You are on page 1of 108



$OO5LJKWV5HVHUYHG&RS\ULJKW6WHYH5HHYHV,QWHUQDWLRQDO,QF

1RSDUWRIWKLVERRNPD\EHUHSURGXFHGRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQVJUDSKLFHOHF
WURQLFRUPHFKDQLFDOLQFOXGLQJSKRWRFRS\LQJUHFRUGLQJWDSLQJRUE\DQ\LQIRUPDWLRQVWRUDJHRU
UHWULHYDOV\VWHPZLWKRXWWKHSHUPLVVLRQLQZULWLQJIURPWKHSXEOLVKHU

3XEOLVKHGE\&ODVVLF,PDJH3URGXFWLRQV

)RULQIRUPDWLRQSOHDVHFRQWDFW

6WHYH5HHYHV,QWHUQDWLRQDO,QF

32%R[

0LVVLRQ9LHMR&$



ZZZVWHYHUHHYHVFRP

(PDLOVUKHUFXOHV#DROFRP

/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD

,6%1

:ULWWHQE\*HRUJH+HOPHUDQG'U-RH9LWDOH
&RYHUDQGERRNGHVLJQ*HRUJH+HOPHU


&RQWHQWV

)RUHZRUG

$FNQRZOHGJHPHQWV 

,QWURGXFWLRQE\*HRUJH+HOPHU

6WHYH5HHYHV+(5&8/(6

)LWQHVVDQG%RG\EXLOGLQJ$ZDUGVDQG$FKLHYHPHQWV

*ROGLH5HHYHV'LHWLFLDQ

5HHYHVRQ)RRGDQG1XWULWLRQ

*D\HORUG+DXVHU

$UP\'D\V

%RG\EXLOGLQJZLWK$UPDQG7DQQ\

7\SLFDO&RPSHWLWLRQ'LHW

0XVFOH%HDFKDQG*HRUJH(LIHUPDQ

0U:RUOG&RQWHVW'LHW

0U8QLYHUVH'LHW

1HZ<RUN0HQX

2Q/RFDWLRQLQ(XURSH

+RPH3UHSDUHG0HDOVDWWKH5DQFK

$:HOO%DODQFHG'LHW

$GGLWLRQDO)RRG,WHPV

5HHYHVDQG+HOPHURQ)RRG

+HDOWK\7KURXJKRXW+LV/LIH

$ERXWWKH$XWKRU*HRUJH+HOPHU

$ERXWWKH$XWKRU-RH9LWDOH



6WHYH5HHYHV7KH$FWRU


)RUHZRUG

6WHYH5HHYHVZDV+HUFXOHV+HZDVILWKHDOWK\VWURQJDQGRKVRLPSUHVVLYHORRNLQJ+HKDG
WKHSHUIHFWSK\VLTXHDQGNHSWLWRQDQGRIIWKHVFUHHQ+HZDVDEOHWRWXUQKHDGVGUDZFURZGV
DQGZLQDZDUGV+HEHFDPHDERG\EXLOGLQJOHJHQGDQGDPRYLHVWDU$QGKHGLGLWZLWKPHQWDO
IRFXVULJKWH[HUFLVHDQGQXWULWLRQ

<RX
OOOHDUQDERXWKLVPLQGVHWIRUVXFFHVVLQWKHQH[WERRN<RXFDQUHDGDERXWKLVH[HUFLVH
LGHDVLQ%XLOGLQJWKH&ODVVLF3K\VLTXHWKH1DWXUDO:D\%XWXQWLOQRZQRWKLQJUHYHDOHGKLVHDW
LQJKDELWV:KDWGLG+HUFXOHVHDWWREXLOGWKHERG\RIDOLIHWLPH"

$VLWWXUQVRXW5HHYHVNQHZGLHWDQGQXWULWLRQ+LVUHFLSHVZHUHGHVLJQHGWREXLOGDERG\WKDW
ZDVKHDOWK\DQGILW$QGKHXVHGWKHVDPHGLHWDU\JXLGHOLQHVRQWKHPRYLHVFUHHQDVKHGLGRQWKH
ERG\EXLOGLQJVWDJH+HGLGQ¶WLQJHVWVWHURLGV+HGLGQ
WJRQXWVLQWKHNLWFKHQ+HZDVDQDWXUDO
ERG\EXLOGHU$QGKHDWHZLVHO\DQGQDWXUDOO\WRORRNWKDWZD\

7KLVLVWKHILUVWERRNWRH[SORUHDQGUHYHDOWKH+HUFXOHVDSSURDFKWRILWQHVV,W¶VEDVHGRQVRXQG
LGHDVWKDWKDYHVWRRGWKHWHVWRIWLPH7KHSKRWRVHQULFKWKHERRNDQGPDNHLWDFROOHFWLEOH%XW
WKHZLVGRPLVLQWKHUHFLSHV6WHYH5HHYHVNQHZKRZWRJHWILWWKURXJKIRRG7KLVERRNUHYHDOV
KRZKHGLGLW

,¶YHEHHQDIDQRI5HHYHVIRUZHOORYHUDGHFDGH,KDYHKLVJ\PKLVFDUDQGKLVFORWKHV±EXW
QRWKLVERG\,GRQ¶WKDYHWKHJHQHWLFVWREHRYHUVL[IHHWWDOO%XW,FDQEHKHDOWKLHUDQGVWURQJHU
DQGVRFDQ\RX,FDQDFKLHYHP\ILWQHVVJRDOVDQGVRFDQ\RX:KDW5HHYHVGLGWRLPSURYHKLV
ERG\LVVRPHWKLQJZHERWKFDQGR

7RGD\¶VKHDOWKQXWVFDQWDNHDOHVVRQRUWZRIURPWKHJUHDWHVWERG\EXLOGHURIDOOWLPH±+HUFX
OHVKLPVHOI±DQGLWDOOEHJLQVZLWKWKHQH[WSDJH

7R<RXU5DGLDQW+HDOWK

6WD\6WURQJ

-RH9LWDOH
ZZZPUILUHFRP


$UWZRUNE\0DUN6DQ-XDQ7KHRULJLQDOSKRWRRIWKLVSRVHLVFDOOHG³3HUIHFWLRQ
,Q7KH&ORXGV´WDNHQE\7RQ\/DQ]DLQ


$FNQRZOHGJHPHQWV

,ZRXOGOLNHWRWKDQNP\IDPLO\HVSHFLDOO\P\ZLIH&HMD\EHFDXVHZLWKRXWKHUQRQHRIWKLV
ZRXOGKDYHKDSSHQHG,QDGGLWLRQWRSXWWLQJXSZLWKPHVKHFRQWLQXDOO\SXWVLQHQGOHVVKRXUVWR
NHHSHYHU\WKLQJJRLQJZHOODW6WHYH5HHYHV,QWHUQDWLRQDO,DOVRDSSUHFLDWHWKHKHOSIURPP\WZR
JUHDWJLUOV.LUDDQG0DULDKWRSDWKOHWHVLQWKHLURZQILHOGVDQGRYHUDOOZRQGHUIXO\RXQJSHRSOH
WKDW,ORYHGHDUO\P\FORVHIULHQG'DYH'RZOLQJZKRKDVZULWWHQVRPHJUHDWERRNVDERXW6WHYH
5HHYHV¶DQGKDVKHOSHGDWPDQ\5HHYHVHYHQWVDQGJLYHQPRUHWKDQ,FRXOGHYHUKDYHLPDJLQHG
$VSHFLDOWKDQNVJRHVWR-RKQ/LWWOH-RKQKHOSHG6WHYHDQGPHZLWKZULWLQJWKH%XLOGLQJWKH&ODV
VLF3K\VLTXHERRNDQGDOVRKHOSHGODXQFKWKH6WHYH5HHYHV,QWHUQDWLRQDO6RFLHW\ZLWKKLV)OH[
0DJD]LQHDUWLFOHRQ6WHYH¶VHDUO\ZRUNRXWURXWLQH$OLQH5HHYHV6WHYH¶VZLIHZKRJDYHPHJUHDW
LQVLJKWLQWR6WHYHP\IULHQG-RH9LWDOHZKR,FRDXWKRUHGWKLVERRNZLWK,QWKLVODVW\HDUDORQH
-RHKDVSXUFKDVHGDIHZPDMRU6WHYH5HHYHV¶LWHPVDQGKDVVSHQWWKRXVDQGVRIGROODUVSUHVHUYLQJ
DQGUHVWRULQJ6WHYH¶VSHUVRQDOLWHPV$ELJGHEWRIDSSUHFLDWLRQLVDOVRH[WHQGHGWR'HERUDK6WHZ
DUW6WHYH¶VIRUPHUOLYLQJFRPSDQLRQIRUVXSSO\LQJWKHUDQFKPHQXFDUGVDQGSUHVHUYLQJ6WHYH¶V
KLVWRU\6DQGUD6PLWK 6FKDNHO 6WHYH¶VILUVWZLIHIRUVXSSO\LQJWKHPHQXLWHPVGXULQJWKHLUPDU
ULDJH6DQGUDDQG6WHYHKDGWKDWYHU\VSHFLDOUHODWLRQVKLSDQGZHUHLQHDFKRWKHUVWKRXJKWVDWWKH
HQGRI6WHYH¶VOLIH6DQGUDLVDYHU\VSHFLDOSHUVRQDQGZHVWLOOWDONIRUPDQ\KRXUVDERXW6WHYH
DQGWKHLUWLPHWRJHWKHU

6SHFLDO$FNQRZOHGJHPHQW

7R WKH SDUHQWV RI 6WHYH 5HHYHV /HVWHU


DQG*ROGLH5HHYHVZKRSDVVHGRQWKHLU
JUHDW JHQHWLFV DQG WHDFKLQJV WR FUHDWH
RQHRIWKHJUHDWHVWLQGLYLGXDOVZKRKDV
ZDONHGWKLVSODQHW7KDQN\RX


³7KH,PSDFWRI+HUFXOHV´%RVWRQ


,QWURGXFWLRQE\*HRUJH+HOPHU

  , DOZD\V JHW DVNHGDERXWZKDW6WHYH¶VIDYRULWHIRRGVDQGPHDOVZHUHDQGLQWKLVERRN, ZLOO


DQVZHUWKRVHTXHVWLRQVDQGPXFKPRUH7KHUHFLSHVDUHWDNHQIURP6WHYH¶VKRPHUHFLSHFDUGV
ZKLFKFRQWDLQKLVIDYRULWHIRRGVDQGKRZWKH\ZHUHSUHSDUHG6RPHLQIRUPDWLRQFDPHIURPSHU
VRQDOLQWHUYLHZV,GLGZLWK6WHYHSHUVRQDOREVHUYDWLRQVDQGWDONLQJZLWKWKRVHZKRZHUHFORVHWR
6WHYH:H¶OOJRRYHUKLVERG\EXLOGLQJPRYLHDQGUDQFKLQJ\HDUVZKLFKFRYHUWKHPDMRULW\RIKLV
OLIH,WLVLPSRUWDQWWRNQRZWKDW6WHYHFKDQJHGKLVGLHWDVKHFKDQJHGKLVILWQHVVOHYHOVDOZD\V
PDNLQJVXUHWKDWKHEDODQFHGKLVIRRGFRQVXPSWLRQWRZKDWKHZDVXVLQJLQHQHUJ\7KLVLVQRWD
GLHWDU\ERRNEXWDERRNWKDWFRQWDLQVPDQ\RIKLVIDYRULWHPHDOVDQGUHFLSHV


3KRWRRI6WHYHZLWKDFWUHVV%R'HUHNDW6WHYH¶VUDQFKWUDLQLQJLQ6WHYHDQG%R¶VKXVEDQG
-RKQ'HUHNZHUHIULHQGVDQGILOPHGLQ,WDO\DERXWWKHVDPHWLPH


6WHYH5HHYHV+(5&8/(6
,Q6WHYH5HHYHVVWDUUHGLQWKHILOP+HUFXOHVWKDWEHFDPHDER[RIILFHKLWDQGZRUOGZLGH
SKHQRPHQRQ+HGHOLYHUHGZKDWWKHILOPJRLQJSXEOLFZDQWHGWRVHHJUHDWORRNVORWVRIPXVFOH
DQGZKDWRQO\6WHYH5HHYHVFRXOGGHOLYHUSHUIHFWV\PPHWU\-XVW\HDUVHDUOLHUKHZDVMXVWD
WKLQWHHQDJHUUHDG\WRHQWHUWKHSK\VLFDOFXOWXUHUHDOP6WHYHLQWKDWRQHILOPLQVSLUHGPLOOLRQV
RISHRSOHZRUOGZLGHWRVWDUWWUDLQLQJDQGHDWLQJIRUKHDOWK7RGD\6WHYH5HHYHV¶QDPHVWLOOLQ
VSLUHVPLOOLRQVRISHRSOHDURXQGWKHJOREHDQGKHLVFRQVLGHUHGRQHRIWKHJUHDWHVWERG\EXLOGHUV
HYHU$QGKHGLGLWZLWKDOOQDWXUDOIRRGV


6WHYHDWKLV2DNODQG&DOLIRUQLDIDPLO\KRPHLQWKHODWHVRQDYLVLWWRVHHKLVPRWKHUDIWHU
ILOPLQJ³+HUFXOHV´


)LWQHVVDQG%RG\EXLOGLQJ$ZDUGVDQG$FKLHYHPHQWV

+HUHDUHVRPHRIWKHPDMRUDZDUGVDQGDFKLHYHPHQWVWKDW6WHYH5HHYHVDFFXPXODWHGRYHUKLV
OLIHWLPHDVLWUHODWHVWRERG\EXLOGLQJDQGILWQHVV

3UHVLGHQW¶V&RXQFLORQ3K\VLFDO)LWQHVV$ZDUGZDVSUHVHQWHGWR6WHYHIRUKLVRXWVWDQGLQJDQG
VLJQLILFDQW FRQWULEXWLRQV WR )LWQHVV DQG 6SRUW ,W ZDV SUHVHQWHG E\ &DSWDLQ -DPHV $ /RYHOO
$SROOR$VWURQDXWIRUWKH:KLWH+RXVH

0DMRUERG\EXLOGLQJWLWOHV ZRQE\6WHYH5HHYHV

0U3DFLILF&RDVW
0U:HVWHUQ$PHULFD
0U$PHULFD
0U:RUOG
0U8QLYHUVH

7KHVHWLWOHVZHUHZRQORQJEHIRUHWKHGUXJHUDLQERG\EXLOGLQJ,WZDVDOVR\HDUVDKHDGRI
WKHPDLQVWUHDPILWQHVVFUD]H<RXKDGWRKDYHDSDVVLRQIRUJRRGKHDOWKVWURQJERG\DQGDYHU\
GLVFLSOLQHGPLQGVHW

,QYHQWRU&UHDWRURI3RZHU:DONLQJDV\VWHPGHVLJQHGWRZDON\RXUZD\LQWRJUHDWVKDSH

$XWKRUHGERRNV

3RZHU:DONLQJ
%XLOGLQJWKH&ODVVLF3K\VLTXHWKH1DWXUDO:D\
'\QDPLF0XVFOH%XLOGLQJ


6WHYHDQG6\OYD.RVFLQDLQDVFHQHIURP³+HUFXOHV´


*ROGLH5HHYHV'LHWLFLDQ

,WDOOVWDUWHGGXULQJWKHEOHDNPRQWKVWKDWIROORZHG/HVWHU5HHYHV 6WHYH5HHYHV¶IDWKHU GHDWK


LQ$WUDJLFUDQFKLQJDFFLGHQWWRRN/HVWHU¶VOLIH*ROGLH6WHYH¶VPRWKHUZDVFRSLQJDVEHVW
VKHFRXOG6KHKDGQRPRQH\EXWJDWKHUHGWKHFRXUDJHWRPDNHVRPHSURIRXQGFKDQJHVLQKHUV
DQGKHUVRQ¶VOLYHV

:LWK WRGGOHU 6WHYH LQ WRZ *ROGLH SDFNHG WKHLU EHORQJLQJV DQG KHDGHG IRU 6FRE\ 0RQWDQD
ZKHUH*ROGLH¶VIDPLO\OLYHGRQDUDQFK'XULQJWKLVWLPHVKHOLYHGZLWKKHUIDPLO\ZKLOHVHDUFK
LQJIRUHPSOR\PHQWWKURXJKRXWWKH6FRE\0RQWDQDDUHD7KHUHMXVWZHUHQRWDQ\MREVDYDLODEOH
LQ VXFK D VPDOO WRZQ DV 6FRE\ GXULQJ WKH GHSUHVVLRQ HUD :KHQ *ROGLH¶V FKXUFK IULHQGV JRW
ZLQG RI KHU SOLJKW WKH\ SRROHG WKHLU IXQGV WRJHWKHU DQG JDYH KHU HQRXJK PRQH\ WR PRYH WR
*UHDW)DOOV0RQWDQD*UHDW)DOOVLVDSSUR[LPDWHO\PLOHVVRXWKZHVWRI6FRE\ZKHUHMREV
ZHUHPRUHSOHQWLIXO6RRQDIWHUDUULYLQJLQ*UHDW)DOOV*ROGLHVHFXUHGDMREDVDFRRNDWWKH
UHQRZQHG5DLQERZ+RWHO

*ROGLHJDLQHGDUHSXWDWLRQDVDUHDOO\JUHDWFRRNDQGZDVRIIHUHGDSRVLWLRQDVWKHSHUVRQDO
FRRNIRU'U(QRFN03RUWHURQHRI*UHDW)DOOV¶VPRVWSURPLQHQWSK\VLFLDQVDQG&KDLUPDQRI
WKH6WDWH%RDUGRI+HDOWK$IWHUVHYHUDO\HDUVRIEHLQJHPSOR\HGE\'U3RUWHUVKHZDVUHDG\
WRPDNHDQRWKHUPDMRUPRYH(DUO\LQRQHRI*ROGLH¶VFORVHVWIULHQGVIURPWKH5DLQERZ
+RWHO )UDQFHV &KDPEHUODLQ PRYHG WR 2DNODQG &DOLIRUQLD WR WKH FRPPXQLW\ RI 2DN .QROO
)UDQFHV ZKR *ROGLHKDGNQRZQVLQFHKHUODWHWHHQVWULHGKDUGWRFRQYLQFH*ROGLHWKDWWKHUH
ZHUHPDQ\PRUHHPSOR\PHQWRSSRUWXQLWLHVIRUKHULQ1RUWKHUQ&DOLIRUQLDWKDQLQ*UHDW)DOOV
*ROGLHZDVFRQYLQFHGDQGGHFLGHGWRPDNHWKHPRYH

$UULYLQJLQ2DNODQGVKHIRXQGWKDWMREVZHUHQRWDVSOHQWLIXODVVKHZDVWROG7KHEHVWMREVKH
FRXOGILQGZDVDVDFRRNIRUDZHDOWK\IDPLO\LQ1DSDORFDWHGLQ&DOLIRUQLD¶VSLFWXUHVTXHZLQH
FRXQWU\  6KH FRQWLQXHG FRRNLQJ IRU WKH QH[W \HDU DQG OLYHG LQ 1DSD ZKLOH 6WHYH VWD\HG ZLWK
WKH&KDPEHUODLQV7KHIROORZLQJ\HDU*ROGLHUHPDUULHGDQGVHWWOHGLQ2DNODQG&DOLIRUQLDZLWK
6WHYHDQGKHUQHZKXVEDQG

1RZDUPHGZLWKQXWULWLRQDOVNLOOVVKHSLFNHGXSZKLOHHPSOR\HGE\'U3RUWHUDQGFRRNLQJ
VNLOOVRYHUWKHSDVWPDQ\\HDUV*ROGLHZRXOGEHFRQVLGHUHGDGLHWLWLDQLQWRGD\¶VZRUOG7KLV
NQRZOHGJHHQDEOHGKHUWRJLYH6WHYHWKHYHU\EHVWLQQXWULWLRQDQGIRRGVZKLFKZDVNH\WRVXS
SRUWLQJKLVERG\EXLOGLQJHIIRUWV


)URPWKHPRYLH³$WKHQD´6WHYHLQORZHUOHIWZLWK-DQH3RZHOODQG'HEELH5H\QROGVRQVDPHVLGH
RIWDEOHXSSHUOHIW


5HHYHVRQ)RRGDQG1XWULWLRQ

6WHYHOHDUQHGIURPKLVPRWKHU(G<DULFN 6WHYH¶VWUDLQHU SXEOLFDWLRQVRIYDULRXVW\SHVDQG


RWKHUV LQ KLV ILHOG WR EHFRPH DQ H[SHUW RQ GLHW DQG QXWULWLRQ KLPVHOI +H XVHG KLV ERG\ DV KLV
ODERUDWRU\IRUZKDWZDVQHHGHGWRVWD\KHDOWK\DQGVXSSRUWKLVERG\EXLOGLQJHIIRUWV:KHQ6WHYH
VDZUHVXOWVIURPKLVWUDLQLQJDQGWKHIRRGVKHZDVHDWLQJKHZRXOGLQFRUSRUDWHWKRVHIRRGVDQG
WUDLQLQJWHFKQLTXHVLQWRKLVERG\EXLOGLQJSURJUDPV,IVRPHWKLQJZDVQ¶WZRUNLQJIRUKLPWKHQ
KHZRXOGHOLPLQDWHLW+HXQGHUVWRRGWKHUHODWLRQVKLSEHWZHHQZKDWKHZDVHDWLQJDQGWKHHIIHFWV
LWKDGRQKLVERG\,IKHZDQWHGWRKDYHVWURQJERQHVDQGKHDOWK\WHHWKKHZRXOGLQFRUSRUDWH
9LWDPLQ'LQWRKLVIRRGJURXSWRVXSSRUWWKRVHDUHDV,IKHZDQWHGPXVFOHKHZRXOGHDWOHDQ
PHDWVZKLFKSXWWKHSURWHLQLQWRKLVGLHW7KHODWHERG\EXLOGLQJWUDLQHU9LQFH*LURQGDEHOLHYHG
WKDW ERG\EXLOGLQJ ZDV  SHUFHQW QXWULWLRQ DQG  SHUFHQW WUDLQLQJ 1RW ZLWKVWDQGLQJ WKH SHU
FHQWDJHVDQ\RQHZRXOGJHWWKHPHVVDJHDERXWWKHLPSRUWDQFHRIQXWULWLRQLQERG\EXLOGLQJ

6WHYHZDVDQDYLGUHDGHUZLWKJUHDWUHWHQWLRQDQGZRXOGUHDGHYHU\WKLQJKHFRXOG+HKDGD
VPDOOEXWJUHDWFROOHFWLRQRIERRNVDWKLVUDQFK6XEMHFWVVXFKDVGLHWDQGQXWULWLRQERG\EXLOG
LQJILWQHVVWUDLQLQJUDQFKLQJKRUVHVDQGFDWWOHZHUHDOOWKHUH:KDWHYHUKHZDVLQWHUHVWHGLQKH
ZRXOGUHDGDQGGRWKHUHVHDUFKDQGEHFRPHWKHH[SHUW

2QHVWRU\FRPHVWRPLQGDERXWZKDWSHUFHSWLRQVSHRSOHKDYHDERXW6WHYH¶VSDVVLRQVRULQWHU
HVWV:KHQWDONLQJZLWKDJURXSRIHTXHVWULDQSHRSOHWKH\ZRXOGWHOO\RXWKDW6WHYHZDVPXFK
PRUHLQWHUHVWHGLQWKHHTXHVWULDQDUHDWKDQDQ\DUHD3HRSOHLQWHUHVWHGLQWKHILOPLQGXVWU\ZRXOG
VD\WKDWKHOLNHGWKHILOPLQGXVWU\PRUHWKHQDQ\RWKHUDUHDVDQGERG\EXLOGHUVZRXOGVD\LWZDV
WKHERG\EXLOGLQJWKDW6WHYHWUXO\ORYHG7KHWUXWKLVWKDW6WHYHZDVWKHPDVWHURIHYHU\WKLQJKH
XQGHUWRRNQRPDWWHUZKDWLWZDVKHHQMR\HGWKHPDOO:KHQKHWDONHGWRHDFKJURXSWKH\FRXOG
VHHKLVSDVVLRQIRUZKDWWKH\ZHUHLQWHUHVWHGLQDQGWKH\NQHZWKH\ZHUHWDONLQJZLWKDQH[SHUW
RQ WKHLU VXEMHFW 7KLV LV ZK\ WKH\ WKRXJKW WKDW 6WHYH ZDV PRVW SDVVLRQDWH DERXW WKHLU ILHOG
7KHRQHWKLQJWKDWUHDOO\VXSSRUWHGDOORIWKRVHDFWLYLWLHVZDVKLVQXWULWLRQDQGGLHWNQRZOHGJH
:LWKRXWJRRGKHDOWKKHZRXOGQRWKDYHEHHQDEOHWRGRDQ\RIWKRVHDFWLYLWLHVWKDWKHXQGHUWRRN
7KDW¶VZK\KHDOZD\VSODFHGGLHWDQGQXWULWLRQDWWKHIRUHIURQWRIDQ\DFWLYLW\QRPDWWHUZKDW
KHZDVGRLQJ

6WHYHKDGEHOLHIVDERXW³PDQ\(YHU\WKLQJ´+HZRXOGVD\³%HSDVVLRQDWHIRUZKDW\RXGREXW
GRQ¶WEHFRPHIDQDWLFDODQG\RXZLOOHQMR\\RXUOLIHPXFKPRUH´:KHQORRNLQJDWKLVDGYLFH
DV LW UHODWHV WR IRRG 6WHYH ZRXOG RFFDVLRQDOO\ HDW D SDUWLFXODU IRRG KH ZDV FUDYLQJ HYHQ LI LW
ZDVQ¶WWKHKHDOWKLHVWRQWKHSODQHWKHMXVWGLGQ¶WRYHUGXHLW&DVHLQSRLQWZDVFRIIHHRUVRPH
WKLQJVZHHW7KHILUVWWLPH*HRUJH+HOPHUVDZ6WHYHGULQNDFXSRIFRIIHHKHMXVWDERXWIHOORII
KLVFKDLU7KLVDOVRUHODWHGWRRWKHUIRRGVRUDJODVVRIZLQHRUDEHHU)URP*HRUJH¶VH[WHQVLYH
UHVHDUFKDQGEHLQJDURXQG6WHYHIRUPDQ\\HDUVKHEHOLHYHG6WHYHHDWDWHKHDOWK\SHUFHQW
RIWKHWLPH+HZRXOGFKDQJHKLVGLHWDQGHDWLQJKDELWVIURPWLPHWRWLPHGHSHQGLQJRQZKDW
KHZDVGRLQJ%RG\EXLOGLQJWDNHVDKLJKHUFDORULFLQWDNHEHFDXVHRIWKHHQHUJ\\RXQHHGWRGR
H[WUHPHOHYHOVRIH[HUFLVH(DFKDFWLYLW\KDVDGLIIHUHQWOHYHORIKRZPDQ\FDORULHV\RX¶UHJR
LQJWREHXVLQJ6WHYHZRXOGPDNHDGMXVWPHQWVWRWKRVHOHYHOVE\DGMXVWLQJKLVGLHWDQGLQWDNH


*D\HORUG+DXVHU

:KLOH ZULWLQJ WKH +HUFXOHV &RRNERRN DQG UHYLHZLQJ RXU YDVW FROOHFWLRQ RI 5HHYHV ZULWLQJV
DQG KLVWRULFDO LQIRUPDWLRQ ZH FDPH DFURVV WKUHH +DXVHU ERRNV DQG UHYLHZHG WKHP 7KH ILUVW
ERRNZDV'LHW'RHVLWWKHVHFRQG*D\HORUG+DXVHU7UHDVXU\RI6HFUHWVDQGWKHODVWZDVWKHERRN
/RRN<RXQJHU/LYH/RQJHU5HPHPEHULQJVRPHRIRXUFRQYHUVDWLRQVZLWK6WHYHZKLOHZHZHUH
ZULWLQJWKHERRN%XLOGLQJ7KH&ODVVLF3K\VLTXH±7KH1DWXUDO:D\KHWROGXVRIDERRNWKDWKH
UHDOO\OLNHG+DXVHU¶VERRN'LHW'RHV,WZKLFK6WHYHUHDGVRPHWLPHLQ
6LQFHWKHV*D\HORUGZDVDSLRQHHULQZKDWKHFDOOHGVFLHQWLILFHDWLQJ+DXVHUIRXQGD
IROORZLQJDPRQJWKRXVDQGVRI$PHULFDQVZKRZDQWHGWRNQRZPRUHDERXWJRRGQXWULWLRQDQG
WKHIRRGVWKH\ZHUHHDWLQJ+HPRYHGWR+ROO\ZRRG&DOLIRUQLDDQG,JXHVVRQHFRXOGVD\WKDWKH
KDGWKHILUVW+ROO\ZRRG'LHWSODQ*D\HORUG+DXVHUZDVERUQ+HOPXW(XJHQ%HQMDPLQ*HOOHUW
+DXVHURQ0D\LQ7XELQJHQ*HUPDQ\
+HSURPRWHGWKHYDOXHVRIZRQGHUIRRGVVXFKDV\RJXUWEUHZHUV\HDVWVNLPPLONZKHDWJHUP
DQGEODFNVWUDSPRODVVHV+DXVHUVXJJHVWHGWKDWSHRSOHVKRXOGDYRLGIRRGVVXFKDVZKLWHEUHDG
DQGVXJDUZKLFKZDVPHWZLWKJUHDWUHVLVWDQFHIURPWKHPDQXIDFWXUHRIWKRVHSURGXFWV
%\DJH6WHYHKDGGHYHORSHGDQH[FHOOHQWXQGHUVWDQGLQJRIIRRGVDQGQXWULWLRQIURPYDULRXV
VRXUFHVLQFOXGLQJERRNVPDJD]LQHVKLVPRWKHUSHUVRQDOWUDLQHU(G<DULFNDQGQRZWKH+DXVHU
ERRN6WHYHXQGHUOLQHGPDQ\SDVVDJHVLQWKHERRN'LHW'RHVLWZKLFK:HZLOOVKDUHZLWK\RX
,I\RXKDYHDFKDQFHORFDWHRQHRIWKHVHERRNVIRU\RXUVHOIDQGUHDGWKHSDVVDJHV
2QSDJHRIWKHERRNERWWRPKDOIRIWKHSDJH6WHYHXQGHUOLQHGWKHEHQHILWVRI%YLWDPLQV
DQGDOVRXQGHUOLQHG%%%1LDFLQ$PLGHDQG3DQWRWKHQLF$FLG2YHURQSDJHXQGHU
IRRGVKHXQGHUOLQHGIRRGVWKDWFRQWDLQHGWKHVHYLWDPLQVVXFKDVOLYHUZKHDWJHUPGULHGEUHZHUV
\HDVWEODFNVWUDSPRODVVHVXQUHILQHGJUDLQVQXWVGU\VR\DEHDQVOHQWLOVDQGSHDV7KHQRQSDJH
6WHYHXQGHUOLQHG9LWDPLQ&DQGLWVHIIHFWVRQWKHERG\ILUVWOLQHVRIWKHSDJH%RQHVDQG
WHHWKZHUHDOZD\VLPSRUWDQWWR6WHYHDQGKHXQGHUOLQHGWKHSDUWDERXW9LWDPLQ'DQGLWVHIIHFWV
RQ\RXUKHDOWKDQGRQUHOD[LQJ\RXUQHUYHV$QRWKHUXQGHUOLQHGSDVVDJHLVRQSDJHZKHUH
+DXVHUWDONHGDERXW9LWDPLQ(DQGHDWLQJIRRGVVXFKDVZKHDWJHUPFDUURWVHJJ\RONVQXWV
OHWWXFHDQGWRPDWRHVWKDWDOOFRQWDLQ9LWDPLQ($IWHUUHYLHZLQJWKH*D\HORUGERRNV2QHFDQ
VHHZKHUH6WHYHUHFHLYHGVRPHRIKLVLQIRUPDWLRQRQQXWULWLRQDQGVRPHRIKLVHDWLQJKDELWV

/HIW2QWKHVHWRI+HUFXOHV8QFKDLQHG


+(5&8/(6


$UP\'D\V

$VZLWKRWKHUVWRULHVLQWKLVERRNWKHVHZHUHWDNHQRXWRIDODUJHUVWRU\DERXW6WHYH¶VOLIHLQRXU
QHZVOHWWHUV :KLOH LQ ERRW FDPS 6WHYH ZRXOG KDYH WR GR .3 RQFH LQ D ZKLOH .3 LV VKRUW IRU
³.LWFKHQ3DWURO´VXFKDVSHHOLQJSRWDWRHVZDVKLQJSRWVDQGSDQVDQGRWKHUGXWLHV)RU6WHYHHYHQ
.3GXW\ZDVQRELJFKRUH,WJDYHKLPWKHRSSRUWXQLW\WRVFRRSXSKDQGIXOVRIUDLVLQVDQGQXWVDQG
ZDVKWKHPGRZQZLWKPLONRUIUHVKOHPRQDGH
$IWHUERRWFDPS6WHYHOHIW6DQ)UDQFLVFRRQDWURRSVKLSKHDGLQJIRUWKH3KLOLSSLQHVWRILJKW
LQWKHZDU/LIHDERDUGWKHVKLSZDVVRPHZKDWERULQJDQGWKHWLPHSDVVHGTXLWHVORZO\6WHYH
KRZHYHUDOZD\VXVHGKLVVSDUHWLPHWRH[HUFLVHDQGWRJHWKLVVKDUHRIIRRG
7KHWURRSVZRXOGHDWDWGLIIHUHQWWLPHVEHFDXVHWKHUHZHUHWRRPDQ\RIWKHPWRWDNHPHDOV
DOODWWKHVDPHWLPH(DFKVROGLHUZDVJLYHQDFDUGLQGLFDWLQJLQZKDWVKLIWKHZDVWRHDW6WHYH
ZLWKJRRGIRUWXQHDQGLQJHQXLW\SURFXUHGDOOWKUHHFDUGV'XULQJWKHILUVWVKLIW6WHYHZRXOG
PDNH KLV ZD\ GRZQ WR WKH PHVV KDOO GUHVVHG YHU\ QHDWO\ HYHU\ KDLU LQ SODFH ZHDULQJ D FDS
DQGJODVVHV+HZRXOGDVNIRUKLVIRRGYHU\SROLWHO\QHYHUPLVVLQJWRVD\³SOHDVH´RU³WKDQN
\RX´1H[WKHZRXOGHDWZLWKWKHVHFRQGVKLIW7KLVWLPHKHZRXOGDSSHDUOHVVQHDWDQGSROLWH
DQGZRXOGJRZLWKRXWWKHJODVVHV%\WKHWKLUGVKLIWKHORRNHGDELWVFUXII\ZLWKDQRSHQVKLUW
XQFRPEHGKDLUDQGVSRXWLQJFRORUIXOPHWDSKRUVZKLOHDVNLQJIRUKLVIRRG7KLVURXWLQHJDYH
6WHYHVL[WRQLQHPHDOVSHUGD\VRKHKDGOLWWOHWURXEOHPDLQWDLQ
LQJKLVZHLJKWDQGPXVFOHPDVV6WHYHDQGVRPHRIKLVRWKHUFUHZ
PHPEHUVNHSWLQVKDSHRQERDUGE\FOLPELQJURSHVGRLQJFKLQXSV
SXVKXSVDQGDQ\RWKHUH[HUFLVHWKH\FRXOGGRZLWKRXWHTXLSPHQW


6WHYH5HHYHV0U$PHULFD

%RG\EXLOGLQJZLWK$UPDQG7DQQ\

%HORZLVDQLQWHUYLHZ*HRUJH+HOPHUGLGZLWKRQHRIWKHJUHDWERG\EXLOGHUVLQ6WHYH¶VHUD
$UPDQG7DQQ\+HUHLVSDUWRIWKDWLQWHUYLHZ
+HOPHU7HOOPHDOLWWOHDERXW\RXDQG\RXUEURWKHU
$UPDQG,ZDVERUQDQGUDLVHGLQ5RFKHVWHU1HZ<RUN0\EURWKHU9LFZDVHLJKW\HDUVROGHU
WKHQPHDQGZDVDVFKRROWHDFKHU9LFZDVDOZD\VLQWRILWQHVVDQGRZQHGDJ\PLQRXUKRPHWRZQ
DUHD +H JRW PH VWDUWHG LQ ERG\EXLOGLQJ ZKHQ , ZDV DURXQG WKLUWHHQ \HDUV ROG +H HYHQWXDOO\
RZQHGDQGRSHUDWHGYHU\VXFFHVVIXOJ\PVDURXQGWKH8QLWHG6WDWHV
+HOPHU+RZGR\RXYLHZ6WHYH¶VZRUNRXWSUDFWLFHVDQGHDWLQJKDELWV"
$UPDQG 6WHYH KDG KLV RZQ LGHDV RI KRZ KH ZDQWHG KLV SK\VLTXH WR ORRN , UHPHPEHU WKDW
KHQHYHUSXVKHGKLVSHFNGHYHORSPHQWKHOLNHGZKDWKHKDG+LVSHFNVZHUHIODWVTXDUHDQG
ORRNHGJUHDW,ZRUNHGRXWZLWKKLPDIHZWLPHVDQGKHOLNHGZRUNLQJKLVEDFNVKRXOGHUVDQG
OHJV+HKDGWKLVYHU\VPDOOZDLVWZKLFKJDYHKLPWKDWJUHDWDSSHDOLQJVKDSHKHKDG6WHYHKDG
WKHVHJUHDWSURSRUWLRQVDQGWKHUHDUHQRWVXEVWLWXWLRQVLQWKHZRUOGIRUWKDW$Q\WKLQJKHGLGMXVW
DFFHQWXDWHGWKHP
6WHYHZDVYHU\VWULFWLQKLVHDWLQJKDELWVDQGUHPDLQVWKDWZD\WRGD\+HSLFNHGXSDOORIKLV
JRRGHDWLQJKDELWVIURPKLVPRWKHUZKRZDVDGLHWLFLDQ,WKLQNLWJUHDWO\FRQWULEXWHGWRKLVWRWDO
ZKROHEHLQJ6WHYHZRXOGRFFDVLRQDOO\JRZLWKXVWR³SLJRXW´DWRQHRIWKRVHDOO\RXFDQHDW
UHVWDXUDQWVXSLQWKH+ROO\ZRRGDUHDEXWQRUPDOO\ZHDOODWHJRRGIRRGVDWKRPH
,QWKLVLQWHUYLHZZLWK$UPDQG\RXJHWVRPHLQWHUHVWLQJLQIRUPDWLRQ)LUVWKHVDLGWKDWKHEH
OLHYHVWKDW6WHYH¶VPRWKHU*ROGLHJDYH6WHYHJRRGHDWLQJKDELWVEHFDXVHVKHZDVDGLHWLFLDQ
7KDW6WHYHZRXOGJRWRWKHEXIIHWVRFFDVLRQDOO\DVERWK6WHYHDQG(LIHUPDQKDGWROGPH$UPDQG
GLGQRWVD\LWLQWKHLQWHUYLHZEXW6WHYHWROGPHKHZDVWKHUHWRHDWEHHIDQGVDODGV$QGILQDOO\
KHVDLGWKDWWKH\GLGWKLVRFFDVLRQDOO\EXWZRXOGHDWJRRGKRPHFRRNHGPHDOV



7\SLFDO&RPSHWLWLRQ'LHW

%DFN ZKHQ 6WHYH ZDV WUDLQLQJ IRU FRPSHWLWLRQ D W\SLFDO GD\¶V GLHW ZRXOG EH SHUIHFWO\
EDODQFHGVWDUWLQJZLWKDVSHFLDOHQHUJ\GULQNWKDWKHZRXOGFRQVXPH+HUHLVWKDWUHFLSH
DORQJZLWKWKHUHVWRIKLVIRRGVIRUWKDWGD\

0RUQLQJPHDO±DP

%HIRUHKLVZRUNRXWLQWKHJ\PKHZRXOGGULQNKLV6WHYH5HHYHV3RZHU'ULQN7KLVZRXOG
JLYHKLPDERRVWLQKLVHQHUJ\ZLWKRUDQJHVEDQDQDVDQGKRQH\

7KH6WHYH5HHYHV3RZHU'ULQN 0XVFOH0DQQD

SUHSDUHLQDEOHQGHU
RXQFHVRIIUHVKO\VTXHH]HGRUDQJHMXLFH
WDEOHVSRRQRI.QR[JHODWLQ
WDEOHVSRRQRIKRQH\
%DQDQD
UDZHJJV WRGD\SDVWHXUL]HGHJJVPLJKWEHVDIHU
WDEOHVSRRQVRI6WHYH5HHYHV0XVFOH0DNHU+LJK3URWHLQ3RZHU

6WHYH5HHYHV3URWHLQ3RZHU 0XVFOH0DNHU
òOERISRZGHUHGHJJZKLWHV
òOERISRZGHUHGZKH\LVRODWHV
óOERISRZGHUHGVR\LVRODWHV


  7KHVH DUH WKH SURGXFWV WKDW 6WHYH 5HHYHV ,QWHUQDWLRQDO SURGXFHG IRU 6WHYH 7KH IRUPXODV ZHUH
GHYHORSHGIURP6WHYH¶V\HDUVRIQXWULWLRQDOH[SHUWLVH:HPD\EHUHLQWURGXFLQJWKHPLQWKHIXWXUH
DQGLI\RXZRXOGOLNHWRNQRZPRUHDERXWWKHPSOHDVHFRQWDFWXVDW
ZZZVWHYHUHHYHVFRP


7\SLFDO&RPSHWLWLRQ'LHW

6WHYH5HHYHV$OWHUQDWLYH%UHDNIDVW

&XWDQDSSOHLQWRVPDOOFXEHV
*UDWHDVPDOOFDUURW$GGWKHIROORZLQJ
óFXSRIUDZRDWPHDO
óFXSRIEUDQ
WHDVSRRQVEHHSROOHQ
óFXSRIZKHDWJHUP
óFXSDOPRQGV
KHDSLQJWHDVSRRQRIKRQH\
FXSRIPLON 6WHYHSUHIHUUHGJRDW¶VPLONEHFDXVHLWLVPRUHFRPSOH[ 

/XQFK1RRQ
&RWWDJHFKHHVH ZLWKDKDQGIXORIQXWVUDLVLQV
7ZRSLHFHVRIIUHVK)UXLW LQVHDVRQ

'LQQHU±(DUO\HYHQLQJ
2QH KXJH VDODG RQH VZRUGILVK VWHDN WXQD FKLFNHQ RU OHDQ EHHI PRVWO\
VWHDN 

/HIW  6WHYH LQ WKH ILOP ³$WKHQD´


ZLWK'HEELH5H\QROGV-DQH3RZHOO
/RXLV&DOKHUQDQG9LF'DPRQH

6WHYH 5HHYHV ILUVW DSSHDUDQFH LQ D


PDMRUILOP³$WKHQD´DQGWKHRQHWKDW
GLUHFWRU 3LHWUR )UDQFLVFL¶V GDXJKWHU
VDZ 6WHYH LQ 6KH WROG KHU GDG ³,
IRXQG\RXU+HUFXOHV´DQGWKHUHVWLV
ILOPKLVWRU\


6WHYHWUDLQHGDW(G<DULFN¶VJ\PORFDWHGLQ2DNODQG&DOLIRUQLD


0XVFOH%HDFKDQG*HRUJH(LIHUPDQ

$IWHUZLQQLQJWKH0U$PHULFD&RQWHVWLQ6WHYHZHQWGRZQWR0XVFOH%HDFKWRWUDLQ
ZLWK*HRUJH(LIHUPDQDQGJHWKLVILOPFDUHHUVWDUWHGLQ+ROO\ZRRG+HUHLV*HRUJH+HOPHU¶VLQ
WHUYLHZZLWK(LIHUPDQZKREHFDPH0U$PHULFDZLWKVRPHWUDLQLQJKHOSIURPKLVIULHQG
6WHYH5HHYHV
+HOPHU'LG\RXJRWR0XVFOH%HDFK"
(LIHUPDQ,ZURWHDOHWWHUWR9LF7DQQ\DQGDVNHGKLPLI,FRXOGVOHHSLQKLVJ\P,ZDVMXVW
RXWRIWKHVHUYLFHDQGVRZDV6WHYH5HHYHV1HLWKHURIXVKDGPXFKPRQH\6WHYHDQG,HQGHG
XSDW0XVFOH%HDFKDQGVWDUWHGWUDLQLQJDW9LF7DQQ\¶V*\PFDOOHG³WKH'XQJHRQV´9LFWROGXV
DERXWWKHJRYHUQPHQWJLYLQJDZHHNIRUD\HDUWRKHOSDYHWJHWDMXPSVWDUW7KH\FDOOHG
LWWKH7ZHQW\&OXE
+HOPHU:KDWGLGJRLQJWR&DOLIRUQLDGRIRU\RX"
(LIHUPDQ,W¶VWKHVXQVKLQHWKHEHDFKHVWKHRXWGRRUV±DQGLWLVZKHUH0XVFOH%HDFKLV$W
WKDWWLPHWKHJ\PVWKHUHZHUHZD\DKHDGRIWKHWLPHVLQHYHU\ZD\(YHU\WKLQJRXWWKHUHZDV


0XVFOH%HDFKDQG*HRUJH(LIHUPDQ

DKHDGRILWVWLPHIRUERG\EXLOGLQJDQGWKHERG\EXLOGHU7KHUHZHUHPRUHERG\EXLOGHUVWKHUHWKDQ
DQ\RWKHUSODFHLQWKHZRUOG9LF7DQQ\ZURWHDFROXPQHQWLWOHG³0XVFOH%HDFK´IRUWKHPDJD
]LQH6WUHQJWKDQG+HDOWK(YHU\PRQWKKHZRXOGJLYHWKHQHZVRI0XVFOH%HDFKDQGZKDWZDV
KDSSHQLQJWKHUH7KDWKHOSHGSURPRWH0XVFOH%HDFKDVWKHSUHPLHUHSODFHWREHDWWKHWLPH<RX
FRXOGJHWDURRPIRUDGROODUSHUGD\EDFNWKHQ:HIRXQGDSODFHDERDUGLQJKRXVHWKDWODWHU
ZDVNQRZQDV0XVFOH+RXVHULJKWDWWKHEHDFK
+HOPHU'R\RXUHFDOOZKHUHLWZDVORFDWHG"
(LIHUPDQ ,I , UHPHPEHU FRUUHFWO\ LW ZDV DW  +LOO 6WUHHW 6DQWD 0RQLFD 6LQFH WKHQ WKH
KRXVHZDVWRUQGRZQWRPDNHZD\IRUKLJKULVHFRQGRV7KHKRXVHKDGPDQ\URRPVDQDWULXP
DQGDELJNLWFKHQ7KHODG\ZKRUDQWKHERDUGLQJKRXVHZDV0V-R\FH&UHWH]ZKRIRUPHUO\
ZDVD)UHQFKJRYHUQHVV6KHZDVDYHJHWDULDQKHDOWKJXUXDQGSKLORVRSKHUZKRZDVLQKHUVL[
WLHVWKHQ6KHORYHGWHDFKLQJKHDOWKZKLFKZDVKHUPLVVLRQLQOLIH,EHOLHYH:KHQ6WHYHDQG
,VKRZHGXSDWKHUGRRUWRUHQWURRPVVKHZDVVRLPSUHVVHGE\XVWKDWVKHODWHUQLFNQDPHGWKH
ERDUGLQJ KRXVH ³7KH 0XVFOH +RXVH´ ,W GUHZ ERG\EXLOGHUV IURP DOO RYHU WKH FRXQWU\ WR VWD\
WKHUHRQFHWKHZRUGJRWRXWWKDW6WHYHDQG,OLYHGWKHUH
+HOPHU:KDWGR\RXUHPHPEHUDERXW0XVFOH+RXVH"
(LIHUPDQ7KHNLWFKHQZDVWKHIRFDOSRLQWRIWKHKRXVH,WZDVWKHJDWKHULQJSODFH:HDOOKDG
RXUIRRGLQWKHELJUHIULJHUDWRUDQGODEHOOHGWKHIRRGDVWRZKRLWEHORQJHGWR (LIHUPDQZLWKDQ
DPXVLQJODXJK 
6WHYHZDVDOZD\VLQWRJRDW¶VPLONDQGVDLGWKDWJRDW¶VPLONZDVWKHEHVWPLONIRU\RXQH[WWR
PRWKHUVPLON,VDLGLWZDVKDUGWRJHWPRWKHU¶VPLONDQGWKDW,¶GEX\JRDW¶VPLONLIKHVDLGVR
DJDLQZLWKDODXJK 6WHYHDQG,ZRXOGRUGHUJRDW¶VPLONWREHGHOLYHUHGWRWKHKRXVHHDFKGD\
:HGUDQNLWHDFKGD\DVSDUWRIRXUWUDLQLQJ:HDWHORWVRIVDODGVILVKDQGWXQDEHFDXVHQRPHDW
ZDVDOORZHGLQWKHKRXVH±RQHRI-R\¶VUXOHV6RPHWLPHVVKHZRXOGILQGVDODPLLQWKHEDFNRI
WKHUHIULJHUDWRU,OLNHGVDODPLDQGZRXOGKLGHLWLQWKHEDFN2QHWLPHVKHIRXQGLWDQGEDZOHG
PH RXW7KDW HQGHG P\ EULQJLQJ VDODPL KRPH  6WHYH DOVR DWH \RJXUW LQ D WLPH WKDW QRW PDQ\
SHRSOHDURXQGKHUHGLG+HVDLGWKDWLWZDVUHDOO\JRRGIRU\RXDQGKDGORWVRISURWHLQFDOFLXP
DQGYLWDPLQVLQLW,GLGQRWOLNHLWWKDWZHOOEXWDWHLWEHFDXVH6WHYHGLG6WHYHDQG,ZRXOGJR
RXWWRDUHVWDXUDQWDQGRUGHURXUPHDW:HZRXOGJHWDELJSULPHULERUVRPHWKLQJOLNHWKDW:H
ZRXOGDOVRJRWRDEXIIHWLQ6DQWD0RQLFDRU/RV$QJHOHVDQGHDWRXUVKDUHRIPHDWVDQGVDODGV
7KLVZDVQRWWKHHQGRIWKHLQWHUYLHZEXWZDVWKHHQGRIGLVFXVVLRQRIWKHIRRGVWKH\DWH$V
\RXFDQVHHLQWKLVVWRU\OLIHVW\OHJRRGHDWLQJKDELWVDIRFXVIRUKHDOWKDQGEXLOGLQJPXVFOH
ZDVZKDWWKH\GLG*RDW¶VPLONVDODGVILVKEHHIDQG\RJXUWFRXOGEHIRXQGWKURXJKRXW6WHYH¶V
OLIH


0U:RUOG&RQWHVW'LHW

:KHQ LQWHUYLHZLQJ 6WHYH


5HHYHV DERXW KLV WLPH LQ
&DQQHV)UDQFHDQGFRPSHWLQJ
IRU 0U :RUOG KH WROG *HRUJH
+HOPHUWKHIDOOLQJVWRU\
$IWHUZLQQLQJWKH0U:RUOG
WLWOHRQ$XJXVW6WHYH
ZDV UHDG\ WR JHW EDFN WR WKH
VWDWHV$OWKRXJK6WHYHRULJLQDO
O\SODQQHGRQEHLQJLQ(XURSHD
WRWDORIWHQGD\VKHZDVIRUFHG
WRH[WHQGKLVVWD\LQ)UDQFHE\
IRXUGD\VGXHWRQRWSURFXULQJ
VKLSSDVVDJHEDFNWRWKHVWDWHV
HDUO\HQRXJK,WZDVWKHHQGRI
$XJXVW DQG WKH WUDQVDWODQWLF
VKLSV ZHUH DOUHDG\ ILOOHG ZLWK
$PHULFDQV UHWXUQLQJ KRPH DI
WHUYDFDWLRQLQJLQ(XURSH
$IWHU 2VFDU KLV LQWHUSUHWHU
OHIW 6WHYH KDG QR RQH WR LQ
WHUSUHW IRU KLP VR 6WHYH YHQ
WXUHG RXW RQ KLV RZQ LQ WRZQ
+H PDGH WKH PRVW RI KLV WLPH
RQWKH)UHQFK5LYLHUDE\UHOD[
LQJ LQ WKH VXQ VZLPPLQJ DQG
UXQQLQJ RQ WKH EHDFKHV +H
PDQDJHGWRJHWKLVWKUHHPHDOV
LQHDFKGD\E\XVLQJJRRGROG
<DQNHHNQRZKRZ(YHU\PRUQLQJKHZDONHGWRDORFDOFDIpDQGRUGHUHGDFKHHVHDQGPXVKURRP
RPHOHWWH RPHOHOHWWHIURPDJHDX[FKDPSLJQRQV WKHRQO\GLVKKHNQHZKRZWRRUGHULQ)UHQFK
)RUOXQFKKHZRXOGJRWRWKHIUXLWVWDQGDQGSRLQWDWWKHSLHFHRIIUXLWDQGKXQNRIFKHHVHWKDWKH
ZDQWHG'LQQHUJRWDELWERULQJIRU6WHYHZKRRQO\NQHZKRZWRRUGHUILOHWPLJQRQDQGVDODG
7KHDERYHVWRU\GHPRQVWUDWHVZKDWNLQGRIIRRGVKHZDVHDWLQJQRWRQO\GXULQJKLVFRPSHWLWLRQ
EXWEHIRUHDQGDIWHUDVZHOO(JJVFKHHVHPXVKURRPVIUXLWDQGJRRGOHDQEHHIILOHWPLJQRQ
DQGVDODG7KLVZDVZKDW6WHYHZDVHDWLQJLQFRPSHWLWLRQDQGLQKLVRIIVHDVRQQRUPDOGLHW7RD
ODUJHGHJUHHLWZDVWKHDPRXQWRIIRRGLQWDNHWKDWKHPDGHDGMXVWPHQWVWRWKDWGHWHUPLQHGZKDW
TXDQWLWLHVWRHDW


$IWHUDSSHDULQJRQ%URDGZD\LQ³.LVPHW´6WHYHDQG6DQGUDOHIW1HZ<RUNIRU
)ORULGD6WHYHSXUFKDVHGDJ\PDQGUDQLWIRUDERXWD\HDU5HWXUQLQJWR&DOLIRU
QLDKHUHFHLYHGWKHRIIHUWRVWDULQ³+HUFXOHV´


0U8QLYHUVH'LHW

7KLVLVWKH0U8QLYHUVH'LHWZKHUH6WHYHJDLQHGSRXQGVRIPXVFOHZLWKLQDWKUHHZHHN
SHULRG+HZDVFDUHIXOWRHDWDZHOOEDODQFHGGLHWFRQVLVWLQJRIDODUJHDPRXQWRIKLJKSURWHLQ
IRRGDORWRIEHHI±PDLQO\VWHDNODUJHJUHHQVDODGVDQGEDNHGSRWDWRHV+LVGLHWLQFOXGHGUDZ
HJJVKRQH\EDQDQDVFKHHVHGULHGDQGIUHVKIUXLWVDQGDOOZKROHVRPHIRRGVZKLFKJDYHKLP
HQHUJ\DQGPXVFXODUERG\ZHLJKW:KHQLQWHUYLHZHGKHGLGQRWGLVFORVHWKHYROXPHRIIRRG
WKDWKHDWHGXULQJWKDWSHULRGEXWWRJDLQSRXQGVRIPXVFOHLQWKRVHQXPEHUVRIZHHNV\RX
ZRXOG KDYH WR LQWDNH TXLWH D ORW RI SURWHLQ VXSSRUWHG ZLWK HQRXJK FRPSOH[ FDUERK\GUDWHV WR
SRZHU\RXUZRUNRXW(YHQWKRXJKKHZRXOGFRQVXPHDODUJHDPRXQWRIIRRGKHZDVDOVRXVLQJ
DORWRIHQHUJ\EXUQLQJPDQ\FDORULHVLQWKHSURFHVV


+HUHDUHVRPHRIWKHSODFHVWKDW6WHYHDQG6DQGUDIUHTXHQWHGGXULQJWKHLUVWD\LQ1HZ<RUN


1HZ<RUN0HQX

:KLOHWU\LQJWRJHWKLVDFWLQJXQGHUZD\6WHYHZDVOLYLQJRQOLPLWHGLQFRPHEXWWKDWGLGQ¶W
LQWHUIHUH ZLWK KLV GLHW$IWHU 6WHYH PDUULHG 6DQGUD 6PLWK DQG WKH\ PRYHG WR 1HZ <RUN MXVW
GRZQ WKH VWUHHW IURP WKH (G 6XOOLYDQ7KHDWUH RQ %URDGZD\ 6WHYH DQG 6DQGUD ZRXOG GR WKHLU
GDLO\VKRSSLQJIRUIUHVKIRRGV7KH\ZRXOGJRDQGSLFNXSIUHVKYHJHWDEOHVDQGIUXLWVIURPVLGH
ZDONYHQGRUVWKHQJRWRWKHEXWFKHUVKRSIRUPHDWVDQGWKH$ 3IRUFDQQHGJRRGV6WHYHGLG
WKHFRRNLQJRIDOOWKHGLQQHUVDQG6DQGUDZRXOGSUHSDUHEUHDNIDVWDQGOXQFKZKLOHWKH\ZHUH
LQ1HZ<RUN6WHYHZRXOGQRUPDOO\KDYHDVDQGZLFKIRUOXQFKDQGDSLHFHRIIUXLW0DQ\WLPHV
WKH\ZRXOGHDWRXWDQGJRWRWKHFDIHWHULDGRZQWKHVWUHHWZKHUH6WHYHZRXOGJRIRUGLIIHUHQW
EHHIVHOHFWLRQVDQGSRWDWRHVDQGVDODGV$IWHUGLQQHURFFDVLRQDOO\WKH\ZRXOGJRWRWKLVJRXUPHW
LFHFUHDPSDUORXU6WHYHZRXOGKDYHDVFRRSRILFHFUHDPZLWKDODFTXHURQWRS$IWHU6WHYHDQG
6DQGUDPRYHGWR)ORULGD6DQGUDSHUIRUPHGPRVWRIWKHFRRNLQJ+HUHLVZKDWWKH\ZHUHHDWLQJ
GXULQJERWKSODFHV

5LJKW 6WHYH LQ 1HZ <RUN


 ZRUNLQJRQ%URDGZD\
LQ³.LVPHW´

%HORZ 6WHYH DQG 6DQGUD


UHOD[LQJ DW KHU SDUHQWV KRPH
LQ 6WXGLR &LW\ &DOLIRUQLD



1HZ<RUN0HQX

2PHOHWWH
,QJUHGLHQWV
HJJV
òFXSJUDGHGVKDUSFKHGGDUFKHHVH
òJUHHQEHOOSHSSHU
òRQLRQ¿QHO\FKRSSHG
òWRPDWRVOLFHV
òFXSFRRNHGKDPFXEHG
FXSPLON

2OLYHRLODVQHHGHG
0DUJDULQHDVQHHGHG

3UHSDUDWLRQ
+HDWROLYHRLORYHUDPHGLXPKHDWDQGFRRNWKHEHOOSHSSHUDQGRQLRQXQWLOWHQGHUWKHQDGGWKH
KDP&RRNIRUDGGLWLRQDOPLQXWHVWKHQSODFHLQDERZO
%HDWHJJVDQGPLONLQVPDOOERZOXQWLOFRPSOHWHO\EOHQGHG
+HDWWKHPDUJDULQHLQDODUJHIU\LQJSDQRQPHGLXPKHDW3RXUWKHHJJPL[WXUHLQSDQDQGOHWFRRN
DVDQRPHOHWWHDGGLQDOOWKHKDPYHJHWDEOHVDQGJUDGHGFKHHVHVHYHQO\WRZDUGVWKHFHQWHURIWKH
RPHOHWWH:KHQWKHHJJPL[WXUHLVFRPSOHWHO\FRRNHGUHPRYHWKHRPHOHWWHIURPWKHSDQIROGRYHU
LQKDOI DQGSODFHRQSODWH6HUYHZLWKIUHVKIUXLWLQVHDVRQRUFDQQHG


1HZ<RUN0HQX

%URLOHG/HDQ+DPEXUJHU6WHDNZLWK2QLRQVDQG%HOO3HSSHUV

,QJUHGLHQWV
DQGSRXQGVH[WUDOHDQJURXQGEHHI
WHDVSRRQVDOW
WHDVSRRQJURXQGSHSSHU
WDEOHVSRRQV¿QHGU\EUHDGFUXPEV
FORYHVJDUOLFPLQFHG RSWLRQDO
VOLFHJUHHQEHOOSHSSHU FKRSSHG
WDEOHVSRRQVPLON
H[WUDODUJHHJJVOLJKWO\EHDWHQ
WDEOHVSRRQVRQLRQV

3UHSDUDWLRQ
&RPELQHWKHLQJUHGLHQWVH[FHSWWKHJURXQGEHHIWRJHWKHUDQGPL[ZHOO$GGLQWKHJURXQGEHHI
DQGPL[ZHOOZLWK\RXUKDQGV7KHQPDNHURXQGSDWWLHV3ODFHLQEURLOHUIRUPLQXWHHDFKVLGH
6HUYHZLWKSRWDWRHVDQGDYHJHWDEOHVLGHGLVK


1HZ<RUN0HQX

3RPSHLL*DUOLF&KLFNHQ
,QJUHGLHQWV
 ò±SRXQG FKLFNHQ
WDEOHVSRRQROLYHRLO
WHDVSRRQVDOW
óWHDVSRRQIUHVKO\JURXQGSHSSHU
óWHDVSRRQ¿QHO\FKRSSHGRQLRQ
JDUOLFFORYHVFUXVKHG
óFXSOHPRQMXLFH
óFXSZDWHU

3UHSDUDWLRQ
&RPELQHWKHLQJUHGLHQWVDQGPL[ZHOOWKHQEUXVKRQWRFKLFNHQ7LHWKHOHJVRIWKHFKLFNHQ
WRJHWKHUZLWKNLWFKHQVWULQJ
3ODFHWKHFKLFNHQRQDEDNLQJUDFNLQVLGHDEDNLQJSDQEUHDVWVLGHXS
%DNHWKHFKLFNHQIRUDERXWKRXUVWRKRXUVPLQXWHVRUXQWLODPHDWWKHUPRPHWHULQVHUWHGLQWR
WKHWKLJKUHDGVGHJUHHV)DKUHQKHLW6HUYHZLWKJUHHQVDODGDQGVOLFHGWRPDWRHV


1HZ<RUN0HQX

%DNHG&KLFNHQ/LYHUV
,QJUHGLHQWV
SRXQGIUHVKFKLFNHQOLYHUV
FXSÀRXU
WHDVSRRQVDOW
WHDVSRRQSHSSHU
WHDVSRRQJDUOLFSRZHU

3UHSDUDWLRQ
5LQVHFKLFNHQOLYHUVWULPDQGSODFHRQDSODWH,QDPHGLXPERZOFRPSOHWHO\PL[WKHÀRXUVDOW
SHSSHUJDUOLFSRZGHUWRJHWKHU3ODFHFKLFNHQOLYHUVLQWKHÀRXUDQGFRPSOHWHO\FRYHUHDFKSLHFH
WKHQSODFHRQFRRNLHVKHHW&RRNDWGHJUHHVIRUWRPLQXWHV


6WHYHLQ1HZ<RUN0HQX

%URDGZD\%URLOHG6WHDN
,QJUHGLHQWV
VLUORLQVWHDN WRòOEV
FXSOHPRQ-XLFH
WHDVSRRQJDUOLFSRZHU
óWHDVSRRQEODFNSHSSHU

3UHSDUDWLRQ
0L[DOOWKHLQJUHGLHQWVWRJHWKHULQDÀDWJODVVSDQODUJHHQRXJKWRKROGWKHVWHDN3ODFHWKHVWHDN
LQWKHSDQDQGVSRRQPDULQDGHRYHUWKHPHDW&RYHUZLWKIRLODQGSODFHRYHUQLJKWLQWKHUHIULJHUDWRU
%URLOVWHDNGRQHWRWKHZD\\RXOLNHLW6HUYHZLWKVDODGDQGEDNHSRWDWR


6WHYHLQ1HZ<RUN0HQX

/HQWLO%HDQ'LVK
,QJUHGLHQWV
òFXSVGU\EURZQOHQWLOV
FXSKDPGLFHG
FXSFDUURWVGLFHG
FXSSHDV
RQLRQGLFHG
SRGVJDUOLF RIWKHPVOLFHGWKLQDQGFUXVKHG
óWHDVSRRQVDOWRUWR\RXUWDVWH
óWHDVSRRQJURXQGSHSSHU
WDEOHVSRRQROLYHRLO

3UHSDUDWLRQ

6RDNGU\OHQWLOVLQZDWHUIRUDERXWKRXUVWKHQFRRNWKHOHQWLOVLQZLWKVDOWDQGWKHFUXVKHGJDUOLF
7KHOHQWLOVVKRXOGEHFRPSOHWHO\FRRNHGEXWQRWPXVK\

,QDSDQDGGWDEOHVSRRQVRIROLYHRLOVDOWRQLRQVDQGWKLQO\VOLFHGJDUOLFVDXWpGXQWLOVRIW1RZ
DGGWKHSHDVDQGFDUURWVDQGFRRNIRUPLQXWHV

$GGWKHFRRNHGOHQWLOVDQGKDPWRWKHDERYHDGGWKHUHPDLQLQJWHDVSRRQRIROLYHRLODQGPL[JHQ
WO\3ODFHRQORZKHDWVWLUULQJJHQWO\IRUWRPLQXWHV7KHQWDNHRIIKHDWDQGSODFHLQERZOV


1HZ<RUN0HQX

+HUFXOHV6DODG
,QJUHGLHQWV
KHDGVRIOHWWXFH
FXSRITXDUWHULQFKHGVWULSVVDODPL
FXSRITXDUWHULQFKHGVWULSVSURYRORQHFKHHVH
ODUJHWRPDWRFXWLQWRZHGJHV
([WUDYLUJLQROLYHRLO
:LQHYLQHJDU

3UHSDUDWLRQ

0L[LQODUJHVDODGERZOIUHVKOHWWXFHZLWKFROGVDODPLSURYRORQHFKHHVHWRPDWRHVDQGWR
VXLWWDVWHH[WUDYLUJLQRLODQGZLQHYLQHJDU


1HZ<RUN0HQX

6LGH'LVKHV
9DULRXVVDODGVPDVKHGSRWDWRHVEDNHGSRWDWRHV

3HDVJUHHQEHDQVDQGFDUURWV

$SSOHVRUDQJHVDQGEDQDQDV

'HVVHUW
,FH&UHDP
2FFDVLRQDOO\DVFRRSRILFHFUHDPZLWKDODFTXHURQWRS

%DNODYD
2FFDVLRQDOO\ZKHQRXWRQWKHWRZQ

:KLOHLQ1HZ<RUN6WHYHDQG6DQGUDZRXOGHDWRXWTXLWHDELWJRLQJWRWKHFDIHWHULDGRZQWKH
VWUHHWIRUGLQQHUDQGRFFDVLRQDOO\RXWZLWKIULHQGV:KLOHLQ)ORULGDWKH\DWHDWWKHLUDSDUWPHQWPRVW
RIWKHWLPH6WHYHVWDUWHGKLVWUDLQLQJGLHWDQGZRUNLQJRXWDWKLVJ\P


2Q/RFDWLRQLQ(XURSH

6WHYHZLWKFRVWDU/LDQD2UIHLLQ5RPH
3URPRWLRQDOVKRWWDNHQZLWKDVWUHHWYHQGRU

$OLQH5HHYHVDQG6WHYHKDYLQJLFHFUHDP
LQWRZQZKLOHILOPLQJ³6DQGRNDQ´LQ


2Q/RFDWLRQLQ(XURSH

:KHQ 6WHYH ILUVW ZHQW RYHU WR (XURSH WR PDNH +HUFXOHV KH DUULYHG LQ JUHDW VKDSH +H KDG
VSHQWPRQWKVSULRULQ6RXWKHUQ&DOLIRUQLDJHWWLQJUHDG\IRUWKHUROHRIDOLIHWLPH2QFHLQ,WDO\
KHKDGWRPDNHVXUHKHNHSWWULPDQGYHU\PXVFXODUWKURXJKRXWWKHPRQWKVRIILOPLQJ+H
QHHGHG HQRXJK FDUERK\GUDWHV WR NHHS KLV HQHUJ\ XS DQG SOHQW\ RI SURWHLQ WR VXSSRUW KLV SK\
VLTXH$OWKRXJK6WHYHGLGQRWNHHSDMRXUQDORIKLVIRRGVZHKDYHVRPHJUHDWHYLGHQFHRIZKDW
KH DWH7KURXJKRXW WKH PDQ\ LQWHUYLHZV ZH GLG ZLWK 6WHYH ZH ZRXOG RFFDVLRQDOO\ DVN DERXW
ZKDWKHZRXOGHDWGXULQJWKDWSHULRGRIWLPH+HZRXOGEULHIO\JLYHXVDQH[DPSOHRIDW\SLFDO
PHDOKHZRXOGHDW6WHYHVWD\HGDWWKH$PHULFDQ3DODFH+RWHORI5RPHIRUWKHFRPSOHWHILOPLQJ
RI+HUFXOHV0RVWRIWKHIRUHLJQDFWRUVVWD\HGWKHUHDQGWKHKRWHOURRPVZHUHPRUHOLNHFRQGRV
WKDQKRWHOURRPVRUVXLWHV7KHKRWHOKDGDYHU\QLFHUHVWDXUDQWRQWKHERWWRPIORRUDQG6WHYH
ZRXOGHDWWKHUHPRVWRIWKHWLPH
+HZRXOGHDWVWHDNDQGHJJVPRVWPRUQLQJVZLWKMXLFH$IWHUDUULYLQJRQVHWDQGZRUNLQJIRU
VHYHUDOKRXUVWKHILOPFDVWDQGFUHZZHUHVHUYHGOXQFKRQWKHVHW6WHYHPDGHVXUHWKDWKLVOXQFK
LQFOXGHGDQLFHEHHIVWHDNRUFKLFNHQVRPHSDVWDDQGDTXDUWRIWRPDWRMXLFHRUPLONDQGVRPH
IUXLW7KLVZDVQHFHVVDU\WRNHHSKLVSK\VLTXHLQWRSVKDSHZKLOHHQGXULQJDJUXHOOLQJILOPLQJ
SDFH,WZDVDOVRQHFHVVDU\IRUKLPWRSK\VLFDOO\WUDLQZKHQKHZDVQ¶WILOPLQJVRKHZDVH[HUW
LQJDWUHPHQGRXVDPRXQWRIHQHUJ\ZKLFKFDOOHGIRUORWVRIFDORULHV)RUGLQQHUKHZRXOGHDWD
OLJKWHUPHDOLQWRZQVRPHZKHUHRUEDFNDWWKH3DODFH+RWHO0RVWRIWKHWLPH6WHYHVDLGWKDWKH
ZRXOGKDYHDODUJHVDODGDQGVRPHIUHVKIUXLW
6WHYHPDGHILOPVRYHUDWHQRUVR\HDUSHULRGDQGVRPHILOPVUHTXLUHGKLPWREHEXLOWDOLW
WOHGLIIHUHQWLQVL]H6WHYHZDVDPDVWHUZKHQLWFDPHWRUHPRYLQJZHLJKWZKHQKHQHHGHGWR7R
GURSZHLJKWKHZRXOGGHFUHDVHKLVFDORULFLQWDNHDQGUHGXFHKLVSRXQGDJHRIZHLJKWVXVHGDQG
GRPRUHDHURELFDFWLYLWLHV:HDVNHGKLPRQFHDERXWZK\KHZDVWKLQQHULQWKHPRYLH³*LDQW
RI0DUDWKRQ´DQGKHVDLGWKDWKLVVFUHHQFKDUDFWHUZDVWRUXQPLOHVLQWKHILOPDQGLWZRXOG
QRWORRNFRUUHFWWRVHHD+HUFXOHVSK\VLTXHGRLQJWKDWLQWKHILOP7KHVDPHJRHVIRUWKHILOP³$
/RQJ5LGHIURP+HOO´KLV,WDOLDQ:HVWHUQKHGLGLQ+HVDLGWKDWFRZER\VZHUHOHDQDQG
PHDQQRWIXOORIPXVFOH
:HORFDWHGDOHWWHU6WHYHZURWHWRKLVPDQDJHU$OLQH&]DUW\DUZLF\ ZKRZLOOEHFRPHWKHIXWXUH
0UV5HHYHV LQ5RPHGDWHG1RYHPEHU+HZDVVWD\LQJDWWKH+RWHO$WODQWL[LQ2SDWLMD
<XJRVODYLDRQWKH$GULDWLFFRDVWZKLFKLVQRZLQ&URDWLDILOPLQJ7KH:KLWH:DUULRU+HUHLV
WKDWOHWWHU
'HDU/HQD
7KLQJVDUHJRLQJZHOOIRUPHKHUHLQ2SDWLMD7KHFOLPDWHDLU IRRGDJUHHZLWKPH,KDYH
EHHQKDYLQJDODUJHVWHDNZLWKHJJVRQWRSWKUHHWLPHVDGD\,DOVRKDYHDOLWUHRIJRDWVPLON
DGD\,IHHO VOHHSZHOO
:HVWDUWHGZRUNRQ0RQGD\ZLWKDORYHVFHQH:RUNLVPXFKHDVLHUIRUPHWKLVWLPHDQGWKH
GLUHFWRUZRUNVGRZQWKHOLQHWKDWILWVP\VW\OHRIDFWLQJ:HZRUNIURPWR7KLVSURGXFWLRQ


2Q/RFDWLRQLQ(XURSH

LVPXFKPRUHHIILFLHQWWKDQ9LORWLHDQG&RPSDQ\7KDQNVIRUVHQGLQJP\FDPHUDEDFNDQG
IRUPDLOLQJWKHSDFNDJHWRP\PRWKHU
%\HIRUQRZ/RYH6WHYH
7KDWOHWWHUZDVDSHUIHFWH[DPSOHRI6WHYHHDWLQJORWVRISURWHLQZLWKDODUJHVWHDNZLWKHJJV
RQWRSWKUHHWLPHVDGD\1RZ,¶PVXUHKHGLGQRWHDWOLNHWKLVDOOWKHWLPHEXWKHZDVEXLOGLQJKLV
SK\VLTXHEHIRUH¿OPLQJVWDUWHG+HZRXOGDOVRHDWYHJHWDEOHVVDODGVDQGIUXLWVWRFRPSOHWHKLVPHDO

6WHYH DQG 6\OYLD /RSH] HDWLQJ GLQQHU


LQ 5RPH  6KH ZDV WKH HYLO TXHHQ LQ
³+HUFXOHV 8QFKDLQHG´  6WHYH DQG 6\OYLD
ZHUHURPDQWLFDOO\LQYROYHGDWWKHWLPH

6WHYHLQ³+HUFXOHV8QFKDLQHG´UHDG\WRWDNH
RQDKXJHWLJHULQWKHFROLVHXP


2Q/RFDWLRQLQ(XURSH

  6WHYH ZLWK PRYLH SURGXFHU


'DUU\O =DQXFN LQ 3DULV IRU D
PHHWLQJLQ

6WHYHZLWK6\OYLD/RSH]KDYLQJDVQDFNMXVWDIWHUVKRRWLQJDVFHQHIRU³+HU
FXOHV8QFKDLQHG´LQ



+RPH3UHSDUHG0HDOVDWWKH5DQFK

7KHPHQXDQGUHFLSHVEHORZDUHZKDW6WHYH5HHYHVDFWXDOO\DWHZKLOHDWKLVUDQFK7KLVLVQRW
DSDUWLFXODUGLHWRUZKDW\RXFDQJDLQRUORVHZHLJKWE\,WLVKHOSIXOWRUHPHPEHUWKDWJDLQLQJ
ZHLJKWRUORVLQJZHLJKWGHSHQGVRQWKHFDORULHV\RXHDWDQGKRZPDQ\\RXEXUQ7KHVHUHFL
SHVDUH6WHYH¶VIDYRULWHPHDOVLQWKHODWHU\HDUVDQGZHUHSUHSDUHGIUHVKHDFKGD\DWKLVUDQFK
LQ9DOOH\&HQWHU&DOLIRUQLD6WHYHPDLQWDLQHGKLVZHLJKWFRQVLVWHQWO\WKURXJKRXWKLVOLIHWLPH
:HKDYHWKHFDOHQGDUVWKDWKHXVHGWRORJKLVZHLJKWHYHU\IHZGD\V\HDUDIWHU\HDU7KHUDQFK
ZDV D ZRUNLQJ 0RUJDQ +RUVH 5DQFK ZKHUH 6WHYH GLG PRVW RI WKH GDLO\ ODERU ZRUNHG RXW LQ
KLVJ\PULGLQJKLVKRUVHVWDNLQJORQJULGHVRQKLVUDFLQJELNHDQGGLG3RZHU:DONLQJ$V\RX
FDQVHH6WHYHZDVDYHU\DFWLYHSHUVRQDQGXVHGORWVRIHQHUJ\WRJHWWKURXJKWKHGD\,I\RX¶UH
FRQFHUQHGDERXWZHLJKWJDLQNHHSLQPLQG\RXUFDORULFLQWDNHYHUVHVKRZPDQ\FDORULHV\RX¶UH
EXUQLQJ

$ERYH 6WHYH HQMR\LQJ D ODUJH VDODG DQG IUXLW 3KRWR IURP KLV ERRN RQ 3RZHU:DONLQJ
6WHYHDWDJH
/HIWSDJH7KH5HHYHV5DQFKDVLWDSSHDUVWRGD\WKDQNVWRWKH3DUNLQVRQ)DPLO\ZKRQRZ
RZQWKHSURSHUW\


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&RRO:HDWKHU0DLQ'LVKHV

7KHVHDUHWKHUHFLSHV\RXZLOO¿QGLQWKLVVHFWLRQ

&KLFNHQZLWK5LFH
3RW5RDVW
&RUQHG%HHIZLWK&DEEDJH
&KLOLZLWK%HDQV
5RDVW3RUNZLWK3RWDWRHV
5RDVW%HHIZLWK3RWDWRHV
5RDVW7XUNH\ZLWK3RWDWRHV
%UHDGHG&RG)LOOHWV
6ZRUG¿VK6WHDNV
5RDVW&KLFNHQZLWK3RWDWRHV
/DVDJQD
6SDJKHWWL


+RPH3UHSDUHG0HDOVDWWKH5DQFK

+RW:HDWKHU0HDOV

7KHVHDUHWKHUHFLSHV\RXZLOO¿QGLQWKLVVHFWLRQ

3URVFLXWWR$YRFDGR7RPDWR0R]]DUHOOD
7XQDLQ*UHHQ6DODG
&KLFNHQ3LHFHVLQ*UHHQ6DODG
6RXSZLWK*UHHQ6DODG
&RWWDJH&KHHVHZLWK7XQD
&RWWDJH&KHHVHZLWK:KROH%HUU\
&RWWDJH&KHHVHZLWK&UDQEHUU\-HOOR


+RPH3UHSDUHG0HDOVDWWKH5DQFK

'(66(576

7KHVHDUHWKHUHFLSHV\RXZLOO¿QGLQWKLVVHFWLRQ

*UDKDP&UDFNHU&UXVW6WUDZEHUU\3LH
7DUW$SSOH3LH
7DUW$SSOH3LH$ODPRGH
9DQLOOD,FH&UHDP
3XPSNLQ3LHZLWK&RRO:KLS
2UDQJH6SLFHG-HOOR


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&22.,1*0($76 328/75<
3UHSDUDWLRQ
$OOPHDWVDQGSRXOWU\DUHSODFHGLQURDVWLQJSDQVDQGFRRNHGLQSUHKHDWHGRYHQVHWWR
GHJUHHVH[FHSWIRUFKLFNHQ SUHKHDWWRGHJUHHV 

5RDVWHG3RUN
WRSRXQGVURDVWIURPKRXUVWRòKRXUV

5RDVW%HHI
WRSRXQGURDVWIURP?KRXUVWRKRXUV

5RDVW&KLFNHQ
òWRSRXQGIURPóWRòKRXUV
0RVWIUHTXHQWURDVWFKRLFHVHYHUHGZDVFKLFNHQ6RPHWLPHVVHUYHGZLWKVWRYHFRRNHGVWXI¿QJ

5RDVWHG7XUNH\
WRSRXQGVIURPòWRòKRXUV
7KLVPHDOVHUYHGZLWKVWXI¿QJ&RRNZLWKRXWSODFLQJVWXI¿QJLQVLGHWKHWXUNH\*UDY\DOZD\V
VHUYHGZLWKWKLVPHDO

5RDVWHGPHDOVLQFOXGHRQHRIWKHIROORZLQJSRWDWRHV EDNHGRUPDVKHG ULFHSROHQWVRUULVLSLVL


VHHUHFLSHVLQWKLVERRN 


+RPH3UHSDUHG0HDOVDWWKH5DQFK

/81&+0($/

'$,/<6$1':,&+(6
 SUHWW\PXFKHYHU\GD\

,QJUHGLHQWV3UHSDUDWLRQ

2QHLWKHU0LOOEURRN5\HRU$UURZKHDW¶V0DVWHU¶V%OHQG:LQWHU:KHDW
6DQGZLFKEXLOWLQWKLVH[DFWRUGHUWRSWRERWWRP
6OLFHRIEUHDG
0XVWDUG *UH\3RXSRQUHJXODUPD\RQQDLVHPL[HGLQMDU
6OLFHRIVZHHWUHGRQLRQ
(LWKHUOLYHUZXUVWRU'DQRODSHUFHQWIDWIUHHKDP RUVOLFHV
6OLFHGRIIUHVKWRPDWR
$OSLQHODFHVZLVVFKHHVH
0D\RQQDLVH
6OLFHRIEUHDG
&RWWDJHFKHHVHRQWKHVLGH


+RPH3UHSDUHG0HDOVDWWKH5DQFK

6$/$'$6',11(5

781$,1*5((16$/$'

,QJUHGLHQWV3UHSDUDWLRQ

&HOHU\ VOLFHG
5DGLVKHV VOLFHG
:KLWHDOEDFRUHFKXQNVDQGELWHV
5RPDLQHDQGLFHEHUJOHWWXFHV
7RPDWRHV GLFHG QHYHUVOLFHG
$YRFDGR
%HOOSHSSHU ELWV
5HGRQLRQ VOLFHV
&DUURW JUDWHGRUVOLFHV
+DUGERLOHGHJJV VOLFHG

6$/$''5(66,1* $/:$<6
,QJUHGLHQWV3UHSDUDWLRQ

+RPHPL[HG VHDVRQHG
5LFHYLQHJDUE\1DNDQR
([WUDYLUJLQROLYHRLO


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&+,&.(1,1*5((16$/$'
,QJUHGLHQWV3UHSDUDWLRQ

%ODFNEHDQV VFDWWHUHG
*UHHQRQLRQV SLHFHV
&KLFNHQ FKXQNV
6SRRQIXORIFRWWDJHFKHHVH
5RPDLQHDQGLFHEHUJOHWWXFHV
7RPDWRHV GLFHG QHYHUVOLFHG
$YRFDGR
%HOOSHSSHU ELWV
5HGRQLRQ VOLFHV
&DUURW JUDWHGRUVOLFHV
+DUGERLOHGHJJV VOLFHG

6$/$''5(66,1* $/:$<6
+RPHPL[HG VHDVRQHG
5LFHYLQHJDUE\1DNDQR
([WUDYLUJLQROLYHRLO


+RPH3UHSDUHG0HDOVDWWKH5DQFK

5,6,3,6, ,WDOLDQQDPHIRU5LFHDQG3HDV 
,QJUHGLHQWV
WDEOHVSRRQVROLYHRLO
RXQFHVVOLFHGSDQFHWWD ,WDOLDQEDFRQ FKRSSHG
òFXS¿QHO\FKRSSHGRQLRQ
FXS¿QHO\FKRSSHGFHOHU\
òFXSDUERULRULFH
FDQV R]HDFKFKLFNHQEURWK
FXSVZDWHU
óWHDVSRRQJURXQGSHSSHU
FXSVIUHVKRUIUR]HQSHDV
òFXSIUHVKO\VKUHGGHGSDUPHVDQFKHHVH
WDEOHVSRRQVFKRSSHGIUHVKÀDWOHDISDUVOH\
WDEOHVSRRQEXWWHU

3UHSDUDWLRQ
+HDWRLOLQTXDUW'XWFKRYHQRYHUPHGLXPKHDW$GGSDQFHWWDRQLRQDQGFHOHU\&RRNVWLUULQJ
PLQXWHV$GGULFHDQGFRRNVWLUULQJPLQXWHV
$GGEURWKZDWHUDQGSHSSHUEULQJWRDERLO5HGXFHKHDWDQGVLPPHUPLQXWHVVWLUULQJRFFD
VLRQDOO\6WLULQSHDV6LPPHUPLQXWHVPRUHVWLUULQJIUHTXHQWO\XQWLOSHDVDQGULFHDUHWHQGHU
5HPRYHSDQIURPKHDWVWLULQSDUPHVDQSDUVOH\DQGEXWWHU&RYHUDQGOHWVWDQGPLQXWH6HUYH
ZLWKDGGLWLRQDOSDUPHVDQLIGHVLUHG0DNHVVHUYLQJV


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&+,/,678))
,QJUHGLHQWV
R]EHHU
WDEOHVSRRQVROLYHRLO
R]FDQWRPDWRHVGLFHG
WDEOHVSRRQVFXPLQ
WDEOHVSRRQVFKLOLSRZHU
%D\OHDYHV
&ORYHVJDUOLFPLQFHG
WDEOHVSRRQIUHVKOLPHMXLFH
òWHDVSRRQVRUHJDQR
WDEOHVSRRQSDSULND
WDEOHVSRRQFRULDQGHU
òWHDVSRRQVDOW
òWHDVSRRQSHSSHU
OEVJRRGOHDQEHHIGLFHG
OESRUNGLFHG
VOLW WLPHV MDODSHxR¶V
R]NLGQH\%HDQV RSWLRQDO

3UHSDUDWLRQ

,QDODUJHSRWKHDWROLYHRLODQGEURZQWKHPHDW

$GGFDQWRPDWRHVNLGQH\EHDQVEHHUSHSSHUVDOWSDSULNDFRULDQGHURUHJDQROLPHMXLFH
JDUOLFED\OHDYHVFXPLQDQGMDODSHxRV

$GGPRUHFKLOLSRZGHULIGHVLUHG+HDWRQKLJKXQWLOLWFRPHVWRDERLOWKHQORZHUWKHKHDWWR
PHGLXPDQGVLPPHUIRUDERXWPLQXWHV


+RPH3UHSDUHG0HDOVDWWKH5DQFK

67(3+(1¶6%($16$/$'
,QJUHGLHQWV3UHSDUDWLRQ
FDQSLQWREHDQV
FDQEODFNEHDQV
FDQJUHDWQRUWKHUQEHDQV
&KRSSHGRQLRQV
&KRSSHGFHOHU\
&KRSSHGWRPDWRHV
WDEOHVSRRQVVHDVRQHGULFHYLQHJDU
7DEOHVSRRQVH[WUDYLUJLQROLYHRLO
6SULQNOHFRDUVHEODFNSHSSHUWRWDVWH


6WHYH5HHYHV5DQFK0HQX

67(9(¶6327$726$/$'
,QJUHGLHQWV
SRXQGVRI<XNRQJROGSRWDWRHVFXWLQWRLQFKVTXDUHV
óWHDVSRRQVDOW
óWHDVSRRQFRDUVHJURXQGSHSSHU
ôFXSEXWWHUPLON
óFXSPD\RQQDLVH
WDEOHVSRRQVVQLSSHGIUHVKGLOO
WDEOHVSRRQVFLGHUYLQHJDU
WDEOHVSRRQGLMRQPXVWDUG
JUHHQRQLRQVVOLFHG
DSSOHFRUGHGDQGGLFHGòLQFKSLHFHV
ULEVRIFHOHU\VOLFHGòLQFKSLHFHV
PHGLXPGLOOSLFNOHVFKRSSHG

3UHSDUDWLRQ

,QDTXDUWVDXFHSDQFRPELQHWKHSRWDWRHVWHDVSRRQVDOWDQGHQRXJKZDWHUWRFRYHUWKHSRWD
WRHV

%ULQJWRERLORQKLJKKHDWWKHQUHGXFHWRPHGLXPORZKHDWFRYHUSDQDQGVLPPHUIRUPLQXWHV
RUXQWLOWHQGHUEXW¿UP

0L[LQDODUJHERZOEXWWHUPLONPD\RQQDLVHVQLSSHGIUHVKGLOOFLGHUYLQHJDUGLMRQPXVWDUGó
WHDVSRRQVDOWóWHDVSRRQFRXUVHJURXQGSHSSHUWKHQEOHQGE\VWLUULQJGUDLQHGSRWDWRHVZHOO

3ODFHSRWDWRHVLQERZOZLWKDSSOHVJUHHQRQLRQVFHOHU\SLFNOHVDQGWRVVKRWSRWDWRHVZLWKEXWWHU
PLONPL[WXUHXQWLOWKHSRWDWRHVDUHFRPSOHWHO\FRDWHG

&RYHUDQGUHIULJHUDWHIRUKRXUWKHQWDNHRXWDVWLUDJDLQWKHQSODFHEDFNLQUHIULJHUDWRUIRU
KRXUVRURYHUQLJKW

6HUYHVZLWKVOLFHGKDUGERLOHGHJJVRQWKHVLGH

6WHYH5HHYHV5DQFK0HQX

5('327$726$/$'
,QJUHGLHQWV
SRXQGVRIUHGSRWDWRHV
PHGLXPHJJV
FXSRIPD\RQQDLVH
òFXSVRXUFUHDP
WHDVSRRQVDOW
óWHDVSRRQFRXUVHEODFNSHSSHU
òWHDVSRRQJUHHQRQLRQV
ULEVRIFHOHU\VOLFHGòLQFKSLHFHV
PHGLXPGLOOSLFNOHVFKRSSHG
WDEOHVSRRQVVQLSSHGIUHVKGLOO
WHDVSRRQSDUVOH\ÀDNHV
UHGRUJUHHQSHSSHUGLFHG

3UHSDUDWLRQ

,QDTXDUWVDXFHSDQFRPELQHWKHSRWDWRHVòWHDVSRRQRIVDOWDQGHQRXJKZDWHUWRFRYHUWKHSRWD
WRHV
%ULQJWRDERLORQKLJKKHDWWKHQUHGXFHWRPHGLXPWRORZKHDWFRYHUSDQVLPPHUIRUPLQXWHV
RUXQWLOWKH\DUHIRUNWHQGHUEXW¿UP

3ODFHHJJVLQDPHGLXPVDXFHSDQDQGFRYHUZLWKFROGZDWHU%ULQJZDWHUWRDERLODQGLPPHGLDWHO\
UHPRYHIURPKHDW&RYHUDQGOHWHJJVVWDQGLQKRWZDWHUIRUWRPLQXWHV5HPRYHIURPKRW
ZDWHUFRROSHHODQGGLFH

,QDPHGLXPERZOFRPELQHWRJHWKHUPD\RQQDLVHVRXUFUHDPòWHDVSRRQVDOWSHSSHURQLRQV
FHOHU\GLOOSLFNOHIUHVKGLOOUHGRUJUHHQSHSSHU

3RXUWKHPL[WXUHRYHUWKHSRWDWRHVDQGPL[WRJHWKHU

&RYHUDQGUHIULJHUDWHIRUKRXUWKHQWDNHRXWDQGVWLUDJDLQWKHQSODFHEDFNLQUHIULJHUDWRUIRU
KRXUVRURYHUQLJKW6HUYHVZLWKVOLFHGKDUGERLOHGHJJVRQWKHVLGH


+RPH3UHSDUHG0HDOVDWWKH5DQFK

6:25'),6+67($.6
,QJUHGLHQWV
)UHVKVZRUG¿VKLISRVVLEOH
3DWGU\WKHVZRUG¿VK
0DULQDWH
FXSROLYHRLO

WDEOHVSRRQIUHVKOHPRQMXLFH
3LQFKRIWK\PH WDUUDJRQ
òWHDVSRRQJDUOLFSRZGHU
òWHDVSRRQSHSSHUFRPELQHZHOO
0DULQDGHVWHDNVIRUKRXUVRUPRUH

3UHSDUDWLRQ
%DUEHFXLQJEDNLQJRUIU\LQJ±FRRNDERXWPLQXWHVRQHDFKVLGH±LW¶VGRQHZKHQLW¶VZKLWHRQ
WKHLQVLGHDQGFDQÀDNHDSDUW


+RPH3UHSDUHG0HDOVDWWKH5DQFK

%5($'('&2'),//(76
,QJUHGLHQWV
)UHVKFRG¿OOHWV
3DWGU\
%UHDGLQJPL[LVSODFHGLQVHSDUDWHODUJHERZO
FXS,WDOLDQEUHDGFUXPEV
òWHDVSRRQJDUOLFSRZGHU
óWHDVSRRQFRDUVHEODFNSHSSHU
HJJV

3UHSDUDWLRQ
HJJVPL[HGWRJHWKHUFRPSOHWHO\LQODUJHERZO
0L[XQWLOHYHU\WKLQJLVEOHQGHG
'LSVZRUG¿VKVWHDNLQHJJVFRDWWKHPFRPSOHWHO\
'LSDQGFRDWLQ,WDOLDQEUHDGFUXPEPL[WXUHERWKVLGHV
8VHODUJHIU\SDQFRDWHGZLWK3DPRUH[WUDYLUJLQROLYHRLORQPHGLXPKHDW
)U\XQWLO¿OOHWVDUHDEOHWRÀDNHHDVLO\DQGWKHEUHDGLQJLVEURZQHG

6HUYHZLWKOHPRQVOLFHVDQGZLWKPD\RQQDLVHÀDYRUHGZLWKJUDWHGIUHVKRQLRQ DQ\W\SH 


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&+,&.(1 5,&(',11(5 +,6)$925,7(

,QJUHGLHQWV3UHSDUDWLRQ
&URFNSRWPHDO
WRVNLQQHGFKLFNHQEUHDVWV
FXSVZDWHU
FDQSHHOHGWRPDWRHV
,PHGLXPRQLRQGLFHG
6SULQNOHRISHSSHU
&RRNKRXUVIXOOKHDW
FXSULFH±WXUQGRZQWRPHGLXPPRUHKRXU


+RPH3UHSDUHG0HDOVDWWKH5DQFK

,7$/,$16800(50($/

,QJUHGLHQWV3UHSDUDWLRQ
6OLFHVRIULSHDYRFDGR
6OLFHVRIPR]]DUHOOD
6OLFHVRIIXOOVL]HGWRPDWRHV
6OLFHVRIUROOHGSURVFLXWWRKDP
,WDOLDQVHDVRQLQJRQSODWHDORQJZLWKH[WUDYLUJLQROLYHRLO
6HSDUDWHSODWHRIFDQWDORXSH


+RPH3UHSDUHG0HDOVDWWKH5DQFK

0($7/2$)
,QJUHGLHQWV
OERIOHDQJURXQGEHHI
OERIJURXQGWXUNH\
OERIVDXVDJH SRUN
UDZHJJV

3UHSDUDWLRQ
0L[DOOWKHDERYHLQODUJHPL[LQJERZO

,QJUHGLHQWV
WDEOHVSRRQ,WDOLDQVHDVRQLQJ
WHDVSRRQJDUOLFSRZGHU
VPDOOFDQVOLFHGROLYHV
VPDOOEURZQRQLRQGLFHG
óR]FDQRIWRPDWRVDXFH
òWHDVSRRQFRDUVHEODFNSHSSHU

3UHSDUDWLRQ
0L[WRJHWKHUWKRURXJKO\WKHQFUHDWHORDIVKDSHLQDEDNLQJSDQ
%DNHDWGHJUHHVIRUòWRòKRXUVGHSHQGLQJRQKRZIDW\RXIRUPHG\RXUORDI


+RPH3UHSDUHG0HDOVDWWKH5DQFK

781$&$66(52/(
,QJUHGLHQWV
ODUJHFDQVRIZKLWHDOEDFRUHGUDLQHG
FDQVRIFUHDPRIPXVKURRPV
1RRGOHV ZLGHVW\OH
0R]]DUHOOD MXVWDIHZVOLFHV
ôWHDVSRRQJDUOLFSRZGHU
òWHDVSRRQSHSSHU
óWHDVSRRQVDOW
òVPDOOEURZQRQLRQGLFHG
KDQGIXOVRISRWDWRFKLSV

3UHSDUDWLRQ
0L[DOOWRJHWKHUH[FHSWWKHPR]]DUHOODDQGSRWDWRFKLSV
%DNHDWGHJUHHVIRUPLQXWHVWRKRXU
3ODFHWKHPR]]DUHOODVOLFHVRQWRSRIWKHFDVVHUROHWKHQWKHSRWDWRFKLSVWRFRYHUWRS
5HWXUQWRRYHQIRUPLQXWHV


+RPH3UHSDUHG0HDOVDWWKH5DQFK

32752$67
,QJUHGLHQWV3UHSDUDWLRQ
/DUJHEHHIURDVW XVXDOO\DERQHURDVW
%URZQHGLQODUJHSDQSUHIHUDEO\ HOHFWULFIU\SDQ SUD\HGOLJKWO\ZLWK3DP
$IWHUEURZQLQJERWKVLGHVDGGZDWHUXQWLOòVXEPHUJHG
WHDVSRRQJDUOLFSRZGHURUODUJHIUHVKJDUOLFFORYHVGLFHG
òWHDVSRRQEODFNSHSSHU
WHDVSRRQVDOW
$GGVHDVRQLQJWRZDWHUFRYHUOLGDQGVLPPHUKRXU
/LIWDQGWXUQRYHUSRWURDVW
&KHFNZDWHUOHYHOFRYHUDQGVLPPHUKRXUV FKHFNZDWHUOHYHOVSHULRGLFDOO\ 
7KHQDGGWRWRSRISRWURDVWDQGLQWKHVXUURXQGLQJZDWHUWKHIROORZLQJ
òODUJHEURZQRQLRQVOLFHG
WRPHGLXPSHHOHGSRWDWRHVFXWLQODUJHVTXDUHVRUUHFWDQJOHV
WRSHHOHGFDUURWVLQLQFKOHQJWKV
&RYHUZLWKOLGDQGVLPPHUPLQXWHVWRKRXU

6ZLWFKWKHYHJHWDEOHVIURPWKHZDWHUWRWKHWRSRIWKHPHDWDQGWKHWRSRIWKHPHDWYHJHWDEOHVWR
WKHZDWHU6LPPHUòKRXUDQGVHUYH


+RPH3UHSDUHG0HDOVDWWKH5DQFK

7267$'26
,QJUHGLHQWV3UHSDUDWLRQ
FRUQWRUWLOODV
FDQUHIULHGEHDQV SLQWR 
OEOHDQJURXQGEHHI
KHDGFKRSSHGIUHVKOHWWXFHV
ODUJHGLFHGIUHVKWRPDWR
FXSJUDGHGVKDUSFKHGGDUFKHHVH
OEFRQWDLQHURIVDOVDRUóFKRSSHGIUHVKRQLRQV JUHHQRUUHG
3ODFHLQJUHGLHQWVLQRUGHUDVWKH\DSSHDURQOLVWRQWRWKHWRUWLOOD
%DNHWRUWLOODÀDWRQRYHQUDFNXQWLOEURZQ FULVS\ 
+HDWUHIULHGEHDQVLQVPDOOSDQVWLUXQWLOLWFRPHVWRDERLO7KHQWXUQRII
&RRNOHDQJURXQGEHHILQSDQXQWLOFRPSOHWHO\FRRNHGDQGLVLQVPDOOSLHFHV
3ODFHVLQJOHWRUWLOODRQSODWHDQGFRYHUZLWKDWKLQPHGLXPFRDWLQJRIUHIULHGEHDQV3ODFHOD\HU
RIJURXQGEHHIOD\HURIOHWWXFHDQGVRPHWRPDWRHVRQWRS$GGFKHHVHLQVPDOODPRXQWLIGHVLUHG
6HUYHZLWKVDOVDRUFKRSSHGIUHVKRQLRQV JUHHQRUUHG RQWRS


+RPH3UHSDUHG0HDOVDWWKH5DQFK

%(() %($1%855,726
,QJUHGLHQWV3UHSDUDWLRQ
0DNHVEXUULWRV
ODUJHÀRXUWRUWLOODV
OEIULHGJURXQGWXUNH\RUòSRXQGVRIVKUHGGHGEHHIFRRNHGLQIU\SDQ
WRFDQVUHIULHGEHDQV SLQWR 
ODUJHGLFHGIUHVKWRPDWR
FXSJUDGHGVKDUSFKHGGDUFKHHVH
OEFRQWDLQHURIVDOVDRUóFKRSSHGIUHVKRQLRQV JUHHQRUUHG

&RRNPHDWFRPSOHWHO\LQIU\IDQRQPHGLXPKHDW+HDWUHIULHGEHDQVLQPHGLXPSDQXQWLOLWFRPHV
WRDERLOWKHQWXUQRII
7DNHRQHZDUPHGRUKHDWHGWRUWLOODDQGSODFHRQDSODWH3ODFHWKHLQJUHGLHQWVRQRQHWKLUGRIWKH
WRUWLOODOHDYLQJHQRXJKURRPWRIROGRUUROOWKHWRUWLOODXS3ODFHWKHLQJUHGLHQWVLQWKHRUGHUIURP
DERYHLQGHVLUHGDPRXQWVUROORUIROG

1RWH6WHYHGLGQRWXVHYHU\PXFKFKHHVHRQKLVEXUULWR


+RPH3UHSDUHG0HDOVDWWKH5DQFK

63$*+(77,
,QJUHGLHQWV3UHSDUDWLRQ
6SDJKHWWLQRRGOHVERLOHGDQGGUDLQHG
6DXFH
3ODFHGWKHIROORZLQJLQJUHGLHQWVLQDODUJHVDXFHSDQ
*URXQGWXUNH\WKRURXJKO\EURZQHG \RXUFDOORQDPRXQWRI7XUNH\\RXZDQW 
R]FDQRIWRPDWRVDXFH
R]FDQRIGLFHGWRPDWRHV
PHGLXPGLFHGEURZQRQLRQ
VPDOOFDQVOLFHGEODFNROLYHVGUDLQHG
WHDVSRRQJDUOLFSRZGHU
WHDVSRRQ,WDOLDQVHDVRQLQJ
óFXSSDUPHVDQ
6LPPHUDOOVDXFHLQJUHGLHQWVIRUPLQXWHV
3ODFHVHUYLQJRISDVWDLQODUJHÀDWERZO
6SRRQWKHVDXFHRYHUWKHQRRGOHV
$GGH[WUD3DUPHVDQRQWRS


+RPH3UHSDUHG0HDOVDWWKH5DQFK

/$6$*1$
,QJUHGLHQWV3UHSDUDWLRQ
OEJURXQGWXUNH\ORRVHQHGDQGEURZQHG
R]FDQRIWRPDWRVDXFH
R]FDQRIGLFHGWRPDWRHV
PHGLXPGLFHGEURZQRQLRQ
VPDOOFDQVOLFHGEODFNROLYHVGUDLQHG
WHDVSRRQJDUOLFSRZGHU
WHDVSRRQFRDUVHEODFNSHSSHU
òFXSSDUPHVDQ
WDEOHVSRRQV,WDOLDQVHDVRQLQJV
$GGDOOWKHDERYHWRWKHEURZQHGWXUNH\DQGPL[

0R]]DUHOODFKHHVHVOLFHV
&RRNHGODVDJQDQRRGOHV SDVWDERLOHG 
5LFRWWDFKHHVH PHGLXPFRQWDLQHU
,QODUJHUHFWDQJXODUEDNLQJSDQ OLJKWO\VSUD\HGZLWK3DP DGGWKHIROORZLQJ
3ODFHOLJKWOD\HURIPHDWVDXFH
7KHQOD\HURIODVDJQDQRRGOHV
7KHQOD\HURIPHDWVDXFH
7KHQOD\HURIULFRWWDFKHHVHELWVDQGFUXPEOHV
7KHQOD\HURIODVDJQDQRRGOHV



+RPH3UHSDUHG0HDOVDWWKH5DQFK

/$6$*1$&RQWLQXHG

7KHQOD\HURIPHDWVDXFH
7KHQOD\HURIULFRWWDFKHHVHELWVDQGFUXPEOHV
7KHQOD\HURIODVDJQDQRRGOHV
7KHQOD\HURIPHDWVDXFH
7KHQOD\HURIULFRWWDFKHHVHELWVDQGFUXPEOHV
7RSSHGZLWKOD\HURIPR]]DUHOODFKHHVHVOLFHV
%DNHDWGHJUHHVIRUKRXU


+RPH3UHSDUHG0HDOVDWWKH5DQFK

&251('%(():,7+&$%%$*(

,QJUHGLHQWV3UHSDUDWLRQ
&RUQHG%HHI±FRYHUZLWKZDWHULQGHHSSDQ
$GGVSLFHVWRZDWHUDQGVWLU
%D\OHDIFUXPEOHV
óWHDVSRRQSHSSHUFRUQ
óWHDVSRRQGULHGUHGSHSSHUV
óWHDVSRRQPXVWHUVHHG
WHDVSRRQJDUOLFSRZGHU
óWHDVSRRQJURXQGFORYHU
6LPPHUIRUòWRòKRXUV
$GGVHYHUDOVPDOOSRWDWRHV
$GGIHZEURZQRQLRQV
$GGIHZFDUURWV
/LJKWO\ERLOIRUKRXU
$GGFDEEDJHVWULSVIRUODVWPLQXWHV
6HUYH


+RPH3UHSDUHG0HDOVDWWKH5DQFK

6,'(',6+(6

,QJUHGLHQWV3UHSDUDWLRQ
3ROHQWD±3UH&RRNHG
6OLFHLQWRòLQFKVOLFHV±KHDWRQKLJKLQPLFURZDYHRYHQIRUWRVHFRQGV GHSHQGLQJRQ
DPRXQWXVHG RUEDNHDWLQUHJXODURYHQIRUPLQXWHV
$OWHUQDWLYH±WRSZLWK\RXUIDYRULWHVDXFH PDULQDUD 

&RXVFRXV
,QJUHGLHQWV3UHSDUDWLRQ
òFXSVRIORZVDOWFKLFNHQEURWKLQVDXFHSDQ
WHDVSRRQVROLYHRLORUEXWWHU RSWLRQDO
óFXSRIWRDVWHGSLQHQXWVGLYLGHGRUVOLFHGDOPRQGV
FXSFRXVFRXV
óFXSWKLQO\VOLFHGJUHHQRQLRQV

6WLULQFKLFNHQEURWKDQGROLYHRLORUEXWWHULQWRDODUJHVDXFHSDQ
%ULQJWRERLODQGUHPRYHIURPKHDW
0L[LQFRXVFRXV
&RYHUDQGOHWVWDQGXQWLODOOOLTXLGLVDEVRUEHGDQGFRXVFRXVLVWHQGHUDERXWPLQXWHV)OXII
FRXVFRXVZLWKIRUN

0L[LQKDOIRIJUHHQRQLRQVDQGQXWV
3ODFHRQSODWHDQGVSULQNOHZLWKUHPDLQLQJJUHHQRQLRQVDQGQXWV


6WHYH5HHYHV5DQFK0HQX

87$+0$5<¶6',11(552//6

2QFHZKHQ6WHYHZDVYLVLWLQJIULHQGVLQ8WDKKHKDGVHFRQGVRQVRPHEURZQLHVDQGGLQQHUUROOV
.QRZLQJKHUDUHO\DWHWKHVHDFRPPHQWZDVPDGHZK\KHZDVJRLQJIRUVHFRQGV6WHYHVDLG³,W¶V
EHFDXVH0DU\PDGHWKHPWDVWHVRJRRG´/DWHU0DU\VHQW6WHYHWKHUHFLSHV

,QJUHGLHQWV
òFXSVÀRXU
FXSVVFDOGHGPLON
óFXSVXJDU
WDEOHVSRRQVVKRUWHQLQJ
WHDVSRRQVVDOW
WHDVSRRQV\HDVW
EHDWHQHJJV
óFXSPHOWHGEXWWHU

3UHSDUDWLRQ
6FDOGPLONDQGDGGVXJDUVKRUWHQLQJVDOW
/HWWKHPLONFRRODOLWWOH
0L[òRIWKHÀRXULQPDNHDVSRQJH
/HWWKLVUDLVHIRUòKRXUDQGPL[LWDOOWRJHWKHU
3XWWKH\HDVWLQòFXSRIZDUPZDWHUDQGGLVVROYHLWEHIRUH\RXDGGLWWRWKHVSRQJH
$GGDOOUHPDLQLQJLQJUHGLHQWVWRWKHVSRQJHDQGPL[ZHOO
/HWLWUDLVHXQWLOGRXEOHLQVL]H
5ROORXWRQDÀRXUHGERDUGDQGFXWWRVL]H\RXZDQW
'LSLQPHOWHGEXWWHUEHIRUHSXWWLQJWKHPRQFRRNLHVKHHW
/HWWKHPUDLVHDJDLQDQGEDNHDWGHJUHHVWLOOEURZQ



6WHYH5HHYHV5DQFK0HQX

)58,76 9(*(7$%/(67+$767(9(/,.('

)UXLWV
$SSOHVRUDQJHVEDQDQDVUDLVLQV¿JVSLQHDSSOHSHDFKHVVWUDZEHUULHVEODFNEHUULHVFKHUULHV
DQGEOXHEHUULHV
6WHYHHVSHFLDOO\OLNHGEORRGRUDQJHVZKLFKDUHMXLF\VZHHWDQGKDYHDGDUNUHGLQWHULRUDQGDUH
VOLJKWO\OHVVDFLGLFWKDQUHJXODUWDEOHRUDQJHV7KHVHRUDQJHVDUHRULJLQDOO\IURP6LFLO\DQG6WHYHKDG
VHYHUDORIWKHVHWUHHVRQKLVUDQFK

9HJHWDEOHV
)RUYHJHWDEOHV6WHYHOLNHGFDUURWVSHDVVWULQJEHDQVDQGFRUQRQWKHFRE
0DNHVXUHDOOYHJHWDEOHVDUHZDVKHGZHOOLQFOHDQZDWHU

$UWLFKRNHV
&OLSDOOWLSVRIIHQGRIHDFKOHDI
,QVHUWIUHVKJDUOLFFORYHVVOLFHVEHWZHHQOHDYHV
$GGVPDOOELWVRIEXWWHULQWRDIHZOHDYHVDVZHOO
6WHDPZHOOXQWLOWHQGHU
6HUYHZLWKPD\RQQDLVHGROORSRUVPDOODPRXQWRIPHOWHGEXWWHUIRUGLSSLQJ

&UHDPHG6SLQDFK
SRXQGRIIUR]HQVSLQDFK
FDQVFUHDPRIPXVKURRP
óGLFHGEURZQRQLRQ
óWHDVSRRQJDUOLFSRZGHU
%ULQJVSLQDFKWRERLOLQDVDXFHSDQSHUGLUHFWLRQV
3ODFHLQFDVVHUROHGLVK
6WLULQRWKHULQJUHGLHQWVFRYHUEDNHIRUPLQXWHVDWGHJUHHV



+RPH3UHSDUHG0HDOVDWWKH5DQFK

'2:172:1$7+/(7,&&/8%7$3,2&$

,QJUHGLHQWV
WDEOHVSRRQVWDSLRFD
WDEOHVSRRQVVXJDU
WHDVSRRQVDOW
FXSVPLON
FXSVZDWHU
HJJV

3UHSDUDWLRQ
%OHQGLWHPVWRJHWKHULQSDQDQGOHWVRDNIRUPLQXWHV7KHQEULQJWRDERLO7KHQWXUQEXUQHURII
/HWVHWIRUPLQXWHV

WHDVSRRQYDQLOODWREHVWLUUHGLQWRWDSLRFD

6WHYHZURWHWKLVUHFLSHGRZQDIWHUHDWLQJWKHWDSLRFDDWDIULHQG¶VKRXVHZKLOHYLVLWLQJ1HZ<RUN
&LW\IRURQHRIWKH+HLVPDQ$ZDUGFHUHPRQLHV


+RPH3UHSDUHG0HDOVDWWKH5DQFK

-(//2'(66(57

,QJUHGLHQWV3UHSDUDWLRQ
ODUJHER[RIÀDYRXUHG-HOOREUDQG *HODWLQ 
3UHSDUHGDVGLUHFWHGRQWKHER[
$GGHQYHORSHRISODLQ.QR[*HODWLQ
$GGH[WUDFXSRIERLOLQJZDWHU
0L[ZHOO
$GGIUXLWVDVGHVLUHG
5HIULJHUDWHXQWLOVHW


+RPH3UHSDUHG0HDOVDWWKH5DQFK

)5(6+675$:%(55<3,(

,QJUHGLHQWV
*UDKDPFUDFNHUFUXVW
òFXSV¿QHO\JURXQGJUDKDPFUDFNHUFUXPEV
FXSZKLWHVXJDU
WHDVSRRQVEXWWHUPHOWHG
WHDVSRRQJURXQGFLQQDPRQ

3UHSDUDWLRQ
0L[WKHDERYHXQWLOZHOOPL[HG
3UHVVLQWRRULQFKSLHSODWH
%DNHLQRYHQDWGHJUHHVIRUPLQXWHV
5HPRYHIURPRYHQOHWFRROWKHQSODFHLQIUHH]HUIRUPLQXWHV
5HPRYHSLHFUXVWIURPIUHH]HU
3RXULQDQGSLOHXSIUHVKVWUDZEHUULHVWKDWDUHFXWLQKDOIRUTXDUWHUHG
6SULQNOHZLWKVRPHVXJDU
0DNHVWUDZEHUU\-HOORDQGOHWWKLFNHQE\FKLOOLQJGRQRWOHWLWVHWXSMXVWJHWLWWKLFNHU
3RXUMHOORRYHUWKHVWUDZEHUULHVDERXWôZD\XSWKHSLHFUXVW
3ODFHLQUHIULJHUDWRU
)LQLVKVHWWLQJMHOOR òKRXUV 
6HUYHZLWK&RRO:KLS


+RPH3UHSDUHG0HDOVDWWKH5DQFK

25$1*(63,&('-(//2

,QJUHGLHQWV
òFXSVZDWHU
ODUJHER[FUDQEHUU\MHOOR
òWHDVSRRQJURXQGFLQQDPRQ
FDQ R] ZKROHEHUU\FUDQEHUU\VDXFH
FXSFROGZDWHU
RUDQJHVHFWLRQHGDQGGLFHG
òFXSFKRSSHGZDOQXWV

3UHSDUDWLRQ
8VHPHGLXPSDQDQGEULQJWRERLOòFXSVRIZDWHU
6WLULQZDWHUMHOORDQGFLQQDPRQLQWRODUJHERZOIRUPLQXWHV
6WLULQFUDQEHUU\VDXFHXQWLOFRPSOHWHO\PHOWHG
6WLULQFROGZDWHUDQGUHIULJHUDWHIRUDERXWòKRXUVRUXQWLOWKLFNHQHG
6WLULQRUDQJHVHFWLRQVDQGZDOQXWV
3RXULQWRPROGRUGLVKWKHQUHIULJHUDWHXQWLO¿UP


+RPH3UHSDUHG0HDOVDWWKH5DQFK

7$57$33/(3,(

,QJUHGLHQWV
ODUJHJUDQQ\VPLWKDSSOHV SHHOHGDQGFRUHGDQGVOLFHGLQORQJVHFWLRQV
òFXSJUDQXODWHGVXJDU
WHDVSRRQFLQQDPRQ
WDEOHVSRRQVEXWWHU

3LH&UXVW5HFLSH
òFXSVÀRXU
WHDVSRRQVDOW
FXS&ULVFR
6SULQNOHVRIZDWHU FROG 

3UHSDUDWLRQ
6LIWWRJHWKHUÀRXUDQGVDOW
0L[LQ&ULVFRXQWLOWKHVL]HRISHDV
6SULQNOHZDWHUDQGWRVVZLWKIRUN
5HSHDWXQWLODOOLVOLJKWO\PRLVWHQHG
)RUPLQWRWZREDOOV
8VHWRLQFKSLHWLQ
5ROORXWSLHFUXVWDQGSODFHLQWRSLHWLQ
&XWHGJHVRISDVWU\DWWRSOLS VPRRWKDOOWKHZD\DURXQG 
,QODUJHERZOPL[DSSOHVDQGVSLFHVWRJHWKHUDQGSRXULQWRSLHWLQ
5ROORXWDQGSODFHQGSDVWU\RQWRSRISLH
8VHIRUNWRPDNHVHULHVRIIRUNKROHVLQWRS WRVHWV 
3LQFKERWWRPDQGWRSRISLHFUXVWWRJHWKHUDWWRSHGJHWRVHDOWRJHWKHU
6PHDUZLWK¿QJHUVSDUWLFXODUO\DORQJHGJHV
%DNHDWGHJUHHVIRUPLQXWHVRUXQWLOJROGHQEURZQ

+RPH3UHSDUHG0HDOVDWWKH5DQFK

3803.,13,(5((9(6¶67</(

,QJUHGLHQWV
ODUJHFDQV/LEE\3XPSNLQ HDV\SXPSNLQSLHPL[ SXUHSXPSNLQSLHPL[ 
)ROORZWKHGLUHFWLRQVRQHDFKRIWKHFDQVEXW'R1RWDGGDQ\VXJDUDVUHFRPPHQGHG
0L[FRQWHQWVZHOOLQODUJHERZO

3LHFUXVWUHFLSHIRUWZRSLHV ERWWRPVRQO\ 
òFXSVÀRXU
WHDVSRRQVDOW
FXS&ULVFR
6SULQNOHVRIZDWHU FROG

3UHSDUDWLRQ
6LIWWRJHWKHUÀRXUDQGVDOW
0L[LQ&ULVFRXQWLOLWUHDFKHVWKHVL]HRISHDV
6SULQNOHZDWHUDQGWRVVZLWKIRUN
5HSHDWXQWLODOOLVOLJKWO\PRLVWHQHG
)RUPLQWRWZREDOOV
8VHWRLQFKSLHWLQ
5ROORXWSLHFUXVWDQGSODFHLQWRSLHWLQ
&XWHGJHVRISDVWU\DWWRSOLS VPRRWKDOOWKHZD\DURXQG 
3ODFHSXPSNLQPL[FRQWHQWVLQSLHWLQV
%DNHDWGHJUHHVIRUPLQXWHVRUXQWLODFOHDQEXWWHUNQLIHLVLQVHUWHGLQFHQWHURISLHDQG
UHWXUQVFOHDQ
$IWHUSXOOLQJWKHNQLIHRXWDQGLW¶VFOHDQWKHQLW¶VFRRNHGSURSHUO\
&RROKRXUV±VHUYHZDUPRUFKLOOHG
3XWRSWLRQDO&RRO:KLSRQWRS


+RPH3UHSDUHG0HDOVDWWKH5DQFK

87$+0$5<¶6%52:1,(6

2QFHZKHQ6WHYHZDVYLVLWLQJIULHQGVLQ8WDKKHKDGVHFRQGVRQVRPHEURZQLHVDQGGLQQHUUROOV
.QRZLQJKHUDUHO\DWHWKHVHDFRPPHQWZDVPDGHZK\KHZDVJRLQJIRUVHFRQGV6WHYHVDLG³,W¶V
EHFDXVH0DU\PDGHWKHPWDVWHVRJRRG´/DWHU0DU\VHQW6WHYHWKHUHFLSHV

,QJUHGLHQWV
óSRXQGPDUJDULQH
FXSVXJDU
HJJV
WHDVSRRQVDOW
óFXSZKROHPLON
WDEOHVSRRQVFRFRDRUFKRFRODWHPHOWHG
WHDVSRRQYDQLOOD
FXSÀRXU
&KRSSHGQXWV

3UHSDUDWLRQ
,QDODUJHERZOVWLUWKHPDUJDULQHVXJDUDQGHJJVWRJHWKHUZHOO
$GGWKHUHVWRIWKHLQJUHGLHQWVDQGGRQ¶WPL[WRRPXFK
3RXULQWREDNLQJGLVKDQGEDNHDWGHJUHHVIRUPLQXWHV
7KH\ZLOOQRWORRNGRQHEXWWDNHWKHPRXWDQ\ZD\
<RXFDQLFHWKHPLI\RXFKRRVHZLWK\RXUIDYRULWHLFLQJ


+RPH3UHSDUHG0HDOVDWWKH5DQFK

%(9(5$*(6

:KHQ*HRUJH+HOPHUZRXOGJRRYHUWR6WHYH¶VUDQFK6WHYHZRXOGDOZD\VRIIHU*HRUJHVRPH
WKLQJWRGULQN6WHYHZRXOGDVN$OLQHDQGODWHU'HERUDKWREULQJWKHPKLVXQLTXHGULQNV,WZDV
DOZD\VVRPHW\SHRIMXLFHPL[WXUHWKDWZDVTXLWHUHIUHVKLQJ

5DVSEHUU\2UDQJH%HYHUDJH
FXSIUHVKUDVSEHUU\MXLFH
FXSIUHVKRUDQJHMXLFH
FXSZDWHU
$SSOH2UDQJH%HYHUDJH
FXSIUHVKDSSOHMXLFH
FXSIUHVKRUDQJHMXLFH
FXSZDWHU
%RWWOHGZDWHU
9DULRXVW\SHV
2UDQJH-XLFH
)UHVKKLJKSXOSRUDQJHMXLFH
0LON
*RDWVPLON
/RZIDWPLON
:LQHRU%HHU
6WHYHZRXOGRFFDVLRQDOO\KDYHDJODVVRIZLQHDWGLQQHURUDEHHUZLWKDIULHQG
&RIIHH
2QFHLQDJUHDWZKLOHKHZRXOGGULQNDFXSRIFRIIHHEXWZRXOGVZHHWHQLWZLWKKRQH\


6WHYH ZRUNLQJ RQ KLV ³3RZHU:DONLQJ´ LQYHQWLRQ DQG GHVLJQLQJ ZKDW ZRXOG EHFRPH KLV KDQG\
ZHLJKWVHW6WHYHVWDUWHGWKH3RZHU:DONLQJPRYHPHQWDQGPDGHPDQ\WHOHYLVLRQDSSHDUDQFHVGXU
LQJWKLVSHULRG

$:HOO%DODQFHG'LHW

,Q6WHYH¶VERRN%XLOGLQJWKH&ODVVLF3K\VLTXHWKH1DWXUDO:D\KHH[SODLQVZKDWDZHOOEDO
DQFHGGLHWFRQVLVWVRI+HUHDUHKLVFRPPHQWVRQDZHOOEDODQFHGGLHW

,QDGGLWLRQWRFDORULHVHDFKIRRGFRQWDLQVQXWULHQWVVL[JURXSLQJVRIERG\EXLOGLQJLQJUHGLHQWV
WKDWDUHDEVROXWHO\HVVHQWLDOIRUOLIH5HPHPEHUWKDWQRRQHIRRGFRQWDLQVDOORIWKHQXWULHQWVWKDW
\RXU ERG\ UHTXLUHV WR IXQFWLRQ RSWLPDOO\ 6LQFH HYHU\ QXWULHQW KDV D VSHFLILF IXQFWLRQ LQ \RXU
ERG\DFRPELQDWLRQRIQXWULHQWVLVQHHGHGWRPDNHXSDZHOOEDODQFHGGLHW,I\RXFRQVXPHD
QXWULWLRQDOO\SRRUGLHW\RXZLOOHYHQWXDOO\EHFRPHLOO,QIDFWDQXWULWLRQDOO\LPEDODQFHGGLHW
FRXOG  LQ H[WUHPH FDVHV  OHDG WR GHDWK7KH DFWXDO QXWULWLRQDO QHHGV YDU\ DPRQJ LQGLYLGXDOV
EXWHYHU\LQGLYLGXDOUHTXLUHVDGHTXDWHSRUWLRQVRIWKHIROORZLQJVL[QXWULHQWVSURWHLQFDUERK\
GUDWHVIDWVPLQHUDOVYLWDPLQVDQGZDWHU

3URWHLQ

3URWHLQVKDYHEHHQFDOOHGWKHIXQGDPHQWDOEXLOGLQJEORFNVRIOLIH7KHZRUGSURWHLQLVGHULYHG
IURPD*UHHNZRUGPHDQLQJ³RIILUVWLPSRUWDQFH´3URWHLQVDUHFRPSRVHGRIFDUERQK\GURJHQ
R[\JHQ QLWURJHQ DQG VXOSKXU 3URWHLQ LV QHFHVVDU\ WR EXLOG DQG UHSDLU ERG\ WLVVXH EXW VRPH
SURWHLQVDUHEHWWHUWKDQRWKHUVIRUWKLVSXUSRVH$FRPSOHWHSURWHLQFRQWDLQVWKHHVVHQWLDODPLQR
DFLGVLQWKHPRVWXVHIXOSURSRUWLRQVDQGZLOOEHVWEXLOGDQGUHSDLUWLVVXH7KHEHVWSURSRUWLRQHG
SURWHLQVDUHIRXQGLQVXFKIRRGVDVHJJZKLWHVPLONPHDWILVKFKHHVHDQGSRXOWU\

3ODQW SURWHLQV DUH QRW DV FRPSOHWH ² WKHVH DUH IRXQG LQ JUDLQV OHJXPHV VXFK DV EHDQV DQG
SHDV DQGQXWV<RXZLOOKDYHWRHDWODUJHTXDQWLWLHVRIWKHVHSODQWIRRGVLQRUGHUWRVXSSO\WKH
ERG\ZLWKXVDEOHSURWHLQ)RUWKRVHRI\RXZKRSUHIHUWRJHWWKHPDMRUSDUWRI\RXUSURWHLQIURP
DQRQPHDWVRXUFH,ZRXOGUHFRPPHQGFRPSOHPHQWDU\IRRGFRPELQLQJLQZKLFK\RXFRQVXPH
IRRGVWKDWFRPSOHPHQWRUFRPSOHWHRQHDQRWKHULQWHUPVRIDPLQRDFLGEDODQFH

$PLQR DFLGV DUH \RXU ERG\¶V EXLOGLQJ EORFNV$OWKRXJK WKHUH DUH PRUH WKDQ  DPLQR DFLGV
RQO\HLJKWDUHFRQVLGHUHGHVVHQWLDOEHFDXVHWKH\PXVWEHSUHVHQWLQDSSURSULDWHDPRXQWVWRPDNH
XSDFRPSOHWHSURWHLQ7KH\DUHWU\SWRSKDQSKHQ\ODODQLQHO\VLQHPHWKLRQLQHYDOLQHWKUHR
QLQHOHXFLQHDQGLVROHXFLQH

:KHQ\RXFRPELQHDIRRGOLNHEHDQV²WKDWLVKLJKLQO\VLQHEXWGHILFLHQWLQPHWKLRQLQHZLWK
ZKHDW WKDW KDV DQ DEXQGDQFH RI PHWKLRQLQH EXW LV GHILFLHQW LQ O\VLQH \RX JHW PRUH FRPSOHWH
SURWHLQXWLOL]DWLRQ )RUPRUHLQIRUPDWLRQRQIRRGFRPELQDWLRQV,UHFRPPHQGWKDW\RXSLFNXS
DFRS\RI'LHWIRUD6PDOO3ODQHWE\)UDQFHV0RRUH/DSSHW 


$:HOO%DODQFHG'LHW

&DUERK\GUDWHV

&DUERK\GUDWHIRRGVDUHWKHPDMRUVRXUFHRIFDORULHVIRUSHRSOHDOORYHUWKHZRUOG7KH\PDNH
XSWRSHUFHQWRIWKH$PHULFDQGLHWDQGLQRWKHUFRXQWULHVWKHSHUFHQWDJHLVHYHQKLJKHU
7KH\DUHHDVLO\GLJHVWHGDQGFRQVWLWXWHWKHFKHDSHVWIRUPRIIRRGHQHUJ\7KH\DUHFRPSRVHGRI
FDUERQK\GURJHQDQGR[\JHQ7KH\H[LVWDVFRPSOH[VXJDUVDQGVWDUFKHVZKLFKDUHFRQYHUWHG
WKURXJK GLJHVWLRQ WR VLPSOHU VXJDUV ZKLFK WKH ERG\ FDQ XWLOL]H IRU HQHUJ\ &DUERK\GUDWHV LQ
FOXGHFHOOXORVHZKLFKLVLPSRUWDQWIRUURXJKDJHLQWKHGLJHVWLYHWUDFW$OOFDUERK\GUDWHVHYHQ
WXDOO\EHFRPHJOXFRVHDVLPSOHVXJDUZKLFKWUDYHOVWKURXJKWKHEORRGVWUHDPDQGVHUYHVDVD
VRXUFHRIHQHUJ\IRUWKHERG\WLVVXHV,PSRUWDQWFDUERK\GUDWHVDUHVXJDUVVWDUFKHVV\UXSVDQG
KRQH\&DUERK\GUDWHVDUHPDMRUFRQVWLWXHQWVRIYHJHWDEOHVIUXLWVEUHDGVDQGFHUHDOV

)DWV

)DWVDUHFRPSRXQGVRIIDWW\DFLGVDQGJO\FHURODQRWKHUFRPSOH[VWUXFWXUHRIFDUERQK\GUR
JHQDQGR[\JHQLQVROXEOHLQZDWHUDQGJUHDV\WRWKHWRXFK7KHGLIIHUHQWIDWVLQYDULRXVIRRGV
KHOSJLYHWKHIRRGLWVSDUWLFXODUIODYRUDQGWH[WXUH)DWVDUHHVSHFLDOO\LPSRUWDQWEHFDXVHWKH\
SURGXFHPRUHFRQFHQWUDWHGHQHUJ\DOPRVWWZRDQGDKDOIWLPHVDVPXFKDVSURWHLQRUFDUERK\
GUDWHV7KH\KDYHDKLJKVDWLHW\YDOXHLQWKDWWKH\WDNHORQJHUWRGLJHVWWKDQRWKHUQXWULHQWVDQG
WKHUHIRUHNHHSXVIURPH[SHULHQFLQJKXQJHUIRUORQJHUSHULRGVRIWLPH)DWVDOVRFDUU\WKHIDW
VROXEOHYLWDPLQV$'(DQG.9HJHWDEOHRLOEXWWHUDQGPDUJDULQHDUHWKHFRQFHQWUDWHGIDWV
0RVWPHDWVDQGVDODGGUHVVLQJVDORQJZLWKHJJVPLONPD\RQQDLVHDQGQXWVKDYHFRQVLGHUDEOH
IDWSOXVSURWHLQDQGRUFDUERK\GUDWHV

0LQHUDOV

0LQHUDOVDUHIRXQGLQIRRGVPL[HGRUFRPELQHGZLWKSURWHLQVIDWVDQGFDUERK\GUDWHV&DOFLXP
DQGSKRVSKRUXVJLYHULJLGLW\WRWKHERQHVDQGWHHWK0LONLVDJRRGVRXUFHRIERWK0LQHUDOVDUH
DOVRQHHGHGIRUQRUPDOEORRGFORWWLQJDQGSURSHUIXQFWLRQLQJRIWKHQHUYRXVV\VWHP,URQLVD
PLQHUDOHVVHQWLDOLQWKHGLHWEHFDXVHDODFNRILWFDQSURGXFHDQHPLDOHDYLQJXVWLUHGDQGOLVWOHVV
0HDWDQGHQULFKHGEUHDGDUHJRRGVRXUFHVRILURQ2WKHUPLQHUDOVDUHHVVHQWLDOWRKHOSPDLQWDLQ
DQRUPDODFLGEDVHEDODQFHLQWKHERG\DQGRWKHULPSRUWDQWIXQFWLRQV

9LWDPLQV

9LWDPLQVDUHFRPSOH[RUJDQLFFRPSRXQGVIRXQGLQWKHIRRGVZHHDW7KH\SHUIRUPVSHFLILFYL
WDOIXQFWLRQVLQWKHFHOOVDQGWLVVXHVRIWKHERG\&DOOHGDFFHVVRU\IRRGIDFWRUVWKH\DUHQHHGHG
IRUQRUPDOKHDOWKLQFOXGLQJJRRGH\HVLJKWVWURQJWHHWKDQGERQHVIUHHGRPIURPLQIHFWLRQDQG
GLVHDVHQRUPDOIXQFWLRQLQJRIWKHQHUYRXVV\VWHPWLVVXHUHVSLUDWLRQDQGRWKHUIXQFWLRQV


$:HOO%DODQFHG'LHW

:DWHU

:DWHULVDOVRHVVHQWLDOWROLIH,WLVDQHFHVVDU\FRQVWLWXHQWRIGLJHVWLYHMXLFHVDQGRIHYHU\FHOO
RIWKHERG\$SSUR[LPDWHO\WZRWKLUGVRIWKHERG\¶VZHLJKWLVZDWHU,WLVDPDMRUFRPSRQHQWRI
EORRGO\PSKDQGRWKHUVHFUHWLRQVRIWKHERG\DQGKHOSVUHJXODWHERG\WHPSHUDWXUH$VDFDUULHU
LWDLGVGLJHVWLRQDEVRUSWLRQFLUFXODWLRQDQGH[FUHWLRQ0RLVWXUHLVQHFHVVDU\IRUWKHIXQFWLRQLQJ
RIHYHU\RUJDQRIWKHERG\0RVWIRRGVFRQWDLQDODUJHSHUFHQWDJHRIZDWHU<RXFDQOLYHORQJHU
ZLWKRXWIRRGWKDQ\RXFDQZLWKRXWZDWHU

*LYHQ WKH LPSRUWDQFH RI WKHVH QXWULHQWV FKRRVLQJ \RXU IRRG ZLVHO\ LV REYLRXVO\ LPSRUWDQW
%HFDXVH\RXPLJKWVDFULILFHRUFRPSURPLVH\RXUQXWULWLRQDOQHHGVLWZRXOGEHIRROLVKWRFXWRXW
IRRGVIURP\RXUGLHWPHUHO\IRUWKHVDNHRIFXWWLQJGRZQRQFDORULHV,I\RX¶UHWRZLQWKHORVLQJ
JDPHVDIHO\DQGIRUDQ\UHDVRQDEOHOHQJWKRIWLPH\RXPXVWHDWDEDODQFHGEXWFDORULHUHGXFHG
GLHW,FDQKHDUWKHTXHVWLRQDOUHDG\%XWKRZGR,NQRZLI,¶PFRQVXPLQJDZHOOEDODQFHGGLHW"
7KHDQVZHULVWKDW\RXFRXOGWDNHVHYHUDOVWHSVWRHQVXUHWKDW\RX¶UHHDWLQJSURSHUO\2QHRIWKH
HDVLHVWDQGPRVWSUDFWLFDOLVWRVLPSO\HDWIRRGVVHOHFWHGIURPHDFKRIWKHIROORZLQJIRXUEDVLF
IRRGJURXSV

7KH0LON*URXS LQFOXGLQJPLONLFHFUHDPFKHHVHDQG\RJXUW 

0RVWRIWKHERG\¶VFDOFLXPFRPHVIURPPLONDQGPLONSURGXFWV&DOFLXPEXLOGVERQHVDQGWHHWK
DQGKHOSVWKHPXVFOHVKHDUWDQGQHUYHVIXQFWLRQSURSHUO\)RRGVLQWKLVJURXSDOVRSURYLGHWKH
ERG\ZLWKVLJQLILFDQWDPRXQWVRISURWHLQULERIODYLQ 9LWDPLQ% 9LWDPLQ$DQGRWKHULPSRU
WDQWQXWULHQWV

7KH0HDW*URXS LQFOXGLQJPHDWSRXOWU\ILVKDQGHJJV 

7KLVJURXSSURYLGHVWKHERG\ZLWKSURWHLQZKLFKLVHVVHQWLDOIRUVWUHQJWKDQGIRUPDLQWDLQLQJ
DQGUHSDLULQJERG\WLVVXH<RXQJSHRSOHQHHGSURWHLQWRJURZ,WDOVRKHOSVIRUPWKHUHGEORRG
FHOOVDQGDQWLERGLHV\RXQHHGWRILJKWLQIHFWLRQ)RRGVLQWKLVJURXSDOVRSURYLGHWKHERG\ZLWK
LURQWKLDPLQH 9LWDPLQ% ULERIODYLQ 9LWDPLQ% DQGQLDFLQ$PRQJRWKHUVRXUFHVRISURWHLQ
DUHSHDQXWEXWWHUOLPDEHDQVDQGVR\EHDQV

7KH9HJHWDEOH)UXLW*URXS

'DUNJUHHQDQG\HOORZYHJHWDEOHVDQGDSSOHVSHDUVDQGEDQDQDVSURYLGHYDULRXV
YLWDPLQVPLQHUDOVDQGILEHU&LWUXVIUXLWVVWUDZEHUULHVFDQWDORXSHWRPDWRHVFDEEDJH
SRWDWRHVJUHHQSHSSHUVDQGEURFFROLSURYLGH9LWDPLQ&


$:HOO%DODQFHG'LHW

7KH%UHDGDQG&HUHDO*URXS
)RRGVLQWKLVJURXSHVSHFLDOO\WKRVHPDGHIURPHQULFKHGRUUHVWRUHGZKROHJUDLQSURYLGHWKH
ERG\ZLWKDODUJHDPRXQWRILURQQLDFLQWKH%YLWDPLQVDQGFDUERK\GUDWHV7KHVHKLJKFDUER
K\GUDWHIRRGVSURYLGHHQHUJ\DQGPDQ\KDYHVLJQLILFDQWDPRXQWVRIILEHUZKLFKLVDOVRYLWDO
IRU\RXUKHDOWK

7KHUHFRPPHQGHGGDLO\VHUYLQJVIURPWKHIRXUEDVLFIRRGJURXSVRXWOLQHGDERYHDUHWZRVHUY
LQJVHDFKIURPWKHPLONJURXSWZRIURPWKHPHDWDQGSURWHLQULFKIRRGVJURXSIRXUVHUYLQJV
IURPWKHFHUHDOJURXSDQGIRXUIURPWKHIUXLWVDQGYHJHWDEOHVJURXS

7KHVH UHFRPPHQGDWLRQV
DUH IRU DQ DYHUDJH SHUVRQ
/DUJHU DQG PRUH DFWLYH
SHRSOHQHHGPRUHVHUYLQJV
DV GR SUHJQDQW DQG QXUVLQJ
ZRPHQ DQG \RXQJ SHRSOH
LQWKHLUJURZWK\HDUV,I\RX
KDYH YDULHW\ LQ \RXU IRRG
FKRLFHV DQG VHOHFW IURP
QXWULHQWGHQVH IRRGV WKHVH
VHUYLQJVZLOORIWKHPVHOYHV
VXSSO\HVVHQWLDOO\DOOQHFHV
VDU\ QXWULHQWV  QR PDWWHU
KRZ ODUJH \RX DUH RU KRZ
DFWLYHO\\RXH[HUFLVH

6WHYH DW KLV UDQFK LQ


 HQMR\LQJ KLV JRDW¶V
PLONDQGVDQGZLFK


$GGLWLRQDO)RRG,WHPV

6WHYH ZRXOG UDUHO\ HDW EUHDGV DW GLQQHU H[FHSW IRU FRUQ EUHDG ZLWK FKLOL EHDQV 1R PHOWHG
FKHHVHRQDQ\WKLQJH[FHSW/DVDJQD6WHYHGLGQ¶WHDW0H[LFDQIRRGH[FHSWVKUHGGHGEHHIDQG
EHDQEXUULWRVDQGWRVWDGRV+HQHYHUGUDQNDQ\VRGDVRIDQ\W\SHDQGYHU\UDUHO\KDGDFXSRI
FRIIHH:KHQKHGLGKDYHFRIIHHKHZRXOGVZHHWHQLWE\SXWWLQJKRQH\LQLW1RIDVWIRRGVH[
FHSWRQFHLQDJUHDWZKLOHKHZRXOGJHWDEUHDNIDVWEXUULWRIURP0F'RQDOG¶V

6WHYHLQ6ZLW]HUODQGLQ3RXULQJ
KLPVHOIWKDWUDUHFXSRIFRIIHH


6WHYHDQGKLVZLIH$OLQHRQWKHVHWRI³6DQGRNDQWKH*UHDW´


5HHYHV +HOPHU

6WHYHDQG,ZHUHJRRGIULHQGVDQGEXVLQHVVSDUWQHUVIRUPDQ\\HDUV'XULQJWKDWWLPH,KDGWKH
SOHDVXUHRIGLQLQJZLWK6WHYHPDQ\WLPHV7KHILUVWWLPHZDVDWWKHUDQFKDQG,ZDVLQYLWHGIRU
OXQFKVKRUWO\DIWHU6WHYHFDPHWRWKHJUDQGRSHQLQJRIP\J\P,WZDVOLNHHDWLQJZLWKWKH.LQJ
RI(QJODQG,ZDVVLWWLQJRQRQHVLGHRIWKLVKXJHKHDY\ZRRGWDEOHZLWKKLJKEDFNFKDLUVZLWK
6WHYHRQRQHHQGDQG$OLQHRQWKHRWKHU$OLQHVHUYHGURDVWHGFKLFNHQULFHDQGSHDVZLWKDODUJH
JUHHQVDODGDQG6WHYH¶VIDPRXVUDVSEHUU\RUDQJHEHYHUDJH$VZHZHUHHDWLQJ6WHYHZDVWHOOLQJ
PHKRZPDQ\JUDPVRISURWHLQDQGFDUERK\GUDWHVZHUHLQP\PHDO,PDGHVXUHWKDW,GLGQ¶WORVH
SHDVRIIP\IRUNWKDW¶VIRUVXUH

:KLOHLQ/DV9HJDVDWGLIIHUHQWWLPHVIRUYDULRXVWUDGHVKRZVDQGHYHQWVZHDWHDWPDQ\GLI
IHUHQWSODFHVIURPEXIIHWVWRUHVWDXUDQWV+LVEUHDNIDVWZRXOGDOZD\VEHHJJVDQGYHJHWDEOHVQR
WRDVWVRPHSRWDWRHVIUXLWDQGRUDQJHMXLFH'LQQHUVDWDEXIIHWZHUHEHHIEHHIEHHISRWDWRHV
RUULFHVDODGDQGRFFDVLRQDOO\VRPHLFHFUHDP,EHOLHYHKLVIDYRULWHUHVWDXUDQWVZHUH,WDOLDQ
:HZRXOGHDWDWWKH2OLYH*DUGHQRUVRPHUHDOO\QLFHQRQFKDLQHG,WDOLDQUHVWDXUDQW+HZRXOG
QRUPDOO\KDYHODVDJQDDQGDQLFHVDODGDQGVRPHWLPHVDJODVVRIZLQH

:KHQZHZHUHUHYLVLQJWKHERRN%XLOGLQJWKH&ODVVLF3K\VLTXHWKH1DWXUDO:D\ZHZHUHPHHW
LQJHDFK6DWXUGD\RU6XQGD\DW'HQQ\¶VUHVWDXUDQWDW/DNH(OVLQRUH&DOLIRUQLDZKLFKZDVKDOI
ZD\EHWZHHQP\KRPHDQG6WHYH¶VUDQFK7KLVZRXOGEHLQWKHHDUO\PRUQLQJDQGZHFRXOGJRRYHU
WKHFRUUHFWLRQVDQGQHZWH[WLQWKHERRNDQGKDYHEUHDNIDVW6WHYHZRXOGDOZD\VKDYHDUDQFKHU¶V
RPHOHWWHZLWKSRWDWRHVDQGVOLFHVRIWRPDWRHVDQGWRPDWRMXLFHRURUDQJHMXLFHDQGRQUDUHRF
FDVLRQV WKDW FXS RI FRIIHH
ZLWKKRQH\DQGQREUHDG

6WHYHWU\LQJRXW/LIH&\FOHDW&HMD\DQG*HRUJH¶V3RZHU6RXUFH*\PDWWKH*UDQG2SHQ
LQJ LQ 1RYHPEHU   3DXO 1RUULV IDU ULJKW  EHFDPH WKH 0DUNHWLQJ93 RI /$ )LWQHVV
&OXEVDQGZDVDJ\PEURNHUZKRVROGWKHJ\PWRWKH+HOPHUV



+HDOWK\7KURXJKRXW+LV/LIH

7KURXJKRXW6WHYH¶VOLIHKHHQMR\HGH[WUHPHO\JRRGKHDOWKDQGRQO\VDZDKRVSLWDODYHU\IHZ
WLPHV+HLQMXUHGKLVVKRXOGHULQDPRWRUF\FOHDFFLGHQWZKLOHPDNLQJWRRTXLFNRIDWXUQDQG
ODLGGRZQWKHELNHWKHQVOLGLQWRDWUHH7KLVZDVGXULQJWKHWLPHSHULRGZKLOHKHZDVSHUIRUP
LQJRQ%URDGZD\LQ$JDLQKHLQMXUHGWKHVDPHVKRXOGHUZKLOHFKDVLQJDUHDOOLIHUXQD
ZD\FKDULRWZLWKDQDFWUHVVRQERDUGZKLOHILOPLQJLQ(XURSH7KHPRYLHZDV7KH/DVW'D\VRI
3RPSHLLILOPHGLQ

'XULQJ:RUOG:DU,,6WHYHZDVILJKWLQJLQWKH3KLOLSSLQHVDQGFRQWUDFWHGPDODULDFRPSOLFDWHG
E\MXQJOHIHYHU%HFDXVHRIKLVJUHDWKHDOWKKHFDPHWKURXJKWKHVHLOOQHVVHVYHU\TXLFNO\DQGE\
WKHWLPHKHJRWRXWRIWKHVHUYLFHKHZDVLQWRSVKDSHDJDLQ:LWKLQWKUHHPRQWKVRIKLVUHOHDVH
IURPWKHVHUYLFHKHZRQWKH0U3DFLILF&RDVWWLWOHDQGZLWKLQPRQWKV0U$PHULFD

:KLOHILOPLQJKLVODVWPRYLH7KH/RQJ5LGHIURP+HOOZKLFKKHFRZURWHDQGZDVWKHWHFKQL
FDOGLUHFWRUKHGHYHORSHGDVWRPDFKXOFHUIURPDOOWKHVWUHVVDQGZRUULHV+HTXLFNO\UHVROYHG
WKLVE\UHGXFLQJWKHDFLGVLQKLVV\VWHPDQGGULQNLQJKLVRZQIRUPXODWHGGULQN6WHYHNQHZKLV
ERG\DQGKRZLWZRUNHGDQGIL[HGDQ\SUREOHPWKDWZRXOGQRUPDOO\DULVH

6RPH\HDUVODWHULQZKHQKHZDVKHWKRXJKWKLVXOFHUKDGUHWXUQHG+HWKRXJKW
WKDWLWUHWXUQHGEHFDXVHKHZDVXQGHUDORWRIVWUHVVDWWKHWLPH6WHYHZHQWLQWRJHWDFKHFNXS
E\ KLV GRFWRU ZKHUH WKH\ UDQ WKH XVXDO WHVWV$OO RI KLV EORRG ZRUN FDPH EDFN LQ UHDOO\ JRRG
VKDSHDQGKLVGRFWRUFRXOGQRWILJXUHRXWZKDWZDVZURQJ7KURXJKRXWWKHQH[WIHZPRQWKVWKH
GLVFRPIRUWDQGGRFWRUYLVLWVLQFUHDVHGDQG6WHYHILQDOO\QRWLFHGDVPDOOOXPSLQKLVORZHUDEGR
PHQDUHD6WHYH¶VGRFWRUGHFLGHGDIWHUDIHZDGGLWLRQDOWHVWVWRVFKHGXOHH[SORUDWRU\VXUJHU\

6WHYHZDONHGLQWRWKHKRVSLWDORQD)ULGD\PRUQLQJDQGZDVJRQHE\QRRQRQ0RQGD\$EORRG
FORWFDXVHGE\WKHVXUJHU\WRRNKLVOLIH<RXQHYHUNQRZZKHQOLIHPDNHVWKDWFKDQJHIURPSK\VL
FDOWRVSLULWXDO6WHYHSDVVHGZLWKRXWSDLQVWDQGLQJDQGWDONLQJWRPHLQKLVKRVSLWDOURRPRQO\
PRPHQWVEHIRUHKLVGHDWK+HOLYHGDKHDOWK\OLIHVW\OHDQGEHQHILWHGIURPWKDWOLIHVW\OHIRUDV
ORQJDVKHZDVZLWKXV

67(9(5((9(6),71(66$1'),/0)(67,9$/$XJXVW

7RS/HIW6WHYH¶VEHGURRPIXUQLWXUHIURPKLVWHHQ\HDUV+LVUHFOLQHUWURSKLHVDQGJDUDJHZDOOZLWK
WKHZRUNRXWURXWLQHZULWWHQRQLW

&HQWHU/HIW'DYH'RZOLQJDXWKRUDQGJRRGIULHQGJLYLQJKLVOHFWXUHRQWKHILOPKLVWRU\RI6WHYH
5HHYHV¶'U-RH9LWDOHZDVWKHUHKH¶VZHDULQJWKHZKLWHVKLUWVHFRQGURZIURPWKHERWWRPRIWKH
SDJH

%RWWRP/HIW'LVSOD\RISODTXHVUHFRUGVDQGRWKHUFROOHFWDEOHLWHPV


$ERXWWKH$XWKRU*HRUJH+HOPHU

*HRUJH &HMD\+HOPHUZLWK-RH:HLGHULQFHQWHU*HRUJHKROGLQJWKHLQ%DUKH
GHVLJQHG IRU -RH :HLGHU *HRUJH DOVR KROGV SDWHQWV RQ RWKHU HTXLSPHQW KH GHVLJQHG
3KRWRZDVWDNHQLQGXULQJSKRWRVKRRWIRU0XVFOH )LWQHVV0DJD]LQHDW%DUQDUG
6WXGLRV+ROO\ZRRG&DOLIRUQLD


$ERXWWKH$XWKRU*HRUJH+HOPHU

/LNHPLOOLRQVRIRWKHU\RXQJER\VWKURXJKRXWWKHZRUOG6WHYH5HHYHVZDVELJJHUWKDQOLIHWR
PH,UHPHPEHUWKDW,ZDVWZHOYHDWWKHWLPHZKHQ+HUFXOHVZDVUHOHDVHGWRWKHVLOYHUVFUHHQ
,ZDONHGDZD\WKDWGD\ZDQWLQJWREHOLNH6WHYH5HHYHV,IVRPHRQHZRXOGKDYHWROGPHWKDW
³VRPHGD\\RXZLOOEHFORVHIULHQGVDQGEXVLQHVVSDUWQHUV´,ZRXOGKDYHWROGWKHPWKH\ZHUH
FUD]\$IWHU+HUFXOHV,FRXOGQ¶WZDLWWRVHHWKHQH[W5HHYHV¶ILOPDQGZRXOGFRQWLQXHJRLQJWR
HYHU\ILOPWKDW6WHYHZDVLQ6WHYHZDVRQHRIWKHPRWLYDWLRQVIRUPHWREHFRPHDQDWKOHWHDQG
WREHILWDQGVWURQJ

,VWDUWHGP\DWKOHWLFVHQGHDYRUVRIIE\VZLPPLQJDQGZDWHUVNLLQJ0\PRWKHUVVLGHRIWKH
IDPLO\ZHUHDOOJUHDWZDWHUVNLHUVDQGZHZRXOGVWD\DWP\XQFOH¶VSODFHFDOOHGWKH³6SRUWV
PDQ¶V /RGJH´ RQWKHEDQNVRIWKH&RORUDGR5LYHUORFDWHGLQ%XOO+HDG&LW\$UL]RQDGXULQJ
WKH6XPPHU:HZRXOGZDWHUVNLIRUKRXUVHDFKGD\HLWKHURQWKHULYHURUDW/DNH0RKDYHDIHZ
PLOHVDZD\
:DWHU VNLLQJ UHTXLUHG VZLPPLQJ VNLOOV DQG LW ZDV MXVW D QDWXUDO
SURJUHVVLRQIRUPHWRWDNHXSFRPSHWLWLYHVZLPPLQJ,MRLQHGWKH
5RVHPHDG6ZLP&OXELQP\KRPHWRZQZKLFKKDGMXVWSXWLQDQ
2O\PSLFSRRO7KHFOXEZDVFRDFKHGE\DPDQZKRZRXOGEHFRPH
RQHRIWKHWRSVZLPPLQJFRDFKHVLQWKHFRXQWU\'RQ*DPEULO+H
FRDFKHGRQHYHU\OHYHOLPDJLQDEOHDQGZDVWKHDVVLVWDQWFRDFKIRU
WKH862O\PSLFWHDPIRXUWLPHVDQG+H
ZDV WKH KHDG FRDFK RI WKH KLJKO\ VXFFHVVIXO  86 2O\PSLF
WHDPWKDWFRPSHWHGLQ/RV$QJHOHV,FDQWHOO\RXWKDWKLVZRUNRXWV
DUH VWLOO GHHSO\ LPEHGGHG LQ P\ PHPRU\ 6ZLPPLQJ PDQ\ PLOHV
HDFKGD\DQGZDONLQJKRPHDIWHUWKHWUDLQLQJDQGWKHQFROODSVLQJ
RQRXUFRXFK
,DOVRVXUIHGRQWKHZHHNHQGVDQGVRPHWLPHVZRXOGVNLSDFODVV
LI WKH VXUI ZDV XS DW RQH RI WKH JUHDW EHDFKHV LQ 6RXWKHUQ &DOLIRUQLD , DOVR URGH PDQ\ PLOHV
RQ P\ ELNH DQG ZRXOG ULGH P\ XQLF\FOH GRZQ DW WKH EHDFK JUHDW H[HUFLVH IRU HQGXUDQFH DQG
EDODQFH :KHQ , HQWHUHG KLJK VFKRRO , MRLQHG WKH FURVVFRXQWU\
DQGWUDFNWHDP,EHFDPHRXUOHDJXHVWRSVSULQWHUDQGDGYDQFHGWR
WKH6HPL)LQDO URXQGV RI &DOLIRUQLD6WDWH &KDPSLRQVKLSV &,)  LQ


$IWHUJUDGXDWLQJIURPKLJKVFKRRO,MRLQHGWKH$UP\DQGHQWHUHG
DFURVVFRXQWU\HYHQWVHWXSE\WKHWK$UP\RXWRI)RUW2UGQHDU
FLW\ RI 0RQWHUH\ &DOLIRUQLD  ,Q P\ ILUVW PHHW , UDQ D  PLOH KLOO
FRXUVHDQGSODFHGQGZLWKDWLPHRIDURXQGPLQXWHV7KHRIILFHU
WKDWZDVLQFKDUJHZDQWHGPHWRUXQFURVVFRXQWU\IRUWKH$UP\EXW
GXULQJWKHSURFHVV,UHFHLYHGRUGHUVIRU)RUW(XVWLVWKHQ9LHWQDP
$IWHUP\VHUYLFH,JRWPDUULHGDQGVWDUWHGUXQQLQJ.¶VDQGWUDLQ


$ERXWWKH$XWKRU*HRUJH+HOPHU

LQJDWWKHORFDOJ\P,GLGWKLVIRUPDQ\\HDUVMXVWIRUIXQWRNHHSLQVKDSH2QHGD\,SLFNHG
XSDPDJD]LQHDWWKHORFDOJ\PWKDW5HHYHVZDVRQWKHFRYHU,WKRXJKW³ZKHUHKDV6WHYHEHHQ
DOOWKHVH\HDUV´,UHDGWKHDUWLFOHDQGIRXQGWKDWKHOLYHGRQO\WZRKRXUVIURPPHLQWKH1RUWK
6DQ'LHJR&RXQW\LQWKHFLW\RI9DOOH\&HQWHU+HORRNHGLQJUHDWVKDSHDQGRQFHDJDLQ,ZDV
PRWLYDWHGE\5HHYHV$IWHUEHLQJPDUULHGIRU\HDUVP\ZLIHDQG,GHFLGHGWRJRRXUVHSDUDWH
ZD\V,WKHQIRXQGWKHORYHRIP\OLIHVRPHRQHZKRKDGPDQ\RIWKHVDPHFRPPRQLQWHUHVWVDV
,GLGZHIHOOLQORYHDQGPDUULHG

:HORYHGUXQQLQJDQGZRUNLQJRXWDQGVWDUWHGWUDLQLQJDW9LQFH¶V*\PLQ6WXGLR&LW\&DOL
IRUQLD9LQFHZDVDOHJHQGDU\WUDLQHUDQGDFDQWDQNHURXVROGJX\:HPDGHDGHFLVLRQRQHGD\
WRRSHQRXURZQJ\P:HKDGEHHQIROORZLQJERG\EXLOGLQJIRUDZKLOHJRLQJWRERG\EXLOGLQJ
HYHQWVWKURXJKRXWWKHFRXQWU\DQGOLYLQJWKHILWQHVVOLIHVW\OH

:HKDGGHFLGHGWRJRWRDERG\EXLOGLQJVKRZDWWKH6DQGV+RWHOLQ/DV9HJDVLQ,ZDV
XQDZDUHWKDW6WHYHZDVJRLQJWREHWKHUHWKDWGD\:KHQZHZDONHGLQWRWKHOREE\6WHYHZDV
VLWWLQJDWDWDEOHDWWKHHQGRIWKHURRP,WXUQHGWRP\ZLIHDQGVDLG³7KDW¶V6WHYH5HHYHV´VKH
UHSOLHG³:KR¶V6WHYH5HHYHV",FRXOGQ¶WEHOLHYHWKDWVKHGLGQ¶WNQRZZKR6WHYH5HHYHVZDV
EXWWKHQDJDLQVKHZDV\HDUV\RXQJHUWKDQPHDQGVKHGLGQ¶WVHHKLPDV,GLGLQWKHPRYLHV
:HDSSURDFKHGWKHWDEOHZKHUHKHZDVVLWWLQJDQG,QRWLFHGWKDWKHZDVGRLQJDERRNVLJQLQJ
,WZDV0LOWRQ0RRUH¶V-U¶VERRN±6WHYH5HHYHV2QH2I$.LQG,SXUFKDVHGRQHRIWKHERRNV
VSRNHWRKLPIRUDFRXSOHRIPLQXWHVWKHQSURFHHGHGWRWKHHYHQW:KHQP\ZLIHDQG,UHDFKHG
RXUVHDWVLQWKHDXGLWRULXP,RSHQHGWKHERRNDQGTXLFNO\ORRNHGDWDOOWKHSKRWRVRI6WHYH,
FRXOGQ¶WEHOLHYHP\H\HVDQGWXUQHGWRP\ZLIHDQGVDLGWKDW,ZRXOGKDYHGULYHQDOOWKHZD\
IURP/$WR9HJDVMXVWWRPHHW6WHYHDQGJHWWKLVERRN'XULQJWKHFRQWHVW,VWDUWHGUHDGLQJ
WKHERRNDQGRQO\SXWLWGRZQORQJHQRXJKWRVHHZKDWZDVJRLQJRQXSRQWKHVWDJH7KDWERRN
FKDQJHGP\OLIHIRUHYHUDQGRQO\IXHOHGPHWRNQRZPRUHDERXW5HHYHV

$IWHUWKDWZHHNHQGZHVWDUWHGORRNLQJDURXQGIRUJ\PVDQGDIWHUHLJKWHHQORQJPRQWKVIL
QDOO\SXUFKDVHGRQH,WZDVORFDWHGLQ5DQFKR&XFDPRQJDZKLFKLVQHDU&DOLIRUQLD¶V2QWDULR
$LUSRUW:HKDGVFKHGXOHGWKH*UDQG2SHQLQJRIWKHFOXEIRU1RYHPEHU2QHGD\,
VDLGWRP\ZLIH&HMD\WKDWLWZRXOGEHUHDOO\FRROWRKDYH6WHYH5HHYHVDWRXU*UDQG2SHQLQJ
%HOLHYHPHE\WKHQVKHXQGHUVWRRGMXVWZKR6WHYH5HHYHVZDVDQGVDLG³6XUH\RX¶UHJRLQJWR
JHW6WHYH5HHYHVWRFRPHWRWKH*UDQG2SHQLQJ"´,WKRXJKW³VKH¶VULJKWKRZZRXOGWKDWHYHU
KDSSHQ"´

,ZDVZRUNLQJDILQDQFHPDQDJHUIRUDPDMRUGHSDUWPHQWVWRUHFKDLQLQ&DOLIRUQLDDWWKHWLPH
2QHRIP\GXWLHVDFRXSOHWLPHVD\HDUZDVWRRYHUVHHWKHSK\VLFDOWDNLQJRILQYHQWRU\DWRQH
RIWKHRXUVWRUHV,DVNHGIRUWKH(VFRQGLGRVWRUHNQRZLQJLWZDVZLWKLQDIHZPLOHVRI6WHYH¶V
UDQFK , WKRXJKW , ZRXOG GULYH E\ DQG FKHFN LW RXW IURP WKH URDG$IWHU FKHFNLQJ LQWR D ORFDO
KRWHO,PDGHP\ZD\WRP\URRP,ZDVZDWFKLQJWHOHYLVLRQDQGWKRXJKW³,ZRQGHULI6WHYHLV

$ERXWWKH$XWKRU*HRUJH+HOPHU

LQWKHORFDOSKRQHGLUHFWRU\"´,RSHQHGWKHERRNDQGIRXQG6WHSKHQ/5HHYHVLQ9DOOH\&HQWHU
,WKRXJKW³FRXOGWKLVEH6WHYH5HHYHVKRPHSKRQHQXPEHU"´

,WRRNDFKDQFHDQGFDOOHGWKHQXPEHUDQGDODG\DQVZHUHG,VDLG³,VWKLVWKH6WHYH5HHYHV¶
UHVLGHQFH"´   6WHYH¶V ZLIH DQVZHUHG ³<HV WKLV LV WKH 6WHYH 5HHYHV¶ UHVLGHQFH WKLV LV$OLQH
6WHYH¶V ZLIH´ , EULHIO\
WROGKHUDERXWRXU*UDQG
2SHQLQJ DW WKH 3RZHU
6RXUFH *\P DQG H[
SODLQHG WR KHU WKDW ZH
ZHUH D KHDOWK FOXE WKDW
EHOLHYHG LQ DOO QDWXUDO
WUDLQLQJ 1R 'UXJV  DQG
KDGDJUHDWDHURELFVSUR
JUDP SURPRWHG FURVV
WUDLQLQJ DQG ERG\EXLOG
LQJ$OLQHVDLGWKDW6WHYH
GLGQ¶W GR FOXE RSHQLQJV
DQ\PRUH DOWKRXJK VKH
WKRXJK LW VRXQGHG TXLWH
LQWHUHVWLQJDQGZRXOGOHW
PHWDONWR6WHYHDERXWLW
,IKHZDQWHGWRGRLWVKH
GLG QRW KDYH D SUREOHP
ZLWKLW

:KHQ6WHYHJRWRQWKHSKRQH,WROGKLPDERXWWKHFOXEDQGKRZPXFKLWZRXOGPHDQWRKDYH
KLPDWWKHRSHQLQJRIRXUJ\P+HVDLGWKDWLWVRXQGHGYHU\LQWHUHVWLQJDQGDVNHGDJDLQZKHUH
LWZDVORFDWHG,WROGKLPLWZDVLQ5DQFKR&XFDPRQJDDERXWQLQHW\PLOHVIURP9DOOH\&HQWHU
+HVDLGWKDWLWZDVQ¶WWRRIDUDQGWKDWKHZRXOGGRLWEXW,ZRXOGKDYHWRPDNHWKHDUUDQJHPHQWV
WKURXJK$OLQH$IWHUZHFRQFOXGHGRXUFRQYHUVDWLRQKHWXUQHGPHEDFNRYHUWR$OLQH

:KHQVKHJRWEDFNRQWKHSKRQH,WROGKHUWKDW,UHDOO\DSSUHFLDWHG6WHYHGRLQJWKLVIRUPHDQG
WKDW,ZDVQ¶WVXUHLI,FRXOGDIIRUGKLP,DVNHGKRZPXFKLWZRXOGFRVW"6KHVDLGLWZRXOGEH
DWKRXVDQGGROODUVSHUKRXU7KDWZDVDKXJHDPRXQWRIPRQH\IRUPHDWWKHWLPHDQGWKRXJKW
IRUDVHFRQGDQGVDLG³:RXOG6WHYHFRPHIRUWZRKRXUV"´$OLQHVDLG³,WKLQNLWZRXOGEHJRRG
IRU6WHYHWRJHWRXWVRKROGRQRQHVHFRQG´:KHQVKHFDPHEDFNVKHVDLGWKDWKHZRXOGEH
KDSS\WRSDUWLFLSDWH´$UUDQJHPHQWVZHUHPDGHDQG,JDYHKLPWKHGLUHFWLRQVDQGZKDW,ZRXOG
OLNHKLPWRGRDWWKHRSHQLQJ


$ERXWWKH$XWKRU*HRUJH+HOPHU

7KHGD\RIWKH*UDQG2SHQLQJDUULYHGDQG6WHYHDUULYHGLQKLV-DJXDU;-6&RXSH6WHYH
FDPHLQWRWKHFOXEDQG,JDYHKLPDWRXURIWKHFOXE+HZDVYHU\LPSUHVVHGZLWKZKDWZHRI
IHUHG 2XU FOXE KDG MXVW DERXW HYHU\WKLQJ \RX FRXOG DVN IRU *UHDW HTXLSPHQW KXJH DHURELFV
IORRUSRXQGVRIIUHHZHLJKWVWDQQLQJVDORQKHDOWKIRRGDUHDKDLUVDORQFKLOGFDUHDUHD
RIILFHVVDXQDVVWHDPURRPVZKLUOSRROVSDDQGODUJHEDWKURRPV

6WHYHJDYHKLVSUHVHQWDWLRQRQFURVVWUDLQLQJDQGVLJQHGDXWRJUDSKVIRURXUJXHVWV$IWHUWZR
KRXUV6WHYHFDPHXSWRPHDQGVDLGWKDWKHZDVKDYLQJVXFKDJRRGWLPHWKDWKHZDVJRLQJWR
VWD\DURXQGIRUDQRWKHUFRXSOHRIKRXUVDWQRFRVW7KHGD\ZHQWZHOODOWKRXJKZHGLGQRWKDYH
DV KXJH D FURZG DV ZH ZHUH KRSLQJ IRU EXW RXU DGYHUWLVLQJ GLG QRW JHW RXW LQ WLPH DQG VRPH
IO\HUVGLGQ¶WJHWRXWXQWLOWKHIROORZLQJZHHN7KHIROORZLQJZHHNWKHSKRQHVZHUHULQJLQJRII
WKHKRRNDQGSHRSOHZHUHVLJQLQJXSWHOOLQJXVKRZVRUU\WKH\ZHUHQRWWREHWKHUH:LWKLQ
PRQWKV ZH FRXOG QRW WDNH LQ RQH PRUH SHUVRQ EHFDXVH WKH FOXE KDG EHFRPH VR EXV\ 3DUW RI
WKLVZDVGXHWRP\ZLIHDQGP\VHOISXWWLQJHYHU\WKLQJZHKDGLQWRWKHFOXE¶VVXFFHVVDQGSDUW
RIWKLVZDVGXHWR6WHYH¶VSDUWLFLSDWLRQ2FFDVLRQDOO\6WHYHZRXOGFRPHE\WKHFOXEDQGWDONWR
WKHPHPEHUVDQGGURSRIIVRPHRIKLV3RZHU:DONLQJ+DQG\:HLJKWVDQGWDONWRRXUPHPEHUV

$WWKHHQGRIWKH*UDQG2SHQLQJ,ZDONHGRXWZLWK6WHYHWRKLVFDUDQGWKDQNHGKLPIRUVXFK
DJUHDWGD\,DVNHGKLPLIPD\EH,FRXOGFRPHGRZQWRWKHUDQFKRQHGD\DQGWDNHDORRNDWLW
6WHYHVDLG6XUHFDOOP\ZLIHDQGVHWXSDWLPHWRFRPHGRZQIRUOXQFK´7KHQH[WZHHN,PDGH
WKDWFDOODQGVHWLWXSIRUWKHIROORZLQJZHHN$IWHUWKDWGD\ZHZRXOGWDONRQWKHSKRQHDQG,
ZRXOGJRGRZQWRWKHUDQFKDQG6WHYHZRXOGVKRZPHGLIIHUHQWW\SHVRIH[HUFLVHVKHOLNHGDQG
WHOOPHVRPHJUHDWVWRULHVDQGMRNHV+LVZLIH$OLQHDQG,EHFDPHIULHQGVDOVRDQGVKHZRXOG
WHOOPHIXQQ\VWRULHVDERXW6WHYHDQGZHZRXOGDOOKDYHDJRRGWLPH

$IWHU$OLQH¶VXQWLPHO\SDVVLQJIURPDVWURNH6WHYHZDVSUHWW\GHYDVWDWHGDQG,WULHGWRPDNH
DVPXFKWLPHDVSRVVLEOHWRJHWGRZQWRWKHUDQFKDQGYLVLWZLWKKLP7LPHZHQWRQDQGDIWHUD
IHZ\HDUVKHVWDUWHGGDWLQJDJDLQ$URXQGWKLVWLPH,ZDVZRUNLQJDVDQDXGLWRUDQGRQHRIP\
FOLHQWVZDVORFDWHGLQ+D\ZDUG&DOLIRUQLDQHDU6DQ)UDQFLVFR,NQHZWKDW6WHYHOLYHGLQ2DN
ODQGZKLFKZDVRQO\DIHZPLOHVDZD\VR,GHFLGHGWRVHHLI,FRXOGILQGKLVFKLOGKRRGKRPH
$IWHUORFDWLQJLW,WRRNDSKRWRRIWKHIURQWRIWKHKRXVHDQGDIHZZHHNVODWHUZKLOHKDYLQJ
OXQFKZLWK6WHYHDW2OLYH*DUGHQ,VKRZHGKLPWKHSKRWRV+HVDLG³*HRUJHGR\RXZDQWWR
KHDUVRPHWKLQJLQWHUHVWLQJDERXWWKDWKRXVH"´,VDLG³6XUH´6WHYHVDLG´,ZURWHP\YHU\ILUVW
ZRUNRXWURXWLQHRQWKHLQVLGHRIWKHJDUDJHZDOOWKHUH´,FRXOGQRWEHOLHYHZKDWKHZDVWHOOLQJ
PH,WKRXJKW³FRXOGWKHZRUNRXWURXWLQHVWLOOEHWKHUH"´2IIRQDQRWKHUTXHVW,KDGWRILQGRXW
LI,FRXOGORFDWHLW$IWHUPDQ\ZHHNVDQGPXFKZRUN,HQGHGXSZLWKWKDWSDUWRIWKHJDUDJHWKDW
KDGWKDWZRUNRXWRQLW

,VKRZHG6WHYHWKHSKRWRVRIWKHZDOODQGWROGKLPWKDW)OH[0DJD]LQHZDVJRLQJWRUXQDQ


$ERXWWKH$XWKRU*HRUJH+HOPHU

DUWLFOH DERXW LW LQ WKHLU PDJD]LQH , WROG KLP WKDW , ZDQWHG WR VWDUW 6WHYH 5HHYHV ,QWHUQDWLRQDO
6RFLHW\ KLVIDQFOXE DQGSXWRXWDTXDUWHUO\QHZVOHWWHU+HWROGPHWKDWKHGLGQRWWKLQNDQ\RQH
ZRXOGEHLQWHUHVWHGDQGWKDWQRRQHNQHZZKRKHZDVDQ\PRUH,VDLGWKDW,EHOLHYHGWKRXVDQGV
RISHRSOHZHUHVWLOOYHU\LQWHUHVWHGLQKLP,ZRXOGSODFHVPDOODGDWWKHHQGRIWKHDUWLFOHWRVHH
LIDQ\RQHZDVLQWHUHVWHGLQMRLQLQJWKHVRFLHW\DQGUHFHLYLQJWKHQHZVOHWWHU7KHUHVSRQVHZDV
RYHUZKHOPLQJDQG6WHYHDJUHHGWROHWPHFRQWLQXH$IWHUD\HDU,VXJJHVWHGWR6WHYHWKDWKH
QHHGHGWRZULWHDERRNRQERG\EXLOGLQJ,FRQWDFWHGP\IULHQG-RKQ/LWWOHDQGZHVHWRIIKHOSLQJ
6WHYHZULWHWKHERRN%XLOGLQJ7KH&ODVVLF3K\VLTXH7KH1DWXUDO:D\$WWKDWWLPHZHIRUPHG
DFRUSRUDWLRQFDOOHG6WHYH5HHYHV,QWHUQDWLRQDO,QF,FRQWLQXHGZULWLQJQHZVOHWWHUVDQGFUHDWLQJ
QHZSURGXFWV:HZURWHDUWLFOHVIRUPDMRUSXEOLFDWLRQVDQGZRUNHGKDUGWRPDNHLWDOOKDSSHQ
:HSDUWLFLSDWHGLQWUDGHVKRZVDQGGLIIHUHQWHYHQWVWKURXJKRXWWKH\HDUV,QKHDVNHGPH
WREHFRPHWKHH[HFXWRURIKLVHVWDWHZKLFK,WKRXJKW,ZRXOGQHYHUKDYHWRSHUIRUP-XVWIRXU
VKRUW\HDUVODWHU6WHYHZDVJRQHIURPXV,ZDVZLWKKLPDWWKHWLPHDQGZDVKHOSLQJKLPEDFN
WRWKHKRVSLWDOEHGDIWHUKLVVXUJHU\KHKDGDFRXSOHGD\VHDUOLHU$VKHZDVVWDQGLQJUHDG\WRVLW
GRZQDEORRGFORWWUDYHOHGWKURXJKKLVERG\DQGKHMXVWSDVVHGDZD\,FRXOGQ¶WEHOLHYHLWP\
JRRGIULHQGKDGGLHGULJKWLQIURQWRIPH

$IWHUVHYHUDOVWUHVVIXOPRQWKVZLWKKLVXQWLPHO\GHDWKDQGLVVXHVZLWKWKHHVWDWH,HQGHGXS
KDYLQJDPDMRUVWUHVVDWWDFNWKDWWRRNDIHZ\HDUVWRRYHUFRPH)LQDOO\DIWHU\HDUVLWZDVRYHU
WKHHVWDWHFORVHGDQGLWEHFDPHDWLPHRIKHDOLQJIRUPH6WHYHZLOOOLYHRQDQG,¶PPRUHFRP
PLWWHGWKDQHYHUWRVSUHDGWKHZRUNDERXWP\IULHQG+HZDVDJUHDWPDQDQGOLYHGDJUHDWOLIH
ZKHUHKRQHVW\LQWHJULW\DQGKLVKDQGVKDNHZDVKLVZRUG+HWUXO\ZDV+HUFXOHVLQHYHU\ZD\
+HZDVRQHRIWKHJUHDWHVWLIQRWWKHJUHDWHVWERG\EXLOGHUWRKDYHHYHUOLYHG


$ERXW7KH$XWKRU-RH9LWDOH

8SSHU/HIW6XFFHHG0DJD]LQH
8SSHU5LJKW-RHDQGKLVORYHO\ODG\1HULVVD
5LJKW-RHORYHVPXVLFDQGWKLVLVMXVWRQHRIKLVJXLWDUVLQ
KLVFROOHFWLRQ
5LJKW-RHVLWWLQJLQKLV6WHYH5HHYHV-DJXDU
5LJKW2QHRIPDQ\WULSVWKLVRQHWR0DFKX3LFFKR3HUX
/HIW2QHRIWKHPDQ\FRYHUVKRWVRI'U-RH9LWDOHRQYDUL
RXVPDJD]LQHV

$ERXW7KH$XWKRU-RH9LWDOH

-RH9LWDOH LV WKH EHVWVHOOLQJ DXWKRU RI QXPHURXV ERRNV +H LV WKH DXWKRU RI WKH LQWHUQDWLRQDO
 EHVWVHOOHU 7KH$WWUDFWRU )DFWRU WKH  EHVWVHOOHU /LIH
V 0LVVLQJ ,QVWUXFWLRQ 0DQXDO WKH
EHVWVHOOLQJHERRN+\SQRWLF:ULWLQJDQGWKHEHVWVHOOLQJ1LJKWLQJDOH&RQDQWDXGLRSUR
JUDP³7KH6HFUHWWR$WWUDFWLQJ0RQH\´DPRQJQXPHURXVRWKHUZRUNV'U9LWDOHLVDOVRRQHRI
WKHVWDUVRIWKHKLWPRYLH³7KH6HFUHW´+HLVWKHFUHDWRURI0LUDFOHV&RDFKLQJ+HLVDORQJWLPH
IDQRI6WHYH5HHYHVDQGKDVDFROOHFWLRQRI5HHYHVLWHPVLQFOXGLQJWKH-DJ+HUFXOHVKLPVHOI
GURYH DQG WKH 8QLYHUVDO J\P KH XVHG +H OLYHV RXWVLGH RI$XVWLQ7H[DV +LV PDLQ ZHEVLWH LV
ZZZ-RH9LWDOHFRP

-RH9LWDOHSXUFKDVHGIURP*HRUJH+HOPHU6WHYH¶V-DJXDUZKLFKKDGEHHQVLWWLQJIRU\HDUV
-RHDVNHG*HRUJHDQRWHGFDUEXLOGHUWRRYHUVHHWKHUHVWRUDWLRQVRQ6WHYH¶V-DJ7KHSLFWXUHDERYH
ZDVWDNHQDWWKH6WHYH5HHYHV)LWQHVVDQG)LOP)HVWLYDOLQ7KLVHYHQWZDVKHOGQHDU6WHYH¶V
UDQFKLQ9DOOH\&HQWHU&DOLIRUQLDDQGZDVWKHILUVWRXWLQJIRUWKHFDU



5LJKW'U-RH9LWDOHLVWKHEHVWVHOOLQJDX
WKRU RI QXPHURXV ERRNV +H LV DOVR RQH RI
WKHVWDUVRIWKHKLWPRYLH³7KH6HFUHW´DQGD
ORQJWLPHDGPLUHURI6WHYH5HHYHV

%HORZ  *HRUJH +HOPHU IRUPHU EXVLQHVV


SDUWQHUDQGIULHQGRI6WHYH5HHYHV+HLVWKH
3UHVLGHQWRI6WHYH5HHYHV,QWHUQDWLRQDO

7KLVERRNZDVZULWWHQIRUWKRVHZKRZDQWWR
HDWKHDOWK\DQGEHVWURQJ6WHYHKDGDQRQRQ
VHQVHDSSURDFKWRKLVIRRGLQWDNH+HZDQWHG
WRKDYHWKHHQHUJ\WRSHUIRUPZKDWZDVDVNHG
RIKLPLQDOODUHDVRIKLVOLIH+HZDVFRQVLG
HUHGDVRQHRIWKHJUHDWHVWERG\EXLOGHUVRIDOO
WLPHV DQG ZDV QRW HQKDQFHG E\ DQ\ W\SHV RI
GUXJVMXVWJRRGIRRG+HPDGHSHUVRQDODSSHDUDQFHVSURPRWLQJQRQVWHURLGJRRGQXWULWLRQ
ERG\EXLOGLQJZKHUHYHUKHZHQW

6WHYH 5HHYHV ZDV DOVR D PDMRU ILOP VWDU VWDUULQJ LQ VXFK PRYLHV DV ³+HUFXOHV´ ³0RUJDQ
WKH3LUDWH´DQG³7KLHIRI%DJKGDG´+HZDVFRQVLGHUHGDQH[SHUWFDWWOHDQGKRUVHEUHHGHU
DQGRZQHGWZRUDQFKHV+HZDVDQDOODURXQGILWQHVV QXWULWLRQDOH[SHUWDQGLQYHQWHGDQG
FRLQHG WKH WHUP ³3RZHU:DONLQJ´ +H DXWKRUHG VXFK ERRNV DV 3RZHU:DONLQJ %XLOGLQJ WKH
&ODVVLF3K\VLTXH7KH1DWXUDO:D\DQG'\QDPLF0XVFOH%XLOGLQJ7KLVERRNFRQWDLQVKLV
IRRGUHFLSHVDQGZHUHWDNHQGLUHFWO\IURPKLVUHFLSHLQGH[ER[DQGIURPWKHSHRSOHZKRNQHZ
KLPEHVW

6WHYH5HHYHV,QWHUQDWLRQDO
32%R[
0LVVLRQ9LHMR&$
ZZZVWHYHUHHYHVFRP
(PDLOVUKHUFXOHV#DROFRP

You might also like