You are on page 1of 79

&KDSWHU

7KH&DOO


³:KDWLVWKDWOLJKW"´,DVNHGP\VHOIDV,SHHUHGWKURXJKWKHGDUNQHVVRIWKHFDYH

:DONLQJDELWIDUWKHUWKHSDWKFXUYHGWRWKHULJKWDQGDIWHUURXQGLQJWKHEHQG,VDZDSDOHJORZIURPDMDJJHGFUDFNLQWKHZDOO,WZDV
GHILQLWHO\ QRW D UHIOHFWLRQ IURP P\ IODVKOLJKW , DSSURDFKHG WKH JORZLQJ FUDFN DQG SHHUHG LQWR LW DV IDU DV , FRXOG VHH EXW WKH JORZ
VHHPHGWRFRPHIURPGHHSLQVLGHWKHPRXQWDLQDQGWKHFUDFNZDVWRRQDUURZIRUPHWRIROORZLW

,VWRRGWKHUHIRUDPRPHQWSX]]OHGZRQGHULQJLISHUKDSV,ZDVZLWQHVVLQJWKHUHVXUUHFWLRQRIDQROGRUH[WLQFWYROFDQR2USHUKDSV,
ZDVVHHLQJHYLGHQFHRIDVHFUHWURRPZKLFKKDGEHHQEXLOWIRUDQRFFXOWVRFLHW\RUDVHFUHWJRYHUQPHQWRSHUDWLRQ

7KHVOLJKWHVWZKLIIRIDEUHH]HFRPLQJIURPWKHFUDFNWKHQEUXVKHGP\IDFHDVDVRIWIHDWKHU$QGWKHQ,KHDUGLW²DYRLFHDVVRIWDV
IURPDVPDOOJLUOEDUHO\DXGLEOH\HWFOHDUDQGFRQILGHQW:DVWKHYRLFHWUXO\DXGLEOH"2UKDGWKHVLOHQFHRIWKHFDYHHQKDQFHGP\
DELOLW\WRKHDUWKHYRLFHRIVLOHQFH",FRXOGQRWWHOOIRUVXUHEXWLWGLGQRWPDWWHU,KDGKHDUGVRPHWKLQJRUVRPHRQH

$W ILUVW , WKRXJKW SHUKDSV VRPHRQH IURP WKH UHVRUW DW WKH IRRW RI WKH PRXQWDLQ KDG IROORZHG PH LQWR WKH FDYH 7KHUH ZHUH RWKHU
YDFDWLRQHUVVWD\LQJWKHUHIRUYDU\LQJDPRXQWVRIWLPHHDFKHDJHUWRFOLPEWKHPRXQWDLQVRUWRKXQWJDPHRUWRILVKIRUWURXWLQRQHRI
WKHPRXQWDLQVWUHDPV%XWJODQFLQJEDFNWRZDUGWKHZD\LQZKLFK,KDGFRPHLWZDVFOHDUWKDW,ZDVDORQHH[FHSWIRUWKHSUHVHQFHLQ
WKHJORZLQJFUDFNLQWKHZDOORIWKHFDYH

$WKULOORIIHDUVZHSWP\EHLQJIURPP\EHOO\WRWKHWRSRIP\KHDG)HHOLQJOLNHDQLQWUXGHULQWRDSRWHQWLDOO\GDQJHURXVVLWXDWLRQ,
WXUQHGWROHDYHDVTXLFNO\DQGTXLHWO\DV,FRXOG%XWMXVWWKHQDGLVWLQFWYRLFHVWRSSHGPHLQP\WUDFNV³$QDYD7DNHRII\RXUVKRHV
IRUWKHSODFHRQZKLFK\RXDUHVWDQGLQJLVKRO\JURXQG´

7KHFRPPDQGZDVLUUHVLVWLEOHDQG,IRXQGP\VHOIFRPSO\LQJLPPHGLDWHO\ZLWKRXWTXHVWLRQZKLOHWKHYRLFHSDXVHG7KHURFN\IORRURI
WKHFDYHIHOWFRRORQP\ZDUPIHHWDV,VWRRGIDFLQJWKHJORZLQJOLJKWIURPWKHMDJJHGFUDFN7KHJORZVHHPHGWRVKLQHDELWEULJKWHURU

ZDVLWMXVWWKDWP\H\HVKDGLQFUHDVHGLQSHUFHSWLYLW\",WZDVGLIILFXOWWRWHOOVLQFHWKHUHVXOWVZHUHWKHVDPHDQGWKHUHZDVQRWKLQJLQ
P\SUHYLRXVH[SHULHQFHFRPSDUDEOHWRWKLV

)LQDOO\,EURNHWKHWKLFNVLOHQFH³:KRDUH\RX"´

³,DPWKH*RGRI$EUDKDPWKH*RGRI,VDDFDQGWKH*RGRI-DFREDQG,DP\RXU*RGDVZHOO%HIRUH,IRUPHG\RXLQWKHZRPE,NQHZ
\RXDQGEHIRUH\RXZHUHERUQ,FRQVHFUDWHG\RX,FDOOHG\RXE\QDPHIURPWKHEHJLQQLQJDQGKDYHOHG\RXDOO\RXUOLIHLQRUGHUWR
EULQJ\RXWRWKLVSODFHWRGD\´

$IHHOLQJRIHOHFWULFDOSRZHUVXUJHGWKURXJKPHDVLIOLJKWQLQJKDGVWUXFNWKHPRXQWDLQDQG,KDGEHHQHOHFWURFXWHGWKURXJKP\EDUH
IHHW0\VWUHQJWKGLVVROYHGDQG,FROODSVHGWRWKHIORRURIWKHFDYHIRUKRZORQJ,FDQQRWWHOO%XWSUHVHQWO\WKHYRLFHVSRNHOLNHD
FOHDUWUXPSHWVRXQGLQJLQWKHVWLOOQHVVRIWLPH³$ULVHGRQRWEHDIUDLG7DNHFRXUDJH´

:LWKWKDWVWUHQJWKUHWXUQHGWRP\ERG\DQG,URVHXSRQP\NQHHVIDFLQJWKHOLJKWIURPWKHFUDFNLQWKHPRXQWDLQFDYH³:KDWQDPH
GLG\RXFDOOPH"´

³$QDYD,QKHDYHQLWLVWKHQDPHRI\RXU1HZ&UHDWLRQ0DQWKDWZDVEHJRWWHQE\0\6SLULW´

³:KDWGRHVLWPHDQ"´,DVNHG

³,WPHDQV +XPLOLW\ <RXU 1HZ 0DQ ZDV EHJRWWHQ E\ WKH VHHG RI KXPLOLW\ 7KDW KRO\ VHHG UHPDLQV LQ \RX  DQG WKLV LV KRZ \RX DUH
NQRZQDPRQJWKHDQJHOV:KHQ\RXWUDQVIHUUHG\RXULGHQWLW\IURP\RXUIOHVKPDQWR\RXUVSLULWPDQ\RXEHJDQWRZDONLQWKLVQDPH
+DYH\RXQRWVHHQDFKDQJHLQ\RXUQDWXUHRYHUWKH\HDUVZKLOHOHDUQLQJWRZDON"´DVNHGWKH9RLFH

³<HVEXW,ZDVXQDZDUHRIWKHPHDQLQJRIWKLV,WKRXJKW,ZDVMXVWJURZLQJXS´

³<RXZHUH´WKH9RLFHUHSOLHG³EXWVSLULWXDOPDWXULW\LVPHDVXUHGE\\RXUDELOLW\WRLGHQWLI\FRQWLQXDOO\ZLWK$QDYDIRUWKDWLVZKR
\RXDUHEHFRPLQJ´

³%XW,WKRXJKWZHZHUHWRFRPHIXOO\LQWRWKHLPDJHRI&KULVW´,VDLGSX]]OHG³$UHZHQRWWRKDYHDOORI+LVQDWXUH"´
1
³<HV´ WKH 9RLFH UHVSRQGHG ³EXW HDFK DOVR KDV KLV RZQ XQLTXH QDWXUH +XPLOLW\ LV WKH GRPLQDQW QDWXUH JLYHQ WR \RX EXW DV \RX
FRQWLQXHWRLGHQWLI\ZLWKWKLVQDWXUHDOORIWKHRWKHUFKDUDFWHULVWLFVRI&KULVWDUHDGGHGWR\RX(DFKSDUWRIWKHQDWXUHRI&KULVWLVIXOO\
GHSHQGHQWXSRQWKHRWKHUV$OODFWVRIULJKWHRXVQHVVDUHRQO\ULJKWHRXVEHFDXVHWKH\DUHVXSSRUWHGE\HYHU\DVSHFWRI&KULVW¶VQDWXUH,W
LVWKHVDPHZLWKXQULJKWHRXVDFWV$YLRODWLRQRIRQHODZEUHDNVWKHHQWLUHODZWKRXJKRQHVLQLVGRPLQDQW´

,SRQGHUHGWKLVIRUDPRPHQWQRGGLQJLQDJUHHPHQW7RFRPPLWPXUGHULVWRVWHDODOLIHDQGWRGLVKRQRURQH¶VIDWKHUDQGWREHDUIDOVH
ZLWQHVVRIWKH2QHLQZKRVHLPDJHZHZHUHFUHDWHG,QIDFWWRGRDQ\WKLQJDSDUWIURPSHUIHFWORYHLVWRIDOOVKRUWRIWKHJORU\RI*RG
2QHFDQQRWYLRODWHDQ\GLYLQHODZDSDUWIURPDODFNRISHUIHFWORYH

³6RZKDWGR\RXZLVKWRWHOOPH"´,EOXUWHG³:K\KDYH\RXFRPHWRPH"´

³,KDYHFRPHWRJLYH\RXNQRZOHGJHDQGXQGHUVWDQGLQJVRWKDW\RXPD\FRQYH\0\ZRUGVWRWKRVHZLWKHDUVWRKHDU7KRVHZKRKHDU
ZLOOEHEOHVVHGWKRVHZKRFDQQRWKHDUZLOOILQG0HDWDODWHUWLPHZKHQWKH\DUHUHDG\´

7KHQDVLIDQWLFLSDWLQJWKHGRXEWDQGIHHOLQJRILQDGHTXDF\DULVLQJLQP\WKRXJKWV+HFRQWLQXHG³7UXHKXPLOLW\GRHVQRWRYHUVWHSLWV
ERXQGDULHV'RQRWFRQFHUQ\RXUVHOIZLWKWKHGHDIDQGEOLQGIRUWKH\DUH0\UHVSRQVLELOLW\QRW\RXUV<RXUFDOOLQJLVLPSRUWDQWEXWGR
QRWWU\WRGRZKDWRQO\0\6SLULWFDQGROHVW\RXEHFRPHGLVFRXUDJHGDQGEHVHW\RXUVHOIZLWKJXLOWRYHUIDLOXUH,IPHQGRQRWKDYHHDUV
WRKHDULWGRHVQRWPHDQWKDW\RXKDYHIDLOHGLQ\RXUFDOOLQJ´

³%XW´,ODPHQWHG³,DPDPDQZLWKXQFOHDQOLSVDQG,OLYHDPRQJDSHRSOHRIXQFOHDQOLSV+RZFDQ,KHOSEXWIDLOHYHQZLWKOLPLWHG
UHVSRQVLELOLW\"´

-XVWWKHQWKHOLJKWLQWKHFUDFNVHHPHGWRIRUPDVPDOOILHU\ZKLUOZLQGFRQJHDOLQJLQWRDGLYLQHVSDUNWKDWUHDFKHGDFURVVWKHGDUNQHVV
DQGWRXFKHGP\OLSV³%HKROGWKLVKDVWRXFKHG\RXUOLSV\RXULQLTXLW\LVWDNHQDZD\DQG\RXUVLQLVIRUJLYHQ´

,PPHGLDWHO\,IHOWUHDVVXUHG²FOHDQVHGVRPHKRZ0RVWO\LWIHOWDVLIDQXQVHHQEDUULHURIGDUNQHVVVHSDUDWLQJPHIURPWKHOLJKWKDG
EHHQUHPRYHGDQG,IHOWDQLQVWDQWVHQVHRIXQLW\ZLWKWKH*RGRI/LJKWDQG(QOLJKWHQPHQW2OGWKLQJVSDVVHGDZD\DQG,ZDVDEOHWR
VHHDOOWKLQJVDQHZZLWKWKHFODULW\RIWKH1HZ&UHDWLRQ0DQ

7KH9RLFHFRQWLQXHG0\OLJKWLVFRPLQJLQWRWKHZRUOGEXWWKHUHLVJURVVGDUNQHVVXSRQWKHKHDUWVRIPHQ,DPORRNLQJIRUWKRVHZKR
ZLOOWDNH0\OLJKWWRWKHZRUOG

,VSRNHWKHQZLWKDJURZLQJVHQVHRIFRQILGHQFHDV,DSSURDFKHG+LVWKURQHRIJUDFH³,¶PDYDLODEOH6HQGPH´

7KH9RLFHWKHQVSRNH³,QWLPHVSDVW,VHQWPHQWRGHOLYHUPHVVDJHVWKDWRQO\IHZFRXOGKHDUIRUWKH\OLYHGLQWLPHVRIGHVWUXFWLRQDQG
GLVLQWHJUDWLRQ%XWQRZ,DPVHQGLQJ\RXWREULQJWKRVHHYLOWLPHVWRDFORVH<RXDUHWKHWLWKH RIWKHHDUWKWKDWZKLFKKDVEHHQVHW
DVLGHIRUVXFKDWLPHDVWKLV:KDW,VD\WR\RX,VD\WRWKHHQWLUHSHRSOHRIWKHWLWKH²IRU\RXDUHQRWDORQH²\RXDUHDKRO\VHHGD
SHRSOHVHWDSDUWIRU0\VHUYLFHFDOOHGIURPEHIRUHWKHIRXQGDWLRQRIWKHZRUOGWREHPDQLIHVWHGDWWKHSURSHUVHDVRQDWWKHHQGRIWKLV
DJH´

³*RQRZDQGSRQGHUWKLVFDOOLQJ6HDUFK\RXUKHDUWFRXQWWKHFRVWDQGLI\RXEHDUZLWQHVVWR0\ZRUGUHWXUQWRKHDUPRUH´

³:K\PXVW,ZDLW",ZDQWWRGR\RXUZLOOQRZ´

%XWWKH9RLFHVDLG³0\SUHVHQFHKDVXQGRQH\RXIRU,WRRN\RXE\VXUSULVH<RXQHHGWLPHWRVHWWOHGRZQVRWKDW\RXUZLOOLVQRW
GULYHQ E\ HPRWLRQ ,I , DFFHSWHG \RXU GHFLVLRQ WRGD\ PHQ ZRXOG MXVWLI\ WKHLU RZQ DFWV RI FRHUFLRQ LQ WKHLU GHDOLQJV RQ HDUWK 7KH\
ZRXOGXVH0HDVWKHLUPRGHOWRMXVWLI\WKHLUIUDXGXOHQWZD\RISHUVXDGLQJPHQ,DFFHSW\RXUSUHVHQWGHFLVLRQLQWKHVSLULWLQZKLFKLWLV
JLYHQEXW,DPJLYLQJ\RXWLPHWRFRXQWWKHFRVWDQGWRVHDUFK\RXUKHDUW0\GHVLUHDQGSXUSRVHLVQRWWRPDNH\RXUZLOOREHGLHQWWR
0LQHEXWWRDOORZ\RXWRUHWXUQLQDJUHHPHQW,ZDQWXQLW\QRWVODYHU\´

:LWKWKDW,ERZHGP\KHDGWXUQHGDQGZDONHGVORZO\WRWKHHQWUDQFHRIWKHFDYHPDNLQJP\ZD\EDFNGRZQWKHPRXQWDLQWRWKH
ORGJHZKHUH,KDGUHVHUYHGP\URRP$V,SDVVHGWKURXJKWKHOREE\WKHRZQHURIWKHORGJHORRNHGDWPHLQWHQWO\DQGKLVH\HVUHPDLQHG
IL[HGRQPHXQWLO,SDVVHGEH\RQGKLVYLHZ

%XW,GLGQRWVWRSWRJUHHWKLPIRURQWKLVPRVWXQXVXDOGD\,KDGPXFKWRWKLQNDERXW

)RRWQRWHV
 ([RGXV
 -HUHPLDK
2
 -RKQ
 ,VDLDK
 ,VDLDK
 &RULQWKLDQV
 ,VDLDK
 ,VDLDK

&KDSWHU
5HYHODWLRQ0RXQWDLQ


³:KDW FDQ \RX WHOO PH DERXW WKDW PRXQWDLQ"´ , DVNHG SRLQWLQJ LQ WKH GLUHFWLRQ RI WKH PRXQWDLQ EHKLQG WKH ORGJH 7KH ORGJH RZQHU
ORRNHGDWPHWKRXJKWIXOO\DQGUHSOLHG³:KDWGR\RXZDQWWRNQRZDERXWLW"´7KHQH[WHQGLQJKLVKDQGWRPHKHVDLG³%\WKHZD\P\
QDPHLV-RVHSK´

,IHOWWKHILUPEXWZDUPJULSRIDKDQGXVHGWRKDUGZRUNDQGUHSOLHG³,XKPHWVRPHRQHWKHUHDQGDPFXULRXVDERXWLWVKLVWRU\´

³:HOOP\JUDQGIDWKHUFDOOHGLWJDQDQXJRZLVY,W¶V&KHURNHHIRU5HYHODWLRQ:HNQRZLWDV5HYHODWLRQ0RXQWDLQ´

,ZDVWROHDUQODWHUWKDW-RVHSKZDVDSURPLQHQWHOGHULQWKHORFDO,QGLDQWULEH+LVORQJJUD\LQJKDLUZDVWLHGEDFNIXOO\H[SRVLQJPDQ\
\HDUVRIH[SHULHQFHRQKLVWDQQHGIDFHDQGUXJJHGQHFN7KHUHZDVDSHFXOLDUILUHLQKLVH\HVZKLFKORRNHGOLNHRSHQZLQGRZVRIDQROG
ORJFDELQZLWKDEXUQLQJKHDUWK2QHRQO\QHHGHGWRSHHNLQWRWKRVHZLQGRZVWRVHHWKHJORZLQKLVKHDUW+LVH\HVSRVVHVVHGDGHHS
ZLVGRPDQGRQHQHVVZLWKWKHODQGDQGULYHUVWKDWKHDQGKLVIRUHIDWKHUVKDGVWHZDUGHGWKURXJKRXWPDQ\ORQJFHQWXULHV

³+RZGLGWKLVPRXQWDLQJHWLWVQDPH"´,DVNHGZLWKJUHDWLQWHUHVW

³7UDGLWLRQVVD\WKDWWKH*UHDW6SLULWWRRNVRPHRIWKHHDUWKIURPWKLVPRXQWDLQPL[HGLWZLWKZDWHUIURPWKHVWUHDPDWLWVEDVHNLQGOHGD
ILUHZLWKLQLWDQGIRUPHGRXUILUVWIDWKHUDQGPRWKHUZLWKDZRUGIURP+LVPRXWK:HDUHWKDWPRXQWDLQ,WLVLQRXUEORRGDQGLQRXU
IDFHDQGZHFDQQRWVHSDUDWHRXUVHOYHVIURPLW,WLVVDFUHGWRXV,WVSHDNVWRXVHYHU\GD\ZLWKDYRLFHWKDWRWKHUVLJQRUHDQGRXUZD\
RIOLIHLVJRYHUQHGE\LWVUHYHODWLRQ´

³+DYH\RXVHHQDQ\FDYHVRQWKHPRXQWDLQ"´,DVNHG

+HSDXVHGIRUDPRPHQWORRNLQJDURXQGWKHOREE\WRVHHLIDQ\RQHZDVLQWKHYLFLQLW\7KHQORRNLQJDWPHLQWHQWO\KHORZHUHGKLV
YRLFHDQGDVNHGPHZLWKJUHDWVHULRXVQHVV³'LG\RXILQGWKHFDYH"+DYH\RXKHDUGWKH9RLFH"´ 3
,ZDVWDNHQDEDFNE\WKHVXGGHQEROGQHVVRIKLVTXHVWLRQIRU,KDGGHWHUPLQHGQRWWRUHYHDOP\GLVFRYHU\WRDQ\RQH³<HV,IRXQGD
FDYH\HVWHUGD\DQGVLQFH,KDGDJRRGIODVKOLJKWLQP\EDFNSDFN,WKRXJKW,ZRXOGH[SORUHLWMXVWDOLWWOH7KDWLVZKHQ,VDZDOLJKW
GHHSLQWKHPRXQWDLQFRPLQJIURPDFUDFNLQWKHZDOODQGWKHQ,KHDUGWKH9RLFH,WVHHPHGWRVSHDNWRPHIURPGHHSZLWKLQWKHKHDUWRI
WKHPRXQWDLQ´

³,NQHZLW´KHVDLGZLWKDKRDUVHZKLVSHU³:KHQ\RXZDONHGLQWRWKHORGJHODVWHYHQLQJ,VDZDJORZRQ\RXUIDFHDQGNQHZWKDW\RX
ZHUHRQHRIWKHFKDQJHGRQHV´

³<RXVDZWKDW"´,DVNHG³%XWKRZ"1RRQHHOVHVHHPHGWRQRWLFHDQ\JORZ´

³1RWKHILUHKDVMXVWQRZEHHQNLQGOHGDQGLWLV\HWGLP$OOJUHDWWKLQJVEHJLQDVWLQ\VHHGV7KHPRUH\RXKHDUDQGWKHPRUH\RXDUHLQ
WKHSUHVHQFHRIWKDW9RLFHWKHVWURQJHUWKHILUHLQ\RXZLOOJURZ0\JUDQGIDWKHUWROGPHPDQ\\HDUVDJRWKDWWKHUHLVDSUHVHQFHLQWKH
PRXQWDLQWKDWFDQFKDQJHXVIURPWKHLQVLGHLILWLVUHYHDOHGWRXV,WLVVDLGWKDWWKH6SLULWRIWKHPRXQWDLQDSSHDUVRQO\DVDILUH DQG
WKDWZHDUHFKDQJHGE\EHKROGLQJ+LP´

³+DYH\RXVHHQWKLVILUHWKHQ"´

³0DQ\\HDUVDJR,HQWHUHGWKLVFDYHDQGKHDUGWKH9RLFHRIWKH0RXQWDLQHYHQDVP\IDWKHUDQGP\JUDQGIDWKHUVEHIRUHWKHP7KRXJK
ZHDUHDOORQHZLWKWKHHDUWKDQGWKHPRXQWDLQZHPXVWHDFKKHDUWKH9RLFHIRURXUVHOYHVLQRUGHUWRNLQGOHLWVILUHLQRXUKHDUWV,WLV
LPSRUWDQWWRPHHWDQGWRNQRZWKH2QHLQWKHILUHIRURXUVHOYHV´

+H SDXVHG DJDLQ EHIRUH FRQWLQXLQJ ³:H ZHUH FUHDWHG ZLWK D YHLO RI IOHVK  WKDW KLGHV WKH VDFUHG ILUH ZLWKLQ IURP WKRVH ZKR DUH
XQDZDUHRILWVSUHVHQFH,I\RXKDYHVHHQWKHILUHWKHQWKH6SLULWRIWKH0RXQWDLQKDVUHPRYHGWKHYHLOIURP\RXUH\HV1RRQHVHHV+LP
XQOHVV+HUHPRYHVWKLVYHLO´

³%XW´ , DVNHG ³KRZ GLG WKH YHLO OLIW IURP RII P\ IDFH" , GLG QRWKLQJ WKDW , NQRZ RI , ZDV RQO\ KLNLQJ WKH EHDXWLIXO WUDLO DQG ZDV
SUHRFFXSLHGZLWKWKHEHDXW\RIQDWXUHVXUURXQGLQJPH,QIDFW,ZDVSUDLVLQJWKH&UHDWRUIRU+LVKDQGLZRUNZKHQ,WXUQHGRIIWKHWUDLO
WRH[SORUHDWLQ\FDQ\RQ7KDWLVZKHQ,VSRWWHGWKHFDYHKLGGHQEHKLQGVRPHEUXVK´

-RVHSKVPLOHGNQRZLQJO\³$KVR\RXIRXQGRQHRIWKHJDWHVRISUDLVH0RVWPHQZDONDORQJWKHLQYLVLEOHZDOODQGDUHXQDZDUHRI
DQ\WKLQJEH\RQGWKHLUPHQWDOFRPSUHKHQVLRQ7KHUHDUHWLPHVZKHQWKHZDOOOHDGVWRDJDWHDQGLIPHQILQGDSHDUORISUDLVHLQWKHLU

KHDUWVWKHJDWHZLOORSHQWRWKHPDQGWKH\ZLOOKDYHDFFHVVWRDNLQJGRPLQDQRWKHUGLPHQVLRQ7KRXJK\RXGLGQRWXQGHUVWDQGZKDW
ZDVKDSSHQLQJDWWKHWLPHWKHJDWHKHDUG\RXUSUDLVHGLVFHUQHGJUDWHIXOQHVVLQ\RXUKHDUWDQGZHOFRPHG\RXUORYHZLWKRSHQDUPV´

+HFRQWLQXHGDIWHUDVKRUWSDXVHDVLIWROHWWKLVVLQNLQWRP\VSLULW³$OOIOHVKLVDYHLOWKDWKLGHVWKHILUHZLWKLQDQGGHFHLYHVPHQLQWR
WKLQNLQJWKDWWKHUHLVQRLQQHUILUH%XWWKHUHDUHFHUWDLQPRPHQWVLQOLIHWKDWPHQSDVVDVSLULWXDOJDWHDQGLIWKHFRQGLWLRQVDUHULJKWLW
ZLOORSHQWRUHYHDOWUXWKDERXWWKLQJVKLGGHQRQWKHRWKHUVLGHRIWKHXQLYHUVH%XWWKH6SLULWRI5HYHODWLRQ0RXQWDLQPXVWUHPRYHWKH
YHLOLQRUGHUIRUDQ\PDQWRVHHWKHVHWKLQJVIRUWKH0RXQWDLQKDVDZLOORILWVRZQ7KDWLVZK\LWLVFDOOHG5HYHODWLRQ 0RXQWDLQ ,W
PHDQVWRUHPRYHWKHYHLORIIOHVKVRWKDWZHPD\ILQGWKHOLQNEHWZHHQKHDYHQDQGHDUWKDQGEHFRPHRQHZLWK+LP´

³2QHZLWK+LPRQHZLWK+LP´,PXWWHUHG³7KDWPXVWEHWKHPHDQLQJRIWKHZRUGWKDWWKH9RLFHVSRNHWRPH´

³:KDWGLGKHVD\"´-RVHSKDVNHG

³+HVSRNHRIDJUHHPHQWDVLILWZHUHEHWWHUWKDQREHGLHQFH´

³<HV´-RVHSKVDLGOHDQLQJEDFNVORZO\ZLWKDFRQWHPSODWLYHORRNLQKLVH\HV³2EHGLHQFHLVJRRGEXWLWLPSOLHVVXEPLVVLRQWRWKHZLOO
RIDQRWKHUHYHQWKRXJKRXURZQZLOOGLVDJUHHVRUGRHVQRWXQGHUVWDQG$QREHGLHQWKHDUWFRPSOLHVEXWILQGVLWGLIILFXOWWREHWKDQNIXO
2QWKHRWKHUKDQGDKHDUWRIWKDQNIXOQHVVDQGSUDLVHLQGLFDWHVDJUHHPHQW,WVKRZVHQWKXVLDVPIRUDOOWKDWFRPHVRXUZD\ZKHWKHURXU
IOHVKWKLQNVLWLVJRRGRUHYLO´

³7KLVZDV+LVSXUSRVHIURPWKHEHJLQQLQJ´KHFRQWLQXHG³:KHQ,ZDVDFKLOGP\JUDQGIDWKHUWROGPHWKDWWKHGHHSGHVLUHRIWKH6SLULW
RIWKH0RXQWDLQLVWREHRQHZLWKXVDQGWRGRDOOWKLQJVZLWKDFRPPRQSXUSRVHPRWLYDWHGE\WKHVDPHGHVLUH,WLVORYHWKDWPDNHVWKH
6SLULW GLVVDWLVILHG ZLWK PHUH REHGLHQFH EHFDXVH SHUIHFW ORYH SXUVXHV XQWLO LW DFKLHYHV XQLW\ RI KHDUW DQG ZLOO WKDW LV H[SUHVVHG E\
SUDLVH´

6SHHFKOHVV,FRXOGRQO\ORRNDWKLPZLWKDPD]HPHQW

³,FDQVHHWKDWWKHILUHLQ\RXLVJURZLQJ´-RVHSKFRQWLQXHG³,WLVWUDQVIRUPLQJ\RXHYHQQRZDV\RXJDLQXQGHUVWDQGLQJ´

7KHWKRXJKWVXGGHQO\RFFXUUHGWRPHWKDW-RVHSKKDGDOUHDG\DFKLHYHGVRPHOHYHORIRQHQHVVZLWKWKH9RLFHEHFDXVHLWZDVDVLIWKH
4
9RLFHZHUHVSHDNLQJWKURXJKKLP,WZDVDVLIP\FRQYHUVDWLRQWKHGD\EHIRUHZHUHFRQWLQXLQJWKURXJK-RVHSKDQGWKDWKHKLPVHOIZDV
DSLHFHRIWKHPRXQWDLQLQZKLFKWKHILUHKDGORGJHGLWVHOI7KHVDPHVKRFNWKDW,KDGIHOWLQWKHFDYHVXGGHQO\VZHSWRYHUPHJHQWOHU
EXWXQPLVWDNDEOHDQG,IHOWDJDLQWKHFOHDUSUHVHQFHRIWKH9RLFHIURPWKHFUDFN

7KHUHZDVILUHRQWKHKHDUWKRI-RVHSK¶VLQQHUPRVWEHLQJDQDOWDUWR*RGDQGDV,ORRNHGLQWRKLVH\HVLWVHHPHGWKDW,ZDVEHLQJGUDZQ
WRPDNHDVDFULILFHRIIOHVKXSRQWKDWDOWDUWRJLYHXSVRPHIOHVKO\WKLQJWKDWZDVLQFRPSDWLEOHZLWKWKDWGLPHQVLRQEH\RQGDQGWR
ZRUVKLSWKH*RGRIWKH0RXQWDLQ,WZDVDQDQFLHQWDOWDUQRWOLPLWHGWRKLPDORQHEXWWRDOORIKLVDQFHVWRUVZKRKDGKHDUGWKHVDPH
9RLFHEDFNWRWKHGLPUHFHVVHVRIWLPHWRWKHVHFUHWERUGHUVRIDWLPHOHVVDJH7KHVWRQHVRIWKDWDOWDUKDGQRWEHHQVKDSHGZLWKWRROV
IURPKXPDQKDQGVEXWLPSHUFHSWLEO\E\WKHVORZDQGUHOHQWOHVVHURVLRQRIWKHULYHURIOLIH

7KDWVDPHDOWDU,SHUFHLYHGZDVLQPHDVZHOOIRULQWKDWWLPHOHVVGLPHQVLRQZHDUHDOORQHDQGWKHUHLVQRVSDFHVHSDUDWLQJXVIURP
HDFKRWKHURUIURPWKH9RLFH:HDUHERXQGWRJHWKHUE\WKHSRZHURIORYHDQGWKHLUUHVLVWLEOHSXUSRVHRIWKH&UHDWRU+LPVHOI7KHGD\
ZRXOGFRPHLQWKHGLVWDQWIXWXUHZKHQLWVSRZHUZRXOGRYHUFRPHWKHIHDUWKDWLVLQDOOIOHVKWKHIHDUWKDWUHSHOVDQGVHSDUDWHVDOOPHQ
ZKRUHPDLQRXWVLGHWKHJDWHVRISUDLVH

-RVHSKDJDLQEURNHWKHFRQWHPSODWLYHVLOHQFH³7KHILUHKDVEHHQOLWLQVLGHRI\RX´KHVDLGSRLQWLQJDWP\KHDUW³7HQGLWZHOODQGGR
QRWOHWLWJRRXW7KHILUHKDVGLHGRXWLQWKHKHDUWVRIPDQ\DQGWKH\KDYHKDGGLIILFXOW\JHWWLQJLWEDFN0RVWRIWKHPQRWNQRZLQJWKH
ODZVRIQDWXUHKDYHWULHGWRUHLJQLWHWKHILUHWKHPVHOYHVQRWUHDOL]LQJWKDWLWLVVWUDQJHILUH 7KHRQO\ILUHWKDWLVDFFHSWDEOHLVWKDW
ZKLFKFRPHVIURPWKH9RLFH,I\RXZRXOGEHDSULHVWWRRWKHUV\RXPXVWSRVVHVVWKHZLVHILUHWKDWRULJLQDWHVGHHSLQWKHPRXQWDLQ6R
WDNHKHHG´

$WWKDWPRPHQWDFDUSXOOHGXSWRWKHGRRURIWKHORGJHDQGFXVWRPHUVEHJDQWRXQORDG-RVHSKEHJDQWRPRYHWRZDUGWKHGRRUWRJUHHW
WKHP7KHQKHWXUQHGWRVD\DILQDOZRUG³)ROORZWKHSDWKDORQJWKHVWUHDPDWWKHEDVHRIWKHPRXQWDLQ3HUKDSV\RXZLOOUHFHLYHIXUWKHU
LQVWUXFWLRQ´%\WKHQPHQZHUHFRPLQJWKURXJKWKHGRRUDQG-RVHSKWXUQHGWRZHOFRPHWKHP

,SLFNHGXSP\VWDIISXWRQP\³,QGLH´KDWDQGOHIWWKHORGJHWRVHHLI,PLJKWHQFRXQWHUIXUWKHUZLVGRPDQGXQGHUVWDQGLQJDWWKHEDVH
RI5HYHODWLRQ0RXQWDLQ

)RRWQRWHV
 'HXWHURQRP\
 &RULQWKLDQV
 +HEUHZV
 ,VDLDK
 5HYHODWLRQ
 *UHHNDSRNDOXSVLVPHDQVUHYHODWLRQRUXQYHLOLQJ
 ([RGXV
 /HYLWLFXV

5
&KDSWHU
7KH*XDUGLDQ


7KH GD\ ZDV ZDUP DQG VXQQ\ DV , ZDONHG DORQJ WKH ZLQGLQJ SDWK E\ WKH VWUHDP DV LW IORZHG JHQWO\ DQG VWHDGLO\ DORQJ WKH EDVH RI
5HYHODWLRQ0RXQWDLQ,WEDEEOHGRQDQGRQQRWFDULQJLI,KHDUGRUXQGHUVWRRGWKHREVWDFOHVWKDWLWIDFHGRUWKHWZLVWVDQGWXUQVLQLWV
OLIH7KHWDOOWUHHVFRQWLQXHGWRORRNXSZDUGZLWKHWHUQDORSWLPLVP7KHJUDVVERZHGEHORZDWHYHU\VLJQDOIURPWKHZLQGODERULQJWR
IXOILOO LWV GXW\ RI VWHZDUGLQJ HYHU\ VTXDUH LQFK RI JURXQG FRYHULQJ DQG SURWHFWLQJ DOO WLQ\ XQVHHQ FUHDWXUHV ZKR ZDONHG RQ
LPSHUFHSWLEOHSDWKV

2FFDVLRQDOO\WKHSDWKFLUFOHGDURXQGYDULRXVO\VL]HGURFNVWKDWKDGIDOOHQRUORGJHGLQWKHZD\EXWWKHZDONZDVQRWGLIILFXOW(YHQVR
DIWHUDIHZKRXUV,VWRSSHGWRGULQNIURPWKHULYHUIRULWVHHPHGFOHDQ,KDGEURXJKWQRZDWHUZLWKPHWKLQNLQJ DV,EHOLHYHG WKDWWKH
H[WUDZHLJKWZRXOGEHXQQHFHVVDU\LQWKHIDFHRIDEXQGDQFH

,IRXQGKRZHYHUWKDWWKHZDWHUWKRXJKSOHQWLIXOGLGQRWVHHPWRTXHQFKP\WKLUVW7KRXJK,GUDQNRIWHQLWGLGQRWVHHPWRVDWLVI\
PH )LQDOO\ XSRQ UHDFKLQJ D VPDOO PHDGRZ EHWZHHQ WKH VWUHDP DQG WKH EDVH RI WKH PRXQWDLQ , WKUHZ P\VHOI WR WKH JURXQG PRUH
H[KDXVWHGWKDQ,VKRXOGKDYHEHHQ

+RZVWUDQJHLWZDV,WKRXJKWWKDW,PLJKWGLHRIWKLUVWQH[WWRDVSDUNOLQJVWUHDP)HHOLQJGHK\GUDWHGP\VRXOSDQWHGIRUZDWHUDQG
ZLWKJURZLQJDODUP,FULHGRXW³*RGRI$EUDKDP,DPVRWKLUVW\3OHDVHJLYHPHZDWHUWKDWZLOOTXHQFKP\WKLUVW´

,PPHGLDWHO\ HYHU\WKLQJ DURXQG PH VHHPHG WR IUHH]H 7KH VWUHDP ZDV WDNHQ DEDFN DQG DEUXSWO\ VWRSSHG LWV SRLQWOHVV RQHVLGHG
FRQYHUVDWLRQWROLVWHQ7KHEUHH]HFHDVHGDQGDIDOOLQJOHDIUHPDLQHGVXVSHQGHGLQWKHDLU7KHJURXQGEHQHDWKPHVHHPHGWRPRYHDQG
,VDWXSLQDPD]HPHQWDVWKHJUDVVDURXQGDQGEHQHDWKPHVHHPHGWROHQJWKHQDQGDSSHDULQDGHHSHUVKDGHRIJUHHQ6KDGRZVKRYHUHG
RYHUPHVORZO\WUDQVIRUPLQJLQWRWKHIRUPRIWUHHV7KHVXQJUHZEULJKWHU7KHQDQHZVRXQGWRXFKHGP\HDUVDVDQHZULYHUVSUDQJXS
DWP\VLGHIORZLQJRXWRIDORQJEXWQDUURZJDSLQWKHVLGHRIWKHPRXQWDLQ

,WDSSHDUHGDVLI,KDGEHHQWUDQVSRUWHGWRDSDUDOOHODQGLQYLVLEOHGLPHQVLRQRYHUOD\LQJWKHRQHLQZKLFK,KDGEHHQZDONLQJ,VWLOO

FRXOGVHHWKHHDUWKO\GLPHQVLRQIURPP\QHZYDQWDJHSRLQWEXWLWKDGGLPPHGDQGVHHPHGWREHIDUWKHUDZD\IURPWKLVQHZHDUWKLQ
ZKLFK,IRXQGP\VHOI

,ZDVQRWDORQH6HQVLQJDSUHVHQFHEHKLQGPH,WXUQHGDQGVDZDPDQVWDQGLQJE\DWUHHQHDUWKHQHZULYHU+HKDGSLHUFLQJH\HVWKDW
FRPSHOOHGPHWREHOLHYHLQWKDWPRPHQWWKDWKHKDGNQRZQPHIRUDORQJWLPH+HZDVKROGLQJDGUDZQVZRUGWKDWZDVEXUQLQJZLWK
EOXHDQGRUDQJHIODPHV0\KHDUWOHDSHGLQWRP\WKURDWLQWKDWLQVWDQWEXWDVKHPDGHQRWKUHDWHQLQJPRYH,FDOPHGP\VHOIDQGVSRNH
WRKLP³6LUZKRDUH\RXDQGZKDWLVWKLVSODFH"´

³,DPWKHJXDUGLDQRIWKHWUHH´KHVDLGQRGGLQJWRZDUGWKHWUHHQH[WWRKLP,WZDVDEHDXWLIXOWUHHRIPHGLXPKHLJKWIXOORIULSHIUXLW
WKDW , GLG QRW UHFRJQL]H 7KH WUHH VHHPHG WR EH DOLYH², PHDQ UHDOO\ DOLYH²IRU LW PRYHG DQG DSSHDUHG WR HQMR\ DQ XQEURNHQ DQG
XQVSRNHQFRPPXQLFDWLRQZLWKLWVJXDUGLDQ

³$VIRU\RXUTXHVWLRQDERXWWKLVSODFH´WKHJXDUGLDQFRQWLQXHG³\RXKDYHHQWHUHGDQXQVHHQUHDOPRIWLPHOHVVUHDOLW\7KHZRUGVRI
\RXUKHDUWRSHQHGWKHJDWHWR(GHQWKHSODFHRIRULJLQVZKHUHOLIHZDVJLYHQDQGOLIHZDVORVW,WZDV\RXUWLPHWRFRPHIRU\RXZHUH
GUDZQE\D3RZHUWKDWZRXOGQRORQJHUDOORZ\RXUWKLUVWWREHTXHQFKHGE\WKHZDWHUIURPWKHFXUVHGHDUWK´

³:KRXQORFNHGWKLVJDWHIRUPH"´,DVNHG

³1RRQHPD\HQWHUXQOHVVWKH.H\PDVWHU RSHQVWKHJDWHWRKLPDQGQRRQHFRPHVKHUHXQOHVVKHLVGUDZQ  7KLV LV WKH *DWH RI


'HDWKDQG/LIH7RHQWHUWKLVJDWHLVOLIHWROHDYHLVGHDWK

³%XW,ZDVDOLYHZKLOH,ZDVZDONLQJWRJHWKHUH´,SURWHVWHG

³<RX ZHUH GHDG ZKLOH \RX ZDONHG IRU \RX ZDONHG LQ WKH UHDOP RI GHDWK ZKHUH DOO DUH PRUWDO´ +H SDXVHG DQG WKHQ DQWLFLSDWHG D
TXHVWLRQ³7KHFXUVHRIGHDWKXSRQWKHHDUWKKDVDOUHDG\EHHQEURNHQOHJDOO\LQWKHFRXUWRIKHDYHQEXWWKHWLPHLVQRW\HWIXOO\ULSHWR
UHPRYHLW´

7KHVXUSULVLQJFKDQJHLQSDVVLQJWKURXJKWKHJDWHKDGFDXVHGPHWRIRUJHWWKDW,ZDVVWLOOYHU\WKLUVW\%XWDV,ORRNHGDWWKHULYHUFOHDU
DVFU\VWDO,UHPHPEHUHGWKDW,KDGQRW\HWTXHQFKHGP\WKLUVW<HW,KHVLWDWHGIRULIWKHPDQZLWKWKHIODPLQJVZRUGZHUHLQGHHGWKH
JXDUGLDQRIWKHWUHH,WKRXJKWSHUKDSVKHPLJKWDOVREHWKHJXDUGLDQRIWKHULYHU
6
³0D\,GULQNIURP\RXUULYHU"´,DVNHG³,UHDOO\DPTXLWHWKLUVW\´

³,WLVQRWP\ULYHU´KHUHSOLHG³<HW,SHUFHLYHWKDW\RXKDYHEHHQJLYHQSHUPLVVLRQWRGULQNDQGZHUHGUDZQKHUHEHFDXVH\RXDSSHDOHG
WRLWV&UHDWRUDQG2ZQHU<RXKDYHEHHQJUDQWHGDFFHVVWRWKHULYHURIOLIHDQGLWZLOOKHOS\RXWRVHHFOHDUO\DQGWRXQGHUVWDQGUHDOLW\´

³,VWKHUHDFRVW"´,DVNHGZDULO\

³,WLVSULFHOHVV´VDLGWKHJXDUGLDQ³IRULWVYDOXHLVIDUJUHDWHUWKDQ\RXRUDQ\RQHHOVH¶VDELOLW\WRSD\%XW2QHKDVJRQHEHIRUH\RXWR
SD\WKHSULFHRIDFFHVVWRWKLVZDWHU,WLVZULWWHQLQWKHODZVRIFUHDWLRQµ/HWWKHRQHZKRLVWKLUVW\FRPHOHWWKHRQHZKRZLVKHVWDNH
WKHZDWHURIOLIHZLWKRXWFRVW¶<RXGULQNDWWKHH[SHQVHRIDQRWKHU7KHZDWHUFRPHVIURPWKHVLGHRIWKHPRXQWDLQEHFDXVHLWIORZV
IURPWKHVLGHRIWKHRQHZKRSDLGWKHSULFH,WLVOLYLQJZDWHUSXUFKDVHGE\WKHGHDWKRIDVLQOHVV2QHDQGUHOHDVHGWRDWKLUVW\ZRUOGE\
WKHWKUXVWRIDVSHDU´

6DWLVILHGWKDW,KDGEHHQGUDZQE\XQVHHQFRUGVVSHFLILFDOO\WRJLYHPHDFFHVVWRWKLVULYHU,ZDONHGWRWKHHGJHRIWKHULYHUNQHOWGRZQ
FXSSHGP\KDQGVLQLWVFRROIORZDQGOLIWHGLWVOLIHWRP\PRXWK)URPWKHPRPHQWWKHOLYLQJZDWHUWRXFKHGP\OLSVLWVHHPHGWKDW,KDG
GUXQNIURPWKHVRXORIWKHPRXQWDLQ,WVVRXOLPPHUVHGPLQHDQG,ZDVUHVXUUHFWHGIURPGHDWKLQWROLIH

$V,ORRNHGXSWKHDWPRVSKHUHVHHPHGWRFKDQJH0\H\HVZHUHRSHQHGWRVHHP\ULDGVRIEHLQJVDERYHPHDQGEHVLGHPH(YHQWKRVH
DIDURII,FRXOGVHHDVFOHDUO\DVLIGLVWDQFHLWVHOIKDGFHDVHGWRH[LVW0\HQKDQFHGVHQVHVVXGGHQO\FRXOGIHHODOOWKLQJV6SRNHQZRUGV
ZHUHXQQHFHVVDU\IRUWKHZRUGVRIWKHJXDUGLDQKDGVXGGHQO\EHFRPHSDUWRIPHDQGKLVWKRXJKWVZHUHFRQGXFWHGLQVWDQWDQHRXVO\
ZLWKQRLQQHUUHVLVWDQFHRUEORFNDJH

0RUHLPSRUWDQWO\,VXGGHQO\KDGDJUHDWHUXQGHUVWDQGLQJRIDOOWKDWKHKDGVSRNHQWKXVIDU,VHQVHGWKDW,NQHZHYHU\WKLQJRUUDWKHU
WKDWDOOWKHNQRZOHGJHRIWKHXQLYHUVHZDVQRZDYDLODEOHWRPHZKHQ,FKRVHWRGUDZXSRQLW<HWWKHNQRZOHGJHRIFUHDWLRQDQGLWV
&UHDWRUZDVVRYDVWWKDWHYHQHWHUQLW\ZRXOGEHLQVXIILFLHQWWROHDUQDQGFRPSUHKHQGLWDOO,VDZWKDWXQLYHUVDONQRZOHGJHZDVDOLYHDQG
JURZLQJIDVWHUWKDQP\DELOLW\WROHDUQLWDOO

7KHZDWHUZDVOLIHLWVHOIDQGHYHU\GURSZDVDQHZZRUGRIUHYHODWLRQIURPWKH&UHDWRURIWKHPRXQWDLQDZDNHQLQJHYHU\FHOOLQP\
ERG\(DFKZRUGVHDUFKHGIRUDQ\WUDFHRIGHDWKVZDOORZLQJLWXSDQGUHSODFLQJLWZLWKOLIH

$V,WXUQHGRQFHDJDLQWRWKHJXDUGLDQKHSRLQWHGWRWKHWUHHDQGVDLG³7KLVWUHHVWDQGVDWWKHSRLQWRIWKHQRZZKHUHWLPHWUDQVLWLRQV

IURPZKDWZDVDQGZKDWZLOO\HWEH,WLVUHDOO\WZRWUHHVLQRQHIRUDVLQJOHWUHHKDVURRWVRQERWKVLGHVRIWKHULYHU (DFK KDV LWV


SXUSRVH²GLYHUVH\HWXOWLPDWHO\RQHIRUWKH\DUHLQDJUHHPHQW<HWRQHVLGHLVJUHDWHUWKDQWKHRWKHU´

³<RX PXVW XQGHUVWDQG WKH SULRULWLHV RI WKLV SODFH´ KH FRQWLQXHG ³,W LV XQODZIXO WR HDW RI WKH OHVVHU WUHH EHIRUH HDWLQJ RI WKH
JUHDWHU IRUWKHNQRZOHGJHWKDWUHVLGHVLQWKHOHVVHUPXVWUHPDLQVXERUGLQDWHWRWKHOLIHWKDWLVLQWKHJUHDWHU7KHOHVVHULPSDUWVWKH
XQGHUVWDQGLQJRIJRRGDQGHYLOWKDWLVZULWWHQLQWKHODZVRIWKHXQLYHUVH,WVNQRZOHGJHLVQHFHVVDU\WRFUHDWHVKDSHDQGIRUPDQGHYHQ
EHDXW\\HWDSDUWIURPWKHOLIHWKDWLVIRXQGRQO\LQWKHJUHDWHUWUHHDOOWKLQJVDFFRPSOLVKHGE\NQRZOHGJHUHPDLQGHDG´

³0DQ¶VSXUSRVHZDVWROLYHDQGPRYHDQGKDYHKLVEHLQJLQWKH&UHDWRU¶VLPDJHDQGWRFUHDWHOLYLQJWKLQJV+RZHYHUPHQIDLOHGWR
DFKLHYHWKLVFDOOLQJEHFDXVHWKH\VRXJKWNQRZOHGJHEHIRUHOLIH7KLVZDVFRQWUDU\WRWKHZLOORIWKH&UHDWRU´

+HWKHQSRLQWHGWRVRPHWKLQJRIIWRWKHVLGHZKLFKKDGHVFDSHGP\QRWLFHXQWLOWKDWPRPHQW,WZDVDOLIHOHVVPDQVOHHSLQJLQWKHGXVW
+LVIRUPZDVGLPDQG,NQHZLQVWLQFWLYHO\WKDWKHZDVQRWLQ(GHQEXWRQWKHRWKHUVLGHRIWKHYHLOLQWKHHDUWKO\GLPHQVLRQ

³+LVQDPH´VDLGWKHJXDUGLDQ³LV(DUWK\PDQWKHILUVWERUQRIDOOVXFKPHQWKHSURWRW\SHRIDOOZKRZDONLQPRUWDOLW\XSRQWKHHDUWK
$VORQJDVKHOLHVWKHUHDOOZKRDUHLQKLPUHPDLQGHDGKHOSOHVVDQGFXWRIIIURPWKHODQGRIWKHOLYLQJ+HZLOOQRWULVHDJDLQLQWKDW
IRUPIRUKLVVHQWHQFHZDVLUUHYHUVLEOH´

$VKLYHURIKRUURUVZHSWWKURXJKPHDQGVHHLQJWKLVWKHJXDUGLDQTXLFNO\DGGHG³'RQRWEHGLVWXUEHG7KH&UHDWRUZDVZLVHHQRXJKWR
WDNHWKLVLQWRDFFRXQWDQGWRHQVXUHDZD\WRUHVWRUHDOOWKLQJV7KLVROGPDQKDGWREHSXWWRGHDWKE\WKHMXVWLFHRIWKHODZEXWEHFDXVH
RIWKH&UHDWRU¶VORYHDQGPHUF\DQHZPDQZLOODULVHRXWRIWKHDVKHVRIWKHROG´

³,VWKHUHDQ\WKLQJ,FDQGRDERXWWKLV"´,DVNHG

³1R´KHVDLGVKDNLQJKLVKHDG³WKDWLVWKHUHVSRQVLELOLW\RIDQRWKHUZKRKDVWKDWFDOOLQJ)URPRXUSHUVSHFWLYHKHUHLQ(GHQZKHUHDOO
WLPH LV RQH +H KDV DOUHDG\ ILQLVKHG WKH ZRUN IRU WKDW SODQ ZDV SUHZULWWHQ DQG DFFRPSOLVKHG IURP WKH EHJLQQLQJ %XW IURP WKH
SHUVSHFWLYH EH\RQG WKH YHLO ZKHUH PHQ DUH ERXQG E\ WLPH DQG VSDFH DOO SUHZULWWHQ HYHQWV PXVW IROORZ VHTXHQFH DQG FRQVHTXHQFH
DFFRUGLQJWRWKHODZVRIWLPH´

,Q WKH KLVWRULHV RI WKH HDUWKO\ UHDOP LW LV ZULWWHQ DV \RX NQRZ WR VRPH H[WHQW WKDW WKH &DOOHG 2QH KDV DOUHDG\ WDNHQ WKH ILUVW VWHS
QHFHVVDU\WREULQJOLIH+LVILUVWZRUNKDVEHHQGRQHWRWKHIXOOVDWLVIDFWLRQRIWKHODZVRI&UHDWLRQ7KHILUVWZRUNKDVPDGHSRVVLEOHWKH 7
VHFRQGZRUNDVHFUHWRQO\IHZWUXO\XQGHUVWDQGDWWKLVWLPH´

³:KDWLVWKLVVHFUHWZRUN"´,DVNHGZLWKJUHDWDQWLFLSDWLRQ

³,WLVWKHVHFUHWRIDQHZFUHDWXUHWKDWLVEHJRWWHQE\WKH6SLULWRIWKH0RXQWDLQ,WJLYHVWKHVSLULWRIHDFKGHDGFUHDWXUHDQHZLGHQWLW\
QRWDVWKHROGZKLFKKDVSDVVHGDZD\DQGFDQQRWEHUHWULHYHGEXWDQHZSHUVRQXQWDLQWHGE\WKHGLVREHGLHQFHRIWKHLUDQFHVWRUDQGIUHH
IURPKLVVHQWHQFHRIGHDWK´

,FRQWHPSODWHGWKLVIRUDZKLOHDQGWKHQVSRNH³<HVWHUGD\,KHDUGWKH9RLFHFDOOPH$QDYDDQG+HWROGPHWKDWWKLVZDVWKHQDPHRI
P\QHZFUHDWLRQPDQ´

³<HV´VDLGWKHJXDUGLDQ<RXDUHQRORQJHUWKHVRQRIWKHGHDGPDQIRU$QDYDLVWKHVRQRIWKH9RLFH+LPVHOIEHJRWWHQE\WKH6SLULWRI
WKH0RXQWDLQ7KRXJK\RX\HWZDONLQIOHVKRQWKHRWKHUVLGHRIWKHYHLOWKDWIOHVKLV\RXUPRWKHUQRW\RXUIDWKHU´

,WKHQUHPHPEHUHG²LWPXVWKDYHEHHQWKHHIIHFWRIWKHOLYLQJZDWHU²WKDW,KDGJRQHEHIRUHWKHIDPLO\FRXUWRIKHDYHQWRGHFODUHWKH
9RLFHWREHP\UHDO)DWKHUWKH)DWKHURI$QDYD7KHUHDIWHU,ZDVQRORQJHUWKHVRQRIWKHGHDGPDQEXWRIWKH/LYLQJ2QHZKRVHVHHG
KDGEHJRWWHQWKH0HWKDW,ZDVFDOOHGWREHIURPWKHEHJLQQLQJDQGZKLFK,QRZDP

$IHHOLQJRIVDGQHVVDQGHYHQJULHIFDPHRYHUPHDQG,VDZWKHWHDUVIURPDJHVSDVWIORZRYHUPH,ZDVDZDUHWRRWKDWDOWKRXJKWKLV
IHHOLQJZHOOHGXSIURPZLWKLQPH,ZDVIHHOLQJWKHKHDUWRIWKH&UHDWRU+LPVHOIZKLFKKDGEHHQLPSDUWHGWRPHZKHQWKHILUVWGURSRI
OLYLQJZDWHUWRXFKHGP\OLSV,IHOWWKH&UHDWRU¶VVRUURZ+HZDVQRWDERYHHPRWLRQRULPPXQHWRWKHIHHOLQJVRIRXULQILUPLWLHV +H
KDGFRQVWUXFWHGWKHSODQIURPWKHEHJLQQLQJFRXQWLQJWKHSUHFLVHFRVWRISDUHQWKRRGQHFHVVDU\WREULQJDOOVRQVLQWRPDWXULW\

:LWKWKLVJULHI,IHOWDFHUWDLQUHDVVXUDQFHDQGZDVFRPIRUWHGLQWKHNQRZOHGJHWKDWQRQHRIXVRQHDUWKKDGEHHQOHIWDORQHLQRXUSDLQ
EXWWKDWWKHJUHDW&UHDWRURIWKHXQLYHUVHZDVZLOOLQJWRIHHOLWDOODVZHOO+HKDGGHFUHHGIURPWKHEHJLQQLQJWKDWDOOVXIIHULQJZDV
OLPLWHGE\WLPHDQGWKDWLWFRXOGQRWEHFRPSDUHGWRWKHJORU\WKDWZDVWRFRPHLQWKHHQG

)RUDORQJZKLOH,EDVNHGLQWKHUHYHODWLRQRIGLYLQHVXIIHULQJDQGXOWLPDWHJORU\7KHQWKHJXDUGLDQEURNHWKHORXGVLOHQFHVD\LQJ
³<RXZHUHOHGKHUHIRUWKHUHYHODWLRQQHFHVVDU\WRFRPSOHWH\RXUFDOOLQJ<RXDUH$QDYDDQGDVWKLVZDWHURIOLIHVSULQJVIRUWKIURP
\RXUVSLULWWKURXJK\RXUVRXOWRZDWHUWKHZRUOG\RXZLOOVKRZRWKHUVWKHPHDQLQJRIJUDFH7KHSURSKHWVKDYHUHYHDOHGLQWLPHVSDVW
WKDWKXPLOLW\LVWKHURRWRIDOOJUDFH*UDFHDORQHJUDQWVDFFHVVWRWKLVWUHHRIOLIHEXWJUDFHKDVEHHQPLVXQGHUVWRRGDQGPLVDSSOLHG

GXULQJWKHORQJGDUNDJHVRIPHQRQHDUWK´

+H FRQWLQXHG ³)RU D ORQJ WLPH WKH IODPLQJ VZRUG KDV JXDUGHG WKLV WUHH QRW WR NHHS SHRSOH IURP HDWLQJ LWV OLIHJLYLQJ IUXLW EXW WR
GLVFHUQZKRLVZRUWK\DQGZKHQ,ZDVJLYHQWKLVVZRUGDQGDVVLJQHGWKHWDVNRIJXDUGLQJWKHWUHHXQWLOPHQDQGZRPHQFDPHWKURXJK
WKHSURSHUJDWHVWKHJDWHVRISUDLVHDQGWKDQNVJLYLQJ7KHODZRIWKHVZRUGGLVFHUQVVRXODQGVSLULWDVZHOODVWKHWKRXJKWVDQGLQWHQWV
RIWKHKHDUW$OOZKRUHPDLQLQWKHHVWDWHRI(DUWK\PDQDUHIRUELGGHQWRHDWRILWIRUWKH\ZHUHDOOVROGLQWRERQGDJH1RGHEWRULV
DOORZHGWRHDWRIWKLVIUXLW´

³%XWGRHVWKDWQRWLQFOXGHHYHU\RQH"´,DVNHG³:KRWKHQFDQHDW"´0\RZQGHVLUHIRUWKDWIUXLWKDGEHHQJURZLQJZLWKLQPHDQG,ZDV
XQFHUWDLQLIWKHVZRUGZRXOGDOORZPHWRDFFHVVWKHWUHH

³0RVW RI WKRVH ZKR ZDON WKH HDUWK LGHQWLI\ ZLWK (DUWK\PDQ ZKR LV WKH JUHDW GHEWRU´ WKH JXDUGLDQ H[SODLQHG ³7KLV PDNHV WKHP DV
XQZRUWK\DVKH6XFKSHRSOHLGHQWLI\ZLWKWKHLUVRXOVDOORIZKLFKDUHGHULYHGIURPWKHRULJLQDOVRXORI(DUWK\PDQKLPVHOI%XWWKH
IODPLQJVZRUGFDQGLVWLQJXLVKDQGVHSDUDWHVRXOIURPVSLULW2QHZKRLGHQWLILHVZLWKKLVVSLULWLVQRORQJHUDFKLOGRI(DUWK\PDQEXWLV
EHJRWWHQE\WKH6SLULWRIWKH0RXQWDLQ6RXOEHJHWVVRXOVSLULWEHJHWVVSLULW´

:LWKDVXGGHQIODVKRILQVLJKW,H[FODLPHG³,VHHLWQRZ0\VRXOVHSDUDWHGIURPP\VSLULWZKHQ,FURVVHGWKHJUHDWGLYLGHDQGIRXQG
P\VHOILQWKLVSODFH´3RLQWLQJWRWKHGHDGERG\GLPO\YLVLEOHQHDUE\,DVNHGKLP³'LG,OHDYHP\VRXOLQWKDWROGPDQZKHQ,FDPH
LQWRWKLVSODFH"´

³<HV´KHUHSOLHG³WKDWLVKRZ\RXFURVVHGWKURXJKWKH*DWHRI'HDWKDQG/LIH:LWKRXWWKLVVHSDUDWLRQWKHJDWHZRXOGKDYHVWRSSHG
\RX²RUUDWKHU\RXQHYHUZRXOGKDYHIRXQG\RXUZD\KHUH)OHVKDQGEORRGFDQQRWSDVVWKURXJKWKHJDWH<RXKDGWROHDYHLWEHKLQG
\RX <RX DUH VSLULW DQG IRU WKLV UHDVRQ \RXU FRQVFLRXVQHVV LV KHUH DQG QRW LQ WKH ROG GHDG PDQ ,I WKLV ZHUH QRW VR \RX ZRXOG \HW
SHUFHLYH\RXUVHOIO\LQJXSRQWKHJUDVVLQWKDWUHDOP´

³7KLVIODPLQJVZRUGVHHPVTXLWHWKUHDWHQLQJ´,YHQWXUHG³EXWP\KHDUWSHUFHLYHVQRWKUHDW´

³7KDWLVEHFDXVH\RXUKHDUWLVLQWXQHZLWKWKHVZRUG7KHVZRUGKDVQRTXDUUHOZLWKWKRVHZKRVHKHDUWVEXUQZLWKWKHVDPHIODPHDVWKDW
ZKLFKLVLQWKHVZRUG$QGEHFDXVHWKHVZRUGFRQWDLQVWKH6SLULWRIWKH0RXQWDLQLWUHVRQDWHVZLWKDOOZKRDUHEHJRWWHQE\WKDW6SLULW
7RWKHPLWLVDVRXUFHRISRZHUDQGOLIHEXWWRWKHVRXOVZKRDUHSDUWRIWKHVRXORI(DUWK\PDQWKLVVZRUGLVWHUULI\LQJ´

8
+HFRQWLQXHG³7KHRQO\UHDVRQWKLVVZRUGLVDQHQHP\RIWKHVRXOLVEHFDXVHWKHVRXORI(DUWK\PDQLVERXQGWRGHDWK7KLVVZRUGLV
DOLYHIRULWZDVIRUJHGGHHSLQWKHKHDUWRIWKHPRXQWDLQE\WKHZRUGRIWKH/LYLQJ2QH'HDWKIHDUVOLIH+HZKRIHDUVLV\HWERXQGWR
GHDWK7KHRUDQJHIODPHLVWKHILHU\ODZIURPWKHWKURQHRIWKH$QFLHQWRI'D\VWKHEOXHIODPHLVWKHVDSSKLUHSDYHPHQWRQZKLFKWKH
WKURQHVLWV 7KHDQFLHQWSURSKHWVWROGSHRSOHWRZHDUDWKUHDGRIEOXHWRUHPLQGWKHPRIWKHODZ7KHEOXHIODPHLVDOVRWKHFRORURI
VN\IRULWUHSUHVHQWVWKHODZRIKHDYHQDQGWKH6SLULWRIOLIH

7KHQ OLIWLQJ KLV VZRUG KLJK LQWR WKH DLU WKH *XDUGLDQ SURFODLPHG ORXGO\ ³7KH 9RLFH KDV UHYHDOHG +LV ULJKWHRXV QDWXUH ZKLFK PHQ
FDOOWKHODZ,WLVWKHVWDQGDUGRIXQLYHUVDOPRUDOLW\DQGWKHUHIOHFWLRQRIGLYLQHFKDUDFWHUDQGLWVHWWOHVIRUQRWKLQJOHVVWKDQWKLVLQDOO
WKDWLWPHHWV0RUWDOVRXOVILQGLWLPSRVVLEOHWRPHHWLWVGHPDQGVDQGVRLWNLOOVHYHU\VRXO <HWWKHVDPHODZLVDOVRDSURPLVHWKDW
JLYHVOLIHWRHYHU\VSLULW´

³%XWKRZFDQWKHVDPHVZRUGPHWHRXWERWKOLIHDQGGHDWK"´,DVNHG

³,W WROHUDWHV QR GHYLDWLRQ IURP WKH ODZ´ KH UHSOLHG ³0RUWDO VRXOV FDQQRW KHOS EXW IDLO EXW WKRVH EHJRWWHQ E\ WKH OLYLQJ 6SLULW DUH
FKLOGUHQRIOLJKWZKROLYHE\WKDWULJKWHRXVVWDQGDUG,QWKHLUYHU\QDWXUHLVZULWWHQWKHVSLULWRIWKLVODZRIOLIH´

,SRQGHUHGWKLVIRUDPRPHQWLQRUGHUWRXQGHUVWDQGLWIXOO\)LQDOO\,VSRNHXSZLWKKXPEOHEROGQHVV³)URPWKHWLPHWKDW,ILUVWHQWHUHG
WKLVSODFH,KDYHGHVLUHGWRHDWIURPWKLVWUHHRIOLIH6LQFH,KDYHEHHQVHSDUDWHGIURPP\VRXODQGDPLGHQWLILHGZLWKP\VSLULWPD\,
HDWRIWKLVIUXLW"´

+HORRNHGLQWRP\H\HVWRVHDUFKP\KHDUW³<HV´KHVDLG³IRU\RXDUHDZRUGIURPWKH9RLFH$IODPLQJVZRUGLVZLWKLQ\RXEHDULQJ
ZLWQHVVWRP\VZRUG´

,VWHSSHGIRUZDUGDQGUHDFKHGRXWP\KDQGSLFNLQJRQHRIPDQ\IUXLWV$V,KHOGLWLQP\KDQGWKHOLYLQJIODPHVIURPWKHVZRUGLQWKH
KDQGRIWKHJXDUGLDQVKRWKLJKLQWRWKHEOXHVN\DVLILWZHUHMR\RXVO\FHOHEUDWLQJDJUHDWKROLGD\,KDGQRIHDUEXW,ZDVILOOHGZLWK
IDLWKIURPWKHZRUGWKDWZDVLQPH,WKHQSXWWKHIUXLWWRP\PRXWKDQGEHJDQWRDVVLPLODWHLWVVZHHWQHVV

:LWKHDFKPRXWKIXODVXUJHRIOLJKWDQGOLIHSXOVHGWKURXJKPHDQGP\H\HVZHUHHQOLJKWHQHG,QDPRPHQW,JDLQHGDFFHVVWRWKH
ZLVGRPRIWKHDJHVWKDWDORQHFRXOGXWLOL]HWKHNQRZOHGJHRIJRRGDQGHYLOLQWKHZD\WKDWWKH&UHDWRULQWHQGHGIURPWKHEHJLQQLQJ
:LVGRPVKRZHGPHLWVDELOLW\WRVWHZDUGWKHNQRZOHGJHRIJRRGDQGHYLOEXWQRQHWKHOHVV,WXUQHGWRWKHJXDUGLDQRQFHDJDLQWRDOORZ
KLPWRH[SODLQLWWRPH

³6RLWLVQRWWUXHDVPHQKDYHFODLPHG´,EHJDQ³WKDWWKH&UHDWRUGHVLUHGWRNHHSPHQLQLJQRUDQFHDQGLQGDUNQHVVZKHQ+HIRUEDGH
PHQWRHDWRIWKHWUHHRINQRZOHGJHRIJRRGDQGHYLO 6XFKFODLPVKDYHPDOLJQHGWKH&UHDWRUE\LPSO\LQJWKDW+HIHDUHGIUHHDQG
LQIRUPHG PHQ DQG ZRPHQ 0DQ\ KDYH WXUQHG WR WKH SRZHUV RI GDUNQHVV EHOLHYLQJ WKDW WKH &UHDWRU ZDV ZURQJ LQ GHQ\LQJ WKHP WKH
ZLVGRPIURPWKHWUHHRIWKHNQRZOHGJHRIJRRGDQGHYLO´

³7KDWLVFRUUHFW´VDLGWKHJXDUGLDQVDGO\³7KLVZDVWKHKLGGHQPRWLYHRIWKHVHUSHQWZKRWHPSWHGWKHRULJLQDOVWHZDUGVRIWKHHDUWK+H
TXHVWLRQHGWKHJRRGQHVVRIWKH&UHDWRUDQGSUHVHQWHGDVWLQJ\DQGVSLWHIXO3RZHUZKRZDQWHGWRNHHSPHQIURPUHDFKLQJWKHLUIXOO
SRWHQWLDOOHVWWKH\RYHUWKURZ+LP7KLVSHUYHUWHGYLHZRIWKH&UHDWRUZDVWKHXQVSRNHQOLHIURPWKHEHJLQQLQJ2QFHWKHLUPLQGVZHUH
EHJXLOHGDQGSHUYHUWHGWKH\DWHRIWKHWUHHRINQRZOHGJHEHIRUHHDWLQJRIWKHWUHHRIOLIH7KXVWKH\SUHIHUUHGNQRZOHGJHRIJRRGDQG
HYLODQGWKH\PLVWRRNWKLVIRUZLVGRPEHFDXVHWKHVKDGRZRIGHDWKEOLQGHGWKHLUH\HVWRWKHWUXWKWKDWZLVGRPLVWKHILUVWIUXLWRIWKH
WUHHRIOLIH´

³6RWKHTXHVWIRUNQRZOHGJH´,UHSOLHGNQRZLQJO\³EHFDPHWKHLUGRPLQDQWPRWLYHIRUWKH\WKRXJKWWKDWNQRZOHGJHFRXOGEULQJWKHP
OLIHUDWKHUWKDQOLIHEULQJLQJWKHPNQRZOHGJH%HOLHYLQJWKHPVHOYHVWREHZLVHWKH\EHFDPHIRROLVK DQGWKHLULGHDRIZLVGRPZDV
YDVWO\GLIIHUHQWIURPWKDWRIWKH&UHDWRU´

³7KDWLVWUXH´VDLGWKHJXDUGLDQ³(YHQVRRXWRIORYHWKH&UHDWRUZRXOGQRWSHUPLWWKHPWREHORFNHGSHUPDQHQWO\LQWRVXFKDVWDWHRI
GDUNQHVVQRUZRXOG+HDOORZ+LVFKLOGUHQWRUHPDLQLQDVWDWHRIGLVDJUHHPHQWZLWK+LP7KDWLVZK\WKH\FRXOGQRWEHDOORZHGDFFHVV
WRWKHWUHHRIOLIH,IWKH\KDGEHHQDEOHWRHDWRIWKLVWUHHDIWHUILUVWHDWLQJRIWKHRWKHUWKH\ZRXOGKDYHEHHQORFNHGSHUPDQHQWO\LQWRD
VWDWHRIGLVREHGLHQWLPPRUWDOLW\,QVXFKDVWDWHNQRZOHGJHZRXOGKDYHUXOHGRYHUZLVGRPDQGOLIH´

+HSDXVHGDJDLQPRPHQWDULO\DQGWKHQFRQWLQXHG³,I(DUWK\PDQKDGHDWHQILUVWIURPWKHWUHHRIOLIHKHZRXOGKDYHJDLQHGDOORIWKH
NQRZOHGJH LQ WKH IUXLW RI WKH RWKHU WUHH EXW KH ZRXOG KDYH REWDLQHG LW WKURXJK ZLVGRP LQ D ODZIXO PDQQHU ZLWK QR VHSDUDWLRQ DQG
GLVXQLW\«%XWWKHUHLVDGHHSHUFDXVHWKDWPRVWKDYHQRWXQGHUVWRRG´

³:KDWLVWKDW"´,DVNHG

³,I (DUWK\PDQ KDG GRQH HYHU\WKLQJ FRUUHFWO\ KH VWLOO ZRXOG KDYH ODFNHG H[SHULHQFH 7R NQRZ JRRG LV PHDQLQJOHVV ZLWKRXW
H[SHULHQFLQJHYLO+RZFDQRQHVSHDNRIOLJKWZLWKRXWNQRZLQJZKDWGDUNQHVVLV":LVGRPPD\EHNQRZQWKURXJKLWVRZQYLUWXHEXW
IXOO ZLVGRP LV XQGHUVWRRG RQO\ ZKHQ FRPSDUHG ZLWK IRROLVKQHVV 7KH &UHDWRU¶V ZLVGRP LV EH\RQG RXU FDSDFLW\ WR NQRZ %XW WKLV ,
NQRZWKDW(DUWK\PDQ¶VIDOODQGGHDWKZDVQRDFFLGHQWQRUGLGLWWDNHWKH&UHDWRUE\VXUSULVH,WZDVDOOWDNHQLQWRDFFRXQWIURPWKH
9
EHJLQQLQJDQGEXLOWLQWRWKHRULJLQDOEOXHSULQW%HFDXVHLWZDVLQWKHSODQIURPWKHEHJLQQLQJWKDWWKH&UHDWRU¶VZLOOVKRXOGEHYLRODWHG
WKHVROXWLRQZDVFRQWHPSODWHGDQGHVWDEOLVKHGDWWKHVDPHWLPHVRWKDWWKH&UHDWRUZRXOGVXFFHHGLQ+LVJRDODQGDFKLHYHWRWDOYLFWRU\
LQWKHHQG´

³,WLVFOHDUWKHQ´,UHVSRQGHGORRNLQJLQWRWKHJXDUGLDQ¶VH\HV³WKDWWKHNH\WRWKLVJUHDWHUXQGHUVWDQGLQJRIWKH0LQGRIWKH&UHDWRULV
WRNQRZWKHGLIIHUHQFHEHWZHHQ+LVZLOODQG+LVSODQ0HQKDYHYLRODWHG+LVZLOOIURPWKHEHJLQQLQJ²DQGFRQWLQXHWRGRVRWRWKLV
GD\²EXWQRWKLQJKDVJRQHEH\RQGWKHERXQGVRIWKHGLYLQHSODQ+HLVQHLWKHUVXUSULVHGQRUFRQIRXQGHGE\PHQ¶VIDLOXUHV1HLWKHULV
+HSRZHUOHVVWREULQJDOOPHQLQWRWKHSXUSRVHIRUZKLFKWKH\ZHUHFUHDWHG´

,DURVHDQGORRNHGLQWRWKHJXDUGLDQ¶VH\HVVHHLQJFOHDUO\WKHSUHVHQFHRIILUHGHHSZLWKLQKLP,KDGDOUHDG\VHHQWKH6SLULWRIWKH
0RXQWDLQLQKLVH\HVEXWQRZ,VDZWKDWWKHJXDUGLDQRIWKHWUHHZDVDOVR-RVHSKWKDWLVWKHUHDO-RVHSK+HDQG-RVHSKZHUHLQWKH
SURFHVVRIEHFRPLQJRQHDVKHDYHQDQGHDUWKPRYHGVWHDGLO\FORVHU

:LWKXQVSRNHQXQGHUVWDQGLQJEHWZHHQXV,FRXOGRQO\VWDQGDQGJD]HDWWKHJXDUGLDQZLWKJUDWHIXOQHVVDQGWKDQNVJLYLQJNQRZLQJWKDW
-RVHSKKDGIRXQGWKLVJDWHDQGKDGGLUHFWHGPHWRLWDVZHOO,VDZLQWKHJURRYHGIDFHRIWKHJXDUGLDQWKHVDPHOLQHVRIH[SHULHQFHWKDW,
KDGVHHQLQ-RVHSK¶VZLVHIDFHHDUOLHUWKDWPRUQLQJ,WKHQNQHZWKDW,ZDVVHHLQJWKHUHDO-RVHSKZKRVHVSLULWKDGOHGPHWRWKLVSODFH

,NQHZWKDWLWZDVWLPHWROHDYHIRU,FRXOGQRWUHPDLQLQ(GHQ$QHZGD\ZDVXSRQXVDQGDQHZWDVNOD\DKHDG(GHQZDVDJDUGHQ
IURPWKHSDVW0XFKZDWHURIKLVWRU\KDGSDVVHG0HQKDGLQFUHDVHGWKURXJKRXWWKHHDUWKDQGDFLW\ZDVEHLQJEXLOWWRDFFRPPRGDWH
WKHP(YHQWKHVZRUGLWVHOIZDVEHLQJUHSODFHGE\DQHQWLUHZDOO&UHDWLRQZDVFRQWLQXLQJDQGH[SHULHQFHZDVSUHSDULQJWKHSHRSOH
IRUDWLPHRIJORU\ZKHQDSSDUHQWGHIHDWZDVWRWXUQLQWRUHDOYLFWRU\

6R,VWHSSHGEDFNWKURXJKWKHJDWHDQGIRXQGP\VHOIO\LQJRQWKHJUDVVQH[WWRWKHEDEEOLQJULYHU,VDWXSZRQGHULQJLI,KDGMXVW
ZDNHQHGIURPDGUHDP<HW,ZDVQRORQJHUWKLUVW\,NQHZWKDWWKHSXUSRVHRIP\KLNHKDGEHHQIXOILOOHGDQGWKDWLWZDVWLPHWRUHWXUQWR
WKHORGJH,VWRRGXSDQGZDONHGVORZO\EDFNLQWKHZD\ZKLFK,KDGFRPHSRQGHULQJDOOWKDWKDGEHIDOOHQPHWKDWGD\

)RRWQRWHV

 -RKQ
 -RKQ
 *HQHVLV
 5HYHODWLRQ
 -RKQ
 ,VDLDK
 5HYHODWLRQ
 *HQHVLV
 $FWV
 &RULQWKLDQV$GDPPHDQV³HDUWK\´
 &RULQWKLDQV
 3HWHU*UHHNJHQQHDKHUHPHDQV³EHJRWWHQ´
 +HEUHZV
 5RPDQV
 7KHWLWOHRIDERRNE\$:7R]HU
 (SKHVLDQV
 +HEUHZV
 0DWWKHZ
 ([RGXV
 5RPDQV
 7KLVLVDEDVLFFODLPRIPDQ\RFFXOWLVWVZKRWKLQN*RGLVHYLOIRUUHVWUDLQLQJWKHPIURPHDWLQJRIWKHWUHHRIWKHNQRZOHGJHRIJRRG
DQGHYLO7KLVLGHDLVXVHGWRMXVWLI\WKHZRUVKLSRI/XFLIHURUWKHVHUSHQWZKRRIIHUVWKHPZLVGRPE\ZKLFKWKH\PD\EHFRPH
JRGV
 5RPDQV
 ,Q5RPDQVWKHOHPD LV WKH ³ZLOO´ RI *RG NQRZQ E\ WKH ODZ ZKLFK PHQ HYHU\ZKHUH UHVLVW ,Q 5RPDQV  ERXOHPD LV WKH
³ZLOO´ LHSODQ RI*RGZKLFKQRPDQFDQUHVLVW
 +HEUHZV5HYHODWLRQ
 =HFKDULDK

10
&KDSWHU
7KH5DLQERZ


7KH GD\ GDZQHG ZLWK WKUHDWV RI VKRZHUV FKDOOHQJHG TXLFNO\ E\ WKH EULJKW VXQ DV LW SHHNHG DURXQG WKH FRWWRQOLNH EOXIIV VHQGLQJ
IODPLQJVZRUGVRIOLJKWWKURXJKHDFKKROHLQWKHFORXGV,ZDVGHWHUPLQHGWKDWGD\WRWDNHDEDOORRQULGHWRYLHZWKHPRXQWDLQIURPD
KLJKHUSHUVSHFWLYH:KHQ,ILUVWDUULYHGDWWKHORGJHDIHZGD\VHDUOLHU,KDGSDVVHGDEDOORRQULGHEXVLQHVVEXW,KDGQRWSDLGPXFK
DWWHQWLRQWRLWXQWLOODWHUZKHQP\LQWHUHVWLQWKHPRXQWDLQZDVSLTXHG

$V , GURYH VORZO\ GRZQ WKH QDUURZ URDG HDVW RI WKH ORGJH , KRSHG WKDW LW ZRXOG QRW UDLQ IRU WKDW ZRXOG FHUWDLQO\ UHVXOW LQ WKH
FDQFHOODWLRQRIDOOEDOORRQULGHV,KDGQRWJRQHIDUZKHQ,VDZDODPEO\LQJDVKRUWGLVWDQFHIURPWKHURDG,WDSSHDUHGWREHLQMXUHGRU
GHDGDQG,IHOWDVXGGHQFRPSDVVLRQIRULW,VWRSSHGWKHWUXFNDQGZDONHGTXLFNO\WRWKHVSRWRQO\WRILQGWKDWODPEKDGEHHQWRUQDSDUW
E\DQDQLPDOZKLOHPHQVOHSW

3UHGDWRU\EHDVWV,PXVHGVLOHQWO\,WPXVWKDYHEHHQDZROI,WLVLQWKHLUQDWXUHWRNLOODQGWRHDW%XWWKLVODPEZDVQRWHDWHQ:KDWHYHU
NLOOHGLWZDVQRWKXQJU\EXWDWWDFNHGWKHKHOSOHVVFUHDWXUHRQO\EHFDXVHLWKDGWKHSRZHUWRGRVR

,FDUHIXOO\SLFNHGXSWKHODPEDQGWRRNLWEDFNWRP\WUXFNQRWTXLWHVXUHZKDWHOVHWRGR7KHQFRQWLQXLQJGRZQWKHURDG,IRXQGP\
GHVWLQDWLRQMXVWDURXQGWKHQH[WEHQG7KHWXUQRIIZDVDJUDYHOURDGOHDGLQJXQGHUDQDUFKZD\RQZKLFKZDVDVLJQ³+HDYHQO\%DOORRQ
5LGHV´

7KLVZDVWKHSODFH%XWZKDW,KDGPLVVHGDIHZGD\VHDUOLHULQP\HDJHUQHVVWRUHDFKWKHORGJHZDVWKDWLWDOVRKDGRWKHUDFWLYLWLHV7KH\
DGYHUWLVHGFDPHOULGHVIRUWKRVHZKRZDQWHGWRIHHOH[RWLFIRUDGD\DQGWKHUHZDVDSHWWLQJ]RRIRUVPDOOFKLOGUHQ7KHSHWWLQJ]RR
LQFOXGHGVRPHODPEVIRUWKH\ZHUHJHQWOHDQGORYLQJ²LGHDOIRUGHOLJKWLQJFKLOGUHQ

,UHDOL]HGWKHQWKDWWKHGHDGODPEKDGFRPHIURPWKLVSHWWLQJ]RRDQGWKDWLWKDGZDQGHUHGLQWRWKHGDQJHURIWKHZRUOGRXWVLGH3LFNLQJ
XS WKH ODPE LQ P\ DUPV , FDUULHG LW WKURXJK WKH VPDOO FURZG RI H[FLWHG DQG FKDWWHULQJ IDPLOLHV WRZDUG D PDQ ZKR VHHPHG WR EH LQ
FKDUJH:KHQKHVDZPHFRPLQJZLWKP\OLIHOHVVEXUGHQKHLPPHGLDWHO\JURDQHGWKUHZXSKLVDUPVDQGUDQWRZDUGPH³2K´KH

PRDQHGVSHDNLQJWRWKHODPE³7KHUH\RXDUH,NQHZWKLVZRXOGKDSSHQ´

7KHQWXUQLQJWRPHKHDVNHGZLWKWHDUVLQKLVH\HV³:KHUHGLG\RXILQGKLP"´

³1RWIDUXSWKHURDG´,DQVZHUHG³,WORRNVOLNHDZLOGDQLPDONLOOHGKLPVRPHWLPHGXULQJWKHQLJKW´

³+HUHOHWPHWDNHKLPIURP\RX´KHUHVSRQGHG³,¶P-RVKXD,RZQWKLVSODFHDQGWKLVODPEZDVOLNHIDPLO\+HZDVHYHU\FKLOG¶V
IDYRULWHODPEVRIXOORIORYHIRUDOORIWKHP´

,JDYH-RVKXDWKHODPEWKDWKHORYHG+HWXUQHGDQGFDUULHGLWVORZO\WRWKHPDLQEXLOGLQJNLVVLQJDQGVTXHH]LQJLWWKHZKROHZD\0\
FKHVWVKRZHGVPXGJHVRIGULHGEORRGEXW,GHFLGHGQRWWRUHWXUQWRWKHORGJHWRFKDQJHLQWRDFOHDQVKLUW1RZWKDW,ZDVKHUH,ZDV
GHWHUPLQHGWRWDNHDEDOORRQULGHZKLOHWKHZHDWKHUVWLOOFRRSHUDWHG

³7KHULGHLVIUHHIRU\RX´VDLGWKHODG\DWWKHWLFNHWFRXQWHUORRNLQJDWWKHEORRGRQP\VKLUW³:KHQ\RXEURXJKWRXUEHORYHGODPEWR
XVWKDWZDVPRUHWKDQHQRXJKWRSD\IRU\RXUULGH´

³7KDQN\RX´,UHVSRQGHG³:KHQZLOOWKHQH[WULGHEHJLQ"´

³1LQHR¶FORFNVKDUS´VKHVDLG

³$UHWKHUHQRRWKHUVEHIRUHPH"´,DVNHG

³0DQ\ZDQWDULGHEXW\RXEURXJKWWKHODPE´VKHVDLGHPSKDWLFDOO\

,JODQFHGDWP\ZDWFKDQGVDZWKDW,KDGDERXWWZHQW\PLQXWHVLQZKLFKWRORRNDURXQG7KHUHZHUHJDUGHQVQHDUE\KDYLQJZDONZD\V
OLQHGZLWKEHDXWLIXOIORZHUV,VWUROOHGDPRQJWKHIORZHUVHQMR\LQJWKHIUDJUDQFHDQGQDWXUDOEHDXW\RIFUHDWLRQ,ZDONHGGRZQ5RVH
/DQHDGPLULQJWKHSLQNUHGDQGZKLWHURVHVWKDWEHFNRQHGPHZLWKWKHLUSHWDOVOLNHJURXSVRIJLJJOLQJ\RXQJSHUIXPHGODGLHVKRSLQJ
WRDWWUDFWWKHDWWHQWLRQRIKDQGVRPH\RXQJEHDXV

³6RDWWUDFWLYH´,VDLGDORXG³DQG\HWVRWUDQVLHQW$OOIOHVKLVOLNHJUDVV*UDVVZLWKHUVDQGWKHIORZHUIDGHV+RZFDQVRPHWKLQJVR
11
ORYHO\IORXULVKDQGIDGHVRTXLFNO\"´

,KDGYHU\OLWWOHWLPHWRDSSUHFLDWHWKHEHDXW\RIWKHURVHVEHIRUH,QHHGHGWRHQWHUWKHURSHGRIIDUHDRIEDOORRQULGHV,FRXOGKHDUWKH
QRLVHIURPWKHKHDWHUVDQGIDQVWKDWZHUHDOUHDG\ILOOLQJWKHEDOORRQVZLWKKRWDLU:KHQ,FDPHWRWKHORZJDWHWKHVLJQDERYHLWUHDG
KXPRURXVO\³/DPEV2QO\1R&DPHOV´

,VPLOHG7KHRZQHURIWKHEXVLQHVVZDVREYLRXVO\FDWHULQJWRFKLOGUHQ7KHJDWHZDVORZHQRXJKWRPDNHLWYHU\GLIILFXOWIRUDWDOO
SURXGFDPHOWRJRWKURXJKLW%HLQJRIQRUPDOKHLJKWHYHQ,KDGWRERZORZWRHQWHUWKHJDWH

-XVWWKHQ-RVKXDFDPHUXQQLQJWRZDUGPH³,ZDQWWRWDNH\RXRQWKHULGHP\VHOI´KHH[SODLQHG³7KDWZD\ZHZLOOQRWEHERXQGE\WKH
FORFN,ZDQWWREHVXUHWKDW\RXKDYHWKHEHVWH[SHULHQFHRI\RXUOLIH´

,WKDQNHGKLPJUDWHIXOIRUKLVNLQGQHVV$VHQVHRIDQWLFLSDWLRQFRQWLQXHGWRVZHOOZLWKLQPH,NQHZWKLVZDVGHVWLQHGWREHDQRWKHU
WLPHRIVSLULWXDOJURZWKDQGWKDW,ZRXOGEHDEOHWRVHH5HYHODWLRQ0RXQWDLQIURPDKLJKHUYDQWDJHSRLQWWKDQ,KDGVHHQEHIRUH,KDG
DOUHDG\VHHQWKHLQVLGHRIWKHPRXQWDLQDQGKDGVHHQLWIURPLWVVLGHEXWQRZ,ZRXOGVHHLWIURPDERYH

7KHEDOORRQZDVGHVLJQHGZLWKUDLQERZFRORUHGQ\ORQRYHUODLGE\DQDPHLQODUJHOHWWHUV)$,7+7KLVZDVWRGLVWLQJXLVKLWIURPWKH
RWKHUEDOORRQVHDFKRIZKLFKKDGLWVRZQQDPH³:HDUHWDNLQJWKH)DLWKUDLQERZWRGD\´-RVKXDWROGPHZLWKDFKXFNOH³,WWDNHVUHDO
IDLWKWRULGHVRKLJK0DQ\SHRSOHDUHWRRDIUDLGWRWDNHWKHULVN´

,DJUHHGZLWKKLP$Q\QXPEHURIWKLQJVFRXOGJRZURQJ²HTXLSPHQWIDLOXUHUXQQLQJRXWRISURSDQHDLUSODQHVIO\LQJLQWKHDUHDRU
DGYHUVHZHDWKHU,SXWDOOGRXEWVDVLGHDQGGHWHUPLQHGWREHOLHYHWKDWWKLVWULSZDVSUHGHWHUPLQHGE\DKLJKHU3RZHUWREHDUHYHODWLRQ
WULSIRUOLIHDKHDGQRWDOLIHHQGLQJGLVDVWHU

$VWKHEDOORRQDVFHQGHGVORZO\WZRJUHDWDQGFRORUIXODUFKHVDSSHDUHGKLJKLQWKHVN\KRYHULQJRYHUWKHHDUWK³/RRNDWWKHGRXEOH
UDLQERZ´-RVKXDH[FODLPHG³7KLVZLOOEHDEOHVVHGULGH$UDLQERZLVDSURPLVHIURPWKH&UHDWRU\RXNQRZ´

³<HV,NQRZ´,UHVSRQGHG³,ZRQGHUZKDWWKLVGD\ZLOOEULQJ´

,QDIHZPLQXWHVWKHEDOORRQZDVOLIWLQJXVLQWKHEDVNHWKLJKHUDQGKLJKHULQWRWKHVWLOOQHVVIDUDERYHWKHQRLV\FURZGDWWKHKRPHEDVH

:HURVHKLJKHUDQGKLJKHU,WZDVDVLIWKHUDLQERZFRORUHGEDOORRQZDVEHLQJDWWUDFWHGE\NLQGUHGVSLULWVDQGWKDWWKH\ZHUHJDWKHULQJ
IRUDIDPLO\UHXQLRQDIWHUDORQJWLPHRIVHSDUDWLRQ

-RVKXD SXOOHG WKH FRUG DQG WKH VLOHQFH ZDV VKDWWHUHG E\ WKH ORXG H[SORVLRQ RI ILUH DQG KRW DLU VKRRWLQJ XS LQWR WKH EDOORRQ 2XU
DVFHQVLRQ TXLFNHQHG ZLWK HDFK EODVW RI ILUH +RZ DPD]LQJ LW ZDV WKDW KHDWHG ZLQG IURP WKLV ILUH FRXOG WDNH XV VR KLJK LQWR WKH
KHDYHQV$VDOORIWKHVPDOOREMHFWVDQGSHRSOHRQWKHJURXQGIDGHGIURPYLHZWKHELJSLFWXUHRIFUHDWLRQEHJDQWRHPHUJH,WIHOWOLNH
ZHZHUHVXVSHQGHGLQDUHDOPEHWZHHQKHDYHQDQGHDUWK:HZHUHQRWTXLWHLQKHDYHQDQGQRWTXLWHRQHDUWK

%XWRQHXQXVXDOWKLQJZDVRFFXUULQJ,WVHHPHGWKDWZHZHUHGUDZLQJQHDUWRWKHUDLQERZDVLILWKDGEXPSHGXSDJDLQVWDKHDYHQO\
FHLOLQJDQGFRXOGJRQRKLJKHU:HRQWKHRWKHUKDQGFRQWLQXHGWRDVFHQGGUDZLQJQHDUHUDQGQHDUHUWRLWVEULJKWFRORUV7KHRUGHURI
WKHFRORUVVHHPHGGLIIHUHQWIURPDQRUPDOUDLQERZ,QIDFWHYHU\WKLQJZDVTXLWHGLIIHUHQWIRUUDLQERZVDOZD\VIOHHDQGRQHFDQQHYHU
FDWFKWKHP

,FRXOGVRRQVHHWKDWHDFKFRORUZDVMRLQHGWRLWVQHLJKERUE\DEOHQGRIWZRFRORUVLQDSHUIHFWPDUULDJH(DFKEOHQGUHPLQGHGPHRIWKH
JUHDWPDUULDJHEHWZHHQKHDYHQDQGHDUWKHDFKFRQWULEXWLQJVRPHWKLQJRILWVHOIWRWKHRWKHUWRIRUPDXQLTXHFRORULQLWVHOI

0\WKRXJKWVGULIWHGEDFNWRWKH*XDUGLDQZKRVDLGVRPHWKLQJWKDW,KDGIRUJRWWHQXQWLOQRZ,QWKHEHJLQQLQJPHQDQGZRPHQZHUH
LQGLYLGXDOO\FUHDWHGZLWKDVRXODQGVSLULWWKDWZDVGHVLJQHGWRIRUPDSHUIHFWLQQHUPDUULDJH$OWKRXJKWKLVPDUULDJHZDVVKDWWHUHGE\
WKHILUVWGLVREHGLHQWDFWWKHRULJLQDOLQWHQWRIWKH&UHDWRUZLOOQRWEHGHQLHGE\WKHZLOORIDQ\LQIHULRUSRZHU7KHGLVKDUPRQ\EHWZHHQ
VRXODQGVSLULWFUHDWHGDGHWRXUQRWDURDGEORFN7KHGHWRXULWVHOIEXLOWXSRQSDUWLFOHVRIWLPHZDVSODQQHGIURPWKHEHJLQQLQJLQRUGHU
WKDWZHPLJKWOHDUQSDWLHQFHWKURXJKZKLFKH[SHULHQFHLVREWDLQHG([SHULHQFHLVQHFHVVDU\WRFRPSOHWHRXUIRUPDWLRQDQGWREULQJDOO
RIXVLQWRPDWXULW\DVVRQVRIWKH&UHDWRU

,QWKHVLOHQFHRIRXUVXVSHQVLRQLQWLPHDQGVSDFH,VRRQHQJDJHGLQDGHHSGLVFXVVLRQZLWK-RVKXDZKRE\WKLVWLPHKDGRSHQHGXSKLV
KHDUWWREULQJIRUWKLWVWUHDVXUHVRIDQFLHQWDQGSUHVHQWZLVGRP +HVHHPHGWRKDYHDVHFXUHXQGHUVWDQGLQJRIVRXODQGVSLULWWKH
RULJLQDOSXUSRVHRIHDFKWKHLUFRQIOLFWWKURXJKRXWWKHDJHVDQGWKHLUXOWLPDWHUHXQLILFDWLRQZKHQH[SHULHQFHKDGUXQLWVFRXUVH

³7KHILUVWGLVREHGLHQFH´KHDVVHUWHGNQRZLQJO\³QRWRQO\EURXJKWPDQ¶VVHSDUDWLRQIURPKLV&UHDWRUEXWDOVREURXJKWGLYLVLRQDQG
WHQVLRQEHWZHHQVRXODQGVSLULW:KHQRXUILUVWSDUHQWVDWHIURPWKHWUHHRINQRZOHGJHEHIRUHWKHWUHHRIOLIHWKH\PDGHNQRZOHGJH
GRPLQDQWRYHUOLIHDQGWKXVIRUJRWWKDWZLVGRPHPDQDWHVIURPOLIH7KH\ZHUHWKHQGHFHLYHGLQWRFRQIRXQGLQJZLVGRPZLWKNQRZOHGJH
%\JLYLQJNQRZOHGJHSULRULW\RYHUOLIHWKH\UHYHUVHGWKHRULJLQDOFUHDWHGRUGHUDQGWKLVFDQEHUHFWLILHGRQO\E\WLPHDQGH[SHULHQFH´
12
+HSDXVHGEXW,UHPDLQHGVLOHQWDQGFRQWHPSODWLYH³7KHVDPHKDVWDNHQSODFHZLWKLQHDFKRIXVLQUHJDUGWRVRXODQGVSLULW7KHVSLULW
LVRXUWUHHRIOLIHDQGWKHVRXOLVRXUWUHHRINQRZOHGJH7KHRULJLQDOGLVREHGLHQWDFWVHWLQWRPRWLRQWKHGRPLQDQFHRIVRXORYHUVSLULW
DQGVLQFHWKDWWLPHPHQKDYHJLYHQSULRULW\WRVRXOLVKNQRZOHGJHUDWKHUWKDQWRVSLULWXDOOLIHDQGLWVZLVGRP´

³2QH RI RXU PRVW IRUPLGDEOH KLQGUDQFHV´ KH H[SODLQHG ³LV LQ WKH IDFW WKDW PRUWDO VRXOV DUH LPSDWLHQW %HLQJ OLPLWHG E\ WLPH VRXOV
FRQWLQXDOO\IHHODQDJJUHVVLYHXUJHQF\WRKDYHHYHU\WKLQJ12:7KHVSLULWKDYLQJQRVXFKOLPLWDWLRQVOLYHVSDWLHQWO\DQGHYHQKXPEO\
XQGHUWKHGRPLQLRQRIWKHPRUWDOVRXOXQWLODEHJRWWHQVRQRIWKH&UHDWRUXVHVKLVDXWKRULW\WRUHVWRUHWKHVSLULWWRLWVULJKWIXOSODFHRI
DXWKRULW\7KLVUHVWRUHVSURSHUODZDQGRUGHU´

³6R´,UHVSRQGHG³LVWKHSHUIHFWPDUULDJHRIVRXODQGVSLULWDUHODWLRQVKLSZKHUHLQWKHVSLULWGRPLQDWHVWKHVRXO"´

³1RWH[DFWO\´-RVKXDVDLG³/DZDQGRUGHULVDPHDQVWRDQHQGQRWWKH&UHDWRU¶VJRDO/RRNDWWKHEOHQGRIFRORUVLQWKHUDLQERZ
ZKHUHWKHWZRPHHWLQSHUIHFWPDUULDJH'RHVRQHFRORUUXOHRYHUWKHRWKHU"%HFDXVHWKH\DUHDUUDQJHGLQRUGHUZLWKRQHFRORUDERYH
WKHRWKHULWDSSHDUVWKDWRQHGRPLQDWHVWKHRWKHUEXWLI\RXORRNPRUHFORVHO\WKHFRORUVEOHQGKDUPRQLRXVO\ZKHUHWKH\LQWHUVHFW´

³<HV,FDQVHHWKDWWKHUHDUHWZRZD\VWRYLHZWKLV´,VDLG

³7KHVSLULWXQGHUVWDQGVWKDWWLPHPXVWEHVWHZDUGHGDQGQRWUXOHG7KHVSLULWNQRZVWKDWWLPHEHORQJVWRWKH&UHDWRUZKREHJDWLWE\+LV
ZRUG DQGWKDWWLPHPDUFKHVRQDWLWVVWHDG\SDFHXQDFFRXQWDEOHWRDQ\RWKHUFUHDWHGEHLQJ%XWVKRXOGRQHGRPLQDWHWKHRWKHU"´

³1RHDFKVKRXOGIUHHO\FRQWULEXWHLWVRZQVWUHQJWKWRWKHRWKHUHTXDOO\´

³([DFWO\´KHVDLGQRGGLQJKLVKHDG³'RPLQDQFHFDQQRWEXWHVWDEOLVKVRPHIRUPRIERQGDJHKRZHYHUEHQHYROHQWLWPD\EHDSSOLHG
1RVXFKWKLQJDVDXWKRULW\RUGRPLQDQFHHYHQH[LVWHGXQWLOGLVREHGLHQFHPDGHLWQHFHVVDU\ :KHQWKHVRXOEHJDQWRGRPLQDWHWKH
VSLULWIHOWWKHQHHGWRUHVWRUHKDUPRQ\7KH&UHDWRUWKXVFRPPDQGHGWKHVSLULWWRUHJDLQLWVSRVLWLRQQRWE\IRUFHEXWE\WKHSRZHURI
ORYHVRWKDWLWFRXOGUHVWRUHWKHUHODWLRQVKLSWRDSODFHRIKDUPRQ\DQGDJUHHPHQW,QWKHHQGZKHQWKLVLVDFKLHYHGGRPLQDQFHDQG
DXWKRULW\EHFRPHLUUHOHYDQWIRUWKHWZRKDYHEHFRPHRQHDQGWKHWZRFRORUVDUHSHUIHFWO\EOHQGHG´

³,XQGHUVWDQG´,UHVSRQGHG³$XWKRULW\ZDVQRWLPSDUWHGXQWLOWKHQHHGIRULWDURVH$QGLQWKHHQGDXWKRULW\ZLOOEHVZDOORZHGXSE\
DJUHHPHQW,OHDUQHGWKLVIURPWKH9RLFHLQWKHPRXQWDLQ´

-RVKXDORRNHGDWPHLQWHQWO\DVLISRQGHULQJDTXHVWLRQEXWKHVDLGQRWKLQJ%\WKLVWLPHZHKDGUHDFKHGWKHERWWRPFRORURIWKHILUVWRI
WKHWZRUDLQERZV,FRXOGVHHFOHDUO\KRZWKHVWURQJYLROHWOLJKWUHDFKHGIRUWKLWVKHDUWWRHPEUDFHWKHEOXHOLJKWWKDWZDVLWVFRPSDQLRQ
,UHDFKHGRXWP\KDQGDQGZKHQ,WRXFKHGLW,KHDUGWKHYRLFHRIWKHUDLQERZVSHDN³&RYHQDQW´

7KH9RLFHVKDWWHUHGWKHFRROVWLOOQHVVOLNHWKXQGHUDQGERWK-RVKXDDQG,MXPSHGZLWKPRPHQWDU\WHUURU³7KHUDLQERZVSHDNV´-RVKXD
H[FODLPHGDIWHUUHJDLQLQJKLVFRPSRVXUH

³<HVLWDSSHDUVWKDWWKLVLVDQRWKHUUHYHODWRU\PRPHQW´,UHSOLHG7KRXJKWKH9RLFHLQWKHFDYHKDGFRPHPRUHVRIWO\DQGZLWKDZDUP
JORZ,UHFRJQL]HGWKDWLWZDVWKHVDPH9RLFH%XWWKLVWLPHLWZDVDVLIDSRZHUIXOEROWRIOLJKWQLQJKDGVWUXFNWKHVSRWQH[WWRXV

³:KDWGR\RXPHDQFRYHQDQW"´,DVNHGWXUQLQJWRZDUGWKHUDLQERZ

³,KDYHPDGHDFRYHQDQWZLWKWKHZKROHHDUWK,WLV0\SURPLVHWRHYHU\OLYLQJFUHDWXUHRQLWVIDFH7KLVUDLQERZLVP\VLJQDWXUHIRUDOO
WRVHHZKHQHYHUWKHUHLVUDLQIRU0\JORU\ZLOOEHSRXUHGRXWXSRQDOOIOHVKDVWKHIRUPHUDQGODWWHUUDLQ´

³:K\WKHQDUHWKHUHWZRUDLQERZV"´,DVNHGFXULRXVO\

³,KDYHPDGHWZRFRYHQDQWVZLWKDOOIOHVK´WKH9RLFHUHSOLHG³7KHILUVWZDVDFRYHQDQWEDVHGRQPHQ¶VSURPLVH WRFRQIRUPWR0\
LPDJH DQG 0\ VWDQGDUG RI EHKDYLRU 7LPH KDV SURYHQ DV DOO PHQ FDQ QRZ VHH WKDW DOO IOHVK KDV IDLOHG 6R , KDYH PDGH D VHFRQG
FRYHQDQWWKLVRQHEDVHGRQ0\SURPLVHDORQHLQRUGHUWRHQVXUHLWVVXFFHVV $QG,ZLOOQRWIDLOWRVHW0\JORU\LQWKHZKROHHDUWK
HYHQDVZDWHUIXOO\FRYHUVWKHVHD´

³6RWKHUDLQERZDERYHWKLVRQHUHSUHVHQWV<RXUSURPLVHDQGLVJUHDWHUWKDQWKHORZHURQH"´,DVNHGZLWKKHVLWDWLRQQRWZDQWLQJWREH
RIIHQVLYHWRWKH9RLFH

³%RWKKDYHEHHQQHFHVVDU\EXWWKHILUVWZDVJLYHQWRSURYHPHQLQFDSDEOHZKLOHWKHVHFRQGZDVJLYHQWRSURYHWKDW,DPDEOH´

³<HWERWKUDLQERZVKDYHWKHVDPHFRORUVDQGORRNYHU\PXFKDOLNH´,UHSOLHG

³7KHJRDORIHDFKLVWKHVDPHWKHUHVSRQVLEOHSDUWLHVDUHGLIIHUHQW,QWKHILUVWPDQPXVWWU\WRIXOILOOKLVYRZE\KLVRZQVWUHQJWKRI
13
ZLOO:KHQLWLVFOHDUWKDWQRPDQFDQVXFFHHGWKHQDOOPXVWDFFHSWWKHWUXWKWKDWRQO\,FDQFRQIRUPWKHPWR0\LPDJH)DLOXUHLVQRWDQ
RSWLRQ´

7KHSRZHURIWKHGHHS9RLFHZDVLUUHVLVWLEOHDQG,NQHZWKHGD\ZRXOGFRPHKRZHYHUORQJLWPLJKWWDNHZKHQWKH9RLFHZRXOGKDYH
WKHULJKWWKHSRZHUDQGWKHZLOOWRGUDZDOOPHQLQWR+LV.LQJGRPLQVSLWHRIWKHLUFXUUHQWUHVLVWDQFH

³'RWKHVHYHQFRORUVRIWKHUDLQERZUHSUHVHQWWKHGLYHUVLW\RIFUHDWLRQLWVHOI"´,DVNHG

³<HVDQGHDFKZDVFUHDWHGLQLWVWXUQ6WUHWFKIRUWK\RXUKDQGWRXFKWKHFRORUVRQHE\RQHDQGWKH\ZLOOUHYHDOWKHPVHOYHV´WKH9RLFH
VDLGZLWKDFRPPDQGLQJWRQH

,UHDFKHGRXWRQFHDJDLQDQGWRXFKHGWKHYLROHWOLJKWDQGLWVSRNH³/LJKW´ 7KDWVLQJOHZRUGKRZHYHUZDVSUHJQDQWZLWKDZKROH
EURRG RI RIIVSULQJ 5HYHODWLRQ LV OLNH D NH\ WKDW RSHQV WKH GRRU RI D KXJH PDQVLRQ SDFNHG ZLWK QXJJHWV RI WUXWK DQG WRUUHQWV RI
XQGHUVWDQGLQJ6ROLJKWLPSOLHGGDUNQHVV\HWDVVHUWHGLWVDXWKRULW\:KHUHYHUOLJKWVHWLWVIRRWGDUNQHVVFHDVHGWRH[LVW

)XUWKHU,VDZFKLOGUHQRIOLJKWDQGFKLOGUHQRIGDUNQHVV,VDZWKDWWKHGDUNQHVVZLWKLQPHQWKRXJKHQFORVHGDQGSURWHFWHGRQDOOVLGHV
ZRXOGILQDOO\EHGLVFRYHUHGDQGVZDOORZHGXSE\WKLVSULPDOOLJKW7KDWLVWKHQDWXUHRIOLJKWDQGWKHSRZHURILWVZLOODQGWKH9RLFH
VSRNHDVHFRQGWLPHZLWKDVDWLVILHGWRQHVD\LQJ³,WLVJRRG´

-RVKXDEURXJKWWKHEDVNHWKLJKHUDQG,WKUXVWP\KDQGLQWRWKHEOXHOLJKW,PPHGLDWHO\WKHWKXQGHURXV9RLFHRIWKHEOXHOLJKWVSRNH
³'XDO:DWHUV´,VDZRULJLQDOZDWHUVVHSDUDWHRQHIORZLQJLQWRWKHHDUWKDQGWKHRWKHULQWRWKHKHDYHQV,NQHZWKDWWKHVHZHUHOD\HUV
RIWUXWKVHSDUDWHGE\WKHVHFRQGKHDYHQWKHSODFHRIDOOVSLULWXDOZDUIDUH,WZDVWKHJUHDWEDWWOHJURXQGRIWKHFRVPLFVRXOWKDWVWRRG
EHWZHHQWKHERG\RIWKHHDUWKDQGWKHVSLULWRIWKHKHDYHQV

,VDZDOVRIDULQWRWKHIXWXUHDVLILWZHUHLQWKHWLPHOHVVSUHVHQWZKHQWKHORQJGXDOLVWLFZDUZRXOGHQGLQDFRPSOHWHRQHVLGHGYLFWRU\
,VDZWKHWLPHRIZDWHUVHSDUDWLRQHQGLQJZKHQDOOZRXOGFRQYHUJHDQGDJDLQIORZDVRQH6DWLVILHGWKHYRLFHVSRNHDJDLQVD\LQJ³,WLV
JRRG´

$VWKHEDVNHWVWHDGLO\PRYHGKLJKHU,WKUXVWP\KDQGLQWRWKHJUHHQOLJKWDQGWKH9RLFHRISRZHUVSRNH³/DQGDQG6HD´,VDZWKH
HDUWKVSURXWZLWKOXVKYHJHWDWLRQVHHGVEHLQJSODQWHGDQGIUXLWSURGXFHGDIWHULWVNLQGDFFRUGLQJWRWKHODZVRIWKHJUHHQ9RLFH³,WLV
JRRG´SURFODLPHGWKH9RLFHDJDLQ

:HFRQWLQXHGKLJKHUDQG,DJDLQWKUXVWRXWP\KDQGWKLVWLPHLQWRWKHEULJKW\HOORZOLJKW:LWKDFODSRIWKXQGHUWKDWVKRRNWKHEDVNHW
LQZKLFKZHVWRRGWKH\HOORZ9RLFHVSRNH³/HWWKH/LJKWV5XOH´ ,VDZDQH[SORVLRQRIOLJKWVKDWWHUWKHHPSW\YRLGDQGILOOLWZLWK
JUHDWHU DQG OHVVHU OLJKWV HDFK JLYHQ MXULVGLFWLRQ LQ PHDVXUH DFFRUGLQJ WR LWV JORU\ 2QFH DJDLQ WKH 9RLFH VSRNH ZLWK LQFUHDVLQJ
SOHDVXUHVD\LQJ³,WLVJRRG´

6WLOO KLJKHU ZH FOLPEHG DQG ZKHQ , WKUXVW P\ KDQG LQWR WKH RUDQJH OLJKW WKH 9RLFH WKXQGHUHG ³&UHDWXUHV´  +LV FRPPDQG
LPPHGLDWHO\EURXJKWIRUWKFRXQWOHVVEULJKWO\FRORUHGELUGVLQWKHKHDYHQVDQGWKHRFHDQVKHDYHGZLWKDKRVWRIOLYLQJFUHDWXUHVJUHDW
DQGVPDOO7KH9RLFHDJDLQFRQILUPHGWKDW&UHDWLRQKDGREH\HG³,WLVJRRG´

$VZHQHDUHGWKHWRSRIWKHUDLQERZ,WKUXVWP\KDQGLQWRWKHGHHSUHGOLJKWDQGLWVSRZHUIXO9RLFHSURFODLPHG³%HDVWVDQG0HQ´,
VDZWKHUHGGLVKHDUWKEULQJIRUWKFUHDWXUHVKDYLQJPDQ\OHJVRWKHUVZLWKIRXUDQGVWLOORWKHUVZLWKWZR'HHSUHGEORRGUDQWKURXJK
WKHLUYHLQVWRLGHQWLI\WKHPZLWKWKHHDUWKZKLFKKDGEURXJKWWKHPIRUWK,VDZWKHVRXOVRIPHQLQWKHEORRGDQGNQHZWKDWLWVUHGFRORU
ZDVJLYHQWRLGHQWLI\WKHPZLWKWKHJURXQGIURPZKLFKWKH\KDGEHHQWDNHQ$QGWKH9RLFHVDLG³,WLVJRRG´

$V-RVKXDDQG,UHDFKHGWKHWRSRIWKHUDLQERZWKHEDOORRQUHDFKHGWKHOLPLWWRZKLFKLWFRXOGDVFHQGDQGLWVWRSSHGKRYHULQJQHDUWKH
SXUSOHOLJKWWKDWIRUPHGWKHDSH[RIWKHUDLQERZ,DJDLQUHDFKHGP\KDQGLQWRWKHVHUHQHFRORUDQGLWV9RLFHVSRNHZLWKDFDOPQHVVWKDW
ZDVXQH[SHFWHG³5HVW´

,IHOWDQRYHUZKHOPLQJVHQVHRIDFFRPSOLVKPHQWDVLI,KDGSDUWLFLSDWHGLQWKHFUHDWLYHZRUNDQGKDGUHWXUQHGKRPHIXOORIMR\DQG
IXOILOOPHQW,XQGHUVWRRGWKDWWKH&UHDWRUORYHGWRZRUN+LVGRPLQLRQDOVRUHSUHVHQWHGE\WKHSXUSOHFRORUDWWKHWRSRIWKHUDLQERZ
ZDVURRWHGLQSHUIHFWDQGFRPSOHWHORYHIRUDOOWKDW+HKDGFUHDWHG,WZDVDOOJRRGDWWKHEHJLQQLQJHDFKILWWLQJSHUIHFWO\DVDSLHFHRID
XQLYHUVDOSX]]OHRIGD]]OLQJFRORUVDQGVKDSHV

7KHQ,KHDUGDJUHDWVRXQGDVWKH9RLFHRIVHYHQFRORUVVSHDNLQJLQDJUHHPHQW³,WLVYHU\JRRG´:LWKWKDWWKH9RLFHVZLWKGUHZDQG
WKH\IHOOVLOHQWEXWQRWEHIRUHUHYHDOLQJWKDWFUHDWLRQZDVJRRGQRWHYLODQGWKDWDOOHYLOGLVKDUPRQ\DQGGLVREHGLHQFHXSRQWKHHDUWK
ZDVWHPSRUDU\IRULWZDVQRWRULJLQDOO\RULQKHUHQWO\SDUWRIWKLVFUHDWLRQ

(YHQVR,VDZWKDWWKHYHU\H[LVWHQFHRIOLJKWJDYHPHDQLQJWRGDUNQHVVQRWE\HPSRZHULQJLWEXWE\GHILQLQJLWVOLPLWVLWVDXWKRULW\
DQGXOWLPDWHO\LWVGXUDWLRQ/LJKWQRWRQO\FDPHLQWREHLQJZLWKWKHILUVW9RLFHEXWLWDOVRZDVDOLYHH[SDQGLQJHYHUIXUWKHUVHDUFKLQJ
IRUDQGVZDOORZLQJXSDOOWUDFHVRIGDUNQHVVZKHUHYHUOLJKWKDGQRWEHHQ

14
)ROORZLQJ WKH OLJKW FDPH UHYHODWLRQ ZKLFK VHW WKH ERXQGDULHV RI LJQRUDQFH 5HDOLW\ UHSODFHG LOOXVLRQ 1RWKLQJ EHJDQ WR EH UHSODFHG
E\6RPHWKLQJLQDOOWKHYRLGVWKDWWKHOLJKWILOOHG

(YHQWKHVHSDUDWLRQRIWKHZDWHUVZDVJRRGEHFDXVHLWZDVQRWSHUPDQHQW6HSDUDWLRQPHUHO\DOORZHGWKHFUHDWLYHSURFHVVWRFRQWLQXH
EH\RQGLWVPRPHQWDU\IRUPDWLRQ6XFKLVOLIHLWVHOIHYHUJURZLQJDQGLQFUHDVLQJGHVWUR\LQJDOOQRWKLQJQHVVLQLWVSDWKDWWKHVSHHGRI
OLJKW%XWDOORIWKLVJRRGQHVVZDVXQNQRZQDWWKHEHJLQQLQJXQNQRZQWRDOOEXWWKH&UHDWRU+LPVHOIIRUJRRGFDQEHXQGHUVWRRGE\
PHQRQO\WKURXJKLWVFRQWUDVW

0DQKDYLQJSRRUH\HVLJKWNQRZVRQO\E\H[SHULHQFHDQGKHLVXQDEOHWRUHFRJQL]HUHDOLW\DSDUWIURPLWVRSSRVLWH,WLVQRWWKDWJRRG
QHHGVHYLOWRH[LVWRUHYHQWKDWJRRGQHHGVHYLOWRJLYHLWGHILQLWLRQIRUWKHJRRGQHVVRIWKH&UHDWRUZKHWKHUUHFRJQL]HGRUQRWE\PHQ
LV HYHU SUHVHQW +RZHYHU HYLO IXOO\ GHSHQGV XSRQ JRRG WR H[LVW HYHQ DV GDUNQHVV GHULYHV LWV H[LVWHQFH E\ OLJKW²RU UDWKHU E\ LWV
DEVHQFH

,QDOOFRVPLFSDUDGR[HVWKDWJLYHPHDQLQJE\FRQWUDVWWKHGLYLQHSXUSRVHRIVXFKDUUDQJHPHQWVLVWRVHWIRUWKDGLVSOD\RIJRRGQHVV
GRPLQDWLQJLWVHYLORSSRQHQW$WQRWLPHZDVGDUNQHVVJLYHQWKHSRZHUWRRYHUFRPHOLJKW1HLWKHUZDVGLVKDUPRQ\JLYHQSRZHUHTXDOWR
WKDWRIKDUPRQ\7KRXJKWKHPLGGOHJURXQGRIWKHVHFRQGKHDYHQLVDVFHQHRIPRUWDOFRPEDWEHWZHHQWKHWZRWKHRXWFRPHLVQHYHULQ
TXHVWLRQ 'LVKDUPRQ\ GLVREHGLHQFH LJQRUDQFH FKDRV DQG SULGH DUH DOO WHPSRUDU\ FRQGLWLRQV IRRG IRU WKH JURZLQJ OLJKW 6XFK
QHJDWLYHVH[LVWRQO\WRJLYHJORU\WRWKH&RQTXHURUWKDW+LV.LQJGRPPLJKWJURZZLWKHDFKQHZFUHDWLYHSURMHFWEH\RQGWKHOLPLWVRI
WLPHDQGVSDFH

7KHYLFWRU\RIWKHOLJKWZDVQHYHULQGRXEWIRUWKHLQILQLWHPXVWDOZD\VHQGXUHHYHQDVWKHILQLWHLVVZDOORZHGXSLQGHIHDW

-RVKXDDQG,EDVNHGLQWKHOLJKWRIWKHZRUGIRUDORQJWLPHGLVFXVVLQJWKHUHYHODWLRQZHKDGEHHQJLYHQWKURXJKWKHJRRGQHVVRIWKH
&UHDWRU$WOHQJWKDQRWKHU9RLFHJHQWOHEXWILUPGHVFHQGHGXSRQXVIURPDERYH³&RPHXSKHUH´

:LWKWKDWRXU)DLWKEDOORRQZDVGUDZQE\XQVHHQKDQGVWKURXJKDQLQYLVLEOHLPSHQHWUDEOHUD]RUWKLQYHLOWKDWGLVWLQJXLVKHGWKHUHDOP
RIWKHILUVWUDLQERZZLWKWKDWRIWKHVHFRQG:HZHUHSRZHUOHVVWRUHVLVWLWHYHQLIZHZLVKHGWRGRVR%XWZHGLGQRWZDQWWRUHVLVWLW
IRUWKH3RZHUZDVDVLUUHVLVWLEOHWRRXUKHDUWVDVLWZDVWRRXUERGLHV7KHGHVLUHRIWKH'UDZLQJ2QHEHFDPHRQHZLWKWKHGHVLUHRIWKH
GUDZQRQHVWZRKHDUWVEHDWLQJDVRQHKDYLQJWKHVDPHH[SHFWDWLRQVWKHVDPHJRDOVDQGLGHQWLFDOORYH

)RRWQRWHV
 3HWHU
 7KHWKLUGOHWWHURIWKH+HEUHZDOSKDEHWLVJLPHO³FDPHO´,WVLJQLILHVEHLQJOLIWHGXSRURIEHLQJSURXGVLQFHFDPHOVDSSHDUWRZDON
ZLWKWKHLUQRVHVLQWKHDLU6HHDOVR0DWWKHZ
 1RWHWKHSURJUHVVLRQ7KHGHDGODPERQWKHJURXQGVXJJHVWV3DVVRYHUWKHILUHDQGKRWZLQGRQWKHDVFHQWVXJJHVWV3HQWHFRVWWKH
UDLQERZVVXJJHVW7DEHUQDFOHV
 0DWWKHZ
 +HEUHZVVD\V OLWHUDOO\ WKDWWKHHRQVRUDJHVZHUHIRUPHGE\WKHZRUGRI*RG+HQFH+HLVWKH/RUGRI7LPH
 *HQHVLV
 7KHUDLQERZILUVWDSSHDUHGLQ*HQHVLVVLJQLI\LQJ*RG¶VFRYHQDQWZLWKWKHZKROHHDUWK7KHZRUG³FRYHQDQW´DSSHDUVILUVWLQ
*HQHVLVLPPHGLDWHO\DIWHU1RDK¶VQDPHLVPHQWLRQHGIRUWKH QGWLPHLQ*HQHVLV7KLUW\WZRLVWKHELEOLFDOQXPEHUIRU
&RYHQDQW
 -RKQ
 -RHO
 ([RGXV
 +HEUHZV*DODWLDQV
 +DEDNNXNWKRXJKILUVWSURPLVHGLQ1XPEHUV
 7LPRWK\
 *HQHVLV
 *HQHVLV
 *HQHVLV
 1RPHQWLRQLQ6FULSWXUHEXWLWLVLPSOLHGE\*HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
15
 *HQHVLV
 -RKQ
 5HYHODWLRQ

&KDSWHU
7KH6HFRQG5DLQERZ


³,VHHWKHEORRG´WKH9RLFHIURPDERYHVKRXWHG³7KHSDVVDJHKDVEHHQSDLG+HUHDIWHU,ZLOOGUDZDOOPHQXQWR0H´

7KHSDVVDJHIURPWKHORZHUZRUOGWRWKHXSSHUZDVQRWXQOLNHZKDW,KDGH[SHULHQFHGWKHSUHYLRXVGD\ZKHQ,SDVVHGWKURXJKWKH*DWH
RI'HDWKDQG/LIHLQWR(GHQ-RVKXDDQG,ERWKFKDQJHGIRURXUORZHUYLEUDWLRQERGLHVFRXOGQRWSDVVWKURXJKWKHEDUULHULQWRWKDW
KLJKHUUHDOP2XUFRQVFLRXVQHVVKRZHYHUSHQHWUDWHGLWHDVLO\DQGDVZHDURVHRXUERGLHVRIOLJKWVHSDUDWHGIURPRXUERGLHVRIGHDWK
OHDYLQJXVFORWKHGLQEULOOLDQWZKLWHJDUPHQWV

7KHORZHUZRUOGVHHPHGWRVWHSDZD\IURPXVIDGLQJVOLJKWO\DSSHDULQJPRUHDVDEDFNJURXQGWRWKHQHZDQGOLYLQJUHDOLW\WKDWQRZ
SXOVHG LQ XV DQG DURXQG XV :H NQHZ LQVWLQFWLYHO\ WKDW ZH ZHUH QRZ QDNHG WR WKH HDUWK EXW IXOO\ FORWKHG ZLWK D KHDYHQO\ JDUPHQW
FDOOHG7KH:RUGRI*RG/RRNLQJGRZQ,VDZWKDWP\JDUPHQWZDVVRLOHG²QRDGRUQHGDVLWZHUHZLWKDEDGJHRIKRQRUE\WKHEORRG
RIWKHODPE

,ORRNHGDW-RVKXDDQGVDZWKDWKLVUREHWRRZDVVPHDUHGZLWKWKHVDPHEORRGIRUERWKRIXVKDGFDUULHGWKHVDPHVODLQODPE+H
ORRNHGEDFNDWPHDQGVSRNHVORZO\DQGSURIRXQGO\³:HDUHRQHODPE\RXDQGPHWRJHWKHU2XUQDPHLVDUQLRQ´

7KHEORRGVWDLQV,NQHZKDGEHHQLQGHOLEO\LPSULQWHGXSRQWKHVHJDUPHQWVE\WKHZLQGDQGILUHWKDWKDGFDUULHGWKHEDOORRQKLJKIURP
HDUWKWRVN\7KHWUDQVIRUPDWLYHMRXUQH\KDGEURXJKWXVERWKWRDSODFHZKHUHZHZHUHDEOHWRSHQHWUDWHWKHKHDYHQO\EDUULHUDQGWR
YLHZDOOWKLQJVZLWKQRYHLOVRIIOHVKWRGLPLQLVKWKHOLJKWRUWRKLGHWKHQDNHGWUXWK

7KHVHFRQGUDLQERZ¶VYLROHWOLJKWWKUXVWRXWLWVKDQGVHPEUDFLQJXVZLWKLWVOLYLQJOLJKWDQG,KHDUGWKHWKXQGHURXVHFKRRIWKH3ULPDO
9RLFHFRPPDQGLQJDQHZWKLQJLQWKHDQQDOVRIKHDYHQO\KLVWRU\7KHYRLFHFDPHIURPWKHPRXWKRIWKH$QFLHQWRI'D\VEHIRUHZKRVH
IDFHWKHIRUPOHVVYRLGRIHDUWK¶VGDUNPRPHQWVIOHGDQGD1HZ&UHDWLRQEHJDQWREHIRUPHG

7KH H[SORVLYH LQWUXVLRQ IURP HDFK *RGSDUWLFOH RI OLYLQJ OLJKW VKDWWHUHG WKH HPSW\ SULGHIXO LOOXVLRQV RI HDUWKO\ NQRZOHGJH , ZDV
16
LPPHGLDWHO\DZDUHWKDW,ZDVZLWQHVVLQJDVHFRQGFUHDWLRQSDUDOOHOWRWKDWVHHQLQWKHORZHUUDLQERZEXWJUHDWHUPXFKJUHDWHU$V,
ZDWFKHG²DQG,NQRZWKDW,VSHDNIRU-RVKXDDVZHOO²,FRXOGVHHWKURXJKVSLULWXDOH\HVWKHZDYHVRIOLJKWIURPWKH&UHDWRU¶VIDFHWXUQ
LQWRSDUWLFOHVDVWKH\FRPELQHGDQGFRQJHDOHGZLWKHDFKRWKHUIRUPLQJQHZW\SHVRIPDWWHUWKDWJUHZDQGPXOWLSOLHGLQRUGHUWRILOODOO
WKLQJVLQWKHYRLGVRIVSDFH

,VDZKRZWKHVHFUHDWLYHSDUWLFOHVKDGEHHQWKHEXLOGLQJEORFNVRIWKHORZHUFUHDWLRQDVZHOOEXWWKDWWKH\KDGEHFRPHG\VIXQFWLRQDO
ORFNHGIRUDVHDVRQLQDSDLQIXOXQKDUPRQLRXVVWDWH7KRXJK+HDOZD\VSRVVHVVHGWKHNH\WKDWZRXOGHQG+LVSDLQ+HVDZDJUHDWHU
JRRGO\LQJEH\RQGWKHERXQGVRIWLPHDQGZDVZLOOLQJWRHQGXUHLWIRUWKHVDNHRIWKLVQHZFUHDWLRQ7KHILUHLQ+LVERQHVZDVZRUWKWKH
SULFHWKDWLWWRRNWREULQJIRUWKH[SHULHQFHGVRQVZKRFRXOGXQGHUVWDQG+LPDQGWUXO\EHRQHZLWK+LP

7KHUHLVDFHUWDLQGLYLQHFRPIRUWLQKDYLQJIHOORZVKLSZLWKWKRVHZKRKDYHEHHQWKURXJKVLPLODUSDLQIXOH[SHULHQFHV:HDUHGUDZQWR
VXFKSHRSOHIRUWKH\DUHNLQWRXV:HVKDUHDQXQGHUVWDQGLQJRIHDFKRWKHUWKDWQHHGVQRZRUGV(YHQGLVWDQFHLVQRVHSDUDWLRQ:HDUH
IRUHYHUIULHQGV7KLV,KHDUGIURPWKHYLROHWYRLFHRIWKHVHFRQGUDLQERZFKDUJHGZLWKGDZQLQJDQHZGD\DQHYHQWXQSUHFHGHQWHG
IURPWKHIHUWLOHPLQGRIDFKDQJHOHVV&UHDWRU7KHYLROHWGDZQUDLVHGLWVKDQGRIUHYHODWLRQDQGLQILQLWHSRVVLELOLWLHVUDGLDWHGIURPHDFK
ILQJHUWLS

7KHQWKHEOXHOLJKWUHDFKHGIRUWKKLVKDQGVDQGSOXQJHGXVLQWRLWVZDWHU\GHSWKVHQJXOILQJXVLQLWVUHIUHVKLQJWUXWK,WVYRLFHVSRNH
WKHZRUG DQGILOOHGXVZLWKZDYHVRIGLYLQHQDWXUH,QDPRPHQWZHXQGHUVWRRGWKHPDQQHULQZKLFK+LVODZVDSSO\ERWKLQKHDYHQ
DQGLQHDUWK8QGHUVWDQGLQJUHXQLWHGWKHXSSHUDQGORZHUZDWHUVDQGZHUHQRORQJHUVHSDUDWHGE\DEDUULHU

7KHQWKHJUHHQOLJKWHDJHUWRZHOFRPHXVWRRNXVIURPWKHDUPVRIEOXHWRWKHUHDOPRISURPLVH  ZKHUH DOO SRWHQWLDO LV JDWKHUHG


DZDLWLQJLWVWXUQWRVWHSIRUZDUGDWWKHSURSHUPRPHQWLQDSUHGHWHUPLQHGRUGHU$OOSURPLVHLVDVHHGWKDWDZDLWVLWVDSSRLQWHGWLPHIRU
JHUPLQDWLRQ:LWKRXWLWWKHUHLVQRKRSHIRUWKHIXWXUHDQGQRHQFRXUDJHPHQWIRUWKHZHDU\

7KHJUHHQ9RLFHWKHQSDVVHGXVRQWRLWV\HOORZFRPSDQLRQZKHUHZHKHDUGWKHSURSKHF\RIWKHDJHVWKHGLYLQHSODQZULWWHQLQWKH
YHU\VWDUVRIKHDYHQHDFKRQHFDUHIXOO\QDPHGE\LWV&UHDWRU:HVDZWKHSDQRUDPDRIWKHKLVWRU\RIKHDYHQDQGHDUWKDQGWKHF\FOHVRI
WLPHUHSHDWLQJDVIUDFWDOVLQFRXQWOHVVVWRULHVRILQGLYLGXDOPHQDQGZRPDQHDFKLQWKHLURZQZD\7KH\HOORZ9RLFHSURFODLPHGWKH
QDPHRIWKH*RGRIWKH$JHVWKH/RUGRI7LPHWKH.LQJRI6HDVRQVUXOLQJ/DERUDQG6DEEDWKWKHRPQLVFLHQWDOSKDDQGRPHJDIURP
ZKRPQRHYHQWKRZHYHUODUJHRUVPDOOLVKLGGHQRUORVW

7KHSURSKHWLF9RLFHRIWKH\HOORZOLJKWWKHQSDVVHGXVRQWRWKHRUDQJHOLJKWZKRWRRNXVLQLWVDUPVWRWKHWKURQHRIWKH&UHDWRU7KH

FRXUWZDVLQVHVVLRQDQGDOORDWKV ZHUHUHFRUGHGLQWKLVFRXUWRIODZ³+HUH´ZKLVSHUHGWKHRUDQJH9RLFH³LVZKHUHDOORDWKVDUH
IXOILOOHGIRUQROLDUFDQVWDQGLQWKHSUHVHQFHRIVXFKJORU\´

³:KDWPDQDPRQJDOOOLYLQJFUHDWXUHVRQHDUWKFDQVZHDUDQRDWKLQWKLVFRXUW´,DVNHG³7KHUHLVQRRQHULJKWHRXVQRWHYHQRQH1R
RQHKDVNHSWKLVRDWKRUIXOILOOHGKLVREOLJDWLRQ´

³7KH&UHDWRURI$OOKDVVZRUQE\+LPVHOIWKDWHYHU\NQHHZLOOERZDQGHYHU\WRQJXHZLOOFRQIHVVDOOHJLDQFHWR+LP 7KRXJK PRVW


PHQRQHDUWKGRQRWEHOLHYH+HLVDEOHWRDFFRPSOLVKWKLV²IRUWKH\EHOLHYHWKDWPDQ¶VZLOOLVVWURQJHUWKDQWKH&UHDWRU¶VZLOO²HYHQ
WKHLUXQEHOLHIZLOOIDLO$IHZHDUWKOLQJVKDYHGUDZQQHDUWRWKHSRLQWRIIDLWKLQ+LVRDWKEXWPRVWDUHKLQGHUHGE\WKHLUXQIHWWHUHGIDLWK
LQWKHLURZQRDWKVRIREHGLHQFH7KH\UHPDLQLQWKHUHDOPRIWKHORZHUUDLQERZ²WKHFRYHQDQWRIPHQ²DQGDUHXQDEOHWRULVHWRWKH
OHYHORIWKHKLJKHUUDLQERZ²WKHFRYHQDQWRIWKH&UHDWRU<RXDUHRQHRIWKHIHZZKRDUHSULYLOHJHGWRNQRZWKHGLIIHUHQFHIRUWKH
9RLFHIURPWKHFUDFNKDVDSSUHKHQGHG\RXUKHDUW´

:LWK WKDW WKH RUDQJH YRLFH OLIWHG XS ERWK RI XV LQWR WKH DUPV RI WKH UHG 9RLFH ³, DP WKH 9RLFH RI
WKH VHFRQG &RYHQDQW´  WKH DUQLRQ KHDUG +LP VD\ ³,W LV QRW OLNH WKH ILUVW FRYHQDQW WKDW WKH\ EURNH 7KH 1HZ &RYHQDQW LV 0\
UHVSRQVLELOLW\DORQHWRIXOILOOIRUWKLVLVWKHRQO\JXDUDQWHHRIVXFFHVV,IDQ\SRUWLRQRIWKHILUVWFRYHQDQWKDGUHPDLQHGLQHIIHFWQR
IOHVKZRXOGEHVDYHGDQGWKHHQWLUHSXUSRVHRIFUHDWLRQZRXOGIDLO´

7KHUHG9RLFHFRQWLQXHG³,ZLOOSXW0\ODZVLQWRWKHLUPLQGVDQGZLOOZULWHWKHPXSRQWKHLUKHDUWV,ZLOOEHWKHLU*RGDQGWKH\ZLOOEH
0\SHRSOH´

³%XW´,DVNHG³KRZFDQWKHVHSHRSOHHQWHULQWR<RXUFRYHQDQWZKHQWKH\GRQRWHYHQNQRZZKDWLWLV"0RVWRIWKHPEHOLHYHWKDWLW
PHDQV<RXKDYHDJUHHGWRKHOSWKHPIXOILOOWKHLURZQYRZ7KH\GHILQHWKH1HZ&RYHQDQWDV<RXUSURPLVHWRKHOSWKHPIXOILOO WKHLU
RZQYRZ´

³0\6SLULWZLOOLQGHHGDVVLVWWKHP´WKH9RLFHFRQWLQXHG³EXWLIWKHLUVDOYDWLRQLVEDVHGXSRQWKHVXFFHVVRIWKLVPHWKRGWKHQWKH\FDQ
QHYHUNQRZIRUVXUHWKDWWKH\ZLOOEHVDYHGDVORQJDVWKH\DUHVWLOOEHLQJSHUIHFWHG$WZKDWSRLQWLQWKHLUGHYHORSPHQWFDQWKH\UHVW
DVVXUHGWKDWWKH\DUHJRRGHQRXJKWREHVDYHG",IWKH\DUHKRQHVWWKH\ZLOOVRRQEHGULYHQWRGHVSDLU,IWKH\IDLOWRNQRZWKHPVHOYHV
WKH\ZLOOEHFRQWHQWLQWKHLULPSHUIHFWLRQ6XFKIDLWKLVPLVSODFHGIRUWKHLUIDLWKLVLQWKHPVHOYHVQRWLQWKH&UHDWRUDQG+LVSURPLVH´

³,EHOLHYH<RX´,UHVSRQGHG³7KDQN\RXIRUWKHUHYHODWLRQRIWKLVFRYHQDQW:KHQ,ZDVDFKLOG,ZDVIXOORIGHVSDLUIRUHYHQWKRXJK
17
,VHQVHG\RXUSUHVHQFH,FRQWLQXHGWRIDLOHDFKGD\,WVHHPHGDVLI<RXUDVVLVWDQFHZDVDOZD\VLQVXIILFLHQWEXW,EODPHGP\VHOIDQG
ZDVIXOORIVHOIFRQGHPQDWLRQ1RZ,VHHZLWKQHZH\HV,VWLOOKDYHQRIDLWKLQP\VHOIEXW,KDYHVHHQWKH&UHDWRU¶VSRZHUDQGEHOLHYH
WKDW+HLVDEOHWRGRDOOWKDW+HKDVVSRNHQE\+LVUHYHODWLRQ+LVZRUG+LVSURPLVH+LVSURSKHF\+LVRDWKDQG+LVFRYHQDQW´

³7KLVLVWUXHKXPLOLW\$QDYD0\VRQ´VDLGWKH9RLFH³<RXQRZNQRZWKHRULJLQDOSXUSRVHIRUFUHDWLRQDQGKDYHSDVVHGWKHILQDOWHVW
RIIDLWKQHFHVVDU\WRHQWHU0\UHVWWKDWLVZLWKLQWKHILQDOFRORURIWKHVHFRQGUDLQERZ´:LWKWKDW+HJHQWO\SDVVHGXVXSWRWKHZDLWLQJ
DUPVRIWKHSXUSOH9RLFHWKHSODFHRISHUIHFWDJUHHPHQW

,IHOWDVWUDQJHUHOHDVHDFODULW\RIXQLILHGSXUSRVHDVLI,ZHUHHQJXOIHGLQVWLOOQHVVDQGDZDUHQHVVRIDOOWKLQJV$JUHHPHQWLVDSRVLWLRQ
RIGLYLQHUHVWE\ZKLFKZHPXVWOLYHDQGPRYHDQGKDYHRXUEHLQJ,WLVWKH*UHDW6DEEDWKRIWKHVHYHQWKFRORU,WLVWKHRQO\SRVLWLRQ
IURPZKLFKZHPD\H[HUFLVHWKH'RPLQLRQ0DQGDWHWKHJUHDWFRPPDQGJLYHQWRWKHILUVWPDQDWWKHEHJLQQLQJ

,IHOWWKHYLEUDWLRQRISXUHORYHXQDGXOWHUDWHGPXFKGLIIHUHQWIURPP\SDVWH[SHULHQFH,KDGNQRZQORYHIRUDORQJWLPHLQLWVYDULRXV
OHYHOVEXWRQO\ZKHQ,ZDVILQDOO\FORWKHGLQWKHSXUSOHOLJKWGLG,H[SHULHQFHWKH&UHDWRU¶V'RPLQLRQ/RYH2PQLSRWHQWWKLV/RYHLV
VHFXUHDQGFRQILGHQWLQLWVDELOLW\WRGUDZXVE\H[DPSOHUDWKHUWKDQWRSXVKXVE\IRUFH,WKDVQRULYDOQRHQHP\QRDGYHUVDU\IRUQR
GLVDJUHHPHQWFDQVWDQGLQLWVSUHVHQFH

%HLQJLQDJUHHPHQWZLWKWKH9RLFHRI/RYHWKHXOWLPDWHGRXEOHZLWQHVVRIKHDYHQDQGHDUWKH[SUHVVHGE\*RGDQGPDQDOOWKLQJVDUH
SRVVLEOHDQGDOOWKLQJVZLOOEHUHVWRUHG

7KHUHYHODWLRQRIWKHWZRFRYHQDQWVZDVFRPSOHWH,WZDVWLPHWRGHVFHQGWRWKHUHDOPRILPSHUIHFWLRQIRUWKHUHZDVPXFKZRUN\HWWR
EHGRQH7KHZRUGKDGWREHPDGHIOHVK 7KHPHVVDJHKDGWREHSURFODLPHGE\WKHPHVVHQJHUVRWKDWWKHKHDUWVRIRWKHUVFRXOGEH
SURYRNHGDQGVWLUUHGWRULVHWRWKHVDPHSODFHWKDW,KDGZLWQHVVHG

$VWKHEDOORRQGHVFHQGHGTXLFNO\EDFNWRWKHHDUWK,NQHZWKDW-RVKXDDQG,KDGEHHQNQLWWHGWRJHWKHUDVRQHXQLWHGE\RXUEDGJHRI
KRQRUZLWKDVLQJOHSXUSRVH$JUHDWZRUNOD\DKHDGDJUHDWFRPPLVVLRQWRRSHQEOLQGH\HVWRSRXUEDOPXSRQZRXQGHGVRXOVWR
VSHDNSHDFHWRPDGGHQHGPLQGVDQGZDUULQJKDQGVWRRYHUWKURZWKHUHDOPVRIXQMXVWUXOHDQGWRWUDLQWKHLUUHSODFHPHQWVLQWKHZD\VRI
MXVWLFHPHUF\KXPLOLW\DQGJUDFH

)RRWQRWHV
 ([RGXV
 -RKQ
 5HYHODWLRQ
 *UHHNDUQLRQLV³ODPEV´LQ-RKQ7KLVFRQWUDVWVZLWKWKH$PQRVLGHQWLILHGDV-HVXV³WKH/DPERI*RG´LQ-RKQ
 5HYHODWLRQ
 (SKHVLDQV
 :RUG 3VDOP 1RWHWKHSURJUHVVLRQRIZHLJKWLQHVV
 3URPLVH *DODWLDQV
 3URSKHF\ 3HWHU
 2DWK 'HXWHURQRP\
 5RPDQV
 ,VDLDK3KLOLSSLDQV
 &RYHQDQW *HQHVLV
 -HUHPLDK+HEUHZV
 +HEUHZVUHIHUHQFLQJ,VDLDK
 -RKQ

18
&KDSWHU
7KH5HWXUQ


³$QDYD KDV UHWXUQHG WR GR <RXU ZLOO´ , VDLG VORZO\ DQG GHOLEHUDWHO\ DV , DSSURDFKHG WKH VRIW JORZ RI OLJKW IURP WKH FUDFN LQ WKH
PRXQWDLQ³<RXUZLOOLVP\GHOLJKWEHFDXVH<RXUODZKDVEHHQZULWWHQRQP\KHDUW´

³'R\RXQRZXQGHUVWDQGWKHFDOOLQJ"´WKH9RLFHDVNHG

³<HV,KDYHKHDUGWKHUHYHODWLRQDQG-RVKXDKDVWROGPHZKDWWRGRZLWKLW´,UHSOLHG

³'R\RXNQRZ\RXUKHDUW"$UH\RXLQDJUHHPHQWZLWK0\SODQDQG0\ZD\V"´

³,DP´,VDLGZLWKRXWKHVLWDWLRQ

7KHVRIWJORZIURPWKHFUDFNDJDLQZKLUOHGDQGJDWKHUHGLQWRDWKLQVPDOOVSHDURIOLJKWUHVHPEOLQJDEULJKWQDLO,WKRYHUHGQHDUE\IRU
DEULHIPRPHQWDQGWKHQWKUXVWLWVHOIDWPHSLHUFLQJP\ULJKWHDUOREH%HIRUH,FRXOGUHFRYHUIURPP\VXUSULVHLWVSRNHLQWRP\HDU
VD\LQJ³'RQRWIHDU,DP9DY,DPKHUHWRRSHQ\RXUHDUDQGWRXQLWH\RXWRWKH&UHDWRU+HQFHIRUWKWKHOLJKWIURPWKHFUDFNZLOOEHLQ
\RXUHDUWRJXLGH\RXDQGLQVWUXFW\RXLQWKHZD\LQZKLFK\RXVKDOOJR´

7KH9DYWKHQPHOWHGDZD\UHWXUQLQJWRLWVRULJLQDOVWDWHDVDVRIWPLVW\JORZ7KHQ,KHDUGWKH9RLFHRIWKH&UHDWRUVSHDNVRIWO\LQP\
HDU³%XLOG0HDNLQJGRPDFFRUGLQJWRWKHSDWWHUQZKLFK,KDYHVKRZQ\RX´

³<HV0DVWHU%XWZKHUHVKDOO,EXLOG":KHUHZLOO,ILQGWKHUHVRXUFHVQHFHVVDU\IRUVXFKDZRUN"´,DVNHG

³6HHNILUVW0\NLQJGRPDQGDOOWKHVHWKLQJVZLOOFRPHWR\RXDWWKHSURSHUWLPH5HPHPEHUDOZD\VWKDWWKLVLV0\ZRUNDQGWKDW,DP
IDLWKIXO WR FRPSHQVDWHDOOODERU WKDW,KDYHDXWKRUL]HG'RDV\RXVHH 0HGRZLWKMXVWLFHDQG PHUF\$ERYH DOO WHDFK DOOWUXWKZLWK

ORYH $OZD\V NHHS LQ PLQG ZKR \RX DUH $QDYD DQG ZDON LQ WKDW JDUPHQW 7KRXJK PDQ\ ZLOO RSSRVH \RXU ZRUN \RX FDQQRW IDLO
EHFDXVH,KDYHGHFUHHGLWVVXFFHVV´

³<RXUZLOOLVP\ZLOO´,UHVSRQGHG

7KH JORZ VXEVLGHG DV LI WR UHWXUQ GHHS LQWR WKH XQNQRZQ SDVVDJHV RI WKH PRXQWDLQ DQG , NQHZ WKDW WKLV HQFRXQWHU KDG HQGHG 7KH
GLYLQHHDUSKRQHKRZHYHUJDYHPHDVHQVHRI+LVSUHVHQFHDQG,NQHZWKDW,ZRXOGQHYHUDJDLQH[SHULHQFHWKHIHHOLQJRIDORQHQHVVRU
VHSDUDWLRQRUHYHQRIUHDOGDQJHU-XVWNQRZLQJWKDW+HZDVZLWKPHDQGZRXOGGLUHFWDOOP\SDWKVDQGNQHZDOOP\FLUFXPVWDQFHVDQG
GLIILFXOWLHVUHDVVXUHGPHWKDWDOODGYHUVLW\ZDVEXWDVWHSSLQJVWRQHWRZDUG+LVJRDODQGWKDW+HZRXOGSURYLGHDZD\WKURXJKHYHU\
YDOOH\RIWKHVKDGRZRIGHDWK

$V,ZDONHGVORZO\RXWRIWKHFDYHVTXLQWLQJDWWKHEULJKWVXQOLJKWWKHFDYHFORVHGXSEHKLQGPHDQGWKHJDSLQJKROHZDVUHSODFHGE\
FUDJJ\URFNVDQGWXIWVRIJUDVVDVLILWKDGQHYHUH[LVWHG,IHOWDPRPHQWDU\UHJUHWDVRQHIHHOVZKHQZDNLQJRXWRIDZRQGHUIXOGUHDP
%XWQRZ,FDUULHGWKHOLJKWZLWKPHIRUWKH9DYKDGLPSODQWHG+LVSUHVHQFHSHUPDQHQWO\LQP\HDU7KHUHZDVQRZQRWXUQLQJEDFN
1RWKLQJZRXOGHYHUEHWKHVDPHDJDLQEXWWKHQHZSDWKWKDWOD\DKHDGZDVEULJKWHUDQGVXUHUWKDQDQ\WKDW,KDGNQRZQLQWKHSDVW

$V,IROORZHGWKHWUDLOEDFNWRWKHORGJHP\WKRXJKWVUHWXUQHGWR-RVKXDDQGWKHWKLQJVKHWROGPHZKLOHUHWXUQLQJWRWKHHDUWKIURPRXU
UDLQERZUHYHODWLRQ7KHILUVWFUDFNRIWKHYLROHWGDZQRIDQDJHKDGDUULYHGDORQJZLWKDEULJKWHUIXWXUHQRWRQO\IRUXVEXWIRUWKH
ZKROHHDUWK:HZHUHSDUWRIDYDVWSODQWRLPSOHPHQWWKH&UHDWRU¶VSXUSRVH:KLOH+HPLJKWKDYHGRQHLWDOO+LPVHOIE\WKHSRZHURI
+LVZRUGDORQH+HKDGFKRVHQWRZRUNWKURXJKDJHQWVZKRZRXOGHPERG\+LVZRUG

7KHVDPHLUUHVLVWLEOHFUHDWLYHSRZHUWKDWVHQWIRUWK+LVZRUGDWWKHEHJLQQLQJRIWLPHZDVLQWKRVHDJHQWVIRUJHGLQILUHWULHGLQWKH
FUXFLEOH RI ZLOGHUQHVV H[SHULHQFH DQG PDWXUHG E\ XQGHUVWDQGLQJ 7KH\ ZHUH DV OLYLQJ ZRUGV XQLWHG IUDJPHQWV RI D VLQJOH :RUG
VSHDNLQJLQHDUWKDVLWLVLQKHDYHQLQRUGHUWRUHFRQFLOHDOOWKLQJVDQGXQLWHERWKZRUOGVDVRQH

-RVKXDKDGWROGPHGXULQJRXUGHVFHQWIURPRQKLJKWKDWKHRZQHGQRWRQO\WKHEDOORRQEXVLQHVVEXWDOVRWKHHQWLUHYDOOH\WKURXJK
ZKLFKWKHULYHUIURP5HYHODWLRQ0RXQWDLQIORZHG2UUDWKHUKHVDLGLWZDVRZQHGWHFKQLFDOO\E\7KH&UHDWRU¶V7UXVW³,DPMXVWWKH
PDQDJHURIWKLV7UXVW´-RVKXDKDGH[SODLQHG³-RVHSKLVWKHFKLHIVWHZDUG´

,UHVROYHGWRWDONZLWKERWK-RVKXDDQG-RVHSKIXUWKHUDERXWWKLVEHFDXVH,ZDVWROGWKDWWKHNLQJGRPKDGDOUHDG\EHHQHVWDEOLVKHGE\
WKLV7UXVW7KHPDQDJHUDQGVWHZDUGNQHZPRUHWKDQWKH\KDGUHYHDOHG0\KHDUWZDVGUDZQWRZRUNZLWKWKHPWRGHYHORSWKHNLQJGRP
19
,WZDVFORVHWRQRRQGD\ZKHQ,ILQDOO\UHWXUQHGWRWKHORGJH,IRXQG-RVHSK²RUUDWKHUKHIRXQGPHIRUDVVRRQDV,ZDONHGWKURXJKWKH
GRRUKHFDOOHGWRPHIURPDFURVVWKHURRPZDYLQJKLVDUPWRDWWUDFWP\DWWHQWLRQ³$QDYD´KHVKRXWHG³,W¶VJRRGWRVHH\RX&RPH
ZHQHHGWRWDON´

³+RZDUH\RXWRGD\P\IULHQG"´,UHVSRQGHG

³,DPGRLQJH[FHSWLRQDOO\ZHOO´KHVDLGFKHHULO\

+DYLQJGLVSHQVHGZLWKRXUJUHHWLQJVKHPRWLRQHGDUHFHSWLRQLVWWREULQJXVFRIIHHDQGWKHQXVKHUHGPHLQWRDVPDOOFRQIHUHQFHURRP
KDYLQJ FRPIRUWDEOH FKDLUV SRVLWLRQHG DURXQG D FR]\ ILUHSODFH $V ZH VLSSHG WKH DURPDWLF FRIIHH , UHFRXQWHG WR KLP WKH PRUQLQJ¶V
HQFRXQWHUZLWKWKHOLJKWIURPWKHFUDFNDQGKRZWKDWOLJKWKDGSLHUFHGP\HDU

-RVHSKQRGGHGNQRZLQJO\³,KDGWKHVDPHH[SHULHQFHVRPHWLPHDJR´KHUHYHDOHGIRUWKHILUVWWLPH³0\LQVWUXFWLRQVKRZHYHUZHUH
WRZDLWIRUWKHDSSRLQWHGWLPH/RQJKDYH,ZDLWHGIRUWKLVGD\IRU,FRXOGQRWGRPXFKXQWLORWKHUVKDGFRPHIRUWKWRGRWKHLUSDUW%XW
QRZWKHWLPHKDVFRPHWREXLOGDNLQJGRPIRUWKH&UHDWRU´

+HSDXVHGWRRNDQRWKHUVLSIURPKLVFXSDQGWKHQFRQWLQXHG³.LQJGRPVKDYHEHHQEXLOWLQGD\VJRQHE\EXWWKH\KDYHDOOIDLOHGIRU
SDVWVWHZDUGVH[FHHGHGWKHLUERXQGDULHVDQGXVXUSHGLWIRUWKHLURZQXVH´

³:K\ZRXOGWKH\GRVXFKDWKLQJ"´,PXVHG³'LVREHGLHQFHLVDIRUPRIPDGQHVVGRQ¶W\RXWKLQN"´

³7KH\ZHUHQRWEOHVVHGZLWKWKH9DY´KHH[SODLQHG³:LWKRXWKHDULQJWKHSHUSHWXDO9RLFHRIWKHOLJKWWKH\UHPDLQHGPHUHVHUYDQWV
ZLWKRXWXQGHUVWDQGLQJDQGRIWHQWKH\DFWHGDVLIWKH&UHDWRU+LPVHOIVHUYHGWKHP$VVHUYDQWVWKH\IDLOHGWRIROORZWKHFRPPDQGVRI
WKH &UHDWRU IRU WKH\ KDG HDWHQ RI WKH WUHH RI NQRZOHGJH 7KH\ WKRXJKW WKDW WKH\ KDG PRUH ZLVGRP WKDQ WKH &UHDWRU +LPVHOI DQG
SUHVXPHGWRDGYLVH+LPDERXWKRZ+LVNLQJGRPRXJKWWREHPDQDJHG´

+LVSDLQHGFRXQWHQDQFHWKHQEULJKWHQHG³:HPD\SXWDOORIWKDWDVLGHQRZ´KHVDLGZLWKDKLQWRIH[FLWHPHQW³EHFDXVHWKLQJVKDYH
QRZFKDQJHG:HDUHQRWPHUHVHUYDQWVRIWKH&UHDWRUEXWIULHQGVIRU+HKDVUHYHDOHG+LVVHFUHWVWRXV %HFDXVHZH UHWXUQHG ZH
ZHUH PDGH SHUSHWXDO ERQGVHUYDQWV WUXH IULHQGV KDYLQJ KHDUWV LQ DJUHHPHQW ZLWK +LP %HFDXVH ZH GHOLJKW WR GR +LV ZLOO +H KDV
HQWUXVWHGXVZLWKWKHGHHSFRQFHUQVRI+LVKHDUW7KLVLVZK\WKH9DYKDVRSHQHGRXUHDUV´

³<HV´,VDLGIHUYHQWO\³DQGWKDWLVRXUJXDUDQWHHRIVXFFHVV,GRXQGHUVWDQG:HQRZPD\HDWRIWKHWUHHRIOLIHZKLOHKDYLQJDOOWKH
EHQHILWVRIWKHWUHHRINQRZOHGJHDVZHOO:KHQOLIHWDNHVSUHFHGHQFHRYHUNQRZOHGJHWKDWLVWUXHZLVGRP7KLVWUXWKKDVHOXGHGPHQ
IRUPDQ\DJHV<HWQRZWKHWLPHKDVFRPHWREXLOGDNLQJGRPXSRQWKDWZLVGRP´

$WWKDWPRPHQWWKHGRRUVZXQJRSHQDQG-RVKXDHQWHUHGWKHURRPKROGLQJDFXSRIVWHDPLQJFRIIHHLQKLVKDQG -RVKXDOLNHVFRIIHH,
NQRZEHFDXVH,OLNHFRIIHHDQGZHDUHLQDJUHHPHQW ³-RVHSKP\ROGIULHQG´KHSURFODLPHGORXGO\³$QDYDP\QHZIULHQG,KDYH
FRPHEHFDXVHWKHVWLOOVPDOO9RLFHLQP\HDUWROGPHZHQHHGHGWRFRQIHUDERXWNLQJGRPPDWWHUV´

³:HGRLQGHHG´-RVHSKDQVZHUHG³$QDYDKDVMXVWUHWXUQHGIURPWKHFDYHZKHUHWKH&UHDWRUPDGHKLPRQHRIRXUFRPSDQ\+HWHOOV
PHWKDWWKHWLPHKDVFRPHWREXLOGWKHWUXHNLQJGRP,WDSSHDUVWKDWWKHDJHRIGDUNQHVVDQGIDLOXUHKDVHQGHG,WLVQRZFHUWDLQWKDWQR
IOHVKFDQFODLPVXFFHVVQRUFDQPHQJORU\LQWKHLURZQDELOLW\:HPD\QRZSURFHHGZLWKKXPLOLW\´KHVDLGORRNLQJDWPHDQGUDLVLQJ
KLVFXSRIFRIIHHDVLIWRWRDVWPH

-RVKXDWRRORRNHGDWPHDQGDGGHG³7KDWLVJRRGQHZV´KHVDLGUDLVLQJKLVFXS³7KHIRJGLVVLSDWHV7KHYHLOLVWRUQ7KHLOOXVLRQRI
PHQ¶VDELOLW\LVVKDWWHUHG3ULGHLVKXPEOHGKXPLOLW\H[DOWHG7KH$JHRIWKH1HZ&RYHQDQWLVXSRQXV7KHUHLVPXFKZRUNWREHGRQH´

+HFRQWLQXHG³7KHVHFRQGUDLQERZ\HVWHUGD\SURYLGHGXVZLWKWKHILQDOUHYHODWLRQQHHGHGWREXLOGVXFFHVVIXOO\$OOSULRUNLQJGRPV
ZHUHEXLOWE\WKHFRPPDQGVRIWKHORZHUUDLQERZZKLFKPHQIDLOHGWRREH\DOWKRXJKWKH\KDGDJUHHGWRLWVWHUPVRIVWHZDUGVKLS2XU
NLQJGRPKRZHYHULVWREHEXLOWE\WKHSURPLVHVRIWKHXSSHUUDLQERZDQGWKH&UHDWRUKDVWDNHQSHUVRQDOUHVSRQVLELOLW\XSRQ+LPVHOI
WRPDNHWKLVKDSSHQ:HFDQQRWIDLO´

6SHDNLQJXSIRUWKHILUVWWLPHVLQFH-RVKXDKDGDUULYHG,VDLGPDWWHURIIDFWO\³,WDSSHDUVWKHQWKDW,DPDVLJQRIFKDQJH IURP WKH


SULGHDQGDELOLW\RIPHQWRWKHKXPLOLW\RIPHQDQGWKHDELOLW\RIWKH&UHDWRU´

³<RXDUHLQGHHG´-RVKXDVDLGZLWKDOOVHULRXVQHVV³:HKDYHZDLWHGSDWLHQWO\ZLWKWKH&UHDWRU+LPVHOIIRUWKLVPRPHQWRIWUXWK,WLVWKH
WUXWK RI JUDFH DQG LWV OHVVNQRZQ SRZHU RI IRUJLYHQHVV %HFDXVH JUDFH LV VR JHQWOH IHZ FRPSUHKHQG LWV SRZHU WR RYHUFRPH DOO
RSSRVLWLRQ´

:LWKVXGGHQLQVLJKW,ORRNHGDW-RVKXDDQGVPLOHGEURDGO\³7KDWLV\RXURWKHUQDPHLVLWQRW",DPFHUWDLQWKDW,MXVWQRZKHDUGWKLVLQ
P\HDU-RVKXD*UDFH7KH&UHDWRUKDVDVHQVHRIKXPRU´

20
³,QGHHG+HGRHV´-RVKXDVDLGZLWKDKHDUW\ODXJK³0\HDUWKO\QDPHLV-RVKXDEXWP\1HZ&UHDWLRQ0DQZDVJLYHQWKHQDPHRID
ZRPDQ,WLVZULWWHQLQWKHODZVRIWKH&UHDWRUWKDWVRPHVDFULILFHVZHUHPDOHDQGRWKHUVIHPDOH,DPDWRQFHERWKDPDOHODPEDQG
D IHPDOH KHLIHU  , UHSUHVHQW DOO RI WKRVH SURSKHWLF VDFULILFHV DQG VR LQ GLIIHUHQW ZD\V , XQLWH ERWK PDOH DQG IHPDOH SULQFLSOHV LQ
PDUULDJHDVRQHERG\´

³,QWKHHDUWK´KHFRQWLQXHG³ZHFDQEHHLWKHUPDOHRUIHPDOHEXWQRWERWK6XFKDUHWKHOLPLWDWLRQVRIHDUWKO\H[SUHVVLRQV%XWLQWKH
VSLULWWKHUHLVQHLWKHUPDOHQRUIHPDOHDVZHNQRZLW IRU LW LV D KLJKHU UHDOP DQG WKH ODZV DSSO\ GLIIHUHQWO\ (YHQ VR P\ VSLULW LV
NQRZQDV*UDFH,WLVPRWKHURIDOOOLYLQJDQGDOOPXVWEHELUWKHGE\WKLVZRPDQLQRUGHUWRKDYHOLIH´

$QGVRLWZDVWKDWWKUHHZLWQHVVHVHDFKEHDULQJWKHLPDJHRIWKH&UHDWRULQGLIIHUHQWZD\VVHWIRUWKWREXLOGDNLQJGRP-RVKXDDQG
-RVHSKERUHZLWQHVVDQG$QDYDVHWWKHWLPLQJDVWKHWKLUGZLWQHVVWRFODULI\DOOWKDWWKHILUVWWZRKDGGRQH$OOWKLQJVLQKHDYHQDQGLQ
HDUWKDUHHVWDEOLVKHGE\DWOHDVWWZRZLWQHVVHVHYHQDVWKHODZDQGWKHSURSKHWVEHDUZLWQHVVWRWKHZRUG

%XWDWKLUGLVDOVRLPSRUWDQW+XPLOLW\FRPHVIURPVWDUNDZDUHQHVVRIRQH¶VIDLOXUHDQGWKHQLWVWHSVIRUZDUGDVWKHJUHDW7LPHNHHSHU
$VDSVDOPRISUDLVHKXPLOLW\SXWVWKHZRUGVRIWKHILUVWWZRZLWQHVVHVWRPXVLFKDYLQJPHWHUDQGEHDWWKDWDOOPLJKWHQMR\DQGPRUH
HDVLO\UHPHPEHUWKHUHYHODWLRQ

³+RZGRHVRQHEXLOGDNLQJGRP"´,DVNHG-RVKXDDQG-RVHSK

³:HOOZHPXVWORRNDWWKHSUHVHQWVLWXDWLRQDQGEXLOGIURPWKHUH´-RVHSKUHSOLHG³)HZRIWKHSHRSOHLQ1HZNLUNKDYHYHQWXUHGLQWR
5HYHODWLRQ0RXQWDLQEHFDXVHWKH\DUHDIUDLGRILW´

³%XWZKDWLVWKHUHWRIHDU"´,DVNHG³)URPP\H[SHULHQFHWKHUHLVHYHU\WKLQJWRJDLQDQGQRWKLQJWRIHDU´

7KLVWLPH-RVKXDVSRNHXS³7KHUHDUHOHJHQGVIURPWKHSDVWWKDWWKHPRXQWDLQVPRNHGDQGTXDNHGZLWKILUH,WLVVDLGWKDWWKRVHZKR
FOLPEHGWKHPRXQWDLQKHDUGYRLFHVLQWKHZLQGDQGWKH\UHWXUQHGZLWKWDOHVWKDWWKHPRXQWDLQLVKDXQWHG2WKHUVEHOLHYHWKDWLWLVWKH
GZHOOLQJSODFHRIDIHDUVRPHJRGWKDWKDVIRUELGGHQWKHPWRWUHDGXSRQKLVWHUULWRU\´

³7KHVHROGOHJHQGV´DGGHG-RVHSK³KDYHEURXJKWIHDUWRWKHKHDUWVRIWKHSHRSOH7KH\YLHZZLWKVXVSLFLRQDQ\RQHZKRKDVEHHQWR
WKHPRXQWDLQ DQG ZKRKDVOLYHGWRWHOOKLVVWRU\7KRVH ZKRKDYHUHWXUQHGIURPWKHPRXQWDLQWULHGWRVKDUHWKHUHYHODWLRQIURPWKH
9RLFHEXWPRVWRIWKHPZHUHNLOOHG´

³%XWZK\"´,DVNHG³'RWKH\QRWZDQWWRKHDUZKDWWKH9RLFHKDVWRVD\"´

³7KH\FODLPWRNQRZDOUHDG\´-RVKXDH[SODLQHG³RUWRNQRZDOOWKDWLVLPSRUWDQW,QDQFLHQWWLPHVWKHLUIRUHIDWKHUVUHFHLYHGERRNV
ZULWWHQ E\ WKRVH ZKR KHDUG WKH 9RLFH 7KH SUREOHP LV WKDW IHZ QRZ XQGHUVWDQG WKH ROG WRQJXH DQG PXFK WKDW VKRXOG KDYH EHHQ
UHPHPEHUHGLVQRZORVW7KHHOGHUVRIHDFKJHQHUDWLRQKDYHLQWHUSUHWHGWKHERRNVLQZD\VWKDWVHHPHGSODXVLEOHWRWKHPDQGRYHUWLPH
WKHLULQWHUSUHWDWLRQVZHUHIL[HGE\ORQJXVDJH´

³7KHQZK\ZRXOGWKH\NLOOWKRVHZKRFDPHIURPWKHPRXQWDLQZLWKIUHVKUHYHODWLRQ"´,SHUVLVWHG³:RXOGWKH\QRWEHJODGWRNQRZKRZ
WRDOWHUWKHLUWUDGLWLRQVDQGFRPHPRUHIXOO\LQWRDJUHHPHQWZLWKWKH9RLFH"´

-RVHSK VPLOHG VDGO\ ³<RX DUH QRW OLNH PRVW PHQ´ KH VDLG ³<RX ZHUH XQIDPLOLDU ZLWK WKLV DUHD DQG KDG QRW KHDUG WKDW \RX ZHUH
VXSSRVHGWREHDIUDLGRIWKHPRXQWDLQ´3RLQWLQJWRP\KHDUWKHVDLG³:KHQ\RXKHDUGWKH9RLFH\RXGLGQRWSUHVXPHWRNQRZPRUH
WKDQ+H<RXUXQGHUVWDQGLQJZDVQRWDOUHDG\VHWLQWKHZD\VRIORQJWUDGLWLRQ0RVWRIWKHSHRSOHLQ1HZNLUNGHHSO\UHVSHFWWKH7RZQ
&RXQFLODQGEHOLHYHWKDWEHFDXVHWKH\DUHZLVHDQGHGXFDWHGWKHLUWUDGLWLRQVDUHWKHWUXWK7KHUHLVOLWWOHURRPIRUUHYHODWLRQLQVXFKDQ
DWPRVSKHUHHVSHFLDOO\ZKHQLWFRQWUDGLFWVORQJHVWDEOLVKHGWUDGLWLRQIURPWKHUHYHUHGHOGHUVRISDVWJHQHUDWLRQV´

³7KHQWKHURRWRIWKHSUREOHPLVSULGH´,FRQFOXGHG³,WVSULQJVIURPWKHGHVLUHWREHIDLWKIXOWRWKHERRNVEXWLWUHMHFWVWKH9RLFHDQG
SUHVXPHV WR NQRZ /DFNLQJ WKH DELOLW\ WR GLVFHUQ PRVW RI WKH HOGHUV FDQQRW GLVWLQJXLVK WKH ZRUG LQ WKH ERRNV IURP
WKHLUXQGHUVWDQGLQJRIWKHZRUG7KH\DVVXPHWKHQWKDWDQ\QHZXQGHUVWDQGLQJYLRODWHVWKHZRUGLWVHOI,VWKDWFRUUHFW"´

³<HV´-RVKXDDQVZHUHG³:KDWHYHUWUXWKKDVUHDFKHGWKHOHYHORIORQJKHOGWUDGLWLRQFDQQRWEHTXHVWLRQHGRUXSJUDGHG6XFKWUDGLWLRQV
DUH OLNH FOD\ SRWV ZKLFK FDQ QR ORQJHU EH VKDSHG ZLWKRXW EUHDNLQJ WKHP DSDUW 7KH WUDGLWLRQV ZKLFK WKH\ EHOLHYH WR EH ILUP DQG
HVWDEOLVKHGDUHDFWXDOO\DVGHDGDVDVWRQHVWDWXHZKLFKFDQQRWFKDQJHRUJURZ7KHLUXQGHUVWDQGLQJFDQQRORQJHUGHYHORSWRJUHDWHU
OHYHOVZLWKRXWEHLQJSHUFHLYHGDVDSHUVRQDOWKUHDWWRWKHHOGHUV7KHLUUHSXWDWLRQLVDWVWDNHDQGWKHLUSULGHDVZHOO´

³,WKLQNQRZ,DPEHJLQQLQJWRXQGHUVWDQGWKHZRUGIURPWKH9RLFHWKDW,KHDUGLQWKHPRXQWDLQ+HVDLGWRPHµ&RXQWWKHFRVW¶+HDOVR
VSRNHRIHYLOWLPHVLQWKHSDVWZKHQPHQZHUHQRWDEOHWRKHDUWKHUHYHODWLRQEHLQJJLYHQWRWKHP,UHPHPEHUZKDW+HWROGPHµ,DP
ORRNLQJIRUWKRVHZKRZLOOWDNH0\OLJKWWRWKHZRUOG¶<HW+HDOVRVDLGµ,QWLPHVSDVW,VHQWPHQWRGHOLYHUPHVVDJHVWKDWRQO\IHZFRXOG
KHDU¶,GLGQRWIXOO\DSSUHFLDWHWKHGDQJHURIWKLVFDOOLQJ´

³0DQ\KDYHGLHG´-RVHSKVDLGVRPEHUO\³7KHJRRGQHZVIURPWKHPRXQWDLQWKUHDWHQVWRXSVHWWKHSUHVHQWZRUOGRUGHU$VORQJDVIHZ
21
EHOLHYHWKHPHVVDJHWKHUHLVOLWWOHGDQJHUEXWZLWKJUHDWHUVXFFHVVFRPHVJUHDWHUGDQJHU´

³<RXPXVWXQGHUVWDQG´-RVKXDLQWHUMHFWHG³WKDWWKLVLVPRUHWKDQDERXWWUXWKXSVHWWLQJWUDGLWLRQ7UXWKKDVWKHSRZHUWRVHWPHQIUHH
IURPWKRVHZKRRFFXS\VHDWVRIDXWKRULW\DQGZKRUXOHRSSUHVVLYHO\E\WKHLUWUDGLWLRQDOXQGHUVWDQGLQJRIWKHDQFLHQWODZERRNV7KH
SULGHRISUHVHQWUXOHUVUHIXVHVWRVXEPLWWRQHZWUXWKQRWRQO\EHFDXVHLWFRQWUDGLFWVWUDGLWLRQEXWEHFDXVHLWXQGHUPLQHVWKHLUDXWKRULW\
DQGUHSXWDWLRQ´

³,GRQRWXQGHUVWDQGVXFKWKLQNLQJ´,VDLGVKDNLQJP\KHDGVORZO\³7UXWKVKRXOGDOZD\VEHZHOFRPH,WVHHPVWRPHWKDWZLVHOHDGHUV
RXJKWWREHWKHILUVWWRUHMRLFHZKHQYHLOVDUHOLIWHGDQGZKHQGDUNQHVVLVHUDGLFDWHGE\WKHOLJKW,QGDUNQHVVRXUPRYHPHQWVDUHOLPLWHG
IRUQRPDQFDQUXQLQWKHGDUNZLWKRXWVWXPEOLQJ/LJKWJLYHVXVIUHHGRPWRUXQOLNHWKHZLQG´

%RWK-RVHSKDQG-RVKXDODXJKHGZLWKGHOLJKW³<HV$QDYD´WKH\DJUHHG³WKDWLVWUXH%XW\RXDUHQRWOLNHPRVWPHQ$WLQ\VHHGRI
KXPLOLW\ZDVLPSODQWHGLQ\RXIURPWKHEHJLQQLQJDQGZKHQWKLVJUHZILQDOO\LQWRDQDGXOWWUHHWKH9RLFHGUHZ\RXWRWKHPRXQWDLQ
6RPHWKLQJLQ\RXUHVRQDWHGDWWKHVRXQGRIWKH9RLFH6RPHWKLQJLQ\RXKDGWKHDELOLW\WRKHDUDQGWKHPDWXULW\WRDFFHSWWKHFDOOLQJ
1RZ\RXDUHFDOOHGWRSURGXFHVHHGEHDULQJIUXLWIRUWKHQH[WJHQHUDWLRQ´

-RVKXDWKHQOHDSWWRKLVIHHWDQGOLIWHGXSKLVKDQGVRYHU-RVHSKDQGPHVKRXWLQJ³%HIUXLWIXODQGPXOWLSO\/HWWKHFXUVHEHOLIWHG
/HWWKHEOHVVLQJEHXSRQ\RX´

+HVDWGRZQMXVWDVDEUXSWO\DVKHKDGVWRRGXS7DNHQE\VXUSULVH,KDUGO\NQHZZKDWWRVD\³:KDWFXUVHZDVXSRQXV"´

-RVKXDUHVSRQGHG³7RFXUVHLVWRSURQRXQFHXQKRO\7KRVHZKRKDYHEHHQIUXLWIXOKDYHEHHQSURQRXQFHGXQKRO\E\WKRVHZKRKDYH
GHVSLVHGWKHZRUGWKDWLVLQWKHP7KDWLVZK\VXFKSHRSOHKDYHEHHQSHUVHFXWHGDQGNLOOHGLQHDFKJHQHUDWLRQLQWKHSDVW7KHUHFRUGV
RIWKHHOGHUVFXUVHGWKHSHRSOHRIWKH9RLFHE\GHFODULQJWKHPWREHXQKRO\DQGWKHQWUHDWLQJWKHPDVVXFK6WUDQJHO\HQRXJKKRZHYHU
WKHQH[WJHQHUDWLRQRIHOGHUVWKHQUHYHUVHGWKHLURZQFXUVHVDQGEOHVVHGWKHPE\GHFODULQJWKHPWREHKRO\7KH\DGRUQHGWKHLUJUDYHV
DQGVHWXSPRQXPHQWVWRWKHPZKLOHFRQWLQXLQJWRNLOOWKH9RLFHILOOHGSHRSOHRIWKHLURZQJHQHUDWLRQ´

3DXVLQJ IRU D PRPHQW KH VWDWHG ZLWK JUHDW GHOLEHUDWLRQ ³7KH 9RLFH KDV JLYHQ XV +LV EOHVVLQJ DQG MXVW QRZ , ZDV +LV SUHVHQW
PRXWKSLHFHEHDULQJZLWQHVVWRWKDWZRUG$QHZWKLQJLVXSRQXVIRUE\GLYLQHLQWHQWWKLVEOHVVLQJKDVSDVVHGWKURXJKWKHYHLOEHWZHHQ
KHDYHQDQGHDUWK7KLVEOHVVLQJZDVSURSKHVLHGORQJDJHVSDVWDQGWKURXJKWKHFHQWXULHVDOOZKRKDYHKHDUGWKH9RLFHGLGWKHLUSDUWLQ
H[WHQGLQJWKLVEOHVVLQJWRZKRHYHUZRXOGOLVWHQ1RQHWKHOHVVWKHOLJKWKDVULVHQEXWVORZO\ZKLOHGDUNQHVVUHLJQHGLQWKHKHDUWVRIPRVW

PHQ,WLVRQO\QRZ,SHUFHLYHWKDWDJUHDWFRPPLVVLRQKDVEHHQJLYHQWRXVDQGWKHILQDOYLFWRU\RYHUGDUNQHVVKDVEHHQJLYHQWRWKH
EHDUHUVRIOLJKW´

7KHUHZDVDORQJSDXVHDVZHHDFKFRQWHPSODWHGWKHVLJQLILFDQFHRIWKLVQHZSURQRXQFHPHQW

³:HPXVWDOOZRUNWRJHWKHU´-RVKXDVDLGZLWKDOOVHULRXVQHVV³IRUHDFKRIXVKDVDXQLTXHSDUWLQDSODQWKDWLVELJJHUWKDQRXUVHOYHV
:HDUHQRWRXUVHOYHV,QXVUHVLGHPDQ\RWKHUVDQGWKHLUKRSHVDQGGUHDPVDQGWKHLUVWUHQJWKVDVZHOOJRZLWKXV:KDWZHGRWKH\DOO
GRIRUZHDUHDOORQH,QIDFWLWZRXOGQRWVXUSULVHPHLIPDQ\RWKHUVHYHQQRZDUHEHLQJUDLVHGXSLQRWKHUSDUWVRIWKHHDUWKIRU
VLPLODUPLVVLRQV:KDWWKH\GRZHGRIRUWKH\DUHQRWWKHPVHOYHVHLWKHU7KH\DUHXVHYHQDVZHDUHWKHP´

$IWHUDSDXVHKHDGGHG³)RUQRZWKH\DUHQRWRXUFRQFHUQRIFRXUVH:HPXVWIRFXVXSRQRXUPLVVLRQKHUHDQGOHWWKH9RLFHOHDG
RWKHUVDV+HZLOOV´

³:HHDFKKDYHVRPHWKLQJWRRIIHU´,UHVSRQGHG³/HWXVSUHSDUHRXUVHOYHVDQGJDWKHURXUJLIWVIRUWKHZRUNDKHDG$VIRUPH,PXVWJR
EDFNWRWKHPRXQWDLQRQFHDJDLQWRIXOO\SUHSDUHP\VHOIIRUP\SDUWLQWKLVZRUN´

³, ZLOO FDOO IRU D 7RZQ +DOO PHHWLQJ WRPRUURZ´ -RVKXD VDLG ³:H ZLOO JDWKHU WKH SHRSOH WRJHWKHU WR SUHVHQW WKH EOXHSULQW IRU WKH
.LQJGRPDFFRUGLQJWRRXUFRPPLVVLRQ´

³$QG,WRRZLOOXQHDUWKP\KLGGHQWUHDVXUH´VDLG-RVHSK³,WLVWLPHWROLIWWKHFXUVHVRWKDWWKH&UHDWRU¶VULJKWVPD\EHUHHVWDEOLVKHGLQ
WKHHDUWKDQGPHQPD\OHDUQWRVWHZDUGWKHLULQKHULWDQFHVDFFRUGLQJWR+LVZLOO´

:HVWRRGIDFLQJHDFKRWKHUIRUDPRPHQWDQGZKHQHDFKKDGJLYHQKLVILQDOEOHVVLQJWRWKHRWKHUVZHSDUWHGLQSHDFHDQGZLWKJUHDW
KRSHWKDWDEHWWHUZRUOGZDVXSRQXV

)RRWQRWHV
 ([RGXV7KH+HEUHZZRUGIRUDXO RUDZO LVPDUWVHDDERULQJLQVWUXPHQW)RUDVSLULWXDODZO,XVHWKHYDYZKLFKLVWKHVL[WK
22
OHWWHURIWKH+HEUHZDOSKDEHWPHDQLQJ³QDLOSHJ´7KHYDYLVDOVRDFRQQHFWHURUMRLQHUEULQJLQJVSLULWXDOXQLW\
 0RVHVZDVJLYHQDSDWWHUQIRUWKHWDEHUQDFOH ([RGXV 'DYLGZDVJLYHQDSDWWHUQIRUWKHWHPSOH &KURQLFOHV 
 (SKHVLDQV
 0DWWKHZ
 -RKQ
 3VDOP
 /HYLWLFXV
 ([RGXV
 1XPEHUV
 *DODWLDQV
 *HQHVLV
 'HXWHURQRP\
 ([RGXV
 *HQHVLV
 0DWWKHZ
 &RULQWKLDQV

&KDSWHU
*LIWVWR6WHZDUG


³+RZGLGZHJHWKHUH"´,DVNHGZLWKDVWRQLVKPHQW³,WKRXJKWZHKDGSDUWHGFRPSDQ\DIWHURXUVXPPLWDWWKHORGJH´

³,WDSSHDUVWKDWZHZHUHWUDQVSRUWHGKHUHDWWKHVDPHWLPH´-RVHSKUHSOLHGORRNLQJDURXQG³,WVHHPVWKDWZHDUHPRUHXQLWHGWKDQZH
NQHZ7KRVHZKRZDONLQSHDFHDUHQRWVRHDVLO\VHSDUDWHG´

³:HSDVVHGWKURXJKDZULQNOHRIWLPHDQGVSDFH´-RVKXDDGGHG³DQGRXUVSLULWXDOXQLW\EURXJKWXVWRJHWKHU´

³:HKDYHEHHQEURXJKWWRWKHJDWHZKHUH,GUDQNIURPWKHZDWHURIOLIH´,QRWHGORRNLQJDWRXUVXUURXQGLQJV³1HYHUFRXOG,IRUJHWWKLV
VSRWRQWKHVLGHRIWKHPRXQWDLQ7KH&UHDWRUPXVWGHVLUHWRVSHDNZLWKXVIRU+HKDVWUDQVSRUWHGXVWRWKH*DWHRI'HDWKDQG/LIH/HW
XVJRLQ´

:HDOOUDLVHGRXUKDQGVDQGYRLFHVLQSUDLVHDQGWKHJDWHRSHQHGWRUHFHLYHXVLQWR+LVSUHVHQFH7KHLQYLVLEOHULYHUVXGGHQO\DSSHDUHG
IORZLQJJHQWO\WRZDUGXV7KHWUHHRIOLIHVWRRGVLOHQWO\XSRQWKHULYHUEDQNLWVDUPVEHFNRQLQJWRXV,WZDVDGRUQHGQRZRQHYHU\VLGH
ZLWKWLQ\GHOLFDWHVWDUVWKDWVKLQHGEULJKWHUWKDQDWURSLFDOVXQ

6LGH E\ VLGH ZH DSSURDFKHG WKH OLJKWILOOHG WUHH DQG KHDUG LWV EHDXWLIXO OLYLQJ YRLFH RI VZHHWQHVV PLQJOHG ZLWK SRZHU DQG PDMHVW\
)HHOLQJWKHUDGLDQFHZHVWRSSHGDWDUHVSHFWIXOGLVWDQFHVHQVLQJWKDWWKHWUHHZDVUHDG\WRVSHDN

³-RVKXD*UDFH

<RXKDYH0\IDFH

$QDYDWKH+XPEOH
23
<RXZLOOQRWVWXPEOH

-RVHSKWKHZLVH

<RXZLOODGYLVH

(DFKZLWKDJLIW

%\ZKLFK\RXZLOOOLIW

$QGUROOEDFNWKHFXUVH

2IVLQDQGLWVKHDUVH

%OHVVHYHU\ZKHUH

)RU,UHDOO\GRFDUH

3ODQWVHHGVRIFKDQJH

7KLQNLWQRWVWUDQJH

5HDFKIRUWKHVWDU

,WLVQRWIDU

0\.LQJGRPLVQHDU

7KHUH¶VQRQHHGWRIHDU

,WVXUHO\ZLOOFRPH

)RUDOOQRWIRUVRPH

%XWKHDUWVPXVWEHWXUQHG

0\ZRUGQRPRUHVSXUQHG

7KDWZKDWFRPHVIURPDERYH

,VRQO\0\ORYH´

:HDOOIHOOWRRXUNQHHVE\WKHLPSDFWRI+LVZRUG7KHSDLQIXOORYHLQWKHKHDUWRIWKH&UHDWRUZKRZDVZLOOLQJ DQG HYHQ HDJHU WR


FRQVXPH WKH ELWWHUZDWHUVRIGHDWKLWVHOIVZHSWWKURXJKXV 2XU WHDUVIORZHGZLWKRXW KLQGUDQFHZDWHULQJWKHJURXQG EHIRUH XVDQG
KHDYHQO\IORZHUVRILQGHVFULEDEOHFRORUVVSUDQJXSIURPHDFKGURS$VZHZHSWZHZHUHVRRQVXUURXQGHGE\DOLYLQJVHDRIFRORUDQG
IUDJUDQFH

$QXQVHHQKHDYHQO\6FULEHKDYLQJFKDUJHRIWKHERRNRIOLIHORRPHGEHIRUHXVDQGZURWH²DOPRVWVODVKLQJ²DWDYLQRXUKHDUWVZLWKD
VKDUSEXWXQVHHQTXLOO,WZDVDVLQJOHOHWWHULQWKHVKDSHRIDQ;DVLJQDWXUHSUHJQDQWZLWKJHQHUDWLRQVRIZRUGV\HWWREHVSRNHQ
DQGXQGHUVWRRGHQGXULQJSULQFLSOHVSURFODLPLQJWKDWWHDUVVKHGIRUWKHULJKWUHDVRQVEULQJIRUWKMR\DQGEORRGWKDWLVVKHGLQORYH
IRURWKHUVEHJHWVFKLOGUHQRIOLJKW

7KHQRQHRIWKHWLQ\VWDUVGHWDFKHGLWVHOIIURPWKHWUHHDQGIORDWHGOLJKWO\WRZDUG-RVKXDDWWDFKLQJLWVHOIWRKLVIRUHKHDG³%HKROG KLV
IDFH´WKH9RLFHRIPDMHVW\VSRNH³DQG+LVQDPHVKDOOEHLQWKHLUIRUHKHDG 6RVKDOOLWEHIRUDOOZKRHDWRIWKLVWUHHDQGGULQNRI
WKLVZDWHU´

7KHQ-RVHSKVORZO\SXOOHGIURPKLVYHVWDVPDOOZDWHUIODVN3RXULQJLWRXWDVDGULQNRIIHULQJKHVWHSSHGWRZDUGWKHULYHUDQGILOOHGWKH
IODVNZLWKOLYLQJZDWHUGUDQNRILWDQGWXFNHGLWEDFNLQWRKLVYHVW,NQHZDVGLGWKHRWKHUVWKDWKLVIODVNRIZDWHUZRXOGQHYHUEH
GUDLQHGDQGWKDWLWZRXOGUHPDLQDVRXUFHRIOLYLQJZDWHUIRUDOOZKRGHVLUHGWRGULQNRILW

24
$VKHWXUQHGWRZDUGXVKLVIDFHVKRQHEULJKWO\DVLIWUDQVILJXUHGIURPZLWKLQDQGZHKHDUGWKH9RLFHRIZLWQHVVVSHDN³7KH\WKDWEH
ZLVHVKDOOVKLQHDVWKHEULJKWQHVVRIWKHILUPDPHQW´:HVWRRGLQDZHDVWKH9RLFHDJDLQVSRNH³7KLVLVWKH-RVHSKWKDW,NQRZDQG
KHVKDOOVWHZDUG0\ODQGDQGWHDFKVWHZDUGVKLSWRRWKHUV´

,WKHQQRWLFHGIRUWKHILUVWWLPHDVPDOOERZOXQGHUWKHWUHHFRQWDLQLQJVRPHWKLQJWKDWUHVHPEOHGFRULDQGHUVHHG  ³:KDW LV LW"´ ,


DVNHGVLOHQWO\,ZDONHGVORZO\WRWKHWUHHDQGSLFNHGXSWKHERZO,WZDVDOLYHDQGWUDQVIRUPHGLWVHOIIURPDERZOWRDWLQ\FXSZKLFK
UHJDUGOHVVRILWVVL]HVWLOOFRQWDLQHGWKHVDPHDPRXQWRIVHHGDVZDVLQWKHODUJHUERZO$V,SXWLWLQWRP\SRFNHWLWVHHPHGWRWDNHXS
QRVSDFHDWDOODQGLWZDVZHLJKWOHVV

³<RXDUH0\EHORYHGVRQWKLVGD\KDYH,EHJRWWHQ\RX´VDLGWKH9RLFH³3ODQWWKHVHVHHGVLQWKHKHDUWVRIPHQDQGZRPHQVRWKDW
DOOPD\EH0\FKLOGUHQ´

:HVWRRGLQZRQGHUDWWKHDZHVRPHJLIWVWKDWZHKDGEHHQJLYHQNQRZLQJWKDWZHZHUHDOOVWHZDUGVRIOLIHZLWKWKHFDOOLQJWREOHVV
RWKHUVIUHHO\DOOZKRZRXOGKHDUDQGKHHGWKHDQRLQWHGZRUGVWKDWZHZHUHWRVSHDNLQWRWKHZRUOGRIPHQ

-XVWDVVXGGHQO\ZHIRXQGRXUVHOYHVRXWVLGHRI(GHQVWDQGLQJRQWKHSDWKQH[WWRWKHEULJKWGLPUHIOHFWLRQRIWKHWUXHULYHUWKDWQRZ
IORZHG ZLWKLQ RXU KHDUWV :H ORRNHG XS DW WKH VWDWHO\ ROG WUHHV ZKRVH OLPEV JUHZ HYHU ROGHU DQG EULWWOH ZLWK DJH²QRWKLQJ OLNH WKH
\RXWKIXODQFLHQWWUHHRIOLIHWKDWKDGEHHQSODQWHGLQRXUKHDUWV(YHQWKHVXQLQWKHFORXGOHVVVN\ZDVSDOHLQFRPSDULVRQWRDVLQJOH
VWDUVKLQLQJWKURXJKWKHKHDOLQJOHDYHVRIWKHWUHHRIOLIH

<HW WKRXJK ZH ORQJHG WR UHWXUQ WR WKH OLYLQJ ZRUOG UXQQLQJ SDUDOOHO WR WKLV GHDGHQHG ZRUOG ZH NQHZ WKDW LW ZDV RXU PLVVLRQ WR EH
ZLWQHVVHV RI WKH WUXH OLJKW²ILUVW IUXLWV RI +LV .LQJGRP²WR UHIRUHVW WKH HDUWK ZLWK QHZ DQG OLYLQJ WUHHV WR WHDFK WKH ZLVGRP WKDW
VXUSDVVHVNQRZOHGJHWRUHFUHDWHDOOWKLQJVDQGWREULQJOLIHWRWKHGHDG

)RRWQRWHV
 (]HNLHO7KH³PDUN´RI*RGLVWKHWDY
 3VDOP

 5HYHODWLRQ
 'DQLHO
 ([RGXV0DQQDOLWHUDOO\PHDQV³:KDWLVLW"´
 3VDOPFRPELQHGZLWK0DWWKHZ

25
&KDSWHU
-RVKXD¶V0HVVDJH


³2UGHURUGHU´WKHPD\RUVKRXWHGWRWKHFURZG³)LQGDVHDWVRWKDWZHPD\EHJLQWKHPHHWLQJ´$WILUVWWKHUHZDVQRUHVSRQVHEXW
XSRQIXUWKHUXUJLQJWKHSHRSOHUHOXFWDQWO\EURXJKWWKHLUFRQYHUVDWLRQVWRDQHQGDQGVDWGRZQ:KHQWKH7RZQ+DOOZDVQHDUO\TXLHW
WKHPD\RUEHJDQWRDGGUHVVWKHSHRSOH

³$V\RXNQRZD7RZQ+DOOPHHWLQJKDVEHHQUHTXHVWHGE\&LWL]HQ-RVKXDZKRVD\VKHKDVDPHVVDJHIRUXVIURPWKH&UHDWRU+LPVHOI
:HZDQWWRJLYHKLPDVPXFKWLPHDVKHQHHGVVR,ZLOOWDNHXSQRPRUHRIKLVWLPH´7XUQLQJWR-RVKXDKHH[WHQGHGKLVKDQGWRZDUG
KLPVD\LQJ³<RXDOONQRZ-RVKXD&RPHDQGVKDUH\RXUPHVVDJH´

7KHSHRSOHDSSODXGHGEULHIO\DQGLQTXLVLWLYHO\ORRNHGDWKLPDVKHWRRNWKHSRGLXP

³7KHUHDUHWKUHHRIXVDFWXDOO\´-RVKXDEHJDQ³ZKRKDYHEHHQJLYHQUHYHODWLRQWRVKDUHZLWK\RX(DFKRIXVKDVDSRUWLRQRIWKH
ZRUGDQGWKH&UHDWRUKDVJLYHQHDFKRIXVFHUWDLQJLIWVWRJLYHWR\RX´

7KHSHRSOHQRGGHGDSSURYLQJO\DQGORRNHGDWHDFKRWKHUZLWKDQWLFLSDWLRQ(YHU\RQHORYHVJLIWVIRUWKH\DUHWRNHQVRIORYHDQGZKHQ
WKH\FRPHIURPWKH&UHDWRU+LPVHOIWKH\JLYHHYHU\RQHDVHQVHRIEHORQJLQJDQGGLYLQHDSSURYDO

³$V \RX DOO NQRZ´ -RVKXD FRQWLQXHG ³P\ EXVLQHVV LV JLYLQJ SHRSOH ULGHV LQ UDLQERZFRORUHG EDOORRQV VR WKDW WKH\ PLJKW KDYH
RSSRUWXQLW\ WR ULVH DERYH WKH HDUWK DQG DW OHDVW IRU D VKRUW WLPH WR VHH WKLQJV EHWWHU IURP D KHDYHQO\ SHUVSHFWLYH 6SHFLILFDOO\ WKH
PXOWLFRORUHGEDOORRQVUHPLQG\RXWKDW\RXDUHXQGHUFRYHQDQWZLWKWKH&UHDWRU´

7KHSHRSOHQRGGHGLQDJUHHPHQW7KH\ZHUHDOOYHU\IDPLOLDUZLWKERWKWKHEDOORRQULGHVDQGZLWKWKHLUKLVWRU\7KHWRZQLWVHOIKDGEHHQ
HVWDEOLVKHGORQJDJRE\DFRYHQDQWDWWKHEDVHRIWKHPRXQWDLQDQGDORQJWKHULYHUWKDWUDQWKURXJKLW

7KH WRZQ RI 1HZNLUN  ZDV QRW WKH RULJLQDO VHWWOHPHQW WKHUH $Q ROGHU WRZQ KDG VWRRG WKHUH PDQ\ \HDUV DJR NQRZQ VLPSO\ DV

.LUN 7KDWWRZQKDGEHHQIRXQGHGXQGHUDQHDUOLHUFKDUWHUE\DQRWKHUFRYHQDQWZLWKWKH&UHDWRUEXWLWKDGEHHQGHFODUHGQXOODQG
YRLGDIWHUWKHSHRSOHKDGFRQWLQXDOO\YLRODWHGLWVWHUPV$QHZFRYHQDQWZDVWKHQHVWDEOLVKHGRQEHWWHUWHUPVDQGWKLVZDVZKDW-RVKXD
QHHGHGWRH[SODLQWRWKHSHRSOHIRULWZDVSODLQWKDWWKH\KDGORQJIRUJRWWHQLWVWHUPV

³$OORI\RXNQRZVRPHWKLQJRIWKHKLVWRU\RIRXUWRZQ´-RVKXDFRQWLQXHG³0DQ\RIWKHRULJLQDOLQKDELWDQWVRI.LUNGLGQRWEHOLHYH
WKDWWKH\QHHGHGDQHZFRYHQDQW%HLQJFRQWHQWZLWKWKHILUVWDUUDQJHPHQWWKH\IRXJKWDJDLQVWWKRVHZKRGHVLUHGWKHZLOORIWKH&UHDWRU
$W ILUVW WKH\ VXFFHHGHG LQ GULYLQJ RXW RXU IRUHIDWKHUV  EXW LQ WKH HQG WKH\ WKHPVHOYHV ZHUH GULYHQ RXW 7KDW LV KRZ ZH FDPH WR
UHVHWWOHWKLVYDOOH\DQGWRUHQDPHRXUWRZQ1HZNLUN´

³<HVEURWKHU´DPDQVKRXWHGHQWKXVLDVWLFDOO\IURPWKHDXGLHQFH³7KH\JRWZKDWWKH\GHVHUYHG´

-RVKXDFRQWLQXHG³,WLVQHYHUJRRGWRGLVDJUHHZLWKWKH&UHDWRU7HFKQLFDOO\WKRXJKWKH\GLGQRWUHMHFWWKHQHZFRYHQDQWDWOHDVWQRW
LQWKHLU RZQ PLQGV7KH\EHOLHYHGWKDWWKHQHZFRYHQDQWZDVMXVWDUHQHZDORIWKHHDUOLHU FRYHQDQW 0DQ\RI\RXGRQRWNQRZWKLV
HDUOLHUKLVWRU\IRULWRFFXUUHGDYHU\ORQJWLPHDJR'XULQJWKHFHQWXULHVDIWHUWKHWRZQRI.LUNZDVHVWDEOLVKHGE\WKHILUVWFRYHQDQW
WKH\YLRODWHGWKHWHUPVRIWKHLUFRYHQDQW6RWKH&UHDWRUEURXJKWMXGJPHQWXSRQWKHPIRUEUHDFKRIFRQWUDFW$VDUHVXOWWKH&UHDWRU
VROGWKHSHRSOHRI.LUNWRDIRUHLJQQDWLRQ²DVZDV+LVULJKW²DQGWKH\ZHUHUHVHWWOHGDVDOLHQVLQDIRUHLJQODQG´

³%XW DIWHU WKUHH JHQHUDWLRQV´ KH FRQWLQXHG ³WKH &UHDWRU¶V FRQWUDFW ZLWK WKDW IRUHLJQ QDWLRQ H[SLUHG DQG WKH GHVFHQGDQWV RI WKH
GHVWUR\HGWRZQRI.LUNZHUHDOORZHGWRUHWXUQDQGWRUHEXLOGWKHLUWRZQDQGKRPHV$WWKDWWLPHWKH\UHQHZHGWKHLUFRYHQDQWZLWKWKH
&UHDWRU DQG YRZHG REHGLHQFH WR +LV ODZV RQFH DJDLQ ,W ZDV WKHLU RSLQLRQ WKDW WKLV UHQHZDO RI WKH RULJLQDO FRYHQDQW ZDV WKH QHZ
FRYHQDQWZKLFKKDGEHHQSURSKHVLHGE\WKHSURSKHWV´

³7KH\ZHUHZURQJ´VKRXWHGDQROGPDQIURPWKHDXGLHQFH³7KHQHZFRYHQDQWFDPHPDQ\FHQWXULHVODWHUDQGWKH\HYHQNLOOHGWKH
PHVVHQJHURIWKHQHZFRYHQDQW)RUWKDWUHDVRQWKH\ZHUHGULYHQIURPKHUH´

³7KDWLVWUXH<HV$PHQ´WKHFURZGURDUHGLWVDSSURYDO

³$UHZHWKHQLQDJUHHPHQWWKDWWKHQHZFRYHQDQWLVQRWVLPSO\DUHQHZDORIWKHILUVWFRYHQDQW"´-RVKXDDVNHGWKHP

7KHDSSODXVHFRQYH\HGWKHLUDQVZHUDVLWUHVRXQGHGWKURXJKWKHKDOO
26
:KHQWKHSHRSOHZHUHTXLHWRQFHDJDLQ-RVKXDVWDWHG³%XW\RXKDYHGRQHWKHVDPHWKLQJ´6WXQQHGWKHSHRSOHORRNHGDWHDFKRWKHULQ
VKRFNDQGGLVEHOLHI

³:KDWGR\RXPHDQ"´VRPHRQHDVNHG

³<RXKDYHSULGHG\RXUVHOIRQEHLQJXQGHUDQHZFRYHQDQWEXWEHFDXVH\RXKDYHQRWIXOO\XQGHUVWRRGLWVWHUPV\RXKDYHGRQHWKDW
ZKLFK\RXFRQGHPQWKHSHRSOHRI.LUNIRUGRLQJ´

$PXWWHULQJUHVWOHVVQHVVULSSOHGWKURXJKWKHFURZG,WZDVREYLRXVWKDWWKH\GLGQRWDJUHHRUHYHQXQGHUVWDQG

³,I\RXJREDFNWRWKHRULJLQDODUFKLYHVLQRXU+LVWRULFDO/LEUDU\DQGUHDGKRZWKHILUVWFRYHQDQWZDVHVWDEOLVKHG\RXZLOOVHHWKDW\RXU
IRUHIDWKHUVYRZHGREHGLHQFH´

³<HV,NQRZWKDWLVFRUUHFW´VDLGWKHROGPDQORXGHQRXJKIRUDOOWRKHDU³DQGQRZZHKDYHYRZHGWRREH\WKHQHZFRYHQDQW7KDWLV
ZKDWSOHDVHVWKH&UHDWRU´

³7KHQKRZGRWKHVHWZRFRYHQDQWVGLIIHU"´-RVKXDDVNHG³,QERWKFDVHV\RXKDYHYRZHGREHGLHQFHPDNLQJWKHVHFRQGFRYHQDQWDV
GHSHQGHQWXSRQREHGLHQFHDVWKHILUVWRQHZDV´

³7KH\ DUH DOLNH LQ WKDW ZD\´ WKH ROG PDQ UHSOLHG ³EXW WKH ILUVW FRYHQDQW UHTXLUHG WKHP WR REVHUYH WKH ODZV RI WKH &UHDWRU 7KLV
UHTXLUHPHQWSURYHGWREHLPSRVVLEOHVRDQHZFRYHQDQWZDVHVWDEOLVKHGDSDUWIURPWKHODZ7KHVWDQGDUGRIFRPSOLDQFHZDVFKDQJHG
IURPREHGLHQFHWRIDLWKDORQH7KHPHGLDWRURIWKHQHZFRYHQDQWZDVDEOHWRNHHSHYHU\UHTXLUHPHQWRIWKHODZVRZHGRQRWKDYHWRGR
VRRXUVHOYHV7KDWLVZK\ZHDUHQRORQJHUUHTXLUHGWRREH\WKRVHODZV´

³:HUHWKRVHODZVHYLO"´-RVKXDDVNHG

³<HV´RQHVKRXWHG³1R´VKRXWHGDQRWKHU6WLOODQRWKHUFDOOHGRXW³6RPHZHUHEDGDQGVRPHZHUHJRRG:HREVHUYHWKRVHWKDWFRXOG
EHVDOYDJHGDQGKDYHFDVWRXWWKRVHWKDWZHUHHYLO´,WZDVDSSDUHQWWKDWPDQ\GLVDJUHHGDERXWWKHQDWXUHRIWKRVHODZV,IVSHFLILFODZV
ZHUHKHOGXSDVH[DPSOHVVXFKDVODZVIRUELGGLQJWKHIWRUPXUGHUWKHJRRGSHRSOHRIWKHWRZQZRXOGKDYHDJUHHGWKDWWKH\VKRXOG
IROORZWKRVHODZV1RQHWKHOHVVPDQ\ZDQWHGWRUHWDLQWKHULJKWWRUHMHFWDQ\ODZWKDWVHHPHGHYLORUGLVDJUHHDEOHWRWKHP

³+DVDQ\HYLOODZFRPHIURPDJRRG&UHDWRU"´-RVKXDDVNHG

³:HOO\HV´VDLGWKHROGPDQZKRVHHPHGWREHWKHWRZQKLVWRULDQ7KRXJKKHGLGQRWZDQWWRDWWULEXWHHYLOWRWKH&UHDWRUKHZDV
IRUFHGWRDGPLWWKDWRQO\HYLOODZVRXJKWWREHUHMHFWHG6LQFHVRPHODZVKDGEHHQUHSHDOHGE\WKH7RZQ&RXQFLOKHKDGWRVXSSRUWWKHLU
GHFLVLRQWRUHMHFWFHUWDLQODZV

7KHROGPDQKDVWLO\H[SODLQHG³,WZDVOHIWWRXV²WKDWLVRXU7RZQ&RXQFLO²WRGHFLGHZKLFKODZVZHUHJRRGDQGZKLFKZHUHHYLO
VLQFHLWLVKDUGO\SRVVLEOHIRUDQRUGHUHGVRFLHW\WRKDYHQRODZVDWDOO3URPLQHQWFLWL]HQVRI1HZNLUNKDYHDULVHQLQRXUKLVWRU\ZKR
KDYHGHFLGHGIRUXVZKDWODZVZHUHJRRGDQGZKLFKZHUHQRW7KHVHDUHRXUWUDGLWLRQV´

-RVKXDVPLOHG³$UH\RXVD\LQJWKHQWKDWWKH&UHDWRUJDYHPHQ²RUFHUWDLQPHQ²WKHULJKWWRUHSHDODQ\ODZWKDWWKH&UHDWRU+LPVHOI
KDGSURQRXQFHGJRRGLQHDUOLHUWLPHV"´

³<HVWKDWLVWKHZD\LWLV´FDPHWKHUHSO\,NQRZEHFDXVH,DPDPHPEHURIWKH&RXQFLO7KH&UHDWRUJDYHWKLVGXW\WRWKRVHDPRQJXV
ZKRZHUHZLVH&HUWDLQUHYHUHGPHQRI1HZNLUNLQSDVWJHQHUDWLRQVKDYHGHWHUPLQHGZKLFKODZVVKRXOGUHPDLQDQGZKLFKDUHQRORQJHU
UHOHYDQW´

³5HDOO\"´-RVKXDTXHVWLRQHG³+DYH\RXQHYHUUHDGLQWKH$UFKLYHVWKDWWKLVPDQQHURIWKLQNLQJLVZKDWFDXVHGWKH&UHDWRUWRVHOOWKH
SHRSOHRI.LUNLQWRFDSWLYLW\",WLVZULWWHQµ7KHVHSHRSOHKRQRU0HZLWKWKHLUOLSVEXWWKHLUKHDUWLVIDUIURP0H%XWLQYDLQGRWKH\
ZRUVKLS0HWHDFKLQJDVGRFWULQHVWKHWUDGLWLRQVRIPHQ7KH\KDYHLQYDOLGDWHG0\ZRUGIRUWKHVDNHRIWKHLUWUDGLWLRQV¶'R\RXQRW
VHHWKLVDVDSUREOHP"´-RVKXDDGGHG

³7KDWLVQRSUREOHP´WKHROGPDQUHVSRQGHG³EHFDXVHWKHVHJUHDWPHQLQRXUKLVWRU\DFWDVDGYLVRUVWRWKH&UHDWRU:KHQWKH\DJUHH
DQGFRPHWRDGHFLVLRQWKH&UHDWRUFKDQJHV+LVPLQGLIQHFHVVDU\DQGFRQIRUPVWRWKHLUVWDQGDUGRIULJKWDQGZURQJ7KDWLVDORQJ
HVWDEOLVKHGSUDFWLFHDQGLWKDVZRUNHGRXWYHU\ZHOOIRUXV´7KHPD\RUFODSSHGKLVKDQGVDQGWKHDXGLHQFHDSSODXGHGLWVDSSURYDO

³/RQJOLYHWKH7RZQ&RXQFLO´WKH\DOOSURFODLPHG

³,EHOLHYHWKDW\RXVKRXOGUHFRQVLGHU\RXUYLHZRIWKH&UHDWRU´-RVKXDWROGWKHP³,I+HQHHGVKHOSLQXQGHUVWDQGLQJULJKWIURPZURQJ
ZHPLJKWTXHVWLRQ+LVZLVGRPDQGHYHQ+LVJRRGQHVV,IPHQDUHZLVHUWKDQ+HWKHQVKRXOGZHQRWZRUVKLSWKH7RZQ&RXQFLO"%XW,
VHHWKDWZHZLOOQRWEHDEOHWRFRPHWRDQDJUHHPHQWRQWKLVWRGD\/HWXVPRYHRQWRDQRWKHUWRSLF+DVDQ\RQHUHDGWKHWHUPVRIWKH
27
QHZFRYHQDQWLQWKHDUFKLYHV"´-RVKXDDVNHG

³:KDWGR\RXPHDQ"´WKHROGPDQDVNHG³2IFRXUVHZHKDYHUHDGLW,QIDFW,DOZD\VFDUU\DFRS\RILWZLWKPHZKHUHYHU,JR+HUHLW
LV´+HKHOGXSKLVFRS\IRUDOOWRVHH

³9HU\JRRG´-RVKXDUHVSRQGHG³3OHDVHUHDGPHWKHDSSURSULDWHSDVVDJH´

7KH ROG PDQ RSHQHG XS WKH ERRN DQG WXUQHG LWV SDJHV WR WKH SODFH ZKHUH WKH QHZ FRYHQDQW ZDV PHQWLRQHG LQ ZULWLQJ &OHDULQJ KLV
WKURDW KH EHJDQ WR UHDG ³%HKROG GD\V DUH FRPLQJ ZKHQ , ZLOO PDNH D QHZ FRYHQDQW ZLWK WKH SHRSOH RI .LUN WKRXJK QRW OLNH WKH
FRYHQDQWZKLFK,PDGHZLWKWKHLUIDWKHUVDIWHUWKH\KDGEURNHQLW)RUWKLVWLPH,ZLOOSXW0\ODZZLWKLQWKHPDQGRQWKHLUKHDUW,ZLOO
ZULWHLWDQG,ZLOOEHWKHLU*RGDQGWKH\VKDOOEH0\SHRSOH1RORQJHUZLOODQ\RQHKDYHWRWHDFKWKHODZWRKLVQHLJKERUEHFDXVHDOO
ZLOONQRZ0H´

³,VWKLVFRYHQDQWGLIIHUHQWIURPWKHSUHYLRXVRQH"´-RVKXDDVNHG

³<HVRIFRXUVH´

³+RZGRHVLWGLIIHU"´

7KHROGPDQUHVSRQGHGUHDGLO\DVLIWKHDQVZHUKDGEHHQZHOOHVWDEOLVKHGDQGNQRZQVLQFHWKHWRZQRI1HZNLUNKDGEHHQIRXQGHGRQ
LWVQHZFKDUWHU³7KHODZVDUHGLIIHUHQW´

³,VWKDWZKDWLWVD\V"´-RVKXDDQVZHUHG³)URPZKDW,KHDUGDV\RXUHDGWKHSDVVDJHWKHVDPHODZVJLYHQLQWKHILUVWFRYHQDQWZHUHWR
EHZULWWHQRQWKHKHDUWVRIWKHSHRSOHWKURXJKWKHQHZFRYHQDQW7KHUHLVQRPHQWLRQRIDQ\GLIIHUHQWODZVEHLQJLQVWLWXWHG+DYH\RX
QRWUHDGKRZWKHPHGLDWRURIWKHILUVWFRYHQDQWWZLFHJDYHWKHVDPHODZWRWKHSHRSOH"7KHILUVWWDEOHVRIWKHODZZHUHEURNHQVRKH
ZHQWXSWKHPRXQWDLQWRUHFHLYHWKHVHFRQGVHWRIODZVDQGWKHVHZHUHVDLGWREHWKHVDPHDVWKHILUVW´

³:HPXVWDJDLQDJUHHWRGLVDJUHH´WKHROGPDQVDLGZLWKVRPHDJLWDWLRQ

%XW-RVKXDSHUVLVWHG³'RHV\RXUERRNQRWDOVRWHOO\RXWKDWWKHPHGLDWRURIWKHQHZFRYHQDQWVDLGHYHQWKHVPDOOHVWSRUWLRQRIWKHODZ

ZRXOGQRWSDVVDZD\XQWLOKHDYHQDQGHDUWKKDVSDVVHGDZD\" $QGZKDWDERXWWKHSURSKHWVRIWKHQHZFRYHQDQWZKRFRQIURQWHG
WKLV LVVXH DIWHUZDUG 2QH RI WKHP ZURWH ³'R ZH QXOOLI\ WKH ODZ WKURXJK IDLWK" 0D\ LW QHYHU EH 2Q WKH FRQWUDU\ ZH HVWDEOLVK WKH
ODZ´

³,PXVWDJDLQGLVDJUHH´VDLGWKHROGPDQ³7KH7RZQ&RXQFLOGHFLGHGORQJDJRWKDWWKHVHZRUGVDUHQRWWREHLQWHUSUHWHGDVWKH\DSSHDU
RQWKHVXUIDFH:HRXJKWQRWWRLQWHUSUHWWKHPLQDZD\WKDWFRQWUDGLFWVRXUULJKWWRGHWHUPLQHZKLFKODZVDUHYDOLGDQGZKLFKKDYHEHHQ
UHSODFHGE\IDLWK´

³,VHH´-RVKXDVDLG³,DPWROGWKDWIDLWKFRPHVE\KHDULQJWKHZRUGRIWKH&UHDWRU EXWDSSDUHQWO\\RXLQWHUSUHWWKLVWRPHDQWKDW
IDLWKFRPHVE\KHDULQJWKHGHFLVLRQVRIWKH7RZQ&RXQFLO,UHFDOOWKDWWKLVZDVDQLVVXHZKHQWKH&UHDWRULQVWLWXWHGWKHILUVWFRYHQDQW
7KHSHRSOHDWWKDWWLPHGLGQRWZDQWWRKHDUWKHZRUGRIWKH&UHDWRU7KH\DVNHGDUHSUHVHQWDWLYHWRJRXSWKHPRXQWDLQWRKHDU+LVODZ
DQGWRUHWXUQDQGWHOOWKHPZKDWWKH&UHDWRUKDGVDLG $IWHUWKDWWKHSURSKHWVODPHQWHGWKLVGHFLVLRQVLJKLQJµ7RGD\ LI RQO\ \RX
ZRXOGKHDU+LVYRLFHGRQRWKDUGHQ\RXUKHDUWVDV\RXGLGLQWKHSDVW¶,WDSSHDUVWKDWWKHSUREOHPDIIOLFWLQJWKHSHRSOHRI.LUNKDV
DOVRDIIOLFWHGWKHSHRSOHRI1HZNLUN´

³,WVHHPV´-RVKXDFRQFOXGHG³WKDWZHPXVWOHDYHWKLVTXHVWLRQXQUHVROYHGIRUWKHPRPHQWDQGPRYHRQWRRWKHUWKLQJV´

³'R\RXDJUHHWKDWWKHQHZFRYHQDQWSXWVQRUHTXLUHPHQWRQWKHSHRSOHWRYRZREHGLHQFHEXWWKDW\HWWKH\DUHWREHFRPSOLDQWZLWKWKH
&UHDWRU¶VODZ"´-RVKXDDVNHG

³<HVRIFRXUVH´WKHROGPDQUHSOLHG³7KH\PXVWKDYHIDLWKLQWKH&UHDWRUDQGPXVWDOVREHREHGLHQWWRWKHODZVRIWKH7RZQ&RXQFLO
7KDWLVWKHSURYLVLRQRIWKHQHZFRYHQDQW,IWKH\GRWKHVHWZRWKLQJVWKH\PD\EHFLWL]HQVRI1HZNLUN7KH&UHDWRUGHOHJDWHGDXWKRULW\
WRWKH7RZQ&RXQFLOIRUHYHUDQGHYHQLIWKH&RXQFLOZHUHWRGLVUHJDUGWKHZLOORIWKH&UHDWRU²ZKLFKRIFRXUVHFRXOGQHYHUKDSSHQ²
+HZRXOGQRWDQQXOWKHLUDXWKRULW\IRULWZDVJUDQWHGWRWKHPXQFRQGLWLRQDOO\E\WKHQHZFRYHQDQW´

³7KDWEULQJVPHWRWKHPDLQUHDVRQIRUWKLVJDWKHULQJ´-RVKXDUHVSRQGHG³7KH&UHDWRUKDVVKRZQPHWKDWWKHILUVWFRYHQDQWZDVPDQ¶V
YRZWRWKH&UHDWRU7KHQHZFRYHQDQWLVWKH&UHDWRU¶VYRZDQGSURPLVHWRPDQ7KHILUVWFRYHQDQWREOLJDWHGPHQWREHREHGLHQWLQRUGHU
WREHFLWL]HQVRI1HZNLUN%XWEHFDXVHPHQZHUHQRWDEOHWRIXOILOOWKHLUYRZV*RGPDGHDYRZRI+LVRZQWKDWREOLJDWHG+LPVHOIWR
PDNHDOOPHQULJKWHRXV7KLVVHFRQGFRYHQDQWGRHVQRWGHSHQGXSRQWKHZLOORIPHQEXWRQO\XSRQ+LPVHOIDQG+LVRZQSRZHU´

³%XWWKDWYLRODWHVRXUIUHHZLOO´WKHROGPDQREMHFWHG³6XUHO\+HZRXOGQRWGRVXFKDWKLQJ´
28
-RVKXDFRQWLQXHG³7KHILUVWFRYHQDQWZDVPDGHE\PDQ¶VIUHHZLOODV\RXFDOOLWDQGORRNZKHUHLWJRWWKHP2QWKHRWKHUKDQGWKH
QHZ FRYHQDQW ZDV PDGH E\ WKH &UHDWRU¶V IUHH ZLOO , DP KHUH WR SURFODLP WKDW WKH &UHDWRU KDV IUHH ZLOO DQG WKDW +H FDQ PDNH DQ\
SURPLVHDV+HZLVKHV:KHQ+HPDNHVVXFKSURPLVHV+HREOLJDWHV+LPVHOIWRIXOILOOLWWRWKHOHWWHU7RIDLOLQDQ\ZD\ZRXOGPDNH+LP
HLWKHUDOLDURUDZHDNJRGWKDWKDVJRRGLQWHQWLRQV´

+HSDXVHGWROHWWKLVWKRXJKWVHWWOHLQWKHLUPLQGV7KHQKHVDLG³,I\RXUHDGWKHIDPLOLDUVWRU\RIWKHRULJLQDOUDLQERZ\RXZLOOVHHWKDW
WKH&UHDWRUPDGHDSURPLVHWRWKHZKROHHDUWKDQGQRWRQFHUHTXLUHGDQ\RQHRQHDUWKWRPDNHDSURPLVHLQUHWXUQ$Q\SURPLVHWKDW
GRHVQRWKLQJHXSRQDUHVSRQVHLVXQFRQGLWLRQDO´

-RVKXDFRQWLQXHG³,WLVZULWWHQDJDLQWKDWWKH&UHDWRUWROGWKHPHGLDWRURIWKHILUVWFRYHQDQWWRJDWKHUDOOWKHSHRSOHWRJHWKHUWRKHDU
WKH&UHDWRU¶VYRZWRHVWDEOLVKWKHPDV+LVSHRSOHDQGWREHWKHLU*RG)XUWKHU+HWROGWKHPWKDWWKLVYRZZDVQRWRQO\IRUWKHPEXWIRU
DOOZKRZHUHQRWSUHVHQWDVZHOO7KLVYRZZDVPDGHDERXW\HDUVDIWHUWKHILUVWFRYHQDQW7KHPDLQGLIIHUHQFHZDVWKDWPHQ¶VYRZV
HVWDEOLVKHGWKHILUVWFRYHQDQWZKLOHWKH&UHDWRU¶VYRZHVWDEOLVKHGWKHVHFRQG´

³$UH \RX WHOOLQJ XV´ WKH ROG PDQ H[SORGHG ³WKDW LI PHQ IDLO WR DWWDLQ SHUIHFWLRQ WKDW LW LV *RG¶V IDXOW" 'R \RX GDUH WR VKLIW WKH
UHVSRQVLELOLW\IRUPDQ¶VIDLOXUHVXSRQWKH&UHDWRU"7KDWVRXQGVOLNHEODVSKHP\WRPH´

³5HVSRQVLELOLW\UHVWVXSRQWKRVHZKRYRZ:KHQPHQYRZHGREHGLHQFHWKH\REOLJDWHGWKHPVHOYHVWRGRVRPHWKLQJ:KHQWKH\IDLOHG
WKH\FDPHXQGHUWKHODZIRUWKHODZKHOGWKHPUHVSRQVLEOHIRUEUHDNLQJWKHLUYRZV%XWZKHQWKH&UHDWRUYRZHG+HWRRNXSRQ+LPVHOI
WKH UHVSRQVLELOLW\ WR SHUIHFW PDQNLQG DQG WKH VDPH ODZ ZLOO KROG WKH &UHDWRU DFFRXQWDEOH XQWLO +H IXOILOOV +LV SURPLVH 0DQ¶V
LPSHUIHFWLRQLVQRWWKHLVVXH7KHRQO\LVVXHLVZKHWKHUWKH&UHDWRULVFDSDEOHRISHUIHFWLQJPDQNLQGLQVSLWHRIWKHIDFWWKDWWKLVVHHPV
WREHLPSRVVLEOH´

³%XWLWLVLPSRVVLEOH´WKHROGPDQLQVLVWHG³*RGVLPSO\FDQQRWGRWKLVIRU+LVKROLQHVVIRUFHV+LPWRFDVWDZD\DOORIWKHGLVREHGLHQW
RQHVHYHQWKRXJK+HORYHVWKHP´

³, DP KHUH WR JLYH \RX D PHVVDJH IURP WKH &UHDWRU WKDW +H ZLOO GR WKLV´ -RVKXD SHUVLVWHG ³%HFDXVH +H PDGH D YRZ +LV KROLQHVV
GHPDQGVWKDW+HPXVWIXOILOO+LVYRZ7KHUHDVRQ+HPDGHWKLVQHZFRYHQDQWYRZLVVRWKDWZHPLJKWNQRZIRUVXUHZKDW+HLQWHQGVWR
GR,DPKHUHWRDVN\RXWREHOLHYHZKDW+HKDVSURPLVHGDQGWRKDYHIDLWKLQ+LP+DYHIDLWKLQ+LVDELOLW\WRGRZKDW+HKDVVDLG+H
ZLOOGR'RQRWSODFH\RXUIDLWKLQ\RXURZQDELOLW\WRNHHS\RXUYRZVWR+LP3ODFH\RXUIDLWKLQ+LPQRWLQ\RXUVHOYHV´

³7KDWLVQRWZKDWWKH7RZQ&RXQFLOKDVGHWHUPLQHG´WKHROGPDQVDLGZLWKJURZLQJDQJHU³&LWL]HQVKLSLQ1HZNLUNLVE\RQH¶VRZQ
YRZRIREHGLHQFHDQGVXEPLVVLRQWRWKHWUDGLWLRQVRIWKH&RXQFLO7RVD\RWKHUZLVHFRXOGJHW\RXLQWRDORWRIWURXEOH´KHWKUHDWHQHG
GDUNO\

³'R\RXWKLQNWKDWWKHQHZFRYHQDQWLVPDQ¶VQHZYRZWRWKH&UHDWRU"´-RVKXDDVNHGKLP³$UHWKHWZRFRYHQDQWVERWKEDVHGRQWKH
YRZVRIPHQ"´-RVKXDFRQWLQXHG³,WVHHPVWKDW1HZNLUNFLWL]HQVKLSLVEDVHGXSRQWKHILUVWFRYHQDQWGLVJXLVHGDVWKHQHZFRYHQDQW
+DV 1HZNLUN UHWDLQHG WKH ILUVW FRYHQDQW ZKLOH RQO\ FKDQJLQJ LWV ODEHO" <RX VHHP WR EHOLHYH WKDW WKH QHZ FRYHQDQW LV PHUHO\
PDQ¶VQHZYRZWRWKH&UHDWRU´

7KHROGPDQSURFODLPHGORXGO\IRUDOOWRKHDU³:HUHTXLUHWKDWPHQSODFHWKHLUIDLWKLQWKH&UHDWRUDQGVXEPLWWR+LVDXWKRUL]HG7RZQ
&RXQFLODQGLWVODZVHVWDEOLVKHGE\ORQJWUDGLWLRQ6XEPLVVLRQWRPHQSURYHVDPDQ¶VIDLWKLQWKH&UHDWRU+LPVHOI2QHFDQQRWZRUVKLS
WKH&UHDWRUZLWKRXWVXEPLWWLQJWRWKH7RZQ&RXQFLO´

³6RLQWKHHQG´-RVKXDVWDWHG³DOOFLWL]HQVRI1HZNLUNPXVWVZHDUDOOHJLDQFHWRWKH7RZQ&RXQFLODQGWRREH\LWVWUDGLWLRQVLQRUGHUWR
FRPHXQGHUWKHQHZFRYHQDQW$QGLIWKH\GRQRWFRPSO\WKH\PD\EHSXQLVKHGDQGLQVRPHFDVHVWKHLUFLWL]HQVKLSFRXOGEHUHYRNHG
,VWKDWFRUUHFW"´

³<HVDEVROXWHO\´WKHROGPDQVDLGILUPO\

³7KLVVRXQGVOLNHDUHQHZDORIWKHILUVWFRYHQDQW´-RVKXDVDLG³,WVRXQGVQRWKLQJOLNHWKHSDVVDJHWKDW\RXUHDGWRPHHDUOLHUZKHUH
*RG YRZHG WR PDNH DOO PHQ +LV SHRSOH E\ ZULWLQJ +LV ODZ ZLWKLQ WKHLU KHDUWV %\ \RXU ZD\ RI WKLQNLQJ WKH &UHDWRU RXJKW WR KDYH
YRZHGVD\LQJµ,SURPLVHWRWU\WRFRQYLQFHSHRSOHWRKDYHIDLWKLQ0HDQGWRREH\0H¶RUSHUKDSV+HVKRXOGKDYHVDLGµ,SURPLVH
WRPDNHLWSRVVLEOHIRUHYHU\RQHWRIROORZ0HLIWKH\VRFKRRVH¶%XWDV\RXKDYHUHDGIURP\RXURZQERRNWKLVLVQRWWKHQDWXUHRI+LV
SURPLVH+HYRZHGWRSHUVLVWXQWLODOOKDYHIRXQGWKDWSDWKDQGKDYHSODFHGWKHLUIDLWKLQ+LP´

-RVKXDFRQWLQXHG³7KHSRLQW,DPPDNLQJLVWKDWWKH&UHDWRU+LPVHOIKDVYRZHGWRZULWHWKHODZLQWKHKHDUWVRIWKHSHRSOH²QRWMXVWD
IHZRIWKHPEXWDOORIWKHSHRSOH$QGLIWKLVGRHVQRWKDSSHQWKHQ+HPXVWWDNHWKHEODPHIRUSURPLVLQJZKDW+HFRXOGQRWGHOLYHU´

³7KDWLVDEVXUG´WKHROGPDQLQVLVWHG³7KH&UHDWRUZDVQRWWDONLQJDERXWDOOPHQEXWDOOZKREHOLHYH ,WLVFOHDUWKDWQRWDOOPHQ
EHOLHYHGXULQJWKHLUOLIHWLPH2QFHWKH\GLHWKDWLVWKHGHDGOLQH,IWKH\PLVVWKLVGHDGOLQHWKHQWKH\DUHORVWIRUHYHUIRULWLVZULWWHQµLW
LVDSSRLQWHGXQWRPHQRQFHWRGLHDQGDIWHUWKLVWKHMXGJPHQW¶2QFHWKH\DUHMXGJHGLWLVWRRODWHWRUHSHQW´
29
³7KHZRUGV\RXTXRWHG´-RVKXDUHSOLHG³VSHDNRIDVHTXHQFHRIHYHQWVWHOOLQJXVWKDWWKHMXGJPHQWRFFXUVDIWHUPHQGLH+RZHYHU
WKLVVD\VQRWKLQJDERXWDGHDGOLQHIRUUHSHQWDQFH,WLVZULWWHQWKDWHYHU\NQHHZLOOERZDQGHYHU\WRQJXHZLOOVZHDUDOOHJLDQFHWRWKH
JORU\RIWKH&UHDWRU 2EYLRXVO\PRVWPHQGRQRWGRWKLVGXULQJWKHLUOLIHWLPHRQHDUWK7KHUHLVRQO\RQHSRLQWLQWLPHZKHUHWKLV
FDQKDSSHQ7KH\ZLOOGRVRZKHQDOOWKHGHDGDUHVXPPRQHGWRWKHFRXUWIRUWKDWLVZKHQDOOWUXWKILQDOO\ZLOOEHUHYHDOHGWRWKHP
2QFHWKH\NQRZWKHWUXWKZKLFKHOXGHGWKHPGXULQJWKHLUOLIHRQHDUWKWKH\ZLOOERZWRWKH&UHDWRUZLOOLQJO\´

³<HVEXWDIWHUWKH\KDYHERZHGDQGVZRUQDOOHJLDQFHWKHQWKH\ZLOOEHFDVWDVLGHDQGORVWIRUHYHU´WKHROGPDQLQVLVWHG

³7KHLUDOOHJLDQFHWRWKH&UHDWRU´-RVKXDDQVZHUHG³LVWKHIXOILOOPHQWRIWKHQHZFRYHQDQWZKHUH+HILQDOO\EHJLQVWRDFKLHYH+LVJRDO
, GR QRW GRXEW WKDW VXFK SHRSOH ZLOO EH MXGJHG EXW , LQVLVW WKDW WKH MXGJPHQW KRZHYHU ORQJ LW PD\ WDNH LQ WKDW IXWXUH DJH PXVW EH
FRUUHFWLYH LQ QDWXUH 7KH SXUSRVH RI MXGJPHQW LV WR FRPSHO DOO RI WKH GLVREHGLHQW RQHV WR UHSHQW DQG WR OHDUQ WKH ZD\V RI WKH
&UHDWRU1RMXGJPHQWFDQFDXVHWKH&UHDWRU¶VYRZWRIDLO+LVMXGJPHQWVDUHGHVLJQHGWREULQJDERXW+LVVXFFHVVQRW+LVIDLOXUH´

³7KHERRNVD\VWKDW+LVMXGJPHQWVDUHHWHUQDO´WKHROGPDQVWDWHGZLWKFRQILGHQFH³,I\RXUYLHZZHUHFRUUHFWWKHMXGJPHQWVZRXOG
EULQJDOORIPDQNLQGLQWRXQLW\ZLWKWKH&UHDWRU(YHU\RQHNQRZVWKDWWKLVFDQQRWEH,WLVZULWWHQLQPDQ\SODFHVWKDWMXGJPHQWLVQHYHU
HQGLQJ´

-RVKXD SDXVHG IRU D PRPHQW ³<RX DUH XVLQJ D IDXOW\ WUDQVODWLRQ RI WKH ZRUG HWHUQDO ,Q WKH RULJLQDO ODQJXDJH LW ZDV IURP D ZRUG
SHUWDLQLQJWRDKLGGHQRUXQNQRZQSHULRGRIWLPH(YHQWKHILUVWFRYHQDQWZDVVDLGWREHHWHUQDODORQJZLWKDOODQLPDOVDFULILFHVEXW
WKH &UHDWRU GHWHUPLQHG IURP WKH EHJLQQLQJ WKDW WKHVH ZRXOG EH WHPSRUDU\ +RZ ORQJ WKH ILUVW FRYHQDQW ZDV WR UHPDLQ LQ HIIHFW
ZDVXQNQRZQWRPHQLQDJHVSDVWEXWDQXQNQRZQWLPHLVQRWWKHVDPHDVQHYHUHQGLQJWLPH´

+HFRQWLQXHG³&RQVLGHUWRRWKDWWKHUHZDVDQDQFLHQWRUGHURISULHVWVDV\RXDUHZHOODZDUHWKDWZDVJLYHQDQHWHUQDOSULHVWKRRGDV
WKHWUDQVODWLRQJRHV%XW\RXNQRZDOVRWKDWWKLVSULHVWKRRGODVWHGRQO\DERXW\HDUVEHIRUHKLVFRUUXSWGHVFHQGDQWZDVUHSODFHG
E\ RQH RI DQRWKHU IDPLO\  ,Q WKDW FDVH WKH HWHUQDO SULHVWKRRG FDPH WR DQ HQG 6R KRZ FDQ \RX VD\ WKDW WKH ZRUG \RX
WUDQVODWHHWHUQDOLVLQGHHGQHYHUHQGLQJ":DVLWQRWUDWKHUWKDWWKHWLPHRIWKLVSULHVWKRRGZDVLQGHILQLWHIRUQRRQHNQHZLIRUZKHQLW
PLJKWHQG"1RRQHNQHZLIWKRVHSULHVWVZRXOGUHPDLQWUXHWRWKH&UHDWRURULIWKH\ZRXOGFRUUXSWWKHPVHOYHV7KHWLPHZDVKLGGHQ
IURPPHQXQWLOWKH&UHDWRUEURXJKWLWWRDQHQG´

³,LQVLVWWKDWHWHUQDOPHDQVHWHUQDO´WKHROGPDQLQVLVWHG³2WKHUZLVHWKH\ZRXOGQRWKDYHXVHGWKHZRUGHWHUQDO´

³7KHQZHPXVWDJUHHWRGLVDJUHHRQFHDJDLQ´-RVKXDUHSOLHG+HZDVQRWVXUSULVHGDWWKHROGPDQ¶VDQVZHUIRUKHZDVDVSRNHVPDQIRU
WKH7RZQ&RXQFLODQGKDGQRSRZHUWRGHYLDWHIURPLWVGHFLVLRQVWKDWKDGEHHQHVWDEOLVKHGORQJDJR)RUKLPWRDJUHHZLWK-RVKXD
ZRXOGEHWRGHQ\WKH&RXQFLODQGULVNORVLQJDOOVWDWXVUHSXWDWLRQDQGSHUKDSVHYHQKLVRZQOLIH

³7RVXPXSP\UHDVRQIRUEHLQJKHUH´-RVKXDVDLGGUDZLQJKLVVSHHFKWRDFRQFOXVLRQ³WKH&UHDWRUZDQWVDOORI\RXWRSODFH\RXUIDLWK
LQ+LPWKDWLVLQ+LVSURPLVH%HOLHYHWKDW+HLVDEOHWRPDNHJRRGRQ+LVZRUG/HDUQDERXW+LVSODQIRU&UHDWLRQDQGEHOLHYHWKDW+H
ZLOODFFRPSOLVK+LVSXUSRVHDQGJRDOWKDW+HKDVLQWHQGHGIURPWKHEHJLQQLQJ'RQRWWKLQNWKDW+HLVOLPLWHGE\JRRGLQWHQWLRQVWKDW
DUHEH\RQG+LVDELOLW\WRSHUIRUP 'RQRWWKLQNWKDWPDQ¶VZLOOLVVWURQJHUWKDQWKH&UHDWRU¶VZLOORUWKDWWKHGLVREHGLHQFHRIPHQ
ZLOOSUHYHQW+LPIURPPDNLQJDOOPHQ+LVSHRSOH3ODFH\RXUIDLWKLQWKHQHZFRYHQDQWDQGGRQRWZDLWXQWLODOOWKLQJVDUHUHYHDOHGDW
WKHJUHDWMXGJPHQW´

-RVKXDVWHSSHGIURPWKHSRGLXPDQGWKHPD\RUVWRRGXSDQGDQQRXQFHG³7RPRUURZZHZLOOKHDUIURPRXUQH[WVSHDNHUZKRVD\VWKDW
KHKDVDUHYHODWLRQIURPWKH&UHDWRUWRVKDUHZLWKXV)RUQRZZHKDYHHQRXJKWRSRQGHU:HZLOOKHDUPRUHWRPRUURZDWWKHVDPH
WLPH´

:LWKWKDWWKHWKUHHRIXVOHIWWKHEXLOGLQJ$PXUPXUULSSOHGWKURXJKWKHFURZGDVWKHSHRSOHQHUYRXVO\GLVFXVVHGWKLVQHZZD\RI
WKLQNLQJ

)RRWQRWHV
 .LUNLVDQROG6FRWWLVKZRUGWKDWPHDQVFKXUFK
 $FWVVSHDNVRI³WKHFKXUFKLQWKHZLOGHUQHVV´,WZDVWKHILUVWFKXUFK+HQFH.LUNZDVWKHILUVWFKXUFK
 $FWV
 &KURQLFOHV
 ,VDLDK0DWWKHZ
 +HEUHZV
 ([RGXV
 0DWWKHZ
 5RPDQV
30
 5RPDQV
 ([RGXV'HXWHURQRP\
 3VDOP+HEUHZV
 7KLVLVWKHLULQWHUSUHWDWLRQRI0DWWKHZ
 -RKQ
 'HXWHURQRP\
 7KHLULQWHUSUHWDWLRQRI&RULQWKLDQV
 +HEUHZV
 ,VDLDK3KLOLSSLDQV
 ,VDLDK
 7KH +HEUHZ ZRUG RODP WKRXJK RIWHQ WUDQVODWHG HWHUQDO RUHYHUODVWLQJ FRPHV IURP WKH URRW ZRUG DODP ³WR KLGH´
+HQFHRODPPHDQV³KLGGHQXQNQRZQRULQGHILQLWH´,WV1HZ7HVWDPHQWHTXLYDOHQWLVDLRQLDQIURPDLRQ³DQHRQRUDJH´
 1XPEHUV
 .LQJV
 /XNH

&KDSWHU
$QDYD¶V0HVVDJH


7KHGD\GDZQHGVORZO\DVOLJKWFUDFNHGWKHGDUNQHVVIURPWKHIDFHRIWKHHDUWK,GUHVVHGFDUHIXOO\SRQGHULQJGUHDPVRIWKHQLJKW
FRPPXQLQJZLWKWKH&UHDWRURIDOODQ[LRXVDERXWWKHPHVVDJHWKDW,ZDVWRSUHVHQWDWWKH7RZQ+DOOZKHQWKHVXQZDVKLJK

,ORRNHGDWWKHFXSRIVHHGZLWKFRQWLQXHGDPD]HPHQWIRULWWRRNXSQRVSDFHLQP\YHVWDQGVHHPHGWRGLVDSSHDUDOWRJHWKHUEXWZKHQ,
UHDFKHGIRULWLQVLGHLWEHFDPHYLVLEOHDVVRRQDVLWIRXQGP\KDQG,WZDVWUXO\VSLULWXDOVHHGIRULWKDGWKHDELOLW\WRH[LVWLQVSLULWXDO
DQGSK\VLFDOGLPHQVLRQVSDVVLQJWKURXJKWKHXQVHHQYHLOZLWKHDVH:KDWDPDUYHORXVJLIWLWZDV

%XWKRZZDV,WRXVHLW"+RZZRXOG,SODQWLW":KDWVRUWRIILHOGLVQHFHVVDU\IRUVXFKVHHGVWREHDUIUXLW"+RZZRXOGWKLVUHIRUHVWWKH
ODQG"$V,PHGLWDWHGRQWKHVHWKLQJVVHDUFKLQJIRUWKH&UHDWRU¶VZLOOWKHVPDOOEXWFOHDUYRLFHIURPWKHYDYLQP\HDUVSRNH³-RVKXD
KDVSUHSDUHGWKHILHOGIRU\RX7KHVHHGLVJRRGEXWWKHFRQGLWLRQRIWKHILHOGZLOOGHWHUPLQHWKHIUXLW´

7KLVZRUGLQP\HDUEURXJKWOLJKWWRP\H\HV,XQGHUVWRRGWKDW-RVKXD¶VPHVVDJHRIWKHWZRFRYHQDQWVZDVJLYHQWRSUHSDUHWKHKHDUWV
²ILHOGVWKDWLV²IRUWKHVHHGWKDWZDVWREHSODQWHG7KRVHZKRKDGIDLWKLQWKHQHZFRYHQDQWZRXOGEHFRPHIUXLWIXOILHOGVWRIHHGWKH
ZRUOG7KRVHZKRFRQWLQXHGWRODERUXQGHUWKHILUVWFRYHQDQWZRXOGILQGWKHLUILHOGVFXUVHGZLWKEULDUVDQGWKRUQVWKDWZRXOGUHQGHU
WKHPXQIUXLWIXO

7KHYRLFHLQP\HDUXQIROGHGLQWRDVFHQHEHIRUHP\H\HVDQG,VDZWZRZRPHQLQWKHKHDYHQV2QHZDVFDOOHG&DVVLRSHLDDQGWKH
RWKHU $QGURPHGD  7KH ILUVW ZDV GUHVVHG LQ D EULOOLDQW UREH DQG ZRUH D FURZQ WKH VHFRQG ZDV FKDLQHG WR D URFN DQG JUHDWO\
GLVWUHVVHGIRUDJUHDWEHDVWIURPWKHVHDGUHZQHDUWRGHYRXUKHU,VDZWKHQDVWURQJPDQFRPHZLWKDJUHDWFOXE$JUHDWEDWWOHHQVXHG
DQG WKH VWURQJ PDQ NLOOHG WKH VHD PRQVWHU DQG VHW WKH ERQGZRPDQ IUHH 6KH WKHQ EHFDPH RQH ZLWK &DVVLRSHLD DQG WKH VWURQJ PDQ
PDUULHGKHULQDJORULRXVKHDYHQO\FHUHPRQ\

7KHHQWLUHYLVLRQWRRNRQO\DIOHHWLQJPRPHQWIRUWLPHVWDQGVVWLOOLQWKHKHDYHQO\UHDOP,WWDNHVIDUORQJHUIRUWKRVHRQHDUWKWRSRQGHU
DQGXQGHUVWDQGWKHPHDQLQJRIVXFKYLVLRQV%XWWKHYRLFHLQP\HDUDJDLQVSRNHLQVLOHQFH³7KHVHZRPHQDUHWZRILHOGV7KH\ZHUH
31
FDOOHGWREULQJIRUWKIUXLW%XWDFKDLQHGZRPDQLVEDUUHQXQWLOVKHLVVHWIUHH:KHQVKHLVPDUULHGWRWKH2QHVKHPD\WKHQIXOILOOKHU
FDOOLQJWREHIUXLWIXODQGPXOWLSO\´

,NQHZWKHQWKDW.LUNLQWLPHVSDVWDQG1HZNLUNWRGD\UHSUHVHQWHG$QGURPHGDWKDW,UHSUHVHQWHGWKHVWURQJPDQVHQWWRGHOLYHUWKHP
DQGWKDWWKHVHHGVRIOLIHJLYHQWRPHZHUHWKHZRUGVRIWUXWKE\ZKLFKWKHFKDLQHGRQHVZHUHWREHGHOLYHUHG,WZDVWKHZLOORIWKH
&UHDWRUWKDWWKHSHRSOHRI1HZNLUNEHVHWIUHHIURPWKHZLOORIWKHILUVWFRYHQDQWLQWRWKHJORULRXVIUHHGRPRI&DVVLRSHLD$WWKHSUHVHQW
WLPHWKHUHDUHWZRZRPHQEXWLQWKHHQGZKHQWKHYLFWRU\LVFRPSOHWHWKHUHZLOOEHRQO\RQH6KHZLOOEHIUXLWIXODQGKHUFKLOGUHQZLOO
UXOHWKHHYHUH[SDQGLQJXQLYHUVH

,WZDVFOHDUWKHQWKDW-RVKXD¶VPHVVDJHKDGEHHQQHFHVVDU\WRSUHSDUHWKHILHOGIRUPHWRVRZWKHJRRGVHHGRI(O\RQLQWKHHDUVDQG
KHDUWVRIWKHSHRSOHRI1HZNLUN0\FRPPLVVLRQZDVWRLQVWLOOVHHGVRIKRSHLQWRSORZHGILHOGVRIIDLWKLQRUGHUWREULQJIRUWKDORYH
FKLOGKDUYHVW

,UHVROYHGWREHWUXHWRWKHKHDYHQO\YLVLRQ2OGZD\VRIWKLQNLQJIDXOW\LGHDVDERXWWKH&UHDWRUSDUWLDONQRZOHGJHRI+LVODZVDQG
PLVXQGHUVWDQGLQJWKHWZRUDLQERZFRYHQDQWVKDGNHSWWKHSHRSOHRI1HZNLUNFKDLQHGWRWKHURFNRI7\UHLJQRUDQWRIDJUHDWHU5RFN
WKDWFRXOGEHDILUPIRXQGDWLRQRIIUHHGRP,DQGP\FRPSDQLRQVZHUHFDOOHGWRUHSODFHSHUVXDVLRQZLWKIDLWKZLVKIXOWKLQNLQJZLWK
KRSHDQGFRPSXOVLRQZLWKPDJQHWLFORYH

6RLWZDVWKDWZHPHWDVHFRQGWLPHDWWKH7RZQ+DOOWRSUHVHQWWKHSHRSOHZLWKDJUHDWHUXQGHUVWDQGLQJRIWKH&UHDWRU¶VZLOO:HNQHZ
WKDWRXUELJJHVWREVWDFOHZDVWKHIDFWWKDW\HDUVRIWUDGLWLRQKDGLQVWLOOHGLQWKHPWKHEHOLHIWKDWWKH\DOUHDG\SRVVHVVHGWKHWUXHOLJKWRI
IUHHGRP7KH\ZHUHODUJHO\XQDZDUHRIWKHLUFKDLQVDVWKH\ODERUHGWRUHWDLQWKHLUFLWL]HQVKLSLQ1HZNLUN

,IPHQFDQEHFRQYLQFHGWKDWVODYHVDUHIUHHWKDWGDUNQHVVLVOLJKWWKDWGHDWKLVOLIHWKHQWKH\ZLOOUHPDLQFRQWHQWHGO\FKDLQHG,IWKH
OLJKWWKDWLVLQWKHPLVDFWXDOO\GDUNQHVVKRZJUHDWLVWKDWGDUNQHVV 2XUPHVVDJHZHDOONQHZZDVUHYROXWLRQDU\2QFHWKH7RZQ
&RXQFLOWUXO\FRPSUHKHQGHGRXUPHVVDJHRXUYHU\OLYHVZRXOGEHLQGDQJHUDQGWKHPRUWDOEDWWOHEHWZHHQWKHGHOLYHUHUDQGWKHVHD
PRQVWHUZRXOGEHJLQ

³2UGHURUGHU´WKHPD\RUVKRXWHGWRWKHJDWKHULQJFURZG³7KLV7RZQ+DOOPHHWLQJJLYHVWKHSRGLXPWR0U$QDYDZKRLVDVWUDQJHUWR
WKHVHSDUWV+HLVRQKROLGD\IURPWKHFLW\ZKHUHKHWHDFKHVDW+DUGNQR[8QLYHUVLW\´([WHQGLQJKLVKDQGWRZHOFRPHPHKHUHSHDWHG
³0U$QDYD´

7KHSHRSOHDSSODXGHGSROLWHO\DV,WRRNP\SODFHDWWKHSRGLXP

³)ULHQGV,DPWKHVHFRQGRIWKUHHZKRZHUHSULYLOHJHGWRUHFHLYHUHYHODWLRQIURPWKH&UHDWRULQRUGHUWRVKRZ\RXDFOHDUHUYLVLRQRI
ZKR+HLVDQGWRFODULI\+LVODZVDQG+LVSXUSRVHIRUDOO<RXKDYHKDGWLPHWRVOHHSRQ-RVKXD¶VZRUGVZKLFKKHVSRNH\HVWHUGD\DERXW
WKHWZRUDLQERZV+HXUJHG\RXWRSODFH\RXUIDLWKLQWKH&UHDWRU¶VSURPLVHUDWKHUWKDQLQ\RXURZQYRZVRIREHGLHQFH%\WKLVKHGLG
QRWPHDQWKDWZHRXJKWWRPDNHQRFRPPLWPHQWRXUVHOYHVWREHREHGLHQWEXWUDWKHUWKDWZHPXVWUHFRJQL]HRXULQDELOLW\WRIXOILOOVXFK
FRPPLWPHQWV7RGRIDLUO\ZHOOLVWKHVWDQGDUGRI1HZNLUNEXWRQO\DEVROXWHSHUIHFWLRQLVWKH&UHDWRU¶VVWDQGDUG´

³%XWZK\ZRXOGWKH&UHDWRUEHVRXQUHDVRQDEOH"´DPDQVKRXWHGIURPWKHDXGLHQFH

³%\WKHILUVWFRYHQDQW´,DQVZHUHG³WKLVVWDQGDUGFHUWDLQO\ORRNVWREHXQUHDVRQDEOH%XWWKHVWDQGDUGRIDEVROXWHSHUIHFWLRQPHUHO\
UHIOHFWVWKHQDWXUHRIWKH&UHDWRU+LPVHOI:KDWRWKHUVWDQGDUGGR\RXVXSSRVH+HVKRXOGVHWIRUXV"+LVKROLQHVVZRXOGQRWDOORZ+LP
WRLQGXOJHDQ\GLVREHGLHQFHWKDWIDOOVVKRUWRI+LVRZQQDWXUH´

³%XWZHDUHQRW+LP´WKHPDQREMHFWHG³+RZFDQ+HH[SHFWXVWREHOLNH+LP"´

³%XW\RXVHH´,UHVSRQGHG³WKDWLVSUHFLVHO\WKHSRLQW+HKDVJUHDWH[SHFWDWLRQVIRUDOORI\RXDQG+HKDVGUDZQXSDSODQWKDWZLOO
VXFFHHGLQPDNLQJ\RXDOODVULJKWHRXVDV+HLV+HLQWHQGVWRFUHDWHDQHZ\RXLQ+LVRZQLPDJH7KHILUVWFRYHQDQWZDVJLYHQWRSURYH
WKDW\RXFRXOGQRWGRWKLVE\WKHSRZHURI\RXURZQZLOOQRPDWWHUKRZPDQ\WLPHV\RXGHFLGHGWRIROORZDQGREH\+LP<RXUYRZV
DQGGHFLVLRQVWKRXJKZHOOLQWHQWLRQHGFRXOGQHYHUVXFFHHG7KHILUVWFRYHQDQWZDVGHVLJQHGWRKXPEOH\RXPDNLQJ\RXUHDOL]HWKDW
KXPDQQDWXUHVLQFHWKHIDOORI(DUWK\PDQLVLQFDSDEOHRIULVLQJEDFNWRWKHOHYHOWKDWWKH&UHDWRULQWHQGHGIRU\RX´

³+DUUXPSK´PXWWHUHGWKHPD\RU

³<RXDUHLPSO\LQJ´VDLGWKHROGPDQ³WKDWWKHILUVWFRYHQDQWZDVLQDGHTXDWHDQGDIDLOXUH,VWKDWQRWEODVSKHP\DJDLQVWLWV$XWKRU"
+RZGDUH\RXLPSO\WKDWWKH&UHDWRUZRXOGLPSOHPHQWDSODQWKDWZDVGHVLJQHGWRIDLO"´

,UHVSRQGHG³7KH&UHDWRULQWHQGHGWKLVIURPWKHEHJLQQLQJDQGDV\RXDOONQRZ\RXULPSHUIHFWLRQVKDYHSURYHQWKLVWUXWK:KHWKHU
\RXOLNHLWRUQRWQRWRQHRI\RXKDVNHSW+LVODZSHUIHFWO\IRUHYHQLI\RXZHUHWRGHYRWH\RXUOLYHVWRWKHDWWDLQPHQWRISHUIHFWLRQ
DQGHYHQLI\RXVKRXOGVXFFHHGLQDWWDLQLQJLWLQ\RXUJROGHQ\HDUV\RXVWLOOFRXOGQRWHUDVHWKHGLVREHGLHQWWKLQJVWKDW\RXGLGEHIRUH
\RX EHFDPH SHUIHFW *RRG GHHGV GR QRW QXOOLI\ HYLO GHHGV 7KH &UHDWRU GRHV QRW ZHLJK RQH¶V JRRG DQG HYLO GHHGV LQ D EDODQFH WR
32
GHWHUPLQHZKRLVULJKWHRXV+LVVWDQGDUGLV+LPVHOIDQGDQ\RQHZKRLVQRWOLNH+LPIDOOVVKRUWRI+LVJORU\´

³%XWWKDWSXWVULJKWHRXVQHVVRXWRIUHDFKIRUWKHHQWLUHZRUOG´WKHROGPDQREMHFWHG

³<HVWKDWZDVWKHZKROHSRLQWRIWKHILUVWFRYHQDQW´,DQVZHUHGTXLFNO\³,WZDVWREULQJXVWRWKDWYHU\FRQFOXVLRQVRWKDWZHZRXOG
QRORQJHUWUXVWLQRXUVHOYHVEXWLQ+LVJUDFHDORQH,WLVIRUWKLVUHDVRQZHPXVWWUDQVIHURXUIDLWKIURPRXUVHOYHVWRWKH&UHDWRUDORQH
IURPRXUYRZVWR+LVDQGWRORVHDOOFRQILGHQFHLQWKHIOHVK'R\RXQRWXQGHUVWDQGWKDWWKHSXUSRVHRIWKHILUVWFRYHQDQWZDVWRJLYHXV
WKHJLIWRIKXPLOLW\"7KLVLVQRWDQHDV\JLIWWRUHFHLYHIRUIHZSHRSOHUHFRJQL]HLWVYDOXHZKLOHLWLVEHLQJJUDQWHG1RRQHDSSUHFLDWHV
WKLVJLIWXQWLODIWHUZDUG´

,FRQWLQXHG³,WLVZULWWHQLQWKHDQFLHQWKLVWRULFDODFFRXQWWKDWE\WKHILUVWFRYHQDQWWKH&UHDWRUKXPEOHGWKHSHRSOHRI.LUN  ZKLOH


OHDGLQJWKHPLQDZLOGHUQHVVIRUW\\HDUVEHIRUHEULQJLQJWKHPKHUH7KRVHEHLQJKXPEOHGKRZHYHUGRQRWKDYHKXPLOLW\XQWLOWKH\
HPEUDFHWKHKXPEOLQJDQGFRPHLQWRDJUHHPHQWZLWKWKHSURFHVV´

³7KDWLVDEVXUG´JURXFKHGWKHROGPDQ³,ZLOOKDYH\RXNQRZWKDWWKH&UHDWRULVZHOOSOHDVHGZLWKP\GHFLVLRQWRIROORZ+LPDQG,DP
SURXGWRVD\WKDW,KDYHREH\HG+LVODZVWRWKHEHVWRIP\DELOLW\DOORIP\OLIH:KDWPRUHFRXOG+HDVNIURPPH"´

³, DP JODG WR KHDU RI \RXU VXFFHVV´ , UHSOLHG ³<RX KDYH GRQH PXFK EHWWHU WKDQ , IRU P\ IDLOXUHV KDXQW PH ZKHUHYHU , JR DQG QR
DPRXQWRIJRRGKDVJLYHQPHSHDFH0\SHDFHFDPHRQO\ZKHQ,SODFHGP\IDLWKLQWKH&UHDWRUZKRYRZHGWRPDNHPHULJKWHRXVE\
WKH&RXQFLORI+LVRZQZLOO2QO\WKHQFRXOG,UHVWLQWKHNQRZOHGJHWKDW+HKDGWDNHQWKHUHVSRQVLELOLW\IRUP\OLIHLQWR+LVRZQKDQGV
0\IDLWKLQ+LPJLYHVPHFRQILGHQFHRIVXFFHVVLQWKHHQG´

³7KLVEULQJVPHWRWKHPDLQUHYHODWLRQWKDW,ZDVDVNHGWRLPSDUWWR\RX´,FRQWLQXHG³,WLVLPSRUWDQWWRNQRZWKDWWKHILUVWFRYHQDQW
ZDVJLYHQWRUHJXODWHRXUEHKDYLRULQHDUWKO\PDWWHUV,WSHUWDLQHGSDUWLFXODUO\WRDOORIXVDVFKLOGUHQRI(DUWK\PDQ$VFKLOGUHQRIWKH
IOHVKZHZHUHUHTXLUHGWRH[HUFLVHRXUVWUHQJWKRIZLOO%XWWKHQHZFRYHQDQWSLFWXUHGLQWKHVHFRQGUDLQERZRIIHUV\RXDQHZLGHQWLW\
DVFKLOGUHQRIWKH&UHDWRU+LPVHOI´

³:HDUHDOUHDG\+LVFKLOGUHQ´WKHROGPDQVWDWHGZLWKILUPFRQYLFWLRQ³,WLVZULWWHQWKDW(DUWK\PDQZDVDVRQRIWKH&UHDWRU´

³7KDWLVWUXH´,DJUHHG³EXW(DUWK\PDQORVWWKDWSRVLWLRQWKURXJKGLVREHGLHQFH6RQVUHVHPEOHWKHLUIDWKHUVDQGLQRXUDQFLHQWUHFRUGV
VRQVDUHWKRVHZKRDUHLQDJUHHPHQWZLWKWKHLUIDWKHUV+DYLQJORVWKLVSRVLWLRQDVDVRQ(DUWK\PDQZDVXQDEOHWRSDVVRQDSRVLWLRQRI

VRQVKLSWRKLVFKLOGUHQ%XWWKHQHZFRYHQDQWVKRZVXVKRZWREHFRPHWKHVRQVRIWKH&UHDWRURQFHDJDLQ´

:LWKWKDW,UHDFKHGLQWRP\YHVWDQGSXOOHGRXWP\FXSRIVHHGKROGLQJLWKLJKIRUDOOWRVHH³7KH&UHDWRUJDYHWRPHWKHVHHGVRI
(O\RQ IURP WKH WUHH RI OLIH 7KH\ ZLOO LPSODQW WKHPVHOYHV LQ WKH HDUV RI WKRVH ZKR KDYH QHZ FRYHQDQW IDLWK LQ WKH SURPLVHV RI WKH
&UHDWRU´

,WKHQSRXUHGRXWVRPHRIWKHVSLULWXDOVHHGVLQWRP\KDQGDQGWKUHZWKHPLQWRDLUVFDWWHULQJWKHPHYHU\ZKHUH³/LIWXS\RXUKHDGV2
JDWHV DQG EH OLIWHG XS 2 DQFLHQW GRRUV WKDW WKH .LQJ RI JORU\ PD\ FRPH LQ´ , VKRXWHG  7KH VHHGV LPPHGLDWHO\ WRRN IOLJKW
WKURXJKRXWWKHURRPVHDUFKLQJWKHFURZGIRUKHDUWVRIIDLWKDQGKXQJHULQJHDUV6KRXWVRIMR\ZHQWXSIURPPDQ\LQWKHFURZGDQG
PDQ\WKDQNHGDQGSUDLVHGWKH&UHDWRUIRU+LVZRQGHUIXOJLIWIURPWKHWUHHRIOLIH

,VWHSSHGGRZQIURPWKHSRGLXPDQGZDONHGRXWRIWKH7RZQ+DOOZLWK-RVKXDDQG-RVHSKIROORZLQJ

)RRWQRWHV
 $UHIHUHQFHWR-HVXV¶SDUDEOHRIWKHVRZHU0DWWKHZ
 7KHFRQVWHOODWLRQVE\WKHVHQDPHVGHSLFW+DJDUDQG6DUDKZKRUHSUHVHQWWKHWZRFRYHQDQWV6HH*DODWLDQV7KHGHOLYHUHULV
WKHFRQVWHOODWLRQ3HUVHXV³WKH%UHDNHU´ZKRUHSUHVHQWV&KULVWEXWRQDORZHUOHYHOLVDOVR3HUVLDZKLFKGHULYHVLWVQDPHIURP
3HUVHXV&\UXVWKH3HUVLDQZDVWKXVFDOOHGDPHVVLDK ,VDLDK 6RDOOZKRGRVXFKZRUNDVWKHERG\RI&KULVWDUH DQRLQWHG
RQHV
 7\UHRU7VXUPHDQVDURFNRUFDVWOH$QGURPHGDZDVVDLGWREHFKDLQHGWRDURFNRQWKHFRDVWQHDU7\UH
 0DWWKHZ
 5RPDQV
 'HXWHURQRP\
 /XNH
 -RKQ
 3VDOP

33
&KDSWHU
'HHSHU([SODQDWLRQV


$VZHZDONHGDZD\D\RXQJPDQUDQRXWIURPWKH7RZQ+DOOFDOOLQJRXWWRXV³:DLWSOHDVH,QHHGWRDVN\RXDTXHVWLRQ´

:HVWRSSHGDQGWXUQHGDURXQGDVKHFDXJKWXSZLWKXV³:KDW\RXVDLGLQWKHUH´KHVDLGH[FLWHGO\³ZDVDZHVRPHDQGOLIHFKDQJLQJ,
ZDQWWRNQRZPRUH,DPRQO\RQHRIPDQ\ZKRKDGYRZHGWRIROORZWKH&UHDWRUDQGWKLVLVLQGHHGWKHGHVLUHRIP\KHDUW0\TXHVWLRQ
LVWKLV+DVP\GHVLUHQRWSOHDVHG+LP"+DVP\DWWHPSWWRIROORZ+LPEHHQDZDVWHGHIIRUW"´

³<RXUGHVLUHLVJRRGDQGZHOOSOHDVLQJWRWKH&UHDWRU´,UHVSRQGHG³EXWLWFDQQHYHUEULQJ\RXWRSHUIHFWLRQEHFDXVH\RX²DVZLWKDOO
RIXV²ZHUHEHJRWWHQE\QDWXUDOVHHGIURP(DUWK\PDQ:HZHUHDOOFRQGHPQHGWRGHDWKWKURXJKRXUIRUHIDWKHUDQGRXUPRUWDOLW\LVWKH
FDXVHRIRXUIDLOXUH:KHQWKHQDWXUDOPDQGHFLGHVWRGRZKDWLVULJKWKLVDELOLW\LVOLPLWHGIRULWLVZULWWHQWKDWGHDWKSDVVHGLQWRDOO
PHQRQZKLFKWKH\VLQ2QHFDQQRWDFKLHYHULJKWHRXVQHVVE\RQH¶VGHWHUPLQDWLRQWRGRVRUHJDUGOHVVRIRQH¶VVLQFHULW\´

³6R´KHDVNHGDJDLQ³VKRXOG,QRWKDYHPDGHVXFKDGHFLVLRQ"´

³<RXQJ PDQ´ , DQVZHUHG ³\RX GLG ZHOO LQ PDNLQJ WKDW GHFLVLRQ IRU LI QR RQH GLG VR DQDUFK\ ZRXOG UHLJQ DQG QR DPRXQW RI ODZ
HQIRUFHPHQWZRXOGEHDEOHWRPDNHOLIHUHDVRQDEO\JRRGRQHDUWK0\SRLQWLVWKDWRXUGHFLVLRQVWRGRJRRGDUHEHQHILFLDODQGVXFK
SHRSOH PD\ HYHQ DFKLHYH KLJK GHJUHHV RI ULJKWHRXVQHVV E\ WKH VWDQGDUGV RI PHQ EXW WKDW DOO PHQ VWLOO IDOO VKRUW RI WKH JORU\ RI WKH
&UHDWRU7KHUHLVDJUHDWHUSODQ´

+H SRQGHUHG P\ ZRUGV DV , SDXVHG EHIRUH FRQWLQXLQJ ³7KH &UHDWRU KDV D JUHDWHU VWDQGDUG WKDQ PRVW PHQ UHDOL]H DQG +H DOVR KDV
SODQQHGDZD\WRPDNHXVIXOO\LQWR+LVLPDJH2XUYRZVDOORZXVWRUHDFKYDULRXVKHLJKWVRIJRRGQHVVEXWRQO\WKH&UHDWRU¶VYRZFDQ
EULQJXVWRSHUIHFWLRQ)XUWKHUPRUHLIWKHYRZVRIPHQZHUHWRGHWHUPLQHWKHSODQIRUFUHDWLRQRQO\DIHZZRXOGHYHQFRPHFORVHWR
DFKLHYLQJWKHLUJRDO%XWEHFDXVHWKHVXFFHVVRIWKHSODQUHVWVXSRQWKH&UHDWRU¶VYRZLWZLOOVXFFHHGLQVDYLQJDOORIPDQNLQG²DQG
LQGHHGLWZLOOUHFRQFLOHWKHHQWLUHFUHDWLRQEDFNWRWKH&UHDWRU´

-RVKXDVSRNHXSDWWKDWSRLQWDGGLQJ³7KH&UHDWRU¶VSODQLVQRWWRSHUIHFWWKHGHVFHQGDQWVRI(DUWK\PDQEXWWRVWDUWRYHUZLWKQHZ
FUHDWLRQV WKDW DUH EHJRWWHQ SHUVRQDOO\ E\ WKH &UHDWRU +LPVHOI 7KDW ZKLFK LV EHJRWWHQ E\ PHQ LV XQGHU WKH FXUVH RI (DUWK\PDQ WKDW
ZKLFKLVEHJRWWHQE\WKH&UHDWRUFDUULHVQRFXUVHEXWLVEOHVVHG´

%\WKLVWLPHDERXWDGR]HQPHQKDGMRLQHGXVEHLQJLQWHUHVWHGLQOHDUQLQJPRUH6R,UDLVHGP\YRLFHVOLJKWO\WRDOORZWKHPWRKHDUPH
³'LG\RXUHFHLYHWKHVHHGRI(O\RQLQ\RXUHDUWRGD\"´,DVNHGWKH\RXQJPDQ

³<HV,FHUWDLQO\GLG´WKH\RXQJPDQUHSOLHG

³7KH&UHDWRUEHJHWVFKLOGUHQWKURXJKWKHLUHDUV´,H[SODLQHG³IRUWKHUHLVDQHDULQWKHPLGVWRIHYHU\KHDUW,WLVE\KHDULQJ+LVZRUG
WKDWWUXHIDLWKLVVHHQ)DLWKLVEHLQJUHFHSWLYHWRWKHVHHGRI(O\RQDOORZLQJWKDWVHHGWREHJHWDQHZFUHDWXUHZLWKLQ\RX<RXDUHQRZ
SUHJQDQW DV LW ZHUH DQG ZLOO KDYH WR WKLQN RI \RXUVHOI DV D PRWKHU RI WKH &UHDWRU¶V VRQ $V LW LV ZLWK DOO FKLOGUHQ WKLV VRQ KDV WZR
SDUHQWVWKH&UHDWRUDQG\RX%\WKLVWKH&UHDWRULVDEOHWREHFRPHIOHVKDQG\RXDUHDEOHWREHFRPHVSLULW´

³,KDYHQHYHUKHDUGVXFKWKLQJV´VDLGWKH\RXQJPDQZLWKDORRNRIVKRFNDQGVXUSULVH³:K\KDVQRZLVHPDQRIWKH7RZQ&RXQFLO
WROGPHRIWKHVHWKLQJV"´

³,W LV EHFDXVH WKH\ GLG QRW NQRZ WKH GLVWLQFWLRQ EHWZHHQ WKH WZR FRYHQDQWV´ -RVKXD LQWHUMHFWHG ³7KLV WUXWK LV ZULWWHQ LQ WKHLU RZQ
ERRNVEXWLWZDVIRUJRWWHQORQJDJR2XUPRUWDOVRXOVFDQQRWFRPSUHKHQGWKHWKLQJVRIWKHVSLULWDQGZKHQPHQFHDVHGWREHOHGE\
WKH&UHDWRU¶V6SLULWWKH\JUDGXDOO\UHYHUWHGEDFNWRWKHILUVWFRYHQDQWZKLOHWKLQNLQJWKH\ZHUHVWLOOXQGHUWKHQHZ´

³7KLVLVUDGLFDO´VDLGWKH\RXQJPDQ

³<HVLWLV´-RVKXDUHSOLHG³,WLVDUDGLFDOWUXWKWKDWWKHQDWXUDOPDQLVLQFDSDEOHRIDFKLHYLQJWKDWZKLFKWKH&UHDWRUKDVSODQQHGIRU
KLP,WKDVEHHQWDXJKWWKDWWKHQDWXUDOPHQFDQFRPHLQWRWKH&UHDWRU¶VLPDJHE\REWDLQLQJKHOSIURPWKH6SLULWRIWKH&UHDWRU,WKDV
EHHQWDXJKWWKDWLIWKHFKLOGUHQRI(DUWK\PDQYRZREHGLHQFHWKH\ZLOOUHFHLYHGLYLQHDVVLVWDQFHXQWLOWKH\DUHUHVWRUHGWR+LVLPDJH
%XWWKDWLVQRWVR´

³1R´,LQWHUUXSWHG³EHFDXVHWKHQDWXUDOPDQKDVDOUHDG\EHHQVHQWHQFHGWRGHDWKDQGWKHVRXOWKDWVLQVPXVWGLH 7KHUHLVDQHZ
ZD\WKDWKDVEHHQKLGGHQLQDJHVSDVWEXWRQO\QRZLVEHLQJPDGHFOHDU7KH&UHDWRUPXVWEHJHWDQHZFUHDWXUHZLWKLQ\RXDQG\RXDUH
WKHQDEOHWRFODLPWKDWQHZFUHDWXUHDVWKHUHDO\RX7KLVLVZULWWHQLQWKHODZWKRXJKIHZKDYHXQGHUVWRRGLW´
34
³:KDWGRHVWKHODZVD\"´KHDVNHGZLWKLQWHUHVWDQGWKHRWKHUVZKRKDGJDWKHUHGWRKHDUWKHFRQYHUVDWLRQUHPDLQHGTXLHWO\LQWHQW

,UHSOLHG³,QKHULWDQFHDORQJZLWKRQH¶VIDPLO\LGHQWLILFDWLRQIROORZVWKHIDWKHU)RUWKLVUHDVRQZKHQDPDQPDUULHVDZRPDQWKH
ZRPDQWDNHVWRKHUVHOIWKHQDPHRIKHUKXVEDQGDQGMRLQVKLVIDPLO\%LRORJLFDOO\VSHDNLQJVKHLVIURPKHURULJLQDOIDPLO\EXWOHJDOO\
VSHDNLQJVKHKDVFKDQJHGKHULGHQWLW\WRWKDWRIKHUKXVEDQG7KLVLVDOHJDOPDWWHUQRWELRORJLFDO´

7KH\DOODJUHHGQRGGLQJWKHLUKHDGV

³6RLWLVDOVRZLWK\RXIRU\RXKDYHEHFRPHSDUWRIWKHFRPSDQ\NQRZQDVWKH&UHDWRU
V:LIH:KHQWKHVHHGRI(O\RQLPSUHJQDWHG\RX
WKURXJK\RXUHDUV\RXEHFDPHWKHPRWKHURIWKLVQHZFUHDWXUH+HSXW+LVQDPHRQ\RXUIRUHKHDG<RXWRRNRQ+LVIDPLO\QDPHDQG
OHJDOO\VSHDNLQJ\RXDUHQRZQRORQJHULGHQWLILHGZLWKWKHIDPLO\RI(DUWK\PDQ7KRXJK\RXUQDWXUDOPRUWDOERG\ZLOODOZD\VEHD
ELRORJLFDOGHVFHQGDQWRI(DUWK\PDQWKHODZQRZUHFRJQL]HV\RXDVSDUWRIWKH&UHDWRU¶VIDPLO\<RXKDYHDQHZQDPH´

³'HDWKLVSDVVHGGRZQWKURXJKWKHPDOHVHHGEHJLQQLQJZLWK(DUWK\PDQKLPVHOI´,H[SODLQHG³/LNHZLVH/LIHLVSDVVHGGRZQWKURXJK
WKHVSLULWXDOVHHGRI(O\RQDQGWKHZRPDQWKRXJKPRUWDOELRORJLFDOO\LVDEOHWRFDUU\DQLPPRUWDOFKLOGEHFDXVHVKHLVQRZPDUULHGWR
WKH&UHDWRUDQGLVWKHUHIRUHFDOOHGE\+LVQDPH´

³7KDWLVDPD]LQJ´VDLGWKH\RXQJPDQDQGRWKHUVOLVWHQLQJQRGGHGWRHDFKRWKHUZLWKDPD]HPHQW³:HDOONQHZRIWKHVHODZVIRUWKH\
KDYHDSSOLHGWRXVLQWKHQDWXUDOUHDOPVLQFHWKHEHJLQQLQJEXWZHZHUHQHYHUWDXJKWWKDWWKHODZZDVVSLULWXDO´

³:HOOWKDWLVWKHUHYHODWLRQWKDWZHKDYHUHFHLYHG´,VDLGKXPEO\³7KLVQHZFUHDWXUHWKDWQRZUHVLGHVLQ\RXFDUULHVWKHOLIHRI+LV
)DWKHUWKHLPPRUWDO&UHDWRU1RGHDWKIURP(DUWK\PDQKDVEHHQSDVVHGGRZQWRKLPGXHWRWKHVHSURYLVLRQVLQWKHODZ<RXPXVWQRZ
OHDUQWRZDONLQDQHZSDWK7KHILUVWVWHSLVWRNQRZWKDWWKLVQHZFUHDWXUHLVWKHUHDO\RX+HLVZKDW\RXDUHEHFRPLQJ+HLV\RXU
QH[WJHQHUDWLRQEXWKHLVDOVR<28%HOLHYHDQGNQRZ\RXUWUXHLGHQWLW\DQGEHJLQWROLYHDQGPRYHDQGKDYH\RXUEHLQJLQWKLVQHZ
FUHDWXUH´

³%XWKRZGRHVWKLVZRUN´WKH\RXQJPDQDVNHG³+RZFDQ,GRWKLV",KDYHQHYHUGRQHWKLVEHIRUHDQG,GRQRWNQRZDQ\RQHHOVHZKR
FDQVKRZPHZKDWWRGR´

-RVHSKWKHQVSRNHXSIRUWKHILUVWWLPH³)ROORZWKHLQQHUYRLFHRIWKLVQHZPDQ'HQ\WKHRXWHUPDQDQ\DXWKRULW\RULQIOXHQFHLQ\RXU
OLIH7KHRXWHUPDQKDVDOZD\VFRQFHUQHGKLPVHOIZLWKWKHNQRZOHGJHRIJRRGDQGHYLOLQRUGHUWRUHJXODWHKLVEHKDYLRUDQGGHQ\KLV

QDWXUDOVHOILVKGHVLUHIRUWKHVDNHRIPDLQWDLQLQJRUGHULQVRFLHW\%XWWKHLQQHUPDQGRHVJRRGQDWXUDOO\EHFDXVHRIWKHOLIHWKDWLVLQ
KLP,I\RXIROORZWKHLQQHUPDQ\RXZLOOVXFFHHGLQGRLQJDOOWKDWWKHRXWHUPDQKDVWULHGWRGR²DQGIDLOHGRQDFFRXQWRIKLVLQKHUHQW
PRUWDOLW\7KHLQQHUPDQVXFFHHGVZKLOHWKHRXWHUPDQFDQDFKLHYHRQO\SDUWLDOVXFFHVVEHIRUHKLVXOWLPDWHIDLOXUH´

+HFRQWLQXHG³,WZLOOWDNHWLPHWROHDUQKRZWRGLVWLQJXLVKEHWZHHQWKHWZRYRLFHVZKLFKFRPSHWHIRU\RXUDWWHQWLRQ,QSUDFWLFHZHDOO
UHYHUWEDFNWRWKHROG(DUWK\PDQLGHQWLW\WKDWZHNQHZIURPRXUQDWXUDOELUWKIRUZHDUHXVHGWRLW%XWLI\RXNQRZWKHODZVRILGHQWLW\
\RXZLOOEHDEOHWRJDLQJUHDWHUDZDUHQHVVDQGLQWLPH\RXZLOOUHFRJQL]HWKHWZRYRLFHVPRUHHDVLO\´

³&DQZHUHFRJQL]HWKHPE\ZKDWWKH\VD\"´KHDVNHG

³<HV\RXFDQ´KHUHVSRQGHG³7KHQDWXUDOPDQWHOOV\RXWRYLRODWHWKHGLYLQHODZEHFDXVHWKHIOHVKVHUYHVWKHODZRIVLQ6LQLVWKH
YLRODWLRQRIODZ7KHVSLULWXDOPDQZLWKLQ\RXVHUYHVWKHODZRIWKH&UHDWRUE\QDWXUHDQGVRLWZLOOQHYHUOHDG\RXWRGHVSLVHWKHODZ
RUWRYLRODWHLWLQDQ\ZD\7KHVHWZRPHQDUHDWZDUZLWKRQHDQRWKHU,I\RXOHDUQWKH&UHDWRU¶VODZV\RXZLOOEHDEOHWRGLVWLQJXLVK
EHWZHHQWKHYRLFHVE\ZKDWWKH\WHOO\RXWRGR´

³7KDWLVJRRGDGYLFH´WKH\RXQJPDQVDLGDQGWKHRWKHUVQRGGHGLQDJUHHPHQW³:HPXVWWDONIXUWKHUDERXWWKLVDWDODWHUWLPHEXWWKLV
PXFKLVVXIILFLHQWWRSXWXVRQWKHULJKWSDWK7KDQN\RXYHU\PXFKIRUVKDULQJWKHUHYHODWLRQWKDWWKH&UHDWRUKDVJLYHQ\RX´

³:HKDYHRQHPRUHPHHWLQJWRPRUURZ´-RVHSKVDLG³,KDYHPXFKWRVKDUHIURPWKHUHYHODWLRQWKDW,KDYHEHHQJLYHQ,KRSHWKDW\RX
ZLOOEHDEOHWRFRPHDQGKHDUPRUHWUXWK´

7KH\DOOQRGGHGLQDJUHHPHQWLQGLFDWLQJWKDWWKH\GLGQRWLQWHQGWRPLVVWKLVRSSRUWXQLW\WROHDUQQHZDQGJUHDWHUWUXWKWKDQWKH\KDG
NQRZQLQWKHSDVW

)RRWQRWHV
 5RPDQV
 &RORVVLDQV
35
 &RULQWKLDQV
 (]HNLHO
 1XPEHUV
 ,VDLDK
 5RPDQV
 5RPDQV
 5RPDQV
 -RKQ
 5RPDQV

&KDSWHU
-RVHSK¶V0HVVDJH


³2UGHURUGHU´WKHPD\RUFDOOHGRXWWRWKHJDWKHUHGFURZG+HSDXVHGDVWKHQRLVHGLHGGRZQDQGWKHQVDLG³2XUILQDOVSHDNHUWKLV
ZHHNLV-RVHSKZKRLVWKHPRVWVHQLRUDQGPRVWWUXVWHGHOGHURIWKHWULEHRQZKRVHODQGRXUWRZQZDVEXLOW+HVSHDNVLQHYHU\ZD\IRU
WKHFKLHIKLPVHOIEXWWRGD\KHKDVFRPHWRVKDUHKLVUHYHODWLRQDQGJLIWIURPWKH&UHDWRU´

-RVHSK WRRN WKH SRGLXP DQG EHJDQ WR VSHDN VORZO\ DQG GHOLEHUDWHO\ ³,Q WKH EHJLQQLQJ WKH &UHDWRU WROG XV WR EH IUXLWIXO DQG WR
PXOWLSO\,I(DUWK\PDQDQGKLVZLIHKDGQRWVLQQHGWKH\ZRXOGKDYHEHHQIUXLWIXOLQWKHZD\WKDWWKH&UHDWRULQWHQGHG%HFDXVHWKH\
KDGEHHQFUHDWHGLQWKHLPDJHRIWKH&UHDWRUWKH\ZRXOGKDYHERUQHFKLOGUHQLQWKHLPDJHRIWKH&UHDWRU%XWEHFDXVHWKH\ORVWWKDW
LPDJHWKURXJKGLVREHGLHQFHWKHLUFKLOGUHQZHUHERUQHDIWHUZDUGLQWKHLURZQIDOOHQLPDJH/LNHEHJHWVOLNHDIWHULWVNLQG´

0DQ\LQWKHFURZGQRGGHG7KH\NQHZWKHVWRU\ZHOO

-RVHSKFRQWLQXHG³7KHKLVWRU\RIWKHZRUOGKDVEHHQDVHDUFKWRUHWXUQWRWKHLPDJHRIWKH&UHDWRUEXWWKHSDWKZDVORVWWRDOOEXWDIHZ
7KHWLPHKDVFRPHKRZHYHUIRUWKLVVHFUHWSDWKWREHVKDUHGRSHQO\7KLVLVWKHHVVHQFHRIWKHUHYHODWLRQWKDWWKHWKUHHRIXVKDYH
UHFHLYHGDQGZKLFKZHDUHFDOOHGWRVKDUHZLWK\RX´

7KHSHRSOHZHUHTXLHWDVWKH\DZDLWHGORQJORVWWUXWKWREHGLVWLOOHGLQWKHLUHDUV

³-RVKXDKDVWROG\RXWKHGLIIHUHQFHEHWZHHQWKHWZRUDLQERZFRYHQDQWV$QDYDKDVVKDUHGWKHUHYHODWLRQRIWKHVHHGVRI(O\RQZKLFK
KDYHWKHSRZHUWREHJHWDQHZFUHDWLRQPDQZLWKLQ\RXZKLFKLVLQWKHLPDJHRIWKH&UHDWRU,KDYHEHHQJLYHQZDWHUIURPWKHULYHURI
OLIHWRZDWHUWKDWVHHGWKDWLWPD\JURZWRPDWXULW\LQRUGHUWREHDUIUXLW´

$IHZRIWKHSHRSOHQRGGHGLQDJUHHPHQW0RVWGLGQRWXQGHUVWDQGIXOO\$OOZHUHVLOHQW

-RVHSKVSRNHDJDLQ³7KLVYDOOH\KDVEHHQZHOOZDWHUHGE\WKHULYHUWKDWIORZVQDWXUDOO\IURPWKHPRXQWDLQ,WLVDULYHUZKRVHVRXUFHLV
36
WKHILUVWFRYHQDQWDQGLWKDVPDGHWKHYDOOH\SURGXFWLYH%XW,RIIHU\RXZDWHUIURPWKHULYHURIOLIHWKDWZLOOPDNHLWIUXLWIXO7KHIRRG
\RXKDYHSURGXFHGE\QDWXUDOPHDQVKDVEHHQJRRGEXW\RXPXVWHDWHYHU\GD\EHFDXVHLWFDQQHYHUVDWLVI\WKHLQQHUKXQJHU7KH
ZDWHU\RXKDYHGUXQNLVJRRGEXW\RXPXVWGULQNHYHU\GD\EHFDXVHLWFDQQHYHUVDWLVI\WKHLQQHUWKLUVW,I\RXGULQNIURPWKHZDWHU
WKDW,JLYHLWZLOOEHFRPHDVSULQJRIOLYLQJZDWHUZLWKLQ\RXDQG\RXZLOOQHYHUWKLUVWDJDLQ´

7KHSHRSOHJODQFHGDWRQHDQRWKHUZLWKSX]]OHGORRNVDQGPRVWO\LQGLVEHOLHI³7KHZDWHUWKDWZHGULQNKDVFRPHIURPWKHPRXQWDLQ
DQGZDVJLYHQWRXVE\WKH&UHDWRU´VRPHRQHUHVSRQGHGIURPWKHFURZG³,WZDVWKH&UHDWRU¶VJLIWWRXVDQGLWLVJRRGHQRXJKIRUPH´

³<RXKDYHEHHQGULQNLQJIURPWKHZDWHURIWKHILUVWUDLQERZ´-RVHSKDQVZHUHG³,WLVJRRGDQGKDVPDGH\RXDOOSURGXFWLYHEXWLWKDV
QRWPDGH\RXIUXLWIXO:RXOG\RXQRWUDWKHUILOOWKHIDFHRIWKHHDUWKZLWKIUXLW"´

³7KHWZRUDLQERZVDUHWKHVDPH´WKHROGPDQGHFODUHG³7KHGRXEOHUDLQERZLVPHUHO\WKHGRXEOHZLWQHVVRIWKHVDPHWUXWK,IWKH
&UHDWRUKDVVDLGWKDWWKHILUVWLVJRRGZKRDUHZHWRGHVSLVHLWE\GHFODULQJWKDWWKHVHFRQGLVVXSHULRU":KRDUHZHWRIRUVDNHWKHILUVW
DQGIROORZWKHVHFRQG"´0DQ\LQWKHFURZGDJUHHG

³,RIIHU\RXWKHRSSRUWXQLW\WRIXOILOOWKHRULJLQDOPDQGDWHWREHIUXLWIXO´-RVHSKXUJHG³7KHSDWKLVWKURXJKWKHQHZFRYHQDQWIURP
ZKLFKVSULQJVWKHZDWHURIOLIH1RWRQO\\RXDVFLWL]HQVRI1HZNLUNPD\EHQHILWIURPWKLVZDWHUEXWDOVRWKRVHZKRIRUPHUO\GZHOWKHUH
ZKHQLWZDVNQRZQDV.LUN3HRSOHRIRWKHUWRZQVWRRDUHLQYLWHGWRGULQNRIWKLVZDWHU7KH&UHDWRUORYHVDOOPHQHTXDOO\DQGKDV
H[WHQGHGWKLVSURPLVHWRDOORIWKHP´

³7KDWLVWUXH´WKHROGPDQVDLGORXGO\IRUDOOWRKHDU³EXWWKH\PXVWILUVWUHSHQWRIWKHLUUHIXVDOWREHFRPHFLWL]HQVRI1HZNLUN7KH\
PXVWVXEPLWWRRXU7RZQ&RXQFLOLQRUGHUWRSOHDVHWKH&UHDWRU´

³$Q\RQHZKRKDVWKHGHVLUHZLWKLQWKHPWRGULQNRIWKHULYHURIOLIHDOUHDG\VKRZVHYLGHQFHRIIDLWKLQWKH&UHDWRU7KH\ZLOOQRWEH
GHQLHG´-RVHSKFRXQWHUHG³,IWKH\KDYHVXFKDGHVLUHDQG\RXGRQRWZKRWKHQLVSOHDVLQJWRWKH&UHDWRU"´

7KHROGPDQEULVWOHG³$UH\RXDFFXVLQJXVRIUHEHOOLQJDJDLQVWWKH&UHDWRU"´

³'R\RXKDYHIDLWKLQ+LVYRZRU\RXURZQ"+DYH\RXUHFHLYHGWKHVHHGRI(O\RQLQ\RXUHDUV"'R\RXGHVLUHWKHZDWHURIOLIHWRPDNH
\RXIUXLWIXO"7KHVHDUHWKHWKLQJVWKDWSOHDVHWKH&UHDWRU<RXFRQGHPQ\RXUVHOYHVLI\RXGRQRWKDYHIDLWKLQ+LPDQGLI\RXUHIXVH+LV
JLIWV7KRVHZKRUHIXVHZLOOHQWHULQWRMXGJPHQWEHFDXVHLWLVWKHRQO\ZD\LQZKLFKWKH\ZLOOILQDOO\VHHWKHOLJKW7KH&UHDWRUZLOOEH

EHOLHYHGIRU+HKDVYRZHGWRPDNHLWVRHYHQLIPHQPXVWEHFRUUHFWHGE\+LVMXGJPHQWV%XW,RIIHU\RXDEHWWHUSDWK´

1RZWKHROGPDQZDVDQJU\³+RZGDUH\RXDFFXVHXVRIUHEHOOLRQ:HKDYHIROORZHGWKH&UHDWRUDOORIRXUOLYHV:HKDYHSODFHGRXU
IDLWK LQ +LV ZRUG DV LQWHUSUHWHG E\ RXU UHYHUHG VDJHV RI WKH SDVW <RXU LQWHUSUHWDWLRQV GR QRW FRQIRUP WR RXU ORQJKHOG WUDGLWLRQV
WKHUHIRUH\RXDUHZURQJ´

-RVHSKUHSOLHG³<RXKDYHQRWIROORZHG\RXURZQODZSHUIHFWO\1RQHRI\RXKDYHPHWWKHUHTXLUHPHQWVWKDW\RXKDYHVHWIRUWK ,I
\RXDUHKRQHVW\RXNQRZWKDW\RXKDYHIDLOHG<RXWKLQNKRZHYHUWKDWLWLVVXIILFLHQWWRSD\ILQHVDQGWRGRSHQDQFHIRURXWZDUGDFWV
RIYLRODWLQJWKHODZ1RDPRXQWRISHQDQFHFDQEHJHW\RXZLWKWKHVHHGRIWKH&UHDWRUDQGWXUQ\RXLQWRDQHZFUHDWLRQ,WHOO\RXWKDW
WKH&UHDWRULVPRUHLQWHUHVWHGLQFKDQJLQJ\RXUQDWXUHWKDQLQGLVFLSOLQLQJ\RXUEHKDYLRU7KH7RZQ&RXQFLOKDVQHYHUEHHQDEOHWR
FKDQJHPHQIURPWKHLQVLGHE\HQIRUFLQJWKHODZWKURXJKILQHVDQGSHQDQFH´

³<RXGDUHWREODVSKHPHWKH7RZQ&RXQFLO"´WKHROGPDQVKRXWHGDQJULO\

³,PHUHO\SRLQWRXWLWVOLPLWDWLRQV´-RVHSKUHVSRQGHG³<RXEHOLHYHWKDWWKHGXW\RIWKH7RZQ&RXQFLOLVWRXSKROGWKHYRZWKDW\RXU
IRUHIDWKHUVPDGHWREHREHGLHQWWRWKHODZ7KHYHU\IDFWWKDW\RXPXVWHQJDJHLQODZHQIRUFHPHQWVKRZVWKDWKXPDQQDWXUHKDVQRW
FKDQJHG<RXKDYHKDGPDQ\\HDUVWRVXFFHHGEXWQRWRQHRI\RXREH\VWKHODZE\QDWXUH7KLVSURYHVWKDW\RXDUHQRW\HWLQWKHLPDJH
RIWKH&UHDWRUIRULI\RXZHUH\RXZRXOGDOOREH\WKHODZ<RXZRXOGQHHGQRGLVFLSOLQHRUFRHUFLRQWRHQIRUFHREHGLHQFHEHFDXVH
\RXUKHDUWVZRXOGEHLQIXOODJUHHPHQWZLWKWKHODZDQGZRXOGFRQIRUPWRLWVULJKWHRXVVWDQGDUGDOORIWKHWLPH´

³1RZ\RXDUHWHOOLQJXVWKDWWKHODZLWVHOILVLQDGHTXDWH´WKHROGPDQVDLGORXGO\ORRNLQJDURXQGDWWKHFURZGLQRUGHUWRSUHVVWKHPWR
DJUHH³<HVLQGHHG´VDLGDQRWKHUTXLFNO\

-RVHSKFRQWLQXHG³1R,DPVD\LQJWKDWKXPDQQDWXUHLVLQFDSDEOHRIIXOOREHGLHQFHWRWKHODZ:HERWKGHVLUHDOOPHQWRFRQIRUPWR
WKHODZEXWE\GLIIHUHQWPHDQV8QGHUWKHILUVWFRYHQDQWLQZKLFK\RXKDYHSODFHG\RXUFRQILGHQFHWKHODZVZHUHJLYHQDVFRPPDQGV
%XWXQGHUWKHQHZFRYHQDQWWKHODZZDVJLYHQDVSURPLVHV´

³)RUH[DPSOH´KHVDLG³WKHODZVDLGµ<RXVKDOOQRWVWHDO¶$VDFRPPDQGLWGHPDQGVREHGLHQFHIURPWKRVHZKRPD\ZDQWWRVWHDO
DQGSHQDOWLHVXSRQWKRVHZKRGR%XWDVDSURPLVHWKH&UHDWRUKDVSURPLVHGWRFKDQJH\RXUKHDUWVRWKDW\RXVKDOOQRWVWHDO+HKDV
SURPLVHGWKDWDOOZLOOREH\WKLVODZQRWIURPIHDURISXQLVKPHQWEXWEHFDXVHWKHKHDUWDJUHHVDQGKDVQRGHVLUHWRVWHDO,VLWQRWEHWWHU
WKDWKHDUWVDJUHHZLWKWKH&UHDWRU¶VQDWXUHWKDQWRHQIRUFHREHGLHQFHXSRQDQXQZLOOLQJVRXOZKRREH\VRQO\RXWRIIHDU"´
37
0DQ\LQWKHFURZGORRNHGDWRQHDQRWKHUZLWKDVWRQLVKPHQW7KH\ZHUHVXUSULVHGE\WKHVLPSOHWUXWKEXWWKH\IHDUHGWKH7RZQ&RXQFLO
ZKLFKPLJKWSXQLVKWKHPIRULQVXERUGLQDWLRQ

³7KHUHLVVRPHWKLQJHOVH,PXVWVD\´-RVHSKVWDWHGZLWKDOOVHULRXVQHVV³7KHWRZQRI1HZNLUNZDVEXLOWRQWULEDOODQG<RXUWUDGLWLRQV
WKHUHIRUHDUHVXEMHFWWRWKHWULEDOODQGODZV:HKDYHORQJUHFRJQL]HGWKDWWKHODQGLVRZQHGE\WKH&UHDWRUDORQH DQGWKDWZHDUH
PHUHVWHZDUGVRI+LVODQG$VDVWHZDUG,PXVWUHPLQGDOORI\RXWKDW\RXUODQGLVVXEMHFWWRWKHZLOORIWKH&UHDWRUDQGWKDWWKH&UHDWRU
KDVGHFUHHGWKHQHZFRYHQDQW´

³,I\RXGRQRWDJUHHZLWK+LVQHZFRYHQDQW´-RVHSKFRQWLQXHG³\RXZLOOORVH\RXUULJKWWROLYHRQ+LVODQG8SWRQRZ+HKDVLQGXOJHG
\RXUIDLOHGDWWHPSWVWROLYHXSWR\RXUDJUHHPHQWXQGHUWKHILUVWFRYHQDQW,I\RXLQVLVWXSRQUHPDLQLQJXQGHUWKDWFRYHQDQWWKHQWKH
&UHDWRUZLOOKROG\RXDFFRXQWDEOHWRWKHYRZPDGHXQGHUWKDWILUVWFRYHQDQWDQGRQO\SHUIHFWHGRQHVPD\UHPDLQRQWKLVODQG+RZ
PDQ\RI\RXDUHZLWKRXWVLQ"´

1RRQHUDLVHGWKHLUKDQGV7KHROGPDQWXUQHGDEULJKWVKDGHRIUHG1RWRQO\ZDVKHHPEDUUDVVHGEXWKHZDVQRZIXULRXV

³6RKHUHLVWKHGHDO´-RVHSKVDLG³7KH&UHDWRUKDVQRLQWHQWLRQRIUHQHZLQJWKHILUVWFRYHQDQWIRULWLVDSURYHQIDLOXUH:HDUHFRPLQJ
LQWRDQHZWLPH7KHQHZFRYHQDQWZDVDOUHDG\UDWLILHGORQJDJRDQG1HZNLUNZDVJLYHQDORQJWLPHWRLQJUDLQLWVXQGHUVWDQGLQJLQWR
WKHKHDUWVRIWKHFLWL]HQV8QIRUWXQDWHO\WKH7RZQ&RXQFLOKDVIDLOHGWRGRWKLV²LILQGHHGLWVUHSUHVHQWDWLYHKHUHVSHDNVIRUWKHZKROH
&RXQFLO´

$VKHVDLGWKLV-RVHSKSRLQWHGWRWKHROGPDQLQWKHDXGLHQFHZKRE\WKLVWLPHZDVFOHQFKLQJKLVWHHWKDQGVKDNLQJZLWKDQJHU

³7KHFKLHIRIWKHWULEHKDVHQWUXVWHGPHZLWKWKHHQIRUFHPHQWRIWKHWULEDOODQGODZVZKLFKVXSHUVHGHWKHWUDGLWLRQVRI1HZNLUN,I\RX
UHFDOO\RXUKLVWRU\WKLVZDVGRQHRQFHEHIRUHZKHQWKLVWRZQZDVNQRZQDV.LUN7KHLQKDELWDQWVRI.LUNZKRUHIXVHGWKHQHZFRYHQDQW
ZHUHFDVWRXWIRUUHEHOOLQJDJDLQVWWKH&UHDWRU1HZNLUNZDVIRXQGHGRQWKHQHZFRYHQDQWEXWWKH7RZQ&RXQFLOKDVWUHDWHGWKHQHZ
FRYHQDQWDVLIWKHILUVWFRYHQDQWKDGEHHQUHQHZHG7KLVLVXQDFFHSWDEOH6R\RXPXVWDOOFKRRVHZKR\RXZLOOVHUYHWKH&UHDWRURUWKH
7RZQ&RXQFLO $QHZDJHLVXSRQXV7KH&UHDWRUKDVEHJXQWRUHFODLP+LVODQGDQGLQWHQGVWRSRSXODWHLWZLWKWKRVHZKREHOLHYH
+LVSURPLVHWKRVHZKRZLOOUHFHLYHWKHVHHGRI(O\RQLQWKHLUHDUDQGWKRVHZKRZLOOGULQNIURPWKHZDWHURIOLIH´

:LWK WKDW -RVHSK VWHSSHG GRZQ IURP WKH SRGLXP DQG ZDONHG TXLFNO\ GRZQ WKH DLVOH WRZDUG WKH GRRU -RVKXD DQG , IROORZHG KLP
FORVHO\:HKDGQRPRUHVWHSSHGRXWRIWKH7RZQ+DOOZKHQDJUHDWHDUWKTXDNHVKRRNWKHSODFHWKURZLQJPDQ\SHRSOHWRWKHIORRU,

VD\PDQ\EHFDXVHWKRVHZKRKDGUHFHLYHGWKHVHHGLQWKHLUHDUUHPDLQHGXQVKDNHQLQFOXGLQJWKHWKUHHRIXVZKRERUHZLWQHVVWRWKH
WUXWK

)ULJKWHQHGWKHFLWL]HQVUDQIURPWKH+DOODQGPDQ\RIWKHPIHOOWRWKHLUNQHHVEHIRUHPHEHJJLQJWRUHFHLYHDVHHGWREHLPSODQWHGLQ
WKHLUHDUV,WRRNRXWP\FXSRIVHHGVDQGWKUHZPDQ\RIWKHPLQWRWKHDLU7KH\IRXQGWKHLUSODFHLQZLOOLQJHDUVDQGWKHUHE\EHJDWPRUH
VRQVRIWKH&UHDWRU

³/RRN7KHPRXQWDLQ´VRPHRQHVKRXWHG:HDOOORRNHGDWWKHPRXQWDLQZKLFKVHHPHGWREHHQJXOIHGLQVPRNHDQGGXVWIURPWKH
HDUWKTXDNH $ ODUJH FUDFN KDG DSSHDUHG LQ LWV VLGH DQG D JORZ HPHUJHG WKURXJK WKH ULVLQJ FORXG ³5XQ 7KH YROFDQR LV HUXSWLQJ´
VRPHRQHVKRXWHG

³1RGRQRWIHDU´-RVHSKVKRXWHG³7KLVLVWKDWZKLFKZDVVSRNHQE\WKHSURSKHWVVD\LQJµ<HWRQFHPRUH,ZLOOVKDNHQRWRQO\WKH
HDUWKEXWDOVRKHDYHQ¶$JUHDWVKDNLQJKDVEHJXQWKDWZLOOFDVWGRZQDOOWKLQJVWKDWGRQRWFRQIRUPWRWKH.LQJGRPRIWKH&UHDWRU
LQRUGHUWKDWDQHZRUGHURIWKHDJHVPD\EHHVWDEOLVKHG7XUQQRZWRWKHQHZFRYHQDQWDQGEHFRPHFLWL]HQVRIWKHQHZ.LQJGRPWKDW
KDVFRPHDQG\RXZLOOQRWEHVKDNHQ´

:LWKWKDWWKHGR]HQPHQZKRKDGDVNHGIRUIXUWKHUH[SODQDWLRQVWKHSUHYLRXVGD\FDPHIRUZDUGDQGRQHRIWKHPDVSRNHVPDQVDLG
³:HZLOOOHDYHDOOWRIROORZ\RX:HKDYHVHHQ\RXUVWDUZHKDYHUHFHLYHG\RXUVHHGDQGZHZLOOGULQNRI\RXUZDWHU´

³&RPHIROORZPH´-RVHSKVDLG

)RRWQRWHV
 *HQHVLV
 *HQHVLV
 -RKQ
 ,VDLDK
 &RULQWKLDQV
38
 5RPDQV
 -RKQ
 ([RGXV
 /HYLWLFXV
 0DWWKHZ
 +HEUHZV
 0DWWKHZ

&KDSWHU
%XLOGLQJ)RXQGDWLRQV


7ZHOYHPHQRIIDLWKHPHUJHGIURPWKH7RZQ+DOOPHHWLQJVZKRZHUHUHDG\WRIROORZ-RVHSKDQGWRDVVLVWLQEXLOGLQJWKHQHZ.LQJGRP
2WKHUVIURPWKHWRZQZHUHVKDNHQ7KHPD\RUDQGWKHROGPDQUHSUHVHQWLQJWKH7RZQ&RXQFLOZHUHVKDNHQIHDUIXODQGDQJU\IRULW
DSSHDUHGWKDWWKHLUOHDGHUVKLSSRVLWLRQVWKHLUUHSXWDWLRQVDQGHYHQWKHWRZQLWVHOIZDVLQGDQJHURIEHLQJRYHUWKURZQ%\ZKRP"%\DQ
,QGLDQWULEHRQZKRVHODQGWKHWRZQKDGEHHQEXLOW

2QWKHRWKHUKDQGWKHWZHOYHVWRRGRQILUPJURXQGUHVROYHGWREHJLQWKHQHZZRUN³:KDWZRXOG\RXKDYHXVWRGR"´WKH\DVNHG
-RVHSK

-RVHSKORRNHGDWWKHPRQHE\RQHDQGWKHQVDLG³'R\RXKDYHIDPLOLHV":KHUHDUH\RXUZLYHV"´

³<HVZHDUHDOOPDUULHGH[FHSWIRU-XDQEHFDXVHKHLVVWLOO\RXQJ´

³+DYH\RXNHSWWKHPLQIRUPHGRIWKHWKLQJV\RXKHDUGGXULQJWKHSDVWWZRGD\V"´-RVHSKDVNHG

7KH\ DOO QRGGHG YLJRURXVO\ ³$OO H[FHSW WRGD\¶V PHVVDJH RI FRXUVH´ RQH VDLG ³1R GRXEW WKH\ KDYH IHOW WKH HDUWKTXDNH´ DQRWKHU
DGGHG

³5HWXUQWR\RXUIDPLO\´-RVHSKWROGWKHPDOO³5HODWHWRWKHPWKHWKLQJV\RXKDYHKHDUGWRGD\5HDVVXUH\RXUZLYHVWKDWWKHHDUWKTXDNH
LVDJRRGWKLQJDQGWKDWWKHPRXQWDLQKDVEHHQRSHQHG7KHZRUNWKDWOLHVDKHDGUHTXLUHV\RXWREHVWURQJ7RHDFKRI\RX,VD\LI\RXU
ZLIHLVIHDUIXORULIVKHGRHVQRWEHDUZLWQHVVWRWKHZRUNWKDW\RXDUHDERXWWRGRLWLVEHWWHUWRVWD\KRPHDQGDWWHQGWR\RXUIDPLO\´

³/HWXVPHHWKHUHWRPRUURZPRUQLQJDWQLQHR¶FORFN,I\RXUZLYHVDUHLQDJUHHPHQWWKHQOHWXVEHJLQWKLVQHZZRUN:HFDQQRWGRD
QHZFRYHQDQWZRUNZLWKRXWWKHPIRULQWKLVHDUWKO\UHDOPDPDQLVLQFRPSOHWHZLWKRXWDZRPDQDQGLQWKHVSLULWXDOUHDOPWKHUHLVQR
GLVWLQFWLRQEHWZHHQPDOHDQGIHPDOH´ 39
³:KDWDERXWPH"´-XDQDVNHG³,DP\HWVLQJOH´

³<RXDUH\HW\RXQJ7KHUHLVVWLOOWLPHWRILQGWUXHORYH<HWHYHQLI\RXZHUHWRUHPDLQVLQJOHWKHUHDUHRWKHUZD\VWRPDNHXSIRUWKLV
IRULQWKHHQGDOOUHODWLRQVKLSVDUHEDVHGXSRQWKHPDUULDJHSULQFLSOHRIWKHGRXEOHZLWQHVV'RQRWFRQFHUQ\RXUVHOIZLWKWKLV´

³:KDW DERXW PH" , DP 0DJJLH´ $ QHZ YRLFH EURNH LQWR WKH FRQYHUVDWLRQ ,W ZDV D \RXQJ EXW PDWXUH ZRPDQ DQG DV VKH VWHSSHG
IRUZDUGVKHDGGHG³,ZDQWWRIROORZ\RXDVZHOOEXW,DPDZRPDQDQGVLQJOH´

³,I\RXKDYHIDLWKDQGLIWKH&UHDWRUKDVLQVWLOOHGLQ\RXUKHDUWWKHGHVLUHWREHSDUWRIWKLVZRUN\RXDUHZHOFRPH´-RVHSKWROGKHU
³<RXKDYHJLIWVDQGFDOOLQJVIURPWKH&UHDWRUWKDWDUHXQLTXHWR\RXDORQHDQGZHQHHGDIXOOYDULHW\RIWKHVHJLIWVWREHIXOO\HIIHFWLYH
LQWKLVZRUN´

-RVHSKWKHQLQVWUXFWHGWKHJURXSDVDZKROH³,QWKHEHJLQQLQJ(DUWK\PDQZDVFUHDWHGERWKPDOHDQGIHPDOH+HZDVLQWKHLPDJHRI
WKH&UHDWRUZKRODFNLQJQRWKLQJSRVVHVVHGDOORIWKHTXDOLWLHVDQGVWUHQJWKVWKDWDUHXQLTXHWRPHQDQGZRPHQ%XWWKH&UHDWRUVDZILW
ODWHU WR VHSDUDWH (DUWK\PDQ LQWR PDOH DQG IHPDOH  DQG VR E\ LQVWLWXWLQJ PDUULDJH KH VKRZHG WKHP KRZ WR EHFRPH RQH WKURXJK
DJUHHPHQW%\WKLV+HVKRZHGWKHLPSRUWDQFHRIWKHODZRIWKHGRXEOHZLWQHVVLQEXLOGLQJ+LV.LQJGRP´

+HFRQWLQXHG³,WZDVRQO\DIWHUWKH\VLQQHGWKDWWKHZRPDQZDVLQVWUXFWHGWREHREHGLHQWWRKHUKXVEDQG 7KH&UHDWRUXQGHUVWRRG
WKDWWKHSUHVHQFHRIVLQDQGLPSHUIHFWLRQZRXOGFDXVHPHQDQGZRPHQWRGLVDJUHHDVWKHLUVSLULWXDOGLVFHUQPHQWDEDWHGDQGUHEHOOLRQ
LQFUHDVHG RYHU WLPH )RU WKLV UHDVRQ REHGLHQFH WR DXWKRULW\ ZDV PDQGDWHG <HW WKH LGHDO PDUULDJH UHODWLRQVKLS KDV DOZD\V UHPDLQHG
URRWHGLQDJUHHPHQWUDWKHUWKDQLQREHGLHQFHIRUZKHUHWKHUHLVDJUHHPHQWDXWKRULW\EHFRPHVLUUHOHYDQWIRUQRRQHQHHGVWRFRPPDQG
DQRWKHU´

³7KLVLVVHHQDOVR´-RVKXDH[SODLQHG³LQWKHQDWXUHRIWKH&UHDWRU7KHSURSKHWVFDOOWKH&UHDWRUE\GLIIHUHQWQDPHVVRPHWLPHVXVLQJD
PDOHQDPHDQGDWRWKHUWLPHVIHPDOH7KH&UHDWRULVERWK<DKZHKDQG(O6KDGGDLPDOHDQGIHPDOHDOWHUQDWHO\DPLJKW\)DWKHUDQGD
0RWKHUO\1RXULVKHUDQG3URYLGHUIRUWKHQHHGVRI+HUFKLOGUHQ:KHQWKH&UHDWRUVHSDUDWHGWKHILUVWZRPDQIURPWKHILUVWPDQHDFK
ZDVJLYHQGLIIHUHQWVWUHQJWKV7KHPDQZDVJLYHQWKHHDUVRI<DKZHKDQGWKHZRPDQZDVJLYHQWKHHDUVRI(O6KDGGDL$VORQJDVERWK
KHDUGWKH&UHDWRU¶VYRLFHWKH\IRXQGWKHPVHOYHVLQDJUHHPHQW´

³:HKDYHQHYHUKHDUGVXFKWKLQJVIURPRXUWHDFKHUVLQWKHSDVW´WKH\UHVSRQGHG

³$QHZGD\LVXSRQXV´-RVKXDVDLG³,QWLPHVSDVWWKHKLJKHVWYLUWXHWKDWPRVWPHQFRXOGVHHZDVREHGLHQFH0DQNLQGZDV\RXQJDQG
QHHGHGWROHDUQREHGLHQFH%XWWRGD\ZHDUHSUHSDULQJWREXLOGDJUHDWHU.LQJGRPRQHWKDWLVEDVHGRQWKHQHZFRYHQDQW2XUVXFFHVV
GHSHQGVXSRQJRLQJEH\RQGREHGLHQFHLQWRWKHUHDOPRIDJUHHPHQW$OOSUHYLRXVNLQJGRPVKDYHEHHQEDVHGXSRQWKHILUVWFRYHQDQW
SULQFLSOHRIGLVFLSOLQLQJWKHIOHVKWRPDNHLWREHGLHQW2XU.LQJGRPLVJUHDWHU´

³*RQRZWR\RXUKRPHV´-RVKXDFRQFOXGHG³6SHDNKHDUWWRKHDUWZLWK\RXUZLYHV,I\RXDUHQRWLQDJUHHPHQW\RXZLOOEHKLQGHUHGLQ
WKLV ZRUN 7KHUH LV DOZD\V VRPHWKLQJ WKDW FDQ EH DFFRPSOLVKHG ZKHQ KXVEDQGV DQG ZLYHV GR QRW DJUHH EXW DJUHHPHQW UHPRYHV DOO
KLQGUDQFHVH[FHSWWKRVHUHVWUDLQWVIURPWKH&UHDWRU+LPVHOI5HWXUQWRPRUURZLI\RXZLOODQGZHZLOOWKHQWDNHWKHQH[WVWHS´

$VWKHVPDOOFURZGEURNHXSHDFKPDNLQJKLVZD\KRPH-RVHSKVSRNHWR-RVKXDDQGPH³,PXVWFRQVXOWZLWKP\FKLHIDQGLQIRUPKLP
RIWRGD\¶VHYHQWVIRU,SHUFHLYHWKDWVRPHZLOOWKLQNWKDW,DPOHDGLQJDQLQVXUUHFWLRQ(DFKRIXVPXVWDOVRIROORZRXURZQDGYLFHDQG
FRQVXOWZLWKRXUZLYHV0HHWPHKHUHWRPRUURZ´

-RVHSK WXUQHG DQG ZDONHG LQ WKH GLUHFWLRQ RI KLV WULEDO YLOODJH XS WKH YDOOH\ -RVKXD VDLG KLV JRRGE\HV DV ZHOO DQG ZDONHG LQ WKH
RSSRVLWHGLUHFWLRQ

$VIRUPHVLQFHLWZDVVXPPHU,KDGQRFODVVHVWRWHDFKDWWKH8QLYHUVLW\DQG,KDGSODQQHGWRHQMR\DUHOD[LQJZHHNILVKLQJDQG
KLNLQJLQWKHPRXQWDLQV0\ZLIHKDGQRWDFFRPSDQLHGPHWRWKHORGJHEHFDXVHDOWKRXJKVKHOLNHVLWZKHQ,EULQJKRPHILVKVKHGRHV
QRWHQMR\ILVKLQJ,RQWKHRWKHUKDQGILQGWKDWHYHQZKHQWKHILVKDUHQRWELWLQJ,DPDEOHWRFRPPXQLFDWHZLWKWKH&UHDWRULQDUHOD[HG
DWPRVSKHUH

%XWHYHQWVKDGWDNHQTXLWHDGLIIHUHQWWZLVW,WVHHPHGWKDWWKH&UHDWRUKDGGUDZQPHWRWKHPRXQWDLQE\IDOVHSUHWHQVHV,KDGEHHQ
FDOOHGXQH[SHFWHGO\WREHFRPHDILVKHURIPHQQRWZLWKURGDQGUHHOEXWZLWKVWURQJQHWVRIWUXWKVLQWHUWZLQHGZLWKORYH6RPXFK
KDGRFFXUUHGLQWKHSDVWIHZGD\VWKDW,KDGQHJOHFWHGWRNHHSP\ZLIHLQIRUPHGRIWKHVHQHZGHYHORSPHQWV

)LQGLQJP\WUXFN,UHWXUQHGWRWKHORGJHZHQWWRP\URRPDQGHQMR\HGDOHQJWK\WHOHSKRQHFDOOWRP\ZLIH6KHZDVH[FLWHGWKDWWKH
WLPHWREXLOGWKH.LQJGRPKDGDUULYHG³<HVRIFRXUVH,ZDQWWRFRPH,ZLOOOHDYHLQWKHPRUQLQJDQGVHH\RXWRPRUURZHYHQLQJ´VKH
VDLGHQWKXVLDVWLFDOO\

+DYLQJVHWWOHGWKLVLVVXHDQGEHFDXVHWKHUHZHUHVWLOOPDQ\KRXUVOHIWLQWKHGD\,GHFLGHGWRJRXSWKHPRXQWDLQWRLQYHVWLJDWHWKHODUJH
FUDFNWKDWKDGRSHQHGXSGXULQJWKHHDUWKTXDNH,ZDONHGDORQHDQG,JXHVVHGWKDWWKHSHRSOHZHUHWRRIHDUIXOWRWUXVWWKHPRXQWDLQ
40
7KH\KDGEHHQOHHU\RIWKHPRXQWDLQEHIRUHEXWWKHHDUWKTXDNHWRGD\KDGVWUXFNIHDULQWKHLUKHDUWV

$V,ZDONHGDORQJWKHZLQGLQJSDWKWKHIRUHVWVHHPHGWREHDOLYHVZD\LQJWKHLUEUDQFKHVLQDJUHHPHQWZLWKWKHJHQWOHEUHH]H&RORUIXO
ELUGVVDQJDVWKH\VHDUFKHGIRUIRRG(QWKXVLDVWLFEHHVKXPPHGLQMR\IXOPRQRWRQHV6TXLUUHOVSOD\HGDQGFKDVHGHDFKRWKHUXSDQG
GRZQWKHRDNV1DWXUHKDGQRIHDURIWKHPRXQWDLQDQGLQIDFWDOOWKHOLYLQJFUHDWXUHVVHHPHGWRXQGHUVWDQGWKHODUJHJORZLQJFUDFNDV
DGHFODUDWLRQRIDJORULRXVMXELOHH

,WWRRNDERXWWZRKRXUVWRUHDFKWKHRXWHUHGJHRIWKHODUJHVSOLWURFN$V,DSSURDFKHGLW,KHDUGWKHVRXQGRIZDWHUDQGZKHQ,ORRNHG
LQVLGH,FRXOGVHHDODNHIRUPLQJLQWKHGHSWKVRIWKHPRXQWDLQ7KHZDWHUOHYHOZDVULVLQJVORZO\DVLWVZLUOHGDQGJXUJOHG,IWKLVZHUH
WRFRQWLQXH,WKRXJKWLWZRXOGQRWEHORQJXQWLOWKHZDWHUZRXOGVSLOORXWRIWKHFUDFNDQGIORZGRZQWKHPRXQWDLQVLGHMRLQLQJWKH
QDWXUDOULYHULQWKHYDOOH\IDUEHORZ

³$QDYD´WKHGHHS9RLFHFDOOHGIURPWKHFUDFN

³,DPKHUH´,UHVSRQGHG

³,KDYHFDOOHG\RXWREULQJIRUWKIUXLWDQGWREHSDUWRIDJUHDWZRUN$UH\RX\HWLQDJUHHPHQWZLWKZKDW,DPGRLQJ"´

³<HVP\.LQJ´,VDLG

³,GRQRWKLQJZLWKRXWILUVWUHYHDOLQJ0\SODQWR0\VHUYDQWVDQGSURSKHWVLQWKHHDUWK'R\RXNQRZZK\"´+HDVNHG

³1RVLU´,UHSOLHG

³,UHYHDO0\SODQLQRUGHUWRREWDLQDGRXEOHZLWQHVVLQWKHHDUWK7KRXJK,KDYHWKHSRZHUWRGRDOOWKLQJVE\0\VHOILWLVLQ0\QDWXUH
WRGRDOOWKLQJVE\DGRXEOHZLWQHVV0\VHUYDQWVDQGSURSKHWVDUHWKRVHZKRKHDU0\YRLFHDQGDUHDEOHWRGHFODUH0\ZRUGVLQWKH
HDUWK:KHQVRPHRQHRQHDUWKEHDUVZLWQHVVWR0\ZRUGLQKHDYHQLWLVHVWDEOLVKHG,QHYHU\DJH,KDYHUDLVHGXS$PHQSHRSOHZKRDUH
RQHZLWK0H$VWKH\DJUHHZLWK0\ZRUGDQGEHFRPH0\YRLFHLQWKHHDUWK0\.LQJGRPLVEXLOW´

³'HFODUH0\MXELOHH´+HFRQWLQXHG³%HDUZLWQHVVRIWKHZLOORIKHDYHQDQGEULQJLWLQWRWKHHDUWK´

,WXUQHGWRIDFHWKHYDOOH\EHORZDQGVKRXWHGDVORXGDV,FRXOG³+HDU2HDUWKLWLVWKH&UHDWRU¶VMXELOHH+HKDVVSRNHQDQG,VD\
$PHQ´

³7KLVZRUG´VDLGWKH9RLFH³ZLOOQRWUHWXUQWRPHYRLGQRUZLOOLWIDLOEXWLWZLOOVXUHO\DFFRPSOLVKWKDWZKLFK,KDYHVSRNHQDQGZKLFK
\RXKDYHVHFRQGHG ,FDOOHGPDQ\RWKHUVWRGRWKLVEXWWKH\GLGQRWDJUHHZLWK0\ZRUG%XW,KDYHEXLOWUHGXQGDQF\LQWRHYHU\
DVSHFWRIFUHDWLRQDQGVRLWLVZLWKHYHU\ZRUGDQGGHFUHHVSRNHQIURPKHDYHQ(YHU\ZRUGWKDW,VSHDNJRHVRXWWRPRUHWKDQRQH
SHUVRQDQGZKHQWKHDSSRLQWHGWLPHDUULYHVDWOHDVWRQHUHOHDVHVLWLQWRWKHHDUWK´

³*RQRZDQGFRQWLQXHWKHZRUN´WKH9RLFHFRQFOXGHG³&DOOGLVFLSOHVDQGWUDLQWKHPWREHDSRVWOHV/HWHYHU\RQHGRDFFRUGLQJWRKLV
RUKHUFDOOLQJIRUHDFKKDVDZRUGRIIDLWKDQGZKHQWKH\WUXO\NQRZWKDWLQQHUZRUGDQGNQRZZKRWKH\DUHWKH\ZLOOEHDEOHWRVD\
$PHQWRLW´

, NQHZ , ZDV EHLQJ GLVPLVVHG DQG UHOXFWDQWO\ , WXUQHG WR ZDON EDFN GRZQ WKH SDWK WRZDUG WKH ORGJH <HW , NQHZ WKDW VRPHWKLQJ
LPSRUWDQWKDGEHHQDFFRPSOLVKHGKHUHIRUHYHU\ZRUGVSRNHQLQDJUHHPHQWZLWKWKH&UHDWRULVDYLWDOSDUWRIWKHQHZFUHDWLRQEHFDXVH
LWLVEXLOWE\IDLWKWKURXJKWUXHDQGIDLWKIXOZLWQHVVHV

)RRWQRWHV
 *DODWLDQV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 *HQHVLV
 ([RGXVZKLFKVD\VOLWHUDOO\³,DP<DKZHKDQG,DSSHDUHGXQWR$EUDKDP«DV(O6KDGGDLEXWE\0\QDPH<DKZHKZDV,
QRWNQRZQWRWKHP´
 0DWWKHZ
 $PRV
 ,VDLDK
41
&KDSWHU
$0\VWHULRXV'LVDSSHDUDQFH


,DZRNHHDUO\ZKLOHLWZDV\HWGDUNDQGDVWKHGD\GDZQHGLQWKHHDVW,PDGHP\ZD\RQFHDJDLQXSWKHPRXQWDLQSDWKDUULYLQJDWD
QHDUE\ULGJHMXVWLQWLPHWRKHDUWKHVXQVSOLQWHUWKURXJKWKHKDUGIORRURIWKHHDUWK1RWKLQJFRXOGKLQGHUWKHVXQ¶VSURJUHVVLRQIRUD
ILUHFRQVXPHGDOOWKDWVWRRGLQLWVSUHRUGDLQHGSDWK(DUWKLVQRPDWFKIRUKHDYHQIRUWKRXJKLWPD\RSSRVHIRUDVHDVRQLQWKHHQGWKH
ZHDNHUPXVWERZWRWKHVWURQJHU

³+HDYHQDOZD\VZLQV´WKHVLOHQWYRLFHZKLVSHUHGLQP\HDU,WRRNFRPIRUWLQNQRZLQJWKDW,ZDVRQKHDYHQ¶VVLGH²RUUDWKHUWKDW
KHDYHQZDVRQP\VLGH²LQDQ\SRWHQWLDOFRQIOLFWLQOLIH<HW,NQHZWRRWKDWNQRZLQJWKLVJUHDWWUXWKZDVRQO\XVHIXOZKHQWHVWHGLQWKH
FUXFLEOHRIH[SHULHQFH3URPLVHVRISURWHFWLRQZHUHFRPIRUWLQJRQO\LQWKHIDFHRIGDQJHU*XLGLQJOLJKWVZHUHXVHIXORQO\LQWKHGDUN
,IWKHUHZHUHQRIRROLVKSHRSOHWKHUHZRXOGEHQRJLIWRIZLVGRP

$IWHUPHGLWDWLQJRQWKHUHFHQWUHYHODWLRQVDQGVHQGLQJIRUWKDVLOHQWLQTXLU\IRUDQ\RWKHUQXJJHWWKDW,ZRXOGQHHGWKLVGD\,DURVHDQG
UHWXUQHGWRWKHORGJH$VWKHVXQURVHKLJKHU,FOLPEHGLQWRP\WUXFNDQGPDGHP\ZD\WR1HZNLUNWRPHHWZLWK-RVHSK-RVKXDDQG
WKRVHQHZO\EHJRWWHQRQHVZKRZHUHEHLQJSUHSDUHGIRUD.LQJGRPWDVNWKDWZDVQRW\HWFOHDUO\XQGHUVWRRG

³:KHUHLV-RVHSK"´,DVNHG1RRQHKDG\HWVHHQKLPWKLVPRUQLQJ7KHGD\ZDVRYHUFDVWDQGVHHPHGWRWKUHDWHQUDLQLQWKHGLVWDQFH
<HWDVLQVWUXFWHGWKHSRWHQWLDOGLVFLSOHVKDGJDWKHUHGDVDVPDOOFURZGRIPHQDQGZRPHQLQERGLHVRIYDULRXVVKDSHVVKDGHVDQG
VL]HVDYHULWDEOHFURVVVHFWLRQRIKXPDQLW\LWVHHPHG

-RVKXDKDGDUULYHGEHIRUHPHDQGVRRQKHVSRNHXSVD\LQJ³0D\,DVVXPHWKDW\RXDUHDOOJDWKHUHGKHUHEHFDXVH\RXDUHUHDG\WR
EHJLQWKLVQHZZRUNWKDWOLHVDKHDG"´

$OORIWKHPDIILUPHGWKLVHLWKHUZLWKQRGVRUUDLVHGKDQGVRUZLWKDORXG³<HV´%HLQJQHZWRWKHDUHD,NQHZQRRQHH[FHSWWKRVHWKDW,
KDGMXVWPHWDGD\HDUOLHUVR,ZDVFDUHIXOWRZULWHGRZQWKHLUQDPHVLQRUGHUWRFRPPLWWKHPWRPHPRU\DVTXLFNO\DVSRVVLEOH7KHLU
QDPHVZHUHDVIROORZV

7KHUHZHUHVHYHQPDUULHGPHQ7RLYR,YDQ&KHQ5DM2ODELVL1DRNLDQG$EGXO)LYHPHQZHUHVLQJOH$WVD.X\DQL.LND6YHQDQG
\RXQJ -XDQ 7KHUH ZHUH DOVR ILYH VLQJOH ZRPHQ 0DJJLH 'DNRWD %U\Q =RH DQG 5XWK $OWRJHWKHU WKHUH ZHUH WZHQW\IRXU LQ RXU
IHOORZVKLSLQFOXGLQJWKHZLYHVRIWKHVHYHQPDUULHGPHQHDFKDXQLTXHSLOODURIWKHFRPLQJ.LQJGRP

:HVSHQWWKHQH[WKRXUJHWWLQJWRNQRZHDFKRWKHUEHWWHU(DFKKDGKLVRUKHURZQVWRU\EXWDOOKDGEHHQOHGE\GLIIHUHQWSDWKVWRWKLV
FRQMXQFWLRQRIFDOOLQJV:HZRXOGQRZKDYHWROHDUQWRZRUNWRJHWKHUDQGWREXLOGWUXVWLQWKHJLIWVWKDWWKH\EURXJKWZLWKWKHP

%XW-RVHSKZDVVWLOOQRZKHUHWREHVHHQ)LQDOO\,VSRNHXS³,WKLQNZHVKRXOGVSUHDGRXUVHOYHVWKURXJKWKHWRZQDQGVHHLIZHFDQILQG
-RVHSK,P\VHOIZLOOJRWRWKH,QGLDQYLOODJHDQGVHHLIKHLVVWLOOWKHUH´

³7KDWLVDJRRGLGHD´-RVKXDUHSOLHG³/HWXVPHHWKHUHPLGDIWHUQRRQ,IZHILQGKLPHDUOLHUZHZLOOULQJWKHEHOOLQWKHWRZQVTXDUH´

:H SDUWHG DQG WKH JURXS EHJDQ WR VFDWWHU WKHPVHOYHV WKURXJKRXW WKH WRZQ DV , GURYH WR WKH YLOODJH RQ WKH IDU VLGH RI WKH YDOOH\
&URVVLQJWKHEULGJHRYHUWKHULYHU,IHOWDFHUWDLQHQHUJ\WKDWVHHPHGWRUDGLDWHIURPWKHULYHU&XULRXV,VWRSSHGRQWKHRWKHUVLGHDQG
ZDONHGGRZQWRWKHULYHUEDQN%HQGLQJRYHU,VFRRSHGXSDKDQGIXORIZDWHUDQGSXWLWWRP\OLSV,QVWDQWO\,UHFRJQL]HGLWVVZHHW
WDVWH³7KLVLVOLYLQJZDWHU´,VDLGDORXG³7KHZDWHUIURPWKHPRXQWDLQFUDFNPXVWKDYHUHDFKHGWKHULYHUXSVWUHDP7KHYDOOH\LVEHLQJ
UHYLWDOL]HG´

7KHQHZO\HQHUJL]HGZDWHURIOLIHZDVQRZIORZLQJWKURXJKWKHYDOOH\PDNLQJLWVZD\SDVW1HZNLUNKHDGLQJGRZQWKHYDOOH\WRZDUG
WKHWRZQRI&RVPRVMXVWDIHZPLOHVDZD\³,ZRQGHUKRZWKH\ZLOOUHDFWWRWKLVOLYLQJZDWHU´,PXVHG

&RVPRVKDGDUHSXWDWLRQIRUGHEDXFKHU\DQGODZOHVVQHVVDOWKRXJKWKHUHZDVDOVRLQLWDFRPPXQLW\KDYLQJVWULFWPRUDOSULQFLSOHVWKDW
SULGHGLWVHOIRQFRQIRUPLQJWRWKHODZVRIWKH&UHDWRU$IWHUEHLQJH[SHOOHGIURP.LUNORQJDJRWKLVVPDOOFRPPXQLW\KDGIRXQGUHIXJH
RQHDVWVLGHRI&RVPRV&RVPRVZDVDFDFRSKRQRXVPL[WXUHRIJRRGDQGHYLOOLEHUW\DQGVODYHU\SHDFHDQGYLROHQFHDORQJZLWKHYHU\
FRQFHLYDEOH UHOLJLRQ HVSRXVLQJ D GLIIHUHQW EXW ³WUXH´ SDWK WR XWRSLD 1HZNLUN DQG &RVPRV UHPDLQHG VXVSLFLRXV RI HDFK RWKHU DQG
RFFDVLRQDOO\RSHQFRQIOLFWEURNHRXWEHWZHHQWKHP

/LYLQJ ZDWHU , WKRXJKW WR P\VHOI 7KLV FRXOG SURYH LQWHUHVWLQJ 0D\EH SHDFH LV VORZO\ GULIWLQJ RXU ZD\ OLNH FORXGV EHLQJ FDUULHG
VORZO\EXWVWHDGLO\E\VWURQJEXWXQVHHQZLQJV,UHWXUQHGWRP\WUXFNDQGFRQWLQXHGWRZDUGWKHYLOODJH:KHQ,DUULYHG,DVNHGIRU
GLUHFWLRQVWRWKHORGJHRIWKHKLJKFKLHIDQGVRRQIRXQGLWLQWKHFHQWHURIWRZQ,NQRFNHGRQWKHGRRUDQGZDVVRRQXVKHUHGLQWRD
FRPIRUWDEOHOLYLQJURRPZKHUH,ZDVLQWURGXFHGWR&KLHI+LDPRYL 
42
³3OHDVHVLW´KHVDLGWRPHDIWHUFRUGLDOO\VKDNLQJP\KDQG³0D\,RIIHU\RXVRPHWKLQJWRGULQN"7HDRUFRIIHHSHUKDSV"´

³7KDQN\RX&KLHI´,UHVSRQGHG³,DSSUHFLDWH\RXUKRVSLWDOLW\,ZRXOGOLNHVRPHFRIIHHLILWLVQRWWRRPXFKWURXEOH´

³1RWURXEOHDWDOO$QDYD´KHVDLG

%HIRUHORQJWZRFXSVRIFRIIHHZHUHSODFHGRQWKHORZWDEOHLQIURQWRIXV+LDPRYLWRRNDVLSDQGWKHQVDLGWRPH³-RVHSKVSHDNV
KLJKO\RI\RX´

³7KDWLVYHU\NLQGRIKLP´,UHVSRQGHGZLWKDVOLJKWERZ³0\ODWHIDWKHUXVHGWRKDYHDIULHQGIURPKHUH$FWXDOO\WKDWLVKRZ,ILUVW
KHDUGRIWKLVYDOOH\´

³:KRZDV\RXUIDWKHU¶VIULHQG"´KHDVNHG

³0\IDWKHUVDLGKLVQDPHZDV-RHDQGWKDWKHZDVDFWXDOO\RIWKH<DTXLWULEH,KHDUGPDQ\VWRULHVRI<DTXL-RHZKHQ,ZDVDFKLOG´

³,NQHZ-RHZKHQ,ZDVD\RXQJPDQ+HOLYHGDPRQJXVIRUDORQJWLPHEHIRUHUHWXUQLQJWRKLVIDPLO\LQ+LDNLP+HZDQWHGWRGLHDQG
EHEXULHGZLWKKLVDQFHVWRUV7KRVHSHRSOHFDOOWKHPVHOYHV+LDNLZKLFKFDPHWREHSURQRXQFHGDV<DTXL-RHSDVVHGIURPWKLVHDUWKWR
WKHJUHDWHUSODFHVRPH\HDUVDJREXWLI\RXUIDWKHU¶VQDPHZDV7KRPDVWKHQ,EHOLHYH,NQHZKLPDVZHOO´

³<HV7KRPDVZDVP\IDWKHU´,VDLGZLWKVRPHVXUSULVH,WRRNDVLSRIKRWFRIIHH

³+HZDVPDGHDQKRQRUDU\PHPEHURIRXUWULEH´WKH&KLHIFRQWLQXHG³6RWKDWPHDQV\RXWRRDUHRQHRIXV1RZWKDW\RXDUHKHUHZH
ZLOOUHFRUG\RXUQDPHLQRXUERRNVDVDQDFFHSWHGVWHZDUGRIWKHODQG2XUFKLHIVWHZDUGDV\RXDOUHDG\NQRZLV-RVHSK+HLVWKHVRQ
RI\RXUIDWKHU¶VIULHQG<DTXL-RH-RH¶VIXOOQDPHZDV-RVHSKDQGKLVVRQZDVQDPHGDIWHUKLP:KHQ-RHUHWXUQHGWR+LDNLPKLVVRQ
-RVHSKHOHFWHGWRUHPDLQKHUHZLWKXVIRUWKLVKDGEHHQKLVKRPHIRUPRVWRIKLVOLIH´

+HSDXVHG³,WDSSHDUVWKDWWKHWZRRI\RXZHUHDOZD\VPHDQWWRPHHWDQGWRZRUNWRJHWKHU´

³,DPWUXO\DPD]HGWROHDUQRIWKLV´,H[FODLPHGZLWKVRPHH[FLWHPHQW³%XW,DPKHUHEHFDXVH-RVHSKGLGQRWVKRZXSDWRXUPHHWLQJ

WKLVPRUQLQJLQ1HZNLUN$OORIXVDUHORRNLQJIRUKLPDQG,FDPHKHUHWRVHHLIKHLVVWLOODWKRPH7KHODVWWKLQJKHWROGPH\HVWHUGD\
DIWHUQRRQZDVWKDWKHKDGWRWDONWR\RXDERXWWKHUHFHQWGHYHORSPHQWVLQ1HZNLUN´

³<HV´VDLGWKH&KLHI³:HGLVFXVVHGWKHVHPDWWHUVIDULQWRWKHQLJKWDQG,NQRZWKDWKHOHIWKHUHWKLVPRUQLQJ,DXWKRUL]HG-RVHSKWR
H[HUFLVHKLVZLVHDXWKRULW\LQ1HZNLUNDQGWKURXJKRXWWKHHQWLUHYDOOH\LQRUGHUWRHQIRUFHWKH&UHDWRU¶VODZVDVKHVDZILW7KHWLPHKDV
FRPHIRUXVWREXLOGWKH&UHDWRU¶V.LQJGRPDQGWRDVVHUW+LVULJKWVRYHURXUSRUWLRQRIWKHODQG+HKDVFUHDWHG0HQKDYHWUDPSOHG
XSRQ +LV ULJKWV ORQJ HQRXJK 7KH\ KDYH IRXJKW IRU WKHLU RZQ ULJKWV ZLWK OLWWOH UHJDUG IRU WKH &UHDWRU¶V OHJDO ULJKWV %XW WKDW LV QRZ
FKDQJLQJIRUDQHZGD\KDVDUULYHG´

7KH&KLHIWRRNDQRWKHUVKRUWVLSRIKLVFRIIHH³,IDQ\WKLQJKDGKDSSHQHGWRKLVFDU\RXZRXOGKDYHVHHQLWDORQJWKHURDGDV\RXGURYH
KHUH%XWKHXVXDOO\OLNHVWRZDON´

³6R-RVHSKDSSHDUVWREHPLVVLQJ´,VDLGVORZO\³7KDWLVDP\VWHU\LQGHHGDQGDVHQVHRIIRUHERGLQJLVJURZLQJZLWKLQPH,ZRQGHU
ZKDWKDVEHFRPHRIKLP,UHDOO\VKRXOGOHDYHULJKWDZD\DQGORRNIRUKLP´,VWRRGXSDQGEHJDQPRYLQJWRZDUGWKHGRRU³,ZLOOGULYH
PRUHVORZO\RQP\UHWXUQWULSDQGORRNIRUDQ\VLJQLQGLFDWLQJZKDWPLJKWKDYHKDSSHQHGWRKLP´

³0\EOHVVLQJJRHVZLWK\RX´WKH&KLHIVDLG³)LQGKLP²IRUDOORIXV+HFDQQRWEHORVWIRU,KDYHVHHQDORQJDQGJRRGSDWKWKDW\HW
OLHVEHIRUHKLP´

,GURYHVORZO\RXWRIWKHYLOODJHDQGGRZQWKHURDGWRZDUG1HZNLUN/RRNLQJFDUHIXOO\RQHDFKVLGHRIWKHURDGLWZDVQRWORQJEHIRUH,
QRWLFHGDZKLWHREMHFWDVKRUWGLVWDQFHIURPWKHURDG,VWRSSHGWKHWUXFNDQGZDONHGFORVHUXQWLO,FRXOGVHHWKDWLWZDVDPXGG\VKLUW,
SLFNHGLWXSFDUHIXOO\DQGVDZWKDWLWZDVVWDLQHGZLWKEORRG

0\KHDUWVDQNDQG,VKXGGHUHG7KLVGLGQRWORRNJRRG)RXOSOD\ZDVDIRRW-RVHSKKDGQRWPHUHO\GLVDSSHDUHG+HKDGEHHQWDNHQ

)RRWQRWHV
 +LDPRYLLVD&KHURNHHZRUGIRU+LJK&KLHI
43
 0\IDWKHU 7KRPDV ZDVDJRRGVWRU\WHOOHU&KLOGUHQRIWHQJDWKHUHGWRKHDUKLVWDOHVRI<DTXL-RH
 *HQHVLV

&KDSWHU
0RUH/LJKW


7KHEHOOUDQJWKUHHWLPHVVWURQJDQGFOHDULQWKHVSDFLRXVWRZQVTXDUHEHIRUH,ZDVFKDOOHQJHGE\RQHRIWKH7RZQ&RXQFLOPHPEHUV
³6WRSULQJLQJWKDWEHOO´+HVKRXWHGDWPH³<RXKDYHQRULJKW7KDWEHOOLVRIIOLPLWVWR\RX,WLVRXUEHOODQGRQO\ZHFDQULQJLW´

,REH\HGEXWRQHFDQQRWXQULQJDEHOODQGLWZDVQRWORQJEHIRUHRXUIULHQGVKDGFRPHUXQQLQJWRKHDUWKHQHZVRUWRVHHLI-RVHSKKDG
EHHQIRXQG,KHOGXSWKHEORRG\VKLUWIRUDOOWRVHH³,IRXQGWKLVQRWIDUIURPWKH,QGLDQYLOODJH,WDSSHDUVWREH-RVHSK¶VVKLUW7KH
&KLHIWROGPHWKDWKHKDGWDONHGZLWK-RVHSKODVWHYHQLQJDQGWKDWKHOHIWWKLVPRUQLQJWRUHWXUQWR1HZNLUN%XWREYLRXVO\VRPHWKLQJ
KDSSHQHGWRKLPRQWKHZD\,WORRNVOLNHIRXOSOD\DQG,FDQQRWVD\ZKHWKHUKHLVGHDGRUDOLYH´

³+HZDVSUREDEO\DWWDFNHGE\DZLOGDQLPDO´WKH7RZQ&RXQFLOPHPEHUVKRXWHGIURPQHDUE\ZKHUHKHKDGEHHQOLVWHQLQJ

³,VDZQRHYLGHQFHRIZLOGDQLPDOV´,WROGWKHGLVFLSOHVGRLQJP\EHVWWRLJQRUHWKH&RXQFLOPHPEHU³7KH&KLHIVHHPHGFRQILGHQWODVW
QLJKWWKDW-RVHSKZDVDOLYHQRWE\DQ\SK\VLFDOHYLGHQFHEXWE\VSLULWXDOGLVFHUQPHQW´

.LNDVSRNHXS$VDUHVSHFWHGWULEDOPHPEHUKHZDVJLYHQDQDPHWKDWPHDQVZLVGRP³,IWKH&KLHIEHOLHYHVWKDW-RVHSKLVDOLYHLWLV
EHFDXVHKHVHQVHVWKDWKLVVSLULWLVVWLOOZLWKXVLQWKHHDUWK:HVKRXOGWUXVWKLVGLVFHUQPHQWDQGFRQWLQXHORRNLQJIRUKLP´

:HDOODJUHHG

³<RXZLOOQRWILQGKLPKHUHLQ1HZNLUN´WKH&RXQFLOPHPEHULQWHUMHFWHGIURPWKHRXWVLGHRIRXUFLUFOHRIIHOORZVKLS

+LV SHUVLVWHQW DQG XQZHOFRPH FRPPHQWV PDGH PH VXVSLFLRXV IRU LW VHHPHG WKDW KH ZDV XQXVXDOO\ LQWHUHVWHG LQ FRQYLQFLQJ XV RI
-RVHSK¶VGHPLVH+HDSSHDUHGWREHLQWHUHVWHGSULPDULO\LQVWRSSLQJDQLQYHVWLJDWLRQDQGRQFHKHKDGFRPPLWWHGKLPVHOIWRDQRSLQLRQ
KHVHHPHGPRUHLQWHUHVWHGLQPDLQWDLQLQJKLVSRVLWLRQWKDQLQGLVFRYHULQJWKHWUXWK
44
³/HW XVFRQWLQXHWRVHDUFKWKHWRZQ IRUKLP$VNHYHU\RQH LI WKH\KDYHVHHQ-RVHSKWKLVPRUQLQJ$QG FKHFNWKHWRZQMDLO´ ,VDLG
JODQFLQJDWWKH&RXQFLOPHPEHUVXVSLFLRXVO\³/HWXVPHHWEDFNKHUHDWVXQGRZQDWWKHODWHVW0DJJLHDQG$WVDSOHDVHFRPHZLWKPH´

$OOOHIWWKHVTXDUHJRLQJLQGLIIHUHQWGLUHFWLRQV$VIRUPH,IHOWFRQVWUDLQHGWRUHWXUQWRWKHPRXQWDLQWDNLQJ0DJJLHDQG$WVDZLWKPH
WRFRQVXOWDJDLQZLWKWKH9RLFHIURPWKHFUDFN3HUKDSVWKH&UHDWRUZRXOGWHOOXVZKDWKDGKDSSHQHGWR-RVHSKDQGZKDWZHVKRXOGGR
DERXW LW , GURYH WR WKH ORGJH DQG IURP WKHUH ZH EHJDQ WKH WUHN XS WKH PRXQWDLQ SDWK WRZDUG WKH ODUJH JORZLQJ FUDFN RQ WKH VLGH
RYHUORRNLQJWKHYDOOH\

³+RZZLOO-RVHSK¶VGLVDSSHDUDQFHDIIHFWRXUIHOORZVKLS"´0DJJLHDVNHGDVZHZDONHG³,PHDQ,UHDOL]HKRZLPSRUWDQWKHLVWRXVDQG
LWVHHPVWKDWKLVGLVDSSHDUDQFHKLQGHUVWKHVWDUWRIRXUPLVVLRQ:RXOGZHEHDEOHWRGRWKHZRUNDKHDGRIXVZLWKRXWKLP"´

³1RKLVSUHVHQFHLVUHTXLUHGDVIDUDV,FDQWHOO7KDWLVZKDWPDNHVPHVXVSLFLRXVRIWKH7RZQ&RXQFLOIRUWKH\VHHPWRKDYHDVWURQJ
PRWLYHWRNLGQDS-RVHSK²HVSHFLDOO\ZKHQKHEHJDQWRVSHDNRIWKH&UHDWRU¶VULJKWV7KH&RXQFLOKDVJUDGXDOO\XVXUSHGSRZHURYHUWKH
\HDUVDQGQRZWKDWWKHGD\RIUHFNRQLQJLVQHDULWLVRQO\QDWXUDOWKDWLWZRXOGILJKWWRUHWDLQLWVSRVLWLRQRISRZHU´

³7KDWVRXQGVRPLQRXV´VKHVDLG³:RXOGWKH\QRWEHPRWLYDWHGWRNLOOKLP"´

³&HUWDLQO\EXW,GRQRWWKLQNWKH&UHDWRUZRXOGDOORZKLPWREHNLOOHG´,UHVSRQGHGTXLFNO\³DQGWKH&KLHI¶VZRUGVJLYHPHKRSHDV
ZHOO,I-RVHSK¶VSUHVHQFHZHUHQRWVRYLWDOWRWKLVPLVVLRQLWPLJKWEHSRVVLEOHIRUKLPWREHUHSODFHGEXWLWVHHPVWRPHWKDWKLVGHDWK
LVQRWLQWKH&UHDWRU¶VSODQ<HWZHOLYHLQDWLPHRIWUDQVLWLRQIURPRQHDJHWRDQRWKHU7KHHDUWKDOZD\VKHDYHVDQGJURDQVLQWLPHVRI
JUHDWWUDQVLWLRQ7KRVHZKRUXOHWKHSUHVHQWDJHGRQRWZDQWWRVHHFKDQJHVEHFDXVHIHZRIWKHPDUHFDOOHGWRUXOHLQWKHDJHWRFRPH
:KDWGR\RXVD\$WVD"´

$WVD ZDV DQRWKHU PHPEHU RI WKH WULEDO FRXQFLO RQH ZLWK WKH JLIW RI SURSKHF\ +LV UHSXWDWLRQ KDG JLYHQ KLP KLV QDPH ZKLFK
PHDQVHDJOH

³:KHQXVXUSHUVUXOHWKH\OLYHLQIHDU´KHVDLG³7KHLUSRZHURYHUPHQPD\EHJUHDWEXWWKH\NQRZWKDWWKH\KDYHQRSRZHURYHUWKH
&UHDWRU ZKRVHDXWKRULW\ WKH\KDYHXVXUSHG7KH\FDQQHYHUEHVXUH RIWKHWLPHWKDW+H ZLOO DVVHUW+LVULJKWVDQGUHVWRUH DOOHDUWKO\
WKLQJVWRWKHLUKHDYHQO\RUGHU3DVWXQFHUWDLQW\KRZHYHUKDVQRZEHHQUHSODFHGE\IHDUDQGGHVSHUDWLRQ-RVHSK¶VPHVVDJHPDGHLW
FOHDU WKDW WKHLU WLPH KDG FRPH WR DQ HQG 7KH\ ZLOO GR ZKDW WKH\ FDQ WR VWRS WKH &UHDWRU UDWKHU WKDQ UHSHQW RI WKHLU GHHGV IRU WKHLU
FRQILGHQFHLQWKHILUVWFRYHQDQWKDVORFNHGWKHLUPLQGVLQWRWKLQNLQJWKDWWKHZLOORIPDQLVVWURQJHUWKDQWKH&UHDWRU¶VZLOO7KHLURZQ

KHDUWVGHFHLYHWKHPLQWRWKLQNLQJWKDWWKH\PLJKWZLQDJDLQVWWKHGLYLQHSODQ´

³7KH\QHHGDFKDQJHRIKHDUW´0DJJLHVDLG³,ILWLVWUXHWKDWWKH&UHDWRU¶VSODQLVWRLQFOXGHDOORIPDQNLQGWKHQWKHLUKHDUWVPXVW
FKDQJHDWVRPHSRLQW3HUKDSVWKH\ZLOOJLYHXSWKLVILJKWDQGMRLQZLWKXV´VKHVDLGKRSHIXOO\

³7KDWZRXOGFHUWDLQO\EHGHVLUDEOH´,UHSOLHG³+RZHYHULQHYHU\JUHDWVWRU\WKHUHLVDKHURDQGDQHQHP\7KHEHVWVWRULHVDOVRLQFOXGH
DEHWUD\HU7KLVLVDQHSLFVWRU\WKDWWKH&UHDWRULVWHOOLQJDQG+HZLOOUHVROYHWKHFRQIOLFWLQWKHHQG+RZHYHUWKHUHLVVWLOODQRWKHUORQJ
FKDSWHUWREHWROGDQGWKHSURSKHFLHVVKRZWKDWWKHUH\HWZLOOEHEHWUD\HUVDQGHQHPLHVWRRYHUFRPHIRUDFRQVLGHUDEOHDPRXQWRIWLPH
:HZLOOZLQWKLVSUHVHQWEDWWOHEXWPRVWRIRXUHQHPLHVZLOOQRWEHUHFRQFLOHGXQWLODQDJHWRFRPH0HDQZKLOHZHPXVWVHDUFKIRU
-RVHSK´

$WVDWKHQUHVSRQGHG³7KH&RXQFLORI1HZNLUNLVSOD\LQJWKHUROHRIEHWUD\HULQRXUSUHVHQWVWRU\ $FFRUGLQJWRRXUKLVWRULHVWKH
&RXQFLORI.LUNSOD\HGWKHVDPHUROHLQHDUOLHUGD\V  ,Q ERWK FDVHV KXPDQ QDWXUH LV WKH VDPH DQG LW DSSHDUV WKDW WKH &UHDWRU LV
UHSHDWLQJWKHVWRU\ZLWKDQHZFDVWRIFKDUDFWHUVDQGDQHZFRQWH[W:HDUHFDXJKWLQDJUHDWZKLUOSRROLQWKHPXGG\VWUHDPRIWLPH´

+HFRQWLQXHG³7KHH\HVRIWKH&UHDWRUKDYHVHDUFKHGWKHWRZQRI1HZNLUNZLWKQRVLJQRI-RVHSKWKHUH,EHOLHYHZHPXVWEURDGHQRXU
VHDUFKWRLQFOXGHRWKHUWRZQVIDUWKHUGRZQWKHYDOOH\7KHHDJOHHYHQQRZIOLHVHDVW´

³,DJUHH´,VDLG³,IWKH&RXQFLORI1HZNLUNNLGQDSSHG-RVHSKLWLVQRWOLNHO\WKDWWKH\ZRXOGWDNHWKHULVNRIVRPHRQHLQWRZQVHHLQJ
KLP7KH\ZRXOGFHUWDLQO\DQWLFLSDWHRXUVHDUFKSDUW\DVZHOO,WLVPRUHOLNHO\WKDWWKH\FRQVSLUHGZLWKRWKHUVDQGDUHKROGLQJKLPLQ
DQRWKHUSODFH´

$W WKDW PRPHQW ZH URXQGHG WKH ILQDO EHQG LQ WKH SDWK DQG WKH JORZLQJ FUDFN ORRPHG LQ IURQW RI XV $ VWHDG\ WRUUHQW RI ZDWHU QRZ
SRXUHGRXWRILWVPRXWKPDNLQJLWVZD\GRZQWKHPRXQWDLQFOLPELQJRYHUURFNVDQGSXVKLQJWKURXJKJUDVVDQGWUHHVXQWLOLWUHDFKHG
WKHJUHHQYDOOH\EHORZ:HDSSURDFKHGWKHJORZDQGVDWGRZQXSRQWKHJUHDWIODWURFNRIPHGLWDWLRQRYHUORRNLQJWKHFDYHUQ

:HFORVHGRXUH\HVLQVLOHQFHKHDULQJRQO\WKHVRXQGRIIDOOLQJZDWHUDVLWSXPPHOHGDQGVFUDSHGQXPHURXVURFNVRIYDULRXVVL]HV7KH
H\HVRIP\VSLULWEULJKWHQHGDQG,VDZWKHQHZHDUWK²HDUWKDVLWVKRXOGEHHDUWKDVLWZDVPHDQWWREHHDUWKLQXQLRQZLWKKHDYHQ
OLYLQJVWRQHVOLYLQJZDWHUOLYLQJWUHHVDOOLQKDUPRQ\ZLWKHDFKRWKHUDQGZLWKWKH&UHDWRU¶VZLOO

,VDZDOVRWKHVSLULWRI0DJJLHDQGWKDWRI$WVDDQGWKH\VDZPH8QLWHGDVRQHKDYLQJRQHKHDUWDQGRQHPLQGZHVHHPHGWRIORDW
45
ZHLJKWOHVVO\LQWKHSUHVHQFHRI0DMHVW\&RORUVUHIOHFWHGWKH&UHDWRU¶VVFHQWDQGFKDQJHGZLWKHDFKGLYLQHWKRXJKW+LVVPLOHFKDUJHG
WKH DLU DQG ZH EUHDWKHG LQ WKH IUHVK YLEUDQW VSLULW RI LPPRUWDOLW\ $QFLHQW VHFUHWV RI OLIH EXULHG ZLWK IRUJRWWHQ VDLQWV LQ QDPHOHVV
JUDYHV ZLVGRP ORVW LQ UDJJHG ERRNV DWWHQGHG RQO\ E\ WKH VWLUUHGXS GXVW RI PDJL DQG SKLORVRSKHUV NQRZOHGJH ORVW ZKHQ HPSLUHV
FROODSVHG LQ UXLQ EHIRUH WKH KRW EUHDWK RI GHVWLQ\²DOO QRZ IORZHG IUHHO\ WRZDUG XV VZLUOLQJ WKURXJK XV ZLWK HQOLJKWHQPHQW RQFH
FRPPRQWRDOOEXWUHPHPEHUHGE\IHZ

7KHQWKH9RLFHVSRNHZLWKJHQWOHIRUFH³7KH6SLULWRIWKH/RUG*RGLVXSRQ\RXEHFDXVH,KDYHDQRLQWHG\RXWREULQJJRRGQHZVWRWKH
DIIOLFWHG , KDYH VHQW \RX WR ELQG XS WKH EURNHQKHDUWHG WR SURFODLP OLEHUW\ WR FDSWLYHV DQG IUHHGRP WR SULVRQHUV WR SURFODLP WKH
IDYRUDEOH\HDURIWKH/RUGWRUHEDODQFHMXVWLFHLQWKHHDUWKDQGWREULQJWKH&RPIRUWHUWRWKRVHZKRPRXUQIRUWKHGHDG´

:HUHPDLQHGVLOHQWZLWKERZHGKHDGVDQGKXPEOHKHDUWVDZHGE\WKHSRZHUEXWVWUHQJWKHQHGE\WKHFRQILGHQWDLURIFHUWDLQW\LQHDFK
ZRUG7KHUHZDVQRKLQWRISRVVLEOHIDLOXUHQRGDUNQHVVWKDWFRXOGHVFDSHWKHOLJKWQRZLOOWKDWFRXOGVWDQGLQ+LVIDFHQRZLVHDGYLFH
RIIRROLVKVDJHVWKDWPLJKWVHHNWRFKDQJH+LVSXUSRVHDQGQRPL[WXUHRIORYHDQGVHOILVKGHVLUHWRFRPSDUHZLWKWKLV3XUH/RYH

³:KDWGR\RXVHH"´WKH9RLFHDVNHG

³$PRXQWDLQDQGOLJKWIURPWKHFUDFN´,DQVZHUHG

³7KLVLVWKHPRXQWDLQRIWKH/RUG¶VKRXVH´WKH9RLFHVDLG³<RXDUHWKDWPRXQWDLQDQGWKHOLJKWLVZLWKLQ\RX7RGD\\RXZLOONQRZ
WKDWWKHPRXQWDLQKDVFUDFNHGDQGWKHYHLOKDVEHHQWRUQ$OLJKWVKLQHVIURP\RXLQWRDGDUNHQHGZRUOG´

³$ULVHVKLQH´WKH9RLFHFRQWLQXHG³IRU\RXUOLJKWKDVFRPHDQGWKHJORU\RIWKH/RUGKDVULVHQXSRQ\RX'DUNQHVVFRYHUVWKHHDUWK
DQGGHHSGDUNQHVVUHVWVXSRQWKHSHRSOHEXW,ZLOOULVHLQ\RXDQGWKURXJK\RXDQG0\JORU\ZLOODSSHDURQ\RX<RXZLOOOLYHDQG
QRWGLH´

2XUVSLULWVJUHZEULJKWDVWKHVXQ)RUWKHILUVWWLPHZHZHUHJLYHQWKHH\HVRI*RGDQGZHVDZZKRZHUHDOO\ZHUHVSLULWXDOEHLQJV
ORQJYHLOHGE\HDUWKO\IOHVKKLGGHQQRWRQO\IURPWKHZRUOGEXWDOVRIURPWKHH\HVEHTXHDWKHGWRXVIURPRXUDQFHVWRUV:HFRXOGQRW
ORVHIRUZHZHUHSDUWRIWKH&UHDWRU¶VIOHVKDQGERQHDQG+HQHYHUORVHVRUIDLOVLQDQ\SXUSRVHRUSODQ

7KHVXQVWRRGVWLOOLQWKLVUHDOPRIOLJKWZKHUHWLPHLVUHSODFHGE\SXUSRVH7KRXJKLWDOOWRRNSODFHLQDPRPHQWRIROGHDUWKWLPHZH
VSHQWDQHWHUQLW\LQ+LVSUHVHQFHLQWKHQHZHDUWK7KHUHZHVDZZLWKRQHH\HKHDUGZLWKRQHKHDUWDQGNQHZZLWKRQHPLQGDOOWKDWWKH

&UHDWRUKDGSUHSDUHGIRUWKRVHZKRORYH+LP

:KHQWKHWLPHILQDOO\DUULYHGIRUXVWREHVHQWEDFNLQWRWKHGLPZRUOGRIPHQ¶VUHDOLW\ZHFDUULHGZLWKXVWKH0DQGDWHRI+HDYHQ$OO
UHVLGXDOIHDURIWKHRSSRVLWLRQZDVJRQH%ROGQHVVQRZUHVWHGXSRQXVIRUZHZDONHGLQDQHZUHDOLW\WKHUHYHODWLRQWKDWZHZHUHQRW
RQO\DJHQWVEXWVRQVRIIVSULQJRI+LV%HLQJLQYLQFLEOHIRUDVORQJDV+HZLOOHGFRQTXHULQJLQOLIHDQGGHQ\LQJGHDWKDQ\YLFWRU\

<HWDVZHUHWXUQHGWRWKHYDOOH\ZHIHOWWKHZHLJKWRIWKHHDUWKXSRQRXUVKRXOGHUV:HHDFKFDUULHGDSRUWLRQRIGLYLQHUHVSRQVLELOLW\
WKDWKDGEHHQDVVLJQHGWRXVWKURXJKRXUFDOOLQJV%XWVRPHWKLQJKDGFKDQJHGLQXVRXUSHUFHSWLRQRIUHDOLW\RXUSHUVRQDODZDUHQHVV
RXUXQGHUVWDQGLQJRIRXUVPDOOSODFHLQDYHU\ELJSODQ0RVWRIDOOZHNQHZWKDWZHZHUHQRWRXURZQ:HGLGQRWEHORQJWRRXUVHOYHV
IRUZHZHUHRZQHGE\WKH2QHZKRKDGFUHDWHGXVDQGKDGJLYHQXVOLIH

³7KHHDJOH´$WVDVDLGSRLQWLQJWRZDUGWKHHDVW,WIOHZWRZDUGXVXQWLOLWODQGHGXSRQWKHWRSEUDQFKRIDQHDUE\WUHH³7UHHVDUHPHQ´
$WVDLQIRUPHGXV³,WKDVVHHQ-RVHSK´

)RRWQRWHV
 .LNDPHDQVZLVGRPLQ&UHH
 $WVDPHDQVHDJOHLQ1DYDMR
 -XGDVWKHGLVFLSOH 0DWWKHZ
 -XGDKWKHEURWKHURI-RVHSK *HQHVLV
 ,VDLDK
 ,VDLDK
 ,VDLDK
 3VDOP
 &RULQWKLDQV
 'HXWHURQRP\

46
&KDSWHU
&RQILUPDWLRQ


³+RZGLG\RXJHW\RXUQDPH"´,DVNHG$WVD

³:KHQ,ZDVTXLWH\RXQJ´KHUHSOLHG³,ZDQGHUHGDVKRUWGLVWDQFHIURPP\KRXVHDQGDFR\RWHWKUHDWHQHGWRWDNHPH$JUHDWHDJOH
VZRRSHGGRZQDQGFKDVHGKLPDZD\7KHHDJOHZDWFKHGRYHUPHIURPWKHVN\XQWLO,UHWXUQHGKRPH0\IDWKHUGLGQRWVHHWKHFR\RWH
EXWKHVDZWKHHDJOHODQGRQWKHJURXQGQHDUPHDV,DUULYHGKRPH,WOHWPHWRXFKKLPDQGP\IDWKHUNQHZWKDWWKHHDJOHKDGWDNHQD
VSHFLDOLQWHUHVWLQPH6R,ZDVJLYHQWKHQDPH$WVDRU(DJOH´

³,VWKLVWKHVDPHHDJOHLQWKDWWUHH"´,DVNHGDJDLQ

³1R´KHVDLG³EXWZKHQWKHUHLVDQHHGWRNQRZVRPHWKLQJDQHDJOHDSSHDUVSHUKDSVRQHRIKLVIDPLO\,WLVVDLGWKDWHDJOHVKDYHWKH
H\HVRI*RGDQGWKHZLQJVRIWKH6SLULW7KLVLVWKHHDJOHWKDWOHGPHDQGP\IULHQGVWR1HZNLUNWRKHDU\RXUZRUGVIURPWKH&UHDWRU
7KHHDJOHZDQWHGXVWRKHDUWKHVHPHVVDJHVDQGVRZHNQHZWKDW\RXVSRNHWUXWK´

³$UH\RXUHIHUULQJWR.X\DQLDQG.LND"´0DJJLHDVNHG

³<HVZHKDYHEHHQIULHQGVVLQFHFKLOGKRRG´$WVDDQVZHUHG

³:KDWLVWKHPHDQLQJRIWKHLUQDPHV"´0DJJLHDVNHGDJDLQ

³.X\DQLPHDQVWRORYHDQG.LNDPHDQVZLVGRP%XW,ZLOOOHWWKHPWHOOWKHLURZQVWRULHV´

:HFRQWLQXHGZDONLQJGRZQWKHPRXQWDLQWUDLOXQWLOZHDJDLQDUULYHGDWWKHORGJHZKHUHP\ZLIHZDVZDLWLQJ6KHKDGDUULYHGHDUOLHU
WKDQH[SHFWHGDQGWKHUHXQLRQZDVPRVWZHOFRPH,LQWURGXFHGKHUWR0DJJLHDQG$WVDZKRWKHQZDLWHGLQWKHORXQJHZKLOHZHFDUULHG

KHUEDJVWRWKHURRP:HDWHDTXLFNOXQFKDWWKHORGJHZKLOH,VKDUHGZLWKP\ZLIHWKHHYHQWVRIWKHGD\DQGWKHQZHUHWXUQHGWR
1HZNLUNLQP\WUXFN

7KHEHOOLQWKH7RZQ6TXDUHZDVDJDLQXQJXDUGHGVR,UDQJLWRQFHDQGLPPHGLDWHO\ZDONHGDZD\EHIRUHWKHZUDWKRIWKH&RXQFLOPDQ
FRXOGILQGPH,WZDVQRWORQJEHIRUHDOORIRXUFRPSDQ\KDGJDWKHUHGRQFHDJDLQHDFKUHSRUWLQJQRVXFFHVVLQORFDWLQJ-RVHSK

³,EHOLHYHHYHU\RQHLVKHUH´-RVKXDVDLG

³:HEHOLHYHWKDWKHLVLQ&RVPRV´$WVDLQIRUPHGWKHP³(DJOHH\HVKDYHVHHQKLP%XWLIWKDWLVWKHFDVHKHGLGQRWJRWKHUHE\KLVRZQ
ZLOO7KHEORRG\VKLUWWHOOVXVWKDWKHZDVNLGQDSSHG,IKHKDGJRQHYROXQWDULO\KHZRXOGKDYHVHQWZRUGWRXVE\WKLVWLPH´

³7KUHHRIXV´,DGGHG³KDYHMXVWEHHQWRWKHPRXQWDLQZKHUHWKH9RLFHWROGXVWKDWZHZHUHEHLQJFRPPLVVLRQHG³WRSURFODLPOLEHUW\
WRFDSWLYHVDQGIUHHGRPWRSULVRQHUV´3HUKDSVZHVKRXOGVWDUWZLWK-RVHSK:HEHOLHYHWKDWKHLVDOLYHEXWLIWKDWLVWKHFDVHWKHQKHLV
VXUHO\EHLQJKHOGSULVRQHU,WDSSHDUVWKDWWKH9RLFHRQO\DZDLWVRXUDJUHHPHQWDQGGRXEOHZLWQHVVLQRUGHUWRHVWDEOLVK+LVZRUGLQWKH
HDUWK´

7KH\DOOERUHZLWQHVVWRP\ZRUGVDQGVRZHJDYHDJUHDWVKRXW³:HSURFODLPOLEHUW\WRFDSWLYHV:HSURFODLPIUHHGRPWRSULVRQHUV´
2XUYRLFHVHFKRHGWKURXJKWKHVWUHHWVRIWKHWRZQDQGWKHROGPDQRIWKH7RZQ&RXQFLOVRRQFDPHKDVWLO\XSRQXVUHGIDFHGKXIILQJ
DQGSXIILQJDQGREYLRXVO\TXLWHRIIHQGHG³6WRSWKDWUDFNHW´KHGHPDQGHG³<RXDUHGLVWXUELQJWKHSHDFHDQGVFDULQJHYHU\RQH´

³:HDUHEHDULQJZLWQHVVWRWKH&UHDWRU¶VYRLFH´,WROGKLP³,WLVDPDWWHURISULRULW\WRREH\*RGUDWKHUWKDQPHQHVSHFLDOO\ZKHQ
WKHLUFRPPDQGVFRQIOLFW6XUHO\\RXNQRZWKLV´

³2IFRXUVH,NQRZWKDW´KHUHWRUWHG³%XWWKH&UHDWRUVSHDNVWKURXJKXV²WKH7RZQ&RXQFLO²QRWWKURXJK\RX:HDUHWKHRQHVZKR
GHWHUPLQHZKDWLVWUXO\+LVYRLFH:HFDQQRWKDYHHYHU\RQHUXQDURXQGFODLPLQJWRKHDU+LVYRLFHQRZFDQZH"7KDWZRXOGEULQJ
FKDRVDQGFRQIXVLRQDQGPDQ\FRQWUDGLFWLRQVDQGVRRQGLVXQLW\ZRXOGUHLJQ´

³7KHQZK\GR\RXQRWWHDFKWKHSHRSOHWRKHDU+LVYRLFHFRUUHFWO\"´,DVNHG³:RXOGWR*RGWKDWDOORI+LVSHRSOHKHDUG+LVYRLFHDQG
SURSKHVLHG´

47
³7KDWLVULGLFXORXV´WKHROGPDQQHDUO\VKRXWHG³7KH\DUHQRWKLQJEXWUDEEOHILWRQO\WREHOHGE\WKHZLVHDQGOHDUQHGRQHV´

³7KLVUDEEOHZLOOVRRQSURSKHV\´,UHWRUWHG³DQGWKHLUZRUGVZLOOVKDNHWKHKHDYHQVDQGWKHHDUWK1RGRXEWVRPHZLOOVSHDNIRROLVKO\
IURPWKHLURZQIOHVKO\KHDUWVEXWWKHLUZRUGVZLOOIDOOWRWKHJURXQGZKHQH[SRVHGWRWUXWK7KH&UHDWRUGRHVQRWYLHZWKHPDVUDEEOH
EXWDV+LVFKLOGUHQ(YHU\ORYLQJIDWKHUWUDLQV+LVFKLOGUHQWRKHDU+LVYRLFH´

³*RGLVQRWDPDQ´KHVKRXWHGDWPH³,WLVEODVSKHPRXVWRFRPSDUH+LPWRPHUHIDWKHUV+HLVKLJKDQGOLIWHGXS+HLVXQNQRZDEOH
+HLVWKHJUHDW&UHDWRU´

³+HLVDOVRYHU\QHDU´,UHSOLHG³DQG+HLVDKXPEOH*RGRQHZKRLVQRWDVKDPHGWRFDOOXV+LVFKLOGUHQ+LVGHVLUHDQGSXUSRVHLVWR
EHXQLWHGZLWK+LVFKLOGUHQDQGWRWUDLQWKHPLQ+LVZD\V,QIDFWWKHHQWLUHSXUSRVHDQGJRDORIFUHDWLRQLVWREHXQLILHGE\ORYHVRWKDW
WKHHDUWKEHFRPHVDQH[SUHVVLRQRIDOOWKDW+HLV´

³<RXDUHZURQJ´WKHROGPDQLQVLVWHG³7KH&UHDWRUPDGHDOORIWKLVRXWRIQRWKLQJDQGLWZLOODOZD\VEHVHSDUDWHIURPDQGLQIHULRUWR
+LP0DWWHULVHYLODQGZLOOXOWLPDWHO\EHGHVWUR\HGEXUQWXS7KRVHZKRKDYHGRQHJRRGDQGKDYHVXEPLWWHGWRWKH&RXQFLOZLOOOHDYH
WKLVHDUWKDQGOLYHLQKHDYHQ´

-RVKXDQRZEURNHLQWRWKHFRQYHUVDWLRQ³<RXUYLHZLVIURP*UHHNSKLORVRSKHUVQRWIURPWKHWUXHSURSKHWV7KHSURSKHWVVD\WKDWDOO
WKLQJVZHUHFUHDWHGJRRG DQGWKDWVLQFDPHDIWHUZDUG6LQLVWHPSRUDU\DQGWKH&UHDWRU¶VSODQLVWRHUDGLFDWHVLQQRWGHVWUR\+LV
JRRG FUHDWLRQ 6LQ KDV EURXJKW D FXUVH XSRQ FUHDWLRQ PDNLQJ LW XQFOHDQ DQG XQKRO\ 7KH &UHDWRU GRHV QRW QHHG WR WKURZ DZD\ +LV
FUHDWLRQRQDFFRXQWRIWKHFXUVH+LVSODQLVWRUHPRYHWKHFXUVHVRWKDWWKHFUHDWLRQPD\EHUHVWRUHGWRLWVRULJLQDOFRQGLWLRQDOORZLQJLW
WRIXOILOOLWVSXUSRVH´

³7KHUHLVQRUHDVRQLQJZLWK\RX´WKHROGPDQUHSOLHG³<RXDUHSDUWRIWKHUDEEOHDQG\RXDUHDOOJRRGH[DPSOHVRIZK\ZHQHHGWKH
7RZQ&RXQFLOWRGHFLGHZKDWLVWUXWKDQGZKDWLVQRW,ILWZHUHXSWR\RXDOOPHQZRXOGEHVDYHGDQGQRSDUWRIFUHDWLRQZRXOGEHORVW
7KHUHZRXOGEHQRMXVWLFHLQWKHHDUWK%XWZHNQRZWKDWPRVWRIFUHDWLRQZLOOLQGHHGEHORVWIRUHYHU´

-RVKXDUHSOLHG³$OOWKLQJVFDPHRXWRI+LPWKH\JRWKURXJK+LPDQGWKH\UHWXUQWR+LP&UHDWLRQFDPHRXWRI*RG+LPVHOI,WZDV
PDGHRXWRI*RGSDUWLFOHVDQGLIDQ\RIWKHVHDUHORVWIRUHYHUWKHQWKH&UHDWRU+LPVHOIZLOOIRUHYHUEHLQFRPSOHWH7KDWLVZK\WKHSODQ
FDOOVIRUUHVWRUDWLRQQRWVHSDUDWLRQRUGHVWUXFWLRQ´

³7KH7RZQ&RXQFLOVGHQRXQFHGWKDWYLHZPDQ\FHQWXULHVDJR7KDWWHDFKLQJKDVQRWEHHQKHOGVLQFHWKHILUVWIHZFHQWXULHVLQ.LUN
KLVWRU\/RQJWUDGLWLRQKDVQRZHVWDEOLVKHGWKHGRFWULQHRIVHSDUDWLRQ´

³3HUKDSVWKDWWUDGLWLRQRXJKWWREHUHYLVLWHG´,PXVHGTXLHWO\³IRU,UHFDOOWKDWLWZDVLPSRVHGXSRQWKHSHRSOHWKURXJKPXFKYLROHQFH
MHDORXV\DQGHYHQPXUGHU´

³:KDWZDVWKDW"´WKHROGPDQDVNHG

³1RWKLQJ´ , UHSOLHG 7R DUJXH IXUWKHU ZRXOG VHUYH QR SXUSRVH 2XU YLHZV ZHUH SRODU RSSRVLWHV DQG RQO\ D UDGLFDO LQWHUYHQWLRQ RI
KHDYHQFRXOGUHVROYHWKHFRQIOLFW

³/HWXVGHSDUW´,VDLGWRWKHIHOORZVKLS³:HKDYHZRUNWRGR´

:HZDONHGWRWKHHGJHRIWRZQZKLOHWKHROGPDQUHWXUQHGWRKLVEXVLQHVVZLWKWKH7RZQ&RXQFLO$VZHZDONHG-RVKXDSXOOHGPH
DVLGHDQGZKLVSHUHG³:KLOH\RXZHUHDWWKHPRXQWDLQ,GHFLGHGWRLQYHVWLJDWHWKH7RZQ&RXQFLO7KH\KDGDFORVHGPHHWLQJWRGD\EXW
,IRXQGDQRSHQZLQGRZDQGZDVDEOHWRKHDUZKDWWKH\ZHUHGLVFXVVLQJ7KH\WDONHGRI-RVHSKDQGLWLVFOHDUWKDWWKH\NLGQDSSHGKLP
HDUO\WKLVPRUQLQJDVKHZDVUHWXUQLQJIURPWKH,QGLDQYLOODJH7KH\FRQVSLUHGZLWKWKH7RZQ&RXQFLORI&RVPRVGHOLYHULQJ-RVHSKWR
WKHP´

³:K\ZRXOGWKH\GRWKDW"´,DVNHG

³7KH\FRQYLQFHGWKH&RXQFLORI&RVPRVWKDW-RVHSKZDVDVPXFKDWKUHDWWRWKHPDVWR1HZNLUNWKDWKHZDVVHHNLQJWRRYHUWKURZWKHLU
DXWKRULW\1RWRQO\1HZNLUNEXW&RVPRVDQGWKHRWKHUWRZQVIDUWKHUGRZQWKHYDOOH\DUHEXLOWXSRQWULEDOODQG,I&KLHI+LDPRYLH[HUWV
KLVDXWKRULW\RYHUDOOWULEDOODQGWKHQWKLVFRXOGDIIHFWWKHHQWLUHDUHD´

³,VHH,WLVSODLQWKDWWKH\DUHPRVWO\FRQFHUQHGDERXWORVLQJWKHLUSRVLWLRQVRISRZHU´,FRQFOXGHG³7KDWLVXQGHUVWDQGDEOHIURPWKHLU
SRLQWRIYLHZ´

$UULYLQJDWWKHHGJHRIWRZQZKHUHQR&RXQFLOVSLHVFRXOGRYHUKHDUXV-RVKXDDQG,VKDUHGRXUFRQFHUQVZLWKWKHJURXS³:HNQRZ
IURP RYHUKHDULQJ WKH GLVFXVVLRQ DW WKH &RXQFLO WKDW -RVHSK LV LPSULVRQHG LQ &RVPRV %XW VLQFH LW LV JHWWLQJ ODWH WRGD\ OHW XV JR WR
48
&RVPRVWRPRUURZDQGVHHLIZHFDQILQG-RVHSK´

)RRWQRWHV
 .X\DQLPHDQVWRORYHLQ4XHFKXD
 $FWV
 1XPEHUV
 *HQHVLV
 5RPDQV
 $FWV
 7KLVRFFXUUHGLQWKH\HDU6HHP\ERRNOHW$6KRUW+LVWRU\RI8QLYHUVDO5HFRQFLOLDWLRQ

&KDSWHU
7KH(TXLSSLQJ


,ZDVDZDNHQHGE\ZKDWDSSHDUHGWREHDTXLFNEODVWRIDWUXPSHW$V,VWXPEOHGRXWRIEHG,FRXOGQRWEHVXUHLI,KDGKHDUGWKH
WUXPSHWLQDGUHDPRULIVRPHRQHKDGEORZQLWVRPHZKHUHRXWVLGHRIWKHORGJH7KHGDUNQHVVZDVMXVWVWDUWLQJWREHXVKHUHGDZD\E\LWV
HDVWHUQJDWHNHHSHUV

³'LG\RXKHDUWKDW"´P\ZLIHDVNHG

³<HVGLG\RX"´,UHVSRQGHG

³<HV´

:HERWKNQHZWKHQWKDW ZHKDGKHDUGVRPHWKLQJDQGZHKXUULHGO\GUHVVHGDQGGHVFHQGHGWKHVWDLUFDVHWRWKHORXQJHDUHD,VWURGH
WRZDUGWKHIURQWGRRUSXVKHGLWRSHQDQGVWHSSHGRXWVLGHLQWRWKHFRROGDUNVLOHQFH$V,SDVVHGWKURXJKWKHGRRUZD\,IHOWDVWUDQJH
VHQVDWLRQ DQG JODQFLQJ DW P\ ZLIH , VDZ WKDW VKH IHOW LW DV ZHOO 7KHQ ZH QRWLFHG WKDW RXU FORWKLQJ KDG FKDQJHG DQG WKDW ZH ZHUH
VXGGHQO\ERWKGUHVVHGLQZKLWH

,WZDVDVLIZHKDGEURNHQWKURXJKDPHPEUDQHVHSDUDWLQJRQHZRUOGIURPDQRWKHU7KLVQHZZRUOGZDVVWLOOGLPO\OLWEXWWKHODQGVFDSH
DSSHDUHGWREHGLIIHUHQW²PRUHDOLYHWKDQQRUPDO7KHWUHHVVZD\HGZLWKRXWDEUHH]HDQGZKLVSHUHGWRHDFKRWKHU7KHUHVHHPHGWREH
SDOHVKDGRZVJOLGLQJDPRQJWKHWUHHV$VZHVWRRGRQWKHSRUFKRIWKHORGJHVXUYH\LQJRXUVXUURXQGLQJVDZROIHPHUJHGIURPWKH
IRUHVWZLWKDODPEFRQILGHQWO\ZDONLQJFORVHEHVLGHLW 1RUPDOO\WKHVLJKWRIDZROIVRFORVHZRXOGKDYHEHHQIULJKWHQLQJEXWWKH
TXLHWFRQILGHQFHRIWKHODPEUHPRYHGWKHFODPP\KDQGRIIHDUEHIRUHLWFRXOGJULSRXUKHDUWV

³7KHUHWKH\DUH´WKHZROIVDLGWRWKHODPE³RXUSURWHFWRUV7KH\ZLOONQRZZKDWWRGR´

³<HV´WKHODPEVDLGVRIWO\ORRNLQJDWXVLQWHQWO\DVLIZDLWLQJIRUIXUWKHULQVWUXFWLRQV 49
7XUQLQJWRPHP\ZLIHDVNHG³'LG,MXVWKHDUDZROIVSHDN"´

³,KHDUGLWLI\RXGLG´,DQVZHUHG³,WDSSHDUVWKDWZHKDYHFURVVHGRYHULQWRDQRWKHUGLPHQVLRQZKHUHDQLPDOVVSHDNRXUODQJXDJHRU
HOVHRXUHDUVKDYHEHHQWXQHGWRXQGHUVWDQGZROIVSHDNRUODPEVSHDN´

³:KDWDERXWGRYHVSHDN"´FKLUSHGDELUGWKDWZDVSHUFKHGDERYHXVRQDEHDPIURPWKHSRUFK

³<HVZHKHDU\RX´P\ZLIHUHVSRQGHG³DQGZHXQGHUVWDQG:KDWLVKDSSHQLQJ":HKDYHQHYHUH[SHULHQFHGWKLVLQWKHSDVW$UHZHLQ
DQRWKHUZRUOG"´

³1RLWLVWKHVDPHZRUOG´WKHGRYHFRRHG³EXWLWLVWKHZRUOGDVLWRXJKWWREHDQGDVLWLVEHFRPLQJ$QHZGD\KDVDULVHQZKHUHWKH
JUHDWUHFRQFLOLDWLRQRIFUHDWLRQLVEHJLQQLQJ´7KHKDSS\GRYHWKHQEXUVWLQWRD0RUQLQJ6RQJVXQJLQDQRWKHUODQJXDJHWKRXJKZH
XQGHUVWRRGHDFKZRUGLQVWDQWO\DVLWIHOOXSRQRXUHDUV

0HHQRR±0DDQHHGRR/RYLQJ6SLULW *RG

0HHJZHWFK±NHHWFKHH±0HHJZHWFK7KDQN\RX$ELJWKDQN\RX

3HHPDWFKHHHH\DQ)RUJLYLQJPHOLIH

$KSHHWLQJ±ND\\DDSHH2QFHDJDLQ

0HHJZHWFK±NHHWHHQLQ,VD\²7KDQN\RX

$\ SHHWFKHH±WD\D\\DQZLWKP\ZKROHKHDUW

0HHQRR±0DDQHHGRR/RYLQJ6SLULW *RG

1DDWDDPDDZHHVKLQ'HIHQGNHHSPH

1RRQJRRPNDDNHHVKHHNDNWKURXJKRXWWKLVGD\

7FKHH±PHHQZHQGDDPDQWREHFRQWHQW

.LW±DDQDDPHH\DDZLQZLWK\RXUZD\RISUD\HU

.DD±NHH±PHHVKHH\DQ\RXKDYHJLYHQPH

1RRQJRRP±NDD±NHHVKHHJDN7KLVGD\

6KDDZD\QHHPHHVKLQKDYHPHUF\RQPH

0HHQRR±PHHNDDZLN5HPHPEHULQJRRGWKRXJKW

7DDVRR±VDD±NHHNHHVKHSHDFKPRUQLQJ

7D\ED\QHHPHHQXQJWKHRQHZHEHORQJWR

.DDNHHQDD±DDZHH\DDQGHYHU\RQH

.DD±SHHPDDWFKHH\DDW+HJLYHVOLIHWR

:HHQ±ND\VKD\ZDDWHHVLW+HZKRLVFRPSDVVLRQDWH

0HHQRR±PHHNDDZLN5HPHPEHULQJRRGWKRXJKW

3DDNDDQ±NHHVKHHNDWDFKDQJHRIGD\

.DDZHHPHHQHHNRR\DQJZHDUHEHLQJJLYHQ
50
0HHQRRWD\±RRQJHHRIJRRGKHDUW

0HHQZD\GDDPHHDDWDD/HWXVSOHDVH+LP

0HHJZHWFK±ZHHLQDDWDDOHWXVWKDQN+LP

6DD\DDNHHHHNRRVLWWKH2QHZHORYH

0HHQRR±0DDQHHGRR2XU/RYLQJ6SLULW *RG

$VWKHZRUGVRISUDLVHSRXUHGIRUWKIURPWKHPRXWKRIWKHOLWWOHGRYHWKHWUHHVVZD\HGDQGFODSSHGWKHLUKDQGV0DQ\DQLPDOVGUHZ
FORVHQRWZDQWLQJWRPLVVDVLQJOHWKRXJKW'HHUVTXLUUHOVFUDQHVDQGHYHQEHDUVVHHPHGWRJDLQDVPXFKVWUHQJWKFRPIRUWDQGOLIHDV
ZHGLGIURPHDFKZRUGRIWKHVRQJ3HDFHUHLJQHGLQHYHU\KHDUWWKDWKHDUGWKH0RUQLQJ6RQJDQGZKHQWKHODVWQRWHZDVILQLVKHGD
JUHDWVKRXWZHQWXSLQWRWKHPLVWDQDFFHSWDEOHSUDLVHRIIHULQJWRWKH&UHDWRURIDOO

7KHQ D VPDOO VDSOLQJ XSURRWHG LWVHOI IURP WKH JURXQG DQG JOLGHG RXW IURP DPRQJ WKH WUHHV WRZDUG XV ERZLQJ VOLJKWO\ ,W VKHG LWV
EUDQFKHVRQHE\RQHXQWLOLWVWRRGEDUUHQ\HWVWXUG\²DOLYLQJVWDIIDERXWVHYHQIHHWLQOHQJWK7KRXJKLWGLGQRWVSHDNDORXGZHFRXOG
XQGHUVWDQGLWVWKRXJKWVDQGLQWHQW:HERWKUHDFKHGRXWRXUKDQGVDQGJUDVSHGWKHWUHHWRJHWKHUDQGLWVHHPHGVDWLVILHGWKDWZHZRXOG
XVHLWIRUWKDWZKLFKLWZDVLQWHQGHG²WREULQJOLIHDQGWRVHWDOOFDSWLYHVIUHH

7KHDQLPDOVDQGWKHILJXUHVLQZKLWHVWDQGLQJDWDGLVWDQFHWKHQIDGHGIURPYLHZDQGZHVWRRGDORQHLQWKHHDUO\PRUQLQJOLJKWGUHVVHG
DJDLQLQRXURULJLQDOFORWKLQJ2QO\WKHGRYHDQGWKHVWDIIUHPDLQHGKDYLQJSDVVHGWKURXJKWKHYHLOZLWKXV7KHELUGIOHZGRZQDQG
ODQGHG KDSSLO\ XSRQP\ZLIH¶VULJKWVKRXOGHU'HOLJKWHGVKHZKLVSHUHG WRKHUQHZIULHQG³,ZLOOFDOO\RX6LSSRUH´DQGVKH VRIWO\
VWURNHGWKHGRYH¶VKHDGDQGQHFN

³:HVKRXOGEHRQRXUZD\´,VXJJHVWHG³,WDSSHDUVWKDWZHKDYHEHHQHTXLSSHGIRUWKHGD\¶VHYHQWV6LSSRUHVHHPVWRKDYHERQGHG
ZLWK\RX´

³<HV´VKHUHSOLHG³ZHDUHRQH´

$IWHUZDONLQJWRWKHWUXFNLQWKHSDUNLQJORWRIWKHORGJHZHZHUHVRRQRQRXUZD\WR&RVPRVZKHUHZHH[SHFWHGWRPHHWWKHRWKHUVLQ
RXUQHZIHOORZVKLSDQGWRVHDUFKIRU-RVHSK7KHVXQURVHEULJKWHUDQGEULJKWHUDVZHGURYHLQVLOHQFHDORQJWKHJHQWO\IORZLQJULYHU
IURP5HYHODWLRQ0RXQWDLQDQGZHSRQGHUHGWKHPHDQLQJDQGVLJQLILFDQFHRIWKHVHXQXVXDOHYHQWV

:HKDGQRWJRQHIDUZKHQLWRFFXUUHGWRPHWRQDPHWKHVWDII³,ZLOOFDOOWKLVVWDII-XELOHH´,VDLGDORXG0\ZLIHQRGGHGLQDJUHHPHQW
³7KDW¶VDJRRGQDPH´VKHDIILUPHGJUDVSLQJWKHVWDIIZLWKRQHKDQGDQGUXQQLQJKHURWKHUKDQGGRZQLWVOHQJWK

³/RRN´VKHH[FODLPHG³6RPHWKLQJLVEHLQJZULWWHQRQLW´

:HERWKZDWFKHGDVWKHOLYLQJVWDIIFDUYHGOHWWHUVXSRQLWVHOILQSUHFLVHOHWWHULQJ³3URFODLP/LEHUW\´

³<RXUZLOOVKDOOEHGRQH´WKHVWDIIVDLGWRXVVLOHQWO\³IRU\RXDUHLQDJUHHPHQWZLWKWKH&UHDWRUWREULQJOLEHUW\WRWKHFDSWLYHV´:H
KHDUGLWVFOHDUYRLFHZLWKWKHHDUVRIRXUKHDUWDQGZHNQHZWKDWQRDXWKRULW\RQHDUWKFRXOGRYHUUXOHRUZLWKVWDQGWKDWZKLFKOD\LQWKLV
VWDII:HZHUHILOOHGZLWKFRQILGHQFHWKDWZLWKWKLVVWDIIRIDXWKRULW\RXUFRPPLVVLRQFRXOGQRWIDLO

:HILQDOO\DUULYHGDWWKHWRZQRI&RVPRVDQGGURYHWRWKHFHQWHURIWRZQZKHUHLWV&RXQFLOPHWQHDUWKHFRXUWKRXVHWKHMDLODQGWKH
'HSDUWPHQW RI 5HFRUGV DQG 7LWOHV 7KH EXLOGLQJV KDG EHHQ FRQVWUXFWHG RQ WKUHH VLGHV RI D SDUN KDYLQJ ROG WUHHV JUHHQ JUDVV KDUG
EHQFKHVDQGFRQFUHWHSDWKZD\V,QWKHFHQWHURIWKHSDUNZDVDQDWXUDOVSULQJIORZLQJRXWRIWKHJURXQGIURPWKHWRSRIDYROFDQR
VKDSHGPRXQGRIHDUWKDQGPLQHUDOV)URPWKHUHWKHZDWHUZDVSLSHGXQGHUJURXQGWRHPSW\LQWRWKHQHDUE\ULYHU

,SDUNHGWKHWUXFNDQGWRRNWKHVWDIIWRWKHSDUN$VZHFURVVHGWKHSDYHGVWUHHWVXUURXQGLQJWKHSDUNDVWHQFKDVVDXOWHGRXUQRVWULOV
:HZDONHGXQGHUDQDUFKZD\WKDWUHDG³7UDLORI7HDUV´ DVZHFRXOGVHHWKDWWKH³7UDLO´OHGVWUDLJKWWRWKHIRXQWDLQ$VZHGUHZ
QHDUZHVDZDEURQ]HSODTXHHPEHGGHGLQWKHFRQFUHWHDWWKHHQGRIWKHSDWK,WUHDG³0DUDK)RXQWDLQ´

([DPLQLQJWKHZDWHUZHFRXOGVHHWKDWWKHZDWHUZDVKLJKO\DONDOLQHDQGWRRELWWHUWRGULQN2YHUWKH\HDUVWKHPLQHUDOVKDGIRUPHGD
\HOORZDQGEURZQPLQLYROFDQRRXWRIZKLFKWKHZDWHUIORZHG

³7KHKHDUWRIWKLVWRZQLVELWWHU´P\ZLIHFRPPHQWHG³<HWZKDWLVKLGGHQXQGHUWKHJURXQGFDQQRWEHKLGGHQEHFDXVHWKHSUHVVXUH
PXVWEHUHOHDVHGVRPHZKHUH7KLVIRXQWDLQDSSHDUVWREHDVDIHW\YDOYHWKDWSUHYHQWVDQH[SORVLRQ´

51
³7KHSHRSOHPXVWEHXVHGWRWKHVPHOO´,UHSOLHGZLWKVRPHGLVJXVW³,VXSSRVHWKDWLIRQHVPHOOVWKLV\HDUDIWHU\HDURQHJHWVXVHGWRLW
DQGQRORQJHUWKLQNVRILWDVDSUREOHP´

7KH-XELOHHVWDIIWKHQSURMHFWHGDWKRXJKW³(DFKGURSRIELWWHUZDWHULVDWHDUIURPKHDUWEURNHQSHRSOH7KLVIRXQWDLQKDVIORZHGIRU
WKRXVDQGVRI\HDUVEHFDXVHFXQQLQJDPELWLRXVDQGXQSULQFLSOHGPHQKDYHDEXVHGEHDWHQDQGHQVODYHGRWKHUPHQ/LEHUW\LVWKH
&UHDWRU¶V JLIW VODYHU\ LV PHQ¶V DOWHUQDWLYH 7KHUH KDV EHHQ D JUHDW FRQVSLUDF\ DJDLQVW KHDYHQ IRU FRQWURO RI WKH HDUWK EHFDXVH PHQ
ZDQWHGWRHQVXUHIRUWKHPVHOYHVWKHULJKWWRHQVODYHRWKHUV8QGHUVXFKFRQGLWLRQVWUXWKLVWKHHQHP\RIWKHVWDWH<RXKDYHEHHQJLYHQ
DQDQFLHQWFRPPLVVLRQORQJLJQRUHGDQGILQDOO\DOPRVWIRUJRWWHQWREHDEOHVVLQJWRDOOWKHIDPLOLHVRIWKHHDUWK´

7HDUVZHOOHGXSLQP\ZLIH¶VH\HVDQGIRUDWLPHVKHPLQJOHGWKHPZLWKWKRVHRIFUHDWLRQIORZLQJIURP0DUDK)RXQWDLQ³7KH&UHDWRU´
-XELOHHFRQWLQXHG³QHYHUGHILQHGDXWKRULW\DVWKHULJKWWRHQVODYHLWZDVLQVWLWXWHGWRHPSRZHUKHDUWVRIORYHWRVHUYHRWKHUVDQGLI
QHFHVVDU\WRVHWWKHPIUHH%XWLQWKHFRXUVHRIWLPHZKHQERGLHVZHUHGLVHDVHGE\PRUWDOLW\DQGKHDUWVSROOXWHGE\ELWWHUQHVVPHQ
VRXJKWDXWKRULW\WRREWDLQVODYHV6ODYHU\LVDQLQKHULWHGHYLO´

$V , FRQWHPSODWHG WKHVH WKRXJKWV WKDW ZHUH FRPLQJ IURP WKH KHDUW RI WKH VWDII RI DXWKRULW\ LW RFFXUUHG WR PH WKDW HYHQ WKH &UHDWRU
+LPVHOIGLGQRWLQWHQGWRHQVODYH+LVFUHDWLRQ7KRXJKLWZDVLQGHHGDMXGJPHQWRIWKHODZXSRQWKRVHZKRZHUHRWKHUZLVHXQDEOHWR
SD\ UHVWLWXWLRQ WR WKRVH WKH\ KDG YLFWLPL]HG VODYHU\ ZDV VWULFWO\ OLPLWHG E\ WLPH ,WV SXUSRVH ZDV WR EULQJ MXVWLFH WR WKH YLFWLP DQG
FRUUHFWLRQWRWKHVLQQHUQRWWRUHPDLQDVDSHUPDQHQWIL[WXUHLQVRFLHW\2EHGLHQFHGHPDQGHGE\WKHODZZDVRQO\WKHPHDQVWRDQHQG
DWHPSRUDU\GLVFLSOLQHWRUHVWUDLQWKHHYLOIORZLQJIURPELWWHUKHDUWVXQWLO+LVQDWXUHKDGEHHQLQVWLOOHGLQWKHKHDUWVRIPHQE\WKHSRZHU
DQGJUDFHRIWKH-XELOHH

³,KDYHVRPHWKLQJIRU\RX´7KHORXGYRLFHVKDWWHUHGP\FRQWHPSODWLYHPRRG6WDUWOHG,ZKLUOHGDURXQGDQGLQVWLQFWLYHO\SODQWHGP\
IHHWLQDGHIHQVLYHSRVLWLRQ

)RRWQRWHV
 ,VDLDK
 2MLEZHK\PQHQWLWOHG0RUQLQJ6RQJ
 6LSSRUHPHDQV³ELUG´LQ+HEUHZ

 /HYLWLFXVDOVRLQVFULEHGRQWKH/LEHUW\%HOOLQ3KLODGHOSKLD
 7KHRULJLQDO³7UDLORI7HDUV´ZDVWKHIRUFHGUHORFDWLRQRIWKH&KHURNHH1DWLRQLQDVDUHVXOWRIWKH,QGLDQ5HPRYDO$FWLQ
%HWZHHQDQGGLHGDORQJWKHZD\0DQ\WULEHVIURPWKHHDVWZHUHPRYHGWR2NODKRPDEHWZHHQDQG
 ([RGXV
 $SKUDVHWDNHQIURP*HRUJH:DVKLQJWRQ¶V)DUHZHOO$GGUHVVLQZDUQLQJRIWKRVHZKRZRXOGVHHN³WRVXEYHUWWKHSRZHURI
WKHSHRSOH«DQGWRXVXUSIRUWKHPVHOYHVWKHUHLQVRIJRYHUQPHQW´

52
&KDSWHU
7KH)RXQWDLQ


³:KRDWKHUH$QDYD,W¶VMXVWXV´.X\DQLVDLGWDNLQJDVWHSEDFN-RVKXDVWRRGQH[WWRKLPDQGEURNHRXWDVPLOHREYLRXVO\DPXVHG
³&DOPGRZQ3HUIHFWORYHFDVWVRXWDOOIHDU´

³:HKDYHEHHQWDONLQJZLWK&KLHI+LDPRYLWKLVPRUQLQJ´-RVKXDH[SODLQHG³+HZDQWHGXVWRJLYH\RXWKLVEDJRIEOHVVHGVDOW´:LWK
WKDW-RVKXDKHOGRXWDVPDOOEDJDQGSXWLWLQWRP\KDQG

³:KDWLVLWVSXUSRVH"´,DVNHG

³:HGRQRWNQRZ´.X\DQLVDLG³7KH&KLHIRQO\VDLGWKDWKHVDZ\RXLQDGUHDPODVWQLJKWZKHUHLQKHPDGHDVDOWFRYHQDQW ZLWK
\RX+HVDLGWKDW\RXZRXOGNQRZZKDWWRGRZLWKLWDQGVRKHDVNHGXVWRJLYHLWWR\RXZKHQZHVDZ\RX´

³7KDQN\RX´,UHSOLHG³,NQRZWKDWVDOWUHSUHVHQWVSHDFHDQGUHFRQFLOLDWLRQ,QDQFLHQWWLPHVLWZDVDGGHGWRHYHU\VDFULILFH ,W LV
ZULWWHQWKDWZHDUHWRKDYHVDOWLQRXUVHOYHVDQGEHDWSHDFHZLWKRQHDQRWKHU ,WLVVRPHZKDWGLIILFXOWWREHIXOO\DWSHDFHWKRXJK
ZLWKWKHVWHQFKRIWKLVIRXQWDLQDEXVLQJP\QRVH´

³3HUKDSV´VDLG-RVKXD³WKLVVDOWPD\EHWKHVROXWLRQWR\RXUQRVHSUREOHPDQGWRWKHSUREOHPRIWKLVHQWLUHWRZQ´

³,EHOLHYH\RXDUHULJKW´,VDLG,XQWLHGWKHVWULQJRQWKHFORWKEDJDQGORRNHGDWWKHVDOWLQVLGH³:KDWGR\RXWKLQN6LSS"´*ODQFLQJ
WRZDUGP\ZLIHVKHQRGGHGLQVLOHQWDJUHHPHQW,ORRNHGDW-RVKXDDQG.X\DQLDQGWKH\QRGGHGDVZHOO-XELOHHEHJDQWRYLEUDWHLQP\
KDQGDQG,KHDUGLWVD\³0HILUVW´

,VWHSSHGWRZDUGWKHURFN\SHULPHWHURIWKHIRXQWDLQDQGSODFHGRQHHQGRIWKHVWDIILQWRWKHELWWHUZDWHUIURPWKHKHDUWRI&RVPRV)URP
GHHSLQWKHJURXQGZHKHDUGDJURDQDQGWKHIRXQWDLQKHDYHGDVDKHDOLQJFULVLVEHJDQWRWDNHSODFH,FDVWWKHVDOWLQWRWKHZDWHUDQG
WKHZDWHUERLOHGPRPHQWDULO\$EUHH]HWKHQSLFNHGXSWKHVWLQNDQGUHPRYHGLWIURPRXUSUHVHQFH$VHQVHRISHDFHVHWWOHGRYHUWKH

IRXQWDLQDVWKHFXUVHGZDWHUIRXQGUHVWLQDFRYHQDQWRISHDFHZLWKLWV&UHDWRU

6LSSRUDK  UHDFKHG KHU KDQG LQWR WKH ZDWHU DQG SXW LW WR KHU OLSV ³,W LV VZHHW´ VKH VDLG 2IIHULQJ VRPH WR 6LSSRUH DV ZHOO VKH
UHVSRQGHG³,WLVKHDOHG´:HDOODQ[LRXVO\UHDFKHGGRZQLQWRWKHIORZLQJZDWHUDQGEURXJKWDIHZVSDUNOLQJGURSVWRRXUPRXWKV,W
ZDVLQGHHGVZHHWDQGZHFRXOGIHHOLWLPSDUWLQJVWUHQJWKWRRXUERGLHVDQGHQOLJKWHQPHQWWRRXUH\HVPXFKOLNHWKHOLYLQJZDWHUIURP
5HYHODWLRQ0RXQWDLQ

³7KHZDWHUVDUHUHXQLWHG´-RVKXDVDLGSUHVHQWO\³7KHOLYLQJZDWHUKDVEHHQIORZLQJWRZDUG&RVPRVIRUWKHSDVWIHZGD\VDQGLWVHHPV
WKDWWKHVWDIIDQGWKHVDOWKDYHDOORZHGLWWREUHDNWKURXJKWKHILQDOEDUULHUVHSDUDWLQJWKHULYHUIURPWKHJURXQGZDWHU7KLVZLOOQRZ
VSUHDGDQGWKHHDUWKZLOOQRZKHDO*UHDWWKLQJVZLOOFRPHRIWKLV´

$IWHUDPRPHQWRIVLOHQFH6LSSRUHZKLVSHUHGLQWRP\ZLIH¶VHDU³0\WLPHKDVQRZFRPH´

³:KDWGR\RXPHDQ"´VKHDVNHG

³)RUWKLV,ZDVFDOOHG´WKHGRYHH[SODLQHG³,WLVWLPHIRUPHWRIO\KLJKDQGWRVSUHDGWKHJRRGQHZVRIOLYLQJZDWHUVRWKDWDOOPLJKWEH
EOHVVHG´

³:LOO\RXOHDYHPHVRVRRQ"´

³1R,ZLOODOZD\VEHZLWK\RXDQG\RXZLWKPH´WKHELUGFKLUSHGKDSSLO\³:KDW,GR\RXGR:KHQ,IO\\RXPD\VHHWKHZRUOG
WKURXJKP\H\HVDQGSHUFHLYHWKHKHDUWVRIPHQIURPDIDU1RZJLYHPHWR-RVKXD´

6LSSRUDKWKHQWRRNWKHELUGIURPKHUVKRXOGHUKROGLQJKHULQERWKKDQGV-RVKXDWRRNDVKDUSNQLIHRXWRILWVVKHDWK³<RX¶UHQRWJRLQJ
WRKXUWKHUDUH\RX"´P\ZLIHDVNHGORRNLQJDSSUHKHQVLYH

³1R,ZLOOQRWKXUWKHU´-RVKXDVDLGUHDVVXULQJO\³.X\DQLDVVLVWPHSOHDVH´

-RVKXDJDYH.X\DQLWKHNQLIHDQGWKHQKHOGRXWKLVKDQGV.X\DQLVHQVHGZKDWKHZDVWRGRDQGZLWKTXLFNPRYHVKHFXWDFRYHQDQWLQ
ERWKRI-RVKXD¶VKDQGVGUDZLQJEORRGIURPHDFK$VEORRGGULSSHGIURPKLVKDQGVKHUHDFKHGWRZDUGWKHGRYHDQGP\ZLIHSODFHGWKH
53
GRYHJHQWO\LQWRKLVEOHHGLQJKDQGV

-RVKXD WKHQ VSRNH ZLWK D FOHDU DQG FRPPDQGLQJ YRLFH ³:H KDYH WKLV GD\ UHVWRUHG WKH 6RYHUHLJQ WR :KRP DOO PHQ RXJKW WR EH
REHGLHQW+HUHLJQVLQKHDYHQDQGIURPWKHULVLQJWRWKHVHWWLQJVXQOHW+LV.LQJGRPFRPH´

7KHQZLWKDTXLFNXSZDUGPRWLRQKHWRVVHGWKHEORRGVWDLQHGGRYHLQWRWKHIUDJUDQWPRUQLQJEUHH]H7KHGRYHEXUVWLQWRSUD\HUIXO
VRQJDVVKHIOHZDZD\³+HDORXUERG\KHDORXUPLQGKHDORXUKHDUWDQGKHDORXUODQG<DKZHK«´

7KH VRQJ IDGHG IURP RXU KHDULQJ EXW WKHQ ZH KHDUG D UXPEOH GHHS ZLWKLQ WKH HDUWK DQG VRRQ WKH ZKROH WRZQ ZDV MROWHG E\ DQ
HDUWKTXDNH7UHHVVZD\HGEXLOGLQJVVWHSSHGRIIWKHLUIRXQGDWLRQVWKHJURXQGUROOHGDURXQGXVEXWVWUDQJHO\ZHZHUHXQDIIHFWHGDQG
VWRRGRQILUPJURXQGDVWKRXJKDVROLGURFNOD\EHQHDWKRXUIHHW1RGRXEWLWZDVDQDIWHUVKRFNIURPWKHHDUWKTXDNHWKDWZDVIHOWDIHZ
GD\VHDUOLHU:HNQHZWKDWJUHDWKHDOLQJKDGEHJXQZKLFKQRIRUFHRQHDUWKRUXQGHUWKHHDUWKFRXOGVWRS

6XGGHQO\DORXGFU\FDPHIURPDSDUNEHQFKMXVWRXWRIHDUVKRW$QROGPDQKDGEHHQVLWWLQJWKHUHLQVLOHQFH:HKDGVFDUFHO\QRWLFHG
KLPHDUOLHU%XWQRZKHVWRRGZLWKKDQGVUDLVHGKROGLQJDZKLWHVWLFN³,ZDVEOLQGEXWQRZ,VHH´KHVKRXWHG6HHLQJXVIRUWKHILUVW
WLPHKHUDQDZNZDUGO\WRZDUGXVVKRXWLQJHFVWDWLFDOO\

³%OHVV\RX%OHVV\RX´KHVKRXWHGMXELODQWO\:KHQKHILQDOO\VWRRGQHDUXVKHDVNHGZLGHH\HG³:KDWGLG\RXGR"+RZGLG\RXGR
LW"´ :H WROG KLP EULHIO\ ZKDW ZH KDG GRQH DQG KH VDLG ³<RX KDYH IXOILOOHG DQ DQFLHQW SURSKHF\ RI WKH IRXQWDLQ KHUH LQ 0RRQ
3OD]D´

³:KDWSURSKHF\LVWKDW"´,DVNHG

³'LG\RXQRWUHDGLW",WLVRQWKHRWKHUVLGHRIWKHIRXQWDLQ´KHVDLG³,KDYHQHYHUVHHQLWZLWKP\H\HVEXW,IRXQGLWZLWKP\KDQGV
PDQ\\HDUVDJRDV,VDWDWWKHIRXQWDLQEHJJLQJ´:HIROORZHGKLPWRWKHRWKHUVLGHRIWKHIRXQWDLQZKHUHKHNQHOWGRZQDQGUHYHUHQWO\
UDQKLVILQJHUVDFURVVURXJKO\FKLVHOHGOHWWHULQJDWWKHEDVHRIWKHVWRQHSHULPHWHU:HNQHOWGRZQDQGUHDGWKLV

:KHQFRPHVKXPLOLW\
$QGWZRDJUHH
:LWKVDOWDQGWUHH
7KHEOLQGZLOOVHH

$QG-XELOHH
:LOOVHWPHQIUHH
)RULWLVWKHNH\
WR/LEHUW\

%\QRZWKHHDUWKTXDNHKDGVHQWVFRUHVRIIHDUODGHQSHRSOHUXQQLQJIURPWKHVKRSVDQGIURPWKHLUKRXVHV7KRVHQHDUE\KDGKHDUGWKH
ROGEOLQGEHJJDUVKRXWLQJDQGVRRQDVPDOOFURZGVWLOOIULJKWHQHGEXWFXULRXVZDVJDWKHULQJDURXQGXV0RUHFRXOGEHVHHQKXUU\LQJ
WRZDUGWKHSDUNWRVHHZKDWZDVKDSSHQLQJ7KH\VWDUHGLQDZHDWWKHEHJJDUZKRVHQDPH DVZHOHDUQHGODWHU ZDV7LPDHXV

³+RZGLG\RXUHJDLQ\RXUVLJKW"´VRPHRQHDVNHG

³,ZDVVLWWLQJRQDSDUNEHQFK´KHUHSOLHG³DQGZKLOHDOOZDVTXLHW,SUD\HGWRWKH&UHDWRUIRUPHUF\6XGGHQO\P\H\HVEHJDQWR
WLQJOHDQGWKHGDUNQHVVOLIWHG,VDZWKHOLJKWDQGORRNHGDURXQGWKHSOD]DIRUWKHILUVWWLPH,VDZWKHVHIRXUVWDQGLQJQHDUWKHIRXQWDLQ
DQGKHDUGRQHRIWKHPVSHDNLQDORXGYRLFHWKDWVHHPHGWRFRPHIURPWKH&UHDWRU¶VWKURQH7KHQ,VDZWKHJURXQGVKDNHDQGWKHHQWLUH
SOD]DUROOLQJDURXQGPH,WZDVSODLQWRPHWKDWWKH\KDGGRQHVRPHWKLQJWRRSHQP\H\HV´

7KHFURZGORRNHGDWXVQRWNQRZLQJZKDWWRWKLQNDQGFHUWDLQO\QRWXQGHUVWDQGLQJDQ\RIWKLV%XWWKHQDVWDWHO\ILJXUHPDGHKLVZD\
RXWIURPEHKLQGWKHFURZG

³-RVHSK´ZHH[FODLPHG³,W¶VJRRGWRVHH\RX:KHUHKDYH\RXEHHQ"$UH\RXRND\":HFDPHKHUHWRVHDUFKIRU\RX´

³<HV,DPILQH,ZDVNLGQDSSHGDQGZDVEHLQJKHOGLQWKHORFDOMDLO´KHVDLGSRLQWLQJDFURVVWKHVWUHHW³7KHHDUWKTXDNHEURNHWKHEDUV
RIWKHSULVRQDQGWKHJXDUGVUDQDZD\LQSDQLF6R,ZDONHGRYHUKHUHWRVHHZK\WKHFURZGKDGJDWKHUHG´

-RVKXDDQVZHUHG³,RYHUKHDUGWKH7RZQ&RXQFLOLQ1HZNLUNWDONLQJDERXW\RXDQGOHDUQHGWKDWWKH\KDGFRQVSLUHGDJDLQVW\RXDQG
VHQW\RXWR&RVPRV7KDWLVZK\ZHFDPHKHUHWRORRNIRU\RX7KH&UHDWRUHTXLSSHGXVLQDQXQXVXDOZD\WRVHW\RXIUHH²DQGQRWMXVW
\RXEXWRXUIULHQGKHUHZKRKDVMXVWEHHQKHDOHGRIEOLQGQHVV

-RVHSKORRNHGDWKLPLQWHQWO\DQGH[WHQGHGKLVKDQGWRZDUGKLP³7KLVLVLQGHHGJRRGQHZV7LPDHXV´KHVDLGVSHDNLQJGLUHFWO\WR
KLP³<RXUWLPHKDVILQDOO\FRPHDQGPDQ\RWKHUEOLQGPHQZLOOVHH,NQRZ\RXKDYHZDLWHGORQJIRUWKLVGD\´
54
³,KDYHLQGHHG´7LPDHXVUHSOLHGORRNLQJRYHU-RVHSK¶VVKRXOGHU³EXWQRWDOODUHKDSS\,VHHVRPHXQKDSS\SHRSOHGHVFHQGLQJXSRQ
XV´

7RZQRIILFLDOVIODQNHGE\ODZHQIRUFHPHQWRIILFHUVZHUHFORVLQJLQRQXV7KHWRZQVSHRSOHPRYHGDVLGHWRPDNHDSDWKIRUWKHP$V
WKH\DSSURDFKHGRQHRIWKHPSRLQWHGWR-RVHSKDQGVSRNHORXGO\³7KHUHKHLV$UUHVWKLP´

7KHRIILFHUVJUDEEHG-RVHSKURXJKO\ZKRPDGHQRHIIRUWWRHVFDSHRUWRUHVLVWDUUHVW$VWKH\GUDJJHGKLPDZD\RQHRIILFHUFRXOGEH
KHDUGDVNLQJ³6LUZKHUHVKDOOZHWDNHKLP"7KHSULVRQEDUVDUHEURNHQ´

³*DWKHUWKH&RXQFLO´KHRUGHUHG³:HZLOOKDYHWRPHHWLQWKHVWUHHWEXWZHPXVWGHFLGHQRZZKDWWRGRZLWKWKLVWURXEOHPDNHU´

6RPHZKDWSHUSOH[HGZHORRNHGDWHDFKRWKHUZRQGHULQJZKDWWRGRQH[W7KH&UHDWRUKDGVHW-RVHSKIUHHRQO\ WREHDUUHVWHGRQFH
DJDLQ)LQDOO\6LSSRUDKVSRNHXS³7KH\FDQQRWKROGKLPIRUORQJ:HQHHGQRWZRUU\DERXWKLP7KHPD\RUDQGWKH7RZQ&RXQFLODUH
ILJKWLQJDEDWWOHWKDWWKH\KDYHDOUHDG\ORVW7KH\DUHWREHSLWLHGUDWKHUWKDQIHDUHG´

³<HVWKDWLVVR´-RVKXDUHVSRQGHG³/HWXVFRQWLQXHRXUEXVLQHVVKHUH7KHSHRSOHKDYHJDWKHUHGWRKHDUWKHJRRGQHZVVROHWXVVKDUH
LWZLWKWKHP´

)RRWQRWHV
 ([DPSOH&KURQLFOHV
 1XPEHUV
 0DUN
 6LSSRUDKLVWKHIHPLQLQHIRUPRI6LSSRUH³ELUG´DQGDOVRWKHZLIHRI0RVHV =LSSRUDK([RGXV.-9 
 $FRPELQDWLRQRI([RGXVDQG.LQJV
 /HYLWLFXV
 6WDWHGE\6DPXHO$GDPVLQDIWHUWKH'HFODUDWLRQRI,QGHSHQGHQFHZDVVLJQHG
 $SRUWLRQRIDQ2MLEZHK\PQ

 -HULFKRPHDQV³PRRQ´7KLVUHIHUHQFHVWKHKHDOLQJRIWKHZDWHUVRI-HULFKR0RRQ3OD]DDOVRKDSSHQVWREHWKHQDPHRIWKHVWULS
PDOOZKHUHP\RIILFHLVORFDWHG
 0DUN%DUWLPDHXVPHDQV³VRQRI7LPDHXV´ZKRZDVKHDOHGQHDU-HULFKR7KH*UHHNSKLORVRSKHU3ODWRZURWHDERRNFDOOHG
7LPDHXVZKLFKZDVDERXWSURJUHVVLYHKHDOLQJ

55
&KDSWHU
)UHHLQJ-RVHSK


-RVKXDFOLPEHGXSRQWKHVWRQHSHULPHWHUWKDWHQFLUFOHG0DUDK)RXQWDLQDQGWXUQHGWRIDFHWKHVPDOOFURZGWKDWKDGJDWKHUHGLQWKH
SOD]D

³*UHDWFKDQJHLVFRPLQJVRRQ´KHEHJDQ³0DQ\\HDUVDJRWKLVWRZQZDVUXOHGE\WKHODZVRIWKH&UHDWRUDORQH3HDFHDQGMXVWLFH
UHLJQHG6SHDNLQJWUXWKZDVQRWDFULPH%XWDVWLPHSDVVHG\RXUIRUHIDWKHUVHOHFWHG7RZQ&RXQFLOPHPEHUVZKRSDVVHGODZVWKDWZHUH
QRWLQKDUPRQ\ZLWKWKHODZVRIWKH&UHDWRU7KRVHODZVFDXVHGSUREOHPVDQGVRPRUHODZVZHUHSDVVHGWRWU\WRFRUUHFWWKHLQKHUHQW
GLVFUHSDQFLHVFDXVHGE\WKHSUHYLRXVODZVWKDWWKH\KDGSDVVHG´

7KHFURZGORRNHGDW-RVKXDVLOHQWO\EXWLQWHQWO\

³0DQ\RI\RXKDYHIRUJRWWHQWKDW&RVPRVZDVEXLOWXSRQWULEDOODQGZLWKWKHXQGHUVWDQGLQJWKDWWKH7RZQ&RXQFLOVLQWKLVYDOOH\ZHUH
WREHVWHZDUGVRIODQGRZQHGE\WKH&UHDWRU7KH\ZHUHQRWJLYHQRZQHUVKLSRIWKLVODQGQRUZHUHWKH\JLYHQWKHULJKWWRSDVVODZVWKDW
FRQWUDGLFWWKHQDWXUHDQGZLOORIWKH&UHDWRU,QWKHRULJLQDOFRQWUDFW²ZKLFK,KDYHLQP\KDQGWRGD\²LWVD\VWKDWWKH&UHDWRUUHWDLQV
WKHULJKWWRH[SHODQ\RQHZKRYLRODWHV+LVODZV0RVWRI\RXQRORQJHUUHPHPEHUWKLVEHFDXVH+HKDVDOORZHGWKLVWRFRQWLQXHDQG+H
KDVEHHQSDWLHQWZLWK\RXIRUPDQ\JHQHUDWLRQV

6RPHRIWKHROGHUSHRSOHLQWKHFURZGVHHPHGWRUHPHPEHUGLPO\EXWPRVWORRNHGEHZLOGHUHG³:KDWDUH\RXWDONLQJDERXW"´VRPHRQH
DVNHG

-RVKXD UHVSRQGHG ³,Q WKH GD\V RI \RXU JUDQGIDWKHUV WKH 7RZQ &RXQFLO SURFODLPHG WKDW WKH &UHDWRU QR ORQJHU H[LVWV DQG WKH\
GHPDQGHGWKDWWKLVOLHPXVWEHWDXJKWLQWKHVFKRROV7KHLUSXUSRVHZDVWRXVXUSRZQHUVKLSRIWKH&UHDWRU¶VODQGDQGWRDVVXPHWKHULJKW
WR FUHDWH WKHLU RZQ ODZV WR VXLW WKHLU RZQ SXUSRVHV %XW , DQG P\ IULHQGV DUH KHUH WR WHOO \RX WKDW WKH &UHDWRU KDV QRZ SURYHQ +LV
H[LVWHQFHE\IXOILOOLQJWKHSURSKHF\ZULWWHQRQWKLVIRXQWDLQ+HKDVSURYHQLWE\KHDOLQJ7LPDHXVDPDQZKRKDVEHHQEOLQGIRUKLV
HQWLUHOLIH´

-RVKXDH[WHQGHGKLVKDQGDQGKHOSHGWKHIRUPHUO\EOLQGPDQFOLPEXSRQWKHVWRQHOHGJHIRUDOOWRVHH³$OORI\RXKDYHNQRZQ7LPDHXV
IRUPDQ\\HDUV0DQ\RI\RXKDYHJLYHQKLPDOPVWRKHOSKLPVXUYLYHKLVKDUGOLIH%XWQRZKHFDQVHH\RXDQGFRQQHFW\RXUIDFHWRWKH
YRLFHWKDWLVIDPLOLDUWRKLP+HZDVKHDOHGE\WKHSRZHURIWKH&UHDWRU²FHUWDLQO\E\QRKXPDQVNLOORUFUDIW²DQGZHZHUHVHQWKHUHWR
WXUQ\RXUKHDUWVEDFNWKH&UHDWRU´

³7KH&UHDWRUWKHQDFWXDOO\H[LVWV"´DYRLFHDVNHGIURPWKHFURZG³:HKHDUGWKDWHYHQLI+HGLGH[LVW+HZDVGHDGRUWKDW+HKDG
GHSDUWHGDQGOHIWXVDORQHWRJRYHUQRXUVHOYHV´

³+HGRHVH[LVWDQGDOORIQDWXUHKDV+LVILQJHUSULQWLPSULQWHGXSRQLW%XW+HLVQRZUHYHDOLQJ+LPVHOIWR\RXLQDQHZZD\IRU+HKDV
FKRVHQWRLQWHUYHQHPRUHYLVLEO\LQWKHDIIDLUVRIPHQ+HKDVFRPHWROD\FODLPWRDOOWKDW+HRZQVE\ULJKWRIFUHDWLRQ:HDUHVHQWWR
HVWDEOLVKWKHEDVLFWUXWKWKDW+HRZQVDOOWKDW+HKDVFUHDWHGDQGWKDW+HLVUHVSRQVLEOHIRULWVZHOIDUH+LVSXUSRVHIRUFUHDWLQJWKHHDUWK
ZLOOEHIXOILOOHGLQWKHHQGEHFDXVH+HFDQQRWIDLOWRDFKLHYHDQ\JRDO+HKDVYRZHGWRLQWHUYHQHDQGWRGRZKDWHYHULWWDNHVWRPDNHXV
+LVSHRSOHVRWKDW+HORVHVQRWKLQJLQWKHHQG´

³6RZKDWGRHVWKH&UHDWRUZLVKWRWHOOXV":KDWDUHZHGRLQJZURQJ"´

³0RVW RI \RX RZQ SURSHUW\´ -RVKXD UHSOLHG ³EXW \RX DOO NQRZ WKDW WKH 7RZQ &RXQFLO FODLPV SULRU RZQHUVKLS RI ODQG DQG IRU WKLV
UHDVRQ \RX PXVW SD\ SURSHUW\ WD[HV 3URSHUW\ WD[HV DUH EDVHG RQ WKH 7RZQ &RXQFLO¶V XQODZIXO FODLP XSRQ WKH ODQG 6R ILUVW
DFNQRZOHGJHWKH&UHDWRUDVWKH2ZQHURIDOOWKDW+HKDVFUHDWHG$FNQRZOHGJH+LVULJKWWRUXOHWKDWZKLFKLV+LV'HFODUH+LVFURZQ
ULJKWVRYHU&RVPRVDQGVZHDUDOOHJLDQFHWR+LPDERYHDOOPHQDQGDERYHDOOKXPDQJRYHUQPHQWV´

³6HFRQG´KHFRQWLQXHG³XQGHUVWDQGWKDWWKH&UHDWRUKDVQHYHUUHTXLUHGSURSHUW\WD[EHFDXVH+HGRHVQRWWD[+LPVHOIIRURZQLQJODQG
,QIDFW+HGRHVQRWWD[ODERUHLWKHUEHFDXVH\RXUODERULV\RXUPRVWVDFUHGSURSHUW\ULJKW´

³7KHQKRZLVJRYHUQPHQWWREHIXQGHG"´DYRLFHTXHVWLRQHG

³7KH&UHDWRUKDVVHWXSDEXVLQHVVUHODWLRQVKLSZLWKXV+HSURYLGHVXVZLWKODQGDQGDOOQDWXUDOWKLQJV²WKLQJVZKLFK+HODERUHGWR
FUHDWH:HSURGXFHWKLQJVIURP+LVODERUWKLQJVWKDWKDYHYDOXH²VXFKDVIRRG2UZHWDNH+LVWUHHVDQGVKDSHWKHPLQWRIXUQLWXUHRU
KRXVHV2XUODERUDGGVYDOXHWRWKDWZKLFK+HFUHDWHG$OORIRXURZQODERULVRXUVDQGDQ\YDOXHDGGHGWRQDWXUHLVRXUV<HWEHFDXVH
ZHXVHWKLQJVIURPQDWXUHZKLFK+HFUHDWHG+HUHTXLUHVDWHQSHUFHQWWD[UHWXUQRQ+LVODERU´

56
³,QWKLVEXVLQHVVSDUWQHUVKLSZHDUHDOORZHGWRNHHSQLQHW\SHUFHQWRIRXUSURGXFWLRQDVEHQHILWIRURXUODERUEXW+HZDQWVWHQSHUFHQW
IRU +LV ODERU 7DNH \RXU ZKHDW FURSV IRU H[DPSOH 7KH &UHDWRU SURYLGHV \RX ZLWK ODQG DLU VXQOLJKW DQG UDLQ ZKLFK +H ODERUHG WR
FUHDWH<RXXVH+LVODERUDQGDGG\RXURZQWRSODQWFURSVFXOWLYDWHWKHPDQGWKHQKDUYHVWWKHVHHG7KH&UHDWRUOHWV\RXNHHSQLQHW\
SHUFHQW RI WKH SURGXFH ZKLOH +H UHTXLUHV WHQ SHUFHQW DV D UHWXUQ RQ +LV ODERU 7KLV WHQ SHUFHQW UHWXUQ LV WR EH XVHG WR VXSSRUW +LV
JRYHUQPHQW²WKRVHZKRUHFRJQL]H+LVFURZQULJKWV´

³7KDWLVDUDGLFDOLGHD´VRPHRQHVDLG³7KH7RZQ&RXQFLOZRXOGQRWEHKDSS\ZLWKWKDWDUUDQJHPHQW7KH\WD[HYHU\WKLQJZHRZQDQG
SURGXFHE\RXUODERU´

³7KDWLVZK\\RXPXVWSD\VXFKKLJKSULFHVIRUJRRGVDQGVHUYLFHV´-RVKXDH[SODLQHG³0RVWRIWKHFRVWLVGXHWRWKHKLGGHQWD[HVIRU
DOOWD[HVRQJRRGVDQGVHUYLFHVPXVWXOWLPDWHO\EHSDLGIRUE\WKHFRQVXPHUV7KHVHOOHUPXVWVHUYHDVDWD[FROOHFWRUIRUWKH7RZQ
&RXQFLO´

7KHSHRSOHORRNHGDWHDFKRWKHULQVKRFN,WKDGQHYHURFFXUUHGWRWKHPWKDWZKHQWD[HVZHUHUDLVHGRQODERUDQGRQFRUSRUDWLRQVLW
RQO\VHUYHGWRUDLVHSULFHVRQZKDWWKH\VROGDQGWKDWWKHSHRSOHWKHPVHOYHVKDGWRSD\WKRVHWD[HVZKHQWKH\PDGHSXUFKDVHV:KHQ
SULFHVULVHWKURXJKKLJKHUWD[DWLRQWKHSHRSOHILQGWKDWWKH\FDQDIIRUGOHVVDQGOHVV7KH\VHHPWRKDYHSOHQW\RIPRQH\EXWWKHLU
PRQH\KDVLQVXIILFLHQWYDOXHWRSD\WKHKLJKHUFRVWZLWKDOORILWVKLGGHQWD[HV

³<RXKDYHEHHQWULFNHG´-RVKXDFRQWLQXHG³E\FXQQLQJDPELWLRXVDQGXQSULQFLSOHGPHQZKRFRQYLQFHG\RXWKDWE\UDLVLQJWD[HVRQ
WKHVRFDOOHGZHDOWK\WKH7RZQ&RXQFLOZRXOGEHDEOHWRVXSSRUWWKHSRRUDPRQJ\RX%XWDV\RXFDQVHHWKHSRRUJHWSRRUHUDQGWKH
ULFK JHW ULFKHU 7KH VROXWLRQ LV QRW WR JLYH PHQ WKH SRZHU WR WD[ EXW WR UHWXUQ WR WKH &UHDWRU¶V RULJLQDO EXVLQHVV DUUDQJHPHQW ZLWK
PDQNLQG+HUHTXLUHVRQO\WHQSHUFHQWLQWLWKHVDVSD\PHQWIRU+LVODERUEXWPHQUHTXLUHIDUPRUHLQWD[HVZKHUHE\WKH\VWHDODODUJH
SRUWLRQRIPHQ¶VODERU<RXKDYHSDLGDKHDY\SULFHE\GHQ\LQJWKH&UHDWRU+LVULJKWVDQGE\JLYLQJPHQ¶VJRYHUQPHQWWKHULJKWWR
XVXUSQDWXUH´

$ZRPDQLQWKHFURZGVXGGHQO\EXUVWIRUWKLQWHDUV³+HPXVWEHYHU\DQJU\ZLWKXV:HKDYHGHQLHG+LVH[LVWHQFHIRUDORQJWLPHDQG
ZHKDYHGLVREH\HG+LVODZVIRUHYHQORQJHU´

³1R´-RVKXDWROGKHUKROGLQJXSKLVEORRGVPHDUHGKDQGV³+HLVQRWDQJU\+HLVQRWRQO\\RXU&UHDWRUEXWDOVR\RXUKHDYHQO\)DWKHU
ZKRORYHV\RX+HKDVEHHQZLOOLQJWRVXIIHUSDLQUDWKHUWKDQWRORVH\RX+LVSDWLHQFHKDVSURYHQWKLV%XW+HKDVQRZLQWHUYHQHGE\
KHDOLQJ\RXUWRZQEHJJDULQRUGHUWRVKRZ\RXWKHWUXWKDQGH[SRVHWKHOLHVWKDW\RXKDYHEHHQWROG´

-RVKXDSDXVHGIRUDPRPHQWEHIRUHFRQFOXGLQJ³7KHWLPHKDVFRPHIRU&RVPRVWRWXUQIURPLWVUHEHOOLRXVZD\DQGWRUHPHPEHUWKH
FRYHQDQWWKDW+HPDGHZLWK\RXDWWKHEHJLQQLQJRIWLPH´

³7KH7RZQ&RXQFLOZLOOEHGLVWXUEHGWRKHDUWKLV´VRPHRQHPXUPXUHG³6XFKZRUGVVWULNHDWWKHYHU\IRXQGDWLRQVRIWKHLUSRZHU´

,VSRNHXS³<HVQRGRXEWWKH\ZLOOEHXQKDSS\WRORVHWKHSRZHUWKDWWKH\KDYHXQODZIXOO\XVXUSHG´,VDLGORXGHQRXJKIRUWKHFURZG
WRKHDU³%XWWKHVHDUHPRPHQWRXVWLPHVDQGPXFKFKDQJHLVFRPLQJ7KH&UHDWRUKDVQRZLQWHUYHQHGLQWKHDIIDLUVRIPHQLQRUGHUWR
IXOILOO+LV1HZ&RYHQDQWYRZWRGUDZDOOPHQWR+LPVHOIWREHWKHLU*RGDQGWRPDNHWKHP+LVSHRSOH1RGRXEWWKH7RZQ&RXQFLOZLOO
EHMHDORXVDQGZLOORSSRVHWKH&UHDWRU%XW\RXZKRKDYHHDUVWRKHDUDUHJLYHQRSSRUWXQLW\WRUHVWRUHDOOWKLQJVDQGWRUHWXUQWRWKH
SODFHRISHDFHDQGUHFRQFLOLDWLRQZLWKWKH&UHDWRUDQG)DWKHURIDOO´

:LWKWKDW,GUHZRXWP\EDJRIVHHGDQGWKUHZWLQ\VHHGVLQWRWKHEUHH]H7KHVHHGVRI(O\RQVZLUOHGWKURXJKWKHFURZGDOLJKWLQJXSRQ
WKHHDUVRIDOOZKREHOLHYHGRXUZRUGV7KHVHZHUHLQVWDQWO\EHJRWWHQE\WKH*UHDW6SLULWDQGDWUHHRIOLIHEHJDQWRWDNHURRWLQWKHLU
KHDUWV

³/RRNWKH7RZQ&RXQFLOKDVFRPHWRDGHFLVLRQ´VRPHRQHVDLG

:HORRNHGLQWKHGLUHFWLRQRI&RXQFLOZKHUHWKH\KDGEHHQGLVFXVVLQJ-RVHSK¶VFDVHLQWKHVWUHHWRXWVLGHRIWKHGDPDJHGKDOO6RPHRQH
KDGIHWFKHGDSRVWDQGZDVSODQWLQJLWLQWKHJURXQGDWWKHHGJHRI0RRQ3OD]D-RVKXDDQG7LPDHXVVWHSSHGRIIWKHLUSHUFKDQGPDGH
WKHLUZD\WKURXJKWKHFURZGDQG6LSSRUDKDQG,IROORZHGFORVHO\EHKLQGWKHPZDONLQJWRZDUGWKH&RXQFLOPHPEHUV

/DZHQIRUFHPHQWRIILFHUVZHUHVHWWLQJXSDZKLSSLQJSRVWREYLRXVO\LQWHQGLQJWRJLYH-RVHSKDEHDWLQJ7KH7RZQ&U\HUWKHQVWHSSHG
IRUWKDQGUHDGDSURFODPDWLRQIRUWKHFURZGWRKHDU

³+HDU\H+HDU\H7KH7RZQ&RXQFLOKDVWULHGDQGFRQYLFWHG-RVHSKVRQRI-RVHSKIRUVHGLWLRQDQGFULPHVDJDLQVWWKHSHRSOH+HKDV
VXEYHUWHG WKH ODZV RI &RVPRV DQG WDXJKW UHEHOOLRQ DJDLQVW WKH ODZIXOO\HOHFWHG JRYHUQPHQW +H KDV EHHQ VHQWHQFHG WR EH EHDWHQ LQ
SXEOLFZLWKWHQVWULSHVIURPWKHODZIXOO\HVWDEOLVKHGZKLS/HWDOOVHHDQGIHDUWREUHDNWKHODZIRUZHDUHDJRYHUQPHQWRIODZV%\
WKLVVHQWHQFHOHWDOONQRZWKHSHQDOW\IRUVHGLWLRQ´

:LWKWKDW-RVHSK¶VKDQGVZHUHWLHGWRWKHZKLSSLQJSRVWDQGWKH([HFXWLRQHURI-XVWLFHVWHSSHGIRUWKZLWKKLVRIILFLDOZKLSWRUHVWRUH
ODZDQGRUGHUWRWKHWRZQRI&RVPRV³2QH7ZR7KUHH´WKH&U\HUFDOOHGRXWDVHDFKVWURNHRIWKHZKLSFUDFNHGORXGO\XSRQ-RVHSK¶V
57
EDFN -RVHSK ZLQFHG LQ SDLQ ZLWK HDFK VWURNH EXW KH ORRNHG XS WRZDUG KHDYHQ ZLWK D ORRN RI VKHHU MR\ RQ KLV IDFH 7KH VXQ EURNH
WKURXJKWKHFORXGVDQGVKLQHGXSRQ-RVHSK¶VIDFH7KHVWDULQKLVIRUHKHDGJORZHGDQGWKHQEHJDQWRVKLQHEULJKWHUDQGEULJKWHUDQGLWV
EHDPIHOOXSRQDOOZKRP-RVHSKORRNHGXSRQ

³)RXU)LYH6L[´WKH&U\HUFRQWLQXHG&UDFN&UDFN&UDFN7KHVKDUSVRXQGHFKRHGIURPRQHEXLOGLQJWRDQRWKHU$V-RVHSK¶VIOHVK
ZDVWRUQE\WKHFUXHOZKLSWKHFURZGH[SHFWHGWRVHHRQO\DJHQHURXVIORZRIEORRG,QVWHDGKRZHYHUDVWKHODVKHVWRUHKLVYHLORI
IOHVKWKHLQQHUOLJKWRIUHYHODWLRQJORZHGIURPWKHFUDFNVLQKLVVNLQ-RVHSKKDGEHFRPHDOLYLQJPRXQWDLQRIUHYHODWLRQDQGWKHOLJKW
HPDQDWLQJIURPKLPLQWRWKHGDUNQHVVRIWKH&RVPRVZDVWKHVDPHOLJKWRIOLYLQJWUXWKWKDWKDGFUDFNHGWKHGDUNYRLGRIWKHXQLYHUVHDW
WKHGDZQRIFUHDWLRQ

7KHZKLSVKDGUHYHDOHG-RVHSKWREHDVRQRIWKHOLJKW²QRWMXVWKLPEXWDOORIXVZKRKDGVHHQWKHOLJKW:HKDGEHFRPHRQHZLWKWKH
PRXQWDLQ,WZDVFOHDUQRZWKDWRXURZQIOHVKYHLOHGDJUHDWOLJKWWKDWFRXOGEHFDPHYLVLEOHLIWKHYHLOVKRXOGEHWRUQ

-RVHSK¶VEORRGIORZHGRXWRIWKDWOLJKWVWDLQLQJKLVEDFNDQGWKHJURXQGZKHUHLW GULSSHG7KHVWDUWOHG([HFXWLRQHUWXUQHGSDOHDQG
KHVLWDWHG ORRNLQJ DW WKH PD\RU DV LI WR LQTXLUH LI KH VKRXOG FRQWLQXH ³'RQ¶W VWRS´ WKH PD\RU FRPPDQGHG ³*LYH KLP DOO WKDW KH
GHVHUYHV´

³6HYHQ(LJKW1LQH7HQ´WKH&U\HUFRQWLQXHGFRXQWLQJ&UDFN&UDFN&UDFN&UDFN7KH([HFXWLRQHU¶VIDFHORRNHGSDLQHGDQGKLV
KDQGWUHPEOHGDVKHFRQWLQXHGWKHEHDWLQJ7KHPRPHQWWKHIXOOVHQWHQFHKDGEHHQDFFRPSOLVKHGWKH([HFXWLRQHUUXVKHGWRZDUG-RVHSK
ZLWKWHDUVLQKLVH\HVDQGUHOHDVHGKLVKDQGVIURPWKHLUERQGV+HFDXJKW-RVHSKEHIRUHKLVNQHHVEXFNOHGDQGVDLG³,¶PVRVRUU\7KH\
PDGHPHGRWKLV´

-RVHSKORRNHGLQWRKLVH\HVVPLOHGVOLJKWO\DQGZKLVSHUHG³,IRUJLYH\RX7KLVWRRZLOOEULQJJORU\WRWKH&UHDWRU'RQRWIHDU$OO
WKLQJVZRUNWRJHWKHUIRUJRRG´

%\WKLVWLPHWKHOLJKWIURP-RVHSK¶VEDFNZDVYLVLEOHWRWKHHQWLUHFURZGDQGDPXUPXUEHJDQWRVZHHSWKURXJKWKHLUPLGVW6HQVLQJWKH
FURZG¶VJURZLQJDQJHUDQGGLVJXVWWKHPD\RUWXUQHGSDOHDQGWKH&RXQFLOPHPEHUVVWHSSHGEDFNQRWVXUHKRZWRFRQWUROWKHVLWXDWLRQ
%XWWKHPD\RUTXLFNO\FRPSRVHGKLPVHOIDQGWXUQHGWRWKH7RZQ&U\HU³5HDGWKHUHVWRIWKHGHFUHH´KHGHPDQGHG

7KH&U\HUKHVLWDWHGIRUDPRPHQWFOHDUHGKLVWKURDWDQGVSRNHZLWKDTXDYHULQJYRLFH³<RXDUHQHYHUDJDLQWRVSHDNVHGLWLRQDJDLQVW
WKH7RZQ&RXQFLODQG\RXZLOOUHIUDLQIURPSURPRWLQJLGHDVWKDWXQGHUPLQHRXUODZIXODXWKRULW\´

-RVHSKWKHQDQVZHUHGFOHDUO\DQGGHOLEHUDWHO\³:KHWKHULWLVULJKWLQWKHVLJKWRIWKH&UHDWRUWRJLYHKHHGWR\RXUDWKHUWKDQWR+LP
\RXEHWKHMXGJHIRUZHFDQQRWVWRSVSHDNLQJZKDWZHKDYHVHHQDQGKHDUG´ 

³,I\RXGDUHWRGRVR´WKHPD\RUWKUHDWHQHG³\RXZLOOIDFHDZRUVHIDWHWKDQWKLV:HKDYHEHHQPHUFLIXOWR\RXWKLVWLPHJLYLQJ\RX
RQO\WHQVWULSHV1H[WWLPHZHZLOOQRWEHVRNLQG´

:LWKWKDWWKHPD\RUWXUQHGDQGZDONHGDZD\DQGWKH&RXQFLOPHPEHUVIROORZHGREHGLHQWO\

³:KDWHYHU\RXGRWRPH´-RVHSKVDLGVRIWO\³\RXFDQRQO\UHYHDOWKHJORU\RIWKH&UHDWRU´

7KH&U\HUGURSSHGKLVSDSHUGHFUHHDQGWKHFURZGUXVKHGWRZDUG-RVHSKDPD]HGDWKLVFRXUDJHDQGDZHGE\WKHEULJKWOLJKWZKLFK
VWLOOVKLQHGIURPWKHFUDFNVLQKLVEDFN

³,ZLOOEULQJKLPWRWKHFOLQLF´WKH([HFXWLRQHUWROGWKHUHVWOHVVFURZG³DQG,ZLOOSD\DOORIKLVH[SHQVHV´

³%HIRUHZHJR´-RVHSKVDLG³OHWPHWHOODOORI\RXWKDWWKH&UHDWRUKDVPDGHDZD\IRUDOORI\RXWRUHFHLYH+LVOLJKW$QHZGD\LV
GDZQLQJLQZKLFK+LVORYHLVEHLQJPDQLIHVWHGLQXV7KHOLJKWWKDW\RXVHHLQPHZLOOEHVHHQLQDOORI\RX7KH7RZQ&RXQFLOPHPEHUV
ZLOOILJKWWKH&UHDWRUEHFDXVHWKH\GRQRWZDQWWRUHOHDVHWKDWZKLFKWKH\KDYHXVXUSHG,QWLPHVSDVWWKH\ZHUHJUDQWHGWKHDELOLW\WR
NLOOXV%XWQRZWKH\FDQQRWNLOOXVIRUWKHLUWLPHKDVSDVVHG7KHZLWQHVVRIWUXWKZLOO\HWEHRSSRVHGEXWLQWKHHQGLWZLOOSUHYDLO
EHFDXVHLWVWLPHKDVFRPH´

$V-RVHSKZDVFDUULHGDZD\WRWKHFOLQLF,DJDLQWKUHZVHHGVLQWRWKHZLQGDQGPDQ\PRUHORGJHGLQRSHQHDUV$QH[FHSWLRQDOVHHG
DPRQJWKHPIOHZWRWKHHDURIWKH([HFXWLRQHUWDNLQJURRWLQWKHHDURIKLVKHDUWWKDWZDVWRJURZLQWRDEHDXWLIXODQGIUXLWIXOWUHH

)RRWQRWHV
 7KH)LUVW&RPPDQGPHQW([RGXV
 4XRWHGIURPD866XSUHPH&RXUWGHFLVLRQ%XWFKHUV¶8QLRQ&RY&UHVFHQW&LW\&R86  ZKLFKVD\VLQSDUW³7KH
58
SURSHUW\ZKLFKHYHU\PDQKDVLVKLVRZQODERUDVLWLVWKHRULJLQDOIRXQGDWLRQRIDOORWKHUSURSHUW\VRLWLVWKHPRVW VDFUHGDQG
LQYLRODEOH7KHSDWULPRQ\RIWKHSRRUPDQOLHVLQWKHVWUHQJWKDQGGH[WHULW\RIKLVRZQKDQGVDQGWRKLQGHUKLVHPSOR\LQJWKLV
VWUHQJWK DQG GH[WHULW\ LQ ZKDW PDQQHU KH WKLQNV SURSHU ZLWKRXW LQMXU\ WR KLV QHLJKERU LV D SODLQ YLRODWLRQ RI WKH PRVW VDFUHG
SURSHUW\´
 6HHDOVRP\ERRN'HXWHURQRP\WKH6HFRQG/DZ6SHHFK:D\RI/LIHIRUWKH6RQVRI*RGFKDSWHU
 7HQLVWKHELEOLFDOQXPEHUWKDWUHIHUVWRWKH/DZ
 5RPDQV
 $FWV
 1RWHWKHSDUDEOHRIWKH*RRG6DPDULWDQ/XNH
 7KH([HFXWLRQHULVDORRVHPRGHORI6DXOZKREHFDPH3DXO

&KDSWHU
+HDOLQJ


³:DLW´-RVHSKVDLGWRWKH([HFXWLRQHU³7DNHPHWRWKHIRXQWDLQ/HWPHZDVKWKHEORRGIURPP\EDFNWKHUH´

³$V\RXZLVK´FDPHWKHUHSO\³%\WKHZD\P\QDPHLV3DXO,LQWHQGWRUHVLJQP\MREDV([HFXWLRQHUIRUWKH7RZQ&RXQFLO,GRQ¶W
ZDQWWREHNQRZQDQ\PRUHDVWKH([HFXWLRQHU´

³,FDQXQGHUVWDQGWKDW´-RVHSKVDLG³)URPQRZRQ\RXDUH3DXODQG\RXDUHP\IULHQG´

%\WKLV WLPHWKH\KDGUHDFKHGWKHIRXQWDLQDQG-RVHSKZDVQRZVHDWHGRQLWVFLUFXODUVWRQHZDOO-RVKXDKDGIROORZHGWKHPDQGP\
ZLIHDQG,FORVHEHKLQGDQGZHVWRRGUHDG\WRDVVLVWLQDQ\ZD\ZHFRXOG$ERXWDGR]HQSHRSOHIURPWKHWRZQDOVRIROORZHGXVZLWK
VRPHDZHDQGDPD]HPHQWEXWWKH\VWRRGLQVLOHQFHDWDUHVSHFWIXOGLVWDQFH

3DXOFOLPEHGLQWRWKHVKDOORZZDWHUIORZLQJDWWKHEDVHRIWKHIRXQWDLQDQGZLWKKLVKDQGVVFRRSHGZDWHUVSODVKLQJLWXSRQ-RVHSK¶V
EORRGLHGEDFN7KHZRXQGVIL]]HGDQGEHJDQWRFORVHEHIRUHKLVH\HV7KHLQQHUOLJKWVKLQLQJRXWRIKLVZRXQGVIDGHGDVWKHRSHQIOHVK
WXUQHGWRULGJHVRIVFDUWLVVXH,QDIHZPLQXWHVWKHZRXQGVZHUHIXOO\KHDOHGDQGWKHVFDUVORRNHGDVLIWKH\KDGEHHQLQIOLFWHGDORQJ
WLPHDJR

³7KLVVZHHWZDWHUKDVJUHDWSRZHUWRKHDO´3DXOUHPDUNHG³7KHFKDQJHRIDWPRVSKHUHKDVEHHQUHPDUNDEOHVLQFH\RXJRWKHUH´

³$OOZKRFRPHWRWKHZDWHUVZLOOILQGKHDOLQJLIWKDWLVWKHLQWHQWRIWKHLUKHDUWV´-RVKXDLQWHUMHFWHG-RVHSKUHPDLQHGVLOHQWDQGFORVHG
KLVH\HVDVKHUHJDLQHGKLVVWUHQJWK

³,WDSSHDUVWKDWWKHZDWHUGRHVQRWKHDOVFDUWLVVXH´3DXOREVHUYHG

59
³1R´-RVHSKUHVSRQGHG³QRUVKRXOGLW7KHVHVFDUVDUHEDGJHVRIKRQRUWKDWZLOOQRWEHWDNHQIURPPH7KHVHVFDUVDUHSURRIRIWKH
GD\¶VHYHQWVZKLFK,ZLOOEHDEOHWRSUHVHQWLIDWDQ\WLPHPHQGRXEWP\WHVWLPRQ\RIOLJKWDQGKHDOLQJ%HFDXVHRIWKHVHVFDUVPDQ\
ZLOOGHVLUHWRGULQNIURPWKLVIRXQWDLQWKDWIORZVZLWKOLYLQJZDWHU7KHKHDOLQJRI&RVPRVKDVEHJXQ´

³,P\VHOIQHHGWKLVZDWHU´3DXOVDLG³IRU,DPLQQHHGRIKHDOLQJDQGIRUJLYHQHVV0\KHDUWJULHYHVIRUWKRVH,KDYHKXUWLQWKHSDVW
<RX-RVHSKDUHQRWWKHILUVWRQHWKDW,ZDVRUGHUHGWRZKLS:RUVH\HW,PXVWFRQIHVVZLWKJUHDWKHDYLQHVVRIKHDUWWKDWVRPH\HDUVDJR
WKH7RZQ&RXQFLORUGHUHGPHWRH[HFXWHRQHRIWKHLUHQHPLHV´

³,GRQRWUHFDOODQ\SXEOLFH[HFXWLRQVLQUHFHQW\HDUV´-RVKXDVDLG

³7KDWLVEHFDXVHLWZDVDVHFUHWH[HFXWLRQ´3DXOUHSOLHGDQGWHDUVZHOOHGXSLQKLVVDGH\HV³,WZDVQRWODZIXODWDOOEXWZDVFDUULHGRXW
LQWKHGHDGRIQLJKW´

³7KHQLWZDVPXUGHU"´,EOXUWHG

³6DGO\\HVDOWKRXJKWKH7RZQ&RXQFLOGRHVQRWFRQVLGHULWWREHPXUGHU´3DXOVDLG³7KH\KDYHJLYHQWKHPVHOYHVWKHULJKWWRFRPPLW
PXUGHU WR OLH DQG WR VWHDO²DOO LQ WKH QDPH RI WKH JUHDWHU JRRG 7KH PDQ KDG EHHQ D PHPEHU RI WKH 7RZQ &RXQFLO DQG KDG EHHQ D
PHPEHU RI WKHLU VHFUHW FOXE WKH 5KRGRPRQ 6RFLHW\  7R EH D PHPEHU RQH PXVW WDNH WHUULEOH RDWKV RI VHFUHF\ 7KH SHQDOW\ IRU
UHYHDOLQJWKHVHFUHWVRIWKH6RFLHW\LVGHDWK,NQRZRIWKLVEHFDXVH,WRRKDYHEHHQD5KRGRPRQPHPEHU,WZDVKRZ,JRWWKHMREDV
([HFXWLRQHU 7KH\ ZRXOG QRW HQWUXVW WKH MRE WR DQ\RQH RWKHU WKDQ D 6RFLHW\ PHPEHU EHFDXVH DV , GLVFRYHUHG WKH MRE RFFDVLRQDOO\
UHTXLUHGWKHXQRIILFLDOPXUGHURIWKHLUHQHPLHV%\WKHWLPH,UHDOL]HGWKDWWKH6RFLHW\UHDOO\WRRNWKRVHWHUULEOHRDWKVVHULRXVO\,ZDV
WUDSSHGE\IHDUNQRZLQJWKDWLI,ZHUHWRUHQRXQFHP\PHPEHUVKLSP\RZQOLIHZRXOGEHLQGDQJHUIRU,NQHZWRRPXFK´

³+RZGLG\RXH[HFXWHKLP´-RVHSKDVNHG

³7KUHHRIXVERXQGKLPDQGWKUHZKLPLQWRDGHHSVSRWLQWKHULYHU´KHUHSOLHG³:HGLGLWDIWHUPLGQLJKWRQDPRRQOHVVQLJKWVRWKDWQR
RQHZRXOGVHHZKDWZHKDGGRQH,WZDVP\GXW\WRSXVKKLPRIIWKHERDWDIWHUZHLJKWVKDGEHHQWLHGWRKLVERG\,WKDVEHHQDWHUULEOH
DQGSDLQIXOVHFUHWWKDWKDVWRUQP\KHDUWDQGKDVSRLVRQHGP\PLQGIRUDORQJWLPH´

$WWKDWSRLQWDZRPDQZHDULQJDKRRGDQGZLWKKHUIDFHSDUWLDOO\YHLOHGVWHSSHGIRUWKIURPWKHFURZG³:KDWZDVKLVQDPH²WKHPDQ
WKDW\RXZHUHUHTXLUHGWRNLOO"´VKHDVNHGZLWKDTXLYHULQKHUYRLFH

³,WZDV&RXQFLOPDQ0RUJDQ´3DXOVDLGKDQJLQJKLVKHDGLQVKDPHDQGJULHI

7KHZRPDQVDQNWRWKHJURXQGDQGEXULHGKHUIDFHLQKHUKDQGV³7KDWZDVP\IDWKHU´VKHVDLGZLWKDVRE

³2KP\*RG´3DXOVDLG³,¶PVRVRUU\3OHDVHIRUJLYHPHIRU,GLGQRWNQRZZKDW,ZDVGRLQJ´

7KHZRPDQZHSWIRUDWLPHZKLOHZHORRNHGDWHDFKRWKHULQKRUURU)LQDOO\VKHFRPSRVHGKHUVHOIDQGVDLGZLWKDSDLQHGYRLFH³<HV,
GR IRUJLYH \RX´ DV VKH UHPRYHG KHU YHLO DQG KRRG $V KHU DEXQGDQW GDUN EURZQ KDLU IHOO XSRQ KHU VKRXOGHUV ZH VWDUHG DW KHU LQ
GLVEHOLHI³0DJJLH´-RVKXD¶VYRLFHFUDFNHGWKHVKRFNHGVLOHQFHRIWKHPRPHQW

³<HV´VKHUHSOLHGZLWKWHDUVLQKHUH\HV³0RUJDQZDVP\IDWKHU,KDYHVXVSHFWHGIRUPDQ\\HDUVWKDWWKH7RZQ&RXQFLOZDVLQYROYHG
LQ KLV PXUGHU 7KDW LV ZKHQ , OHIW WKLV WRZQ DQG PRYHG WR 1HZNLUN 7KLV LV WKH ILUVW WLPH , KDYH UHWXUQHG WR &RVPRV VLQFH WKDW WLPH
EHFDXVH,ZDVDIUDLGWKDWWKH&RXQFLOZRXOGNLOOPHWRR7KDWLVDOVRZK\,GLVJXLVHGP\VHOILQWKHFURZG´

3DXOIHOOWRKLVNQHHV,WZDVRQHWKLQJWRNLOODPDQEXWLWZDVTXLWHDQRWKHUPDWWHUWRFRPHIDFHWRIDFHZLWKKLVGDXJKWHUZKRVHOLIH
KDGEHHQVRSURIRXQGO\DIIHFWHGE\WKHPXUGHU,WLVRQHWKLQJWRDVNIRUJLYHQHVVRIRWKHUVEXWTXLWHDQRWKHUWRIRUJLYHRQH¶VVHOI+RZ
GRHVRQHSD\UHVWLWXWLRQIRUVXFKDFULPH",WLVKDUGIRUVXFKDYLFWLPWRIRUJLYHEXWHYHQKDUGHUIRUDUHSHQWDQWPDQWRDFFHSWVXFK
IRUJLYHQHVV

0DJJLHJRWXSDQGZDONHGSDVW3DXOWRWKHIRXQWDLQ&XSSLQJKHUKDQGVDQGGLSSLQJWKHPLQWRWKHOLIHJLYLQJIORZVKHWXUQHGDQGNQHOW
EHIRUH3DXO³+HUH'ULQNWKLV´VKHVDLG,WZDVDOPRVWDFRPPDQG+ROGLQJWKHZDWHUWRKLVOLSVKHDFFHSWHGKHUIRUJLYHQHVVDQGWKH
ZDWHURIOLIHEHJDQWRKHDOWKHLQQHUZRXQGVLQKLVWRUWXUHGVRXO<HWVFDUVZRXOGUHPDLQDVYLYLGPHPRULHVRIDSDVWVLQEUDQGHGXSRQ
KLVIRUJLYHQVRXOVFDUVWKDWZRXOGQHYHUDOORZKLPWKHOX[XU\RIVHOISULGHVFDUVWKDWZRXOGWHOOWKHVWRU\RIDZUHWFKWKDWKDGEHHQ
KXPEOHGE\DQDFWRIIRUJLYHQHVV

³$V D YLFWLP´ VKH VDLG WR KLP ORRNLQJ LQWR KLV ZDWHU\ H\HV ³, KDYH EHHQ JLYHQ WKH SRZHU WR UHWDLQ RU WR IRUJLYH VLQ 7KLV ULJKW LV
JXDUDQWHHGWRPHE\WKHSURSKHWVZKRKDYHUHYHDOHGWKH&UHDWRU¶VODZV (YHQDV,KDYHEHHQIRUJLYHQE\WKH&UHDWRUVRDOVRGR,
IRUJLYH\RX(YHQDV,KDYHEHHQKHDOHGRIWKHELWWHUQHVVLQP\KHDUWDQGDOOWKHIROO\WKDW,KDYHGRQHRQDFFRXQWRIVXFKELWWHUQHVVVR
DOVRGR,FRPPDQGWKDWDOOELWWHUQHVVPXVWIOHHIURPWKHJUHDWHUSRZHURIIRUJLYHQHVV´

/RRNLQJLQWR0DJJLH¶VH\HVZLWKZRQGHUDQGDPD]HPHQW3DXOZKLVSHUHG³,DPIUHHDWODVW,QRORQJHUIHDUZKDWPHQPD\GRWRPH,
60
KDYHDZDNHQHGDVLWZHUHIURPDQLJKWPDUH´

+HWKHQUDLVHGKLVYRLFHVRWKDWDOOZKRZHUHSUHVHQWFRXOGKHDUKLP³/HWLWEHNQRZQWRDOOWKDWWKH7RZQ&RXQFLORI&RVPRVLVUXOHG
E\PXUGHUHUVRIWKH5KRGRPRQ6RFLHW\%HLQJVHWIUHHE\WKHSRZHURIIRUJLYHQHVV,FDQWHVWLI\WRDOOWKDW,ZDVFRPPDQGHGE\WKH
PD\RUDQGWKHHQWLUH7RZQ&RXQFLOWRH[HFXWH0RUJDQQRWIRUDQ\FULPHWKDWKHKDGGRQHEXWIRUWKUHDWHQLQJWRH[SRVHWKHVHFUHW
JRYHUQPHQWWKDWKDGWDNHQRYHUWKHWRZQ7KLVLVWKHWUXWK´

7KHWRZQVSHRSOHORRNHGDWHDFKRWKHULQVKRFNDQGGLVEHOLHI&HUWDLQO\WKH\ZHUHDZDUHRIWKHKHDGTXDUWHUVRIWKH5KRGRPRQ6RFLHW\
IRULWVWRRGMXVWEHKLQGWKH7RZQ+DOO7KHGRRURIWKHEXLOGLQJZDVLQVFULEHGZLWKWKHKHDGRIDJRDWLQWKHVKDSHRIDSHQWDJUDP
UXPRUHGWREHWKHLUJRGZKLFKWKH\FDOOHG%DSKRPHW,WZDVUXPRUHGWKDWWKHWZREXLOGLQJVZHUHFRQQHFWHGE\DQXQGHUJURXQGWXQQHO
%XWWKH6RFLHW\DSSHDUHGWREHDUHSXWDEOHFKDULWDEOHRUJDQL]DWLRQDQGLWZDVUXPRUHGWKDWPDQ\ZHDOWK\EXVLQHVVPHQDQGLPSRUWDQW
JRYHUQPHQWRIILFLDOVZHUHDPRQJLWVPHPEHUV)HZEHOLHYHGWKDWLWZDVVLQLVWHULQDQ\ZD\

³,IRURQHKHUHE\UHQRXQFHP\PHPEHUVKLSLQWKH5KRGRPRQ6RFLHW\´RQHPDQVDLGVWHSSLQJWRWKHIRUHIURQW³,ZDVXQDZDUHRIWKH
DFWLRQVRIWKH7RZQ&RXQFLOIRU,DPRQO\DORZOHYHOPHPEHU,WRRZDVIRROHGDQG,KDYHGRQHZURQJLQVXSSRUWLQJWKHRUJDQL]DWLRQ
ZLWKP\GXHVDQGZLWKP\SUHVHQFH,FRQIHVVWKDW,KDYHWDNHQWKHVDPHWHUULEOHRDWKVWKDW3DXOWRRNEHFDXVHWKH\GLGQRWWHOOPHWKH
QDWXUHRIWKRVHRDWKVEHIRUHWKHPRPHQWRIP\LQLWLDWLRQ7KHVHRDWKVDUHLQGHHGWRRKRUULEOHWRUHSHDWEXW,DVVXPHGWKDWWKH\ZHUHMXVW
WUDGLWLRQVIURPDPRUHYLROHQWSDVWDQGZRXOGQHYHUEHWDNHQVHULRXVO\WRGD\%XW3DXOKDVVKRZQWKDWWKHOHDGHUVRIWKH6RFLHW\UHDOO\
GRWDNHWKHPVHULRXVO\+RZFDQ,EHDEVROYHGRIP\RDWKV"$UHQRWRDWKVVDFUHGDQGLQYLRODEOH"´

,VSRNHXSDWWKLVSRLQW³7KHSURSKHWVWHOOXVWKDWLIDQ\RQHPDNHVDQRDWKWKDWKHLVXQDEOHWRNHHSRUZKLFKKHFDQQRWNHHSRQDFFRXQW
RILWVLPPRUDOQDWXUHKHLVWRUHQRXQFHLWEHIRUHWKH&UHDWRU7KRXJKLWLVDVLQWRYLRODWHRDWKVWKH&UHDWRUXQGHUVWDQGVWKDWLWFDQEH
DJUHDWHUVLQWRNHHSFHUWDLQRDWKV)RUWKLVUHDVRQ+HFRPPDQGVXVWRUHQRXQFHDOOVXFKRDWKVDQGLWLVDVLQWRUHPDLQERXQGE\WKHP´

³7KHQ,VWDQGKHUHEHIRUHWKH&UHDWRURIWKH8QLYHUVHDQGUHQRXQFHP\RDWKVWRWKH5KRGRPRQ6RFLHW\´KHVDLGKROGLQJXSKLVULJKW
KDQG³,DFNQRZOHGJHP\VLQDQGDVNWREHIRUJLYHQ,KHUHE\WUDQVIHUP\DOOHJLDQFHIURPWKH5KRGRPRQ6RFLHW\WRWKH.LQJGRPRIWKH
&UHDWRU+LPVHOI´

³:HDUHZLWQHVVHV´WKHFURZGUHVSRQGHGDQGWKRXJKWKHRWKHUVZHUHQRW5KRGRPRQPHPEHUVWKH\DOOVZRUHDOOHJLDQFHWRWKH&UHDWRU
DQG+LV.LQJGRP

³7KLVLVWKHVWDUWRIDQRWKHU*UHDW$ZDNHQLQJ²WKHWKLUGLQUHFHQWFHQWXULHVLI,UHFDOO´-RVKXDVDLG³,EHOLHYHWKDWWKLV$ZDNHQLQJ
ZLOOEULQJMXVWLFHEDFNWRJRYHUQPHQWVDQGEULQJKHDOLQJWRWKHQDWLRQV7KHJORU\RIWKH&UHDWRUZLOOFRYHUWKHHDUWKDVWKHZDWHUVFRYHU
WKHVHD´

³7KHUHLVQRGRXEWRIWKDW´-RVHSKVDLG³7KHILUVW$ZDNHQLQJZDVJRRGDQGWKHVHFRQGZDVEHWWHUEXWWKH\ERWKIDGHGDVWLPHSDVVHG
7KLVRQHZLOOQRWIDGHQRUZLOOLWHQGIRUZHOLYHLQDQDSSRLQWHGWLPHRIJUHDWKHDOLQJ7KHZDWHUIURPWKLVIRXQWDLQKDVEHHQKHDOHG$
ULYHURIOLIHQRZIORZVWKURXJKWKLVYDOOH\IURPWKHJUHDWFUDFNLQWKHVLGHRI5HYHODWLRQ0RXQWDLQ7KLVFDQQRWEHVWRSSHGDQ\PRUH
WKDQRQHFDQVWRSWKHGDZQLQJRIDQHZGD\´

7KHQDOLWWOHGRYHVWDLQHGZLWKEORRGIOHZGRZQDQGSHUFKHGXSRQ6LSSRUDK¶VVKRXOGHUZKLVSHULQJLQKHUHDU7XUQLQJWRPHVKHVDLG
TXLHWO\³7KH5KRGRPRQ6RFLHW\LVPHHWLQJHYHQQRZ6LSSRUHVD\VWKDWWKHLUVSLHVDUHZDWFKLQJXVDQGWKDWWKH\DUHDODUPHGDWZKDWLV
JRLQJRQKHUH,WKLQNZHVKRXOGOHDYH´

³<HV,WKLQNVRWRR´,VDLG7KHQWXUQLQJWRWKHRWKHUV,WROGWKHPZKDWZHKDGMXVWOHDUQHGDQGFRQFOXGHG³,WLVWLPHIRUXVWROHDYH
*RDQGVSUHDGWKHQHZVWRDOOWKDW\RXPHHW7HVWLI\RIWKHWKLQJVWKDW\RXKDYHVHHQDQGKHDUGKHUH7HOOSHRSOHWKHJRRGQHZVRIWKH
KHDOHGZDWHUVLQ0RRQ3OD]DVRWKDWWKH\WRRPLJKWGULQNDQGEHKHDOHGRIDOOELWWHUQHVVLQWKHLUKHDUWV7KHLURZQLQQHUKHDOLQJZLOO
EHDUZLWQHVVWRWKHWUXWKWKDW\RXKDYHSUHVHQWHGWRWKHP´

³&RPH´,VDLGWXUQLQJWRWKRVHRIRXUIHOORZVKLS³:HPXVWUHSRUWWKHVHWKLQJVWR&KLHI+LDPRYL´

:LWKWKDWZHGHSDUWHGEXW3DXOQRZMRLQHGRXUIHOORZVKLSDQG0DJJLHWRRNKLVKDQG

)RRWQRWHV
 *DODWLDQV
 5KRGRPRQ LV DQ DUFKDLF VSHOOLQJ RI 5RGRPRQ DQG LV D UHIHUHQFH WR 5RGRPRQWH D PDMRU FKDUDFWHU LQ ,WDOLDQ 5HQDLVVDQFH HSLF
SRHPV 2UODQGR LQQDPRUDWR   DQG LWV VHTXHO 2UODQGR IXULRVR   5RGRPRQWH ZDV ERWK DUURJDQW DQG ERDVWIXO +HQFH
DIWHUZDUGWKH(QJOLVKZRUGURGRPRQWDGH DOVRUKRGRPRQWDGH FDPHLQWRXVHZKRVHPHDQLQJZDV³ERDVWIXOEUDJJLQJWDON´7KH
61
ZRUG ZDV XVHG E\ &KDUOHV )LQQH\ LQ KLV ERRN 7KH &KDUDFWHU &ODLPV DQG 3UDFWLFDO :RUNLQJV RI )UHHPDVRQU\ FKDSWHU ,,,
SXEOLVKHGLQ+HDSSOLHGWKHWHUPWRWKHDSRORJLVWVRI)UHHPDVRQU\7KH³5KRGRPRQ6RFLHW\´LQFOXGHV)UHHPDVRQU\EXWLV
DOVRPHDQWWRLQFOXGHDOOVHFUHWVRFLHWLHVZKRVHSXUSRVHLVWRLQIOXHQFHDQGGRPLQDWHJRYHUQPHQWVDQGWKHFRXUWV
 7KHH[HFXWLRQRI&DSWDLQ:LOOLDP0RUJDQLQDWWKHKDQGVRIWKH)UHHPDVRQVEHFDPHDQDWLRQDOVFDQGDOWKDWFDXVHGPRVW
)UHHPDVRQVWRUHVLJQIURPWKHRUJDQL]DWLRQ7KHPXUGHUDOVRZDVWKHLQVSLUDWLRQIRUWKH$QWL0DVRQLF3DUW\ZKLFKZDVIRUPHGLQ
7KHGHDWKEHGFRQIHVVLRQRI+HQU\/9DODQFHLQHVWDEOLVKHGWKDWKHDQGWZRRWKHUVKDGWDNHQ0RUJDQLQWRWKH1LDJDUD
5LYHUDQGWKDWKH 9DODQFH KDGEHHQWKHRQHZKRSXVKHG0RUJDQLQWRWKHULYHU
 7KHGLYLQHODZGHILQHVDQGXSKROGVULJKWV7KLVLQFOXGHVWKHULJKWRIYLFWLPVWRUHFHLYHUHVWLWXWLRQRUWRIRUJLYHWKRVHZKRKDYH
WUHVSDVVHG DJDLQVW WKHP +HQFH -HVXV FRXOG IRUJLYH WKRVH ZKR FUXFLILHG +LP /XNH   DQG 6WHSKHQ FRXOG IRUJLYH KLV
PXUGHUHUVLQFOXGLQJ6DXO3DXOLQ$FWV
 /HYLWLFXV
 7KHILUVW*UHDW$ZDNHQLQJZDVXQGHU-RQDWKDQ(GZDUGVLQWKHPLG¶VZKLFKSUHSDUHGWKHZD\IRUWKH$PHULFDQ5HSXEOLF
7KH VHFRQG *UHDW $ZDNHQLQJ ZDV XQGHU &KDUOHV )LQQH\ LQ WKH PLG¶V ZKLFK SUDFWLFDOO\ FDOOHG IRU UHSHQWDQFH IURP
)UHHPDVRQU\DQGIURPWKHVODYHU\PLQGVHWV7KHWKLUG*UHDW$ZDNHQLQJLV\HWWRFRPH
 +DEDNNXN

&KDSWHU
7KH(\HVRI*RG


:HGURYHLQDFRQYR\WR&KLHI+LDPRYL¶VKRXVHLQWKH,QGLDQYLOODJHDFURVVWKHULYHUDQGZHUHZHOFRPHGJUDFLRXVO\7KH&KLHIZDV
HVSHFLDOO\ JODG WR VHH -RVHSK KLV FKLHI VWHZDUG DOLYH DQG ZHOO WKRXJK KLV IDFH GDUNHQHG ZKHQ KH KHDUG 3DXO¶V FRQIHVVLRQ IHOW
0DJJLH¶VJULHIDQGVDZWKHVFDUVRQ-RVHSK¶VEDFN

³7KHVH VFDUV ZHUH LQIOLFWHG XQMXVWO\´ WKH &KLHI VDLG ³EXW WKH\ SURYH WKH XQZRUWKLQHVV RI WKH 7RZQ &RXQFLO 7KHLU UHMHFWLRQ DQG
PLVWUHDWPHQWRI\RXJLYHVPHOHJDOFDXVHWRUHPRYHWKHPIURPWKHLUSRVLWLRQVRIDXWKRULW\DQGWRUHSODFHWKHPZLWKRWKHUV7KHWLPH
KDVFRPHWRDFW´

³:H PXVW DOVR JR WR 1HZNLUN´ -RVHSK UHSOLHG ³DQG VHH ZKDW VKRXOG EH GRQH ZLWK LWV 7RZQ &RXQFLO 7KH\ KDYH DOZD\V H[SUHVVHG
UHVSHFWIRU\RXDOWKRXJKLWVHHPVWKDWWKH\ZHUHWKHRQHVZKRLQGXFHG&RVPRVWRNLGQDSPH:HQHHGWRLQYHVWLJDWHWKHPDWWHUIXUWKHU
7KHUHLVVWLOOPXFKWKDWZHGRQRWNQRZ´

³<HV´WKH&KLHIDJUHHG³7KHOHDGHUVRIWKHWZRWRZQVDUHREYLRXVO\ZRUNLQJWRJHWKHUDQGPD\EHFRQVSLULQJWRJHWKHUDJDLQVWXVDQG
DJDLQVWWKH&UHDWRU+LPVHOI´

³8VXUSHUVDOZD\VOLYHLQIHDU´,DGGHG³)HDUPRWLYDWHVWKHPWRDFWDJJUHVVLYHO\WRGHIHQGWKHPVHOYHVDQGWRSURWHFWWKDWZKLFKWKH\
KDYHXQODZIXOO\XVXUSHG,VXVSHFWWKDWWKHVH7RZQ&RXQFLOPHQDUHQRGLIIHUHQW,GRQRWH[SHFWWKHPWRUHSHQWEXWWRILJKWDQG,WKLQN
ZHVKRXOGSUHSDUHRXUVHOYHVDFFRUGLQJO\´

³7KH1HZ&RYHQDQW´-RVKXDLQWHUMHFWHG³JXDUDQWHHVWKDWHYHQWKHVHXVXUSHUVZLOOEHVXEGXHGDQGZLOOFRPHLQWRDJUHHPHQWZLWKWKH
&UHDWRULQWKHHQG+RZHYHULWLVQRWOLNHO\WKDWWKLVLVWKHWLPHWKDWWKH\ZLOOUHSHQW7KHLUKHDUWVDUH\HWKDUGHQHG7KH\PXVWILUVWEH
EURXJKWWRMXGJPHQWDQGZKHQWKH\KDYHORVWHYHU\WKLQJWKH\ZLOOWKHQEHLQDSRVLWLRQWROHDUQULJKWHRXVQHVV´

³<HV,DJUHH´WKH&KLHIVDLGWKRXJKWIXOO\³7KHRQO\ZD\WRUHVWRUHWKHVHPHQZLOOEHWKURXJKMXGJPHQW6RZHPXVWEULQJMXGJPHQW
62
DQGXSVHWWKHLUNLQJGRP,WLVWKHRQO\ZD\WROLEHUDWHWKHWRZQVSHRSOH,IZHGRQRWKLQJWKHSHRSOHZLOOFRQWLQXHWREHGHFHLYHGDQG
UXOHGE\HYLOPHQ´

$WWKDWSRLQW,KHDUGDVOLJKWWDSSLQJDWWKHZLQGRZ7XUQLQJ,VDZWKHOLWWOHGRYHSHFNLQJOLJKWO\DWWKHZLQGRZSDQH7KHGRYHKDG
IORZQDZD\ZKHQZHGURYHWRWKH&KLHI¶VKRXVHEXWLWKDGQRZUHWXUQHG6LSSRUDKLPPHGLDWHO\JRWXSDQGZDONHGRXWVLGH7KHGRYH
IOHZXSDQGVRRQP\ZLIHUHWXUQHGWRWKHURRPZLWKWKHGRYHRQKHUVKRXOGHU

³:H KDYH VRPH QHZV´ 6LSSRUDK DQQRXQFHG ³6LSSRUH KDV WKH H\HV RI *RG DQG VKH KDV IORZQ WR DQG IUR WKURXJKRXW WKH WRZQ RI
1HZNLUNWRVHHZKDWVKHPLJKWVHH´$VWKHGRYHZKLVSHUHGLQWRKHUHDU6LSSRUDKUHODWHGWKHPHVVDJHWRWKHUHVWRIXV

³, VDZ D EOXVWHULQJ PD\RU DQG D IULJKWHQHG 7RZQ &RXQFLO LQ D VWDWH RI SDQLF ZKHQ WKH\ OHDUQHG WKDW RQH RI WKHLU QXPEHU²WKH
([HFXWLRQHU²KDGMRLQHGWKHIHOORZVKLS7KH\QRZSORWKLVGHDWKEHFDXVHKHNQRZVWRRPDQ\RIWKHLUVHFUHWV%XWWKH\DUHXQQHUYHGE\
WKHIDFWWKDW-RVHSK¶VZRXQGVKDYHEHHQVRTXLFNO\KHDOHGDQGWKH\GRQRWNQRZKRZWRDFFRXQWIRUWKLV$WWKHSUHVHQWWLPHWKH\
EHOLHYHWKDWWKHRQO\VROXWLRQWKDWZLOOVDYHWKHPVHOYHVLVWRNLOO3DXO-RVHSKDQGSHUKDSVHYHQWKHHQWLUHIHOORZVKLS7KH\NQRZWKDWD
VLPSOHEHDWLQJZLOORQO\PDNHPDWWHUVZRUVHQRZWKDWWKH\VHHWKDWVXFKZRXQGVDUHHDVLO\KHDOHG´

³6RWKH\KDYHGHFODUHGZDU´WKH&KLHIVDLGVROHPQO\³,QWKHLUEOLQGQHVVWKH\WKLQNWKH\DUHILJKWLQJIOHVKDQGEORRGQRWNQRZLQJWKDW
WRILJKWXVLVWRILJKWWKH&UHDWRU+LPVHOI0DQ¶VDELOLW\WRGHFHLYHKLPVHOINQRZVQRERXQGV%XW,SHUFHLYHWKDWWKH&UHDWRUKDVEOLQGHG
WKHLUH\HVDQGKDUGHQHGWKHLUKHDUWVLQRUGHUWRH[SRVHWKHLUKHDUWVWRWKHSHRSOHDQGWRJLYHXVODZIXOFDXVHWREULQJMXGJPHQWXSRQ
WKHP7KHGD\RIGHOLYHUDQFHLVDWKDQG:HKDYHQRUHDVRQWRIHDUWKHHYLOSODQVDQGGHYLFHVRIPHQ´

³+RZVKDOOZHSURFHHGWKHQ"´-RVKXDDVNHG

³6OHHSWRQLJKWDQGJRWR1HZNLUNWRPRUURZ´WKH&KLHIVDLG³*RWR0RRQ3OD]DDWPLGPRUQLQJDQGGHFODUHWKHWUXWKLQSXEOLF/HWXV
EULQJWKLVVLWXDWLRQWRDKHDG6LQFHWKH5KRGRPRQ6RFLHW\FRQWUROVQRWRQO\WKH7RZQ&RXQFLOEXWDOVRWKHFRXUWV\VWHPZHZLOOKDYHWR
JRRYHUWKHLUKHDGVDQGDSSHDOGLUHFWO\WRWKHSHRSOH/HWWKHSHRSOHGHFLGHZKDWWRGRZLWKWKHLUHOHFWHGRIILFLDOV6SHDNWKHWUXWKLQ
ORYHDQG NQRZ WKDW \RXU ZRUG ZLOO EH FRQILUPHG E\ VLJQV IROORZLQJ <RX ZLOO QRW QHHG WR ILJKW WKLV EDWWOH EHFDXVH WKH EDWWOH
EHORQJVWR*RG´

³:HJRWKHQ´,VDLG³0D\WKHOLJKWVKLQHEULJKWO\IURPPDQ\GDUNPRXQWDLQVVRRQ´

:LWKWKDWZHGHSDUWHG6LSSRUHWKHEORRGVWDLQHGGRYHIOHZDJDLQWRVHDUFKWKHKHDUWVRIPHQDQGWRSUHSDUHWKHZD\EHIRUHXV$VZH
FURVVHGWKHULYHUZHIHOWDQHQHUJHWLFVXUJHIURPWKHULYHUDQGZHNQHZWKDWWKHKHDUWVDQGPLQGVRIDOOZKRZHUHOLYLQJLQWKHYDOOH\
ZHUHEHLQJDOWHUHGZLWKHDFKFXSRIZDWHUWKDWWKH\QRZGUDQN0RVWRIWKHPGLGQRW\HWXQGHUVWDQGZKDWZDVKDSSHQLQJWRWKHPIRU
WKHLU SDWKV ORRNHG WKH VDPH DV DOZD\V %XW DQ LPSHUFHSWLEOH UHQHZDO KDG EHJXQ KLGGHQ LQ VLPSOH DQG EDVLF WKLQJV ORQJ WDNHQ IRU
JUDQWHG

,VWRSSHGDQGSDUNHGWKHWUXFNRQWKHRWKHUVLGHRIWKHEULGJH7XUQLQJWRP\ZLIH,VXJJHVWHGWKDWZHZDONGRZQWRWKHULYHU¶VHGJH
*HWWLQJ RXW RI WKH WUXFN ZH PDGH RXU ZD\ GRZQ WR WKH ULYHU ZKLFK IORZHG JHQWO\ DQG VSDUNOHG LQ WKH GD\¶V UHPDLQLQJ VXQOLJKW
6LSSRUDKNQHOWGRZQVFRRSHGXSVRPHZDWHUDQGZDVKHGKHUIDFH

7KHQVKHORRNHGXSDWPHZLWKDSX]]OHGORRN³0\H\HVDUHFOHDUHUWKDQWKH\XVHGWREH´VKHVDLG³6RPHWKLQJLVKDSSHQLQJWRP\
H\HV7KH\IHHOVKDUSHUQRZUHQHZHGLQVRPHZD\´

³,I\RXVHHEHWWHUWKDQEHIRUHWKHQLWPXVWEHGXHWRWKHFKDQJHVWDNLQJSODFH´,VDLG³1RZWKDWWKHZDWHUIURP5HYHODWLRQ0RXQWDLQLV
IORZLQJLQWRWKHULYHUZHVKRXOGH[SHFWPDQ\JRRGWKLQJVWRKDSSHQ3HUKDSV\RXZRQ¶WQHHGUHDGLQJJODVVHVDQ\PRUH´

:HVRRQFRQWLQXHGRXUVKRUWMRXUQH\EDFNWRWKHORGJHDUULYLQJMXVWDVWKHVXQVHWLQWKHZHVWHUQVN\-RVHSKDUULYHGVKRUWO\DIWHUZH
GLG DQG ZH VKDUHG WKH HYHQLQJ PHDO DW WKH ORGJH FDIHWHULD $V ZH DWH -RVHSK ORRNHG DW 6LSSRUDK RGGO\ DQG VDLG ³+DYH \RXU H\HV
FKDQJHGFRORU"7KHUHLVVRPHWKLQJGLIIHUHQWDERXW\RXUH\HV´

³,FDQ¶WVHHP\H\HFRORU´VKHUHSOLHG³EXWWKH\VKRXOGEHGDUNEURZQXQOHVVWKH\KDYHFKDQJHG´

³:HOOWKDWLVQ¶WLW´-RVHSKVDLG³7KH\DUHVWLOOEURZQ%XW,SHUFHLYHWKDWVRPHWKLQJLVGLIIHUHQW´

6LSSRUDKWKHQWROGKLPRIWKHVWUDQJHVHQVDWLRQDWWKHHGJHRIWKHULYHUDQGKRZWKHZDWHUVHHPHGWRKHDOKHUH\HVDQGFODULI\KHUYLVLRQ
LQDVXEWOHZD\

³<HVWKHULYHURIOLIHKDVLPSDUWHGVRPHJLIWWR\RX´KHVDLGFRQILGHQWO\³1RGRXEW\RXZLOOOHDUQZKDWWKLVPHDQVVRRQHQRXJK7KH
&UHDWRU¶VJLIWVFRPHZKHQZHQHHGWKHP´

63
,WKHQFKDQJHGWKHWRSLF³7KH&KLHIWROGPHWKDW\RXUIDWKHU¶VQDPHZDV-RVHSKDQGWKDWP\IDWKHU7KRPDVZDVKLVIULHQG0\IDWKHU
XVHGWRWHOOPHVWRULHVDERXW<DTXL-RHDVKHFDOOHGKLP´

³:DVWKDW\RXUIDWKHU"´KHVDLGZLWKVXUSULVH³<HV,ZDVPXFK\RXQJHUWKHQEXW,NQHZKLP7KHWZRZHUHJUHDWIULHQGVDQGXVHGWR
FDPSLQWKHPRXQWDLQV7KH\ERWKORYHGQDWXUHDQGQDWXUHSURYLGHGWKHPZLWKPDQ\LQWHUHVWLQJDGYHQWXUHV´

:HWKHQVKDUHGPDQ\VWRULHVIURPSDVWGD\VDQG,ZDVDEOHWRYHULI\DQGFODULI\PDQ\H[FLWLQJLQFLGHQWVWKDWP\IDWKHUKDGUHODWHGWR
PHZKHQ,ZDV\RXQJ%\WKHWLPHZHSDUWHGWRUHWLUHIRUWKHQLJKW,IHOWOLNH,KDGNQRZQ-RVHSKDOORIP\OLIH,QGHHG,KDG%XWWKH
KRXU ZDV ODWH DQG ZH QHHGHG VOHHS ,W ZDV QRW ORQJ EHIRUH ZH ZHUH GHVFHQGLQJ GUHDPLO\ LQWR RWKHU GLPHQVLRQV RI UHDOLW\ WKDW ZHUH
ODUJHO\LQDFFHVVLEOHH[FHSWWKURXJKVOHHS

7KHQVRPHZKHUHIURPWKHIDUUHFHVVHVRILQQHUVSDFH,KHDUGP\QDPHFDOOHGDQG,ZDVDZDNHQHGIURPDGHHSVOHHSDVP\ZLIH¶VKDQG
WRXFKHGP\VKRXOGHU

³$UH\RXDZDNH"´6LSSRUDKDVNHGPH

³$OPRVW´,VOXUUHG

³,KDGDGUHDP´VKHVDLG

³'RQ¶WZHDOO"´,UHSOLHGZLWKRXWRSHQLQJP\H\HV

³1R,PHDQLW´VKHLQVLVWHG³,WZDVWRRUHDOWREHMXVWDGUHDP´

³:KDWGLG\RXVHH"´%\WKLVWLPH,UHDOL]HGWKDWWKLVZDVLPSRUWDQWWRKHUDQGFRXOGQRWZDLW7RRRIWHQGUHDPVDUHORVWLQWKHIRJRI
QLJKWRUZDVKHGDZD\E\OHVVHUGUHDPVWKDWIROORZ,IWKLVZDVWUXO\LPSRUWDQWWKHQLWVKRXOGEHVSRNHQRUZULWWHQGRZQLPPHGLDWHO\VR
WKDWLWZDVQRWORVW

³,ZDVIO\LQJKLJKLQWKHQLJKWVN\ORRNLQJGRZQDWWKHWRZQRI&RVPRV7KHQ,VDZDFDUGULYHIURP1HZNLUNWR&RVPRVDQGLWVWRSSHG
EHWZHHQWKH7RZQ+DOODQGWKH5KRGRPRQ6RFLHW\EXLOGLQJ$GDUNILJXUHJRWRXWRIWKHFDUDQGNQRFNHGRQWKHGRRURIWKH6RFLHW\

EXLOGLQJDQGDQRWKHUGDUNILJXUHRSHQHGWKHGRRUWROHWKLPLQ´

³,WKHQIOHZORZDQGPHWWKH7RZQ+DOOPRXVHZKRVHHPHGWRNQRZPH,DVNHGKLPWRLQYHVWLJDWHDQGWRWHOOPHZKDWZDVKDSSHQLQJ
+HVOLGWKURXJKDWLQ\FUDFNLQWKHEXLOGLQJDQGDIWHUDORQJZKLOHKHUHWXUQHGWRWHOOPHWKDWWKHWZRPD\RUVKDGPHWLQWKHWHPSOH´

³7HPSOH"´,LQWHUUXSWHG

³<HVKHFDOOHGWKH6RFLHW\EXLOGLQJDWHPSOH´VKHVDLG³+HVDLGWKDWWKHPD\RURI1HZNLUNZDVDQJU\ZLWKWKHPD\RURI&RVPRVDQG
ZDVEHUDWLQJKLPILHUFHO\0\LPSUHVVLRQZDVWKDWWKHPD\RURI1HZNLUNZDVWKHRQHLQDXWKRULW\$Q\ZD\WKH\EHJDQWRGLVFXVVSODQV
WRFDOOIRUWKIDOVHZLWQHVVHVDJDLQVWXVVRWKDWWKH\ZRXOGKDYHDQH[FXVHWRSXWXVLQMDLODVFRQVSLUDWRUVDQGSHUKDSVHYHQWRGRZRUVH
WKLQJVWRXV´

³'R\RXWKLQNWKHGUHDPZDVVRPHKRZFRQQHFWHGWRUHDOLW\"´,DVNHGKHU

³:HOOWKDWLVWKHVWUDQJHSDUW,QWKHGUHDP,ZDVDGRYH²6LSSRUHWREHSUHFLVH²DQG,ZDVVHHLQJWKLQJVWKURXJKKHUH\HV:HZHUH
RQH+HUWKRXJKWVZHUHP\WKRXJKWV´

³<RX FRXOG DOVR XQGHUVWDQG DQG VSHDN ZLWK D PRXVH´ , UHPLQGHG KHU ZLWK DOO VHULRXVQHVV ³,W VRXQGV OLNH ZH DUH EHLQJ JLYHQ
XQGHUVWDQGLQJRIDOOODQJXDJHVHYHQWKDWRIDQLPDOV,WVHHPVWKDWZHDUHFRPLQJPRUHDQGPRUHLQWRKDUPRQ\ZLWKQDWXUH´

³,KDYHPRUHWRVD\´VKHFRQWLQXHG³$IWHUJHWWLQJWKHILHOGUHSRUWIURPWKHKRXVHPRXVH,IOHZKLJKLQWRWKHGDUNVN\RQFHDJDLQDQG
WKHQORRNHGWRZDUGWKHULYHU7KHUH,VDZDGLVWXUEDQFHDVLIDJUHDWHDUWKTXDNHKDGVWUXFNXQGHULW,VDZODUJHZDYHVKLWWKHVKRUHDQG
LQWKHGLPOLJKW,VDZDQRWKHUILJXUHZDONLQJDORQJWKHVKRUH,FRXOGQRWVHHWKHPDQ¶VIDFHIRUKHZRUHDKRRG$WWKDWSRLQW,IOHZ
KHUHWRWKHORGJHDQGVXGGHQO\DZRNHIURPP\GUHDP´

³,KDUGO\NQRZZKDWWRVD\´,VDLGVORZO\³EXW,VXVSHFWWKDW6LSSRUHKDVEHHQEXV\WRQLJKWDQGWKDW\RXKDYHWUXO\EHFRPHRQHZLWK
KHULQDQHZZD\<RXZHUHVHHLQJZKDWVKHZDVVHHLQJEXWWKHP\VWHU\PDQFRPLQJIURPWKHULYHULVXQFOHDU3HUKDSVZHZLOOILQGRXW
PRUHODWHUSHUKDSVHYHQWRPRUURZZKHQZHJRWR&RVPRV´

:LWKWKDWZHVHWWOHGEDFNGRZQDQGVOHSWDJDLQXQWLOZHZHUHDZDNHQHGE\WKHOLJKWVKLQLQJWKURXJKDFUDFNRQRQHVLGHRIWKHZLQGRZ
64
FXUWDLQ

)RRWQRWHV
 (YHQDVWKH-HZV¶SHUVHFXWLRQRIWKHSURSKHWV DQGILQDOO\WKH6RQ GLVTXDOLILHGWKDWQDWLRQ 0DWWKHZ VRDOVRGRHVWKH
SHUVHFXWLRQ RI WKH VDLQWV E\ WKH ³OLWWOH KRUQ´ FKXUFK  GLVTXDOLI\ WKH FKXUFK IURP UXOLQJ WKH .LQJGRP 'DQLHO  5HYHODWLRQ
 /LNHZLVH6DXOWKH3HQWHFRVWDOZDVUHSODFHGE\'DYLGWKHRYHUFRPHUDQGWKHVRQRI+DJDULVUHSODFHGE\WKHVRQRI6DUDK
*DODWLDQV 
 (SKHVLDQV
 0DUN
 6DPXHO

&KDSWHU
7KH9LVLWDWLRQ


,QWKHPRUQLQJ-RVHSKURGHZLWK6LSSRUDKDQGPHWR1HZNLUNDUULYLQJPLGPRUQLQJDVWKH&KLHIKDGLQVWUXFWHG$IWHUSDUNLQJWKHWUXFN
ZHZDONHGWRZDUGWKH7RZQ+DOOLQWKHFHQWHURIWRZQ$VZHSDVVHGE\RQHRIWKHKRXVHVDORQJWKHVWUHHWDGRRURSHQHGDQG3DXO
FDOOHGWRXVLQDORXGZKLVSHU

³$QDYD$OORI\RX2YHUKHUH´

:HVWRSSHGDQGWXUQHGDVLGHDQG3DXOPRWLRQHGWRXVWRFRPHTXLFNO\:HVWHSSHGLQVLGHWKHKRXVHDQG3DXOFORVHGWKHGRRUTXLFNO\
³7KH\LQWHQGWRDUUHVW\RXDVVRRQDV\RXDUULYH7KHFRXUWKRXVHKDVDOUHDG\EHHQSUHSDUHGWREULQJ\RXWRLPPHGLDWHWULDODQGWKH\
PHDQWRVHQWHQFH\RXTXLFNO\DQGTXLHWO\EHIRUH\RXFDQFDXVHWKHPDQ\WURXEOH´

³:HNQRZWKDWWKH\LQWHQGWRDFFXVHXVZLWKIDOVHDFFXVDWLRQV´,UHSOLHG³IRUZHOHDUQHGWKLVIURPWKHGRYHODVWQLJKW6RQRZWKLV
UHYHODWLRQLVFRQILUPHG:KDWGR\RXVXJJHVW"´

³6LQFHWKH\ZDQWWRKROGDVHFUHWWULDO´3DXOVDLG³,VXJJHVWWKDWZHPDNHLWDYHU\SXEOLFWULDO´

³3HUIHFW´-RVHSKVDLGZLWKDODXJK³+RZVKDOOZHGRWKDW"´

³6RPHRQHFRXOGULQJWKHEHOOLQWKHWRZQVTXDUH´,RIIHUHG

³<HVWKDWZRXOGJDWKHUWKHSHRSOH´3DXOVDLGQRGGLQJKLVKHDG³%XWLQRUGHUIRUWKLVWRZRUNZHPXVWILUVWDOORZ\RXWREHDUUHVWHG
DQG EURXJKW WR WKH FRXUW KRXVH IRU WULDO ,I ZH JDWKHU WKH SHRSOH WRR VRRQ WKH\ ZRXOG VLPSO\ FDQFHO WKH SODQ 7KH\ PXVW EH FDXJKW
FRQGXFWLQJDQLOOHJDOVHFUHWWULDOIRURQO\WKHQFDQWKH\EHH[SRVHG2QFHWKHWULDOKDVEHJXQZHFDQEULQJDFURZGRISHRSOHDQGUXLQ
WKHLUDWWHPSWDWVHFUHF\´
65
³:KDWWKHQ"´,DVNHG³+RZVKDOOZHGHIHQGRXUVHOYHV"´

³'R QRW EH FRQFHUQHG EHIRUHKDQG DERXW ZKDW \RX DUH WR VD\´ 3DXO UHVSRQGHG  ³-XVW VD\ ZKDWHYHU LV JLYHQ WR \RX DW WKH WLPH
5HPHPEHUWKDWLWLVQRW\RXVSHDNLQJEXWWKHQHZFUHDWLRQPDQZLWKLQ\RXZKRVSHDNV:HGRQRWNQRZH[DFWO\WKHQDWXUHRIWKHLU
DFFXVDWLRQVVRWKHUHLVQRSRLQWLQSUHSDULQJDKHDGRIWLPH:HNQRZKRZHYHUWKDWWKHWUXWKLVLQXVDQGWKDWWKHWUXWKZLOOVHWXV
IUHH´

³,ZLOOULQJWKHEHOODQGJDWKHUWKHFURZGDIWHU\RXDUHDUUHVWHG´3DXODGGHG³7KHSHRSOHNQRZPHDQGWKH\ZLOOFRPH1RGRXEWWKH
QHZVKDVDOUHDG\VSUHDGWKURXJKWRZQDERXW\HVWHUGD\¶VHYHQWVLQ&RVPRVDQGLIQRWKLQJHOVHWKH\ZLOOFRPHRXWRIFXULRVLW\´

³7KHQLWLVVHWWOHG´-RVHSKVWDWHG³/HWXVFRQIURQWRXUDFFXVHUVLQIDLWKDQGZLWKRXWIHDU´

³,DPZLWK\RX´,WROGKLP

³$QGPH´6LSSRUDKVDLG

³3HUKDSVLWLVEHVWLI\RXVWD\EHKLQGZLWK3DXO´,VXJJHVWHG³+HPD\QHHGKHOSDQG,GRQRWVHHDQ\QHHGIRU\RXWRSXW\RXUVHOILQWR
GDQJHU´

³,DJUHH´-RVHSKVDLG³<RXDUHDQRXWVLGHUDQGIHZZRXOGUHFRJQL]H\RX<RXZRXOGEHDEOHWRZDONDPRQJWKHFURZGIUHHO\ZLWKRXW
GUDZLQJVXVSLFLRQ´

³2ND\,VXSSRVH\RXDUHULJKW%XW,DOZD\VOLNHDJRRGDGYHQWXUH´VKHVDLGUHOXFWDQWO\

³1RGRXEW\RXZLOOKDYH\RXUDGYHQWXUH´,VDLGWRKHU³EXWHDFKRIXVPXVWSOD\DGLIIHUHQWSDUWLQWKLVKXUULFDQH+HUHWDNHP\VWDII´

:LWKWKDW-RVHSKDQG,VWHSSHGEDFNRXWLQWRWKHVWUHHWDQGFRQWLQXHGZDONLQJWRZDUGWKHFHQWHURIWRZQ:HKDGQRWJRQHIDUZKHQD
FDUKDYLQJRIILFLDOPDUNLQJVSXOOHGXSEHVLGHXVDQGWZRPHQJRWRXW³&RPHZLWKXV<RXDUHXQGHUDUUHVW´RQHRIWKHPVDLGLQD
FRPPDQGLQJYRLFH³*HWLQWRWKHFDU´

³<HVVLU´,UHSOLHGUHVSHFWIXOO\:HJRWLQWRWKHFDUDQGWKHRIILFHUVVODPPHGWKHGRRUVVKXWORFNLQJXVLQWKHEDFNVHDWRIWKHYHKLFOH
7KHQWKH\GURYHXVWKHVKRUWGLVWDQFHWRWKHFRXUWKRXVHDQGSDUNHGWKHFDULQIURQWRIWKHGRRU7KHRIILFHUVRSHQHGWKHUHDUGRRUVRI
WKHFDUDQGZHZHUHGUDJJHGRXWRIWKHFDUDQGWKURXJKWKHGRRULQWRWKHFRXUWKRXVH7KHGRRUZDVORFNHGEHKLQGXVDQGP\KHDUW
VDQNDV,UHDOL]HGWKDWZHKDGQRNH\WRWKHEXLOGLQJ+RZFRXOGWKHWRZQVSHRSOHJHWLQWRPDNHWKLVVHFUHWWULDOSXEOLF"

:HZHUHWKHQEURXJKWLQWRWKHFRXUWURRP7KHPD\RUZDVZDLWLQJRQRQHVLGHDQGZHZHUHXVKHUHGWRWKHRWKHUVLGHRIWKHFRXUWURRP
RSSRVLWHWKHPD\RU:HKDGVFDUFHO\VDWGRZQZKHQZHZHUHLQVWUXFWHGWRULVHDVWKHMXGJHZDONHGLQWRWKHURRP$IWHUWKHSUHOLPLQDU\
SURFHHGLQJVKDGFRQFOXGHGWKHMXGJHUHDGWKHFKDUJHVDJDLQVWXVVHGLWLRQDQGGHIDFLQJSXEOLFSURSHUW\

:HWULHGQRWWRODXJK

$VWKHPD\RUVWRRGXSWRFDOOZLWQHVVHVDJDLQVWXVWKHEHOOUDQJWKUHHWLPHVLQWKHGLVWDQFH:HORRNHGDWHDFKRWKHUNQRZLQJO\7ZR
ZLWQHVVHVZHUHFDOOHGWRUHODWHZKDW-RVHSKKDGVDLGDERXWUHSODFLQJWKH7RZQ&RXQFLORQDFFRXQWRIWKHLUXVXUSDWLRQRISRZHU7KLV
ZDV WUXH RI FRXUVH DOWKRXJK WKH ZLWQHVVHV H[SUHVVHG JUHDW LQGLJQDWLRQ VSLQQLQJ WKH VWRU\ DV D UHYROXWLRQDU\ DFW E\ FRQVSLUDWRUV
DWWHPSWLQJWRRYHUWKURZWKHODZIXOJRYHUQPHQWRI1HZNLUN

$V IRU WKH FKDUJH RI GHIDFLQJ SXEOLF SURSHUW\ ZLWQHVVHV IURP &RVPRV URVH XS WR WHVWLI\ WKDW ZH KDG DOWHUHG WKH QDWXUDO ZDWHU IURP
0DUDK )RXQWDLQ LQ 0RRQ 3OD]D %HFDXVH WKH ZDWHU LWVHOI ZDV FODLPHG DV SXEOLF SURSHUW\ DQG EHFDXVH ZH KDG VZHHWHQHG WKH ZDWHU
ZLWKRXWDSHUPLWWKHZLWQHVVHVDJDLQWROGWKHVWRU\LQGUDPDWLFIDVKLRQDVLIZHKDGKDUPHGWKHHQWLUHWRXULVWLQGXVWU\RIWKHWRZQ

,WGLGQRWVHHPSURSHUIRUXVWREHFKDUJHGLQ1HZNLUNZLWKGHIDFLQJSXEOLFSURSHUW\LQ&RVPRVEXWWKHMXGJHSURGXFHGVRPHSDSHUV
IURPWKH7RZQ&RXQFLORI&RVPRVJLYLQJWKHPWKHULJKWWRWU\XVRQWKHLUEHKDOIIRUWKLV³FULPH´

:KHQLWFDPHWLPHIRUXVWRWHVWLI\RQRXURZQEHKDOI-RVHSKURVHWRKLVIHHWWHVWLI\LQJILUVWWKDWLWZDVQRWVHGLWLRQWRUHVWRUHWRWKH
ULJKWIXO2ZQHUWKDWZKLFKWKH7RZQ&RXQFLOKDGXQODZIXOO\XVXUSHGIRUWKHLURZQXVH$VWKHFKLHIVWHZDUGKHKDGDXWKRUL]DWLRQIURP
&KLHI+LDPRYLKLPVHOIWRUHVWRUHWKHODZIXOULJKWVRIWKH&UHDWRU7KHODQGDQGWKHZDWHUKDGEHHQXVXUSHGE\WKH7RZQ&RXQFLODVLI
WKHUHZHUHQR&UHDWRURUDVLIWKH&UHDWRUKDGDEDQGRQHG+LVSURSHUW\ORQJDJR

$VIRU0DUDK)RXQWDLQWKH7RZQ&RXQFLORI&RVPRVKDGEXLOWWKHVWUXFWXUHLWVHOIEXWLWKDGQRWFUHDWHGWKHZDWHUIORZLQJXSIURPWKH
JURXQG1RWKLQJRIWKH)RXQWDLQLWVHOIKDGEHHQFKDQJHGRUGHIDFHG2QO\WKHZDWHUKDGEHHQKHDOHG³7KHVHFKDUJHV´-RVHSKLQVLVWHG
³DUHEDVHGRQWKHDVVXPSWLRQWKDWWKH7RZQ&RXQFLORZQVWKHZDWHUZKHQLQIDFWLWGRHVQRW7KH&UHDWRURZQVWKHZDWHUDQGWKH7RZQ
66
&RXQFLOXVHVLWQRWDVDULJKWEXWRQO\DVDSULYLOHJH´

-XVWWKHQWKHGRRURSHQHGDQGDIORRGRISHRSOHVWUHDPHGLQWRWKHFRXUWURRPLQWHUUXSWLQJWKHFRXUWSURFHHGLQJV7KHPD\RUMXPSHGXS
DQGVFUHDPHG³+RZGLG\RXJHWLQ":KROHW\RXLQ"(YHU\RQHJHWRXWLPPHGLDWHO\<RXKDYHQREXVLQHVVEHLQJKHUH,W¶VSULYDWH
7KLVLVDQRIILFLDOPHHWLQJ´

³,WORRNVOLNHDWULDOWRPH´VDLGRQHRIWKHP³<RXNQRZWKDWVHFUHWWULDOVDUHQRWDOORZHG7KHSXEOLFDOZD\VKDVDULJKWWRDWWHQGWULDOV
$QGWKLVLVDSXEOLFEXLOGLQJ:HKDYHHYHU\ULJKWWREHKHUH´

7KHMXGJHORRNHGDWWKHPD\RUEXWWKHPD\RUORRNHGIOXVWHUHG7KHLUSODQZDVXQFRYHUHGDQGWKHUHZDVQRZD\WRUHJDLQVHFUHF\,
ORRNHGDW-RVHSKDQGVPLOHG/RRNLQJRYHUWKHFURZG,VDZ3DXODQG6LSSRUDKLQWKHEDFNRIWKHURRPKRSLQJWREOHQGLQWRWKHFURZG
7KHOLWWOHFRXUWURRPZDVSDFNHGZDOOWRZDOOZLWKSHRSOH,WLVGRXEWIXOLIWKHURRPKDGHYHUEHHQVRSDFNHGDWDQ\SDVWWULDO

7KHMXGJHDQGWKHPD\RUNQHZWKDWWKH\KDGEHHQVW\PLHGDQGVRWKHMXGJHEURXJKWGRZQKLVJDYHODQGVDLGORXGO\³7KLVFDVHLVQRZ
LQUHFHVVDQGLVSRVWSRQHGWRDODWHUGDWHWKDWLV\HWWREHGHWHUPLQHG´6RWKHWULDOFDPHWRDQDEUXSWHQG

%XWWKHSHRSOHZHUHQRWVRHDVLO\GLVPLVVHG³:K\ZHUH\RXKROGLQJDQLOOHJDOVHFUHWWULDO"´GHPDQGHGRQHPDQ7KHPD\RUGLGQRW
UHSO\WU\LQJWRLJQRUHWKHTXHVWLRQ

7KHQ3DXOVWHSSHGWRWKHIURQWRIWKHURRPDQGFRQIURQWHGWKHPD\RUIDFHWRIDFH7KHPD\RUWXUQHGSDOHDV3DXODGGUHVVHGKLP³,I\RX
ZDQW WR KROG D WULDO WKHQ DUUHVW PH IRU WKH PXUGHU RI &RXQFLOPDQ 0RUJDQ´ KH VDLG ³, FRQIHVV WR WKDW FULPH , GLG LW EHFDXVH , ZDV
IROORZLQJWKHRUGHUVRIWKHPD\RURI&RVPRVZKRJRWKLVRUGHUVIURP\RXWKHFKDLUPDQRIWKH5KRGRPRQ6RFLHW\&RXQFLOPDQ0RUJDQ
ZDVJRLQJWRH[SRVH\RXDQGWKH6RFLHW\IRUXVXUSLQJWKHJRYHUQPHQWVRI1HZNLUNDQG&RVPRV+HZDVDIHOORZ6RFLHW\PHPEHUEXW
KHUHSHQWHGDIWHUGLVFRYHULQJWKDW\RXZHUHRSHUDWLQJDEURWKHORQWKHVLGH+HSDLGIRUWKLVZLWKKLVOLIH´

7KHPD\RUWXUQHGUHG ZLWKDQJHU³+RZGDUH\RXDFFXVHPHRIWKLV´KHVKRXWHG³,I\RXDUHJXLOW\\RXZLOOEHSXQLVKHGEXW,KDG
QRWKLQJWRGRZLWKLW<RXFDQQRWSURYHDQ\WKLQJDJDLQVWPH$QGZKDW¶VWKLVDERXWDEURWKHO",NQRZQRWKLQJDERXWDEURWKHO´

³,WKLQN\RXGR´VDLGDZRPDQ¶VYRLFHIURPWKHFURZG0DJJLHVWHSSHGIRUZDUGDQGFDOPO\VWDWHG³0RUJDQZDVP\IDWKHUDQGDIWHUKH
ZDVNLOOHGP\PRWKHUDQG,PRYHGWR1HZNLUNIHDULQJIRURXUOLYHV´6KHORRNHGDURXQGDWWKHFURZG³:HWKRXJKWZHZRXOGEHVDIH
KHUH%XWLQVWHDGZHGLVFRYHUHGWKDWZHKDGPRYHGLQWRWKHYHU\KHDUWRIGDQJHU,UHPHPEHUWKDW\RXFDPHWRWKHOLWWOHVKDFNZKHUHZH

ZHUHOLYLQJDQGDWWKHWLPHZHDVVXPHG\RXZHUHJRLQJWRKHOSXVWRVXUYLYH%XW\RXGHPDQGHGWKDWP\PRWKHUSXWPHWRZRUNLQ\RXU
EURWKHODQGZKHQVKHZDVKRUULILHG\RXWKUHDWHQHGKHUZLWKWKHVDPHIDWHDVP\IDWKHU´

6KHSDXVHGEHIRUHFRQWLQXLQJ³,ZDVIRUFHGWRZRUNWKHUHXQWLOMXVWDIHZGD\VDJRZKHQ,KHDUGWKHZRUGVRIORYHDQGFRPIRUWDWWKH
7RZQ&RXQFLOPHHWLQJ,WKHQUHFHLYHGDVHHGRI(O\RQLQP\HDUDQGP\OLIHZDVIRUHYHUFKDQJHG´

7KHFURZGZDVWUDQVIL[HGE\KHUFDOPDQGFRQILGHQWWHVWLPRQ\:KDWFRXUDJHVKHKDV,WKRXJKWWRVWDQGXSWRWKHPD\RUDQGWHVWLI\RI
KHURZQVKDPHIXOOLIH2QO\RQHWKDWKDGWUXO\DSSURSULDWHGIRUJLYHQHVVFRXOGRSHQO\FRQIHVVVXFKWKLQJVZLWKVXFKEROGFRQILGHQFH
+HUWLPHRIFDSWLYLW\ERWKH[WHUQDODQGLQWHUQDOKDGHQGHG1RORQJHUDQ$QGURPHGDVKHZDVQRZDZRPDQIUHHGDQGFURZQHGWKH
&DVVLRSHLDRISURSKHF\

7KHPD\RUZDVVKDNHQE\KHUVHUHQLW\DQGFRQILGHQFHEXWKHVWHDGLHGKLPVHOIZLWKDGHHSEUHDWK³<RXFDQQRWWLHDQ\RIWKLVWRPH´
WKHPD\RULQVLVWHG³<RXKDYHQRSURRI´

³3HUKDSVQRW´FDPHDYRLFHIURPWKHEDFNRIWKHURRP1RRQHKDGVHHQWKHKRRGHGVWUDQJHUZDONLQWRWKHURRP%XWQRZKHPDGHKLV
ZD\WRZDUGWKHIURQW³%XW,KDYHSURRIRIPXUGHU,QIDFW,DPWKHSURRI´+HUHPRYHGKLVEODFNKRRGIRUDOOWRVHHKLVIDFH

³)DWKHU´FULHG0DJJLHUXVKLQJDFURVVWKHURRP$VVKHWKUHZKHUDUPVDURXQGKLPKHUYRLFHTXLYHUHGZLWKHPRWLRQDVVKHZDLOHG
³<RX¶UH DOLYH <RX¶UH DOLYH +RZ GLG WKLV KDSSHQ"´ $W WKDW PRPHQW DOO WKH HPRWLRQ WKDW KDG EHHQ SHQW XS LQ \HDUV RI PRXUQLQJ
VXGGHQO\EXUVWWRWKHVXUIDFH7KHIORRGJDWHVKDGEHHQRSHQHGE\KHUVXUSULVHDQGMR\

6WLOOKROGLQJKLVEHORYHGGDXJKWHU0RUJDQORRNHGXSDQGDGGUHVVHGWKHFURZG³/DVWQLJKW,IHOWDEXUVWRIOLIHDQGHQHUJ\DQG,DZRNH
WRILQGP\VHOIDWWKHERWWRPRIWKHULYHUZKHUH,KDGEHHQSXVKHG%XWWKHZHLJKWVIHOORIIP\ERG\DQG,FDPHWRWKHVXUIDFHDQGVZDP
DVKRUH7KHZDWHURIOLIHKDVEURXJKWPHEDFNWRWHVWLI\DJDLQVWWKHUXOHUVLQWKLVJHQHUDWLRQ´

7KHQWZRPRUHVWUDQJHUVVWHSSHGIRUZDUGDPDQDQGDZRPDQ³:HWRRZLOORIIHURXUWHVWLPRQ\´WKHZRPDQVDLG³,RQFHWUDYHOOHGD
JUHDWGLVWDQFHGXULQJP\OLIHWLPHLQRUGHUWRKHDUWKHZLVGRPRIDULJKWHRXVNLQJ%XWDVIRU\RXWKHWUXWKLVKHUHEHIRUH\RXUYHU\H\HV
DQG\RXKDYHUHMHFWHGLW,WHVWLI\DJDLQVW\RXRQEHKDOIRIDOOWKRVHZKRQHYHUKDGWKHRSSRUWXQLW\WRKHDUWKHWUXWKWKRVHZKROLYHGDQG
GLHGLQLJQRUDQFH´

³,WRRZLOOWHVWLI\DJDLQVW\RX´VDLGWKHPDQVWDQGLQJZLWKKHU³,VSHDNIRUP\JHQHUDWLRQLQWKHGLVWDQWSDVWZKRUHSHQWHGZKHQD
67
SURSKHWEURXJKWWKHVHHGVRIWUXWKWRP\FLW\HYHQWKRXJKZHNQHZYHU\OLWWOH:HZHUHDOOYHU\UHOLJLRXVEXWZHGLGQRWNQRZWKHWUXH
FKDUDFWHURIORYHDQGJUDFHLQKHUHQWLQWKH&UHDWRU¶VQDWXUH(YHQVRZHKDGHDUVWRKHDUWKHWUXWKDQGRXUFLW\ZDVVSDUHG,WHVWLI\WR
\RXWKDWLIWKLVFLW\GRHVQRWUHSHQWLWZLOOIDFHWKHVDPHIDWHDVWKHZLFNHGFLWLHVRISDVWJHQHUDWLRQV$QGLIWKHOHDGHUVGRQRWUHSHQW
WKH\ZLOOEHMXGJHG´

(YHU\H\HDQGHYHU\HDULQWKHFURZGHGURRPVWUDLQHGWRKHDUHYHU\ZRUGRIWHVWLPRQ\EHLQJJLYHQE\WKHVHWKUHHUHVXUUHFWHGRQHV
(YHU\RQHZDVLQDZHDQGDPD]HPHQWDWWKHPRVWXQXVXDOYLVLWDWLRQIURPERWKGLVWDQWDQGUHFHQWJHQHUDWLRQV6RPHWKLQJYHU\VSHFLDO
ZDVKDSSHQLQJVRPHWKLQJWKDWPDQ\KDGZLVKHGIRUDIHZKDGH[SHFWHGEXWQRQHXSWRQRZKDGZLWQHVVHG

7KHPD\RUDQGWKHMXGJHFRXOGHQGXUHGHIHDWQRORQJHU%RWKUXVKHGWRZDUGWKHMXGJH¶VFKDPEHUDQGLPPHGLDWHO\OHIWWKHEXLOGLQJ
WKURXJKDUHDUGRRU7KHWRZQVSHRSOHLQWKHFRXUWURRPJDYHDJUHDWFKHHUDQGZHOHDUQHGODWHUWKDWVRPHKDGVHHQWKHPHDFKOHDYLQJ
1HZNLUNLQWKHLUFDUVDWKLJKUDWHVRIVSHHG

:LWKWKHWULDOLQWHUUXSWHGEHIRUHLWFRXOGEHFRQFOXGHGWKHSURFHHGLQJVZHUHLQYDOLGDQGWKHSHRSOH¶VH\HVZHUHRSHQHGQRWRQO\WRWKH
VLQLVWHUFKDUDFWHURIWKHLUOHDGHUVDQGWKH5KRGRPRQ6RFLHW\EXWDOVRWRWKHZRUGRIWUXWKZKLFK-RVHSK-RVKXDDQG,KDGUHFHLYHG
IURPWKH0RXQWDLQ

0\H\HVVHDUFKHGWKHFURZGIRU6LSSRUDKDQG,VDZKHUPDNLQJKHUZD\VORZO\WRZDUGPHKROGLQJWKH-XELOHHVWDII:KHQZHZHUH
UHXQLWHGZHHDFKKHOGRQHHQGRIWKHVWDIIKLJKRYHURXUKHDGVDQGVKRXWHGORXGO\³:HGHFODUHD-XELOHHRYHU1HZNLUN/HWDOORIWKH
WRZQVSHRSOHEHVHWIUHHE\WKHWUXWK´

$JUHDWVKRXWZHQWXSRQFHDJDLQDVWKHSHRSOHUHMRLFHGRYHUWKHLUQHZO\GLVFRYHUHGOLEHUW\

7KHQWXUQLQJWR3DXO,DVNHG³+RZGLG\RXJHWLQWRWKHEXLOGLQJ",VDZWKHPORFNWKHGRRUZKHQWKH\GUDJJHGXVKHUH´

3DXO VPLOHG ³, KDYH PDGH D QHZ \RXQJ IULHQG´ KH VDLG 7XUQLQJ KH EHFNRQHG KLV IULHQG WR FRPH QHDU DQG ZH DOO UHFRJQL]HG KLP
³-XDQ´,H[FODLPHG-XDQKHOGXSDNH\IRUDOOWRVHH

³,KDYHDNH\WRWKHEXLOGLQJ´KHVDLG

³%XW KRZ GLG \RX JHW WKDW NH\"´ , DVNHG ZLWK D SX]]OHG ORRN ³, GRXEW WKDW YHU\ PDQ\ SHRSOH DUH HQWUXVWHG ZLWK D NH\ WR WKH
FRXUWKRXVH´

³7KHPD\RULVP\XQFOH´KHLQIRUPHGXV³+HLVP\PRWKHU¶VEURWKHU,DP²RUZDV²SDUWRIKLVIDPLO\VR,ZDVDEOHWRRSHQWKHGRRU
IRUWKHSHRSOH´

³:HOOZHOO´-RVKXDVDLG³<RXKDYHFHUWDLQO\SOD\HGDQLPSRUWDQWUROHLQRXUUHOHDVHWRGD\<RXDUHWKHKHURLQGHHG+HUHDIWHU\RX
ZLOOEHNQRZQDVWKH%HORYHG'LVFLSOHWKH.HHSHURIWKH.H\WRWKH7UHDVXU\´

$QRWKHUJUHDWVKRXWZHQWXSIURPWKHFURZG

7KH WKUHH UHVXUUHFWHG RQHV DIWHU WDONLQJ WR PDQ\ RI WKH WRZQVSHRSOH LQ WKH FRXUWURRP DW ODVW VDLG IDUHZHOO DV WKHLU FORWKLQJ ZDV
FKDQJHGWRDEULOOLDQWZKLWHDQGWKHLUIRUPVPHOWHGOLNHGHZLQWKHZDUPPRUQLQJVXQ0RUJDQKLPVHOIWXUQHGWRKLVGDXJKWHUKXJJHG
KHUWLJKWO\NLVVHGKHURQWKHIRUHKHDGDQGH[SODLQHGWKDWKHZDVQRZDGLIIHUHQWSHUVRQRIDKLJKHURUGHUDQGWKDWKHFRXOGQRWUHPDLQ
ORQJ³,QRZKDYHDKLJKHUFDOOLQJWKDWDIIHFWVPDQ\PRUHSHRSOH´KHWROGKHU³,FDQQRWVWD\EXW,ZLOOYLVLW\RXIURPWLPHWRWLPHDQG
RQHGD\\RXZLOOXQGHUVWDQGPRUHIXOO\DIWHU\RXDUHFKDQJHGLQWRWKHOLNHQHVVRIWKH&UHDWRU´

:LWKWKDWKHUHOHDVHG0DJJLHDQGGLVDSSHDUHGLQDEULOOLDQWIODVKRIOLJKW

)RRWQRWHV
 /XNH
 -RKQ
 -HVXVZDVWULHGDWQLJKWLQRUGHUWRGRVRLQVHFUHW7KHUHWKH\EURXJKWIRUWKIDOVHZLWQHVVHV 0DWWKHZ 
 0DWWKHZ
 0DWWKHZ
 -RKQWKH$SRVWOH -XDQLQ6SDQLVK ZDVRIWKHKLJKSULHVW¶VIDPLO\+HVSRNHWRWKHGRRUNHHSHUDW-HVXV¶WULDOVRWKDW3HWHUFRXOG
JDLQ HQWUDQFH -RKQ    )RU IXUWKHU LQIRUPDWLRQ VHH P\ ERRN'U /XNH +HDOLQJ WKH %UHDFKHV %RRN  ³7KH &OLPD[´
68
FKDSWHU

&KDSWHU
5HQHZDO


1HZNLUNKDGEHHQGHOLYHUHGIURPHYLOWKDWPRVWRIWKHSHRSOHQHYHUVXVSHFWHGHYHQWRH[LVW7KH\KDGEHHQWROGWKDWVXFKHYLOVH[LVWHG
LQ&RVPRVEXWFHUWDLQO\QRWLQ1HZNLUN%XWZKHQWKHPD\RUDQGWKHMXGJHIOHGWKHWRZQWKHVDPHGD\WKHLURIILFHVDQGKRPHVZHUH
LQYHVWLJDWHGDQGDOOPDQQHURIQHZHYLGHQFHZDVGLVFRYHUHG7KRVHIRUFHGWRZRUNDWWKHEURWKHOZHUHUHOHDVHGDQGDUUDQJHPHQWVZHUH
PDGHE\FRQFHUQHGFLWL]HQVWRFDUHIRUWKHPXQWLOWKH\FRXOGILQGSXUSRVHLQOLIH

:KDW DQJHUHG WKH FLWL]HQV RI 1HZNLUN PRVW SHUKDSV ZDV WKH K\SRFULV\ ,W ZDV GLVFRYHUHG WKDW WKH PD\RU RI 1HZNLUN KDG PDGH DQ
DOOLDQFHZLWKWKHPD\RURI&RVPRVDQGWKDWERWKRIWKHPKDGUHWDLQHGWKHLUSRZHUWKURXJKWKH5KRGRPRQ6RFLHW\%RWKPD\RUVKDG
DJUHHGWRFULWLFL]HHDFKRWKHULQRUGHUWRPDNHWKHPVHOYHVORRNJRRGLQWKHH\HVRIWKHLURZQWRZQVSHRSOHZKLOHDWWKHVDPHWLPHWKH\
ZHUHVHFUHWDOOLHV

:RUG VSUHDG TXLFNO\ WKURXJK 1HZNLUN DERXW WKH DWWHPSWHG WULDO KHOG LQ VHFUHW KRZ WKH WULDO KDG EHHQ IRLOHG E\ WKH WHVWLPRQLHV RI
XQH[SHFWHGZLWQHVVHVDQGKRZWKHPD\RUDQGWKHMXGJHKDGIOHG,WZDVQRWORQJEHIRUHDJUHDWFURZGRISHRSOHKDGJDWKHUHGLQWKH
WRZQVTXDUHWRKHDUWKHQHZVDQGWRVHHIRUWKHPVHOYHVZKDWZDVWUDQVSLULQJ

,WEHFDPHQHFHVVDU\WKHQWRLQIRUPWKHSHRSOHLQRUGHUWRSUHYHQWUXPRUDQGJRVVLSIURPWDLQWLQJWKHWUXWK$PDNHVKLIWSODWIRUPZDV
KDVWLO\HUHFWHGLQWKHVTXDUHDQG-RVKXDVWRRGXSRQLWWRDGGUHVVWKHSHRSOH

³3HRSOHRI1HZNLUN´KHEHJDQ³OLVWHQWRPH,PSRUWDQWHYHQWVKDYHRFFXUUHGWRGD\ZKLFKZLOOIRUHYHUFKDQJHRXUWRZQ7KH&UHDWRU
KDV LQWHUYHQHG LQ RXU DIIDLUV LQ RUGHU WR IXOILOO +LV YRZ WR PDNH XV +LV SHRSOH *UHDW HYLO KDV EHHQ H[SRVHG ZLWKLQ WKH WRZQ¶V
JRYHUQPHQW7KHPD\RUDQGWKHMXGJHKDYHIOHGUDWKHUWKDQIDFHSURVHFXWLRQDQGPDQ\RIWKH7RZQ&RXQFLOPHPEHUVDUHDOVRQRZKHUH
WR EH IRXQG ,W VHHPV WKDW RQO\ WKH UHSHQWDQW RQHV KDYH FKRVHQ WR UHPDLQ DQG LW LV P\ UHFRPPHQGDWLRQ WKDW WKH\ EH IRUJLYHQ EXW
UHSODFHGE\RWKHUV7KHLQYHVWLJDWLRQZLOOWDNHORQJHUWRFRQFOXGHDQGZKHQDOORIWKHHYLGHQFHLVREWDLQHGLWZLOOEHSXEOLVKHGIRUDOO
WRVHH´

69
³0HDQZKLOH´ KH FRQWLQXHG ³ZH QHHG WR HOHFW QHZ JRYHUQPHQW RIILFLDOV WR RYHUVHH WKH UHVW RI WKLV LQYHVWLJDWLRQ DQG WR FRQGXFW WKH
DIIDLUVRI1HZNLUN´

³,QRPLQDWH-RVKXDIRUPD\RU´VRPHRQHVKRXWHGIURPWKHFURZG³<HV´DQRWKHUYRLFHUHVSRQGHG2WKHUYRLFHVWKHQMRLQHGZLWKWKHLUV
$ JUHDW URDU RI DSSURYDO URVH XS IURP WKH VTXDUH ³-RVKXD -RVKXD -RVKXD´ WKH\ VKRXWHG LQ XQLVRQ :KHQ WKHLU YRLFHV GLHG GRZQ
-RVHSKWKHQFOLPEHGXSRQWKHSODWIRUPDQGKHOGXS-RVKXD¶VDUP³$OOLQIDYRURI-RVKXDVD\D\H´

³$\H´FDPHWKHJUHDWVKRXW

³$OORSSRVHGVD\QD\´$JUHDWTXLHWVHWWOHGXSRQWKHFURZGIRUDPRPHQWDQGWKHQWKHMR\IXOFURZGEXUVWRXWLQODXJKWHU

³7KHQ,GHFODUH-RVKXDWREHRXUQHZPD\RU´-RVHSKVKRXWHG7KHFURZGDJDLQHUXSWHGZLWKDSSURYDODV-RVHSKGURSSHG-RVKXD¶VDUP

*LYLQJWKHSHRSOHDPRPHQWWRVHWWOHGRZQDJDLQ-RVKXDVSRNHDJDLQ³,QHHGJRRGPHQDQGZRPHQWRDVVLVWPHDVWKH7RZQ&RXQFLO

³<RXFKRRVHIRUXV´DYRLFHVKRXWHG³:HGLGQRWGRVXFKDJRRGMRERIWKLVLQWKHODVWHOHFWLRQ$SSRLQWWKRVHZKRDUHOLNH\RXWKRVH
WKDW\RXNQRZDUHULJKWHRXV´

7KHFURZGDJDLQDSSURYHGQRLVLO\

³7KHQ,KHUHE\DSSRLQW,YDQ$WVDDQG-XDQDPRQJWKHPHQDQG,DSSRLQW0DJJLH'DNRWDDQG%U\QDPRQJWKHZRPHQ7KHVH´KH
VDLG³DUHDOOULJKWHRXVDQGZLOOSURYLGHDJRRGEDODQFHEHWZHHQPHQDQGZRPHQWRUHSUHVHQWWKHWRZQ7KH\KDYHDOOUHFHLYHGWKHVHHG
RI(O\RQLQWKHLUHDUVDQGKDYHGUXQNRIWKHOLYLQJZDWHUV´

7KHFURZGVKRXWHGLWVDSSURYDO

³$OVR´-RVHSKVDLG³ZHQHHGWRDSSRLQWDQHZMXGJH,NQRZVXFKDPDQZKRKDVWKHVSLULWRIZLVGRP,EHOLHYHWKDW.X\DQLLVDJRRG
PDQIRUWKHMREDQGKHZLOOMXGJHDOOGLVSXWHVZLWKDJRRGEDODQFHRIMXVWLFHORYHDQGPHUF\´

³<HV<HV´WKHFURZGVKRXWHG

³7KHQLWLVVHWWOHG´-RVKXDVDLG³:KHQDOOWKHHYLGHQFHLVJDWKHUHGIURPWKHFRUUXSWLRQVFDQGDORIWKHSUHYLRXVDGPLQLVWUDWLRQ.X\DQL
ZLOOMXGJHWKHPDWWHU6R,XUJHWKRVHRI\RXZKRPD\KDYHSDUWLFLSDWHGLQWKDWFRUUXSWLRQWRFRQIHVV\RXUVLQVWRWKHMXGJHVRWKDW\RX
PD\UHFHLYHPD[LPXPPHUF\UHVWRUDWLRQDQGIRUJLYHQHVV'RQRWZDLWXQWLO\RXUFULPHVDUHGLVFRYHUHGE\WKHLQYHVWLJDWRUVIRULIWKH\
PXVWDUUHVW\RXDQGEULQJ\RXWRWKHFRXUW\RXZLOOEHVKRZQOHVVPHUF\´

:LWK WKDW -RVKXD DQG -RVHSK VWHSSHG RII WKH SODWIRUP EXW WKH FURZG FRQWLQXHG WR FHOHEUDWH WKH KROLGD\ 6RRQ D VLJQ ZDV HUHFWHG
VD\LQJ,QGHSHQGHQFH'D\,WRFFXUUHGWRPHWKDWWKLVGD\ZRXOGEHUHPHPEHUHGHYHU\\HDUZLWKDWRZQIHVWLYDOIRULWZDVWKHGD\ZKHQ
1HZNLUNEHJDQRQFHDJDLQWROLYHXSWRLWVQDPH<HDUVDJRZKHQLWVQDPHZDVFKDQJHGIURP.LUNWR1HZNLUNWKHYHU\FKDUDFWHURIWKH
WRZQFKDQJHGEXWRYHUWKH\HDUVLWKDGUHYHUWHGWRLWVHDUOLHUSUDFWLFHVDQGEHOLHIV<HWQRZDOOKDGFKDQJHGDQGWKHWRZQZDVUHQHZHG
WRZKDWLWZDVSXUSRVHGWREH

7KHQ,IHOWDKDQGRQP\VKRXOGHUDQG,WXUQHGWRVHHWKHVPLOLQJIDFHRI-RVHSK(YHQWKHOLQHVRQKLVIDFHZHUHVPLOLQJEURDGO\+H
ZDVHYLGHQWO\TXLWHVDWLVILHGDWWKHGD\¶VDFFRPSOLVKPHQWV³:HQHHGWRJRLPPHGLDWHO\WR&RVPRV´KHWROGPH³<HVWHUGD\ZHOHIW
WKHPLQVRPHZKDWRIDFULVLVDQGZHRXJKWWRVHHZKDWKDVWUDQVSLUHGVLQFHWKHQ´

³<HVZHVKRXOGJRDQG3DXOVKRXOGFRPHZLWKXV´,UHVSRQGHG

³2XUHQWLUHIHOORZVKLSRXJKWWRFRPHZLWKXVDVZHOO´KHVDLG³H[FHSWIRU-RVKXDDQGWKRVHZKRKDYHEHHQDSSRLQWHGWRWKH7RZQ
&RXQFLORI1HZNLUN&RPHOHWXVJDWKHUWKHPWRJHWKHUDQGOHDYHDVTXLFNO\DVSRVVLEOH,ZLOOLQIRUP-RVKXDRIRXUSODQV´

)RRWQRWHV
 7KHVRFDOOHG³+RO\$OOLDQFH´DWWKH&RXQFLORI9LHQQDLQDOOLHGWKHVHFXODUQDWLRQVFRQWUROOHGE\)UHHPDVRQU\ZLWKWKH
5RPDQ&KXUFK%RWKKDGDFRPPRQJRDORIUHHVWDEOLVKLQJ³WKHGLYLQHULJKWRINLQJV´,QWKH6HFUHWDU\RIWKH861DY\5
:7KRPSVRQZURWHLQKLVERRN)RRWSULQWVRIWKH-HVXLWVS³7KHVRYHUHLJQVRIWKHµ+RO\$OOLDQFH¶KDGPDVVHGODUJHDUPLHV
DQGVRRQHQWHUHGLQWRDSOHGJHWRGHYRWHWKHPWRWKHVXSSUHVVLRQRIDOOXSULVLQJVRIWKHSHRSOHLQIDYRURIIUHHJRYHUQPHQWVDQGKH
>3RSH3LXV9,,@GHVLUHGWRGHYRWHWKH-HVXLWV>WKHPLOLWLDRIWKH3RSH@VXSSRUWHGE\KLVSRQWLILFDOSRZHUWRWKHDFFRPSOLVKPHQWRI
WKDW HQG +H NQHZ KRZ IDLWKIXOO\ WKH\ ZRXOG DSSO\ WKHPVHOYHV WR WKDW ZRUN DQG KHQFH KH FRXQVHOHG WKHP LQ KLV GHFUHH RI
UHVWRUDWLRQ>RIWKH-HVXLW2UGHUWKDWKDGEHHQGLVEDQGHGLQ@WRVWULFWO\REVHUYHWKHµXVHIXODGYLFHVDQGVDOXWDU\FRXQVHOV¶
70
ZKHUHE\/R\ROD>WKH-HVXLWIRXQGHU@KDGPDGHDEVROXWLRQWKHFRUQHUVWRQHRIWKHVRFLHW\´

&KDSWHU
5HVWRUDWLRQ


,WZDVQRWORQJEHIRUHDVPDOOFRQYR\RIYHKLFOHVZDVKHDGLQJWRZDUG&RVPRV7KHVXQZDV\HWKLJKLQWKHFORXGOHVVVN\$V,SRQGHUHG
YDULRXVVFHQDULRVDERXWZKDWZHPLJKWGLVFRYHULQ&RVPRVP\ZLIHGR]HGEHVLGHPHVWLOOKROGLQJWKH-XELOHHVWDII

$IWHUDIHZPLQXWHVRIVLOHQFHVKHDZRNHZLWKDVWDUW³:KDWLVLW"´,DVNHG

³, VDZ WKH 7RZQ 6TXDUH LQ &RVPRV WKURXJK WKH H\HV RI 6LSSRUH´ VKH VDLG  ³, VDZ D FURZG RI SHRSOH DQG LW ZDV OLNH WKH\ ZHUH
KROGLQJDIHVWLYDORIVRPHNLQGFHQWHUHGDURXQG0DUDK)RXQWDLQ6LFNSHRSOHZHUHEHLQJKHDOHGPHQWDOO\DQGSK\VLFDOO\DVWKH\GUDQN
OLYLQJZDWHUIURPWKH)RXQWDLQ(YHU\RQHLQWKH0RRQ3OD]DVHHPHGYHU\KDSS\DVLIDJUHDWVSLULWXDOEXUGHQKDVEHHQOLIWHGIURPWKH
WRZQ´

³7KHQ,VHHPHGWRIO\RYHUWKHWHPSOHEHKLQGWKH7RZQ+DOO,VDZPHQFDUU\LQJWKLQJVRXWRIWKHEXLOGLQJDQGSXWWLQJWKHPLQDPRYLQJ
YDQ,WDSSHDUVWKDWWKH5KRGRPRQ6RFLHW\LVOHDYLQJ&RVPRV´:HORRNHGDWHDFKRWKHUNQRZLQJWKDWZHQHHGHGWRGRVRPHWKLQJDERXW
WKLV

:HVRRQDUULYHGLQ&RVPRVDQGWKHFRQYR\PDGHLWVZD\WRWKH7RZQ6TXDUH*HWWLQJRXWRIRXUYHKLFOHV,WRRNP\VWDIIDQGZDONHG
WRZDUGWKHKDSS\WXPXOW:HIRXQGPXFKRIWKHWRZQSDFNHGLQWRWKH3OD]DH[FLWHGWRVHHVRPDQ\SHRSOHKHDOHGDQGUHMRLFLQJZLWK
SUDLVHWRWKH&UHDWRUIRU+LVJUHDWJLIWRIOLIH:KHQ-RVHSKDSSHDUHGWKHFURZGUHFRJQL]HGKLPDQGEHJDQWRFKDQWORXGO\³-RVHSK
-RVHSK-RVHSK´

+HZDONHGLQWRWKHFURZGDQGMRLQHGLQWKHLUIHVWLYLWLHV%XW6LSSRUDKDQG,IRXQG3DXOZKRKDGZDQGHUHGLQWRWKHFURZGDQGVDLGWR
KLP³:HEHOLHYHWKDWVRPHWKLQJLVKDSSHQLQJDWWKHWHPSOHDQGZHQHHGWRLQYHVWLJDWH6LQFH\RXNQRZWKRVHSHRSOHLWZRXOGEHD
JRRGWKLQJLI\RXFDPHZLWKXV´

³,ZRXOGEHKDSS\WRDFFRPSDQ\\RX´KHVDLGDQGZHZDONHGTXLFNO\DURXQGWKHFURZGDQGSDVWWKH7RZQ+DOO7KHUHZHVDZWKH
71
PRYLQJYDQDQGPHQORDGLQJLWZLWKIXUQLWXUHDOWDUVSLFWXUHVERRNVDQGRWKHUWKLQJVVDFUHGWRWKH5KRGRPRQV

³:KDWDUH\RXGRLQJ"´3DXODVNHGRQHRIWKHZRUNHUV³:KHUHDUH\RXJRLQJZLWKWKLV"´

³7KDWLVQRQHRI\RXUEXVLQHVV´FDPHWKHUHSO\³:HDUHMXVWIROORZLQJLQVWUXFWLRQV´

³:HOO,EHOLHYHLWLVRXUEXVLQHVVWRNQRZ´3DXOUHVSRQGHG³EHFDXVH\RXDUHUHPRYLQJHYLGHQFHRISRVVLEOHFULPLQDOEHKDYLRUDQG
HYLGHQFHRIFRUUXSWLRQGRQHE\WKHIRUPHU7RZQ&RXQFLOPHPEHUV´

³:HNQRZQRWKLQJRIWKDW:HDUHMXVWGRLQJRXUMRE´WKHZRUNPDQLQVLVWHG

,WXUQHGWR3DXOZKLVSHULQJ³/HWP\ZLIHDQG,ZDWFKWKHPZKLOH\RXJRWRWKH3OD]DDQGWHOOWKHSHRSOHZKDWLVJRLQJRQ%ULQJWKHP
KHUH7KH\QHHGWRVHHWKLV´

3DXO WXUQHG DQG ZDONHG TXLFNO\ EDFN WR WKH 3OD]D $ IHZ PLQXWHV ODWHU D ODUJH FURZG RI WRZQVSHRSOH OHG E\ -RVHSK KLPVHOI FDPH
DURXQGWKH7RZQ+DOODQGVXUURXQGHGWKHPRYLQJYDQ³:KHUHDUH\RXJRLQJZLWKWKLV"´-RVHSKDVNHG

³7KDWLVRXUEXVLQHVVDORQH´FDPHWKHUHSO\

³,WLVQRZWKH7RZQ¶VEXVLQHVV´-RVHSKUHWRUWHG³7KH\GHVHUYHWRNQRZZKDWVRUWRIVHFUHWJRYHUQPHQWKDVEHHQUXOLQJWKHPIRUVR
ORQJ7KLVLVDOVRHYLGHQFHLQDPXUGHULQYHVWLJDWLRQ´

7KHZRUNPDQSURWHVWHG³<RXKDYHQROHJDODXWKRULW\WRJLYHPHRUGHUV*HWRXWRIP\ZD\´

3DXOQRZVWHSSHGWRKLVVLGHDQGDVNHGWKHFURZG³'LG\RXKHDUWKDW"7HFKQLFDOO\KHLVULJKW6LQFHWKHPD\RUKDVOHIWWRZQDQGPRVW
RI WKH &RXQFLO PHPEHUV KDYH GLVDSSHDUHG &RVPRV KDV QR OHJLWLPDWH JRYHUQPHQW WR GHFLGH ZKDW WR GR LQ WKLV FDVH :H QHHG D QHZ
JRYHUQPHQW´

³,QRPLQDWH-RVHSKWREHRXUPD\RU´VRPHRQHVKRXWHGIURPWKHEDFNRIWKHFURZG

7KHFURZGVKRXWHGLWVDSSURYDO3DXOWKHQVKRXWHG³-RVHSKKDVEHHQQRPLQDWHGDVPD\RURI&RVPRV$OOLQIDYRUVD\D\H´

³$\H´URDUHGWKHFURZG

³,VDQ\RQHRSSRVHG"´3DXODVNHG

7KHUHZDVDPRPHQWRIVLOHQFHIROORZHGE\ODXJKWHU6R-RVHSKZDVHOHFWHGE\XQDQLPRXVYRLFHYRWHDVWKHPD\RURI&RVPRV+DYLQJ
VHHQ RU KHDUG DERXWWKHSUHYLRXVGD\¶VVSHFWDFOH RI-RVHSK¶VEHDWLQJDQGKRZKHKDGPDQLIHVWHGWKHLQQHU OLJKWWKDWDERGHLQKLP
HYHU\RQHKDGFRQILGHQFHWKDWKHZDVLQGHHGDPDQRILQWHJULW\WKDWKDGDGLUHFWUHODWLRQVKLSZLWKWKH&UHDWRU

-RVHSK WKHQ QRPLQDWHG WR WKH &LW\ &RXQFLO WKH RWKHU GLVFLSOHV LQ RXU IHOORZVKLS 7RLYR DQG KLV ZLIH &KHQ 5DM 2ODELVL 1DRNL
$EGXO.LND6YHQ=RHDQG5XWK7RJHWKHUZLWK-RVHSKWKHUHZHUHPHPEHUVRIWKH&RXQFLOZKLFKWKHSHRSOHUDWLILHGE\XQDQLPRXV
FRQVHQW)LQDOO\-RVHSKQRPLQDWHG3DXOWREHWKHQHZMXGJHRI&RVPRVDQGDJDLQWKHSHRSOHFODSSHGWKHLUKDQGVLQDSSURYDO

7KHZRUNPHQZHUHIRUFHGWRDOWHUWKHLUSODQ7KH\QRZKHOSHGPRYHWKLQJVRXWRIWKHWHPSOHDQGLQWRWKHVWUHHWZKHUHDOOWKLQJVFRXOG
EH H[DPLQHG SXEOLFO\ 7KXV LW ZDV UHYHDOHG WR DOO RI WKH SHRSOH ZKDW KDG EHHQ WKH VHFUHW SKLORVRSK\ ULWXDOV VLJQDOV DQG UHOLJLRXV
SUDFWLFHVRIWKHJRYHUQPHQWRIILFLDOVXQWLOQRZ5HFRUGVZHUHIRXQGRIPDQ\VHFUHWWULDOVDQGH[HFXWLRQVRIWKRVHZKRKDGWKUHDWHQHGWR
H[SRVHWKHLUFRUUXSWLRQDQGWKHLUGHYLRXVZD\VRIPDLQWDLQLQJSRZHUDQGLQIOXHQFH

7KH\OHDUQHGWKHKLVWRU\RIWKH5KRGRPRQ6RFLHW\LWVDOOLDQFHZLWKWKH7RZQ&RXQFLORI1HZNLUNDQGPRVWLPSRUWDQWO\KRZLWKDG
JUDGXDOO\XVXUSHGWKDWZKLFKEHORQJHGWRWKH&UHDWRU7KHLUSKLORVRSK\KDGEHHQWRFRUUXSWWKHPLQGVRIWKHSHRSOHDQGWRDOORZDOO
VRUWVRILPPRUDOLW\VRWKDWWKHSHRSOHZRXOGEHERXQGE\WKHLURZQEDVHQDWXUHZKLOHEHLQJJLYHQDQLOOXVLRQRIIUHHGRP

7KH\ KDG XVHG WKH LGHD RI IUHHGRP DQG KXPDQ ULJKWV WR YLRODWH WKH ULJKWV RI WKH &UHDWRU 2QH RI WKH 7RZQ &RXQFLO¶V FURZQLQJ
DFKLHYHPHQWVZDVWRJLYHZRPHQWKHULJKWWRPXUGHUWKHLURZQXQERUQFKLOGUHQDVLIWKH\RZQHGWKHLUFKLOGUHQ%HFDXVHWKHSHRSOHKDG
IRUJRWWHQWKDWWKH\ZHUHRQO\VWHZDUGVRIWKHODQGDQGWKDWDOOPHQZRPHQDQGFKLOGUHQZHUHPDGHRIWKHGXVWRIWKHJURXQGWKDW*RG
KDGFUHDWHGWKH\GLGQRWNQRZWKDWULJKWVFRPHRQO\IURPWKH&UHDWRU+LPVHOI,WLVZULWWHQWKDWJRYHUQPHQWVGRQRWKDYHSRZHUWRJUDQW
ULJKWVEXWWKH\DUHFKDUJHGZLWKWKHUHVSRQVLELOLW\WRXSKROGDQGSURWHFWWKHULJKWVJUDQWHGE\WKH&UHDWRU

,WLVVHOIHYLGHQWWKDWJRYHUQPHQWVFDQJUDQWRQO\SULYLOHJHVEXWZKHQWKH\GLVDYRZHGWKH&UHDWRUWKH\XVXUSHGWKHDXWKRULW\WRJUDQW
ULJKWV
72
7KH5KRGRPRQVKDGVRXJKWSRZHUWKURXJKVHFUHWNQRZOHGJHDQGORVWWHFKQRORJ\IURPWKHDQFLHQWSDVW6XFKNQRZOHGJHZDVQRWHYLOLQ
LWVHOIEXWZKHQXVHGWRPDLQWDLQSRZHUDQGWRHQVODYHSHRSOHE\VHFUHF\DQGGHFHSWLRQWKH\YLRODWHGWKHODZVRIWKH&UHDWRU

'RFXPHQWVUHYHDOHGWKDWWKHLUXQGHUO\LQJSXUSRVHLQVHDUFKLQJIRUDQFLHQWNQRZOHGJHZDVWROHDUQWKHVHFUHWRILPPRUWDOLW\DSDUWIURP
WKH&UHDWRU¶VSODQ7KH\EHOLHYHGWKDWWKH&UHDWRUKDGGRQHZURQJLQGHQ\LQJWKHPVXFKNQRZOHGJHDQGVRWKH\VRXJKWLPPRUWDOLW\
DSDUWIURP+LP,QIROORZLQJWKLVSDWKWKH\IRXQGWKHPVHOYHVLQRSSRVLWLRQWRWKH&UHDWRUDQGWKH\FDPHWREHOLHYHWKDWWKH&UHDWRUZDV
HYLO7KLVFDXVHGWKHPWRMRLQWKHJUHDWUHEHOOLRQOHGE\%DSKRPHW

:KHQWKHVHWKLQJVZHUHGLVFRYHUHGLQWKHGRFXPHQWVDQGERRNV3DXOWXUQHGWRPH DQGVDLG³$VDQDYLGPHPEHURIWKH5KRGRPRQ
6RFLHW\,ZDVLQIOXHQFHGE\WKHVHWKLQJVDVZHOO7KH6RFLHW\SURPLVHGWKDWLI,ZHUHWRVWXG\DQGULVHLQUDQNHYHQWXDOO\,ZRXOGEH
WROG WKH VRFDOOHGILQDO VHFUHW ZKLFK ZRXOG JLYH PH LPPRUWDOLW\ , ZDV OHG WR EHOLHYH WKDW , ZRXOG SRVVHVV DQ LQQHU OLJKW WKDW ZRXOG
WUDQVFHQGP\SK\VLFDOERG\PDNLQJPHDQDVFHQGHGPDVWHU6RZKHQ,VDZWKDWLQQHUOLJKWLQ-RVHSKDV,ZDVEHDWLQJKLP,UHDOL]HG
WKDW KH KDG DOUHDG\ DWWDLQHG ZKDW , KDG GHVLUHG IRU D ORQJ WLPH 7KDW LV ZKDW HQOLJKWHQHG P\ H\HV DQG PDGH PH UHDOL]H WKDW WKH
5KRGRPRQ6RFLHW\ZDVRQWKHZURQJVLGHRIWUXWK´

³7KDWLVYHU\LQWHUHVWLQJ´,UHSOLHG³<RXUPRPHQWRIWUXWKZDVZKHQ\RXVDZWKDWWKHILQDOVHFUHWOD\QRWLQWKH5KRGRPRQ6RFLHW\EXW
LQWKRVHWKDWLWZDVSHUVHFXWLQJ´

³<HV´KHVDLG³,ZDVFRPSOHWHO\XQKLQJHGZKHQ,UHDOL]HGWKLV-RVHSKKDGREWDLQHGZKDW,KDGWUXO\GHVLUHGIRUDORQJWLPH,KDYH
SDLGWKH6RFLHW\HQRUPRXVDPRXQWVRIPRQH\HYHQFRPSURPLVLQJP\PRUDOSULQFLSOHVDQGYLRODWLQJP\RZQFRQVFLHQFHZLWKWKHKRSH
RIDFKLHYLQJZKDW-RVHSKDQGRWKHUVKDGEHHQJLYHQIUHHO\´

³:KHQ , ILUVW VDZ WKH WUHH RI OLIH´ , WROG KLP ³, VSRNH ZLWK WKH JXDUGLDQ RI WKH WUHH +H KDG D ODUJH IODPLQJ VZRUG JLYLQJ WKH
DSSHDUDQFHWKDWWKH&UHDWRUGRHVQRWZDQWPHQWRUHFHLYHLPPRUWDOLW\%XWPHQPLVXQGHUVWDQGWKH&UHDWRU,WLVQRWWKDW+HZDQWVWR
ZLWKKROGLPPRUWDOLW\IURPXVEXWUDWKHUWKDWWKHVLQRI(DUWK\PDQDWWKHEHJLQQLQJRIKLVWRU\PXVWEHGHDOWZLWKILUVW7KHFXUVHRIWKH
ODZPXVWILUVWEHUHYHUVHG2WKHUZLVHZHPLJKWDFKLHYHLPPRUWDOLW\ZKLOHZHDUH\HWVLQQHUV,Q+LVZLVGRP+HKDVQRWDOORZHGXVWR
EHFRPHLPPRUWDOVLQQHUVIRUWKHQZHZRXOGEHJRGVLQRXUVHOYHVIRUHYHUILJKWLQJWKH&UHDWRU´

³7KDWZRXOGQRWEHDJRRGVLWXDWLRQ´3DXODJUHHG

³1RLWZRXOGQRW´,UHSOLHG³7KHGLYLQHSODQLVWREULQJXVDOOLQWRKDUPRQ\ZLWK+LVZLOOPLQGDQGSXUSRVHVRWKDWLPPRUWDOLW\ZLOO

QRWEHWKHFDXVHRIHWHUQDOZDUIDUHLQWKHXQLYHUVH7KH5KRGRPRQSKLORVRSK\LVGXDOLVWLF7KH\EHOLHYHWKDWOLJKWDQGGDUNQHVVPXVWFR
H[LVWIRUHYHUDORQJZLWKJRRGDQGHYLO,IWKH5KRGRPRQVRURWKHUVZHUHDEOHWRDFKLHYHLPPRUWDOLW\ZKLOHUHPDLQLQJLQRSSRVLWLRQWR
WKH&UHDWRUWKHUHVXOWZRXOGEHHWHUQDOGXDOLVPDVHSDUDWLRQEHWZHHQFKLOGUHQRIOLJKWDQGFKLOGUHQRIGDUNQHVV7KH&UHDWRU¶VXQLYHUVH
ZRXOGEHGLYLGHGDQG+LVODZIXOULJKWWRUXOHDOOWKDW+HKDVFUHDWHGZRXOGEHWKZDUWHGIRUHYHU´

³%XWZHKDYHOHDUQHG´,FRQWLQXHG³WKDW+LVSODQLVWRUHVWRUHDOOWKLQJVWR+LPVHOI$OOMXVWLFHLQWKLVZRUOGEHJLQVZLWKJLYLQJMXVWLFH
WRWKH&UHDWRU+LPVHOI,I+HVKRXOGVXIIHUHWHUQDOORVVRIDQ\WKLQJWKDW+HRZQVWKHQLQMXVWLFHZRXOGEHIRUHYHULQJUDLQHGLQWRWKHYHU\
IDEULF RI WKH XQLYHUVH )RUWXQDWHO\ KRZHYHU WKH &UHDWRU KDG WKH ZLVGRP WR GHYLVH D EHWWHU SODQ WKH SRZHU WR DFFRPSOLVK LW DQG
WKHORYHIRUDOORIPDQNLQGWRPRWLYDWH+LPWRSHUVLVWXQWLODOOKDVEHHQUHFRQFLOHG´

,SDXVHGWRDOORZWKLVZHLJKW\WUXWKWRVLQNLQWRWKHGHSWKVRI3DXO¶VKHDUW$WODVWKHVDLGWKRXJKWIXOO\³7KLVLVWKHILQDOVHFUHWWKDW,
VRXJKW IRU PDQ\ \HDUV WKH P\VWHU\ WKDW VHFUHW VRFLHWLHV KDYH FODLPHG WR KDYH²EXW LQ IDFW WKH\ ORQJ DJR UHMHFWHG 7KH\ KDG QR
FRQILGHQFHLQWKH&UHDWRU¶VZLVHSODQVRWKH\IRUPXODWHGWKHLURZQSODQWKLQNLQJWKDWWKHZLVGRPRIPHQZDVJUHDWHU%XWWKH\RQO\
GHLILHG IRROLVKQHVV DQG WULFNHG PHQ LQWR MRLQLQJ WKH *UHDW 5HEHOOLRQ , DP VR JODG WR KHDU WKDW WKH &UHDWRU KDV YRZHG WR VXFFHHG LQ
PDNLQJDOORIXV+LVSHRSOHDQGWREHRXU*RG(YHQWKRVHZKRDUHPRVWEOLQGHGWRGD\E\KDWUHGZLOOEHRYHUFRPHXOWLPDWHO\E\+LV
ORYH´

³<HV´,UHSOLHG³:KHQPHQILQGLWQHFHVVDU\WRPXUGHUSHRSOHLQRUGHUWRUHWDLQWKHLUVHFUHWVDV0RUJDQZDVPXUGHUHGLWLVFOHDUWKDW
WKH\DUHPRWLYDWHGE\IHDUDQGKDWUHGUDWKHUWKDQE\IDLWKDQGORYH%\WKHLUIUXLW\RXZLOONQRZWKHP´

2XUGLVFXVVLRQZDVLQWHUUXSWHGDV-RVHSKVKRXWHGWRWKHSHRSOH³,WLVJHWWLQJODWH*DWKHUXSDOORIWKLVHYLGHQFH:HZLOOSXWLWDOOLQWR
WKHDUFKLYHVRWKDWDOOPD\UHPHPEHUWKHZD\VRIPHQZKRDUHLQUHEHOOLRQDJDLQVWWKH&UHDWRU,WLVLPSRUWDQWIRUIXWXUHJHQHUDWLRQVWR
NQRZWKHFRQWUDVWEHWZHHQWKHGHFHLWIXOZLVGRPRIPHQDQGWKHWUXHJRRGQHVVDQGZLVGRPRIWKH&UHDWRU´

:LWKVRPDQ\WRZQVSHRSOHKHOSLQJHYHU\WKLQJZDVEURXJKWTXLFNO\WRWKHRIILFLDODUFKLYHVEXLOGLQJORFDWHGQRWIDUGRZQWKHVWUHHW
0HDQZKLOHDV3DXO6LSSRUDKDQG,EHJDQWRZDONEDFNWRZDUG0RRQ3OD]D,WXUQHGWR3DXODQGVDLG³7KHUHLVMXVWRQHPRUHWKLQJWKDW
ZHPXVWGR´

³:KDWLVWKDW"´3DXODVNHGLQTXLVLWLYHO\³&RPHDQGVHH´,VDLG

$V , OHG WKH ZD\ WR 0DUDK )RXQWDLQ 6LSSRUDK REVHUYHG ³7KLV IRXQWDLQ LV QR ORQJHU ELWWHU VR LW QHHGV D QHZ QDPH /HW XV FDOO
73
LW 6ZHHWZDWHU 7KH SDYHG SDWK OHDGLQJ WR WKLV IRXQWDLQ LV DOVR PLVQDPHG IRU LW LV QR ORQJHU WKH 7UDLO RI 7HDUV /HW XV UHQDPH LW
WKH7UDLORI-R\IXO7HDUV´3DXODJUHHG

³<HV WKDW LV SHUIHFW´ , WKHQ SODQWHG WKH -XELOHH VWDII LQWR WKH JURXQG QH[W WR 6ZHHWZDWHU )RXQWDLQ ,W LPPHGLDWHO\ EHJDQ WR VSURXW
KHDOLQJ OHDYHV DQG ZLWKLQ D IHZ PLQXWHV LW KDG JURZQ RQFH DJDLQ LQWR D EHDXWLIXO WUHH IXOO RI OLIH DQG YLJRU UHDG\ WR EHDU IUXLW DV
QHHGHG:DONLQJDURXQGWRWKHRWKHUVLGHRIWKH)RXQWDLQ,WRRNRXWP\SRXFKRIVHHGVSODQWLQJRQHQHDUWKHDQFLHQWSURSKHF\IRU
ZKRVH IXOILOOPHQW WKH EOLQG PDQ KDG DZDLWHG VR PDQ\ \HDUV ,PPHGLDWHO\ LW JHUPLQDWHG DQG JUHZ TXLFNO\ EHIRUH RXU H\HV XQWLO LW
HTXDOHGWKHKHLJKWRIWKH-XELOHHWUHH

³/HWDOOZKRDUHWKLUVW\FRPHDQGWDNHRIWKHZDWHURIOLIHIUHHO\´,GHFODUHG³/HWDOOZKRDUHLQQHHGRIKHDOLQJWDNHWKHOHDYHVRIWKLV
WUHHDQGHDWRILWVIUXLW/HWLWEHNQRZQWRDOOPDQNLQGWKDWWKH-XELOHHLVWKHILQDOVHFUHWRIWKHDJHVWKHHQGRIWKH&UHDWRU¶VSODQIRUWKH
XQLYHUVHWKHUHVWRUDWLRQRIDOOWKLQJV´

7XUQLQJDURXQG,ORRNHGDWP\ZLIHDQGVDLG³,EHOLHYHRXUZRUNKHUHLVILQLVKHG,WLVWLPHIRUXVWRUHWXUQKRPH´7XUQLQJWRZDUG
3DXO,VDLG³0\IULHQGZHOHDYHWKLVSODFHLQDEHWWHUFRQGLWLRQWKDQZHIRXQGLW-XGJHWKHSHRSOHLQULJKWHRXVQHVVDQGPDNH&RVPRV
DSODFHZKHUHWKH&UHDWRUPD\ZDONDPRQJWKHSHRSOHRQFHDJDLQ´

³,ZLOOGRWKDW´3DXOUHSOLHG³0D\\RXEHEOHVVHGLQDOOWKLQJVDQG,GRKRSHWKDWZHZLOOVHH\RXDJDLQ´

³<HV\RXZLOO´

)RRWQRWHV
 1RWH WKH SURJUHVVLRQ 6KH ILUVW KDG WR UHFHLYH PHVVDJHV IURP 6LSSRUH EXW ZKHQ KHU H\HV ZHUH KHDOHG VKH FRXOG VHH WKURXJK
6LSSRUH¶VH\HV
 0DWWKHZ
 7KHRULJLQDOKHDGTXDUWHUVIURPZKLFKWKH,QGLDQ5HPRYDO$FWZDVHQIRUFHGZDVORFDWHGDW6ZHHWZDWHU7HQQHVVHH,WZDVDQLURQ\
RIKLVWRU\WKDWWKH7UDLORI7HDUVEHJDQDW6ZHHWZDWHU

74
&KDSWHU
)RXQGE\WKH/LJKW


³:KDWLVWKDWOLJKW"´3DXODVNHGLQWHQWO\SHHULQJDWP\IDFH

³:KDWDUH\RXWDONLQJDERXW"´,UHVSRQGHGZLWKDSX]]OHGORRN

³,VHHDTXLHWJORZFRPLQJIURP\RXUIDFHQRWTXLWHYLVLEOHEXWQRWHQWLUHO\LQYLVLEOHHLWKHU´

,WXUQHGWRP\ZLIHZKRFRQILUPHG3DXO¶VLQVLJKW³,¶PQRWVXUHZKDWLVKDSSHQLQJ´,VDLG³EXW,NQRZWKDW*RGLVOLJKWDQGLQ+LPLV
QRGDUNQHVVZKDWVRHYHU´

³,WLV+LVSUHVHQFHWKHQ´6LSSRUDKVWDWHG³%XWZK\LVLWEHFRPLQJYLVLEOH",QIDFWWKHOLJKWVHHPVWREHJHWWLQJEULJKWHU´6KHSDXVHG
IRUDPRPHQW³1RZ,DPIHHOLQJDWLQJOLQJVHQVDWLRQDVLIHYHU\FHOO²QRHYHU\DWRP²LVDZDNHQLQJ:KDWLVKDSSHQLQJWRPH"´

$WWKDWLQVWDQW6LSSRUDKDQG, GLVDSSHDUHGLQDIODVK RIOLJKW:HLQVWDQWO\IRXQGRXUVHOYHVEDFNRQ5HYHODWLRQ 0RXQWDLQVWDQGLQJ


XSRQWKHIODWURFNRYHUORRNLQJWKHJDSLQJFUDFNLQWKHVLGHRIWKHPRXQWDLQ7KHULYHURIOLIHVWLOOIORZHGIUHHO\RXWRIWKHKHDUWRIWKH
PRXQWDLQWRWKHYDOOH\EHORZ7KHVXQZDVIULHQGO\DQGMR\RXV$JUHDWKRVWRIFRORUIXOIORZHUVKDGVSUXQJXSPDGHDOLYHE\WKHOLJKW
DQGZDWHUHGE\OLIHWXUQLQJWKHHQWLUHDUHDLQWRDSDUDGLVH

7ZRSLOODUVRIOLJKWDOVRVWRRGXSRQWKHIORZLQJULYHU$WILUVWWKH\ZHUHWRREULJKWWRORRNXSRQEXWLQDVKRUWWLPHRXUH\HVEHJDQWR
DGMXVW WR WKH OLJKW DQG WKH SLOODUV VRRQ WRRN WKH IRUP RI PHQ , ORRNHG DW P\ ZLIH DQG VDZ WKDW KHU IDFH ZDV JORZLQJ EULJKWHU DQG
EULJKWHUZLWKHDFKSDVVLQJPRPHQW6KHORRNHGEDFNDWPHDQGVDLG³<RXUIDFHLVJHWWLQJEULJKWHU´

$VWKHOLJKWLQRXUIDFHVLQWHQVLILHGLWEHFDPHHDVLHUWRORRNDWWKHWZROLJKWEHLQJVVWDQGLQJTXLHWO\LQIURQWRIXV)LQDOO\EUHDNLQJWKH
WKLFNVLOHQFH,DVNHG³:KRDUH\RX"´

³'R\RXQRWUHFRJQL]HPH"´WKHRQHRQWKHULJKWVLGHUHVSRQGHG

³,UHFRJQL]H\RXUYRLFH´,UHVSRQGHG³EXWQRW\RXUIDFH,I,DPQRWPLVWDNHQ\RXILUVWFDPHWRPHPDQ\\HDUVDJRDQGVSRNHWRPH
EXWDWWKDWWLPH,FRXOGQRWVHH\RXUIDFH´

³<RXKDGQRWVXIILFLHQWO\DEVRUEHGP\OLJKWDWWKDWWLPH´KHLQIRUPHGPH

³<RXDUH3HQLHO´,VDLG³WKHIDFHDQGSUHVHQFHRI*RG,WLVJRRGWRVHH\RXIDFHWRIDFH,KDYHIHOW\RXUSUHVHQFHIRUDORQJWLPH,
NQRZWKDW\RXDUHP\DQJHOWKHZRUGVHQWIURPWKHPRXWKRIWKH&UHDWRUDQGJLYHQIRUPE\+LVLPDJLQDWLRQ<RXDUHWKHUHYHODWLRQRI
+LVSUHVHQFHDQH[WHQVLRQDQGSHUVRQLILFDWLRQRIWKH*UHDW6SLULW´

³<HVP\SUHVHQFHKDVLQFUHDVHGZLWKLQ\RXHYHQDVWKHOLJKWZDVZLWKLQRWKHUVEHIRUH\RX0RUHZLOOIROORZIRU,EULQJWKHSUHVHQFHRI
WKH&UHDWRUWRWKHHDUWK´3HQLHOVDLG³%XWYHLOVDUH\HWQHFHVVDU\WRKLGHP\IDFHZKLOHPHQ¶VKHDUWVDUHEHLQJSUHSDUHG$V\RXFDQ
VHHWKHOLJKWLVWRRPXFKIRUGDUNHQHGKHDUWVWREHDU7KHYHLOWKDW,ZHDULVDFWXDOO\WKUHHYHLOVLQRQHDQGDVHDFKLVUHPRYHGP\IDFH
DSSHDUVEULJKWHUDQGFOHDUHU´

+HFRQWLQXHG³:KHQ\RXZHUHWUDQVSRUWHGKHUH,UHPRYHGWKHWKLUGYHLOIURP\RXUIDFHVRWKDW,PLJKWVSHDNWR\RXDJDLQ²WKLVWLPH
IDFHWRIDFHDVDIULHQG:KHQ\RXUHWXUQWRWKHGDUNHQHGZRUOG\RXPXVWFRYHU\RXUIDFHZLWKWKHYHLODJDLQRUPHQZRXOGEHDIUDLGWR
WDONZLWK\RX+RZWKHQZRXOGWKH\KHDUWKHZRUGDQGRYHUFRPHWKHLUIHDURIPH"´

³<HV,XQGHUVWDQG´,UHVSRQGHG³,WWDNHVPHQWLPHWRDGMXVWWRWKHOLJKW$VPHQOHDUQWRORYHIHDULVRYHUFRPHDQGWKHYHLOVDUHOLIWHG
RQHE\RQH,QWKHQDWXUDOZRUOGPHQIHDUGDUNQHVVEXWLQWKHVSLULWXDOZRUOGPHQRIGDUNQHVVIHDUWKHOLJKW´

³9HU\WUXH´VDLG3HQLHO³7KHNH\LVWRXQGHUVWDQGDQGDVVLPLODWHWKHQHZFRYHQDQWIRULWDORQHFDQUHPRYHWKHVHYHLOV$VPHQJDLQ
XQGHUVWDQGLQJ RI WKH QHZ FRYHQDQW WKHLU IHDU RI GUDZLQJ QHDU WR WKH &UHDWRU ZLOO EH RYHUFRPH $V HDFK YHLO LV UHPRYHG WKH\ ZLOO
UHFHLYHJUHDWHUOLJKWIURPP\SUHVHQFH:KHQWKH\FRPHIXOO\LQWRDJUHHPHQWZLWKWKH&UHDWRUWKHQWKH\WRRZLOOVHHPHIDFHWRIDFH´

+HSDXVHGIRUDPRPHQWDQGVDLG³7KHILUVWFRYHQDQWJDYHPHQOLJKWVRWKDWWKH\FRXOGVHDUFKIRUWKHLU&UHDWRU7KHVHFRQGFRYHQDQW
JDYHOLJKWVRWKDWWKH&UHDWRUFRXOGILQGDOOWKDWZHUHORVW/LJKWZDVQRWFUHDWHGIRUPHQWRILQG+LP7KHSXUSRVHRIOLJKWLVIRUWKH
&UHDWRUWRILQGPHQ7KHOLJKWH[LVWVEHFDXVHWKH&UHDWRUVHHNVWREHNQRZQ7KHOLJKWLWVHOIKDVOLIHDQGLWVHDUFKHVWKHGDUNQHVVXQWLOLW
ILQGVDOORI+LVFKLOGUHQ1RFKLOGVKDOOEHOHIWEHKLQG´
75
0\ZLIHDQG,ERWKXQGHUVWRRGFOHDUO\IRUZHZHUHDZDUHWKDW+HKDGIRXQGXVORQJDJRDQGWKDWZHORYH+LPEHFDXVH+HILUVWORYHG
XV7KRXJKLWWRRNXVPDQ\\HDUVWRFRPSUHKHQGWKHSRZHURI+LVZLOODQGSXUSRVHLQWKHHDUWK+HKDGUHPDLQHGHYHUWUXHWR+LPVHOI
+HLVORYHDQGWKHUHIRUH+HLVXQVDWLVILHGXQWLODOOHQHPLHVDUHUHFRQFLOHGWR+LPVHOI

7KHVHFRQGJORULILHGEHLQJWKHQVWHSSHGIRUZDUGDQGVSRNH³,DP+DUSD]R,WUDQVSRUWHGERWKRI\RXKHUHWRWKHPRXQWDLQ´

³<RXDUHP\DQJHO´6LSSRUDKH[FODLPHG³,KDYHNQRZQ\RXUQDPHIRUPDQ\\HDUVEXW,DOZD\VZRQGHUHGZKDW\RXORRNHGOLNH<RX
DUHWKH$QJHORI'LYLQH7UDQVSRUWDWLRQ´

³<HVGHDURQH´KHVDLGZLWKDORYLQJVPLOH³7KHZRUGWKDWLVLQPHLVZKDW\RXKDYHEHFRPH0\SUHVHQFHLQ\RXKDVEURXJKWERWKRI
\RXKHUHIRUWKHWZRRI\RXDUHRQHDVLWZDVPHDQWWREHIURPWKHEHJLQQLQJRIWLPH´

:HVWRRGWUDQVIL[HGE\WKHDZHVRPHSUHVHQFHRIWKHDQJHOLFGXRFRPLQJIDFHWRIDFHZLWKWKHOLYLQJZRUGVRIWKH&UHDWRUVWDQGLQJ
EHIRUHXVHDFKEHLQJXQLTXHDQG\HWIXQFWLRQLQJDVDVLQJOHVSLULWXDOXQLW:HUHPHPEHUHGWKDWRQDJUHDWHUOHYHOZHZHUHXQLWHGZLWKD
JUHDWFRPSDQ\IURPSDVWJHQHUDWLRQVPDQ\IURPWKHSUHVHQWDQGHYHQPRUHZKRZHUH\HWWREHEHJRWWHQ7KURXJKWKH/DZRI8QLW\
HDFKSHUVRQ¶VDQJHOLVVKDUHGHTXDOO\ZLWKDOOZKRDUHSDUWRIWKHVDPHERG\,WLVRXUUHVSRQVLELOLW\WREHFRPHWKHXQLTXHZRUGRIRXU
DQJHOVVRWKDWZHPLJKWVKDUHWKHZRUGVRIWUXWKZKLFKH[SUHVVWKHLUHVVHQFHDQGFKDUDFWHU

7KHWZRDQJHOVWKHQGUHZFORVHUWRXVDQGZHERWKVWUHWFKHGRXWRXUDUPVWRZHOFRPHWKHP:HHDFKHPEUDFHGRXUDQJHODQGDEVRUEHG
WKHPLQDQH[SORVLRQRIXQLW\2XUERGLHVDVPRXQWDLQVEXUQHGDQGJORZHGZLWKGLYLQHILUH7KHQDOOZDVTXLHWDQGDYHLOZDVODLGRYHU
XVDYHLORIHDUWKO\IOHVKWKDWDJDLQKLGWKHJORU\ZLWKLQ

³7KHWLPHKDVFRPH´,VWDWHGDIWHUVRPHGHOLEHUDWLRQ³IRUXVWRUHWXUQWRWKHGDUNZRUOGRIPRUWDOPHQVRWKDWZHPD\EHWKHYRLFHRI
WKH&UHDWRU,WLVQRWILWWKDWZHVKRXOGHQMR\WKHSUHVHQFHRIOLJKWZKLOHRWKHUVUHPDLQLQGDUNQHVV2XUIOHVKKDVDJDLQEHHQYHLOHGVR
WKDWZHPD\ZDONDPRQJWKRVHZKRKDYHQRW\HWFRPHWRWKHPRXQWDLQDQGZKRKDYHQRW\HWVHHQ+LVOLJKW,SUD\WKDWDOOPHQZLOOKHDU
WKHZRUGRIWKHQHZFRYHQDQWVRWKDWYHLOVZLOOQRORQJHUEHQHFHVVDU\$VHDFKYHLOLVUHPRYHGIURPWKHLUKHDUWVWKH\WRRZLOOEHJLQWR
VHHDJORZLQJOLJKWIURPWKHFUDFN:HDUHQRZWKHPRXQWDLQRI*RGDQGZHKROGWKLVWUHDVXUHRIOLJKWLQHDUWKHQYHVVHOV WKDWPHQ
GRQRWIHDU´

³1RQHWKHOHVV´6LSSRUDKUHSOLHG³ZKHWKHUWKH\NQRZXVRUQRWZHNQRZZKRZHDUH:HDUHQHZFUHDWXUHVQRORQJHUGHVFHQGHGIURP
(DUWK\PDQEXWEHJRWWHQE\RXU+HDYHQO\)DWKHU2XULGHQWLW\LVLQWKHERG\RIOLJKWWKDWKDVQRZEHHQEURXJKWIXOO\WRELUWK´

:HWXUQHGDQGZDONHGKDQGLQKDQGGRZQWKHPRXQWDLQFRQILGHQWRIRXUSXUSRVHLQOLIHDQGUHDG\WRVKDUHRXUOLJKWZLWKDOOZKRKDYH
H\HVWRVHH

)RRWQRWHV
 3HQLHOILUVWDSSHDUHGWRPHLQWKHPRXQWDLQVRI1RUWK&DUROLQDRQ2FWREHULGHQWLI\LQJKLPVHOIDV3HQLHO+RZHYHU,FRXOG
QRWVHHKLVIDFH3HQLHOPHDQVERWK³WKHIDFHRI*RG´DQG³WKHSUHVHQFHRI*RG´
 &RULQWKLDQV
 +DUSD]RLVWKH*UHHNZRUGWUDQVODWHG³FDXJKWXS´LQ7KHVVDORQLDQVDQG5HYHODWLRQDQG³FDXJKWDZD\´LQ$FWV,W
LVDOVRWKHQDPHRIP\ZLIH¶VDQJHO
 &RULQWKLDQV

76

You might also like