO &RQWHPSODWH
PX\ SRFRV GLUHFWLYRV LPSRUWDQWHV VH KDFHQ FRQ XQ &RQVWUXFW &RQWHPSODWLRQ
6LWDQEXHQR\ERQLWRHVVXPDHVWURDUSRQHUR
&RQVWUXFWLRQ &RQWHPSRUDU\
0LSUHFLRHQWRQFHVHVPX\SRFRGLQHUR DOWR QLYHO GH LQJOV XQD YH] VLWXDGRV HQ OD RUJDQL]D
&RQVWUXFWLYH &RQWHQW
3HURHOWLHPSRORVHVXQELHQPX\HVFDVR FLQ\HQHOGDDGD
&RQVXO &RQWH[W
3HURVLQWLHPSR6U7HOPRHOQDOHVIUDFDVR
&RQVXODU &RQWLJXRXV
7REHFRQWLQXHGf 5LFKDUG9DXJKDQ &RQVXODWH &RQWLQHQW 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHHVWXIDPLOLD":KHUHLV\RXUIDPLO\IURP" 4XKDFHOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"


6RQGH,UODQGD7KH\oUHIURP,UHODQG 'QGHYDHOODORVQHVGH :KHUHGRHVVKHJRDWWKH
7XVSDGUHVVRQGH,UODQGD$UH\RXUSDUHQWVIURP,UHODQG VHPDQD" ZHHNHQGV"
WDPELQ" WRR" &XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
'HTXSDUWHGH,UODQGDVRQ":KLFKSDUWRI,UHODQGDUHWKH\ &PRVDEHOHVR" +RZGRHVKHNQRZWKDW"
IURP" &RQTXIUHFXHQFLDOOXHYHDTX" +RZRIWHQGRHVLWUDLQKHUH"
6RQGHORHVWH7KH\oUHIURPWKHZHVW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'DPHHOD]XO *LYHPHWKHEOXHRQH 'QGHSRGUDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"


(VHYHUGHHVWURWR 7KDWJUHHQRQHLVEURNHQ 'HEHQHVWDUGQGHODVGHMDVWH 7KH\PXVWEHZKHUH\RXOHIW
&XOHVHOVX\R" GHHOORV  :KLFKRQHLVWKHLUV" WKHP
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV *UDFLDVSRUHVHFRQVHMRWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
$TXHOORVVRQPRV 7KRVHRQHVDUHPLQH DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VLWLRGHVLHPSUH" VDPHSODFHDVXVXDO"
6LVXSLHUDGQGHHVWQQRODV ,I,NQHZZKHUHWKH\ZHUH,
HVWDUDEXVFDQGR ZRXOGQoWEHORRNLQJIRUWKHP

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RGUDOOHQDUPLYDVRSRU &RXOG\RXOOP\JODVVXS
 0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU
IDYRU" SOHDVH" DFWXDFLQ SHUIRUPDQFH
9HUWLHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ
 7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXW
IUHJDGHUR WKHVLQN UHDOL]DUODPLVLQ WKHPLVVLRQ
7HKDFDGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU /DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
VKLUW HPSOHDGRV HPSOR\HHV
6HUGLIFLOGHVKDFHUVHGHHVD ,WoOOEHGLIFXOWWRJHWULGRIWKH
 7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
PDQFKD VWDLQ HOSUR\HFWR SURMHFW
FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW (VWHFXUVRGHIRUPDFLQHVW 7KLVWUDLQLQJFRXUVHLVDLPHGDW
HVRTXLWDUODPDQFKD ZLOOUHPRYHWKHVWDLQ RULHQWDGRDOOLGHUD]JR OHDGHUVKLS

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQUHYVSHOLJURVR ,WKDVEHHQDGDQJHURXV 3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH


SDUDHOSURFHVRGHSD] VHWEDFNWRWKHSHDFHSURFHVV 1RVHQFRQWUDPRVHQWUHOD :HKDGRXUVZRUGDJDLQVWWKH
/DFRDOLFLQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKW HVSDGD\ODSDUHG ZDOO
SDUWLGRVGHGHUHFKDVSRUVX ZLQJSDUWLHVIRULWVPDMRULW\ 6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
PD\RUD 6RQFRPRHOGD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDON
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU DQGFKHHVH
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV 1RWHORMXHJXHVWRGRDXQD 'RQoWSXWDOO\RXUHJJVLQRQH
GLVWXUELRVGHODVHPDQDSDVDGD FDUWD EDVNHW
/DHOHFFLQFRLQFLGLFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
DUUDQTXHGHHQIUHQWDPLHQWRV RXWEUHDNRIHUFHJKWLQJ
IHURFHV
(FKDURQDORVVLQGLFDWRVOD 7KHXQLRQVZHUHEODPHG
FXOSDSRUHOIUDFDVRGHODV IRUWKHEUHDNGRZQLQWKH
QHJRFLDFLRQHV QHJRWLDWLRQV 3HDUO 3HUOD

'LDPRQG 'LDPDQWH
5XE\ 5XE

6DSSKLUH =DUR (PHUDOG (VPHUDOGD

9RFDEXODULR-HZHOV -R\DV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

7RDVNIRUWURXEOH
3KUDVDOYHUEVZLWKpGRZQq 
(QLQJOVFXDQGREXVFDPRVXQOR
+HIHOOGRZQDQGKXUWKLVNQHH ,oPIHHOLQJGRZQ OLWHUDOPHQWHpSHGLPRVSUREOHPDVq
6HFD\\VHKL]RGDRDODURGLOOD 0HVLHQWRDOJRGHSULPLGD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:HGURYHGRZQWRWKHYLOODJH ,oPIHHOLQJGRZQLQWKHGXPSV 7HORHVWVEXVFDQGRVLYDVDDTXHOEDUULR
%DMDPRVDOSXHEOR HQFRFKH (VWR\FRQORVQLPRVSRUORVVXHORV 7HORHVWVEXVFDQGRVLQRWHSRQHVHO
FLQWXUQ
|7HORHVWVEXVFDQGR
:HoUHJRQJWRGULYHGRZQWKHSULFHV /HWoVJRGRZQDQGVHHKLP
9DPRVDIRU]DUORVSUHFLRVDODEDMD %DMHPRVDYHUOH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
*HVWLRQDODKLSRWHFD pPQHFKqWKHpPUJXHFKq
 HVWDVIUDVHV

)RUJH )RUFK )RUMD /LQNDJH /QNHFK $FRSODPLHQWR


)ULGJH )ULFK )ULJRUFR /RGJH /DFK $ORMDUVH
)XGJH )DFK 'XOFHGHOHFKH /RXQJH /DRQFK 6DOQ
*DXJH *XHLFK 0HGLGRU /XJJDJH /NDFK (TXLSDMH
(QHVWDFKDFRQWLQXDPRVFRQSDOD
*RUJH *RUFK *DUJDQWD *HRO 0DQDJH 0QDFK *HVWLRQDU
EUDVHQLQJOVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQWLFRHVFRPRXQD
*DUDJH *UDFK *DUDMH 0DUULDJH 0UHFK 0DWULPRQLR
pFKq HVSDROD /DV SDODEUDV PV *DUEDJH *UEDFK %DVXUD 0HODQJH 0HOQFK 0H]FOD
LPSRUWDQWHVGHODOLVWDVRQODVTXH *UXGJH *UDFK 5HQFLOODUHQFRU 0HVVDJH 0VDFK 0HQVDMH
FLWR GHEDMR GH HVWH SUUDIR $SDUH +HGJH -HFK 6HWR 0DVVDJH 0DVFK 0DVDMH
FHQDODGHUHFKDFRQVXVLJQLFDGR
+LQJH -HQFK %LVDJUDJR]QH 0LOHDJH 0LOHFK .LORPHWUDMH
&XQWDVFRQRFHV\D"
+RPDJH -PDFK +RPHQDMH 0LUDJH 0LUFK (VSHMLVPR
+XJH /XJJDJH +XJH -LFK (QRUPH 0LVFDUULDJH 0VNHUHFK $ERUWR DFFLGHQWDO
,PDJH 0DQDJH ,PDJH PHFK ,PDJHQ 0LVMXGJH 0LVFKFK -X]JDUPDO
-XGJH 0DUULDJH ,QGXOJH (QGOFK &RQVHQWLUPLPDU 0RUWJDJH 0UJXHFK +LSRWHFD
.QRZOHGJH 0HVVDJH ,QIULQJH (QIUQFK ,QFXPSOLU 2QVWDJH 2QVWLFK (QHVFHQD
/DQJXDJH 0RUWJDJH -XGJH -FK -XH] 2UDQJH UDQFK 1DUDQMD
/DUJH 3DFNDJH .QRZOHGJH 1OHFK &RQRFLPLHQWRV 2USKDQDJH UIDQHFK 2UIDQDWR
/RXQJH 3DJH /DQJXDJH /QJHFK ,GLRPD 2XWUDJH RWUHLFK ,QGLJQDFLQ
/DUJH /DUFK *UDQGH 2YHUFKDUJH 2IHUFKUFK &REUDUGHPV
/HDNDJH /NHFK )XJDHVFDSH 3DFNDJH 3NHFK 3DTXHWH
/LQHDJH /QLHFK /LQDMH 3DJH 3LFK 3JLQD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
+DVYLVWRTXUSLGRWHFOHDHVHWLSR"(VWXYHFRQOHVWDPDDQD +DYH\RXVHHQKRZIDVWWKHJX\W\SHV",ZDVZLWKKLPWKLVPRUQLQJ
\ PH SLGL TXH OH GLFWDUD DOJR SDUD TXH OR PHWLHUD DO RUGHQDGRU DQGKHDVNHGPHWRGLFWDWHVRPHWKLQJWRKLPVRWKDWKHFRXOGHQWHU
(PSH]DWHFOHDUWDQUSLGRTXHSHQVTXHVLPSOHPHQWHHVWDED LW LQWR WKH FRPSXWHU +H VWDUWHG W\SLQJ VR IDVW WKDW , WKRXJKW KH
MXJDQGR FRQ HO WHFODGR &XDQGR PLU D OD SDQWDOOD YL TXH KDED ZDVMXVWSOD\LQJZLWKWKHNH\ERDUG:KHQ,ORRNHGRQWKHVFUHHQ
PHFDQRJUDDGRSHUIHFWDPHQWHWRGDODIUDVHTXHOHKDEDGLFKR ,VDZWKDWKHKDGMXVWW\SHGRXWSHUIHFWO\WKHVHQWHQFH,KDGVDLG,
&RQWLQXGLFWDQGRODFDUWDHQWHUD\OQRPLUQLXQDVRODYH]DO ZHQWRQWRGLFWDWHWKHHQWLUHOHWWHUDQGKHQHYHURQFHORRNHGDWWKH
WHFODGRSHURHVFULELFDVLWRGRDODYHORFLGDGTXH\RVHOROHD NH\ERDUGEXWW\SHGHYHU\WKLQJDOPRVWDWWKHVSHHG,UHDGLW

 0VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR/DVGRVSULPHUDVOQHDVGHOSRHPDSDUHFHQFRQWUDGLFWRULDVHQWUHV'LJRD
PLLQWHUORFXWRUTXHQRPHSLGDORLPSRVLEOH\TXHQRVR\PDJR6LQHPEDUJRDFRQWLQXDFLQOHGLJR GHUD]ODWLQD
&RQWLQHQWDO &RQWULEXWRU
TXHKDJRPLODJURV&PRHVHVWR"(VVHQFLOOR&XDQGRHOFOLHQWHRHODOXPQRVHGHMDJXLDUSRUQRVR


&RQWLQJHQF\ &RQWURO
WURV\VHVRPHWHDODWHUDSLDTXHOOHYDPRVDRVDSUHQGLHQGR\SHUIHFFLRQDQGRQRHVLQXVXDOTXH &RQWLQJHQW &RQWUROODEOH
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW VH FRQVLJDQ UHVXOWDGRV UHDOPHQWH VRUSUHQGHQWHV 1R &RQWLQXRXV &RQWURYHUVLDO
VRQ PLODJURV HQ UHDOLGDG VLQR UHVXOWDGRV OJLFRV RE &RQWLQXDWLRQ &RQWURYHUV\
1RPHSLGDORLPSRVLEOHTXHPDJRQRVR\
WHQLGRVSRUPHGLRGHXQGLVHROHFWLYR\SHGDJJLFR &RQWLQXH &RQWXVLRQ
3HURPLODJURVVKDJR\SDUDHVWRHVWR\
0LMDUDEHPLVERQLDWRVPLVDUPDVVHFUHWDV UHDOLVWDHQVXVH[SHFWDWLYDV\UDFLRQDOHQVXGHVDUUROOR &RQWRUWLRQ &RQYDOHVFH
&DQWDUQFRPRORVYHUVRVGHODVPHMRUHVRSHUHWDV 4XGLUDXQFLUXMDQRFX\RSDFLHQWHKDPXHUWRVLHO &RQWRUWLRQLVW &RQYDOHVFHQFH
KRVSLWDOSDUDDKRUUDUFRVWHVOHREOLJDUDDTXHRSHUDVH &RQWUDEDQG &RQYHQH
7DQFUHGRQRVORDUUDVDUHQODVYHQWDV
FRQELVWXUGHSOVWLFR\OX]GHODWDUGHFHU6L\RSXGLHUD &RQWUDFW &RQYHQLHQFH
&DSHDUFRQDUURMRODVSHRUHVWRUPHQWDV
DQWHODPD\RUDGHORVpGLVHRVIRUPDWLYRVqLPSXHVWRV &RQWUDFWLRQ &RQYHQLHQW
1RWHQGULVTXHFXEULUOHDQWHODVHGHFHQWUDO
SRUHOFOLHQWHFRUSRUDWLYROHVUHFRPHQGDUDTXHDEULH &RQWUDFWXDO &RQYHQWLRQ
1LEXVFDUOHLQWUSUHWHSDUDODUHXQLQWULPHVWUDO
VHQ OD YHQWDQD \ WLUDVHQ IXHUD WRGR HO GLQHUR SUHVX &RQWUDGLFW &RQYHQWLRQDO
0LHPSUHVDKDEUYXHOWRDUHVROYHURVODSDSHOHWD &RQWUDGLFWLRQ &RQYHUJH
SXHVWDGR'HKDFHUORDVVORVHSHUGHUDHOGLQHUR'H
6ROXFLQFRPRGLFHGHQLWLYD\FRPSOHWD &RQWUDGLFWRU\ &RQYHUJHQFH
/RQLFRTXHLPSRUWDHQXQUHWRGHIRUPDFLQ QRKDFHUORVHSHUGHUDWDQWRHOGLQHURFRPRHOYDOLRVR
&RQWUDU\ &RQYHUVDWLRQ
(VXQUHVXOWDGRIHOL]VLQPVFRQWHPSODFLQ WLHPSRGHORVDOXPQRV
&RQWUDVW &RQYHUVH
5LFKDUG9DXJKDQ &RQWULEXWH &RQYHUVHO\

7REHFRQWLQXHGf
&RQWULEXWLRQ &RQYHUW
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'LFLHPEUHHVPLPHVSUHIHULGR 'HFHPEHULVP\IDYRXULWHPRQWK 4XYDVDKDFHUHVWHDR" :KDWDUH\RXJRLQJWRGRWKLV


3RUTXHVWXPHVSUHIHULGR" :K\LVLW\RXUIDYRXULWHPRQWK" \HDU"
3RUTXHHV1DYLGDG %HFDXVHLWoV&KULVWPDV 9DVDYHUDWXIDPLOLDHQ $UH\RXJRLQJWRVHH\RXU
4XIHFKDHVHOGDGH :KDWGDWHLV&KULVWPDV'D\" ,QJODWHUUD" IDPLO\LQ(QJODQG"
1DYLGDG" &UHRTXHHVWDUHQ(VSDD ,WKLQN,oOOEHLQ6SDLQWKLV\HDU
(VHOGHGLFLHPEUH ,WoVWKHWK WZHQW\IWK RI HVWHDR
'HFHPEHU (VPX\GLIHUHQWHOD1DYLGDG ,V&KULVWPDVLQ(QJODQGYHU\
HQ(VSDDTXHHQ,QJODWHUUD" GLIIHUHQWIURP6SDLQ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&UHHVTXHKD\PXFKDV 'R\RXWKLQNWKHUHDUHPDQ\
 &DGDDROD1DYLGDGHPSLH]D (YHU\\HDU&KULVWPDVEHJLQV
GLIHUHQFLDV" GLIIHUHQFHV" DQWHV HDUOLHU
7DPELQGDPRVORVUHJDORV $OVRZHJLYHWKHSUHVHQWVRQ
 4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW"
HOGDGH1DYLGDG &KULVWPDV'D\ <VLWHFUH\HUDVORVDQXQFLRVGH$QGLI\RXEHOLHYHGWKHDGYHUWV
(QTXIHFKDUHFLEHODJHQWH :KDWGDWHGRSHRSOHUHFHLYH
 ORVJUDQGHVDOPDFHQHVf IURPWKHELJGHSDUWPHQWVWRUHV
VXVUHJDORVHQ(VSDD" WKHLUSUHVHQWVLQ6SDLQ" SHQVDUDVTXHHV1DYLGDGHQ \RXZRXOGWKLQNLWoV&KULVWPDV
(OGHHQHURHVXQGDPX\ 7KHWK VL[WK RI-DQXDU\LVD
 FXDQWRWHUPLQDQODVYDFDFLRQHV DVVRRQDV\RXQLVK\RXU
LPSRUWDQWHDTX YHU\LPSRUWDQWGD\KHUH GHYHUDQR VXPPHUKROLGD\V

&URZQ &RURQD

6FHSWUH &HWUR

)UDQNLQFHQVH ,QFLHQVR

0\UUK 0LUUD

*ROG 2UR
9RFDEXODULR7KH7KUHH:LVH0HQ /RV5H\HV0DJRV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWDPHDOJRVREUH3DS 7HOOPHDOLWWOHDERXW)DWKHU
 0XFKDVSHUVRQDVFUHHQTXH 0DQ\SHRSOHWKLQNWKDWWKLV
1RHO &KULVWPDV HVWDLPDJHQIXHLQYHQWDGD LPDJHZDVLQYHQWHGE\&RFD
(Q(VWDGRV8QLGRVVXHOHQ ,QWKH8QLWHG6WDWHVWKH\
 SRU&RFD&ROD &ROD
GHFLU6DQWD&ODXV XVXDOO\VD\6DQWD&ODXV 'HKHFKRHVWRHVXQDOH\HQGD $FWXDOO\WKLVLVDQXUEDQ
'HKHFKRHVWHWUPLQRHVXQD,QIDFWWKLVWHUPLVD XUEDQD OHJHQG
PDODSURQXQFLDFLQGH6DQ PLVSURQXQFLDWLRQRI6DLQW 6LQHPEDUJRJUDFLDVDXQD +RZHYHUWKDQNVWRRQH
1LFROV 1LFKRODV GHVXVHQRUPHVFDPSDDVGH RIWKHLUKXJHDGYHUWLVLQJ
3RUTXVHYLVWHFRQHVHWUDMH :K\GRHVKHGUHVVLQWKDWUHG SXEOLFLGDGf FDPSDLJQV
URMR" VXLW" VHSRSXODUL]RQORVFRORUHVURMRWKH\GLGSRSXODULVHWKHUHG
\EODQFRSDUDSDUHFHUVHDODODWD DQGZKLWHFRORXUVWRUHVHPEOH
WKHFDQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'LFHQTXHYLDMDSRUHOPXQGR 7KH\VD\KHWUDYHOVDURXQGWKH 7DPELQOHGDPRVXQDFRSD :HDOVRJLYHKLPDJODVVRI


HQWHURHQ1RFKHEXHQD ZKROHZRUOGRQ&KULVWPDV(YH GHMHUH]\XQRVSDVWHOHVGH VKHUU\DQGVRPHPLQFHSLHV
6XVUHQRVGHEHQWHQHUPXFKD +LVUHLQGHHUVPXVWKDYHDORW SLFDGLOORGHIUXWD
UHVLVWHQFLD RIVWDPLQD |4XUDURVVRLV <RXORWDUHZHLUG
7HGHMDFDUEQVLKDVVLGR 'RHVKHOHDYH\RXFRDOLI\RXoYH /RV5H\HV0DJRVVRQPXFKR 7KH7KUHH:LVH0HQDUHPXFK
PDORGXUDQWHHODR" EHHQEDGGXULQJWKH\HDU" PHMRUHVTXH3DS1RHO EHWWHUWKDQ)DWKHU&KULVWPDV
'HMDORVUHJDORVHQXQ +HOHDYHVWKHJLIWVLQD 3RUORPHQRVWLHQHQDOJRTXH $WOHDVWWKH\KDYHVRPHWKLQJ
&KULVWPDVVWRFNLQJ &KULVWPDVVWRFNLQJ YHUFRQHOYHUGDGHURPHQVDMH WRGRZLWKWKHUHDOPHVVDJHRI
GH1DYLGDG &KULVWPDV


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  7R/LNH
([SUHVDPRVpJXVWDUqDOUHYVTXHHQHVSDRO
+HFDQoWKROGGRZQDMRE <RXVKRXOGNHHS\RXUH[SHQVHVGRZQ 6XMHWRYHUERFRPSOHPHQWR
1RSXHGHFRQVHUYDUXQHPSOHR 'HEHUDVFRQWHQHUWXVJDVWRV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:HQHHGWRKROGGRZQSULFHV &RXOG\RXNHHSWKHQRLVHGRZQSOHDVH" 7HJXVWR
1HFHVLWDPRVFRQWHQHUORVSUHFLRV 3RGLVEDMDUHOWRQRSRUIDYRU" /HVJXVWDPRV
1RVJXVWDQ
+HoVOHDGLQJXVGRZQWKHZURQJSDWK :HoOO\GRZQWR0DODJDWRVHH\RX
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
1RVOOHYDSRUHOPDOFDPLQR %DMDUHPRVD0ODJDDYHUWH HQDYLQ
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
*HVWLRQDODKLSRWHFD pPQHFKqWKHpPUJXHFKq
3DUWULGJH SUWUHFK 3HUGL] 6DOYDJH VOIDFK 6DOYDUUHVFDWDU
3DVVDJH SVDFK 3DVDMH 6DXVDJH VVDFK 6DOFKLFKD
3DWURQDJH SLWUDQHFK 3DWURFLQLR 6KRUWDJH VLUHFK (VFDVH]
3HUFHQWDJH SHUVQWHFK 3RUFHQWDMH 6LHJH VLFK 6LWLR GHVLWLDU
(QHVWDFKDFRQWLQXDPRVFRQSDOD
3LOJULPDJH SOJUDPHFK 3HUHJULQDMH 6SOXUJH VSOHUFK 'HUURFKDU
EUDVHQLQJOVTXHWHUPLQDQHQpJHq
\FX\RVRQLGRIRQWLFRHVFRPRXQD
3LOODJH SOLFK 3LOODMH 6SRQJH VSDQFK (VSRQMD
pFKq HVSDROD /DV SDODEUDV PV 3OHGJH SOHFK -XUDPHQWR 6WDJH VWHLFK (VFHQDULR
LPSRUWDQWHVGHODOLVWDVRQODVTXH 3OXQJH SODQFK 6XPHUJLU 6WRUDJH VWUDFK $OPDFHQDMH
FLWR GHEDMR GH HVWH SUUDIR $SDUH 3RVWDJH SVWHFK )UDQTXHR 6WUDQJH VWULQFK ([WUDR
FHQDODGHUHFKDFRQVXVLJQLFDGR
3UHMXGJH SULFKFK 3UHMX]JDU 6XEPHUJH VDEPUFK 6XPHUJLU
&XQWDVFRQRFHV\D"
3UHVDJH SUVHFK 3UHVDJLDU 6\ULQJH VXUQFK -HULQJXLOOD
3HUFHQWDJH 6WUDQJH 3ULYLOHJH SUOHFK 3ULYLOHJLR 7HHQDJH WLQLFK 'HODDGROHVFHQFLD
3ULYLOHJH 8UJH 3XUJH SHUFK 3XUJDU 8QGHUFKDUJH DQGHUFKUFK &REUDUGHPHQRV
5DJH 8VDJH 5DJH ULFK &OHUDIXULD 8UJH HUFK *DQDVH[KRUWDU
5DQJH 3RVWDJH 5DQJH ULQFK 5DQJRPELWR 8VDJH LVHFK 8VR
5HDUUDQJH 3DVVDJH 5DYDJH UIDFK +DFHUHVWUDJRV 9HUJH IHUFK %RUGH DOERUGHGH
6WDJH 6DOYDJH 5HDUUDQJH ULDULQFK 5HRUGHQDU 9LOODJH IOLFK $OGHD
6WRUDJH 6DXVDJH 5HFKDUJH ULFKUFK 5HFDUJDU 9LQWDJH IQWHFK $HMR
5HIXJH UXFK 5HIXJLR 9ROWDJH IOWHFK 9ROWDMH
5LGJH ULFK 3UHFLSLFLR 9R\DJH ILHFK 9LDMH HQEDUFR
6DERWDJH VERWDFK 6DERWDMH :DJH XFK 6DODULRSDJD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7UDVSDVDUWUHVDRVLQYHVWLJDQGRORVRUJHQHVHOGHVDUUROOR\HO[L $IWHU VSHQGLQJ WKUHH \HDUV UHVHDUFKLQJ WKH RULJLQV GHYHORSPHQW
WRGHODFDGHQDp.HQWXFN\)ULHG&KLFNHQqKHOOHJDGRDODFRQFOXVLQ DQGVXFFHVVRIWKH.HQWXFN\)ULHG&KLFNHQFKDLQ,oYHFRPHWRWKH
GHTXHHO[LWRGHOH[FQWULFRIXQGDGRUHOFRURQHO+DUODQG6DQGHUV FRQFOXVLRQWKDWWKHVXFFHVVRIWKHH[FHQWULFIRXQGHU&RORQHO+DUODQG
WHQDTXHYHUPX\SRFRFRQVXVHFUHWRGHRQFHKLHUEDV\HVSHFLDV 6DQGHUVKDGYHU\OLWWOHWRGRZLWKKLVHOHYHQVHFUHWKHUEVDQGVSLFHV
(OYHUGDGHURVHFUHWRGHOFRURQHOHUDVXDEVROXWDDXGDFLD\H[WUDRU 7KH &RORQHOoV UHDO VHFUHWV ZHUH KLV XQPLWLJDWHG DXGDFLW\ DQG KLV
GLQDULDFRQDQ]DHQVPLVPR H[WUDRUGLQDU\VHOIFRQGHQFH


(VWLPDGRDPLJR\DOXPQR&RQHVWDVGRVHVWURIDVWHUPLQRHOSRHPD6RQVORGRVHVWURIDVSHURFRQWLHQHQ 0VSDODEUDVLQJOHVDV
XQPHQVDMHPX\LPSRUWDQWH([LVWHXQGLFKRHQHVSDRO/REDUDWRHVFDUR+D\WUHVIDFWRUHVGHFRVWH GHUD]ODWLQD
LPSRUWDQWHVFXDQGRXQRTXLHUHKDFHUVHGHYHUGDGFRQXQEXHQGRPLQLRHQXQVHJXQGRLGLRPDXQH[ &RQYHUWLELOLW\ &RUGLDOO\
FHOHQWHSURIHVRU RSURIHVRUHV PXFKRHVIXHU]RSHUVRQDO\ODEVTXHGDGHPXFKDVVLWXDFLRQHVUHDOHVGH &RQYH[ &RURQDU\
FRPXQLFDFLQ7RGRVORVIDFWRUHVGHFRVWHVRQFRVWRVRV\VLWUDWDVGHDEDUDWDUFRQWUDWDQGRDXQSURIHVRU &RQYHUWLEOH &RURQDWLRQ


PHGLRFUHHVFDWLPDQGRHVIXHU]RVRHYLWDQGRSDVDUDSXURVHQVLWXDFLRQHVUHDOHVQRYDVDDSUHQGHULQJOV &RQYLFW &RUSRUDO


(VRWHORSXHGRDVHJXUDU8QH[FHOHQWHSURIHVRUGHLQJOVVHPHUHFHJDQDUORVXFLHQWHSDUDSRGHUVLTXLH &RQYLFWLRQ &RUSRUDWLRQ
UHGHGLFDUVHDODHQVHDQ]DFRPRYRFDFLQQLFD\YLWDOLFLD\SDUDSRGHUIRUPDUXQDIDPLOLD\SDJDUXQD &RQYLQFH &RUSXOHQW
KLSRWHFD(VWRVLHQWRGHFLUORVHWUDGXFHHQWDULIDVSRUKRUDGHFODVHTXHPXFKRVFRQVLGHUDUDLVFDUDV6LQ &RQYLQFHG &RUUDO
HPEDUJRVRQODVWDULIDVPVEDUDWDVGHOPHUFDGRSRUTXH &RQYLQFLQJ &RUUHFW
(OIRJRQHUR\HOPDHVWURDUSRQHUR FRQW FRQH[FHOHQWHVSURIHVRUHVDSUHQGHVPXFKRLQJOV1RWH &RQYRNH &RUUHFWLRQ
/DIRUPDFLQH[LVWHSDUDFDPELDUDODJHQWH TXHMHV GHO FRVWH GH WXV FODVHV VL HVWV DSUHQGLHQGR 1R &RQYR\ &RUUHFWLYH
<VLHOFDPELRQRYLHQHHOMXLFLRHVFRQFOX\HQWH EXVTXHVXQSUHFLRPVHFRQPLFRSRUTXHXQSUHFLREDUD &RRSHUDWH &RUUHFWO\
3RUPXFKRDKRUURQHJRFLDGRHQHOSUHFLR &RRSHUDWLRQ &RUUHODWH
WRVLJQLFDSDJDUPHQRVGLQHURSHURDFDPELRGHDEVROX
(OGLQHURJDVWDGRHVGLQHURGHXQQHFLR &RRSHUDWLYH &RUUHODWLRQ
WDPHQWHQDGD0XFKDJHQWH\PXFKDVHPSUHVDVDFDEDQ &RRUGLQDWH &RUUHVSRQG
1RPHEDMHHOSUHFLRQLPHSRQJDFRQGLFLRQHV JDVWDQGRPXFKRGLQHURDORODUJRGHORVDRVDFDPELR &RRUGLQDWLRQ &RUUHVSRQGHQW
/HHQWUHJDUXQPLODJURVLQOLPLWDFLRQHV GHQDGD(VWROHVSDVDSRUTXHPLUDQHOFRVWHSRUHQFLPD &RRUGLQDWRU &RUUHVSRQGLQJ
/DPDUDYLOODGHVXQXHYRPDHVWURDUSRQHUR GHODEVTXHGDGHODFDOLGDG3RVHHUXQUPHGRPLQLRGHO &RS\ &RUULGRU
6HUPVPDUDYLOODFRQPLPDHVWURIRJRQHUR LQJOVSDJDDOWVLPRVGLYLGHQGRV\TXLHQEXVFDHFRQRPDV &RUGLDO &RUURERUDWH 
)LQ VLPSOHPHQWHWHUPLQDPRQROLQJH 5LFKDUG9DXJKDQ &RUGLDOLW\ &RUURERUDWLRQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVRQWXVSODQHVSDUD :KDWDUH\RXUSODQVIRU
 /RVSDGUHVGHPLPXMHU\ORV 0\ZLIHoVSDUHQWVDQGPLQH
1DYLGDG" &KULVWPDV" PRVWDPELQHVWDUQDTX WRRZLOOEHKHUH
(VWVGHYDFDFLRQHV" $UH\RXRQKROLGD\" (VWVVHJXURTXHHVXQD $UH\RXVXUHLWoVDJRRGLGHD"
(VWR\GHYDFDFLRQHVGXUDQWH ,oPRQKROLGD\IRUWZRZHHNV
 EXHQDLGHD"
GRVVHPDQDV 4XYDVDKDFHUFRQHOORV" :KDWDUH\RXJRLQJWRGRZLWK
0LIDPLOLDHVWDTXHQPL 0\IDPLO\LVKHUHLQP\KRXVH
 WKHP"
FDVDKDVWDQDOGHDR XQWLOWKHHQGRIWKH\HDU 1RWHQJRQLLGHD ,KDYHQRLGHD
(VWXIDPLOLDRODIDPLOLDGH ,VLW\RXUIDPLO\RU\RXUZLIHoV
 7DOYH]WHQGUHPRVXQD1DYLGDG0D\EHZHoOOKDYHDWUDGLWLRQDO
WXPXMHU" IDPLO\" WUDGLFLRQDOLQJOHVD (QJOLVK&KULVWPDV

&KULVWPDVFDUGV &ULVPDVWDUMHWDV
0DQWHOSLHFH 5HSLVDGHODFKLPDQHD

6WRFNLQJ &DOFHWQJUDQGHSDUD
UHOOHQDUFRQUHJDORV

3UHVHQWV 5HJDORV
&RDO &DUEQ
9RFDEXODULR)LUHSODFH &KLPHQHD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HFRUDUHPRVHOUEROFRQ :HoOOGHFRUDWHDWUHHZLWKORWV
 /XHJRLUHPRVDPLVDD 7KHQZHoOOJRWRPLGQLJKW
PXFKDVOXFHV RIOLJKWV PHGLDQRFKHHQODLJOHVLD PDVVDWWKHFKXUFK
'HMDUHPRVPXFKRVUHJDORV :HoOOOHDYHORWVRISUHVHQWVDW
 &DQWDUHPRVHQYR]DOWDSRUTXH:HoOOVLQJORXGO\EHFDXVHZHoOO
DSLHGHOUERO WKHERWWRPRIWKHWUHH HVWDUHPRVXQSRFRERUUDFKRV EHDOLWWOHGUXQN
3RQGUHPRVXQQJHOHQFLPD :HoOOSXWDQDQJHORQWRS 1RVOHYDQWDUHPRVHOGDGH :HoOOJHWXSHDUO\RQ&KULVWPDV
(OGDSUHSDUDUHPRVXQD 2QWKHWKZHoOOSUHSDUHDELJ
 1DYLGDGFRQGRORUHVGHFDEH]D 'D\ZLWKKHDGDFKHV
JUDQFRPLGD PHDO 0LUDUHPRVSRUODYHQWDQDSDUD :HoOOORRNRXWWKHZLQGRZWR
%HEHUHPRVGHPDVLDGR :HoOOGULQNWRRPXFK YHUVLHVWQHYDQGR VHHLILWoVVQRZLQJ
(VWDUHPRVHPRFLRQDGRV :HoOOEHH[FLWHGDVZHRSHQ
PLHQWUDVDEULPRVQXHVWURV RXUSUHVHQWV
UHJDORV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

)LQJLUHPRVHVWDUIHOLFHVFRQ :HoOOSUHWHQGWREHKDSS\ZLWK
 ,QWHQWHPRVQRGLVFXWLUHVWHDR /HWoVWU\QRWWRDUJXHWKLV\HDU
QXHVWURVUHJDORV RXUSUHVHQWV 4XLHUHVTXHWHHFKHXQFDEOH 'R\RXZDQWPHWRJLYH\RXD
3RUTXVLHPSUHUHFLER :K\GR,DOZD\VJHWVRFNVDQG
 HQODFRFLQD" KDQGLQWKHNLWFKHQ"
FDOFHWLQHV\FRUEDWDV" WLHV" 3RQODWHOHODUHLQDYDDKDFHU 3XWWKH79RQWKHTXHHQLVJRLQJ
3UXEDWHHOMHUVH\ 7U\WKHVZHDWHURQ VXGLVFXUVRGH1DYLGDG WRPDNHKHU&KULVWPDVVSHHFK
|1RHVWR\GHDFXHUGRHOURVDWH ,GRQoWDJUHHSLQNORRNVJUHDW
 1RVHPHRFXUULUDXQDLGHDSHRU ,FRXOGQoWLPDJLQHDZRUVHLGHD
TXHGDJHQLDO RQ\RX |1RWHHPERUUDFKHVDQWHVGH 'RQoWJHWGUXQNEHIRUHZHHDW
3RUVXSXHVWRTXHQRPH 2IFRXUVH,ZRQoWEHRIIHQGHGLI
 TXHFRPDPRV OXQFK
RIHQGHUVLORFDPELDV \RXFKDQJHLW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+D\DOJXQRVFURVHQODSXHUWD7KHUHDUHVRPHNLGVDWWKHGRRU 'HVSLHUWDDWXSDGUHHVW :DNH\RXUIDWKHUXSKHoV


FDQWDQGRYLOODQFLFRV VLQJLQJ&KULVWPDVFDUROV URQFDQGR VQRULQJ
'LOHVTXHVHSLHUGDQ 7HOOWKHPWRJHWORVW -XJDPRVDXQMXHJRGHPHVD" 6KDOOZHSOD\DERDUGJDPH"
6HVXSRQHTXHHOSDYRWLHQH ,VWKHWXUNH\VXSSRVHGWREH 4XLQTXLHUHEHVDUPHEDMRHO:KRZDQWVWRNLVVPHXQGHU
TXHHVWDUDVGHVHFR" WKLVGU\" PXUGDJR" WKHPLVWOHWRH"
FKDOHXQSRFRGHVDOVDGH 3RXUDOLWWOHJUDY\RQLW 7HORHVWVSDVDQGRELHQ $UH\RXKDYLQJDJRRGWLPH
FDUQHHQFLPD VREULQR" QHSKHZ"
9R\DHFKDUPHXQDVLHVWD ,oPJRLQJWRKDYHDQDS 1RHQFXHQWURSDODEUDV :RUGVIDLOPH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  7R+XUW
6HXVDFXDQGRTXHUHPRVH[SUHVDUTXHDOJR
'RQoWSXWKLPGRZQOLNHWKDW 7KH\FDOOHGLQWKH$UP\WRSXWGRZQWKH GXHOH
|1ROHUHEDMHVDV UHYROW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
/ODPDURQDO(MUFLWRSDUDDSODVWDUODUHYXHOWD IUDVHVHQLQJOV"
<RXFDQSXW\RXUKDQGGRZQQRZ 0HGXHOHHOGHGRGHSLH
<DSXHGHVEDMDUODPDQR 3XWLWGRZQRQSDSHU /HVGXHOHQORVSLHV
$SQWDORHQXQSDSHO 1RVGXHOHQODVSLHUQDV
3XWWKHOHWWHUGRZQRQWKHWDEOH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
'HMDODFDUWDHQODPHVD ,SXWDKXQGUHGGROODUVGRZQDVDGHSRVLW WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
3DJXFLHQGODUHVFRPRGHSVLWR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHUDLQLQ6SDLQVWD\VPDLQO\RQWKHSODLQ

'DLV\ GLVL 0DUJDULWD 6DLO VLO 1DYHJDU
/DPD\RUDGHODVSDODEUDVLQJOH
)DLO ILO )UDFDVDU 6DLQW VLQW 6DQWR
VDVTXHFRQWLHQHQODVOHWUDVpDLq
GLFKDVOHWUDVVHSURQXQFLDQ
)DLQW ILQW 'HVPD\DUVH 7DLO WLO 5DER
)DLWK IL] )H 7DLORU WLOHU 6DVWUH
(L *DLQ JXLQ *DQDU 9DLQ ILQ 9DQR
+DLO MLO *UDQL]DU :DLVW XLVW &LQWXUD
/DIUDVHGHOWWXORGHHVWDVHFFLQ
VH SURQXQFLDUD p7KH UHLQ LQ +DLWL MLWL +DLW :DLW XLW $JXDUGDU
6SHLQVWHLVPLQO\RQWKHSOLQq -DLO FKLO &UFHO :DLWHU XLWHU &DPDUHUR
(QODSU[LPDFKDYHUHPRVTXH /DLG OLG 3DVDGRGHqOD\q
ODSURQXQFLDFLQHVFDVLVLHPSUH 0DLG PLG &ULDGD
ODPLVPDHQUHIHUHQFLDDODVSD 0DLO PLO &RUUHR $LU HU $LUH
ODEUDV TXH FRQWLHQHQ ODV OHWUDV
0DLQ PLQ 3ULQFLSDO 'DLU\ GUL /FWHR
pD\q GD\SOD\HWF  )DLU IHU -XVWR
0DL]H PLV 0D]
/DV H[FHSFLRQHV D HVWDV UHJODV )DLU\ IUL +DGD
1DLO QLO &ODYR
ODVYHUVHQODWHUFHUDFROXPQDD
3DLG SLG 3DJDGR +DLU MHU 3HOR
SDUWLUGHODSDODEUDpDLUq
3DLO SLO &XER 3DLU SHU 3DU
$LG LG $\XGD 3DLQ SLQ 'RORU 1DYH QDI ,QJHQXR
$LOPHQW LOPHQW 'ROHQFLD 3DLQW SLQW 3LQWXUD
$LVOH LO 3DVLOOR
$LP LP $SXQWDU 5DLG ULG ,QFXUVLQ
&DLUR NLUR (O&DLUR
%DLO ELO )LDQ]D FUFHO 5DLO ULO 3DVDPDQRV
.DLVHU NLVHU .DLVHU
%DLW ELW &HER 5DLQ ULQ /OXYLD
7DLZDQ WDLXQ 7DLZDQ
&DLQ NLQ &DQ %LEOLD 5DLVH ULV (OHYDU
'DLO\ GLOL 'LDULDPHQWH 5DLVLQV ULVHQV 3DVDV 6DLG VHG 3DVDGRGHpVD\q

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(V9GXQDSHUVRQDDEOH\GHUHFXUVRV"7LHQHPXFKDHQHUJDLQ $UH\RXGHSHQGDEOHDQGUHVRXUFHIXO"'R\RXKDYHORWVRIHQHUJ\
WXLFLQHLQLFLDWLYD"9LVWHELHQ\WLHQHDSWLWXGHVFRQHORUGHQDGRU" LQWXLWLRQ DQG LQLWLDWLYH" 'R \RX GUHVV ZHOO DQG KDYH FRPSXWHU
(VWGLVSXHVWRDUHFRJHUDFOLHQWHVHQHODHURSXHUWRIUHJDUSODWRV VNLOOV"$UH\RXZLOOLQJWRSLFNXSFOLHQWVDWWKHDLUSRUWZDVKGLVKHV
DVSLUDUDOIRPEUDVOOHYDUDFDERHQFXHVWDVWHOHIQLFDVKDFHUUHFDGRV YDFXXPFDUSHWVFRQGXFWWHOHSKRQHVXUYH\VUXQHUUDQGVDQGGRDOO
\WRGDVODVGHPVFRVDVTXHQRWHQHPRVWLHPSRGHKDFHU"6RPRV WKHRWKHUWKLQJVZHGRQoWKDYHWLPHWRGR":HDUHDQDGYHUWLVLQJ
XQDHPSUHVDGHSXEOLFLGDGFRQFOLHQWHVQDFLRQDOHV\QHFHVLWDPRVD UP ZLWK FOLHQWV QDWLRQZLGH DQG ZH QHHG D VXSHU KHOSHU 1R
XQVXSHUD\XGDQWH1DGDGHTXHMLFDV1DGDGHJHQWHYDJD ZKLQHUV1ROD]\SHRSOH


(VWLPDGRDPLJR\DOXPQR1HFHVLWRFUX]DUXQDGHQVDMXQJODSDUDOOHJDUDPLGHVWLQR6HWUDWDGHXQGHVWLQR 0VSDODEUDVLQJOHVDV
TXHGHVHRFRQPXFKDIXHU]D/RVVHQGHURVDWUDYVGHODMXQJODHVWQOOHQRVGHPDOH]DOLDQDV]DU]DV\UDPDV GHUD]ODWLQD
EDMDV/RLQWHQWR"6LVLJRDGHODQWHVHJXUDPHQWHPHYHUIUHQDGRDFDGDSDVRSRUORVREVWFXORV/DVOLDQDVVH &RUURVLRQ &RXQW
HQUHGDUQDOUHGHGRUGHPLVWRELOORV(OHVSHVRUDPDMHPHDUDDUORVEUD]RV\ODFDUD0HTXHGDUHQJDQFKDGR &RUURVLYH &RXQWHVV
\HQUHGDGRDFDGDSDVR0LSURJUHVRVHUOHQWR\WRUWXRVR\KDVWDPHROYLGDUGHFPRHVDQGDUFRQSDVRUPH &RUUXSW &RXSRQ
\OLJHUR4XKDJR"8QDPLJRPRH[SHUWRHQYLDMDUSRUODVMXQJODVPHUHFRPLHQGDTXHYXHOYDDODFDSLWDOD &RUUXSWLRQ &RXUW
GRVVHPDQDVGHFDPLQRSDUDFRPSUDUPHXQQXHYRLQYHQWROODPDGRPXOWLPDFKHWHPHFQLFR6HWUDWDGHOR &RUWLVRQH &RXUWHRXV
OWLPRSDUDGHVSHMDUVHQGHURVHQODMXQJOD0HFRVWDUWUDEDMRYROYHUGHQXHYRDODFDSLWDO\PHFRVWDUWDPELQ &RVPHWLF &RXUDJH
EDVWDQWHGLQHURVLQKDEODUGHOYLDMHGHYXHOWDDGRQGHHVWR\DKRUD0HGDSHUH]DYROYHU0HYDDUHVXOWDUSHVDG &RVPHWLFV &RXUWHVDQ
VLPRSHUGHUWRGRXQPHV HOYLDMHGHLGD\YXHOWDDODFDSLWDO 3HURPLDPLJRLQVLVWHHQTXHMDPVYROYHUDDQGDU &RVPLF &R\RWH
GHVSDFLRFRQHOPXOWLPDFKHWHPHFQLFR0HGLFHTXHVHUXQFDPLQDQWHGHFLGLGR\UHVXHOWRFXDOTXLHUDTXHVHD &RVPRQDXW &UHDP
ODMXQJODTXHPHHVSHUH6LHPSUHWHQGUHOFDPLQRGHVSHMDGR\SRGUDQGDUSRUODMXQJODFRPR3HGURSRUVXFDVD &RVPRSROLWDQ &UHDWH
<RJUDFLDVD'LRV\DWHQJRXQPXOWLPDFKHWHPHFQLFRSHURSDUDODMXQJODJUDPDWLFDOGHOFDVWHOODQR+DFHDRV &RVPRV &UHDWLRQ
&RVVDFN &UHDWLYH
GHGLTXHOWLHPSRQHFHVDULRDDGTXLULUSUHFLVLQ\DJLOLGDGFRQODJUDPWLFDEVLFDGHWXLGLRPD\GHVGHHQWRQ
&RVW &UHDWLYLW\
FHVWHQJRORVVHQGHURVGHVSHMDGRVVLQOLDQDV\VLQPDOH]DTXHPHUDOHQWLFHQ7HQJRVROWXUDJUDFLDVDOGRPLQLR
&RXQFLO &UHDWRU 
GHODJUDPWLFDEVLFD$KRUDWHWRFDDWLFRQVHJXLUORPLVPRFRQHOLQJOV
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHOOWLPRGDGHHVWHDR ,WoVWKHODVWGD\RIWKLV\HDU &PRVHGLFH1RFKHYLHMDHQ +RZGR\RXVD\1RFKHYLHMDLQ


(VHOSULPHUGDGHOSU[LPRDR,WoVWKHUVWGD\RIQH[W\HDU LQJOV" (QJOLVK"
4XIHFKDVVRQ" :KDWGDWHVDUHWKH\" 6HGLFH1HZ<HDUoV(YH :HVD\1HZ<HDUoV(YH
6RQHOGHGLFLHPEUH\HO 7KH\DUHWKHVW WKLUW\UVW 
 4XKDFLVHVDQRFKH" :KDWGR\RXGRRQWKDWQLJKW"
GHHQHUR RI'HFHPEHUDQGWKHVW UVW  +DFLVODVFRVDVGHPDQHUD 'R\RXGRWKLQJVLQDGLIIHUHQW
RI-DQXDU\ GLIHUHQWHDORVHVSDROHV" ZD\IURPWKH6SDQLVK"
(VXQDQRFKHSDUDJUDQGHV ,WoVDQLJKWIRUELJSDUWLHV
 &PRORFHOHEULVDOO" +RZGR\RXFHOHEUDWHLWWKHUH"
HVWDV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/DIDPLOLDQRHVWDQLPSRUWDQWH7KHIDPLO\LVQoWDVLPSRUWDQW &RPLVODVXYDVFRPRQRVRWURV'R\RXHDWJUDSHVOLNHXVDW
FRPRORHVDTX DVLWLVKHUH DPHGLDQRFKH" PLGQLJKW"
/DJHQWHVXHOHVDOLUFRQVXV 3HRSOHXVXDOO\JRRXWZLWK
 1XQFDKHFRPSUHQGLGRPX\ ,oYHQHYHUXQGHUVWRRGYHU\
DPLJRV WKHLUIULHQGV ELHQSRUTXKDFLVHVR ZHOOZK\\RXGRWKDW
1RKD\XQDFHQDWUDGLFLRQDO 7KHUHLVQoWDWUDGLWLRQDOGLQQHU
 6LFRPHVXYDVHQ ,I\RXHDWJUDSHVLQ
DQWHVGHPHGLDQRFKH EHIRUHPLGQLJKW VHJXQGRVWHQGUVEXHQD VHFRQGV\RXZLOOKDYHJRRG
9DQDSXEVRHVWDVDOUHGHGRU 7KH\JRWRSXEVRUSDUWLHVDW
 VXHUWHHVWHDR" OXFNLQWKDW\HDU"
GHODVVLHWHRODVRFKR DURXQGVHYHQRUHLJKWRoFORFN 7RGRHOPXQGRFUHHTXHHVR 'RHVHYHU\ERG\EHOLHYHWKDWoV
,QWHQWDQEHEHUWDQWRFRPR 7KH\WU\WRGULQNDVPXFKDV
 HVYHUGDG" WUXH"
VHDSRVLEOH WKH\FDQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XSLHQVDVKDFHUHVWHDR" :KDWDUH\RXSODQQLQJWRGR 1RPHLEDVDGHFLUFXOHVOD :HUHQoW\RXJRLQJWRWHOOPH


WKLV\HDU" WUDGLFLQLQJOHVDDPHGLDQRFKH" ZKDWWKH(QJOLVKWUDGLWLRQLVDW
6XSRQJRTXHYROYHUDFDVD ,VXSSRVH,oOOJREDFNKRPH PLGQLJKW"
$XQTXHSXHGHTXHORSDVHFRQ$OWKRXJK,PLJKWVSHQGLWZLWK 1RKDFHPRVQDGDHQ :HGRQoWGRDQ\WKLQJLQ
PLIDPLOLDSROWLFD P\IDPLO\LQODZ SDUWLFXODU SDUWLFXODU
7XIDPLOLDWHHFKDUGHPHQRV <RXUIDPLO\ZLOOPLVV\RX &DQWDPRVFRPRWRQWRV\QRV :HVLQJOLNHIRROVDQGJDWKHU
/HVYHUDSULQFLSLRVGH$R ,oOOVHHWKHPDWWKHEHJLQQLQJ
 UHXQLPRVDOUHGHGRUGHODWHOHR URXQGWKH79RUOLVWHQWRWKH
1XHYR RIWKH1HZ<HDU HVFXFKDPRVODUDGLR UDGLR

.QRFNHU $OGDED
+LQJHV %LVDJUD

/HWWHUER[ %X]Q

'RRUPDW )HOSXGR 'RRUEHOO 7LPEUH

9RFDEXODULR(QWUDQFH (QWUDGD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'DPRVEHVRVDWRGRHOPXQGR :HJLYHHYHU\ERG\DNLVVRQ
 7HQGHPRVDVDOLUFRQQXHVWURV :HWHQGWRJRRXWZLWKRXU
HQODVPHMLOODV WKHFKHHNV DPLJRVGHVSXVGHTXHORV IULHQGVDIWHUWKHFORFNVKDYH
2VLHUHVXQVROWHURRXQ 2ULI\RXoUHVLQJOHRUDGUXQN
 UHORMHVGHQODPHGLDQRFKH VWUXFNPLGQLJKW
ERUUDFKRLQWHQWDVHQUROODUWH \RXWU\WRJHWRIIZLWK /DPDQHUDHVSDRODPHSDUHFH7KH6SDQLVKZD\VHHPVPXFK
FRQWRGRHOPXQGR HYHU\ERG\ PXFKRPVFLYLOL]DGD PRUHFLYLOLVHGWRPH
(OGDVLJXLHQWHLQWHQWDV 7KHIROORZLQJGD\\RXWU\WR
 6DEDVTXHHQ,WDOLDFRPHQ 'LG\RXNQRZLQ,WDO\WKH\HDW

UHFRUGDUGHVLKLFLVWHHOULGFXOR UHPHPEHULI\RXPDGHDIRRO OHQWHMDVHQYH]GHXYDV" OHQWLOVLQVWHDGRIJUDSHV"
RI\RXUVHOI 7DPSRFRWLHQHQXQDSDODEUD 7KH\GRQoWKDYHDZRUGIRU

7HDUUHSLHQWHVSRUORTXHGLMLVWH<RXUHJUHWZKDW\RXVDLGDQG SDUDUHVDFDHQLWDOLDQR KDQJRYHULQ,WDOLDQHLWKHU
HKLFLVWH GLG (VRVLWDOLDQRVUHERVDQ 7KRVH,WDOLDQVRR]H
VRVWLFDFLQQR" VRSKLVWLFDWLRQGRQoWWKH\"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  0LJKW3XHGHTXH$ORPHMRU
(VXQYHUERDX[LOLDUTXHH[SUHVDSRVLELOLGDG
,IHHOUXQGRZQ <RXoOOUXQGRZQWKHEDWWHU\LI\RXGRWKDW
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
0HVLHQWRFDQVDGR\VLQHQHUJD $JRWDUVODEDWHUDVLKDFHVHVR
IUDVHVHQLQJOV"

*LYHPHDUXQGRZQRQWKHSODQ 6HQGKLPGRZQWRP\RIFH 3XHGHTXHOOXHYDPDDQD


3XHGHTXHWRGDYDFRMDVWXWUHQ
([SOFDPHHOSODQ 0QGDOHSDUDTXHEDMHDPLGHVSDFKR
3XHGHTXHWRGDYDYHQGDQODHPSUHVD

:K\GR\RXDOZD\VUXQKLPGRZQ" 6HWLWGRZQRQWKHWDEOH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED


WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
3RUTXVLHPSUHOHFULWLFDVWDQWR" &ROFDORHQODPHVD DOJRTXHSHVD  ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3UD\IRUWKHKD\LQ0D\WRVWD\JUD\ 5H]DSDUDTXHHOKHQRGHPD\RSHUPDQH]FDGHFRORUJULV
%D\ EL %DKD 3D\ SL 3DJDU
%D\RQHW EHLRQW %D\RQHWD 3D\PHQW SLPHQW 3DJR
6DOYR ODV GRV H[FHSFLRQHV
&OD\ NOHL $UFLOOD 3D\UROO SLURO 1PLQD
FLWDGDV DO QDO GH OD VH
&UD\VK NULVK &DQJUHMRGHUR 3OD\ SOL -XJDU
JXQGD FROXPQD OD FRPEL
&UD\RQ NULRQ /SL]GHFRORU 3OD\HU SOLHU -XJDGRU
QDFLQ pD  \q VLHPSUH VH
'D\ GHL 'D 3UD\ SUL 5H]DU
SURQXQFLDHQLQJOV
'HOD\ GHOL 5HWUDVR 3UD\HU SULHU 2UDFLQ
*UD\ JUL *ULV ((88 5D\ UL 5D\R
(L
+D\ ML +HQR 6D\ VL 'HFLU
/D\ OL 3RQHUFRORFDU 6D\LQJ VLLQJ 'LFKR
<DVDEHVSURQXQFLDUpGD\q
/D\HU OLHU &DSD 6WD\ VWL 4XHGDUVH
pSD\q R pZD\q DV TXH
/D\RII OLDI 'HVSHGLU DSHUVRQDO 7UD\ WUL %DQGHMD
DSOLFD OD PLVPD SURQXQ
/D\RXW OLDRW 'LVSRVLFLQHQSODQWD :D\ XL 0DQHUD
FLDFLQ VLHPSUH TXH YHDV
0D\ PL 0D\R
pD\q
0D\EH PLEL 7DOYH] .D\DN NL\DN .D\DN
0D\RU PLHU $OFDOGH 0D\D PL\D 0D\D

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XDQGRFRPSUDPRVHOSLVRWLUDPRVWRGDVODVSDUHGHVLQWHULRUHV\ :KHQZHERXJKW WKHDWZH WRUHGRZQDOO WKHLQWHULRUZDOOVDQG
FRQVWUXLPRVGHQXHYRHOLQWHULRU'LVHDPRVHOVDOQHOFRPHGRU\ UHEXLOW WKH LQVLGH:H GHVLJQHG WKH OLYLQJ URRP GLQLQJ URRP DQG
ODFRFLQDGHWDOIRUPDTXHDSURYHFKEDPRVFDGDPHWURFXDGUDGR NLWFKHQLQVXFKDZD\DVWRWDNHDGYDQWDJHRIHYHU\VTXDUHPHWHURI
GHHVSDFLR(OLPLQDPRVODHQWUDGD\ORJUDPRVUHGXFLUHOSDVLOORDOD VSDFH:HHOLPLQDWHGWKHHQWUDQFHKDOODOWRJHWKHUDQGPDQDJHGWR
PLWDGGHVXORQJLWXGDVLQFUHPHQWDQGRHOWDPDRGHORVWUHVGRU UHGXFHWKHKDOOZD\WRKDOILWVOHQJWKWKXVLQFUHDVLQJWKHVL]HRIWKH
PLWRULRV&XDQGRXQDUTXLWHFWRDPLJRQXHVWURYLRORVUHVXOWDGRVQR WKUHHEHGURRPV:KHQDQDUFKLWHFWIULHQGRIRXUVVDZWKHQDOUHVXOW
SRGDFUHHUTXHQRORKXELHUDKHFKRXQGHFRUDGRUGHLQWHULRUHV KHFRXOGQoWEHOLHYHWKDWLWKDGQoWEHHQGRQHE\DQLQWHULRUGHFRUDWRU


(VWLPDGRDPLJR\DOXPQR$SUHQGHULQJOVHVFRPROOHQDUXQHPEXGRGH 0VSDODEUDVLQJOHVDV
DJXDDEDVHGHXQOHQWRJRWHR,PDJQDWHXQHPEXGRJUDQGHERFDDUULED GHUD]ODWLQD
FRQODDSHUWXUDLQIHULRUHVWUHFKDFHUUDGDGHIRUPDTXHSRGDPRVOOHQDUOR &UHDWXUH &UXFL[LRQ
VLTXHUHPRV7HGR\XQSHTXHRFXHQWDJRWDVSDUDTXHOHQWDPHQWHYD &UHGHQWLDOV &UXGH
\DVOOHQDQGRHOHPEXGR$OSULQFLSLRHOSURJUHVRHVUSLGRSXHVWRTXHHO &UHGLELOLW\ &UXHO
HVWUHFKRFXHOORLQIHULRURFXSDSRFRVFHQWPHWURVFELFRV6HOOHQDHQVHJXL &UHGLEOH &UXHOW\
GDORFXDOQRVGDFLHUWRRSWLPLVPR'HVSXVVLQHPEDUJRHOHPEXGRVHDEUH &UHGLW &UXVDGH
UDGLFDOPHQWH\FDGDJRWDDGLFLRQDODSHQDVKDFHVXELUHOQLYHO(VIUXVWUDQWH\D &UHGLWRU &UXVWDFHDQ
&UHGXORXV &U\SW
TXHQRSDUDPRVGHHFKDUJRWDVSHURHOQLYHOQRSDUHFHVXELU$SUHQGHUXQVHJXQ
&UHHG &U\VWDO
GRLGLRPD\DGHDGXOWRHVH[DFWDPHQWHORPLVPRTXHOOHQDUXQHPEXGRFRQFXHQ
&UHPDWH &U\VWDOOLQH
WDJRWDV&XDQGRHUHVSULQFLSLDQWHWRGRSDUHFHDOFDQ]DEOH&DGDGDDSUHQGHVFRVDV &UHPDWLRQ &XEH
QXHYDV\HOLQJOVSDUHFHDEDUFDEOH'HVSXV\DHQODSDUWHSOHQDPHQWHH[SDQVLYDGHO &UHVW &XELF


HPEXGRWHGDVFXHQWDGHODLQPHQVLGDGGHOLGLRPD\WXUHWR\DQRHVOLQJVWLFRVLQR &ULPH &XELFOH


PRWLYDFLRQDO7HHQWUDHVDVHQVDFLQGHFXDQWRPiVVpPiVPHGR\FXHQWDGHORSRFRTXHVp(OSUREOH &ULPLQDO &XELVP
PDHVVHQFLOORGHH[SOLFDUDSDUWLUGHOQLYHOLQWHUPHGLRGHUHSHQWHVHOHDEUHDODOXPQRODLQPHQVLGDG &ULVLV &XELVW
GHXQQXHYRLGLRPD6RQFDVLLQQLWDVODVSRVLELOLGDGHVGHFRPELQDUYRFDEXODULRYHUERVSURSRVLFLRQHV &ULWHULRQ &XOLQDU\
FRQMXQFLRQHVDGMHWLYRV\WRGRORGHPV&DGDIUDVHDGPLWHPDQHUDVGHPDWL]DUVH&DGDYHUERLP &ULWHULD &XOPLQDWH
SRUWDQWH GHOLGLRPDDGPLWHKDVWDYDULDFLRQHV VHJQ TX SUHSRVLFLQ OH HQJDQFKH FRQ GRV R WUHV &ULWLF &XOPLQDWLRQ
YDULDFLRQHVPVSRUFDGDSUHSRVLFLQVHJQVHLQFOX\DHQODRUDFLQXQQRPEUHRXQSURQRPEUH(VHQ &ULWLFDO &XOW
HVWHQLYHOLQWHUPHGLRGRQGHVHDWDVFDHOGHORVHVWXGLDQWHVGHLQJOV6HTXHGDQDWDVFDGRVGHSRU &ULWLFL]H &XOWLYDWH
YLGD\HVWRHVSRUTXHRQRTXLHUHQRSRUTXHQDGLHOHVKDLQVWDGRDWUDEDMDURUDOPHQWHODJUDPWLFDFRQ &URXSLHU &XOWLYDWHG

ODPLVPDGLVFLSOLQDTXHORVDFUEDWDVGHFLUFRSHUIHFFLRQDQVXVQPHURV &UXFLDO &XOWXUDO
5LFKDUG9DXJKDQ &UXFL[ &XOWXUH
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

0RVFHVXQDFLXGDGIUD 0RVFRZLVDFROGFLW\ &RQRFHHOODPXFKDJHQWH 'RHVVKHNQRZDORWRI


FLMDHVXQSXHEORFDOXURVR FLMDLVDKRWWRZQ HVWDGRXQLGHQVH" $PHULFDQSHRSOH"
(O0DQ]DQDUHVHVXQURSHTXHR7KH0DQ]DQDUHVLVDVPDOOULYHU 1ROHRPXFKRVOLEURV ,GRQoWUHDGPDQ\ERRNV
/DJHQWHHVSDRODHVVLPSWLFD6SDQLVKSHRSOHDUHQLFH OQRWLHQHPXFKDLQWHOLJHQFLD +HGRHVQoWKDYHPXFK
|$QWLFRQVWLWXFLRQDOPHQWHHV $QWLFRQVWLWXWLRQDOO\LVDORQJ
 LQWHOOLJHQFH
XQDSDODEUDODUJD ZRUG &XQWDFRPLGDWHQHPRV" +RZPXFKIRRGGRZHKDYH"
1RKD\PXFKRVFXDGURVHQ 7KHUHDUHQoWPDQ\SDLQWLQJVLQ
HVWHPXVHR WKLVPXVHXP

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7LHQHVFDORU" $UH\RXKRW" 1RYDVDGHFLUQDGD" $UHQoW\RXJRLQJWRVD\


3DUDVHUVLQFHURWHQJRXQSRFR 7REHKRQHVW,oPDOLWWOHFROG
 DQ\WKLQJ"
GHIUR 1RPHLEDVDGHFLUDOJR" :HUHQoW\RXJRLQJWRWHOOPH
'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI" VRPHWKLQJ"
1RWHQJRPLHGRGHQDGD ,oPQRWDIUDLGRIDQ\WKLQJ 1RYDQDLUDQLQJXQDSDUWHSRU7KH\DUHQoWJRLQJWRJR
9PRQRVDODFDPDWHQJRVXHR/HWoVJRWREHG,oPVOHHS\ VXVYDFDFLRQHV DQ\ZKHUHIRUWKHLUKROLGD\V
1RLEDDJULWDUDQDGLH ,ZDVQoWJRLQJWRVKRXWDW
DQ\RQH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LIXHUDVDVWUHFRVHUDPXFKDV ,I,ZHUHDWDLORU,ZRXOGVHZ
 3UHIHUUDVHUXQJRUULQTXH ,oGUDWKHUEHDVSDUURZWKDQD
FRVDV PDQ\WKLQJV XQFDUDFRO VQDLO
6LIXHUDJUDQMHURFXOWLYDUD ,I,ZHUHDIDUPHU,ZRXOGJURZ
 3UHIHULUDVHUXQPDUWLOORTXH ,oGUDWKHUEHDKDPPHUWKDQ
PXFKDVYHUGXUDV ORWVRIYHJHWDEOHV XQFODYR DQDLO
6LIXHUDERPEHURDSDJDUDORV ,I,ZHUHDUHPDQ,oGSXWRXW
 3UHIHULUDVHUXQERVTXHTXH ,oGUDWKHUEHDIRUHVWWKDQD
LQFHQGLRV UHV XQDFDOOH VWUHHW
6LIXHUDIRQWDQHURFREUDUD ,I,ZHUHDSOXPEHU,oGFKDUJH 3UHIHULUDVHQWLUODWLHUUDEDMR ,oGUDWKHUIHHOWKHHDUWK
PXFKRGLQHURSRUFRVDVSHTXHDV ORWVRIPRQH\IRUOLWWOHWKLQJV PLVSLHV EHQHDWKP\IHHW
6LIXHUDVROGDGRWHQGUDTXH ,I,ZHUHDVROGLHU,oGKDYHWR
 3UHIHULUDVHU3DXO6LPRQTXH ,oGUDWKHUEH3DXO6LPRQWKDQ
PDWDUDODJHQWH NLOOSHRSOH $UW*DUIXQNHO $UW*DUIXQNHO

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXWLHQHVWDQWDVJDQDV :K\DUH\RXVRHDJHUWROHDYH" /RVPYLOHVGHKR\VHSDUHFHQ 0RELOHVWRGD\EHDUOLWWOH



GHLUWH" SRFRDORVGHKDFHDRV UHVHPEODQFHWRSKRQHVRI
(UDUHDFLRDGHFLUOHVDOJR ,ZDVUHOXFWDQWWRWHOOWKHP \HDUVDJR
DQ\WKLQJ (OMHIHDQWHULRUQRHUDQLPXFKR7KHIRUPHUERVVZDVQRZKHUH
(VWEDPRVDVRPEUDGRVDOYHU :HZHUHDPD]HGWRVHHWKDW PHQRVWDQHVWULFWRFRPRHO QHDUDVVWULFWDVWKHQHZRQH
HVRHQODSRUWDGD RQWKHIURQWSDJH QXHYR
(VWDUHQFDQWDGRGH ,oGEHGHOLJKWHGWRDFFRPSDQ\ (VDOJRHQORTXHQRPHKH ,WoVQRWVRPHWKLQJ,oYHJLYHQ

DFRPSDDUWHDOEDLOH \RXWRWKHGDQFH SDUDGRDSHQVDU PXFKWKRXJKWWR
1RVGLRSHQDHVFXFKDUVREUHWX:HZHUHVRUU\WRKHDUDERXW 1RWHQJRXQDRSLQLQPX\ ,GRQoWIHHOVWURQJO\DERXWWKH

SUGLGD \RXUORVV GHQLGDVREUHHOWHPD LVVXH

6KULQH 6DQWXDULR
3ULHVW &XUD

$OWDU $OWDU

1XQ 0RQMD

3HZ %DQFR
9RFDEXODULR&KXUFK ,JOHVLD

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

,QWHUURJDWLYRs0D\,"
3KUDVDOYHUEVZLWKpGRZQq 
&XDQGRKDFHVXQDSUHJXQWDFRQpPD\qHVWV
SLGLHQGRSHUPLVRGHXQDPDQHUDPX\IRUPDO
6LWGRZQDQGOLVWHQWRPH :HoOOZHDUGRZQWKHLUUHVLVWDQFH
6LQWDWH\HVFFKDPH $FDEDUHPRVFRQVXUHVLVWHQFLD 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,oPJRLQJWRFORVHGRZQWKHEXVLQHVV 7DNHGRZQP\QDPHDQGQXPEHU 0HSHUPLWHKDFHUXQDSUHJXQWD"
9R\DFHUUDUHOQHJRFLR $SXQWDPLQRPEUH\WHOIRQR 0HSHUPLWHLUDOVHUYLFLR"
6|SRUVXSXHVWR
7KHUHLVVWDUWLQJWRGLHGRZQ :HKDYHWRWDNHGRZQWKH&KULVWPDV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
(OLQFHQGLRHPSLH]DDDSDJDUVH OLJKWV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
7HQHPRVTXHTXLWDUODVOXFHVGH1DYLGDG ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

7KHEDVLFVRISROLWLFVDQGHFRQRPLFVDUHVWDWLVWLFVDQGpFRVPHWLFVq

7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQWHUPLQDQFRQODVOHWUDVpFVq$OJXQDVVRQSDODEUDVPX\LPSRUWDQWHVGHOGDDGDHQHOPXQGR
SURIHVLRQDO7RGDVSURYLHQHQGHOJULHJR

$FRXVWLFV $FVWLFD (FRQRPLFV &LHQFLDV(FRQPLFDV 0HWDSK\VLFV 0HWDIVLFD


$HURELFV $HUELFR (OHFWURQLFV (OHFWUQLFD 1XPLVPDWLFV 1XPLVPWLFD
$HURG\QDPLFV $HURGLQPLFD (WKLFV WLFD 2SWLFV SWLFD
$HURQDXWLFV $HURQXWLFD *HQHWLFV *HQWLFD 3HGLDWULFV 3HGLDWUD
$WKOHWLFV 'HSRUWHVDWOHWLVPR 58 *\PQDVWLFV *LPQDVLD 3KRQHWLFV )RQWLFD
%DOOLVWLFV %DOVWLFD +\GUDXOLFV +LGUXOLFD 3K\VLFV )VLFD
7KHEDVLFV /RVIXQGDPHQWRV /LQJXLVWLFV /LQJVWLFD 3ROLWLFV 3ROWLFD
&HUDPLFV &HUPLFD 7KHO\ULFV /HWUD GHXQDFDQFLQ 5RERWLFV 5REWLFD
&RVPHWLFV &RVPWLFRV 0DWKHPDWLFV 0DWHPWLFD 6HPDQWLFV 6HPQWLFD
'\QDPLFV 'LQPLFD 0HFKDQLFV 0HFQLFD 6WDWLVWLFV (VWDGVWLFD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/H JXVWD JDVWDU EURPDV D OD JHQWH 'H KHFKR KDU FXDOTXLHU FRVD +H OLNHV WR SOD\ MRNHV RQ SHRSOH ,Q IDFW KHoOO GR DQ\WKLQJ WR JHW
SDUDOODPDUVXDWHQFLQ7LHQHXQFRFKHLQJOV\DVDEHVGHORVTXH DWWHQWLRQ+HKDVDQ(QJOLVKFDUf\RXNQRZWKHRQHVWKDWKDYHWKH
WLHQHQHOYRODQWHDODGHUHFKD&XDQGRORFRPSULQVWDOXQYRODQWH VWHHULQJZKHHORQWKHULJKW:KHQKHERXJKWLWKHLQVWDOOHGDIDNH
IDOVRHQHOODGRGHOFRSLORWR\HQVHDVXSHUURDVHQWDUVHHQHVH VWHHULQJZKHHORQWKHSDVVHQJHUVLGHDQGWDXJKWKLVGRJWRVLWLQWKH
ODGR\DSRQHUODVSDWDVVREUHHOYRODQWH(QWRQFHVHPSH]DEDDFRQ SDVVHQJHUVHDWZLWKLWVSDZVRQWKHZKHHO7KHQKHVWDUWHGGULYLQJ
GXFLUSRUODFLXGDGFRQVXSHUURDOYRODQWH$QORKDFH\KDVWDORV DURXQGWKHWRZQZLWKKLVGRJDWWKHZKHHO+HVWLOOGRHVLWDQGHYHQ
SHULGLFRVKDEODQGHHOOR7RGRHOPXQGRVDEHTXLQHV\VXQHJRFLR WKHQHZVSDSHUVKDYHZULWWHQDERXWLW(YHU\ERG\NQRZVZKRKHLV
HVWVXELHQGRFRPRODHVSXPD QRZDQGKLVEXVLQHVVLVERRPLQJ


(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHHQ(VSDDSLHQVDTXHSDUDGRPLQDUGHQLWLYDPHQWHHOLQJOV 0VSDODEUDVLQJOHVDV
KD\TXHLUDOH[WUDQMHUR(VWRHVFLHUWRVLVHGDQHVWDVWUHVFRQGLFLRQHV HODOXPQR\DSRVHHRLQVLVWHHQ GHUD]ODWLQD
DGTXLULULQVLWXXQDIXHUWHEDVHJUDPDWLFDODFWLYD HODOXPQRSDVDDOPHQRVGRVDRVYLYLHQGRHQXQ &XUDEOH &\OLQGHU
SDVGHKDEODLQJOHVD\ HODOXPQRUHDOL]D\DHQHOH[WUDQMHURDFWLYLGDGHVDFDGPLFDVRODERUDOHVTXH &XUH &\OLQGULFDO
OHH[LMHQGHVHQYROYHUVHGLDULDPHQWHFRQQDWLYRV5HVSHFWRDODSULPHUDFRQGLFLQVLHODOXPQRSDVDXQR &XULRVLW\ &\QLF
RGRVDRVHQXQSDVGHKDEODLQJOHVDVLQSRVHHUDQWHVRVLQDGTXLULULQVLWXXQDUPHEDVHJUDPDWLFDO &XULRXV &\QLFDO
YROYHUD(VSDDFKDSXUUHDQGRHOLGLRPDFRQFLHUWDVROWXUDSHURVLQFDOLGDG7DPSRFRVDEUH[SUHVDUVH &XUUHQW &\QLFLVP
GHFHQWHPHQWHSRUHVFULWR(QFXDQWRDODVHJXQGDFRQGLFLQKHFRQVWDWDGRXQD\RWUDYH]TXHXQVRORDR &XUULFXOXP &\SUHVV
HQHOH[WUDQMHURQRGRWDDODSHUVRQDGHXQDOWRQLYHOVDOYRHQORDXGLWLYRORFXDOHVLPSRUWDQWHSHURQR &XUU\ &\ULOOLF
VXFLHQWH0XFKRVYXHOYHQFRQXQQLYHOLQWHUPHGLRDOWRORFXDOHVSRFDFRVDGDGDODLQYHUVLQHQWLHPSR &XUVLYH &]DU
&XUVRU 'DQFH
\GLQHUR5HFXHUGRPX\ELHQPLSULPHUDRHQ(VSDD6LKXELHUDOOHJDGRDHVWHSDVFRQXQQLYHOPX\
&XUWDLQ 'DWD


PRGHVWRGHHVSDROHVWR\VHJXURGHTXHQRKDEUDWHUPLQDGRHODRFRQXQEXHQGRPLQLRGHOLGLRPD
&XUYDWXUH 'HEDFOH
$TXPLVPRHQ9DXJKDQ6\VWHPVGRQGH\RWUDEDMRWHQHPRVPXFKRVSURIHVRUHVGHLQJOVRHPSOHDGRVGHO &XUYH 'HEDWDEOH
5HLQR8QLGRGH,UODQGDGH((88HWFTXHWDUGDQWUHVDRVRPVHQDGTXLULUXQQLYHOGHFHQWHGHHVSDRO &XVWRG\ 'HEDWH
3RUWDQWRSDVDUWLHPSRIXHUDQRHVVLQQLPRGHGRPLQLRGHOLGLRPDGHOOXJDUDQRVHUTXHODSHUVRQDVH &XVWRP 'HELOLWDWH
GHGLTXHPX\HQVHULRDFRQVHJXLUOR<SRUOWLPRFRQUHVSHFWRDODWHUFHUDFRQGLFLQVLHODOXPQRHVSDRO &XWLFOH 'HELW
QRVHFRGHDDGLDULRFRQODJHQWHORFDOVLVXDFWLYLGDGDFDGPLFDRODERUDOQROHREOLJDDHQWUDUHQFRQWDFWR &\EHUQHWLFV 'HEXW
GLQPLFRFRQHVWDJHQWHRVLSRUVXIRUPDGHVHUKX\HGHODVSHFWRVRFLDOVXPHMRUDFRQHOLQJOVVHUHGXFLU &\FOH 'HFDGH
DVXWLHPSRGHODQWHGHOWHOHYLVRU\DORVRFDVLRQDOHVPRPHQWRVREOLJDWRULRVGHFRPXQLFDFLQ&RQR]FR &\FOLVW 'HFDGHQFH
FDVRVHQORVFXDOHVHODOXPQRHVSDROQRKDEODEDQLRDPVGHXQDKRUDQHWDGHLQJOVDOGD3RUWDQWR &\FORQH 'HFDGHQW
DXQTXHHVVLHPSUHSRVLWLYRHOLUVHIXHUDQRHVQHFHVDULDPHQWHODSDQDFHDSDUDHOLPLQDUpHOPDOqGHOLQJOV &\FORSV 'HFDSLWDWH
<DVHDDTXRHQXQSDVGHKDEODLQJOHVDODVROXFLQGHQLWLYDSDVDLQH[RUDEOHPHQWHSRUPXFKVLPDV &\FORWURQ 'HFDWKORQ
KRUDVGHDWHQFLQ\GHGLFDFLQDOLGLRPDPXFKVLPDV 5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWRHVHOFRPLHQ]R 7KLVLVWKHEHJLQQLQJ 3RUTXHVWVKDEODQGRDV" :K\DUH\RXVSHDNLQJOLNH


1RHVHOQDO ,WLVQoWWKHHQG WKDW"
(VWR\HQPHGLRGHODFDOOH ,oPLQWKHPLGGOHRIWKHURDG 1RYDVDLU" $UHQoW\RXJRLQJWRFRPH"
(VWVHQHVWHODGR <RXoUHRQWKLVVLGH 1RFUHRTXHYD\D ,GRQoWWKLQN,oOOJR
(OODQRHVWHQHORWURODGR 6KHLVQoWRQWKHRWKHUVLGH &XQGRORYDQDFRPSUDU" :KHQDUHWKH\JRLQJWREX\LW"
4XYDPRVDFRPHUHVWD :KDWDUHZHJRLQJWRHDW
QRFKH" WRQLJKW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6LWHQJRWLHPSRLU ,I,KDYHWLPH,oOOJR 3RGUOOHJDUDOODWLHPSR :LOO\RXEHDEOHWRJHWWKHUH


&XDQGRWHQJDWLHPSRLU :KHQ,KDYHWLPH,oOOJR SDUDYHUOR" RQWLPHWRVHHLW"
6LHVWXGLDVPVDSUHQGHUVPV ,I\RXVWXG\PRUH\RXoOOOHDUQ
 1RSRGUD\XGDUWH ,ZRQoWEHDEOHKHOS\RX
USLGR PRUHTXLFNO\ +DVSRGLGRHFKDUXQYLVWD]R +DYH\RXEHHQDEOHWRWDNHD
&XDQGROOHJXHWHORGLU :KHQKHDUULYHV,oOOWHOO\RX DHVDVFLIUDV" ORRNDWWKRVHJXUHV"
6LOHVYHVPHOODPDUVSRU ,I\RXVHHWKHPZLOO\RXFDOO
 /RVLHQWRQRKHHQFRQWUDGR ,oPVRUU\,KDYHQoWEHHQDEOH
IDYRU" PHSOHDVH" WLHPSR WRQGWKHWLPH
&XQGRSRGUVGDUPHXQD :KHQZLOO\RXEHDEOHWRJLYH
UHVSXHVWD" PHDQDQVZHU"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HKDEUDVGDGRFXHQWDVLQRWH <RXoGKDYHUHDOLVHGLI\RX
 (VWR\GHFDPLQR ,oPRQP\ZD\
KXELHUDVHPERUUDFKDGR KDGQoWEHHQGUXQN 1RYHRODSDQWDOODWXFDEH]D ,FDQoWVHHWKHVFUHHQ\RXU
|,PEFLO3RGUDVKDEHUOHV <RXIRRO<RXFRXOGKDYHNLOOHG
 HVWSRUPHGLR KHDGoVLQWKHZD\
PDWDGR WKHP |4XWDWHGHOPHGLR *HWRXWRIP\ZD\
OGHEHUDKDEHUHVSHUDGRD +HVKRXOGKDYHZDLWHGXQWLO,
 7HQHPRVPXFKRFDPLQRSRU :HKDYHDORQJZD\WRJR
TXH\ROOHJDVHDOO JRWWKHUH UHFRUUHU
'HEHKDEHUVLGRXQDSHUVRQD 6KHPXVWKDYHEHHQD
 |1LKDEODU 1RZD\
PDUDYLOORVD ZRQGHUIXOSHUVRQ
(ODRTXHYLHQHPHKDEU ,ZLOOKDYHJUDGXDWHGE\QH[W

JUDGXDGR \HDU

&XUG &XDMDGD

&UPH&DUDPHO )ODQ

)UXLW6DODG 0DFHGRQLD

&XVWDUG 1DWLOODV 5LFH3XGGLQJ $UUR]FRQ/HFKH

9RFDEXODULR'HVVHUWV 3RVWUHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+D\XQDUXHGDGHUHSXHVWRHQ,VWKHUHDVSDUHW\UHLQWKH |6FXDQGRODVUDQDVFUHQSHOR <HVDQGSLJVPLJKW\


HOPDOHWHUR" ERRW" /RTXHWGLFHVPHUHVEDOD :KDW\RXVD\UXQVRIIPHOLNH
(VWQIXQFLRQDQGRORV $UH\RXUZLQGVFUHHQZLSHUV ZDWHURIIDGXFNoVEDFN
OLPSLDSDUDEULVDV" ZRUNLQJ" 1RPHGLJDVFKRUUDGDV 'RQoWJLYHPHWKDWEXOO
7LHQHHOHYDOXQDV" 'RHVLWKDYHHOHFWULFZLQGRZV" 7HKDFRPLGRODOHQJXDHOJDWR"+DVWKHFDWJRW\RXUWRQJXH"
7LHQHXQPRWRUGHFDEDOORV ,WKDVDKRUVHSRZHUHQJLQH $FDGDFHUGROHOOHJDVX6DQ (YHU\GRJKDVLWVGD\

3RUTXWLHQHVWDQWDVSHJDWLQDV:K\GR\RXKDYHVRPDQ\ 0DUWQ
HQHOVDOSLFDGHUR" VWLFNHUVRQWKHGDVKERDUG"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  /HDYHPHDORQH
6LJQLFDp'MDPHHQSD]q\DXQTXHVHSXHGH
+HIROORZHGPHGRZQWKHSDWK 7KHSDLQWLQJVZHUHSDVVHGGRZQWRPH WUDGXFLUOLWHUDOPHQWHFDVLQXQFDVHKDFH
OPHVLJXLSRUHOVHQGHUR +HKHUHGDGRODVSLQWXUDV 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,KHOSHGKLPGRZQWKHPRXQWDLQ 6KHMXPSHGGRZQIURPWKHORZHUOLPE |'MDPHHQSD]
/HD\XGDEDMDUGHODPRQWDD (OODVDOWGHVGHODUDPDPVEDMD 3RUTXQRLQWHQWDVGHMDUOHVHQSD]"
'HMDDWXKHUPDQDHQSD]WLHQHTXHHVWXGLDU
7KH\SXVKHGKLPGRZQ 7KLVH[DPZLOOSXOOGRZQP\DYHUDJH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/HWXPEDURQFRQXQHPSXMQ (VWHH[DPHQKDUEDMDUPLQRWDPHGLD WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

&DPELDODFDGHQD p&KLQFKqWKHpFKLQq
$GYDQWDJH DGIQWDFK 9HQWDMD &KDOOHQJH FKOHQFK 5HWR
/DV GRV FROXPQDV GH OD GHUH $JH LFK (GDG &KDQJH FKLFK &DPELR
FKD FRQWLHQHQ SDODEUDV TXH $UUDQJH DULQFK $UUHJODU &KDUJH FKDUFK &REUDU
WHUPLQDQ HQ pJHq 7RGDV WLH $YHQJH DYQFK 9HQJDU &ROOHJH FOHFK 8QLYHUVLGDG
QHQODPLVPDSURQXQFLDFLQDO $YHUDJH IHUFK 3URPHGLR &RWWDJH FWHFK &DVLWD
QDOTXHVXHQDFDVLFRPRXQD %DFNVWDJH EDNVWLFK (QWUHEDVWLGRUHV &RXUDJH NUHFK 9DORU
VLPSOH pFKq HQ HVSDRO +D\
%DGJH EDFK ,QVLJQLD &RYHUDJH NIHUHFK &REHUWXUD
PXFKVLPDVSDODEUDVHQLQJOV
%DJJDJH EJDFK (TXLSDMH 'DPDJH GPHFK 'DR
FRQHVWDWHUPLQDFLQ\ORVHV
SDROHV VROLV SURQXQFLDUODV %DQGDJH EQGDFK 9HQGD 'LVDGYDQWDJH GLVDGIQWDFK 'HVYHQWDMD
PDOVREUHWRGRODVTXHWHUPL %DUJH EDUFK %DUFD]D 'LVFRXUDJH GLVNUHFK 'HVDQLPDU
QDQHQpQJHqFRPRpFKDQJHq %HLJH EHLFK %HLJH 'LYXOJH GDLIOFK 5HYHODU
'HFVpFKLQqHQYH]GHpFKQ %HVLHJH EHVFK 6LWLDU 'RGJH GDFK (VTXLYDU
FKqGHMDQGRVLQSURQXQFLDUOD %HYHUDJH EIHUHFK %HELGD 'RVDJH GVHFK 'RVLV
OWLPD VODED \ FRPR FRQVH %LUGFDJH EUWNHLFK -DXODGHSMDURV 'UDLQDJH GULQHFK 'UHQDMH
FXHQFLDKDFLHQGRTXHHOLQWHU %ORFNDJH EONHLFK 2EVWUXFFLQ 'UHGJH GUHFK 'UDJDU
ORFXWRU HQWLHQGD pFDGHQDq HQ %ULGJH EULFK 3XHQWH 7KHHGJH HFK (OERUGH
YH]GHpFDPELRq
%URNHUDJH EUNHUHFK &RUUHGXUD (PHUJH LPUFK (PHUJHU
&DEEDJH NEHFK 5HSROOR (QFRXUDJH HQNUHFK $QLPDU
(QODVSU[LPDVFKDVYDPRVD
YHUWRGDVODVSDODEUDVTXHWHU &DJH NLFK -DXOD (QJDJH HQJXLFK &DSWDUDWUDHU
PLQDQHQpJHq &DPRXDJH NPRDFK &DPXDMH (VSLRQDJH VSLRQDFK (VSLRQDMH
&DUULDJH NULFK &DUUXDMH ([FKDQJH HNVFKLFK ,QWHUFDPELDU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|'HEHVHVWDUEURPHDQGR&PRVHVXSRQHTXHYR\DKDFHUHVWRVLQ <RXPXVWEHNLGGLQJ"+RZDP,VXSSRVHGWRGRWKLVLI,GRQoWKDYH
DOJXLHQTXHPHD\XGH"0HOOHYDUPVGHGRVVHPDQDVVRODPHQWH DQ\RQHWRKHOSPH",WoOOWDNHPHRYHUWZRZHHNVMXVWWRWUDFNGRZQ
ORFDOL]DUODLQIRUPDFLQGHQRPEUHVGLUHFFLRQHV\QPHURVGHWHO WKH LQIRUPDWLRQ RQ QDPHV DGGUHVVHV DQG WHOHSKRQH QXPEHUV
IRQR'HVSXVWHQGUTXHFRQWDFWDUFRQFDGDSHUVRQD\FRQYHQFHUOH 7KHQ ,oOO KDYH WR FRQWDFW HDFK SHUVRQ RQH E\ RQH DQG FRQYLQFH
GHTXHGRQHHOGHVXVLQJUHVRVDXQDIXQGDFLQGHODTXHMDPV WKHPWRGRQDWHRIWKHLULQFRPHWRDIRXQGDWLRQWKH\oYHQHYHU
KDRGRKDEODU KHDUGRI


(VWLPDGRDPLJR\DOXPQR0LJXHOIXHWUHVPHVHVD%ULVWRODHVWXGLDULQJOV7XYRFODVHGHJUXSRVHLVKRUDVDOGDFRQGRVSURIHVRUHV
QDWLYRV6XVFRPSDHURVHUDQGRVOLWXDQRVXQLWDOLDQR\XQWXUFR6HKL]RPX\DPLJRGHOWXUFR\SDVDEDQDOPHQRVGRVKRUDVDO
GDMXQWRVKDEODQGRHQLQJOVSRUVXSXHVWR&XDQGRUHJUHVD(VSDDQRWTXHKDEDPHMRUDGRSHURHVSHUDEDPV8QGDQRV
VHQWDPRVO\\RDKDFHUQPHURV
 7RWDOKRUDVR\HQGRDVXVSURIHVRUHVKDEODUGHJUDPWLFDHWF 


 7RWDOKRUDVKDEODQGRHQFODVHFRQVXVSURIHVRUHV 
 7RWDOKRUDVR\HQGR\KDEODQGRFRQHOWXUFR 
 7RWDOKRUDVKDFLHQGRGHEHUHVSDUDODDFDGHPLD 
 7RWDOKRUDVR\HQGR\KDEODQGRFRQJHQWHGH%ULVWRO
 7RWDOKRUDVR\HQGRLQJOVGHIRQGRHQODFDOOHSXEVHWF
 7RWDOKRUDVR\HQGR\KDEODQGRFRQODIDPLOLDFRQTXHYLYD 
 7RWDOKRUDVR\HQGRLQJOVSRUWHOHYLVLQ
 7RWDOKRUDVGHFRQWDFWRFRQHOLQJOVGXUDQWHORVWUHVPHVHV 
 7RWDOKRUDVGHFRQWDFWRGLQPLFRFRQJHQWHUHDO SXQWRV\ 
/DVVHLVKRUDVGLDULDVHQJUXSRUHGXFLGRGXUDQWHGDVOHFRVWDURQ KRUD HODORMDPLHQWRHOGHVD\XQR\ODFHQDFRQOD
IDPLOLDORVYXHORV\VXVJDVWRVFRUULHQWHVVXPDURQ(QWRWDOORVWUHVPHVHVOHFRVWDURQ(QPLRSLQLQVX
FXUVRHQ%ULVWROVDOLSRUKRUDFDUVLPR HOFRVWHWRWDOGLYLGLGRSRUORVSXQWRV\ /RVSXQWRV\VHSXHGHQKDFHULJXDOGH
ELHQHQ(VSDD\SRUPHQRVGLQHUR<VLPHDSXUDVWDPELQORVSXQWRV\VLOHHFKDVXQSRFRGHLPDJLQDFLQRYDORUDODVXQWR 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDODGHUHFKD ,WoVRQWKHULJKW 0HJXVWDHOYLQR ,OLNHZLQH


(VWDODL]TXLHUGD ,WoVRQWKHOHIW 7HJXVWDHOTXHVR" 'R\RXOLNHFKHHVH"
1RHVWDOO ,WLVQoWRYHUWKHUH 7HJXVWDUDXQSRFRGHYLQR" :RXOG\RXOLNHDOLWWOHZLQH"
3RUTXQRHVWDTX" :K\LVQoWLWKHUH" 0HJXVWDUDXQDWD]DGHFDI ,oGOLNHDFXSRIFRIIHHSOHDVH
1RORV ,GRQoWNQRZ 7HJXVWDEDLODU" 'R\RXOLNHGDQFLQJ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3RUTXQRHVWIXQFLRQDQGR" :K\LVQoWLWZRUNLQJ" +DEODVGHPDVLDGR <RXWDONWRRPXFK


3RUTXQRPHHVFXFKDV :K\GRQoW\RXOLVWHQWRPH
 OQROHHORVXFLHQWH +HGRHVQoWUHDGHQRXJK
FXDQGRWHKDEOR" ZKHQ,WDONWR\RX" (OODYHGHPDVLDGDVSHOFXODV 6KHZDWFKHVWRRPDQ\EDG
3RUTXQRKD\VLOODVHQHVWH :K\DUHQoWWKHUHDQ\FKDLUVLQ
 PDODV OPV
FXDUWR" WKLVURRP" 1RGLVWHGHWDOOHVVXFLHQWHV <RXGLGQoWJLYHHQRXJKGHWDLO
3RUTXQRSLHQVDXQSRFR :K\GRHVQoWVKHWKLQNDOLWWOH
 HQWXSUHVHQWDFLQ LQ\RXUSUHVHQWDWLRQ
DQWHVGHKDEODU" EHIRUHVSHDNLQJ" /RQGUHVHVGHPDVLDGRFDUD\QR/RQGRQLVWRRH[SHQVLYHDQG
3RUTXQRVDOGUVFRQPLJR" :K\ZRQoW\RXJRRXWZLWKPH" ORVXHQWHPHQWHFDOXURVD QRWKRWHQRXJK

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(OODKDEODELHQLWDOLDQR0L 6KHVSHDNV,WDOLDQZHOO6RGRHV
 7HDSHWHFHXQDSL]]D" 'R\RXIDQF\DSL]]D"
KHUPDQRWDPELQ P\EURWKHU 4XWHDSHWHFHKDFHU" :KDWGR\RXIDQF\GRLQJ"
1RSXHGHFRPHUPVFRPLGD +HFDQoWHDWDQ\PRUHIRRG
 /HJXVWDVDHOOD" 'RHVVKHIDQF\\RX"
<RWDPSRFR 1HLWKHUFDQ, 1RWDEDTXHHOODWHJXVWDED ,FRXOGWHOO\RXIDQFLHGKHU
1RIXLLQYLWDGR\WWDPSRFR ,ZDVQoWLQYLWHGDQGQHLWKHU 6HODVGDGHFRFLQHUR +HIDQFLHVKLPVHOIDVDFKHI
ZHUH\RX
'HEHUDKDFHUPVHMHUFLFLR\ ,VKRXOGGRPRUHH[HUFLVHDQG

HOORVWDPELQ VRVKRXOGWKH\
7XFRFKHHVD]XO\HOPR <RXUFDUoVEOXHDQGVRLVPLQH

WDPELQ

3XVKFKDLU 6LOOLWDGHSDVHR
'XPP\ &KXSHWH

1DSS\ 3DDO
%LE %DEHUR
%RRWLHV 3DWXFRV

9RFDEXODULR%DE\ %HE

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HYHQWDQLFDPHQWHFRQ ,WoVRQO\DYDLODEOHRQ 0VYDOHSUHYHQLUTXHFXUDU %HWWHUVDIHWKDQVRUU\


UHFHWDPGLFD SUHVFULSWLRQ 'LRVORVFUD\HOORVVHMXQWDQ %LUGVRIDIHDWKHURFN
6HFRPSUDVLQUHFHWDPGLFD ,WFDQEHERXJKWRYHUWKH WRJHWKHU
FRXQWHU 1RHVRURWRGRORTXHUHOXFH $OOWKDWJOLWWHUVLVQRWJROG
1RWHSUHRFXSHVQRWLHQH 'RQoWZRUU\LWGRHVQoWKDYH 1RKD\PDOTXHSRUELHQQR (YHU\FORXGKDVDVLOYHUOLQLQJ
QLQJQHIHFWRVHFXQGDULR DQ\EDGVLGHHIIHFWV YHQJD
&XOHVODGRVLVGLDULD :KDWoVWKHUHFRPPHQGHGGDLO\ $TXLHQPDGUXJD'LRVOHD\XGD7KHHDUO\ELUGFDWFKHVWKH
UHFRPHQGDGD" GRVH" ZRUP
3UHIHULUDVXQDSDVWLOODRDOJR :RXOG\RXSUHIHUDSLOORU
TXHVHGLVXHOYHHQDJXD" VRPHWKLQJWKDWGLVVROYHVLQ
ZDWHU"

 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpGRZQq  7R(QMR\

'RQoWVWDUWGRZQWKHVDPHURDG 7KH\ZDONHGGRZQWRWKHQHZVVWDQG 6LJQLFDpGLVIUXWDUq\VLHPSUHYDVHJXLGRGHO


1RYXHOYDVFRQODPLVPDFDQFLQ %DMDURQDQGDQGRKDVWDHOTXLRVFR JHUXQGLR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
<RXoOOKDYHWRVKRXWKLPGRZQ ,UHDFKHGGRZQWRWKHERWWRPRIWKHEDJ IUDVHVHQLQJOV"
7HQGUVTXHKDFHUOHFDOODU JULWDQGR  ([WHQGHOEUD]RKDVWDHOIRQGRGHODEROVD 'LVIUXWDVFDQWDQGR"
1RGLVIUXWDQFRFLQDQGR
:HLQYLWHGWKHPGRZQWRWKHFRDVW ,SUHIHUODPEZDVKHGGRZQZLWK5LRMDZLQH 0DJJLHGLVIUXWDMXJDQGRIWERO
/HVLQYLWDPRVDODFRVWD HQHOVXU  3UHHURFRUGHURDFRPSDDGRGHYLQRGH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
5LRMD
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
6XI[HVpfQHVVq
%DOGQHVV &DOYLFLH ,QGHFLVLYHQHVV ,QGHFLVLQ
%LWWHUQHVV $PDUJXUD ,QHIIHFWLYHQHVV ,QHFDFLD
&DUHOHVVQHVV 'HVFXLGR ,QHSWQHVV 7RUSH]D
&OHDQOLQHVV /LPSLH]D .LQGQHVV $PDELOLGDG
&RPSHWLWLYHQHVV &RPSHWLWLYLGDG /D]LQHVV 3HUH]D
&UHGLWZRUWKLQHVV 6ROYHQFLD SHUVRQDIVLFD /RQHOLQHVV 6ROHGDG
'DUNQHVV 2VFXULGDG 0DGQHVV /RFXUD
'HFLVLYHQHVV 'HFLVLQUPH]D 3URPSWQHVV 3URQWLWXG
'LUHFWQHVV )UDQTXH]D 4XLFNQHVV 5DSLGH]
'URZVLQHVV 0RGRUUDVRSRU 5HDGLQHVV 3UHSDUDFLQ
'UXQNHQQHVV (PEULDJXH] 5HVRXUFHIXOQHVV ,QJHQLRLQYHQWLYD
(IIHFWLYHQHVV (FDFLD 6DGQHVV 7ULVWH]D
)DLUQHVV -XVWLFLD 6HOVKQHVV (JRVPR
)LUPQHVV )LUPH]D 6HULRXVQHVV 6HULHGDG
)LWQHVV %XHQHVWDGRIVLFR 6KDUSQHVV $JXGH]D
)RQGQHVV &DULR 6K\QHVV 7LPLGH]
)ULHQGOLQHVV 6LPSDWDDPLJDELOLGDG 6LFNQHVV (QIHUPHGDG
*UHDWQHVV *UDQGH]D 6WLIIQHVV 5LJLGH]GXUH]D
+DSSLQHVV )HOLFLGDG 7HQGHUQHVV 7HUQXUD
+DUVKQHVV $VSHUH]D 8VHIXOQHVV 8WLOLGDG
+RSHOHVVQHVV 'HVHVSHUDQ]D :HDNQHVV 'HELOLGDG
,OOQHVV (QIHUPHGDG :HDULQHVV &DQVDQFLR
,QGHEWHGQHVV (QGHXGDPLHQWR :LOOLQJQHVV %XHQDGLVSRVLFLQ
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/XGZLJ9DQ%HHWKRYHQHVWDEDWRWDOPHQWHVRUGRDORVDRV\ /XGZLJYDQ%HHWKRYHQZDVWRWDOO\GHDIE\DJHRIDQGFRPSRVHG
FRPSXVR JUDQ SDUWH GH VXV PHMRUHV REUDV HQ XQ PXQGR VLOHQ PXFKRIKLVEHVWPXVLFLQDVLOHQWZRUOG:KDWZDVLPSRUWDQWZDV
FLRVR/RLPSRUWDQWHHUDVXKDELOLGDGSDUDRUODVVLQIRQDVHQVX KLV DELOLW\ WR KHDU V\PSKRQLHV LQ KLV KHDG %XW WKLV LV QRWKLQJ
PHQWH3HURHVRQRHVQDGDHVSHFLDO&RPR%HHWKRYHQWRGRVSR VSHFLDO/LNH%HHWKRYHQZHDOOFDQVHHKHDUIHHOWDVWHDQGVPHOO
GHPRVRUVHQWLUSUREDU\ROHUHQQXHVWUDPHQWH3RUHVRODSX LQRXUKHDG7KDWoVZK\DGYHUWLVLQJGRHVQoWXVXDOO\VSHDNWRWKH
EOLFLGDGQRVXHOHGLULJLUVHDOPXQGRH[WHULRUGHVXVFOLHQWHVVLQR ZRUOGRXWVLGHLWVFXVWRPHUV,W WULHV WRVSHDN WR WKHZRUOGLQVLGH
TXHWUDWDGHKDEODUDOPXQGRLQWHULRUGHQWURGHVXVPHQWHV WKHLUPLQGV


(VWLPDGR DPLJR \ DOXPQR +R\ HVWR\ FRQ XQ SRFR GH HEUH \ VLQ YR] 0LV FRPSDHURV DTX HQ OD 0VSDODEUDVLQJOHVDV
RFLQDPHHVWQGLFLHQGRTXHQRPHSUHRFXSHSRUHOGRUVRGHODFKDHOFXDOHVFULERGHFDERDUDER GHUD]ODWLQD
4XLHUHQTXHPHYD\DDFDVD6LQHPEDUJRSUHHURTXHGDUPH\KDFHUOR\RQRSRUTXHQRFRQIHHQPL 'HFHOHUDWLRQ 'HFODVVLI\
JHQWHVLQRSRUTXHPHJXVWD&DGDVHFFLQPHH[LJHSHQVDU\HVWRPHPDQWLHQHHQIRUPD+D\YDULDV 'HFHQF\ 'HFOLQH
KDELOLGDGHVTXHSRVHHPRVORVKXPDQRVTXHQRVGLIHUHQFLDQGHORVDQLPDOHV7DOYH]ODPVLPSRUWDQWH 'HFHQW 'HFRGH
HVHOOHQJXDMH/DULTXH]DGHOOHQJXDMHKXPDQRHVWUHPHQGD\TXLHQQRIRPHQWDVXKDELOLGDGHQHVWH 'HFHQWUDOL]DWLRQ 'HFRPSRVH
WHUUHQRSLHUGHXQDRSRUWXQLGDGGHRUR/DVSHUVRQDVFRQEXHQDVGRWHVGHFRPXQLFDFLQHQVXSURSLD 'HFHQWUDOL]H 'HFRPSRVLWLRQ
OHQJXDSULPHURHQSURSLRLGLRPDWLHQHQXQDYHQWDMDLPSRUWDQWHHQODYLGDSURIHVLRQDO\SHUVRQDO/R 'HFHSWLRQ RMR 'HFRPSUHVVLRQ
ODPHQWDEOHHVTXHVHWUDWDGHXQDUPDGHGREOHOR\HOOLGHUD]JREDVDGRFDVLVLHPSUHHQHOFDULVPDROD 'HFLEHO 'HFRQWDPLQDWH
FDSDFLGDGGHFRPXQLFDFLQSXHGHHPSOHDUVH\VHKDHPSOHDGRSDUDQHVPHQRVQREOHV1RREVWDQWH 'HFLGH 'HFRUDWH
'HFLPDO 'HFRUDWLRQ
HVDOJRTXHGHEHVLQWHQWDUPHMRUDUVREUHWRGRVLHUHVMRYHQ(OUHFLQOLFHQFLDGRKDUDPX\ELHQHQ
'HFLPDWH 'HFRUDWRU
GHGLFDUXQDRDDSUHQGHUDPDQHMDUODSDODEUDKDEODGDFRQWLQR\GHVWUH]DSRUTXHVHVRUSUHQGHUD
'HFLSKHU 'HFRUDWLYH
GHODFDQWLGDGGHSHUVRQDVTXHOHFRQFHGHUQFXRWDVGHOLGHUD]JR'HVSXVGHEHFRQVHJXLUORPLVPR 'HFLVLRQ 'HFRUXP
HQLQJOVSRUTXHXQQRDQJORSDUODQWHTXHPDQHMDFRQGHVWUH]DHOLQJOVFRQVLJXHPVDWHQFLQTXH 'HFLVLYH 'HFUHH
XQQDWLYRFRQODVPLVPDVKDELOLGDGHV$QWRQLR%DQGHUDV5LFDUGR0RQWDOEQ0DXULFH&KHYDOLHU\HO 'HFODUDWLRQ 'HGLFDWH
PLVPVLPR'RQ-XDQ&DUORV,GH(VSDDFXDQGRKDEODQHQLQJOVDWUDHQDODQJORSDUODQWHPVTXH 'HFODUH 'HGXFH 
RWURVDFWRUHVRSROWLFRVGHKDEODLQJOHVD 5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWRHVIDQWVWLFR 7KLVLVIDQWDVWLF &XQGRYDVGHYDFDFLRQHV" :KHQDUH\RXJRLQJRQ


(VRHVWPX\PDO 7KDWoVYHU\EDG KROLGD\"
(VWDVQRVRQEXHQDVLGHDV 7KHVHDUHQoWJRRGLGHDV 1RWHQJRYDFDFLRQHVKDVWDHO ,GRQoWKDYHDQ\KROLGD\VXQWLO
(VRVQRVRQPLVSUREOHPDV 7KRVHDUHQoWP\SUREOHPV DRTXHYLHQH QH[W\HDU
(VHVWREXHQRSDUDP" ,VWKLVJRRGIRUPH" 'QGHYDVDLU" :KHUHDUH\RXJRLQJWRJR"
1RHVWR\VHJXURWLHQHVDOJXQDV,oPQRWVXUHGR\RXKDYHDQ\
LGHDV" LGHDV"
7HJXVWDQODVSOD\DV" 'R\RXOLNHEHDFKHV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(UDVEXHQHVWXGLDQWH" :HUH\RXDJRRGVWXGHQW" +DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW


&XDQGRHVWDEDHQHOFROHJLR :KHQ,ZDVDWVFKRRO,ZDV
 KDFHUWHXQWDWXDMH" JHWWLQJDWDWWRR"
HVWDEDPVLQWHUHVDGRHQHO PRUHLQWHUHVWHGLQVSRUW 1XQFDKDKDELGRQDGLHFRPR 7KHUHoVQHYHUEHHQDQ\RQHOLNH
GHSRUWH $OH $OH
&XQGRHVWXYLVWHHQHOFROHJLR":KHQZHUH\RXDWVFKRRO" $OJXQDYH]WHKDSHJDGR" +DVKHHYHUKLW\RX"
/RV%HDWOHVHVWDEDQMXQWRV 7KH%HDWOHVZHUHWRJHWKHU
 1XQFDKHSRGLGROHYDQWDUPH ,oYHQHYHUEHHQDEOHWRJHWXS
FXDQGR\RHVWDEDHQHOFROHJLR ZKHQ,ZDVDWVFKRRO SURQWR HDUO\
'HEHVVHUPX\YLHMR <RXPXVWEHYHU\ROG 1XQFDKDKDELGRUEROHVHQ 7KHUHKDYHQHYHUEHHQDQ\
QXHVWURMDUGQ WUHHVLQRXUJDUGHQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+D\XQDIDOWDGHHQWXVLDVPR 7KHUHoVDODFNRIHQWKXVLDVPLQ
 3DUHFHFRPRVLKXELHUDVYLVWR <RXORRNDVLI\RXoYHVHHQD
HQHVWDHPSUHVD WKLVFRPSDQ\ XQIDQWDVPD JKRVW
'HYXOYHPHORDKRUD *LYHLWEDFNWRPHQRZ 4XDVSHFWRWLHQHGHVSXVGH :KDWGRHVVKHORRNOLNHDIWHU
7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJWR
 ODFLUXJD" WKHVXUJHU\"
UHXQLQSDUDKDEODUGHHVWH WDONDERXWWKDWVXEMHFW 7HSDUHFHVDWXSDGUH <RXORRNOLNH\RXUIDWKHU
WHPD IVLFDPHQWH 
9DPRVDOOHJDUDOODQWHVSDUD /HWoVJHWWKHUHHDUO\VRWKDWZH
 OVHSDUHFHDVXPDGUH IRUPD+HWDNHVDIWHUKLVPRWKHU
FRQVHJXLUEXHQRVDVLHQWRV FDQJHWJRRGVHDWV GHVHU 
1RKDKDELGRTXHMDVKDVWDOD 7KHUHKDYHQoWEHHQDQ\
 3DUHFDGLVIUXWDUGHOFRQFLHUWR +HVHHPHGWRHQMR\WKHFRQFHUW
IHFKD FRPSODLQWVVRIDU

&ORZQ 3D\DVR

7UDSH]H 7UDSHFLR
7LJKWURSH &XHUGD)ORMD

/LRQ7DPHU 'RPDGRUGHOHRQHV 5LQJPDVWHU 0DHVWURGH&HUHPRQLDV

9RFDEXODULR&LUFXV &LUFR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RVHGHEHUDQGHFLUVHPHMDQWHV6XFKWKLQJVVKRXOGQoWEHVDLG |$YHUVLWHHQWHUDV :LVHXS


FRVDVHQSEOLFR LQSXEOLF |)OLSRWR ,oPJREVPDFNHGPDWH
'HEHKDFHUVHDOJRSRUHVWDJHQWH 6RPHWKLQJPXVWEHGRQHIRU (VWRHVPX\IXHUWH 7KLVLVSUHWW\KHDY\VWXII
WKHVHSHRSOH 7LHQHPX\PDODOHFKH +HoVDQDVW\SLHFHRIZRUN
6HPROHVWDIFLOPHQWHSRUORV 6KHLVHDVLO\XSVHWE\FUXHO |2VWUDV &ULNH\
FRPHQWDULRVFUXHOHV FRPPHQWV
6HLQYHVWLJDUHODVXQWR 7KHPDWWHUZLOOEHORRNHGLQWR
0HGLMHURQTXHQRVHORGLMHUD ,ZDVWROGQRWWRWHOODQ\RQH
DQDGLH

 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q  7R0LVV
6LJQLFDpSHUGHUqHQHOVHQWLGRGHpQRFRJHU
7KLVKHDGDFKHZRQoWJRDZD\ 6WD\DZD\IURPP\JLUOIULHQG QRYHUQRRUQRPDUFDUQRDSURYHFKDUq
(VWHGRORUGHFDEH]DQRVHYD 1RWHDFHUTXHVDPLQRYLD
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
*HWDZD\IURPWKHDPHV 7KHEXWWHU\HZDZD\
3HUGLXQDRSRUWXQLGDGGHRUR
$OMDWHGHODOODPDV /DPDULSRVDVHIXHYRODQGR
/RVLHQWRQRRORTXHPHGLMLVWH
3HUGHODXWREVDVTXHWXYHTXHFRJHUXQ
7DNHKLPDZD\ +HURGHDZD\LQWRWKHVXQVHW WD[L
/OYHVHOR 6HDOHMDFDEDOORKDFLDODSXHVWDGHVRO
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
6XI[HVpfPHQWq  
$EDQGRQPHQW DEDQGRQR $VWRQLVKPHQW DVRPEUR (QFRXUDJHPHQW QLPR
$FFRPSOLVKPHQW ORJUR %DVHPHQW VWDQR (QIRUFHPHQW FXPSOLPLHQWR
$FKLHYHPHQW ORJUR &RPPDQGPHQW PDQGDPLHQWR (QJDJHPHQW QRYLD]JR
$FNQRZOHGJHPHQW UHFRQRFLPLHQWR &RPPLWPHQW FRPSURPLVR (QMR\PHQW SODFHUGLVIUXWH
$GMRXUQPHQW VXVSHQVLQ UHXQLQ &RPSDUWPHQW FRPSDUWLPHQWR (QULFKPHQW HQULTXHFLPLHQWR
$GYDQFHPHQW SURJUHVR &RPSOHPHQW FRPSOHPHQWR (QODUJHPHQW DPSOLDFLQ
$GYHUWLVHPHQW DQXQFLRSXEOLFLWDULR &RPSOLPHQW FXPSOLGR (QUROPHQW PDWUFXOD
$JUHHPHQW DFXHUGR &RQGLPHQW FRQGLPHQWR (QWHUWDLQPHQW HQWUHWHQLPLHQWR
$LOPHQW GROHQFLD &RQQHPHQW UHFOXVLQ (TXLSPHQW HTXLSR
$OLJQPHQW DOLQHDFLQ 'HSDUWPHQW GHSDUWDPHQWR (QYLURQPHQW HQWRUQR
$PD]HPHQW DVRPEUR 'HSOR\PHQW GHVSOLHJXH ([FLWHPHQW HPRFLQ
$PHQGPHQW HQPLHQGD 'HWULPHQW GHWULPHQWR ([SHULPHQW H[SHULPHQWR
$QQXOPHQW DQXODFLQ 'HYHORSPHQW GHVDUUROOR )HUPHQW IHUPHQWR
$SDUWPHQW DSDUWDPHQWR 'LVDJUHHPHQW GHVDFXHUGR )UDJPHQW IUDJPHQWR
$SSRLQWPHQW QRPEUDPLHQWRFLWD 'LVDSSRLQWPHQW GHFHSFLQ )XOOPHQW FXPSOLPLHQWR
$UJXPHQW GLVFXVLQ 'LVDUPDPHQW GHVDUPH *RYHUQPHQW JRELHUQR
$UPDPHQW DUPDPHQWR 'LVEXUVHPHQW GHVHPEROVR ,PSHGLPHQW LPSHGLPHQWR
$UUDQJHPHQW DUUHJOR 'RFXPHQW GRFXPHQWR ,PSOHPHQW SRQHUHQSUFWLFD
$VVHVVPHQW HYDOXDFLQ (PEDQNPHQW WHUUDSOQ ,PSURYHPHQW PHMRUD
$VVLJQPHQW HQFDUJR (OHPHQW HOHPHQWR ,QVWDOPHQW SOD]RGHSDJR
$VVRUWPHQW VXUWLGR (PERGLPHQW SHUVRQLFDFLQ ,QVWUXPHQW LQVWUXPHQWR
DWWDFKPHQW DFRSODPLHQWR (PSOR\PHQW HPSOHR ,QYHVWPHQW LQYHUVLQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RPHPROHVWHVPVFRQHVWDVFRVDV6LQRWHSXHGHVHQFDUJDU 'RQoWERWKHUPHZLWKWKHVHWKLQJVDQ\PRUH,I\RXFDQoWKDQGOH
GH SHTXHRV SUREOHPDV FRPR VWRV TX YDV D KDFHU FXDQGR OLWWOHSUREOHPVOLNHWKHVHZKDWDUH\RXJRLQJWRGRZKHQWKHELJ
OOHJXHQORVSUREOHPDVJUDQGHV"7HFRQWUDWSDUDSHUPLWLUPHKD SUREOHPVFRPHDORQJ",KLUHG\RXWRIUHHPHXSWRGRWKHPRUH
FHUFRVDVPVLPSRUWDQWHVSDUDHOQHJRFLR(QRWUDVSDODEUDVWH LPSRUWDQWWKLQJVIRUWKHEXVLQHVV,QRWKHUZRUGV,KLUHG\RXWR
FRQWUDW SDUD UHVROYHU ORV SHTXHRV SUREOHPDV \ GHMDUPH D P VROYHWKHOLWWOHSUREOHPVDQGOHDYHWKHELJRQHVWRPH,I\RXHQG
ORV JUDQGHV 6L WHUPLQDV WUD\QGRPH FDGD SHTXHR SUREOHPD XS EULQJLQJ HYHU\ RWKHU OLWWOH SUREOHP EDFN WR PH WKHQ , GRQoW
HQWRQFHVQRPHVLUYHVSDUDPXFKRYHUGDG" KDYHPXFKXVHIRU\RXGR,"


(VWLPDGR DPLJR \ DOXPQR $EDMR WLHQHV GRV FROXPQDV XQD HQ HVSDRO \ RWUD HQ PL LGLRPD 7DSD 0VSDODEUDVLQJOHVDV


ODFROXPQDHQLQJOVFRQODPDQRRFRQXQSDSHO\WUDWDGHGHFLUHQYR]DOWD\HQLQJOVODVIUDVHV GHUD]ODWLQD
HQHVSDRO'HVSXVYHEDMDQGRODPDQRRHOSDSHOSDUDFRPSUREDUORVDFLHUWRV$TXHVXQEXHQ 'HGXFW 'HQLWLYH
HMHUFLFLRGHDJLOLGDGRUDOJUDPDWLFDO",PDJLQDKDFHUHVWRPLQXWRVDOGDGXUDQWHGDVDODR 'HGXFWLRQ 'HDWLRQ
1RFUHHVTXHJDQDUDVHQDJLOLGDG\SUHFLVLQ"$TXHQ9DXJKDQWHQHPRVOLEURVFRQPVGH 'HIDPDWLRQ 'HIRUP
IUDVHVFRPRVWDV5HFXHUGDPLQXWRVDOGD$JLOLGDGJUDPDWLFDO 5LFKDUG9DXJKDQ 'HIHFW 'HIRUPDWLRQ
'HIHFWLYH 'HIRUPHG
&XQWRVHWDUGD" +RZORQJGRHVLWWDNH" 'HIHQFH 'HIRUPLW\
$HOODQROHJXVWDKDFHUOR 6KHGRHVQWOLNHWRGRLW 'HIHQG 'HJHQHUDWH
3RUTXQRHVWSUHSDUDGR" :K\LVQWLWSUHSDUHG" 'HIHUHQFH 'HJHQHUDWLRQ
1RVGLHURQXQDVHJXQGDRSRUWXQLGDG 7KH\JDYHXVDVHFRQGFKDQFH 'HIHUHQWLDO 'HJUDGLQJ
1RORSXHGROHYDQWDU ,FDQWOLIWLW 'HFLHQF\ 'HJUDGH
4XVLJQLFDHVWDSDODEUD" :KDWGRHVWKLVZRUGPHDQ" 'HFLHQW 'HJUHH
&PRVHHVFULEH" +RZGR\RXVSHOOLW" 'HFLW 'HKXPDQL]H
1RWHSRQJDVQHUYLRVR 'RQWJHWQHUYRXV 'HQH 'HK\GUDWH
+DKDELGRXQPDOHQWHQGLGR 7KHUHVEHHQDPLVXQGHUVWDQGLQJ 'HQLWH 'HK\GUDWLRQ
6HKDFHWDUGH ,WVJHWWLQJODWH 'HQLWHO\ 'HOHJDWH
'HQLWLRQ 'HOHJDWLRQ
(VHOVHRUFX\RKLMRHVSROWLFR +HVWKHPDQZKRVHVRQLVDSROLWLFLDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVHOQXHYRMHIH" :KRLVWKHQHZERVV" +D\XQVXSHUPHUFDGRFHUFD ,VWKHUHDVXSHUPDUNHWQHDU


'HGQGHHVHVWHYLQR" :KHUHLVWKLVZLQHIURP" GHDTX" KHUH"
&XOHVODGLIHUHQFLD" :KDWLVWKHGLIIHUHQFH" 4XTXLHUHVFRPSUDU" :KDWGR\RXZDQWWREX\"
&XOHVVRQWXVSUREOHPDV" :KDWDUH\RXUSUREOHPV" 1RQHFHVLWRQDGD ,GRQoWQHHGDQ\WKLQJ
&XQGRHVHOGHVD\XQR" :KHQLVEUHDNIDVW" 3RUTXPHHVWVSUHJXQWDQGR" :K\DUH\RXDVNLQJPH"
(VLPSRUWDQWHVDEHUHVWDVFRVDV ,WoVLPSRUWDQWWRNQRZWKHVH
WKLQJV

7RPDWR 7RPDWH
2QLRQ &HEROOD

$VSDUDJXV (VSUUDJR /HWWXFH /HFKXJD

7XQD $WQ

9RFDEXODULR6DODG (QVDODGD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWDPHXQDKLVWRULD 7HOOPHDVWRU\ <DVHKDEDPDUFKDGRFXDQGR 6KHoGDOUHDG\OHIWZHZKHQZH


4XFODVHGHKLVWRULDVWH :KDWNLQGRIVWRULHVGR\RX
 OOHJDPRV FDPH
JXVWDQ" OLNH" (ODYLQ\DKDEDGHVSHJDGR 7KHSODQHKDGDOUHDG\WDNHQ
&RQRFHVKLVWRULDVGHJXHUUD" 'R\RXNQRZDQ\ZDUVWRULHV" FXDQGROOHJDODHURSXHUWR RIIKHJRWWRWKHDLUSRUW
1ROXFKHQQLQJXQDJXHUUD ,GLGQoWJKWLQDQ\ZDU <DKDEDSHUGLGRHOWUHQFXDQGR,oGDOUHDG\PLVVHGWKHWUDLQ
3HUGRQDSHQVDEDTXHWHQDV ,oPVRUU\,WKRXJKW\RXZHUH
 PHGHVSHUW ZKHQ,ZRNHXS
PVDRV ROGHU <DKDEDWHUPLQDGRODFHQD +HoGDOUHDG\QLVKHGGLQQHU
FXDQGRHOODOOHJDFDVD ZKHQVKHJRWKRPH
<DKDEDQJDQDGROD/LJDFXDQGR7KH\oGDOUHDG\ZRQWKH/HDJXH
MXJDURQVXOWLPRSDUWLGR ZKHQWKH\SOD\HGWKHLUODVW
JDPH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6FDODGHWXERFD 7DNHLWRXWRI\RXUPRXWK 0HWHPRTXHVHYDDDQXODU ,oPDIUDLGLWoVJRLQJWREH


9XHOYDDSRQHUODHQVXEROVLOOR 3XWLWEDFNLQ\RXUSRFNHW FDQFHOOHG
5HFJHOH\OOYDOHDODHVWDFLQ 3LFNKLPXSDQGWDNHKLPWR 0HVLHQWRIDWDOSRUHOOR ,IHHODZIXODERXWLW
WKHVWDWLRQ 6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP
$SJDOR\OXHJRGHVHQFKIDOR 6ZLWFKLWRIIDQGWKHQXQSOXJLW 0HDOHJURTXHOHVKD\DVSHGLGR,oPJODGWKDW\RXDSRORJLVHG
2ORSRQHVHQVXVLWLRRORWLUDV 3XWLWDZD\RUWKURZLWDZD\ SHUGQ WRWKHP
1RSXHGRHYLWDUOORUDUFXDQGR ,FDQoWKHOSFU\LQJZKHQ,VHH
ORVYHR WKHP

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7LHQHVTXHVHUPVIUDQFRFRQ <RXQHHGWREHPRUHVWUDLJKW
 (VGXURFRPRXQDURFD +HoVDVKDUGDVQDLOV
ODJHQWH IRUZDUGZLWKSHRSOH (VWPVVRUGDTXHXQDWDSLD 6KHoVDVGHDIDVDSRVW
(VXQDWDUHDTXHUHTXLHUH ,WoVDYHU\WLPHFRQVXPLQJ
 (VFRVHU\FDQWDU ,WoVDVHDV\DVSLH
PXFKRWLHPSR WDVN (VWDEDYRODGR +HZDVDVKLJKDVDNLWH
(VXQDQRWLFLDWUDQTXLOL]DGRUD 7KDWoVDUHDVVXULQJSLHFHRI 0LVHYDFXDFLRQHVVRQFRPR 0\PRYHPHQWVDUHDVUHJXODU

QHZV XQUHORM DVFORFNZRUN
(VWHFDORUHVDJRELDQWH 7KLVKHDWLVRYHUZKHOPLQJ
6ORXQDGHFDGDGLH]SHUVRQDV2QO\RQHLQWHQSHRSOHDUHOHIW
HV]XUGD KDQGHG


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

7R0LVV
3KUDVDOYHUEVZLWKpDZD\q  7DPELQVLJQLFDpDRUDUqRpHFKDUGH
PHQRVq&XDQGROHVLJXHXQYHUERVWH
7KH\VKXWKLPDZD\LQDQDV\OXP +HEURNHDZD\IURPWKHSDFNDQGWRRN VLHPSUHVHH[SUHVDHQJHUXQGLR
/HHQFHUUDURQHQXQDVLOR WKHOHDG
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
'HMDWUVDOSHORWQ\DVXPLHOPDQGR
IUDVHVHQLQJOV"
+HJRWLQWKHFDUDQGGURYHDZD\
3HWHUHFKDPXFKRGHPHQRVDVXORUR
6HPHWLHQHOFRFKH\VHIXH ,GURSSHGWKHELOODQGLWEOHZDZD\
(FKDVGHPHQRVHOKXPRULQJOV"
6HPHFD\HOELOOHWH\HOYLHQWRVHOROOHY
(FKRGHPHQRVGDUSDVHRVDORODUJRGHOD
.HHSDZD\IURPSHRSOHOLNHKLP
RULOODGHOPDU
0DQWQWHDOHMDGRGHJHQWHFRPRO :HoYHGRQHDZD\ZLWKFHUWDLQSULYLOHJHV
+HPRVVXSULPLGRFLHUWRVSULYLOHJLRV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
6XI[HVpfPHQWq  
,QYROYHPHQW LPSOLFDFLQ 5HIUHVKPHQW UHIULJHULR
-XGJPHQW MXLFLR 5HJLPHQW UHJLPLHQWR
/DPHQW ODPHQWDU 5HLPEXUVHPHQW UHHPEROVR
/LJDPHQW OLJDPHQWR 5HLQIRUFHPHQW UHIXHU]R
0DQDJHPHQW JHVWLQ 5HLQVWDWHPHQW UHLQFRUSRUDFLQ DXQSXHVWR
0HDVXUHPHQW PHGLFLQ 5HSODFHPHQW VXVWLWXFLQ
0LVPDQDJHPHQW PDODJHVWLQ 5HTXLUHPHQW UHTXLVLWR
0LVWUHDWPHQW PDORVWUDWRV 5HVHQWPHQW UHVHQWLPLHQWR
0RQXPHQW PRQXPHQWR 5HWLUHPHQW MXELODFLQ
0RYHPHQW PRYLPLHQWR 5XGLPHQW UXGLPHQWR
1RXULVKPHQW DOLPHQWR 6DFUDPHQW VDFUDPHQWR
2LQWPHQW XQJHQWR 6HGLPHQW VHGLPHQWR
2UQDPHQW DGRUQR 6HJPHQW VHJPHQWR
3DUFKPHQW SHUPDJLQR 6HQWLPHQW VHQWLU RSLQLQ
3DUOLDPHQW SDUODPHQWR 6HWWOHPHQW OLTXLGDFLQFRORQLD
3D\PHQW SDJR 6KLSPHQW HQYR
3ODFHPHQW FRORFDFLQ 6WDWHPHQW GHFODUDFLQDUPDFLQ
3RVWSRQHPHQW DSOD]DPLHQWR 6XSSOHPHQW VXSOHPHQWR
3UHGLFDPHQW DSXURDSULHWR 7HPSHUDPHQW WHPSHUDPHQWR
3URFXUHPHQW DGTXLVLFLQREWHQFLQ 7HVWDPHQW WHVWDPHQWR
3XQLVKPHQW FDVWLJR 7UHDWPHQW WUDWDPLHQWR
5HFUXLWPHQW UHFOXWDPLHQWR 8QHPSOR\PHQW GHVHPSOHR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1R FUHHV TXH \D HV KRUD GH DVHQWDUWH \ HPSH]DU D KDFHU DOJR 'RQoW \RX WKLQN LWoV DERXW WLPH \RX VHWWOHG GRZQ DQG VWDUWHG
FRQVWUXFWLYRFRQWXYLGD"1RPHLPSRUWDTXHWHWRPHVXQRVDRV GRLQJ VRPHWKLQJ FRQVWUXFWLYH ZLWK \RXU OLIH" , GRQoW PLQG \RX
SDUD YHU PXQGR SHUR WLHQHV  DRV \ KDV OOHJDGR D XQ SXQWR JRLQJRIIIRUDIHZ\HDUVWRVHHWKHZRUOGEXW\RXoUH\HDUVROG
HQHOTXHODYLGDQPDGD\DQRHVXQDH[SHULHQFLDHGXFDWLYD/D QRZDQG\RXoYHUHDFKHGDSRLQWLQZKLFK\RXUQRPDGLFZD\RIOLIH
PD\RUDGHODJHQWHGHWXHGDGHVWFDVDGD\FULDQGRDVXVKLMRV LVQRWDQHGXFDWLRQDOH[SHULHQFHDQ\PRUH0RVWSHRSOH\RXUDJH
RDYDQ]DQGRHQVXGHVDUUROORSURIHVLRQDO&XOHVVRQWXVSODQHV DUH PDUULHG DQG UDLVLQJ NLGV RU PRYLQJ DORQJ WKHLU FDUHHU SDWK
SDUDORVSU[LPRVRDRV" :KDWDUH\RXUSODQVIRUWKHQH[WWR\HDUV"


(VWLPDGRDPLJR\DOXPQR$EDMRDODL]TXLHUGDWHQHPRVDXQDQLDSURGLJLRDVSLUDQWHDVHUDOJQGD
0VSDODEUDVLQJOHVDV
ODSULPHUDPXMHUMXJDGRUDGH3ULPHUD'LYLVLQ$ODGHUHFKDWHQHPRVDXQFXUWLGRSURIHVLRQDO$PERV
GHUD]ODWLQD
WLHQHQDOJRHQFRPQ$PERVGHGLFDQORVSULPHURVPLQXWRVGHFDGDVHVLQGHHQWUHQDPLHQWRD


HMHUFLFLRVGHFRQWUROGHEDOQ(OSURIHVLRQDOOOHYD\DDVXVDRVWHPSRUDGDVSHUIHFFLRQDQGR 'HOLEHUDWH 'HPRFUDF\


VX FRQWURO \ VDEH SHUIHFWDPHQWH TXH XQ DEVROXWR GRPLQLR GH HVWRV PRYLPLHQWRV WDQ EVLFRV \ 'HOLEHUDWHO\ 'HPRFUDW
IXQGDPHQWDOHVGHOMXHJRHVORTXHOHGLIHUHQFLDGHORVDFLRQDGRV+D\MXJDGRUHVGHRWUDVGLYLVLRQHV 'HOLEHUDWLRQ 'HPRFUDWLF
PV YHORFHV TXH O PV DOWRV R PV IXHUWHV PV HVSHFWDFXODUHV HQ ORV UHJDWHV SHUR VX DEVROXWR 'HOLFDF\ 'HPRJUDSKHU
GRPLQLR D OD KRUD GH FRQWURODU HO EDOQ HV OR TXH OH FRORFD HQWUH ORV PHMRUHV7RGRV ORV GDV HQ HO 'HOLFDWH 'HPRJUDSKLF
FDPSR GH SUFWLFDV UHDOL]D ORV PLVPRV HMHUFLFLRV TXH OD 'HOLFLRXV 'HPRJUDSK\
'HOLQTXHQF\ 'HPROLVK
QLD SURGLJLR HVW DSUHQGLHQGR HQ VX HTXLSR GH DOHYLQHV
'HOLQTXHQW 'HPROLWLRQ
6LQFRQWUROGHOEDOQQRKD\GRPLQLRSURIHVLRQDO\VLQPLOHV
'HPDJRJXH 'HPRQ
GHHMHUFLFLRVSDUDFRQVROLGDUORV KELWRV QR KD\ FRQWURO GHO 'HPDQG 'HPRQVWUDEOH
EDOQ (Q HO LQJOV HV OR PLVPR 6LQ XQD FRPSOHWD DJLOLGDG 'HPDQGLQJ 'HPRQVWUDWH
FRQ OD JUDPWLFD PV EVLFD QR KD\ GRPLQLR 6H WUDWD GHO 'HPHQWLD 'HPRQVWUDWLRQ
UHDGHOLGLRPDPVVHQFLOODHQDSDULHQFLDSHURPVFUWLFD 'HPHQWHG 'HPRQVWUDWLYH
\ OD TXH PV FXHVWD OOHJDU D GRPLQDU 3RU TX" 3RUTXH OD 'HPLOLWDUL]H 'HPRUDOL]DWLRQ
JHQWHQRTXLHUHSUHVWDUOHODGHELGDDWHQFLQ 'HPRELOL]DWLRQ 'HPRUDOL]H
5LFKDUG9DXJKDQ 'HPRELOL]H 'HPRUDOL]LQJ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWQHQPLEROVD 7KH\oUHLQP\EDJ &XQWRVOLEURVOHHVDODR" +RZPDQ\ERRNVGR\RXUHDG


1RHVWGHEDMRGHWXFDPD ,WLVQoWXQGHU\RXUEHG D\HDU"
(VWHQVXFDEH]D GHO  ,WoVRQKLVKHDG &XQWRDJXDEHEHVFDGDGD" +RZPXFKZDWHUGR\RXGULQN
(VWHOODHQODSXHUWD" ,VVKHDWWKHGRRU" HDFKGD\"
(VWQHQVXFDVD" $UHWKH\LQWKHLUKRXVH" &XQWRGLQHURTXLHUHV" +RZPXFKPRQH\GR\RXZDQW"
&XQWRVKHUPDQRVWLHQHV" +RZPDQ\EURWKHUVDQGVLVWHUV
GR\RXKDYH"
&XQWRFXHVWDQ" +RZPXFKGRWKH\FRVW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRVDRVWLHQHQWXV +RZROGDUH\RXUJUDQGSDUHQWV"
 9XHOYHDOODPDUOHVPVWDUGH &DOOWKHPEDFNODWHU
DEXHORV" &XQGRYROYHUHPRVDYHUQRV" :KHQZLOOZHVHHHDFKRWKHU
&XQWRVDRVWHQDVFXDQGR +RZROGZHUHZKHQ\RXFDPH
 DJDLQ"
YLQLVWHD(VSDD" WR6SDLQ" 1RYXHOYDVDSHJDUPHMDPV 'RQoWHYHUKLWPHDJDLQ
&XQWRVDRVWHQDQWXV +RZROGZHUH\RXUSDUHQWV
 0HKHYXHOWRDHTXLYRFDU ,oYHPDGHDPLVWDNHDJDLQ
SDGUHVFXDQGRVHFDVDURQ" ZKHQWKH\JRWPDUULHG" 1RORKDUQXQFDPV ,ZRQoWGRLWHYHUDJDLQ
&XQWRVDRVWHQGUVFXDQGR+RZROGZLOO\RXEHZKHQ\RX
WHMXELOHV" UHWLUH"
7LHQHVPVDRVTXHWX $UH\RXROGHUWKDQ\RXU

KHUPDQR" EURWKHU"

$QNOH 7RELOOR
+HHO 7DOQ
7RH 'HGR

6ROH 3ODQWD $UFK $UFR


9RFDEXODULR)RRW 3LH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XDQGRPXHUDYR\DGHMDUWRGR:KHQ,GLH,oPJRLQJWROHDYH 9DHQFRQWUDGHODSROWLFDGH ,WJRHVDJDLQVWFRPSDQ\SROLF\


PLGLQHURDPLVPDVFRWDV DOOP\PRQH\WRP\SHWV ODHPSUHVD
&XQGRYDVDGHMDUGHIXPDU" :KHQDUH\RXJRLQJWRJLYHXS &RUUHUDPRVHOULHVJRGHRIHQGHU:HoGUXQWKHULVNRIRIIHQGLQJ
VPRNLQJ" DQXHVWURVFOLHQWHV RXUFOLHQWV
'MDPH /HWPHVHH &REULVSRUKRUDVRWHQLVXQD'R\RXFKDUJHE\WKHKRXURU
'MDOHTXHLQWHQWHFRQYHQFHUOHV/HWKLPWU\WRFRQYLQFHWKHP WDULIDMD" GR\RXKDYHD[HGUDWH"
'MDPHWXEROLXQVHJXQGR *LYHPH\RXUSHQDVHFRQG &RQFXQWDDQWHODFLQ +RZORQJLQDGYDQFHZLOOZH
WHQGUHPRVTXHHVWDUDOO" QHHGWREHWKHUH"
0HSRGUDIDFLOLWDUHOQRPEUH &RXOG\RXSOHDVHJLYHPHWKH
GHXQEXHQSURYHHGRU" QDPHRIDJRRGVXSSOLHU"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1XHVWURHTXLSRGHYHQWDV 2XUVDOHVWHDPFRQVWLWXWHVD (VWRVELOOHWHVHVWQIDOVLFDGRV 7KHVHQRWHVDUHFRXQWHUIHLWHG


FRQVWLWX\HXQDFWLYRYDOLRVR YDOXDEOHDVVHWWRWKHFRPSDQ\ 1RSXHGRFUHHUTXHHVDREUD ,FDQoWEHOLHYHWKDWPDVWHUSLHFH
SDUDODHPSUHVD PDHVWUDUHVXOWDVHVHUXQD WXUQHGRXWWREHDIDNH
(ODFWLYR\HOSDVLYRGHEHQVHU $VVHWVDQGOLDELOLWLHVVKRXOGEH IDOVLFDFLQ
LJXDOHV HTXDO $OJXQDYH]KDVQJLGRHVWDU +DYH\RXHYHUIDNHGDQLOOQHVV"

6LHVWHQHJRFLRIXHUDUHQWDEOH ,IWKLVEXVLQHVVZHUHSURWDEOH HQIHUPR"
QRWHQGUDPRVTXHGHVSHGLUD ZHZRXOGQoWKDYHWROD\RII (VHWRQRWHUHVXOWDVHUXQ 'RQoW\RXQGWKDWJX\WREHD

JHQWH SHRSOH SRFRIDUVDQWH" ELWRIDSKRQH\"
+DKDELGRGHVSLGRVPDVLYRV 7KHUHKDYHEHHQPDVVLYH 0HKDQHVWDIDGR ,oYHEHHQFRQQHG
HQHVHVHFWRU OD\RIIVLQWKDWLQGXVWU\
3RUPXFKRTXHWUDEDMHVQRYDV 1RPDWWHUKRZKDUG\RXZRUN
DJDQDUPVGLQHUR \RXoUHQRWJRLQJWRHDUQPRUH
PRQH\

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q  0DNH\RXUPLQGXS
6LJQLFDpGHFLGLUVHq\VHSXHGHGHFLUWDQWR
7KHJXDUGVOHGWKHSULVRQHUDZD\ 7KHOLWWOHER\UDQDZD\IURPKRPH pWRPDNHXS\RXUPLQGqFRPRpWRPDNH\RXU
/RVJXDUGLDVVHOOHYDURQDOSULVLRQHUR (OQLRKX\GHVXIDPLOLD PLQGXSq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KH\PDGHDZD\ZLWKWKHUDQVRP 'RQoWUXQDZD\
6HHVFDSDURQFRQHOUHVFDWH 1RWHYD\DVFRUULHQGR |'HFGHWH\D
+DGHFLGLGRUHQXQFLDUDVXSXHVWR
3HVFDGRRFDUQH"1RPHSXHGRGHFLGLU
3XWDZD\\RXUWR\V 6HQGKLPDZD\
*XDUGDWXVMXJXHWHV |2UGHQDSDUDTXHVHYD\D ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
6XI[HVpfLVWq
$FWLYLVW DFWLYLVWD )DVFLVW IDVFLVWD 2SSRUWXQLVW RSRUWXQLVWD
$ODUPLVW DODUPLVWD )HPLQLVW IHPLQLVWD 3DFLVW SDFLVWD
$OWUXLVW DOWUXLVWD )LQDOLVW QDOLVWD 3DWKRORJLVW SDWORJR
$QWKURSRORJLVW DQWURSORJR *XLWDULVW JXLWDUULVWD 3HUFXVVLRQLVW SHUFXVLRQLVWD
$UVRQLVW SLUPDQR *\QHFKRORJLVW JLQHFORJR 3K\VLFLVW IVLFR
$UWLVW DUWLVWD +DLUVW\OLVW SHOXTXHURHVWLOLVWD 3LDQLVW SLDQLVWD
$WKHLVW DWHR +XPDQLVW KXPDQLVWD 3K\VLRWKHUDSLVW VLRWHUDSHXWD
%LRORJLVW ELORJR -RXUQDOLVW SHULRGLVWD 3URWHFWLRQLVW SURWHFFLRQLVWD
&DSLWDOLVW FDSLWDOLVWD /HIWLVW L]TXLHUGLVWD 3V\FKLDWULVW SVLTXLDWUD
&DUGLRORJLVW FDUGLORJR /LQJXLVW OLQJLVWD 3V\FKRORJLVW SVLFORJR
&DUWRRQLVW FDULFDWXULVWD 0DVRFKLVW PDVRTXLVWD 3XULVW SXULVWD
&ROXPQLVW FROXPQLVWD 0DWHULDOLVW PDWHULDOLVWD 5DFLVW UDFLVWD
&RQIRUPLVW FRQIRUPLVWD 0HWHRURORJLVW PHWHRUORJR 5DSLVW YLRODGRU
&\FOLVW FLFOLVWD 0LOLWDULVW PLOLWDULVWD 5HDOLVW UHDOLVWD
'HQWLVW GHQWLVWD 0RGHUQLVW PRGHUQLVWD 6DGLVW VGLFR
'HUPDWRORJLVW GHUPDWORJR 0RQDUFKLVW PRQUTXLFR 6FLHQWLVW FLHQWFR
(FRQRPLVW HFRQRPLVWD 1HJDWLYLVW QHJDWLYLVWD 6HSDUDWLVW VHSDUDWLVWD
(FRORJLVW HFRORJLVWD 1HXURORJLVW QHXUORJR 6RFLDOLVW VRFLDOLVWD
(OLWLVW HOLWLVWD 1RQFRQIRUPLVW LQFRQIRUPLVWD 6SHFLDOLVW HVSHFLDOLVWD
([LVWHQWLDOLVW H[LVWHQFLDOLVWD 1RYHOLVW QRYHOLVWD 6WUDWHJLVW HVWUDWHJD
([KLELWLRQLVW H[KLELFLRQLVWD 1XGLVW QXGLVWD 7HUURULVW WHUURULVWD
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1XQFD PDQGR IHOLFLWDFLRQHV GH 1DYLGDG (Q VX OXJDU VLHPSUH ,QHYHUVHQGRXW&KULVWPDVFDUGV,QVWHDG,DOZD\VEX\RYHU
FRPSURPVGHSRVWDOHVGXUDQWHPLVYDFDFLRQHVGHYHUDQR SRVWFDUGVGXULQJP\VXPPHUYDFDWLRQDQGVHQGWKHPWRIULHQGV
\ VH ODV HQYR D PLV DPLJRV FROHJDV GHO WUDEDMR FOLHQWHV \ SUR EXVLQHVVFROOHDJXHVFXVWRPHUVDQGVXSSOLHUV7KH\DOZD\VVHHP
YHHGRUHV 6LHPSUH SDUHFHQ DSUHFLDU PLV SRVWDOHV GHVGH OXJDUHV WR DSSUHFLDWH P\ SRVWFDUGV IURP H[RWLF SODFHV DQG HYHQ UHDG
H[WLFRVHLQFOXVROHHQPLQRWDHVFULWDDPDQRHQODTXHGHEUR P\ KDQGZULWWHQ QRWH LQ ZKLFK , MRNLQJO\ WU\ WR PDNH WKHP
PD LQWHQWR TXH PH HQYLGLHQ (VWR\ VHJXUR GH TXH ODV SRVWDOHV IHHOHQYLRXV,oPVXUHWKDWVXPPHUWLPHSRVWFDUGVJHWDORWPRUH
YHUDQLHJDVFDSWDQPXFKDPVDWHQFLQ\VHDFHSWDQPHMRUTXH DWWHQWLRQDQGDUHEHWWHUUHFHLYHGWKDQ&KULVWPDVFDUGVZKHUH,oP
ODV IHOLFLWDFLRQHV QDYLGHDV GRQGH VR\ XQD FDUWD PV GH HQWUH MXVWRQHPRUHFDUGRXWRIKXQGUHGVWKH\UHFHLYH
FLHQWDVTXHUHFLEHQ




0VSDODEUDVLQJOHVDV
(VWLPDGRDPLJR\DOXPQR(VWDEDLODULQDVHOODPD(NDWHULQD0D[LPRYD GHUD]ODWLQD
6H FXHQWD HQWUH ODV PHMRUHV GHO VLJOR ;; 6X UHJLVWUR DUWVWLFR HV WRWDO H 'HQLJUDWH 'HSRSXODWH
LQFOX\HSDSHOHVGHVHQIDGDGRVDOHJUHV\FPLFRV6XGRPLQLRHWFQLFR 'HQRPLQDWLRQ 'HSRSXODWLRQ
HV SHUIHFWR IUXWR GH PLOHV GH KRUDV HQ OD EDUUD GH EDOOHW GHODQWH GHO 'HQRPLQDWRU 'HSRUW
HVSHMR3RVHHORTXHOODPDQpXQDOQHDOPSLDqXQLQFUHEOHMXHJRGHSLHV 'HQRXQFH 'HSRUWDWLRQ
\ OD FDSDFLGDG SDUD LPSULPLU SDVLQ \ GUDPD HQ ORV PRYLPLHQWRV PV 'HQVH 'HSRVLW
PLQVFXORV&XDQGROHSUHJXQWDQHOVHFUHWRGHVX[LWRVLHPSUHGLFHOR 'HQVLW\ 'HSUHFLDWH
PLVPR PLOHV GH KRUDV SHUIHFFLRQDQGR VX WFQLFD p0XFKDV EDLODULQDV 'HQWDO 'HSUHFLDWLRQ
SRVHHQ JDUER \ HOHJDQFLD HQ ORV PRYLPLHQWRV SHUR PX\ SRFDV WLHQHQ 'HQWLVW 'HSUHVVLRQ
OD GLVFLSOLQD QHFHVDULD FRPR SDUD EULOODU HQ ORV DVSHFWRV HVWULFWDPHQWH 'HRGRUDQW 'HSUHVVLYH
WFQLFRV /D TXH IXVLRQD ODV GRV FRVDV HV OD TXH QDOPHQWH WULXQIDq (O 'HSDUWPHQW 'HSUHVVXUL]H
GRPLQLRGHXQVHJXQGRLGLRPDH[LJHORPLVPR8QRQRSXHGHH[SUHVDUVH 'HSDUWPHQWDO 'HULYDWLRQ
'HSHQG 'HULYDWLYH
FRQHFDFLD\DSORPRVLQRWLHQHXQVOLGRGRPLQLRGHORVDVSHFWRVWFQLFRV\HVWRVDVSHFWRVVRQOD
'HSHQGHQFH 'HULYH
JUDPWLFDEVLFDTXH\DYLVWHHQORVOLEURV\HQORVQLYHOHVSULQFLSLDQWH\SUHLQWHUPHGLR
'HSORUDEOH 'HUPDWLWLV
5LFKDUG9DXJKDQ 'HSORUH 'HUPDWRORJ\
'HSROLWLFL]H 'HUPDWRORJLVW

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQODVWLHQGDV" :KHUHDUHWKHVKRSV" 7HJXVWDFRFLQDU" 'R\RXOLNHWRFRRN"


(VHVWHHOPHUFDGR" ,VWKLVWKHPDUNHW" 'QGHYDPRVDFHQDU" :KHUHDUHZHJRLQJWRKDYH
(VHVRSHVFDGR" ,VWKDWVK" GLQQHU"
4XFDUQHHVHVD" :KDWPHDWLVWKLV" 4XLQYDDKDFHUHOGHVD\XQR" :KRoVJRLQJWRPDNH
&XQWRHV" +RZPXFKLVLW" EUHDNIDVW"
OQRTXLHUHVDOLUDFRPHU +HGRHVQoWZDQWWRJRRXWIRU
OXQFK
+D\XQUHVWDXUDQWHLWDOLDQR ,VWKHUHDQ,WDOLDQUHVWDXUDQW
FHUFDGHDTX" QHDUKHUH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

|7RPDXQDFHUYH]D +DYHDEHHU 7XPDGUHWHHQVHDKDFHUOR" 'LG\RXUPRWKHUWHDFKHU\RX


&PRKLFLVWHHVWDSDHOOD" +RZGLG\RXPDNHWKLVSDHOOD" KRZWRPDNHLW"
'QGHFRPSUDVWHORV :KHUHGLG\RXEX\WKH
 4XLQWHHQVH" :KRWDXJKW\RX"
LQJUHGLHQWHV" LQJUHGLHQWV" &UHHVTXH\RSRGUDDSUHQGHU 'R\RXWKLQN,FRXOGOHDUQKRZ
(VPVIFLOKDFHUHVWRTXH ,VLWHDVLHUWRPDNHWKLVWKDQD
 DKDFHUOR" WRPDNHLW"
XQFRFLGR" FRFLGR" &XQWRVHWDUGDHQSUHSDUDUOR" +RZORQJGRHVLWWDNHWRSUHSDUH"
&XQWDVYHFHVORKDVFRPLGR +RZPDQ\WLPHVKDYH\RX
 &XQWRWDUGDVWHHQ +RZORQJGLGLWWDNH\RXWR
HQHOOWLPRPHV" HDWHQLWLQWKHODVWPRQWK" SUHSDUDUORD\HU" SUHSDUHLW\HVWHUGD\"

5DLQERZ $UFRLULV

5DLQ /OXYLD 7KXQGHU 7UXHQR

/LJKWQLQJ 5D\RV
+DLO *UDQL]R

9RFDEXODULR:HDWKHU 7LHPSR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRVXHOHWDUGDUHQKHUYLU+RZORQJGRHVLWXVXDOO\WDNH (VWDPRVFDVLOLVWRVSXHGHV :HoUHDOPRVWUHDG\FDQ\RX


HODUUR]" WRERLOWKHULFH" SRQHUODPHVD" VHWWKHWDEOH"
&XQWRVRODVWDUGDUHQKDFHUOR+RZORQJGLGLWXVHWRWDNH\RXWR 6DFRODVVHUYLOOHWDV" 6KDOO,WDNHWKHVHUYLHWWHVRXW"
FXDQGRHUDVPVMRYHQ" PDNHLWZKHQ\RXZHUH\RXQJHU" 'HTXRWUDPDQHUDYDVD +RZHOVHZRXOG\RXFOHDQ\RXU
&XQWRWDUGDUDVVLDOJXLHQ +RZORQJZRXOGLWWDNH\RXLI
 OLPSLDUWHODERFDPLHQWUDVFRPHV" PRXWKZKLOH\RXHDW"
WHD\XGDUD" VRPHRQHKHOSHG\RX" 6XHORXWLOL]DUODPDQJDGHPL ,XVXDOO\XVHP\VKLUWVOHHYH
7HJXVWDUDTXH\RWHD\XGDU" :RXOG\RXOLNHPHWRKHOS\RX" FDPLVD
9HQJDWHHFKDUXQDPDQR &RPHRQ,oOOJLYH\RXDKDQG 0HSUHJXQWDEDSRUTXVLHPSUH,ZRQGHUHGZK\\RXDOZD\V
KXHOHVDPDULVFR VPHOORIVHDIRRG

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/DFDVDHVWOOHQDGHYDSRU 7KHKRXVHLVIXOORIVWHDPVKDOO (VWHPDQWHOHVWVXFVLPR 7KLVWDEOHFORWKLVOWK\


DEURXQDYHQWDQD" ,RSHQDZLQGRZ" 1RWHSUHRFXSHVODFXEHUWHUD 'RQoWZRUU\WKHFXWOHU\DQGWKH

6LQRWHLPSRUWDHVRVHUDJHQLDO ,I\RXGRQoWPLQGWKDWZRXOG \ODYDMLOODHVWQOLPSLDV FURFNHU\DUHFOHDQ
EHJUHDW 6HVXSRQHTXHWHQJRTXH $P,VXSSRVHGWREHJUDWHIXO

&PRVXERHVWDVSHUVLDQDV" +RZGR,SXOOWKHEOLQGVXS" HVWDUDJUDGHFLGRSRUHVR" IRUWKDW"
3RUTXQRHPSOHDVXQSRFR :K\\RXGRQoW\RXXVHDELWRI (QKRUDEXHQDSRUVHUHO &RQJUDWXODWLRQVIRUEHLQJWKH

GHVHQWLGRFRPQSRUXQDYH]" FRPPRQVHQVHIRURQFH" FRPHQVDOPVJUXQGHODR JUXPSLHVWIHOORZGLQHURIWKH
3RUTXHFRPRWXVHQWLGRGHO %HFDXVHOLNH\RXUVHQVH \HDU
KXPRUHVHOPHQRVGHVDUUROODGR RIKXPRXULWoVWKHOHDVW (VSHUHPRVTXHODFRPLGDVHD /HWoVKRSHWKHIRRGLVEHWWHU

GHPLVVHQWLGRV GHYHORSHGRIP\VHQVHV PHMRUTXHWXVPRGDOHV WKDQ\RXUPDQQHUV

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDO9HUE7R*HW$W
3KUDVDOYHUEVZLWKpDZD\q 
6LJQLFDpTXHUHUGHFLUqRpLQVLQXDUq6HHPSOHD
VREUHWRGRFXDQGRKD\XQDGXGDUHVSHFWRDOR
7KH\VWROHDZD\LQWRWKHQLJKW ,ZDVFDOOHGDZD\IURPWKHPHHWLQJ
TXHDOJXLHQTXLHUHGHFLU
6HIXHURQVLJLORVDPHQWHHQODQRFKH 0HOODPDURQSDUDTXHVDOLHUDGHODUHXQLQ
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KURZWKDWDZD\ 'RQoWJHWFDUULHGDZD\
4XLHUHVGHFLUDOJRHQSDUWLFXODU"
7LUDHVR 1RWHSDVHVFRQORHPRWLYRGHODVXQWR (VRHVH[DFWDPHQWHORTXHTXLHURGHFLU
7RGDYDQRKDVFRPSUHQGLGRORTXHTXLHUR
,oPJRLQJWRZLQKHUDZD\IURPKLP 7KHOHWWHUVKDYHZRUQDZD\ GHFLU"
6HODYR\DJDQDUDO VXQRYLD  /DVOHWUDVKDQGHVDSDUHFLGR SRUHURVLQ  ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
9HUERVTXHWHUPLQDQHQpHQq HVWDVIUDVHV

&LHUWRVDGMHWLYRV\VXVWDQWLYRVVHFRQYLHUWHQDXWRPWLFDPHQWHHQYHUERVDODDGLUOHVODVODEDpHQq7HPRVWUDPRVDTX
XQDOLVWDFRQPXFKRVGHHOORVDOJXQRVPX\LPSRUWDQWHV
$ZDNH GHVSLHUWR 7RDZDNHQ GHVSHUWDU 0RLVW KPHGR 7RPRLVWHQ KXPHGHFHU
%ODFN QHJUR 7REODFNHQ HQQHJUHFHU 4XLFN USLGR 7RTXLFNHQ DFHOHUDU
%ULJKW EULOODQWH 7REULJKWHQ LOXPLQDUPV 5LSH PDGXUR 7RULSHQ PDGXUDU
%URDG DPSOLR 7REURDGHQ DPSOLDU 6DG WULVWH 7RVDGGHQ HQWULVWHFHU
&KHDS EDUDWR 7RFKHDSHQ TXLWDUOHYDORU 6KDUS DODGR 7RVKDUSHQ DODU
&KULVW -HVXFULVWR 7RFKULVWHQ EDXWL]DU 6KRUW FRUWR 7RVKRUWHQ DFRUWDU
'DPS KPHGR 7RGDPSHQ KXPHGHFHU 6LFN HQIHUPR 7RVLFNHQ GDUUDELD
'DUN RVFXUR 7RGDUNHQ RVFXUHFHU 6RIW EODQGR 7RVRIWHQ DEODQGDU
'HDG PXHUWR 7RGHDGHQ DPRUWLJXDU 6WUDLJKW UHFWR 7RVWUDLJKWHQ HQGHUH]DU
'HDI VRUGR 7RGHDIHQ HQVRUGHFHU 6WUHQJWK IXHU]D 7RVWUHQJWKHQ UHIRU]DU
)ODW SODQROODQR 7RDWWHQ DSODQDU 6ZHHW GXOFH 7RVZHHWHQ HQGXO]DU
)UHVK IUHVFR 7RIUHVKHQ UHIUHVFDU 7KLFN HVSHVR 7RWKLFNHQ HVSHVDU
+DUG GXUR 7RKDUGHQ HQGXUHFHU 7KUHDW DPHQD]D 7RWKUHDWHQ DPHQD]DU
+DVWH SULVD 7RKDVWHQ DSUHVXUDUVH 7LJKW DSUHWDGR 7RWLJKWHQ DSUHWDU
/HQJWK ORQJLWXG 7ROHQJWKHQ DODUJDU 7RXJK GXUR 7RWRXJKHQ HQGXUHFHU
/HVV PHQRV 7ROHVVHQ GLVPLQXLU :HDN GELO 7RZHDNHQ GHELOLWDU
/LNH VLPLODUD 7ROLNHQ FRPSDUDUDOJR :KLWH EODQFR 7RZKLWHQ EODQTXHDU
/RRVH RMR 7RORRVHQ DRMDU :LGH DQFKR 7RZLGHQ HQVDQFKDU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&KDUOHVHVHODQWURSORJRPVIDPRVRGH(VWDGRV8QLGRV/RFX &KDUOHV LV WKH PRVW IDPRXV DQWKURSRORJLVW LQ WKH 8QLWHG 6WDWHV
ULRVRGHVXFDVRHVTXHDGPLWHTXHQLVLTXLHUDVDEDORTXHHUDOD :KDWoVVWUDQJHDERXWKLVFDVHLVWKDWKHDGPLWVKHGLGQoWHYHQNQRZ
$QWURSRORJDFXDQGRHQWUHQOD8QLYHUVLGDG7HQDTXHKDFHUXQ ZKDWDQWKURSRORJ\ZDVZKHQKHUVWZHQWWRWKHXQLYHUVLW\+H
FXUVR HQ &LHQFLDV 6RFLDOHV \ HOLJL $QWURSRORJD 5HVXOW TXH DO KDGWRWDNHDFRXUVHLQVRFLDOVFLHQFHDQGKHFKRVHDQWKURSRORJ\
SURIHVRUOHDSDVLRQDEDVXWUDEDMR\IXHFDSD]GHWUDQVPLWLUHVWD ,W WXUQV RXW WKH SURIHVVRU ORYHG KLV SURIHVVLRQ DQG ZDV DEOH WR
SDVLQ D VXV DOXPQRV &KDUOHV FDPEL VX SODQ GH FDUUHUD HQ HO FRQYH\KLVORYHWRRWKHUV&KDUOHVFKDQJHGKLVGHJUHHSODQLQWKH
SULPHUPHV\GHVGHHQWRQFHVHVWXGL$QWURSRORJD UVWPRQWKDQGVWXGLHGDQWKURSRORJ\IURPWKHQRQ

(VWLPDGRDPLJR\DOXPQR2WUDYH]WHRIUH]FRXQSRHPDSHURHQVWHWLURSLHGUDVVREUHPLSURSLR 0VSDODEUDVLQJOHVDV
WHMDGRSXHVWRTXHHVWR\KDFLHQGRXQDFUWLFDDYHFHVGLUHFWD\DYHFHVYHODGDGHORVFROHFFLRQDEOHV GHUD]ODWLQD
SDUDDSUHQGHULQJOV(QODVSULPHUDVHVWURIDVYHUV 'HVFHQG 'HVSRW
(QEXVFDGHOLQJOV TXH WUDWD VREUH DOJXLHQ TXH FUHH TXH DOJQ GD 'HVFHQGHQW 'HVSRWLF
GDU FRQ XQ PWRGR PLODJURVR FDSD] GH GRWDUOH GH 'HVFULEH 'HVSRWLVP
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
LQJOVVLQKDFHUQLQJQHVIXHU]R3RUWDQWRQRHVWR\ 'HVFULSWLRQ 'HVWDELOL]H
7LHQHTXHHVWDUFRQVRQULVDGHVSOHJDGD
'HVFULSWLYH 'HVWLQDWLRQ
$OOHVWDUHQVXIRUPDJHQXLQD FULWLFDQGR GHO WRGR HO FRQFHSWR GHO FROHFFLRQDEOH
'HVHFUDWH 'HVWLQ\
(OLQJOVTXHQHFHVLWRHVSHUDQGRPLOOHJDGD VLQRHQVHQGRWHTXHVORTXHQRGHEHVHVSHUDUGHO
'HVHFUDWLRQ 'HVWUR\
/RVIDVFFXORVTXHDQXQFLDQDERPER\SODWLOOR PLVPR&XDQGRODJHQWHPHSUHJXQWDVREUHPWRGRV 'HVHUW 'HVWUXFWLRQ
&DGDPHGLDKRUDHQODWHOHYLVLQ VLHPSUH OHV GLJR TXH WRGRV YDOHQ VL HO DOXPQR OHV 'HVHUWHU 'HVWUXFWLYH
0HUHVROYHUQHOSUREOHPDFRPRDOGHGRHODQLOOR" GHGLFDKRUDVGHHVWXGLRUHDO(VWRHVYHUGDGHQ 'HVHUWLFDWLRQ 'HWDLO
0HGDUHOLQJOVVLQGRORUQLLQFLVLQ" SDUWH$OJXQRVPWRGRVVRQWDQDEXUULGRVRWDQSRFR 'HVHUWLRQ 'HWHFW
7LHQHTXHHVWDUDODYXHOWDGHODHVTXLQD SURIHVLRQDOHV TXH HV KDUWDPHQWH GLIFLO FRQVHJXLU 'HVLJQDWH 'HWHFWLYH
/DIUPXODPJLFDTXHEXVFRVLQSDUDU TXHHODOXPQRVHDQLPH\HVIXHUFH(OQXHVWURQR3RU 'HVLJQDWLRQ 'HWHFWRU
6LHOLQJOVQRDSUHQGRVHUPLUXLQD OR WDQWR OHH HO SRHPD VREUH HO LOXVR GH WXUQR SHUR 'HVLVW 'HWHQWLRQ
$VTXHYHQJDEXHQLQJOVWHTXLHURGHFODUDU GHVSXVHVWXGLDHVWHFROHFFLRQDEOHKDVWDUHYHQWDU 'HVRODWH 'HWHUJHQW
'HVRODWLRQ 'HWHULRUDWH
7REHFRQWLQXHG 5LFKDUG9DXJKDQ
'HVSHUDWLRQ 'HWHULRUDWLRQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

8QDKDELWDFLQSDUDHVWD $URRPIRUWKHQLJKWSOHDVH
 3XHGRYHUODKDELWDFLQ" &DQ,VHHWKHURRP"
QRFKHSRUIDYRU &XQWDVKDELWDFLRQHVKD\HQ +RZPDQ\URRPVDUHWKHUHLQ
&XQWRFXHVWDSRUQRFKH" +RZPXFKLVLWSHUQLJKW" HVWHKRWHO" WKLVKRWHO"
8QDKDELWDFLQLQGLYLGXDOR $VLQJOHURRPRUDGRXEOH
 (VWLQFOXLGRHOGHVD\XQR" ,VEUHDNIDVWLQFOXGHG"
GREOH" URRP" 7LHQHVDOJRPVEDUDWR" 'R\RXKDYHVRPHWKLQJFKHDSHU"
&XOHVODGLIHUHQFLDHQHO :KDWLVWKHGLIIHUHQFHLQWKH
 0HSXHGHGDUODOODYHSRU &DQ\RXJLYHPHWKHNH\
SUHFLR" SULFH" IDYRU" SOHDVH"
8QDKDELWDFLQGREOHFRQGXFKD$GRXEOHURRPZLWKVKRZHUIRU
SDUDWUHVQRFKHVSRUIDYRU WKUHHQLJKWVSOHDVH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLQHV"|$GHODQWH :KRLVLW"&RPHLQ 3RGUDVWUDHUXQDVWRDOODVDOD &RXOG\RXEULQJVRPHWRZHOV


+D\DOJQPHQVDMHSDUDP" $UHWKHUHDQ\PHVVDJHVIRUPH" KDELWDFLQSRUIDYRU" WRURRPSOHDVH"
$TXKRUDVHVLUYHODFRPLGD" :KDWWLPHGR\RXVHUYHOXQFK" (VWDYH]DVHJUHVHGHTXH 7KLVWLPHPDNHVXUHWKH\oUH
9XHOYDPVWDUGHSRUIDYRU &RPHEDFNODWHUSOHDVH HVWQOLPSLDV FOHDQ
0HPDUFKRSXHGHVOLPSLDUOD ,oPOHDYLQJ\RXFDQFOHDQWKH
 1HFHVLWDVTXHWHWUDLJDPRV 'R\RXQHHGXVWREULQJ\RX
KDELWDFLQDKRUD URRPQRZ DOJRPV" DQ\WKLQJHOVH"
&XQWRPHFRVWDUDODSD] +RZPXFKZRXOGLQQHUSHDFH
LQWHULRU\ODIHOLFLGDGHWHUQD" DQGHWHUQDOKDSSLQHVVFRVWPH"
0HWHPRTXHVORWHQJDPRV ,oPDIUDLGZHRQO\KDYHWRZHOV
'URQH =QJDQR WRDOODVMDEQ\SDSHOKLJLQLFR VRDSDQGWRLOHWSDSHUDWLQ
DODVGHODPDDQD WKHPRUQLQJ
%HH $EHMD

%XPEOHEHH $EHMRUUR
4XHHQ%HH $EHMDUHLQD

+RQH\ 0LHO

9RFDEXODULR%HHKLYH &ROPHQD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3XHGRGHMDUHVWRHQODFDMD &RXOG,OHDYHWKLVLQWKHVDIH"
 7HQLVVHUYLFLRGHODYDQGHUD" 'R\RXKDYHDODXQGU\VHUYLFH"
IXHUWH" 7HQJRPDQFKDVGHWLQWDHQHO ,KDYHLQNVWDLQVRQP\VKLUW
7HLPSRUWDVLWHSUHJXQWRTXHV"'R\RXPLQGLI,DVNZKDWLWLV" FXHOORGHPLFDPLVD FROODU
7HLPSRUWDUDVLWHGLMHUDTXHQR":RXOG\RXPLQGLI,VDLGpQRq" 1HFHVLWRTXHDOJXLHQSODQFKH ,QHHGVRPHERG\WRLURQP\
0HKDFHQKDFHUHVWDVSUHJXQWDV7KH\PDNHPHDVNWKHVH PLVSDQWDORQHV WURXVHUV
TXHVWLRQV 3RGUDGHVSHUWDUPHDODV &RXOG\RXZDNHPHXSDWHLJKW
7HORGLUVLPHGHMDVLQYLWDUWH ,oOOWHOO\RXLI\RXOHWPHWDNH RFKRSRUIDYRU" SOHDVH"
DFHQDU \RXRXWWRGLQQHU $TXKRUDKD\TXHGHMDU :KDWoVWKHFKHFNRXWWLPH"
OLEUHODKDELWDFLQ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3XHGHVGHFLUDORVOLPSLDGRUHV &DQ\RXDVNWKHFOHDQHUV 1RSXHGRGRUPLUHQFROFKRQHV,FDQoWVOHHSRQPDWWUHVVHVWKDW


TXHKDJDQPHQRVUXLGRHQORV WRPDNHOHVVQRLVHLQWKH TXHWLHQHQPXHOOHVGHQWUR KDYHVSULQJVLQVLGH
SDVLOORV" FRUULGRUV" 1RHVSHUDEDXQDOLWHUDFXDQGR,ZDVQoWH[SHFWLQJDEXQNEHG
$TXLQDYLVRVLKD\DOJQ :KRGR,FRQWDFWLIWKHUHDUH SHGXQDGREOH ZKHQ,DVNHGIRUDGRXEOH
SUREOHPD" DQ\SUREOHPV" 7HQLVXQDJDPDGHDOPRKDGDV"'R\RXKDYHDUDQJHRI
1RTXHGDDJXDPLQHUDOHQHO 7KHUHoVQRPLQHUDOZDWHUOHIWLQ
 SLOORZV"
PLQLEDU WKHPLQLEDU $TXFODVHGHDOPRKDGDV :KDWVRUWRISLOORZLV6LU

(OODYDERSDUHFHHVWDUDWDVFDGR 7KHVLQNVHHPVWREHEORFNHG HVWDFRVWXPEUDGRHOVHRU" DFFXVWRPHGWR"
&PRSXHGREDMDUOD +RZFDQ,WXUQGRZQWKH 6ORSXHGRGRUPLUPHVLWLHQHQ,FDQRQO\IDOODVOHHSLIWKH\
WHPSHUDWXUDGHODLUH WHPSHUDWXUHRIWKHDLU XQUHOOHQRGHSOXPDVGHSDWR KDYHGXFNIHDWKHUOOLQJ
DFRQGLFLRQDGR" FRQGLWLRQLQJ"

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q  3URQRPEUHV5HH[LYRV

7KH\PRYHGDZD\ODVW\HDU .HHSRQHSXSS\DQGJLYHDZD\WKHUHVW 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV


6HPXGDURQGHDTXHODRSDVDGR 4XGDWHFRQXQFDFKRUUR\UHJDODORV IUDVHVHQLQJOV"
GHPV
0RYHWKHWDEOHDZD\IURPWKHGRRU (VWVVHDOQGRWHDWLPLVPR
$OHMDODPHVDGHODSXHUWD 0DNHDZLVKDQGORRNDZD\ (VWR\HVFXFKQGRPHDPPLVPR
3LGHXQGHVHR\PLUDHQRWUDGLUHFFLQ (VWDPRVDXWRHQVHQGRQRV
<RXFDQoWWDNHDZD\P\GLJQLW\
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
1RSXHGHVTXLWDUPHODGLJQLGDG +HSDVVHGDZD\DIWHUDORQJLOOQHVV
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
)DOOHFLGHVSXVGHXQDODUJDHQIHUPHGDG ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
 DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

5HSRUWHGVSHHFK 

$ODL]TXLHUGDWHQHPRVGRVGLORJRV\DODGHUHFKDVXVYHUVLRQHVHQXQHVWLORLQGLUHFWRQDUUDWLYR)MDWHFPRFDPELDHOWLHPSRGHORVYHUERV
3UDFWLFDOH\HQGRHQYR]DOWDDPEDVYHUVLRQHVODGLUHFWD\ODLQGLUHFWDDQGHDGTXLULUODPD\RUDJLOLGDGSRVLEOHFRQVXVIRUPDV\HVWUXFWXUDV

-RH +DYH\RXHYHUYLVLWHGWKH%ODFN)RUHVW" -RHDVNHG-LOOLIVKHKDGHYHUYLVLWHGWKH%ODFN)RUHVWDQGVKHWROG


-LOO ,oYHVHHQLWIURPWKHDLUEXW,oYHQHYHUGULYHQWKURXJKLW KLPWKDWVKHKDGVHHQLWIURPWKHDLUEXWWKDWVKHKDGQHYHUGULYHQ
-RH ,KDYHDKRXVHWKHUH,ZRXOG\RXOLNHWRYLVLWWKHDUHD" WKURXJKLW-RHWROGKHUWKDWKHKDGDKRXVHWKHUHDQGDVNHGKHULI
-LOO ,oGORYHWRVHHLWEXW,GRQoWKDYHDQ\WLPHULJKWQRZ VKHZRXOGOLNHWRYLVLWWKHDUHD-LOOVDLGWKDWVKHZRXOGORYHWREXW
-RH :KHQDUH\RXSODQQLQJWRFRPHWR6WXWWJDUWDJDLQ" WKDWVKHGLGQoWKDYHWLPHULJKWQRZ:KHQ-RHDVNHGKHULIVKHZDV
-LOO ,GRQoWNQRZ,WGHSHQGVRQ\RXUWHFKQLFDOGHSDUWPHQW SODQQLQJWRFRPHWR6WXWWJDUWDJDLQVKHDQVZHUHGWKDWVKHGLGQoW
-RH ,oOOJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWR\RX NQRZEHFDXVHLWGHSHQGHGRQKLVWHFKQLFDOGHSDUWPHQW-RHWROGKHU
WKDWKHZRXOGJHWLQWRXFKZLWKWKHPDQGWKHQJHWEDFNWRKHU

$QQD:LOO\RXEHDWWKHDLUSRUWWRSLFNPHXS" $QQD DVNHG .DUO LI KH ZRXOG SLFN KHU XS DW WKH DLUSRUW DQG .DUO
.DUO 7KHZKROHIDPLO\ZLOOEHWKHUH DQVZHUHG WKDW WKH ZKROH IDPLO\ ZRXOG EH WKHUH $QQD WROG KLP
$QQD<RXPDNHPHIHHOOLNHDIRUHLJQGLJQLWDU\ WKDWLWPDGHKHUIHHOOLNHDIRUHLJQGLJQLWDU\DQG.DUOUHSOLHGWKDWDOO
.DUO :HoUHDOOORRNLQJIRUZDUGWRVHHLQJ\RX RIWKHPZHUHORRNLQJIRUZDUGWRVHHLQJKHU$QQDDVNHGKLPLIKLV
$QQD%XWGR\RXUSDUHQWVUHPHPEHUPH" SDUHQWVUHPHPEHUHGKHUDQGKHDVVXUHGKHUWKDWWKH\GLGDQGWKDW
.DUO 2IFRXUVHWKH\GR<RXoUHWKHLUIDYRXULWHQLHFH VKHZDVLQIDFWWKHLUIDYRXULWHQLHFH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
'XUDQWHODJXHUUDGHHQWUH,QJODWHUUD\(VWDGRV8QLGRV6DP:LO 'XULQJWKH:DURIEHWZHHQ(QJODQGDQGWKH8QLWHG6WDWHV
VRQGHVGH1HZ+DPSVKLUHDEDVWHFLDO(MUFLWRDPHULFDQRGHFDUQH 6DP:LOVRQIURP1HZ+DPSVKLUHVXSSOLHGWKH$PHULFDQDUP\
GHUHV(QHVRVPRPHQWRVQRVHVRODFRQRFHUD$PULFDFRPRp(VWD ZLWKEHHI$PHULFDDWWKDWWLPHZDVQRWRIWHQUHIHUUHGWRDVWKH
GRV8QLGRVq 86 DVTXHFXDQGR6DPPDUFVXVEDUULOHVGHFDUQHFRQ p8QLWHG6WDWHVqVRZKHQ6DPPDUNHGKLVEDUUHOVRIDUP\PHDW
ODVLQLFLDOHV86HQJUDQGHQRWRGRHOPXQGRHVWDEDVHJXURGHORTXH ZLWKDELJp86qQRWHYHU\RQHZDVVXUHZKDWLWPHDQW:KHQD
VLJQLFDEDQ&XDQGRXQLQVSHFWRUIHGHUDOSUHJXQWHOVLJQLFDGRGH IHGHUDOLQVSHFWRUDVNHGDZDWFKPDQZK\p86qZDVPDUNHGRQ
ODVLQLFLDOHVPDUFDGDVHQORVEDUULOHVXQYLJLODQWHVXJLULp&UHRTXH WKHEDUUHOVWKHZDWFKPDQPDGHDJXHVVp,WKLQNLWPHDQV8QFOH
VLJQLFD7R6DPq 8QFOH6DP 'HHVWDPDQHUDQDFLXQDOH\HQGD 6DP7KXVZDVDOHJHQGPDGH


(VWLPDGRDPLJR\DOXPQR9DVDFRQYHUWLUPLPWRGRHQXQDGRUQRPVGHWXELEOLRWHFD"+HHVWDGRHQPX 0VSDODEUDVLQJOHVDV
FKDVFDVDVHQ(VSDD\UHFXHUGRKDEHUYLVWRPXFKRVFROHFFLRQDEOHVGHLQJOVGHFRUDUXQDHVWDQWHUD\VLHPSUH GHUD]ODWLQD
KHSUHJXQWDGRp3XGLVWHDSUHQGHUDOJRFRQHVWHPWRGR"q/DUHVSXHVWDVLHPSUHKDVLGRODPLVPDp/HGHGL 'HWHUPLQDQW 'HWULPHQW
TXXQRVPLQXWRVHQWRWDOq3XHVVLDOQDOXVDVHVWHPWRGR 'HWHUPLQDWLRQ 'HYDOXDWLRQ


(QEXVFDGHOLQJOV FRQW FRPRXQDGRUQRPVGHWXELEOLRWHFDHVWDUVKDFLQGRWHXQ 'HWHUHPLQH 'HYDOXH


(VDWLDTXLHQTXLHURQRPHR\HVHOFRUD]yQ" DFRIDYRU1RPHJXVWDQRUPDOPHQWHSUHVXPLUSHURHVWR\FRQ 'HWHUPLQVP 'HYDVWDWH
'HVGHMRYHQWHEXVFRFRQRFKRPLODUWHV YHQFLGRGHTXHVHWUDWDGHOPHMRUPWRGRGHLQJOVMDPVSUHSD 'HWHVW 'HYDVWDWLQJ
3HURPLVHVIXHU]RVKDVWDKR\VyORWUDHQGHVD]yQ UDGRSDUDORVHVSDROHV7RGRVORVGHPVPWRGRVVHHODERUDQ 'HWHVWDEOH 'HYDVWDWLRQ
3RUTXpQRPHTXLHUHV"0HOHYDQWDVEDOXDUWHV HQ SDVHV GH KDEOD LQJOHVD SDUD XQD DXGLHQFLD SDQHXURSHD 'HWKURQH 'HYLDWLRQ
$VHVWDQGDUL]DQORJUDQPD\RUHVHFRQRPDVGHHVFDOD\JDQDQ 'HWRQDWH 'HYLDWH
+HKHFKRPLOFRVDVSDUDJDQDUWXDIHFWR
PXFKRPVGLQHUR/RVPWRGRVTXHKDVYLVWRHQHOSDVDGRVH 'HWRQDWLRQ 'HYRWH
)DVFtFXORVOLEURV\&'VDPRQWRQHV
'HWRQDWRU 'HYRWHG
'HOLQJOpVSUHHURREYLDUDUTXLWHFWR YHQGDQDOPLVPRWLHPSRHQ)UDQFLD,WDOLD3RORQLD\RWURVSDVHV
'HWR[LFDWH 'HYRWLRQ
<FRQVWUXLUPLLQJOpVVREUHEXHQRVSRQWRQHV HXURSHRV(OQXHVWURIUXWRGH9DXJKDQ6\VWHPV\GHJHQWHPX\
'HWR[LFDWLRQ 'HYRXU
6HxDOGHPLDPRUHVPLELEOLRWHFD LOXVLRQDGDGH(/081'2HVWGLVHDGRHVSHFFDPHQWHSDUD 'HWUDFW 'LDEHWHV
&RQOLEURVSUHFLRVRV\HVWXFKHVGHFRORUHV WL\VLDOQDOQROHVDFDVSURYHFKRFROHFFLQDORKDVWDHOQDO\ 'HWUDFWRU 'LDEHWLF
3HURPLLQJOpVVLJXHVLHQGRXQDSHVDGDKLSRWHFD JXUGDOREDMROODYH\HQEXHQDVFRQGLFLRQHV$VORSRGUVOHJDU 'HWULPHQWDO 'LDEROLFDO
<ODVFROHFFLRQHVQRORJUDQTXLWDUPHORVGRORUHV DWXVKLMRVRDWXVQLHWRVSRUTXHORVYHUERVLUUHJXODUHVQRFDGX
7REHFRQWLQXHG FDQQLWDPSRFRORVEXHQRVPWRGRVGHDSUHQGL]DMH 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

|6RFRUUR +HOS 1RKDEORPX\ELHQLQJOV ,GRQoWVSHDN(QJOLVKYHU\ZHOO


'QGHHVWODFRPLVDUD" :KHUHLVWKHSROLFHVWDWLRQ" +D\DOJXLHQTXHKDEOHHVSDRO" 'RHVDQ\RQHVSHDN6SDQLVK"
(UHVSROLFD" $UH\RXDSROLFHPDQ" (VWR\SHUGLGR ,oPORVW
7HSXHGRD\XGDU" &DQ,KHOS\RX" 'QGHQHFHVLWDVLU" :KHUHGR\RXQHHGWRJR"
&XOHVWXSUREOHPD" :KDWLV\RXUSUREOHP" &PRVHYDDOKRVSLWDO" +RZGR,JHWWRWKHKRVSLWDO"

+HDUVH &RFKHIQHEUH

8QGHUWDNHU 'LUHFWRUGHIXQHUDULD

&RUSVH &DGYHU

0RXUQHU 'ROLHQWH

&RIQ $WDG

9RFDEXODULR'HDWK /DPXHUWH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XSDV" :KDWKDSSHQHG" 4XWHGLMR" :KDWGLGKHVD\WR\RX"


$OJXLHQLQWHQWUREDUPHHOEROVR6RPHRQHWULHGWRVWHDOP\EDJ 7TXFUHHV"0HGLMRTXHOH :KDWGR\RXWKLQN"+HWROGPH
'QGHHVWDEDVFXDQGRHVWR :KHUHZHUH\RXZKHQWKLV
 GLHUDPLGLQHUR WRJLYHKLPP\PRQH\
VXFHGL" KDSSHQHG" <VHORGLVWH" $QGGLG\RXJLYHLWWRKLP"
(VWDEDHQHOFDMHUR ,ZDVDWWKHFDVKPDFKLQH /HJROSHHQODFDUDFRQPLEROVR ,KLWKLPLQWKHIDFHZLWKP\EDJ
(OKRPEUHLEDVRORRHVWDED:DVWKHPDQDORQHRUZLWK 1RVVLHUHVYDOLHQWHR ,GRQoWNQRZLI\RXoUHEUDYHRU
FRQDOJXLHQPV" VRPHERG\HOVH" HVWSLGR VWXSLG

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HDPHQD]FRQXQFXFKLOOR +HWKUHDWHQHGPHZLWKDNQLIH 3XHGHTXHVHDXQGURJDGLFWR +HPLJKWEHDGUXJDGGLFW


/HGLXQDSDWDGDHQVX]RQD ,NLFNHGKLPLQKLVYXOQHUDEOH
 1RFUHRKDEODEDFRQDFHQWR ,GRQoWWKLQNVRKHVSRNHZLWK
YXOQHUDEOH DUHD GHSLMR DSRVKDFFHQW
6HFD\DOVXHOR\HPSH]D +HIHOOWRWKHJURXQGDQG
 4XVHVXSRQHTXHVLJQLFD :KDWoVWKDWVXSSRVHGWR
OORUDU VWDUWHGWRFU\ HVR" PHDQ"
(QWRQFHVQRHUDXQODGUQ +HZDVQoWDQH[SHULHQFHGWKLHI 1LHUDODGUQQLWR[LFPDQR +HZDVQHLWKHUDWKLHIQRUD
H[SHULPHQWDGR WKHQ GUXJDGGLFW
1RPHH[WUDDUDVLIXHUDVX ,ZRXOGQoWEHVXUSULVHGLILWZHUH
 4XWHDSXHVWDV" 'R\RXZDQWDEHW"
SULPHULQWHQWRGHUREDU KLVUVWDWWHPSWWRUREVRPHRQH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XLHUHVGHQXQFLDUOH" 'R\RXZDQWWRUHSRUWKLP" $OQDOPHGLRXQSRFRGH ,QWKHHQG,IHOWDELWVRUU\IRU



(QUHDOLGDGFUHRTXHKH $FWXDOO\,WKLQN,oYHFKDQJHG SHQLWD KLP
FDPELDGRGHRSLQLQ P\PLQG /HUHFRJGHOVXHOR\OHPLU ,SLFNHGKLPXSRIIWKHJURXQG

4XDVSHFWRWHQD" :KDWGLGKHORRNOLNH" MDPHQWH DQGVWDUHGDWKLP
0HUHFRUGD0DQROR(VFREDU +HUHPLQGHGPHRID\RXQJ /HUH ,WROGKLPRII
GHMRYHQ 0DQROR(VFREDU /HDGYHUWTXHQRYROYLHVHD ,ZDUQHGKLPQRWWRGR

7HUPLQFDQWQGRWHDOJR" 'LGKHHQGXSVLQJLQJ\RX KDFHUQDGDSDUHFLGR DQ\WKLQJOLNHWKLVDJDLQ
VRPHWKLQJ" %LHQHVWORTXHELHQDFDED $OOoVZHOOWKDWHQGVZHOO


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDZD\q  (DFK2WKHU

,SXVKHGKLPDZD\IURPWKHGRRU <RXoUHZDVWLQJDZD\LQWKLVMRE 'HFLPRVpHDFKRWKHUqSDUDH[SUHVDUpXQRD


/HDOHMGHODSXHUWDDHPSXMRQHV 7HHVWVFRQVXPLHQGRHQHVWHWUDEDMR RWURq

/HWPHZLSHDZD\WKHWHDUV 6KHWXUQHGDQGZDONHGDZD\ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


'HMDTXHWHVHTXHODVOJULPDV (OODVHGLRODYXHOWD\VHIXH DQGDQGR  IUDVHVHQLQJOV"
1RVHVWDPRVPLUDQGR
7KHVWRUPZDVKHGWKHSLHUDZD\ +HoVDZD\RQEXVLQHVV 2VHVWLVHVFULELHQGR"
/DWRUPHQWDVHOOHYHOHPEDUFDGHUR (VWIXHUDGHYLDMHGHQHJRFLRV 1RVJXVWDPRV

,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
(OXVRSURIHVLRQDOGHODVIHFKDV

$ORODUJRGHPLFDUUHUDSURIHVLRQDOKHLPSDUWLGRIRUPDFLQDGL WDPELQVHKDFHDV6HGLFHHOOXQHVGDfHOMXHYHVGDfHO
UHFWLYRV\SHUVRQDOGHHPSUHVDGHWRGRVORVQLYHOHVGHVGHSULQ PDUWHVGDHWF(QLQJOVKDFHPRVORPLVPRSHURXWLOL]DPRV
FLSLDQWHV KDVWD FDVL ELOLQJHV 3HUR FXULRVDPHQWH QR UHFXHUGR ORVQPHURVRUGLQDOHV SULPHURVHJXQGRWHUFHURHWF 'HEDMRGH
DQLQJXQRTXHKD\DVDELGRPDQHMDUODVIHFKDVHQLQJOV(QXQ HVWDVOQHDVWHLQFOX\RXQPHVHQWHUR\WHUHFRPLHQGRTXHXQD
FRQWH[WRSURIHVLRQDOODIRUPDPVFRUUHFWD\FRPQGHH[SUHVDU YH]DOGDUHSLWDVORVGDV\ODVIHFKDVTXHWHFLWRDQGHFRQVROL
XQDIHFKDHVSULPHURGHFLUHOGD\GHVSXVODIHFKD(Q(VSDD GDUXQXVRFRUUHFWR\JLO

0RQGD\WKHUVW WKHVW )ULGD\WKHWZHOIWK WKHWK 0RQGD\WKHWZHQW\VHFRQG WKHQG


7XHVGD\WKHVHFRQG WKHQG 6DWXUGD\WKHWKLUWHHQWK WKHWK 7XHVGD\WKHWZHQW\WKLUG WKHUG
:HGQHVGD\WKHWKLUG WKHUG 6XQGD\WKHIRXUWHHQWK WKHWK :HGQHVGD\WKHWZHQW\IRXUWK WKHWK
7KXUVGD\WKHIRXUWK WKHWK 7KXUVGD\WKHWZHQW\IWK WKHWK
)ULGD\WKHIWK WKHWK 0RQGD\WKHIWHHQWK WKHWK )ULGD\WKHWZHQW\VL[WK WKHWK
6DWXUGD\WKHVL[WK WKHWK 7XHVGD\WKHVL[WHHQWK WKHWK 6DWXUGD\WKHWZHQW\VHYHQWK WKHWK
6XQGD\WKHVHYHQWK WKHWK :HGQHVGD\WKHVHYHQWHHQWK WKHWK 6XQGD\WKHWZHQW\HLJKWK WKHWK
7KXUVGD\WKHHLJKWHHQWK WKHWK
0RQGD\WKHHLJKWK WKHWK )ULGD\WKHQLQHWHHQWK WKHWK 0RQGD\WKHWZHQW\QLQWK WKHWK
7XHVGD\WKHQLQWK WKHWK 6DWXUGD\WKHWZHQWLHWK WKHWK 7XHVGD\WKHWKLUWLHWK WKHWK
:HGQHVGD\WKHWHQWK WKHWK 6XQGD\WKHWZHQW\UVW WKHVW :HGQHVGD\WKHWKLUW\UVW WKHVW
7KXUVGD\HOHYHQWK WKHWK

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$FDERGHFRPSUDUPHXQSLVRQXHYRTXHFDVLQRUHTXLHUHJDVWRV ,oYHMXVWERXJKWDQHZDWWKDWZRQoWUHTXLUHKDUGO\DQ\H[WUD
GHSXHVWDDSXQWR/DQLFDUHIRUPDTXHYR\DKDFHUHVHOEDR H[SHQVHWRJHWXSDQGUHDG\7KHRQO\WKLQJ,oPJRLQJWRGRLV
9R\DTXLWDUODEDHUDHLQVWDODUXQMDFX]]L7DPELQYR\DLQVWDODU UHPRGHOWKHEDWKURRP,oPJRLQJWRKDYHWKHEDWKWXEUHPRYHG
XQDGXFKDDVFRPRXQDHQFLPHUDODUJDFRQGRVODYDERV)LQDO DQGDMDFX]]LLQVWDOOHG,oPDOVRJRLQJWRKDYHDVKRZHUVWDOOSXW
PHQWHYR\DSRQHUHQHOVXHORXQDPRTXHWDHVSHFLDOVXDYHSDUD LQDVZHOODVDORQJFRXQWHUZLWKWZREDVLQV)LQDOO\,oPJRLQJ
ORVSLHV\TXHVHVHTXHUSLGDPHQWH|$KSRUFLHUWRHOMDFX]]LHV WR KDYH WKH RRU FDUSHWHG ZLWK D VSHFLDO PDWHULDO VRIW WR WKH
SDUDGRV7HJXVWDUDXQLUWH\SUREDUORDOJXQDYH]" IHHWDQGWKDWGULHVTXLFNO\2KE\WKHZD\WKHMDFX]]LLVIRUWZR
SHRSOH:RXOG\RXOLNHWRMRLQPHDQGWU\LWRXWVRPHWLPH"


(VWLPDGRDPLJR\DOXPQR0XFKDJHQWHEXVFDFRPRQXHVWURDPLJRGHOSRHPDXQDVROXFLQH[WHUQDDVX 0VSDODEUDVLQJOHVDV
SUREOHPDFRQHOLQJOV&UHHTXHXQPWRGRXQDDFDGHPLDRXQSURIHVRUOHYDQDGDUORTXHQHFHVLWD1R GHUD]ODWLQD
VHOHRFXUUHSHQVDUTXHODVROXFLQGHQLWLYDHVWGHQWUR


'LDGHP 'LFKRWRP\
(QEXVFDGHOLQJOV FRQW GHXQRPLVPR9R\DUHSHWLUDOJRTXHKHGLFKRGHFLHQIRU 'LDJQRVH 'LFWDSKRQH
PDVGLIHUHQWHVDWUDYVGHHVWDVFKDVQDGLHVHKDFHFRQ 'LDJQRVLV 'LFWDWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD
(VWiVDKtEXHQDPLJR"7HKHHQFRQWUDGRSRUQ" XQEXHQQLYHOGHRWURLGLRPDVLQGHGLFDUOHHQWUHGRV\WUHV 'LDJRQDO 'LFWDWRU
$KRUDGR\FODVHVFRQXQDSURIHVRUDQHR\RUTXLQD PLO KRUDV GH HVWXGLR \ XVR HQ VLWXDFLRQHV SUFWLFDV +D\ 'LDJUDP 'LFWDWRULDO
3DUDDYDQ]DUWDQUiSLGRFRPRHQHODJXDHOGHOItQ PWRGRVPHMRUHVTXHRWURVSHURWRGRVSURGXFHQEXHQRV 'LDO 'LFWDWRUVKLS
'RVKRUDVSRUVHPDQDHQFODVHLQGLYLGXDO
UHVXOWDGRVVLHODOXPQROHVGHGLFDODVKRUDVUHFRPHQGDGDV 'LDOHFW 'LFWLRQ
6yORHOOD\\R\HOOLEURGHJUDPiWLFD 6LQHPEDUJRQRORKDFH\HVWROHFRQYLHUWHHQXQDOXPQR 'LDOHFWLFDO 'LFWLRQDU\
1HFHVLWRXQSURJUHVRPXFKRPiVTXHJUDGXDO HWHUQRTXHVHOLPLWDDKDFHULQFXUVLRQHVSXQWXDOHVGHSRFD 'LDORJXH 'LGDFWLF
8QDYDQFHGHYHUGDGQRGHIRUPDHVWiWLFD PRQWDHQEXVFDGHXQDVROXFLQ$OQDOVXIDOWDGHGHGL 'LDO\VLV 'LHVHO
FDFLQ\WUDEDMR\ODEVTXHGDFRQVWDQWHGHXQDVROXFLQ 'LDPHWHU 'LHW
3HURHOFDPELRQRYLHQHHVWR\GHVFRQFHUWDGR 'LDPRQG 'LHWDU\
1LSURIHVQLOLEURVPHGDQORTXHTXLHUR H[WHUQDEHQHFLDQDOVHFWRUGHODHQVHDQ]DGHLGLRPDV
(VWDUpDOQDOPX\SRFRFDSDFLWDGR 1RVDFDEDDSRUWDQGRPXFKRGLQHURSRUTXHHODOXPQRQR 'LDSKUDP 'LIIHU
'LDUUKHD 'LIIHUHQFH
3DUDFRQWURODUHVWDQDYHFRPRXQEXHQQDYLHUR" SDUHFHHQWHUDUVHTXHODVFRVDVYDOLRVDVHQODYLGDVORVH
'LDU\ 'LIIHUHQW
7REHFRQWLQXHG FRQVLJXHQDWUDYVGHPXFKRHVIXHU]R 'LDWULEH 'LIIHUHQWLDO
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

$TXHVWDPRV +HUHZHDUH %LHQYHQLGRDQXHVWUDFDVD :HOFRPHWRRXUKRXVH


VWDHVPLFDVD 7KLVLVP\KRPH 9PRQRVDOVDOQ /HWoVJRWRWKHOLYLQJURRP
(VXQDFDVDEHOOD ,WoVDEHDXWLIXOKRXVH 4XLHUHVXQDEHELGD" 'R\RXZDQWDGULQN"
VWHHVPLSDGUH\VDHVPL 7KLVLVP\IDWKHUDQGWKDWoVP\
 7LHQHVZKLVN\" 'R\RXKDYHDQ\ZKLVNH\"
PDGUHHQHOMDUGQ PRWKHULQWKHJDUGHQ 1REHEHPRVHVDVFRVDVHQ :HGRQoWGULQNWKRVHWKLQJVLQ
+RODHQFDQWDGRGHFRQRFHUOH +HOORSOHDVHGWRPHHW\RX HVWDIDPLOLD WKLVIDPLO\

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XKDFHWXQRYLR" :KDWGRHV\RXUER\IULHQGGR" 'LOHDWXPDGUHTXHYHQJDDTX 7HOO\RXUPRWKHUWRFRPHKHUH


3RUTXQROHSUHJXQWDVDO" :K\GRQoW\RXDVNKLP"+H
 7HQGUVTXHJULWDUHVWXQ <RXoOOKDYHWRVKRXWVKHoVD
6DEHKDEODU NQRZVKRZWRVSHDN SRFRVRUGDHVWRVGDV OLWWOHGHDIWKHVHGD\V
0LKLMDPHGLMRTXHHUHVDUWLVWD 0\GDXJKWHUWROGPHWKDW 4XGHFD\R" :KDWZDV,VD\LQJ"
\RXoUHDQDUWLVW 'HTXHVWEDPRVKDEODQGR" :KDWZHUHZHWDONLQJDERXW"
4XFODVHGHFRVDVWHJXVWD :KDWNLQGRIWKLQJVGR\RXOLNH (QTX8QLYHUVLGDG :KLFK8QLYHUVLW\GLG\RXVWXG\
SLQWDU" WRSDLQW" HVWXGLDVWH" DW"
/DVSDUHGHVVRQPLHVSHFLDOLGDG:DOOVDUHP\VSHFLDOLW\

*RG 'LRV
:LQJV $ODV

+DUS $USD
$QJHO QJHO

&ORXG 1XEH

9RFDEXODULR+HDYHQ 3DUDVR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRWDUGDVWHHQWHUPLQDU +RZORQJGLGLWWDNH\RXWR
 'HWRGRVPRGRVTXRVWUDH $Q\ZD\ZKDWLVLWWKDWEULQJV
ODFDUUHUD" QLVK\RXUGHJUHH" SRUDTXKR\" \RXKHUHWRGD\"
3XHGHVGHMDUGHKDFHUOH &DQ\RXVWRSDVNLQJKLPVR
 /OHYLVVLJORVVLQYLVLWDUQRV <RXKDYHQoWYLVLWHGXVLQDJHV
WDQWDVSUHJXQWDV" PDQ\TXHVWLRQV" 7RPTXHUDSUHJXQWDUWHDOJR 7RPZDQWHGWRDVN\RX
6ORLQWHQWRURPSHUHOKLHOR ,oPMXVWWU\LQJWREUHDNWKHLFH
 QRHVFLHUWR7RP" VRPHWKLQJLVQoWWKDWULJKW7RP"
XQSRFR DOLWWOH 3DUHFHTXHKXELHUDVYLVWRXQ <RXORRNDVLI\RXKDGVHHQD
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
 IDQWDVPD JKRVW
FRQWDUXQFKLVWH" WHOOLQJDMRNH" 3XHGHTXHVHDPHMRUKDEODUOR ,WPLJKWEHEHWWHUWRWDONDERXW
1XQFDPHDFXHUGRGHQLQJQ ,FDQQHYHUUHPHPEHUDQ\
 GHVSXV LWODWHU
FKLVWH MRNHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXKDVHPSH]DGRD :K\KDYH\RXEHJXQWR (OODVLJQLFDPXFKVLPRSDUDP6KHPHDQVWKHZRUOGWRPH


WDUWDPXGHDU" VWXWWHU" 9HQJDSDSHVXQEXHQ &RPHRQGDGKHoVDJRRG
1RVXHORSRQHUPHWDQQHUYLRVR ,GRQoWXVXDOO\JHWVRQHUYRXV SDUWLGR FDWFK
+HYHQLGRSDUDSHGLUOHOD ,oYHFRPHWRDVN\RXIRU\RXU &ODURTXHV|\\RVR\ 2IFRXUVHKHLVDQG,oP/LWWOH
PDQRGHVXKLMD GDXJKWHUoVKDQGLQPDUULDJH &DSHUXFLWD5RMD 5HG5LGLQJ+RRG
(VSHURTXHQRHVWHVSHUDQGR,KRSHVKHoVQRWH[SHFWLQJD <DQRDJXDQWRPVHVWR ,FDQoWWDNHWKLVDQ\PRUH
XQEHE EDE\ ,QGHSHQGLHQWHPHQWHGHORTXH5HJDUGOHVVRIZKDW\RXVD\
0VYDOHTXHQRHVWV <RXoGEHWWHUQRWEHSUHJQDQW GLJDVQRVYDPRVDFDVDU ZHoUHJRLQJWRWLHWKHNQRW
HPEDUD]DGD


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  3KUDVDO9HUE7R*HW/RVW
&DVLQXQFDWUDGXFLPRVpPHSHUGqSRUp,ORVW
7KHVWRUPEOHZRYHU :K\GRQoW\RXFRPHRYHUWKLVHYHQLQJ" P\VHOIq/DWUDGXFFLQPVFRUUHFWDHVp,JRW
/DWRUPHQWDSDVVLQGHVFDUJDU 3RUTXQRYHQVDQXHVWUDFDVDHVWDQRFKH" ORVWq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
%ULQJLWRYHUWRP\KRXVH 7KH\EXLOWWKHFLW\RYHUWKHUXLQVRIWKHIRUXP IUDVHVHQLQJOV"
7UHORDPLFDVD (GLFDURQODFLXGDGVREUHODVUXLQDVGHOIRUR 0HSHUGHQORVEDUULRVSREUHVGH%DUFHORQD
1RVSHUGLPRVFXDQGRLQWHQWDPRVFRJHUXQ
7KH\FDPHRYHUWRRXUVLGH 7KHFDUFXWRYHULQIURQWRIPH DWDMR
6HSDVDURQDQXHVWUREDQGR (OFRFKHVHPHWLGHODQWHGHP |'MDPHHQSD]
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
7KHSDVVLYHYRLFH HVWDVIUDVHV

/DYR]SDVLYDVHXVDHQLQJOVPHQRVTXHODYR]DFWLYDDXQTXHGHKHFKRVHUHFRPLHQGDLQWHQWDUXVDUODYR]DFWLYDHQWRGRPRPHQWRSXHVWRTXH
HVXQPWRGRPVGLUHFWR\UHVROXWLYR(VPHMRUGHFLUSRUHMHPSORp:HPDGHWKHGHFLVLRQWRFDQFHOWKHSURMHFWqTXHVXHTXLYDOHQWHHQSDVLYD
p7KHGHFLVLRQZDVPDGHWRFDQFHOWKHSURMHFWq6LQHPEDUJRODYR]SDVLYDHVODTXHVXHOHXVDUVHFXDQGRQRVHPHQFLRQDHODFWRURFXDQGRHV
LUUHOHYDQWHVDEHUTXLQHVHODFWRU3RUHMHPSORp6SDLQZDVFRQVLGHUHGDVHFRQGUDWHSRZHULQWKHWKFHQWXU\q$FRQWLQXDFLQWHRIUH]FROD
SRVLELOLGDGGHHVWXGLDUODYR]SDVLYDHQWRGRVORVWLHPSRVYHUEDOHV(QHVWRVFDVRVVDEHUTXLQHVHODFWRUHVORTXHPHQRVLPSRUWD

$FWLYHYRLFH 3DVVLYHYRLFH
6RPHRQHLVGRLQJLWQRZ ,WoVEHLQJGRQHQRZ
6RPHRQHGRHVLWHYHU\GD\ ,WoVGRQHHYHU\GD\
6RPHRQHZDVGRLQJLWZKHQ,DUULYHG ,WZDVEHLQJGRQHZKHQ,DUULYHG
6RPHRQHGLGLW\HVWHUGD\ ,WZDVGRQH\HVWHUGD\
6RPHRQHFDQGRLW ,WFDQEHGRQH
6RPHRQHZLOOGRLWWRPRUURZ ,WoOOEHGRQHWRPRUURZ
:KHQLVVRPHRQHJRLQJWRGRLW" :KHQLVLWJRLQJWREHGRQH"
6RPHRQHKDVGRQHLW ,WoVEHHQGRQH
6RPHRQHZRXOGGRLWLIWKHUHZHUHPRUHPRQH\ ,WZRXOGEHGRQHLIWKHUHZHUHPRUHPRQH\
6RPHRQHPD\GRLWEXW,oPQRWVXUH ,WPD\EHGRQHEXW,oPQRWVXUH
6RPHRQHPD\KDYHGRQHLW\HVWHUGD\EXW,oPQRWVXUH ,WPD\KDYHEHHQGRQHEXW,oPQRWVXUH
6RPHRQHPXVWGRLW ,WPXVWEHGRQH
6RPHRQHKDVWRGRLW ,WKDVWREHGRQH
6RPHRQHVKRXOGGRLWDVVRRQDVSRVVLEOH ,WVKRXOGEHGRQHDVVRRQDVSRVVLEOH
6RPHRQHPXVWKDYHGRQHLW ,WPXVWoYHEHHQGRQH
6RPHRQHFRXOGKDYHGRQHLW,WoVQRWLPSRVVLEOHWRGR ,WFRXOGKDYHEHHQGRQH,WoVQRWLPSRVVLEOHWRGR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
|(VWR\PXHUWRGHFDQVDQFLR0HOHYDQWHVWDPDDQDDODV ,oPGHDGWLUHG,JRWXSDWDPWKLVPRUQLQJWRFDWFKWKH
SDUDFRJHUHOYXHORGHODVD%DUFHORQD7XYHGRVUHXQLRQHV\ LJKWWR%DUFHORQD,KDGWZRPHHWLQJVDQGWKHQDORQJEXVLQHVV
GHVSXVXQDODUJDFRPLGDGHQHJRFLRVFRQGRVSURYHHGRUHV/OH OXQFKZLWKWZRVXSSOLHUV,JRWWRWKH%DUFHORQDDLUSRUWDW
JXDODHURSXHUWRGH%DUFHORQDDODVSHURWXYHTXHHVSHUDU EXWKDGWRZDLWXQWLOWRJHWDLJKWRXW,WoVULJKWQRZ
KDVWDODVSDUDFRJHUXQYXHOR$KRUDPLVPRVRQODV\ DQG,MXVWZDONHGLQWKHGRRU0\ZLIHLVDVOHHSLQIURQWRIWKH79
DFDERGHHQWUDUHQFDVD0LPXMHUHVWGRUPLGDGHODQWHGHOWHOH DQGP\GLQQHULVRQWRSRIWKHPLFURZDYHJHWWLQJFROG
YLVRU\PLFHQDHVWHQFLPDGHOPLFURRQGDVHQIULQGRVH


(VWLPDGRDPLJR\DOXPQR(QHOSRHPDHOVHRUGLFHTXHHOPWRGRHVUHYROXFLRQDULRTXHKDVLGRHOD 0VSDODEUDVLQJOHVDV


ERUDGRSRUXQHTXLSRGHH[SHUWRVTXHJDUDQWL]DUHVXOWDGRV\TXHUHJDODXQGLFFLRQDULR7HVXHQDHVWD GHUD]ODWLQD
FDQFLyQ"(Q9DXJKDQQRWHUHJDODPRVXQGLFFLRQDULR
'LIIHUHQWLDWH 'LODSLGDWHG
(QEXVFDGHOLQJOV FRQW SRUTXHHVWRQRD\XGDDTXHDSUHQGDVLQJOV1RGH 'LIIHUHQWLDWLRQ 'LODWH
3HURWLHQHTXHHVWDUDODYXHOWDGHODHVTXLQD FLPRVTXHVHWUDWDGHXQPWRGRUHYROXFLRQDULRSRU 'LIFXOW 'LODWLRQ
(QODSUy[LPDHVTXLQDDKtWLHQHTXHHVWDU TXHQRH[LVWHQWDOHVPWRGRV(OQLFRPWRGRUHYR 'LIFXOW\ 'LOHPPD
(QODWHOHDQXQFLDQXQDUHFHWDJHQXLQD OXFLRQDULRHVWXSURSLDIXHU]DGHYROXQWDG7DPSRFR 'LIIXVH 'LOLJHQFH
4XHPXFKRGLQHURQRPHYDDFRVWDU WH JDUDQWL]DPRV UHVXOWDGRV SRUTXH QR FRQWURODPRV 'LIIXVLRQ 'LOLJHQW
'HVFULEHQXQPpWRGRWRWDOPHQWHUHYROXFLRQDULR QL PDQHMDPRV WX PRWLYDFLQ \ HVIXHU]R /R QLFR 'LJHVW 'LOXWH
(ODERUDGRFRQFXLGDGRSRUXQHTXLSRGHH[SHUWRV TXHWHRIUHFHPRVVRQSJLQDVGHPWRGR 'LJHVWLRQ 'LOXWLRQ
*DUDQWL]DQUHVXOWDGRV\UHJDODQXQGLFFLRQDULR KRUDV GH DXGLR \  KRUDV GH YGHR WRGR GHQWUR GH 'LJHVWLYH 'LPHQVLRQ
<DUPDQYHUGDGHVTXHVRQJUDQGHVDFLHUWRV XQDOJLFD\XQHVWLORLQPHMRUDEOHVIUXWRGHDRV 'LJLWDO 'LPLQLVK
$KtYR\FRQPLVFXDUWRVDFRPSUDUHOLQYHQWR HQVHDQGRLQJOVDHVSDROHV(OHTXLSRGHH[SHUWRV 'LJLWDOL]H 'LPLQXWLYH
&RQWDSDV\ORPRVGHEHOORDVSHFWR VRPRV\R\XQRVPV3HURHO[LWRYDDGHSHQGHU 'LJQLI\ 'LQRVDXU
+D\HVWDQWHVWRGDYtDHQPLSHTXHxRDSDUWDPHQWR GHXQDVRODSHUVRQD<HVDSHUVRQDHUHVW 'LJQLW\ 'LRFHVH
3DUDTXHHOPpWRGRPHFXQGD\PHPDUTXHHOWUD\HFWR 'LJQLWDU\ 'LRGH
5LFKDUG9DXJKDQ 'LJUHVVLRQ 'LR[LGH
)LQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

%XHQRVGDV +DVWDODVGH *RRG0RUQLQJ  7HQJRKDPEUH ,oPKXQJU\


ODPDDQD 7LHQHVVHG" $UH\RXWKLUVW\"
%XHQDVWDUGHV 'HVSXVGHODV *RRG$IWHUQRRQ  1RWHQJRPXFKRFDORU ,oPQRWYHU\KRW
\KDVWDTXHRVFXUHFH 7HQHPRVPXFKRIUR :HoUHYHU\FROG
%XHQDVWDUGHV 'HVSXVGH *RRG(YHQLQJ  &XQWRVDRVWLHQHHOOD" +RZROGLVVKH"
TXHRVFXUH]FD
%XHQDVQRFKHV $QWHVGHLUD *RRG1LJKW 
ODFDPD
|2JDSRUIDYRU ([FXVHPH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

0HSXHGHVUHFRPHQGDUXQ &DQ\RXUHFRPPHQGDJRRG 7HQLVXQPHQGHOGD" 'R\RXKDYHDVHWSULFHPHQX"


EXHQUHVWDXUDQWH" UHVWDXUDQW" +D\DOJQSODWRYHJHWDULDQR" $UHWKHUHDQ\YHJHWDULDQ
4XHUDUHVHUYDUXQDPHVD ,oGOLNHWRERRNDWDEOHIRUWZR
 GLVKHV"
SDUDGRVSHUVRQDV SHRSOH &RQTXYLHQHHOELVWHF" :KDWGRHVWKHVWHDNFRPHZLWK"
0HSXHGHVGDUODFDUWDSRU &RXOG\RXJLYHPHWKHPHQX
 3RFRKHFKRPHGLRKHFKRR 5DUHPHGLXPUDUHRUZHOO
IDYRU" SOHDVH" ELHQKHFKR" GRQH"
+D\SODWRGHOGD" ,VWKHUHDGLVKRIWKHGD\" &XQWRVXHOHGHMDUODJHQWH +RZPXFKGRSHRSOHXVXDOO\
<RYR\DWRPDUHVWR ,oOOKDYHWKLV GHSURSLQDDTX" WLSKHUH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWRQRHVORTXHKHSHGLGR 7KLVLVQoWZKDW,RUGHUHG 6R\DOUJLFRDOPDULVFR ,oPDOOHUJLFWRVKHOOVK


4XLHURKDFHUXQDUHFODPDFLQ ,ZDQWWRPDNHDFRPSODLQW &RQWLHQHFDFDKXHWHV" 'RHVLWFRQWDLQSHDQXWV"
/OHYDPRVPXFKRWLHPSR :HoYHEHHQZDLWLQJIRUDYHU\
 (OKJDGR\ORVULRQHVQRPH /LYHUDQGNLGQH\VGRQoWDJUHH
HVSHUDQGR ORQJWLPH VLHQWDQELHQ ZLWKPH
3RGUDKDEODUFRQHOHQFDUJDGR&RXOG,VSHDNWRWKHPDQDJHU 1RSXHGRFRPHUKXHYRVFUXGRV ,FDQoWHDWUDZHJJV
SRUIDYRU" SOHDVH" (VWRHVDVTXHURVR 7KLVLVGLVJXVWLQJ
4XLHURTXHPHGHYXHOYDQHO ,ZDQWP\PRQH\EDFN

GLQHUR

*URXVH 8URJDOOR
7XUNH\ 3DYR

4XDLO &RGRUQL]

3DUWULGJH 3HUGL]
&KLFNHQ 3ROOR

9RFDEXODULR)RZO $YH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0LHQKRUDEXHQDDOFRFLQHUR 0\FRPSOLPHQWVWRWKHFKHI $OJXLHQWLHQHXQVDFDFRUFKRV" 'RHVDQ\ERG\KDYHD


(VHOSODWRPVH[TXLVLWRTXH ,WoVWKHPRVWH[TXLVLWHGLVK,oYH FRUNVFUHZ"
KHSUREDGRHQDRV WULHGLQ\HDUV (VWHYLQRWLHQHVDERUDFRUFKR 7KLVZLQHLVFRUNHG
(VXQSRFRFDULOORHVWHVLWLRQR",WoVDELWSULFH\WKLVSODFHLVQoWLW" (VXQYLQRGHODFRVHFKDGH ,WoVDYLQWDJHZLQHIURP
7LHQHHQFDUJDGRGHOJXDUGDUURSD,WKDVDFORDNURRPDWWHQGDQW 6HKDJXDUGDGRHQEDUULFDVGH ,WoVEHHQNHSWLQRDNFDVWVIRU
\VXPLOOHU DQGDZLQHZDLWHU UREOHGXUDQWHDRV \HDUV
7DPELQHVODSULPHUDYH]TXH ,WoVDOVRWKHUVWWLPH,oYH 1RKD\TXHSHUGHUVHHVWH 7KLVUHVWDXUDQWLVDPXVW
KHYLVWRXQUHVWDXUDQWHFRQ VHHQDUHVWDXUDQWZLWKYDOHW UHVWDXUDQWH
VHUYLFLRGHDSDUFDPLHQWR SDUNLQJ



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  3KUDVDO9HUE7R7KURZ$ZD\

'RLWRYHU 7KH\IHOORYHUWKHPVHOYHVWRKHOSXV 6LJQLFDpWLUDUqHQHOVHQWLGRGHTXLWDUGHHQ


9XHOYHDKDFHUOR 6HSUHVWDURQDD\XGDUQRVFRQPXFKD PHGLRRGHWLUDUDODEDVXUD
HQHUJD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KH\GURYHRYHUWRRXUKRXVH IUDVHVHQLQJOV"
9LQLHURQDQXHVWUDFDVD HQFRFKH  ,KDYHWRGRLWDOORYHUDJDLQ 1RWLUHVHVRVSHULGLFRV
7HQJRTXHYROYHUDWUV\KDFHUORGHQXHYR &XQGRYDVDWLUDUHVWDEDVXUD"
+HIHOORYHUWKHUDLOLQJ 7LUWRGDPLURSDYLHMD
6HFD\SRUODEDUDQGLOOD 7KH/HDQLQJ7RZHURI3LVDLVIDOOLQJRYHU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
/D7RUUHLQFOLQDGDGH3LVDVHFDH
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHUHWREH

+D\KDEDKDEUKDEUDSDUHFHKDEHUSXHGHTXHKD\DfHWF(Q PD\KDYHEHHQfWKHUHPXVWEHfHWF$FRQWLQXDFLQOHHHQYR]
LQJOVQXHVWUDIRUPDSDUDH[SUHVDUORPLVPRHVFRQODSDODEUD DOWDHOSUUDIRGHDEDMRXQDYH]DOGDGXUDQWHXQDR7DUGDUV
pWKHUHq\XQDFRQMXJDFLQGHOYHUERpWREHq7KHUHLVWKHUHDUH GRVPLQXWRVHQKDFHUORSHURFRQVROLGDUVXQJLOGRPLQLRGHOD
WKHUHZDVfWKHUHZHUHfWKHUHKDYHEHHQfWKHUHVKRXOGEHfWKHUH HVWUXFWXUD

7KHUHKDYHEHHQDORWRIFRPSODLQWVODWHO\DERXWWKHQHZVHUYLFHV\VWHP7KHUHPXVWKDYHEHHQDWOHDVWWKLUW\FRPSODLQWV\HVWHUGD\
7KHUHZHUHQoWDQ\FRPSODLQWVZLWKWKHROGV\VWHP7KHUHoVDSHUVRQRQWKHSKRQHULJKWQRZFRPSODLQLQJDERXWLWDQGWKHUHZHUHWKUHH
SHRSOHRQWKHOLQHYHPLQXWHVDJRPDNLQJWKHVDPHFRPSODLQWV7KHUHGRHVQoWDSSHDUWREHDVROXWLRQIRUWKHPRPHQWVR,H[SHFW
WKHUHZLOOEHDORWRIFRPSODLQWVLQWKHIXWXUH7KHUHZRXOGQoWEHVRPDQ\FRPSODLQWVQRZLIWKHUHKDGEHHQDEHWWHUFRQWUROV\VWHP
GXULQJWKHGHVLJQVWDJH%XWVLQFHWKHUHZDVQoWDVWULFWFRQWUROV\VWHP,oPVXUHWKHUHDUHJRLQJWREHDORWRIFRPSODLQWVRYHUWKHQH[W
IHZPRQWKV1H[WZHHNWKHUHZLOOEHDPHHWLQJEHWZHHQWKHGHVLJQHUVDQGWKHVHUYLFHSHUVRQQHO7KHUHZLOOEHDUJXPHQWVGHIHQGLQJ
WKHROGV\VWHPDQGDUJXPHQWVGHIHQGLQJWKHQHZRQH2QHWKLQJ,oPVXUHRILVWKDWWKHUHZRQoWEHDQDOGHFLVLRQPDGHXQWLOWKHUH
LVDQDJUHHPHQWUHDFKHGDWWKHWRSPDQDJHPHQWOHYHO7KHUHoVEHHQDORWRIPRQH\VSHQWLQFKDQJLQJWKHV\VWHPDQGWKHUHZLOOEH
DORWRIUHVLVWDQFHWRFKDQJLQJEDFNWRWKHROGRQH7KHUHoVDQROGVD\LQJWKDWJRHV:KHUHWKHUHoVDZLOOWKHUHoVDZD\DQG,oPVXUH
WKHUHZLOOEHDVWURQJHIIRUWPDGHWRFRUUHFWWKHGHIHFWVLQWKHQHZV\VWHP7KHUHoVJRWWREHDZD\WRPDNHLWZRUNEHWWHUDQGWKHUH
DUHDORWRIJRRGGHVLJQHUVKHUHFDSDEOHRIPDNLQJLWZRUNEHWWHUVRWKHUHoVVWLOOKRSHWKDWWKHUHZLOOEHDQDOVROXWLRQVDWLVIDFWRU\WR
DOOLQYROYHG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
3RGUDVHQFRQWUDUDDOJXLHQHQODRFLQDTXHVHRFXSHGHHVWH &RXOG \RX QG VRPHERG\ LQ WKH RIFH WR KDQGOH WKLV PDWWHU"
WHPD"(VVHQFLOORSHURVHWDUGDPXFKRWLHPSR\\RQHFHVLWRWHU ,WoV VLPSOH EXW WLPHFRQVXPLQJ DQG , UHDOO\ QHHG WR QLVK WKLV
PLQDUHVWDSURSXHVWDSDUDHOYLHUQHVRYDPRVDWHQHUSUREOHPDV SURSRVDO E\ )ULGD\ RU ZHoUH LQ WURXEOH -XVW OHW PH NQRZ WKH
+D]PHVDEHUHOUHVXOWDGR\DTXHQRUPDOPHQWHVR\\RHOTXHFRQ RXWFRPHVLQFH,oPWKHRQHZKRXVXDOO\FRQWDFWVMRXUQDOLVWVIRU
WDFWD FRQ ORV SHULRGLVWDV SDUD HVWRV HYHQWRV 3XHGH TXH 'DYH R WKHVH HYHQWV 'DYH RU -HQQLIHU PLJKW EH WKH EHVW FKRLFHV EXW
-HQQLIHUVHDQODPHMRURSFLQSHURDTXLHQTXLHUDTXHWHUPLQHV ZKRHYHU\RXHQGXSJLYLQJWKHWDVNWRKDYHWKHPFRS\PHRQ
GDQGRHVWDWDUHDTXHPHPDQGHFRSLDGHFDGDHPDLO\TXHPH HYHU\HPDLODQGOHWPHNQRZWKHUHVXOWRIHYHU\SKRQHFDOO
LQIRUPHGHFDGDOODPDGDWHOHIQLFD

(VWLPDGRDPLJR\DOXPQR/DIRWRHVGH*OHQ&XQQLQJKDPFRUUHGRUQRUWHDPHULFDQRGHPHGLRIRQGRTXHRV 0VSDODEUDVLQJOHVDV
WHQWHQHOUFRUGPXQGLDOGHODPLOOD7DPELQWXYRXQSDSHOGHVWDFDGRHQORV-XHJRV2OPSLFRVGH GHUD]ODWLQD
\/HOODPDEDQ7KH.DQVDV)O\HU$ORVRFKRDRVHQVX.DQVDVQDWDOIXHDOFDQ]DGRSRUXQDH[SORVLQGH 'LSKWKHULD 'LVDVWURXV
JDVROLQD\VXIULTXHPDGXUDVLPSRUWDQWHVHQWRGRVXFXHUSR/RVPGLFRVUHFRPHQGDURQDPSXWDUVXVGRV 'LSKWKRQJ 'LVFHUQ
SLHUQDVSHURVXPDGUHQRORSHUPLWL 'LSORGRFXV 'LVFLSOLQH
1RREVWDQWHORVPGLFRVGLMHURQTXHHOFKLFRQXQFDYROYHUDDDQGDU$QWHHVWHQHJUR 'LSORPD 'LVFLSOLQDU\
SDQRUDPDSULPHUR*OHQ&XQQLQJKDPDSUHQGLDDQGDUGHQXHYRGRVDRVGHVSXV 'LSORPDF\ 'LVFLSOLQHG
GHODFFLGHQWH\QDOPHQWHDFRUUHU6XWHVQ\GHWHUPLQDFLQOHOOHYDURQDVHUFDP 'LSORPDW 'LVFRQFHUW
SHQGHFDPSRDWUDYVHQVXFROHJLR\GHVSXVDOSLQFXORGHOGHSRUWH7DPELQEUL 'LSORPDWLF 'LVFRQWHQW
OOHQORDFDGPLFRGRFWRUQGRVHHQOD8QLYHUVLGDGGH1XHYD<RUN(QPLVDRVGH 'LUHFW 'LVFRQQHFW
SURIHVLQKHYLVWRHQPXFKDVRFDVLRQHVHOUHVXOWDGRGHOWHVQ\GHOHVIXHU]R-DPVKH 'LUHFWLRQ 'LVFRQWLQXH
'LUHFWLYH 'LVFRUG
YLVWRIUDFDVDUDDOJXLHQTXHKDSXHVWRWRGRGHVXSDUWHHQXQDLQLFLDWLYD+HYLVWRSRU
'LUHFWO\ 'LVFRUGDQW
ORPHQRVDFLQFRSHUVRQDVGHPVGHDRVSDVDUGHXQQLYHOGHLQJOVFDVLLQH[LV
'LVDELOLW\ 'LVFRXQW
WHQWHDXQQLYHOPVTXHVXFLHQWHSDUDVXVFRPXQLFDFLRQHVUXWLQDULDV0LVDPLJRV 'LVDGYDQWDJH 'LVFRWKHTXH
\FROHJDV\DHVWQFDQVDGRVGHRUPHXWLOL]DUODH[SUHVLQpTXHUHUHVSRGHUq ZKHUH 'LVDSSHDU 'LVFRXUWHRXV
WKHUHoVDZLOOWKHUHoVDZD\ SHURSDUDPHVXQDYHUGDGWDQHYLGHQWH\TXHKHYLVWR 'LVDSSHDUDQFH 'LVFRYHU
FXPSOLUVHWDQWDVYHFHVTXHFRQVLGHURXQGHEHUUHFRUGURVOR4XHUHUHVSRGHU 'LVDUP 'LVFRYHU\
5LFKDUG9DXJKDQ 'LVDVWHU 'LVFUHGLW

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWDPRVOHMRVGHODHURSXHUWR" $UHZHIDUIURPWKHDLUSRUW" $TXKRUDHVWXYXHOR" :KDWWLPHLV\RXULJKW"


1RQRHVWPX\OHMRVHVWDPRV 1RLWLVQoWIDUZHoUHYHU\QHDU 6DOHDODVFXDWUR\FXDUWR ,WOHDYHVDWTXDUWHUSDVWIRXU
PX\FHUFD  'QGHYDLV" :KHUHDUH\RXJRLQJ"
|0LUDDOOHVW /RRNWKHUHLWLV 9RODPRVD(VWDGRV8QLGRV :HoUH\LQJWRWKH8QLWHG6WDWHV
(VVWDODHQWUDGD" ,VWKLVWKHHQWUDQFH" 4XFLXGDGHVYDLVDYLVLWDU" :KLFKFLWLHVDUH\RXJRLQJWR
'QGHHVWQPLVEROVRV" :KHUHDUHP\EDJV" YLVLW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

|9PRQRVDIDFWXUDFLQ /HWoVJRWRWKHFKHFNLQ &XQWDVPDOHWDVWHQLV" +RZPDQ\VXLWFDVHVGR\RX


+D\PXFKDJHQWHHQODFROD 7KHUHLVDORWRISHRSOHLQWKH KDYH"
TXHXH /OHYLVHTXLSDMHGHPDQRD $UH\RXWDNLQJDQ\KDQG
7HQGUHPRVTXHHVSHUDUDTX :HoOOKDYHWRZDLWKHUHIRUD
 ERUGR" OXJJDJHRQERDUG"
PXFKRWLHPSR ORQJWLPH +L]RXVWHGPLVPRVXHTXLSDMH" 'LG\RXSDFN\RXUOXJJDJH
3RUTXVLHPSUHVRPRVORV :K\DUHZHDOZD\VWKHODVWWR
 \RXUVHOI"
OWLPRVHQOOHJDU" DUULYH" 1RGHMDXQSDUGHWHUURULVWDV1R,OHWDFRXSOHRIWHUURULVWV
1RWHSUHRFXSHVHODYLQQR 'RQoWZRUU\WKHSODQHZRQoW
 KDFHUOR GRLW
GHVSHJDUVLQQRVRWURV WDNHRIIZLWKRXWXV |3RUVXSXHVWRTXHORKLFH\R 2IFRXUVH,GLGLWP\VHOI:KDW
PLVPR|4XSUHJXQWDVKDFLV TXHVWLRQV\RXDVN

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RGUDVSRQHUWXVOODYHV &RXOG\RXSXW\RXUNH\VZDOOHW
 &XOHVODSXHUWDGHHPEDUTXH:KLFKJDWHLVLWIRULJKWf"
FDUWHUD\PYLOHQODEDQGHMD" DQGPRELOHLQWKLVWUD\" GHOYXHORf"
/HLPSRUWDTXLWDUVHHO 'R\RXPLQGWDNLQJRII\RXU
 'LUMDQVHDODSXHUWDQPHUR 3OHDVHJRWRJDWHQXPEHU
FLQWXUQ" EHOWSOHDVH" YHLQWH WZHQW\
0HYDVDKDFHUXQDSURSXHVWD$UH\RXJRLQJWRPDNHPHDQ 'QGHHVWWXWDUMHWDGH :KHUHoV\RXUERDUGLQJFDUG"
LQGHFHQWH" LQGHFHQWSURSRVDO" HPEDUTXH"
0HWHPRTXHWHQLVTXH ,oPDIUDLG\RXKDYHWRWDNHRII
 (OHPEDUTXHVHHIHFWXDUHQ %RDUGLQJZLOOWDNHSODFH
TXLWDURVORV]DSDWRVWDPELQ \RXUVKRHVDVZHOO EUHYH VKRUWO\
0HQRVPDOTXHPHSXVHXQRV ,WoVDJRRGWKLQJ,SXWFOHDQ
 OWLPDOODPDGDSDUDORV /DVWFDOOIRUSDVVHQJHUVRQ
FDOFHWLQHVOLPSLRVHVWDPDDQD VRFNVRQWKLVPRUQLQJ SDVDMHURVGHOYXHOR LJKW

)OHDV 3XOJDV /LFHV 3LRMRV

:RUPV /RPEULFHV

0LWHV FDURV
7LFNV *DUUDSDWDV

9RFDEXODULR3DUDVLWHV 3DUVLWRV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VSHURTXHQXHVWURYXHORQR ,KRSHRXULJKWLVQoWGHOD\HG 1RWHQJRQDGDTXHGHFODUDU ,KDYHQRWKLQJWRGHFODUH



VDOJDFRQUHWUDVR H[FHSWRPLJHQLR H[FHSWP\JHQLXV
3RGUDTXLWDUVHORVFDVFRV" &RXOG\RXUHPRYH\RXU 1RVHDVWDQIUHVFRFRQHVWRV 'RQoWEHVRFKHHN\ZLWKWKHVH

KHDGSKRQHVSOHDVH" DGXDQHURVHVWDGRXQLGHQVHV $PHULFDQFXVWRPVRIFHUV
$EUFKHQVHORVFLQWXURQHVGH )DVWHQ\RXUVHDWEHOWV 1HFHVLWDPRVTXHQRVGHQVXV :HQHHG\RXWRJLYHXV\RXU

VHJXULGDG KXHOODVGDFWLODUHV QJHUSULQWV
$OJXLHQWLHQHXQERWLTXQGH 'RHVDQ\ERG\KDYHDUVWDLG 3RUTX"1RWHQLVODV :K\"'RQoW\RXKDYH\RXURZQ

XUJHQFLD" NLW" YXHVWUDVSURSLDV" RQHV"
(QHOFDVRSRFRSUREDEOHGH ,QWKHXQOLNHO\HYHQWRIDQ |<DHVW|8QUHJLVWURFRPSOHWR7KDWoVLW$IXOOERG\VHDUFK
TXHKD\DXQDXUJHQFLDUH]DG HPHUJHQF\SUD\ DHVWDSHUVRQDFRQJXDQWHVGH ZLWKUXEEHUJORYHV
JRPD

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDO9HUE7R6HOO2XW
3KUDVDOYHUEVZLWKpRYHUq 
6LJQLFDpDJRWDUH[LVWHQFLDVq\VHHPSOHD
7KHWZRER\VIRXJKWRYHUWKHJLUO ,FDQoWJHWRYHUKRZKHVZHHWWDONHGWKHP SDUDFXDOTXLHUWLSRGHPHUFDQFD
/RVGRVFKLFRVSHOHDURQSRUODFKLFD |1RPHSXHGRFUHHUFPROORVHQJDWXV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:HHZRYHUWKH*UDQG&DQ\RQ +HOSPHJHWRYHUWKHZDOO 6HOHVDJRWDURQODVHQWUDGDVHQVHJXLGD
/RVSOWDQRVVHQRVKDQDJRWDGR
9RODPRVVREUHHO*UDQ&DQ $\GDPHDSDVDUDORWURODGRGHOPXUR
/OHJXHDOOSURQWRVHOHVVXHOHDJRWDUWRGR
PX\SURQWR
<RXoOOJHWRYHULW /HWoVJHWLWRYHUZLWK
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
<DORVXSHUDUV $FDEHPRVFRQHVWRGHXQDYH] WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KHUHWREH 

)MDWHHQODVIUDVHVHQLQJOV)MDWHFPRLQLFLDPRVFDGDXQDGHHOODVFRQODSDODEUDpWKHUHqVHJXLGDGHXQDFRQMXJDFLQFRQHOYHUER
pWREHq(QDOJXQDVGHODVIUDVHVGHODFROXPQDHQLQJOVVXEUD\RDVSHFWRVJUDPDWLFDOHVTXHQRVXHOHQJXUDUHQFDVWHOODQR

+D\XQOLEURHQODPHVD 7KHUHoVDERRNRQWKHWDEOH
1RKD\QLQJQSHUURHQPLFDVD 7KHUHLVQoWDGRJLQP\KRXVH
+D\JHQWHHQODVDODGHHVSHUD 7KHUHDUHVRPHSHRSOHLQWKHZDLWLQJURRP
1RKD\DFWRUHVHQHOHVFHQDULR 7KHUHDUHQoWDQ\DFWRUVRQWKHVWDJH
1RKD\FDIHQODFDIHWHUD 7KHUHLVQoWDQ\FRIIHHLQWKHFRIIHHPDNHU
+D\WLQWDHQODPDQJDGHWXFDPLVD 7KHUHoVVRPHLQNRQWKHVOHHYHRI\RXUVKLUW
+XERXQDWRUPHQWDWHUULEOHDQRFKH 7KHUHZDVDWHUULEOHVWRUPODVWQLJKW
+DEDDJXDHQHOVXHORFXDQGROOHJXDTX 7KHUHZDVVRPHZDWHURQWKHRRUZKHQ,JRWKHUH
+DEDHUURUHVHQWXLQIRUPH 7KHUHZHUHVRPHPLVWDNHVLQ\RXUUHSRUW
1RKDEDSDSHOHQODPTXLQDGHID[D\HU 7KHUHZDVQoWDQ\SDSHULQWKHID[PDFKLQH\HVWHUGD\
+DEUXQDHVWDDTXPDDQDSRUODQRFKH 7KHUHZLOOEHDSDUW\KHUHWRPRUURZHYHQLQJ
1RKDEUWLHPSRVXFLHQWHSDUDHVRPDDQD 7KHUHZRQoWEHHQRXJKWLPHIRUWKDWWRPRUURZ
9DDKDEHUXQDUHXQLQLPSRUWDQWHDTXODVHPDQDSU[LPD 7KHUHoVJRLQJWREHDQLPSRUWDQWPHHWLQJKHUHQH[WZHHN
,EDDKDEHUXQDUHXQLQSHURVHFDQFHO 7KHUHZDVJRLQJWREHDPHHWLQJEXWLWZDVFDQFHOOHG
+DKDELGRPXFKDVERGDVOWLPDPHQWHHQHVWDLJOHVLD 7KHUHKDYHEHHQDORWRIZHGGLQJVODWHO\LQWKLVFKXUFK
&UHRTXHKDKDELGRXQPDOHQWHQGLGR ,WKLQNWKHUHoVEHHQDPLVXQGHUVWDQGLQJ
'HEHUDKDEHUVXFLHQWHVVLOODVSDUDWRGRHOPXQGR 7KHUHVKRXOGEHHQRXJKFKDLUVIRUHYHU\ERG\
'HEHKDEHU IRU]RVDPHQWH XQDIRUPDPHMRU 7KHUHPXVWEHDEHWWHUZD\
7LHQHTXHKDEHUXQDVROXFLQDHVWHSUREOHPD 7KHUHKDVWREHDVROXWLRQWRWKLVSUREOHP
3DUHFHKDEHUXQPDOHQWHQGLGRDTX 7KHUHVHHPVWREHDPLVXQGHUVWDQGLQJKHUH
3XHGHTXHKD\DXQDSRVLELOLGDGVLHQVD\DPRVHVWHHQIRTXH 7KHUHPD\EHDSRVVLELOLW\LIZHWU\WKLVDSSURDFK
1RSDUHFHKDEHURWUDDOWHUQDWLYD 7KHUHGRHVQoWVHHPWREHDQ\RWKHUDOWHUQDWLYH
+DEUDKDELGRXQDHVWDVLKXELUDPRVJDQDGRHOSDUWLGR 7KHUHZRXOGKDYHEHHQDSDUW\KHUHLIZHKDGZRQWKHPDWFK

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DSXUDUHDOLGDGHVTXHHOFHUHEURKXPDQRQRSXHGHFRPSUHQGHU 7KHVLPSOHWUXWKLVWKDWWKHKXPDQEUDLQFDQQRWXQGHUVWDQGWKH
ODSDODEUDHVFULWDKDVWDTXHQRVHKDWUDGXFLGRDSDODEUDKDEODGD ZULWWHQZRUGXQWLOLWKDVEHHQWUDQVODWHGLQWRWKHVSRNHQZRUG
HQODPHQWH+DVWDTXHHOUHDGHDVRFLDFLQDXGLWLYDGHOFHUHEUR LQ WKH PLQG 8QWLO WKH DXGLWRU\ DVVRFLDWLRQ DUHD RI WKH EUDLQ
pR\HqODSDODEUDVWDQRWLHQHVLJQLFDGR+DVHVWDGRDOJXQDYH] pKHDUVqDZRUGLWKDVQRPHDQLQJ+DYH\RXHYHUEHHQUHDGLQJ
OH\HQGRHQODFDPD\WHKDVGDGRFXHQWDGHTXHWXVRMRVOOHYDQ LQEHGWKHQUHDOL]HGWKDW\RXUH\HVKDYHEHHQVFDQQLQJWKHVDPH
YDULRVPLQXWRVOH\HQGRHOPLVPRSUUDIRSHURQRWLHQHVQLLGHD SDUDJUDSKIRUVHYHUDOPLQXWHVEXW\RXKDYHDEVROXWHO\QRLGHD
GHORTXHGLFH"(VWRHVSRUTXHWXVRMRVHVWQYLHQGRSDODEUDVTXH RI ZKDW LW VD\V"7KLV LV EHFDXVH \RXU H\HV DUH WDNLQJ LQ ZRUGV
WXPHQWH\DQRpHVFXFKDq WKDWDUHQRORQJHUEHLQJpKHDUGqLQ\RXUPLQG

(VWLPDGRDPLJR\DOXPQR(OSUUDIRTXHDFDEDVGHYHUHQFLPDGHHVWDVSDODEUDVTXHHVWR\HVFULELHQGRGLFH 0VSDODEUDVLQJOHVDV
DOJRPX\LPSRUWDQWH/RVIVLOHVPVDQWLJXRVGHOKRPRVDSLHQVVHUHPRQWDQDODIULFDGHKDFH GHUD]ODWLQD
DRV'HVGHHQWRQFHVKDVWDKDFHVRODPHQWHDRVHOKRPEUHDQDOL]DEDWRGDODLQIRUPDFLQPHGLDQWH 'LVFUHGLW 'LVLQKHULW
VXFDSDFLGDGDXGLWLYD(VWRVLJQLFDTXHHVWDPRVWRGDYDPXFKRPVSUHSDUDGRVSDUDDSUHQGHUDWUDYVGHO 'LVFUHHW 'LVNHWWH
RGRTXHDWUDYVGHODSDODEUDHVFULWDDXQTXHDYHFHVQRVDIHUUHPRVDHVWDOWLPDSDUDWDQWDVFRVDV6DQ 'LVFUHSDQF\ 'LVORFDWH
3DEORJDQDGHSWRVHQWUHORVJULHJRVKDEOQGROHV6XVFDUWDVYDULDVGHODVFXDOHVFRQVWLWX\HQSDUWHGHO1XHYR 'LVFUHWLRQ 'LVOR\DO
7HVWDPHQWRQRWXYLHURQHOPLVPRLPSDFWRTXHVXSUHVHQFLDIVLFD\VXYR]&XDOTXLHUH[SHUWRHQSXEOLFLGDG 'LVFXV 'LVOR\DOW\
WHGLUORPLVPRTXHXQEXHQpMLQJOHqRHVORJDQDXGLWLYRHVFLHQYHFHVPVHFD]TXHXQDIUDVHOHGD3RU 'LVFXVV 'LVPDQWOH
HVRORVEXHQRVFRPXQLFDGRUHVLQX\HQHQQRVRWURVGLFLHQGRFRVDVTXHGHOHHUODVQRVSDUHFHUDQVHQFLOODV\ 'LVFXVVLRQ 'LVPRXQW
OJLFDV5LFKDUG%URZQHQPXFKDVGHODVSJLQDVGHORVOLEURVGHO0WRGR9DXJKDQWHUHFXHUGDTXHHOVHFUHWR 'LVHPEDUN 'LVRUGHU
HVWHQHVFXFKDUORV&'oV<WLHQHUD]Q1RWHDIHUUHVDODSDODEUDHVFULWDQREXVTXHVHQORVOLEURVODUHVSXHVWD 'LVHQFKDQW 'LVRULHQW
'LVKRQHVW 'LVSDULW\
DWXLQJOV([SQHORGRDOLQJOVDWUDYVGHORV&'oV\'9'oVGHOPWRGR([SQHORGRDODVPLOHVGHKRUDV
'LVKRQRXU 'LVSHUVH
DXGLWLYDVGLVSRQLEOHVHQ,QWHUQHW6ORDVWHOLEUDUVGHOODVWUH\ODWLUDQDGHODSDODEUDHVFULWD\DSUHQGHUVD
'LVLOOXVLRQ 'LVSXWH
PDQWHQHUWHDRWHGHYHUGDGFRQHOLQJOV 'LVLQIHFW 'LVUHVSHFW 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VVWHHOGHVSDFKRGHOGLUHFWRU",VWKLVWKHPDQDJHUoVRIFH" (VWR\XQSRFRQHUYLRVRHVPL ,oPDOLWWOHQHUYRXVLWoVP\UVW


6ORHV\RVR\VXVHFUHWDULD <HVLWLV,oPKLVVHFUHWDU\ SULPHUDYH]HQVXGHVSDFKR WLPHLQ\RXURIFH
(VWRFXSDGRHQHVWH ,VKHEXV\DWWKHPRPHQW"
 (VSHURTXHQRVHDODOWLPD ,KRSHLWoVQRWWKHODVWHLWKHU
PRPHQWR" WDPSRFR
1RQRORHVW6U%URZQHO6U)LVK1RKHLVQoW0U%URZQ0U 3RUTXTXLHUHYHUPH" :K\GR\RXZDQWWRVHHPH"
HVWDTXSDUDYHUOH )LVKLVKHUHWRVHH\RX 4XLHURKDEODUGHVXIXWXUR ,ZDQWWRWDONDERXW\RXUIXWXUH
$K6U)LVKHQWUH\VLQWHVH $K0U)LVKFRPHLQDQGVLW VWDYDDVHUXQDFRQYHUVDFLQ,VWKLVJRLQJWREHDORQJ
GRZQ ODUJD" FRQYHUVDWLRQ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQGRHPSH]DVWHDWUDEDMDU:KHQGLG\RXVWDUWZRUNLQJ 6DEHVFXOHVODVLWXDFLQ 'R\RXNQRZZKDWWKHFXUUHQW


FRQQRVRWURV" ZLWKXV" DFWXDOGHODHPSUHVD" VLWXDWLRQRIWKHFRPSDQ\LV"
&RPHQ]KDFHWUHVDRV ,EHJDQWKUHH\HDUVDJR +DVYLVWRODVFLIUDVGHYHQWDV +DYH\RXVHHQWKLV\HDUoVVDOHV
(QTXGHSDUWDPHQWRHVWV :KLFKGHSDUWPHQWDUH\RX
 GHHVWHDR" JXUHV"
WUDEDMDQGR" ZRUNLQJLQ" &XQWRKDVYHQGLGRHVWHDR" +RZPXFKKDYH\RXVROGWKLV
1RVHDFXHUGD"7UDEDMRHQHO 'RQoW\RXUHPHPEHU",ZRUNLQ
 \HDU"
GHSDUWDPHQWRGHYHQWDV WKHVDOHVGHSDUWPHQW &XQWRVGDVKDVHVWDGRGH +RZPDQ\GD\VKDYH\RXEHHQ
6LHPSUHVHPHROYLGDQODVFRVDV,oPDOZD\VIRUJHWWLQJWKLQJV, EDMD" RIIVLFN"
WHQJRPX\PDODPHPRULD KDYHDYHU\EDGPHPRU\ /RVEHQHFLRVVRQPXFKRPV 3URWVDUHPXFKORZHUWKDQ
EDMRVTXHHODRSDVDGR ODVW\HDU

5LYHU 5R

2FHDQ 2FDQR

6WUHDP $UUR\R

6HD 0DU /DNH /DJR

9RFDEXODULR:DWHU $JXD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+HPRVWHQLGRTXHDQDOL]DUORV :HoYHKDGWRDQDO\VHWKH
 1RQRVSRGHPRVSHUPLWLU :HFDQoWDIIRUGWRNHHS
JDVWRVGHODHPSUHVD FRPSDQ\oVH[SHQVHV VHJXLUJDVWDQGRWDQWRGLQHUR VSHQGLQJVRPXFKPRQH\
1RVKHPRVYLVWRREOLJDGRVD :HoYHEHHQIRUFHGWRWDNH
 7HQHPRVTXHGHVSHGLUD :HKDYHWROD\RIIVRPH
WRPDUGHFLVLRQHVGLIFLOHV VRPHGLIFXOWGHFLVLRQV DOJXQRVHPSOHDGRV HPSOR\HHV
4XVLJQLFDWRGRHVWR" :KDWGRHVDOOWKLVPHDQ" /DJHQWHTXHOOHYDPHQRVWLHPSR 7KHSHRSOHZKRKDYHEHHQ
7RGRVXHQDPX\SUHRFXSDQWH ,WDOOVRXQGVYHU\ZRUU\LQJ DTXVHUQORVSULPHURVHQLUVH KHUHIRUWKHOHDVWWLPHZLOOEH
(VWLVDSXQWRGHGDUPHPDODV <RXoUHDERXWWRJLYHPHVRPH
 WKHUVWWRJR
QRWLFLDVQR" EDGQHZVDUHQoW\RX" 0X\DPLSHVDUHVWVHQWUH 0XFKWRP\UHJUHW\RXDUH
HVRVGHVDIRUWXQDGRV DPRQJWKRVHXQIRUWXQDWHRQHV
1RWHORWRPHVWDQDSHFKR 3OHDVHGRQoWWDNHLWWRKHDUW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(QRWUDVSDODEUDVPHHVWLV ,QRWKHUZRUGV\RXoUHULQJ
 2MDOQRKXELHUDYHQLGRDO ,ZLVK,KDGQoWFRPHWRZRUN
HFKDQGRDODFDOOH PH WUDEDMRKR\ WRGD\
'HEHUDLVGHVSHGLUDORVSHRUHV<RXVKRXOGGLVPLVVWKHZRUVW 1RWHFRVWDUQDGDHQFRQWUDU <RXoOOKDYHQRWURXEOHQGLQJ

HPSOHDGRVQRDORVPVQXHYRV HPSOR\HHVQRWWKHQHZHVWRQHV RWURWUDEDMR DQRWKHUMRE
6HHOLJLHVWDSROWLFDSRUTXH 7KLVSROLF\ZDVFKRVHQEHFDXVH
 7HQJRODH[WUDDVHQVDFLQGH,KDYHDIXQQ\IHHOLQJ\RXoUH
QRVSDUHFLTXHVHUDODPDQHUD LWVHHPHGWRXVWREHWKH TXHRVYDLVDDUUHSHQWLUGHHVWR JRLQJWRUHJUHWWKLV
PVMXVWD IDLUHVWZD\ |1LVHWHRFXUUDDPHQD]DUQRV 'RQoW\RXGDUHWKUHDWHQXV
1RHVSHUDEDHVWRSDUDQDGD ,ZDVQoWH[SHFWLQJWKLVDWDOO /RTXHVHVLHPEUDVHFRVHFKD <RXUHDSZKDW\RXVRZ
&XQWRVHUPLLQGHPQL]DFLQ+RZPXFKZLOOP\UHGXQGDQF\
SRUGHVSLGR" SD\EH"

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  +RZ/RQJ"
(PSOHDPRVHOSUHVHQWHSHUIHFWRFRQWLQXRMXQWR
+DYH\RXJRQHRYHU\RXUQRWHV" ,GRQoWZDQWWRJRRYHUWKDWDJDLQ FRQpKRZORQJ"qSDUDGHFLUpFXQWRWLHPSR"q
+DVUHSDVDGRWXVDSXQWHV" 1RTXLHURYROYHUDVDFDUHVRVWHPDV
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
/HWoVJREDFNRYHUWKLVRQHPRUHWLPH :HFDQKDYHWKHPRYHUIRUGLQQHU IUDVHVHQLQJOV"
9ROYDPRVDUHSDVDUHVWRXQDYH]PV 3RGHPRVLQYLWDUOHVDFHQDUHQFDVD &XQWRWLHPSROOHYDVKDEODQGRLQJOV"
&XQWRWLHPSROOHYDVWRFDQGRHOSLDQR"
,ZHQWRYHUWR3HSHoVRIFH ,VWKHUHDQ\IRRGOHIWRYHUIURPODVWQLJKW" &XQWRWLHPSROOHYDVYLYLHQGRHQ(VSDD"
0HDFHUTXDOGHVSDFKRGH3HSH 4XHGDFRPLGDGHDQRFKH"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED

WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
5HSRUWHGVSHHFK 

)MDWHGHQXHYRHQFPRPRGLFDPRVORVWLHPSRVYHUEDOHVFXDQGRKDEODPRVHQpUHSRUWHGVSHHFKq ODQDUUDWLYDLQGLUHFWD 

1DQF\ ,VSRNHWR*HRUJH&ORRQH\ODVWQLJKW 1DQF\WROG3KLOOLSWKDWVKHKDGVSRNHQWR*HRUJH&ORRQH\WKHQLJKW


3KLOOLS 'RHVKHVRXQGWKHVDPHRQWKHSKRQHDVLQWKHPRYLHV" EHIRUH3KLOOLSDVNHGKHULIKHVRXQGHGWKHVDPHRQWKHSKRQHDVLQ
1DQF\ +HoVYHU\SROLWHDQGIULHQGO\ WKHPRYLHVDQG1DQF\UHSOLHGWKDWKHZDVYHU\SROLWHDQGIULHQGO\
3KLOOLS:KHQDUH\RXJRLQJWRPHHWZLWKKLP" 3KLOOLSWKHQDVNHGKHUZKHQVKHZDVJRLQJWRPHHWZLWKKLPDQG
1DQF\ ,KDYHWREHLQ$VSHQQH[W7XHVGD\ VKHDQVZHUHGWKDWVKHKDGWREHLQ$VSHQWKHIROORZLQJ7XHVGD\
3KLOOLS+DYH\RXUHFHLYHGKLVKRXVHSODQV" 3KLOOLSQDOO\DVNHGKHULIVKHKDGUHFHLYHGKLVKRXVHSODQVDQGVKH
1DQF\ (GGLHKDVQoWVHQWWKHPWRPH\HW WROGKLPWKDW(GGLHKDGQoWVHQWWKHPWRKHU\HW

5RQQ\ ,PD\VWDUWZRUNLQJZLWKDEXVLQHVVJURXSIURP&RUVLFD 5RQQ\ WROG KLV IDWKHU 1LJHO WKDW KH PLJKW VWDUW ZRUNLQJ ZLWK D
1LJHO :KDWoVWKHQDPHRIWKHJURXS" EXVLQHVVJURXSIURP&RUVLFD1LJHODVNHGKLPZKDWWKHQDPHRIWKH
5RQQ\,WoVDGLYHUVLHGJURXSUXQE\WKH7XUTXLIDPLO\ JURXSZDVDQG5RQQ\DQVZHUHGWKDWLWZDVDGLYHUVLHGJURXSUXQ
1LJHO 7KDWQDPHVRXQGVIDPLOLDU'RWKH\KDYHDZLQH E\WKH7XUTXLIDPLO\1LJHOVDLGWKDWWKHQDPHVRXQGHGIDPLOLDUDQG
 EXVLQHVV" DVNHGLIWKH\KDGDZLQHEXVLQHVVWRZKLFK5RQQ\UHVSRQGHGWKDW
5RQQ\7KH\KDYHDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW WKH\KDGDORWRIEXVLQHVVHVfWRRPDQ\WRFRXQW1LJHOQDOO\DVNHG
1LJHO $UH\RXVXUH\RXNQRZZKDW\RXoUHGRLQJ" KLVVRQLIKHZDVVXUHKHNQHZZKDWKHZDVGRLQJDQG5RQQ\WROG
5RQQ\'RQoWZRUU\,NQRZPXFKPRUHDERXW\DFKWVWKDQ KLVIDWKHUQRWWRZRUU\WKDWKHNQHZPXFKPRUHDERXW\DFKWVWKDQ
 WKH\GR WKH\GLG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7HUHFRPHQGDUDTXHYROYLHUDVDFRQVLGHUDUWXGHFLVLQ/DDUTXL ,ZRXOGVWURQJO\DGYLVH\RXWRWDNHDFORVHUORRNDW\RXUGHFLVLRQ
WHFWXUDHVXQFDPSRGHHVWXGLRQREOH\GHFDOLGDG\VLFRQVLJXHV $UFKLWHFWXUHLVDQHDQGQREOHHOGRIVWXG\DQGLI\RXJHWWKURXJK
VXSHUDUODVDVLJQDWXUDV\WHJUDGDVHQWRQFHVHVWDUVUHVWULQJLGR WKHWRXJKFRXUVHORDGDQGJUDGXDWHWKHQ\RXZLOOEHUHVWULFWHGWR
DJDQDUWHODYLGDHQHVWHFDPSR\VRODPHQWHHQHVWHFDPSR(V PDNLQJ\RXUOLYLQJLQ WKLVHOGDQGLQ WKLVHOGRQO\,WoVUDUH WR
UDURHQFRQWUDUVHFRQXQDUTXLWHFWRHQRWUDVSURIHVLRQHV$TXHOORV QGDUFKLWHFWVLQRWKHUZDONVRIOLIH7KRVHDUFKLWHFWVZKRVXFFHHG
DUTXLWHFWRVTXHWLHQHQ[LWRYLYHQPX\ELHQ\OOHJDQPXFKDVYH OLYHYHU\ZHOOLQGHHGDQGRIWHQEHFRPHIDPRXV7KRVHZKRGRQoW
FHVDVHUIDPRVRV$TXHOORVTXHQRYLYHQXQDYLGDSUHFDULDOOHQD OLYHDSUHFDULRXVOLIHIXOORIORVWDPELWLRQVDQGGLVDSSRLQWPHQW
GHDPELFLRQHVSHUGLGDV\GHFHSFLQ

(VWLPDGRDPLJR\DOXPQR1DGLHHQODKLVWRULDKDDSUHQGLGRXQVHJXQGRLGLRPDOLPLWQGRVHDDVLVWLUD 0VSDODEUDVLQJOHVDV
XQDFODVHDXQTXHVWDKD\DVLGRVXSHULQWHQVLYD7RGRVORVTXHKDQOOHJDGRDEXHQSXHUWRKDQSDVDGR GHUD]ODWLQD
DSXURVPXFKRVDSXURVHQVLWXDFLRQHVUHDOHV8QDKRUDHQXQDVLWXDFLQFRPSURPHWLGDGHFRPXQLFDFLQ 'LVFULPLQDWH 'LVTXDOLFDWLRQ
FRQDQJORSDUODQWHVUHDOHV QRSURIHVRUHV YDOHSRUKRUDVGHFODVH5HSLWRODUHODFLQHVGHXQRD 'LVFULPLQDWLRQ 'LVUHSXWDEOH
0HGLDKRUDUHVROYLHQGRODSUGLGDGHOHTXLSDMHHQHODHURSXHUWRGH'DOODVYDOHSRUKRUDVGHFODVH3RU 'LVFULPLQDWRU\ 'LVVDWLVIDFWLRQ
TX"3RUTXHVLORJUDVVDOLUELHQGHOHQYLWHWHQGUVPXFKDPVFRQDQ]DHQWXFDSDFLGDGGHFRPXQLFDFLQ 'LVHTXLOLEULXP 'LVUHVSHFWIXO
DSHVDUGHORVHUURUHVFRPHWLGRV1HFHVLWDVKRUDVRPVSDUDFRQVHJXLUHVDFRQDQ]DFRQXQSURIHVRUHQ 'LVLQIHFWDQW 'LVVDWLVHG
ODDUWLFLDOLGDGGHODXOD6LKX\HVGHODRSRUWXQLGDGGHSDVDUDSXURV\GHFDSHDUVLWXDFLRQHVFRPSURPHWLGDV 'LVLQWHJUDWH 'LVVHFW
WHFRQGHQDVDDVLVWLUDFODVHVDRWUDVDRHQXQLQWHQWRGHDSUHQGL]DMHTXHDFDEDULQH[RUDEOHPHQWH 'LVORFDWLRQ 'LVVHFWLRQ
HQHOIUDFDVR/OHJDUVDXQQLYHOLQWHUPHGLRHVRVSHURGHDKQRSDVDUV3RUHVWR(VSDDHVWOOHQDGH 'LVREHGLHQFH 'LVVHPLQDWH
pDOXPQRVHWHUQRVqTXHGHVGHDVLVWHQDVXVGRVKRULWDVVHPDQDOHVGHFODVHVLQFRQVHJXLUMDPVXQ 'LVREHGLHQW 'LVVHPLQDWLRQ
'LVRUJDQL]HG 'LVVLSDWH
SURJUHVRLPSRUWDQWH6LHPSUHYXHOYRDODPHWIRUDGHOSLORWRQRYDWR6LPDDQDHVVXSULPHUYXHORUHDOQR
'LVRULHQWDWH 'LVVLSDWLRQ
YR\DVXELUFRQODXQTXHKD\DDFXPXODGRKRUDVSUHSDUQGRVHHQHOVLPXODGRU$ODLQYHUVDVLVOR
'LVRULHQWDWLRQ 'LVVROYH
WLHQHKRUDVGHVLPXODGRUPVGHDYLDGRUHQWRQFHVHVWDUPVGLVSXHVWRDVXELUFRQO6LQHPEDUJR 'LVSDVVLRQDWH 'LVVRQDQFH
HQHVWHOWLPRFDVRHOQRYDWRVORWLHQHKRUDVGHIRUPDFLQFRQWUDGHORWUR$SHVDUGHHOORVXER 'LVSHQVDEOH 'LVVRQDQW
FRQHOGHODVKRUDV<WQR"8QDKRUDGHYXHORYDOHSRUGHVLPXODGRU<XQDKRUDSDVDQGRDSXURVGH 'LVSRVLWLRQ 'LVVXDGH
FRPXQLFDFLQHQLQJOVYDOHSRUGHFODVH\PWRGR 'LVSURSRUWLRQ 'LVVXDVLRQ 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XGDHVHOPHUFDGR" :KDWGD\LVWKHPDUNHW" /HSXHGRD\XGDU" &DQ,KHOS\RX"


(VWDELHUWRORVPDUWHV\ORV ,WoVRSHQRQ7XHVGD\VDQG
 1RHVWELHQJUDFLDV6OR 1RLWoVRNWKDQNV,oPMXVW
MXHYHV 7KXUVGD\V HVWR\PLUDQGR ORRNLQJ
+R\QRHVPDUWHV" ,VQoWWRGD\7XHVGD\" 4XHVWEXVFDQGR" :KDWDUH\RXORRNLQJIRU"
(VRHVWSRUDOO" ,VWKDWLWRYHUWKHUH" 1HFHVLWRXQUHJDORGH1DYLGDG ,QHHGD&KULVWPDVSUHVHQWIRU
9HQFRQPLJRDOPHUFDGR &RPHZLWKPHWRWKHPDUNHW SDUDPLPDULGR P\KXVEDQG
(VWR\LQWHUHVDGRHQHVHREMHWR ,oPLQWHUHVWHGLQWKDWREMHFW

1XUVH (QIHUPHUD
6XUJHRQ &LUXMDQR

6FDOSHO %LVWXU

2SHUDWLQJ5RRP 4XLUIDQR

9RFDEXODULR2SHUDWLRQ 2SHUDFLQ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'HTXHVWKHFKR :KDWoVLWPDGHIURPH[DFWO\" 0HWHPRTXHVORKD\XQ ,oPDIUDLGWKHUHLVRQO\RQH


H[DFWDPHQWH" FRORU FRORXU
(VXQDPH]FODGHPDGHUD\RUR ,WoVDPL[WXUHRIZRRGDQGJROG 6LQHPEDUJRWHQHPRVXQD +RZHYHUZHKDYHDUDQJHRI
(VDXWQWLFRHORUR" ,VWKHJROGUHDO" JDPDGHWDPDRV VL]HV
(VWKHFKRDPDQR" :DVLWKDQGPDGH" 0HSRGUDSDVDUHVHSRUIDYRU" &RXOG\RXSDVVWKDWRQHSOHDVH"
/RWLHQHHQRWURVFRORUHV" 'R\RXKDYHLWLQDQ\RWKHU $FXOVHUHHUH" :KLFKRQHDUH\RXUHIHUULQJWR"
FRORXUV" (OTXHVHDPVJUDQGHSHUR 7KHRQHWKDWoVELJJHUWKDQWKLV
PHQRVFDURTXHHOTXHHVWHQ RQHEXWOHVVH[SHQVLYHWKDQ
VXPDQR WKHRQHLQ\RXUKDQG

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWROOHYDYHQGLGRHQOR +RZPDQ\KDYH\RXVROGVRIDU
 (VWGLVSXHVWRDQHJRFLDU" $UH\RXZLOOLQJWRQHJRWLDWH"
TXHOOHYDPRVGHGD" WRGD\" 0HGHMDUDWUHVSRUHOSUHFLR :RXOG\RXJLYHPHWKUHHIRU
'HPDVLDGRVSDUDFRQWDU 7RRPDQ\WRFRXQW GHGRV" WKHSULFHRIWZR"
3RGUDSDJDUFRQWDUMHWD" &RXOG,SD\E\FDUG" 6LKLFLHUDHVRHVWDUDWLUDQGR ,I,GLGWKDW,oGEHWKURZLQJP\
0LHQWUDVQRVHDODWDUMHWDGH $VORQJDVLWoVQRW\RXUOLEUDU\
 PLGLQHUR PRQH\DZD\
ODELEOLRWHFD FDUG (VRHVXQSRFRH[FHVLYR 7KDWoVDELWVWHHS
&XQWRTXLHUHSRUHVHPDUFR" +RZPXFKGR\RXZDQWIRU &UHHVTXHHVWR\PRQWDGRHQ 'R\RXWKLQN,oPPDGHRI
WKDWSLFWXUHIUDPH" HOGODU" PRQH\"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VPLOWLPDRIHUWD|ORWRPDR ,WoVP\QDORIIHUWDNHLWR 1XQFDVXSHTXHHUDVXQDFKLFD,QHYHUNQHZ\RXZHUHVXFKD


ORGHMD OHDYHLW WDQOLVWD VPDUWJLUO
/HHVWR\KDFLHQGRXQDRIHUWD ,oPPDNLQJ\RXDQRIIHU\RX 'QGHDSUHQGLVWHDUHJDWHDU :KHUHGLG\RXOHDUQWRKDJJOH

TXHQRVHSXHGHUHFKD]DU FDQoWUHIXVH DV" OLNHWKDW"
0HSDUHFHXQEXHQWUDWRPH ,WVHHPVOLNHDIDLUGHDOWRPH $QWHVWUDEDMDEDHQXQ ,XVHGWRZRUNLQDVWUHHW

OROOHYR ,oOOWDNHLW PHUFDGLOORHQ0DUUXHFRV PDUNHWLQ0RURFFR
|(VODJDQJDGHODRGLUD\R ,WoVWKHEDUJDLQRIWKH\HDU,oGVD\ |0HHVWVWRPDQGRHOSHOR <RXoUHKDYLQJPHRQ
3XHGHHQYROYUPHORSRU &DQ\RXZUDSLWXSIRUPH /RGLJRHQVHULR|QDGLHSRGD ,PHDQLWQRRQHFRXOGVHOOD

IDYRU" SOHDVH" YHQGHUXQDDOIRPEULOODFRPR\R UXJOLNH,FRXOG


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  ,&DQ7HOO
6HSXHGHWUDGXFLUFRPRpVHQRWDTXHqRpV
+HEHQWRYHUDQGSLFNHGLWXS 5HDGLWRYHUEHIRUHVLJQLQJLW TXH SRUTXHHVREYLR q
6HDJDFKSDUDUHFRJHUOR 'DOHXQDOHFWXUDDQWHVGHUPDUOR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/HWWKHPRYHUWKHEULGJH ,oYHUHDGRYHU\RXUUVXPDQG,oPLPSUHVVHG 6HQRWDTXHQRHVWVPX\FRQYHQFLGR
'MDOHVTXHFUXFHQHOSXHQWH +HOHGRVXFXUULFXOXP\HVWR\LPSUHVLRQDGR 6HQRWDEDTXHQRTXHUDVHVWDUDOO
6LHPSUHVHQRWDFXDQGRHVWVPLQWLHQGR
+HSXWRQHRYHURQPH IUDVHKHFKD  &DQ\RXUXQRYHUWRWKHSKDUPDF\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
0HHQJDSHURELHQ 7HSXHGHVDFHUFDUUSLGRDODIDUPDFLD"
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

8VHGWRLQQLWLYRsWRJHWXVHGWRJHUXQGLRsWREHXVHGWRJHUXQGLR

7HSLGRTXHHVWXGLHVFRQGHWHQLPLHQWRHOSUUDIRHQLQJOVH[SXHVWRDFRQWLQXDFLQ(VWUHPHQGDPHQWHLPSRUWDQWHSRUTXHORVHVSDROHVHVWLV
WUHPHQGDPHQWHGDGRVDXVDUPDOHVWDVHVWUXFWXUDVKDVWDHOSXQWRGHFRQIXQGLUDYXHVWURVLQWHUORFXWRUHVp8VHGWRLQQLWLYRqHVXQDIRUPD
GHOSDVDGRIRUPDHQODFXDOQRVHKDFHUHIHUHQFLDDFXQGRQLGXUDQWHFXQWRWLHPSRp7RJHWXVHGWRJHUXQGLRqHVQXHVWUDIRUPDSDUDGHFLU
pDFRVWXPEUDUVHDLQQLWLYRq3RUOWLPRpWREHXVHGWRJHUXQGLRqHVHOHTXLYDOHQWHDpHVWDUDFRVWXPEUDGRLQQLWLYRq(QWRGRVORVFDVRV
MXQWDPRVODVGRVSDODEUDVpXVHGWRqHQXQVORVRQLGRIRQWLFRLVWX(VFDVLLGQWLFRDOVRQLGRHVSDROSDUDHO0RQDVWHULRGHp<XVWHqFDPELDQ
GRODpHqQDOSRUXQDpXq,PDJLQDTXHHOPRQDVWHULRHQFXHVWLQVHOODPDVHHO0RQDVWHULRGHp<XVWXq\DKWLHQHVODSURQXQFLDFLQGHpXVHGWRq

*XV0RUJDQXVHGWREHDQLPSRUWDQWSHUVRQ+HXVHGWREHULFK+H *XV0RUJDQDQWHVHUDXQDSHUVRQDLPSRUWDQWH(UDULFR7HQDPXFKRV
XVHGWRKDYHDORWRIFDUV+HXVHGWRDSSHDULQWKHJRVVLSPDJD]LQHV FRFKHV$SDUHFDHQODVUHYLVWDVGHOFRUD]QFRQKHUPRVDVPXMHUHVFR
ZLWKEHDXWLIXOZRPHQDWKLVDUP+HXVHGWRWKLQNWKDWWKHIXWXUH JLGDVGHVXEUD]R$QWHVSHQVDEDTXHHOIXWXURHUDSURPHWHGRU
ZDVEULJKW 6LQHPEDUJRHVRHUDDQWHVGHTXHIXHUDDODSULVLQ$KRUDWLHQHXQD
+RZHYHU WKDW ZDV EHIRUH KH ZHQW WR SULVRQ 1RZ KH KDV D QHZ YLGDQXHYD\WLHQHTXHDFRVWXPEUDUVHDPXFKDVFRVDVQXHYDV1R
OLIHDQGKHKDVWRJHWXVHGWRDORWRIQHZWKLQJV+HoVQRWXVHGWR HVWDFRVWXPEUDGRDYLYLUHQXQDFHOGDGHSULVLQ$QWHVYLYDHQXQD
OLYLQJLQDSULVRQFHOO+HXVHGWROLYHLQDOX[XULRXVPDQVLRQEXW OXMRVDPDQVLQSHURDKRUDWLHQHTXHDFRVWXPEUDUVHDXQDFHOGDGH
QRZKHKDVWRJHWXVHGWROLYLQJLQDSULVRQFHOOVPDOOHUWKDQKLVROG SULVLQPVSHTXHDGHVXDQWLJXRFXDUWRGHEDR1RHVWDFRV
EDWKURRP+HoVQRWXVHGWRVOHHSLQJRQDKDUGQDUURZEHG+HXVHG WXPEUDGRDGRUPLUHQXQDFDPDHVWUHFKD\GXUD$QWHVGRUPDHQ
WRVOHHSRQDNLQJVL]HEHGEXWQRZKHKDVWRJHWXVHGWRVOHHSLQJ XQDFDPDGHJUDQWDPDRSHURDKRUDWLHQHTXHDFRVWXPEUDUVHD
RQDEHGRQO\FHQWLPHWHUVZLGH GRUPLUHQXQDFDPDGHVORFHQWPHWURVGHDQFKR
7KHELJJHVWFKDQJHKRZHYHULVWKHIRRG*XV0RUJDQXVHGWRHDW (OFDPELRPVJUDQGHVLQHPEDUJRHVODFRPLGD*XV0RUJDQDQ
LQ WKH EHVW UHVWDXUDQWV DQG GULQN WKH EHVW ZLQHV +HoV QRW XVHG WHVFRPDHQORVPHMRUHVUHVWDXUDQWHV\EHEDORVPHMRUHVYLQRV
WRHDWLQJWKHVDPHIRRGHYHU\GD\+HoVQRWXVHGWRHDWLQJRQO\ 1RHVWDFRVWXPEUDGRDFRPHUODPLVPDFRPLGDWRGRVORVGDV
EHDQVDQGERLOHGSRWDWRHV+HXVHGWRHDWFDYLDUEHHIVKDQG 1RHVWDFRVWXPEUDGRDFRPHUVRODPHQWHMXGDV\SDWDWDVFRFL
ODPE1RZKHKDVWRJHWXVHGWRHDWLQJRQO\EHDQVDQGSRWDWRHV GDV$QWHVFRPDFDYLDUFDUQHGHEXH\SHVFDGR\FRUGHUR$KRUD
+HoVQRWXVHGWRGULQNLQJRQO\ZDWHUHLWKHU+HXVHGWRGULQNWKH WLHQHTXHDFRVWXPEUDUVHDFRPHUVORMXGDV\SDWDWDV7DPSR
EHVWZLQHVIURPWKH%RUGHDX[UHJLRQRI)UDQFH1RZKHKDVWRJHW FRHVWDFRVWXPEUDGRDEHEHUVRODPHQWHDJXD$QWHVEHEDORV
XVHGWRGULQNLQJZDWHUDQGRQO\ZDWHU PHMRUHVYLQRVGHODUHJLQIUDQFHVDGH%XUGHRV$KRUDWLHQHTXH
*XV0RUJDQXVHGWREHWKHpNLQJRIWKHPRXQWDLQq+HXVHGWRGR DFRVWXPEUDUVHDEHEHUDJXD\VRODPHQWHDJXD
ZKDWHYHU KH ZDQWHG DQG JR ZKHUHYHU KH ZDQWHG +HoV QRW XVHG *XV0RUJDQDQWHVHUDHOpUH\GHODPRQWDDq$QWHVKDFDORTXHTXHUD
WRKDYLQJWRVWD\LQRQO\RQHSODFHDQGKHoVQRWXVHGWRIROORZLQJ HLEDGRQGHTXHUD1RHVWDFRVWXPEUDGRDSHUPDQHFHUHQXQVROR
RUGHUV +H XVHG WR JLYH RUGHUV QRW IROORZ RUGHUV %XWQRZKHoVLQ VLWLR\QRHVWDFRVWXPEUDGRDVHJXLUUGHQHV$QWHVGDEDUGHQHVQR
SULVRQDQGKHKDVWRJHWXVHGWRDQHZZD\RIOLIH+HoVQRWXVHGWRLW VHJXDUGHQHV3HURDKRUDHVWHQSULVLQ\WLHQHTXHDFRVWXPEUDUVH
\HWEXWOLNHHYHU\RWKHUSULVRQHUKHZLOOJHWXVHGWRLWHYHQWXDOO\ DXQDQXHYDIRUPDGHYLGD1RHVWDFRVWXPEUDGRDHOODWRGDYDSHUR
FRPRORVGHPVSUHVRVDODODUJDVHDFRVWXPEUDUDHOOD
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
2\H-RKQDQWHVGHTXHWHYD\DVWLHQHVXQPLQXWRSDUDUHYLVDUHVWHS +H\-RKQEHIRUH\RXOHDYHGR\RXKDYHDPLQXWHWRSURRIUHDG
UUDIR"FKDOHXQYLVWD]RUSLGR(VSDUDXQDQXQFLRTXHYDPRVDSRQHU WKLVSDUDJUDSK"7DNHDTXLFNORRNDWLW,WoVIRUDQDGZHoUHJRLQJ
HQHO6DQ)UDQFLVFR+HUDOGDYLVDQGRGHQXHVWUDSUHVHQFLDHQHO&RQJUHVR WRSODFHLQWKH6DQ)UDQFLVFR+HUDOGDQQRXQFLQJRXUSUHVHQFHDW
GHO&OXE6DIDUL,QWHUQDFLRQDO-HQQLIHUVXHOHHVFULELUHVWDVFRVDVSHUR\D WKH 6DIDUL &OXE ,QWHUQDWLRQDO FRQYHQWLRQ -HQQLIHU XVXDOO\ ZULWHV
TXHQRHVWDTXORWHQJRTXHKDFHU\R(VXQDQXQFLRSHTXHRTXH WKHVHWKLQJVEXWVLQFHVKHoVQRWKHUH,KDYHWRGRLW,WoVDVPDOODG
DYLVDGHQXHVWUDLQWHQFLQGHWHQHUXQSXHVWRSDUDYHQGHUSURGXFWRV DQQRXQFLQJRXUSODQVIRUDVWDQGWRVHOOH[RWLFOHDWKHUJRRGVIURP
H[WLFRVGHFXHURGHIULFD\2ULHQWHPHGLR,QFOXVRDSDUHFHUQDOJXQDV $IULFDDQGWKH0LGGOH(DVW(YHQVRPHQRQKXQWHUVZLOOVKRZXS
SHUVRQDVTXHQRVRQFD]DGRUHVSDUDYHUTXHVORTXHRIUHFHPRV WRVHHZKDWZHKDYHWRRIIHU

(VWLPDGRDPLJR\DOXPQR+R\WHQJRSRFRHVSDFLRDVTXHVHUEUHYH(OPXQGRHVWOOHQRGHPXFKRVWLSRVGH 0VSDODEUDVLQJOHVDV
SHUVRQDSHURKD\WUHVWLSRVTXHGHEHVHYLWDUFRPRODSHVWHORVVREHUELRVORVYDJRV\ORVFQLFRV6RQSHOLJURVRV GHUD]ODWLQD
SRUTXHDEXQGDQ\OHVJXVWDDEDWLUWXQDWXUDORSWLPLVPR\PRWLYDFLQ\VLOHVKDFHVFDVRORORJUDQ7RGRVDTXHOORV 'LVVXDVLYH 'LVWLOODWLRQ
FX\R SURJUHVR FRQ HO LQJOV PH KD VRUSUHQGLGR KDQ VLGR SHUVRQDV TXH UHXQDQ WUHV FDUDFWHUVWLFDV KXPLOGDG 'LVWDQFH 'LVWLOOHU\
DXWRFRQDQ]D\GLVSRVLFLQSDUDHOWUDEDMR<QRKDFDQFDVRDORVFQLFRVQLDORVVREHUELRVQLDORVYDJRV 'LVWDQW 'LVWLQFW 
5LFKDUG9DXJKDQ 'LVWLOO 'LVWLQFWLRQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQORVFRFKHV" :KHUHDUHWKHFDUV" 1RHVHVHDPDULOOR|HVHVWHGH ,WLVQoWWKDW\HOORZRQHLWoVWKLV


(VWQGHWUVGHODHVWDFLQGH 7KH\DUHEHKLQGWKHWUDLQ
 SODWD VLOYHURQH
WUHQHV VWDWLRQ (VPX\JUDQGHQR" ,WoVYHU\ELJLVQoWLW"
'HTXFRORUHVQXHVWURFRFKH":KDWFRORXULVRXUFDU" 1RYDDYHQLUWXDPLJRFRQ ,VQoW\RXUIULHQGFRPLQJZLWK
&UHRTXHHVDPDULOOR ,WKLQNLWoV\HOORZ QRVRWURV" XV"
|$TXHVW +HUHLWLV
 1RSXHGHWLHQHTXHWUDEDMDUKR\ +HFDQoWKHKDVWRZRUNWRGD\
|9PRQRV /HWoVJR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRFXHVWDDOTXLODUHVWH +RZPXFKGRHVWKLVFDUFRVW
 6HSDUHFHPVDXQWDQTXHTXH,WORRNVPRUHOLNHDWDQNWKDQ
FRFKH" WRUHQW" DXQFRFKH DFDU
&XHVWDGRVFLHQWRVHXURVDOGD ,WFRVWVWZRKXQGUHGHXURVD
 $OJXLHQWUDMRPVLFDSDUDHO 'LGDQ\RQHEULQJPXVLFIRUWKH
PVJDVROLQD GD\SOXVWKHSHWURO YLDMH" MRXUQH\"
'HTXSDVYLHQHHVWHFRFKH" :KLFKFRXQWU\GRHVWKLVFDU 'HMDGHIXPDUWDQWRHOFRFKH 6WRSVPRNLQJVRPXFKWKHFDU
FRPHIURP" HVWOOHQRGHKXPR LVIXOORIVPRNH
(VHVWDGRXQLGHQVHORXWLOL]DQ ,WoV$PHULFDQWKH\XVHLWLQWKH
 7RGRHOPXQGRQRVPLUD|VRPRV(YHU\ERG\oVORRNLQJDWXVZHoUH
HQHOHMUFLWR DUP\ ORVUH\HVGHODFDUUHWHUD WKHNLQJVRIWKHPRWRUZD\
(VGLIFLOFRQGXFLUOR" ,VLWGLIFXOWWRGULYH" 3DUHPRVHQXQDJDVROLQHUD /HWoVVWRSDWDSHWUROVWDWLRQWR
SDUDHFKDUJDVROLQD OOXS

3DQW\ %UDJD
%UD 6XMHWDGRU

/LQJHULH /HQFHUD
3DQW\KRVH 3DQW\V
7LJKWV 0HGLDV

9RFDEXODULR:RPHQoV8QGHUZHDU 5RSD,QWHULRUSDUD0XMHUHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$DOJXLHQOHDSHWHFHXQD 'RHVDQ\RQHIHHOOLNHDEHHU"
 &RJHPRVODDXWRSLVWDGHSHDMH" 6KDOOZHWDNHWKHWROOPRWRUZD\"
FHUYH]D" 0VYDOHTXHUHGX]FDVOD <RXoGEHWWHUVORZGRZQ
4XGLUDQWXVDPLJRVVL :KDWZRXOG\RXUIULHQGVVD\LI YHORFLGDGVLQROD3ROLFDQRV RWKHUZLVHWKH3ROLFHZLOOVWRSXV
VXSLHVHQTXHVHVLUYHFHUYH]D WKH\NQHZWKH\VHUYHEHHULQ SDUDU
HQJDVROLQHUDVGHDTX" SHWUROVWDWLRQVKHUH" 4XKDFHPRVVLWHQHPRVXQD :KDWGRZHGRLIZHEUHDN
'LUDQp9DPRVDFRJHUHO 7KH\oGVD\p:HoUHJRLQJWR
 DYHUD" GRZQ"
SU[LPRYXHORSDUD(VSDDq WDNHWKHQH[WLJKWWR6SDLQq $TXKRUDOHVGLMLVWHTXH :KDWWLPHGLG\RXWHOOWKHP
&PRVHDSDJDQHVWDVOXFHV +RZGR\RXWXUQWKHVHLQWHULRU
 OOHJDUDPRV" ZHoGDUULYH"
LQWHULRUHV" OLJKWVRII" &PRGHPRQLRVYDPRVD +RZRQHDUWKDUHZHJRLQJWR
&XOHVODVDOLGDGH&FHUHV" :KLFKH[LWLVLWIRU&FHUHV" DSDUFDUHVWHPRQVWUXR" SDUNWKLVPRQVWHU"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'DOHVXQWRTXHSDUDYHUVLHVWQ*LYHWKHPDEHOOWRVHHLI 1DGLHTXHHVWHQVXVDQRMXLFLR1RERG\LQWKHLUULJKWPLQG
HQFDVD WKH\oUHDWKRPH KDUDDOJRDV ZRXOGGRVRPHWKLQJOLNHWKDW
$YVDOHVTXHHVWDPRVDSXQWR /HWWKHPNQRZZHoUHDERXWWR |$TXQRORDGLYLQDV$OJXLHQ *XHVVZKDW6RPHRQHMXVW

GHOOHJDU DUULYH DFDEDGHUREDUHOFRFKH VWROHWKHFDU
0LUDSRUHOWHFKRFRUUHGL]R /RRNRXWRIWKHVXQURRI (OVHJXURDWRGRULHVJRLED :DVIXOO\FRPSUHKHQVLYH

1XHVWURVFROHJDVHVWQDOO 2XUPDWHVDUHXSWKHUHRQWKH LQFOXLGRHQHOSUHFLR" LQVXUDQFHLQFOXGHGLQWKHSULFH"
DUULEDHQHOEDOFQ EDOFRQ\ (VWRQRVYDDFRVWDUXQULQ 7KLVLVJRLQJWRFRVWXVDQDUP
+DJDVORTXHKDJDVQRGHMHV :KDWHYHU\RXGRGRQoWOHW DQGDOHJ
TXHOOHYHQHOFRFKHDQLQJQVLWLR WKHPWDNHWKHFDUDQ\ZKHUH <RORDUUHJODUDOTXLODUHVWH ,oOOVRUWLWRXWKLULQJWKLVFDU

FRFKHIXHFDSULFKRPR ZDVDZKLPRIPLQH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  7R)RFXV2Q
6LJQLFDpFHQWUDUVHHQq7HQFXLGDGRSRUTXH
7KHFDUUDQRYHUWKHSRRUGRJ 7KHPLOLWDU\WRRNRYHUWKHJRYHUQPHQW QXQFDVHXVDFRQODSUHSRVLFLQpLQq
(OFRFKHDWURSHOODOSREUHSHUUR /RVPLOLWDUHVVHDSRGHUDURQGHO*RELHUQR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/HWPHWDNHRYHUIRU\RX 6HQGKLPRYHUWRP\RIFH 7LHQHVTXHFHQWUDUWHPVHQWXWUDEDMR
'MDPHTXHWHUHOHYH 0QGDOHDPLGHVSDFKR HQODPLVPD 7HQGUHPRVTXHFHQWUDUQRVPVHQQXHVWUDV
SODQWD  HVWUDWHJLDVGHPDUNHWLQJ
1RERG\ZDQWVWRWDNHRYHU 0\ERVVLVDOZD\VVWDQGLQJRYHUPH (QTXYDPRVDFHQWUDUQRVHQODUHXQLQGH
1DGLHTXLHUHDVXPLUHOPDQGR 0LMHIHVLHPSUHHVWDPLODGRYLJLOQGRPH KR\"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
&XDQGRHOXVRGHpWRqHVWWHUPLQDQWHPHQWHSURKLELGR HVWDVIUDVHV

(QDSDULHQFLDORTXHSRQJRDFRQWLQXDFLQHVSRFDFRVD6HLVIUD WRGRVPLVDRVGHHQVHDQ]DKHRGRPXFKRPVODSDODEUDpWRq
VHVVHQFLOODVFRQVHLVDGYHUWHQFLDV(QFLPDPHYDVDGHFLUTXH\D HQHVWDVIUDVHVTXHVXDXVHQFLD&RQpFDQqpPXVWq\pOHWqMDPV
VDEHV GH VREUD TXH QR VH XVD pWRq HQ HVWDV IUDVHV 3XHV LQVLVWR DSDUHFH OD SDUWFXOD pWRq<D HVW /R KH YXHOWR D GHFLU 3HUR PH
HQGHGLFDUSDUWHGHHVWDFKDDUHFRUGUWHORGHQXHYR\HVWR\VH DSXHVWRORTXHVHDTXHYXHOYHVDLQVHUWDUpWRqGHVSXVGHDOJXQR
JXURGHTXHWRGRVORVSURIHVRUHVGHLQJOVGHHVWHSDVHVWDUQ GHHVWRVWUHVYHUERVYHFHVPVHQORVSU[LPRVDRV
GHDFXHUGRFRQPLJRHQTXHLQVLVWDSRUHQVLPDYH]HQHVWR(Q

,FDQWRVHHKLP 6KHPXVWWRGRLW
7KH\FDQWRFRPH :HPXVWQoWWRJRWKHUH

/HWWKHPWRFRPH
/HWPHWRKHOS\RX
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
7XYLPRVXQGHEDWHGHPLQXWRVVREUHORVSRPRV\SLFDSRUWHVGH :H KDG D PLQXWH GHEDWH RQ GRRU NQREV DQG GRRU KDQGOHV ,
SXHUWD6DTXHOWHPDFDVLFRPRXQDEURPDSHURUHDOPHQWHKL]R EURXJKWWKHVXEMHFWXSDOPRVWDVDMRNHEXWLWFHUWDLQO\JRWSHRSOH
TXHODJHQWHKDEODUD$OSULQFLSLRODPD\RUDGHODJHQWHSUHIHUD WDONLQJ$WUVWPRVWSHRSOHLQ WKHJURXSSUHIHUUHGGRRUNQREV
ORVSRPRVSHURDPHGLGDTXHHOGHEDWHFRQWLQXDEDHVWDEDQGH EXW DV WKH GHEDWH SURJUHVVHG PRUH DQG PRUH DJUHHG WKDW GRRU
DFXHUGRFDGDYH]PVHQTXHORVSLFDSRUWHVVRQPVHOHJDQWHV\ KDQGOHV DUH PRUH HOHJDQW DQG PRUH XVHIXO ,I \RXoUH FDUU\LQJ
PVWLOHV6LOOHYDVDOJRFRQDPEDVPDQRVWLHQHVTXHGHMDUORD VRPHWKLQJZLWKERWKKDQGV\RXKDYHWRSXWWKHWKLQJGRZQWR
XQODGRSDUDDEULUXQDSXHUWDFRQSRPRSHURVLKD\XQSLFDSRUWH RSHQDGRRUZLWKDGRRUNQREEXWLIWKHUHoVDKDQGOH\RXFDQXVH
SXHGHVXVDUHOFRGRRLQFOXVRODFDEH]DSDUDDEULUODSXHUWD \RXUHOERZRUHYHQ\RXUKHDGWRRSHQWKHGRRU


(VWLPDGRDPLJR\DOXPQR(OKRPEUHGHODIRWRHV7DQFUHGR6DOD]DU(QGRVRFDVLRQHVWHKHKDEODGR 0VSDODEUDVLQJOHVDV
GHO&RPHQ]DDSUHQGHULQJOVDORVDRVKDELHQGRGHMDGRORVHVWXGLRVDORVSDUDWUDEDMDU GHUD]ODWLQD
FRPRDSUHQGL]GHPHFQLFR)XHFKDGRDRVPVWDUGHSDUDGLULJLUWRGDODDFFLQFRPHUFLDOGHOD 'LVWLQJXLVK 'LYHUVLFDWLRQ
OLDOHVSDRODGHXQDJUDQPXOWLQDFLRQDOQRUWHDPHULFDQD&XDQGROHFRQRFOHDGYHUWGHGRVFRVDV 'LVWRUW 'LYHUVLHG
SULPHURTXHDSUHQGHULQJOVDVXHGDG\FRQVXSRFDLQFOLQDFLQ 'LVWRUWLRQ 'LYHUVLRQ
DFDGPLFDLEDDVHUXQUHWRPX\GLIFLOVHJXQGROHGLMHTXHVX 'LVWUDFW 'LYHUVLW\
'LVWUDFWLRQ 'LYLGH
QXHYDHPSUHVDHVWDEDPX\HTXLYRFDGDVREUHHOFRVWHHQGLQHUR
'LVWUDFWHG 'LYLGHQG
\HVIXHU]RTXHHOUHWROHLEDDVXSRQHU7DQFUHGRPHPLUVRQUL
'LVWULEXWH 'LYLQH
\GLMRp1RWHSUHRFXSHVVHRU5FKDUG(VWR\DFRVWXPEUDGRDORV 'LVWULEXWLRQ 'LYLQLW\
UHWRV 1R SXHGR YLYLU VLQ HOORV &XQGR HPSH]DPRV"<D YHUV 'LVWULEXWRU 'LYLVLEOH
TXHORFRQVHJXLUHPRV7HDVHJXURTXHYR\DYHQFHUDOLQJOV9R\ 'LVWULFW 'LYLVLRQ
DOOHYDUPHHOJDWRDODJXDq<ORFRQVLJXL7DUGPHVHV\GRV 'LVXQLWH 'LYLVRU
PLO KRUDV GH WUDEDMR SHUR OR FRQVLJXL 8Q DR PV WDUGH PH 'LVXQLRQ 'LYRUFH
PDQGODIRWRGHDOODGR$OGRUVRKDEDHVFULWRp9HV"6LHPSUH 'LXUHWLF 'LYXOJH
PHOOHYRHOJDWRDODJXDq 'LYHUJHQFH 'RFLOH
5LFKDUG9DXJKDQ 'LYHUJHQW 'RFWRU
'LYHUVH 'RFWRUDO 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVWHWXEHE" ,VWKLV\RXUEDE\" &XQWRVFURVWHQLV" +RZPDQ\NLGVGR\RXKDYH"


(VFKLFRRFKLFD" ,VLWDER\RUDJLUO" &XQWRVDRVWLHQHHOPV +RZROGLVWKH\RXQJHVW"
6XVRMRVVRQJUDQGHV\D]XOHV +HUH\HVDUHELJDQGEOXH MRYHQ"
6XSHORHVFRUWR\PRUHQR +HUKDLULVVKRUWDQGEURZQ 7XKLMRYDDOPLVPRFROHJLR 'RHV\RXUVRQJRWRWKHVDPH
(VXQDQLDPX\JXDSD 6KHoVDYHU\SUHWW\JLUO TXHWXVKLMDV" VFKRRODV\RXUGDXJKWHUV"
$TXKRUDVHYDQGHFDVD" :KDWWLPHGRWKH\OHDYH
KRPH"
&RPHQHQHOFROHJLRRYXHOYHQ'RWKH\KDYHOXQFKDWVFKRRORU
DFDVDSDUDFRPHU" GRWKH\FRPHEDFNKRPHWRHDW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(UDVEXHQHVWXGLDQWHFXDQGR :HUH\RXDJRRGVWXGHQWZKHQ
 0LVGRVQLRV\DVRQ %RWKP\FKLOGUHQDUHWHHQDJHUV
HVWDEDVHQHOFROHJLR" \RXZHUHDWVFKRRO" DGROHVFHQWHV QRZ
$TXFROHJLRLEDV" :KLFKVFKRROGLG\RXJRWR" 0LKLMRPD\RU\DKDHPSH]DGR 0\HOGHVWVRQKDVDOUHDG\
3RUTXQRHVWXGLDQWXVQLRV:K\GRQoW\RXUFKLOGUHQVWXG\LQ DDIHLWDUVH VWDUWHGWRVKDYH
HQXQFROHJLRPVFHUFDGHFDVD" DVFKRROQHDUHUWR\RXUKRPH" $SHQDVKDEODDPHQRVTXH +HKDUGO\WDONVXQOHVVKH
&XQGRYDQDHPSH]DUHQHO :KHQDUHWKH\JRLQJWRVWDUW
 TXLHUDTXHMDUVHRSDUDSHGLUQRV ZDQWVWRFRPSODLQRUWRDVNXV
FROHJLR" VHFRQGDU\VFKRRO" GLQHUR IRUPRQH\
/RVSXHGROOHYDU\RPDDQDVL ,FDQWDNHWKHPWRPRUURZ
 3DVDQWRGRHOGDFKDWHDQGR 7KH\VSHQGWKHZKROHGD\
TXLHUHV PRUQLQJLI\RXOLNH HQVXVRUGHQDGRUHV FKDWWLQJRQWKHLUFRPSXWHUV
&UHHVTXHYDVDVDOLUYHVWLGD 'R\RXWKLQN\RXoUHJRLQJWR
DV" JRRXWGUHVVHGOLNHWKDW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

<DQRVRQFURV 7KH\oUHQRWNLGVDQ\PRUH 2MDOQRPDGXUDVHQWDQSURQWR ,ZLVKWKH\GLGQoWJURZXSVR


+DWUDGRDFDVDDVXQRYLR\D" +DVVKHEURXJKWKHUER\IULHQG TXLFNO\
KRPH\HW" &XQWRYDVDWDUGDUHQWHUPLQDU +RZORQJLVLWJRLQJWRWDNH
1RYR\DGHMDUWHSRQHUXQ ,oPQRWJRLQJWROHW\RXJHW
 ODFDUUHUD" \RXWRQLVK\RXUGHJUHH"
SLHUFLQJHQODOHQJXD \RXUWRQJXHSLHUFHG 6LKXELHUDVHVWXGLDGR'HUHFKR ,I\RXKDGVWXGLHG/DZ\RX
8QWDWXDMHHQHOKRPEUR" $WDWWRRRQ\RXUVKRXOGHU"<RX
 SRGUDVKDEHUOOHJDGRDVHU FRXOGKDYHEHFRPHDODZ\HU
7LHQHVTXHHVWDUEURPHDQGR PXVWEHMRNLQJ DERJDGR
6LVDFDUDVPHMRUHVQRWDVHQHO ,I\RXJRWEHWWHUPDUNVDW 1RKD\WDQWRVFKRUL]RVHQ 7KHUHDUHQoWDVPDQ\FURRNVLQ
FROHJLRWDOYH]WHGHMDUDKDFHU VFKRROPD\EH,oGOHW\RXGR (VSDDFRPRDERJDGRV 6SDLQDVODZ\HUV
HVWDVFRVDV WKHVHWKLQJV 4XSLHQVDVKDFHUFRQHOUHVWR:KDWDUH\RXSODQQLQJWRGR
GHWXYLGD" ZLWKWKHUHVWRI\RXUOLIH"

%ULHIV 6OLSV
9HVW &DPLVHWD,QWHULRU

/RQJ-RKQV &DO]RQFLOORV/DUJRV

%R[HU%ULHIV &DO]RQHV %R[HUV &DO]RQFLOORV

9RFDEXODULR0HQoV8QGHUZHDU 5RSD,QWHULRUSDUD+RPEUHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XLQKXELHUDSHQVDGRTXH :KRZRXOGKDYHWKRXJKW\RX 1RTXLHUHVTXHGDUWHSDUDYHVWLU<RXGRQoWZDQWWREHOHIWRQ


OOHJDUDVDVHUXQQHXURFLUXMDQR" ZRXOGEHFRPHDEUDLQVXUJHRQ" VDQWRV WKHVKHOI
(UDVXQDQLDWDQWUDYLHVD\ <RXZHUHVXFKDQDXJKW\ 3RUQKR\HVVXJUDQGD )LQDOO\WKLVLVKHUELJGD\
UHEHOGH UHEHOOLRXVJLUO +DFHQXQDSDUHMDHQFDQWDGRUD 7KH\PDNHDORYHO\FRXSOH
(QYH]GHWDWXDMHV\DWLHQHVXQD,QVWHDGRIWDWWRRVQRZ\RXRZQ (VXQDSHQDTXHOVHDFRMR\ ,WoVDSLW\DERXWKLVOLPSDQG
KLSRWHFD\PXFKDVDFFLRQHV DPRUWJDJHDQGORWVRIVKDUHV MRUREDGR KXQFKEDFN
3HURFXQGRYDVDVHQWDUOD %XWZKHQDUH\RXJRLQJWR (VSHUHPRVTXHQXHVWURVQLHWRV/HWoVKRSHRXUJUDQGFKLOGUHQ
FDEH]D\FDVDUWH" VHWWOHGRZQDQGJHWPDUULHG" VHSDUH]FDQDODPDGUH ORRNOLNHWKHPRWKHU
<DHVKRUDGHTXHWHQJDVQLRV ,WoVDERXWWLPH\RXKDGFKLOGUHQ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

7KH<HDU%HIRUH/DVW
3KUDVDOYHUEVZLWKpRYHUq  /DH[SUHVLQpWKH\HDUEHIRUHODVWqVLJQLFDpHO
DRDQWHULRUDOSDVDGRq
7KLQNLWRYHU :HoOOFKDQJHRYHUWRWKHQHZV\VWHPVRRQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHVIUDVHV
3LQVDWHOR6RSVDOR &DPELDUHPRVSURQWRDOQXHYRVLVWHPD HQLQJOV"
(ODRDQWHULRUDOSDVDGRHOYLHQWRVRSODEDPX\
,oOOKDYHWRWKLQNLWRYHU 7KHULRWVSLOOHGRYHULQWRWKHERUGHULQJ IXHUWH
0HORWHQGUTXHSHQVDU DUHDV (ODRDQWHULRUDOSDVDGRJXDUGDPRVWRGRVORV
(OPRWQVHH[WHQGLDODV]RQDVOLQGDQWHV WLTXHWV
,SRXUHGRYHUWKHGRFXPHQW (ODRDQWHULRUDOSDVDGRODVYHQWDVFUHFLHURQXQ
5HSDVOQHDSRUOQHDHOGRFXPHQWR :HZRQKLPRYHUWRRXUFDXVH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '( ,1*/6
/HFRQYHQFLPRVDSDVDUDQXHVWUREDQGR '(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
9HUERVUHJXODUHV
/RVYHUERVUHJXODUHVDSHQDVUHFLEHQDWHQFLQSRUSDUWHGHORVSURIHVRUHVGHLQJOV/DREVHVLQHVVLHPSUHFRQORVYHUERVLUUHJXODUHV6LQHPEDU
JRDTXOORVVRQPVQXPHURVRV\VHJQHOYHUERHQFXHVWLQLJXDOPHQWHLPSRUWDQWHV

6RQLGRGHpGqGXUD 6RQLGRGHpWq 6RQLGRGHpLGq VODEDDGLFLRQDO


/RVYHUERVGHHVWDFROXPQDDSDUHFHQHQVX /RV YHUERV GH HVWD FROXPQD DSDUHFHQ /RVYHUERVGHHVWDFROXPQDDSDUHFHQ
IRUPD DUPDWLYD GHO SDVDGR \ SDUWLFLSLR $O HQVXIRUPDDUPDWLYDGHOSDVDGR\HO HQVXIRUPDDUPDWLYDGHOSDVDGR\HO
LQQLWLYR GHO YHUER VH OH DDGH pHGq R VL HO SDUWLFLSLR $O LQQLWLYR GHO YHUER VH OH SDUWLFLSLR$OLQQLWLYRGHOYHUERVHOH
LQQLWLYRWHUPLQDHQpHqXQDpGqVLPSOH/D
DDGHpHGqRVLHOLQQLWLYRWHUPLQDHQ DDGH pHGq R VL HO LQQLWLYR WHUPLQD
SURQXQFLDFLQHVGHXQDpGqGXUDDOQDOGH
ODSDODEUD$ODDGLUODpGqRpHGqQRVHDDGH pHqXQDpGqVLPSOH/DSURQXQFLDFLQ HQpHqXQDpGqVLPSOH/DSURQXQFLD
XQDVODEDPV'RQGHKD\XQYHUERTXHWHU HVGHXQDpWqDOQDOGHODSDODEUD$O FLQ HV GH XQD pLGq DO QDO GH OD SD
PLQDHQp\qSUHFHGLGDSRUXQDYRFDOVHTXLWD DDGLUODpGqRpHGqDOQDOQRVHDD ODEUDORFXDOKDFHTXHHOYHUERWHQJD
ODp\q\VHDDGHpLHGq FU\sFULHG  GHXQDVODEDPV XQDVODEDPV DFFHSWsDFFHSWHG 
$FKLHYHG 'HVHUYHG 3ODQQHG
$GYLVHG 'HVWUR\HG 3UHSDUHG
$JUHHG 'LHG 3OD\HG
$OORZHG (DUQHG 3UHIHUUHG $FFRPSOLVKHG 0L[HG $FFHSWHG ([LVWHG 3ULQWHG
$QVZHUHG (QMR\HG 3XOOHG $VNHG 0LVVHG $FWHG ([SDQGHG 3URPRWHG
$SSHDUHG ([SODLQHG 5DLQHG &KHFNHG 1RWLFHG $GGHG ([SHFWHG 3URQRXQFHG
$UUDQJHG )DLOHG 5DLVHG %RRNHG 3DFNHG $SSRLQWHG ([SRUWHG 3URYLGHG
$VVXUHG )LOHG 5HDOL]HG &RQYLQFHG 3DUNHG $WWHQGHG ([WHQGHG 5HDFWHG
$UULYHG )LOOHG 5HFRJQL]HG &RRNHG 3DVVHG $WWUDFWHG +DWHG 5HFRPPHQGHG
%HOLHYHG )ROORZHG 5HFHLYHG &URVVHG 3LFNHG $YRLGHG ,PSOHPHQWHG 5HMHFWHG
%HORQJHG *DLQHG 5HWLUHG 'DQFHG 3UDFWLFHG &RPSOLFDWHG ,PSRUWHG 5HQWHG
%RUURZHG +DQGOHG 5HYLHZHG 'HFUHDVHG 3URGXFHG &RQVXOWHG ,QFOXGHG 5HTXHVWHG
&DOOHG +DSSHQHG 6DYHG 'HYHORSHG 3URJUHVVHG &RQWDFWHG ,QGLFDWHG 5HVWHG
&DUULHG +LUHG 6HHPHG 'LVFXVVHG 3URPLVHG &RXQWHG ,QVLVWHG 6HOHFWHG
&DXVHG +XUULHG 6HUYHG (UDVHG 3URWHFWHG &UHDWHG ,QYHQWHG 6HSDUDWHG
&KDQJHG ,GHQWLHG 6KRZHG (VFDSHG 3XVKHG 'HFLGHG ,QYHVWLJDWHG 6KRXWHG
&OHDQHG ,PDJLQHG 6LJQHG (VWDEOLVKHG 5HDFKHG 'HGLFDWHG ,QYLWHG 6WDUWHG
&ORVHG -RLQHG 6PLOHG )L[HG 5HGXFHG 'HIHQGHG /DQGHG 6XSSRUWHG
&RPSDUHG /LVWHQHGWR 6QRZHG )LQLVKHG 5HOD[HG 'HPDQGHG /LIWHG 6XFFHHGHG
&RPSODLQHG /LYHG 6ROYHG
)RUFHG 5HSODFHG 'HSHQGHGRQ /DVWHG 6XVSHFWHG
&RQUPHG /RZHUHG 6XIIHUHG
&RQWLQXHG 0DLQWDLQHG 6WD\HG +HOSHG 6WRSSHG 'HYRWHG /LVWHG 7HVWHG
&RQVLGHUHG 0HDVXUHG 6WXGLHG +RSHG 6ZLWFKHG 'LVWULEXWHG /RDGHG 7UDQVODWHG
&RSLHG 0HQWLRQHG 6XUSULVHG ,PSURYHG 7DONHG 'LYLGHG /RFDWHG 7UHDWHG
&RYHUHG 0RYHG 7UDYHOOHG ,QFUHDVHG 7RXFKHG 'RXEWHG 0RWLYDWHG 7UXVWHG
&ULHG 2IIHUHG 7ULHG -XPSHG 7\SHG (OLPLQDWHG 1HHGHG 9LVLWHG
'HOLYHUHG 2ZQHG 8VHG /DXJKHG :DONHG (VWLPDWHG 3DLQWHG :DLWHG
'HVFULEHG 2ZHG :RUULHG /LNHG :DVKHG (YDOXDWHG 3DUWLFLSDWHG :DQWHG
'LVFRYHUHG 3HUIRUPHG /DFNHG :DWFKHG ([FOXGHG 3RLQWHG :DVWHG
/RFNHG :LVKHG
3DUD ORV KLVSDQRKDEODQWHV HV GLIFLO /RRNHG :RUNHG
SURQXQFLDU IRQWLFDPHQWH OD pGq GXUD (VWD FROXPQD HV OD PV IFLO SDUD
DO QDO GH HVWDV SDODEUDV (Q OD UHDOLGDG (VGLFLOWDPELQSURQXQFLDUIRQWLFD SURQXQFLDU (O QLFR YHUER UHDOPHQWH
FXDQGR HO YHUER HQ SDVDGR VH HQOD]D FRQ PHQWHODpWqHQHVWDFROXPQD+D\TXH GLIFLO SDUD HVSDROHV HV HO SULPHUR
RWUDSDODEUDTXHHPSLH]DSRUYRFDOVHXQHQ SUDFWLFDUORPXFKR(OYHUERPVGLIFLO GH OD OLVWD DFFHSWHG  6H SURQXQFLD
PHGLDQWHODpGqGXUD ZHVWD\HGDWKRPH GHWRGRVHVpDVNHGq DVNW 6LQHPEDU DNVSWLG
VWD\GDW &XDQGRQRVHHQOD]DHOVRQLGRVH JRFXDQGRKDEODPRVUSLGDPHQWHGH 7LHQH TXH RLUVH FODUDPHQWH HO VRQLGR
DFHUFDDXQDpWq FLPRVPXFKDVYHFHVDVW GHpNq\HOVRQLGRGHpSq

(VWLPDGRDPLJR\DOXPQR'HELGRDODLPSRUWDQFLDGHGRPLQDUODSURQXQFLDFLQGHORVYHUERVUHJXODUHVSUHHURHQHVWDFKDSUHVFLQGLU
GHOSUUDIR\ODVSDODEUDVGHUD]ODWLQD$VOHVGDPRVDORVYHUERVUHJXODUHVXQHVSDFLRIVLFRHQFRQVRQDQFLDFRQVXLPSRUWDQFLD+DEODUELHQ
LQJOVLPSOLFDSUDFWLFDUPXFKRVDVSHFWRVWFQLFRPHFQLFRVDEXUULGRVVLQHPEDUJRHVQHFHVDULRVLXQRDVSLUDDKDEODUELHQXQVHJXQGR
LGLRPD3DUDGRPLQDUODpUqHQHVSDROHVWR\VHJXURGHTXHGLMHPVGHYHFHVp(OSHUURGH6DQ5RTXHQRWLHQHUDERSRUTXH5DPQ5D
PUH]VHORKDFRUWDGR(OSHUURGH5DPQ5DPUH]QRWLHQHUDERSRUTXHVHORKDQUREDGR4XLQOHKDUREDGRHOUDERDOSHUURGH6DQ5RTXH"

5DPQ5DPUH]KDUREDGRHOUDERGHOSHUURGH6DQ5RTXH"q
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVHWXEDQFR" ,VWKDW\RXUEDQN" %XHQRVGDV7RPHDVLHQWR *RRGPRUQLQJ+DYHDVHDW


1RQRORHV0LEDQFRHVWDO 1RLWLVQoW0\EDQNLVQH[WWR 0HDOHJURGHYHUOHGHQXHYR ,oPJODGWRVHH\RXDJDLQ
ODGRGHHVHQXHYRKRWHO WKDWQHZKRWHO (VWPHMRUVXPDGUHDKRUD" ,V\RXUPRWKHUEHWWHUQRZ"
'QGHHVWODGLUHFWRUD" :KHUHLVWKHPDQDJHU" 1ROHYHPRVPX\DPHQXGR :HGRQoWVHH\RXYHU\RIWHQ
(VWHOODKR\",VVKHKHUHWRGD\" DTXHQHOEDQFR KHUHDWWKHEDQN
6HVW6XGHVSDFKRHVOD <HVVKHLV+HURIFHLVWKH (VWXVWHGEXVFDQGRGLQHUR" $UH\RXORRNLQJIRUPRQH\"
VHJXQGDSXHUWDDODL]TXLHUGD VHFRQGGRRURQWKHOHIW

&KRFRODWHV &KRFRODWH &DUGV 7DUMHWDV

6ZHHWV &DUDPHORV

)ORUHV )ORZHUV +HDUWV &RUD]RQHV

9RFDEXODULR9DOHQWLQHoV'D\ 'DGH6DQ9DOHQWQ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&PRYDVXQHJRFLR" +RZoV\RXUEXVLQHVVJRLQJ" 'QGHFRPSUDXVWHGOD :KHUHGR\RXEX\PRVWRI


1RYDQDGDPDO ,WoVQRWEDGDWDOO PD\RUDGHORVPXHEOHV" \RXUIXUQLWXUH"
4XHVORTXHKDFHVXHPSUHVD":KDWLVLWWKDW\RXUFRPSDQ\ 5HFRJHPRVORTXHHQFRQWUDPRV :HSLFNXSZKDWZHQGLQWKH
GRHV" HQODFDOOH VWUHHW
&RPSUDPRV\YHQGHPRV :HEX\DQGVHOOIXUQLWXUH
 (QWLHQGREXHQRHVLPSRUWDQWH ,VHHZHOOLWoVLPSRUWDQWWR
PXHEOHV UHFLFODUQR" UHF\FOHLVQoWLW"
(VHHVXQEXHQQHJRFLROD 7KDWoVDJRRGEXVLQHVVSHRSOH
 $VTXHGJDPHSRUTXKD 6RWHOOPHZK\\RXoYHFRPHWR
JHQWHVLHPSUHQHFHVLWDU ZLOODOZD\VQHHGWRVLWDQGWR YHQLGRDYHUQRVKR\ VHHXVWRGD\
VHQWDUVH\GRUPLU VOHHS 1HFHVLWRTXHHOEDQFRPHG,QHHGWKHEDQNWRJLYHPHD
XQSUVWDPR ORDQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUGHVJUDFLDQRUHJDODPRV 8QIRUWXQDWHO\ZHGRQoWJLYH 3ULPHURWHQGUHPRVTXHHFKDU )LUVWRIDOOZHoOOKDYHWRWDNHD


GLQHURORSUHVWDPRV PRQH\DZD\ZHOHQGLW XQYLVWD]RDVXVQDQ]DV ORRNDW\RXUQDQFHV
<VORPHORSUHVWDUQXVWHGHV $QG\RXoOORQO\OHQGLWWRPHLI, &XQWRVXHOHJDQDUDOPHV" +RZPXFKGR\RXXVXDOO\HDUQ
VLSXHGRGHPRVWUDUTXHQR FDQSURYHWKDW,GRQoWQHHGLW DPRQWK"
PHKDFHIDOWD 7LHQHKLSRWHFDXRWURV 'R\RXKDYHDPRUWJDJHRUDQ\
3RUTXQHFHVLWDTXHOHGHPRV :K\GR\RXQHHGXVWRJLYH
 SUVWDPRV" RWKHUORDQV"
HVWHSUVWDPR" \RXWKLVORDQ" 7UDEDMDXVWHGSRUFXHQWDSURSLD" $UH\RXVHOIHPSOR\HG"
(VLPSUHVFLQGLEOHTXH ,WoVHVVHQWLDOWKDWZHEX\D (VWEXVFDQGRXQSUVWDPR $UH\RXORRNLQJIRUDVKRUWRUD
FRPSUHPRVXQFDPLQRDO WUXFNRUDWOHDVWDYDQ DFRUWRRDODUJRSOD]R" ORQJWHUPORDQ"
PHQRVXQDIXUJRQHWD
&XQWRFRVWDUDHVR"+RZPXFKZRXOGWKDWFRVW"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XQWRVRQORVSDJRV +RZPXFKDUH\RXUPRQWKO\ 7HQGUHPRVTXHDYHULJXDUXQ :HoOOKDYHWRZRUNRXWD


PHQVXDOHVGHODKLSRWHFD" PRUWJDJHUHSD\PHQWV" SODQGHUHDPRUWL]DFLQ UHSD\PHQWVFKHGXOH
(VWGRPLFLOLDGDVXQPLQD ,V\RXUVDODU\SDLGLQWRDQ 1RVSRGUDHQVHDUVXOWLPD &RXOG\RXVKRZXV\RXUODVW

HQXQDFXHQWDFRQHVWHEDQFR" DFFRXQWZLWKWKLVEDQN" GHFODUDFLQGHODUHQWD" LQFRPHWD[UHWXUQ"
&PRSLHQVDUHHPEROVDUHO +RZDUH\RXSODQQLQJWRUHSD\ &XQGRYDQDSRQHUHO :KHQDUH\RXJRLQJWRPDNH
GLQHUR" WKHPRQH\" GLQHURDPLGLVSRVLFLQ" WKHPRQH\DYDLODEOHWRPH"
(QFLHQFXRWDVGHGRVFLHQWRV ,QRQHKXQGUHGUHSD\PHQWVRI 1RYHQGDVODSLHOGHORVR 'RQoWFRXQW\RXUFKLFNHQV
\FLQFXHQWDHXURVFDGDXQR WZRKXQGUHGDQGIW\HXURV DQWHVGHFD]DUOR EHIRUHWKH\oUHKDWFKHG
1RFUHRTXHYD\DDKDEHU ,GRQoWWKLQNWKHUHDUHJRLQJWR
 7HQGUHPRVTXHHVSHUDUDTXH:HoOOKDYHWRZDLWIRUKHDG
SUREOHPDV EHDQ\SUREOHPV ODVHGHFHQWUDOQRVGHOX]YHUGH RIFHWRJLYHXVWKHJUHHQOLJKW

Z Z ZY D X V \ V  F R P

 (/&8562'(),1,7,92

7RPDQDJH
3KUDVDOYHUEVZLWKpRYHUq   p&RQVHJXLUKDFHUDOJRqHVpWRPDQDJHWRGR
VRPHWKLQJq
'RQoWFU\RYHUWKLQJVOLNHWKDW &DQ\RXSXOORYHUSOHDVH" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
1ROORUHVSRUFRVDVDV 6HSXHGHHFKDUDXQODGRSRUIDYRU" IUDVHVHQLQJOV"
(OODFRQVLJXHYHUDVXVSDGUHVXQDYH]FDGD
0RYHRYHU +HVWD\HGRYHUIRUWKHQLJKW TXLQFHQD
&UUHWHXQSRFRSDUDDOO 6HTXHGDGRUPLUHQQXHVWUDFDVD /RJUWHUPLQDUHOLQIRUPHDWLHPSRSDUDOD
UHXQLQ
7KHSROLFHSXOOHGXVRYHU :K\GRQoW\RXDVNKLPRYHU" &RQVHJXLPRVKDEODUFRQODSHUVRQDUHVSRQ
/DSROLFDQRVSDU HQFDUUHWHUD  3RUTXQROHLQYLWDVDWXFDVD" VDEOHGHOSUR\HFWR
 ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
6RIDU HVWDVIUDVHV

/DH[SUHVLQpVRIDUqWLHQHGRVVLJQLFDGRV WDQOHMRV\ KDVWDDKRUD2EYLDPHQWHHOVHJXQGRHVHOTXHQRVYDOHDTX/DH[SUHVLQpVRIDUqHV


PX\FRUULHQWH'HKHFKRPXFKDVYHFHVFXDQGRDOJXLHQPHSUHJXQWDTXWDOPHYDQODVFRVDVOHGLJRVRIDUVRJRRG KDVWDKRUDWRGRPDUFKD
ELHQ p6RIDUqVLJQLFDpKDVWDDKRUDLQFOXVLYHq8QDH[SUHVLQVLQQLPDHVpXSWRQRZq$KRUDELHQPXFKRVDOXPQRVGHFVpXQWLOQRZq(VWD
H[SUHVLQHVFRUUHFWDJUDPDWLFDOPHQWHSHURSXHGHGHVSLVWDUDOLQWHUORFXWRUp8QWLOQRZqSXHGHHQWHQGHUVHFRPRpKDVWDDKRUDSHURDSDUWLUGH
DKRUDQRqPLHQWUDVTXHpXSWRQRZqRpVRIDUqVHHQWLHQGHQFRPRpKDVWDDKRUDLQFOXVLYH\FRQFRQWLQXDFLQHQHOIXWXURORPVVHJXURq

(QHODRKXERXQDUHXQLQHQWUHYDULRVGLUHFWLYRVGHODFDVDPDWUL]DPHULFDQDGHXQDHPSUHVDPXOWLQDFLRQDO\ODSODQD
GLUHFWLYDGHVXOLDOHVSDROD(OGLUHFWRUJHQHUDOGHODOLDOHUDXQDUJHQWLQRFULDGR\HGXFDGRHQ,QJODWHUUDSRUORTXHVDEDLQJOV
SHUIHFWDPHQWH(OGLUHFWRUFRPHUFLDOHUDHVSDROSHURKDEODEDLQJOVEDVWDQWHELHQ
'XUDQWHHOWUDQVFXUVRGHODUHXQLQXQRGHORVDPHULFDQRVSUHJXQWDOGLUHFWRUFRPHUFLDOHVSDROp&PRYDQODVYHQWDVGHUHSXHVWRV"q
(OGLUHFWRUFRPHUFLDOFRQWHVWp8QWLOQRZQHq(ODPHULFDQRLQPHGLDWDPHQWHUHVSRQGLp&XOHVHOSUREOHPDDKRUD"q
(QHVWHPRPHQWRHOGLUHFWRUJHQHUDODUJHQWLQRLQWHUYLQRSDUDDFODUDUTXHVXKRPEUHTXLVRGHFLUp8SWRQRZQHq6HGLRFXHQWD
GHTXHVXGLUHFWRUFRPHUFLDOKDEDGHVSLVWDGRDVXLQWHUORFXWRU$OGHFLUHOGLUHFWRUFRPHUFLDOpXQWLOQRZQHqVWHGDEDDHQWHQGHU
TXHWRGRKDEDLGRELHQKDVWDDKRUDSHURTXHDKRUDSRGUDKDEHUSUREOHPDV

$VTXHVLTXLHUHVH[SUHVDUODLGHDGHpKDVWDDKRUDLQFOXVLYHqXVDpVRIDUqRpXSWRQRZqp8QWLOQRZqVHXVDPVHQXQVHQWLGRGHOSDVDGR

8QWLOQRZ,DOZD\VDWHLQWKHVDPHUHVWDXUDQWEXW +DVWDDKRUDVLHPSUHFRPDHQHOPLVPRUHVWDXUDQWHSHUR
8SWRQRZ,oYHDOZD\VHDWHQLQWKHVDPHUHVWDXUDQW +DVWDDKRUDVLHPSUHFRPRHQHOPLVPRUHVWDXUDQWH

)MDWHHQHOVHJXQGRHMHPSOR(QLQJOVXVDPRVHOSUHVHQWHSHUIHFWR KHFRPLGR PLHQWUDVTXHHQHVSDROORKDELWXDOHVHPSOHDUHO


SUHVHQWHKDELWXDO FRPR 

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
/DUHDOLGDGGHOPDDQDVHFUHDFRQODLPDJLQDFLQGHKR\(OPXQ 7RPRUURZoV UHDOLW\ LV FUHDWHG E\ WRGD\oV LPDJLQDWLRQ7KH ZRUOG
GRWLHQHXQDIRUPDGHGDUWHORTXHWHPHUHFHV6LHVWVDVXVWDGR KDVDZD\RIJLYLQJ\RXZKDW\RXGHVHUYH,I\RXDUHIULJKWHQHG
\EXVFDVIUDFDVR\SREUH]DORVWHQGUVSRUPXFKRTXHLQWHQWHV DQG ORRN IRU IDLOXUH DQG SRYHUW\ \RX ZLOO JHW WKHP QR PDWWHU
WULXQIDU/DIDOWDGHFRQDQ]DHQXQRPLVPRHQFPRODYLGDWH KRZKDUG\RXPD\WU\WRVXFFHHG/DFNRIIDLWKLQ\RXUVHOILQZKDW
YDDWUDWDUWHVHSDUDGHODVFRVDVEXHQDVGHOPXQGR(VSHUDYLF OLIHZLOOGRIRU\RXFXWV\RXRIIIURPWKHJRRGWKLQJVLQWKHZRUOG
WRULD\ORJUDUVYLFWRULD ([SHFWYLFWRU\DQG\RXPDNHYLFWRU\

(VWLPDGR DPLJR \ DOXPQR /R TXH GLFH HO SUUDIR DQWHULRU HV SDUD P XQD YHUGDG FRPR XQ JUDQ UREOH \ 0VSDODEUDVLQJOHVDV
WUHPHQGDPHQWHLPSRUWDQWH&DGDYH]TXHRLJRDFLHUWDVSHUVRQDVTXHMDUVHGHVXVXHUWHHQODYLGDHVWR\PV GHUD]ODWLQD
FRQYHQFLGRGHTXHWHQGUDQODPLVPDVXHUWHDXQTXHOHVGLVHPRVRSRUWXQLGDGHVPVGHYLYLUVXYLGD 'RFWRUDWH
GHQXHYR6RQSHUVRQDVTXHHVWQSURJUDPDGDVSDUDWHQHUSRFDVXHUWHHQODYLGD6XDFWLWXGDQWHODVFRVDV 'RFWULQH
OHVFRQGHQDDIUDFDVDU([LVWHQPXFKRVVQWRPDVTXHSRGHPRVUHFRQRFHUHQDOJXQRVFDVRVXQDWHQGHQFLD 'RFXPHQW
DVHQWLUVHYFWLPDXQDLQFOLQDFLQDVHQWLUHQYLGLDSRUORVGHPVXQDSURSHQVLQDUHDFFLRQDUFRQFLQLVPR 'RFXPHQWDU\
DQWH OD VLQFHULGDG R HO HVIXHU]R KRQHVWR XQD WHQGHQFLD D GLVIUXWDU GHO PDO DMHQR R GHO IUDFDVR GH RWURV 'RFXPHQWDWLRQ
XQDSUHIHUHQFLDSRUWXPEDUDOTXHWULXQIDHQOXJDUGHLQWHQWDUFRPSHWLUFRQO\JDQDUOH(QRWURVFDVRV 'RJPD
VHPDQLHVWDDWUDYVGHXQDLGHDQHJDWLYDDQWHODYLGDXQDEDWLPLHQWRDXWRLPSXHVWRDQWHODFRQYLFFLQ 'RJPDWLF
GHTXHODYLGDHVSUHFDULD\SRFRDPLJD([LVWHQHQ(VSDDGRVUHIUDQHVTXHSRUGHFUHWROH\GHEHUDQVHU 'RJPDWLVP
GHVWHUUDGRVGHQLWLYDPHQWHGHOUHIUDQHURTXHVRQ 3LHQVDPDO\DFHUWDUV\ 0VYDOHORPDORFRQRFLGR 'ROSKLQ
TXHOREXHQRSRUFRQRFHU/DYLGDRIUHFHXQDEDQLFRWDQDPSOLR\DELJDUUDGRGHRSRUWXQLGDGHVTXHKDVWD 'RPDLQ
PDUHD GH HPRFLQ D DTXHOODV SHUVRQDV TXH WLHQHQ XQD DFWLWXG SRVLWLYD \ JDQDV GH VDFDUOH WRGR HO MXJR 'RPH
SRVLEOHDODVSRVLELOLGDGHV0DFEHWKHQXQPRPHQWRGDGRGHVXKLVWRULDGHFDpODYLGDHVXQSREUHDFWRU 'RPHVWLF
TXHSDYRQHDVXKRUDHQHOHVFHQDULRSDUDGHVSXVGHVDSDUHFHUVLQVHDOQLUDVWURq<RSHUVRQDOPHQWHQR
GHVFDUWRTXH0DFEHWKSXHGDWHQHUDOJRGHUD]QSHURVLHVDVSLHQVRGHGLFDUHVWDKRUDPDHQHOHVFHQDULR
DSDYRQHDUPHHQFRQGLFLRQHV\DGLVIUXWDUFRPRXQHQDQR 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQORVPXVHRVHQ :KHUHDUHWKHPXVHXPVLQWKLV
 7HJXVWDHODUWH" 'R\RXOLNHDUW"
HVWDFLXGDG" FLW\" 0HHQFDQWD ,ORYHLW
+D\PXFKRVHQHOFHQWUR 7KHUHDUHPDQ\LQWKHFHQWUH 6DEHVPXFKRVREUHDUWH" 'R\RXNQRZPXFKDERXWDUW"
6RQPXVHRVGH$UWHRGH $UHWKH\$UWRU+LVWRU\
 1RVPXFKRSHURVORTXH ,GRQoWNQRZPXFKEXW,NQRZ
+LVWRULD" PXVHXPV" PHJXVWD ZKDW,OLNH
(OPHMRUPXVHRGH(VSDDHVW7KHEHVWPXVHXPLQ6SDLQLV (VRHVORTXHGLFHWRGRHO 7KDWoVZKDWHYHU\ERG\VD\V
DELHUWRKR\ RSHQWRGD\ PXQGR
(VFDURRHVJUDWLV" ,VLWH[SHQVLYHRULVLWIUHH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VVWDWXSULPHUDYLVLWDDO3UDGR",VWKLV\RXUUVWYLVLWWRWKH3UDGR" +DVHVWDGRDTXDOJXQDYH]" +DYH\RXHYHUEHHQKHUH"


1RYLQHDTXFRQGRFHDRV 1R,FDPHKHUHZKHQ,ZDV 3RUVXSXHVWRTXHV6XHOR 2IFRXUVH,KDYH,XVXDOO\FRPH
WZHOYH\HDUVROG YHQLUGRVYHFHVDODR WZLFHD\HDU
+DFHPXFKRWLHPSRHQWRQFHV $ORQJWLPHDJRWKHQ &XQWRVHWDUGDHQYLVLWDU" +RZORQJGRHVLWWDNHWRYLVLW"
+DQFDPELDGRPXFKDVFRVDV 7KH\oYHFKDQJHGDORWRIWKLQJV
 (VRGHSHQGHGHFXDQWR 7KDWGHSHQGVRQKRZORQJLW
GHVGHODOWLPDYH]TXH VLQFHWKHODVWWLPH\RXZHUH WDUGHPRVHQYHUFDGDFXDGUR WDNHVXVWRORRNDWHDFKSDLQWLQJ
HVWXYLVWHDTX KHUH 1HFHVLWDUHPRVSRUORPHQRV :HoOOQHHGDWOHDVWDIHZ
(QTXODGRGHOHGLFLRHVW :KLFKVLGHRIWKHEXLOGLQJLV
 XQDVKRUDV KRXUV
ODHQWUDGD" WKHHQWUDQFHRQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6DEDVTXHDFDEDQGHDEULU 'LG\RXNQRZWKDWWKH\oYHMXVW
 +D\DOJXQDSDUWHGRQGHSXHGD,VWKHUHDQ\ZKHUH,FDQOHDYH
XQQXHYRHGLFLR" RSHQHGDQHZEXLOGLQJ" GHMDUHODEULJR" P\FRDW"
(O5HLQD6RIDWLHQHWDQWRV 'RHVWKH5HLQD6RIDKDYHDV
 (OJXDUGDUURSDHVWDOODGR 7KHFORDNURRPLVQH[WWRWKH
FXDGURVFRPRVWH" PDQ\SDLQWLQJVDVWKLVRQH" GHODWLHQGDGHUHJDORV JLIWVKRS
3RUGQGHHPSH]DPRV" :KHUHVKDOOZHVWDUW" +D\DOJXQDSRVLELOLGDGGH ,VWKHUHDQ\FKDQFHZHFDQJR
/RVVHUYLFLRV0HPXHURGH 7KHWRLOHWV,oPG\LQJWRJR
 TXHSRGDPRVLUDOOSULPHUR" WKHUHUVW"
JDQDVGHLU (VWHPSH]DQGRDSRQHUPH <RXoUHEHJLQQLQJWRJHWRQP\
|'DWHSULVD +XUU\XS ORVQHUYLRVGHSXQWD QHUYHV
6LHPSUHMX]JRXQPXVHRSRUOD,DOZD\VMXGJHDPXVHXPE\
FDOLGDGGHVXWLHQGDGHUHFXHUGRV WKHTXDOLW\RILWVVRXYHQLUVKRS

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(PSHFHPRVSRUODVDODSULQFLSDO/HWoVVWDUWLQWKHPDLQKDOO 1RSRGHPRVYHUDOJXQRV &DQoWZHVHHVRPHVHOI



6HOHFRQVLGHUDHOPHMRUDUWLVWD+HoVFRQVLGHUHGWKHEHVW DXWRUUHWUDWRV" SRUWUDLWV"
HVSDROGHWRGRVORVWLHPSRV 6SDQLVKDUWLVWRIDOOWLPH 7RGRHVWHDUWHPHHVWPDUHDQGR$OOWKLVDUWLVPDNLQJPHGL]]\
/RTXHPVPHJXVWDGHOVRQ:KDW,OLNHPRVWDERXWKLPDUH 0HHVWR\DEXUULHQGRTXLHUR ,oPJHWWLQJERUHG,ZDQWWR

VXVPDUFRV KLVIUDPHV FRPSUDUDOJXQDVUHSURGXFFLRQHV EX\VRPHSULQWV
1RHUHVXQJUDQHQWHQGLGR <RXoUHQRWPXFKRID 0LUDODVSLQFHODGDVGHHVWH /RRNDWWKHEUXVKVWURNHVRI

YHUGDG" FRQQRLVVHXUDUH\RX" JHQLR WKLVJHQLXV
7HKHGLFKRDOJXQDYH]TXHWH +DYH,HYHUWROG\RX\RXORRN
 6LHUDWDQJHQLRSRUTXVH ,IKHZHUHVXFKDJHQLXVZK\

SDUHFHVDXQFXDGURGH3LFDVVR" OLNHRQHRI3LFDVVRoVSDLQWLQJV" FRUWODRUHMD" GLGKHFXWKLVHDURII"

9DXOW %YHGD

$UFK $UFR

&DSLWDO &DSLWHO
%XWWUHVV &RQWUDIXHUWH
&ROXPQ &ROXPQD

9RFDEXODULR$UFKLWHFWXUDOIHDWXUHV 3DUWHV$UTXLWHFWQLFDV

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpRYHUq  &DQ ,
8QR GH ORV YHUERV PV SRSXODUHV VLJQLFD
/HWoVFURVVRYHU ,WZHQWULJKWRYHUKLVKHDG pSRGHUq
&UXFHPRVODFDOOH 1RVHHQWHUGHQDGDGHORTXHGHFDQ 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KHFODVVLVRYHU ,WKLQN,FDQMXPSRYHUWKHVWUHDP 3XHGRFRFLQDUSHURQRSXHGRFRQGXFLU
/DFODVHKDWHUPLQDGR &UHRTXHSXHGRVDOWDUHODUUR\R 3XHGRKDEODUHVSDROSHURQRSXHGRKDEODU
SRUWXJXV
7KHSDUW\oVRYHU ,UHDFKHGRYHUDQGWRRNEDFNP\,' 3XHGRWRFDUHOSLDQRSHURQRSXHGRWRFDUHO
6HDFDEODHVWD 0HHVWLU\UHFXSHUPL'1, YLROQ
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
1RFRQR]FR6XHFLDQRPHODKDQSUHVHQWDGR HVWDVIUDVHV

(VPX\FRUULHQWHHQHVSDROXVDUHOYHUERpFRQRFHUqSDUDH[SUHVDUODLGHDGHTXH\DKDVYLVLWDGRDOJQSDVRXQOXJDUGHWHUPLQDGR
9RVRWURVVROLVGHFLUSRUHMHPSORpQRFRQR]FR6XHFLDqp&RQRFHV1XHYD<RUN"qHWF6LWUDVODGDVHVWHKELWROLQJVWLFRDOLQJOVWH
HQWHQGHUQSHUIHFWDPHQWHDXQTXHVRQDUDOJRJUDFLRVR(QLQJOVGHFLPRVVLHPSUH+DYH\RXHYHUEHHQWR"
'R\RXNQRZ0DUJDULWD" 1RWKH\KDYHQoWLQWURGXFHGPHWRKHU\HW
+DYH\RXHYHUEHHQWR6ZHGHQ" 1R,KDYHQoWKDGWKHRSSRUWXQLW\WRYLVLW6ZHGHQ\HW
6HWUDWDGHXQFRQFHSWRPX\VHQFLOOR\DSDUHQWHPHQWHIFLODXQTXHHQHOPRPHQWRGHODYHUGDGORVHVSDROHVLQGHSHQGLHQWHPHQWH
GHYXHVWURQLYHOGHGRPLQLRGHOLQJOVYROYLVPXFKDVYHFHVDODIRUPDHVSDROD\KDEOLVGHpWHQHUXQDUHODFLQGHFRQRFLPLHQWRqFRQ
XQSDVROXJDU WRNQRZ (QLQJOVVLHPSUHGHFLPRVp+DYH\RXHYHUEHHQWR")MDWHTXHVHXVDODSUHSRVLFLQpWRq(QRWUDVSDODEUDV
HVWDPRVOLWHUDOPHQWHGLFLHQGR+DVHVWDGRDOJXQDYH]D6XHFLD"3XHGHTXHWHVXHQHUDURSHURHVDV

+DYH\RXHYHUEHHQWRWKH)DU(DVW" 1R,oYHQHYHUEHHQWRWKH)DU(DVW
+DYH\RXHYHUEHHQWR5XVVLD" <HV,oYHEHHQWR5XVVLD,ZDVWKHUHLQ
+DYH\RXHYHUEHHQWRWKHQRUWKRI6SDLQ" <HV,oYHEHHQWRWKHQRUWKRI6SDLQPDQ\WLPHV,WoVEHDXWLIXO
+DYH\RXHYHUEHHQWRDK\SHUPDUNHW" 2IFRXUVH,oYHEHHQWRDK\SHUPDUNHW:KRKDVQoW"
+DYH\RXHYHUEHHQWRDWKUHHULQJFLUFXV" <HV,oYHEHHQWRDWKUHHULQJFLUFXV,WoVWKHPRVWFRPPRQLQWKH86
+DYH\RXHYHUEHHQWRWKH0LGGOH(DVW" <HV,oYHEHHQWKHUHRQFH,ZDVLQ,VUDHODQG-RUGDQLQ
+DYH\RXHYHUEHHQWR2NODKRPD" <HV,oYHEHHQWR2NODKRPD,QIDFW,OLYHGWKHUHIRUQLQH\HDUV
+HDTXXQDFDQFLQGHORV7KUHH'RJ1LJKWXQJUXSRGHQDOHVGHORVDRVTXHVLHPSUHFDQWRHQODUDGLR\HQODWHOHYLVLQFXDQGR
HQVHRGHQXHYRpKDYH\RXHYHUEHHQWRq
:HOO,oYHQHYHUEHHQWR6SDLQEXW,oYHEHHQWR2NODKRPD$QGWKH\ 3XHVQRFRQR]FR(VSDDSHURVFRQR]FR2NODKRPD0HGLFHQTXH
WHOOPH,ZDVERUQWKHUHEXW,UHDOO\GRQoWUHPHPEHU,Q2NODKRPD QDFDOOSHURUHDOPHQWHQRPHDFXHUGR(Q2NODKRPDHQ$UL]R
LQ$UL]RQDZKDWGRHVLWPDWWHU":KDWGRHVLWPDWWHU" QD|TXLPSRUWD|4XLPSRUWD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$PPHFDHELHQHOWLSR6LHPSUHHVWEXVFDQGRFPRKDFHUTXH ,OLNHWKHJX\+HoVDOZD\VORRNLQJIRUZD\VWRPDNHWKHRIFHPRUH
ODRFLQDWUDEDMHGHPDQHUDPVHFLHQWH'XUDQWHORVSULPHURV HIFLHQW )RU WKH UVW  RU  \HDUV KH KDG QR HPSOR\HHV DQG
 R  DRV QR WHQD HPSOHDGRV \ SDVDED PXFKR WLHPSR KD KHVSHQWDORWRIWLPHLQWKHHOGVHOOLQJ%HFDXVHRIWKLVKHZDV
FLHQGRYLVLWDVGHYHQWD3RUHVWRVHYLRREOLJDGRDGLVHDUSURFH IRUFHGWRGHVLJQVXSHUHIFLHQWRIFHSURFHVVHVWRPDNHVXUHWKH
VRVLQWHUQRVVXSHUHFLHQWHVHQODRFLQDSDUDDVHJXUDUVHGHTXH ZRUNZDVGRQH1RZKHKDVRYHUSHRSOHZRUNLQJIRUKLPEXW
HOWUDEDMRVHKDFD$KRUDWLHQHDPVGHSHUVRQDVWUDEDMDQGR KHoVQHYHUDEDQGRQHGWKHSKLORVRSK\RIDQHIFLHQWVWUHDPOLQHG
DVXFDUJRSHURQXQFDKDDEDQGRQDGRODORVRIDGHPDQWHQHU RIFH
XQDRFLQDHFLHQWH\UDFLRQDOL]DGD

(VWLPDGRDPLJR\DOXPQR+D\XQGLFKRHQLQJOVGLJQRGHLGLRWDV'LFHDV,JQRUDQFHLVEOLVV\VHWUDGXFHPV 0VSDODEUDVLQJOHVDV
RPHQRVFRPRpODLJQRUDQFLDHVODIHOLFLGDGDEVROXWDq'HEHVHUTXHH[LVWHQPXFKDVSHUVRQDVTXHSLHQVDQTXH GHUD]ODWLQD
FXDQWRVPVFRQRFLPLHQWRV\VDELGXUDSRVHHXQRPVVHGDFXHQWDGHORGLIFLOTXHHVVHUIHOL]+D\SHUVRQDVTXH 'RPHVWLFDWH
VHUHJRFLMDQGHVDEHUPX\SRFRRTXHVHHQRUJXOOHFHQGHVXDSDWDDQWHODVFRVDV6HR\HQPXFKDVH[SUHVLRQHVFRPR 'RPHVWLFDWLRQ
p\RTXVqpSDVRqpQRVQLPHLPSRUWDqHWF4XSHQDFRQORSRWHQFLDOPHQWHERQLWDTXHHVODYLGD2IUHFHWDQWDV 'RPLFLOH
RSRUWXQLGDGHVTXHHVXQDOVWLPDREVHUYDUFPRVRQWDQWRVORVFQLFRV\ORVSHVLPLVWDV+D\RWURGLFKRTXHGLFHp8Q 'RPLQDQFH
SHVLPLVWDHVXQRSWLPLVWDFRQH[SHULHQFLDq<RWHQJRDRV\PLYLGDODERUDOVHLQLFLDORVDVTXHH[SHULHQFLD 'RPLQDQW
WHQJRSHURDSHVDUGHHOORPHJXVWDOODPDUPHXQRSWLPLVWDHPSHGHUQLGR2WURVPHOODPDQHOKRPEUHRWDGRU 'RPLQDWH
FRPSDUQGRPHFRQXQRWDGRUGHSLVFLQDTXHWUDWDVGHPDQWHQHUFRQHOSLHHQHOIRQGRGHVWD\VLHPSUHVHHVFDSD 'RPLQDWLRQ
SDUDVXELUDODVXSHUFLHHQPHQRVGHXQVHJXQGR(VXQDDFWLWXGDQWHODYLGD\VLXQRWLHQHODDFWLWXGDGHFXDGDOH 'RPLQR
FXHVWDPXFKRPHQRVTXHDRWURVKDFHUVHFRQODVDSWLWXGHVDGHFXDGDV$FWLWXGDSWLWXG([LVWHXQDFRUUHODFLQPX\ 'RQRU
'RUPDQW
LPSRUWDQWHHQWUHHVWDVGRVSDODEUDVSHURVLHPSUHHQXQVRORVHQWLGR&DVLODWRWDOLGDGGHSHUVRQDVGHHVWHPXQGR
'RUPLWRU\
SRVHHH[FHOHQWHVDSWLWXGHVHQSRWHQFLDHVSHUDQGRODWHQWHVDTXHVHPDQLHVWHQ<VLODSHUVRQDWLHQHXQDDFWLWXG
KXPLOGHDELHUWDSRVLWLYD\RSWLPLVWDHOFDXGDOGHDSWLWXGHVVHULPSUHVLRQDQWH

5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHOMHIHHQODRFLQD" ,VWKHERVVLQWKHRIFH" 7HQJRTXHKDEODUFRQHOORV ,KDYHWRVSHDNZLWKWKHP,oP


1RHVWDTXKR\ +HoVQRWKHUHWRGD\ HVWR\PX\HQIDGDGR YHU\DQJU\
(VWGHYDFDFLRQHV +HoVRQKROLGD\ 3XHGRXWLOL]DUWXWHOIRQR" &DQ,XVH\RXUSKRQH",WoVD
+D\DOJQSUREOHPD" ,VWKHUHDSUREOHP" (VXQDOODPDGDORFDO ORFDOFDOO
6ORKD\7HQHPRVXQ <HVWKHUHLV:HKDYHD
 3XHGRKDEODUFRQ3HGUR%ODQFR &DQ,VSHDNWR3HGUR%ODQFR
SUREOHPDFRQODRWUDHPSUHVD SUREOHPZLWKWKHRWKHU SRUIDYRU" SOHDVH"
FRPSDQ\ 'HSDUWHGHTXLQSRUIDYRU" :KRoVFDOOLQJSOHDVH"
6R\3HWH:KLWHOODPDQGR 7KLVLV3HWH:KLWHFDOOLQJIURP
GHVGH%LJ&RPSDQ\ %LJ&RPSDQ\

&KRS &KXOHWD
5LEV &RVWLOODV

7HQGHUORLQ 6RORPLOOR
7ERQHVWHDN &KXOHWQ
/RLQ /RPR

9RFDEXODULR%XWFKHUVoFXWV &RUWHVGH&DUQLFHUD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RVHUHWLUHSRUIDYRU +ROGWKHOLQHSOHDVH /HSXHGRORFDOL]DUHQVXPYLO" &DQ,ORFDWHKLPRQKLVPRELOH"


(VWIXHUDGHODRFLQD +HoVRXWRIWKHRIFHKHoOOEH
 /RVLHQWRQRPHGHMDGDUHVH ,oPVRUU\KHGRHVQoWOHWPH
YROYHUHQPHGLDKRUD EDFNLQKDOIDQKRXU QPHUR JLYHRXWWKDWQXPEHU
4XLHUHGHMDUOHDOJQUHFDGR" 'R\RXZDQWWROHDYHD 9HUVLKD\DOJXLHQHQRWUR ,oOOVHHLIVRPHERG\LQDQRWKHU
PHVVDJHIRUKLP" GHSDUWDPHQWRTXHOHSXHGD GHSDUWPHQWFDQKHOS\RX
'LOHTXHPHOODPHFXDQGR 7HOOKLPWRFDOOPHZKHQKH
 D\XGDU
UHJUHVH JHWVEDFN 1RLPSRUWD/ODPDURWUDYH] 1HYHUPLQG,oOOFDOOEDFNLQKDOI
%LHQOHGLUTXHXVWHGKD 2N,oOOWHOOKLP\RXFDOOHG
 HQPHGLDKRUD DQKRXU
OODPDGR +DYXHOWR\DDODRFLQDHO6U +DV0U%ODQFRUHWXUQHGWRWKH
%ODQFR" RIFH\HW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HSXHGHSRQHUFRQOSRU &DQ\RXSXWPHWKURXJKWR ,QWHQWRSDVDUODOODPDGDRWUD 6KDOO,WU\WRWUDQVIHU\RXUFDOO


IDYRU" KLPSOHDVH" YH]" DJDLQ"
1RFRQVLJRORFDOL]DUOHHVW ,FDQoWJHWWKURXJKWKHOLQHLV
 6U%ODQFROODPDXQWDO0U 0U%ODQFRWKHUHoVD0U:KLWH
FRPXQLFDQGR EXV\ :KLWH RQWKHOLQH
3UHHUHHVSHUDUROHGLJRTXH :RXOG\RXSUHIHUWRKROGRU
 'LOHTXHPHHVWR\OLPDQGRODV 7HOOKLP,oPOLQJP\QDLOVRU
OHYXHOYDDOODPDU" VKDOO,WHOOKLPWRFDOO\RXEDFN" XDVRDOJRDV VRPHWKLQJOLNHWKDW
8QVHJXQGRSRUIDYRUOHSDVR 2QHPRPHQWSOHDVH,oP (O6U%ODQFRHVWUHXQLGRHQ 0U%ODQFRLVQRWDYDLODEOHDW
SXWWLQJ\RXWKURXJK HVWRVPRPHQWRV WKHPRPHQW
&UHRTXHOHKDQSDVDGRPDO ,WKLQN\RXoYHEHHQWUDQVIHUUHG 6LQRPHDWLHQGHHQVHJXLGD ,IKHGRHVQoWDWWHQGPHULJKW
WRWKHZURQJQXPEHU PHYHUREOLJDGRDFDQFHODU DZD\,oOOEHIRUFHGWRFDQFHODOO
WRGRVQXHVWURVSHGLGRV RXURUGHUV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RFXHOJXHWRGDYD 'RQoWKDQJXS\HW /RVLHQWRYR\DWHQHUTXH ,nPVRUU\,oPJRLQJWRKDYHWR



9R\DLQWHQWDUFRPXQLFDURWUD ,oOOWU\WRUHFRQQHFW\RX FROJDU FXW\RXRII
YH] |3RQPHFRQORVLQRYHUV 3XWPHWKURXJKWRKLPRUHOVH
(VWVRQDQGRSHURQRFRQWHVWD ,WoVULQJLQJEXWWKHUHoVQRUHSO\ +DVOODPDGRDOFRQWHVWDGRU <RXoYHUHDFKHGWKHYRLFHPDLO

$KRUDODVHDOGHOQHDPHGD 1RZ,oPJHWWLQJWKHQXPEHU DXWRPWLFRGH3HGUR%ODQFR RI3HGUR%ODQFR
FRPRGHVFRQHFWDGD XQREWDLQDEOHVLJQDO 'HMHVXPHQVDMHGHVSXVGH 3OHDVHOHDYH\RXUPHVVDJH

/HLPSRUWDUDYROYHUDPDUFDU" :RXOG\RXPLQGGLDOOLQJDJDLQ" ODVHDO DIWHUWKHWRQH
|/RTXHIDOWDED 7KDWoVWKHODVWVWUDZ

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDFURVVq  $ORQH
6LJQLFDpVRORqFRQHOPDWL]GHpVLQRWURVqRpGH
,FDPHDFURVVDZRUG,GLGQoWNQRZ 6KHFRPHVDFURVVDVVWULFWEXWVKHoVQRW IRUPDH[FOXVLYDq
'LFRQXQDSDODEUDTXHQRFRQRFD 'DODLPSUHVLQGHVHUHVWULFWDSHURQRORHV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
7KHFDUFXWDFURVVLQIURQWRIXV :HoOOVDYHWLPHLIZHFXWDFURVVWKHHOG 0LWRDEXHORYLYHVROR
(OFRFKHDWUDYHVGHODQWHGHQRVRWURV $KRUUDUHPRVWLHPSRVLDWUDYHVDPRVHO 6ROROHVFDSD]GHJDQDUOHDOFDPSHQ
FDPSR &XDQGRVXVKLMRVDEDQGRQDURQHOQLGRHOODVH
,GURYHDFURVVWKHEULGJH VHQWDPX\VROD
$WUDYHVHOSXHQWH HQFRFKH +HGURYHDFURVV$XVWUDOLD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
$WUDYHV$XVWUDOLDGHSXQWDDSXQWD ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

6LPSOHSDVWYVSUHVHQWSHUIHFW

(OSDVDGRH[SUHVDDFFLRQHVTXHWXYLHURQOXJDUHQXQSHULRGRGHWLHPSRTXHKDQDOL]DGR )MDWHTXHQRKHGLFKRpTXHKDQWHQLGROXJDUq (O


SUHVHQWHSHUIHFWRH[SUHVDDFFLRQHVTXHKDQWHQLGROXJDUHQXQSHURGRGHWLHPSRTXHWRGDYDHVWHQYLJRU

3DVDGRVLPSOH ,GLGPDQ\WKLQJVODVWZHHN +LFHPXFKDVFRVDVODVHPDQDSDVDGD


3UHVHQWHSHUIHFWR ,oYHGRQHPDQ\WKLQJVWKLVZHHN +HKHFKRPXFKDVFRVDVHVWDVHPDQD

(QVHJXLGDVHOHYHHOSOXPHURDXQPDOWUDGXFWRUFXDQGRVHOHHQODVWUDGXFFLRQHVDOLQJOVGHODVPHPRULDVDQXDOHVGHODVHPSUHVDVHVSDRODV
(VFRVWXPEUHTXHHQHVSDROVHXVHHOSUHVHQWHSHUIHFWR 'XUDQWHHOSDVDGRHMHUFLFLRODVYHQWDVKDQFUHFLGRHQXQ 
6LHOWUDGXFWRUSRQHp'XULQJWKHSDVWVFDO\HDUVDOHVKDYHJURZQE\qHQWRQFHVWHGDUVFXHQWDGHTXHRQRGRPLQDHOLQJOVFRPRHVGHELGR
RVXLQJOV\DKDVLGRpFRQWDPLQDGRqSRUODLQXHQFLDGHOFDVWHOODQR
(OHMHUFLFLRSDVDGR\DHVSDVDGRHVGHODRTXHKDQDOL]DGRQRUPDOPHQWHHO6LHPSUHKD\TXHHPSOHDUHOSDVDGRVLPSOH9HDPRV
HMHPSORVGHIUDVHVWSLFDVGHODVPHPRULDVDQXDOHV\FPRGHEHQWUDGXFLUVHVWDVDOLQJOV

/DVYHQWDVKDQFUHFLGRHQXQ 6DOHVJUHZE\ FUHFLHURQ


+HPRVKHFKRXQHVIXHU]RSDUDUHGXFLU :HPDGHDQHIIRUWWRUHGXFH KLFLPRV
+HPRVDOFDQ]DGRXQDFLIUDUFRUGGH :HUHDFKHGDUHFRUGJXUHRI DOFDQ]DPRV
(ODRKDQDOL]DGRFRQXQEHQHFLRGH 7KH\HDUHQGHGZLWKDSURWRI QDOL]

3RUWDQWRUHFXHUGDVLHPSUHXVDUHOSUHVHQWHSHUIHFWRSDUDDFFLRQHVTXHKDQWHQLGROXJDURTXHHVWQWHQLHQGROXJDUGHQWURGHXQSHULRGRGH
WLHPSRTXHWRGDYDHVWYLJHQWH HVWHPHV 

+RZPDQ\WLPHVGLG\RXJRWR3DULVODVWPRQWK" ,GLGQoWJRWR3DULVODVWPRQWK
$QGVRIDUWKLVPRQWK" ,KDYHQoWJRQHWR3DULVVRIDUWKLVPRQWK

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDEDVHQWDGRHQXQDPHVDGHUHXQLRQHVFXDQGRXQFOLHQWHSRWHQFLDO ,ZDVVLWWLQJDWDFRQIHUHQFHWDEOHZKHQDSURVSHFWLYHFOLHQWODLGD
PHH[WHQGLXQLPSRUWDQWHFKHTXH&XEULHOFKHTXHFRQVXPDQR\ ODUJHFKHFNLQIURQWRIPH+HFRYHUHGWKHFKHFNZLWKKLVKDQGDQG
PHGLMRp6LWHGR\HVWHGLQHURTXPHJDUDQWL]DV"q(VXQDSUHJXQWD VDLGp,I,JLYH\RXWKLVPRQH\ZKDWZLOO\RXJXDUDQWHHPH"q,WoVD
TXHPHKDFHQFRQFLHUWDIUHFXHQFLDSRUORTXHSXVHPLPDQRHQFLPD TXHVWLRQ,oPDVNHGURXWLQHO\VR,SXWP\KDQGRQWRSRIKLVORRNHG
GHODVX\DOHPLUDORVRMRV\OHGLPLUHVSXHVWDHVWQGDUp7HJDUDQWL]R LQWRKLVH\HVDQGJDYHKLPP\VWDQGDUGDQVZHUp,JXDUDQWHHWKDW
TXHQXQFDYROYHUVDYHUHVWHGLQHURq \RXoOOQHYHUVHHWKLVPRQH\DJDLQq

(VWLPDGRDPLJR\DOXPQR(OSUUDIRDQWHULRUFXHQWDXQDHVFHQDTXHWXYROXJDUKDFH\DPVGHDRV0HYLVLW 0VSDODEUDVLQJOHVDV
XQGLUHFWLYRGHXQRVDRVTXHTXHUDDSUHQGHULQJOV\TXHLEDDSDJDUHOFXUVRGHVXSURSLREROVLOOR(VWDED GHUD]ODWLQD
OJLFDPHQWHSUHRFXSDGRSRUTXHVXGLQHUROHULQGLHUD\TXHUDVDEHUVLSRGUDFRQDUHQP\HQPLVSURIHVRUHV 'RUVDO 'XDO
6LQHPEDUJRODIRUPDHQTXHORH[SUHVPHOODPODDWHQFLQ VDFDQGRXQFKHTXHGHODQWHGHP\UHOODQQGROR 'RVVLHU 'XDOLW\
FRQXQLPSRUWH 'HVSXVGLMRODSDODEUDTXH\RQXQFDVXHORSURQXQFLDUJDUDQWL]DUp6L\ROHGR\HVWHGLQHUR 'RXEOH 'XFWLOH
TXPHJDUDQWL]D"&XDQGRVHWUDWDGHODSUHQGL]DMHGHOLQJOVQRSXHGRJDUDQWL]DUQDGDVDOYRTXHHOFKHTXHHQ 'UDFRQLDQ 'XQH
FXHVWLQYDDVHULQJUHVDGRHQPLFXHQWDq<DVVHORGLMH/HGLMHTXHQRSRGDJDUDQWL]DUQXQFDXQDSUHQGL]DMHVL 'UDJRQ 'XR
HODOXPQRQRSRQDWDQWRGHVXSDUWHFRPR\R/HJDUDQWLFH[FHOHQWHVSURIHVRUHV\XQH[FHOHQWHPWRGRSHUR 'UDPD 'XRGHQDO
GHVSXVOHDGYHUWGHTXHVLOQRPHSHUPLWDSURJUDPDUXQYROXPHQVXFLHQWHGHKRUDVOHFWLYDVSDUDFRQVHJXLU 'UDPDWLF 'XRGHQXP
HOREMHWLYR\VLQRHVWXGLDEDHQVHULRXQYROXPHQGHKRUDVHTXLYDOHQWHDODVKRUDVOHFWLYDVSURSXHVWDVHQWRQFHV 'UDVWLF 'XSOH[
GHJDUDQWDVQDGD(OVHRUVHIXH\QRQRVFRQWUDW7DOYH]IXLXQSRFRUDGLFDOHQPLUHVSXHVWD(QQ3HURTXLHUR 'UDVWLFDOO\ 'XSOLFDWH
'URPHGDU\ 'XSOLFDWLRQ
DKRUDDGYHUWLUWHDWLWDPELQ/RVKD\\ORVKDEUTXHWHJDUDQWL]DUQUHVXOWDGRV\DVHDSDUDDSUHQGHULQJOVX
'UXJ 'XSOLFLW\
RWUDFRVD/DQLFDJDUDQWDTXHH[LVWHHVODTXHWPLVPRSXHGDVVDFDUGHWXSURSLDSHUVRQDGHWXLQWHJULGDG\
'UXLG 'XUDELOLW\
GHWXDFWLWXGDQWHORVSUREOHPDV\UHWRV 5LFKDUG9DXJKDQ
 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&PRHVWWXKHUPDQDDKRUD" +RZoV\RXUVLVWHUQRZ" 7HQJRGRORUGHPXHODV ,KDYHDSDLQLQP\WRRWK


(VWPXFKRPHMRUJUDFLDV 6KHoVPXFKEHWWHUWKDQNV 3RUTXQRYDVDOGHQWLVWD" :K\GRQoW\RXJRWRWKH
<WTXWDO" $QG\RXKRZDUH\RXGRLQJ" GHQWLVW"
1RHVWR\PX\ELHQ ,oPQRWYHU\ZHOO 1RPHJXVWDPXFKRPLGHQWLVWD ,GRQoWOLNHP\GHQWLVWPXFK
3RUTX"(VWVHQIHUPR" :K\"$UH\RXLOO" $QDGLHOHJXVWDVXGHQWLVWD 1RERG\OLNHVWKHLUGHQWLVWEXW
SHURDPVPHJXVWDHOPR ,OLNHPLQH
0HSXHGHVGDUVXQPHUR &DQ\RXJLYHPHKLVQXPEHU
SRUIDYRU" SOHDVH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDVDO +RZRIWHQGR\RXJRWRWKH
 4XHUDSHGLUKRUDSDUDODVWUHV ,oGOLNHWRPDNHDQDSSRLQWPHQW
GHQWLVWD" GHQWLVW" IRUWKUHHRoFORFN
7UDWRGHLUXQDYH]FDGDGLH]DRV,WU\WRJRRQFHHYHU\WHQ\HDUV 3RGUDWRPDUDVLHQWRHQOD &RXOG\RXWDNHDVHDWLQWKH
&XQGRIXHODOWLPDYH]TXH :KHQZDVWKHODVWWLPH\RX
 VDODGHHVSHUD" ZDLWLQJURRP"
IXLVWH" ZHQW" 7HQJRXQSRFRGHPLHGRHQ ,oPDOLWWOHDIUDLGRIWKHVH
/DOWLPDYH]TXHYLDXQ 7KHODVWWLPH,VDZDGHQWLVW
 HVWRVVLWLRV SODFHV
GHQWLVWDIXHHQORVQRYHQWD ZDVLQWKHQLQHWLHV 3RUTXQROHHVDOJRHLQWHQWDV :K\GRQoW\RXUHDGVRPHWKLQJ
'HEHUDVLUGRVYHFHVDODR <RXVKRXOGJRWZLFHD\HDU UHODMDUWH" DQGWU\WRUHOD["
+D\DOJXQDVUHYLVWDVHQODV 7KHUHDUHVRPHPDJD]LQHVRQ
HVWDQWHUDV WKHVKHOYHV

&DVVHUROH &D]XHOD
3RW 2OOD

6DXFHSDQ &D]R

'HHSIU\HU )UHLGRUD
)U\LQJSDQ 6DUWQ

9RFDEXODULR&RRNZDUH %DWHUDGHFRFLQD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRKDFHTXHQRYLHQHV" +RZORQJKDVLWEHHQVLQFH\RX (OLQWHULRUGHWXERFDVHSDUHFH 7KHLQVLGHRI\RXUPRXWKORRNV


ODVWFDPH" DOWHFODGRGHXQSLDQR OLNHDSLDQRNH\ERDUG
/OHYRGLH]DRVVLQLUDXQ ,KDYHQoWEHHQWRDGHQWLVWLQ
 &XQWRVHPSDVWHVWLHQHV" +RZPDQ\OOLQJVGR\RXKDYH"
GHQWLVWD WHQ\HDUV 4XH\RVHSDVORWHQJRVLHWH $VIDUDV,NQRZ,RQO\KDYH
4XFODVHGHFHSLOORGH :KDWW\SHRIWRRWKEUXVKGR
 VHYHQ
GLHQWHVXWLOL]DV" \RXXVXDOO\XVH" 7LHQHVXQDVFDULHVHQGRVGH <RXKDYHVRPHGHFD\LQWZRRI
4XPDUFDGHSDVWDGH :KDWPDNHRIWRRWKSDVWHGR
 ODVPXHODVGHOMXLFLR \RXUZLVGRPWHHWK
GLHQWHVWHJXVWD" \RXOLNH" 0HWHPRTXHODVWHQJDPRV ,oPDIUDLGZHoUHJRLQJWRKDYH
&RQTXIUHFXHQFLDWHODYDV +RZRIWHQGR\RXEUXVK\RXU
 TXHVDFDU WRWDNHWKHPRXW
ORVGLHQWHV" WHHWK"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RGUDVVDFDUODOHQJXD" &RXOG\RXVWLFN\RXUWRQJXH (VWHVLOOQUHFOLQDEOHHVPX\ 7KLVUHFOLQLQJFKDLULVDORWRI



RXWDPRPHQW" GLYHUWLGR IXQ
7HODYDVODVHQFDVDGHPV 'R\RXFOHDQ\RXUJXPVDVZHOO 0LUDKDFLDHOWHFKRFRQOD /RRNDWWKHFHLOLQJZLWK\RXU

GHORVGLHQWHV" DV\RXUWHHWK" ERFDPX\DELHUWD PRXWKZLGHRSHQ
6HUDUHFRPHQGDEOHXWLOL]DU ,WZRXOGEHUHFRPPHQGDEOHWR ,QWHQWDGHMDUGHEDEHDUSRUIDYRU7U\WRVWRSGURROLQJSOHDVH
XQHQMXDJXHEXFDO XVHDPRXWKZDVK 7HYR\DLQ\HFWDUFRQXQ ,oPJRLQJWRLQMHFW\RXZLWKD

+DVLQWHQWDGRXWLOL]DUKLOR +DYH\RXHYHUWULHGXVLQJ SHTXHRDQDOJVLFR VPDOOSDLQNLOOHU
GHQWDODOJXQDYH]" GHQWDORVV" $TXWHORHVWVSDVDQGR ,EHW\RXoUHKDYLQJDZKDOHRID
3XHGHTXHHVWRWHGXHODXQSRFR 7KLVPLJKWKXUW\RXDOLWWOH ERPEDHK" WLPHDUHQoW\RX"

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

(DUO\ODVWZLQWHU
3KUDVDOYHUEVZLWKpDFURVVq 
6LJQLFDpDSULQFLSLRVGHOLQYLHUQRSDVDGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:HHZDFURVVWKH$WODQWLF 7KHVKDGRZRIWKHWUHHIHOODFURVVWKHSDWLR
IUDVHVHQLQJOV"
&UX]DPRVHO$WOQWLFR HQDYLQ /DVRPEUDGHOUERODWUDYHVDEDHOSDWLR
$SULQFLSLRVGHOLQYLHUQRSDVDGRVHOHVDQJU
ODQDUL]GH+DUU\
:HQDOO\JRWDFURVVWKHULYHU +RZFDQ,JHWWKLVLGHDDFURVVWRP\SHRSOH $SULQFLSLRVGHOLQYLHUQRSDVDGRVHPH
3RUQFRQVHJXLPRVFUX]DUHOUR &PRSXHGRWUDQVPLWLUHVWDLGHDDPL FRQJHODURQORVSHQVDPLHQWRV
JHQWH" $SULQFLSLRVGHOLQYLHUQRSDVDGRPLKLMD
<RXoUHQRWJHWWLQJDFURVV PRQWHQEXUUR
1RWHHVWVH[SOLFDQGRELHQ 0RVHVOHGWKH-HZVDFURVVWKH5HG6HD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
0RLVVJXLDORVMXGRVDFUX]DUHO0DU5RMR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
8QWUXFRSDUDGRPLQDUORVSDUWLFLSLRV
7DSDODFROXPQDGHUHFKD\WUDWDGHFRQWHVWDUFRQVLQFHULGDGODVIUDVHVGHODFROXPQDGHODL]TXLHUGD'HVSXVPLUDVLKDVDFHUWDGRHQ
HOXVRGHOSUHVHQWHSHUIHFWR\GHOSDUWLFLSLR3UDFWLFDHVWHHMHUFLFLRXQDYH]DOGDGXUDQWHXQDR
:KHQGLG\RXODVWEUHDNDZRUOGUHFRUG" ,oYHQHYHUEURNHQDZRUOGUHFRUG
:KHQGLG\RXODVWEX\DSHWFURFRGLOH" ,oYHQHYHUERXJKWDSHWFURFRGLOH
:KHQGLG\RXODVWFDWFKSQHXPRQLD" ,oYHQHYHUFDXJKWSQHXPRQLD
:KHQZDVWKHODVWWLPH\RXGLGKRPHZRUNLQIURQWRIPH" ,oYHQHYHUGRQHKRPHZRUNLQIURQWRI\RX
:KHQZDVWKHODVWWLPH\RXGURYHP\FDU" ,oYHQHYHUGULYHQ\RXUFDU
:KHQZDVWKHODVWWLPH\RXDWHLQD0RQJROLDQUHVWDXUDQW" ,oYHQHYHUHDWHQLQD0RQJROLDQUHVWDXUDQW
:KHQZDVWKHODVWWLPH\RXIHOOIURPWKHWRSRIDEXLOGLQJ" ,oYHQHYHUIDOOHQIURPWKHWRSRIDEXLOGLQJ
:KHQZDVWKHODVWWLPH\RXJDYHPHDJROGZDWFK" ,oYHQHYHUJLYHQ\RXDJROGZDWFK
:KHQZDVWKHODVWWLPH\RXJUHZDORQJEHDUG" ,oYHQHYHUJURZQDORQJEHDUG
:KHQZDVWKHODVWWLPH\RXNQHZKRZWR\OLNH3HWHU3DQ" ,oYHQHYHUNQRZQKRZWR\OLNH3HWHU3DQ
:KHQGLG\RXODVWORVHDPLOOLRQGROODUVLQWKHFDVLQR" ,oYHQHYHUORVWDPLOOLRQGROODUVLQWKHFDVLQR
:KHQGLG\RXODVWPHHWZLWKPHLQD7XUNLVKEDU" ,oYHQHYHUPHWZLWK\RXLQD7XUNLVKEDU
:KHQGLG\RXODVWVHOOPHDVHWRIWXSSHUZDUH" ,oYHQHYHUVROG\RXDVHWRIWXSSHUZDUH
:KHQGLG\RXODVWVOHHSXQGHUDEULGJH" ,oYHQHYHUVOHSWXQGHUDEULGJH
:KHQGLG\RXODVWWHDFKPHWKHLUUHJXODUYHUEVLQ)UHQFK" ,oYHQHYHUWDXJKW\RXWKHLUUHJXODUYHUEVLQ)UHQFK
:KHQZDVWKHODVWWLPH\RXVSRNHWRPHDERXW\RXUVLVWHU" ,oYHQHYHUVSRNHQWR\RXDERXWP\VLVWHU
:KHQZDVWKHODVWWLPHWKHVXQURVHLQWKHZHVW" 7KHVXQKDVQHYHUULVHQLQWKHZHVW
:KHQZDVWKHODVWWLPH\RXVWROHDSDLQWLQJIURPWKH3UDGR" ,oYHQHYHUVWROHQDSDLQWLQJIURPWKH3UDGR
:KHQZDVWKHODVWWLPH\RXWKUHZDZD\DGLDPRQGULQJ" ,oYHQHYHUWKURZQDZD\DGLDPRQGULQJ
:KHQGLG\RXODVWZHDUDSLQNVXLW" ,oYHQHYHUZRUQDSLQNVXLW
:KHQGLG\RXODVWZLQWKH&KULVWPDVORWWHU\" ,oYHQHYHUZRQWKH&KULVWPDVORWWHU\
:KHQGLG\RXODVWJKWLQDFLYLOZDU" ,oYHQHYHUIRXJKWLQDFLYLOZDU
:KHQGLG\RXODVWWKLQNDERXWWKHSUREOHPVLQ$OEDQLD" ,oYHQHYHUWKRXJKWDERXWWKHSUREOHPVLQ$OEDQLD
:KHQGLG\RXODVWOHDYHKRPHIRUZRUNDWDP" ,oYHQHYHUOHIWKRPHIRUZRUNDWDP
:KHQZDVWKHODVWWLPH\RXZHQWWRWKH1RUWK3ROH" ,oYHQHYHUJRQHWRWKH1RUWK3ROH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
8QDHQFXHVWDUHFLHQWHHQFRQWUTXHODVPXMHUHVSUHHUHQDKRP $UHFHQWVXUYH\IRXQGWKDWZRPHQSUHIHUPHQZLWKRXWIDFLDOKDLU
EUHVVLQEDUEDRELJRWH6RODPHQWHHOGHODVPXMHUHVSUHHUH 2QO\WKUHHSHUFHQWRIZRPHQOLNHPHQZLWKEHDUGVDQGRQO\HLJKW
DORVKRPEUHVFRQEDUED\VORHOFRQELJRWH(QFXDQWRDOD SHUFHQWOLNHPRXVWDFKHV$VIRUWKHIDVKLRQLQUHFHQW\HDUVLQZKLFK
PRGDHQORVOWLPRVDRVHQHOTXHORVKRPEUHVVHGHMDQEDUED PHQOHDYHRQHRUWZRGD\VRIEHDUGJURZWKRQO\WZRSHUFHQWRI
GHGRVRWUHVGDVVRODPHQWHHOGHODVPXMHUHVHQFXHVWDGDV WKHZRPHQVXUYH\HGIRXQGWKDWIDVKLRQWRWKHLUOLNLQJ6RPHQ
HQFRQWUDURQHVDPRGDGHVXJXVWR$VTXHKRPEUHV\DVDELVOR \RXNQRZZKDW\RXKDYHWRGRVKDYHHYHU\GD\
TXHWHQLVTXHKDFHUDIHLWDURVFDGDGD

(VWLPDGRDPLJR\DOXPQR/OHJXSRUSULPHUDYH]D(VSDDFRQFUHWDPHQWHD%DUFHORQDHQDJRVWRGH$OOHVWXYHGRV 0VSDODEUDV
VHPDQDVHQXQDUHVLGHQFLDHVWXGLDQWLOMXQWRDXQJUXSRGHHVWXGLDQWHVQRUWHDPHULFDQRV/DVGRVSULPHUDVVHPDQDVODV LQJOHVDVGHUD]
GHGLFDPRVDFRQRFHUDIRQGRODFLXGDG\DUHGDFWDUDOQDOXQDVFLQFRSJLQDVDFHUFDGHQXHVWUDH[SHULHQFLD6HWUDWDED ODWLQD
GHXQPLQLFXUVRTXHQRVLEDDYDOHUDFDGDXQRGRVFUGLWRVXQLYHUVLWDULRV5HFXHUGRTXHPXFKRVHVWXGLDQWHVVHTXHMDEDQ
'XUDWLRQ
GHTXHQRVHVHQWDQFDSDFHVGHH[SUHVDUFRQSDODEUDVODULTXH]DGHVXH[SHULHQFLDGXUDQWHHVDVGRVVHPDQDV3DUDP
'XULQJ
TXHHVWDEDQLQWHQWDQGROLEUDUVHGHODWDUHDVLQPV1RREVWDQWHUHFXHUGRPX\ELHQODVSDODEUDVGHXQRGHORVSURIHVRUHV '\QDPLF
TXHDFRPSDDEDDOJUXSR1RVGLMRTXHQXHVWUDVLPSUHVLRQHVVHQVDFLRQHVVHQWLPLHQWRVSHQVDPLHQWRV\HPRFLRQHVQR '\QDPLFV
YDODQSDUDQDGDVLQRUDPRVFDSDFHVGHWUDQVPLWLUODVDRWURVGHIRUPDHFD]ELHQSRUHVFULWRRELHQPHGLDQWHXQDEXHQD '\QDPLVP
H[SUHVLQRUDO1RVUHFRUGTXHXQDPDQHUDFRPQGHDVSLUDUDODYLGDHWHUQDHVGHMDQGRQXHVWUDKXHOODHQHVWDWLHUUD '\QDPL]H
DWUDYVGHODSDODEUDHVFULWD$VHOSURIHVRUQRVLQVWDEDDHVIRU]DUQRVSDUDSODVPDUVREUHHOSDSHOODVLPSUHVLRQHVWDQ '\QDPR
QXHYDV\GLIHUHQWHVTXHKDEDPRVH[SHULPHQWDGRHQ%DUFHORQD6XIRUPDGHGHFUQRVORQRIXHHVSHFLDOPHQWHLPSDFWDQWH '\QDVWLF
SHURQRODKHROYLGDGRMDPV\QRODKHROYLGDGRSRUTXHGHVGHHQWRQFHVKHFRQVWDWDGRXQD\RWUDYH]TXHHOOHQJXDMHOR '\QDVW\
HVWRGRVLTXHUHPRVGRWDUGHFDOLGDGQXHVWURVSHQVDPLHQWRVRQXHVWUDVDVSLUDFLRQHV3REUH]DHQODDXWRH[SUHVLQ\D '\VHQWHU\
VHDHVFULWDXRUDOFRQGHQDDXQRDQRUHDOL]DUHVDVDVSLUDFLRQHV/DFDOLGDGGHORTXHEURWDGHQXHVWURFHUHEURVORWLHQH '\VIXQFWLRQDO
HVRFDOLGDGHQODPHGLGDHQTXHVDEHPRVDGRUQDUORFRQQXHVWUROHQJXDMH(VLPSHUDWLYRSXHVTXHLQWHQWHPRVVLHPSUH '\VOH[LD
PHMRUDUQXHVWUDFDSDFLGDGGHFRPXQLFDFLQSULPHURHQQXHVWUDSURSLDOHQJXD\GHVSXVHQRWUDVVLHVSRVLEOH (DUQHVW 
5LFKDUG9DXJKDQ (EXOOLHQFH
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XQGRHVWXERGD" :KHQLV\RXUZHGGLQJ" (VWVQHUYLRVDSRUHOOR" $UH\RXQHUYRXVDERXWLW"


(VHQPDU]R ,WoVLQ0DUFK <RQRSHURPLPDULGRV ,oPQRWEXWP\KXVEDQGLV
1XHVWUDERGDHVHQSULPDYHUD 2XUZHGGLQJLVLQVSULQJ &UHRTXHHVWVKDEODQGRGH ,WKLQN\RXoUHWDONLQJDERXW
(QTXIHFKDHVODERGD" :KDWGDWHLVWKHZHGGLQJ" WXQRYLR \RXUER\IULHQG
(VHOOWLPRGDGHPHV ,WoVRQWKHODVWGD\RIWKH %XHQRWHQWLHQGHVORTXH :HOO\RXXQGHUVWDQGZKDW,oP
PRQWK HVWR\GLFLHQGR VD\LQJ
(VWOLVWRWRGR" ,VHYHU\WKLQJUHDG\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWDJHQWHKDEU" +RZPDQ\SHRSOHZLOOWKHUHEH" +DVHQYLDGRODVLQYLWDFLRQHV +DYH\RXVHQWRXWWKH


(VHVHHODQLOORTXHWHFRPSU",VWKDWWKHULQJKHERXJKW\RX" \D" LQYLWDWLRQV\HW"
&XQGRWHSLGLTXHWH :KHQGLGKHDVN\RXWRPDUU\
 7RGDYDHVWDPRVGHFLGLHQGR :HoUHVWLOOGHFLGLQJRQKRZ
FDVDUDVFRQO" KLP" FXQWRVLQYLWDGRVKDEU PDQ\JXHVWVWKHUHZLOOEH
4XLHUHVTXH\RRUJDQLFHODV 'R\RXZDQWPHWRRUJDQLVH
 +DVFRPSUDGRHOYHVWLGR\D" +DYH\RXERXJKW\RXUGUHVV\HW"
RUHV" WKHRZHUV" 6\DKHHQFRQWUDGRDOJR <HV,oYHDOUHDG\IRXQG
(QTXLJOHVLDRVYDLVDFDVDU" :KLFKFKXUFKDUH\RXJRLQJWR VRPHWKLQJ
JHWPDUULHGLQ" 'QGHYDLVGHOXQDGHPLHO" :KHUHDUH\RXJRLQJRQ
KRQH\PRRQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HFDVDUVGHEODQFR" :LOOLWEHDZKLWHZHGGLQJ" &XQWDVGDPDVGHKRQRUYDV +RZPDQ\EULGHVPDLGVDUH\RX


+DSUHSDUDGROXQGLVFXUVR" +DVKHSUHSDUHGDVSHHFK" DWHQHU"3XHGRVHU\RXQD" JRLQJWRKDYH"&DQ,EHRQH"
/HTXHGDPXFKRWLHPSRDQWHV +HKDVDORWRIWLPHOHIWEHIRUH
 'HMDGHKDFHUPHWDQWDV 6WRSDVNLQJPHVRPDQ\
GHTXHWHQJDTXHKDFHUHVR KHKDVWRGRWKDW SUHJXQWDV TXHVWLRQV
7HOOHYDVELHQFRQVXVSDGUHV" 'RHVKHJHWRQZHOOZLWK\RXU |(UHVXQDDXWQWLFDSHVDGD <RXoUHDUHDOSDLQLQWKHQHFN
SDUHQWV" 1RORSXHGRHYLWDUHVWR\WDQ ,FDQoWKHOSLW,oPVRH[FLWHG
|9DPRVDVHUFXDGDV :HoUHJRLQJWREHVLVWHUVLQODZ HPRFLRQDGD
3HQVLVWHQHUKLMRVHQXQ $UH\RXSODQQLQJWRKDYH
IXWXURFHUFDQR" FKLOGUHQLQWKHQHDUIXWXUH"
=LS &UHPDOOHUD

3DGORFN &DQGDGR +DQGOH $VD

/RFN &LHUUH :KHHOV 5XHGDV

9RFDEXODULR6XLWFDVH 0DOHWD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'QGHFHOHEUDVWHODGHVSHGLGD:KHUHGLG\RXFHOHEUDWH\RXU 7HWRPRDWLFRPRPLHVSRVD ,WDNH\RXWREHP\ZLIH


GHVROWHUD" KHQQLJKW" 3DUDELHQRSDUDPDOHQOD 7KURXJKJRRGDQGWKURXJK
+LFLVWHWUDYHVXUDV" 'LG\RXJHWXSWRPLVFKLHI" ULTXH]DRHQODSREUH]DHQOD EDGIRUULFKRUIRUSRRULQ
6LKXELHUDKHFKRDOJRQRWHOR ,I,KDGGRQHDQ\WKLQJ, VDOXGRHQODHQIHUPHGDG VLFNQHVVRULQKHDOWK
GLUD ZRXOGQoWWHOO\RX 3DUDDPDUWH\UHVSHWDUWHKDVWD7RORYHDQGUHVSHFW\RXXQWLO
<OWXYRXQDGHVSHGLGDGH $QGGLGKHKDYHDVWDJSDUW\" TXHODPXHUWHQRVVHSDUH GHDWKGRXVSDUW
VROWHUR" +DEODDKRUDRFDOODSDUDVLHPSUH 6SHDNQRZRUIRUHYHUKROG\RXU
6SHURPHSURPHWLTXHVH <HVEXWKHSURPLVHGPHWKDW SHDFH
FRPSRUWELHQ KHEHKDYHGKLPVHOI <DSXHGHEHVDUDODQRYLD <RXPD\QRZNLVVWKHEULGH



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

8QWLO
3KUDVDOYHUEVZLWKpDFURVVq 
(Q(VSDDVHVXHOHDSUHQGHUODSDODEUD
pXQWLOqSDUDGHFLUpKDVWDqORFXDOHVFLHUWR
7KH\GLGQoWPDNHLWDFURVVWKHEULGJH ,UDQDFURVVDQLQWHUHVWLQJVLWHRQWKHZHE SHURRMRQRHQWRGRVORVFDVRV
1RORJUDURQFUX]DUHOSXHQWH +HGDGRFRQXQVLWLRLQWHUHVDQWHHQODZHE 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
/HWWKHPDFURVVWKHEULGJH ,oPJRLQJWRVHQGKLPDFURVVWKHRFHDQ 6HTXHGDUDOOKDVWDTXHVHPXHUD
'MDOHVTXHFUXFHQHOSXHQWH /HYR\DPDQGDUDORWURODGRGHORV 1RORVDEUKDVWDTXHQRVHSXEOLTXHQORV
PDUHV UHVXOWDGRV
6KHVDWDFURVVIURPPH 7HHVSHUDUHPRVKDVWDODVFLQFR
6HVHQWHQIUHQWHGHP :HWRRNKLPDFURVVWKHULYHU ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
/HOOHYDPRVDORWURODGRGHOUR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
)DPRXV)RUXV$PELJXRXV)RUXV1HUYRXV)RUXV
|4XWWXORPVH[WUDR3RUTXLQFOX\RWUHVYHFHVODH[SUHVLQpIRUXVq"4XWLHQHTXHYHUpIRUXVqFRQIDPRVRDPELJXRRQHUYLRVR"
3XHVWLHQHPXFKRTXHYHUDODKRUDGHGHPRVWUDUWHFPRSURQXQFLDUHOQDOGHODVWUHVSDODEUDVTXHWHDFDERGHFLWDU/DVODEDpRXVqDO
QDOGHFDGDSDODEUDVHSURQXQFLDFRPRpXVqHQODH[SUHVLQpIRUXVq/RVHVSDROHVSURQXQFLLVPDOODVSDODEUDVHQLQJOVTXHWHUPL
QDQHQpRXVqPX\PDODYHFHVKDVWDHOSXQWRGHLPSRVLELOLWDUODFRPSUHQVLQ7RGDVODVSDODEUDVH[SXHVWDVDFRQWLQXDFLQWHUPLQDQ
FRQVRQLGRIRQWLFRpDVq'LODVWRGDVHQYR]DOWDHOPD\RUQPHURGHYHFHVTXHSXHGDV
$GYDQWDJHRXV DGIDQWLFKDV YHQWDMRVR *ORULRXV JOULDV JORULRVR
$GYHQWXURXV DGIQFKXUDV LQWUSLGR *RUJHRXV JUFKDV SUHFLRVR
$PELJXRXV DPENLXDV DPELJXR +LODULRXV MLOULDV GLYHUWLGVLPR
$PELWLRXV DPEVLDV DPELFLRVR -HDORXV FKODV FHORVR
$Q[LRXV LQNVLDV DQVLRVR 0DUYHORXV PUIHODV PDUDYLOORVR
&DXWLRXV NVLDV FDXWR 0HWLFXORXV PHWNLXODV PHWLFXORVR
&RQVFLRXV NQVLDV FRQVFLHQWH 0LUDFXORXV PLUNLXODV PLODJURVR
&RQWDJLRXV NDQWLFKDV FRQWDJLRVR 0RXQWDLQRXV PRQWDQDV PRQWDRVR
&RQWLQXRXV NDQWQLXDV FRQWLQXR 0RQRWRQRXV PDQWDQDV PRQWRQR
&RXUWHRXV NUWLDV FRUWV 0\VWHULRXV PLVWULDV PLVWHULRVR
&XULRXV NLULDV FXULRVR 1HUYRXV QUIDV QHUYLRVR
'DQJHURXV GLQFKHUDV SHOLJURVR 2EYLRXV EDV REYLR
'HOLFLRXV GHOVLDV GHOLFLRVR 3RLVRQRXV SLVDQDV YHQHQRVR
'LVDVWURXV GLVVWHUDV GHVDVWURVR 3UHFLRXV SUVLDV YDOLRVVLPR
(QRUPRXV HQUPDV HQRUPH 3UHYLRXV SUYLDV SUHYLR
(QYLRXV QDV HQYLGLRVR 5HOLJLRXV UHOFKDV UHOLJLRVR
)DEXORXV IELXODV IDEXORVR 6HULRXV VULDV VHULR
)DPRXV ILPDV IDPRVR 6SRQWDQHRXV VVVVSRQWLQLDV HVSRQWQHR
)HURFLRXV IHUVLDV IHUR] 6XSHUVWLWLRXV VXSHUVWVLDV VXSHUVWLFLRVR
)LFWLWLRXV FWVLDV FWLFLR 6XVSLFLRXV VDVSVLDV VRVSHFKRVR
)ULYRORXV IUYRODV IUYROR 7UHPHQGRXV WUHPQGDV WUHPHQGR
)XULRXV ULDV IXULRVR 9DULRXV IULDV GLYHUVRV
*HQHURXV FKQHUDV JHQHURVR 9LFLRXV IVLDV HURIHUR]VDOYDMH
*ODPRURXV JOPRUDV JODPRURVR 9LUWXRXV IUFKXDV YLUWXRVR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
1RFUHRTXHFRQWUDWDUDDOJXLHQDKRUDVHDXQDGHFLVLQPX\DFHU ,GRQoWWKLQNLWoVDZLVHGHFLVLRQWRKLUHVRPHRQHULJKWQRZ6DOHV
WDGD/DVYHQWDVKDQFDGR\SDUHFHTXHHVWDPRVHQWUDQGRHQXQ DUHGRZQDQGZHVHHPWREHHQWHULQJDUHFHVVLRQ,NQRZZHoYH
SHURGR GH UHFHVLQ 6 TXH WHQHPRV PXFKR GLQHUR RFLRVR VLP JRWDORWRILGOHFDVKRQKDQGVLPSO\HDUQLQJLQWHUHVWEXW,ZRXOG
SOHPHQWHJHQHUDQGRLQWHUHVHVSHURSUHIHULUDTXHLQYLUWLHUDVHVH UDWKHU\RXLQYHVWHGWKDWPRQH\LQDSURGXFWLYHYHQWXUHRUMXVWOHIW
GLQHURHQXQDLQLFLDWLYDUHQWDEOHRTXHORGHMDUDVHQXQDFXHQWDUH LWLQDVKRUWWHUPLQWHUHVWDFFRXQWDVDFDVKFXVKLRQWKDQVSHQGLW
PXQHUDGDDFRUWRSOD]RDPRGRGHFROFKQPHMRUTXHJDVWDUORHQ RQDQHZLQGLUHFWHPSOR\HHZKRoOOQHHGWUDLQLQJDQGDWOHDVWVL[RU
XQHPSOHDGRQXHYRTXHQHFHVLWDUIRUPDFLQ\WDUGDUDOPHQRV VHYHQPRQWKVWREHFRPHDQDVVHWWRWKHRUJDQL]DWLRQ
VHLVRVLHWHPHVHVKDVWDOOHJDUDVHUXQDFWLYRSDUDODRUJDQL]DFLQ

(VWLPDGRDPLJR\DOXPQR/DVHFFLQFHQWUDOGHOGRUVRGHHVWDFKDSUHVHQWDSDODEUDVTXHWHUPLQDQHQpRXVq6LWH 0VSDODEUDVLQJOHVDV
MDVHQODVFROXPQDVHQD]XOFODURGRQGHKDJRXQLQWHQWRSRUGHVFULELUODSURQXQFLDFLQWHGDUVFXHQWDGHORGLIFLO GHUD]ODWLQD
TXHHVDFODUDUODIRQWLFDLQJOHVDDWUDYVGHODRUWRJUDIDHVSDROD([LVWHXQDOIDEHWRIRQWLFRSHURVWHFLUFXOD (EXOOLHQW (FRQRP\
VRODPHQWHHQWUHOLQJLVWDVHVSHFLDOLVWDV\IRURIRVGHODIRQWLFD3HURLQFOXVRGRPLQDQGRHVWHDOIDEHWRHVSHFLDO (FFHQWULF (FRV\VWHP
WHQGUDVLPSRUWDQWHVSUREOHPDVDODKRUDGHDSUHQGHUFRUUHFWDPHQWHODSURQXQFLDFLQGHODVSDODEUDVHQLQJOV (FKR (FVWDV\
(FOHFWLF (FVWDWLF
+D\SRFDVUHJODV\PLOHVGHDXWQWLFDVDEHUUDFLRQHVRUWRJUFDV1RSXHGHVFDVLQXQFDDUWHGHODSDODEUDHVFULWD (FOLSVH (F]HPD
SDUDTXHWHGDOJXQDSLVWDVREUHVXSURQXQFLDFLQ(VSRUHVWRSRUORTXHLQVLVWRWDQWRHQODVFXHVWLRQHVDXGLWLYDV (FRORJLFDO (GLFW
(V LPSHUDWLYR TXH H[SRQJDV WX RGR D ORV VRQLGRV GHO LQJOV GXUDQWH PXFKVLPDV KRUDV 8QD KRUD GHGLFDGD (FRORJ\ (GLFH
SXUDPHQWHDODDXGLFLQYDOHSRUKRUDVGHGLFDGDVDOHVWXGLRSDVLYRGHJUDPWLFD\YRFDEXODULR&DGDXQLGDG (FRORJLVW (GLFDWLRQ
GHDYDQFHUHDOHQHODVSHFWRKDEODGRGHOLGLRPDYDSUHFHGLGDSRUFLQFRXQLGDGHVGHDYDQFHHQHODVSHFWRDXGLWLYR (FRQRPLF (GLW
(VWHPWRGRLQFOX\HOLEUR&'\'9'6L\RHVWXYLHUDHQWXOXJDUGHGLFDUDHOGHWRGRPLWLHPSRGHHVWXGLRDOD (FRQRPLFDO (GLWLRQ
HVFXFKDGHO&'XQDOYLVLRQDGRGHO'9'\WDQVORHOGHOWLHPSRDORVOLEURV3RGUDVGHGLFDUFLQFRPLOKRUDV (FRQRPLFV (GLWRU
DPDFKDFDUORVOLEURV\DQDVQRWHGDUDQORTXHKRUDVGHDXGLFLQ
(FRQRPLVW (GLWRULDO 
5LFKDUG9DXJKDQ (FRQRPL]H (GXFDWH

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XKRUDHV" :KDWWLPHLVLW" (OGHVD\XQRHVSRUODPDDQD ,KDYHEUHDNIDVWLQWKHPRUQLQJ


6RQODVRQFH ,WoVHOHYHQRoFORFN &RPRSRUODWDUGH |/DWDUGH ,KDYHOXQFKLQWKHDIWHUQRRQ
6RQODVRFKR\PHGLD ,WoVKDOISDVWHLJKW LQJOHVDHQWUHODV\HO
6RQODVVLHWH\FXDUWR ,WoVDTXDUWHUSDVWVHYHQ DQRFKHFHU 
(VODXQDPHQRVFXDUWR ,WoVDTXDUWHUWRWZHOYH &HQRSRUODWDUGH |/DWDUGH,KDYHGLQQHULQWKHHYHQLQJ
LQJOHVDHVDSDUWLUGHODQRFKHFHU
/DVHVWUHOODVHVWQHQHOFLHOR 7KHVWDUVDUHLQWKHVN\DW
SRUODQRFKH QLJKW
1RWUDEDMRHOQGHVHPDQD ,GRQoWZRUNDWWKHZHHNHQG

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/HUHXQLQHVHOPLUFROHV 7KHPHHWLQJLVRQ:HGQHVGD\ 1RSRGULUHVWHMXHYHV ,ZRQoWEHDEOHWRJRWKLV


6LHPSUHYR\DODLJOHVLDORV ,DOZD\VJRWRFKXUFKRQ
 7KXUVGD\
GRPLQJRV 6XQGD\V 7HQJRFODVHVGHJXLWDUUDXQ ,KDYHJXLWDUFODVVHVHYHU\
-XHJRDOIWEROWRGRVORVVEDGRV,SOD\IRRWEDOOHYHU\6DWXUGD\ OXQHVV\RWURQR RWKHU0RQGD\
/DIHFKDGHKR\HVPDUWHV 7KHGDWHWRGD\LV7XHVGD\WKH
 7HYHUHOYLHUQHVSRUODQRFKH ,oOOVHH\RX)ULGD\QLJKW
GHDEULO WZHQW\WKLUGRI$SULO (OFXUVRGXUDUXQDTXLQFHQD 7KHFRXUVHZLOOODVWDIRUWQLJKW
1DFLVWHHOGHIHEUHURGHO <RXZHUHERUQRQWKHIWKRI
 /DPD\RUDGHODJHQWHVXHOH 0RVWSHRSOHXVXDOO\JRRQ
 )HEUXDU\ LUVHGHYDFDFLRQHVHQDJRVWR KROLGD\LQ$XJXVW

6FUHHQ 3DQWDOOD +DQGVIUHH 0DQRVOLEUHV

.H\ 7HFOD

%DWWHU\ %DWHUD &DUG 7DUMHWD

9RFDEXODULR0RELOH 0YLO

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/DQDOGHOD/LJDGH&DPSHRQHV7KH&KDPSLRQV/HDJXHQDO (VWHWLSRGHLQFLGHQWHVRFXUUH ,QFLGHQWVRIWKLVNLQGDUHD


WLHQHOXJDUHQPD\R WDNHVSODFHLQ0D\ GLDULDPHQWH GDLO\RFFXUUHQFH
/DVKRMDVFDHQGHORVUEROHV /HDYHVIDOOIURPWKHWUHHVLQ
 7HQHPRVUHXQLRQHVVHPDQDOHV :HKDYHZHHNO\PHHWLQJV
HQRWRR DXWXPQ FRQHOHTXLSRGHYHQWDV ZLWKWKHVDOHVWHDP
/DVRUHVRUHFHQHQSULPDYHUD)ORZHUVEORRPLQVSULQJ /HVSDJDQPHQVXDOPHQWH 7KH\DUHSDLGPRQWKO\
(OKRPEUHDWHUUL]HQODOXQD 0DQODQGHGRQWKHPRRQLQ
 7RGRVORVHPSOHDGRVUHFLEHQ $OOHPSOR\HHVUHFHLYHD
HQ  XQDHYDOXDFLQFDGDWULPHVWUH TXDUWHUO\DVVHVVPHQW
(OSUHVLGHQWH.HQQHG\IXH 3UHVLGHQW.HQQHG\ZDV
 6HSLQWDHOSXHQWHFDGDDR 7KHEULGJHLVSDLQWHGDQQXDOO\
DVHVLQDGRHQ DVVDVVLQDWHGLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(OFKDUOHVWRQVHKL]RSRSXODU 7KH&KDUOHVWRQEHFDPHD
 /DV2OLPSLDGDVVLHPSUH 7KH2O\PSLFVDOZD\VFRLQFLGH

HQORVDRVYHLQWH SRSXODUGDQFHLQWKHWZHQWLHV FRLQFLGHQFRQORVDRVELVLHVWRV ZLWKOHDS\HDUV
/DJHQWHVHYHVWDFRQSDQWDORQHV3HRSOHZRUHDUHVLQWKH /D8QLYHUVLGDGGH2[IRUGVH 2[IRUG8QLYHUVLW\GDWHVEDFN

FDPSDQDHQORVVHWHQWD VHYHQWLHV UHPRQWDDOVLJORRQFH WRWKHHOHYHQWKFHQWXU\
+X\D*DOHVDSULQFLSLRVGH 6KHHGWR:DOHVLQWKHHDUO\ 1RPHKHFRUWDGRODVXDVGHO ,KDYHQoWFOLSSHGP\WRHQDLOV

ORVVHVHQWD VL[WLHV SLHHQVLJORV LQDJHV
(OYLV3UHVOH\VHKL]RIDPRVRD (OYLV3UHVOH\EHFDPHIDPRXVLQ
 IXHHODQLYHUVDULRGHO ZDVWKHIRXUKXQGUHWK

PHGLDGRVGHORVFLQFXHQWD WKHPLGIWLHV FXDUWRFHQWHQDULRGH'RQ4XLMRWH DQQLYHUVDU\RI'RQ4XL[RWH
0XFKDVHPSUHVDVGH,QWHUQHW 0DQ\,QWHUQHWFRPSDQLHVZHQW (OSUREOHPDLQIRUPWLFRGHO 7KHPLOOHQQLXPFRPSXWHUEXJ

TXHEUDURQDQDOHVGHORVQRYHQWD EDQNUXSWLQWKHODWHQLQHWLHV HIHFWRIXHXQJUDQHQJDR ZDVDKXJHKRD[

Z Z ZY D X V \ V  F R P

 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDFURVVq  4XLWHDELW
p4XLWHDELWqVLJQLFDpEDVWDQWHq\HVPX\
,WKUHZWKHVWRQHDFURVVWKHULYHU +HOLYHVDFURVVWKHVWUHHWIURPXV XWLOL]DGRFRPRDGYHUELR
/DQFODSLHGUDDORWURODGRGHOUR 9LYHHQIUHQWHGHQRVRWURV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,FDUULHGKHUDFURVVWKHWKUHVKROG 7KH\PRYHGDFURVVWKHFRXQWU\ (VWR\EDVWDQWHPVJRUGRGHORTXHHVWDEDOD
&UXFHOXPEUDOFRQHOODHQEUD]RV 6HPXGDURQKDVWDHORWURODGRGHOSDV OWLPDYH]TXHWHYL
'DQHVEDVWDQWHPVJUDFLRVRTXHVXMHIH
(OSDQWDQRHVWEDVWDQWHPVOOHQRGHORTXH
7KH\IROORZHGPHDFURVVWKHEULGJH +HHVFDSHGDFURVVWKHULYHU HVWDEDHODRSDVDGR
0HVLJXLHURQKDVWDODRULOODFRQWUDULD 6HIXJDWUDYHVDQGRHOUR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
<HVVLU

6LU/DQFHORWf6LU*DODKDGf6LU*DZDLQf6LU3HUFHYDO6LU&XPIHUHQFHf
&RQRFHVDOTXLQWRFDEDOOHURGHODPHVDUHGRQGDTXHPHQFLRQRDUULED"6HWUDWDGHXQJUDQFDEDOOHURTXHVXSRFDOFXODUODGLVWDQFLD
TXHKD\DOUHGHGRUGHXQFUFXOR/DFLUFXQIHUHQFLDTXHIRUPDXQFUFXORVHGLFHHQLQJOVpFLUFXPIHUHQFHqFDVLLJXDOTXHHQHVSDRO
6LQHPEDUJRODSURQXQFLDFLQHVELHQGLIHUHQWH\H[LJHXQDLPSRUWDQWHFRQFLHQFLDFLQGHODOXPQRHQVXSURQXQFLDFLQ/DSULPHUD
VODEDVHSURQXQFLDFRPRpVLUqHQODH[SUHVLQp\HVVLUq\ODVHJXQGDODTXHOOHYDODDFHQWXDFLQVHSURQXQFLDFRPRHOYHUERpWRFRPHq
YHQLU VLUs&0(sIHUQVp6LUqVXHQDPVDODSDODEUDHVSDRODpVXUqTXHDOVRQLGRIRQWLFRpVLUqGH6LUDFXVD/DOLVWDH[SXHVWDD
FRQWLQXDFLQFRQWLHQHPXFKDVSDODEUDVLPSRUWDQWHVVREUHWRGRSDUDSHUVRQDVGHSXHVWRVWFQLFRVRGHGLUHFFLQ6RQSDODEUDVTXH
ORVHVSDROHVWHQGLVDSURQXQFLDUWDQLQFRUUHFWDPHQWHTXHGLFXOWDODFRPSUHQVLQ

&LUFOH 6UNDO FUFXOR


&LUFXLW 6UNHW FLUFXLWR (QODFROXPQDFHQWUDOGHSURQXQFLDFLQODVSDODEUDV
&LUFXLWU\ 6UNHWUL VLVWHPDGHFLUFXLWRV FRPLHQ]DQFRQODVODEDIRQWLFDpVHUq6LQHPEDUJRHO
&LUFXODU 6UNLXOHU UHGRQGRFLUFXODU VRQLGRUHDOHVDOJRDVHQWUHODpHq\ODpXqHVSDRODV
&LUFXODWH 6UNLXOHLW FLUFXODU YHUER
6HUs6XU
&LUFXODWLRQ 6HUNLXOLVLDQ FLUFXODFLQ
&LUFXPIHUHQFH 6HUNPIHUHQV FLUFXQIHUHQFLD 6LWUDWDVGHKDFHUXQVRQLGRIRQWLFRDFDEDOORHQWUHpVHUq
&LUFXPQDYLJDWH 6HUNDPQIHJXHLW FLUFXQQDYHJDU \pVXUqHOVRQLGRUHVXOWDQWHVHUHOPLVPRTXHXVDPRVHQ
&LUFXPVFULEH 6UNDPVFUDLE OLPLWDUUHVWULQJLU LQJOVSDUDGHFLUp6VHRUq
&LUFXPVWDQFHV 6UNDPVWDQVHV FLUFXQVWDQFLDV
&LUFXV 6UNDV FLUFR <HVVLU
&LUUKRVLV VHUVLV FLUURVLVKHSWLFD

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
$SUHQGHUXQDOHQJXDH[WUDQMHUDFRQXQSURIHVRUHVFRPRDSUHQGHUD /HDUQLQJDIRUHLJQODQJXDJHZLWKDWHDFKHULVOLNHOHDUQLQJWR\
YRODUFRQXQVLPXODGRUGHYXHOR1XQFDIUDQTXHDUVODEDUUHUDQDO ZLWK D LJKW VLPXODWRU<RX ZLOO QHYHU EUHDN WKH QDO EDUULHU WR
GHODFRPXQLFDFLQKDVWDTXHQRWHQJDVVLWXDFLRQHVUHDOHVGRQGHWX FRPPXQLFDWLRQXQWLO\RXoYHH[SHULHQFHGUHDOOLIHVLWXDWLRQVZKHUH
GRPLQLRGHODOHQJXDSXHGHLQXLUHQHO[LWRRIUDFDVRGHWXHVIXHU]R \RXUFRPPDQGRIWKHODQJXDJHFDQLQXHQFHWKHVXFFHVVRUIDLOXUH
(QXQVLPXODGRUGHYXHORVLWHHVWUHOODVQRWHPXHUHV(QVLWXDFLRQHV RI\RXUHQGHDYRU,QDLJKWVLPXODWRULI\RXFUDVK\RXGRQoWGLH
GHFRPXQLFDFLQUHDOGHODYLGDVLWHHVWUHOODVWXVUHVWRVTXHGDQVDOSL ,QUHDOFRPPXQLFDWLRQVLWXDWLRQVLI\RXFUDVK\RXoUHVSODWWHUHG
FDGRVHQXQUDGLRGHPVGHPHWURV8QDKRUDGHFRPXQLFDFLQ RYHU D PHWHU UDGLXV 2QH KRXU RI UHDO FRPPXQLFDWLRQ LQ D
UHDOHQXQDOHQJXDH[WUDQMHUDHTXLYDOHDKRUDVGHFODVH IRUHLJQODQJXDJHLVZRUWKKRXUVRIFODVV

(VWLPDGRDPLJR\DOXPQR(QHOSUUDIRDQWHULRUUHLWHURDOJRTXHKHGLFKR\DPXFKDVYHFHVDORODUJRGHHVWDV 0VSDODEUDVLQJOHVDV
FKDV([FHSWXDQGRDORVSULQFLSLDQWHVXQDKRUDFDSHDQGRXQDVLWXDFLQLPSRUWDQWHGHFRPXQLFDFLQHQODYLGD GHUD]ODWLQD
UHDOHTXLYDOHDKRUDVGHFODVH&UHPH(VFLHUWR1RH[DJHURHQDEVROXWR/DUHODFLQHVGHXQRDFLHQ6L (GXFDWLRQ
WLHQHVXQQLYHOLQWHUPHGLRGHLQJOV\PHSLGHVTXHVHDWXSURIHVRUHVWDUVHQFDQWDGRFRQPLVFODVHV\WHQGUVOD (GXFDWLRQDO
VHQVDFLQFRUUHFWDHQFLHUWDPHGLGDGHTXHHVWVSURJUHVDQGR$KRUDELHQVLHQYH]GHGDUWH\RFODVHWHOOHYDUD (GXFDWRU
DWUDEDMDUVROLWRDODFDVHWDGHLQIRUPDFLQGHODHURSXHUWRGH+HDWKURZGXUDQWHFLHQKRUDVODERUDEOHVVHJXLGDV (IIHFW
ODFRQVROLGDFLQGHWXGRPLQLRGHPLLGLRPDFRQHVDVFLHQKRUDVVXSHUDUDFRQFUHFHVORTXH\RHQFODVHSXGLHUD (IIHFWLYH
GDUWHFRQGLH]PLOKRUDV5HSLWRSDUWLHQGRGHXQQLYHOLQWHUPHGLRGHLQJOVQROOHJDUDVQLFRQKRUDVGH (IIHFWLYHO\
FODVHSULYDGDFRQPLJRDOGRPLQLRUHVXHOWRTXHFRQVHJXLUDVFRQHVDVFLHQKRUDVGHDSXURV\DQJXVWLDVDWHQGLHQGR (IIHPLQDWH
ODVPOWLSOHVSUHJXQWDVGHYLDMHURVLQJOHVHVFDGDGDGXUDQWHGDVGHWUDEDMR3RUWDQWR\SRUHQVLPD (IIHUYHVFHQFH
YH]WHORUHSLWRQRFRQIHVHQODVFODVHVFRQYHQFLRQDOHVGHLQJOVSDUDOOHJDUDWHQHUXQEXHQGRPLQLR/DVFODVHV (IIHUYHVFHQW
VRQQHFHVDULDVHQODSULPHUDHWDSDGHSULQFLSLDQWH\FRPRVHVLRQHVGHRULHQWDFLQ\PRWLYDFLQHQODVHWDSDV (IFDFLRXV
SRVWHULRUHV3HURORQLFRTXHWHYDDDXSDUDOQLYHOTXHUHDOPHQWHTXLHUHVHVODUPHGLVSRVLFLQSRUWXSDUWH (IFDF\
GHHQWUDUHQODERFDGHOORER<GQGHSXHGHVHQFRQWUDUDPELHQWHVOLQJVWLFRVDV"&XUVDQGRHVWXGLRVQRGH (IFLHQF\
(IFLHQW
LQJOVHQHOH[WUDQMHUR 2PWLFD&RFLQD+LVWRULD&RUWH\FRQIHFFLQ$QWURSRORJDHWFGRQGHWXVFRPSDHURV
GHFODVHVRQJHQWHORFDO R\HQGRD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP (VWROWLPRFXHVWDPVSRUKRUDGH
pDSXURVqSHURVXSHUDLQFOXVRODVDQJXVWLDVGHODFDVHWDGHLQIRUPDFLQGH+HDWKURZ 
5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OPDUWHVTXHYLHQHHVHOIXWXUR1H[W7XHVGD\LVWKHIXWXUH (Q GRVPLORFKR  ,QWZRWKRXVDQGDQGHLJKW


(VWDVHPDQDHVHOSUHVHQWH7KLVZHHNLVWKHSUHVHQW (QHODR GRVPLO  ,QWKH\HDU
(OPHVSDVDGRHVHOSDVDGR/DVWPRQWKLVWKHSDVW (Q PLOQRYHFLHQWRV ,QQLQHWHHQQLQHW\HLJKW
(OSDVDGRHVPX\LPSRUWDQWH7KHSDVWLVYHU\LPSRUWDQW QRYHQWD\RFKR 
VWDHVXQDFODVHGH+LVWRULD7KLVLVDKLVWRU\FODVV (Q PLORFKRFLHQWRVVLHWH  ,QHLJKWHHQRVHYHQ
(Q PLOTXLQLHQWRV  ,QIWHHQKXQGUHG

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(QHOSUQFLSH)HOLSHVH,Q3ULQFH3KLOLSPDUULHG (Q(VSDDIXHHOSDV ,Q6SDLQZDVWKHKRVW


FDVFRQ/HWLFLD /HWLFLD DQWULQGHO0XQGLDO FRXQWU\RIWKH:RUOG&XS
(QODSHVHWDGHVDSDUHFL\,QWKHSHVHWDGLVDSSHDUHG (QVHUPOD&RQVWLWXFLQ,QWKH6SDQLVK
HPSH]DPRVDXVDUHOHXUR DQGZHVWDUWHGWRXVHWKHHXUR (VSDROD &RQVWLWXWLRQZDVVLJQHG
(QODV2OLPSLDGDVWXYLHURQ,QWKH2O\PSLFVWRRN (Q$GROIR6XUH]IXH ,Q$GROIR6XUH]ZDV
OXJDUHQ%DUFHORQD SODFHLQ%DUFHORQD HOHJLGRSUHVLGHQWH HOHFWHGSUHVLGHQW
(Q(VSDDLQJUHVHQOD ,Q6SDLQMRLQHGWKH
 (Q-XDQ&DUORV,VH ,Q-XDQ&DUORV,EHFDPH
8QLQ(XURSHD (XURSHDQ8QLRQ FRQYLUWLHQUH\ NLQJ
(QORVVRFLDOLVWDVJDQDURQ,QWKHVRFLDOLVWVZRQWKH (Q(VSDDSDVDVHU ,Q6SDLQEHFDPHDPHPEHU
ODVHOHFFLRQHVJHQHUDOHV JHQHUDOHOHFWLRQV PLHPEURGHODV1DFLRQHV8QLGDV RIWKH8QLWHG1DWLRQDO

6RXQG&DUG 7DUMHWDGHVRQLGR +DUG'LVN 'LVFRGXUR


*UDSKLF&DUG 7DUMHWDJUFD

'LVN'ULYH 'LVTXHWHUD 5$0 0HPRULD5$0

9RFDEXODULR&RPSXWHU 2UGHQDGRU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(QHPSH]ODGLFWDGXUD ,QWKHGLFWDWRUVKLSRI
 ,QOD&RQVWLWXFLQ ,QWKH6SDQLVK&RQVWLWXWLRQ
GH)UDQFR )UDQFREHJDQ (VSDRODFX\RVREUHQRPEUH ZKRVHQLFNQDPHLV/D3HSD
(QFRPHQ]OD*XHUUD ,QWKH6SDQLVK&LYLO:DU
 HV/D3HSDHQWUHQYLJRU FDPHLQWRHIIHFW
&LYLO(VSDROD\GXUWUHVDRV VWDUWHGDQGODVWHGWKUHH\HDUV (QKXERXQOHYDQWDPLHQWR,QWKHUHZDVDQXSULVLQJ
(QVHHVWDEOHFLOD ,QWKH6HFRQG5HSXEOLF
 HQ0DGULGFRQWUDORVIUDQFHVHV LQ0DGULGDJDLQVWWKH)UHQFK
6HJXQGD5HSEOLFD ZDVHVWDEOLVKHG (QHOUHLQDGRGH)HOLSH9 ,QWKHUHLJQRI3KLOLS9
(Q$OIRQVR;,,,VXELDO ,Q$OIRQVR;,,,FDPHWR
 OOHJDVXQDO FDPHWRDQHQG
WURQR WKHWKURQH (QPXULHOHVFULWRU ,QWKHPRVWIDPRXV
(Q(VSDDSHUGLVX ,Q6SDLQORVWLWVODVW
 HVSDROPVIDPRVRGHWRGRV 6SDQLVKZULWHURIDOOWLPHGLHG
OWLPDFRORQLDDPHULFDQD&XED $PHULFDQFRORQ\&XED ORVWLHPSRV
,QOD$UPDGD(VSDROD ,QWKH6SDQLVK$UPDGD
IXHGHUURWDGD ZDVGHIHDWHG

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(Q&DUORV,GH(VSDDIXH ,Q&KDUOHV,RI6SDLQZDV (QHOFDGYHUGH6DQWLDJRIXH,QWKHFRUSVHRI6W-DPHV


FRURQDGR(PSHUDGRUGHO6DFUR FURZQHGWKH+RO\5RPDQ GHVFXELHUWRHQ&RPSRVWHOD ZDVGLVFRYHUHGLQ&RPSRVWHOD
,PSHULR5RPDQR&DUORV9 (PSHURU&KDUOHV9 (QHOODYLFWRULDFULVWLDQD,QWKH&KULVWLDQYLFWRU\DW
(Q&ROQ]DUSDO1XHYR ,Q&ROXPEXVVHWVDLOIRU
 HQ&RYDGRQJDOOHYDODIRUPDFLQ &RYDGRQJDOHGWRWKHIRUPDWLRQ
0XQGR WKH1HZ:RUOG GHOUHLQRGH$VWXULDV RIWKH$VWXULDQNLQJGRP
(QHOPLVPRDRFD\HOOWLPR,QWKHVDPH\HDUWKHODVW (QHOORVUDEHVLQYDGLHURQ ,QWKH$UDEVLQYDGHG
UHLQRUDEH*UDQDGD 0RRULVKNLQJGRP*UDQDGDIHOO \FRQTXLVWDURQODSHQQVXODHQ DQGFRQTXHUHGWKHSHQLQVXOD
(QHOHQODFHHQWUH,VDEHO\ ,QWKHPDUULDJHRI,VDEHOOD VLHWHDRV ZLWKLQVHYHQ\HDUV
)HUQDQGROOHYDODXQLQHQWUH DQG)HUQDQGROHGWRWKHXQLRQ (QHOD&HPSH]OD ,Q%&WKH5RPDQ
&DVWLOOD\$UDJQ RI&DVWLOHDQG$UDJQ FRORQL]DFLQURPDQDGH(VSDD FRORQL]DWLRQRI6SDLQEHJDQ
(QHOVLJOR;,,,)HUQDQGR,,, ,QWKHWKFHQWXU\)HUQDQGR (QHOD&KDEDDOJXQRV ,Q%&WKHUHZHUHVRPH
YROYLDWRPDUPXFKDVFLXGDGHV ,,,UHWRRNPDQ\LPSRUWDQW DVHQWDPLHQWRVSUHKLVWULFRV SUHKLVWRULFVHWWOHPHQWVDURXQG
LPSRUWDQWHV FLWLHV DOUHGHGRUGH6DQWDQGHU 6DQWDQGHU

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  3UHVHQWHFRQWLQXRSDUDH[SUHVDUHO
IXWXUR
,oOOEHDURXQGLI\RXQHHGPH ,oOOEULQJLWDURXQGZKHQ,FDQ $YHFHVXWLOL]DPRVHOSUHVHQWHFRQWLQXR
(VWDUSRUDTXVLPHQHFHVLWDV /RWUDHUSRUDTXFXDQGRSXHGD FXDQGRKDEODPRVGHOIXWXUR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
:HEHJDQDURXQG $ORWRISHRSOHFDPHDURXQGWRJUHHWPH IUDVHVHQLQJOV"
(PSH]DPRVDOUHGHGRUGHODV 0XFKDJHQWHYLQRSDUDVDOXGDUPH 7UDLJRXQDPLJRHVWDQRFKH
(OODOOHJDPDDQDSRUODPDDQD
,EURXJKWKLPDURXQGWRP\YLHZSRLQW +HoOOFRPHDURXQGWRRXUYLHZSRLQW 7XVSDGUHVYDQD0DGULG HQDYLQ "
/HFRQYHQFVREUHPLSXQWRGHYLVWD <DVHLUFRQYHQFLHQGRGHORQXHVWUR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
 ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
,UUHJXODUYHUEV HVWDVIUDVHV

4XLHURTXHHVWDVFKDVLQFOX\DQXQDOLVWDFOVLFDGHORVYHUERVLUUHJXODUHV+D\XQRVYHUERVLUUHJXODUHVHQLQJOV6LQHPEDUJR
FRQVLGHURLPSRUWDQWHVWDQVORXQRVSDUDHOGDDGD3DUDSUDFWLFDUORVQRUHFRPLHQGRODIRUPDWUDGLFLRQDOGHpJRsZHQWsJRQHq
TXHHVFRPRUHFLWDUODVWDEODVGHPXOWLSOLFDU3UHHURTXHFRQFDGDYHUERKDJDVORVLJXLHQWH
(YHU\GD\,JR <HVWHUGD\,ZHQW /DWHO\,YHJRQH
(YHU\GD\,EUHDN <HVWHUGD\,EURNH /DWHO\,YHEURNHQ
(WF (WF (WF
DPLVDUH ZDVZHUH EHHQ IRUJHW IRUJRW IRUJRWWHQ ULQJ UDQJ UXQJ
EHFRPH EHFDPH EHFRPH JHW JRW JRWJRWWHQ ULVH URVH ULVHQ
EHJLQ EHJDQ EHJXQ JLYH JDYH JLYHQ UXQ UDQ UXQ
EORZ EOHZ EORZQ JR ZHQW JRQH VD\ VDLG VDLG
EUHDN EURNH EURNHQ JURZ JUHZ JURZQ VHH VDZ VHHQ
EULQJ EURXJKW EURXJKW KDYH KDG KDG VHOO VROG VROG
EXLOG EXLOW EXLOW KHDU KHDUG KHDUG VHQG VHQW VHQW
EX\ ERXJKW ERXJKW KROG KHOG KHOG VHW VHW VHW
FDWFK FDXJKW FDXJKW KXUW KXUW KXUW VKXW VKXW VKXW
FKRRVH FKRVH FKRVHQ NHHS NHSW NHSW VLW VDW VDW
FRPH FDPH FRPH NQRZ NQHZ NQRZQ VOHHS VOHSW VOHSW
FRVW FRVW FRVW OHDG OHG OHG VSHDN VSRNH VSRNHQ
FXW FXW FXW OHDYH OHIW OHIW VSHQG VSHQW VSHQW
GHDOZLWK GHDOWZLWK GHDOWZLWK OHQG OHQW OHQW VWDQG VWRRG VWRRG
GR GLG GRQH OHW OHW OHW VWHDO VWROH VWROHQ
GULQN GUDQN GUXQN ORVH ORVW ORVW WDNH WRRN WDNHQ
GULYH GURYH GULYHQ PDNH PDGH PDGH WHDFK WDXJKW WDXJKW
HDW DWH HDWHQ PHDQ PHDQW PHDQW WHOO WROG WROG
IDOO IHOO IDOOHQ PHHW PHW PHW WKLQN WKRXJKW WKRXJKW
IHHO IHOW IHOW SD\ SDLG SDLG WKURZ WKUHZ WKURZQ
JKW IRXJKW IRXJKW SXW SXW SXW XQGHUVWDQG XQGHUVWRRG XQGHUVWRRG
QG IRXQG IRXQG TXLW TXLW TXLW ZHDU ZRUH ZRUQ
\ HZ RZQ UHDG UHDG UHDG ZLQ ZRQ ZRQ
ZULWH ZURWH ZULWWHQ

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
)UHFXHQWHPHQWHODJHQWHPHSUHJXQWDp4XHVORTXHORVHPSUHQ 3HRSOHRIWHQDVNPHp:KDWGRVXFFHVVIXOHQWUHSUHQHXUVDOOKDYH
GHGRUHVFRQ[LWRWLHQHQHQFRPQ"4XHVORTXHOHVGLIHUHQFLDGHLQ FRPPRQ" :KDW LV LW WKDW PDNHV WKHP GLIIHUHQW"q (DFK WLPH
ORVGHPV"q&DGDYH]TXHPHKDFHQHVDSUHJXQWDUHVSRQGRFRQOD ,oPDVNHGWKDWTXHVWLRQ,UHVSRQGZLWKH[DFWO\WKHVDPHDQVZHU
PLVPDUHVSXHVWDp/RVHPSUHQGHGRUHVFRQ[LWRVRQDTXHOORVTXH p6XFFHVVIXOHQWUHSUHQHXUVDUHWKRVHZKRKDYHDSDVVLRQIRUWKHLU
VLHQWHQSDVLQSRUVXQHJRFLR\TXHWLHQHQHOGLQHURQHFHVDULRSDUDEXVLQHVVDQGWKHPRQH\WRVXUYLYHWKHLUPLVWDNHV,oYHRFFDVLRQDOO\
VREUHYLYLUDVXVHUURUHV2FDVLRQDOPHQWHKHYLVWRHO[LWRVLQGLQHUR
VHHQ VXFFHVV KDSSHQ ZLWKRXW VXIFLHQW IXQGLQJ EXW ,oYH QHYHU
VXFLHQWHSHURQLXQDVRODYH]KHYLVWRTXHRFXUUDVLQSDVLQq RQFHVHHQLWKDSSHQZLWKRXWSDVVLRQq


(VWLPDGRDPLJR\DOXPQR+HGDGRFODVHSHUVRQDOPHQWHDXQDVSHUVRQDVGHODVFXDOHV
HVWDEDQSHUIHFWDPHQWHFDSDFLWDGDVSDUDDSUHQGHUDXVDUHOLQJOVFRQFLHUWDRPXFKDHFD
FLD6LQHPEDUJRGHHVDVSHUVRQDVXQDVFLQFRTXH\RUHFXHUGHUHDOPHQWHPHVRUSUHQGLH
URQSRUVXSURJUHVROOHJDQGRDWHQHUXQQLYHOH[FHOHQWH2WUDVDSUR[LPDGDPHQWHSURJUHVDURQ
DXQULWPRPHQRVVRUSUHQGHQWHSHURPX\EXHQROOHJDQGRDSRGHUGHVHQYROYHUVHELHQHQLQJOV
/RVGHPVDOXPQRVODVRWUDVSHUVRQDVTXHKDQVLGRGXUDQWHDOJQWLHPSRSXSLORVPRV
KDQORJUDGRLQGHSHQGLHQWHPHQWHGHOQPHURWRWDOGHKRUDVGHFODVHUHFLELGDVVXELUXQSXQWRHQ
PLHVFDODGHOXQRDOGLH]RWDOYH]SXQWR\PHGLRFRPRP[LPR1RGDEDQQLJROSHQRUPDOPHQWH
\VHJXUDPHQWHVLJDQLJXDOKR\DVLVWLHQGRDFODVHVGHLQJOVVLQVXSHUDUHOVHPSLWHUQRQLYHOLQWHU
PHGLR&UHHQTXHFRQDVLVWLUYDQDLPEXLUVHGHOLGLRPDDXWRPWLFDPHQWHSRULQWHUYHQFLQGLYLQD6RQFRPRHOFRQGXFWRUGHOMHHS
GHODLPDJHQGHDUULED(VSHOLJURVDPHQWHREHVR\ORVPGLFRVOHKDQUHFHWDGRYDULDVYHFHVGLHWD\HMHUFLFLR3HURDOQDOSDVHDDVX
SHUURHQFRFKH1RWLHQHVROXFLQ<FRQUHVSHFWRDOLQJOVWLHQHVWVROXFLQ" 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHHVWXIDPLOLD" :KHUHLV\RXUIDPLO\IURP" 4XKDFHOHQVXWLHPSROLEUH" :KDWGRHVKHGRLQKLVIUHHWLPH"


6RQGH,UODQGD 7KH\oUHIURP,UHODQG 'QGHYDHOODORVQHVGH :KHUHGRHVVKHJRDWWKH
7XVSDGUHVVRQGH,UODQGD $UH\RXUSDUHQWVIURP,UHODQG VHPDQD" ZHHNHQGV"
WDPELQ" WRR" &XQGRHPSLH]DODFODVH" :KHQGRHVWKHFODVVEHJLQ"
'HTXSDUWHGH,UODQGDVRQ" :KLFKSDUWRI,UHODQGDUHWKH\ &PRVDEHOHVR" +RZGRHVKHNQRZWKDW"
IURP" &RQTXIUHFXHQFLDOOXHYHDTX" +RZRIWHQGRHVLWUDLQKHUH"
6RQGHORHVWH 7KH\oUHIURPWKHZHVW

6XJDU $]FDU
.HWFKXS .HWFKXS

3HSSHU 3LPLHQWD

0XVWDUG 0RVWD]D 6DOW 6DO

9RFDEXODULR&RQGLPHQWV &RQGLPHQWRV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'DPHHOD]XO *LYHPHWKHEOXHRQH 'QGHSRGUDQHVWDUPLVOODYHV" :KHUHFRXOGP\NH\VEH"


(VHYHUGHHVWURWR 7KDWJUHHQRQHLVEURNHQ 'HEHQGHHVWDUGQGHODV 7KH\PXVWEHZKHUH\RXOHIW
&XOHVVX\R" GHHOORV  :KLFKRQHLVWKHLUV" GHMDVWH WKHP
0HJXVWDQORVFDURV ,OLNHWKHH[SHQVLYHRQHV *UDFLDVSRUHVHFRQVHMRWLO 7KDQNVIRUWKDWXVHIXOSLHFHRI
$TXHOORVVRQPRV 7KRVHRQHVDUHPLQH DGYLFH
1RODVFROJDVWHHQHOPLVPR 'LGQoW\RXKDQJWKHPLQWKH
VLWLRGHVLHPSUH" VDPHSODFHDVXVXDO"
6LVXSLHUDGQGHHVWQQRODV ,I,NQHZZKHUHWKH\ZHUH,
HVWDUDEXVFDQGR ZRXOGQoWEHORRNLQJIRUWKHP

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RGUDOOHQDUPLYDVRSRUIDYRU"&RXOG\RXOOP\JODVVXSSOHDVH" 0HUHFHQUHFLELUHORJLRVSRUVX 7KH\GHVHUYHSUDLVHIRUWKHLU


9HUWLHOZKLVNH\SRUHO +HSRXUHGWKHZKLVNH\GRZQ
 DFWXDFLQ SHUIRUPDQFH
IUHJDGHUR WKHVLQN 7LHQHODVKDELOLGDGHVSDUD +HKDVWKHVNLOOVWRFDUU\RXWWKH
7HKDFDGRYLQRHQODFDPLVD <RXoYHVSLOWUHGZLQHRQ\RXU UHDOL]DUODPLVLQ PLVVLRQ
VKLUW /DSODQWLOODFXHQWDFRQXQRV 7KHVWDIILVPDGHXSRIDURXQG
6HUGLIFLOGHVKDFHUVHGHHVD ,WoOOEHGLIFXOWWRJHWULGRIWKH
 HPSOHDGRV HPSOR\HHV
PDQFKD VWDLQ 7RGRVVHVLHQWHQLPSOLFDGRVHQ (YHU\ERG\IHHOVLQYROYHGLQWKH
FKDOHXQSRFRGHYLQREODQFR 3XWVRPHZKLWHZLQHRQLWWKDW
 HOSUR\HFWR SURMHFW
HVRTXLWDUODPDQFKD ZLOOUHPRYHWKHVWDLQ (VWHFXUVRGHIRUPDFLQHVW 7KLVWUDLQLQJFRXUVHLVDLPHGDW
RULHQWDGRDOOLGHUD]JR OHDGHUVKLS

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+DVLGRXQUHYVSHOLJURVRSDUD,WKDVEHHQDGDQJHURXVVHWEDFN 3HUURODGUDGRUSRFRPRUGHGRU +LVEDUNLVZRUVHWKDQKLVELWH


HOSURFHVRGHSD] WRWKHSHDFHSURFHVV 1RVHQFRQWUDPRVHQWUHOD :HKDGRXUEDFNVDJDLQVWWKH

/DFRDOLFLQGHSHQGHGHORV 7KHFRDOLWLRQUHOLHVRQULJKWZLQJ HVSDOGD\ODSDUHG ZDOO
SDUWLGRVGHGHUHFKDVSRUVX SDUWLHVIRULWVPDMRULW\ 6HKDGHVFXELHUWRWRGRHOSDVWHO7KHFDWoVRXWRIWKHEDJ
PD\RUD 6RQFRPRHOGD\ODQRFKH 7KH\oUHDVGLIIHUHQWDVFKDONDQG
/DFLXGDGKDSHUPDQHFLGR 7KHFLW\KDVUHPDLQHGXQGHU FKHHVH
EDMRWRTXHGHTXHGDGHVGHORV FXUIHZVLQFHODVWZHHNoVULRWV 1RWHORMXHJHVWRGRDXQDFDUWD'RQoWSXWDOO\RXUHJJVLQRQH
GLVWXUELRVGHODVHPDQDSDVDGD EDVNHW
/DHOHFFLQFRLQFLGLFRQHO 7KHHOHFWLRQFRLQFLGHGZLWKDQ
DUUDQTXHGHHQIUHQWDPLHQWRV RXWEUHDNRIHUFHJKWLQJ
IHURFHV
(FKDURQDORVVLQGLFDWRVODFXOSD7KHXQLRQVZHUHEODPHGIRUWKH
SRUHOIUDFDVRGHODVQHJRFLDFLRQHV EUHDNGRZQLQWKHQHJRWLDWLRQV

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  6RPHWKLQJ $Q\WKLQJ

,ZDQWWR\DURXQGWKHZRUOG +HOLNHVWRMXVWGULYHDURXQG $OJR1RROYLGHVTXHHPSOHDPRV


4XLHURYRODUDOUHGHGRUGHOPXQGR /HJXVWDVLPSOHPHQWHSDVHDU HQFRFKH  pVRPHWKLQJqHQDUPDWLYR\pDQ\WKLQJqHQ
QHJDWLYR\LQWHUURJDWLYR
,JHWDURXQG 'ULYHDURXQGWRWKHEDFNRIWKHZDUH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0HPXHYR7HQJRPXFKRPXQGR KRXVH IUDVHVHQLQJOV"
9D\DDODSDUWHWUDVHUDGHODOPDFQ +D\DOJRHQOTXHQRPHJXVWD
,XVHP\FDUWRJHWDURXQG FRFKH  9LVWHDOJR"
8VRPLFRFKHSDUDPRYHUPH +D\DOJRTXHSXHGDKDFHU"
,IHOWDURXQGLQWKHGDUNIRUP\NH\V
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
%XVFDEDDWLHQWDVPLVOODYHVHQODRVFXULGDG
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV
7KH),&+85RI35&+8*$/LVWKH)&+85RUP\/.&+85
7KHIXWXUHRI3RUWXJDOLVWKHIHDWXUHRIP\OHFWXUH HOIXWXURGH3RUWXJDOHVHOWHPDFHQWUDOGHPLFRQIHUHQFLD 
(QLQJOVFXDQGRODVOHWUDVpWXqYDQFRORFDGDVGRQGHODVYHV QRDOSULQFLSLR SXHGHVHVWDUVHJXURGHTXHVHSURQXQFLDQpFKXq

$GYHQWXUH DGIQFKXU DYHQWXUD 0DWXUH PDFKU PDGXUR


$JULFXOWXUH JULNDOFKXU DJULFXOWXUD 0LQLDWXUH PQLDFKXU PLQLDWXUD
$UFKLWHFWXUH UNHWHNFKXU DUTXLWHFWXUD 0L[WXUH PNVFKXU PH]FOD
&DQGLGDWXUH NQGHGDFKXU FDQGLGDWXUD 0RLVWXUH PLVFKXU KXPHGDG
&DSWXUH NSFKXU FDSWXUDU 1DWXUH QLFKXU ODQDWXUDOH]D
&DULFDWXUH NUHNDFKXU FDULFDWXUD 1XUWXUH QUFKXU FULDUFXOWLYDU
&RQMHFWXUH FRQFKNFKXU FRQMHWXUD 2YHUWXUH IHUFKXU REHUWXUD PXVLFDO
&UHDWXUH NUFKXU FULDWXUD 3DVWXUH SVFKXU SUDGR
&XOWXUH NOFKXU FXOWXUD 3LFWXUH SNFKXU FXDGURLPDJHQ
&XUYDWXUH NUIDFKXU FXUYDWXUD 3RVWXUH SVFKXU SRVWXUDSRUWH
'HQWXUH GQFKXU SUWHVLVGHQWDO 3UHPDWXUH SULPDFKU SUHPDWXUR
'HSDUWXUH GLSUFKXU VDOLGD WUHQDYLQ 3XQFWXUH SQNFKXU SLQFKD]R UXHGD
)HDWXUH IFKXU UDVJR 5XSWXUH USFKXU URPSHUUHYHQWDU
)L[WXUH INVFKXU LQVWDODFLQ 6FULSWXUH VFSFKXU ODVVDJUDGDVHVFULWXUDV
)UDFWXUH IUNFKXU IUDFWXUD 6FXOSWXUH VNOSFKXU HVFXOWXUD
)XUQLWXUH IUQHFKXU PXHEOHV 6LJQDWXUH VJQDFKXU UPD
)XWXUH FKXU IXWXUR 6WDWXUH VWFKXU WDOOD IDPD
*HVWXUH FKVFKXU JHVWRGHWDOOH 6WUXFWXUH VWUNFKXU HVWUXFWXUD
,PPDWXUH HPDFKU LQPDGXUR 7HPSHUDWXUH WPSHUDFKXU WHPSHUDWXUD
/HFWXUH ONFKXU FRQIHUHQFLD 7H[WXUH WNVFKXU WH[WXUD
/HJLVODWXUH OFKLVOLFKXU OHJLVODWXUD 7RUWXUH WUFKXU WRUWXUD
/LWHUDWXUH OWHUDFKXU OLWHUDWXUD 9HQWXUH IQFKXU LQLFLDWLYDHPSUHVDULDO
0DQXIDFWXUH PDQLXINFKXU IDEULFDU

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&XGDWH\QRWHPHWDVHQORV6HDPDEOHFRQWXPDGUH\D\GDODGH 7DNHFDUHRI\RXUVHOIDQGGRQoWJHWLQWRWURXEOH%HQLFHWR\RXUPRWKHU
YH]HQFXDQGRFRQORVSODWRV\FRQODFDVD$KRUDHUHVHOQLFRKRP DQGKHOSKHUIURPWLPHWRWLPHZLWKWKHGLVKHVDQGWKHKRXVHNHHSLQJ
EUHGHODFDVDDVTXHWXUHVSRQVDELOLGDGHVDVHJXUDUWHTXHWRGRV <RXoUHWKHRQO\PDQLQWKHKRXVHQRZVRLWoVRQ\RXUVKRXOGHUVWRPDNH
HVWQELHQ\HVRLQFOX\HDWXVKHUPDQDVJHPHODV6ORWLHQHQ VXUHWKDWHYHU\RQHLVRND\fDQGWKDWLQFOXGHV\RXUWZROLWWOHWZLQVLV
DRV\WDVTXHWHUHVHQTXLHQVHYDQDMDUFRPRJXD7HU WHUV7KH\oUHRQO\QLQH\HDUVROGDQG\RXoUHVRLWoV\RXWKH\oOOORRNXS
PLQDUVVLHQGRXQDJXUDSDWHUQDOSDUDHOODVDVTXHDFXUGDWHGH WRIRUJXLGDQFH<RXoOOHQGXSEHLQJDIDWKHUJXUHIRUWKHPVRUHPHP
FRPSRUWDUWHDGHFXDGDPHQWHSRUORPHQRVFXDQGRHVWVHQFDVD EHUWREHKDYHDFFRUGLQJO\DWOHDVWZKHQ\RXoUHDWKRPH


(VWLPDGRDPLJR\DOXPQR+DFHXQRVGDVUHFLEXQFRUUHRHOHFWUQLFRGHXQDSHUVRQDGHDRVTXHHVWFROHFFLRQDQGRHOPWRGR9DXJ
KDQDWUDYVGH(/081'20HH[SOLFTXH\DWHQDDRV\PHIRUPXOXQDVHULHGHSUHJXQWDVVREUHFPRDERUGDUFRUUHFWDPHQWHHO
XVRGHODVGLIHUHQWHVVHFFLRQHVGHOPWRGR+HDTXPLUHVSXHVWD
0HKRQUDVDEHUTXHXQDSHUVRQDGHVXHGDGHVWKDFLHQGRXQQXHYRLQWHQWRSRUDSUHQGHULQJOV+HWHQLGRSHUVRQDOPHQWHDOXPQRVGHPV
HGDGTXHXVWHG\FRQWHVQHLOXVLQKDQSRGLGROOHJDUDXQQLYHOLQWHUPHGLRVOLGR\WLOSDUDODVFRPXQLFDFLRQHVUXWLQDULDV/H\HQGRVX
FRUUHRPHGDODLPSUHVLQGHTXHEXVFDXQDPDQHUDGHUDFLRQDOL]DUHODSUHQGL]DMHPVDOOGHORSRVLEOH0XFKDJHQWHSLHQVDTXHXQRSXHGH
DSUHQGHUXQVHJXQGRLGLRPDGHODPLVPDIRUPDTXHXQRYDDYDQ]DQGRHQHOOJHEUDSDUDOXHJRSDVDUDODWULJRQRPHWUD\QDOPHQWHSDVDU
DOFOFXOR/RVLGLRPDVVRQXQGHOJLFDpHVWXGLDEOHq\XQGHRGR\FRUD]Q3DUDVDOWDUHWDSDVDOpKDFHUVHFRQXQLGLRPDq QRPHJXV
WDHOYHUERpDSUHQGHUq XQRGHEHIRU]RVDPHQWHVDOWDUDODSLVFLQD\WUDJDUSRFDRPXFKDDJXDDXQTXHWRGDYDQRVHSDODWFQLFDFRUUHFWDGH
QDWDFLQ(QVXFDVRSDUWLFXODUOHUHFRPLHQGRTXHOHDGHWHQLGDPHQWHORVOLEURV\HVFXFKHPXFKDVYHFHVORV&'oVFRQ5LFKDUG%URZQ&XDQGR
GLJRpHVFXFKDUPXFKDVYHFHVqTXLHURTXHQRVORORVHVFXFKHVLQRTXHORVRLJDHVGHFLUTXHGHMHHOVRQLGRGHORV&'oVFHUFDGHVXRGRLQFOXVR
FXDQGRHVWOH\HQGRHOSHULGLFRRFHQDQGRFRQVXHVSRVD7LHQHTXHDSUHQGHUDGHMDUGHDIHUUDUVHDODLGHDpHWDSDVHVWDQFDVGHDSUHQGL]DMHq
\HPSH]DUDDUURSDUVHGHOVRQLGRGHOLQJOVGHMDQGRTXHODVHVWUXFWXUDVOHQWDPHQWHYD\DQSHQHWUQGROHSRUORVSRURV(VLPSRVLEOHDVXHGDG
DSUHQGHUXQLGLRPDPHGLDQWHHOHVWXGLROJLFR2WLHQHTXHLUD9DXJKDQWRZQ ZZZYDXJKDQWRZQFRP \SDVDUDSXURVGHFRPXQLFDFLQR
ELHQH[SRQHUHORGRDXQDULDGDGHLQJOVHQHVWHFDVRORV&'oVGHOpPWRGRGHQLWLYRq
5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VPLYLGD ,WoVP\OLIH 1RTXLHURYHUODWHOH ,GRQoWZDQWWRZDWFK79


(VWXLGHD ,WoV\RXULGHD OQRVDOHORVQHVGHVHPDQD +HGRHVQoWJRRXWDWWKH
OHVHOVLJXLHQWH +HoVQH[W ZHHNHQGV
(VHOODQXHYDDTX" ,VVKHQHZKHUH" (OODQRSLHQVDDQWHVGHKDEODU 6KHGRHVQoWWKLQNEHIRUH
+R\QRHVPLGD 7RGD\LVQRWP\GD\ VSHDNLQJ
1RQLHYDPXFKRDTX ,WGRHVQoWVQRZPXFKKHUH
1RFUHHQHQ'LRV 7KH\GRQoWEHOLHYHLQ*RG

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

0HGHVSHUWFRQXQGRORUGH ,ZRNHXSZLWKDEDFNDFKHWKLV
 &RQTXVRDVWHDQRFKH" :KDWGLG\RXGUHDPDERXWODVW
HVSDOGDVHVWPDDQD PRUQLQJ QLJKW"
(OODVHOHYDQWPVWDUGHTXH 6KHJRWXSODWHUWKDQXVXDO
 7XYHXQDSHVDGLOODKRUULEOH ,KDGDWHUULEOHQLJKWPDUH
GHFRVWXPEUHD\HU \HVWHUGD\ $FHUFDGHTX" :KDWDERXW"
OKL]RXQJUDQGHVD\XQRLQJOV +HPDGHDELJ(QJOLVK (VWDEDFRUULHQGRSHURQR ,ZDVUXQQLQJEXW,GLGQoWJHW
EUHDNIDVW OOHJDEDDQLQJXQDSDUWH DQ\ZKHUH
6HPDUFKDURQGHVXFDVDDODV 7KH\OHIWWKHLUKRXVHDWKDOI
 6HJQ)UHXGHVRLQGLFDUD $FFRUGLQJWR)UHXGWKDW
RFKR\PHGLD SDVWHLJKW XQDIDOWDGHVHJXULGDGHQXQR ZRXOGLQGLFDWHDODFNRIVHOI
1RKDEDPXFKRWUFR 7KHUHZDVQoWPXFKWUDIF PLVPR FRQGHQFH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HJXVWDOOHYDUMR\DV" 'R\RXOLNHWRZHDUMHZHOOHU\" 9DPRVDVDOLUQR" /HWoVJRRXWVKDOOZH"


1XQFDKHOOHYDGRSXHVWRDOJRDV,oYHQHYHUZRUQDQ\WKLQJOLNHWKDW 6R\XQLGLRWDDXWQWLFRQR" ,oPDUHDOLGLRWDUHQoW,"
$OJXQDYH]KDVOOHYDGRSXHVWR:RXOG\RXQHYHUSXWD &OODWHTXLHUHV" 6KXWXSZLOO\RX"
XQFROODURXQDSXOVHUD" QHFNODFHRUDEUDFHOHWRQ" &DPELHPRVGHWHPDQR" /HWoVFKDQJHWKHVXEMHFWVKDOO
&ODURTXHQR7DPSRFROOHYDUD 2IFRXUVHQRW,ZRXOGQoWZHDU
 ZH"
SHQGLHQWHV HDUULQJVHLWKHU 6R\RQRVR\ODHQFDUJDGDDTX" $P,RUDUHQoW,LQFKDUJHKHUH"
0HHVWVGLFLHQGRTXHHVH $UH\RXWHOOLQJPHWKDWWKDW

UHORMTXHOOHYDVSXHVWRQRHV ZDWFK\RXoUHZHDULQJLVQoWD
XQDMR\D" SLHFHRIMHZHOOHU\"
6NXOODQGFURVVERQHV &DODYHUD

(\HSDWFK 3DUFKH

+RRN *DUR 3HJOHJ 3DWDGHSDOR

&XWODVV $OIDQMH

9RFDEXODULR3LUDWHV 3LUDWDV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6KDNHVSHDUHHUDXQGUDPDWXJR6KDNHVSHDUHZDVDUHQRZQHG 3RUTXVLHPSUHHUXFWDV :K\GR\RXDOZD\VEXUSDIWHU



UHQRPEUDGR SOD\ZULJKW GHVSXVGHFRPHU" HDWLQJ"
$OPRGYDUHVHOFLQHDVWDPV $OPRGYDULV6SDLQoVPRVW (VPLPRGRGHGDUOD ,WoVP\ZD\RISD\LQJ

IDPRVRGH(VSDD IDPRXVOPPDNHU HQKRUDEXHQDDOFRFLQHUR FRPSOLPHQWVWRWKHFKHI
-.5RZOLQJHVHODXWRUTXHPV-.5RZOLQJLVWKHZRUOGoVEHVW 1RGHEHUDVKDFHUORGHPXHVWUD<RXVKRXOGQoWGRLWLWVKRZV
OLEURVYHQGHHQHOPXQGR VHOOLQJDXWKRU XQDPX\PDODHGXFDFLQ YHU\EDGPDQQHUV
&DODWUDYD\)RVWHUVRQORVPHMRUHV&DODWUDYDDQG)RVWHUDUHWKH (FKDUVHXQSHGRVHUDPXFKR 7RIDUWZRXOGEHPXFKZRUVH

SDJDGRVDUTXLWHFWRVGHOPXQGR ZRUOGoVKLJKHVWSDLGDUFKLWHFWV SHRU\PXFKRPVJURVHUR DQGPXFKUXGHU
3DXO0F&DUWQH\KDVLGRXQ 3DXO0F&DUWQH\KDVEHHQDQ 1RVHVXSRQHTXHYRVRWURVORV$UHQoW\RX(QJOLVKVXSSRVHGWR
FDQWDXWRULQFUHEOHPHQWH LQFUHGLEO\VXFFHVVIXOVLQJHU LQJOHVHVWHQLVPVFODVH" KDYHPRUHFODVV"
H[LWRVR VRQJZULWHU

Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  7RKDYHDJRRGWLPH

6KHoVUXQQLQJDURXQGZLWKROGHUPHQ ,oPUXQQLQJDURXQGSXWWLQJRXWUHV (VWDH[SUHVLQQRWLHQHQDGDTXHYHUFRQHO


(VWVDOLHQGRFRQKRPEUHVPD\RUHV (VWR\GHXQODGRDRWURDSDJDQGR WLHPSR(VQXHVWUDIRUPDGHGHFLUpSDVDUORELHQq
IXHJRV
6HH\RXDURXQG 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
|+DVWDODYLVWD /HWoVUXQDURXQGWKHSDUN IUDVHVHQLQJOV"
'PRVODYXHOWDDOSDUTXH FRUULHQGR 0HORSDVPX\ELHQHQODHVWD
+HZDVVLWWLQJDURXQGGRLQJQRWKLQJ 7HORHVWVSDVDQGRELHQ"
(VWDEDVHQWDGRVLQKDFHUQDGD /HWoVMRJDURXQGWKHSDUN 7HORSDVDVWHELHQHORWURGD"
'PRVODYXHOWDDOSDUTXH IRRWLQJ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 
$ORODUJRGHVWD\GHODVSU[LPDVFKDVWHDFODUDUHPRVODGLIHUHQFLDHQWUHORVWUPLQRVFLWDGRVHQHOWWXOR+R\pKDYHWRq
+DYHWR
8QDQJORSDUODQWHXVDUXRLUHVWDH[SUHVLQRVXHTXLYDOHQWHpKDYHJRWWRqFDGDFLQFRPLQXWRVDORODUJRGHVXYLGD6LJQLFDpWHQHU
TXHq\H[SUHVDXQDREOLJDFLQQRUPDOPHQWHLPSXHVWDSRUFLUFXQVWDQFLDVH[WHUQDVVREUHODVTXHQRWLHQHVQLQJQFRQWURO
,KDYHWRZRUN R,oYHJRWWRZRUN
,KDYHWREHWKHUHDW R,oYHJRWWREHWKHUHDW
(VWDQFRUULHQWHHVWDH[SUHVLQTXHKHPRVGHIRUPDGRXQSRFRVXSURQXQFLDFLQ'HFLPRV
,KDIWRZRUN
(VGHFLUFRQYHUWLPRVODpYqVXDYHGHpKDYHqHQXQDpIqDFHQWXDGD
/DH[SUHVLQDOWHUQDWLYDp,oYHJRWWRqHVLJXDOPHQWHFRUULHQWHSHURVHXVDVRODPHQWHHQHODUPDWLYRHLQWHUURJDWLYRGHOWLHPSRSUHVHQ
WH(QHOQHJDWLYRGHOSUHVHQWH\HQORVGHPVWLHPSRVVHXVDQLFDPHQWHODH[SUHVLQHVWQGDU

,KDYHWRJR 7HQJRTXHLUPH ,GRQoWKDYHWRJR 1RWHQJRTXHLUPHQRKDFHIDOWDTXH


,oYHJRWWRJR 7HQJRTXHLUPH ,KDYHQoWJRWWRJR PHYD\D

'R\RXKDYHWRJR" 7LHQHVTXHLUWH" ,KDGWRJR 7XYHTXHLUPH


+DYH\RXJRWWRJR" 7LHQHVTXHLUWH" ,KDGJRWWRJR

,oOOKDYHWRJR 7HQGUTXHLUPH
,oOOKDYHJRWWRJR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(O VHFUHWR GH VROLFLWDU SUVWDPRV HV HQWHQGHU HO SXQWR GH YLVWD 7KH VHFUHW RI ERUURZLQJ PRQH\ LV XQGHUVWDQGLQJ KRZ EDQNHUV
GHORVEDQTXHURV&XDQGRKDVDSUHQGLGRDFRQWHVWDUDWRGDVODV YLHZWKHZRUOG:KHQ\RXoYHOHDUQHGWRDQVZHUDOO\RXUEDQNHUoV
SUHJXQWDVGHXQEDTXHURHQWUPLQRVFRQWDEOHVTXHHVVXOHQ TXHVWLRQV LQ DFFRXQWLQJ WHUPV ZKLFK LV WKH EDQNHUoV QDWLYH
JXD PDWHUQD WLHQHV PXFKDV PV SRVLELOLGDGHV GH FRQVHJXLU HO ODQJXDJH\RXoUHDORWPRUHOLNHO\WRJHWWKHORDQ\RXoOOQHHGWR
SUVWDPRTXHQHFHVLWDVSDUDVREUHYLYLUDOUSLGRFUHFLPLHQWRGH VXUYLYH WKH UDSLG JURZWK RI \RXU EXVLQHVV %DQNHUV DSSUHFLDWH
WXQHJRFLR/RVEDQTXHURVDSUHFLDQDORVHPSUHVDULRVTXHWLHQHQ EXVLQHVVRZQHUVZKRKDYHDFRPPDQGRIWKHQDQFLDOVLGHRIWKH
XQGRPLQLRGHODSDUWHQDQFLHUDGHVXQHJRFLR EXVLQHVV


(VWLPDGRDPLJR\DOXPQR6LEXVFDVHQ,QWHUQHWFXUVRVSDUDKDEODUHQSEOLFRHQFRQWUDUVPXFKDVSJLQDVRIUHFLQGRWHPVRPHQRVOR
PLVPRODRUJDQL]DFLQGHODSUHVHQWDFLQHODQOLVLVGHOSEOLFRDVLVWHQWHODUHGDFFLQGHOJXLQHOHQVD\RGHODH[SRVLFLQHOXVRGHODV


PDQRV\ORVRMRVODSUR\HFFLQHLQH[LQGHODYR]ODVD\XGDVYLVXDOHVODVFRQFOXVLRQHVHWF1RGHVFDUWRTXHHVWRVFXUVRVD\XGHQDPXFKRVD
H[SRQHUPHMRUSHURFUHRTXHORVPDHVWURVGHODH[SUHVLQHQSEOLFRSRVHHQXQVHFUHWRTXHQRJXUDHQQLQJQGHVJORVHGHFXUVRODSDVLQ
SRUHOWHPD3DUDUHDOPHQWHDUUDVDUGHODQWHGHOSEOLFRKD\SDUDPFXDWURFRQVLGHUDFLRQHVFODYHV WHQHUXQWHPD FRQRFHUORDIRQGR 
FUHHUDSDVLRQDGDPHQWHHQODLPSRUWDQFLDGHOPLVPR\ VHQWLUODXUJHQFLDGHWUDQVPLWLUHVWDSDVLQDORVGHPV$XQTXHHVWVKDEODQGR
DDJUQRPRVVREUHODLPSRUWDQFLDGHOHVWLUFROHQODSURGXFWLYLGDGDJUFRODGHOD&RPDUFDGH2VRQDGHEHVLQWHQWDUVHUDSDVLRQDGRRDO
PHQRVXQSRFRSRUODPDWHULD6LORORJUDVWHVRUSUHQGHUVGHORUSLGRFRQTXHWHKDFHVFRQHOWHPD\ORHORFXHQWHFRQTXHQDOPHQWHOR
H[SRQHV3DEORGH7DUVRFXDQGRVHIXHDOPXQGRKHOQLFRSDUDFRQYHUWLUORDO&ULVWLDQLVPRMDPVVHSUHRFXSGHD\XGDVYLVXDOHVQLWFQLFDV
GHLQWURGXFFLQ\FRQFOXVLQ([SXVRFRQFRQYLFFLQ\IHUYRU\DOKDFHUORVHQWODVEDVHVSDUDODFUHDFLQGHODUHOLJLQPVLPSRUWDQWHGH
OD+LVWRULD/DSDODEUDKDEODGDFXDQGRVHXVDELHQHVWUHPHQGDPHQWHSRWHQWH/DVSDODEUDVHVFULWDVPXFKRPHQRV6LIXHUDVDXQSXHEOR
GH6XPDWUDFRQHMHPSODUHVGHO1XHYR7HVWDPHQWRORVGLVWULEX\HUDVDSHUVRQDVGHODLVODHLQVWDUDVDFDGDXQDGHHOODVDOHHUOR\D
pFRQYHUWLUVHqFXQWDVSHUVRQDVFUHHVTXHDFDEDUDQFRQYLUWLQGRVH"1LQJXQD6LHQYH]GHGDUOHVHOOLEUROHVKDEODUDVGHOFRQWHQLGRGHOPLV
PR\ORKLFLHUDVFRQSDVLQ\FRQRFLPLHQWRGHFDXVDQRGHVFDUWRTXHFRPHQ]DUDVDJDQDUDOJXQRVDGHSWRV(QHOVLVWHPDHGXFDWLYRHVSDRO
VHSUHVWDQXODDWHQFLQDODH[SRVLFLQRUDOGHODQWHGHODFODVHRGHORVJUXSRV'HVSXVHQHOPXQGRSURIHVLRQDOORVDVFHQVRV\ORV[LWRV
YDQPXFKDVYHFHVDORVEXHQRVFRPXQLFDGRUHVDTXHOORVFDSDFHVGHWRFDUODEUDVHQVLEOHHQODFRPXQLFDFLQLQWHUSHUVRQDO\DQWHSEOLFRV
1RVXEHVWLPHVODWUHPHQGDLPSRUWDQFLDGHDGTXLULUXQDEXHQDFDSDFLGDGSDUDODFRPXQLFDFLQ(OOWLPRGHODSURPRFLQGHOD3ROLWFQLFD
OOHJDUDQWHVTXHVXVFRPSDHURVDVHUSUHVLGHQWHGHXQDJUDQHPSUHVDVLVXSHUDDVWRVHQODH[SUHVLQRUDO 5LFKDUG9DXJKDQ 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(OFDIHVQHJUR &RIIHHLVEODFN 3RUTXHVWVHVWXGLDQGR :K\DUH\RXVWXG\LQJ(QJOLVK"


/RVSOWDQRVVRQDPDULOORV %DQDQDVDUH\HOORZ LQJOV"
/DVIUHVDVVRQURMDV 6WUDZEHUULHVDUHUHG /RQHFHVLWRSDUDPLWUDEDMR ,QHHGLWIRUP\MRE
/DVPDQ]DQDVVRQURMDVRYHUGHV$SSOHVDUHUHGRUJUHHQ &RQTXIUHFXHQFLDKDEODV +RZRIWHQGR\RXVSHDN
|<TXVRUSUHVD/DVQDUDQMDV $QGZKDWDVXUSULVH2UDQJHV
 LQJOVDOO" (QJOLVKWKHUH"
VRQQDUDQMDV DUHRUDQJH |1XQFDSRUTXHQRVKDEODU 1HYHUEHFDXVH,FDQoWVSHDN
LQJOV (QJOLVK
(VSRUHVRTXHORHVWR\ 7KDWoVZK\,oPOHDUQLQJLWQRZ
DSUHQGLHQGRDKRUD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLQHVODSHUVRQDPVIHOL] :KRoVWKHKDSSLHVWSHUVRQ\RX
 &XQGRTXLHUHVTXHOOHJXHPRV:KHQGR\RXZDQWXVWRJHW
TXHFRQRFHV" NQRZ" DOO" WKHUH"
&XOHVHOH[DPHQPVIFLO :KDWoVWKHHDVLHVWH[DP
 1HFHVLWRTXHHVWLVDTXDODV ,QHHG\RXWREHKHUHDW
TXHMDPVKDVKHFKR" \RXoYHHYHUGRQH" VHLVHQSXQWR RoFORFNVKDUS
4XLQHVODPXMHUPVVH[\ :KRoVWKHVH[LHVWZRPDQLQ
 /HVGLMRTXHOHHQYLDUDDOXQ +HWROGWKHPWRVHQGKLPDQ
GHOPXQGR" WKHZRUOG" FRUUHRHOHFWUQLFR HPDLO
&XOHVODSHOFXODPVJUDFLRVD:KDWoVWKHIXQQLHVWOP 0HSLGLTXHGHMDUDGHKDEODU 6KHDVNHGPHWRVWRSWDONLQJ
TXHMDPVKDVYLVWR" \RXoYHHYHUVHHQ" /HVJXVWDUDTXHOOHYVHPRV 7KH\ZRXOGOLNHXVWRZHDUD
&XOHVODFLXGDGPVVXFLDGH:KDWoVWKHGLUWLHVWFLW\LQ SXHVWDXQDFRUEDWD WLH
(VSDD" 6SDLQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7HDFRQVHMRTXHQRYD\DVDOO ,oPDGYLVLQJ\RXQRWWRJR &UHHVHQODYLGDGHVSXVGHOD 'R\RXEHOLHYHLQWKHDIWHUOLIH


WKHUH PXHUWHRHQODUHHQFDUQDFLQ" RULQUHLQFDUQDWLRQ"
0HSHUVXDGLTXHQRPH6KHSHUVXDGHGPHQRWWRKDYH 6LHQODRWUDYLGDSXGLHUDVVHU,ILQ\RXUQH[WOLIH\RXFRXOG
RSHUDUD WKHRSHUDWLRQ DOJXLHQIDPRVRTXLQVHUDV" VRPHRQHIDPRXVZKRZRXOG
5XVLDOHVKDDGYHUWLGRTXHQR 5XVVLDKDVZDUQHGWKHPQRWWR
 LWEH"
DWDTXHQ DWWDFN :RRG\$OOHQGLMRTXHOHJXVWDUD:RRG\$OOHQVDLGKHZRXOG
0HFRQYHQFLHURQTXHQRGLMHUD 7KH\FRQYLQFHGPHQRWWRVD\
 UHQDFHUFRPRORVGHGRVGH OLNHWREHUHERUQDV:DUUHQ
QDGD DQ\WKLQJ :DUUHQ%HDWW\ %HDWW\oVQJHUV
7HVXSOLFRTXHQRPHGHMHV ,EHJ\RXQRWWROHDYHPH 1RORSLOOR1XQFDKHRGRKDEODU,GRQoWJHWLW,oYHQHYHUKHDUG
GHOVHJXQGR RIWKHODWWHU
(VDFWRU\HUDXQPXMHULHJR +HoVDQDFWRUDQGZDVD
OHJHQGDULR OHJHQGDU\ZRPDQLVHU

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/HTXHGDSRFRSDUDGDUDOX] 6KHoVKHDYLO\SUHJQDQW (VVHJXURTXHVHHQWHUDU 6KHoVERXQGWRQGRXW


OHVWDEDPX\DYHUJRQ]DGR +HZDVYHU\HPEDUUDVVHG (VVHJXURTXHRFXUULU ,WoVERXQGWRKDSSHQ
(VWR\PX\FRQVWLSDGR ,KDYHDYHU\EDGFROG 3RUTXWHHVWVDFDORUDQGR :KDWDUH\RXJHWWLQJVR
/OHYRWUHVGDVHVWUHLGR ,oYHEHHQFRQVWLSDWHGIRUWKUHH WDQWR" ZRUNHGXSDERXW"
GD\V 3RUTXQRWHWUDQTXLOL]DVXQ :K\GRQoW\RXVHWWOHGRZQD
7DPELQXQRWLHQHTXH 2QHDOVRKDVWREHYHU\FDUHIXO SRFR" OLWWOH"
WHQHUPXFKRFXLGDGRFRQOD ZLWKWKHSURQXQFLDWLRQRI 7HFUHHVWDQVDELRQR" <RXWKLQN\RXoUHVRZLVHGRQoW
SURQXQFLDFLQGHEUHDNIDVW pEUHDNIDVWq \RX"

6QHDNHUV =DSDWLOODV
+LJKKHHOV 7DFRQHV

6DQGDOV 6DQGDOLDV
%RRWV %RWDV
9RFDEXODULR)RRWZHDU &DO]DGR


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  :KDWPDGH\RXGRWKDW"

,ZHDULWDURXQGWKHKRXVH 'RQoWMXVWVWDQGDURXQGDQGGRQRWKLQJ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


/ROOHYRFXDQGRHVWR\SRUFDVD 1RWHTXHGHVDOOGHSLHPLUDQGR|+D] IUDVHVHQLQJOV"
DOJR
,JODQFHGDURXQG 3RUTXWHGLRSRUKDFHUXQDFRVDDV"
(FKXQDPLUDGDDPLDOUHGHGRU +HOLNHVWRWKURZKLVPRQH\DURXQG 3RUTXWHGLRSRUGHMDUGHIXPDU"
/HJXVWDGHUURFKDUGLQHUR 3RUTXOHGLR DO SRUFDVDUVHFRQDOJXLHQDV"
,WRRNKLPDURXQGWRPHHWHYHU\RQH
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
/HOOHYDFRQRFHUDWRGRV :HDUWKLVDURXQG\RXUQHFN
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
/OHYDHVWRDOUHGHGRUGHWXFXHOOR '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 

'RQWKDYHWR
(VWDH[SUHVLQHVODFRQWUDULDGHpKDYHWRqRpPXVWq6LJQLFDpQRKDFHIDOWDqRpTXHQRHVQHFHVDULRq

<RXGRQoWKDYHWRFRPH 1RHVQHFHVDULRTXHYHQJDV
6KHGRHVQoWKDYHWRSD\LQDGYDQFH 1RKDFHIDOWDTXHHOODSDJXHSRUDGHODQWDGR

1HHGQoW
(VWDH[SUHVLQHVODFRQWUDFFLQGHpQHHGQRWq\HVVLQQLPDGHpGRQoWKDYHWRq6HXVDPX\SRFRHQ((88

<RXQHHGQoWZRUU\DERXWLW 1RKDFHIDOWDTXHWHSUHRFXSHVSRUHOOR
1RWLHQHVTXHSUHRFXSDUWHSRUHOOR

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
6DP HV XQ YHQGHGRU FRPR QLQJXQR \ VRODPHQWH YHQGH KXHYRV 6DP LV D VXSHU VDOHVPDQ DQG KH RQO\ VHOOV JUHHQ HJJV DQG KDP
YHUGHVFRQMDPQ3DUDFRQVHJXLUTXHVXVFOLHQWHVFRPSUHQKXH 7RJHWKLVFXVWRPHUVWREX\JUHHQHJJVDQGKDPKHDVNVWKHPQR
YRVYHUGHVFRQMDPQOHVSLGHPVGHYHFHVTXHORVSUXHEHQ OHVVWKDQWLPHVWRWU\WKHP6DPNQRZVWKDWWKHDYHUDJHVDOH
6DPVDEHTXHODYHQWDPHGLDVHFRQVLJXHFXDQGRVHOHSUHJXQWD LVPDGHZKHQWKHFXVWRPHUKDVEHHQDVNHGYHWLPHVZKHWKHUKH
DOFOLHQWHFLQFRYHFHVVLOHJXVWDUDSUREDUHOSURGXFWR(OYHQGHGRU ZRXOGOLNHWRH[DPLQHDSURGXFW7KHDYHUDJHVDOHVSHUVRQZLOODVN
PHGLRVORSUHJXQWDGRVYHFHV3RUWDQWRWHVXJLHURTXHKDEOHV RQO\WZLFH6R,VXJJHVW\RXWDONWR\RXUVDOHVSHRSOHDERXW6DP
FRQWXVYHQGHGRUHVGH6DPHOJHQLDOYHQGHGRU WKHVXSHUVDOHVPDQ

(VWLPDGRDPLJR\DOXPQR7HRIUH]FRDFRQWLQXDFLQHOLQLFLRGHXQGLVFXUVRHQLQJOV 0VSDODEUDVLQJOHVDVGHUD]ODWLQD
/DGLHVDQGJHQWOHPHQLWLVDSOHDVXUHWREHKHUHWRWDONDERXWDVXEMHFWWKDWLVYHU\LPSRUWDQW
WRPH(YHU\ERG\OLNHVDKDSS\HQGLQJDQG,DPKDSS\WRVD\WKDWWKHVWRU\,DPJRLQJWRWHOO (IIRUW (OHFW
\RXKDVDKDSS\HQGLQJ7KLUW\IRXU\HDUVDJR,DUULYHGLQWKLVFRXQWU\ZLWKGROODUVLQP\ (IIXVLRQ (OHFWLRQ
SRFNHWDQGQRIULHQGV1RZWKLUW\IRXU\HDUVODWHU,KDYHHQRXJKIULHQGVIRUWHQOLIHWLPHVDQG (IIXVLYH (OHFWRU
HQRXJKLQWHUHVWLQJH[SHULHQFHVWROOWHQQRYHOV6SDLQKDVEHHQJRRGWRPHDQGQRZ,ZDQW (JDOLWDULDQ (OHFWRUDWH
WRJLYHVRPHWKLQJWR6SDLQLQUHWXUQ9DXJKDQ5DGLRDQG$SUHQGH,QJOpV79DUHWZRSURMHFWV (JRLVP (OHFWULF
WKDW SHUPLW PH WR RIIHU (QJOLVK OHDUQLQJ DEVROXWHO\ IUHH  KRXUV D GD\ RQ WZR GLIIHUHQW (JRLVW (OHFWULFDO
SODWIRUPVUDGLRDQG79 (ODERUDWH (OHFWULFLDQ
(ODERUDWLRQ (OHFWULI\
(VWR\VHJXURGHTXHHQWLHQGHVSHUIHFWDPHQWHHVWHLQLFLRGHOGLVFXUVRHQLQJOV(VSRVLEOH (ODSVH (OHFWULI\LQJ
LQFOXVR TXH OR HQFXHQWUHV LQWHUHVDQWH \ HORFXHQWH 7H KDV MDGR TXH WRGR HO LQJOV TXH (ODVWLF (OHFWURFXWH
XWLOL]RVHWUDWDGHHVWUXFWXUDV\YRFDEXODULRTXHVHHQFXHQWUDQHQORVGRVSULPHURVOLEURVGH (ODVWLFLW\
ORVQLYHOHVSULQFLSLDQWHHLQWHUPHGLR"1RWLHQHVTXHSRVHHUXQDPSOLRYRFDEXODULRQLVDEHU
PDQHMDUFRPSOHMDVHVWUXFWXUDVSDUDKDEODUPX\ELHQHQLQJOV&RQXQHFD]PDQHMRGHOR
TXH\DVDEHVSRGUVDQGDUSRUHOPXQGR\FHUUDUPLOFRQWUDWRV(VRVVLHPSUHTXHWHQJDV
XQRGRQVLPRFDSD]GHFDSWDUORWRGRDODSULPHUD
5LFKDUG9DXJKDQ


 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVWGHODQWHGHHOOD" :KRoVLQIURQWRIKHU" +D\XQKRPEUHDOWRFRQHOORV 7KHUHoVDWDOOPDQZLWKWKHP


4XHVHVRGHGHWUVGHO" :KDWoVWKDWEHKLQGKLP" 1RKD\OHRQHVHQ,QJODWHUUD 7KHUHDUHQoWDQ\OLRQVLQ
(VHVWRSDUDHOORV" ,VWKLVIRUWKHP" (QJODQG
3DUDTXLQHV" :KRLVLWIRU" +D\XQPRWLYRSDUDHVWR" ,VWKHUHDUHDVRQIRUWKLV"
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ" +D\YDVRV" $UHWKHUHDQ\JODVVHV"
3RUTXQRKD\QDGLHDTX" :K\DUHQoWWKHUHDQ\SHRSOH
KHUH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

$OJXLHQSXHGHYHUOR" &DQDQ\RQHVHHLW" 4XOHGLMRWXSDGUHFXDQGR :KDWGLG\RXUIDWKHUVD\WR


3RUTXQRVDEHQDGLHOD :K\GRHVQoWDQ\RQHNQRZWKH
 ODYL" KHUZKHQKHVDZKHU"
UHVSXHVWD" DQVZHU" /HSUHJXQWGQGHLEDHOOD" +HDVNHGKHUZKHUHVKHZDV
7RGRHOPXQGRTXLHUHDDOJXLHQ(YHU\RQHORYHVVRPHERG\ JRLQJ"
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW 4XGLMRHOOD" :KDWGLGVKHVD\"
1DGLHYLQR 1RERG\FDPH (OODOHGLMRTXHLEDDFDVDGHVX 6KHWROGKLPVKHZDVJRLQJWR
QRYLR KHUER\IULHQGoVKRXVH
<GHVSXVTXHKL]RO" $QGWKHQZKDWGLGKHGR"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LHPSUHHVWR\DTXDODVFLQFR ,oPDOZD\VKHUHDWRoFORFN 6HKDWRPDGRXQDGHFLVLQ\D" +DVDGHFLVLRQEHHQWDNHQ\HW"


(VWR\DTXGHVGHKDFHFLQFR ,oYHEHHQKHUHIRUKRXUV <DVHKDQGHFLFLGR 7KH\oYHDOUHDG\PDGHXSWKHLU
KRUDV PLQGV
1RWHTXHUUSDUDVLHPSUH ,ZRQoWORYH\RXIRUHYHU 3RGUDVKDEUPHORGLFKR <RXFRXOGKDYHWROGPH
7HTXLHURGHVGHKDFHXQDKRUD ,oYHORYHG\RXIRUDQKRXU 'HKHFKRGHEHUDVKDEUPHOR ,QIDFW\RXVKRXOGKDYHWROG
&XQWRKDFHTXHQRYHVDWX :KHQZDVWKHODVWWLPH\RX
 GLFKRHQVHJXLGD PHVWUDLJKWDZD\
VREULQD" VDZ\RXUQLHFH" &XQWRWLHPSROOHYDV +RZORQJKDYH\RXEHHQ
SODQHDQGRHVWR" SODQQLQJWKLV"

,FH6NDWHU 3DWLQDGRU
(DUPXIIV 2UHMHUDV

,FH +LHOR

5LQN 3LVWD

6NDWHV 3DWLQHV

9RFDEXODULR,FH6NDWLQJ 3DWLQDMHVREUHKLHOR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XKDUDVVLGHVDSDUHFLHUD :KDWZRXOG\RXGRLI,
 6HPHIXHHOVDQWRDOFLHOR ,WFRPSOHWHO\VOLSSHGP\PLQG
GHODID]GHODWLHUUD" GLVDSSHDUHGRIIWKHIDFHRIWKH 'HMDGHWRFDUWHODQDUL] 6WRSSLFNLQJ\RXUQRVHZLOO
HDUWK" TXLHUHV" \RX"
6DOWDUDGHMELOR ,oGMXPSIRUMR\ (VHWLSRHVXQSHVDGRGHQDULFHV7KDWJX\LVDSDLQLQWKHQHFN
<TXHKDUDVVLWHDSXQWDUD $QGZKDWZRXOG\RXGRLI,
 |4XIDVWLGLRHQYHMHFHU :KDWDGUDJLWLVJHWWLQJROG
FRQXQDSLVWROD" SRLQWHGDJXQDW\RX" 6HVDEHWRGDVODVUHVSXHVWDV <RXNQRZDOOWKHDQVZHUVEXW

(VWDUDPXHUWRGHPLHGR ,oGEHVFDUHGVWLII SHURQDGLHWHKDFHODVSUHJXQWDV QRERG\DVNV\RXWKHTXHVWLRQV
(VWDFRQYHUVDFLQHVXQFDOOHMQ7KLVFRQYHUVDWLRQLVDGHDGHQG
VLQVDOLGD VWUHHW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  $OPRVW +DUGO\

7KH\oYHFKDQJHGWKHSLFWXUHVDURXQG :HZHUHDOZD\VPRYLQJDURXQG 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


+DQFDPELDGRORVFXDGURVGHOXJDU 6LHPSUHQRVPXGEDPRVGHXQODGR IUDVHVHQLQJOV"
DRWUR
:HIROORZHGKLPDURXQGWKHWRZQ &DVLJDQDURQHOSDUWLGR
/HVHJXLPRVSRUWRGRHOSXHEOR 'RQoWSOD\DURXQGZLWKP\IHHOLQJV 3RUSRFRSHUGLPRVHOWUHQ
1RDQGHVMXJDQGRFRQPLVVHQWLPLHQWRV &DVLQXQFDYR\DK
7KH\XVHGWROLYHDURXQGKHUH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
$QWHVYLYDQSRUDTX ,oOOVKRZ\RXDURXQGWKHRIFH UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
7HHQVHDUODRFLQD TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 

0XVW
p0XVWqWLHQHWUHVVLJQLFDGRVRXVRV

 2EOLJDFLQQRUPDOPHQWHDXWRLPSXHVWD\FRQFRQWHQLGRPRUDO(VXQDHVSHFLHGHREOLJDFLQTXHVDEHVTXHGHEHVXUJHQWHPHQWH
DWHQGHUSHURTXHQDGDRQDGLHWHORLPSRQHQHFHVDULDPHQWH

,PXVWQGDZD\WRTXLWVPRNLQJ 'HER SRUWRGRVORVPHGLRV HQFRQWUDUXQDIRUPDGHGHMDUGHIXPDU


:HPXVWLQFUHDVHRXUSURGXFWLYLW\ 'HEHPRV SRUWRGRVORVPHGLRV DXPHQWDUQXHVWUDSURGXFWLYLGDG

 &RQVHMRFRQIXHUWHLQVLVWHQFLDLQVWDQGRDDOJXLHQDKDFHUDOJR

<RXPXVWVWXG\PRUH |'HEHV FRPRVHD HVWXGLDUPV


7KH\PXVWEHFDUHIXOZLWKWKLVVXEVWDQFH 'HEHQWHQHUFXLGDGRFRQHVWDVXVWDQFLD

 &RQFOXVLQOJLFDDQWHXQDHYLGHQFLDFDVLVHJXUD
(QFDVWHOODQRHVWDIRUPDGHpPXVWqVHWUDGXFHSRUpGHEHGHq3RUHMHPSORVLYHVDXQVHRUFRQGXFLHQGRXQ5ROOV5R\FHSXHGHV
GHFLU(VHVHRUGHEHGHVHUULFR(QLQJOVXVDPRVpPXVWq

7KDWPDQPXVWEHULFK
7KDWZRPDQLVFDUU\LQJDER[RINOHHQL[6KHPXVWKDYHDFROG

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(QPLWDWDUDEXHORPDWDXQKRPEUHHQXQDFDOOHGH7H[DV ,Q  P\ JUHDW JUDQGIDWKHU NLOOHG D PDQ RQ D 7H[DV VWUHHW
(OKRPEUHVHOODPDED)UDQN&OD\WRQ\HUDXQDOERURWDGRUDTXLHQ 7KHPDQoVQDPHZDV)UDQN&OD\WRQDQGKHZDVD WURXEOHPDNHU
OHJXVWDEDDPHQD]DUHLQWLPLGDUDODJHQWH8QGDWURSH]FRQ ZKROLNHGWRWKUHDWHQDQGLQWLPLGDWHSHRSOH2QHGD\KHUDQLQWR
PLWDWDUDEXHORHQODFDOOH\OHGLMRTXHLEDDLUDVXFDVDDSRUVX P\ JUHDW JUDQGIDWKHU RQ WKH VWUHHW DQG WROG KLP KH ZDV JRLQJ
HVFRSHWD\TXHYROYHUDSDUDPDWDUOH0LWDWDUDEXHORQROHGLROD WRJRKRPHIRUKLVVKRWJXQDQGFRPHEDFNWRNLOOKLP0\JUHDW
RSRUWXQLGDGGHOOHYDUDFDERVXDPHQD]D6DFVX&ROW\OHGLV JUDQGIDWKHUGLGQoWJLYHWKHPDQDFKDQFHWRFDUU\RXWKLVWKUHDW
SDUGHPXHUWH7UHVVHPDQDVPVWDUGHOHGHFODUDURQLQRFHQWH +HSXOOHGRXWKLV&ROWDQGVKRWKLPGHDGWKHQDQGWKHUH7KUHH
GHDVHVLQDWR ZHHNVODWHUKHZDVIRXQGLQQRFHQWRIPXUGHU

(VWLPDGR DPLJR \ DOXPQR +D\ XQ UHIUQ DOJR FXULRVR TXH GLFH p$\X 0VSDODEUDVLQJOHVDV
GDDXQKRPEUHHQDSULHWRV\VHDFRUGDUGHWLFXDQGRYXHOYDDHVWDUHQ GHUD]ODWLQD
DSULHWRVq1RHVWR\GHOWRGRGHDFXHUGRFRQHVWHUHIUQSRUTXHFUHRHQOD
(OHFWURGH
JUDWLWXGVLQFHUDDXQTXHVTXHQRWRGDVODVH[SUHVLRQHVGHHVWDQGROH
(OHFWURQ
ORVRQ(QHOFDVRGHWXLQJOV\RMXQWRFRQPLVFRPSDHURVGH9DXJKDQ (OHFWURQLF
TXHUHPRVKDFHUWRGRORSRVLEOHSDUDVDFDUWHGHWXDSULHWR\DGLIHUHQFLD (OHFWURQLFV
GHOUHIUQVDEHPRVSHUIHFWDPHQWHTXHYDVDYROYHUDPHWHUWHHQPXFKRV (OHJDQFH
DSULHWRVPV\FRQEXHQDYROXQWDGWHD\XGDUHPRVDVDOLUGHHOORV$SULH (OHJDQW
WRVFRQODYR]SDVLYDDSULHWRVFRQHOFRQGLFLRQDODSULHWRVFRQORVYHUERV (OHJ\
DX[LOLDUHVRDSULHWRVFRQHOYHUERWRJHW$SUHQGHUDPDQHMDUFRQGHVWUH (OHPHQW
]DXQVHJXQGRLGLRPDH[LJHHQGHUH]DUPLOHVGHHQWXHUWRVJUDPDWLFDOHV (OHPHQWDO
IRQWLFRVRUWRJUFRVDXGLWLYRVHVWLOVWLFRV\GHH[SUHVLQ&RPRHPSUH (OHPHQWDU\
VDOOHYDPRVDRVVDFDQGRDODJHQWHGHDSXURV\GHDSULHWRVFRQHOLGLRPDLQJOV\QRVDEHPRVKDFHURWUD (OHSKDQW
FRVD&XQWRV[LWRVKHPRVFRVHFKDGR"'RQGHHODOXPQRQRVKDD\XGDGRDWRSHWRGDYDQRFRQRFHPRVHO (OHYDWH
IUDFDVR<HQHVWHFDVRHODJUDGHFLPLHQWRHVPXWXRf\VLQFHUR (OHYDWLRQ
5LFKDUG9DXJKDQ (OHYDWRU 
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV" 9HDODYHQWDQD *RWRWKHZLQGRZ


'QGHHVWVXPDGUH" :KHUHoVWKHLUPRWKHU" 9HQDPLODGR &RPHWRP\VLGH
(VXQDPXMHUPX\LQWHOLJHQWH 6KHoVDYHU\LQWHOOLJHQWZRPDQ +D]ORDKRUD 'RLWQRZ
(VXQDLGHDPX\EXHQD ,WoVDYHU\JRRGLGHD 4XGDWHDOO 6WD\WKHUH
6RQLQIRUPHVPX\LPSRUWDQWHV 7KH\oUHYHU\LPSRUWDQWUHSRUWV (VWDWHSUHSDUDGR %HSUHSDUHG

5KLQRFHURV 5LQRFHURQWH
-HHS -HHS

+\HQD +LHQD

/LRQ /HQ

+LSSRSRWDPXV +LSRSWDPR

9RFDEXODULR6DIDUL 6DIDUL

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RYR\DGHFLUOHVQDGD ,oPQRWJRLQJWRWHOOWKHP 3RUTXQRQRVEXVFDUQ" :K\ZRQoWWKH\ORRNIRUXV"


DQ\WKLQJ 1RWHSUHRFXSHVQRSHUGHU 'RQoWZRUU\,ZRQoWPLVVWKH
4XTXLHUHGHFLUHOOD" :KDWGRHVVKHPHDQ" HOWUHQ WUDLQ
7VDEHVORTXHHOODTXLHUHGHFLU <RXNQRZZKDWVKHPHDQV 1XQFDYROYHUDGHFLUHVR ,oOOQHYHUVD\WKDWDJDLQ
3RUTXQRORYDVDFRPSUDU" :K\DUHQoW\RXJRLQJWREX\LW" (OODQXQFDYROYHUVLOHVWDTX 6KHoOOQHYHUFRPHEDFNLIKHoV
3RUTXHKDJRORTXHTXLHUR %HFDXVH,GRZKDW,ZDQW KHUH
1RQHYDUKDVWDHOPHVTXH ,WZRQoWVQRZXQWLOQH[WPRQWK
YLHQH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HJXVWDHVWDSRFDGHODR ,OLNHWKLVWLPHRI\HDU /DJHQWHFRPSUDFRVDVTXHQL 3HRSOHEX\WKLQJVWKDWWKH\


7HJXVWDWDQWRFRPR\RWH 'R\RXOLNHLWDVPXFKDV\RX
 QHFHVLWDQLTXLHUH QHLWKHUQHHGQRUZDQW
JXVWR" OLNHPH" &UHHQTXHWRGRHVXQDJDQJD 7KH\WKLQNHYHU\WKLQJLVD
0HFDHVELHQSHURODVUHEDMDV ,OLNH\RXEXWWKHVDOHVKDYH
 EDUJDLQ
WLHQHQPXFKRPVTXHRIUHFHU PXFKPRUHWRRIIHU 'HWRGDVIRUPDVODPD\RUDGH $Q\ZD\PRVWWKLQJVDUH
3RUTXWHJXVWDQWDQWRODV :K\GR\RXOLNHWKHVDOHVVR
 ODVFRVDVVRQUHVWRV OHIWRYHUV
UHEDMDV" PXFK" /RVJUDQGHVDOPDFHQHVHVWQ 7KHGHSDUWPHQWVWRUHVDUH
0HKDFHQVHQWLUOLEUH 7KH\PDNHPHIHHOIUHH VLHPSUHDUHERVDUGHJHQWH DOZD\VSDFNHGZLWKSHRSOH
+D\JHQWHFRUULHQGRSRUWRGDV 7KHUHDUHSHRSOHUXVKLQJ
SDUWHV HYHU\ZKHUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1XQFDSXHGRSHUPLWLUPH ,FDQQHYHUDIIRUGWREX\
 &DGDYH]HVPVGLIFLOOOHJDUD ,WoVJHWWLQJPRUHDQGPRUH

FRPSUDUQDGDHQODVUHEDMDV DQ\WKLQJLQWKHVDOHV QGHPHV GLIFXOWWRPDNHHQGVPHHW
6LHPSUHHVWR\DGRVYHODV ,oPDOZD\VEURNH 7HQGUHPRVTXHDSUHWDUQRVORV :HoOOKDYHWRWLJKWHQRXUEHOWV

7DUGHRWHPSUDQRWHQGUTXH 6RRQHURUODWHU,oOOKDYHWRVHOO
 FLQWXURQHV
YHQGHUXQRGHPLVULRQHV RQHRIP\NLGQH\V (VWVKDFLHQGRXQDPRQWDD <RXoUHPDNLQJDPRXQWDLQRXW

1RHVSDUDWDQWRQR" ,WoVQRWWKDWEDGLVLW" GHXQJUDQRGHDUHQD RIDPROHKLOO
+DVYLVWRFXQWRKDQVXELGR +DYH\RXVHHQKRZPXFK
 (VXQDWRUPHQWDHQXQYDVR ,WoVDVWRUPLQDWHDFXS

ORVSUHFLRVOWLPDPHQWH" SULFHVKDYHULVHQODWHO\" GHDJXD
|1RWHSRQJDVQHUYLRVD 'RQoWJHW\RXUNQLFNHUVLQD
WZLVW


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  7REHLQDJRRGPRRG

6WD\DURXQGIRUDZKLOH &KHFNDURXQG (VWDH[SUHVLQVLJQLFDpHVWDUGHEXHQ


4XGDWHSRUDTXXQUDWRPV 9HFRPSUREDQGRSRUDK KXPRUq/LWHUDOPHQWHGHFLPRVpHVWDUHQXQ
EXHQKXPRUq
&DQ\RXVWLFNDURXQG" ,ORRNDURXQGEHIRUHEX\LQJDFDU 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
7HSXHGHVTXHGDUXQSRTXLWR" (VWXGLRODRIHUWDDQWHVGHFRPSUDUXQ IUDVHVHQLQJOV"
FRFKH *DU\QXQFDHVWGHPDOKXPRU
,oOODVNDURXQG (VWR\GHPX\EXHQKXPRUKR\
,USRUDKSUHJXQWDQGRDODJHQWH ,SDVVHGDURXQGWKHFKRFRODWHV /DUU\VLHPSUHHVWGHEXHQKXPRU
2IUHFFKRFRODWLQDVDWRGRVXQRSRUXQR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 

0XVWQoW
(VWDH[SUHVLQHVVLPSOHPHQWHHOQHJDWLYRGHpPXVWqHQVXVHQWLGRGHREOLJDFLQDXWRLPSXHVWDRGHFRQVHMRVHULRHLQVLVWHQWH

<RXPXVWQoWVWDUWVPRNLQJDJDLQ 1RGHEHVHPSH]DUDIXPDURWUDYH]
,PXVWQoWPDNHWKDWPLVWDNHDJDLQ 1RGHERFRPHWHUHVHHUURURWUDYH]

p0XVWQoWqVHSURQXQFLDpPVHQWq\FDVLVLHPSUHH[LVWHHQVXIRUPDGHFRQWUDFFLQ

1HHGQoW
<DYLPRVHVWDH[SUHVLQHQOD)LFKD$GHPVGHVHUORFRQWUDULRGHpKDYHWRqWDPELQORHVGHpPXVWq

:HPXVWPDNHDQHIIRUW :HQHHGQoWPDNHDQHIIRUW
7KH\PXVWEHFDUHIXO 7KH\QHHGQoWEHFDUHIXO

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VFULELUHVWRVSUUDIRVSXHGHVHUPX\GLYHUWLGR0HVLHQWRGHODQ :ULWLQJWKHVHVKRUWSDUDJUDSKVFDQEHDORWRIIXQ,VLWLQIURQWRI
WHGHXQDSDQWDOODGHRUGHQDGRUHQEODQFR\HPSLH]RDHVFULELU D EODQN FRPSXWHU VFUHHQ DQG MXVW VWDUW WR ZULWH D VHQWHQFH7KLV
XQDIUDVH(VWDIUDVHQRUPDOPHQWHPHDEUHODPHQWHDPLOHVGH VHQWHQFH XVXDOO\ RSHQV P\ PLQG WR WKH WKRXVDQGV RI LQFLGHQWV
LQFLGHQWHV\H[SHULHQFLDVTXHKHWHQLGRGXUDQWHORVOWLPRV DQGH[SHULHQFHV,oYHKDGRYHUWKHSDVW\HDUVDQGOHDGVPHWR
DRV \ PH OOHYD D DOJR LQWHUHVDQWH GLYHUWLGR LQIRUPDWLYR R LQ VRPHWKLQJ LQWHUHVWLQJ DPXVLQJ LQIRUPDWLYH RU LQWULJXLQJ ,W
WULJDQWH7DUGRXQRVPLQXWRVHQHVFULELUORVVHLVSUUDIRVTXH WDNHVPHDERXWPLQXWHVWRZULWHWKHVL[SDUDJUDSKVWKDWPDNH
FRQIRUPDQFDGDSJLQDGHHVWHOLEUR XSHDFKSDJHRIWKLVERRN


(VWLPDGRDPLJR\DOXPQR(QODIRWRGHODL]TXLHUGDWLHQHVD*UHJRULRLQFDQVDEOHHVWXGLDQWHGHLQJOVTXHSLHQVDTXHSDUDDSUHQ
GHUORELHQWLHQHTXHOHHUUHOHHU\KDVWDPHPRUL]DUODVUHJODVJUDPDWLFDOHVGHVGHHOYHUERWREHHQWRGRVVXVWLHPSRV\SHUVRQDV
KDVWDHOSOXVFXDPSHUIHFWR\HOSDVDGRFRQGLFLRQDO1RVLHQWHPXFKRFDULRSRUPLLGLRPDSRUTXHPXFKDVGHODVHVWUXFWXUDVTXH
HVWXGLDVRQDMHQDVDODOJLFDODWLQDRFDVWHOODQD/HVXHQDQDFKLQRFXDQGRODVYHVREUHHOSDSHO\DOGHFLUODVSDUDVXVDGHQWURV
QRVHFXLGDGHSURQXQFLDUODVELHQLQFUXVWDQGRYLFLRVIRQWLFRVTXHGHVSXVPHFXHVWDKRUURUHVHUUDGLFDU$ODGHUHFKDWHQHPRVD
-RV5DPQ7LHQHHOPLVPRQLYHOTXH*UHJRULRSHURSUHHUHOHHUOLEURVSHULGLFRV\UHYLVWDVHQHVSDROPLHQWUDVVXVRGRVUHFLEHQ
XQVXDYHPDVDMHOLQJVWLFRGHYRFDEORVLQJOHVHVSURQXQFLDGRVSRUQDWLYRV(VWDEVRUWRHQVXOHFWXUDVLQSUHVWDUODPVPQLPD
DWHQFLQDOLQJOV'HKHFKRVLGHMDVHGHOHHU\SUHVWDVHWRWDODWHQFLQDORTXHR\HHQWHQGHUDPHQRVGHOGHOFRQWHQLGR6LQ
HPEDUJRQRVXHOHKDFHUOR6HGHGLFDDOHHUHQHVSDROXQDKRUDDOGD\GRVKRUDVHQVEDGR\HQGRPLQJR6XVRGRVDEVRUEHQ
ODPXVLFDOLGDGGHOLQJOV\JUDGXDOPHQWHYDQGLVFULPLQDQGRORVVRQLGRV-RV5DPQVDEHTXHVLYLHUDSRUHVFULWRHVHTXHQR
HVWHQWHQGLHQGRDXGLWLYDPHQWHORHQWHQGHUDFDVLWRGR'HELGRDHVWRHVWVLJXLHQGRPLFRQVHMRGHQRDQJXVWLDUVH\HQWUHQDUHO
RGRDPHGLR\ODUJRSOD]R(QVHLVPHVHVFXDQGRYXHOYDDGHMDUODOHFWXUDSDUDSUHVWDUWRWDODWHQFLQDOLQJOVTXHR\HHQWHQGHU
HO(OLQJOVDPLJROHFWRUQRHVXQDFLHQFLDH[DFWDHVWUXFWXUDGDDEDVHGHFRPSDUWLPHQWRVHVWWLFRV\HVWDQFRV(VXQYHKFX
ORGHFRPXQLFDFLQULFR\GLQPLFRWDQOJLFR\H[SUHVLYRFRPRFXDOTXLHURWURLGLRPDLPSRUWDQWHGHOPXQGR1XQFDYDVDOOHJDU


DGRPLQDUORHQVXDVSHFWRKDEODGRDOLJXDOTXHQRGRPLQDVQLWXSUR
SLRLGLRPDHQFXHVWLRQHVGHLPSDFWRHORFXHQFLDRH[SUHVLYLGDG3HURHV
LPSHUDWLYRTXHORGRPLQHVHQVXDVSHFWRDXGLWLYR&PR"([SRQLHQGR
HORGRGXUDQWHPLOHVGHKRUDV1RHVSRVLEOHOOHJDUDXQEXHQQLYHOVLQ
SRVHHUXQH[FHOHQWHQLYHODXGLWLYR<RMRHQWHQGHUELHQDWXSURIHVRUGH
LQJOVQRVLJQLFDQDGD(OSURIHVRUQRWHGDQLXQGHORTXHYDVD
RUSRUDKHQHOPXQGRUHDO+DEODFRQGHPDVLDGDQLWLGH]\HVFRJHVLQ
GDUVHFXHQWDXQYRFDEXODULRDWXDOFDQFH
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

(VWQDTXSRUTXHVRQPLV 7KH\oUHKHUHEHFDXVHWKH\oUH
 1RMXHJXHVFRQVXSHUUR GH 'RQoWSOD\ZLWKWKHLUGRJ
SDGUHV P\SDUHQWV HOORV 
'HGQGHVRQ" :KHUHDUHWKH\IURP" (VSHOLJURVRQRORWRTXHV ,WoVGDQJHURXVGRQoWWRXFKLW
9XHVWURVDEXHORVVRQGHDOO $UH\RXUJUDQGSDUHQWVIURP
 |'HVSLUWDWH :DNHXS
WDPELQ" WKHUHWRR" |/HYQWDWH *HWXS
1RVRQGHODPLVPDFLXGDG 7KH\oUHQRWIURPWKHVDPHFLW\ |&OODWH 6KXWXS
3RUTXQRHVWQDTXDKRUD" :K\DUHQoWWKH\KHUHQRZ"

%DUPDQ &DPDUHUR

%HHU &DD

6KRW &KXSLWR

&RFNWDLO &FWHO

6SLULW &RSD
9RFDEXODULR%DU %DU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7UDEDMDVGHPDVLDGR <RXZRUNWRRPXFK 4XWHJXVWDUDKDFHU" :KDWZRXOG\RXOLNHWRGR"


7UDEDMDVGHPDVLDGDVKRUDV <RXZRUNWRRPDQ\KRXUV +DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
+DFHGHPDVLDGRIURSDUDP ,WoVWRRFROGIRUPHLQZLQWHU
 MXELODUWH" UHWLULQJ"
HQLQYLHUQR (VOROWLPRTXHTXLHURKDFHU ,WoVWKHODVWWKLQJ,ZDQWWRGR
&RVWGHPDVLDGR ,WFRVWWRRPXFK 1RFUHHVTXHQHFHVLWDVXQ 'RQoW\RXWKLQN\RXQHHGD
3RUTXHVWDQFDUR" :K\LVLWVRH[SHQVLYH" GHVFDQVR" UHVW"
4XSUHQWHQGHVGHFLUPH" :KDWDUH\RXWU\LQJWRWHOOPH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/OHYDPLKHUPDQRDOTXLRVFR ,WRRNP\EURWKHUWRWKH 3DUH]FRVH[\FRQHVWHWUDMH" 'R,ORRNVH[\LQWKLVVXLW"


QHZVVWDQG 6LQRWXYLHUDVHVDEDUULJD ,I\RXGLGQoWKDYHWKDWEHOO\
/HSUHJXQWVLTXHUDTXHOH ,DVNHGKLPLIKHZDQWHGPHWR
 HVWDUDVPXFKRPHMRU \RXoGORRNPXFKEHWWHU
FRPSUDUDXQDUHYLVWD EX\KLPDPDJD]LQH 0LEDUULJDPHKDFHSDUHFHU 0\EHOO\PDNHVPHORRNOLNHD
0HUHFRUGTXHQRSRGDOHHU +HUHPLQGHGPHWKDWKH
 FRPRXQKRPEUHGHHVWDGR VWDWHVPDQ
HOHVSDRO FRXOGQoWUHDG6SDQLVK (VSRUHVRTXHHUHVFDOYR ,VWKDWZK\\RXoUHEDOGDVZHOO"
0HSLGLTXHOHFRPSUDUD +HDVNHGPHWREX\KLPVRPH
 WDPELQ"
FKLFOH FKHZLQJJXP 6LQRIXHUDVWDQHQFDQWDGRUD ,I\RXZHUHQoWVRFKDUPLQJ,
1LQJXQRGHORVGRVWXYLPRV 1HLWKHURIXVKDGDQ\FKDQJH
 QRPHJXVWDUDVWDQWR ZRXOGQoWOLNH\RXVRPXFK
FDPELR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HSRQGUDUJLPHQFXDQGR ,oOOJRRQDGLHWZKHQ,WXUQ (VPLEXHQSURSVLWRGHDR ,WoVP\1HZ<HDUoVUHVROXWLRQ



FXPSODORV QXHYR
0HGHVKDUGHPLEDUULJD ,oOOJHWULGRIP\EHOO\ 0X\ELHQVDEHVTXHQXQFD <RXNQRZYHU\ZHOOWKDW\RX

1RVDEDTXHHUDVXQKRPEUH ,GLGQoWNQRZ\RXZHUHVXFKD ORVFXPSOHV QHYHUNHHSWKHP
WDQUHOLJLRVR UHOLJLRXVPDQ (ODRSDVDGRGLMLVWHTXHLEDV /DVW\HDU\RXVDLG\RXZHUH

4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW" DKDFHUSXHQWLQJ JRLQJWRGRDEXQJHHMXPS
3XHVHVHYLGHQWHTXHFUHHVHQ :HOO\RXREYLRXVO\EHOLHYHLQ $GHPVWHHQFDQWDGHPDVLDGR %HVLGHV\RXORYHHDWLQJIDWW\

ORVPLODJURV PLUDFOHV FRPHUFRPLGDFRQJUDVD IRRGWRRPXFK
&XDQWRPVJUDQGHHVPL 7KHELJJHUP\EHOO\LVWKHPRUH

EDUULJDPVTXLHUR WKHUHLVWRORYH


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpDURXQGq  (ODUWFXORpDQq
1RROYLGHVTXHFXDQGRXQVXVWDQWLYRRDGMHWLYR
,KHOSKLPDURXQGWKHKRXVH ,oPWLUHGRIZDLWLQJDURXQG HPSLH]DFRQXQDYRFDORXQVRQLGRGHYRFDOHO
/HD\XGRDPRYHUVHSRUODFDVD (VWR\FDQVDGRGHHVSHUDUSRUDTX DUWFXORLQGHQLGRpDqVHFRQYLHUWHHQpDQq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,OLNHWRZDONDURXQGWKHIDFWRU\ 7KH\FURZGHGDURXQGWRVHHWKHERG\ IUDVHVHQLQJOV"
0HJXVWDSDVHDUSRUODIEULFD 6HDSLDURQDOUHGHGRUSDUDYHUHO &UHRTXHRLJRDXQEKR
FXHUSR OHVXQLPSRUWDQWHFOLHQWHQXHVWUR
7XUQDURXQGDQGORRNDWPH 6XMHIH GHHOOD HVXQDPXMHULPSDFLHQWH
'DWHODYXHOWD\PUDPH 7KHUHoVDUXPRUJRLQJDURXQGWKDWf ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
&RUUHXQUXPRUGHTXH UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

+DYHWR0XVW6KRXOG2XJKWWR1HHGQoW'RQoWKDYHWR 

6KRXOG
(VWDH[SUHVLQHVPX\LPSRUWDQWH7LHQHWUHVDFHSFLRQHV

 8QDUHFRPHQGDFLQRVXJHUHQFLD6HSXHGHWUDGXFLUFRPRpGHEHqRpGHEHUDq
<RXVKRXOGWDNHDIHZGD\VRII 'HEHUDVWRPDUWHXQRVGDVOLEUHV
<RXVKRXOGVSHQGPRUHWLPHZLWK\RXUIDPLO\ 'HEHVSDVDUPVWLHPSRFRQWXIDPLOLD

 /DH[SUHVLQGHXQDDFWLWXGXRSLQLQFRQXQFRPSRQHQWHPRUDO
:HVKRXOGWUHDWSHRSOHUHVSHFWIXOO\ 'HEHPRVWUDWDUDODJHQWHUHVSHWXRVDPHQWH
(YHU\RQHVKRXOGKDYHWKHULJKWWRDMRE 7RGRVGHEHQWHQHUHOGHUHFKRDXQHPSOHR

 /DH[SUHVLQGHDOJRTXHYDDRFXUULUFRQWRGDVHJXULGDG
7KH\VKRXOGEHKHUHLQDERXWPLQXWHV (VWDUQDTXVHJXUDPHQWHHQXQRVPLQXWRV
,WVKRXOGWDNHPHDERXWPLQXWHV 7DUGDUVHJXUDPHQWHXQRVPLQXWRV
,WVKRXOGQoWWDNHWKHPORQJ 1RWDUGDUQPXFKRVHJXUDPHQWH

3DUDUHVXPLUODSULQFLSDOGLIHUHQFLDHQWUHpKDYHWRqpPXVWq\pVKRXOGqIMDWHHQHVWDVIUDVHV

<RXKDYHWRVWXG\WKLV0DQXDO 7LHQHV SRUQDULFHV TXHHVWXGLDUHVWH0DQXDO


<RXPXVWVWXG\WKLV0DQXDO 'HEHV WHLPSORUR HVWXGLDUHVWH0DQXDO
<RXVKRXOGVWXG\WKLV0DQXDO 'HEHV WHUHFRPLHQGR HVWXGLDUHVWH0DQXDO

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&PR WH HQFXHQWUDV KR\" $QRFKH HVWDEDV EDVWDQWH WRFDGR +RZGR\RXIHHOWRGD\"/DVWQLJKW\RXZHUHLQSUHWW\EDGVKDSH
&XQWDV FRSDV GH FKDPSQ WH EHELVWH" 7H WXYLPRV TXH OOHYDU +RZPDQ\JODVVHVRIFKDPSDJQHGLG\RXGULQN":HKDGWRFDUU\
DO FRFKH SHGLU D 1DQF\ TXH WH OOHYDUD D FDVD \ WH PHWLHUD HQ OD \RX WR WKH FDU DQG KDYH 1DQF\ WDNH \RX KRPH DQG SXW \RX WR
FDPD7HDFXHUGDVGHDOJR"'LFHTXHHVWXYLVWHHQFDQWDGRUFRPR EHG'R\RXUHPHPEHUDQ\WKLQJ"6KHVD\V\RXZHUH\RXUQRUPDO
GHFRVWXPEUH\TXHQRSHUGLVWHHOFRQRFLPLHQWR1RPHSXHGR FKDUPLQJ VHOI DQG QHYHU SDVVHG RXW , FDQoW EHOLHYH \RXoUH KHUH
FUHHUTXHHVWVDTXKR\WUDEDMDQGRFRPRVLHPSUH WRGD\ZRUNLQJDVXVXDO


(VWLPDGRDPLJR\DOXPQR(ORWURGDHQXQIRURSEOLFRGH,QWHUQHWDOJXLHQPHSUHJXQWVL\RKDEDREVHUYDGR 0VSDODEUDVLQJOHVDV
XQFDPELRLPSRUWDQWHHQHOQLYHOGHLQJOVGHORVHVSDROHVGHVGHTXHFRPHQFDHQVHUVHORHQ/HUHV GHUD]ODWLQD
SRQGTXHKDEDKDELGRXQDPHMRUDHQPLRSLQLQHQWRUQRDO3HURGHVSXVOHDGYHUWTXHHVDPHMRUDWDQ (OLPLQDWH
SURQXQFLDGDVHKDEDSURGXFLGRVREUHXQFROHFWLYRWDQSHTXHRTXHHQUHDOLGDGWDPSRFRHUDSDUDWLUDUFRKHWHV (OLPLQDWLRQ
/HLQYLWDLUFRQPLJRDKDFHUSUXHEDVGHQLYHOHQWUHORVHVWXGLDQWHVGHOOWLPRDRGHOD3ROLWFQLFD\FRQVWDWDU (OLWH
TXHVORFLQFRGHFDGDFLHQGHORVIXWXURVLQJHQLHURVTXHWUDEDMDUQHQXQPXQGRJOREDOL]DGRWHQDQXQLQJOV (OLWLVP
VXFLHQWHFRPRSDUDUHSUHVHQWDUDGHFXDGDPHQWHDVXHPSUHVDRD(VSDDHQORVIRURVLQWHUQDFLRQDOHV(Q (OLWLVW
HVDFLIUDHVWDEDHQXQRGHFDGDFLHQORFXDOPHGDODUD]QHQHOVHQWLGRGH (OL[LU
XQDPHMRUDQRWDEOH6LQHPEDUJRHORWURODGRGHODPRQHGDQRVGLFHTXHHQ (OOLSVH
YH]GHHVWDUHOGHORVIXWXURVLQJHQLHURVHQSDRVPHQRUHVHQORTXHVH (OOLSWLFDO
UHHUHDOLQJOVDKRUDVRODPHQWHHVWHO6LHOHVWDGRRODV&RPXQLGD (ORFXWLRQ
GHV$XWQRPDVQRKDFHQDOJRUHDOPHQWHUDGLFDO\SURQWRPLVQLHWRVYDQD (ORTXHQFH
JDQDUVHODYLGD\PX\ELHQHQVHDQGRLQJOVDWXVQLHWRV<VLHOHVWDGRR (ORTXHQW
ODV&RPXQLGDGHVQRORJUDQHQGHUH]DUHOHQWXHUWRHQWRQFHVWHFRPSHWHD (OXGH
(OXVLYH
WLKDFHUORHVRHVVLTXLHUHVTXHWXVKLMRVRWXVQLHWRVWHQJDQODOLEHUWDGGH
(PDQDWH
HOHFFLQHQODYLGDSURIHVLRQDOTXHXQEXHQGRPLQLRGHLQJOVSURSRUFLRQD
(PDQFLSDWH
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHHV" :KHUHLVLWIURP" 'PHOR *LYHLWWRPH


3DUDTXLQHV" :KRLVWKLVIRU" 'PHORV *LYHWKHPWRPH
(QTXFDMDHVW" :KLFKER[LVLWLQ" 'VHORDHOORV *LYHLWWRWKHP
'HTXLQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP" 3RUTXPHORHVWVGDQGR" :K\DUH\RXJLYLQJLWWRPH"
SURFHGHQFLD 1RQRVORGHVDQRVRWURV 'RQoWJLYHWKHPWRXV
3RUTXHVWVFRQHOORV" :K\DUH\RXZLWKWKHP"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1DGLHVDEHSRUTXOVHIXH 1RERG\NQRZVZK\KHOHIW 0HGLMHURQTXHWHQDTXHYHQLU 7KH\WROGPH,KDGWRFRPH


7RGRHOPXQGRVDEHORTXH (YHU\ERG\NQRZVZKDW
 DTX KHUH
SDV KDSSHQHG 1DGLHVDEDTXHLEDDRFXUULU 1RERG\NQHZLWZDVJRLQJWR
$OJXLHQYLRORTXHUREDURQ" 'LGDQ\ERG\VHHZKDWWKH\ KDSSHQ
VWROH" 3RUTXQDGLHQRGLMRQDGD" :K\GLGQoWDQ\ERG\VD\
$OJXLHQWLHQHTXHWHQHUXQ 6RPHERG\KDVWRKDYHDSHQ
 DQ\WKLQJ"
EROJUDIR 1RHUDPLFXOSD ,WZDVQoWP\IDXOW
3RUTXQRYLQRQDGLH" :K\GLGQoWDQ\ERG\FRPH" 'HTXLQHUDODFXOSDHQWRQFHV" :KRVHIDXOWZDVLWWKHQ"

3RFNHW $JXMHUR &XH 3DORGHELOODU

&KDON 7L]D
&XVKLRQ %DQGD

%LOOLDUG7DEOH 0HVDGHELOODU

)UDPH 7ULDQJXOR

9RFDEXODULR%LOOLDUGV %LOODU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLHURTXHWRGRHOPXQGRVHD ,ZDQWHYHU\RQHWREHKDSS\
 9DVDLUDHVTXLDUHOPHVTXH $UH\RXJRLQJVNLLQJQH[W
IHOL] YLHQH" PRQWK"
1RTXLHURTXHQDGLHHVWWULVWH ,GRQoWZDQWDQ\RQHWREHVDG 3RUVXSXHVWRTXHV9R\FDGD 2IFRXUVH,DP,oYHJRQHHYHU\
1RTXLHUHTXHQDGLHOHYHD 6KHGRHVQoWZDQWDQ\RQHWR LQYLHUQRGHVGHKDFHDRV ZLQWHUIRU\HDUV
VHHKHU $OJXQDYH]WHKDRFXUULGRDOJR+DVDQ\WKLQJEDGHYHU
3RUTXQRQHFHVLWDTXHQDGLH:K\GRHVQoWKHQHHGDQ\ERG\ PDORHQODVSLVWDV" KDSSHQHGWR\RXRQWKHVORSHV"
OHD\XGH" WRKHOSKLP" 8QDYH]XQRVRVHSXVRHQPL $EHDURQFHJRWLQP\ZD\
$OJXLHQTXLHUHTXH\RVLJDFRQ'RHVDQ\ERG\ZDQWPHWR FDPLQR
HVWDVIUDVHV" FRQWLQXHZLWKWKHVHSKUDVHV" /HDSXDOFRQPLEDVWQGH ,VWDEEHGKLPZLWKP\VNLSROH
HVTX

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6HSXHGHDOTXLODUHOHTXLSDMH" &DQ\RXKLUHWKHHTXLSPHQW" 1RTXLVLHUDTXHWHORSHUGLHUDV ,ZRXOGQoWZDQW\RXWRPLVV


3RGUD\RHVTXLDUFRQPLWUDMH &RXOG,VNLLQP\OHDWKHU RXWRQLW
GHFXHURGHPRWRFLFOLVWD" PRWRUELNHVXLW" -DPVVHPHRFXUULUDKDFHUWDO ,ZRXOGQoWGUHDPRIGRLQJVXFK

0HSDUHFHUDD-DPHV%RQG ,oGORRNOLNH-DPHV%RQG FRVD DWKLQJ
3DUHFHUDVXQDXWQWLFRLPEFLO<RXoGORRNOLNHDUHDOIRRO 3HQVDEDTXHWHHVWDED ,WKRXJKW\RXZHUHEHJLQQLQJ

7HDSHWHFHDFRPSDDUPHHVWH'R\RXIDQF\FRPLQJZLWKPH HPSH]DQGRDJXVWDU WROLNHPH
DR" WKLV\HDU" 6LHPSUHVHWHRFXUUHQHVWDV <RXoUHDOZD\VFRPLQJXSZLWK

LGHDVGLVSDUDWDGDV WKHVHPDGFDSLGHDV
4XWLHQHHVRGHUDUR" :KDWoVVRVWUDQJHDERXWLW"


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q  *LYHPHPLQH

%ULQJLWE\P\SODFHEHIRUH\RXOHDYH 'ULYHE\P\KRXVHRQ\RXUZD\KRPH (QHVWDHVWUXFWXUDHOFRPSOHPHQWRLQGLUHFWR


7UHPHORDFDVDDQWHVGHLUWH 3DVDSRUPLFDVDFDPLQRGHODWX\D QRUPDOPHQWHSUHFHGHDOSURQRPEUHSHUVRQDO
FRFKH 
&RPHE\RQ\RXUZD\KRPH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
3DVDSRUPLFDVDFDPLQRGHODWX\D 7KH\IHOOE\WKHZD\VLGH IUDVHVHQLQJOV"
6HTXHGDURQDPHGLRFDPLQR HQVX 'DQRVHOQXHVWUR
'URSE\RQ\RXUZD\KRPH PHWD  1ROHVWUDLJDVHOWX\R
+D]PHXQDYLVLWDFDPLQRGHFDVD 1ROHVHQYHVHOPR
7KHZHHNKDVRZQE\ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHED
WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/ &8562 '(
|/DVHPDQDKDSDVDGRYRODQGR ,1*/6 '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV
DFHUWDGRVLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQ
HVWDVIUDVHV

3(23/($5(3(23/($5(3(23/($5(3(23/($5(
7HQJRXQDFXHUGRFRQ6HUJLRPLPHMRUDPLJR6LPHPXHURDQWHVTXHOD\XGDUDPLIDPLOLDDRUJDQL]DUXQIXQH
UDODOHVWLORDPHULFDQRHQHOFXDOHVWR\HQXQDWDGDELHUWRGXUDQWHODPLVDDQWHVGHTXHPHOOHYHQDOFHPHQWHUR
6LQHPEDUJRDQWHVGHLQLFLDUODFHUHPRQLD6HUJLRWLHQHLQVWUXFFLRQHVGHDFHUFDUVHDODWDG\GHFLUHQYR]ELHQ
DOWD7KHSHRSOHLVKHUH(VWR\VHJXUR\6HUJLRWDPELQGHTXHUHVXFLWDUGHORVPXHUWRVSDUDFRUUH
JLUOH/RYDPRVDSUREDUSRUTXHFXDOTXLHUEXHQSURIHVRUGHLQJOVWHGLUTXHVXVLVWHPDQHUYLRVRVH
SRQHDFLHQSRUKRUDFXDQGRR\HODSDODEUDSHRSOHSUHFHGLGDRVHJXLGDGHDOJQYHUERQRUPDOR
DX[LOLDUGHODWHUFHUDSHUVRQDGHOVLQJXODU3XHVWRTXHYDDVHU6HUJLRTXLHQVHHQFDUJXHGHODSUXHED
SXHGRHQWRQFHVSURFHGHUDGDUWHXQDVHULHGHIUDVHVFDGDXQDGHODVFXDOHVTXLHURTXHGLJDVHQYR]
DOWDXQDVYHFHVDOPHVKDVWDHUUDGLFDUGHOWRGRHVWHYLFLRJUDPDWLFDO

    6SDQLVKSHRSOHDUHLQWHOOLJHQW
)UHQFKSHRSOHOLYHTXLWHZHOO
$UHWKHSHRSOHLQWKHQH[WURRP*HUPDQ"
'RPRVWSHRSOHLQ6SDLQVPRNH"
3HRSOHGRWKHVWUDQJHVWWKLQJV
:KDWGRSHRSOHGRZKHQWKH\ORVHWKHLUWHPSHU"
+DYHWKHSHRSOHFRPH\HW"
3HRSOHDUHDOZD\VWU\LQJWRPHHWPH
:HUHWKHSHRSOH,VDZ\HVWHUGD\0H[LFDQ"
3HRSOHZHUHPRUHFRXUWHRXVZKHQ,ZDVJURZLQJXS
3HRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUHfSHRSOHDUH

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
(VWDEDWXPEDGRHQODFDPDGHOKRVSLWDOFRQODFDEH]DYHQGDGD\ ,ZDVO\LQJLQDKRVSLWDOEHGZLWKEDQGDJHVDURXQGP\KHDGDQG
XQDHVFD\RODHQHOEUD]RGHUHFKR0HKDEDFDGRGHPLPRWRWUDV DFDVWRQP\ULJKWDUP,KDGIDOOHQRIIP\PRWRUF\FOHDIWHUIDOOLQJ
TXHGDUPHGRUPLGRDFLHQNLOPHWURVSRUKRUD&XDQGRHOPGLFR DVOHHSDWDKXQGUHGNLORPHWHUVDQKRXU:KHQWKHGRFWRUHQWHUHG
HQWUHQODKDELWDFLQVDFHOKLVWRULDOGHVXFDUSHWDDOSLHGHPL WKHURRPKHSXOOHGWKHFKDUWVRXWRIWKHIROGHUDWWKHIRRWRIP\
FDPD\ORPLUSRUXQPRPHQWR(QWRQFHVVHYROYLKDFLDP\PH EHGDQGORRNHGDWWKHPIRUDPRPHQW7KHQKHWXUQHGWRPHDQG
GLMRp1RVFPRGHFLUOHHVWRSHURKHPRVGHVFXELHUWRTXHWLHQH VDLGp,GRQoWNQRZKRZWRWHOO\RXWKLVEXWZHoYHGLVFRYHUHGWKDW
XQDHQIHUPHGDGKHUHGLWDULDSDUDODTXHQRKD\WUDWDPLHQWR6H \RXKDYHDKHUHGLWDU\FRQGLWLRQIRUZKLFKWKHUHLVQRWUHDWPHQW
OODPDHVWXSLGH]q ,WoVFDOOHGVWXSLGLW\q


+HOOR3DXO"7KLVLV%iUEDUD&RUWpV,UHFHLYHG\RXUHPDLODQG,DJUHHZLWK\RXWKDWLWLVLPSRUWDQWWRKDYHWKHFDVKRZDQDO\VLVUHDG\IRU
WKH)ULGD\PHHWLQJ+RZHYHUZHKDYHGLVFRYHUHGVRPHFRVWVWKDWZHUHQRWLQFOXGHGLQWKHUVWDQDO\VLVDQG,WKLQNLWZRXOGEHEHWWHUWR
SRVWSRQHWKHPHHWLQJXQWLOQH[W0RQGD\,IWKLVLVSRVVLEOHWKHQ,WKLQNZHZLOOKDYHDPRUHUHDOLVWLFSLFWXUHRIWKHLQYHVWPHQWSURMHFW
DQGZHZLOOEHDEOHWRPDNHDQDOGHFLVLRQEDVHGRQEHWWHULQIRUPDWLRQ:HKDYHQWFKDQJHG\RXUKRWHOUHVHUYDWLRQVLQFDVH\RXZRXOG
OLNHWRFRPHWR0DGULGRQ)ULGD\DQGVWD\IRUWKHZHHNHQG,I\RXGHFLGHQRWWRFKDQJH\RXUSODQVWKHQ,ZRXOGOLNHWRLQYLWH\RXWR
GLQQHUWKDWVDPHQLJKW7KHUHDUHVHYHUDOWKLQJV,QHHGWRGLVFXVVZLWK\RXLQDGGLWLRQWRWKHLQYHVWPHQWSURMHFW
(VWLPDGRDPLJR\DOXPQR(VWHSUUDIRHVWSLFRGHXQDFRQYHUVDFLQHQWUHLQJHQLHURVGHSURGXFFLQRGLUHFWRUHVQDQFLHURV&XQ
WRVWUPLQRVWFQLFRVKD\HQODFRQYHUVDFLQ"3DUDPVRODPHQWHXQRFDVKRZDQDO\VLV6LPHDSXUDVLQFOXLUDORVRWURVWUPLQRV
VXEUD\DGRVSHURDUHJDDGLHQWHV0XFKRVGLUHFWLYRV\SURIHVLRQDOHVPHSLGHQLQJOVQDQFLHURLQJOVGHPDUNHWLQJLQJOVWFQLFR
LQJOVPGLFRLQJOVMXUGLFRHWF\VLHPSUHOHVGLJRORPLVPR7HYR\DGDUXQFXUVRGHLQJOVQRUPDO&XDQGRVHPXHVWUDQHQGHV
DFXHUGROHVUHFXHUGRTXHODWHUPLQRORJDSURSLDGHXQUHDGHHVSHFLDOL]DFLQFRQVWLWX\HFRPRPXFKRHOGHWRGRORTXHVHGLFHHQ
XQDUHXQLQRHQXQDFRQYHUVDFLQHQWUHSURIHVLRQDOHVFRPRPXFKR(QODFRQYHUVDFLQGHDUULEDGHODVSDODEUDVSURQXQFLDGDV
VORWUHVRXQSXHGHQFRQVLGHUDUVHWFQLFDV'HKHFKRORVSURIHVLRQDOHVHVSDROHVVXHOHQFRQRFHUODMHUJDSURSLDGHVXUHDPHMRU
TXH\R'RQGHIDOODQPXFKDVYHFHVHVWUHSLWRVDPHQWHHVDOHQOD]DUGLFKRVWUPLQRVFRQXQLQJOVGHFHQWHFRQVWUXLGRGHFHQWHPHQWH
7HLQYLWRDWUDGXFLUDOHVSDROHOSUUDIRGHDUULED\GHVSXVWUDGXFLUORGHQXHYRDOLQJOVRUDOPHQWHRSRUHVFULWR\VLQPLUDUHORULJLQDO 
3RVLEOHPHQWHWHGDUVFXHQWDGHORTXHYHQJRGLFLHQGRDORVSURIHVLRQDOHVGXUDQWHWRGDPLYLGDSURIHVLRQDO 5LFKDUG9DXJKDQ
 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

/DPDGUHGHWXDPLJDHVIUDQFHVD<RXUIULHQGoVPRWKHULV)UHQFK 3RUTXHVIUDQFHVDODPDGUH :K\LV\RXUIULHQGoVPRWKHU


/DQXHYDMHIDHVPX\VHULD 7KHQHZERVVLVYHU\VHULRXV GHWXDPLJD" )UHQFK"
(OFRFKHGHVXVHFUHWDULDHVD]XO+LVVHFUHWDU\oVFDULVEOXH 3RUTXHVPX\VHULDODQXHYD :K\LVWKHQHZERVVYHU\
/DFDVDGHVXQRYLRHVPX\ +HUER\IULHQGoVKRXVHLVYHU\
 MHID" VHULRXV"
JUDQGH ELJ 3RUTXHVD]XOHOFRFKHGHVX :K\LVQoWKLVVHFUHWDU\oVFDU
/RVRMRVGH0DU\VRQYHUGHV 0DU\oVH\HVDUHJUHHQ VHFUHWDULD" ELJJHU"
3RUTXQRHVWHQODFLXGDG :K\LVQoWKHUER\IULHQGoV
ODFDVDGHVXQRYLR" KRXVHLQWKHFLW\"
3RUTXVRQYHUGHVORVRMRVGH :K\DUH0DU\oVH\HVJUHHQ"
0DU\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLQHQYLHVDFDUWD" :KRVHQWWKDWOHWWHU" &XQWRWLHPSRQRVTXHGD" +RZPXFKWLPHGRZHKDYHOHIW"


$TXLQORHQYLDVWH" :KRGLG\RXVHQGLWWR" 1RVTXHGDXQDKRUD :HKDYHDQKRXUOHIW
3RUTXQRPHHQYLDVWHXQD :K\GLGQoW\RXVHQGPHD
 4XHGDDOJXLHQ" ,VWKHUHDQ\ERG\OHIW"
FRSLD" FRS\" 1LQJXQRGHHOORVVHKDLGR\D 1RQHRIWKHPKDYHOHIW\HW
4XLQWHYLR" :KRVDZ\RX" $YVDPHFXDQGRHVWQDSXQWR /HWPHNQRZZKHQWKH\oUH
$TXLQYLVWH" :KRGLG\RXVHH" GHLUVH DERXWWROHDYH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXVHWHFD\" :K\GLG\RXGURSLW" (VPX\DUULHVJDGRLQYHUWLUDKRUD ,WoVYHU\ULVN\WRLQYHVWQRZ


|5HFJHOR 3LFNLWXS /RVEDQFRVVHQLHJDQDSUHVWDU %DQNVDUHUHIXVLQJWROHQG
'HYXOYHVHORDWXKHUPDQD *LYHLWEDFNWR\RXUVLVWHU GLQHUR PRQH\
1RORYXHOYDVDDSDJDU 'RQoWVZLWFKLWRIIDJDLQ /DPDQRGHREUDHVFDUD 0DQSRZHULVH[SHQVLYH
7HGLMHTXHQRORDSDJDUDV ,WROG\RXQRWWRVZLWFKLWRII 1DGLHTXLHUHDKRUUDU 1RERG\ZDQWVWRVDYH
(OSDURHVWVXELHQGR 8QHPSOR\PHQWLVLQFUHDVLQJ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

<DHVKRUDGHTXHWRPVHPRV ,WoVDERXWWLPHZHPDGHD 1DGLHSXHGHVDFDUOHQLSLHVQL 1RERG\FDQPDNHKHDGVRU


XQDGHFLVLQ GHFLVLRQ FDEH]D WDLOVRILW
2MDOWXYLUDPRVPV ,ZLVKZHKDGPRUH |9D\DFDUDTXHWLHQHVKR\ <RXORRNDZIXOWRGD\
LQIRUPDFLQ LQIRUPDWLRQ 1RKHSHJDGRRMRHQWRGDOD ,GLGQoWVOHHSDZLQNODVWQLJKW
$OPHQRVQRVVHQWLUDPRVPV $WOHDVWZHoGIHHOPRUH QRFKH
WUDQTXLORV UHDVVXUHG 4XWHSDVD" :KDWoVXSZLWK\RX"
7RGRVDOGUELHQ (YHU\WKLQJZLOOWXUQRXWQH $QWHVHUDVWDQIXHUWHFRPRXQ <RXXVHGWREHDVVWURQJDV
1RSXHGRHYLWDUSUHRFXSDUPH ,FDQoWKHOSZRUU\LQJ EXH\ DQR[

&RZER\ 9DTXHUR
3HQ (QFLHUUR

%XOO 7RUR /DVVR /D]R

:KLS /WLJR

9RFDEXODULR5RGHR 5RGHR



Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q  :KDWHOVHf"

,NQRZHQRXJK)UHQFKWRJHWE\ ,JHWE\RQDPRGHVWLQFRPH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


6VXFLHQWHIUDQFVSDUDDSDDUPH 0HODVDUUHJORFRQXQRVLQJUHVRVPR IUDVHVHQLQJOV"
GHVWRV
,FDQJHWE\ZLWKP\)UHQFK 4XPVSLHQVD O FRPSUDU"
6DOJRGHOSDVRFRQPLIUDQFV ,JRE\WKHQDPHRI&ORYHUGDOH $GQGHPVIXLVWH"
0HLGHQWLFRSRUHOQRPEUHp&ORYHUGDOHq 4XLQPVHVWXYRHQODHVWD"
,oOOKDYHWRJHWE\ZLWKOHVV
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
7HQGUTXHDUUHJOUPHODVFRQPHQRV $VWLPHJRHVE\f
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
&RQIRUPHSDVDHOWLHPSR '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

7RRVRWRRPXFKWRRPDQ\VKRXOGVKRXOGQoW
3URIHVRU 5RQQ\KDVSUREOHPVEHFDXVHKHVSHQGVWRRPXFK WRRPXFK GHPDVLDGR
$OXPQR +HVKRXOGQoWVSHQGVRPXFK VRPXFK WDQWR
3URIHVRU 5RQQ\KDVDFFLGHQWVEHFDXVHKHGULYHVWRRIDVW WRRIDVW GHPDVLDGRUSLGR
$OXPQR +HVKRXOGQoWGULYHVRIDVW VRIDVW WDQUSLGR
3URIHVRU 5RQQ\LVIDWEHFDXVHKHHDWVWRRPDQ\VZHHWV WRRPDQ\ GHPDVLDGRV
$OXPQR +HVKRXOGQoWHDWVRPDQ\VZHHWV VRPDQ\ WDQWRV

'HPDVLDGR VHJXLGRGHXQDGMHWLYRRDGYHUELR +HGULYHVWRRIDVW


7DQ VHJXLGRGHXQDGMHWLYRRDGYHUELR +HVKRXOGQoWGULYHVRIDVW

'HPDVLDGR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH +HGULQNVWRRPXFKZKLVNH\


7DQWR VHJXLGRGHXQVXVWDQWLYRLQFRQWDEOH +HVKRXOGQoWGULQNVRPXFKZKLVNH\

'HPLDVLDGRV VHJXLGRGHXQVXVWDQWLYRSOXUDO +HHDWVWRRPDQ\VZHHWV


7DQWRV VHJXLGRGHXQVXVWDQWLYRSOXUDO +HVKRXOGQoWHDWVRPDQ\VZHHWV

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
&UHRTXHPLSDGUHQXQFDWHUPLQGHOHHUXQDVRODQRYHOD(QVX ,WKLQNP\IDWKHUQHYHUQLVKHGUHDGLQJDVLQJOHQRYHOLQKLVOLIH
YLGD6HQFLOODPHQWHQRWHQDODSDFLHQFLDSDUDOHHUSJLQDVR +HMXVWGLGQoWKDYHWKHSDWLHQFHWRUHDGSDJHVRUPRUH:KHQ
PV&XDQGR\RHUDQLRHUDFRPRO1XQFDWHQDHOWLHPSRQLOD ,ZDVDNLG,ZDVOLNHKLP,QHYHUKDGWKHWLPHRUSDWLHQFHWRVLW
SDFLHQFLDSDUDVHQWDUPHDOHHUDOJR6LHPSUHKDFDEXHQWLHPSR GRZQDQGUHDGVRPHWKLQJ7KHZHDWKHUZDVDOZD\VQLFHRXWVLGH
IXHUD \ DOO HV GRQGH TXHUD HVWDU MXJDQGR FRQ PLV DPLJRV SRU DQG WKDWoV ZKHUH , ZDQWHG WR EH SOD\LQJ ZLWK IULHQGV XS DQG
WRGDODFDOOH3HURHQXQPRPHQWRGDGRODVHRUDPD\RUTXHYLYD GRZQWKHVWUHHW%XWWKHQWKHROGODG\ZKROLYHGQH[WGRRUJDYH
DOODGRPHUHJDOXQOLEUROODPDGRp/DFDVDHQHODFDQWLODGRqXQD PHDERRNFDOOHGp7KH+RXVHRQWKH&OLIIqDGHWHFWLYHVWRU\ZLWK
KLVWRULDGHGHWHFWLYHVFRQGRVDGROHVFHQWHVOODPDGRVORVFKLFRV WZRWHHQDJHUVFDOOHGWKH+DUG\%R\V(YHUVLQFHWKHQP\OLIHKDV
+DUG\'HVGHHQWRQFHVPLYLGDQXQFDKDYXHOWRDVHUODPLVPD QHYHUEHHQWKHVDPH

(VWLPDGRDPLJR\DOXPQR$SDUWLUGHODFKDYR\DHQWUDUXQSRFRPVGHORKDELWXDOHQHOWLSRGHLQJOVTXHVHXVDDGLDULR
HQIEULFDVRFLQDVPLQLVWHULRVGHVSDFKRV\RWURVFHQWURVGHDFWLYLGDGODERUDORSURIHVLRQDO6TXHDOJXQRVGHPLVDOXPQRVVRQ
DPDVGHFDVDRSHUVRQDVMXELODGDVTXHQRQHFHVLWDQXVDUHOLQJOVHQHVWRVFRQWH[WRV6LQHPEDUJRODLQPHQVDPD\RUDGHYRVRWURV
VQHFHVLWLVPHMRUDUHOXVRGHOLGLRPDSDUDODDFWLYLGDGODERUDO&RPR\DWHKHFRQWDGRHQQXPHURVDVRFDVLRQHVHOpLQJOVGHORVQH
JRFLRVqHVHQUHDOLGDGHOLQJOVQRUPDOGHFDGDGDSXHVWRTXHODWHUPLQRORJDSURSLDGHFDGDDFWLYLGDGGHFDGDJUHPLRRGHFDGD
GLVFLSOLQDQROOHJDDFRQVWLWXLUQLHOGHORTXHVHGLFH'RQGHIDOODODJHQWHHVVLHPSUHVLQH[FHSFLQHQORVYHUERVQRUPDOHVODV
FRQMXJDFLRQHVQRUPDOHV\ODVLQWD[LVQRUPDOGHPLLGLRPD9DPRVDFRPHQ]DUGHQWURGHGRVFKDV\HQHOGRUVRGHODVPLVPDVFRQ
XQDKLVWRULDWLWXODGD3HWHUV3URPRWLRQ6HWUDWDGHXQDKLVWRULDUHDOTXHREVHUYGHFHUFDKDFHXQRVDRVHQODOLDOHVSDROD
GHXQDPXOWLQDFLRQDODOHPDQD3RQGUQRPEUHVDQJORVDMRQHV\FDPELDUDOJQTXHRWURDFRQWHFLPLHQWRSDUDQRGDUSLVWDVVREUH
ODHPSUHVD\ODVSHUVRQDVHQFXHVWLQSHURVHJXLUHPRVORVGLORJRV\FRQYHUVDFLRQHVGHYDULDVSHUVRQDVGHODRUJDQL]DFLQDOR
ODUJRGHXQRVPHVHVPHVHVUHSOHWRVGHUHXQLRQHVDVFHQVRVULYDOLGDGHV\OHFFLRQHVDDSUHQGHUWRGRHQLQJOV,UGHVSDFLRFRQ
HOQGHSRGHUH[SOLFDUDOODGRHQRWUDFROXPQDHOSRUTXGHFDGDSDODEUDRH[SUHVLQGHLQWHUV(VWR\VHJXURGHTXHXQHVWXGLR
FRQFLHQ]XGRGHODKLVWRULDTXHWHYR\DSUHVHQWDUODFXDORFXSDUIFLOPHQWHFKDVWHD\XGDUPXFKRSDUDHVWDUPHMRUHQ
IXWXURVHVFHQDULRVSURIHVLRQDOHVHQLQJOV
&RQ UHVSHFWR D ORV '9'oV GH YGHR \D HVWR\ JUDEDQGR SHUVRQDOPHQWH  KRUDV GH LQJOV KDEODGR VREUH POWLSOHV DVSHFWRV GHO
PXQGRSURIHVLRQDO\FUHRTXHLQFOXVRODVSHUVRQDVDMHQDVDHVWHPXQGRHQFRQWUDUQODVJUDEDFLRQHVLQWHUHVDQWHV\SURGXFWLYDV
$VLPLVPR5LFKDUG%URZQHQODJUDEDFLQGHORV&'oVGHDXGLRDDGLUFLHUWDVWRQDOLGDGHVGHLQJOVSURIHVLRQDOHQORVPLQXWRV
GHGLQPLFDOLQJVWLFDTXHWHRIUHFHFDGDVHPDQD7HLQYLWR\DQLPRDVHJXLUDGHODQWHFRQQRVRWURVHQODVVHPDQDVDGLFLRQDOHV
TXHWHQHPRVSRUGHODQWH$OQDOVHUVSRVHHGRUGHXQDFROHFFLQLQYDOLRVVLPDHLQLJXDODEOHSDUDKDFHUWHGHQLWLYDPHQWHFRQHO
LQJOVRSDUDOHJDUDWXVKLMRVRQLHWRV
5LFKDUG9DXJKDQ

 (/&8562'(),1,7,92

/RZ%HJLQQHU +LJK%HJLQQHU

4XHVORTXHKD\HQWXEROVR" :KDWoVLQ\RXUEDJ" $TXOHVHOPR 7KDWRQHoVPLQH


4XHVORTXHHVWHQODSDUHG" :KDWoVRQWKHZDOO" VWHHVHOWX\R 7KLVRQHoV\RXUV
(VWQGHODQWHGHQRVRWURV 7KH\oUHLQIURQWRIXV (VVDODWX\DWDPELQ" ,VWKDWRQH\RXUVWRR"
(VWDPRVGHWUVGHHOODV" $UHZHEHKLQGWKHP" 'QGHHVWQORVQXHVWURV" :KHUHDUHRXUVRXURQHV"
(VWDOODGRGHODYHQWDQD" ,VLWQH[WWRWKHZLQGRZ" &XOHVVRQORVYXHVWURV" :KLFKRQHVDUH\RXUV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3RUTXHVWVHVFXFKQGROHV" :K\DUH\RXOLVWHQLQJWRWKHP" /RKDUHQFXDQWRSXHGD ,oOOGRLWDVVRRQDV,FDQ


&RQTXLQHVWQMXJDQGR" :KRDUHWKH\SOD\LQJZLWK" 6HORH[SOLFDUHPRV DHOOD  :HoOOH[SODLQLWWRKHUZKHQ
(OODOHVHVWGHVSHUWDQGRDKRUD 6KHoVZDNLQJWKHPXSQRZ FXDQGRHVWOLVWD VKHoVUHDG\
1RTXLHURFRPSUDUQDGD ,GRQoWZDQWWREX\DQ\WKLQJ 'RODPXFKRPVGHORTXH ,WKXUWPXFKPRUHWKDQ,
(VWDPRVHPSH]DQGRD :HoUHEHJLQQLQJWRXQGHUVWDQG HVSHUDED H[SHFWHG
FRPSUHQGHUOH DO  KLP 'QGHWHGXHOH" :KHUHGRHVLWKXUW"
0HGXHOHHOKRPEUR ,WKXUWVP\VKRXOGHU

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(OHVSHFWFXORIXHXQIUDFDVR 7KHVKRZZDVDFRPSOHWH
 6HKDSXHVWR\DHOVRO" +DVWKHVXQVHW\HW"
WRWDO IDLOXUH <DVHKDSXHVWRDXQTXHQR ,WoVDOUHDG\VHWDOWKRXJK,
3RUTXQRWXYR[LWR" :K\GLGQoWLWVXFFHHG":K\ YHRODOXQDWRGDYD FDQoWVHHWKHPRRQ\HW
ZDVQoWLWVXFFHVVIXO" (OVROQRVDOLD\HU 7KHVXQGLGQoWULVH\HVWHUGD\
'HTXLQIXHODLGHD" :KRVHLGHDZDVLW" 'HMDGHGHFLUWRQWHUDVHOVRO 6WRSWDONLQJQRQVHQVHWKHVXQ
)XHLGHDGH-XDQDVTXHIXH ,WZDV-XDQoVLGHDVRLWZDVKLV
 VLHPSUHVDOH DOZD\VULVHV
VXFXOSD IDXOW 7HYDVDTXHGDUFLHJRVLQRWH <RXoUHJRLQJWRJREOLQGLI\RX
1RFUHRTXHIXHUDFXOSDGH ,GRQoWWKLQNLWZDVDQ\ERG\oV
 SRQHVODVJDIDVGHVRO GRQoWSXW\RXUVXQJODVVHVRQ
QDGLH IDXOW

&DVKHZ $QDFDUGR +D]HOQXW $YHOODQD

$OPRQG $OPHQGUD

:DOQXW 1XH] 3HDQXW &DFDKXHWH

9RFDEXODULR1XWV )UXWRV6HFRV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RWHQDQLLGHDGHTXH\DWH ,KDGQRLGHDWKDW\RXKDG
 6DOGUELHQDODODUJD ,WoOOZRUNRXWLQWKHORQJUXQ
KDEDVMXELODGR DOUHDG\UHWLUHG 9DPRVDWHQHUTXHHPSH]DU :HoUHJRLQJWRKDYHWRVWDUW

0HHQWHUGHHOORDWUDYVGHOD ,IRXQGRXWDERXWLWIURPWKH
 GHFHUR IURPVFUDWFK
MHIDGH5HFXUVRV+XPDQRV KHDGRIKXPDQUHVRXUFHV 3HQVQGRORELHQFUHRTXHPH 2QVHFRQGWKRXJKWV,WKLQN,oOO

0HQRVPDOTXHPHWURSHF -XVWDVZHOO,UDQLQWRKHUWKH
 TXHGDUHQFDVDHVWDQRFKH VWD\LQWRQLJKW
FRQHOODHORWURGD RWKHUGD\ 0HDVHJXUDUGHTXHVHKDJD ,oOOVHHWRLWWKDWLWJHWVGRQH
7HKDVUHFXSHUDGR\DGHODJULSH"+DYH\RXJRWRYHUWKHX\HW" /RWLHQHVELHQPHUHFLGR ,WVHUYHV\RXULJKW
0DQWHQPHDOGDGHFPRYDV .HHSPHXSWRGDWHRQKRZ
\RXoUHGRLQJ


Z Z ZY D X V \ V  F R P
 (/&8562'(),1,7,92

3KUDVDOYHUEVZLWKpE\q  :LWKRXWYHUER

,NQRZHQRXJK)UHQFKWRJHWE\ &DQ\RXUXQWKDWE\PHRQHPRUHWLPH" (QLQJOVFXDQGRXQYHUERVLJXHDODSDODEUD


6VXFLHQWHIUDQFVSDUDDSDDUPH 0HSXHGHVH[SOLFDUHVRXQDYH]PV" pZLWKRXWqVHSRQHHQJHUXQGLR

+HMXVWVDWE\DQGGLGQRWKLQJ 6WDQGE\PH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


9LRWRGR\QRKL]RQDGDSRUHYLWDUOR (VWDWHFRQPLJRHQODVGXUDV\HQODV IUDVHVHQLQJOV"
PDGXUDV OVDOLGHOUHVWDXUDQWHVLQSDJDU
+HMXVWVWRRGE\DQGGLGQRWKLQJ (OODYHQGLHOFRFKHVLQGHFUPHOR
9LRWRGR\QRKL]RQDGDSRUHYLWDUOR ,VWDQGE\P\SULQFLSOHV 0DUNVHIXHVLQGHFLUQLXQDSDODEUD
0HDWHQJRDPLVSULQFLSLRV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92GH9DXJKDQ1RVORVDEUVVLKDVDFHUWDGRVLQR
TXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
6WLOO<HW$OUHDG\$Q\PRUH

2VFXHVWDPXFKRWUDEDMRDORVHVSDROHVLQFRUSRUDUHVWDVFXDWURSDODEUDVDYXHVWURO[LFR\VREUHWRGRXVDUODVFRUUHF
WDPHQWH+HHQFRQWUDGRTXHPHGLDQWHH[SOLFDFLRQHVWHULFDVQROOHJRDQLQJXQDSDUWH6ORORJURFRQIXQGLUPV3RU
WDQWRYR\DSRQHUWHDFRQWLQXDFLQXQRVHMHPSORVVREUHVXXVR\HVSHURTXHOH\QGRORV\SUDFWLFQGRORVFRQVLJDVDOJR
GHIHHOLQJKDFLDVXXVR
+DHPSH]DGR\DODFODVH" +DVWKHFODVVVWDUWHG\HW"
1RODFODVHQRKDHPSH]DGRWRGDYD 1RWKHFODVVKDVQoWVWDUWHG\HW
6ODFODVH\DKDHPSH]DGR <HVWKHFODVVKDVDOUHDG\VWDUWHG
<DQRHVWDPRVHVSHUDQGRTXHHPSLHFH :HDUHQoWZDLWLQJIRULWWRVWDUWDQ\PRUH
6LJXHQMXJDQGRDODMHGUH] 7KH\oUHVWLOOSOD\LQJFKHVV
<DQRHVWQMXJDQGRDODMHGUH] 7KH\DUHQoWSOD\LQJFKHVVDQ\PRUH
<DKDQWHUPLQDGRGHMXJDU 7KH\oYHDOUHDG\QLVKHGSOD\LQJ
1RKDQHPSH]DGRODSDUWLGDWRGDYD 7KH\KDYHQoWVWDUWHGWKHVHFRQGPDWFK\HW
7RGDYDHUHVDPLJRPR" $UH\RXVWLOODIULHQGRIPLQH"
6LJXHVVLHQGRPLDPLJR" $UH\RXVWLOOP\IULHQG"
6WRGDYDVR\WXDPLJR <HV,oPVWLOO\RXUIULHQG
1R\DQRVRPRVDPLJRV 1RZHoUHQRWIULHQGVDQ\PRUH
<DKHHQFRQWUDGRRWURDPLJR ,oYHDOUHDG\IRXQGDQRWKHUIULHQG
1RKHHQFRQWUDGRRWURDPLJRWRGDYD ,KDYHQoWIRXQGDQRWKHUIULHQG\HW
7RGDYDPHTXLHUHV" 'R\RXVWLOOORYHPH"
6WRGDYDWHTXLHUR <HV,VWLOOORYH\RX
1R\DQRWHTXLHUR 1R,GRQoWORYH\RXDQ\PRUH
<DKHHQFRQWUDGRDRWUDSHUVRQD ,oYHDOUHDG\IRXQGVRPHRQHHOVH
3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
)HOLSHQRKDEODEDPX\ELHQHOLQJOV\HOSREUHKRPEUHWHQDTXH )HOLSH GLGQoW VSHDN (QJOLVK YHU\ ZHOO DQG WKH SRRU JX\ KDG WR
LUDXQDHVWDSDUDHOSHUVRQDOGHODHPSUHVD/HSUHVHQWDURQD DWWHQGDFRFNWDLOSDUW\IRUFRPSDQ\SHUVRQQHO+HZDVLQWURGXFHG
GRFHQDV GH DPHULFDQRV \ WRGRV GHFDQ SOHDVHG WR PHHW \RX R WRGR]HQVRI$PHULFDQVDQGWKH\DOOVDLGpSOHDVHGWRPHHW\RXqRU
JRRGWRPHHW\RXRQLFHWRPHHW\RX)HOLSHQRFRQVHJXDHQ pJRRGWRPHHW\RXqRUpQLFHWRPHHW\RXq)HOLSHFRXOGQoWJXUH
WHQGHUH[DFWDPHQWHTXHUDORTXHOHGHFDQSHURVLHPSUHFRQ RXWZKDWLWZDVH[DFWO\WKDWWKH\ZHUHVD\LQJEXWKHDOZD\VVDLG
WHVWDED p5REHUW 0LWFKXPq \ WRGRV ORV DPHULFDQRV SDUHFDQ HQ EDFN p5REHUW 0LWFKXPq DQG DOO WKH $PHULFDQV VHHPHG SOHDVHG
FDQWDGRVFRQVXLQJOV\OHHQWHQGDQSHUIHFWDPHQWH ZLWKKLV(QJOLVKDQGDSSHDUHGWRXQGHUVWDQGKLPSHUIHFWO\

(VWLPDGRDPLJR\DOXPQR(QODSU[LPDFKDFRPHQ]DUHPRVDWUDYVGH3HWHUV3URPRWLRQDFRQRFHUODYLGD\PLODJURVGHYDULRV
SHUVRQDMHVHQHOPELWRGHVXYLGDODERUDO&RQRFHUHPRVHQWURVRWURVD3HWHU)LHOGVHOMYHQ\SURPHWLGRUMHIHGHIRUPDFLQGHYHQ
GHGRUHVD&KDUOHV+HQGHUVRQHOVDJD]GLUHFWRUGHGHVDUUROORFRUSRUDWLYRD*HRUJH5RELQVRQHOGLVWUDGRGLUHFWRUJHQHUDOSU[LPR
DVXMXELODFLQD6DUDK(YDQVODVHULDGLUHFWRUDGHUHFXUVRVKXPDQR\D-RKQ2OVRQHOH[GLUHFWRUFRPHUFLDOTXHTXLHUHDWUDHUDVX
QXHYDHPSUHVDDDOJXQRGHORVFLWDGRV/RVGLORJRV\FRQYHUVDFLRQHVHQWUHORVSHUVRQDMHVVXPDQHQWRWDOXQDVSDODEUDV\OD
IRUPDHQTXHVHH[SUHVDQUHHMDFRQGHOLGDGHOOHQJXDMHVHR\HWRGRVORVGDVHQWRGDVODVHPSUHVDVSEOLFDV\SULYDGDVGHOPXQGR
GHKDEODLQJOHVD1RWDUVXQDIRUPDGHH[SUHVLQDOJRPVGLVWHQGLGD\HPWLFDGHORTXHKDELWXDOPHQWHVHSDOSDHQORVGHVSDFKRV
\SDVLOORVGHOPXQGRSURIHVLRQDOHVSDROGRQGHODJHQWHLQ\HFWDDOJRPVGHJHQLR\VHQWLPLHQWRODWLQRVHQORVLQWHUFDPELRVYHU
EDOHV&RQIRUPHYD\DVFROHFFLRQDQGRODVIXWXUDVFKDVSRGUVKDVWDPHPRUL]DUODVIUDVHVDVFRPRVXHQWRQDFLQ\FDGHQFLDSDUD
QDOPHQWHDGTXLULUXQDDJLOLGDGQXHYDHLPSRUWDQWHHQWXGRPLQLRGHOLQJOV&XDQGR\RDSUHQGDHVSDROUHFXHUGRTXHXQDSDUWH
LPSRUWDQWHGHPLSURJUHVRVHGHELDOKELWRGHPHPRUL]DU\UHFLWDUDYHFHVHQFODVHHQODXQLYHUVLGDGSRHPDVHQWHURVRSDVDMHV
ODUJRVGHQRYHODVIDPRVDV+XERXQPRPHQWRHQTXHSRGDUHFLWDUFLQFRSRHPDVGHO5RPDQFHUR*LWDQRGH/RUFD\WUHVGHORVPV
HPSDODJRVRVGH5XEQ'DUR6LHPSUHIXHXQHMHUFLFLRPX\SURGXFWLYRHQPLLPSODFDEOHHVIXHU]RSRUKDFHUPHFRQXQQLYHOXLGR\
FRQVROLGDGRGHOHVSDRO$KRUDWHLQVWRDKDFHUORPLVPRHQLQJOVSHURQRFRQSRHVDVVLQRFRQXQRVGLORJRV\XQDVFRQYHUVDFLRQHV
WUHPHQGDPHQWHWLOHV\UHOHYDQWHVSDUDHOGDDGDGHODYLGDODERUDO\SURIHVLRQDO
5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

OHVGHXQSXHEORSHTXHR +HoVIURPDVPDOOWRZQ 7HGDUXQDOLVWDODUJDGHODV ,oOOJLYH\RXDORQJOLVWRIWKH


1RHVGHXQDFLXGDGJUDQGH +HoVQRWIURPDELJFLW\ SUHJXQWDV TXHVWLRQV
(OODHVWHQHVDKDELWDFLQRVFXUD6KHoVLQWKDWGDUNURRP 7DOYH]ODSULPHUDYDDVHU 0D\EHWKHUVWRQHZLOOEHp7HOO
0DDQDWHQJRXQDHQWUHYLVWD ,KDYHDQLPSRUWDQWLQWHUYLHZ
 p&XQWDPHXQSRFRVREUHWLq PHDOLWWOHDERXW\RXUVHOIq
LPSRUWDQWH WRPRUURZ 3RUTXTXLHUHWUDEDMDUXVWHG :K\GR\RXZDQWWRZRUNZLWK
&XOHVVRQODVWSLFDV :KDWDUHWKHW\SLFDOTXHVWLRQV" FRQQRVRWURV" XV"
SUHJXQWDV" 4XVDEHGHQXHVWUDHPSUHVD" :KDWGR\RXNQRZDERXWRXU
FRPSDQ\"
(VXQEXHQJHUHQWH" $UH\RXDJRRGPDQDJHU"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XEXVFDHQXQWUDEDMR" :KDWGR\RXORRNIRULQDMRE" &PRVHGHVFULELUD" +RZZRXOG\RXGHVFULEH


(VWWUDEDMDQGRDKRUDPLVPR" $UH\RXZRUNLQJDWWKH \RXUVHOI"
PRPHQW" 4XOHDWUDHPVGHOSXHVWR" :KDWGR\RXQGPRVW
3RUTXVHPDUFKGHVX :K\GLG\RXOHDYH\RXUODVW DWWUDFWLYHDERXWWKLVSRVLWLRQ"
OWLPRWUDEDMR" MRE" 6HFRQVLGHUDDVLPLVPRXQ 'R\RXFRQVLGHU\RXUVHOID
4XPHSXHGHVFRQWDUGH :KDWFDQ\RXWHOOPHDERXW OGHU" OHDGHU"
QXHVWURVHFWRU" RXULQGXVWU\" 6LSXGLHUDKDFHUFXDOTXLHU ,I\RXFRXOGGRDQ\MREZKDW
&XOIXHHOOWLPROLEURTXH :KDWZDVWKHODVWERRN\RX WUDEDMRFXOVHUD" ZRXOGLWEH"
OH\" UHDG" 4XKDFHXQEXHQJHUHQWH" :KDWPDNHVDJRRGPDQDJHU"

6XQGDH +HODGRHODERUDGR )UHQFK)ULHV 3DWDWDVIULWDV

+DPEXUJHU +DPEXUJXHVD

3L]]D 3L]]D
+RW'RJ 3HUULWRFDOLHQWH

9RFDEXODULR)DVW)RRG &RPLGDUSLGD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXGHEHUDPRVGDUOHHO :K\VKRXOGZHJLYH\RXWKH
 4XEXVFDFXDQGRFRQWUDWDD :KDWGR\RXORRNIRUZKHQ
WUDEDMR" MRE" JHQWH" \RXKLUHSHRSOH"
4XWHQGHQFLDVLPSRUWDQWHV :KDWLPSRUWDQWWUHQGVGR\RX
 $OJXQDYH]KDWHQLGRTXH +DYH\RXHYHUKDGWRUH
SUHYHQHOVHFWRU" IRUHVHHLQWKHLQGXVWU\" GHVSHGLUDDOJXLHQ" VRPHRQH"
6LKDEODUDFRQVXH[MHIHFXOHV ,I,VSRNHWR\RXUERVVZKDW
 &PRUHDFFLRQDDQWHOD +RZGR\RXUHDFWWRSUHVVXUH"
GLUDTXHVRQWXVSXQWRVIXHUWHV" ZRXOGKHVD\\RXUVWUHQJWKVDUH" SUHVLQ"
6LSUHJXQWDUDDVXVDPLJRVSRU ,I,DVNHG\RXUIULHQGVDERXW /HFXHVWDFXPSOLUORVSOD]RV" 'R\RXKDYHWURXEOHPHHWLQJ
VXVSXQWRVGELOHVTXPH \RXUZHDNQHVVHVZKDWZRXOG GHDGOLQHV"
GLUDQ" WKH\WHOOPH" 6LSXGLHUDYROYHUDHPSH]DU ,I\RXFRXOGVWDUWDJDLQZKDW
&PRGHFUHDWLYRHVXVWHG" +RZFUHDWLYHDUH\RX" TXKDUDGHPDQHUDGLIHUHQWH" ZRXOG\RXGRGLIIHUHQWO\"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XOHVVRQVXVREMHWLYRVD :KDWDUH\RXUORQJWHUP
 |%DVWD\D 7KDWoOOGR7KDWoVHQRXJK
ODUJRSOD]R" JRDOV" 0HSXHGHVGDUDOJXQFRQVHMR&DQ\RXJLYHPHVRPHWLSVIRU
&PRGHH[LWRVRFUHHTXHKD +RZVXFFHVVIXOGR\RXWKLQN
 SDUDODHQWUHYLVWD" WKHLQWHUYLHZ"
VLGRKDVWDHOPRPHQWR" \RXoYHEHHQVRIDU" 1RPHGLJDVTXHVHD\RPLVPR 'RQoWWHOOPHWREHP\VHOI
&XQWRWDUGDUDHQKDFHUXQD +RZORQJZRXOGLWWDNH\RXWR
 /OHYDXQDXULFXODU\XQ 7DNHDQHDUSLHFHDQGDZLUH

FRQWULEXFLQVLJQLFDWLYD" PDNHDPHDQLQJIXOFRQWULEXWLRQ" PLFUIRQRRFXOWR
&XOHVKDQVLGRVXVPD\RUHV :KDWKDYHEHHQ\RXUJUHDWHVW
 <\RWHVRSODUODVUHVSXHVWDV $QG,oOOZKLVSHUWKHDQVZHUV
ORJURVSURIHVLRQDOHV" SURIHVVLRQDODFKLHYHPHQWV" WR\RX


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpE\q  7REHH[FLWHGDERXWVRPHWKLQJ

3OD\E\WKHUXOHV ,oOOWDNHLWE\KLVKRXVHRQP\ZD\KRPH (VHOHTXLYDOHQWHGHLOXVLRQDUVHRHVWDU


-XJDGVHJQODVUHJODV /ROOHYDUDVXFDVDFDPLQRGHODPD HQWXVLDVPDGRFRQDOJR
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
+HSDVVHGE\ZLWKRXWVD\LQJDZRUG ,ZDVSDVVLQJE\DQGGHFLGHGWRGURSLQ IUDVHVHQLQJOV"
3DVGHODUJRVLQPHGLDUSDODEUD 3DVDEDSRUOD]RQD\GHFLGYHUVL (VWDPRVLOXVLRQDGRVFRQHOSODQ
HVWDEDV 3RUTXHVWQLOXVLRQDGRVFRQHOOR"
'RQoWOHWWKLVRSSRUWXQLW\SDVV\RXE\ (VWR\PX\LOXVLRQDGRGHOYLDMH
1RGHVDSURYHFKHVHVWDRSRUWXQLGDG 7KHVH\HDUVKDYHSDVVHGE\VRTXLFNO\ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
|(VWRVDRVKDQSDVDGRWDQUSLGR '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQDJHKDVMXVWUHWXUQHGIURPDQHLJKWPRQWKDVVLJQPHQWWRWKH)UHQFKVXEVLGLDU\RIWKHPXOWLQDWLRQDOFRPSDQ\ZKHUH
KHZRUNV)RUWKHPRPHQW*HRUJH5RELQVRQWKHJHQHUDOPDQDJHUKDVJLYHQ&KDUOHVDQHZO\FUHDWHGSRVLWLRQZLWKWKHWLWOHRIFRUSRUDWH
GHYHORSPHQWPDQDJHU&KDUOHVLVIDPLOLDUL]LQJKLPVHOIZLWKDOOWKHFKDQJHVWKDWKDYHWDNHQSODFHGXULQJWKHHLJKWPRQWKVKHZDVDEVHQW
+HLVHVSHFLDOO\LQWHUHVWHGLQWKHVDOHVDUHD7KLVUVWFRQYHUVDWLRQLVEHWZHHQ&KDUOHVDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU

&KDUOHV :HOO6DUDK,VHHWKDW\RXKDYHQoWLQFOXGHGDQ\WKLQJLQ VDOHVIRUHFDVW SUHYLVLQGHYHQWDV


 \RXUUHSRUWDERXWWKHWKHVDOHVIRUHFDVW"
6DUDK 'RQoWZRUU\LWZLOOEHLQFOXGHGLQWKHQDOGUDIW QDOGUDIW ERUUDGRUQDO
&KDUOHV +RZPDQ\SHRSOHZHUHLQYROYHGLQWKHSODQ"
6DUDK ,SUHSDUHGLWP\VHOI LQYROYHG LQYROXFUDGR
&KDUOHV 'RQoW\RXWKLQN-RKQVKRXOGoYHEHHQLQFOXGHG"
6DUDK +HGRHVQoWZRUNKHUHDQ\PRUH VKRXOGoYH VKRXOGKDYH
&KDUOHV 'R\RXPHDQKHOHIWWKHFRPSDQ\"
6DUDK 'LGQoW\RXNQRZ" HLJKWPRQWKV FXDQGRXQQPHURHVGHXQVRORGJLWROR
&KDUOHV 'RQoWIRUJHWWKDW,oYHEHHQRXWRIWKHFRXQWU\IRUHLJKW FRUUHFWRHVHVFULELUORHQOHWUD6LHVGHGRVGJLWRVRPVVHVXHOH
 PRQWKV HVFULELUHQIRUPDQXPULFD
6DUDK :HOOKHOHIWDERXWWKUHHPRQWKVDJR
&KDUOHV :KHUHGLGKHJR" WRVWDUWDEXVLQHVV VWDHVODIRUPDPVFRUULHQWHHQLQJOVGH
6DUDK +HVWDUWHGKLVRZQEXVLQHVV GHFLUpPRQWDUXQQHJRFLRq
&KDUOHV :KDWNLQGRIEXVLQHVVGLGKHVWDUW"
6DUDK +HKDVKLVRZQFRQVXOWLQJUP FRQVXOWLQJUP HQHOLQJOVEULWQLFRVHVXHOHGHFLUpFRQVXOWDQF\q
&KDUOHV +RZoVKHGRLQJ"
6DUDK ,KDYHQRLGHD KRZoVKHGRLQJ" &PROHYD"
&KDUOHV :KRUHSODFHGKLP"
6DUDK :HKDYHQoWIRXQGDUHSODFHPHQW\HW
&KDUOHV 'R\RXPHDQ\RXKDYHQoWKDGDVDOHVPDQDJHUIRU
 WKUHHPRQWKV"
6DUDK 3HWHUoVEHHQKDQGOLQJPRVWRI-RKQoVZRUNVLQFHKHOHIW


(VWLPDGRDPLJR\DOXPQR3DUDGDUPVHVSDFLRDOLQLFLRGH3HWHUV3URPRWLRQKHTXHULGRVXSULPLUHO 0VSDODEUDVLQJOHVDV
SUUDIRTXHFDGDGDRIUHFHPRVHQHVSDRO\HQLQJOV(QIXWXUDVFKDVYROYHUHPRVDRIUHFHUORVHJQHO GHUD]ODWLQD
GD\ODVH[LJHQFLDVGHOJXLQ(QODFROXPQDGHUHFKDGHODKLVWRULDYR\DH[WHQGHUPHEDVWDQWHHQPX (PEDUJR (PLUDWH


FKRVPRPHQWRVSDUDH[SOLFDUHOSRUTX\HOFPRGHPXFKDVSDODEUDV\H[SUHVLRQHVTXHVHR\HQDGLDULR (PEDUN (PLU


HQHOPXQGRODERUDO1RYR\DVLPSOLFDUQDGDVLQRDSUHVHQWDUHOLQJOVWDOFXDOVHGLFH\VHR\H$SHVDU (PEDVV\ (PLVVDU\
GHHVWRQRWDUVDPHGLGDTXHQRVDGHQWUHPRVHQODKLVWRULDTXHHQWHQGHUVWRGRFDVLDODSHUIHFFLQ (PEHOOLVK (PLVVLRQ
ORFXDOYLHQHDFRQUPDUORTXH\DWHGLFKRUHSHWLGDVYHFHVHVPX\SRVLEOHTXHWXVFRQRFLPLHQWRVGHO (PEOHP (PLW
LQJOV\DVXSHUHQHOQLYHOQHFHVDULRSDUDTXHWHGHVHQYXHOYDVFRQHFDFLDHQFXDOTXLHUIRURRVLWXDFLQ (PEU\R (PRWLRQ
SURIHVLRQDO(OTXHQRVHDVFDSD]GHKDFHUORWRGDYDVHGHEHVHJXUDPHQWHDTXHWXRGRQRHVWELHQ (PEU\RQLF (PRWLRQDO
IRUPDGRSDUDORVVRQLGRVGHOLQJOVRTXHKDVWDDKRUDWHKDVFHQWUDGRGHPDVLDGRHQODWHRUDJUDPDWLFDO (PHUDOG (PRWLYH
\PX\SRFRHQODSUFWLFDRUDO\JLOGHGLFKDJUDPWLFD$HVWHQYXHOYRDSRQHUOD (PHUJH (PSDWKHWLF
(PHUJHQFH (PSDWKL]H
LPDJHQGHODH[SHUWDPDODEDULVWDTXHORJUDFRQYHQFHUQRVPHGLDQWHVXGRPLQLRWRWDO
(PHUJHQF\ (PSDWK\
FRQVORWUHVSHORWDVHQHODLUH'LHQYR]DOWDWRGDVODVIUDVHVGH3HWHUV3URPRWLRQ
(PLJUDQW (PSHURU
'HKHFKRVLIXHUDVXQDSHUVRQDWDQUDUDFRPR\RWHSURSRQGUDVDPHPRUL]DUSRU (PLJUDWH (PSKDVLV
FRPSOHWRODREUDHQWHUDFRQHOQGHUHFLWDUODFLHQYHFHVHQORVSU[LPRVPHVHV<R (PLJUDWLRQ (PSKDVL]H
HQOHFXDWURQRYHODVGH3R%DURMDHQYR]DOWD/DVJUDQGHVDVSLUDFLRQHVH[LJHQ (PLQHQFH (PSKDWLF
JUDQGHVHVIXHU]RV (PLQHQW (PSLUH
5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

6XFDVD GHHOORV HVPX\JUDQGH7KHLUKRXVHLVYHU\ELJ 'QGHHVWHOGLQHURGHO :KHUHoVWKHODZ\HUoVPRQH\"


(VXQDFDVDPX\JUDQGH ,WoVDYHU\ELJKRXVH DERJDGR"
7XSDGUHHVPX\MRYHQ <RXUIDWKHULVYHU\\RXQJ 3RUTXOOHYDVSXHVWDODURSD :K\DUH\RXZHDULQJ\RXU
(VXQSDGUHPX\MRYHQ +HoVDYHU\\RXQJIDWKHU GHWXKHUPDQD" VLVWHUoVFORWKHV"
6RQSUHJXQWDVPX\GLIFLOHV 7KH\oUHYHU\GLIFXOWTXHVWLRQV 1RHQFXHQWURODFDVDGHWX ,FDQoWQG\RXUIULHQGoVKRXVH
DPLJR
3RUTXHVWDPRVKDEODQGR :K\DUHZHWDONLQJDERXWRXU
GHORVSUREOHPDVGHQXHVWURV QHLJKERXUoVSUREOHPV"
YHFLQRV"
/RVUHVXOWDGRVGHORVHVWXGLDQWHV 7KHVWXGHQWoVUHVXOWVDUHYHU\
VRQPX\PDORV EDG

+HDGOLQH 7LWXODU
$UWLFOH $UWFXOR
7LWOH 7WXOR

&ROXPQ &ROXPQD
$GYHUWLVHPHQW $QXQFLR

9RFDEXODULR1HZVSDSHU 3HULGLFR

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/RPDQGR\RVLTXLHUHV ,oOOVHQGLWLI\RXZDQW 3XHGHVLUDGRQGHTXLHUDV <RXFDQJRZKHUHYHU\RXZDQW


/RPDQGDUVVLWHGR\HO :LOO\RXVHQGLWLI,JLYH\RXWKH
 +D]ORTXHTXLHUDV 'RZKDWHYHU\RXZDQW
GLQHUR" PRQH\" 3XHGHVKDEODUFRQTXLHQTXLHUDV <RXFDQWDONWRZKRHYHU\RX
/RPDQGDUFXDQGRWPHGLJDV ,oOOVHQGLWZKHQ\RXWHOOPH ZDQW
1RORPDQGDUDPHQRVTXH ,ZRQoWVHQGLWXQOHVV\RXDVN
 3RGHPRVPDUFKDUQRVFXDQGR :HFDQOHDYHZKHQHYHU\RX
PHORSLGDV PHWR TXLHUDV ZDQW
3RUTXQRORPDQGDVWH" :K\GLGQoW\RXVHQGLW" &RMHHOTXHTXLHUDV 7DNHZKLFKHYHURQH\RXZDQW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(OSODQQRKDVLGRDSUREDGR 7KHSODQKDVQoWEHHQDSSURYHG 1XQFDKDKDELGRQDGDFRPR 7KHUHoVQHYHUEHHQDQ\WKLQJ


(VHSUREOHPDQXQFDKDVLGR 7KDWSUREOHPKDVQHYHUEHHQ
 HVWR OLNHWKLV
UHVXHOWR UHVROYHG 6LVLJXHODVGLUHFWULFHVWRGRLU ,I\RXIROORZWKHJXLGHOLQHV
+DVSHQVDGRDOJXQDYH]HQ +DYH\RXHYHUWKRXJKWDERXW
 ELHQ HYHU\WKLQJZLOOWXUQRXWQH
HVDSRVLELOLGDG" WKDWSRVVLELOLW\" 2MDODQRPHORKXELHUDVGLFKR ,ZLVK\RXKDGQoWWROGPH
1RKDQYLVWRQDGDDQ 7KH\KDYHQoWVHHQDQ\WKLQJ 0HFULHQORVEDUULRVEDMRV ,JUHZXSLQWKHVOXPV
\HW 'HEHUDKDEHUDSUHQGLGRXQ ,VKRXOGoYHOHDUQHGDWUDGH
3RUTXQRVHKDKHFKRDQ" :K\KDVQoWLWEHHQGRQH\HW" RFLR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HVLHQWRPDUHDGR ,IHHOGL]]\ 7HQGUVTXHGDUPDUFKDDWUV <RXoOOKDYHWRUHYHUVHWRJHWRXW



7HQJRHOHVWPDJRUHYXHOWR ,KDYHDQXSVHWVWRPDFK SDUDVDOLU
&UHRTXHYR\DGHYROYHU ,WKLQN,oPJRLQJWRWKURZXS 0HWHSULPHUDSDUDDUUDQFDU 3XWLWLQUVWJHDUWRVWDUW
7RPDXQVRUERGHHVWR +DYHDVLSRIWKLV 7LHQHVTXHTXLWDUHOIUHQRGH <RXKDYHWRUHOHDVHWKH

1RWHSUHRFXSHVQRLQWHQWR 'RQoWZRUU\,oPQRWWU\LQJWR PDQR KDQGEUDNH
HQYHQHQDUWH SRLVRQ\RX 8VDHOHPEUDJXHSDUDFDPELDU 8VHWKHFOXWFKWRFKDQJHJHDU

GHPDUFKD
0DQWQODVGRVPDQRVHQHO .HHSERWKKDQGVRQWKH

YRODQWH VWHHULQJZKHHO


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpE\q  :DV :HUHHQLQWHUURJDWLYR

1RRQHHYHUGURSVE\DQ\PRUH ,oOOVWRSE\\RXUSODFHRQP\ZD\KRPH )RUPDPRVHOLQWHUURJDWLYRLJXDOTXHHQHO


1DGLHYLHQH\DDKDFHUQRVYLVLWDV 3DVDUSRUWXFDVDFDPLQRGHODPD SUHVHQWHVLPSOHLQYLUWLHQGRVXMHWR\YHUER

6WDUWE\SUHVVLQJWKLVEXWWRQ :K\GRQoW\RXVWRSE\DQGKDYHDGULQN" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


(PSLH]DSXOVDQGRHVWHERWQ 3RUTXQRYLHQHVDPLFDVDSDUDXQD IUDVHVHQLQJOV"
FRSD" (VWDEDVFRQO"
7KDWoVQHE\PH (UDQDPLJRV"
3RUPQRKD\QLQJQSUREOHPD %HEDFNE\SP )XHD\HU"
9XHOYHDQWHVGHODVFRPRWDUGH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQMXVWEDFNIURPHLJKWPRQWKVZRUNLQJLQWKH)UHQFKVXEVLGLDU\LVWDONLQJWR6DUDK(YDQVWKH+5PDQDJHU6DUDKLVEULQJLQJ
&KDUOHVXSWRGDWH WREULQJVRPHRQHXSWRGDWH SRQHUOHDXQRDOGD RQFRPSDQ\VDOHV6KHPHQWLRQVWKHJRRGZRUNGRQHE\3HWHU)LHOGV
ZKRWRRNRYHUDVDFWLQJVDOHVPDQDJHUZKHQ-RKQ2OVRQOHIWWKHFRPSDQ\ DFWLQJVDOHVPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV 

&KDUOHV ,VKHGRLQJDJRRGMRE" VRIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO +DVWDDKRUDWRGRYD


6DUDK 6RIDUHYHU\WKLQJoVEHHQJRLQJTXLWHZHOO EDVWDQWHELHQ0HPRUL]DHVWDIUDVHHQLQJOV\SURQQFLDODFLHQ
&KDUOHV ,VQoWKHDOLWWOH\RXQJWREHGHDOLQJZLWKVRPDQ\DJHQWV" YHFHVKR\PLVPR
6DUDK +HVHHPVWREHKDQGOLQJWKLQJVH[WUHPHO\ZHOO WRGHDOZLWK WUDWDUFRQ
&KDUOHV ,VKHVWLOOZRUNLQJLQWUDLQLQJ" LQYROYHG LQYROXFUDGR
6DUDK :HoYHKLUHGDQRXWVLGHUPWRKDQGOHWUDLQLQJIRUWKH ZHoYHKLUHG WDPELQVHSXHGHGHFLUpZHoYHFRQWUDFWHGq(O
WLPHEHLQJ YHUERpWRKLUHqHVHOXVDGRSDUDFRQWUDWDUDSHUVRQDVDXQTXHVH
&KDUOHV +RZDUHWKHVDOHVJXUHVIRUWKLVTXDUWHU" SXHGHXVDUSDUDFRQVXOWRUDVWDPELQ
6DUDK 6DOHVDUHXSRYHUWKHVDPHSHULRGIRUODVW\HDU DQRXWVLGHUP XQDHPSUHVDH[WHUQD
&KDUOHV 7KDWVRXQGVZRQGHUIXO&RQJUDWXODWLRQV TXDUWHU WULPHVWUH
6DUDK 'RQoWFRQJUDWXODWHPH3HWHUoVEHHQGRLQJDWHUULFMRE WKDWVRXQGVZRQGHUIXO |TXELHQ
&KDUOHV :KDWoVKLVVHFUHW" ,KDYHQRLGHD 1RWHQJRQLLGHD
6DUDK ,KDYHQRLGHD WRUDLVHWRORZHU VXELUEDMDU pUDLVHqVHSURQXQFLDpULVq 
&KDUOHV %XWKHPXVWEHGRLQJVRPHWKLQJJRRG RQWKHFRQWUDU\ DOFRQWUDULR
6DUDK +HVHHPVWRKDYHDVSHFLDODELOLW\IRUPRWLYDWLQJDJHQWV
&KDUOHV +DYH\RXUDLVHGFRPPLVVLRQV"
6DUDK 2QWKHFRQWUDU\ZHoYHKDGWRORZHUWKHPWHPSRUDULO\
&KDUOHV :K\oVWKDW"
6DUDK ,WoVDORQJVWRU\,GRQoWZDQWWRERUH\RX

3UUDIRVGHDOWRQLYHOGHQWURGHXQLQJOVKDEODGR
'HVKL]R OD PDOHWD VH GXFK \ VH XQL D OD FHQD FRQ ORV GHPV +HXQSDFNHGWRRNDVKRZHUDQGMRLQHGWKHRWKHUERDUGGLUHFWRUV
PLHPEURVGHOFRQVHMR+DEDQOOHJDGRHQDYLQGHVGHWRGRVORV IRUGLQQHU7KH\KDGRZQLQIURPDOORYHUWKHZRUOGIRUZKDWZDV
ULQFRQHVGHOPXQGRSDUDORTXHVHVXSRQDLEDDVHUXQLQWHUFDP VXSSRVHGWREHDQH[FKDQJHRILGHDVRQWKHGHYHORSPHQWRIWKH
ELRGHLGHDVVREUHHOGHVDUUROORGHODHPSUHVDHQORVSU[LPRV FRPSDQ\RYHUWKHQH[WWHQ\HDUV1RZLWORRNHGDVLIWKH\PLJKW
DRV$KRUDSDUHFDTXHLEDQDKDEODUGHFPRGHVPRQWDUODHQ EHWDONLQJDERXWKRZWRGLVPDQWOHLWLQWKHQH[WWHQGD\V
ORVSU[LPRVGDV


(VWLPDGRDPLJR\DOXPQR6DFDXQSDSHO\WUDGXFHDOLQJOVORPVUSLGDPHQWHSRVLEOHODVIUDVHVHQHVSDROTXH 0VSDODEUDV
WHSRQJRDFRQWLQXDFLQ LQJOHVDVGHUD]ODWLQD
 'HTXGHSHQGH" 6HWUDWDGHIUDVHVVHQFLOODVTXHVHXVDQDGLDULRWRGDVGHQWURGHXQDJUD (PSLULFDO
 +DKDELGRXQPDOHQWHQGLGR PWLFDEVLFDTXHGHEHUDVVDEHUUHSURGXFLURUDOPHQWHVLQSHVWDHDU6L (PSOR\
(PSOR\PHQW
 1RORSDUHFH WRGDYDQRODVSXHGHVWUDGXFLUDYXHODSOXPD\FRUUHFWDPHQWHHQWRQFHV
(PSOR\HH
 3RUTXHVWDQGLIFLO" HVSUREDEOHTXHWXIDOWDGHGRPLQRGHOLQJOVHQHODVSHFWRRUDOVHGHEH
(PSOR\HU
 4XLQHVFULELHVWDFDUWD" DXQDIDOWDGHDWHQFLQDOGHVDUUROORGHODDJLOLGDGRUDOFRQODJUDPWLFD (PSRULXP
 &XQGRSDV" EVLFD (PSUHVV
6LHPSUH LQVLVWR HQ WUHV FRVDV RGR FRQDQ]D \ DJLOLGDG FRQ OD JUD  :KDWGRHVLWGHSHQGRQ" (PXODWH
PWLFDEVLFD/DVHJXQGDFRVDFRQDQ]DYLHQHDXWRPWLFDPHQWHVL  7KHUHVEHHQDPLVXQGHUVWDQGLQJ (PXODWLRQ
FRQVLJXHVODSULPHUD\ODWHUFHUD6LQRWLHQHVDJLOLGDGFRQOREVLFR  ,WGRHVQWVHHPOLNHLW (QFKDQW
GHMDGHDGHQWUDUWHPVHQHOLGLRPD\SRQWHDGHFLUHQYR]DOWDPLO  :K\LVLWVRGLIFXOW" (QFODYH
IUDVHVSRUVHPDQDVDFDGDVGHORVOLEURVHOHPHQWDOHV  :KRZURWHWKLVOHWWHU" (QF\FORSHGLD
5LFKDUG9DXJKDQ  :KHQGLGLWKDSSHQ" 

/RZ%HJLQQHU +LJK%HJLQQHU

VWHHVPLSUHIHULGR 7KLVRQHLVP\IDYRXULWH &XOHVHOPRVWHRTXHO" :KLFKRQHoVPLQHWKLVRQHRU


VHHVPVLQWHUHVDQWH 7KDWRQHLVPRUHLQWHUHVWLQJ WKDWRQH"
VWDVVRQQXHYDV 7KHVHRQHVDUHQHZ &XOHVVRQORVGHO" :KLFKRQHVDUHKLV"
$TXHOORVVRQYLHMRV 7KRVHRQHVDUHROG 6RQVWRVRDTXOORV" $UHWKH\WKHVHRQHVRUWKRVH
4XSHUURHVJUDQGHVWHR :KLFKGRJLVELJWKLVRQHRU
 RQHV"
TXHO" WKDWRQH" &XOHVHOVLJXLHQWH" :KDWoVWKHQH[WRQH"
&XOIXHODOWLPD" :KDWZDVWKHODVWRQH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6LHPSUHWHQJRTXHKDFHUOR ,DOZD\VKDYHWRGRLW 4XLQORFDPEL" :KRFKDQJHGLW"


1XQFDWLHQHQTXHYHQLUDTX 7KH\QHYHUKDYHWRFRPHKHUH 3RUTXQRORFDPELDQWHV" :K\GLGQoWKHFKDQJHLW
$PHQXGRHOODWLHQHTXH 6KHRIWHQKDVWRKHOSXV
 HDUOLHU"
D\XGDUQRV 4XLQOHKL]RFDPELDUOR" :KRPDGHKLPFKDQJHLW"
1RUPDOPHQWHWHQJRTXH ,XVXDOO\KDYHWRFRUUHFWKLP
 4XLQQRKDYLVWRHOFDPELR :KRKDVQoWVHHQWKHFKDQJH
FRUUHJLUOHPXFKR DORW DQ" \HW"
$YHFHVWHQHPRVTXHUHSHWLUOR :HVRPHWLPHVKDYHWRUHSHDWLW $TXLQFUHHVTXHOHYDD :KRGR\RXWKLQNLVJRLQJWR
JXVWDUHOFDPELR" OLNHWKHFKDQJH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWVHQJRUGDQGR <RXoUHJHWWLQJIDW 0HSLFDODQDUL] 0\QRVHLVLWFK\


(VWR\LQWHQWDQGRDGHOJD]DU ,oPWU\LQJWRORVHZHLJKW (QWRQFHVSRUTXQRWHOD :K\GRQoW\RXVFUDWFKLWWKHQ"
1RHVWVWHQLHQGRPXFKR <RXoUHQRWKDYLQJPXFK
 UDVFDV"
[LWRQR" VXFFHVVDUH\RX" /DSLPLHQWDPHKDFHHVWRUQXGDU 3HSSHUPDNHVPHVQHH]H
&XQWRSHVDV" +RZPXFKGR\RXZHLJK" |-HVV %OHVV\RX
'XGRTXHSHVHWDQWRFRPRW ,GRXEW,ZHLJKDVPXFKDV\RX 6XQDWHWLHQHVXQFOQH[" %ORZ\RXUQRVHGR\RXKDYHD
WLVVXH"
+DLUGUHVVHU 3HOXTXHUR 0RGHO 0RGHOR

0DNHXSDUWLVW 0DTXLOODGRU

3KRWRJUDSKHU )RWJUDIR 'HVLJQHU 'LVHDGRU

9RFDEXODULR&DWZDON 3DVDUHOD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LKXELHUDVYHQLGRKDEUDPRV ,I\RXKDGFRPHZHZRXOG 4XKRUVFRSRHUHV" :KDWVWDUVLJQDUH\RX"


JDQDGR KDYHZRQ 1RFUHRHQHVDVWRQWHUDV ,GRQoWEHOLHYHLQWKDWUXEELVK
*DQDUQRHVORPVLPSRUWDQWH:LQQLQJLVQRWWKHPRVW &PRSXHGHQORVSODQHWDV +RZFDQWKHSODQHWVFKDQJH
/RLPSRUWDQWHHVSDUWLFLSDU LPSRUWDQWWKLQJ,WoVWDNLQJ FDPELDUQXHVWURHVWDGRGH RXUPRRGV"
SDUWWKDWFRXQWV QLPR"
6LFUHHVHVRFUHHUVHQFXDOTXLHU ,I\RXEHOLHYHWKDW\RXoOO 3RUTXQR"/DOXQDLQX\HHQ :K\QRW"7KHPRRQLQXHQFHV

FRVD EHOLHYHDQ\WKLQJ ODVPDUHDV WKHWLGHV
/HVYHQFHUHPRV :HoOOEHDWWKHP <HOVROHVWDXQDGLVWDQFLDGH $QGWKHVXQLVPLOOLRQ
1RVHUHPRVGHUURWDGRV :HZLOOQRWEHGHIHDWHG PLOORQHVGHNLOPHWURV\GD NLORPHWUHVDZD\DQGJLYHVOLIH
YLGDDWRGDOD7LHUUD WRDOORI(DUWK


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQSRUWHOIRQR
,oPRQVSHFLDOPHGLFDWLRQ <RXoYHEURXJKWDOO\RXUWURXEOHVRQ
(VWR\DEDVHGHPHGLFDFLQHVSHFLDO \RXUVHOI 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
(UHVWPLVPRHOFDXVDQWHGHWXV IUDVHVHQLQJOV"
+HoVRQGUXJV SUREOHPDV (QTXOHSXHGRD\XGDU"
(VWWRPDQGRGURJDV 0HSXHGHGHFLUTXLQOODPDSRUIDYRU"
<RXoOOFDWFKRQ 1ROHSXHGRIDFLOLWDUQRPEUHVORVLHQWR
:KDWEURXJKWRQWKDWUHDFWLRQ" <DLUVDSUHQGLHQGRHOLQWUQJXOLV
4XKDSURYRFDGRHVDUHDFFLQ" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
 &RPHRQ '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
|9HQJD|9DPRV VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQSUDLVHVWKHMRERI3HWHU)LHOGVZKRIRUWKHSDVWIHZPRQWKVKDVEHHQWKHDFWLQJVDOHVPDQDJHU DFWLQJ HQIXQFLRQHV 


6DUDKGRHVQoWVHHPWREHDVHIIXVLYHDV&KDUOHV

6DUDK :K\GR\RXVD\WKDW" E\ 6ROHPRVXVDUpE\qGHODQWHGHORVSRUFHQWDMHVFXDQGR


&KDUOHV 6DOHVKDYHJURZQE\ZLWKDORZHUFRPPLVVLRQUDWH KDEODPRVGHFUHFLPLHQWR
6DUDK 3HWHUoVWKHRQHWRWKDQNIRUWKDW+HVKRXOGJHWWKHFUHGLW
&KDUOHV ,KDGQRLGHDKHZDVVXFKDQHIIHFWLYHZRUNHU 7RJHWWKHFUHGLW UHFLELUHOPULWR
6DUDK (YHU\ERG\oVVXUSULVHGDURXQGKHUH
&KDUOHV +DYH\RXUDLVHGKLVVDODU\" WKRXJK DOWKRXJK
6DUDK +HoVHDUQLQJWKHVDPHDVZKHQKHZDVWUDLQLQJPDQDJHU
&KDUOHV +DVQoWKHVDLGDQ\WKLQJ" 7KDWoVXSWR\RX (VSDUDWLGHFLGLU
6DUDK +HVHHPVWREHKDSS\WKRXJK,LPDJLQHKHoOODVNIRU
DUDLVHVRRQ f\RXPLJKWORVHKLP SXHGHTXHOHSLHUGDV
&KDUOHV ,I,ZHUH\RX,ZRXOGQoWZDLWIRUKLPWRDVNIRURQH
6DUDK 'R\RXPHDQZHVKRXOGUDLVHLWQRZ" 7KDWoVZK\ HVSRUHVRSRUORTXH
&KDUOHV ,IHYHU\WKLQJ\RXWHOOPHLVWUXH\RXVKRXOGKDYHUDLVHG
LWDWOHDVWWKUHHPRQWKVDJR ,XVHGWREH DQWHVHUD
6DUDK +RZPXFKGR\RXWKLQNZHVKRXOGUDLVHLW"
&KDUOHV 7KDWoVXSWR\RX
6DUDK ,oGUDWKHUZDLWIRUDIHZPRUHPRQWKV
&KDUOHV ,I\RXZDLWWRRORQJ\RXPLJKWORVHKLP
6DUDK :KDWGR\RXPHDQ"
&KDUOHV -RKQPLJKWWU\WRKLUHKLP7KHLUZLYHVDUHJRRGIULHQGV
6DUDK ,GLGQoWNQRZWKDW
&KDUOHV 7KDWoVZK\3HWHUFDPHWRWKLVFRPSDQ\LQWKHUVWSODFH
6DUDK <RXFHUWDLQO\VHHPWREHZHOOLQIRUPHG
&KDUOHV 'RQoWIRUJHWWKDW,XVHGWREHWKH3HUVRQQHO0DQDJHUKHUH


(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH$ORVDRVJDQHOFDPSHRQDWRGH2NODKRPDHQODSUXHEDGHORVPHWURVOLVRVHQHOWRUQHRQDOHQWUH
LQVWLWXWRVGHVHJXQGDHQVHDQ]D5HFXHUGRPX\ELHQODFDUUHUDIDOWDUDPVSXHVWRTXHJDQ3HURODUHFXHUGRSRUXQPRWLYRPX\HVSHFLDO
\DTXHDSUHQGXQDOHFFLQTXHFUHRTXHWRGRVGHEHPRVDSUHQGHU\SRUIRUWXQDORKLFHVLHQGRDQPX\MRYHQ/DFDUUHUDGHORVPHWURV
HVGXUD/DGHQRPLQDQVSULQWHVGHFLUXQDFDUUHUDSDUDYHORFLVWDVFRPRORVRORVPHWURV6LQHPEDUJRORVOWLPRVPHWURVGHOD
FDUUHUDH[LJHQXQHVIXHU]RIVLFRWDQEUXWDOTXHDOJXQRVFRUUHGRUHVSLHUGHQSVLFROJLFDPHQWHODFDUUHUDDQWHVGHFRPHQ]DUODUDPRVRFKR
HQODQDO\PHFRORFDURQHQODOWLPDFDOOHHVGHFLUODGHODSDUWHH[WHULRUGHODSLVWD(QORVPHWURVOLVRVVLDUUDQFDVGHVGHODFDOOHQR
SXHGHVYHUDWXVFRPSHWLGRUHVHQQLQJQPRPHQWRDQRVHUTXHWHDGHODQWHQORFXDOVLJQLFDTXH
\DHVWVSHUGLGR(VWDUHQODFDOOHWHFRQGHQDDUHDOL]DUODFDUUHUDGHDFXHUGRFRQWXSURSLDHVWUD
WHJLDVLQPHGLUWHFRQQDGLH\VLQHPSOHDUWFWLFDVVHJQGRQGHHVWQWXVFRPSHWLGRUHV(QRWUDV
SDODEUDVWLHQHVTXHFRUUHUFRPRXQGLDEORGHVGHHOSULQFLSLRFLHJRDWRGRH[FHSWRDWXSURSLR
HVIXHU]R(QODQDOHVRHVH[DFWDPHQWHORTXHKLFH\JDQ$ORVDRVDSUHQGTXHORQLFRTXH
WHQDTXHKDFHUSDUDWHQHU[LWRHQFXDOTXLHUDFWLYLGDGHUDFRUUHUFRPRXQGLDEORVLQSUHVWDUDWHQ
FLQDORVGHPVQLDVXVUHDFFLRQHVRWFWLFDV'HVGHHQWRQFHVXQRGHPLVOHPDVKDVLGRVLHPEUH
UXQQLQJLQWKHRXWVLGHODQH FRUULHQGRSRUODFDOOHH[WHULRU &XDQGRWHPLGHVGHPDVLDGRSRUORV
GHPVFXDQGRWLHQHVGHPDVLDGRHQFXHQWDTXKDFHQRFPRUHDFFLRQDQORVGHPVSLHUGHVGH
YLVWDORHVHQFLDOSDUDFRQVHJXLUHO[LWRWXDXWRFRQDQ]D\WXSURSLRHVIXHU]R 5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

6R\HVWXGLDQWH ,DPDVWXGHQW -XHJRDOIWEROWRGDVODV ,SOD\IRRWEDOOHYHU\ZHHN


1RHUHVSURIHVRU <RXDUHQoWDWHDFKHU VHPDQDV
OHVHVWXGLDQWHWDPELQ" ,VKHDVWXGHQWWRR" OMXHJDVLWLHQHWLHPSR +HSOD\VLIKHKDVWLPH
(OODQRHVODSURIHVRUDWDPSRFR 6KHLVQoWWKHWHDFKHUHLWKHU (OODQRMXHJDSRUTXHQROH 6KHGRHVQoWSOD\EHFDXVHVKH
1RVRPRVWRGRVHVWXGLDQWHV" $UHQoWZHDOOVWXGHQWV" JXVWDQORVGHSRUWHV GRHVQoWOLNHVSRUWV
-XJDURQXQEXHQSDUWLGR 7KH\SOD\HGDJRRGPDWFK
1RMXJDURQELHQ 7KH\GLGQoWSOD\ZHOO

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

-XJDUVLYLHQHVFRQPLJR ,ZLOOSOD\LI\RXFRPHZLWKPH -XJDUDPRVVLIXVHPRVPV :HoGSOD\LIZHZHUH\RXQJHU


3XHGHVMXJDUWDPELQVLTXLHUHV <RXFDQSOD\WRRLI\RXZDQW MYHQHV
(OODGHEHMXJDUSRUTXHHVOD 6KHPXVWSOD\EHFDXVHVKHoV
 'HEHUDMXJDUPV ,VKRXOGSOD\PRUH
FDSLWDQD WKHFDSWDLQ 3RGUDQMXJDUVLQRVSDJDUDQ 7KH\FRXOGSOD\LIWKH\SDLGXV
OQRMXJDUVLHVWOORYLHQGR +HZRQoWSOD\LILWoVUDLQLQJ 3RGUDQMXJDUFRQWUHVDRV 7KH\FRXOGSOD\ZKHQWKH\
1RSXHGHQMXJDUSRUTXHVRQ 7KH\FDQoWSOD\EHFDXVHWKH\oUH ZHUHWKUHH\HDUVROG
GHPDVLDGRYLHMRV WRRROG <RQRMXJDUDVLIXHUDW ,ZRXOGQoWSOD\LI,ZHUH\RX

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3XHGHTXHHOODMXHJXHVLODGHMDQ 6KHPLJKWSOD\LIWKH\OHWKHU +DEUDVMXJDGRELHQVLKXELHVHV<RXoGKDYHSOD\HGEHWWHULI\RX


-XHJRDOJROIXQGDVL\RWURQR ,SOD\JROIHYHU\RWKHUGD\ GRUPLGRPV KDGVOHSWPRUH
-XHJRDOJROIGHVGHKDFHDRV,oYHSOD\HGJROIIRU\HDUV 'HEHUDKDEHUMXJDGRSRUOD <RXVKRXOGKDYHSOD\HGLQWKH
/OHYRPHGLRDRVLQMXJDU ,KDYHQoWSOD\HGJROIIRUKDOI
 PDDQD PRUQLQJ
DOJROI D\HDU 3RGUDVKDEHUMXJDGRVLKXELHVHV<RXFRXOGKDYHSOD\HGLI\RXoG
/OHYRMXJDQGRDOJROIGHVGH ,oYHEHHQSOD\LQJJROIIRUD
 OOHJDGRDWLHPSR DUULYHGRQWLPH
KDFHXQSDUGHKRUDV FRXSOHRIKRXUV 'HEHQGHKDEHUMXJDGRMXQWRV 7KH\PXVWKDYHSOD\HG
DQWHV WRJHWKHUEHIRUH
3XHGHTXH\DKD\DQMXJDGRSHUR7KH\PLJKWKDYHSOD\HG
QRHVWR\VHJXUR DOUHDG\EXW,oPQRWVXUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RKDEUPXFKDJHQWHDOO 7KHUHZRQoWEHPDQ\SHRSOH $QWHVKDEDVHUHQRVHQODV 7KHUHXVHGWREHQLJKW


WKHUH FDOOHV ZDWFKPHQRQWKHVWUHHWV
'HEHUDKDEHUXQRHQHOFDMQ 7KHUHVKRXOGEHRQHLQWKH +DEUDKDELGRJUDYHVSUREOHPDV 7KHUHZRXOGKDYHEHHQVHULRXV
GUDZHU VLQRKXELHUDKDELGR3ROLFD SUREOHPVLIWKHUHKDGQoWEHHQ
3RGUDKDEHUPVGHORTXH 7KHUHFRXOGEHPRUHWKDQ\RX 3ROLFH
SLHQVDV WKLQN 3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
1RSDUHFHKDEHUXQDVROXFLQ 7KHUHGRHVQoWVHHPWREHD PDOHQWHQGLGR PLVXQGHUVWDQGLQJ
VROXWLRQ 4XLHURTXHKD\DXQLQWUSUHWH ,ZDQWWKHUHWREHDQLQWHUSUHWHU
3XHGHTXHKD\DXQDPDQHUD 7KHUHPLJKWEHDZD\WRVROYHLW 7UHPHORTXHKD\D %ULQJPHZKDWHYHUWKHUHLV
GHUHVROYHUOR

2JUH 2JUR
)DLU\ +DGD

*QRPH *QRPR

(OI (OIR

'ZDUI 'XHQGH

9RFDEXODULR0\WKLFDO%HLQJV 6HUHVPWLFRV


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQLQWHUQD
&RPHRQXS ,KDYHDIHYHUFRPLQJRQ
6XEH HVWR\HQXQDSODQWDVXSHULRU  (VWR\HPSH]DQGRDWHQHUGFLPDV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
&RPHRQGRZQ 7KHOLJKWVFRPHRQDXWRPDWLFDOO\ (VWR\SUHSDUDQGRXQVSRWSXEOLFLWDULR 79 
%DMD HVWR\HQXQDSODQWDLQIHULRU  /DVOXFHVVHHQFLHQGHQDXWRPWLFDPHQWH /DHQFXHVWDQRDUURMDQDGDQXHYR
9DPRVDJDQDUDODFRPSHWHQFLD
&RPHRQLQ 7KHDFWRUQDOO\FDPHRQVWDJH
3DVDSDVD HQWUDU  (ODFWRUSRUQVDOLDOHVFHQDULR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

7KHIROORZLQJFRQYHUVDWLRQLVWKHEHJLQQLQJRIDORQJDQGLQWHUHVWLQJFKDWEHWZHHQWKHYHWHUDQ&KDUOHV+HQGHUVRQDQGWKHUHODWLYHO\
\RXQJWUDLQLQJPDQDJHU3HWHU)LHOGVZKRLVDOVRDFWLQJVDOHVDQGPDUNHWLQJPDQDJHU GLUHFWRUFRPHUFLDOHQIXQFLRQHV 

&KDUOHV +HOOR3HWHUKRZDUH\RXGRLQJ" KRZDUH\RXGRLQJ" 4XWDO"


3HWHU )LQH&KDUOHVKRZDUH\RX",WoVJRRGWRVHH\RXEDFN
DJDLQ LWoVJRRGWRVHH\RXEDFNDJDLQ PHDOHJURYHUWHGHQXHYR
&KDUOHV :HOO LWoV JRRG WR EH EDFN WKRXJK , HQMR\HG P\ WLPH
LQ)UDQFH WKRXJK DOWKRXJK
3HWHU +RZORQJZHUH\RXWKHUH"
&KDUOHV ,ZDVWKHUHIRUDOPRVWPRQWKV KRZGLG\RXOLNHLW" 4XLPSUHVLQWHFDXV"
3HWHU +RZGLG\RXOLNHLW"
&KDUOHV ,WWRRNPHDIHZPRQWKVWRJHWXVHGWRWKHFOLPDWHEXW WRJHWXVHGWRf DFRVWXPEUDUVHDf
,KDGDJUHDWWLPH
3HWHU 'LG\RXWDNH\RXUIDPLO\ZLWK\RX" ZKHQZLOOWKH\EHFRPLQJEDFN HOXVRGHOIXWXURFRQWLQXR
&KDUOHV <HV,GLG,QIDFWWKH\oUHVWLOOWKHUH KDFHTXHODSUHJXQWDVXHQHPHQRVQHXWUDORIRUPDO
3HWHU :KHQZLOOWKH\EHFRPLQJEDFN"
&KDUOHV 7KH\oUHSODQQLQJWRVWD\XQWLOVFKRROHQGVLQ-XQH LQWKHPHDQWLPH PLHQWUDVWDQWR
3HWHU 6RLQWKHPHDQWLPH\RXoOOEHOLYLQJOLNHDEDFKHORU
&KDUOHV ,oYHEHHQKHUHIRUOHVVWKDQDZHHNDQG,oPDOUHDG\ERUHG DEDFKHORU XQVROWHUR
%\WKHZD\,KHDU\RXoYHWDNHQRYHUIRU-RKQ2OVRQ
3HWHU 7KDWoVULJKW+HOHIWDFRXSOHRIPRQWKVDJR DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV
&KDUOHV ,oYHDOVRKHDUGWKDWVDOHVKDYHEHHQJRLQJXSDWDUHFRUG
SDFH FRQVXPHUGHPDQG ODGHPDQGD
3HWHU :HOOFRQVXPHUGHPDQGKDVULVHQRYHUWKHSDVWIHZ
PRQWKV MXVW VLPSOHPHQWH
&KDUOHV ,KDYHDIHHOLQJLWoVPRUHWKDQMXVWFRQVXPHUGHPDQG
7KH LPSUHVVLRQ DURXQG KHUH LV WKDW \RXoYH IRXQG WKH
PDJLFIRUPXODIRUVXFFHVV


(VWLPDGRDPLJR\DOXPQR
5XQQLQJLQWKHRXWVLGHODQH/DIDOWDGHIXHU]DGHYROXQWDGKDFDXVDGRPVIUDFDVRVTXHODIDOWDGHLQWHOLJHQFLDRKDELOLGDG'HHVWRHVWR\
VHJXUR+HFRQRFLGRDPXFKRVHPSUHVDULRVGHJUDQ[LWRHQ(VSDDFX\DQLFDYLUWXGHQPLRSLQLQHUDVXLPSHUWXUEDEOHWHQDFLGDG'H
KHFKRVLHVWXGLDUDVWRGRVORVFDVRVHQ(VSDDGHKRPEUHV\PXMHUHVTXHKDQSDVDGRGHODQDGDDWHQHUSHTXHRVRJUDQGHVLPSHULRV
YHUDVTXHVXQLYHOLQWHOHFWXDO\FXOWXUDODVFRPRVXFRHFLHQWHGHLQWHOLJHQFLDQRVXSHUDQRUPDOPHQWHDODPHGLDQDFLRQDO6LQHPEDUJR


GRQGHVVREUHVDOHQHVHQODIXHU]DGHYROXQWDG3ODQWHDQREMHWLYRV\WUDEDMDQLQFDQVDEOHPHQWHSDUDFRQVHJXLUORV<VLTXLHUHVWHGLUXQ
VHFUHWRTXHHOORVQRVXHOHQGHVYHODUVHORSDVDQSLSD3ODQWHDUREMHWLYRVHLUDSRUHOORVFUHDXQFUFXORYLUWXRVRTXHKDFHTXHHOWLHPSR
GHWUDEDMRVHDPVHVWLPXODQWH\GLYHUWLGRTXHFXDOTXLHUSODQWHDPLHQWRGHHVSDUFLPLHQWRXRFLR8QHPSUHVDULRTXHWUDEDMDGHVRODVRO
QRUPDOPHQWHQRHVWWUDEDMDQGRHVWMXJDQGR3XHGHVWDFKDUOHGHHVWDUFDVDGRFRQVXHPSUHVDSHURODYHUGDGHVTXHHVWVLPSOHPHQWH
MXJDQGRDOLJXDOTXHXQDGROHVFHQWHSDVDKRUDVVHJXLGDVGHODQWHGHXQYLGHRMXHJR3HURHOEXHQHPSUHVDULRHVSDRODSHVDUGHQRVHU
PVLQWHOLJHQWHQLPVKELOTXHORVGHPVWLHQHDOJRTXHVLHPSUHPHKDOODPDGRODDWHQFLQXQDWRWDOMDFLQHQORVREMHWLYRVGHVX
DFWLYLGDGHPSUHVDULDO1DGDOHVGHVYDQLOHVGHVSLVWD3DUHFHFRPRHOFDEDOORTXHOOHYDDQWHRMHUDV1RYHQLTXLHUHYHUORTXHKD\IXHUDGHVX
FDPSRGHYLVLQ9DWHQD]PHQWHFDPLQDQGRDJUDQGHV]DQFDGDVKDFLDODFRQVHFXFLQGHVXVREMHWLYRV
6DEHDOLJXDOTXHORVSDVWRUHVDOHPDQHVGHODIRWRTXHODVGLVWUDFFLRQHVpGLVWUDHQq\ORVSHUURVHVWQ
DGLHVWUDGRVSDUDQRFDHUDQWHQLQJXQDWHQWDFLQ6LQRSLHUGHQVXHPSOHR(QPLVDRVGHSURIHVRUGH
LQJOVHOGHPLVDOXPQRVKDQVLGRPDHVWURVHQHODUWHGHHQFRQWUDUGLVWUDFFLRQHVRH[FXVDVSDUDQR
KDFHUHOHVIXHU]RTXHVHH[LJHSDUDKDFHUVHFRQXQEXHQQLYHOGHLQJOV&XDOTXLHUSHTXHDGLVWUDFFLQ
OHVKDEDVWDGRSDUDSHUGHUXQDVFODVHVRSDUDQRHVWXGLDU$OQDOPLFRQFOXVLQHVTXHVLPSOHPHQWHQR
WLHQHQPXFKRLQWHUVHQDSUHQGHULQJOV0HLQVLVWHQHQTXHQRHVDVSHURQXQFDPHORGHPXHVWUDQ< 
W"0HORYDVDGHPRVWUDU"(VSHURTXHV 5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV" 'HTXLQHVHOSHUUR" :KRVHGRJLVLW"


'QGHHVWQVXVFDUWDV" GHHOOD :KHUHDUHKHUOHWWHUV" (VWX\R" ,VLW\RXUV"
&PRHVWQVXVDEXHORV" GHO +RZDUHKHUJUDQGSDUHQWV" 1RQRHVPR(VGHPLKHUPDQR 1RLWLVQoWPLQH,WoVP\
4XLQHVVRQVXVSDGUHV" GH :KRDUHWKHLUSDUHQWV"
 EURWKHUoV
HOODV 'HTXLQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
&XQGRHVYXHVWUDHVWD" :KHQoV\RXUSDUW\" &UHRTXHVRQGHHOOD ,WKLQNWKH\oUHKHUV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(OODOHHPXFKRSHURDSUHQGH 6KHUHDGVDORWEXWOHDUQVYHU\
 1RWHYHR ,FDQoWVHH\RX
PX\SRFR OLWWOH 0HR\HV" &DQ\RXKHDUPH"
OWUDEDMDPXFKRSHURJDQD +HZRUNVDORWEXWHDUQVYHU\
 1RWHRLJRPX\ELHQ ,FDQoWKHDU\RXYHU\ZHOO
PX\SRFR OLWWOH |+DEODPVDOWR 6SHDNXS
/HJXVWDWUDEDMDUPXFKR +HOLNHVWRZRUNDORW |'HMDGHJULWDUPH 6WRSVKRXWLQJDWPH
3RUTXQRJDQDPXFKR" :K\GRHVQoWKHHDUQDORW"
7LHQHTXHEXVFDURWURWUDEDMR +HKDVWRORRNIRUDQRWKHUMRE

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XTXLHUHTXHKDJDPRV" :KDWGRHVVKHZDQWXVWRGR" 6LHQWRSHQDSRUHOORV ,IHHOVRUU\IRUWKHP


1RWHQJRQLODPVUHPRWDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD /HVKDFHVWUDEDMDUGHPDVLDGR <RXPDNHWKHPZRUNWRRPXFK
1RVHORKDVSUHJXQWDGR" +DYHQoW\RXDVNHGKHU" /RVYDVDYROYHUORFRVFRQWDQWR<RXoUHJRLQJWRGULYHWKHP
0HGDFRUWHKDFHUOR ,oPDOLWWOHHPEDUUDVVHGWRGRLW WUDEDMR FUD]\ZLWKVRPXFKZRUN
&UHRTXHPHKHHQDPRUDGR ,WKLQN,oYHIDOOHQLQORYHZLWK
 (VSHUDVGHPDVLDGRGHHOORV <RXH[SHFWWRRPXFKIURPWKHP
GHHOOD KHU 6ORHVSHURTXHWUDEDMHQELHQ ,RQO\H[SHFWWKHPWRZRUN
QDGDPV ZHOOQRWKLQJHOVH

'XQH 'XQD 1RPDG 1PDGD

&DFWXV &DFWXV
&DPHO &DPHOOR

6DQG $UHQD

9RFDEXODULR'HVHUW 'HVLHUWR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HQGUHPRVTXHFRQYRFDUXQD :HoOOKDYHWRFDOODPHHWLQJ
 /DVFRVDVDYDQ]DQVLQ 7KLQJVDUHUXQQLQJVPRRWKO\

UHXQLQ VREUHVDOWRV
0HJXVWDUDTXHODDEULHVHVFRQ,oGOLNH\RXWRVWDUWLWRIIZLWKD /DVYHQWDVKDQVXELGRGH 6DOHVKDYHULVHQVWHDGLO\

XQDEUHYHSUHVHQWDFLQ EULHISUHVHQWDWLRQ PDQHUDFRQVWDQWH
1RSRGHPRVDGHODQWDUODIHFKD"&DQoWZHPRYHWKHGDWHIRUZDUG" (VWRVORHVXQSODQSURYLVLRQDO 7KLVLVRQO\DWHQWDWLYHSODQ
'HEHUDPRVUHWUDVDUODIHFKD :HVKRXOGPRYHEDFNWKHGDWH 7HQHPRVTXHVHJXLUXQSURJUDPD:HKDYHWRIROORZDYHU\WLJKW
3RVSRQJDPRVODUHXQLQKDVWD /HWoVSXWWKHPHHWLQJRIIXQWLO
 PX\DSUHWDGR VFKHGXOH
PDDQD WRPRUURZ (VXQDWDUHDTXHFRQVXPH ,WoVDWLPHFRQVXPLQJWDVN

PXFKRWLHPSR


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
,QJOV6RFLDO
+HGURYHRQIRUDQRWKHUPLOHV 7KH\oYHIDOOHQRQKDUGWLPHV
6LJXLFRQGXFLHQGRRWUDVPLOODV (VWQSDVDQGRSRUXQDPDODUDFKD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
HFRQ  IUDVHVHQLQJOV"
7KH\IRXJKWRQXQWLOGDZQ 7HHQWXVLDVPDQORVYLQRV"
6LJXLHURQOXFKDQGRKDVWDHODPDQHFHU :HJHWRQTXLWHZHOO 3XHGRYHUODFDUWDGHORVYLQRV"
1RVOOHYDPRVEDVWDQWHELHQ 0HJXVWDPVHOWLQWRTXHHOEODQFR
7KH\HZRQGHVSLWHWKHZHDWKHU
6LJXLHURQYRODQGRDSHVDUGHOWLHPSR *HWRQWKHEXV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
6EHWHDODXWREV '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU 'RQoW EHOLHYH HYHU\WKLQJ \RX KHDU ,oYH PDGH VRPH GLYLGHLQWR IMDWHTXHXVDPRVpLQWRq 
FKDQJHV LQ WKH VDOHV WHUULWRULHV DQG DSSRLQWHG D IHZ
QHZDJHQWV7KDWoVDOO ROG DQWLJXRV
&KDUOHV :KDWFKDQJHVKDYH\RXPDGH"
3HWHU ,oYH GLYLGHG WKH IRXU ODUJHVW WHUULWRULHV LQWR HLJKW WKH\ZHUHKDYLQJWURXEOH OHVFRVWDEDWUDEDMR
VPDOOHURQHVDQGQDPHGIRXUQHZDJHQWV
&KDUOHV +DYHWKHROGDJHQWVFRPSODLQHG" \RXPXVWKDYH GHEHVGHWHQHU
3HWHU 1RWDWDOO7KH\ZHUHKDYLQJWURXEOHFRYHULQJVXFKELJ
WHUULWRULHV PRVWRIWKHP ODPD\RUDGHHOORV
&KDUOHV <RXPXVWKDYHDVSHFLDODELOLW\ZLWKWKHDJHQWV:KHQ
-RKQZDVLQFKDUJHWKH\FRPSODLQHGDERXWHYHU\WKLQJ JHWDORQJZLWK OOHYDUVHELHQFRQ
XQGHUWKHVXQ
3HWHU 'RQoWIRUJHWWKDWPRVWRIWKHPZHUHWUDLQHGE\PH,oP KLJKOHYHOVWUDWHJ\ HVWUDWHJLDGHDOWRQLYHO
OLNHDIDWKHUJXUHWRWKHP
&KDUOHV %XWWHOOPHDUH\RXHQMR\LQJWKHMRE" WKDWoVWKHULJKWZD\WRGRLW DFLHUWDV
3HWHU ,FDQoWFRPSODLQ,QIDFW,QGLWTXLWHVWLPXODWLQJ
&KDUOHV 'R\RXJHWDORQJZLWKWKHUHVWRIWKHPDQDJHUV" QRZWKDW\RXoUHEDFN DKRUDTXHKDVYXHOWR
3HWHU ,DWWHQGDOOWKHPHHWLQJVEXW,GRQoWVD\PXFK(YHU\RQH
WDONV KLJKOHYHO VWUDWHJ\ EXW ,oP RQO\ LQWHUHVWHG LQ ORFDOFRPSHWLWRUV FRPSHWLGRUHVQDFLRQDOHV
VDOHVDQGPRUHVDOHVIRUWKHPRPHQW
&KDUOHV , WKLQN WKDWoV WKH ULJKW ZD\ WR GR LW &RQFHQWUDWH RQ
\RXUMRE
3HWHU 1RZWKDW\RXoUHEDFNZKDWZLOOEH \RXU MRE"
&KDUOHV :HoUH FUHDWLQJ D QHZ GHSDUWPHQW FDOOHG FRUSRUDWH
GHYHORSPHQW
3HWHU :KDWGRHVWKDWPHDQ"
&KDUOHV :HoUH JRLQJ WR VWXG\ WKH LGHD RI EX\LQJ RXW D IHZ
VPDOOHUORFDOFRPSHWLWRUV

(VWLPDGRDPLJR\DOXPQR'HVGHTXHHPSHFDHQVHDULQJOVKHTXHULGRDQL 0VSDODEUDV
PDUDPLVDOXPQRV\DOSEOLFRHQJHQHUDODUHDOL]DUXQHVIXHU]RKRQHVWRSDUD LQJOHVDVGHUD]ODWLQD
SURJUHVDU2VDQLPRGHEXHQFRUD]QRFRPRGHFVDTXDSHFKRGHVFXELHUWR0H (QGHPLF
KHWRSDGRGHVGHVLHPSUHFRQSHUVRQDVTXHGHVSUHFLDEDQPLPHQVDMHRTXHVH (QGLYHV
EXUODEDQGHPLLQWHQWRSRUDQLPDURVOWLPDPHQWH\FRQIRUPHJDQRPVDXGLHQFLDSRUPLWUDEDMRHQUDGLR\WHOHYL (QGRFULQH
VLQSHUFLERXQDXPHQWRVLJQLFDWLYRGHHVWHIHQPHQR1RVVLVHUXQHVSHMLVPRSHURRLJRFRQFDGDSDVRTXHGR\ (QHP\
(QHUJHWLF


XQFUHFLHQWHHMUFLWRGHVDUFVWLFRVGHVHRVRVGHHPSHTXHHFHUWRGRORTXHGLJRRGHVHVWLPDUFXDOTXLHUDSHODFLQ
(QHUJ\
DDFWLWXGHV\YDORUHVQREOHV3HUR\DORVFRQR]FR6RQORVFQLFRV$FDPSDQSRUWRGDVSDUWHV\GLVIUXWDQWXPEDQGR (QJHQGHU
SUHFLVDPHQWHDTXHOORVHVIXHU]RV\DVSLUDFLRQHVTXHKDFHQTXHHOPXQGRSURJUHVH6RQGHWRGRVORVVHUHVKXPDQRV (QJLQHHU
ORVPHQRVWLOHV6RQVHUHVGHQRFKHTXHVHQXWUHQGHODVDOLPDDVSRUTXHODOLPSLDOX]GHOGDOHVFLHJDREOLJQGROHV (QJLQHHULQJ
DUHQXQFLDUDODYLVLQ\HQOWLPRWUPLQRDGHVGHDUOD1RGHMHVTXHORVFQLFRVWXPEHQRGHVHVWLPHQWXUHVROXFLQ (QJOLVK
GHYHQFHUDOLGLRPDGHOLQJOV([FHSWRXQVORFDVRHQWRGDPLYLGDSURIHVLRQDOQRKHFRQRFLGRDQDGLHLQFDSD]GH (QLJPD
KDFHUVHFRQXQEXHQQLYHOHQPLLGLRPD(OTXHORFRQVLJDVWQDOPHQWHGHSHQGHQRGHWXFDSDFLGDGVLQRGHWX (QLJPDWLF
(QRORJLVW
IXHU]DGHYROXQWDG 5LFKDUG9DXJKDQ (QRORJ\
$F\QLFFDQFKLOODQGGLVKHDUWHQZLWKDVLQJOHZRUG 5DOSK:DOGR(PHUVRQ (QRUPRXV
8QFQLFRSXHGHHQIULDU\GHVDOHQWDUFRQXQDVRODSDODEUD (QWKXVLDVP
(QWKXVLDVW
7KHSRZHURIDFFXUDWHREVHUYDWLRQLVFRPPRQO\FDOOHGF\QLFLVPE\WKRVHZKRGRQWKDYHLW *HRUJH%HUQDUG6KDZ (QWKXVLDVWLF
(OSRGHUGHODREVHUYDFLQFHUWHUDHVORTXHVXHOHVHUGHQRPLQDGRFLQLVPRSRUDTXHOORVTXHQRORSRVHHQ (QWLUH
$F\QLFLVDPDQZKRNQRZVWKHSULFHRIHYHU\WKLQJDQGWKHYDOXHRIQRWKLQJ 2VFDU:LOGH (QWLW\
8QFQLFRHVXQKRPEUHTXHFRQRFHHOSUHFLRGHWRGRVLQFRPSUHQGHUHOYDORUGHQDGD (QWUDQFH 

 
/RZ%HJLQQHU +LJK%HJLQQHU

(VGLIFLO ,WoVGLIFXOW 3DVHDPLGHVSDFKR *RLQWRP\RIFH


3RUTXHVGLIFLO" :K\LVLWGLIFXOW" 1RFLHUUHODSXHUWD 'RQoWFORVHWKHGRRU
6XVRMRVVRQD]XOHV +HUH\HVDUHEOXH 6LQWHVHSRUIDYRU 6LWGRZQSOHDVH
3RUTXVRQD]XOHVVXVRMRV" :K\DUHKHUH\HVEOXH" (VFXFKHORTXHYR\DGHFLU /LVWHQWRZKDW,oPJRLQJWRVD\
(VLQWHUHVDQWHWXOLEUR" ,V\RXUERRNLQWHUHVWLQJ" /HYQWHVHSRUIDYRU *HWXSSOHDVH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RKDEODUVXQEXHQLQJOVVL <RXZRQoWVSHDNJRRG(QJOLVK
 +DEUPXFKDJHQWHHVWD :LOOWKHUHEHPDQ\SHRSOH
QRHVWXGLDV LI\RXGRQoWVWXG\ QRFKH" WRQLJKW"
/RVLHQWRQRSRGULU ,oPVRUU\,ZRQoWEHDEOHWRJR 1RKDEUWDQWRVFRPROD 7KHUHZRQoWEHDVPDQ\DVWKH
3RGUVGDUPHXQDFODVH :LOO\RXEHDEOHWRJLYHPHD
 OWLPDYH] ODVWWLPH
PDDQD" FODVVWRPRUURZ" 3RUTXKDEUPHQRVJHQWH" :K\ZLOOWKHUHEHIHZHUSHRSOH"
1RWHD\XGDUDPHQRVTXH ,ZRQoWKHOS\RXXQOHVV\RX
 /DJHQWHVHKDDEXUULGRXQ 3HRSOHKDYHJRWDOLWWOHERUHG
FDPELHVWXDFWLWXG FKDQJH\RXUDWWLWXGH SRFRGHOIRUPDWR RIWKHIRUPDW
$OJXQDYH]OOHJDUVDWLHPSR" :LOO\RXHYHUDUULYHRQWLPH" ,QWHQWDKDFHUORPVLQWHUHVDQWH 7U\WRPDNHLWPRUHLQWHUHVWLQJ

%HGVSUHDG &ROFKD

%HGVKHHW 6EDQD

%ODQNHW 0DQWD

%HGVWHDG 6RPLHU 0DWWUHVV &ROFKQ

9RFDEXODULR%HG &DPD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$OJXLHQKDYLVWRDOJXQDYH]XQ+DVDQ\ERG\HYHUVHHQD8)2" /DYLGDQRHVXQOHFKRGHURVDV /LIHLVQRWDEHGRIURVHV


291," 7LHQHVTXHOXFKDUSRUWRGROR <RXKDYHWRJKWIRU
7RGRHOPXQGRFUHHUDTXHHVWV(YHU\ERG\ZRXOGWKLQN\RXoUH TXHFRQVLJXHV HYHU\WKLQJ\RXJHW
ORFRVLGLMHUDVHVR FUD]\LI\RXVDLGWKDW 7LHQHVTXHDSURYHFKDUWRGDV <RXKDYHWRPDNHWKHPRVWRI
1RFUHRTXHYD\DDYHQLUQDGLH ,GRQoWWKLQNDQ\ERG\oVJRLQJ HVWDVRSRUWXQLGDGHV WKHVHRSSRUWXQLWLHV
WRFRPH 1XQFDOOHJDUVDQLQJXQDSDUWH<RXoOOQHYHUJHWDQ\ZKHUH
1DGLHWLHQHWDQWRSRGHU 1RERG\KDVDVPXFKSRZHUDV
 FRQHVDDFWLWXG ZLWKWKDWDWWLWXGH
FRPRO KHGRHV 'HEHUDVVHQWLUWHDYHUJRQ]DGR <RXVKRXOGIHHODVKDPHGRI
&XDOTXLHUDVDEHHVR $Q\ERG\NQRZVWKDW \RXUVHOI

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&UHTXHWHQDHOLQJOV ,WKRXJKW,KDG(QJOLVK
 /DUHXQLQQRDFDEDEDQXQFD 7KHPHHWLQJGUDJJHGRQIRUHYHU
GRPLQDGR PDVWHUHG 4XLHURVRQGHDUOHVREUHHOWHPD ,ZDQWHGWRVRXQGKLPRXWRQ
9HRTXHWRGDYDWHQJRPXFKR ,VHH,VWLOOKDYHDORQJZD\WRJR
 WKHVXEMHFW
FDPLQRSRUUHFRUUHU 1XQFDVHPHRFXUUL ,WQHYHUFURVVHGP\PLQG
$SUHQGHUXQLGLRPDHVXQJUDQ/HDUQLQJDODQJXDJHLVDJUHDW 0DQWQPHLQIRUPDGR .HHSPHSRVWHG
UHWR FKDOOHQJH ([SOFDPHHVRXQDYH]PV 5XQWKDWE\PHRQHPRUHWLPH
1RVVLHVWR\SRUODODERU ,GRQoWNQRZLI,oPXSWRWKHWDVN
$QGDDQPDWH1RWHGHVDQLPHV&RPHRQFKHHUXS'RQoWJHW
GLVFRXUDJHG


Z Z ZY D X V \ V  F R P

 
3KUDVDOYHUEVZLWKpRQq  7REHPDUULHGWR
6LJQLFDpHVWDUFDVDGRFRQq1XQFDGHFLPRV
,KDYHWRJHWRQP\ZD\ 8VHWKHVWLUUXSVWRJHWRQWKHKRUVH 0DUULHGZLWKVRPHRQH
7HQJRTXHSRQHUPHHQFDPLQR 8VDORVHVWULERVSDUDVXELUWHDOFDEDOOR 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
*HWRQZLWKLW *RRQf OHVWFDVDGRFRQ-DQH
|3QWH\DFRQHOOR 6LJXHVLJXH (VWVFDVDGDFRQ3KLO"
(VWHOODFDVDGDFRQ%RER(ULF"
+RZoV0DU\JHWWLQJRQ" +HoOOJRRQIRUHYHULI\RXOHWKLP ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
&PROHYDQODVFRVDVD0DUD" 6HJXUKDEODQGRVLQSDUDUVLOHGHMDV '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ  
3HWHU)LHOGVVSHDNVWR&KDUOHV+HQGHUVRQDERXWVRPHRIWKHFKDQJHVKHKDVPDGHVLQFHKHWRRNRYHUIRU-RKQ2OVRQFKDQJHVZKLFKKDYH
EHHQLQVWUXPHQWDOWRVRPHRIWKHVDOHVJURZWKHQMR\HGE\WKHFRPSDQ\
3HWHU 7KDWZLOOPHDQPRUHZRUNIRUPHZRQoWLW" HYHQWXDOO\ WDUGHRWHPSUDQR
&KDUOHV 1RWIRUWKHPRPHQWEXWHYHQWXDOO\\RXPD\KDYHDQ
DGGLWLRQDOVDOHVIRUFHWRWUDLQDQGGLUHFW \RXUHDOL]H WHGDVFXHQWD
3HWHU <RXUHDOL]H,VXSSRVHWKDW,oPQRWRIFLDOO\WKHVDOHV
PDQDJHU KHUH ,oYH EHHQ SURYLVLRQDOO\ DSSRLQWHG WR
WKLVSRVLWLRQ
&KDUOHV <RX VKRXOGQoW ZRUU\ DERXW WKDW ,oP VXUH WKDW WKH
DSSRLQWPHQW ZLOO EH PDGH SHUPDQHQW VRRQ ZLWK DOO
WKHDGGLWLRQDOEHQHWVWKDWJRZLWKLW
&KDUOHV +HQGHUVRQ PHHWV ZLWK 6DUDK (YDQV WKH KXPDQ UHVRXUFHV PDQDJHU WR GLVFXVV WKH VDOHV GHSDUWPHQW DQG WR WDON DERXW 3HWHU
)LHOGV6DUDKWHOOVKLPWKDWWKHFRPSDQ\LVORRNLQJRXWVLGHIRUDQHZVDOHVDQGPDUNHWLQJPDQDJHU
&KDUOHV %\ WKH ZD\ 6DUDK , MXVW KDG D QLFH FKDW ZLWK 3HWHU DQLFHFKDW XQDFRQYHUVDFLQDJUDGDEOH
)LHOGV +H VHHPV WR EH TXLWH KDSS\ UXQQLQJ WKH VDOHV
GHSDUWPHQWDQGKHoVGRLQJDWHUULFMREEXWKHIHHOVD UXQQLQJ GLULJLHQGR
OLWWOHLQVHFXUHLQWKHSRVLWLRQVLQFHLWoVVWLOOSURYLVLRQDO
6DUDK :HoYH EHHQ LQWHUYLHZLQJ FDQGLGDWHV IRU WKH MRE DQG WHUULF JHQLDO
KDYHUHGXFHGLWWRWKUHH
VLQFH SXHVWRTXH
&KDUOHV 'R\RXUHDOO\WKLQNZHQHHGDQRXWVLGHSHUVRQIRUWKHMRE"
6DUDK $UH\RXVXJJHVWLQJZHNHHS3HWHULQWKHSRVLWLRQ" DQRXWVLGHSHUVRQ XQDSHUVRQDGHIXHUD
&KDUOHV ,I VDOHV DUH DQ LQGLFDWRU RI KLV DELOLWLHV WKHQ , WKLQN
ZHoYHDOUHDG\IRXQGWKHSHUIHFWPDQIRUWKHMRE VXFKDYHWHUDQWHDPRIDJHQWV XQHTXLSRGHDJHQWHVWDQ
6DUDK %XW 3HWHUoV RQO\  \HDUV ROG +HoV VWLOO WRR \RXQJ WR YHWHUDQR
PDQDJHVXFKDYHWHUDQWHDPRIDJHQWV
VLQFHKHWRRNRYHU GHVGHTXHVHKL]RFDUJR
&KDUOHV 'R \RX UHDOL]H WKDW VDOHV KDYH JRQH XS  VLQFH KH
WRRNRYHU" FRQVXPHUGHPDQGD HOFRQVXPRSULYDGR
6DUDK 6XUH,GREXWFRQVXPHUGHPDQGKDVJRQHXSWRR$OO
RXUFRPSHWLWRUVDUHJURZLQJDVZHOO
&KDUOHV $FFRUGLQJWRWKHJXUHV,KDYHFRQVXPHU GHPDQGKDV
JRQHXSRQO\:KRoVUHVSRQVLEOHIRUWKHRWKHU"

(VWLPDGRDPLJR\DOXPQR(QOOHYDDOUHGHGRUGHMYHQHVHVSDROHVD(( 88SDUDFXUVDUXQDRGH 0VSDODEUDVLQJOHVDV
HVWXGLRVXQLYHUVLWDULRV(VWXYHFRQHOORVGXUDQWHHOSULPHUPHV\GHVSXVYROYKDFLDQDOHVGHODRDFDGPLFR GHUD]ODWLQD
'XUDQWHHVWDOWLPDYLVLWDPHKL]RPXFKDJUDFLDHOFRPHQWDULRGHODUHVSRQVDEOHGHOSHTXHRFHQWURXQLYHUVLWDULR
(QXPHUDWH
GHO,OOLQRLVUXUDOGRQGHHVWXYLHURQSDVDQGRHODR0HGLMR(VLQFUHtEOHFRQTXpDUWHKLODQH[FXVDVSDUDQRHVWXGLDU
(QXPHUDWLRQ
SDUDQRDVLVWLUDFODVHRSDUDOOHJDUWDUGHFRQUHJXODULGDG$OSULQFLSLRORVSURIHVRUHVVHQWtDQFLHUWDSUHRFXSDFLyQSRU (QXQFLDWH
HOORVDQWHODVWULVWHVKLVWRULDVGHFRQWDEDQSHURSURQWRQRVGLPRVFXHQWDWRGRVGHTXHHUDQDUWLVWDVGHOHVFDTXHR<\R (QYLRXV
FUHtDTXHORVDOXPQRVDTXtWHQtDQMHWD(VWRVFKLFRVHVSDxROHVVHOOHYDQODSDOPD5HFXHUGRTXHXQSURIHVRUGHO,(6(


(SKHPHUDO
PHGLMRXQGDTXHORVODWLQRVWHQDQPVLPDJLQDFLQTXHORVQUGLFRV\DQJORVDMRQHV/HUHVSRQGTXHHQORTXH (SLF
QRVJDQDEDQORVODWLQRVQRHUDHQLPDJLQDFLQVLQRHQSLFDUHVFD/DLPDJLQDFLQHVORTXHKDFHIDOWDSDUDGHVFXEULU (SLFHQWHU
FUHDULQYHQWDUFRPSRQHUSURJUHVDU\FRQVWUXLU/DSLFDUHVFDHVORTXHKDFHIDOWDSDUDFRQVHJXLUSHTXHDVYLFWRULDV (SLFXUH
HQHOFRUWRSOD]RTXHHQHOODUJRUHVXOWDQLQWLOHV(VXQDKDELOLGDGTXHGHDQDUVHDVHJXUDHOIUDFDVRHQODYLGD (SLFXUHDQ
$ORODUJRGHORVDRVKHREVHUYDGRODSLFDUHVFDHQHOHVWXGLRGHOLQJOV([FXVDVGHODVPVSLQWRUHVFDVfH[FXVDV (SLGHPLF
GLVHDGDVSDUDJDUDQWL]DUXQSURJUHVRQXOR(QODPD\RUDGHORVFDVRVQRPHKHPROHVWDGRHQDEVROXWRHQUHEDWLU (SLGHUPLV
ODH[FXVDSRUTXHHVWDEDFODURTXHODSHUVRQDHQFXHVWLQQRLEDDDSUHQGHULQJOVQXQFDQLVH (SLJUDP
JXUDPHQWHLEDDWULXQIDUHQQDGDHQORTXHOHTXHGDEDGHYLGD3UHHURJDVWDUPLVHQHUJDVHQ (SLOHSV\
DQLPDU\DOHQWDUDDTXHOORVpPHQRVOLVWRVqSHURLOXVLRQDGRVTXHGHVHHQKDFHUORQHFHVDULRSDUD (SLOHFWLF
(SLORJXH
WULXQIDU(QHVWRVFDVRVJDVWDUWRGDODHQHUJDTXHWHQJRGHQWUR6LDOJQGDQRVFRQRFHPRV
SHUVRQDOPHQWHQRPHKDEOHVGHSRUTXWXLQJOVQRHVSHUIHFWR1RPHGHVH[FXVDV3UHJQWD 
PHTXPVWLHQHVTXHKDFHUSDUDYHQFHUGHQLWLYDPHQWHPLLGLRPD\KDUWRGRORTXHSXHGD
SDUDD\XGDUWH 5LFKDUG9DXJKDQ

 
/RZ%HJLQQHU +LJK%HJLQQHU

'HTXFRORUHVVXFRFKH" GH :KDWFRORXULVKHUFDU"


 4XTXLHUHHOOD" :KDWGRHVVKHZDQW"
HOOD  1RVDEHTXHHVWR\RFXSDGR" 'RHVQoWVKHNQRZWKDW,oP
'HTXFRORUVRQVXVRMRV" GH :KDWFRORXUDUHWKHLUH\HV"
 EXV\"
HOODV  'LOHTXHYXHOYDPVWDUGH 7HOOKHUWRFRPHEDFNODWHU
&XOHVVWHRDTXO" :KLFKRQHLVLWWKLVRQHRUWKDW &XQGRFUHHVTXHHVWDUV :KHQGR\RXWKLQN\RXoOOEH
RQH" PHQRVRFXSDGR" OHVVEXV\"
&XOHVHODPDULOOR" :KLFKRQHLV\HOORZ" /HOODPDUFXDQGRWHUPLQHHVWH ,oOOSKRQHKHUZKHQ,QLVKWKLV
4XLQHVVXMHIH" GHHOORV  :KRoVWKHLUERVV" LQIRUPH UHSRUW

&DYH3DLQWLQJ 3LQWXUDUXSHVWUH
6WDODFWLWH (VWDODFWLWD

&DYH'ZHOOHU &DYHUQFROD

6WDODJPLWH (VWDODJPLWD

&OXE *DUURWH

9RFDEXODULR&DYH &XHYD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

3RUTXIXPDOWDQWR" :K\GRHVKHVPRNHVRPXFK" /RKLFLPRVQRVRWURVPLVPRV :HGLGLWRXUVHOYHV


(OIXPDUOHUHODMD 6PRNLQJUHOD[HVKLP 3RUTXHVWVKDEODQGR :K\DUH\RXWDONLQJWR
6XSRQJRTXHHVSRUTXHWLHQH ,VXSSRVHLWoVEHFDXVHKHKDVD
 FRQWLJRPLVPR" \RXUVHOI"
PXFKDVSUHRFXSDFLRQHV ORWRIZRUULHV 'HMDGGHSHJDURV 6WRSKLWWLQJHDFKRWKHU
3RUTXVHSUHRFXSDWDQWR" :K\GRHVKHZRUU\VRPXFK" /RFRQVWUX\OPLVPR +HEXLOWLWKLPVHOI
7LHQHPXFKDUHVSRQVDELOLGDG" 'RHVKHKDYHDORWRI &DQGRVHHQDPRUDURQ" :KHQGLGWKH\IDOOLQORYHZLWK
UHVSRQVLELOLW\" HDFKRWKHU"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWXYLHURQGHDFXHUGRFRQWLJR"'LGWKH\DJUHHZLWK\RX" +DVUHOOHQDGRHOLPSUHVR" +DYH\RXOOHGRXWWKHIRUP"


1RHVWDEDQGHDFXHUGRSDUD 7KH\GLGQoWDJUHHDWDOO
 4XLHUHVTXHUHOOHQHHVWH 'R\RXZDQWPHWROORXWWKLV
QDGD LPSUHVRGHVROLFLWXG" DSSOLFDWLRQIRUP"
1RVHGDQFXHQWDGHTXHHVWQ'RQoWWKH\UHDOLVHWKH\oUH <TXVHVXSRQHTXHHVWR\ $QGZKDWDP,VXSSRVHGWREH
SHUGLHQGRGLQHUR" ORVLQJPRQH\" VROLFLWDQGR" DSSO\LQJIRU"
3RUORYLVWRQR $SSDUHQWO\QRW <DHVKRUDGHTXHHQFXHQWUHV ,WoVDERXWWLPH\RXIRXQGD
7DUGHRWHPSUDQRYDQDWHQHU 6RRQHURUODWHUWKH\oUHJRLQJWR
 WUDEDMR MRE
TXHGDUVHFXHQWD KDYHWRUHDOLVH (OWUDEDMRHVWVREUHYDORUDGR :RUNLVRYHUUDWHG

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0HSLFDODQDUL] 0\QRVHLVLWFK\ 3RUTXPHHVWVWRVLHQGRDV":K\DUH\RXFRXJKLQJDWPH


6DEHVORTXHVLJQLFDHVRQR" <RXNQRZZKDWWKDWPHDQV OLNHWKDW"
GRQoW\RX" 7LHQHVFDUUDVSHUD" 'R\RXKDYHDIURJLQ\RXU
4XHVWR\DSXQWRGH 7KDW,oPDERXWWRVQHH]H" WKURDW"
HVWRUQXGDU" |'LORKDEOD 6SLWLWRXW
6LJQLFDTXHYDVDSHOHDUFRQ ,WPHDQV\RXoUHJRLQJWRKDYH |7LHQHVODEUDJXHWDDELHUWD <RXULHVDUHRSHQ
DOJXLHQ DJKWZLWKVRPHRQH 3XHGHTXHODWHQJDDELHUWDD ,PLJKWKDYHWKHPRSHQRQ

|(VRHVXQFXHQWRFKLQR 7KDWoVDFRFNDQGEXOOVWRU\ SURSVLWRSDUDDKRUUDUWLHPSR SXUSRVHWRVDYHWLPH


Z Z ZY D X V \ V  F R P

 
3KUDVDOYHUEVZLWKpRQq  0DQ\
6LJQLFDpPXFKRVq\QRUPDOPHQWHVHXVDHQ
7KHPHHWLQJZHQWRQDOODIWHUQRRQ ,oPWRRWLUHGWRJRRQ HOQHJDWLYRRHOLQWHUURJDWLYRFXDQGRHOREMHWR
/DUHXQLQVLJXLWRGDODWDUGH (VWR\GHPDVLDGRFDQVDGRSDUDVHJXLU GHODIUDVHHVSOXUDO
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
<RXFDQoWJRRQOLNHWKDW +HZHQWRQWRDFKLHYHJUHDWWKLQJV IUDVHVHQLQJOV"
1RSXHGHVVHJXLUDV /OHJFRQHOWLHPSRDKDFHUJUDQGHVFRVDV 7LHQHVPXFKDVSUHJXQWDV"
6LPRQYDDFRPSUDUPXFKRVUHJDORV"
+HNHSWJRLQJRQDERXWKLVVLVWHU +HZHQWRQDQGRQDERXWKLVRSHUDWLRQ +D\PXFKRVSDUTXHVHQ/RQGUHV"
1RSDUDEDGHKDEODUGHVXKHUPDQD +DEODEDGDOHTXHGDOHGHVXRSHUDFLQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUFRQWLQXHWRDUJXHDERXW3HWHU)LHOGVDQGWKHVWUDWHJ\IRUFRQVROLGD
WLQJWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\
6DUDK /LVWHQ&KDUOHV,oPQRWDJDLQVW3HWHU)LHOGV+HoVDQH DQH\RXQJPDQ XQMRYHQH[FHOHQWH
\RXQJPDQDQGKHoVGRQHDQH[FHOOHQWMREVLQFH-RKQ
OHIW%XWKHoVVLPSO\QRWWKHULJKWPDQIRUWKHIXWXUH ZKDWoVZURQJZLWKKLP" TXWLHQHGHPDOR"
&KDUOHV :KDWoVZURQJZLWKKLP"
)LUVWRIDOO HQSULPHUOXJDU
6DUDK )LUVWRIDOOKHNQRZVQRWKLQJDERXWH[SRUWVDOHVDQG
ZLWKWKHQHZSDQ(XURSHDQVWUDWHJ\WKDWWKH(XURSHDQ
6HFRQGO\ HQVHJXQGROXJDU
2IFHLVSODQQLQJIRUQH[W\HDU,oPQRWVRVXUHKHoOOEH
DEOHWRKDQGOHLW 6HFRQGO\ZKHQ\RXVWDUWDFTXLULQJ
DJUHDWGHDORI PXFKR
QHZFRPSDQLHVDQGDGGLQJWKHLUVDOHVIRUFHVWRRXUV
KHoOO KDYH KLV KDQGV VR IXOO WKDW KHoOO SUREDEO\ ORVH D
PDQ\RIZKRP PXFKRVGHORVFXDOHV
JUHDW GHDO RI WKH HIIHFWLYHQHVV KH QRZ KDV ZLWK RXU
SUHVHQWVDOHVIRUFHPDQ\RIZKRPKHWUDLQHGKLPVHOI
,GRQoWEX\WKDWDUJXPHQW QRHVWR\GHDFXHUGR
&KDUOHV , GRQoW EX\ WKDW DUJXPHQW +H PD\ QRW KDYH PXFK
H[SHULHQFHZLWKWKH(XURSHDQ2IFHEXWKHoVWKHRQO\ EHWWHUWKDQHYHU PHMRUTXHQXQFD
SHUVRQKHUHZKRVSHDNVXHQW*HUPDQ+HFDQWDONWR
WKHPLQWKHLURZQODQJXDJH+LVPRWKHUZDV*HUPDQ WKH\PLJKWJHWXSVHW SXHGHTXHVHGLVJXVWHQ
\RX NQRZ %\ WKH ZD\ GR WKH DJHQWV NQRZ \RXoUH
ORRNLQJIRUDQHZVDOHVPDQDJHU" H[SHULHQFHG H[SHULPHQWDGR
6DUDK :HKDYHQoWLQIRUPHGWKHP\HW
&KDUOHV 'RQoW\RXWKLQNLWZRXOGEHDJRRGLGHDWRFRQVXOWZLWK IDUPHTXLSPHQW PDTXLQDULDDJUFROD
WKHP"7KH\oUHZRUNLQJEHWWHUWKDQHYHUZLWK3HWHUDQG
WKH\PLJKWJHWXSVHWLI\RXPDNHDFKDQJHQRZ WRKHDG  HQHVWHFDVR KDFHUVHFDUJRGH
6DUDK /LVWHQ WKH %RVWRQ &RQVXOWLQJ *URXS KDV EHHQ KHUH
IRU WKH SDVW WZR PRQWKV VWXG\LQJ HYHU\ GHSDUWPHQW
DQG WKHLU FRQFOXVLRQ LV WKDW ZH QHHG DQ H[SHULHQFHG
YHWHUDQ LQ IDUP HTXLSPHQW VDOHV WR KHDG WKH VDOHV
GHSDUWPHQW
&KDUOHV 7KHQZKDWoVJRLQJWRKDSSHQWR3HWHU)LHOGV"
6DUDK +HoOOJREDFNWRWUDLQLQJ:HoUHSD\LQJDIRUWXQHULJKW
QRZWRDQRXWVLGHUPWRKDQGOHWKDW

(VWLPDGRDPLJR\DOXPQR'HVGHTXHYLYRHQ(VSDDYRVRWURVORVHVSDROHVPHGHFVTXHYXHVWURSHFDGRFD 0VSDODEUDVLQJOHVDV
SLWDOQPHURXQRHVODHQYLGLD(QPLSDVFUHRTXHVHUODJXODRODDYDULFLD$KRUDGHVSXVGHDRVYLYLHQGR GHUD]ODWLQD
DTXHVWR\GHDFXHUGRFRQYXHVWUDDSUHFLDFLQ+HH[SHULPHQWDGRHQFDUQHSURSLD\KHREVHUYDGRHQLQQXPHUDEOHV (SLVRGH


PRPHQWRVFPRODHQYLGLDGHVWUX\HSULPHURDOTXHHQYLGLD\VLOOHJDDVXVOWLPRVH[WUHPRVDOHQYLGLDGR3HUROD (SLVWOH
GHVWUXFFLQVLHPSUHVHFHEDSULPHURFRQHOTXHHQYLGLD\VLQSLHGDG&UHRVLQFHUDPHQWHTXHVHWUDWDGHXQSHFDGR (SLVWRODU\
TXHQRVLHQWRHQDEVROXWR\DTXHQRDFDERGHHQWHQGHUHOSRUTXGHODHQYLGLD\ORKHGDGRPVGHXQDSHQVDGD (SLWDSK
3DUDPHVHOQLFRSHFDGRFDSLWDOTXHVHSRGUDFRQVLGHUDUHOLQWLO/DJXODWHGHMDJRUGR\IHRSHURDOPHQRV (SRFK
FRPHVDWXVDQFKDV/DDYDULFLDWHGHMDVLQDOPDSHURDOPHQRVHOGLQHURWHORTXHGDVW\QRORVGHPV/DOXMXULDWH (TXDO
(TXDOLW\
GHVYDGHODQREOH]DGHODYLGDSHURDOPHQRVSDVDVDOJXQRVUDWRVSODFHQWHURV/DVREHUELDWHLPEX\HGHODLGLRWH]
(TXDWLRQ
VXSUHPDSHURDOPHQRVWHGDSODFHUDOVHQWLUWHLQPRUWDOHQWLHUUDGHPRUWDOHV/DLUDWHUHVWDODFDSDFLGDGSDUDPHGLU
(TXDWRU
FRUUHFWDPHQWHODVFRVDVSHURDOPHQRVWHSHUPLWHXQGHVIRJXHDYHFHVVDQRSDUDODWHQVLQVDQJXQHD<SRUOWLPR (TXDWRULDO
ODSHUH]DWHDQXODWRGDVODVMR\DVTXHWHRIUHFHODYLGDSHURDOPHQRVWHSHUPLWHXQSRFRSUHVXPLUGHGRQWZRUU\ (TXHVWULDQ
EHKDSS\3HURODHQYLGD"'LPHXQDVRODFRVDSRVLWLYDTXHDSRUWDODHQYLGLD'HWRGRVORV (TXLGLVWDQW
SHFDGRVFDSLWDOHVHVHOPVLQWLOHLGLRWD(QYLGLDUDRWURHVTXHPDUVHYLYRHQXQDKRJXHUDGH (TXLOLEULXP
UDELDVLQGLVIUXWDUGHQDGDDFDPELR3DUDVHQWLUVDWLVIDFFLQODHQYLGLDWHREOLJDDWXPEDUDO (TXLQH
HQYLGLDGRORTXHH[LJHPXFKRWUDEDMRPX\FXHVWDDUULED7HUHFRPLHQGRHQHVWRVFDVRVFDQMHDU (TXLQR[
ODHQYLGLDSRUODSHUH]D$VSDVDVGHWRGR\GHMDVHQSD]DORVTXHHVWQRFXSDGRVFRQVWUX\HQGR (TXLS
5LFKDUG9DXJKDQ
HOPXQGRSDUDWL\SDUDPXFKRVPVFRPRW (TXLSPHQW 

 
/RZ%HJLQQHU +LJK%HJLQQHU

6DODPDQFDHVIDPRVDSRUVX 6DODPDQFDLVIDPRXVIRULWV
 1XQFDFRPRFDUQH ,QHYHUHDWPHDW
8QLYHUVLGDG 8QLYHUVLW\ (OODVLHPSUHFRPHELHQ 6KHDOZD\VHDWVZHOO
(OSUREOHPDGH$QDHVQXHVWUR $QDoVSUREOHPLVRXUSUREOHP
 1REHEHPXFKRWDPSRFR 6KHGRHVQoWGULQNPXFKHLWKHU
SUREOHPDWDPELQ WRR OKDFHHMHUFLFLRWRGDVODV +HGRHVH[HUFLVHHYHU\
'HTXLQVRQHVWRV]DSDWRV" :KRVHVKRHVDUHWKHVH" PDDQDV PRUQLQJ
6RQGH0DUN 7KH\oUH0DUNoV 1RSDVDPXFKRWLHPSRFRQVX +HGRHVQoWVSHQGPXFKWLPH
3RUTXHVWQHQODGXFKD" :K\DUHWKH\LQWKHVKRZHU" IDPLOLD ZLWKKLVIDPLO\

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

9HQDTX\WUHPHHVDFDUSHWD &RPHKHUHDQGEULQJPHWKDW $TXKRUDVDOHHODYLQ" :KDWWLPHGRHVWKHSODQHOHDYH"


IROGHU 'HTXSXHUWDVDOH" :KDWJDWHGRHVLWOHDYHIURP"
9HDOO\OOYDOH DHOOD HVWDFRSD*RRYHUWKHUHDQGWDNHKHUWKLV &XQWDVPDOHWDVWHQGUV" +RZPDQ\VXLWFDVHVZLOO\RX
GHYLQR JODVVRIZLQH KDYH"
3RUTXOHWUDMLVWHFRQWLJR" :K\GLG\RXEULQJKLPZLWK
 &XQWRSXHGHSHVDUFDGDXQD" +RZPXFKFDQHDFKRQHZHLJK"
DO  \RX" &XOHVODKRUDHVWLPDGDGH :KDWoVWKHHVWLPDWHGODQGLQJ
/OYDPHHVWDQRFKHD6DQ 7DNHPHWR6DQ)HUQDQGR
 DWHUUL]DMH" WLPH"
)HUQDQGR WRQLJKW
3RUTXQRTXLHUHV :K\GRQoW\RXZDQWWRDQVZHU

FRQWHVWDUPH" PH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HDOHJURGHTXHKD\DVYHQLGR ,oPJODG\RXFDPH 3RUTXSLHQVDVGLPLWLU" :K\DUH\RXSODQQLQJWRUHVLJQ"


/OHYDPRVPXFKRWLHPSRVLQ :HKDYHQoWVHHQ\RXURXQG
 6HPHKDDJRWDGRODSDFLHQFLD ,oYHUXQRXWRISDWLHQFH
YHUWHSRUDTX KHUHIRUDORQJWLPH 1RWRPDQHQVHULRPLV 7KH\GRQoWWDNHP\
'QGHKDVHVWDGRHVWRVOWLPRV:KHUHKDYH\RXEHHQWKHVH VXJHUHQFLDV VXJJHVWLRQVVHULRXVO\
PHVHV" ODVWIHZPRQWKV" 1RPHGHMDQLQXLUHQODSROWLFD7KH\GRQoWOHWPHLQXHQFH
3HQVDEDTXHWHKDEDVDOLVWDGR ,WKRXJKW\RXoGMRLQHGWKH
 GHODHPSUHVD FRPSDQ\SROLF\
HQHO(MUFLWR $UP\ 1RORDJXDQWRPV ,FDQoWWDNHDQ\PRUH
3RUTXQRQRVOODPDVWH" :K\GLGQoW\RXFDOOXV"

5DNH 5DVWULOOR
:KHHOEDUURZ &DUUHWLOOD

&RPSRVWKHDS /XJDUGRQGHVHDPRQ
WRQDQGHVHFKRVSDUDSUHSDUDUDERQR

/DZQPRZHU &RUWDFVSHG
)HUWLOL]HU $ERQR

9RFDEXODULR*DUGHQLQJ -DUGLQHUD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

'HEHUDVKDEHUPHDGYHUWLGR <RXVKRXOGKDYHZDUQHGPH (VWVHQODVQXEHV <RXKDYH\RXUKHDGLQWKH


GHOSHOLJUR DERXWWKHGDQJHU FORXGV
0VYDOHTXHWHPDUFKHVDKRUD<RXoGEHWWHUOHDYHQRZ 9LYHVHQXQPXQGRGHHQVXHR <RXOLYHLQDGUHDPZRUOG
SRUTXHVLQR EHFDXVHRWKHUZLVHf (VWR\HQHOVSWLPRFLHOR ,oPRQFORXGQLQH
0HHVWVDPHQD]DQGR" $UH\RXWKUHDWHQLQJPH" 'LUDTXHWHIDOWDXQWRUQLOOR ,oGVD\\RXKDYHDVFUHZORRVH
6ORVRQPLVFRQVHMRV\PV ,WoVMXVWP\DGYLFHDQG\RXoG |(VWDUFKDSDGRDODDQWLJXD <RXoUHDQROGIXGG\GXGG\
YDOHTXHORVVLJDV EHWWHUIROORZLW
|1RPHWUDWHVFRQ 'RQoWSDWURQLVHPH
FRQGHVFHQGHQFLD


Z Z ZY D X V \ V  F R P

 
3KUDVDOYHUEVZLWKpRQq  3KUDVDO9HUE7R*URZ8S
6LJQLFDpFULDUVHqRpKDFHUVHPD\RUqHQHO
:KDWoVJRLQJRQKHUH" +HoVJRLQJRQVHYHQ VHQWLGRGHpFRQYHUWLUVHHQDGXOWRq
4XSDVDDTX" (VWSU[LPRDFXPSOLUORVVLHWHDRV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+RZORQJKDVWKLVEHHQJRLQJRQ" +HKDVQRWKLQJWRJRRQ &XDQGRPLKLMRVHDPD\RUTXLHUHVHUERPEHUR
&XQWRKDFHTXHSDVDHVWR" 1RWLHQHHQTXEDVDUODLQYHVWLJDFLQ |0LVKLMRVVHHVWQKDFLHQGRPD\RUHVWDQUSLGR
-DPHVVHFULHQHOVXUGH(VFRFLD
$VWLPHJRHVRQf ,WoOOJURZRQ\RX ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
$PHGLGDTXHSDVDHOWLHPSR 7HLUJXVWDQGRFRQHOSDVRGHOWLHPSR '(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHUQLVKDUVWGLVFXVVLRQDERXW3HWHU)LHOGVDQGWKHQWZRGD\VODWHU
VWDUWDVHFRQGGLVFXVVLRQ GLVFXVVLRQ FRQYHUVDFLQ
&KDUOHV 6R\RXoUHJRLQJWRGLVPLVVWKHEHVWVDOHVPDQDJHUZHoYH GLVPLVV GHVSHGLU
KDGLQRXUKLVWRU\MXVWEHFDXVHWKH%RVWRQ&RQVXOWLQJ fVD\VVR DVORGLFH
*URXSVD\VVR
WHUULF JHQLDO
6DUDK +HoVQRWJRLQJWREHGLVPLVVHG+HoVVLPSO\JRLQJWREH
LQWKHUVWSODFH HQSULPHUOXJDU
WUDQVIHUUHG EDFN WR KLV RULJLQDO IXQFWLRQV 'RQoW IRUJHW
WKDWKHoVDOVRWKHEHVWWUDLQLQJPDQDJHUZHoYHHYHUKDG WREULQJLQ FRQWUDWDU XQFRQVXOWRU 
&KDUOHV ,ZDVZLWK*HRUJH5RELQVRQWKLVPRUQLQJDQGKHVHHPV DWRSFODVVSHUVRQ XQDSHUVRQDGHSULPHUD
WRDJUHHZLWKPHWKDW3HWHU)LHOGVLVGRLQJDWHUULFMRE ,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
6DUDK ,W ZDV *HRUJHoV LGHD LQ WKH UVW SODFH WR EULQJ LQ WKH FDOODPHHWLQJ FRQYRFDUXQDUHXQLQ
%RVWRQ &RQVXOWLQJ *URXS ,WoV EHHQ KLV LGHD VLQFH WKH ,oPZDUQLQJ\RX WHDGYLHUWR
EHJLQQLQJWRQGDWRSFODVVSHUVRQIRUVDOHV
DQHMRE XQWUDEDMRH[FHOHQWH
&KDUOHV :HOO,KDYHDIHHOLQJKHoVQRWVRFRQYLQFHGDQ\PRUH
0D\EHZHVKRXOGFDOODPHHWLQJRQWKLVVXEMHFWEHIRUH
LWoVWRRODWH
6DUDK ,I\RXLQVLVWEXW,oP ZDUQLQJ \RXf3HWHU)LHOGVPD\EH
GRLQJDQHMREQRZEXWWKLQJVDUHJRLQJWRJHWDORWPRUH
FRPSOLFDWHGLQWKHIXWXUHDQGZHKDYHWREHUHDG\IRULW
7KHIROORZLQJLVWKHEHJLQQLQJRIDVHFRQGFRQYHUVDWLRQEHWZHHQ&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKHKXPDQUHVRXUFHVPDQDJHU
7ZRGD\VKDYHSDVVHGDQGWKHGLVFXVVLRQUHPDLQVFHQWHUHGRQWKHVXEMHFWRI3HWHU)LHOGV
&KDUOHV +L6DUDKKRZDUHWKLQJVJRLQJ" KRZDUHWKLQJVJRLQJ" FPRYDQODVFRVDV"
6DUDK 1RWWRREDG&KDUOHVKRZDERXW\RXUVHOI" KRZDERXW\RXUVHOI" <WTXWDO"
&KDUOHV 1RWWRREDGHLWKHU7HOOPHKDYH\RXVSRNHQWR*HRUJH KHoVKDYLQJVHFRQGWKRXJKWV OHHVWQHQWUDQGRGXGDV
5RELQVRQVLQFHWKHODVWWLPHZHVSRNH" fJHW\RXUZD\ VDOLUWHFRQODWX\D
6DUDK <HVZHKDGDORQJWDONDIWHUOXQFK\HVWHUGD\,WKLQN WRUXQ GLULJLU
\RXoUHULJKW+HoVKDYLQJVHFRQGWKRXJKWVDERXWKLULQJ
EHVLGHV DGHPV
VRPHRQHWRUHSODFH3HWHU)LHOGV,WVHHPV\RXoUHJRLQJ
WRJHW\RXUZD\DIWHUDOO
&KDUOHV /LVWHQ6DUDKDV,VDLGWKHRWKHUGD\,oPQRWQHFHVVDULO\
DJDLQVW QGLQJ D WRSFODVV YHWHUDQ WR UXQ WKH VDOHV
GHSDUWPHQW%XW,VLPSO\WKLQNLWoVDOLWWOHWRRHDUO\WR
PDNH VXFK DQ LPSRUWDQW GHFLVLRQ QRZ %HVLGHV ZH
FRXOGULVNORVLQJ3HWHU)LHOGVLIZHVXGGHQO\WUDQVIHUKLP
EDFNWR7UDLQLQJ


(VWLPDGRDPLJR\DOXPQR&RPSUKDFHPXFKRVDRVXQDERODGHFULVWDOTXHGXUDQWHXQDSRFDLPSRUWDQWHGH 0VSDODEUDV
PLYLGDPHD\XGEDVWDQWHDODKRUDGHYHUHOIXWXUR\DGDSWDUPLVDFWXDFLRQHVHQOQHDFRQORTXHODERODPH LQJOHVDVGHUD]ODWLQD
SURQRVWLFDED6LQHPEDUJRKDFHXQRVDRVQRWTXHODERODIXQFLRQDEDFDGDYH]SHRUIDOODQGRHQPXFKRV
(TXLW\
PRPHQWRVSRUORTXHIXLDXQRVJUDQGHVDOPDFHQHVSDUDLQIRUPDUPHVREUHODVQXHYDVJHQHUDFLRQHVGHERODVGH
(TXLYDOHQFH
FULVWDO0HGLMHURQTXH\DWHQDQHQVWRFNODQXHYDVHULH%TXHSURPHWDSUHGHFLUHOIXWXURFRQXQGH (TXLYDOHQW
DELOLGDG/RFRPSUDSHVDUGHOSUHFLRSDUDPGHVRUELWDGR\PHSXVHDSODQLFDUODVHWDSDV\GHPLIXWXUR1R (UD
VVLSRUPDODVXHUWHRSRUIDOORVHQODQXHYDWHFQRORJDODERODPHLQGLFDEDFRVDVTXHQRPHJXVWDEDQRTXH\RQR (UDGLFDWH
TXHUDSHUVHJXLU$OFDERGHXQRVPHVHV\VREUHWRGRDLQVWDQFLDVGHPLPXMHUTXLHQFUHHPVHQPTXH\RPLVPR (UDGLFDWLRQ
GHFLGKDFHUFDVRRPLVRDODERODGHFULVWDO\FUHDU\RPLVPRPLIXWXUR<VDEHVXQDFRVD"(OSRGHUGHODPHQWH (UJRQRPLF
FXDQGRVHFHQWUDHQDOJRVXSHUDFRQFUHFHVDODVERODVGHFULVWDOLQFOXVRDODVGHOWLPDJHQHUDFLQ7HORGLJRGH (URVLRQ
WRGRFRUD]QODPHMRUPDQHUDSDUDSUHGHFLUHOIXWXURHVFUHQGRORWPLVPR<SXHGHVKDFHUORWH (URWLF
ORDVHJXUR9LVXDOL]DORVGLIHUHQWHVIXWXURVTXHTXLHUHVKDFHUUHDOLGDG\GHVSXVWUDEDMDDWRSHFRQ (URWLFLVP
SDFLHQFLD\EXHQDYROXQWDG\WHVRUSUHQGHUVGHFXQWRVGHHVRVIXWXURVTXHKDVYLVXDOL]DGRVHYDQ (UUDWLF
KDFLHQGRUHDOLGDG0HGLFHQTXHVR\LPSDUDEOHSHURORTXHQRVDEHQHVTXHWHQJRXQVHFUHWRfHO (UURQHRXV
VHFUHWRDSUHQGLGRWUDVGHFLGLUDEDQGRQDUODLGHDGHODVXHUWH\GHODVERODVGHFULVWDO(VHVHFUHWRHV (UURU
HOSRGHUGHODGHWHUPLQDFLQ\ODIXHU]DGHYROXQWDG\PVLPSRUWDQWHWRGDYDHOSRGHUGHODYLVLQ 
\GHODDFWLWXGSRVLWLYD 5LFKDUG9DXJKDQ

 
/RZ%HJLQQHU +LJK%HJLQQHU

(UHVPLDPLJR" $UH\RXP\IULHQG" 7HYDVDKRUD" $UH\RXJRLQJQRZ"


3RUTXHVWHOODDTXFRQHOORV" :K\LVVKHKHUHZLWKWKHP" 'QGHYDHOOD" :KHUHoVVKHJRLQJ"
1RHVWQLQWHUHVDGRVHQOD $UHQoWWKH\LQWHUHVWHGLQ
 1RYDPRVFRQHOORV" $UHQoWZHJRLQJZLWKWKHP"
PVLFD" PXVLF" 'QGHYDHOODGHVSXVGHO :KHUHGRHVVKHJRDIWHU
3RUTXQRHVWQFRQQRVRWURV" :K\DUHQoWWKH\ZLWKXV" FROHJLR" VFKRRO"
(VRHVWRGR" ,VWKDWHYHU\WKLQJ" 1RYDODOPLVPRFROHJLRTXH 'RHVQoWKHJRWRWKHVDPH
HOOD" VFKRRODVKHU"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

)XLVWHDVXERGD" GHHOORV  'LG\RXJRWRWKHLUZHGGLQJ" &XQWRVIXHURQ" +RZPDQ\ZHQW"


&RQTXLQIXHO" :KRGLGKHJRZLWK" +DLGRHOODDPLVDOWLPDPHQWH" +DVVKHJRQHWRPDVVODWHO\"
,UVVLQP" :LOO\RXJRZLWKRXWPH" &XQWDVYHFHVKDLGROSDUD +RZPDQ\WLPHVKDVKHJRQH
3RUTXQRLUVFRQPLJR" :K\ZRQoW\RXJRZLWKPH" YHUOD" WRVHHKHU"
4XLQIXHDODFODVH" :KRZHQWWRWKHFODVV"
 &RQTXIUHFXHQFLDKDVLGR" +RZRIWHQKDYH\RXEHHQ
JRLQJ"
3RUTXQRKHPRVLGRPVD :K\KDYHQoWZHJRQHPRUH
PHQXGR" RIWHQ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

'QGHLEDVFXDQGRWHYL" :KHUHZHUH\RXJRLQJZKHQ, 3RUTXQRLUVDQRVHUTXH :K\ZRQoW\RXJRXQOHVVVKH


VDZ\RX" YD\DHOOD" JRHV"
$TXLQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH" ,UDVLQRHVWXYLHVHHQIHUPD" :RXOGVKHJRLIVKHZHUHQoWLOO"
+DEDLVLGRD5RPDDQWHVGH +DG\RXJRQHWR5RPHEHIRUH 'QGHLUDPRVVLWXYLVHPRV :KHUHZRXOGZHJRLIZHKDG
YXHVWUDOXQDGHPLHO" \RXUKRQH\PRRQ" ORVPHGLRV" WKHPHDQV"
1RLEDDLUHOODFRQWLJRDO :DVQoWVKHJRLQJWRJRWKH
 3RUTXHOODQRLUDVLVHOR :K\ZRXOGQoWVKHJRLI\RX
FRQFLHUWR" FRQFHUWZLWK\RX" SLGLHVHV" DVNHGKHU"
3RUTXHQRIXHURQDQWHVGH :K\KDGQoWWKH\JRQHEHIRUH,
 1RLUDQVLQRIXVHPRVFRQ :RXOGQoWWKH\JRLIZHGLGQoW
TXHOOHJDUD\R" DUULYHG" HOORV" JRZLWKWKHP"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXQRKDEUDVLGR" :K\ZRXOGQoW\RXKDYHJRQH" 3DUDTXWRGDVHVWDVSUHJXQWDV" :KDWoVZLWKDOOWKHVHTXHVWLRQV"


+DEUDVLGRVLDOJXLHQWHOR :RXOG\RXKDYHJRQHLI (VWR\KDVWDODFRURQLOODGH ,oPVLFNDQGWLUHGRIWKLQNLQJ
KXELHUDGLFKR" VRPHERG\KDGWROG\RX" SHQVDUWDQWR VRPXFK
1RKDEUDLGRQDGLHVLQR :RXOGQoWDQ\RQHKDYHJRQHLI |'DPHXQUHVSLUR4XLHUHV" *LYHPHDEUHDNZLOO\RX"
KXELHUDLGRHOOD" VKHKDGQoWJRQH" 6ORSUHWHQGRHFKDUWHXQFDEOH ,oPMXVWWU\LQJWRJLYH\RXD
'QGHKDEUDVLGRVLKXELHUDV:KHUHZRXOG\RXKDYHJRQHLI KHOSLQJKDQG
SRGLGRLUDFXDOTXLHUVLWLR" \RXFRXOGKDYHJRQHDQ\ZKHUH" (OLQWHUURJDWLYRHVFRPSOLFDGLOOR7KHLQWHUURJDWLYHLVWULFN\LW
&UHHVTXHVLQRKXELVHPRV 'R\RXWKLQNLIZHKDGQoWJRQH |KDFHIDOWDSUDFWLFDUORPXFKR QHHGVWREHSUDFWLVHGDORW
LGRQRKDEUDKDELGRXQDHVWD" WKHUHZRXOGQoWKDYHEHHQD
SDUW\"

0LFURVFRSH 0LFURVFRSLR

7HVW7XEH 3UREHWD
3HWUL'LVK 3ODFD

6OLGH 3RUWDREMHWRV
/DE5DW 5DWDGHODERUDWRULR

9RFDEXODULR/DERUDWRU\ /DERUDWRULR


Z Z ZY D X V \ V  F R P

 
3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQVRFLDOHOPXQGRGHO
+HFDPHRXWZLWKQRWKLQJRQ +HKHOGRQWRZLQ IWERO
|6DOLGHVQXGR $JXDQWORVOWLPRVPHWURVSDUDJDQDU 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:KDWGR\RXKDYHRQXQGHUQHDWK" +ROGRQWR\RXUMRE |4XJROD]R
4XOOHYDVGHEDMR" 1RSLHUGDVWXHPSOHR |(VRIXHXQDMXJDGDSUHFLRVD
(VRQRKDVLGRIXHUDGHMXHJR
+ROGRQ &DQ\RXKROGRQIRUDVHFRQG" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
|(VSUDWH 3XHGHVHVSHUDUXQPRPHQWR" UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 
&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUFRQWLQXHWKHLUGHEDWHRQWKHYDOXHRI3HWHU)LHOGVLQWKHRUJDQL]DWLRQ
6DUDK ,GRQoWWKLQN3HWHUZRXOGOHDYHWKHFRPSDQ\,WoVQRW WKDWHDV\ WDQIFLO
WKDWHDV\WRQGDMREQRZ DVIDUDV,NQRZ TXH\RVHSD
&KDUOHV ,WKLQN\RXVKRXOGNQRZ6DUDKWKDWKHoVDOUHDG\EHHQ KHoVKDYLQJWURXEOH OHHVWFRVWDQGRWUDEDMR
RIIHUHGDMREDQGWKHVDODU\LVDOPRVWGRXEOH
JHWWLQJKLVQHZEXVLQHVVJRLQJ SRQHUHQPDUFKDVXQXHYR
6DUDK 'R\RXPHDQKHoVEHHQORRNLQJIRUDMRE" QHJRFLR
&KDUOHV +HKDVQoWEHHQORRNLQJIRUDMRE+HZDVRIIHUHGRQH GULYHDQGDPELWLRQ HPSXMH\GLQDPLVPR
E\-RKQ2OVRQ
+5 +XPDQ5HVRXUFHV
6DUDK -RKQ2OVRQ":K\ZRXOGKHRIIHU3HWHUDMRE"$V IDU DV ,
,PDGHVXUHWKDW PHDVHJXUGHTXH
NQRZKHoVKDYLQJWURXEOHJHWWLQJKLVQHZEXVLQHVVJRLQJ
UDLVH VXELU VHSURQXQFLDpUHLVq 
&KDUOHV 7KDWoVZK\KHQHHGV3HWHU)LHOGV+HQHHGVSHRSOHZLWK
GULYHDQGDPELWLRQDQG3HWHUoVMXVWWKHPDQKHQHHGV WKHUHoOOEH KDEU
%HVLGHVWKHLUZLYHVDUHJRRGIULHQGV'LGQoW\RXNQRZ ZHFDQDIIRUGWREH SRGHPRVSHUPLWLUQRVHOOXMRGHVHU
WKDW" WKLQQHUPDUJLQV PUJHQHVPVHVWUHFKRV
6DUDK ,KDGQRLGHD LQGXVWU\ VHFWRU
&KDUOHV <RX VKRXOG NQRZ WKHVH WKLQJV <RXoUH WKH +5 FRPSHWLWLYHQHVV FRPSHWLWLYLGDG
PDQDJHU :KHQ , ZDV LQ \RXU SRVLWLRQ , PDGH VXUH ,
NQHZHYHU\WKLQJWKDWZDVJRLQJRQ NHHSLQJZDJHVWRDPLQLPXP PDQWHQHUORVVDODULRVDOPQLPR
6DUDK 6RKHoVRIIHULQJ3HWHUEHWWHUPRQH\7KDWFRPSOLFDWHV IXOOFDSDFLW\ SOHQDFDSDFLGDG
WKLQJV<RXNQRZZHoUHQRWLQDSRVLWLRQULJKWQRZWR VHULHV VHULH VLHPSUHFRQpVqDOQDO 
EHWRRJHQHURXV,IZHUDLVH3HWHUoVVDODU\WKHUHoOOEH HDUO\oV DSULQFLSLRVGHORV
RWKHUPDQDJHUVNQRFNLQJRQP\GRRU
VFUHDPLQJIRU SLGLHQGRDJULWRV
&KDUOHV , WKLQN ZH FDQ DIIRUG WR EH PRUH JHQHURXV QRZ XQLWPDUJLQV ORVPUJHQHVSRUXQLGDGYHQGLGD
%XVLQHVVLVERRPLQJ RYHU DORODUJRGH
6DUDK %XVLQHVVLVERRPLQJEXWRQPXFKWKLQQHUPDUJLQVWKDQ
EHIRUH /DVW \HDU ZDV WKH ZRUVW LQ UHFHQW KLVWRU\ DQG
ZHFDQoWVXGGHQO\VWDUWDFWLQJDVLIWKHUHFHVVLRQLVRYHU
%HVLGHV LI ZH VWDUW UDLVLQJ VDODULHV DW WKH PDQDJHPHQW
OHYHOZHoUHJRLQJWRKDYHWRGRWKHVDPHZLWKWKHZRUNHUV
:HDOUHDG\KDYHWKHKLJKHVWSDLGZRUNHUVLQWKHLQGXVWU\
&KDUOHV 3URGXFWLYLW\DQGFRPSHWLWLYHQHVVDUHUHODWHGWRPRUH
WKLQJV WKDQ MXVW NHHSLQJ ZDJHV WR D PLQLPXP :LWK
SURGXFWLRQDWIXOOFDSDFLW\QRZZHFDQoWDIIRUGWRVWDUW
RQDQRWKHUORQJVHULHVRIVWULNHVOLNHLQWKHHDUO\oV
7KH DJHQWV DUH VFUHDPLQJ IRU PRUH SURGXFWV DQG ,oP
FRQYLQFHG WKDW XQLW PDUJLQV ZLOO JUDGXDOO\ LPSURYH
RYHUWKHQH[WWRPRQWKV

(VWLPDGRDPLJR\DOXPQR7RGDVODVPDDQDVHPSLH]RXQSURJUDPDGHUDGLRDODVGHODPDDQD 0VSDODEUDVLQJOHVDV
9R\DODHPLVRUDHQFRFKH\DSDUFRHQODFDOOHDXQRVPHWURVGHGLVWDQFLDORFXDOPHREOLJDDFUX]DU GHUD]ODWLQD
XQSDUTXHFRQPXFKDWLHUUD\SRFRDVIDOWR'HFDGDFLQFRRGLH]YHFHVTXHFUX]RHOSDUTXHWRGDYDHQOD (UXGLWH (VSODQDGH
RVFXULGDGGHODPDGUXJDGDHOTXLRVTXHURFHUFDQRPHYHVHQWDUPHHQXQEDQFR\TXLWDUPHXQ]DSDWR (UXGLWLRQ (VSUHVVR
SDUDVDFDUXQDFKLQD'HVSXVPHOHYDQWR\VLJRFRQSDVRUPHKDVWDODSXHUWD (UXSW (VVHQFH
GHODHPLVRUD/RTXHHOTXLRVTXHURQRYHVLQHPEDUJRVRQODVPLOHVGHYHFHV (UXSWLRQ (VVHQWLDO
TXHPHSDURFDGDDRSDUDVDFDUXQDFKLQDGHPLFDPLQRSURIHVLRQDORSVLFR (VFDODWH (VWDEOLVK
OJLFR/DYLGDHVWOOHQDGHREVWFXORVWDQWRVTXHPHJXVWDOODPDUODpORVWUHV (VFDODWLRQ (VWDEOLVKPHQW
PLOPHWURVREVWFXORVqHQKRQRUDODSUXHEDROPSLFD3HURORVREVWFXORVVH (VFDODWRU (VWHHP
VRUWHDQ\ODVFKLQDVVHTXLWDQ(VQHFHVDULRVLXQRTXLHUHDQGDUUHFWR\FRQSDVR (VFDSDGH (VWLPDEOH


(VFDSH (VWLPDWH
UPH3HURFXULRVDPHQWHPHGDODLPSUHVLQGHTXHPXFKRVSUHHUHQSDUDUR
(VNLPR (VWLPDWLRQ
DFKLFDUVHDQWHORVREVWFXORVRGHMDUODFKLQDHQVX]DSDWRVLQEXVFDUUHPHGLR
(VRWHULF (VWURJHQ
3UHHUHQGHVDUUROODUXQDFRMHUDFPRGDTXHPROHVWDUVHHQVHQWDUVHDUHVROYHU (VRSKDJXV (VWXDU\
HOSUREOHPDRTXLWDUHOREVWFXOR&DPLQDVUHFWR\FRQSDVRUPHR\DWHKDV (VSHFLDOO\
DFRVWXPEUDGRDODFKLQD\DFRPRGDGRDXQDFRMHUD"
(WFHWHUD 
5LFKDUG9DXJKDQ (VSLRQDJH (WHUQDO

 
/RZ%HJLQQHU +LJK%HJLQQHU

0LFRFKHHVHOPHMRU 0\FDULVWKHEHVW 'HTXLQVRQVWRV" :KRVHDUHWKHVH"


7XUHVSXHVWDHVODSHRU <RXUDQVZHULVWKHZRUVW 6RQQXHVWURV 7KH\oUHRXUV
(VWRVUHVXOWDGRVVRQPHMRUHV 7KHVHUHVXOWVDUHEHWWHU (VWVVHJXURGHTXHVRQ $UH\RXVXUHWKH\oUHRXUV"
(VRVSHUURVHVWQVXFLRV 7KRVHGRJVDUHGLUW\ QXHVWURV"
/RVFDEDOORVVRQKHUPRVRV +RUVHVDUHEHDXWLIXO 3RUVXSXHVWRTXHV 2IFRXUVH,DP
3RUTXQRPHFUHHV" :K\GRQoW\RXEHOLHYHPH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XHVWLVDSUHQGLHQGR" :KDWDUH\RXOHDUQLQJ" )XHWDQDEXUULGDTXHPH ,WZDVVRERULQJWKDW,OHIWWKH


(VWDPRVDSUHQGLHQGRDQDGDU :HoUHOHDUQLQJKRZWRVZLP PDUFKGHOFLQH FLQHPD
1RVDELVQDGDU" 'RQoW\RXNQRZKRZWRVZLP" &PRVHOODPDEDODSHOFXOD" :KDWZDVWKHQDPHRIWKHOP"
1DGLHQRVHQVHDKDFHUOR 1RERG\WDXJKWXVKRZWRGRLW )XHWDQPDODTXHQLPH ,WZDVVREDGWKDW,FDQoWHYHQ
3HURWHQLVFXDUHQWDDRV %XW\RXoUHIRUW\\HDUVROG DFXHUGR UHPHPEHU
7HDFXHUGDVGHTX 'R\RXUHPHPEHUZKDW
QDFLRQDOLGDGHUD" QDWLRQDOLW\LWZDV"
6LQRPHHTXLYRFRFUHRTXHHUD ,I,oPQRWPLVWDNHQ,WKLQNLW
MDSRQHVD ZDV-DSDQHVH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

2\HVHVR" &DQ\RXKHDUWKDW" (VWVRQDQGRHOWHOIRQR 7KHWHOHSKRQHLVULQJLQJ


6LRLJRTX" ,I,FDQKHDUZKDW" /OHYDWRGRHOGDVRQDQGR ,WoVEHHQULQJLQJDOOGD\
1RR\HVHVDFDQFLQ" &DQoW\RXKHDUWKDWVRQJ" &RMHHOWHOHIQRTXLHUHV" $QVZHUWKHSKRQHZLOO\RX"
0HUHFXHUGDDPLLQIDQFLD ,WUHPLQGVPHRIP\FKLOGKRRG 3RUTXTXLHUHVTXHORFRMD\R" :K\GR\RXZDQWPHWRJHWLW"
1RPHGLFXHQWDTXHHUDVWDQ ,GLGQoWUHDOLVH\RXZHUHWKDWROG
 4XLQFUHHVTXHHVHOMHIHDTX" :KRGR\RXWKLQNWKHERVVLV
YLHMR KHUH"

6WHDP5RRP %DRWXUFR

+RW7XE %DHUDFRPXQLWDULD
XWLOL]DGDFRPRPWRGRGHUHOD[
6KRZHUV 'XFKDV

6DXQD 6DXQD

3RRO 3LVFLQD

9RFDEXODULR6SD %DOQHDULR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+DOOHJDGRODKRUDGHWRPDU 7KHWLPHKDVFRPHWRPDNHD
 (QUHVXPLGDVFXHQWDVHVWR\ ,QVKRUW,DJUHH

XQDGHFLVLQ GHFLVLRQ GHDFXHUGR
2MDOWXYLHVHPRVPV ,ZLVKZHKDGPRUH
 &RUWDURQODUHXQLQDQWHVGH 7KH\FXWWKHPHHWLQJVKRUW

LQIRUPDFLQ LQIRUPDWLRQ ORSUHYLVWR
&PRFDPELDUDHVROD +RZZRXOGWKDWFKDQJHWKH
 4XLQOOHYDODYR]FDQWDQWH :KRFDOOVWKHVKRWVKHUH"

VLWXDFLQ" VLWXDWLRQ" DTX"
$OPHQRVQRVVHQWLUDPRVPV $WOHDVWZHoGIHHOPRUH
 /HJXVWDSUHVXPLUGHVXQXHYD +HOLNHVWRVKRZRIIKLVQHZ

WUDQTXLORV UHDVVXUHG QRYLD JLUOIULHQG
3XHGHTXHWHQJDVUD]Q <RXPLJKWEHULJKW 'MHPHTXHOHGXQFRQVHMR /HWPHJLYHKLPDSLHFHRIDGYLFH


Z Z ZY D X V \ V  F R P

 
3KUDVDOYHUEVZLWKpRQq 
,QJOVDOWHOIRQR
,NHHSRQIRUJHWWLQJWRWHOOWKHP +HNHSWRQFDOOLQJGHVSLWHP\ZDUQLQJV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6LHPSUHVHPHROYLGDGHFUVHOR 6LJXLOODPDQGRDSHVDUGHPLVDGYHUWHQFLDV IUDVHVHQLQJOV"
+RODKDEORFRQ-RKQVWRQoV2IFH)XUQLVKLQJV"
,I\RXNHHSRQOLNHWKDW,oOOOHDYH /HDGRQ +RODQHFHVLWRPRQWDUXQGHVSDFKRHQ/RQGUHV
6LVLJXHVDVPHPDUFKDU $GHODQWH7HVLJR (VSDUDPLMHID7UDEDMDDFWXDOPHQWHGHVGH
(VSDD
<RXVKRXOGNHHS\RXUJORYHVRQ 6KHoVOHDGLQJ\RXRQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
1RGHEHUDVTXLWDUWHORVJXDQWHV (OODWHHVWHQJDWXVDQGR UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQDQG6DUDK(YDQVWKH+5PDQDJHUJRRQWRWDONDERXWDQXSFRPLQJPDQDJHPHQWPHHWLQJ

6DUDK +RZ FDQ ZH LPSURYH PDUJLQV LI ZH VWDUW UDLVLQJ 6DUDK 'RQoW \RX NQRZ 3DUNLQVRQoV /DZV" 2QH RI WKHP VD\V
 HYHU\RQHoV SD\" ,oG ORYH WR HDUQ  PRUH VWDUWLQJ  WKDW LQ D ERDUG PHHWLQJ WKH OHQJWK DQG LQWHQVLW\
WRPRUURZ,oYHJRWDQHZ\HDUPRUWJDJHWRSD\RII RI GLVFXVVLRQ LV DOZD\V LQ LQYHUVH SURSRUWLRQ WR WKH
 ,oPVXUHWKH(XURSHDQ2IFHZRXOGEHGHOLJKWHGLIZH LPSRUWDQFHRIWKHVXEMHFW
GHFLGHGWRPDNHRXUVHOYHVWKHULFKHVWPDQDJHUVLQWKH &KDUOHV ,GRQoWZDQWWRVSHQGWZRKRXUVWDONLQJDERXWFRIIHH
LQGXVWU\  PDFKLQHV:HKDYHPRUHLPSRUWDQWWKLQJVWRGLVFXVV
&KDUOHV :KDWoVWKLVDERXWDPRUWJDJH"+DYH\RXERXJKWDQHZ DQG,oOOPDNHVXUHZHJHWWRWKHP
KRXVH" 6DUDK *RRGOXFN
6DUDK <HVLWoVXQGHUFRQVWUXFWLRQQRZ &KDUOHV ,oOOQHHGLWfDQGVRZLOO3HWHU)LHOGV
&KDUOHV :KHUHDUH\RXEXLOGLQJ"
6DUDK 1RWIDUIURP\RXUSODFHfLQ5R\DO2DNV PRUWJDJH KLSRWHFD
&KDUOHV 5R\DO 2DNV"  :RZ  <RXoUH UHDOO\ PRYLQJ XS LQ WKH ZRXOGEHGHOLJKWHG HVWDUDHQFDQWDGD
ZRUOG SODFH FDVD FRORTXLDO 
6DUDK 1RZ WKDW WKH NLGV DUH JURZQ XS ZH FDQ QDOO\ EX\ JURZQXS LQGHSHQGLHQWHV KLMRV 
WKH KRXVH RI RXU GUHDPV %XW ZHoUH JHWWLQJ RII RQ D JHWWLQJRIIRQDWDQJHQW VDOLQGRQRVSRUODWDQJHQWH
 WDQJHQW5DLVLQJVDODULHVQRZZLOORQO\EULQJSUREOHPV ZLOOFXWRXUWKURDWV QRVFRUWDUQHOFXHOOR
DQGWKH(XURSHDQ2IFHZLOOFXWRXUWKURDWV
ZDVWHRIWLPH SUGLGDGHWLHPSR
&KDUOHV :HOO LWoV D ZDVWH RI WLPH WR WDON DERXW LW QRZ ,oP
LWZLOOFRPHXS VDOGU HOWHPD 
VXUHLWZLOOFRPHXSLQWKHPDQDJHPHQWPHHWLQJQH[W
0RQGD\,Q DQ\FDVH WKHTXHVWLRQDERXW 3HWHU)LHOGV SUHWW\VKRUW EDVWDQWHFRUWD
ZRUULHVPH,oPJRLQJWRPDNHVXUHLWoVLQFOXGHGLQWKH RUGHURIEXVLQHVV RUGHQGHOGD
DJHQGDIRUWKHPHHWLQJ ERDUGPHHWLQJ UHXQLQGHFRQVHMR
6DUDK ,W ZLOO SUREDEO\ EH D SUHWW\ VKRUW PHHWLQJ 7KHUH DUH DQGVRZLOO3HWHU)LHOGV \3HWHU)LHOGVWDPELQ
RQO\ WZR SRLQWV RQ WKH RUGHU RI EXVLQHVV D URRI IRU
WKHFRPSDQ\SDUNLQJORWDQGWKHLQVWDOODWLRQRIFRIIHH
PDFKLQHVLQWKHIDFWRU\
&KDUOHV ,WVRXQGVOLNHDQLPSRUWDQWPHHWLQJ7KDWoVW\SLFDORI
 *HRUJH5RELQVRQfZHDOZD\VHQGXSWDONLQJDERXWWKH
PRVWLQVLJQLFDQWWKLQJV

eUDVH XQD YH] KDFH PXFKRV DxRV XQ YLDMHUR TXH FDPLQDED SRU XQ VHQGHUR GH OD HVWHSD UXVD $OOt ODV 0VSDODEUDVLQJOHVDV
GLVWDQFLDVVRQODUJDV\HOKRPEUHHVWDEDXQSRFRFDQVDGR\QRVDEtDFXiQWROHTXHGDEDSDUDHOSXHEOR GHUD]ODWLQD
VLJXLHQWH$OVDOLUGHXQDFXUYDHQHOFDPLQRGLYLVyDXQYLHMRKRPEUHGHODEUDQ]DWUDEDMDQGRHQXQFDPSR (WHUQLW\ (XSKRULF
VHPEUDGR(OYLDMHURSDUy\OHSUHJXQWR3HUGRQHPHSRGUtDGHFLUFXiQWRWLHPSRGHFDPLQRPHTXHGD (WKDQRO (XWKDQDVLD
SDUDHOSUy[LPRSXHEOR"(OVHxRUGHOFDPSROHYDQWyXQSRFRODFDEH]DSHURQRUHVSRQGLyYROYLHQGRD (WKLF (YDFXDWH
VXWUDEDMR3HUGRQHUHSLWLyHOYLDMHUR6HUtDWDQDPDEOHGHLQGLFDUPHHOWLHPSRTXHPHTXHGDSDUD (WKLFDO (YDFXDWLRQ
OOHJDU DO SXHEOR" 2WUD YH] XQD PLUDGD VLOHQFLRVD $QWH HVWR HO YLDMHUR VH HQFRJLy GH KRPEURV \ YROYLy (WKLFV (YDFXHH
D HPSUHQGHU VX PDUFKD7UDV FXEULU XQRV  PHWURV GH FDPLQR HO FDPSHVLQR OH (WKQLF (YDGH
JULWyDSOHQRSXOPyQ7UHVFXDUWRVGHKRUD6RUSUHQGLGR\XQSRFRH[WUDxDGRHO (WKQRORJ\ (YDOXDWH
(WLTXHWWH (YDOXDWLRQ
YLDMHURVHYROYLyKDFLDHOKRPEUH'tJDPHOHSUHJXQWpGRVYHFHVDQWHVVLQTXHPH (W\PRORJLVW (YDQJHOLFDO
GLMHUDQDGD3RUTXpPHORGLFHDKRUD"(OFDPSHVLQROHUHVSRQGLy(VTXHDQWHV (W\PRORJ\ (YDQJHOLVW
QRKDEtDYLVWRODYHORFLGDG\ORQJLWXGGHVXV]DQFDGDV(VWLPDGRDPLJR\DOXPQR (XFDO\SWXV (YDSRUDWH
HOWLHPSRTXHYD\DVDWDUGDUHQKDFHUWHFRQXQEXHQQLYHOGHLQJOVGHSHQGHU (XFKDULVW (YDVLRQ


HQJUDQPHGLGDGHODYHORFLGDG\ORQJLWXGGHWXV]DQFDGDV+D\PXFKDORVRID (XQXFK (YDVLYH


EXHQDHQFHUUDGDHQODH[SUHVLQHVSDRODpSLVDQGRIXHUWHq/RTXHFRQVLJDVHQ (XSKHPLVP (YHQW
ODYLGD\HVSHURFRQHOLQJOVWHQGUXQDFRUUHODFLQPX\HVWUHFKDFRQHOWLQR\ (XSKHPLVWLF (YHQWXDO
(XSKRULD (YHQWXDOO\
DFLHUWRGHWXV]DQFDGDV$FDPLQDU
5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

/RVLHQWRQRHQWLHQGR ,oPVRUU\,GRQoWXQGHUVWDQG &PRVHGHOHWUHDHVR" +RZGR\RXVSHOOWKDW"


+DEODXVWHGHVSDRO" 'R\RXVSHDN6SDQLVK" 4XVLJQLFDIDUW" :KDWGRHVpIDUWqPHDQ"
6ORKDEORXQSRFRGHLQJOV ,RQO\VSHDNDOLWWOH(QJOLVK (VWR\DSUHQGLHQGRLQJOVHQ ,DPOHDUQLQJ(QJOLVKDWWKH
3XHGHVUHSHWLUORSRUIDYRU" &DQ\RXUHSHDWWKDWSOHDVH" HVWHPRPHQWR PRPHQW
3XHGHKDEODUPVGHVSDFLR &DQ\RXVSHDNPRUHVORZO\
 'QGHHVWVHVWXGLDQGR" :KHUHDUH\RXVWXG\LQJ"
SRUIDYRU" SOHDVH" 9R\D9DXJKDQ6\VWHPV ,JRWR9DXJKDQ6\VWHPV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6RQEXHQRV" $UHWKH\JRRG" 3RUTXQRPHORSXHGHVGHFLU :K\FDQoW\RXWHOOPHQRZ"


6RQORVPHMRUHV 7KH\oUHWKHEHVW DKRUD"
3LHQVRHVWXGLDULQJOVHQHO ,oPWKLQNLQJDERXWVWXG\LQJ 3RUTXHQDGLHORVDEHWRGDYD %HFDXVHQRERG\NQRZVDERXW
RWRR (QJOLVKLQWKHDXWXPQ LW\HW
3RUTXYDVDHVSHUDUWDQWR" :K\DUH\RXJRLQJWRZDLWVR 'HTXGHPRQLRVHVWV :KDWRQHDUWKDUH\RXWDONLQJ
ORQJ" KDEODQGR" DERXW"
7HORGLUPDDQD ,oOOWHOO\RXWRPRUURZ 1RHVTXHQRTXLHURGHFUWHOR ,WoVQRWWKDW,GRQoWZDQWWRWHOO
\RX
(VTXHQRSXHGRHVXQVHFUHWR ,WoVWKDW,FDQoWWHOO\RXLWoVD
VHFUHW
%DWRQ %DVWQ

'DQFHUV %DLODULQHV
&RVWXPH 'LVIUD]

)ORDW &DUUR]D
&RQIHWWL &RQIHWL

9RFDEXODULR&DUQLYDO &DUQDYDO

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|1RPHGLJDVTXHOD&,$WHKD 'RQoWWHOOPHWKDWWKH&,$KDV
 |3RUVXSXHVWRTXHQR 2IFRXUVHWKHUHLVQoW
FRQWUDWDGR KLUHG\RX (QWRQFHVSRUTXWDQWR :KDWoVDOOWKHP\VWHU\DERXW"
7HFUHHVJUDFLRVRQR" <RXWKLQN\RXoUHIXQQ\GRQoW PLVWHULR"
\RX" 'HEHUDGHFUVHORSULPHURDPL ,VKRXOGWHOOP\KXVEDQGUVW
1RSUHWHQGRVHUJUDFLRVR ,oPQRWWU\LQJWREHIXQQ\ PDULGR
1RGHEHUDVVHUHOSULPHURHQ <RXVKRXOGQoWEHWKHUVWWR
 |<DORKHSLOODGR ,oYHJRWLWQRZ
RUPLVHFUHWR KHDUP\VHFUHW 1RGHEHUDKDEHUHPSH]DGRD ,VKRXOGQoWKDYHVWDUWHG
7HSDVDDOJRPDOR" ,VWKHUHDQ\WKLQJZURQJZLWK KDEODUFRQWLJR WDONLQJWR\RX
\RX"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|7UDQTXLOD &DOPGRZQ 4XHGDQQXHYHPHVHVDQWHV 7KHUHDUHQLQHPRQWKVOHIW


3HUGQDPHHVWR\XQSRFR )RUJLYHPH,oPDOLWWOHHGJ\
 GHTXHVHDRWRR EHIRUHLWoVDXWXPQ
FULVSDGD 4XLQVLQXDV" :KDWDUH\RXJHWWLQJDW"
+HDYHULJXDGRWXVHFUHWR ,oYHZRUNHG\RXUVHFUHWRXW (VWVHPEDUD]DGDQR"|9DVD <RXoUHSUHJQDQWDUHQoW\RX"

<DPHORVXSRQD ,JXHVVHGDVPXFK WHQHUXQEHE <RXoUHJRLQJWRKDYHDEDE\
%XHQROLVWLOORGLPHFXOHVPL $OULJKWNQRZLWDOOWHOOPH
 1RHUHVWDQERERFRPRSDUHFHV <RXoUHQRWDVGXPEDV\RX
VHFUHWR ZKDWP\VHFUHWLV ORRN
(VSHUHPRVTXHHOEHEQR /HWoVKRSHWKHEDE\GRHVQoW
KHUHGHWXVLPSDWD LQKHULW\RXUFKDUP


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq  7RPDNHDPHVVRIVRPHWKLQJ

'RQoWOHWRQWKDW\RXNQRZPH <RXoYHSXWRQVRPHZHLJKWODWHO\ 6LJQLFDpHQVXFLDUqpKDFHUDOJRPX\PDOqR


4XHQRVRVSHFKHQTXHPHFRQRFHV +DVHQJRUGDGROWLPDPHQWH LQFOXVRpDUUXLQDUDOJRq
3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
3XWRQ\RXUVRFNV 'RQoWSXWRQDVDGIDFH IUDVHVHQLQJOV"
3RQWHORVFDOFHWLQHV 1RPHSRQJDVFDUDWULVWH (OODKDDUUXLQDGRVXYLGDSRUFRPSOHWR
3RUTXVLHPSUHKDFHVODVFRVDVPDO"
+HKDGWRSXWRQWKHEUDNHVTXLFNO\ 5HDGRQ 6LQRHQVD\DVWHVDOGUPDOHOGLVFXUVR
7XYRTXHIUHQDUUSLGDPHQWH 6LJXHOH\HQGR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

7KHPDQDJHPHQWPHHWLQJEHJLQVZLWKWKHUVWLWHPRQWKHDJHQGDDURRIIRUWKHRXWGRRUSDUNLQJORW

*HRUJH :HOO OHWoV FDOO WKH PHHWLQJ WR RUGHU 6DUDKoV QRW KHUH &KDUOHV :HOO ,oP LQ IDYRXU RI VWDUWLQJ ULJKW DZD\ &DQ WKH\
\HW EXW , WKLQN ZH FDQ JR DKHDG DQG VWDUW7KHUH DUH ZRUNWKURXJKWKH&KULVWPDVEUHDN"
WZRSRLQWVRQWKHDJHQGDIRUWRGD\7KHUVWRQHKDV -RH 7KH\oOOKDYHWRLI,JLYHWKHPWKHMRE
WR GR ZLWK D URRI IRU WKH SDUNLQJ ORW -RH JLYH XV DQ
*HRUJH :HOOLIWKH\FDQJHWVWDUWHGLPPHGLDWHO\,oGVD\OHWoV
XSGDWHRQ\RXUSURJUHVV
JLYHWKHFRQWUDFWWR3HUNLQV$Q\REMHFWLRQV"2ND\-RH
-RH :HOOZHoYHUHFHLYHGIRXUHVWLPDWHVDQGWKHSULFHVYDU\ LWoV\RXUEDE\+DYHWKHPVWDUWULJKWDZD\RQLW
TXLWHDELW7KHFKHDSHVWLVOHVVWKDQWKHUHVW
*HRUJH :KDWFRPSDQ\LVWKDW"
FDOOWKHPHHWLQJWRRUGHU HPSH]DUODUHXQLQ
-RH 3HUNLQV (QJLQHHULQJ :HoYH QHYHU ZRUNHG ZLWK
WKHP EHIRUH EXW WKH IHOORZ , WDONHG WR PDGH D JRRG KDVWRGRZLWK WLHQHTXHYHUFRQ
LPSUHVVLRQ RQ PH , FRQWDFWHG D FRXSOH RI UPV WKDW JLYHXVDQXSGDWH SRQQRVDOFRUULHQWH
KDYHXVHGWKHLUVHUYLFHVDQGWKH\KDGQRFRPSODLQWV HVWLPDWHV SUHVXSXHVWRV
*HRUJH :KDWoVWKHLUTXRWH" PDGHDJRRGLPSUHVVLRQRQPH PHFDXVXQDEXHQDLPSUH
-RH  VLQ
*HRUJH (YHQWKRXJKWKH\oUHWKHFKHDSHVWLWVWLOOVHHPVOLNHD TXRWH SUHFLRRIHUWDGR
ORW RI PRQH\ WR PH :HoYH JRWWHQ E\ QH ZLWKRXW D ZHoYHJRWWHQE\ QRVKHPRVDSDDGR
URRIRQWKHSDUNLQJORWIRU\HDUV:K\GRZHQHHGWR
RYHQ KRUQR
VSHQGQRZ"
VWHHULQJZKHHO YRODQWH
-RH :HoYHEHHQWDONLQJDERXWWKLVVXEMHFWIRU\HDUV,oPWLUHG
RI KHDULQJ HYHU\ERG\ FRPSODLQ DERXW WKHLU FDUV LQ WKH ZHoYHJRQHRYHUWKLV KHPRVYXHOWRVREUHHVWHWHPD
VXPPHU0\FDUoVOLNHDQRYHQZKHQ,JHWLQDQG,FDQoWWRXFK OHWoVJRDKHDGZLWKLW VLJDPRVDGHODQWHFRQHOOR
WKHVWHHULQJZKHHOIRUWKHUVWWKUHHRUIRXUPLQXWHV WLPHIUDPH SOD]RGHWLHPSR
&KDUOHV /LVWHQIHOORZVZHoYHJRQHRYHUWKLVEHIRUH7KHGHFLVLRQ JLYHRUWDNHDIHZ PVRPHQRV
ZDVPDGHWREXLOGWKHURRIDQGOHWoVJRDKHDGZLWKLW
KRZVRRQ" &XQGR"
7HOOPH-RHZKDWWLPHIUDPHDUHZHWDONLQJDERXW"
JHWVWDUWHG HPSH]DU
-RH 3HUNLQVVD\VWKH\FDQGRLWLQGD\VJLYHRUWDNHDIHZ
LWoV\RXUEDE\ DGHODQWHFRQHOHQFDUJR
&KDUOHV +RZVRRQFRXOGWKH\VWDUW"
-RH $VVRRQDVZHWHOOWKHPWR

(VWLPDGR DPLJR \ DOXPQR $XQTXH QR VR\ XQ DVLGXR OHFWRU GH SUHQVD V KDEU KRMHDGR IFLOPHQWH XQRV WUHV PLO SHULGLFRV HQ
PLYLGD$OJXQDVSHUVRQDVHPSLH]DQSRUHOSULQFLSLROH\HQGRORVWLWXODUHVPLHQWUDVTXHRWURVFRPLHQ]DQGHVGHODOWLPDSJLQD
DYDQ]DQGRHQVHQWLGRFRQWUDULR'HVGHTXHWHQDDRV\\DHPSH]DEDDKRMHDUORVSHULGLFRVPLFDVRKDVLGRGLIHUHQWH6LHPSUH
HPSLH]RSRUODVHFFLQGHSRUWLYD'HGLTXPXFKRVDRVGHPLQLH]\DGROHVFHQFLDDOGHSRUWHGHFRPSHWLFLQ\HUDOJLFRHQHVRV
DRVTXHGHYRUDVHODVHFFLQGHSRUWLYDVLQDSHQDVPLUDUHOUHVWR0LLQWHUVHVWDEDHQORVORJURVGHPLVGHSRUWLVWDVIDYRULWRV3HURKR\


KDJRORPLVPRDSHVDUGHWHQHUPHQRVLQWHUVHQHOGHSRUWH/RKDJRSRUTXHODVHFFLQGHSRUWLYDHVODQLFDTXHUHDOPHQWHHOHYDDO
KRPEUH$OOHQFRQWUDUVVXVORJURVVXVKD]DDVf\QRVXVGHIHFWRVQLVXDYDULFLDQLVXLQGLIHUHQFLDQLVXSHTXHH]GHHVSULWXQL
VXHVWUHFKH]GHPLUDV$GPLUDUHOKDWWULFNGHXQIXWEROLVWDPHHOHYDPXFKRPVODPRUDOTXHHQWHUDUPHGHODV
SHOHDV\GLVFXVLRQHVGHSROWLFRV\FDUJRVSEOLFRV/RVR\HQWHVGH9DXJKDQ5DGLRQRVSLGHQGHYH]HQFXDQGR
TXHDGHPVGHHQVHDULQJOVSRUODVRQGDVRIUH]FDPRVXQUHVXPHQGHODVQRWLFLDV\VLHPSUHPHQLHJR+DFH
DRVHVWXGLODKLVWRULDGHORVOWLPRVFLHQDRVGHOD5HSEOLFDURPDQDGHVGHORVKHUPDQRV*UDFFKLKDVWDOD
PXHUWHGH0DUFR$QWRQLR\&OHRSDWUD$OOHHUDOJXQDVDFWDVGHODVVHVLRQHVGHO6HQDGRGH5RPDPHSDUHFDRUD
ORVSDUODPHQWDULRVGHKR\HQGD0HGFXHQWDTXHODVQRWLFLDV\ODSROWLFDVRQVLPSOHPHQWHXQUHHMRGLDULRGH
ODFRQGLFLQKXPDQD/RVRGLRV\ODSRODUL]DFLQHYLGHQWHVHQOD5HSEOLFDURPDQDVHLQWHUSUHWDQHOPHQWHKR\
DXQTXHFRQGLIHUHQWHVQRPEUHV\DSHOOLGRV0X\SRFRKDFDPELDGRVDOYRHQODFDQDOL]DFLQGHORVVXHRVGHORV
KRPEUHV+R\ODSRVLELOLGDGSDUDTXHXQDSHUVRQDQRUPDOUHDOLFHVXVVXHRVHVLQQLWDPHQWHPD\RUTXHKDFH
GRVPLODRV\HVWRHPSLH]DSULPHURSRUWHQHUXQVXHR\VHJXQGRSRUGRWDUWHGHODFDSDFLGDGSDUDKDFHUOR
UHDOLGDG(PSLH]DSRUWXSURSLDSUHSDUDFLQ\WXSURSLDIXHU]DGHYROXQWDG<HQHOSURFHVRKD]WHFRQPLLGLRPD
7HD\XGDUHQRUPHPHQWHHQODUHDOL]DFLQGHWXVVXHRV 5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWVXRFLQD" GHHOOD  :KHUHoVKHURIFH" 7HQJRFDORU ,oPKRW


(VWFHUFDGHPLWLHQGD" ,VLWQHDUP\VKRS" 7LHQHQIUR" $UHWKH\FROG"
1RHVWOHMRVGHWXWLHQGD 1RLWoVIDUIURP\RXUVKRS &XQWRVDRVWHQLV" +RZROGDUH\RX"
(VWVFRQWHQWRDOO" $UH\RXKDSS\WKHUH" 7HQHPRVVXHR :HoUHVOHHS\
6FUHRTXHV <HV,WKLQNVR 1RWHQJDVPLHGR 'RQoWEHDIUDLG

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/XFKHQOD6HJXQGD*XHUUD +HIRXJKWLQWKHVHFRQGZRUOG
 /HFRQRFHV" 'R\RXNQRZKLP"
0XQGLDO ZDU 1RQXQFDOHKHFRQRFLGR 1R,oYHQHYHUPHWKLP
&RJXQWD[L ,FDXJKWDWD[L %XHQROWHFRQRFHDWL\FUHR :HOOKHNQRZV\RXDQG,WKLQN
OORFRPSUHQ6XL]D +HERXJKWLWLQ6ZLW]HUODQG TXHOHFDHVELHQ KHOLNHV\RX
7UDMHURQFLQFRERWHOODVDODHVWD 7KH\EURXJKWYHERWWOHVWR 0HFRQRFH"&XQGRPH 'RHVKHNQRZPH":KHQGLG
WKHSDUW\ FRQRFL" KHPHHWPH"
(OODHQVHIUDQFVGXUDQWH 6KHWDXJKW)UHQFKIRUIRUW\
 1RORVH4XLHUHVTXHWHOR ,GRQoWNQRZ'R\RXZDQWPH
FXDUHQWDDRV \HDUV SUHVHQWH" WRLQWURGXFH\RXWRKLP"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLHURYHUWHHQVHJXLGD ,ZDQWWRVHH\RXULJKWDZD\ 6HORGHFLPRV" DHOODV  6KDOOZHWHOOWKHP"


3RQORDTXPLVPR 3XWLWULJKWKHUH 1RVHORGLJLV 'RQoWWHOOWKHP
(QVHJXLGDYXHOYR ,oOOEHULJKWEDFN 6XERHOYROXPHQGHODWHOH" 6KDOO,WXUQWKHYROXPHRIWKH
/RKDUMXVWRGHVSXVGHFHQDU ,oOOGRLWULJKWDIWHUGLQQHU 79XS"
(VWMXVWRGHODQWHGHWL ,oOOEHULJKWZLWK\RX 4XKDFHPRV" :KDWVKDOOZHGR"
/ROHRHQYR]DOWD" 6KDOO,UHDGLWRXWORXG"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XGHVHDXVWHGWRPDU" :KDWZRXOG\RXOLNHWRKDYH" $FDEDOORUHJDODGRQROHPLUHV 'RQoWORRNDJLIWKRUVHLQWKH



0HDSHWHFHTXHHOVRORPLOORGH ,IHHOOLNHWKHYHDOVLUORLQ HOGLHQWH PRXWK
WHUQHUD (VWVWLUDQGRSLHGUDVFRQWUDWX <RXoUHFXWWLQJ\RXUQRVHRIIWR

&PRTXLHUHVXOHWH" +RZGR\RXZDQW\RXUVWHDN" SURSLRWHMDGR VSLWH\RXUIDFH
%LHQKHFKRSRFRKHFKR" :HOOGRQHUDUH" 0HWRFFDUJDUFRQHOPXHUWR ,ZDVOHIWKROGLQJWKHEDE\
(QVXSXQWRSRUIDYRU 0HGLXPUDUHSOHDVH 3UHGLFDUFRQHOHMHPSOR 7RSUDFWLVHZKDW\RXSUHDFK
$ORVWRQWRVQROHVGXUDHO $IRRODQGKLVPRQH\DUHVRRQ

GLQHUR SDUWHG

'UDZEULGJH 3XHQWHOHYDGL]R
%DWWOHPHQWV $OPHQDV

7XUUHW 7RUUHQ

0RDW )RVR 'XQJHRQ 0D]PRUUD

9RFDEXODULR&DVWOH &DVWLOOR


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq  3KUDVDOYHUE7REUXVKXSRQ

,VLWRQWKHQDQFHFRPPLWWHH :HVHQWWKHEDJVRQWRWKHQDOGHVWLQDWLRQ 6LJQLFDpGDUOHXQUHSDVRqpSRQHUVHDOGDqR


6R\PLHPEURGHOFRPLWGHQDQ]DV (QYLDPRVODVPDOHWDVKDVWDHOGHVWLQRQDO pPHMRUDUHVWXGLDQGRq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6OHHSRQLW +HoVVLWWLQJRQWKHGRFXPHQWV IUDVHVHQLQJOV"
&RQVXOWDFRQODDOPRKDGD 1RKDGDGRWUPLWHDORVGRFXPHQWRV 1HFHVLWRGDUOHXQUHSDVRDPLLQJOV
1RVDTXPVOHGHEHUDGDUXQUHSDVR
'RQoWWDNHRQVRPDQ\WDVNV :HFDQWDNHRQRQHPRUHVWXGHQW 5HSDVHO&GLJRGH&LUFXODFLQDQWHVGH
1RDFHSWHVWDQWDVWDUHDV 3RGHPRVDGPLWLUXQDOXPQRPV SUHVHQWDUPHDOH[DPHQGHFRQGXFLU
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

*HRUJH5RELQVRQWKH&(2LQWURGXFHVWKHVHFRQGLWHPRQWKHDJHQGDFRIIHHPDFKLQHVLQWKHIDFWRU\

*HRUJH 1RZRXUQH[WVXEMHFWLVFRIIHHPDFKLQHVLQWKHIDFWRU\ ,oPSHUVRQDOO\DJDLQVWWKHLGHDEXWWKHUHVHHPVWREH


3HUVRQDOO\,oPDJDLQVWLW:HDOUHDG\KDYHWZRFRIIHH D FRQVHQVXV WR JR DKHDG DQG LQVWDOO WKHP 'R ZH DOO
PDFKLQHV LQ WKH RIFH ZLQJ DQG HYHU\ WLPH , SDVV DJUHH"
WKURXJK WKRVH DUHDV , KDYH WR JKW P\ ZD\ WKURXJK 6DUDK :HOO , FHUWDLQO\ DJUHH , KDYH WR VWDUW QHJRWLDWLRQV
DFURZGRIHPSOR\HHV2QHRIWKHVHGD\V,oPJRLQJWR ZLWK WKH XQLRQ SHRSOH QH[W ZHHN RQ WKH FROOHFWLYH
VHWDUXOHWKDWRQO\WKUHHSHRSOHFDQEHDWWKHFRIIHH EDUJDLQLQJDJUHHPHQWIRUWKHQH[WWZR\HDUV$FRXSOH
PDFKLQHDWRQHWLPH RISUHWW\QHZFRIIHHPDFKLQHVLQWKHVKRSPLJKWPDNH
-RH 2QHRIWKHUHDVRQVVRPDQ\SHRSOHFRQJUHJDWHDURXQG P\MREDELWHDVLHU
WKHPDFKLQHVLVWKDWDORWRIIDFWRU\ZRUNHUVFRPHXS *HRUJH :HOO WKHQ LI ZH DOO DJUHH WKHQ OHWoV KDYH WKHP
WRKDYHFRIIHHLQWKHRIFHDUHD,IZHLQVWDOODFRXSOH LQVWDOOHG 6DUDK WKDWoV \RXU DUHD VR FRQWDFW9HQGLQJ
RIPDFKLQHVLQWKHVKRSZHSUREDEO\ZRQoWKDYHWKRVH :RUOGDVVRRQDV\RXFDQ
FURZGV
*HRUJH :LOOLWFRVWXVDQ\WKLQJ" RIFHZLQJ DODGHOHGLFLRSDUDRFLQD
-RH 1RW D SHQQ\ ,Q IDFW ZHoOO HDUQ WZR FHQWV IRU HYHU\ WRJKWP\ZD\WKURXJK DEULUPHSDVRDSXHWD]RV
FRIIHH FRQVXPHG:HOO ZH GRQoW HDUQ LWf LWoV IRU WKH VHWDUXOH MDUXQDUHJOD
HPSOR\HHDFWLYLWLHVIXQG7KH\XVHLWWRJRRQVKLQJ FRPHXS VXEHQ
WULSVRURWKHUH[FXUVLRQV7KHRQO\WKLQJZHoOOORVHLVD
IHZVTXDUHPHWHUVRIIDFWRU\VSDFH QRWDSHQQ\ QLXQFQWLPR
*HRUJH :LOOZHEHZRUNLQJZLWKWKHVDPHYHQGLQJFRPSDQ\" YHQGLQJFRPSDQ\ GLVWULEXLGRUGHPTXLQDVH[SHQGHGRUDV
-RH <HVZLWK9HQGLQJ:RUOG7KH\LQVWDOOHGWKHPDFKLQHV IDLUO\JRRGVHUYLFH EDVWDQWHEXHQVHUYLFLR
ZH KDYH LQ WKH RIFH DUHD DQG WKH\oYH DOZD\V JLYHQ EURNHGRZQ VHDYHUL
IDLUO\JRRGVHUYLFHXSWRQRZ FDE WD[L
*HRUJH +HOOR6DUDKZKHUHKDYH\RXEHHQ":HoUHDOUHDG\RQ WKHORZHVWELGGHU HORIHUWDQWHGHPHQRUSUHFLR
SRLQWWZRRIWKHDJHQGD
WKHUHVHHPVWREH SDUHFHKDEHU
6DUDK 6RUU\ P\ FDU EURNH GRZQ RQ WKH ZD\ KHUH , KDG WR
WRJRDKHDG VHJXLUDGHODQWH
FDWFKDFDE
WKHXQLRQSHRSOH ORVGHOVLQGLFDWR
*HRUJH :HOOZHDJUHHGWRJLYHWKHSDUNLQJORWFRQWUDFWWRWKH
ORZHVW ELGGHU DW  DQG ZHoUH DSSURYLQJ ULJKW FROOHFWLYHEDUJDLQLQJDJUHHPHQW FRQYHQLRFROHFWLYR
QRZ WKH LGHD RI WKH FRIIHH PDFKLQHV LQ WKH IDFWRU\ VKRS WDOOHU

(VWLPDGRDPLJR\DOXPQR3DUDPXQRGHORVPD\RUHVORJURVHQHVWDYLGDHVFXDQGRXQDSHUVRQDFRQVLJXHTXHODOQHDTXHGLYLGHHO
WUDEDMRGHORFLR\HOMXHJRVHKDJDERUURVD&XDQGRXQRDERUGDODDFWLYLGDGODERUDOFRPRXQMXHJRHQHOTXHVHSXHGHGLYHUWLULQFOXVRORV
WUDEDMRVPVDQRGLQRVVHKDFHQDWUDFWLYRV6LWLHQHVXQWUDEDMRDWUDFWLYRWUDEDMDVFRQPVJDQDVORFXDOFRQGXFHDTXHWHDVFLHQGDQHQ
ODRUJDQL]DFLQRTXHWPLVPRDGTXLHUDVKDELOLGDGHV\FRQYLFFLRQHVTXHWHKDFHQPVDWUDFWLYRHQHOPHUFDGRODERUDO&RPRWRGDVODV
FRVDVEXHQDVHOWHQHUXQDDFWLWXGSRVLWLYDHVXQFUFXORYLUWXRVR8QYHUDQRDQWHVGHFRPHQ]DUOD8QLYHUVLGDGWUDEDMHQXQDOPDFQGH


UDGLDGRUHVGHFRFKH7HQDTXHHPEDODUPLOHVGHUDGLDGRUHVHQFDMDVGHFDUWQDSLODUODVFDMDVHQSDOHWDV\GHVSXVVXELUPHDXQDFDUUHWLOOD
HOHYDGRUDSDUDGHMDUODVSDOHWDVOLVWDVSDUDTXHRWURODVFDUJDVH\\DGHGDHQORVFDPLRQHVTXHOOHJDEDQ7UDEDMDEDGHQRFKHFRPSOHWDPHQ
WHVRORHQXQDOPDFQGHPLOPHWURVFXDGUDGRV/ROODPEDPRVHOWXUQRGHXOWUDWXPED0HSDJDEDQWUHVGODUHVODKRUD\\RVROLWRPHOR
PRQWDEDGHPDUDYLOOD$SDUWLUGHODVHJXQGDQRFKHGHFLGGRVFRVDV HVWDEOHFHUXQUFRUGPXQGLDOFDGDQRFKHSDUDLQWHQWDUEDWLUORDOD
QRFKHVLJXLHQWH\ LPDJLQDUPHXQD\XGDQWHIHPHQLQRSDUDFRPSDUWLUFRQPLJRODVSHQDV<DODVHJXQGDQRFKHORJU
FRORFDUFXDWURSDOHWDV FDMDV HQSRVLFLQSDUDODFDUJDHQORVFDPLRQHV'RVPHVHVGHVSXVHQPLSHQOWLPD
QRFKHEDWPLSURSLRUFRUGSDOHWDVFRQODIULROHUDGHUDGLDGRUHVWRGRVFPRGRV\FDOHQWLWRVHQVXVFDMDVGH
FDUWQ(QODIRWRPHSXHGHVYHUVXELGRDODFDUUHWLOODRUJXOORVRGHPLSURH]DGLVIUXWDQGRDOPLVPRWLHPSRGHODPLUDGD
GHDGPLUDFLQGHPLD\XGDQWHPLFKLFDLPDJLQDULD(QWUHORVGRVFRQVHJXLPRVFRQYHUWLUHOWUDEDMRPVDEXUULGRLPD
JLQDEOHHQXQYHUDQRPHPRUDEOH7UHVGDVDQWHVGHODIRWRHOMHIHPHRIUHFLXQQXHYRWUDEDMRFRQXQVDODULRGHVHLV
GODUHVODKRUD/RUHFKDFSRUTXHWHQDTXHLUDRWUDFLXGDGDHPSH]DUOD8QLYHUVLGDG3HURXQDYH]PVDSUHQGXQD
YDOLRVDOHFFLQGHHVWDYLGDSXHGHVVDFDUXQMXJRGHOLFLRVRHQWRGDVODVH[SHULHQFLDV1RGHEHVMDPVPHQRVSUHFLDU
XQDDFWLYLGDGXQWUDEDMRRXQDFR\XQWXUD+D\OHFFLRQHVYDOLRVDVHQWRGROHFFLRQHVTXHWHLUQWUD\HQGRGLYLGHQGRV 
LPSRUWDQWHVFRQHOSDVRGHOWLHPSRVLVLHPSUHPDQWLHQHVXQDDFWLWXGSRVLWLYD 5LFKDUG9DXJKDQ

/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWHVHKRPEUHDOWR" :KHUHLVWKDWWDOOPDQ" (VXQWUDMH GHPXMHU PX\IHR ,WoVDYHU\XJO\GUHVV


4XLQHVHVDPXMHUJXDSD" :KRoVWKDWSUHWW\ZRPDQ" /DWLHUUDHVUHGRQGDQR 7KHHDUWKLVURXQGQRWVTXDUH
&PRHVWQHVRVQLRV +RZDUHWKRVHVLFNFKLOGUHQ" FXDGUDGD
HQIHUPRV" /RVSXSLWUHVGHORVHVWXGLDQWHV 7KHVWXGHQWVoGHVNVDUHROG
3RUTXHVWQHVDVSHUVRQDV :K\DUHWKRVHKRUULEOHSHRSOH VRQYLHMRV
KRUULEOHVDTX" KHUH" /DJHQWHMRYHQHVWORFD <RXQJSHRSOHDUHFUD]\
&XOHVVRQVXVDSHOOLGRV" :KDWDUHWKHLUVXUQDPHV" $TXHOODJHQWHHVJULHJD 7KRVHSHRSOHDUH*UHHN

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQWRVLGLRPDVKDEODO" +RZPDQ\ODQJXDJHVGRHVKH 4XLQKL]RHVR" :KRGLGWKLV"


VSHDN" 4XLQKL]RTX" :KRGLGZKDW"
$OJXLHQORVDEH" 'RHVDQ\ERG\NQRZ" 4XLQURPSLHVWDYHQWDQD" :KREURNHWKLVZLQGRZ"
4XLQORVDEH" :KRNQRZV" 4XLQFUHHVTXHORURPSL" :KRGR\RXWKLQNEURNHLW"
4XGLFHOFXDQGRWHYH" :KDWGRHVKHVD\ZKHQKH 'HTXLQHVWDPRVKDEODQGR" :KRDUHZHWDONLQJDERXW"
VHHV\RX"
1RGLFHQDGD +HGRHVQoWVD\DQ\WKLQJ

.LWWHQ *DWLWR

3XSS\ &DFKRUUR
&KLFN 3ROOLWR

&DOI 7HUQHUR )RDO 3RWUR

9RFDEXODULR%DE\$QLPDOV &UDV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWDVUHXQLRQHVVXHOHQGXUDU 7KHVHPHHWLQJVXVXDOO\ODVWD
 4XLQKDDSDJDGRODVOXFHV" :KRoVWXUQHGWKHOLJKWVRII"
PXFKRWLHPSR ORQJWLPH /DVDSDJX\R ,WXUQHGWKHPRII
&XQWRWLHPSRVXHOHQGXUDU" +RZORQJGRWKH\XVXDOO\ODVW" <DHVWDEDQHQFHQGLGDVFXDQGR 7KH\ZHUHDOUHDG\RQZKHQ,
6XHOHQGXUDUXQSDUGHKRUDV 7KH\XVXDOO\ODVWDFRXSOHRI OOHJXDTX JRWKHUH
KRXUV (QWRQFHVOOHYDQDOPHQRVGRV 7KHQWKH\oYHEHHQRQIRUDW
3RUTXGXUDQWDQWR" :K\GRWKH\ODVWVRORQJ" GDVHQFHQGLGDV OHDVWWZRGD\V
(OMHIHQXQFDGHMDGHKDEODU 7KHERVVQHYHUVWRSVWDONLQJ 4XLQGHPRQLRVODVGHM :KRWKHKHOOOHIWWKHPRQ"
HQFHQGLGDV"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(VXQERFD]DV +HoVDELJPRXWK 3RUFLHUWRSRUTXQRVDFDVWH %\WKHZD\ZK\GLGQoW\RX



1DGLHOHDJXDQWD 1RERG\FDQVWDQGKLP HOWHPD" EULQJXSWKHVXEMHFW"
7LHQHUDELHWDVFXDQGRQR +HKDVWDQWUXPVZKHQKH 6HKDEUDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI

FRQVLJXHORTXHTXLHUH GRHVQoWJHWZKDWKHZDQWV KDELGRWLHPSR WKHUHKDGEHHQWLPH
3LHUGHORVHVWULERVDPHQXGR +HRIWHQORVHVKLVWHPSHU 3XHGHTXH\DVHKD\DKHFKR ,WPD\DOUHDG\KDYHEHHQGRQH
6LHPSUHVHVDOHFRQODVX\D +HDOZD\VJHWVKLVZD\ 3XHVWRTXHQRKXERWLHPSRQR 6LQFHWKHUHZDVQoWWLPHLW

VHKL]R ZDVQoWGRQH
4XLQORKDEUKHFKR" ,ZRQGHUZKRGLGLW"


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq  7RDVNIRU

,WORRNVJRRGRQ\RX ,WKUHZRQP\FRDWDQGUDQRXW (OYHUERpSHGLUDOJRqRpSUHJXQWDUSRUDOJRq


7HTXHGDELHQ XQDSUHQGD  0HSXVHGHSULVDHODEULJR\VDOFRUULHQGR HVpWRDVNIRUq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
\HDUVWHDFKLQJZHDUVRQ\RX 6KHGRHVQoWZDQWWRWDNHRQWKHUHVSRQVLELOLW\ IUDVHVHQLQJOV"
DRVHQVHDQGRGHVJDVWD 1RTXLHUHDVXPLUUHVSRQVDELOLGDG 9R\DSHGLUODFXHQWD
(OODPHSLGLXQIDYRU
7KH\HDUVZRUHRQ :HoOOWDNHRQDOOFRPSHWLWLRQ /HSHGTXHPHOOHYDUD
/RVDRVSDVDEDQVLQFDPELRV 1RVHQIUHQWDUHPRVDWRGDODFRPSHWHQFLD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

7KHPDQDJHPHQWPHHWLQJFRQWLQXHVDQG&KDUOHV+HQGHUVRQEULQJVXSWKHVXEMHFWRI3HWHU)LHOGV

&KDUOHV 6SHDNLQJRIFROOHFWLYHEDUJDLQLQJZKDWoVWKHFRPSDQ\oV 3ULYDWH VSHQGLQJ KDV ULVHQ D ORW DQG HYHU\ERG\ LV
SRVLWLRQRQWKHZDJHLQFUHDVHIRUQH[W\HDU" EHQHWLQJIURPWKHXSWXUQLQWKHHFRQRP\
6DUDK :HoUH SURSRVLQJ D  SHUFHQW ZDJH LQFUHDVH ,QDWLRQ &KDUOHV 3ULYDWH FRQVXPSWLRQ KDV JRQH XS  6LQFH 3HWHU
LV FXUUHQWO\ DW  SHUFHQW EXW ZH FDQoW DIIRUG WR EH WRRN RYHU IRU -RKQ 2OVRQ VDOHV KDYH ULVHQ  ,I
JHQHURXV\HW,WKLQNWKHZRUNHUVZLOOXQGHUVWDQG P\ EDVLF DULWKPHWLF LV ULJKW KHoV UHVSRQVLEOH IRU D
&KDUOHV :HOOQRZWKDWZHoUHRQWKHVXEMHFWRIZDJHVDQGVDODULHV  LPSURYHPHQW RYHU DQG DERYH WKH ULVH LQ SULYDWH
,ZRXOGOLNHWREULQJXSWKHVXEMHFWRI3HWHU)LHOGV$V\RX FRQVXPSWLRQ
NQRZ *HRUJH ,oYH EHHQ WDONLQJ DW OHQJWK ZLWK 6DUDK
DERXW WKH VXEMHFW DQG ,oYH EHHQ WU\LQJ WR FRQYLQFH KHU ZDJHLQFUHDVH DXPHQWRVDODULDO SDUDRSHUDULRV 
WKDW 3HWHU GHVHUYHV D FRQVLGHUDEOH UDLVH -RKQ 2OVRQ LV ZHFDQoWDIIRUG QRSRGHPRVSHUPLWLUQRVHOOXMR
WU\LQJWRKLUHKLPDQGZHGHVSHUDWHO\QHHGDSHUVRQRI RQWKHVXEMHFWRI FRQHOWHPDGH
KLVFDOLEHULQVDOHV:HFDQoWDIIRUGWRORVHKLP WREULQJXS VDFDU XQWHPD 
6DUDK :HOOZHKDYHDVPDOOGLOHPPDKHUH2QHRIWKHRXWVLGH DWOHQJWK GHWHQLGDPHQWH
FDQGLGDWHV IRU WKH SRVLWLRQ LV 0DUYLQ 7KRPSVRQ +H
FDOLEHU HQ5HLQR8QLGRFDOLEUH
ZDV WKH VDOHV PDQDJHU IRU 1HZ +ROODQG LQ *HUPDQ\
IRUVHYHQ\HDUV+HZDQWVWRPRYHEDFNKHUHIRUIDPLO\ PRYHEDFNKHUH WUDVODGDUVHGHQXHYRDTX
UHDVRQVDQGKHZRXOGEHWKHLGHDOSHUVRQIRUWKHMRE WRPHHWWKDWJXUH LJXDODUHVDFLIUD
&KDUOHV +RZPXFKLVKHDVNLQJ" WHUULF IDQWVWLFR
SULYDWHVSHQGLQJ HOFRQVXPRSULYDGR
6DUDK +H ZDV HDUQLQJ  LQ 1HZ +ROODQG VR ZH DW
OHDVWKDYHWRPHHWWKDWJXUH XSWXUQ UHSXQWH
&KDUOHV 3HWHU HDUQV  D \HDU DQG KHoV GRLQJ D WHUULF MRE SULYDWHFRQVXPSWLRQ HOFRQVXPRSULYDGR
:HoYHQHYHUKDGDSHUFHQWVDOHVLQFUHDVHLQRXUKLVWRU\ RYHUDQGDERYH DGHPVGH
6DUDK 'RQoW IRUJHW WKDW LWoV D  SHUFHQW LQFUHDVH RYHU ODVW
\HDU ZKLFK ZDV DOVR WKH ZRUVW \HDU LQ RXU KLVWRU\


(VWLPDGRDPLJR\DOXPQR+D\XQSURYHUELRLQJOVTXHGLFH$VPRRWKVHDQHYHUPDGHDVNLOIXOPDULQHU8QDEXHQDWUDGXFFLQ
VHUDp'HXQPDUHQFDOPDQXQFDKDVDOLGRXQPDULQHURKDELOLGRVRq<HQODYLGDSDVDLJXDO/DJUDQPD\RUDGHODVSHUVRQDVGH
[LWRORKDQFRQVHJXLGRSRUXQHVIXHU]RKRQHVWRDQWHXQHQWRUQRKRVWLO1RORKDQFRQVHJXLGRQLSRUVXHUWHQLSRUPDODDVWXFLD
6HKDQLGRFXUWLHQGRDQWHORVSUREOHPDV\ORVREVWFXORVVLQGHVIDOOHFHU(QPLVDRVGHSURIHVLQ\KRUDVLPSDUWLGDV
KHOOHJDGRDFRQRFHUEDVWDQWHELHQDXQRVFLHQSUHVLGHQWHVFRQVHMHURVGHOHJDGRVRGLUHFWRUHVJHQHUDOHVGHHPSUHVDVGH[LWRHQ
(VSDD\DVHDQVWDVOLDOHVGHPXOWLQDFLRQDOHVRHPSUHVDVQHWDPHQWHHVSDRODV/RVKHOOHJDGRDFRQRFHUELHQSRUTXHIXHURQ
GXUDQWHFLHUWRWLHPSRDOXPQRVPRVORFXDOPHSHUPLWLFRQRFHUORVGHVGHXQDSHUVSHFWLYDLQWHUHVDQWH\FXULRVD3XHVWRTXHQR
HUDQPX\H[SHUWRVHQHOLQJOVVHVHQWDQDOJRYXOQHUDEOHVGHODQWHGHP\SXGHFRQRFHURLQWXLUVXIRUPDGHVHUUHDOVLQODVEDUUH
UDVTXHPXFKRVDOWRVGLUHFWLYRVSRQHQHQWUHV\ODRUJDQL]DFLQ$OQDOVHDEULHURQ\FRQDURQHQPFRQWQGRPHVXVKLVWRULDV


\VHFUHWRV'HODVFLHQSHUVRQDVGLUDTXHQRYHQWDH[KLEDQFODUDPHQWHXQWDOHQWRHVSHFLDOTXHKDFDOJLFRTXHHVWXYLHUDQHQOD
FXPEUHJDQDQGRPXFKRGLQHUR7DPELQHUDQSHUVRQDVTXHSRQLHQGRODPDQRHQHOIXHJRHUDQKRQHVWDV([KLEDQGRWHVGHOLGH
UD]JR\ODJHQWHOHVDSUHFLDED<WRGRVVLQH[FHSFLQKDEDQWUDEDMDGRGXURDORODUJRGHVX
FDUUHUDSURIHVLRQDO1RWRGRVHUDQOLFHQFLDGRVVXSHULRUHV5HFXHUGRDXQRHQHVSHFLDOTXH
ORJUIUDQTXHDUODEDUUHUDTXHH[LVWDHQODHPSUHVDHQWUHORV
LQJHQLHURV VXSHULRUHV \ ORV LQJHQLHURV WFQLFRV 3HUR LQGH
SHQGLHQWHPHQWHGHVXVHVWXGLRVXQLYHUVLWDULRVWRGRVGHEDQ
VX [LWR D OR TXH GHFLPRV HQ LQJOV pWKLQN KDUG DQG ZRUN
KDUGq /RV EXHQRV FDSLWDQHV TXH VXUFDQ ORV RFDQRV VDEHQ
TXHSDUDVREUHYLYLU\WULXQIDUKDQGHSHQVDULQWHQVDPHQWH\
WUDEDMDULQWHQVDPHQWH*RRGFDSWDLQVDUHPDGHIURPURXJK
VHDVDQGGHHSRFHDQV
5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

(VHQRHVPLEROJUDIR" ,VQoWWKDWP\SHQ" 1RORVDEHHOOD" 'RHVQoWVKHNQRZ"


VRVQRVRQWXVSDGUHV" $UHQoWWKRVH\RXUSDUHQWV" 1RYDVDYHQLU" $UHQoW\RXJRLQJWRFRPH"
1RHVHOODODSURIHVRUD" ,VQoWVKHWKHWHDFKHU" 3RUTXQRHVWVSHQVDQGR" :K\DUHQoW\RXWKLQNLQJPRUH"
1RVRQVWDVQXHVWUDVVLOODV" $UHQoWWKHVHRXUFKDLUV" 3RUTXQRHVWDUQDOO" :K\ZRQoWWKH\EHWKHUH"
1RHVXQDFLXGDGFDUD" ,VQoWLWDQH[SHQVLYHFLW\" 1RSXHGHVGHFUVHOR" DHOODV  &DQoW\RXWHOOWKHP"

)HDWKHUGXVWHU 3OXPHUR

6RDS -DEQ

&ORWK %D\HWD
6RDSGLVK -DERQHUD

6FRXUHU (VWURSDMR

9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RIXLVWH" 'LGQoW\RXJR" 3RUTXQRDSUREDVWHHO :K\GLGQoW\RXSDVVWKHH[DP"


3RUTXQRPHOODPHOOD" :K\GLGQoWVKHSKRQHPH" H[DPHQ"
1RQDFLVWHHQ,UODQGDFRPR :HUHQoW\RXERUQLQ,UHODQG
 1RKDVKDEODGRFRQHOORVDQ" +DYHQoW\RXVSRNHQWRWKHP\HW"
WXVSDGUHV" OLNH\RXUSDUHQWV" 1RSXGLVWHGRUPLUDQRFKH" &RXOGQoW\RXVOHHSODVWQLJKW"
1RWHHVWDEDHVFXFKDQGR" :DVQoWVKHOLVWHQLQJWR\RX" 1RKDVWHUPLQDGRWXFDUUHUD +DYHQoW\RXQLVKHG\RXU
3RUTXQRKDEUHVWDHVWD :K\ZRQoWWKHUHEHDSDUW\
 DQ" GHJUHH\HW"
QRFKH" WRQLJKW" 3RUTXQRWHKDVYHVWLGRDQ" :K\KDYHQoW\RXJRWGUHVVHG
\HW"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXQRKDVYHQLGRSRU :K\KDYHQoW\RXFRPHURXQG
 1RKDEDVHVWDGRHQ3DUV +DGQoW\RXEHHQWR3DULV
DTXOWLPDPHQWH" KHUHODWHO\" DQWHV" EHIRUH"
1RKDVHVFXFKDGRQLXQD +DYHQoW\RXEHHQOLVWHQLQJWRD
 3RUTXQRVDOGUDVFRQOVL :K\ZRXOGQoW\RXJRRXWZLWK
SDODEUDGHORTXHKHGLFKR" ZRUG,oYHVDLG" WHORSLGLHUD" KLPLIKHDVNHG\RX"
3RUTXQRKXER3ROLFDHQHO :K\ZHUHQoWWKHUHDQ\3ROLFH
 3RUTXQRPHFUHHUDVVLWHOR :K\ZRXOGQoW\RXEHOLHYHPH
SDUWLGR" DWWKHPDWFK" GLMHUD" LI,WROG\RX"
3RUTXQRORKDUDV" :K\ZRXOGQoW\RXGRLW" 3RUTXQRIXLLQFOXLGR" :K\ZDVQoW,LQFOXGHG"
1RKDKDELGRFRUUHRKR\" +DVQoWWKHUHEHHQDQ\SRVW 3RUTXQRVHKL]R" :K\ZDVQoWLWGRQH"
WRGD\"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RWHVHQWLUDVWRQWRVLVH :RXOGQoW\RXIHHOVLOO\LIWKH\ 3RUTXQROHVSXHGHV :K\FDQoW\RXSXWXSZLWK


HQWHUDVHQ" IRXQGRXW" DJXDQWDU" WKHP"
3RUTXQRORKDEUDV :K\ZRXOGQoW\RXKDYHWKDQNHG 3RUTXQRPHDYLVDVWHDQWHV :K\GLGQoW\RXOHWPHNQRZ
DJUDGHFLGRVLWHKXELHUDD\XGDGR" KLPLIKHKDGKHOSHG\RX" GHTXHHVWDOODVHQORVSUREOHPDV" EHIRUHWKHWURXEOHEURNHRXW"
1RKDEUDQDSODXGLGRVLHOOD :RXOGQoWWKH\KDYHDSSODXGHG 3RUTXQRPHUHVSDOGDVWHHQ :K\GLGQoW\RXEDFNPHXSLQ
KXELHUDFDQWDGR" LIVKHKDGVXQJ" ODUHXQLQ" WKHPHHWLQJ"
1RKDEUDKDELGRGLUWXUELRVVL :RXOGQoWWKHUHKDYHEHHQD 3RUTXQXQFDWHFDOODV" :K\GRQoW\RXHYHUVKXWXS"
OHKXELHUDQFRQGHQDGR" ULRWLIWKH\KDGVHQWHQFHGKLP" 3RUTXQRHVWR\ :K\DUHQoW,XQGHUVWDQGLQJD
3RUTXQROHJXVWDUHPRVDHOOD" :K\ZRQoWVKHOLNHXV" FRPSUHQGLHQGRQLXQDSDODEUD ZRUG\RXoUHWHOOLQJPH"
GHORTXHPHGLFHV"



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
&RPXQLFDFLQVRFLDOHOPXQGR
:HDJUHHGRQ :K\DUH\RXFDUU\LQJRQOLNHWKDW" LQPRELOLDULR
1RVSXVLPRVGHDFXHUGRHQ 3RUTXHVWVGDOHTXHWHGDOHFRQHO
DVXQWR" 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7KHGRFWRUFDOOVRQPHZHHNO\ IUDVHVHQLQJOV"
(OPGLFRPHYLVLWDFDGDVHPDQD 'RQoWGLHRQPHQRZ /RVSUHFLRVGHODVFDVDVVHKDQGLVSDUDGR
|1RWHPHPXHUDVDKRUD +D\WDQWDVHPSUHVDVSLUDWDVGHFRQVWUXFFLQ
&DUU\RQ 0LUHVGRQGHPLUHVVHYHQJUDV
&RQWLQH 7KH\oUHJDLQLQJRQXV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
1RVHVWQUHGXFLHQGRGLVWDQFLDV UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

7KHPDQDJHPHQWPHHWLQJFRQWLQXHVZLWKDH[FKDQJHEHWZHHQ&KDUOHV+HQGHUVRQDQG*HRUJH5RELQVRQWKHPDQDJLQJGLUHFWRU

*HRUJH , NQRZ 0DUYLQ 7KRPSVRQ SHUVRQDOO\ +HoV D WRXJK SUREDEO\ ZRXOGQoW ZRUN ZHOO WRJHWKHU %HVLGHV LI
KDUGGULYLQJNLQGRISHUVRQ+HZRXOGSUREDEO\SXVK 7KRPSVRQLVEURXJKWLQ,oPVXUH3HWHU)LHOGVZLOOOHDYH
RXU DJHQWV WR WKHLU OLPLW 3HWHU )LHOGV JLYHV PH WKH WR ZRUN ZLWK -RKQ 2OVRQ 7KDW ZLOO OHDYH XV ZLWKRXW
LPSUHVVLRQ RI EHLQJ D OLWWOH VRIW $QG EHVLGHV KHoV D WUDLQLQJ H[SHUW DQG ZLWK D QHZ VDOHV PDQDJHU
DZIXOO\\RXQJWREHLQWKHH\HRIWKHKXUULFDQH ZKR PD\ VWDUW SXVKLQJ WKH DJHQWV WRR KDUG 7KH\oUH
&KDUOHV 3HWHU )LHOGV PD\ EH \RXQJ EXW KHoV FHUWDLQO\ QRW VRIW ZRUNLQJZHOOULJKWQRZDQG3HWHUVHHPVWRKDYHIRXQG
+LV VW\OH LV VLPSO\ GLIIHUHQW +HoV LPSOHPHQWHG D YHU\ WKH IRUPXOD IRU VXFFHVV /HWoV QRW FKDQJH WKLQJV QRZ
LPDJLQDWLYH DGYHUWLVLQJ FDPSDLJQ DQG KDV UHGHVLJQHG WKDWZHoUHJURZLQJDWDUHFRUGSDFH
DQG UHZULWWHQ WKH SURGXFW LQIRUPDWLRQ EXOOHWLQV WKH
DJHQWVXVH7KH\oUHYHU\KDSS\ZRUNLQJZLWK3HWHUDQG WRXJK GXUR
IHHOPXFKPRUHVXSSRUWHGLQWKHLUWHUULWRULHV,WKLQN3HWHU
KDUGGULYLQJ LQWHQVR
LVWKHQHZEORRGZHoYHEHHQQHHGLQJIRUDORQJWLPH7KH
DYHUDJHDJHRIWKHPDQDJHPHQWKHUHLVQHDUDQG\RX KHoVDZIXOO\\RXQJ HVPX\MRYHQ
PXVWDGPLWWKDWWKHPDUNHWLVFKDQJLQJRXUFRQVXPHUV QHZEORRG VDQJUHQXHYD
DUHFKDQJLQJDQGRXUVWUDWHJLHVQHHGWRNHHSSDFHZLWK \RXPXVWDGPLW KDVGHUHFRQRFHU
WKHWLPHV,oPFRQYLQFHGWKDW3HWHU)LHOGVLVWKHULJKWPDQ
IRUWKHMRE:KDWGR\RXWKLQN*HRUJH" WRNHHSSDFHZLWKWKHWLPHV PDQWHQHUVHFRQORVWLHPSRV
*HRUJH , JHW \RXU SRLQW 0DUYLQ 7KRPSVRQ LV H[SHQVLYH EXW ,JHW\RXUSRLQW (QWLHQGRWXDUJXPHQWR
FDQ\RXLPDJLQHZKDWZHFRXOGDFKLHYHLIKHDQG3HWHU ZL]DUG PDJRJHQLR
)LHOGVZHUHWRJHWKHU"0DUYLQZRXOGEHWKHSXVKHUDQG LIKHZHUHSXVKHGDVLGH VLIXHUDGHVSOD]DGR
3HWHUWKHPDUNHWLQJZL]DUG7KH\ZRXOGPDNHDJRRG
WRPDNHURRPIRU KDFHUVLWLRSDUD
WDQGHP
DQRXWVLGHU DOJXLHQGHIXHUD
&KDUOHV ,KDYHP\GRXEWV)LUVWRIDOO3HWHUZRXOGIHHOXSVHWLI
KH ZHUH SXVKHG DVLGH WR PDNH URRP IRU DQ RXWVLGHU LVEURXJKWLQ HVFRQWUDWDGR
6HFRQGO\KHDQG0DUYLQ7KRPSVRQDUHRSSRVLWHV7KH\ DWDUHFRUGSDFH DXQULWPRVLQSUHFHGHQWHV

(VWLPDGRDPLJR\DOXPQR(OGHQXHVWURWLHPSRGHYLJLOLDORGHGLFDPRVDOWUDEDMR6LSRUSHUH]DFLQLVPRRGHVFRQDQ]DFRQ
YHUWLPRVHVDPLWDGGHQXHVWUDYLGDHQXQDSHVDGDFUX]HVXQDWUDJHGLD(OWUDEDMRWLHQHTXHVHUDOJRHVWLPXODQWHTXHHOHYHDOVHU
KXPDQRDXQTXHVHWUDWHGHIDEULFDUDOTXLWUQ5HFXHUGRXQHMHPSORXQDYH]DOQDOGHXQODUJRGDODUHFHSFLRQLVWD\\RUDPRV
ODVQLFDVSHUVRQDVTXHTXHGEDPRVHQODRFLQD6HUDQODVKRUDVGHODWDUGH6DODODPTXLQDGHDJXD\ODVDOXG
p4XWDO)HUQDQGD"q
p%LHQSHURPHKDQHQFDVTXHWDGRXQWUDEDMRXQSRFRPRQWRQRSDUDUHPDWDUODWDUGHq
p4XHV"q
p7HQJRTXHPDUFDUGHHVWDOLVWDDWRGDVODVSHUVRQDVTXHVHDQGHOFGLJRSRVWDOq
p&XQWDVKD\HQWRWDO"q
p8QDVq
p9HQDPLGHVSDFKR\WUDHODOLVWDq


)HUQDQGDDFXGLDPLGHVSDFKR\UHSDUWLPRVODVSJLQDVGHOLVWDTXHGQGRPH\RFRQ\HOODFRQ$FWRVHJXLGRVDTXXQD
KRMDHQEODQFR\ODGLYLGFRQPLEROJUDIRHQGRVFROXPQDVXQDHQFDEH]DGDFRQPLQRPEUH\ODRWUDFRQHOGH)HUQDQGD
p9DPRVDKDFHUHVWRMXQWRV\TXLHQPVQRPEUHVHQFXHQWUHFRQHOFGLJRJDQDq
6HWUDWDEDGHODDFWLYLGDGPVPRQWRQDLQLPDJLQDEOHSHURHOUHWRHVWDEDVHUYLGR\WDQWR)HUQDQGDFRPR\RIXLPRVUSLGDPHQWHHQ
EXVFDGHODYLFWRULDOOHQDQGRQXHVWUDVFROXPQDVGHSXQWRVULQGRQRVHQODFDUUHUD\WHUPLQDQGRHOWUDEDMRHQPLQXWRV)HUQDQGD
PHJDQDOQDOSHUR\RWDPELQJDQDOJRDOJRPVLPSRUWDQWHWRGDYD*DQDODPXMHUTXHDKRUDHVODPDGUHGHPLVGRVKLMRV
(PSOHXQWUXFRSDUDFRQYHUWLUXQDWDUHDLQJUDWDHQDOJRGLYHUWLGR\HQHOSURFHVRJDQHOFRUD]QGHXQDMRYHQGHLQWR[LFDQWHEHOOH
]D3HURHOWUXFRORVLJRXWLOL]DQGR\DGLDULR$KRUDDPLPDGXUDHGDGVLJRLPEX\HQGRFDGDWDUHDGHDOJRGHUHWR\HVWHUHWRKDFHTXH
HVHREOLJDWRULRGHPLYLGDHVGHFLUPLTXHKDFHUODERUDOVHYLVWDGHXQFRORULGRTXHOHDDGHDOHJUD\VLJQLFDFLQ
5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

6RQPX\ODUJRV 7KH\oUHYHU\ORQJ +D\XQFRQHMRHQQXHVWURMDUGQ 7KHUHoVDUDEELWLQRXUJDUGHQ


3RUTXQRHVWQDTX" :K\DUHQoWWKH\KHUH" 'HTXLQHV" :KRVHLVLW"
4XLQHVVRQHOODV" :KRDUHWKH\" (OMDUGQHVQXHVWUR 7KHJDUGHQoVRXUV
6RQVXVKHUPDQDV" GHHOODV  $UHWKH\WKHLUVLVWHUV" (VWR\KDEODQGRGHOFRQHMR ,oPWDONLQJDERXWWKHUDEELW
3RUTXQRHVWQDTXVXV :K\DUHQoWWKHLUEURWKHUVKHUH"
 &ODUR3XHVQRWHQJRQLLGHD 2IFRXUVH:HOO,KDYHQRLGHD
KHUPDQRV" GHHOORV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+D\DOJXLHQDOO" ,VWKHUHDQ\ERG\WKHUH" $OJXLHQWLHQHDOJXQDSUHJXQWD" 'RHVDQ\ERG\KDYHDQ\


1RFUHRTXHKD\DQDGLHDOO ,GRQoWWKLQNWKHUHoVDQ\ERG\ TXHVWLRQV"
WKHUH 3RUTXQDGLHHVWGLFLHQGR :K\LVQoWDQ\ERG\VD\LQJ
3HURVLHPSUHKD\DOJXLHQDOO %XWWKHUHoVDOZD\VVRPHERG\ QDGD" DQ\WKLQJ"
WKHUH &UHRTXHWRGRVWLHQHQPLHGR ,WKLQNWKH\oUHDOODIUDLG
$\HUYLQRWRGRHOPXQGR (YHU\ERG\FDPH\HVWHUGD\ 0LHGRGHTX" $IUDLGRIZKDW"
&UHHVTXHDOJXLHQYHQGU 'R\RXWKLQNDQ\ERG\ZLOO (VWQSUHRFXSDGRVSRUORTXH 7KH\oUHZRUULHGDERXWZKDW
PDDQD" FRPHWRPRUURZ" YDQDSHQVDUORVGHPV WKHRWKHUVDUHJRLQJWRWKLQN

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

0HJXVWDV ,OLNH\RX 'HEHUDLUPH\D ,VKRXOGOHDYHQRZ


7HJXVWR" 'R\RXOLNHPH" 3RGUDVHVSHUDUXQSRFRQR" <RXFRXOGZDLWDOLWWOHFRXOGQoW
&UHTXHQRWHJXVWDED ,WKRXJKW\RXGLGQoWOLNHPH \RX"
6LHPSUHPHKDVJXVWDGR ,oYHDOZD\VOLNHG\RX 0HSHUPLWLUDVTXHWHOOHYDUD :RXOG\RXDOORZPHWRWDNH
7HJXVWDUSDUDVLHPSUH" :LOO\RXOLNHPHIRUHYHU" DFDVD" \RXKRPH"
6LIXHUDVPVJXDSRV ,I\RXZHUHEHWWHUORRNLQJ,
ZRXOG
3XHGHTXHHVWVSHUGLHQGRXQD <RXPLJKWEHPLVVLQJRXWRQD
JUDQRSRUWXQLGDG ELJRSSRUWXQLW\

3ROLVKHU (QFHUDGRUD

0RS )UHJRQD

%URRP &HSLOOR

'XVWSDQ 5HFRJHGRU
9DFXXP&OHDQHU $VSLUDGRUD

9RFDEXODULR&OHDQLQJ7RROV 8WHQVLOLRVGHOLPSLH]D

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

|'MDPHHQSD] /HDYHPHDORQH 6HURQRVHUXQDHVWUHOODGHO 7REHRUQRWWREHDQ(QJOLVK



'HMDGHPROHVWDUPHTXLHUHV" 6WRSERWKHULQJPHZLOO\RX" LQJOVHVODFXHVWLQ VXSHUVWDUWKDWLVWKHTXHVWLRQ
3RUTXQRWHVXHOWDVODPHOHQD :K\GRQoW\RXOHW\RXUKDLU
 (QWUHTXGHEHPVGLJQDPHQWH :KHWKHUnWLVQREOHULQWKH

XQSRFR" GRZQDELW" RSWDUHODOPDQREOHf PLQGf
1RWHKDVGDGRFXHQWD\DGH +DYHQoW\RXUHDOLVHGWKDW,oP
 HQWUHVXIULUGHODIRUWXQDLPSD fWRVXIIHUWKHVOLQJVDQG

TXHVR\FDOYR" EDOG\HW" HOSRUDGRUULJRU DUURZVRIRXWUDJHRXVIRUWXQH
(VWDEDKDEODQGRGHPDQHUD ,ZDVVSHDNLQJPHWDSKRULFDOO\
 RUHEHODUVHFRQWUDXQPDUGH 2UWRWDNHDUPVDJDLQVWDVHD

PHWDIULFD GHVGLFKDV RIWURXEOHV
\DIURQWQGRORGHVDSDUHFHU DQGE\RSSRVLQJHQGWKHP

FRQHOODV

Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
3UDFWLFDO(QJOLVKFDPELRGHSODQHV
+HOLYHVRQHXURVDPRQWK <RXQHHGWRPRYHRQ
6HDSDDFRQHXURVDOPHV 7LHQHVTXHVHJXLUDGHODQWHFRQWXYLGD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
+LVPHPRU\ZLOOOLYHRQ /HWoVPRYHRQWRWKHQH[WLWHPRQWKH 9R\WDUGH
6XUHFXHUGRSHUGXUDU DJHQGD (VWDPRVGHWHQLGRVHQHOWUFR
3DVHPRVHOSU[LPRSXQWRGHORUGHQGHOGD (PSLH]DVLQP
)URJVOLYHRQLHV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
/DVUDQDVVHDOLPHQWDQGHODVPRVFDV ,oPSODQQLQJRQJRLQJWKHUHVRRQ UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
3LHQVRLUDOOSURQWR VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 
7KHPDQDJHPHQWPHHWLQJHQGVZLWKWKHDJUHHPHQWQRWWRKLUH0DUYLQ7KRPSVRQDQGWRSURPRWH3HWHU)LHOGV

*HRUJH :HOO 0DUYLQ 7KRPSVRQ LV FHUWDLQO\ LQWHUHVWHG LQ &KDUOHV 1R WKDQNV <RX DOUHDG\ NQRZ P\ RSLQLRQ RQ WKH
ZRUNLQJKHUH,LPDJLQHLIZHGRQoWRIIHUKLPWKHMRE PDWWHU,oGUDWKHUOHDYHLWWRWKHWZRRI\RX
KHoOO HQG XS LQ 0DVVH\ RU LQ )RUG DQG ZHoOO KDYH WR *HRUJH 2ND\ ODGLHV DQG JHQWOHPHQ , WKLQN ZHoYH FRYHUHG
FRPSHWHDJDLQVWKLP,GRQoWOLNHWKDWLGHD,SUHIHUKLP HYHU\WKLQJWRGD\,WoVEHHQDSURGXFWLYHPHHWLQJ/HWoV
RQRXUVLGH JHWEDFNWRZRUN
&KDUOHV :KR NQRZV" +H PLJKW GHFLGH WR VWD\ LQ *HUPDQ\ ,
GRXEW WKDW 0DVVH\ RU )RUG ZRXOG EH ZLOOLQJ WR SD\
FHUWDLQO\ VLQGXGD
KLPD\HDU7KH\oYHEHHQJRLQJWKURXJKWKH
VDPHSUREOHPVZHKDYHDQGWKH\oUHLQDQHYHQZRUVH KHoOOHQGXS DFDEDU
SRVLWLRQWKDQZHDUHWRVWDUWSD\LQJVXFKELJVDODULHV RQRXUVLGH GHQXHVWURODGR
:KDWGR\RXVXJJHVWZHGR6DUDK" ZRXOGEHZLOOLQJ HVWDUDGLVSXHVWR
6DUDK ,VXJJHVWWKDW\RXDQG,*HRUJHVLWGRZQDQGKDYHD JRLQJWKURXJK SDVDQGRSRU
ORQJFKDWZLWK3HWHU)LHOGVDERXWWKHIXWXUH,ZDQWWR
VXFKELJVDODULHV VXHOGRVWDQDOWRV
NQRZZKDWKHWKLQNVH[DFWO\DQGWRZKDWH[WHQWKHoV
FRPPLWWHGWRXVDQGWRWKHIXWXUHRIWKLVFRPSDQ\, WRKDYHDORQJFKDWZLWK KDEODUODUJR\WHQGLGRFRQ
ZDQWKLPWRFRQYLQFHXVWKDWKHoVWKHPDQ ZH QHHG WRZKDWH[WHQW KDVWDTXSXQWR
,IKHFDQGRWKDWWKHQ,oOOWHOO0DUYLQ7KRPSVRQWKDW FRPPLWWHGWRXV FRPSURPHWLGRFRQQRVRWURV
WKHGHDOLVRII
WKHGHDOLVRII \DQRKD\DFXHUGR
*HRUJH :KHQFDQZHJHWWRJHWKHUZLWKKLP",GRQoWKDYHDQ\
DSSRLQWPHQWVUVWWKLQJLQWKHPRUQLQJ JHWWRJHWKHUZLWK UHXQLUVHFRQ
6DUDK )LQHQHLWKHUGR,,oOOFDOO3HWHUDQGVHWXSDPHHWLQJIRU UVWWKLQJLQWKHPRUQLQJ DSULPHUDKRUDGHODPDDQD
WRPRUURZPRUQLQJLQ\RXURIFH*HRUJH,I\RX VHWXSDPHHWLQJ MDUXQDUHXQLQ
ZDQWWRMRLQXV&KDUOHV\RXoUHZHOFRPH

(VWLPDGRDPLJR\DOXPQR(OPXQGRHVWOOHQRGHSHUVRQDVTXHKDQOOHJDGRDUULEDDSDUHQWHPHQWHGHODQDGDp'HGQGHKD
YHQLGRVH"qVHR\HFRQIUHFXHQFLDp0HQXGDVXHUWHKDWHQLGRHOWRqVHHVFXFKDHQRWUDVRFDVLRQHV3HURVLWHUHVXQRGHHVRVTXH
PXUPXUDQHVWDVFRVDVKD]XQHVIXHU]RSRUVDOLUGHWXPLRSDGHWXFLQLVPRGHWXHQYLGLDRGHWXLQGROHQFLD\WUDWDGHFRQRFHUXQ
SRFRPHMRUDHVHpDIRUWXQDGRq6LORKDFHVREVHUYDUVHQQXHYHGHFDGDGLH]GHHOORVXQGHVWHOORGHOX]HQORVRMRV\XQDHQHUJD
LQWHULRUTXHWQRSRVHHVRTXHKDVGHVGHDGRHQDOJQPRPHQWRGHWXYLGDKDVWDDSDJDUORVGHOWRGR
(VHSHTXHRSRUFHQWDMHGHSHUVRQDVDSDUHQWHPHQWHGH[LWRHQHVWHPXQGRFPRKDQOOHJDGRDUULED"/RVKD\TXHQDFHQULFRV
/RVKD\TXHVXEHQSRUDVWXFLD\PDOGDG'HVSXVORVKD\TXHOOHJDQSRUORVRWURVGRVFDPLQRVTXHQRVTXHGDQHOGHORVDIRUWX
QDGRV\HOGHORVKRQHVWDPHQWHHQWUHJDGRV6LQRVHQFDUJDVHQUHDOL]DUXQHVWXGLR\SXEOLFDUXQUHSDUWRSRUFHQWXDOGHHVWDVFXDWUR
FDWHJRUDVGHSHUVRQDVGH[LWRFUHRTXHHOUHSDUWRFRUUHFWRVHUDHOVLJXLHQWH
/RVQDFLGRULFRV 
/RVDVWXWRV\RPDORV 
/RVDIRUWXQDGRV 
/RVKRQHVWDPHQWHHQWUHJDGRV 
6LHPSUHYDDKDEHUULFRVDVWXWRVPDORV\DIRUWXQDGRVSHURVLHPSUHVHUQXQDPLQRUDHQWUHODVSHUVRQDVGH[LWRHQHVWHPXQGRSRUPX\
GHVFRQDGRV\FQLFRVTXHDOJXQRVTXLHUDQSRQHUVHDQWHHVWDDVHYHUDFLQ(VSUHFLVDPHQWHODGHVFRQDQ]D\FLQLVPRGHHVWDVSHUVRQDVOR


TXHOHVFRORFDELHQHQRWUDFROXPQDDSDUWHUHVHUYDGDSDUDORVIUDFDVDGRVRELHQHQHODSDUWDGRGHDUULEDGHORVDVWXWRV\RPDORV
/DQDWXUDOH]DGHVERUGDEHOOH]D1RVTXHGDPRVDGPLUDGRVDQWHORVFDPELRVHVWDFLRQDOHVDQWHODKHUPRVDIXHU]DGHODVWRUPHQWDV
GHORVYLHQWRVRGHODVQLHYHVDQWHODDUPRQDGHODSHUIHFFLQIVLFDELROJLFD\HFROJLFDGHODQDWXUDOH]D&RPRVHUHVKXPDQRV
IRUPDPRVSDUWHGHHVWHGHVLJQLR1XHVWUDVDFFLRQHV\UHDFFLRQHVIRUPDQXQDSDUWHLQHOXGLEOHGHODQDWXUDOH]DGHODVFRVDV6LQRV
TXHGDPRVWDQDGPLUDGRVDQWHODEHOOH]DGHODQDWXUDOH]DSRUTXQRKHPRVGHTXHGDUQRVLJXDOPHQWHPDUDYLOODGRVDQWHHODVSHF
WRWDOYH]PVLQVOLWRGHWRGDHVWDVLQIRQDHOVHUKXPDQR\VXVFDSDFLGDGHV"
(OWUDEDMRHVODPHMRUYDSRUODTXHHOKRPEUHHOPD\RUHMHPSORGHODJUDQGH]DGHODQDWXUDOH]DSXHGHUHDOL]DUVH\FRQVDJUDUVXOXJDUHQ
HVWHPXQGR<DVFRPRODQDWXUDOH]DIVLFDQRVLPSUHVLRQDHVLJXDOPHQWHLPSUHVLRQDQWHHLQFOXVRPVHOSURGXFWRQDOGHORSWLPLVPR
KXPDQR 5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

4XGDHVKR\" :KDWGD\LVLWWRGD\" 1RHOGRPLQJRHVHOOWLPR 1R6XQGD\LVWKHODVWGD\RI


1RORVPDP ,GRQoWNQRZPXPP\ GDGHODVHPDQD WKHZHHN
(VHOSULPHUGDGHODVHPDQD ,WoVWKHUVWGD\RIWKHZHHN 4XGDYLHQHGHVSXVGHO :KDWGD\FRPHVDIWHU6XQGD\"
&XOHVHOSULPHUGDGHOD :KDWLVWKHUVWGD\RIWKH GRPLQJR"
VHPDQD" ZHHN" 'HEHVHUHOVEDGR ,WPXVWEH6DWXUGD\
(VGRPLQJR" ,VLW6XQGD\" (OVEDGRYLHQHDQWHVGHO 6DWXUGD\FRPHVEHIRUH
GRPLQJRQRGHVSXV 6XQGD\QRWDIWHU
1RVDEHVTXHHVOXQHV" 'RQoW\RXNQRZLWoV0RQGD\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6DEHVTXVHPDQDHV" 'R\RXNQRZZKDWZHHNLWLV" +R\WDPELQHVXQGDPX\ 7RGD\LVDOVRDYHU\LPSRUWDQW


&ODURTXHV(V6HPDQD6DQWD 2IFRXUVH,GR,WoV6HPDQD6DQWD LPSRUWDQWHSDUDORVLUODQGHVHV GD\IRUWKH,ULVK
&PRVHGLFH6HPDQD6DQWD +RZGR\RXVD\6HPDQD6DQWD 7DPELQFHOHEUDQ(DVWHUDOO" 'RWKH\FHOHEUDWH(DVWHUWKHUH
HQLQJOV" LQ(QJOLVK" WRR"
6LUHFXHUGRELHQFUHRTXHVH ,I,UHPHPEHUZHOO,WKLQNLWoV +D\PXFKRVFDWOLFRVHQ 7KHUHDUHPDQ\&DWKROLFVLQ
OODPD(DVWHU FDOOHG(DVWHU ,UODQGD ,UHODQG
|4XQRPEUHPVUDUR :KDWDVWUDQJHQDPH 3HURQRPHUHHURDHVR %XW,oPQRWUHIHUULQJWRWKDW
+R\HVHOGDGH6DQ3DWULFLR 7RGD\LV6DLQW3DWULFNoVGD\

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/DJHQWHLUODQGHVDSRUWRGRHO ,ULVKSHRSOHDURXQGWKHZRUOG
 6XHOHQOOHYDUDOJXQDSUHQGD 7KH\XVXDOO\ZHDUDJUHHQLWHP
PXQGRORFHOHEUD FHOHEUDWHLW YHUGHHVHGD RIFORWKLQJRQWKDWGD\
$OJXQRVYDQDPLVD 6RPHJRWRPDVV 3DUHFHUDQFRPR5RELQ+RRG 7KH\oGORRNOLNH5RELQ+RRG
3HURFDVLWRGRVHOORVVH %XWDOPRVWDOORIWKHPJHWD
 QR" ZRXOGQoWWKH\"
HPERUUDFKDQXQSRFR OLWWOHGUXQN 1RYDQYHVWLGRVGHYHUGHGH 7KH\GRQoWJRGUHVVHGIURP
,QFOXVRVLHVOXQHV" (YHQLILWoVD0RQGD\" ORVSLHVDODFDEH]D KHDGWRWRHLQJUHHQ
(QHVHFDVRSXHGHTXHVHDXQ ,QWKDWFDVHLWPLJKWEHDELW
 6ORWLHQHTXHVHUXQDSUHQGD ,WRQO\KDVWREHRQHLWHPRI
SRFRGLIHUHQWH GLIIHUHQW FORWKLQJ
8QDFRUEDWDFDOFHWLQHV $WLHVRFNVXQGHUSDQWV
FDO]RQFLOORVORTXHTXLHUDV ZKDWHYHU\RXZDQW

%DVNHW &DQDVWD *XDUG (VFROWD

7LPH2XW 7LHPSRPXHUWR

3RLQW*XDUG $OHUR
&HQWHU 3LYRW

9RFDEXODULR%DVNHWEDOO %DORQFHVWR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6DEHVTXHSDUHFHVPV'R\RXNQRZ\RXORRNWKLQQHU 6DEHVFPRVHOODPDQORV 'R\RXNQRZZKDWWKHQDPHV



GHOJDGDDKRUDPDP" QRZPXP" GDVHQ6HPDQD6DQWD" RIWKHGD\VLQ(DVWHUDUHFDOOHG"
'HMGHFRPHUFRPLGDJUDVLHQWD ,JDYHXSIDWW\IRRGGXULQJ 'RPLQJRGH5DPRV 3DOP3DVVLRQ6XQGD\
GXUDQWHOD&XDUHVPD /HQW -XHYHV6DQWR 0DXQG\7KXVGD\
6HJQOD%LEOLD-HVVD\XQ $FFRUGLQJWRWKH%LEOH-HVXV 9LHUQHV6DQWR *RRG)ULGD\
GXUDQWHFXDUHQWDGDV\ IDVWHGIRUIRUW\GD\VDQGQLJKWV 'RPLQJR6DQWR (DVWHU6XQGD\
FXDUHQWDQRFKHV
'HEHKDEHUVLGRPX\GHOJDGR +HPXVWKDYHEHHQYHU\WKLQ
GHVSXVGHWDQWRWLHPSRVLQ DIWHUVRPXFKWLPHZLWKRXW
FRPHU HDWLQJ
6SHUROQRORKDFDSRU <HVEXWKHZDVQoWGRLQJLWIRU

PRWLYRVHVWWLFRV DHVWKHWLFUHDVRQV

Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq  $ORW
6LJQLFDpPXFKRDq\pPXFKRVDVq\VH
,WoVDSOD\RQZRUGV <RXFDQNHHS\RXUKDWRQ SXHGHHPSOHDUHQDUPDWLYRQHJDWLYRLQWH
(VXQMXHJRGHSDODEUDV 3XHGHVVHJXLUFRQHOVRPEUHURSXHVWR UURJDWLYR\WDPELQFRQVXVWDQWLYRVFRQWDEOH
\QRFRQWDEOHV
+HVWD\HGRQDVDFRQVXOWDQW &DQ\RXFKHFNRQWKHNLGV" 3RQWHDSUXHEDVDEHVGHFLUODVVLJXLHQWHV
6HTXHGFRPRFRQVXOWRU 3XHGHVYHUVLHVWQELHQORVQLRV" IUDVHVHQLQJOV"
7HQJRPXFKRVOLEURV
7U\LWRQ ,oOOSDVVRQ\RXUPHVVDJHWR3HWHU 1RWHQJRPXFKRWLHPSR
3UXEDWHOR 3DVDUWXPHQVDMHD3HGUR 7LHQHQPXFKDFHUYH]D"
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQZDQWVWRJHWWRNQRZ3HWHU)LHOGVDELWEHWWHUDQGVWULNHVXS HQWDEODU DFRQYHUVDWLRQZLWKKLP

&KDUOHV ([FXVHPH3HWHUGR\RXKDYHDPLQXWH" 3HWHU (DFKDJHQWZLOOKDYHSHUVRQDODQGSULYDWHDFFHVVWRD


3HWHU 6XUH&KDUOHVFRPHLQ:KDWoVRQ\RXUPLQG" ZHEVLWH ZHoYH GHVLJQHG $W WKH HQG RI HDFK ZRUNLQJ
GD\ WKH\ ZLOO VLPSO\ HQWHU WKH RUGHUV WKURXJK DQ
&KDUOHV ,oPLQWHUHVWHGLQNQRZLQJDOLWWOHPRUHDERXWWKLVQHZ
HDV\IRUPZHoYHGHVLJQHG2XUVHUYHUZLOOUHJLVWHUWKH
LQIRUPDWLRQV\VWHP\RXoUHVHWWLQJXSZLWKWKHDJHQWV
LQIRUPDWLRQDQGRUJDQL]HLWLQOLQHZLWKRXUQHHGV
,WVHHPVOLNHDSUHWW\FRPSOLFDWHGWKLQJWRPH
3HWHU :HOOLWoVVRPHWKLQJZHoYHQHHGHGIRUDORQJWLPH8S :KDWoVRQ\RXUPLQG" 4XWHWUDHDTX" $VXQWR 
WRQRZZHoYHFRPSLOHGWKHVDOHVJXUHVRQDPRQWKO\ <RXoUHVHWWLQJXS HVWVPRQWDQGR
EDVLV $JHQWV VHQW LQ ZHHNO\ VXPPDU\ VKHHWV DQG
3UHWW\ EDVWDQWH
P\ SHRSOH VSHQW KRXUV HQWHULQJ WKH JXUHV LQWR WKH
FRPSXWHU $V \RX NQRZ RXU PRQWKO\ WRWDOV RQ VDOHV :HoYHFRPSLOHG KHPRVUHFRSLODGR
KDYH QHYHU EHHQ UHDG\ XQWLO DURXQG WKH WK RI WKH 2QDPRQWKO\EDVLV PHQVXDOPHQWH
IROORZLQJPRQWK:LWKWKHQHZV\VWHPZHoOOKDYHWKH 6XPPDU\VKHHWV KRMDVGHUHVXPHQ
GDLO\JXUHVRQDOOVDOHVE\SPHYHU\HYHQLQJ
%\SP SDUDODVKRUDVGHODQRFKHFRPRPX\WDUGH
&KDUOHV 'RZHUHDOO\QHHGGDLO\JXUHV"
$OORZVIRU SHUPLWH
3HWHU 1RW QHFHVVDULO\ %XW WKH QHZ V\VWHP DOORZV IRU GDLO\
LQIRUPDWLRQ ZLWKRXW DQ\ H[WUD ZRUN IRU XV RU WKH :LOOEHFXWWR VHUHGXFLUD
DJHQWV,QIDFWDOOWKHWLPHZHQRUPDOO\VSHQGHQWHULQJ )RUP IRUPXODULR
WKHGDWDZLOOEHFXWWR]HUR
&KDUOHV +RZGRHVWKHV\VWHPZRUN"


(VWLPDGRDPLJR\DOXPQR+D\GDVHVFRODUHVDODRHQ(VSDD\HQPXFKRVRWURVSDVHVGHOPXQGR3DUHFHQSRFRVYHUGDG"6OR
HOGHORVGDVTXHWLHQHXQDR3HURDQDVFDOFXOHPRVHOWRWDOGHGDVHVFRODUHVHQODYLGDDFDGPLFDGHXQHVWXGLDQWHTXHWHUPLQD
FRQ[LWRODXQLYHUVLGDG$FWXDOPHQWHHQ(VSDDHODOXPQRHQWUDHQSUHHVFRODUDORVWUHVDRVGHHGDG\VLKDFHXQDFDUUHUDTXHQRVHD
,QJHQLHUDWHUPLQDUDORVDRV(VWRVXPDDRVRGDVHVFRODUHV&UHHVTXHHVSRVLEOHDSUHQGHULQJOVGHGLFDQGR
GDV"&RQTXHFDGDFODVHGHDOXPQRVWXYLHUDXQDKRUDGLDULDGHDXGLFLQSDVLYDGHVGHORVWUHVDORVDRVHVWREDVWDUDSDUDTXH
WRGRVWHUPLQDUDQVXHVFRODULGDGFRQXQQLYHOKDEODGRDOWR\XQQLYHODXGLWLYRFDVLQDWLYR1RKDUDQIDOWDH[PHQHV/DQRWDVORWHQGUD
TXHEDVDUVHHQODDVLVWHQFLDDFODVH$KRUDELHQXQQLFRUHTXLVLWRVHUDTXHORVSURIHVRUHVWXYLHUDQDFHQWRQDWLYR\SXGLHUDQDVHJXUDU
TXHODPXVLFDOLGDGGHVXYR]LPSUHJQDVHHODXODGXUDQWHWRGDODKRUDGHFODVH6LTXLVLUDPRVDDGLUGHEHUHVVWRVVHUDQIUDJPHQWRV
GHDXGLFLQ\DGLVSRQLEOHVHQ,QWHUQHWFRQXQFXHVWLRQDULRGHOWLSRYHUGDGHURIDOVRHQSDSHORFROJDGRHQODZHETXHDVHJXUDUDTXH
HODOXPQRHVFXFKDVHHOIUDJPHQWRHQFXHVWLQ/DSDODEUDHVFULWD\ODVH[SOLFDFLRQHVJUDPDWLFDOHVQRDSDUHFHUDQKDVWDWHUFHURGHOD
(62FXDQGRORVFKDYDOHVWXYLHUDQDRV(QRWUDVSDODEUDVORVRQFHSULPHURVDRVGHFODVH KRUDV VHUDQDXGLFLQSXUD\GXUD
SHURRMRFRQYRFHVQDWLYDV\SURIHVRUHV RDQJORSDUODQWHV HQWUHJDGRVDOREMHWLYR<DDORVDRVORVMYHQHVHPSLH]DQDGHVDUUROODU
XQDPHQWHPVDQDOWLFD\VL\DUHFRQRFHQVLQSHVWDHDUODSURQXQFLDFLQGHODVSDODEUDV\ODVLQWD[LVGHODVIUDVHV WUDVRQFHDRVHVFX
FKQGRODV HQWRQFHVVHDGDSWDUQDODHVFULWXUD\JUDPWLFDFRPRHOSH]DODJXD$KRUDELHQHOHQIRTXHVHJXLUDVLHQGRGHXQGH
DXGLFLQLQFOXVRGXUDQWHODFDUUHUDXQLYHUVLWDULD
3RUTXORVWD[LVWDVGHPVWHUGDPR&RSHQKDJXHKDEODQLQJOVDVXVSDVDMHURVH[WUDQMHURVVLQSUREOHPD"7HDGYLHUWRSRUH[SHULHQFLD
TXHHVWRVWD[LVWDVQRKDEODQFRQXQDJUDPWLFDSHUIHFWDQLXQDSURQXQFLDFLQSXOLGD6LQHPEDUJRVHPDQHMDQHQHOLGLRPDFRPROD
FRVDPVQDWXUDOGHOPXQGR1ROHVSLGDVTXHWHH[SOLTXHQODFRQMXJDFLQGHOYHUERWRWDNHQLTXHWHDFODUHQHOXVRGHORVSURQRPEUHV
UHODWLYRVQLTXHWHHQXPHUHQODVGLIHUHQWHVSRVLELOLGDGHVGHJHWVHJQTXSUHSRVLFLQOHHQJDQFKDGHVSXV1RVDEUDQFRQWHVWDUWH
SRUTXHQRORVDEHQ3HURVVDEHQHQWHQGHUDORVWXULVWDVSHUIHFWDPHQWH\FRQWHVWDUOHVFRQXQDJUDPWLFDWDOYH]LPSHUIHFWDSHURFRQXQD
HFDFLDFRPXQLFDWLYDWRWDO(VWRVWD[LVWDVTXHGHMDURQODHVFRODULGDGDORVRDRVVHPDQHMDQPHMRUTXHODLQPHQVDPD\RUDGHORV
HVWXGLDQWHVHVSDROHVGH,QJHQLHUDDOWUPLQRGHVXVVHLVDRVGHFDUUHUD&PRSXHGHVHUHVWR")FLOGHVGHSUHHVFRODUHQ+RODQGDR
'LQDPDUFDQRSDUDQGHRUXQLQJOVELHQKDEODGRGXUDQWHXQDKRUDDOGD(OVLVWHPDHGXFDWLYRGHXQSDVHVHOQLFRDJHQWHFDSD]GHGDU
ODYXHOWDDXQDVLWXDFLQFRPRHVHOLQJOVHQ(VSDD(OGHMDUGHGREODUODVSHOFXODV\VHULHVGHWHOHYLVLQD\XGDUDQPX\SRFRSXHVWRTXH


KD\PXFKRVSDVHVGRQGHQRGREODQ\GRQGHHOQLYHOJHQHUDOGHLQJOVHVWDPELQEDMRFRPRDTXHQ(VSDD/DVROXFLQHVWHQPDQRV
GHORVSRGHUHVSEOLFRV\GHQDGLHPV<R\PLVFRODERUDGRUHVDWUDYVGH(/081'2GH9DXJKDQ5DGLRGH9DXJKDQWRZQGH$SUHQGH
,QJOV79\GHQXHVWUDOXFKDHQPXFKRVPVIUHQWHVHVWDPRVLQWHQWDQGRD\XGDURVDWRGRVFRQHOGLFKRVRWHPDGHOLQJOVSHURKDVWDTXH
HOVLVWHPDHGXFDWLYRQRGHFLGDSRQHUSDWDVDUULEDODIRUPDDFWXDOGHDERUGDUHOLGLRPDQRSUHYHRPXFKRDYDQFH 
5LFKDUG9DXJKDQ

/RZ%HJLQQHU +LJK%HJLQQHU

6XSDGUHHVPLKHUPDQR GHHOOD  +HUIDWKHUoVP\EURWKHU 4XKDFHHOOD" DKRUD  :KDWoVVKHGRLQJ"


0LVREULQDHVVXKLMD GHO  0\QLHFHLVKLVGDXJKWHU (QTXSLHQVDV" :KDWoVVKHWKLQNLQJDERXW"
6XHVSRVDHVPLFXDGD +LVZLIHoVP\VLVWHULQODZ 4XKDFHO" GHWUDEDMR  :KDWGRHVKHGR"
(OKHUPDQRGHPLFXDGDHV 0\VLVWHULQODZoVEURWKHULVD
 'QGHYDV" :KHUHDUH\RXJRLQJ"
FXUD SULHVW 4XGLFHV" :KDWDUH\RXVD\LQJ"
6XLJOHVLDHVWHQHOQRURHVWH +LVFKXUFKLVLQWKHQRUWKHDVW

GH(VSDD RI6SDLQ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7HQJRXQWRTXHYLYHHQ6XL]D ,KDYHDQXQFOHZKROLYHVLQ &XQWRWDUGDUV" +RZORQJZLOOLWWDNH\RX"


6ZLW]HUODQG 6XHORWDUGDUXQDKRUD ,XVXDOO\WDNHDQKRXU
+DEODVXL]R" 'RHVKHVSHDN6ZLVV" 7LHQHVSULVD" $UH\RXLQDKXUU\"
1RFUHRTXHKD\DXQLGLRPD ,GRQoWWKLQNWKHUHoVDODQJXDJH
 1HFHVLWRTXHPHORGHVPDDQD ,QHHG\RXWRJLYHLWWRPH
TXHVHOODPHVXL]R WKDWoVFDOOHG6ZLVV SRUODPDDQD WRPRUURZPRUQLQJ
&XQWRVLGLRPDVVHKDEODQ +RZPDQ\ODQJXDJHVGRWKH\
 /RVLHQWRWHQGUVTXHHVSHUDU ,oPVRUU\\RXoOOKDYHWRZDLWD
HQ6XL]D" VSHDNLQ6ZLW]HUODQG" XQSRFRPV OLWWOHPRUH
&RQR]FRDDOJXLHQTXHYLYHDOO ,NQRZVRPHERG\ZKROLYHV
WKHUH

5LQJV $QLOODV
+RUVH 3RWUR

3DUDOOHO%DUV 3DUDOHODV

)ORRU 6XHOR

%DODQFH%HDP %DUUD

9RFDEXODULR*\PQDVWLFV *LPQDVLD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$TXLQHVWVHVSHUDQGR" :KRDUH\RXZDLWLQJIRU" (VSHUDPRVWHQHUQRWLFLDVWX\DV :HORRNIRUZDUGWRKHDULQJ


(VSHURTXHWRGRHOPXQGR ,H[SHFWHYHU\RQHWRZRUNKDUG
 PX\SURQWR IURP\RXVKRUWO\
WUDEDMHGXURHQHVWDRFLQD LQWKLVRIFH 2\HVHVR" &DQ\RXKHDUWKDW"
(VWLVHVSHUDQGRXQDQLDR $UH\RXH[SHFWLQJDER\RUD
 (OWHOIRQRHVWVRQDQGR 7KHWHOHSKRQHLVULQJLQJ
XQQLR" JLUO" 4XLQVHU" ,ZRQGHUZKRLWLV"
(VSHURTXHQROOXHYDHVWDWDUGH ,KRSHLWGRHVQoWUDLQWKLV &PRVHVXSRQHTXHYR\D +RZDP,VXSSRVHGWRNQRZ
DIWHUQRRQ VDEHUTXLQHV" ZKRLWLVJRLQJWREH"
4XHVSHUDEDVGHXQFKLFR :KDWGLG\RXH[SHFWIURPD

FRPRO" ER\OLNHKLP"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XLQORYDDFRJHU" :KRoVJRLQJWRDQVZHULW" 7HHVWVVDOLHQGRSRUODWDQJHQWH <RXoUHJRLQJRIIRQDWDQJHQW


/RFRMR\R" 6KDOO,JHWLW" /RVLHQWRORKLFHVLQTXHUHU ,oPVRUU\,GLGQoWPHDQWRGRLW
+D\XQKRPEUHHQODOQHD 7KHUHoVDPDQRQWKHOLQH 4XSUHWHQGHVGHFLUFRQHVR" :KDWDUH\RXJHWWLQJDW"
UHVROODQGR EUHDWKLQJKHDYLO\ 6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW
|&XHOJDHQWRQFHV +DQJXSWKHQ SRGUDPRVKDEHUFREUDGROD ZHFRXOGKDYHFROOHFWHGWKH
3HUGRQHVHKDHTXLYRFDGRGH ,oPVRUU\\RXoYHJRWWKHZURQJ FDQWLGDG DPRXQW
QPHUR QXPEHU (VWR\PHWLGRHQXQDWDVFR ,oPVWXFNLQDWUDIFMDP

Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRQq  7RFDOOVRPHRQH

:K\GR\RXSLFNRQPHVRPXFK" 7KHGRJWXUQHGRQLWVPDVWHU &XDQGRGHFLPRVpOODPDUDDOJXLHQqQXQFD


3RUTXWHPHWHVWDQWRFRQPLJR" (OSHUURVHYROYLFRQWUDVXDPR HPSOHDPRVODSUHSRVLFLQpWRq

,oPVRUU\EXWZHQHHGWRSXVKRQ 7KH\MXVWZDONHGRQE\ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV


/RVLHQWRSHURGHEHPRVVHJXLUHOYLDMH 3DVDURQGHODUJR\VLJXLHURQDQGDQGR IUDVHVHQLQJOV"
/ODPDD-DPHVDKRUD
,oPZRUNLQJRQLW $VXUSULVHJXHVWZDONHGRQWKHVWDJH OHVWOODPDQGRDVXQRYLR
(VWR\WUDEDMDQGRHQHOOR 8QLQYLWDGRVRUSUHVDVDOLDOHVFHQDULR /HOODPDUPDDQD
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

&KDUOHV+HQGHUVRQDQG3HWHU)LHOGVFRQWLQXHWDONLQJDERXWWKHFKDQJHVDQGVWUDWHJ\IRUWKHVDOHVDQGPDUNHWLQJDUHDRIWKHFRPSDQ\

&KDUOHV +RZPXFKZLOOLWFRVWWRLPSOHPHQWWKLV" WRJLYHDPRUHHIIHFWLYHVHUYLFHWRWKHDJHQWVQRWRQO\


3HWHU -RQHV  &ROOLQV LV WKH FRQVXOWLQJ UP ZH FKRVH WR WKURXJK DGYHUWLVLQJ DQG PHUFKDQGLVLQJ EXW WKURXJK
GHVLJQDQGLPSOHPHQWWKHV\VWHPDVZHOODVWRSURYLGH SHUVRQDO FRQWDFW DQG RULHQWDWLRQ 7KH\ QHHG WR IHHO
WUDLQLQJIRUWKHDJHQWVDQGVHYHQSHRSOHKHUHDW WKDW ZHoUH ZDWFKLQJ WKHP VXSSRUWLQJ WKHP DQG
KHDGTXDUWHUV7KHWRWDOFRVWZLOOFRPHWR KHOSLQJWKHPRQDGDLO\EDVLVLISRVVLEOH
&KDUOHV ,VXSSRVHDORWRIWLPHZLOOJRLQWRWUDLQLQJ
3HWHU 1RW WRR PXFK (YHQ WKH ROGHU IHOORZV ZLOO QG LW TXLWH :LOOFRPHWR DVFHQGHUD
VLPSOH 1DQF\  &DUOVRQ KDV EHHQ ZRUNLQJ ZLWK WKH
:LOOJRLQWR VHGHGLFDUD
FRQVXOWDQWVDQGWKHSURJUDPIRUPRUHWKDQWKUHHPRQWKV
DQGLWoVYHU\XVHUIULHQGO\+HUKXVEDQGZRUNVIRU3URFWHU 8VHUIULHQGO\ GHIFLOPDQHMRSDUDSURIDQRV
DQG*DPEOHDQGWKH\KDYHDVLPLODUV\VWHP6KHVSHQW 5HDOZHOO PX\ELHQ
DIHZGD\VDW3URFWHUVWXG\LQJKRZWRXVHLW,WKLQNLWoV )RUHVHH SUHYHU
JRLQJ WR ZRUN UHDO ZHOO 7KH RQO\ SUREOHP , IRUHVHH LV
,QSODFH  HQHVWHFDVR IXQFLRQDQGR
ZKDW WR GR ZLWK WKH WZR SHRSOH KHUH ZKR KDYH GRQH
QRWKLQJHOVHEXWHQWHUVDOHVGDWDXSWRQRZ7KH\ZRQoW 2QWRSRIWKLQJV HQFLPDGHODVFRVDV
KDYHDQ\WKLQJWRGRRQFHWKHV\VWHPLVLQSODFH 0HUFKDQGLVLQJ SXEOLFLGDG\SURPRFLQHQHOSXQWRGHYHQWD
&KDUOHV 'R\RXUHDOO\WKLQNLWZLOOKHOSVDOHV" 2QDGDLO\EDVLV DGLDULR
3HWHU 5LJKW QRZ ZHoUH VR EXV\ HQWHULQJ DQG FRPSLOLQJ
LQIRUPDWLRQWKDWZHKDUGO\HYHUWDNHWKHWLPHWRVWXG\
LW DQG PDNH GHFLVLRQV , ZDQW WKLV GHSDUWPHQW WR EH
PRUH RQ WRS RI WKLQJV :H VSHQG PRVW RI RXU WLPH
FUHDWLQJ VWDWLVWLFV DQG FDOFXODWLQJ ERQXVHV :H QHHG


(VWLPDGRDPLJR\DOXPQR$FDERGHWHUPLQDUGHJUDEDUKRUDVGHWHOHYLVLQSDUDORV'9'oVGHODFROHFFLQGHHQWUHJDVGH
LQJOVSURIHVLRQDO LQJOVSDUDHOPXQGRGHOWUDEDMR\GHORVQHJRFLRV \KHYXHOWRDGDUPHFXHQWDXQDYH]PVGHORSRFRTXHVH
GLIHUHQFLDHVWHLQJOVVXSXHVWDPHQWHWFQLFRRSURIHVLRQDOGHOLQJOVQRUPDO\FRUULHQWH'XUDQWHODUJDVKRUDVKHKDEODGRGHODQWH
GHODVFPDUDVVREUHPXFKRVDVSHFWRVGHODGLUHFFLQJHQHUDOGHODGLUHFFLQWFQLFDGHIDEULFDFLQGHPDUNHWLQJGHLQYHUVLRQHV
\RSHUDFLRQHVEXUVWLOHVGHPDFUR\PLFURHFRQRPDGHOIDFWRUKXPDQRHQODRUJDQL]DFLQGHODIRUPXODFLQHLPSODQWDFLQGHOD
HVWUDWHJLDGHODGLQPLFDFRPSHWLWLYDGHQWURGHORVVHFWRUHVGHODHFRQRPDGHODFRQWDELOLGDG\DQOLVLVQDQFLHUR\GHFPRXVDU
HOWHOIRQRHQHODPELHQWHGHODHPSUHVD+HGHGLFDGRLQFOXVRFXDWUREORTXHVGHPLQXWRVSDUDLQWHQWDUFRQYHQFHURVGHLQYHUWLU
FRQPLJRHQXQQHJRFLRSDUDODLPSRUWDFLQ\FRPHUFLDOL]DFLQHQ(VSDDGHOHQWHVGHFRQWDFWRSDUDJDOOLQDV'HODVFLHQPLOSDODEUDV
TXHFDOFXORKHGLFKRDORODUJRGHODVKRUDVDSRVWDUDORTXHIXHUDDTXHQLHUDQSDODEUDVUHDOPHQWHWFQLFDVQDQFLHUDVEXU
VWLOHVRHFRQPLFDV(OGHWRGRORTXHGLMHHUDQIUDVHVQRUPDOHV\SDODEUDV\H[SUHVLRQHVQRUPDOHVDXQTXHHVRVUHIHUHQWHVD
VLWXDFLRQHVSURIHVLRQDOHV\QRSHUVRQDOHV3RUWDQWRGHVPLWLTXHPRVGHXQDYH]SRUWRGDVFXDOTXLHULGHDGHLQJOVSDUDORVQHJRFLRV
(VVLPSOHPHQWHXQLQJOVQRUPDO\FRUULHQWHGHQWURGHOFRQWH[WRVRFLDOGHODDFWLYLGDGODERUDORSURIHVLRQDO0HKDFHJUDFLDFXDQGR
XQDOWRGLUHFWLYRPHSLGHXQFXUVRGHLQJOVWFQLFRFXDQGRDSHQDVORJUDKLODUIUDVHVFRQVXMHWRVYHUERV\SUHGLFDGRVQRUPDOHV(O
HVSDRODGXOWRKX\HFRPRODSHVWHGHXQRGHORVDVSHFWRVPVFUWLFRVGHODEXHQDH[SUHVLQHOGRPLQLR\DJLOLGDGFRQODJUDPWLFD
PVEVLFD(VOJLFRSXHVWRTXHOOHJDUDHVHGRPLQLR\DJLOLGDGH[LJHXQJUDQHVIXHU]R\XQDVGRVLVGHKXPLOGDGTXHODPD\RUDQR
WLHQH$ORVDRVXQDVSLUDQWHDOHVWUHOODWRHPSUHVDULDOQRTXLHUHYROYHUDSUDFWLFDUKDVWDODVDFLHGDGOD
FRQMXJDFLQGHORVYHUERVLUUHJXODUHVPVFRPXQHV6LQHPEDUJRVLQRORKDFHHVFRPRHODVSLUDQWHDJUDQ


PDWHPWLFRTXHQRVHVDEHODVWDEODVGHPXOWLSOLFDU(OMRYHQPDWHPWLFRGHODIRWRGHODL]TXLHUGDUHSUR
GXFDODVWDEODVGHPXOWLSOLFDUDXQDYHORFLGDGVXSHUVQLFDFXDQGRWHQDWDQVORRFKRDRV&RQHVWDEDVH
SXGRFRPRVHYHOOHJDUDXQGRPLQLRUHDOPHQWHLPSUHVLRQDQWHGHVXUHDGHOVDEHU6LWLHQHVDRVHUHV
VXEGLUHFWRUQDQFLHURGHXQDHPSUHVDTXHIDFWXUDPLOORQHVGHHXURVDODRDVSLUDVDOOHJDUDODFLPD
GHOPXQGRHPSUHVDULDOHQ(VSDD\TXLHUHVKDFHUWHFRQHODOWRGRPLQLRGHOLQJOVTXHHVWRVSXHVWRVVXHOHQ
H[LJLUPVYDOHTXHVHSDVWXVWDEODVGHPXOWLSOLFDUDQWHVGHTXHPHOODPHVSLGLHQGRpLQJOVQDQFLHURq6LQR
DFDEDUVVLHQGRREMHWRGHXQRGHPLVIDPRVRVVHUPRQHV\WHDGYLHUWRTXHVR\PX\SHVDGR
5LFKDUG9DXJKDQ 

/RZ%HJLQQHU +LJK%HJLQQHU

/DWLHQGDHVWDELHUWD 7KHVKRSLVRSHQ 4XYDVDKDFHUHVWHQGH :KDWDUH\RXJRLQJWRGRWKLV


/DVSXHUWDVQRHVWQFHUUDGDV 7KHGRRUVDUHQoWFORVHG VHPDQD" ZHHNHQG"
(VWHOLEURHVLQWHUHVDQWH 7KLVERRNLVLQWHUHVWLQJ 1RORVSUREDEOHPHQWHPH ,GRQoWNQRZ,oOOSUREDEO\VWD\
6XVSHOFXODVQRVRQDEXUULGDV +HUOPVDUHQoWERULQJ
 TXHGDUDTX KHUH
GHHOOD  1RYDVDYLVLWDUDWXIDPLOLD $UHQoW\RXJRLQJWRYLVLW\RXU
(VWR\FDQVDGR ,oPWLUHG HQ/DV&DQDULDV" IDPLO\LQWKH&DQDU\,VODQGV"
(VXQDGHODVFRVDVTXHQRPH ,WoVRQHRIWKHWKLQJV,GRQoW
JXVWDGHHVWDVHPDQD OLNHDERXWWKLVZHHN
9RODU\YLDMDUHVPXFKRPV )O\LQJDQGWUDYHOOLQJLVPXFK
0HVD 0HVHWD
FDUR PRUHH[SHQVLYH

3DWK 6HQGHUR 0RXQWDLQ7RS &XPEUH

+LOO &ROLQD
9DOOH\ 9DOOH

9RFDEXODULR0RXQWDLQ 0RQWDD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VOD6HPDQD6DQWDPX\ ,V(DVWHUYHU\GLIIHUHQWLQ
 0X\SRFRVWRPDQHQFXHQWD 9HU\IHZWDNHLQWRDFFRXQWWKH
GLIHUHQWHHQ,QJODWHUUD" (QJODQG" HOVLJQLFDGRRULJLQDO RULJLQDOPHDQLQJ
6LFRPSDUDV/RQGUHVFRQ6HYLOOD,I\RXFRPSDUH/RQGRQWR (VGHFLUTXHWRGRVHWUDWDGH 7KDWLVWRVD\WKDWLWoVDOO
HVRWURSODQHWD 6HYLOOHLWoVDQRWKHUSODQHW UHOLJLQ DERXWUHOLJLRQ
3RUTXGLFHVHVR" :K\GR\RXVD\WKDW" 1XQFDKHYLVWRXQDSURFHVLQ ,oYHQHYHUVHHQDSURFHVVLRQLQ
/DJHQWHQRHVPX\UHOLJLRVD $UHQoWSHRSOHYHU\UHOLJLRXV
 HQODVFDOOHVGHPLSXHEOR P\WRZQ
SRUDOO" RYHUWKHUH" 1RWHQLVWUDGLFLRQHVR 'RQoW\RXKDYHWUDGLWLRQVRU
+D\JHQWHUHOLJLRVDSHURQR 7KHUHDUHUHOLJLRXVSHRSOHEXW
 FRVWXPEUHVSDUDFHOHEUDUOR" FXVWRPVWRFHOHEUDWHLW"
VRQLQJOHVHV WKH\DUHQoW(QJOLVK $YHUTXHORSLHQVHXQPRPHQWR /HWPHWKLQNDERXWWKDWIRUD
PRPHQW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/RVTXHVRQUHOLJLRVRVQRVXHOHQ 7KRVHZKRDUHUHOLJLRXVGRQoW 4XWLHQHTXHYHUXQFRQHMR\ :KDWGRDUDEELWDQGFKRFRODWH


FRPHUFDUQHHQ9LHUQHV6DQWR XVXDOO\HDWPHDWRQ*RRG)ULGD\ HOFKRFRODWHFRQ-HVV" KDYHWRGRZLWK-HVXV"
$KHVRHVLJXDOTXHDTX $KWKDWoVWKHVDPHDVLWLVKHUH 7LHQHDOJRTXHYHUFRQULWRV ,WKDVWRGRZLWKDQFLHQWULWHV
(O'RPLQJRGH5HVXUUHFFLQ 2Q(DVWHU6XQGD\FKLOGUHQHDW DQWLJXRVGHODSULPDYHUD RIVSULQJ
ORVQLRVFRPHQKXHYRVGH FKRFRODWHHJJV (VXQDODUJDKLVWRULDWHOR ,WoVDORQJVWRU\,oOOWHOO\RXLW
FKRFRODWH FXHQWRRWURGD DQRWKHUGD\
/RVUHFLEHQGHXQFRQHMLWR 7KH\UHFHLYHWKHPIURPDEXQQ\ $OJXQDYH]KDVYLVWRODV +DYH\RXHYHUVHHQWKH
1RHQWLHQGRQDGDGHORTXH ,GRQoWXQGHUVWDQGDQ\WKLQJ
 SURFHVLRQHVHQ$QGDOXFD" SURFHVVLRQVLQ$QGDOXVLD"
PHHVWVGLFLHQGR \RXoUHWHOOLQJPH 8QSDUGHYHFHVVRQ $FRXSOHRIWLPHVWKH\oUH
DOXFLQDQWHV DPD]LQJ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+D\XQDPELHQWHLQFUHEOH 7KHUHoVDQLQFUHGLEOH 6DEHVTXHDQWHVIXL 'R\RXNQRZWKDW,XVHGWREH


DWPRVSKHUH PRQDJXLOOR" DQDOWDUER\"
$XQTXHHVRVWRVYHVWLGRVGH $OWKRXJKWKRVHJX\VGUHVVHGLQ |$QGD :HOO,QHYHU
EODQFRPHGLHURQPLHGR ZKLWHVFDUHGPH 0HPHWHQPXFKRVORVFRQORV ,XVHGWRJHWLQWRDORWRI

|1RPHGLJDVTXHSHQVDEDV 'RQoWWHOOPH\RXWKRXJKWWKH\ FXUDV WURXEOHZLWKWKHSULHVWV
TXHHUDQGHO.X.OX[.ODQ ZHUHIURPWKH... <HVR" +RZVR"
$QGDEDQGHVFDO]RVFRQFUXFHV 7KH\ZHUHZDONLQJEDUHIRRW 0HFRPDODVKRVWLDVFXDQGR ,ZRXOGHDWWKHKRVWVZKHQ,

\DJXMHURVHQVXVVRPEUHURV ZLWKFURVVHVDQGZLWKKROHVLQ WHQDKDPEUH ZDVKXQJU\
H[WUDRV WKHLUKDWV
4XVHVXSRQHTXHLEDD :KDWZDV,VXSSRVHGWRWKLQN"
SHQVDU"

Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRQq 
%XVLQHVVYRFDEXODU\
:HDGGHGRQRQHPRUH :HQHHGWRDFWRQWKLVULJKWDZD\
$DGLPRVXQRPV DODOLVWD  'HEHPRVDFWXDU\DVREUHODEDVHGHHVWR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,GHFLGHGRQSODQ% :HoUHFRXQWLQJRQ\RX'RQoWOHWXVGRZQ 'R\RXWKLQNRXULQYHVWRUVZLOOQDQFHWKH
0HGHFLGSRUHOSODQ% &RQWDPRVFRQWLJR1RQRVGHFHSFLRQHV SURMHFW"
7KDWoVDNH\DFFRXQWWUHDWWKHPZHOO
,WGHSHQGVRQDORWRIIDFWRUV 7KH\LQVLVWHGRQFRPLQJ 2XUFRPSHWLWLRQLVZD\DKHDGRIXV
'HSHQGHGHPXFKRVIDFWRUHV 6HHPSHDURQHQYHQLU ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

3HWHUoV3URPRWLRQ 

3HWHU)LHOGVFRQWLQXHVWRXSGDWH&KDUOHV+HQGHUVRQRQKLVSODQVIRUWKHVDOHVDQGPDUNHWLQJGHSDUWPHQW

&KDUOHV +RZZLOO\RXKHOSWKHP" 3HWHU :KRZLOOWDNHRYHUIRUKLP"


3HWHU 7KHQHZFRPSXWHUV\VWHPJLYHVXVDGDLO\VXPPDU\RI &KDUOHV , ZLOO 3HWHU 7KDWoV ZK\ ,oP KHUH , DP H[FLWHG DERXW
WKHVWRFNOHYHOVLQHYHU\RQHRIWKHRXWOHWVZKHUH ZKDW\RXoUHGRLQJDQG,ZDQW\RXWRNQRZ,oP
RXUSURGXFWVDUHVROG$WLQWKHPRUQLQJZHKDYH EHKLQG \RX 7KH PRVW LPSRUWDQW WKLQJ IRU PH LV WR
D OLVWLQJ ZLWK DOO WKH RXWOHWV RUGHUHG E\ VWRFN OHYHO NQRZWKDW\RXoUHH[FLWHGDERXWLWWRRDQGWKDW\RXoUH
IURPWKHORZHVWWRWKHKLJKHVW2QWKHVDPHGD\WKH JRLQJWRGR\RXUEHVWWRPDNHLWZRUN
SURJUDP EUHDNV GRZQ HDFK DJHQWoV WHUULWRU\ LQWR WHQ 3HWHU 'RQoWZRUU\DERXWWKDW&KDUOHV,NQRZKRZPXFK\RX
GLVWULFWVDQGVHQGVDPDSRIHDFKGLVWULFWPDUNLQJZLWK VXSSRUWHG PH ZKHQ \RX JRW EDFN IURP )UDQFH DQG ,
DQp;qWKHUHWDLOHUVZKRDUHORZRQVWRFN DSSUHFLDWHLW7KHODVWSHUVRQLQWKHZRUOG,oPJRLQJWR
&KDUOHV +RZGRWKHDJHQWVJHWWKHPDS" GLVDSSRLQWLV\RX<RXFDQEHVXUHRIWKDW
3HWHU , IRUJRW WR WHOO \RX 7KH\ UHFHLYH LW E\ HPDLO RQ WKH
VDPHGD\:KHQWKH\JHWKRPHDWQLJKWDQGVHQGXV
WKHLUGDLO\VDOHVWKH\DOUHDG\KDYHPDSVVKRZLQJ 2XWOHWV SXQWRVGHYHQWD
WKHLGHDOVDOHVURXWHIRUWKHQH[WGD\ /LVWLQJ OLVWDGR
&KDUOHV ,WVRXQGVSUHWW\LPSUHVVLYH'R\RXWKLQNWKH\oOOIROORZ 6WRFNOHYHO QLYHOGHVWRFN
WKHURXWH" %UHDNVGRZQ GHVJORVD
3HWHU 7KH\KDYHWR:HoYHFRQYLQFHGWKHPWKDWWKHLUERQXVHV 5HWDLOHUV PLQRULVWDV
ZLOO EH HYHQ EHWWHU LI WKH\ GR , EHW ZH ORVH  RI /RZRQVWRFN EDMRVGHVWRFN
SRWHQWLDOVDOHVEHFDXVHUHWDLOHUVKDYHUXQRXWRIVWRFN 3UHWW\ EDVWDQWH
&KDUOHV :KHQZLOOWKHV\VWHPJRLQWRHIIHFW" ,EHW PHDSXHVWRDTXH
3HWHU 2XUWDUJHWGDWHLV0DUFKVWDQG,WKLQNZHoUHJRLQJWR +DYHUXQRXWRIVWRFN KDQTXHGDGRVLQVWRFN
PHHW LW7KDWoV WZR ZHHNV DIWHU WKH VDOHV FRQYHQWLRQ *RLQWRHIIHFW HQWUDUHQIXQFLRQDPLHQWR
DQGZHoUHJRLQJWRVSHQGDWOHDVWKDOIDGD\ZLWKWKHP 7DUJHWGDWH IHFKDGHLQLFLR
DWWKHFRQYHQWLRQWUDLQLQJWKHPWKRURXJKO\LQKRZWR
7KRURXJKO\ FRQFLHQ]XGDPHQWH
RSHUDWHWKHSURJUDP,oPFRQYLQFHGLWoVJRLQJWRZRUN
&KDUOHVDQGZLWKLQD\HDUZHoUHJRLQJWRJHWDWOHDVW %XGJHW SUHVXSXHVWR
 RI WKRVH VDOHV ZHoYH QHYHU PDGH GXH WR VWRFN +HQHYHUVHHPVWRJHWH[FLWHG QXQFDSDUHFHHPRFLRQDUVH
SUREOHPV +HoOOEHOHDYLQJ VHYD
&KDUOHV 'RHV*HRUJH5RELQVRQNQRZDQ\WKLQJDERXWWKLV" :KRZLOOWDNHRYHUIRUKLP" TXLQOHVXVWLWXLU"
3HWHU +HDSSURYHGWKHEXGJHWIRULWEXWKHGLGQoWVHHPWRR 7KDWoVZK\ HVSRUHVRSRUORTXH
H[FLWHG+HQHYHUVHHPVWRJHWH[FLWHGDERXWDQ\WKLQJ ,oPEHKLQG\RX WHDSR\RDO
&KDUOHV :HOO , WKLQN KHoV WRR EXV\ SODQQLQJ KLV UHWLUHPHQW
+HoOOEHOHDYLQJDWWKHHQGRI-XQH


(VWLPDGRDPLJR\DOXPQROWLPDPHQWHQRVSRUTXYDULDVSHUVRQDVPHKDQSUHJXQWDGRVREUHODLPSRUWDQFLDGHODSURQXQFLDFLQ
DODKRUDGHDERUGDUVHULDPHQWHHOHVWXGLRGHOLQJOV$XQTXHHQUDGLR\WHOHYLVLQSXHGDVRUPHRYHUPHLQFLGLHQGRHQFDGDHUURU
IRQWLFRFXDQGRGR\FODVHVQRUPDOHVDSHQDVSUHVWRDWHQFLQDHVWHDVSHFWRGHOLGLRPD&XDQGRWHQJRDFHQWHQDUHVGHPLOHVGH
R\HQWHVRWHOHYLGHQWHVGHWRGRVORVQLYHOHVOLQJVWLFRVLPDJLQDEOHVSUHHURDSURYHFKDUHVWDVSODWDIRUPDVWDQDPSOLDVSDUDHQWUDU
HQDEVROXWDPHQWHWRGRVORVHQWUHVLMRVGHOLGLRPD0XFKDJHQWHGHXQQLYHODOWRGHLQJOVDSUHFLDHOHVWPXORLQWHOHFWXDOTXHSXHGR
SURSRUFLRQDUDOGHVYHODUOHVWUXFRVLQWHUHVDQWHVSDUDDOODQDUXQHVFROORIRQWLFRGHWHUPLQDGRHQPLLGLRPD3HURUHSLWRHQFODVHV
QRUPDOHVHVPLOWLPDSULRULGDGSXHVWRTXHODLQPHQVDPD\RUDGHPLVDOXPQRVWLQFOXLGRVHJXUDPHQWHSURQXQFLLVHOLQJOVOR
VXFLHQWHPHQWHELHQFRPRSDUDVHUHQWHQGLGRV7HQLVTXHUHFRUGDUTXHVLHPSUHYDLVDWHQHUXQDFHQWRHVSDRODOKDEODUHQLQJOV
DOLJXDOTXH\RWHQJRXQDFHQWRDPHULFDQRHQFDVWHOODQR3RUWDQWRVLYXHVWUDSURQXQFLDFLQHVVXFLHQWHPHQWHDFHSWDEOHSDUDTXH
WHHQWLHQGDQVLQGLFXOWDGFHQWUDWXVHVIXHU]RVHQHORGRHQODFRQDQ]DDOKDEODU\HQHOJLOGRPLQLRGHODJUDPWLFDEVLFDGHO
LGLRPD+D\PVSHUVRQDVHQHOPXQGRSURIHVLRQDOTXHVHGHVHQYXHOYHQFRQ[LWRDEDVHGHXQDFHQWRUDURHQLQJOVTXHORVTXH
WLHQHQXQDFHQWRQDWLYRDVTXHQRWHSUHRFXSHVHQH[FHVRSRUHVWHDVSHFWR
5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

+R\HVHOFXPSOHDRVGHPL 7RGD\LVP\VLVWHUoVELUWKGD\
 &RQTXLQHVWQHOORV :KRDUHWKH\WDONLQJWR"
KHUPDQD KDEODQGR"
(OODWLHQHDRV 6KHoV\HDUVROG 3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNH
7XGLQHURHVWHQEXHQDVPDQRV <RXUPRQH\LVLQJRRGKDQGV WKDW"
6XFRFKHHVWHQHOJDUDJH 7KHLUFDULVLQWKHJDUDJH (VWR\ODYQGRPHODVPDQRV ,oPZDVKLQJP\KDQGVEHFDXVH
1XHVWURWLHPSRHVPX\ 2XUWLPHLVYHU\LPSRUWDQW
 SRUTXHHVWQVXFLDV WKH\DUHGLUW\
LPSRUWDQWH (OODQRTXLHUHYHUWHKR\ 6KHGRHVQoWZDQWWRVHH\RX
WRGD\
3RUTXQRTXLHUHYHUPHKR\" :K\GRHVQoWVKHZDQWWRVHH
PHWRGD\"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7HSHUWHQHFHHVWR" 'RHVWKLVEHORQJWR\RX" 3RUTXQRHVWXYLVWHDOO" :K\ZHUHQoW\RXWKHUH"


$TXLQSHUWHQHFH" :KRGRHVLWEHORQJWR" /HVGLMHTXHLEDVDHVWDUDOO ,WROGWKHP\RXZHUHJRLQJWR
3RUTXPHORSUHJXQWDVDP" :K\DUH\RXDVNLQJPH" EHWKHUH
3RUTXQRFRQWHVWDVOD :K\GRQoW\RXDQVZHUWKH
 0HLEDVDGHFLUDOJR" :HUH\RXJRLQJWRVD\
SUHJXQWD" TXHVWLRQ" VRPHWKLQJWRPH"
3RUTXHQRVGHTXHKDEODV %HFDXVH,GRQoWNQRZZKDW <DVHPHKDROYLGDGR ,oYHDOUHDG\IRUJRWWHQ
\RXoUHWDONLQJDERXW <DQRWHDFXHUGDV" 'RQoW\RXUHPHPEHUDQ\PRUH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+D]WXVGHEHUHV 'R\RXUKRPHZRUN 1RPHIDOOHV 'RQoWOHWPHGRZQ


+D]OHVXQDSURPHVD 0DNHWKHPDSURPLVH 7UDQTXLORQRWHGHIUDXGDU 'RQoWZRUU\,ZRQoWOHW\RX
+LFLVWHXQDEXHQDLPSUHVLQ <RXPDGHDJRRGLPSUHVVLRQ GRZQ
1RPHKDJDVUHU 'RQoWPDNHPHODXJK 1ROHVYDVDGHVHDUVXHUWH" $UHQoW\RXJRLQJWRZLVKWKHP
(VWVKDFLHQGRHOULGFXOR <RXoUHPDNLQJDIRRORI OXFN"
\RXUVHOI 1LVLTXLHUDVHPHRFXUUL ,WGLGQoWHYHQRFFXUWRPH
1RYXHOYDVDKDFHUHVRQXQFD 'RQoWHYHUGRWKDWDJDLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RWHULQGDVWRGDYD 'RQoWJLYHXS\HW (QDOJQOXJDUGH/D0DQFKD 6RPHZKHUHLQ/D0DQFKD


(VRHVYHUGDG"2WHORKDV ,VWKDWWUXH"2UGLG\RXPDNH GHFX\RQRPEUHQRTXLHUR LQDSODFHZKRVHQDPH,GRQRW
LQYHQWDGR" LWXS" DFRUGDUPH FDUHWRUHPHPEHU
1RSXHGRUHVROYHUHVWHDFHUWLMR ,FDQoWZRUNWKLVULGGOHRXW QRKDPXFKRWLHPSRTXHYLYD DJHQWOHPDQOLYHGQRWORQJ
2VOOHYLVELHQHOXQRFRQHO 'R\RXJHWRQZHOOZLWKHDFK XQKRPEUH DJR
RWUR" RWKHU" GHORVGHODQ]DHQDVWLOOHUR RQHRIWKRVHZKRKDVDODQFHDQG
(VWR\KDUWRGHHVWRVYHUERV ,oPIHGXSZLWKWKHVH(QJOLVK DGDUJDDQWLJXD DQFLHQWVKLHOGRQDVKHOIDQG
LQJOHVHV YHUEV URFQDFR\JDOJRFRUUHGRU NHHSVDVNLQQ\QDJDQGD
JUH\KRXQGIRUUDFLQJ

7URZHO /ODQD
&HPHQW &HPHQWR

3ODVWHU <HVR
6SLULW/HYHO 1LYHO

%ULFN /DGULOOR

6SDGH 3DOHWD

9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLQ


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq  7RWDNHRII
6LJQLFDpTXLWDUq HQWUHRWUDVFRVDV FRQ
,oPQRWWKURXJK\HW 6KHEURXJKWPHWKURXJKWKHKDUGWLPHV UHIHUHQFLDDSUHQGDVDFFHVRULRVJDIDVUHORMHV
1RKHWHUPLQDGRWRGDYD ((88  (OODPHJXLHQPLVPRPHQWRVGLIFLOHV MR\DVHWF
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
$UH\RXWKURXJK" <RXoUHFRPLQJWKURXJKORXGDQGFOHDU IUDVHVHQLQJOV"
+DVWHUPLQDGR" ((88  7HHVWDPRVHQWHQGLHQGRSHUIHFWDPHQWH OQXQFDVHTXLWDHOVRPEUHUR
3XHGHVTXLWDUWHHOUHORMSRUIDYRU"
<RXoUHQRWFRPLQJWKURXJK $VXVXDOKHFDPHWKURXJK 1RSXHGRTXLWDUPHHODQLOOR
1RWHUHFLELPRV 1RWHRPRV  &RPRGHFRVWXPEUHOQRQRVIDOO ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

3HWHU)LHOGVUHFHLYHVDWHOHSKRQHFDOOIURPKLVROGERVV-RKQ2OVRQ-RKQZDQWVWRKLUH3HWHUWRKHOSKLPLQKLVQHZFRPSDQ\

-RKQ +HOOR3HWHU"7KLVLV-RKQ2OVRQ" 3HWHU , FDQoW -RKQ ,oP VRUU\ 0\ MRE ZDV PDGH SHUPDQHQW
3HWHU +L-RKQKRZDUH\RXGRLQJ" DFRXSOHRIZHHNVDJRDQG,UHDOO\FDQoWEDFNRXWQRZ
,oPKDSS\KHUHDQGWKLQJVDUHJRLQJZHOO
-RKQ )LQHKRZDUH\RX"
3HWHU 1RW WRR EDG ,oP EXV\ SUHSDULQJ WKLQJV IRU WKH VDOHV
FRQYHQWLRQQH[WZHHN KRZDUH\RXGRLQJ" TXWDOHVWV"
-RKQ ,GRQoWHQY\\RX,PXVWKDYHVSHQWDIXOOPRQWKHYHU\ WRGULYH\RXFUD]\ YROYHUWHORFR
\HDUSUHSDULQJWKHFRQYHQWLRQZKHQ,ZDVWKHUH IURPVFUDWFK GHVGHFHUR
3HWHU :HOO ,oYH JRW -HUU\ 6PLWK KHOSLQJ PH QRZ DQG KHoV HQWUHSUHQHXUV HPSUHQGHGRUHV
KDQGOLQJDORWRIWKHVPDOOGHWDLOV,WoVHQRXJKWRGULYH PRGHUQGD\KHURHV KURHVPRGHUQRV
\RXFUD]\ WKHQLFHZRUGV ODVSDODEUDVERQLWDV
-RKQ ,NQRZZKDW\RXPHDQ/LVWHQ3HWHUGR\RXUHPHPEHU DULJKWKDQGPDQ XQDPDQRGHUHFKD
RXUFRQYHUVDWLRQDFRXSOHRIPRQWKVDJR" EDFNRXW GDUPDUFKDDWUV GHXQDGHFLVLQ 
3HWHU 'R\RXPHDQDERXWP\ZRUNLQJIRU\RX"
-RKQ 7KDWoVULJKW,QHHG\RXWRPDNHDGHFLVLRQ7KLQJVDUH
VWDUWLQJ WR JURZ KHUH DQG , UHDOO\ QHHG VRPHRQH OLNH
\RX
3HWHU ,oPJODGWRNQRZWKLQJVDUHJRLQJZHOOIRU\RX,WoVQRW
HDV\ VWDUWLQJ D EXVLQHVV IURP VFUDWFK (QWUHSUHQHXUV
OLNH\RXDUHRXUPRGHUQGD\KHURHV
-RKQ 7KDQNVIRUWKHQLFHZRUGVEXW,FHUWDLQO\GRQoWIHHOOLNH
DKHUR:KDW,QHHGLVDULJKWKDQGPDQDQG\RXoUHWKH
PDQ,ZDQW:KDWGR\RXWKLQN"


(VWLPDGRDPLJR\DOXPQR(OQLYHOGHLQJOVPQLPRDOTXHGHEHDVSLUDUFXDOTXLHUMRYHQFRQLQTXLHWXGHVDFDGPLFDV\SURIHVLRQDOHV
HVHOTXHVHSDOSDHQWUHORVSURIHVLRQDOHVHVFDQGLQDYRV\KRODQGHVHV(VHOTXHXQRREVHUYDHQWUHORVWHFQFUDWDVTXHWUDEDMDQHQ
%UXVHODVRHQOD218GH1XHYD<RUN(VHOTXHVHR\HHQORVSDVLOORVGHODUHXQLQDQXDOGHORVOGHUHVLQWHUQDFLRQDOHVHQ'DYRV 6XL]D 
(QGHQLWLYDHQXQPXQGRJOREDOL]DGRFXDOTXLHUSURIHVLRQDOFRQLQTXLHWXGHV\DVSLUDFLRQHVGHEHVDEHUGHVHQYROYHUVHHQLQJOVVLQ
SUREOHPDV<TXVLJQLFDPVH[DFWDPHQWHGHVHQYROYHUVHVLQSUREOHPDV"
 3RGHUDVLVWLUDXQDUHXQLyQGHDOWRQLYHOFRQFLQFRQDWLYRVGHKDEODLQJOHVD\HQWHQGHUDODSULPHUDGHIRUPDTXHXQRSXHGDLQWHUYHQLU
HQORVPRPHQWRVSURSLFLRV\PHWHUED]DVLHVSUHFLVR
 &RPSDUWLUFRQHVWRVPLVPRVQDWLYRVORVPRPHQWRVVRFLDOHVGHODUHODFLyQSURIHVLRQDOFRPRODVFRPLGDVSDXVDVSDUDFDIpFyFWHOHV
HVWDVHWF\VDEHUPDQWHQHUHOWLSRKDVWDWDOSXQWRGHSRGHUDSRUWDUWDPELpQDOEXHQDPELHQWHUHLQDQWH
 6DEHUHVFULELUXQLQIRUPHGHIHQGLHQGRXQSXQWRGHYLVWDDQWHODVHGHH[WUDQMHUDGHVSOHJDQGRDORODUJRGHOPLVPRGHIRUPDHFD]\
HORFXHQWHORVDUJXPHQWRVGHQWURGHXQDFRUUHFWDJUDPiWLFDVLQWD[LV\RUWRJUDItD


0HQRVGHOGHORVGLUHFWLYRV\SURIHVLRQDOHVHQ(VSDDSRVHHQHVWHQLYHO+DFHWUHVDRVWXYHGXUDQWHVHLVPHVHVDXQDOXPQR
PX\HVSHFLDOHOFRQVHMHURGHOHJDGRSDUD(VSDDGHXQRGHODVHPSUHVDVPXOWLQDFLRQDOHVPVJUDQGHVGHOPXQGRXQKRPEUHKDU
WDPHQWHFRQRFLGRHQODSUHQVDHFRQPLFDGHOSDV6XQLYHOHVXQHQODHVFDOD9DXJKDQ SDUDVLWXDURVHOQLYHOHVHOGHXQVXHFR
XKRODQGV (QPLFODVHVHTXHMDEDFRQVWDQWHPHQWHGHODVUHXQLRQHVDODVTXHWHQDTXHDVLVWLUHQ/RQGUHV
(OSUHVLGHQWHPXQGLDOHVFDQDGLHQVH\ORVRWURVVLHWHPLHPEURVGHOFRPLWpVRQLQJOHVHVHVFRFHVHV\XQVXUDIULFDQR6LJRELHQVRODPHQWH
HOGHORTXHGLFHQ\FXDQGRVHDFHOHUDHOFUXFHGLQiPLFRGHFRPHQWDULRVGHXQODGRDORWURGHODPHVDPHTXHGRFRQPHQRVGHO
'HVSXpVHQODVFRPLGDV\FHQDVKDEODQGHSDWLQDMHDUWtVWLFRRGHOEXQJDORZTXHXQRWLHQHHQODV,VODV)LML\PHTXHGRWRWDOPHQWH
DGRVYHODV(QODVFRPXQLFDFLRQHVUXWLQDULDVVLHPSUHPHKHGHIHQGLGRVLQSUREOHPDVSHURGHVGHTXHHVWR\HQODFXPEUHHOUHWRFRPX
QLFDWLYRHVPXFKRPiVHYLGHQWH\ODLPSRUWDQFLDGHHQWHQGHUWRGRDODSULPHUDDEVROXWDPHQWHFUtWLFD
(QUHVXPLGDVFXHQWDVFXDOTXLHUQLYHOLQIHULRUDOTXHDFDERGHUHVHDUHQORVWUHVSXQWRVPVDUULEDHVXQQLYHOLQVXFLHQWHGHLQJOV
/DDQJXVWLDGHHVWHFRQVHMHURGHOHJDGRGHEHVHUVXFLHQWHDOLFLHQWHFRPRSDUDTXHDTXHOORVMYHQHVTXHDVSLUHQDRFXSDUSXHVWRV
FRPRHOVX\RHQHOIXWXUREXVTXHQXQDIUPXODHFD]SDUDUHVROYHUODFDUHQFLD 5LFKDUG9DXJKDQ




/RZ%HJLQQHU +LJK%HJLQQHU

(VWHQODPHVD" ,VLWRQWKHWDEOH" (VWHOSHUURGHSLH" ,VWKHGRJVWDQGLQJ"


1RQRHVWHQODPHVD 1RLWLVQoWRQWKHWDEOH 1RQRHVWGHSLH 1RLWoVQRWVWDQGLQJ
(VOHVSDRORSRUWXJXV" ,VKH6SDQLVKRU3RUWXJXHVH" (VWVHQWDGR ,WoVVLWWLQJ
(VYHUGHHOFRFKH" ,VWKHFDUJUHHQ" (VWIXQFLRQDQGR" ,VLWZRUNLQJ"
(VXQFRFKHYHUGH" ,VLWDJUHHQFDU" )XQFLRQD" 'RHVLWZRUN"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VWDPRVFRPLHQGR :HoUHKDYLQJOXQFK /OHYDPXFKRWLHPSROORYLHQGR" +DVLWEHHQUDLQLQJORQJ"


(OODHVWFHQDQGR 6KHoVKDYLQJGLQQHU /OHYDWRGRHOGDOORYLHQGR ,WoVEHHQUDLQLQJDOOGD\
(VWVGHVD\XQDQGR" $UH\RXKDYLQJEUHDNIDVW" 0HSXHGHVSUHVWDUWX &DQ\RXOHQGPH\RXU
(VWQWRPDQGRYLQRWLQWR 7KH\oUHKDYLQJUHGZLQH SDUDJXDV" XPEUHOOD"
1RHVWQWRPDQGRFHUYH]DV 7KH\oUHQRWKDYLQJEHHUV 6ORVLPHSURPHWHVTXHQROR 2QO\LI\RXSURPLVHPHWKDW
YDVDSHUGHU \RXoUHQRWJRLQJWRORVHLW
|6DEHVORGLVWUDGRTXHSXHGHV <RXNQRZKRZDEVHQWPLQGHG
OOHJDUDVHU \RXFDQEH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LHPSUHSDURDWRPDUXQFDI ,DOZD\VVWRSWRKDYHDFRIIHH
 $TXLQYRWDVWH" :KRGLG\RXYRWHIRU"
HQHVHEDU LQWKDWEDU |<DWLTXWHLPSRUWD 1RQHRI\RXUEXVLQHVV
$KRUDYDPRVDSDUDUSDUDWRPDU 1RZZHoUHJRLQJWRVWRSWR
 3RUFXULRVLGDG 2XWRIFXULRVLW\
XQGHVFDQVR WDNHDEUHDN /DFXULRVLGDGPDWDOJDWR &XULRVLW\NLOOHGWKHFDW
+HGHMDGRGHWRPDUODVSDVWLOODV ,oYHVWRSSHGWDNLQJWKHSLOOV (VRTXHV"8QDDPHQD]D" :KDWoVWKDW"$WKUHDW"
'HEHUDVGHMDUGHHVFXFKDUOH <RXVKRXOGVWRSOLVWHQLQJWR
DO  KLP
1RGHMDUGHPROHVWDUPH +HZRQoWVWRSERWKHULQJPH

5XEEOH (VFRPEURV
6FDIIROGLQJ $QGDPLRV

&HPHQW0L[HU +RUPLJRQHUD

6NLS &RQWHQHGRUSDUDHVFRPEURV
&RQVWUXFWLRQ:RUNHU 2EUHUR

9RFDEXODULR&RQVWUXFWLRQ &RQVWUXFFLQ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HGLMHTXHQRYROYLHUDVD ,WROG\RXQHYHUWRWKUHDWHQPH
 |&XQGRODVUDQDVFUHQSHOR <HVDQGSLJVPLJKW\
DPHQD]DUPHMDPV DJDLQ 'H3DVFXDVD5DPRV 2QFHLQDEOXHPRRQ
1RVHDVWDQVXVFHSWLEOH 'RQoWEHVRWRXFK\ |1RPHGLJDV :HOO,QHYHU
6LSHQVDUDVPVDQWHVGHKDEODU ,I\RXWKRXJKWPRUHEHIRUH
 6HVDOYDURQSRUXQSHOR ,WZDVDFORVHVKDYH
QRRIHQGHUDVDWDQWDJHQWH WDONLQJ\RXZRXOGQoWRIIHQGVR |9D\DIROOQ :KDWDPHVV
PDQ\SHRSOH
+D\TXHVHUHODXQRPLVPR <RXKDYHWREHWUXHWR\RXUVHOI
&UHRTXHODGHOLGDGHVW ,WKLQNIDLWKIXOQHVVLV

VREUHYDORUDGD RYHUUDWHG


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq  )URPWLPHWRWLPH

0\SODQVIHOOWKURXJK ,KDYHWRFXWWKURXJKWKHUHGWDSH 6LJQLFDpGHYH]HQFXDQGRq


0LVSODQHVVHYLQLHURQDEDMR 7HQJRTXHDEULUPHSDVRHQWUHHOSDSHOHR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,FDQoWJHWWKURXJKWR3HWHU ,FDQoWJHWWKURXJKWKHWKLFNXQGHUJURZWK 'HYH]HQFXDQGRYR\DOFLQH
1RORJURFRQWDFWDUFRQ3HGUR 1RSXHGRDWUDYHVDUODHVSHVDPDOH]D 'HYH]HQFXDQGR0DULDYLVLWDDVXVDEXHORV
'HYH]HQFXDQGR-XOLDOODPDDVXDPLJDHQ
+HJRWWKURXJKWRWKHQDOV ,IZHFDQJHWWKURXJKWKHUDLQ\VHDVRQf $XVWUDOLD
/OHJ FRQHVIXHU]R DODQDO 6LSRGHPRVVXSHUDUODWHPSRUDGDGHOOXYLDV ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

3HWHU)LHOGVWXUQVGRZQDQRIIHUIURP-RKQ2OVRQWRJRDQGZRUNIRUKLP

-RKQ 6RWKH\GHFLGHGQRWWRKLUH0DUYLQ7KRPSVRQ EHGRQHLQWKHVDOHVGHSDUWPHQW:HoUHLPSOHPHQWLQJ


3HWHU +RZGLG\RXNQRZWKDW" D FRPSUHKHQVLYH VXSSRUW V\VWHP IRU WKH DJHQWV WKDW
WHOOVWKHPZKDWUHWDLOHUVDUHORZRURXWRIVWRFN,oYH
-RKQ ,KDYHP\VRXUFHVRILQIRUPDWLRQ7REHKRQHVW0DUYLQ
DOUHDG\ UHRUJDQL]HG IRXU WHUULWRULHV DQG WKHUH DUH DW
FDOOHGPHWKHRWKHUGD\WRQGRXWVRPHWKLQJDERXW
OHDVW WKUHH PRUH WKDW QHHG WR EH UHRUJDQL]HG ,WoV D
\RX
FKDOOHQJLQJMREDQG,oPHQMR\LQJLW
3HWHU :K\ ZRXOG 0DUYLQ7KRPSVRQ EH LQWHUHVWHG LQ PH" ,
GRQoWHYHQNQRZKLP
WREHKRQHVW SDUDVHUVLQFHUR
-RKQ +HZDVVRVXUSULVHGWKDWKHGLGQoWJHWWKHMREWKDWKH
ZDQWHGWRNQRZZKDW\RXUVHFUHWZDV WRQGRXW DYHULJXDU
3HWHU , JXHVV WKH\ MXVW GHFLGHG WKDW WKLQJV ZHUH JRLQJ WRR ,JXHVV VXSRQJR
ZHOO WR PDNH D ELJ FKDQJH QRZ &KDUOHV +HQGHUVRQ UXLQHG HVWURSH
FDPHEDFNIURP)UDQFHLQ2FWREHUDQGJDYHPHDORW VHQLRULW\ DQWLJHGDG
RI VXSSRUW7R EH KRQHVW ZLWK \RX LI KH KDGQoW FRPH
EDFNZKHQKHGLG,SUREDEO\ZRXOGQoWKDYHVWD\HGLQ QRRIIHQVH VLQQLPRGHRIHQGHU
WKLVSRVLWLRQ FRPSUHKHQVLYHVXSSRUWV\VWHP VLVWHPDGHDSR\RLQWHJUDO
-RKQ 6R&KDUOHV+HQGHUVRQUXLQHGP\SODQVWRKLUH\RX UHWDLOHUV PLQRULVWDV
3HWHU ,JXHVV\RXFRXOGVD\WKDW DFKDOOHQJLQJMRE XQWUDEDMRTXHVXSRQHXQUHWR
-RKQ +RZPXFKDUHWKH\SD\LQJ\RX"
3HWHU 7KH\oYHUDLVHGP\VDODU\E\
-RKQ 7KDWoVVWLOODORWOHVVWKDQ,ZDVHDUQLQJ
3HWHU %XW \RXoUH  \HDUV ROGHU WKDQ PH DQG \RX KDG 
\HDUVo VHQLRULW\ %HVLGHV PRQH\oV QRW WKH PRWLYDWLQJ
IDFWRUKHUH1RRIIHQVHEXWWKHUHDUHDORWRIWKLQJVWR

(VWLPDGRDPLJR\DOXPQR&RQUHVSHFWRDORVXQLYHUVLWDULRVHVSDROHVREVHUYRGHVGHVLHPSUHSHURVREUHWRGRHQORVOWLPRVGLH]
DRVXQDFXULRVDPH]FODGHGHVLGLD\SDVRWLVPRLQFOXVRHQWUHPXFKRVGHORVPHMRUHVHVWXGLDQWHVGHODVIDFXOWDGHV([FHSFLRQHV
KD\FODURHVWSHURHVWR\PX\ELHQSRVLFLRQDGRSDUDRSLQDUFRQFRQRFLPLHQWRGHFDXVDSXHVWRTXHVR\HOEHQHFLDULRPVDGH
ODQWHGHODWUHPHQGDODJXQDTXHH[LVWHHQ(VSDDHQPDWHULDGHLQJOV&HQWHQDUHVGHLQJHQLHURV\RWURVSURIHVLRQDOHVYLHQHQ
DQRVRWURV\DFRQRDRVGHHGDGSLGLQGRQRVTXHOHUHVROYDPRVHOSUREOHPD/OHJDQODPD\RUDFRQQLYHOHVGHLQJOV
IUDQFDPHQWHSREUHVWHQLHQGRHQFXHQWDVXVWLWXODFLRQHV\DVSLUDFLRQHV3RUORWDQWRSXHVWRTXHH[SHULPHQWRVXDQJXVWLDPV
DGHODQWHVSXHGRUHSLWRRSLQDU\PLRSLQLQHVODVLJXLHQWHH[LVWHSRFRLQWHUVHQWUHODPD\RUDGHORVMYHQHVXQLYHUVLWDULRVHQ
(VSDDSRUGRWDUVHGHODVKDELOLGDGHVQHFHVDULDVSDUDHO[LWR(VWXGLDQSDUDORVH[PHQHV\DOQDOPXFKRVORVDSUXHEDQ\DFD
EDQOLFHQFLQGRVH3HURQRVHSUHRFXSDQ QLVHSUHRFXSDQODVLQVWLWXFLRQHVGHHVWXGLRVVXSHULRUHV HQGRWDUVHGHODVKDELOLGDGHV


PVFUWLFDVSDUDHO[LWR\DORVDRVHVWDVKDELOLGDGHVVRQWUHV
  (OPDQHMRSURIXQGR\JLOGHODVDSOLFDFLRQHVLQIRUPWLFDVPVXWLOL]DGDV0XFKRVLQJHQLHURVVDEHQSURJUDPDUFRQFyGLJRSHUR
FXDQGRVHOHVSLGHTXHGLVHxHQXQDVROXFLyQVHQFLOODHQHQWRUQR$FFHVVQRVDEHQKDFHUOR&XDQGRVHOHVSLGHTXHRUJDQLFHQXQDV
LGHDVGHQWURGHXQDSUHVHQWDFLyQGH3RZHU3RLQWPXFKRVWDUGDQHQDSUHQGHUDKDFHUOR
  +DELOLGDGHVFRPXQLFDWLYDVWDQWRLQWHUSHUVRQDOHVFRPRGHODQWHGHJUXSRV&XDQGRSUHJXQWRDMyYHQHVHVSDxROHVGHHQWUH\
DxRVFXiQWDVYHFHVHQWRGRVVXVDxRVGHHVFRODULGDGWXYLHURQTXHOHYDQWDUVHSDUDH[SRQHUGHODQWHGHVXFODVHODPD\RUtDPH
GLFHTXHQXQFD6HPHKLHODODVDQJUHSULPHUR\GHVSXpVGHXQUDWRVHHPSLH]DDKHUYLUSRUHOHQIDGRTXHWHQJRKDFLDODVDXWRUL
GDGHVHGXFDWLYDV
  8QGRPLQLRWRWDOGHOLQJOVHVGHFLUGHODOHQJXDIUDQFDSDUDORTXHUHVWHGHVLJORGHOFRPHUFLRGHODFLHQFLD\GHODWHFQRORJD
(OOWLPRGHODSURPRFLQGHOD3ROLWFQLFDVLJDQDDVXVFRPSDHURVHQODVWUHVKDELOLGDGHVTXHDFDERGHUHVHDUOHVDFDEDU
SDVDQGRDWRGRVHQHOPXQGRUHDO\HQDRVRPHQRV/RKHYLVWRSHUVRQDOPHQWHGXUDQWHGRVGFDGDVKDFLHQGRSDVLOORVDGLDULR
HQHPSUHVDVLQGXVWULDOHV\GHDOWDWHFQRORJD
5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

(VWQEXHQRV" $UHWKH\JRRG" OHVWFRUULHQGR +HoVUXQQLQJ


(VWQGHOLFLRVRV 7KH\oUHGHOLFLRXV (VWDPRVGDQGRXQSDVHR :HoUHJRLQJIRUDZDON
(VJXDSR" ,VKHKDQGVRPH" (OODHVWOH\HQGRHOSHULGLFR 6KHoVUHDGLQJWKHQHZVSDSHU
(VJXDSR +HoVKDQGVRPH (VWWRPDQGRXQFDIWDPELQ 6KHoVKDYLQJDFRIIHHWRR
(VXQKRPEUHPX\JXDSR +HoVDYHU\KDQGVRPHPDQ (VWDPRVWUDEDMDQGR :HoUHZRUNLQJ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XKDFHQ" :KDWDUHWKH\GRLQJ" 'HEHUDVWHQHUPVFXLGDGR <RXVKRXOGEHPRUHFDUHIXO


(VWQSDJDQGRODFXHQWD 7KH\oUHSD\LQJWKHELOO 1RWLHQHSRUTXVHUWDQ +HGRHVQoWKDYHWREHVR
3DJXHXURVSRUOD ,SDLGRQHKXQGUHGHXURVIRU
 HGXFDGR SROLWH
KDELWDFLQ WKHURRP 1RGHMDUGHKDEODU +HZRQoWVWRSWDONLQJ
&XQWRWHSDJDQDOPHV" +RZPXFKGRWKH\SD\\RXD 1RGHEHVHUPX\TXHULGR +HPXVWQoWEHPXFKORYHG
PRQWK" /HRHQYR]DOWD" 6KDOO,UHDGDORXG"
0HSDJDQPX\SRFR 7KH\SD\PHYHU\OLWWOH

/LIHJXDUG 6RFRUULVWD

6ZLPPHU 1DGDGRU
'LYLQJ%RDUG 7UDPSROQ

*RJJOHV *DIDVSDUDQDGDU
/DQH &DOOH

9RFDEXODULR3RRO 3LVFLQD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6HHVWKDFLHQGRWDUGH ,WoVJHWWLQJODWH 3RUTXWHKDVUHWUDVDGR" :KDWNHSW\RX"


3RUTXQRWHKDV :K\KDYHQoW\RXJRQHWREHG 0HTXHGGRUPLGR ,RYHUVOHSW
DFRVWDGRDQ" \HW" 1RVRQWXGHVSHUWDGRU" 'LGQoW\RXUDODUPFORFNJRRII"
7RGDYDQRWHQJRVXHR ,oPQRWVOHHS\\HW +XERXQDSDJQHQPHGLR 7KHUHZDVDSRZHUFXWLQWKH
+DVSXHVWR\DHOGHVSHUWDGRU" +DYH\RXVHW\RXUDODUPFORFN GHODQRFKH PLGGOHRIWKHQLJKW
\HW" (VSHUDVTXHPHYR\D 'R\RXH[SHFWPHWREHOLHYH
/RSRQGUPVWDUGH ,oOOVHWLWODWHU FUHHUHVR" WKDW"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXOOHYDVHVDSDMDULWD :K\DUH\RXZHDULQJWKDW 7XPDULGRHVXQPDQLWDV" ,V\RXUKXVEDQGDKDQG\PDQ"


ULGFXOD" ULGLFXORXVERZWLH" 0HYHQGUDELHQXQDD\XGDHQ ,FRXOGGRZLWKVRPHKHOSLQ

3RUTXHPHJXVWDGHVWDFDU %HFDXVH,OLNHWRVWLFNRXW PLFDVD P\KRXVH
/DJHQWHVHYDDEXUODUGHWL 3HRSOHDUHJRLQJWRPDNHIXQ 7HQJRTXHGHVPRQWDUXQD ,KDYHWRGLVPDQWOHDERRNFDVH
RI\RX OLEUHUD
|$PTXPHLPSRUWD :KDWGR,FDUH 6R\XQDLQWLOFXDQGRVH ,oPKRSHOHVVZKHQLWFRPHV

(OFKLVPRUUHRQRPHPROHVWD *RVVLSGRHVQoWERWKHUPH WUDWDGHEULFRODMH WR',<
6R\XQPDQD]DV ,KDYHEXWWHUQJHUV



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq  p:KDWDERXW"q
(VODIRUPDGHDYHULJXDUGHTXLEDDOJRRGH
+RZFDQ,JHWWKURXJKWR\RX ,oOOFDOO\RXZKHQ,JHWWKURXJKZLWKWKLV TXWUDWDED(PSOHDPRVHOYHUERpWREHqSUHFH
|$YHUVLPHHQWLHQGHV 7HOODPDUFXDQGRWHUPLQHFRQHVWR GLGRGHODSDODEUDpZKDWq\VHJXLGRGHpDERXWq
((88  3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
:HFDQWoJHWWKURXJKWR IUDVHVHQLQJOV"
KHDGTXDUWHUV ,GRQoWZDQWWRJRWKURXJKWKDWDJDLQ 'HTXLEDODSHOFXOD"
1RKD\FRQH[LQFRQODVHGHFHQWUDO |1RTXLHURYROYHUDSDVDUSRUHVRQXQFD 'HTXHLEDODUHXQLQ"
'HTXWUDWDEDWRGRHVR"
,ZHQWWKURXJKHYHU\ER[ /HWoVJRWKURXJKLWRQHPRUHWLPH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
%XVTXDWUDYVGHWRGDVODVFDMDV 5HSDVPRVORXQDYH]PV UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
3HWHUoV3URPRWLRQ 

3HWHU)LHOGVQLVKHVKLVFRQYHUVDWLRQZLWK-RKQ2OVRQDQGWKHVWRU\RIp3HWHUoV3URPRWLRQqUHDFKHVDKDSS\HQGLQJ

-RKQ ,WWRRNPH\HDUVWRRUJDQL]HWKHVDOHVIRUFHDQGQRZ -RKQ :HOOOHWPHNQRZLI\RXKDYHDQ\VHFRQGWKRXJKWV


\RXoUH FKDQJLQJ HYHU\WKLQJ :HOO JRRG OXFN , GRQoW 3HWHU 2ND\EXWZKDWHYHUKDSSHQVOHWoVQRWORVHWRXFK
HQY\\RXKDYLQJWRGHDOZLWKDOOWKRVHDJHQWV,KRSH
7KHHQG
\RXNQRZZKDW\RXoUHGRLQJ
3HWHU 'RQoWZRUU\DERXWPH-RKQ,oOOVXUYLYH WRGHDOZLWK WUDWDUFRQ
-RKQ 7KHQ,JXHVV,oYHORVW\RX<RXoUHGHGLFDWHGKHDUWDQG KHDUWDQGVRXO HQFXHUSR\DOPD
VRXOWRWKHFRPSDQ\QRZ ,KDYHDIHHOLQJ WHQJRXQSUHVHQWLPLHQWR
3HWHU , KDYH D IHHOLQJ ,oP D FRPSDQ\ PDQ ,Q IDFW ,oP QRW VRUU\WROHW\RXGRZQ VLHQWRIDOODUWH
VRVXUH,ZRXOGEHWKHULJKWPDQIRU\RX<RXQHHGD
UHVRXUFHIXOULVNWDNHUQRWDFDOPSODQQHUOLNHPH \RXoYHJRWQLQHOLYHVOLNHDFDW  HQHOPXQGRDQJORVDMQORV
JDWRVWLHQHQQXHYHYLGDVQRVLHWH 
-RKQ 0D\EHVR%XW\RXZRXOGKDYHEHHQWKHSHUIHFWPDQ
IRUWKHMRE,KDGLQPLQG ZKDWHYHUKDSSHQV SDVHORTXHSDVH

3HWHU 6RUU\WROHW\RXGRZQEXW,oPVXUH\RXoOOQGVRPHRQH OHWoVQRWORVHWRXFK QRSHUGDPRVHOFRQWDWR


EHWWHUWKDQPH<RXoYHJRWQLQHOLYHVOLNHDFDW<RXoOO
JHWE\

'HVWHUUDGHO<DYDOLVPR
(VWLPDGRDPLJR\DOXPQR/DEUHYHFDUWDTXHKHUHGDFWDGRDFRQWLQXDFLQHVXQLQWHQWRSRUKDFHUWHYHUTXLPSDFWRWLHQHHQORV
DQJORSDUODQWHVPXFKRVGHORVHVFULWRVHQLQJOVTXHVDOHQGHODVHPSUHVDVHVSDRODV
4XHULGD6U3HUH]
0XFKRVJUDFLDVSRUVXFDUWDGHIHEUHURHQFXDOQRVLQYLWDVYLVLWDUVXIDEULFDHQHOVXUGH$OHPDQGXUDQWHHOSUHPLHUVHPDQDGH
$EULO,QIRUWXQDGDPHQWHQRHVSRVVLEOHSDUDQRVRWURVSRUTXHWHQLPRVHQ%DUFHORQDODDQXDOIHULDGHPDTXLQHULDDTXHOODVHPDQD
$WHQWRPHQWH
$TXHFKRFD3HURORFXULRVRHVTXHDPXFKRVGHYRVRWURVRVGDLJXDOHQYLDUDOJRDV6LQRQRPHORH[SOLFR/DUHYLVWDGHOJUHPLR
GHWD[LVWDVGH0DGULGUHYLVWDTXHVHHQFXHQWUDHQODVRODSDGHWUVGHORVDVLHQWRVGHODQWHURVGHWRGRVORVWD[LVGHODFLXGDGHVW
HQHVSDRO\HQLQJOV/DWUDGXFFLQLQJOHVDFRQWLHQHHUURUHVHQFDGDIUDVH/DQXHYDVHFFLQHQLQJOVGHXQFRQRFLGRSHULGLFR
HOHFWUQLFRQXHYDVHFFLQDQXQFLDGDDERPER\SODWLOORFRQWLHQHHUURUHVJDUUDIDOHVKDVWDHQORVWLWXODUHV&XDOTXLHUOHFWRUH[WUDQ
MHURTXHPLUDVHODYHUVLQLQJOHVDGHOFLWDGRSHULGLFRVDFDUDXQDRSLQLQQHIDVWDGHODFDVDHGLWRULDOHQFXHVWLQ<RDQWHVOHDVX
SHULGLFRFRQFLHUWRLQWHUVSHURGHVGHVXSDWWLFDHQWUDGDHQHOPXQGRGHOLQJOV\DOHKHSHUGLGRHOUHVSHWR/DPLWDGGHWRGRV
ORVKRWHOHVGHFXDWUR\FLQFRHVWUHOODVHQ(VSDDWLHQHQWUDGXFFLRQHVDOLQJOVKRUUHQGDVGHVXVSJLQDVZHERGHVXVIROOHWRV
7HVRUSUHQGHUDVGHODJUDQFDQWLGDGGHIDPRVRVUHVWDXUDQWHVHQWRGD(VSDDFX\DVFDUWDVHQLQJOVVHUYLUDQFRPRREMHWRGH
ULVRWDGDVHQWUHDQJORSDUODQWHVELOLQJHV4XLHUHVTXHWHGPVHMHPSORV"$HVWHSDVRWHYDVDHQIDGDUFRQPLJR\GHFLUPHFRQ
UD]QTXH\DHVWELHQGHFULWLFDU3HURFUHRTXHHVLPSRUWDQWHTXHLQFOXVRFDLJDHQODH[DJHUDFLQSRUTXHFDPSDDVXVDQFKDV
HQ(VSDDODORVRIDGHOp\DYDOLVPRq'HVGHTXHYLYRHQHVWHSDVRLJRODH[SUHVLQp\DYDOHqSRUGRTXLHU4XH\DYDOHSRUTX
HVPHUDUVHPVTXH\DYDOH
1DGLHHVSHUIHFWR\HOSHUIHFFLRQLVPRQRHVUHFRPHQGDEOH6LQHPEDUJRHOWUDEDMRELHQKHFKRHQDOWHFH\SDJDGLYLGHQGRVDFRUWR
\DODUJRSOD]RSDUDTXLHQHVVHHVIXHUFHQSRUFRQVHJXLUOR8QHUURUHQXQWH[WRHVFULWRDGLIHUHQFLDGHXQHUURUDOKDEODUDERIHWHD
DOOHFWRU\OHLQGXFHDSHQVDUQHJDWLYDPHQWHHQHODXWRU6L\RFRPHWRXQHUURUKDEODQGR\DVHDJUDPDWLFDORIRQWLFRQLWHHQWHUDV
RHQWLHQGHVTXHHVWR\HVIRU]QGRPHSDUDH[SUHVDUPHORPHMRUTXHSXHGD$KRUDELHQXQHUURULPSRUWDQWHDODKRUDGHHVFULELU
GRQGHVHVXSRQHTXHHODXWRUWLHQHHOWLHPSRQHFHVDULRSDUDSRQGHUDUFDGDIUDVHRSDUDEXVFDUODD\XGDQHFHVDULDDQGHTXHHO
HVFULWRWHQJDFDOLGDGFDXVDLQPHGLDWDPHQWHXQDPDODLPSUHVLQTXHFRQGXFHDSHQVDUFRQRVLQUD]QTXHHODXWRUHVGHMDGRR
SRFROFLGR6LWHLQVWRFRQVWDQWHPHQWHHQHVWDVFKDVDKDFHUXQHVIXHU]RVLQFHURSDUDPHMRUDUWXLQJOVKDEODGRWHORGLJRFRQ


PVLQVLVWHQFLDWRGDYDFRQUHVSHFWRDWXLQJOVHVFULWR$FDULFLDFDGDIUDVHTXHVDOHGHWXSOXPDRGHWXWHFODGR\VLWLHQHVGXGDV
EXVFDDXQEXHQWUDGXFWRUTXHVHSDHQWHQGHUSHUIHFWDPHQWHHOLGLRPDGHRULJHQ\SODVPDUORHQXQDEXHQDSURVD\HVWLORHQHO
LGLRPDGHGHVWLQR
5LFKDUG9DXJKDQ


/RZ%HJLQQHU +LJK%HJLQQHU

(VHOODEXHQD" ,VVKHJRRG" 4XRSLQDWXDPLJD" :KDWGRHV\RXUIULHQGWKLQN"


(VPHMRUTXHO 6KHoVEHWWHUWKDQKLP 3LHQVDTXHHVPX\WDUGHSDUDLU 6KHWKLQNVWKDWLWoVYHU\ODWH
(VODPHMRU 6KHoVWKHEHVW WRJR
6RQPDODVHVDVPDQ]DQDV" $UHWKRVHDSSOHVEDG" 1RSRGHPRVLUDKRUD" &DQoWZHJRQRZ"
6RQKRUULEOHV 7KH\oUHWHUULEOH 7LHQHFRFKHWXDPLJD" 'RHV\RXUIULHQGKDYHDFDU"
7LHQHXQFRFKHPX\YLHMR 6KHKDVDYHU\ROGFDU

6NLOLIW 5HPRQWH

6NLSROHV %DVWRQHV

6NLVXLW 0RQR
6NLV (VTXV

6NL6ORSH 3LVWD

9RFDEXODULR6NLLQJ (VTX

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VEDQTXHUR +HoVDEDQNHU &XQWDVFHUYH]DVKDVWRPDGR" +RZPDQ\EHHUVKDYH\RX


(OODHVFRQWDEOH" ,VVKHDQDFFRXQWDQW" KDG"
6RQLQIRUPWLFRVPX\EXHQRV 7KH\oUHYHU\JRRGFRPSXWHU 1RODVVXFLHQWHVWRGDYD 1RWHQRXJK\HW
SURJUDPPHUV (VSHURTXHQRYXHOYDVDFDVD ,KRSH\RXoUHQRWGULYLQJ
6RPRVLQJHQLHURV :HoUHHQJLQHHUV HQFRFKH KRPH
6RQFDMHURV" $UHWKH\FDVKLHUV" &ODURTXHQR 2IFRXUVH,oPQRW
0HYDVDOOHYDUW <RXoUHJRLQJWRWDNHPH

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&PRVHKDFHXQDWRUWLOOD +RZGR\RXPDNHD6SDQLVK 4XGLU" ,ZRQGHUZKDWKHoOOVD\


HVSDROD" RPHOHWWH" 6DEUO" ,ZRQGHULIKHNQRZV
7LHQHVTXHFRUWDUXQDSDWDWD <RXQHHGWRFXWDSRWDWRLQWR
 4XKDUHOODDKRUD" ,ZRQGHUZKDWVKHoOOGRQRZ
HQWUR]RVSHTXHRV VPDOOSLHFHV 'QGHHVWDUQHOORV" ,ZRQGHUZKHUHWKH\DUH
/XHJRVHODVIUH 7KHQ\RXIU\WKHP 3RUTXGLUDQHVR" ,ZRQGHUZK\WKH\VDLGWKDW
%DWHVORVKXHYRV <RXEHDWWKHHJJV
0H]FODVWRGR\ORIUHVSRU <RXPL[HYHU\WKLQJDQGWKHQ

ORVGRVODGRV \RXIU\LWRQERWKVLGHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

1RORFRPSUDUSRUPXFKR ,ZRQoWEX\LWQRPDWWHUKRZ 8QWUDEDOHQJXDVSDUDGHFLU $WRQJXHWZLVWHUWRVD\RXW


TXHLQWHQWHVSHUVXDGLUPH KDUG\RXWU\WRSHUVXDGHPH HQYR]DOWD ORXG
3HUGHUVSRUPXFKRTXHWH <RXoOOORVHQRPDWWHUKRZKDUG (OODYHQGHFRQFKDVPDULQDV 6KHVHOOVVHDVKHOOVE\WKHVHD
HVIXHUFHV \RXWU\ HQODRULOODGHOPDU VKRUH
3RUPXFKRTXHYD\DVDOOQR 1RPDWWHUKRZRIWHQ\RXJR /DVFRQFKDVTXHYHQGHVRQ 7KHVKHOOVVKHVHOOVDUHVXUHO\
WHYDDYHU WKHUHVKHLVQoWJRLQJWRVHH\RX VLQGXGDFRQFKDVPDULQDV VHDVKHOOV
'LJDQORTXHGLJDQWH 1RPDWWHUZKDWWKH\VD\ZHoOO $VTXHVLYHQGHFRQFKDVHQ 6RLIVKHVHOOVVKHOOVRQWKH
VHJXLUHPRVDSR\DQGR VWLOOVXSSRUW\RX ODRULOODGHOPDUf VHDVKRUHf
3DVHORTXHSDVHVLHPSUHWH 1RPDWWHUZKDWKDSSHQV,oOO (VWR\VHJXURTXHYHQGH ,oPVXUHVKHVHOOVVHDVKRUH
TXHUU DOZD\VORYH\RX FRQFKDVGHODRULOODGHOPDU VKHOOV



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWKURXJKq 
%XVLQHVVYRFDEXODU\
,FDQoWJRWKURXJKZLWKLW /HWoVJRWKURXJKHYHU\VWHS 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
1RORSXHGRKDFHU1RWHQJRYDORU 9DPRVSXQWRSRUSXQWRSRUFDGDSDVR
6LUHVWDVORVSDVLYRVGHORVDFWLYRVWLHQHVHO
SDWULPRQLRQHWRGHWXHPSUHVD
7KHDPHQGPHQWVZHQWWKURXJK :HoYHDOUHDG\JRQHWKURXJKDOORXUVDYLQJV
1XHVWURVFRVWHVGHH[SORWDFLQVHKDQ
RND\ <DKHPRVDJRWDGRWRGRVQXHVWURVDKRUURV GLVSDUDGRHVWHDR
/DVHQPLHQGDVIXHURQDSUREDGDV
$FRUGDPRVHQIDFWXUDUHOFOLHQWHGDVWUDV
+HJRHVWKURXJKWZRER[HVRIFHUHDOD ODHQWUHJDGHODPHUFDQFD
+HZHQWWKURXJKVRPHKDUGWLPHV ZHHN
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
3DVSRUSRFDVGLIFLOHV 6HIXQGHGRVFDMDVGHFHUHDOHVSRUVHPDQD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ 
3HRSOHRSHQEDQNDFFRXQWVIRUPDQ\UHDVRQVRQHRIZKLFKLVWRNHHSWKHLUPRQH\LQDVDIHSODFH
:KHQ\RXRSHQDEDQNDFFRXQW\RXQHHGWRGHSRVLWDPLQLPXPDPRXQWRIFDVK
7KHEDQNSURYLGHV\RXZLWKDGHSRVLWVOLSDVSURRIWKDW\RXKDYHGHSRVLWHGPRQH\LQ\RXUDFFRXQW
%DQNVRIIHUGLIIHUHQWNLQGVRIDFFRXQWVERWKWRLQGLYLGXDOVDQGWRFRUSRUDWLRQV
$VDYLQJVDFFRXQWRIIHUVDFHUWDLQDPRXQWRILQWHUHVWRQWKHDYHUDJHEDODQFHWKDW\RXPDLQWDLQLQWKHDFFRXQW
&XUUHQWDFFRXQWVRIIHUYHU\OLWWOHLQWHUHVWRUQRLQWHUHVWDWDOO
%DQNVSURYLGH\RXZLWKFKHFNERRNVDQGFUHGLWFDUGVWRHQDEOH\RXWRPDNHSD\PHQWVZLWKRXWWKHQHHGIRUFDVK
,I\RXXVHDFUHGLWFDUGWKHEDODQFHRI\RXUWUDQVDFWLRQVLVSDLGDWWKHHQGRIWKHPRQWKXQOHVV\RXVSHFLI\RWKHUZLVH
0DQ\SHRSOHXVHWKHFUHGLWRSWLRQDQGGHIHUWKHLUSD\PHQWV,QWKHVHFDVHVWKHEDQNFKDUJHVLQWHUHVWRQWKHRXWVWDQGLQJEDODQFH
%DQNVFKDUJHWKHLUFUHGLWFDUGKROGHUVDQDQQXDOIHH
0RVWPHUFKDQWVLQ6SDLQDFFHSWFUHGLWFDUGV0DQ\RIWKHPGRQoWDFFHSWSHUVRQDOFKHFNV

(FRQRPLFV 
(FRQRPLFVLVDERXWWKHGLVWULEXWLRQRIJRRGVDQGVHUYLFHV*RRGVDUHWDQJLEOHSURGXFWVDQGVHUYLFHVDUHLQWDQJLEOH
(FRQRPLFVLVRIWHQFRQVLGHUHGDVRFLDOVFLHQFHEHFDXVHLWoVEDVHGRQKXPDQEHKDYLRXU
0DFURHFRQRPLFVLVFRQFHUQHGZLWKQDWLRQDORUUHJLRQDOHFRQRPLHVDVDZKROH
0DFURHFRQRPLFVWULHVWRXQGHUVWDQGKRZODUJHVHFRQRPLHVZRUN
7KHWKUHHPRVWLPSRUWDQWLQGLFDWRUVDUH*'3WKHXQHPSOR\PHQWUDWHDQGWKHLQDWLRQUDWH
*'3VWDQGVIRUJURVVGRPHVWLFSURGXFW,WoVWKHWRWDOPDUNHWYDOXHRIDOOJRRGVDQGVHUYLFHVSURGXFHGLQDFRXQWU\GXULQJD\HDU
7KHUHSRUWLQJSHULRGIRU*'3LVXVXDOO\WKHFDOHQGDU\HDU
7KHUHSRUWLQJSHULRGIRUFRUSRUDWLRQVLVRIWHQGLIIHUHQWDQGLVFDOOHGpWKHQDQFLDO\HDUqLQWKH8.DQGpWKHVFDO\HDUqLQWKH86
*'3DGGVXSIRXULWHPVFRQVXPSWLRQJURVVLQYHVWPHQWJRYHUQPHQWVSHQGLQJDQGWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
&RQVXPSWLRQPHDQVSULYDWHVSHQGLQJ,WLQFOXGHVHYHU\WKLQJWKDWSHRSOHVSHQGPRQH\RQH[FHSWQHZKRXVLQJ
*URVVLQYHVWPHQWPHDQVWKHPRQH\LQYHVWHGLQFDSLWDOH[SHQGLWXUHVE\EXVLQHVVHVDQGKRXVHKROGV

0DQXIDFWXULQJ 
0DQXIDFWXULQJXVXDOO\KDVWRGRZLWKLQGXVWULDOSURGXFWLRQZKHUHUDZPDWHULDOVDUHWUDQVIRUPHGLQWRQLVKHGJRRGV
,QFDSLWDOLVWHFRQRPLHVPDQXIDFWXULQJLVGHYRWHGWRWKHPDVVSURGXFWLRQRISURGXFWVIRUVDOHWRFRQVXPHUV
0DQXIDFWXULQJLQFOXGHVHQJLQHHULQJDQGLQGXVWULDOGHVLJQ
,QDPDQXIDFWXULQJIDFLOLW\HQJLQHHULQJXVXDOO\LQFOXGHVSURGXFWHQJLQHHULQJDQGSURFHVVHQJLQHHULQJ
3URGXFWHQJLQHHULQJLQFOXGHVGHVLJQLQJFRPSOHWHSURGXFWVRUSDUWVRUFRPSRQHQWVRIDSURGXFWIRUODWHUPDQXIDFWXULQJ
3URGXFWHQJLQHHUVQHHGWRFRRUGLQDWHZLWKSURFHVVHQJLQHHUVWRPDNHVXUHWKDWWKHSURGXFWGHVLJQLVSURGXFLEOH
6RPHWLPHVSURGXFWHQJLQHHUVGHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHWRRH[SHQVLYHWRPDNH
6RPHWLPHVWKH\GHVLJQSURGXFWVRUFRPSRQHQWVWKDWDUHLPSRVVLEOHWRPDQXIDFWXUH
3URGXFWGHVLJQHUVPDNHSURWRW\SHVDQGWHVWWKHPEHIRUHVHQGLQJWKHGHVLJQVWRWKHIDFWRU\IRUPDQXIDFWXULQJ
:KHQSURFHVVHQJLQHHULQJUHFHLYHVWKHGUDZLQJVRIWKHQHZSURGXFWRUFRPSRQHQWWKH\SUHSDUHWKHWRROLQJ
:KHQHQJLQHHUVWDONDERXWWRROLQJWKH\DUHUHIHUULQJWRPDFKLQHWRROV
0DFKLQHWRROVDUHGHYLFHVWKDWDUHXVHGWRPDNHPHWDOSDUWVRUFRPSRQHQWV:HXVXDOO\FDOOWKLVPDFKLQLQJ

(VWLPDGRDPLJR\DOXPQR+R\FRPLHQ]RXQDQXHYDVHFFLQGHGLFDGDDRIUHFHUWHFDVLPLOIUDVHVVREUHODVVLJXLHQWHVUHDV
 %DQNLQJ  *HQHUDODQGVWUDWHJLFPDQDJHPHQW  ,QIRUPDWLRQWHFKQRORJ\
 (FRQRPLFV  ,QYHVWLQJ  /DZDQGOHJDOFRXQVHO
 0DQXIDFWXULQJ  +XPDQUHVRXUFHV  (QWUHSUHQHXUVKLS
 )LQDQFHDQGDFFRXQWLQJ  6HFUHWDULDODQGDGPLQLVWUDWLRQ  5HVHDUFKDQGGHYHORSPHQW
 0DUNHWLQJDQGVDOHVPDQDJHPHQW  2SHUDWLRQV  7\SLFDORIFHODQJXDJH
&RQHOQGHQRGHGLFDUFDGDFKDHQXQVRORWHPDYR\DLQFOXLUWUHVGHODVUHDVHQFDGDXQD$VSRGUDWHQGHUODVQHFHVLGDGHVHVSHF
FDVGHDOPHQRVWUHVFROHFWLYRVGLIHUHQWHVFDGDGD$OQDOGHODVFKDVTXHQRVTXHGDQSRQGUHPRVDGLVSRVLFLQGHWRGRVORVXVXDULRV
ORVDXGLRVFRUUHVSRQGLHQWHVDODVOHFFLRQHVGHODVFKDVHQIRUPDWR03\VHJQGHPDQGDHQIRUPDWR&'DXGLR6HWUDWDUGHXQDELEOLR
WHFDDXGLWLYDWUHPHQGDPHQWHULFDHQFRQWHQLGRVUHOHYDQWHV7HPDQWHQGUHPRVLQIRUPDGRFRQIRUPHVHDFHUTXHQODVIHFKDV

5LFKDUG9DXJKDQ

/RZ%HJLQQHU +LJK%HJLQQHU

(VXQSHULGLFR" ,VLWDQHZVSDSHU" 1RHVWQFRQGXFLHQGR 7KH\oUHQRWGULYLQJ


6ORHVHVXQSHULGLFR <HVLWLVLWoVDQHZVSDSHU (VWR\OODPDQGRSRUWHOIRQR ,oPFDOOLQJE\SKRQH
(VXQDFKLFDDFD" ,VVKHDWKLQJLUO" (VWR\KDEODQGRSRUWHOIRQR ,oPWDONLQJRQWKHSKRQH
(OODHVDFDFRPRVXKHUPDQD 6KHoVWKLQOLNHKHUVLVWHU (VWQKDEODQGRSRUHOPYLO" $UHWKH\WDONLQJRQWKHPRELOH
3HURVRQPX\JXDSDV %XWWKH\oUHYHU\SUHWW\ SKRQH"
0HHVWLVHVFXFKDQGR" $UH\RXOLVWHQLQJWRPH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&PRHVWWXSDGUH" +RZoV\RXUIDWKHU" 9HQDTXDKRUDPLVPR &RPHKHUHULJKWQRZ


&PRHVHOQXHYRMHIH" :KDWoVWKHQHZERVVOLNH" |9R\ ,oPFRPLQJ
&PRHVHOWLHPSRHQ :KDWoVWKHZHDWKHULQ1RUZD\
 4XSDVD" :KDWoVWKHPDWWHU"
1RUXHJD" OLNH" 2OYGDOR 1HYHUPLQG
&PRHVWHOJD]SDFKR" :KDWoVJD]SDFKROLNH" 'DLJXDO ,WGRHVQoWPDWWHU
&PRHUDODYLGDKDFHWUHLQWD :KDWZDVOLIHOLNHWKLUW\\HDUV
DRV" DJR"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

1XQFDKHYLVWRDWDQWDJHQWH ,oYHQHYHUVHHQVRPDQ\SHRSOH
 &XDQWRPVJUDQGHPHMRU 7KHELJJHUWKHEHWWHU
HQWRGDPLYLGD LQDOOP\OLIH &XDQWDPVSHTXHDPV 7KHVPDOOHUWKHVZHHWHU
-DPVVRFRQTXHDFHSWDUD ,QHYHUGUHDPHGVKHZRXOG GXOFH
DFFHSW &XDQWRPVWLHPSRSDVR 7KHPRUHWLPH,VSHQGZLWK
$OJXLHQKDYLVWRPLSHQGULYH" +DVDQ\ERG\VHHQP\SHQGULYH" FRQWLJRPVPHJXVWDV \RXWKHPRUH,OLNH\RX
1XQFDKHFRQRFLGRDDOJXLHQ ,oYHQHYHUPHWDQ\RQHZKR
 &XDQWRPVOHRDFHUFDGHHVWH 7KHPRUH,UHDGDERXWWKLV
TXHSLHUGHWDQWDVFRVDV ORVHVVRPDQ\WKLQJV WHPDPVSHVLPLVWDPHVLHQWR VXEMHFWWKHPRUHSHVVLPLVWLF
7HOODPXQWDO6U6PHOOH\ $0U6PHOOH\FDOOHG\RX ,IHHO
&XDQWRPVOHYHR DO PV 7KHPRUH,VHHKLPWKHPRUH
JXDSRPHSDUHFH KDQGVRPH,WKLQNKHLV
'UXPPHU %DWHUD
0LFURSKRQH 0LFUIRQR

6LQJHU &DQWDQWH

%DVV3OD\HU %DMR

*XLWDULVW *XLWDUULVWD

9RFDEXODULR0XVLF*URXS *UXSRGH0VLFD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XKDEUDPRVKHFKRVLQR :KDWZRXOGZHKDYHGRQHLILW 7XQRYLRHVXQSRFRPDFDUUD <RXUER\IULHQGoVDELWRID\RE


KXELHUDVLGRSRUHOODV" KDGQoWEHHQIRUWKHP" (VWHVLWLRHVPX\FXWUH 7KLVSODFHLVDGLYH
&PRKDEUDVVREUHYLYLGRVL +RZZRXOG\RXKDYHVXUYLYHG
 3DUHFHVPX\SLMRFRQHVDFDPLVD <RXORRNUHDOO\SUHSS\LQWKDW
QRWHKXELHUDD\XGDGR" LI,KDGQoWKHOSHG\RX" VKLUW
'QGHKDEUDWHQLGROXJDU" :KHUHZRXOGLWKDYHWDNHQ 7HKDVFRQYHUWLGRHQXQDSLMD <RXoYHEHFRPHDVQRE

SODFH" GHDFWLWXG 
+DEUDKDELGRXQDHVWDVLWXV :RXOGWKHUHKDYHEHHQDSDUW\LI
 7LHQHXQDFHQWREDVWDQWHSLMR 6KHKDVTXLWHDSRVKDFFHQW
SDGUHVKXELHVHQHVWDGRHQFDVD" \RXUSDUHQWVKDGEHHQDWKRPH"
6LKXELHVHKDELGRPV ,IWKHUHKDGEHHQPRUHVHFXULW\
VHJXULGDGVHKDEUDSURGXFLGR ZRXOGWKHUHKDYHEHHQD
HOURER" UREEHU\"


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq 
3UDFWLFDO(QJOLVK
:HPDGHLWWKURXJKRND\ +HSXWKLPVHOIWKURXJKVFKRRO
/RJUDPRVSDVDUVLQLQFLGHQFLDV +L]RODFDUUHUDSDJQGRVHOROPLVPR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
(VVWHHOPRVWUDGRUGHIDFWXUDFLQSDUDHO
,oOOSXW\RXWKURXJK &DQ\RXSXWPHWKURXJKWRWKHPDQDJHU"
YXHORGH6LQJDSRUH$LUOLQHVD0DQLOD"
/HSRQJR WHOHIRQLVWD  0HSRQHFRQHOJHUHQWH" <DKHVDFDGRODWDUMHWDGHHPEDUTXHRQOLQH
KDFHIDOWDUHFRQUPDUPLUHVHUYD"
/HWoVUXQWKURXJKLWRQHPRUHWLPH 5HDGWKURXJKLWDQGWHOOPHZKDW &XDQWRGXUDHVODHVFDODHQ1XHYD'HOKL"
(QVD\PRVORXQDYH]PV \RXWKLQN ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
/HOR\GLPHORTXHRSLQDV UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
)LQDQFHDQGDFFRXQWLQJ 
$FFRXQWLQJLVWKHODQJXDJHRIEXVLQHVVDQGLVWKHEHVWZD\RINHHSLQJDUHFRUGRIWKHSHUIRUPDQFHRIDFRPSDQ\
$FFRXQWLQJLVEDVHGRQDGRXEOHHQWU\V\VWHPLQYHQWHGE\9HQHWLDQPHUFKDQWV
(YHU\WUDQVDFWLRQLVUHHFWHGLQWZRHQWULHVDGHELWDQGDFUHGLW
(YHU\FRPSDQ\KDVDVVHWVDQGOLDELOLWLHV$VVHWVDUHZKDWWKHFRPSDQ\KDVDQGOLDELOLWLHVDUHZKDWWKHFRPSDQ\RZHV
7KHPRQH\LQWKHFRUSRUDWHEDQNDFFRXQWVLVDQDVVHWEHFDXVHWKHPRQH\EHORQJVWRWKHFRPSDQ\,WoVDOLTXLGDVVHW
7KHPRQH\WKDWFXVWRPHUVRZHWKHFRPSDQ\LVDQDVVHWEHFDXVHLWZLOOVRRQEHFROOHFWHGDQGEHFRPHPRQH\LQWKHEDQN
7KHPRQH\WKDWFXVWRPHUVRZHLVFDOOHGDFFRXQWVUHFHLYDEOHDQGLVFRQVLGHUHGDVKRUWWHUPRUFXUUHQWDVVHW
7KHQDOLQYHQWRU\WKDWWKHFRPSDQ\KDVLQLWVZDUHKRXVHUHDG\IRUVKLSPHQWWRDFRPSDQ\LVDOVRDVKRUWWHUPRUFXUUHQWDVVHW
7KHFRPSDQ\ZLOOVKLSWKHLQYHQWRU\WRLWVGLIIHUHQWFXVWRPHUVDQGWKHVHJRRGVZLOOEHFRPHPRQH\LQWKHEDQNZLWKLQWKHVFDO\HDU
7KHWHUPVFDO\HDULVXVHGLQWKH86DQGWKHWHUPQDQFLDO\HDULVXVHGLQWKH8.7KHQRUPDO\HDULVFDOOHGWKHFDOHQGDU\HDU
7KHODQGDQGIDFWRU\WKDWWKHFRPSDQ\RZQVLVDOVRDQDVVHW+RZHYHULWoVDORQJWHUPRU[HGDVVHW
,IZHZDQWWRWUDQVIRUPD[HGDVVHWLQWRFDVKZKLFKLVDQRWKHUWHUPIRUPRQH\ZHRIWHQQHHGPRUHWKDQD\HDU
,IWKHFRPSDQ\QHHGVWRSD\EDFNDORDQQH[WPRQWKWKDWoVDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\SD\VDVXSSOLHUGD\VDIWHUUHFHLYLQJDQLQYRLFHWKLVDPRXQWRZHGWRWKHVXSSOLHULVDOVRDFXUUHQWOLDELOLW\
0RQH\RZHGWRVXSSOLHUVLVFDOOHGDFFRXQWVSD\DEOH&RPSDQLHVXVXDOO\QHJRWLDWHGD\SD\PHQWWHUPV

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
,QDPDUNHWHFRQRP\SXEOLFDQGSULYDWHFRPSDQLHVDUHIRUPHGLQRUGHUWRJHQHUDWHDSURW
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNPDUNHWRUVWRFNH[FKDQJH
,IWKHFRPSDQ\LVDSULYDWHFRPSDQ\WKHQWKHVKDUHVRIWKHFRPSDQ\DUHQRWDYDLODEOHWRWKHJHQHUDOSXEOLF
,I\RXZDQWWREHFRPHSDUWRZQHURIDSULYDWHFRPSDQ\\RXPXVWFRQWDFWRQHRIWKHRZQHUVGLUHFWO\DQGPDNHDQRIIHU
&RPSDQLHVPXVWJHQHUDWHDSURWLQRUGHUWRVXUYLYHRYHUWKHORQJWHUP
7RPDNHDSURWDFRPSDQ\PXVWJHQHUDWHUHYHQXHLQH[FHVVRILWVRSHUDWLQJFRVWVDQGH[SHQVHV
6RWKHUVWJRDOLQDEXVLQHVVLVWRJHQHUDWHUHYHQXH
0RVWUHYHQXHWKDWDFRPSDQ\JHQHUDWHVFRPHVIURPWKHVDOHRILWVSURGXFWVRUVHUYLFHV6RPHUHYHQXHLVQRQRSHUDWLQJLQFRPH
1RQRSHUDWLQJLQFRPHXVXDOO\UHIHUVWRH[WUDRUGLQDU\LWHPVVXFKDVLQWHUHVWLQFRPHRUQDQFLDOJDLQV
7RJHQHUDWHUHYHQXHDFRPSDQ\PXVWVHOODSURGXFWRUVHUYLFH
,IWKHSURGXFWKDVPDJLFDOSRZHUVSHRSOHZLOOFRPHWR\RXUGRRUWREX\LW<RXZRQoWQHHGWRDGYHUWLVHRUVHOO
+RZHYHUSURGXFWVDQGVHUYLFHVDUHQRWPDJLFDOVRZHQHHGWRFRQYLQFHWKHJHQHUDOSXEOLFWREX\WKHP
,WoVQRWHDV\WRFRQYLQFHSHRSOHWREX\\RXUSURGXFWRUVHUYLFHVR\RXQHHGXVHVWUDWHJLHVDQGWDFWLFVGHVLJQHGWRSHUVXDGHWKHP
<RXQHHGWRSURPRWHEUDQGDZDUHQHVVZKLFKPHDQVJHWWLQJSHRSOHWRNQRZ\RXUSURGXFWRUVHUYLFHDQGWRNQRZWKLQJVDERXWLW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
7KHSHUVRQDWWKHWRSRIDEXVLQHVVRUJDQL]DWLRQLVUHVSRQVLEOHIRUWKHVXFFHVVRIWKHRSHUDWLRQV
7KLVSHUVRQFDQEHWKHFKDLUPDQRIWKHFRPSDQ\WKHPDQDJLQJGLUHFWRURUWKH&(2
7KHFKDLUPDQRIWKHERDUGLVWKHUHSUHVHQWDWLYHRIWKHFRPSDQ\LQIURQWRIWKHVKDUHKROGHUV
7KH&(2RUFKLHIH[HFXWLYHRIFHULVDOVRDPHPEHURIWKHERDUGDQGLVUHVSRQVLEOHIRUPDQDJLQJWKHRSHUDWLRQVRIWKHFRPSDQ\
7KHWHUPPDQDJLQJGLUHFWRULVDWHUPXVHGLQFHUWDLQW\SHVRIFRPSDQLHVLQWKH8.IRUWKHVDPHJXUHDVWKH&(2
,QVRPHFRPSDQLHVWKHFKDLUPDQRIWKHERDUGLVDOVRWKH&(2,QWKHVHFDVHVWKLVSHUVRQKDVDORWRISRZHUDQGLQXHQFH
7KHPDLQMRERID&(2LVWRPDNHVXUHWKDWWKHFRPSDQ\SURYLGHVDJRRGUHWXUQRQRZQHUVoHTXLW\
/HWVD\WKHRZQHUVVWDUWDFRPSDQ\E\GHSRVLWLQJLQWKHFRPSDQ\oVQHZEDQNDFFRXQW7KLVLVFDOOHGWKHFDSLWDORUFDSLWDOVWRFN
'XULQJWKHUVW\HDURIRSHUDWLRQVWKHFRPSDQ\PDNHVDSURWRIZKLFKLVYHU\JRRGFRQVLGHULQJLWoVWKHUVW\HDU
7KHRZQHUVQHHGWRGHFLGHZKHWKHUWRFROOHFWWKHPRQH\LQWKHIRUPRIGLYLGHQGVUHPRYLQJLWIURPWKHFRPSDQ\RUWRUHLQYHVWLW
,IWKHFRPSDQ\GRHVQoWQHHGDGGLWLRQDOFDVKWRSURPRWHJUHDWHUJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVWRSD\WKHPVHOYHVDGLYLGHQG
+RZHYHULIWKHFRPSDQ\QHHGVPRUHFDVKWRFRQVROLGDWHDQGSURPRWHLWVJURZWKWKHQLWoVQRUPDOIRUWKHRZQHUVQRWWRHDUQGLYLGHQGV
,QWKLVFDVHWKHSURWLVOHIWLQWKHFRPSDQ\DQGLVFDOOHGUHWDLQHGHDUQLQJV7KLVPRQH\LVUHLQYHVWHGLQRUGHUWRSURPRWHJURZWK
7KHRULJLQDOFDSLWDORIWKHFRPSDQ\SOXVWKHDFFXPXODWHGUHWDLQHGHDUQLQJVHDFK\HDULVFDOOHGWKHRZQHUVoHTXLW\RUQHWZRUWK
7KHRQO\WUXHREMHFWLYHRIWKH&(2RIDEXVLQHVVRUJDQL]DWLRQZKHWKHULWEHSXEOLFRUSULYDWHLVWRLPSURYHWKHUHWXUQRQHTXLW\RU52(
$VZHNQRZDIWHUWKHUVW\HDUWKHRZQHUVoHTXLW\RIWKHFRPSDQ\LVfRIFDSLWDODQGRIUHWDLQHGHDUQLQJV



/RZ%HJLQQHU +LJK%HJLQQHU

(VLQWHUHVDQWHHVDUHYLVWD" ,VWKDWPDJD]LQHLQWHUHVWLQJ" (VWVOODPDQGRDOUHVWDXUDQWH $UH\RXFDOOLQJWKH&KLQHVH


(VXQDUHYLVWDLQWHUHVDQWH" ,VLWDQLQWHUHVWLQJPDJD]LQH" FKLQR" UHVWDXUDQW"
6RQWRQWRVHVRVQLRV" $UHWKRVHER\VVLOO\" (VWR\UHVHUYDQGRXQDPHVD ,oPUHVHUYLQJ ERRNLQJ DWDEOH
6RQQLRVWRQWRV" $UHWKH\VLOO\ER\V" 4XKDFHHOOD" :KDWoVVKHGRLQJ"
(VVWDXQDSUHJXQWD" ,VWKLVDTXHVWLRQ" (VWOODPDQGRDOKRWHO 6KHoVFDOOLQJWKHKRWHO
(VWUHVHUYDQGRXQDKDELWDFLQ" ,VVKHERRNLQJDURRP"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(OODSLHQVDDVQR" 6KHWKLQNVOLNHWKDWGRHVQoWVKH" (VWQSUHVWDQGRDWHQFLQHQ $UHWKH\SD\LQJDWWHQWLRQLQ


(VWXYLVWHDOOQR" <RXZHUHWKHUHZHUHQoW\RX" WXVFODVHV" \RXUFODVVHV"
9DQDYHQLUPDDQDQR" 7KH\oUHJRLQJWRFRPH 1RWDQWRFRPRPHJXVWDUD 1RWDVPXFKDV,oGOLNH
WRPRUURZDUHQoWWKH\" 6XSRQJRTXHHVWQWUDEDMDQGR ,VXSSRVHWKH\oUHZRUNLQJRQ
3XHGHVKDFHUORQR" <RXFDQGRLWFDQoW\RX" HQHOOR LW
OVHUHOSU[LPRSUHVLGHQWH +HoOOEHWKHQH[WSUHVLGHQW 1RVRQPX\WUDEDMDGRUHV 7KH\oUHQRWYHU\KDUGZRUNLQJ
QR" ZRQoWKH" YHUGDG" DUHWKH\"
/HVIDOWDPRWLYDFLQ 7KH\ODFNPRWLYDWLRQ

:KLWH&RIIHH &DIFRQOHFKH )LOWHU&RIIHH &DIGHFDIHWHUDHOFWULFD

%ODFN&RIIHH &DIDPHULFDQR
,FHG&RIIHH &DIFRQKLHOR

(VSUHVVR &DIVROR

9RFDEXODULR&RIIHH &DI

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/HGLMHTXHYROYLHUD DO  ,WROGKLPWRFRPHEDFN (VSHURTXHYHQJDV ,KRSH\RXoOOFRPH


0HSLGLTXHQRGLMHUDQDGD 6KHDVNHGPHQRWWRVD\ (VSHURTXHSXHGDVYHQLU ,KRSH\RXFDQFRPH
DQ\WKLQJ 2MDOYLQLHUD ,ZLVKKHZRXOGFRPH
1RVGLMHURQTXHYHQGUDQ 7KH\WROGXVWKH\ZRXOGFRPH 2MDOSXGLHUDYHQLU ,ZLVKKHFRXOGFRPH
/HVGLMRTXHWRGRVDOGUDELHQ 6KHWROGWKHPWKDWHYHU\WKLQJ |2MDOQRKXELHUDYHQLGR ,ZLVKKHKDGQoWFRPH
ZRXOGWXUQRXWQH
7HGLMHTXHQRWHSUHRFXSDUDV ,WROG\RXQRWWRZRUU\

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7DUGVLJORVHQVXSHUDUODJULSH ,WWRRNPHDJHVWRJHWRYHUWKH 1XQFDKHYLVWRXQUHVWDXUDQWH ,oYHQHYHUVHHQVXFKDWDFN\


X WDQKRUWHUD UHVWDXUDQW
1XQFDVXSHUODPXHUWHGHVX +HQHYHUJRWRYHUWKHGHDWKRI |4XSULQJDRHUHV :KDWDVXFNHU\RXDUH
KPVWHU KLVKDPVWHU (VWDFODVHHVWOOHQDGH 7KLVFODVVLVIXOORIVZRWV
7HDSDDVWHFRQWXLQJOVHQ 'LG\RXJHWE\ZLWK\RXU(QJOLVK HPSROORQHV
(GLPEXUJR" LQ(GLQEXUJK" 1RVHDVWDQFDUFD 'RQoWEHVXFKDVTXDUH
&KDUOFRQODPXMHUGHOMHIHHQ ,FKDWWHGZLWKWKHERVVoZLIHDW |9D\DSDQGLOODGHPXHUPRV :KDWDEXQFKRIGULSV
ODHVWDQDYLGHD WKH&KULVWPDVSDUW\
|1XQFDVHYDDVDOLUFRQODVX\D <RXoOOQHYHUJHWDZD\ZLWKLW



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq  $Q\sHQLQWHUURJDWLYR
(QHVSDROQRH[LVWHHTXLYDOHQWHDpDQ\qHQHO
,oOOVHH\RXWKURXJKWRWKHHQG ,FDQVHHWKURXJK\RXUOLWWOHVWRU\ LQWHUURJDWLYR$XQTXHHVSRVLEOHRPLWLUODSDOD
7HD\XGDUKDVWDHOQDO 7LHQHVPXFKRFXHQWRQRPHHQJDDV EUDpDQ\qQRVXHOHVRQDUPX\QDWXUDOKDFHUOR
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6HQGLWWKURXJK ,VOHSWWKURXJKWKHZKROHPRYLH IUDVHVHQLQJOV"
0QGDOR DWUDYVGHOSURFHVR  (VWXYHGRUPLGRGXUDQWHWRGDODSHOFXOD 7LHQHVSHJDPHQWR"
+D\PLHOHQHODUPDULR"
,KDGWRVLWWKURXJKWKHHQWLUHWDON 7KLQNLWWKURXJK +DEDQLHYHHQODVLHUUD"
7XYHTXHDJXDQWDUODFKDUODHQWHUD 3ODQLIFDORSXQWRSRUSXQWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ 
(YHU\RQHQHHGVPRQH\WRPDNHHQGVPHHW
,I\RXKDYHPRUHPRQH\WKDQ\RXQHHGWRPDNHHQGVPHHWWKHQ\RXKDYHLGOHFDVK
,I\RXKDYHLGOHFDVKLWDFFXPXODWHVDQG\RXQHHGWRQGDGHVWLQDWLRQIRUWKHPRQH\
7KHUHDUHRQO\YHSRVVLEOHGHVWLQDWLRQVIRULGOHFDVK\RXFDQVSHQGLWVDYHLWWKURZLWDZD\JLYHLWDZD\RULQYHVWLW
,I\RXJLYHLWDZD\WKHQ\RXDUHFRQVLGHUHGHLWKHUDJHQHURXVSHUVRQDSKLODQWKURSLVWRUDQLGLRW
,I\RXVDYHWKHPRQH\WKHQ\RXDUHFRQVLGHUHGDFRQVHUYDWLYHZLWK\RXUPRQH\ZKLFKLVXVXDOO\YHU\JRRG
,I\RXLQYHVWLWWKHQ\RXDUHFRQVLGHUHGHLWKHUDFRQVHUYDWLYHRUDULVNWDNHUGHSHQGLQJRQ\RXULQYHVWPHQWVWUDWHJ\
:KHQDSHUVRQLQYHVWVWKHREMHFWLYHLVDOZD\VWKHVDPHWKHJUHDWHVWUHWXUQSRVVLEOHZLWKQRULVNLISRVVLEOH
+RZHYHULWoVLPSRVVLEOHWRQGQDQFLDOLQVWUXPHQWVWKDWRIIHUJRRGUHWXUQVZLWKDEVROXWHO\QRULVN
7KHQDQFLDOLQVWUXPHQWVZLWKWKHORZHVWULVNVDUHVDYLQJVDFFRXQWVDQGJRYHUQPHQWERQGV
$VDYLQJVDFFRXQWLVDYHU\FRQVHUYDWLYHQDQFLDOLQVWUXPHQWRIIHUHGE\EDQNV7KHLQWHUHVWLVYHU\ORZXVXDOO\EHORZLQDWLRQ
,I\RXFRQVLGHUWKHPRQH\WKDW\RXGHSRVLWLQDVDYLQJVDFFRXQWDVDQLQYHVWPHQWWKHQWKHUHWXUQRQ\RXULQYHVWPHQWLVYHU\ORZ
7KHWHUPZHXVHIRUUHWXUQRQLQYHVWPHQWLV52,DQGLIWKHLQWHUHVW\RXUHFHLYHLVEHORZLQDWLRQWKHQWKH52,LVQHJDWLYHLQUHDOWHUPV
:KHQZHLQYHVWZHDOZD\VORRNIRUWKHSHUIHFWEDODQFHEHWZHHQWKHULVNDQGWKHUHWXUQ
,IWKHULVNRIORVLQJRXUPRQH\LVYHU\KLJKWKHQWKHUHWXUQPXVWDOVREHKLJK2WKHUZLVHLWoVDEDGLQYHVWPHQW

+XPDQUHVRXUFHV 
(YHU\LPSRUWDQWFRPSDQ\QHHGVDKXPDQUHVRXUFHVGHSDUWPHQWLQRUGHUWRIXQFWLRQSURSHUO\
7KHKXPDQUHVRXUFHVGHSDUWPHQWSHUIRUPVWKHWUDGLWLRQDOSHUVRQQHODGPLQLVWUDWLRQIXQFWLRQDVZHOODVPDQ\RWKHUFULWLFDOWDVNV
,WVHWVWKHVWUDWHJ\IRUUHFUXLWPHQWDQGWUDLQLQJLQOLQHZLWKWKHRYHUDOOREMHFWLYHVRIWKHRUJDQL]DWLRQ
,WSHUIRUPVWKHDFWXDOKLULQJDQGWUDLQLQJRURYHUVHHVDQGFRQWUROVWKHRXWVRXUFLQJRIWKHVHWZRIXQFWLRQV
,WSURYLGHVWKHIUDPHZRUNIRUSHUIRUPDQFHHYDOXDWLRQDQGHQFRXUDJHVPDQDJHUVDQGHPSOR\HHVWRDGKHUHWRLW
,WLVXVXDOO\UHVSRQVLEOHIRUODERURULQGXVWULDOUHODWLRQVRIWHQLQFOXGLQJPDWWHUVUHODWLQJWRHPSOR\HHRUODERUODZ
,WLVXVXDOO\UHVSRQVLEOHIRUQHJRWLDWLQJWKHFROOHFWLYHEDUJDLQLQJDJUHHPHQWZLWKWKHZRUNHUVDQGHPSOR\HHV
7KHKXPDQUHVRXUFHVGHSDUWPHQWLVXVXDOO\UHIHUUHGWRDVWKH+5GHSDUWPHQWDQGWKHSHRSOHLQWKHGHSDUWPHQWSHUIRUP+5IXQFWLRQV
7KHUHDUHPDQ\FULWLFDOIXQFWLRQVZLWKLQ+52QHRIWKHPRVWLPSRUWDQWRQHVLVSD\UROOVDODU\DGPLQLVWUDWLRQDQGHPSOR\HHEHQHWV
0DQ\SHRSOHFRQVLGHUZRUNIRUFHSODQQLQJDVWKHPRVWFULWLFDOIXQFWLRQIRUD\RXQJFRPSDQ\WKDWLVJURZLQJDQGQHHGVSURSHUVWDIQJ
7RVWDIIDFRPSDQ\PHDQVWROOWKHGLIIHUHQWMREVZLWKWKHULJKWSHRSOH
7KHJHQHUDOPDQDJHPHQWRIWKHFRPSDQ\PXVWVHWWKHVWDWHJ\DQGWKHQZRUNZLWK+5WRHVWDEOLVKWKHULJKWFRUSRUDWHVWUXFWXUH
7KHQWKH+5GHSDUWPHQWSURFHHGVWRQGWKHULJKWSHRSOHWROOWKHQHZYDFDQFLHVWKDWRSHQXS
7KHUHFUXLWLQJSURFHVVLVFULWLFDOIRUWKHVXFFHVVRIWKHFRPSDQ\+5PXVWHVWDEOLVKWKHULJKWSUROHIRUHDFKMREDQGWKHQQGLW
,I+5PDNHVPDQ\PLVWDNHVLQUHFUXLWPHQWQRWHYHQWKHEHVWWUDLQLQJFDQVRIWHQWKHQHJDWLYHLPSDFWRQWKHRUJDQL]DWLRQ

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
6RPHERVVHVVD\WKDWDJRRGVHFUHWDU\FDQLQFUHDVHWKHLUHIIHFWLYHQHVVE\SHUFHQW
6HFUHWDULHVDUHRIWHQWKHRSHUDWLRQDODUPRIWKHERVV
1RZDGD\VLWoVYHU\FRPPRQWRKHDUWKHZRUGpDGPLQLVWUDWLYHDVVLVWDQWqLQVWHDGRIVHFUHWDU\
6HFUHWDULHVNQRZKRZWRLQFUHDVHWKHERVVoVSURGXFWLYLW\
7KHLUMRELQFOXGHVPDQ\GLIIHUHQWDFWLYLWLHVWKHPRVWEDVLFRIZKLFKUHTXLUHDJRRGFRPPDQGRIWKHSUHYDLOLQJRIFHODQJXDJH
7KH\PXVWEHDYHU\IDVWDQGDFFXUDWHW\SLVWVDQGNQRZGLIIHUHQWZD\VRIOLQJDQGUHWULHYLQJSDSHUVHLWKHUSK\VLFDOO\RUHOHFWURQLFDOO\
7KH\PXVWNQRZKRZWRXVHWKHWHOHSKRQHDQGH[KLELWDKLJKOHYHORIWHOHSKRQHHWLTXHWWH
7KH\PXVWNQRZKRZWRGUDZXSWUDYHOLWLQHUDULHVPDNHWKHSHUWLQHQWUHVHUYDWLRQVDQGERRNLQJVDQGRUJDQL]HGLDULHVRUDJHQGDV
7KH\PXVWEHVNLOOHGDWFDOOLQJPHHWLQJVRUJDQL]LQJWKHPDQGDWPDNLQJVXUHWKDWWKHWKHPHHWLQJURRPLVDYDLODEOHDQGHTXLSSHG
*RRGVHFUHWDULHVDOVRQHHGWRSRVVHVVDGPLQLVWUDWLYHVNLOOVWKDWLQFOXGHDFFRXQWLQJ
7KH\FRQWUROWKHDFFHVVWRWKHH[HFXWLYHDQGEHFRPHVDQLQXHQWLDODQGWUXVWHGDVVLVWDQW7KH\RIWHQUHPDLQDYDLODEOHKRXUVDGD\
7KH\LQWHUDFWZLWKWKHJHQHUDOSXEOLFVXSSOLHUVFXVWRPHUVSXEOLFRIFLDOVDQGRWKHULPSRUWDQWJURXSVRISHRSOH
7KH\PXVWPDLQWDLQDVNLOOVOHYHOLQOLQHZLWKWKDWRIWKHLUERVV2IWHQWKH\DGYDQFHLQWKHRUJDQL]DWLRQWRJHWKHUZLWKWKHERVV
0RUHVSHFLFDOO\WKH\VFUHHQLQFRPLQJFDOOVFKHFNWKHERVVoVHPDLOVFKHFNGRFXPHQWDWLRQERRNPHHWLQJVDQGVFKHGXOHUHVHUYDWLRQV
$WKLUGZRUGIRUVHFUHWDU\LVpSHUVRQDODVVLVWDQWqDQGPDQ\FRPSDQLHVUHIHUWRWKHPDVp3$oVq 

/RZ%HJLQQHU +LJK%HJLQQHU

4XGDHVKR\" :KDWGD\LVLWWRGD\" &XQWRVKHUPDQRVWLHQHHOOD" +RZPDQ\EURWKHUVDQGVLVWHUV


(VPDUWHV ,WoV7XHVGD\ GRHVVKHKDYH"
&XOHVODIHFKDGHKR\" :KDWoVWKHGDWHWRGD\" 1RWLHQHQLQJQKHUPDQR 6KHGRHVQoWKDYHDQ\EURWKHUV
(VHOXQRGHDEULO ,WoVWKHUVWRI$SULO RUVLVWHUV
(VHOSULPHUGDGHPHV ,WoVWKHUVWGD\RIWKHPRQWK (VKLMDQLFD 6KHoVDQRQO\FKLOG
7LHQHPXFKRVDPLJRV" 'RHVVKHKDYHPDQ\IULHQGV"
1RVVLWLHQHPXFKRVDPLJRV ,GRQoWNQRZLIVKHKDVPDQ\
IULHQGV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(OODQRORTXHUDSHUR\RV 6KHGLGQoWZDQWLWEXW,GLG $SQWDOR :ULWHLWGRZQ


0LSDGUHIXPDSHURPL 0\IDWKHUVPRNHVEXWP\ 5HSWDPHOR 5HSHDWLWIRUPH
KHUPDQRQR EURWKHUGRHVQoW ([SOFDPHOR ([SODLQLWWRPH
<RSXHGRKDEODULQJOVSHURPL ,FDQVSHDN(QJOLVKEXWP\
 (VFFKDQRV /LVWHQWRXV
QRYLRQR ER\IULHQGFDQoW (VSUDOHV :DLWIRUWKHP
1RYR\DLUDODHVWDSHURPL ,oPQRWJRLQJWRWKHSDUW\EXW
PHMRUDPLJRV P\EHVWIULHQGLV
(OODHVWDUHQ3DUVODVHPDQD 6KHoOOEHLQ3DULVQH[WZHHNEXW
TXHYLHQHSHUR\RQR ,ZRQoW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+R\HVHOGDGHODRf 7RGD\LVWKHQLQHW\UVWGD\RI 6HJXUDPHQWHJDQDUPVTXH 7KH\oOOSUREDEO\ZLQPRUH


WKH\HDUf ,QJODWHUUD WKDQ(QJODQG
RHOGDHQXQDRELVLHVWR fRUWKHQLQHW\VHFRQGLQDOHDS 3HURQRFUHRTXHYD\DDJDQDU %XW,GRQoWWKLQNWKH\oUHJRLQJ
\HDU WDQWDVFRPR&KLQD WRZLQDVPDQ\DV&KLQD
/RVDRVELVLHVWRVVLHPSUH /HDS\HDUVDOZD\VFRLQFLGH
 7LHQHPXFKDJHQWHSDUDHOHJLU 7KH\KDYHDORWRISHRSOHWR
FRLQFLGHQFRQODV2OLPSLDGDV ZLWKWKH2O\PSLF*DPHV FKRRVHIURP
(VWHDRWHQGUQOXJDUHQ 7KLV\HDUWKH\ZLOOWDNHSODFH &UHRTXHHVRHVTXHGDUVHFRUWR ,WKLQNWKDWoVVRPHWKLQJRIDQ
&KLQD LQ&KLQD XQGHUVWDWHPHQW
&XQWDVPHGDOODVYDDJDQDU +RZPDQ\PHGDOVLV6SDLQ
 6XSREODFLQHVWUHLQWDYHFHV 7KHLUSRSXODWLRQLVWKLUW\WLPHV
(VSDD" JRLQJWRZLQ" PVJUDQGHTXHODGH(VSDD DVELJDV6SDLQoV

+HDGUHVW 5HSRVDFDEH]DV
'RRU/RFN 3HVWLOOR
%DFN6HDW $VLHQWRWUDVHUR

$UPUHVW 5HSRVDEUD]RV
+DQGOH 7LUDGRU

9RFDEXODULR&DULQWHULRU ,QWHULRUGH&RFKH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

+R\HVHOGDGHORVWRQWRV 7RGD\LV$SULO)RROoV'D\ (QRWURVDRVHOGHDEULO 7KHVHWKLQJVKDSSHQHGLQ



4XGHPRQLRVVLJQLFDHVR" :KDWWKHKHOOGRHVWKDWPHDQ" VXFHGLHURQHVWDVFRVDV RWKHU\HDUVRQWKHUVWRI$SULO
(VLJXDOTXHHOGHGLFLHPEUH ,WoVWKHVDPHDVWKHWKRI (Q+LWOHUHVFRQGHQDGRD ,Q$GROI+LWOHULV

HOGDGHODVLQRFHQWDGDV 'HFHPEHUWKHSUDFWLFDOMRNHGD\ FLQFRDRVGHFUFHO VHQWHQFHGWRYH\HDUVLQMDLO
+D\TXHJDVWDUXQDEURPDD <RXKDYHWRSOD\DMRNHRQ
 (Q)UDQFRGHFODUDHOQ ,Q)UDQFRDQQRXQFHVWKH
DOJXLHQ VRPHERG\ GHOD*XHUUD&LYLO HQGRIWKH&LYLO:DU
$XQTXHVHVXSRQHTXHKD\TXH $OWKRXJK\RXoUHVXSSRVHGWR
 (QVHIRUPDODHPSUHVD ,QWKHFRPSDQ\$SSOHLV

KDFHUORDQWHVGHPHGLRGD GRLWEHIRUHPLGGD\ $SSOH IRUPHG
(QQDFH%DUW6LPSVRQ ,Q%DUW6LPSVRQLVERUQf
|1RHVEURPDHVYHUGDG ,WoVQRWDMRNHLWoVWUXH

Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWKURXJKq  6RPHsHQLQWHUURJDWLYR
&XDQGRRIUHFHPRVDOJRXVDQGRXQDSUHJXQWD
7KH\OLYHGWKURXJKWZRZDUV ,WZRUHWKURXJKWKHOLQLQJ \FUHHPRVFRQEDVWDQWHFHUWH]DTXHQRVYDQD
9LYLHURQGRVJXHUUDV 'HVJDVWHOIRUURKDVWDKDFHUXQDJXMHUR FRQWHVWDUpVqVHXVDpVRPHq
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
<RXoOOSXOOWKURXJK 7KLVPRQH\FDQFDUU\PHWKURXJK$SULO IUDVHVHQLQJOV"
&RQWXHVIXHU]RORVXSHUDUV (VWHGLQHURPHSHUPLWHOOHJDUDPD\R 7HDSHWHFHXQFDI"
7HDSHWHFHDOJRGHFRPHU"
&DQ\RXFKHFNWKURXJKLW" <RXKDYHWRIROORZWKURXJKRQ\RXUGHFLVLRQ 7HDSHWHFHXQSRFRGHFKDPSDJQH"
/HSXHGHVGDUXQUHSDVR" 7LHQHVTXHVHUFRQVHFXHQWHFRQWXGHFLVLQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV 
2SHUDWLRQVPDQDJHPHQWLVFRQFHUQHGZLWKWKHSURGXFWLRQRIJRRGVDQGHQVXUHVWKDWEXVLQHVVRSHUDWLRQVDUHHIIHFWLYHDQGHIFLHQW
7KHWHUPpHIIHFWLYHqPHDQVWKHDFKLHYHPHQWRIWKHQDOUHVXOW7KHWHUPpHIFLHQWqKDVWRGRZLWKWKHHIIHFWLYHXVHRIUHVRXUFHV
.LOOLQJDQDQWZLWKFDQQRQLVYHU\HIIHFWLYH+RZHYHULWoVQRWWKHPRVWHIFLHQWZD\RIHOLPLQDWLQJLQVHFWV
7KHLGHDOVFHQDULRLVWRQGDZD\WRNLOOEDGLQVHFWVRIWKHWLPHDQGDWWKHORZHVWSRVVLEOHFRVW
2SHUDWLRQVPDQDJHPHQWDOVRVWXGLHVKRZWRPDQDJHUHVRXUFHVDQGKRZWRGLVWULEXWHJRRGVDQGVHUYLFHVWRFXVWRPHUV
2SHUDWLRQVUHVHDUFKLVDVSHFLDOHOGWKDWXVHVPDWKHPDWLFDODQDO\VLVWRSURPRWHJRRGGHFLVLRQVGHVLJQHGWRRSWLPL]HSURGXFWLRQ
,QGXVWULDOHQJLQHHULQJLVWKHHOGRIHQJLQHHULQJWKDWWULHVWRH[WUDFWPD[LPXPHIFLHQF\IURPSURGXFWLRQSURFHVVHV
7KH(QJOLVKWHUPpLQGXVWULDOHQJLQHHULQJqLVPRUHOLPLWHGWKDQWKH6SDQLVKWHUP,WUHIHUVEDVLFDOO\WRSURFHVVHVDQGHIFLHQF\
$QLQGXVWULDOHQJLQHHULVDSHUVRQZKRFDQEHIRXQGRQWKHIDFWRU\RRUZLWKDVWRSZDWFKLQKDQG
7KHJHQHUDOWHUPpRSHUDWLRQVqXVXDOO\LQFOXGHVGHVLJQHQJLQHHULQJZKLFKLQYROYHVWKHRSWLPXPGHVLJQRIDSURGXFW
,QGXVWULDOHQJLQHHULQJQGVZD\VWRWUDQVIRUPWKHQDOSURGXFWGHVLJQLQWRDWDQJLEOHSURGXFWSURGXFHGDWWKHORZHVWFRVWSRVVLEOH
(YHQVHUYLFHFRPSDQLHVORRNIRUZD\VWRVWUHDPOLQHWKHLURSHUDWLRQVWKURXJKJRRGSURFHVVGHVLJQDQGPDQDJHPHQW
7KHYHUEpWRVWUHDPOLQHqPHDQVWRPDNHVRPHWKLQJDVHIFLHQWDQGG\QDPLFDVSRVVLEOH
+HQU\)RUGLVWKHPRVWIDPRXVLQGXVWULDOHQJLQHHULQKLVWRU\,QVHYHQ\HDUVKHUHGXFHGWKHFRVWRIPDNLQJDFDUE\
7KHJHQLXVRI0U)RUGDOORZHGWKHZRUOGWREHFRPHDFRQVXPHUVRFLHW\ZKHUHHYHQWKHORZHUFODVVHVFRXOGEX\FRVWHIFLHQWJRRGV

,QIRUPDWLRQWHFKQRORJ\ 
7KHDFURQ\Pp,7qVWDQGVIRUpLQIRUPDWLRQWHFKQRORJ\q$QRWKHUDFURQ\PLVp,6qZKLFKVWDQGVIRUpLQIRUPDWLRQV\VWHPVq
,Q(QJOLVKZHGRQoWXVHWKHZRUGpLQIRUPDWLTXHq,WoVD)UHQFKZRUGLPSRUWHGLQWR6SDQLVKPDQ\\HDUVDJR
3HRSOHLQYROYHGLQ,7XVXDOO\QHHGWRVWXG\GHVLJQGHYHORSLPSOHPHQWVXSSRUWDQGPDQDJHFRPSXWHUEDVHGLQIRUPDWLRQV\VWHPV
,QIRUPDWLRQV\VWHPVLQFOXGHKDUGZDUHDQGVRIWZDUHWKDWPXVWFRQYHUWVWRUHSURFHVVWUDQVPLWDQGVHFXUHO\UHWULHYHLQIRUPDWLRQ
,7SURIHVVLRQDOVDUHLQJUHDWGHPDQGEHFDXVHWKH\NQRZKRZWRLQVWDOODSSOLFDWLRQVDQGGHVLJQQHWZRUNVDQGLQIRUPDWLRQGDWDEDVHV
7KHGXWLHVRIDQ,7SURIHVVLRQDOLQFOXGHGDWDPDQDJHPHQWQHWZRUNLQJGDWDEDVHFUHDWLRQDQGPDQDJHPHQWDQGVRIWZDUHGHVLJQ
,QWKHEXVLQHVVZRUOG,7V\VWHPVDUHQHFHVVDU\WRKHOSPDQDJHPHQWPDNHLQWHOOLJHQWGHFLVLRQV
7KHPDQDJHPHQWRIDFRPSDQ\QHHGVLQIRUPDWLRQWRPDNHGHFLVLRQVDQGWKLVLQIRUPDWLRQPXVWEHDFFXUDWHUHOHYDQWDQGWLPHO\
,7V\VWHPVDUHFDSDEOHRISURGXFLQJDYDVWDPRXQWRILQIRUPDWLRQWRRPXFKIRUWKHPDQDJHPHQWWRGLJHVWDQGDFWXSRQ
7KHPDQDJHPHQWPXVWVLWGRZQZLWKWKH,7VSHFLDOLVWVDQGVSHFLI\ZKDWLQIRUPDWLRQLVFULWLFDOWRWKHGHFLVLRQPDNLQJSURFHVV
7KH,7SHRSOHQHHGWRJDLQDJRRGXQGHUVWDQGLQJRIKRZWKHFRPSDQ\ZRUNVDQGZKDWLQIRUPDWLRQLVUHOHYDQWWRJRRGGHFLVLRQPDNLQJ
7KHPDQDJHPHQWNQRZVZKDWWKH\QHHGWRPDNHGHFLVLRQVEXWWKH\RIWHQKDYHWURXEOHPDNLQJLWFOHDUWRWKH,7SHRSOH
2QHLPSRUWDQWVWHSLQVROYLQJWKLVSUREOHPKDVEHHQWKHFUHDWLRQRIWKH&,2RUFKLHILQIRUPDWLRQRIFHU
7KH&,2LVXVXDOO\DPHPEHURIWKHH[HFXWLYHFRPPLWWHHDQGLVLQYROYHGLQWKHIRUPXODWLRQRIFRUSRUDWHVWUDWHJ\DQGLQIRUPDWLRQQHHGV
7KH&,2LVWKHUHIRUHNQRZOHGJHDEOHQRWRQO\RQPDWWHUVUHODWLQJWR,7EXWLVLQWLPDWHO\DZDUHRIWKHQHHGVRIPDQDJHPHQWFROOHDJXHV

/DZDQGOHJDOFRXQVHO 
:HDUHJRLQJWRIRFXVWKLVVHFWLRQEDVLFDOO\RQFRUSRUDWHODZZKLFKLQFOXGHVPDQ\DVSHFWVRIEXVLQHVVODZDQGFRPPHUFLDOODZ
:HZLOODOVRORRNDWPDMRUDVSHFWVRIODERUODZRUDVWKH\FDOOLWLQWKH8.HPSOR\HHODZ
/HJDOSURFHGXUHVPXVWEHIROORZHGLQHYHU\FRXQWU\LI\RXZDQWWRVHWXSDFRPSDQ\
7KHUHDUHPDQ\GLIIHUHQWW\SHVRIFRPSDQLHVDQGGLIIHUHQWFRXQWULHVKDYHGLIIHUHQWIRUPVRILQFRUSRUDWLRQ
:KHQ\RXVWDUWRUVHWXSDFRPSDQ\\RXFDQFKRRVHVHYHUDOGLIIHUHQWZD\VWRLQFRUSRUDWH
7KHPRVWEDVLFIRUPLVWKHVROHSURSULHWRUVKLSLQZKLFKWKHEXVLQHVVLVQRWOHJDOO\VHSDUDWHIURPWKHRZQHU
,IWKHEXVLQHVVKDVDGHEWWKHQLWoVWKHRZQHUoVGHEWDVZHOO7KHUHDUHQRSDUWQHUVRURWKHUVKDUHKROGHUVWRVKDUHWKHGHEW
$VROHSURSULHWRUGRHVQoWSD\FRUSRUDWHWD[EXWUDWKHUQRUPDOSHUVRQDOLQFRPHWD[RQWKHSURWPDGHWKURXJKWKHFRPSDQ\
7KHDGYDQWDJHRIDVROHSURSULHWRUVKLSLVWKDWLWoVYHU\HDV\WRVWDUWRUGLVVROYHWKHEXVLQHVV
$GLVDGYDQWDJHLVWKDWDOOWKHRZQHUoVSHUVRQDODVVHWVVXFKDVDKRXVHRUDUHWLUHPHQWDFFRXQWDUHQRWSURWHFWHGIURPOHJDODFWLRQ
$QRWKHUSRVVLEOHEXVLQHVVIRUPLVWKHSDUWQHUVKLSLQZKLFKVHYHUDORZQHUVRUSDUWQHUVLQYHVWDQGWKHQVKDUHLQWKHSURWVRUORVVHV
$QDGYDQWDJHRIDSDUWQHUVKLSRYHUDFRUSRUDWLRQLVWKDWWD[DWLRQLVXVXDOO\GLIIHUHQW
$SDUWQHUVKLSGRHVQRWXVXDOO\LQFXUWD[HVRQSURWVEHIRUHWKH\DUHGLVWULEXWHGWRWKHRZQHUV,QRWKHUZRUGVWKHUHLVQRGLYLGHQGWD[
&RUSRUDWLRQVDUHWD[HGRQSURWVDQGLIWKH\GLVWULEXWHGLYLGHQGVWRWKHLUVKDUHKROGHUVWKHVHDUHWD[HGDVZHOOFDXVLQJGRXEOHWD[DWLRQ
,QWKH8.WKLVNLQGRIEXVLQHVVLVFDOOHGDOLPLWHGSDUWQHUVKLSZKLFKXVXDOO\FRQVLVWVRIJHQHUDOSDUWQHUVDQGOLPLWHGSDUWQHUV 

/RZ%HJLQQHU +LJK%HJLQQHU

4XFODVHGHSUHJXQWDHVVWD" :KDWNLQGRITXHVWLRQLVWKLV" (UHVGH&DWDOXDWDPELQ" $UH\RXIURP&DWDORQLDWRR"


(VVDWXPHMRUUHVSXHVWD" ,VWKDW\RXUEHVWDQVZHU" 0LSDGUHYLHQHGHDOO 0\IDWKHUFRPHVIURPWKHUH
3RUTXHUHVSURIHVRU" :K\DUH\RXDWHDFKHU" 1DFHQ$QGDOXFD ,ZDVERUQLQ$QGDOXVLD
&XQGRHVODQDO" :KHQLVWKHQDO" OQRYLYHDTXDKRUD +HGRHVQoWOLYHKHUHQRZ
&XQWRVDRVWLHQHWXSDGUH" +RZROGLV\RXUIDWKHU" 0LDEXHORQRYLYHDOOWDPSRFR 0\JUDQGIDWKHUGRHVQoWOLYH
WKHUHHLWKHU

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

7XKLMRVDEHQDGDU\D" 'RHV\RXUVRQNQRZKRZWR 'HMDGHKDEODUFRQWLJRPLVPR 6WRSWDONLQJWR\RXUVHOI


VZLP\HW" 7UDWGHPDWDUVH" 'LGKHWU\WRNLOOKLPVHOI"
7RGDYDQR 1RW\HW -LPL+HQGUL[DSUHQGLDWRFDU -LPL+HQGUL[WDXJKWKLPVHOI
/HYDVDHQVHDUDKDFHUOR" $UH\RXJRLQJWRWHDFKKLP ODJXLWDUUDSRUVXFXHQWD KRZWRSOD\WKHJXLWDU
KRZWRGRLW" 3RUTXRVHVWLVPLUDQGR" :K\DUH\RXORRNLQJDWHDFK
(VIFLODSUHQGHUDQDGDU" ,VLWHDV\WROHDUQKRZWRVZLP" RWKHU"
(VPVIFLOTXHDSUHQGHUD ,WoVHDVLHUWKDQOHDUQLQJKRZWR 6HTXLHUHGHPDVLDGRDVPLVPD 6KHORYHVKHUVHOIWRRPXFK
KDEODURWURLGLRPD VSHDNDQRWKHUODQJXDJH

0DQDJHU 'LUHFWRU
)OLSFKDUW 3L]DUUD

(DVHO &DEDOOHWH 0LQXWHV $FWDV

5HSRUW ,QIRUPH

3URSRVDO 3URSXHVWD

9RFDEXODULR0HHWLQJ 5HXQLQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XDOTXLHUDSRGUDKDFHUHVR $Q\ERG\FRXOGGRWKDW 6HHQIDGDUQVLQRYR\" :LOOWKH\JHWDQJU\LI,GRQoWJR"


&RQRFHVDDOJXLHQTXHSRVHD 'R\RXNQRZDQ\ERG\ZKR
 6HHQULTXHFLHQOD%ROVD +HJRWULFKRQWKH6WRFN0DUNHW
XQDSLVWROD" RZQVDJXQ" $QWHVPHSRQDPXFKRPV ,XVHGWRJHWDORWPRUHMHDORXV
&RQR]FRDDOJXLHQTXHFRQRFL ,NQRZVRPHERG\ZKRPHW FHORVR
D0DULO\Q0RQURH 0DULO\Q0RQURH 3RUTXWHGHMDVGHSULPLU :K\GR\RXOHW\RXUVHOIJHWVR
&RQRFDDOJXLHQTXHFRQRFDD ,PHWVRPHERG\ZKRNQHZ WDQWR" GHSUHVVHG"
WXELVDEXHOD \RXUJUHDWJUDQGPRWKHU 6HOHVLRQGHPDQHUDJUDYH +HJRWVHULRXVO\LQMXUHGLQWKH
1DGLHVDEHWDQWRFRPRHOOD 1RERG\NQRZVDVPXFKDVVKH HQODEDWDOOD EDWWOH
GRHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/OHYRVLJORVVLQYHUDWXVREULQR ,KDYHQoWVHHQ\RXUQHSKHZLQ 7HQJRTXHLUD+DFLHQGDKR\ ,KDYHWRJRWRWKH,QODQG


DJHV 5HYHQXHWRGD\
/OHYDWRGRHODRSUHSDUDQGR +HKDVVSHQWWKHZKROH\HDU 7LHQHVTXHKDFHUODGHFODUDFLQ'R\RXKDYHWRGR\RXULQFRPH
VXVRSRVLFLRQHV SUHSDULQJIRUKLV&LYLO6HUYLFH GHODUHQWD" WD[UHWXUQV"
H[DPV 2GLRWRGRHVWHSDSHOHR ,KDWHDOOWKLVUHGWDSH
4XLHUHKDFHUVHQRWDULR +HZDQWVWREHFRPHDQRWDU\ 3RUTXWLHQHQTXHFRPSOLFDU :K\GRWKH\KDYHWRPDNH
6HHQIUHQWDUDPXFKD +HoOOIDFHDORWRIVWLII ODVFRVDVWDQWR" WKLQJVVRFRPSOLFDWHG"
FRPSHWHQFLDGXUD FRPSHWLWLRQ 6LQRQRKDEUDWUDEDMR 2WKHUZLVHWKHUHZRXOGQoW
/HJXVWDGHVDDUVH +HOLNHVWRFKDOOHQJHKLPVHOI VXFLHQWHSDUDORVIXQFLRQDULRV EHHQRXJKZRUNIRUWKHFLYLO
VHUYDQWV


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq  7RSXOORXWDOOWKHVWRSV
6LJQLFDpKDFHUWRGRORSRVLEOHRKDFHUXVRGH
&RPHLQ ,ERXJKWLQWRWKHFRPSDQ\ WRGRVORVUHFXUVRVGLVSRQLEOHVSDUDFRQVHJXLU
3DVDSDVD &RPSUXQDSDUWLFLSDFLQHQODHPSUHVD WXREMHWLYRqVHDFXDOVHD
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+HFDPHLQWRVHHPH +HFXWLQOLQH IUDVHVHQLQJOV"
(QWUSDUDYHUPH 6HKDFRODGR 7HQGUHPRVTXHXVDUWRGRVQXHVWURVUHFXUVRVVL
TXHUHPRVWHUPLQDUWRGRSDUDODIHFKDWRSH
,FDPHLQVHFRQG 6RPHERG\GLGKLPLQ +HPRVKHFKRWRGRORSRVLEOHSHURQRFUHRTXH
7HUPLQHQVHJXQGROXJDU $OJXLHQOHOLTXLG YD\DDVHUVXFLHQWH
/DHPSUHVDKL]RXQHVIXHU]RHQRUPHSDUDJDQDU
HOFRQWUDWR
(QWUHSUHQHXUVKLS 
(QWUHSUHQHXUVDUHSHRSOHZKRVWDUWDFRPSDQ\IURPVFUDWFKDQGZKRWDNHDSHUVRQDODQGQDQFLDOULVNLQWKHSURFHVV
(QWUHSUHQHXUVDUHSHRSOHZLWKEXVLQHVVLGHDVZKRWU\WRWXUQWKHLGHDVLQWRDVXFFHVVIXOEXVLQHVV
:KHQHQWUHSUHQHXUVDUHVXFFHVVIXOWKHEXVLQHVVLGHDVVRRQEHFRPHERRPLQJEXVLQHVVHVDQGWKHHQWLUHVRFLHW\LVWKHEHQHFLDU\
7REHVXFFHVVIXOHQWUHSUHQHXUVQHHGHPSOR\HHVFXVWRPHUVVXSSOLHUVDQGRIFHVSDFH
6XFFHVVIXOHQWUHSUHQHXUVFUHDWHVDODULHVZKHUHEHIRUHWKHUHZHUHQRQH7KH\DGGQHZEXVLQHVVWRWKHERRNVRIVXSSOLHUV
7KH\LQMHFWQHZFRPSHWLWLRQLQWRWKHPDUNHWDQGDVVXFKSURYLGHDGGLWLRQDORSWLRQVWRFXVWRPHUV
7KH\PDNHPRQH\DQGSD\WD[HVWKURXJK9$7DQGFRUSRUDWHLQFRPHWD[HVWKXVLQMHFWLQJIUHVKPRQH\LQWRWKHSXEOLFEXGJHW
:LWKRXWHQWUHSUHQHXUVWKHHQWLUHZRUOGZRXOGVWLOOEHOLYLQJLQFDYHV,QYHQWRUVVFLHQWLVWVDQGHQJLQHHUVZRXOGKDYHQRVSRQVRUV
(QWUHSUHQHXUVDGKHUHWRWKHSURWPRWLYH$OWKRXJKWKH\DUHIDVFLQDWHGZLWKWKHEXVLQHVVLGHDLIWKHUHLVQRSURWWKH\DUHQoWLQWHUHVWHG
(QWUHSUHQHXUVDUHSHRSOHZKRJHWH[FLWHGZKHQWKHUHLVDFKDOOHQJHWKDWLQYROYHVPRQHWDU\DQGSHUVRQDOJURZWK
7KH\oUHWKHW\SHRISHRSOHZKRDUHQRWDIUDLGWRWDNHULVNVDQGWKHVXFFHVVIXORQHVDUHWKRVHZKROHDUQIURPWKHLUPLVWDNHV
7UDGLWLRQDOO\QLQHW\YHSHUFHQWRIHQWUHSUHQHXUVIDLOHGLQWKHUVWYH\HDUVRIWKHLUEXVLQHVV
7KHFUHDWLRQRIWKHIUDQFKLVHFRQFHSWLQWKHoVUHGXFHGWKLVIDLOXUHUDWHWRVL[W\YHSHUFHQWDSHUFHQWLPSURYHPHQW
7KHIUDQFKLVHFRQFHSWZKHUHOHVVFRPSHWHQWEXWKDUGZRUNLQJHQWUHSUHQHXUVFRXOGVXFFHHGZDVDWHFKQRORJLFDOEUHDNWKURXJK
7KHIUDQFKLVHFRQFHSWDOORZVPDQ\HQWUHSUHQHXUVWRGHYHORSWKHLUVNLOOVXQGHUWKHSURWHFWLRQRIDEXVLQHVVLGHDWKDWDOUHDG\ZRUNV

5HVHDUFKDQGGHYHORSPHQW 
5HVHDUFKDQGGHYHORSPHQWLVDQDFWLYLW\WKDWGLUHFWO\LQFUHDVHVRXUNQRZOHGJHDQGXVHVWKHQHZNQRZOHGJHWRFUHDWHQHZDSSOLFDWLRQV
5HVHDUFKDQGGHYHORSPHQWLVLPSRUWDQWLQWKHSXEOLFDQGSULYDWHVHFWRUVDQGLVDQRQJRLQJDFWLYLW\RQXQLYHUVLW\FDPSXVHV
,QPDQ\LQGXVWULHVUHVHDUFKDQGGHYHORSPHQWLVWKHNH\WRVXFFHVVDQGVXUYLYDO,QGXVWU\OHDGHUVDUHXVXDOO\5 'OHDGHUVDVZHOO
7KHDFURQ\Pp5 'qLVFRPPRQO\XVHGZKHQZHUHIHUWRDFWLYLWLHVUHODWLQJWRUHVHDUFKDQGGHYHORSPHQW
5 'DFWLYLWLHVDUHXVXDOO\SHUIRUPHGLQVSHFLDOXQLWVRUGHSDUWPHQWVZLWKLQFRPSDQLHVXQLYHUVLWLHVRUJRYHUQPHQWDODJHQFLHV
7KHLGHDRI5 'LVWRFUHDWHQHZNQRZOHGJHDQGDSSOLFDWLRQVWKDWSXVKEH\RQGWKHEDUULHURIKXPDQNQRZOHGJHDQGVROXWLRQV
7KHQRXQWKDWZHRIWHQXVHLQ(QJOLVKLVpEUHDNWKURXJKqEHFDXVHLWLPSOLHVWKDWZHDUHEUHDNLQJWKURXJKDQH[LVWLQJEDUULHU
,QVFLHQFHDQGWHFKQRORJ\WKLVEDUULHULVRIWHQUHIHUUHGWRDVpWKHVWDWHRIWKHDUWq
:KHQZHLQYHQWGLVFRYHURUGHYHORSNQRZOHGJHRUDSSOLFDWLRQVWKDWFUHDWHDQHZVWDWHRIWKLVDUWWKLVLVFRQVLGHUHGDpEUHDNWKURXJKq
(YHU\LQYHQWRUDQGUHVHDUFKHUGUHDPVRIEUHDNLQJWKURXJKWKHEDUULHUSXVKLQJIRUZDUGWKHVWDWHRIWKHDUWDQGIRUJLQJDpEUHDNWKURXJKq
,QQRYDWLRQLVWKHEUHDGDQGEXWWHURIWKHEXVLQHVVZRUOGWRGD\
:LWKRXWLQQRYDWLRQZHZRXOGVWLOOEHLQWKHGDUNDJHVKLGLQJLQFDYHVRUVHHNLQJSURWHFWLRQLQFDVWOHV
,QQRYDWLRQLVDSURGXFWRIERWKIRUPDODQGLQIRUPDO5 'DQGFDQEHIRXQGLQHYHU\NLQGRIEXVLQHVVDQGVFLHQWLFDFWLYLW\
0DQ\ODUJHFRPSDQLHVDUHVXFFHVVIXOLQRUJDQL]LQJDQGSURPRWLQJRQJRLQJ5 'DFWLYLWLHVWKDWEULQJLQKXQGUHGVRISDWHQWVD\HDU
7KRPDV(GLVRQLVFRQVLGHUHGWKHUVWLQYHQWRUWRRUJDQL]HWKHSURFHVVRILQYHQWLRQLQWRDVWUXFWXUHGSURGXFWLRQV\VWHP

7\SLFDORIFHODQJXDJH 
([FXVHPH3HGURFDQ\RXJHWPHLQIRUPDWLRQRQWKHODWHVWVDOHVJXUHVIRU5HJLRQ,,"
2QHRIRXUPRVWFULWLFDOVXSSOLHUVLVKDYLQJWURXEOHPHHWLQJWKHLUGHOLYHU\GDWHV
:HoYHGHFLGHGWRWDNHDGLIIHUHQWFRXUVHRIDFWLRQDQGDSSO\GLUHFWO\IRUWKHH[SRUWOLFHQVH
+DYH\RXHYHUWKRXJKWDERXWXVLQJDWHPSDJHQF\"
,oPXSWRP\H\HVLQZRUN,GRQoWNQRZZKDWWRGRWRRUJDQL]HWKLQJVEHWWHU,oYHQHYHUEHHQWKLVEXV\LQP\OLIH
7KHUHoVDJHQWOHPDQRQWKHOLQHDVNLQJWRWDONWR\RX+HVD\VKHoVDIULHQGRI&DURO(YDQVo
&DQ\RXJHWKLVSKRQHQXPEHUDQGWHOOKLP,oOOFDOOKLPEDFNODWHUWKLVDIWHUQRRQ"
7KLV\HDUZDVVXSSRVHGWREHWKHEHVWLQRXUKLVWRU\DQGQRZLWVHHPVZHoOOEHOXFN\WRHTXDOODVW\HDUoVUHVXOWV
:HNHHSUXQQLQJLQWRWKHVDPHSUREOHP(YHU\WLPHZHWU\WRRSHQDQRIFHDEURDGWKHORFDODXWKRULWLHVDVNIRUPRQH\XQGHUWKHWDEOH
,WKLQN,oYHVWXPEOHGRQWRDVROXWLRQRQKRZWRVKLSWKHFRQWDLQHUVWR,QGRQHVLD
:K\GRQoWZHFDOODPHHWLQJRQWKDW"$UH\RXIUHHWRPRUURZDW"
/LVWHQ)UHGLI\RXGRQoWPLQG,oGSUHIHUWRSXWWKDWRQKROGIRUDIHZGD\VXQWLOPRUHGDWDFRPHVLQRQ'HFHPEHUVDOHV
7KLQJVDUHWDNLQJRII,oPUHDOO\LPSUHVVHGZLWKWKHUHVSRQVHZHoUHJHWWLQJ<RXZHUHULJKW,GLGQoWH[SHFWWKLVNLQGRIUHVSRQVH
:HQHHGWRSODQWKLVWKLQJWKURXJKUHDOO\ZHOO2QHPLVWDNHDQGZHoUHGHDG
,MXVWKDG-XDQ3HDRQWKHOLQHDQGKHoVDVNLQJIRUDGLVFRXQW:KDWVKRXOG,WHOOKLP" 


/RZ%HJLQQHU +LJK%HJLQQHU

/DVPDQ]DQDVQRVRQSHUDV $SSOHVDUHQRWSHDUV $TXOHVPR 7KDWRQHoVPLQH


8QDPDQ]DQD\XQDSHUDQR $QDSSOHDQGDSHDUDUHQoWWZR VWRVVRQWX\RV 7KHVHRQHVDUH\RXUV
VRQGRVPDQ]DQDV DSSOHV (VWHHVERQLWR 7KLVRQHoVSUHWW\
/DVPDQ]DQDVHQPLMDUGQVRQ 7KHDSSOHVLQP\JDUGHQDUH
 (OYHUGHHVGHHOOD 7KHJUHHQRQHoVKHUV
YHUGHV JUHHQ /RVD]XOHVVRQGHHOORV 7KHEOXHRQHVDUHWKHLUV
/DVSHUDVHQODHQVDODGDVRQ 7KHSHDUVLQWKHVDODGDUH

GXOFHV VZHHW
0LSOWDQRHVDPDULOOR 0\EDQDQDLV\HOORZ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'LVORWXQRPEUHGHSLOD 6D\RQO\\RXUUVWQDPH &XQGRLEDVDSDJDUOR" :KHQZHUH\RXJRLQJWRSD\


'LOHVSRUTXHVWVDTX 7HOOWKHPZK\\RXoUHKHUH IRULW"
1RGLJDVQDGD 'RQoWVD\DQ\WKLQJ &XQGRVHORLEDVDGDUDHOOD" :KHQZHUH\RXJRLQJWRJLYH
1ROHVGLJDVQDGD 'RQoWWHOOWKHPDQ\WKLQJ LWWRKHU"
'LPHORTXHOHVGLMLVWHD\HU 7HOOPHZKDW\RXWROGWKHP 4XPHLEDVDH[SOLFDU" :KDWZHUH\RXJRLQJWRH[SODLQ
\HVWHUGD\ WRPH"
$TXLQLEDVDYHU" :KRZHUH\RXJRLQJWRVHH"
&RQTXVRDEDVDQRFKH" :KDWZHUH\RXGUHDPLQJ
DERXWODVWQLJKW"

,FRQ ,FRQR 0HQXEDU %DUUDGHOPHQ

:LQGRZ 9HQWDQD 6FUROOEDU %DUUDGHGHVSOD]DPLHQWR

:DOOSDSHU )RQGRGHHVFULWRULR
7RROEDU %DUUDGHDFFHVR

9RFDEXODULR'HVNWRS (VFULWRULR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

7XYHTXHHVWDUGHSLHHQHO ,KDGWRVWDQGXSLQWKHEXV
 'HTXLQIXHODFXOSD" :KRVHIDXOWZDVLW"
DXWREV 1RIXHFXOSDGHQDGLH ,WZDVQoWDQ\ERG\oVIDXOW
1RWHRIUHFLQDGLHXQDVLHQWR" 'LGQoWDQ\ERG\RIIHU\RXDVHDW" 1RGHEHUDVHFKDUODFXOSDD <RXVKRXOGQoWEODPHDQ\RQH
1RVHGLHURQFXHQWDGHTXH 'LGQoWWKH\UHDOLVH\RXZHUH
 QDGLH
HVWDEDVHPEDUD]DGD" SUHJQDQW" $OJXLHQGHELKDFHUOR 6RPHERG\PXVWKDYHGRQHLW
$OSDUHFHUQR $SSDUHQWO\QRW 3RUTXEXVFDVXQDFDEH]DGH :K\DUH\RXORRNLQJIRUD
/DJHQWHQRHVWDQHGXFDGD 3HRSOHDUHQoWDVSROLWHDVWKH\ WXUFR" VFDSHJRDW"
FRPRDQWHV XVHGWREH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3ULPHURKDFHPRVXQDSUHYLVLQ )LUVWZHPDNHDVDOHVIRUHFDVW |&RQWUODWH4XLHUHV" &RQWURO\RXUVHOIZLOO\RX


GHYHQWDV /RVLHQWRQRORSXHGRHYLWDU ,oPVRUU\,FDQoWKHOSLW
'HVSXVHODERUDPRVHO 7KHQZHGUDZXSWKHH[SHQVH |$QGDQRHVSDUDWDQWR &RPHRQLWoVQRWWKDWEDG
SUHVXSXHVWRGHJDVWRV EXGJHW 7RGRHOPXQGRWLHQHGHUHFKRD (YHU\ERG\KDVDULJKWWRIDOO

/RVJDVWRVJHQHUDOHVVH *HQHUDOH[SHQVHVDUHVKDUHG GRUPLUVHGHYH]HQFXDQGR DVOHHSIURPWLPHWRWLPH
FRPSDUWHQ 6RPHGHSDUWPHQWKHDGV 6SHURQRMXVWRHQPHGLRGHO <HVEXWQRWEDQJLQWKHPLGGOH

$OJXQRVMHIHVGHGHSDUWDPHQWR FRPSODLQDERXWWKLVSROLF\ GLVFXUVRGHOHPEDMDGRU RIWKHDPEDVVDGRUoVVSHHFK
VHTXHMDQGHHVWDSROWLFD
+D\PXFKRVDOWLEDMRVDORODUJR 7KHUHDUHPDQ\XSVDQGGRZQV
GHODR WKURXJKRXWWKH\HDU


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
%XVLQHVVYRFDEXODU\
)DOOLQ *HWLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
|)RUPHQODV 6EHWH DOFRFKH  IUDVHVHQLQJOV"
(ODQXQFLRGHWHOHYLVLQKDGDGRPXFKRTXH
7KHURRIIHOOLQ 7KHWUDLQJRWLQDWPLGQLJKW KDEODU
(OWHFKRVHYLQRDEDMR (OWUHQOOHJDPHGLDQRFKH /DUHODFLQSUHFLRFDOLGDGGHHVWDVSUHQGDV
HVWJHQLDO
+HHZLQIRUWKHPHHWLQJ ,FRXOGQoWJHWDZRUGLQHGJHZLVH *HQHUDOPHQWHODV3<0(6VRQSUR\HFWRVFRQ
9LQR HQDYLQ SDUDODUHXQLQ +DEODURQWDQWRTXHQRSXGHGHFLUQDGD SRFRULHVJR
,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ 
(YHU\PRQWKWKHEDQNVHQGV\RXDEDQNVWDWHPHQWZLWKWKHRSHQLQJEDODQFHFORVLQJEDODQFHDQGPRYHPHQWVGXULQJWKHSHULRG
,I\RXZDQWWRLQFUHDVH\RXUEDQNEDODQFH\RXFDQPDNHDFDVKGHSRVLWDFKHFNGHSRVLWRUGHSRVLWPRQH\E\ZD\RIDZLUHWUDQVIHU
<RXFDQZLWKGUDZFDVKIURP\RXUDFFRXQWE\YLVLWLQJWKHEDQNDQGSUHVHQWLQJDFKHFNWRWKHEHDUHU<RXDUHWKHEHDUHU
<RXFDQDOVRZLWKGUDZFDVKE\XVLQJDQ$70RU$XWRPDWLF7HOOHU0DFKLQH7KHVHFDVKPDFKLQHVFDQEHIRXQGDOPRVWHYHU\ZKHUH
,QWKH8.DQG,UHODQGWKHZRUGXVHGIRU$70LV&DVK3RLQW<RXFDQZLWKGUDZXSWRDFHUWDLQDPRXQWRIFDVKDWWKHVHSRLQWV
<RXUEDQNVWDWHPHQWDOVRUHHFWVWKHGLUHFWGHELWSD\PHQWVWKDW\RXKDYHPDGH
,WLVYHU\FRPPRQLQ6SDLQWRSURYLGH\RXUEDQNGHWDLOVWRYDULRXVHQWLWLHVWKDWGHELW\RXUDFFRXQWGLUHFWO\DVDIRUPRISD\PHQW
,I\RXEX\DQLQVXUDQFHSROLF\LQ6SDLQIRUH[DPSOHLWoVFRPPRQIRUWKHLQVXUDQFHFRPSDQ\WRGHELW\RXUDFFRXQWGLUHFWO\HDFK\HDU
,QWKH(QJOLVKVSHDNLQJZRUOGLWoVPRUHFRPPRQWRUHFHLYHWKHSUHPLXPQRWLFHLQ\RXUKRPHDQG\RXZULWHRXWDFKHFNWRWKHFRPSDQ\
,IVRPHRQHKDVH[WHQGHG\RXDSHUVRQDOFKHFNDQG\RXJRWRWKHEDQNWRFDVKLW\RXPXVWHQGRUVHWKHFKHFNRQWKHEDFN
,I\RXGHFLGHWRGHSRVLWWKHFKHFNLQ\RXURZQDFFRXQW\RXQHHGWRHQGRUVHWKHFKHFNDVZHOO
,IWKHUHLVQoWHQRXJKPRQH\LQWKHSHUVRQoVDFFRXQWWRFRYHUWKHFKHFNWKHQWKHFKHFNZLOOERXQFH
:KHQDFKHFNERXQFHVLWoVRIWHQFDOOHGDpKRWFKHFNq
%DQNVDUHQDQFLDOLQVWLWXWLRQVWKDWSURYLGHQDQFLDOVROXWLRQVWRLQGLYLGXDOVDQGFRUSRUDWLRQV
,I\RXQHHGPRQH\WREX\DFDU\RXUEDQNFDQJLYH\RXDSHUVRQDOORDQ

(FRQRPLFV 
$QLQYHVWPHQWLVZKHQDSHUVRQRUHQWLW\SXUFKDVHVVRPHWKLQJZKRVHYDOXHH[WHQGVEH\RQGWKHSHULRGRIRQH\HDU
,I\RXEX\DKRXVHDFDURUDORQJWHUPDPELWLRXV(QJOLVKFRXUVHWKLVLVQRWDQH[SHQVHEXWUDWKHUDQLQYHVWPHQW
:KHQWKHJRYHUQPHQWSD\VUHWLUHPHQWSHQVLRQVWKLVLVDQH[SHQVH:KHQLWVSHQGVPRQH\RQQHZPRWRUZD\VWKLVLVDQLQYHVWPHQW
2IWHQLQYHVWPHQWVRIWKLVW\SHDUHFDOOHGFDSLWDOH[SHQGLWXUHV7KHZRUGH[SHQGLWXUHLVXVXDOO\DVVRFLDWHGZLWKLQYHVWPHQWV
:KHQZHFDOFXODWH*'3ZHLQFOXGHLQWKHFRQFHSWpJRYHUQPHQWVSHQGLQJqERWKJRYHUQPHQWH[SHQVHVDQGH[SHQGLWXUHV
7KHVDODULHVSDLGWRFLYLOVHUYDQWVE\WKHQDWLRQDOJRYHUQPHQWDQGE\UHJLRQDODQGORFDOJRYHUQPHQWVDUHLQFOXGHGDVJRYHUQPHQWVSHQGLQJ
7KHIRUWKPDMRULWHPLQFDOFXODWLQJ*'3LVWKHGLIIHUHQFHEHWZHHQH[SRUWVDQGLPSRUWV
(YHU\FRXQWU\LQWKHZRUOGLPSRUWVDQGH[SRUWVSURGXFWV7KHQDOPRQHWDU\GLIIHUHQFHLVFDOOHGWKHWUDGHEDODQFH
,IWKHWUDGHEDODQFHLVQHJDWLYHWKHFRXQWU\LVUXQQLQJDWUDGHGHFLW,IWKHWUDGHEDODQFHLVSRVLWLYHWKHQLWoVUXQQLQJDWUDGHVXUSOXV
7KHIDFWWKDWDJLYHQFRXQWU\LVUXQQLQJDWUDGHGHFLWGRHVQoWQHFHVVDULO\PHDQWKDWWKHVLWXDWLRQLVQHJDWLYH
7KH8QLWHG6WDWHVKDVEHHQUXQQLQJDWUDGHGHFLWIRUDWOHDVWFRQVHFXWLYHV\HDUVDQGGHVSLWHWKLVWKHHFRQRP\LVKHDOWK\
:KHQDFRXQWU\UXQVDWUDGHGHFLWLWoVRIWHQEHFDXVHGRPHVWLFVXSSO\FDQQRWPHHWGRPHVWLFGHPDQG
%\DGGLQJWKHQDOWUDGHEDODQFHWRSULYDWHFRQVXPSWLRQJURVVLQYHVWPHQWDQGJRYHUQPHQWVSHQGLQJZHKDYHWKH*'3
$QRWKHUWHUPRIWHQXVHGLQPDFURHFRQRPLFVLVEDODQFHRISD\PHQWV7KLVLVWKHWUDGHEDODQFHSOXVQDQFLDOLPSRUWVDQGH[SRUWV
,I\RXVHQGPRQH\WRDUHODWLYHLQ0H[LFRWKLVPRQH\LVQoWUHJLVWHUHGLQWKHWUDGHEDODQFHEHFDXVHLWGRHVQoWLPSO\JRRGVRUVHUYLFHV

0DQXIDFWXULQJ 
&RQYHQWLRQDOPDQXIDFWXULQJLQYROYHVPDFKLQLQJDQGDVVHPEO\)LUVW\RXPDNHWKHSDUWVDQGWKHQ\RXPXVWDVVHPEOHWKHP
(YHU\FDUKDVIRXUIHQGHUVRYHUHDFKZKHHO7KHVHIHQGHUVDUHFUHDWHGIURPDWVKHHWPHWDOSLHFHVWKDWDUHPDFKLQHGLQWRWKHULJKWVKDSH
7KHIHQGHUVDUHWKHQVHQWWRWKHDVVHPEO\OLQHZKHUHWKH\DUHPRXQWHGDERYHWKHIRXUZKHHOV
0DQXIDFWXULQJLQYROYHVSURFXUHPHQWPDFKLQLQJLQYHQWRU\FRQWUROTXDOLW\FRQWUROQDODVVHPEO\DQGQDOVWRUDJH
3URFXUHPHQWLQYROYHVQGLQJWKHULJKWVXSSOLHUVDQGLQVXULQJWKDWWKHTXDOLW\SDUDPHWHUVDUHPHWDQGWKDWWKHGHOLYHU\GDWHVDUHKRQRXUHG
0DFKLQLQJLQYROYHVWUDQVIRUPLQJUDZPDWHULDOVLQWRQLVKHGSLHFHVSDUWVDQGFRPSRQHQWVIRUWKHLUQDODVVHPEO\
,QYHQWRU\FRQWUROVHHVWKDWWKHPRQH\LQYHVWHGLQSXUFKDVLQJUDZPDWHULDOVLVWUDQVIRUPHGDVTXLFNO\DVSRVVLEOHLQWRQLVKHGSURGXFWV
4XDOLW\FRQWUROLQVXUHVWKDWWKHVXSSOLHUVUDZPDWHULDOVSDUWVFRPSRQHQWVDQGQDOSURGXFWVFRPSO\ZLWKVSHFLFDWLRQV
7KHTXDOLW\FRQWURODUHDLVRIWHQDVHSDUDWHGHSDUWPHQWWKDWUHSRUWVGLUHFWO\WRWKHJHQHUDOPDQDJHPHQW
7KHTXDOLW\FRQWUROPDQDJHURIWHQKDVWKHSRZHUWRVWRSSURGXFWLRQLIWKHTXDOLW\SDUDPHWHUVDUHQRWEHLQJPHW
7KHSURGXFWLRQPDQDJHULVXQGHUSUHVVXUHWRSURGXFHEXWWKHTXDOLW\PDQDJHUKDVWKHSRZHUWRVWRSHYHU\WKLQJLITXDOLW\LVFRPSURPLVHG
7KHUHLVRIWHQDORWRIFRQLFWEHWZHHQWKHSURGXFWLRQDQGTXDOLW\GHSDUWPHQWVHVSHFLDOO\ZKHQVDOHVDUHERRPLQJ
7KHTXDOLW\GHSDUWPHQWRIWHQVSHQGVDORWRIWLPHZLWKVXSSOLHUVWRPDNHVXUHWKDWWKH\DGKHUHWRWKHFRPSDQ\oVTXDOLW\VWDQGDUGV
)LQDODVVHPEO\LVEDVLFDOO\WKHIDPRXVFRQFHSWRIWKHDVVHPEO\OLQHGHYHORSHGWRSHUIHFWLRQE\+HQU\)RUG 
+HQU\)RUGoVDVVHPEO\OLQHDQGKLVHIIRUWVWRJDLQHIFLHQFLHVLQSURGXFWLRQZHUHLQVWUXPHQWDOLQFUHDWLQJWKHFRQVXPHUVRFLHW\

/RZ%HJLQQHU +LJK%HJLQQHU

(VGXURREODQGR" ,VLWKDUGRUVRIW" 8QPHGLRHVORPLVPRTXH 2QHKDOILVWKHVDPHDVIW\


6RQQHJURVREODQFRV" $UHWKH\EODFNRUZKLWH" FLQFXHQWDSRUFLHQWR SHUFHQW
(VXQDFDOOHODUJDRFRUWD" ,VLWDORQJRUDVKRUWVWUHHW" 8QFXDUWRHVORPLVPRTXH 2QHTXDUWHULVWKHVDPHDV
6RQSUHJXQWDVIFLOHVR $UHWKH\HDV\RUGLIFXOW YHLQWLFLQFRSRUFLHQWR WZHQW\YHSHUFHQW
GLIFLOHV" TXHVWLRQV" 8QFXDUWRHVGRQGHGXHUPR $URRPLVZKHUH,VOHHS
(VXQDSHOFXODLQWHUHVDQWHR ,VLWDQLQWHUHVWLQJRUDERULQJ
 8QWHUFLRHVXQDERWHOODGH $WHUFLRLVDERWWOHRIEHHU
DEXUULGD" OP" FHUYH]D
8QGFLPRHVXQELOOHWHGHOD $GFLPRLVD/RWWHU\WLFNHW
/RWHUD

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XDQGRVHDPD\RUVHUPGLFR :KHQ,oPROGHU,oOOEHDGRFWRU (VWXYHWRGDODPDDQD ,VSHQWWKHZKROHPRUQLQJ


&XDQGROOHJXHHPSH]DUHPRV :KHQKHDUULYHVZHoOOEHJLQ OLPSLDQGRODFDVD FOHDQLQJWKHKRXVH
ODUHXQLQ WKHPHHWLQJ +HHVWDGRWRGRHOGDRUGHQDQGR ,oYHVSHQWWKHZKROHGD\
6LOOHJDVDQWHVGHODVGLH] ,I\RXDUULYHEHIRUHWHQRoFORFN PLVFDMRQHV WLG\LQJP\GUDZHUV
SRGUHPRVHPSH]DUDQWHV ZHoOOEHDEOHEHJLQWREHJLQ (VWXYHWRGDODWDUGHSODQFKDQGR ,VSHQWWKHZKROHDIWHUQRRQ
HDUOLHU FDPLVDV LURQLQJVKLUWV
1RWHQGUVTXHGHFLUQDGD <RXZRQoWKDYHWRVD\DQ\WKLQJ 3RUTXKDVHVWDGRWRGDOD :K\KDYH\RXVSHQWWKHZKROH
1RKDEUUHXQLQDQRVHUTXH 7KHUHZRQoWEHDPHHWLQJ
 FODVHFKDUODQGR" FODVVFKDWWLQJ"
YHQJDQORVJHUHQWHV XQOHVVWKHPDQDJHUVFRPH +HHVWDGRWRGDODYLGDEXVFDQGR ,oYHVSHQWP\ZKROHOLIH
DDOJXLHQFRPRW ORRNLQJIRUVRPHRQHOLNH\RX

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRWLHPSRYDVDWDUGDU" +RZORQJLVLWJRLQJWRWDNH\RX" 6HPHSHJDURQODVVEDQDV ,RYHUVOHSWWKLVPRUQLQJ


1RGHEHUDWDUGDUPXFKR ,WVKRXOGQoWWDNHPHORQJ HVWDPDDQD
7DUGDVWHPXFKRODOWLPDYH] ,WWRRN\RXDORQJWLPHWKHODVW 1RSXHGHVSHUPLWLUWHHOOXMR <RXFDQoWDIIRUGWRRYHUVOHHS
WLPH GHTXHGDUWHGRUPLGR
+DQWDUGDGRPXFKR ,WoVWDNHQWKHPDORQJWLPH 1RVRSRUWRPDGUXJDU ,FDQoWVWDQGJHWWLQJXSHDUO\
/DSHOFXODWHUPLQPVWDUGH 7KHOPQLVKHGODWHUWKDQZH 0HFXHVWDKRUURUHVOHYDQWDUPH ,KDYHDWHUULEOHWLPHJHWWLQJXS
GHORTXHHVSHUEDPRV H[SHFWHG 7DUGRXQDKRUDHQGHVSHMDUPL ,WWDNHVPHDQKRXUWRFOHDUP\
FDEH]D KHDG

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

2WURDRRWUDVHTXD $QRWKHU\HDUDQRWKHUGURXJKW +DKDELGRXQLQFUHPHQWR 7KHUHKDVEHHQDSURJUHVVLYH


6XSRQJRTXHLPSRQGUQ ,VXSSRVHWKH\oOOLPSRVHZDWHU
 SURJUHVLYRGHODWHPSHUDWXUD LQFUHDVHLQDYHUDJH
UHVWULFFLRQHVGHDJXD UHVWULFWLRQV SURPHGLR WHPSHUDWXUHV
7LHQHDOJRTXHYHUFRQHO 'RHVLWKDYHDQ\WKLQJWRGR
 +DEUXQDXPHQWRGHOQLYHO 7KHUHZLOOEHDULVHLQVHD
FDOHQWDPLHQWRJOREDO" ZLWKJOREDOZDUPLQJ" GHOPDU OHYHOV
3XHVFODURTXHV :HOORIFRXUVHLWGRHV (VWDPRVYLHQGRXQDUHGXFFLQ :HoUHVHHLQJDUHGXFWLRQRIWKH
&XOHVVRQVXVRWURVHIHFWRV :KDWDUHLWVRWKHUVLGHHIIHFWV"
 GHORVJODFLDUHVGHOD$QWUWLGD $QWDUFWLFLFHVKHHWV
VHFXQGDULRV" +DEUPVWRUPHQWDVH 7KHUHZLOOEHPRUHVWRUPVDQG

LQXQGDFLRQHV RRGV
$XQTXHORVFDPELRVSRGUDQ $OWKRXJKWKHFKDQJHVPD\EH
VHUEHQHFLRVRVSDUDDOJXQDV EHQHFLDOIRUVRPHUHJLRQV
6WHHULQJ:KHHO 9RODQWH UHJLRQHV
'DVKERDUG 6DOSLFDGHUR

+RUQ %RFLQD
+D]DUG/LJKWV /XFHVGHHPHUJHQFLD

6DWHOOLWH1DYLJDWLRQ 1DYHJDFLQSRUVDWOLWH

9RFDEXODULR&DUFRQWUROV &RQWUROHVGHOFRFKH


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK(QHOWD[L
+HJRWPHLQ +HKDVLWLQIRUPH
(OFRQVLJXLTXHPHGHMDVHQHQWUDU /DWLHQHWRPDGDFRQPLJR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
'RQoWJLYHLQ +ROGLQ\RXUJXW VWRPDFK  $ODFDOOH*OHQGDOHSRUIDYRU
1RFHGDV1RGHVHOEUD]RDWRUFHU 0HWHODWULSD (VWHQODHVTXLQDGH2[IRUGFRQ*UDQJH
4XGDWHFRQHOFDPELR
<RXFDQJRLQQRZ 6KHNHSWKHUVRQLQDOOGD\ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
<DSXHGHXVWHGHQWUDU HQRWUDVDOD  (OODQRGHMVDOLUDVXKLMRHQWRGRHOGD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

)LQDQFHDQGDFFRXQWLQJ 
,IWKHFRPSDQ\RZHVWKHJRYHUQPHQWWD[HVZLWKLQWKHFXUUHQW\HDUWKLVDPRXQWLVDOVRFDOOHGDFXUUHQWRUVKRUWWHUPOLDELOLW\
,IWKHFRPSDQ\ERUURZVPRQH\WKURXJKDORQJWHUPORDQWKLVLVDXVXDOO\FDOOHGDORQJWHUPOLDELOLW\
+RZHYHUWKHSDUWRIWKHSULQFLSDORIWKLVORQJWHUPORDQWKDWPXVWEHSDLGGXULQJWKH\HDUEHFRPHVDFXUUHQWOLDELOLW\
7KHFDSLWDORIWKHFRPSDQ\LVDOVRFRQVLGHUHGDOLDELOLW\,WoVDOLDELOLW\EHFDXVHHYHQWXDOO\LWPXVWEHUHWXUQHGWRWKHRZQHUV
7KLVFDSLWDORIWKHFRPSDQ\LVWKHPRQH\WKDWWKHRZQHUVRULJLQDOO\GHSRVLWHGLQWKHEDQNWRVWDUWWKHEXVLQHVV
,QFRUSRUDWLRQVWKLVLWHPLVXVXDOO\FDOOHGWKHFDSLWDOVWRFN,WoVLVVXHGLQWKHIRUPRIVKDUHV
,IWKHEXVLQHVVLVDSXEOLFFRPSDQ\WKHFDSLWDOVWRFNLVTXRWHGRUOLVWHGRQDSXEOLFVWRFNPDUNHWRUVWRFNH[FKDQJH
,QWKH$QJOR6D[RQZRUOGDSXEOLFFRPSDQ\LVQRWDVWDWHRZQHGFRPSDQ\
$SXEOLFFRPSDQ\LVDFRPSDQ\LQZKLFKWKHJHQHUDOSXEOLFKDVDFFHVVWRSDUWLDORZQHUVKLSWKURXJKDVWRFNH[FKDQJH
6WRFNPDUNHWVRUVWRFNH[FKDQJHVDUHVHFRQGDU\PDUNHWVZKHUHSHRSOHFDQEX\RUVHOOVKDUHVLQFRPSDQLHVWKDWDUHOLVWHGSXEOLFO\
%LOOLRQVRIVKDUHVDUHERXJKWDQGVROGRQDGDLO\EDVLVLQWKHZRUOGVoVWRFNH[FKDQJHV
7KH1HZ<RUN6WRFN([FKDQJHLVWKHELJJHVWLQWKHZRUOG7KHYROXPHRIWUDGLQJRIWHQH[FHHGVRQHELOOLRQWUDQVDFWLRQVGDLO\
2WKHUVWRFNPDUNHWVDUHOHVVWUDQVSDUHQWDQGHIFLHQW6RPHWLPHVDSHUVRQFDQQRWQGDEX\HURUVHOOHUTXLFNO\
:KHQ\RXEX\WKHVKDUHVRIDFRPSDQ\\RXDXWRPDWLFDOO\EHFRPHSDUWRZQHURIWKHEXVLQHVVLQTXHVWLRQ
:KHQSHRSOHEX\WKHVKDUHVRIDSXEOLFO\WUDGHGFRPSDQ\WKH\DUHXVXDOO\ORRNLQJIRUWZRSRVVLEOHVRXUFHVRIUHYHQXH

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7RDFKLHYHEUDQGDZDUHQHVVWKHPDUNHWLQJGHSDUWPHQWPXVWDGYHUWLVHWKHEUDQGLQTXHVWLRQDPRQJWKHWDUJHWJURXSVRISURVSHFWV
3URVSHFWVDUHSHRSOHRUHQWLWLHVWKDWDUHFRQVLGHUHGSRWHQWLDOFXVWRPHUVRI\RXUSURGXFWRUFOLHQWVRI\RXUVHUYLFH
7RJDLQEUDQGDZDUHQHVV\RXPXVWJHWWKHQDPHRIWKHEUDQGLQIURQWRI\RXUSURVSHFWVDVPXFKDVSRVVLEOH
,WoVQRWVRLPSRUWDQWDWWKLVSRLQWLQWLPHWRWDONDERXWWKHIHDWXUHVRUDGYDQWDJHVRI\RXUSURGXFWEXWUDWKHUWRPDNHSHRSOHDZDUHRILW
2QFH\RXKDYHJDLQHGEUDQGDZDUHQHVVDPRQJ\RXUSURVSHFWVWKHQWKHQH[WVWHSLVWRJDLQEUDQGSUHIHUHQFH
$WWKLVSRLQW\RXUHQWLUHSURPRWLRQDOEXGJHWVKRXOGEHIRFXVHGRQJDLQLQJEUDQGSUHIHUHQFH
7KHPRUHXQLWVDOHV\RXDFKLHYHWKHPRUHPDUNHWVKDUH\RXJDLQ$QGWKHPRUHPDUNHWVKDUH\RXJDLQWKHORZHU\RXUXQLWFRVWV
$GYHUWLVLQJVDOHVSURPRWLRQPHUFKDQGLVLQJDQGSXEOLFUHODWLRQVDUHQRWRQO\GHVLJQHGWRLQFUHDVHWKHVDOHVJXUHVRIDFRPSDQ\
7KHVHDFWLYLWLHVLIWKH\DUHVXFFHVVIXOKHOSWKHFRPSDQ\WRLQFUHDVHPDUNHWVKDUHDQGORZHUXQLWFRVWVWKURXJKHFRQRPLHVRIVFDOH
/HWoVVD\\RXGHFLGHWRVWDUWDFRPSDQ\WRSURGXFHSULYDWHMHWV7KHUVWMHWFRVWV\RXRQHPLOOLRQGROODUVWRPDNHLQ\RXUIDFWRU\
7KHVHFRQGMHW\RXPDNHFRVWVRQO\GROODUVWKDWLVOHVV7KHIRXUWKMHW\RXPDNHFRVWV\RXGROODUV
7KHHLJKWKMHWFRVWV\RXGROODUVDQGWKHWKMHWFRVWV\RXGROODUV7KLVLVFDOOHGWKHpOHDUQLQJFXUYHq
,QGXVWULDOHQJLQHHUVKDYHFDOFXODWHGWKDWHYHU\WLPHDIDFWRU\GRXEOHVLWVSURGXFWLRQHDFKXQLWFRVWVOHVVWRSURGXFH
,QQRQLQGXVWULDODFWLYLWLHVWKLVFRQFHSWLVFDOOHGWKHH[SHULHQFHFXUYH,WoVDWWKHKHDUWRIWKHLGHDRIHFRQRPLHVRIVFDOH
7KHPRUHVDOHV\RXJHQHUDWHWKHPRUHSURGXFWV\RXQHHGWRPDNHDQGWKHFKHDSHULWEHFRPHVWRPDNHHDFKSURGXFW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
,Q,QVHUWQRZHOHDUQHGWKDWWKHRZQHUVoHTXLW\RIWKHFRPSDQ\DIWHUWKHUVW\HDUZDV
,IWKHIROORZLQJ\HDUWKH&(2PDQDJHVWRPDNHDSURWDIWHUWD[HVRIWKHQWKHUHWXUQRQHTXLW\ 52( LV
7KLV52(FDQEHJRRGRUEDGGHSHQGLQJRQWKHW\SHRIFRPSDQ\DQGRQWKHLQGXVWU\LQZKLFKLWRSHUDWHV
,QWKHQDODQDO\VLVDQGLQWKHORQJUXQ52(LVSUREDEO\WKHRQO\\DUGVWLFNE\ZKLFKD&(2oVSHUIRUPDQFHFDQEHPHDVXUHG
,QWKHVKRUWWHUPRWKHUREMHFWLYHVFDQEHPRUHLPSRUWDQWEXWDOOHYHQWXDOO\SRLQWWRUHWXUQRQHTXLW\RU52(
6KRUWWHUPVWUDWHJLHVFDQEHPDQ\EXWRQHRIWKHPRVWFRPPRQLVWKHVWUDWHJ\WRJDLQPDUNHWVKDUH
7KHJUHDWHUWKHPDUNHWVKDUHWKHORZHUWKHXQLWFRVWVRISURGXFWLRQDQGWKHJUHDWHUWKHSRWHQWLDOJURVVPDUJLQDQGQDOSURW
6RPHWLPHVDFRPSDQ\ZLOOHYHQVHOOLWVSURGXFWEHORZFRVWLIE\GRLQJVRLWFDQLQFUHDVHLWVPDUNHWVKDUHPRUHTXLFNO\
6RPH-DSDQHVHFRQVXPHUSURGXFWVFRPSDQLHVXVHGWKLVVWUDWHJ\WRJDLQDVWURQJPDUNHWVKDUHTXLFNO\LQIRUHLJQPDUNHWVOLNH6SDLQ
7KH\VROGWKHLUSURGXFWVDWYHU\ORZSULFHVORVLQJPRQH\RQHYHU\XQLWVROG+RZHYHUZLWKLQDIHZ\HDUVWKH\ZHUHPDUNHWOHDGHUV
$VPDUNHWOHDGHUVWKH\ZHUHVHOOLQJDORWRIXQLWVDQGWKHSURGXFWLRQFRVWVRIWKHVHXQLWVZHUHPXFKORZHUWKDQDWWKHEHJLQQLQJ
7KHFRVWRISURGXFWLRQRIHDFKXQLWZDVPXFKORZHUEHFDXVHRIHFRQRPLHVRIVFDOHJDLQHGE\JUHDWHUSURGXFWLRQYROXPHV
:KHQ\RXPDVVSURGXFHPLOOLRQVRIXQLWV\RXORZHUPDQ\FRVWLWHPVHVSHFLDOO\ZKHQQHJRWLDWLQJZLWKVXSSOLHUV
,QPRVWLQGXVWULDODQGPDQXIDFWXULQJFRPSDQLHVWKHPRVWLPSRUWDQWVWUDWHJ\LVWRJDLQVKDUHWRJDLQVFDOHWRFXWFRVWVWRLQFUHDVHSURWV
:KHQWKLVLVDFKLHYHGWKHFRQVXPHUHQMR\VORZHUSULFHVIRUVLPLODUTXDOLW\DQGWKH&(2oVERWWRPOLQHLVJRRGHQKDQFLQJ52( 

/RZ%HJLQQHU +LJK%HJLQQHU

4XLQHVDTXHOKRPEUH" :KRoVWKDWPDQ" (VWR\HPSH]DQGRXQDQXHYD ,oPEHJLQQLQJDQHZOLIH


(VHVDPXMHUDOWDVXHVSRVD" ,VWKDWWDOOZRPDQKLVZLIH" YLGD
6RQDTXHOORVVXVQLRV" $UHWKRVHWKHLUFKLOGUHQ" (VWLVHVFXFKDQGRODUDGLR" $UH\RXOLVWHQLQJWRWKHUDGLR"
'QGHHVWQVXVMXJXHWHV" :KHUHDUHWKHLUWR\V" (VWQHOODVPLUQGRPH" $UHWKH\ORRNLQJDWPH"
1XHVWURVFRFKHVVRQLJXDOHV 2XUFDUVDUHWKHVDPH 3RUTXQRHVWQWUDEDMDQGR" :K\DUHQoWWKH\ZRUNLQJ"
4XKDFLVPDDQD" :KDWDUH\RXGRLQJWRPRUURZ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RLQWHQWDOKDFHUQDGD" 'RHVQoWKHWU\WRGRDQ\WKLQJ" (VULFRGHVGHTXHQDFL +HKDVEHHQULFKVLQFHKHZDV


1ROOXHYHPXFKRDTX" 'RHVQoWLWUDLQPXFKKHUH" ERUQ
3RUTXQRIXQFLRQD" :K\GRHVQoWLWZRUN" /OXHYHGHVGHODVQXHYHGHOD ,WoVEHHQUDLQLQJVLQFHQLQH
6LHPSUHYDOVOR" 'RHVKHDOZD\VJRDORQH" PDDQD RoFORFNWKLVPRUQLQJ
1RPHHQWLHQGHQDGLH" 'RHVQoWDQ\ERG\XQGHUVWDQG 'HVGHTXHWHFRQR]FRWHTXLHUR ,oYHORYHG\RXVLQFH,PHW\RX
PH" /OHYDOWRGDODQRFKHERUUDFKR +HoVEHHQGUXQNDOOQLJKW
/OHYDPRVFDVDGRVGHVGHTXHOD :HoYHEHHQPDUULHGVLQFH,JRW
GHMHPEDUD]DGD KHUSUHJQDQW

3URVHFXWLRQ $FXVDFLQ
-XGJH -XH]

:LWQHVV 7HVWLJR

&RXUW2IFHU $OJXDFLO

-XU\ -XUDGR

9RFDEXODULR&RXUWURRP 6DODGHOWULEXQDO

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLQKDFHODVFRPLGDVDTX" :KRPDNHVWKHPHDOVKHUH" &PRYDHVHGLVFXUVR" +RZoVWKDWVSHHFKJRLQJ"


4XOHKDFHDOSHQVDUHVR" :KDWPDNHVKLPWKLQNWKDW" $VHJUDWHTXHWLHQHVVX 0DNHVXUH\RXKDYHWKHLU
4XLQWHKL]RGHFLUHVR" :KRPDGH\RXVD\WKDW" DWHQFLQ DWWHQWLRQ
4XWHWUDHDTX" :KDWEULQJV\RXKHUH" $VHJUDWHGHTXHWXYR]OOHJXH 0DNHVXUH\RXUYRLFHUHDFKHV
4XRVKL]ROORUDUWDQWR" :KDWPDGH\RXFU\VRPXFK" KDVWDDOIRQGRGHODVDOD WKHEDFNRIWKHURRP
/RKDVDSUHQGLGRGHPHPRULD" +DYH\RXOHDUQWLWE\KHDUW"
1RGHMHVTXHHOPLFUIRQRWH 'RQoWOHWWKHPLFURSKRQHVFDUH
DVXVWH \RX

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

$QWHVKDFDPRVWRGRMXQWRV :HXVHGWRGRHYHU\WKLQJ 7RGRHQHVWDYLGDSDUHFHFXHVWD (YHU\WKLQJLQWKLVOLIHVHHPV


WRJHWKHU DUULED XSKLOO
$KRUDQLVLTXLHUDPHOOHYDVD 1RZ\RXGRQoWHYHQWDNHPH (VWVSDVDQGRSRUXQDPDOD <RXoUHJRLQJWKURXJKDEDG
FHQDU RXWIRUGLQQHU UDFKDQDGDPV SDWFKWKDWoVDOO
<DQRSDUHFHJXVWDUWHQDGD <RXGRQoWVHHPWROLNH 1RHVWVHQODFULVLVGHORV <RXoUHQRWLQDPLGOLIHFULVLV
DQ\WKLQJDQ\PRUH FXDUHQWD
3RUTXHVWVVLHPSUH :K\DUH\RXDOZD\VSLFNLQJ $XQTXHWLHQHVXQDVEXHQDV $OWKRXJK\RXGRKDYHVRPH
PHWLQGRWHFRQPLJR" RQPH" DJDUUDGHUDV JRRGORYHKDQGOHV
'HYHUGDGPHHVWVVDFDQGR <RXoUHUHDOO\JHWWLQJRQP\ |7UDQTXLWURQFR &KLOORXWPDQ
GHTXLFLR QHUYHV


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
&RPXQLFDFLQVRFLDOHOPXQGRGHO
&DQ\RXOHWPHLQSOHDVH" +RZPXFKKDYH\RXSDLGLQ" WHDWUR
0HGHMDVHQWUDUSRUIDYRU" &XQWRKDVFRQWULEXLGR" DOIRQGR 
3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
,oOOOHW\RXLQRQDVHFUHW <RXKDYHWRSXWLQDORWRIHIIRUW IUDVHVHQLQJOV"
7HFRQDUXQVHFUHWR 7LHQHTXHKDFHUXQJUDQHVIXHU]R |&RQVHJXLPRVXQDVHQWUDGDVPX\EXHQDV
7HLQYLWDUDXQKHODGRHQHOGHVFDQVR
'RQoWOHWWKHGRJLQ 3XWLQDJRRGZRUGIRUPH $TXKRUDVHOHYDQWDHOWHOQ"
4XHQRHQWUHHOSHUUR 'LDOJRELHQGHPYDOH" ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ 
0DQ\SHRSOHKDYHORVWDOOWKHLUVDYLQJVEHFDXVHWKH\SODFHGWKHLUPRQH\LQULVN\QDQFLDOLQVWUXPHQWV
2WKHUSHRSOHKDYHORVWWKHLUVDYLQJVEHFDXVHWKH\GLGQoWXQGHUVWDQGFHUWDLQIXQGDPHQWDOVFRQFHUQLQJLQYHVWLQJ
2QHRIWKHVHIXQGDPHQWDOVLVWKDWKLJKUHWXUQVRIRUSHUFHQWDOZD\VLQYROYHDGHJUHHRIULVNWKDWVPDOOLQYHVWRUVVKRXOGDYRLG
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRVORZO\HVWDEOLVKDQDOWHUQDWLYHVRXUFHRIUHYHQXHWKURXJKLQWHUHVWLQFRPHRUVWRFNGLYLGHQGV
6RPHSHRSOHLQYHVWWKHLUVDYLQJVLQRUGHUWRWDNHDGYDQWDJHRIFHUWDLQWD[UHEDWHVRUGHGXFWLRQV
0DQ\SHRSOHLQYHVWWKHLUVDYLQJVWRFUHDWHDQHVWHJJIRUUHWLUHPHQW%\pQHVWHJJqZHPHDQPRQH\VDYHGWRVXSSOHPHQWWKHLUSHQVLRQ
:KHQSHRSOHVWDUWWRVDYHDQGLQYHVWPRQH\RQHRIWKHEHVWLQLWLDOLQYHVWPHQWVLVOLIHLQVXUDQFH
1RUPDOSHRSOHQHHGRU\HDUVWRDFFXPXODWHDODUJHDPRXQWRIVDYLQJVIRUWKHPVHOYHVDQGWKHLUORYHGRQHV
,IWKHSHUVRQGLHVRUEHFRPHVSHUPDQHQWO\GLVDEOHGKHRUVKHFDQQRORQJHUSD\LQWRWKHVDYLQJVSODQ
/LIHLQVXUDQFHFRYHUVWKLVULVNDQGSURYLGHVWKHORYHGRQHVRUEHQHFLDULHVZLWKWKHHTXLYDOHQWQRZRIWKHRULJLQDOQDQFLDOJRDO
/HWoVLPDJLQHD\RXQJPDQZKRLV\HDUVROGZLWKDWDNHKRPHSD\RIHXURVD\HDURUHXURVDPRQWK
/HWoVDVVXPHWKDWWKLVSHUVRQVHWVDJRDORIUHWLULQJDWDJHZLWKHXURVLQDGGLWLRQWRKLVUHWLUHPHQWSHQVLRQ
7KLVPHDQVWKDWKHZLOOQHHGWRVDYHDQDYHUDJHRIHXURVHYHU\PRQWKDQGLQYHVWLWDWDQDYHUDJHLQWHUHVWUDWHRIDQQXDOO\
$YHSHUFHQWLQWHUHVWUDWHLVRIWHQQRWHDV\WRQGVRWKH\RXQJPDQPD\QHHGWRLQYHVWDOLWWOHPRUHPRQH\HDFKPRQWK
,IKHKDVDZLIHDQGFKLOGDWDJHWKHQKHVKRXOGEX\DQLQVXUDQFHSROLF\WRJXDUDQWHHWKLVJRDOHYHQLIKHGLHVRUEHFRPHVGLVDEOHG

+XPDQUHVRXUFHV 
'XULQJJURZWKSHULRGVHYHU\FRPSDQ\ZKHWKHUVPDOOPHGLXPVL]HGRUODUJHQHHGVWRUHFUXLWSHRSOHTXLFNO\DQGHIIHFWLYHO\
,IDFRPSDQ\LVJURZLQJDWDSHUFHQWDQQXDOUDWHRUPRUHWKHSUHVVXUHWRFRYHUPDQSRZHUQHHGVFDQEHYHU\LQWHQVH
$JRRG+5GHSDUWPHQWLVRQHWKDWFDQDQWLFLSDWHWKHVHQHHGVDQGFRYHUWKHPHIFLHQWO\DQGHIIHFWLYHO\
7KHPRVWLPSRUWDQWHOHPHQWLVWRNQRZYHU\ZHOOZKDWNLQGRISHRSOHHDFKGHSDUWPHQWDQGHDFKMREIXQFWLRQUHTXLUHV
$JRRG+5PDQDJHULVDSHUVRQZKRLVNHHQO\DZDUHRIZKDWNLQGRISUROHZRUNVWKHEHVWLQZKDWNLQGRIMRE
$JRRG+5PDQDJHUVKRXOGEHDEOHWRVROYHWKHVWDIQJDQGSHUVRQQHOSUREOHPVRIHYHU\IXQFWLRQDOPDQDJHU
)XQFWLRQDOPDQDJHUVDUHH[SHUWLQWKHIXQFWLRQLQZKLFKWKH\ZRUN7KH\DUHQRWH[SHUWLQGHDOLQJZLWKSHRSOHTXHVWLRQV
$JRRG+5GHSDUWPHQWVROYHVWKHVHSHRSOHSUREOHPVIRUWKHIXQFWLRQDOH[SHUWVDQGIUHHVWKHPXSWRGRZKDWWKH\NQRZKRZWRGREHVW
$Q\H[SHUWLQPDUNHWLQJVDOHVSURGXFWLRQRUQDQFHZLOOWHOO\RXWKDWWKHLUELJJHVWKHDGDFKHVDUHPDWWHUVUHODWLQJWRWKHLUSHRSOH
,WoVWKHUHVSRQVLELOLW\RI+5WRPDNHVXUHWKDWWKHVHNLQGVRISUREOHPVDUHNHSWWRDPLQLPXP
2QHIDPRXVPDUNHWLQJJXUXVDLGWKDWKDOIKLVWLPHZDVVSHQWpFKDQJLQJGLDSHUVqIRUWKHSHRSOHZKRVXSSRVHGO\ZHUHWKHUHWRKHOSKLP
3HRSOHSUREOHPVRUDWWLWXGHSUREOHPVFDQEHFRPHDFRQVWDQWKHDGDFKHLQRUJDQL]DWLRQVWKDWGRQoWKDYHJRRG+5GHSDUWPHQWV
7KHUVWWKLQJWKDW+5PXVWGRLVWRKHOSHDFKGHSDUWPHQWGHQHLWVSHUVRQQHOQHHGVDVFOHDUO\DVSRVVLEOH
7KHVHFRQGHOHPHQWLVJRRGUHFUXLWPHQW7KLVUHGXFHVWKHLQFLGHQFHVRIEDGDWWLWXGHVRUSHRSOHZKRODWHUFDXVHVXUSULVHVDQGSUREOHPV
7KHWKLUGHOHPHQWLVJRRGLQLWLDORULHQWDWLRQWRWKHFRPSDQ\DQGLWVSHRSOH7KLVPDNHVWKHQHZSHUVRQIHHOZHOFRPHGDQGDFFHSWHG

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
6FUHHQLQJFDOOVLVDQLPSRUWDQWDFWLYLW\RID3$,IWKHPDQDJHULVZHOONQRZQRULQXHQWLDOPDQ\SHRSOHZDQWWRPDNHFRQWDFW
$FRPPRQWDFWLFXVHGE\3$oVLVVLPSO\WRVWDWHWKDWWKHERVVLVQRWLQHYHQLIWKLVLVQRWWUXHDVNLQJWKDWWKHFDOOHUOHDYHDPHVVDJH
,IWKHVHFUHWDU\VD\VpPD\,DVNZKRoVFDOOLQJ"qVRPHFDOOHUVZLOOIHHOXQFRPIRUWDEOHDERXWOHDYLQJWKHLUQDPH
,IWKHVHFUHWDU\VD\VpPD\,WDNHDPHVVDJH"qWKHQWKHFDOOHUIHHOVIUHHWROHDYHDQDPHRUVLPSO\WRVD\WKDWWKH\ZLOOFDOOEDFNODWHU
$QDGPLQLVWUDWLYHDVVLVWDQWJURZVWRNQRZZKRDQGZKDWLVLPSRUWDQWIRUWKHERVVDQGZKRDQGZKDWLVQRW
+RZHYHUWKHDVVLVWDQWVKRXOGQHYHUWDNHIRUJUDQWHGWKDWWKHERVVZLOOZDQWWRGRWKLVRUWKDW6KHPXVWFRQVXOWDWDOOWLPHV
,I\RXDVNDYHWHUDQWRSPDQDJHUZKDWWKHPRVWLPSRUWDQWHOHPHQWLVLQDJRRG3$KHRUVKHZLOOVD\RQHZRUGFRQGHQWLDOLW\
0DQ\VHFUHWDULHVKDYHEHHQFKRVHQRYHUDSSDUHQWO\EHWWHUTXDOLHGFDQGLGDWHVVLPSO\EHFDXVHWKH\VHHPHGPRUHSUXGHQWDQGGLVFUHHW
7KHEHVW3$oVDUHDOZD\VWKRVHZKRDQWLFLSDWHWKHERVVoVQHHGVDQGWDNHFDUHRIWKHPEHIRUHWKH\DUHDVNHGWRGRVR
0DQDJHUVDUHDOZD\VYHU\SOHDVDQWO\VXUSULVHGZKHQDPDWWHUWKH\PHQWLRQKDVDOUHDG\EHHQWDNHQFDUHRI
$IRXUWKZRUGXVHGIRUWKLVIXQFWLRQDIWHUVHFUHWDU\DGPLQLVWUDWLYHDVVLVWDQFHDQG3$LVH[HFXWLYHDVVLVWDQW
7KLVUHIHUVWRVHFUHWDULHVZKRSURYLGHVXSSRUWIRUDFRUSRUDWHRIFHURUFKLHIH[HFXWLYHZKRVHGHFLVLRQVDUHFUXFLDOWRWKHRUJDQL]DWLRQ
7KHH[HFXWLYHDVVLVWDQWSHUIRUPVWKHQRUPDOIXQFWLRQVRIDVHFUHWDU\RU3$EXWDOVRDFWVDVWKHpJDWHNHHSHUqLQWKHH[HFXWLYHoVVFKHGXOH
7KHEHVWVHFUHWDULHVFDQGHPRQVWUDWHWRWDOPDVWHU\RIPDQ\GLIIHUHQWVNLOOVQRWRQO\OLQJW\SLQJVFUHHQLQJDQGRUJDQL]LQJ
7KH\NQRZKRZWRRSHUDWHRIFHHTXLSPHQWDQGVRIWZDUH7KH\NQRZKRZWRFRPSRVHHGLWDQGSUHSDUHURXWLQHFRUUHVSRQGHQFH 

/RZ%HJLQQHU +LJK%HJLQQHU

(VVWDRWUDOLVWD" ,VWKLVDQRWKHUOLVW" 0HHQFDQWDODPVLFD ,ORYHPXVLF


6HVRWUDOLVWD <HVLWoVDQRWKHUOLVW &PRVHOODPDODPVLFDTXH :KDWoVWKHQDPHRIWKHPXVLF
'QGHHVWQPLVRWURVDPLJRV":KHUHDUHP\RWKHUIULHQGV" HVWVHVFXFKDQGR" \RXoUHOLVWHQLQJWR"
4XLQHVHVDRWUDPXMHUTXH :KRLVWKDWRWKHUZRPDQZKR /DVPXMHUHVHVSDRODVVRQ 6SDQLVKZRPHQDUHSUHWW\
HVWFRQO" LVZLWKKLP" JXDSDV
'QGHHVWQORVRWURV" :KHUHDUHWKHRWKHUV" /DVPXMHUHVGHODHVWDGH 7KHZRPHQDWODVWQLJKWoV
DQRFKHHUDQIHDV SDUW\ZHUHXJO\
(ODPRUHVORQLFRTXH /RYHLVWKHRQO\WKLQJ\RX
QHFHVLWDV QHHG

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

/DVYHQWDVHVWQFD\HQGR 6DOHVDUHIDOOLQJ +HPRVGHMDGRODYHQWDQD :HoYHOHIWWKHZLQGRZRSHQ


(VWDPRVJDVWDQGRGHPDVLDGR :HoUHVSHQGLQJWRRPXFK
 DELHUWD
GLQHUR PRQH\ 1RVGHMDURQJDQDU 7KH\OHWXVZLQ
3RUTXQRHVWLVDKRUUDQGR :K\DUHQoW\RXVDYLQJPRUH 0LVSDGUHVQRPHGHMDQVDOLU 0\SDUHQWVGRQoWOHWPHJRRXW
PVGLQHUR" PRQH\" YHVWLGDDV GUHVVHGOLNHWKDW
&XQWRJDQDVWHHODRSDVDGR" +RZPXFKGLG\RXHDUQODVW 0HGHMDVXWLOL]DUWXWHOIRQR" :LOO\RXOHWPHXVH\RXUSKRQH"
\HDU" 0HGHMDVWXEROLXQVHJXQGR" &DQ\RXJLYHPH\RXUSHQD
&XQWRWHGLHURQSRUHOFXDGUR" +RZPXFKGLGWKH\JLYH\RX VHFRQG"
IRUWKHSDLQWLQJ"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XDVSHFWRWLHQHWXKHUPDQR" :KDWGRHV\RXUEURWKHUORRN 6HKDQYLVWR\D" +DYHWKH\VHHQHDFKRWKHU\HW"


OLNH" 6HHQYLDUQPDDQDDSULPHUD 7KH\oOOEHVHQWUVWWKLQJ
+XHOHDSHUIXPHEDUDWR ,WVPHOOVOLNHFKHDSSHUIXPH KRUD WRPRUURZPRUQLQJ
6XHQDFRPRVLHVWXYLHUDD ,WVRXQGVDVLILWZHUHJRLQJWR 6HKDQGLFKRPXFKDVWRQWHUDV $ORWRIVLOO\WKLQJVKDYHEHHQ
SXQWRGHURPSHUVH EUHDN OWLPDPHQWH VDLGODWHO\
7LHQHXQWDFWRSDUHFLGRDO ,WIHHOVOLNHFRWWRQ
 &XQGRVHYDDODQ]DUHO :KHQLVWKHURFNHWJRLQJWREH
DOJRGQ FRKHWH" ODXQFKHG"
6DEHDFHEROOD ,WWDVWHVOLNHRQLRQ 3RUTXVHKDDSOD]DGROD :K\KDVWKHPHHWLQJEHHQSXW
UHXQLQKDVWDHOPDUWHV" EDFNWLOO7XHVGD\"

,QER[ %DQGHMDGHHQWUDGD

2XWER[ %DQGDGHVDOLGD

6HQW,WHPV (OHPHQWRVHQYLDGRV
'HOHWHG,WHPV (OHPHQWRVHOLPLQDGRV
'UDIWV %RUUDGRUHV

9RFDEXODULR(PDLO &RUUHRHOHFWUQLFR

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&UHTXHWHLEDQDHFKDUDOD ,WKRXJKWWKH\ZHUHJRLQJWR /DSXOJDSXHGHVDOWDUYHFHV 7KHHDFDQMXPSWLPHVLWV



FDOOH VDFN\RX ODORQJLWXGGHVXFXHUSR ERG\OHQJWK
7XYHXQDVJXDUGDGRHQOD ,KDGDQDFHXSP\VOHHYH
 (VFRPRVLXQKRPEUHVDOWDUD ,WoVDVLIDPDQMXPSHGWKH
PDQJD HOODUJRGHXQFDPSRGHIWERO OHQJWKRIDIRRWEDOOSLWFK
/RJUFKDQWDMHDUDOMHIH ,PDQDJHGWREODFNPDLOWKH /DJHQWHGLHVWUDYLYHXQ 5LJKWKDQGHGSHRSOHOLYHRQ
QDFLRQDOGHYHQWDV QDWLRQDOVDOHVERVV SURPHGLRGHQXHYHDRV DYHUDJHQLQH\HDUVORQJHUWKDQ
(VWRQRWHORYDQDFRQVHQWLU <RXZRQoWJHWDZD\ZLWKLW PVTXHORV]XUGRV OHIWKDQGHGSHRSOH
|4XPRUURWLHQHV :KDWDQHUYH\RXoYHJRW 7HHVWR\WRPDQGRHOSHOR ,oPKDYLQJ\RXRQ
$FDERGHLQYHQWUPHOR ,MXVWPDGHWKDWXS

Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
9RFDEXODU\
+RZPXFKWLPHGLG\RXSXWLQ ,oPJRLQJWRULQJLQVLFN 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&XQWRWLHPSRKDVLQYHUWLGR" 9R\DOODPDUSDUDGHFLUTXHHVWR\PDOLWR IUDVHVHQLQJOV"
&UHHVTXHXQSURGXFWRQXHYRGDUXQ
+DYH\RXVHQWLQ\RXUDSSOLFDWLRQ" 7KH\VHQWLQWURRSVWRUHVWRUHRUGHU HPSXMQDODVYHQWDV"
+DVHQYLDGRWXVROLFLWXG" (QYLDURQWURSDVSDUDUHVWDXUDUHORUGHQ /DVSUHYLVLRQHVQRIXHURQQDGDSUHFLVDV
(VHPRGHORIXHUHWLUDGRSURJUHVLYDPHQWH
:HVKXWWKHPLQIRUWZRGD\V $IHHOLQJRISHVVLPLVPVHWLQ KDFHDRV
/HVHQFODXVWUDPRVGXUDQWHGRVGDV 6HH[WHQGLXQDVHQVDFLQGHSHVLPLVPR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV 
,I\RXORRNDWDSKRWRJUDSKRIWKHVWUHHWVRI1HZ<RUNLQWKHUHZHUHQoWPDQ\FDUVRQWKHVWUHHW
,I\RXORRNDWWKHVDPHSKRWRJUDSKWDNHQLQWKHUHDUHWUDIFMDPVHYHU\ZKHUH7KLVLVWKDQNVDOPRVWH[FOXVLYHO\WR+HQU\)RUG
+HZDVWKHUVWSHUVRQWRDSSO\LQQRYDWLRQWRWKHPDQXIDFWXULQJWDVNORRNLQJIRUSURGXFWLRQHIFLHQFLHVLQHYHU\VLQJOHRSHUDWLRQ
7KHJUHDWQRYHOLVWDQGWKLQNHU$OGRXV+X[OH\LQKLVQRYHOp$%UDYH1HZ:RUOGqQDPHG+HQU\)RUGDVRXUPRGHUQ&KULVW
+HQU\)RUGLVWKHIDWKHURILQGXVWULDOHQJLQHHUV7KHPRWWRpWKHUHLVDOZD\VDEHWWHUZD\qZDVFRLQHGIROORZLQJKLVH[DPSOH
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVTXHH]HSURGXFWLYLW\RXWRIHPSOR\HHVDQGSURFHVVHV
7KHUHDUHPDQ\HOHPHQWVWKDWJRLQWRWKHQDOFRVWRIDSURGXFW7KHUVWFRVWLWHPLVXVXDOO\WKHUDZPDWHULDOV
7KHVHFRQGFRVWLWHPLVWKHWUDQVSRUWDWLRQRIWKHUDZPDWHULDOVWRWKHSODFHRIWUDQVIRUPDWLRQLQWRQLVKHGSURGXFWV
7KHWKLUGFRVWLWHPLVWKHDFWXDOPDFKLQLQJDQGDVVHPEO\RIWKHSURGXFWWKDWLVWKHWUDQVIRUPDWLRQFRVWV
$IRXUWKFRVWLWHPLVWKHFRVWLQFXUUHGLQWUDQVSRUWLQJWKHSURGXFWWRWKHQDOFXVWRPHUZKHWKHULWLVDPLGGOHPDQRUDQDOXVHU
7KHIWKFRVWLWHPLVWKHVHOOLQJFRVWZKLFKPHDQVWKHFRVWLQFXUUHGLQFRPPLVVLRQVDQGLQFHQWLYHVQHFHVVDU\WRDFKLHYHWKHVDOH
7KHVL[WKFRVWLWHPLVWKHQDQFLDOFRVWWKURXJKRXWWKHHQWLUHSURFHVV7KLVFRVWLVRIWHQFDOOHGWKHFDUU\LQJFRVW
7KLVQDQFLDOFRVWLVWKHPRQH\SDLGRXWIURPWKHEHJLQQLQJDQGQRWUHFRYHUHGXQWLOWKHQDOSURGXFWLVVROGDQGWKHSULFHFROOHFWHG
,WoVFRPPRQWRKHDUFRPSDQLHVFRPSODLQDERXWKRZPXFKPRQH\LVpWLHGXSqLQLQYHQWRU\DQGWKHFROOHFWLRQSHULRG
,QGXVWULDOHQJLQHHUVDQGPDQXIDFWXULQJH[SHUWVDUHDOZD\VORRNLQJIRUZD\VWRVWUHDPOLQHWKHHQWLUHSURFHVVDQGPDNHLWPRUHHIFLHQW

,QIRUPDWLRQWHFKQRORJ\ 
7KURXJKWKH,7GHSDUWPHQWWKH&,2RUFKLHILQIRUPDWLRQRIFHUZRUNVFORVHO\ZLWKDOPRVWHYHU\IXQFWLRQDOPDQDJHULQWKHFRPSDQ\
7KH,7GHSDUWPHQWKHOSVSXUFKDVLQJDQGTXDOLW\FRQWUROE\GHVLJQLQJFRPSXWHUDSSOLFDWLRQVWRVWUHDPOLQHLQFRPLQJLQVSHFWLRQ
7KH\KHOSWKHSURGXFWLRQFRQWURODUHDE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHRZRISDUWVDQGPDWHULDOVWKURXJKRXWWKHSURFHVV
7KH\KHOSWKHVFKHGXOLQJDUHDE\GHVLJQLQJDSSOLFDWLRQVWRVWXG\WKHEHVWSURFHVVRZDQGWRIRUHFDVWSRWHQWLDOERWWOHQHFNV
7KH\KHOSSURFHVVHQJLQHHULQJE\VHUYLFLQJWKHQXPHULFDOFRQWUROV\VWHPVWKDWDXWRPDWLFDOO\PDFKLQHSDUWVDQGFRPSRQHQWV
7KH\KHOSLQGXVWULDOHQJLQHHULQJE\GHVLJQLQJDSSOLFDWLRQVWRPHDVXUHKXPDQSHUIRUPDQFHDQGPDQDJHWKHPRQHWDU\LQFHQWLYHV\VWHP
7KH\KHOSWKHSK\VLFDOGLVWULEXWLRQDUHDE\GHVLJQLQJDSSOLFDWLRQVWRFRRUGLQDWHDQGUDWLRQDOL]HSURGXFWVKLSPHQWVWRFXVWRPHUV
7KH\KHOSWKHVDOHVGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRPRQLWRUWKHVDOHVDFWLYLW\DQGPDQDJHWKHVDOHVLQFHQWLYHV\VWHP
7KH\KHOSWKHDFFRXQWLQJGHSDUWPHQWE\GHVLJQLQJDSSOLFDWLRQVWRVSHHGXSLQIRUPDWLRQUHWULHYDODQGWKHERRNNHHSLQJSURFHVV
7KH\KHOSWKHWRSPDQDJHPHQWE\SURYLGLQJWLPHO\UHSRUWVRQWKHRYHUDOOSHUIRUPDQFHLQGLFDWRUVRIWKHFRPSDQ\
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\NQRZVWKHVDOHVSHUIRUPDQFHRQDGDLO\EDVLV
7KDQNVWR,7DSSOLFDWLRQVWKHWRSPDQDJHPHQWXVXDOO\UHFHLYHVLQIRUPDWLRQLQWLPHWRDFWGHFLVLYHO\ZKHQSUREOHPVDULVH
7KDQNVWR,7DSSOLFDWLRQVWKHFRPSDQ\FDQSURYLGHDFFXUDWHLQIRUPDWLRQWRVKDUHKROGHUVQDQFLDOLQVWLWXWLRQVDQGSXEOLFHQWLWLHV
$FRPSDQ\ZLWKDQH[FHOOHQW,7GHSDUWPHQWLVDFRPSDQ\ZHOOSRVLWLRQHGWREHFRPHDOHDGHULQLWVLQGXVWU\
0RVWRIWKHDFWLYLWLHVGHVFULEHGDERYHIRUDPDQXIDFWXULQJFRPSDQ\DUHHTXDOO\DSSOLFDEOHWRWKHSURFHVVHVLQDVHUYLFHFRPSDQ\

/DZDQGOHJDOFRXQVHO 
,QD8.FRPSDQ\VXEMHFWWRFRPPRQODZJHQHUDOSDUWQHUVDUHSHUVRQDOO\OLDEOHIRUWKHFRPSDQ\GHEWV
,IWKHFRPSDQ\JRHVEDQNUXSWWKHFUHGLWRUVFDQJRQRWRQO\DJDLQVWWKHFRPSDQ\oVDVVHWVEXWDJDLQVWWKHRZQHUVoDVVHWVDVZHOO
7KHDGMHFWLYHpOLDEOHqLVWKHWHUPHGXVHGLQ(QJOLVKWRUHIHUWROHJDORUFLYLOUHVSRQVLELOLW\7KHQRXQLVpOLDELOLW\q
,QDFFRXQWLQJDOLDELOLW\LVDQREOLJDWLRQWKDWDFRPSDQ\DVVXPHVWKURXJKSDVWWUDQVDFWLRQV,WLQYROYHVDIXWXUHSURPLVHRISD\PHQW
,QWKHOHJDOZRUOGDOLDELOLW\LVDQREOLJDWLRQWRSD\FRPSHQVDWLRQRUGDPDJHVDULVLQJIURPDFLYLORUFULPLQDOODZVXLW
,QFRPPHUFLDOODZOLPLWHGOLDELOLW\LVDIRUPRIEXVLQHVVRZQHUVKLSZKHUHWKHRZQHUVDUHRQO\OLDEOHIRUWKHPRQH\WKH\KDYHLQYHVWHG
,IWKHFRPSDQ\JRHVEDQNUXSWWKHRZQHUVoSHUVRQDOSURSHUW\DQGEHORQJLQJVFDQQRWEHWRXFKHGE\WKHFRXUWVRUE\FUHGLWRUV
,QFDULQVXUDQFHOLDELOLW\UHIHUVWRWKHW\SHRIPDQGDWRU\LQVXUDQFHWKDWGULYHUVPXVWNHHSLQFDVHWKH\LQMXUHRUGDPDJHWKLUGSDUWLHV
,QWKH86FRUSRUDWHGLUHFWRUVDQGRIFHVRIWHQKDYHLQVXUDQFHWRSURWHFWWKHPDJDLQVWSRVVLEOHODZVXLWVDULVLQJIURPFRUSRUDWHOLDELOLW\
7KHLUSHUVRQDODVVHWVDUHSURWHFWHGIRUH[DPSOHLIWKHFRPSDQ\VXIIHUVDQDFFLGHQWWKDWUHTXLUHVPLOOLRQVRIHXURVLQLQGHPQL]DWLRQ
$FRUSRUDWHGLUHFWRULVDPHPEHURIWKHERDUGRIGLUHFWRUV$FRUSRUDWHRIFHULVDSHUVRQLQYROYHGLQPDQDJLQJWKHFRUSRUDWLRQ
:KLOHPRVWFRUSRUDWHGLUHFWRUVDUHQRWHPSOR\HHVRIWKHFRUSRUDWLRQDOOFRUSRUDWHRIFHUVDUHHPSOR\HHVRQWKHFRPSDQ\oVSD\UROO
7KHWHUPpFRUSRUDWLRQqLQWKH86LVWKHHTXLYDOHQWRIWKHpSXEOLFOLPLWHGFRPSDQ\qLQWKH8.RUWKH$*LQ*HUPDQ\
7KHPRVWLPSRUWDQWOHJDOSHUVRQLQDFRPSDQ\LVWKH&/2RUFKLHIOHJDORIFHU$QRWKHUWHUPLVJHQHUDOFRXQVHO
,QYHU\ODUJHFRPSDQLHVWKDWKDYHPDQ\ODZ\HUVDQGVHYHUDOGLIIHUHQWOHJDOGHSDUWPHQWVWKHWRSH[HFXWLYHLVXVXDOO\FDOOHGWKH&/2 

/RZ%HJLQQHU +LJK%HJLQQHU

(VWHOSHUURGHWUVGHP",VWKHGRJEHKLQGPH" /DPXMHUGHOMHIHHVWPX\7KHERVVoZLIHLVYHU\VLFN
(OPXVHRHVWGHODQWHGHWL7KHPXVHXPLVLQIURQWRI\RX HQIHUPD
/DFRFLQDHVWDOODGRGHO7KHNLWFKHQLVQH[WWRKLP 1RHVWQOLVWRVORVLQIRUPHV" $UHQoWWKHUHSRUWVUHDG\"
1RHVSDUDHOODHVSDUDHOORV,WoVQRWIRUKHULWoVIRUWKHP 1RHVWQLQWHUHVDGRVHQ$UHQoWWKH\LQWHUHVWHGLQ
(VWQHQIUHQWHGHQRVRWURV"$UHWKH\RSSRVLWHXV" DSUHQGHULQJOV" OHDUQLQJ(QJOLVK"
1RHVWHOODFDVDGDFRQWX,VQoWVKHPDUULHGWR\RXU
PGLFR" GRFWRU"
1RHVWHVWRFRQWUDODVUHJODV" ,VQoWWKLVDJDLQVWWKHUXOHV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VWQOORUDQGRSRUTXHWLHQHQ7KH\oUHFU\LQJEHFDXVHWKH\oUH 1RWHQJRPLSURSLRFRFKH ,GRQoWKDYHP\RZQFDU


KDPEUH KXQJU\ 7LHQHPXFKDVSURSLHGDGHVHQHO+HRZQVDORWRISURSHUW\LQ
(OODVHHVWTXLWDQGRODURSD6KHoVWDNLQJKHUFORWKHVRII VXU WKHVRXWK
SRUTXHWLHQHFDORU EHFDXVHVKHoVKRW 6RLVGXHRVGHYXHVWUDFDVD" 'R\RXRZQ\RXUKRXVH"
OVHHVWSRQLHQGRORVJXDQWHV+HoVSXWWLQJKLVJORYHVRQ &XQWRRVGHER" +RZPXFKGR,RZH\RX"
SRUTXHWLHQHIUR EHFDXVHKHoVFROG /HGHER DO XQIDYRU ,RZHKLPDIDYRXU
'XHUPHFRQODOX]HQFHQGLGD6KHVOHHSVZLWKWKHOLJKWRQ
SRUTXHWLHQHPLHGR EHFDXVHVKHoVDIUDLG
1ROHJXVWDDQGDUSRUTXHWLHQH+HGRHVQoWOLNHZDONLQJ
/LJKW )RFR
DRV EHFDXVHKHoV\HDUVROG

3UHVHQWHU 3UHVHQWDGRU
&DPHUD /DFPDUD

&DPHUDPDQ (OFPDUD 6HW 3ODW

9RFDEXODULR7HOHYLVLRQ6WXGLR (VWXGLRGHWHOHYLVLRQ

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXTXLHUHVTXHVXVXUUH":K\GR\RXZDQWPHWRZKLVSHU" (VWDVLWXDFLQVHKDFRQYHUWLGR 7KLVVLWXDWLRQKDVWXUQHGLQWRD


&XQWRWLHPSRTXLHUHVTXHPH+RZORQJGR\RXZDQWPHWR HQXQFDOOHMQVLQVDOLGD GHDGHQGVWUHHW
TXHGHDOO" VWD\WKHUHIRU" 1RYDPRVDQLQJXQDSDUWH :HoUHQRWJHWWLQJDQ\ZKHUH
&RQTXIUHFXHQFLDTXLHUHVTXH+RZRIWHQGR\RXZDQWXVWR 1RYDPRVDWLUDUODWRDOOD :HoUHQRWJRLQJWRWKURZWKH
UHFHPRV" SUD\" WRZHOLQ
&XOTXLHUHVTXHPHSUXHEH":KLFKRQHGR\RXZDQWPHWR 1RSRGHPRVUHQGLUQRVDKRUD :HFDQoWJLYHXSQRZ
WU\RQ" 1RWLHQHQLQJQVHQWLGR ,WGRHVQoWPDNHDQ\VHQVH
3RUTXQHFHVLWDHOODTXHEDUUD:K\GRHVVKHQHHGPHWR
\RHOVXHORHQWHUR" VZHHSWKHZKROHRRU"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

0VYDOHTXHPHKDJDVFDVR<RXoGEHWWHUSD\DWWHQWLRQWRPH 6HWHFDHODEDEDFXDQGRKDEODV<RXVWDUWWRGURROZKHQ\RX
0VYDOHTXHORFRQVXOWHVFRQOD<RXoGEHWWHUVOHHSRQLW FRQHOOD WDONWRKHU
DOPRKDGD 0LUDFRPRKHPRVGDGRODYXHOWD/RRNKRZZHoYHWXUQHGWKH
6HYDQDDSURYHFKDUGHWL7KH\oUHJRLQJWRWDNHDGYDQWDJH DODWRUWLOOD WDEOHV
RI\RX OQRSLFFXDQGRLQWHQWDPRV+HGLGQoWWDNHWKHEDLWZKHQ
1LVLTXLHUDPHOODPDVWHSDUD<RXGLGQoWHYHQFDOOPHWROHW VRERUQDUOH ZHWULHGWREULEHKLP
DYLVDUPH PHNQRZ 9ROYHPRVDHPSH]DUGHVGHFHUR/HWoVVWDUWIURPVFUDWFKDJDLQ
$QQRVTXHGDWLHPSRSDUD7KHUHoVVWLOOWLPHOHIWIRUXVWR 0HKHTXHGDGRHQEODQFR0\PLQGoVJRQHEODQN
DUUHJODUOR [LW


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
,QJOVDOWHOIRQR
&DQ,VLWLQRQWKHFODVV" +HVWROHLQWRWKHURRP
3XHGRHVWDUHQODFODVHGHR\HQWH" (QWUVLJLORVDPHQWHHQODKDELWDFLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,oPJRLQJWRVOHHSLQWRPRUURZ :HWRRNKLPLQ %XHQRVGDV6R\3HWHUGHODHPSUHVD$&%
9R\DGRUPLUKDVWDWDUGHPDDQD /HGLPRVWHFKR\FRPLGD 3XHGRKDEODUFRQHOGLUHFWRU"
6LVR\HOGLUHFWRU7RP6SULJJV
,oOOVWDQGLQIRU\RX ,WZDVWRRPXFKIRUPHWRWDNHLQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
<RWHVXVWLWXLUKDVWDTXHYXHOYDV 1RSXGHDVLPLODUWRGRORTXHYHD UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

(QWUHSUHQHXUVKLS 
,QWKH86SHUFHQWRIDOOQHZEXVLQHVVVWDUWXSVIDLOZLWKLQWKHUVWYH\HDUVRIWKHLUOLIH
7KHPRVWFRPPRQUHDVRQIRUWKHIDLOXUHRIWKHVHFRPSDQLHVDFFRUGLQJWRPRVWH[SHUWVLVLQFRPSHWHQFHRQWKHSDUWRIWKHHQWUHSUHQHXU
6RPHSHRSOHVWDUWDEXVLQHVVIRUWKHZURQJUHDVRQV7KH\GRLWWRKDYHPRUHIUHHGRPPRUHWLPHIRUWKHIDPLO\RUWRPDNHPRUHPRQH\
3HRSOHZKRVXFFHHGXVXDOO\KDYHDSDVVLRQRUORYHIRUZKDWWKH\oUHGRLQJDQGEHOLHYHVWURQJO\LQWKHLUSURGXFWDQGLQWKHPDUNHW
6XFFHVVIXOHQWUHSUHQHXUVDUHSK\VLFDOO\DQGPHQWDOO\W7KH\KDYHWKHPHQWDOVWDPLQDWRZLWKVWDQGFKDOOHQJHV
6XFFHVVIXOHQWUHSUHQHXUVKDYHGULYHGHWHUPLQDWLRQSDWLHQFHDQGDSRVLWLYHDWWLWXGH7KH\GRQoWWKURZLQWKHWRZHOHDVLO\
7KH\OHDUQIURPWKHLUPLVWDNHVDQGXVHWKHOHVVRQVOHDUQHGWRVXFFHHGWKHQH[WWLPH7KH\EXLOGRQHDUOLHUIDLOXUHV
7KH\HQMR\LQGHSHQGHQFHDQGWDNHFKDUJHZKHQDFUHDWLYHRULQWHOOLJHQWVROXWLRQLVQHFHVVDU\HVSHFLDOO\ZKHQWKHUHDUHWLPHFRQVWUDLQWV
7KH\DUHKRQHVWWKH\OLNHSHRSOHDQGHQMR\GHDOLQJZLWKRWKHUV7KH\JHWDORQJZLWKDOOGLIIHUHQWW\SHVRILQGLYLGXDOV
3RRUPDQDJHPHQWLVRIWHQWKHPDLQUHDVRQIRUEXVLQHVVIDLOXUH0DQ\HQWUHSUHQHXUVODFNEXVLQHVVDQGPDQDJHPHQWH[SHUWLVH
7KH\oYHVHOGRPZRUNHGLQQDQFHSXUFKDVLQJVHOOLQJSURGXFWLRQRUKLULQJDQGPDQDJLQJHPSOR\HHV
,IHQWUHSUHQHXUVGRQoWUHFRJQL]HZKDWWKH\GRQoWGRZHOODQGVHHNKHOSWKH\FDQVRRQUXQLQWRGLVDVWHU
$QRWKHULPSRUWDQWUHDVRQIRUEXVLQHVVIDLOXUHLVVLPSO\QHJOHFW%XVLQHVVHVUHTXLUHVWXG\RUJDQL]DWLRQSODQQLQJDQGFRQWURO
6XFFHVVIXOHQWUHSUHQHXUVDUHRIWHQJRRGOHDGHUVZKRFUHDWHZRUNFOLPDWHVWKDWHQFRXUDJHSURGXFWLYLW\7KH\KLUHWUDLQDQGGHOHJDWH
7KH\DUHQDWXUDOVWUDWHJLFWKLQNHUVDEOHWRWXUQDYLVLRQLQWRUHDOLW\7KH\DUHH[LEOHDQGDEOHWRFKDQJHLQGLIIHUHQWFLUFXPVWDQFHV

5HVHDUFKDQGGHYHORSPHQW 
6LQFHWKHVXFFHVVRI7KRPDV(GLVRQODUJHRUJDQL]DWLRQVKDYHOHDUQHGWRSURPRWHDQGFKDQQHOUHVHDUFKDQGGHYHORSPHQW
0DQDJLQJ5 'UHTXLUHVLQWHJUDWLQJWKHHIIRUWVRIPDQ\SHRSOH$Q5 'PDQDJHUPXVWSURYLGHRUGHUSXUSRVHDQGIRUHVLJKW
:KHQWDONLQJDERXW5 'ZHXVXDOO\KHDUWKUHHWHUPVEDVLFUHVHDUFKDSSOLHGUHVHDUFKDQGGHYHORSPHQW
,QEDVLFUHVHDUFKWKHPDLQPRWLYDWLRQLVWRH[SDQGRXUNQRZOHGJHQRWWRFUHDWHRULQYHQWVRPHWKLQJ7KHUHLVQRFRPPHUFLDOYDOXH
([DPSOHVRIEDVLFUHVHDUFKDUHWKHDWWHPSWWROHDUQKRZWKHXQLYHUVHEHJDQRUZKDWDQDWRPLVPDGHRI
0RVWVFLHQWLVWVEHOLHYHWKDWDEDVLFXQGHUVWDQGLQJRIDOOEUDQFKHVRIVFLHQFHLVQHFHVVDU\IRUSURJUHVVWRWDNHSODFH
7KH\EHOLHYHWKDWEDVLFUHVHDUFKOD\VWKHIRXQGDWLRQIRUWKHDSSOLHGVFLHQFHWKDWIROORZV,WJHQHUDWHVDSSOLHGUHVXOWV
$SSOLHGUHVHDUFKH[LVWVWRVROYHSUDFWLFDOSUREOHPVRIWKHPRGHUQZRUOGUDWKHUWKDQWRJDLQNQRZOHGJHIRUNQRZOHGJHoVVDNH
([DPSOHVRIDSSOLHGUHVHDUFKDUHLPSURYHPHQWVLQFURSSURGXFWLRQWKHFXUHRIGLVHDVHVRUWKHLPSURYHPHQWRIKHDWLQJHIFLHQF\
6RPHVFLHQWLVWVEHOLHYHWKDWEDVLFUHVHDUFKLVQRWSURGXFLQJHQRXJKUHVXOWVDQGDUHLQIDYRXURIDSSOLHGVFLHQFH
,QGXVWULDODQGWHFKQRORJLFDOFRPSDQLHVSHUIRUPYHU\OLWWOHEDVLFUHVHDUFKQRZDGD\V7KHEXVLQHVVZRUOGLVVLPSO\WRRFRPSHWLWLYH
,QFRPSDQLHVFRPPHUFLDOUHVHDUFKHPSKDVL]HVSURMHFWVWKDWUHTXLUHOHVVWKDQ\HDUVWRGHYHORSDQHZSURGXFWRUSURFHVV
0RVWEDVLFUHVHDUFKDQGORQJWHUPDSSOLHGUHVHDUFKDUHGRQHLQXQLYHUVLW\RUJRYHUQPHQWDOODERUDWRULHV
7KH5 'IXQFWLRQLVFULWLFDOIRUPDQ\FRPSDQLHV$ODUJHSKDUPDFHXWLFDOFRPSDQ\FDQHPSOR\PRUHWKDQSHRSOHLQ5 '
7KHVHODUJHVDUPLHVRIVFLHQWLFDQGWHFKQLFDOSHUVRQQHOFRPHIURPDZLGHYDULHW\RIGLVFLSOLQHVDQGJHRJUDSKLFDOORFDWLRQV

7\SLFDORIFHODQJXDJH 
([FXVHPH3HGURGR\RXPLQGLI,WDONWRKLPUVWEHIRUHWKHPHHWLQJ"+HoVQHUYRXVDERXWWKHIDOOLQVDOHV
,oYHEHHQWU\LQJWRJHWWKURXJKWRKLPDOOPRUQLQJ,oOONHHSWU\LQJ,VHQWKLPDQHPDLOODVWQLJKWEXWKHKDVQoWDQVZHUHG
,IZHORZHUWKHSULFHZHoOOEHVHQGLQJWKHZURQJVLJQDOVWRWKHPDUNHW7KH\oOOFRQVLGHUXVMXVWOLNHDOOWKHUHVW
7DNH\RXUWLPHDQGJHWEDFNWRPHZKHQ\RXKDYHWKHQXPEHUV,I\RXQHHGDQ\KHOSWDONWR-XDQ3HD
,GRQoWFDUHZKDWWKH\WKLQN7KH\KDYHQRWKLQJWRJDLQRUORVH:HoUHWDNLQJWKHULVNDQGZHVKRXOGWUXVWRXURZQMXGJPHQW
,oGUDWKHUWKH\QRWNQRZDQ\WKLQJDERXWLWXQWLOLWoVRIFLDO,oPQRWJRLQJWRVD\DZRUGWRDQ\ERG\XQWLOWKHFRQWUDFWLVVLJQHG
:HoUHVWDUWLQJWRQRWLFHDFKDQJHLQSHRSOHoVKDELWV7KH\oUHDVNLQJPRUHTXHVWLRQVDQGDQDO\]LQJHYHU\WKLQJ
'RQoWJHWPHZURQJ,VXSSRUWWKHSURMHFWDVPXFKDV\RXGR,WoVMXVWWKDW,oGOLNHWRKDYHDOLWWOHPRUHLQIRUPDWLRQDERXWLWWKDWoVDOO
:HoUHKDYLQJVRPHWURXEOHQGLQJHQRXJKVSRQVRUVIRUWKHHYHQW:HPD\KDYHWRIRRWPRVWRIWKHELOORXUVHOYHV
,KDYHQoWKHDUGIURPKLP0D\EHZHRIIHQGHGKLP0\HPDLOZDVDELWVWURQJQRZWKDW,UHDGLWDVHFRQGWLPH
6DUDKZLOOEHRQPDWHUQLW\OHDYHVWDUWLQJQH[WZHHNDQGZHVWLOOGRQoWKDYHDQ\RQHWRWDNHRYHUIRUKHU
)RUQRZ,oPIUHHIRUOXQFKDOOQH[WZHHNEXWJHWEDFNWRPHTXLFNO\0\DJHQGDOOVXSSUHWW\IDVW
,FDQoWJXUHRXWZKDWPDNHVWKDWJX\WLFN,oYHQHYHUEHHQDEOHWRUHDGSHRSOHDQGKHoVDP\VWHU\WRPH
2QFHZHJHWWKURXJKWKHKHDY\UHFUXLWLQJSHULRGWKHQZHoOOEHDEOHWRVLWGRZQDQGPDSRXWDVWUDWHJ\IRU5 '
,WoVWDNHQPHORQJHUWKDQ,WKRXJKWWRQLVKDOOWKHVHUHJLRQDOVDOHVPHHWLQJV:HPD\KDYHWRPRYHWKHVWDUWLQJGDWHEDFNDIHZPRQWKV 


/RZ%HJLQQHU +LJK%HJLQQHU

3RUTXHVWDPRVDTXKR\" :K\DUHZHKHUHWRGD\" +DJRORTXHHOODGLFH ,GRZKDWVKHVD\V


&XQWDVSHUVRQDVKD\" +RZPDQ\SHRSOHDUHWKHUH" &RPHQGQGHYDHOOD 7KH\HDWZKHUHVKHJRHV
&XQWRHVHOYXHOR" +RZPXFKLVWKHLJKW" 1RVDOLPRVVLOHVWFDQVDGR :HGRQoWJRRXWLIKHoVWLUHG
&XQWDVOLVWDVKD\HQWRWDO" +RZPDQ\OLVWVDUHWKHUHLQ (OODFRPSUDORTXHOYHQGH 6KHEX\VZKDWKHVHOOV
WRWDO" 3RUTXKDFHVORTXHHOOD :K\GR\RXGRZKDWVKH
&XQGRHVHOQ" :KHQLVWKHHQG" TXLHUH" ZDQWV"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

+LFHORTXHPHGLMR ,GLGZKDWVKHVDLG &DVLVLHPSUHVHHTXLYRFD +HDOPRVWDOZD\VPDNHVD


&RPLHURQGRQGHHOODIXH 7KH\DWHZKHUHVKHZHQW FXDQGRORLQWHQWDKDFHU PLVWDNHZKHQKHWULHVWRGRLW
1RVDOLHURQSRUTXHOHVWXYR :HGLGQoWJRRXWEHFDXVHKH
 &DVLVLHPSUHHOODWLHQHUD]Q 6KHoVDOPRVWDOZD\VULJKW
FDQVDGR ZDVWLUHG &DVLQXQFDOOHJDQDWLHPSR 7KH\KDUGO\HYHUDUULYHRQWLPH
(OODFRPSUORTXHOYHQGL 6KHERXJKWZKDWKHVROG &DVLQXQFDFUHRXQDSDODEUD ,KDUGO\HYHUEHOLHYHDZRUG
3RUTXKLFLVWHORTXHHOOD :K\GLG\RXGRZKDWVKH GHORTXHPHGLFHV \RXWHOOPH
TXHUD" ZDQWHG" $SHQDVWUDEDMDQ 7KH\KDUGO\ZRUN

0HDWWHQGHUL]HU 0D]RGHFRFLQD
6NHZHU 3LQFKR

.QLIH6KDUSHQHU $ODGRU
&OHDYHU +DFKDGHFRFLQD

&KRSSLQJ%RDUG 7DEODSDUDFRUWDU

9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/RPVLPSRUWDQWHVRQORV 7KHPRVWLPSRUWDQWWKLQJDUH
 'HELGRDOWUFROOHJXWDUGH 'XHWRWKHWUDIF,DUULYHGODWH
HPSOHDGRV WKHHPSOR\HHV 'HELGRDTXHQRWHQJRGLQHUR 'XHWRWKHIDFWWKDW,KDYHQR
/RPHMRUGHWXGLVFXUVRIXHHO 7KHEHVWWKLQJDERXW\RXU
 QRPHLUGHYDFDFLRQHV PRQH\,ZRQoWJRRQKROLGD\
QDO VSHHFKZDVWKHHQG $SHVDUGHWXPDODOLHQWRWH ,QVSLWHRI\RXUEDGEUHDWK,oOO
/RSHRUGH/RQGUHVHVVX 7KHZRUVWWKLQJDERXW/RQGRQ
 GDUXQEHVR JLYH\RXDNLVV
WUDQVSRUWHSEOLFR LVLWVSXEOLFWUDQVSRUW $SHVDUGHTXHWHTXLHURQR ,QVSLWHRIWKHIDFWWKDW,ORYH
/RPVSUHRFXSDQWHVRQODV 7KHPRVWZRUU\LQJWKLQJDUH PHYR\DFDVDUFRQWLJR \RX,oPQRWJRLQJWRPDUU\\RX
FLIUDVGHYHQWDV WKHVDOHVJXUHV 'HVFRQWDQGRODEDQGDVRQRUD $SDUWIURPWKHVRXQGWUDFNWKH
'HKHFKRHVORQLFRTXHPH ,QIDFWLWoVWKHRQO\WKLQJWKDW
 ODSHOFXODHVWXYRPX\ELHQ PRYLHZDVUHDOO\JRRG
SUHRFXSD ZRUULHVPH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

4XLHURHQVD\DUHOHIHFWRGHXQD ,ZDQWWRWHVWWKHHIIHFWRID |0HSLUR ,oPRII ,oPRXWRIKHUH


UHGXFFLQGHSUHFLR SULFHUHGXFWLRQ |7HODHVWVEXVFDQGRFKDYDOLWR <RXoUHDVNLQJIRULWODGGLH
0LWDUHDHVUHDOL]DUODUHFRJLGD 0\WDVNLVWRFDUU\RXWGDWD (VXQFDO]RQD]RV +HoVXQGHUWKHWKXPE
GHGDWRV FROOHFWLRQ (VWDFRPLGDHVSDUDFKXSDUVH 7KLVIRRGLVQJHUOLFNLQJJRRG
$XQTXHQRPHJXVWDWHQHUTXH $OWKRXJK,GRQoWOLNHKDYLQJWR ORVGHGRV
LQWURGXFLUWRGRVORVGDWRV LQSXWDOOWKHGDWD +DVGDGRHQHOFODYR <RXoYHKLWWKHQDLORQWKHKHDG
4XWFQLFDVGHSUHYLVLQ :KDWIRUHFDVWLQJWHFKQLTXHV
HPSOHLV" GR\RXXVH"
(QTXEDVDVWXVSUHYLVLRQHV :KDWGR\RXEDVH\RXUVDOHV
GHYHQWD" IRUHFDVWVRQ"



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,
+HWKUHZLQWKHWRZHO +HZDVDOORZHGLQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7LUODWRDOOD 6HOHSHUPLWLHQWUDU IUDVHVHQLQJOV"
7XFXUUFXOXPHVLPSUHVLRQDQWH
+HWKUHZKLVKDWLQWKHULQJ 6KHFDOOHGLQVLFN 7HQJRDRVGHH[SHULHQFLDHQHOVHFWRU
6HSUHVHQWFRPRFDQGLGDWR +DOODPDGRSDUDGHFLUTXHHVWHQIHUPD QDQFLHUR
&RPRSXHGHVYHUPHKHJUDGXDGRHQHO0%$
,WKUHZLQDQH[WUDSL]]D 7KH\FDOOHGLQDQH[SHUW FRQPDWUFXODGHKRQRU
,QFOXHQHOSUHFLRXQDSL]]DGHPV 3LGLHURQODSUHVHQFLDGHXQH[SHUWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
%DQNLQJ 
,I\RXDVNIRUDSHUVRQDOORDQWKHEDQNZLOOJLYHLWWR\RXLIWKHEDQNPDQDJHUWUXVWV\RXDQGFDQFRQYLQFHWKHORDQFRPPLWWHH
,IWKHEDQNPDQDJHUGRHVQoWNQRZ\RXZHOO\RXZLOOSUREDEO\KDYHWRRIIHUVRPHNLQGRIJXDUDQWHH
7KHWZRPRVWFRPPRQIRUPVRIJXDUDQWHHDUHFROODWHUDORUDJXDUDQWRU
&ROODWHUDOLVDSK\VLFDOJXDUDQWHHWREDFNXSWKHORDQ<RXUFDURUKRXVHFDQEHFRQVLGHUHGDVFROODWHUDOWREDFNXSDORDQ
:KHQWKHKRXVH\RXEX\LVXVHGDVFROODWHUDOWKHORDQLVFDOOHGDPRUWJDJH
$JXDUDQWRULVDSHUVRQZKRFRVLJQV\RXUORDQ,WLVXVXDOO\DSHUVRQZKRKDVHQRXJKPRQH\WREDFNXS\RXUORDQLI\RXGHIDXOW
:KHQDSHUVRQRUHQWLW\IDLOVWRSD\XSDORDQRUPRUWJDJHWKH\KDYHLQHIIHFWpGHIDXOWHGqRQWKHORDQ
:KHQDSHUVRQRUHQWLW\GHIDXOWVWKHEDQNIRUHFORVHVRQWKHPRUWJDJHDQGVHOOVWKHSURSHUW\DWDSXEOLFDXFWLRQ
:KHQ\RXDVNIRUDPRUWJDJHWKHEDQNVHQGVDQDSSUDLVHUWR\RXUKRXVHWRDSSUDLVHLWVPDUNHWYDOXHRUWRPDNHDQDSSUDLVDO
7KHEDQNLVXVXDOO\FRQVHUYDWLYHDQGOHQGV\RXDQDPRXQWHTXLYDOHQWWREHWZHHQDQGRIWKHDSSUDLVHGYDOXH
7KHWHUPRIWKHORDQRUPRUWJDJHLVWKHQXPEHURI\HDUV\RXKDYHWRSD\EDFNWKHGHEW
0DQ\\HDUVDJRLQ6SDLQPRUWJDJHWHUPVZHUHXVXDOO\WR\HDUV1RZZHVHHDQGHYHQ\HDUPRUWJDJHWHUPV
7KHSHUVRQZKREX\VDKRXVHZLWKDPRUWJDJHKDVWRSD\VRPHXSIURQWFRVWVVXFKDVQRWDU\IHHVDSSUDLVDOIHHVRSHQLQJIHHVDQGPRUH
$QDGGLWLRQDORQJRLQJFRVWZKHQ\RXSXUFKDVHDKRXVHWKURXJKDPRUWJDJHLVWKHOLIHLQVXUDQFHSUHPLXPWKDW\RXPXVWSD\
7KHOLIHLQVXUDQFHSROLF\FRYHUVWKHEDQNoVULVNVLQFDVH\RXGLHRUEHFRPHSHUPDQHQWO\GLVDEOHGGXULQJWKHWHUPRIWKHPRUWJDJH

(FRQRPLFV 
2QHRIWKHPRVWLPSRUWDQWHOHPHQWVLQXQGHUVWDQGLQJPDFURHFRQRPLFVLVWKHODZRIVXSSO\DQGGHPDQG
&RQVXPHUVGHPDQGJRRGVDQGVHUYLFHVDQGVXSSOLHUVSURYLGHFRQVXPHUVZLWKWKHVHJRRGVDQGVHUYLFHV
:KHQVXSSOLHUVDUHQoWSURGXFLQJHQRXJKJRRGVDQGVHUYLFHVWRPHHWFRQVXPHUGHPDQGSULFHVXVXDOO\JRXS
7KLVLVFDOOHGGHPDQGSXOOLQDWLRQEHFDXVHWKHSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHSULFHVXS
$FRPPRQZD\WRFRQWUROWKLVNLQGRILQDWLRQLVWRLQFUHDVHLPSRUWVHVSHFLDOO\IURPFRXQWULHVZKHUHSURGXFWLRQFRVWVDUHORZ
,QDQRSHQPDUNHWGHPDQGSXOOLQDWLRQLVOHVVFRPPRQEHFDXVHLPSRUWVHQWHUWKHFRXQWU\IUHHRIKLJKWDULIIV
,IDFRXQWU\KDVKLJKWDULIIVRQLPSRUWHGJRRGVRUVHUYLFHVWKHFRXQWU\LVXVXDOO\FRQVLGHUHGWREHSURWHFWLRQLVW
7KLVNLQGRIFRXQWU\ZDQWVWRSURWHFWGRPHVWLFLQGXVWU\ZKLFKRIWHQOHDGVWRLQDWLRQEHFDXVHSULFHFRPSHWLWLRQLVORZ
$FRXQWU\LQZKLFKWDULIIVDUHORZRUQRQH[LVWHQWLVXVXDOO\FDOOHGDIUHHWUDGLQJQDWLRQ,QWKHVHFRXQWULHVSULFHFRPSHWLWLRQLVKLJK
$VLPSOHH[DPSOHRIGHPDQGSXOOLQDWLRQFDQEHDSRSXODUUHVWDXUDQWZKHUHERRNLQJDWDEOHLVEHFRPLQJPRUHDQGPRUHGLIFXOW
3UREDEO\WKHEHVWSROLF\IRUWKHUHVWDXUDQWRZQHULVWRUDLVHSULFHVXQWLOWKHZDLWLQJOLVWLVUHGXFHGWR]HUR
7KHUHVWDXUDQWLQTXHVWLRQKDVDGGHGWRWKHQDWLRQDOLQDWLRQUDWHEXWLWZDVQHFHVVDU\LQRUGHUWRUDWLRQDOL]HWKHKLJKGHPDQG
7KHRSSRVLWHLVZKHQVXSSO\H[FHHGVGHPDQG:KHQWKLVKDSSHQVWKHHFRQRP\XVXDOO\H[SHULHQFHVSULFHVWDELOLW\RUGHDWLRQ
,QWKLVFDVHVXSSOLHUVKDYHDORWRILQYHQWRU\LQWKHLUZDUHKRXVHVRUVKRSVDQGSHRSOHDUHQRWEX\LQJWKHJRRGVRUVHUYLFHVIDVWHQRXJK
:KHQWKLVKDSSHQVVXSSOLHUVORZHUWKHLUSULFHVLQRUGHUWRHQFRXUDJHGHPDQGDQGVHOORIIWKHLUH[FHVVLQYHQWRULHV

0DQXIDFWXULQJ 
6FLHQWLFDQGWHFKQRORJLFDOEUHDNWKURXJKVKDYHKDGDWUHPHQGRXVLPSDFWRQPDQXIDFWXULQJLQWKHSDVW\HDUV
2QFHFRPSXWHUWHFKQRORJ\EHJDQWRSHUPHDWHLQGXVWU\WKHWHUP&$'&$0EHJDQWRDSSHDU
&$'&$0VWDQGVIRUFRPSXWHUDLGHGGHVLJQFRPSXWHUDLGHGPDQXIDFWXULQJ&$'&$0LQWHJUDWHVGHVLJQDQGPDQXIDFWXULQJ
&RPSXWHUDLGHGGHVLJQ &$' UHIHUVWRFRPSXWHUWRROVXVHGWRKHOSHQJLQHHUVLQGHVLJQLQJSURGXFWVPRUHHIFLHQWO\DQGHIIHFWLYHO\
&$'WDNHVDGYDQWDJHRIWKHFDOFXODWLRQVSHHGRIFRPSXWHUSRZHUWRVROYHTXHVWLRQVVXFKDVVWUHVVDQGWKHUPDODQDO\VLV
&$'V\VWHPVDUHHDV\WRXVHFXWGHVLJQWLPHGRZQWRDPLQLPXPDQGRIIHUFORVHWRSHUIHFWQDOGHVLJQV
&RPSXWHUDLGHGPDQXIDFWXULQJ &$0 DOORZVIRUWKHFRQWURORIURERWLFVDQGPDFKLQHWRROVGXULQJWKHPDQXIDFWXUHRIWKHSURGXFWV
$FRPPRQSUREOHPEHIRUH&$'&$0ZDVWKHWHQGHQF\IRUGHVLJQHUVWRGHVLJQSURGXFWVWKDWFRXOGQRWEHPDQXIDFWXUHG
%\LQWHJUDWLQJWKHWZRFRPSXWHUDLGHGV\VWHPVLWoVXQOLNHO\IRUSURGXFWHQJLQHHUVWRZRUNGLVFRQQHFWHGIURPPDQXIDFWXULQJHQJLQHHUV
$&$'&$0V\VWHPLQFUHDVHVSURJUDPPLQJDFFXUDF\FRPSOLDQFHWRGHVLJQSDUDPHWHUVDQGWKHDELOLW\WRPDNHFRQJXUDWLRQFKDQJHV
,QIRUPDWLRQWHFKQRORJ\KDVUDGLFDOO\FKDQJHGPDQXIDFWXULQJDQGWXUQHGLWLQWRDQH[FLWLQJHOGRIDSSOLHGUHVHDUFKDQGGHYHORSPHQW
7KDQNVWRWKHVHQHZWHFKQRORJLHVPDQXIDFWXULQJKDVEHHQWKHPRWRUIRUFHLQWKHLQFUHGLEOHLQFUHDVHVLQSURGXFWLYLW\ZRUOGZLGH
0DQ\FRPSXWHUUHODWHGV\VWHPVKDYHDSSHDUHGVLQFH&$'&$0WKDWDUHEULQJLQJPRUHSURGXFWLYLW\LPSURYHPHQWV
&1&RUFRPSXWHUQXPHULFDOFRQWUROLVEDVLFDOO\DFRPSXWHUWKDWGULYHVWKHELJPDFKLQHWRROVWKDWPDNHSDUWVDQGFRPSRQHQWV
&1&DXWRPDWLRQKDVUHGXFHGWKHIUHTXHQF\RIHUURUVDQGIUHHGXSWKHKXPDQRSHUDWRUWRSHUIRUPDGGLWLRQDOWDVNV 

/RZ%HJLQQHU +LJK%HJLQQHU

VWDHVXQDFDQFLQPDUDYLOORVD 7KLVLVDZRQGHUIXOVRQJ (VWVSHQVDQGRORTXH\RHVWR\ $UH\RXWKLQNLQJZKDW,oP


VDHVXQDLGHDHVWSLGD 7KDWoVDVWXSLGLGHD SHQVDQGR" WKLQNLQJ"
VWRVVRQPLVSULPRVJUDFLRVRV 7KHVHDUHP\IXQQ\FRXVLQV (VWVHVFXFKDQGRORTXHHVWR\ $UH\RXOLVWHQLQJWRZKDW,oP
VDVVRQWXVSULPHUDV 7KRVHDUH\RXUUVW
 GLFLHQGR" VD\LQJ"
LPSUHVLRQHV LPSUHVVLRQV (VWQOH\HQGRORTXHHVWDPRV $UHWKH\UHDGLQJZKDWZHoUH
3RUTXHVGLIFLOSDUDWL :K\LVLWGLIFXOWIRU\RXWR
 HVFULELHQGR" ZULWLQJ"
HQWHQGHUOR" XQGHUVWDQG" (VWLVEHELHQGRORTXHRV $UH\RXGULQNLQJZKDWZHoUH
HVWDPRVGDQGR" JLYLQJ\RX"
(VWKDFLHQGRORTXHHOODHVW ,VKHGRLQJZKDWVKHoVVD\LQJ"
GLFLHQGR"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XLHURTXHORKDJDV ,ZDQW\RXWRGRLW $SUHQGHULQJOVSXHGHVHU /HDUQLQJ(QJOLVKFDQEHIXQ


1HFHVLWRTXHORKDJDV ,QHHG\RXWRGRLW GLYHUWLGR
7HHVWR\GLFLHQGRTXHORKDJDV ,oPWHOOLQJ\RXWRGRLW )XPDUHVPX\PDORSDUDOD 6PRNLQJLVYHU\EDGIRU\RXU
7HSHGTXHORKLFLHUDV ,DVNHG\RXWRGRLW VDOXG KHDOWK
0HJXVWDUDTXHORKLFLHUDV ,oGOLNH\RXWRGRLW +DFHUHODPRUHVPHMRUTXH 0DNLQJORYHLVEHWWHUWKDQ
KDFHUODJXHUUD PDNLQJZDU
(OGHVSHUWDUHVHOSHRUPRPHQWR :DNLQJXSLVWKHZRUVWSDUWRI
GHOGD WKHGD\
3HQVDUGHPDVLDGRSXHGHVHU 7KLQNLQJWRRPXFKFDQEH
SHOLJURVR GDQJHURXV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XLQVHUDWXQRYLDVLIXHUDV :KRZRXOGEH\RXUJLUOIULHQGLI
 |&XLGDGR /RRNRXW
'LRV" \RXZHUH*RG" 'HEHUDVKDEHUWHDJDFKDGR <RXVKRXOGKDYHGXFNHG
6LIXHUDVLQYLVLEOHGRQGHLUDV" ,I\RXZHUHLQYLVLEOHZKHUH 3RUTXWHQDTXHKDEHUPH :K\ZDV,VXSSRVHGWRKDYH
ZRXOG\RXJR" DJDFKDGR" GXFNHG"
4XKDUDVVLWXYLHUDVWDQWRV :KDWZRXOG\RXGRLI\RXKDG
 3RUTXHDVQRWHKDEUDVPRMDGR %HFDXVHRWKHUZLVH\RXZRXOG
EUD]RVFRPRXQSXOSR" DVPDQ\DUPVDVDQRFWRSXV" KDYHJRWZHW
6LSXGLHUDVYLYLUHQRWUDSRFD ,I\RXFRXOGOLYHLQDQRWKHUHUD
 $PQRPHLPSRUWDPRMDUPH ,GRQoWPLQGJHWWLQJZHW
FXOVHUD" ZKLFKZRXOGLWEH"
3UHIHULUDVVHUULFR\IHRR :RXOG\RXUDWKHUEHULFKDQG
JXDSR\SREUH" XJO\RUKDQGVRPHDQGSRRU"
0RUWDU 0RUWHUR

*UDWHU 5DOODGRU &DQ2SHQHU $EUHODWDV

3HHOHU 0RQGDGRU
/DGOH &XFKDUQ

9RFDEXODULR.LWFKHQZDUH 8WHQVLOLRVGHFRFLQD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LHPSUHHVWVPHWLQGRWHHQ <RXoUHDOZD\VJHWWLQJLQWR 'HMDGHDQGDUWHSRUODVUDPDV 6WRSEHDWLQJDURXQGWKHEXVK



ORV WURXEOH |TXLHUHV ZLOO\RX
1RVOOHYDPRVGHPDUDYLOOD :HJHWRQOLNHDKRXVHRQUH 1RHVSHUDEDTXHIXHUDVDVHU ,GLGQoWH[SHFW\RXWREHD
1RPHKHUHFXSHUDGRGHO ,KDYHQoWJRWRYHUWKHVKRFN XQFKDTXHWHUR WXUQFRDW
FKRTXHWRGDYD \HW 1RYDPRVDEXVFDUOHWUHVSLHV /HWoVQRWVSOLWKDLUV
1RVHOOHYDELHQFRQQDGLH 6KHGRHVQoWJHWRQZLWKDQ\ERG\ DOJDWR
1RPHSXHGROLEUDUGHO ,FDQoWJHWRXWRIWKH
 9DVDFRUUHUXQWXSLGRYHOR $UH\RXJRLQJWRGUDZD
FRPSURPLVR FRPPLWPHQW VREUHHVWR" GLVFUHHWYHLORYHUWKLV"
0HFDHIDWDO ,FDQoWVWDQGKLP


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
&RPXQLFDFLQ,QWHUQD
7KH\oUHFORVLQJLQRQXV 6KHGHFLGHGQRWWRPRYHLQ
1RVHVWQFHUFDQGR (OODGHFLGLQRYHQLUDYLYLUFRQPLJR 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
|-RLQLQ +HKDGWRSXOOLQKLVVDLOV &RQRFHVDXQEXHQFD]DWDOHQWRV"
|9HQDSDUWLFLSDUFRQQRVRWURV 7XYRTXHUHFRJHUYHODV +HSDVDGR VXSHUDGR ODVKRUDVP[LPDVSRU
MRUQDGD
,ZDVOLVWHQLQJLQ :HoYHSXOOHGLQRYHUDPLOOLRQ +HKHFKRKRUDVH[WUD
(VFXFKDEDVLQTXHVHGLHVHQFXHQWD +HPRVVDFDGRHQOLPSLRPVGHXQPLOOQ ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
)LQDQFHDQGDFFRXQWLQJ 
:KHQSHRSOHEX\VWRFNVWKH\FDQHDUQPRQH\LQWKUHHZD\VWKURXJKVWRFNSULFHDSSUHFLDWLRQWKURXJKGLYLGHQGVRUWKURXJKERWK
0DQ\SHRSOHEX\VWRFNVZLWKWKHLGHDRIVHOOLQJWKHPODWHUDWDKLJKHUSULFH:KHQVXFFHVVIXOWKLVLVFDOOHGDFDSLWDOJDLQ
,IWKHVWRFNSULFHIDOOVPDQ\SHRSOHSUHIHUWRKROGRQWRWKHVWRFNXQWLOWKHSULFHFRPHVEDFNXS
,I\RXVHOODVWRFNDWDORVVLWoVFDOOHGDFDSLWDOORVV6RPHWLPHVLWoVEHWWHUWRVHOODVWRFNDQGWDNHWKHORVVWKDQWRKROGRQWRLW
&RUSRUDWLRQVXVXDOO\GRQoWLQYHVWWKHLULGOHFDVKRQWKHVWRFNH[FKDQJH7KH\SUHIHUVKRUWWHUPLQWHUHVWEHDULQJGHSRVLWV
0RVWFRUSRUDWLRQVKRZHYHUQHHGWRQGVRXUFHVRIQDQFLQJUDWKHUWKDQLQVWUXPHQWVWRLQYHVWLQ
0RVWFRUSRUDWLRQVKDYHFDVKQHHGVERWKVKRUWWHUPDQGORQJWHUP
6KRUWWHUPFDVKQHHGVDUHXVXDOO\FRYHUHGE\FUHGLWOLQHV$FUHGLWOLQHLVZKHQWKHEDQNDOORZV\RXWRRYHUGUDZ\RXUDFFRXQW
,I\RXKDYHLQ\RXUEDQNDFFRXQWDQG\RXZULWHDFKHFNIRU\RXKDYHRYHUGUDZQ\RXUDFFRXQWE\
7KHEDQNZLOOFKDUJH\RXDSHQDOW\DQGDYHU\KLJKLQWHUHVWUDWHRQWKHHXURRYHUGUDIWXQOHVV\RXKDYHDSUHYLRXVDJUHHPHQW
:HFDOOWKLVDJUHHPHQWDQRYHUGUDIWIDFLOLW\DQGZKHUHFRPSDQLHVDUHFRQFHUQHGLWoVXVXDOO\FDOOHGDFUHGLWOLQHRUOLQHRIFUHGLW
$FUHGLWOLQHDOORZVWKHFRPSDQ\WRGUDZPRQH\IURPLWVDFFRXQWXSWRDSUHDJUHHGQHJDWLYHEDODQFH
/HWoVVD\DFRPSDQ\QHJRWLDWHVDHXURFUHGLWOLQHIURPDEDQN7KLVDOORZVWKHFRPSDQ\WRRYHUGUDZLWVDFFRXQWXSWR
,IWKHFRPSDQ\RQO\XVHVHXURVRIWKHFUHGLWOLQHLWZLOOSD\LQWHUHVWRQO\RQWKHDPRXQWXVHGWKDWLVHXURV
,QVRPHFDVHVWKHEDQNZLOODOVRDSSO\DVPDOOLQWHUHVWUDWHWRWKHXQXVHGSRUWLRQRIWKHFUHGLWOLQH

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7RJDLQPDUNHWVKDUHDQGVHOOPRUHFRPSDQLHVXVHPDQ\GLIIHUHQWW\SHVRISURPRWLRQDOWRROV
7KHPRVWSRSXODUWHUPVXVHGWRUHIHUWRWKHVHSURPRWLRQDOWRROVLVWKH0DUNHWLQJ0L[DQGWKHIRXU3oV
:KHQ\RXKHDUWKHWHUPpWKHIRXU3oVq\RXVKRXOGUHPHPEHUSURGXFWSULFHSODFHDQGSURPRWLRQ
+RZHYHUEHIRUHPDNLQJGHFLVLRQVDERXWKRZWRDGGUHVVWKHIRXU3oVHYHU\FRPSDQ\QHHGVDVROLGPDUNHWLQJSODQ
7KHPDUNHWLQJSODQLVSDUWRIWKHRYHUDOOEXVLQHVVSODQRIWKHRUJDQL]DWLRQZKLFKUHHFWVWKHVWUDWHJLFJRDOVRIWKHFRPSDQ\
(YHU\RQHPXVWXQGHUVWDQGWKHEHQHWVRIWKHSURGXFWVRUVHUYLFHVWKDWWKHFRPSDQ\RIIHUVWRWKHFXVWRPHU
2QFHWKLVLVGRQHWKHQDPDUNHWLQJSODQFDQEHGUDZQXSWRFRPPXQLFDWHZLWKWKHPDUNHWDQGVHOOWKHSURGXFWRUVHUYLFH
7KHPRVWFULWLFDOHOHPHQWLQDVXFFHVVIXOPDUNHWLQJSODQLVWRXQGHUVWDQGKRZSHRSOHZLOOEHQHWIURPDUHODWLRQVKLSZLWK\RXUFRPSDQ\
7KHQ\RXUQH[WVWHSLVWRGHVLJQDQHIIHFWLYHFRPPXQLFDWLRQVWUDWHJ\WRPDNHWKHVHEHQHWVFOHDUWR\RXUWDUJHWPDUNHW
$WWKHVDPHWLPH\RXQHHGWRGHYLVHZD\VRIPHDVXULQJWKHUHVXOWVRIWKHSODQWRNQRZKRZZHOOLWoVZRUNLQJ
7KHIRXU3oVKDYHEHHQXVHGWUDGLWLRQDOO\WRIRFXVWKHHQHUJ\DQGHIIRUWVRIWKHVDOHVDQGPDUNHWLQJSHRSOH
7KHUVW3LVSURGXFWDQGWKHVDOHVDQGPDUNHWLQJSHRSOHPXVWFRQFHQWUDWHRQHYHU\WKLQJVXUURXQGLQJWKHSURGXFWHVSHFLDOO\EUDQGLQJ
%UDQGLQJLVWKHHIIRUWPDGHE\DQRUJDQL]DWLRQWRPDNHWKHSURGXFWoVQDPHIDPRXVUHVSHFWHGDQGLQGHPDQG
$EUDQGQDPHFDQEHPRUHYDOXDEOHWKDQWKHFRPSDQ\LWVHOI7KHEUDQGp/HYLoVqLVZRUWKPRUHWKDQWKH/HYL6WUDXVV &RPSDQ\
%LOOLRQVRIGROODUVDUHLQYHVWHGHDFK\HDULQFUHDWLQJpEUDQGHTXLW\q7KLVLQFOXGHVWKHSHUFHLYHGTXDOLW\RIWKHEUDQGDQGEUDQGOR\DOW\

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
7KHPRVWLPSRUWDQWVWUDWHJLFGHFLVLRQD&(2PDNHVLVWRGHFLGHRQZKHUHWKHFRPSDQ\ZDQWVWREHLQYHWHQRU\HDUV
:KDWHYHUWKHGHFLVLRQWKHQDOPHDVXUHPHQWRIVXFFHVVZLOOEHWKHJURZWKDFKLHYHGLQRYHUDOOSURWVDQGWKHUHWXUQRQHTXLW\ 52( 
,I52(LVKLJKEXWRQSURWVWKDWJURZVORZO\WKHQVKDUHKROGHUVZLOOEHFRPHLPSDWLHQWZLWKWKHUHWXUQRQWKHLULQYHVWPHQW 52, 
7KDWoVZK\&(2VRIWHQXVHWKHWHUPpSURWDEOHJURZWKqRUpSURWDELOLW\DQGFRQWLQXRXVLPSURYHPHQWq
$QLPSRUWDQWVWUDWHJLFWRROXVHGE\&(2VDQGFRQVXOWDQWVLVWKH6:27PRGHO6WUHQJWKV:HDNQHVVHV2SSRUWXQLWLHVDQG7KUHDWV
$&(2QHHGVWRDVVHVVWKHVWUHQJWKVDQGZHDNQHVVHVRIWKHFRPSDQ\DVZHOODVWKHRSSRUWXQLWLHVDQGWKUHDWVLQWKHPDUNHWSODFH
%\DQDO\]LQJVWUHQJWKVDQGZHDNQHVVHVWKH&(2WULHVWRLGHQWLI\LQWHUQDOIDFWRUVLQWKHRUJDQL]DWLRQWKDWPD\EHKHOSIXORUKDUPIXO
%\DQDO\]LQJRSSRUWXQLWLHVDQGWKUHDWVWKH&(2WULHVWRLGHQWLI\H[WHUQDOIDFWRUVWKDWFDQKHOSRUKXUWWKHRUJDQL]DWLRQ
7\SLFDOVWUHQJWKVFDQEHDVWURQJEUDQGDQHVSHFLDOO\HIFLHQWIDFWRU\DVWURQJQDQFLDOSRVLWLRQRUDSURYHQPDQDJHPHQWWHDP
7\SLFDOZHDNQHVVHVFDQLQFOXGHDZHDNEUDQGQDPHSRRUSDWHQWSURWHFWLRQDKLJKFRVWVWUXFWXUHRUDSRRUUHSXWDWLRQDPRQJFXVWRPHUV
7\SLFDORSSRUWXQLWLHVFDQEHDQHZPDUNHWWUHQGVZHDNFRPSHWLWRUVQHZWHFKQRORJLHVDJURZLQJHFRQRP\RUDVKLIWLQEX\LQJKDELWV
7\SLFDOWKUHDWVFDQEHVWURQJORFDOFRPSHWLWRUVDQXQIULHQGO\JRYHUQPHQWIRUHLJQFRPSHWLWLRQRUSXEOLFUHODWLRQVGDQJHUV
$&(2oVUVWMRELVWRHQKDQFHWKHFRPSDQ\oVVWUHQJWKVZKLOHPLQLPL]LQJRUHOLPLQDWLQJLWVZHDNQHVVHV7KLVFDQRIWHQWDNH\HDUV
2QHVWUDWHJ\WKDW&(2VRIWHQXVHLVVLPSO\WRSXUVXHEXVLQHVVRSSRUWXQLWLHVWKDWDUHDJRRGWWRWKHFRPSDQ\oVVWUHQJWKV
$QRWKHUVWUDWHJ\LVWRFRQFHQWUDWHUHVRXUFHVDQGHQHUJ\RQPLQLPL]LQJWKHZHDNQHVVHVLQRUGHUWREHDEOHWRSXUVXHRSSRUWXQLWLHVEHWWHU



/RZ%HJLQQHU +LJK%HJLQQHU

6XVRUHMDVVRQJUDQGHV GHO  +LVHDUVDUHELJ 6LHPSUHOOORUDFXDQGRVH +HDOZD\VFULHVZKHQKHJHWV


6XVPDQRVVRQSHTXHDV +HUKDQGVDUHVPDOO OHYDQWD XS
GHHOOD  1XQFDFDQWDFXDQGRVHGXFKD +HQHYHUVLQJVZKHQKHKDVD
6XVRMRVVRQD]XOHV GHHOODV  7KHLUH\HVDUHEOXH VKRZHU
6XVEUD]RVVRQIXHUWHV GHHOORV  7KHLUDUPVDUHVWURQJ 6LHPSUHFRUUHFXDQGRYDDO +HDOZD\VUXQVZKHQKHJRHV
7XVSLHUQDVVRQODUJDV <RXUOHJVDUHORQJ WUDEDMR WRZRUN
$YHFHVEHEHFDIFXDQGROOHJD +HVRPHWLPHVGULQNVFRIIHH
DOWUDEDMR ZKHQKHDUULYHVDWZRUN
6LHPSUHHVWFRQWHQWRFXDQGR +HoVDOZD\VKDSS\ZKHQKH
WUDEDMD ZRUNV

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

-XJDURQSHRUTXHODVHPDQD 7KH\SOD\HGZRUVHWKDQODVW
 /OHYRDRVVLQYHUDPLWR3HSH ,KDYHQoWVHHQP\XQFOH3HSH
SDVDGD ZHHN IRU\HDUV
&DQWDVPHMRUFXDQGRKDV <RXVLQJEHWWHUZKHQ\RXoYH /OHYDQPXFKRWLHPSRVLQ 7KH\KDYHQoWVSRNHQWRHDFK
WRPDGRXQDFRSD KDGDGULQN KDEODUVH RWKHUIRUDORQJWLPH
-DQHVWPVOHMRVGH0DGULG -DHQLVIXUWKHUIURP0DGULG /OHYDVPXFKRWLHPSRVLQ <RXKDYHQoWFXW\RXUKDLUIRUD
TXH/HQ WKDQ/HQ FRUWDUWHHOSHORQR" ORQJWLPHKDYH\RX"
7XKHUPDQDQRHVWPVJXDSD <RXUVLVWHULVQoWSUHWWLHUWKDQ
 (O5HDO0DGULGOOHYDVHLVDRV 5HDO0DGULGKDVQoWZRQWKH
TXHW \RX VLQJDQDUOD/LJDGH&DPSHRQHV &KDPSLRQV/HDJXHLQVL[\HDUV
1RVWDQWRFRPRW ,GRQoWNQRZDVPXFKDV\RXGR /OHYDPRVWUHVPHVHVVLQOOXYLD :HKDYHQoWKDGUDLQIRUWKUHH
PRQWKV

&KDQJLQJ0DW FDPELDGRU %DE\%DWK %DHUDGHSOVWLFR

6SRQJH (VSRQMD

3RWW\ 2ULQDO
1DSS\5DVK&UHDP &UHPDSDUDODVHVFRFHGXUDV

9RFDEXODULR1XUVHU\ (OFXLGDGRGHOEHE

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

3RUTXPHHVWVPLUDQGRDV" :K\DUH\RXORRNLQJDWPHOLNH /HVGLVSDUFRQXQDHVFRSHWD +HVKRWWKHPZLWKDVKRWJXQ


WKDW" /DDSXDOFRQXQDQDYDMD +HVWDEEHGKHUZLWKDNQLIH
1RWHYR\DKDFHUQDGD ,oPQRWJRLQJWRGRDQ\WKLQJ /HVFROJDURQFRQXQDFXHUGD 7KH\KXQJWKHPZLWKDURSH
WR\RX /HVDV[LFRQXQDDOPRKDGD 6KHVXIIRFDWHGWKHPZLWKD
1RTXLHUHVGHFLUPHQDGD" 'RQoW\RXZDQWPHWRWHOO SLOORZ
DQ\WKLQJ" (QYHQHQDURQDODVUDWDVFRQ 7KH\SRLVRQHGWKHUDWVZLWK
1DGLHVDEHQDGDDTX" 'RHVQoWDQ\ERG\NQRZ DUVQLFR DUVHQLF
DQ\WKLQJKHUH"
7RGRHOPXQGRVDEHTXHQR (YHU\ERG\NQRZVWKHUHoV
KD\QDGLHDOO QRERG\WKHUH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/DVGRVHPSUHVDVVHIXVLRQDURQ 7KHWZRFRPSDQLHVPHUJHG |0HDSXQWRDXQERPEDUGHR ,oPXSIRUDQ\WKLQJ


6HWDUGDURQPHVHVHQQHJRFLDU ,WWRRNWKHPPRQWKVWR 1RVHVWDPRVDJDUUDQGRDXQ :HoUHFOXWFKLQJDWVWUDZVZLWK
ODIXVLQ QHJRWLDWHWKHPHUJHU FODYRDUGLHQGRFRQHVWR WKLV
1RSRGDQSRQHUVHGHDFXHUGR 7KH\FRXOGQoWDJUHHRQZKR +D\TXHFRJHUHOWRURSRUORV <RXKDYHWRWDNHWKHEXOOE\
HQTXLQLEDVHUHOSUHVLGHQWH ZRXOGEHWKH&(2 FXHUQRV WKHKRUQV
/OHJDURQDXQDFXHUGR 7KH\UHDFKHGDFRPSURPLVH 9DPRVGLUHFWRVDOJUDQR /HWoVJHWVWUDLJKWWRWKHSRLQW
FRQVHQVXDGR DJUHHPHQW 6ORQRVFRQRFHPRVGHYLVWD :HRQO\NQRZHDFKRWKHUE\
1RQRPEUDURQDQDGLH 7KH\GLGQoWDSSRLQWDQ\ERG\ VLJKW


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
3UDFWLFDO(QJOLVK-RE,QWHUYLHZ,,
6KRZKLPLQSOHDVH -LPP\VWD\HGLQDIWHUVFKRRO
4XHSDVH DFRPSDQGROHXVWHG  -DLPLWRVHTXHGGHVSXVGHODVFODVHV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
:HoUHVQRZHGLQ $VNKHULQ 1RHVWVVREUHFXDOLFDGRSDUDHVWHWUDEDMR"
(VWDPRVDLVODGRVSRUODQLHYH ,QYWDODDHQWUDU 3RUTXGHEHUDPRVFRQWUDWDUWH"
(VWVGLVSXHVWRDYLDMDU"
,oPJRLQJWRVWD\LQWRQLJKW &KHFNLQZLWKPHEHIRUH\RXOHDYH ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
0HYR\DTXHGDUHQFDVDHVWDQRFKH 3DVDDYHUPHDQWHVGHPDUFKDUWH UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,QYHVWLQJ 
2QFHOLIHLQVXUDQFHSURWHFWLRQLVVHFXUHGWKHQDPDUULHGFRXSOHXVXDOO\ZDQWVWREX\DKRXVHDQGVWDUWDVDYLQJVSODQ
,Q6SDLQKRXVLQJKDVEHHQDW\SLFDOVDIHKDYHQIRUVDYLQJV7KHWHUPpVDIHKDYHQqPHDQVDSODFHIRUSURWHFWLRQDQGVDIHUHIXJH
+RXVLQJSULFHVKDYHWUDGLWLRQDOO\DSSUHFLDWHGLQ6SDLQDOORZLQJLQYHVWRUVLQUHDOHVWDWHKDQGVRPHFDSLWDOJDLQV
7KHWHUPpKDQGVRPHqLVWKHDGMHFWLYHWKDWLVRIWHQXVHGZKHQZHUHIHUWRDQLPSRUWDQWQDQFLDORUEXVLQHVVSURW
7KHWHUPpUHDOHVWDWHqUHIHUVWRSURSHUW\LQWKHIRUPRIODQGKRXVHVDWVDSDUWPHQWVEXLOGLQJVRUFRPPHUFLDOSURSHUW\
7KHWHUPpHVWDWHqUHIHUVWRDOOSRVVHVVLRQVWKDWIRUPWKHQHWZRUWKRIDSHUVRQ)RUFRUSRUDWLRQVZHXVXDOO\XVHWKHZRUGpHTXLW\q
,QWKH86DUHDOHVWDWHDJHQWLVWKHLQWHUPHGLDU\EHWZHHQEX\HUVDQGVHOOHUVRIUHDOHVWDWH,QWKH8.WKHWHUPLVpHVWDWHDJHQWq
<RXUQHWHVWDWHLVHYHU\WKLQJ\RXSRVVHVVPLQXVHYHU\WKLQJ\RXRZH7KLVLV\RXUQHWZRUWKRUSHUVRQDOHTXLW\SRVLWLRQ
$EDQNPD\UHTXLUH\RXWRVXEPLWDGRFXPHQWVWDWLQJ\RXUQHWZRUWK7KLVLVXVXDOO\FDOOHGDSHUVRQDOQDQFLDOVWDWHPHQW
8QOHVV\RXoUHDOUHDG\ULFKRUEHFRPHULFKEHIRUHWKHDJHRIWKHQ\RXUJRDOLVWRJHWULFKpVORZO\qWKURXJKJRRGHVWDWHSODQQLQJ
(VWDWHSODQQLQJLQPRVWFRXQWULHVVWDUWVZLWKOLIHLQVXUDQFHWKHQDKRXVHDQGWKHQDVWHDG\VDYLQJVSODQ
7KHVDYLQJVSODQVKRXOGORRNIRUVHFXUHLQYHVWPHQWVWKDWSURYLGHWKHJUHDWHVWUHWXUQSRVVLEOH5LVNVKRXOGEHNHSWWRDPLQLPXP
0DQ\SHRSOHORRNIRUWKHEHVWUHWXUQVRQWKHLULQYHVWPHQWRQO\WRORVHDOOWKHLUPRQH\EHFDXVHRISXWWLQJDOOWKHLUHJJVLQRQHEDVNHW
$Q\KRQHVWH[SHUWZLOOWHOO\RXWKDW\RXPXVWDOZD\VGLYHUVLI\\RXULQYHVWPHQWVDQGGLYHUVLI\ULVN
(YHQWKHPRVWVXFFHVVIXOLQYHVWRUVGRQoWSXWPRUHWKDQSHUFHQWRIWKHLUPRQH\LQKLJKUHWXUQDQGKLJKULVNLQYHVWPHQWV

+XPDQUHVRXUFHV 
:KHQDFRPSDQ\KLUHVDQHZHPSOR\HHRUPDQDJHUXVXDOO\WKLVSHUVRQUHFHLYHVYHU\OLWWOHRULHQWDWLRQDERXWWKHFRPSDQ\DQGLWVSHRSOH
$QHZHPSOR\HHRUPDQDJHUXVXDOO\IHHOVLQVHFXUHDWWKHEHJLQQLQJDQGZRXOGEHQHWIURPDJRRGRQWKHMRERULHQWDWLRQ
6RPHFRPSDQLHVSUHSDUHKDQGERRNVIRUQHZDUULYDOVWKDWH[SODLQWKHPLVVLRQDQGREMHFWLYHVRIWKHFRPSDQ\DVZHOODVWKHRUJDQL]DWLRQ
7KH+5GHSDUWPHQWVLQVRPHFRPSDQLHVPDNHDSRLQWWRHVFRUWWKHQHZDUULYDOWRHYHU\GHSDUWPHQWWRPHHWWKHSHRSOH
7KLVNLQGRIRULHQWDWLRQKDVDVWURQJLPSDFWRQQHZHPSOR\HHVDQGUHGXFHVWKHDFFOLPDWLRQSUREOHPVWKDWRIWHQKXUWSHUVRQDOPRUDOH
7KHWKLUGLPSRUWDQWHOHPHQWLVJRRGWUDLQLQJ(YHU\FRPSDQ\KDVDFXOWXUHDQGDZD\RIGRLQJWKLQJV
,WoVYLWDOIRUQHZHPSOR\HHVDQGPDQDJHUVWRDVVLPLODWHWKHFRUSRUDWHFXOWXUHLWVJRDOVLWVSHUVRQDOLW\DQGLWVPLVVLRQ
7UDLQLQJVKRXOGQRWRQO\EHMREVSHFLFEXWVKRXOGEHGHVLJQHGDVZHOOWRLQFXOFDWHFRUSRUDWHYDOXHV
3HRSOHQHHGWRIHHOWKDWWKH\oUHDSDUWRIDQRYHUDOOMRLQWHIIRUWLQZKLFKHYHU\RQHLVURZLQJLQWKHVDPHGLUHFWLRQ
7KHIRXUWKLPSRUWDQWHOHPHQWLQJRRG+5PDQDJHPHQWLVWRPDNHVXUHWKDWSHRSOHDUHIDLUO\FRPSHQVDWHGIRUWKHLUHIIRUWV
7KHFRPSHQVDWLRQV\VWHPERWKIRUHPSOR\HHVDQGPDQDJHUVLVDKLJKO\VHQVLWLYHWRROWKDWPXVWEHFDUHIXOO\GHVLJQHGDQGPDQDJHG
(YHU\PHPEHURIWKHH[HFXWLYHFRPPLWWHHVKRXOGSDUWLFLSDWHLQWKHQDOGHVLJQDQGDSSURYDORIWKHFRPSHQVDWLRQSODQRUVFKHPH
7KHWHUPpVFKHPHqLVXVHGYHU\IUHTXHQWO\LQ%ULWLVK(QJOLVK,Q$PHULFDQ(QJOLVKWKHZRUGpSODQqLVXVHGLQWKHVHFDVHV
7KHFRPSHQVDWLRQSODQLVRIWHQFDOOHGpHPSOR\HHEHQHWVq+RZHYHUWKHWHUPpHPSOR\HHEHQHWVqLVXVXDOO\QRQVDODU\
7KHFRPSHQVDWLRQSODQLQFOXGHVWKHEDVHVDODU\SOXVH[WUDVFDOOHGpHPSOR\HHEHQHWVqLQWKH86DQGpEHQHWVLQNLQGqLQWKH8.

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
0U(YDQVLVQoWLQDWWKHPRPHQW ,oOOEHULJKWZLWK\RX 7KHUHoVQRERG\KHUHE\WKDWQDPH
0D\,WDNHDPHVVDJH" 3OHDVHKROGWKHOLQH,oOOSXW\RXWKURXJK 0U(YDQVLVLQDPHHWLQJULJKWQRZ
:RXOG\RXOLNHWROHDYHDPHVVDJH" ,oOOWU\WRWUDQVIHU\RXUFDOO 0U(YDQVVKRXOGEHEDFNDWDQ\PRPHQW
+HoVRXWRIWKHRIFHULJKWQRZ <RXFDQORFDWHKLPDWWKLVQXPEHU ,oPVXUHKHoOODSSUHFLDWH\RXUJHVWXUH
+HoVDZD\RQEXVLQHVVWKLVZHHN 0D\,VSHDNWR0U-RKQVRQSOHDVH" ,oOOOHWKLPNQRZWKDW\RXFDOOHG
+HoOOEHEDFNRQ0RQGD\PRUQLQJ +HOOR,oPFDOOLQJIURPWKH6SDQLVKRIFH &RXOG\RXFRPHXSWR0U(YDQoVRIFH"
+HoVDZD\RQKROLGD\ 2QYDFDWLRQ 7KLVLV3DXODIURPWKH6SDQLVKVXEVLGLDU\ ,oPFDOOLQJRQEHKDOIRI-RKQ(YDQV
,oOOWHOOKLP\RXFDOOHG ,oPQRWDXWKRUL]HGWRJLYHRXWKLVQXPEHU &RXOG\RXVSHOO\RXUQDPHSOHDVH"
+HoVRQDQRWKHUOLQHDWWKHPRPHQW &DQ\RXSXWPHWKURXJKWR0U7KRPSVRQ" :RXOG\RXPLQGVSHOOLQJWKDWIRUPH"
,oOOKDYHKLPUHWXUQ\RXUFDOO &DQ\RXWHOOPHZKHQKHoOOEHEDFN" &RXOG\RXSOHDVHUHSHDWWKDW"
:RXOG\RXFDUHWRWDONWRVRPHRQHHOVH" 0D\,EHRIDQ\KHOS" ,GLGQoWFDWFK\RXUODVWQDPH
,EHOLHYH\RXoYHUHDFKHGWKHZURQJQXPEHU &DQ,OHDYHDPHVVDJHSOHDVH" &RXOG\RXUHSHDWWKHFRPSDQ\QDPH"
,oPVRUU\EXW,KDYHDQRWKHUFDOORQKROG <RXoYHEHHQWUDQVIHUUHGWRWKHZURQJQXPEHU 0D\,DVNZKHUH\RXoUHFDOOLQJIURP"
0D\,DVNZKRoVFDOOLQJ" 0U(YDQVD0U3UH]LVRQWKHOLQH 0U(YDQVZRQoWEHLQDOOGD\
3OHDVHKROGWKHOLQHIRUDPRPHQW :KDWVKDOO,WHOOKLP" 0DUDLVLOODQG,oPVLWWLQJLQIRUKHU 

/RZ%HJLQQHU +LJK%HJLQQHU

1RHQWLHQGR ,GRQoWXQGHUVWDQG OFRPSUHQGHORTXHHVWDPRV 'RHVKHXQGHUVWDQGZKDW


1RV ,GRQoWNQRZ GLFLHQGR" ZHoUHVD\LQJ"
1RPHDFXHUGR ,GRQoWUHPHPEHU 6DEHHOODODUHVSXHVWD" 'RHVVKHNQRZWKHDQVZHU"
1RPHORFUHR ,GRQoWEHOLHYHLW 6HDFXHUGDGHQRVRWURV" 'RHVKHUHPHPEHUXV"
1RPHJXVWD ,GRQoWOLNHLW &UHHHOODHQ'LRV" 'RHVVKHEHOLHYHLQ*RG"
7HJXVWDODFHUYH]D" 'R\RXOLNHEHHU"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHHVWXYLVWHDQRFKH" :KHUHZHUH\RXODVWQLJKW" &XDQGRHOODWHQJDWLHPSROR :KHQVKHKDVWLPHVKHoOOGRLW


7HGLMHGQGHHVWXYH ,oYHWROG\RXZKHUH,ZDV KDU
4XHVWDEDVKDFLHQGRDOO" :KDWZHUH\RXGRLQJWKHUH" 6LOHYHRDOVHORGLU ,I,VHHKLP,oOOWHOOKLP
1RVDEHVORTXHHVWDED 'RQoW\RXNQRZZKDW,ZDV &XDQGRJDQHVVXFLHQWH :KHQ\RXHDUQHQRXJKPRQH\
KDFLHQGRDOO" GRLQJWKHUH" GLQHURORSRGUVFRPSUDU \RXoOOEHDEOHWREX\LW
1RQRVORTXHHVWDEDV 1R,GRQoWNQRZZKDW\RX 6LKD\XQDHVWDQRLU ,IWKHUHLVDSDUW\,ZRQoWJR
KDFLHQGRDOO ZHUHGRLQJWKHUH &XDQGROOHJXHQKDEU :KHQWKH\DUULYHWKHUHZLOOEH
SUREOHPDV SUREOHPV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+DVYHQGLGRWXVFXDGURV\D" +DYH\RXVROG\RXUSDLQWLQJV 3XHGHVUHFRJHUDORVQLRV &DQ\RXSLFNWKHNLGVXSIURP


\HW" GHOFROH" VFKRRO"
1LVLTXLHUDORVKHWHUPLQDGR ,KDYHQoWHYHQQLVKHGWKHP\HW &XQGRWHYDVDGHVKDFHUGH :KHQDUH\RXJRLQJWRJHWULG
1RORVWHQDVTXHWHUPLQDU 'LGQoW\RXKDYHWRQLVKWKHP HVHFKLFR" RIWKDWER\"
DQWHVGH6HPDQD6DQWD" EHIRUH(DVWHU" 3RUTXOHHVWVPLUDQGR :K\DUH\RXVWDULQJDWKHU"
0HHVWFRVWDQGRPXFKR ,WoVWDNLQJPHDORWRIHIIRUWWR
 MDPHQWH"
HVIXHU]RWHUPLQDUORV QLVKWKHP 6HPHDFHUFXQWXULVWDSDUD $WRXULVWFDPHXSWRPHWRDVN
'HEHUDVGDUWHXQSRFRGHSULVD <RXVKRXOGKXUU\DOLWWOH SHGLUGLUHFFLRQHV IRUGLUHFWLRQV
0HDFHUTXDOSROLFDSDUD ,ZHQWXSWRWKHSROLFHPDQWR
SHGLUOHD\XGD DVNKLPIRUKHOS

3KDU\Q[ )DULQJH

/DU\Q[ /DULQJH

9RFDO&RUGV &XHUGDVYRFDOHV

$GDPoV$SSOH 1XH]

2HVRSKDJXV (VIDJR

9RFDEXODULR+HDG &DEH]D

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

3RUTXDJXDQWDVHVH :K\GR\RXSXWXSZLWKWKDW
 4XSDVDFRQWLJR" :KDWoVXSZLWK\RX"
FRPSRUWDPLHQWR" EHKDYLRXU" 0HVLHQWRIDWDO ,IHHOORXV\
'LOHTXHVHSUHRFXSHGHVXV 7HOOKLPWRPLQGKLVRZQ
 0LFXDGRPHSXVRHQULGFXOR 0\EURWKHULQODZPDGHDIRRO

SURSLRVDVXQWRV EXVLQHVV GHODQWHGHWRGRV RIPHLQIURQWRIHYHU\RQH
1RHVDVXQWRVX\R ,WoVQRQHRIKLVEXVLQHVV /ROWLPRTXHQHFHVLWDPRVHV 7KHODVWWKLQJZHQHHGLVD
(VWVJRQHDQGRHQWXYLGD +HoVSU\LQJLQWR\RXUSULYDWH
 XQERFD]DVFRPRO ELJPRXWKOLNHKLP
SULYDGD OLIH (VXQDYHUJHQ]DTXHWHWUDWH ,WoVDGLVJUDFHKHWUHDWV\RXVR
3RUTXHUHVWDQHQWURPHWLGR" :K\LVKHVRQRVH\" WDQPDO EDGO\


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpLQq 
9RFDEXODU\
+HKHOSHGPHLQ +HZDONHGLQDQGSXOOHGRXWDJXQ 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
0HD\XGDHQWUDU (QWU DQGDQGR \VDFXQDUPDGHIXHJR IUDVHVHQLQJOV"

-XPSLQ ,KDYHQoWWXUQHGLQP\KRPHZRUN\HW 1HFHVLWDPRVDDOJXLHQFRQXQDJUDQ


|7UDWH SDUDHQWUDUHQODSLVFLQD  1RKHHQWUHJDGRPLVGHEHUHVWRGDYD FDSDFLGDGGHOLGHUD]JR
9R\DFRJHUXQDH[FHGHQFLDGHWUHVPHVHV
7KH\VWRSSHGLQWRVD\KHOOR 'RQoWWXUQPHLQ 1XHVWUDVFLIUDVGHYHQWDHVWQHQGHFOLYH
3DVDURQSRUDTXSDUDVDOXGDU |1RPHHQWUHJXHV DOD3ROLFD  ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV 
2SHUDWLRQVPDQDJHPHQWLVDWHUPWKDWUHIHUVWRDFWLYLWLHVVXFKDVSURGXFWFUHDWLRQGHYHORSPHQWSURGXFWLRQDQGGLVWULEXWLRQ
,WoVDKLJKO\FKDOOHQJLQJDFWLYLW\EHFDXVHLWIRFXVHVRQSUDFWLFDOO\HYHU\DFWLYLW\LQDFRPSDQ\ORRNLQJIRUZD\VWRLPSURYH
2SHUDWLRQVH[SHUWVWU\WRLPSURYHWKHSXUFKDVLQJIXQFWLRQZKHUHVDYLQJVFDQEHJDLQHGWKURXJKVXSSOLHUFXVWRPHUFROODERUDWLRQ
0DQ\PDQXIDFWXULQJDQGTXDOLW\H[SHUWVIURPWKHFXVWRPHUVSHQGZHHNVRUPRQWKVKHOSLQJVXSSOLHUVWREHFRPHPRUHHIFLHQW
7KHSXUFKDVLQJIXQFWLRQLWVHOILVORQJDQGWLPHFRQVXPLQJZLWKPXOWLSOHELGVDQGQHJRWLDWLRQV0XFKHIFLHQF\FDQEHDFKLHYHG
7KHGHFLVLRQRQZKHWKHUWRSURGXFHSURGXFWVRUVHUYLFHVLQKRXVHYHUVXVRXWVRXUFLQJLVDQLPSRUWDQWHOHPHQWLQRSHUDWLRQV
$GPLQLVWUDWLYHFRQWUROVDUHDOVRLPSRUWDQWLQRSHUDWLRQV6WDQGDUGL]HGGRFXPHQWVHQVXUHFRPSOHWHDQGFRQVLVWHQWLQIRUPDWLRQ
'RFXPHQWVLQFOXGHWLWOHVDQGGDWHVWRGHWHFWGLIIHUHQWYHUVLRQVRIWKHVDPHGRFXPHQW
,7VROXWLRQVDOORZIRULQWHJUDWHGPDQDJHPHQWLQIRUPDWLRQV\VWHPVDQGSRZHUIXOVRIWZDUHIRUWKHPDQDJHPHQWRISURMHFWV
7KHVHVROXWLRQVDOVRSURYLGHLQIRUPDWLRQV\VWHPVIRUWKHPDQDJHPHQWRIKXPDQUHVRXUFHVDQGIRURIFHDXWRPDWLRQLQJHQHUDO
7KURXJKQDQFLDOUHSRUWVVWDWXVUHSRUWVRUSURMHFWUHSRUWVRUJDQL]DWLRQVFDQPRQLWRUZKDWoVEHLQJGRQHE\ZKDWGHDGOLQHDQGKRZ
,QWKHSDVW\HDUVWKHWHUPpVXSSO\FKDLQqDQGpVXSSO\FKDLQPDQDJHPHQWqKDYHEHFRPHPDLQVWUHDPLQRSHUDWLRQVPDQDJHPHQW
$VXSSO\FKDLQLQYROYHVWKHRUJDQL]DWLRQVSHRSOHWHFKQRORJ\LQIRUPDWLRQDQGUHVRXUFHVWKDWPRYHDSURGXFWIURPVXSSOLHUWRFXVWRPHU
6XSSO\FKDLQPDQDJHPHQWRU6&0WULHVWRLPSURYHKRZUDZFRPSRQHQWVDUHIRXQGWUDQVIRUPHGDQGGHOLYHUHGWRFXVWRPHUV
6&0EHJLQVZLWKDSODQWKDWLVWKHVWUDWHJ\RQKRZWRPDQDJHDOOWKHUHVRXUFHVQHFHVVDU\WRPHHWFXVWRPHUGHPDQGVXFFHVVIXOO\

,QIRUPDWLRQWHFKQRORJ\ 
&HUWDLQ,7JXUXVWDONDERXWWKHHQGRIFRUSRUDWHFRPSXWLQJ%\WKLVWKH\PHDQWKHHQGRIFRPSXWLQJSRZHUDVDQLQKRXVHDVVHW
,QWKHUVW\HDUVRIHOHFWULFLW\PRVWODUJHFRPSDQLHVRZQHGDQGRSHUDWHGWKHLURZQHOHFWULFDOJHQHUDWRUVWRSURYLGHSRZHU
6RRQKRZHYHUWKH\VKLIWHGWRRXWVRXUFLQJWKLVWRXWLOLW\FRPSDQLHVZKLFKLVKRZZHXVXDOO\VD\HOHFWULFFRPSDQLHVLQ(QJOLVK
0DQ\EHOLHYHWKDWWKLVXWLOLW\PRGHOZLOOSHQHWUDWHFRUSRUDWHFRPSXWLQJHOLPLQDWLQJWKHFRVWRIHTXLSPHQWSXUFKDVHDQGPDLQWHQDQFH
8QOLNHHOHFWULFLW\FRUSRUDWHFRPSXWLQJLQFOXGHVLPSRUWDQWVHFXULW\FRQVLGHUDWLRQVWKDWPXVWEHDGGUHVVHG
$QRXWVLGHVXSSOLHUZLOOWDNHUHVSRQVLELOLW\IRUDOORIDFRPSDQ\oV,7UHTXLUHPHQWVIURPLQIUDVWUXFWXUHDQGVWRUDJHWRDSSOLFDWLRQV
:KHWKHUWKLVKDSSHQVRUQRWWKHFRPSDQ\ZLOODOZD\VQHHGWRSURYLGHLQIRUPDWLRQRQWKHEXVLQHVVLWVHOIDQGWKHLQWHUQDOSURFHVVHV
%XVLQHVVLQWHOOLJHQFHLVDFRPPRQZRUGWRUHIHUWRFROOHFWLQJLQWHJUDWLQJDQDO\]LQJDQGSUHVHQWLQJEXVLQHVVLQIRUPDWLRQ
%XVLQHVVLQWHOOLJHQFHV\VWHPVSURYLGHKLVWRULFDOFXUUHQWDQGSUHGLFWLYHYLHZVRIEXVLQHVVRSHUDWLRQV
7KHV\VWHPVVLIWWKURXJKODUJHDPRXQWVRIGDWDH[WUDFWWKHSHUWLQHQWLQIRUPDWLRQDQGWXUQLWLQWRNQRZOHGJHIRUGHFLVLRQVDQGDFWLRQV
7KHYDVWDPRXQWRIUDZLQIRUPDWLRQLVFRQWDLQHGLQZKDWLVXVXDOO\FDOOHGDGDWDZDUHKRXVH
7KHLQIRUPDWLRQLQWKLVGDWDZDUHKRXVHLVPLQHGDQDO\]HGDQGWUDQVIRUPHGLQWRUHSRUWV
7KHRYHUDOOLGHDLVWRSURYLGHPDQDJHUVZLWKUHOHYDQWUHSRUWVLQUHDOWLPHIRUIRUHFDVWLQJDQDO\VLVDQGEXVLQHVVGHFLVLRQPDNLQJ
%XVLQHVVLQWHOOLJHQFHRIWHQXVHVNH\SHUIRUPDQFHLQGLFDWRUV .3,V WRDVVHVVWKHFXUUHQWEXVLQHVVDQGWRSUHVFULEHDFWLRQ
*RRGEXVLQHVVLQWHOOLJHQFHFDQJLYHDFRPSDQ\DVWURQJFRPSHWLWLYHDGYDQWDJHDQGPRUHDQGPRUHFRQVXOWDQWVDUHZRUNLQJLQWKLVHOG

/DZDQGOHJDOFRXQVHO 
$W\SLFDODFWLYLW\SHUIRUPHGE\DFRUSRUDWHOHJDOGHSDUWPHQWLVOLWLJDWLRQEXWPRVWGHSDUWPHQWVFDQQRWGRLWZLWKRXWRXWVLGHKHOS
2WKHUFRPSDQLHVWU\WRNHHSOLWLJDWLRQLQKRXVHLQRUGHUWRVDYHH[SHQVLYHRXWVLGHOHJDOIHHV
(PSOR\PHQWGLVSXWHVDUHRIWHQKDQGOHGLQKRXVHDOWKRXJKVPDOOFRPSDQLHVVWLOOWHQGWRVHHNRXWVLGHKHOS
&RPPHUFLDOGLVSXWHVLQYROYLQJVPDOOSRWHQWLDOOLDELOLW\DOVRWHQGWREHKDQGOHGLQWHUQDOO\E\ODUJHRUJDQL]DWLRQV
/DUJHODZUPVDUHVWDIIHGZLWKH[SHUWVLQGLIIHUHQWDUHDVRIOLWLJDWLRQ+RZHYHUWKH\DUHXVXDOO\RQO\DGYLVDEOHIRUODUJHOHJDOTXHVWLRQV
6PDOOFRPSDQLHVRIWHQXVHGLIIHUHQWVPDOOODZUPVHDFKH[SHUWLQVSHFLDOL]HGDUHDVRIODZ
&RPSDQLHVZKHUHLQWHOOHFWXDOSURSHUW\LVLPSRUWDQWVKRXOGVHHNWKHDGYLFHDQGFRXQVHORIDJRRGODZUPH[SHUWLQWKLVDUHD
0DQ\FRPSDQLHVPDNHLPSRUWDQWPLVWDNHVFRQFHUQLQJQDPHVEUDQGVSDWHQWVWUDGHPDUNVRUFRS\ULJKWV
,IDFRPSDQ\LVLQDSUHFDULRXVVLWXDWLRQUHJDUGLQJHPSOR\HHVWKHQLWVKRXOGVHHNH[SHUWVLQODERXURUHPSOR\PHQWODZ
)LULQJDQHPSOR\HHQRZDGD\VLVGLIFXOWLQLWVHOIDQGHYHQZRUVHLILWEULQJVRQSRVWWHUPLQDWLRQOLWLJDWLRQ
/LWLJDWLRQLVDFRPPRQZRUGZKHQUHIHUULQJWRODZVXLWVWKDWDUHKHDUGDQGGHFLGHGE\DMXGJHRUMXU\LQDFRXUW
%HIRUHUHVRUWLQJWROLWLJDWLRQWKHWZRSDUWLHVRIWHQWU\WRUHDFKDVHWWOHPHQWWKURXJKpDOWHUQDWLYHGLVSXWHUHVROXWLRQq
7KHWZRPRVWFRPPRQIRUPVRIDOWHUQDWLYHGLVSXWHUHVROXWLRQDUHDUELWUDWLRQDQGPHGLDWLRQ
:LWKDUELWUDWLRQWKHDUELWUDWRUPDNHVWKHQDOGHFLVLRQ0HGLDWLRQXVHVDWKLUGSDUW\WRKHOSEULQJDERXWDQDJUHHPHQW
-XGJHVXVXDOO\WU\WRJHWWKHWZRSDUWLHVLQGLVSXWHWRVHHNDUELWUDWLRQRUPHGLDWLRQLQRUGHUWRUHGXFHWKHOHJDOZRUNORDG 

/RZ%HJLQQHU +LJK%HJLQQHU

(VHVHXQOLEURLQWHUHVDQWH" ,VWKDWDQLQWHUHVWLQJERRN" (VXQHVFULWRUPX\LPSRUWDQWH +HoVDYHU\LPSRUWDQWZULWHULQ


VWDHVXQDFDQFLQEHOOD 7KLVLVDEHDXWLIXOVRQJ HQQXHVWURSDV RXUFRXQWU\
6RQQLRVEXHQRV 7KH\oUHJRRGFKLOGUHQ |(UHVXQQLRPX\HVWSLGR <RXoUHDYHU\VWXSLGER\
(VRVVRQPLVSDQWDORQHV 7KRVHDUHP\WURXVHUV (VWDVVRQOLVWDVPX\GLIFLOHV 7KHVHDUHYHU\GLIFXOWOLVWV
6RQHVWRVWXV]DSDWRV" $UHWKHVH\RXUVKRHV" |4XGDPVKRUULEOH :KDWDKRUULEOHGD\
|4XJHQWHPVKRUULEOH :KDWKRUULEOHSHRSOH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RKD\FKLFDVHQWXFROHJLR" $UHQoWWKHUHDQ\JLUOVDW\RXU 8QFDUQLFHURFRUWDFDUQH $EXWFKHUFXWVPHDW


VFKRRO" 8QFDUSLQWHURWUDEDMDFRQ $FDUSHQWHUZRUNVZLWKZRRG
1RHVXQFROHJLRPL[WR6OR ,WoVQRWDPL[HGVFKRRO7KHUH PDGHUD
KD\FKLFRV DUHRQO\ER\V 8QERPEHURDSDJDLQFHQGLRV $UHPDQSXWVRXWUHV
+D\YLQRHQODERWHOOD" ,VWKHUHDQ\ZLQHLQWKHERWWOH" 8QDHQIHUPHUDFXLGDDORV $QXUVHORRNVDIWHUVLFNSHRSOH
1RKD\HQODERWHOODSHURKD\ 7KHUHLVQoWDQ\LQWKHERWWOH HQIHUPRV
HQPLYDVR EXWWKHUHoVVRPHLQP\JODVV 8QIRQWDQHURFREUDPXFKR $SOXPEHUFKDUJHVDORWRI
3RUTXQRKD\JHQWHDTX" :K\DUHQoWWKHUHDQ\SHRSOH GLQHUR PRQH\
KHUH"

/DFH (QFDMH
9HLO 9HOR

%RXTXHW 5DPRGHRUHV

7UDLQ &ROD :HGGLQJGUHVV 9HVWLGRGHQRYLD

9RFDEXODULR:HGGLQJ %RGD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

$OJXLHQHVWOODPDQGRDOD 6RPHERG\oVNQRFNLQJDWWKH
 3XHGHTXHOOHJXHQWDUGH 7KH\PLJKWDUULYHODWH
SXHUWD GRRU 3XHGHTXHKD\DDWDVFRVDODV 7KHUHPLJKWEHWUDIFMDPVLQ
4XLQVHU" ,ZRQGHUZKRLWLV DIXHUDVGHODFLXGDG WKHRXWVNLUWVRIWKHFLW\
|$EUHODSXHUWDVRPRVQRVRWURV 2SHQWKHGRRULWoVXV 3XHGHTXHVHOHKD\DROYLGDGR 6KHPLJKWKDYHIRUJRWWHQ
&LHUUDODSXHUWDFRQOODYH\QR /RFNWKHGRRUDQGGRQoWOHW DHOOD 
OHVGHMHVHQWUDU WKHPFRPHLQ 3XHGHTXHPHSRQJDXQD ,PLJKWZHDUDZLJIRUWKH
1RORKDUDPHQRVTXHPHOR ,ZRQoWGRLWXQOHVV\RXDVNPH
 SHOXFDSDUDODHVWD SDUW\
SLGDVGHPDQHUDDPDEOH QLFHO\ 3XHGHTXHKD\DKDELGRXQ 7KHUHPLJKWKDYHEHHQD
FDPELRHQHOKRUDULR FKDQJHWRWKHVFKHGXOH

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&PRYDPRVDVDOLUGHHVWHOR" +RZDUHZHJRLQJWRJHWRXWRI 0LSHUURHVWFULDQGRPDOYDV 0\GRJoVSXVKLQJXSGDLVLHV


WKLVPHVV" /HIDOWDXQWRUQLOORDHVHWR 7KDWJX\oVJRWDVFUHZORRVH
6LQRKXELHUDQTXHEUDGR ,IWKH\KDGQoWJRQHEDQNUXSW 1RWHLPSRUWDXQSLPLHQWR <RXFRXOGQoWFDUHOHVVFRXOG

SRGUDPRVKDEHUUHFXSHUDGR ZHFRXOGKDYHUHFRYHUHGRXU YHUGDG" \RX"
QXHVWUDVSUGLGDV ORVVHV 1RVPLUDSRUHQFLPDGHO +HORRNVGRZQKLVQRVHDWXV
6HKDFDGXFDGRPLWDUMHWDGH 0\FUHGLWFDUGKDVH[SLUHG KRPEUR
FUGLWR 9DPRVDWHQHUTXHSRQHUWRGD :HoUHJRLQJWRKDYHWRSXOORXW
7HQHPRVORVXFLHQWHSDUD 'RZHKDYHHQRXJKWRJHW ODFDUQHHQHODVDGRU DOOWKHVWRSV
OOHJDUDPD\R" WKURXJK$SULO"
&PRYDPRVDVDOGDU +RZDUHZHJRLQJWRVHWWOHRXU
QXHVWUDVGHXGDV" GHEWV"



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpDIWHUq 
9RFDEXODU\
,UDQDIWHUWKHP +HoVDIWHUPHWRQLVKLW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&RUUWUDVHOORV (VWGHWUVGHPSDUDTXHORWHUPLQH IUDVHVHQLQJOV"
(OSRGHUTXHWLHQHOHQFXDQWRDWRPDGH
6KHoVRQO\DIWHU\RXUPRQH\ <RXWDNHDIWHU\RXUIDWKHU GHFLVLRQHVHVPQLPR
(OODVORHVWGHWUVGHWXGLQHUR 6DOLVWHDWXSDGUH /RVLQWHUPHGLDULRVVHHVWQFRPLHQGR
QXHVWURVPUJHQHV
+HoVJRLQJWRFRPHDIWHU\RX ,KDYHWRORRNDIWHUWKHNLGV 7LHQHQXHVWUDDJHQFLDGHFRPXQLFDFLQ
9DDYHQLUDSRUWL HQIDGDGR  7HQJRTXHFXLGDUDORVQLRV FRQWDFWRVHQHOVHFWRUWHFQROJLFR"
&RPSUXHED WXV UHVSXHVWDV HVWH GRPLQJR DO FRPSUDU (/
&8562'(,1*/6'(),1,7,92GH9DXJKDQ

(QWUHSUHQHXUVKLS 
$FRPPRQFDXVHRIIDLOXUHDPRQJEXVLQHVVVWDUWXSVLVKDYLQJLQVXIFLHQWRSHUDWLQJIXQGV
0DQ\SHRSOHXQGHUHVWLPDWHKRZPXFKPRQH\LVQHHGHGWRUXQDEXVLQHVVDQGRIWHQKDYHWRFORVHHYHQZKHQVXFFHVVVHHPVSRVVLEOH
7KH\WHQGWRPDNHXQUHDOLVWLFIRUHFDVWVRILQFRPLQJUHYHQXHVIURPVDOHV
,WoVLPSRUWDQWWRHVWDEOLVKKRZPXFKPRQH\WKHEXVLQHVVLVJRLQJWRQHHGZKLFKLQFOXGHVERWKVWDUWXSDQGRSHUDWLQJFRVWV
0RVWVPDOOEXVLQHVVHVWDNHRQHRUWZR\HDUVWREUHDNHYHQZKLFKPHDQVWKDWHQRXJKPRQH\PXVWEHDYDLODEOHWRFRYHUHDUO\ORVVHV
7KHYHUEpWREUHDNHYHQqLVXVHGZKHQWKHWRWDOPDUJLQDOFRQWULEXWLRQHDFKPRQWKRQVDOHVLVHQRXJKWRFRYHU[HGH[SHQVHV
/HWoVVD\\RXVWDUWDFRPSDQ\LQZKLFK\RXEX\SRWDWRHVIURPDVXSSOLHULQ0RURFFRDQGVHOOWKHPLQ6SDLQ
<RXEX\WKHSRWDWRHVDWRQHHXURDNLORDQG\RXVHOOWKHPDWWKUHHHXURVDNLOR<RXUSULFHLVDQG\RXUYDULDEOHFRVWLV
7KHWHUPpYDULDEOHFRVWqUHIHUVRQO\WRWKRVHFRVWVWKDWDUHQRWLQFXUUHGLI\RXGRQoWVHOOWKHSURGXFW
)L[HGFRVWVDUHWKRVHWKDW\RXPXVWLQFXUHYHQLI\RXGRQoWVHOOWKHSURGXFW7KHVHLQFOXGHVDODULHVUHQWVRYHUKHDGH[SHQVHVHWF
:HNQRZWKDWIRUHYHU\NLORRISRWDWRHV\RXVHOOLQ6SDLQ\RXHDUQDPDUJLQDOFRQWULEXWLRQRI
7KLVLVFDOOHGpFRQWULEXWLRQqEHFDXVHLWoVWKHPRQH\\RXUHDOO\HDUQLQRUGHUWRpFRQWULEXWHqWRFRYHULQJ\RXU[HGFRVWV
/HWoVVD\\RXUHQWDZDUHKRXVHIRUDPRQWK\RXSD\DVHFUHWDU\DPRQWKDQGRWKHURYHUKHDGVWRWDODQRWKHU
7KLVPHDQVWKDW\RXKDYH[HGFRVWVWRWDOOLQJHXURV+RZPDQ\NLORVRISRWDWRHVGR\RXQHHGWRVHOOWRpEUHDNHYHQq"
%\VLPSOHGLYLVLRQLWoVFOHDUWKDWWKHEUHDNHYHQSRLQWLVNLORVRISRWDWRHV8QWLO\RXVHOONLORV\RXoUHQRWPDNLQJDQ\PRQH\

5HVHDUFKDQGGHYHORSPHQW 
&UHDWLQJDVXFFHVVIXO5 'GHSDUWPHQWLQDODUJHRUJDQL]DWLRQLVQRWDQHDV\WDVN,WUHTXLUHVSHRSOHVNLOOVDVZHOODVYLVLRQ
5 'WHDPVGRQoWXVXDOO\GRWKLQJVWKDWKDYHQHYHUEHHQGRQHEHIRUHEXWWKH\PDNHFRQQHFWLRQVZKHUHQRRQHHOVHKDVPDGHWKHP
6FLHQWLFSHUVRQQHOQHHGWREHFORVHWRWKHPDUNHWSODFH7KHPRUHVFLHQWLVWVWDONWRFXVWRPHUVWKHPRUHPDUNHWRULHQWHGWKH\oOOEHFRPH
6RPH5 'GHSDUWPHQWVKLUHSHRSOHZLWKH[SHUWLVHLQRWKHUDUHDV7KHVHSHRSOHRIWHQFKDOOHQJHWKHH[LVWLQJDVVXPSWLRQV
7KHLPSRUWDQWSRLQWKHUHLVWRSURPRWHWKHLGHDRIpWKLQNLQJRXWVLGHRIWKHER[qDFOLFKWKDWLVSRSXODUDPRQJUHVHDUFKHUVDQGLQYHQWRUV
7RpWKLQNRXWVLGHRIWKHER[qPHDQVWRDSSURDFKDSUREOHPIURPDQHZSHUVSHFWLYHZLWKRXWSUHFRQFHSWLRQV
,QDODUJHRUJDQL]DWLRQWKH5 'ODEVDUHRIWHQGHWDFKHGIURPWKHODWHUVXFFHVVRUIDLOXUHRIWKHVROXWLRQVWKH\SURGXFH
7KHEXVLQHVVXQLWVWKDWPDUNHWWKHVROXWLRQVDUHXVXDOO\LQWKHEHVWSRVLWLRQWRMXGJHWKHVXFFHVVRIWKH5 'GHSDUWPHQW
6RPHFRPSDQLHVLQFOXGH5 'WRJHWKHUZLWKWKHGLIIHUHQWEXVLQHVVXQLWVZKHQHVWDEOLVKLQJVDOHVDQGQDQFLDOJRDOVDQGLQFHQWLYHV
:KHQWKLVKDSSHQVWKH5 'SHRSOHEHFRPHOHVVVFLHQWLFDQGPRUHLQWHUHVWHGLQWKHQDOVXFFHVVRIWKHLUFUHDWLRQV
7KHPRUHDFRPSDQ\oVVFLHQWLVWVWDONZLWKFXVWRPHUVWKHPRUHWKH\ZLOOEHJXLGHGE\PDUNHWQHHGVDQGSUREOHPV
0DQ\LQQRYDWLRQVFRPHIURPSHRSOHZKRKDYHHQWHUHGIUHVKIURPWKHRXWVLGH7KH\GRQoWIRFXVRQLPSURYLQJROGDQGIDPLOLDUVROXWLRQV
6RPHFRPSDQLHVPDNHDSRLQWHYHU\IHZ\HDUVRISXVKLQJWKHLUVFLHQWLVWVDQGHQJLQHHUVLQWRXQIDPLOLDUDUHDV
6RPHWLPHVDIDLOHGSURMHFWLQRQHPDUNHWWXUQVRXWWREHDUHYROXWLRQDU\VXFFHVVLQDQRWKHU1HYHUWKURZRXWDIDLOHGSURMHFW
9LDJUDIDLOHGDVDKHDUWPHGLFDWLRQDQGSRVWLWVIDLOHGDVHIIHFWLYHJOXH+RZHYHUWKH\ZHUHVXFFHVVIXOO\UHVXUUHFWHGIRURWKHUXVHV

7\SLFDORIFHODQJXDJH 
,KDYHQoWKDGWLPHWRJRRYHULWFRPSOHWHO\,oOOWDNHLWKRPHZLWKPHWRQLJKW<RXoOOKDYHLWRQ\RXUGHVNE\DPWRPRUURZ
6DOHVDUHGRZQWKURXJKRXWWKHLQGXVWU\:HoUHQRWWKHRQO\RQHVKXUWLQJ3HRSOHKDYHVXGGHQO\VWRSSHGEX\LQJ
'RHVDQ\ERG\NQRZZKHUH0DUJDUHWLV",oYHEHHQORRNLQJDOORYHUIRUKHU6KHVHHPVWRKDYHGLVDSSHDUHG
:HoGEHWWHUJHWJRLQJ,KDG0DUJDUHWFDOODFDEDQGLWVKRXOGEHZDLWLQJGRZQVWDLUV,GRQoWZDQWWRJHWWRWKHUHVWDXUDQWDIWHUWKH\GR
,oPVWDUWLQJWRJHWIDWVLWWLQJLQWKLVFKDLUDOOGD\,XVHGWREHDEOHWRJHWDZD\LQWKHHDUO\DIWHUQRRQWRVZLPDIHZODSVEXWQRWDQ\PRUH
,oOOVHQGDGULYHUWRSLFN\RXDQG)UHGXSDQGEULQJ\RXKHUH7KHPHHWLQJoVVHWIRUEXW,oPVXUHZHZRQoWVWDUWXQWLODTXDUWHUSDVW
,oYHEHHQORRNLQJRYHU\RXU&9DQG\RXVHHPWREULQJWRJHWKHUDORWRIWKHTXDOLFDWLRQVZHQHHG$UH\RXXHQWLQ(QJOLVK"
'RULVFDQ\RXERRNPHLJKWIRU=XULFKHDUO\WRPRUURZPRUQLQJ"0DNHDWHQWDWLYHUHVHUYDWLRQIRUDUHWXUQLJKWLQWKHHDUO\HYHQLQJ
,KRQHVWO\GRXEWWKDWWKH\oGJRWRWKDWH[WUHPH$FRXUWFDVHZRXOGEHGDPDJLQJWRHYHU\RQHLQYROYHG
'RULV,FDQoWJXUHRXWKRZWRXVHWKLVQHZWHOHSKRQH(YHU\WLPH,WU\WRFDOODQH[WHUQDOQXPEHU,JHWDEXV\WRQH
*RRGPRUQLQJ0U(YDQVWKLVLV'RULV3DWWHUVRQ0U-RKQVRQLVQoWLQDWWKHPRPHQW:RXOG\RXOLNHWROHDYHDPHVVDJHIRUKLP"
:K\GRWKHVHSUREOHPVDOZD\VVHHPWRFRPHXSRQD)ULGD\DIWHUQRRQ",ZDVSODQQLQJWRWDNHRIILQPLQXWHV
7KHUHKDYHEHHQTXLWHDIHZFRPSODLQWVDERXWWKHQHZV\VWHP3HRSOHGRQoWVHHPWRRFRQYLQFHGWKDWLWoVJRLQJWRVDYHXVDQ\WLPH
:K\GRQoW\RXRSHQWKHEOLQGVDQGJHWVRPHVXQOLJKWLQWRWKLVRIFH,GRQoWVHHKRZ\RXFDQZRUNLQVXFKDGDUNURRP
,UHPHPEHUZKHQZHXVHGWRMXVWSLFNXSDWHOHSKRQHDQGVROYHSUREOHPVLQPLQXWHV1RZLWUHTXLUHVDPRQWKRIFRQWLQXRXVHPDLOV 


/RZ%HJLQQHU +LJK%HJLQQHU

(VVWDPLWD]DGHFDI" ,VWKLVP\FXSRIFRIIHH" 6RQJXDSDVWXVKHUPDQDV" $UH\RXUVLVWHUVSUHWW\"


(VWFDOLHQWHRIUR" ,VLWKRWRUFROG" 6RQYHUGHVRD]XOHVWXVRMRV" $UH\RXUH\HVJUHHQRUEOXH"
0HJXVWDHOFDIFRQOHFKH ,OLNHZKLWHFRIIHH 3RUTXHVWWULVWHWXSULPD" :K\LV\RXUFRXVLQVDG"
VWRHVYLQRWLQWRRYLQREODQFR" ,VWKLVUHGRUZKLWHZLQH" (VWOLVWRHOLQIRUPH" ,VWKHUHSRUWUHDG\"
1REHERDOFRKRO ,GRQoWGULQNDOFRKRO (VWQFDVDGRVWXVDPLJRV" $UH\RXUIULHQGVPDUULHG"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

1RPHOODPHVSRUODVPDDQDV 'RQoWFDOOPHLQWKHPRUQLQJV +DVFROHFFLRQDGRWRGDVHVWDV +DYH\RXFROOHFWHGDOOWKHVH


1ROHVOODPHVWRQWRV 'RQoWFDOOWKHPVWXSLG OLVWDV" OLVWV"
1RKDEOHVFRQGHVFRQRFLGRV 'RQoWVSHDNWRVWUDQJHUV &XQWRWLHPSROOHYDPRV +RZORQJKDYHZHEHHQ
1RWHHQIDGHVSRUIDYRU 'RQoWJHWDQJU\SOHDVH MXQWRV" WRJHWKHU"
1RORHQFLHQGDVWRGDYD 'RQoWVZLWFKLWRQ\HW 'HEHVHVWDUDEXUULGRGHWDQWDV <RXPXVWEHERUHGRIVRPDQ\
IUDVHV SKUDVHV
(VSHURTXHWHD\XGHQXQSRFR ,KRSHWKH\KHOS\RXDOLWWOH
|/RVKDJRFRQPXFKRFDULR ,GRWKHPZLWKORYLQJFDUH

3ROLFH2IFHU $JHQWHGHSROLFD
%DGJH 3ODFD

*XQ 3LVWROD

7UXQFKHRQ 3RUUD
+DQGFXIIV (VSRVDV

9RFDEXODULR3ROLFH /D3ROLFD

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|6LJXHKDEODQGR1RWHKH .HHSWDONLQJ,KDYHQoW
 7HKDVSXHVWRFRORUDGR <RXoYHJRQHUHG
HQWHQGLGRWRGDYD XQGHUVWRRG\RX\HW (VGHHVSHUDUQR" ,WoVWREHH[SHFWHGLVQoWLW"
|6LJXHLQWHQWQGROR1RWHGHV .HHSWU\LQJ'RQoWJLYHXS
 6ORDFDEDVGHGDUWHFXHQWD +DYH\RXRQO\MXVWUHDOLVHG"
SRUYHQFLGR DKRUD"
6LJXHVVDOLHQGRFRQHVH $UH\RXVWLOOJRLQJRXWZLWK
 0HSRGUDVKDEHUGLFKR <RXFRXOGKDYHWROGPH
JUDQMHUR" WKDWIDUPHU" TXHOOHYRWRGRHOGDFRQOD fWKDW,oYHKDGP\LHVXQGRQH
OQRGHMDGHPROHVWDUPHFRQ +HNHHSVDQQR\LQJPHZLWKKLV EUDJXHWDDELHUWD DOOGD\
VXVTXHMDV FRPSODLQWV
1XQFDGHMDVGHURQFDU <RXQHYHUVWRSVQRULQJ

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HQJRTXHSUHSDUDUHO ,KDYHWRGUDZXSWKHEXGJHW 8QFXUVREUHYHGH606HQ $EULHIFRXUVHLQ(QJOLVKWH[W


SUHVXSXHVWR LQJOVSDUDDGROHVFHQWHVf PHVVDJHVIRUWHHQDJHUVf
1DGLHKDDVXPLGRHOFRQWURO 1RERG\KDVWDNHQRYHU\HW 1RVYHPRVDODVYDOH" &8#2." 6HH\RXDW
WRGDYD RN" 
$\GDOHDOHYDQWDUVH +HOSKLPXS *UDFLDVSRUWXPHQVDMH0XFKRV7;<506*;;; 7KDQNVIRU
7HSDUHFHVDPLVXHJUR <RXORRNOLNHP\IDWKHULQODZ EHVRV \RXUPHVVDJH/RWVRINLVVHV 
IVLFDPHQWH  9DVDLUHVWDQRFKH" 58*2,1721,7(" $UH\RX
7HSDUHFHVDWXELVDEXHOR IRUPD <RXWDNHDIWHU\RXU JRLQJWRQLJKW" 
GHVHU  JUHDWJUDQGIDWKHU 4XLHURKDEODUFRQWLJRPV ,:$17/.8/753&0
WDUGH/OPDPHSRUIDYRU ,ZDQWWRWDONWR\RXODWHU
3OHDVHFDOOPH 



Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpE\q  9$8*+$15(9,(:
5HYLVWDGH,QJOV
+HEURXJKWLWE\ ,QWHUHVWLQJMREVDUHKDUGWRFRPHE\
0HORWUDMRDTXDFDVD 1RDEXQGDQORVWUDEDMRVLQWHUHVDQWHV

7KH\FDPHE\WRVD\KHOOR 7KHSROLFHGULYHE\HYHU\PLQXWHV
3DVDURQSRUDTXSDUDVDOXGDU /DSROLFDSDVDFDGDPLQXWRV HQFRFKH 

,EDUHO\PDNHHQRXJKWRJHWE\ ,JHWE\ZLWKP\OLPLWHG)UHQFK
$SHQDVJDQRSDUDVDOLUGHOSDVR 0HDSDRFRQPLSRFRIUDQFV
$SUHQGHFRQODUHYLVWDGHORVSURIHVLRQDOHVGHO
LQJOV9DXJKDQ5HYLHZ
6XVFULSFLQDODRZZZYDXJKDQUHYLHZFRP
%DQNLQJ 
,QDGGLWLRQWROHQGLQJDQGRWKHUVHUYLFHVEDQNVVDIHJXDUG\RXUPRQH\DQGYDOXDEOHV
0DQ\SHRSOHKDYHVDIHGHSRVLWER[HVLQWKHLUEDQNVZKHUHWKH\NHHSLPSRUWDQWGRFXPHQWVRUYDOXDEOHV
%DQNVDOVRSURYLGHSD\PHQWVHUYLFHVWKURXJKPRQH\RUGHUVDQGFDVKLHUoVFKHFNV
$PRQH\RUGHULVDSD\PHQWRUGHUWKDWLVPRUHWUXVWHGWKDQDSHUVRQDOFKHFNEHFDXVHWKHIXQGVLQWKHRUGHUDUHDOUHDG\SUHSDLG
$FDVKLHUoVFKHFNZKLFKFDQDOVREHFDOOHGDEDQNGUDIWLVDFKHFNWKDWLVJXDUDQWHHGE\WKHEDQN,WLVFOHDUHGE\WKHEDQNLPPHGLDWHO\
:KHQDSHUVRQDOFKHFNLVH[WHQGHGLWPXVWVSHQGWZRGD\VJRLQJWKURXJKFOHDUDQFH,IWKHFKHFNLVQoWFOHDUHGLWERXQFHV
7KHEDQNLQJLQGXVWU\LVXQGHUWKHFRQWURORIDFHQWUDOEDQNWKDWPRQLWRUVLWVDFWLYLWLHVDQGFRQWUROVWKHPRQH\VXSSO\
7KH(XURSHDQ&HQWUDO%DQNLVORFDWHGLQ)UDQNIXUWDQGWKH86)HGHUDO5HVHUYHLVORFDWHGLQ:DVKLQJWRQ'&
7KHFHQWUDOEDQNRUPRQHWDU\DXWKRULW\LVLQGHSHQGHQWIURPJRYHUQPHQWVDQGVHWVPRQHWDU\SROLF\LQDFRXQWU\RUJURXSRIFRXQWULHV
,WVPDLQUHVSRQVLELOLW\LVWRHQVXUHWKHVWDELOLW\RIWKHFXUUHQF\DQGPRQH\VXSSO\DQGWRFRQWUROLQWHUHVWUDWHVFKDUJHGE\WKHEDQNV
0RVWFHQWUDOEDQNVKDYHVXSHUYLVRU\SRZHUVWRPDNHVXUHWKDWEDQNVDQGRWKHUQDQFLDOLQVWLWXWLRQVEHKDYHSURSHUO\
$QLPSRUWDQWWRROXVHGE\WKHFHQWUDOEDQNWRIRUFHEDQNVWREHFRQVHUYDWLYHLVFDOOHGWKHUHVHUYHUHTXLUHPHQWRUUHTXLUHGUHVHUYHUDWLR
7KURXJKWKLVWRROWKHFHQWUDOEDQNHVWDEOLVKHVWKHPLQLPXPDPRXQWRIOLTXLGUHVHUYHVWKDWEDQNVPXVWNHHSRQKDQG
,QWKH8QLWHG6WDWHVWKHUDWLRLVSHUFHQWRIEDQNGHSRVLWV,QWKH8.WKHUDWLRLV]HUR,QWKH(8WKHUHVHUYHUDWLRLVWZRSHUFHQW
$EDQNUXQLVZKHQSHRSOHSDQLFEHFDXVHRIDUXPRUWKDWDEDQNLVLQVROYHQWDQGDOOJRDWWKHVDPHWLPHWRZLWKGUDZWKHLUGHSRVLWV

(FRQRPLFV 
,QDFRPSHWLWLYHPDUNHWSULFHVVHUYHWRHTXDOL]HWKHTXDQWLW\GHPDQGHGE\FRQVXPHUVDQGWKHTXDQLW\VXSSOLHGE\SURGXFHUV
,IWKHUHLVDQLPEDODQFHSULFHVZLOOULVHRUIDOOXQWLOWKHEDODQFHLVHYHQWXDOO\UHVWRUHG
$IDPRXVVFKRRORIHFRQRPLFWKHRU\LVFDOOHG.H\QHVLDQ(FRQRPLFVQDPHGDIWHUWKH%ULWLVKHFRQRPLVW-RKQ0D\QDUG.H\QHV
7KHWKHRU\SODFHVLPSRUWDQFHRQERWKWKHSXEOLFDQGSULYDWHVHFWRUVDVHVVHQWLDOHOHPHQWVLQDpPL[HGqHFRQRP\
%\PL[HGHFRQRP\ZHPHDQDQHFRQRP\WKDWLVEDVHGRQERWKSULYDWHLQLWLDWLYHDQGJRYHUQPHQWLQWHUYHQWLRQ
7KH.H\QHVLDQ7KHRU\ZDVGUDZQXSGXULQJWKHHFRQRPLFGHSUHVVLRQRIWKHoV
,WZDVDQDQVZHUWRZKDWPDQ\SHRSOHFRQVLGHUHGDQLPSRUWDQWIDLOXUHRIODLVVH]IDLUHFDSLWDOLVPRUHFRQRPLFOLEHUDOLVP
)RU.H\QHVWKHJRYHUQPHQWWKURXJKVFDOSROLF\DQGWKHFHQWUDOEDQNWKURXJKPRQHWDU\SROLF\PXVWPDLQWDLQHFRQRPLFVWDELOLW\
)LVFDOSROLF\LVWKHWHUPXVHGWRUHIHUWRWD[DWLRQDQGJRYHUQPHQWVSHQGLQJ7KHJRYHUQPHQWFRQWUROVWKHVHSROLF\DVSHFWV
,IWKHJRYHUQPHQWUDLVHVWD[HVSHRSOHSD\PRUHWD[HVDQGVSHQGOHVVPRQH\7KLVXVXDOO\FRROVWKHHFRQRP\
,IWKHJRYHUQPHQWORZHUVWD[HVSHRSOHSD\IHZHUWD[HVDQGKDYHPRUHLQFRPHIRUFRQVXPSWLRQ7KLVXVXDOO\KHDWVXSWKHHFRQRP\
,IWKHJRYHUQPHQWUDLVHVWD[HVWRRPXFKSHRSOHVSHQGDORWOHVVDQGWKHHFRQRP\FRROVGRZQWRRPXFKFDXVLQJXQHPSOR\PHQW
,IWKHJRYHUQPHQWORZHUVWD[HVWRRPXFKSULYDWHVSHQGLQJJRHVXSWRRIDVWDQGWKHHFRQRP\KHDWVXSWRRPXFKFDXVLQJLQDWLRQ
7KHUHIRUHFRQFHUQLQJVFDOSROLF\WKHJRYHUQPHQWXVHVWKHWD[UDWHVWRVHHNDSHUIHFWEDODQFHEHWZHHQXQHPSOR\PHQWDQGLQDWLRQ
&RQFHUQLQJPRQHWDU\SROLF\LIWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHZLOOERUURZOHVVDQGWKXVVSHQGOHVV

0DQXIDFWXULQJ 
7KHUHDUHWZREDVLFDSSURDFKHVWRPDQXIDFWXULQJWRSURGXFHWRVWRFNDQGWRSURGXFHRQRUGHU
:KHQDIDFWRU\SURGXFHVWRVWRFNLWPDNHVLWVSURGXFWVVWRUHVWKHPLQDZDUHKRXVHDQGORRNVIRUFXVWRPHUVZLOOLQJWREX\WKHP
:KHQDIDFWRU\SURGXFHVRQRUGHULWPDNHVDSURGXFWRQO\ZKHQLWUHFHLYHVDUPRUGHUIURPDFXVWRPHU
&DUPDQXIDFWXUHVSURGXFHWRVWRFN<RXFDQRIWHQVHHKXJHRXWGRRUORWVIXOORIFDUVZDLWLQJWREHVKLSSHGWRGHDOHUV
6RIWZDUHVROXWLRQVPDNHUVSURGXFHRQRUGHUDVHYHU\VROXWLRQLVWDLORUPDGHWRWKHFXVWRPHU
,QWKHSDVW\HDUV-DSDQHVHPDQXIDFWXUHUVKDYHKDGDVWURQJLPSDFWRQWKHHYROXWLRQRIPDQXIDFWXULQJV\VWHPV
/HDQSURGXFWLRQ-XVW,Q7LPHSURGXFWLRQDQGWKH.DQEDQV\VWHPDUHWKUHHLPSRUWDQW-DSDQHVHFRQWULEXWLRQVWRPDQXIDFWXULQJ
/HDQSURGXFWLRQFRPHVIURPWKH(QJOLVKZRUGpOHDQqZKLFKLVWKHRSSRVLWHRIpIDWqZKHQUHIHUULQJWRPHDW
/HDQSURGXFWLRQPHDQVQRIDWSURGXFWLRQWKDWLVSURGXFWLRQDFKLHYHGZLWKPXFKJUHDWHUHIFLHQF\
/HDQSURGXFWLRQPHDQVOHVVZDVWHOHVVKXPDQHIIRUWOHVVVSDFHIHZHUWRROVOHVVLQYHQWRU\DQGOHVVSURGXFWGHYHORSPHQWWLPH
/HDQPDQXIDFWXULQJIRFXVHVRQWKHpVHYHQZDVWHVqVHWRXWE\7R\RWD7KHUVWZDVWHLVGHIHFWV&XVWRPHUVUHMHFWSURGXFWVZLWKGHIHFWV
7KHVHFRQGZDVWHLVRYHUSURGXFWLRQZKLFKPHDQVWKHSURGXFWLRQRUDFTXLVLWLRQRIPDWHULDOVEHIRUHWKH\DUHUHDOO\QHHGHG
2YHUSURGXFWLRQLVFRQVLGHUHGWKHZRUVWZDVWHRIDOOEHFDXVHWKHPDWHULDOVPXVWEHVWRUHGPDQDJHGDQGSURWHFWHG
$FRPSDQ\WKDWVXIIHUVRYHUSURGXFWLRQIHHOVVDIHEHFDXVHWKH\KDYHWKHPDWHULDOVWKH\QHHGDQGEHFDXVHRIWKLVWKH\JHWOD]\
7KHWKLUGZDVWHLVWUDQVSRUWDWLRQ:KHQDSURGXFWLVPRYHGGDPDJHORVVHVRUGHOD\VFDQRFFXU7UDQVSRUWDWLRQDGGVQRWKLQJWRWKHYDOXH 

/RZ%HJLQQHU +LJK%HJLQQHU

%XHQRVGDV DQWHVGHPHGLRGD  *RRGPRUQLQJKRZDUH\RX"


 7HHVWR\HVFXFKDQGRSHURHOODQR ,DPOLVWHQLQJWR\RXEXWVKH
FPRHVWV" LVQoW
%XHQDVWDUGHV HQWUHODV\ *RRGDIWHUQRRQZKHQLV (OODYLYHHQ0DGULGSHURVX 6KHOLYHVLQ0DGULGEXWKHU
ODV FXQGRHVODFRPLGD" OXQFK" KHUPDQRQR EURWKHUGRHVQoW
/DFXHQWDSRUIDYRU 7KHELOOSOHDVH OSXHGHKDEODUIUDQFVSHURVX +HFDQVSHDN)UHQFKEXWKLV
&XQWRHVODFRPLGD" +RZPXFKLVOXQFK" QRYLDQR JLUOIULHQGFDQoW
(VWR\FDQVDGREXHQDVQRFKHV ,oPWLUHGJRRGQLJKW (VWR\HVWXGLDQGRSDUDHOH[DPHQ ,oPVWXG\LQJIRUWKHH[DPEXW
SHURPLVDPLJRVQR P\IULHQGVDUHQoW
0HJXVWDLUDOFROHJLRSHURDPL ,OLNHJRLQJWRVFKRROEXWP\
PHMRUDPLJDQR EHVWIULHQGGRHVQoW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RJXQWD[LSDUDLUDO ,WRRNDWD[LWRJRWRWKH &XOHVHOPHMRUOLEURTXHKDV :KDWoVWKHEHVWERRN\RXoYH


DHURSXHUWR DLUSRUW OHGRQXQFD" HYHUUHDG"
&RPSUXQDFDOFXODGRUDSDUD ,ERXJKWDFDOFXODWRUWRKHOS 4XHVORSHRUTXHKDVKHFKR :KDWoVWKHZRUVWWKLQJ\RXoYH
TXHPHD\XGHFRQPLVGHEHUHV ZLWKP\KRPHZRUN QXQFD" HYHUGRQH"
7UDMHXQERFDGLOORSDUDFRPHU ,EURXJKWDVDQGZLFKWRHDWLQ &XOHVODSHOFXODPVODUJD :KDWoVWKHORQJHVWOP\RXoYH
HQHOGHVFDQVR WKHEUHDN TXHKDVYLVWR" HYHUVHHQ"
)XLDOPXVHRSDUDYHUOD ,ZHQWWRWKHPXVHXPWRVHH &XOHVODSUHQGDPVFDUD :KDWoVWKHPRVWH[SHQVLYH
H[SRVLFLQ WKHH[KLELWLRQ TXHKDVFRPSUDGRQXQFD" LWHPRIFORWKLQJ\RXoYHHYHU
+LFHXQDWDUWDSDUDFHOHEUDUWX ,PDGHDFDNHWRFHOHEUDWH\RXU
 4XLQHVODSHUVRQDPV ERXJKW"
FXPSOHDRV ELUWKGD\ LQWHUHVDQWHFRQODTXHKDV :KRoVWKHPRVWLQWHUHVWLQJ
KDEODGRQXQFD" SHUVRQ\RXoYHHYHUVSRNHQWR"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

6LIXHUDXQDPRVFDYRODUD ,I,ZHUHD\,oG\ /HVJXVWDHOGLVHRSHURGLFHQ 7KH\OLNHWKHGHVLJQEXWWKH\


6LIXHUDXQEHEOORUDUD ,I,ZHUHDEDE\,oGFU\ TXHVXSHUDVXSUHVXSXHVWR VD\LWH[FHHGVWKHLUEXGJHW
6LIXHUDXQODGUQUREDUD ,I,ZHUHDWKLHI,ZRXOGVWHDO |1RSXHGHVHU 7KDWoVLPSRVVLEOH
6LIXHUDVHUSLHQWHPHSHODUD ,I,ZHUHDVQDNH,ZRXOGSHHO 3HURHOSUHFLRIXHSDFWDGR %XWWKHSULFHZDVDJUHHGXSRQ
6LIXHUDLQVSHFWRUGH+DFLHQGD ,I,ZHUHDWD[LQVSHFWRU, KDFHVLJORV DJHVDJR
QRVHORGLUDDQDGLH ZRXOGQoWWHOODQ\ERG\ 2VHDWHQGUHPRVTXH ,QRWKHUZRUGVZHoOOKDYHWR
UHQHJRFLDU UHQHJRWLDWH
1RYHRRWUDVDOLGD ,GRQoWVHHDQ\RWKHUZD\RXW

&KHTXH &KHTXH $FFRXQW1XPEHU 1PHURGHFXHQWD

$PRXQW &DQWLGDG
6WXE 0DWUL]
6LJQDWXUH )LUPD

9RFDEXODULR&KHTXHERRN 7DORQDULRGHFKHTXHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6LHPSUHPHWRFDDPODFKLQD ,DOZD\VGUDZWKHVKRUWVWUDZ |/RVUXLGRVTXHKDFHQORV 7KHQRLVHVDQLPDOVPDNHLQ



|1RVHDVWDQSODVWD 'RQoWEHVXFKDERUH DQLPDOHVHQLQJOV (QJOLVK
/RWHQJRHQODSXQWDGHOD ,WoVRQWKHWLSRIP\WRQJXH 8QSHUURDQLPDGRGLFHpJXDX $QH[FLWHGGRJVD\VpZRRI

OHQJXD JXDXq ZRRIq
&XQGRYDVDVHQWDUFDEH]D" :KHQDUH\RXJRLQJWRVHWWOH 8QSDYRDQVLRVRGLFHpSUXGUX $QDQ[LRXVWXUNH\VD\V

GRZQ" SUXGUXq pJREEOHVJREEOHVq
(UHVXQJDIH <RXoUHDMLQ[ 8QDUDQDKDPEULHQWDGLFH $KXQJU\IURJVD\VpULEELW
pFURDFURDq ULEELWq
(OJDOORTXHQRVGHVSLHUWDGLFH 7KHFRFNWKDWZDNHVXVXSVD\V

pTXLTXLULTXq pFRFNDGRRGOHGRRq


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpE\q  9$8*+$1&/$665220
&ODVHVDWXHPDLO
,oOOJRE\KLVKRXVHDQGGURSLWRII ,oOOUXQE\WKHSKDUPDF\DQGSLFNLWXS
3DVDUSRUVXFDVDSDUDGHMUVHOR 3DVDUSRUODIDUPDFLDDUHFRJHUOR

/HWWKHPE\ 7KH\VDWE\DQGGLGQRWKLQJ
$SUWDWHSDUDGHMDUOHVSDVDU 9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR

3RQDSUXHEDWXOLVWHQLQJFRQHODXGLR\
5XQWKDWE\PHRQHPRUHWLPH 7KH\VWRRGE\DQGGLGQRWKLQJ YLGHRTXHYLHQHQHQFDGDOHFFLQ
([SOFDPHHVRXQDYH]PV 9LHURQWRGR\QRKLFLHURQQDGDSDUDSDUDUOR ,QVFUEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
)LQDQFHDQGDFFRXQWLQJ 
)RUODUJHLQYHVWPHQWSURMHFWVFRPSDQLHVXVXDOO\UHVRUWWRORQJWHUPORDQVRUGHFLGHWRpRDWqERQGV
$ORQJWHUPORDQLVDUUDQJHGZKHQWKHUHSD\PHQWRIWKHORDQDQGWKHXVHIXOOLIHRIWKHDVVHWVSXUFKDVHGDUHH[SHFWHGWRH[FHHGRQH\HDU
,IDFRPSDQ\GHFLGHVWREX\QHZFRPSXWHUHTXLSPHQWDFRPPRQRSWLRQLVWRWDNHRXWDORQJWHUPORDQWRSD\IRUWKHQHZHTXLSPHQW
/RQJWHUPORDQVDUHRIWHQVHFXUHGE\WKHQHZDVVHW,QRWKHUZRUGVWKHDVVHWLVXVHGDVFROODWHUDORQWKHORDQ
,IWKHEDQNLQVLVWVRQVHFXULWL]DWLRQDQGWKHFRPSDQ\GRHVQoWDJUHHWKHQWKHEDQNZLOODVNIRUSHUVRQDOJXDUDQWHHVIURPWKHRZQHUV
2QWKHEDODQFHVKHHWWKHHTXLSPHQWVKRZVXSDVD[HGDVVHWDQGWKHORDQDVDORQJWHUPOLDELOLW\
%DQNVDQGRWKHUOHQGHUVPDNHORDQVWREXVLQHVVHVWKDWVKRZVWURQJPDQDJHPHQWDELOLW\DQGVWHDG\JURZWKSRWHQWLDO
$ZULWWHQEXVLQHVVSODQLQFOXGLQJDFDVKRZIRUHFDVWPXVWEHSUHVHQWHGWRGHPRQVWUDWHWKHFRPSDQ\oVDELOLW\WRSD\EDFNWKHORDQ
7KHWHUPpFDVKRZqPHDQVVLPSO\WKHPRQH\WKDWPRYHVLQWRDQGRXWRIWKHEXVLQHVV,WoVWKHF\FOHRIFDVKLQRZVDQGRXWRZV
,QDFFRXQWLQJWHUPVLWoVWKHSURWDIWHUWD[HVSOXVGHSUHFLDWLRQDQGDPRUWL]DWLRQFRVWVSOXVSURYLVLRQV
'HSUHFLDWLRQDPRUWL]DWLRQDQGSURYLVLRQVDUHH[SHQVHVWKDWDUHQRWUHDOO\PRQH\ORVVHVLQDJLYHQVFDORUQDQFLDO\HDU
,IDFRPSDQ\EX\VDPDFKLQHIRUHXURVLWXVXDOO\SD\VDOOWKHPRQH\XSRQSXUFKDVH7KHQLWDSSOLHVDGHSUHFLDWLRQVFKHGXOH
7KLVPHDQVWKDWRYHUWKHQH[W\HDUVIRUH[DPSOHWKHFRPSDQ\pGHSUHFLDWHVqWKHPDFKLQHE\GHGXFWLQJDH[SHQVHDQQXDOO\
7KHHXURVWKDWWKHFRPSDQ\GHGXFWVHYHU\\HDULVDUHDOH[SHQVHEXWWKHPRQH\ZDVDOUHDG\SDLGRXWXSRQSXUFKDVHLQ\HDU]HUR
%HFDXVHWKHGHSUHFLDWLRQH[SHQVHLVQRWDUHDOORVVRIPRQH\GXULQJWKH\HDULWLVDGGHGEDFNWRWKHQHWSURWWRFDOFXODWHFDVKRZ

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
,QDGGLWLRQWRWKHEUDQGHTXLW\RIDSURGXFWDQRQJRLQJHIIRUWVKRXOGEHPDGHWRRSWLPL]HIXQFWLRQDOLW\VW\OLQJTXDOLW\DQGSDFNDJLQJ
6XFFHVVIXOSURGXFWVDOZD\VZRUNSURSHUO\QHHGOLWWOHRUQRVHUYLFLQJDQGDUHDWWUDFWLYHWRWKHH\H
)LQDOO\GHSHQGLQJRQWKHW\SHRISURGXFWLWZLOOQHHGJRRGDIWHUVDOHVVHUYLFHDQGZDUUDQW\SURWHFWLRQ
7KHVHFRQGp3qDIWHU3URGXFWLVp3ULFHq2IWHQWKHSULFHGHFLVLRQGHSHQGVRQWKHSURGXFWVWUDWHJ\
,IDFRPSDQ\ZDQWVWRJDLQPDUNHWVKDUHDVTXLFNO\DVSRVVLEOHWKHQWKHSULFHLVNHSWORZWRSURPRWHSHQHWUDWLRQ
,IWKHSURGXFWLVPDWXUHRULQGHFOLQHDFRPSDQ\PLJKWGHFLGHRQDKLJKSULFHZLWKWKHLGHDRIpVNLPPLQJqWKHPDUNHW
7KHYHUEpWRVNLPqPHDQVWRWDNHWKHFUHDPRUIDWRIIWKHVXUIDFHRIPLON7RVNLPDSURGXFWPHDQVWRH[SORLWLWIRUPD[LPXPSURW
3ULFLQJFDQDOVREHVXEMHFWWRGLVFRXQWV$TXDQWLW\GLVFRXQWLVZKHQFXVWRPHUVUHFHLYHDGLVFRXQWIRUSXUFKDVLQJLQODUJHTXDQWLWLHV
$FXPXODWLYHTXDQWLW\GLVFRXQWLVZKHQDODUJHQXPEHURIVPDOOLQGLYLGXDORUGHUVDOORZVDFXVWRPHUWRUHFHLYHDTXDQWLW\GLVFRXQW
6HDVRQDOGLVFRXQWVDUHRIIHUHGWRFXVWRPHUVZKREX\WKHSURGXFWRUVHUYLFHLQORZVHDVRQRURIIVHDVRQ
&DVKGLVFRXQWVDUHWKRVHRIIHUHGWRFXVWRPHUVZKRSD\WKHLUELOOVEHIRUHDVSHFLHGGDWH
7UDGHGLVFRXQWVDUHWKRVHRIIHUHGWRPLGGOHPHQRULQWHUPHGLDULHVZKRDUHUHJXODUPHPEHUVRIWKHYDOXHFKDLQ
3URPRWLRQDOGLVFRXQWVDUHWKRVHWKDWDUHRIIHUHGWRWKHSXEOLFLQRUGHUWRVWLPXODWHVDOHV
)RUPDQ\PDUNHWHUVSULFLQJLVWKHPRVWLPSRUWDQWHOHPHQWLQPDUNHWLQJ)RUWKHPLWoVLPSHUDWLYHWRVHWDSULFLQJREMHFWLYH
6RPHFRPSDQLHVVHHNWRSURPRWHTXDOLW\OHDGHUVKLSDQGWKH\XVHSULFHDVDVLJQDORIKLJKTXDOLW\LQDQHIIRUWWRSRVLWLRQWKHLUSURGXFW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
0DQ\&(2oVFRQFHQWUDWHRQWKHYDOXHFKDLQRIWKHLUFRPSDQ\7KHUVWHOHPHQWLQWKHYDOXHFKDLQLVLQERXQGORJLVWLFV
,QERXQGORJLVWLFVLQFOXGHVDOOWKHDFWLYLWLHVWKDWDUHSHUIRUPHGE\WKHFRPSDQ\WRJHWWKHUDZPDWHULDOVWRWKHIDFWRU\
7KHVHFRQGHOHPHQWLQWKHYDOXHFKDLQLVRSHUDWLRQVWKDWLVWKHSURFHVVHVQHFHVVDU\WRWUDQVIRUPWKHLQSXWVLQWRQLVKHGSURGXFWV
7KHWKLUGHOHPHQWLVRXWERXQGORJLVWLFVZKLFKLQFOXGHVWKHZDUHKRXVLQJRIQLVKHGSURGXFWVDQGWKHLUGLVWULEXWLRQWKURXJKWKHFKDQQHO
7KHIRXUWKHOHPHQWLVPDUNHWLQJDQGVDOHVZKLFKLQFOXGHVLGHQWLI\LQJWKHQHHGVRIWKHFXVWRPHUDQGJHQHUDWLQJVDOHV
$QGQDOO\WKHIWKHOHPHQWLVWKHVXSSRUWWKDWFXVWRPHUVQHHGDIWHUEX\LQJWKHSURGXFWRUVHUYLFH
7KHVHYHHOHPHQWVDUHVXSSRUWHGE\WKHLQIUDVWUXFWXUHRIWKHFRPSDQ\LWVRUJDQL]DWLRQLWVFRQWUROV\VWHPVDQGWKHFRUSRUDWHFXOWXUH
,WLVDOVRVXSSRUWHGE\WKHKXPDQUHVRXUFHVPDQDJHPHQWZKLFKLQFOXGHVUHFUXLWLQJWUDLQLQJGHYHORSPHQWDQGFRPSHQVDWLRQ
0DQ\&(2oVXVHWKLVPRGHOWRGHQHWKHpFRUHFRPSHWHQFLHVqRIWKHFRPSDQ\DQGLGHQWLI\DFWLYLWLHVWRJLYHLWDFRPSHWLWLYHDGYDQWDJH
7KHUHDUHEDVLFDOO\WZRVWUDWHJLFGHFLVLRQVWKDW&(2oVPDNHDERXWWKHIXWXUHRIWKHLUFRPSDQ\&RVWDGYDQWDJHRUGLIIHUHQWLDWLRQ
,IWKHFRPSDQ\SXUVXHVFRVWDGYDQWDJHWKLVPHDQVWKDWWKHVWUDWHJ\ZLOOEHWRFRPSHWHLQSULFHDQGEHFRPHWKHORZSULFHFRPSHWLWRU
7RDFKLHYHWKLVWKH&(2PXVWQGZD\VWRUHGXFHWKHFRVWRIYDOXHFKDLQDFWLYLWLHVRUUHFRQJXUHWKHYDOXHFKDLQDOWRJHWKHU
5HGXFLQJFRVWVUHTXLUHVDGGUHVVLQJZKDWVWUDWHJLVWVFDOOpFRVWGULYHUVqPDQ\RIZKLFKDUHLQWHUOLQNHGDQGUHODWHGWRHFRQRPLHVRIVFDOH
7KHPRVWLPSRUWDQWHOHPHQWLQFXWWLQJFRVWVLVWRJDLQJUHDWHUPDUNHWVKDUHDQGDVDUHVXOWPRYHGRZQWKHOHDUQLQJRUH[SHULHQFHFXUYH
7KHPRUHXQLWVRIDSURGXFWDFRPSDQ\SURGXFHVWKHORZHUWKHXQLWFRVWRISURGXFWLRQ7KHUHIRUHLQFUHDVLQJPDUNHWVKDUHLVHVVHQWLDO



/RZ%HJLQQHU +LJK%HJLQQHU

6XFRFKH GHHOORV HVHOD]XO 7KHLUFDULVWKHEOXHRQH 7HORHVWR\GDQGRSRUTXHHVWX\R ,oPJLYLQJLWWR\RXEHFDXVHLWoV


0LFDVDHVODSHTXHD 0\KRXVHLVWKHVPDOORQH \RXUV
7XDVLHQWRHVHVWH <RXUVHDWLVWKLVRQH (OODPHORHVWGDQGRSRUTXH 6KHoVJLYLQJLWWRPHEHFDXVH
6XEROVRHVHOPDUUQ" ,VKHUEDJWKHEURZQRQH" HVPR LWoVPLQH
1XHVWURVOLEURVVRQORVJUDQGHV 2XUERRNVDUHWKHELJRQHV 3RUTXOVHORHVWGDQGR" :K\LVKHJLYLQJLWWRWKHP"
DHOORV 
1RVORHVWQGDQGR 7KH\oUHJLYLQJLWWRXV
6HORHVWDPRVGDQGR DHOODV  :HoUHJLYLQJLWWRWKHP

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&RQTXIUHFXHQFLDYDLVDOO" +RZRIWHQGR\RXJRWKHUH" 6HFRQVLGHUDDVPLVPRXQ +HFRQVLGHUVKLPVHOIDIDLOXUH


&XQWDVYHFHVIXLVWHDOO" +RZPDQ\WLPHVGLG\RXJR IUDFDVDGR
WKHUH" 3RUTXIUDFDVDVWH" :K\GLG\RXIDLO"
&RQTXIUHFXHQFLDYLHQHWX +RZRIWHQGRHV\RXUEURWKHU 1RWXYLHURQ[LWR 7KH\GLGQoWVXFFHHG
KHUPDQRD(VSDD" FRPHWR6SDLQ" +DWHQLGRPXFKR[LWRHQOD 6KHoVEHHQYHU\VXFFHVVIXOLQ
6LHPSUHWHQJRTXHGHFLUWHOR ,DOZD\VKDYHWRWHOO\RXWKH
 YLGD KHUOLIH
PLVPR VDPHWKLQJ (O[LWRQRHVORQLFRTXH 6XFFHVVLVQoWWKHRQO\WKLQJ
3RUTXQXQFDIXQFLRQD" :K\GRHVLWQHYHUZRUN" LPSRUWDHQODYLGD WKDWPDWWHUVLQOLIH

3UHPRODU 3UHPRODU
,QFLVRU ,QFLVLYR
&DQLQH &ROPLOOR

)LOOLQJ (PSDVWH
0RODU 0XHOD

&DYLW\ &DULH

9RFDEXODULR7HHWK 'LHQWHV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

|4XSHQD :KDWDVKDPH SLW\  3RUTXVHWHFD\HURQ" :K\GLG\RXGURSWKHP"


/DVSHUVRQDVVLQKRJDUPHGDQ ,IHHOUHDOO\VRUU\IRUWKH
 1RORKLFHDSURSVLWR ,GLGQoWGRLWRQSXUSRVH
PXFKDSHQD KRPHOHVV 5HVEDOFRQODSLHOGHXQSOWDQR ,VOLSSHGRQDEDQDQDSHHO
(VWR\WRWDOPHQWHHQFRQWUD ,oPWRWDOO\DJDLQVWWKHGHDWK 1RODVGHMHVHQHOVXHOR 'RQoWOHDYHWKHPRQWKHRRU
GHODSHQDGHPXHUWH SHQDOW\ UHFJHODV SLFNWKHPXS
1RYDOHODSHQDGLVFXWLUFRQ ,WoVQRWZRUWKDUJXLQJZLWK 1RPHSXHGRDJDFKDUPH ,FDQoWEHQGGRZQP\EDFN
HOORV WKHP GXHOHODHVSDOGD KXUWV
1RPHUHFHODSHQD ,WoVQRWZRUWKLW

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&XOHVHOVDODULRPQLPRHQ :KDWoVWKHPLQLPXPZDJHLQ 1RHVSHUDEDTXHIXHUDVWDQ ,GLGQoWH[SHFW\RXWREHVXFKD


WXSDV" \RXUFRXQWU\" FKDTXHWHUR WXUQFRDW
/DGXUDFLQGHODMRUQDGD 7KHOHQJWKRIWKHZRUNLQJGD\ 9LYHHQHOTXLQWRSLQR +HOLYHVDWWKHEDFNRIEH\RQG
ODERUDOHVGHRFKRKRUDV LVKRXUV 6HSXHGHKDFHUHQXQVDQWLDPQ ,WFDQEHGRQHLQDMLII\
(OVXHOGRHVWYLQFXODGRDO 6DODU\LVOLQNHGWRSHUIRUPDQFH 1LVHWHRFXUUDPRQWDUXQ 'RQoWHYHQWKLQNDERXWPDNLQJ
UHQGLPLHQWR QXPHULWR DVFHQH
1HJRFLDUQHQQRPEUHGHWRGRV 7KH\oOOQHJRWLDWHRQEHKDOIRI (VWDYH]WHKDVSDVDGRGHODUD\D <RXoYHRYHUVWHSSHGWKHPDUN
ORVHPSOHDGRV DOOWKHHPSOR\HHV WKLVWLPH
(QFRQWUHVWHWUDEDMRDWUDYV ,IRXQGWKLVMREWKURXJKD
GHXQD(77 WHPSRUDU\ZRUNDJHQF\



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRIq 
3UDFWLFDO(QJOLVKDWDUHVWDXUDQW
:KDWHYHUFDPHRIKLP" 6SHDNLQJRIWKHGHYLOf
4XIXHGHO" +DEODQGRGHOUH\GH5RPD 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
IUDVHVHQLQJOV"
,oYHQHYHUKHDUGRIKLP 7KLQNRIVRPHWKLQJ 8QDPHVDSDUDFXDWURSRUIDYRU
1RPHVXHQDVXQRPEUHSDUDQDGD |,QYQWDWHDOJR SDUDGHFUVHORDRWUR  &XOHVHOPHQGHOGD"
9R\DWRPDUHOOHWHSRFRKHFKR
:KDWGR\RXPDNHRILW" ,NQRZRIQRRQHFDSDEOHRIGRLQJLW ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
4XRSLQDV" GHODVLWXDFLQ  1RVGHQDGLHFDSD]GHKDFHUOR UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV

,QYHVWLQJ 
6WDUWLQJDWDJHLI\RXSXWHXURVDPRQWKLQDVDYLQJVSODQWKDWSURYLGHVDUHWXUQ\RXZLOOKDYHHXURVDWDJH
,I\RXLQFUHDVHWKHHXURVDPRQWKE\RQO\YHHXURVHDFK\HDUWKHQDODPRXQWZLOOFRPHWRHXURV
,I\RXWUDQVIRUPHGWKDWQDOPRXQWLQWRDQDQQXLW\DW\RXZRXOGUHFHLYHRYHUHXURVSHUPRQWKIRUWKHUHVWRI\RXUOLIH
$QDQQXLW\LVDPRQWKO\OLIHWLPHLQFRPHWKDWLQVXUDQFHFRPSDQLHVZLOOSD\\RXRQDQ\DPRXQWRIPRQH\WKDW\RXJLYHWKHP
2IWHQIDPRXVVSRUWVVWDUVZKRHDUQDORWRIPRQH\LQDVKRUWSHULRGRI\HDUVKDQGRYHUDSRUWLRQRIWKRVHHDUQLQJVWRDQLQVXUDQFHUP
7KHUPWUDQVIHUVWKHPRQH\LQWRDQHQGRZPHQWZKLFKWKHVSRUWVVWDUGRHVQoWWRXFKXQWLODJHZKHQWKHHQGRZPHQWPDWXUHV
$IWHUWKHHQGRZPHQWPDWXUHVWKHQWKHH[VSRUWVVWDUFDQWDNHDOOWKHPRQH\RUWUDQVIRUPLWLQWRDQDQQXLW\
,QVXUDQFHFRPSDQLHVRIIHUHQGRZPHQWSROLFLHVWRQRUPDOSHRSOHWRRUHFRPPHQGLQJDQDQQXLW\DWPDWXULW\
7KHVHHQGRZPHQWVDUHORQJWHUPVDYLQJVSODQVVLPLODUWRSHQVLRQIXQGVUHJXODWHGE\WKHJRYHUQPHQWZLWKRQHDGGLWLRQ
$QHQGRZPHQWDOPRVWDOZD\VLQFOXGHVOLIHLQVXUDQFHFRYHUDJHWKDWDOORZVDSHUVRQoVEHQHFLDULHVLPSRUWDQWSURFHHGVLIWKHSHUVRQGLHV
7KHWHUPpSURFHHGVqLVWKHZRUGZHXVHWRUHIHUWRWKHPRQH\DEHQHFLDU\UHFHLYHVIURPDOLIHLQVXUDQFHSROLF\
,QYHVWLQJLQOLIHLQVXUDQFHHQGRZPHQWVLVRQHRIWKHVDIHVWLQYHVWPHQWVWKDWH[LVW7KHUHWXUQLVQRWKLJKEXWLWLVVHFXUH
2WKHUQDQFLDOLQVWUXPHQWVRIIHUJUHDWHUUHWXUQVEXWWKHLQYHVWRUPXVWH[HUFLVHVHOIGLVFLSOLQHDQGLQYHVWPRQH\UHOLJLRXVO\HYHU\\HDU
7KHPRQH\SXWLQWROLIHLQVXUDQFHHQGRZPHQWVLVXVXDOO\E\PHDQVRIGLUHFWGHELWLQWRDEDQNDFFRXQWVLPLODUWRWKHHOHFWULFELOO
2YHUD\HDUSHULRGPRVWSHRSOHFDQQRWPDLQWDLQWKHVDYLQJVGLVFLSOLQHWKDWDOLIHLQVXUDQFHHQGRZPHQWIRUFHVWKHPWRDFTXLUH

+XPDQUHVRXUFHV 
+XPDQUHVRXUFHVPDQDJHPHQWLVEHFRPLQJDQLQFUHDVLQJO\FULWLFDOIXQFWLRQIRUWKHVXFFHVVRIODUJHDQGVPDOORUJDQL]DWLRQV
/HJDOTXHVWLRQVVXFKDVIDLUQHVVLQKLULQJDQGSURPRWLQJDUHEHFRPLQJLQFUHDVLQJO\LPSRUWDQW*RYHUQPHQWVVHHNHTXDORSSRUWXQLW\
,QUHFUXLWPHQW+5PXVWGHWHUPLQHWKHUHFUXLWPHQWQHHGVDQGREMHFWLYHVDQGKRZPXFKLVLQWHUQDOO\VRXUFHGDQGKRZPXFKH[WHUQDOO\
+5QHHGVWRPDQDJHWKHMREDSSOLFDWLRQSURFHVVLQWHUYLHZLQJEDFNJURXQGWHVWLQJSUHHPSOR\PHQWWHVWLQJDQGPHGLFDOH[DPLQDWLRQV
,QWKHDUHDRIFDUHHUSODQQLQJDQGGHYHORSPHQW+5PXVWNQRZKRZWRDFFRPPRGDWHRUJDQL]DWLRQDODQGLQGLYLGXDOQHHGV
7KH+5GHSDUWPHQWVKRXOGDOZD\VRYHUVHHDQGFORVHO\PRQLWRUPRELOLW\ZLWKLQWKHRUJDQL]DWLRQDVZHOODVMREWUDQVLWLRQV
+5LVXVXDOO\WKHDUHDPRVWDFWLYHLQLQGLYLGXDOGLVPLVVDOVFROOHFWLYHOD\RIIVUHWLUHPHQWVDQGHPSOR\HUGHIHQFHVDJDLQVWOLWLJDWLRQ
7KH+5DUHDVKRXOGDOZD\VWU\WRPDLQWDLQDFORVHOLQNEHWZHHQWUDLQLQJDQGWKHJRDOVREMHFWLYHVDQGVWUDWHJLHVRIWKHRUJDQL]DWLRQ
*RRGWUDLQLQJFDQEHYLWDOWRWKHKHDOWKDQGJURZWKRIDQRUJDQL]DWLRQDQG+5VKRXOGDOZD\VDQDO\]HWKHFRVWVDQGEHQHWV
7KHWUDLQLQJDUHDVKRXOGEHHIIHFWLYHLQVHOHFWLQJJRRGWUDLQHUVRUWUDLQLQJUPVDQGLQHVWDEOLVKLQJWKHULJKWW\SHVRIWUDLQLQJSURJUDPV
:KHQGHWHUPLQLQJFRPSHQVDWLRQWKH+5GHSDUWPHQWPXVWDOZD\VFRQVLGHUDOOIDFWRUVWKDWFDQLQXHQFHVDODU\DQGEHQHWV
6RPHRIWKHVHIDFWRUVLQFOXGHLQDWLRQLQWHUHVWUDWHVLQGXVWU\FRPSHQVDWLRQVWDQGDUGVGHPRJUDSKLFVDQGODERXUPDUNHWWUHQGV
&RPSHQVDWLRQSURJUDPVDUHXVXDOO\DGDSWHGDQGWDLORUHGWRWKHRUJDQL]DWLRQoVFXOWXUHVWUXFWXUHDQGREMHFWLYHV
&RPSHQVDWLRQLQFOXGHVWKHEDVHSD\RUVDODU\GLIIHUHQWLDOSD\DQGLQFHQWLYHSD\,QFHQWLYHSD\LQFOXGHVERQXVHVDQGRWKHUEHQHWV
'LIIHUHQWLDOSD\LVDGGLWLRQDOSD\SURYLGHGWRWKRVHHPSOR\HHVZKRKDYHWRZRUNLQXQGHUVSHFLDOFRQGLWLRQVWKDWGLIIHUIURPWKHQRUP

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
3HRSOHLQWHUHVWHGLQVHFUHWDULDOZRUNVKRXOGEHFRPSXWHUOLWHUDWHDQGDZDUHRIQHZWHFKQRORJ\-REWHFKQRORJ\LVHYROYLQJTXLFNO\
*RRG3$oVDOZD\VVWULYHWRVHHNQHZFKDOOHQJHVDQGWDNHRQQHZUHVSRQVLELOLWLHVWKDWZLOOH[SDQGWKHLUVNLOOV
0DQ\SHUVRQDODVVLVWDQWVIDLOEHFDXVHRISRRUSHRSOHVNLOOV,WoVHVVHQWLDOIRUD3$WREXLOGDQGPDLQWDLQSRVLWLYHUHODWLRQVKLSVDWZRUN
$JRRGVHFUHWDU\VKRXOGDOZD\VORRNIRUQHZZD\VWRGRWKLQJVEHWWHUTXLFNHUPRUHHIFLHQWO\DQGPRUHHIIHFWLYHO\
6HFUHWDULHVQHHGWRNQRZKRZWRPXOWLWDVNDVWKH\RIWHQSHUIRUPVHYHUDOWDVNVDWWKHVDPHWLPHZKLFKUHTXLUHVEHLQJZHOORUJDQL]HG
,QH[LEOHDWWLWXGHVZLOORQO\EULQJSUREOHPV$VHFUHWDU\DOPRVWDOZD\VQHHGVWRDGDSWWRWKHZRUNLQJVW\OHRIWKHERVV
$JRRG3$PXVWEHDEOHWRLQWHUDFWDWDOOOHYHOVDVVKHLVRIWHQWKHSRLQWRIFRRUGLQDWLRQEHWZHHQGLIIHUHQWGHSDUWPHQWV
$SURDFWLYHVHFUHWDU\LVDOZD\VWKHEHVW6KHDQWLFLSDWHVZKDWWKHERVVQHHGVDQGLVUHDG\ZKHQWKHUHTXHVWFRPHV
,WoVHVSHFLDOO\LPSRUWDQWWKDWDVHFUHWDU\NQRZKRZWRZULWHZHOOZLWKQRVSHOOLQJHUURUVW\SRVRUJUDPPDWLFDOPLVWDNHVZKHQZULWLQJ
0RVWERVVHVKDYHDVHOHFWLYHPHPRU\IRUZKDWLVFULWLFDOIRUWKHRUJDQL]DWLRQ$JRRG3$PXVWSURYLGHWKHUHVWRIWKHPHPRU\QHHGV
:KHQRUJDQL]LQJPHHWLQJVRXWVLGHWKHFRPSDQ\DVHFUHWDU\QHHGVWRNQRZZKDWORFDOKRWHOVKDYHWRRIIHUDQGZKDWWKHPHHWLQJVUHTXLUH
,QWKHIXWXUHVHFUHWDULHVZLOOEHFRPHSURMHFWPDQDJHUVDQGGHFLVLRQPDNHUV7KH\ZLOOSURYLGHVROXWLRQVLQUXQQLQJDQRIFH
&RPSDQLHVZRXOGEHZLVHWRGHYHORSVHFUHWDULHVDVSUREOHPVROYHUVDQGGHFLVLRQPDNHUV
7RSVHFUHWDULHVNQRZKRZWRVWUXFWXUHRUJDQL]HDQGZULWHOHWWHUVPHPRVDQGUHSRUWVWRDFFXUDWHO\FRPPXQLFDWHEXVLQHVVPDWWHUV
6HFUHWDULHVPXVWEHDEOHWRPDNHRQWKHVSRWGHFLVLRQVDQGGHYHORSVROXWLRQVIRUFRPSOH[SUREOHPV 

/RZ%HJLQQHU +LJK%HJLQQHU

'HGQGHVRQHOODV" :KHUHDUHWKH\IURP" 'HTXLQHV" :KRVHLVLW"


1RVRQIUDQFHVDV" $UHQoWWKH\)UHQFK" 'HTXLQHVHVWDFDUWD" :KRVHOHWWHULVWKLV"
6XVSDGUHV GHHOOD VRQGH $UHKHUSDUHQWVIURP)UDQFH
 SHUWHQHQFLD 
)UDQFLDWDPELQ" WRR" 'HTXLQHVHVWDFDUWD" :KRLVWKLVOHWWHUIURP"
6RLVLQJOHVDV" $UH\RX(QJOLVK" SURFHGHQFLD 
6RPRVSURIHVRUDVGHLQJOV :HDUH(QJOLVKWHDFKHUV 'HTXLQVRQHVWDVOODYHV" :KRVHNH\VDUHWKHVH"
'HTXLQIXHHVDLGHD" :KRVHLGHDZDVWKDW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

9HQDTX\WUHPHXQYDVRGH &RPHKHUHDQGEULQJPHD (OODQRVHDFXHUGDGHORTXH 6KHGRHVQoWUHPHPEHUZKDW


DJXD JODVVRIZDWHU KL]R VKHGLG
9HDOO\OOHYDHVWHPHQVDMH *RWKHUHDQGWDNHWKLVPHVVDJH /HVGLMLVWHGQGHEDPRV" 'LG\RXWHOOWKHPZKHUHZH
FRQWLJR ZLWK\RX ZHUHJRLQJ"
4XLQQRVOOHYDUDO :KRZLOOWDNHXVWRWKH 1RHQWLHQGRSRUTXOWLHQH ,GRQoWXQGHUVWDQGZK\KHKDV
DHURSXHUWR" DLUSRUW" TXHGHFLUFRVDVDV WRVD\WKLQJVOLNHWKDW
4XKDUVVLHOODWHGLFH :KDWZLOO\RXGRLIVKHVD\V 6DEHOFXQWDVSHUVRQDV 'RHVKHNQRZKRZPDQ\
TXHQR" QR" KDEU" SHRSOHWKHUHZLOOEH"
4XKDUVFXDQGRHOODWHGLJD :KDWZLOO\RXGRZKHQVKH /HVYDVDSUHJXQWDUFXQGR $UH\RXJRLQJWRDVNWKHP
TXHQR" VD\VQR" YDQDYHQLU" ZKHQWKH\oUHJRLQJWRFRPH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VWRV]DSDWRVQRPHKDQ 7KHVHVKRHVGLGQoWFRVWPH $QQRVHKDWRPDGRQLQJXQD +DVQoWDQ\GHFLVLRQEHHQWDNHQ


FRVWDGRQDGD DQ\WKLQJ GHFLVLQ" \HW"
1RSLHQVRGDUWHQLQJXQR ,oPQRWSODQQLQJWRJLYH\RX 7RGDYDHOODVVHHVWQYLVWLHQGR 7KH\oUHVWLOOJHWWLQJGUHVVHG
DQ\ <DQRSDUHFHTXHYD\DDOORYHU ,WGRHVQoWORRNOLNHLWoVJRLQJWR
(OODQRKDYLVWRQLQJXQDGH 6KHKDVQoWVHHQHLWKHURIWKRVH UDLQDQ\PRUH
HVDVGRVSHOFXODV OPV 1RGHEHUDKDEHUXQRHQHO 6KRXOGQoWWKHUHEHRQHLQWKH
1LQJXQRGHHVRVDUFKLYRVVRQ 1RQHRIWKRVHOHVDUH\RXUV
 FDMQ" GUDZHU"
WX\RV 1RKDEUDKDELGRSUREOHPDVVL :RXOGQoWWKHUHKDYHEHHQ
1RKDFDQDGDFXDQGRPHYLVWH ,ZDVQoWGRLQJDQ\WKLQJZKHQ VHKXELHVHQHQWHUDGR" SUREOHPVLIWKH\KDGIRXQGRXW"
\RXVDZPH

1DLOYDUQLVKUHPRYHU 4XLWDHVPDOWH 1DLOVFLVVRUV 7LMHUDVGHXDV

1DLOYDUQLVK (VPDOWHGHXDV
1DLOFOLSSHUV &RUWDDV

1DLOOH /LPDGHXDV

9RFDEXODULR0DQLFXUH 0DQLFXUD

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(OSLVWRVHKDFHFRQFDODEDFLQHV 5DWDWRXLOOHLVPDGHZLWK 1RVHKDQWUDJDGRQLXQD 7KH\GLGQoWVZDOORZDZRUG


\EHUHQMHQDV FRXUJHWWHVDQGDXEHUJLQHV SDODEUD RILW
4XKD\H[DFWDPHQWHHQOD :KDWoVLQWKHIUXLWVDODG
 (VWDEDVXGDQGRODJRWDJRUGD ,ZDVVZHDWLQJEXFNHWV
PDFHGRQLD" H[DFWO\" 0DQWHQPHDOFRUULHQWHGHOR .HHSPHLQIRUPHGDERXW
1RPHJXVWDQORVFDOORVSDUD ,GRQoWOLNHWULSHDWDOO
 TXHSDVD ZKDWoVJRLQJRQ
QDGD 6DFLHQFLDFLHUWDTXHQRIXH ,NQRZIRUDIDFWWKDWLWZDVQoW
(VXQSODWRSDUHFLGRDOEDFDODR ,WoVDGLVKVLPLODUWREDWWHUHG
 DV OLNHWKDW
UHER]DGR FRG &XDQGRODRLJRFDQWDUPH :KHQ,KHDUKHUVLQJ,JHW
6HGLFHTXHHOSHUHMLOHVEXHQR ,WoVVDLGWKDWSDUVOH\LVJRRGIRU
 SRQHODFDUQHGHJDOOLQD JRRVHEXPSV
SDUDHODOLHQWR WKHEUHDWK


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWRq 
9RFDEXODU\
<RXDUHWREHKHUHDW 7KHWRWDOFRPHVWRHXURV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
7HQLVTXHHVWDUDTXDODV (OWRWDODVFLHQGHDHXURV IUDVHVHQLQJOV"
6HUDXWQRPRWLHQHVXVYHQWDMDV
:KDWFRQFOXVLRQDUHZHWRGUDZ" :KHQLWFRPHVWRPRQH\%HQLVWKHH[SHUW 7DOYH]VLKDFHPRVXQDWRUPHQWDGHLGHDV
4XFRQFOXVLQGHEHPRVVDFDU" &XDQGRVHWUDWDGHGLQHUR%HQHVHOH[SHUWR VXUJLUQQXHYDVLGHDV
|(QKRUDEXHQD0HGLFHQTXHKDVVLGR
:KHQKHFDPHWRKHVDLGQRWKLQJ ,QHYHUWKRXJKWLWZRXOGFRPHWRWKLV DVFHQGLGR
&XDQGRYROYLHQVQRGLMRQDGD 1XQFDSHQVTXHOOHJDUDDHVWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV 
$QLPSRUWDQWHOHPHQWLQWKH6&0SODQLVWRGHYHORSPHWULFVWRPRQLWRUWKHFKDLQIRUHIFLHQF\ORZFRVWKLJKTXDOLW\DQGYDOXH
7KHWHUPpPHWULFVqLVXVHGRIWHQLQSODFHRIpPHDVXUHPHQWVqZKHQGHDOLQJZLWK6&0DQG,7PDQDJHPHQW
7KHSODQVKRXOGFOHDUO\LGHQWLI\ZKDWNLQGVRIVXSSOLHUVDUHUHTXLUHGWRGHOLYHUWKHJRRGVDQGVHUYLFHVQHFHVVDU\IRUVXFFHVV
7KHFRPSDQ\ZRUNVZLWKVXSSOLHUVWRHVWDEOLVKVWUHDPOLQHGSURFHVVHVIRUSULFLQJGHOLYHU\DQGSD\PHQWZLWKPHWULFVWRPRQLWRUUHVXOWV
7KHEDVLFDFWLYLWLHVLQFOXGHVKLSPHQWUHFHSWLRQYHULFDWLRQWUDQVIHUWRPDQXIDFWXULQJDQGDXWKRUL]DWLRQRISD\PHQWWRWKHVXSSOLHU
,QPDQXIDFWXULQJWKHPDWHULDOVDUHWUDQVIRUPHGWHVWHGSDFNDJHGDQGSUHSDUHGIRUGHOLYHU\
'XULQJWKHPDQXIDFWXULQJSKDVHPHWULFVDUHSHUIRUPHGRQTXDOLW\SURGXFWLRQRXWSXWDQGZRUNHUSURGXFWLYLW\
3RVWSURGXFWLRQORJLVWLFVLQFOXGHRUGHUUHFHLSWIURPFXVWRPHUVZDUHKRXVLQJWUDQVSRUWDWLRQLQYRLFLQJDQGFROOHFWLRQ
$QDOSKDVHLVWKHQHHGWRFUHDWHDQHWZRUNIRUUHFHLYLQJGHIHFWLYHRUH[FHVVSURGXFWVUHWXUQHGIURPFXVWRPHUV
7KLVSKDVHDOVRLQFOXGHVFUHDWLQJDVWURQJDIWHUVDOHVVXSSRUWV\VWHPWRKHOSFXVWRPHUVWKDWPD\KDYHSUREOHPVZLWKGHOLYHUHGSURGXFWV
,QYHQWRU\PDQDJHPHQWLVRQHRIWKHNH\HOHPHQWVLQRSHUDWLRQVDQGVXSSO\FKDLQPDQDJHPHQW
6XSSO\DQGGHPDQGLQWKHVXSSO\FKDLQLVQHYHUSHUIHFWDQGLQYHQWRU\PDQDJHPHQWLVHVVHQWLDOWRPLQLPL]HLPEDODQFHV
7KHSUREOHPLVFRPSOLFDWHGE\WKHIDFWWKDWGHPDQGLVXQFHUWDLQDQGWKLVXQFHUWDLQW\FDQFDXVHLQYHQWRU\GHSOHWLRQDQGXQOOHGRUGHUV
,I\RXORRNDWRYHUDOORSHUDWLRQVIURPEHJLQQLQJWRHQGWKHORJLFDOVWDUWLQJSRLQWZRXOGEHLQSURGXFWGHYHORSPHQW
7KHUVWFRQVLGHUDWLRQLVWRDVVHVVWKHOLNHOLKRRGWKDWWKHSURGXFWLVDFWXDOO\YLDEOHLQWKHPDUNHWSODFH

,QIRUPDWLRQWHFKQRORJ\ 
,QVPDOOFRPSDQLHVDEUHDFKLQFRPSXWHUVHFXULW\FDQVRPHWLPHVWKUHDWHQWKHOLIHRIWKHEXVLQHVV
,WoVFULWLFDOWRNHHSVHUYHUVVDIHIURPDWWDFNEHFDXVHRQFHWKHVHUYHUVDUHFRPSURPLVHGWKHHQWLUHQHWZRUNLVDWULVN
6HUYHUVVHUYHWKHDSSOLFDWLRQVZHESDJHVRUHPDLOWKDWVPDOOFRPSDQLHVQHHGWRGRWKHLUMRE7KH\VWRUHYDOXDEOHDQGFRQGHQWLDOGDWD
6HUYHUVSURYLGHWKHPHDQVIRUFXVWRPHUVWRFRPPXQLFDWHZLWKWKHFRPSDQ\DQGHYHQLQPDQ\FDVHVWRSXUFKDVHJRRGVRUVHUYLFHV
,IWKHVHUYHUVDUHGRZQDFRPSDQ\ZLOOORVHSURGXFWLYLW\MHRSDUGL]HFXVWRPHUUHODWLRQVKLSVDQGSUREDEO\ORVHPRQH\
*RRG,7VHFXULW\PHDQVVRIWZDUHXSGDWHVYLUXVSURWHFWLRQUHZDOOVWLJKWLQKRXVHVHFXULW\DQGVWURQJSDVVZRUGV
6PDOOFRPSDQLHVQHHGWRKDYHDQLQKRXVHFRPSXWHUWHFKQLFLDQRUDUHOLDEOHRXWVLGHWHFKQRORJ\SDUWQHUWRNHHSWKHV\VWHPVXSWRGDWH
,IWKHFRPSDQ\XVHVRXWVLGHKHOSWKLVFRQVXOWDQWVKRXOGNQRZKRZWRDQDO\]HWKHEXVLQHVVDQGSURYLGHWKHULJKW,7VROXWLRQV
$QLPSRUWDQWTXHVWLRQIRUVPDOOEXVLQHVVHVLVLIWKHLUV\VWHPVFDQZLWKVWDQGDFULVLVDQGLIWKH\KDYHDGLVDVWHUUHFRYHU\SODQ
$QRWKHUFULWLFDOSUDFWLFHWKDWPDQ\VPDOOFRPSDQLHVRYHUORRNLVWKHQHHGWRGRFRPSOHWHGDLO\EDFNXSVRIGDWDDQGLPDJHV
0DQ\VPDOOFRPSDQLHVGRQoWXWLOL]HWKHLUFRPSXWHUV\VWHPVWRWKHIXOOHVWSRWHQWLDOWRUHGXFHFRVWVDQGLPSURYHVHUYLFH
,QERWKELJDQGVPDOOFRPSDQLHVLWoVFRPPRQWRQGHPSOR\HHVZKRDUHXQGHUWUDLQHGRUZKRXVHROGFRPSXWHUZRUNLQJKDELWV
0DQ\FRPSDQLHVSD\RXWVLGHFRQVXOWDQWVWRSHUIRUPVHFXULW\DXGLWVRQWKHLU,7V\VWHPVDQGQHWZRUNV
7KHSK\VLFDOVHFXULW\RIWKHV\VWHPLVWKHPRVWLPSRUWDQWHOHPHQWLQPDLQWDLQLQJRYHUDOOVHFXULW\(YHU\WKLQJPXVWEHSK\VLFDOO\VHFXUH
7KHVHFRQGFRQVLGHUDWLRQLVQHWZRUNVHFXULW\1HWZRUNHGHQYLURQPHQWVDUHPRUHVXVFHSWLEOHWRRXWVLGHDWWDFNVWKDQVWDQGDORQHV\VWHPV

/DZDQGOHJDOFRXQVHO 
$UHFHQWWUHQGLQWKHSDVW\HDUVLQWKH8QLWHG6WDWHVKDVEHHQWKHQRWLFHDEOHLQFUHDVHLQWKHDPRXQWRIOLWLJDWLRQ
&LYLODQGFULPLQDOODZVXLWVDUHPXFKPRUHSUHYDOHQWWRGD\ZLWKSHRSOHVHHNLQJGDPDJHVWKURXJKVRPHWLPHVTXHVWLRQDEOHFODLPV
&DVHVRIWHQKDYHWRGRZLWKQHJOLJHQFHIUDXGRUSURGXFWOLDELOLW\ZLWKGDPDJHVUHDFKLQJVFDQGDORXVSURSRUWLRQV
$QRWKHUDUHDRIODZKDVWRGRZLWKZLOOVDQGHVWDWHV$ZLOOLVWKHWHUPXVHGIRUWKHODVWZLOODQGWHVWDPHQWRIDGHFHDVHGSHUVRQ
$ZLOOWDNHVHIIHFWXSRQGHDWK,WKDVQRIRUFHRUHIIHFWEHIRUHGHDWK,WVSXUSRVHLVWREHTXHDWKSHUVRQDOSURSHUW\
7KHSHRSOHZKRLQKHULWWKHSURSHUW\LQFOXGHGLQWKHZLOODUHFDOOHGWKHKHLUV7KH\UHFHLYHDQLQKHULWDQFHWKURXJKWKHZLOO
(PSOR\PHQWODZLVWKHWHUPXVHGPRVWRIWHQLQWKH(QJOLVKVSHDNLQJZRUOGWRUHIHUWROHJLVODWLRQFRQFHUQLQJODERXUUHODWLRQV
(XURSHDQFRXQWULHVXVXDOO\KDYHODZVWKDWDUHPRUHSURWHFWLYHRIWKHHPSOR\HHWKDQLQ$QJOR6D[RQFRXQWULHV
6H[XDOKDUDVVPHQWLVDFRPPRQFODLPWKDWDULVHVLQWKHZRUOGRIHPSOR\PHQWODZ
7KHUHDUHPDMRUGLIIHUHQFHVEHWZHHQWKHOHJDODQGUHJXODWRU\DWPRVSKHUHVEHWZHHQFRQWLQHQWDO(XURSHDQG$QJOR6D[RQFRXQWULHV
,QWKHSDVW\HDUV(XURSHKDVEHHQPLJUDWLQJIURPVWDWHLQWHUYHQWLRQLVPWRDUHJXODWRU\PRGHO
)RUFHVLQXHQFLQJWKLVFKDQJHDUHJOREDOL]DWLRQ(XURSHDQLQWHJUDWLRQDQGWKHGHFOLQHRIVWDWHRZQHUVKLSDQG.H\QHVLDQHFRQRPLFV
7KHSUHYLRXVVLWXDWLRQZDVRQHRIVWDWHRZQHUVKLSRIVWUDWHJLFLQGXVWULHVDQGSXEOLFXWLOLWLHVWRJHWKHUZLWKVWDWHHFRQRPLFLQWHUYHQWLRQ
7KHFXUUHQWVLWXDWLRQEHJDQLQWKHoVZLWKSULYDWL]DWLRQOLEHUDOL]DWLRQDQGWKHFKDQJHIURPHFRQRPLFPDQDJHPHQWWRUHJXODWLRQ
7KHNH\SOD\HUVLQWKHQHZVLWXDWLRQDUHLQGHSHQGHQWDJHQFLHVSDUOLDPHQWDU\FRPPLWWHHVDQGWKHFRXUWV 


/RZ%HJLQQHU +LJK%HJLQQHU

4XIHFKDHVKR\" :KDWGDWHLVLWWRGD\" 'HTXPHHVWVKDEODQGR" :KDWDUH\RXWDONLQJWRPH


+R\HVGHDEULO 7RGD\LVWKHUGRI$SULO DERXW"
+R\HVXQGDHVSHFLDO" ,VWRGD\DVSHFLDOGD\" +R\HVXQGDSDUDHVFULWRUHV\ 7RGD\LVDGD\IRUZULWHUVDQG
7RGRVORVGDVVRQGDV (YHU\GD\LVDVSHFLDOGD\ VDQWRV VDLQWV
HVSHFLDOHV 7LHQHVDPLJRVTXHVRQ 'R\RXKDYHDQ\IULHQGVZKR
(VWR\VHJXURGHTXHKR\HVXQ ,oPVXUHWRGD\LVDOLWWOH
 HVFULWRUHV" DUHZULWHUV"
SRFRGLIHUHQWH GLIIHUHQW &RQR]FRDOJXQRV ,NQRZVRPH
<FXQWRVVDQWRVFRQRFHV" $QGKRZPDQ\VDLQWVGR\RX
NQRZ"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6KDNHVSHDUHQDFLKR\ 6KDNHVSHDUHZDVERUQWRGD\ 4XLHUHVTXHWHFXHQWHRWUD 'R\RXZDQWPHWRWHOO\RX


(QTXDRQDFL" :KDW\HDUZDVKHERUQLQ" FRVDGHKR\" VRPHWKLQJHOVHDERXWWRGD\"
'LFHQTXHHQHOPLOTXLQLHQWRV 7KH\VD\LQIWHHQVL[W\IRXU
 9DOHFRQWLQXDHQWRQFHV $OULJKWJRRQWKHQ
VHVHQWD\FXDWUR 7DQWR&HUYDQWHVFRPR %RWK&HUYDQWHVDQG
$VTXHQDFLKDFHFXDWURFLHQWRV 6RKHZDVERUQIRXUKXQGUHG
 6KDNHVSHDUHPXULHURQHVWHGD 6KDNHVSHDUHGLHGRQWKLVGD\
FXDUHQWD\FXDWURDRV DQGIRUW\IRXU\HDUVDJR &PRSXHGH6KDNHVSHDUH +RZFDQ6KDNHVSHDUHEHERUQ
$VHV(UHVEXHQDHQ 7KDWoVULJKW<RXoUHJRRGDW QDFHU\PRULUHQHOPLVPRGD" DQGGLHRQWKHVDPHGD\"
0DWHPWLFDVQR" 0DWKVDUHQoW\RX" 1RQDFL\OXHJRPXULHO +HZDVQoWERUQDQGWKHQGLHG
PLVPRGD|LPEFLO RQWKHVDPHGD\\RXIRRO

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&ODURQRKDEUDWHQLGRWLHPSR 2IFRXUVHKHZRXOGQoWKDYH
 7DPELQKR\HVHOGDGH6DQ 7RGD\LV6W*HRUJHoVGD\DV
SDUDHVFULELUWDQWR KDGWLPHWRZULWHVRPXFK -RUJH ZHOO
'HKHFKRWRGRORTXHWHKH ,QIDFWHYHU\WKLQJ,oYHWROG\RX
 6DQ-RUJHHVHOSDWUQGH 6W*HRUJHLVWKHSDWURQVDLQW
FRQWDGRHVPHQWLUD LVDOLH PXFKDVQDFLRQHV RIPDQ\QDWLRQV
/DIHFKDGHQDFLPLHQWRGH 6KDNHVSHDUHoVELUWKGDWHLVD
 6HFHOHEUDHVWHGDHQ,QJODWHUUD 7KLVGD\LVFHOHEUDWHGLQ
6KDNHVSHDUHHVXQDHVWLPDFLQ JXHVV \&DWDOXD (QJODQGDQG&DWDORQLD
8WLOL]DURQRWURWLSRGHFDOHQGDULR7KH\XVHGDQRWKHUW\SHRI $XQTXHHVJUDFLRVRSRUTXH6DQ $OWKRXJKLWoVIXQQ\EHFDXVH6W
HQHVDSRFD FDOHQGDUDWWKDWWLPH -RUJHHUDWXUFRHQUHDOLGDG *HRUJHZDVLQIDFW7XUNLVK
&HUYDQWHVPXULHO\IXH &HUYDQWHVGLHGRQWKHQG
 (UDHVHTXLHQGHFDSLWDO +HZDVWKHRQHZKREHKHDGHG
HQWHUUDGRHO DQGZDVEXULHGRQWKHUG GUDJQQR" WKHGUDJRQZDVQoWKH"

%XWWHUEHDQV $OXELDVEODQFDV
*UHHQEHDQV $OXELDVYHUGHV
%ODFNH\HGEHDQV -XGDVSLQWDV
6R\DEHDQV 6HPLOODVGH6RMD
5HG.LGQH\%HDQV $OXELDVURMDV

9RFDEXODULR%HDQV $OXELDV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(Q&DWDOXDKR\VHUHJDODQ 7RGD\LQ&DWDORQLDWKH\JLYH 3RUTXVDEHVWDQWRVREUHHO :K\GR\RXNQRZVRPXFK


URVDV\OLEURV URVHVDQGERRNVDVSUHVHQWV GDGHKR\" DERXWWRGD\"
/DWUDGLFLQGHUHJDODUXQDURVD 7KHWUDGLWLRQRIJLYLQJDURVH
 7HKDVWUDJDGRXQD +DYH\RXVZDOORZHGDQ
VHUHPRQWDDOVLJOR;9 DVDSUHVHQWGDWHVEDFNWRWKH HQFLFORSHGLDRTX" HQF\FORSDHGLDRUZKDW"
IWHHQWKFHQWXU\ 1RGHVHRUHYHODUPLVVHFUHWRV ,GRQRWZLVKWRJLYHDZD\P\
0HSDUHFHXQDWUDGLFLQ ,WKLQNLWoVTXLWHDFKDUPLQJ VHFUHWV
EDVWDQWHHQFDQWDGRUD WUDGLWLRQ |$TXHUHVXQWUDPSRVRTXH ,EHW\RXoUHDFKHDWZKRFRSLHV

+R\HQ,QJODWHUUDQLUHJDODQ ,Q(QJODQGWKH\JLYHQHLWKHUURVHV FRSLDWRGRGH:LNLSHGLD HYHU\WKLQJIURP:LNLSHGLD
URVDVQLOLEURV QRUERRNVDVSUHVHQWVWRGD\ |4XSRFDFRQDQ]DWLHQHVHQ :KDWOLWWOHIDLWK\RXKDYHLQ

/RVFDWDODQHVVRQPV $UH&DWDORQLDQVPRUHURPDQWLF
 P PH
URPQWLFRV\FXOWRVHQWRQFHV" DQGHGXFDWHGWKHQ"


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpWRq 
9RFDEXODU\
:KHQZLOO,JHWWRGRLW" 3OHDVHGRQoWJRWRDQ\WURXEOH 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
&XQGRSRGUKDFHUOR" 3RUIDYRUQRVHPROHVWH IUDVHVHQLQJOV"
1HFHVLWDPRVDSUREDFLQGHOGHSDUWDPHQWR
,JRWWRZRUNODWH\HVWHUGD\ 7KH\oOOJRWRDQ\OHQJWKWRZLQ GH5HFXUVRV+XPDQRV
/OHJXWDUGHDOWUDEDMRD\HU +DUQWRGRORQHFHVDULRSDUDJDQDU 1HFHVLWDPRVLQYHUWLUPVHQ,QYHVWLJDFLQ\
'HVDUUROOR
$QGWKH2VFDUJRHVWRf +HKHOGPHWRP\SURPLVH 3RUTXQRSDWURFLQDPRVHOHYHQWR"
<HO2VFDUHVSDUD 0HREOLJDPDQWHQHUPLSURPHVD ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
(QWUHSUHQHXUVKLS 
$SHUVRQZKRLVQRWFDSDEOHRISHUIRUPLQJEUHDNHYHQDQDO\VLVVKRXOGEHFDUHIXOZKHQVWDUWLQJDEXVLQHVVYHQWXUH
$JRRGEXVLQHVVLGHDLVQHEXWLWPXVWEHEDFNHGXSE\EXVLQHVVNQRZOHGJHVDOHVDQGPDQDJHPHQWVNLOOVDQGDORWRISDVVLRQ
7KHDELOLW\WRTXLFNO\FDOFXODWHWKHEUHDNHYHQSRLQWLQDEXVLQHVVYHQWXUHLVHVVHQWLDOWRLGHQWLI\LQJWKHYLDELOLW\RIDEXVLQHVVLGHD
7KHDELOLW\WRXQGHUVWDQGWKHWLPHDQGH[SHQVHQHFHVVDU\WRUHDFKWKHEUHDNHYHQSRLQWLVHVVHQWLDOLQFDOFXODWLQJQDQFLQJQHHGV
7KHDELOLW\WRFRQYLQFHDQGSHUVXDGHSURVSHFWLYHFXVWRPHUVEDQNPDQDJHUVDQGVXSSOLHUVLVDQRWKHUHVVHQWLDODELOLW\WKDWLVQHHGHG
7KHDELOLW\WRKLUHKRQHVWDQGKDUGZRUNLQJSHRSOHDQGWRPRWLYDWHWKHPWRZRUNKDUGIRU\RXLVDQDGGLWLRQDOVNLOOWKDWPXVWEHSUHVHQW
,WoVFULWLFDOIRUDQHQWUHSUHQHXUWRGUDZXSDGHWDLOHGEXVLQHVVSODQIRUWKHQHZYHQWXUH
7KHSODQPXVWEHUHDOLVWLFDQGEDVHGRQDFFXUDWHFXUUHQWLQIRUPDWLRQDQGRQHGXFDWHGSURMHFWLRQVIRUWKHIXWXUH
7KHSODQVKRXOGLQFOXGHDGHVFULSWLRQRIWKHEXVLQHVVWKHYLVLRQWKHJRDOVDQGWKHNH\VWRVXFFHVVIRUWKHYHQWXUH
$QRWKHUVHFWLRQVKRXOGVHWRXWWKHSRWHQWLDOWKUHDWVDQGSUREOHPVDQGKRZWKHVHZLOOEHPHWDQGVROYHG
7KHQDQFLDOVHFWLRQVKRXOGLQFOXGHEDODQFHVKHHWDQGLQFRPHVWDWHPHQWSURMHFWLRQVFDVKRZDQDO\VLVDQGVDOHVDQGH[SHQVHIRUHFDVWV
$QLPSRUWDQWVHFWLRQLQWKHEXVLQHVVSODQVKRXOGGHVFULEHWKHFRPSHWLWLRQWKDWWKHQHZYHQWXUHZLOOIDFHLQWKHPDUNHW
$QRWKHUVHFWLRQVKRXOGGHDOZLWKWKHPDUNHWLQJSODQDQGZKDWNLQGRIDGYHUWLVLQJDQGSURPRWLRQZLOOEHEXGJHWHG
$QDOVHFWLRQVKRXOGWDONDERXWKRZWKHFRPSDQ\LVH[SHFWHGWRJURZLQWKHIXWXUHDQGKRZWKLVJURZWKZLOOEHEXGJHWHGDQGQDQFHG
,IWKHHQWUHSUHQHXUZDQWVWRVHHNQDQFLQJWKURXJKEDQNVRULQVWLWXWLRQDOLQYHVWRUVDJRRGEXVLQHVVSODQLVPDQGDWRU\

5HVHDUFKDQGGHYHORSPHQW 
5HVHDUFKDQGGHYHORSPHQWGRHVQoWLQYROYHRQO\SURGXFWV,WFDQLQYROYHLQQRYDWLRQLQSURFHVVHVDQGSUDFWLFHV
7KH5 'GHSDUWPHQWFDQKHOSGHSDUWPHQWVRUEXVLQHVVXQLWVZLWKLQVLGHLQQRYDWLRQ
6RPHFRPSDQLHVKDYHVPDOO5 'WHDPVWKDWZRUNLQWKHGLIIHUHQWEXVLQHVVXQLWVRIWKHRUJDQL]DWLRQVKDULQJWKHEHVWSUDFWLFHVRIHDFK
5 'SHRSOHZKRKDYHEHHQLQFORVHFRQWDFWZLWKWKHVXSSO\FKDLQLQWKHLUFRPSDQLHVRIWHQFRQWULEXWHLQQRYDWLYHLPSURYHPHQWV
6RPHFRPSDQLHVPDUNHWWKHLU5 'IXQFWLRQ0DQ\H[WHUQDOUPVDQGJRYHUQPHQWDJHQFLHVXVHWKHVHUYLFHVRIFRUSRUDWH5 'GLYLVLRQV
*RRG5 'SHRSOHDOZD\VORRNIRUZD\VWRLQQRYDWH7KH\REVHUYHSURFHVVHVLQRWKHUUPVRUDWWHQGWUDGHIDLUVRQHYHU\FRQWLQHQW
7KH\WDNHIDFWRU\WRXUVHYHQLQEXVLQHVVHVRULQGXVWULHVWRWDOO\XQUHODWHGWRWKHLURZQDFWLYLW\RUEXVLQHVV
+HQU\)RUGJRWKLVLGHDRQWKHDVVHPEO\OLQHZKHQKHZDVYLVLWLQJDVODXJKWHUKRXVHDQGPHDWSDFNLQJSODQWLQ&KLFDJR
6RPHWLPHVWKHWRSPDQDJHPHQWLQODUJHFRPSDQLHVEHFRPHVLPSDWLHQWZLWKWKHSDFHRILQQRYDWLRQFRPLQJRXWRI5 '
7KRPDV(GLVRQRQFHVDLGWKDWWKHVXFFHVVRILQYHQWLRQGHSHQGVRQKRZPDQ\H[SHULPHQWV\RXFDQWLQWRKRXUV
0U(GLVRQWHVWHGRYHUGLIIHUHQWPDWHULDOVEHIRUHKHFDPHXSRQWKHFDUERQODPHQWWKDWZRUNHGIRUWKHOLJKWEXOE
+HDOZD\VVDLGWKDWLQQRYDWLRQLVRQHSHUFHQWLQVSLUDWLRQDQGSHUFHQWSHUVSLUDWLRQ,Q(QJOLVKWRSHUVSLUHPHDQVWRVZHDW
7KHPRVWLPSRUWDQWFRQWULEXWLRQE\7KRPDV(GLVRQZDVQoWDQ\VSHFLFLQYHQWLRQEXWUDWKHUWKHFRQFHSWDW0HQOR3DUN
0HQOR3DUNLQ1HZ-HUVH\ZDVWKHUVWLQVWLWXWLRQVHWXSVSHFLFDOO\WRSURGXFHFRQVWDQWWHFKQRORJLFDOLQQRYDWLRQDQGLPSURYHPHQW
(GLVRQRZQHGWKHSDWHQWRQPRVWRIWKHSURGXFWVLQYHQWHGWKHUHWKRXJKPDQ\RIKLVHPSOR\HHVFDUULHGRXWWKH5 'ZRUN

7\SLFDORIFHODQJXDJH 
$GD\GRHVQoWJRE\ZLWKRXWP\ERVVFDOOLQJPHWRKLVRIFHWRWDONDERXWWKHQHZFRVWFXWWLQJLQLWLDWLYH,WoVKLVIDYRXULWHWR\
*RRGPRUQLQJ0DUJDUHW$Q\FDOOV",IRUJRWWRWHOO\RX\HVWHUGD\WKDWDMRXUQDOLVWIURP7KH(FRQRPLVWZLOOEHKHUHDWRoFORFN
'RQoWZRUU\DERXWWKDWSUREOHP,oOOWDNHFDUHRILW,WoVWKHODVWWKLQJLQWKHZRUOG,IHHOOLNHGRLQJEXWLWoVSDUWRIP\MRE
+DYH\RXKHDUGWKHODWHVW"7RP(YDQVLVOHDYLQJ3HUNLQV,QFRUSRUDWHGDQGZLOOWDNHRYHUIRU3HGUR$OYDUH]DW6DOHP,QGXVWULHV
([FXVHPHWKHUHoVD0U7RP(YDQVRQWKHOLQH+HVD\VKHoVDJRRGIULHQGRI\RXUV:KDWVKDOO,WHOOKLP"
*RRGPRUQLQJHYHU\RQH,oPJODGWRKDYHWKLVRSSRUWXQLW\WRJLYH\RXDEULHISUHVHQWDWLRQRQWKHQHZ6$3DSSOLFDWLRQ
,WKLQNWKHHFRQRP\oVVWDUWLQJWRFRPHRXWRIWKHUHFHVVLRQ:HoUHQRWIHHOLQJLW\HWEXW,oPRSWLPLVWLF
7KH\KDGWROD\RIIKDOIWKHLUVWDIIDQGUHVWUXFWXUHWKHLUGHEWZLWKWKHEDQNV,QP\RSLQLRQWKH\oUHVWLOOQRWRXWRIWKHZRRGV\HW
6DOHVDUHXSDQGZHoUHVORZO\LPSURYLQJRXUPDUJLQV,IWKLQJVJRDVSODQQHGZHVKRXOGEHDEOHWRSD\DGLYLGHQGWKLV\HDU
6RPHWLPHV,IHHOOLNHVHOOLQJWKLVFRPSDQ\WRWKHUVWSHUVRQZKRZDONVWKURXJKWKHGRRU
<RXQHHGWRFRQVLGHUWKHOHJDOUDPLFDWLRQVRIWKHGHFLVLRQ,IZHGRQoWDFWQRZZHFRXOGQGRXUVHOYHVLQFRXUW
:HoUHJRLQJWKURXJKVRPHKDUGWLPHVEXWVRDUHRXUFRPSHWLWRUV,WoVJRRGIRUWKHLQGXVWU\WRJRWKURXJKDVKDNHRXW
,oPJHWWLQJWRWKHSRLQWZKHUH,GRQoWUHDOO\FDUHZKHWKHUWKH\DZDUGXVWKHFRQWUDFWRUQRW
<RXQHHGWRXVHWKHULJKWWDFWLFV7RP(YDQVLVWKHW\SHRIJX\WKDWGRHVQoWQHHGDWHFKQLFDOH[SODQDWLRQ)RUKLPLWoVWKHERWWRPOLQH
,FDQoWJXUHRXWZK\WKHJRYHUQPHQWZDQWVWRUDLVHWKHFRUSRUDWHWD[RQVPDOOEXVLQHVVHV,WMXVWGRHVQoWPDNHDQ\VHQVH 


/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVXDSHOOLGR GHHOODV " :KDWoVWKHLUODVWQDPH $TXKRUDVHGHVSLHUWD" :KDWWLPHGRHVKHZDNHXS"


VXUQDPH" $TXKRUDWHOHYDQWDV" :KDWWLPHGR\RXJHWXS"
&XQWRVDRVWLHQHWXPDGUH" +RZROGLV\RXUPRWKHU" 'HVD\XQDFRQVXVQLRV" 'RHVKHKDYHEUHDNIDVWZLWK
'QGHYLYHV" :KHUHGR\RXOLYH" KLVFKLOGUHQ"
4XLQHVWGHODQWHGHWLHQOD :KRoVLQIURQWRI\RXLQWKH
 4XKDFHO" :KDWGRHVKHGR"
IRWR" SKRWR" &PRYDDOWUDEDMR" +RZGRHVKHJRWRZRUN"
&PRVHOODPDWXSHUUR" :KDWoV\RXUGRJoVQDPH"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XKDUVVLQRSDVDQDGD" :KDWZLOO\RXGRLIQRWKLQJ 7DQWRPLSDGUHFRPR\R %RWKP\IDWKHUDQG,DUHVFDUHG


KDSSHQV" WHQHPRVPLHGRGHODVDOWXUDV RIKHLJKWV
$OJRWLHQHTXHSDVDU 6RPHWKLQJKDVWRKDSSHQ 1LODMHIDQLVXVHPSOHDGRV 1HLWKHUWKHERVVQRUKHU
6LHPSUHSDVDDOJRFXDQGR 6RPHWKLQJDOZD\VKDSSHQV SXGLHURQDUUHJODUOR HPSOR\HHVFRXOG[LW
YR\DOO ZKHQ,JRWKHUH 1LQJXQRGHORVGRVUHDFFLRQ 1HLWKHURIWKHPUHDFWHGLQ
/OHJDURQPLVGRVDPLJDVD 0\WZRIULHQGVDUULYHGDW
 DWLHPSR WLPH
PHGLDQRFKH PLGQLJKW /RVGRVVRPRV]XUGRV %RWKRIXVDUHOHIWKDQGHG
3RUTXSDVHVR" :K\GLGWKDWKDSSHQ" :HoUHERWKOHIWKDQGHG 
1LQJXQRGHORVVRFLRVTXHUD 1RQHRIWKHPHPEHUVZDQWHG
HVFXFKDUPLH[FXVD WRKHDUP\H[FXVH

%OXHFKHHVH 4XHVRD]XO
6HPLKDUGFKHHVH 4XHVRVHPLFXUDGR

&UHDPFKHHVH 4XHVRFUHPRVR &RWWDJHFKHHVH 5HTXHVQ

*UDWHGFKHHVH 4XHVRUDOODGR )UHVKFKHHVH 4XHVRIUHVFR

9RFDEXODULR&KHHVH 4XHVR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQWRWDUGDUHPRVHQOOHJDU +RZORQJZLOOLWWDNHXVWRJHW
 1RVHPDUFKDUGHODHPSUHVD :RQoWVKHOHDYHWKHFRPSDQ\
DOO" WKHUH" DQRVHUTXHODHFKHQ" XQOHVVWKH\UHKHU"
1RWDUGDULVPXFKR ,WZRQoWWDNH\RXORQJ 6LGLPLWLHUDPHGDUDQXQD ,I,UHVLJQHGZRXOGWKH\JLYH
3RUTXWDUGDVWHWDQWR" :K\GLGLWWDNH\RXVRORQJ" LQGHPQL]DFLQ" PHFRPSHQVDWLRQ"
&XQWRVXHOHQGXUDUVXV +RZORQJGRWKHLUFRQFHUWV
 6LWXYLHUDHOHFFLQPHTXHGDUD ,I,KDGDFKRLFH,oGVWD\
FRQFLHUWRV GHHOORV " XVXDOO\ODVW" 6LQRKXELHUDVWHQLGRWDQWD ,I\RXKDGQoWEHHQLQVXFKD
(VWHGXUDUPHQRVTXHHO 7KLVRQHZLOOODVWOHVVWKDQWKH SULVDQRWHKDEUDVHTXLYRFDGR KXUU\\RXZRXOGQoWKDYHPDGH
OWLPR ODVWRQH DPLVWDNH
6HKDEUDQGDGRFXHQWDVLQR :RXOGWKH\KDYHUHDOLVHGLIZH
OHVKXELVHPRVGLFKRQDGD" KDGQoWWROGWKHPDQ\WKLQJ"

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6HUEXHQYHQGHGRUHVXQD %HLQJDJRRGVDOHVSHUVRQLVD 6HFDVDURQGHSHQDOWL 7KH\KDGDVKRWJXQZHGGLQJ


H[SHULHQFLDJUDWLFDQWH UHZDUGLQJH[SHULHQFH 1RGR\DEDVWRDODVH[LJHQFLDV ,FDQoWNHHSXSZLWKP\ERVVo
'MDPHGDUWHXQRV /HWPHJLYH\RXVRPHDGYLFH GHPLMHIH GHPDQGV
FRQVHMRVVREUHHOFRQVHMRGH DERXWWKHERDUGRIGLUHFWRUV 3RUTXVLHPSUHKDFHVODV :K\GR\RXDOZD\VGRWKLQJV
DGPLQLVWUDFLQ FRVDVDOWXQWQ" DQ\ROGKRZ"
7HUPLQDPRVDQWHVGHOSOD]R :HQLVKHGDKHDGRIVFKHGXOH $KRUDVORQRVIDOWDSRQHUORV $OOZHKDYHWRGRQRZLVWRGRW

HVWDEOHFLGR SXQWRVVREUHODVHV WKHLoVDQGFURVVWKHWoV
+HPRVVDOLGRGHOSDVRKDVWD :HoYHJRWE\ZLWKRXWRQHVR
DKRUDVLQQLQJXQR IDU
1HFHVLWRODLQIRUPDFLQ ,QHHGWKHULJKWLQIRUPDWLRQDW
DSURSLDGDHQHOPRPHQWR WKHULJKWWLPH
DGHFXDGR


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpWRq  %86,1(66(1*/,6+

,oOOVHHWRLWWKDWLWoVGRQH 7KHFDWWRRNWRKLPOLNHDVKWRZDWHU
0HDVHJXUDUGHTXHVHKDJD (OJDWRVHHQFDULFRQOFRPRSH]DODJXD

,oOOVHHWRLW :HDJUHHGWRGRLW
0HHQFDUJR\R 1RVSXVLPRVGHDFXHUGRHQKDFHUOR

:HoUHDOOVHWWRGRLW /LVWHQWRPH
7RGROLVWR SDUDKDFHUOR  (VFFKDPH
p,QJOVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLQ55++\0DUNHWLQJ
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP
%DQNLQJ 
7KHPDLQUHDVRQIRUWKH*UHDW'HSUHVVLRQRIWKHoVLQWKH8QLWHG6WDWHVZDVDVHULHVRIEDQNUXQVWKDWFDXVHGHFRQRPLFFROODSVH
6LQFHWKDWWLPHPRVWJRYHUQPHQWVKDYHFUHDWHGSXEOLFHQWLWLHVHTXLSSHGWRLQVXUHEDQNGHSRVLWVXSWRDFHUWDLQDPRXQW
,I\RXGHSRVLWDORWRIPRQH\LQEDQNDFFRXQWVPDNHVXUHWKDWWKHDPRXQWGHSRVLWHGLQHDFKEDQNLVZLWKLQWKHPD[LPXPLQVXUHG
$VHFRQGVDIHJXDUGWRVRIWHQWKHLPSDFWRIEDQNUXQVLVWKHUHTXLUHGUHVHUYHUDWLRWKDWFHQWUDOEDQNVLPSRVHRQQDWLRQDODQGORFDOEDQNV
7KHUHDUHVHYHUDONLQGVRIEDQNVWKDWRSHUDWHLQPDUNHWHFRQRPLHV7KHPRVWFRPPRQLVWKHFRPPHUFLDOEDQN
,QVRPHFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWRQRUPDOEDQNVWKDWSURYLGHUHWDLOEDQNLQJDVRSSRVHGWRLQYHVWPHQWEDQNV
7KHZRUGUHWDLOUHIHUVWRWUDQVDFWLRQVZLWKLQGLYLGXDOVRUQDOXVHUV7KHRSSRVLWHLVZKROHVDOHZKLFKLPSOLHVDQLQWHUPHGLDU\IXQFWLRQ
,QRWKHUFRXQWULHVWKHWHUPFRPPHUFLDOEDQNUHIHUVWREDQNVWKDWPDLQO\GHDOZLWKODUJHEXVLQHVVHVRUFRUSRUDWLRQV
,QPRVWFDVHVKRZHYHUFRPPHUFLDOEDQNVRIIHUDIXOOUDQJHRIVHUYLFHVIRULQGLYLGXDOVEXVLQHVVHVDQGJRYHUQPHQWV
$VDYLQJVEDQNLVDQLQVWLWXWLRQZKRVHPDLQSXUSRVHLVWRDFFHSWVDYLQJVGHSRVLWVDOWKRXJKLWRIWHQSHUIRUPVRWKHUEDQNLQJWUDQVDFWLRQV
,Q6SDLQVDYLQJVEDQNVDUHSXEOLFLQLWLDWLYHVXQGHUJRYHUQPHQWFRQWUROZKRVHSURWVDUHRIWHQHDUPDUNHGIRUVRFLDOLQLWLDWLYHV
7KHYHUEpWRHDUPDUNqPHDQVWRUHVHUYHDOORFDWHRUDVVLJQ3XEOLFPRQLHVDUHRIWHQHDUPDUNHGIRUVSHFLFLQYHVWPHQWSXUSRVHV
6DYLQJVEDQNVDUHFDOOHGpVDYLQJVDQGORDQDVVRFLDWLRQVqLQWKH86DQGpEXLOGLQJVRFLHWLHVqLQWKH8.
,QYHVWPHQWEDQNVDUHQDQFLDOLQVWLWXWLRQVWKDWLVVXHDQGVHOOVHFXULWLHVLQFDSLWDOPDUNHWVDQGDGYLVHLQPHUJHUVDQGDFTXLVLWLRQV
:KHQZHVD\FDSLWDOPDUNHWVZHDUHUHIHUULQJWRVWRFNPDUNHWVDQGERQGPDUNHWV6HFXULWLHVDUHEDVLFDOO\VWRFNVDQGERQGV

(FRQRPLFV 
,IWKHFHQWUDOEDQNUDLVHVLQWHUHVWUDWHVSHRSOHSD\PRUHIRUORDQVDQGPRUWJDJHVDQGWKLVFRROVWKHHFRQRP\DQGFRQWUROVLQDWLRQ
,IWKHFHQWUDOEDQNORZHUVLQWHUHVWUDWHVPRUHSHRSOHWDNHRXWORDQVDQGPRUWJDJHVDQGVWDUWWRVSHQGPRUHZKLFKUHDFWLYDWHVWKHHFRQRP\
,IWKHUHLVKLJKXQHPSOR\PHQWLQDFRXQWU\WKLVXVXDOO\PHDQVWKDWWKHHFRQRP\LVLQDUHFHVVLRQDQGQHHGVDERRVW
,QWKLVFDVH.H\QHVLDQHFRQRPLVWVZRXOGUHFRPPHQGORZHULQJWD[HVDQGORZHULQJLQWHUHVWUDWHVLQRUGHUWRSURPRWHFRQVXPSWLRQ
,QWKHPHGLXPWHUPWKLVXVXDOO\SURPRWHVFRQVXPSWLRQZKLFKUHDFWLYDWHVSURGXFWLRQRIJRRGVDQGVHUYLFHVDQGLQFUHDVHVHPSOR\PHQW
,IWKHJRYHUQPHQWDQGPRQHWDU\DXWKRULWLHVJRWRRIDULQUHDFWLYDWLQJWKHHFRQRP\WKHQVHYHUDOSRVLWLYHIDFWRUVEHFRPHQHJDWLYH
)XOOHPSOR\PHQWPHDQVDWLJKWMREPDUNHWZKLFKPHDQVWKDWHPSOR\HHVDQGZRUNHUVFDQQHJRWLDWHKLJKHUVDODULHVDQGZDJHV
7KLVFDXVHVZKDWLVFDOOHGpFRVWSXVKLQDWLRQqEHFDXVHIXOOHPSOR\PHQWLQFUHDVHVODERXUFRVWVZKLFKLQWXUQpSXVKqXSFRVWVDQGSULFHV
$OVRZLWKIXOOHPSOR\PHQWSHRSOHVSHQGPRUHDQGWKLVFUHDWHVPRUHGHPDQGRQSURGXFHUVZKRRIWHQFDQQRWPHHWWKHGHPDQG
:KHQSURGXFHUVDUHSURGXFLQJDWIXOOFDSDFLW\DQGFDQQRWPHHWKLJKGHPDQGZKROHVDOHDQGUHWDLOSULFHVQDWXUDOO\ULVH
7KLVLVFDOOHGpGHPDQGSXOOqLQDWLRQEHFDXVHWKHLPSUHVVLRQLVWKDWSULFHVDUHULVLQJEHFDXVHWKHGHPDQGLVpSXOOLQJqWKHPXS
7KHUHIRUHZKHQVFDODQGPRQHWDU\SROLF\LVORRVHHFRQRPLHVHYHQWXDOO\KHDWXSDQGSURGXFHWZRW\SHVRILQDWLRQVLPXOWDQHRXVO\
:KHQWKLVKDSSHQVWKHJRYHUQPHQWDQGFHQWUDOEDQNVVZLWFKWRDWLJKWHUVFDODQGPRQHWDU\SROLF\LQRUGHUWRFRROWKHHFRQRP\
7RFRROWKHHFRQRP\WD[HVDQGLQWHUHVWUDWHVDUHUDLVHGWRPDNHLWPRUHGLIFXOWIRUSHRSOHWRERUURZRUVSHQG
7KLVOHDGVWROHVVFRQVXPSWLRQOHVVSURGXFWLRQDQGMREUHGXFWLRQV)LVFDODQGPRQHWDU\DXWKRULWLHVDUHDOZD\VVHHNLQJWKHULJKWEDODQFH

0DQXIDFWXULQJ 
7KHIRXUWKRIWKHVHYHQZDVWHVVHWRXWE\7R\RWDLVpZDLWLQJq7KLVUHIHUVWRWKHWLPHORVWDWVHYHUDOGLIIHUHQWPRPHQWVGXULQJWKHSURFHVV
,QWUDGLWLRQDOPDQXIDFWXULQJSHUFHQWRIDSURGXFWoVOLIHLVVSHQWZDLWLQJWREHSURFHVVHG7KHUHDUHVHYHUDOUHDVRQVIRUWKLV
([DPSOHVLQFOXGHPDWHULDOVRZWKDWLVVORZSURGXFWLRQUXQVWKDWDUHORQJRUGLVWDQFHVEHWZHHQZRUNFHQWUHVWKDWDUHWRRJUHDW
2QHKRXUORVWEHFDXVHRIDVLQJOHERWWOHQHFNLQRQHRSHUDWLRQFDXVHVDRQHKRXUORVVLQWKHHQWLUHIDFWRU\oVRXWSXW
7KHIWKZDVWHLVLQYHQWRU\7KHUHDUHWKUHHW\SHVRILQYHQWRU\UDZPDWHULDOVZRUNLQSURJUHVVDQGQLVKHGJRRGV
7KHVORZHUWKHPRYHPHQWRIWKHVHPDWHULDOVXQQLVKHGJRRGVDQGQLVKHGJRRGVWKHODWHUWKHFRPSDQ\FROOHFWVPRQH\RQVDOHV
7KHVORZHUWKHHQWLUHSURFHVVWKHPRUHWKHLQYHVWPHQWLQUDZPDWHULDOVDQGWUDQVIRUPDWLRQFRVWVLVXQUHDOL]HGFDXVLQJQDQFLDOVWUDLQ
$VORZPDQXIDFWXULQJSURFHVVZLWKH[FHVVLQYHQWRU\FDQDOVRFUHDWHLPSDWLHQWFXVWRPHUVORRNLQJIRUSURPSWJUDWLFDWLRQ
7KHVL[WKZDVWHLVWKHXQQHFHVVDU\RUH[FHVVPRWLRQWKDWRIWHQDFFRPSDQLHVPDQXIDFWXULQJSURFHVVHV
0DQ\IDFWRU\ZRUNHUVVSHQGXQQHFHVVDU\WLPHEHQGLQJGRZQUHDFKLQJVWUHWFKLQJZDONLQJDQGOLIWLQJ$OOWKHVHPRYHPHQWVWDNHWLPH
,QGXVWULDOHQJLQHHUVORRNIRUZD\VWRUHGXFHWKHWLPHDZRUNHUVSHQGVLQH[FHVVPRWLRQRYHUDQKRXUVKLIW
([FHVVPRWLRQDOVRLQFUHDVHVWKHSUREDELOLW\RIZRUNLQJDFFLGHQWVZKLFKFDXVHDGGLWLRQDOWLPHORVVDQGSRVVLEOHOLWLJDWLRQH[SHQVHV
7KHVHYHQWKZDVWHLVRYHUSURFHVVLQJ$FRPPRQDQDORJ\WRGHVFULEHWKLVLVpXVLQJDVOHGJHKDPPHUWRFUDFNDQXWq
2YHUSURFHVVLQJLQYROYHVXVLQJH[SHQVLYHKLJKSUHFLVLRQHTXLSPHQWZKHUHVLPSOHUWRROVZRXOGEHVXIFLHQW
:KHQGHVLJQLQJSURGXFWLRQV\VWHPVPRQH\VKRXOGEHLQYHVWHGLQVPDOOHUPRUHH[LEOHHTXLSPHQWZKHUHYHUSRVVLEOH 

/RZ%HJLQQHU +LJK%HJLQQHU

(VDSHOFXODHVPDOD 7KDWOPLVEDG (QFDQWDGRGHFRQRFHUOH 3OHDVHGWRPHHW\RX


(VXQDSHOFXODPDOD ,WoVDEDGOP 0HDOHJURGHYHUWH ,WoVJRRGWRVHH\RX
(VXQDSHOFXODPX\PDOD ,WoVDYHU\EDGOP 4XWDO" +RZDUH\RXGRLQJ"
3RUTXHVXQDSHOFXODPX\ :K\LVLWDYHU\EDGOP"
 1RVYHPRVSURQWR 6HH\RXVRRQ
PDOD" )XHXQSODFHUFRQRFHUWH ,WZDVDSOHDVXUHPHHWLQJ\RX
/DKLVWRULDHVPX\DEXUULGD 7KHVWRU\LVYHU\ERULQJ

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

4XWLHPSRKDFHKR\" +RZoVWKHZHDWKHUWRGD\" 4XLQKL]RODFDPD" :KRPDGHWKHEHG"


+DFHYLHQWR" ,VLWZLQG\" 4XLQSXVRODPHVD" :KRVHWWKHWDEOH"
+DFHVRO\FDORU ,WoVVXQQ\DQGLWoVKRW 4XLQQRGLMRQDGD" :KRVDLGQRWKLQJ"
+D\QLHEOD ,WoVIRJJ\ &PRSDV" +RZGLGLWKDSSHQ"
$\HUKL]RPXFKRIUR ,WZDVYHU\FROG\HVWHUGD\ 3RUTXWUDMHURQHVWHYLQR :K\GLGWKH\EULQJWKLVEDG
PDOR" ZLQH"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

+DFHDRVTXHHVWRQRRFXUUD 7KLVKDVQoWKDSSHQHGIRU\HDUV /RV$ULHVVRQHQHUJWLFRVH $ULHVDUHHQHUJHWLFDQG


+DFHDRVTXHQRRFXUUDTX" :KDWKDVQoWKDSSHQHGIRU\HDUV" LPSXOVLYRV LPSXOVLYH
1RUHFXHUGRODOWLPDYH]TXH ,GRQoWUHPHPEHUWKHODVWWLPH /RV/LEUDVRQDUWVWLFRVH /LEUDDUHDUWLVWLFDQGLQGHFLVLYH
PHSUHVWDVHWDQWDDWHQFLQ \RXSDLGPHVRPXFKDWWHQWLRQ LQGHFLVRV
(UHVPX\FDULRVR <RXoUHYHU\DIIHFWLRQDWH /RV/HRVRQJHQHURVRV\ /HRDUHJHQHURXVDQGSURXG
|4XQLRPVVHQVDWR :KDWDVHQVLEOHER\ RUJXOORVRV
/RV9LUJRVRQDQDOWLFRV\ 9LUJRDUHDQDO\WLFDODQG
SHUIHFFLRQLVWDV SHUIHFWLRQLVW
/RV&DSULFRUQLRVRQUDFLRQDOHV &DSULFRUQDUHUDWLRQDODQG
\SHVLPLVWDV SHVVLPLVWLF

%URZQ/HQWLOV /HQWHMDVFDVWHOODQDV
*UHHQ3HDV *XLVDQWHVWLHUQRV

6SOLW3HDV *XLVDQWHVVHFRV &KLFN3HDV *DUEDQ]RV

5HG/HQWLOV /HQWHMDVURMDV

9RFDEXODULR3HDV /HJXPEUHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/RV7DXURVRQWHUFRV\GLJQRV 7DXUXVDUHVWXEERUQDQG /RV3LVFLVVRQURPQWLFRV\GH 3LVFHVDUHURPDQWLFDQG



GHFRQDQ]D UHOLDEOH KXPRUYDULDEOH PRRG\
/RV*PLQLVVRQLQJHQLRVRVH *HPLQLVDUHZLWW\DQGUHVWOHVV
 /RV$FXDULRVRQLGHDOLVWDV\ $TXDULXVDUHLGHDOLVWLFDQG

LQTXLHWRV VXVFHSWLEOHV WRXFK\
/RV(VFRUSLRVRQDSDVLRQDGRV 6FRUSLRDUHSDVVLRQDWHDQG 6ORPHVLHQWRVXSHUVWLFLRVR ,RQO\IHHOVXSHUVWLWLRXVZKHQ,

\UHVHUYDGRV VHFUHWLYH FXDQGRGHUUDPRVDORf VSLOOVDOWRU
/RV&QFHUVRQVHQVLEOHV\ &DQFHUDUHVHQVLWLYHDQGVK\
 VLWHQJRTXHSDVDUSRUGHEDMR fLI,KDYHWRJRXQGHUDODGGHU

WPLGRV GHXQDHVFDOHUDGHPDQRRf RU
/RV6DJLWDULRVRQRSWLPLVWDV 6DJLWWDULXVDUHRSWLPLVWLFDQG VLXQJDWRQHJURVHFUX]DHQPLfLIDEODFNFDWFURVVHVP\SDWK
\IDQIDUURQHV ERDVWIXO FDPLQR



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRXWq  3$&.6'((678',2

%ORZRXWWKHPDWFK 7KH\EURNHRXWRISULVRQ 
$SDJDODFHULOOD 6HIXJDURQGHODSULVLQ

7KH\EOHZKLVEUDLQVRXW 7KH)LUVW:RUOG:DUEURNHRXWLQ
/HYRODURQODWDSDGHORVVHVRV /D3ULPHUD*XHUUD0XQGLDOHVWDOOHQ

7KHWLUHEOHZRXW 7KHHSLGHPLFEURNHRXWLQWKHELJFLWLHV
/DUXHGDUHYHQW /DHSLGHPLDHVWDOOHQODVFLXGDGHVJUDQGHV 3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

)LQDQFHDQGDFFRXQWLQJ 
&RPSDQLHVUHSRUWWKHLUVROYHQF\SRVLWLRQWKURXJKIRXUQDQFLDOVWDWHPHQWV7KHUVWWZRDUHWKHEDODQFHVKHHWDQGWKHLQFRPHVWDWHPHQW
7KHEDODQFHVKHHWVKRZVWKHFRPSDQ\oVVLWXDWLRQFRQFHUQLQJLWVDVVHWVOLDELOLWLHVDQGQHWHTXLW\DWDJLYHQSRLQWLQWLPH
7KHLQFRPHVWDWHPHQWDOVRFDOOHGSURWDQGORVVVWDWHPHQWRU3 /VKRZVWKHUHVXOWVRIDFRPSDQ\RYHUDJLYHQSHULRGRIWLPH
7KHVWDWHPHQWRIUHWDLQHGHDUQLQJVVKRZVWKHQDOSURWWKDWWKHFRPSDQ\KDVGHFLGHGQRWWRGLVWULEXWHDVGLYLGHQGV
7KHVWDWHPHQWRIFDVKRZVVKRZVWKHFRPSDQ\oVFDVKRZDFWLYLWLHVHVSHFLDOO\LWVRSHUDWLQJLQYHVWPHQWDQGQDQFLQJDFWLYLWLHV
)LQDQFLDOVWDWHPHQWVVKRXOGEHXQGHUVWDQGDEOHUHOHYDQWUHOLDEOHDQGFRPSDUDEOH7KH\UHHFWQDQFLDOVWUHQJWKDQGSHUIRUPDQFH
2ZQHUVDQGPDQDJHUVDSSO\QDQFLDODQDO\VLVWRWKHVHVWDWHPHQWVWRPDNHLPSRUWDQWEXVLQHVVGHFLVLRQV
'HWDLOHGQDQFLDOVWDWHPHQWVPDNHXSDQLPSRUWDQWSDUWRIWKH$QQXDO5HSRUWVHQWWRWKHVKDUHKROGHUV
(PSOR\HHVXVHWKHVHQDQFLDOVWDWHPHQWVZKHQSUHSDULQJFROOHFWLYHEDUJDLQLQJHVSHFLDOO\FRQFHUQLQJWKHFRPSHQVDWLRQSDFNDJH
3RWHQWLDOLQYHVWRUVDOZD\VUHDGWKHQDQFLDOVWDWHPHQWVFDUHIXOO\WRDVVHVVWKHYLDELOLW\RIDFRPSDQ\WDUJHWHGIRULQYHVWPHQW
)LQDQFLDOLQVWLWXWLRQVVWXG\QDQFLDOVWDWHPHQWVZKHQGHFLGLQJZKHWKHUWRJUDQWORQJDQGVKRUWWHUPORDQVDQGFUHGLWOLQHV
7KHWD[DXWKRULWLHVDXGLWWKHQDQFLDOVWDWHPHQWVRIWKHFRPSDQ\ZKHQGLVDJUHHPHQWH[LVWVRQFRUSRUDWHWD[OLDELOLWLHV
,QGXVWU\DQDO\VWVDQGSHQVLRQIXQGPDQDJHUVFRQVWDQWO\FRPEWKHQDQFLDOVWDWHPHQWVLQVHDUFKRIVWUHQJWKVDQGZHDNQHVVHV
,QDFFRXQWLQJWKHPRVWLPSRUWDQWEUDQFKHVDUHQDQFLDODFFRXQWLQJPDQDJHPHQWDFFRXQWLQJWD[DFFRXQWLQJDQGFRVWDFFRXQWLQJ
)LQDQFLDODFFRXQWLQJLVWKHEDVLFSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVIRUWKHGLIIHUHQWSXEOLFVPHQWLRQHGDERYHLQWKLVVHFWLRQ

0DUNHWLQJDQGVDOHVPDQDJHPHQW 
7KHWKLUGp3qDIWHUSURGXFWLVpSODFHq1RUPDOO\LQPDUNHWLQJWKHWHUPpSODFHqUHIHUVWRGLVWULEXWLRQDQGQDOSRLQWRIVDOH
7KHLPSRUWDQWHOHPHQWFRQFHUQLQJpSODFHqLVKRZWRJHWWKHSURGXFWWRWKHFXVWRPHULQWKHTXLFNHVWDQGPRVWFRVWHIFLHQWZD\
$GHFLVLRQWKDWLVFUXFLDOWRWKHVXFFHVVRIPDQ\FRPSDQLHVLVZKDWGLVWULEXWLRQFKDQQHOVVKRXOGEHXVHG
5HSVROLVDYHUWLFDOO\LQWHJUDWHGFRPSDQ\ZKHUHE\LWRZQVLWVRZQGLVWULEXWLRQFKDQQHOIURPRLOZHOOWRUHQHU\WRVHUYLFHVWDWLRQ
&DUUHIRXUVHOOVLWVJRRGVWKURXJKODUJHVXUIDFHUHWDLOLQJ%HFDXVHRILWVVL]HLWFDQVNLSWKHZKROHVDOHFKDQQHODQGRIIHUORZHUSULFHV
7KH)OH[0DWWUHVV&RPSDQ\XVHVWZRFKDQQHOVODUJHVXUIDFHUHWDLOHUVDQGVPDOOIXUQLWXUHVWRUHV
&KDQHOSUHIHUVWRDYRLGORZSULFHFKDQQHOVVXFKDV&DUUHIRXU'DRU0HUFDGRQDLQIDYRXURIKLJKHUSULFHVFKDQQHOVOLNH(O&RUWH,QJOV
1LYHDXVXDOO\SUHIHUVWREHSUHVHQWLQHYHU\RXWOHWIURPODUJHVXUIDFHUHWDLOHUVRIHYHU\NLQGWRVPDOOQHLJKERXUKRRGVKRSV
6RPHEDE\IRRGPDNHUVSUHIHUWRUHVWULFWWKHLUGLVWULEXWLRQWRSKDUPDFLHV7KLVZD\WKH\VHQGDSDUWLFXODUPHVVDJHWRPRWKHUV
6RPHFRPSDQLHVOLNH(O&RUWH,QJOVSUHIHUWKHLURZQGLVWULEXWLRQZDUHKRXVHVZKLOHVPDOOUHWDLOHUVEX\IURPZKROHVDOHUV
$ZKROHVDOHULVDQLQWHUPHGLDU\ZKREX\VJRRGVIURPIDFWRULHVVWRUHVWKHPLQZDUHKRXVHVDQGVHOOVWKHPWRUHWDLOHUV
5HWDLOHUVDUHEXVLQHVVHVXVXDOO\VPDOORQHVWKDWVHOOPHUFKDQGLVHGLUHFWO\WRWKHSXEOLFWKURXJKVPDOOVKRSVRUVPDOOFKDLQVWRUHV
/DUJHVXUIDFHUHWDLOHUVDUHHQRUPRXVGLVWULEXWLRQFRPSDQLHVOLNH&DUUHIRXU:DO0DUWRU(O&RUWH,QJOVWKDWVHOOGLUHFWO\WRWKHSXEOLF
2WKHUpSODFHqRUGLVWULEXWLRQFRQVLGHUDWLRQVLQFOXGHGHFLVLRQVFRQFHUQLQJPDUNHWVHJPHQWDWLRQ
6RPHFRPSDQLHVSUHIHUWRIRFXVWKHLUHIIRUWVRQRQHVSHFLFVHJPHQWRIWKHPDUNHWLQRUGHUWREHFRPHWKHEHVWIRUWKDWVHJPHQW

*HQHUDODQGVWUDWHJLFPDQDJHPHQW 
6RPHFRPSDQLHVLQRUGHUWRFRQWUROFRVWVGHFLGHWRLQWHJUDWHYHUWLFDOO\7KLVLVFDOOHGpYHUWLFDOLQWHJUDWLRQq
9HUWLFDOLQWHJUDWLRQLVZKHQDFRPSDQ\EX\VRXWVXSSOLHUVRUFXVWRPHUVWKXVpLQWHJUDWLQJqWKHLUDFWLYLWLHVXSVWUHDPDQGGRZQVWUHDP
7KHWHUPpXSVWUHDPqPHDQVWKHSDUWRIDULYHUWKDWLVQHDUWKHVRXUFHp'RZQVWUHDPqLVWKHSDUWRIWKHULYHUQHDUWKHVHD
)RU5HSVROXSVWUHDPDFWLYLWLHVDUHWKHRLODQGJDVH[SORUDWLRQDQGH[WUDFWLRQ'RZQVWUHDPDFWLYLWLHVDUHWKHJDVVWDWLRQVWKDWZHYLVLW
7KHHQWLUHVWUHDPLVH[SORUDWLRQGULOOLQJH[WUDFWLRQWUDQVSRUWDWLRQWRUHQHULHVUHQLQJDGGLWLRQDOWUDQVSRUWDWLRQDQGQDOIXHOVDOHV
(O&RUWH,QJOVKDVSHUIRUPHGpEDFNZDUGLQWHJUDWLRQqE\EX\LQJRXWVRPHRILWVXSVWUHDPVXSSOLHUVVXFKDV,QYHVWUQLFDRU,QGX\FR
7KHRSSRVLWHLVpIRUZDUGLQWHJUDWLRQqZKHUHSURGXFHUVRUZKROHVDOHUVEX\RUFUHDWHGRZQVWUHDPDFWLYLWLHVWRVHOOGLUHFWO\WRWKHSXEOLF
7KHFOHDUHVWFDVHRIWKLVKDVEHHQVRPHRIWKH+ROO\ZRRGPRYLHVWXGLRVWKDWKDYHFUHDWHGFLQHPDFKDLQVWKURXJKRXWWKH86
)RU&(2oVLWoVRIWHQDWHPSWDWLRQWRLQWHJUDWHXSVWUHDPRUGRZQVWUHDPLQRUGHUWRFRQWUROFHUWDLQFULWLFDOHOHPHQWVLQWKHYDOXHFKDLQ
7KHGHFLVLRQDVWRZKHWKHUWRGRLWRUQRWPXVWEHFDUHIXOO\ZHLJKHG,QWHJUDWLQJVPRRWKHVRXWFHUWDLQWUDQVDFWLRQVEXWDGGVQDQFLDOULVNV
$QRWKHUVWUDWHJLFGHFLVLRQKDVWRGRZLWKWKHWLPLQJRIHQWU\LQWRDPDUNHW7RRVRRQFDQEHDVGHDGO\DVWRRODWH
,QWKHHDUO\\HDUVRISHUVRQDOFRPSXWLQJFRPSDQLHVOLNH$SSOHWULHGWREHWKHUVWWRWKHPDUNHWFRQVLGHULQJWKLVWREHDQDGYDQWDJH
,%0KRZHYHUGHFLGHGWRZDLWIRUWKHVHVPDOOHUSOD\HUVWRRSHQWKHPDUNHWDQGSURPRWHGHPDQGEHIRUHHQWHULQJDVDFRPSHWLWRU
,IDFRPSDQ\LVQRWSUHSDUHGWRVHHNDFRVWDGYDQWDJHVWUDWHJ\WKHRWKHUVWUDWHJLFRSWLRQLVGLIIHUHQWLDWLRQ
7KHLGHDEHKLQGGLIIHUHQWLDWLRQLVWRPDNHDSURGXFWWKDWLVVRGLIIHUHQWLQTXDOLW\RUXWLOLW\WKDWSHRSOHZLOOSD\DSUHPLXPWRKDYHLW



/RZ%HJLQQHU +LJK%HJLQQHU

/RVFKLFRVJUDQGHVHVWQ 7KHELJER\VDUHEHKLQGPH /DJHQWHGH)UDQFLDHVIUDQFHVD 3HRSOHIURP)UDQFHDUH)UHQFK


GHWUVGHP /DJHQWHGH$OHPDQLDHV 3HRSOHIURP*HUPDQ\DUH
/DQXHYDWLHQGDHVWGHODQWH 7KHQHZVKRSLVLQIURQWRI\RX DOHPDQD *HUPDQ
GHWL (VLQJOHVDODJHQWHGH(VFRFLD" $UHSHRSOHIURP6FRWODQG
/RVSHUURVVXFLRVHVWQGHEDMR 7KHGLUW\GRJVDUHXQGHUWKH (QJOLVK"
GHODPHVD WDEOH 6RQHVFRFHVHV\EULWQLFRV 7KH\DUH6FRWWLVKDQG%ULWLVK
(VWODFKLFDJXDSDDOODGRGHO" ,VWKHSUHWW\JLUOQH[WWRKLP" 1RHQWLHQGRHVRTXVLJQLFD" ,GRQoWXQGHUVWDQGZKDWGRHV
(VWQORVSODWRVYLHMRVHQOD $UHWKHROGSODWHVRQWKHWDEOH"
 WKDWPHDQ"
PHVD"

6WXPS 3DOR
%RZOHU /DQ]DGRU
%DWVPDQ %DWHDGRU

3LWFK &DPSRGHFUTXHW
:LFNHW 5DVWULOOR

9RFDEXODULR&ULFNHW &UTXHW

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

6LJQLFDTXHVLHQWHQ\VRQ ,WPHDQVWKH\IHHODQGWKH\DUH
 4XLHUHVTXWHORH[SOLTXH" 'R\RXZDQWPHWRH[SODLQLW
HVFRFHVHVSHURf 6FRWWLVKEXWf WR\RX"
WLHQHQSDVDSRUWHVEULWQLFRV WKH\KDYH%ULWLVKSDVVSRUWV &ODURTXHTXLHURTXHPHOR 2IFRXUVH,ZDQW\RXWRH[SODLQ
3RUTXWLHQHQSDVDSRUWHVGH :K\GRWKH\KDYHSDVVSRUWV H[SOLTXHV LWWRPH
RWURSDV" IURPDQRWKHUFRXQWU\" (VGLIFLOH[SOLFUWHOR ,WoVGLIFXOWWRH[SODLQLWWR
(VFRFLDIRUPDSDUWHGH*UDQ 6FRWODQGLVSDUWRI*UHDW%ULWDLQ
 \RX
%UHWDD\GHO5HLQR8QLGR DQGWKH8QLWHG.LQJGRP +D\UHJLRQHVGLIHUHQWHVHQ 7KHUHDUHGLIIHUHQWUHJLRQVLQ
&XOHVODGLIHUHQFLDHQWUHHVRV :KDWoVWKHGLIIHUHQFHEHWZHHQ
 (VSDDQR" 6SDLQDUHQoWWKHUH"
GRVSDVHV" WKRVHWZRFRXQWULHV" 7RGRVSHUWHQHFHQDOPLVPR 7KH\DOOEHORQJWRWKHVDPH
SDVQR" FRXQWU\GRQoWWKH\"

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

(VHHVXQDVXQWRGHOLFDGR 7KDWoVDGHOLFDWHPDWWHUOHWoV
 1RKD\XQHTXLSRHVFRFVQL 7KHUHLVQHLWKHUD6FRWWLVKQRU
FDPELHPRVGHWHPD FKDQJHWKHVXEMHFW XQHTXLSRJDOV D:HOVKWHDP
9DOHGHTXTXLHUHVTXH $OULJKWZKDWGR\RXZDQWXV
 (QWRQFHVSRUTXWLHQHQXQD :K\GRWKH\KDYHDQDWLRQDO
KDEOHPRV" WRWDONDERXW" VHOHFFLQQDFLRQDOGHIWERO" IRRWEDOOWHDPWKHQ"
(VFRFLDWHQGUVXSURSLR :LOO6FRWODQGKDYHLWVRZQ |$KPHKDVSLOODGR <RXoYHJRWPHWKHUH
HTXLSRHQ&KLQDHVWHDR" WHDPLQ&KLQDWKLV\HDU" 1RWHQJRODPVPQLPDLGHD ,KDYHQoWWKHVOLJKWHVWLGHD
4XTXLHUHVGHFLUFRQHVR" :KDWGR\RXPHDQE\WKDW" (VDOJRTXHVLHPSUHPHKD 7KDWoVVRPHWKLQJWKDWoVDOZD\V
0HUHHURDORV-XHJRV ,oPUHIHUULQJWRWKH2O\PSLF FRQIXQGLGRDPWDPELQ FRQIXVHGPHWRR
2OPSLFRV *DPHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

6L*UDQ%UHWDDKXELHUDWHQLGR ,I*UHDW%ULWDLQKDGKDGRQO\ $PVLHPSUHPHHQFDQWDOD ,DOZD\VORYHWKHRSHQLQJ


XQDQLFDVHOHFFLQGHIWEROf RQHIRRWEDOOWHDPf FHUHPRQLDGHLQDXJXUDFLQ FHUHPRQ\
SRGUDLVKDEHUJDQDGR f\RXFRXOGKDYHZRQPRUH <WRGRVHVRVQXHYRVGHSRUWHV $QGDOOWKRVHZHLUGQHZ
PXFKRVPVWRUQHRV WRXUQDPHQWV UDURV VSRUWV
1REDPRVDFDPELDUGHWHPD" :HUHQoWZHJRLQJWRFKDQJH 4XLQGHPRQLRVLQYHQWHO :KRRQHDUWKLQYHQWHGWKH
WKHVXEMHFW" VDOWRGHSUWLJD" SROHYDXOW"
'HTXKDEODPRV" :KDWVKDOOZHWDONDERXW" /RLPSRUWDQWHHVSDUWLFLSDU ,WoVWKHWDNLQJSDUWWKDWFRXQWV
4XHVORTXPVWHJXVWDGH :KDWGR\RXOLNHPRVWDERXW |1RWHORFUHHVQLW &RPHRIILW
ORV-XHJRV2OPSLFRV" WKH2O\PSLF*DPHV"


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRXWq 
9RFDEXODU\
7KH\ERXJKWXVRXW ,H[HUFLVHXQWLO,EUHDNRXWLQWRDVZHDW 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
+DQDGTXLULGRQXHVWUDHPSUHVD +DJRHMHUFLFLRVKDVWDHPSH]DUDVXGDU IUDVHVHQLQJOV"
8WLOL]DPRVFRQWDELOLGDGGHFRVWHVSDUDOOHYDUOD
+HERXJKWRXWP\VKDUHV 7KDWEULQJVRXWWKHEHVWLQKHU FXHQWDGHORVJDVWRV
OKDFRPSUDGRPLVDFFLRQHV (VRKDFHVDOLUORPHMRUGHHOOD 1XHVWUDUHGGHSURYHHGRUHVHVPX\DEOH
+HPRVUDOHQWL]DGRODFRQWUDWDFLQGHSHUVRQDO
7KHVWDLQGLGQoWFRPHRXW 7KH\oUHJRLQJWREULQJRXWDQHZPRGHO SRUHOPRPHQWR
/DPDQFKDQRKDVDOLGR 9DQDVDFDUXQQXHYRPRGHOR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
,QYHVWLQJ 
'HSHQGLQJRQ\RXUFXUUHQWVLWXDWLRQ\RXFDQGHFLGHWRORRNIRUVKRUWWHUPLQYHVWPHQWVRUORQJWHUPLQYHVWPHQWV
7\SLFDOVKRUWWHUPLQYHVWPHQWVDUHEDQNVDYLQJVDFFRXQWVPRQH\PDUNHWIXQGVRUFHUWLFDWHVRIGHSRVLWVDOVRFDOOHG&'oV
6KRUWWHUPLQYHVWPHQWVDUHRIWHQXVHGDVSODFHVWRWHPSRUDULO\pSDUNqPRQH\XQWLOLWLVQHHGHGIRURWKHUXVHVODWHU
/RQJWHUPLQYHVWPHQWVVKRXOGDOZD\VEHIDLWKIXOWRDORQJWHUPHTXLW\JURZWKVWUDWHJ\
,QERWKFDVHVWKHLQYHVWPHQWPXVWSURYLGHDUHWXUQHTXDOWRRUDERYHWKHLQDWLRQUDWH<RXPXVWNHHSSDFHZLWKLQDWLRQRUVXUSDVVLW
7KHPRVWFRPPRQDQGLPSRUWDQWQDQFLDOREMHFWLYHLQLQYHVWLQJLVWRFUHDWHDVHFXUHUHWLUHPHQWIXQG
<RXUWLPHKRUL]RQLVWKHQXPEHURI\HDUV\RXZLOOQHHGWRDFKLHYH\RXUQDQFLDOREMHFWLYH
,I\RXZDQWWRLQYHVWZLVHO\DQGRQDQRQJRLQJEDVLVWKHQ\RXQHHGWRHVWDEOLVKDEXGJHWDQGKRZPXFK\RXFDQVDYHHDFKPRQWK
<RXPXVWPDNHSXUFKDVLQJGHFLVLRQVDQGEXGJHW\RXUH[SHQVHVLQVXFKDZD\WKDW\RXDOZD\VKDYHVRPHPRQH\OHIWRYHUHDFKPRQWK
<RXVKRXOGDOVREHDZDUHRI\RXUULVNWROHUDQFH6RPHSHRSOHDUHULVNDYHUVHDQGRWKHUVDUHFRPIRUWDEOHWDNLQJFHUWDLQFKDQFHV
7KHUHDUHPDQ\W\SHVRILQYHVWPHQWYHKLFOHV/RZULVNDQGORZLQWHUHVWYHKLFOHVDUHRIWHQFDOOHGpFDVKHTXLYDOHQWVq
7KHVHYHKLFOHVLQFOXGHFKHFNLQJDQGVDYLQJVDFFRXQWV&'oVPRQH\PDUNHWIXQGVDQGPRQH\PDUNHWDFFRXQWV
0RQH\PDUNHWIXQGVDUHPXWXDOIXQGVZKHUH\RXUPRQH\LVLQYHVWHGLQVKRUWWHUPGHEWREOLJDWLRQVVXFKDV7UHDVXU\%LOOVRU&'oV
6RPHRIWKHPRVWFRPPRQLQYHVWPHQWYHKLFOHVDUHVWRFNVERQGVDQGPXWXDOIXQGV
:KHQ\RXEX\VWRFNLQWKHVWRFNPDUNHW\RXDUHEHFRPLQJDVKDUHKROGHURUSDUWRZQHURIDFRPSDQ\

+XPDQUHVRXUFHV 
$QLPSRUWDQW+5IXQFWLRQHVSHFLDOO\LQ\RXQJRUJDQL]DWLRQVLVpMRESULFLQJq7KLVPHDQVVHWWLQJWKHULJKWVDODU\IRUHDFKMRE
p0DUNHWSULFLQJqLVWKHPRVWFRPPRQIRUPXVHG7KHFRPSDQ\VHWVVDODULHVVLPLODUWRWKRVHLQWKHH[WHUQDOPDUNHWIRUVLPLODUMREV
7KHWHUPpSD\JUDGHqLVRIWHQXVHGWRUHIHUWRWKHGLIIHUHQWSD\FDWHJRULHVWKDWMREVDUHFODVVLHGLQ
:LWKLQHDFKSD\JUDGHWKHUHLVXVXDOO\DpSD\UDQJHqWKDWDOORZVDFRPSDQ\WRLQFUHDVHDSDUWLFXODUVDODU\ZLWKLQDSD\JUDGH
,IWZRSHRSOHKDYHMREVZLWKLQWKHVDPHSD\JUDGHDQGRQHRIWKHWZRZRUNVEHWWHUWKHFRPSDQ\SD\VKLPDWWKHKLJKHUUDQJH
0DQ\ODUJHFRPSDQLHVSHUIRUPRUSXUFKDVHZDJHDQGVDODU\VXUYH\VWRPDNHVXUHWKDWWKHLUFRPSHQVDWLRQSDFNDJHVDUHFRPSHWLWLYH
:DJHVDUHFRPSHQVDWLRQSDLGLQUHODWLRQWRDVSHFLHGDPRXQWRIWLPHZRUNHG:DJHVDUHXVXDOO\PHDVXUHGLQXQLWVRIWLPH
6DODULHVDUHFRPSHQVDWLRQSDLGZLWKRXWDQ\UHIHUHQFHWRDVSHFLHGQXPEHURIKRXUVZRUNHG
&ROOHFWLYHEDUJDLQLQJLVZKDWWDNHVSODFHSHULRGLFDOO\EHWZHHQZDJHHDUQHUVDQGHPSOR\HUVWRHVWDEOLVKWKHpHPSOR\PHQWFRQWUDFWq
0DQ\FRPSDQLHVGLIIHUHQWLDWHEHWZHHQpH[HPSWHPSOR\HHVqDQGpQRQH[HPSWHPSOR\HHVq
([HPSWHPSOR\HHVDUHQRWVXEMHFWWRWKHZDJHDQGKRXUDJUHHPHQWVUHDFKHGGXULQJWKHFROOHFWLYHEDUJDLQLQJQHJRWLDWLRQV
([HPSWHPSOR\HHVHDUQVDODULHVQRWZDJHVDQGGRQoWUHFHLYHGLUHFWDGGLWLRQDOFRPSHQVDWLRQIRUZRUNLQJRYHUWLPH
1RQH[HPSWHPSOR\HHVDUHSDUWRIWKHFRPSHQVDWLRQSDFNDJHQHJRWLDWHGZLWKWKHPDQDJHPHQWDQGDUHSDLGDFFRUGLQJWRKRXUVZRUNHG
2WKHUHPSOR\HHEHQHWVWKDWDFFRPSDQ\FRPSHQVDWLRQLQFOXGHH[WUDVOLNHLQVXUDQFHFKLOGFDUHOXQFKDOORZDQFHVRUFRPSDQ\FDUV
$FRPPRQDQGVRPHWLPHVFRQWURYHUVLDOHPSOR\HHEHQHWLVSURWVKDULQJZKHUHDFRPSDQ\SD\VLQFHQWLYHVOLQNHGWR\HDUHQGSURWV

6HFUHWDULDODQGDGPLQLVWUDWLRQ 
5HFHQWO\DVHFUHWDU\SODFHGWKHIROORZLQJPHVVDJHRQDIRUXP7REHDSSRLQWHGVHFUHWDU\RIDFHUWDLQFRPSDQ\RUFRPPLWWHHLVQRMRNH
,WHQWDLOVERWKNQRZOHGJHDQGVNLOOV2QHKDVWREHFRPSHWHQWHQRXJKWRWUDQVFULEHWKHPLQXWHVRIDPHHWLQJRUGLVFXVVLRQVRUZKDWHYHU
&RPSHWHQFHLQYROYHVNQRZOHGJHLQJUDPPDUDQGFRPSRVLWLRQ6NLOOVZLVHRQHKDVWREHTXLFNHQRXJKWRJUDVSZKDWRWKHUVPHDQ
6SHOOLQJDORXGLVDYHU\FRPPRQHYHU\GD\DFWLYLW\WKDWDVHFUHWDU\SHUIRUPV)RUIRUHLJQVHFUHWDULHVLWoVLPSHUDWLYHWREHVNLOOHGDWWKLV
3UREDEO\KDOIRIDOO(QJOLVKVSHDNLQJSHRSOHKDYHVXUQDPHVWKDWUHTXLUHVSHOOLQJRYHUWKHWHOHSKRQH&RUSRUDWHQDPHVDVZHOO
,I\RXoUHDVHFUHWDU\DQGQRWDQDWLYH(QJOLVKVSHDNHUWKHQ\RXPXVWPDNHVXUHWKDW\RXFDQVSHOORXWORXGDQGXQGHUVWDQGVSHOOLQJ
7KH%ULWLVKVD\IRUH[DPSOHp$IRU$OSKDq7KH$PHULFDQVVD\p$DVLQ$OSKDq,QWKHIROORZLQJOLQHVZHZLOOJRWKURXJKWKHDOSKDEHW
)RURXUSXUSRVHVKHUHZHZLOOXVHWKH%ULWLVKIRUPDQGWKHV\VWHPHPSOR\HGE\WKH,QWHUQDWLRQDO&LYLO$YLDWLRQ2UJDQL]DWLRQ

$IRU$OSKD +IRU+RWHO KRWO 2IRU2VFDU 8IRU8QLIRUP LQLIRUP


%IRU%UDYR ,IRU,QGLD 3IRU3DSD SSD 9IRU9LFWRU IFWRU
&IRU&KDUO\ -IRU-XQR FKQR 4IRU4XHEHF NXHEF  :IRU:KLVNH\
'IRU'HOWD .IRU.LOR 5IRU5RPHR UPLR ;IRU;UD\
(IRU(FKR HFR /IRU/LPD 6IRU6LHUUD <IRU<DQNHH
)IRU)R[WURW 0IRU0LNH 7IRU7DQJR WQJR =IRU=XOX
*IRU*XOI 1IRU1RYHPEHU


/RZ%HJLQQHU +LJK%HJLQQHU

'QGHHVWQORVQLRV" :KHUHDUHWKHFKLOGUHQ" (VWOLVWDHVDJHQWH" $UHWKRVHSHRSOHUHDG\"


(VWQHQFDVD" $UHWKH\DWKRPH" (VWDJHQWHQRHVHVWSLGD 7KHVHSHRSOHDUHQoWVWXSLG
(VWQHQHOFROHJLR" $UHWKH\DWVFKRRO" 3RUTXQRKD\JHQWHDTX" :K\DUHQoWWKHUHDQ\SHRSOH
'QGHHVWQ" :KHUHDUHWKH\" KHUH"
1RORV ,GRQoWNQRZ +D\SUREOHPDVFRQHO $UHWKHUHDQ\SUREOHPVZLWK
RUGHQDGRU" WKHFRPSXWHU"
1RKD\DFHLWHHQHVWDERWHOOD 7KHUHLVQoWDQ\RLOLQWKLV
ERWWOH

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHFRPSUDVWXURSD" :KHUHGR\RXEX\\RXU 1RLUDPHQRVTXHYHQJDV ,ZRQoWJRXQOHVV\RXFRPH


FORWKHV" FRQPLJR ZLWKPH
&XHVWDPXFKRWXWUDMH GH 'RHV\RXUVXLWFRVWDORW"
 'HTXWLHQHVPLHGR" :KDWDUH\RXDIUDLGRI"
KRPEUH " 1RWHQJRPLHGRGHQDGDQLGH ,oPQRWDIUDLGRIDQ\WKLQJRU
&XQWRFXHVWD" +RZPXFKGRHVLWFRVW" QDGLH DQ\ERG\
3RUTXFXHVWDWDQWR" :K\GRHVLWFRVWVRPXFK" 0HWHPRTXHHVRQRHVFLHUWR ,oPDIUDLGWKDWoVQRWWUXH
3RUTXJDVWDVWDQWRHQURSD" :K\GR\RXVSHQGVRPXFKRQ (VWR\WRWDOPHQWHGHDFXHUGR ,WRWDOO\DJUHHZLWK\RX
FORWKHV" FRQWLJR

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

&XQGRKDEUXQDHVWD" :KHQZLOOWKHUHEHDSDUW\" &XQGRVHYDDKDFHU" :KHQLVLWJRLQJWREHGRQH"


1RYDDKDEHUQLQJXQDHVWD 7KHUHLVQoWJRLQJWREHDQ\ 4XHVORTXHVHKDU" :KDWZLOOEHGRQH"
SDUW\ /RTXHWLHQHTXHKDFHUVH :KDWKDVWREHGRQH
3RUTXQXQFDKDKDELGRXQD :K\KDVWKHUHQHYHUEHHQD
 1RVHKDKHFKRDQ" +DVQoWLWEHHQGRQH\HW"
HVWDHQHVWDFDVD" SDUW\LQWKLVKRXVH" 6HKDEUDKHFKRVLKXELHUD ,WZRXOGKDYHEHHQGRQHLI
6LJDQVHPRVHOFRQFXUVR ,IZHZRQWKHFRPSHWLWLRQ KDELGRPVWLHPSR WKHUHKDGEHHQPRUHWLPH
KDEUDXQDHVWD WKHUHZRXOGEHDSDUW\
1ROHGLJDVTXHWHORGLMH 'RQoWWHOOKLP,WROG\RX

+L)L6\VWHP (TXLSRGHDOWDGHOLGDG

$PSOLHU $PSOLFDGRU &'3OD\HU /HFWRUGH&'

5DGLR 5DGLR
6SHDNHU $OWDYR]

9RFDEXODULR+RPH(QWHUWDLQPHQW 2FLRHQHOKRJDU

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

/DKXHOJDSHUMXGLFDU 7KHVWULNHZLOOVHULRXVO\KDUP (VDVHFWDOHVKDFRPLGRHOFRFR 7KDWVHFWKDVJRWWKHP


JUDYHPHQWHODLPDJHQGHOD WKHFRPSDQ\oVLPDJH EUDLQZDVKHG
HPSUHVD 1RWHFRPDVHOFRFRSRUORTXH 'RQoWZRUU\\RXUKHDGRYHU
6LJXHKDELHQGRPX\SRFDV 7KHUHDUHVWLOOYHU\IHZZRPHQ WHGLMRHOOD ZKDWVKHVDLG
PXMHUHVHQODJHVWLQ LQPDQDJHPHQW 6XHOHWLUDUODFDVDSRUODYHQWDQD +HVSDUHVQRH[SHQVHVRQKLV

(OVLQGLFDWRHPSH]DUODV 7KHXQLRQZLOOVWDUWQHJRWLDWLRQV
 HQVXVYDFDFLRQHV KROLGD\V
QHJRFLDFLRQHVFRQODGLUHFFLQ ZLWKPDQDJHPHQW 7HQGUHPRVTXHSUHSDUDUHO :HoOOKDYHWRGRWKH

(OHPSUHVDULRGHEHULQIRUPDUVH 7KHHPSOR\HUPXVWJHWLQIRUPHG WHUUHQRDQWHV JURXQGZRUNEHIRUHKDQG
VREUHODOH\DFWXDO DERXWWKHFXUUHQWODZ 'RUPFRPRXQOLUQDQRFKH ,VOHSWOLNHDORJODVWQLJKW
(QORTXHYDGHDRKHUHDOL]DGR 6RIDUWKLV\HDU,oYHJRQHRQVL[
VHLVYLDMHVGHQHJRFLRV EXVLQHVVWULSV


Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRXWq 
9RFDEXODU\
&RPHRXW 7KHVXQFDPHRXWIURPEHKLQGWKHFORXGV 3RQWHDSUXHED6DEHVGHFLUODVVLJXLHQWHV
6DO HOTXHKDEODHVWIXHUD  (OVROVDOLSRUGHWUVGHODVQXEHV IUDVHVHQLQJOV"
(VWDUSUHSDUDGDODPHUFDQFDSDUDHO
+RZGLGHYHU\WKLQJFRPHRXW" ,oOONLVV\RXZKHQWKHVWDUVFRPHRXW WUDQVSRUWH"
&PRKDLGRODFRVD" 7HEHVDUFXDQGRVDOJDQODVHVWUHOODV +HPRVDXPHQWDGRODSURGXFWLYLGDGXQ
6XHOHVHUPVGLIFLOGLULJLUODVSHTXHDV
6RPHSDJHVKDYHFRPHRXW +HFDPHRXWLQIDYRXURIWKHWD[ HPSUHVDV
6HKDQGHVSHJDGRDOJXQDVSJLQDV 6DOLHQGHIHQVDGHOLPSXHVWR ,QWHQWDHVFULELUODVPLVPDVIUDVHVHQLQJOV\FRPSUXHEDWXV
UHVSXHVWDVHVWHGRPLQJRDOFRPSUDU(/&8562'(,1*/6
'(),1,7,92 GH 9DXJKDQ 1R VOR VDEUV VL KDV DFHUWDGR
VLQRTXHSRGUVHVFXFKDUFPRVHSURQXQFLDQHVWDVIUDVHV
2SHUDWLRQV 
,QDGGLWLRQWRWKHVLPSOHTXHVWLRQRISURGXFWYLDELOLW\DQRWKHUVLPSOHEXWFHQWUDOFRQVLGHUDWLRQLVWKHLGHDORUJDQL]DWLRQGHVLJQ
7KHEHVWRUJDQL]DWLRQVPDLQWDLQDQHQWUHSUHQHXULDOFXOWXUHSURPRWHFROODERUDWLRQDQGWHDPZRUNDQGHVWDEOLVKFOHDUDFFRXQWDELOLW\
7KHEHVWRUJDQL]DWLRQVDUHDOVRWKRVHWKDWNQRZKRZWRFRPPLWWKHLUVXSSOLHUVWRFRQWLQXRXVLPSURYHPHQWLQTXDOLW\GHOLYHU\DQGFRVW
6RPHFRPSDQLHVVSHQGDQHQRUPRXVDPRXQWRIWLPHKHOSLQJWKHLUVXSSOLHUVWREHFRPHPRUHHIFLHQW
2WKHUFRPSDQLHVGHFLGHWRLQWHJUDWHEDFNZDUGVLQRUGHUWRJDLQFRPSOHWHFRQWURORYHUWKHLUXSVWUHDPDFWLYLWLHV
:KLFKHYHUWKHVWUDWHJ\WKHFRPSDQ\WKDWJDLQVWKHEHVWTXDOLW\GHOLYHU\DQGFRVWLQWKLVSDUWRIWKHVXSSO\FKDLQZLOOKDYHDQDGYDQWDJH
0RUHDQGPRUHPDWKHPDWLFDOPRGHOVDQGRWKHUDQDO\WLFDOWRROVDUHEHLQJXVHGWRLPSURYHRSHUDWLRQVDQGPDQDJHPHQWGHFLVLRQV
'HFLVLRQDQDO\VLVLVRQHDUHDZKHUHPDWKHPDWLFDOWRROVDUHXVHGWRKHOSDGHFLVLRQPDNHUUHGXFHXQFHUWDLQW\
7KHPRVWFRPPRQW\SHRIGHFLVLRQDQDO\VLVLVWKHGHFLVLRQWUHHZKHUHDOOSRVVLEOHRXWFRPHVDUHVWXGLHGLQFOXGLQJWKHLUFRVWDQGXWLOLW\
7KHLGHDLVWKDWWKHGHFLVLRQWUHHWKURXJKSUREDELOLW\DQDO\VLVWHOOV\RXZKLFKVWUDWHJ\LVWKHPRVWOLNHO\WRUHDFKWKHJRDO\RXZDQW
7KHUHDUHPDQ\GLIIHUHQWZD\VLQZKLFKFRPSDQLHVRUGHSDUWPHQWVFDQIRUHFDVWIXWXUHHYHQWV2QHRIWKHPRVWFRPPRQLVWKHWLPHVHULHV
7KHPRYLQJDYHUDJHLVRQHRIWKHPRVWSRZHUIXOWRROVIRUVWXG\LQJDSDVWWUHQGLQRUGHUWRSURMHFWLWLQWRWKHIXWXUH
0RYLQJDYHUDJHVVPRRWKRXWVKRUWWHUPXFWXDWLRQVWKHUHE\HQDEOLQJWKHDQDO\VWWRVHHORQJHUWHUPWUHQGVRUF\FOHV
$QLQWHUHVWLQJQRQPDWKHPDWLFDOIRUHFDVWLQJPHWKRGLVFDOOHGWKH'HOSKL0HWKRG,WoVDV\VWHPDWLFLQWHUDFWLYHZD\RISUHGLFWLRQ
7KH'HOSKL0HWKRGPDLQWDLQVSDUWLFLSDQWVSK\VLFDOO\VHSDUDWHGVRWKHLUYHUEDOVNLOOVRUSHUVXDVLRQGRQoWLQXHQFHWKHRSLQLRQVRIRWKHUV

,QIRUPDWLRQWHFKQRORJ\ 
1HWZRUNVHFXULW\UHTXLUHVDWKRURXJKXQGHUVWDQGLQJRIWKHFRPSRQHQWVDQGOD\HUVLQWKHV\VWHPDVZHOODVLQWHUDFWLQJH[WHUQDOV\VWHPV
<RXPXVWEHVXUHWKDWWKHRWKHUV\VWHPVWKDWDUHFRQQHFWHGWRWKHVDPHQHWZRUNDUHSK\VLFDOO\DQGHOHFWURQLFDOO\VHFXUH
<RXPXVWPDNHVXUHWKDWQRXQDXWKRUL]HGSHUVRQQHOKDYHDFFHVVWRWKHSK\VLFDOQHWZRUNWRZKLFKWKHV\VWHPLVDWWDFKHG
$WKLUGLPSRUWDQWFRQVLGHUDWLRQLQYROYHVSURWRFROVDQGVHUYLFHV/DUJHV\VWHPVUXQPDQ\VRIWZDUHVDQGSURJUDPVVLPXOWDQHRXVO\
%HFDXVHPRVWVRIWZDUHVDQGSURJUDPVDUHZULWWHQE\GLIIHUHQWSHRSOHLWoVFRPPRQIRUDWOHDVWRQHWRKDYHDVHFXULW\KROH
$IRXUWKFRQVLGHUDWLRQKDVWRGRZLWKXVHUVHFXULW\6RPHV\VWHPVKDYHKXQGUHGVRIXVHUVGLUHFWO\DFFHVVLQJWKHV\VWHPDWWKHVDPHWLPH
<RXQHHGWRGHYHORSDVWDQGDUGPHWKRGIRUFUHDWLQJDQGPDLQWDLQLQJXVHUDFFRXQWV6HWOLPLWVWRZKDWFHUWDLQXVHUVFDQGR
.HHSDFFXUDWHORJVRIXVHUDFWLYLW\ZKLFKLQFOXGHVFRQQHFWLRQWLPHGXUDWLRQDQGZKHUHWKH\FRQQHFWIURP
,WoVFRPPRQWRXVHpSDWUROqSURJUDPVWRGHWHFWXVHUVZKRWU\WRJDLQDGPLQLVWUDWRUSULYLOHJHVRUDFFHVVOHVWKDWWKH\VKRXOGQoW
$IWKFRQFHUQLVGDWDVWRUDJHVHFXULW\7KHUHDUHRIWHQPDQ\FRPSOLFDWHGZD\VWRDFFHVVWKHVDPHGDWDRQDV\VWHP
$SHUVRQLQFKDUJHRI,7VHFXULW\VKRXOGNQRZWKHOHRZQHUVKLSVFKHPHWKDWWKHV\VWHPLPSOHPHQWV,VLWJURXSEDVHGRZQHUEDVHG"
$OOLPSRUWDQWGDWDEDVHVVKRXOGEHDFFHVVLEOHRQO\WRDXWKRUL]HGXVHUVDQGWKLVLQFOXGHVSHRSOHLQVLGHDQGRXWVLGHWKHFRPSDQ\
3DVVZRUGVDUHYLWDOWRHYHU\VHFXULW\VFKHPH7KH\SURWHFWXVHUDFFRXQWVVHQVLWLYHZHEVLWHVDQGV\VWHPVHUYLFHV
7KHEHVWSROLF\LVWRUHTXLUHXQLTXHFRPSOH[SDVVZRUGVIRUDOOXVHUDFFRXQWVQXPEHUVWRJHWKHUZLWKXSSHUDQGORZHUFDVHOHWWHUV
3DVVZRUGVVKRXOGQHYHUEHNHSWIRUPRUHWKDQRQH\HDU,WoVDGYLVDEOHWRSURPRWHSDVVZRUGURWDWLRQDQGH[SLUDWLRQ

/DZDQGOHJDOFRXQVHO 
7KHOHJDOWHUPLQRORJ\LQWKH86DQG8.LVTXLWHGLIIHUHQW7KHWHUPpODZ\HUqLVWKHJHQHUDOZRUGIRUDSHUVRQOLFHQVHGWRSUDFWLFHODZ
,QWKH86ODZ\HUVDUHRIWHQFDOOHGDWWRUQH\V,IWKH\VSHQGDORWRIWLPHLQFRXUWWKHQWKHWHUPLVWULDOODZ\HURUOLWLJDWLRQDWWRUQH\
,I\RXQHHGDODZ\HULQWKH8.\RXFRQWDFWDVROLFLWRUZKRZLOOUHSUHVHQW\RXDQGDGYLVH\RXEXWQRWLQFRXUW
,I\RXQHHGWRJRWRFRXUW\RXUVROLFLWRUZLOOXVHWKHVHUYLFHVRIDEDUULVWHUWRUHSUHVHQWWKHSHUVRQLQDSXEOLFKHDULQJRUFRXUWFDVH
$86DWWRUQH\FDQDUJXHFDVHVLQFRXUWSURYLGHOHJDODGYLFHWRFOLHQWVDQGGUDIWOHJDOGRFXPHQWVVXFKDVZLOOVGHHGVDQGFRQWUDFWV
,QFULPLQDOFRXUWVWKHUHLVDSURVHFXWLQJDWWRUQH\DQGDGHIHQFHDWWRUQH\7KHSURVHFXWLQJDWWRUQH\RIWHQUHSUHVHQWVDSXEOLFMXULVGLFWLRQ
7KHUHDUHPDQ\GLIIHUHQWNLQGVRIODZ&ULPLQDOODZLVWKHERG\RIOHJLVODWLRQWKDWGHQHVFULPLQDORIIHQFHVDQGWKHSHQDOWLHV
7RUWODZLVWKHERG\RIOHJLVODWLRQWKDWHVWDEOLVKHVUHPHGLHVIRUFLYLOZURQJVWKDWDUHQRWDUHVXOWRIFRQWUDFWXDOGXWLHV
7RUWODZLQYROYHVOLDELOLW\GDPDJHVQHJOLJHQFHGHIDPDWLRQFRPSHWLWLRQODZVHOIGHIHQFHHPRWLRQDOGLVWUHVVIUDXGDQGPXFKPRUH
3URSHUW\ODZLQYROYHVWKHYDULRXVIRUPVRIRZQHUVKLSRIUHDOSURSHUW\ RUUHDOHVWDWH DQGSHUVRQDOSURSHUW\
/DERXUODZLVWKHWHUPXVHGWRUHIHUWRWKHLQGXVWULDOUHODWLRQVKLSEHWZHHQZRUNHUHPSOR\HUDQGWUDGHXQLRQ
7D[ODZLQYROYHVWKHUHJXODWLRQVSXWLQWRHIIHFWFRQFHUQLQJSHUVRQDOLQFRPHWD[YDOXHDGGHGWD[LQKHULWDQFHWD[DQGFRUSRUDWHWD[
&RPSHWLWLRQODZDWWHPSWVWRHQVXUHWKDWFRPSHWLWLRQLVIUHHDQGIDLU,QWKH86LWLVRIWHQFDOOHGpDQWLWUXVWODZq
&RXQWULHVWKDWIROORZDFLYLOODZV\VWHPEDVHDXWKRULW\SULPDULO\RQOHJLVODWLRQDQGVHFRQGO\RQFXVWRP/DZVDUHFRGLHG
&RXQWULHVWKDWIROORZDFRPPRQODZV\VWHPEDVHDXWKRULW\RQSUHFHGHQWDQGMXULVSUXGHQFHLVLQVWUXPHQWDOLQHVWDEOLVKLQJODZ 

/RZ%HJLQQHU +LJK%HJLQQHU

6RQSDUDP 7KH\oUHIRUPH (QWUHSRUIDYRU &RPHLQSOHDVH


(VSDUDQRVRWURV ,WoVIRUXV 6LQWHVH 6LWGRZQ
(VWDPRVFRQHOORV :HoUHZLWKWKHP /HYQWHVH *HWXS
1RHVWQFRQWLJR 7KH\oUHQRWZLWK\RX 6DOGHDTXDKRUDPLVPR *HWRXWRIKHUHQRZ
(VWLVDOODGRGHHOORV <RXoUHQH[WWRWKHP 1RYXHOYDV 'RQoWFRPHEDFN

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

'QGHHVWXYLVWHDODV :KHUHZHUH\RXODVWQLJKWDW (VWDUGHYXHOWDHQXQSDUGH ,oOOEHEDFNLQDFRXSOHRIGD\V


DQRFKH" " GDV
3HUGQTXPHKDVGLFKR" 6RUU\ZKDWGLG\RXVD\" (QVHJXLGDYXHOYR ,oOOEHULJKWEDFN
7HSUHJXQWTXHGQGHHVWDEDV ,DVNHG\RXZKHUH\RXZHUH
 (QVHJXLGDHVWR\FRQWLJR ,oOOEHULJKWZLWK\RX
DQRFKH ODVWQLJKW (QVHJXLGDYR\SDUDDOO ,oOOEHULJKWRYHU
<TXKDFDVDOO" $QGZKDWZHUH\RXGRLQJ 7HQGUUD]Q\DYHUV ,oOOEHULJKW\RXoOOVHH
WKHUH"
4XLHURVDEHUTXKDFDVDOO ,ZDQWWRNQRZZKDW\RXZHUH
GRLQJWKHUH

8PSLUH -XH]GHVLOOD

6HUYH 6DFDU %DOOER\ 5HFRJHSHORWDV

6HUYLFH/LQH /QHDGHVHUYLFLR

1HW 5HG
%DVHOLQH /QHDGHIRQGR

9RFDEXODULR7HQQLV 7HQLV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

9PRQRV /HWoVJR 'HFGHWHTXLHUHV" 0DNHXS\RXUPLQGZLOO\RX"


1RVYDPRV" 6KDOOZHJR" (ODJXDHVWFRPSXHVWDSRU :DWHULVPDGHXSRIR[\JHQ
|9R\ ,oPFRPLQJ R[JHQRHKLGUJHQR DQGK\GURJHQ
9R\DFDVWLJDUOHV ,oPJRLQJWRSXQLVKWKHP 7HQJRTXHUHFXSHUDUODVFODVHV ,KDYHWRPDNHXSODVWZHHNoV
/HVFDVWLJR" 6KDOO,SXQLVKWKHP" SHUGLGDVGHODVHPDQDSDVDGD ORVWFODVVHV
&PRORSXHGRHQPHQGDU" +RZFDQ,PDNHLWXSWR\RX"
&RQIHFFLRQHPRVXQDOLVWDGH /HWoVPDNHXSDOLVWRIJXHVWV
LQYLWDGRV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

7HGDVFXHQWDGHORTXHPH 'R\RXUHDOLVHZKDW\RXoYHMXVW &PRHUDODPHORGDGH/RV +RZGLGWKHWKHPHWXQHIURP



DFDEDVGHKDFHU" GRQHWRPH" 7HOHxHFRV" 7KH0XSSHWVJR"
&PRYDPRVDVDOLUGHHVWH +RZDUHZHJRLQJWRJHWRXWRI 7HDFXHUGDVGH3DEOR0UPRO 'R\RXUHPHPEHU%DUQH\
OR" WKLVPHVV" \3HGUR3LFDSLHGUD" 5XEEOHDQG)UHG)OLQWVWRQH"
3XHGHTXHHVWQPHWLGRVHQXQ 7KH\PLJKWEHVWXFNLQDWUDIF $TXLQSUHIHUDVGH%DUULR:KRGLG\RXSUHIHUIURP
DWDVFR MDP 6pVDPRD(SLRD%ODV" 6HVDPH6WUHHW%HUWRU(UQLH"
&XQGRYDVDGHVKDFHUWHGH :KHQDUH\RXJRLQJWRJHWULG 6LHPSUHPHFRQIXQGRHQWUHHO ,DOZD\VJHWFRQIXVHGEHWZHHQ

HVWRVHVFRPEURV" RIWKLVUXEEOH" 3DWR'RQDOG\HO3DWR/XFDV 'RQDOG'XFNDQG'DII\WKH
&XDQGRPHGODJDQD :KHQ,IHHOOLNHLW 'XFN
3RUTXHO&R\RWHQXQFD :K\GLG:LO\(&R\RWHQHYHU
OOHJDSLOODUDHVHHVWSLGR FDWFKWKDWVWXSLG5RDG5XQQHU"
&RUUHFDPLQRV"



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRXWq  9$8*+$1&/$665220
&ODVHVDWXHPDLO
7KHPDJD]LQHFRPHVRXWZHHNO\ ,oPQRWFXWRXWWREHDWHDFKHU
/DUHYLVWDVDOHVHPDQDOPHQWH 1RHVWR\KHFKRSDUDVHUSURIHVRU

&XWLWRXWZLOO\RX 7KH\IHOORXWDIWHUWZR\HDUV
|3DUD\DTXLHUHV" GHLQFRUGLDU 5LHURQ\VHVHSDUDURQGHVSXVGHGRVDRV

3RQDSUXHEDWXOLVWHQLQJFRQHODXGLR\
:K\GLGQoW\RXFXWRXWWKHDUWLFOH" )DOORXW YLGHRTXHYLHQHQHQFDGDOHFFLQ
3RUTXQRUHFRUWDVWHHODUWFXOR" |5RPSDQODV ,QVFUEHWHRQOLQH\UHFLEHWXVFODVHVGHLQJOVJUDWXLWDV
GLUHFWDPHQWHDWXHPDLO
ZZZYDXJKDQFODVVURRPFRP
(QWUHSUHQHXUVKLS 
6RPHFRPSDQLHVHQGXSIDLOLQJEHFDXVHWKH\pGLHRIVXFFHVVq7KHRZQHUVRYHUH[SDQGLQVWHDGRIIRFXVLQJRQVORZDQGVWHDG\JURZWK
0RVWXQLYHUVLW\FRXUVHVRQ(QWUHSUHQHXUVKLSDSSURDFKWKHVXEMHFWDVLILWFRXOGEHOHDUQHGWKURXJKDWH[WERRN
0RVWVXFFHVVIXOFRPSDQLHVKRZHYHUZHUHVWDUWHGEHFDXVHDSHUVRQOHDUQHGDWUDGHDQGWKHQZHQWLQGHSHQGHQWWRGHYHORSLWEHWWHU
0RVWVXFFHVVIXOHQWUHSUHQXHUVVWDUWHGWKHLUZRUNLQJOLYHVOHDUQLQJWKHpWULFNVRIWKHWUDGHqLQDQHVWDEOLVKHGUP
)URPWKHUHWKH\GHFLGHGWRWU\WKHLURZQKDQGDWLWDQGDSSOLHGHQHUJ\DQGSDVVLRQWRWKHWDVN
+RZHYHUGHVSLWHHQHUJ\DQGSDVVLRQPRUHWKDQSHUFHQWRIQHZEXVLQHVVHVIDLOLQWKHUVWYH\HDUVRIWKHLUOLIH
7REHVXFFHVVIXOHQWUHSUHQXHUVXVXDOO\QHHGWREHDEOHWRVHOOWKHPVHOYHVDQGWKHLULGHDVWRRWKHUV&RPPXQLFDWLRQVVNLOOVDUHLPSRUWDQW
7KH\PXVWEHDEOHWRZKLSXSWKHHQWKXVLDVPRUDWOHDVWJDLQWKHFRQGHQFHRIEDQNHUVLQYHVWRUVFXVWRPHUVDQGHPSOR\HHV
7KH\QHHGWREHOLHYHVWURQJO\LQWKHSRZHURIWKHLUSURGXFWRUVHUYLFHWROOFOHDUDQGLPSRUWDQWQHHGVRUGHVLUHVDPRQJFRQVXPHUV
7KH\QHHGWRNQRZKRZWRLGHQWLI\ZKHUHWKHWDUJHWPDUNHWVDUHDQGEHDEOHWRJXUHRXWKRZWRUHDFKWKHVHPDUNHWVHIIHFWLYHO\
7KH\PXVWEHFRROKHDGHGHQRXJKWRNHHSDUPKDQGRQWKHFRPSDQ\WUHDVXU\DQGPDNHVXUHWKDWPRQH\LVZHOOPDQDJHG
7KH\PXVWEHWLUHOHVVLQQGLQJFRVWHIIHFWLYHZD\VWRGRHYHU\WKLQJDQGWRNHHS[HGH[SHQVHVWRWKHEDUHPLQLPXP
7KH\PXVWEHYLVLRQDULHVDEOHWRVHHWKHGLIIHUHQWIXWXUHVWKH\ZDQWWRFUHDWHDQGDEOHWRFRQYH\WKHLUYLVLRQWRRWKHUV
7KH\PXVWEHGUHDPHUVDQGGRZQWRHDUWKpEHDQFRXQWHUVqDWWKHVDPHWLPHp%HDQFRXQWHUqLVDFROORTXLDOH[SUHVVLRQIRUDQDFFRXQWDQW
7KH\PXVWIXVHVFLHQFHDQGVWRLFSHUVHYHUDQFHDQGGHYRWLRQZLWKGUHDPVDQGYLVLRQV

5HVHDUFKDQGGHYHORSPHQW 
0DQ\SHRSOHWKDQNWKDWLQQRYDWLRQLQXQPDQDJHDEOHEHFDXVHRIXQFHUWDLQWLHVRYHURSWLPLVWLFIRUHFDVWVDQGXQSUHGLFWDEOHFRQVXPHUV
7KHEHVWLQQRYDWLRQLVZKHQVFLHQWLFNQRZOHGJHLVFRPELQHGZLWKPDUNHWLQJVNLOOVWRLGHQWLI\UDGLFDOO\EHWWHUVROXWLRQV
$FRPPRQGHOLPPDLQRUJDQL]DWLRQVLVZKHWKHUWROHDYHLWVLQQRYDWLRQSURFHVVHVXQWRXFKHGRUWRDSSO\SURFHVVPDQDJHPHQWFRQWUROV
6RPH5 'PDQDJHUVSUHIHUWRLPSRVHGLVFLSOLQHGRUVWUXFWXUHGZRUNSURFHVVHVWRWKHLU5 'ZRUNIRUFH
7KHVHSURFHVVHVFDQLQFOXGHWHFKQRORJ\SODQQLQJLGHDJHQHUDWLRQGLVFRYHU\UHVHDUFKDQGQHZSURGXFWRUSURFHVVGHYHORSPHQW
7RGRWKLVWKH5 'PDQDJHUPXVWDOVRFRQVLGHUWKHW\SLFDOWRSLFVRIKLULQJEXGJHWLQJSDWHQWLQJWUDLQLQJDQGSHUVRQQHOGHYHORSPHQW
2QHSUREOHPLVWKDWPRVW5 'HIIRUWVIDLOEXWGHVSLWHWKHVHIDLOXUHV5 'SHRSOHXVXDOO\SHUVHYHUHEHFDXVHWKHUHZDUGVFDQEHJUHDW
$FFRUGLQJWRYHQWXUHFDSLWDOLVWVSDWHQWOLWHUDWXUHDQGRWKHUVXUYH\VLWWDNHVUDZLGHDVWRDFKLHYHRQHFRPPHUFLDOVXFFHVV
6RPHVXUYH\VSRLQWWRWKHIDFWWKDWGHVSLWHWKHLQFUHDVHLQ5 'SURFHVVFRQWUROVXFFHVVUDWHVRYHUWKHSDVWGHFDGHKDYHIDOOHQ
7KHRYHUDOOLQQRYDWLRQSURFHVVLVQRWRQO\ULVN\EXWYHU\FRPSOH[DQGPDQDJLQJWKLVHIIRUWLVQRWHDV\
7KHLQQRYDWLRQSURFHVVLQFOXGHVNQRZOHGJHRIFRPSDQ\VWUDWHJLHVNQRZOHGJHRIWHFKQRORJ\DQGNQRZOHGJHRIWKHPDUNHWV
,IDFRXQWU\ZDQWVWRSURJUHVVLQFRPPHUFHLQGXVWU\DQGWHFKQRORJ\LWPXVWKDYHDVWURQJ5 'EDVH
0DQ\FRXQWULHVVXIIHUDpEUDLQGUDLQqZKHUHE\WKHLUEHVWVFLHQWLVWVDQGHQJLQHHUVVHHNHPSOR\PHQWLQRWKHUPRUHZHOFRPLQJFRXQWULHV
,WoVHVVHQWLDOWKDWWKHXQLYHUVLW\V\VWHPLQDFRXQWU\SURYLGHRSSRUWXQLWLHVIRUH[WHQVLYH5 'DFWLYLWLHVDPRQJLWVVWXGHQWV
$Q\FRXQWU\ZKRVHJRYHUQPHQWLVUHOXFWDQWWRIXQG5 'DFWLYLWLHVLVDFRXQWU\WKDWZLOOQRWSURJUHVVDVIDVWDVLWVQHLJKERUV

7\SLFDORIFHODQJXDJH 
/HWoVJRGRZQDQGJHWDFRIIHHUVWEHIRUHZHWU\WRWDFNOHWKLVLVVXH:HoYHEHHQKHUHIRUWZRKRXUVDOUHDG\DQG,QHHGDEUHDN
,oYHEHHQWKLQNLQJ:K\GRQoWZHFRQWDFWWKH&KDPEHURI&RPPHUFHRQWKLVDQGVHHLIWKH\FDQKHOSXVFRQYLQFHWKHORFDOJRYHUQPHQW"
,WoVWDNLQJORQJHUWKDQ,WKRXJKW7KLVSODQZDVVXSSRVHGWREHDVKRUWFXWEXWZHoYHUXQLQWRPRUHSUREOHPVWKDQZHH[SHFWHG
7KHUHoVDUXPRUJRLQJDURXQGWKDWZHoUHORVLQJPRQH\:KHUHDUHSHRSOHJHWWLQJWKLVLQIRUPDWLRQ":KRoVSURSDJDWLQJWKHVHUXPRUV"
7KHQH[WLWHPRQWKHDJHQGDLVWKHGHFLVLRQWREX\DQHZHHWRIFRPSDQ\FDUV,oPSHUVRQDOO\DJDLQVWWKHLGHDIRUQRZ
,WKLQNKHoVFRPHXSZLWKDQLGHDWKDWFRXOGVDYHXVWKHWLPHDQGWURXEOHRIQGLQJDQHZVHUYLFHSURYLGHU
*RDKHDGDQGFDOOKHU6KHVKRXOGVWLOOEHLQKHURIFH,WULHGWRJHWDKROGRIKHUWKLVPRUQLQJEXWFRXOGQoWJHWWKURXJK
7KHWHOHSKRQHMXVWZRQoWVWRSULQJLQJWKLVPRUQLQJ,oOOEHOXFN\WRJHWDQ\WKLQJGRQHWRGD\
7KHLQGXVWU\LVFKDUDFWHUL]HGE\ORZHQWU\EDUULHUVWKDWDOORZDOPRVWDQ\7RP'LFNRU+DUU\WRMXPSLQDQGFRPSHWHDJDLQVWXV
+DYH\RXWDONHGWR3HGURDERXWWKLV",oPVXUHKHoOOZDQWWRNQRZDERXWLW,WDIIHFWVKLVGHSDUWPHQWHYHQPRUHWKDQ\RXUV
+HOOR0DUJDUHW"&DQ\RXSXWPHWKURXJKWR9LFHQWH:DONHU",IKHoVLQFRQQHFWPHVRWKDW,oPRQWKHOLQHZKHQKHDQVZHUV
7KH\oOOSUREDEO\ZDQWDKHIW\GLVFRXQWRQWKHOLVWHGSULFH7KH\GHVHUYHLWLI\RXZDQWP\RSLQLRQ7KH\oYHQHYHUJLYHQXVDQ\WURXEOH
0\FHOOSKRQHoVVWDUWLQJWRJLYHPHVRPHWURXEOH'RZHVWLOOKDYHDQ\RIWKHQHZRQHVRUKDYH\RXDVVLJQHGWKHPDOORXW"
7HOOKLP,oPQRWJRLQJWRORRNRYHUKLVUHSRUWXQWLOVRPHRQHHOVHSURRIUHDGVLWUVW+HPDNHVWRRPDQ\VSHOOLQJPLVWDNHV
:HoYHPDGHWKHGHFLVLRQWRJRDKHDGZLWK3ODQ$GHVSLWHWKHRSSRVLWLRQRIWZRPHPEHUVRIWKHH[HFXWLYHFRPPLWWHH 


/RZ%HJLQQHU +LJK%HJLQQHU

&XOHVVRQVXVQRPEUHV" :KDWDUHWKHLUQDPHV" &XOHVHOWX\RVWHRDTXO" :KLFKRQHoV\RXUVWKLVRQHRU


&XQWRVDRVWLHQHQ" +RZROGDUHWKH\" WKDWRQH"
'HGQGHVRQ" :KHUHDUHWKH\IURP" /RVD]XOHVVRQORVPRV 7KHEOXHRQHVDUHPLQH
'QGHYLYHQ" :KHUHGRWKH\OLYH" &XOHVVRQORVGHHOORV" :KLFKRQHVDUHWKHLUV"
&PRHVWQ" +RZDUHWKH\" /RVTXHHVWQDOOVRQGHHOORV 7KHRQHVRYHUWKHUHDUHWKHLUV
&XOHVHOPHMRU" :KLFKRQHLVWKHEHVW"

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

&XQGRYDLVDLUGHYDFDFLRQHV" :KHQDUH\RXJRLQJWRJRRQ 4XOHGLMLVWH" DHOOD  :KDWGLG\RXWHOOKHU"


KROLGD\" /HGLMHWRGR ,WROGKHUHYHU\WKLQJ
6HYDQDTXHGDUHQXQKRWHO" $UHWKH\JRLQJWRVWD\LQDKRWHO" 4XLQGLMRHVR" :KRVDLGWKDW"
&RQTXFRPSDDYDQDYRODU" :KLFKFRPSDQ\DUHWKH\JRLQJ 4XLQWHGLMRHVR" :KRWROG\RXWKDW"
WR\ZLWK" 3RUTXQRPHORGLMHURQDP" :K\GLGQoWWKH\WHOOPH"
&PRYDQDYROYHU" +RZDUHWKH\JRLQJWRFRPH
EDFN"
3RUTXORVQLRVQRYDQDLU :K\DUHQoWWKHFKLOGUHQJRLQJ
FRQHOORV" WRJRZLWKWKHP"

%XQ 0RR

3LJWDLOV &ROHWDV

3RQ\WDLO &RODGHFDEDOOR

3ODLW 7UHQ]D

%RE 0HOHQD
9RFDEXODULR+DLUVW\OHV 3HLQDGRV

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

4XGHFDV" :KDWZHUH\RXVD\LQJ" $QWHVWUDEDMDEDHQHOWXUQRGH ,XVHGWRZRUNWKHQLJKWVKLIW


<RQRGHFDQDGD ,ZDVQoWVD\LQJDQ\WKLQJ QRFKH
1RPHGHFDVDOJR" :HUHQoW\RXWHOOLQJPH $XQTXHQRSRGD $OWKRXJK,FRXOGQoWJHWXVHGWR
VRPHWKLQJ" DFRVWXPEUDUPHDOKRUDULR WKHWLPHWDEOH
1RGLMHQDGDHQDEVROXWR ,GLGQoWVD\DQ\WKLQJDWDOO $QWHVGHTXHGLJDVQDGD %HIRUH\RXVD\DQ\WKLQJWKLQN
4XLQWHGLMRTXHGLMHUDVHVR" :KRWROG\RXWRVD\WKDW" UHH[LQDORXQSRFR LWRYHUDOLWWOH
$QWHVKDEDPHQRVFRFKHVHQ 7KHUHXVHGWREHIHZHUFDUVRQ
ODVFDUUHWHUDV WKHURDG
3XHGHTXHOOHJXHPRVXQSRFR :HPLJKWDUULYHDOLWWOHHDUOLHU
DQWHV

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

&PRDJXDQWLVHVWHRORU" +RZGR\RXSXWXSZLWKWKLV 6HYLRREOLJDGRDHFKDUVHDWUV +HZDVIRUFHGWREDFNRXWRI


VPHOO" HQODFDUUHUDKDFLDOD&DVD%ODQFD WKHUDFHIRUWKH:KLWH+RXVH
0LFXDGRHVXQSHVDGR 0\EURWKHULQODZLVDSDLQLQ 7HQGUVTXHUHVSDOGDUHVH <RXoOOQHHGWREDFNWKDW

WKHQHFN UD]RQDPLHQWRFRQKHFKRV DUJXPHQWXSZLWKIDFWV
/DPVLFDKHDY\HVPX\SHVDGD +HDY\PHWDOPXVLFLVDSDLQLQ +DVHVWDGRWRPDQGRHOVRO" +DYH\RXEHHQVXQEDWKLQJ"

WKHQHFN 7LHQHVODFDUDURMD <RXUIDFHLVUHGGLVK
&PRWHSXGRVDOLUWDQPDO +RZFRXOG\RXPDNHVXFKD &UHRTXHVXPXMHUWLHQH ,WKLQNKLVZLIHoVIRUW\LVK

HVDSUHVHQWDFLQ" SLJoVHDURIWKDWSUHVHQWDWLRQ" DOUHGHGRUGHFXDUHQWDDRV
1RDGLYLQDUVQXQFDGHORTXH <RXoOOQHYHUJXHVVZKDW,oYH /DUHXQLQFRPHQ]DUDOUHGHGRU 7KHPHHWLQJZLOOVWDUWDW

PHDFDERGHHQWHUDU MXVWIRXQGRXW GHODVRFKR HLJKW\LVK


Z Z ZY D X V \ V  F R P


3KUDVDOYHUEVZLWKpRXWq  %86,1(66(1*/,6+

,oOOIHHOKLPRXWRQWKHVXEMHFW :HJRWRXWWKURXJKDRSHQLQJLQWKHKHGJH
/HWDQWHDUVREUHHODVXQWR 6DOLPRVDWUDYVGHXQDDEHUWXUDHQHOVHWR

/HWoVJHWRXWRIKHUH ,GLGQoWJHWDQ\WKLQJRXWRIWKHFRXUVH
|/DUJXPRQRVGHDTX 1RVDTXQDGDGHYDORUGHOFXUVR

&DQ\RXJHWPHRXWRIWKLVPHVV" :HFDQoWOHWWKHWUXWKJHWRXW
0HSXHGHVVDFDUGHHVWHOR" 1RSRGHPRVGHMDUTXHODYHUGDGVHVHSD
p,QJOVSDUDWXSXHVWRGHWUDEDMRq
$GPLQLVWUDFLQ55++\0DUNHWLQJ
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP
%DQNLQJ 
,QWHUHVWRQORDQVLVWKHPDLQVRXUFHRIUHYHQXHIRUPRVWEDQNV7KHLUOHQGLQJGHSDUWPHQWVDUHFULWLFDOIRUVXFFHVV
0RVWFRPPHUFLDOORDQVDUHJUDQWHGWRVWDUWRUH[SDQGDEXVLQHVVRUWRSXUFKDVHLQYHQWRU\DQGFDSLWDOHTXLSPHQW
7KHPRQH\WKDWEDQNVOHQGFRPHVSULPDULO\IURPGHSRVLWVLQFXUUHQWDFFRXQWVDQGVDYLQJVDFFRXQWV&'oVDQGPRQH\PDUNHWDFFRXQWV
7KHVHGHSRVLWVRIWHQHDUQDORZLQWHUHVWEXWWKH\DOVRRIIHUFKHFNLQJFUHGLWFDUGDQGHOHFWURQLFEDQNLQJIDFLOLWLHVIRUHDV\WUDQVDFWLRQV
7HFKQRORJ\LVKDYLQJDPDMRULPSDFWRQEDQNLQJ'LUHFWGHSRVLWDOORZVXVHUVWRHOHFWURQLFDOO\WUDQVIHUSD\PHQWVWRYDULRXVDFFRXQWV
'HELWFDUGVDOORZIRUUHPRWHWUDQVDFWLRQVWKDWLQVWDQWO\GHGXFWWKHPRQH\IURPWKHDFFRXQWLQTXHVWLRQ
(OHFWURQLFEDQNLQJE\SKRQHRUFRPSXWHUDOORZVFXVWRPHUVWRDFFHVVEDQNEDODQFHVEDQNVWDWHPHQWVDQGWRPDNHSD\PHQWV
$GYDQFHPHQWVLQWHFKQRORJ\KDYHDOVRDOORZHGEDQNVWRLPSURYHWKHSURFHVVLQJRILQIRUPDWLRQ
7KHXVHRIFKHFNLPDJLQJDOORZVEDQNVWRVWRUHSKRWRJUDSKHGFKHFNVHOHFWURQLFDOO\LQVWHDGRINHHSLQJWKHSDSHUFKHFNV
7KHDYDLODELOLW\RIFUHGLWFDUGVFRULQJVRIWZDUHDOORZVOHQGLQJGHSDUWPHQWVWRDSSURYHORDQVLQDTXHVWLRQRIPLQXWHVUDWKHUWKDQGD\V
0DQ\EDQNVKDYHGLYHUVLHGE\RIIHULQJQDQFLDOSODQQLQJDVVHWPDQDJHPHQWVHUYLFHVEURNHUDJHVHUYLFHVDQGLQVXUDQFHRSWLRQV
2WKHUEDQNVDUHJRLQJLQWRLQYHVWPHQWEDQNLQJKHOSLQJFRPSDQLHVDQGJRYHUQPHQWVUDLVHPRQH\ZLWKVWRFNVDQGERQGVLVVXHV
%DQNVSURYLGHRQHRIWKHPRVWLPSRUWDQWIXQFWLRQVLQDQ\PRGHUQPDUNHWHFRQRP\
:LWKRXWWKHVHUYLFHVWKDWEDQNVSURYLGHSHUFHQWRIDOOWKHFRPPHUFLDODQGLQGXVWULDODFWLYLW\ZHNQRZWRGD\ZRXOGQRWH[LVW
7KHEDQNLQJLQGXVWU\LVWKHUHVSLUDWRU\V\VWHPRIDQ\KHDOWK\HFRQRP\

(FRQRPLFV 
0DQ\SHRSOHFRQVLGHUHFRQRPLFVWREHDVRFLDOVFLHQFHEHFDXVHLWLVVRGHSHQGHQWRQWKHXQSUHGLFWDELOLW\RIKXPDQEHKDYLRU
7KHPRVWEDVLFWHQHWRIHFRQRPLFVLVWKDWUHVRXUFHVDUHDOZD\VVFDUFHDQGWKDWSHRSOHDQGHQWLWLHVPXVWPDNHFKRLFHV
7KHPRVWDGPLUHGHFRQRPLVWLQWKHFDSLWDOLVWLFZRUOGLV$GDP6PLWKWKH6FRWWLVKDXWKRURIp7KH:HDOWKRI1DWLRQVq
$GDP6PLWKLVFRQVLGHUHGWKHIDWKHURIpODLVVH]IDLUHqFDSLWDOLVPp/DLVVH]IDLUHqLVD)UHQFKWHUPWKDWPHDQVpOHDYHDORQHq
$QRWKHUWHUPIRUWKLVLVHFRQRPLFOLEHUDOLVPDQGLWPHDQVWUXVWLQJWKDWLQGLYLGXDOVHOVKHFRQRPLFGHFLVLRQVZLOOEHJRRGIRUWKHZKROH
$GDP6PLWKEHOLHYHGWKDWUDWLRQDOVHOILQWHUHVWDQGFRPSHWLWLRQZRXOGDOZD\VOHDGWRHFRQRPLFZHOOEHLQJDQGSURVSHULW\
)RU$GDP6PLWKWKHIRXQGDWLRQVRIDIUHHPDUNHWHFRQRP\ZHUHWKHGLYLVLRQRIODERUWKHSXUVXLWRIVHOILQWHUHVWDQGIUHHGRPRIWUDGH
7KHPRVWIDPRXVFRQFHSWSXWIRUZDUGE\$GDP6PLWKZDVWKHFRQFHSWRIWKHpLQYLVLEOHKDQGq
7KHUVWSUHPLVHUHJDUGLQJWKLVFRQFHSWLVWKDWSHRSOHDFWFRQVFLRXVO\RUXQFRQVFLRXVO\LQWKHLURZQVHOILQWHUHVW
7KHVHFRQGSUHPLVHLVWKDWWRSXUVXHVHOILQWHUHVWLVQRWEDGIRUVRFLHW\EHFDXVHLWVWLPXODWHVFRPSHWLWLRQZKLFKSURGXFHVEHQHWV
)RU6PLWKLIWKHUHLVDVKRUWDJHRIDJLYHQSURGXFWWKHSULFHZLOOULVHZKLFKLQWXUQZLOOEHDQLQFHQWLYHIRUSURGXFLQJPRUHRILW
,IDKLJKSULFHFDXVHVSHRSOHWREX\OHVVEXWDWWKHVDPHWLPHLWFDXVHVSURGXFHUVWRPDNHPRUHWKHQVRRQWKHVKRUWDJHZLOOEHUHPHGLHG
*UHDWHUFRPSHWLWLRQDPRQJSURGXFHUVLQFUHDVHVVXSSO\ZKLFKQDOO\FUHDWHVDpQDWXUDOSULFHqZKLFKLVWKHFRVWSOXVDVPDOOSURW
)RU$GDP6PLWKKXPDQPRWLYHVFRQVLGHUHGJUHHG\DQGVHOVKFUHDWHFRPSHWLWLRQLQWKHIUHHPDUNHWWKDWEHQHWVVRFLHW\DVDZKROH
%HFDXVHRI$GDP6PLWKDQGHFRQRPLVWVOLNHKLPWKHWHUPpSURWPRWLYHqLVQRWDQHJDWLYHWHUPOLNHpQLPRGHOXFURqLVLQ6SDQLVK

0DQXIDFWXULQJ 
$QLPSRUWDQWSDUWRIIXWXUHSURJUHVVRQWKLVSODQHWZLOOGHSHQGRQKRZZHOOSURGXFWVDUHPDQXIDFWXUHGRUVHUYLFHVSURGXFHG
/DUJHFRPSDQLHVLQERWKWKHVHFRQGDU\DQGWHUWLDU\VHFWRUVDUHFRQVWDQWO\ORRNLQJIRUQHZLQQRYDWLYHZD\VWRFXWSURGXFWLRQFRVWV
7KHFRVWRIWUDQVSRUWLQJDWUDFWRUIURP,RZDWR9DOODGROLG6SDLQKDVIDOOHQE\SHUFHQWWKDQNVWRFRQWDLQHUVKLSSLQJ
&RQWDLQHUVKLSSLQJKDVDOORZHGFRPSDQLHVZKRVHDPELWLRQVZHUHSXUHO\GRPHVWLFWREHFRPHLQWHUQDWLRQDOFRPSHWLWRUV
5DGLFDOO\ORZHUVKLSSLQJFRVWVKDYHEHHQPRUHLQVWUXPHQWDOLQSURPRWLQJJOREDOL]DWLRQWKDQWKHWHFKQROJLFDOUHYROXWLRQ
/RFDOFRPSDQLHVXQLQWHUHVWHGLQJRLQJLQWHUQDWLRQDOZHUHIRUFHGWRGRVRDVORZHUWUDQVSRUWDWLRQFRVWVEURXJKWLQIRUHLJQFRPSHWLWRUV
%HFDXVHRIWKHFRQWDLQHUUHYROXWLRQWUDQVSRUWDWLRQKDVEHFRPHVRHIFLHQWWKDWIUHLJKWFRVWVKDUGO\DIIHFWHFRQRPLFGHFLVLRQV
7KHFRQWDLQHUUHYROXWLRQLQYROYHVLQQRYDWLRQLQORJLVWLFVDQGSDFNDJLQJEDFNHGXSE\EHWWHUDQGEHWWHU,7VROXWLRQV
5HYROXWLRQVRIWKLVNLQGDUHWDNLQJSODFHLQPDQ\RWKHUHOGVRIPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQ
,QVXUDQFHFRPSDQLHVDUHQGLQJZD\VWRFXWSHUFHQWRIWKHFRVWRXWRIFODLPVPDQDJHPHQW
6WDQGDUGL]DWLRQDQGHFRQRPLHVRIVFDOHDUHEULQJLQJGRZQWKHFRVWRIIRRGPDQXIDFWXULQJDQGSURFHVVLQJDOORYHUWKHZRUOG
$ORWRIWKH5 'HIIRUWLQPDQ\FRPSDQLHVLVSRLQWHGPRUHDWSURFHVVLPSURYHPHQWWKDQDWSURGXFWGHVLJQRUFUHDWLRQ
,QGXVWU\OHDGHUVDUHDOPRVWDOZD\VWKRVHFRPSDQLHVWKDWSD\FDUHIXODWWHQWLRQWRUHGXFLQJFRVWVDQGJDLQLQJJUHDWHUHIFLHQFLHV
,PSURYHPHQWVLQPDQXIDFWXULQJDQGVHUYLFHSURGXFWLRQDOZD\VOWHULQWRWKHZRUOGHFRQRP\DQGUDLVHVWDQGDUGVRIOLYLQJ
$PDQXIDFWXULQJDQGSURGXFWLRQUHQDLVVDQFHLVXQGHUZD\DQGZLOOFRQWLQXHWRLPSURYHRXUPDWHULDOTXDOLW\RIOLIH 

/RZ%HJLQQHU +LJK%HJLQQHU

VWHHVHOQ 7KLVLVWKHHQG VWDHVODOWLPDGHYHUGDG" ,VWKLVUHDOO\WKHODVWRQH"


(VVWDODOWLPD" ,VWKLVWKHODVWRQH" 4XYR\DOHHUPDDQDHQHO :KDWDP,JRLQJWRUHDG
6ORHV <HVLWLV WUHQ" WRPRUURZRQWKHWUDLQ"
/RVLHQWR HVR HVXQDSHQD ,oPVRUU\WKDWoVVDG (QFRQWUDUVDOJR <RXoOOQGVRPHWKLQJ
1RWHSUHRFXSHVQRHVHOQ 'RQoWZRUU\LWoVQRWWKHHQGRI 3RUTXQROHHVXQOLEURHQ :K\GRQoW\RXUHDGDERRNLQ
GHOPXQGR WKHZRUOG LQJOV" (QJOLVK"
7DOYH]ORKDJD 0D\EH,ZLOO

/RZ,QWHUPHGLDWH 0LGGOH,QWHUPHGLDWH

(VGLIFLODSUHQGHURWURLGLRPD ,WoVGLIFXOWWROHDUQDQRWKHU &XQWDVKDKDELGR" +RZPDQ\KDYHWKHUHEHHQ"


QR" ODQJXDJHLVQoWLW" +DKDELGRFRQIUDVHV 7KHUHKDYHEHHQZLWK
1DGDHVLPSRVLEOHFRPR 1RWKLQJLVLPSRVVLEOHDVWKH\ HQFDGDXQD SKUDVHVRQHDFKRQH
VXHOHQGHFLU VD\ (VRVLJQLFDTXHKDKDELGR 7KDWPHDQVWKHUHKDYHEHHQ
0HJXVWHVWXGLDUHVWDVIUDVHV ,HQMR\HGVWXG\LQJWKHVH PVGHVHLVPLOIUDVHV PRUHWKDQVL[WKRXVDQGSKUDVHV
SKUDVHV $VHV(VEDVWDQWHQR" 7KDWoVULJKW,WoVTXLWHDORW
0HDOHJUDRUOR ,oPJODGWRKHDULW LVQoWLW"
(VPVIFLODSUHQGHUDOJRVL ,WoVHDVLHUWROHDUQVRPHWKLQJLI
 |'HPDVLDGRGLUD\R 7RRPXFK,oGVD\
GLVIUXWDVKDFLQGROR \RXHQMR\GRLQJLW

+LJK,QWHUPHGLDWH /RZ$GYDQFHG

/DFODYHHVWHQODUHSHWLFLQ 5HSHWLWLRQLVWKHNH\ %XHQRDYHUPL3HTXHR :HOOOHWPHVHHP\/LWWOH


5HDOPHQWHODJUDPWLFDLQJOHVD (QJOLVKJUDPPDULVQoWUHDOO\
 6DOWDPRQWHV *UDVVKRSSHU
QRHVWDQGLIFLO WKDWGLIFXOW (VLPSUHVFLQGLEOHTXHHVFXFKHV ,WoVHVVHQWLDOWROLVWHQWRDV
/RPVLPSRUWDQWHHVDGTXLULU 7KHPRVWLPSRUWDQWWKLQJLVWR
 WRGRHOLQJOVTXHSXHGDV PXFK(QJOLVKDV\RXFDQ
DJLOLGDGYHUEDO DFTXLUHYHUEDODJLOLW\ &XDQWRPVHQWLHQGDVPV 7KHPRUH\RXXQGHUVWDQGWKH
3DUDFRQVHJXLUHVRKD\TXH 7RDFKLHYHWKDW\RXKDYH VHJXURWHVHQWLUV PRUHFRQGHQW\RXoOOIHHO
UHSHWLUODVHVWUXFWXUDVPLOHVGH WRUHSHDWWKHVWUXFWXUHV ,QWHQWDHVWXGLDUWRGRVORVGDV 7U\WRVWXG\HYHU\GD\
YHFHV WKRXVDQGVRIWLPH $XQTXHVORVHDGXUDQWHXQRV (YHQLILWoVRQO\IRUIWHHQ
7LHQHVRWURVFRQVHMRV" 'R\RXKDYHDQ\RWKHUDGYLFH" TXLQFHPLQXWRV PLQXWHVRUVR

+HUEDO7HD ,QIXVLQ
&DPRPLOH7HD 0DQ]DQLOOD

*UHHQ7HD 7YHUGH

7HDZLWK0LON 7FRQOHFKH
%ODFN7HD 7VROR
,FHG7HD 7FRQKLHOR

9RFDEXODULR7HD 7

0LGGOH$GYDQFHG )RU(QJOLVKVXSHUVWDUVRQO\

(QWRQFHVPHYDVDHFKDUGH $UH\RXJRLQJWRPLVVPHWKHQ"
 <DKRUDVHDFHUFDHOQDO $QGQRZWKHHQGLVQHDU
PHQRV" <HQWRQFHVQRVHQIUHQWDPRV $QGVRZHIDFHWKHQDO
&UHRTXHORVXSHUDU ,WKLQN,oOOJHWRYHULW DOWHOQQDO FXUWDLQ
&UHTXHPHKDEDVWRPDGR ,WKRXJKW\RXKDGEHFRPHIRQG
 1ROORUHVSRUTXHVHDFDEH 'RQoWFU\EHFDXVHLWoVRYHU
FDULR RIPH 6RQUHSRUTXH\DSDV 6PLOHEHFDXVHLWKDSSHQHG
|1RORGLFHVHQVHULR <RXPXVWEHMRNLQJ |(VRHVWRGRDPLJRV 7KDWoVDOOIRONV
|'HVSXVGHIUDVHVHVWR\ $IWHUSKUDVHV,oPORRNLQJ

GHVHDQGRTXHPHGHMHVHQSD] IRUZDUGWR\RXOHDYLQJPH
DORQH



Z Z ZY D X V \ V  F R P

3KUDVDOYHUEVZLWKpRXWq  3$&.6'((678',2

,IHHOOHIWRXW &DQ\RXPDNHRXWDFKHFNIRU-XDQ" 
0HVLHQWRH[FOXLGR 3XHGHVH[WHQGHUOHXQFKHTXHD-XDQ"

,FDQoWPDNHRXWZKRWKH\DUH 'RQoWSXW\RXUVHOIRXW
1RGLVWLQJRTXLHQHVVRQ 1RWHPROHVWHV

,FDQoWPDNHRXWZKDWLWVD\V 3XWRXWWKHUH
1RGHVFLIURORTXHGLFH $SDJDHOIXHJR 3ULQFLSLDQWHLQWHUPHGLR\DYDQ]DGR
5HIXHU]DWXVHVWXGLRVHQFDVD
&RQVJXHORHQZZZYDXJKDQWLHQGDFRP

)LQDQFHDQGDFFRXQWLQJ0DUNHWLQJDQGVDOHVPDQDJHPHQW  
:LWKRXWJRRGDQDO\WLFDORUPDQDJHPHQWDFFRXQWLQJLWoVYLUWXDOO\LPSRVVLEOHIRUD&(2WRPDNHJRRGEXVLQHVVGHFLVLRQV
$VFRPSDQLHVJURZLWEHFRPHVPRUHDQGPRUHFULWLFDOIRUGHFLVLRQPDNHUVWRKDYHDFFXUDWHDQGUHOHYDQWLQIRUPDWLRQDWWKHLUGLVSRVDO
,IWKHLQIRUPDWLRQLVLQFRUUHFWRUQRWZKDWWKHGHFLVLRQPDNHUVQHHGWKHQWKH\ZLOOPDNHGHFLVLRQVEDVHGRQLQWXLWLRQ
,QWXLWLRQLVWKHPRVWLPSRUWDQWWRROVXFFHVVIXOPDQDJHUVFDQKDYHEXWWKHLULQWXLWLRQLVWULSOHGLILWoVEDFNHGXSE\JRRGLQIRUPDWLRQ
6DOHVE\UHJLRQDQGSURGXFWOLQHDUHHVVHQWLDOLQDGGLWLRQWRWKHPDUJLQDOFRQWULEXWLRQRIHDFKOLQH
'HFLVLRQPDNHUVQHHGWRNQRZWKHYDULDEOHFRVWVDQGGLUHFWFRVWVIRUHYHU\DUHDRIWKHFRPSDQ\
,IDQ(QJOLVKWHDFKHUHDUQVHXURVDQKRXUDQG\RXVHOOKLVVHUYLFHVIRUHXURVDQKRXUWKHQ\RXUPDUJLQDOFRQWULEXWLRQLVHXURV
,I\RXKDYHDQRIFHVHFUHWDULHVUHFHSWLRQLVWV5 'SHUVRQQHODGPLQLVWUDWLYHVWDIIZKRVHUHQWDQGVDODULHVWRWDOWZRPLOOLRQHXURVf
fWKHQ\RXQHHGWRJHQHUDWHKRXUVRIFODVVMXVWWREUHDNHYHQ7KDWPHDQVWKDW\RXVWDUWWRPDNHDSURWDWKRXUQXPEHU
7KHUHIRUH\RXNQRZWKDW\RXQHHGWRJHQHUDWHDPLQLPXPRIKRXUVDPRQWKMXVWWRFRYHU\RXUFRVWVZKLFKPHDQVWKDWf
f\RXQHHGWRUHFUXLWWUDLQDVVLJQDQGVXSHUYLVHDPLQLPXPRIWHDFKHUVMXVWWREUHDNHYHQ
/HWoVLPDJLQHWKDW\RXPDQDJHWRVHOODYROXPHRIEXVLQHVVWKDWJHQHUDWHVKRXUVRIFODVVHYHU\PRQWK
7KLVSURYLGHV\RXZLWKHXURVDPRQWKLQVDOHV<RXSD\WHDFKHUVZKLFKOHDYHVDPDUJLQDOFRQWULEXWLRQRI
,QDPRQWKSHULRGWKLVFRPHVWRHXURV$IWHUWKH[HGH[SHQVHVRIPLOOLRQHXURV\RXKDYHDQHXURSURW
:LWKDQHXURSURW\RXKDYHWRSD\HXURVLQFRUSRUDWHLQFRPHWD[WRWKHWD[DXWKRULWLHV
,QWKHHQG\RXZLOOKDYHDQHWSURWRIHXURVLI\RXPDQDJH\RXUHPSOR\HHVDQGWHDFKHUVZHOO
,I\RXKDYHJRRGSHRSOHLQQDQFHDQGDFFRXQWLQJ\RXZLOOEHQHWIURPWZRFULWLFDOO\LPSRUWDQWVXSSRUWV
7KHUVWLVWKHLQIRUPDWLRQWKDWZLOODOORZ\RXWRNQRZLI\RXDUHRQWUDFNWRZDUGV\RXUJRDOLQDFKLHYLQJDQGVXUSDVVLQJEUHDNHYHQ
6HFRQG\RXZLOONQRZLQUHDOWLPHZKDWYDULDQFHVDQGSUREOHPVDUHRFFXUULQJWKDWFRXOGVLGHWUDFN\RXIURP\RXUREMHFWLYHV
7KLUG\RXZLOOKDYHDPHDVXULQJVWLFNZLWKZKLFKWRMXGJH\RXUHPSOR\HHVLQWKHLUHIIRUWVWRKHOS\RXWRZDUGV\RXUREMHFWLYHV
)RXUWK\RXZLOOKDYHJRRGDGYLFHDQGFRXQVHOFRQFHUQLQJZD\VWRUHGXFHWKHLPSDFWRIWKHFRUSRUDWHLQFRPHWD[
)LIWK\RXZLOOKDYHSHRSOHZKRNQRZKRZWRWDONWREDQNVDQGJHWWKHPRQH\\RXQHHGWRSHUIRUPWKHHVVHQWLDOPDUNHWLQJIXQFWLRQV
:LWKRXWHQRXJKVHHGFDSLWDODQGFUHGLWOLQHV\RXZLOORQO\EHDEOHWRJURZLQOLQHZLWK\RXUDELOLW\WRSURYLGHVHOIQDQFLQJ
,QDEXVLQHVVZKRVHPDUJLQDOFRQWULEXWLRQLVRQO\HXURVDQKRXUZLWKRXWRXWVLGHQDQFLQJ\RXDUHFRQGHPQHGWRJURZLQJVORZO\
7KHULJKWQDQFHDQGDFFRXQWLQJPDQDJHUQGVPRQH\IRU\RXDQGJLYHV\RXWKHLQIRUPDWLRQWRPDNHPRQH\SURSHUO\
7KHPDUNHWLQJHIIRUWERLOVGRZQWRHVWDEOLVKLQJEUDQGDZDUHQHVVIRU\RXUSURGXFWRUVHUYLFHDQGQDOO\EUDQGSUHIHUHQFH
,WWDNHVPRQH\WRHVWDEOLVKEUDQGDZDUHQHVVDQGSUHIHUHQFHLQDUHDVRQDEOHWLPHIUDPH:LWKRXWVROLGQDQFLQJDOOWKLVLVLPSRVVLEOH
'HSHQGLQJRQWKHSURGXFWRUVHUYLFHEUDQGDZDUHQHVVFRPHVWKURXJK35DGYHUWLVLQJDQGPHUFKDQGLVLQJ
%UDQGSUHIHUHQFHFRPHVWKURXJKDWRSTXDOLW\SURGXFWDFRPSHWLWLYHSULFHDQGJRRGDIWHUVDOHVVHUYLFH
4XDOLW\LQWKHSURGXFWLRQSURFHVVDQGVXSHULRUPDUNHWLQJVNLOOVFDQPDNHVXUHWKDWWKHVHREMHFWLYHVDUHPHW
+RZHYHUZLWKRXWJRRGLQIRUPDWLRQV\VWHPVDFFXUDWHPDQDJHPHQWDFFRXQWLQJDQGWKHR[\JHQRIJRRGQDQFLDOPDQDJHPHQWLWLVf
fYLUWXDOO\LPSRVVLEOHWRDFKLHYHWKHPDUNHWLQJDQGVDOHVREMHFWLYHVRIWKHRUJDQL]DWLRQ
7KHPDWHULDOTXDOLW\RIOLIHWKDWZHHQMR\WRGD\LVWKDQNVWRWKHWLUHOHVVHIIRUWVRISULYDWHLQLWLDWLYH
7KHRQO\WUXHVRXUFHRIZHDOWKLQDQ\QDWLRQLVWKHZHDOWKJHQHUDWHGE\SULYDWHLQLWLDWLYH$OOWKHUHVWH[LVWVWKDQNVWRSULYDWHLQLWLDWLYH

(VWLPDGRDPLJR\DOXPQR&RQHVWDFKDWHUPLQDPRVp(OFXUVRGHQLWLYRqGH9DXJKDQ6\VWHPVFXUVRGLIXQGLGRJUDFLDVDODEXHQD
LQLFLDWLYD\JUDFLDVDOFRQVWDQWHQLPRGHPXFKRVGLUHFWLYRV\HPSOHDGRVGHOGLDULR(/081'2&XDQGRVHSXVLHURQHQFRQWDFWR
FRQPLJRKDFHPVGHXQDRSDUDSURSRQHUODFUHDFLQ\GLIXVLQGHXQFROHFFLRQDEOHSDUDDSUHQGHULQJOV\RHVWDEDEDVWDQWH
UHDFLRDQWHODLGHD/OHYDEDDRVFULWLFDQGRODWHQGHQFLDGHOSEOLFRDEXVFDUDODYXHOWDGHFDGDHVTXLQDHVHPWRGRUHYROXFLRQDULR


H LQGRORUR TXH OH GRWDVH GHO LQJOV VLQ WHQHU TXH KDFHU XQ HVIXHU]R 3HUR PLV DPLJRV GH (/ 081'2 LQVLVWDQ XQD \ RWUD YH] \
PLSURSLDJHQWHHQWUHODTXHGHVWDFD5LFKDUG%URZQPHDQLPDEDDLQWHQWDUOR$QWHODSUHVLQGHFLGQDOPHQWHTXHVSHURD
FRQGLFLQGHTXHHOHVSULWX9DXJKDQFDODUDSRUWRGRHLPSUHJQDUDWRGRGHVGHORVOLEURV\&'VKDVWDHVWDVFKDVFX\RVGRUVRV
KHHVFULWRSHUVRQDOPHQWHGHFDERDUDER/RODQ]DPRVWRGRDSULQFLSLRVGHOSDVDGRVHSWLHPEUH\ORVUHVXOWDGRVGHVGHODSULPHUD
VHPDQDKDQVLGRVRUSUHQGHQWHVVXSHUDQGRHQXQODVPHMRUHVH[SHFWDWLYDV3HURORTXHKDVLGRPVJUDWLFDQWHWRGDYDHV
HOKHFKRGHTXHKHPRVUHFLELGRLQQLWDVPXHVWUDVGHDSUHFLR\DJUDGHFLPLHQWRSRUODLQLFLDWLYDLQFOXVRSDUDPVPRUERHQWUH
ORVPOWLSOHVXVXDULRVGH(PXOH\RWUDVSJLQDVZHEGHGLFDGDVDKDFHUVHJUDWXLWDPHQWHFRQXQDSURSLHGDGLQWHOHFWXDOTXHPHKD
FRVWDGRDRVDQDU\DFXPXODU$KRUDFRQWRGRHOFROHFFLRQDEOHHQPLDUPDULR ORKHLGRFRPSUDQGRFDGDGD\FDGDGRPLQJR
DOLJXDOTXHWSUHJQWDVHORDOTXLRVTXHURGHODFDOOH-RVGHO+LHUUR PHVLHQWRPX\VDWLVIHFKR\VR\GLJDPRVXQSRFRPHQRV
HVFSWLFRFRQUHVSHFWRDORTXHSXHGDDSRUWDUXQFROHFFLRQDEOHSDUDHODSUHQGL]DMHGHXQVHJXQGRLGLRPD3HURHQFLHUWDPHGLGD
PLHVFHSWLFLVPRVLJXHVLHQWRGHFLUORSRUTXHOOHYRPVGHODPLWDGGHPLYLGDFRQVWDWDQGRTXHPX\SRFRVOOHJDQDEXHQSXHUWR
FRQHOLQJOV\DVHDFRQXQFROHFFLRQDEOHRFRQHOPHMRUSURIHVRUGHLQJOVGHODKLVWRULDGHOPXQGR1ROOHJDQSRUTXHQRTXLHUHQHQ
HOIRQGRGHGLFDUDOLGLRPDODVGRVPLOKRUDVGHDWHQFLQTXHHOREMHWLYRLQH[RUDEOHPHQWHH[LJH<RWDUGGRVPLOKRUDVHQDSUHQGHU
ELHQHVSDRO\YLYLHQGRHQ(VSDD6LTXLHUHVDSUHQGHUELHQLQJOVYLYLHQGRDTXWDQOHMRVGHGRQGHVHKDEODSXHVWXHVIXHU]R
YDDWHQHUTXHVXSHUDUDOPR$VTXHQLPRDPLJR\GHQXHYRPXFKVLPDVJUDFLDVSRUWXDSR\R\WXDPLVWDG 
5LFKDUG9DXJKDQ

You might also like