Scribd Logo
Upload

Welcome to Scribd!

  • African writer's seminal novel explored

    Uploaded by

    vatrahos
    770 views81 pages
    The document is an excerpt from the 1980 novel Black Sunlight by Zimbabwean author Dambudzo Marechera. It describes a scene where the narrator is speaking with the local chief. Their conversation touches on strange occurrences being reported, including the sighting of a pale human bathing near a waterfall. The chief becomes aroused and threatens the narrator with violence, demanding sexual acts. Through clever words, the narrator is able to divert the chief and escape harm for the time being. The excerpt explores themes of power, sexuality, and survival in a harsh environment.

    Original Description:

    Marechera's post-colonial anarchist novel

    Original Title

    Marechera - Black Sunlight

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document is an excerpt from the 1980 novel Black Sunlight by Zimbabwean author Dambudzo Marechera. It describes a scene where the narrator is speaking with the local chief. Their conversation touches on strange occurrences being reported, including the sighting of a pale human bathing near a waterfall. The chief becomes aroused and threatens the narrator with violence, demanding sexual acts. Through clever words, the narrator is able to divert the chief and escape harm for the time being. The excerpt explores themes of power, sexuality, and survival in a harsh environment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    770 views81 pages

    African writer's seminal novel explored

    Uploaded by

    vatrahos
    The document is an excerpt from the 1980 novel Black Sunlight by Zimbabwean author Dambudzo Marechera. It describes a scene where the narrator is speaking with the local chief. Their conversation touches on strange occurrences being reported, including the sighting of a pale human bathing near a waterfall. The chief becomes aroused and threatens the narrator with violence, demanding sexual acts. Through clever words, the narrator is able to divert the chief and escape harm for the time being. The excerpt explores themes of power, sexuality, and survival in a harsh environment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 81

     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    3ULQWHGIURP$IULFDQ:ULWHUV6HULHVKWWSFROOHFWLRQVFKDGZ\FNFRP
    

    0DUHFKHUD'DPEXG]R%ODFN6XQOLJKW  

    0DUHFKHUD'DPEXG]R%ODFN6XQOLJKW  

    %LEOLRJUDSKLFGHWDLOV

    %LEOLRJUDSKLFGHWDLOVIRUWKH(OHFWURQLF)LOH
    0DUHFKHUD'DPEXG]R%ODFN6XQOLJKW
    &DPEULGJH
    3UR4XHVW//&
    $IULFDQ:ULWHUV6HULHV
    &RS\ULJKW‹3UR4XHVW//&$OO5LJKWV5HVHUYHG'RQRWH[SRUWRUSULQWIURPWKLVGDWDEDVHZLWKRXW
    FKHFNLQJWKH&RS\ULJKW&RQGLWLRQVWRVHHZKDWLVSHUPLWWHG

    %LEOLRJUDSKLFGHWDLOVIRUWKH6RXUFH7H[W

    0DUHFKHUD'DPEXG]R  
    %ODFN6XQOLJKW
    /RQGRQ
    +HLQHPDQQ
    S

    ‹'DPEXG]R0DUHFKHUD
    *HQUH3URVH)LFWLRQ
    3UHOLPLQDULHVRPLWWHG
    $:6VHULHVQXPEHU
    )LUVWSXEOLVKHG/RQGRQ
    )LUVWSXEOLVKHGE\+HLQHPDQQ
    )LUVWSXEOLVKHG
    /DQJXDJHRIRULJLQDOSXEOLFDWLRQ(QJOLVK
    )LUVWSXEOLVKHGLQWKH$IULFDQ:ULWHUV6HULHVLQ
    ,6%1

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    %ODFN6XQOLJKW

    >3DJH@

    0DLQWH[W

    2QH
    το δωμάτιο
    = άσπρη 7KURXJKWKHRSHQZLQGRZ7KHIXFNLQJZLQGRZDVODVKLQJZLQGEORZV7KURXJKWKHRSHQZLQGRZ
    μήτρα, που:LWKLQWKLVSDOHZRPEZLWKLWVEHDUGDEUXWDOVWRU\ZULWKHV1LJKWLPSULVRQHGLQWKHURRPVWD\HGZLWKPH
    εγκλωβίζει
    το μαύρο
    DOOGD\ORQJ/DXJKWHU
    VEURNHQJODVVWKURXJKWKHIXFNLQJZLQGRZ,VWKHYLHZ7KHHQGOHVVJOLWWHULQJ
    σκοτάδι YLHZRIJLJDQWLFKXPLGWUHHVVKXWWLQJRXWWKHVXQ$WKLQPRXOGRIKLVWRU\FRYHUVWKHZDOOV&RYHUVWKH
    EORRGIOHVKDQGERQHV$EODFNVNLQWKLQDQGPLQXWH&RYHUVWKHGDUNQHVVLQWKHURRP7KURXJKWKHRSHQ
    ZLQGRZEORZVWKHVODVKLQJZLQGV

    )URPDORQJDJRDVWRQLVKPHQWFRPHV)URPDRQFHXSRQDWLPHWKDWIXFNLQJZLQGRZRIILFWLRQ
    DVWRQLVKPHQWFRPHV%ORZLQJRQKLVILQJHUV7KUXVWRISLVWRQNQHHVVKRRWVWKURXJKWKHJLDQWWKHKXPLG
    WKHIHWLGWUHHV7HHWKFOHQFKHGDJDLQVWWKHDVWRQLVKLQJQHZV
    εδώ ξεκινάει ο αέρας την ιστορία του (ο αέρας που μπαίνει από το παράθυρο)

    ,WHOO\RXLWZDVZKLWHIURPKHDGWRIRRW,WZDVEDWKLQJE\WKH%OXQW5RFN)DOOV,WZDVKXPDQLQIRUP
    EXW,WHOO\RXLWZDVZKLWHVRSDOH\RXFRXOGDOPRVWVHHWKHUHGIOHVKWKHZKLWHERQHVDQGWKHEOXHYHLQV
    VHHWKHPWKURXJKWKHZKLWHVNLQ

    7KHFKLHIDVEODFNDVKXPDQEHJLQQLQJVSRQGHUHG:KDWQHZPDGQHVVKDGVWUXFNWKLVPHVVHQJHU":KLWH
    PHQLQGHHG7KHFKLHIUHPRYHGKLVIRRWIURPP\KHDG

    +HFKXFNOHG


    :KLWHPHDW:H
    OOKDYHZKLWHPHDWRQHRIWKHVHGD\V:KLWHFXQWV:KLWHDUVHV

    7KHWKRXJKWOLNHDVHHGEXUVWLQWREORRP

    (UHFWEHWZHHQKLVVZHDWLQJFKXQNVRIWKLJKV

    >3DJH@

    ,YHQWXUHGWRVPLOHODXJKLQJEHKLQGFOHQFKHGWHHWK$WWKHFKLHI
    VHUHFWLRQ

    7KHVKDUSEODGHRIKLVH\HVODVKHGWKURXJKDKROHLQP\VRXO7KHYHUGLFW
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    7KURZKLPGRZQWKHSLWODWULQH

    ,WKUHZP\VHOIDWKLVIHHWFULQJLQJ


    1RWDJDLQQRWDJDLQQRWDJDLQ2JUHDWFKLHI
    ,EHJJHG

    +HZDVFRQWHPSODWLQJKLVJLJDQWLFHUHFWLRQ+HORRNHGVO\


    7KHQVXFNP\FRFN
    KHVDLG

    ,YLVLEO\IOLQFKHG6KUDQNEDFNWRWKHZDLWLQJJXDUGVDQGSOHDGHG


    7KURZPHGRZQWKHSLWODWULQHWKLVPLQXWH

    0\FULPHVZHUHQRWWKDWJUHDWEXW&KULVW,KDGEHHQKLVJRRGFRXUWMHVWHU,KDGPDGHDMRNHIURPWKH
    EDFNRIP\KHDG$WKLVJUHDWH[SHQVH6LQFHWKHQLWKDGEHHQWKHSLWODWULQH+RZGDUH\RXLQVXOWRXUPRVW
    FHQWUDOWUDGLWLRQVKHKDGWKXQGHUHG,PDGHWKHPLVWDNHRIODXJKLQJDWKLVXQHOHPHQWDOWKXQGHU7KURXJK
    WKHZLQGRZLQWRWKHSLWODWULQH&KULVW


    7KLVPLQXWH
    ,ZDLOHG

    7KHFKLHIKDGULVHQIURPKLVWKURQHRIVNXOOV+XPDQVNXOOV


    6R6R\RXGRQ
    WOLNHRXUFKLHIRUQDPHQWHK"

    ,WULHGWRWKLQN,WFRXOGFRVWPHP\KHDG0\VNXOOZRXOGEHDGGHGWRWKHRQHVWKDWPDGHKLVWKURQHVXFK
    DIRUPLGDEOHRUQDPHQW,WKRXJKWDQGWKRXJKW


    2QHPDQ
    VRUQDPHQWLVDQRWKHUPDQ
    VDQDWKHPD
    ,VDLG

    ,WGLGQ
    WVRXQGTXLWHULJKW$QDWKHPD$QWKHP

    ,FUXVKHGP\IDFHLQWRFUDVKLQJWKRXJKW


    %HVLGHV\RXFRXOGVDYHLWIRUWKDWZKLWHZRPDQEDWKLQJDW%OXQW5RFN)DOOVDVWKHPHVVHQJHUVDLG,W
    ZRXOGJLYH\RXDQHYHQJUHDWHURUQDPHQWWKDQ\RXKDYHQRZLI\RXVHHZKDW,PHDQ,PDJLQHLW2&KLHI
    PDWLQJZLWKDWKLQJWKDWFDQQRWSRVVLEO\H[LVWDQGWKHQHDWLQJLWDIWHUZDUGVLQFLFDGDVDXFH<RXDUHQRWD
    VRGRPLWH


    $ZKDW"


    $VRGRPLWH


    :KDW
    VWKDW"


    ,QWKH/LWWOH2[IRUG'LFWLRQDU\DVRGRPLWHLVRQHZKRKDVXQQDWXUDOVH[XDOLQWHUFRXUVHZLWKDQRWKHURI
    KLVRZQVH[HVSHFLDOO\EHWZHHQPDOHV<RXFDQ
    WEHDJUHDWFKLHIDQGDEXJJHUHULQWKHVDPHEUHDWK
    <RX
    UHHLWKHURQHRUWKHRWKHU

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    7KHFKLHIDEUXSWO\VDWGRZQ


    $QGZKRGR\RXVD\,DP"
    KHDVNHG

    ,GUHZP\VHOIXS


    2XUJUHDWFKLHI

    +HRLOHGKLVH\HVZLWKRUWKRGR[\DQGJD]HGDWPH)URPKHDGWRIRRW


    :KHUHGR\RXJHWDOOWKHVHZRUGV\RXFRPHXSZLWK"
    KHDVNHG

    <RXFRXOGELQGDPDQZLWKORQJURSHVRIZRUGVKHGLGQRWXQGHUVWDQG,VDLG


    0\\HDUVRIH[LOHLQWKHZLGHZRUOGHYHQDFURVVWKHVHDVWRWKHODQGZKHUHWKHVHZKLWHSHRSOHOLYH7KHLU
    KDLULVORQJDQGVKLQ\HYHQEHWZHHQWKHLUWKLJKV7KHLUH\HVDUHJUHHQRUEOXHDQGORRNOLNHJHPV
    XQGHUQHDWKDQ;UD\6RPHRIWKHLUZRPHQDUHRIJUHDWEHDXW\DQGLI\RXKDYHWKHPIURPEHKLQGIRUWKH
    ILUVWWLPHWKHVN\ZLOOFRPHGRZQ,WLVDVZHHWQHVVHYHQ\RXFDQQRWLPDJLQH


    <RXKDYHH[SHULHQFHLQLW\RXUVHOI"


    :HOO
    ,VDLG
    <HVDQGQR


    (ODERUDWH
    KHGHPDQGHG


    ,FDQ
    W
    ,VDLG7KDW
    VZKDWDOZD\VZHQWZURQJ

    +LVH\HVVFDQQHGWKHFRXUWPHDQLQJIXOO\+LVWKLFNIDWIXFNLQJOLSVVD\LQJ


    ,VHH,VHH<HV,VHH
    KHQRGGHGDWWKHJXDUGV


    +DQJKLPE\KLVKHHOVLQWKHFKLFNHQ\DUG,ZLOOGHDOZLWKKLPODWHU

    $V,VZXQJJHQWO\E\P\KHHOVLQWKHWKLFNIDWIXFNLQJEUHH]HRIVKHHUKXPLGLW\,KDGDFOHDUYLHZRIWKH
    FRXUWDQGFRXOGVHHDQGKHDUDOOWKDWZHQWRQWKHUH6RWKLVLVKXPDQNLQG6ZLQJLQJ%DFNZDUGVDQG
    IRUZDUGV6ZLQJLQJWKURXJKKLVWRU\7KHVHDUHP\SHRSOH,DPWKHLUSHRSOHWRR&UXFLILHGXSVLGHGRZQ
    E\P\KHHOV0\*ROJRWKDDFKLFNHQ\DUG)DWKHU)DWKHU:K\WKHIXFNLQJVKLWGLG\RXFRQFHLYHPH"
    <RXKDYHQRPHDQLQJ,KDYHQRPHDQLQJ7KHPHDQLQJLVLQWKHVZLQJLQJ$QGWKDWLVULGLFXORXV
    $EVXUG+D7KDWIXFNLQJELWFKP\PRWKHUZK\GLG\RXRSHQXSWRUHFHLYHKLP"$IWHUWKDW
    DQQXQFLDWLRQWKDWOHFKHURXVJOHDPLQKLVVLQJOHJOLWWHULQJH\H'LG\RXZULWKHDQGVKDNHRXUKLVWRU\
    V
    VKLUWIURQW"$VQRZ,JULQGP\WHHWKLQJSHRSOHLQDFRFRRQ6ZLQJLQJ6ZLQJLQJLQDFRFRRQRI
    FKLFNHQVKLW(XURSHZDVLQP\KHDGFUDPPHGWRJHWKHUZLWK$IULFD

    >3DJH@

    $VLDDQG$PHULFD6TXDVKHGDQGMDPPHGWRJHWKHULQP\GXVWELQKHDG7KHUHLVQRUXEELVKGXPSELJ
    HQRXJKWRUHOLHYHPHRIP\ORDG6ZLQJLQJXSVLGHGRZQWKUHDWHQLQJWREXUVWWKHWKLQURRIRIP\EUDLQV
    7KRVH\HDUVRIP\WUDYHOV<HDUVRILQQRFHQFHDQGH[SHULHQFH0RWKHUIXFNLQJPRQWKVRIWZLGGOLQJP\
    WKXPEVZLWKLQVHFXULW\,QVHDUFKRIP\WUXHSHRSOH<HVLQVHDUFKRIP\WUXHSHRSOH%XWZKHUHYHU,
    ZHQW,GLGQRWILQGSHRSOHEXWFDULFDWXUHVRISHRSOHZKRLQVLVWHGRQEHLQJWDNHQVHULRXVO\DVSHRSOH
    3HUKDSV,ZDVRQWKHZURQJSODQHW
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    ,QWKHZURQJVNLQ

    6RPHWLPHV

    $QGVRPHWLPHVDOOWKHWLPH<RXNQRZ,QWKHZURQJVNLQ

    7KLVEODFNVNLQ

    0\WKRXJKWVVZXQJJHQWO\OLNHDQXQFHUWDLQEUHH]H6ZXQJWRZDUGVWKDWXQVXVSHFWLQJIHPDOH
    DQWKURSRORJLVWZKRZDVEDWKLQJDW%OXQW5RFN)DOOV6KHKDG,NQHZDFHUWDLQUHQRZQLQKHURZQFRXQWU\
    7KLVLQWUHSLGVHHNHUDIWHUWKHLGHDOKXPDQVRFLHW\%ODQFKH*RRGIDWKHUWKDWZDVKHUQDPH,KDGDYLGO\
    UHDGKHUERRNV2QOLIHDPRQJKHDGKXQWHUV/LIHDPRQJVNLQKHDGVVFUHZEDOOVGRVVHUVGRZQDQGRXWV
    WDUWVWKHVKLWKHDGVRIVNLGURZ/LIHDPRQJFDQQLEDOV6KHZDVDPRWKILHUFHO\DWWUDFWHGWRWKHOLJKWVRIWKH
    VDYDJHWKHHDUWK\WKHSULPLWLYH$QGKRZVKHURDPHGWKHHDUWKKRZVKHWRRVHDUFKHGIHUUHWHGRXWWKH
    IHZELWVDQGSLHFHVRIDXWKHQWLFSHRSOHUHGXFLQJWKHPWRPHWLFXORXVFRPELQDWLRQVRIWKH(QJOLVK
    DOSKDEHW7KRVHERRNV1RZVKHZDVFDOPO\EDWKLQJDW%OXQW5RFN)DOOV:KHUHWKHZDWHUZDVD
    WUDQVOXFHQWJUHHQDQGWKHURFNVDVDYDJHO\VFDUUHGPDVVRIJQDUOHGLJQHRXVFROXPQV+HUMHDQVDQGEORXVH
    DQGKHUUXFNVDFNLQDORRVHSLOHXQGHUQHDWKWKHDJHGEUDQFKHVRIWKHPVDVD+HUWDQQHGVNLQWKDW
    ZDWHUSURRIEURQ]HVDFNHQFORVHGILUPIOHVKDVWURQJVNHOHWRQDOXPLQRXVEUDLQ$QGXQGHUQHDWKWKH
    PDVVRIVDQG\FXUOVKHUIDFHSHHUHGRXWOLNHDSODFLGPRXVHXQGHUQHDWKDKD\VWDFN,VZXQJDQGVZXQJ
    REOLYLRXVRIWKHFKLFNHQVWKHKHQVWKHFRFNVWKDWKDGJDWKHUHGDURXQGP\KHDGSRNLQJLQP\KDLUIRU
    UDUHWLWELWV:RXOGVKHUHFRJQL]HPHDIWHUDOOWKHVH\HDUV:HKDGKDGRQO\WKDWVLQJOH\HDUDW2[IRUG
    WRJHWKHUIXOORIVWXG\DQGKXJVDQGVKLWDQGWKDWVRPQROHQWDIWHUQRRQ

    2QWKHPDQWHOSLHFHIUDJUDQWVWLFNVZHUHEXUQLQJ7KHLUWKLQFXUOVRIDLUVZHHWHQLQJVPRNHVRPQROHQWO\
    SOXFNHGXSZDUGVVHHPLQJWR

    >3DJH@

    SDXVHFRQWHPSODWLYHO\EHIRUHWKHIUDPHGUHSULQWRI%URQ]LQR
    V$Q$OOHJRU\%ODQFKHVDWEHIRUHWKH
    HOHFWULFILUHZHDULQJQRWKLQJEXWKHUVFKRODU
    VJRZQ7KURXJKWKHZLGHRSHQFXUWDLQVWKLFNKDQGIXOVRI
    VQRZGLJUHVVHGVODQWZLVHDJDLQVWWKHZLQGRZSDQHV7KHWUDQVSDUHQWODWWLFHVRIWKDWVRPQROHQWDIWHUQRRQ,
    OD\QDNHGIDFHGRZQRQWKHEHGP\PLQGXWWHUO\EODQNP\ERG\ODQJXRURXVP\IHHOLQJVDVKHHU
    SHUSOH[LW\7KHVLOHQFHZDVHYHQQDVWLHUWKDQWKHH[SHULPHQWVZHKDGGRQHRQHDFKRWKHU
    VERGLHV7KH
    EHVWKDGHPHUJHGIURPWKHOXULGVXQNHQGHSWKVDQGZHKDGFODZHGVFUDWFKHGELWGUDZQEORRGWLOORXU
    H\HVKDGHQIODPHGDQGIULJKWHQHGWKHGUDJRQEDFNLQWRLWVODLULQRXUERGLHV$QGWKHGLVWDQWEHOOVRI6W
    0DU\
    VKDGWRFODQJWKHKRXUOHWWLQJORRVHXSRQWKHVODWHURRIVDQGVSLUHVDSHDORIJROGHQVSDUNV
    $KVRPQROHQWDIWHUQRRQV
    6ZLQJLQJXSVLGHGRZQP\KDLUZKLWHZLWKFKLFNHQVKLW

    7KHIOLHVIURPDUHVSHFWIXOGLVWDQFHVFDQQHGHYHU\PRXWKIXODVGLGWKHVNLQQ\GRJIURPQH[WGRRU,ZDV
    HDWLQJVDG]DDQGWU\LQJWRPDNHP\RQHSLHFHRIPHDWODVW,ZDVUHDGLQJ+DGOH\&KDVH
    V1R2UFKLGVIRU
    0LVV%ODQGLVK7KHVXQZDVEXUQLQJDQJULO\VWUDLJKWDERYHP\KHDG,FRXOGVHHWKURXJKWKHPXGDQG
    WLQFDQGRRUWKHYDJXHO\HWFKHGILJXUHVHDWLQJDQGHDFKPDNLQJKHUSLHFHRIPHDWODVWDVORQJDVSRVVLEOH
    )URPWKHRWKHUGRRUILUPO\VKXWFDPHWKHQRLVHDQGGLQRIEHGVSULQJVEHLQJSXQLVKHGDJDLQDQGDJDLQ
    6XVDQZDVLQWKHUHZLWKDQRWKHUFOLHQW:HZHUHHDWLQJWKHSURFHHGVIURPKHUODVWEXWRQHFOLHQW:LWKWKH
    IRRGKDGFRPHDGHDIQHVVDQGQRQHRIXVWXUQHGDKDLUZKHQWKHPDQFDPHRXWEXWWRQLQJKLVIOLHVDQG
    FOXWFKLQJDTXDUWRIEHHUVWDJJHUHGODQJXRURXVO\GRZQWKHGLUWDQGJUDYHOVWUHHW6XVDQFDPHRXWW\LQJ
    KHUPRQH\KDQGNHUFKLHILQWRKHUEUD+HUIDFHZDVDVEODQNDVLWZDVKDUGPDGHHYHQPRUHVRE\WKH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    SODLWHGKDLUZKLFKZDVVKDUSO\GUDZQEDFNIURPKHUIRUHKHDG,VWDUHGKDUGDW0LVV%ODQGLVK$VVKH
    FURVVHGRYHUP\RXWVWUHWFKHGOHJVVKHVDLG


    <RXVKRXOGQ
    WUHDGZKLOH\RX
    UHHDWLQJ,W
    VQRWJRRGPDQQHUV


    ,WZDVWKHRQO\ZD\WRVKXWRXWWKHVRXQGRIWKHPDWWUHVV
    ,UHSOLHG

    +HUH\HVZHUHKDUGDQGVPDOO7KH\FRXOGKDYHVSDWRXWFRQWHPSW

    >3DJH@

    %XWVKHGLGQRWVD\LW6KHWRVVHGDWZHQW\ILYHFHQWFRLQLQWRP\ODS

    ,ZDWFKHGKHUVWULGHDIWHUWKHPDQDQG,GLGQRWWKLQNWKHVHZHUHUHDOSHRSOH

    ,GXQNHGP\GLUW\SODWHVLQWRWKHODUJHGLVKIXOORIZDWHU$V,ZDWFKHGWKHPVLQNDQGDOUHDG\EHJLQWR
    IODNHRIIWKHHQFUXVWHGELWVRIVDG]DDQGFRQJHDOHGVRXSWKHIOLHVVKRWLQWRWKHDLUDQGDQJULO\
    FRQWHPSODWHGVXLFLGDOGLYHVWRUHWULHYHWKHLUORVWOXQFK7KH\ZHUHIDWDQGEODFNJUHHQZLWKGDUNVLOYHU
    ZLQJVWKDWYLEUDWHGIDVWHUWKDQWKHH\HFRXOGHYHUVHH7KHLUKXJHFRPSRXQGH\HVJOLVWHQHGZLWKWKH
    SDUDQRLDRIEODFNVXQOLJKW,ZLSHGWKHVZHDWIURPP\EURZZLWKWKHJUH\LVKZKLWHYHVWZKLFKZHXVHGDV
    DWRZHO

    ,ZLSHGWKHFKLFNHQVKLWIURPP\IDFHZLWKWKHEDFNRIP\ERXQGKDQGV7KHFKLHIZDVVXQNLQWKRXJKW
    +HZRUHQRWKLQJEXWDQHFNODFHPDGHRIKXPDQILQJHUERQHV7KDWJUH\JUL]]OHGKHDGWKHQRQH[LVWHQW
    H\HEURZVWKHVPDOOVZHDW\H\HVWKHIDWEXOERXVQRVHWKHWKLFNSHQGXORXVOLSVWKURXJKZKLFKSHHSHGD
    VXJJHVWLRQRIVPDOOVKDUSEXWLUUHJXODUWHHWKDQGWKHWKUHHFKLQVZKLFKEXOJHGDQGGURZQHGLQWRWKH
    EDUUHOFKHVWZKLFKVTXDWWHGRQDQHOHSKDQWLQHSHOYLVZLWKLWVPDVVLYHWKLJKVIRUELGGLQJEXWWRFNVDOOWKLV
    SUHFDULRXVO\VXSSRUWHGE\VKRUWWKLQOHJVRQZKRVHIHHWWKHVPDOOHVWWRHVKDGEHHQUR\DOO\FXWRII$QG
    HYHU\ZKHUHWXIWVRIKDLUVSURXWHGRXWRIWKHVZHDW\VZDPSRIIOHVK7KHIDQWDVWLFSK\VLRJQRP\RIP\
    JUHDWFKLHIVXJJHVWHGVXGGHQDQGEDUEDULFLPSXOVHVFUXGHDQGLQVDWLDEOHDSSHWLWHVGDUNDQGJULPHYHQWV
    %XWKHZDVLQKLVKH\GD\DPLJKW\ZUHVWOHUDFDVDQRYDDIDLUDQGMXVWPDQJLYHQWRVXGGHQEXUVWVRI
    SOD\IXOQHVVDQGKLODULW\1RZFRQVFLRXVRIKLVROGDJHKLVORRVHQLQJKROGRQUHDOLW\KLVIUHTXHQWO\
    LQHIIHFWLYHZDUVRQWKHQHLJKERXULQJFKLHIGRPVDQGKLVGHFOLQLQJYLULOLW\KHKDGEHFRPHDQXQSUHGLFWDEOH
    W\UDQW+HGLGQRWNQRZLWEXWWKHZRUOGZDVFORVLQJLQRQKLPLQWKHVKDSHRIZKLWHSHRSOHWKHILUVWRQH
    RIZKRPZDV%ODQFKH*RRGIDWKHU%DWKLQJQXGHLQWKHWDQQHGDQGJOLWWHULQJJORU\RIKHU(XURSHDQ
    WUDGLWLRQ7KHFKLHIKDGJRRGUHDVRQWREHVXQNLQWKRXJKWHYHQLILWZDVWKHELJPHDORIZLOGERDUDQG
    FLFDGDVDXFHZKLFKKHZDVDWWKDWPRPHQWVORZO\EHJLQQLQJWRGLJHVW7KH\KDGQRW\HWIHGPHWKDWGD\
    DQGWKHVLJKWRIP\JUHDWFKLHILQWKHVDWLDWHG

    >3DJH@

    VSOHQGRXURIKLVEODFNVXQOLJKWUHPLQGHGPHRIWKHVXGGHQDQGKXJHPHDOVZKLFK,ZRXOGDIWHUERXWVRI
    VWDUYDWLRQVWXIIJUHHGLO\LQWRP\V\VWHPLQUHVWDXUDQWVLQ2[IRUG/RQGRQ%XGH/DJRV1HZ<RUN
    6LQJDSRUH&KRSVWLFNVNQLYHVDQGIRUNVEDUHKDQGV0\VWRPDFKKDGEHFRPHDKDUGHQHGYHWHUDQWRDOO
    WKHNLQGVRIIRRGSHRSOHHYHU\ZKHUHDWH6LWWLQJRQWKHIORRUVLWWLQJRQDORZWDEOHUHFOLQLQJRQ
    FXVKLRQVVWDQGLQJXSDVWKRXJKLQUHDGLQHVVIRUIOLJKWRXWRI(J\SW(DWLQJRXWRISODWHVRXWRIEDQDQD
    OHDYHVRXWRIHOHSKDQWOHDYHVRXWRIZRRGHQERZOVRXWRIXQQDPHDEOHFDXOGURQV(DWLQJ:LSLQJWKH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    FKLFNHQVKLWRIIP\PRXWK2XWRIWLQVVTXHH]LQJWKHODVWGURSRIMXLFHIURPDSLHFHRIPHDWZKLOHWKH
    PDWWUHVVLVLQXSURDU(DWLQJVDG]DDQGEHDQVVDG]DDQGVXJDULQMDLO,QERDUGLQJVFKRROLQFROOHJH
    6DG]DWKDWVXSSRVHGFRUQHUVWRQHRIP\DXWKHQWLFLPDJH7KDWLFRQRI$IULFDQJUHDWQHVVP\JUHDWFKLHI
    VQRULQJLQWKRXJKW6WLOOHUHFW'UHDPLQJRI%ODQFKH*RRGIDWKHU

    )URPWKHGHSWKRIWKHVWLIOLQJIHDWKHUV,VKULHNDVQHH]H7KHFKLFNHQVVFDWWHUDQGVTXDEEOHIURPD
    GLVWDQFHORRNLQJDWPHDVNDQFH*HQWO\2/RUGEXWOHWFUHDWLRQVZLQJ$QG,IURPP\YDQWDJHSRLQW
    XSVLGHGRZQUHFRUGLWVGL]]\LQJVZHHWQHVV%ODQFKH%ODQFKH*RRGIDWKHULVWKH7DU]DQWRUHVFXHPHIURP
    P\SOLJKW)HPDOH2G\VVHXVPDOH3HQHORSHDZDLWV\RXZDUGLQJRIIVXLWRUVE\WKHVWUDWDJHPRIZHDYLQJ
    ZRUGV7DOHVVRQJVSRHPVGUDPDVSDUDEOHVULEDOGU\EDZG\DQGODVWEXWQRWOHDVWWKH\VKDNHRXWP\
    WKRXJKWVE\P\KHHOV

    1RZWKHVZHOWHULQJKHDWRYHUSRZHUVPH,WVGDQNEODVSKHPRXVVZHHWQHVVKDQJVVKLPPHULQJLQWKHKXPLG
    DLU7KHZKROHZLGHFOHDULQJZLWKLWVZHLUGFRQJORPHUDWHRIZRRGHQKXWVWKDWFKHGZLWKOHDYHVDQGWKH
    FKHHNE\MRZOGRRUZD\V\DZQLQJORZDQGFUDIWLO\DQGWKHRSDTXHEULJKWEOXHKD]HWKDWVLJQLILHVWKH
    SUHVHQFHRIDVN\ZD\XSWKHUHWKHZKROHPLUDJHVHHPVWRVKLIWDQGVKLPPHUWRWZLVWDQGWXUQXQWLOLW
    EHFRPHVVRPHORQJDJREHDVWLDOLW\VKDUSHQLQJLWVFODZVOLFNLQJLWVIXUFOHDQLQJLWVMDZVZLWK
    WRRWKEUXVKHVPDGHRIKDLU\PHQ7KHQIURPEHKLQGWKHJLJDQWLFWUHHWUXQNVWKDWFORVHO\SUHVVDJDLQVWWKH
    VHWWOHPHQWIURPDOOVLGHVIURPEHKLQGWKHLUIDWJUHHQJODULQJOHDYHVDQGWKHWKLFNWDQJOHVRIYLQHVDQG
    ZHLUGXQGHUJURZWKFRPHVWKHVWDUWOLQJURDURIOHRSDUG7KHKDUVKYLEUDWLRQORZJURZO\WKXQGHUVDV
    WKRXJKVRPHGLVWDQWYRLGLQPDQ
    VDIIDLUVKDGEXUVWLQRXWRILWVHOI7KHFKLFNHQVVFDWWHU7KHJXDUGVKROG
    WKHLU

    >3DJH@

    VSHDUVILUPO\DQGSHHUDWWKHIRUHVW7KHFKLHIUROOVKLVH\HVVWHUQO\7KHZKROHFOHDULQJLVVXGGHQO\TXLHW
    DVVWLOODVDQHHGOHWKDWOLVWHQVWRLWVRZQVKDUSSRLQW+LJKDERYHWKHEULJKWEOXHVN\KDVEHFRPHPRUH
    OXPLQRXV,WKXUWVWRORRNXSDWLW0\KHHOVKXUW,WU\WRVZLQJPRUHJHQWO\WRDWWUDFWQRVLJQLILFDQW
    QRWLFH7KHEUXWDOJQDVKLQJWKURDWVRIVRXQGVXGGHQO\FHDVH,WKLQNRI%ODQFKH*RRGIDWKHURXWWKHUH
    EDWKLQJQXGHE\%OXQW5RFN)DOOV7KHFKLHIZKRLVKLVRZQFKLHIPHGLFLQHPDQKDVWDNHQRXWKLVEDJKLV
    3DQGRUD
    VER[WKHRQHWKDWGHDOVZLWKIHUDOWKUHDWV+HFRQVXOWVWKHERQHVRQWKHJURXQGEHIRUHWKHWKURQH
    7KHJUL]]OHGIUDPHRIKHDGVHHPVWRVTXHH]HWKHIDFLDOPXVFOHVLQWRDQLQVFUXWDEOHPDVNKHZQRXWRI
    EODFNZRRG7KHGUXPPHUDWKLVVLGHEHDWVDUDSLGWDWWRRRQWKHGUXPFOHQFKHGEHWZHHQKLVNQHHV7KH
    FKLHIEHJLQVWRFKDQW7KHUDSLGPDJLFDOJLEEHULVKLVILUPO\XQGHUOLQHGE\WKHUDSLGHQILODGHRIWKHGUXP
    7KHFRXUWLHUVDVWKRXJKPDJQHWL]HGGUDZQHDU7KHLUVLQJOHGLVWRUWHGYRLFHEUHDNVRXWLQUHIUDLQ

    0RRQDQGVWDUV
    &DQQRWUHVROYH
    7KHDE\VV

    7KHWRWDOHIIHFWZDVRIWKHFHQWULIXJDOFRQFHUWRZURXJKWLQWKHVRXOE\DEDE\
    VILUVWVKHHUEUHDWK
    /LVWHQLQJ,KDGEHFRPHDVULJLGDVDURG1RORQJHUVZD\LQJOLNHP\RZQGHVWLQ\
    VSHQGXOXP7KHUHLV
    SURYLGHQFHLQWKHIDOORIDVSDUURZ%ODQFKH*RRGIDWKHULQD7VKLUWODEHOOHG%*ZDVILJKWLQJIRUKHU
    OLIHULJKWLQWKHPLGGOHRIDUDYHQRXVVFUXP$QGVKHZDVWKHEDOOWKRXJKVKHGLGQRWNQRZLW,NLFNHGLW
    KDUGKDUGHUKDUGHVW,NLFNHGLWHYHQKDUGHUWKDQWKDW,ODQGHGLQDKHDS7+8037KHFKLFNHQVGLGQRW
    HYHQVTXDZN7KHGUXPVWKHJLEEHULVKWKHLQVLVWHQWUHIUDLQWKHLUWRWDOVRXQGKDGVROLGO\ILOOHGHYHU\
    QRRNDQGFUDQQ\RIWKDWFOHDULQJ$V,GLVDSSHDUHGLQWRWKHMXQJOHDVKRXWVFUHHFKHGDIWHUPH,ZDVRXW
    RIVLJKW$WP\KHHOVZDVWKLVVXGGHQVWRUPRIVWRPSLQJIHHW$VSHDUJUHDVHGP\ULJKWIRUHDUP,JULWWHG
    P\WHHWK6RPXFKIRUWKHUHDOSHRSOH0\ORQJDJRVWLQWDVDQDWKOHWHLQWKH&RPPRQZHDOWK*DPHVLQ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    &DLURZDVVXGGHQO\DQDVVHW

    7KHKLVWRU\RIWKH5XQQHUIODVKHGWKURXJKP\KHDG7KHHVFDSHH7KHVFDSHJRDW7KHILHU\EXQGOHRIIXU
    VWUHDNLQJWKURXJKWKHULSH

    >3DJH@

    ILHOGVRIZKHDW7KHUHLVDOZD\VVRPHERG\RQWKHUXQ)URPZHLUGMXGJHVIXFNLQJSLJVILOWK\
    QHLJKERXUVIURPWKHVKLWLQODQGUHYHQXHWKHEUXWDO6SHFLDO%UDQFKIURPWKH0DQLQWKHFDPRXIODJH
    XQLIRUPIURPWKH0DQEHKLQGWKHULRWVKLHOGIURPWKHVFDQGDOL]HGKXVEDQGWKHHPELWWHUHGPLVWUHVV
    IURPWKHXJO\IDFHRIWUDGLWLRQWKHEDFNRIDEXVIDFHRIVORJDQV,WIODVKHGULJKWWKURXJKPHWKHKLVWRU\
    RIWKH5XQQHU$QRWKHUVSHDUQLFNHGP\KLS)XFNLQJ$OODK$QGWKHUHZDV+LWOHUDWWKH2O\PSLF*DPHV
    WXUQLQJKLVEDFNVLGHRQRXUILQHVWDWKOHWH<RXGRQRWZDLWIRUWKHVWDUWHU
    VJXQ7KHPHUHSUHVHQFHRIWKH
    .X.OX[.ODQLQWKHQHLJKERXUKRRGLVHQRXJK2UWKH1DWLRQDO)URQW7KHPHUHSUHVHQFHRIWKHIXFNLQJ
    SLJVLVHQRXJKWRFDWDSXOWRQHWRWKHRWKHUVLGHRIWKHHDUWK0RWKHUIXFNLQJ%XGGKD,
    YHVSHQWP\OLIH
    UXQQLQJIURPRQHELWRIHDUWKWRDQRWKHU&DUU\LQJP\VPDVKHGSHDFHRIPLQGLQWRWKHRGGHVWJDQJVRI
    SHRSOHV7DNHWKLVRQHIRULQVWDQFH,EULQJWKHPPXVLFDQGODXJKWHUDQGSRHWU\DQGWKH\WKURZPHLQWRD
    SLWODWULQH%\QRZ%ODQFKHFDQDOUHDG\VPHOOP\LQJORULRXVIOLJKWFRYHUHGLQKXPDQVKLWFKLFNHQVKLWDQG
    SULFNOLQJDOORYHUZLWKJKDVWO\VSHDUV6WDQOH\PHHWV0XWHVD%ODQFKH*RRGIDWKHU,SUHVXPH,DPDELWRI
    DOULJKW%ODQFKHMXVWDVOLJKWFDVHRIEODFNZDVSV,WURGRQ<RXNQRZ$QLSLQWRWKHSRROZLOOTXLFNO\
    UHVWRUHPHWRP\ROGVHOI)XFNLQJPLOLWDU\DUVH$QRWKHUVSHDUMXVWVKDYHGRIIP\ULJKWVLGHERDUG7KH
    SHUVLVWHQWEDVWDUGV,
    PRQO\DIXFNLQJFRXUWMHVWHU&KLHIQRWDGLVVLGHQWOLNH6DNKDURY6KLW7KHVSHDUV
    DUHVWLOOIO\LQJ,ZRQGHULI:DOWHU0LWW\HYHUGD\GUHDPHGDQ\WKLQJOLNHWKLV"7KHUHDUHPRUHLPPHGLDWH
    WKLQJVLQWKHZRUOGWKDQDOOP\WUDYHODQG2[IRUGGHJUHH$V,IRXJKWWKURXJKDVWXEERUQWDQJOHRI
    URSHOLNHXQGHUJURZWKJHWWLQJVFUDWFKHGJRXJHGJDJJHGHQWDQJOHG,WKRXJKWRI6SDUWDDQG$WKHQVDQG
    KRZWKHUXQQHUJRWWKURXJK,IRXJKWWKLFNHUDQGWKLFNHULQWRWKHPDVVRIWKRUQ\YLQHV,KHDUGUXQQLQJ
    IHHW7KH\VHHPHGWRFRPHIURPHYHU\VLGH,WZDVEODFN,VLPSO\VWRRGSHUIHFWO\VWLOOULJKWLQWKHPLGGOH
    RIWKDWQRZ,KRSHGEOHVVHGKLGHRXVXQGHUJURZWK7KH\VHHPHGWRSDVVE\WKRVHIRRWVWHSV,ZLOOHGP\
    KHDUWWRFHDVHLWVKRZOLQJEHDW,ZLOOHGP\KHDUWRIGDUNQHVVWRVWRSZKHH]LQJKRUURUKRUURU,WZDVWRR
    TXLHW,GLGQRWGDUHPRYHDPXVFOH,WZDVKRWDQGVLFNDQGWKRUQ\,VWLIOHGWKHVFUHDPDV,UHDOL]HGLWZDV
    QRWWKRUQVVKDUSWKRUQVELWLQJPHEXWDQWVVZDUPVRIWKHPDQGWKHZKROHWKLFNHWZDVFUDZOLQJZLWK
    WKHP,WULHGWR

    >3DJH@

    SURWHFWP\SULYDWHSDUWVEXWLWZDVWRRODWH7KH\ZHUHFUDZOLQJDOORYHUPH%LWLQJ(DWLQJ&UDZOLQJ
    DZD\ZLWKOLWWOHSLHFHVRIPHKHOGLQWKHLUMDZV,EXUVWRXWRIWKHEXUQLQJEXVKOHDYLQJDJLJDQWLF\HOO
    DERXWWRUHYHUEHUDWHDWWKHKHDUWRIWKHHQWDQJOHGYLQHV


    7KHUHKHJRHV

    7KH\HOOVHHPHGWRH[SORGHIURPDOOGLUHFWLRQV,ZDVWKHSLHFHVRILWVVKUDSQHOIO\LQJOHWKDOO\HYHU\ZKHUH
    DWRQFH0\KHDGZDVRQHKXJHPDGQHVVVKRZHULQJUXEEOHLQWKHLUIDFHVVKRXWLQJKRDUVHO\WLJHULVKO\


    :HDUHDOOEURWKHUV:($5($//%527+(56

    (YHU\ZKHUH,ORRNHGDIO\LQJVSHDUPHWP\VXGGHQJODQFH,GRGJHGVSHDUVOLNHDGDQFHULQDPDGGUHDP
    'RGJHG*UDSSOHGZLWKDQDNHGRLO\SDLQWHGERG\)XFNHGWKURXJK6LGHZD\V0\ILVWVWLQJLQJIURPWKH
    LPSDFWRIKLVZHDYLQJMDZ7KHRSHQIRUHVWOD\EHIRUHPH,ZLOOHGP\KHHOVWRSOXFNPHWKURXJK
    -DPPHGLQWRJKRVWO\WUHHWUXQNV&UDVKHGWKURXJKWKHIDWGDQNIROLDJH6XGGHQO\WKHUHZDVQRJURXQG
    XQGHUQHDWK5ROOLQJKLGHRXVO\)DOOLQJ7KHVN\VSLQQLQJGHZGURSVWKRXVDQGVRIWKHPVSLQQLQJ

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    VLGHZD\VXQWLOIODWRQP\EDFNWKHLPSDFWRILWVYDVWOXPLQRVLW\FRQFXVVHGPHLQWRVLOHQFH,OD\VWLOO
    6WXQQHG+HDULQJWKH)DOOVURDU

    ,QWKHZURQJSODFH

    6RPHSODFHVDUHDOZD\VWKHZURQJSODFH

    (YHQWKRXJKWKHWLPLQJLVULJKW

    :HUHWKH\UHDOWKHVHSHRSOHDV,KDGWKRXJKW"0\ODVWWKRXJKWEHIRUH,SDVVHGRXWZDV


    0HUH
    &DUL
    &DW
    85(6

    ,WZDVDORQJRQFHXSRQDWLPHZKHQ,WKRXJKW
    7KLVLVXQUHDO
    DQG,UHDOL]HG,ZDVRQFHPRUHEDFNLQWKH
    VRFDOOHGUHDOZRUOG6KHKDGPDGHDILUH,FRXOGVPHOOFRIIHH,FRXOGVPHOOVRPHWKLQJHYHQPRUH
    PDGGHQLQJ&LJDUHWWHV


    %ODQFKHDFLJDUHWWH4XLFN

    6KHOLWLWDQGWKUHZLWLQWRP\IDFH,VXFNHGJUHHGLO\

    $QGJXIIDZHG

    >3DJH@


    +HZDQWHGPHWRVXFNKLVFRFN
    ,H[SODLQHG

    6KHJULWWHGKHUVPDOOHYHQWHHWK7KHWLQ\HQDPHOVRXQGVHHPHGWRXQGHUOLQHWKHVXGGHQDQGUDSLGWZLOLJKW
    GDSSOLQJWKHRYHUKHDGVN\ZLWKRYHUZKHOPLQJYLROHWKXHV,VKLYHUHGGL]]LO\7KLVZDVDUHDOFLJDUHWWH
    &DPHOVWRR$QGWKDWRYHUWKHUHLV%ODQFKH*RRGIDWKHUORRNLQJOLNHDSHDUOFDVWEHIRUHVZLQH)HHOLQJDW
    KRPHLQWKHSLJPXVK7KHVQRUWLQJPX]]OHVWKDWVQLIIHGDQGJUXQWHGDWKHUHQTXLULQJO\DQGWXUQHGKHU
    RYHUWRVHHZKDWVKHZDVOLNHXQGHUQHDWK$VFRUSLRQWKDWXVHGLWVIDWDOVWLQJVSDULQJO\5HJUHWIXOO\,
    VWXEEHGRXWWKHVSHQWFLJDUHWWH,ZDVGUHVVHGLQP\RZQFORWKHV0\RZQUXFNVDFNDQGWKHLQGHVWUXFWLEOH
    EDJWKDWFRQWDLQHGP\FDPHUDVZHUHULJKWWKHUHE\P\VLGH


    ,EDUJDLQHGZLWKWKHP
    VKHVDLG


    %DUJDLQHGZLWKWKDWEDJRIVKLW+RZ"

    6KHORRNHGDWKHUZDWFK,WZDVWLFNLQJPHUULO\DVLWKDGDOZD\VGRQHWKDW\HDULQ2[IRUG6KHEHJDQWR
    ZLQGLWXS


    7KHUHDUHZD\V
    VKHVDLG

    ,IOLQFKHG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    +RZPDQ\RIWKHP"


    7ZHOYHRIWKHP


    <RXWRRNSUHFDXWLRQVRIFRXUVH

    6KHVPLOHGJLYLQJKHUZDWFKDODVWZULVWIOLFNHURIDZLQGXS


    ,DOZD\VKDYHP\FRLO%HVLGHV,FRQYLQFHGWKHPWKDWLWZRXOGEHHYHQPRUHSOHDVXUDEOHIRUWKHPWRXVH
    P\FDUWRQVRI'XUH[


    6RPHFRQYLQFLQJ


    $V,VDLGWKHUHDUHZD\V

    6KHVDLGLWZLWKDWRVVRIWKHKHDGWRGLVPLVVWKHZKROHVXEMHFW

    6KHZHQWRQ


    ,PHWVRPHRI\RXUVWUDQJHDFTXDLQWDQFHV6XVDQVDLG\RXZRXOGPDNHPHEOHHGWKHZD\\RXVFUHZOLNHD
    FLUFXODUVDZ6KHZDQWVPHWROHWKHUNQRZZKDW,WKLQNDERXWLW<RXUZLIH

    6KHSDXVHGIDFHVFUHZHGXSUHPHPEHULQJ6KHUXPPDJHGLQKHUUXFNVDFNDQGEURXJKWRXWDIODVN


    +RZ
    VVKH"+RZ
    V0DULH"

    ,WKDGEHHQDYHU\ORQJWLPHVLQFH,KDGEHHQDEOHWRVHQGKHUDQ\PHVVDJHV

    %ODQFKH*RRGIDWKHUUDLVHGKHUH\HEURZVTXL]]LFDOO\$QGJDYHPHWKHIODVN

    >3DJH@


    6KHVHQW\RXWKLV,W
    VZKLVN\7KRXJKW\RXPLJKWQHHGLWZKHQ\RXKHDUWKHQHZV

    $OFRKRO,ZDVDOUHDG\WDNLQJDGHHSJXOSZKHQ,FKRNHGDQGGHPDQGHG


    :KDWQHZV"


    0DULHVKH
    VDOOULJKW%XWWKHEDE\LWGLHGRQO\KRXUVDIWHULWVELUWK6KHVDLGWRWHOO\RXQRWWRZRUU\
    $QGWKDWVKH
    VVRUU\LWKDSSHQHGDJDLQ,
    PVRUU\WRR

    ,WKUHZDWZLJRQWRWKHILUH7KHIODPHVVWDUWHGXS7KHUHGHPEHUVFUDFNOHGJOLWWHUHG,VWDUHGLQWRWKHP
    UHPHPEHULQJWKHZRUOGWKDWZDVZDLWLQJIRUPHRXWWKHUH0DULHLWFRXOGQRWKDYHKDSSHQHGDJDLQ%XWLW
    KDGKDSSHQHG,EHJDQWRODXJK


    $QGVKHVHQGVPHZKLVN\

    $QGQHZVRIDQRWKHUGHDGEDE\DQRWKHUGHDGHQGSRVVLELOLW\

    ,GUDQNWKHUDZZKLVN\OHWWLQJLWUROODURXQGP\PRXWKDQGVORZO\EXUQLWVZD\GRZQLQWRP\LQQHUPRVW
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    VRXOOHVVJXW3RRUEOLQG0DULH,SDVVHGWKHERWWOHWR%ODQFKH


    'R\RXZDQWWRKHDUWKHUHVW"

    ,QRGGHGWRRJULPO\,KDGQRWGUXQNDGURSRIJRRGQHDWZKLVN\IRUPRQWKV\HDUVRXWKHUHZLWKP\
    FDPHUDVDQGSODQV


    3UHFLVLRQKDVEHHQEDQQHG7KHHGLWRUWULHGWRGHI\WKHUXOLQJDQGLVQRZFRROLQJKLVKHHOVLQMDLO6XVDQ
    LVRQWKHUXQ&KULVLVLQDPDGKRXVH+HWDONVRIQRWKLQJEXWH[FUHWLRQ.DWKHULQHKDVJRQHXQGHUJURXQG
    +HUKXVEDQGWKHGRFWRUGLHGRIDOFRKROLFSRLVRQLQJDIHZPRQWKVDJR,XQGHUVWDQGKHNHSWDVNLQJIRU
    \RXWRJLYHKLPDELWRIPRQH\IRUDGULQNDQGGLHGDVLWZHUHG\LQJIRUDGULQN6KLW,QHHGRQHP\VHOI

    ,ZDWFKHGKHUGULQN7KLQNLQJRI-RHRQFHDJUHDWGRFWRUQRZDVLWZHUHDSHUPDQHQWIL[WXUHRIVNLGURZ
    7KHPRRQELJDQGURXQGUROOHGLQWRYLHZZLWKDVWRQ\HQFKDQWPHQW


    :KDWDERXW6WHSKHQ",VKHVWLOOJRLQJRQZLWKKLVH[SHULPHQWLQG\LQJ"

    6KHQRGGHG

    6KHUXPPDJHGRQFHDJDLQLQKHUUXFNVDFN6KHIRXQGLW,FRXOGRQO\JDSH

    ,WZDVDIDWUROORISRXQGQRWHV,WXUQHGLWRYHUDQGRYHULQP\KDQGV,WZDVUHDO

    6KHH[SODLQHG

    >3DJH@


    ,WUHSUHVHQWVDOOWKHEDFNSD\PHQWV3UHFLVLRQRZHV\RXVLQFH\RXFDPHRXWKHUH,EURXJKWDOOWKH
    PDJD]LQHVLQZKLFK\RXUDUWLFOHVDSSHDUHG

    6KHWRRNDWKLFNEXQGOHRXWRIWKDWXQIDWKRPDEOHUXFNVDFN,VFDWWHUHGPRUHGU\WZLJVRQWRWKHILUH
    $IWHUZDUGV,FRXOGRQO\ORRNDWKHUDQGUHDFKRXWIRUWKHIODVNDQGVLSLWVORZO\DQGWKDQNIXOO\$OOWKH
    DUWLFOHVDQGSKRWRJUDSKV,KDGVRSUHFDULRXVO\VHQWEDFNKDGUHDFKHGWKHPDJD]LQH,KDGQRWKRSHGIRU
    VXFKDPLUDFOH6XGGHQO\WKHPRRQOLWQLJKWJOLPPHUHGZLWKGLVWDQWEXWVKLQLQJVWDUV

    /DWHUZKHQZHKDGWDONHGDQGVKDUHGWKHODVWRIWKHZKLVN\DQGWKHIXULRXVKHDWRIRQFHDJDLQPHHWLQJ
    OLNHWKLVKDGGHYRXUHGWKHGHVLUHRXWRIRXUOLPEVDQGVKHVOHSWLQKHUVOHHSLQJEDJZLWKKHUULIOHE\KHU
    VLGH,FUDGOHGP\VHFRQGKDQGEXWOHWKDOVKRWJXQLQP\DUPVDQGVLQNLQJEDFNDJDLQVWP\UXFNVDFN
    ZDWFKHGWKHILUHIOLFNHULQJYLYLGO\DJDLQVWWKHFOHDUDQGVPRRWKXSURDURIWKH)DOOVLQWKDWVWHHSDQGGDUN
    YDOOH\DQGIRUWKHILUVWWLPHVLQFHWKDWORQJDJRDOORZHGP\VHOIWKHOX[XU\RIWKLQNLQJFOHDUO\DQG
    PLQXWHO\DERXWWKHSHRSOHDQGWKHWKLQJV,KDGOHIWEHKLQGDQGZDVQRZUHWXUQLQJWR%ODQFKHZRXOGFDUU\
    RQKHUHZKDWQHHGHGWREHGRQHDQGPRUHSURIHVVLRQDOO\WRR%DFNWKHUHWKHILHU\DQGUHYROXWLRQDU\
    IHUYRXUKDGEHHQVKHVDLGVWDPSHGRXWUXWKOHVVO\6KHKDGJLYHQPHDORQJOLVWRIWKRVHNLOOHGEHKLQGWKH
    EDUULFDGHVWKRVHVXPPDULO\H[HFXWHGWKRVHGHWDLQHGWKRVHZKRKDGHVFDSHGLQWR\HWDQRWKHUVRXO
    GHVWUR\LQJH[LOH7KHPLOLWDU\QRZUXOHG7KHGRFWRUVFRXOGVWLOOGRQRWKLQJDERXW0DULH
    VH\HV,ZRXOG
    UHWXUQDQG,ZRXOGVWLOOEHRQO\DYRLFHDQGVQDWFKHVRIVRXQGWRKHU7KHFUXGHO\RUJDQL]HGRSSRVLWLRQ
    GULYHQXQGHUJURXQGZRXOGSHUKDSVHPHUJHVRPHWLPHRXWRIWKHLUEDVHPHQWVUDWKROHVFDYHV7KHFDSWXUH
    RI'HYLO
    V(QGSUREDEO\VFDWWHUHGWKHPIDUDQGZLGH:DVWKHUHDGLIIHUHQFHEHWZHHQWKHFKLHIRQKLV
    VNXOOFDUSHQWHUHGWKURQHDQGWKHJHQHUDOZKRHYHQQRZKDGJUDSSOHGDOOSRZHUWRKLPVHOILQRXUQHZDQG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    WZHQWLHWKFHQWXU\LPDJH",QHLWKHU,FDQRQO\SHUIRUPDVFKURQLFOHUVXEYHUVLYHMHVWHUDQGWHOOHURIWDOHV,
    KDGPRQH\EXWQRMREWRUHWXUQWRXQOHVVDQRWKHUGLVJXLVHG3UHFLVLRQHPHUJHGRXWRIWKHVKDPEOHV$QG
    6XVDQZLWKDSULFHRQKHUKHDGIOLWWLQJIURPSODFHWRSODFH$WOHDVWVKHNQHZVKHFRXOGXVHP\KRXVH
    DQG0DULHZRXOGQRWVHHDQ\WKLQJEXWRQO\KHDUWKHIULHQGO\LPSXOVLYHLPSHWXRXVYRLFHWKDWZDV6XVDQ
    7KHQWKHUHLV.DWKHULQHJULHYLQJIRU-RHDQGKLGLQJRXWZLWKWKHSROLFHDOZD\V

    >3DJH@

    RQO\DVWHSEHKLQG$QGWKDW
    VWKHZRUOG,DPJRLQJEDFNWR$QGVKHVHQGVPHZKLVN\

    %XWOLNHHYHU\WKLQJHOVHWKDWKLGHVEHKLQGDSRHWLFDWWLWXGH,KDGWRFRPHRXWEORRG\DQGGLUW\,ZDV
    ZDVKHGLURQHGIROGHGXSDQGIRQGOHG,ZDVDVWLQ\DVDVSLGHUDWWKHZURQJHQGRIDWHOHVFRSH0\
    YRLFHZDVWKHELJJHVWWKLQJDERXWPH,WVWLOOLV%XW,XVHGP\YRLFHVSDULQJO\HYHU\WKLQJZDVWRRKXJHWR
    H[SUHVV$OOWKRVHOHJVDQGDOOWKRVHDUPVFRQVWDQWO\ZDONLQJDQGGRLQJWKLQJV,WVWUXFNPH,KDGFRPH
    LQWRWKHZURQJZRUOG%XWLWZDVWRRODWHWRGRDQ\WKLQJDERXWLW([FHSWWRHVFDSHDWWKHHDUOLHVWSRVVLEOH
    PRPHQW7KHUHZDVWKLVZRPDQZKRIRQGOHGPHZLWKWHDUJDVLQKHUH\HV7KHUHZDVWKLVPDQZKRKXQJ
    DERXWDVVLOHQWDVDJXQVKRW7KH\ZHUHP\SDUHQWV+HZRXOGSXOOWKHWULJJHUDQGKHUH\HVZRXOGVPDUW
    DQGEXUVW7KHHFKRSOD\HGDUDSLGWDWWRRRQWKHZLQGRZSDQHV,ZRXOGKHDUWKHVQDUORIDWUDLQ,ZRXOG
    KHDUDQRWKHUZRUOGUDJLQJLQVLGHP\VNXOODVWKRXJKDWDQ\PRPHQW,ZRXOGVSLQOLNHDVLOYHUWRSDQG
    GLVDSSHDURXWRIP\KHDG,WZDVDGLVHDVHRQHWKH\WKRXJKWZDVIDWDO%XW,NQHZZKDW,KDGWRGR$W
    WKDWWLPH,DOZD\VNQHZZKDW,KDGWRGREHVLGHVMXVWELGLQJP\WLPH+HSXOOHGWKHWULJJHUVHYHUDOWLPHV
    RQHQLJKWDQGVKHOLNHDF\FORQHZUXQJDOOWKHVLOHQFHIURPPH,KRZOHG+RZOHGOLNHDVLQLVWHU
    V\PSKRQ\DWIXOOEODVW,XVHGWRZULWHOLNHWKDW:KHQILQDOO\KHVLOHQFHGPHZLWKWKHEDFNRIKLVKDQG
    DQGVKHVDZUHGDQGWKHUHZDVDOOWKLVEORRGVSODVKLQJDERXW,NQHZTXLWHGHILQLWHO\WKDW,KDGVRPHKRZ
    HQWHUHGWKHZURQJURRPFRPHLQWRWKHZURQJZRUOG,KDGWRHVFDSH,KDYHWRHVFDSH7KHVKULOOZKLQH
    WRUHWKURXJKP\HDUVDQGGHSRVLWHGWKUHHSROLFHPHQZKRIUR]HWKHEULJKWSLFWXUH7KHPDQZDVFDUULHG
    RXWRIP\OLIH

    7KH\ZLSHGPHDQGJUHDVHGPHXQWLO,ZDVVPDUW7KH\ZHUHWZRKDLU\KDQGVRQHDFKVLGHRIDKXJH
    EHDUGHGIDFHWKDWKDGDSHUPDQHQWURXJKQHVVLQJUDLQHGLQWKHVNLQ,WZDVP\XQFOH+HUHDGDJUHDWELJ
    ERRNZKLFKKDGSLFWXUHVRIFUXFLIL[LRQVLQLW+HUHDGLWWRPDNHPHVOHHS+LVYRLFHKDGDFKHHUIXOEXW
    MDJJHGHGJHWRLW,WJQDZHGDWWKHVLOHQFHOLNHDGRJFUXQFKLQJDERQHGURSSLQJVSODVKHVRIPDUURZ
    HYHU\ZKHUH,WGURYHDOOWKRXJKWRIVOHHSRXWRIP\KHDGDQGVRKHZRXOGJRRQUHDGLQJWRPHWKURXJKRXW
    WKHQLJKWWRPDNHPHVOHHS,QWKHPRUQLQJZKHQKHILQDOO\FORVHGWKHELJERRNDQG\DZQLQJWHUULEO\JRW
    XSIURPWKHKDUGFKDLUKHZRXOGVWDUHDWPHIL[HGO\DVWKRXJKWU\LQJWRKDPPHUDQDLOLQWRVWRQH+H
    VODPPHGWKHIURQW

    >3DJH@

    GRRUDQGP\WHHWKDQG,ZDWFKHGKLPJRLQJWRZRUNVWDJJHULQJWKURXJKWKHQHDWZRRGHQJDWHDQG
    WRWWHULQJEOLQGO\LQWRWKHURDGZKHUHWKHFDUIRXQGKLP7KHDPRXQWRIEORRGWKDWVKULHNHGRXWOHIWDODUJH
    VWDLQRQWKHDVSKDOW,FORVHGWKHZLQGRZDQGHQYLHGKLP7KHUHZHUHKHDY\IRRWVWHSVLQP\KHDGFRPLQJ
    WRZDUGVP\GRRU,WZDVP\ERZHOV,KDGVRLOHGP\VHOI,ZHQWLQWRWKHEDWKURRPDQGZDVKHGP\VHOIIRU
    WKHILUVWWLPH,QWKHNLWFKHQZHKDGUXQRXWRIHYHU\WKLQJH[FHSWVHYHQMDUVRIMDP7KHXSURDULQWKH
    VWUHHWZHQWRQIRUDORQJWLPH,ILQLVKHGWKHODVWMDU7KHVN\ZDVOLNHDERXOGHURQP\KHDG7KH\IRXQG
    PHIDVWDVOHHSLQWKHGRJKRXVHDWWKHEDFN

    7KHOLSVZHUHWKLQOLNHWKUHDWV6KHZDVNQHDGLQJWKHOREHRIKHUHDUDQGORRNLQJDWPHDVWKRXJK,ZDV
    VRPHWKLQJXQLGHQWLILHGRQWKHUDGDU+HUVWLIIFRWWRQEORXVHDQGDQGKHUEURZQSOHDWHGVNLUWDQGWKHQHDW
    KLJKKHHOVDQGWKHPHDJUHEXWVHYHUHOLQHVWKDWVFUDWFKHGDFURVVKHUIRUHKHDGZHUHP\SLFWXUHRIKHU,W
    ZDVQRWWREHWKHRQO\SLFWXUH0DQ\WLPHV,FDXJKWKHUORRNLQJDWPHOLNHWKDW6KHZDVP\XQFOH
    VZLIH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    ,WUDLQHGHYHU\WLPHVKHUDLVHGKHUVPDOOKHDGDQGORRNHGDWPH5DLQHGLQVLGHPH,GHWHVWJHWWLQJZHW
    %XWVKHGLGLWVHYHUDOWLPHVHDFKGD\,ZDVGUHQFKHGWRWKHWRHV,ZRXOGJRRXWLQWRWKHJDUGHQDQGSOD\
    ZLWKWKHGRJDQGVKULHNZLWKJORRP\ODXJKWHUDQGVXGGHQO\WKHUDLQZRXOGFRPH+RZFRXOG,VKHOWHU
    IURPP\RZQUDLQ",WZDVDUDLQQRWRIP\ZRUOGDQGVR,FRXOGQRWGHDOZLWKLW$QGVKHNQLWWHGLWGD\
    DIWHUGD\NQLWWHGLWP\VL]HDQGPDGHPHSXWLWRQXQWLOWKHVXQFRXOGQRWSHQHWUDWHWRZKHUH,ZDV,VHH
    KHULQP\SLFWXUHVZKHQ,WU\WRGHVFULEHZKDWVKHZDV6KHLVVLWWLQJRQDQROGORJHDWLQJDVDXVDJHDQG
    KHUPRXWKIDOOVWRSLHFHVDQGVKHVSLWVRXWDKXPDQWKXPE%XW,VPRNHFLJDUHWWHV%HKLQGKHUWKHVXQLV
    JRLQJRXWILJKWLQJZLWKDOOLWVUD\V:HDUHVLWWLQJLQWKHGLQLQJURRPDQGVKHLVFXWWLQJDIDWURXQGORDIRI
    EUHDG$EVHQWO\VKHSXWVDVOLFHRQWRP\SODWH,WHDULWDSDUWZLWKP\ILQJHUVJHQWO\$KXPDQHDUGURSV
    RXW+HUORRNFXWVKHUILQJHURQWKHEUHDGNQLIHDQGWKHUDLQVHHWKHV&UHVWVRIIRDPVSODVKHGRQWRWKHZHW
    VDQG,QKHUEODFNVZLPVXLWVKHLVRQKHUEDFNLQWKDWRWKHUZRUOGZKLFKVXQJODVVHVFUHDWH,DPORRNLQJ
    GRZQDWKHU,DPWKLQDQGVNLQQ\WRRWDOOIRUP\DJH6KHLVLQWKHUHLQWKDWRWKHUZRUOGDQGOLNHDVWRQH
    VNLPPLQJDFURVVWKHVXUIDFHRIDULYHUKHURZQOLIHVNLPVRYHUPH,WGLGQRWUDLQWKDWGD\QRWHYHQRQFH
    ,FRXOGQRWVFUDSHP\H\HVDZD\IURPKHUVXUIDFH

    >3DJH@

    ,WERXQGHGEDFN,FDXJKWLWDQGDWRQFHIOXQJLWDJDLQDWWKHZDOO,WERXQGHGEDFN,GLGQRWPRYH,WKLW
    PHRQWKHULJKWFKHHN,UHWULHYHGLWIURPWKHJUDVVDQGKXUOHGLWDWWKHZDOO$VLWVKRWEDFN,WXUQHGWKH
    RWKHUFKHHN,GLGQRWIOLQFK7KHEORRGPHVVHGXSP\KDQGNHUFKLHI

    >3DJH@

    7ZR


    2QH7ZR7KUHH)RXU(OHYHQ7ZHOYH*REDFNWR\RXUVHDW

    ,ZDVKRWZLWKUHVHQWPHQWDQGSDLQ6RWKLVZDVVFKRRO)URPDOOVLGHVP\KHDGZDVEHLQJMDPPHGZLWK
    IDFWV:LWKLGHDV,FRXOGVHHWKURXJKP\ZLQGRZDFURVVWKH\DUGDQGDFURVVWKHWDUUHGURDGLQWRDIHQFHG
    ODZQLQIURQWRIDFRPSOH[RIOLJKWJUH\EXLOGLQJV7KHVXQJOHDPHGRQWKHURRIVDQGERQQHWVRIWKHFDUV
    LQWKHSDUNLQJORW$IHZFURZVVTXDZNHGRQWKHURRIVVZLYHOOLQJWKHLUEODFNKHDGVNQRZLQJO\DVWKRXJK
    DERXWWRUHIXWHWLPH2QWKHODZQKRZHYHUZHUHWKHVHSULVRQHUVGUHVVHGLQNKDNL2YHUWKHPVWRRGDQ
    DUPHGJXDUGZKRDOVRFDUULHGDUDZKLGHZKLS7KHSULVRQHUVZHUHZHHGLQJWKHODZQZLWKDQLQWHQWQHVV
    WKDWPDGHJHWWLQJWKRVHZHHGVRXWWKHPRVWVLJQLILFDQWWKLQJLQWKHZKROHXQLYHUVH,WZDVVRKRWWKHYHU\
    OLGRIWKHVN\VHHPHGWREHPHOWLQJ0\EDFNVLGHKXUW7KHPLQXWHVWLFNLQJE\VORZO\DQGWKHERRNRSHQ
    DWP\HOERZDQGWKHVPXGJHGLQNZHOODQGWKHKHDWZKLFKHYHU\VHFRQGVKRWWKURXJKWKHFURZGHGURRP
    WKH\ZHUHDIDGHGSLFWXUHIURPDIDGHGSODQHWRQZKLFK,IRXQGP\VHOI

    ,NLFNHGLWEDFNKDUG7KHIHZPLQXWHVRIWKHUHFHVVVHHPHGWRUDFHSDVWPH,GXFNHGP\KHDGDQGLWVKRW
    E\JUD]LQJP\FKHHN,UDQDIWHULWGRGJLQJUHSOLFDVRIP\VHOI,VWXEEHGP\WRHDQGIHOO7KHUHZDV
    EORRGRQP\HOERZVDQGWKLVER\ZKRVHIDFHZDVVFDUUHGDOORYHUZLWKODXJKWHU,ORRNHGKDUGDWKLP
    GUHZLQP\KHDGDQGUDLQHGRQKLPZLWKIXU\7KHUHZHUHDOOWKHVHKDQGVDQGOHJVNLFNLQJDQG

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    >3DJH@

    FODZLQJXVDSDUW,WZDVDZKLUOZLQG7KHEHOOUDQJMXVWDVKLVNQXFNOHVIRXQGP\ULJKWH\H,ZDVDORQH

    ,PDGHLWMXVWLQWLPH:KHQWKHWHDFKHUFDPHLQKHVSUHDGDFURVVWKHEODFNERDUGDODUJHPDSRIWKHZKROH
    ZRUOG7KHUHZDVQRWKLQJPRUHWKDQPRXQWDLQVDQGRFHDQVDQGULYHUVDQGFLWLHVDQGYLOODJHVDQGVRPH
    LVODQGV)DFWV

    +RXUVODWHUP\KHDGKDGEHFRPHDOOWKHWKLQJVRQWKHPDSDQGLWZDVGD\VEHIRUH,FRXOGVFUXEWKHPRXW
    DQGOHWWKHGLUW\ZDWHUJXUJOHRXWRIWKHVLQN,WRZHOOHGP\VHOIYLJRURXVO\:KHQ,FDPHRXWVKHGLGQRW
    ORRNXSDQG,ZDVJUDWHIXO6KHZDVNQLWWLQJ,WRRNWKHGRJRXWIRUDZDON7KHUHZHUHPDQ\VROGLHUVLQ
    WKHVWUHHWV7KHLUJXQVZHUHWKHVFDULHVWWKLQJ7KH\VWRRGDWHYHU\VWUHHWFRUQHUDQGLQHYHU\KROORZ
    GRRUZD\,ERXJKWDVNHWFKSDGDQGFKDUFRDOSHQFLOV:KHQZHJRWEDFNKRPHVKHZDVLQWKHNLWFKHQ
    FRRNLQJ7KHUHZHUHYRLFHVLQWKHGLQLQJURRP,WZDVDEOLQGJLUOLQDSLQNGUHVVDQGDER\P\DJH
    ZHDULQJDMDFNHWDQGWLH0DULHDQG6WHSKHQ7KH\KDGFRPHWRVWD\ZLWKXVDVWKHLUKRPHDQGSDUHQWVKDG
    EHHQERPEHG,OLNHGWKHP,GHFLGHGHVSHFLDOO\0DULHEHFDXVHVKHZDVEOLQGDQG\HWZRUHDSLQNGUHVV
    WKDWUHDFKHGGRZQWRKHUNQHHV,FRXOGQRWWKLQNZKDWWRVKRZKHU$OO,KDGZHUHWKLQJVVKHZRXOGKDYH
    WRVHHIRUKHUVHOIWRXQGHUVWDQG6KHLVMXGJLQJPHE\P\YRLFH,WKRXJKWHHULO\,ZDVGHVFULELQJP\
    GUDZLQJVWRKHURXWLQWKHEDFNJDUGHQEXWWKH\ZHUHGUDZLQJVZKLFKFDQQRWEHGHVFULEHGXQOHVVRQH
    ZDQWHGWRIHHOVLFNDERXWLWDOO6KHKDGDVPRRWKRYDOIDFHDZLGHIXOOOLSSHGPRXWKDKHVLWDQWXSWXUQHG
    QRVHDQGH\HVH\HVZKLFKFRXOGQRWVHH6KHZDVVPDOODQGSOXPSDQGFKHZHGKHUXQGHUOLSPRVWRIWKH
    WLPH,GUHZSLFWXUHVRIKHUZKLOHZHWDONHG6KHGLGQRWWDONPXFK3HUKDSVLWZDVDZDVWHRIWLPH,W
    DOZD\VLVDQ\ZD\$ZDVWHRIOLIH:KDWVKHGLGZDVVLQJZKHQVKHWKRXJKWVKHZDVDORQH%XWKHUWHDUV
    WKHQZRXOGVSRLOLWIRUPHEHFDXVHWKHUHLVDKDUGQHVVDERXWVROLWDU\IHHOLQJVGURSSLQJGRZQVRPHRQH
    HOVH
    VFKHHN,GUHZKHUOLNHWKDWPDQ\WLPHVEXWRQO\RQFHPDQDJHGWRFDWFKWKHHOXVLYHRXWOLQHRIWKRVH
    JOLWWHULQJGURSV,WRUHLWXS,WZDVWRRPHQDFLQJ7KHGRJKDWHG6WHSKHQ,WEDUHGLWVIDQJVZKHQHYHUKH
    ZDQGHUHGWRRQHDULW6WHSKHQZDVQHDWDQGZHOOVFUXEEHGKHKDWHGGLUWDQGKDWHGQDVWLQHVVDQGKDWHG
    GLVRUGHUDQGKDWHGDQ\PHQWLRQRIIHHOLQJV+LVIDFHZDVVTXDUHDQGJURZQXSDQGWKHH[SUHVVLRQVZKLFK
    IOLFNHUHGDFURVVLWDOZD\VPDGHKLPORRNOLNHWKHEDFNRIVRPHWKLQJXQHQGXUDEOH+H

    >3DJH@

    ZDVKRZHYHUZKHQLQWKHPRRGRSHQDQGFRPLFDODQGFORZQLVKEXWZLWKDFDUHIXOQHVVWKDWVSRLOHG
    ZKDWHYHUHIIHFWKHZDVWU\LQJWRHOLFLW+HUHDGDORWDV,GLGEXWKHUHDGHQF\FORSDHGLDVPDQXDOV
    IDFWXDOPDWWHUZKHUHDV,ULJLGO\VWXFNWRDOONLQGVRIILFWLRQ7KHUHZHUHVWLOOOLYHVRIHYHQLQJVZKHQZH
    DOOVDWLQWKHVLWWLQJURRPWKHILUHVPLUNLQJORZLQWKHJUDWHWKHORQJFXUWDLQVUXVWOLQJIXUWLYHO\DQGP\
    DXQWLQKHUEDVNHWFKDLUNQLWWLQJZLWKDODQJXRURXVZLVWIXOVLOHQFH1RZDQGWKHQDVQRUHUXPEOHGIURP
    WKHGRJWKDWZDVVOHHSLQJRQWKHPDW,VDWRQDFXVKLRQRQWKHIORRUFORVHWRWKHERRNFDVHVNHWFKLQJ
    UDSLGO\WKHILJXUHRI0DULHVXFNOLQJKHUXQGHUOLS6KHKDGVWUHWFKHGRXWRQWKHFDUSHWDQGVXSSRUWHGKHU
    KHDGZLWKKHUILVWV2FFDVLRQDOO\ZHKHDUGILULQJEXWLWPD\DVZHOOKDYHEHHQRQWKHPRRQ6WHSKHQOD\
    RQKLVVLGHRQWKHZLGHDUPFKDLUUHDGLQJDPDQXDODERXWWUDFWRUVDQGWKHLUPDLQWHQDQFH%XWLWZDVQRW
    DOZD\VOLNHWKLV7KHUHZRXOGFRPHDVLIIURPVRPHGLVWDQWPDOLJQDQWZRUOGKDWHIXOPRRGVDZIXO
    VLOHQFHVVXGGHQRXWEXUVWV$XQWZRXOGVXGGHQO\EHJLQWRWDONWRKHUVHOILQWKHNLWFKHQ6WHSKHQZRXOG
    VLOHQWO\VWDONHDFKURRPEXUVWLQJWKHLQQDUGVRXWRILQVHFWVWKDWFURVVHGKLVSDWK0DULHZRXOGVLPSO\
    XQDFFRXQWDEO\VFUHDPDVWKRXJKKHUWKURDWZHUHEHLQJVORZO\FXW,,ZRXOGUDLQ7KLVFRXOGJRRQIRU
    GD\V7KHGRJZRXOGUHIXVHWRFRPHDQ\ZKHUHQHDUDOORIXVLWZRXOGUHIXVHLWVIRRGDQGDWQLJKWIDOO
    ZRXOGFDVWLQWRRUELWDVRUURZIXOKRZOVRRQHFKRHGE\RWKHUFDQLQHEHLQJV7KHYHU\KRXVHLWVHOIZRXOG
    ORRNDQGIHHODQGVPHOOPRURVHDQGPLVHUDEOH,ZRXOGNHHSWRP\URRPDQGVDYDJHO\GUDZDJDLQDQG
    DJDLQP\SDUHQWVDQGP\XQFOH7KH\ZHUHJUXHVRPHGUDZLQJVDQGGHDWKOXUNHGLQHDFKRIWKHP,ZRXOG
    VQHDNXSWR0DULHDQG\HOOVXGGHQO\LQKHUHDU,KDWHGKHUIRUEHLQJEOLQGEHFDXVHKHUEOLQGQHVVPDGHKHU
    VDIHIURPWKHWKLQJV,ZDVQRWVDIHIURP,KDWHGKHUIRUMXGJLQJPHE\P\YRLFHDQGIRUDOZD\VSURELQJ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    PHZLWKKHUILQJHUVPDNLQJVRPHWKLQJFDWFKLQP\WKURDW7KHZKROHKRXVHWKHQZRXOGZLWKWKHOLYHVLQ
    LWVKULOOOLNHDZHLUGFRQFHUWR,WZRXOGHPLWRGRXUVWKDWUHHNHGRIIHWLGDQGVLFNO\VZHHWPHWDSKRUV$QG
    ,GUHZWKHPDOOWKURXJKP\QRVWULOVDWWKHSRLQWRIP\FKDUFRDO,NLFNHGWKHPZLWKRXWPLVVLQJHYHQRQH

    ,WZDVDVLIWKHIRRWZDVVSHFLDOO\PDGHWRNLFNDIRRWEDOODQGWKHEXWWRFNVWREHFDQHGDQGWKHKHDGWR
    KDYHWKHVNXOOGULOOHGZLWKIDFWV7KHXSURDURIWKHVFKRROFKHHULQJXVRQVHHPHGWRFRQILUPWKLV2XU
    WHDPVHHPHGWREHWKHEHVWHYHU\WLPHZHSOD\HG7KLVZDV

    >3DJH@

    RQO\EHFDXVHZHZHUHQRWVSDULQJLQDOOWKHYLFLRXVQHVVDQGGLUW\SOD\WKDWDUHIHUHHFDQQRWVHH,ZDVWKH
    JRDONHHSHUDUDWKHUVDIHWKLQJH[FHSWZKHQWKHUHZDVDSLOHXSDQG,JRWNLFNHGLQWKHIDFH0\ORQJDUPV
    DQGORQJOHJVPDGHJRDONHHSLQJHDV\7KHRQO\SUREOHPZDVWKDWP\VLJKWZDVJRLQJ,FRXOGQRORQJHU
    VHHDVFOHDUO\DV,XVHGWR,ZHOFRPHGWKLV:KDWWKHUHZDVWRVHHZDVQRWZKDW,ZDQWHGWRVHH,NLFNHG
    LWEDFNKDUGDQGMRJJHGRQWKHVDPHVSRWLQIURQWRIWKHJRDO6WHSKHQWUDPSOHGZKDWKHVDZWRDVWRSDQG
    ORRNHGURXQGKLP+HZDOW]HGZLWKLW+HMLYHGLWWKLVZD\+HWZLVWHGLWWKDWZD\0RYLQJIRUZDUGDOOWKH
    WLPH+HVFRRSHGLWWDQJRHGLWURXQGDGL]]LHGDWWDFNHUDQGOLQHGXSIRUDVKRW7KHZKLVWOHVKULOOHG7KH
    JDPHZDVRYHU7KHLUJRDONHHSHUZUXQJWKHWLSVRIKLVILQJHUVZKLFKKDGEHHQVLQJHGE\6WHSKHQ
    VVKRW
    )URPDOOVLGHVWKHVFKRROSRXUHGRQWRWKHILHOGVKRXWLQJDQGFKHHULQJDQGURDULQJDQGWKXPSLQJ
    VKRXOGHUV$VWKHKRWZDWHUKLVVHGRYHUPHDQGWKHVWHDPSOXQJHGDOODURXQGWKHQDNHGDQGKDOIQDNHG
    ILJXUHVLQWKHURRP,ZRQGHUHGDERXW0DULHZKRFRXOGQRWVHHWKLV


    7KLV"

    %XW6WHSKHQKDGORVWLQWHUHVW+LVH\HVZHUHVRUWRIJOD]HGRYHU7KDWPHDQWKHZDVWKLQNLQJ3UREDEO\
    DERXWWUDFWRUV2U+LWWLWHV

    ,ILQLVKHGP\KRPHZRUNDQGVRXJKWRXW0DULH6KHZDVDORQHLQWKHVLWWLQJURRPSOD\LQJWKHXNHOHOH,
    VWRRGLQWKHGRRUZD\/LVWHQLQJ6KHKDGRQDQDQNOHOHQJWKURXJKFRWWRQGUHVVWKDWORRNHGOLNHDSRQFKR
    1RZDQGWKHQVKHVDQJRUUDWKHUZKLVSHUHGVQDWFKHVRIDVRQJ,KDGRQFHKHDUGKHUVLQJ,FRXOGQHYHU
    TXLWHFDWFKWKHZRUGVEXWRQKHUOLSVZKDWHYHUWKRVHZRUGVZHUHKDGEHHQWUDQVIRUPHGLQWRDQLQQHU
    WRUPHQWWKDWWUHPEOHGVRIWO\DJDLQVWWKHORQJFXUWDLQVDQGPDGHPHZDQWWRZLWKGUDZ%XW,GLGQRW,
    VWD\HGDQGOLVWHQHGDQGVKHZDVVLQJLQJVXGGHQO\RIDZRUOGZKLFKZDVQRWWKHUHEXWRIZKLFK,KDGKDG
    WKHZLOGHVWLQWLPDWLRQV,UHDOL]HGWKDW,ZDVOLVWHQLQJWRWKHLQVLGHRIP\RZQPDGQHVV,WPDGHPHVWHS
    LQWRWKHURRP$WRQFHVKHVWRSSHGVLQJLQJEXWKHUILQJHUVVWLOOWLQNOHGRXWUHVWOHVVQRWHVIURPWKHXNHOHOH
    $WODVWVKHVWRSSHGHYHQWKDW+HUKHDGZDVDQJOHGDVLIVKHH[SHFWHGDEORZ6XGGHQO\LWZDVDOO
    IRROLVKQHVV,WPDGHP\YRLFHKDUVK


    ,W
    VFROGLQKHUH

    6KHDUFKHGKHUVKRXOGHUVDQGQRGGHG+HUKDQGVOD\XVHOHVVO\LQ

    >3DJH@

    KHUODS+HUKHDGVWLOOKXQJDVWKRXJKIURPDQRRVH,NQHOWEHIRUHWKHILUHSODFH,VFRRSHGWKHPRXQGVRI
    DVKLQWRWKHSDQ,VHWWKHVPDOOFKRSSHGXSORJVZLWKSLHFHVRIWRUQSODQNVDQGUROOHGXSQHZVSDSHUV
    :KHQWKHIODPHVEXVLO\VSUHDGDQGWKHZRRGZDVZHOOOLW,JHQWO\EHJDQWRDGGWKHURXJKSLHFHVRIFRDO
    6KHKDGQRWVDLGDVLQJOHZRUG

    ,KDGVKXWRXWWKHYRLFHRIWKHWHDFKHUDQGWKHUXVWOHRISDJHVDQGWKHVFUDSLQJRIWKHQRWHWDNLQJSHQV
    7KHSULVRQHUVZHUHRQFHDJDLQRQWKHODZQFRPELQJLWIRULQYLVLEOHZHHGV7KH\ZHUHDOOFDUHIXOO\
    FURXFKHGRYHUWKHLUKDQGVIOLFNHULQJEXVLO\DQGHDUQHVWO\7KHDUPHGJXDUGZDVIOH[LQJKLVZKLSDQG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    VWULNLQJWHUULI\LQJDWWLWXGHV+LVGDUNJODVVHVJOHDPHGOLNHWKHVLQLVWHUHPEOHPVRIDSRZHUIXOZRUOG:KDW
    GLGLWPHDQWKDWWKLVZDVP\KRPHWRZQP\FRXQWU\P\FRQWLQHQWP\SODQHWP\XQLYHUVH",WFRXOG
    PHDQHYHU\WKLQJ,WFRXOGPHDQQRWKLQJ,ZDVLQLW,ZDVLW7KLVLUUHSUHVVLEOHKHDWRIDOLYLQJWKLQJ
    JURZLQJMXVWDVWKHZHHGVJUHZ$WUXFNORDGRIVROGLHUVURDUHGSDVW$OOWKHLULQWHQWLRQVZHUHOHIWKDQJLQJ
    OLNHGXVWRYHUWKHDVSKDOWORQJDIWHUWKH\KDGJRQH7KH\ZHUHWKHUHLQWKHFODVVURRPZLWKXVPDUVKDOOLQJ
    IDFWVFDWHJRUL]LQJUHFLWLQJDQGDEVRUELQJWKHNQRZOHGJHKDQGHGGRZQWKURXJKWKHDJHV$OOWKHVH
    PHDQLQJVWKDWKDGDKDUGDQGXQ\LHOGLQJIDFH+RZGLGRQHHVFDSH",QDUDLQRIEXOOHWV"2UVHHLQJUHG
    HYHU\ZKHUHXQWLOWKHVWUDLWMDFNHWFDPH"

    0DULHKDGQRWVDLGDVLQJOHZRUG:RUGVQRWVDLGZHUHHQFORVLQJPHLQWKHLUFDOFLXPVNHOHWRQ,WZDVD
    JRRGILUHEXUQLQJP\UHDVRQ6WHSKHQSRNHGKLVKHDGURXQGWKHGRRUDQGEHFNRQHGWRPH:HZHQWWRKLV
    URRP8QWLOP\DXQWFDOOHGXVGRZQZHSRUHGRYHUPDQXDOVDERXWJXQVDQGH[SORVLYHV,FRXOGKHDU
    0DULHVLQJLQJDQGSOD\LQJWKHXNHOHOH,FRXOGKHDUP\DXQWEDQJLQJDERXWLQWKHNLWFKHQ,FRXOGKHDUWKH
    EXLOGXSRIWUXFNVRXWVLGHDQGWKHGHHSWKURDW\UXPEOHRIWKHDUPRXUHGFDUVDVWKH\SLFNHGWKHLUZD\
    WKURXJKWKHFRQJHVWHGVWUHHWV)URPKLVZLQGRZ6WHSKHQSRLQWHGRXWDOOWKHGLIIHUHQWPLOLWDU\XQLIRUPV
    DQGYHKLFOHVDQGDV,OLVWHQHGWRKLVUXQQLQJFRPPHQWDU\,VDZWXUQLQJLQWRRXUVWUHHWGHUHOLFWWUXFNVWKDW
    ZHUHIXOORIFRUSVHVSLOHGRQWRSRIHDFKRWKHU$QG0DULH
    VVRQJUDQJRXWWKLQDQGFOHDUDERYHWKHPXWHG
    PHWDOOLFQRWHVRIWKHXNHOHOH$IWHUGLQQHUP\DXQWZHQWRXWDQG6WHSKHQZHQWEDFNWRKLVPDQXDOV,
    ZDVDORQHZLWK0DULHDJDLQDQGWKHILUHZDV

    >3DJH@

    ORZVFDUFHO\JORZLQJ7KHUHZDVDVWUDQJHTXLFNQHVVLQKHUIDFH6KHVDLG


    ,FDQVPHOOGHDGWKLQJV

    ,WZDVWKHGHDGLQWKHWUXFNVRXWLQWKHVWUHHWV%XW,ZDVSOHDVHGEHFDXVHIRUWKHILUVWWLPHVKHKDGEHHQ
    WKHILUVWWRVSHDN

    >3DJH@

    7KUHH

    ,FRXOGRQO\QRWHKRZKHDY\P\H\HOLGVJUHZ$QLJKWPDUHLQORZNH\7KDWZDVKRZWKHGD\VXQIROGHG
    VORZO\EXWVXUHO\ZLWKDVWHDG\EULJKWOLJKWEHKLQGWKHLUVNLQ,GUDQNLWLQRQHJXOS7KHEXUGHQRQP\
    H\HOLGVOLIWHG7KHFKDLUZDVLURQWKHFRQYHUVDWLRQGHDG0DULHORRNHGVFDUHGDQGEUDYHVKHZDVKHUH
    ULJKWKHUHLQWKHSUHVHQWDQG\HWIDUDZD\$VLWZHUHDGLVWDQWSUHVHQW7KHGHDGWKLQJWKDWKDGEHHQERUQ
    RXWRIKHUKHUEDE\KDGORQJVLQFHEHHQLQFLQHUDWHG/LNHWLPH

    ,QWKHFHOODULQ+LJK6WUHHWVKHJULSSHGP\WKRXJKWVDQGGUDJJHGPHRQWRWKHGDQFHIORRUZKHUHZHFRXOG
    QRWWLUHRXUVHOYHVWKDWQLJKWRUHYHU\RWKHUQLJKW,IGDQFHGWRWKHELWWHUFRUHKRZHQGOHVVWKLVFRXOGEH
    WKLVJULHYLQJWKLVIRUJHWWLQJ7KHPXVLFZDVKXVKHGIXOORIWKHGU\ZDVKRIPHWDOOLFEUXVKHVWKLQDQG
    EULWWOHLQWHUUXSWLRQVRIF\PEDOV,WDWRPL]HGWKHHPRWLRQVDQGUHDUUDQJHGWKHPLQVWUDQJHKDXQWLQJ
    SDWWHUQV7KHQHZ0DULHZDVDFRPSOHWHVWUDQJHUDUUDQJLQJDQGUHDUUDQJLQJKHUVHOIDURXQGPH'D\DIWHU
    GD\1RZ,DPWU\LQJWRDUUDQJHKHUIRU\RX

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    6WHSKHQKDGWXUQHGVROHPQDQGDEUXSWO\ROG(DFKGD\IRUKLPZDVDQH[SHULPHQWLQG\LQJ$WFROOHJHKH
    KDGEXUQWDVLWZHUHLQDFUXFLEOHWKHVRIWRXWHUFRYHULQJRIKLVKHDUW&ROGO\DQGGHOLEHUDWHO\1RZWKHUH
    KHZDVDVWUHDNRIJUH\IURPWKHFURZQWRWKHEDFNRIWKHQHFNZHDULQJGHHSEOXHDQGVSUHDGLQJKLPVHOI
    RYHU3DWULFLD$JJUHVVLYHO\RR]LQJVH[$VKHDOZD\VGLGDIWHUKLVPRQWKO\YLVLWWRP\DXQW
    VJUDYH,KDG
    JRQHZLWKKLPRQFH+HKDGVDWRQKHUWRPEVWRQHDQGDIWHUVLOHQWO\JD]LQJDWWKHHQGOHVVVWUHDPRIFDUV
    URDULQJSDVWKHKDGOLWKLVSLSHDQGVDLG

    >3DJH@


    6KHZDVDJRRGZRPDQ

    ,GLGQRWFRQWUDGLFWKLP7KHUHZHUHDORWRIWKLQJV,FRXOGKDYHVDLG$ERXWKHUDQGKLPDQGWKH
    QLJKWJRZQ$ERXWKHUDQGKLPDQGWKHJODVVSDSHUZHLJKW$ERXWKHUDQGKLPDQGWKHILJKWV%XWZKDW
    ZDVWKHXVH+HKDGNQRZQKHU%XWLQDZD\XWWHUO\GLIIHUHQWIURPKRZ,KDGNQRZQKHU+HKDGNQRZQ
    KHU$QG,ZDVVWLOOREYLRXVO\LQWKLVZRUOG$VKHZDVQRW0DULHKDGVHHQQRWKLQJEXWXQGHUVWRRG,VDLG


    ,XQGHUVWDQG

    %XWKHVWUDLJKWHQHGXSDQGNQRFNHGKLVSLSHRXWRQWKHWRPEVWRQHDQGVDLG


    'LG\RX"

    3DWULFLDGURYHXVEDFNKLVKDQGXQGHUQHDWKKHUVNLUWV,FRXOGVHHZKDWKHVDZLQKHU$QGHYHU\PDQ
    ZLWKLQJURSLQJGLVWDQFHFRXOGVHHLWWRR,OLNHGKHUIRUWKHVKHHUDQLPDOLW\DQGWKHUXWKOHVVO\
    VWUDLJKWIRUZDUGZD\LQZKLFKVKHGHDOWZLWKHYHU\WKLQJ%XWLWZDVDVWUDLJKWIRUZDUGQHVVWKDWZDVRII
    VLGHREOLTXH6KHVHHPHGWREHDOOWKDW0DULHZDVQRW%XWWKH\ZHUHOLNHDPDWFKVWLFNDQGDPDWFKER[
    WRVFUDWFKWKHPDJDLQVWHDFKRWKHUDOZD\VZRUNHG([FHSWRQFHUWDLQRFFDVLRQV


    'LG\RX"

    ,KHVLWDWHG


    $QVZHUPH'LG\RX"

    ,VDLG
    <HV

    6KHYLVLEO\VKUXQN


    <RXPHDQ

    ,WRRNDVWHSIRUZDUG0DULHVWHSSHGEDFN2XWRIUHDFK


    <RXDFWXDOO\


    7KHUHZHUHQRIHHOLQJVLQYROYHG0DULH6KHZDVWKHUHDQGGRLQJWKLQJVWRPH2QO\DIWHUZDUGVGLG,
    WKLQN


    7KLQNDERXWKHU"

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    1R$ERXW\RX

    0\KDQGVZHUHVWLOOVKDNLQJ,SRXUHGDELJGULQN6KHMXVWZDWFKHGPH7KRVHEOLQGH\HV


    <HV"


    $QGPH


    'LG\RXJHWWKHSDUVOH\"

    >3DJH@


    6KLW,IRUJRW


    $QG\RXPDGHGHFLVLRQV


    <HV0DULH7RFRPHEDFN


    7RZKDW"0H"


    <RX


    6WHSKHQNQRZV


    <HV+HZDVWKHUH

    ,SDXVHG0\VPDOOOHIWWRHKXUW,VDLG


    <RXZHUHWKHUHWRR0DULH


    <RXGRQ
    WKDYHWRUHPLQGPH

    ,FRXOGVWLOOKHDUWKHEDWWOHILHOGQRLVHVRIWKHSDUW\,WKDGEHHQFUXHO


    <RXDQG6WHSKHQ


    7KDW
    VGLIIHUHQW+H
    VP\EURWKHU


    %XW


    ,GRQ
    WZDQWWRKHDULW

    7KHVFUHDPKXQJRYHURXUGLQQHUOLNHDQD[HRYHUIUR]HQLFH


    7KHVDOW
    VKHVDLG
    7KHVDOWSOHDVH

    ,SDVVHGWKHVDOW

    :KDWDQQLYHUVDU\ZDVLW"7KHXNHOHOHVWRRGRQWKHPDKRJDQ\GHVNDWWKHIDUHQGRIWKHURRPZKHUH,
    ZRUNHGZKHQ,ZDVKRPH)UHVKFXWURVHVRIIHUHGWKHLUVLQJXODUIUDJUDQFHWRWKHKHDWRIWKHKRXU

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    :HDWHLQVLOHQFH

    6KHZLSHGKHUPRXWKZLWKWKHFRUQHURIKHUQDSNLQ'HFLVLYHO\,WULHGWRIRUHVWDOOKHU


    /RRN0DULH


    <RXIRUJHW,
    PEOLQG%HVLGHVWKHUHLVQRZKHUHWRORRN

    1RZP\ZKROHERG\DFKHG,WKDGWREHGRQH

    ,VWRRGXS


    <RX
    UHQRWDFKLOGDQ\PRUH0DULH

    7KHWDEOHDQGWKHGLQQHUWKLQJVFUDVKHGRQWRWKHIORRU,FUXVKHGKHUWRPH6KHVKRXWHG


    <RXFDQ
    WPDNHPHQRWJRWRKLP<RXFDQ
    W

    ,WZDVDVLOHQWYLFLRXVVWUXJJOH$IWHUZDUGV,FRXOGQRWEHOLHYHLW

    :KHQ6WHSKHQDUULYHGZHZHUHGRZQWRWKHODVWERWWOHGDQFLQJVORZO\URXQGWKHURRPLQSLQNSDSHU
    KDWV+HORRNHGDWKHU,VKRRNP\KHDG

    >3DJH@


    6KH
    VQRWFRPLQJWKLVWLPH6WHYH


    :KRVD\V"


    ,VD\VEURWKHU6WHSKHQ
    0DULHVDLG

    7KHVLOHQFHVODPPHGWKHGRRUDIWHUKHKDGUDYHQRXVO\OHIW7KHH[SORVLRQRIKLVFDUVKRRWLQJDZD\
    UHPLQGHGPHRIWKHJUHDWELJERRNDQGP\XQFOHHWHUQDOO\DWWHPSWLQJWRUHDGPHWRVOHHS


    :K\WKLVWLPH"


    :KDW"


    <RXQHYHUIRXJKWPHEHIRUH


    ,QHYHUZDQWWRDJDLQ

    7KHUHZHUHKLVVHVLQWKHNLWFKHQ,WZDVWKHFRIIHHERLOLQJRYHU

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    )RXU

    )URPWKHEHGURRP,FRXOGKHDUWKHULRWVWLOOJRLQJRQ6SRUDGLFJXQILUHVKDWWHUHGWKHXQHDV\QLJKW,ZDV
    WLUHG0DULH
    VEXQFKHGXSERG\IHOWSLWLIXOO\PRUWDO*HQWO\,JRWLQEHVLGHKHUDQGOLWDFLJDUHWWHDQGSXW
    RXWWKHOLJKW,KDGGXPSHGWKHFDPHUDRQP\GHVNLQWKHGLQLQJURRP7KH\ZHUHJRLQJWREHP\EHVW
    ZRUNWKRVHSLFWXUHV,FRXOGIHHOLW,ZDVWLUHGGHDGWLUHG,KDGEHHQXSVLQFHWKHHDUO\KRXUVRIWKH
    PRUQLQJZKHQWKHILUVWERPEZHQWRII,WKDGEHHQIROORZHGE\DVHULHVRIH[SORVLRQVLQGLIIHUHQWSDUWVRI
    WKHWRZQ$OORIDVXGGHQDVFUHDPLQJKXQJU\KRUGHZDVSRXULQJWKURXJKWKHVWUHHWVVPDVKLQJZLQGRZV
    DQGORRWLQJDQGDWWDFNLQJDQ\VLJQRIDXWKRULW\ZKHWKHUKXPDQRULQDQLPDWH,WZDVWKHEORZWKHZKROH
    WRZQKDGWHQVHGXSIRUORQJDJR,KDGUXVKHGRXWEHHQVZHSWDORQJZLWKWKHUXVKRIVWDPSHGLQJERGLHV
    DQGKDGZLWKWKHPGRGJHGWKHVROGLHUV
    EXOOHWVHVFDSLQJXQKXUWPRUHE\VKHHUOXFNWKDQIHURFLRXV
    FXQQLQJ,KDGWDNHQDORWRISLFWXUHV7KHNLQG,KDGDOZD\VZDQWHGWRWDNHDQGQRWMXVWIRUSD\LQJWKH
    UHQW7KHVHZHUHJRRG,NQHZLW,ZRXOGVHQGWKHPWR3UHFLVLRQDZHHNO\HGLWHGE\DIULHQGRI6WHSKHQ
    ,KDGGRQHVRPHZRUNIRUWKHPEHIRUHEXWWKLVZDVJRLQJWREORZWKHLUPLQGV,VWXEEHGRXWWKHFLJDUHWWH

    0DULHZDVVWLOODVOHHSZKHQ,ZRNHXS7KHGLPOLJKWRIHDUO\PRUQLQJZDVVSUHDGLQJDFURVVWKHVN\,
    VHQVHGLWWKHPRPHQW,VWHSSHGRXWDQGFORVHGWKHIURQWGRRU7KHPHQDFH,GURYHFDUHIXOO\VORZO\7KHUH
    ZHUHERGLHVRQWKHSDYHPHQWDQGRQWKHURDGV6RPHWLPHV,KDGWRJHWRXWDQGGUDJWKHPRIIWKHURDG
    2QHRIWKHPZDV1LFN3DWULFLD
    VEURWKHU+HKDGEHHQDQLQWHQVHDQGHDUQHVW\RXQJPDQZKRWRRN
    HYHU\WKLQJVHULRXVO\7KDWZDVDPLVWDNH%XW,

    >3DJH@

    OLNHGKLP:HKDGORQJDQGSRQGHURXVFRQYHUVDWLRQVDERXWHYHU\WKLQJXQGHUWKHVXQ+HZDVYHU\IRQGRI
    3DWULFLDZKRKRZHYHUGHVSLVHGKLPIRUVRPHREVFXUHDQGQHYHULGHQWLILHGSDVVLRQ:KHQ,SDUNHGWKHFDU
    DQGUDQJWKHEHOOLWZDV3DWULFLDKHUVHOIZKRDQVZHUHG+HUH\HVZHUHDVGU\DVGLDPRQGVZKHQ,WROGKHU
    6WHSKHQFDPHLQEXWWRQLQJKLVIOLHVDQGFKHZLQJKLVZRUGVFDUHIXOO\,WZRXOGEHGDQJHURXVWRKDYHD
    VXEYHUVLYHFRUSVHWKDWZDVUHODWHGWRRQH%HVWWROHDYH1LFNZKHUHKHZDV0D\EHKHZRXOGQHYHUEH
    LGHQWLILHG$IWHUDOOKHZDVDOZD\VPLVVLQJJRLQJDZD\ZLWKRXWDZRUGIRUPRQWKVRQHQG3DWULFLD
    DJUHHG,ZRQGHUVRPHWLPHVZKHWKHU1LFNLVVWLOOO\LQJWKHUHLQWKHJXWWHUE\WKHSKRQHERRWKLQ7KLUG
    $YHQXHDVVHULRXVDVHYHU\WKLQJZDVWRKLP,OLNHWRWKLQNWKDWKHLVVWLOOWKHUHGHDGEXWWKHUHDVLIKH
    ZDVDOLQHIURPKLVRZQSRHWU\$SDUDJUDSKIURPKLVRZQVKULHNLQJSDPSKOHWV$KROORZO\ULQJLQJ
    VRXQGIURPWKHFU\SWRIKLVRZQILFWLRQV6WHSKHQSKRQHGODWHUWRVD\3UHFLVLRQZRXOGGHYRWHWKHZKROH
    RIWKDWZHHN
    VHGLWLRQWRWKHVQDUOLQJHYHQWRIWKHULRWDQGWKDWP\SLFWXUHVZHUH
    VWXQQLQJ
    ,FDVKHGWKH
    FKHTXHDQGERXJKW0DULHDEUDLOOHW\SHZULWHU7KHMDLOVZHUHIXOO7KHUHZHUHH[HFXWLRQV1LFNZDVQHYHU
    LGHQWLILHGDQGZDVEXULHGDVDQXQNQRZQ$VKHKDGRQFHMRNLQJO\GHVFULEHGKLPVHOIWRPH,WZDVHDV\WR
    JULHYHIRUKLPZLWKRXWDFWXDOO\WKLQNLQJDERXWKLP-XVWDVLWZDVHDV\WRGLYRUFHRQH
    VIHHOLQJVIURPWKH
    REMHFWRIWKHLUDWWHQWLRQ6WHSKHQFDOOHGWKLV
    WKHEDVLFH[SHULPHQW
    

    ,FORVHGWKHKXJHGRRUVEHKLQGPHDQGZDONHGVRIWO\WRZDUGVWKHDOWDU,ZDVLQWKHRSLXPRIWKHSHRSOH
    7KHKXJHFURVVGDQJOHGIURPFKDLQVIL[HGWRWKHURRI,VWRRGORRNLQJDWWKHFUXFLILHG&KULVW+HORRNHG
    OLNH+HQHHGHGDVWLIIGULQN+HORRNHGDVLI+HKDGMXVWKDGDZRPDQIURPEHKLQG+HORRNHGOLNH+H
    KDGQRWEHHQWRWKHWRLOHWIRUWZRWKRXVDQG\HDUV+HORRNHGOLNH,IHOW7KDWZDVWKHFRQQHFWLRQ7KDWZDV
    ZKDWPDGH+LPELJWKLVPLUURULQJTXDOLW\WKDWPDGH\RXUULJKWKDQGDOHIWKDQGDQG\RXUVLQVWKHSDWK
    RXWRIWKHPVHOYHV+HKXQJWKHUHOLNHRQHLQGLUHQHHGRIDFLJDUHWWH1RWMXVWSDVVLYHEXWDOLYHO\VROLNH
    DSLFWXUHRXWRIDPHQ
    VPDJD]LQHH[SOLFLWO\VKRZLQJDOO+LVZRXQGVDQGRULILFHVZLWKDQDLURIVSLULWHG
    LQYLWDWLRQ,QWKHVHWHUPV1LFNKDGGHVFULEHG+LPWRPHGHVFULEHG+LPDVRQHGHVFULEHVDWKRUQLQRQH
    V
    IOHVKRUWKHVSUHDGLQJGLVHDVHEHWZHHQRQH
    VWKLJKV

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    >3DJH@

    ,WZDVVRTXLHWLQWKHUH,FRXOGKHDUP\WKRXJKWVDUUDQJLQJWKHPVHOYHVDOORYHU+LVERG\:K\KDG,
    FRPH",DOZD\VFDPHWRZDWFK+LPZKHQHYHUWKHVRXOOHVVQHVVZDVWRRPXFKIRUPH,WDOZD\VHQGHG
    ZLWKWKHVDPHKXPLOLDWHGULGLFXORXVQHVVRIEHFRPLQJDZDUHWKDW,ZDVVWDULQJDWDPDQPDGHVWDWXH
    H[SHFWLQJDPLUDFOHWRWDNHSODFH,KDGRQFHEURXJKW0DULHKHUHEXWVKHKDGWDNHQRQO\DIHZVWHSV
    WRZDUGVWKHDOWDUZKHQVKHVKLYHUHGYLROHQWO\DQGYRPLWHG$IWHUZDUGVZKHQVKHDVNHGZKDWNLQGRI
    SODFHLWZDV,KDGWDNHQKHULQWR,FRXOGQRWSURQRXQFHWKHZRUG
    FKXUFK
    VR,VDLG


    6RPHNLQGRIKDOO


    :KDWJRHVRQLQWKHUH"


    6LQJLQJDQGSUDLVLQJ

    +HUIDFHFKDQJHG6KHVDLGZRQGHULQJO\


    ,XVHGWRVLQJUHPHPEHU"

    ,UHPHPEHUHG,UHPHPEHUHGWRRWKHGD\DQGKRXUVKHKDGVWRSSHGVLQJLQJWKHGD\VKHKDGVSRNHQWRPH
    ZLWKRXWZDLWLQJWREHVSRNHQWR0\DXQWKDGIRXQGXVDQGUDLVHGKHOO


    <RXVDQJEHDXWLIXOO\0DULH<RXVKRXOGVLQJDJDLQ)RUPH,ZDQW\RXWRYHU\PXFK,KDYHZDQWHG\RX
    WRGRVRDOOWKHVH\HDUV

    ,UHDOL]HGVXGGHQO\WKDW,GLGQRWZDQWKHUWRVLQJQRWHYHU7KDWVLOYHUVWULQJKDGORQJVLQFHEHHQEURNHQ
    %HVLGHVKHUYRLFHKDGFKDQJHGIRUWKHZRUVH7KHUHZHUHRQO\WKHPHPRULHVRIWKDWGUHDGIXOWKDWVZHHW
    KRXVH:KHQKDGWKHUDLQVWRSSHG"7KDWZDVZKHQ6WHSKHQKDGEHJXQWRJRWRKHUURRPDQGVKHWRJRWR
    KLVURRP,KDGQRWXQGHUVWRRGXQWLOWKHLQFLGHQWRIWKHXQGHUSDQWV$IWHUWKDWLWGLGQRWUDLQ,KDGVOXQN
    DERXWXQGHUWKHVNLUWVRIWKHVN\VHHLQJLQGHFHQFLHVHYHU\ZKHUH

    ,ORRNHGXSDW+LPZKRKXQJIURPWKHURRIDQGZRQGHUHG,ZDQWHGYHU\PXFKWREHOLHYHEXWEHFDXVH,
    ZDQWHGWR,FRXOGQRW,FRXOGQHYHUEHOLHYHLQP\RZQZDQWV,WKDGWREHDPLUDFOHVRPHWKLQJWRWDOO\
    IURPWKHRXWVLGHRIP\VHOI%XWZLWKPLUDFOHVWKDWZDVLPSRVVLEOH,WZDVIURPWKHRWKHUVLGHZKLFKZDV
    LPSRVVLEOHIRUPH7KHYHU\FORWKHVRQP\EDFNZHUHPDGHRXWRIXVHOHVVGHDWKVZDVWHGOLYHV
    XQEHOLHYLQJO\7RUHIXWHWLPHVRIXOO\WKDW,FRXOGGDQJOHIURPZKLWHKRWFKDLQVIL[HGWRWKHVN\ZDVZKDW
    DOZD\VVWDUHGPHLQWKHH\H7RHDWDQGWRGULQNWKDWSUHFLRXVPRPHQWRIUHIXWDWLRQ7RSURORQJLWZLWK
    SUDLVHVDQGVRQJV7RZKLSLWVEDFN7RNLFNLWLQWKHWHHWK7RFKHULVKDJDLQDQGDJDLQWKHELWWHU
    UHFRQFLOLDWLRQV

    >3DJH@

    7KHDYLGHPEUDFHRILW7RSKRWRJUDSKLWDQGOLNHDFRXJKIURPRQHXQVHHQSDVVLQJE\OLVWHQORQJDQG
    ORQJLQJO\7RGULYHLWRYHUDFOLII7RNLVVLW%XWWKLVQDUFLVVLVP7KLVSXQJHQWDXGLEOHYHOYHWJORULILFDWLRQ
    ZDVQRPRUHWKDQDFKLOGLVKUHVRUWWRGHVSHUDWHYLVLRQ6HHNLQJRXWLQUHSHDWHGFRQWHPSODWLRQWKH
    LPSRVVLEOHDUFDGLDRIDKXPDQHDQGYLVLEOHZRUOG7RKDYHEHHQRXWRILWIRUVRORQJDQGWRRQO\VHHLWLQ
    GUHDPVWKDWFRPHEODFNHQLQJDWWKHHGJHVWKLVZDVKHOO7KHHQWLFLQJLPSRVVLELOLW\ZDVLWVHOIWKHVKDUS
    DQGMDJJHGEODGHWKDWOLNHWLPHSURGGHGP\EDFNDQG,WRRNZLWKHDFKGD\WKHIDWHIXOVWHSWRZDUGVWKHSLW
    6XFKVXFKLVWKHQHFHVVDU\PHORGUDPDXQWLOIURPZLWKLQWKHZRUOGEXUVWVRXW
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    7KHUHZDVDVKDUSFUDFN:LWKDFU\,VWHSSHGEDFN7KHKHDY\FURVVFUDVKHGDOPRVWDWP\IHHWWKHIO\LQJ
    FKDLQQLFNLQJP\FKHHN7KHEURNHQWKLQJVPRNHGZLWKSODVWHUDQGGXVW,VWDUHG

    >3DJH@

    )LYH

    ,VWRRGDWWKHZLQGRZLQ3URIHVVRU:HEE
    VRIILFHWDNLQJSLFWXUHVRIWKHVWXGHQWV
    GHPRQVWUDWLRQ7KHUH
    ZHUHDERXWILYHKXQGUHGRIWKHP7KH\KDGVXUURXQGHGWKH$GPLQLVWUDWLRQEXLOGLQJ7KH\ZHUHGHDGO\
    TXLHW<RXFRXOGOLWHUDOO\KDYHKHDUGDSLQGURS%HKLQGWKHPRQDOOVLGHVZHUHWKHVROGLHUV$QGEHKLQG
    WKHVROGLHUVZHUHVSHFWDWRUVZKREHIRUHWKHGD\ZDVRYHUZRXOGUHJUHWHYHUKDYLQJFRPHRXWWRZDWFK
    7KHVROGLHUVZHUHLQDQDVW\PRRG7KH\ZDQWHGWRWHDFKDOPRVWHYHU\RQHD
    OHVVRQ
    ,FRXOGVHH:HEE
    UHPRQVWUDWLQJZLWKRQHRIWKHLURIILFHUV$PRPHQWODWHU,ZDVUHFRUGLQJHYHU\WKLQJWKHRIILFHUVWUXFN
    :HEEGRZQDQGWUDPSOHGKLPXQGHUIRRW:HEEJUDEEHGKLVIRRWDQGEURXJKWKLPGRZQ6RPHVROGLHUV
    VWHSSHGIRUZDUGEXWWKHRIILFHUVKRXWHGVRPHWKLQJ7KHQH[WPRPHQWWKH\ZHUHILJKWLQJHDUQHVWO\
    LQWHQWO\:HEEZDVSUDFWLFDOO\DQROGPDQEXWKHIRXJKWOLNHRQHSRVVHVVHG7ZLFHWKHRIILFHUIHOO7KHUH
    ZDVEORRGRQERWKPHQ
    VIDFHV%XWVRRQ:HEEWLUHG7KHRIILFHUKLWKLPDJDLQDQGDJDLQ:HEEIHOODQG
    OD\VWLOO7KHVROGLHUVPHDQZKLOHZHUHJULPO\SUHVVLQJWKHVWXGHQWVDJDLQVWWKHVLGHVRIWKHEXLOGLQJ7KH
    GRJKDQGOHUVVHHPHGDERXWUHDG\WROHWORRVHWKHLUFKDUJHV2QHVWXGHQWKXUOHGDURFNDWWKHZLGH
    ZLQGRZVRIWKHEXLOGLQJ$VLWVPDVKHGWKURXJKVKRZHUVRIVWRQHVVKDWWHUHGLQWRWKHEXLOGLQJ7KH
    VROGLHUVVWUXFN,VDZ:HEEVWUXJJOLQJWRJHWXSDQGORRNLQJDURXQGZLOGO\+LVVSHFWDFOHVZHUHSUREDEO\
    VPDVKHG5LIOHEXWWVZHUHEHLQJXVHGDVFOXEV7KHGRJVZHUHELWLQJWKHLUZD\WKURXJK$VKRWUDQJRXW
    $WKLQK\VWHULFDOFU\VKULHNHG


    7KH\
    YHVKRW/HVOLH7KH\
    YHVKRW/HVOLH

    >3DJH@

    (YHU\ZKHUHWKHEDWWOHIRUDQLQVWDQWSDXVHG7KHQUDJH\HOOVDVHULHVRIVKRWVXQEHOLHYLQJVFUHDPV
    7KURXJKWKHFDPHUDOHQVWKHZKROHWKLQJZULWKHGOLNHDMDFNDOELWLQJWKURXJKLWVRZQWUDSSHGOHJ

    ,KDGWKHFDPHUDRQP\ULJKWVKRXOGHU,IHOWDEVROXWHO\QRWKLQJ,KDGDFWXDOO\EHFRPHWKHFDPHUDLWVHOI
    VKRRWLQJWKHKXPDQVSHFWDFOHEHIRUHPH,VDZDVWXGHQWEUHDNRXWRIWKHOLYLGPHVVDQGUXQWRZDUGVWKH
    QRZIOHHLQJVSHFWDWRUV$VROGLHUMXPSHGIURPEHKLQGDSDUNHGDUPRXUHGFDUDQGDLPHGDQXJO\ORRNLQJ
    JXQDWKHU$QDUURZRIIODPHVKRWLQWRWKHVWXGHQW
    VEDFN,QDQLQVWDQWVKHZDVDZDONLQJOLYLQJWRUFK
    7KHUHZHUHUXQQLQJILJXUHVHYHU\ZKHUH,VRODWHGILJKWV+HUHDQGWKHUHDEXQFKRIVWXGHQWVKDFNLQJGRZQ
    DWUDSSHGVROGLHU$QGWKHUDSLGVWDUEXUVWVRIJXQILUH:HEEKDGVFUDPEOHGWRKLVIHHW+HZDVZDYLQJD
    ELWRISDSHURYHUKLVKHDG$QGWKHQLQFUHGLEO\,VDZ0DULHKHUKDQGVZDYLQJZLOGO\DERYHKHUKHDG
    DQGKHUPRXWKRSHQWKRXJK,FRXOGQRWKHDUWKHVFUHDP,GRQRWNQRZKRZORQJLWWRRNWRUHJLVWHULQP\
    PLQGWKDW0DULHZDVRXWWKHUH7KHFDPHUDKDQJLQJGRZQIURPP\QHFNKLWPHDJDLQDQGDJDLQDV,
    MXPSHGGRZQWKHVWDLUVDQGUDQWKURXJKWKHFRUULGRU$FURZGRIIOHHLQJVSHFWDWRUVZDVVXUJLQJLQ
    WKURXJKWKHGRRU,GRQ
    WNQRZKRZ,GLGLWEXW,JRWWKURXJKLQWRWKHRSHQ7KHUHZDV:HEE7KHUHZDV
    0DULHZLWKKHUILVWVSUHVVHGDJDLQVWKHUHDUV$VQDUORIIDQJVELWDWP\KHHOV,NLFNHG0LVVHG7KHWKLQJ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    OXQJHGIRUP\WKURDW,WVSXQLQPLGDLUDQGOD\VWLOOWKHUHZDVDVPDOOKROHMXVWXQGHUQHDWKLWVOHIWH\H,
    UHDFKHG0DULH,KRLVWHGKHURQWRP\VKRXOGHUVDQGUDQEDFN7KLVWLPHWKUHHVROGLHUVEORFNHGP\ZD\,
    KRSHGWKHFDPHUDZRXOGWHOOLWVVWRU\,WGLGEXWWRRZHOO,ZDVUXQQLQJVWUDLJKWDWWKHP0DULHKHDY\RQ
    P\VKRXOGHUVDQG,IHOWQRWKLQJEXWDFROGDQGLQWHQWPXUGHURXVQHVV$WWKDWPRPHQW:HEEVWUXFNRQHRI
    WKHPZLWKDURFNIDWDOO\$VWKHRWKHUVWXUQHG,EOXQGHUHGWKURXJKZLWK0DULHVKULHNLQJDQGELWLQJP\
    EDFN7KRXJK,GLGQRWVHHLWWKDWZDVZKHQ:HEEZDVNLOOHGDVKHWKUHZURFNVDWWKHRWKHUWZR,SXWKHU
    GRZQ,VKRRNKHUPHUFLOHVVO\


    0DULH0DULH

    6ORZO\VKHFDPHRXWRIKHUGHOLULXP:HFRXOGQRWVWD\WKHUH0\FDUZDVLQWKHEDFNRIWKHEXLOGLQJLQ
    WKHXQGHUJURXQGJDUDJH(YHQDWWKDWPRPHQWRWKHUVZHUHWKURZLQJWKHPVHOYHVLQWRWKHEXLOGLQJDQG
    GHVSHUDWHO\ORRNLQJWKLVZD\DQGWKDWIRUDKLGLQJSODFHRUVRPHZD\WRJHWWKHKHOORIIWKDWFDPSXV

    >3DJH@


    ,
    PJRLQJWRWU\DQGILQGP\FDU0DULH,W
    VDOOULJKWEXWZH
    YHJRWWRJHWRXWRIWKLVSODFH

    7KHUHZDVDGDPSUHGSDWFKDWWKHEDFNRIKHUKHDG$WKLQWULFNOHRIEORRGRR]HGGRZQWKHFRUQHURIKHU
    OLSV,SLFNHGKHUXS6KHZDVQRWKHDY\QHYHUKDGEHHQ$QG,UDQ%XPSLQJLQWRRWKHUVZKRZHUHDOVR
    WU\LQJWRJHWDZD\6WXPEOLQJ1RZDQGDJDLQKDYLQJWRVORZGRZQDQGOLWHUDOO\FUDZOWKURXJKWKHP%XW
    ILQDOO\ZHPDGHLW,WZDVTXLHWDQGFROGEXWWKHUHOLHIRIDFWXDOO\JHWWLQJWKHUHZDVRYHUZKHOPLQJ,KDG
    EXQGOHGKHULQWRWKHFDUDQGZDVDERXWWRVODPP\RZQGRRUZKHQWKHUHFDPHWRZDUGVXVDUXQQLQJ
    FURXFKLQJILJXUHFOXWFKLQJDWDEORRGVRDNHGVKRXOGHU,UHFRJQL]HGKHURQHRI1LFN
    VIULHQGV,RSHQHG
    WKHUHDUGRRUDQGVKHIHOOLQDQGVODPPHGLWVKXW:HVKRWRXWRIWKHJDUDJH7KHWDOOFLUFXODUFRPSOH[RI
    PRGHUQDUFKLWHFWXUHZDVVRRQEHKLQGXV7KHUHZDVDURDGEORFNDKHDG,EUDNHG,WRRNRIIP\FRDWDQG
    WKUHZLWDWWKHJLUOLQWKHEDFN6KHSXWLWRQFRYHULQJKHUEORRGVRDNHGVKRXOGHU,VZXQJEDFNLQWRWKH
    URDGMRLQHGWKHORQJTXHXHRIFDUVDQGZDLWHGP\WXUQILQJHULQJ0DULHDVWKRXJKWKHUHZDVRQO\RQH
    WKLQJRQP\PLQG7KHSUHVVFDUGGLGLW:HZHUHWKURXJK,GURYHVWUDLJKWKRPH,ZDVPDGDW0DULH,
    ZDVJODGVKHZDVDOLYH,FRXOGQRWEHOLHYHLW$QGWKHJLUO6XVDQGHDG1LFN
    VJLUOVKHQHHGHGDGRFWRU,
    SKRQHG6WHSKHQWRWDNHFDUHRILW

    7KHGRFWRUZKRWXUQHGXSZDV6RUGLG-RHDGUXQNZKRKDGEHHQVWUXFNRIIWKHUHJLVWHU%XWKHZDVDOO
    ULJKW+HNQHZKLVMRE6RRQ6XVDQZDVIDVWDVOHHSLQWKHVSDUHEHGURRP0DULHRQO\QHHGHGDIHZ
    VWLWFKHVDWWKHEDFNRIKHUKHDG,SRXUHGP\VHOIDVWLIIGULQN0DULHVDLGVKHGLGQRWZDQWDQ\WKLQJ6KH
    VDWRQWKHIORRUKXPPLQJWRKHUVHOIDVWKRXJKQRWKLQJKDGKDSSHQHG,ZDQWHGKHUWRH[SODLQZKDWVKHKDG
    EHHQGRLQJDWWKDWWKLQJKRZVKHKDGJRWWKHUH,ORRNHGDWKHUIRUDYHU\ORQJWLPHDQGGHFLGHGWRNHHS
    P\PRXWKVKXW

    ,WRRNRXWP\ZDOOHWWRSD\6RUGLG-RHEXWKHVDLG


    1R$IHZGULQNVZLOOWDNHFDUHRIWKDW

    ,SRXUHGKLPDVWLIIRQH,I,NQHZ-RHDWDOOWKLVZDVJRLQJWREHDORQJWDONDWLYHVHVVLRQ:HKDGEHHQ
    WRJHWKHUDWFROOHJH+HZDVEULOOLDQW+DGKDGWKHZKROHIXWXUHEHIRUHKLP+HVHWXSSUDFWLFHLQWKHWRZQ
    DQGVRRQPDUULHG6KHZDVEHDXWLIXODQGVK\DQGDWHDFKHU
    VRQO\GDXJKWHU7KHUHZHUHQRFKLOGUHQ-RH
    GUDQNKLVZD\WKURXJK

    >3DJH@
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    VXUJHU\XQWLOKHFRXOGQRWKLGHLWDQ\PRUH$SDWLHQWGLHGXQGHUQHDWKKLVVFDOSHO7KHLQTXLU\IRXQG-RH
    FXOSDEOH,WZDVDFWXDOO\3UHFLVLRQZKLFKGHPDQGHGGDLO\WKDWWKHFXOSULWEHEURXJKWWRMXVWLFH,ZURWH
    WKHDUWLFOHVLOOXVWUDWLQJWKHPZLWKJULPO\UHDOLVWLFSKRWRJUDSKVRIFOLQLFVDQGRSHUDWLQJWKHDWUHV,
    GLVFRYHUHGWKDWVRPHRIWKHHYLGHQFHXVHGLQWKHLQTXLU\ZDVIDNHG7KHHGLWRUUHIXVHGWRSXEOLVKWKH
    IUHVKPDWHULDO,UHVLJQHG,KDQGHGRYHUWR-RH
    VFRXQVHODOOWKHWKLQJV,KDGIRXQGRXWEXWQRWEHIRUH-RH
    KLPVHOIKDGSHUVRQDOO\VRFNHGPHRQWKHMDZ$QRWKHULQTXLU\ZDVVHWXSDQGWKRXJKLWFOHDUHG-RHKH
    KDGE\WKLVWLPHDPDVVHGDVHULHVRIFRQYLFWLRQVIRUEHLQJGUXQNDQGGLVRUGHUO\GUXQNDQGLQFDSDEOH
    GUXQNDQGWKLVDQGWKDW,WVHHPHGZKDWHYHU-RHGLGKHZRXOGHQGXSLQFRXUWIRULW+LVZLIHIRUDWLPH
    VWXFNE\KLP%XWVKHVRRQFOHDUHGRXW.DWKHULQHWKDWZDVKHUQDPHDWDOOZHOOEXLOWZRPDQZLWKDQ
    H[WUHPHO\VHQVLWLYHIDFHDQGDVWURQJVHQVHRIOR\DOW\1RRQHEODPHGKHUZKHQVKHOHIWKLP6RUGLG-RH
    VHHPHGWREHDJJUHVVLYHO\VHWWLQJRXWRQDFRXUVHRIVHOIGHVWUXFWLRQ+HNHSWKLPVHOILQGULQNVE\GRLQJ
    EDFNGRRUDERUWLRQVDQGXVLQJRWKHULOOLFLWFXUHVZKHQWKHVHZHUHQRWIRUWKFRPLQJKHWRRNRXWKLVJXLWDU
    DQGVDQJLQWKHVWUHHWVZLWKKLVKDWDWKLVVLGHRQWKHSDYHPHQW

    (YHQDV,ORRNHGDWKLPGRZQLQJKLVGULQNLQRQHJXOS,HQYLHGKLP(QYLHGKLPKLVDSSDUHQWIUHHGRP
    +HFDPHDQGZHQWOLNHWKHZLQGDQGUDLQ+HGLGQRWUHSLQHQRPDWWHUZKDWFDJHWKH\SXWKLPLQ+HDWH
    DQGKHGUDQNRQO\ZKHQWKHIRRGDQGWKHGULQNZHUHWKHUH:KHQWKH\ZHUHQRWWKHUHKHGLGQRWPDNHD
    IXVV+HSOD\HGKLVJXLWDUIRUWKRVHSHQQLHVIURPKHDYHQ$VIRUZRPHQKHIUHTXHQWHGWKHEDUVDQG
    EURWKHOVDQGLQWKRVHSODFHVWKHUHZHUHERVRPVZKLFKZLVKHGKLPOXFNDQGEHGGHGKLPGRZQ6RPHWLPHV
    .DWKHULQHZRXOGWKLQNRIKLPHVSHFLDOO\ZKHQWKHZHDWKHUZDVEDGDQGKHKDGEHHQWKURZQRXWRIKLV
    URRPE\KLVODQGORUG7KHQVKHZRXOGVHHNKLPRXWWKURXJKWKHGULYLQJUDLQVHHNKLPRXWIURPSXEWR
    SXEIURPEURWKHOWREURWKHODQGZKHQVKHIRXQGKLPEULQJKLPKRPHZLWKKHUDQGZDVKKLPDQGIHHG
    DQGZULQJWKHFROGGHVSHUDWLRQRXWRIKLVVRXO%XWLWZRXOGQHYHUODVW+HZRXOGORRNDURXQGDQGVKH
    ZRXOGUHPLQGKLPRIDOOWKHWKLQJVKHFRXOGKDYHEHHQDQGKHZRXOGIHHOOLNHD
    NHSWZRPDQ
    DQGIRUFH
    URZVDQGVODPWKHGRRUEHKLQGKLP7RRQFHPRUHURDPWKHVWUHHWVDQGEHIUHH9HU\UDUHO\KHZRXOG
    DSSHDURQP\GRRUVWHSVKHHSLVKO\ERUURZ

    >3DJH@

    VRPHPRQH\DQGDJDLQGLVDSSHDU1RZWKHUHKHVWRRGKLVEDFNWRWKHILUHUHILOOLQJKLVJODVV2QKLV
    KHDGWKHZLOGPDQHRIJUH\KDLUDURXQGKLVVKRXOGHUVWKHWKUHDGEDUHRYHUFRDWDQGRQKLVIHHWWKHODUJH
    XQJDLQO\WUDPS
    VERRWV+LVORQJWKLQILQJHUVWUHPEOHGVOLJKWO\


    ,QHYHUWKRXJKWZHFRXOGGRLW\RXNQRZ
    KHVDLG
    ,QHYHUWKRXJKWZHFRXOGJLYHWKHEDVWDUGVVXFKKHOO
    %XWQRZZH
    UHGRLQJLW,FDQ
    WEHOLHYHDQ\WKLQJZLOOFRPHRILW7KHUH
    OOMXVWEHPRUHERGLHVWRVHZXS
    PRUHLQVDQLWLHVWRPHQG6KLWLWVWDNHQ\HDUVRIIPHVHHLQJZKDW
    VKDSSHQLQJRXWWKHUH7KDWJLUO6XVDQ
    VKH
    VJRLQJWREHDOOULJKW1HHGVDELWRIVOHHSDQGUHVW6KH
    VDVYLULOHLQWKHVRXODVDQR[6KH
    OOSXOO
    WKURXJK$VIRU\RX0DULHSK\VLFDOO\\RX
    UHILQHEXW,
    PQRWDVRXOKHDOHUVR,FDQ
    WVD\DQ\WKLQJHOVH
    2QO\WKDW\RXVKRXOGWDNHWKLQJVHDV\,W
    VQHYHUDVEODFNDQGVHULRXVDV\RXWKLQN,EXPSHGLQWRDILQH
    ZHQFKODVWQLJKW6KHZDVDWWKHHQGRIKHUWHWKHU$ELWGRZQLQWKHPRXWKDQGORQJLQWKHWRRWKEXWZKHQ
    DOOLVVDLGDQGGRQHDILQHVSULJKWO\ZHQFK6KHTXRWHG-REWKHZKROHQLJKW$KWKHVOLQJVDQGDUURZVRI
    RXWUDJHRXVPLVIRUWXQH(YHU\RQHLVEULVWOLQJZLWKWKHP1RZDGD\VZH
    UHDOOOLNHSRUFXSLQHV7KDWER\
    1LFNJDYHPHDSRHPDERXWLWWKHRWKHUGD\,
    YHJRWLWVRPHZKHUHLQP\SRFNHWV7KLVLVLWDOOYHU\
    FUXGHO\GHSUHVVLQJ,W
    VSUREDEO\WKHODVWKHZURWH7KHUHDUHWKHVHWZRVWDQ]DV/LVWHQ


    0\PLQGJURZVGDUNHUHDFKGD\
    $QGFROGHUKDUGHU
    1RVHHGFDQJURZ
    0\WRQJXHZHDULHVRIVSHHFK
    $QGLVGXPEKDUVK
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    (QWRPEHGDOLYH


    7KHWLPHWRFRPH
    ,VSHUSHWXDOQLJKW
    $QG,DPXQSUHSDUHG
    )RUVXFKSURORQJHGVOHHS
    %XWRQO\QRWHKRZKHDY\
    0\H\HOLGVJURZ

    >3DJH@


    5DWKHUWUDVK\EXWWKHQDOOODVWZRUGVDUHOLNHWKDW7KH\VFUHHQIURPYLHZGLVHDVHVWKDWKDYHQRHVWHHP
    6XVDQZLOOSUREDEO\ZDQWLW

    ,WRRNWKHSRHP0\PLQGZDVHQFORVHGZLWKLQ0DULH
    VVLOHQFH,ZLVKHG6RUGLG-RHZRXOGILQLVKKLV
    GULQNLQJDQGWKHQJR,JUDEEHGDZKROHERWWOHRIZKLVN\VWXIIHGLWLQWR-RH
    VRYHUFRDWSRFNHWDQGOHGKLP
    WRWKHGRRUPXWWHULQJ
    6RPHRWKHUWLPH-RHVRPHRWKHUWLPH
    +HWRRNLWZLWKQRLOOJUDFH:KHQ,
    UHWXUQHG0DULHKDGVWUHWFKHGRXWRQWKHVRIDDQGVKHZDVIDQQLQJKHUVHOIZLWKKHUKDQG$WOHDVW,WKRXJKW
    VRXQWLOVKHVDLGTXLHWO\


    0\H\HVLW
    VP\H\HV

    7KHZRUGVMXPSHGRXWRIP\ERRWV


    0DULH<RXFDQVHH"<RXFDQVHH"

    %XWZKDWHYHUZHWULHGVKHVWLOOFRXOGQRWVHH$IWHUDORQJPRPHQWVKHVDLG


    ,IHOWFKLQNVRIOLJKW

    ,KHOGKHULQP\DUPVDQGOHWKHUFU\VKHZKRFRXOGQRWVHHPHFRXOGQRWVHHWKHSLFWXUHVDQGGUDZLQJV,
    PDGHVKHZKRIHOWPHWRXFKHGPHWDVWHGPHVPHOWPHZUXQJPHLQKHUVOHHSZLWKRXWHYHUHYHUVHHLQJ
    PH$QG,IHDUHGKHURUUDWKHUIHDUHGVRPHWLPHVWKDWKHUEOLQGQHVVZDVWKHRQO\WKLQJ,ORYHGDERXWKHU
    7KHUHZHUHGD\VZKHQ,NQHZWKDWDOOP\IHHOLQJIRUKHUZDVERXQGXSZLWKWKDWIUDJLOHVKHOORIEOLQGQHVV
    WKDWIUDJLOHXQVHHLQJVHOIFRQWDLQHGGRPH$QG,NQHZWKHQWKDWZHUH,WRZDNHXSDQGILQGP\VHOIDWODVW
    LQWKDWGDUNURWXQGDFUXFLILHGGDQJOLQJIURPFKDLQVDQGFKRUGVIL[HGWRWKHXSSHUPRVWVLJKWOHVVQHVVLQ
    KHUWKHQ,ZRXOGEHIUHH)UHHRIWKHVXQOLJKWDQGWKHQLJKWVIUHHRIDOOWKHVHQVHVIUHHRIDOOWKH
    WKRXJKWVWKHYLVLRQVRIDYLVFHUDOIDWH,ZRXOGKDYHWXUQHGWKHODPSLQVLGHRXWWKHODPSZKLFK6WHSKHQ
    KDGJULPO\WXUQHGRXWVLGHLQ7KDWH[TXLVLWHUHIXWDWLRQKRZ,KRSHGIRULW%XWWKHQ,ZRXOGWXUQDQGWRVV
    DQGVHHDQRWKHUVKDPHOHVVGDZQULVHIURPWKHHDVWDQGNQRZWKDWVXFKDQRYHUWXUQLQJVXFKDSURYLGHQFH
    KRZHYHUFORVHWRWKHVXUIDFHLWOD\ZRXOGQHYHUOLNHWKHNUDNHQFUHHSRXWRIWKHVHDLQWRP\OLIH,QWKH
    EHGURRPLQWKHGDUNLWZDVHHULHDQGVZHHWDVWKRXJKWKHSURORQJHGVSDVPRIPXWXDOFRQWDFWZHUHD
    PDUULDJHEHWZHHQKHDYHQDQGKHOOEHWZHHQPRUWDODQGVSLULWDIXVLRQRIGDUNQHVVDQGOLJKW

    7KHILUVWQLJKW,KDGSXWRXWWKHOLJKWEXWVKHVOLSSHGIURPP\JUDVSDQGHVFDSHGIURPWKHEHG,WZDV
    SLWFKGDUN6KHZDVYHU\VWLOO

    >3DJH@

    DQGVRPHZKHUHLQWKHURRP,FRXOGIHHOVKHZDVQRWRQWKHEHG,JURSHGIRUWKHOLJKWVZLWFK7KHOLJKW
    GLGQRWFRPHRQ,IOLFNHGLWRQDQGRIIRQDQGRII7KHOLJKWGLGQRWFRPHRQ6KHZDVVRPHZKHUHLQWKH
    SLWFKGDUNURRP
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    0DULH

    ,IHOWOLJKWKHDGHGH[SHFWDQW7KLVZDVKHUJDPH7KLVZDVKHURZQNLQGRIEDVLFH[SHULPHQW,JURSHG
    DERXWDURXQGWKHURRPDOORYHUWKHZDOOVXQGHUWKHEHGDQGLQWKHZDUGUREH,FRXOGQRWILQGKHU,W
    VWUXFNPHWKDWZKHUHDV,ZDVEXPSLQJLQWRWKLQJVDQGEOXQGHULQJWKURXJKVHDUFKLQJIRUKHUVKHKDGQRW
    RQFHNQRFNHGLQWRDQ\WKLQJRUXSVHWDQ\RIWKHIXUQLWXUH7KHGRRUZDVORFNHGWKHZLQGRZVZHUHVHFXUH
    :KHUHZDVVKH"


    0DULH"

    ,VKLYHUHG6KHZDVLQKHURZQEODFNVXQOLJKW


    0DULH

    ,VHDUFKHGHYHU\ZKHUHLQWKDWURRPILYHRUVL[WLPHV7ULHGWRFRQMXUHKHUEDFNLQWRH[LVWHQFHIURPWKDW
    SLWFKGDUNOLJKW,ZDVWKLQNLQJYHU\PRUELGVFDU\WKLQJVDQGVWDQGLQJYHU\VWLOOLQRUGHUWRFDWFKDQ\
    VLJQRUVRXQGVKHPDGH6XGGHQO\,NQHZVKHZDVULJKWWKHUHEHKLQGPH,WXUQHG$QG,NQHZVKHZDV
    DJDLQULJKWEHKLQGPH,WXUQHG,WXUQHGWKLVZD\DQGWXUQHGWKDWZD\,WXUQHGHYHU\ZKHUH)DVW6KDUSO\
    ,ZDVGDQFLQJWRKHUVRQJDYHU\ROGDQGLQFDQWDWRU\VRQJ0\IHHWWKXPSHGDQGGUXPPHGWKHIORRU
    7XUQLQJWKLVZD\WKDWZD\5DSLGO\,WGLQQHGLQP\HDUV,WVWXQQHGP\LQQHUPRVWUHVHUYHV6KHZDV
    GRZQWKHUHDWP\IHHWEHWZHHQP\NQHHVHDWLQJP\SHQLVPDNLQJWKHGDUNIXUQDFHURDU,UHDFKHGGRZQ
    6KHZDVQRWWKHUH7KHZDOOVVHHPHGWRVKDNHDJDLQVWWKHEODVWRIWKHVRQJ6KHZDVRQKHUWRHVDUFKHG
    EDFNORZDQGYLEUDQWKHUOHJVZLGHRSHQ,ZUXQJP\ORLQVDURXQGWKHVSHHGRIWKHVRQJ0\WRQJXH
    NLVVHGDQGVDQNGHHSHUDQGGHHSHUDQGKHUKLSVTXLYHUHGOLNHDEURNHQVWULQJ:HURGHWKHFUHVWRIWKDW
    VRXQGDJDLQDQGDJDLQDQG,VKDOOQRWNQRZVXFKDQRWKHUWLOOWKHZDYHVUHFRLO

    >3DJH@

    6L[


    &RFND'RRGOHGR

    6XVDQSOXFNHGRIIKHUVKRHDQGDLPHG


    &RFND

    7KHVKRHVPDFNHGLQWRWKHFRFNHUHOZKLFKIHOOVTXDZNLQJIURPWKHIHQFHDQGGLVDSSHDUHGJUXPEOLQJ
    YROXEO\LQLWVWKURDW


    7KHUH,
    YHORVWP\VKRH
    VKHVDLGZRQGHULQJO\
    ,
    YHDOZD\VZDQWHGWRORVHLW,PD\DVZHOOORVHWKHRWKHU
    RQH:KRHYHUILQGVWKHPZLOOKDYHDSDLU

    :LWKWKDWVKHIOXQJWKHRWKHURQHDIWHUWKHILUVWRQH

    :HWXUQHGLQWRWKHJDUGHQ$WWKHGRRU,ZDVDERXWWRVD\JRRGE\HZKHQVKHELWKHUOLSDQGSRNHGDWLW
    ZLWKKHULQGH[ILQJHUDQGVDLGYDJXHO\

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    <RXFRXOGGURSLQ\RXNQRZ<RX
    UHDOOULJKW

    6KHUDQJWKHEHOO.DWKHULQHKHUVHOIRSHQHGLW6KHZRUHDNLWFKHQVWDLQHGFRWWRQIURFNDQGKDGEURNHQ
    HJJVKHOOVLQKHURWKHUKDQG7KHVXQZHQWRXWRIKHUVPLOHZKHQVKHVDZWKDW6XVDQZDVQRWDORQH%XW
    6XVDQVDLG


    ,
    OOYRXFKIRUKLP+H
    VDOOULJKW

    .DWKHULQHVWLOOVWRRGDVWULGHWKHGRRU

    ,WXUQHGWRJR

    $QJULO\6XVDQUHPRQVWUDWHG


    +H
    VWKHRQHZKRWRRNFDUHRIPHZKHQ,ZDVVKRW,KDYHDURRPLQKLVKRXVH\RXFDQDOOXVHZKHQLW
    V
    QHFHVVDU\%HVLGHV,GRQ
    WVHHKRZ\RXFDQGRXEWP\MXGJHPHQW/RRN,
    OOIXFNRIIZLWKKLPDQG\RX
    NQRZZKHUH\RXFDQVWXII\RXUVXVSLFLRQV+H
    VPDUULHG+LV

    >3DJH@

    ZLIHLVEOLQG6KLW,
    PQRWIXFNLQJRIIDQ\ZKHUH:H
    UHJRLQJULJKWLQ

    $QGZLWKDPD]LQJHQHUJ\VKHJUDEEHGP\DUPSXVKHG.DWKHULQHDVLGHDQGZHZHUHLQ/LNHVDUGLQHV
    :HZHQWLQWRWKHNLWFKHQ.DWKHULQHFDPHLQVORZO\PLQGGUDZQXSVWUDLJKW6KHVDLG


    +H
    VWKHRQHZKRKRXQGHGP\KXVEDQGZLWKDOOWKRVHVHQVDWLRQDODUWLFOHVDERXWMXVWLFH,GRQ
    WREMHFWWR
    KLPRQDQ\RWKHUJURXQGV6XVDQ,ZDVQ
    WGRXEWLQJ\RXUMXGJHPHQWRUDQ\WKLQJ,NQRZKLP+H
    GHVWUR\HGP\PDUULDJH+HUXLQHG-RVHSK$QGQRZKHJLYHVKLPWKHRFFDVLRQDOKDQGRXWVRWKDWKHFDQ
    GHVWUR\KLPVHOIZLWKGULQN%XWVLQFH\RXDUHKHUH\RXEHWWHUKDYHEUHDNIDVW

    6XVDQZDVDERXWWRFUDFNDQHJJLQWRDSDQ6KHGLGQRWORRNDWPH


    ,VWKLVWUXH".DWKHULQHQHYHUEORZVKHUWRSIRUQRWKLQJ

    ,VDQNLQWRDFKDLU


    <HV
    ,VDLG

    .DWKHULQHWKUHZWKHHJJVKHOOVLQWRWKHWUDVKFDQ+HUYRLFHZDVWKLQDQGVWUDLQHG


    +HPDGHXSIRULW6XVDQ+HGLGKLVRZQLQYHVWLJDWLRQDQGIRXQGWKDWWKHHYLGHQFHKDGEHHQIDNHG,
    P
    VRUU\,KDGDURXJKWLPHZLWK-RHODVWQLJKW+H
    VRXWWKHUHDJDLQ

    6KHGXQNHGDJUHDV\SRWLQWRWKHVLQN,VDLG


    /RRN,NQRZ,
    OOSUREDEO\EXPSLQWRKLPVRRQ&DQ,JLYHKLPDQ\PHVVDJH"

    6KHKDGVTXHH]HGZDVKLQJOLTXLGLQWRWKHKRWZDWHUDQGKDGEHJXQWRVFUXEWKHSRWDQGWKHSODWHV7KH
    EURZQVFDUIZKLFKERXQGKHUKDLUDQGWUDLOHGGRZQEHWZHHQKHUVKRXOGHUVURFNHGUK\WKPLFDOO\ZLWKWKH
    PRYHPHQWVRIKHUKHDG6KHZDVDSRZHUIXOZRPDQ


    +HNQRZVDOUHDG\
    VKHVDLG
    +HNQRZVWKHPHVVDJHDOUHDG\,
    YHEHHQJLYLQJLWWRKLPDOOWKHVH\HDUV
    %XWVXUHJLYHLWWRKLPDJDLQ7HOOKLP,ZDQWKLPWRFRPHKRPH

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,ZLOO

    6XVDQVFUDSHGKHUHJJVIURPWKHSDQ7KH\ZHUHGRQHKDUGDQGVWULQJ\DWWKHEODFNHQHGHGJHV6KH
    GLYLGHGWKHPLQWRWZRDQGJDYHPHRQH6KHQRGGHGDWWKHUHIULJHUDWRU


    7KHRWKHUWKLQJVDUHLQWKHUH7KHFRUQIODNHVDUHVRPHZKHUHE\WKDWFDWIRRG,W
    VSUREDEO\HPSW\:KDW
    GLG\RXGR":KHQ\RXIRXQGLWZDVIDNHG


    7KHHGLWRUZRXOGQ
    WWRXFKLWZLWKDFURZEDU,KDGWRUHVLJQ

    >3DJH@


    ,OLNHGRLQJWKHPWKDWZD\\RXNQRZLW
    VQRWEDGFRRNLQJLVLW",WZDVWKHRQO\ZD\,FDQVHHWKDW
    .DWK\KDYH\RXJRWDQ\FOHDQXQGHUZHDU,FDQERUURZ"


    ,W
    VRXWRQWKHOLQHVRPHZKHUH8QOHVV&KULVKDVEHHQDWLWDJDLQ


    'LGQ
    WKHJRVHHWKDWDQDO\VW"

    .DWKHULQHQRGGHG

    6KHQRGGHGYHU\PHDQLQJIXOO\

    6XVDQJDSHG6KHVOLWKHUWKURDWZLWKDIRUHILQJHUJHVWXUH


    <RXPHDQ"


    <HV
    .DWKHULQHVDLG


    <RXIRUJRWVRPHWKLQJ6XVDQ
    ,VDLG
    :H
    UHJRLQJVKRSSLQJODWHURQ


    %XW,FDQ
    WJRZLWKRXWFOHDQXQGHUZHDU,WZRXOGVWLQNWKHFKDQJLQJURRP%HVLGHV,OLNHFOHDQ
    XQGHUZHDUZKHQLW
    VWKHUHWREHSXWRQ

    6KHFXSSHGKHUKDQGRYHUKHUH\HVDQGSHHUHGRXWWKURXJKWKHJULP\ZLQGRZ7KHZDVKLQJOLQHZDV
    HPSW\FOHDQ+HUIDFHIHOO


    7KHEDVWDUG,W
    VQRWIDLU2IFRXUVH,NQRZKH
    VLOOEXWWKLVLVDELWPXFK:KRWKHIXFNLQJSV\FKRGRHVKH
    WKLQNKHLV,NQRZLW
    VQRWKLVIDXOW+HGLGKDYHDORXV\FKLOGKRRGLQDPRWKHUIXFNLQJHQYLURQPHQWDQG
    DOOWKDWEXWKRZFDQ,JRVKRSSLQJZLWKRXWFOHDQXQGHUZHDU2VKLWLW
    VVLPSOH,
    OOJRZLWKRXWDQ\<RX
    ZRQ
    WPLQGZLOO\RX"

    ,VKRRNP\KHDGHPSKDWLFDOO\6XVDQVDLG


    .DWK\KRZJRHVLWQRZ":LWK\RXDQGHYHU\ERG\2ND\"


    :KDWGR\RXH[SHFW",QWKLVKRXVHQRRQHHYHUFKDQJHV:HDOOFRPHFKDQJHGDOUHDG\,
    YHJRWD
    KHDGDFKHEXWWKDW
    VEHFDXVH-RVHSKZDVKHUH,GLGQ
    WVOHHSDZLQN


    <RXIXFNHGWKURXJKRXW"

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    <HVDQGQR

    6XVDQSHFNHGXS


    (ODERUDWH
    VKHGHPDQGHG

    .DWK\SXOOHGGRZQWKHGU\LQJWRZHODQGEHJDQWRZLSHWKHFOHDQHGGLVKHV6KHZDVDOPRVWVPLOLQJWR
    KHUVHOI


    ,WZDVWKHXVXDO
    VKHVDLG


    7KH6SHFLDO"


    $ORXV\IXFN
    .DWKHULQHVDLG
    +HZDVGUXQN,ZRQKDQGVGRZQ&KULVDFWHGDVWKHUHIHUHH,NQRFNHG
    KLPRXWLQWKHWKLUGURXQG

    >3DJH@


    /HPRQDGH"
    6XVDQDVNHG

    ,QRGGHG$VVKHSRXUHGLW,ORRNHGDWWKHJROGFKDLQDURXQGKHUQHFN6KHVDZPHORRNLQJDWLW6KH
    RSHQHGWKHORFNHWDQGVKRZHGPHWKHSLFWXUHLQVLGH6KHDQG1LFNGRQHUDUHEHDXWLIXOO\WRJHWKHU6KH
    FOLFNHGLWVKXW


    <RXNQRZ.DWK\,KDYHQ
    WKDGDIXFNVLQFH,ZDVVKRW,KDYHQ
    WHYHQWKRXJKWDERXWLWHLWKHU7KDWEXOOHW
    UHDOO\KDGLWLQIRUPH

    6KHKLWFKHGXSKHUVNLUWV


    'R\RXWKLQNP\OHJVDUHRND\"

    7KHZRUGVVWXFNLQP\WKURDW7KH\ZHUHUHDOO\VWXQQLQJ$QGWKHURXQGHGFRQWRXUSHDUVKDSHGRIKHU
    VQXJERWWRP


    .DWK\/RRNDWKLPVOREEHULQJ6KLW,GLGQ
    WPHDQLWWKDWZD\EXW,JXHVV\RXKDYHPRUHWKDQDQVZHUHG
    P\TXHVWLRQ,VWKDWWKHWRSLFWRGD\"

    6KHZDVSRLQWLQJDWDSRVWHURQWKHIDUZDOO


    1RWH[DFWO\
    .DWK\VDLG


    :KDWGR\RXPHDQ"

    .DWK\VWDUHGDWPHDQGWKHQVHHPHGWRPDNHXSKHUPLQG


    7KHDFWLRQLVJRLQJWRVWDUW$JDLQ


    %XW,GLGQ
    WILQLVKP\H[SORVLYHVWUDLQLQJ$QG,GLGQ
    WILQLVK


    7KDW
    VZKDWWKHPHHWLQJLVDERXW$FUDVKFRXUVH:H
    OOSUREDEO\JRWR'HYLO
    V(QGWRWHVWWKHVWXII

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    7RGD\"


    1RWH[DFWO\6RRQDV,NQRZP\VHOI,
    OOOHWHYHU\ERG\NQRZ

    6XVDQZDVUXEELQJKHUVKRXOGHU7KHRQHWKDWKDGKHDOHGDIWHUVRPHJULPFRPSOLFDWLRQVZKLFK6RUGLG-RH
    KDGILQDOO\URXWHG


    7KH\VKRWPHVKRWPHULJKWKHUH
    VKHVDLG

    7KHUHZDVDQHHULHVWLQJLQKHUYRLFH,GUDQNP\OHPRQDGH


    ,JXHVVZHEHWWHUJRGRWKDWVKRSSLQJ
    VKHVDLGILQDOO\

    .DWK\FDPHWRWKHGRRUZLWKXV6XVDQUHPHPEHUHGVKHKDGQRWWDNHQRIIKHUXQGHUZHDUDQGVKHUDQXS
    WKHVWDLUVWRGRVR.DWK\JULSSHGP\KDQG,WZDVDSRZHUIXOJULS


    /RRNDIWHUKHUZHOO
    VKHVDLG

    6KHZDVDERXWWRVD\VRPHWKLQJHOVHZKHQ6XVDQDSSHDUHG.DWK\VKXWWKHGRRUJHQWO\DIWHUXV:KHQ,
    WXUQHGURXQGDQGORRNHGIURPWKHURDGVKHZDVVWRRSHGRYHUWKHVLQN,ZRXOGWHOO6RUGLG-RH,ZRXOG
    WHOOLWWRKLP$QG,ZDVQRWJRLQJWRWDNHDQ\VKLWIURPKLP+HZDVJRLQJWRFRPHKRPH

    >3DJH@


    ,VQ
    WLWEHDXWLIXO
    6XVDQH[FODLPHGVZLQJLQJKHUDUPVWRHQFRPSDVVWKHZKROHPRUQLQJVXQOLJKW
    ,W
    PDNHVPHZDQWWRFU\VRPHWLPHVKRZFUD]\DQGDEVXUGO\EHDXWLIXOLWDOOFDQEH7KDWFDWIRRGLQWKH
    NLWFKHQ,KDGDFDWRQFH*LQJHU+HZDVZRQGHUIXOO\FUD]\/LNHQRWKLQJRQHDUWK+HZDVUXQRYHUE\D
    FDU%XWLQWKHKRXVHZHDOOSUHWHQGKH
    VVWLOODOLYHDQGDQ\WLPHZHGRDQ\VKRSSLQJZHEX\KLPKLV
    VSHFLDOEUDQGRIIRRG&DWRPD[:LOO\RXUHPHPEHULW"6RPHWLPHV,IRUJHWDQGZKHQ,UHPHPEHU,MXVW
    FDQ
    WJHWRYHUKDYLQJIRUJRWWHQOLNHWKDW%XWKH\,GLGQ
    WWDNHDQ\PRQH\,KDGEHWWHUJREDFN

    6KHKDGWXUQHGDQGZDVUXQQLQJEDFN,EXQFKHGXSDQGUDQDIWHUKHU6KHUDQOLNHWKHZLQGSHHULQJRYHU
    KHUVKRXOGHUDQGODXJKLQJDQGLQFUHDVLQJKHUVSHHG,KDGFDXJKWXSZLWKKHUEXWZDVVWLOOEHKLQGKHU
    ZKHQVXGGHQO\VKHVWRSSHGGHDGDQGFURXFKHGULJKWLQP\SDWK,ZDVVHQWIO\LQJRYHUKHUDQGODQGHGLQD
    KHDS%XWEHIRUH,FRXOGVD\DQ\WKLQJVKHUROOHGRYHUPHDQGVPRWKHUHGPHZLWKNLVVHV*LJJOLQJ


    'LG\RXVHHWKDW",WKRXJKW,ZDVRXWRIWUDLQLQJ-((VXV,UHDOO\DPYHU\ILWQRZ$UH\RXRND\",
    ZDQWHG.DWK\WRVHHLW6KHZDQWVXVWREHILWDOOWKHWLPH,DJUHH<RXNQRZ\RXQHYHUNQRZZKHQ\RX
    PLJKWKDYHWRUXQDQGWKH\DUHUXQQLQJDIWHU\RX<RXVKRXOGQ
    WKDYHGRQHWKDW,ZDVQ
    WWKLQNLQJUHDOO\,W
    ZDVDOOUHIOH[,GRQ
    WOLNHSHRSOHWRUXQDIWHUPHEXW,
    OOPDNHDQH[FHSWLRQRI\RX%XW\RXPXVW
    UHPHPEHUWKDWLI\RXUXQDIWHUPH\RX
    UHOLNHO\WRJHWKXUW,PHDQWKDW,UHDOO\GR

    .DWK\KDGRSHQHGWKHNLWFKHQZLQGRZ1RZVKHVKRXWHG


    :KDWGLG\RXIRUJHW"

    $QG6XVDQVKRXWHGEDFN


    0RQH\

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    +HUHFDWFK

    6XVDQVPDUWO\FDXJKWWKHKHDY\SXUVH,ZDVGXVWLQJP\VHOI,ZDVWKRVHNLVVHV


    &RPHRQOHW
    VJR,SUREDEO\ZLOOQHYHUKDYHDGD\RIIUHHGRPOLNHWKLV

    +HUKDQGUHDFKHGRXW,WRRNLW%XWVKHVKRRNKHUKHDGDQGVOLGLWURXQGP\ZDLVW0\KDQGIRXQGKHU
    ZDLVW


    ,NQRZZKDWZH
    OOGR
    VKHVDLG
    7RPDNHWKHVKRSSLQJIXQ<RX
    OOEX\P\WKLQJVDQG,
    OOEX\\RXUV<RX
    OO
    EX\ZKDW\RXWKLQN,

    >3DJH@

    OLNH$QG,
    OOGRWKHVDPHIRU\RX7KDWZD\ZLOOSUREDEO\WHOOXVLIZH
    UHVXLWHGIRURQHDQRWKHURUQRW,
    GLGWKDWZLWK1LFNEHIRUH,HYHUOHWKLPIXFNPH+HJRWHYHU\WKLQJZURQJ6RPHWLPHV,WKLQNKHGLGLWRQ
    SXUSRVH%XW,GRQ
    WWKLQNVR+HZDVQHYHUWKHNLQGRISHUVRQWRGRDQ\WKLQJRQSXUSRVH2IFRXUVHWKRVH
    ODVWOLQHVRISRHWU\KDYHDVRUGLGGHOLEHUDWHULQJDERXWWKHPVR,PD\EHPLVWDNHQDERXWLWDOO$Q\ZD\
    HYHQLIZHGRQ
    WNLFNRII,ZRXOGUDWKHUJOXHWR\RXWKDQWRDQRWKHUPDOH,PHDQ\RX
    UHFRQYHQLHQWO\
    KHUHDQGQRZDQG,GRQ
    WKDYHDQ\IXWXUHRURQFHXSRQDWLPH,
    PWDONLQJVKLWWRGD\,
    PVXUH0DULHZLOO
    QRWPLQGP\VKDULQJ\RXMXVWWKLVRQHGD\GR\RXWKLQN"

    ,ZLVKHGVKHKDGQRWPHQWLRQHG0DULH%XWWKHQZKDWZDVWKHXVHRIWU\LQJWREHGHYLRXVDQGREOLTXH"


    6KHZRXOGPLQGYHU\PXFK
    ,VDLG
    <RXPXVWQ
    WHYHUDVNKHULIVKHPLQGV


    :K\QRW"


    6KH
    GEHKXUW


    ,VVKHWKDWTXHHU",GRQ
    WVHHDQ\WKLQJWREHKXUWDERXW0DQ\WDSHUVFDQEHOLWIURPDVLQJOHIODPH
    ZLWKRXWFDXVLQJDQ\FKDQJHVLQWKDWIODPH<RXNQRZ"


    ,NQRZ


    2,NQRZ6KH
    VEOLQGDQGWKHUHIRUHQHHGVWRDEVROXWHO\WUXVW\RX,FDQXQGHUVWDQGWKDW+DYH\RXJRW
    DQ\PLQWV"

    ,VKRRNP\KHDG6KHSXOOHGPHLQWRDJURFHU
    VVKRS,ZLVKHGVKHKDGQRWPHQWLRQHG0DULH0DULHZDV
    SUHJQDQWDJDLQ$QG,GHVSHUDWHO\KRSHGWKDWWKLVWLPHZHZRXOGEHOXFN\7KHODVWWLPHKDGEHHQNLOOLQJ
    XVHYHUVLQFH

    0\PRXWKZDVIXOORIPLQWDQGWKHVKDUSWDQJPDGHPHIHHOPRUHUHDG\IRUZKDWHYHUWKHGD\ZRXOG
    RIIHU:HIRXQGWKHFDU0\FDPHUDVZHUHLQWKHEDFN6XVDQVDLGFDUHIXOO\


    :KDWGR\RXIHHODERXWYLROHQFH"

    ,HDVHGLQWRWKHPLGGOHODQHDVZHFDPHXSWRWKHWUDIILFOLJKWV


    /LNH,IHHODERXWVQDNHV


    ,PHDQSROLWLFDOO\
    VKHVDLGLQDYRLFHWKDWZDVTXLHWDQGVHULRXV

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    ,FRXOGIHHOLWZDVWKHFDUDQGWKHFDPHUDVVKHZDVUHDFWLQJWR3RVVHVVLRQV6KHGLGQRWIHHOULJKWLQDFDU

    :KDWGLG,IHHODERXWYLROHQFH"
    ,VDLGFDUHIXOO\


    ,KDYHRUGLQDULO\QRIHHOLQJVDWDOODERXWLWEHFDXVH,DPPHUHO\LWVSKRWRJUDSKLFFKURQLFOHU

    >3DJH@

    ,UHPHPEHUHGZKDW,KDGIHOWRQVHHLQJ0DULHDEOLQGLVODQGLQWKDWILJKWLQJFDPSXV%XW,GLGQRWZDQW
    WRPHQWLRQ0DULH7KLVZRPDQEHVLGHPHWKLVJLUOZDVWRRSUHFLRXVDWHPSWDWLRQWRSDVVLWE\$QGLWKDG
    EHHQDORQJWLPHVLQFH,KDGIHOWZKDWVKHZDVPDNLQJPHIHHO,WKDGEHHQWRRORQJ,IHOWP\DJHQRZ
    EXWZLWKKHUWLPHZDVVRPHKRZLUUHOHYDQW6KHFKHZHGLWRYHUDQGILQDOO\GHFLGHGWRJLYHPHWKHEHQHILW
    RIWKHGRXEW


    ,PHDQ
    VKHVDLG
    ,ZRXOGQ
    WOLNH\RXWRIXFNPHMXVWEHFDXVH\RXKDGDWKLQJDERXWPHDQGYLROHQFH
    6RPHWLPHV1LFNZDVOLNHWKDW,WZDVVLFN\RXNQRZ:K\\RXSUREDEO\NQRZZKDW,PHDQEHFDXVH\RXU
    ZLIHLVEOLQGDQG\RXSUREDEO\IXFNKHUEHWWHUIRULW<RXNQRZ"


    +HOO6XVDQ,ZLVK\RXZRXOGQ
    WEULQJ0DULHLQWRWKLV,WPDNHVPHIHHOPLVHUDEOH


    ,WVKRXOGQ
    W<RXVKRXOGRSHQ\RXUVHOIXS*XLOWLVQRWSDUWRIRXUQDWXUDOPDNHXS,W
    VDGLVHDVHZHFDWFK
    $QGLI\RXFDWFKLW\RX
    YHJRWWRJHWULGRILW&XUHLWGUDVWLFDOO\<RXNQRZ+RZFDQ\RXIHHOJXLOW\
    DERXW0DULHZKHQDVDSKRWRJUDSKLFFKURQLFOHU\RXGRQ
    WIHHODQ\WKLQJDERXWDOOWKHLQVWLWXWLRQDOL]HG
    YLROHQFHRXWWKHUH"'RQ
    W\RXVHHWKHUHLVVRPHWKLQJZURQJVRPHZKHUH%XWLILWPDNHV\RXIHHODQ\
    EHWWHU,ZRQ
    WPHQWLRQKHUDJDLQ:DVVKHERUQEOLQG"

    ,JULWWHGP\WHHWK


    &KULVW,RQO\ZDQWWRNQRZ<RX
    GWKLQN,
    GDVNHG\RXWRFKDQJHWKUHHGHJUHHV&HOVLXVLQWRLWVIDKUHQKHLW
    HTXLYDOHQW$Q\ZD\IDQWDVLHVFDQEHXVHIXOHVSHFLDOO\ZKHQ\RXDUHLQGDQJHURIEHFRPLQJLPSRWHQW,
    WULHGLWRQFHDQGLWZRUNHG


    6XVLH

    6KHODXJKHG


    <RXVDLGWKDW
    VKHMHHUHG
    \RXVDLGWKDWOLNH\RXZDQWPHWRGRWKHVFKRROJLUODFW3HUVRQDOO\,GHWHVWDOO
    WKRXJKWRIVH[EHWZHHQROGPHQDQGOLWWOHJLUOVWKRXJKRIFRXUVH,KDYHQRUDWLRQDOFDVHWRVWDWHDJDLQVWLW
    +DYH\RXHYHUWULHGLWKDYLQJVH[ZLWKDOLWWOHJLUO7KHOLWWOHELWFKHVWKH\NQRZDIHZLQQRFHQWWULFNV
    ZKLFKWKRVHORQJLQWKHWDLOOLNHP\VHOIFDQQRWFDUU\RIITXLWHVRLQQRFHQWO\<RXVKRXOGQ
    WJULW\RXUWHHWK
    \RXNQRZ,W
    VEDGIRUWKHJXPV,XVHGWRGRLWDVDFKLOGEXWRQO\LQWKHFODVVURRPZKHQDQ\RWKHUIRUP
    RISURWHVWZDVOLNHO\WRJHWPHLQWRWURXEOH'R\RXNQRZKRZROG,DP"*XHVV

    >3DJH@


    1LQHWHHQ

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,ZLOOQRWFRUUHFW\RX


    6XVLHZLOO\RXWDNH\RXUKDQGRXWRIP\SRFNHW,PLJKWFUDVKWKHFDU


    <RXPHDQ&5$6+"


    1R


    'LG\RXHYHUIXFNKHUZKHQVKHZDVHLJKWPRQWKVSUHJQDQW"

    ,PDQDJHGWRZLOGO\VZLQJWKHFDUEDFNRQWRWKHURDG7KDQNIXOO\DOOWKHSHGHVWULDQVKDGEHHQORRNLQJ
    ZKHUHWKH\ZHUHJRLQJ


    /RRNVKHVDLGOHW
    VMXVWJRRQGULYLQJ:H
    OOGRWKHVKRSSLQJODWHU%HVLGHV,KDYHQ
    WKDGDORQJKHDOWK\
    ULGHLQPRQWKV<RXNQRZ$QGGRVWRSJULWWLQJ\RXUWHHWK7KH\
    OOIDOORXWRUPDNH\RXLPSRWHQW0\
    JUDQGPRWKHUXVHGWRIULJKWHQP\EURWKHUZLWKVWDWHPHQWVOLNHWKDW%XWZKDWHYHUVKHWULHGVKHFRXOGQ
    W
    VWRSKLPPDVWXUEDWLQJ7KHRQO\ZD\WRVWRSWKDWLVWRFXWLWRII$UH\RXFLUFXPFLVHG",KHDUGWKDWWKHUHLV
    DFRXQWU\ZKHUHJLUOVDUHDOVRFLUFXPFLVHG,ZRQGHUZKDWLWLVWKH\DFWXDOO\FXWRXW"'R\RXWKLQNLW
    VWKH
    FOLWRULV"7KDWZRXOGEHWHUULEOH&DQ\RXHYHQEHJLQWRWKLQNLW",FDQ
    W&KULVW,
    GKDQJRQWRP\FOLWRULV
    HYHQLIWKH\ZHUHFXWWLQJP\WKURDW

    :HZHUHRXWLQWKHFRXQWU\VLGHE\QRZ7KHKDUGVXQOLJKWZDVEHJLQQLQJWRVZHDWOLNHJHOLJQLWH,WZDV
    UROOLQJFRXQWU\:KHQWKHILHOGVSHWHUHGRXWWKHUHZDVRQHLWKHUVLGHRIWKHURDGJUDVVODQGGRWWHGZLWK
    DFDFLDVZKRVH\HOORZLVKOHDYHVVHHPHGHWKHUHDODVWKH\VOLJKWO\YLEUDWHGDJDLQVWWKHVWDUNEULJKWEOXH
    EDFNGURSRIWKHODWHPRUQLQJVN\7KHZRPDQWKHJLUOEHVLGHPHWKHFDUDQGLWVDOPRVWLQDXGLEOHGURQH
    WKHVZHOWHULQJDVSKDOWDQGLWVXQHQGLQJULEERQXQIROGLQJDOZD\VLQIURQWRIXVWKH\ZHUHOLNHDPDJLFDO
    DUUDQJHPHQWDIXJXHDWRQFHP\VWLFDODQGFRQFUHWHDQG,JUDGXDOO\XQIROGHGLQVLGHP\VHOIDQGRQFH
    DJDLQFDXJKWWKHVHULRXVFDUHIUHHMR\RILW,DFFHOHUDWHGVODPPLQJP\IRRWULJKWGRZQWRWKHIORRU7KH
    FDUOXUFKHGIRUZDUG7KHYLHZRQHLWKHUVLGHVSHGSDVWEDFNZDUGV6WUDLJKWDKHDGWKHEULJKWEOXHGRPH
    RIWKHVN\VHHPHGLPSHUYLRXVXQXWWHUDEOHJODFLDOLQGLIIHUHQW,GLGQRWFDUH6XVDQIOXQJKHUKHDGEDFN
    DQGODXJKHGORQJDQGORXG:KHQVKHVWRSSHG,FRXOGVWLOOKHDUODXJKWHUDODXJKWHUUHVRQDQWDQGFOHDUDQG
    IUHH,UHDOL]HGLWZDVPHODXJKLQJDQG,ODXJKHGHYHQPRUH:HKDGPRQH\:HFRXOGMXVWGULYHRQULJKW
    WKURXJKWKHKHDUWRIRXUFRXQWU\DQGVSHHGWRZDUGVLWV

    >3DJH@

    RXWHUPRVWOLPLWDQGWKHUHKDQJDVLWZHUHRYHUWKHMDJJHGSUHFLSLFHRIRXUKLVWRU\2XWRIWKDWEULJKWEOXH
    VN\VHHPHGWRIODVKDGD]]OLQJEROWRIOLJKWQLQJ,WVKRWWKURXJKP\YHU\VRXODQGOHIWDTXLYHULQJWKHUH,
    VORZHGGRZQIOXQJRQHKDQGDFURVV6XVDQ
    VVKRXOGHUDQGVWRSSHG,ORFNHGWKHGRRUVDQGZHMXPSHGWKH
    OLWWOHZRRGHQIHQFHDQGUDQDFURVVWKHVKRUWWXIWVRIJUHHQJUDVVDQGSLFNHGRXUZD\WKURXJKDPDUVK\
    SDWFKFURVVHGWKDWDQGZLWKDYHQJHDQFHWRUHRIIRXUFORWKHV$VKULOOKDUPRQLFDVHHPHGWREODVWD
    SURORQJHGQRWHWKURXJKP\EUDLQ%XW,FRXOGVHHWKDWVKHFRXOGKHDULWWRR$WODVWZHOD\EDFN
    H[KDXVWHG,PHDQRQRXUEDFNVORRNLQJXSDWWKHVN\$OOWKDWLPPHQVHWUDFWRIWKHXQLYHUVHZDVRXU
    SULYDWHSDUDGLVH$QGWKLVJUHHQWKLVTXLFNHQLQJODQGLWZDVWKHUHIRUXVWRURDP,WVKULOOHGDJDLQDQG
    DJDLQWKURXJKP\HDUVWKURXJKDOOP\VHQVHVWKURXJKDOOP\XQUHIXVLQJIOHVK:HZUHVWOHGDQGIHOODSDUW
    VSHQWDQGSDQWLQJDQGUDFHGHDFKRWKHUDOOWKURXJKWKDWXQHQGLQJQRRQ:HSLFNHGXSRXUFORWKHVDQG
    ZLWKRXWSXWWLQJWKHPRQUDFHGEDFNWRWKHFDUDQGGURYHDIHZPLOHVIXUWKHURQWRWKHULYHUZKHUHZH
    VZDPLQWKHJUHHQVWUHDP$IWHUZDUGVZHZDONHGVORZO\EDFNWRWKHFDUDSDUW6KHZDVNLFNLQJDWWKH
    IODPHOLOLHVDQG,SLFNHGDEXQFKRIWKHPDQGWKUHZWKHPLQWKHEDFNDPRQJWKHFDPHUDV


    6KLW/HW
    VQRWJREDFN/HW
    VGULYHRQWRWKHQH[WWRZQ
    VKHVDLG
    :H
    OOPDNHEHOLHYHIRUMXVWDIHZGD\V
    .DWK\ZLOOXQGHUVWDQG%HVLGHVZKDW,VWLOOKDYHWROHDUQDERXWWKRVHH[SORVLYHVZRXOGQ
    WKXUWDIO\

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,WFRXOGEHWKHGLIIHUHQFHEHWZHHQOLIHDQGGHDWKIRU\RX6XVDQ


    ,GRQ
    WFDUH'LGQ
    W\RXIHHOLWWRREDFNWKHUH"'LGQ
    W\RX"


    ,GLG

    :KDWWKHKHOOGLGLWPDWWHU"0DULHGLGPDWWHU%XWQRZWKDWZDVYHU\GLVWDQWLIRQO\DYHU\GLVWDQW
    LQYLVLEOHSUHVHQW7KHUHZHUHDOZD\VWKHOLHVWKDWLIQRWIRXQGRXWZRXOGDWOHDVWQRWKXUW


    5LJKWOHW
    VJR6XVDQ

    6KHMXPSHGLQ


    <RX
    UHZRQGHUIXO7KDQN\RXVRPXFK
    VKHVDLGDV,VWDUWHGWKHFDU


    6XVLH6XVLHJUDWLWXGHLVXQQDWXUDO,W
    VOLNHDGLVHDVH,I\RXFDWFKLWPDNHVXUH\RXFXUHLWEHIRUHLWNLOOV
    \RX<RX
    OOILQGFLJDUHWWHVLQP\FRDW3OHDVHOLJKWPHRQH'R\RXNQRZ,
    YHDOZD\VWKRXJKWWKDW,NLOOHG
    P\SDUHQWV

    >3DJH@

    ,UHDFKHGZLWKP\PRXWKIRUWKHFLJDUHWWH6KHSODQWHGDNLVVLQVWHDG


    7KH\KDYHWREHNLOOHG(DFKJHQHUDWLRQKDVWRNLOOWKHRQHWKDWSUHFHGHVLW,W
    VWKHRQO\ZD\'LG\RX
    DFWXDOO\NLOOWKHP"


    ,VWLOOGRQ
    WNQRZZKDWKDSSHQHG,ZDVYHU\\RXQJ$EDE\%XWZKHQLWKDSSHQHG,ZDVVXUH,KDGGRQH
    LW


    (DFKSHUVRQKDVWRZRUNRIIKLV2HGLSDOWKLQJ<RXNQRZ:LWKPHLWZDVVLPSOHU0\IDWKHUZDQWHGPH
    7KHUHZRXOGKDYHEHHQDVFDQGDO%XWPRWKHUIRXQGRXWDQGSDFNHGPHRIIWROLYHZLWKP\JUDQGPRWKHU


    'LGKH"


    )XFNPH"<HV


    &DQ,KDYHWKDWFLJDUHWWHQRZSOHDVH

    7KHVPRNHVFRUFKHGP\WKURDWDQGEXUQWGHHSLQWRP\OXQJV,WPDGHPHGHOLFLRXVO\GL]]\


    :KDWZDVLWOLNH"


    +HZDVDYHU\KDQGVRPHPDQ1RWOLNHDOOWKHVSRWW\JXPFKHZLQJ\RXWKVZKRKXQJDURXQGP\VNLUWV
    %HVLGHVKHZDVYHU\JRRG$WLW

    6KHORRNHGYHU\WKRXJKWIXODQGDGGHG


    %XWQRWDVJRRGDV\RX\RXNQRZ'R\RXDOZD\VVFUHZOLNHDFLUFXODUVDZ"


    :HOOOHWPHVHH2QO\RQFHEHIRUHRQP\ZHGGLQJQLJKW

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    :DVVKHDEOHHGLQJPHVVDIWHUZDUGV"


    1R,ZDV

    +RZKDG,IHOW"$VLI,KDGEHFRPHDVWRQLVKLQJO\EOLQGDQG0DULHKDGEHJXQWRUDGLDWHZLWKXQVHHQ
    LQVLJKWV$IWHUWKDW,KDGEHJXQWRIHDUWKHEHGURRP)HDUDQGORQJIRULWWRHPEDOPPHZLWKEOLQGQHVV
    $QGRXWVLGHLWLWEHFDPHWKHFDPHUDOHQVRIWKHSKRWRJUDSKLFFKURQLFOHU


    +DYH\RXHYHUWKRXJKWRIOHDYLQJKHU"


    1R%XW,KDYHQRZ&KULVW,W
    VVRVRXOGHVWUR\LQJEHLQJZLWK\RX


    %XWEHUHDVRQDEOH,I\RXGRKDYHDVRXOWKHQWKHOLWWOHPLGJHWPXVWEHNLOOHG


    ,W
    VVXSSRVHGWREHLQGHVWUXFWLEOH


    7KH\XVHGWRVD\WKHVDPHWKLQJDERXWWKHDWRP


    %XWWKDW
    VGLIIHUHQW

    >3DJH@


    :KDW
    VVRGLIIHUHQWDERXWLW"3OHDVHHODERUDWH
    VKHGHPDQGHG


    $VRXOLVPHWDSK\VLFDO$QDWRPLVSK\VLFDO

    7KDWGLGQRWVRXQGTXLWHULJKW


    :KDW
    VWRVWRSPHWDSK\VLFVEHFRPLQJDVGHDGO\DVQXFOHDUSK\VLFV"


    6KXWXS


    :KDWGLG\RXVD\":KDWGLG\RXMXVWVD\WRPH"


    ,VDLG6+8783


    3OHDVHVWRSWKHFDU,
    OOZDON


    6XVLH


    'RQ
    W6+870(83DQGWKHQ6XVLHPHOLNHWKDW\RXVQLYHOOLQJZRUP,VDLGVWRSWKHFDUDQG,
    OOZDON
    67237+(&$5


    $OOULJKWP\GHDU$V\RXZLVK%XWIRUWKHUHFRUG,ZRXOGOLNHWRDSRORJL]HQRZ

    7KHFDUKDGFRPHWRDGHDGKDOW6KHKDGJRWRXW6KHPHDQWHYHU\WKLQJVKHVDLG


    $SRORJL]HIRUZKDW"


    )RUVKXWWLQJ\RXXS

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    <RXGLGQ
    WVKXWPHXS1RERG\FDQVKXWPHXS:KHQ\RXVDLG6+8783\RXZHUHLUULWDWHGE\\RXURZQ
    LJQRUDQFH<RXZHUHKLGLQJIURP\RXUVHOI\RXURZQLJQRUDQFH<RXZHUHLQVXOWLQJ\RXURZQ
    LQWHOOLJHQFH6R\RXVKRXOGDSRORJL]HWR\RXUVHOI$QG,ZDQWWRKHDULW,UHIXVHWRVLWLQWKHVDPHFDUZLWK
    DPRWKHUIXFNHUZKRKDVQRVHOIUHVSHFW,:$1772+($57+$7$32/2*<


    ,
    PVRUU\PRWKHUIXFNHU


    12QR6D\LWWR\RXUUHIOHFWLRQLQWKHUHDUYLHZPLUURUWKHUH

    ,ORRNHGXS,DGMXVWHGWKHPLUURU,FRQIURQWHGWKHEDVWDUG


    /RRNPLVWHU,DPVRUU\,DPYHU\VRUU\,LQVXOWHG\RXULQWHOOLJHQFH

    6ORZO\LQDVWDWHO\ZD\VKHDGMXVWHGKHUVHOILQWRWKHFDU,UHVWDUWHGLW:HVSHGRIIRQWZRVTXHDOLQJW\UHV
    WKDWWRUHDKHDUWUHQGLQJVRXQGIURPWKHDVSKDOW


    :KDWZDVDOOWKDWDERXW"
    ,DVNHG


    $ERXW\RXRIFRXUVH

    ,VXQNLQWRWKRXJKWDQGVDLGILQDOO\


    2IFRXUVH

    $EULFNRIVLOHQFHFUDVKHGWKURXJKWKHZLQGVFUHHQ6KHUHDFKHGLQWRWKHEDFNVHDWDQGEHJDQWRWKURZWKH
    IODPHOLOLHVRQHE\RQHDW

    >3DJH@

    PH7KHQVKHWRRNRQHRIWKHFDPHUDV6KHVTXHH]HGKHUVHOIDJDLQVWKHUGRRUDQGPRXQWHGWKHFDPHUDRQ
    KHUIUDLOVKRXOGHU)UDLO"6KHEHJDQWRVKRRWPH,FRXOGKHDUWKHILOPZKLUULQJ,FRXOGKHDUKHUILGJHWLQJ
    DERXWFKDQJLQJWKHDQJOHIURPWLPHWRWLPH,FRXOGQRWNHHSLWXSWKDWPDVNRILPSDVVLYLW\,JULQQHG

    6KHWLUHGRILWWKDWEDVLFH[SHULPHQW6KHORRNHGDERXWOLVWOHVVO\+HUH\HVOLWXSRQDWUDIILFVLJQWKDWZDV
    VSHHGLQJWRZDUGVXV


    6723

    ,GLG


    +DYH\RXJRWDKDPPHU2UVRPHWKLQJPHWDODQGKHDY\
    6KHJHVWXUHGPHDQLQJIXOO\DWWKHVLJQ,WVDLG

    :LQVWRQ0LOHV
    
    7KRVHWKLQJVEXJPH
    VKHDGGHG

    ,WRRNRXWWKHKHDY\KDPPHUDQGWKHHTXDOO\KHDY\MDFN6KHWRRNWKHKDPPHU6KHOHWRXWD
    EORRGFXUGOLQJZDUVKULHNDQGKDPPHUHGDWWKHVLJQ


    'HVWUR\'(6752<7+(6,*1

    ,KDGDWWDFNHGLWIURPWKHRWKHUVLGH&UXQFK&581&+99%55$$..,WIHOO6KHOHDSHGRQLW
    &581&+9%555...*$:KHQLWORRNHGOLNHLWZRXOGQHYHUJHWXSDJDLQH[FHSWDVVFUDSVKHVSDW
    LQWRKHUSDOPVUXEEHGWKHPWRJHWKHUDQGJUDEEHGWKHKHDY\KDPPHUIRUDODVWPLJKW\VWURNH,WXUQHGP\
    IDFHDZD\7KLVZDVPRUHWKDQDQ\JDPH

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    *95.

    ,WKUHZWKHKDPPHUDQGWKHMDFNEDFNLQWRWKHERRW$VZHGURYHRIIVKHWXUQHGWRPHDFFXVLQJO\


    <RXUKHDUWZDVQ
    WLQLW
    VKHVDLG
    +RZGR\RXH[SHFWDQ\WKLQJWRKDSSHQLI\RXUKHDUWUHDOO\LVQ
    WLQLW%\
    KHDUWRIFRXUVH,PHDQDOORI\RXUVHOIQRWWKDWUDWKHURYHUDWHGSOXPELQJRUJDQ+DYH\RXHYHUHDWHQD
    ODPE
    VKHDUW",GLGRQFHLQDJLUO
    VGHWHQWLRQFHQWUH,IRUJHWZKDW,ZDVLQIRUWKDWWLPH3UREDEO\*%+
    $QGRQHQLJKWLWZDVODPEV
    KHDUWVIRUGLQQHU,FRXOGQRWVWDQGWKHVLJKWRIPHDWIRUZHHNV


    :KDW
    V*%+"


    *ULHYRXVERGLO\KDUP

    ,GRQ
    WNQRZKRZ,NHSWWKHVWHHULQJZKHHOVWHDG\


    :KRGLG\RXKDUP"


    2QWKDWVSHFLILFRFFDVLRQLWZDVIDWKHU,GLGQ
    WPHDQWRKXUWKLP%XWKHZDVJHWWLQJLQWRP\KDLU\RX
    NQRZ,VPDVKHGKLPZKHQKH

    >3DJH@

    FDOOHGPHDFRQQLYLQJFXQW,PHDQKHKDGMXVWVFUHZHGPHDQGQRZDOVRZDQWHGWKHVDWLVIDFWLRQRI
    FDOOLQJPHRIDOOFUXGHWKLQJVDFRQQLYLQJFXQW<RXURZQIDWKHUIRU*RG
    VVDNH7KDW
    VZK\,VDLGWKH\
    KDYHWREHNLOOHG2IFRXUVHWKHUHLVDVWULFWO\UHYROXWLRQDU\GLDJQRVLVDERXWZK\WKH\VKRXOGEHEXULHGE\
    XVEXWZKHQP\RZQIDWKHUDIWHUVFUHZLQJPHQLFHO\FDOOHGPHDFRQQLYLQJFXQWWKHZKROHWKLQJZDV
    VXGGHQO\FOHDULQP\KHDG,WZDVOLNH\RXVD\LQJEDFNWKHUH6+8783DIWHUKDYLQJIXFNHGPHOLNH
    QRWKLQJRQHDUWK'R\RXXQGHUVWDQGQRZ"

    ,ZDVEHJLQQLQJWR


    ,DPEHJLQQLQJWR
    ,VDLG

    $QG,UHDOO\ZDV

    7KHJULQZDVQRZRQKHUIDFH


    ,VXSSRVH\RXZULWHSRHPVWRR/LNH1LFNGLG3RHPVVKRXOGQRWEHZULWWHQEXWEURXJKWLQWREHLQJ
    EURXJKWULJKWRXWLQWROLYLQJUHDOLW\1LFNKDGVSDVPVRIEHLQJZKHQKHZRXOGEHUHDOO\DOLYH\RXNQRZ
    %XWWKHQKHZRXOGEHFRPHVKLIW\DQGVOLQNRIILQWRKLVSULYDF\DQGMRWWKHPGRZQ7KHROGSURSKHWLF
    ERRNVLQWKH2OG7HVWDPHQWKDYHDWKLQJDERXWWKLQJVZULWWHQE\WKHILQJHURI*RG$QGDOOWKLVDERXW
    GLYLQHGLFWDWLRQDXWRPDWLFZULWLQJDQGVRIRUWK,IZHGLGQ
    WZULWHLWEXWOLYHGLW<RXNQRZ/,9(',7,7
    %XWVKLWLW
    VQHYHUWKHUH:KHQLWLV\RXZDNHXSDQGILQG\RXKDYHFRPPLWWHG*%+,IQRWROGIDVKLRQHG
    PXUGHU7KHLPSXOVHWRGHVWUR\WKDW
    VDOOZHKDYHOHIW(YHU\WKLQJJRLQJXSLQGHDGO\PXVKURRPVRILUH
    <RXNQRZ7KLVFDUIRULQVWDQFH:K\GRQ
    WZHVWRSDQGZUHFNLW"7KDWKDPPHULVUHDOO\JRRGDQGP\
    KHDUWLVLQLW

    0\KDQGVRQWKHVWHHULQJZKHHOZRXOGKDYHWUHPEOHGKDG,QRWEHHQJULSSLQJLWZLWKDOOP\PLJKWOLNHD
    OHDUQHUGULYHU


    :LOOLDP%ODNH
    V
    7LJHU7LJHU
    KDVDOXPLQRXVIRUFHSUHFLVHO\EHFDXVHLWH[FLWHVLQXVIURPWKHEHGURFNDQ
    RSSRVLWHDQGPRUHGLUHIRUFHZKLFKFDQKDPPHUWKLVFUHDWHGWLJHULQWRELWVDQGSLHFHVRIIO\LQJVSDUNV
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    6RFLHWLHVWRRKDYHDVLPLODUHIIHFW/LNHQDWLRQV$OOWKHVHJUDQGGHVLJQV7KH\FDQEHUHGXFHGLQWREULHI
    VRRQEXUQWRXWFLQGHUV7KHYHU\VLJKWRIDOLYLQJWKLQJKDVDVLPLODUHIIHFW6PDVKDQGSXOSLWLQWRJUDLQV
    RIOLYLGGXVW1LFNFRXOGQHYHUTXLWHJUDVSWKLV<RXVHHKHVXIIHUHGIURPDFRQVFLHQFH,WULHGYHU\KDUGWR
    HUDVHLWIRUKLP,ZDVWKHUHZKHQKHGLHG'HDWKOHIWKLPSLWLIXOO\FUHVWIDOOHQ:HFRXOGKDYHKLWLWRIIVR
    ZHOOWRJHWKHU+LVWHPSHUDPHQW

    >3DJH@

    ZDVRND\,WZDVMXVWWKLVFRQVFLHQFH<RXNQRZ<RXDUHSUREDEO\LQIHFWHGWRR:K\KDYHVRPDQ\
    ZLOOLQJO\LQIHFWHGWKHPVHOYHVZLWKLW",FDQQHYHUXQGHUVWDQGLW%XWWKHQLI,GLG,ZRXOGQRWEHDEOHWR
    EORZWKHPXSZLWKERPEV,WKLQNRIP\VHOIDVWKHVROHDQGVLJQLILFDQWZRPERIWKLVWRWWHULQJQDWLRQ$QG
    ,GHDORXWGHDWKQRWHYHU\QLQHPRQWKVEXWHYHU\GD\HYHU\KRXUHYHU\LQVWDQW<RXGRQ
    WKDYHWR
    XQGHUVWDQG<RXDUHP\FKURQLFOHU0\ILQJHULQVFULEHVSLFWXUHVWKURXJK\RX3KRWRJUDSKV,WHQJUDYHV
    WKURXJK\RXDSDQRUDPDRIPXOWLWXGHVVSRQWDQHRXVO\GLVLQWHJUDWLQJLJQLWLQJHDFKRWKHUDQGWKHODQGRQ
    ZKLFKWKH\VWDQGDQGGLHLVRQHRILJQHRXVILUHV7KDWLI\RXGLGQRWXQGHUVWDQGLVZKR,DP1RZVWRS
    WKHFDU,ZDQW\RXWRIXFNPHHYHQEHWWHUWKDQ\RXGLGEDFNWKHUH,ZDQW\RXWRIXFNWKHLQVLGHRI\RXU
    RZQUDYLQJV

    :KHQZHUHWXUQHGWRWKHFDU,ZDVDPDQUHFDOOHGIURPKLVVWLQNLQJWRPE,H[XOWHGLQP\QHZIOHVKP\
    QHZPLQGP\QHZDQGFRPSHOOLQJZRUOG*RQHZDVWKDWFRUUXSWELUWKORQJDJR,KDGDUULYHGLQWKHSODFH
    ,VKRXOGKDYHEHHQIURPWKHEHJLQQLQJ$V,VOLGLQWRWKHGULYLQJVHDW,FRXOGIHHOP\H\HVJOLWWHULQJ
    VKDUSHQLQJRXWWRZDUGVDQHZDQGFRQFLVHYLVLELOLW\


    'ULYHKRPH:H
    YHVWLOOJRWWRGRWKHVKRSSLQJ,FDQKHDU*LQJHUFU\LQJIRUKLVVSHFLDOIRRG

    >3DJH@

    6HYHQ

    ,KDGDUULYHGDWWKHFDPSDWVXQULVH'HYLO
    V(QGORRNHGOLNHWKHQDPHLPSOLHG-DJJHGURFNJUDQLWH
    RXWFURSVVWRQ\YDOOH\VVKDUSIOLQW\SHDNVDQGUXQQLQJWKURXJKWKHPXQGHUJURXQGDQHWZRUNRIFDYHV
    DQGLQWHUORFNLQJWXQQHOVQDWXUDODQGPDQPDGH'HYLO
    V(QGLWVHOIURVHVKHHUIURPWKHIOLQW\JUH\ZDYHV
    WRDKHLJKWRIQLQHWHHQWKRXVDQGIHHW:LWKLQLWVFDYHVDQGWXQQHOVZHUHWKHSULVRQHUV
    TXDUWHUVWKH-DGH
    &KDPEHUDQGWKH%ODFN+DOO,KDGFRPHZLWK.DWKHULQHILUVWE\FDUDQGWKHQE\KRUVHDQGILQDOO\RQ
    IRRW$VVRRQDVZHDUULYHG,FKHFNHGP\FDPHUDVIRUGDPDJH,WZDVVOLJKWDQG,VRRQIL[HGLW0\URRP
    ZKLFKIDFHGWKHVHDZDVVFUHHQHGIURPLWE\DWKLFNVWHHOGRRULWZDVDOVRFRQQHFWHGWRDWXQQHOWKDWOHG
    WRWKH+HDG2IILFHZKHUH,IRXQG&KULVGR]LQJZLWKKLVIHHWRQWKHGHVN+HJDYHDVOLJKWVWDUWZKHQ,
    HQWHUHGDQGIXUWLYHO\VKLIWHGRXWRIVLJKWDSDLURIZRPHQ
    VEULHIV,VWUHWFKHGRXWP\KDQG


    ,DPWKHSKRWRJUDSKHU
    ,VDLG

    +HVDLGQRWKLQJ+HVWRRGXS+HZDVVKRUWIDWVZHDW\DQGFRPSOHWHO\EDOG:KHQKHUHOHDVHGP\KDQG
    ,FRXOGVWLOOIHHOWKHGDPSEXWSRZHUIXOLPSUHVVLRQRIKLVJULS,FRXOGQRWGHWHUPLQHKLVDJH+HZDV
    GUHVVHGLQGHQLPVWURXVHUVVKLUWMDFNHW$URXQGKLVQHFNZHUHKHDY\VWULQJVRIVKDUNWHHWKWKDWGDQJOHG
    GRZQWRKLVQDYHO

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    :KDW
    V6XVDQOLNHLQEHG"


    9HU\JRRG

    :LWKWKDWKHPDGHDVWUDQJHPDUNLQDOHGJHUWKDWZDVRSHQRQWKHGHVN7KHGRXEOHSDJHZDVIXOORIWKH
    VDPHVWUDQJHPDUNV+HKDQGHGPHDSHQ

    >3DJH@


    3OHDVHVLJQKHUH

    +HWXUQHGWKHERRNURXQGWRZDUGVPH,VLJQHG7KHUHZHUHDOOWKHVHVLJQDWXUHVDQGHDFKKDGIOXVK
    DJDLQVWLWWKHVDPHVWUDQJHPDUN


    6RWKDWLV\RXUQDPH:HGRQ
    WXVHRXURZQQDPHVKHUH<RXPXVWFDOOPH&KULV<RX
    YHPHW.DWK\DQG
    6XVLH,VKDOOLQWURGXFH\RXWRWKHRWKHUVDV:KDWZRXOG\RXOLNHXVWRFDOO\RX"

    ,GLGQ
    WHYHQWKLQN,VDLG


    &KULVWLDQ


    $QG&KULVWLDQ\RXVKDOOEH1RZSOHDVHFRPHZLWKPH,ZDQWWRWHVWVRPHWKLQJ

    ,IROORZHGKLPLQWRWKHWXQQHO:HSDVVHGWKURXJKKXJHURRPVLQZKLFKYDJXHKXPDQILJXUHVZHUHSRLVHG
    LQYHU\H[FUXFLDWLQJSRVWXUHV6RPHGDQJOHGIURPFKDLQVIL[HGWRWKHURRI 2QHKXQJXSVLGHGRZQDQG
    GDQJOHGE\KLVWHVWLFOHV 6RPHZHUHRQDUHGKRWWUHDGPLOO6RPHZHUHWUDQVIL[HGXSVLGHGRZQE\KXJH
    QDLOVGULYHQLQWRWKHURFNSDVVLQJWKURXJKWKHLUDQNOHVRUWKHLUNQHHV2WKHUV


    'RQ
    WGDZGOHPDQ:HKDYHQ
    WJRWDOOGD\
    &KULVVDLG
    %HVLGHV\RX
    OOKDYH\RXUFKDQFHZLWKDOORIWKHP


    0\FKDQFH"


    2IFRXUVH$OLWWOHLQYHQWLRQRIPLQH,QWKH-DGH5RRP+RZORQJDUH\RXKHUHIRU"


    7KUHHGD\V


    7LPHHQRXJKLVQ
    WLW<28"

    $QGKHNLFNHGDJUH\KDLUHGVNHOHWDOPDQZKRORRNHGDVWKRXJKKHZDVWUDQVIL[HGWRWKHIORRUE\DVHULHV
    RIVKDUSQDUURZEODGHVWKDWFXWWKURXJKEXWWRFNVDQGWKLJKV
    +HJXDUGVWKH-DGH5RRP+HZDVWKH
    IXFNLQJKHDGRIWKH&%,:HJUDEEHGKLPVHYHQ\HDUVDJR7KHVRQVRIELWFKHVDEVROXWHO\UHIXVHWRSD\
    WKHUDQVRP,FDQ
    WVD\,EODPHWKHP'RQ
    WGDZGOHIRUVKLWWLQJVDNH<RX
    OOKDYH\RXUFKDQFHDOOULJKW


    7RSKRWRJUDSK"


    2IFRXUVHROGERRWWKDW
    VZKDW\RX
    UHKHUHIRU:H
    YHJRWWRJHWULGRIDOOWKHVHVSOLWDUVHIXFNLQJXQSDLG
    UDQVRPVWKDWDUHFURZGLQJXVRXWDKHUH%XWZHGRVRLQDVSHFWDFXODUPDQQHU6XVDQSUREDEO\H[SODLQHG
    LWWR\RXRQ\RXULQLWLDWLRQ+RZZDVVKHLQEHGDJDLQ"


    6SHFWDFXODU

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    +HWXUQHGURXQGZULQNOLQJKLVEURZ+HVDLG

    >3DJH@


    7KDW
    VQRWZKDW\RXVDLGLQWKHRIILFH

    +HIL[HGXQZLQNLQJH\HVRQPH


    'LVOR\DOW\KHUHLVDFDSLWDORIIHQFH
    KHVDLG
    5HPHPEHUWKDW1RZRQFHPRUH+RZLV6XVDQLQEHG"


    9HU\JRRG
    ,VDLG

    ,KDGDOPRVWVDOXWHG


    <RXFDQVDOXWHLI\RXZDQWWREXW\RXNQRZWKDW
    VQRWLQWKLVRXWILWEHFDXVHLW
    VXQGHPRFUDWLFDQGVPLUNV
    RIPLOLWDU\WRWDOLWDULDQLVP<RXNQRZ%\WKHZD\GR\RXVPRNH


    +DYHRQH
    ,VDLGRIIHULQJKLPWKHSDFNHW


    1212121RERG\VPRNHVWREDFFRKHUH<RXKDYHWRVPRNHZKDWZHVPRNH+HUH
    V\RXUUDWLRQ,I
    \RXVPRNHGLIIHUHQWWKDW
    VXQGHPRFUDWLFDQGXSVHWWLQJ,WVPLUNVRILQGLYLGXDOLVWLFRSSRUWXQLVP<RX
    NQRZ1RWWKDW,GRQ
    WNQRZGLIIHUHQW

    ,WRRNP\UDWLRQDQGWKDQNHGKLP


    'RQ
    WWKDQNPH,WZDVDOUHDG\\RXUVORQJEHIRUH6XVDQIRXQG\RX<RXRIFRXUVHPHGLWDWHVRPHWLPHV


    1HYHU


    7KDW
    VEDG,I\RXGRQ
    W,ZRQGHUZKDWVKHVDZLQ\RX,WZDVWKHVDPHZLWKWKDW\RXQJPDQ1LFNZKR
    WUDQVWUDQV


    7UDQVPLJUDWHG"


    7KDW
    VWKHZRUG+RZGLG\RXNQRZWKDW"<RX
    UHSUREDEO\WHOHSDWKLF,WKLQNSV\FKLFDOO\,DPRXQWWRQLO
    EXWQRZDQGWKHQ,KDYHWROGSHRSOHWKHLUIRUWXQHVPHUHO\E\UHDGLQJWKHLUVKLW<RXGRQ
    WIHHOOLNHVKLWWLQJ
    QRZGR\RX",WZRXOGKHOSDORW

    ,VKRRNP\KHDGHPSKDWLFDOO\

    +HVLJKHG


    :HFRXOGVKLWWRJHWKHU\RXNQRZ,NQRZDORYHO\SODFHYHU\FORVHWRWKHSHDNRI'HYLO
    V(QG,WORRNV
    MXVWOLNHLWPXVWKDYHGRQHZKHQ3URPHWKHXVZDVERXQG7KDW
    VKRZWKHFXOWEHJDQ2IFRXUVHLQUHDOLW\
    KHKDGWRVKLWLQKLVSDQWVEHFDXVHKHZDVERXQGDOOWKHWLPH%XWWKHQORWVRIUHOLJLRQVWZLVWWKHIDFWV
    VRPHZKDWWRDFKLHYHWKHGHVLUHGHQG6RZHWKLQNRI3URPHWKHXVDVWKHILUVWPDQWRQRWRQO\UHDGKLVVKLW
    EXWDOVRWRVXIIRFDWHLQLW<RXVHHKHFRXOGQ
    WJHWULGRILW,WZDVULJKWWKHUHEHWZHHQKLVDQNOHVDQG
    VWHDGLO\DFFXPXODWLQJXQWLOILQDOO\KHVKLWWKDWODVWPRUVHOWKDWWLSSHGWKHEDODQFHDQGLWVXIIRFDWHGKLP
    *HWLW,W
    VYHU\VLPSOHDFWXDOO\%HIRUH,ZDVWUDQVIRUPHG,WULHGDW2[IRUGWRSUHVHQW

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    >3DJH@

    P\3K'WKHVLVRQWKLVWRSLFRIVKLWLQ$QFLHQW*UHHNDQG5RPDQPDQXVFULSWVEXWWKHEDVWDUGVZRXOGQ
    W
    HYHQORRNDWLW/HWDORQHVPHOOLW7KDWWDXJKWPHDORWDERXWDFDGHPLFIDVFLVP<RXNQRZ1RWWKDW,
    GRQ
    WNQRZWKHRWKHUVLGHRIWKHTXHVWLRQ%XWQR\RXGRQ
    WZDQWWRVKLW"

    7KHUHZDVDVWULGHQWQRWHRIGHVSHUDWLRQLQKLVYRLFH,VKRRNP\KHDGYHU\YLJRURXVO\DQGVDLG


    1REXWWKDQN\RXDOOWKHVDPH


    :KDWGLGWKH\WHOO\RXDERXWPH"7KH\DUHDOZD\VVD\LQJQDVW\WKLQJVDERXWPH&DQ\RXKHDUWKHP
    ZKLVSHULQJ1RWKDW
    VSUREDEO\EHFDXVHRIWKHKLJKVHD3HUKDSV\RXOLNHWRVKLWLQWKHVHD"$KD,JRW
    \RXWKHUH<RXOLNHWRVKLWLQWKHVHDGRQ
    W\RX"<RXZHUHDERXWWRXVHWKDWDVDQH[SODQDWLRQIRUQRW
    VKLWWLQJZLWKPHRQ'HYLO
    V(QGSHDN,FDQUHDGPLQGV\RXNQRZVLPSO\IURPWKHIDFWWKDWDOOOLYLQJ
    KXPDQEHLQJVDOZD\VKDYHDOLWWOHVROLGVKLWLQVLGHWKHPDWDQ\KRXURIQLJKWDQGGD\,I\RXVWXG\WKHLU
    IDFHVLQWHQWO\HQRXJK\RXZLOOVHHWKHVKLWLQWKHUHDQGLWZLOOUHYHDOZKDWWKH\DUHWKLQNLQJ,ZDVULJKW
    ZDVQ
    W,DERXW\RXDQGVKLWWLQJLQWKHVHD"

    ,KDGWRDGPLWWKDWKHZDVULJKW

    +HVDLGZDUQLQJO\ZLVWIXOO\


    ,W
    VVXSSRVHGWREHDVLJQRIHIIHPLQDF\\RXNQRZ<RX
    UHQRWJD\DUH\RX"

    1R,DPQRW,WKRXJKWDV,VKRRNP\KHDG:DVWKLVWKHOLWWOHWHVW"2UZDVLWKLVRZQIDFWILQGLQJ
    H[SHULPHQW"7KLVSULHVWRI3URPHWKHXV7KLVVKLWPRQJHULQWKHPDUNHWSODFH7KLV&KULV7KLVIHPDOH
    XQGHUZHDUVFDYHQJHU


    6WULNHWKLVER[RIPDWFKHV

    +HJDYHPHDPDWFKVWLFN,VWUXFNOLJKWLQJLW+HOLWXSZLWKSOHDVXUH


    <RX
    UHJD\\RXNQRZ<RXVWUXFNLWH[DFWO\WKHZD\HIIHPLQDWHPHQDUHVXSSRVHGWRGR7KDWSURYHVLW
    EH\RQGGRXEW%XWZDLWKRZJRRGLV6XVDQLQEHG"

    ,FOLFNHGP\KHHOVWRJHWKHUDQGVDOXWHG


    9HU\JRRG

    +HVDOXWHGWRR


    9HU\JRRG&KULVWLDQ$WHDVH<RXNQRZ,WKLQN\RX
    UHIXOORIFUDIWLQHVVUDWKHUWKDQZLVGRP'RQ
    W\RX
    DJUHH"

    >3DJH@


    <RXDUHIXOORIVKLW&KULV


    $QGLUULWDEOHWRERRW7KDW
    VLQWHUHVWLQJ2UUDWKHULVLWVSLULW"

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    3HUKDSV


    :HOO\RXIHOOIRULWMXVWDVZHDOOIHOOIRULWGLGQ
    W\RX"


    )HOOIRUZKDW"


    7KHJUHDWFXQW$QGLW
    V

    ,FOLFNHGP\KHHOV


    9HU\JRRG


    <RX
    UHVKDUSWRR7KRXJKWKDW
    VSUREDEO\QHUYHV'R\RXVHHWKDWRQHWKHUH"7KHRQHZKRLVVROGHUHGWR
    WKHURFN"

    +LVH\HVWZLQNOHG,QRGGHG


    +HZDVWKHSKRWRJUDSKHUEHIRUH\RX'R\RXXQGHUVWDQG"


    $UH\RXWKUHDWHQLQJPH"


    2KQRP\GHDUFKDS-XVWZDUQLQJ\RX1RWKLQJLVHYHUZKDWLWVHHPV<RXSUREDEO\NQRZWKDWEXWKDYH
    QHYHUDFWXDOO\WHVWHGLW/RRNDWKLVH\HV$UHWKH\QRWSHUKDSV"

    ,GLGQRWKDYHWRORRN,KDGDOUHDG\QRWLFHG


    &DPHUDOHQVHV
    ,VDLG


    3HUKDSVKHLVFKURQLFOLQJQRZ%XWLI\RXDVNPH,WKLQNKHLVWKLUVW\9HU\WKLUVW\

    ,WRRNRXWP\KLSIODVNXQVFUHZHGLWDQGWRRNDORQJGULQN7KHQ,SRXUHGDOLWWOHVSLULWLQWRWKHSRRU
    IHOORZ
    VTXLYHULQJOLSV7KHJDXQW$GDP
    VDSSOHZREEOHGXSDQGGRZQ&KULVFKXFNOHG


    <RX
    OOHQGXSOLNHKLPPDUNP\ZRUGV'ULQNWRRZDVKLVILUVWPLVWDNHKHUH1RWWKDW,GRQ
    WNQRZWKH
    RWKHUVLGHRIWKHFRLQ,W
    VFOHDUDVGD\OLJKW2IFRXUVHZHQHYHUVHHGD\OLJKWXQOHVVZHZDQWWRVKLWRQ
    'HYLO
    V(QGSHDN%XWNQRZLQJWZRVLGHVGRHVQRWPHDQRQHKDVQRWDVLGH<RX
    YHRVWHQVLEO\FKRVHQ
    \RXUVEXWWKHUHLVYDFLOODWLRQLQ\RX'R\RXPDVWXUEDWH":KHQZDVWKHODVWWLPH\RXGLGVR"


    ,DOVRVKLW
    ,VDLG
    $QG,VKDWZLWK.DWK\DQKRXUDJRZKHQZHZHUHFRPLQJKHUH+H\ZKDW
    VWKHSRLQW
    RIDOOWKLV"

    +HVKRRNKLVKHDGDVWKRXJKWRFOHDULW


    ([DFWO\
    KHVDLG

    $QGIURPWKHGDUNQHVVDERYHP\KHDGWKHUHFDPHDPHWDOOLFYRLFH


    127:+$7<28:$17%87:+$7<281(('

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    ,ORRNHGXS


    1HYHUPLQGWKDW
    KHVDLGUXEELQJKLVFKLQ
    7KDW
    V6DOO\WKHLQWHUFRPV\VWHP<RX
    OOVRRQJHWVLFNRIKHU
    DQGKHUVORJDQV.HHSV\RXRQ\RXUWRHVWKRXJKDIUDLG\RXUPLQGZLOOEHUDSHGE\WKHPDFKLQH(YHU
    KDGHOHFWULFVKRFNWUHDWPHQW"1R",VXUYLYHGLWEXWWKDW
    VDOO,FDQVD\.DWK\VFUDSHGPHEDFNWRJHWKHU
    DQGJOXHGPHLQWRDVHPEODQFHRIZKDW,KDGEHHQ,QWKHZDUG\RXNQRZVWUDSSHGWRP\EHGWKURXJK
    WKHHQGOHVVLQVLQXDWLRQRIWKHWXUQHGGRZQUDGLR,FRXOGKHDU6DOO\VD\LQJ
    $UWLVQRWOLIHDQGFDQQRWEHD
    PLGZLIHWRVRFLHW\
    <RXSOD\HGWKHJDPHRUWKH\LQFLQHUDWHG\RXUREOLTXHLPSXOVHV,FOXQJWROLIHOLNHD
    OHDILQDXWXPQ&OXQJWRWKHQHZO\ODXQGHUHGXQGHUZHDURIDVLEOLQJSXUSRVH%XWXKXK,GLJUHVV:KDW
    ZDVLWZH
    UHVXSSRVHGWRGR"6RPHVRUWRIWHVWZDVQ
    WLW"


    ,VQ
    WWKLVLW"
    ,DVNHG


    ,QWHUHVWLQJLVLWQRW"$Q\ZD\FRPHWKLVZD\,ZDQW\RXWRSKRWRJUDSKVRPHWKLQJ

    7KHKDOOZDVIORRGOLWZLWKSLQNOLJKWV,QWKHSLQNJORRP,FRXOGVHHDPXOWLWXGHRIILJXUHVVPRNLQJ
    ZKLVSHULQJPHGLWDWLQJHPEUDFLQJVWDULQJVOHHSLQJGR]LQJVFUDWFKLQJDQGQRWDVLQJOHH\HWXUQHGWR
    REVHUYHRXUHQWU\7KH\PLJKWDVZHOOKDYHEHHQGLVHPERGLHGVSLULWVDZDLWLQJWKHLUWXUQLQWKDW
    XQGHUJURXQGSODFHYLWDOOLVWOHVVZLWKDSXUHVSLULWXDOVXSSOHQHVVWKDWZDVHQKDQFHGE\WKHLUQRQFKDODQW
    PRGHRIGUHVVGHQLPVDQGFRWWRQZLWKEDUHWRHVDQGEHDGV


    ,VXSSRVH\RX
    UHPRRQVWRQH
    KHVDLG
    <RXFDQFKDQJHWKHOLJKWWRWKDWLI\RXOLNH7KHVZLWFKHVDUHKHUH

    $PRQJWKHDUUD\RIVZLWFKHVZDVRQHODEHOOHG02216721(,IOLFNHGWKDWRQ$WRQFHWKHFDYHUQKDOO
    ZDVWUDQVIRUPHGLQWRDJOLWWHULQJVRIWQHVV$QGQRWRQHRIWKDWPXOWLWXGHHYHQJODQFHGXS,FRXOGKHDU
    VQDWFKHVRIWKHLUZKLVSHUHGFRQYHUVDWLRQV


    2XUVLVWKHILHOGKRVSLWDOIRUWKHVWUDLJKWEDWWOHVRXWWKHUH:H
    UHWKHZDONLQJZRXQGHG


    $EUDLQWUDQVSODQWWRPDNH\RXFRQIRUP%OHHGLQJIURPED\RQHWVFKDLQVEXOOHWVFKLVHOV


    7KH\RXQJKRZOIRUSHUIHFWLRQDQGWKHROGZLWKSXEOLFVSDGHVGLJLQDQGWKHZRPHQVWLOOH[SHFWWKHLU
    FKDLQV


    7KHVSDFHLQWKHKXPDQKHDUWKDVFRQWUDFWHGLQWRWKHSRLQWRID

    >3DJH@

    ED\RQHW7KHSRWHQWLDOLQWKHKXPDQPLQGLVSULPHGOLNHDOHWKDOJUHQDGH


    7KHQHUYRXVGXUDWLRQZKHQWKHSHWDOVIDGHLVWKHGLVORFDWLRQEHWZHHQWKHLPDJHDQGWKHSHUIRUPDQFH,
    WKLQNRIRXUVHOYHVDVDVXQVHWWKDWIROORZVQRVXQULVH

    ,SDQQHGWKHFDPHUDWRWDNHLQWKHLOOLPLWDEOHSURVSHFW0\VKRXOGHUDFKHG$WWKHIDUHQGRIWKHURRPZDV
    DVPDOOSODWIRUP$JXLOORWLQHVWRRGRQLW7RP\ULJKWZDVDQRWKHUZRRGHQSODWIRUP$QHOHFWULFFKDLU
    VWRRGRQLW2QP\OHIWZDVDQRWKHUVPDOOSODWIRUPDQRRVHKXQJGRZQDERYHLW7KHLPSOHPHQWVRID
    KXPDQWUDGLWLRQ7KHPXOWLWXGHVDWZKLVSHULQJDQGVPRNLQJZLWKLQWKLVWULDQJOHRIDIDWDOMXVWLFH1RQHRI
    WKHPWRRNDQ\QRWLFHRIWKHWULSOHH[HFXWLRQVWKDWWKHQSURFHHGHGWRWDNHSODFH,UHFRUGHGHYHU\WKLQJ

    0HDQZKLOHWKHLUHQGOHVVLQVHFWOLNHDFWLYLW\FRQWLQXHGQRZDQGWKHQLQWHUUXSWHGE\6DOO\
    VHOHFWURQLF
    LQWHUMHFWLRQV

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    $YRLFHHYRNHG
    WKHWHDVSRRQPRRQWKDWKROGVDVLQJOHGURS
    DQGFRQWLQXHGLQVXEGXHGWRQHVWRHODERUDWH
    RQWKHWKHPHRIDQLQGHILQDEOHPRUURZ$QRWKHUGUDJJLQJLQWRKLVOXQJVWKHYLVLRQLQGXFLQJIXPHV
    JD]HGEDFNDWKLVODQJXRURXVIULHQGDIXUQDFHRIVHQVXDOTXHVWLRQV$QGWKHYRLFHVGURQHGRQ


    6ROHPQLW\DWWHQGVQHLWKHUGHDWKQRUELUWKQRUWKHURXWHEHWZHHQ,QGLJQLWLHVRIEORRGDQGSDLQWKXQGHU
    DOLNHIURPFUDGOHDQGGHDWKEHG7KH\KXUOGRZQWKURXJKOLIHHQGXUDEOHPLVHULHVWKDWQRJUDYHGHVFULSWLRQ
    FDQPDNHFOHDQRUVROHPQ

    $KHDGQRGGHG


    ,KHDUGWKHPXWHGVQDUOVKDUSHQLQJLWVWHHWKEHKLQGWKHFRPPRQVSHHFKWKHDLPOHVVFKDWWHU<RXNQRZ
    7KLVLQGLIIHUHQWSDQRUDPDVKRWWKURXJKZLWKEORRGVKRWFULHV)URPWRPEDQGERDUGHGXSKRXVH,KHDUG
    WKHLUVHHWKLQJPDWHULDOWKUHDWVWKHLUYROFDQLFSHUPDQHQFHXQGHUQHDWKWKHQDUURZSDYHPHQWRIORYH

    2QHZLWKEULJKWYLROHWKDLUTXRWHG


    7KHUDSLGGD\VZKHHODERXW

    )OLQJLQJLQP\IDFHWKHIDFWVRIGXVWPXGOLIHDQGSDLQ

    &KULVWKUXVWKLVIDFHLQIURQWRIWKHFDPHUDVKRXWLQJ


    )RRO7KHUHLVQRWKLQJWKHUH

    ,ORZHUHGWKHFDPHUD7KH\KDGYDQLVKHG7KHKDOOZDVHPSW\

    >3DJH@

    7KHUHZDVQRPXOWLWXGHQRJXLOORWLQHQRHOHFWULFFKDLUQRKDQJPDQ
    VQRRVH7KHOLJKWZDVQRWSLQNRU
    PRRQVWRQH
    VJOLWWHULQJVRIWQHVV,WZDVGDUNDQGFROG,KDGEHHQILOPLQJHHULHWHHWKRIVWDODJPLWHVDQG
    VWDODFWLWHV,VKLYHUHG

    &KULVSXQFKHGP\EDFNV\PSDWKHWLFDOO\

    ,ZLQFHGZRQGHULQJLI,KDGDOVRLPDJLQHGWKHEORZ


    :HOOWKHUHLWLV
    KHVDLG


    :KDWZDVLW"


    ([DFWO\7KHUHZHDJUHH1RWWKDW,GRQ
    WNQRZWKHRWKHUVLGH\RXXQGHUVWDQG<RX
    YHIDLOHG\RXNQRZ

    KHDGGHG
    $SLW\$FWXDOO\LW
    VIRUWKHEHVW7KHRQHEHIRUH\RXKHSDVVHGWKLVRQHDQGZRNHXSWRILQGKH
    KDGEDWWHUHGSRRU)UDQ]WRGHDWKZLWKKLVFDPHUD$Q\ZD\OHW
    VJRMRLQWKHRWKHUV7KHRQHVZKRZHUH
    KHUH


    :KHUHDUHWKH\IRU*RG
    VVDNH"


    6RPHZKHUH7KH\DUHDOZD\VVRPHZKHUH,W
    VORJLFDOLVQ
    WLW"&RPH

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    :HSLFNHGRXUFUDZOLQJZD\WKURXJKWKHLF\VWDODFWLWHVDQGVWDODJPLWHV+HZDVWDONLQJDOOWKHWLPH,
    NQHZLWQRZ,ZDVPDG%XWWKDWZDVDOOULJKW%HFDXVHWKLVZRUOGZDVPDGGHUWKDQ,ZDV,MXPSHGDQG
    UXEEHGP\KHDGZKHUH,KDGEXPSHGLWDJDLQVWDSURWUXVLRQRIURFN,WZDV6DOO\VD\LQJPRRGLO\


    7,//,+$9(+(5,/29(72/,(:,7+$1'3529(

    :HFDPHRXWLQWRDEULJKWO\OLWFRUULGRUZLWKVHYHUDOGRRUVRQHLWKHUVLGH,WZDVZDUPDQGVQXJDQG,
    ZDQWHGWROHDQDJDLQVWWKHZDOODQGMXVWVWDUHDWWKHORQJSRVVLELOLW\RIVXFKDFRUULGRU7KHUHZDV
    VRPHWKLQJLOOXVRU\DERXWLWOLNHDGUHDPWKDWLVUHDOEXWQROHVVDGUHDPIRUDOOWKDW%HIRUHZHWRRN
    DQRWKHUVWHSDGRRUIXUWKHUGRZQRSHQHGVXGGHQO\XQOHDVKLQJWKHVRXQGRIDW\SHZULWHUFKDWWHULQJ
    UDSLGO\DQGWKHUHZDONHGIHYHULVKO\WRZDUGVXVDWKLQGDUNH\HG\RXWKFDUU\LQJDVKHDIRISDPSKOHWV$V
    KHSDVVHGXVKHWKUXVWRQHLQWRP\KDQG,ORRNHGDWLW,WVDLG


    '2:1:,7+7+(*5($7&817

    &KULVZDVFKXFNOLQJWRKLPVHOI


    7KDW
    VWKH2SSRVLWLRQ
    KHVDLG
    7KHRWKHUVLGHRIWKHTXHVWLRQ7KDW
    VSRRU)UDQ]
    VEURWKHU2QHRIWKHVH
    GD\VVKH
    OOORVHDOOSDWLHQFHZLWKKLP%XWDWWKHPRPHQWKHLVWROHUDWHG,QIDFWKHLVQHFHVVDU\+HLV
    DOZD\VKDQGLQJRXWSDPSKOHWVDOOVD\LQJWKDW2IFRXUVHWKH*UHDW&XQWFDQDEVRUEHYHQWKDW

    >3DJH@

    7KHW\SLQJVWLOOFRQWLQXHGWRUDWWOHIURPWKHURRP)UDQ]
    VEURWKHUKDGFRPHRXWRI:HORRNHGLQWKURXJK
    WKHGRRU

    +HKDGKLVEDFNWRXV$VHWRIFDPHUDVDQGOHQVHVOD\RQWKHIORRU7KHUHZDVVRPHWKLQJIDPLOLDUDERXW
    WKDWEDFNDERXWWKHW\SLQJDQGWKHWKLQJKHZDVW\SLQJ&KULVKDGZDONHGXSWRKLPDQGQRZWRXFKHG
    KLPRQWKHVKRXOGHUVD\LQJ


    &KULVWLDQ,ZDQW\RXWRPHHWVRPHRQH\RXNQRZ

    7KHW\SLQJVWRSSHG,UULWDEO\WKHPDQVDLG


    :KRLVLW"&DQ
    W\RXVHH,DPEXV\<RXFDQ
    WMXVWFRPHLQKHUH

    $QGKHWXUQHGKLVKHDGWRZDUGVPH

    ,FRXOGQRWWDNHDZD\P\H\HVIURPKLVIDFH7KHOLNHQHVVZDVDVWRQLVKLQJ,ZDVORRNLQJDWP\VHOIWKH
    KDLUWKHPRXWKWKHFKLQWKHEODFNVKLUWWKHEODFNMDFNHWWKHEODFNWURXVHUVWKHEODFNVRFNVWKHEODFN
    VKRHV,ZDVORRNLQJDWP\VHOI+LVRZQH\HVKDGQDUURZHG+HVDLGZLWKRXWWXUQLQJKLVKHDGDZD\


    :KDW
    VWKLV&KULV"$QRWKHURI\RXUWULFNV,VXSSRVH$Q\ZD\

    +LVYRLFHWUDLOHGDZD\)LQDOO\KHVDLG


    +HOOR

    7KHUHZDVDWUDFHRIDPXVHPHQWLQKLVYRLFHDVKHVDLG

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,DPDIUDLG,FDQ
    WGRWKHKRQRXUV5DWKHUEXV\DV\RXFDQVHH%XWSHUKDSV\RX
    GFDUHIRUDGULQN"2YHU
    WKHUH

    ,WZDVDERWWOHRIYRGND&KULVIURZQHG,VLSSHGP\GULQNVORZO\ORRNLQJDWKLPWKURXJKLWVERWWRP+H
    ZDVDOUHDG\VWRRSHGRYHUWKHW\SHZULWHUGUDZLQJRQKLVFLJDUHWWH,DVNHG


    :KDWDUH\RXZULWLQJ"


    ,GRQ
    WNQRZH[DFWO\
    KHVDLG
    ,W
    VDORQJOHWWHUWRP\VHOIDERXWZULWLQJDQGDOOWKDW1RWWHUULEO\
    LPSRUWDQWDWDOO$Q\ZD\ZHOFRPHWR&KULV
    V<0&$ZKDW"<RXORRNDELWUDWKHUOLNHPH\RXNQRZ
    6DPHEXLOG6DPHIDFH$QGWKRVHFDPHUDVWRR'LGKHVKRZ\RXWKHRQHWKH\VROGHUHGDOLYHWRWKHURFN
    +HGLG7KDWRQHDOVRORRNHGOLNHPH%XWWKHUH
    VQRWKLQJLQORRNV,W
    VWKHLQQHUWKLQJVZKLFKPDWWHU
    +HUH,DPSUHDFKLQJ,WKLQN,
    OOKDYHDGULQNP\VHOIWRR%DGWRGULQNDQGZULWHDWWKHVDPHWLPHGRQ
    W
    \RXWKLQN&RXOGQHYHUHYRNHWKHROG0XVHDIWHUWKHRGGFRXSOHRIGRXEOHV6WLOOWKHUHLWLV3HUKDSVODWHU
    \RX
    GOLNHWRJRRYHUVRPHRIWKHODWHUFKDSWHUV",
    PQRZGRLQJZKDWDPRXQWVWREHWKHFRQFOXVLRQ
    $OZD\VGLIILFXOWWKDW

    >3DJH@

    +PP<RX
    UHKHUHIRUORQJSHUKDSV"7KHXVXDOWKUHHGD\V7KDWZDVP\FDVHWRR%XWKHUH\RXNQRZ
    WKUHHGD\VFDQEHWKUHHPLQXWHVWKUHHVHFRQGVWKUHHFHQWXULHVWKUHHPLOOHQLDWKUHHHWHUQLWLHV1RQVHQVH
    OLNHWKDWEXWLWVWLOOOHDYHVRQHDELWVFUDJJ\DWWKHVHDPV<RXQHYHUTXLWHNQRZLIWKH\LQYHQWHG\RXRULI
    \RXLQYHQWHGWKHP'R\RXOLNHYRGND"7KHUHLVQRWKLQJHOVHLQWKHZKROHRI'HYLO
    V(QG9RGNDYRGND
    YRGNDHYHU\ZKHUH2OG&KULVKHUHSUREDEO\WROG\RXGULQNLQJ
    VQRWGRQHKHUHEXWWKDW
    VWDNLQJLWDELW
    VWHHS+H
    VDIUDLGRILW:DVLQDQGRXWRIDOFRKROLFZDUGVDOOKLVOLIH2[IRUGGLGKLPLQ\RXNQRZ&DQ
    W
    VD\,EODPHWKHGUHDPLQJVSLUHV/RRNLQJOLNHWKDWDQ\RQHZRXOGEHWHPSWHGWRGRKLPLQ)XQQ\WDONLQJ
    WR\RXOLNH,
    PWDONLQJWRP\VHOI,GRWKDWVRPHWLPHVWDONLQJWRP\VHOI,PHDQ,W
    VWKLVSODFHDVRUWRI
    ODE\ULQWK$OOWKHRQHV\RXPHHWDUHDVORVWDV\RXUVHOIDQGDIWHUDZKLOH\RXFHDVHWRWDNHDQ\KXPDQ
    WKLQJVHULRXVO\<RXMXVWWKLQNRIKRZORQJDJR\RXKDGLWLQ\RXWRZDQWWRORRNIRUWKHZD\RXWRILWDOO
    7RHVFDSH,VXSSRVH\RXKDYHQ
    WWKRXJKWRIWU\LQJWRJHWRXWRIKHUH",W
    VDOOWKHVDPHUHDOO\&KULVZK\
    GRQ
    W\RXIXFNRIIIRUDZKLOH,ZDQWWRWDONWRKLP5LJKW")XFNRIIWKHQ

    &KULVIXFNHGRIIYHU\UHOXFWDQWO\+HGLGQRWFORVHWKHGRRU$IWHUDPRPHQWP\GRXEOHFUHSWXSWRWKH
    GRRUVXGGHQO\GDUWHGRXWDQGMXPSHGEDFNGUDJJLQJ&KULVE\WKHVFUXIIRIWKHQHFN


    :KHQ,VD\IXFNRII&KULV,PHDQ)8&.2))
    KHVDLG
    ,JXHVV\RXZDQWVRPHWKLQJIRU\RXUWURXEOH
    HK",GRKDYHVRPHWKLQJIRU\RX*RWLWIURP1LFROD

    $QGZLWKWKDWKHWKUXVWLQWR&KULV
    VKDQGVDVRLOHGEUD&KULVFRXOGQRWWDNHKLVH\HVIURPLW,GLGQRWORRN
    DZD\


    1RZ)8&.2))

    &KULVZHQWRXWPXWWHULQJWRKLPVHOI

    0\WZLQVZLUOHGKLVGULQNDQGGRZQHGLW+HPDGHDZU\IDFHRIGLVWDVWH


    /LYHDQGOHWOLYH,JXHVV
    KHVDLG
    ,GRQRWFDUHWRWKLQNKRZORQJ,
    YHEHHQKHUH,FDQQRWJHWRXWXQWLO,
    KDYHILQLVKHGWKDWWKLQJ

    +HSLFNHGXSWKHWKLQJ7KHXQILQLVKHGPDQXVFULSW+HKDQGHGLWWRPH

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,ZRQGHULILW
    V\RX
    KHPXVHG
    <RXVHHWKHUHLVDSRLQWLQWKDW

    >3DJH@

    PDQXVFULSWZKHQP\GRXEOHZDONVLQDQGDVLWZHUHWDNHVRYHURULVWDNHQRYHU,WGHSHQGV,VXSSRVHRQ
    WKDWIUDFWLRQRIDQLQFKZKLFKVHSDUDWHV\RXDQG,7KHRWKHURQHWKHRQHVROGHUHGWRWKDWURFN,UHDOO\
    WKRXJKWLWZDVKLP,ZDVZURQJ1RZ,PD\EHZURQJDJDLQ2QHDOZD\VLV<RXFDQRQO\SHUVHYHUH
    (VSHFLDOO\LQSODFHVOLNHWKLV7KHGHVLJQLVDOZD\VELJJHUWKDQLWVVHSDUDWHFRPSRQHQWV,FRXOGQ
    WIDFH
    WKDWLQP\HDUO\GD\V2QHGLGQRWZDQWWUXWKVFRPPRQWRDOOEXWDVLWZHUHSULYDWHDEVROXWHVWKDW
    FKLVHOOHGRQHLQWRVRPHWKLQJEULJKWHUDQGPRUHVLJQLILFDQWWKDQWKHGHVLJQ/LNH6XVDQ6KHFDQ
    WVWDQG
    WKHWKRXJKWRIDQ\WKLQJWKDW
    VFRPSUHKHQVLEOHEXWKDVDWWKHVDPHWLPHQRUHODWLRQZKDWVRHYHUWRKHUVHOI
    DQGKHUGHVLJQV6RVKHEORZVWKLQJVXS,VXSSRVHVKHH[SORGHG\RXWRR%HKLQGDEXVK$QG\RXFDPH
    RXWDQHZPDQ7KDWVRUWRIWKLQJ'RQ
    WZRUU\\RX
    OOJHWRYHULW7KHWKLQJLVQHYHUWREHWDNHQRYHUE\
    WKHFROOHFWLYHGHOXVLRQHLWKHUKHUHRURXWWKHUH7KHUHLVDFRPSOLFLW\LQRXUUHIXVDOVWRR%XWWKDWDV
    &KULVZRXOGVD\GRHVQRWPHDQRQHKDVQRWRQH
    VRZQVLGH,KDYHEHHQLQWKLVURRPIRUDVORQJDV,FDQ
    UHPHPEHULQYHQWLQJ\RXIURPWKHILUVWSDJHRIWKDWPDQXVFULSW2ULVLWWKHRWKHUZD\URXQG"<RXKDYH
    EHHQRXWWKHUHIRUDVORQJDV\RXFDQUHPHPEHULQYHQWLQJPHXSWRWKLVSRLQW2USHUKDSVWKHUHZDVLQWKH
    EHJLQQLQJDVLQJOHYDJXHLGHDRUZRUGZKLFKWKHQJHUPLQDWHGWKHWKRXJKWRI\RXDQG,JHUPLQDWLQJHDFK
    RWKHU(QGOHVVO\&KULVWZKDWDPD]H2IFRXUVHWLPHLVOLNHWKDW(VSHFLDOO\KHUH,W
    VVRUGLGDQGVTXDOLG
    KHUH6DGLVWLF$QG\HWLQVXFKDQHSKHPHUDOZD\WKDWLWFHDVHVWRPDWWHUYHU\PXFK7KDW
    VZKDWFRPHVRI
    WU\LQJWREULGJHWKHJDSEHWZHHQLQWHOOLJHQFHDQGWHUURU$PDHOVWURP$ZKLUOSRROWKDWVXFNV\RXLQDQG
    QRWRQO\LQYROYHV\RXEXWWHDUVLQVLGHRXWWKHVKUHGVRIZKDWKXPDQHFRQVLGHUDWLRQV\RXVWDUWHGRXWZLWK
    %XWVKLW,GRQ
    WWKLQN,PDNHPXFKVHQVH7RP\VHOI,GRQ
    W3HUKDSVWR\RX,GR":HFDQRQO\EHWRWDOO\
    XQGHUVWRRGE\RXURZQOLYLQJUHIOHFWLRQVKRZHYHUPXFKLQWKHHQGWKH\WXUQRXWWRKDYHEHHQGHOXVLRQV
    LOOXVLRQVPLUDJHV%XWRIFRXUVHHYHQWKRXJKLWDQG,PHDQ,7GHOLEHUDWHO\XQGHUVWDQGVGRQ
    WOHWLWWDNH
    RYHU,WLQFRUSRUDWHVDQLQFKRDWHDQGPDGGHQLQJLGHDWKDWWRUHYHDOLWWRRQHVHOILVWRVWDQGXSDQGGDQFH
    ZLWKSXUHWHUURU,WLVWKHELQGLQJIRUFHRIRXUPHQWDODQGHPRWLRQDOSRWHQWLDO7KRVHWLPHVZKHQLWLV
    FORVHVWWRWKHVXUIDFHLQRXUFKLOGKRRGLQRXU\RXWKLQRXUGHFOLQLQJ\HDUVDUHWKHJOHDPLQJVWKDW
    REOLWHUDWHDOOVHQVHRIWLPHSODFHDQGFRQYLFWLRQPDNLQJRI

    >3DJH@

    XVIXUQDFHVRIDQHWHUQDOSUHVHQW$OOWKLVLVPHUHSUHDFKLQJ%XWWKRVHZKRFRPHKHUHVRPHWLPHVQHHG
    SUHDFKLQJWRLIWKH\DUHWRUHPDLQWKHPVHOYHV<RXVHHNDWUDQVIRUPDWLRQWKDWFDQQHYHUFRPHWRRQHRI
    \RXUQDWXUHDWZLVWLQJDQGWXUQLQJQDWXUH<RXWKLQNRIPDNLQJDEUHDNWKURXJKLPDJLQDWLYHO\DQG
    FRQFUHWHO\EXWLW
    VQRWWKHRWKHUVLGHWKDW\RXZDQWEXWRQO\WKHSURFHVVWRZDUGVLW7KDWSHUKDSVZDV\RXU
    PLVXQGHUVWDQGLQJRI6XVDQ6KHLVOHVVDQG\HWPRUHWKDQ\RXVXSSRVHG/HVVEHFDXVHDVLQJOHZRUGIURP
    \RXFDQEUHDNKHUKROG0RUHEHFDXVHLWFDQFRVW\RX\RXUOLIH7KH\ORRNDVWKRXJKWKH\DUHSOD\LQJ
    7KH\GRQRWSOD\7KH\DUHUHDOO\JRLQJRXWWKHUHWRGHVWUR\WRNLOO<RX
    YHSUREDEO\QHYHUUHDOO\
    GHVWUR\HGRUNLOOHGDQ\WKLQJLQ\RXUOLIH\RXPHUHO\ZLVKHGWRZLVKHGWRGHVSHUDWHO\EXWQHYHUWRRNWKDW
    LUUHYRFDEOHVWHS7KLQNRI0DULH6KHLVWKHWHVW\RXKDYHQRW\HWXQGHUJRQH$QG,FDQWHOO\RXQRZWKDW
    ZKDWHYHU\RXGR\RXZLOONLOOKHU6KDOO,FDOO&KULVEDFNQRZ"

    ,VKRRNP\KHDG

    ,VKRRNP\KHDGDJDLQ


    :KDWGR\RXNQRZDERXW0DULH":KDWGR\RXPHDQ,ZLOONLOOKHU":KDW
    VDOOWKLV"


    .HHS\RXUVKLUWRQP\GHDUFKDS:KDWGRHVRQHHYHUPHDQ"([DFWO\DV&KULVZRXOGVD\,WLVQRWZKDW,
    NQRZWKDWLQWULJXHVPHQRZEXWZKDW,FDQQHYHUNQRZ,PDJLQHLWWKHUHDUHWKLQJVZKLFKRXUPLQGDQG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    LPDJLQDWLRQFDQQHYHUWKLQNRULPDJLQH$QGLIZHDUHPHUHSXSSHWVWRWKHVHWKLQJVWKHQ'R\RXVHH",
    GRQ
    WVHH%XWSHUKDSV\RXGR,KDYHDGMHFWLYHWRGHILQH\RX<RXKDYHQRXQVWRGHILQHPH,IZHGRDZD\
    ZLWKWKHDGMHFWLYHVDQGWKHQRXQVFDQ\RXLPDJLQHWKHWUDQVIRUPDWLRQWKDWZRXOGWDNHSODFHZLWKLQ\RX
    ZLWKLQPHZLWKLQ0DULHZLWKLQ6WHSKHQ"%XWRIFRXUVHZHFOLQJWRWKHDGMHFWLYHVDQGZHVWRXWO\KROGRQ
    WRWKHQRXQV7KH\ZHDYHGHVFULSWLRQVZKLFKDUHQHLWKHUOHWKDOQRUIDWDO)DVFLQDWLRQVFRPSOH[LWLHVWKDW
    ZKHQLQVSHFWHGXQGHUDILQHPLFURVFRSHQHLWKHUIDVFLQDWHQRUDUHWKH\FRPSOH[<RXOLYHRQWKH
    SHULSKHU\RIDFHQWULIXJDOOLIHLVWKHUHQRWDQLPSRVVLELOLW\WKHUH"<RXOLYHRQWKHRXWHUUHDFKHVRID
    FHQWULSHWDOOLIHWKHUHLVDOVRDFRQWUDGLFWLRQWKHUH7KHKHDGWKDWRXWSDFHVLWVERG\
    VPDUDWKRQRUWKHERG\
    WKDWRXWUXQVLWVKHDG
    VKXQGUHG\DUGVRIVSULQWLQJWKLVGRHVQRWPDNHIRUFOHDUWKLQNLQJFOHDQIHHOLQJV
    $Q\ZD\ZKDWLVFOHDUWKLQNLQJDIWHUDOO"$QGFOHDQIHHOLQJ"0\ILUVWGD\VKHUH1LFRODQDJJHGPHDERXW
    WKLQNLQJ6KH

    >3DJH@

    VD\VRQHVKRXOGQRWWKLQNDWDOOIRUWKLQNLQJJHWVLQWKHZD\RIOLYLQJ$QGIHHOLQJVKDYHDZD\RIGRLQJ
    WKDWWRR$FFRUGLQJWRKHUJRVSHO6RPHWLPHV,DPLQFOLQHGWRDJUHHZLWKKHU,KDYHWULHGWRZULWHZLWKRXW
    WKLQNLQJDQGZLWKRXWIHHOLQJ%XWWKDWDVVXPHVDSHUIHFWPDVWHU\RIWKHODQJXDJHWKHPHGLXP7KDW
    VQRW
    HDV\WRKDYHLQIDFWLPSRVVLEOHIRUODQJXDJHLVDOZD\VLQDVWDWHRIIOX[RIFKDQJH+HQFHWKHWKLQNLQJ
    DQGWKHIHHOLQJVDOZD\VLQWUXGH6RPHWLPHVIRUWKHEHWWHU%XWPRVWO\IRUWKHZRUVH,VXSSRVH,DPRQHRI
    WKHWKLQJV\RXKDYHWRSKRWRJUDSKKHUH*HWRQZLWKLWLI\RXOLNH,
    OOMXVWWDON<RXGLGQ
    WEULQJDWDSH
    UHFRUGHUE\DQ\FKDQFH"

    ,VKRRNP\KHDG,KDGQRWNQRZQ,ZDVVXSSRVHGWRLQWHUYLHZWKHPDVZHOO7KHVHWKLQJV7KHVHSHRSOH
    %XWQRZWKDWKHPHQWLRQHGLW,FRXOGVHHZKDWDJRRGLGHDLWZDV3UHFLVLRQZRXOGFHUWDLQO\ODSLWXSOLNH
    FUHDP$QGWKHSKRWRJUDSKVWRR%HIRUH,FRXOGVD\DQ\WKLQJ)UDQ]
    VEURWKHUFDPHLQDVIHYHULVKO\DV
    EHIRUH+HJDYHHDFKRQHRIXVDEURDGVKHHWRQZKLFKZDVGUDZQWKHSLFWXUHRIDYDJLQDRQZKLFKZDV
    ZULWWHQ


    '2:1:,7+7+(*5($7&817

    0\GRXEOHVDLGWRKLP


    :KHUHLVWKDWQHZWDSHUHFRUGHU"

    )UDQ]
    VEURWKHUORRNHGDURXQGKLPYDJXHO\7KLQNLQJ+HFOLFNHGKLVILQJHUVDQGGDUWHGRXW:HZDLWHG
    IRUKLPLQVLOHQFH+HVRRQUHWXUQHGZLWK,7,ZDWFKHGDVP\IDQWDVWLFWZLQWZLGGOHGLWVNQREVDQGWKHQ
    ILQDOO\KDGLWJRLQJ+HPRWLRQHG)UDQ]
    VEURWKHUWRVLWGRZQ,ZDVUDSLGO\JRLQJRYHULQP\PLQGWKH
    NLQGVRITXHVWLRQV,FRXOGDVNP\VHOI,FRXOGQRWWKLQNRIDQ\WKDWZRXOGQRWEHTXHVWLRQDEOHIURPWKH
    MRXUQDOLVWLFSRLQWRIYLHZ

    %XWEHIRUH,FRXOGVD\DQ\WKLQJ)UDQ]
    VEURWKHUVKRXWHGLQWRWKHPLFURSKRQH
    '2:1:,7+7+(
    *5($7&817
    $QGORRNHGVROHPQO\EDFNDWPH,VDLG


    7HVWLQJWHVWLQJ'2:1:,7+7+(*5($7&8177HVWLQJ2QHWZR

    ,FRXJKHGKDZNHGSKOHJPDQGVZDOORZHG7KLVZDVFUD]\$GU\ZKLUOZLQGZDVVFDWWHULQJP\WKRXJKWV
    ZKLSSLQJWKHPWRELWVDQGSLHFHVZULQJLQJIURPPHDJUHDWORQJLQJIRUHYHU\WKLQJLQFOXGLQJOLIHWRHQG
    ,DVNHGWKHILUVWWKRXJKWWKDWFDPHWRP\KHDG


    &KULVWLDQZKDWGR\RXIHHODERXWYLROHQFH"

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    >3DJH@

    $WWKDWPRPHQW,FRXOGIHHOFRXOGDFWXDOO\VHH6XVDQQHUYRXVO\DVNLQJPHWKHVDPHTXHVWLRQ$WWKH
    VDPHWLPHP\DZDUHQHVVRIWKHURRP,ZDVLQZDVEULOOLDQWO\VKRWWKURXJKZLWKDGD]]OLQJIHHOLQJRIGHMD
    YX:KHQZDVLW":KHQ":KDWPRQVWURXVWLPHKDG,HQFRXQWHUHGDOOWKLVEHIRUH":KDWZLQHZDVLWWKDW
    KDGPDGHWKHPRRQVRKDXQWHG"


    $ERXWYLROHQFH",WLVLPSRVVLEOHWR
    IHHO
    DERXWYLROHQFH,PSRVVLEOHWR
    WKLQN
    DERXWYLROHQFH2IFRXUVH
    WKHUHDUHGHJUHHVRIYLROHQFHDQGNLQGVRIYLROHQFH7KHUHLVDYLROHQFHLQWKHYHU\DWWHPSWWRZULWHLQ
    VXFKDZD\WKDWWKHZULWLQJLVEH\RQGWKRXJKWDQGIHHOLQJ3HUVRQDOO\,ILQGWKDWRXUIHHOLQJVDQGWKRXJKWV
    DUHWKHPVHOYHVDNLQGRIVHOIYLRODWLRQDVHOILPPRODWLRQ,WLVWKLVLQKHUHQWTXDOLW\RIRXUIHHOLQJVDQG
    WKRXJKWVZKLFK,ILQGWREHPRUHVLJQLILFDQWWKDQWKHWKLQJWKRXJKWRUWKHWKLQJIHOW0RUHVLJQLILFDQW
    EHFDXVHLWLVXQPRYLQJDQGSHUPDQHQWDQGKDVDVLWZHUHDFRUSRUDWHDOPRVWDUFKHW\SDOVROLGLW\DQGLWV
    UHVRQDQFHKDVDULQJWKDWJRHVEH\RQGSRHWU\


    $UH\RXVD\LQJPDQLVQDWXUDOO\YLROHQW"

    +LVH\HVJOLWWHUHGDVKHUHJDUGHGWKHFROGDQGLPSODFDEOHPLFURSKRQH+HFODVSHGKLVKDQGVWRJHWKHU
    UHVWLQJWKHPRQKLVNQHH


    ,VXSSRVH6XVDQZRXOGVD\WKDWWKHYHU\OLIHZLWKLQXVLVWKHVSDUNWKDWVHWVFUHDWLRQRQILUH7RGR
    DQ\WKLQJHOVHZLWKOLIHLVWRZDUSLWWRGHQ\LWLWVPLVVLRQ%XWDVIRUP\VHOI,ILQGWKDWVLPSOLVWLF
    +RZHYHUOHW
    VORRNDWKHUSURSRVLWLRQPRUHFORVHO\7KHGHYHORSPHQWRIVRFLDODQGQDWLRQDODQG
    LQWHUQDWLRQDOPDQLVRQHORQJGHQLDORIWKDWLQ\RXDQG,ZKLFK6XVDQVHHVDVRXUQDWXUDOGHVWLQ\7KHIHZ
    RIXVZKRDUHOHIWVWLOOKDYHDQRWLRQRIRXUHOHPHQWDOEHJLQQLQJVRIWKRVHGHYRXULQJVSDUNVWKDWJLYHD
    FRPSUHKHQVLYHIDFHWRRXUWKRXJKWVDQGIHHOLQJVVRZHPXVWOLYHDFFRUGLQJWRRXUQDWXUHDQGDVOXFN
    ZRXOGKDYHLWE\VRGRLQJZHDFWXDOO\VKRZWKHUHVWDJOLPSVHRIWKHLURZQQDWXUDOGHVWLQ\7DNHIRUD
    PRPHQWWKHZRUQRXWQRWLRQRIOLIHDVERWKIOHVKDQGVSLULWERWKEHVWLDODQGDQJHOLFDWRQFHGHSUDYHGDQG
    SXUH7KHZDONHULQWKHPXGDQGPLUHJD]LQJDWWKHVWDUV2QHWKLQNVRIVH[XDODQGSK\VLRORJLFDODQGQRQ
    DOWUXLVWLFJRLQJVRQ2QHWKLQNVRIDQDUFK\2QHWKLQNVRIORYHDQGKHDOWKDQGOD\LQJGRZQRQH
    VOLIHIRU
    DQRWKHU2QHWKLQNVEHIRUHOLYLQJ7KDWLVZKDWWKHZRUOGKDVFRPHWR,VXSSRVHWKDW
    VZKDW1LFRODPHDQW
    $QGWKHWKLQNLQJLWVHOILVDVLWZHUHSUHRUGDLQHGE\WKHVXPRIDOORZDEOHNQRZOHGJHHDFK

    >3DJH@

    JHQHUDWLRQIRUFHVRQWRWKHQH[W7KLVLQHIIHFWPHDQVWKDWWKHPRUHZH
    SURJUHVV
    WKHPRUHZHWKLQNDVWKDW
    SURJUHVVGHPDQGVDQGWKHOHVVZHWKLQNDQGIHHODVWKHOLIHZLWKLQXVGHPDQGV$OOWKHIRUFHVRIVRFLDODQG
    QDWLRQDOPDQKDYHEHHQOHYHOOHGDJDLQVWWKDWWLQ\VSDUNZLWKLQXVDQGVHHNWRVQXIILWRXWZLWKW\SHVRI
    UHOLJLRQHGXFDWLRQOHJLVODWLRQFRGHVDQGLQWKHODVWUHVRUWMDLOVDQGOXQDWLFDV\OXPV7KHPDVVRIPHQ
    OLYHXQGHUQHDWKWKHKDQGRIWKHVHIRUFHV%XWDIHZRIWKHPVWLOOSHUVHYHUHVWLOOLPSODFDEO\DQGDWJUHDW
    FRVWWRWKHLURZQFKHULVKHGOLYHVVWLOOJRRXWWKHUHZLHOGLQJWKHRQO\EDQQHUWKLVWLQ\VSDUNWKDWZLOO
    GHWRQDWHDOOFUHDWLRQDQGWKH\ZLHOGLWLQWKHRQO\PDQQHUZKLFKVRFLHW\FDQQRWIDLOWRXQGHUVWDQG6RPH
    ZRXOGVD\IHDUFOHDQVHV1LFRODGRHV,QVWLOIHDULQWRVRFLHW\
    VKHDUWDQGVKHZLOOEDUHKHUIDQJVWRSURWHFW
    KHUFXEV7KDWNLQGRIIHDULVQRWHQRXJK,WGRHVQRWGHIURVWWKHFKLOOHGVSDUNZLWKLQKHU,QMHFWKHUKHUH
    DQGWKHUHZLWKWKLVDQGWKDWVWUDQJHDQGYLYLGLGHDDQGDWWKHVDPHWLPHPDNHPHPRUDEOHOLIHVW\OHVRXWRI
    WKHUXWKOHVVGHVWUXFWLRQDQGVKHZLOOILQGKHURZQFXEVFRPHUXQQLQJWRXV7KHWKDZZLOOKDYHEHJXQ$OO
    WKRVH,FH$JHVRIWKHKHDUWWKH\ZLOOKDYHEHJXQWRWKDZ7KHQH[WWKLQJVKHNQRZVLWLVWKHIORRG%XWRI
    FRXUVHVKHLVKHUVHOIDFXQQLQJZHQFK6KHNQRZVZKHQWRJLYHUHLQWRKHUFKLOGUHQZKHQWROHWWKHPKROG
    RXWWKHLUKDQGWRWKHIODPHIRUWKH\ZLOOFRPHEDFNFU\LQJDQGWKHUHZLOOEHHYHQPRUHVQRZDQGLFHWKDQ

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    HYHUEHIRUHLQWKHVSDFHZLWKLQWKHKXPDQKHDUW,WULHGWRVD\VRPHWKLQJRIWKLVDWWKHPHHWLQJVEXWZK\
    ERWKHU",WPHUHO\WKURZVDGDPSHURQSODQVWKDWVRXQGZRUOGZLGH,QWKHHQGWKH\ZLOOJHWXVRQHZD\RU
    DQRWKHU,NQRZWKDW7RHYDQJHOL]HWKHUHGKRWPDJPDWKDWEXEEOHVZLWKLQPDQLVQRWP\SXUSRVHLQ
    ZULWLQJ,QGHHG,KDYHQRSXUSRVH,PHUHO\VHHWKLQJVLQDFHUWDLQZD\-XVWDV\RXVHHWKHPLQDQRWKHU
    FHUWDLQZD\,VKRXOGEHKDSS\KHUH,KDYHWKLVURRP,KDYHDOOWKHGULQN,QHHG%XWWKHUHFRPHVRYHUPH
    DSDUDO\VLQJDQGVXGGHQYLVLRQRIKRZEDUUHQDQGVHOILQGXOJHQWFUHDWLRQLVFRQWLQXDOO\IHHGLQJRQLWVHOI
    QRZGLVSOD\LQJLWVZRXQGVLQIRXUGLPHQVLRQVQRZFUHHSLQJLQWRDPDJQLI\LQJJUDQGHXUIURPZKLFK
    HYHU\WKLQJGUDZVDFHUWDLQVLJQLILFDQFHQRZVHWWOLQJEDFNLQWRWKHFKLFDQHU\RIDSRLQWOHVVRUELWDURXQG
    WKHVXQ%XWWKHVHPRRGVGRQRWODVW,QGHHG,VXSSUHVVWKHP-XVWDV,KDYH,WKLQNVXSSUHVVHG\RXU
    TXHVWLRQE\DQHODERUDWHGLJUHVVLRQ:KDWZDVLWDJDLQ"


    $UH\RXVD\LQJPDQLVQDWXUDOO\YLROHQW"

    >3DJH@


    ,WLVLQGHHGDWKUHHIROGTXHVWLRQ0DQ1DWXUH9LROHQFH7KUHHFDSLWDOOHWWHUVZKLFKUHYROYHDURXQGRQH
    RIWKHLUFRPSDQ\0DQ0DQGHILQHVPDQ0DQGHILQHVQDWXUH0DQGHILQHVYLROHQFH$QGKHLVKLPVHOI
    GHILQHGE\KLVRZQGHILQLWLRQV&RPSDUHWKHYLROHQFHZLWKZKLFKVWDUVDQGPHWHRULWHVJRRXWZLWKWKH
    JUHDWHVWYLROHQFHPDQLVFDSDEOHRI,QVLJQLILFDQWLVLWQRWWKDWZKLFKZHDUHFDSDEOHRI&RPSDUHD
    UXWKOHVVPXUGHUZLWKWKHVXGGHQEXUJHRQLQJRIDEODFNKROHXSWKHUHLQWKHRXWHUUHDFKHVRIVSDFH<RX
    ORRNDWDFRORQ\RIVSLGHUVDQGWZRRIWKHPDUHILJKWLQJWRWKHGHDWK2UDFRORQ\RIGLQRVDXUV9LROHQFH
    LVUHODWLYH,WLVLPSRUWDQWRQO\WRWKRVHLQGLUHFWDQGHPRWLRQDOFRQWDFWZLWKLW)RUPHWKHUHLVDJUHDWHU
    YLROHQFHWKDWRIWKHLPDJLQDWLRQ2XUGUHDPLQJDQGRXUZDNLQJOLIHZDJHDJDLQVWHDFKRWKHUDIXULRXV
    EDWWOH1RZDQGWKHQRQHRUWKHRWKHUWULXPSKVEXWRQO\LQDS\UUKLFYLFWRU\(YHU\LQVWDQWRIRXUOLYHVLV
    WKHRXWFRPHRIWKDWVWUXJJOH<HWZHUHWDLQIRU\HDUVRQHQGWKHLOOXVLRQRIDOLQHDUDQGHDVLO\GHFLSKHUHG
    OLIH:ULWLQJZKLFKWDNHVWKLVLQWRDFFRXQWSOHDVHVPH$QGWKHUHZHKDYHDQRWKHUIRUPRIYLROHQFHWKH
    W\SHIURPZKLFKZHGHULYHSOHDVXUHZKHQRXUSHUFHSWLRQVDUHLQIULFWLRQZLWKPXVLFOLWHUDWXUHILOPV
    SDLQWLQJVVFXOSWXUH7KHUHLVDOVRWKHYLROHQFHRIDFDUHVVZKDWPDGDURXVDORXUILQJHUWLSVKDYH,FRXOG
    JRRQ$QGRQ7KHLPSRUWDQWWKLQJ,VXSSRVHLVWKHGHJUHHRIYLVLELOLW\WKDWOLHVEHWZHHQRXUEHLQJDQG
    RXUFRQVFLRXVQHVVRIRXUEHLQJ$IWHUWKDWRQHFDQDQVZHUTXHVWLRQVDERXWZKDWRQHIHHOVDERXWYLROHQFH
    :HVSHQGRXUOLYHVDVOLIHLWVHOILVFRPLQJLQWREHLQJFRPLQJLQWRFRQVFLRXVQHVVDQG\HWHDFKGD\ZH
    OLYHDVWKRXJKZHDOUHDG\DUHDVWKRXJKZHDOUHDG\DUHFRQVFLRXVRIDOOWKDWFRQVFLRXVQHVVLQYROYHV7R
    VLWVWLOODQGWKHQKDWFKRXWLQWKHQDWXUDOWLPHWKDWZRXOGEHVRPHWKLQJ%XW,VXIIHUIURPFODXVWURSKRELD
    LPSDWLHQFH$KXQJHULQJDIWHUH[DFWO\ZKDWLWLVRXWVLGHP\VKHOOZKLFK,DPEUHDNLQJRXWLQWR3HUKDSV
    DQHDJOHLVFLUFOLQJDERYHZDLWLQJIRUPHWRKDWFK3HUKDSVDIR[ZLOOHDWPHHYHQZKLOH,DPLQWKHHJJ
    +DG,NQRZQWKHUHZDVVXQOLJKWRXWWKHUHZRXOG,KDYHFRPHRXW"7KHWHPSHVWXRXVKXQJHULQJIRUOLIH
    XUJHVWKHFKLFNWRKDWFKWRVWUHWFKLWVZLQJVWRWDNHWKDWILUVWIDOWHULQJVWHSDQGPDQ\GD\VODWHUWRGLHRI
    ROGDJHRUWREHWKHPDLQGLVKRQDFULWLF
    VWDEOH

    ,DVNHGLPSDWLHQWO\


    $UH\RXDQLOOXVLRQ"

    >3DJH@

    +HODXJKHG7KHODXJKVRXQGHGUHDOHQRXJK
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    ,I\RXSULFNPH,KXUW%XWWKHQ,DP,VXSSRVHWKHVXPRIDOOWKHWKRXJKWVDQGGHOXVLRQVDQGIHHOLQJV
    ZKLFK,KROG,QDVHQVH,DPWKHILFWLRQ,FKRRVHWREH$WWKHVDPHWLPH,DPWKHJKRXORUWKHKDUPOHVV
    \RXQJPDQRWKHUVWDNHPHIRU,DPZKDWWKHURFNGURSSLQJRQP\KHDGPDNHVPH,DPP\OXQJV
    EUHDWKLQJ0\PHPRU\UHPHPEHULQJ0\GHVLUHVUHDFKLQJ0\DXGLHQFHUHDFWLQJZLWKDQLPSDWLHQWVQHHU
    ,DPDOOWKRVHWKLQJV$UHWKH\LOOXVLRQV",GRQRWNQRZ$QGWKDW,WKLQNLVWKHSRLQW7KDWZHQHYHUGR
    NQRZIRUFHUWDLQ7KHUHDUHVRPDQ\SRLQWVIURPZKLFKGLIIHUHQWOHQVHVDUHIRFXVLQJXSRQXVDQGZHDUH
    WKHSLFWXUHLQHDFKRQHRIWKHP7KRVHOHQVHVPD\HYHQEHWKHVHYHUDOLQVWDQWVRIRXUZKROHOLYHVIRFXVLQJ
    VLPXOWDQHRXVO\RQXVFUHDWLQJZKDW"$PRQVWHU"$KXPDQEHLQJ"$SULVPDWLFGHOXVLRQ"7KRVHOHQVHV
    PD\EHWKHVHYHUDOSODFHVDQGVSDFHVLQZKLFKZHKDYHOLQJHUHGRXUZKROHOLYHVDQGLQRQHVLQJOH
    PRPHQWWKH\VXGGHQO\EHDUGRZQIRFXVXSRQXV,WLVWKLVPXOWLSOLFLW\RIRXUVLQJOHQHVVZKLFK,WKLQN
    JLYHVDQLOOXVRU\GHSWKWROLYLQJ:KDWZHFRQVLGHUGHHSDQGDELGLQJLVSHUKDSVWKHUHVXOWRIWHFKQLTXH
    UDWKHUWKDQD&UHDWRU
    VSXUSRVH6RPXFKIRUUHOLJLRQ%XWHYHQPDWKHPDWLFVZRUNVIURPWKHVDPHEDVLF
    VRXUFHWKHVHXQGHUO\LQJWHFKQLTXHV0DQZDONVRQWKHFUXVWWKHVXUIDFHDQGKHGUDZVFRQFOXVLRQVWKDW
    PD\EHQRWKLQJDWDOO7KHWKLQJWKDWVHHPVPRVWUHDOLVWKDWZHDUHKHUHDQGZKDWZHGRZLWKHDFKRWKHU
    %XWZKHUHZHDUHDQGZKDWZHGRZLWKHDFKRWKHUKDYHEHHQVXEMHFWHGWRWKDWVXPRIDOORZDEOH
    NQRZOHGJHDQGNQRZKRZZKLFKGLPLQLVKHVWKHYHU\OLIHLQXV2XUPDWHULDOPHDQVRUODFNRIWKHPRXU
    EHOLHILQWKLVRUWKDWLGHRORJ\RXUQHHGVRXUZDQWVWKH\WDNHXSPRUHURRPLQXVWKDQGRKXPDQH
    FRQVLGHUDWLRQV:KHQWKH\GRQRWRQHRIFRXUVHLVHOHYDWHGLQWRVDLQWKRRG2UWUDPSOHGGRZQ'D\WR
    GD\UHDOLW\LVWKHUHIRUHLWVHOIDQ\LOOXVLRQFUHDWHGE\WKHPDVVRIRXUQHHGVRXULGHDVRXUZDQWV
    7UDQVIRUPWKHQHHGVWKHLGHDVWKHZDQWVDQGDWRQFHDVWKRXJKZLWKDPDJLFZDQG\RXWUDQVIRUPWKH
    DYDLODEOHUHDOLW\7RZULWHDVWKRXJKRQO\RQHNLQGRIUHDOLW\VXEVLVWVLQWKHZRUOGLVWRDFWRXWDPHQWDOO\
    UHWDUGHGPLPHIRUDPHQWDOO\GHILFLHQWDXGLHQFH,I,DPDQLOOXVLRQWKHQWKDWLVDGHOXVLRQWKDWLVYHU\
    UHDOLQGHHG


    :KDWDERXWWKHZRUNHUVDQGWKHSHDVDQWV"$UH\RXIRUWKHPRUDJDLQVWWKHP",DVNWKLVYHU\VHULRXVO\
    EHFDXVHULJKWQRZWKHUHDUH

    >3DJH@

    VWULNHVULRWVGHPRQVWUDWLRQVERPELQJVDQGDOOWRGRZLWKWKLVTXHVWLRQRIWUDQVIRUPLQJWKHQDWXUHRI
    DYDLODEOHUHDOLW\

    +HVPLOHG


    0RUHDTXHVWLRQRIWUDQVIRUPLQJLQHTXDOLWLHVDQGVDODULHVDQGKRXVLQJDQGVFKRROVDQGKRVSLWDOV,ZRXOG
    WKLQN0RUHDTXHVWLRQRIH[WHQGLQJWRWKHDYDLODEOHOLPLWWKHIUHHGRPVWKDWH[LVWQRZ,ZLVKWKHPOXFN,
    UHDOO\GR7KH\DUHQRWILJKWLQJIRUQHZQHHGVQHZLGHDVQHZZDQWVEXWIRUZKDWVXFKSHRSOHKDYH
    DOZD\VIRXJKWIRU$QGORVW7KH\DUHQRWUHDOO\ILJKWLQJ,WLVPHUHO\WKHZKROHVRFLHW\ZULWKLQJDVLWZHUH
    ZLWKLQGLJHVWLRQRUSHUKDSVPDOQXWULWLRQ$OOWKH\ZDQWLVIRUWKHOLRQHVVWRUHOHQWDOLWWOHJLYHWKHPDELW
    PRUHURSH:KDWWKH\VKRXOGGRLVNLOOKHU%XWRIFRXUVHWKH\DOZD\VVWRSVKRUWRIWKDW:KDW,DPVD\LQJ
    LV,ZLVKWKHPOXFNEXWWKH\DUHQRWJRLQJIDUHQRXJKQRWWUDQVIRUPLQJWKHQDWXUHRIDYDLODEOHUHDOLW\DW
    DOO6KHZLOOSHUKDSVJLYHWKHPZKDWWKH\ZDQWDQGWKHQODWHUVKHZLOOVKRZKHUIDQJVPRUHH[DFWO\0RUH
    OHWKDOO\

    :KHUHGRHV\RXUWHUURUJURXSFRPHLQ"


    ,WGRHVQRWFRPHLQDWDOORQVXFKVXSHUILFLDOULSSOLQJV,KDYHDOUHDG\WROG\RXDERXW6XVDQ
    VLGHDV


    :KDWLVWKHVLJQLILFDQFHRIWKHTXHVWLRQ
    +RZLV6XVDQLQEHG
    "


    &KULVLQWURGXFHGLWLQWRWKHFRQVWLWXWLRQ2IFRXUVHLWLVDQXQZULWWHQFRQVWLWXWLRQ,QIDFWWKHUHLVQR
    FRQVWLWXWLRQMXVWFRQVHQVXV7KHWURXEOHLVWKDW&KULVFDQEHYHU\GHPRUDOL]LQJXQOHVVKHKDVDUROHDQGD
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    URXWLQHDQGDFRGHWRRSHUDWHE\<RXLJQRUHLWDW\RXURZQSHULO,PXVWVD\VKHLVYHU\JRRGWKRXJK'R
    \RXZDQWWRDVN)UDQ]
    VEURWKHUDQ\WKLQJ"


    'LG\RXUEURWKHU
    VGHDWKOLEHUDWH\RXIURPWKHJUHDWFXQW"

    )UDQ]
    VEURWKHUOHWKLVH\HVGLPDQGJORZZHWO\:LWKDTXLHWYHQRPKHVDLG


    '2:1:,7+7+(*5($7&817

    %XW,UHIXVHGWREHVLGHWUDFNHG,WKUXVWWKHPLFURSKRQHLQWRKLVIDFHDQGDVNHG


    :KDWLVWKHJUHDWFXQW"

    +HUROOHGKLVH\HVVORZO\XQWLORQO\WKHZKLWHVVKRZHG+HUXEEHGKLVKDQGVWRJHWKHUDQGKHOGWKHPRXW
    SDOPVXSZDUGDVWKRXJKWKH

    >3DJH@

    DQVZHUZDVFRQWDLQHGLQWKHP&KULVWLDQVHDWHGDWWKHGHVNOHDQHGEDFNZDUGV


    :KDWLVWKHJUHDWFXQW"
    ,UHSHDWHG

    )UDQ]
    VEURWKHUFDPHEDFNIURPZKHUHYHUKLVH\HVKDGEHHQ+HVDLG


    ,W
    VLQVLGH\RX,W
    VHYHU\WKLQJ\RXDUH,W
    VWKHVRXOWKDW
    VLQVLGH\RXORRNLQJRXWLQWRWKHZRUOG,W
    V
    HYHU\WKLQJRXWVLGH\RXUVHOIWKDWORRNVLQVLGH\RX7KDW
    VWKHJUHDWFXQW7KDW
    VWKHJUHDWZKRUH<RXVHH
    WKLQJVDQG\RXWKLQNLW
    V\RXVHHLQJWKHWKLQJVEXWDOOWKHWLPHLW
    VWKHJUHDWFXQWVHHLQJWKURXJK\RX<RX
    WRXFKWKLQJVDQG\RXWKLQNLW
    V\RXWRXFKLQJWKLQJVEXWLW
    VWKHZKRUHWRXFKLQJWKLQJVWKURXJK\RX<RX
    VPHOOWKLQJV<RXWDVWHWKLQJV<RXKHDUWKLQJV%XWLW
    VWKHJUHDWFXQWVPHOOLQJWDVWLQJDQGKHDULQJWKLQJV
    WKURXJK\RX'R\RXVHHZKDW,PHDQ"'R\RX"<RXDUHQRWWKHUHDQGLQJUHDWGDUNQHVVDQGDOODWRQFH
    \RXILQG\RXZHUHQ
    WWKHUHDWDOOEXWLQVRPHJUHDWELJZRPEWKDW
    VJRLQJWRVKLW\RXRXWDIWHUQLQH
    PRQWKV,WZHDQV\RXIURPWKLQJV,WWHDFKHV\RXWKLQJV,W
    VWKHYHU\IOHVKWKDW
    VFOLQJLQJWR\RXUERQHV
    (YHU\WKLQJWKDWVXFNV\RXLQGUDZV\RXLQLQFRUSRUDWHV\RXEOLQGV\RXDOOWKDWFRQVXPHV\RXZKROH
    7KDW
    VWKHFXQW$QGLWVODPVOLNHDGRRURQFH\RX
    UHLQ,W
    VOLNHLWLVZLWK&KULVFKDQJHGKLPIURPD
    JOLWWHULQJSULQFHWRDSULHVWRIVKLW$QGWKHUHLVQRRWKHUVLGHRIWKHFRLQ1RVLU7KHUHLVQRRWKHUHQGWR
    WKHVWLFNH[FHSW\RXUVHOIDQGWKHRWKHUHQGLVEXULHGGHHSLQVLGHKHUQRPDWWHUZKDW\RXGR<RX
    UH
    GUDJJHGRYHUKRWFRDOVRIYLVLRQE\WKDWWKLUGOHJ,W
    VDOOWKLQJVWRDOOPHQEXWEDVLFDOO\ZHDUHLW:HDUH
    WKHJUHDWFXQW:KDWHYHU\RXGRZKDWHYHU\RXWKLQNZKDWHYHU\RXIHHOZKDWHYHU\RXDVSLUHWRLW
    V
    GLFWDWHGE\WKHJUHDWFXQW%HFDXVHRXUDFWLRQVDQGIHHOLQJVDQGWKRXJKWVDQGDVSLUDWLRQVDUHWKHJUHDW
    FXQW,QIDFWLW
    VWKH'1$LQXVWKDWJUHDWFXQW7KDW
    VZK\ZKHQ)UDQ]GLHGDQGP\H\HVRSHQHGWKH\
    ZHUHQ
    WUHDOO\P\H\HV\RXNQRZ,NQHZZKDW,KDGWRGR%XWHYHQWKHNQRZLQJZKDWWRGRZDVQ
    WP\
    RZQDQGHYHQULJKWQRZ,DPZKDWWKHJUHDWFXQWZDQWVPHWREH$NLQGRIRQHVORJDQDJLWDWRUZKRVH
    YHU\REVHVVLRQLVWKHSURRIRIKLVWROHUDWHGPDGQHVV'R\RXWKLQN,DPPDG"

    ,ZDYHGP\KDQGV


    :KDWLVPDGQHVVDQ\ZD\"


    ,NQRZZKDWLWLV,
    OOWDNH\RXWKHUHZKHQ\RX
    YHILQLVKHGKHUH,W
    VQRWH[DFWO\SOHDVDQWEXWRQHHDWVDQG
    VKLWVDQGVOHHSV<RX
    UH

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    RQO\PDGZKHQWKHUHDUHRWKHUSHRSOHDURXQG\RXEXWQHYHUZKHQ\RXDUHRQ\RXURZQ,W
    VSHRSOHZKR
    PDQXIDFWXUHDOONLQGVRIFUD]LQHVVHVOLNH\RXDQGPHDQG&KULVWLDQKHUH,WDOZD\VVRXQGVOLNHDQH[FXVH
    EXWLW
    VWUXH\RXNQRZ)UDQ]ZDVUHDOO\PDGDERXWLWLQWKHVHFDWDFRPEVWKHVHPLOHVRIROGEXULDOJURXQG
    WKHVHSDVVDJHZD\VRIWKHJUHDWFXQW

    +HJRWXSDQGEHJDQWRILGGOHZLWKDVPDOOSDUDIILQVWRYH:KHQLWZDVOLWKHSXWWKHNHWWOHRQ&KULVWLDQ
    KDGEHJXQWRVSHDN


    <RXGRQ
    WNQRZWKHKLVWRU\RIWKHVHFDYHV,VXSSRVH"1RERG\UHDOO\GRHV%XWWKH\DUHSUHKXPDQ$OO
    NLQGVRIPRQVWURXVEHLQJVXVHGWRURDPLQDQGDURXQGKHUHEHLQJVORQJVLQFHH[WLQFW0DVWRGRQV
    GLQRVDXUVSWHURGDFW\OVVDEUHWRRWKHGWLJHUVPDPPRWKV7KRXJKWKDWSHUKDSVLVOD\LQJLWRQDELWWKLFN
    $QWKURSRLGVKXQJDURXQGVKLYHULQJEHJHWWLQJG\LQJ7KHUHLVDORYHO\FROOHFWLRQRIUHPDLQVDQGDUWLIDFWV
    WRDWWHVWWRWKHIDFW%RQHVWHHWKVWRQHDUWLIDFWV(YHQDELWRISRWWHU\%XWWKHFDYHVDUHILUVWPHQWLRQHGLQ
    OHWWHUVDQGGRFXPHQWVRIWKHWZHOIWKFHQWXU\7KHUHKDGEHHQDQHSLGHPLFRIVRPHVRUWDSODJXH
    7KRXVDQGVIRXQGUHIXJHKHUH%XW'HYLO
    V(QGZDVDOVRXVHGDVDFROOHFWLRQSRLQWE\WKHVODYHGULYHUV
    7KHVHDLVFRQYHQLHQWO\E\DQGWKHFDYHVDUHHDVLO\GHIHQGHGDJDLQVWDWWDFN<RXFDQLPDJLQHWKHJULVO\
    JRLQJVRQ)ORJJLQJVLPSDOLQJVERG\LQVSHFWLRQVWRUWXUHVRIDOONLQGV0RVWRIWKHJULPLQVWUXPHQWV
    \RX
    YHVHHQGDWHIURPWKDWSHULRG$OONLQGVRIPHQIRXQGUHIXJHKHUHUREEHUVKHUHWLFVSLUDWHV
    FULPLQDOVKHUPLWVOHSHUVVZLQGOHUVSDULDKVRIDOOW\SHV1RZLW
    VXV:HDUHDVLWZHUHWKHOLYLQJPHPRU\
    RIWKRVHFHQWXULHVRIQLJKWPDUH%XWWKHQHYHU\ERG\PXVWKDYHURRWV$VHQVHRILGHQWLW\FRQWLQXLW\
    'LVHDVHZDUSHUVHFXWLRQUDSLQHWKHVHDUHRXUDQFHVWRUV\RXNQRZ)HDUIXOP\WKVJUHZRXWRIWKLVSODFH
    'LUHP\WKRORJLHVDQGDOOWKDW$QGWKHQDPHWRRKHOSHG7RYLVLWWKLVSODFHLVWRHQFRXQWHU\RXUVHOIDVD
    OLYLQJIHYHULVKJKRVW7KHOHJHQGVRIFRXUVHWHQGWRH[DJJHUDWHFDQQLEDOLVPKXPDQVDFULILFHVIHDUIXO
    FHUHPRQLHVGHYLOU\DQGDKLGHRXVLJQRUDQFHRIKXPDQLW\WKDWERUGHUVRQYLROHQWPDQLFFXQQLQJ7KH
    SODFHLWVHOIKDGEHFRPHWKHOLYLQJV\PERORIDOOKXPDQWDERRV,GRQ
    WVXSSRVH\RXEHOLHYHLQ
    UHLQFDUQDWLRQ":HOOZH
    UHDOOVXSSRVHGWREHDFWXDOO\QRWRXUVHOYHVEXWVRPHRIWKHVHKLGHRXVFKDUDFWHUV
    ZKROLYHGKHUHLQWKDWJUHYLRXVORQJDJR$QGDOOWKDW+PP

    )UDQ]
    VEURWKHUZDWFKHGWKHVWHDPEHJLQWRLVVXHRXWRIWKH

    >3DJH@

    NHWWOH
    VVSRXW&KULVWLDQFDPHRXWRIKLVUHYHULH:DVWKHUHVRPHKLGGHQPHDQLQJLQDOOWKLV"


    ,QHYLWDEO\
    &KULVWLDQFRQWLQXHG
    'HYLO
    V(QGEHFDPHWKHUDOO\LQJSRLQWIRUDOOZKRLQDQ\ZD\ZDQWHGWR
    GHVWUR\ZKDWLVRXWWKHUH:HKDYHPDGHLWVRPHZKDWKRVSLWDEOH%XWWKLVWLPH,EHOLHYHZHDUHWKHWDLO
    HQGRIWKDWJRU\WUDGLWLRQ7KHDUP\KDVDWWDFNHGWKLVSODFHILYHWLPHVLQWKHSDVWWKUHH\HDUV(DFKWLPH
    WKH\ZHUHUHSXOVHG%XWRQHGD\WKH\ZLOOIOXVKXVRXWOLNHUDWVIURPDGLVXVHGVHZHU:LWKERPEVDQG
    JDV2XUJDVPDVNVDUHUDWKHUDQFLHQW2IFRXUVHZHNQRZDXVHIXOWULFNRUWZRDQGZHGRKDYHFRQVWDQW
    SDWUROVEXW,IHHOWKDWVXUHZH
    OOJRGRZQILJKWLQJEXWWKH(QGZLOOFRPHZLWKXV:H
    YHZLUHGWKH
    SODFHZLWKERPEV,IWKH\FRPHZHFDQOXUHWKHPLQKHUHDQGH[SORGHWKHZKROHSODFH:HGRQRWKDYHWR
    XVHLWDQ\PRUH2XUSODFHQRZDV\RXDOUHDG\NQRZLVQRWKHUHEXWLQWKHYLOODJHVLQWKHFLWLHV:HDUH
    \RXQJWUDLQHGDQGFRPPLWWHG7KRVHDUHSHUKDSVRXUYHU\IDXOWV,WKLQNZHZLOOGR

    )UDQ]
    VEURWKHUVSRRQHGLQVWDQWFRIIHHLQWRWKHFXSV,VHHPHGWRKDYHUHILOOHGP\YRGNDJODVVDJDLQDQG
    DJDLQDVWKHPLQXWHVZHUHWKH\KRXUVSDVVHG,ZDVGHFLGHGO\WLSV\,ZDVVHHLQJGRXEOHLPDJHVRI
    HYHU\WKLQJ/LVWHQLQJWRP\RZQYRLFH$VWKHKRWZDWHUSRXUHGRXWLQWRWKHFXSVDQGWKHWHDVSRRQ
    WLQNOHGVWLUULQJWKHEURZQFUHDPVXUIDFHRIWKHFRIIHHZDVLWFRIIHH,ZDWFKHGWKHWRRPXFKVWHDPVSUHDG
    RXWDQGJURZLQWRWKHPHUHVWKLQWRIDJULQQLQJVKDSH,WZDVRIIHULQJPHDFXS,UHDFKHGRXWP\KDQG

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    7KHFXSVPDVKLQJRQWRWKHIORRUZDV.DWKHULQH
    VIDFHVXGGHQO\WKHUH$QJU\+HUERRWNLFNHG)UDQ]
    V
    EURWKHURXWRIWKHURRP7KHWZLVWHGEURNHQJODVVVWDULQJDWPHZHUHKHUWZRGLVJXVWHGH\HVSHHULQJ
    HDUQHVWO\LQWRWKHSXSLOVRIP\H\HV,IHOWDOODWRQFHOLNHVRIWFOD\ZKLFKDOLTXLGIURPWKRVHSLHUFLQJH\HV
    ZDVJUDGXDOO\NQHDGLQJDQGNQHDGLQJ$WWKHVDPHWLPHP\KHDGDQGQHUYHVVHHPHGWRUDGLDWHD
    SKRVSKRUHVFHQWVKLPPHURIHQHUJ\PDNLQJPHDWRQFHLQWHQVHO\DOLYHDQG\HWSK\VLFDOO\XQDEOHWRGR
    DQ\WKLQJEXWVORZO\FROODSVHLQWRWKHIORRUZKLFKZDVVXGGHQO\QRWWKHUH+HUDUPVZHUHXQGHUP\
    DUPSLWV+HUIDFHVRKLGHRXVO\FORVHWRPLQHKDGVKDSHGLWVHOILQWRDOXULGDQGVWHUQKRUURU7KHZKLWH
    WHHWKVHHPHGWRJXVKRXWRIWKHWRRUHGJXPVDVVKHVFUHDPHG


    686$1686$1686$1

    >3DJH@

    $SDOHUHGWRQJXHODVKHGLQWKURXJKWKHGRRU7RRNRQHORRN([FODLPHG


    027+(5)8&.,1*6+,7:+$7+$33(1('"


    +HOSPHJHWKLPRXWRIKHUH

    0\VKRXOGHUVZHUHWKH\VWLOOWKHUHVDQNLQWRDSDLURIKDLU\FOLQJLQJFODZV0\IHHWZHUHYLFLRXVO\
    JUDVSHGLQWKHVWHHO\YLFHRIWKRVHWZRH\HVRIEXUQLQJFRDOV+HDYLQJWRZDUGVWKHJLJDQWLF0RORFKPRXWK
    ZLWKLWVKXJHEODFNIDWOLSVSHHOHGEDFNRYHUWKHJDSLQJURZVRIVPDOOVKDUSLUUHJXODUWHHWK$V,SDVVHG
    WKURXJKWKH\FODPSHGVKXWWUDQVIL[LQJPHDWWKHKLSV,KHDUGP\SHOYLVFUDFNDQG,VFUHDPHGDQG
    VFUHDPHG7KHURXJKVOLP\WRQJXHZDGGOHGPHRQWRWKHKXJHPRODUVDQGDVWKH\FDPHGRZQWRFKHZPH
    WKHSRZHURIWKHLUFRPLQJULSSHGRXWDOOVFUHDPLQJIURPP\GHHSHVWSKRVSKRUHVFHQFH7KHWHOH[LQP\
    PLQGKDGVWXFNDWRQHSKUDVHDQGDOOLWZDVPHWLFXORXVO\VHQGLQJRXWRYHUDQGRYHUZHUHWKHWZRZRUGV
    -21$+&203/(;-RQDKFRPSOH[6ZDOORZHGDOLYHE\WKHJUHDWFXQW7KHIXFNLQJVHDUFK7KHEDVLF
    H[SHULPHQW7KHGDQFHRIWKHEOLQG7KHWHUURURIWKHLQVLGHYLHZ7KHKXJHPRODUVOD]LO\FUXVKLQJGRZQ
    XQWLOQRWUDFHRIEODFNVXQOLJKWUHPDLQHG7KLVZDVZKHUH&KULVKDGGLVFRYHUHGWKHWUXWKRIH[FUHWLRQ6KH
    KDGVWROHQLQWRKLVURRPDVKHVOHSWZLWKKLVDUPRYHUKLVIDFH6KHKDGXQFRYHUHGKLPDQGJRWLQEHVLGH
    KLP:KHQKHZRNHXSLWZDVWRRODWHDQGKHZDVLQVLGHKHUILJKWLQJKHNQHZQRWZKDW6KHZUHVWOHGKLP
    GHHSHUDQGGHHSHULQWRKHUJULQGLQJKLPZLWKKHUKLSV8QWLOKHVKULHNHGDVWKRXJKWKHJXWVKDGEHHQ
    VSLNHGRXWRIKLP$QGWKURXJKKLVFKRNLQJVWLQJLQJVZHHWQHVVKHKHDUGKHUVLOHQWPXOWLWXGHRIVFUHDPV
    DVVKHELWDQGULSSHGDWKLPZLWKKHUOLSVDQGWHHWK,QWKHVLOHQFHWKDWIROORZHGKHOD\LQKHUDUPV
    ZHHSLQJDQGVKHKHOGKLPWLJKWO\7KHVLOHQFHZDVWKHILUVWSHUVRQVLQJXODU$VPDOOQRLVHLQDORQJWKLQ
    WXQQHO$VLQJOHEULJKWH\HEOD]LQJDWPH$WKRXJKWYHU\UHGKRW6DYDJLQJKLPZLWKLWVVRXQGPRWKHU
    PRWKHU)URPLWVUHPRWHDQGKD]\OLQH,ORRNHGEDFNTXLFNO\6HHLQJWKHVPDOOFOHDQSLQNGURSVRI
    PHPRULHV7LQ\SLQNGURSVOLNHPLQXWHUXELHVFOXQJWRWKHTXDUW]RIWKRXJKWV*UD]HGP\EUDLQ$QG
    IURPGHHSGRZQWKHUHP\RYHUDUFKLQJ\HDUQLQJIRUDVLQJOHJOLWWHULQJGURSWRVL]]OHWKHKRWVWRQ\WRQJXH
    /DQJXDJH.QRWWHGWLJKWO\DURXQGP\H\HVOLNHDEDQGDJHPDGHRIKHDGDFKHV/DQJXDJH6KDUGVRID
    EURNHQJOXHGWRJHWKHUPLUURU,QLWNQRWWLQJP\WLH(QJOLVKLPDJHVFDPHRXWRIWKHEDUQZLWKD

    >3DJH@

    WKRXVDQG=XOXVDWP\KHHOV6KHIRXQGPHZHGJHGWLJKWO\EHWZHHQSDVWDQGSUHVHQW,KHOGP\EUHDWK,
    KHOGP\WKRXJKWV,KHOGP\HPRWLRQVWLJKWO\6RRQDVLQJOHIRRWSULQWDSSHDUHG/DQJXDJH%LJKHDY\
    ZRUGVWKXPSLQJRQWRP\FRIILQ$IO\RQWKHGLVWDQWZLQGRZSDQHWXUQHGLWVEDFNRQWKHSURFHHGLQJVRI
    PDQ7KHFKDPHOHRQVWDONLQJLWZDLWHGIRULWVFKDQFH$OHDQDQGKXQJU\\RXWKUDLVHGDEULFN$QLQVWDQW
    ODWHUERWKIO\DQGFKDPHOHRQVTXHOFKHG,ORRNHGDWWKHGHDGO\VKDGRZRIDWLQ\GDLV\ZKHUHDPDQZLWKD
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    FDPHUDORRNLQJXSIURPWKHGDUNQHVVVDZSDWWHUQVRIVWDUV7KHHGLWRUVKRRNKLVKHDGVD\LQJ
    7KH6RUGLG
    -RHFDVHLVFORVHG,FDQQRWSULQWWKLV
    ,FDPHRXWLQWRWKHVWUHHWVHHLQJRQO\ZKDWDGHVHUWLWZDV,GRQRW
    PHDQWKHZD\WKLQJVKDSSHQ:KDWDGHVHUWLWZDVH[FHSWIRUWKHVFDWKLQJZLQGVEORZLQJIURP'HYLO
    V
    (QG:KDWDGHVHUWLWZDVH[FHSWWKHPRWLRQOHVVSDFHWKDWDFFHOHUDWHGIURP'HYLO
    V3HDN0DULHVFUHDPHG
    ZKHQKHWROGKHU6WHSKHQJURXQGKLVWHHWKZKHQKHWULHGWRWHOOKLP+LVDXQWVWDUHGEDFNDWKLPVHHLQJ
    RQO\WKHXQUHDVRQRIURFN
    ,W
    VWKHWLPHV
    VKHH[SODLQHGWR0DULH,VPHDUHGDVDPSOHRIKXPDQLW\RQWR
    WKHVKHHWRIJODVVDQGLQVHUWHGLWXQGHUQHDWKWKHSRZHUIXOPLFURVFRSH:KDW,VDZWXUQHGP\KDLUZKLWH
    :KHQ,WRXFKHGP\KHDG,IHOWWKHLURQJULWRI'HYLO
    V3HDN7KHPXVLFSOXQJHGLQWRP\KHDUWOLNHDUHG
    KRWNQLIH$VHYHUHIURVWZDVFU\LQJRYHUWKHGHVHUW$VHYHUHIURVWRIODQJXDJHWKDWFRXOGQRWVKDUSHQWKH
    HGJHVRIWKHYLVLRQ,WZDVQRWDQHFOLSVHRIWKHVXQEXWDQHFOLSVHRIKXPDQLW\,WZDVWKHPRVW
    VSHFWDFXODUVSHFLDOHIIHFWDQ\JRGFRXOGHYHQWKLQNDERXW%HJLQQLQJILUVWDWWKHHGJHVOLNHDULQJWKDW
    JUDGXDOO\FRQWUDFWVLQWRLWVRZQFHQWUH$QGDWWKHVDPHWLPHEHJLQQLQJDWWKHFHQWUHWKHQVSUHDGLQJ
    RXWZDUGVWRZDUGVWKHULPRIDOOWKDWZDVKXPDQH7KHFRXUVHRIKLVWRU\,WZDVDOODGHVHUWDQG'HYLO
    V
    (QGZDVWKHRQO\6RUGLG+RSH/LNH6RUGLG-RH,FORVHGP\PRXWKWLJKWO\OLNHDPDQZKRKDVPXFKWR
    VD\7KHJUDSHZDVELWWHURQWKHWRQJXH7KHZKROHQDWLRQZDVDGHVHUWSDUNHGVROLGLQDULSHJUDSHWKDW
    ZDVEXUVWLQJZLWKGHFDGHQWEXWVZHHWLVKOLTXLG3LQNOLTXLG3LQNOLTXLGGURSVWKDWKHSULFNHGZLWKD
    QHHGOHIURPWKHELJDQG+HPLQJZD\ILVKWKDWZDVWKHPRWHLQKLVH\H7LQ\UXELHVRILWZHUHVWUXQJ
    DURXQG0DULH
    VQHFNRIEOLQGQHVVOLNHDQHFNODFHQRRVH$PDQPXVWZRUNRQFHKHLVWKURZQRXWRI(GHQ
    7KHUHLVQRVRXO7KHER\RQFHFULHGEXWWKHDXQWVDYDJHO\WXUQHGWKHNH\WKDWJULWWHGKLVWHHWK$WLQ\
    FDFWXVZLWKEULJKW\HOORZIORZHUVVSURXWHGIURP

    >3DJH@

    KLVQDYHO,ZDVWKHGLVWDQWVSHFNWKDWVXGGHQO\EORFNVRXWWKHVXQ$VPDOOQRLVHLQ%ODQFKH
    VPRXVHKROH
    7KHFDWVRIWKHKRXVHOXUNHGQHDUE\)LQDOO\WKHGHVHUWGURYHPHRXWDQGWKHODVW,VDZRIP\VHOIZDVMXVW
    EHIRUHWKHFDWVWRUHKLPWRSLHFHV$VWKHKDQJPDQSUHVVHGWKHOHYHUWKHGRRURSHQHGDQGPRWKHUFDPHLQ
    6KHKDGDZKLSLQKHUKDQG$QGVKHKLWKLP:KLSSHGKLP
    WRKDYHPRUHVHQVH
    ,FDPHRXWDPDQZKR
    ZDVWKHVKDGRZRIKLPVHOI(YHQWKLVZDVDQLQVXOWWRVKDGRZV
    /RYH",KDYHQRWKLQJEXWDEDG
    WHVWLPRQLDOWRJLYHLW
    WKHER\VDLGWKRXJKWIXOO\,WZDVOLNHWHDULQJRXWVDQLW\IURPDGHHSURFN$
    G\QDPLWHFKDUJHFRXOGQRWHYHQVFUDWFKWKHVXUIDFH7KHHGLWRUFUXQFKHGRXWKLVFLJDUDQGVDLG
    <RX
    UH
    XVHOHVV
    :KHQ,FDPHRXWLQWRWKHVXQ,EXPSHGLQWRP\VHOIFRPLQJWRH[SODLQDQGH[SODLQDOORYHU
    DJDLQ
    6RUU\
    ,VDLGWRWKHZRPDQ,KDGNQRFNHGGRZQ,WZDV%ODQFKH*RRGIDWKHU7KHXQGHUJUDGXDWHV
    VKRZHUHGXVZLWKSDJHVWRUQRXWRI0RQWDLJQH
    V(VVD\V7KHSLQNFKDPSDJQHLQP\JODVVZDVWKHUHG
    GHVRODWLRQWKDWZDVDVN\DERYHDQGDILHU\SLWEHORZ7KHVRXQGRIVFXIIOLQJLQWKHELJZDUGUREHZDV
    %ODQFKH
    VQHZIULHQGFDXJKWRQWKHELJPRXVHWUDS7KHOLWWOHQRLVHIDUGRZQDWWKHHQGRIWKHVWUHHWZDV
    P\VHOIILJKWLQJEDFNWKHULVLQJEUHDNGRZQ7KHUHZDVDPHPEHURISDUOLDPHQWDWWKHERWWRPRIWKH
    JDUGHQ,WZDVDVWDWXHE\5RGLQ$FWXDOO\DNH\,WKDGVKDUSIUDJPHQWVVWLFNLQJRXWRILW2QHVWXFNLQWR
    P\WKXPE,VDZWKHSLQNGURSVRQWKHIORRU,FXUOHGP\OLSDURXQGWKHEULJKWUHGSHWDOVDQGOLFNHGWKHP
    GU\7KHUHZDVQRWKLQJOHIWEXWWKHSROLVKHGGHVHUWRIWKHIORRU2QZKLFK,ZDONHGZLWK6XVDQWRZDUGV
    'HYLO
    V(QG7KHVSRWVRIEORRGZHUHWXUQLQJLQWRSRHPVWKDWEOLQGHGDQ\RQHZKRORRNHGDWWKHPZLWKRXW
    DVPRNHGJODVV:KHQ6XVDQ
    VVKRXOGHURSHQHGWKHUHZHUHLQWKHYHLQVV\PEROVWU\LQJWRILQGWKHOLJKWDW
    WKHHQGRIWKHWXQQHO,WZDVP\DXQW
    VUHGKRWH\HV7KH\KDGLPSULQWHGLQWKHPWKHZRUGVIURPWKH6RQJ
    RI6RQJV+RZEHDXWLIXOLWZDV%XWVKHWXUQHGXJO\DQGZULQNOHGDQG,SDWWHGWKHILOOHGXSJUDYHZLWKD
    UXVW\VSDGH$UHSXEOLFRIGHDGO\EDFLOOXVZDVOXUNLQJDWWKHFHPHWHU\JDWH6\QRQ\PVFDPHRXWRIWKH
    EDUQZLWKDPDVVRIVQDNHVDWWKHLUKHHOV7KHZRUOGZDVOLNHDQLQYLVLEOHEDQGDJHDURXQGWKHLUODQJXDJH
    7KLVVWDUWOLQJXQLYHUVHRIMXVWRQHWKLQJDIWHUDQRWKHU
    :KDWGR\RXZULWHDERXW"
    WKHMRXUQDOLVWDVNHG,
    VKUDQNEHFRPLQJDJROGVSHFNIUR]HQDOOQLJKWLQWKHKXPDQIULGJH
    <RXZULWHDERXW$IULFD"
    KHLQVLVWHG
    %XW,JUHZHYHQVPDOOHUDQGWLQLHUXQWLODEOLQNFRXOGKDYHVZDWWHG

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    PHRXWRIKLVH\H+HUXEEHGDWWKHLUULWDWLRQZLWKWKHKDUGNQXFNOHVRIKLVKDQG,JULQQHGVXGGHQO\DQG
    WXUQHGP\EDFNRQKLP
    3RPSRXVEDVWDUG
    KHPXWWHUHG(OVHZKHUHLQWKHURRP%ODQFKHOXUNHGEHKLQGD
    WXOLSZKLFKP\GHVHUWKDGNLOOHG$ILOPRISHUVSLUDWLRQKDGEURNHQRXWDWWKHHQGRIKHUDOPRVW
    WUDQVSDUHQWQRVH%XWKHUH\HVOLWXSZKHQKHUQHZIULHQGVDXQWHUHGLQWRWKHURRP:DWFKLQJDOOWKLVIURP
    WKHVKRUWHQLQJGLVWDQFHRIP\ZDONWRZDUGVWKHP,VLSSHGDWWKHSLQNFKDPSDJQHDQGVDLOHGRQLWVSODFLG
    VHDXQWLO,ZDVWKHUHZKHUHWKH\ZHUHDWWKHHQGRIP\WHOHVFRSH+RZWHGLRXVWKHIOHVKLV
    +DYH\RXJRW
    WKHNH\
    VKHDVNHG,JDYHLWWRKHU$QGVKHFURVVHGWKHGHVHUWRIRXUYRZVZLWKKHUQHZIULHQG:DWFKLQJ
    WKHP,PDGHVOLWVRIP\H\HVXQWLO,FRXOGVHHDVSHFNZKHUHWKH\KDGRQFHEHHQ,ZDVORRNLQJGRZQLQWR
    WKHSRQG7KHVSHFNKDGFDXVHGWKHVOLJKWHVWULSSOHRQWKHVXUIDFHRIP\IHHOLQJV:DWFKLQJWKHPJR
    7KHLUVSHFNEHFRPLQJDQDLUEXEEOHVORZO\IORDWLQJXSIURPWKHGHVHUWWRWKHVKRFNRIP\IDFHDQGZKLWH
    KDLU6LOYHUILVKJOHDPHGRQWKHEDVNHWOHIWRQWKHGHVHUWHGSLHU7KHLUH\HVKDGEHFRPHWUDQVIRUPHG7KH\
    EOD]HGZLWKGHDWK,WZDVWKHPDWFKHVWKDWJDYHPHWKHLGHD7KH%ODQFKHKD\VWDFNLQVWDQWO\ZHQWXSLQ
    IODPHV,WKUHZP\VHOILQWRWKHURDULQJILUHWRVLOHQFHWKHGHVHUW,DOPRVWVSOLWRSHQRXWRIP\VHOI,WZDV
    VRVHDULQJ%XWJUDGXDOO\,EHFDPHFRPSRVHG,ORRNHGXSIURPWKHSLQNFKDPSDJQH7KHUHZDVWKHVDPH
    MRXUQDOLVWVD\LQJ
    <RXPD\EHDZULWHUEXW\RXDUHVWLOODVFRDOEODFNDV,DP
    ,VPLOHGGRZQDWKLPD
    ZKROHVDKDUDRIIHHOLQJDQGWXUQHGRQP\KHHO%XWDWKRUQVWXFNLQWRKLVIRRW7KHER\OLPSHGKHDYLO\
    DQGVDWRQDVWRQH7KHOLWWOHEORRGWKDWWULFNOHGRXWZDVOLNHDVXQVHWRQDPXUGHURXVGD\LQ.DPSDOD
    /LIHEOHHGVGURSE\GURSWLOOWKHUHLVQRWKLQJEXWDKDUGJQDUOHGVKHOO,GXJRXWWKHWKRXJKWZLWKDSLQ,W
    ZDVDVLIWKHZRUOGZDVEHLQJGUDJJHGWRRWKDQGQDLORXWRIKLP+RZWKHVN\EHKLQGLWDOOEOHGYLVLRQV,
    FRXOGVHHKRZLI,PRYHGDWDOOLWZRXOGWLOWWKHEDODQFHDQGWKHPRPHQWZRXOGEHORVWIRUHYHU%XWWKLV
    YHU\WKRXJKWLWVHOIPDGHWKHUDEELWMXPSVWUDLJKWLQWRWKHEXVK'LVDSSRLQWHG,ZDONHGDURXQGP\JXHVWV
    ,QVSHFWLQJP\IDFHIRUVLJQVRIOLIH6DWLVILHG,FDPHDPRQJP\JXHVWVOLNHDPDQZKRKDVUHWXUQHGIURP
    WKHJUDYHWRFRPSODLQDERXWWKHGHDWKFHUWLILFDWH%XWWKH\KDGVHHQQRWKLQJZURQJRQO\WKHJUH\KDLUHG
    \RXQJPDQZKRRQFHKDGJDLQHGVRPHQRWRULHW\7KHVKDUNLQWKHDTXDULXPFDQEHZDWFKHGHYHQE\
    FKLOGUHQDQGSULHVWV

    >3DJH@

    7KHFREUDLQWKHSLWZDVSDUWRIDWRXULVW
    VKHFWLFFRDFKWRXU7KHSODVWLFPDQ3ODQWHGLQDERZOILOOHGZLWK
    WKHEDUUHQVRLORIDQ2[IRUGGHJUHH0DNLQJWKHPRQNH\PRQNLHU(UDVLQJWKHVROLGLW\RXWRIKLPWRPDNH
    KLPQRPRUHWKDQDEODFNLQVLGHU7KHUHZDVWKHW\SHZULWHU7KHUHZHUHWKHFDPHUDV:RXOG,JRRXWOLNH
    WKHODVWVSHFNRIDVSHFWDFXODUILUHZRUNVGLVSOD\RIXQHQGLQJFRQIHUHQFHVRQ%ODFN&XOWXUH"(YHU\WKLQJ
    HOVHKDGEHHQGUDLQHGRXWRIKLP/HDYLQJRQO\WKHSDUDQRLGPLUDJHRIWKHGHVHUW%XWWKLVODVWERRNLW
    ZRXOGEUHDNWKHKLQJHVRIIDOOWKHGRRUVWKH\KDGORFNHGLQKLVWHHWK7KHODVWLQGHOLEOHPHPRU\ZRXOGEH
    WKHDVVDVVLQ
    VNQLIHSOXQJLQJDQGWZLVWLQJLQWRKLVKHDUWZKHUHWKHGHVHUWKXUW7KHIDFHDWWKHZLQGRZ
    ZRXOGEHJDXQWWKHORRNRIHYHU\PRWKHU$WGLQQHUWKHER\DVNHG


    :KDWGRHVLWPHDQWREHSRRU"


    *RLQJWREHGXQGHUDEXVKZLWKRXW\RXUGLQQHU

    7KHQH[WQLJKWKHQHLWKHUFDPHIRUKLVGLQQHUQRUIRUKLVEHG7KH\VHDUFKHGIRUKLPDOOQLJKW+HZDONHG
    LQFDOPO\DWEUHDNIDVW6WHSKHQZDWFKHGDVVKHZKLSSHGPH,ZDQWHGWRWHOOKHUWKDWKHKDGGRQHQRWKLQJ
    H[FHSWEHSRRUWKDWODVWQLJKWRIH[SHFWDWLRQV%XW,MXVWOLFNHGWKHEORRGVLSSLQJIURPWKHFRUQHURIKLV
    PDGPRXWK,QWKHSOD\JURXQG,ZDWFKHGDKXQJU\ER\ZDWFKLQJDQLWLQHUDQWIO\ZLWKWKHLQWHUHVWRID
    JRXUPHW,FLUFOHGURXQGKLPRQFHWZLFHDQGIRXQGP\VHOIVWDQGLQJEHIRUHWKHMRXUQDOLVWDQGORRNLQJ
    GRZQDWKLPZLWKVXGGHQLQWHUHVW
    :HZHUHDWVFKRROWRJHWKHURQFH
    ,VDLG%XWWKHMRXUQDOLVWFXUOHGKLV
    OLSDURXQGWKHVWDWHPHQWDQGVDZWKHSOD\JURXQGDQGWKHZHOOIHGER\ZKRZDWFKHGKLPVHFUHWO\7KHQKH
    VWRRGXSDQGLJQRULQJP\WKLQSURIIHUHGKDQGVWDONHGDZD\7KHVSHFNWKDWKDGEORFNHGWKHVXQPRYHGD
    OLWWOHDQGDVXGGHQFKLQNRIEULJKWQHVVLOOXPLQDWHGP\VRXO7KHFRXJKFDPHRXWRIWKHGDUNQHVVDQGKLW
    PHXQWLO,ZDVDZDNH7KH\DUHFOHDULQJPHIURPWKHLUWKURDWVVSLWWLQJPHRXW7KH%RHLQJZDVD
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    FLQGHULQWKHVKLPPHULQJYLROHWRIWKHVN\8SWKHUH:KHQ,FDOOHGWKHDLUKRVWHVVIRUSLQNFKDPSDJQHLW
    WDVWHGOLNHEORRG'UDLQHGRXWRIP\VHOI+RZZLOOLQJO\,KDGOHGP\VHOIWRWKHVODXJKWHUWRWKH
    W\SHZULWHU<HW,FRXOGQRWOLYHOLNHRQHZKRKDVWRIHHOWKHWHPSRUHDGWKHSDFH+RZEDGO\WKLQJVKDG
    WXUQHGRXW,QDVLQJOH\HDU%ODQFKHFRXOGEHFRPHVXFKDELWWHUDQGXQORYLQJSHUVRQZLWKRXWWKHVOLJKWHVW
    SURYRFDWLRQ:KDWPDGHKHUVRWHUULEO\KXPDQZDVWKDWLQIDFWSURYRFDWLRQKDG

    >3DJH@

    QRWKLQJWRGRZLWKLW7KHVXQZDVULJKW7KHFORXGVZHUHULJKW'D\DIWHUGD\VKHZDVLQWKDWQLJKWPDULVK
    NLWFKHQRIKDVKLVKH[SORGLQJZLWKZRHJOHHERUHGRPVXGGHQEXUVWVRI]HDO$QGWKHGHVHUWZDVVORZO\
    WUDQVODWLQJPHLQWRDPDQZKRFRXOGQRWSRVVLEO\H[LVW7KRVHFDPHUDVWKDWW\SHZULWHUWKH\ZHUHWKH
    VSHFNEHWZHHQP\VHOIDQGWKHIXOOSXOVLQJEOD]HRIWKHVXQ7KHVKDUNKDGVXGGHQO\VZHUYHGIURPRXWRI
    WKHEOXHZKHQ,OHYHOOHGP\VKRWJXQDQGWKHEORRGDQGJXWVRILWERLOHGLQVDQHO\DURXQGKHUQXGH
    VZLPPLQJILJXUHDQGVKHZDVFU\LQJRXWFXUVHVDERXWKRZ,VKRXOGKDYHOHWWKHVKDUNOLYHDQGVKRWKHU
    LQVWHDG$QG,URVHIURPWKHPLFURVFRSHDQGIURPWKHWHUULEOHYLVLRQWKHER\KDGVHHQ$WWKHUHFHSWLRQ
    WKHUHZHUHRQO\PRXWKVHDWLQJPDVWLFDWLQJWKHLUWRQJXHDQGPRODUVJRLQJ
    %/$1&+(%/$1&+(%/$1&+(7KHDEUXSWEXUVWLQJRXWRIDZLOGGXFNDURXVHGWKHER\IURPKLV
    WKLQNLQJRIWKHZRUOG$JLDQWPDQVQRULQJXQGHUDWLQ\PXVKURRP7KHER\DVNHG


    ,VFUXHOW\DKXPDQFKDUDFWHULVWLF"

    %XWVKHZDVEXV\ZULWLQJKHUVSHHFKIRUWKH:RPHQ
    V,QVWLWXWH$QGGLGQRWDQVZHU%XWDVVKHZDVJRLQJ
    RXWVKHVDLG


    $QLPDOVGRQRWNQRZZKDWLWLVWREHFUXHO7KH\DUHMXVWWKHPVHOYHV

    0HQNQHZWKLQJVEXWLQVSLWHRIWKDWWKH\ZHUHFUXHO$FDUEDFNILUHGEXWKHFRXOGQRWSODFHWKHILJXUHRI
    WKHLQVLGHULQVLGHLW$FDYHPDQLQDKDLUVKLUWVDLGLWZDV7KRPDV0RUH7KHEODFNQLJKWRXWWKHUHZDV
    ZHGJHGVROLGO\XQGHUQHDWKWKHGRRU,WEDQJHGDJDLQVWWKHVRXQGRIP\IHYHULVKW\SLQJ,H[SHFWHGWKH
    EORZZKLFKGLGQRWFRPHZKHQ,RSHQHGWKHGRRU7KHUHZDVDPDQDQGDZRPDQVFUHZLQJWKHGHYLORXW
    RIHDFKRWKHU7KH\IHOOLQWRWKHURRPDEUXSWO\7KH\GLGQRWHYHQORRNXS,ZDVDOUHDG\DWWKHWHOHSKRQH
    GLDOOLQJWKHSROLFHZKHQWKH\ILQLVKHGDQGVWRSSHGPHZLWKDORRN7KHPDQVKRRNKLVKHDGVDGO\VD\LQJ

    <RX
    UHDEURWKHU:H
    UH\RXUSHRSOHPDQ
    %ODQFKHKDGFRPHGRZQ+LJKRQKDVKLVK,ORFNHGWKHGRRU
    DIWHUWKHPDQGUHWXUQHGWRWKHW\SHZULWHU,IEODFNFKDUDFWHUVUHDOO\WDONHGLQDULGLFXORXVORIW\UKHWRULFDO
    VW\OHDVLQWKHKLVWRULFDOQRYHOVWKHVHVRUGLGDQGXQSODQQHGHQFRXQWHUVZLWKWKHEURWKHUV,UHPHPEHUHG
    KRZDQH[IULHQGKDGWULHGPRUHRUOHVVWKHVDPHWKLQJ6D\LQJ
    &DQ
    W\RXWDONLQRXURZQODQJXDJHDQ\
    PRUH"
    $QG,KDGIHOWWKHED\RQHWRIWKHLQMXVWLFHSLQPHWRDZDOOPDGHXSRIDOOWKHFKHTXHV,KDGFDVKHG
    DQGWKHOLIH,OLYHGZLWK%ODQFKH7KH

    >3DJH@

    LQWHUYLHZKDGHQGHGVXGGHQO\EHFDXVH,VKRRNP\VHOIIURPP\FKDLUDQGVWDUHGDWWKHWHOHYLVLRQFDPHUD
    DQGQRGGHGJULPO\DQGWKHQZLWKP\ZKROHIRRWNLFNHGLWLQVPDVKLQJWKHSLFWXUHIURPDOOWKRVHVFUHHQV
    LQWKHEDVHPHQWVGUDZLQJURRPVDQGSHQWKRXVHVRXWWKHUH,SDLGIRUWKHGDPDJHDQGUHWUHDWHGLQWRWKH
    QRPDQ
    VODQGEHKLQGWKHW\SHZULWHU,FRXOGQRWVWDQGWKHZD\P\RZQSHRSOHFDQEHFRPHWKHQDLOV
    WUDQVIL[HGLQP\JXW,WZDVWKLV,KDGFOHDUHGIURPP\WKURDWDQGVSDWLQWRP\KDQGNHUFKLHIWRILQGLWIXOO
    RIEORRG+XPDQLW\IRUJRWWHQVRHDUO\LQP\OLIHVRODWHLQP\OHDUQLQJ7KHWLQ\GURSVZHUHHPERVVHG
    LQWRWKHUXGLPHQWDU\MHZHOOHU\RIUHDOLW\7KHVHTXHQFHRIWKHGHVWLQHGXQLYHUVHZDVQRWWKHVDPHDVWKDW
    RIPDQ
    VIDWH7KHWZRZHUHLQGHOLEO\EHQWRQDFROOLVLRQFRXUVH:KHQ,ORRNHGXSLQWRKHUIDFHLQZKLFK
    KHUH\HVZHUHORQJDQGVOLWWHGWRUHYHDOKRZGLVWDQWVKHKDGEHFRPH,VDZKRZ,KDGVHHQKHUXSULJKW
    VOLPLQWHOOLJHQWGUHVVHGLQWKHIRUPDOGUHVVRIWKHJOLWWHULQJRFFDVLRQ7KHSDOPWUHHVLQKHUIDFH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    FRQIURQWHGWKH$WODQWLF2FHDQDQGWKHER\FRXOGQRWWHOOKRZWKHJHRSK\VLFDOFRQWLQHQWDOGULIWWKHRU\KDG
    DIIHFWHGPDQ7KHVRXQGRIDGULOOKDPPHULQJDZD\DWWKHWHQVHVHDJULWWHGRXWWHHWKVSDUNV$FKLOOHVFRPH
    XSWRFRQYHUVHZLWK7LUHVLDV$V,ZHQWGRZQWKHEODFNVXQOLJKWRIP\OLIHIOXVKHGWKURXJKP\PLQG
    'RZQGHHSGRZQWRWKHEUHDWKPDNLQJPLOHVDERYHP\KHDG$VWKHWLQ\DLUEXEEOHEXUVWRQWKHVXUIDFH
    GLUHFWO\EHORZKHUEUHDWKMXPSHG,ODQGHGLQDQXQWLG\KHDSRIGDUNOLJKW
    7KLVLVKRZSHRSOHVXIIRFDWH

    VKHVDLG:KHQKHKDGIDLQWHGDQGVKHZDVVWLOOVWUDQJOLQJKLPKDUGHUDQGKDUGHU,FDPHRXWDQGNQRFNHG
    KHUGRZQUHYLYLQJP\VHOIIURPWKHPHPRU\)URPWKDWUHPRWHWLPH,VHHKHUVOLWWLQJKHUH\HVDQG,PDGH
    DVLFNIDFH(DWLQJWKHVDODGRIP\EUDLQ5HGKRWWKRXJKWVEORZLQJIURPWKHGHVHUW7KHXQLYHUVHIXOORI
    EDGQHZV7KHUHVXQEDWKHUVVORZO\URDVWWKHPVHOYHVLQWKHIXOOJODUHRIP\QHUYHV/LIHZDVEXVLQHVVDQG
    RQHQHYHUWDONHGVKRS7KHEDQJOHRQKHUZULVWZDVWKHPDUNRIWKHXURERURV7KHVHDULQJHGURXQGWKH
    GU\ODQG7KHJOLQWRIPXVLFJOLWWHUHGIURPLWZLWKDGUHDUSHVVLPLVP,FRXOGQRWEHOLHYHP\HDUVIRUWKH
    QRLVHRIP\VHOIWU\LQJWRRXWVKRXWWKHVLOHQFH7KHOHWKDOLPSDVVLYLW\RIWKHSHQDQGWKHFDPHUDOHQV
    FUXVKHGPHOLNHDQDYDODQFKHRIURFNDQGLFH7UXWKZDVQHYHUWKHEHVWIRRWWROLPSRQ7RZDUGVWKHORQJ
    ORQJZRUGVRIDLUGHHSGRZQDERYH6HHPLQJDEHDXWLIXOLQVFUXWDELOLW\&XUWJUHHWLQJVDQGFXUWQRGV
    5DYLQJEOLQGGUXQNJUHHWLQJKLP(QFRXUDJHPHQW

    >3DJH@

    EHIRUHVWXQQLQJLQVLJKW+\VWHULFDOOHWWHUV7HUULI\LQJWKHSRRUVRGRXWRIKLVWDOHQW0DLOWKDWQHYHU
    DUULYHV+XPDQZRXQGVEOHHGYLVLRQV$VWDWHRIHPHUJHQF\GLVWDVWHIXOWRKLP7KHER\FORVHGWKH
    HQF\FORSDHGLDZKRVHSULQWZDVWKHUHDOLW\DURXQGKLP'UHVVHGXSDOODWRQFHDVDQDGXOW0\KHDGEURNH
    VXUIDFH7KHVXQKDGMXPSHGEHKLQGDILHU\EXVKRIFORXG)LHUFHUD\VYHUPLOLRQLQYLYLGFROXPQV
    VWUHDNHGXSZDUGLQWRWKHVKHHUFODULW\RIVSDFH)LULQJDWRPVRIVRUURZ

    >3DJH@

    (LJKW

    ,WKDGWKDWRQH\HDUZLWK%ODQFKHEURNHQXSDQGEXUVWLQWRIODPHVDQGQRWKLQJKDGEHHQUHFRYHUHGQRWD
    IRRWQRWDQDUPQRWDOHJ7KH\HDUZLWK*RRGIDWKHUKDGEHHQHUDVHGDVVXGGHQO\DQGLQGHOLEO\DV,ZKR
    KDGHQWHUHGLW6WDULQJEOLQGO\DWWKHERRN+DPPHUHGWRWKHVWRXWZRRGHQGRRU$KROORZQHVVFDUYHGRXW
    RIKHUKHDUWWKHZKLSDQGVXEVWDQFHRIP\VHOIWKLVUHWFKLQJVRXQGRIIRRGPRYLQJGRZQKHUJXOOHWLQWR
    WKHODUJHIROGVRIWKHVWRPDFKWKHVLFNHQLQJZKLVSHURIWLPHEHLQJDEVRUEHGLQWRP\EORRGDQGRIWKH
    LGHDOVEHLQJSXVKHGGRZQLQWRKHUJXWUHDG\WREHH[FUHWHG6LWWLQJEROWXSULJKWOLNHRQHZKRVHVSLQHKDG
    QHYHUERZHGWRWKHGLFWDWHVRIGHVWLQ\$VWDLQRIKRUURULQVLGHPHDQLQN\EODFNQHVVVWUHWFKHGWLJKWO\
    DFURVVWKHVN\/RFNHGLQDVXLWFDVH5HWFKHGDOOP\\HDUVVHHLQJDJUHDWVWDLQRIOLIH$FKLOOLQWKH
    VKHHWV6SLNHGRXWRIKLP$WHUULILHGJKRVWO\VKDSHFULQJLQJLQWRWKHWUHHV7KHZLQHVKUXQNHQLQWRDWLQ\
    UHGEHDGDVWUDQJHUXEHVFHQWJORZWKURXJKWKHGDUNHVWURRWVRIWKHVPDOOKRXUV7ZRFRPLQJWRJHWKHUOLNH
    LURQDQGIOLQWDUHRQO\DEOHWRJLYHRXWVSDUNV6KHVPLOHGWKLQO\WKDWWKLQQLJKWJRZQFRQVFLHQFHD
    VKDGRZDWKLVIHHW:KDWDVKDUSWDQJLWZDVWRWDVWHRILWVELWWHUQHVV+HKDGVSDWEORRGDJDLQLQWKH
    WRLOHWV8QPRYDEOHDQYLOKDPPHUHGWRQJXH:LSLQJWKHELOHIURPKLVOLSVKHEODFNHGRXWLQWKHPLGGOH
    RIDVSHHFK2XWRIWKHJURXQGWRWKHVHDE\PHDQVRIWKHIRUFHRIJUDYLW\7KHJXHVWRIDQXQKXPDQ
    JHRORJ\$QDWDYLVWLFJUDFHGRJJHGKLPZLWKWKHVWUDQJHDPDOJDPRISLW\DQGWHUURUZKLFK$ULVWRWOHODLG
    GRZQ5DLOZD\OLQHVRQZKLFKDOOORFRPRWLYHVDUHVXSSRVHGWRUXQ%ULQJLQJPHURXQGDJDLQWRVHHWKH
    GLVWRUWHGWZLVWHGWZR

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    >3DJH@

    KHDGHGVKDSHWKDWZDV6XVDQDQG.DWKHULQHYDLQO\UHYLYLQJPH&XUVLQJ&KULVDQGKLVXQGHUZHDU)UDQ]
    V
    EURWKHU6FRUFKLQJWKHPDGQHVVRXWRIPHE\DQRWKHUVKRZGRZQ%ODVWLQJP\QHXURVHVRXWZLWKDQ
    LQFUHGLEOHDQWKHP1RZWKHILUVWJULPQHVVVKRZLQJLWVWHHWKWKURXJKWKHEUDLQWKDWWLFNHGLQVLGHWKHOLYHV
    VWXIIHGDQGVTXHOFKHGLQVLGHWKHPDFKLQHU\KRZRSHQWRWKHVSDUNZDV,"7KDWVWUDLQWRRVRUGLGWREHDU
    5HDOLW\$WKRXVDQGOLWWOHILUHVSULFNOHGWKHFKDPEHUVRIWKHKHDUW*URXQGJODVVLQWKRXJKWV/LVWHQLQJ
    :LWKGHIWUHIOH[HVWKHEHJLQQLQJRIWKRVHQLJKWVDQGGD\V%ORZQRXWZKHQLWZDVEXUQLQJWKHILQJHUV
    5HWFKLQJRXWJXWV7KHVXQIUR]HQEULJKWDQGKDUGLQWKHKDQGV5HGKRWDUURZVRISDLQOHIWPLQXWHFUDFNV
    RQWKHVKHOOVRIWKHHJJVLQWKHIULGJH/LVWHQLQJ'HDGGUXQNLQVKDQW\WRZQ,QIOLFWLQJLOOXVLRQXSRQ
    UHDOLW\%XWVWXEELQJWKHWKRXJKWRXWUHPHPEHULQJKHUDVDVLOHQWDQGVFRXUJHGJLUO0DULHLQDSLQN
    GUHVV$GHVHUW,KDGQHYHUWKRXJKWWRILQGLQDQRWKHU$ZDLWLQJWKHSURGLJDO$EOLQGLQJIODVKWKDWVKRRN
    WKHKRXVHOLWKHUFLJDUHWWH$ERXWKHUGHWHUPLQHGGLVDSSRLQWPHQWFUXVKHGLWRXW)RUWKHSXUSRVHVRI
    VWXG\:LWKHYHU\ULJKW
    WRILQGKLPVHOI
    KHIRXJKWEDFNRQWRWKHVWUDLJKWOLQHVRIDSUHFDULRXVVDQLW\
    1RGGLQJDEVHQWO\DVWKRXJKLWZDVDQHZZD\RIVD\LQJJRRGE\HGULYLQJDZD\
    WKHVWDWHRIWKHZRUOG
    
    6ZHUYHG6LFNZLWKP\VHOI3HULVKDEOHVVKHKDGVDLGSHULVKDEOHV7KHEHJLQQLQJRIDQHZPDGQHVV
    'XPSHGLQWHFKQRORJLFDOVW\OH7RRKHDGDFK\IRUWKHER\ZDVKLQJKLVOLSV*ULQGLQJP\WHHWK686$1

    $EODFNVN\ILOOHGLQE\WKHKDUGHGJHVRIEODFNVXQOLJKW$VZHHWORDWKLQJLPSHULVKDEOHWXUQHGWKHKHDG
    WRZDUGVKDWH:DVWKDWMXGJHPHQW"7KHVHJUHDWWHHWK$GLVWDQWHQLJPDVKRRNLWVVHDULQJKHDW%UDZOLQJ
    DURXQGP\PHPRU\6QLIILQJDQGVQXIIOLQJ,WVKHDGDQGPDQHDVWKRXJKJUHDWO\OLVWHQLQJ
    *LYHPHILUH
    ,
    VDLG%OD]HGZLWKWKHVWUDQJHH[FUXFLDWLQJPDGQHVV6WULFNHQWKHVOLJKWO\JOLVWHQLQJFDUSHWRIZDWHU
    8QJOXHGP\H\HVIURPLW,QDPRPHQWIDVWDVOHHS3DUDO\VHG7HDUGURSV7KH\UROOHGGRZQOLNHERXOGHUV
    FDXVLQJDQDYDODQFKH&UXVKHGKLPZLWKURFNDQGLFH$YHJHWDWLRQRIJRRGLQWHQWLRQVVWUHDNHGSDVWWKH
    VSHHGLQJWUDLQ'U\DQGEURZQ$VLQJOHPDWFKFRXOGKDYHVHWWKHPDOODOLJKW8QJOXHGP\DWRPVIURPLW
    7RGRDQGWREHZDVWKDWWKHVDPHWKLQJ",QWKLVRQHWKLQJDIWHUDQRWKHU$OOSHULVKDEOHDVWKHH\HVWKDW
    SHUFHLYHGLW7KHUHZDVQRLPPRUWDORUHDQ\ZKHUHLQWKHURFNRIWKHLQWHOOHFW1HLWKHUZDVLW

    >3DJH@

    WKHUHLQWKHFRDOIDFHRIWKHHPRWLRQV5RXVHGLQKLPH[WUHPHIHHOLQJVRIGUHDG3DUDQRLD7KHQGHDWKKDG
    QRSDUWLQP\SODQVDWLUHOHVVVHHNLQJRXW&UXQFKHGLQWRP\VHOI&KHFNLQJWKDWWKHGRRUZDVVHFXUHO\
    ORFNHGWRNHHSRXWGHPRQV$QGFURZGHGRXWDQ\WKRXJKWRILGHDVHYHUWUXO\FKDQJLQJLQWKHZRUOG$
    QHZERWWOHIURPP\UXFNVDFN7KLVZULQNOHGFXUORIWKHOLSDURXQGWKHULPRIVTXDORU7KHSHUSHWXDO
    FRQIXVLRQ7KHWLFNHWVWRQRZKHUH6TXHOFKHGWRJHWKHULQZDLWLQJURRPV7KHLUVXGGHQORRNRIKRVWLOLW\
    WKHXQUHIXWDEOHVQHHU$QGWKHJKDVWO\VKDSHZDVDOLYLQJWKLQJ,QDQLQVWDQWLWFRXOGEDUHLWVWHHWKLWV
    VROGLHUVLWVSROLFHLWVLQIRUPHUVLWVSD\PDVWHUV*ULQGLQJH[FHHGLQJVPDOO,WZKLSSHGXSLQWRWKHDLUWLQ\
    FLQGHUVRIOLYHVLWIOLFNHGWKHPKLWKHUDQGWKLWKHUEORZLQJWKHDVKHVRIZDQW$PDVVRIWLQ\SRLVRQRXV
    ZRUPV&RPHWRJHWKHUIRUVRPHILHQGLVKULWH7KHLUP\ULDGWLQ\GURSSLQJVIDOOLQJRXWRIWKHVN\DQG
    VWLFNLQJHYHU\WKLQJZLWKDKLGHRXVJOXH,ZHQWXQGHUKHOGP\EUHDWKZDWFKHGHYHU\WKLQJ8QWLO,FRXOG
    KDYHEXUVWZLGHRSHQRXWRIP\VHOI7KDWGDUNQHEXORXVSUHVHQFHIOHVK\PDVK\$VSRQJHOLNHEHLQJ
    VXFNLQJOLYHV)RDPHGDQGIURWKHGQLJKWDQGGD\,QWKHGDUNVHHPHGWRJOHDPZLWKLWVRZQKXPDQ
    JUHDVHGEODFNVXQOLJKW:KHQLWUDLQHGWKHZDWHUFDPHGRZQEODFNDQGFRUURVLYH%URXJKWGRZQZLWKLW
    WKHYLVFLGFXUGOHGWKLQJ$PXFXVIRJDEORRGFORWWHGSKOHJPLQP\ER\KRRG
    VWKURDW,QGUHDPVWKH
    UDLQGURSVIHOOOLNHFU\VWDOVLQDSHOOXFLGVWUHDP/LTXLGJHPVWKDWIHOOGRZQXQVROLFLWHGIURPWKHZRQGHURI
    LOOXVLRQ2QLPSXOVHDQGDVTXLFNO\JREEOHGGRZQ$QXQHDWDEOHWKLQJ/LNHQHZO\IRUPHGURFN$K
    VWDLQOHVVUDLQ3DOHZDWHUFRORXUEOXHWKHULPRIWKHPDGQHVV'LVFXUVLYHDQGRSHQDQLQGLIIHUHQW
    DVWRQLVKPHQW.LFNHGKDUGEDFNWRLWVVLGHRIWKHVWUHDP7KHVHJUHHQPHWDOVLGHVRIWKHZRUOG'U\DQG
    FOHDQLQVLGHWKHDWPRVSKHULFZDWHUSURRIVNLQRIEODFNVXQOLJKW:KHUHZKLWHSHEEOHVJOHDPRQDVOLJKW
    JUDGLHQWRIEHGURFN%XW/XFUHWLXVEHFNRQHGKLPEDFN7KLVFKDQJHLQPH0RUHWKDQDOOWKHGDUNQHVVWKH
    EULJKWVXQFRXOGWKLQNRI7KHKRXVHJULPDQGDOHUWZLWK0DULH
    VEOLQGQHVV0\RZQIOHVKFRXOGWKLQNLQ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    LW7KLVSUHFLVLRQRIDFDPHUD'HFDSLWDWHG+RZOHGWLOOWKHZKROHKRXVHUDQJ$WKLQVRXQGVZXQJGRZQ
    %UXVTXHO\FXWVKRUW&XWLQKDOIE\WKHUHGKRWEXOOHWV7KHKHDGOLJKWVRIDFDUVZXQJDFURVVWKHKRXVHDQG
    WKHPLQLVWHUIXPEOHGIRUKHUNH\VDQGQRWILQGLQJWKHPWULHGWKHGRRUDQGZDONHGLQVXUSULVHGWKDWLWZDV
    QRWORFNHG+HU

    >3DJH@

    KHDGOHVVERG\IDOWHUHGDWWKHWKLUGVWHS7KHKHDGIOHZRXWWKHRSHQGRRUZD\7KXGGHGDJDLQVWWKHJDWH

    7KLFNUDJVRIFORXGTXLFNO\IOHZWRVFUHHQLWRXW:DWFKLQJ6XVDQDGMXVWWKHSRZHUIXOELQRFXODUV7KH
    UDGLREHVLGHKHUWXQHGWRWKHSROLFHFKDQQHO6KHVZHSWDVLGHWKHOHDYHVDQGVWDONVRIJUDVV6HWWOHGKHU
    HOERZVFRPIRUWDEO\EHIRUHUDLVLQJWKHELQRFXODUVWRKHUH\HV6RRQVKHVDZZKDWVKHH[SHFWHGWRVHHDQG
    EHJDQWRDVVHPEOHWKHSRZHUIXOULIOH6KHFOHDQHGWKHVPXGJHIURPWKHWHOHVFRSLFVLJKWDQGRQFHPRUH
    EURXJKWLWWREHDURQWKHDOPRVWVWDWLRQDU\WDUJHW7KHVLOHQFHUPXIIOHGWKHVLQJOHEXUVWRIILUH7KH
    VLPXOWDQHRXVZKLUULQJRIP\FDPHUD7KHVRXQGIODVKHGWKURXJKWKHKRXVHOLNHDEROWRILFH:HGJHG
    EHWZHHQPLQGDQGPDWWHU:LWKQRVXEVWDQFHLQHLWKHU$ZHGJHGULYHQLQEHWZHHQWKHXQGHUQHDWKRISDVW
    DQGSUHVHQW/LNHDJORZLQJFLJDUHWWHWRXFKLQJP\KHDUW&ROGILQJHUVFOXWFKLQJDWWKRXJKWV'UDLQHGRI
    OLIHWKRVHKXVNVRIWKHP6TXDWWLQJRQWKHLUKHHOV7KHQHZPRRQDIOHFNZHWDQGEULOOLDQWVKDUSO\
    RXWOLQHGWKHRPLQRXVVWUDQGVRIFORXGKRWHPEHUVWKDWSRSSHGDQGFUDFNOHG$KDQGWXUQHGWKHPRYHU,Q
    WKHEODFNGRRUZD\FUHDWLRQ
    VJXWIODVKHGDQHZ7KLVXQQDPHDEOHFRQWHPSW7KHVL]HDQGEXONRIDJURZQ
    PDQ
    VWKLJK3OXQJHGWRRVXGGHQO\0RQH\WKHQHZVWLQNLQJLGHD$ODUJHGHHSKROHLQDULSSOLQJVHD7KH
    ZKLSOLNHWHQWDFOHODVKHGRXWGUDJJHGPHNLFNLQJLQWRKHUDE\VV7KHKXJHEOXQWIDFHGPDFKLQH*UHZ
    KRWWHUDQGKRWWHUEHOFKHGDWVKRUWHUDQGVKRUWHULQWHUYDOV7KHGDUNJUXPRXVVWHDP7KHH[SORVLRQEOHZ
    WKHURRIRIWKHKHDGLQWRWKHVN\/HWKDOEODGHVRIILUHWRUHWKURXJKWKHLQWHOOHFWXDOPHWDO7RQVRIVKUHGGHG
    VWHHODQGFHUHEUDOJLUGHUVUDLQHGGRZQIURPWKHVN\6WHDPDQGERLOLQJZDWHUJXUJOHGURDUHGP\DQJU\
    KLVVHV7KHZKROHVWUXFWXUHRIWKHVN\FDPHGRZQOLNHDPDVVLYHSXQFK&UXQFKHGWRQRWKLQJWKHHHULH
    GHEULVRIUHDOLW\7KHVLOHQFHZDVOLNHDVXGGHQDWWDFNDVWXQQLQJJULHYRXVDVVDXOW7KHVXGGHQEORZOLW
    XSVWDUNO\LQP\OHQVVZHOOHGOLNHDVSOXWWHULQJVWDU7KLVOLYHHOHFWULFLW\FDOOHGVLOHQFH:KLUULQJWKH
    FDPHUDDQG,KDGFHDVHGWRH[LVW,WVWUHWFKHGPHRXWODLGEDUHDOOWKHEDVLFH[SHULPHQWWKDWZDVWKHUH
    +DGWKHLQFLVLRQJRQHGHHSHUWKDQWKHUHZDVWRFXWWKURXJK,$ILOPRIEORRGEHWZHHQWKHWKRXJKWVDQG
    WKHZRUOGRXWWKHUHEORWWHGVRPHWKLQJRXW

    6RPHWKLQJWKDWPDGH%ODQFKHDQG0DULHVWRQHPRXWKHG:KLFK,DYRLGHG

    >3DJH@

    7KHFKDRVEHWZHHQFDXVHVDQGHIIHFWV

    0DNLQJWKHER\FXUOKLVOLSLQGLVGDLQ'LVSDVVLRQDWHGLVGDLQ)RUDORQJEHDPLQJPRPHQWKHKHOGWKHP
    DOOLQWKHPLQXWHVSHFNRIKLVP\RSLFKHDGDFKH%DUHGVKRXOGHUVHOHJDQWVKLUWIURQWV7KHVPLOHZDVWKLQ
    DQGJUDWHIXO$VWKRXJKDQDLOZDVGHHSO\WUDQVIL[HGLQKHUFKHVW:KRYLVLEO\IOLQFKHG"$ZDYHRI
    SHDFHIXOGLVVRQDQFHERPEDUGHGKLVZKROHEHLQJ$QHDVHDQGGHOLFDF\RIOLQH7KHIDOFRQEHDWLWVZLQJV
    RIF\PEDOV$PXWHGLQWHQVLW\7KHFOHDUDQGOXFLGPLQXWHVVHL]HGKLPE\WKHKDLUV7KH\IODVKHG
    GLVWLQFWO\WKURXJKKLVEHLQJOLNHUDGLRZDYHVEHDPHGIURPWKHVSHFNRIDUHPRWHVWDU:KDWDQHWHUQLW\ZDV
    SDUNHGLQHYHU\LQVWDQWRILW3HULVKDEOH\HVEXWXQEHDUDEOH,VWRRGEHIRUHLWDEDVKHGGLVWUHVVHG
    SOHDVHG,OHDQHGIRUZDUG,WZDVROGDQGWUDQVIRUPHGDVWKRXJKVRPHWKLQJHVVHQWLDOKDGEHHQHUDVHG
    IURPLW6XEWUDFWHGIURPKLP7KHFUHDVHVDURXQGKHUPRXWKWLJKWHQHGDVWKRXJKDOLQHKDGWREHGUDZQ
    VRPHZKHUH'UDZQLUUHVLVWLEO\WRVKDGRZVXJJHVWLRQDYLYLGRSHQQHVV7XUQHGXSVLGHGRZQKLVGD\V

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    $VOHHSDWILUVWOLJKW$ZDNHZKHQWKHEODFNVXQOLJKWSRXUHGPLJKWLO\RYHUWKHDIWHUQRRQ
    VSUHFLSLFH7KDW
    JOLWWHULQJVOLP\PDVV7KRVHLQQHUPRVWLPSXOVHVWKHVSULQJVRIWKRXJKWGHSUHVVHGKLPPLJKWLO\9HLOHG
    7XWRUHGDJDLQVW3UHVVHGGRZQLQWRWKHERWWRPRIUHDOLW\
    VEDUUHO,URQILOLQJVWKDWFOXQJWRKLVQDWXUHDV
    WKRXJKWRDPDJQHW:LWKDOOWKHIRUFHRIDPLVXQGHUVWRRGIHDU$QXQQDPHDEOHHUURUVKUXQNWKHPRXQWDLQ
    LQKLPWRDWLQ\ILQHO\FXWGLDPRQGWKDWKXUWZLWKHDFKVOLJKWPRYHPHQW$ERYHKLPWKHGLUW\JOXWLQRXV
    GHEULV$EUDLQPL[HGZLWKJULWDQGJURXQGLQWRPLQFHPHDW)O\LQJJULWFUDFNHGWKHOHQV
    VLQVLJKW7KH
    VPDOOKDUGVWRQHVRIDJULPPHUUHDOLW\KDGVPDFNHGVWUDLJKWXSZDUGVLQWRWKHPLFURVFRSH
    VOHQVPDNLQJ
    KLPZLQFH6WDUWOHG6WDULQJZLWKIDVFLQDWHGKRUURU7KHVWUDQJHIHYHUVFUHDPHGWKURXJKKLVJULWWHGWHHWK
    .QHHVWRFKLQHOERZVWRVLGHVILVWVFOHQFKHGRYHUJUH\LQJH\HEURZV7KHVOLJKWO\RSHQPRXWKRXWRI
    ZKLFKWKHZKROHPDVVLYHVN\KDGEHHQH[SHOOHGEDQJHGDQGUDWWOHGRXWRIKLP-DUUHG7KDWKDUGVLQNLQJ
    IHHOLQJ2XWRIKLVKDQGV6WDPSHGKHUIRRW$WRPLFERPEVSULPHGWRH[SORGH,QWKHHHULHIODVKRIWKH
    SKRWRJUDSKHU
    VFDPHUDWKHVQHHUZDVDVODUJHDVWKHMDZVRIDVKDUN:KHQLWFDPHRXWRQQHZVSULQWLQ
    WKHFRQFHQWUDWHGEODFNGRWVRIWKHODWHHGLWLRQWKHEDQQHUKHDGOLQHVVFUHDPHGRXWWKHVRXQGWKDWKDGVWXFN
    LQKHUWKURDW'UHGJHGXSDQGUHYHDOHG:DVWKLVWKHJDSEHWZHHQ

    >3DJH@

    LQWHOOLJHQFHDQGPDVVWHUURU"$VKRHFUDVKHGWKURXJKWKH79VFUHHQ,OLPSHGWRWKHSKRQHEXWWKHYRLFH
    DWWKHRWKHUHQGVDLGVDUFDVWLFDOO\


    :HZHUHDWVFKRROWRJHWKHUUHPHPEHU"

    ,OLPSHGLQWRWKHNLWFKHQ

    %ODQFKHKDGJRQH

    $QRWH

    6ODPPHGWKHULVLQJEUHDNGRZQEDFNZDUGV$ZLQGRZVKDWWHUHGGRZQVWDLUV7KHURFNVPDVKHG%ODQFKH
    V
    IORZHUYDVH$KDLORIVWRQHVVKRZHUHGXSRQWKHKRXVH&ULHVRI


    5('62875('6287

    1RWHERRNV3RUWDEOHW\SHZULWHU,DPJHWWLQJRXWRIKHUH/LNHJRRGROG%ODQFKH%/$1&+(

    5HVRXQGLQJO\


    5('6287

    ,UDFHGWRWKHJDUDJH6PDVKHGWKHW\SHZULWHUDFURVVWKUHHIDFHV+XUOHGLWDWDORRPLQJILJXUH-XPSHG
    LQWRWKH/DQG5RYHU$VKRZHURIJODVVUDLQHGRQPH$EULFNWKXGGHGDJDLQVWP\VKRXOGHU,VODPPHG
    WKHFDUEDFNZDUGV+HDUGDFUXQFKDQGDVFUHDP2QWZRVFUHDPLQJZKHHOVVZHUYHGLQWRWKHGULYHZD\
    %DQJHGQXPEHGE\VDOYRVRIEULFNDQGURFNWKXGGLQJLQWRWKHFDU7KHKDLUVRQP\KHDGZLWKVXGGHQ
    VKRFNRIKHDGOLJKWVSLFNHGXSWKHDQJU\JHVWLFXODWLQJFURZG5RFNVDQGEULFNVWKURZQKHDGRQLQWRWKH
    ZLQGVFUHHQ6WDPSHGWKHDFFHOHUDWRUWRWKHIORRUERDUGV7HHWKEDUHGWKHZKHHOULJLGWKHHQJLQH
    VFUHDPHG7KHZLQGVFUHHQEXUVW%/$1&+(+DOIP\IDFHVHHPHGWRKDYHSHHOHGDZD\0LVVLOHVIO\LQJ
    VWUDLJKWLQWRP\IDFH)URPWKHFURZGWUDQVIL[HGE\P\OLJKWVULJKWLQWKHFHQWUHRIWKHURDG,WVHHPHG
    WKH\ZRXOGQRWEXGJH7KHKRZOLQJFURZGDWWKHODVWSRVVLEOHLQVWDQWSDUWHG7KHZKROHERG\RIWKHFDU
    WKXQGHUHGDQGJURDQHGEHQHDWKWKHEHDWLQJ2QO\IRUDPRPHQW,ZDVWKURXJK%/$1&+(7+528*+
    DQGWKHURDGZDVFOHDUEDFNWRWKHJULPEOLQGQHVV7KHFURZGZLWKDEHOORZEHQWLWVUDJHXSRQWKHKRXVH
    7KHUHDUOLJKWVDVLQJOHVSHFNLQWKHDVSKDOWGLVWDQFH2QO\WKHQGLG,WKLQNRIWKHFDPHUDV&RXOG,KDYH
    VWRRGP\JURXQGDQGFDOPO\SKRWRJUDSKHGWKHFDUQDJH",NLFNHGWKHEDOOKDUGHUVODPPHGLWEDFNWRZDUG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    WKHLPSDVVLYHZDOO%/$1&+(7KHVSDVPIODVKHGWKURXJKKLVKHDGOLNHDVPDOOEXWGD]]OLQJVHDUFKOLJKW
    ,WZDVJRQH

    >3DJH@

    ,WPDGHP\VNXOOVRWLJKW,ZRNHXSJULQGLQJDVFUHDP

    7KHUHZDV6XVDQ2QHH\HG$EULJKWSHQHWUDWLQJQDUURZEHDPRIOLJKWSURELQJLQWRP\RZQ

    $K3RO\SKHPXV

    :LQHVRRWKHG$NHQQHOLQVLGH1RWUHDOO\WKHUH/LNHDOOWKHPRRGVKHGUHZDQGSRUWUD\HGRQSDSHU
    :KDWHYHUWKHSODFHZKDWHYHUWKHWLPHZKDWHYHUWKHSDFHZKDWHYHUWKHWHPSR

    8WWHUO\RXWVLGHKLPVHOI7KHLFHDQGWKHVQRZ7KHKHDWDQGWKHVDQGV8WWHUO\RXWVLGH+LPVHOI6KULHNLO\
    KHOGGRZQE\6XVDQ7RUHPHPEHU3HUKDSVVQDWFKDYLFWRU\%XWWKHDUPHGORUULHVRIODQJXDJH7KHLU
    DUWLFXODWHFDUWULGJHV:LWKD[HVWRFRQILUPWKHP5HDVRQDQGNQRZOHGJHWKHERGLHVLQWKHPDVVJUDYHV
    0HDQLQJNLOOHGE\XWWHUDQFH%\WKHVXQVHWVLQDVLQJOHPLQG
    VGHUDQJHPHQW0RUHWKLQJVLQWKHPLUURU
    WKDQVKRXOGEHUHIOHFWHGEDFN$PDWWHURIWKHKHDGDQGQRWWKHWHPSHUDWXUHRIWKHEORRG0LOHVRIERRNV
    LQVXFKDZH$JDQJUHQHLQWKHKRXVH%ORRGVWDLQVVFUDSHGIURPXQGHUQHDWKXKXUX
    VFDUVVTXHOFKZLWK
    PHDW3XOOLQJWKHPLQGGRZQWRWKHEDURPHWHURIWKHVHQVHV7KLVJUH\ZHWQHVVRIFORXGVLQWKHEUDLQ2Q
    P\PDGOLSVDUDLQRI*UDHFR5RPDQVWDLQV%DFNVWRWKHZDOOORRNVDWWKHIXWXUH7KDW
    VER[LQJPHLQ
    7KHH[LOHWDNHVKLPVHOIZLWKKLP7KLVKHDY\EDJJDJHRIKLPVHOI$GUDZLQJHUDVHGE\SHUVLVWHQWZLQGV
    3URSHOOHGE\VRUURZ/LQJHUVLQYLOODJHRUFLW\6WUXFNGRZQE\OLIH
    VRZQZHLJKW:LWKQRQHH[HPSW
    6RPHWKLQJPRUHWKDQP\KDQGZKHQ,VKDNH\RXUKDQG2XWRIWKHUDLQSOXFNDKDUYHVW&DUHVDUHOHIW
    ZLWKWKHFRDWVKDQJLQJRQDQDLO7KHEODFNFRQVWHOODWLRQVEUXLVHDQGSUHVVXSRQWKHPLQG
    VKRXVH
    VFXOSWXUHVRIDQLQIOH[LEOHPLQG/LNHDVOLQJVKRWDJDLQVWDZDOOWKHPDQFUDFNV$EULJKWFXUWDLQRIEORRG
    YHLOHGWKHVXQ)LULQJVDOYRDIWHUVDOYRDW'HYLO
    V(QG%ODVWHGOLIH
    VERXQGDULHV3LQQHGWRWKHIHDURIZKDW
    ZRXOGKDSSHQQH[W7KHZLQGDQGWKHGXVWJULQGRXWWKHWHDUV7DQNVJURXQGRXWDOOVRXQGRIFRFNFURZ
    %HKLQGWKHJORZLQJFLJDUHWWHLVWKLVPLQGFDOFXODWLQJLWVFKDQFHV:KLVSHUVVFUDWFKHGDOLJKW&OHQFKHG
    WKHLUPLQGV3DVWGUHDPVZHUHWKURZQRXWE\WKHEXFNHW6ROLWDU\REVHVVLRQVFRROHGDQDO\VHGWKHWHUULEOH
    FU\VWDO+XQJHULQWKHPLQGZDVDVZRUGEHLQJVKDUSHQHG$JXQEHLQJRLOHG,WVPDVKHVLQWRWKHKLOO
    WHDULQJWUHHWUXQNVDVWKRXJKWKH\ZHUHWZLJV%ODVWVWKHJUDQLWHDVWKRXJKLWZDVFOD\6KHOODIWHUVKHOO
    SORXJKVWKHQRZVLOHQWKLOO%RPEHUVWKXQGHUE\8QOHDVKWKHLUOHWKDOVWLFNV

    >3DJH@

    &UHHSLQJIRUZDUGRQWKHLUEHOOLHV&UHDNWKHLUQHFNVWRSHHUDWWKHKXPDQSDVWH$URRPQRPDQHYHUEXLOW
    ZLWKKLVRZQPDGQHVV7KLQNLQJLVVSHHGHGXSWRRXWZLWWKHEXOOHWWRFRPH%OD]LQJOLNHDQDSDOPKRO\
    JKRVW6HHLQJWKHZRUOGWKURXJKDILOPRISLQNFKDPSDJQH

    $UHGDQGYLYLGPRRQSHHSVIURPWKHKRUURU7URXEOHVVSUHDGRXWWRFRYHUWKHZKROHWDEOH7KHVQDNH
    ZLWKLWVWDLOLQLWVRZQPRXWK7KHVHDIRUHYHUZLWKLWVHOIDURXQGWKHGU\ODQG
    7KH%ULWLVKDSSURYHG
    8KXUXDVWKH\DSSURYHGWKH7LWDQLFDQGWKH%LVKRSNQHZLW
    6WHSKHQVDLG6SXQWKHZHEVWKDWPDGHG\LQJ
    DQH[SHULPHQW$ILHUFHPRRQZDVVKLQLQJXQQDWXUDOO\WKURXJKWKHQRRQ
    VEODFNVNLQ(YHU\WKRXJKW
    RXWSDFHVLWVHOIHYHQDVLWLVRYHUWDNHQE\LWVRZQQHZLOOXPLQDWHGEHLQJZKLFKLQWXUQRXWSDFHVLWVHOI2XW
    RIWKHEODFNVXQOLJKWDPRWKHUHQJRUJHVKHUVHOIRQWKHIRHWXVVFUHDPLQJRXWRIKHU,WVLOHQFHGWKHOLJKW
    IUR]HLWKDUGDQGEODFNXQWLOLWVVKDUSEULJKWHGJHVFXWGHHSLQWRKLVKHDUW+XPDQH\HVKDGWKHVDPHKDUG
    DQGGDUNJOLWWHULQJWKHVDPHUHIULJHUDWHGORRN:KLFKQHYHUTXLWHORRNVDQ\RQHLQWKHH\H
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    6XVDQ
    VVLQJOHK\SQRWLFH\H([FDYDWLQJLQWRPH

    ([FDYDWLQJ

    7KHH[FUHWLRQ


    :KDWKDVQRWEHHQGRQHLQWKHQDPHRIVRPHVWUDLWMDFNHW"

    0\VRXODQHDWVKLUWIURQWWKHVHVWDUVWXGGHGJDOD[LHV$VKWUD\VRQWKHGHVNRYHUIORZZLWKVWXEEHG
    LQYHQWLRQV1LJKWDQGVN\DUHWKHUHIXJHVRQWKHTXD\WKHZRUOGGHEULVSLOHGDWWKHHGJHRIQHDW
    PHPRUDQGD:KLWHSHEEOHVRQDZKLWHEHDFKGD]]OHWKHH\HWRZDUGVWKHOLJKWKRXVHDVSXUWRIIODPHLVWKH
    ZKLWHPDQVKRRWLQJJURXVH2ULRQVPLOHVDWFUDFNHGWLOHVRQ%UL[WRQURRIV7KHPLUURUIOLQFKHV7RUQ
    FRPPDQGPHQWVRIFORXGVVKURXGWKHVN\IURPPH7LPHDQGVSDFHHQFORVHPHLQWKHLUIHWLGURRPV7KH
    PLQGWKDWLVDJDQJUHQHLQWKHKRXVH7KLVJUHHQIROLDJHRIPLQXWHVDQGWKRUQV7KHVHSRVVLELOLWLHVWKDW
    DIWHU%ODQFKHEOHGWKURXJKLQFLVLRQVLQWKHGDUNVNLQRIWKHVN\7KHKRXQGHGWKRXJKWVWKDWEHJLQDW
    KRPH8QGLJQLILHG$GULIW&DVWDZD\0HUHOLIHGHEULV7KHZKROHDWKLFNEDQGDJHDURXQGKLVH\HV$QG
    EXUVWWKHKXPDQLW\RXWRIDPDQ7KHZD\WR+HOOSDYHGE\JRRGLQWRQDWLRQV/LIHWDNHVRQDEULJKW
    JROGHQJORZ
    %H6WDU%ULJKW
    7KHFKDVPRIURFNDQGLFHVPDVKHGXSZDUGVWRPHHWPH7KHVKULOOFU\RI
    KRUURUIURPP\OXQJVVWLOOHFKRHVIURP

    >3DJH@

    HYHU\SRLQWDQGHYHQFDPHXSIURPEHORZWR\HOOLQWRP\HDUV,VPDVKHGRQWRWKHURFNOHGJHDQGDV,
    FOXWFKHGDWLWZLOGO\,ZDVUHOHQWOHVVO\UROOHGDQGVFRRSHGRYHUWKHHGJH7KHERQHVRIP\OHIWDUPKXQJ
    RXWLQVSOLQWHUVWKURXJKWKHWRUQEORRGVWDLQHGIDEULF$V,IHOOP\H\HVJUDGXDOO\JUHZELJJHUDQGELJJHU
    XQWLOWKHZKROHYRLGRIURFNDQGLFHFKLSSHGLQWRWKHP7KHWRXJKFORWKVKUHGGHGWRULEERQVZKLSSHG
    DQJULO\DWP\EDFN7KHEURNHQURSHZKLVWOHGXSULJKWEHKLQGPH$WP\EDFN'HYLO
    V3HDN%HORZWKHLF\
    VHDV,FDUXV:KRVHJUHDWZLQJVEHDWWKHEUDVVRIWKHPLJKW\ZLQGDQGOLNHVRPHLQFRQFHLYDEOH
    V\PSKRQ\URVHXSZDUGWRZDUGVWKHXQUHIXVLQJFRUHRIWKHVXQ7KHXQLPDJLQDEOHEULJKWQHVVRIEODFN
    VXQOLJKW3XOVLQJDWWKHVDPHSDFHDVKLVRZQKHDUW,QKLPZDVOLJKWILHUFHO\FRQVXPLQJKLPVHOIDQGDOO
    DURXQGZLWKWKHJULPIDFWRIH[LVWHQFH:ULWKHGLQEODFNRLO\WXUPRLO7KHFHQWXULHVOLNHDVWLIIEUHH]H
    VDQJWKURXJKKLVJUHDWULJLGZLQJV7KDWKDUGDQGJOHDPLQJVSKHUHLQZKLFKWKHHDUWKIUHH]HVHYHU
    DERYHPHWKHYRLGUHDFKHGWRZDUGVWKHUHPRWHVWVSHFNRILQILQLW\7RZDUGVZKLFKKHQRZEHDWKLVZLQJV
    IXULRXVO\7HQDFLRXVO\7RZDUGVWKDWKDUGLQYLVLEOHVKHOORIVLOHQFH7KHPLVVLQJOLQN)UR]HWKHPLQGLQWR
    DKDUGEULJKWQHVV,WUDFNHGRXWRIKLPDSDLQOHVVXQXWWHUDEOHZRUG5DQJRXWWKHKLGHRXVLQVDQHODXJKWHU
    OLNHEHDWHQEUDVVDFURVVWKHKHDYHQV,OOLPLWDEOHYRLG7KHZKROHZRUOGULSSHGRSHQ+HFUXQFKHGLQWRWKH
    URFNOLNHDKDPPHUVZXQJGRZQKDUGDJDLQVWDGLDPRQGVXUIDFH7KHPLQGUHHOHGZLWKWKHHQRUPLW\7KH
    GD]]OLQJEODFNFRQFXVVLRQVKRRWLQJRXWRIP\QHUYHV:LWKODVWVFUHHFKKHDUG


    )8&.,1*7(556

    %HIRUHWKHMXGGHULQJSOXQJH

    7KHILUHZKLFKZDVG\LQJRXWZDVUHNLQGOHG+HDY\FDPRXIODJHXQLIRUPVDQGWKHVTXDWEODFNHQHGIDFHV
    ORRPHGLQWKHKD]\VPDOOKRXUV$FRFNFURZHG7KHVXGGHQFRXJKLQJDQGVSLWWLQJHQGHG$QRWKHU
    VOHHSLQJVKDSHWXUQHGRYHUPXWWHULQJVRPHWKLQJ7KHYRLFHVUDVSHG)UR]H6ZHOOHGRXW7KHWKLFNJUH\
    EXVKSUHVVHGDOOURXQG,QLWVVKDGRZVKXGGOHGWKHGXVW\EOHHGLQJSULVRQHUV7KHIODPHVFUDFNOHGDQG
    FUDFNHGVSDUNV%HKLQGWKHJORZLQJFLJDUHWWHWKHFRPPDQGDQW
    VPLQGFOLFNHGLQWRVXGGHQZDU\DODUP$
    VQDSSLQJWZLJ"7KHVWUDQJHQHVVRIWKDWODVWRZOKRRW"7KHVPDOOVFXIIOLQJIOLJKWRIWKDWGLVORGJHGURFN"
    7RRODWHKLVVKRXWURXVHGWKHVOHHSLQJFDPS6XVDQ
    VDEUXSWHQILODGHULGGOHGKLVFKHVWEODVWLQJ

    >3DJH@
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    KLPEDFNZDUGVKLVJXQVWLOOILULQJ/HWKDOEXUVWVJOHDPHGUDSLGO\LQWKHZHDNPRUQLQJOLJKW7KHVWDUWOHG
    VOHHSHUVQHYHUNQHZZKDWKLWWKHP2QHIDWDOO\ZRXQGHGFUDZOHGIRUZDUGXQWLO.DWKHULQH
    VJUHQDGHWRUH
    KLPLQWRWKHILUH$VKLVFORWKHVEHJDQWREXUQDILJXUHGDVKHGRXWRIWKHEXVKWKHDUPLQDIRUZDUG
    VZHHSWRVVLQJDQRWKHUJUHQDGH&KULV7KHUDWWOHRIDXWRPDWLFILUHFRXOGQRWGURZQWKHJUXQWVDQG\HOOV
    ([SORGHG$QGDVVXGGHQO\DVLWKDGEHJXQWKHVRXQGRIEDWWOHFHDVHG7KH\IRXQGPHDPRQJWKHRWKHU
    SULVRQHUV2OGGLUW\RXWRIP\PLQGIURPWKHEORZV$V6XVDQXQWLHGP\KDQGVDQGIHHW,DVNHGKHU

    +RZ
    V*LQJHU"

    $QGVKHIODWO\UHSOLHG


    +H
    VGHDG

    >3DJH@

    1LQH

    .DWKHULQHFRXOGDOWHUDIDFHLQWRDQ\WKLQJ7KLVVNLOOVKHDFTXLUHGEHIRUHVKH
    FKDQJHG
    +HUIDWKHUD
    WHDFKHUKDGFRQYHQWLRQDOSODQVIRUKLVRQO\GDXJKWHU6KHGLGQRWVRPXFKSOD\ZLWKKHUGROOVDVWU\WR
    DOWHUWKHLUORRNV:KHQVRPHWKLQJLQDGROO
    VIDFHGHILHGDOOKHUHIIRUWVVKHZRXOGIO\LQWRDWDQWUXPDQG
    ZLWKDQ\KHDY\WKLQJEDVKLQWKHXQOXFN\IDFH6PDVKLWXQWLOLWQRORQJHUH[LVWHGHYHQLQELWVDQGSLHFHV
    6KHZDVQRWYHU\EULJKWDWVFKRRODQGKHUIDWKHUVRRQDJUHHGWRHQUROOKHULQDGXELRXVHVWDEOLVKPHQW
    ZKHUHVKHZRXOGWUDLQDVDFRVPHWLFLDQ(YHU\WKLQJZHQWZHOO,QGHHGVKHZDVWKHPRVWEULOOLDQWVWXGHQW
    DW0RQWLQL
    V6KHKDGWKHH\HWKHKDQGVWKHLQWULFDWHVHQVHRIWRXFKKDUPRQ\FRPSRVLWLRQDOOWKLV
    ZLWKRXWWKDWLUUHSUHVVLEOHVHQVHRIIORXULVKZKLFKFDQGHVWUR\DZKROHPRUQLQJ
    VZRUN6KHJUDGXDWHGEXW
    RQO\MXVWDIWHUKDYLQJKDGWKHWKUHDWRIH[SXOVLRQKDQJLQJRYHUKHUKHDG+HUFULPHKDGEHHQIUXVWUDWHG
    E\WKHVSHFLPHQKXPDQIDFHWKDWFRQIURQWHGKHULQWKHILUVWSDUWRIWKHH[DPLQDWLRQJULHYRXVIDFLDO
    DVVDXOW7KHXQOXFN\SHUVRQKDGEHHQTXLHWHQHGE\DIDWFKHTXHIURP.DWKHULQH
    VIDWKHU$IWHUWKDWWKH
    QHZFRVPHWLFLDQVHWXSSUDFWLFHRQKHURZQDQGJXDUGHGDJDLQVWDQ\RWKHUVXFKLQFLGHQWE\VLPSO\
    WXUQLQJDZD\WKHNLQGVRIIDFHVZKLFKLQIXULDWHGKHU+HUUHSXWDWLRQVRDUHG6KHEHFDPH
    H[FOXVLYH
    
    6RUGLG-RHWKHQDKDQGVRPH\RXQJGRFWRUKDGKLVSUDFWLFHQH[WGRRU7KH\FRXOGQRWIDLOWRPHHW7KH
    WZRZHUHVRRQPXFKLQHDFKRWKHU
    VFRPSDQ\7KHRQHVSHQWKHUGD\VFRQIURQWHGE\WKHH[SHQVLYHDQG
    UHSXOVLYHIDFHVRIXQOLNHDEOHZRPHQZKRZDQWHGWRORRNOLNHDEOH7KHRWKHUVSHQWKLVGD\VILJKWLQJWKH
    LQFUHDVLQJQDXVHDWKDW

    >3DJH@

    ZDVULVLQJEHWZHHQKLVRZQXQGRXEWHGDQGEULOOLDQWVNLOODQGWKHORDWKVRPHXQDVVDLODELOLW\RIKLVFOLHQWV
    IRUKLVWRRZHUHRQO\WKHULFK

    ,UHWXUQHGIURP2[IRUGZLWKP\FDPHUDVDQGW\SHZULWHU0DULHZLWKZKRP,KDGUHJXODUO\
    FRPPXQLFDWHGZDVVWLOOVLQJOHLQGHHGKDGILOOHGRXWLQWKHQHFHVVDU\SODFHVDQGIODWWHQHGLQWKHRWKHU
    QHFHVVDU\SODFHV0\KHDGVWLOOUHHOHGIURP%ODQFKH
    VFDVXDOWUHDFKHU\6RRQWKHIRXUVRPHZDVPDGH:H
    KDGDGRXEOHZHGGLQJ,WRRNSKRWRJUDSKVWKH\PXVWVWLOOH[LVWWKRVHZHGGLQJSKRWRJUDSKV7KHRQHVRXU
    QRWHZDV6WHSKHQ+HPDGHLWFOHDUWKDWKHGHHSO\UHVHQWHGP\IHHOLQJVIRUKLVVLVWHU%XWKHGLGQRW
    EHFRPHYLROHQWDQGQHYHUUHIHUUHGWRWKHPDWWHUXQOHVVKHKDGRQHRIKLV
    DWWDFNV
    DVKHZRXOGGHVFULEH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    WKHPDIWHUWKH\KDGSDVVHG+HKDGDSDVVLRQIRU0DULHZKLFK,XQGHUVWRRGRQO\WRRZHOOIURPRXU
    FKLOGKRRG1RERG\TXLWHNQHZZKDWEXVLQHVV6WHSKHQZDVLQYROYHGLQ2QHGD\LWZDV
    &RQVXOWDQW
    
    DQRWKHUGD\LWZDVVRPHWKLQJDWWKH6WRFN([FKDQJH:KDWHYHULWZDVUHTXLUHGPXFKWUDYHOOLQJLQDQGRXW
    RIWKHFRXQWU\/DWHU,GLVFRYHUHGWKDWKHGHDOWLQZHDSRQVULIOHVJUHQDGHVSLVWROVJDVFDQLVWHUVPDFKLQH
    JXQV,QIDFWDQ\WKLQJWKDWFRXOGEHVWROHQIURPWKHDUP\,WZDVQRWPXFKRIDQDUP\EXWLWZDVYHU\ZHOO
    HTXLSSHGSHUKDSVGHOLEHUDWHO\VR,QIDFWLWZDVRYHUHTXLSSHG7KHUHZHZHUHWKHILYHRIXV

    $QGWKHUHZDV1LFNDQG6XVDQVKDFNLQJXSKHUHWKHUHHYHU\ZKHUH

    $QGWKHUHZDV3DWULFLDIXFNLQJDQ\WKLQJLQVLJKW

    6RPHWLPHV,WKLQNZHZHUHWKHZURQJSHRSOHLQWKHULJKWPLQGV,QWKHZURQJSODFHDWWKHULJKWWLPH

    :HZHUH)UDQ]DQGKLVEURWKHU3UREDEO\FDOOHG)UHG

    7KHUHZDV1LFRODFDPSDLJQLQJDJDLQVWPLQGVDJDLQVWDOOWKLQNLQJ7KDWOHWKDOLQWHOOHFW

    7KHUHZDV

    $QG,JHWWKHHHULHIHHOLQJ

    &KULV

    &KULVWLDQ

    7KHULJKWSHRSOHDUULYHGLQWKHZURQJERGLHV7KDWRXJKWWREHPH1RWKDWRQH)XFNLQJ&KULVW:LOO\RX
    VKXWXS

    ,ZDVWKLQNLQJRIDOOWKLVZKLOHZDLWLQJIRU6XVDQ0\FLJDUHWWHUHPDLQHGXQOLW7KH5RPDQ&DWKROLF
    &DWKHGUDOWRZHUHGDERYHP\VWROHQPLQL:KHQ,SHHUHGDWP\IDFHLQWKHUHDUYLHZPLUURU,FRXOG

    >3DJH@

    QRWUHFRJQL]HP\VHOI7KDWVKRFNRIZKLWHKDLU7KRVHWRRUHGEURZQH\HV%ODFNH\HEURZV

    7KHQXQZDONHGVORZO\WKRXJKWIXOO\WRZDUGVWKHFDU,RSHQHGWKHGRRU:HGURYHDZD\


    :KDWZDV,VD\LQJ"

    ,GLGQRWORRNDWKHU


    7KHUHLVQR*RG7KHUHDUHQRJRGV
    ,VDLG


    $QGTXLWHULJKWWRR

    ,JULQQHG
    4XLWH


    :KDW
    VZLWK\RX"
    6KHGHPDQGHG


    1RWKLQJ


    0RRGVFDQEHJRGVWRRLI\RXOHWWKHP
    VKHVDLG
    7KH\VKRXOGEHGRQHDZD\ZLWK1LFNFRXOGQHYHU
    PDVWHUKLVPRRGV+HWKRXJKWLW
    VSRHWU\WRJLYH\RXUPRRGVIUHHUHLQ,WLVQ
    W\RXNQRZ7KHVHWKLQJVIRU
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    LQVWDQFH

    6KHJHVWXUHGEDFNDWWKH&DWKHGUDO


    7KULYHRQRXULQDELOLW\WRPDVWHURXURZQPRRGV'R\RXVHH"

    ,QRGGHG7XUQHGGRZQ)RUVWHU$YHQXHZKHUHWKHULYDO&DWKHGUDOZDV


    $UH\RXSDUDQRLG"
    6KHDVNHGKHUKDQGRQP\NQHH

    ,VKRRNP\KHDG,I,ZDVWKHQ&KULVW:KDWLWPXVWEHOLNHQRWWREH"0RRGV


    $Q\ZD\,
    OOEHEDFNVRRQ

    6KHZDVJRQHEHIRUH,HYHQIHOWWKHNLVV,ZDWFKHGKHUZDONLQJXSWKHVWHSVWRWKHJUHDWGRRUVFDUU\LQJ
    KHUOHWKDOEDJ,ORRNHGDWP\ZDWFK:KDWLIVKHEOHZKHUVHOIXS",DGMXVWHGWKHUHDUYLHZPLUURUDQG
    VWDUHGDWP\VHOI$QGEUXVKHGDVSHFNIURPP\GRJFROODU,GHILQLWHO\ORRNHGWKHSDUW7KHUHYHUHQGSDUW
    $VVKHGLGWRR:LWKWKRVHWLPHERPEV$QG0DULHKDGQRWGHWHFWHGDQ\FKDQJHLQPH2UKDGVKH"%XW
    UHDOO\WKHUHKDGEHHQQRFKDQJHEHFDXVH,DPZKDW,DOUHDG\ZDV(DFKLQVWDQW7KHUHLVWKLVSKRQHERRWK
    ,FRXOGDOUHDG\IHHOWKHFUXQFKLQJVRXQGRILWEHLQJZUHFNHG$QGDOOWKRVHVKRSZLQGRZV$PHUHEULFN
    ZRXOGVKDSHWKHPLQWREHDXWLIXOUDQGRPSDWWHUQV&KULVW7KLVLVVKHHUYDQGDOLVP


    :KDWGLG\RXVD\"

    6KHKDGFOLPEHGLQZDVWKURZLQJWKHQRZHPSW\EDJLQWRWKHEDFN6ODPPHGWKHGRRU

    >3DJH@


    ,ZDVWKLQNLQJDORXG


    ,W
    VOLNHFROOHJH
    VKHVDLGDV,GURYHDZD\
    9DQGDOLVPLVRQO\DILUVWGHJUHH,I\RXJUDGXDWHLQLWZLWK
    KRQRXUV\RXKDYHWKHRSSRUWXQLW\WRUHVHDUFKIXUWKHUDQGIXUWKHU0\IDWKHUWKHRQHZKRIXFNHGPHKH
    ZDV


    ,GRQ
    WZDQWWRNQRZ

    6KHVPLOHGSDWWHGP\KDQG


    7KDW
    VPRUHSRVLWLYH
    VKHVDLG
    3HRSOHQHYHUDVVHUWWKHPVHOYHV<RXFRXOGVD\YDQGDOLVPLVDPDWXUH
    FRXUVHLQDVVHUWLYHQHVV$ILVWWKURXJKWKHZLQGRZRIWKHYRLG

    :HZHUHDERXWWRSDVVE\D+DPEXUJHU-RLQW


    :H
    OOOHDYHLWKHUH
    VKHVDLG

    :HZDONHGKRPHVROHPQO\0DULHZDVKDYLQJDEDWK,GLDOOHGWKHSROLFHIURPDVWUHHWERRWK,OLVWHQHGWR
    WKHGLVWDQWULQJLQJ0\VKRUWSHULRGLQDPDWHXUGUDPDFDPHLQKDQG\KHUH,KDGRQO\RQHOLQH7KHFXH
    FDPH


    7KHVWROHQPLQL\RXDUHORRNLQJIRUKDVMXVWEHHQVHHQE\P\VRQSDUNHGLQIURQWRIWKH)RUVWHU
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    +DPEXUJHU-RLQW

    ,UHSODFHGWKHEODFNSKDOOXVRQWRLWVWHFKQRORJLFDOEDOOVDQGWKRXJKWRIWKHOHWKDOSDFNDJH6XVDQKDGOHIWLQ
    WKHERRW:KHQ,UHWXUQHG6XVDQZDVFUDFNLQJHJJVLQWRWKHSDQ,ZDWFKHGKHUPDNLQJWKHP7KHZKROH
    KRXVHIHOWVWUDQJHDVWKRXJKLWZDQWHGWREHEORZQXSOLNHDOOKRXVHVVHHPWRGR7RQHHG1RLWZDVQRW
    WKHQHHGEXWWKHVLOHQFH6XVDQKDGQRWWDONHGIRUVRPHVHFRQGV)URZQLQJDWWKHVSXWWHULQJHJJV:DQWLQJ
    WRPDNHWKHPH[DFWO\DVVKHDOZD\VZDQWHGWKHP+DUGVOLJKWO\EODFNHQLQJDWWKHHGJHV


    &RPHRQFRPHRQ
    VKHPXWWHUHG

    7KHUHZDVRQO\WKUHHPLQXWHVEHIRUHWKH&DWKHGUDOVFDPHGRZQ$QGWKHPLQLH[SORGHG

    )RUWKHILUVWWLPH,QRWLFHGWKHWLQ\EHDGVRIVZHDWRQKHUIRUHKHDG,HDVHGP\GRJFROODUDOLWWOH,WZDV
    KRW,VWRRGEHKLQGKHUDQGNLVVHGWKHWRSRIKHUKHDG7KUHHPLQXWHV0\MHDQVDQGVZHDWHU+XUULHGO\,
    WRRNRIIP\SULHVW
    VJDUE'UHVVHG*UDEEHGWKHFDPHUDVDQGUDFHGIRUP\FDU,GURYHZLWKHDVH3DUNHG
    $QGZDLWHG7KLVW\UDQQ\RI:$,7,1*,WVKRXOGEHEORZQULJKWRXWRISHRSOHV
    OLYHV7KHIXFNLQJ
    VWLQNLQJZDLWLQJ$WEXVVWRSVUDLOZD\VWDWLRQVVXEZD\VWUDIILFOLJKWVVKRSFRXQWHUVWRLOHWVDWWKH
    XQGHUWDNHUV$W$W$W

    >3DJH@

    7KHKXJHVKDWWHULQJVRXQGH[SORGHGVLPXOWDQHRXVO\IURPWKHWKUHHGHDIHQLQJEODVWV&DWDSXOWLQJ
    GDQJHURXVGHEULVLQDOOGLUHFWLRQV7KHLQVWDQWWKHFDPHUDEHJDQWRUROO7KHLQVWDQWWKHVWULFNHQKXPDQ
    SDQLFVWDPSHGHGFHQWULIXJDOO\IURPWKHH[SORVLRQV7KLVZDVILQDOO\,7


    027+(5)8&.,1*&+5,67

    ,ZDVQRWWKLQNLQJRIWKLVRUJDVPZKHQDJDLQVWWKHEDFNJURXQGRIWKHZHLUGVWULQJ\EXWVORZSDQLFIURP
    6WUDYLQVN\3DWULFLDKDGDFFHSWHGWKHMRLQW,SDVVHGRQWRKHUDQGVKHVDLG


    'R\RXKDQJDURXQGIRUWKHHDV\IXFN"

    ,FRQWHPSODWHGKHUEDUHWRHV,FRQWHPSODWHGWKHZKROHSDUW\-RH.DWK\1LFN6XVDQ6WHSKHQHWF

    )URPWKHFRUQHURIP\H\H,FRXOGVHH6WHSKHQDQG0DULHRQRSSRVLWHVLGHVRIWKHURRPDQGZRQGHUHG
    ZKHQ6WHSKHQZRXOGGHFLGHWRKDYHDQRWKHUDWWDFN3DWULFLDVDZPHVL]LQJXS6WHSKHQ6KHOLFNHGKHU
    ORZHUOLSZLWKDVPDOOZHWUHGWRQJXHODXJKHG


    +HZRQ
    WPLQG
    VKHVDLG

    $QGVTXLUPHGXSDJDLQVWPH

    0DULHZDVVWDULQJVWUDLJKWDWXV,HHULO\IHOWWKDWVKHFRXOGVHHHYHU\WKLQJLQFOXGLQJWKHORFNHGGUDZHUVLQ
    P\EUDLQV3DWULFLD
    VWKLJKDJDLQVWP\WKLJKV+HUIXOOILUPEUHDVWVGHPDQGLQJDV\OXPRQP\FKHVW7KDW
    PRXWKSRLVHGDQGZHW3RLVHGWRNLVVP\OLSVDQGVXFNP\FRFN6XFNP\EDOOV7KHQRVHILUPOLNHD
    OLNHDEOHEXWWLPLGHUHFWLRQ$QGWKHH\HVDOUHDG\OLTXLGEXUQLQJIRUWKHIXVLRQ1R2QHGLGQRWIXFNKHU
    IRUKHUIDFH7KHUHZHUHPDQ\IDFHVOLNHKHUV,WZDVWKHERG\7KDWDOOZRPDQ
    VERG\SUHVVLQJ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    HQWLFLQJO\WHDVLQJO\EXWHDUQHVWO\DJDLQVWPH:LWK0DULH
    VH\HVUDGLDWLQJDOHWKDOEODFNVXQOLJKWXSRQ
    3DWULFLDDQG,0DULH
    VH\HVEOD]LQJIXOO\XSRQ,73DWULFLDKDGWDNHQP\QRZIXHOOHGHUHFWLRQLQWRKHU
    PRXWKKDGVZLYHOOHGVRP\WRQJXHOHDSHGLQWRKHUFXQWP\RQHKDQGIRXQGDEUHDVWDQGWKHRWKHURQH
    VWLOOFODPSHGKHUGHOLFLRXVWKURDWWRP\VZROOHQDQGRQO\LGHD

    %HIRUH,WHPSRUDULO\EODFNHGRXWWRHYHU\WKLQJWRGRZLWKWKHZKROHSDUW\,KDGRQHVXGGHQYLVLRQRI
    6WHSKHQZLWK0DULHFRQWRUWHGXQGHUQHDWKKLPDUHYHODWLRQRIIOHVKLQWKHZLOGO\SXPSLQJGLVWRUWLRQVRI
    KHUVLONGUHVV

    :KHQ3DWULFLDDQG,FDPHWRDQGSHHUHGFDXWLRXVO\URXQGLWZDV

    >3DJH@

    WRGLVFRYHUDOOWKHRWKHUKHDGVDUUDQJHGLQSDLUVDOVRFRPLQJWRDQGSHHULQJFDXWLRXVO\URXQG7KHUHFRUG
    KDGORQJVLQFHVWXFNDQGLWVUHSHDWHGIUDJPHQWVWULGHQWVTXHDN\\HWDVLURQLFDODVDIDUWJUDGXDOO\
    UHOHQWOHVVO\SXOOHGDWWKHPRXWKRIWKHKRXVHXQWLOOLSVDWILUVWVWUHWFKHGLQWRDVKHHSLVKVPLOHEXUVWLQWR
    ODXJKWHU

    5($/+($/7+<:+2/()22')8&.,1
    /$8*+7(5

    &KULVW

    >3DJH@

    7HQ

    7KHXJO\IDFW(UHFW2R]LQJDEODFNOLJKW3OXQJHG+HDYHG8SGRZQ8SGRZQ6PLOLQJDQXQVPLOLQJ
    DXWKRULW\)XFNLQJWKHXJO\IDFWRIWKHVWUHHW&RQWUROOHGMHWVRIPRRQZKLWHZDWHUVSXUWHGIURPWKH
    GHVRODWLRQ
    VZUHQFKHGRSHQPRXWK7KRXJKWVWKDWFUDFNOLNHQXWVLQWKHH[SORVLRQRIDUDLQGURS7KH
    URXJKVKLPPHURIWHQVLRQVSHHGVIURPWKHSDVWWRZDUGVP\YDQWDJHSRLQW$VVDXOWLQJPHZLWKWKHGXVW
    DQGJULWRIDQFHVWRUVGLQRVDXUVSWHURGDFW\OV6KRZHUVRISUHPRQLWLRQ7KHXWPRVWDQGHGJH6WUXFNWKH
    HDU:LWKEHVWLDOIDFW6HHLQJDVQHHUZKHUHKXPDQOLSVVKDSHWKHPVHOYHVLQWRDSXUSRVHIXOVPLOH:D\
    GRZQWKHUHRQWKHORRPLQJSODWIRUP)XFNLQJDQGVXFNLQJWKHDLUZLWKVSHHFK:RUGFKLVHOVZKLFKFKLS
    WKHPDUEOHOLVWHQHU&DUYLQJKLPLQWRWKHQHZLPDJHRI$XVWHULW\LV:HDOWK6SUHDGLQJWKHWKLJKVDFURVV
    P\JURLQ+HDYLQJ8SGRZQ6TXHOFKLQJVSLWWOHGZRUGVLQWRWKHPDQ\HDUHGFXQW$XVWHULW\$XVWHULW\
    $XVWHULW\7KHVHGUDEULPOHVVVWUHHWVWKHWDLQWHGDVSKDOWRIPHDQVWKDWKDYHQRHQG%XWDXVWHULW\
    6FUHZLQJWKHVKLWRXWRIWKHFRZHULQJDLU+HUHDQGWKHUHH\HVJOD]HRYHULQZLGHDZDNHVWXSRU8SGRZQ
    &UXQFKWKHIHHWRIVROGLHUV$XVWHUHO\6WULGLQJ7KHPLFURSKRQHGHHSHUDQGGHHSHUSXVKHVLQWRWKHGDUN
    OLSV6SHHFKLI\LQJ7KHXJO\IDFW6XGGHQO\RR]HV)ODQNHGE\0LQLVWHUV/LFNLQJ7KHEOXQWDQGDEUXSW
    FKHHU)XFNHGLQWRDVWRQLVKHGVLOHQFH'RZQWKHUHLQWKHWRZHULQJVN\DEULJKWGLVFEOD]HV1HUYHV
    0RRGV$SDOSDEOHJORRP%ODFNHUSROLVKHGQLJKW5HYHDOLQJGHQWXUHV7KHGD]]OLQJVKDUNJULQZRUGV
    6RXQGVWKDWDUHDOOVXUIDFHDQGKDYHQRLQQHUPHDQLQJIXOFRUH7KHLUXJO\IDFWEOXGJHRQLQJHDUV7KH
    VSDFH

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    DERYHRXUKHDGVZDVDKXJHPDJQLI\LQJJODVV+HOGWKHOHQVPDJQLILHGE\WKHPHVPHUL]LQJPHQDFHRIWKH
    /HDGHU
    V$GGUHVV7KHWRLOHWUROOVVWUXFNWKHSODWIRUPWKHLQVWDQWWKHILUVWVKRWVUDQJRXW(JJVWRPDWRHV
    EDJVRIIORXUGHQWXUHVHIILJLHVVWUXFNWKHPLFURSKRQHV6WUXFNWKH/HDGHU
    VKDVWLO\GLVDSSHDULQJEDFN
    7KHFDPHUDZKLUUHG7KHEORRGDQGERWKHURIERGLHVDQGEXOOHWVZULWKHG(UXSWHGXSZDUGZLWKRQHOHWKDO
    VKHHUVRXQG%URNHZLQGRZV6PDVKHGWHOHSKRQHERRWKV6HWRQILUHDQ\IODPPDEOHWKLQJ6QHHULQJWKH
    VKLWLQWR$XVWHULW\6PHDULQJWKHVRUGLGVXQOLJKWDFURVVWKHVN\7UXQFKHRQVULIOHVVWLFNVVWRQHVERWWOHV
    IXFNHGEDVKHGVFUXQFKHGH[SORGHG'UHZLQWKHLUEUHDWKWRH[SHOWKHIULJKWIXOLPSDFW7KH\HOODELJILVW
    XQFOHQFKHV%UHDNLQJLQUHDVRQ
    VGRRUV2SSRUWXQLW\
    VZLQGRZ3RXQGLQJDZD\ZLWKIHHWRIIULJKW+XUOHG
    6KRYHG6SLW6KDW$XVWHULW\6KRRNKLVWRU\
    VVKLUWIURQW7KHNQXFNOHVED\RQHWULSSHGRR]LQJYLVLRQ

    7HDULQJWKHDUWKULWLVRXWRIWKHVWUHHW
    VILQJHUV

    7KHKHDUW
    VSODFDUGDYRLGGLVSOD\V

    7KDWSULPHGYDFXXPRI
    :K\QRW"

    ,GULYHLWKRPHWKURXJKVWUHHWVUDYDJHGE\WKHKRZOLQJVWDPSHGH'XPSWKHFDPHUDV'ULYHLWKRPHXQWLO
    OLNHVZHDWLWEHJLQVWRRR]HRXWWKURXJKP\SRUHV0DULHGUDJVRXWRIWKHER[WKHXJO\UHPQDQWRIRXU
    FKLOGKRRG6HULRXVO\,SURFUDVWLQDWH:HDULO\$QGLQWKHEDWKZDVKWKHGLUWIURPHDFKRWKHU7DONLQJ
    %HFDXVHRIWKHXUJHQWQHHGQRWWRWDON7KDWIXFNLQJFRQVFLHQFH:K\QRW+HUQLSSOHV7KRVHLGHDVRI
    FODULW\VRSDOHWKHH\HVGLVVROYHLQLW,QYLVLEOH7HQVHG&KDUJHGZLWKLQVLJKW5DGLDWLQJDWRWDODQG
    XQIOLQFKLQJFODULW\7KHPRXWK0DULH7KHPRXWK:LWKDVSVXQGHUQHDWK0RYLQJ1RWOLVWHQLQJWRWKH
    VTXHOFKHGGLVJXVWRIWKHZDWHU.QRZLQJWKDWDGLVWDQWVHQWLPHQWDOLW\KDGQRWEHHQIXOO\HUDVHG,QVSLWHRI
    WKHGHPRQV7KHPHQWDOVXUUHQGHUWRDOHWKDOSHQHWUDWLRQ2XFK$ZNZDUGIXFNLQJLQWKHEDWK,QIHFWLQJ
    KHU/RYLQJO\6WDULQJDWKHUXQVWDULQJIDFHWKLQNLQJRIWKHIHDUIXOVFUXPRXWWKHUH%DQJLQJLPSRUWXQDWHO\
    DWWKHVWRXWPHPRU\$ERXWWRXQOHDVKWKHUDJLQJVQHHULQWRKHU7KHHQGOHVVVLFNHQLQJVZHHWQHVV7KH
    VWRXWGLVPDOVZLIWO\FOHQFKHGVSDVP1RZKHUHWRORRNEXWWKHWRRWKEUXVKHVDQGSDVWHVDQGWKHPLUURU
    ZLWKLWVZULQNOHGYHUVLRQVRIRXUIDFHV$K&LUFH7KHSLJVWKDWRQFHZHUHP\KRSHV7KHUHIXVDOLWVHOID
    FRQVFLRXVGHDWK%DVKLQJKHDGVLQ)LULQJZDWHUFDQQRQ%RRWLQJLQWKH

    >3DJH@

    VN\WRZUHFNDOOLOOXVLRQ0RYLQJ7KHPLQGIURPPLOHVDKHDGZDWFKHVWKHLQWHUORFNHGERGLHVZULWKH
    0RYLQJ7KHMXGJHVDQGWKHPDJLVWUDWHV7KHLUPRXQGVRIOHJDOVKLW7KHEROORFNVRIWKHLUZLVHFUDFNV
    $ERXWWRXQOHDVKLQWR0DULH7KHFDQNHU7KHLQVXOWWKDWFUHDWHVH[LVWHQFH0RYHV*UDVSVILUPO\WRLWV
    HUHFWLRQPDOQXWULWLRQ
    VSDLQWHGPRXWK3XPSLQJWKHVKLW6FUXQFKLQJLW%/$1&+(%/$1&+($QGZLOO
    FRPHRXWGHDGVFUHDPLQJKHU7KHFORFNDOUHDG\PHDVXULQJWKHFROGKRXUVWRFRPH7KDWSHOOXFLGWHUURULQ
    ZKLFKDOOOLIHVZLPV8QGHUQHDWKWKHPLFURVFRSH2UJDQL]LQJWRZQVFLWLHVQDWLRQVXQLWHGQDWLRQV
    8QIROGLQJWRZHOV7DVWHWKHELWWHUHPSWLQHVVWKDWXQGHUOLQHVWKHUXWKOHVVVFHQDULR&RQWUROOLQJWKHXUJHWR
    VPDVKWKHJODVVDQGVFDWWHUWKHKXPDQJRRGV%UXVKWKHXQZLQNLQJWZLOLJKWIURPKHUEUDLQ7KHEDJJDJH
    WKDWVWUHWFKHGKHUDUPV$QG,GLVPDQWOHP\VHOILQWRDQRYHUQLJKWVXLWFDVHZKHUH,ODVWDOOZLQWHUOLNHD
    SUHPRQLWLRQ7KLVLPDJHWKHDGYHUWLVHUVJUDVSWKHLUPRXWKVDFDOO7KHEHOOULQJV6XPPRQLQJ
    0DFEHWK

    ,W
    V6RUGLG-RHEOLQGGUXQNVZHDWLQJGLVJXVWZLWKWKHHDVHRIJXWWHUPHPRULHV6RLOHGWRWKHVRXO
    &OLQJLQJIDVWWRDSUHFDULRXVQRWRULHW\+HEXPSVWKURXJKWKHURRPVWDJJHUVILQDOO\WRWKHFRQFRFWLRQ,
    SUHSDUHIRUKLP:LSHVWKHGL]]\LQJYLVLRQIURPKLVH\HV'ULQNV6WULQJ\$GDP
    VDSSOHKHDYHVXSDQG
    GRZQXQWLOLWVHWWOHV2XWRIVLJKWXQGHUQHDWKWKHPRURVHFKLQ+DZNVUDNHVSKOHJP6ZDOORZV)URPWKH
    VHFUHWVGHHSLQKLVKRDU\RYHUFRDWKHGUDZVRXWDODUJHVFUDSRIQHZVSDSHU,UHDG1RG7KHH[HFXWLRQRI
    WKHDUPHGUREEHUVZDVWKHUHLQKXJHQDXVHDWLQJO\GHWDLOHGSKRWRJUDSKV6RUGLG-RHVPLOHVZLQFLQJO\,
    UHILOORXUJODVVHV0D\DVZHOOJHWGUXQN7KHZD\UHDOLW\ZDVGUXQNVRUGLGO\GUXQNRQWKHIHDUIXO
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    FRQFRFWLRQVIURPWHDFKHUVSULHVWVILQDQFLHUVVROGLHUVSLJVOHDGHUV-RHKHOGIRUWK7DONWDON7DONZDV
    WKHYLUXVWKHGULQNGDLO\GUXQN,WZDVVLWWLQJWKHUHZLWKLQ6RUGLG-RH/HDGLQJWRWKHILQDOUHTXHVW
    0RQH\:LWKDPLOGUHEXNHDERXWWDNLQJSLFWXUHVRIWKHH[HFXWLRQV,KDQGLWRYHU&ORVLQJWKHGRRUVRIWO\
    EHKLQGWKHUHPDUNDEOHIDFWRI6RUGLG-RH
    VKRXQGHGH[SHULPHQW7KHPLOHVRIGHVRODWLRQRXWWKHUH7KHLU
    GLVJXVWLQJVHFUHWLRQVVWDLQLQJHYHU\WKLQJ

    7KHVKLWVWUHDPLQJWKURXJKWKHILUPDPHQW'UHQFKLQJWKHVSDUNWKDWZRXOGVHWLWRQILUH

    >3DJH@

    5DYLQJRIDPDUULDJHEHWZHHQKHDYHQDQGKHOO

    $QG1LFRODVOLQNVLQWKURXJKWKHEDFNGRRUVD\LQJQRWKLQJEXWVKLPPHULQJEOLQGLQJO\DJDLQVWWKH
    LQWHOOHFW0DULHFUHHSVRXWRIKHUVWXSRU,UHWUHDWLQWRP\VKHOO/RRNLQJTXHVWLRQLQJO\DWWKHSODVWLFEDJLQ
    1LFROD
    VKDQGV


    *HOLJQLWH
    VKHVD\V

    3RXULQJDGULQN

    6KHH[XGHVDSHUPDQHQWO\VWRQHGOLJKW,WVZLGHRSHQH\HVXQVKULQNLQJ+HUSODLWHGKDLUDQGJOHDPLQJ
    EXFNWHHWK7KHOLSVDOZD\VRQWKHYHUJHRIWUDFLQJRXWWKHH[DFWVKDSHRIDQXQIOLQFKLQJVPLOH(LJKWHHQ
    DQGDOUHDG\ZHGJHGXQGHUQHDWKWKHGRRU7KHRQO\VRXQGVRISDLQFRPLQJRXWRIKHUZHUHWKRVHLUULWDWHG
    IODWVWDWHPHQWVGHQRXQFLQJDOOUDWLRQDOLW\7KDWEUXWDOXQUHFRJQL]DEOHLQWHOOHFWWKDWZDVWKHPDFKLQH
    UXQQLQJDOOGHVWLQ\,WVVKDUSVFDOSHOVSURWUXGLQJRXWRISHRSOH
    VKHDGVWRDQDO\VHWKHVXQ8QGHUQHDWKWKH
    ORQJGUDEVNLUWVWKHWLJKWO\ORFNHGOHJVWKDWZRXOGVXGGHQO\VSUHDGRXWZLGHRSHQWRUHFHLYHDQRWKHUNLQG
    RIVRQJ6KLQLQJGRZQIURPWKHIOLQFKLQJVN\$HURSODQHV7KHLUVKDUSRUJDVPLFFULHVOLNHELUGVLQDEUXSW
    DQGGDUWLQJIOLJKW7KHLUWLQ\VLOKRXHWWHVEODFNGRWVDJDLQVWWKHEULJKWEOXHYRLG7KLVVROLGHPSWLQHVVWKDW
    ILOOHGKHUPDNLQJKHUIHHOSUHJQDQW0\JXWVFKXUQRYHUWKLQNLQJVXGGHQO\KRZXQUHDOXQIRFXVHG
    XQUHSHQWDQWP\SUHPLVHVZHUH7KHLUVKRFNLQJIDFWVWLOOWDLQWHGZKDWLQVLGHVSHHUHGRXWWKURXJKDOOP\
    VHQVHV&KURQLFOLQJVKLW$QGQRZZDUSHGDQGWZLVWHGLQWRVRPHVWULQJHQWGHVLUHWKDWFDUULHGFDPHUDV
    IXFNHG0DULHZURWHZDWFKHG6XVDQEORZXSWKLQJVHWDO$VHULHVRILQGHILQDEOHHOHFWULFVKRFNV
    VPDFNLQJP\EUDLQZLWKDOHVVDQGOHVVLQVLVWHQWLPSDFW/LIHWKDW,PPDQHQW0LQGZDWFKHGWKHOLYLQJRQ
    ,WVRZQWHOHYLVLRQVFUHHQ0DVWXUEDWLQJ$JDLQDQGDJDLQ(DWLQJH[FUHWLQJEUHDWKLQJUHDGLQJFXWWLQJLWV
    QDLOV'HYHORSLQJWKHRULHVRIH[DFWO\ZKDW/LIHPHDQW7KDWLQFUHGLEOHLQVHFW7KHRQO\SURPSWHURIDOO
    RXUDFWLRQV0DNLQJ1LFRODUHHOIURPQLJKWPDUHWRQLJKWPDUHLQZKLFKD%UDLQ)LHQGFRQWUROOHGWKHSDQHO
    RIEXWWRQVWKDWFRQWUROOHGKHUHYHU\WKRXJKWZRUGGHHGLPSXOVH6KHZDVQRZFRQYLQFHGWKDWVRPHWKLQJ
    RUVRPHRQHSRVVHVVHGKHUERG\6RPHGHYLOZKRKDGZDONHGLQ6RPHWHOHSDWKLFZHLUGRDJDLQVWZKRP
    VKHKDGFRPPLWWHGVRPHVHFUHWXQNQRZDEOHVLQ,QYDULDEO\WKLVILHQGWRRNWKHVKDSHRIKHUIDWKHU$QG
    VKHZRXOGFUDFNEODVSKHPHKXUOREVFHQHLQVXOWVDWWKHORQJVLQFHGHDG

    >3DJH@

    PHPRU\7KHIXFNLQJIDWKHUUHDFKLQJRXWHYHQIURPWKHJUDYHWRVFUHZKHUPLQGXQWLOVKHZHQWLQVDQH
    7KHDUVHIXFNLQJWHDFKHUVEOXGJHRQLQJUDSLQJKHUPLQGZLWKIDFWV8JO\IDFWV+RUVHVKLWPDWURQVZKR
    HODERUDWHGDWOHQJWKRQKRZWKH\WKRXJKWVKHZRXOGFRPHWRDVWLFN\HQG7KHIULJKWIXOER\IULHQGV
    ER\IULHQGVZHUHDOZD\VIULJKWIXOZKRDFWXDOO\WKRXJKWWKH\RZQHG\RX:KDWWKHIXFN7KDWZDVRQO\WKH
    EHJLQQLQJ7KHUHZDVWKLVZKROHVWLQNLQJZRUOGDQGLWZDVLQVLGHRQHWRR%HIRUHSOXQJLQJRQH
    VKHDG
    LQWRWKHRYHQRQHFRXOGDWOHDVWEODVWVRPHRIWKHVKLWUHDOLW\RXWRIH[LVWHQFH1RWDVDQDQVZHU7KHUH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    ZHUHQRDQVZHUV%XWRQO\DVDKDSSHQLQJ&KULVW7KDWVWLQNLQJLQWHOOHFW$QGVKHWRRNRXWKHUSXUVH
    5ROOHGDMRLQW3DVVHGLWDURXQG$EVWUDFWHGO\$VWKRXJKVKHZDVQRWULJKWWKHUHEHIRUHPHEXWZDVWKH
    IDLQWFRQWUDFWHGWKLQJFRLOHGWLJKWO\GHHSLQVLGHPH&RPLQJRXWDOUHDG\EODFNHQHGDWWKHHGJHV2IIHULQJ
    WKHPLQGEORZLQJFLJDUHWWH%HKLQGZKLFKJORZLQJSRLQWP\PLQGWKRXJKWUHIXVLQJWRIRFXVRQDQ\WKLQJ
    EXWWKHFRQFXVVLQJHIIHFWVRIVSDFHDQGWLPH7KHWKRXVDQGVHSDUDWHSHUVSHFWLYHVIURPZKLFKWRYLHZWKH
    SRLQWRIDQHHGOH7KHPDNLQJRIDVWRU\7KDWOLPLWOHVVLPSRVVLEOHSKRWRJUDSKLFHVVD\7LUHG7LHGGRZQ
    7KHZKROHV\VWHPDWLFDOO\FRUURGLQJWKHPHWDORIP\H[LVWHQFH%\PDWFKOLJKW

    ,ZHQWRXW

    :DONLQJ

    %/$1&+(%/$1&+(

    7KHPRRQXQVKHDWKHGJOLQWHG$VFROGDVDVLOYHUFRLQLQDIULGJH7KLVJLJDQWLFLQFUHGLEOHWKRXJKW
    (PDQDWLQJIURPWKHEXLOGLQJVIURPWKHEOD]LQJVWUHHWOLJKWVIURPWKHVKDGRZHGILJXUHVKXUU\LQJWRDQG
    IUR/LNHDKXQNRIURFNZLWKLQP\EUDLQV,WVHGJHVFXWWLQJ*ULWWLQJ7KHWDXWVNXOODERXWWRVKDWWHU$
    KDQGUHDFKHGRXW


    +H\

    $QGVOLGURXQGP\ZDLVW6XVDQ$OOOLWXSOLNHPDJQHVLXPEXUQLQJ6KHOHGPHWRKHUERUURZHG
    PRWRUELNH(QWKXVHG%XWDVVKHLVDERXWWRULGHLWWKLVYRLFH\DQNVKHURIIZLWKDFXUVH%ODFNOHDWKHU
    MDFNHW0HWDOVWXGGHG*UL]]OHGKHDGZLWKVTXLQWLQJH\HVDEUXSWQRVHPRXWKDQRXWUDJHGVWUDLJKWOLQH
    &DULFDWXUHP\PLQGVDLG%XW6XVDQKDGZUHQFKHGKHUVHOIIURPKLVJULSDQGQRZFRQIURQWHGKLP
    6KRFNHG%XUQLQJZLWKDQJHU

    >3DJH@


    7KDW
    VP\ELNHODG\

    7KH0DQ
    VYRLFHKLJKSLWFKHG:LWKHOHFWULFZLUHVSHHOHGQDNHG2EYLRXVO\DSRVH'DQJHURXVEXWVR
    ZKDW

    6XVDQKDGVDLGQRWKLQJ)UR]HQZLWKFRQWHPSW6WDULQJDWWKLVVSHFLPHQZKRRZQHGWKLQJVDQGWRR
    DODUPLQJO\VDLG
    7KDW
    VP\ELNHODG\
    0DOH&KULVW

    %HIRUH,KDGUHJLVWHUHGKLVILUVWUHHOLQJJUXQWRISDLQVKHKDGVWUXFNKLPDJDLQDQGDJDLQDQGWKHUHKHZDV
    DWKHUIHHWEOHHGLQJ6WXQQHG7KHVKRFNVWDULQJXSLQWRKHUGHHSEODFNDQJHU&UDFNHGE\KHUKHHO
    EDFNZDUGVWKHQHFNVQDSSLQJEDFN7KHVZLIWPDQLDFDOLQWHOOLJHQFHRIKHUIXU\HQJXOIHGKLPDVWKRXJKLQ
    DVXGGHQEOLVWHULQJW\SKRRQ:KHQODWHU,GUDJJHGKHURIIKHZDVXQUHFRJQL]DEOH6WLOOFRQVFLRXV
    6SLWWLQJWHHWKRQWRWKHJURXQG:HGLGQRWORRNEDFN

    1LFRODVDWLQIURQWRIWKHILUHSHHULQJXQIOLQFKLQJO\LQWRLWVKRWWHVWFRUH7HDUVVWUHDNHGGRZQKHUFKHHNV
    0DULHKDGWDNHQGRZQWKHROGXNHOHOH6KHZDVVLQJLQJ6XVDQWRRNRQHORRNDW1LFRODDQGVKRXWHGDW
    0DULHWR
    67236723,7
    $QGNLVVHGKXJJHGFDUHVVHG1LFRODZKRWKURXJKRXWVDWWKHUHFRQIURQWLQJWKH
    UHGKRWHPEHUVIRUDIODPHRIUHDOLW\(\HVVWLQJLQJ6XVDQVODSSHG1LFRODKDUG2QFH7ZLFH7KUHHWLPHV
    %XWVWLOOWKHJLUOVDWWKHUHFU\LQJVLOHQWO\LQWRWKHILUH7KHZLGHRSHQH\HVKDGDOXULGEULOOLDQFH&ROGDQG
    XQZLQNLQJ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    :UXQJRXWGU\WKRVHWHDUVDQGIHDUV7KLVJURZQXSVLOHQFHWKDWVDYDJHGWKHKRXVHZLWKLWVH[SHULPHQWV
    7KLVIRUHYHUWHQVLRQRXWWKHUHZLWKLWVMDFNERRWVJDVEXOOHWVSKOHJPDWLFSRJURPV6FUHZLQJWKHEUDLQV
    WLJKWO\LQWR1LFROD&ODLPLQJWKHVKLWIURP6XVDQ7KDWHQGOHVVZLQGLQJVKHHW7KDWVKURXG,WULHGWRVHH
    LW7KDWSHQQLOHVVEDUHIRRWGLVWDQFHZLWKRXWVKHOWHUJOLWWHULQJZLWKZHOOODLGRXWWKRUQV/LYHVVSOXWWHUHG
    EDFNILUHG%URNHGRZQ,QWKDWFROGXQZLQNLQJKRXU$QGUDJHGZLWKDELWWHUSRLQWWKURXJK1LFROD
    V
    QHUYHVWKURXJK6XVDQ
    VPDQLDFDOLQWHOOLJHQFHWKURXJK&KULV
    VVSDWRXWVKLW,KDGVHHQKLP&KULV
    VLPXOWDQHRXVO\GHWRQDWLQJYHQRPDQGOHDSLQJDVWULGHDJDVFDQLVWHULQWKH6TXDUH&KURQLFOHGLWGRZQRQ
    FROGXQZLQNLQJILOP1DXVHDWHG)XFNHG'LVWLOOHGLQWRWKHODVWXJO\GURSOHWRIUHDOLW\/HDSLQJDVWULGH
    H[SORGLQJJDVFDQLVWHUV5DJLQJ6PDVKHGDVLGHE\YLJLODQWWUXQFKHRQ5HHOLQJ$OOWKHVN\DVNHZ
    /HWWLQJORRVHDSXQFKWKDWVPDFNHGWKHSLJ
    VIDFHLQWRWKHEDFNRIWKHVNXOO6WDJJHULQJ'L]]LO\
    ZUHQFKLQJDSHUVSHFWLYHIURP

    >3DJH@

    WKHWHHPLQJWXUPRLO5RDULQJ6FUHHFKLQJIDUWV$QGZLWKVWRXWVWLFNFUXQFKLQJRXWRIWKHPHOHH%DVKLQJ
    VNXOOVOHIWDQGULJKW$EXOOHWQLFNLQJWKHEXWWRQIURPKLVVKLUW5XQ5XQQLQJ6LGHVWUHHWVUXQ$QRSWLFDO
    WULFNRIIO\LQJHOERZVDQGNQHHV/HDYLQJQRPRUHWKDQEORRGVWDLQVDQGDUHGSLOODURIFORXG0DGH6XVDQ
    PDG6XFKXVHOHVVGHPRQVWUDWLRQ6LWWLQJWKHUHH\HVJOXHGRQWKH79VFUHHQZKHUHWKHDFULPRQLRXVIDFH
    RIODZDQGRUGHUZDVKLVVLQJPLQGOHVVWKUHDWVDJDLQVW&RPPXQLVWVDQGWKHLUPLQGOHVVV\PSDWKL]HUV


    7KDW
    VXV
    1LFRODVDLGVXGGHQO\

    6WDUWOLQJ6XVDQDQG,

    6KHKDGVPDVKHGKHUZD\RXWRIWKHJOLWWHULQJJODVVVKHOO+HUOLSVFXUOHGXQFHUWDLQO\+HUORQJGUDEVNLUWV
    QRZVKLIWLQJDVVKHVWUHWFKHGRXWKHUOHJV'DEEHGDWKHUZHWFKHHNVZLWKULPVRI.OHHQH[6PLOLQJ
    IDLQWO\8QHDVLO\$IWHUKHUDWWDFN6RXQOLNHRQHRI6WHSKHQ
    V
    DWWDFNV
    ,ORRNHGTXLFNO\DW0DULH%XWVKH
    VDWLPSDVVLYHO\+HUZKROHGHPHDQRXUHORTXHQWO\GHPXUH0DNLQJPHVXGGHQO\DZDUHWKDWVKHKDG
    DOZD\VNQRZQDOODERXWLW7KRVHEUXWHDQGVXEYHUVLYHQRLVHV7KHZKROHWKLQVWLFNRQZKLFKWKH%ODFN
    6XQOLJKW2UJDQL]DWLRQSUHFDULRXVO\VDW$WKLQDQGGU\EUDQFKRIDWKLFNDQGWDOOWUHHWKDWKDGEHHQGHDG
    IRUQLQHW\\HDUV$QGDVZHVDWLQP\KRXVHZDWFKLQJWKHQHZVDQGWKLQNLQJWKRXJKWVDQGFDPSDLJQLQJ
    DJDLQVWWKHLQWHOOHFW,NQHZVKHNQHZRQHGD\WKDWWKLQGU\EUDQFKZRXOGFUDFNDQGVHQGXVIO\LQJGRZQ
    RQWRWKHKDUGEORRGVWDLQHGJURXQG)XFNHG%RLOLQJZLWKDVHHWKLQJPDUW\UGRP+DYLQJVPDVKHGWKHERRW
    WKURXJKWKHJODVVYHQHHURIWKHVWDWH2IRXUQHUYHV$QGPLQGV7KDWVKHHUEODWDQWDXVWHULW\,VZHDOWK,Q
    RXUZDNHVPDVKHGLQVWLWXWLRQV6PDVKHGPLQGV6PDVKHGWUDIILFVLJQV6PDVKHGFRXUWURRPV6PDVKHG
    DUPRXULHV(\HEDOOVZKLUULQJ7KHLUUHGYHLQVVWLFNLQJRXWWRHQFDSVXODWHWKHEODFNVXQOLJKWXSWKHUHGHHS
    GRZQKHUH5LJKWKHUHLQRXUKHULWDJH)XFNHG/HDYLQJQRWKLQJEXW%XOO6KLW2UJDQV6FUHZHG7KH
    DVVKROHV7KRVHXJO\IDFWV0\WULDO

    3UHFDULRXVO\GRRPHG3HUSHWXDOO\SULPHG$QGLQWKDWVRPHZKDWHUDVHGOHDYLQJRQO\WKHIDLQWRXWOLQHV
    RIFDULFDWXUHV6WUDQJHDQGFXWWLQJ<LHOGLQJRQO\WRWKHSUHSRVWHURXVLQHYLWDEOHHQG:KLFKZRXOGQRW
    HQGDOO7KHEHVWLDOIDFWZRXOGDOZD\VEHWKHUH7RDSSDOO7RDVWRXQG7RLJQLWHLQWRDFWLRQVXFKHVWUDQJHG
    KHDUWVDVWKHVH)RUZKRPWKHUHFRXOGEHQRHQGLQJ1RFXWWLQJFRURQDU\RIIHDUWRVKULHNRQHLQWRWKH
    EOLQGHQGRIVHWWOLQJGRZQWRZRUNDQG

    >3DJH@

    VSDZQ$JDLQVWWKDWFXOGHVDFRQHFXOWLYDWHGVRPHWKLQJPRUHWKDQDPHUHDQGWRWDOLPSDVVLYLW\$IHDUIXO
    UDJHEOLQGLQJ$QH[WUHPHUHYXOVLRQFRQYXOVLQJ%XWXQGHUDILUPFRQWURO'LVFLSOLQHGDQGPDQLDFDO
    FRQWURORIQHUYHV$QGDFWLRQ

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    1R1LFRODWKDW
    VQRWXV
    6XVDQVDLGLPSDWLHQWO\

    $QGVKHZDVULJKW)RUZHGLGQRWDQGKDGQHYHUFODLPHGUHVSRQVLELOLW\IRUWKHERPELQJVDQGWKH

    KDSSHQLQJV
    1R%ODFN6XQOLJKW2UJDQL]DWLRQH[LVWHGSXEOLFO\DQGHYHQSULYDWHO\WRWKH6SHFLDO%UDQFK
    DQGWKHVHFXULW\IRUFHV7KHUHZHUHRQO\WKHHQGOHVVIUDJPHQWHGOHIWZLQJSDUWLHVIURPZKLFKQRZDQG
    WKHQZHKDGZRQPHPEHUV1LFN1LFROD6XVDQ$QGWRVWUHWFKDSRLQWP\VHOI(YHQWKHYHU\QDPH
    %62ZDVDMRNH%DNXQLQ6KLWV2ND\%OHHGLQJ6RGV FI2ULILFHV %ODFN6RXOV2UJDQL]H7RDWURSK\
    RXUVHOYHVZLWKD%62ODEHOZDVVKLW,KDGLQDPRPHQWRIGUXQNHQHPSDWK\ZLWK&KULVFRLQHGWKHWKLQJ
    DERXWEODFNVXQOLJKWDQGRIFRXUVHKHKDGVHHQWKHRWKHUVLGHRIWKDWEOLQGLQJOLJKW1RWWKDWKHGLGQRW
    NQRZZKDWHYHURWKHUVLGHWKHUHZDVKHVDLG+LFFXSSHG,ZDVWU\LQJWRJHWKLPWRH[SODLQKRZKHKDG
    VSLNHGPHRXWRIP\KHDGDQGZLWKZKDWNLQGRIGRSHRQP\ILUVWWKUHHGD\VDW'HYLO
    V(QG)LQJHULQJKLV
    QHFNODFHRIERQHVDQGVFUDWFKLQJXQGHUQHDWKKLVGHQLPVKLUWKHKDGVDLG


    -XVWVRPHWKLQJ,SLFNHGXSIURPDSV\FKLDWULVW

    ,KDGGHPDQGHGWKDWKHHODERUDWH


    :HOOLWZDVQ
    WK\SQRVLVWKRXJKRIFRXUVHWKHUHLVDEOLQGVLGHWRWKDW
    KHKDGUHSOLHG

    $QGSDVVHGWKHZLQHVNLQ

    ,GUDQNZDWFKLQJKLP+HKDGFRPHWKURXJKDORQJZD\(YHQQRZZDWFKLQJ6XVDQDQG1LFRODZDWFKLQJ
    WKH79QHZV,ZRQGHUHG+DGKHUHDOO\WUXO\FRPHWKURXJK",WZDVDGLIILFXOWUXQVSLNHGZLWKUDSLGVDQG
    FDWDUDFWV7KHUHZHUHVRPDQ\IDOVHVWRSSLQJDQGZDWHULQJSODFHV+DGZHDOOFRPHWKURXJK",ZDVVXUH
    RI.DWKHULQH,ZDVVXUHRI6XVDQ%XWWKDWZDVDOO,ZDVQRWVXUHRIP\VHOI7KHEUXWHDQGXQIOLQFKLQJ
    KDWUHGZDVQRWWKHUH%XWGLG,UHDOO\UHJLVWHULQP\LQQHUPRVWEHLQJQRWKLQJRIDOOWKLVWKDWZDV
    KDSSHQLQJ",WZDVLPSRVVLEOH,FRXOGIHHOWKHLQH[RUDEOHURWJUDGXDOO\VHWWOLQJLQWKHPDUURZRIP\
    ERQHV$GDUNSHQFLOWKLQULPDURXQGWKHDE\VVZDVWKHGUHDP
    VHGJH,WUHDFKHGRXWPHPRU\
    VVZLIW
    FDUHVVSXOVLQJZLWKDFXWWLQJSHUFHSWLRQ1LFNKDGRQFH

    >3DJH@

    ZULWWHQ
    7KHJROGVSHDNLQJULYHU7RZDUGWKHZHWGDUN)ORRGVWKHFHQWXU\$QGP\KHDUWLQWRWKHYRLG7KH
    OLQJHULQJRSWLPLVPSRXUV
    :DVLWOLNHWKDW"6HHLQJWKURXJKEUDLQEORRGWKLVMRXUQH\
    VWUDMHFWRU\'UHDPV
    ED\RQHWULSSHG$QGHYHU\VXGGHQJODQFHPHHWVLQPLGIOLJKWWKH:RUP
    VVQHHU,WZDVQRWOLNHWKDW(YHQ
    IRU1LFNZKHQZHWDONHGHQGOHVVO\LQWRWKHQLJKW7DONHGRIZKDWPDUURZHGKLPZLWKPRUWDOLW\7KH
    SLWLIXOURDGVWKDWHQGOHVVO\WUDFNDPDQ
    VXQVHHQGHVWLQDWLRQV 7KDW7LPHVSHQWLQWKHSOD\JURXQGEHIRUH
    WKHIDWDONQHOO 7KDWSUREDELOLW\ZKLFKFXUWDLQVWKH)XWXUH
    VJODVV+RZZKDW,DPDQGZLOOEHGHDWK
    FUHDWHGORQJDJR7KHNQXFNOHVRIWKRVHFRQYHUVDWLRQVEUXLVHGP\YLVLRQ%XUVWRXWRIPHILJKWLQJ
    VWUHHWVIDOOHQ+HGLGQRWNQRZWKHILUHDQGWKHKXUW+HFRXOGQRWJRZLWKWKHO\UHDQGWKHQHW+HFRXOG
    QRWWRXFKWKHOLSVDQGPLUWK%XWVDZHYHU\ZKHUHHYLGHQFHRIPDVWRGRQV0DVWRGRQV)UHVKIURPWKH
    RULJLQDOPXG+HZRXOGVXGGHQO\H[FODLP

    $KZKDWFRURQDFK
    (UDVHGIURPWKHDLU
    %ULJKWED\V
    $QGGZHOORQ
    7KLVUHYHODWLRQ2IDEVHQWWKLQJV6XGGHQO\SUHVHQW,QDEUHDVWORQJVLQFHEURNHQ
    $QG
    VXGGHQO\XQVFUHZWKHORWDQGZLWKDELWWHUJDLHW\H[KRUWPHWR

    &RPHDQGZLWKURFNHWV
    )XFNH[LVWHQFHRXWRIVRFNHW

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    7KLVVWDOHVN\WKDWZUHQFKHVRXWZK\
    7KDWSDOHGHVWLQ\RXUODVWVLJQLILFDQWPLQXWH
    %XWKHZDVZLWKLQWKHEXUQLQJEXVKFROGZLWKLQWKHILHU\FUHDWLRQPHDQLQJOHVV$OOWKHURDULQJ
    VLJQLILFDQFHKHKHDUGZDVDWKURDWVRUHDEHOO\HPSW\DEUDLQWKLQNLQJLWZDVDEUDLQ8QHDVLO\KHZRXOG
    WUDQVIL[PHZLWKDZHWEXWGLDPRQGH\H

    &DQZLVGRPVFUDWFKRXWP\LWFK
    7KLVEODWDQWH[LVWHQFHWKDWUHHNVRIVRUURZ

    >3DJH@

    ,QWKHPLQG
    VSRRO
    $UHPRRQDQGVWDUV
    *RRGDV(GHQVKRG

    *DLQVWPRUDOPXG
    %XWHYHQDVKHOLVWHQHGWRWKDW
    6RXQGRQFHGURSW,QWKRXJKWVDEUXSWDVOHDG
    ZKRVHOLSVEUDQGDEORRGUHG
    NLVVKHIHOWLQKLPVHOIWKDW
    7REHOLHYHQRWKLQJ,VZKDWWKHZDWHUULSSOHV
    $QG,ZRXOGUHILOORXUJODVVHV
    DQGUHDGP\RZQWKLQJVWRKLP7KHGLVFXVVLRQVZRXOGEOD]HZLWKDOOWKHDJRQ\RIEUDLQEORRG$OOQLJKW
    WKURXJK:LWKDOOWKHVLQFHULW\RIDFRDWRQILUH,QWRWKHVPDOOKRXUV$QG0DULHZKROLNHGWROLVWHQLQDQG
    MRLQXVZRXOGIURPWLPHWRWLPHSDVVLRQDWHO\EXUVWRXWZLWKJHPOLNHLQVLJKWVZKLFK1LFNZRXOGLQDUXVK
    IXULRXVO\QRWHGRZQDQGORRNDWKHUDVWKRXJKDWWKHLJQHRXVKHDUWRIJHQLXV,OLNHGKLP+HZDVVR
    PXFKWKHQZKDW,KDGEHHQZKHQ,ZDVKLVDJH$QG,FRXOGXQGHUVWDQGWRRZHOOZK\3DWULFLDNHSWKLP
    DWDKLGHRXVGLVWDQFHDQGWRUWXUHGKLPLQWKHRQO\VLFNHQLQJZD\VKHNQHZ%XW6WHSKHQFRXOGQRWVWDQG
    1LFN
    +H
    VZHW
    6WHSKHQZRXOGVD\
    +LJKIDOOXWLQ
    ZHW
    ,QDZD\,DJUHHGZLWKWKDWYHUGLFW%XWZLWKD
    IHHOLQJRIEHLQJXQMXVW7KDWZDVLW1LFNDOZD\VHPEDUUDVVHGPH+HZDVWRRWUDQVSDUHQWO\LQQRFHQW$V
    ,KDGQHYHUUHDOO\EHHQ

    (YHQ&KULVLQKLVRZQVRLOHGZD\ZDVSHOOXFLGO\LQQRFHQW%XWKLVZDVWKHNLQGWKDWLQWKHWZLQNOLQJRI
    DQH\HVSLWVRXWDJOLWWHU2QHRIWKRVHGHDGO\,WDOLDQIOLFNNQLYHV6ODVKLQJDWKURDW+LVPRRGVDQG
    ZRUGVKRZHYHUVXOOLHGZHUHDOVROLNHWKDW7KDWGHHSRXWUDJHGXSVLGHGRZQLQQRFHQFH:KLFKZDVLWV
    RZQULJKWDQGZURQJZLWKRXWFDULQJWKHVOLJKWHVWVKLWZKDWZURQJDQGULJKWDUH


    +DYHDPLQW
    6XVDQEURNHLQ

    7KH79QHZVKDGHQGHG

    6RPHEORNHZDVPDNLQJSUHGLFWLRQVDERXWWKHZHDWKHU

    ,GHVRI0DUFK

    1LFRODKDGWDNHQRXWDERRNZLWKWKHWLWOH8QKLQJLQJWKH0LQG

    7KHURRPZDVFRPIRUWDEO\ZDUP7KHILUHORZ7KHRQO\VRXQGVZHUH6XVDQRSHQLQJWKHSDFNHWRIPLQWV
    DQGWKHZHLUGVWDWLFIURPWKHZHDWKHUSUHGLFWLQJWHOHYLVLRQ$OOWKHRWKHUURRPVRIWKHKRXVHPD\DVZHOO
    QRWKDYHH[LVWHG6RFUHHSLQJVLOHQWZHUHWKH\0DULHKDGWDNHQXSWKHXNHOHOH6KHZDVILQJHULQJLW
    ZLWKRXWSOD\LQJ1LFRODORRNHGDW6XVDQZKRVPLOHGDQGQRGGHG

    >3DJH@

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ


    3OD\VRPHWKLQJ0DULH
    1LFRODVDLG

    $QGDVWKHVRIWWLQQ\VRXQGVEHJDQWREOHQGLQWRRQHHQLJPDWLFPHORG\,WXUQHGGRZQWKHYROXPHRIWKH
    79DQGVSUDZOHGRQWKHUXJZLWKP\KHDGLQ6XVDQ
    VODS+RZFKDQJHGVKHZDVWKLV6XVDQ,WZDVQRWDQ
    RXWZDUGYLVLEOHWUDQVIRUPDWLRQ%XWVRPHWKLQJUHPRWHUXQSOD\DEOHDVWULQJHQWILQHO\HGJHGJOLWWHULQJ
    3HUKDSVLWZDVWKHURRP&RQWDLQLQJDVLWGLGWKHFDOPVSHFWDFOHDOPRVWGRPHVWLFRIWKHVHWKHUHVWOHVV
    ZDONLQJZRXQGHGZKRVHUHVLOLHQFHDQGHIIRUWZHUHLQH[WULFDEO\ERXQGXSZLWKWKHVKDWWHUHGIOHVKDQG
    PLQGVWKDWZHUHRXUVHSDUDWHFKDUDFWHUV7LQQLO\%OHQGLQJZLWK0DULH
    VTXLFNSOXFNHGKHDUWZUHQFKLQJ
    VRQJ%XWVKHZDVQRWUHDOO\VLQJLQJ6KHZDVVSHDNLQJWRKHUVHOIVSHDNLQJLQDFFRPSDQLPHQWRIWKH
    XNHOHOH6D\LQJ


    <RXNQRZDERXWFKDQJHOLQJV",IHHOWKHPDOOWKHWLPH$VWKRXJKZHZHUHDOOFKDQJHOLQJVDQGQRWH[DFWO\
    ZKDWZHDSSHDUWREH7KDW
    VZKDW,ZDVWU\LQJWRVLQJWR1LFROD7KHUH
    VVRPXFKPLVVLQJLQVLGHZKHUH
    WKLQJVRXJKWQRWWREHPLVVLQJ$VLIVRPHWKLQJLQGHILQDEOHZDVWDNHQRXWRIXVORQJORQJDJR'RQ
    W\RX
    IHHOWKDWVRPHWLPHV"

    ,FRXOGKDYHVDLG,IHOWOLNHWKDWDOOWKHWLPH,FRXOGKDYHVDLGWKDW
    VKRZHYHU\WKLQJVHHPVWREH0RVWRI
    WKHWLPH7KHJKDVWO\HPSWLQHVVWKDWZDVDOZD\VWKHUH7KHIHHOLQJRIKDYLQJGLHGDQG\HWQRWUHDOO\GLHG
    RIKRZRQHKDGEHHQVXEWUDFWHGIURPDOOWKDWPDNHVOLIHDOLYLQJH[SHULHQFH,FRXOGKDYHVDLGLWZDVWKH
    IHDULQVLGHPHRIDZRUOGZKRVHFKDQJHVZRXOGQHYHULQFOXGHDFKDQJHIRUWKHEHWWHU/LNHKHDULQJLQWKH
    PLGGOHRIWKHQLJKWVRPHSKDQWRPILJXUHPRYLQJDERXWKDPPHULQJQDLOVLQWRDOOWKHWKLQJVRQHKDGOHDUQW
    WRWDNHIRUJUDQWHG'LVFRYHULQJKRZLQILQLWHO\DKXPDQFRQGLWLRQGHVSDLUZDV+DPPHULQJQDLOVLQWRD
    FRIILQLQZKLFKWKHLPDJHRIDZKROHKLVWRULFDOQRWLRQOD\ZLWKLWVDUPVFURVVHGRYHULWVEUHDVW
    +DPPHULQJQDLOVLQWRWKHGRJJQDZHGSDOPRI-H]HEHO
    VKDQG$QGWKHEORRGVWUHDPLQJHWHUQDOO\LQWKH
    ILUPDPHQWZLWKQRWDVLQJOHGURSWRVDYH)DXVWXVIURPWKHKRXUDWKDQG$OOWKLVZKLFKZDVKDSSHQLQJ
    RXWWKHUHLQWKHJULPRXWVLGHRIRXUWKRXJKWVDQGHPRWLRQVZDVILQDOO\DSSURDFKLQJQHDUHUDQGQHDUHUWR
    WKHXQUHIXVLQJPRUWDOLW\RIRXUEORRG,FRXOGQRPRUHKDYHFRQYLQFHGP\VHOIWKDWLWZDVQRWKLQJWRGR
    ZLWKXVWKDQKDYHK\SQRWL]HGP\VHOILQWREHOLHYLQJWKDWHYHU\DFKHRXWWKHUHZDVP\DFKHDQGHYHU\
    ED\RQHWIODVKLQJLQWKHVXQP\ED\RQHW,FRXOG

    >3DJH@

    KDYHWKURZQXSP\KDQGVLQGLVEHOLHISDUULHGDOOTXHVWLRQVDQGKDSSHQLQJVZLWK3LODWH
    VTXHVWLRQ:KDW
    LVWUXWK"7KHVHLQFUHGLEOHVLWXDWLRQVZKLFKWKLVLPSRVVLEOHFUHDWLRQPDNHVSRVVLEOH%XWDOOWKLVKDG
    QRWKLQJWRGRZLWKWKHVPDOOOLJKWQLQJWKDWIODVKHGVXGGHQO\IURPWKHWRXFKRI6XVDQ
    VKDQGRQP\LQGH[
    ILQJHU$QGWKHUHZDVWKHWKXQGHULQFUHGLEO\XQFRLOLQJDQGXQFRLOLQJGRZQWRWKHODVWWHQGULOLQWKH
    LQQHUPRVWFHOOXODUZRUOG0DWWKHZ$UQROG
    VVWLOOVDGPXVLFVHHPHGWRKDYHFHDVHGXWWHUO\OHDYLQJXVWKH
    VROHLQKHULWRUVRIDVLOHQFHGLYLQLQJZDVWHODQG+HUHZDVQRSLOJULP
    VSURJUHVVQRP\WKLFDO6LV\SKXV
    ERXQGIRUHYHUWRSXVKKLVURFNQR3URPHWKHXVKXUOLQJGHILDQFHDW=HXVHYHQDVKHZDWFKHVWKHYXOWXUHV
    HQJRUJHWKHPVHOYHVRQKLVFKDLQHGERG\$K&KULV$QGWKHUHZHZHUH6XVDQ1LFROD0DULHDQG,,KDG
    QHYHUNLOOHGEHIRUH%XWNLOOLQJVXGGHQO\VHHPHGRQO\DVPDOOLUUHOHYDQF\WRWKHLQWHULRUKDSSHQLQJVRIWKH
    KRXVH%XWWKH\ZHUHLQGLVVROXEO\FRQQHFWHGWRZKDWZDVKDSSHQLQJRXWWKHUH+RZHYHUHSKHPHUDOO\:H
    KDG,VXSSRVHWDONHGDQGEHKDYHGRXUVHOYHVLQWRDPRRGZKRVHVKDGRZZRXOGDOZD\VRXWJURZXV1R
    ORQJHUFRXOGZHUHJLVWHUWKHWHPSHUDWXUHRIWKHEORRGLQRXUVHOYHV7KHUHDGLQJRIWKHLQVWLQFWVDQG
    DUFKHW\SDOWULJJHUV:HKDGVRJLYHQRXUVHOYHVXSIRUORVWWKDWWKHUHZDVRQO\DPHDQLQJOHVVQHVVZKLFK
    SHUKDSVF\EHUQHWLFVFRXOGWUDFHRQDJUDSK$WWKHVDPHWLPHWKHWKRXJKWVWKDWFRQWUROOHGRXUIHHOLQJV
    ZHUHQRWWKRVHRIZKHUHVWUDLJKWOLQHVFRPHIURPQRUZKHUHWKH\JR7KHUHZDVQRFHQWUHHLWKHUQR
    FLUFXPIHUHQFHEXWDVLWZHUHVSLUDOOLQJQHEXODHJDOD[LHVEH\RQGJDOD[LHVH[SORGLQJZLOGO\RXWZDUG
    KXUWOLQJDZD\WRZDUGVWKHLQFUHGLEOHLQILQLWHWKDWOD\EH\RQGWKHERXQGDULHVLQZKLFKZHKDGOLQJHUHG

    $QG,UHPHPEHUHG,WZDVUDLQLQJWKDWGD\7KHFRXSG
    HWDWKDGIDLOHG7KH$LU)RUFHKDGODUJHO\EHHQ
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    OR\DODQGKDGEURXJKWGRZQRUGULYHQRIIZKDWIHZERPEHUVKDGDFWXDOO\WXUQHGRXWDJDLQVWWKHFLW\,
    FUDZOHGRXWIURPXQGHUQHDWKDPDVVRIFRQFUHWHDQGJLUGHUVZKLFKKDGPLUDFXORXVO\VWRSSHGVKRUWRI
    NLOOLQJPH,FRXOGVHHQRRQHHOVHLQWKHZKROHOHQJWKRIWKDWJDSWRRWKHGVWUHHW'XVWDQGEORRGDQG
    VZHDWIHDUVZHDWKDGFDNHGP\ERG\DQGLWZDVXQFRPIRUWDEOHLQP\GLUW\MHDQV,JRWP\EHDULQJVDJDLQ
    DQGIRXQGWKHSODFHZKHUH,KDGKLGGHQP\UXFNVDFN$V,KLWFKHGWKHZUHWFKHGO\KHDY\WKLQJRQWRP\
    EDFNWKHVPRNHDQGIODPHVFUDFNOLQJDQGJXWWLQJWKHJDSLQJZLQGRZVDQGGRRUVRQHLWKHUVLGHRIWKH
    VWUHHW

    >3DJH@

    VKRZHUHGWKHDLUZLWKDQLQGHVFULEDEOHKRUURU7KHUHZDVVRPHWKLQJXQFRPPRQO\VXUUHDODERXWLW:LWK
    WKHFDPHUD,KDGVKRWDVPXFKDV,GDUHGP\ILUVWVHULRXVDVVLJQPHQWIRU3UHFLVLRQ$WWKHEDFNRIP\
    PLQGZHUHWKRXJKWVDERXWP\UHFHQWVHYHUDQFHIURP%ODQFKHDQGQRZ0DULHZKRP,KDGGULYHQRXWRI
    WKHFLW\,QVLGHPHZDVDVWRQHWKDWKDGOHDUQWQRWKLQJDQGIRUJRWWHQQRWKLQJ$OLJKWGUL]]O\UDLQ5DLQ
    WKDWORRNHGDQGIHOWOLNHDQDWWLWXGHUDWKHUWKDQDQDFWXDORFFXUUHQFHFDOOHGZHDWKHU,XQFRUNHGWKHIODVN
    RIZKLVN\,KDGEURXJKWDQGZDQGHUHGXSWKHVWUHHWWRZDUGVWKHEXLOGLQJZKLFK1LFNKDGLQGLFDWHG7KH
    ZKLVN\ZDVEXUQLQJP\WKURDWZKHQ,FURVVHGDGHUHOLFWSOD\JURXQGDQGZHQWURXQGWRWKHIURQWRIWKH
    EXLOGLQJ,ZDONHGXSWRWKHWRSIORRUDQGOLVWHQHGWR1LFNUHOHDVLQJWKHWKUHHORFNVDQGXQEROWLQJWKH
    VHYHQFKDLQV$V,VWHSSHGLQWRWKHURRP,VKRRNKLVKDQGZDUPO\,GLGQRWWKHQNQRZWKDWVRRQKHZRXOG
    JRRXWWKHUHLQDK\VWHULFDOUDJHDJDLQVW
    HYHU\WKLQJ
    DQGEHVKRWGRZQ+HKDGSDLQWHGDPXUDORQRQHRI
    WKHZDOOV$V,ORRNHGDWLWKHKDGVDLG


    ,
    YHGHFLGHGWRFDOOLW:DU

    %XWDOOWKHUHZDVRQWKHZDOOZDVWKHQXGHWKHEORRGUHGOHRSDUGWKHDUFKHUWKHIDOFRQWKH]HEUDDQGWKH
    WKLFNJURZWKRIVDYDJHMXQJOH,WUHPLQGHGPHRI5RXVVHDX
    VQDNHGPDQYDLQO\IOHHLQJLQWKHWKLFNKHDUW
    RIGDUNQHVVIURPDSRXQFLQJOHRSDUG%XWWKHVW\OL]HGQDWXUHRIWKHPXUDOPDGHLWDNLQGRIIRURXUWLPHV
    HPEOHPDWLFQHFHVVLW\


    <RXUKDQGVDUHFROG
    KHKDGVDLG

    0\KDQGVDQGIHHWKDGDOZD\VEHHQFROG%ODQFKHKDGRPLQRXVO\VDLGLWZDVEHFDXVHRIEDGFLUFXODWLRQ,
    SDVVHGWKHERWWOHRIZKLVN\WRKLP:KLOHKHGUDQN,XQVWUDSSHGWKHUXFNVDFNIURPP\EDFNDQGWRRNRXW
    P\FDPHUDVDQGW\SHZULWHUWRFKHFNIRUGDPDJH,WZDVQRWPXFK,WRRNRIIP\ZHWWKLQJVDQGFKDQJHG
    P\FORWKHV,ZDVWKLQNLQJRIKRZPLFHUDWVDQGUDEELWVUHDEVRUE\RXQJHPEU\RVLQWRWKHXWHUXVDQG
    KRZFURZGHGILVKSUHYHQWWKHLUSRSXODWLRQLQFUHDVLQJE\HDWLQJDOOWKHIU\DQGDOVRUHGXFLQJWKHLURZQ
    QXPEHUVE\FDQQLEDOLVP&DWVHDWWKHLUNLWWHQVZKHQGLVWXUEHG%LUGVVRPHWLPHVEUHDNWKHLUHJJVNLOO
    IOHGJHOLQJVRUGHVHUWWKHLUQHVWV2WKHUDQLPDOVHDWWKHLU\RXQJWRR%ODQFKHKDGDOVRWDONHGRIKRZ
    VSRQWDQHRXVDERUWLRQDQGFXOWXUDOFKHFNVFRQWUROLQWKHVDPHZD\KXPDQSRSXODWLRQVVRWKDWVWDUYDWLRQ
    FDQQRWRFFXU+RZVKHKDGWDONHG

    >3DJH@

    ,QWHOOLJHQFHLVQRWDQHQGEXWGHYHORSHGEHFDXVHRILWVDGDSWLYHDGYDQWDJHV%HKDYLRXUVKHVDLGLVDQ
    LQWHUPHGLDU\EHWZHHQLQWHUQDOIHHOLQJVDQGH[WHUQDOREMHFWV&XOWXUHSURYLGHVZD\VRIXVLQJWKHH[WHUQDO
    HQYLURQPHQWWRVDWLVI\SK\VLFDODQGPHQWDOQHHGVEHWKH\SOHDVXUHDQGSDLQDSSHWLWHVDQGDYHUVLRQV
    OLYLQJDQGUHSURGXFLQJ6KHKDGEHJXQWRWDONOLNHWKDWDVVRRQDVLWEHFDPHFOHDUZHZHUHQRWJRLQJWR

    KLWLWRIIROGIUXLW
    6KHKDGEHJXQWRWDONDVWKRXJKVKHQHHGHGWRREVHUYHKHUVHOIFOLQLFDOO\IURPDIDU
    ZKHQHYHU,ZDVLQKHUYLFLQLW\$FXOWXUDOV\VWHPVKHVDLGPXVWVKDSHWKHEHKDYLRXURIDPXOWLSOLFLW\RI
    LQGLYLGXDOVVRWKDWLWIRUPVDFRQVLVWHQWZKROHIDYRXUDEOHWRWKHVXUYLYDORIWKHVRFLHW\$QG,UHWXUQHG
    IURP2[IRUGWRILQGWKHFXOWXUHDQGWKHVRFLHW\RIP\FRXQWU\EURNHQGRZQUHSODFHGE\PDQXIDFWXUHG
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    LPDJHVILFWLRQDQGIDQWDV\,FRXOGKHDU%ODQFKHVD\LQJ
    7KHEUHDNGRZQRIFXOWXUHVPDNHVWKHSURYLVLRQ
    RIHQWHUWDLQPHQW HYHQZDU DQHFHVVLW\<HVEDGFLUFXODWLRQ

    ,QPDQ\ZD\V1LFNZDVYHU\OLNH%ODQFKH%RWKKDGWKHVDPHWRUWXUHGLUUHSUHVVLEOHLQWHOOLJHQFHWKH
    VDPHDVLWZHUHXQUHSHQWHQWDWWLWXGHWRZDUGV
    UHDOLW\
    %XW,ZDVWRRDZDUHRIKRZSDLQIXODQGVRUGLGWKH
    VWUXJJOHZDVIRUKLP+LVILUVWSXEOLFSRHWU\UHDGLQJZDVKLVODVW,WZDVDWWKH,QVWLWXWHRI7HFKQRORJ\+LV
    ODVWIRUDOODWRQFHLWEHFDPHFOHDUWKHVWXGHQWVZHUHRXWIRUKLVEORRG7KH\REMHFWHGWRWKH
    YXOJDUZRUGV
    
    WKHXQLQWHOOLJLELOLW\DQGWKH\DVVHUWHGWKDW
    ZRUNHUVGLGQRWXQGHUVWDQGKLPDQGKLVPRGHUQLVWLF(XURSHDQ
    PDQQHU
    7KHYHQRPRXVHOHFWULFLW\LQWKHKDOOILQDOO\,KDGQHYHUVHHQKLPORVHKLVWHPSHUPDGH1LFN
    UHWRUW
    ,DPDVWRQLVKHGDWWKHDXGLHQFH
    VLJQRUDQFH,GLGQRWH[SHFWVXFKDORZFXOWXUDOOHYHODPRQJ\RX
    7KRVHZKRGRQRWXQGHUVWDQGP\ZRUNDUHVLPSO\LOOLWHUDWH2QHPXVWOHDUQ
    $EULFNZDVWKURZQ6RRQ
    DOOZDVSDQGHPRQLXP1LFNYLVLEO\FRQFXVVHGE\WKHH[SHULHQFHUHWUHDWHGLQWRKLPVHOIWULHGVXLFLGH
    IDLOHGDQGKXUOHGKLPVHOIPRUHLQWRWKHZULWLQJDQGWKHSROLWLFDOZRUN,HQFRXUDJHGKLPWRJLYHSULYDWH
    UHDGLQJVDWP\KRXVH7KHUH,ZRXOGJDWKHUKLVIULHQGVDQGP\IULHQGVGULQNLQJEHHUDQGVPRNLQJ
    FLJDUHWWHVWKHURRPWKLFNZLWKWDONDQGUHVRXQGLQJZLWKLQIRUPHGDUJXPHQW$WILUVWWKHUHZDVDQHOHPHQW
    RISOD\LQLWDOOEXWWKLVZDVVRRQVXSSODQWHGE\ILUPHUHQPLWLHVVWURQJHUWLHVPRUHDJRQL]HGDQG
    DQJXLVKHGVHOITXHVWLRQLQJV%HFDXVHKLVSRHPVZHUHLQ(QJOLVKDQGQRWLQRXURZQ

    >3DJH@

    ODQJXDJHKLVGHWUDFWRUVDQGWKHUHZHUHPDQ\DVVRFLDWHGKLPZLWKDQLQWHOOHFWXDOFRQVHUYDWLVPLQVSLWHRI
    KLVUHYROXWLRQDU\ KLVRZQPHDQLQJ VXEMHFWV,WZDVDOODIDUFU\IURPKLV\RXQJGD\VZKHQVXFK
    PRYHPHQWVDVFXELVPDQGIXWXULVPZHUHOHDSLQJOLNHILUHIURPWRQJXHWRWRQJXH:HWKHQZHUHWLUHGRI
    FKXUQLQJRXWELWVDQGSLHFHVIRUWKHWRXULVWDQGDQWKURSRORJ\PDUNHW%ODQFKH
    VUDFNHWEXWWKHUHZHUHQR
    JXLGHOLQHVRQO\WKLVYDVWURRPDQGQHHGIRUH[SHULPHQW$QGH[SHULPHQWRIFRXUVHKDGWKHIDFHRI
    QHJULWXGHWRWKRVHRQWKHOHIWDQGWKHEUXWLVKQHVVRIDSDVVLQJIDVKLRQWRWKRVHRQWKHULJKW%XWKHZDV
    KDSS\H[WROOLQJWKHORYHRIGDQJHUWKHKDELWRIHQHUJ\DQGYDORXU7KHFDWFKZRUGVZHUHFRXUDJH
    DXGDFLW\DQGUHEHOOLRQ7KHVXEMHFWVZHUHIRUZDUGPRWLRQIHYHULVKVOHHSOHVVQHVVWKHVSRUWLQJVWHSWKH
    VRPHUVDXOWWKHVODSDQGWKHEORZRIDILVW$VWKH,WDOLDQ0DULQHWWLKDGSURFODLPHG
    3RHWU\LVDFUXHO
    DWWDFNDJDLQVWXQNQRZQIRUFHVLQRUGHUWRFRPSHOWKHPWRKXPEOHWKHPVHOYHVEHIRUHPDQ
    7KHUHZDVQR
    EHDXW\DSDUWIURPFRQIOLFW7KHUHZHUHQRPDVWHUSLHFHVZLWKRXWDJJUHVVLRQ6\QWD[WKHDGYHUEDQG
    SXQFWXDWLRQPDUNVZHUHWREHDEROLVKHG3RHWU\KDGWREHDFRQWLQXRXVVXFFHVVLRQRILPDJHV1HZ
    LPDJHV7KHUHZHUHQRVXFKWKLQJVDVHOHJDQWDQGYXOJDULPDJHV,QWXLWLRQZKLFKDVVLPLODWHVLPDJHV
    NQHZQRSULYLOHJHRUGLVWLQFWLRQ7KHSULQFLSOHRIPD[LPXPGLVRUGHUZDVWKHVROHIXQFWLRQRIRUGHULQD
    SRHP$QG1LFRODLQWULXPSKDGGHGWKDWLQRUGHUWRDUULYHRQHPXVWJLYHXSLQWHOOLJLELOLW\IRULWLVQRW
    QHFHVVDU\WREHXQGHUVWRRG:RUGVOLEHUDWHGIURPSXQFWXDWLRQUDGLDWHRQHXSRQDQRWKHUDQGFURVVWKHLU
    YDULRXVPDJQHWLVPVIROORZLQJWKHLURZQFRQWLQXRXVG\QDPLVP+HZDVRIIOLNHDVKRW+LVGHWUDFWRUV
    EHOORZHGRXWWKDWKHZDVPHUHO\PLUURULQJWKHIDVKLRQDEOHRUHFFHQWULFPRYHPHQWVLQ(XURSHDQG5XVVLD


    &KDQJHOLQJV
    0DULHZDVVD\LQJRQKHUXNHOHOH

    2IRQHRIKLVEUDVKHVWGHWUDFWRUV1LFNVDLG
    ,GRQRWNQRZKRZWRH[FXVHKLPIRUKDYLQJFRQVLGHUHGKLV
    SRHWU\ZRUWKSXEOLVKLQJ,WLVQRWDJUHDWLPSHUIHFWLRQWRZULWHYHUVHVEDGO\EXWLWLVDODFNRIMXGJHPHQWLQ
    KLPQRWWRKDYHIHOWKRZXQZRUWK\WKH\ZHUHRIWKHJORU\RIKLVQDPH

    1LFNZDVKHUHTXRWLQJ0RQWDLJQH
    VVWDWHPHQWDERXW&LFHUR

    ,WLVQRWHQRXJKWREHVLFNLQKDOYHVDPDQ
    VJRWWDJRWKHZKROHKRJ

    >3DJH@
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    7KDWSODQJHQWIHHOLQJRIVHOIGLVJXVW

    5LVLQJIURPEH\RQGWKHULPRIWKHXQNQRZQ

    :LWKGHDWKRQO\DGURSRIEORRGDZD\*LYLQJJLYLQJXQUHVHUYHGO\6XFNHGWKHJUH\PDWWHURIRXUEUDLQV
    LQWRDPHDWJULQGHUZKLFKJURXQGRXUVKDGRZVWRWKHVRXQGRI6WUDYLQVN\7KDWGHDGPDUFK7KRVHVDLQWV
    VLQJLQJ7KLVOLYLQJMD]]ZKRVHHOERZLVWKHKRUQ:KDWQLJKWVLQVLGHUZKDWQLJKWV'HHSGRZQLQWKH
    VN\SHHULQJDWWKHRXWVLGHRIDVWDU&RROVSLGHUVLQJULP\FRUQHUVVLSSLQJDEVLQWKH6SLQQLQJJLJDQWLF
    ZHEVRIVPDOOLVEHDXWLIXO$WRXUIHHWWKHFLW\EXUQVZLWKILUHIOLHV3DUDQRLD,WVRZQZRPE7KHVH
    ZDLWLQJURRPVGHWHQWLRQFHQWUHVSROLFHVWDWLRQV7KHNQLYHVDQGGDJJHUWKUXVWVRIWKDWORQJORQJZDLW
    7KHJXWWHUDOVRXQGVEHFRPHSRHWU\7KDWVKRUWZDONWRWKHJUDYHRQO\DUDWLRQDOWKRXJKWDZD\2QO\D
    VWURQJIHHOLQJDZD\0HHWLQJDOOWKHYHUVLRQVRI\RXUVHOIZKLFKGLGQRWFRPHRXWRIWKHZRPEZLWK\RX
    7KHVHZKRZHDUWKHLUVNHOHWRQVRQWKHRXWVLGH([SRVHGDOOWKHLUZDNLQJOLIHWRWKHRUGLQDQFHPDSRIWKHLU
    RZQPDGQHVV7HDFKLQJPHWRXQZUDSWKHEDQGDJHRIF\QLFLVPDQGUHYHDOH\HVVRORQJERXQGE\LW%XW
    WKHUHLVQRWKLQJWREHVHHQH[FHSWUXLQHGFLWLHVPLQGVGLVHDVHGSDUDWURRSHUVGURSSLQJLQWKRXVDQGVRXWRI
    WKHXQPRYLQJPDJQLI\LQJJODVVRIWKHVN\7KHVHFKDQJHOLQJVWKDWLQ0DULH
    VVRQJRFFXS\WKHWLPHRIRXU
    LPDJLQDWLRQ7KHLUVKDUSUHGH\HVJOLQWZLWKDSRLVRQUHGGHUWKDQQHUYHV$UHWKH\WKDWORQJORVWSDUWRIXV
    WKDWDOZD\VWXUQVXSOLNHDEDGSHQQ\"7KHLUVWXQWHGDQGWZLVWHGSK\VLRORJ\DVLQGHVFULEDEOHDVOLYHULVK
    URRWV5HPLQGVPHRI%ODQFKH+HUH\HVDQGOLSVDQGERG\DQGHYHU\ZKLPRIWKHZLQGVEORZLQJLQWRP\
    IDFHZDVDVHQVXRXVH[SHULHQFH$UDLQ\VKHHQVSLQQLQJDURXQGWKHVXQ:LWKQRPRQH\ZRUWKVQHH]LQJ
    DERXW,QWHQVHSRHWLFPDQLDVFRQFXVVHGLQWRH[LVWHQFHE\WKHFROOLVLRQRILOOXVLRQDQGUHDOLW\$VLIRQH
    V
    RZQEUDLQDQGIHHOLQJVZHUHEHDWLQJZLWKLQDQRWKHUSHUVRQ(YHU\VLQJOHQHUYHDQGPXVFOHZHDYLQJ
    TXL[RWLFPHDQLQJVSRLJQDQFLHV5HDFKLQJRXWWRWKDWSKDQWDVPDQGFUHDWLRQRIP\RZQLPDJLQDWLRQ7KH
    LQVLGHUVLOKRXHWWHGDJDLQVWWKHEODFNEOLQGLQJVXQOLJKW7KHYDVWLQQHUHPSWLQHVVVHHNLQJWROHHFKXSRQWKH
    REVFXUHYLWDOVWKDWH[LVWRXWWKHUH$UDYHQRXVVWDWHRIIHHOLQJWKHZRUOGRXWORRN$QG,VHHP\VHOIIRUWKH
    NUDNHQ,ZDV6WLOOGULSSLQJZLWKWKHFRQWDJLRQRIWKHGHHSHVWVHDEHG7KHKXHDQGHVVHQFHRIVDQLW\
    ,QFHVWXRXV0RXQWDLQVDQGKLOOVRIKHUUDQJHGDFURVVP\YLVLRQ7KHVDPHDQFLHQWDQGVHGLPHQWDU\HUDDV
    P\RZQ

    >3DJH@

    IHHOLQJDQGWKRXJKWV+LVWRU\
    VLGLRV\QFUDV\7KLVGHVLUHWRH[SRVHWKHZRXQGVRIDQXQGHFLGHGLQQRFHQFH
    1RPRUHZHUHQRFWXUQDOLQVLJKWVUHFOXVLYHWUHDVXUHVWREHVDYRXUHGLQWKHVHFUHF\RISRHPVDQGVWRULHV
    WKH\ZHUHWREHWKHLQVSLULQJVSDUNWRVHWUHDOLW\
    VIDFDGHRQILUH

    7KHFDWDO\VWDQGSURJHQLWRUDVLUHQLPSULVRQHGLQDYDVWDTXDULXPKRZOVDWKLQDQGKRQH\PHORG\ZKLFK
    WKHIDFHVUDQJHGURXQGLWFDQQRWKHDUWKRXJKWKH\VHHWKHWLQ\EXEEOHVRILWVDQJXLVKVWUHDPLQJWRWKH
    VXUIDFH$GPLWWLQJQHLWKHUKHU\RXWKQRUKHUEOLQGQHVV%XWRQO\WKHHQWLFLQJP\WKRIWKH$IULFDQ'UHDP
    0\QLJKWPDUHRIQHXURVHVZKLFK%ODQFKHFRXOGGRZLWKRXW7KDWROGIDVKLRQHG
    LPSRUWDQFHRIEHLQJ
    RQHVHOI
    :KDWGLGLWPHDQZKHQWKH&UHWDQVDLGDOO&UHWDQVDUHOLDUV:HDUHOLNHPDWFKHVEHLQJ
    V\VWHPDWLFDOO\VFUDWFKHGDOLJKWDQGSXWRXWLQDGDUNDQGFRQILQHGURRP7HUURUL]LQJWKHQHLJKERXUKRRG
    ZLWKTXRWHVIURP)DQRQ
    VSV\FKLDWULFQRWHERRNV7KDWVHWRIPXOWLSOHSDUDOOHOIRFL$QG,FRXOGQRWOLYHRQ
    GUHDPVEXWVFKRODUVKLSVLQP\ZDNLQJVWDWH0RQH\FRXOGQRWEHFRPIRUWDEO\VFRUQHG,ZDVKDXQWHGE\D
    WKRXVDQGWKLQJVEXWWKHILHUFHVWRIWKHPZDVDERXWPDNLQJPRQH\6WDUYLQJZKHQ%ODQFKHOHIWPHWRVWHZ
    LQP\RZQMXLFH,WVHHPVWREHDSHUSHWXDOFRQGLWLRQRIP\VWDWHWKDW,VKRXOGSHULRGLFDOO\DWWDFKDQG
    GHWDFKP\VHOIWRWKHZDQGHULQJKXPDQLW\RXWWKHUHDQGFDOOHDFKDWWDFKPHQWDSURIRXQGDQGOLYLQJWKLQJ
    ,WGRHVQRWHYHQKDYHWRKDSSHQE\GHVLJQ1RVLQJOHKHDUWLVVDIHIURPWKHSDVVLRQVRIDQDFFLGHQWDO
    JODQFH7KLVSHUSHWXDOQDPLQJRISDUWV:UHQFKLQJP\PLQGRXWRIMRLQW7HDULQJWKHVNLQRIIP\NQHHV
    $OOQLJKWWKURXJKWKDWEODFNDQJHOEXWWLQJPHZLWKWKHVWHHORIDGLYLQHEURZNQHHLQJPHEHWZHHQWKH
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    OHJVZLWKWKHQLJKWPDUHLPSDFWRISDVWDQGIXWXUHFODVKLQJDWRQFHOLNHOLJKWQLQJEROWVHUXSWLQJVXGGHQO\
    VKHKDVWKDWEODFNGUHDPDUFKHGKHUERG\WDXWOLNHDIXOOGUDZQERZDQGZLWKFOHQFKHGOLSDQGWHQVH
    ZURXJKWVKRXOGHUORRVHGWKHIRUFHWKDWDWWUDFWVWKHHDUWKDURXQGWKHVXQFDWDSXOWLQJPHOLNH3URPHWKHXV
    LQWRWKHHHULHGHSWKV:D\XSWKHUHGHHSLQWKHDE\VV7KHZD\RIWKHLQVLGHU:KHUHWKHPRRQDQGWKH
    VL[SHQFHVWLOOWZLQNOHRYHUWKHYLROHW3DFLILFQLJKWV:KHUHWKHVRXQGDQGWKHIXU\VWLOOEORZVRYHUWKH
    GHHSVRXWK$QGJROGHQQRWHERRNVWHOORIWKHWHQVLRQVWKDWWUDYHOWKURXJKZKLWHKRWZLUHVIURP&DSH
    7RZQWR'XPIULHVVKLUH%XWWKH1D]LLURQFODGFKXUQVFORVHU,WVJXQODVKHVRXWDQHZ0DUULDJHV

    >3DJH@

    EDVHGRQEHDXW\DQGDPRURXVGHVLUHVDUHVRRQEOLW]HGRXWRIH[LVWHQFHDQGDV-XYHQDOVD\V
    YHUVHVKDYH
    WKHLURZQILQJHUVWRH[FLWH
    SURGXFLQJDPRRGPRUHDPRURXVWKDQORYHLWVHOIVRPXFKWKDWZKHQHYHU,
    VDZ%ODQFKH,ZDVZLWK9LUJLO
    DWKLUVWWRWDNHWKHPHPEHULQDQGKLGHLWGHHS
    )ULHQGVKLSDQGFRQVWDQF\
    HOXGHGPHDQG,ZDVLQQRPRRGWRGLVDJUHHZLWK6RFUDWHVZKHQKHVDLGWKDWZKLFKHYHUDPDQGRHVKH
    ZLOOUHSHQWLW$QGWLPHDQGSODFHGRQRWURRWRXUGUHDPVLQFHUWDLQW\7KLVQRLVHDQGWXUPRLORIDPLQG
    WKLQNLQJRXWLWVWKRXJKWV$NLQWRDPDUULDJHEHWZHHQIHDUDQGIUHHGRP(DFKKHZQGRZQWRWKHOHYHORI
    WKHRWKHU7KHYDVWORQJLWXGHVRIKLVWRU\DUHSUHVVHGDQGWLJKWO\KDPPHUHGWRJHWKHUWLOOWKHOLYHVLQ
    EHWZHHQFDQQRWXWWHUDVKULHN7KRPDV3DLQHDQG/RFNH)RQWDLQHDQG$HVRSDUHWKHPLQXWHVWKDWPDNH
    XSWKHKRXULQDGUDXJKW\VHPLQDUURRP$QWVWXOLSVDQGDQDFRQGDVDUHWKHYRLFHVLQWKHJULWW\WUXPSHW
    &LJDUHWWHVDQGZKLVN\DUWLFKRNHVDQGSRSVWDUVDUHWKHEHDGVVWUXQJURXQG1LFNDQG1LFROD
    VIUDLO
    VKRXOGHUV7KHUHDUHSLQNFUDEVDWWKHVKDOORZHQGRIWKHSRROWROLJKWWKHFDQGOHVRXWRIWKHPRRQ$WWKH
    UDLQERZHQGRIWKHEHHUKDOOEODFNVWULSSHUVGDQFHDZKROHWUDGLWLRQRXWRIH[LVWHQFH7KHLQVLGHRIP\ROG
    PDQ
    VWHVWLFOHVEDQLVKHGWKHFKLOGUHQWRDUHJLRQ0LOWRQQHYHUGUHDPHGRI7KH(XPHQLGHVDUHQRWEHKLQG
    WKHFXUWDLQVEXWDUHWKHJUDLQVRIGLUWRQP\VSHFWDFOHOHQVHV$QGWKDWPDNHVLWZRUVHHQWLJKWHQVWKH
    V\QWD[RIFHUHEUDOORQJLWXGHV&RSLHGGRZQQHDWIURPWKHVHSWLFZRXQGVDQGYRLG.UDNHQVGULEEOLQJ
    REVFHQHWHQWDFOHVXQGHUQHDWKWKHWLJKWO\ZHGJHGGRRUV,KDYHXVHGWREDUULFDGHP\VHOIIURPP\VKDGRZ
    6WHYH%LNRGLHGZKLOH,ZDVEOLQGGUXQNLQ/RQGRQ6RZHWREXUQHGZKLOH,ZDVVXQNLQGHHSWKRXJKW
    DERXWDQHGLWRU
    VUHMHFWLRQVOLS *RHVRQGHWRQDWLQJG\QDPLWHVWLFNVLQP\PLQGWLOO,UHHOZLWKWKH
    EOLQGLQJH[WHUPLQDWLQJIRUFHRIDFUD]HGHMDFXODWLRQ'LPLQLVKLQJWKHJUDYHOPRXQGRISLW\XQWLOWKH
    ZRUPHDWHQFRUSVHLVH[SRVHGWRZKDWZLQGVDQGVXQFDUHWREORZDQGVKLQH*RHVRQSLOLQJSHUSOH[LW\
    XSRQFRPSOH[LW\IDFWRQIDFWGLVDVWHURQFDODPLW\XQWLOWKHPLQGKROOHUV(128*+%XWWKHUHLVQRW
    HQRXJKLQGHDWK
    VGHVLJQ6KRXWVIRUWKHEORRGEUDLQVRILQVLGHUV7KHSULVRQVIXOORIPHDWFKDLQHGWRWKH
    ZDOOV7KHPRUWXDULHVVWXIIHGIXOORIWKHPXOWLWXGH
    VKRSH7KHVHPLQDUURRPVUHHNRIWKHFDQQLEDOL]HG
    SHUIXPHRIDQHZJHQHUDWLRQEHQWRQWKHVDPHSDWK(YHQWKLVKRXVHZLWKLWVSODJXHRILQWHOOHFWDQG
    SURWHVW,QVLGHUV7KH\DUHRXW

    >3DJH@

    WKHUHDQHWHUQDOVN\EODFNHQLQJVZDUPRIORFXVWVSDUDFKXWLQJRXWRIWKHVN\LQXQPDUNHGSODQHV,QKHUH
    ZLWKLQWKHVHZDOOVWKH\DUWLFXODWHWKHQHFHVVLW\DQGWKHSLW\


    &DQ\RXSURYHWKDW,H[LVW"


    <HVLI\RXWHOOPHZKRLVVSHDNLQJ

    7KDWLVWKHZKROHSRLQWRIWKHVHPDQ\ZRUGV,DPDVILWWREHODXJKHGDWDVDEOHWRODXJK$PDQPD\EH
    KXPEOHWKURXJKYDLQJORU\)LQJHUQDLOVHQJUDLQHGZLWKWKHGLUWRIVHOIDEDVHPHQW&XWWKHPLONWHHWKRQ
    KXPLOLDWLRQ7KHUHLVQRWKLQJEXWDKLGHRXVGDUNDKHDGDPRRQOHVVVXQOHVVVWDUOHVVZRUOG:LWKLWV
    $UPRXUHG,QVHFWZKRVHSRZHULWLVWRFDVWWKHVKDGRZVWKDWGRJRXUVWHSVIURPWKHGHOLULXPRIWKHZRPE
    WRWKHVKDWWHUHGPDVNRIWKHWRPE7KHH\HVRIWKDWKRO\FRFNURDFKLQEULJKWEODFNVXQOLJKWKDYHPRVDLF
    YLVLRQHDFKFKLQNUHFHLYLQJDQLPDJHZKLFKLVDIUDFWLRQRIWKHZKROHREMHFWPDQLQYLHZ7KHVXPRI
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    WKHVHIUDFWLRQVJLYHVDZKROHLPDJHRIRXUWKLQNLQJDQGKRUURU$QGZKHQWKLV*RG,QVHFWKDVKDGLWVILOO
    0DOSLJKLDQWXEXOHVDWWDFKHGWRWKHEHJLQQLQJRIWKHKLQGJXWH[WUDFWXVIURPWKHEORRGDQGSRXUXVLQWRWKH
    JXWZKHUHWKHZDWHULVUHDEVRUEHGWKURXJKWKHZDOOVWRH[FUHWHXVVROLGDQGZKROHEXWLQVSLULWEURNHQ
    XWWHUO\$V,VWRRGDWWKHGUHDP
    VZLQGRZZDWFKLQJWKHVNLHVSDFNHGVROLGZLWKPRUHDQGPRUHRIWKHVH
    *RG,QVHFWVSDUDFKXWLQJGRZQXSRQXVLQHQGOHVVZDYHDIWHUHQGOHVVZDYHLWVHHPHG,FRXOGKHDU
    &ODXGLDQVD\LQJ
    ,WLVQRWYLFWRU\XQOHVVWKHYDQTXLVKHGDGPLWV\RXUPDVWHU\
    5HDVRQDQGJRRGVHQVH
    KDYHQRWULGPHRIDQ[LHW\7KHEHVWLVEH\RQGLQDOOFDVHVJLYLQJWRHDFKHQRXJKURSHWRNQRWWKHQRRVH
    RIOLIH,VLWHQRXJKWRVD\
    :KDWDZDVWHDOOHIIRUWFKDVHV
    "$URRWWKDWDOZD\VJURZVLQWKHGLUHFWLRQRI
    WKHDYDLODEOHZDWHU'DUZLQQRWHGWKDWHORQJDWLRQRIWKHJURZLQJDSH[RIHLWKHUDVKRRWRUDURRWGLGQRW
    WDNHSODFHLQDVWUDLJKWOLQHEXWSXUVXHGDVSLUDOFRXUVH7KRXJKWVSHUKDSVGRQRWWKLQNLQVWUDLJKWOLQHV7KH
    UHVSRQVHRIDSODQWWRZRXQGLQJFDXVHVHQRXJKVSHFXODWLRQDQGZRQGHUWRIRUPDEDVLVIRUWKHNLQGRI
    ILFWLRQWKDWUDQJHVIURP:\QGKDP
    VQRYHOVWRWKHPRUHVFDU\W\SHVRI$VKWRQ6PLWK7KHOHDYHVRIWKH
    2[DOLVIROGGRZQDWQLJKWDQGRSHQDJDLQLQWKHPRUQLQJZKHUHDVWKH1LJKW6FHQWHG6WRFNFORVHWKHLU
    SHWDOVGXULQJWKHGD\EXWRSHQXSDWGXVN0LPRVDSXGLFDZKHQWRXFKHGRUVXEMHFWHGWRVKRFNFORVHVXS
    LWVOHDIOHWVDQGOHDYHVPDNLQJHYHQWKHSHWLROHVGURRS7KLVLVOLNHWKH +HEUDLF -XVW0DQ
    VH[WUHPH
    VHQVLWLYHQHVVWR

    >3DJH@

    VXIIHULQJDVGHSLFWHGLQ&KDLP3RWRN
    VERRNWKHH[SHULHQFHRIVXIIHULQJSHWULILHVWKHVRXOLQRQHVRILQHO\
    WXQHG%XWWKHUHDUHWKHKRUURUPRYHPHQWVRIWKH9HQXV)O\7UDSZKLFKH[KLELWVWKHILHQGLVKVLGHRI
    QDWXUH
    VJUDQGGHVLJQ7KH*HVWDSRFRXOGQHYHUKDYHLQYHQWHGVXFKDQLQWULFDWHWKLQJEXWWKHLU
    FXPEHUVRPHJDVRYHQVSHUIRUPHGWKHLUWDVNVXQQDWXUDOO\ZHOO$KDV1LFNZRXOGVD\WKHLQILQLWH
    VROLWXGHRISODQWVZKHUHLQWKH\VHHPWRSUL]HQRWKLQJGHDUHUWKDQWKHPVHOYHV1DUFLVVLVPKDGWREHD
    SODQWDQGDIORZHULQJSODQWDWWKDW7KHLUVEXWIRUWKHSOXFNLQJKDQGDQGWKHJUD]LQJKHUELYRUHVHHPVD
    VDIHDQGVLPSOHOLIHFRQWHQWZLWKKXPEOHZD\VRILQILQLWHPHGLWDWLRQ%XWPDQFRQGHPQHGWRZDON
    WDNHVKLPVHOIZLWKKLP
    :KDWH[LOHOHDYHVKLPVHOIEHKLQG"
    +RUDFHDVNHG7KHVRXOLVDIDXOWZKLFKQHYHU
    HVFDSHVLWVHOIZHEULQJLWEDFNDQGZLWKGUDZLWLQWRLWVHOI
    ,QVROLWXGHEHWRWK\VHOIDWKURQJ
    XUJHG
    7LEXOXV9LUWXHVD\V$QWLVWKHQHVLVFRQWHQWZLWKLWVHOIZLWKRXWUXOHVZLWKRXWZRUGVZLWKRXWGHHGV
    1RZDGD\VZHKDYHDWKRXVDQGJXUXVWRWHDFKXVWRVWDQGRQRXUKHDGVWRPHGLWDWHWUDQVFHQGHQWDOO\WR
    EODVWRXUPLQGVZLWKPHVFDOLQWRWDNHXSWKH7LEHWDQ%RRNRIWKH'HDGWRFKDQWQDPLRQJRUHQJHWLRWR
    HVFDSHWKHKRUULEOHERUHGRPWKDWPDNHVXVELWHRXUKDQGVDQGQHLWKHUIHDUWKHILQDOGD\QRUZLVKIRULW
    %XWZKHUHGRPLQGVJRZKHUHGRWKH\FRPHIURP"7KHWKLQJVKXPDQEHLQJVFRQVWUXFWKDYHQR
    FRQQHFWLRQZLWKZKDWHYHULWLVDKXPDQEHLQJLVPDFKLQHVPD]HVRIVWUHHWVFODVVLILHGDGVZDWHUFORVHWV
    FRQVWLWXWLRQV$QGWKHWKLQJVWKDWKDYHDOZD\VEHHQWKHUH RQHKRSHV OLNHFORXGVURFNVVN\DQGZDWHU
    GRQRWKDYHDQ\GLUHFWFRQQHFWLRQZLWKWKHKXPDQOLYHVVFXUU\LQJDPRQJWKHPOLNHLQVFUXWDEOHDQWV7KH
    DSSUHFLDWLRQRIXUEDQVTXDORUDQGGHUHOLFWVXEXUELDLQWKHDUWVKDVQRWFKDQJHGWKLVEXWDFWXDOO\VHHPVWR
    UHLQIRUFHWKHDOLHQDWLRQRIPLQGIURPPLQGFUHDWHGPDWWHU7KHVRPEUHLQGHSHQGHQFHRIODQGVFDSHDQG
    FRVPLFSURVSHFWIURPKXPDQFRQVFLRXVQHVVDQGKXPDQVWULYLQJLQVWLOVLQPHIHDUVRIVRPHWKLQJUDGLFDOO\
    PLVVLQJIURPP\RZQPDNHXS:HPD\DVZHOOQRWEHWKHUHDWDOO,WLVWKLVQRWEHLQJWKHUHZKLFK
    DSSHDOVWRPHLQPXVLF\HWZKHQLWLVSRZHUIXOHQRXJKLWLQVSLUHVXVZLWKWKHGHHSDQGRSSRVLWHWKHUHQHVV
    RIHYHU\WKLQJWKDWLVKXPDQ7KHIRUFHLVVRDNLQWRWKHVWUDQJHJOXHWKDWKROGVDQGWKDWVWLFNVHYHU\WKLQJ
    WRJHWKHUUHPRWHIURPXQGHUVWDQGLQJWKDWZHIDOOEDFNRQGHPRQDLFWHUPLQRORJ\WRH[SODLQLW
    .OHPSHUHU
    VLQWHUSUHWDWLRQRI%HHWKRYHQEHVWH[HPSOLILHVWKLV

    >3DJH@

    6WUDYLQVN\
    VPDFDEUHGDQFHVDOVRWDSWKHLUVSLULWIURPLW7KHOLVWHQHUVXEWUDFWHGXWWHUO\IURPKLPVHOI
    RSHQVKLVOLIH
    VGRRUWRWKHGHPRQ
    VNQRFN0DWLVVH
    VQXGHEDWKHUVE\WKHVHDFRQWRUWWKHPVHOYHVZLWKWKH
    HQFKDQWHGJDLHW\RIWKHWHUULEOHGDQFHZKLFKWDNHVSODFHLQWKHYHU\EULJKWDQGVKHHUFRORXUVRID
    VZHOWHULQJQRRQGD\7KHFRQQHFWLRQLVPDGHEHWZHHQQLJKWPDUHDQGGD\OLJKW,WLVWKHLQDXGLEOHVRXQGRI
    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 
     $IULFDQ:ULWHUV6HULHV3ULQW9LHZ

    DFKLOG
    VPLQGFOHQFKLQJLWVHOIDJDLQVWWKHEORZRIVXGGHQOLIH7KHQ+DPOHWEHJLQVWRWKLQNWKDWIRUWXQH
    LVEHWWHUDGYLVHGWKDQXVWKDWDV0HQDQGHUVDLGFKDQFHGHFLGHVPDWWHUVEHWWHUWKDQRXUVHOYHV

    %HJLQQLQJWROLYHRYHUDJDLQKDYLQJPRUHSURYLVLRQVIRUWKHURDGWKDQ,KDYHURDGOHIW/LNH&DWRWKH
    &HQVRUOHDUQLQJ*UHHNLQKLVROGDJH,DPOHDUQLQJWRVSHDNMXVWZKHQ,QHHGWROHDUQWREHVLOHQWIRUHYHU
    :RUGVDUHDQHPSW\EDJDURZLQJURXQGVHYHQPLOHVRILWDOO7KHLUEHOOVDW(DVWHUIROORZKHUPRXQWDLQV
    ULQJLQJRQDGRQNH\DQGILUHVLWVKDUG\ZKHQZLQWHUORYHVDQROGKDJ,DPEXUQWRQWKHEUHDNWHHWKZRUGV
    7KHLUWLPHOHVVVQHHUWRDOO0HDQLQJOHDNVLQWKURXJKKROHVLQWKHURRIDQGGUXPVVRIWO\KHUHDQGWKHUH
    FROOHFWLQJLQSXGGOHVWKDWVRRQH[WHQGWKHLUWHQWDFOHVDOORYHUWKHIORRUZKHUH,ZDWFKWKHJDVKHVLQP\
    ZULVWVOHDNIDVWHUDQGIDVWHUZLWKPHDQLQJWRIORRGEH\RQGUHFRJQLWLRQP\HPELWWHUHGGD\VZLWK%ODQFKH
    *RRGIDWKHU$PD]RQ$QGZHJUHZWRNQRZOHVVDQGOHVVRIHDFKRWKHU<HWWKHPHPRU\ZRXOGQRWVHW
    LQWRWKHVHWWLQJVXQWKDWJUHHQDQGIUR]HQJODQFHWRWKHZLGHEOXHVHDZKHUHEURNHQKHDUWVDUHZUHFNHG
    RXWRIWKHLUZRXQGV$EOLQGVN\EOHDFKHGZKLWHWKHLQWHOOHFWRIKXPDQERQHVNLQQLQJWKHHPRWLRQVIURP
    WKHIUDFWXUHWRUHYHDOWKHJULHIXQGHUQHDWK$QGWKHPLUURUUHYHDOVPHDQDNHGDQGYXOQHUDEOHIDFW

    ‹'DPEXG]R0DUHFKHUD

    &RS\ULJKW‹3UR4XHVW//&$OOULJKWVUHVHUYHG

    KWWSFROOHFWLRQVFKDGZ\FNFRPGLVSOD\SULQW9LHZGR 

    You might also like