Plautus: Pot of Gold

UNIT 2 POT OF GOLD-I

Structure
2.0 Objectives
2.1 Introduction
2.2 Prologue
2.3 Euclio and the Slaves
2.4 The Marriage Proposal: Implications
2.5 The Slave Pageant
2.6 Let Us Sum Up
2.7 Glossary
2.8 Questions

2.0 OBJECTIVES
This unit will acquaint us with a brief summary and introduce important themes
in the first half of the play Pot of Gold. Some of these are the speech of
Lar Familiaris, Euclio as miser, Megadorus’s marriage proposal for Euclio’s
daughter, Phaedria and the slave pageant. The focus will remain on the use
of language to build Euclio’s character as a miser and the implications of
Megadorus’s marriage proposal. There will also be a discussion of stage space
given to the slaves in the play.

2.1 INTRODUCTION
Aulularia or Pot of Gold like most other Roman Comedies falls within the
tradition of the fabula palliata. These were Roman adaptations of the Greek
originals. In the hands of Plautus these underwent significant changes as the
stock characters from Greek plays were placed in a Roman setting. The issues
taken up, the social setting and the humour was akin to the world of the Roman
audience. As suggested in the previous unit, Plautus and Terence reworked
the Greek plays but instead of the style of the Old Comedy they responded
to the idea of New Comedy. According to Costas Panayotakis in “Comedy,
Atellane Farce and Mime”

[Plautus] makes his Greek characters allude to Roman customs,

stresses the motif of treachery and deceit, sacrifices subtlety of
character-portrayal to amusingly violent images of verbal and visual
humour, and (most importantly) gives a new dimension to the
character of the cunning slave, who dominates the action and
becomes not only the hero of the play but also the poet’s alter ego.
‘Plautopolis’ (as Gratwick 1982 happily called it) is a topsy-turvy
world, in which everything is possible (Harrison 135-136)
Pot of Gold is a continuous play without division into acts or scenes. The
action of the play takes place on a street in Athens. This might have suited
the structure of the stage generally seen as lengthwise. According to stage
instructions, the two houses are separated by a shrine dedicated to Fides
representing Trust; a quality that is subject to suspicion by the miser at every
point in the play. The two important characters mentioned at the beginning are
Euclio and Megadorus. There is an altar opposite the rich man’s house. The
16
ULJKWDQGOHIWRIWKHVWDJHKDYHEHHQGHVFULEHGLQWHUPVRIWKHVSHFWDWRUV,QVWHDG 3RWRI*ROG,
RISUHVHQWLQJLWDVDVHSDUDWHVHFWLRQWKHSOD\ZULJKWSURYLGHVDQLQVWUXFWLRQ
VWDWLQJWKDWWKH/DU)DPLOLDULVJRHVGRZQVWDJHWRGHOLYHUWKH3URORJXH/HWV¶
PRYHDKHDGDQGVHHZKDWWKH3URORJXHGHDOVZLWK:HKRSH\RXKDYHUHDG
WKHSOD\E\QRZLI\RXKDYHQ¶WSOHDVHUHDGWKHSOD\EHIRUH\RXSURFHHGIXUWKHU

 352/2*8(
:HDUHZHOODZDUHWKDWWKHSOD\VRI3ODXWXVDQG7HUHQFHZHUHDUHZRUNLQJ
RIWKHLU*UHHNRULJLQDOV+RZHYHUDVPRVWFULWLFVKDYHSRLQWHGRXWWKH5RPDQ
DXGLHQFHZRXOGQRWKDYHEHHQIDPLOLDUZLWKWKHRULJLQDOWH[W)XUWKHUZKHUH
WKH*UHHNSOD\VPDGHVKDUSFRPPHQWVRQVSHFLILFSROLWLFDOVLWXDWLRQVILJXUHV
LQNHHSLQJZLWKWKHGHYHORSPHQWVRI1HZ&RPHG\WKH5RPDQSOD\VWRRNRQ
IURPWKHVHZULWHUVEXWWKH\UHZRUNHGWKHPLQPRUHJHQHUDOLVHGWHUPVLQWKH
FRQWH[WRI5RPH7KHFRQVWUXFWLRQRIKXPRXUWKHQZDVPRUHLQNHHSLQJZLWK
WKHLURZQLPPHGLDWH5RPDQVHWWLQJ
7KHSOD\EHJLQVZLWKDVSHHFKE\/DU)DPLOLDULVRUWKHKRXVHKROGJRG7KLV
LVDNLQWRWKHLGHDRID3URORJXHLQ*UHHN&RPHG\,QLWKHSUHVHQWVKLPVHOI
LQWHUPVRIKLVIXQFWLRQDVWKHJXDUGLDQVSLULWRIWKHKRXVH/DU)DPLOLDULVDOVR
JLYHV DQ RXWOLQH RI WKH HYHQWV WKDW DUH WR WDNH SODFH ,Q D VHQVH WKH SORW LV
SUHVHQWHGWRWKHDXGLHQFHHYHQEHIRUHWKHSOD\KDVVWDUWHG7KH3URORJXHDQ
LGHDWKDWFRQWLQXHGIURPWKH*UHHNSOD\VGHWHUPLQHVWKHFRXUVHRIHYHQWVDQG
GLVSHOVDQ\VXVSHQVHUHJDUGLQJWKHSOD\7KHDXGLHQFHLVNHSWLQIRUPHGDERXW
ZKDWZLOOIROORZ,QWKLVUHJDUG:DUUHQ66PLWKVWDWHV
3ODXWXV DQG 7HUHQFH FDPRXIODJH WKHLU 5RPDQ VDWLULF WDUJHWV XQGHU
IRUHLJQDQGH[RWLFQDPHVDQGJLYHWKHSOD\VIRUHLJQVHWWLQJVDOWKRXJK
ERWK5RPDQSOD\ZULJKWVRIWHQXVHDSURORJXVVSHDNHURIDSURORJXH
WR DGGUHVV WKH DXGLHQFH DQG RIWHQ UHIHU WR WKH SOD\ZULJKW KLPVHOI LQ
WKHWKLUGSHUVRQ²ZKLOHFDOOLQJIRUVLOHQFHSURYLGLQJDSORWVXPPDU\
RUH[SUHVVLQJWKHUHODWLRQVKLSEHWZHHQWKHSOD\DWKDQGDQGLWV*UHHN
PRGHO RU PRGHOV      
/DU)DPLOLDULVLVWKHSDWURQJRGRIWKHIDPLO\DQGKDVEHHQSURWHFWLQJWKH
SRWRIJROGIRU\HDUV+HVKDUHVLQIRUPDWLRQZLWKWKHDXGLHQFH7KH³JUDQGDG´
KDG JLYHQ KLP D SRW RI JROG ZKLFK KH KDV EXULHG LQ WKH ³KHDUWK´ $V WKH
KRXVHKROGJRGKHLV DVNHGWRSURWHFWWKHJROG7KHROGPDQ LVDPLVHUDQG
UHIXVHVWRSDUWZLWKWKLVLQIRUPDWLRQ$VDUHVXOWWKHVRQUHPDLQVLJQRUDQWRI
WKLVZHDOWKDQGFRQWLQXHVWROLYHLQSHQXU\(YHQWXDOO\WKHVRQLVOHIWZLWKD
VPDOOSLHFHRIODQG,QWKLVZD\WKHKRXVHKROGJRGEHFRPHVDFKDUDFWHULQ
KLVRZQULJKWDVKHEHJLQVWRREVHUYHWKHJUDQGGDG¶VVRQ2QFHDJDLQDVKH
GRHVQRWUHFHLYHWKHGHVLUHGDWWHQWLRQIURPWKHVRQ/DU)DPLOLDULVZLWKKROGV
LQIRUPDWLRQ DERXW WKH JROG 7KLV GHFOLQH LQ DWWHQWLRQ WR WKH KRXVHKROG JRG
LQFUHDVHVZLWKWKHQH[WJHQHUDWLRQ+RZHYHUWKHVLOYHUOLQLQJWXUQVRXWWREH
(XFOLR¶VGDXJKWHU6KHJLYHVGXHUHVSHFWWR/DU)DPLOLDULV,WLVIRUKHUVDNH
WKDWWKHSURWHFWRUOHWVWKHIDWKHUGLVFRYHUWKHJROGWRHQVXUHDJRRGPDUULDJH
IRUWKH\RXQJJLUO7KH3URORJXHWKHUHIRUHSUHVHQWVDKLVWRU\RIWKLVOLQHDJH
ZKHUHJROGLVSDVVHGRQZLWKRXWWKHNQRZOHGJHRIWKHIDPLO\7KHFRXUVHRI
HYHQWEHJLQVIURPWKLVSRLQWRQZDUGVDV/DUVKDUHVLQIRUPDWLRQZLWKWKHDXGLHQFH
(XFOLR¶VGDXJKWHU3KDHGULDKDVEHHQ³UDYLVKHG´RUKDVEHHQSK\VLFDOO\H[SORLWHG
E\DQXSSHUFODVV\RXQJPDQ$QGWKH/DUKDVDSODQWRVHWWKLQJVULJKW+H
LQWHQGVWRJHWWKHQHLJKERXUWRDVNIRUWKHJLUO¶VKDQGDVLWLVKLVQHSKHZZKR 
3ODXWXV 3RW RI *ROG KDV UDYLVKHG WKH JLUO ,Q WKLV ZD\ /DU )DPLOLDULV LV WKH SURWDJRQLVW ZKR
PDQLSXODWHVWKHHYHQWV$FFRUGLQJWR$OLVRQ6KDUURFN
$ VKDUH LQ WKH GLYLQH SHUVSHFWLYH LV RIIHUHG WR XV DOVR E\ $XOXODULD
LQWURGXFHG E\ WKH /DU )DPLOLDULV ZKR NQRZV HYHU\WKLQJ DQG KDV
RUJDQLVHG HYHU\WKLQJ 7KLV FKDUDFWHU LV D JUHDW WHOOHU RI VWRULHV
HVSHFLDOO\ WKRVH ZKHUH KH LV WKH KHUR $JDLQ WKH OHYHO RI VWRU\WHOOLQJ
LV IDU JUHDWHU WKDQ WKH UHTXLUHPHQWV RI WKH SORW DQG VHUYHV ERWK WR
HQWHUWDLQ WKH DXGLHQFH DQG DOVR WR FUHDWH WKH JUHDWHU ZRUOG RI WKH
LPDJLQDWLRQ 7KH /DU ODXQFKHV VWUDLJKW LQWR KLV VWRU\ VWDUWLQJ ZLWK
LWV PDLQ FKDUDFWHU KLPVHOI« 7KH /DU WKXV KDV WKH RSSRUWXQLW\ WR
GLVSOD\ KLV RZQ LGHDV DQG WR XVH WKH DQFLHQW JRG¶V SUHURJDWLYH RI
DLGLQJ RQO\ WKRVH ZKR KRQRXU KLP                        
6KDUURFNDSWO\FDOOVKLPWKH³WULFNVWHU´7KURXJKKLVPDFKLQDWLRQVWKHUHVROXWLRQ
RIWKHSOD\LVDOUHDG\ODLGRXW7KHFULWLF'DYLG.RQVWDQLQWKHHVVD\³6RFLDO
7KHPHVLQ$XOXODULD´FRPPHQWVWKDWWKH3URORJXHSUHVHQWVWKHWZRRYHUDUFKLQJ
WKHPHVLQWKHSOD\²µµWKHWKHPHWKHWKHPHRIDYDULFHDQGWKHURPDQWLFWKHPH´
7KHFRPLFWRQHLVHQVXUHGDVWKHSURWHFWRULQWHQGVWRVHWWKLQJVULJKW
IRUWKHGHYRXWJLUO,WLVLQWHUHVWLQJWRPDUNWKHSRLQWHGDVVRFLDWLRQRIFODVV
ZLWKWKLVPLVXVHRIZRPHQ,WDSSHDUVWKDWWKHH[SORLWDWLRQRIWKHZRPDQIURP
WKHORZHUFODVVE\XSSHUFODVVPDOHVLVDFRPPRQSKHQRPHQRQ7KHFRQIOLFW
DQGLWVUHVROXWLRQLVSUHVHQWHGULJKWDWWKHEHJLQQLQJ,QIDFWPRVWSOD\VRIWKH
1HZ&RPHG\GHDOWZLWKUHDOLVWLFVLWXDWLRQVDQGWKH³UDYLVKHG´ZRPDQWKHPLVHU
DQGWKH\RXQJORYHUZHUHFRPPRQILJXUHVLQ5RPDQ&RPHG\7DNHDORRN
DW WKHVH OLQHV VSRNHQ E\ WKH /DU )DPLOLDULV
 6KRXOG DQ\ ZRQGHU ZKR , DP ,¶OO PDNH LW EULHI
$ KRXVHKROG JX\ DP , LQGLFDWLQJ (XFOLR¶V KRXVH²DQG KHUH IURP
ZKHQFH , FDPH
7KH IDPLO\ , KDYH QRZ SURWHFWHG IRU \HDU«
+H OHIW EHKLQG D VRQ WKH RQH ZKR OLYHV KHUH QRZ
$QG KH¶V DV EDG DV GDG DQG JUDQGDG ZHUH EHIRUH
$QG \HW KLV RQO\ GDXJKWHU GDLO\ ZRUVKLSV PH
6KH DOZD\V EULQJV PH RIIHULQJV RI ZLQH DQG LQFHQVH
$QG JDUODQGV WRR ,W¶V IRU WKLV \RXQJ JLUO¶V VDNH
, VDZ WR LW WKDW (XFOLR XQHDUWKHG WKH WUHDVXUH
7R KHOS KLP PDUU\ RII KLV GDXJKWHU LI KH ZLVKHG
>&RQILGHQWLDOO\@ $Q XSSHUFODVV PDQ KDV UDYLVKHG KHU
7KH ODG NQRZV ZKRP KH¶V UDYLVKHG WKRXJK VKH NQRZV KLP QRW
1RU GRHV KHU IDWKHU NQRZ VKH¶V EHHQ UDYLVKHG
7RGD\ ,¶OO VHH WR LW WKH FRGJHU IURP QH[W GRRU
:LOO DVN WR PDUU\ KHU 1RZ KHUH¶V P\ SODQ
7R PDNH LW HDVLHU IRU KLP ZKR UDYLVKHG KHU
7R JHW WR PDUU\ KHU %HFDXVH DV LW WXUQV RXW
2XU QHLJKERXU LV WKH 8QFOH RI WKH \RXWK ZKR ZURQJHG KHU
$W WKH PLGQLJKW UHYHOV RI WKH &HUHV IHVWLYDO     
/DU)DPLOLDULV¶VVSHHFKHVWDEOLVKHVDUHODWLRQVKLSZLWK(XFOLR¶VDQFHVWRUV$V
JXDUGLDQKHKDVWRHQVXUHWKDWWKLQJVWDNHDKDSS\WXUQ2QHPXVWQRWHWKDW
PDUULDJHUHPDLQHGFHQWUDOWRWKHVRFLHW\RIWKHWLPHV7KLVVRFLDOLQVWLWXWLRQZDV
HQWZLQHGZLWKWKHLGHDRIPRQH\/HWXVDQDO\VHLWVZRUNLQJVERWKLQWKHFDVH
RI(XFOLRDQGWKHULFKQHLJKERXUDVSURVSHFWLYHJURRP%XWIHVWLYDOVLQWKLV
 SHULRGKDGDVXEYHUVLYHUROHWRSHUIRUP3HUIRUPDQFHVHVSHFLDOO\WKHFRPHGLHV
FRXOGFKDOOHQJHHQWUHQFKHGLGHDVDQGFUHDWHVSDFHIRUDUHWKLQNLQWKHVRFLHW\ 3RWRI*ROG,
2SSRUWXQLWLHV VXFK DV WKH ³PLGQLJKW UHYHOV RI WKH &HUHV IHVWLYDO´ XSWXUQHG
VRFLDOQRUPVDQGEHFDPHDVLWHRIXQLQKLELWHGLQWHUDFWLRQEHWZHHQWKHPHQDQG
WKH ZRPHQ 7KLV ZDV XVHG DV D FRPPRQ SOR\ LQ WKH SOD\V RI WKH WLPH
,IZHWDNHDORRNDWWKHQH[WVHWRIVWDJHLQVWUXFWLRQVZHZLOOJHWDQLQVLJKW
LQWRWKHVRFLDOVWUXFWXUHRIWKHWLPH²
7KH GRRU IOLHV RSHQ DQG (XFOLR WKH PLVHU HPHUJHV DQJULO\ VZLQJLQJ
D FOXE DW KLV DQFLHQW IHPDOH VHUYDQW +H LV ILOWK\ ZHDULQJ WDWWHUHG
JDUPHQWV                                             
7KHVHOLQHVUHYHDOWKHVRFLHW\RIWKHWLPHVDQGWKHSV\FKRORJLFDOPDNHXSRI
(XFOLR ,W LV FOHDU WKDW WKHUH ZHUH PDVWHUV DQG VODYHV LQ 5RPH DW WKH WLPH
7KHPDVWHUVKDGFRPSOHWHULJKWRYHUWKHLUVODYHVZKRZHUHVXSSRVHGWRPRYH
SXSSHWOLNHDQGH[HFXWHRUGHUV,QWKHZRUOGRI3ODXWLQHGUDPDKRZHYHUDOO
WKLVLVVXEYHUWHG:KHUH(XFOLRKDVDULJKWWRVZLQJDFOXEDWWKHIHPDOHVHUYDQW
VKHWRRKDVDPLQGRIKHURZQDQGUHVHQWVWKLVEHKDYLRXU6KHZRQGHUVDV
WRZKDWLVJRLQJRQZLWKWKHPDVWHU,QSOD\VVXFKDV7KH%URWKHUV0HQDHFKPXV
WKHVODYHVWKLQNSHUIRUPDFWRIWKHLURZQZLOODQGWKHUHIRUHEHFRPHDQLQWHJUDO
SDUWRIWKHSORW,QIDFWWKH\FRQWULEXWHLQDELJZD\WRWKHFRQIXVLRQLQWKH
FRXUVH RI HYHQWV ,W LV LQGHHG FUHGLWDEOH WKDW D FODVV RI SHRSOH UHOHJDWHG WR
URFNERWWRP DUHJLYHQDVHPLQDO UROHWRSHUIRUP LQ3ODXWXV¶ SOD\V7DNH D
ORRNDW0HVVHQLR¶VFRPPHQWVDERXWWKH SRVLWLRQRIDVODYH
)RU LI WKH VODYH LV ZRUWK\ DQG KH¶V ZHOO EURXJKW XS
+H¶OO FDUH WR NHHS KLV VKRXOGHUV HPSW\²QRW WR ILOO KLV FXS
+LV PDVWHU ZLOO UHZDUG KLP /HW WKH ZRUWKOHVV VODYH EH WROG
7KH ORZO\ OD]\ ORXWV JHW ZKLSV DQG FKDLQV
$QG PLOOVWRQHV JUHDW VWDUYDWLRQ IUHH]LQJ FROG
7KH SULFH IRU DOO WKHLU PLVEHKDYLRXUV SDLQV
, WKHUHIRUH IXOO\ IHDU WKLV IDWH DQG YHU\ JODGO\
5HPDLQ GHWHUPLQHG WR EH JRRG²VR , ZRQ¶W WXUQ RXW EDGO\
 
,QYRLFLQJWKHFRQGLWLRQRIWKHVODYHVDQGWKHWUHDWPHQWPHWHGRXWWRWKHP
WKHDXGLHQFHLVVKRZQWKHZD\LQZKLFKWKHVODYHVDUHWUHDWHG,QDVLWXDWLRQ
ZKHUHVODYHVDUHXQDEOHWRGHOLYHUWKHLUGXWLHVRUWKHZRUNH[SHFWHGRIWKHP
WKH\DUHSXQLVKHG3ODXWXVXVHVWKHVWUXFWXUHRIFRPHG\WRSUHVHQWWKLVUHDOLW\
ZKLOHDOVRWLFNOLQJWKHDXGLHQFHZLWKWKHSRVVLELOLW\RIWKHVODYHVSXWWLQJIRUZDUG
WKHLUFDVH0RYLQJRQZHVKDOOWDNHXS(XFOLR¶VVWLQJLQHVVDQGKLVLQWHUIDFH
GHDOLQJZLWKWKHVODYHV

 (8&/,2$1' 7+( 6/$9(6

7KHILUVWSDUWRIWKHSOD\WKHUHDUHQRIRUPDOVFHQHGLYLVLRQVEXWWKHSOD\EHJLQV
ZLWK(XFOLR¶VHQWU\HVWDEOLVKHV(XFOLR¶VPLVHUOLQHVV7KLVLVGRQHWKURXJKWKH
XVHRIKXPRXU+LVHUUDWLFEHKDYLRXUZLWKEDFNDQGIRUWKPRYHPHQWVWRKLV
KRXVHDQGFRQVWDQWKDUDQJXLQJZLWKWKHVHUYDQW6WDSK\ODFRQYLQFHWKHDXGLHQFH
RIKLPEHLQJDPLVHU7KLVSDUWDOVREULQJVIRUWKWKHGLYLVLRQRIWKHVRFLHW\LQWR
PDVWHUVDQGVODYHVDVDOVRWKHULFKDQGWKHSRRU7KHUHLVDGLIIHUHQFHLQVRFLDO
KLHUDUFK\EHWZHHQ(XFOLRDQG6WDSK\ODDVWKHUHLVEHWZHHQWKHULFKQHLJKERXU
0HJDGRUXV DQG (XFOLR ZKR LV D SRRU PDQ LQ WKH H\HV RI WKH SHRSOH ,W LV
REYLRXVWKDWSHRSOHKLJKHUXSLQWKHVRFLRHFRQRPLFVFDOHZLHOGDXWKRULW\ZKLOH
WKH ORZHU RQHV DUH UHQGHUHG SRZHUOHVV 
3ODXWXV 3RW RI *ROG /HWXVWDNHDORRNDW(XFOLR¶VLQWURGXFWLRQLQWKHSOD\DVDPLVHUZKLOHDOVR
SD\LQJ DWWHQWLRQ WR KLV WUHDWPHQW RI 6WDSK\OD ,Q 3RW RI *ROG (XFOLR EHDWV
XS6WDSK\ODWKHIHPDOHVHUYDQWFDOOLQJKHUD³VQRRSHUHWWH´DQG³SHUQLFLRXV
KDJ´6KHLVLQWURGXFHGWRWKHDXGLHQFHDVVRPHRQHZKRTXHVWLRQVKHUIDWH
6KHDVNV(XFOLRSRLQWHGO\³:K\EHDWDZUHWFKOLNHPH"´7KHLPDJHVXVHG
WRGHVFULEHWKHPDVWHU¶VDWWLWXGHWRZDUGVWKHVHUYDQWDUHFUXHODQG\HWSODFHG
ZLWKLQWKHFRPLFVWUXFWXUH3ODXWXVFUHDWHVURRPIRUTXHVWLRQLQJWKLVH[SORLWDWLYH
UHODWLRQVKLSE\PDNLQJWKHDXGLHQFHODXJK
(XFOLR 'R , RZH \RX D UHDVRQ²EDVKHG SRWDWR IDFH"
*HW HYHQ IXUWKHU IURP WKH GRRU²ULJKW RYHU WKHUH
6HH KRZ VKH GDZGOHV²GR \RX NQRZ KRZ ,¶G IL[ \RX"
,I , FRXOG RQO\ JUDE D FOXE RU SRLQWHG VWLFN
,¶G VSHHG \RXU WRUWRLVHFUDZOLQJ LQ D VQDS , ZRXOG
6WDSK\OD >PHORGUDPDWLFDOO\@ 2K KRZ , ZLVK WKH JRGV ZRXOG VWULQJ
PH XS WR GHDWK
'HDWK ZRXOG EH D EHWWHU ORW WKDQ VODYH WR \RX       
7KHWRQHRIWKHSOD\LVVHWLQWKHILUVWSDUWRIWKHSOD\7KHFHQWUDOILJXUHLV
DPLVHUZKRVHXVHRIODQJXDJHLVFRPSOHWHO\H[DJJHUDWHG+HLVVXVSLFLRXV
RIHYHU\RQHHVSHFLDOO\WKHVHUYDQW6KHLVWKH³PDOHIDFWUL[PXPEOLQJPDLG´
³ELWFKZLWKH\HEDOOVLQERWKIURQWDQGEDFN´6WDSK\ODRQKHUSDUWLVEHPXVHG
DWWKHVWUDQJHEHKDYLRXURIWKHPDVWHUHVSHFLDOO\DVKHWXUQVKHURXWRIWKH
KRXVHDWOHDVWWHQWLPHVLQDGD\7DNHDORRNDWWKHKXPRURXVWRQHDQGXVH
RIH[DJJHUDWLRQLQWKHSOD\
(XFOLR $W ODVW P\ PLQG¶V EHFDOPHG HQRXJK WR OHW PH OHDYH
,¶YH MXVW QRZ VHHQ WKDW DOO LV VDIH LQVLGH
>7R PDLG@ 1RZ \RX JR EDFN LQVLGH DQG VWD\ RQ JXDUG²
6WDSK\OD :KDW¶V WKDW
, VWD\ RQ µJXDUG¶" $UH \RX DIUDLG WKH\¶OO VWHDO WKH KRXVH"
:H¶YH QRWKLQJ HOVH DW DOO WR LQWHUHVW WKLHYLQJ IRON
7KH KRXVH LV IXOO RI HPSWLQHVV²DQG FREZHEV        
7KHHOHPHQWRIH[DJJHUDWLRQGHWHUPLQHVDOO(XFOLRSOHDGVKLVSRYHUW\DQGZRXOG
OLNH KLV FREZHEV ³JXDUGHG´ +LV DQ[LHW\ DERXW WKH JROG GHWHUPLQHV KLV
PRYHPHQWVEHKDYLRXUDQGWKLQNLQJ(XFOLRWHOOVKHUWRUHIXVHZDWHUILUHDQ\WKLQJ
WKDWWKHQHLJKERXUVPLJKWDVNIRU,Q(XFOLRWKHSOD\ZULJKWFUHDWHVDFKDUDFWHU
ZKRLVDOLHQDWHGIURPVRFLHW\$VVXJJHVWHGE\.RQVWDQGHQLDORIZDWHUZDV
HVSHFLDOO\ VHHQ DV DQ HVWUDQJHPHQW IURP WKH VRFLHW\ 2Q KHU SDUW 6WDSK\OD
UHPDLQVEHZLOGHUHGZLWKWKHVWUDQJHEHKDYLRXURIKHUPDVWHU
7KHJDSEHWZHHQ(XFOLR¶VNQRZOHGJHRIWKHJROGDQG6WDSK\OD¶VODFNRILW
WLFNOHVWKHDXGLHQFHWRODXJKDWWKHPZKLOHDOVRDFFHSWLQJWKHXQGHUPLQLQJRI
DXWKRULW\(XFOLR¶VDGGUHVVWRWKHDXGLHQFHLVDQLQWHUHVWLQJSOR\DVKHWDNHV
WKHYLHZHUVLQWRFRQILGHQFHDQGDSSULVHVWKHPRIKLVDQ[LHWLHVUHJDUGLQJWKH
JROG7KHDXGLHQFHLVWUDQVIRUPHGLQWRDFKDUDFWHUSULY\WR(XFOLR¶VWKRXJKWV
DQGWKHRQO\RQHWRNQRZWKHZKHUHDERXWVRIWKHJROG+HLQIRUPVWKHPRI
KRZKHKDVWRJRDQGFODLPKLVIHZFRLQVIRU³GLVWULEXWLRQ´HOVHWKHSHRSOH
ZLOO VXVSHFW WKDW KH KDV WKH JROG KLGGHQ VRPHZKHUH 7KLV LV PRQH\WKDWLV
GLVWULEXWHGE\WKH³FRXQFLOPDQ´WRSRRUSHRSOH6R(XFOLRPXVWZDONDOOWKDW
ZD\WRHQVXUHWKDWKLVSRYHUW\LVUHJLVWHUHGLQSXEOLFSHUFHSWLRQ:KHUHWKLV
VHHPVWREHWKHVRFLDOHQJDJHPHQWRIWKHPLVDQWKURSH'DYLG.RQVWDQLVTXLFN

WRSRLQWRXWWKDW(XFOLRLQWHUDFWVZLWKVRFLHW\RQO\WRPDLQWDLQSXEOLFDSSHDUDQFH 3RWRI*ROG,
DQG JXDUGWKH JROG PRUH ILHUFHO\ +HVD\V
³$OO RI WKH PLVHU¶V VRFLDO DFWLYLW\ LV D VKDP HYHQ FRPPHUFH RU DV
KHUH D SHWLWLRQ IRU D IUHH EHTXHVW´                      
+DYLQJLQWURGXFHGWKHPLVHUDQGKLVVODYHDQGWKHJROGEHLQJWDNHQFDUHRI
E\/DUVWKHSOD\QHHGVWRPRYHRQDVGRHVRXUXQGHUVWDQGLQJDQGDQDO\VLV
RI LW  /HW XV GHDO ZLWK WKH PDUULDJH SURSRVDO WKRXJKW RI E\ /DUV

 7+(0$55,$*(352326$/,03/,&$7,216
7KHILUVWSDUWRIWKHSOD\LVIROORZHGE\WKHHQWU\RIWZRPRUHFKDUDFWHUV²
0HJDGRUXVDQGKLVVLVWHU(XQRPLD+HLVWKH8QFOHRIWKHER\ZKR³UDYLVKHG´
RUUDSHG(XFOLR¶VGDXJKWHU3KDHGULD7KHKRXVHKROGJRG/DU)DPLOLDULVKDV
UHIHUUHGWRKLPLQWKHLQWURGXFWRU\VSHHFKWRWKHSOD\7KHDXGLHQFHLVDZDUH
WKDW0HJDGRUXVLVSDUWRI)DPLOLDULV¶VSODQWRHQVXUHWKDWHYHQWXDOO\WKH\RXQJ
ER\LVPDUULHGWR(XFOLR¶VGDXJKWHUDQGWKDWWKHFKLOGKDVLWVULJKWIXOIDWKHU
0HJDGRUXV DQG (XQPRLD¶V HQWU\ LVPDUNHG E\ KLV UHOXFWDQFH WR PDUU\ DQG
KLVVLVWHU¶VUHTXHVWWKDWKHGRVR+HILQDOO\UHYHDOVKLVSODQWRPDUU\KLVQHLJKERXU
(XFOLR¶VGDXJKWHU(XQRPLDGHSDUWVEXWLVQRWYHU\KDSS\7KLVSDUWWKURZV
XS VRPH YHU\ LQWHUHVWLQJ DVSHFWV RI WKH VRFLHW\ WR ZKLFK 3ODXWXV EHORQJV
(XQRPLD¶V YLHZV DERXW ZRPHQ UHIOHFW RQ KRZ E\ DQG ODUJH ZRPHQ ZHUH
FRQVLGHUHGWREHILFNOHDQGLQFRQVHTXHQWLDO2QFHDJDLQWKHVHLGHDVDUHEURXJKW
RXWWKURXJK WKH XVH RI KXPRXU$V(XQRPLD VWDWHV
%URWKHU SOHDVH KHHG PH \RX QHHG PH , NQRZ
,¶P VKRZLQJ FRQFHUQ WKDW D VLVWHU VKRXOG VKRZ
$OWKRXJK ,¶P D ZRPDQ DQG UHDOO\ GRQ¶W PDWWHU
)RU PHQ WKLQN WKDW ZRPHQ MXVW SUDWWOH DQG FKDWWHU   
(XQRPLD¶VFRQFHUQLVPDUNHGE\WKHXQGHUVWDQGLQJWKDWKHUSRLQWRIYLHZGRHV
QRWUHDOO\FRXQW<RXPXVWQRWHWKDWDV0HJDGRUXV¶VVLVWHUVKHEHORQJVWRWKH
XSSHU FUXVW RI VRFLHW\ DQG \HW LV GHQLHG D YRLFH (XQRPLD XQGHUVWDQGV WKH
VWHUHRW\SLQJRIZRPHQDVWDONDWLYHFUHDWXUHVHQJDJLQJLQVHQVHOHVVFRQYHUVDWLRQ
,QIDFWVKHLPPHGLDWHO\SOD\VRQWKHSKUDVH³QREOHVWRIZRPHQ´XVHGIRUKHU
E\ 0HJDGRUXV 6KH VD\V ³:KDW µQREOHVW¶ RI ZRPHQ²ZKR¶V SHUIHFW DQG
TXLHW"´,WLQGLFDWHVWKDWWKHLGHDOZRPDQLVRQHZKRGRHVQRWH[SUHVVDSRLQW
RIYLHZ DQGUHPDLQVDPXWH VSHFWDWRUWRWKHJRLQJVRQLQVRFLHW\DQGWKHLU
WUHDWPHQWRIZRPHQ(XQRPLDLVTXLFNWRDGG³1RZRPDQLVQREOH²VRPH
MXVWDUHOHVVEDG´7KLVDOVRSRLQWVWRZDUGVZRPHQ¶VLQVLVWHQFHRQSDUWLFLSDWLQJ
LQVRFLDOFRQYHUVDWLRQ:HLQIHUWKDWZRPHQ¶VDVVRFLDWLRQZLWKVLOHQFHLVHVVHQWLDO
IRUSRZHUV\VWHPVWRFRQWLQXH$QGZRPHQ¶VH[SUHVVLRQRIWHQUHOHJDWHGWRLGOH
FKDWWHULVDQLPSRUWDQWLQWHUYHQWLRQLQWKHVFKHPHRIWKLQJV
$QRWKHULPSRUWDQWIHDWXUHRIWKLVZRUOGLVWKHGRZU\V\VWHP(XQRPLDXUJHV
KHU EURWKHU WR PDUU\ DQG SURPLVHV WR JHW D ZRPDQ ZLWK D
« JLJDQWLF GRZU\
%XW LQ IDFW RQH RI D PHOORZ DJH                  
+RZHYHUDJDLQVWWKLVWUDQVDFWLRQ0HJDGRUXVFKRRVHVWRGLVSOD\KLVPDJQDQLPLW\
E\ PDUU\LQJ D \RXQJ JLUO (XFOLR¶V GDXJKWHU ,Q WKH H\HV RI WKH SHRSOH
0HJDGRUXV KDV IRUVDNHQ GRZU\ DV (XFOLR LV SHUFHLYHG WR EH D SRRU PDQ
+H WHOOV (XQRPLD² 
3ODXWXV 3RW RI *ROG 7KDQN KHDYHQ DQG RXU DQFHVWRUV ,¶P ULFK HQRXJK
, FDQ GLVSHQVH ZLWK VRFLDO FOLPELQJ SULGH DQG FXVK\ GRZULHV
7KHLU VKRXWLQJ DQG WKHLU ERVVLQHVV WKHLU FDUULDJHV RI LYRU\

+HVWDWHVXQDEDVKHGO\WKDWKH³ZDQWV´(XFOLR¶VGDXJKWHU,QVKRUW0HJDGRUXV
IRUVDNHVGRZU\IRUGHVLUH6R0HJDGRUXVFDQHLWKHUH[SDQGKLVDVVHWVE\DQ
DOOLDQFHZLWKDULFKZRPDQRUIXOILOKLVGHVLUHE\PDUU\LQJD\RXQJZRPDQZLWK
QRGRZU\2QHPXVWPDUNWKDWWKLVSDVVLRQIRUD\RXQJHUZRPDQWRRLVVXVSHFW
:KDWHYHUEHWKHFDVHWKHUHLVDQLQKHUHQWVHQVHRIWUDQVDFWLRQLQPDUULDJH
7KH ZRPHQ KDYH WR EH DFFRPSDQLHG E\ HLWKHU PRQH\ RU \RXWK ,W LV WKH
SOD\ZULJKW¶VJHQLXVWKDWKHEULQJVIRUWKDOOWKHVHVRFLDOFRPSOH[LWLHVXVLQJWKH
FRPLFPRGH
7KHF\FOHRIVXVSLFLRQEHJLQVLQWKHSOD\DV(XFOLRZRQGHUVDWWKHJUDQGSURSRVDO
RI PDUULDJH SXW IRUWK E\ 0HJDGRUXV 7KH PLVHU (XFOLR LV FHUWDLQ WKDW KLV
QHLJKERXU KDV FDXJKW ZKLII RI KLV KLGGHQ JROG +H VXVSHFWV 6WDSK\OD DQG
WKUHDWHQVFRQVHTXHQFHV%XWDOOWKLVLVVLWXDWHGLQDEVXUGLW\5HDGWKHIROORZLQJ
OLQHVFDUHIXOO\
(XFOLR >DVLGH@ 'DPQ²WKDW KDJ¶V VKRZHG KLP WKH JROG LWV FOHDUO\
FOHDU
:KHQ , JHW KRPH ,¶OO FXW KHU WRQJXH RXW DQG JRXJH
KHU H\HV
0HJDGRUXV 7DONLQJ WR \RXUVHOI"
(XFOLR 8K \HV EHPRDQLQJ SRYHUW\
, GRQ¶W KDYH HQRXJK WR JLYH D GRZU\ IRU P\ JURZQ
XS GDXJKWHU
6R , FDQ¶W FRQWUDFW KHU²
0HJDGRUXV 2K &KHHU XS (XFOLR
0DUU\VKHZLOO²,¶OOKHOS\RX7HOOPHZKDW\RXQHHG"
(XFOLR >DVLGH@ 0\RZQFDVKKH¶VSURPLVLQJ+HKXQJHUVIRUP\JROG
+ROGLQJEUHDGLQRQHKDQGDQGDELJURFNLQWKHRWKHU
1HYHU WUXVW D ULFK PDQ ZKHQ KH¶V FLYLO WR D SDXSHU
:KHQ KH VKDNHV \RXU KDQG KH UHDOO\ ZDQWV WR VKDNH
\RX GRZQ
+H¶VMXVWOLNHDQRFWRSXV²KH¶VIDVWHQLQJKLVWHQWDFOHV

(XFOLRGRHVQRWEHOLHYH0HJDGRUXV¶VJDPHRIPDJQDQLPLW\DQGVXVSHFWVWKDW
KHLVDIWHUWKHJROG$QGZKHQ0HJDGRUXVGRHVSXWWKHIRUPDOPDUULDJHSURSRVDO
WR (XFOLR IRU KLV GDXJKWHU WKH PLVHU LV VWXSHILHG +H WKLQNV 0HJDGRUXV LV
PRFNLQJ KLP²µµ0DNLQJ IXQ RI VRPHRQH ZLWKRXW EODPH²DQG ZLWKRXW DQ\
PRQH\5HDOO\²,¶YHGRQHQRWKLQJWRGHVHUYHWKLVNLQGRIWUHDWPHQW´:KHUH
IRUWKHPRVW(XFOLRLVVHHQPDNLQJIXQRIKLVVLWXDWLRQPRPHQWDULO\KHDVNV
0HJDGRUXVIRUDUDWLRQDOH+LVTXHVWLRQLQJRI0HJDGRUXVHYHQDVLWVWHPV
IURPKLVDQ[LHWLHVUHJDUGLQJKLVJROGDUHDWHOOLQJUHPDUNRQWKHVRFLHW\RIWKH
WLPHV
(XFOLR 0HJDGRUXV LW RFFXUV WR PH WKDW \RX¶UH D PDQ RI ZHDOWK²
3RZHUIXO SROLWLFDOO\²EXW ,¶P D SDXSHU RI LPSRYHULVKHG
SRYHUW\
:HUH , WR GR D GHDO ZLWK \RX DERXW P\ GDXJKWHU LW ZRXOG
 VHHP
 <RX ZHUH DQ R[ DQG , DQ DVV :H ZRXOGQ¶W ILW WRJHWKHU 3RWRI*ROG,
1HYHUFRXOGZHEHDUDQHTXDOORDG,¶GVWXPEOHLQWKHPXG
<RX WKH PLJKW\ R[ ZRXOG VFDUFHO\ NQRZ WKDW , H[LVW
,¶GEHVREDGO\WUHDWHG²P\RZQNLQGZRXOGKHHKDZDWPH
6KRXOG ZH IDOO RXW ,¶G EH GHVWDELOLVHG LQ HYHU\ TXDUWHU
$OO WKH DVVHV ZRXOG EH ELWLQJ PH WKH R[HQ JRULQJ PH
7KDW¶V WKH ULVN ZKHQ DVVHV WU\ WR ULVH WR R[LVK UDQN
0HJDGRUXV 1RWKLQJ FRXOG EH ILQHU WKDQ LI SHRSOH ZKR DUH ILQH
)RUJH DQ DOOLDQFH +HDU PH DQG DFFHSW P\ KRQHVW RIIHU
3OHGJH \RXU GDXJKWHU²
(XFOLR %XW ,¶YH QRWKLQJ IRU D GRZU\
0HJDGRUXV 1HYHU PLQG
9LUWXH¶V WKH PRVW LPSRUWDQW GRZU\²DQG VKH LV ULFK LQ WKDW

7KLVFRQYHUVDWLRQEHWZHHQ(XFOLRDQG0HJDGRUXVUHYHDOVWKHXQGHUO\LQJUXOHV
RIWKHVRFLHW\RIWKHWLPHV(XFOLRDFNQRZOHGJHVKLVVRFLDOVXEVHUYLHQFHWR
0HJDGRUXVRQWKHJURXQGVRIPRQH\+HFRPSDUHVKLVSRVLWLRQWR0HJDGRUXV
DVDNLQWRWKDWRIDQ³R[´DQGDQ³DVV´,WPHDQVWKDWLQWKHZRUOGWKDW3ODXWXV
EHORQJHGWRWKLVDOOLDQFHZDVLQFRQJUXHQW7KH\ZRXOGQRWILWWRJHWKHU+HLV
VKDUSHQRXJKWRLPDJLQHDVLWXDWLRQLQZKLFKLIWKHUHZHUHDIDOORXWWKHQKH
ZRXOGEHWKHEXWWRIHYHU\RQH¶VKXPRXU0HJDGRUXV¶SULYLOHJLQJRI³YLUWXH´
RYHUVRFLRHFRQRPLFFRPSDWLELOLW\ZDVDQHZLGHD:HNQRZWKDWLQ(QJODQG
DQGLQ(QJOLVKOLWHUDWXUHWKLVLGHDFRPHVDORQJRQO\ZLWKWKHHPHUJHQFHRIWKH
PLGGOHFODVVWRZDUGVWKHHQGRIWKHHLJKWHHQWKFHQWXU\3ULRUWRLWWKHQRUP
ZDV LQGHHG RI HFRQRPLF DOOLDQFHV 7KH LQWURGXFWLRQ RI ³YLUWXH´ DV DJDLQVW
PDUULDJHZLWKLQWKHVDPHHFRQRPLFVWUDWXPZDVFHUWDLQO\DQLQWHUHVWLQJLGHD
EURXJKWLQWKURXJKWKHURXWHRIWKHFRPLFSOD\$VKHGLVDSSHDUVLQVLGHWRFKHFN
KLVJROG0HJDGRUXVEHLQJ DULFK PDQWDNHV(XFOLR¶VVWUDQJHEHKDYLRXUDV
DQDIIURQW0DUNKLVWRQH
'LVDSSHDUHG ZLWKRXW DQ H[SODQDWLRQ 1RZ KH VQXEV PH
-XVW EHFDXVH , ZDQW WR EH KLV IULHQG +RZ W\SLFDO²
:KHQ D ULFK PDQ WULHV EHIULHQGLQJ VRPHRQH OHVV ZHOORII
7KH SRRU VKULQN EDFN LQ IHDU DQG IHDUIXOO\ REMHFW
%XWZKHQWKHFKDQFHKDVSDVVHGWKHPE\WRRODWHWKH\KDYHDFKDQJH
RI KHDUW                                          
0HJDGRUXV¶WRQHLVDQDVVXPLQJRQH+HLVFRQYLQFHGRIKLVDFWRIPDJQDQLPLW\
LQWKHIRUPRIWKHSURSRVDOH[WHQGHGWR(XFOLR+RZHYHU0HJDGRUXVFORDNV
GHVLUHLQJHQHURVLW\DQGLJQRUHVWKHIDFWWKDWKHLVPXFKROGHUWKDQWKLV\RXQJ
JLUO,QDVHQVHKHLVSXUFKDVLQJKHUYLUWXH(XQRPLD¶VSURSRVDOZKHUHE\KH
ZRXOGJHWDPSOHGRZU\EXWZRXOGPDUU\DZRPDQFORVHUWRKLVDJHPDNHV
PRUHVHQVH5HIHUULQJWR0HJDGRUXV¶VPXVLQJVRQPDUULDJHDVDJOLPSVHLQWR
³SRSXODU 5RPDQ SV\FKRORJ\´ 'DYLG .RQVWDQ H[SODLQV KRZ 0HJDGRUXV¶V
GHVLUHWRPDUU\DUHEDVHGRQ³LUUDWLRQDOSDVVLRQ´DQGQRW³FXVWRPDU\GXW\´
0HJDGRUXV RI FRXUVH KDV PRQH\ DQG QR QHHG IRU PRUH EXW ZRXOG UDWKHU
WUDQVIRUPKLVPRQHWDU\DVVHWVE\PDUU\LQJD\RXQJJLUO7KHIDFWWKDWQRGRZU\
LV WR EH SDLG LV VRPHWKLQJ WKDW VXLWV (XFOLR DQG WKH µGHDO¶ LV VWUXFN
0HJDGRUXV :HOO QRZ²GRHV WKDW PHDQ , JHW \RXU GDXJKWHU"
(XFOLR 2Q FRQGLWLRQ WKDW
<RX VWLFN E\ WKH DJUHHPHQW IRU WKH GRZU\ WKDW ZH
0HJDGRUXV >QRGGLQJ DVVHQW@ 'HDO"
(XFOLR $ GHDO         
3ODXWXV 3RW RI *ROG 7KHPDUULDJHEHWZHHQ0HJDGRUXVDQG(XFOLR¶VGDXJKWHULVDQDJUHHPHQWWR
EHLPSOHPHQWHGVRRQ7KH\DUHWRPDUU\WKHVDPHGD\$V(XFOLRUXVKHVRII
WRWKHPDUNHWSODFHIRUDUUDQJHPHQWV6WDSK\ODLVSX]]OHGDVVKHLVSULY\WR
KHUPLVWUHVV¶SUHJQDQWFRQGLWLRQ
0LVWUHVV LV LQ GLUH VWUDLWV DQG VR DP ,
$OO RI WKH GLVJUDFH ZLOO EH H[SRVHG²WKH ELUWK LV YHU\ QHDU
7KHUH¶V QR ZD\ WR FRYHU ZKDW ZH¶YH KLGGHQ XS WR QRZ
   
$WWKLVMXQFWXUHSOHDVHPDUNKRZWKHVODYHVFRQVLGHUHGWKHVRFLDOLQIHULRUV
SOD\DQLPSRUWDQWUROHLQWKHZRUOGRI3ODXWXV7KH\NQRZLPSRUWDQWVHFUHWV
LQIOXHQFHWKHFRXUVHRIHYHQWVDQGKDYHWKRXJKWVRIWKHLURZQ7KH\GLVDJUHH
ZLWKWKHLUµPDVWHUV¶DQG3ODXWXVJLYHVFRPSOHWHVSDFHIRUWKHPWRYRLFHWR
WKHLULGHDV7KLVJLYHVXVVRPHWKLQJWRWKLQNDERXWEXWZKLOHZHGZHOORQWKDW
WKHDFWLRQRIWKHSOD\PXVWJRRQ$ELWPRUHGHWDLOHGORRNDWWKHVODYHVZLOO
HQKDQFHRXUXQGHUVWDQGLQJRIWKHDQFLHQW5RPDQZRUOG

 7+( 6/$9(3$*($17

7KHVODYHVDUHDQLQWHJUDOSDUWRI3ODXWXV¶VZRUOG:KHWKHULWLVDSOD\OLNH
7KH%URWKHUV0HQDHFKPXVRU7KH+DXQWHG+RXVHRU7KH%UDJJDUW6ROGLHU
WKHVODYHVPDNHVLJQLILFDQWLQWHUYHQWLRQV+XPRXUDOORZVSHRSOHWRODXJKDWWKH
VXEYHUVLRQRISRZHUDQGWKLVPLJKWKDYHSURPSWHGWKLQNLQJ:HFDQVD\WKDW
WKHVHHGVRIWUDQVLWLRQZHUHVXUHO\VRZQDQGDSURFHVVRIFKDQJHLQLWLDWHG7DNH
DORRNDWWKHIROORZLQJVFHQHZKLFKFDQZHOOEHWHUPHGWKHVODYH¶VSDJHDQW
7KH\DUHGHVFULEHGLQWHUPVRIWKHZRUNDQGGXWLHVWKH\SHUIRUP7KHVWDJH
LQVWUXFWLRQVDUHDVIROORZV
(QWHU 0HJDGRUXV¶ VODYH 6WURELOXV D PRWHO\ SURFHVVLRQ RI &RRNV
$QWKUD[ DQG &RQJULR )OXWH *LUOV 3KU\JLD DQG (O\VLXP DV ZHOO DV
YDULRXV 6ODYHV EHDULQJ IHVWLYH IRRGV IURP WKH PDUNHW 7UDGLWLRQDOO\
WKH &RRN ZHDUV D VKRUW WXQLF DQG FDUULHV D FDUYLQJ NQLIH
  
$V6HJDOPHQWLRQVLQWKHQRWHV WRWKLV SOD\³7KRPDVQRWHV WKDWWKLV LVWKH
ORQJHVW FRRN VFHQH LQ DOO RI 5RPDQ FRPHG\ 7KLV ILJXUH KDV DQ LPSRUWDQW
IXQFWLRQLQ0HQDQGHU¶V'\VNRORV´6HJDO,QWKLVVFHQHWKHXVHRIKXPRXU
GHOYHVLQWRWKHEDZG\ZKLOHDOVRH[SODLQLQJWKHOLYHVRIWKHVHSHRSOH'XHWR
(XFOLR¶VSDWKHWLFPRQHWDU\VWDWHWKHFRRNVDUHWREHGLYLGHGDQGVHQWWRKLV
KRXVH,QWKHSURFHVV(XFOLR¶VPLVHUOLQHVVLVIXUWKHUTXDOLILHG/RRNDWWKHZD\
LQ ZKLFK WKH VODYHV FRPPHQW RQ (XFOLR¶V QDWXUH 7KHUH LV DQ HOHPHQW RI
H[DJJHUDWLRQEXWLWFODULILHVWKHVLWXDWLRQDQGDGGVWRWKHKXPRXU
6WURELOXV -XVW VHH IRU \RXUVHOI
+H FDOOV RQ JRGV DQG PHQ WR ZLWQHVV WKDW KH¶V EDQNUXSW
7RWDOO\ ZLSHG RXW
,I EXW D VPRN\ ZLVS EORZV IURP KLV WZLJJ\ ILUH
$QG DW QLJKW KH WLHV D EDJ DURXQG KLV PRXWK
$QWKUD[ :K\"
6WURELOXV 6R KH ZRQ¶W ORVH DQ\ EUHDWK ZKLOH KH¶V DVOHHS
$QWKUD[ :K\ GRHVQ¶W KH SOXJ XS KLV ORZHU SDUWV DV ZHOO"
7KHQ KH ZRQ¶W HYHQ ORVH D IDUW ZKHQ KH¶V DVOHHS
 
6WURELOXV 7KHIHOORZ ZRXOGQ¶WHYHQOHW\RXKDYHKLV KXQJHULI\RX DVNHG 3RWRI*ROG,
7KH RWKHU GD\ ZKHQ KH KDG KLV QDLOV FXW E\ WKH EDUEHU
+H VFRRSHG XS DOO WKH ELWV DQG WRRN WKHP KRPH ZLWK KLP
$QWKUD[ %X 3ROOX[ ZKDW D PLVHUDEOH PLQJ\ PLVHU      
0DQ\VXFKLQVWDQFHVDUHUHFRXQWHGWRUHLWHUDWH(XFOLR¶VPLVHUOLQHVV7KHZLWW\
UHSDUWHHH[KLELWHGE\WKHVODYHVLVZRUWKQRWLQJ,Q3ODXWXV¶VVFKHPHRIWKLQJV
WKHVODYHVDUHQRWRQO\SULY\WRLPSRUWDQWLQIRUPDWLRQEXWWKH\DUHFDSDEOHRI
XQGHUVWDQGLQJVLWXDWLRQVDQGSRVVHVVDSRLQWRIYLHZDERXWWKHLUµPDVWHUV¶7KH\
DOVRSRVVHVVWKHYHUEDOVNLOOWRH[SUHVVWKHLULGHDV,QWKHSOD\WKHGLYLVLRQRI
VODYHV LQWRWZR WHDPVLVFDUULHG RXWDQG&RQJULR DQG WKH³IDWWHU )OXWH JLUO
3KU\JLD´DUHVHQWWR(XFOLR¶VKRXVH$WWKLVVWDJHDQRWKHUVODYH3\WKRGLFXV
LVJLYHQDIUDJPHQW$FFRUGLQJWR6HJDOWKLVVHHPVWREHDODWHUDGGLWLRQZLWKRXW
DQ\FOHDUUHDVRQIRUWKLVLQFOXVLRQ
7KLVVHFWLRQHVWDEOLVKHV(XFOLR¶VPLVHUOLQHVVDQGDOVRJLYHVGUDPDWLFVSDFHWR
WKHVODYHV2QHFDQZHOOLPDJLQHSODFHGLQLWVWLPHWKHUHDFWLRQRIWKHYLHZHUV
WRWKHVODYHV$QGDOOWKLVKDSSHQVLQWKHUHDOPRIWKHFRPLF7KHVODYHVFRQVWLWXWH
D VRFLDO JURXS WKDW GLG QRW HQMR\ FHQWUH VSDFH EXW 3ODXWXV JLYHV WKHP
UHSUHVHQWDWLRQRQWKHVWDJH
7KHJRVVLSDPRQJVWWKHVODYHVDQGWKHLUSHUFHSWLRQRI(XFOLRDVVWLQJ\LVIXUWKHU
UHLQIRUFHGDVKHUHWXUQVHPSW\KDQGHGIURPWKHPDUNHWZLWKRXWDQ\IRRGRU
ZLQHIRUKLVGDXJKWHU¶VZHGGLQJ$OOKHPDQDJHVWRJHWZLWKKLPLV³DSLQFK
RI LQFHQVH DQG DEORRP RU WZR 7R SODFH XSRQ WKHDOWDU RI RXU +RXVHKROG
*RG´(XFOLRGRHVQRWHYHQJHWWKHEDUHPLQLPXPIRUWKHZHGGLQJ%DFN
KRPH KH LV DSSDOOHG WRVHH KLV KRXVH IXOO RI VWUDQJHUV WDONLQJ DERXWDSRW
0LVHU WKDW KH LV (XFOLR GHFLGHV WR NHHS LW D VWDUN ZHGGLQJ DQG JXDUG KLV
JROG +H LV DSSDOOHG WR VHH KLVKRXVH KDYLQJEHHQ WDNHQ RYHU E\ WKH FRRNV
DQGZDVWHVQRWLPHLQWKURZLQJWKHPRXW
$V&RQJULRDQGWKHRWKHUVHUYDQWVDUHSXVKHGRXWRIWKHKRXVHWKHWRQHRI
H[DJJHUDWLRQHPSOR\HGLQWKHSOD\DOORZVWKHVODYHVDQGVHUYDQWVWRYRLFHWKHLU
RSLQLRQZLWKHTXDOILHUFHQHVVDVWKHLUHPSOR\HUV7DNHDORRNDWWKLVH[FKDQJH
EHWZHHQ (XFOLR DQG &RQJULR
(XFOLR 6WRS WKLHI 6WRS WKLHI
&RQJULR ZKDW¶V DOO WKLV VKRXWLQJ IRU \RX IRRO"
(XFOLR 6KRXWLQJ IRU SROLFHPHQ WR DUUHVW \RX
&RQJULR :K\" :KDW IRU"
(XFOLR &DUU\LQJ D NQLIH
&RQJULR >ZDYLQJ WKH EODGH@ 7R FRRN
(XFOLR 'RQ¶W WKUHDWHQ PH
&RQJULR ,ZDVZURQJ²,VKRXOG¶YHVWXFNLWULJKWVWUDLJKWWKURXJK
\RX
(XFOLR 1RZKHUH RQ WKLV HDUWK LV WKHUH D ELJJHU FULPLQDO WKDQ
\RX
1R RQH WKDW ,¶G EHDW WR GHDWK ZLWK JUHDWHU SOHDVXUH
&RQJULR 3ROOX[²ZK\ WKH SURRI¶V DOUHDG\ LQ \RXU EHDWLQJ
$OO\RXUSRXQGLQJ¶V PDGH PHVRIWHU WKDQ DGDQFHU ER\
:KDW JLYHV \RX WKH ULJKW WR KLW PH ILOWK\ EHJJDU"
(XFOLR &KHHN\ TXHVWLRQ²WKDW PHDQV \RX GLGQ¶W JHW HQRXJK
 
3ODXWXV 3RW RI *ROG ,WZDVLQGHHGD³FKHHN\TXHVWLRQ´DVWKHVODYHVZHUHRQO\VXSSRVHGWRREH\
RUGHUV%XW LQWKH3ODXWLQHZRUOG WKH\FRQIURQWWKHµPDVWHU¶ FKDOOHQJHDQG
XQGHUPLQHWKHLUDXWKRULW\ZKLOHDOVRDVVHUWLQJWKHPVHOYHV(DUOLHUWRRZHVDZ
KRZ6WDSK\ODTXHVWLRQHG(XFOLRRQWKHWUHDWPHQWPHWHGRXWWRKHU+DYLQJ
IUHHGKLVKRXVHRIWKHFRRNV(XFOLRUXVKHVLQWRJHWWKHSRWRIJROGDQGDVNV
WKHFRRNVWRILQLVKWKHLUMRE9HUEDOLQQXHQGRDQGSXQVDGGWRWKHFRPLFWZLVWV
LQ WKH SOD\$V &RQJULR WHOOV (XFOLR
+H\ , RXJKW WR ELOO \RX IRU P\ LQMXULHV \RX NQRZ"
:KHQ WKH\ KLUHG PH WKH\ VDLG LW ZDV IRU PDNLQJ SXQFK QRW EHLQJ
SXQFKHG                                          
7KLVYHUEDOEDQWHUDGGVWRWKHFRPLFHIIHFWDQGFUHDWHVVSDFHIRUWKHVHPDUJLQDO
FKDUDFWHUV3ODXWXVVKRZVWKURXJKWKHHOHPHQWRIH[DJJHUDWLRQDVWRKRZHDV\
LWLVIRUWKHVRFLDOVXSHULRUVWRWUHDWWKHVODYHVDQ\ZD\WKH\ZDQW%XWLWLV
VLJQLILFDQWWKDWWKHSOD\ZULJKWFRXQWHUVWKHDUJXPHQWVRIWKHRQHVLQSRZHU

 /(7 86 680 83

,QWHUPVRIWKHSORWOLQH\RXFDQVHHKRZWKH3URORJXHWRWKHSOD\SUHVHQWV
DEULHIDQFHVWU\RIWKH3RWRI *ROG/DUV)DPLOLDULVH[SODLQV KLVLQWHQWLRQV
RIHQVXULQJD KDSS\HQGLQJIRUWKH PLVHU¶VGDXJKWHU7KLVXQLWIRFXVVHGRQ
GHYHORSLQJ(XFOLR¶VFKDUDFWHUDVDPLVHUDQGWKHLPSOLFDWLRQVRI0HJDGRUXV¶V
SURSRVDOIRUKLVGDXJKWHU7KHGLVFXVVLRQRQPDUULDJHJLYHVDYLHZRIWKHSRVLWLRQ
RIZRPHQZLWKLQPDUULDJH$QLPSRUWDQWDVSHFWGLVFXVVHGLQWKLVXQLWLVWKH
UROH RI WKH VODYHV ZKR GR QRW VLW EDFN DQG DFFHSW WKH WUHDWPHQW PHWHG RXW
WRWKHPE\WKHLUHPSOR\HUV7KH\UHMHFWLWLQWHUYHQHDQGDVNTXHVWLRQV$OO
WKLVLVGRQHZLWKLQWKHJDPXWRIWKHFRPLFVWUXFWXUHDQGWKHXVHRIH[DJJHUDWLRQ
WRPDNH WKHVHWULFN\ LVVXHVSDODWDEOH WRWKH 5RPDQDXGLHQFH

 */266$5<
&HUHV  &HUHVZDVWKHJRGGHVVRIDJULFXOWXUH$IHVWLYDOZDVKHOGLQ
KRQRXURI&HUHV,WZDVJHQHUDOO\KHOGIRUVHYHQGD\V*DPHV
ZHUH DOVR D SDUW RI WKH IHVWLYDO
0LVHU  RQHZKRFDQQRWSDUWZLWKKLVPRQH\
0LVDQWKURSH  RQHZKRLVHVWUDQJHGIURPVRFLHW\
)LGHV  *RGGHVVRIWUXVW
6LOYDQXV  7KHZRRGODQGJRG

 48(67,216
 'LVFXVVWKHUROHRI/DU)DPLOLDULVLQ3ODXWXV¶V3RWRI*ROG
 :KDW DUH WKH GLIIHUHQW GHYLFHV XVHG WR SURMHFW (XFOLR DV D PLVHU"
 $QDO\VHFULWLFDOO\WKHSOD\¶VDVVHVVPHQWRIWKHVRFLHW\RILWVWLPH
 'RHV3RWRI*ROGVKHGOLJKWRQWKHSRVLWLRQRIZRPHQLQVRFLHW\"*LYH
LQVWDQFHVWRVXEVWDQWLDWH\RXUDUJXPHQW
 ([SODLQWKHVWUXFWXUHRIPDUULDJHLQWKHSOD\
 +RZ DUH WKH VODYHV SUHVHQWHG LQ WKH 3RW RI *ROG"