You are on page 1of 109

7KH0XVOLP,GHDO 5HYLVHG

QG(GLWLRQ

7KH7UXH,VODPLF3HUVRQDOLW\
$V'HILQHGLQWKH4XU·DQDQGWKH6XQQDK

õÇ ¡ ¢ ãÐ ¢øïöôÈm¡¨мË
”è´ßíŽ˜ÜߍòÓ

'U0XKDPPDGµ$OLDO+DVKLPL

7UDQVODWHGE\
1DVLUXGGLQDO.KDWWDE

5HYLVHGE\
,EUDKLP0.XQQD
$QG
$EX$\D6XODLPDQµ$EGXV6DEXU

¾¯ÈÅY[Zdº¨«Y`ºÀ°«Z˜«YyYv«Y
,QWHUQDWLRQDO,VODPLF3XEOLVKLQJ+RXVH
,,3

H
3XEOLVKHU¶V1RWH

$OO 3UDLVH LV IRU $OOK ,  5DEE /RUG  RI WKH ZRUOGV DQG SHDFH DQG SUD\HUV EH XSRQ 0XKDPPDG
U KLVIDPLO\DQGFRPSDQLRQVDQGDOOWKRVHZKRIROORZLQWKHLUIRRWVWHSVXQWLOWKH/DVW'D\
7KHµ,GHDO0XVOLP¶LVQRZLQLWVVHFRQGUHYLVHGHGLWLRQLQ(QJOLVK/LNHWKHµ,GHDO0XVOLPDK¶LWKDV
EHHQYHU\ZHOOUHFHLYHGE\RXU(QJOLVKDQG$UDELFUHDGHUV,WVSRSXODULW\LVEDVHGRQWKHIDFWWKDW'UDO
+VKLP¯ KDV GHDOW ZLWK WKH YDULRXV WRSLFV LQ D FRPSOHWH DQG FRPSUHKHQVLYH ZD\ +H KDV EURXJKW
FRQFOXVLYHUHIHUHQFHVIURPWKH4XU¶QDQG6XQQDKWREDFNXSHYHU\SRLQWDQGLVVXHKHKDVUDLVHG+HKDV
HYHQH[DPLQHGERWK(DVWHUQDQG:HVWHUQWKRXJKWVRQFHUWDLQ LVVXHVDQGSURYHGWKDWWKH,VOPLFLGHDOLV
VXSHULRULQDOOFDVHV
,QGHHGWKH,GHDO0XVOLPKDVQRFRPSDULVRQ+LVKXPDQLW\JORZVLQHYHU\DVSHFWRIKLVOLIH+HLVD
PDQRIKLJKPRUDOFKDUDFWHULQKLVGHDOLQJVZLWKKLVSDUHQWVIDPLO\IULHQGVDQGWKHVRFLHW\DWODUJH
7KLVUHYLVHGHGLWLRQKDVEHHQGRQHWRXSJUDGHDQGFRUUHFWDQ\PLVWDNHVLQWKHILUVWHGLWLRQ,,3+LV
GHWHUPLQHGWREULQJWKHWUXHNQRZOHGJHRI,VOPWRLWVUHDGHUVLQWKHPRVWDXWKHQWLFIRUPLQDFFRUGDQFH
ZLWKWKHSXUHWHDFKLQJVRIWKHUHOLJLRQ
7KLVERRNZLOOLQGHHGEHQHILWDOOWKRVHZKRVLQFHUHO\VHHNWKHDXWKHQWLFNQRZOHGJHRI,VOP:HSUD\
DQGKRSHWKDWZHDOOUHFHLYHEHQHILWIURPLWDQGWKDWZHPD\EHDEOHWRIROORZWKHH[DPSOHRIRXUSLRXV
SUHGHFHVVRUV LQ SUDFWLFLQJ WKLV NQRZOHGJH $QG PD\ $OOK¶V SHDFH DQG EOHVVLQJV EH XSRQ WKH 3URSKHW
U KLVIDPLO\DQGFRPSDQLRQV

I
7KH ,GHDO 0XVOLP LV D PDQ RI WKH KLJKHVW PRUDO FKDUDFWHU ,Q KLV UHODWLRQVKLS ZLWK +LV
5DEEKLPVHOIIDPLO\SDUHQWVUHODWLYHVIULHQGVDQGWKHFRPPXQLW\DWODUJH KHKDVDPRVW
H[FHOOHQW H[DPSOH LQ WKH 3URSKHW RI ,VOP 7KLV LGHDO LV IXUWKHU VWUHQJWKHQHG E\ WKH
FKDUDFWHUV RI WKH ILUVW JHQHUDWLRQV RI 0XVOLPV ZKR H[FHOOHG LQ DOO WKH YDULRXV ILHOGV RI
KXPDQHQGHDYRXU+HLVUHDVVXUHGIURPWKHWHDFKLQJVRI,VOPWKDWKHDOVRFDQUHDFKWKHVH
QREOHKHLJKWVE\ZRUNLQJWRLPSURYHKLVFKDUDFWHUGDLO\

7KLV FRPSUHKHQVLYH ZRUN E\ 'U DO+VKLP¯ LV D YDOXDEOH FRQWULEXWLRQ IRU RXU (QJOLVK
UHDGHUV+HZURWHDQRWKHUERRNRQWKH,GHDO0XVOLPDK IHPDOH0XVOLP DQGRXUUHDGHUV
DUHLQYLWHGWRUHDGERWKWLWOHVIRUWKHUHDVRQWKDWWKHVHWZRERRNVFRPSOHPHQWHDFKRWKHU
0D\$OOK , KHOSXVDOOLQPDNLQJWKHVHSXUHWHDFKLQJVDSDUWRIRXUOLIH

7KH2WKHU7LWOHLQWKLV6HULHVLV
i 7KH,GHDO0XVOLPDK

J
7UDQVODWRU¶V)RUHZRUG

3UDLVHEHWR$OOK , WKH5DEE /RUG RIWKH:RUOGVDQGPD\WKHEOHVVLQJVDQGSHDFHRI$OOKEH
XSRQRXUEHORYHG3URSKHW0XKDPPDGDQGKLV)DPLO\DQG&RPSDQLRQV
,GHDO 0XVOLP WKH WUXH ,VOPLF SHUVRQDOLW\ DV GHILQHG E\ WKH 4XU¶Q DQG 6XQQDK SUHVHQWV D
FRPSUHKHQVLYHRYHUYLHZRIWKHZD\LQZKLFKWKH3URSKHW U DQGKLV&RPSDQLRQVOLYHG7KLVSLFWXUHRI
WKHSUDFWLFDODVSHFWVRIDWUXO\,VOPLFOLIHVW\OHVHUYHVDVDWLPHO\UHPLQGHUIRUDOORIXV$WDWLPHZKHQ
XQ,VOPLFDQGDQWL,VOPLFLQIOXHQFHVDUH VSUHDGLQJYLDPRGHUQWHFKQRORJ\WRWKHKHDUWODQGVRI,VOPDQG
HYHQ WR WKH UHPRWHVW UHJLRQV ZH QHHG WR KROG ILUP WR WKH GLVWLQFW FKDUDFWHU RI RXU IDLWK DV SUHVFULEHG E\
$OOK , DQGUHYHDOHGWKURXJK+LV3URSKHW U 
'U0XKDPPDGµ$O¯ DO+VKLP¯ SUHVHQWVDZHOOWKRXJKWRXWJXLGHWRWKH,VOPLFOLIHVW\OH+HVWDUWVZLWK
WKH 0XVOLP¶V UHODWLRQVKLS ZLWK KLV 5DEE ZKLFK LV WKH PRVW LPSRUWDQW DVSHFW RI KLV OLIH DQG SURYLGHV WKH
IRXQGDWLRQIRUDOOKLVRWKHUUHODWLRQVKLSV)URPWKHUH'U+VKLP¯ RXWOLQHVKRZWKH0XVOLPVKRXOGUHODWHWR
HYHU\SHUVRQLQKLVOLIHVWDUWLQJZLWKKLPVHOIDQGKLVIDPLO\DQGPRYLQJRQE\VWDJHVWRHQFRPSDVVHYHU\
PHPEHU RI WKH FRPPXQLW\ RU VRFLHW\ (DFK SRLQW LV VXSSRUWHG E\ H[WHQVLYH TXRWDWLRQV IURP WKH 4XU¶Q
DQGRUpDG¯WK
,W VKRXOG EH QRWHG WKDW ZKLOH PRVW RI ,VOPLF WHDFKLQJV z DQG FHUWDLQO\ WKH FHQWUDO EHOLHIV DQG
SUDFWLFHV ³SLOODUV´  z DUH LQFXPEHQW XSRQ PHQ DQG ZRPHQ DOLNH VRPH DVSHFWV RI WKH IDLWK DUH
HPSKDVL]HGPRUHIRURQHWKDQWKHRWKHURUPD\EHDSSOLFDEOHWRMXVWRQHRIWKHWZRVH[HV$QREYLRXV
H[DPSOH LV WKH GUHVVFRGH ZKHUH WKH HPSKDVLV LV SODFHG RQ ZRPHQ¶V DWWLUH DOWKRXJK LW VKRXOG QRW EH
IRUJRWWHQWKDWPHQDUHLQVWUXFWHGWRGUHVVPRGHVWO\WRRDQGWKDWFHUWDLQSURKLELWLRQVDSSO\RQO\WRWKHP
LHWKHZHDULQJRIJROGDQGVLON $QXPEHURIWKHVH³JHQGHUVSHFLILF´PDWWHUVDUHGLVFXVVHGKHUHEXW
WKHERRNVKRXOGQRWEHYLHZHGDVH[FOXVLYHPHQDQGZRPHQDOLNHPD\OHDUQPXFKIURPLW
7KHLQWHUSUHWDWLRQVRI4XU¶QLFTXRWDWLRQVKDYHEHHQWDNHQIURPWKHWUDQVODWLRQE\<XVXIµ$O¯H[FHSW
ZKHUHLQGLFDWHG7KHDUFKDLFVW\OHRI<XVXIµ$O¯¶VWUDQVODWLRQKDVKHUHEHHQDPHQGHGDQGPRGHUQL]HGVR
WKDW³WKRX´EHFRPHV³\RX´³JRHWK´EHFRPHV³JRHV´HWF
0DQ\ ,VOPLF FRQFHSWV DUH GLIILFXOW WR H[SUHVV LQ (QJOLVK HVSHFLDOO\ DV ZRUGV WKDW FDUU\ H[WHQVLYH
FXOWXUDO EDJJDJH  7KLV LV HVSHFLDOO\ VR ZLWK ³UHOLJLRXV´ ZRUGV ZKLFK ZKHQ UHQGHUHG LQWR (QJOLVK PD\
FRQYH\FRQQRWDWLRQVWKDWGRQRWH[LVWLQ$UDELF)RUWKLVUHDVRQPDQ\$UDELFZRUGVKDYHEHHQUHWDLQHG
ZLWKH[SODQDWLRQVHLWKHULQWKHWH[WRULQWKHJORVVDU\ZKLFKLVWREHIRXQGDWWKHHQGRIWKHERRN
0D\$OOK , UHZDUGWKHDXWKRUIRUKLVHIIRUWVWRHGXFDWHWKH0XVOLPVDERXWWKHLUUHOLJLRQPD\+H
FDXVHWKLVERRNWREHDVRXUFHRIEHQHILFLDOLQVWUXFWLRQDQGPD\+HJXLGHXVDQGNHHSXVRQWKH6WUDLJKW
3DWK

1DÑLUXGG¯QDO.KDÓӍE
0DUFK

K
,QWKHQDPHRI$OOK$OO&RPSDVVLRQDWH$OO0HUFLIXO

2 $OOK WR <RX , RIIHU SUDLVH DQG VHHN <RXU KHOS DQG JXLGDQFH , VHQG SUD\HUV DQG
EOHVVLQJVXSRQ\RXUWUXVWZRUWK\0HVVHQJHUDQGDOOKLVIDPLO\DQGFRPSDQLRQVDQGWKRVH
ZKRIROORZWKHPLQ DOOJRRGGHHGV XQWLOWKH'D\RI-XGJHPHQW 
7KH0XVOLPDQG+LV5HODWLYHV
7KH,GHDO0XVOLP 
,QWURGXFWLRQ

0\ LQWHUHVW LQ WKH WRSLF RI WKH0XVOLPSHUVRQDOLW\ DV,VOPPHDQWLWWREHJRHVEDFNPRUHWKDQWHQ
\HDUV GXULQJ ZKLFK WLPH , KDYH QRWLFHG WKDW PDQ\ 0XVOLPV DUH RIWHQ RYHU]HDORXV LQ VRPH PDWWHUV EXW
QHJOLJHQW LQ RWKHUV )RU H[DPSOH \RX PLJKW VHH D 0XVOLP ZKR LQVLVWV RQ DWWHQGLQJ HYHU\ SUD\HU DQG
VWDQGLQJ LQWKHIURQWURZEXWKHSD\VQRKHHGWRWKHEDGVPHOOHPDQDWLQJIURPKLVPRXWKRUFORWKHVRUKH
REH\VDQGIHDUV$OOK , EXWGRHVQRWWDNHFDUHWRXSKROGWKHWLHVRINLQVKLSRUKHGHYRWHVPXFKWLPHWR
ZRUVKLS DQG WKH SXUVXLW RI NQRZOHGJH EXW LV QHJOHFWLQJ KLV FKLOGUHQ¶V XSEULQJLQJ DQG GRHV QRW NQRZ
ZKDWWKH\DUHUHDGLQJRUZKRWKHLUIULHQGVDUHRUKHLVWDNLQJJRRGFDUHRIKLVFKLOGUHQEXWLVPLVWUHDWLQJ
KLVSDUHQWVRUKHLVORRNLQJDIWHUKLVSDUHQWVEXWDEXVLQJKLVZLIHRUKHLVWUHDWLQJKLVZLIHDQGFKLOGUHQ
ZLWK UHVSHFW EXW LV GLVWXUELQJ KLV QHLJKERXUV  RU KH LV SD\LQJ DWWHQWLRQ WR KLV RZQ SULYDWH DIIDLUV EXW
LJQRULQJKLVIULHQGVDQGWKHZHOIDUHRIWKH0XVOLPFRPPXQLW\DWODUJHRUKHLVUHOLJLRXVDQGSLRXVEXW
KHHGOHVVRIWKH,VOPLFWHDFKLQJVUHJDUGLQJJLYLQJVDOPFRQVXPLQJIRRGDQGGULQNDQGLQWHUDFWLQJZLWK
SHRSOH
,WLVVWUDQJHWKDWWKHVHVKRUWFRPLQJVH[LVWDPRQJVRPHRIWKRVHZKRDUHUHJDUGHGDVSOD\LQJDQDFWLYH
UROHLQ,VOPLFGDµZDK DQGZKRDUHLQYROYHGLQWKHSURSDJDWLRQRIDSUDFWLFDOPHVVDJHWKDWLQPRVWFDVHV
SURYLGHVDQDZDUHQHVVDQGXQGHUVWDQGLQJRI,VOPLFWHDFKLQJVDQGYDOXHVIROORZLQJWUXHJXLGDQFH<HWLW
VHHPV WKDW WKH RYHUZKHOPLQJ QDWXUH RI WKHLU ZRUN RU SHUKDSV FDUHOHVVQHVV RU IRUJHWIXOQHVV KDV FDXVHG
VRPH,VOPLVWVWRIDOOLQWRWKHWUDSRIWKHVHHUURUVZKHWKHUNQRZLQJO\RURWKHUZLVH
0\ LQWHUHVW LQ H[SORULQJ WKH 0XVOLP SHUVRQDOLW\ DV ,VOP PHDQW LW WR EH OHG PH WR FRQVXOW ,VOPLF
VRXUFHVWKDWUHIHUWRPDQDQGKRZKHLVWREHJXLGHGDQGPRXOGHGVRWKDW,FRXOGSUHVHQWWRWKH0XVOLPV
HVSHFLDOO\ WKRVH ZKR DUH SUDFWLVLQJ DQG DFWLYH D FRPSOHWH VWXG\ RI WKLV SHUVRQDOLW\ GHVFULELQJ LWV
GLVWLQJXLVKLQJ IHDWXUHV DQG DWWLWXGHV  ,W LV KRSHG WKDW WKLV ZRUN PD\ UHSUHVHQW D EHDFRQ RI JXLGDQFH WR
WKRVHZKRDUHIDOOLQJVKRUW LQVRPHUHVSHFWVVRWKDWWKH\PD\UDLVHWKHPVHOYHVXSWRWKHOHYHOWKDWWKHLU
WUXHUHOLJLRQLQWHQGHG
,ZDVVKRFNHGZKHQ,UHDOL]HGKRZJUHDWDJDSH[LVWVEHWZHHQZKDW,VOPZDQWVIRUWKH0XVOLPVDQG
ZKDWWKH\ZDQWIRUWKHPVHOYHVz H[FHSWDIHZRIWKHPZKRDUHVLQFHUHLQWKHLUIDLWKSXUHRIKHDUWDQG
VRXODQGILOOHGZLWKDPELWLRQ7KHVHDUHWKHRQHVZKRDUHSDVVLRQDWHO\GHYRWHGWRWKHLUUHOLJLRQGULQNLQJ
GHHSO\IURPLWVSXUHVSULQJDQGIROORZLQJLWVLOOXVWULRXVJXLGDQFHPRUHFORVHO\HDFKGD\
:KRHYHU WDNHV WKH WLPH WR VWXG\ WKH JXLGDQFH RI $OOK ,  DQG +LV 3URSKHW U  FRQVXOWLQJ WKH
SURSHU VRXUFHV LH WKH WH[WV LQ WKH 4XU¶Q DQG pDG¯WK ZLOO EH DPD]HG DW KRZ PXFK FRPSUHKHQVLYH
LQIRUPDWLRQ LV WR EH IRXQG WKHUH GHDOLQJ ZLWK ERWK PDMRU DQG PLQRU DVSHFWV RI WKH LQGLYLGXDO¶V
UHODWLRQVKLSZLWKKLV5DEEKLVRZQVHOIDQGWKHSHRSOHDURXQGKLP$OORIWKLVLVJXLGDQFHDLPHGDWWKH
HGLILFDWLRQRIWKH0XVOLPDQGHQDEOLQJKLPWRHQMR\DQLGHDOOLIHERWKDVDQLQGLYLGXDODQGDVDPHPEHU
RIWKHODUJHUVRFLHW\
6R LW VHHPV WKDW WKH 0XVOLP DV LQWHQGHG E\ WKHVH WH[WV LV VXSSRVHG WR EH D GHFHQW VRFLDO SHUVRQ
ZKRPWKLVXQLTXHFRPELQDWLRQRIKRQRXUDEOHFKDUDFWHULVWLFVGLVWLQJXLVKHV7KHVHIHDWXUHVDUHGHVFULEHG
LQWKH4XU¶QDQGpDG¯WKZKLFKSUHVHQWWKHPDVDUHOLJLRXVREOLJDWLRQWREHDFWLYHO\SXUVXHGE\PDQLQ
WKHKRSHRIUHFHLYLQJUHZDUGIURP$OOK , 

ÎÍÎ 
7KH0XVOLPDQG+LV5HODWLYHV
6R , EHJDQ WR FRPSLOH DQG FODVVLI\ UHIHUHQFHV IURP WKH 4XU¶Q DQG 6XQQDK $V , JDWKHUHG PRUH
PDWHULDOWKHVXEMHFWEHFDPHFOHDUHUDQG,ZDVDEOHWRLGHQWLI\WKHIROORZLQJWRSLFV 
7KH0XVOLPDQGKLV5DEE 
7KH0XVOLPDQGKLVRZQVHOI 
7KH0XVOLPDQGKLVSDUHQWV 
7KH0XVOLPDQGKLVZLIH 
7KH0XVOLPDQGKLVFKLOGUHQ 
7KH0XVOLPDQGKLVUHODWLYHV 
7KH0XVOLPDQGKLVQHLJKERXU 
7KH0XVOLPDQGKLV0XVOLPEURWKHUVDQGIULHQGV 
7KH0XVOLPDQGKLVFRPPXQLW\VRFLHW\
7KURXJK VWXG\LQJ WKH ZHDOWK RI NQRZOHGJH FRQWDLQHG LQ WKHVH VRXUFHV , UHDOL]HG WKH JUHDWQHVV RI
$OOK¶VPHUF\WR+LVVODYHVLQWKDW+HKDVUHVFXHGWKHPIURPHUURUDQGVHQWWKHPWUXHJXLGDQFHYLD+LV
0HVVHQJHUV%RRNVDQG/DZVVRWKDWPDQNLQGPD\EHVKRZQWKH6WUDLJKW3DWKDQGVDYHGIURPVWXPEOLQJ
DQGJURSLQJEOLQGO\LQWKHGDUN
+XPDQ EHLQJV DUH LQ JUHDW QHHG RI WKLV JXLGDQFH DQG HGXFDWLRQ VR WKDW WKH\ ZLOO EH DEOH WR SUDFWLVH
WKHLU KXPDQLW\ DQG SOD\ WKH UROH LQ WKLV OLIH WKDW $OOK ,  LQWHQGHG WKHP WR SOD\ +DG LW QRW IRU WKLV
'LYLQHJXLGDQFHPDQNLQGZRXOGKDYHEHHQOHIWZDOORZLQJLQWKHPLUHRIVHOILVKQHVVKDWUHGGRPLQDWLRQ
DQGRSSUHVVLRQ
7KHHYLGHQFHIRUWKLVLVDSSDUHQWLQWKHEHKDYLRXURIWKHFKLOGZKRVWULYHVWRVKRZKLVSDUHQWVWKDWKH
LVEHWWHUWKDQKLVEURWKHUDQGVHHNVWRGHQ\WKDWKLVEURWKHUKDVDQ\RIWKHVDPHGHFHQWTXDOLWLHVWRZKLFK
KHKLPVHOIDVSLUHV+LVQDWXUDOLQFOLQDWLRQLVWRGHIHDWKLVEURWKHUDQGSURYHWKDWKHLVEHWWHU
7KLV QDWXUDO FKDUDFWHULVWLF LV HVVHQWLDO WR PDQ¶V ZHOOEHLQJ VR ORQJ DV LW LV PRGHUDWH DQG LV KHOG LQ
FKHFN7KLVLQFOLQDWLRQWRSURYHKLPVHOIPRWLYDWHVKLPWRVHHNWKHEHVWLQKLPVHOIWKHJUHDWVDWLVIDFWLRQ
KHGHULYHVIURPUHDOL]LQJWKHJRRG TXDOLWLHVKHSRVVHVVHVHQFRXUDJHVKLPWRWU\HYHQKDUGHUDQGDFKLHYH
HYHQJUHDWHUWKLQJV%XWLIWKLVGHVLUHWRSURYHRQHVHOILVH[DJJHUDWHGDQGDOORZHGWRJHWRXWRIKDQGLW
EHFRPHV D ORDWKVRPH GDQJHURXV LOOQHVV ZKLFK PDNHV D SHUVRQ DUURJDQW DQG ERDVWIXO WUHDWLQJ KLV SHHUV
ZLWKGLVGDLQDOWKRXJKKHLVWKHIDUWKHVWUHPRYHGIURPWKHTXDOLWLHVKHFODLPVWRSRVVHVV+HUHZHFDQVHH
WKHYDOXHRIUHOLJLRQDQGHGXFDWLRQLQFRQWUROOLQJWKLVVLFNQHVVUHGXFLQJKLVVHOIDGPLUDWLRQDQGSRLQWLQJ
WKHZD\WRZDUGVPRGHUDWLRQZLVGRPDQGKXPLOLW\
,VOPLVWKHZHOOVSULQJRIDOOGHFHQF\DQGKRQRXULQWKLVOLIHDQGRIWKHVRXQGHGXFDWLRQDODQGPRUDO
SULQFLSOHV KLJK YDOXHV DQG JRRG EHKDYLRXU WKDW KDYH FRPH GRZQ WR XV WKURXJK WKH FHQWXULHV IURP WKDW
SXUHGLYLQHVRXUFH
+XPDQEHLQJVDUHFOHDUO\PRUHLQFOLQHGWRZDUGVORRVHQHVVDQGLJQRUDQFHWKDQWRVHHNLQJWRDGKHUHWR
WKDWZKLFKLVULJKWEHFDXVHLWLVHDVLHUWRIDOOGRZQWKDQWROLIWRQHVHOIXSDQGWREHOD[WKDQWRIROORZWKH
UXOHV  6R PDQ QHHGV D GHWHUUHQW WR ZDUQ KLP HYHU\ WLPH KH IRUJHWVDQGKLVIRRWVOLSVIURPWKH6WUDLJKW
3DWK  6R WKLQNHUV DQG ZULWHUV KDYH D GXW\ WR H[SODLQ WKHVH QREOH YDOXHV DQG SUHVHQW WKHP LQ DQ HDVLO\
XQGHUVWRRG DQG DWWUDFWLYH IDVKLRQ VR WKDW SHRSOH ZLOO EH DEOH WR GHYHORS WKH YDOXHV DQG DWWLWXGHV ZKLFK
$OOK , LQWHQGHGIRUWKHPWKXVHQDEOLQJWKHPWRHQMR\DGHFHQWDQGSOHDVDQWOLIH
7KH,GHDO0XVOLP 
$OOK ,  GLG QRW UHYHDO WKLV UHOLJLRQ RI,VOPIURPDERYHWKHVHYHQKHDYHQVMXVWIRULWWREHWKH
PDWWHU RI WKHRUHWLFDO GLVFXVVLRQV RU VDFUHG ZRUGV WKURXJK WKH UHFLWDWLRQ RI ZKLFK SHRSOH PLJKW VHHN
EOHVVLQJVZLWKRXWXQGHUVWDQGLQJWKHLUVLJQLILFDQFH$OOK , UHYHDOHGWKLVUHOLJLRQWRJRYHUQWKHOLIHRI
WKH LQGLYLGXDO WKH IDPLO\ DQG WKH VRFLHW\ DW ODUJH WR EH D EHDFRQ WKDW ZRXOG OHDG WKH SHRSOH RXW RI
GDUNQHVVLQWROLJKW
>´7KHUH KDYH FRPH WR \RX IURP $OOK D >QHZ@ OLJKW DQG D SHUVSLFXRXV %RRN ³ ZKHUHZLWK $OOK
JXLGHV DOO ZKR VHHN +LV JRRG SOHDVXUH WR ZD\V RI SHDFH DQG VDIHW\ DQG OHDGV WKHP RXW RI
GDUNQHVVE\+LV:LOOXQWRWKHOLJKW JXLGHVWKHPWRD3DWKWKDWLV6WUDLJKWµ@ 4XU¶DQ
,QWKHVKDGHRIWKLVJXLGDQFHOLIHEHFRPHVEHWWHUPRUHSOHDVDQWDQGHQMR\DEOH7KHILUVWVWHSWRZDUGV
WKLVOLIHRIJXLGDQFHDQGOLJKWLQYROYHVWKHIRUPDWLRQRIDVLQFHUH0XVOLPLQGLYLGXDOZKRZLOOSUHVHQWD
YLYLGDQGEHDXWLIXOSLFWXUHRI,VOPVRWKDWZKHQSHRSOHVHHKLPWKH\ZLOOVHHWUXH,VOPDQGZKHQWKH\
GHDOZLWKKLPWKHLUIDLWKZLOOLQFUHDVH
7KLVLVZKDWWKH3URSKHW U GLGDWWKHEHJLQQLQJRIKLVGDµZDKZKHQKLVILUVWVWHSRQWKHORQJURDG
RI,VOPZDVWRPRXOGLQGLYLGXDOVZKRZRXOGHPERG\,VOPDQGEHFRPHDVLWZHUH³4XU¶QV´ZDONLQJRQ
WKHIDFHRIWKHHDUWK:KHUHYHUWKH\ZHQWLQWKHZRUOGWKH\ZHUHDXQLTXHH[DPSOHRIDXQLTXHZD\RI
OLIH:KHQSHRSOHVDZWKLVXQLTXHZD\RIOLIHHPERGLHGLQVLQFHUH EHOLHYLQJLQGLYLGXDOVWKH\HPEUDFHG
WKLVUHOLJLRQDQGHQWHUHG,VOPLQFURZGV
+XPDQLW\ WRGD\ DQG WKH 0XVOLPV LQ SDUWLFXODU DUHLQJUHDWQHHGRIVXFKXQLTXHLQGLYLGXDOVZLWKRXW
ZKRPKXPDQOLIHLVXQEHDUDEOHGHFHQWYDOXHVFDQQRWEHXSKHOGDQGWKHWUXH OLJKWRI,VOPFDQQRWVKLQH
IRUWK
:KDWGRHVVXFKDPDUYHOORXVKXPDQH[DPSOHORRNOLNH"7KLVLVWKHTXHVWLRQWKDWZLOOEHDQVZHUHGLQ
WKHIROORZLQJSDJHV
,DVN$OOK , WRDFFHSWWKLVZRUNIRU+LVVDNHDQGWREHQHILWRWKHUVWKURXJKLWDQGPDNHLWDKHOSIRU
PHRQ>´WKH'D\ZKHUHRQQHLWKHUZHDOWKQRUVRQVZLOODYDLOEXWRQO\KH>ZLOOSURVSHU@WKDWEULQJVWR
$OOKDVRXQGKHDUWµ@ 4XU¶Q

0XKDPPDG¶$O¯ DO+VKLP¯
5L\DGK
-XPG DObNKLUDK $+
0D\&(

ÎÍÐ 
7KH0XVOLPDQG+LV5HODWLYHV
&KDSWHU

7KH0XVOLPDQG+LV5DEE

7KHEHOLHYHULVDOHUW
,VOP UHTXLUHV RI WKH 0XVOLP ILUVW DQG IRUHPRVW WKDW KH EH D WUXH DQG VLQFHUH EHOLHYHU LQ $OOK , 
µ7KH([DOWHG¶FORVHO\FRQQHFWHG WR+LPFRQVWDQWO\UHPHPEHULQJ+LPDQGSXWWLQJKLVWUXVWLQ+LPZKLOH
PDNLQJWKHHIIRUWWRKHOSKLPVHOI7KH0XVOLPVKRXOGIHHOLQWKHGHSWKVRIKLVVRXOWKDWKHLVLQFRQVWDQW
QHHGRIWKHKHOSDQGVXSSRUWRI$OOK , QRPDWWHUKRZPXFKKHPD\WKLQNKH FDQGRIRUKLPVHOI
7KH WUXH DQG VLQFHUH 0XVOLP LV DOHUW DQG RSHQPLQGHG WR WKH PDJQLILFHQFH RI $OOK¶V FUHDWLRQ +H
NQRZVWKDWLWLV$OPLJKW\$OOK , :KRLVLQFRQWURORIWKHDIIDLUVRIWKHXQLYHUVHDQGRIPDQNLQG+H
UHFRJQL]HV WKH VLJQV RI +LV XQOLPLWHG SRZHU LQ HYHU\ DVSHFW RI FUHDWLRQ DQG VR KLV IDLWK LQ $OOK , 
LQFUHDVHVKHUHPHPEHUV+LPFRQVWDQWO\DQGSXWVKLVWUXVWLQ+LP
>%HKROG,QWKHFUHDWLRQRIWKHKHDYHQVDQGWKHHDUWKDQGWKHDOWHUQDWLRQRI1LJKWDQG'D\³ WKHUH
DUH LQGHHG 6LJQV IRU PHQ RI XQGHUVWDQGLQJ ³ PHQ ZKR FHOHEUDWH WKH SUDLVHV RI $OOK VWDQGLQJ
VLWWLQJDQGO\LQJGRZQRQWKHLUVLGHVDQGFRQWHPSODWHWKH>ZRQGHUVRI@FUHDWLRQLQWKHKHDYHQVDQG
WKHHDUWK>ZLWKWKHWKRXJKW@¶2XU5DEE 1RWIRUQDXJKWKDYH<RXFUHDWHG>DOO@WKLV*ORU\WR<RX*LYH
XVVDOYDWLRQIURPWKH3HQDOW\RIWKH)LUH·@ 4XU¶Q

2EHGLHQWWRWKHFRPPDQGVRIKLV5DEE
,WFRPHVDVQRVXUSULVHWKHQWKDWWKHVLQFHUH0XVOLPLVKXPEO\REHGLHQWWR$OOK , LQDOOPDWWHUV
+H QHYHU WUDQVJUHVVHV WKH OLPLWV DQG KH IROORZV $OOK¶V FRPPDQGV DQG JXLGDQFH HYHQ ZKHQ WKH\ DUH
FRQWUDU\WRKLVRZQGHVLUHV7KHWHVWRIWKH0XVOLP¶VIDLWKOLHVLQWKLVIROORZLQJRIWKHFRPPDQGVRI$OOK
, DQG+LV0HVVHQJHU U LQDOOPDWWHUVJUHDWDQGVPDOOZLWKQRKHVLWDWLRQRUUHVHUYDWLRQ
´1RQHRI\RX>WUXO\@EHOLHYHVXQWLOKLVLQFOLQDWLRQLVLQDFFRUGDQFHZLWKZKDW,KDYHEURXJKWµ


>%XW QR E\ WKH 5DEE WKH\ FDQ KDYH QR >UHDO@ )DLWK XQWLO WKH\ PDNH \RX MXGJH LQ DOO GLVSXWHV
EHWZHHQWKHPDQGILQGLQWKHLUVRXOVQRUHVLVWDQFHDJDLQVW\RXUGHFLVLRQVEXWDFFHSWWKHPZLWK
WKHIXOOHVWFRQYLFWLRQ@ 4XU¶Q
,W LV WKH PDWWHU RI DEVROXWH VXEPLVVLRQ DQG FRPSOHWH REHGLHQFH WR $OOK ,  DQG +LV 0HVVHQJHU
:LWKRXWERWKRIWKHVHWKHUHLVQRIDLWKDQGQR,VOP7KHUHIRUHWKHVLQFHUH0XVOLPGRHVQRWGHYLDWHIURP
WKHJXLGDQFHRI$OOK , RULJQRUHWKHFRPPDQGVRI+LV0HVVHQJHUZKHWKHUWKHVHFRQFHUQKLPDVDQ 

$O1DZDZL¶V)RUW\pDG¯WKpDG¯WK1R S 
7KH,GHDO0XVOLP 
LQGLYLGXDORUWKRVHRYHUZKRPKHKDVDXWKRULW\DQGIRUZKRPKHLVUHVSRQVLEOH LHWKHPHPEHUVRI
KLVIDPLO\ 

+HKDVDVHQVHRIUHVSRQVLELOLW\IRUWKRVHXQGHUKLVDXWKRULW\
,I DQ\ PHPEHURIWKH0XVOLP¶VIDPLO\LVQHJOHFWIXORUIDLOLQJLQKLVRUKHUGXWLHVWRZDUGV$OOK , 
DQG+LV0HVVHQJHUWKHQKHLVUHVSRQVLEOH
´(DFKRI\RXLVDVKHSKHUGDQGHDFKRI\RXLVUHVSRQVLEOHIRUKLVIORFN LHWKRVHRYHUZKRP\RX
KDYHDXWKRULW\ µ %XNKU¯ DQG0XVOLP
7KH VHQVH RI UHVSRQVLELOLW\ WKDW WKH VLQFHUH 0XVOLP IHHOV ZKHQ D PHPEHU RI KLV IDPLO\ LV IDLOLQJ LQ
VRPH LPSRUWDQW UHJDUG GLVWXUEV KLP JUHDWO\ +H FDQQRW EHDU LW VR KHZLOOKDVWHQWRGHDOZLWKLWVFDXVHV
GHVSLWHWKHFRQVHTXHQFHV7KHRQO\RQHZKRFDQLJQRUHVXFKDUHVSRQVLELOLW\DQGNHHSTXLHWDERXWLWLVWKH
PDQZKRVHIDLWKLVZHDNDQGZKRVHPDQKRRGLVODFNLQJ

ÎÍÒ 
7KH0XVOLPDQG+LV5HODWLYHV

+HDFFHSWVWKHZLOODQGGHFUHHRI$OOK ,
,
7KH VLQFHUH 0XVOLP LV DOZD\V FRQWHQW WR DFFHSW WKH ZLOO DQG GHFUHH RI $OOK ,  UHPHPEHULQJ WKH
­DG¯WK
´+RZ DPD]LQJ LV WKH DIIDLU RI WKH 0XVOLP +LV DIIDLUV DUH DOO JRRG ,I KH H[SHULHQFHV HDVH KH LV JUDWHIXO
DQG WKDW LV JRRG IRU KLP ,I KH H[SHULHQFHV KDUGVKLS KHIDFHVLWZLWKSDWLHQFHDQGSHUVHYHUDQFHDQG
WKDWLVDOVRJRRGIRUKLPµ %XNKU¯
7KHVLQFHUH0XVOLPLVFRQYLQFHGWKDWEHOLHILQWKHZLOODQGGHFUHHRI$OOK , LVRQHRIWKHSLOODUVRI
IDLWK :KDWHYHU EHIDOOV KLP LQ OLIH FDQQRW KDYH EHHQ DYRLGHG EHFDXVH $OOK ,  KDV GHFUHHG LW +LV
DFFHSWDQFH RI WKH GLYLQH ZLOO DQG GHFUHH ZLOO HDUQ KLP D JUHDW UHZDUG IURP $OOK ,  :KR ZLOO FRXQW
KLPDVRQHRIWKHVXFFHVVIXOREHGLHQWEHOLHYHUV
7KLVLVZK\WKH­DG¯WK VD\VWKDWWKH0XVOLP¶VDIIDLUVDUHDOOJRRG,IKHJRHVWKURXJKDWLPHRIHDVHKH
ZLOOJLYHPXFKWKDQNVWRKLVJHQHURXV5DEE IRU+LVERXQW\DQGLIKHJRHVWKURXJKDWLPHRIKDUGVKLSKH
ZLOOEHDULWZLWKSDWLHQFHDQGIRUWLWXGHIROORZLQJWKHFRPPDQGVRIKLV5DEE DQGDFFHSWLQJ+LVZLOODQG
GHFUHH:KDWHYHUWKHFDVHLWLVWUXO\JRRGIRUKLP

7KHRQHZKRWXUQVWR$OOK ,
, LQUHSHQWDQFH
7KH0XVOLPPD\ILQGKLPVHOIEHFRPLQJQHJOHFWIXODQGVOLSSLQJIURPWKH6WUDLJKW3DWKVRWKDWKHPD\
FRPPLWDVLQZKLFKGRHVQRWEHILWKLPDVDKXPEOHDQGYLJLODQWEHOLHYHUEXWKHZLOOVRRQUHPHPEHUKLV
5DEEWXUQDZD\IURPKLVHUURUDQGVHHNIRUJLYHQHVVIRUKLVIDLOLQJV
>7KRVH ZKR IHDU $OOK ZKHQ D WKRXJKW RI HYLO IURP 6DWDQ DVVDXOWV WKHP EULQJ $OOK WR
UHPHPEUDQFHZKHQOR7KH\VHH>DULJKW@@ 4XU¶Q
7KHKHDUWILOOHG ZLWKORYHDQGIHDURI$OOK , ZLOOQRWEHRYHUFRPHE\QHJOLJHQFH,WLVWKRVHZKR
LJQRUH$OOK¶VFRPPDQGVDQGJXLGDQFHZKRZLOOEHOHGDVWUD\7KHKHDUWRIWKHVLQFHUH0XVOLPLVHYHU
HDJHUWRUHSHQWDQGVHHNIRUJLYHQHVVDQGUHMRLFHVLQREHGLHQFHJXLGDQFHDQGWKHSOHDVXUHRI$OOK , 

+LVPDLQFRQFHUQLVWKHSOHDVXUHRIKLV5DEE
7KH VLQFHUH 0XVOLP VHHNV WR HDUQ WKH SOHDVXUH RI $OOK ,  LQ HYHU\WKLQJ WKDW KH GRHV +H LV QRW
FRQFHUQHGZLWKVHHNLQJWKHDSSURYDORIRWKHUVDQGLQGHHGKHPD\LQFXUWKHZUDWKDQGKDWUHGRISHRSOHLQ
WKHFRXUVHRIKLVHIIRUWVWRZLQGLYLQHIDYRXUDVWKH3URSKHW U µ%OHVVLQJVDQG3HDFHEHXSRQKLP¶VDLG
7KH,GHDO0XVOLP 
´:KRHYHUVHHNVWKHSOHDVXUHRI$OOK , DWWKHULVNRIGLVSOHDVLQJWKHSHRSOH$OOK , ZLOOWDNHFDUH
RIKLPDQGSURWHFW KLPIURPWKHP%XWZKRHYHUVHHNVWKHSOHDVXUHRIWKHSHRSOHDWWKHULVNRIDQJHULQJ
$OOK , $OOK , ZLOODEDQGRQKLPWRWKHFDUHRIWKHSHRSOHµ


&RQVHTXHQWO\KHPHDVXUHVDOOKLVGHHGVDJDLQVWKLVGHVLUHWRDWWDLQWKHSOHDVXUHRI$OOK , DQGZLOO
UHWDLQ RU GLVFDUG DQ\ SUDFWLFH DFFRUGLQJO\ 7KXV WKH 0XVOLP ZLOO KDYH DSSURSULDWH VWDQGDUGV DQG WKH
6WUDLJKW 3DWK ZLOO EH FOHDUO\ VLJQSRVWHG IRU KLP +H ZLOO DYRLG IDOOLQJ LQWR ULGLFXORXV FRQWUDGLFWLRQV
ZKHUHE\KHREH\V$OOK , LQRQHPDWWHUDQGGLVREH\V+LPLQDQRWKHURUKHUHJDUGVVRPHWKLQJDV­DOO
RQH\HDUDQG­DUP WKHQH[W7KHUHLVQRURRPIRUFRQWUDGLFWLRQVDVORQJDVWKHVWDQGDUGVDUHFRUUHFWDQG
WKHSULQFLSOHVDUHVRXQG
2QH RIWHQ QRWLFHV SHRSOH ZKR SUD\ GHYRWHGO\ LQ WKH PRVTXH WKHQ ZKHQ RQH VHHV WKHP LQ WKH
PDUNHWSODFHWKH\DUHGHDOLQJZLWKULE XVXU\RULQWHUHVW RULIRQHVHHVWKHPLQWKHKRPHWKHVWUHHWWKH
VFKRRORUWKHQHLJKERXUKRRGLWLVDSSDUHQWWKDWWKH\DUHQRWDSSO\LQJWKHODZVRI$OOK , WRWKHLURZQ
VHOYHVWKHLUZLYHVWKHLUFKLOGUHQRUDQ\RIWKRVHXQGHUWKHLUFDUH7KHVHSHRSOHDUHDIIOLFWHGE\DVHYHUH
PLVXQGHUVWDQGLQJRIWKHUHDOLW\RI,VOPWKLVKROLVWLFUHOLJLRQWKDWLQDOODIIDLUVGLUHFWVWKH0XVOLPWRZDUGV
DJUHDWHUSXUSRVHQDPHO\WKHSOHDVXUHRI$OOK , PD\ +HEHJORULILHG7KLVJUHDWHUSXUSRVHOHDGVWKH
0XVOLP WR PHDVXUH DOO KLV GHHGV DJDLQVW WKH VWDQGDUGV ODLG GRZQ E\ $OOK ,  6R WKHVH SHRSOH ZRXOG
DSSHDUWREH³VHPL0XVOLPV´WKH\DUH0XVOLPVLQQDPHRQO\7KLVVSOLWSHUVRQDOLW\LVRQHRIWKHJUHDWHVW
GDQJHUVWKDW0XVOLPVDUHFXUUHQWO\IDFLQJ

+HUHJXODUO\SHUIRUPVWKHGXWLHVDQGJRRGGHHGVUHTXLUHGE\,VO P

7KHVLQFHUH0XVOLPSHUIRUPVDOOREOLJDWRU\GHHGVDQGDGKHUHVWRWKHSLOODUVRI,VOPFRPSOHWHO\DQG
GHYRWHGO\+HGRHVQRWVODFNHQGRLWKDOIKHDUWHGO\RUVHHNH[FXVHVQRWWRGRLW6RKHHVWDEOLVKHVSUD\HU
SHUIRUPLQJ HDFK RI WKH ILYH GDLO\ SUD\HUV RQ WLPH IRU SUD\HU LV WKH SLOODU RI WKH IDLWK z ZKRHYHU
HVWDEOLVKHVSUD\HUHVWDEOLVKHVIDLWKDQGZKRHYHUQHJOHFWVSUD\HUGHVWUR\VWKHIDLWK 
3UD\HULVWKHEHVWRIGHHGVDVLVPDGHFOHDULQWKH ­DG¯WKQDUUDWHGE\,EQ0DVµÔG W µ0D\$OOKEH
SOHDVHGZLWKKLP¶LQZKLFKKHVDLG
´, DVNHG WKH 0HVVHQJHU RI $OOK U  ¶:KDW GHHG LV PRVW ORYHG E\ $OOK , "· +H VDLG ¶7R RIIHU HDFK
SUD\HUDVVRRQDVLWLVGXH·,DVNHGKLP¶7KHQZKDW"·+HVDLG¶7UHDWLQJRQH·VSDUHQWVZLWKKRQRXUDQG
UHVSHFW·,DVNHGKLP¶7KHQZKDW"·+HVDLG¶-LKGIRUWKHVDNHRI$OK , ·µ %XNKU¯ DQG0XVOLP
3UD\HU LV VR LPSRUWDQW EHFDXVH LW LV D GLUHFW OLQN EHWZHHQ WKH VHUYDQW DQG KLV 5DEE LQ ZKLFK KH
GLVWDQFHVKLPVHOIIURPWKHFRQFHUQVRIGDLO\OLIHDQGIRFXVHVKLPVHOIHQWLUHO\RQKLV5DEEDVNLQJ+LPIRU
KHOSJXLGDQFHDQGSHUVHYHUDQFHWRFRQWLQXHDORQJWKH6WUDLJKW3DWK6RLWLVKDUGO\VXUSULVLQJWKDWSUD\HU
LVFRQVLGHUHGWREHWKHEHVWRIGHHGVEHFDXVHLWLVWKHVRXUFHIURPZKLFKWKHEHOLHYHUPD\UHSOHQLVKKLV
WDTZ DQGWKHVSULQJLQZKRVHSXUHZDWHUKHPD\FOHDQVHKLPVHOIRIKLVVLQV 

5HSRUWHGE\DO7LUPLGK¯DO4DŸµ¯ DQG,EQµ$VNLU,WVLVQG LV­DVDQ 

6HH,­\¶µXOÔPDOG¯Q
ÎÍÔ 
7KH0XVOLPDQG+LV5HODWLYHV
$EÔ +XUD\UDK W VDLG
´,KHDUGWKH0HVVHQJHURI$OOK U VD\¶:KDWZRXOG\RXWKLQNLIWKHUHZHUHDULYHUUXQQLQJE\WKHGRRU
RI DQ\ RI \RX DQG KH EDWKHG LQ LW ILYH WLPHV HYHU\ GD\ ZRXOG DQ\ WUDFH RI GLUW EH OHIW RQ KLP"· 7KH
SHRSOHVDLG¶7KHUHZRXOGEHQRWUDFHRIGLUWRQKLP·+HVDLG¶7KLVLVOLNHWKHILYHGDLO\SUD\HUVWKURXJK
ZKLFK$OOK , HUDVHVVLQ·µ %XNKU¯ DQG0XVOLP
-ELU W VDLG
´7KH0HVVHQJHURI$OOK U VDLG¶7KHILYHGDLO\SUD\HUVDUHOLNHDGHHSULYHUIORZLQJE\WKHGRRURIDQ\
RI\RXLQZKLFKKHEDWKHVILYHWLPHVHDFKGD\·µ 0XVOLP
,EQ0DVµÔG W VDLG
´$PDQNLVVHGDZRPDQWKHQKHFDPHWRWKH3URSKHW U DQGWROGKLPZKDWKHKDGGRQH7KHQ$OOK
,  UHYHDOHG WKH b\DK >¶$QG HVWDEOLVK UHJXODU SUD\HUV DW WKH WZR HQGV RI WKH GD\ DQG DW WKH
DSSURDFKHVRIWKHQLJKWIRUWKRVHWKLQJVWKDWDUHJRRGUHPRYHWKRVHWKDWDUHHYLO·@ 4XU¶Q  
7KHPDQVDLGµ'RHVLWDSSO\WRPH"¶7KH3URSKHW U VDLG ¶,WDSSOLHVWRDOORIP\8PPDK·µ
%XNKU¯ DQG0XVOLP
$EÔ +XUD\UDK W VDLG
´7KH 0HVVHQJHU RI $OOK U  VDLG¶7KHILYHGDLO\SUD\HUVIURP)ULGD\WR)ULGD\DUHDQH[SLDWLRQIRUWKH
VLQVFRPPLWWHGLQWKHWLPHEHWZHHQSUD\HUVVRORQJDVQRPDMRUVLQV NDE·LU DUHFRPPLWWHG·µ 0XVOLP
µ8WKPQLEQµ$IIQ W VDLG
´,KHDUGWKH0HVVHQJHURI$OOK U VD\LQJ¶7KHUHLVQR0XVOLPZKRZKHQWKHWLPHVIRUSUD\HUFRPHV
SHUIRUPV ZXŸÔ· SURSHUO\ FRQFHQWUDWHV RQ KLV SUD\HU DQG ERZV FRUUHFWO\ EXW WKH SUD\HU ZLOO EH DQ
H[SLDWLRQIRUWKHVLQVFRPPLWWHGSULRUWRLWVRORQJDVQRPDMRUVLQKDVEHHQFRPPLWWHG7KLVLVWKHFDVH
XQWLOWKHHQGRIWLPH·µ 0XVOLP
7KH ­DG¯WKV DQG UHSRUWV WKDW H[WRO WKH YLUWXHV RI SUD\HU DQG GHVFULEH LWV LPSRUWDQFH DQG EHQHILWV DUH
PDQ\,WLVQRWSRVVLEOHWRTXRWHDOORIWKHPKHUH
7KH GHYRXW 0XVOLP WULHV WR SUD\ LQ WKH ILUVW MDPµDK FRQJUHJDWLRQ  LQ WKH PRVTXH ZKHQHYHU KH
FDQ EHFDXVH WKH 3URSKHW U  WROG XV WKDW ´SUD\HU RIIHUHG LQ MDP¶DK LV WZHQW\VHYHQ WLPHV EHWWHU
WKDQSUD\HURIIHUHGLQGLYLGXDOO\µ %XNKU¯ DQG0XVOLP
7KH3URSKHW U VDLGWKDWWKH0XVOLP
´,IKHSHUIRUPVZXŸÔ· SURSHUO\WKHQJRHVRXWZLWKWKHVROHLQWHQWLRQRIJRLQJWRSUD\LQWKHPRVTXHWKHQ
IRU HDFK VWHS KH WDNHV KLV VWDWXV LQ 3DUDGLVH ZLOO EH UDLVHG E\ RQH GHJUHH DQG RQH RI KLV VLQV ZLOO EH
IRUJLYHQ :KHQ KH SUD\V DVORQJDVKHUHPDLQVLQKLVSODFHRISUD\HUDQGKLVZXŸÔ· GRHVQRWEHFRPH


LQYDOLGDWHGWKHDQJHOVZLOOFRQWLQXHWRSUD\IRUKLP¶2$OOK , EOHVVKLP2$OOK , KDYHPHUF\RQ 

)RUWKLVUHDVRQµ$EGXOODKLEQµ8PDU W XVHGWRWDNHVKRUWVWULGHVZKHQKHZHQWWRWKHPRVTXHLQRUGHUWRLQFUHDVHWKHQXPEHURIVWHSVKH
WRRNVRWKDWKLVUHZDUGZRXOGEHLQFUHDVHGDFFRUGLQJO\
7KH,GHDO0XVOLP 
KLP·+HLVUHJDUGHGDVEHLQJLQDVWDWHRISUD\HUVRORQJDVKHLVZDLWLQJIRUWKHSUD\HUµ %XNKU¯ DQG
0XVOLP
7KH3URSKHW U VSRNHRIWKHSURPLVHRI3DUDGLVHIRUWKHRQHZKRLVNHHQWRSUD\LQFRQJUHJDWLRQLQ
WKHPRVTXHPRUQLQJDQGHYHQLQJ
´$OOK ZLOO SUHSDUH D SODFH LQ 3DUDGLVH IRU WKH RQH ZKR JRHV WR WKH PRVTXH LQ WKH PRUQLQJ RU LQ WKH
HYHQLQJHDFKWLPHKHJRHVWRWKHPRVTXHµ %XNKU¯ DQG0XVOLP
&RQVHTXHQWO\ WKH 6D­EDK &RPSDQLRQV RI WKH 3URSKHW  PD\ $OOK EH SOHDVHG ZLWK WKHP ZHUH
DOZD\VHDJHUWRDWWHQGSUD\HUVLQFRQJUHJDWLRQ5HIHUULQJWRWKLVµ$EGXOODKLEQ0DVµÔG W VDLG
´:KRHYHUDVSLUHVWRPHHW$OOK , DVD0XVOLPOHWKLPXSKROGWKHKDELWRIDWWHQGLQJSUD\HUVZKHQHYHU
WKHFDOOWRSUD\HULVJLYHQ$OOK , KDVVKRZQ\RXU3URSKHW U WKHZD\RIJXLGDQFHDQGWKHVHSUD\HUV
LQWKHPRVTXH DUHSDUWRIWKDWZD\,I\RXSUD\LQ\RXUKRPHVOLNHWKLVPDQZKRVWD\HGLQKLVKRPHWKHQ
\RX KDYH DEDQGRQHG WKH 6XQQDK RI \RXU 3URSKHW DQG LI \RX KDYH DEDQGRQHG WKH 6XQQDK RI \RXU
3URSKHWWKHQ\RXKDYHJRQHDVWUD\7KHUHZDVDWLPHZKHQWKHRQO\W\SHRISHUVRQZKRZRXOGVWD\DW
KRPHDWWKHWLPHRISUD\HUZDVWKHRQHZKRZDVNQRZQWREHDK\SRFULWH$WWKDWWLPHDPDQZRXOGEH
EURXJKWVXSSRUWHG E\WZRRWKHUVXQWLOKHVWRRGLQWKHURZRIZRUVKLSSHUVµ 0XVOLP


7KH3URSKHW U ZDVVRFRQFHUQHGWKDWSHRSOHVKRXOGDWWHQGWKHFRQJUHJDWLRQDOSUD\HUVLQWKHPRVTXH
WKDWKHZDQWHGWREXUQGRZQWKHKRXVHVRIWKRVHZKRIDLOHGWR MRLQWKHFRQJUHJDWLRQ
´%\ WKH 2QH LQ :KRVH KDQG LV P\ VRXO , ZDQWHG WR JLYH RUGHUV WKDW ZRRG VKRXOG EH JDWKHUHG DQG
EURXJKWWRPHWKHQ,ZRXOGKDYHRUGHUHGWKHFDOOWRSUD\HUWREHJLYHQDQGZRXOGKDYHDSSRLQWHGD
PDQ WR OHDG WKH SUD\HU WKHQ,ZRXOGKDYHJRQHWRWKHRQHVZKRZHUHDEVHQWIURPWKHFRQJUHJDWLRQ
DQGEXUQWWKHLUKRXVHVGRZQDURXQGWKHPµ %XNKU¯ DQG0XVOLP
,WFRPHVDVQRVXUSULVHWKHQWROHDUQRI6Dµ¯GLEQDO0XVD\\DEZKRLQWKLUW\\HDUVQHYHUVDZWKHEDFN
RIDQRWKHUPDQLQWKHPRVTXHEHFDXVHKHZDVDOZD\VLQWKHILUVWURZEHIRUHWKH DGKQ FDOOWRSUD\HU 
7KHUHDUHPDQ\VXFKH[DPSOHVLQWKHKLVWRU\RI,VOP
'LVWDQFHZDVQRREMHFWIRUWKH6D­EDKZKRZRXOGDWWHQGWKHPRVTXHZKHQHYHUWKH\KHDUGWKHFDOOWR
SUD\HUQRPDWWHUKRZIDUWKHLUKRPHVZHUHIURPWKHPRVTXH7KHFRQJUHJDWLRQDOSUD\HUZDVVRGHDUWR
WKHPWKDWWKH\ZRXOGHYHQUHMRLFHLQWKHGLVWDQFHEHWZHHQWKHLUKRPHVDQGWKHPRVTXHEHFDXVHHDFKVWHS
WKH\WRRNWRUHDFKLWZRXOGEHUHFRUGHGDPRQJWKHJRRGGHHGVIRUZKLFKWKH\ZRXOGEHUHZDUGHG
8ED\\LEQ.DµE W VDLG
´7KHUHZDVDPDQRIWKH$QэUZKRVHKRXVHZDVIDUWKHUIURPWKHPRVTXHWKDQDQ\RQHHOVH,NQHZEXW
KHQHYHUPLVVHGDSUD\HU6RPHRQHDVNHGKLP¶:K\GR\RXQRWEX\DGRQNH\WRULGHZKHQLWLVGDUNRULW
LVYHU\KRW"·+HVDLG¶,ZRXOGQRWOLNHP\KRXVHWREHQH[WWRWKHPRVTXHEHFDXVH,ZDQWP\ZDONLQJWR
WKH PRVTXH WKHQ EDFN KRPH WR P\ IDPLO\ WR EH UHFRUGHG DPRQJ P\ JRRG GHHGV· 7KH 0HVVHQJHU RI
$OOK U VDLG¶$OOK , KDVJLYHQDOORIWKDWWR\RXDVDUHZDUG·µ 0XVOLP 

7KLVLVUHIHUULQJWRSK\VLFDOZHDNQHVVRUVLFNQHVVZKLFKGLGQRWSUHYHQWDSHUVRQIURPDWWHQGLQJWKHSUD\HULQWKHPRVTXH $XWKRU
ÎÍÖ 
7KH0XVOLPDQG+LV5HODWLYHV
7KH3URSKHW U DGYLVHGWKRVH6D­EDK ZKRVHKRPHVZHUHIDUIURPWKHPRVTXHVQRWWRPRYHWR
KRXVHV WKDW ZHUH QHDUHU +H UHDVVXUHG WKHP WKDW WKHLU HIIRUWV WR UHDFK WKH PRVTXH ZRXOG EH UHFRUGHG
DPRQJWKHLUJRRGGHHGVDQGWKDWWKHLUPDQ\VWHSVZRXOGQRWJRWRZDVWH-ELU W VDLG
´6RPHDUHDVDURXQGWKHPRVTXHEHFDPHYDFDQWVR%DQÔ 6DODPDKZDQWHGWRPRYHWKHUH:KHQWKH
3URSKHW U KHDUGDERXWLWKHWROGWKHP¶,KDYHKHDUGWKDW\RXZDQWWRPRYHQHDUWKHPRVTXH·7KH\
VDLG ¶<HV 20HVVHQJHURI$OOKWKDWLVZKDWZHZDQWHGWRGR·+HVDLG¶2%DQÔ 6DODPDKVWD\ZKHUH
\RXDUHVRWKDW\RXUHIIRUWVWRUHDFKWKHPRVTXHZLOOEHUHFRUGHGDPRQJ\RXUJRRGGHHGV·7KH\VDLG
¶:HZRXOGQRWOLNHWRKDYHPRYHG·µ 0XVOLP


$EÔ 0ÔV W VDLG
´7KH0HVVHQJHURI$OOK U VDLG¶7KHRQHZKRZLOOUHFHLYHWKHJUHDWHVWUHZDUGIRUKLVSUD\HULVWKHRQH
ZKRKDVFRPHWKHIDUWKHVWGLVWDQFHDQGWKHRQHZKRZDLWVWRSUD\ZLWKWKHLPP ZLOOUHFHLYHDJUHDWHU
UHZDUGWKDQWKHRQHZKRSUD\VWKHQJRHVWRVOHHS·µ %XNKU¯ DQG0XVOLP
%HOLHYHUV DUH SDUWLFXODUO\ HQFRXUDJHG LQ VHYHUDO ­DG¯WKV WR DWWHQG WKH FRQJUHJDWLRQDO SUD\HUV LQ WKH
PRUQLQJDQGLQWKHHYHQLQJ7KH3URSKHW U H[SODLQHGWKDWWKHUHLVDJUHDWUHZDUGIRUWKRVHZKRDWWHQG
WKHPRVTXHIRUWKHVHWZRSUD\HUV IDMU DQGµLVK¶ ,WZLOOVXIILFHKHUHWRTXRWHMXVWWZRRIWKHVHUHSRUWV 
µ8WKPQLEQµ$IIQ W VDLG³,KHDUGWKH3URSKHW U VD\ ¶:KRHYHUSUD\V¶LVK· LQFRQJUHJDWLRQLW
LVDVLIKHVWD\HGXSKDOIWKHQLJKWLQSUD\HUDQGZKRHYHUSUD\HGIDMU LQ FRQJUHJDWLRQLWLVDVLIKHVSHQW
WKHHQWLUHQLJKWLQSUD\HU·µ 0XVOLP 
$EÔ +XUD\UDK W VDLG³7KH0HVVHQJHURI$OOK U VDLG ´1RSUD\HULVDJUHDWHUEXUGHQRQWKH
PXQILTÔQ K\SRFULWHV WKDQIDMU DQG¶LVK·,IWKH\NQHZKRZPXFK EOHVVLQJDQGUHZDUG WKHUHLVLQWKHP
WKH\ZRXOGFRPHHYHQLIWKH\KDGWRFUDZO·µ %XNKU¯ DQG0XVOLP
7KH GHYRXW 0XVOLP ZKR LV NHHQ WR VXFFHHG LQ WKH +HUHDIWHU ZLOO QRW KHVLWDWH WR SHUIRUP DV PDQ\ QILO
VXSHUHURJDWRU\  GHHGV DV KH FDQ QLJKW DQG GD\ EHFDXVH SHUIRUPLQJ PDQ\ QILO GHHGV EULQJV WKH VHUYDQW
FORVHUWRKLV5DEEDQGLQFOXGHVKLPDPRQJWKRVHZKRUHFHLYH+LVGLYLQHKHOSDVLVUHIHUUHGWRLQWKH ­DG¯WK
TXGV¯ VDFUHG 
´0\VODYHFRQWLQXHVWRGUDZQHDUWR0HZLWKVXSHUHURJDWRU\ZRUNVVRWKDW,ZLOOORYH KLP:KHQ,ORYHKLP,
DPKLVKHDULQJZLWKZKLFKKHKHDUVKLVVHHLQJZLWKZKLFKKHVHHVKLVKDQGZLWKZKLFKKHVWULNHVDQGKLVIRRW
ZLWKZKLFKKHZDONV:HUHKHWRDVN VRPHWKLQJ RI0H,ZRXOGVXUHO\JLYHLWWRKLPDQGZHUHKHWRDVN0H
IRUUHIXJH ,ZRXOGVXUHO\JUDQWKLPLWµ %XNKU¯ 
%HFDXVHRI$OOK¶VORYHIRU+LVVODYHWKHSHUVRQZLOOEHORYHGE\WKHLQKDELWDQWVRIKHDYHQDQGHDUWK
DVLVGHVFULEHGLQDUHSRUWQDUUDWHGE\$EÔ +XUD\UDK W LQZKLFKWKH3URSKHW U VDLG
´:KHQ $OOK ,  ORYHV RQH RI +LV VHUYDQWV KH FDOOV -LEU¯O X  ¶0D\ 3HDFH EH XSRQ KLP· DQG WHOOVKLP¶,
ORYHVRDQGVRVRORYHKLP·7KHQ-LEU¯O X ZLOOORYHKLPDQGZLOOSURFODLPWRWKHLQKDELWDQWVRIKHDYHQ
¶$OOK , ORYHVVRDQGVRVRORYHKLP·6RWKHLQKDELWDQWVRI KHDYHQZLOOORYHKLPWRRDQGKHZLOOEHZHOO 

%XNKU¯ UHSRUWHGDVLPLODUDFFRXQWIURP$QDV
7KH,GHDO0XVOLP 
DFFHSWHGE\WKHLQKDELWDQWVRIWKHHDUWK,I$OOK , KDWHVRQHRI+LVVHUYDQWV+HFDOOV-LEU¯O X DQG
WHOOVKLP¶,KDWHVRDQGVRVRKDWHKLP·7KHQ-LEU¯O X ZLOOKDWHKLPDQGZLOOSURFODLPWRWKHLQKDELWDQWV
RIKHDYHQ¶$OOK , KDWHVVRDQGVRVRKDWHKLP·7KHQWKHLQKDELWDQWVRIKHDYHQZLOOKDWHKLPDQGKH
ZLOODOVREHGHWHVWHGE\WKHLQKDELWDQWVRIWKHHDUWKµ 0XVOLP
7KH3URSKHW U XVHGWRVWD\XSDWQLJKWLQSUD\HUVWDQGLQJXQWLOKLVIHHWZHUHVZROOHQµb¶LVKDK
µ0D\$OOKEHSOHDVHGZLWKKHU¶DVNHGKLP ´:K\DUH\RXGRLQJWKLV20HVVHQJHURI$OOKZKHQ$OOK
, KDVIRUJLYHQDOO\RXUVLQVSDVWDQGIXWXUH"µ+HUHSOLHG´6KRXOG,QRWEHDJUDWHIXOVODYH"µ %XNKU¯
DQG0XVOLP
7KHWUXH0XVOLPWULHVWRSHUIRUPDOOKLVSUD\HUVSHUIHFWO\,WLVQRWPHUHO\WKHPDWWHURIJRLQJWKURXJK
WKHPRWLRQVZKHQWKHKHDUWLVHPSW\DQGWKHPLQGLVZDQGHULQJ
:KHQKHKDVFRPSOHWHGKLVSUD\HUWKH0XVOLPGRHVQRWUXVKVWUDLJKWEDFNLQWRWKHKXVWOHDQGEXVWOHRI
GDLO\ OLIH ,QVWHDG KH VHHNV IRUJLYHQHVV IURP $OOK ,  DQG SUDLVHV DQG JORULILHV +LP LQ WKH PDQQHU
SUHVFULEHG LQ WKH 6XQQDK 7KHQ KH WXUQV WR $OPLJKW\ $OOK ,  LQ KXPEOH VXSSOLFDWLRQ DVNLQJ +LP WR
JXLGH KLP DQG WR JUDQW KLP WKH JRRGQHVV RI WKLV ZRUOG DQG WKH QH[W 7KXV SUD\HU SOD\V LWV UROH LQ WKH
SXULILFDWLRQ RI WKH KHDUW DQG VRXO )RU WKHVH UHDVRQV WKH 3URSKHW U  XVHG WR VD\ ´7KH VRXUFH RI P\
GHHSHVWVDWLVIDFWLRQLVSUD\HUµ


7KRVHZKRSUD\VLQFHUHO\DQGKXPEO\DUHXQGHUWKHFDUHDQGSURWHFWLRQ RI$OOK , VRWKH\GRQRW
IHDUZKHQHYLODSSURDFKHVQHLWKHUGRWKH\EHFRPHPLVHUO\ZKHQVRPHWKLQJJRRGEHIDOOVWKHP
>7UXO\PDQZDVFUHDWHGYHU\LPSDWLHQWz IUHWIXOZKHQHYLOWRXFKHVKLPDQGQLJJDUGO\ZKHQJRRG
UHDFKHVKLPz 1RWVRWKRVHGHYRWHGWR3UD\HU@ 4XU¶Q
7KHWUXH0XVOLPDOVRSD\V]DNKLIKHKDVHQRXJKZHDOWK+HFDOFXODWHVWKHDPRXQWGXHSUHFLVHO\DQG
KRQHVWO\DQGSD\VLWLQDPDQQHUWKDWLVLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRI,VOP(YHQLIKHKDVWR
SD\WKRXVDQGVRUPLOOLRQVLQ]DNKKHZRXOGQHYHUWKLQNRIDQH[FXVHQRWWRGRVR
7KLV LV EHFDXVH ]DNK LV D FOHDUO\GHILQHG ILQDQFLDO REOLJDWLRQ WKDW LV DOVR DQ DFW RI ZRUVKLS 7KH
VLQFHUH0XVOLPFDQQRWDIIRUGWRIDLOLQWKLVGXW\ZKLFKLVSUHVFULEHGE\WKH6KDU¯µDK 7KH0XVOLPZKR
KHVLWDWHVWRSD\LWLVODFNLQJLQKLVUHOLJLRQDQGKDVDPLVHUO\DQGWZLVWHGDWWLWXGH,WVXIILFHVWRQRWHWKDWLW
LVSHUPLWWHGWRILJKWWKHRQHZKRZLWKKROGVSD\PHQWRI ]DNKHYHQWRWKHSRLQWRINLOOLQJKLPXQWLORU
XQOHVV KH IXOILOV KLV REOLJDWLRQ 7KH ZRUGV RI $EÔ %DNU W  FRQFHUQLQJ WKH DSRVWDWHV HFKR GRZQ WKH
FHQWXULHV WR XV UHPLQGLQJ XV RI WKH FRQQHFWLRQ WKDW ,VOP PDNHV EHWZHHQ ³UHOLJLRXV´ DQG ³ZRUOGO\´
DIIDLUV³,ZLOOILJKWZKRHYHUVHSDUDWHVÑDOK IURP]DNK´7KLVGHFODUDWLRQRI$EÔ %DNU W LQGLFDWHVWKDW
KH KDG D VRXQG XQGHUVWDQGLQJ RI WKH QDWXUH RI WKLV FRPSUHKHQVLYH KROLVWLF UHOLJLRQ DQG RI WKH FORVH
FRQQHFWLRQEHWZHHQÑDOKDQG]DNKDVKHKDGVHHQWKHb\W RIWKH4XU¶QUHYHDOHGRQHDIWHUWKHRWKHU
DQGHPSKDVL]LQJWKHFRQQHFWLRQEHWZHHQÑDOKDQG]DNK
>WKRVHZKRHVWDEOLVKUHJXODUSUD\HUDQGUHJXODUFKDULW\@ 4XU¶Q 

5HSRUWHGE\$­PDGDQGDO1LV¶¯ZLWKD­DVDQLVQG 
$SRVWDWHVIROORZLQJWKHGHDWKRIWKH3URSKHW U QXPHURXV$UDELDQWULEHVZKRKDGHPEUDFHG,VOPUHQRXQFHGWKHIDLWKDQGUHEHOOHG,Q

SDUWLFXODUWKH\UHIXVHGWRSD\]DNKDOWKRXJKLWZDVRQHRIWKHFHQWUDOGXWLHVRIWKHUHOLJLRQWKH\KDGVZRUQWRIROORZ$EÔ %DNU W DV
NKDO¯IDKZDVUHVSRQVLEOHIRUEULQJLQJWKHPEDFNLQWR,VOPDQGUHVWRULQJRUGHUDQGVWDELOLW\WRWKH,VOPLFVWDWH>7UDQVODWRU@
ÎÎÎ 
7KH0XVOLPDQG+LV5HODWLYHV
>$QGEHVWHDGIDVWLQSUD\HUSUDFWLVHUHJXODUFKDULW\@ 4XU¶Q
>>WKRVHZKR@HVWDEOLVKUHJXODUSUD\HUVDQGUHJXODUFKDULW\ @ 4XU¶Q
7KHWUXH0XVOLPIDVWVLQ5DPDŸQZLWKWKHVLQFHUHLQWHQWLRQRIHDUQLQJUHZDUGDQGZLWKKLVKHDUWIXOO
RIIDLWK ´:KRHYHUIDVWV5DPDŸQRXWRIIDLWKDQGKRSHRIUHZDUGDOOKLVSUHYLRXVVLQVZLOOEHIRUJLYHQµ
%XNKU¯ DQG0XVOLP
+H NQRZV WKDW WKH REOLJDWLRQ WR IDVW LQFOXGHV JXDUGLQJ KLV WRQJXH KLV VLJKW DQG DOO RI KLV RWKHU
IDFXOWLHVVRDVWRDYRLGFRPPLWWLQJDQ\HUURUZKLFKPD\LQYDOLGDWHKLVIDVWRUFDQFHORXWKLVUHZDUG
´:KHQ DQ\ RI \RX LV IDVWLQJ KH VKRXOG QRW XWWHU IRXO ZRUGV RU UDLVH KLV YRLFH LQ DQJHU ,I WKHQ DQ\RQH
SURYRNHVRUILJKWVKLPKHVKRXOGVD\¶,DPREVHUYLQJDIDVW·µ %XNKU¯ DQG0XVOLP

´:KRHYHUGRHVQRWJLYHXSIDOVHVSHHFKDQGHYLODFWLRQV$OOKKDVQRQHHGRIKLVJLYLQJXSKLVIRRGDQG
GULQNµ %XNKU¯
7KHIDVWLQJ0XVOLPLVFRQVWDQWO\DZDUHWKDWWKLVLVDPRQWKXQOLNHDQ\RWKHULWLVWKHPRQWKRIIDVWLQJ
IRUWKHVDNHRI$OOK , DQGWKHUHZDUGRI$OOK , WKH$OO%RXQWLIXODQG$OO0XQLILFHQWLVJUHDWHVW
DQGYDVWHVWWKDQDQ\RQHFRXOGHYHULPDJLQH
´7KH UHZDUG IRU HYHU\ JRRG GHHG RI WKH VRQV RI bGDP ZLOO EH PXOWLSOLHG DQ\ZKHUH EHWZHHQ WHQ DQG
VHYHQKXQGUHGWLPHV$OOKVDLG¶([FHSWIRUIDVWLQJEHFDXVHLWLVIRU0HDQG,0\VHOIZLOOJLYHUHFRPSHQVH
IRULW+HJLYHVXSKLVIRRGDQGKLVSDVVLRQIRU0H·)RUWKHRQHZKRIDVWVWKHUHDUHWZRWLPHVRIUHMRLFLQJ
RQH ZKHQ KH EUHDNV KLV IDVW DQG RQH ZKHQ KH PHHWV KLV 5DEE 9HULO\ WKH VPHOO WKDW FRPHV IURP WKH
PRXWKRIRQHZKR LVIDVWLQJLVPRUHSOHDVLQJWR$OOK , WKDQWKHVFHQWRIPXVNµ 0XVOLP
6RWKHVPDUW0XVOLPWDNHVFDUHWRPDNHWKHPRVWRIWKLVEOHVVHGPRQWK+HILOOVLWVGD\VZLWKIDVWLQJ
SUD\HU UHDGLQJ 4XU¶Q FKDULW\ DQG RWKHU JRRG ZRUNV DQG ILOOV LWV QLJKWV ZLWK SUD\HUV WDKDMMXG DQG
GXµ¶V
´:KRHYHUVSHQGVWKHQLJKWLQSUD\HUGXULQJ5DPDŸQRXWRIIDLWKDQGKRSHRIUHZDUGDOOKLVSUHYLRXVVLQV
ZLOOEHIRUJLYHQµ %XNKU¯ DQG0XVOLP
7KH 0HVVHQJHU RI $OOK U  XVHG WR VWULYH WR GR PRUH JRRG GHHGV GXULQJ WKLV PRQWK WKDQ DW RWKHU
WLPHVDQGHVSHFLDOO\GXULQJWKHODVWWHQGD\VRILWµb¶LVKDKVDLG
´7KH0HVVHQJHURI$OOK U XVHGWRVWULYHGXULQJ5DPDŸQDQGHVSHFLDOO\WKHODVWWHQGD\VRILWPRUH
WKDQKHXVHGWRDWRWKHUWLPHVµ 0XVOLP
µb¶LVKDKDOVRVDLG
´:KHQWKHODVWWHQGD\VRI5DPDŸQEHJDQWKH0HVVHQJHURI$OOK U ZRXOGVWD\XSIRUWKHZKROH
QLJKWZDNHKLVIDPLO\XSVWULYHH[WUDKDUGDQGDEVWDLQIURPPDULWDOUHODWLRQVµ %XNKU¯ DQG0XVOLP
7KH3URSKHW U RUGHUHG0XVOLPVWRVHHNOD\ODWDOTDGU DQGHQFRXUDJHGWKHPWRVSHQGWKLVQLJKWLQ
SUD\HU
´6HHNOD\ODWDOTDGU GXULQJWKHODVWWHQGD\VRI5DPDŸQµ %XNKU¯ DQG0XVOLP
7KH,GHDO0XVOLP 
´6HHNOD\ODWDOTDGULQWKHRGGQXPEHUHGQLJKWVRIWKHODVWWHQGD\VRI5DPDŸQµ %XNKU¯

´:KRHYHUVSHQGVWKHQLJKWRIOD\ODWDOTDGU LQSUD\HUDQGZRUVKLSRXWRIIDLWKDQGKRSHRIUHZDUGDOOKLV
SUHYLRXVVLQVZLOOEHIRUJLYHQµ %XNKU¯ DQG0XVOLP
6RWKLVEOHVVHGPRQWKLVDWLPHWKDWLVSXUHO\IRUZRUVKLS7KHVHULRXVPLQGHG0XVOLPKDVQRWLPHWR
VSHQGRQFKDWWLQJDQGLGOHSXUVXLWVWKURXJKRXWWKHQLJKW+HVKRXOGQRWEHDPRQJWKRVHZKRZKLOHDZD\
WKH QLJKW XQWLO GDZQ DSSURDFKHV ZKHUHXSRQ WKH\ KDYH VRPHWKLQJ WR HDW DQG IDOO LQWR D GHHS VOHHS DQG
HYHQPLVVWKHIDMU SUD\HU
7KH0XVOLPZKRWUXO\XQGHUVWDQGVKLVUHOLJLRQGRHVQRWVWD\XSODWHDIWHUKHFRPHVKRPHIURPSUD\LQJ
WDUZ¯KEHFDXVHKHNQRZVWKDWLQDIHZVKRUWKRXUV¶WLPHKHZLOOKDYHWRJHWXSDJDLQWRSUD\TL\PDO
OD\O DQGHDWVD­ÔU SUHGDZQPHDO EHIRUHKHJRHVRXWWRWKHPRVTXHWRSUD\IDMU
7KH3URSKHW U FRPPDQGHG0XVOLPVWRHDWVD­ÔUEHFDXVHWKHUHLVPXFKJRRGQHVVLQLW+HVDLG
´(DWVD­ÔUIRULQVD­ÔUWKHUHLVEOHVVLQJµ %XNKU¯ DQG0XVOLP
7KLVLVEHFDXVHJHWWLQJXSIRUVD­ÔU UHPLQGVRQHWRSUD\TL\PDOOD\ODQGPRWLYDWHVRQHWRJRRXWWR
WKHPRVTXHWRSUD\IDMU LQFRQJUHJDWLRQLQDGGLWLRQWRWKHIDFWWKDWLWKHOSVSHRSOHWR IDVWDQGWKDWLWLVWKH
6XQQDKRIWKH3URSKHW U WKDWKHDOVRWDXJKWWRKLV6D­EDK=D\GLEQ7KELW W VDLG
´:HDWHVD­ÔU ZLWKWKH0HVVHQJHURI$OOK U WKHQZHJRWXSWRSUD\µ6RPHRQHDVNHG´+RZPXFK
WLPH ZDV WKHUH EHWZHHQ WKH WZR"µ +H VDLG ´)LIW\ b\W LH WKH WLPH LW ZRXOG WDNH WR UHFLWH ILIW\ b\W µ
%XNKU¯ DQG0XVOLP
7KH GHYRXW 0XVOLP GRHV QRW QHJOHFW QILO IDVWV DW WLPHV RWKHU WKDQ 5DPDŸQ VXFK DV WKH GD\ RI
µ$UDIKDQGWKHQLQWKDQGWHQWKGD\VRI0X­DUUDP)DVWLQJRQWKHVHGD\VLVDPRQJWKHJRRGGHHGVZKLFK
FDQZLSHRXWRQH¶VVLQVDVWKH3URSKHW U H[SODLQHG$EÔ 4XWGDK W VDLG
´7KH3URSKHW U ZDVDVNHGDERXWIDVWLQJRQWKHGD\RI¶$UDIKDQGKHVDLG¶,WLVDQH[SLDWLRQIRUWKH
VLQVRIWKHSUHYLRXV\HDUDQGWKHFXUUHQW\HDU·µ 0XVOLP
,EQµ$EEV W VDLG

´7KH3URSKHW U IDVWHGRQWKHGD\RI¶$VKÔU· WKHWHQWKGD\RI0X­DUUDP DQGFRPPDQGHGRWKHUVWR
IDVWRQWKLVGD\WRRµ %XNKU¯ DQG0XVOLP
$EÔ 4XWGDK W VDLG
´7KH3URSKHW U ZDVDVNHGDERXWIDVWLQJRQWKHGD\RI¶$VKÔU·DQGKHVDLG¶,WLVDQH[SLDWLRQIRUWKH
VLQVRIWKHSUHYLRXV\HDU·µ 0XVOLP
,EQµ$EEV W VDLG
´7KH3URSKHW U VDLG¶,I,DPVWLOODOLYHQH[W\HDU,ZLOOIDVWRQWKHQLQWKGD\ RI0X­DUUDP ·µ 0XVOLP
)DVWLQJ IRU VL[ GD\V RI 6KDZZO WKH ,VOPLF PRQWK LPPHGLDWHO\ IROORZLQJ 5DPDŸQ  LV VLPLODUO\
HQFRXUDJHGDVWKH3URSKHW U VDLG

ÎÎÐ 
7KH0XVOLPDQG+LV5HODWLYHV
´:KRHYHU IDVWHG 5DPDŸQ WKHQ IROORZHG LW ZLWK VL[ GD\V RI 6KDZZO LW ZLOO EH DV LI KH IDVWHG IRU D
OLIHWLPHµ 0XVOLP
,WLVDOVRUHFRPPHQGHGWRIDVWIRUWKUHHGD\VRIHDFKPRQWKFRQFHUQLQJZKLFK$EÔ +XUD\UDK W VDLG
´0\GHDUHVWIULHQG>LHWKH3URSKHW U @DGYLVHGPHWRGRWKUHHWKLQJVWRIDVWIRUWKUHHGD\VRIHDFK
PRQWKWRSUD\WZRUDN¶DKVRIŸX­ SUD\HUDQGQHYHUWRVOHHSXQWLO,SUD\ZLWUµ %XNKU¯ DQG0XVOLP
$EÔO'DUG¶ W VDLG
´0\EHORYHGIULHQG U DGYLVHGPHWRGRWKUHHWKLQJVWKDW,ZLOOQHYHUJLYHXSDVORQJDV,OLYHWRIDVWWKUHH
GD\VRIHDFKPRQWKWRSUD\ŸX­ DQGQRWWRVOHHSXQWLO,KDYHSUD\HGZLWUµ 0XVOLP
µ$EGXOODKLEQµ$PULEQ DOµbÑ W VDLG
´7KH0HVVHQJHURI$OOK U VDLG¶)DVWLQJIRUWKUHHGD\VHDFKPRQWKLVOLNHIDVWLQJIRUDQHQWLUHOLIHWLPH·µ
%XNKU¯ DQG0XVOLP
6RPHUHSRUWVGHVFULEHWKHVHGD\VDVEHLQJWKHWKLUWHHQWKIRXUWHHQWKDQGILIWHHQWKRIWKHPRQWKZKLFK
DUH FDOOHGDOD\\PDOE¯Ÿ WKHZKLWHGD\V RWKHUUHSRUWVVWDWHWKDWWKH3URSKHW U XVHGWRIDVWRQWKUHH
XQVSHFLILHGGD\VRIHDFKPRQWK
0XµGKDKDOµ$GDZL\\DK W VDLG
´, DVNHG ¶b·LVKDK ¶'LG WKH 0HVVHQJHU RI $OOK U  XVHG WR IDVW WKUHH GD\V LQ HDFK PRQWK"· 6KH VDLG
¶<HV·,DVNHGKHU¶,QZKLFKSDUWRIWKHPRQWKGLGKHXVHGWRIDVW"·6KHVDLG¶+HGLGQRWPLQGLQZKLFK
SDUWRIWKHPRQWKKHZRXOGIDVW·µ 0XVOLP
7KHFRQVFLHQWLRXV0XVOLPLQWHQGVWRJRRQpDMMWRWKH+RXVHRI$OOK , ZKHQKHLVDEOHWR GRVR
%HIRUHKHVHWVRXWRQKLVMRXUQH\WRWKH+RO\3ODFHVKHVWXGLHVWKHUXOHVRIpDMMLQJUHDWGHWDLOH[DPLQLQJ
DOOLWVPDMRUDQGPLQRUDVSHFWVVRWKDWZKHQKHSHUIRUPVWKHULWHVRIpDMMKLVpDMMZLOOEHFRPSOHWHDQG
FRUUHFW+HIXOO\XQGHUVWDQGVWKHZLVGRPEHKLQGWKLVJUHDWUHOLJLRXVGXW\DQGIHHOVKLVVRXOILOOHGZLWKWKH
IDLWKDQGMR\RI,VOP$IWHUFRPSOHWLQJpDMMVXFFHVVIXOO\KHZLOOUHWXUQWRKLVIDPLO\DQGKLVFRXQWU\DV
IUHHRIVLQDVWKHGD\KHZDVERUQDQGILOOHGZLWKWKHDZDUHQHVVRIWKHJUHDWQHVVRIWKLVUHOLJLRQWKDWKDV
JDWKHUHG WKH QDWLRQV RI WKH HDUWK DURXQG WKH +RXVH RI $OOK ,  LQ D JUHDW LQWHUQDWLRQDO FRQIHUHQFH WKH
OLNH RI ZKLFK WKH ZRUOG ZLWQHVVHV DW QR RWKHU WLPH ZKHUH GHVSLWH WKH GLIIHUHQFHV LQ VNLQ FRORXU
QDWLRQDOLW\ DQG ODQJXDJH WKH SLOJULPV DUH XQLWHG LQ WKHLU UHVSRQVH WR WKH FDOO RI $OOK ,  DQG LQ WKHLU
JORULILFDWLRQDQGZRUVKLSRI+LPWKH2QH$OPLJKW\*RG

+HLVDWUXHVODYHRI$OOK ,
,

7KH0XVOLPILUPO\EHOLHYHVWKDWKLVVROHSXUSRVHLQOLIHLVWRZRUVKLSKLV5DEE
>,KDYHRQO\FUHDWHGMLQQVDQGPHQWKDWWKH\PD\ZRUVKLS0H@ 4XU¶Q
7KH,GHDO0XVOLP 
:RUVKLSSLQJ$OOK , PD\EHDFFRPSOLVKHGWKURXJKHYHU\GHHGRIPDQWKDWLVDLPHGDWEXLOGLQJ
DFLYLOL]DWLRQHVWDEOLVKLQJWKHDXWKRULW\RI$OOK , RQHDUWKDQGOLYLQJDFFRUGLQJWR+LVFRPPDQGPHQWV
7KH DZDUHQHVV WKDW KH LV D VODYH RI $OOK ,  LV GHHSO\ URRWHG LQ WKH KHDUW RI WKH 0XVOLP DQG LV WKH
VWDUWLQJSRLQWIRUDOOKLVGHHGVWKURXJKZKLFKKHVHHNVWRHDUQWKHSOHDVXUHRI$OOK , 6RHYHU\GHHGD
0XVOLPGRHVPD\EHDVPXFKDQDFWRIZRUVKLSDVWKHULWXDOVRIKLVUHOLJLRQVRORQJDVKLVLQWHQWLRQLVWR
GRWKHVHGHHGVIRUWKHVDNHRI$OOK , 
7KHPRVWLPSRUWDQWDFWRIZRUVKLSWKDW0XVOLPVFDQSHUIRUPLVWRVWULYHWRHVWDEOLVKWKHUXOHRI$OOK , 
RQ HDUWK DQG WR IROORZ WKH ZD\ RI OLIH WKDW +H KDV SUHVFULEHG VR WKDW ,VOP ZLOO JRYHUQ WKH OLIH RI WKH
LQGLYLGXDOWKHIDPLO\WKHFRPPXQLW\DQGWKHQDWLRQ
7KHVLQFHUH0XVOLPZLOOIHHOWKDWKLVZRUVKLSLVODFNLQJLIKHGRHVQRWVWULYHWRDFKLHYHWKHSXUSRVHIRU
ZKLFK$OOK , FUHDWHGMLQQ DQGPHQQDPHO\SURPRWLQJWKHVXSUHPDF\RIWKHDXWKRULW\RI$OOK , RQ
HDUWKZKLFKLVWKHRQO\ZD\LQZKLFKPDQNLQGFDQWUXO\ZRUVKLS$OOK , 
>,KDYHRQO\FUHDWHGMLQQVDQGPHQWKDWWKH\PD\VHUYH0H@ 4XU¶Q
7KLVLVWKH RQO\ZD\LQZKLFKWKHWUXHPHDQLQJRI³ODLOKDLOO $OOK0XKDPPDGUDVÔO$OOK´PD\EH
LPSOHPHQWHGLQWKLVOLIH
:LWKWKLVFOHDUXQGHUVWDQGLQJRIWKHUHDOLW\RIZRUVKLSLQ,VOPWKH0XVOLPFDQQRWEXWEHDPDQZLWKD
PLVVLRQLQWKLVOLIHDPLVVLRQDLPHGDWHVWDEOLVKLQJWKHUXOHRI$OOK , DORQHLQDOODVSHFWVRIOLIH+LV
,VOP FDQQRW EH FRPSOHWH XQOHVV KH VKRXOGHUV WKH UHVSRQVLELOLW\ IRU IXOILOOLQJ WKLV PLVVLRQ DQG GHYRWHV
FRQFHUWHGVLQFHUHHIIRUWVWRWKDWHQG,WLVWKLVPLVVLRQWKDWJLYHVWKH0XVOLPDWUXHVHQVHRIEHORQJLQJWR
,VOPDQGWKDWLVWKHRQO\WKLQJWKDWZLOOPDNHKLPMRLQWKHUDQNVRIWKHEHOLHYLQJVWULYLQJ0XVOLPVDQG
JLYHPHDQLQJWRKLVOLIHDVEHILWVKLVUROHDVDNKDO¯IDK RQWKLVHDUWKRQHZKRP$OOK , KDVSUHIHUUHG
RYHUPRVW RI+LVFUHDWLRQ
>:HKDYHKRQRXUHGWKHVRQVRIbGDPSURYLGHGWKHPZLWKWUDQVSRUWRQODQGDQGVHDJLYHQWKHP
IRUVXVWHQDQFHWKLQJVJRRGDQGSXUHDQGFRQIHUUHGRQWKHPVSHFLDOIDYRXUVDERYHDJUHDWSDUWRI
2XU&UHDWLRQ@ 4XU¶Q
1R ZRQGHU WKDW WKH VLQFHUH 0XVOLP MR\IXOO\ HPEUDFHV WKLV PLVVLRQ DQG HDJHUO\ GHYRWHV DOO KLV
UHVRXUFHVz KLVWLPHKLVHQHUJ\DQGKLVZHDOWKz WRIXOILOOLQJLW,WLVWKHGLVWLQJXLVKLQJFKDUDFWHULVWLFRI
KLVOLIHIRULWHQWLWOHVKLPWRGUDZFORVHUWR$OOK , :LWKRXWLWKLVOLIHKDVQRPHDQLQJDQGWKHUHLVQR
JXDUDQWHHRIHDUQLQJWKHSOHDVXUHRI$OOK , H[FHSWE\GHYRWLQJRQJRLQJHIIRUWVWRDFFRPSOLVKLQJWKLV
PLVVLRQ 6WULYLQJ WR HVWDEOLVK WKH UXOH RI $OOK ,  RQ HDUWK LV WKH JUHDWHVW IRUP RI ZRUVKLS WKDW WKH
0XVOLP FDQ XQGHUWDNH IRU LW EULQJV KLP FORVHU WR $OOK ,  DQG DIIRUGV KLP WKH PHDQV RI HDUQLQJ +LV
SOHDVXUH 6R WKH 0XVOLP FRQWLQXDOO\ VWULYHV WR PDNH WKLV JRDO D UHDOLW\ +H JLYHV DOOHJLDQFH WR QR RWKHU
FDXVHFDUULHVQREDQQHUH[FHSWWKDWRI,VOPDQGDGKHUHVRQO\WRWKHSULQFLSOHVRIWKLVUHOLJLRQ

+HRIWHQUHDGV4XU¶Q
,QRUGHUWRUHDFKVXFKDKLJKOHYHOWKH0XVOLPPXVWDOZD\VSODFHKLPVHOILQWKHVKDGHRIWKH*ORULRXV
4XU¶QUHMRLFLQJLQLWVUHIUHVKLQJJXLGDQFHDQGDOORZLQJLWWRSRLQWKLPLQWKHGLUHFWLRQRIULJKWHRXVQHVV
ÎÎÒ 
7KH0XVOLPDQG+LV5HODWLYHV
+H UHDGV 4XU¶Q RIWHQ ZLWK DQ DWWLWXGH RI KXPLOLW\ DQG VHHNLQJ WR XQGHUVWDQG LWV PHDQLQJ +H VHWV
DVLGHUHJXODUWLPHVIRUUHDGLQJZKLFKKHQHYHUPLVVHVWKHVHDUHWLPHVZKLFKKHGHYRWHVVROHO\WRUHDGLQJ
WKH ZRUGV RI KLV 5DEE +H OHWV WKH WUXH PHDQLQJ RI WKH 4XU¶Q IORZ WKURXJK KLV VRXO FOHDQVLQJ DQG
SXULI\LQJLWDQGLQFUHDVLQJKLVZLVGRPIDLWKDQGVHQVHRIVHFXULW\
>)RUZLWKRXWGRXEWLQWKHUHPHPEUDQFHRI$OOKGRKHDUWVILQGVDWLVIDFWLRQ@ 4XU¶Q
7KH0XVOLP UHPHPEHUVWKHEHDXWLIXOLPDJHRIWKHRQHZKRUHDGV4XU¶QDVSRUWUD\HGVRYLYLGO\DQG
HORTXHQWO\E\WKH3URSKHW U VRWKDWKHILOOVKLVGD\VDQGQLJKWVZLWKUHFLWDWLRQRIWKH+RO\%RRNDQG
UHMRLFHVLQLWVEOHVVHGPHDQLQJV7KH3URSKHW U VDLG
´7KH OLNHQHVV RI WKH EHOLHYHU ZKR UHDGV WKH 4XU·Q LV OLNH D FLWURQ ZKRVH VPHOO LV SOHDVDQW DQGZKRVH
WDVWHLVSOHDVDQWWKHOLNHQHVVRIDEHOLHYHUZKRGRHVQRWUHDGWKH4XU·QLVOLNHDGDWHZKLFKKDVQR
VPHOOEXWLWVWDVWHLVVZHHWWKHOLNHQHVVRIWKHK\SRFULWHZKRUHDGVWKH4XU·QLVOLNHDIUDJUDQWIORZHU
ZKLFKKDVDSOHDVDQWVFHQWEXWLWVWDVWHLVELWWHUDQGWKHOLNHQHVVRIWKHK\SRFULWHZKRGRHVQRWUHDG
WKH 4XU·Q LV OLNH D FRORF\QWK ELWWHUDSSOH  ZKLFK KDV QR VPHOO DQG LWV WDVWH LV ELWWHUµ %XNKU¯ DQG
0XVOLP
7KH3URSKHW U VDLG
´5HDGWKH4XU·QIRULWZLOOFRPHIRUZDUGRQWKH'D\RI5HVXUUHFWLRQWRLQWHUFHGHIRULWVUHDGHUVµ 0XVOLP
$QGKH U VDLG
´2QH ZKR UHDGV WKH 4XU·Q IOXHQWO\ LV ZLWK WKH KRQRXUDEOH SLRXV VFULEHV DQG RQH ZKR UHDGV WKH 4XU·Q
DQG VWUXJJOHV WR UHDG LW HYHQ WKRXJK LW LV GLIILFXOW IRU KLP ZLOO UHFHLYH D GRXEOH UHZDUGµ %XNKU¯ DQG
0XVOLP
&DQDQ\0XVOLPWKHQLJQRUHWKH4XU¶QDQGIDLOWRUHDGLWDQGUHIOHFWXSRQLWVPHDQLQJV"
,Q FRQFOXVLRQ WKHUHIRUH WKH WUXH 0XVOLP¶V UHVSRQVLELOLW\ WRZDUGV KLV 5DEE LV WR KDYH GHHS VLQFHUH
IDLWKWRGRFRQVWDQWJRRGZRUNDQGFRQWLQXDOO\WRVHHN+LVSOHDVXUHWREHDWUXHVHUYDQWWR+LPDQGWR
IXOILOWKHSXUSRVHRIKLVH[LVWHQFHDV$OOK , KDVGHILQHGLW
>,KDYHRQO\FUHDWHGMLQQV DQGPHQWKDWWKH\PD\VHUYH0H@ 4XU¶Q 

LHWKHDQJHOVZKRUHFRUGWKHGHHGVRIPDQ7KHPHDQLQJLVWKDWRQHZKRLVZHOOYHUVHGLQ4XU¶QZLOOHQMR\VXFKDKLJKVWDWXVLQWKH
+HUHDIWHUWKDWKHZLOOEHLQWKHH[DOWHGFRPSDQ\RIWKHVHSLRXVVFULEHV>7UDQVODWRU@
7KH,GHDO0XVOLP 

ÎÎÔ 
7KH0XVOLPDQG+LV5HODWLYHV

&KDSWHU7ZR

7KH0XVOLPDQG+LV2ZQ6HOI

,QWURGXFWLRQ
,VOP ZDQWV WKH 0XVOLP WR VWDQG RXW DPRQJ SHRSOH UHDGLO\ GLVWLQJXLVKHG E\ KLV DSSHDUDQFH GUHVV
GHFHQWEHKDYLRXUDQGJRRGGHHGVVRWKDWKHZLOOEHDJRRGH[DPSOHDQGZRUWK\RIWKHJUHDWPHVVDJHWKDW
KHEULQJVWRSHRSOH
$FFRUGLQJ WR D ­DG¯WK QDUUDWHG E\ WKH JUHDW 6D­E¯ ,EQ DO pDQ]DOL\\DK WKH 3URSKHW U  WROG KLV
&RPSDQLRQVZKHQWKH\ZHUHWUDYHOOLQJWRPHHWVRPHEURWKHUVLQIDLWK
´<RXDUHJRLQJWRYLVLW\RXUEURWKHUVVRUHSDLU\RXUVDGGOHVDQGPDNHVXUHWKDW\RXDUHGUHVVHGZHOOVR
WKDW\RXZLOOVWDQGRXWDPRQJSHRSOHOLNHDQDGRUQPHQWIRU$OOK , GRHVQRWORYHXJOLQHVVµ


7KH 3URSKHW U  FRQVLGHUHG DQ XQNHPSW DQG FDUHOHVV DSSHDUDQFH DQG VFUXII\ FORWKHV DQG
IXUQLVKLQJVWREHIRUPVRIXJOLQHVVZKLFKLVKDWHGDQGIRUELGGHQE\,VOP
7KHWUXH0XVOLPGRHVQRWQHJOHFWKLPVHOIQRPDWWHUKRZEXV\KHLVZLWKKLV,VOPLFUHVSRQVLELOLWLHV
EHFDXVH WKH RXWZDUG DSSHDUDQFH RI D PDQ FDQQRW EH VHSDUDWHG IURP KLV LQQHU QDWXUH $ UHILQHG DQG
SOHDVDQW DSSHDUDQFH EHILWV D QREOH DQG GHFHQW HVVHQFH WKLV LV KRZ WKH 0XVOLP ZKR LV WR FDOO RWKHUV WR
$OOK , VKRXOGEH
7KH VPDUW 0XVOLP LV RQH ZKR VWULNHV D EDODQFH EHWZHHQ WKH QHHGV RI KLV ERG\ PLQG DQG VRXO +H
JLYHVHDFKWKHDWWHQWLRQLWGHVHUYHVDQGGRHVQRWH[DJJHUDWHLQRQHDVSHFWWRWKHGHWULPHQWRIWKHRWKHUV
,QVHHNLQJWRVWULNHWKHULJKWEDODQFHKHLVIROORZLQJWKHZLVHJXLGDQFHRIWKH3URSKHW U 

µ$EGXOODKLEQµ$PULEQDOµbÑ W UHSRUWHGWKDWWKH3URSKHW U NQHZDERXWKLVH[DJJHUDWLRQLQ
ZRUVKLSEHFDXVHKHWROGKLP µ$EGXOODK 
´+DYH , QRW KHDUG WKDW \RX IDVW DOO GD\ DQG VWD\ XS DOO QLJKW LQ SUD\HU"µ +H VDLG ´7KDW LV WUXH 2
0HVVHQJHURI$OOKµ7KH3URSKHW U WROGKLP´'RQRWGRWKDW)DVWDQGEUHDN\RXUIDVWVOHHSDQGJHW
XS)RU\RXUERG\KDVDULJKWRYHU\RX\RXUH\HVKDYHDULJKWRYHU\RX\RXUZLIHKDVDULJKWRYHU\RX
DQG\RXUYLVLWRUVKDYHDULJKWRYHU\RXµ %XNKU¯ DQG0XVOLP
+RZFDQWKH0XVOLPDFKLHYHWKLVEDODQFHEHWZHHQKLVERG\PLQGDQGVRXO" 

5HSRUWHGE\$EÔ 'ZÔGDO+NLPLQDO0XVWDGUDN,WVLVQG LV­DVDQ
7KH,GHDO0XVOLP  
+LV%RG\

0RGHUDWLRQLQIRRGDQGGULQN
7KH 0XVOLP WDNHV JRRG FDUH RI KLV ERG\ DFWLYHO\ SURPRWLQJ LWV JRRG KHDOWK DQG VWUHQJWK 6R KH LV
PRGHUDWHLQKLVLQWDNHRIIRRGDQGGULQNDYRLGLQJJUHHGDQGFRQVXPLQJRQO\ZKDWKHQHHGVWRPDLQWDLQ
KLVZHOOEHLQJDQGHQHUJ\7KLVLVLQDFFRUGDQFHZLWKWKHJXLGDQFHRI$OOK , LQWKH4XU¶Q
>(DWDQGGULQNEXWZDVWHQRWE\H[FHVVIRU$OOKORYHVQRWWKHZDVWHUV@ 4XU¶Q
6LPLODUO\WKH3URSKHW U DOVRDGYLVHGPRGHUDWLRQLQIRRGDQGGULQN
´7KHUHLVQRZRUVHYHVVHOIRUWKHVRQRIbGDPWRILOOWKDQKLVRZQVWRPDFKEXWLIKHPXVWILOOLWWKHQOHWKLP
DOORZRQHWKLUGIRUIRRGRQHWKLUGIRUGULQNDQGRQHWKLUGIRUDLUµ


µ8PDU W VDLG
´%HZDUHRIILOOLQJ\RXUVWRPDFKVZLWKIRRGDQGGULQNIRULWLVKDUPIXOWRWKHERG\DQGFDXVHVVLFNQHVVDQG
OD]LQHVV LQ SHUIRUPLQJ SUD\HUV %H PRGHUDWH LQ ERWK IRRG DQG GULQN IRU WKDW LV KHDOWKLHU IRU \RXU ERGLHV
DQG IXUWKHVW UHPRYHG IURP H[WUDYDJDQFH $OOK ,  ZLOO KDWH WKH IDW PDQ RQH ZKR UHYHOV LQ D OLIH RI
OX[XU\ DQGDPDQZLOOQRWEHFRQGHPQHGXQWLOKHIDYRXUVKLVGHVLUHVRYHUKLVUHOLJLRQµ


7KH 0XVOLP DYRLGV GUXJV DQG VWLPXODQWV HVSHFLDOO\ WKRVH ZKLFK DUH FOHDUO\ NQRZQ WR EH ­DUP+H
VOHHSVHDUO\DQGZDNHVHDUO\DQGGRHVQRWWDNHPHGLFLQHH[FHSWIRULOOQHVV%HVLGHVWKLVHYHU\WKLQJLQKLV
ZD\RIOLIHLVDLPHGDWSURPRWLQJKLVQDWXUDOKHDOWKDQGHQHUJ\
7KH VPDUW 0XVOLP NQRZV WKDW D VWURQJ EHOLHYHU LV PRUH ORYHGE\$OOK , WKDQDZHDNRQHDVWKH
3URSKHW U VDLGVRKHWULHVWRVWUHQJWKHQKLVERG\WKURXJKDKHDOWK\OLIHVW\OH

+HH[HUFLVHVUHJXODUO\
$OWKRXJK WKH 0XVOLP XVXDOO\ HQMR\V JRRG SK\VLFDO KHDOWK EHFDXVH RI KLV DEVWHQWLRQ IURP ­DUP RU
KDUPIXOIRRGDQGGULQNDQGKLVDYRLGDQFHRIEDGKDELWVVXFKDVVWD\LQJXSODWHRULQGXOJLQJLQDFWLYLWLHV
WKDW PD\ EH GHWULPHQWDO WR KLV ZHOOEHLQJ KH PXVW VWLOO PDNH D FRQFHUWHG HIIRUW WR LPSURYH KLV ERGLO\
VWUHQJWK
7KH KHDOWK\ HDWLQJ KDELWV WKDW KH SUDFWLFHV DUH VXSSOHPHQWHG E\ DQ RUJDQL]HG H[HUFLVH SURJUDP
DSSURSULDWHWRKLVSK\VLFDOFRQGLWLRQDJHDQGVRFLDOVWDWXV7KLVJLYHVVWUHQJWKHQHUJ\DQGYLWDOLW\WRKLV
ERG\DQGSURYLGHVLPPXQLW\WRLOOQHVV 

$­DVDQ­DG¯WKQDUUDWHGE\$­PDGDO7LUPLGK¯HWDODQGDXWKHQWLFDWHGDV ÑD­¯­ E\DOpNLP 

DO.DQ]
ÎÎÖ 
7KH0XVOLPDQG+LV5HODWLYHV
,IKHLVWRUHDSWKHEHQHILWVRIH[HUFLVHKHSODQVWRH[HUFLVHUHJXODUO\DQGGRHVQRWJLYHXS$OORI
WKLVLVGRQHLQDQRUJDQL]HGDQGV\VWHPDWLFIDVKLRQEXWLQPRGHUDWLRQDVWKLVLVWKHKDOOPDUNRIWKHWUXH
0XVOLPLQHYHU\SODFHDQGDJH

+LVERG\DQGFORWKHVDUHFOHDQ
7KH 0XVOLP ZKRP ,VOP ZDQWV WR VWDQG RXW DPRQJ SHRSOH LV YHU\ FOHDQ +H KDV KLJK VWDQGDUGV RI
SHUVRQDO K\JLHQH EDWKLQJ IUHTXHQWO\ LQ DFFRUGDQFH ZLWK WKH JXLGDQFH RI WKH 3URSKHW U  ZKR
HQFRXUDJHGSHRSOHWRZDVKWKHPVHOYHVFRPSOHWHO\DQGZHDUSHUIXPH HVSHFLDOO\RQ)ULGD\V
´+DYH D EDWK RQ )ULGD\V DQG ZDVK\RXUKHDGVHYHQLI\RXDUHQRWLQDVWDWHRIMDQEDK LPSXULW\HJ
IROORZLQJVH[XDOUHODWLRQV DQGZHDUSHUIXPHµ %XNKU¯ 
7KH 3URSKHW U  SODFHG VXFK D JUHDW HPSKDVLV RQ FOHDQOLQHVV DQG EDWKLQJ WKDW VRPH RI WKH IRXU
,PPVFRQVLGHUHGSHUIRUPLQJJKXVO EHIRUH)ULGD\SUD\HUWREHREOLJDWRU\ ZMLE 
$EÔ +XUD\UDK W VDLG
´7KH 3URSKHW U  VDLG ¶,W LV WKH GXW\ RI HYHU\ 0XVOLP WR WDNH D EDWK DW OHDVW  RQFHHYHU\VHYHQGD\V
DQGWRZDVKKLVKHDGDQGERG\·µ %XNKU¯ DQG0XVOLP
7KHWUXH0XVOLPNHHSVKLVFORWKHVDQGVRFNVFOHDQFKHFNLQJWKHPIURP WLPHWRWLPHWREHVXUHWKDW
WKH\ KDYH QR XQSOHDVDQW VPHOO +H DOVR ZHDUV SHUIXPH WR KHOS NHHS KLPVHOI FOHDQ ,W LV UHSRUWHG WKDW
µ8PDU W XVHGWRVD\³:KRHYHUVSHQGVDWKLUGRIKLVZHDOWKRQSHUIXPHLVQRWEHLQJH[WUDYDJDQW´
7KHVPDUW0XVOLPWDNHVFDUHRIKLVPRXWKIRUQRRQHVKRXOGHYHUKDYHWRVPHOODQXQSOHDVDQWRGRXU
FRPLQJ IURP LW +H GRHV WKLV E\ FOHDQLQJ KLV WHHWK HYHU\ GD\ ZLWK D VLZN WRRWKEUXVK WRRWKSDVWH DQG
PRXWKZDVKHV+HDOVRYLVLWVWKHGHQWLVWUHJXODUO\WRFKHFNKLVPRXWKDWOHDVWRQFHD\HDUDQGYLVLWVRWKHU
VSHFLDOLVWV VXFK DV RWRODU\QJRORJLVWV RU ³HDU QRVH DQG WKURDW´ GRFWRUV  DV QHFHVVDU\ VR WKDW KLV PRXWK
ZLOOVWD\FOHDQDQGKLVEUHDWKIUHVK
µb¶LVKDKQDUUDWHGWKDWWKH3URSKHW U ´QHYHUZRNHIURPVOHHSLQJDWDQ\WLPHRIGD\RUQLJKWZLWKRXW
FOHDQLQJKLVWHHWKZLWKDVLZN EHIRUHSHUIRUPLQJZXŸÔ·µ


7KH3URSKHW¶VFRQFHUQIRURUDOK\JLHQHZDVVRJUHDWWKDWKHVDLG
´,ILWZHUHQRWIRUWKHIDFWWKDW,GLGQRWZDQWWRRYHUEXUGHQP\8PPDK,ZRXOGKDYHRUGHUHGWKHPWR
XVHWKHVLZN EHIRUHHYHU\SUD\HUµ %XNKU¯ DQG0XVOLP
µb¶LVKDK ZDV DVNHG ZKDW WKH 3URSKHW U  XVHG WR GR ILUVW ZKHQ KH FDPH KRPH 6KH VDLG ³8VH
VLZN´ 0XVOLP
5HJUHWWDEO\VRPH0XVOLPVQHJOHFWWKHVHWHDFKLQJVWKDWDUHDWWKHKHDUWRI,VOPDQGGRQRWSD\KHHG
WR WKH FOHDQOLQHVV RI WKHLU PRXWKV ERGLHV DQG FORWKHV 6R \RX PD\ VHH WKHP JRLQJ WR WKH PRVTXH RU WR
RWKHU UHOLJLRXV PHHWLQJV DQG VWXG\ FLUFOHV DQQR\LQJ WKHLU EURWKHUV ZLWK WKHLU XQSOHDVDQW VPHOO DQG 

:HDULQJSHUIXPHLQSXEOLFLVIRUPHQRQO\ZRPHQDUHQRWSHUPLWWHGWRGRVR>7UDQVODWRU@ 

$­DVDQ­DG¯WKQDUUDWHGE\$­PDGDQG$EÔ 'ZÔG
7KH,GHDO0XVOLP 
RIIHQGLQJWKHDQJHOVZKRVXUURXQGWKHVHEOHVVHGJDWKHULQJV:KDWLVUHDOO\VWUDQJHLVWKHIDFWWKDWWKH\
WKHPVHOYHVOLVWHQWRDQGUHSHDWWKHVD\LQJRIWKH3URSKHW U WKDWZKRHYHUHDWVRQLRQVJDUOLFRUOHHNV
VKRXOGQRWJRWRWKHPRVTXHEHFDXVHKLVEUHDWKPD\GLVWXUEWKHDQJHOVDQGWKHSHRSOH
´:KRHYHUHDWVRQLRQVJDUOLFRUOHHNVVKRXOGQRWDSSURDFKRXUPRVTXHEHFDXVHZKDWHYHURIIHQGVWKH
VRQVRIbGDPPD\RIIHQGWKHDQJHOVµ 0XVOLP
7KH3URSKHW U EDQQHGWKRVHZKRKDGHDWHQWKHVHSXQJHQWYHJHWDEOHVIURPFRPLQJDQ\ZKHUHQHDU
WKH PRVTXH OHVW WKH SHRSOH DQG WKH DQJHOV EH RIIHQGHG E\ WKHLU EDG EUHDWK EXW WKHVH VPHOOV SDOH LQWR
LQVLJQLILFDQFHEHVLGHWKHVWHQFKRIGLUW\FORWKHVILOWK\VRFNVXQZDVKHGERGLHVDQGXQFOHDQPRXWKVWKDW
HPDQDWHIURPVRPHFDUHOHVVDQGXQNHPSWLQGLYLGXDOVZKRRIIHQGRWKHUVLQDQ\JDWKHULQJ
,PP$­PDGDQG,PPDO1LV¶¯ QDUUDWHWKDW-ELU W VDLG
´7KH 0HVVHQJHU RI $OOK U  FDPH WR YLVLW XV DQG VDZ D PDQ ZKR ZDV ZHDULQJ GLUW\ FORWKHV +H VDLG
¶&RXOGWKLVSHUVRQQRWILQGDQ\WKLQJZLWKZKLFKWRZDVKKLVFORWKHV"·´
7KH3URSKHW U GLGQRWOLNHD0XVOLPWRDSSHDUEHIRUHSHRSOHZHDULQJGLUW\FORWKHVLIKHKDGWKH
PHDQVWRFOHDQWKHP+HHQFRXUDJHG0XVOLPVDOZD\VWRGUHVVLQFOHDQFORWKHVDQGWRSUHVHQWDQHDWDQG
DWWUDFWLYHDSSHDUDQFH+HXVHGWRVD\
´7KHUHLVQRWKLQJZURQJZLWKNHHSLQJWZRJDUPHQWVIRU)ULGD\DSDUWIURPRQH·VZRUNFORWKHVµ
,VOPIUHTXHQWO\HQFRXUDJHVLWVIROORZHUVWREHFOHDQDOZD\VWRSHUIXPHWKHLUFORWKHVDQGWRHQVXUHWKDW
WKHLUERGLHVDOZD\VVPHOOIUHVKDQGFOHDQ7KLVLVZKDWWKH3URSKHW U XVHGWRGRDFFRUGLQJWRWKHUHSRUW
WKDW,PP0XVOLPTXRWHVIURP$QDVLEQ0OLNZKRVDLG³,KDYHQHYHUVPHOWDQ\DPEHUJULVRUPXVNWKDW
KDGDEHWWHUVFHQWWKDQWKHVFHQWRIWKH0HVVHQJHURI$OOK U ´
0DQ\UHSRUWVGHVFULEHWKHFOHDQOLQHVVRIWKH3URSKHW¶VFORWKHVDQGERG\DQGGHVFULEHWKHVZHHWVPHOO
RIKLVVZHDW)RUH[DPSOHLIKHVKRRNKDQGVZLWKDPDQKLVEHDXWLIXOVFHQWZRXOGUHPDLQRQWKDWPDQ¶V
KDQGIRUWKHUHVWRIWKHGD\DQGLIKHODLGKLVKDQGRQWKHKHDGRIDFKLOGWKDWFKLOGZRXOGVWDQGRXWIURP
RWKHUVE\YLUWXHRIKLVVZHHWVPHOO
,PP %XNKU¯ PHQWLRQV LQ DO7U¯NK DONDE¯U UHSRUWLQJ IURP -ELU WKDW WKH 3URSKHW U  QHYHU
SDVVHG WKURXJK D SODFH EXW D SHUVRQ ZKR IROORZHG KLP ZRXOG NQRZ WKDW KH KDG EHHQ WKHUH IURP KLV
OLQJHULQJVFHQW
2QFHWKH3URSKHW U VOHSWLQWKHKRXVHRI$QDV+HVZHDWHGDQG8PP$QDVFDPHWRFROOHFWWKH
VZHDWLQDERWWOH7KH3URSKHW U DVNHGKHUDERXWZKDWVKHZDVGRLQJDQGVKHWROGKLP ´7KLVLV\RXU
VZHDWZHDGGLWWRRXUSHUIXPHDQGLWLVWKHEHVWRISHUIXPHVµ 0XVOLP
+RZ XUJHQW LV WKH0XVOLPV¶QHHGWRIROORZWKHJXLGDQFHRIWKLVJUHDW0HVVHQJHULQKLVFRPPDQGWR
WDNHFDUHRIRQH¶VKDLUDQGNHHSLWQHDWLQDFFRUGDQFHZLWKWKHWHDFKLQJVRI,VOP7KLVLVUHSRUWHGLQWKH
­DG¯WKWKDW$EÔ 'ZÔGTXRWHVIURP$EÔ +XUD\UDK W ZKRVDLG
´7KH3URSKHW U VDLG¶:KRHYHUKDVKDLUOHWKLPORRNDIWHULWSURSHUO\·µ 

5HSRUWHGE\$EÔ 'ZÔG,EQ0MDK,WVLVQ G LVÑD­¯­
ÎÏÎ 
7KH0XVOLPDQG+LV5HODWLYHV
/RRNLQJ DIWHU RQH¶V KDLU DFFRUGLQJ WR ,VOPLF WHDFKLQJ LQYROYHV NHHSLQJ LW FOHDQ FRPELQJ LW
SHUIXPLQJLWDQGVW\OLQJLWQLFHO\
7KH3URSKHW U GLGQRWOLNHSHRSOHWROHDYHWKHLUKDLUXQFRPEHGDQGXQNHPSWVRWKDWWKH\ORRNHG
OLNHZLOGPRQVWHUV+HGHVFULEHGVXFKDQXJO\DSSHDUDQFHDVEHLQJOLNHWKH6KD\ӍQ,QDO0XZDÓӍ,PP
0OLNUHSRUWVD­DG¯WKZLWKDPXUVDOLVQG IURPµ$Ӎ¶LEQ<DVVUZKRVDLG
´7KH 0HVVHQJHU RI $OOK U  ZDV LQ WKH PRVTXH ZKHQ D PDQZLWKXQNHPSWKDLUDQGDQXQWLG\EHDUG
FDPHLQ7KH3URSKHW U SRLQWHGWRKLPDVLILQGLFDWLQJWKDWWRKLPWKDWKHVKRXOGWLG\XSKLVKDLUDQG
EHDUG7KHPDQZHQWDQGGLGVRWKHQUHWXUQHG7KH3URSKHW U VDLG¶,VWKLVQRWEHWWHUWKDQWKDWDQ\
RQHRI\RXVKRXOGFRPHZLWKXQNHPSWKDLUORRNLQJOLNHWKH6KD\ӍQ"µ
7KH 3URSKHW¶V OLNHQLQJ D PDQ ZLWK XQWLG\ KDLU WR WKH 6KD\ӍQ FOHDUO\ VKRZV KRZ FRQFHUQHG ,VOP LV
ZLWKDQHDWDQGSOHDVDQWDSSHDUDQFHDQGKRZRSSRVHGLWLVWRVFUXIILQHVVDQGXJOLQHVV
7KH3URSKHW U DOZD\VWRRNQRWHRISHRSOH¶VDSSHDUDQFHDQGKHQHYHUVDZDVFUXIILO\GUHVVHGPDQ
ZLWKXQWLG\KDLUEXWKHFULWLFL]HGKLPIRUKLVVHOIQHJOHFW,PP$­PDGDQGDO1LV¶¯ UHSRUWWKDW-ELU W 
VDLG³7KH0HVVHQJHURI$OOK U FDPHWRYLVLWXVDQGKHVDZDQXQNHPSWPDQZKRVHKDLUZDVJRLQJ
LQDOOGLUHFWLRQVVRKHVDLGµ&RXOGKHQRWILQGDQ\WKLQJZLWKZKLFKWRFDOPKLVKHDG"¶´

*RRGDSSHDUDQFH
7KHWUXH0XVOLPWDNHVJRRGFDUHRIKLVFORWKHVVR\RXZLOOVHHKLPSUHVHQWLQJDSOHDVDQWDSSHDUDQFH
ZLWKRXW EHLQJ H[WUDYDJDQW +H LV SOHDVDQW WR ORRN DW DQG WR PHHW DQG GRHV QRW DQQR\ SHRSOH ZLWK KLV
FDUHOHVV GLVKHYHOOHG DSSHDUDQFH +H DOZD\V FKHFNV KLPVHOI EHIRUH KH JRHV RXW WR PHHW SHRSOH DQG KH
PDNHVKLPVHOIORRNJRRGLQPRGHUDWLRQIRUWKH3URSKHW U XVHGWRPDNHKLPVHOIORRNJRRGLQIURQWRI
KLV&RPSDQLRQVDVZHOODVLQIURQWRIKLVIDPLO\
,QKLVFRPPHQWDU\RQWKHb\DK
>6D\:KRKDVIRUELGGHQWKHEHDXWLIXO>JLIWV@RI$OOKZKLFK+HKDVSURGXFHGIRU+LV VHUYDQWVDQG
WKHWKLQJVFOHDQDQGSXUH>ZKLFK+HKDVSURYLGHG@IRUVXVWHQDQFH"@ 4XU¶Q
$O4XUÓXE¯ VDLG³0DN­ÔOUHSRUWHGIURPµb¶LVKDKµ$JURXSRIWKH&RPSDQLRQVRIWKH3URSKHW U 
ZDVZDLWLQJDWWKHGRRUIRUKLPVRKHSUHSDUHGWRJRRXW WRPHHWWKHP7KHUHZDVDYHVVHORIZDWHULQWKH
KRXVHDQGKHSHHUHGLQWRLWVPRRWKLQJKLVEHDUGDQGKLVKDLU µb¶LVKDKVDLG ,DVNHGKLP³20HVVHQJHU
RI$OOKHYHQ\RXGRWKLV"´+HVDLG ´<HVZKHQDPDQJRHVRXWWRPHHWKLVEURWKHUVOHWKLPSUHSDUH
KLPVHOISURSHUO\IRU$OOK , LVEHDXWLIXODQGORYHVEHDXW\µ·µ
7KH0XVOLPGRHVDOORIWKLVLQDFFRUGDQFHZLWKWKH,VOPLFLGHDORIPRGHUDWLRQDYRLGLQJWKHH[WUHPHV
RIHLWKHUH[DJJHUDWLRQRUQHJOLJHQFH
>7KRVH ZKR ZKHQ WKH\ VSHQG DUH QRW H[WUDYDJDQW DQG QRW QLJJDUGO\ EXW KROG D MXVW >EDODQFH@
EHWZHHQWKRVH>H[WUHPHV@@ 4XU¶Q
7KH,GHDO0XVOLP 
,VOP ZDQWV LWV IROORZHUV DQG HVSHFLDOO\ LWV DGYRFDWHV Gµ¯V  WR VWDQG RXW LQ JDWKHULQJV LQ DQ
DWWUDFWLYH IDVKLRQ QRW WR DSSHDU XQVLJKWO\ RU XQEHDUDEOH 1HJOHFWLQJ RQH¶V DSSHDUDQFH WR WKH H[WHQW RI
EHLQJ RIIHQVLYH WR RQH¶V FRPSDQLRQV LQ WKH QDPH RI DVFHWLFLVP DQG KXPLOLW\ LV QRW SDUW RI ,VOP 7KH
3URSKHW U  ZKR ZDV WKH HSLWRPH RI DVFHWLFLVP DQG KXPLOLW\ XVHG WR GUHVV LQ GHFHQW FORWKHV DQG
SUHVHQWDSOHDVDQWDSSHDUDQFHWRKLVIDPLO\DQGKLVFRPSDQLRQV+HUHJDUGHGGUHVVLQJZHOODQGORRNLQJ
JRRGDVDGHPRQVWUDWLRQRIWKHEOHVVLQJVRI$OOK , 
´$OOK , ORYHVWRVHHWKHVLJQVRI+LVJLIWVRQ+LVVODYHµ


,EQ6DµGUHSRUWVLQDO†DEDTWWKDW-XQGDELEQ0DN¯WK W VDLG
´:KHQHYHUDGHOHJDWLRQFDPHWRPHHWWKH0HVVHQJHURI$OOK U KHZRXOGZHDUKLVEHVWFORWKHVDQG
RUGHUKLVOHDGLQJ&RPSDQLRQVWRGROLNHZLVH,VDZWKH3URSKHW U RQWKHGD\WKDWWKHGHOHJDWLRQRI
.LQGDKFDPHWRPHHWKLPKHZDVZHDULQJD<HPHQL JDUPHQWDQG$EÔ %DNUDQG¶8PDUZHUHGUHVVHG
VLPLODUO\µ
,EQDO0XEUDNDO†DEDUQ¯DOpNLPDO%D\KDT¯ DQGRWKHUVUHSRUWWKDWµ8PDU W VDLG
´,VDZWKH0HVVHQJHURI$OOK U DVNIRUDQHZJDUPHQW+HSXWLWRQDQGZKHQLWUHDFKHGKLVNQHHVKH
VDLG ¶3UDLVH EH WR $OOK :KR KDV JLYHQ PH FORWKHV ZLWK ZKLFK WR FRYHU P\VHOI DQG PDNH P\VHOI ORRN
EHDXWLIXOLQWKLVOLIH·µ
µ$EGXO5D­PQLEQµ$ZI W XVHGWRGUHVVLQDFORDNRUJDUPHQWWKDWZDVZRUWKIRXURUILYHKXQGUHG
GLUKDPV 7DEDTW ,EQ 6DµG   DQG ,EQµ$EEVERXJKWDJDUPHQWZRUWKRQHWKRXVDQG GLUKDPV DQG
ZRUHLW †DEDTW,EQ6DµG 
6RORQJDVWKLVWDNLQJFDUHRIRQH¶VRXWZDUGDSSHDUDQFHGRHVQRWJRWRH[WUHPHVWKHQLWLVSDUWRIWKH
EHDXW\WKDW$OOK , KDVDOORZHGIRU+LVVODYHVDQGHQFRXUDJHGWKHPWRDGRSW
>2FKLOGUHQRIbGDP:HDU\RXUEHDXWLIXODSSDUHODWHYHU\WLPHDQGSODFHRISUD\HUHDWDQGGULQN
EXWZDVWHQRWE\H[FHVVIRU$OOKORYHVQRWWKHZDVWHUV6D\ZKRKDVIRUELGGHQWKHEHDXWLIXO>JLIWV@
RI $OOK ZKLFK +H KDV SURGXFHG IRU +LV VHUYDQWV DQG WKH WKLQJV FOHDQ DQG SXUH >ZKLFK +H KDV
SURYLGHG@IRUVXVWHQDQFH"6D\7KH\DUHLQWKHOLIHRIWKLVZRUOGIRUWKRVHZKREHOLHYH>DQG@SXUHO\
IRU WKHP RQ WKH 'D\ RI -XGJHPHQW 7KXV GR :H H[SODLQ WKH 6LJQV LQ GHWDLO IRU WKRVH ZKR
XQGHUVWDQG@ 4XU¶Q
0XVOLPUHSRUWVIURP,EQ0DVµÔG W WKDWWKH3URSKHW U VDLG
´1R RQH ZKR KDV HYHQ DQ DWRP·VZHLJKW RI SULGH LQ KLV KHDUW ZLOO HQWHU 3DUDGLVHµ $ PDQ DVNHG KLP
´:KDW LI KH OLNHV KLV FORWKHV DQG VKRHV WRORRNJRRG"µ 0HDQLQJLVWKLVFRXQWHGDVSULGH" 7KH3URSKHW
U  VDLG ´$OOK ,  LV EHDXWLIXO DQGORYHVEHDXW\3ULGHPHDQVGHQ\LQJWKHWUXWKDQGORRNLQJGRZQRQ
RWKHUSHRSOHµ
7KLVLVWKHXQGHUVWDQGLQJDGRSWHGE\WKH6D­EDK DQGWKRVHZKRIROORZHGWKHPVLQFHUHO\7KHUHIRUH
,PP$EÔ pDQ¯IDK W DOZD\VWRRNFDUHWRGUHVVZHOODQGWRHQVXUHWKDWKHVPHOOHGFOHDQDQGIUHVKDQG 

$ pDVDQ­DG¯WK QDUUDWHGE\DO7LUPLGK¯ DQGDOpDN¯P
ÎÏÐ 
7KH0XVOLPDQG+LV5HODWLYHV
XUJHGRWKHUVWRGROLNHZLVH2QHGD\KHPHWDPDQZKRXVHGWRDWWHQGKLVFLUFOHZKRZDVGUHVVHGLQ
VFUXII\ FORWKHV +H WRRN KLP WR RQH VLGH DQG RIIHUHG KLP RQH WKRXVDQG GLUKDPV ZLWK ZKLFK WR VPDUWHQ
KLPVHOIXS7KHPDQWROGKLP³,KDYHPRQH\,GRQRWQHHGWKLV´$EÔ pDQ¯IDKDGPRQLVKHGKLP³+DYH
\RXQRWKHDUGWKH­DG¯WKµ$OOK , ORYHVWRVHHWKHVLJQVRI+LVJLIWVRQ+LVVHUYDQW¶"6R\RXKDYHWR
FKDQJH\RXUVHOIDQGQRWDSSHDURIIHQVLYHWR\RXUIULHQG´
1DWXUDOO\WKRVHZKRFDOOSHRSOHWR$OOK , VKRXOGEHEHWWHUDQGVPDUWHULQDSSHDUDQFHWKDQRWKHUV
VRWKDWWKH\ZLOOEHEHWWHUDEOHWRDWWUDFWSHRSOHDQGPDNHWKHLUPHVVDJHUHDFKWKHLUKHDUWV,QGHHGWKH\
XQOLNHRWKHUVDUHUHTXLUHGWREHOLNHWKLVHYHQLIWKH\GRQRWJRRXWDQGPHHWSHRSOHEHFDXVHWKRVHZKR
SURFODLPWKHZRUGRI$OOK , VKRXOGWDNHFDUHRIWKHLUDSSHDUDQFHDQGSD\DWWHQWLRQWRWKHFOHDQOLQHVV
RI WKHLU ERGLHV FORWKHV QDLOV DQG KDLU 7KH\ VKRXOG GR WKLV HYHQ LI WKH\ DUH LQ D VWDWH RI LVRODWLRQ RU
UHWUHDWLQUHVSRQVHWRWKHFDOORIWKHQDWXUDOXQDIIHFWHGLQFOLQDWLRQRIPDQ ILÓUDK ZKLFKWKH3URSKHW U 
WROGXVDERXWDQGRXWOLQHGLWVUHTXLUHPHQWV
´)LYH WKLQJV DUH SDUW RI WKHILÓUDKFLUFXPFLVLRQUHPRYLQJWKHSXELFKDLUSOXFNLQJKDLUIURPWKHDUPSLWV
FXWWLQJWKHQDLOVDQGWULPPLQJWKHPRXVWDFKHµ %XNKU¯ DQG0XVOLP
7DNLQJFDUHRIRQHVHOILQDFFRUGDQFHZLWKWKLVILÓUDK LVVRPHWKLQJHQFRXUDJHGE\,VOPDQGVXSSRUWHG
E\HYHU\SHUVRQRIFRPPRQVHQVHDQGJRRGWDVWH
1HYHUWKHOHVV SD\LQJ DWWHQWLRQ WR RQH¶V DSSHDUDQFH VKRXOG QRW PDNH D 0XVOLP IDOO LQWR WKH WUDS RI
RYHUH[DJJHUDWLQJ KLV JURRPLQJ WR WKH H[WHQW WKDW KH ORVHV VLJKW RI WKH VHQVH RI EDODQFH SUHVFULEHG E\
,VOPLFWHDFKLQJ7KH0XVOLPDOZD\VDLPVDWPRGHUDWLRQLQDOOWKLQJVDQGLVRQWKHDOHUWWRSUHYHQWDQ\
RQHDVSHFWRIKLVOLIHIURPWDNLQJRYHUDWWKHH[SHQVHRIDQRWKHU
7KH0XVOLPQHYHUIRUJHWVWKDW,VOPZKLFKHQFRXUDJHVKLPWRWDNHFDUHRIKLVDSSHDUDQFHDQGWRZHDU
KLVEHDXWLIXODSSDUHODWHYHU\WLPHDQGSODFHRISUD\HULVDOVRWKHUHOLJLRQWKDWZDUQVKLPDJDLQVWJRLQJWR
H[WUHPHVLQWKDWDQGWHOOVKLPWRDYRLGEHFRPLQJHQVODYHGE\KLVDSSHDUDQFHDVWKH ­DG¯WKVD\V
´:UHWFKHG LV WKH VODYH RI WKH G¯QU GLUKDP DQG IDQF\ FORWKHV RI YHOYHW DQG VLON ,I KH LV JLYHQ KH LV
SOHDVHGDQGLIKHLVQRWJLYHQKHLVGLVSOHDVHGµ %XNKU¯ 
1R GRXEW WKRVH ZKR FDOO SHRSOH WR $OOK ,  DUH VDYHG IURP WKLV HUURU EHFDXVH WKH\ VXUURXQG
WKHPVHOYHVZLWKWKHSURWHFWLRQRI,VOPDQGDGRSWWKHSULQFLSOHVRIPRGHUDWLRQWKDWLWKDVEURXJKW
7KH,GHDO0XVOLP  

+LV0LQG

.QRZOHGJHLVDQREOLJDWLRQDQGDQKRQRXUIRUWKH0XVOLP
7KH0XVOLPEHOLHYHVWKDWH[HUFLVLQJKLVPLQGDQGVHHNLQJNQRZOHGJHDQGGLVFRYHULQJWKHVLJQVRI$OOK
, LQWKHXQLYHUVHLVDQREOLJDWLRQEHFDXVHRIWKHVD\LQJRIWKH3URSKHW U 
´6HHNLQJNQRZOHGJHLVDGXW\RQHYHU\0XVOLPµ %XNKU¯
7KHUHIRUHWKH0XVOLPPXVWFRQWLQXHWRSXUVXHNQRZOHGJHDVORQJDVWKHEUHDWKRIOLIHUHPDLQVLQKLV
ERG\ 7KH IDFW WKDW $OOK ,  KDV UDLVHG WKH VWDWXV RI WKRVH ZKR KDYH NQRZOHGJH DQG GHVFULEHG WKHP
DORQH DV WUXO\ IHDULQJ +LP VKRXOG EH HQRXJK WR HQFRXUDJH WKH 0XVOLP WR DSSO\ KLPVHOI WR VHHNLQJ
NQRZOHGJH)RU+HVDLG
>7KRVHWUXO\IHDU$OOKDPRQJ+LV6ODYHVZKRKDYHNQRZOHGJH@ 4XU¶Q 
1R RQH WUXO\ IHDUV $OOK ,  H[FHSW WKRVH ZKRVH PLQGV DUH HQOLJKWHQHG HQRXJK WR VHH WKH JUHDWQHVV
DQGSRZHURI$OOK , PDQLIHVWHGLQWKHFUHDWLRQRIWKHXQLYHUVHDQGDOOOLYLQJWKLQJVDQGWKHVHDUHWKH
SHRSOHRINQRZOHGJH6R+HKDVSUHIHUUHGWKHPRYHUWKRVHZKRKDYHQRNQRZOHGJH
>   6D\ ¶$UH WKRVH HTXDO WKRVH ZKR NQRZ DQG WKRVH ZKR GR QRW NQRZ" ,W LV WKRVH ZKR DUH
HQGXHGZLWKXQGHUVWDQGLQJWKDWUHFHLYHDGPRQLWLRQ·@ 4XU¶Q
6DIZQ LEQ µ$VVO DO0XUG¯ FDPH WR WKH 3URSKHW U  LQ WKH PRVTXH DQG VDLG ³2 0HVVHQJHU RI
$OOK,KDYHFRPHVHHNLQJNQRZOHGJH´7KH3URSKHW U WROGKLP³:HOFRPH2VHHNHURINQRZOHGJH
7UXO\WKHDQJHOVVXUURXQGWKHVHHNHURINQRZOHGJHZLWKWKHLUZLQJVJDWKHULQJDURXQGKLPLQUDQNVRQH
DERYHWKHRWKHUXQWLOWKH\UHDFKWKHILUVWKHDYHQRXWRIORYHIRUWKDWZKLFKKHVHHNV´


7KHWH[WVWKDWH[WROWKHYLUWXHRINQRZOHGJHDQGH[KRUWLWVSXUVXLWDUHPDQ\WKHUHIRUHWKHWUXH0XVOLP
LVHLWKHUDVFKRODURUDVHHNHURINQRZOHGJHDQGFDQQRWEHDQ\WKLQJHOVH

&RQWLQXRXVO\VHHNLQJNQRZOHGJHXQWLOGHDWK
7UXHNQRZOHGJHGRHVQRWPHDQREWDLQLQJDGHJUHHRUGLSORPDWKDWZLOOOHWRQHHDUQDQLQFRPHDQG
JXDUDQWHHDJRRGVWDQGDUGRIOLYLQJDIWHUZKLFKRQHWXUQVDZD\IURPOHDUQLQJDQGGRHVQRWH[SORUHWKH
WUHDVXUHRINQRZOHGJHDQ\IXUWKHUWUXHOHDUQLQJPHDQVWKDWRQHFRQWLQXHVWRUHDGDQGVWXG\LQFUHDVLQJ
RQH¶VOHDUQLQJGD\E\GD\LQDFFRUGDQFHZLWKWKHZRUGVRIWKH4XU¶Q
> %XWVD\¶2P\5DEE $GYDQFHPHLQNQRZOHGJH· @ 4XU¶Q  

5HSRUWHGE\$­PDGDO†DEDUQ¯,EQpLEEQDOpNLPZLWKDÑD­¯­ LVQG
ÎÏÒ 
7KH0XVOLPDQG+LV5HODWLYHV
2XUULJKWHRXVSUHGHFHVVRUVQHYHUVWRSSHGVHHNLQJWRLQFUHDVHWKHLUNQRZOHGJHQRPDWWHUKRZKLJK
D OHYHO RI OHDUQLQJWKH\KDGDFKLHYHGDQGWKH\ZRXOGFRQWLQXHWKHLUSXUVXLWXQWLOWKHHQGRIWKHLUOLYHV
7KH\EHOLHYHGWKDWNQRZOHGJHZDVDOLYLQJWKLQJWKDWZRXOGWKULYHLILWZHUHDFWLYHO\SXUVXHGEXWZRXOG
ZLWKHUDQGSHULVKLILWZHUHLJQRUHGDQGDEDQGRQHG0DQ\VD\LQJVDUHDWWULEXWHGWRWKHPWKDWHORTXHQWO\
H[SUHVVWKHLUUHVSHFWIRUOHDUQLQJDQGWKHLUNHHQQHVVWRDFTXLUHNQRZOHGJH([DPSOHVRIWKHLUVD\LQJVDUH
JLYHQEHORZ
,PP ,EQ µ$EG DO%DUU UHSRUWHG WKDW ,EQ $E¯ *KDVVQ VDLG ³6R ORQJ DV \RX DUH VHHNLQJ NQRZOHGJH
\RXDUHNQRZOHGJHDEOHEXWDVVRRQDV\RXDEDQGRQWKLVSXUVXLW\RXEHFRPHLJQRUDQW´
,PP0OLN W VDLG³1RRQHZKRKDVNQRZOHGJHVKRXOGVWRSVHHNLQJNQRZOHGJH´
,PPµ$EGXOODKLEQDO0XEUDNZDVDVNHG³+RZORQJZLOO\RXVHHNNQRZOHGJH"´+HVDLG³8QWLO,
GLHIRUSUREDEO\,KDYHQRW\HWOHDUQWWKHWKLQJVWKDWZLOOEHQHILWPHPRVW´
,PP$EÔ µ$PULEQDOµ$O¶ZDVDVNHG³)RUKRZORQJGRHVLWEHILWDPDQWRVHHNNQRZOHGJH"´+H
VDLG³)RUDVORQJDVKHKDVOLIHLQKLP´
,PP 6XI\Q LEQ µ8\D\QDK JDYH DQ H[FHOOHQW DQVZHU ZKHQ KH ZDV DVNHG ³:KR LV PRVW LQ QHHG RI
VHHNLQJ NQRZOHGJH"´ +H VDLG ³7KRVH ZKR KDYH WKH PRVW NQRZOHGJH´ +H ZDV DVNHG ³:K\"´ DQG KH
UHSOLHG³%HFDXVHLIWKH\PDNHDPLVWDNHLWLVZRUVH´
6XFK ZDV ,PP )DNKU DO'¯Q DO5]¯ G  $+  WKH JUHDW PXIDVVLU 4XU¶QLF H[HJHWH  DQG
SURPLQHQWVFKRODULQSKLORVRSK\ µLOPDONDOP DQGRWKHUGLVFLSOLQHVZKRDXWKRUHGPDQ\ZRUNV$OOK
,  JDYH KLP VXFK IDPH LQ NQRZOHGJH WKDW SHRSOH ZRXOG FRPH IURP DOO RYHU WR VHH KLP ZKHQHYHU KH
YLVLWHGDFLW\:KHQKHFDPHWRWKHFLW\RI0HUY LQ7XUNPHQLVWDQ IORFNVRIVFKRODUVDQGVWXGHQWVFDPH
WR KDYH WKH SULYLOHJH RI OLVWHQLQJ WR DQG OHDUQLQJ IURP KLP $PRQJ WKH VHHNHUV RI NQRZOHGJH ZKR
DWWHQGHGKLVFLUFOHZDVD\RXQJPDQOHVVWKDQWZHQW\\HDUVROGZKRZDVYHU\ZHOOYHUVHGLQOLWHUDWXUH
DQGJHQHDORJ\:KHQ,PP)DNKUDO'¯QUHDOL]HGWKDWWKLVVWXGHQWZDVDQH[SHUWLQJHQHDORJ\DILHOGLQ
ZKLFKKHNQHZYHU\OLWWOHKHDVNHGKLVVWXGHQWWRWHDFKKLP+HGLGQRWILQGLWXQDFFHSWDEOHWREHFRPH
WKHVWXGHQWRIKLVVWXGHQWDQGKHHYHQPDGHKLPVLWLQWKHWHDFKHU¶VSODFHZKLOHKHKLPVHOIVDWDWKLVIHHW
6XFKDQDFWZDVFKDUDFWHULVWLFRI,PP)DNKUDO'¯QDO5]¯DQGLWGLGQRWGHWUDFWIURPKLVKLJKVWDWXVDV
KHZDVWKH,PPRIKLVDJH
7KLVUHPDUNDEOHVWRU\ZDVWROGE\WKHOLWHUDU\KLVWRULDQ<TÔWDO+DPZ¯ LQKLVERRN0XµMDPDOXGDE¶
'LFWLRQDU\ RI OLWHUDU\ DXWKRUV  ZKHUH KH JLYHV D ELRJUDSK\ RI µ$]¯] DO'¯Q ,VPµ¯O LEQ DOpDVDQ DO
0DUZD]¯ DO1DVVEDK DOpXVD\QL ZKRP <TÔW PHW DQG VSHQW PXFK WLPH ZLWK VR ZDV DEOH WR ZULWH D
FRPSUHKHQVLYHELRJUDSK\RIKLP,QWKLVELRJUDSK\KHVD\V
³µ$]¯]DO'¯QWROGPHµ,PP)DNKUDO'¯QDO5]¯ ZHQWWR0HUY+HKDGVXFKDJUHDWUHSXWDWLRQDQG
ZDVKHOGLQVXFKDZHWKDWQRERG\GDUHGWRDUJXHZLWKKLPWKH\ZRXOGEDUHO\EUHDWKHLQKLVSUHVHQFH,
ZHQWWRPHHWKLPDQG,RIWHQZHQWWRVWXG\ZLWKKLP2QHGD\KHVDLGWRPH³,ZRXOGOLNH\RXWRZULWH
PHDERRNJLYLQJWKHJHQHDORJ\RIDO†OLEL\\¯Q WKHGHVFHQGDQWVRI$EÔ †OLE VRWKDW,PD\VWXG\LWIRU
,GRQRWZDQWWRUHPDLQLJQRUDQWRILW´,DVNHGKLP³'R\RXZDQWLWSUHVHQWHGDVDIDPLO\WUHHRUZULWWHQ
GRZQ DV D QDUUDWLYH"´ +H VDLG ³$ IDPLO\ WUHH FDQQRW EH OHDUQW E\ KHDUW , ZDQW VRPHWKLQJ WKDW , FDQ
PHPRUL]H´6R,ZHQWDZD\DQGZURWHWKHERRNZKLFK,FDOOHGDO)DNKU¯:KHQ,EURXJKWLWWRKLPKH
WRRNLWWKHQJRWXSIURPKLVPDWWUHVVVDWRQWKHPDWDQGWROGPHWRVLWLQWKHSODFHKHKDGMXVWYDFDWHG,
WKRXJKW WKLV ZDV WRR PXFK DQG WROG KLP ³, DP \RXU VHUYDQW´ , UHSULPDQGHG PH VHYHUHO\ VD\LQJ ³6LW
7KH,GHDO0XVOLP 
ZKHUH,WHOO\RX´$OOK , NQRZV,IHOWWKDW,KDGQRFKRLFHEXWWRVLWZKHUHKHWROGPH7KHQKH
EHJDQ WR UHDG WKH ERRN WR PH ZKLOH KH ZDV VLWWLQJ DW P\ IHHW DVNLQJ PH DERXW DQ\WKLQJ KH GLG QRW
XQGHUVWDQGXQWLOKHILQLVKHGWKHERRN:KHQKHKDGILQLVKHGKHVDLG³1RZVLWZKHUHYHU\RXZLVKIRULQ
WKLVILHOGRINQRZOHGJH\RXDUHP\WHDFKHUDQG,DP\RXUVWXGHQWDQGLWLVQRWULJKWIRUWKHVWXGHQWWRVLW
DQ\ZKHUHEXWDWWKHIHHWRIKLVWHDFKHU6R,JRWXSDQGKHVDWLQKLVULJKWIXOSODFHDQG,EHJDQWRUHDGWR
KLPVLWWLQJZKHUHKHKDGVDWSUHYLRXVO\¶´
$IWHUTXRWLQJWKLVLQFLGHQW<TÔWVDLG³,QGHHGWKLVLVJRRGPDQQHUVHVSHFLDOO\IRUDPDQZKRHQMR\V
VXFKDKLJKVWDWXV´
+RZ JUHDW ZDV WKH ORYH DQG UHVSHFW WKHVH VFKRODUV JDYH WR NQRZOHGJH +RZ KLJKO\WKH\UHJDUGHGLW
DQGKRZJUHDWLVWKHQHHGIRUWKHODWHUJHQHUDWLRQWROHDUQIURPWKHDWWLWXGHRIWKHLUIRUHEHDUV

:KDW0XVOLPQHHGVWRNQRZ
7KHILUVWWKLQJWKDWWKH0XVOLP QHHGVWRNQRZLVKRZWRUHDGWKH4XU¶QSURSHUO\ ZLWK WDMZ¯G DQGWR
XQGHUVWDQGLWVPHDQLQJ7KHQKHVKRXOGOHDUQVRPHWKLQJRIWKHVFLHQFHVRI­DG¯WKWKHV¯UDKRIWKH3URSKHW
U DQGWKHKLVWRU\RIWKH6D­DEDK DQG7ELµ¯QZKRDUHSURPLQHQWILJXUHVLQ,VOP+HVKRXOGDFTXLUH
DVPXFKNQRZOHGJHRIILTK DVKHQHHGVWRHQVXUHWKDWKLVZRUVKLSDQGGDLO\GHDOLQJVDUHFRUUHFWDQGKH
VKRXOG HQVXUH WKDW KH KDV D VRXQG JUDVS RI WKH EDVLF SULQFLSOHV RI KLV UHOLJLRQ 7KLV LV WKH GXW\ RI WKH
0XVOLP ZKR LV QRW D VSHFLDOLVW LQ WKH VFLHQFHV RI 6KDU¯µDK ,I KH LV D VSHFLDOLVW LQ D EUDQFK RI6KDU¯µDK
WKHQKHGRHVZKDWHYHU\WUXH0XVOLPVKRXOGGRZKLFKLVWRGRKLVEHVWWROHDUQKLVVSHFLDOLW\WKRURXJKO\
DQGEHVXFFHVVIXOLQLW,WJRHVZLWKRXWVD\LQJWKDWHYHU\0XVOLP DOVRQHHGVWROHDUQ$UDELFSURSHUO\

7KH0XVOLPVKRXOGEHSURILFLHQWLQKLVVSHFLDOLW\
%HVLGHVWKLVWKH0XVOLPWXUQVWRKLVRZQVSHFLDOLW\DQGJLYHVLWDOORIKLVHQHUJ\DQGSD\VDJUHDWGHDO
RIDWWHQWLRQWRLW+HDSSURDFKHVLWOLNHD0XVOLPZKREHOLHYHVWKDWLWLVDUHOLJLRXVREOLJDWLRQWRZRUNLQ
KLV ILHOG RI VSHFLDOL]DWLRQ ZKHWKHU LW LV LQ 6KDU¯µDK RU LQ DQRWKHU DUHD RI UHOLJLRXV NQRZOHGJH RU LQ
DQRWKHU ILHOG VXFK DV PDWKHPDWLFV SK\VLFV FKHPLVWU\ HQJLQHHULQJ DVWURQRP\ PHGLFLQH LQGXVWU\
FRPPHUFHHWF7KHUHIRUHKHVKRXOGEHFRPHSURILFLHQWLQZKDWHYHUILHOGKHKDVVSHFLDOL]HGLQDQGVKRXOG
VSDUHQRHIIRUWWRUHDGZKDWHYHUKDVEHHQZULWWHQDERXWLWERWKLQKLVRZQODQJXDJHDQGLQRWKHUVLIKHLV
DEOHWR+HVKRXOGNHHSDEUHDVWRIGHYHORSPHQWVLQKLVILHOGWKURXJKFRQWLQXDOUHDGLQJDQGVWXG\RIDOOLWV
DVSHFWV 7KLV LV EHFDXVH LQ WKHVH WLPHV WKH VPDUW 0XVOLP LV WKH RQH ZKR DFKLHYHV JUHDW DFDGHPLF
VXFFHVVZKLFKZLOOUDLVHKLVVWDWXVLQWKHH\HVRIRWKHUSHRSOH7KLVLQWXUQZLOOHQKDQFHKLV GDµZDKVR
ORQJDVKHSUHVHQWVLWVLQFHUHO\DQGHDUQHVWO\DQGLQDFFRUGDQFHZLWKWKHVSLULWRI,VOPDQGLWVWHDFKLQJV
DERXWNQRZOHGJH
,VOPKDVPDGHNQRZOHGJHDGXW\ZKHUHE\WKHRQHZKRVHHNVLWGUDZVFORVHUWR$OOK , DQGDGRSWV
LW DV D PHDQV RI HDUQLQJ +LV SOHDVXUH 6R ZH VHH WKDW WKH VFKRODUV RI WKH HDUO\ JHQHUDWLRQ XVHG WR
HPSKDVL]HWKHVHVXEOLPHSULQFLSOHVLQWKHLULQWURGXFWLRQVWRWKHLUERRNVEHFDXVHWKURXJKWKHNQRZOHGJH
WKDW WKH\ VSHQW WKHLU OLYHV VSUHDGLQJ WKH\ ZHUH VHHNLQJ WR HDUQ WKH SOHDVXUH RI $OOK ,  DQG WKH\
ÎÏÔ 
7KH0XVOLPDQG+LV5HODWLYHV
SUHVHQWHGWKHUHVXOWVRIWKHLUVWXG\SXUHO\IRU+LVVDNH

7KH0XVOLPH[SRVHVKLPVHOIWRLQIRUPDWLRQDERXWRWKHUILHOGV
7KHVPDUW0XVOLPGRHVQRWUHVWULFWKLPVHOIWRKLVRZQILHOGEXWLVRSHQWROHDUQLQJDERXWRWKHUDUHDV
WRR 6R KH UHDGV ERRNV DQG DFDGHPLF OLWHUDU\ DQG FXOWXUDO MRXUQDOV DERXW YDULRXV XVHIXO EUDQFKHV RI
NQRZOHGJH HVSHFLDOO\ WKRVH WKDW DUH UHODWHG WR KLV RZQ ILHOG ,Q WKLV ZD\ KH JDLQV D OLWWOH NQRZOHGJH
DERXWPDQ\WKLQJVZKLFKHQULFKHVKLVPLQGDQGEURDGHQVKLVKRUL]RQV

7KH0XVOLPLVSURILFLHQWLQDIRUHLJQODQJXDJH
+H GRHV QRW IRUJHW WR SD\ DWWHQWLRQ WR IRUHLJQ ODQJXDJHV EHFDXVH WKHVH GD\V OHDUQLQJ D IRUHLJQ
ODQJXDJHLVRQHRIWKHPRVWLPSRUWDQWWDVNVUHTXLUHGRIWKHDFWLYH0XVOLPZKRXQGHUVWDQGVWKHGHPDQGV
RIFRQWHPSRUDU\,VOPLFOLIH
+LVUHOLJLRQJLYHVWKHDWWHQWLYH0XVOLPDJUHDWLQFHQWLYHWROHDUQIRUHLJQODQJXDJHV)LIWHHQFHQWXULHV
DJR WKH 3URSKHW U  HQFRXUDJHG WKHVWXG\RIIRUHLJQODQJXDJHVVRWKDWWKH0XVOLPVZRXOGDOZD\VEH
DEOHWRFRPPXQLFDWH ZLWKYDULRXVQDWLRQVDQGUDFHVDQGFRQYH\WRWKHPWKHPHVVDJHRIWUXWKWKDW$OOK
,  KDV HQWUXVWHG WR WKHP WR SURFODLP WKURXJKRXW WKH ZRUOG :H VHH HYLGHQFH RI WKLV LQ WKH ­DG¯WK
QDUUDWHGE\=D\GLEQ7KELW W LQZKLFKKHVD\VWKDWWKH3URSKHW U WROGKLP
´¶2=D\GOHDUQWKHZULWLQJRIWKH-HZVIRUE\$OOK , ,GRQRWWUXVWWKH-HZVWRZULWHDQ\WKLQJGRZQIRU
PH· =D\G VDLG6R,OHDUQWLWDQGLWRQO\WRRNPHDPRQWKWREHFRPHSURILFLHQWLQLW7KHQ,XVHGWRWDNH
GRZQZKDWHYHUOHWWHUVWKH3URSKHW U ZDQWHGWRVHQGWRWKHPDQG,ZRXOGUHDGIRUKLPWKHOHWWHUVWKDW
WKH\VHQWKLPµ

,QDQRWKHUUHSRUWKHVDLG´7KH0HVVHQJHURI$OOK U DVNHGPH¶'R\RXNQRZ6\ULDF",KDYHUHFHLYHG
DOHWWHULQWKLVODQJXDJH·,VDLG¶1R·+HVDLG¶7KHQOHDUQ LW·6R,OHDUQWLWµ


6LPLODUO\ ,EQ DO=XED\U W  ZDV SURILFLHQW LQ D QXPEHU RI ODQJXDJHV EXW OHDUQLQJ WKHP GLG QRW
GLVWUDFW KLP IURP KLV UHOLJLRQ RU SUHSDULQJ IRU WKH +HUHDIWHU +H KDG D KXQGUHG PDOH  VODYHV HDFK RI
ZKRPVSRNHDGLIIHUHQWODQJXDJH DQGKHXVHGWRVSHDNWRHDFKVODYHLQKLVRZQODQJXDJH,I\RXZHUHWR
VHHWKLVPDQZKHQKHZDVGHDOLQJZLWKZRUOGO\DIIDLUV\RXZRXOGWKLQNWKDWKHZDVDPDQZKRGLGQRW
JLYH D VHFRQG¶V WKRXJKW WR WKH +HUHDIWHUDQGLI\RXVDZKLPGHDOLQJZLWKUHOLJLRXV PDWWHUV\RXZRXOG
WKLQNWKDWKHZDVDPDQZKRGLGQRWJLYHDVHFRQG¶VWKRXJKWWRWKLVZRUOG
1RZDGD\V PRUH WKDQ HYHU EHIRUHWKH0XVOLPQHHGVWREHSURILFLHQWLQIRUHLJQODQJXDJHVVRWKDWKH
PD\NQRZZKDWLVJRLQJRQDURXQGKLPERWKSRVLWLYHDQGQHJDWLYHDQGVRWKDWKHPD\XQGHUVWDQGZKDW
KDVEHHQZULWWHQDERXWKLV8PPDKDQGLWVKHULWDJHLQODQJXDJHVRWKHUWKDQKLVRZQDQGWKXVEHDEOHWR
GHIHQGKLV8PPDKIURPHYLODQGVSHDNXSIRULWVZHOOEHLQJ 

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 

5HSRUWHGE\DOpNLPLQDO0XVWDGUDN DQG,EQ1Dµ¯PLQDOpLO\DK
7KH,GHDO0XVOLP  

7KH0XVOLP¶V6RXO
:KLOHKHLVWDNLQJFDUHRIKLVSK\VLFDODQGPHQWDOQHHGVWKHWUXH0XVOLPGRHVQRWIRUJHWWKDWKHLVQRW
FRPSULVHG RQO\ RI D ERG\ DQG PLQG EXW KH DOVR KDV D SDVVLRQDWH \HDUQLQJ VRXO ZKRVH KLJKHU ORQJLQJV
PRWLYDWH KLP WR OLIW KLPVHOI XS E\ GHYRWLQJ KLPVHOI WR ZRUVKLSVHHNLQJWKHEOHVVLQJVRI$OOK , DQG
IHDULQJ+LVSXQLVKPHQW

ÎÏÖ 
7KH0XVOLPDQG+LV5HODWLYHV
7KH0XVOLPSROLVKHVKLVVRXOWKURXJKZRUVKLS
7KH 0XVOLP LV REOLJHG WR WDNH FDUH RI KLV VRXO VR KH VWDUWV WR SROLVK LW DQG UHILQH LW WKURXJK FRQVWDQW
ZRUVKLSDQGDZDUHQHVVRI$OOK , QLJKWDQGGD\+HLVDOHUWWRWKHGHYLRXVWULFNVDQGGHFHSWLYHZKLVSHUV
RIWKH6KD\ӍQ DQGLILQVRPHPRPHQWRIKXPDQZHDNQHVVHYLOWKRXJKWVFRPHWRKLPIURPWKDWVRXUFHKH
UHPHPEHUV$OOK , DQGILQGVKLVZD\EDFNWRWKH6WUDLJKW3DWK
> 7KRVH ZKR IHDU $OOK ZKHQ D WKRXJKW RI HYLO IURP 6DWDQ DVVDXOWV WKHP EULQJ $OOK WR
UHPHPEUDQFHZKHQOR7KH\VHHDULJKW@ 4XU¶Q
7KHUHIRUH WKH 3URSKHW U  XVHG WR WHOO KLV &RPSDQLRQV ³5HQHZ \RXU IDLWK´ +H ZDV DVNHG ³2
0HVVHQJHURI$OOKKRZGRZHUHQHZRXUIDLWK"´+HVDLG³%\IUHTXHQWO\UHSHDWLQJO LOKDLOO $OOK´


7KH0XVOLPVHHNVWRVWUHQJWKHQKLVVRXOWKURXJKYDULRXVNLQGVRIZRUVKLSZKLFKKHSHUIRUPVRXWRI
REHGLHQFH WR DQG IHDU RI $OOK ,  VXFK DV UHDGLQJ 4XU¶Q FDUHIXOO\ DQG ZLWK XQGHUVWDQGLQJ DQG
UHPHPEHULQJ$OOK , ZLWKKXPLOLW\DQGSUD\LQJFRUUHFWO\DQGZLWKSUHVHQFHRIPLQGDQGRWKHUNLQGV
RI ZRUVKLS DQG VSLULWXDO H[HUFLVHV WUDLQLQJ KLPVHOI WR DGKHUH WR GLIIHUHQW DFWV RI ZRUVKLS XQWLO WKH\
EHFRPHVHFRQGQDWXUHDQGKHFDQQRWGRZLWKRXWWKHP7KXVKHGHYHORSVDQGHQKDQFHVKLVIHHOLQJVXQWLO
LQ PRVW FDVHV KH EHFRPHV DOHUW DQG DZDUH FRQVFLRXV WKDW $OOK ,  LV ZDWFKLQJ KLP LQ SXEOLF DQG LQ
SULYDWHVRWKDWKHQHYHUPLVWUHDWVWKHSHRSOHKHGHDOVZLWKDQGQHYHUGHYLDWHVIURPWKHWUXHSDWK 

5HSRUWHGE\$­PDGZLWKDMD\\LGLVQ G
7KH,GHDO0XVOLP 
+HNHHSVFRPSDQ\ZLWKULJKWHRXVSHRSOHDQGMRLQVUHOLJLRXVJDWKHULQJV
7KH 0XVOLP VHHNV WR DWWDLQ WKLV KLJK VWDWXV E\ NHHSLQJ FRPSDQ\ ZLWK ULJKWHRXVSHRSOHZKRZLOOWHDFK
RQH DQRWKHU DQG KLP DERXW 7UXWK ­DTT  DQG SDWLHQFH DQG FRQVWDQF\ VDEU  DQG E\ IUHTXHQWO\ DWWHQGLQJ
UHOLJLRXV JDWKHULQJV ZKHUH $OOK¶V QDPH LV PHQWLRQHG RIWHQ ZKHUH WKHUH LV GLVFXVVLRQ RI WKHJUHDWQHVVRI
,VOPLF WHDFKLQJ UHJDUGLQJ WKH WDUEL\DK HGXFDWLRQ GHYHORSPHQW  RI WKH LQGLYLGXDO WKH IDPLO\ DQG WKH
FRPPXQLW\ DQG ZKHUH WKRVH SUHVHQW SRQGHU WKH PLJKW RI $OOK ,  WKH 6XEGXHU WKH 2PQLSRWHQW IURP
ZKLFK QRWKLQJ LQ KHDYHQ RU HDUWK FDQGHWUDFWDQGPHGLWDWHRQWKHZRQGHURI+LVFUHDWLRQRIWKHXQLYHUVH
DQGRIPDQ,QVXFKJDWKHULQJVVRXOVDUHSXULILHGKHDUWVDUHFOHDQVHGDQGDSHUVRQ¶VZKROHEHLQJLVILOOHG
ZLWKIDLWK
6Rµ$EGXOODKLEQ5DZ­DK W ZKHQHYHUKHPHWRQHRIWKH&RPSDQLRQVRIWKH3URSKHW U XVHGWR
VD\³&RPHOHWXVEHOLHYHLQRXU5DEE IRUDZKLOH´:KHQWKH3URSKHW U KHDUGDERXWLWKHVDLG³0D\
$OOKKDYHPHUF\RQ,EQ5DZ­DKIRUKHORYHVWKHJDWKHULQJVWKDWWKHDQJHOVIHHOSURXGWRDWWHQG´


7KHULJKWO\JXLGHGNKDO¯IDK µ8PDUDO)UÔT W XVHGWRPDNHWKHHIIRUWWRWDNHDUHJXODUEUHDNIURP
KLVPDQ\GXWLHVDQGWKHEXUGHQRIKLVSRVLWLRQDVUXOHU+HZRXOGWDNHWKHKDQGRIRQHRUWZRPHQDQG
VD\³&RPHRQOHWXVJRDQGLQFUHDVHRXUIDLWK´WKHQWKH\ZRXOGUHPHPEHU$OOK , 
(YHQµ8PDU W ZKRZDVVRULJKWHRXVDQGSHUIRUPHGVRPDQ\DFWVRIZRUVKLSIHOWWKHQHHGWRSXULI\
KLV VRXO IURP WLPH WR WLPH +HZRXOGUHPRYHKLPVHOI IRUDZKLOHIURPWKHFDUHVDQGZRUULHVRIOLIHWR
UHIUHVK KLV VRXO DQG FOHDQVH KLV KHDUW /LNHZLVH 0XµGK LEQ -DEDO W  ZRXOG RIWHQ VD\ WR KLV
FRPSDQLRQVZKHQWKH\ZHUHZDONLQJ³/HWXVVLWGRZQDQGEHOLHYHIRUDZKLOH´


7KH 0XVOLP LV UHVSRQVLEOH IRU VWUHQJWKHQLQJ KLV VRXO DQG SXULI\LQJ KLV KHDUW +H PXVW DOZD\V SXVK
KLPVHOIWRDWWDLQDKLJKHUOHYHODQGJXDUGDJDLQVWVOLSSLQJGRZQ
>%\WKH6RXODQGWKHSURSRUWLRQDQGRUGHUJLYHQWRLWDQGLWVHQOLJKWHQPHQWDVWRLWVZURQJDQGLWV
ULJKW³ WUXO\KHVXFFHHGVWKDWSXULILHVLWDQGKHIDLOVWKDWFRUUXSWVLW@ 4XU¶Q
6R WKH 0XVOLP LV UHTXLUHG WR FKRRVH KLV IULHQGV FDUHIXOO\ DQG WR MRLQ RQO\ WKRVH JDWKHULQJV WKDW ZLOO
LQFUHDVHKLVIDLWKWDTZ DQGLQVLJKW+HVKRXOGDYRLGWKHEDGFRPSDQ\RIWKHGHYLOVDPRQJPDQNLQGDQG
NHHSDZD\IURPJDWKHULQJVRIVLQDQGGLVREHGLHQFHZKLFKZLOORQO\FRUUXSWKLVVRXO
>$QGNHHS\RXUVRXOFRQWHQWZLWKWKRVHZKRFDOORQWKHLU5DEE PRUQLQJDQGHYHQLQJVHHNLQJ+LV
)DFHDQGOHWQRW\RXUH\HVSDVVEH\RQGWKHPVHHNLQJ WKHSRPSDQGJOLWWHURIWKLV/LIHQRUREH\
DQ\ ZKRVH KHDUW :H KDYH SHUPLWWHG WR QHJOHFW WKH UHPHPEUDQFH RI 8VRQHZKRIROORZVKLVRZQ
GHVLUHVZKRVHFDVHKDVJRQHEH\RQGDOOERXQGV@ 4XU¶Q 

+HIUHTXHQWO\UHSHDWV GXµ¶V DQGVXSSOLFDWLRQVGHVFULEHGLQ­
­DG¯¯WKV
$QRWKHU ZD\ LQ ZKLFK WKH 0XVOLP PD\ VWUHQJWKHQ KLV VRXO DQG FRQQHFW KLV KHDUW WR $OOK ,  LV E\
UHSHDWLQJWKHVXSSOLFDWLRQVZKLFKLWLVUHSRUWHGWKDWWKH3URSKHW U XVHGWRVD\RQYDULRXVRFFDVLRQV 

5HSRUWHGE\$­PDGZLWKD­DVDQLVQG 

pD\WDO6D­EDK 

,ELG
ÎÐÎ 
7KH0XVOLPDQG+LV5HODWLYHV
6RWKHUHLVDGXµ¶ZKLFKKHZRXOGVD\ZKHQKHOHIWKLVKRXVHDQGRWKHUVIRUHQWHULQJWKHKRPH
VD\LQJ IDUHZHOO WR D WUDYHOOHU ZHOFRPLQJ D WUDYHOOHU KRPH ZHDULQJ QHZ FORWKHV O\LQJ GRZQ LQ EHG
ZDNLQJXSIURPVOHHSHWF7KHUHLVKDUGO\DQ\WKLQJWKDWWKH3URSKHW U GLGWKDWKHGLGQRWKDYHD GXµ¶
IRUWKURXJKZKLFKKHDVNHG$OOK , WRJXLGHKLPSURWHFWKLPIURPHUURUWRWDNHFDUHRIKLPDQGWR
GHFUHHJRRGIRUKLPDVLVH[SODLQHGLQWKHERRNVRIÑD­¯­ ­DG¯WKVQDUUDWHGIURPWKH3URSKHW U 6HH
IRU H[DPSOH DO$GKNU E\ DO1DZDZ¯ DQG DO0D¶WKÔUW E\ pDVDQ DO%DQQ¶ +H XVHG WR WHDFK WKHVH


GXµ¶VDQGDGKNU WRKLV&RPSDQLRQVDQGHQFRXUDJHGWKHPWRUHSHDWWKHPDWWKHDSSURSULDWHWLPHV
7KHVPDUW0XVOLPLVNHHQWROHDUQWKHVHGXµ¶VDQGDGKNUIROORZLQJWKHH[DPSOHRIWKH3URSKHW U 
DQGKLVGLVWLQJXLVKHG&RPSDQLRQVDQGKHNHHSVUHSHDWLQJWKHPDWWKHDSSURSULDWHWLPHVDVPXFKDVKHLV
DEOH ,Q WKLV ZD\ KLV KHDUW ZLOO UHPDLQ LQ FRQWDFW ZLWK $OOK ,  DQG KLV VRXO ZLOO EH FOHDQVHG DQG
SXULILHG7KURXJKWKHVHVSLULWXDOH[HUFLVHVWKH3URSKHW U WUDLQHGWKHVRXOVRIWKHILUVWJHQHUDWLRQRIWKH
6D­EDK VR WKDW WKH\ EHFDPH SXUH DQG XQVXOOLHG ,VOP ZURXJKW D JUHDW PLUDFOH LQ IRUPLQJ D UHILQHG
VXSHULRU JHQHUDWLRQ WKDW ZDV XQLTXH LQ WKH KLVWRU\ RI PDQNLQG RQH ZKLFK PDGH VXFK ZRQGURXV
DFKLHYHPHQWVLQDIHZVKRUW\HDUV
7KHWUXH0XVOLPWRGD\PRUHWKDQHYHUQHHGVWRWUDLQKLVVRXOWRVRDUWRWKDWKLJKOHYHODQGWROLYHXS
WRWKHKHDY\UHVSRQVLELOLWLHVRIKLVGDµZDK 

(QJOLVKVSHDNLQJ0XVOLPVZKRZLVKWROHDUQGXµV PD\FRQVXOW6HOHFWHG3UD\HUVE\-DPDO%DGDZ¯ZKLFKLVEDVHGODUJHO\RQpDVDQDO
%DQQD¶VDO0D¶WKÔUWDQGLQFOXGHVWUDQVOLWHUDWLRQVDQGWUDQVODWLRQVRIPDQ\GXµV>7UDQVODWRU@
7KH,GHDO0XVOLP 
&KDSWHU

7KH0XVOLPDQG+LV3DUHQWV

7UHDWLQJWKHPZLWKNLQGQHVVDQGUHVSHFW ELUU
2QHRIWKHPDLQGLVWLQJXLVKLQJFKDUDFWHULVWLFVRIWKHWUXH0XVOLPLVKLVUHVSHFWIXODQGNLQGWUHDWPHQW
RIKLVSDUHQWVEHFDXVHWRWUHDWSDUHQWVZLWKNLQGQHVVDQGUHVSHFWLVRQHRIWKHJUHDWHVWFRPPDQGPHQWVRI
,VOP DV LV FOHDUO\ FRQILUPHG LQ WKH 4XU¶Q DQG 6XQQDK 7KH 0XVOLP ZKR LV WUXO\ IROORZLQJ WKLV
FRPPDQGPHQWZKLFKLVDFRQVWDQWWKHPHLQWKH%RRNRI$OOK , DQGWKH6XQQDKRI+LV3URSKHWPXVW
EHFKDUDFWHUL]HGE\KLVNLQGDQGUHVSHFWIXODWWLWXGHWRZDUGVKLVSDUHQWV

+HUHFRJQL]HVWKHLUVWDWXVDQGNQRZVKLVGXWLHVWRZDUGVWKHP
,VOPKDVUDLVHGWKHVWDWXVRIWKHSDUHQWVWRDOHYHOWKDWLVXQNQRZQLQDQ\RWKHUUHOLJLRQLQWKDWLWKDV
SODFHGNLQGQHVVDQGUHVSHFWWRZDUGVWKHPRQDOHYHOWKDWLVMXVWRQHGHJUHHEHORZEHOLHILQ $OOK , DQG
WUXHZRUVKLSRI+LP
$OOK , UHYHDOHGPDQ\b\W ZKLFKUHLQIRUFHWKHPHVVDJHWKDWSOHDVLQJRQH¶VSDUHQWVFRPHVVHFRQG
RQO\WRSOHDVLQJ+LPDQGUHVSHFWLQJWKHPLVFRXQWHGDVDKXPDQYLUWXHWKDWLVMXVWRQHVWHSEHORZEHOLHI
LQ+LP , 
>ZRUVKLS$OOKDQGMRLQQRWDQ\SDUWQHUVZLWK+LPDQGGRJRRGz WRSDUHQWV@ 4XU¶Q 
6R WKH WUXH 0XVOLP LV NLQGHU DQG PRUH UHVSHFWIXO WRZDUGV KLV SDUHQWV WKDQ DQ\ RWKHU SHUVRQ LQ WKH
ZRUOG
7KH4XU¶QSDLQWVDYLYLGSLFWXUHRIWKHKLJKVWDWXVRI SDUHQWVDQGH[SODLQVWKHH[FHOOHQWZD\LQZKLFK
WKH0XVOLPVKRXOGWUHDWWKHPLIRQHRUERWKRIWKHPVKRXOGOLYHWRROGDJHDQGUHDFKWKHVWDJHRIVHQLOLW\
DQGLQFDSDELOLW\WRDGHJUHHWKDWZDVXQNQRZQEHIRUHWKHOLJKWRIWKLVUHOLJLRQGDZQHGXSRQWKHIDFHRI
WKHHDUWK
><RXU5DEE KDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LPDQGWKDW\RXEHNLQGWRSDUHQWV:KHWKHU
RQHRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIHVD\QRWWRWKHPDZRUGRIFRQWHPSWQRUUHSHOWKHP
EXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGRXWRINLQGQHVVORZHUWRWKHPWKHZLQJRIKXPLOLW\DQG
VD\¶0\5DEE %HVWRZRQWKHP<RXU0HUF\HYHQDVWKH\FKHULVKHGPHLQFKLOGKRRG·@ 4XU¶Q 

7KLV LV D GLYLQH FRPPDQGPHQW WR WKH 0XVOLP ZKLFK LV SUHVHQWHG LQ WKH IRUP RI DQ XOWLPDWH DQG
LQHVFDSDEOHGHFUHH><RXU5DEE KDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LPDQGWKDW\RXEHNLQGWR
SDUHQWV@ 7KHVH ZRUGV UHSUHVHQW WKH VWURQJ FRQQHFWLRQ EHWZHHQ ZRUVKLSSLQJ $OOK ,  DQG WUHDWLQJ

ÎÐÐ 
7KH0XVOLPDQG+LV5HODWLYHV
SDUHQWVZLWKNLQGQHVVDQGUHVSHFWWKXVUDLVLQJWKHVWDWXVRISDUHQWVWRDOHYHOWKDWZLVHPHQUHIRUPHUV
DQGSKLORVRSKHUVKDYHQHYHUPDQDJHGWRDVFULEHWRWKHP
7KLVb\DK GRHVQRWVWRSDWGUDZLQJWKLVYLYLGSLFWXUHRIUHVSHFWWRZDUGVRQH¶VSDUHQWVEXWLWJRHVRQWR
PRELOL]H WKH IRUFHV RI PHUF\ FRPSDVVLRQ DQG NLQGQHVV LQ WKH KHDUWV RIFKLOGUHQLQDJHQWOHZD\WKDWLV
ILOOHGZLWKKXPDQLW\ >:KHWKHURQHRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIH@ :KHQWKH\UHDFKWKH
DJHRIVHQLOLW\DQGLQILUPLW\WKH\DUHXQGHU\RXUFDUHDQG\RXPXVWEHFDUHIXOWRDYRLGXWWHULQJDQ\ZRUG
RIFRPSODLQWRUDQJHUWRZDUGVWKHP >6D\QRWWRWKHPDZRUGRIFRQWHPSWQRUUHSHOWKHP@ <RXPXVW
WDNHWKHWLPHWRFKRRVHWKHULJKWZRUGVWRVD\WRWKHPZRUGVWKDWZLOOPDNHWKHPIHHOORYHGDQGZDQWHG
>EXWDGGUHVVWKHPLQWHUPVRIKRQRXU@ <RXUDWWLWXGHWRZDUGVWKHPVKRXOGEHRQHRIUHVSHFWKXPLOLW\
DQGREHGLHQFH >$QGRXWRINLQGQHVVORZHUWRWKHPWKHZLQJRIKXPLOLW\@ $QGSUD\IRUWKHPIRUWKH
XQIRUJHWWDEOHIDYRXUVWKH\KDYHGRQHIRU\RXDVWKH\WRRNFDUHRI\RXZKHQ\RXZHUHVPDOODQGZHDN
>$QGVD\¶0\5DEE %HVWRZRQWKHP<RXU0HUF\HYHQDVWKH\FKHULVKHGPHLQFKLOGKRRG@
7KH RSHQ KHDUWHG 0XVOLP ILQGV IUHTXHQW UHIHUHQFHV LQ WKH 4XU¶Q ZKLFK LQFUHDVH KLV UHVSHFW IRU KLV
SDUHQWVDQGHQFRXUDJHKLPWRWUHDWWKHPNLQGO\
>ZRUVKLS$OOKDQGMRLQQRWDQ\SDUWQHUVZLWK+LPDQGGRJRRGz WRSDUHQWV@ 4XU¶Q
> :HKDYHHQMRLQHGRQPDQNLQGQHVVWRSDUHQWV@ 4XU¶Q
>$QG:HKDYHHQMRLQHGRQPDQ>WREHJRRG@WRKLVSDUHQWVLQWUDYDLOXSRQWUDYDLOGLGKLVPRWKHU
EHDUKLP@ 4XU¶Q
$Q\RQH ZKR ORRNV LQWR WKH ,VOPLF VRXUFHV UHJDUGLQJ WKH NLQG WUHDWPHQW RI SDUHQWV ZLOO DOVR ILQG
SOHQW\RI­DG¯WKVWKDWUHLQIRUFHWKHPHVVDJHRIWKHb\W TXRWHGDERYHDQGUHLWHUDWHWKHYLUWXHRINLQGQHVV
DQGUHVSHFWWRZDUGVRQH¶VSDUHQWVDVZHOODVZDUQLQJDJDLQVWGLVREHGLHQFHRUPLVWUHDWPHQWRIWKHPIRU
DQ\UHDVRQZKDWVRHYHU
µ$EGXOODKLEQ0DVµÔG W VDLG
´, DVNHG WKH 3URSKHW U  ¶:KLFK GHHG LV PRVW OLNHG E\ $OOK , "· +H VDLG ¶3UD\HU RIIHUHG RQ WLPH· ,
DVNHGKLP¶7KHQZKDW"·+HVDLG¶.LQGQHVVDQGUHVSHFWWRZDUGVSDUHQWV·,DVNHGKLP¶7KHQZKDW"·+H
VDLG¶-LKGIRUWKHVDNHRI$OOK , ·µ %XNKU¯ DQG0XVOLP 
7KH 3URSKHW U  ZKR ZDV D JUHDW HGXFDWRU SODFHG NLQGQHVV DQG UHVSHFW WRZDUGV SDUHQWV EHWZHHQ
WZRRIWKHJUHDWHVWGHHGV LQ,VOPSUD\HURIIHUHGRQWLPHDQGMLKGIRUWKHVDNHRI$OOK , 3UD\HULV
WKH SLOODU RU IRXQGDWLRQ RI WKH IDLWK DQG MLKG LV WKH SLQQDFOH RI ,VOP :KDW D KLJK VWDWXV WKH 3URSKHW
U KDVJLYHQWRSDUHQWV
$PDQFDPHWRWKH3URSKHW U WR³PDNHED\µDK´DQGWRSOHGJHWRXQGHUWDNHKLMUDKDQGMLKGLQWKH
KRSHRIUHFHLYLQJUHZDUGIURP$OOK , 7KH3URSKHW U GLGQRWUXVKWRDFFHSWKLVED\µDKEXWDVNHG
KLP
´$UHHLWKHURI\RXUSDUHQWVDOLYH"µ7KHPDQVDLG´<HVERWKRIWKHPµ7KH3URSKHW U DVNHG´$QGGR
\RX ZLVK WR UHFHLYH UHZDUG IURP $OOK , "µ 7KH PDQ UHSOLHG ¶<HVµ 6R WKH NLQGKHDUWHG DQG
FRPSDVVLRQDWH 3URSKHW U  WROG KLP ´*R EDFN WR \RXU SDUHQWV DQG NHHS WKHP FRPSDQ\ LQ WKHEHVW
SRVVLEOHZD\µ %XNKU¯ DQG0XVOLP
7KH,GHDO0XVOLP 
$FFRUGLQJ WR D UHSRUW QDUUDWHG E\ ERWK %XNKU¯ DQG 0XVOLP D PDQ FDPH DQG DVNHG WKH 3URSKHW
U IRUSHUPLVVLRQWRSDUWLFLSDWHLQMLKG+HDVNHGKLP´$UH\RXUSDUHQWVDOLYH"µ+HVDLG´<HVµVRWKH
3URSKHW U WROGKLP´6RSHUIRUPMLKGE\WDNLQJFDUHRIWKHPµ
,QWKHPLGVWRISUHSDULQJKLVDUP\IRUMLKGWKH3URSKHW U GLGQRWIRUJHWWKHZHDNQHVVRISDUHQWV
DQGWKHLUFODLPVRQWKHLUFKLOGUHQVRKHJHQWO\GLVFRXUDJHGWKLVYROXQWHHUDQGUHPLQGHGKLPWRWDNHFDUH
RI KLV SDUHQWV GHVSLWH WKH IDFW WKDW DW WKDW WLPH KH QHHGHG DOO WKH PDQSRZHU KH FRXOG JHW IRU WKH
IRUWKFRPLQJMLKG7KLVLVEHFDXVHKHXQGHUVWRRGWKHLPSRUWDQFHRIUHVSHFWDQGNLQGWUHDWPHQWRISDUHQWV
DQGNQHZLWVSRVLWLRQLQWKHRYHUDOO,VOPLFIUDPHZRUNWKDW$OOK , KDVGHVLJQHGIRUWKHZHOOEHLQJDQG
KDSSLQHVVRI PDQNLQG
:KHQWKHPRWKHURI6DµGLEQ$E¯ :DTTÑ REMHFWHGWRKHUVRQ¶VHPEUDFLQJ,VOPVKHWROGKLP³*LYH
XS,VOPRUHOVH,ZLOOJRRQKXQJHUVWULNHXQWLO,GLH7KHQ\RXZLOOIHHOVKDPHEHIRUHWKH$UDEVDVWKH\
ZLOOVD\µ+HNLOOHGKLVPRWKHU¶´6DµG WROGKHU³<RXVKRXOGNQRZWKDWE\$OOK , HYHQLI\RXKDGD
KXQGUHG VRXOV DQG WKH\ OHIW \RXU ERG\ RQH E\ RQH , ZRXOG QHYHU JLYH XS ,VOP´ 7KHQ $OOK , 
UHYHDOHG DQ b\DK ZKLFK WKH 3URSKHW U  UHFLWHG WR WKH 0XVOLPV LQ ZKLFK 6DµG ZDV UHEXNHG IRU WKH
KDUVKQHVVRIKLVUHSO\WRKLVPRWKHU
>%XWLIWKH\VWULYHWRPDNH\RXMRLQLQZRUVKLSZLWK0HWKLQJVRIZKLFK\RXKDYHQRNQRZOHGJHREH\
WKHPQRW\HWEHDUWKHPFRPSDQ\LQWKLVOLIHZLWKMXVWLFH>DQGFRQVLGHUDWLRQ@@ 4XU¶Q
7KHVWRU\RIWKHGHYRWHGZRUVKLSSHU-XUD\MZKLFKZDVWROGE\WKH3URSKHW U LVDYLYLGLOOXVWUDWLRQ
RIWKHLPSRUWDQFHRIUHVSHFWLQJRQH¶VSDUHQWVDQGEHLQJTXLFNWRREH\WKHP2QHGD\KLVPRWKHUFDOOHG
KLPZKLOVWKHZDVSUD\LQJDQGKHZRQGHUHG³0\5DEEP\PRWKHURU P\SUD\HU"´+HFKRVHWRFRQWLQXH
KLVSUD\HU UDWKHUWKDQDQVZHUKLVPRWKHU 6KHFDOOHGKLPDVHFRQGWLPHEXWKHFRQWLQXHGSUD\LQJDQG
GLGQRWDQVZHUKHU7KHQVKHFDOOHGKLPDWKLUGWLPHDQGZKHQKHGLGQRWUHVSRQGVKHSUD\HGWR$OOK
, QRWWROHWKLPGLHXQWLOKHKDGVHHQWKHIDFHRIDSURVWLWXWH
7KHUH ZDV D SURVWLWXWH LQ WKDW ORFDOLW\ ZKR KDGFRPPLWWHGDGXOWHU\ZLWKDVKHSKHUGDQGKDGEHFRPH
SUHJQDQW:KHQVKHUHDOL]HGWKDWVKHZDVZLWKFKLOGWKHVKHSKHUGWROGKHU³,I\RXDUHDVNHGDERXWWKH
IDWKHURIWKHEDE\VD\WKDWLWLV-XUD\MWKHGHYRWHGZRUVKLSSHU´7KLVLVZKDWVKHVDLGVRWKHSHRSOHZHQW
DQGGHVWUR\HGWKHSODFHZKHUHKHXVHGWRSUD\7KHUXOHUEURXJKWKLPWRWKHSXEOLFVTXDUHDQGRQWKHZD\
-XUD\MUHPHPEHUHGKLVPRWKHU¶VSUD\HUDQGVPLOHG:KHQKHZDVEURXJKWIRUWKWREHSXQLVKHGKHDVNHG
IRUSHUPLVVLRQWRSUD\WZR UDNµDKVWKHQKHDVNHGIRUWKHLQIDQWWREHEURXJKWIRUWKDQGZKLVSHUHGLQKLV
HDU³:KRLV\RXUIDWKHU"´7KHLQIDQWVDLG³0\IDWKHULVVRDQGVRWKHVKHSKHUG´ 7KHSHRSOHH[FODLPHG


³/ LOKD LOO $OOK´ DQG ³$OOKX DNEDU´ 7KH\ WROG -XUD\M ³:H ZLOO UHEXLOG \RXU SUD\HUSODFH ZLWK
VLOYHUDQGJROG´+HVDLG³1RMXVWUHEXLOGLWDVLWZDVZLWKEULFNVDQGPRUWDU´
&RQFHUQLQJ WKLV VWRU\ ZKLFK LV UHSRUWHG E\ %XNKU¯ WKH 3URSKHW U  VDLG ´,I -XUD\M KDG KDG VRXQG
NQRZOHGJH KH ZRXOG KDYH NQRZQ WKDW DQVZHULQJ KLV PRWKHU ZDV PRUH LPSRUWDQW WKDQ FRQWLQXLQJ KLV
SUD\HUµ +HQFHWKHIXTDK¶ VXJJHVWHGWKDWLIDPDQLVSUD\LQJDQILO SUD\HUDQGRQHRIKLVSDUHQWVFDOOVKLP
KHLV REOLJHGWRVWRSKLVSUD\HUDQGDQVZHUWKHP

7KLVFKLOGLVRQHRIWKHWKUHHZKRVSRNHLQWKHFUDGOH7KHRWKHUWZRDUHµxV LEQ0DU\DP -HVXVWKHVRQRI0DU\ DQGWKHFKLOGZKRZDV 

ZLWKKLVPRWKHUDPRQJWKHSHRSOHRIDO8NKGÔG WKHGLWFK >$XWKRU@
ÎÐÒ 
7KH0XVOLPDQG+LV5HODWLYHV

+HLVNLQGDQGUHVSHFWIXOWRZDUGVWKHPHYHQLIWKH\DUHQRW0XVOLP
7KH 3URSKHW U  UDLVHG KLV WHDFKLQJV WR D QHZ SHDN ZKHQ KH DGYLVHG KLV IROORZHUV WR WUHDW WKHLU
SDUHQWVZLWKNLQGQHVVDQGUHVSHFWHYHQLIWKH\IROORZHGDUHOLJLRQRWKHUWKDQ,VOP7KLVLVFOHDUIURPWKH
­DG¯WKRI$VP¶ELQW$EÔ %DNUDO6LGG¯T W ZKRVDLG´0\PRWKHUFDPHWRPHDQGVKHZDVDPXVKULN
DW WKH WLPH RI WKH 3URSKHW U  , DVNHG WKH 3URSKHW U  ¶0\ PRWKHUKDVFRPHWRPHDQGQHHGVP\
KHOS VR VKRXOG , KHOS KHU"· +H VDLG ¶<HV NHHS LQ WRXFK ZLWK \RXU PRWKHU DQG KHOSKHU·µ %XNKU¯ DQG
0XVOLP
7KH WUXH 0XVOLP ZKR XQGHUVWDQGV WKH PHDQLQJ RI WKLV 4XU¶QLF JXLGDQFH DQG WKH WHDFKLQJV RI WKH
3URSKHW U FDQQRWEXWEHWKHEHVWDQGNLQGHVWRIDOOSHRSOHWRZDUGVKLVSDUHQWVDWDOOWLPHV7KLVLVWKH
SUDFWLFH RI WKH 6D­EDK DQG WKRVH ZKR IROORZHG WKHP VLQFHUHO\ $ PDQ DVNHG 6Dµ¯G LEQ DO0XVD\\DE
W ³,XQGHUVWRRGDOORIWKHb\DK DERXWNLQGQHVVDQGUHVSHFWWRZDUGVSDUHQWVDSDUWIURPWKHSKUDVH¶EXW
DGGUHVV WKHP LQ WHUPV RI KRQRXU· +RZ FDQ , DGGUHVV WKHP LQ WHUPV RI KRQRXU"´ 6Dµ¯G UHSOLHG ³,W
PHDQVWKDW\RXVKRXOGDGGUHVVWKHPDVDVHUYDQWDGGUHVVHVKLVPDVWHU´,EQ6¯U¯Q W XVHGWRVSHDNWRKLV
PRWKHULQDVRIWYRLFHOLNHWKDWRIDVLFNSHUVRQRXWRIUHVSHFWIRUKHU

+HLVH[WUHPHO\UHOXFWDQWWRGLVREH\WKHP
,I ZH WXUQ IURP WKH FRPPDQGPHQWV WR WUHDW SDUHQWV ZLWK NLQGQHVV DQG UHVSHFW DQG ORRN DW ZKDW
,VOP VD\V WR GLVFRXUDJH GLVREHGLHQFH WRZDUGV RQH¶V SDUHQWV ZH ILQG WHDFKLQJV WKDW DUH DLPHG DW
PDNLQJ WKH GLVREHGLHQW FKLOG UHDOL]H WKH HUURU RI KLV ZD\V 'LVREHGLHQFH WRZDUGV RQH¶V SDUHQWV LV
OLNHQHG WR VKLUN MXVW DV WUHDWLQJ WKHP ZLWK NLQGQHVV DQG UHVSHFW LV FRQQHFWHG WR EHOLHI LQ $OOK , 
'LVREHGLHQFHWRZDUGVRQH¶VSDUHQWVLVDKHLQRXV FULPHWKDWWKHWUXH0XVOLPIHDUVWRFRPPLWEHFDXVHLW
ZLOOGLPLQLVKKLVUHZDUGDQGLVLQIDFWYLHZHGDVRQHRIWKHZRUVWVLQV
$EÔ %DNUDK1XID\µLEQDOpULWKVDLG
´7KH 0HVVHQJHU RI $OOK U  DVNHG XV WKUHH WLPHV ¶6KDOO , WHOO \RX WKH JUHDWHVW VLQV"· :H VDLG ¶<HV 2
0HVVHQJHU RI $OOK U · +H VDLG ¶$VVRFLDWLQJ SDUWQHUV ZLWK $OOK ,  DQG GLVREH\LQJ RQH·V SDUHQWV·µ
%XNKU¯ DQG0XVOLP

+LVPRWKHUFRPHVILUVWWKHQKLVIDWKHU
,QRUGHUWRDYRLGDQ\LPEDODQFHVXFKDVWKHFKLOGWUHDWLQJRQHSDUHQWZHOODWWKHH[SHQVHRIWKHRWKHU
WKH,VOPLFWHDFKLQJVFRQFHUQLQJRQH¶VUHODWLRQVKLSZLWKRQH¶VSDUHQWVGHDOZLWKWKHPRWKHUDQGWKHIDWKHU
LQGLYLGXDOO\6RDVZHKDYHVHHQZKHQWKHPDQFDPHWRJLYHED\µDK DQGSOHGJHWRWDNHSDUWLQMLKGWKH
3URSKHW U DVNHGKLP³$UHHLWKHURI\RXUSDUHQWVDOLYH"´7KLVLQGLFDWHVWKDWWKH0XVOLPLVREOLJHGWR
WUHDW ERWK SDUHQWV HTXDOO\ ZHOO 6LPLODUO\ $VP¶ ZDV RUGHUHG WR NHHS LQ FRQWDFW ZLWK DQG KHOS KHU
PXVKULN PRWKHU
7KH,GHDO0XVOLP 
$PDQFDPHWRWKH3URSKHW U DQGDVNHGKLP
´20HVVHQJHURI$OOKZKRDPRQJSHRSOHLVPRVWGHVHUYLQJRIP\JRRGFRPSDQ\"µ+HVDLG´<RXU
PRWKHUµ7KHPDQDVNHG´7KHQZKR"µ7KH3URSKHW U VDLG´<RXUPRWKHUµ7KHPDQDVNHG´7KHQ
ZKR"µ 7KH 3URSKHW U  VDLG ´<RXU PRWKHUµ 7KH PDQ DVNHG ´7KHQ ZKR"µ +H VDLG ´7KHQ \RXU
IDWKHUµ %XNKU¯ DQG0XVOLP 
7KLV ­DG¯WK FRQILUPV WKDW WKH 3URSKHW U  JDYH SUHFHGHQFH WR NLQG WUHDWPHQW RI RQH¶V PRWKHU RYHU
NLQGWUHDWPHQWRIRQH¶VIDWKHUDQGWKH6D­EDK XVHGWRUHPLQGWKH0XVOLPVRIWKLVDIWHUWKHGHDWKRIWKH
3URSKHW U ,EQµ$EEV W DJUHDWVFKRODURIWKLV8PPDKFRQVLGHUHGNLQGWUHDWPHQWRIWKHPRWKHUWR
EHWKHEHVWGHHGWREULQJRQHFORVHUWR$OOK , $PDQFDPHWRKLPDQGVDLG³,DVNHGIRUDZRPDQ¶V
KDQG LQ PDUULDJH DQG VKH UHIXVHG PH VRPHRQH HOVH DVNHG IRU KHU KDQG DQG VKH DFFHSWHG DQG PDUULHG
KLP,IHOWMHDORXVDQGNLOOHGKHU:LOOP\UHSHQWDQFHEHDFFHSWHG"´,EQµ$EEVDVNHG³,V\RXUPRWKHU
VWLOODOLYH"´+HVDLG³1R´6RKHWROGKLP³5HSHQWWR$OOK , DQGGR\RXUEHVWWRGUDZFORVHWR+LP´
µ$Ӎ¶LEQ<DVVUZKRQDUUDWHGWKLVUHSRUWIURP,EQµ$EEVVDLG³,ZHQWDQGDVNHG,EQµ$EEVµ:K\GLG
\RXDVNKLPLIKLVPRWKHUZDVVWLOODOLYH"¶+HVDLGµ%HFDXVH,NQRZRIQRRWKHUGHHGWKDWEULQJVSHRSOH
FORVHUWR$OOK , WKDQNLQGWUHDWPHQWDQGUHVSHFWWRZDUGVRQH¶VPRWKHU¶´


,PP %XNKU¯ RSHQV KLV ERRN DO$GDE DO0XIUDG ZLWK D FKDSWHU RQ UHVSHFW DQG NLQGQHVV WRZDUGV
SDUHQWV ELUU DOZOLGD\Q  LQ ZKLFK KH SODFHV WKH VHFWLRQ RQ JRRG WUHDWPHQW RI WKH PRWKHU EHIRUH WKH
VHFWLRQRQJRRGWUHDWPHQWRI WKHIDWKHUFRQVLVWHQWZLWKWKHWHDFKLQJVRIWKH3URSKHW U 
7KH4XU¶QHYRNHVIHHOLQJVRIORYHDQGUHVSHFWLQWKHKHDUWRIWKHFKLOGDQGHQFRXUDJHVKLPWRWUHDW
KLVSDUHQWVZHOO,WUHIHUVWRWKHPRWKHUEHLQJJLYHQSUHFHGHQFHEHFDXVHRISUHJQDQF\DQGEUHDVWIHHGLQJ
DQGWKHSDLQVDQGWULDOVWKDWVKHVXIIHUVGXULQJWKHVHWZRVWDJHVLQDPRVWJHQWOHDQGFRPSDVVLRQDWHZD\
,WUHFRJQL]HVKHUQREOHVDFULILFHDQGJUHDWWHQGHUQHVVDQGFDUH
>$QG:HKDYHHQMRLQHGRQPDQ>WREHJRRG@WRKLVSDUHQWVLQWUDYDLOXSRQWUDYDLOGLGKLVPRWKHU
EHDUKLPDQGLQ\HDUVWZDLQZDVKLVZHDQLQJ>KHDUWKHFRPPDQG@¶6KRZJUDWLWXGHWR0HDQGWR
\RXUSDUHQWVWR0HLV>\RXUILQDO@*RDO·@ 4XU¶Q
:KDWVXSUHPHWHDFKLQJ:KDWKXPDQHFRPSDVVLRQDWHGLUHFWLRQ>6KRZJUDWLWXGHWR0HDQGWR\RXU
SDUHQWV@ 6KRZLQJ JUDWLWXGH WR SDUHQWV IRU ZKDW WKH\ KDYH GRQH IRU WKHLU FKLOG FRPHV VHFRQG RQO\ WR
VKRZLQJ JUDWLWXGH WR $OOK ,  DQG LV RQHRIWKHEHVWULJKWHRXVGHHGV:KDWDKLJKVWDWXVWKLVUHOLJLRQ
JLYHVWRSDUHQWV
7KHQWKHFKLOGPDNHVKLVZD\LQWKHZRUOGDQGEHFRPHVULFKDQGKLVZLIHDQGFKLOGUHQGLVWUDFWKLP
IURP FDULQJ IRU KLV SDUHQWV +H IRUJHWV KRZ PXFK KLV IDWKHU VSHQW RQ KLP VR KH IDLOV WR VSHQG RQ KLV
IDWKHUWKXVHDUQLQJWKHDQJHURI$OOK , %XWWKHWUXH0XVOLPLV VDIHIURPWKLVEHFDXVHKHLVFRQVWDQWO\
DZDUH RI WKH ZLVH WHDFKLQJV RI ,VOP DQG UHVSRQGV WR WKH ZRUGV RI WKH 3URSKHW U  ´<RX DQG \RXU
ZHDOWKDUHIRU\RXUIDWKHUµ


5HSRUWHGE\%XNKU¯DO$GDEDO0XIUDG 

5HSRUWHGE\,PP$­PDG$EÔ 'ZÔGDQG,EQ0MDKZLWKD­DVDQLVQG7KHIXOOWH[WRIWKH­DG¯WKLV ´$PDQFDPHWRWKH3URSKHW 

U DQGVDLG¶20HVVHQJHURI$OO K,KDYHZHDOWKDQGFKLOGUHQDQGP\IDWKHUZDQWVWRWDNHDOORIP\ZHDOWK·7KH 3URSKHW U 
ÎÐÔ 
7KH0XVOLPDQG+LV5HODWLYHV
7KHWUXH0XVOLPLVVWUXFNE\WKHVHWHDFKLQJVRIWKH3URSKHW U DQGKLVKHDUWLVILOOHGZLWKORYH
UHVSHFWDQGNLQGQHVVWRZDUGVKLVSDUHQWV7KXVKHLVSURWHFWHGIURPIDOOLQJLQWRWKHVLQRIGLVREHGLHQFH
DQGKHZLOOWUXO\EHDVWKH3URSKHWRI,VOPZDQWHGKLPWREHKHDQGKLVZHDOWKZLOOEHIRUKLVIDWKHU

+HWUHDWVKLVSDUHQWV¶IULHQGVZHOO
,VOPGLGQRWVWRSDWWHDFKLQJLWVIROORZHUVWRWUHDWWKHLUSDUHQWVZLWKNLQGQHVVDQGUHVSHFWEXWLWDOVR
HQMRLQVWKHPWRVKRZUHVSHFWWRWKRVHZKRPWKHLUSDUHQWVORYH
,EQµ8PDU W UHSRUWHGWKDWWKH3URSKHW U VDLG
´7KHEHVWNLQGRIJRRGQHVV ELUU LVWKDWDPDQVKRXOGNHHSLQWRXFKZLWKDQGUHVSHFWKLVIDWKHU·VIULHQGµ
,Q DQRWKHU UHSRUW ´2QH RI WKH EHVW NLQGV RI JRRGQHVV ELUU  LV WKDW D PDQ VKRXOG NHHS LQWRXFKZLWKKLV
IDWKHU·VIULHQGHYHQDIWHUKLVIDWKHUKDVSDVVHGDZD\µ 0XVOLP
µ$EGXOODKLEQµ8PDU W PHWDIULHQGRIKLVIDWKHUµ8PDU W DQGZHQWRXWRIKLVZD\WRWUHDWKLP
ZHOODQGVKRZKLPUHVSHFW6RPHRIWKRVHZKRZHUHZLWKKLPVDLG³,VLWQRWHQRXJKWKDW\RXJDYHKLP
WZRGLUKDPV LQFKDULW\"´,EQµ8PDU W VDLG³7KH3URSKHW U VDLG ¶.HHSLQWRXFKZLWK\RXUIDWKHU·V
IULHQGDQGGRQRWEUHDN\RXUWLHZLWKKLPRUHOVH$OOK , ZLOOH[WLQJXLVK\RXUOLJKW·µ 0XVOLP
$PDQDVNHGWKH3URSKHW U ³20HVVHQJHURI$OOKLVWKHUHDQ\DFWRINLQGQHVVRUUHVSHFWWKDW,
FDQGRIRUP\SDUHQWVDIWHUWKH\KDYHGLHG"´+H U VDLG
´<HV WKHUH DUH IRXU WKLQJV SUD\LQJ DQG DVNLQJ IRUJLYHQHVV IRU WKHP IXOILOOLQJ WKHLU SURPLVHV UHVSHFWLQJ
WKHLUIULHQGVDQGNHHSLQJLQFRQWDFWZLWK\RXUUHODWLYHVIRU\RXKDYHQRUHODWLYHVH[FHSWWKURXJKWKHPµ


7KH KLJKHVW IRUP RI ORYH IDLWKIXOQHVV DQG UHVSHFW WKDW D FKLOG FDQ VKRZ WR KLV SDUHQWV LV WR NHHS LQ
WRXFKZLWKWKHLUIULHQGVERWKGXULQJWKHLUOLIHWLPHDQGDIWHUWKHLUGHDWK7KHWUXH0XVOLPDOZD\VVHHNVWR
VWUHQJWKHQWKHWLHVRIIULHQGVKLSZLWKWKRVHZKRPKLVSDUHQWVORYH+HFRQWLQXHVWRFDUHDERXWKLVSDUHQWV
HYHQ DIWHU WKH\ KDYH GLHG VR KH QHYHU IRUJHWV WKRVH ROG IULHQGVKLSV DQG KH PDLQWDLQV KLV WLHV ZLWK WKH
FLUFOHVRIIULHQGVIRUJHGE\KLVSDUHQWV1REOHKXPDQIHHOLQJVVXFKDVWKHVHDQGVLQFHUHIULHQGVKLSVDGG
EHDXW\DQGHQMR\PHQWWROLIHDQGDOORIWKLVGHSHQGVRQWKHSUHVHQFHRIWUXH0XVOLPVLQWKLVZRUOG
,Q WKH :HVW WKH FKLOG OHDYHV KLV SDUHQWV ZKHQ KH UHDFKHV WKH DJH RI PDWXULW\ DQG EUHDNV WKH WLHV RI
NLQVKLSQHYHUPHHWLQJKLVSDUHQWVRUVKRZLQJDQ\FRPSDVVLRQRUIHHOLQJVWRZDUGVKLVIDWKHURUPRWKHU
7KHFKLOGJRHVKLVRZQZD\VFDUFHO\ORRNLQJEDFNZLWKORYHRUUHVSHFWWRWKRVHZKRVDFULILFHGVRPXFK

VDLG¶<RXDQG\RXUZHDOWKDUHIRU\RXUIDWKHU<RXUFKLOGUHQDUHDPRQJ\RXUEHVWHDUQLQJVVRWDNHIURPZKDW\RXUFKLOGUHQHDUQ·µ
,QDQRWKHUUHSRUWKHVDLG´7DNHLWDQGHQMR\LWµ
,PPDO.KDÓӍE¯ FRPPHQWHG³µ+HZDQWVWRWDNHDOOP\ZHDOWK¶ PHDQVWKDWKHZDQWHGWRWDNHLWDOODQGOHDYHQRWKLQJ,WDSSHDUVWKDWWKH
UHDVRQZK\WKHPDQDVNHGWKLVTXHVWLRQZDVWKDWKHZDVKDYLQJWRVSHQGRQKLVIDWKHUDQGWKHDPRXQWUHTXLUHGZRXOGFRQVXPHDOORIKLV
ZHDOWKQRWMXVWZKDWKHKDGWRVSDUH7KH3URSKHW U GLGQRWJLYHKLPSHUPLVVLRQWRVWRSVSHQGLQJRQKLVIDWKHUEXWWROGKLPµ<RXDQG
\RXUZHDOWKDUHIRU\RXUIDWKHU¶ZKLFKPHDQVWKDWLI\RXUIDWKHUQHHGHGDOORI\RXUZHDOWKKHZLOOWDNHDVPXFKDVKHQHHGVDVLIKHZHUH
WDNLQJIURPKLVRZQZHDOWK,I\RXGRQRWKDYHDQ\DFFXPXODWHGZHDOWKEXW\RXKDYHDQLQFRPH\RXVKRXOGHDUQPRQH\DQGVSHQGLWRQ
KLP´
5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

7KH,GHDO0XVOLP 
DQG DUH QRZ IDFLQJ WKH ZRUVW WLPH RI WKHLU OLIH DIWHU WKH\ JDYH WKH EHVW GD\V RI WKHLU OLYHV IRU WKHLU
FKLOGUHQZKRZHUHMXVWVWDUWLQJRXWRQOLIH
:KDW FRPSDULVRQ FDQ WKHUH EH EHWZHHQ WKH XQJUDWHIXO GLVREHGLHQW DWWLWXGH RI WKH FKLOG LQ WKH :HVW
WRZDUGV KLV SDUHQWV DQG WKH UHVSHFW NLQGQHVV DIIHFWLRQ DQG ORYH VKRZQ E\ WKH GXWLIXO 0XVOLP WR KLV
SDUHQWVGXULQJWKHLUOLIHWLPHDQGDIWHUWKHLUGHDWKDQGNHHSLQJLQWRXFKZLWKWKHLUIULHQGV"6XUHO\QRRWKHU
V\VWHP RU ZD\ RI OLIH KDV HYHU HTXDOOHG WKH XQLTXH ZD\ LQ ZKLFK ,VOP PRXOGV SHRSOH DQG LQVWLOOV
KXPDQLW\LQWKHP

+RZGRHVKHVKRZNLQGQHVVDQGUHVSHFWWRZDUGVWKHP"
7KH0XVOLPZKRKDVEHHQPRXOGHGE\,VOPLVWUXO\DPDQZKRLVNLQGWRZDUGVKLVSDUHQWV+HVKRZV
WKHP WKH XWPRVW UHVSHFW VWDQGV XS IRU WKHP ZKHQ WKH\ HQWHU WKH URRP ZKHUH KH LV VLWWLQJ NLVVHV WKHLU
KDQGVORZHUVKLVYRLFH RXWRISROLWHQHVVZKHQKHVSHDNVWRWKHPLVKXPEOHWRZDUGVWKHPVSHDNVWRWKHP
LQJHQWOHWRQHVQHYHUOHWVKDUVKRUKXUWIXOZRUGVFURVVKLVWRQJXHDQGQHYHUWUHDWVWKHPLQDGLVUHVSHFWIXO
PDQQHUQRPDWWHUZKDWWKHFLUFXPVWDQFHV,QDOORIWKLVKHLVIROORZLQJWKHFRPPDQGRI$OOK , 
><RXU5DEE KDVGHFUHHGWKDW\RXZRUVKLSQRQHEXW+LPDQGWKDW\RXEHNLQGWRSDUHQWV:KHWKHU
RQHRUERWKRIWKHPDWWDLQROGDJHLQ\RXUOLIHVD\QRWWRWKHPDZRUGRIFRQWHPSWQRUUHSHOWKHP
EXWDGGUHVVWKHPLQWHUPVRIKRQRXU$QGRXWRINLQGQHVVORZHUWRWKHPWKHZLQJRIKXPLOLW\DQG
VD\¶0\5DEE %HVWRZRQWKHP<RXU0HUF\HYHQDVWKH\FKHULVKHGPHLQFKLOGKRRG·@ 4XU¶Q  

,I SDUHQWV DUH GHYLDWLQJ IURP WUXH ,VOP LQ VRPH ZD\ WKH GXWLIXO 0XVOLP VRQ VKRXOG LQ WKLV FDVH
DSSURDFKWKHPLQDJHQWOHDQGVHQVLWLYHPDQQHUVRDVWRGLVVXDGHWKHPIURPWKHLUHUURU+HVKRXOGQRW
FRQGHPQ WKHP KDUVKO\ EXW VKRXOG WU\ WR FRQYLQFH WKHP ZLWK VROLG SURRI VRXQG ORJLF DQG ZLVH ZRUGV
XQWLOWKH\WXUQWRWKHWUXWKLQZKLFKKHEHOLHYHV
7KH ZLVH 0XVOLP GRHV QRW IRUJHW WKDW KH LV UHTXLUHG WR WUHDW KLV SDUHQWV ZHOO HYHQ LI WKH\ DUH
PXVKULNÔQ :KLOH KH LV DZDUH WKDW VKLUN LV WKH JUHDWHVW RI VLQV KH VWLOO IXOILOV KLV RZQ UHVSRQVLELOLW\
IROORZLQJWKHFRPPDQGRI$OOK , 
>$QG:HKDYHHQMRLQHGRQPDQ>WREHJRRG@WRKLVSDUHQWVLQWUDYDLOXSRQWUDYDLOGLGKLVPRWKHU
EHDUKLPDQGLQ\HDUVWZDLQZDVKLVZHDQLQJ>KHDUWKHFRPPDQG@¶6KRZJUDWLWXGHWR0HDQGWR
\RXUSDUHQWVWR0HLV>\RXUILQDO@*RDO%XWLIWKH\VWULYHWRPDNH\RXMRLQLQZRUVKLSZLWK0HWKLQJV
RI ZKLFK \RX KDYH QR NQRZOHGJH REH\ WKHP QRW \HW EHDUWKHPFRPSDQ\LQWKLVOLIHZLWKMXVWLFH
>DQGFRQVLGHUDWLRQ@DQGIROORZWKHZD\RIWKRVHZKRWXUQWR0H>LQORYH@LQWKH(QGWKHUHWXUQRI
\RXDOOLVWR0HDQG,ZLOOWHOO\RXWKHWUXWK>DQGPHDQLQJ@RIDOOWKDW\RXGLG@ 4XU¶Q
3DUHQWV DUH WKH FORVHVW DQG PRVW EHORYHG RI NLQ EXW WKH ERQG ZLWK WKHP DOWKRXJK LW LV UHJDUGHG
YHU\KLJKO\VWLOOFRPHVVHFRQGWRµDT¯GDK FRUUHFWEHOLHI ,IWKHSDUHQWVDUH PXVKULNÔQ DQGWHOOWKHLU
FKLOG WR MRLQ WKHP LQ WKHLU VKLUN KH PXVW QRW REH\ WKHP LQ WKDW IRU WKH 0XVOLP PXVW QRW REH\ D
IHOORZFUHDWXUH LQ GLVREH\LQJ WKH &UHDWRU 7KH GHPDQGV RI IDLWK WDNH SUHFHGHQFH RYHU DOO KXPDQ

ÎÐÖ 
7KH0XVOLPDQG+LV5HODWLYHV
UHODWLRQVKLSV+RZHYHUWKHFKLOGLVVWLOOREOLJHGWRWUHDWKLVSDUHQWVZLWKNLQGQHVVDQGUHVSHFWDQG
WRWDNHFDUHRIWKHP
+HQFH WKH WUXH 0XVOLP WUHDWV KLV SDUHQWV ZLWK NLQGQHVV DQG UHVSHFW LQ DOO FLUFXPVWDQFHV GRLQJ
ZKDWHYHU KH FDQ WR PDNH WKHP KDSS\ ZLWKLQ WKH OLPLWV ODLG GRZQE\$OOK , +HVSDUHVQRHIIRUWWR
VKRZKRQRXUDQGUHVSHFWWRZDUGVWKHPSURYLGLQJWKHEHVWIRRGFORWKLQJDQGKRXVLQJWKDWKHFDQDIIRUG
DSSURSULDWH ERWK WR WKHLU VRFLDO VWDWXV DQG HQYLURQPHQW DQG WR ,VOPLF VWDQGDUGV $ERYH DOO KH VKRXOG
VSHDN NLQGO\ WR WKHP SUHVHQW D SOHDVDQW DQG VPLOLQJ IDFH DQG VKRZ ORYH WHQGHUQHVV IDLWKIXOQHVV DQG
JUDWLWXGHWRZDUGVWKRVHZKRDUHPRVWGHVHUYLQJRIWKLVJRRGWUHDWPHQWKLVSDUHQWV
7KHUHVSHFWDQGGXW\RIWKHWUXH0XVOLPWRZDUGVKLVSDUHQWVH[WHQGVHYHQEH\RQGWKHLUGHDWKKHVKRXOG
JLYHPRQH\LQFKDULW\RQWKHLUEHKDOIDQGSUD\RIWHQIRUWKHPDV$OOK , VD\V
>$QGRXWRINLQGQHVVORZHUWRWKHPWKHZLQJRIKXPLOLW\DQGVD\¶0\5DEE %HVWRZRQWKHP<RXU
0HUF\HYHQDVWKH\FKHULVKHGPHLQFKLOGKRRG@ 4XU¶Q
7KLV WKHQ LV WKH QDWXUH RI WKH ,VOPLF WHDFKLQJ FRQFHUQLQJ WKH UHVSHFW DQG NLQGQHVV WR EH VKRZQ
WRZDUGV SDUHQWV DQG WKH QDWXUH RI WKH GXWLIXO 0XVOLP ZKR LV JXLGHG E\ LW %XW DUH 0XVOLPV WRGD\
IROORZLQJ WKLV WHDFKLQJ DIWHU EHLQJ RYHUWDNHQ E\ PDWHULDOLVP DQG EOLQGHG E\ WKH JODUH RI PRGHUQ
FLYLOL]DWLRQ"1RZDGD\VRXUPDLQFRQFHUQLVIRFXVHGRQZLYHVDQGFKLOGUHQQRWRQRXUSDUHQWV&DULQJIRU
RXU SDUHQWV FRPHV DIWHU RXU FRQFHUQ IRU RXU ZLYHV DQG FKLOGUHQ DQG SDUHQWV PD\ QRW HYHQ KDYH WKDW
XQOHVVWKHLUFKLOGUHQKDSSHQWREHDPRQJWKRVHZKRKDYHWKDWVHQVHRIGXW\DQGGHHSWDTZ
7KHPRGHUQ:HVWHUQVRFLDOVWUXFWXUHVWKDWKDYHWDNHQRYHUWKHPLQGVRIPDQ\0XVOLPVGRQRWLQFOXGH
NLQGQHVVDQGUHVSHFWWRZDUGVSDUHQWVFDULQJIRUWKHPLQWKHLUROGDJHDQGSURWHFWLQJWKHPIURPQHJOHFWLQ
WKHLU ODWHU \HDUV 7KLV PDNHV WKH PDQ ZKR LV FRQYLQFHG RI :HVWHUQ LGHDV WKLQN RQO\ RI KLV ZLIH DQG
FKLOGUHQ DQG KH KDUGO\ HYHU WDNHV WKH WLPH WR ORRN EDFN ZLWK ORYH DQG NLQGQHVV LQ JUDWLWXGH WR WKH
JHQHUDWLRQWKDWFDPHEHIRUHWKRVHZKRVWD\HGXSVRPDQ\QLJKWVWRFDUHIRUKLPDQGZKRVSHQWVRPXFK
RQKLVXSEULQJLQJDQGSUHSDULQJKLPIRUOLIH:KHQKHWKLQNVRIDFRPIRUWDEOHKRPHILQHFORWKHVJRRG
IRRGDQGWUDYHOKHWKLQNVLQWHUPVRISURYLGLQJWKHPIRUKLVZLIHDQGFKLOGUHQKHEDUHO\JLYHVDWKRXJKW
WRWKHVKDUHKLVSDUHQWVVKRXOGKDYHLQWKHVHOX[XULHVZKHQWKH\DUHPRVWLQQHHGRIUHFHLYLQJWKHPIURP
WKHKDQGRIWKHLUEHORYHGVRQ
7UHDWLQJ SDUHQWV ZLWK NLQGQHVV DQG UHVSHFW JLYLQJ JHQHURXVO\ WR WKHP VSHDNLQJ WR WKHP JHQWO\ DQG
SROLWHO\ DQG VPLOLQJ DW WKHP 7KLV LV WKH HVVHQWLDO DWWLWXGH RI WKH 0XVOLP 0XVOLPV VKRXOG QHYHU
DEDQGRQ WKLV DWWLWXGH QR PDWWHU KRZ FRPSOLFDWHG OLIH JHWV RU KRZ LW GHYHORSV RU KRZ PDQ\ LPSRUWHG
KDELWV WKH\ DFFXPXODWH 7KLV DWWLWXGH LV RQH ZKLFK ZLOO SURWHFW WKHP IURP KDUGKHDUWHGQHVV DQG VHOILVK
EHKDYLRXUDQGZLOOUHWXUQWKHPWRWKHLURULJLQDOFKDUDFWHUKXPDQLW\DQGIDLWKIXOQHVVVRWKDWWKH\DYRLG
VLQNLQJWRWKHGHSWKVRIVHOILVKQHVVDQGLQJUDWLWXGHDVRWKHUVKDYHGRQH$QGDERYHDOOWKLVDWWLWXGHZLOO
RSHQWKHGRRUVRI3DUDGLVHWRWKHP
7KH,GHDO0XVOLP 

ÎÑÎ 
7KH0XVOLPDQG+LV5HODWLYHV

&KDSWHU

7KH0XVOLPDQG+LV:LIH

,VOPLF9LHZRI0DUULDJHDQG:RPDQ

0DUULDJHLQ,VOPRIIHUVWUDQTXLOOLW\WRWKHVRXODQGSHDFHWRWKHPLQGVRWKDWPDQDQGZRPDQ PD\
OLYHWRJHWKHULQDQDWPRVSKHUHRIORYHPHUF\KDUPRQ\FRRSHUDWLRQPXWXDODGYLFHDQGWROHUDQFHDQG
OD\WKHIRXQGDWLRQIRUUDLVLQJD0XVOLPIDPLO\LQDQXUWXULQJVRXQGHQYLURQPHQW
7KH +RO\ 4XU¶Q KDV GHVFULEHG LQ WKH PRVW PRYLQJ DQG HORTXHQW WHUPV WKLV HWHUQDO QDWXUDO
UHODWLRQVKLSEHWZHHQPDQDQGZRPDQZKLFKLVILOOHGZLWKWUDQTXLOOLW\VHFXULW\ORYHXQGHUVWDQGLQJDQG
FRPSDVVLRQ
>$QGDPRQJ+LV6LJQVLVWKLVWKDW+HFUHDWHGIRU\RXPDWHVIURPDPRQJ\RXUVHOYHVWKDW\RXPD\
GZHOOLQWUDQTXLOOLW\ZLWKWKHPDQG+HKDVSXWORYHDQGPHUF\EHWZHHQ\RXU>KHDUWV@YHULO\LQWKDW
DUH6LJQVIRUWKRVHZKRUHIOHFW@ 4XU¶Q
0DUULDJHLVDXQLRQRIVRXOVLQWKHGHHSHVWVHQVH$OOK , MRLQVWKHVHWZRVRXOVWRJHWKHUVRWKDWWKH\
PD\HQMR\WUDQTXLOOLW\DQGVWDELOLW\LQDPDULWDOKRPHILOOHGZLWKVLQFHUHORYHDQGFRPSDVVLRQDWHPHUF\
,Q,VOPWKHULJKWHRXVZRPDQLVYLHZHGDVRQHRIWKHMR\VRIWKLVOLIHDQGDJUHDWEOHVVLQJWRDPDQ
IRUKHFRPHVKRPHWRKHUDQGUHOD[HVDIWHUIDFLQJWKHVWUXJJOHV RIOLIHDQGILQGVZLWKKHULQFRPSDUDEOH
SHDFHFRPIRUWDQGSOHDVXUH7KH3URSKHW U VSRNHRQO\WKHWUXWKVDLG
´7KLV ZRUOG LV MXVW WHPSRUDU\ FRQYHQLHQFHV DQG WKH EHVW FRPIRUW LQ WKLV ZRUG LV D ULJKWHRXV ZRPDQµ
0XVOLP
,VOPUHJDUGVPDUULDJHYHU\KLJKO\DQGYLHZVIHPLQLQLW\DVVRPHWKLQJWREHYDOXHGDQGFKHULVKHG

7KHLGHDO0XVOLP¶VZLIH
2QWKHEDVLVRIWKLVYLHZRIPDUULDJHDQGRIZRPHQWKH0XVOLPLVQRWDWWUDFWHGE\WKHHPSW\KHDGHG
DWWLWXGHGLVSOD\HGE\VRPHJLUOVQRZDGD\V5DWKHUKHLVDWWUDFWHGE\DVRXQG0XVOLPSHUVRQDOLW\DQGKH
WDNHVKLVWLPHLQFKRRVLQJDSDUWQHUIRUOLIHORRNLQJIRUDSDUWQHUZKRKDVWKHULJKW,VOPLFFKDUDFWHULVWLFV
ZKLFKPDNHIRUDVWDEOHDQGKDSS\PDUULHGOLIH7KHUHIRUHKHLVQRWLQWHUHVWHGLQWKHVXSHUILFLDOSK\VLFDO
EHDXW\ JUDFH DQG HOHJDQFH WKDW DUH WKH VROH FRQFHUQ RI HPSW\KHDGHG \RXQJVWHUV :KLOH KH PD\ QRW
LJQRUH SK\VLFDO ORRNV KH PXVW ORRN IRU VWURQJ UHOLJLRXV EHOLHIV DQG SUDFWLFH LQWHOOLJHQFH DQG JRRG
EHKDYLRXUIROORZLQJWKHDGYLFHRIWKH3URSKHW U 
7KH,GHDO0XVOLP 
´$ZRPDQPD\EHPDUULHGIRUIRXUWKLQJVIRUKHUZHDOWKIRUKHUQREOHGHVFHQWIRUKHUEHDXW\RUIRU
KHUUHOLJLRQ&KRRVHWKHRQHZKRLVUHOLJLRXVOHVW\RXUKDQGVEHUXEEHGZLWKGXVWµ %XNKU¯ DQG0XVOLP
$OWKRXJKWKH3URSKHW U DGYLVHGWKH\RXQJ0XVOLPWR ORRNIRUDUHOLJLRXVZLIHWKLVGRHVQRWPHDQ
WKDW KH VKRXOG LJQRUH KLV SUHIHUHQFHVUHJDUGLQJSK\VLFDOEHDXW\7KH3URSKHW U HQFRXUDJHGVHHLQJD
ZRPDQEHIRUHILQDOL]LQJWKHPDUULDJHVRWKDWD0XVOLPZLOOQRWILQGKLPVHOIWUDSSHGLQDPDUULDJHZLWKD
ZRPDQKHILQGVXQDWWUDFWLYH
$O0XJK¯UDKLEQ6KDµEDKVDLG
´,JRWHQJDJHGWRDZRPDQDWWKHWLPHRIWKH3URSKHW U +HDVNHGPH¶+DYH\RXVHHQKHU"·,VDLG
¶1R· +H VDLG ¶*R DQG KDYH D ORRN DW KHU EHFDXVH LW LV PRUH ILWWLQJ WKDW ORYH DQG FRPSDWLELOLW\ EH
HVWDEOLVKHGEHWZHHQ\RX·µ


$ PDQ ZKR KDG JRW HQJDJHG WR D ZRPDQ RI WKH $QэU FDPH WR WKH 3URSKHW U  ZKR DVNHG KLP
´+DYH\RXVHHQKHU"µ+HVDLG´1RµVRWKH3URSKHW U RUGHUHGKLPWRJRDQGVHHKHU


7KH 3URSKHW U  HPSKDVL]HG LQ PRUH WKDQ RQH ­DG¯WK WKH IDFW WKDW EHDXW\ LV RQH RI WKH EDVLF
FKDUDFWHULVWLFV WKDW D PDQ VKRXOG ORRN IRU LQ D ZRPDQ EHVLGHV WKH RWKHU PRUDO FKDUDFWHULVWLFV WKDW DUH
GHVLUDEOH,QGHHGWKHWZRDUHLQVHSDUDEOH)RUH[DPSOHKHWROG,EQµ$EEV W 
´6KDOO,WHOO\RXWKHPRVWSUHFLRXVWKLQJDPDQFDQKDYH",WLVDULJKWHRXVZLIHZKHQKHORRNVDWKHUKHLV
SOHDVHGZKHQKHWHOOVKHUWRGRVRPHWKLQJVKHREH\VDQGZKHQKHLVDZD\VKHLVIDLWKIXODQGOR\DOWR
KLPµ


$EÔ +XUD\UDK W VDLG
´7KH 3URSKHW U  ZDV DVNHG ¶:KLFK ZRPDQ LV WKH EHVW"· +H VDLG ¶7KH RQH ZKR SOHDVHV KLP ZKHQ KH
ORRNVDWKHUZKRREH\VKLPZKHQKHWHOOVKHUWRGRVRPHWKLQJDQGZKRGRHVQRWGRVRPHWKLQJKHGLVOLNHV
ZLWKUHJDUGWRKHUVHOIRUWRKLVZHDOWKµ


7KLVLVWKHJXLGDQFHJLYHQE\WKH3URSKHW U UHJDUGLQJWKHSHUVRQDOLW\RIWKHZRPDQZKRFDQEULQJ
KDSSLQHVVWUDQTXLOOLW\DQGVWDELOLW\WRDPDQDQGZKRFDQPDNHDFKHHUIXOSOHDVDQWDQGVHFXUHKRPHLQ
ZKLFK WR UDLVH D EURRG RI VXFFHVVIXO FRXUDJHRXV LQWHOOLJHQW FKLOGUHQ 7KH 3URSKHW U  LQVLVWHG WKDW
PDUULDJH VKRXOG EH ILUPO\ EXLOW RQ D VROLG IRXQGDWLRQ VWULNLQJ D EDODQFH EHWZHHQ SK\VLFDO PHQWDO
VSLULWXDO DQG HPRWLRQDO QHHGV VR WKDW LW ZLOO QRW EH URFNHG E\ SHUVRQDOLW\ FODVKHV RU GLIIHUHQFHV LQ
DWWLWXGH7KHUHIRUHWKHWUXH0XVOLPZKRLVJXLGHGE\WKHVKDU¯µDKRI$OOK , LQDOOKLVDIIDLUVGRHVQRW
IDOO IRU WKH ZLOHV RI WKH ³MH]HEHOV´ ZKR DUH WKH EHDXWLIXO ZRPHQ RI EDG FKDUDFWHU UDWKHU KH U  WHOOV

5HSRUWHGE\DO1LV¶¯ZLWKDÑD­¯­ LVQG 

5HSRUWHGE\DO1LV¶¯ DQG,EQ0MDKZLWKDÑD­¯­ LVQG 

5HSRUWHGE\DOpNLPZKRVDLGLWLVÑD­¯­ DFFRUGLQJWRWKHFRQGLWLRQVRI%XNKU¯ DQG0XVOLP 

5HSRUWHGE\,PP$­PDGLQDO0XVQDGZLWKDÑD­¯­ LVQG 

ÎÑÐ 
7KH0XVOLPDQG+LV5HODWLYHV
SHRSOH³%HZDUHRIWKH¶MH]HEHOV·´


+HIROORZVWKHJXLGDQFHRI,VOPLQKLVPDUULHGOLIH

$IWHU PDUULDJH WKH WUXH 0XVOLP DGKHUHV WR WKH ,VOPLF LQMXQFWLRQ WR WUHDW KLV ZLIH ZHOO 7KH ,VOPLF
UHFRPPHQGDWLRQV FRQFHUQLQJ ZRPHQ DQG WKH ZD\ LQ ZKLFK ,VOP HQFRXUDJHVPHQWRUHVSHFWWKHPDUH
QRWKLQJVKRUWRIDPD]LQJ
,VOPUHFRPPHQGVPHQWRWUHDWZRPHQZHOODQGJLYHVWKHPDVWDWXVWKDWWKH\KDYHQHYHUHQMR\HGLQ
DQ\RWKHUUHOLJLRQ6RZHVHHWKH3URSKHW U DGPRQLVKLQJDOOPHQ
´7UHDWZRPHQNLQGO\IRUZRPDQZDVFUHDWHGIURPDULE7KHSDUWRILWWKDWLVPRVWEHQWLVWKHWRS,I\RX
WU\WRVWUDLJKWHQLW\RXZLOOEUHDNLWDQGLI\RXOHDYHLWDORQHLWZLOOUHPDLQEHQW6RWUHDWZRPHQNLQGO\µ
%XNKU¯ DQG0XVOLP
$FFRUGLQJWRDUHSRUWJLYHQE\%XNKU¯ DQG0XVOLPKH U VDLG
´:RPDQ LV OLNH D ULE LI \RX WU\ WR VWUDLJKWHQ LW \RX ZLOOEUHDNLWDQGLI\RXHQMR\KHU RU\RXUUHODWLRQVKLS
ZLWKKHU \RXZLOOGRVRLQVSLWHRIKHUFURRNHGQHVVµ
$FFRUGLQJWRDUHSRUWJLYHQE\0XVOLPKH U VDLG
´:RPDQZDVFUHDWHGIURPDULE6KHZLOOQHYHUEHVWUDLJKWIRUZDUGDQGFRQVLVWHQWIRU\RXLQDQ\ZD\,I
\RX HQMR\ KHU RU \RXU UHODWLRQVKLS ZLWK KHU  \RX ZLOO GR VR LQ VSLWH RI KHU FURRNHGQHVV ,I \RX WU\ WR
VWUDLJKWHQKHU\RXZLOOEUHDNKHUDQGKHUEUHDNLQJLVKHUGLYRUFHµ
7KLVGHVFULSWLRQJLYHQE\WKH3URSKHW U HORTXHQWO\GHVFULEHVWKHUHDOLW\DQGQDWXUHRIZRPDQ6KH
ZLOO QRW UHPDLQ FRQVLVWHQW LQ WKH ZD\ KHU KXVEDQG PD\ ZLVK EXW WKH 0XVOLPKXVEDQGPXVWXQGHUVWDQG
WKDWWKLVLVKHUQDWXUHWKHZD\VKHKDVEHHQFUHDWHG+HVKRXOGQRWWU\WRVWUDLJKWHQKHULQWKHZD\KHLV
FRQYLQFHGLVFRUUHFWEXWKHVKRXOGUHVSHFWKHUXQLTXHIHPLQLQHQDWXUHDQGDFFHSWKHUWKHZD\$OOK , 
PDGHKHUFRPSOHWHZLWKWKH³FURRNHGQHVV´WKDWPHDQVWKDWVKHZLOOQRWEHDVKHZLVKHVLQVRPHDVSHFWV
,IKHLQVLVWVRQVWUDLJKWHQLQJKHUDQGPRXOGLQJKHUWRKLVZLVKHVLWZLOOEHOLNHWU\LQJWRVWUDLJKWHQDEHQW
ULELWZLOOEUHDNLQKLVKDQGVDQGWKHEUHDNLQJRIDZRPDQLVGLYRUFH LHWKHPDWWHUZLOOHQGLQGLYRUFH 
:KHQWKH0XVOLPKXVEDQGWUXO\IROORZVWKLVJXLGDQFHRIWKH3URSKHW U ZKLFKLVEDVHGRQDGHHS
XQGHUVWDQGLQJ RI WKH SV\FKRORJ\ DQG QDWXUH RI ZRPHQ KH ZLOO WROHUDWH KLV ZLIH¶V PLVWDNHV DQG WXUQ D
EOLQGH\HWRKHUIDXOWVUHFRJQL]LQJWKDWWKHVHDUHSDUWRIKHUQDWXUH7KXVWKHPDULWDOKRPHZLOOEHVDIH
DQGFDOPIUHHIURPVKRXWLQJRUDUJXPHQWV
:HPD\QRWHWKDWLQWKH­DG¯WKTXRWHGDERYHWKH3URSKHW U VWDUWHGZLWKWKHZRUGV³7UHDWZRPHQ
NLQGO\´WKHQDIWHUDQDO\]LQJWKHQDWXUHRIZRPDQKHHQGHGZLWKWKHVDPHZRUGV³7UHDWZRPHQNLQGO\´
+RZJUHDWZDVWKHFRQFHUQRIWKH3URSKHW U IRUZRPHQDQGKRZGHHSZDVKLVXQGHUVWDQGLQJRIWKHLU

³,\\NXPZDNKDŸU¶DOGLPDQ´ OLWHUDOO\³%HZDUHRIWKHJUHHQVRIGXQJ´ LVDZHOONQRZQVD\LQJLQ$UDELF,WLVDSURYHUE 

QRWD­DG¯WKRIWKH3URSKHW U >$XWKRU@
7KH,GHDO0XVOLP 
SV\FKRORJ\'RHVWKHVLQFHUH0XVOLPKXVEDQGKDYHDQ\FKRLFHEXWWRIROORZWKLVJXLGDQFHDQGSXWLW
LQWRSUDFWLFHDWHYHU\PRPHQW"
7KH3URSKHW¶VFRQFHUQIRUZRPHQUHDFKHGVXFKDQH[WHQWWKDWKHGLGQRWIRUJHWWRUHPLQG0XVOLPVWR
WUHDW WKHP NLQGO\ LQ KLV IDUHZHOO VHUPRQ NKXÓEDW DOZDGµ  7KLV LV WKH NKXÓEDK LQ ZKLFK WKH 3URSKHW
U UHLWHUDWHGWKHHVVHQWLDOSRLQWVRI,VOPZKHQKHUHDOL]HGWKDWWKLVZDVWKHODVWWLPHKHZRXOGVWDQG
DQG DGGUHVV WKH 0XVOLPV GXULQJ pDMM +H GLG QRW RPLW WR DGYLVH 0XVOLPV WR WUHDW ZRPHQ NLQGO\
EHJLQQLQJKLVZRUGVFRQFHUQLQJZRPHQZLWKDZDUQLQJWKDWLVLQGLFDWLYHRIKLVFDUHDQGFRQFHUQ
´,QWHUDFWZLWKZRPHQNLQGO\IRUWKH\DUHSULVRQHUVDQG\RXKDYHQRRWKHUSRZHURYHUWKHPWKDQWKDW
LIWKH\DUHJXLOW\RIRSHQOHZGQHVVWKHQUHIXVHWRVKDUHWKHLUEHGVDQGEHDWWKHPEXWQRWVHYHUHO\EXWLI
WKH\UHWXUQWRREHGLHQFH WKHQ VHHNQRWDJDLQVWWKHPPHDQVRIDQQR\DQFH<RXKDYHULJKWVRYHU\RXU
ZRPHQ DQG WKH\ KDYH ULJKWV RYHU \RX <RXU ULJKW RYHU WKHP LV WKDW WKH\ VKRXOG QRW HQWHUWDLQ DW \RXU
KHDUWKDQ\RQH RUFRPPLWDGXOWHU\ZLWK DQGQRWWRDOORZLQWR\RXUKRPHDQ\RQHZKRP\RXGLVOLNHDQG
WKHLUULJKWRYHU\RXLVWKDW\RXVKRXOGIHHGDQGFORWKHWKHPZHOOµ


7KLV LV JRRG DGYLFH LQ ZKLFK HYHU\ VLQFHUH 0XVOLP KXVEDQG UHFRJQL]HV WKH ZLVGRP RI WKH 3URSKHW
U  LQ GHILQLQJ WKH ULJKWV DQG GXWLHV RI KXVEDQG DQG ZLIH LQ D IUDPHZRUN RI PHUF\ DQG FRPSDVVLRQ
WRZDUGVZRPHQZKLFKOHDYHVQRURRPIRUHYHQWKLQNLQJRIRSSUHVVLQJRUKDUPLQJRQH¶VZLIH
7KH3URSKHW U JDYHPDQ\UHFRPPHQGDWLRQVFRQFHUQLQJZRPHQWRWKHH[WHQWWKDWKHGHVFULEHGWKH
PDQZKRWUHDWVKLVZLIHZHOODVEHLQJRQHRIWKHEHVWDQGDPRQJWKHpOLWHRIKLV8PPDK
´7KHEHOLHYHUZKRKDVWKHPRVWSHUIHFWIDLWKLVWKHRQHZKRVHEHKDYLRXULVEHVWDQGWKHEHVWRI\RXDUH
WKHRQHVZKRDUHEHVWWRWKHLUZRPHQµ


6RPH ZRPHQ FDPH WR WKH IDPLO\ RI WKH 3URSKHW U  FRPSODLQLQJ DERXW WKHLU KXVEDQGV 6R WKH
3URSKHW U DQQRXQFHGWRWKHPHQ
´0DQ\ ZRPHQ KDYH YLVLWHG WKH IDPLO\ RI 0XKDPPDG FRPSODLQLQJ DERXW WKHLU KXVEDQGV 9HULO\ WKRVH
DUHQRWWKHEHVWDPRQJ\RXµ


7UXH ,VOP LV SUHHPLQHQW LQ LWV IDLUQHVV DQG UHVSHFW WRZDUGV ZRPHQ DQG LQ LWV UHFRPPHQGDWLRQ WR
KXVEDQGVWRWUHDWWKHLUZLYHVZHOOHYHQLIWKH\GLVOLNHWKHP7KLVLVVRPHWKLQJZKLFKZRPHQKDYHQHYHU
HQMR\HGWKURXJKRXWWKHLUKLVWRU\H[FHSWLQWKLVUHOLJLRQ$OOK , VD\VLQWKH4XU¶Q
>OLYHZLWKWKHPRQDIRRWLQJRINLQGQHVVDQGHTXLW\,I\RXWDNHDGLVOLNHWRWKHPLWPD\EHWKDW
\RXGLVOLNHDWKLQJDQG$OOKEULQJVDERXWWKURXJKLWDJUHDWGHDORIJRRG@ 4XU¶Q
7KLVb\DK WRXFKHVWKHKHDUWRIWKHWUXH0XVOLPVRWKDWKLVDQJHULVVRRWKHGDQGKLVGLVOLNHWRZDUGVKLV
ZLIHLVOHVVHQHG,QWKLVZD\,VOPSURWHFWVWKHVDFUHGPDUULDJHERQGIURPEHLQJH[SRVHGWRWKHGDQJHURI
WXUEXOHQWHPRWLRQVDQGWKHIROO\RIFKDQJLQJPRRGV:KHQDPDQFDPHWRµ8PDULEQDO.KDÓӍE W DQG

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 

5HSRUWHGE\$EÔ 'ZÔGDO1LV¶¯ DQG,EQ0MDK,EQpLMUVDLGLQDO,эEDK ³,WVLVQGLVÑD­¯­´ 

ÎÑÒ 
7KH0XVOLPDQG+LV5HODWLYHV
WROG KLP WKDW KH ZDQWHG WR GLYRUFH KLV ZLIH EHFDXVH KH GLVOLNHG KHU µ8PDU W  VDLG ³:RH WR \RX
$UHIDPLOLHVRQO\EXLOWRQORYH":KHUHLV\RXUFRQVLGHUDWLRQDQGFDUH"´
7KH PDUULDJH ERQG LQ ,VOP LV RI JUHDWHU LPSRUWDQFH WKDQ HPRWLRQDO ZKLPV DQG ULVHV DERYH WKH
SUHVVXUHVRIFUD]\DQLPDOXUJHV7KHWUXH0XVOLPSRVVHVVHVHQRXJKFKLYDOU\QRELOLW\FRXUWHV\SDWLHQFH
JHQHURVLW\DQGVWUHQJWKRIFKDUDFWHUWRPDNHKLPULVHDERYH DQ\GLVOLNHRIKLVZLIHLQKLVGHDOLQJVZLWK
KHU)DUEHLWIURPKLPWRWKLQNRQO\LQWHUPVRIPLQGOHVVDQLPDOLQVWLQFWVRUPDNLQJDSURILW
7KHWUXH0XVOLPFDQQRWGRRWKHUWKDQREH\KLV 5DEEVRKHWUHDWVKLVZLIHZHOOHYHQLIKHGLVOLNHVKHU
EHFDXVHKH XQGHUVWDQGVWKHZRUGVRIKLVZLVH5DEE DERXWWKHWKLQJVWKDWDUHKLGGHQIURPKLPDQGWKH\
DUH PDQ\ $ PDQ PD\ GLVOLNH VRPHWKLQJ DQG WU\ WR GLVWDQFH KLPVHOI IURP LW ZKHQ LQ IDFW LW LV IXOO RI
JRRGQHVVDQGEOHVVLQJ7KHWUXH0XVOLPNQRZVKRZWRORYHDQGKRZWRKDWH/RYHLVQRWEOLQGIRUKLP
QHLWKHU GRHV KH JR WR H[WUHPHV RI GLVOLNH DQG KDWUHG EXW LQ HLWKHU FDVH KLV DWWLWXGH LV PRGHUDWH DQG
EDODQFHG
7KH3URSKHW U H[SODLQHGWKDWHYHQLIDKXVEDQGGLVOLNHVKLVEHOLHYLQJ0XVOLPZLIHVKHZLOOVWLOO
KDYHVRPHIDYRXUDEOHFKDUDFWHULVWLFVZKLFKZLOOSOHDVHKLPVRKHVKRXOGQRWLJQRUHWKHJRRGVLGHRIKHU
FKDUDFWHUDQGIRFXVRQO\RQWKHQHJDWLYHDVSHFWV
´1REHOLHYLQJPDQVKRXOGKDWHDEHOLHYLQJZRPDQ,IKHGLVOLNHVRQHRIKHUFKDUDFWHULVWLFVWKHUHZLOOEH
RWKHUVWKDWGRSOHDVHKLPµ 0XVOLP

7KHWUXH0XVOLPLVDQLGHDOKXVEDQG
7KH WUXH 0XVOLP DELGHV E\ WKH FOHDU XQDPELJXRXV WH[WV RI WKH 4XU¶Q ZKLFKFRPPDQGKLPWRWUHDW
ZRPHQ IDLUO\ DQG GHFHQWO\ +H FDQQRW EH RWKHU WKDQ DQ LGHDO KXVEDQG VR KLV ZLIH HQMR\V KLV JHQWOH
FRPSDQ\ DQG FORVH FRPSDQLRQVKLS QR PDWWHU KRZ ORQJ WKH\ VWD\ WRJHWKHU :KHQ KH FRPHV KRPH KH
JUHHWVKLVZLIHDQGFKLOGUHQZLWKDVPLOLQJIDFHDQGH[WHQGVWRWKHPWKHEOHVVHGJUHHWLQJWKDW$OOK , 
KDVHQMRLQHGDQGPDGHWKHGLVWLQFWLYHJUHHWLQJRI,VOP 


>%XWLI\RXHQWHUKRXVHVVDOXWHHDFKRWKHUz DJUHHWLQJRUEOHVVLQJDQGSXULW\DVIURP$OOK 
@ 4XU¶Q
7KH 3URSKHW U  HQFRXUDJHG $QDV W  WR XVH WKLV JUHHWLQJ ³2 P\ VRQ ZKHQ \RX JR KRPH JUHHW
\RXUIDPLO\ZLWKVDOPLW ZLOOEHDEOHVVLQJIRU\RXDQG\RXUIDPLO\´


,WLVWUXO\DJUHDWEOHVVLQJIRUDPDQWRPHHWKLVIDPLO\ZLWKDSOHDVDQWJUHHWLQJIRULWFRQWULEXWHVWRD
KDSS\ IULHQGO\ DQG SOHDVDQW DWPRVSKHUH +H VKRXOGOHQGDKDQGLIKHVHHVWKDWKLVZLIHQHHGVKLVKHOS
DQG KH VKRXOG VD\ VRPH ZRUGV RI FRPIRUW LI KH IHHOV WKDW VKH LV FRPSODLQLQJ RI WLUHGQHVV ZHDULQHVV RU
ERUHGRP+HVKRXOGPDNHKHUIHHOWKDWVKHLVOLYLQJZLWKDVWURQJJHQHURXVWROHUDQWKXVEDQGZKRZLOO

7KHZRUGVZLWKZKLFK0XVOLPVVKRXOGJUHHWRQHDQRWKHUDUH³DOVDOPµDOD\NXP´ SHDFHEHXSRQ\RX QRW³+L´³+HOOR´RU 

³*RRGPRUQLQJ´
5HSRUWHGE\DO7LUPLGK¯ ZKRVDLGLWLVD­DVDQJKDU¯E­DG¯WK 

7KH,GHDO0XVOLP 
SURWHFWKHUDQGFDUHIRUKHUZKRFDUHVDERXWKHUDQGZLOOPHHWDOOKHUOHJLWLPDWHQHHGVDVORQJDVKHLV
DEOH
+HVKRXOGDOVRVDWLVI\KHUIHPLQLQLW\E\PDNLQJKLPVHOIDWWUDFWLYHWRKHU z ZLWKLQ,VOPLFOLPLWVz
DQG VKRXOG JLYH KHU D VKDUH RI KLV WLPH DQG LQWHUHVW +H VKRXOG QRW OHW KLV VWXG\ ZRUN KREELHV
UHVSRQVLELOLWLHVRUIULHQGVWDNHXSDOORIKLVWLPHDQGNHHSKLPIURPKHU,VOPJXDUDQWHHVZRPDQ¶VULJKW
WRHQMR\KHUKXVEDQGWRWKHH[WHQWWKDWLWHYHQWHOOVWKHKXVEDQGQRWWRVSHQGDOOKLVWLPHLQZRUVKLSZKLFK
LV WKH EHVW DQG PRVW KRQRXUDEOH RI GHHGV OHVW WKH EDODQFH DQG HTXLOLEULXP XSRQ ZKLFK WKLV UHOLJLRQ LV
EDVHGEHGLVWXUEHG:HVHHWKLVLQWKHUHSRUWRIµ$EGXOODKLEQµ$PULEQDOµbÑ W ZKRVD\VWKDWZKHQ
WKH3URSKHW U OHDUQHGRIKLVRYHU]HDORXVQHVVLQZRUVKLSKHVDLGWRKLP
´+DYH, QRWKHDUGWKDW\RXIDVWDOOGD\DQGVWD\XSDOOQLJKWLQSUD\HU"µ¶$EGXOODKVDLG´7KDWLVWUXH2
0HVVHQJHURI$OOKµ7KH3URSKHW U WROGKLP´'RQRWGRWKDW)DVWDQGEUHDN\RXUIDVWVOHHSDQGJHW
XS)RU\RXUERG\KDVDULJKWRYHU\RX\RXUH\HVKDYHDULJKWRYHU\RX\RXUZLIHKDVDULJKWRYHU\RX
DQG\RXUYLVLWRUVKDYHDULJKWRYHU\RXµ %XNKU¯ DQG0XVOLP
.KDZODKWKHGDXJKWHURIpDN¯PZKRZDVWKHZLIHRIµ8WKPQLEQ0D]µÔQ W FDPHWRWKHZLYHVRI
WKH 3URSKHW U  ZHDULQJ D WDWWHUHG GUHVV DQG ORRNLQJ XQNHPSW 7KH\ DVNHG KHU ³:KDW LV ZURQJ ZLWK
\RX"´ 6KH WROG WKHP DERXW KHU KXVEDQG ³$W QLJKW KH VWD\V XS LQ SUD\HU DQG GXULQJ WKH GD\ KH IDVWV´
7KH\WROGWKH3URSKHW U ZKDWVKHKDGVDLGVRZKHQKHVDZµ8WKPQLEQ0D]µÔQKHDGPRQLVKHGKLP
DQGVDLG³'R\RXQRWKDYHDQH[DPSOHLQPH"´µ8WKPQVDLG³2IFRXUVHPD\$OOK , FDXVHPHWREH
VDFULILFHG IRU \RX´ /DWHU VKH .KDZODK  FDPH EDFN ZHDULQJ ILQH FORWKHV DQG ZLWK D SOHDVDQW VFHQW
$FFRUGLQJ WR DQRWKHU UHSRUW WKH 3URSKHW U  WROG KLP ³2 µ8WKPQ PRQDVWLFLVP KDV QRW EHHQ
SUHVFULEHGIRUXV'R\RXQRWKDYHDQH[DPSOHLQPH")RUE\$OOK , ,DPWKHRQHRXWRIDOORI\RX
ZKRIHDUV$OOK , WKHPRVWDQGNHHSVPRVWVWULFWO\ZLWKLQ+LVERXQGV´


7KH 3URSKHW U  XVHG WR LQVWLOO WKLV JXLGDQFH LQ KLV &RPSDQLRQV DQG VKRZHG WKHP KRZ WRDFKLHYH
IDLUQHVV DQG EDODQFH EHWZHHQ WKHLU VSLULWXDO OLYHV DQG WKHLU SULYDWH OLYHV ZLWK WKHLU VSRXVHV XQWLO WKLV
IDLUQHVVDQGEDODQFHEHFDPHVHFRQGQDWXUHWRWKHP7KHQWKH\ZRXOGHQFRXUDJHRQHDQRWKHUWRDGKHUHWR
LWDQGZRXOGDSSHDOWRWKH3URSKHW U LIRQHRIWKHLUQXPEHUVRXJKWWRJREH\RQGWKHOLPLWVDQGZDV
EHFRPLQJH[WUHPHLQKLVDVFHWLFLVPVHOIGHQLDODQGZRUVKLS
,PP%XNKU¯ QDUUDWHGWKDW$EÔ -X­D\IDK W VDLG
´7KH 3URSKHW U  HVWDEOLVKHG EURWKHUKRRG EHWZHHQ 6DOPQ DQG $EÔO'DUG· 6DOPQ YLVLWHG $EÔO
'DUG·DQGVDZ8PPDO'DUG·ORRNLQJXQNHPSW+HDVNHGKHU¶:KDWLVWKHPDWWHUZLWK\RX"·6KHVDLG
¶<RXUEURWKHU$EÔO'DUG·KDVQRQHHGRIWKLVZRUOG·$EÔO'DUG·FDPHDQGPDGHVRPHIRRGIRUKLP
DQG WROG KLP¶(DW,DPIDVWLQJ·6DOPQVDLG¶,ZLOOQRWHDWXQWLO\RXHDW·VRKHDWH7KDWQLJKW$EÔO
'DUG·ZDQWHGWRVSHQGWKHQLJKWLQSUD\HUEXW6DOPQWROGKLPWRVOHHSVRKHZHQWWRVOHHS7KHQKH
ZDQWHG WR JHW XS EXW 6DOPQ DJDLQ WROG KLP WR VOHHS ,Q WKH ODVW SDUW RI WKH QLJKW 6DOPQ WROG KLP
¶1RZ JHW XS· 6R WKH\ SUD\HG DQG6DOPQWROGKLP¶<RXU5DEE KDVDULJKWRYHU\RX\RXUVRXOKDVD
ULJKWRYHU\RXDQG\RXUZLIHKDVDULJKWRYHU\RXVRIXOILO\RXUGXW\WRHDFKRQHZKRKDVDULJKWRYHU

6HHDOpLO\DK†DEDTW,EQ6DµGDO.DQ] 

ÎÑÔ 
7KH0XVOLPDQG+LV5HODWLYHV
\RX· $EÔO'DUG· FDPH WR WKH 3URSKHW U  DQG WROG KLP DERXW ZKDW KDG KDSSHQHG DQG WKH
3URSKHW U VDLG¶6DOPQLVULJKW·µ
7KH FRQVFLHQWLRXV 0XVOLP GRHV QRW QHJOHFW WR UHOLHYH WKH WHGLXP RI URXWLQH OLIH ZLWK KLV ZLIH VR KH
VSLFHV WKHLU GDLO\ OLIH ZLWK D OLWWOH JHQWOH KXPRXU DQG SOD\IXOQHVV IURP WLPH WR WLPH ,Q GRLQJ VR KH
IROORZVWKHH[DPSOHRIWKH3URSKHW U ZKRVHZKROHOLIHLVWKHKLJKHVWH[DPSOHIRUXV$OWKRXJKKHZDV
FRQVWDQWO\ EXV\ ZLWK WKH RYHUZKHOPLQJ WDVN RI OD\LQJ WKH IRXQGDWLRQV RI ,VOP EXLOGLQJ WKH 0XVOLP
8PPDK GLUHFWLQJ WKH DUP\ LQ MLKG DQG QXPHURXV RWKHU FRQFHUQV KH GLG QRW OHW WKDW NHHS KLP IURP
EHLQJ DQ LGHDO KXVEDQG WR KLV ZLYHV WUHDWLQJ WKHP LQ WKH EHVW SRVVLEOH ZD\ ZLWK D VPLOLQJ IDFH DQG D
WRXFKRIJHQWOHKXPRXU
$QH[DPSOHLVWKHUHSRUWJLYHQE\µb¶LVKDK W ZKRVDLG
´,FDPHWRWKH3URSKHW U ZLWKVRPH­DU¯UDK DGLVKPDGHZLWKIORXUDQGPLON WKDW,KDGFRRNHGIRU
KLPDQGWROG6DZGDK W z DVWKH3URSKHW U ZDVVLWWLQJEHWZHHQPHDQGKHU ¶(DW·6KHUHIXVHGVR,
VDLG¶(LWKHU\RXHDWRU,ZLOOILOO\RXUIDFH·6KHVWLOOUHIXVHGVR,SXWP\KDQGLQWKH­DU¯UDK DQGGDXEHG
KHUIDFHZLWKLW7KH3URSKHW U ODXJKHGSXWVRPH­DU¯UDK LQKHUKDQGDQGWROGKHU¶'RWKHVDPHWR
KHU·µ ,Q DQRWKHU UHSRUW ´+H ORZHUHG KLV NQHH PRYHG RXW RI WKH ZD\  VR WKDW VKH FRXOG JHW KHU RZQ
EDFN RQ PH WKHQ VKH WRRN VRPH IURP WKH SODWH DQG ZLSHG P\ IDFH ZLWK LW DQG WKH 3URSKHW U 
VPLOHGµ


,V WKLV QRW DQ H[DPSOH RI WROHUDQFH DQG DQ HDV\JRLQJ QDWXUH ZKLFK PDNHV D ZLIH KDSS\ WKURXJK D
KXPRURXVDQGOLJKWKHDUWHGDWWLWXGH"
µb¶LVKDKDOVRUHSRUWHGWKDWRQFHZKHQVKHZHQWRQDMRXUQH\ZLWKWKH3URSKHW U VKHFKDOOHQJHG
KLPWRDUDFHDQGZRQ/DWHUZKHQVKHKDGJDLQHGZHLJKWVKHUDFHGKLPDJDLQEXWWKLVWLPHKHZRQ
DQGWROGKHU³7KLVLVIRUWKDW´


7KH JHQHURXVKHDUWHG 3URSKHW U  ZDV VR NHHQ WR PDNH KLV EHORYHG \RXQJ ZLIHIHHOKDSS\WKDWKH
ZRXOG FDOO KHU WR HQMR\ VRPH LQQRFHQW NLQGV RI HQWHUWDLQPHQW WKDW ZRXOG JODGGHQ KHU KHDUW µb¶LVKDK
UHSRUWVWKDWRQRQHRFFDVLRQ
´7KH3URSKHW U ZDVVLWWLQJDQGKHKHDUGVRPHQRLVHIURPSHRSOHDQGFKLOGUHQRXWVLGH7KHUHZDVD
JURXSRISHRSOHJDWKHUHGDURXQGVRPH$E\VVLQLDQVZKRZHUHGDQFLQJ+HVDLG¶2¶b·LVKDKFRPHDQG
VHH· , SXW P\ FKHHN RQ KLV VKRXOGHU DQG ORRNHG WKURXJK WKH JDS 7KHQ KH VDLG ¶2 ¶b·LVKDK KDYH \RX
KDGHQRXJKKDYH\RXKDGHQRXJK"·,VDLG¶1R·MXVWWRVHHKRZPXFK,PHDQWWRKLPDQG,VDZKLP
VKLIWLQJKLVZHLJKWIURPRQHIRRWWRWKHRWKHUµ LHKHZDVWLUHGEXWKHZDVZLOOLQJWRVWD\DVORQJDVVKH
ZDQWHGWRZDWFKWKHVSHFWDFOH


$O+D\WKDP¯DO0XQWDNKDE .DQ]DOµ8PPO$O+D\WKDP¯ VDLG,WZDVQDUUDWHGE\$EÔ <DµODQGLWV 

QDUUDWRUVDUHWKRVHZKRQDUUDWHGLQÑD­¯­ %XNKU¯ H[FHSWIRU0XKDPPDGLEQµ$PULEQµ$OTDPDKZKRVH­DG¯WKLV­DVDQ
$ÑD­¯­ ­DG¯WKQDUUDWHGE\$­PDGDQG$EÔ 'ZÔG 

5HSRUWHG E\ DO1LV¶¯ YLD <D]¯G LEQ 5XPQ IURP µb¶LVKDK 6HH DOVR GLIIHUHQW UHSRUWV IURP KHU LQ)DW­ DO%U¯ %E DOµ¯GD\Q 

FKDSWHURQWKHWZR(LGV 
7KH,GHDO0XVOLP 
,QDQRWKHUUHSRUWµb¶LVKDKVDLG
´%\$OOK , ,VDZWKH3URSKHW U VWDQGLQJDWWKHGRRURIP\URRPZKHQVRPH$E\VVLQLDQVZHUHSOD\LQJ
ZLWKVSHDUVLQWKHPRVTXH7KH0HVVHQJHURI$OOK U VFUHHQHGPHZLWKKLVFORDNVRWKDW,FRXOGZDWFKWKH
VSHDUSOD\ RYHU KLV VKRXOGHU +H VWD\HG WKHUH IRU P\ VDNH XQWLO , KDG VHHQ HQRXJK 6R SD\ DWWHQWLRQ WR
\RXQJJLUOV·QHHGIRUHQWHUWDLQPHQWµ %XNKU¯ DQG0XVOLP
:KHQKHVHHVWKHH[DPSOHRIWKH3URSKHW¶VNLQGEHKDYLRXUJHQHURVLW\DQGJRRGKXPRXUWRZDUGVKLV
ZLYHVWKHWUXH0XVOLPFDQQRWEXWWUHDWKLVZLIHNLQGO\DQGJHQWO\ZLWKDQHDV\JRLQJDWWLWXGHVRORQJDV
WKLVLVZLWKLQWKHOLPLWVRISHUPLVVLEOHDQGLQQRFHQWHQWHUWDLQPHQW
7KHWUXH0XVOLPGRHVQRWRYHUUHDFWDQGEHFRPHDQJU\IRUWULYLDOUHDVRQVDVPDQ\LJQRUDQWKXVEDQGV
GRFUHDWLQJXSURDULIWKHLUZLYHVRIIHUWKHPIRRGWKDWLVQRWWRWKHLUOLNLQJRUWKHLUPHDOLVDOLWWOHODWHRU
DQ\RIWKHRWKHUUHDVRQVZKLFKRIWHQFDXVHDQLQRUGLQDWHDPRXQWRIDQJHUDUJXPHQWVDQGWURXEOHEHWZHHQ
WKH VSRXVHV 7KH 0XVOLP ZKR LV WUXO\ IROORZLQJ WKH H[DPSOH RI WKH 3URSKHW U  DOZD\V UHPHPEHUV
DVSHFWVRIKLVFKDUDFWHUWKDWUHPLQGKLPWREHJHQHURXVNLQGDQGWROHUDQW6RKHUHPHPEHUVWKDWRQHRI
WKHFKDUDFWHULVWLFVRIWKH3URSKHW U LVWKDW ´KHQHYHUFULWLFL]HGIRRG,IKHOLNHGLWKHDWHLWDQGLIKH
GLGQRWOLNHLWKHVLPSO\OHIWLWµ %XNKU¯ DQG0XVOLP
$QG KH UHPHPEHUV WKDW WKH 3URSKHW U  DVNHG KLV IDPLO\ IRU VRPH VLPSOH IRRG KH FRXOG HDW ZLWK
EUHDG7KH\WROGKLP³:HKDYHQRWKLQJDSDUWIURPYLQHJDU´+HDVNHGWKHPWREULQJLWDQGVDLG ´+RZ
JRRGDVLPSOHIRRGLVYLQHJDUKRZJRRGDVLPSOHIRRGLVYLQHJDUµ 0XVOLP
/HW WKHP OLVWHQ WR WKLV ­DG¯WK WKRVH IRROLVK KXVEDQGV ZKRVH H\HV IODVK ZLWK DQJHU DW WKHLU ZLYHV¶
PLVWDNHV ZKHQ WKHLU IRRG LV D OLWWOH ODWH RU QRW WR WKHLU OLNLQJ 7KHLU SRRU ZLYHV PD\ KDYH JHQXLQH
SUHVVLQJ UHDVRQV IRU PDNLQJ WKHVH PLVWDNHV EXW WKHVH KXVEDQGV EHFRPH DQJU\ ZLWKRXW FDULQJ WR NQRZ
WKRVH UHDVRQV RQ WKH EDVLV RI DQ LQFRUUHFW XQGHUVWDQGLQJ RI WKH SKUDVH ³PHQ DUH TDZZPÔQ RYHU
ZRPHQ´
7KHWUXH0XVOLPKXVEDQGGRHVQRWVWRSDWVKRZLQJNLQGQHVVDQGJHQHURVLW\WRZDUGVKLVZLIHEXWKH
H[WHQGV KLV UHVSHFW DQG NLQGQHVV WRZDUGV KHU GHFHQW IHPDOH  IULHQGV 7KLV LV LQ DFFRUGDQFH ZLWK WKH
SUDFWLFHRIWKH3URSKHW U µb¶LVKDKQDUUDWHG
´$Q ROG ZRPDQ FDPH WR WKH 3URSKHW U  DQG KH VPLOHG DW KHU VKRZHG KHU UHVSHFW DQG DVNHG KHU
¶+RZ DUH \RX" +RZ KDYH \RX EHHQ GRLQJ"· 6KH DQVZHUHG ¶, DP ILQH PD\ P\ IDWKHU DQG PRWKHU EH
VDFULILFHGIRU\RX20HVVHQJHURI$OOK·µ:KHQVKHKDGOHIW¶b·LVKDKVDLG´:K\GLG\RXZHOFRPHWKLV
ROGZRPDQVRZDUPO\LQDZD\WKDW\RXGRQRWZHOFRPHDQ\RQHHOVH"µ7KH3URSKHW U UHSOLHG´6KH
XVHGWRFRPHDQGYLVLWXVZKHQ.KDG¯MDKZDVDOLYH'R\RXQRWNQRZWKDWKRQRXULQJWKHWLHVRIIULHQGVKLS
LVSDUWRI IDLWK"µ


$ ZLIH PD\ EHFRPH DQJU\ IRU DQ\ UHDVRQ DQG NHHS DZD\ IURP KHU KXVEDQG PDNLQJ KLP IHHO KHU
DQJHU,QWKLVFDVHWKH0XVOLPKXVEDQGUHVSRQGVZLWKWROHUDQFHDQGNLQGQHVVEDVHGRQKLVGHHSLQVLJKW
LQWR WKH SV\FKRORJ\ DQG QDWXUH RI ZRPDQ DV WKH 3URSKHW U  XVHG WR WUHDW KLV ZLYHV ZKHQHYHU WKH\
ZHUHDQJU\ZLWKKLPDQGNHSWDZD\IURPKLPDOOGD\XQWLOQLJKWIHOO

5HSRUWHGE\DOpNLPLQDO0XVWDGUDNKHVDLGLWLVÑD­¯­ DFFRUGLQJWRWKHFRQGLWLRQRI%XNKU¯ DQG0XVOLP 

ÎÑÖ 
7KH0XVOLPDQG+LV5HODWLYHV
µ8PDU LEQ DO.KDÓӍE W  VDLG ³:H 4XUD\VK XVHG WR KDYH FRQWURO RYHU RXU ZRPHQ :KHQ ZH
FDPHWR0DG¯QDKZHIRXQGDSHRSOHZKRVHZRPHQKDGFRQWURORYHUWKHPDQGRXUZRPHQEHJDQWROHDUQ
IURP WKHLU ZRPHQ , XVHG WR OLYH LQ DOµ$ZO¯ DPRQJ %DQX 8PD\\DK LEQ =D\G 2QH GD\ P\ ZLIH ZDV
DQJU\ZLWKPHDQGZDVDUJXLQJZLWKPH,GLGQRWOLNHWKLVEXWVKHWROGPHµ'R\RXQRWOLNHPHDUJXLQJ
ZLWK\RX"%\$OOK , WKHZLYHVRIWKH3URSKHW U DUJXHZLWKKLP7KH\JHWDQJU\DQGNHHSDZD\
IURP KLP DOO GD\ XQWLO QLJKW IDOOV¶ 6R , ZHQW WR VHH pDIÑDK DQG DVNHG KHU µ'R \RX DUJXH ZLWK WKH
3URSKHW U "¶ 6KH VDLG µ<HV¶ , DVNHG KHU µ'R \RX JHW DQJU\ DQG NHHS DZD\ IURP KLP DOO GD\ XQWLO
QLJKWIDOOV"¶6KHVDLGµ<HV¶,VDLGµ7KHRQHZKRGRHVWKDWLVGRRPHGWRORVV'R\RXQRWIHDUWKHDQJHU
RI$OOK , RQWKHDFFRXQWRIWKHDQJHURI+LV3URSKHW"6RRQ\RXZLOOEHFRQGHPQHG'RQRWDUJXHZLWK
WKH 0HVVHQJHU RI $OOK DQG GR QRW DVN KLP IRU DQ\WKLQJ $VN PH IRU ZKDWHYHU \RX QHHG¶´ %XNKU¯
0XVOLP DO7LUPLGK¯ DQG DO1LV¶¯  µ8PDU FDPH WR WKH 3URSKHW U  DQG WROG KLP DERXW ZKDW KDG
KDSSHQHGLQKLVKRXVHDQGWKHFRQYHUVDWLRQKHKDGZLWKpDIÑDKDQGWKH3URSKHW U VPLOHG
7KH 0XVOLP VKRXOG GHYHORS WKLV WROHUDQW DWWLWXGH VR WKDW KH ZLOO EH IROORZLQJ WKH H[DPSOH RI WKH
3URSKHW U  LQ KLV EHKDYLRXU DQG GHHGV 7KHQ KH ZLOO EH OLYLQJ SURRI WKDW ,VOP LV WKH UHOLJLRQ RI D
VXSHULRUOLIHVW\OHDQGWKDWWKHPLVHU\GLVLQWHJUDWLRQFRQIXVLRQDQGDQ[LHW\WKDWLQGLYLGXDOVIDPLOLHVDQG
VRFLHWLHV DUH VXIIHULQJ IURP DUH FDXVHG E\ PDQ¶V LJQRUDQFH DQG PLVFRQFHSWLRQV RI WKH QREOH YDOXHV
SURPXOJDWHGE\,VOP7KHVHDUHSUHFLRXVSULQFLSOHVZKLFKLIDGRSWHGE\WKHKXVEDQG ZRXOGSXWDQHQG
WRDUJXPHQWVDQGGLYLVLRQVLQIDPLO\OLIHDQGZRXOGEULQJSHDFHVWDELOLW\KDSSLQHVVDQGVHFXULW\WRWKH
KRPH

2QHRIWKHPRVWVXFFHVVIXOKXVEDQGV
+HQFHWKHVPDUW0XVOLPKXVEDQGLVRQHRIWKHPRVWVXFFHVVIXOKXVEDQGVHYHUDQGWKHPRVW EHORYHGWR
D IDLWKIXO SXUH ULJKWHRXV ZLIH EHFDXVH RI KLV DGKHUHQFH WR WKH JXLGDQFH RI ,VOP +H KDV D GHHS DQG
FRPSDVVLRQDWHXQGHUVWDQGLQJRIKHUQDWXUHDQGSV\FKRORJ\DQGKHGLUHFWVKHUWRZDUGVWKHVWUDLJKWSDWKRI
,VOP ZKLFK LV LQ FRPSOHWH KDUPRQ\ ZLWK WKH WUXH QDWXUH RI PDQNLQG +H UHFRJQL]HV KHU LQFOLQDWLRQV
GHVLUHVDQGPRRGVDQGWULHVWRUHFRQFLOHEHWZHHQWKHPDQGWKHLGHDOOLIHDQGEHKDYLRXUKHZDQWVIRUKHU
ZKLOHQHYHUIRUJHWWLQJIRUDQLQVWDQWWKDWVKHKDVEHHQFUHDWHGIURPDEHQWULEDQG VWUDLJKWHQLQJDEHQWULE
LVLPSRVVLEOH

+HXQGHUVWDQGVKLVZLIHDQGUHVSHFWVKHUIHHOLQJV
7KH WUXH 0XVOLP DOZD\V XQGHUVWDQGV KLV ZLIH DQG UHVSHFWV KHU IHHOLQJV +H GRHV QRW FULWLFL]H KHU
IDPLO\ RU DQ\ RI KHU UHODWLRQV LQ IURQW RI KHU RXW RI UHVSHFW IRU KHU IHHOLQJV ,Q UHWXUQ VKH UHVSHFWV KLV
IHHOLQJVDQGGRHVQRWGRRUVD\DQ\WKLQJWKDWPD\DGYHUVHO\DIIHFWDQ\PHPEHURIKLVIDPLO\
+HGRHVQRWGLVFORVHDQ\VHFUHWWKDWVKHKDVHQWUXVWHGWRKLPRUVSUHDGDQ\VWRU\WKDWVKHKDVWROGKLP
LQ FRQILGHQFH IRU FDUHOHVVQHVV LQ VXFK PDWWHUV DOO WRR RIWHQ H[SORGHV LQWR FRQIOLFW EHWZHHQ WKH VSRXVHV
DQG H[WLQJXLVKHV WKH ORYH EHWZHHQ WKHP 7KH VLQFHUH 0XVOLP KXVEDQG LV SURWHFWHG IURP DOO RI WKDW VR
ORQJDVKHFRQWLQXHVWRIROORZWKHJXLGDQFHRI,VOP
7KH,GHDO0XVOLP 

+HKHOSVKHUWRPDNHXSIRUKHUIDLOLQJVDQGZHDNQHVVHV
7KHVLQFHUH0XVOLPKXVEDQGWULHVWRPDNHXSIRUZKDWKLVZLIHODFNVLIKHIHHOVWKDWVKHLVODFNLQJLQ
NQRZOHGJHRUPDQQHUV+HGRHVWKLVLQWKHJHQWOHVWNLQGHVWDQGPRVWSRVLWLYHPDQQHU,IKHHQFRXQWHUV
GHILDQFHRUZLOIXOGHYLDQFHRQKHUSDUWKHEULQJVKHUEDFNWRWKHVWUDLJKWDQGQDUURZLQDJHQWOHKXPDQH
DQG LQWHOOLJHQW PDQQHU DYRLGLQJ KDUVK FULWLFLVP RU UHEXNLQJ KHU LQ IURQW RI SHRSOH QR PDWWHU ZKDW WKH
UHDVRQ7KHPRVWKXUWIXOWKLQJIRUDZRPDQLVWKDWVRPHRQHVKRXOGKHDUKHUEHLQJUHSULPDQGHGRUZLWQHVV
KHUEHLQJVFROGHG7KHWUXH0XVOLPLVWKHPRVWVHQVLWLYHDQGUHVSHFWIXOWRZDUGVWKHIHHOLQJVRIRWKHUV

+HNQRZVKRZWRVWULNHDEDODQFHEHWZHHQSOHDVLQJKLVZLIHDQGWUHDWLQJKLV
PRWKHUZLWKGXHNLQGQHVVDQGUHVSHFW
7KH VLQFHUH 0XVOLP KXVEDQG GUDZV XSRQ KLV LQWHOOLJHQFH FRPSDVVLRQ DQG VWUHQJWK RI FKDUDFWHU LQ KLV
GHDOLQJV ZLWK ERWK KLV ZLIH DQG KLV PRWKHU LQ VXFK D ZD\ WKDW KH GRHV QRW RIIHQG HLWKHU RI WKHP 6R KH
FDQQRW EH GLVREHGLHQW WRZDUGV KLV PRWKHU RU RSSUHVVLYH WRZDUGV KLV ZLIH 5DWKHU KH UHFRJQL]HV KLV
PRWKHU¶VULJKWVDQGWUHDWVKHULQWKHEHVWSRVVLEOHZD\ZKLOHDOVRUHFRJQL]LQJKLVZLIH¶VULJKWV+HGRHVQRW
GHWUDFWIURPKLVZLIH¶VULJKWVLQWKHFRXUVHRIIXOILOOLQJKLVGXW\WRZDUGVKLVPRWKHUDQGWDNLQJFDUHRIKHU
7KHWUXO\VLQFHUH0XVOLPLVDEOHWRGRWKLVDVORQJDVKHLVWUXO\FRQVFLRXVRI$OOK ,  LHKDVWDTZ 
DQGIROORZVWKHJXLGDQFHDQGWHDFKLQJVRI,VOPZKLFKWUHDWERWKPRWKHUDQGZLIHZLWKIDLUQHVVDQGJLYH
HDFKKHUGXH VWDWXV

+HIXOO\XQGHUVWDQGVKLVUROHDVDSURWHFWRUDQGPDLQWDLQHU TDZZP RIKLVZLIH

:LWKVXFKJRRGDWWLWXGHVDQGJHQWOHWUHDWPHQWWKH0XVOLPKXVEDQGZLQVWKHKHDUWRIKLVZLIHVRVKH
GRHV QRW GLVREH\ KLP LQ DQ\WKLQJ 7KHUHIRUH WKH 0XVOLP PDQ KDV EHHQ JLYHQ WKH SRVLWLRQ RI TDZZP
RYHUZRPHQEHFDXVHRIWKHFKDUDFWHULVWLFVZKLFK,VOPLQVWLOVLQKLPWKHTXDOLILFDWLRQVLWKDVJLYHQKLP
DQGWKHFRQGLWLRQVDQGOLPLWVLWKDVLPSRVHGRQKLP
>0HQDUHWKHSURWHFWRUVDQGPDLQWDLQHUV>TDZZPÔQ@RIZRPHQEHFDXVHRI$OOKKDVJLYHQWKHRQH
PRUH>VWUHQJWK@WKDQWKHRWKHUDQGEHFDXVHWKH\VXSSRUWWKHPIURPWKHLUPHDQV@ 4XU¶Q
7KLV SRVLWLRQ RI TDZZP EULQJV ZLWK LW VRPH LQFRQYHQLHQFHV IRU LW JLYHV PHQ UHVSRQVLELOLWLHV 7KH
PDQLVFRPSOHWHO\UHVSRQVLEOHIRUKLVZLIH
´(DFKRI\RXLVDVKHSKHUGDQGHDFKRI\RXLVUHVSRQVLEOHIRUWKRVHXQGHUKLVFDUH$UXOHULVDVKHSKHUG
DPDQLVWKHVKHSKHUGRIKLVIDPLO\DZRPDQLVWKHVKHSKHUGRIKHUKXVEDQG·VKRXVHDQGFKLOGUHQ)RU
HDFKRI\RXLVDVKHSKHUGDQG HDFKRI\RXLVUHVSRQVLEOHIRUWKRVHXQGHUKLVFDUHµ %XNKU¯ DQG0XVOLP
7KLVUHVSRQVLELOLW\DSSOLHVWRHYHU\LQGLYLGXDOLQDQ,VOPLFVRFLHW\LQZKLFKHYHU\RQHLVUHVSRQVLEOH
LQ RQH ZD\ RU DQRWKHU EHFDXVH DFFRUGLQJ WR ,VOP OLIH LV D VHULRXV PDWWHU QRW VRPHWKLQJ WR EH WDNHQ
ÎÒÎ 
7KH0XVOLPDQG+LV5HODWLYHV
OLJKWO\
-XVWDV,VOPKDVHQMRLQHGJRRGWUHDWPHQWRIZRPDQDQGUDLVHGKHUVWDWXVVRLWKDVDOVRFRPPDQGHG
KHUWRXQGHUVWDQGKHUUROHLQOLIHDQGWRVWD\ZLWKLQWKHOLPLWVRIWKH6KDU¯µDKVRWKDWVKHPD\EHWWHUIXOILO
KHUUROH LQOLIHDVDSDUWQHUWRPDQLQEULQJLQJXSWKHQH[WJHQHUDWLRQDQGPDNLQJOLIHPRUHSOHDVDQWDQG
HQMR\DEOH
6LPLODUO\MXVWDV,VOPKDVUHTXLUHGPDQWRWUHDWKLVZLIHNLQGO\DQGWDNHFDUHRIKHUSURSHUO\VRLWKDV
FRPPDQGHGWKHZLIHWRREH\KLPZLWKLQWKHOLPLWVRISHUPLVVLELOLW\IDLUQHVVDQGMXVWLFH7KLVREHGLHQFH
LVPRVWVWURQJO\HPSKDVL]HGDVLVLOOXVWUDWHGE\WKHZRUGVRIWKH3URSKHW U 
´,I,ZHUHWRRUGHUDQ\RQHWRSURVWUDWHWRDQ\RQHHOVH,ZRXOGKDYHRUGHUHGWKHZRPDQWRSURVWUDWHWR
KHUKXVEDQGµ


,QGHHGKHVDLGWKDWWKHKXVEDQG¶VVDWLVIDFWLRQZLWKKHUZRXOGEHDFDXVHRIKHUHQWHULQJ3DUDGLVH
´$Q\ZRPDQZKRGLHVDQGKHUKXVEDQGLVSOHDVHGZLWKKHUZLOOHQWHU3DUDGLVHµ %XNKU¯ DQG0XVOLP
+H DVVXUHG WKH GHILDQW UHEHOOLRXV ZRPDQ WKDW WKH DQJHOV ZRXOG KHDS FXUVHV XSRQ KHU XQWLO VKH JRHV
EDFNWRKHUKXVEDQG
´,I D ZRPDQVWD\VDZD\IURPKHUKXVEDQG·VEHGWKHDQJHOVZLOOFXUVHKHUXQWLOPRUQLQJµ %XNKU¯ DQG
0XVOLP
7KHFRQFHUQRI,VOPWRDIILUPPDQ¶VSRVLWLRQRITDZZP RYHUZRPHQDQGUHLQIRUFHKHUREOLJDWLRQWR
REH\DQGSOHDVHKLPJRHVDVIDUDVIRUELGGLQJKHUWRIDVWDWWLPHVRWKHUWKDQ5DPDŸQRUWRUHFHLYHDQ\
JXHVWVZLWKRXWKLVSHUPLVVLRQ
´7KH ZRPDQ LV QRW SHUPLWWHG WR IDVW ZKHQ KHU KXVEDQG LV SUHVHQW ZLWKRXW KLV SHUPLVVLRQ RU WR LQYLWH
DQ\RQHLQWRKLVKRXVHZLWKRXWKLVSHUPLVVLRQµ %XNKU¯ DQG0XVOLP
,VOPJDYHWKHKXVEDQGWKLVULJKWWREHTDZZP RYHUKLVZLIHVRWKDWKHZLOOEHDUHDOPDQNQRZLQJ
KRZWRVWHHUWKHVKLSRIIDPLO\OLIHWRZDUGVWKHVKRUHRIVDIHW\DQGJXLGDQFH,VOPZDUQVDOOPHQDJDLQVW
WKH WULDO DQG WHPSWDWLRQ ILWQDK  RI ZRPHQ ZKLFK PD\ PDNH WKHP KHHGOHVV DQG ZHDN DQG OHVVHQ WKHLU
UHOLJLRXVFRPPLWPHQWVRWKDWWKH\WXUQDEOLQGH\HWRWKHZD\ZDUGQHVVDQGXQ,VOPLFEHKDYLRXURIWKHLU
ZLYHV,QVXFKDFDVHDKXVEDQGKDVQRVD\KLVZLIHLVFRQWUROOLQJHYHU\WKLQJLQWKHKRPHVRWKDWKHGDUH
QRW GLVREH\ KHU RU DQVZHU KHU EDFN RU UHIXVH DQ\ RI KHU ZKLPV 7KH 3URSKHW U ZDVULJKWZKHQKH
VDLGWKDWWKLVLVWKHPRVWGDPDJLQJRIWULDOVDQGWHPSWDWLRQVWKDWDPDQFDQEHIDFHGZLWK

´7KHUH ZLOO EH QR ILWQDK DIWHU P\ GHDWK WKDW LV ZRUVH IRU PHQ WKDQ WKH ILWQDK RI ZRPHQµ %XNKU¯ DQG
0XVOLP
7KH0XVOLPKXVEDQGLVDPDQZKRLVQRWZHDNLQGHDOLQJZLWKWKHWULDORIKDYLQJDZD\ZDUGZLIH
QRPDWWHUKRZGLIILFXOWWKDWILWQDK LV+HJHQWO\PDNHVLWFOHDUWRKHUWKDWQRPDWWHUKRZPXFKKHORYHV

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 

7KH,GHDO0XVOLP 
KHUKHORYHV$OOK , DQGWKH3URSKHWPRUHDQGKLVGHVLUHWRSOHDVH$OOK , LVVWURQJHUWKDQKLV
IHHOLQJVIRUKHU
>6D\ ,I LW EH WKDW \RXU IDWKHUV \RXU VRQV \RXU EURWKHUV \RXU PDWHV RU\RXUNLQGUHGWKHZHDOWK
WKDW \RX KDYH JDLQHG WKH FRPPHUFH LQ ZKLFK \RX IHDU D GHFOLQH RU WKH GZHOOLQJV LQ ZKLFK \RX
GHOLJKW³ DUHGHDUHUWR\RXWKDQ$OOKRU+LV0HVVHQJHURUWKHVWULYLQJLQ+LVFDXVHz WKHQZDLW
XQWLO$OOKEULQJVDERXW+LV'HFLVLRQDQG$OOKJXLGHVQRWWKHUHEHOOLRXV@ 4XU¶Q
,Q WKLV ZD\ WKH IHPDOH ZD\ZDUGQHVV ZKLFK ZH VHH LQ PDQ\ VRFDOOHG 0XVOLP KRPHV ZLOO EH GRQH
DZD\ ZLWK 7KH PDQ ZKR VHHV KLV ZLIH GDXJKWHUV DQG VLVWHUV JRLQJ RXW LQ WKH VWUHHW ZLWK PDNHXS
XQFRYHUHGKHDGVDQGEDUHDUPVFORWKHGEXWVHHPLQJQDNHGDQGGRHVQRWKLQJWRVWRSWKLVGLVREHGLHQFHRI
,VOPKDVVXUHO\ORVWKLVPDQKRRGDEDQGRQHG,VOPDQGHDUQHGWKHZUDWKRI$OOK , 7KHUHLVQRZD\
RXWRIKLVSUHGLFDPHQWEXWVLQFHUHUHSHQWDQFHZKLFKZLOOZDNHKLPXSUHVWRUHKLVPDQKRRGDQGVHWKLP
EDFNRQWKHVWUDLJKWSDWK
,VOPKDVVHWRXWVWDQGDUGVIRUZRPHQDQGKDVGHILQHGWKHNLQGRIFORWKLQJVKHVKRXOGZHDUZKHQVKH
JRHVRXWLQWKHVWUHHWRUDSSHDUVLQIURPRIPHQZKRDUHQRWPD­UDP7KLVW\SHRIFORWKLQJLVNQRZQDV
­LME 7KH 0XVOLP ZRPDQ ZKR KDV EHHQ QXUWXUHG LQ SXUH ,VOP DQG KDV JURZQ XS LQ LWV SURWHFWLYH
DWPRVSKHUHDFFHSWVWKLV­LME ZLOOLQJO\DQGZLWKDGHHSVHQVHRIFRQYLFWLRQNQRZLQJWKDWLWLVIURP$OOK
, DQGWKDWLWLVQRWD W\UDQQ\GHVLJQHGE\PHQWRVDWLVI\WKHLUHJRWLVWLFDOGHVLUHVWRFRQWUROZRPHQRUD
FXVWRP LQYHQWHG GXULQJ WKH GHFDGHQW 8PDZ¯ 8PD\\DG  SHULRG DV LV FODLPHG E\ WKRVH ZRUWKOHVV IRROV
ZKRKDYHQRVRXQGSURRIIURPWKH4XU¶QZKDWVRHYHU
,QDUHSRUWQDUUDWHG E\%XNKU¯µb¶LVKDKVDLG³0D\$OOKKDYHPHUF\RQWKHHDUO\PXKMLUZRPHQ
:KHQ$OOK , UHYHDOHG>WKH\VKRXOGGUDZWKHLUYHLOVRYHUWKHLUERVRPV@ 4XU¶Q WKH\
WRUHWKHLUDSURQVDQGFRYHUHGWKHLUKHDGVDQGIDFHVZLWKWKHP´,QDQRWKHU UHSRUWDOVRJLYHQE\%XNKU¯
VKHVDLG³7KH\FXWWKHLUZDLVWVKHHWVDWWKHHGJHVDQGFRYHUHGWKHLUKHDGVDQGIDFHVZLWKWKHFXWSLHFHV´
6DIL\\DKELQW6KD\EDKVDLG
´:KLOHZHZHUHZLWK¶b·LVKDKZHPHQWLRQHGWKHZRPHQRI4XUD\VKDQGKRZJRRGWKH\ZHUH¶b·LVKDK
VDLG¶7KHZRPHQRI4XUD\VKDUHJRRGEXWE\$OOK , ,KDYHQHYHUVHHQDQ\EHWWHUWKDQWKHZRPHQRI
WKH$QэURUDQ\PRUHFRQYLQFHGRIWKH%RRNRI$OOK , RUZLWKDGHHSHUIDLWKLQWKH5HYHODWLRQ:KHQ
6ÔUDWDO1ÔU ZDVUHYHDOHGz >«WKH\VKRXOG GUDZWKHLUYHLOVRYHUWKHLUERVRPV@ z WKHPHQWXUQHG
WRWKHLUZLYHVGDXJKWHUVVLVWHUVDQGRWKHUIHPDOHUHODWLYHVDQGUHFLWHGWKHVHZRUGVWRWKHP1RWRQHRI
WKHPIDLOHGWRWDNHKHUGHFRUDWHGZUDSSHUDQGZUDSLWDURXQGKHUKHDGDQGIDFHLQDFFHSWDQFH RI
DQG EHOLHI LQ ZKDW $OOK ,  KDG UHYHDOHG 7KH QH[W PRUQLQJ WKH\ ZHUH EHKLQG WKH 0HVVHQJHU RI $OOK
U ZUDSSHGXSLQWKHLUYHLOVORRNLQJDVLIWKH\KDGEODFNFURZVRQWKHLUKHDGV·µ


0DQ\$OOK , KDYHPHUF\RQWKHZRPHQRIWKH$QэUKRZVWURQJZDVWKHLUIDLWKKRZVLQFHUHZDV
WKHLU,VOPDQGKRZEHDXWLIXOZDVWKHLUUHVSRQVHWRWKH7UXWKZKHQLWZDVUHYHDOHG(YHU\ZRPDQZKR
WUXO\ EHOLHYHVLQ$OOK , DQG+LV0HVVHQJHUFDQQRWGRRWKHUWKDQWRDGKHUHWRWKHGLVWLQFWLYH,VOPLF
GUHVVUHJDUGOHVVRIZKDWHYHUQDNHGQHVVDQGWDEDUUXM ZDQWRQGLVSOD\ VXUURXQGVKHU,UHPHPEHUDYHLOHG

6HH)DW­ DO%U¯FRPPHQWDU\RQÑD­¯­ %XNKU¯ 

ÎÒÐ 
7KH0XVOLPDQG+LV5HODWLYHV
0XVOLPVWXGHQWDWWKH8QLYHUVLW\RI'DPDVFXVZKRVHDWWLWXGHZDVQROHVVFRPPHQGDEOHWKDQWKDWRI
WKHZRPHQRIWKH$QэUZKHQDYLVLWLQJMRXUQDOLVWDVNHGKHUDERXWKHU­LME DQGZK\VKHZDVSXWWLQJXS
ZLWKLWLQWKHKHDWRIVXPPHUVKHTXRWHG>«6D\¶7KH)LUHRI+HOOLVILHUFHULQKHDW«·@ 4XU¶Q
,WLVSXUHVLQFHUH0XVOLPJLUOVOLNHWKLVZKRZLOOHVWDEOLVK0XVOLPIDPLOLHVUDLVHWKHQH[WJHQHUDWLRQ
LQ D VRXQG ZD\ DQG ILOO VRFLHW\ ZLWK VWURQJ SURGXFWLYH PHQ 1RZDGD\V WKHUH DUH PDQ\ VXFK JLUOV DO
­DPGXOLOODK
7KH VLQFHUH 0XVOLP LV UHVSRQVLEOH IRU KLV ZRPHQIRON¶V DGKHUHQFH WR WKH,VOPLFWHDFKLQJVUHJDUGLQJ
KHUJRLQJRXWDQGWKH­LME ZKLFKLVWKHEDGJHRIWKH0XVOLP ZRPDQ7KHGD\ZKHQDKXVEDQGOHWVKLV
ZLIHRUKLVHQYLURQPHQWWDNHRYHUDQGGLVSHQVHVZLWKWKLV,VOPLFUXOLQJZLWKRXWEHLQJDEOHWRVWDQGXSWR
WKHPLVWKHGD\KHVD\VJRRGE\HWRERWKKLVUHOLJLRQDQGKLVPDQKRRG
7KH KXVEDQG¶V UHVSRQVLELOLW\ IRU KLV ZLIH GRHV QRW VWRS ZLWK KHU RXWZDUG DSSHDUDQFH EXW DOVR
LQFOXGHVKHUZRUVKLSDQGFRQGXFW+HLVUHVSRQVLEOHIRUKHULIVKHRPLWVVRPHDFWRIZRUVKLSRULIVKH
QHJOHFWVRUGHOLEHUDWHO\LJQRUHVKHUGXWLHVWRZDUGV$OOK , +HLVUHVSRQVLEOHIRUKHUJRRGEHKDYLRXU
DQGFRPSOHWLRQRIKHUGXWLHV$Q\VKRUWFRPLQJVRQKHUSDUWZLOOGHWUDFWIURPKHUKXVEDQG¶VPDQKRRG
GLPLQLVKKLV,VOPDQGGDPDJHWKHUROHRITDZZP ZLWKZKLFK$OOK , KDVKRQRXUHGKLP
,VOP FRQVLGHUV ZRPHQ WR EH D WUXVW ZKLFK KDV EHHQ JLYHQ WR PHQ IRU VDIHNHHSLQJ $V WKH ZLIH LV
XVXDOO\ LQIOXHQFHG E\KHUKXVEDQGKHPD\WDNHKHUZLWKKLPWR3DUDGLVHRUOHDGKHUWR+HOO7KHUHIRUH
$OOK , RUGHUHGWKHEHOLHYLQJPHQWRSURWHFWERWKWKHPVHOYHVDQGWKHLUIDPLOLHVIURPWKH)LUHDQGJDYH
D WHUULI\LQJ SLFWXUH RI WKH DZIXO IDWH WKDW DZDLWV WKHP LI WKH\ QHJOHFW WKHLU UHVSRQVLELOLWLHV WRZDUGV WKHLU
ZLYHVDQGIDPLOLHVDQGIDLOWRFRPSHOWKHPWRDGKHUHWRWKHWUXWK
>2\RXZKREHOLHYH6DYH\RXUVHOYHVDQG\RXUIDPLOLHVIURPD)LUHZKRVHIXHOLV0HQDQG6WRQHV
RYHU ZKLFK DUH >DSSRLQWHG@ DQJHOV VWHUQ >DQG@ VHYHUH ZKR IOLQFK QRW >IURP H[HFXWLQJ@ WKH
&RPPDQGVWKH\UHFHLYHIURP$OOKEXWGR>SUHFLVHO\@ZKDWWKH\DUHFRPPDQGHG@ 4XU¶Q
7KH UROH RI TDZZP RYHU ZRPHQ ZKLFK ,VOP JLYHV WR PHQ FDQQRW WUXO\ EH IXOILOOHG XQOHVV WKH
KXVEDQGLVDVXFFHVVIXOOHDGHURIKLVIDPLO\7KH0XVOLPKXVEDQGGRHVQRWDVVHUWKLVPDQKRRGWKURXJK
URXJKQHVV FUXHOW\ YLROHQFH DQG KDUVK ZRUGV 7KLV LV WKH PDQKRRG RI LJQRUDQFH MKLOL\\DK  ,VOPLF
PDQKRRGLVVRPHWKLQJHOVHDOWRJHWKHU7KH,VOPLFLGHDORIPDQKRRGLVDVWURQJDQGOLNHDEOHSHUVRQDOLW\
DQREOHDWWLWXGHWROHUDQFHDQGIRUJLYHQHVVRIPLQRUPLVWDNHVVWURQJDGKHUHQFHWRWKHODZVRI$OOK , 
DQGGHWHUPLQDWLRQWRDSSO\WKHPWRHYHU\PHPEHURIKLVIDPLO\EULOOLDQWOHDGHUVKLSLQJXLGLQJKLVIDPLO\
WRWKHWUXWKJHQHURVLW\ZLWKRXWEHLQJH[WUDYDJDQWDWKRURXJKXQGHUVWDQGLQJRIKLVUHVSRQVLELOLWLHVLQWKLV
ZRUOGDQGWKHQH[WDQGDFOHDULGHDRIWKHLGHDO0XVOLPKRPH7KHVHDUHWKHFKDUDFWHULVWLFVRIWKHWUXH
0XVOLPDV,VOPZDQWVKLPWREH
7KH,GHDO0XVOLP 

&KDSWHU

7KH0XVOLPDQG+LV&KLOGUHQ

,QWURGXFWLRQ
&KLOGUHQ DUH WKH DSSOH RI D PDQ¶V H\H WKH VRXUFH RI JUHDW MR\ DQG FRPSDQLRQVKLS 7KH\ PDNH OLIH
VZHHW DQG DIWHU $OOK ,  WKH\ DUH WKH RQHV RQ ZKRP KH SLQV KLV KRSHV 7KHLU EOHVVLQJ EULQJV UL]T
PHUF\DQGDQDEXQGDQFHRIUHZDUG
%XW WKLV GHSHQGV RQ WKH FKLOGUHQ KDYLQJ D JRRG VROLG XSEULQJLQJ ZKLFK ZLOO PDNH WKHP UHVSHFWIXO
NLQGDQGDVRXUFHRIKDSSLQHVV,IDPDQ¶VFKLOGUHQKDYHWKHVHJRRGDWWULEXWHVWKHQWKH\ZLOOWUXO\EHMR\V
RIWKLVOLIHDV$OOK , GHVFULEHGWKHPLQWKH4XU¶Q
>:HDOWKDQGVRQVDUHDOOXUHPHQWV>MR\V@RIWKHOLIHRIWKLVZRUOG@ 4XU¶Q
)RU WKLV UHDVRQ WKH 3URSKHW U XVHGWRSUD\IRUWKRVHZKRPKHORYHGWKDW$OOK , ZRXOGJUDQW
WKHPZHDOWKDQGFKLOGUHQLQDEXQGDQFH$QDV W UHSRUWHGWKDWKHHQWHUHGXSRQWKH3URSKHW U ZLWK
KLV PRWKHU DQG PDWHUQDO DXQW 7KH 3URSKHW U  OHG WKHP LQ SUD\HU WKHQ KH SUD\HG PDGH GXµ¶  IRU
WKHP 8PP $QDV VDLG ³2 0HVVHQJHU RI $OOK \RXU OLWWOH VHUYDQW SUD\IRUKLP´6RWKH3URSKHW U 
SUD\HG IRU KLP DQG DW WKH HQG RI KLV GXµ¶ VDLG ´2 $OOK ,  JUDQW KLP ZHDOWK DQG FKLOGUHQ LQ
DEXQGDQFHDQGEOHVVKLPµ %XNKU¯ DQG0XVOLP
%XWLIWKHSDUHQWVQHJOHFWWKHLUFKLOGUHQ¶VXSEULQJLQJWKHUHVXOWVZLOOEHGLVDVWURXV7KHLUFKLOGUHQZLOO
EHDVRXUFHRIDQQR\DQFHIUXVWUDWLRQDQGFRQVWDQWFRQFHUQQRWWRPHQWLRQQLJKWVRIORVWVOHHSDQGGD\VRI
ZRUU\

+HXQGHUVWDQGVKLVJUHDWUHVSRQVLELOLW\WRZDUGVKLVFKLOGUHQ
7KH WUXH 0XVOLP XQGHUVWDQGV KLV JUHDW UHVSRQVLELOLW\ WRZDUGV WKH FKLOGUHQ KH KDV EURXJKW LQWR WKLV
ZRUOGDVWKH4XU¶QWHOOVKLP
>2\RXZKREHOLHYH6DYH\RXUVHOYHVDQG\RXUIDPLO\IURPD)LUHZKRVHIXHOLV0HQDQG6WRQHV@
4XU¶Q
+HDOVRDSSUHFLDWHVWKHUHVSRQVLELOLW\WKDWWKH3URSKHW U KDVSODFHGXSRQKLP
´(DFK RI \RX LV DVKHSKHUGDQGHDFKRI\RXLVUHVSRQVLEOHIRUKLVIORFN7KHOHDGHULVDVKHSKHUGDQGLV
UHVSRQVLEOHIRUKLVIORFNDPDQLVWKHVKHSKHUGRIKLVIDPLO\DQGLVUHVSRQVLEOHIRUKLVIORFNDZRPDQLVWKH
VKHSKHUGLQWKHKRXVHRIKHUKXVEDQGDQGLVUHVSRQVLEOHIRUKHUIORFNWKHVHUYDQWLVWKHVKHSKHUGRIKLV
PDVWHU·V ZHDOWK DQG LV UHVSRQVLEOH IRU LW (DFK RI \RX LV D VKHSKHUG DQG LV UHVSRQVLEOH IRU KLV IORFNµ
ÎÒÒ 
7KH0XVOLPDQG+LV5HODWLYHV
%XNKU¯ DQG0XVOLP
,VOP KDV SODFHG D EXUGHQ RI UHVSRQVLELOLW\ RQ WKH VKRXOGHUV RI DOO SHRSOH IURP ZKLFK QRQH PD\ EH
H[FXVHG $ERYH DOO SDUHQWV DUH UHVSRQVLEOH IRU SURYLGLQJ WKHLU FKLOGUHQ ZLWK D VRXQG ,VOPLF HGXFDWLRQ
DQG XSEULQJLQJ EDVHG RQ WKH QREOH FKDUDFWHULVWLFV ZKLFK WKH 3URSKHW U PHQWLRQHGWKDWKHKDG EHHQ
VHQWWRFRPSOHWHDQGVSUHDGDPRQJSHRSOH
´,KDYHRQO\EHHQVHQWWRPDNHULJKWHRXVEHKDYLRXUFRPSOHWHµ


7KHUH LV QR JUHDWHU SURRI RI WKH JUDYLW\ RI SDUHQWV¶ UHVSRQVLELOLW\ WR EULQJ WKHLU FKLOGUHQ XS WR REH\
$OOK , DQG+LV0HVVHQJHUWKDQWKHYHUGLFWRIWKHµXODP¶ WKDWHYHU\IDPLO\VKRXOGKHHGWKHZRUGVRI
WKH3URSKHW U 
´,QVWUXFW\RXUFKLOGUHQWRSUD\ZKHQWKH\DUHVHYHQ\HDUVRIDJHDQGKLWWKHPLIWKH\GRQRWSUD\ZKHQ
WKH\DUHWHQµ


(YHU\ IDPLO\ ZKLFK LV DZDUH RI WKLV ­DG¯WK EXW WKH SDUHQWV GR QRW WHDFK WKHLU FKLOGUHQ WR SUD\ ZKHQ
WKH\UHDFKVHYHQRUKLWWKHPLIWKH\GRQRWGRVRZKHQWKH\UHDFKWHQLVDIDPLO\WKDWLVIDLOLQJLQLWVGXW\
DQGQHJOHFWLQJLWVFKLOGUHQ7KHVHSDUHQWVDUHVLQQHUVZKRDUHUHVSRQVLEOHEHIRUH$OOK , IRUWKLVIDLOXUH
DQGQHJOHFW
7KH KRPH LV WKH ILUVW HQYLURQPHQW LQ ZKLFK WKHVH OLWWOH RQHV JURZ LW LV WKH PLOLHX LQ ZKLFK WKHLU
LQFOLQDWLRQV DWWLWXGHV DQG SHUVRQDOLWLHV DUH IRUPHG 7KLV H[SODLQV WKH LPSRUWDQFH RI WKH SDUHQWV¶ UROH LQ
QXUWXULQJWKHLU\RXQJRQHVDQG SD\LQJHTXDODWWHQWLRQWRWKHLUSK\VLFDOPHQWDODQGVSLULWXDOZHOOEHLQJ

+HXVHVWKHEHVWPHWKRGVLQEULQJLQJWKHPXS
7KH WUXH 0XVOLP SDUHQW ² ZKHWKHU IDWKHU RU PRWKHU ² XQGHUVWDQGV WKH SV\FKRORJ\ RI KLV RU KHU
FKLOGUHQDQGNQRZVKRZWRGHDOZLWKWKHP XVLQJWKHEHVWDQGPRVWHIIHFWLYHPHWKRGVRISDUHQWLQJDQG
XSEULQJLQJ +H HQGHDUV KLPVHOI WR WKHP LQ DOO NLQGV RI ZD\VDQGJHWVFORVHWRWKHPDFFRUGLQJWRWKHLU
DJHDQGPHQWDOOHYHOVVRKHSOD\VZLWKWKHPSUDLVHVWKHPMRNHVZLWKWKHPDQGWHOOVWKHPZRUGVRIORYH
DQGFDUHZKLFKPDNHWKHPKDSS\7KHQWKH\ZLOOORYHKLPDQGDFFHSWKLVGLUHFWLRQHDJHUO\:KHQWKH\
REH\KLPLWZLOOEHIURPWKHKHDUWIRUWKHUHLVDJUHDWGLIIHUHQFHEHWZHHQWKHREHGLHQFHZKLFKLVEDVHG
RQ ORYH UHVSHFW DQG WUXVW DQG WKDW ZKLFK LV EDVHG RQ YLROHQFH DQG FUXHOW\ 7KH IRUPHU LV ODVWLQJ
REHGLHQFHZKLOHWKHODWWHULVVKDOORZDQGEDVHOHVVDQGZLOOTXLFNO\YDQLVKZKHQWKHYLROHQFHDQGFUXHOW\
UHDFKH[WUHPHOHYHOV
6RPHSHRSOHWKLQNWKDWLIWKHIDWKHUFRPHVGRZQWRKLVFKLOGUHQ¶VOHYHODQGLQWHUDFWVFORVHO\ZLWKWKHP
WKLVZLOOGLPLQLVKKLVSDWHUQDOVWDWXVLQWKHLUH\HVDQGXQGHUPLQHKLVSDUHQWLQJHIIRUWV1RWKLQJFRXOGEH
IXUWKHUIURPWKHWUXWKIRUWKLVNLQGRIDSSURDFKLVWKHPRVWHIILFLHQWPHWKRGRIUDLVLQJFKLOGUHQSURSHUO\ 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG,PP0OLNLQDO0XZDWW¶ DQG,PP$­PDGLQDO0XVQDG
5HSRUWHGE\$­PDG$EÔ 'ZÔGDQGDOpNLP,WVLVQG LV­DVDQ 

7KH,GHDO0XVOLP 
DQG LV SURPRWHG E\ PRGHUQ H[SHUWV ,W LV DOVR WKH PHWKRG SURPRWHG E\ WKH 3URSKHW U  ILIWHHQ
KXQGUHG\HDUVDJRDQGFOHDUO\GHPRQVWUDWHGE\KLPLQZRUGDQGGHHG
7KH 3URSKHW U  XVHG WR OLQH XS µ$EGXOODK µ8ED\GXOODK DQG .XWKD\\LU WKH VRQV RIDOµ$EEV W 
DQGVD\³:KRHYHUUHDFKHVPHILUVW,ZLOOJLYHKLPVXFKDQGVXFK´6RWKH\ZRXOGUDFHWRZDUGVKLPDQG
MXPSRQKLVEDFNDQGFKHVWNLVVLQJKLP


%XNKU¯ LQ DO$GDE DO0XIUDG DQG DO†DEDUQ¯ UHSRUWHG IURP $EÔ +XUD\UDK WKDW WKH 3URSKHW U 
WRRNWKHKDQG RIDOpDVDQ W RUDOpXVD\Q W WKHQSXWKLVIHHWRQKLVIRRWDQGVDLG³&OLPEXS´
7KHUHLVQRFOHDUHUGHPRQVWUDWLRQRIWKHVSLULWRIWKHJUHDWHGXFDWRUWKDQLQWKHZD\KHFDUULHGDOpDVDQ
W  DQG DOpXVD\Q W  DQG WUHDWHG WKHP ZLWK ORYH DQG FDUH WKXV VHWWLQJ DQ H[DPSOH IRU IDWKHUV DQG
JUDQGIDWKHUV HYHU\ZKHUH QR PDWWHU KRZ JUHDW WKHLU VWDWXV DQG LQIOXHQFH WR WUHDW WKHVH WHQGHU \RXQJ
VKRRWVLQWKHPRVWJHQWOHDQGFDULQJZD\7KLVPD\EHVHHQLQWKH­DG¯WKQDUUDWHGE\$­PDGDQGDO1LV¶¯
IURP6KDGGG
´7KH 3URSKHW U  ZHQW RXW FDUU\LQJ DOpDVDQ RU DOpXVD\Q DQG ZKHQ KH FDPH IRUZDUG WR OHDG WKH
SUD\HU KH SXW WKH FKLOG GRZQ DQG FRPPHQFHG WKH SUD\HU +H SURVWUDWHG KLPVHOI DQG VWD\HG LQ WKDW
SRVLWLRQIRUDORQJWLPH,UDLVHGP\KHDGDQGVDZWKHFKLOGRQKLVEDFNVR,UHWXUQHGWRP\SURVWUDWLRQ
:KHQ KH KDG ILQLVKHG SUD\LQJ WKH SHRSOH VDLG ¶2 0HVVHQJHU RI $OOK \RX SURVWUDWHG IRU VXFK D ORQJ
WLPH· +H VDLG ¶0\ FKLOG ZDV ULGLQJ RQ P\ EDFN DQG , GLG QRW OLNH WR GLVWXUE KLP XQWLO KH KDG KDG
HQRXJK·µ


7KH 0XVOLP VKRXOG EH LQ WKH KDELW RI EHLQJ LQYROYHG ZLWK KLV FKLOGUHQ WUHDWLQJ WKHP ZLWK ORYH DQG
NLQGQHVVDQGMRNLQJZLWKWKHPDVPXFKDVKHFDQZKHQHYHUKHILQGVWKHRSSRUWXQLW\VRWKDWWKHLUKHDUWV
ZLOOEHILOOHGZLWKKDSSLQHVV

+HGHPRQVWUDWHVKLVORYHDQGDIIHFWLRQIRUWKHP
2QHRIKLVSULPDU\SDWHUQDOGXWLHVLVWRGHPRQVWUDWHKLVORYHPHUF\DQGDIIHFWLRQWRZDUGVKLVFKLOGUHQ
VRWKDWWKH\ZLOOJURZXSFRQILGHQWSRVLWLYHRSWLPLVWLFDQGZLWKKLJKOHYHOVRIVHOIHVWHHP
&RPSDVVLRQLVDEDVLF,VOPLFFKDUDFWHULVWLFDQGZDVRQHRIWKHPRVWSURPLQHQWFKDUDFWHULVWLFVRIWKH
3URSKHW U DV$QDV W WROGXV
´,QHYHUVDZDQ\RQHZKRZDVPRUHFRPSDVVLRQDWHWRZDUGVFKLOGUHQWKDQWKH0HVVHQJHURI$OOK U 
+LVVRQ,EUK¯PZDVLQWKHFDUHRIDZHWQXUVHLQWKHKLOOVDURXQG0DG¯QDK+HZRXOGJRWKHUHDQGZH
ZRXOG JR ZLWK KLP DQG KH ZRXOG HQWHU WKH KRXVH SLFN XS KLV VRQ DQG NLVV KLP WKHQ FRPH EDFNµ
0XVOLP

5HSRUWHGE\$­PDG$OpIL]VDLGLQDO7DKGK¯E  WKDWLWVLVQG LVPXUVDOMD\\LG 

5HSRUWHGE\$­PDGDQGDO1LV¶¯ ZLWKD ÑD­¯­ LVQG 

ÎÒÔ 
7KH0XVOLPDQG+LV5HODWLYHV
7KH3URSKHW¶VPHUF\DQGORYHWRZDUGVWKH0XVOLPFKLOGUHQLQFOXGHGOLWWOHRQHVDWSOD\$QDV W 
UHSRUWVWKDWZKHQHYHUWKH3URSKHW U SDVVHGE\DJURXSRIER\VKHZRXOGVPLOHIRQGO\DQGJUHHWWKHP
%XNKU¯ DQG0XVOLP
$QH[DPSOHRIKLVHQGXULQJHGXFDWLRQDOZLVGRPLVWKHDGYLFH
´+H LV QRW RQH RI XV ZKR GRHV QRW VKRZ FRPSDVVLRQ WR RXU OLWWOH RQHV DQG UHFRJQL]H WKH ULJKWV RI RXU
HOGHUVµ
$EÔ +XUD\UDK W VDLG
´7KH 3URSKHW U  NLVVHG DOpDVDQ LEQ ¶$O¯ DQGDO$TUD¶LEQpELVVDLG¶,KDYHWHQFKLOGUHQDQG,KDYH
QHYHU NLVVHG DQ\ RI WKHP· 7KH 3URSKHW U  VDLG ¶+H ZKR GRHV QRW VKRZ PHUF\ ZLOO QRW EH VKRZQ
PHUF\·µ %XNKU¯ DQG0XVOLP
7KH3URSKHW U WKLVJUHDWHGXFDWRUDOZD\VVRXJKWWRLQVWLOOWKHTXDOLW\RIPHUF\DQGFRPSDVVLRQLQ
SHRSOH¶VKHDUWVDQGWRDZDNHQWKHLUSRWHQWLDOIRUORYHDQGDIIHFWLRQZKLFKDUHWKHPRVWEDVLFRIKXPDQ
FKDUDFWHULVWLFV
2QH GD\ D %HGRXLQ FDPH DQG DVNHG WKH 3URSKHW U  ³'R \RX NLVV \RXU VRQV" :H GR QRW´ 7KH
3URSKHW U VDLG ´:KDW FDQ , GR IRU \RXLI$OOK , KDVUHPRYHGPHUF\IURP\RXUKHDUW"µ %XNKU¯
DQG0XVOLP
µb¶LVKDK W UHSRUWV
´:KHQHYHU )ÓLPDK FDPH LQWR WKH URRP WKH 3URSKHW U  ZRXOG VWDQG XS ZHOFRPH KHU NLVV KHU DQG
RIIHU KHU KLV VHDW DQG ZKHQHYHU KH FDPH LQWRWKHURRPVKHZRXOGVWDQGXSWDNHKLVKDQGZHOFRPH
KLPNLVVKLPDQGRIIHUKLPKHUVHDW:KHQVKHFDPHWRVHHKLPGXULQJKLVILQDOLOOQHVVKHZHOFRPHGKHU
DQGNLVVHGKHUµ %XNKU¯ DQG0XVOLP
,QWKHOLJKWRIWKLVJXLGDQFHWKHWUXH0XVOLPFDQQRWEHVWHUQWRZDUGVKLVFKLOGUHQDQGWUHDWWKHPLQD
URXJK RU PHDQ IDVKLRQ HYHQ LI LW LV KLV QDWXUH WR EH JULP DQG UHVHUYHG EHFDXVH WKLV UHOLJLRQ ZLWK LWV
HQOLJKWHQPHQWDQGJXLGDQFHVRIWHQVKHDUWVDQGDZDNHQVIHHOLQJVRIORYHDQGDIIHFWLRQ6RFKLOGUHQDUHD
SDUWRIXVJRLQJIRUWKLQWRWKHZRUOGDVWKHSRHWVDLG
´2XUFKLOGUHQDUHRXUKHDUWVZDONLQJDPRQJXVRQWKHIDFHRIWKHHDUWKLIHYHQD OLWWOHEUHH]HWRXFKHV

WKHPZHFDQQRWVOHHSIRUZRUU\LQJDERXWWKHPµ
3DUHQWVVKRXOGEHILOOHGZLWKORYHDIIHFWLRQDQGFDUHDQGZLOOLQJWRPDNHVDFULILFHVDQGGRWKHLUEHVW
IRUWKHLUFKLOGUHQ

5HSRUWHGE\$­PDGDQGDOpNLP,WVLVQG LVÑD­¯­ 

7KHVHOLQHVE\WKHSRHW+LWWQDO0XµDOO¯ DUHWREHIRXQGLQ6KDU­ DOpDPVDK E\ DO7DEU¯]¯ 

7KH,GHDO0XVOLP 
+HVSHQGVRQWKHPZLOOLQJO\DQGJHQHURXVO\
,VOPGRHVQRWUHO\RQO\RQWKHSDUHQWV¶QDWXUDOLQVWLQFWVWRFDUHIRUWKHLUFKLOGUHQEHFDXVHVRPHWLPHV
SDUHQWV PD\ EH UHOXFWDQW WR JLYH XS VRPH RI OLIH¶V SOHDVXUHV IRU WKH VDNH RI WKHLU FKLOGUHQ RU HOVH KDUG
WLPHV DQG SRYHUW\ PD\ FDXVH SDUHQWV WR FRPSODLQ DERXW WKH KHDY\ EXUGHQ RI H[SHQVHV 6R ,VOP
UHLQIRUFHVWKHSDUHQWV¶QDWXUDOLQVWLQFWVWRFDUHIRUWKHLUFKLOGUHQE\SURPLVLQJWKHPDJUHDWUHZDUGZKLFK
HQFRXUDJHVWKHPWRPDNHVDFULILFHVDQGKHOSVWKHPWREHDUWKHLUSRYHUW\
8PP6DODPDKVDLG
´, VDLG ¶2 0HVVHQJHU RI $OOK ZLOO , EH UHZDUGHG IRU ZKDW , VSHQG RQ WKH FKLOGUHQ RI 6DODPDK" , DP QRW
JRLQJWRDEDQGRQWKHPLQDQ\FDVHIRUWKH\DUHP\FKLOGUHQWRR·+HVDLG¶<HV\RXZLOOEHUHZDUGHGIRU
ZKDW\RXVSHQGRQWKHP·µ %XNKU¯ DQG0XVOLP
$EÔ 0DVµÔGDO%DGU¯ W VDLG
´7KH3URSKHW U VDLG¶:KHQDPDQVSHQGVRQKLVIDPLO\ZLWKWKHLQWHQWLRQRISOHDVLQJ$OOK , WKHQLWZLOO
EHFRXQWHGDVÑDGDTDK FKDULW\ RQKLVSDUW·µ %XNKU¯ DQG0XVOLP
,VOPFRQVLGHUVVSHQGLQJRQRQH¶VZLIHDQGFKLOGUHQWREHRQHRIWKHEHVWNLQGVRIVSHQGLQJRQHRIWKH
GHHGVZKLFKZLOOEULQJWKHJUHDWHVWUHZDUGV7KLVLVERUQHRXWE\WKH­DG¯WKZKLFK0XVOLPUHSRUWHGIURP
$EÔ +XUD\UDK W ZKRVDLG
´7KH 3URSKHW U VDLG ¶0RQH\ \RX VSHQG IRU WKH VDNH RI $OOK ,  PRQH\ \RX VSHQG WR IUHH D VODYH
PRQH\\RXJLYHLQFKDULW\WRWKHSRRUDQGPRQH\\RXVSHQGRQ\RXUIDPLO\7KHJUHDWHVWLQUHZDUGRI
DOORIWKHVHLVVSHQGLQJRQ\RXUIDPLO\µ %XNKU¯ DQG0XVOLP
,QDQRWKHUUHSRUWQDUUDWHGE\0XVOLPWKH3URSKHW U VDLG
´7KHEHVWPRQH\DPDQFDQVSHQGLVPRQH\KHVSHQGVRQKLVFKLOGUHQPRQH\KHVSHQGVRQKLVPRXQW
IRUWKHSXUSRVHRIMLKGDQGPRQH\KHVSHQGVRQKLVIULHQGVIRUWKHVDNHRI$OOK , µ
7KH WUXH 0XVOLP LV KDSS\ WR VSHQG RQ KLV IDPLO\ EHFDXVH KH LV FHUWDLQ WKDW ZKDWHYHU KH VSHQGV RQ
WKHPDQGRWKHUVZLWKWKHLQWHQWLRQRISOHDVLQJ$OOK , ZLOOEULQJKLPUHZDUGHYHQWKHPRUVHORIIRRG
ZKLFK KH PD\ UDLVH WR KLV ZLIH¶V PRXWK LQ D OLJKWKHDUWHG JHVWXUH RI DIIHFWLRQ 7KLV LV FOHDU IURP WKH
­DG¯WKQDUUDWHGE\6DµGLEQ$E¯ :DTTÑ W WKDWWKH3URSKHW U WROGKLP
´<RXZLOOQHYHUVSHQGDQ\WKLQJIRUWKHVDNHRI$OOK , ZLWKRXWWKHUHEHLQJDUHZDUGIRULWHYHQWKHIRRG
ZKLFK\RXSXWLQ\RXUZLIH·VPRXWKµ %XNKU¯ DQG0XVOLP
7KHWUXH0XVOLPFDQQRWDEDQGRQKLVFKLOGUHQDQGOHDYHWKHPLQSRYHUW\DQGPLVHU\ZKHQKHKHDUVWKH
ZRUGVRIWKH3URSKHW U WKUHDWHQLQJPHQZKRQHJOHFWWKHLUUHVSRQVLELOLWLHVWRZDUGVWKHLUIDPLOLHVDQG
ZDUQLQJWKHPRIWKHZRUVWSXQLVKPHQWDQGWRUPHQWLQWKH+HUHDIWHU
´,WLVVLQHQRXJKIRUDPDQWRIRUVDNHWKRVHZKRDUHXQGHUKLVFDUHµ 0XVOLP$EÔ 'ZÔGHWDO

ÎÒÖ 
7KH0XVOLPDQG+LV5HODWLYHV
+HGRHVQRWGLVFULPLQDWHEHWZHHQVRQVDQGGDXJKWHUVLQKLVDIIHFWLRQDQG
VSHQGLQJ
6RPHSHRSOHDUHGLVDSSRLQWHGWRKDYHGDXJKWHUVDQGZLVKWKDW$OOK , KDGJLYHQWKHPRQO\VRQV
7KH\ GR QRW NQRZ RI WKH JUHDW UHZDUGZKLFK$OOK , KDVSURPLVHGWRWKHIDWKHUZKRKDVEHHQJLYHQ
GDXJKWHUV DQG DFFHSWV WKHP WDNHV FDUH RI WKHP JLYHV WKHP D JRRG XSEULQJLQJ DQG VKRZHUV ORYH DQG
DIIHFWLRQXSRQWKHP,IWKH\NQHZWKHUHZDUGWKDWDZDLWVWKHFDULQJPHUFLIXOIDWKHURIJLUOVWKH\ZRXOG
IHHOMHDORXVRIKLPDQGZRXOGZDQWWKDWIRUWKHPVHOYHVWRR
7KH3URSKHW U VDLG
´:KRHYHUKDVWKUHHGDXJKWHUVDQGLVSDWLHQWZLWKWKHPJLYHVWKHPIRRGDQGGULQNDQGFORWKHVWKHP
IURPKLVHDUQLQJVWKH\ZLOO EHIRUKLPDVKLHOGDJDLQVWWKH)LUHRIWKH'D\RI5HVXUUHFWLRQµ


,QDQRWKHUUHSRUWKH U VDLG
´:KRHYHU KDV WKUHH GDXJKWHUV DQG VKHOWHUV WKHP SURYLGHV ZKDW WKH\ QHHG DQG VKRZV FRPSDVVLRQ
WRZDUGVWKHPZLOOFHUWDLQO\GHVHUYH3DUDGLVHµ$PDQDPRQJWKHSHRSOHDVNHG´$QGLIWKH\DUHWZR2
0HVVHQJHURI$OOK"µ$QGKHVDLG´<HVHYHQLIWKH\DUHWZRµ
+RZFRXOGDQ\PDQUHVHQWEULQJLQJXSGDXJKWHUVDQGVSHQGLQJRQWKHPZKHQKHKHDUVRIWKHUHZDUGV
DQGEOHVVLQJVWKDW$OOK , KDVSURPLVHGKLP"
,VOP WKLV SUDFWLFDO UHOLJLRQ ZKLFK UHFRJQL]HV WKH UHDOLWLHV RI SHRSOH¶V OLYHV LQ DOO WLPHV DQG SODFHV
UHFRJQL]HVWKHIDFWWKDWDGDXJKWHUPD\JHWGLYRUFHGDQGUHWXUQWRKHUIDWKHU¶VKRXVHDQGWKDWKHUIDWKHU
PD\EHLQVWUDLWHQHGFLUFXPVWDQFHVZLWKDORZLQFRPH RUPDQ\RWKHUFKLOGUHQWRFDUHIRUVRLWRIIHUVKLP
WKHFRPIRUWWKDWZLOOVRRWKHKLVWURXEOHGVSLULWDQGHDVHKLVVWUHVV,VOPWHOOVWKLVIDWKHUWKDWZKDWHYHUKH
VSHQGVRQKLVGDXJKWHUZKRKDVFRPHKRPHWRKLPLVRQHRIWKHJUHDWHVWDFWVRIFKDULW\DQG RQHRIWKH
GHHGVWKDWZLOOEULQJKLPFORVHVWWR$OOK , 
7KH 3URSKHW U  VDLG WR 6XUTDK LEQ -XµVKDP ³6KDOO , QRW WHOO \RX DERXW WKH JUHDWHVW IRUP RI
FKDULW\"´+HVDLG³2IFRXUVH20HVVHQJHURI$OOK´+HVDLG ´<RXUGDXJKWHUZKRKDVFRPHEDFNWR
\RXDQGKDVQRRWKHUEUHDGZLQQHUµ


:KDWFRPSDULVRQFDQWKHUHEHEHWZHHQWKHJUHDWDIIHFWLRQDQGORYHZLWKZKLFKFKLOGUHQLQWKH0XVOLP
ZRUOGDUHQXUWXUHGDQGWKHKDUVKOLIHVXIIHUHGE\FKLOGUHQLQWKH:HVWZKHUHZKHQDFKLOGER\RUJLUO
ZKRKDVEDUHO\UHDFKHGWKHDJHRIHLJKWHHQOHDYHVWKHIDPLO\KRPHWRIDFHWKHVWDUNUHDOLWLHVRIOLIHDQG
WRVWUXJJOHWRHDUQDOLYLQJEHIRUHKHLVUHDG\WRRUEHIRUHKHKDVKDGHQRXJKORYHDQGVXSSRUWIURPKLV
IDPLO\"7KHUHLVDKXJHGLIIHUHQFHEHWZHHQWKHODZVRI$OOK , ZKLFKEULQJKDSSLQHVVWRPDQNLQGDQG
WKHLQDGHTXDWHODZVRIPDQZKLFKRQO\FDXVHVXIIHULQJ1RWVXUSULVLQJO\LQZHVWHUQFRXQWULHVDVDUHVXOW
RIWKHVHPDWHULDOLVWLFODZVWKHUHDUHDUPLHVRISURPLVFXRXV\RXQJPHQDQGKRUGHVRIXQIRUWXQDWH\RXQJ
XQPDUULHGPRWKHUVDQGWKHLUQXPEHUVDUHLQFUHDVLQJGDLO\

1DUUDWHGE\$­PDGLQDO0XVQDGZLWKDÑD­¯­ LVQG 

5HSRUWHGE\%XNKU¯ LQDO$GDE DO0XIUDG 

7KH,GHDO0XVOLP 
+HLVDOHUWWRHYHU\WKLQJWKDWPD\KDYHDQLQIOXHQFHRQWKHP
7KHVPDUW0XVOLPIDWKHUNHHSVKLVH\HVRSHQDVIDUDVKLVFKLOGUHQDUHFRQFHUQHG+HNQRZVZKDWWKH\
DUHUHDGLQJDQGZULWLQJWKHKREELHV WKH\KDYHFKRVHQRUZKLFKKHPD\KDYHHQFRXUDJHGWKHPWRIROORZ
ZLWKRXWWKHPUHDOL]LQJLWWKHIULHQGVZLWKZKRPWKH\VSHQGPRVWRIWKHLUWLPHDQGWKHSODFHVWKH\JRLQ
WKHLU VSDUH WLPH +H NQRZV DOO RI WKLV ZLWKRXW KLV FKLOGUHQ IHHOLQJ WKDW KH LV ZDWFKLQJ WKHP ,I KH ILQGV
DQ\WKLQJ REMHFWLRQDEOH LQ WKHLU UHDGLQJPDWHULDO RU KREELHV RU ILQGV WKDW WKH\ DUH KDQJLQJ DURXQG ZLWK
XQGHVLUDEOHIULHQGVRUJRLQJWRXQVXLWDEOHSODFHVRUWDNLQJXSEDGKDELWVOLNHVPRNLQJRUZDVWLQJWLPH
DQG HQHUJ\ RQ ­DUP JDPHV WKDW PDNH WKHP DFFXVWRPHG WR WULYLDOLWLHV DQG LGOH SXUVXLWV KH SXWV WKHP
VWUDLJKWLQDJHQWOHDQGZLVHPDQQHUDQGSHUVXDGHVWKHPWRUHWXUQWRWKHVWUDLJKWDQGQDUURZ
(YHU\QHZEDE\LVERUQLQDVWDWHRIILÓUDK WKHQDWXUDOVWDWHRIPDQ DQGLWLVSDUHQWVZKRPDNHKLPD
-HZRUD&KULVWLDQRUD0DJLDQDVLVPHQWLRQHGLQWKHÑD­¯­ ­DG¯WKQDUUDWHGE\%XNKU¯+HQFHWKHSDUHQWV¶
UHVSRQVLELOLW\UHJDUGLQJWKHXSEULQJLQJRIWKHFKLOGDQGWKHIRUPDWLRQRIKLVSHUVRQDOLW\LVFOHDU
7KH ERRNV ZKLFK FKLOGUHQ VSHQG WLPH UHDGLQJ VKRXOG EH EURDGHQLQJ WKHLU PLQGV EXLOGLQJ WKHLU
SHUVRQDOLWLHVDQGRIIHULQJWKHPJRRGH[DPSOHVWKH\VKRXOGQRWEHFRUUXSWLQJWKHPDQGH[WLQJXLVKLQJWKH
IODPHRIJRRGQHVVLQWKHLUKHDUWV
+REELHV VKRXOG QXUWXUH WKH SRVLWLYH DVSHFWV RI WKH FKLOGUHQ DQG LQVWLOO LQ WKHP JRRG WDVWH QRW
HQFRXUDJH WKHP WR IROORZ IDOVHKRRG 7KHLU IULHQGV VKRXOG EH RI WKH W\SH ZKR ZLOO NHHS WKHP RQ WKH
6WUDLJKW 3DWK DQG OHDG WKHP WR 3DUDGLVH QRW WKRVH ZKR ZLOO FRUUXSW WKHP DQG OHDG WKHP WR +HOO +RZ
PDQ\SHRSOHKDYHEHHQEURXJKWWRWKHVOLSSHU\VORSHRIGHVWUXFWLRQDQGSHUGLWLRQE\WKHLUIULHQGVZKHQ
WKHLUIDWKHUVZHUHXQDZDUHRIZKDWZDVKDSSHQLQJWRWKHLURZQFKLOGUHQ+RZZLVHDUHWKHZRUGVRIWKH
SRHWµ$GL\\LEQ=D\GDOµ$EG¯ FRQFHUQLQJIULHQGV
´,I\RXDUHDPRQJSHRSOHWKHQPDNHIULHQGVZLWKWKHEHVWRIWKHP
'RQRWPDNHIULHQGVZLWKWKHZRUVWRIWKHPOHVW\RXEHFRPHDVEDGDVKHLV
'RQRWDVNDERXWWKHPDQEXWDVNDERXWKLVIULHQGIRUHYHU\SHUVRQLVLQIOXHQFHGE\KLVIULHQGVµ


7KHWUXH0XVOLPIDWKHU WDNHVQRWLFHRIKLVFKLOGUHQ¶VERRNVPDJD]LQHVKREELHVVFKRROWHDFKHUVFOXEV
PHGLDLQWHUHVWVDQGHYHU\WKLQJWKDWPD\KDYHDQLPSDFWRQWKHLUSHUVRQDOLWLHVPLQGVVRXOVDQGIDLWK+H
VKRXOG LQWHUYHQH ZKHQ QHFHVVDU\ HLWKHU WR HQFRXUDJH RU WRSXWD VWRSWRVRPHWKLQJVRWKDWWKHFKLOGUHQ¶V
XSEULQJLQJZLOOQRWEHDIIHFWHGE\FRUUXSWLRQRUVLFNQHVV
+HQFHZHFDQH[SODLQWKHVXFFHVVRIVRPHIDPLOLHVLQUDLVLQJWKHLUFKLOGUHQDQGWKHIDLOXUHRIRWKHUV
7KHIRUPHUIHHOUHVSRQVLEOHWRZDUGVWKHLUFKLOGUHQDQGWDNHFDUHRIWKHPSURSHUO\VRWKHFKLOGUHQEHFRPH
JRRGIRUWKHIDPLO\DQGWKHFRPPXQLW\DWODUJHWKHODWWHUGRQRWIHHOWKLVUHVSRQVLELOLW\VRWKH\QHJOHFW
WKHLU FKLOGUHQ DQG WKH FKLOGUHQ EHFRPH EDG IRU WKHLU IDPLO\ DQG WKH FRPPXQLW\ DW ODUJH D VRXUFH RI
GLVWUHVVLQWKHLUOLIHDQGDIWHUGHDWK$OOK , KDVVSRNHQWKHWUXWK

>   7UXO\ DPRQJ \RXU ZLYHV DQG \RXU FKLOGUHQ DUH >VRPH WKDW DUH@ HQHPLHV WR \RXUVHOYHV VR
EHZDUHRIWKHP@ 4XU¶Q

'¯ZQµ$GL\\S 

ÎÓÎ 
7KH0XVOLPDQG+LV5HODWLYHV
&KLOGUHQ ZRXOG QRW KDYH WXUQHG DJDLQVW WKHLU SDUHQWV LI WKHLU SDUHQWV KDG NHSW WR WKH ULJKW SDWK
UHFRJQL]HGWKHLUUHVSRQVLELOLWLHVWRZDUGVWKHLUFKLOGUHQDQGGRQHWKHLUGXW\DVWKH\VKRXOG

+HHTXDOO\WUHDWVDOOKLVFKLOGUHQ
2QHRIWKHHOHPHQWVRIZLVHXSEULQJLQJLVIRUWKHSDUHQWVWRWUHDWDOO WKHLUFKLOGUHQHTXDOO\DQGQRWWR
IDYRXURQHRIWKHPRYHUWKHRWKHUVLQDQ\ZD\7KHFKLOGZKRIHHOVWKDWKHLVWUHDWHGIDLUO\DQGWKDWKHDQG
KLVEURWKHUVDUHHTXDOZLOOJURZXSZLWKDKHDOWK\VHOIHVWHHPIUHHIURPIHHOLQJVRILQIHULRULW\KHZLOO
QRW KDWH KLV EURWKHU RU HDW KLV KHDUW RXW ZLWK MHDORXV\ EXW ZLOO EH FRQWHQW WROHUDQW NLQG DQG FDULQJ
WRZDUGVRWKHUV7KLVLVZKDW,VOPHQFRXUDJHVDQGRUGHUVSDUHQWVWRGR
%XNKU¯ DQG0XVOLPQDUUDWHGIURPDO1XµPQLEQ%DVK¯U W 
´0\IDWKHUEURXJKWPHWRWKH3URSKHW U DQGVDLG¶,KDYHJLYHQWKLVVRQRIPLQHDVODYH,KDYH·7KH
3URSKHW U DVNHGKLP¶+DYH\RXJLYHQHDFKRI\RXUFKLOGUHQWKHVDPH"·+HVDLG¶1R·VRWKH3URSKHW
U WROGKLP¶7KHQWDNHWKHVODYHEDFN·µ
$FFRUGLQJWRDQRWKHUUHSRUW1XµPQVDLG
´7KH3URSKHW U DVNHG¶+DYH\RXGRQHWKHVDPHIRUDOO\RXUFKLOGUHQ"· 0\IDWKHU VDLG¶1R·VRWKH
3URSKHW U VDLG¶)HDU$OOK , DQGWUHDWDOORI\RXUFKLOGUHQHTXDOO\·6RP\IDWKHUZHQWDQGWRRNEDFN
KLVJLIWµ
$FFRUGLQJWRDWKLUGUHSRUW
´7KH 3URSKHW U  DVNHG ¶2 %LVKU GR \RX KDYH DQ\ RWKHU FKLOGUHQ"· +H VDLG ¶<HV· 7KH 3URSKHW U 
DVNHG¶:LOO\RXJLYHDVLPLODUJLIWWRHDFKRIWKHP"·+HVDLG¶1R·6RWKH3URSKHW U VDLG¶'RQRWDVN
PHWRZLWQHVVWKLVEHFDXVH,GRQRWZDQW WRZLWQHVVXQIDLUQHVV·7KHQKHDGGHG¶:RXOG\RXQRWOLNHDOO
RI \RXU FKLOGUHQ WR WUHDW \RX ZLWK HTXDO UHVSHFW"· >%LVKU@ VDLG ¶2I FRXUVH· 7KH 3URSKHW U  WROG KLP
¶6RGRQRWGRLW·µ %XNKU¯ DQG0XVOLP
7KHUHIRUH WKH 0XVOLP ZKR IHDUV $OOK ,  WUHDWV DOO KLV FKLOGUHQ ZLWK HTXDO IDLUQHVV DQG GRHV QRW
IDYRXURQHDERYHWKHRWKHULQJLYLQJJLIWVVSHQGLQJPRQH\RQKLPRULQWKHZD\KHWUHDWVKLP6RDOORI
WKHPZLOOSUD\IRUKLPORYHKLPDQGWUHDWKLPZLWKNLQGQHVVDQGUHVSHFW

+HLQVWLOOVJRRGEHKDYLRXUDQGDWWLWXGHVLQWKHP
:KHQFKLOGUHQ¶VKHDUWVDUHWKXVILOOHGZLWKFRQWHQWPHQWDQGJRRGQHVVWKHIDWKHUFDQWKHQUDLVHWKHP
XS WR WKH OHYHO RI KLJK PRUDOV DQG QREOH KXPDQ YLUWXHV 6R KH LQVWLOOV LQ WKHP JRRG PDQQHUV VXFK DV
FDULQJIRURWKHUVKHOSLQJWKH ZHDNEHLQJNLQGWRUHODWLYHVUHVSHFWLQJHOGHUVEHLQJPHUFLIXOWRWKH\RXQJ
FKHHUIXOO\ GRLQJ JRRG DQG VWULYLQJ WR VSUHDG MXVWLFH DPRQJSHRSOH$SHUVRQFDQQRWJLYHWKDWZKLFKKH
7KH,GHDO0XVOLP 
GRHVQRWKDYH7KHPDQZDVULJKWZKRVDLG³5LJKWHRXVQHVVFRPHVIURP$OOK , DQGJRRGPDQQHUV
FRPHIURPSDUHQWV´


7KH VPDUW 0XVOLP IDWKHU XQGHUVWDQGV KLV FKLOGUHQ¶V SV\FKRORJ\ DQG NQRZV KRZ WR LQVWLOO ZLVGRP DQG
JRRG DWWLWXGHV LQ WKHP XVLQJ WKH EHVW PHWKRGV RI SDUHQWLQJ LQ RUGHU WR GR VR VXFK DV VHWWLQJ D JRRG
H[DPSOH FRPLQJ GRZQ WR WKHLU OHYHO WUHDWLQJ WKHP ZHOO DQG FKHHUIXOO\ VKRZLQJ PHUF\ KXPLOLW\ ORYH
LQWHUHVWHQFRXUDJHPHQWIDLUQHVVDGYLFHFRUUHFWLRQDQGJXLGDQFH+HLVOHQLHQWWRZDUGVWKHPZLWKRXWEHLQJ
ZHDNDQGLVVWULFWZLWKRXWEHLQJFUXHO7KXVWKHFKLOGUHQZLOOJURZXSLQDQDWPRVSKHUHRIFDUHFRPSDVVLRQ
DQG DIIHFWLRQ WKDW FDQ RQO\ SURGXFH FDULQJ NLQG OR\DO DQG ULJKWHRXV FKLOGUHQ ZKRVH SHUVRQDOLWLHV DUH
VWURQJZKRDUHZLOOLQJWRJLYHDQGWRVKRXOGHUWKHLUUHVSRQVLELOLWLHV7KLVLVWKHQRUPIRUIDPLOLHVZKRUDLVH
WKHLUFKLOGUHQRQ,VOPLFSULQFLSOHVDQGWKHWHDFKLQJVRIWKH4XU¶Q
>>:HWDNHRXU@FRORXUIURP$OOKDQGZKRLVEHWWHUWKDQ$OOKDWFRORXULQJ"@ 4XU¶Q
² 3LFNWKDOO¶VWUDQVODWLRQ

%XNKU¯DO$GDEDO0XIUDG 

ÎÓÐ 
7KH0XVOLPDQG+LV5HODWLYHV
7KH,GHDO0XVOLP 
&KDSWHU

7KH0XVOLP DQG+LV5HODWLYHV

$U­
­P 
$ 0XVOLP¶V NLQGQHVV UHVSHFW DQG JRRG WUHDWPHQW DUH QRW OLPLWHG MXVW WR KLV SDUHQWV VSRXVH DQG
FKLOGUHQ EXW H[WHQG WR KLV UHODWLYHV DOO RI ZKRP KH VKRXOG WUHDW ZHOO ,Q WKH 4XU¶Q WKH ZRUG XVHG LV
DU­P OLWHUDOO\ ³ZRPEV´  ZKLFK UHIHUV WR UHODWLYHV WR ZKRP D SHUVRQ LV OLQNHG E\ WLHV RI ZRPE DQG
EORRGZKHWKHUWKH\DUHKLVKHLUVRUQRW

,VOPLFYLHZRINLQVKLSWLHV

,VOPKDVUHFRJQL]HGWKHWLHVRINLQVKLSLQDZD\WKDWLVXQSDUDOOHOHGLQRWKHUUHOLJLRQVRU³LVPV´LW
HQMRLQV0XVOLPVWRXSKROGWKHWLHVRINLQVKLSDQGFRQGHPQVWKHRQHZKREUHDNVWKLVWLH
7KHUHLVQRJUHDWHUSURRIRIWKHHPSKDVLVSODFHGE\,VOPRQWKHWLHVRINLQVKLSWKDQWKHYLYLGSLFWXUH
SDLQWHGE\WKH3URSKHW U ZKRGHVFULEHGNLQVKLS UD­P DVVWDQGLQJLQWKHYDVWDUHQDRIFUHDWLRQDQG
VHHNLQJUHIXJHZLWK$OOK , IURPEHLQJFXWRII$OOK , DQVZHUVLWVSUD\HUWDNLQJFDUHRIWKRVHZKR
PDLQWDLQWKHWLHVRINLQVKLSDQGFXWWLQJRIIWKRVHZKRFXWRIIWKHVHWLHV7KLVLVVHHQLQWKHÑD­¯­ ­DG¯WK
QDUUDWHG E\$EÔ +XUD\UDK W ZKRVDLG
´7KH3URSKHW U VDLG¶$OOK , FUHDWHGWKHXQLYHUVHDQGZKHQ+HKDGILQLVKHGNLQVKLS UD­P VWRRG
XSDQGVDLG´7KLVLVWKHVWDQGLQJXSRIRQHZKRVHHNV<RXUSURWHFWLRQIURPEHLQJFXWRIIµ$OOK , VDLG
´<HVZRXOGLWSOHDVH\RXLI,ZHUHWRWDNHFDUHRIWKRVHZKRWDNHFDUHRI\RXDQGFXWRIIWKRVHZKRFXW
\RXRII"µ,WVDLG´2IFRXUVHµ$OOK , VDLG´7KHQ\RXUSUD\HULVJUDQWHGµ·µ7KHQWKH3URSKHW U VDLG
´5HFLWHLI\RXZLVK >¶7KHQLVLWWREHH[SHFWHGRI\RXLI\RXZHUHSXWLQDXWKRULW\WKDW\RXZLOOGR
PLVFKLHILQWKHODQGDQGEUHDN\RXUWLHVRINLWKDQGNLQ"6XFKDUHWKHPHQZKRP$OOKKDVFXUVHG
IRU+HKDVPDGHWKHPGHDIDQGEOLQGHGWKHLUVLJKW·@ 4XU¶Q ´DQGWKHpDG¯WKLVQDUUDWHG
E\ %XNKU¯ DQG0XVOLP
0DQ\ \W RI WKH 4XU¶Q UHLWHUDWH DQG DIILUP WKH SRVLWLRQ RI DU­P LQ ,VOP HQFRXUDJLQJ SHRSOH WR
XSKROGWKHWLHVRINLQVKLSDQGLQVWLOOLQJDVWURQJVHQVHRIWKHLPSRUWDQFHRIUHFRJQL]LQJNLQVKLSULJKWVDQG
DYRLGLQJQHJOHFWRIWKRVHULJKWVDQGZDUQLQJDJDLQVWDEXVHRIWKHP2QHRIWKHVH\W LV
>«)HDU $OOK WKURXJK :KRP \RX GHPDQG \RXU PXWXDO >ULJKWV@ DQG >UHYHUHQFH@ WKH ZRPEV >WKDW
ERUH\RX@«@ 4XU¶Q
7KLV\DK FRPPDQGVPDQWRIHDU$OOK , ILUVWDQGIRUHPRVWWKHQSODFHVUHVSHFWIRUDU­P VHFRQGWR

ÎÓÒ 
7KH0XVOLPDQG+LV5HODWLYHV
WKDWRIWDTZ LQRUGHUWRHPSKDVL]HLWVLPSRUWDQFH
)RUWKHWUXH0XVOLPWKHIDFWWKDWUD­P LVRIWHQPHQWLRQHGLQFRQMXQFWLRQZLWKEHOLHILQ$OOK , DQG
JRRGWUHDWPHQWRISDUHQWVLVHQRXJKWRFRQILUPLWVVWDWXVDQGLPSRUWDQFH
><RXU 5DEE KDV GHFUHHG WKDW \RX ZRUVKLS QRQH EXW +LP DQG WKDW \RX EH NLQG WR SDUHQWV«@
4XU¶Q
>$QG UHQGHU WR WKH NLQGUHG WKHLU GXH ULJKWV DV >DOVR@ WR WKRVH LQ ZDQW DQG WR WKH ZD\IDUHU EXW
VTXDQGHUQRW>\RXUZHDOWK@LQWKHPDQQHURIDVSHQGWKULIW@ 4XU¶Q
>:RUVKLS$OOKDQGMRLQQRWDQ\SDUWQHUVZLWK+LPDQGGRJRRG³ WRSDUHQWVNLQVIRONRUSKDQV
WKRVH LQ QHHG QHLJKERXUV ZKR DUH QHDU QHLJKERXUV ZKR DUH VWUDQJHUV WKH &RPSDQLRQ E\ \RXU
VLGHWKHZD\IDUHU>\RXPHHW@«@ 4XU¶Q
+HQFH NLQG WUHDWPHQW RI UHODWLYHV FRPHV RQH GHJUHH EHORZ NLQG WUHDWPHQW RI SDUHQWV RQ WKH VFDOH RI
KXPDQUHODWLRQVKLSVDVGHILQHGE\WKH4XU¶QIURPWKHUHNLQGQHVVDQGUHVSHFWH[WHQGVWRHQFRPSDVVDOO
WKRVH QHHG\ PHPEHUV RI WKH JUHDWHU KXPDQ IDPLO\ 7KLV VXLWV KXPDQ QDWXUH ZKLFK LV PRUH LQFOLQHG WR
VWDUWZLWKNLQGWUHDWPHQWRIWKRVHZKRDUHFORVHULWLVDOVRLQKDUPRQ\ZLWKWKHRYHUDOO,VOPLFV\VWHPRI
VRFLDORUJDQL]DWLRQDQGPXWXDOUHVSRQVLELOLW\ZKLFKVWDUWVZLWKWKHIDPLO\WKHQLVUHDGLO\H[WHQGHGILUVWWR
UHODWLYHVDQGWKHQWRVRFLHW\DWODUJHLQDVSLULWRIPHUF\DQGIULHQGVKLSZKLFKPDNHVOLIHPRUHSOHDVDQW
DQGEHDXWLIXOIRUPDQNLQG
8SKROGLQJWKHWLHVRINLQVKLSLVRQHRIWKHPDMRUSULQFLSOHVRI,VOPRQHRIWKHIXQGDPHQWDOVWKDWWKLV
UHOLJLRQ KDVSURPRWHGIURPWKHILUVWGD\WKH3URSKHW U EHJDQWRSUHDFKKLVPHVVDJH,WLVRQHRIWKH
PRVW FKDUDFWHULVWLF IHDWXUHV RI ,VOPLF ODZ 7KLV LV UHIOHFWHG LQ WKH OHQJWK\ FRYHUVDWLRQ RI $EÔ 6XI\Q
ZLWK +HUDFOLXV :KHQ WKH HPSHURU DVNHG $EÔ 6XI\Q ³:KDW GRHV \RXU 3URSKHW RUGHU \RX WR GR"´ KH
DQVZHUHG³+H U WHOOVXV ¶:RUVKLS$OOK , DORQHDQGGRQRWDVVRFLDWHDQ\WKLQJZLWK+LP*LYHXS
WKHUHOLJLRQRI\RXUIRUHIDWKHUV·+HWHOOVXVWRSUD\WRJLYHFKDULW\WREHFKDVWHDQGWRXSKROGWKHWLHVRI
NLQVKLSµ %XNKU¯ DQG0XVOLP
8SKROGLQJWKHWLHVRINLQVKLSLVFRXQWHGDVRQHRIWKHPDMRUFKDUDFWHULVWLFVRIWKLVUHOLJLRQDORQJZLWK
SXUH PRQRWKHLVWLF EHOLHI LQ $OOK ,  HVWDEOLVKLQJ SUD\HU DQG DGKHUHQFH WR WUXWKIXOQHVV DQG FKDVWLW\
ZKLFKZHUHEHLQJH[SODLQHGWRWKRVHTXHVWLRQHUVIRUWKHYHU\ILUVWWLPH
,QWKHOHQJWK\­DG¯WKRIµ$PULEQµ$QEDVDK W ZKLFKLQFOXGHVPDQ\RIWKHEDVLFWHDFKLQJVRI,VOP
KHVDLG
´,HQWHUHGXSRQWKH3URSKHW U LQ0DNNDK PHDQLQJDWWKHEHJLQQLQJRIKLV3URSKHWKRRG DQG DVNHG
KLP¶:KDWDUH\RX"·+HVDLG¶$3URSKHW·,DVNHG¶:KDWLVD3URSKHW"·+HVDLG¶$OOK , KDVVHQWPH·,
DVNHG¶:LWKZKDWKDV+HVHQW\RX"·+HVDLG¶+HKDVVHQWPHWRXSKROGWKHWLHVRINLQVKLSWREUHDNWKH
LGROVDQGWRWHDFKWKDW$OOK , LV2QHDQGKDVQRSDUWQHUZKDWVRHYHUµ 0XVOLP
,QWKLVVXPPDU\RIWKHPRVWLPSRUWDQWSULQFLSOHVRI,VOPWKH3URSKHW U FOHDUO\JDYHSUHFHGHQFH
WR XSKROGLQJ WKH WLHV RI NLQVKLS DQG PHQWLRQHG LW DPRQJ WKH IRUHPRVW IHDWXUHV RI WKH IDLWK 7KLV LV
LQGLFDWLYHRILWVKLJKVWDWXVLQWKHIUDPHZRUNRIWKLVUHOLJLRQZKLFK$OOK , KDVUHYHDOHGDVDPHUF\WR
WKH:RUOGV
7KH,GHDO0XVOLP 
7KH VRXUFHV RI ,VOP JR WR JUHDW OHQJWKV WR HQFRXUDJH XSKROGLQJ WKH WLHV RI NLQVKLS DQG ZDUQ
DJDLQVWFXWWLQJWKHPRII$EÔ $\\ÔEDO$QэU¯ W VDLG
´$PDQVDLG¶20HVVHQJHURI$OOKWHOOPHRIDJRRGGHHGWKDWZLOOJUDQWPHHQWUDQFHWR3DUDGLVH·7KH
3URSKHW U  VDLG ¶:RUVKLS $OOK ,  DQG GR QRW DVVRFLDWH DQ\WKLQJ ZLWK +LP HVWDEOLVK UHJXODU SUD\HU
SD\]DNK DQGXSKROGWKHWLHVRINLQVKLS·µ %XNKU¯ DQG0XVOLP
8SKROGLQJWKHWLHVRINLQVKLSDSSHDUVLQWKHVDPHFRQWH[WDVZRUVKLSSLQJ$OOK , EHOLHYLQJLQ+LV
DEVROXWHXQLW\HVWDEOLVKLQJUHJXODUSUD\HUDQGSD\LQJ]DNK+HQFHLWLVRQHRIWKHEHVWRIULJKWHRXVGHHGV
WKDWZLOOJXDUDQWHH3DUDGLVHDQGVDYHRQHIURP+HOO
$QDV W VDLG
´7KH 3URSKHW U  VDLG ¶:KRHYHU ZRXOG OLNH KLV UL]T SURYLVLRQ  WR EH LQFUHDVHG DQG KLV OLIH WR EH
H[WHQGHGVKRXOGXSKROGWKHWLHVRINLQVKLS·µ %XNKU¯ DQG0XVOLP
6RLWLVDEOHVVLQJIRUWKHRQHZKRXSKROGVWKHWLHVRINLQVKLSDEOHVVLQJZKLFKDIIHFWVERWKKLV UL]T
DQGKLVOLIHKLVZHDOWKZLOOLQFUHDVHDQGKHZLOOOLYHDORQJHUDQGPRUHEOHVVHGOLIH
,EQ µ8PDU XVHG WR VD\ ³:KRHYHU IHDUV KLV 5DEE DQG XSKROGV WKH WLHV RI NLQVKLS KLV OLIH ZLOO EH
H[WHQGHG KLVZHDOWKZLOOLQFUHDVHDQGKLVIDPLO\ZLOOORYHKLPPRUH´


$VZHKDYHVHHQXSKROGLQJWKHWLHVRINLQVKLSEULQJVEOHVVLQJLQDPDQ¶VUL]T DQGKLVOLIHPHUF\IURP
$OOK ,  LQ WKLV ZRUOG DQG WKH QH[W DQG PDNHV SHRSOH ORYH KLP DQG SUDLVH KLP ,Q FRQWUDVW EUHDNLQJ
WKRVHWLHVZLOOVSHOOGLVDVWHUDQGPLVHU\IRUKLPHDUQLQJKLPWKHGLVOLNHRI$OOK , DQGWKHSHRSOHDQG
NHHSLQJ KLP IDU IURP 3DUDGLVH LQ WKH +HUHDIWHU ,W LV PLVHU\ DQG GHSULYDWLRQ HQRXJK IRU VXFK D PDQ WR
KHDUWKHZRUGVRIWKH3URSKHW U 
´7KHSHUVRQZKREUHDNVWKHWLHVRINLQVKLSZLOOQHYHUHQWHU3DUDGLVHµ %XNKU¯ DQG0XVOLP
(YHQ ZRUVH IRU KLP LV WKH QHZV WKDW KLV SUHVHQFH PD\ GHQ\ PHUF\ WR KLV IHOORZV DV LQ WKH ­DG¯WK
TXRWHGE\DO%D\KDT¯ LQ6KXµDEDOxPQ
´0HUF\ZLOOQRWGHVFHQGXSRQDSHRSOHDPRQJZKRPLVRQHZKREUHDNVWKHWLHVRINLQVKLSµ
+HQFHWKHJUHDWÑD­E¯ $EÔ +XUD\UDK W QHYHUOLNHGWRPDNHVXSSOLFDWLRQWR$OOK , LQDJDWKHULQJ
LQZKLFKDSHUVRQZKRKDGEURNHQWKHWLHVRINLQVKLSZDVSUHVHQWEHFDXVHWKDWZRXOGSUHYHQWPHUF\IURP
GHVFHQGLQJ DQG WKH GXµ¶ IURP EHLQJ DQVZHUHG ,Q RQH 7KXUVGD\ QLJKW JDWKHULQJ KH VDLG ³, XUJH
HYHU\RQHZKRKDVEURNHQWKHWLHVRINLQVKLSWRJHWXSDQGOHDYHXV´1RRQHJRWXSXQWLOKHKDGVDLGWKLV
WKUHHWLPHV7KHQD\RXQJPDQJRWXSDQGZHQWWRVHHD SDWHUQDO DXQWRIKLVZKRPKHKDGIRUVDNHQIRU
WZR \HDUV :KHQ KH HQWHUHG VKH VDLG ³2 VRQ RI P\ EURWKHU ZKDW EULQJV \RX KHUH"´ +H VDLG ³, KHDUG
$EÔ +XUD\UDK W  VD\ VXFKDQGVXFK´ 6KH WROG KLP ³*R EDFN WR KLP DQG DVN KLP ZK\ GLG \RX VD\
WKDW"´ >$EÔ +XUD\UDK W @ VDLG ³, KHDUG WKH 3URSKHW U  VD\ µ7KH GHHGV RI WKH VRQV RI bGDP DUH

1DUUDWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

ÎÓÔ 
7KH0XVOLPDQG+LV5HODWLYHV
VKRZQWR$OOK , HYHU\7KXUVGD\HYHQLQJEHIRUH-XPXµDKDQGWKHGHHGVRIRQHZKREUHDNVWKHWLHV
RINLQVKLSDUHQRWDFFHSWHG´


7KH VHQVLWLYH 0XVOLP ZKR LV KRSLQJ WR HDUQ WKH SOHDVXUH RI KLV 5DEE DQG DWWDLQ VDOYDWLRQ LQ WKH
+HUHDIWHU ZLOO EH GHHSO\ VKDNHQ E\ WKH QHZV JLYHQ LQ WKHVH WH[WV WKDW EUHDNLQJ WKH WLHV RI NLQVKLS ZLOO
FDXVHPHUF\WREHZLWKKHOGIURPKLPDQGKLVGXµ¶ QRWWREHDQVZHUHG,WZLOOEHDVRXUFHRIJUHDWPLVHU\
WRKLPWREHLQVXFKDSRVLWLRQWRGRGHHGVZKLFKDUHRIQRDYDLOWRVHHNWKHPHUF\RIKLV5DEE DQGQRW
UHFHLYHLW,WLVXQLPDJLQDEOHWKDWDWUXH0XVOLPZRXOGHYHUEUHDNWKHWLHVRINLQVKLS
%UHDNLQJWKHWLHVRINLQVKLSLVDVLQ ZKLFKWKH0XVOLPZKRVHKHDUWLVILOOHGZLWKWUXHJXLGDQFHDQGWKH
GHVLUHWRREH\$OOK , DQGHDUQ+LVSOHDVXUHZLOOQHYHUFRPPLWEHFDXVHLWLVRQHRIWKHVLQVWKDW$OOK
, KDVVDLGZLOOEULQJSXQLVKPHQWLQGHHGLWLVRQHRIWKHIRUHPRVWVLQVIRUZKLFK$OOK , ZLOOSXQLVK
WKHRQHZKRLVJXLOW\RIWKHPERWKLQWKLVZRUOGDQGWKHQH[WDVLVVWDWHGLQWKH­DG¯WK

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG DQGE\$­PDGLQDO0XVQDG 

7KH0XVOLPDQG+LV5DEE 
´7KHUHLVQRZRUVHVLQIRUZKLFK$OOK , ZLOOKDVWHQWKHSXQLVKPHQWRIRQHZKRLVJXLOW\RILWLQWKLVZRUOG
³ LQ DGGLWLRQ WR ZKDW DZDLWV KLP LQ WKH +HUHDIWHU ³ WKDQ EUHDNLQJ WKH WLHV RI NLQVKLS DQG RSSUHVVLQJ
RWKHUVµ


7KHDFWVRIEUHDNLQJWKHWLHVRINLQVKLSDQGRSSUHVVLQJRWKHUVDUHYHU\PXFKOLNHRQHDQRWKHUVRWKH
3URSKHW U PHQWLRQHGWKHPWRJHWKHULQWKLV­DG¯WK)RUEUHDNLQJWKHWLHVRINLQVKLSLVDNLQGRI]XOP
ZURQJGRLQJ RSSUHVVLRQ  DQG ZKDW ]XOP FDQ EH ZRUVH WKDQ EUHDNLQJ RII UHODWLRQV ZLWK RQH¶V RZQ NLQ
DQGGHVWUR\LQJWLHVRIORYHDQGDIIHFWLRQ"
7KH3URSKHW U GHVFULEHGWKHRSSUHVVLRQWKDWEHIDOOVWKHWLHVRINLQVKLSZKHQWKH\DUHFXWRII
´7KH WLH RI NLQVKLS UD­P  LV D FORVHNQLW UHODWLRQVKLS WKDW FRPHV IURP $OOK ,  WKH 0RVW 0HUFLIXO DO
5D­PQ  ,W VD\V ¶2 P\ 5DEE , KDYHEHHQRSSUHVVHG2P\ 5DEE,KDYHEHHQFXWRII·+HDQVZHUV


¶:LOO\RXQRWEHFRQWHQWLI,FXW RIIWKHRQHZKRFXWV\RXRIIDQGWDNHFDUHRIWKHRQHZKRWDNHVFDUHRI
\RX"·µ %XNKU¯ 
$OOK , UDLVHGWKHVWDWXVRIWKHWLHRINLQVKLSDQGKRQRXUHGLWE\GHULYLQJLWVQDPHUD­PIURPRQH
RI+LVRZQQDPHVDO5D­PQ)RU+HVDLG
´, DP DO5D­PQ WKH $OO0HUFLIXO  DQG , KDYH FUHDWHG UD­P DQG GHULYHG LWV QDPH IURP 0\ QDPH
:KRHYHUWDNHVFDUHRILW,ZLOOWDNHFDUHRIKLPDQGZKRHYHUFXWVLWRII,ZLOOIRUVDNHKLPµ


7KLVLQGLFDWHVWRWKHVHQVLWLYH0XVOLPWKDWWKHRQHZKRXSKROGVWKHWLHVRINLQVKLSSURSHUO\ZLOOHQMR\
WKHFRROVKDGHRIKLV5DEE¶V PHUF\DQGWKHRQHZKREUHDNVWKRVHWLHVZLOOEHGHQLHGWKDWVKDGHIRUVDNHQ
DQGDEDQGRQHG

7KH0XVOLPXSKROGVWKHWLHVRINLQVKLSDFFRUGLQJWRWKHWHDFKLQJVRI,VO P

7KH WUXH 0XVOLP XSKROGV WKH WLHV RI NLQVKLS DQG GRHV QRW OHW KLV ZRUOGO\ FRQFHUQV ZHDOWK ZLIH RU
FKLOGUHQGLVWUDFWKLPIURPNHHSLQJLQWRXFKZLWKKLVUHODWLYHVKRQRXULQJWKHPDQGKHOSLQJWKHP,QGRLQJ
VR KH LV IROORZLQJ ,VOPLF WHDFKLQJ ZKLFK UHJXODWHV WKHVH UHODWLRQVKLSV DQG UDQNV WKHP LQ RUGHU RI
SULRULW\ DQG GHJUHH RI FORVHQHVV VWDUWLQJ ZLWK WKH PRWKHU WKHQ PRYLQJ RQ WR WKH IDWKHU WKHQ RWKHU
UHODWLYHV IURP WKH PRVW FORVHO\UHODWHG WR RWKHUV ZKR DUH PRUH GLVWDQWO\ UHODWHG $ PDQ FDPH WR WKH
3URSKHW U DQGDVNHG³20HVVHQJHURI$OOKZKRLVPRVWGHVHUYLQJRIP\JRRGFRPSDQ\"´+H U 
VDLG ´<RXUPRWKHU\RXUPRWKHU\RXUPRWKHUWKHQ\RXUIDWKHUWKHQWKRVHZKRDUHPRVWFORVHO\UHODWHG
WR\RXµ %XNKU¯ DQG0XVOLP
7KH0XVOLPHDUQVWZRUHZDUGVZKHQKHWUHDWVKLVUHODWLYHVZLWKNLQGQHVVDQGUHVSHFWRQHUHZDUGIRU
PDLQWDLQLQJWKHUHODWLRQVKLSDQGDQRWKHUUHZDUGIRUJLYLQJFKDULW\7KLVJLYHVKLPDJUHDWHULQFHQWLYHWR
JLYHWRKLVUHODWLYHVLIWKH\DUHLQQHHG%\GRLQJVRKHZLOOHDUQWZRUHZDUGVIURP$OOK , DQGZLOO

5HSRUWHGE\$­PDG$EÔ 'ZÔGDO7LUPLGK¯ DQG,EQ0MDKZLWKD ÑD­¯­ LVQG 

7KHFRQQHFWLRQLVFOHDUHULQ$UDELFZKHUHUD­P DQGDO5D­PQ DUHGHULYHGIURPWKHVDPHURRW>7UDQVODWRU@ 

$­DG¯WK TXGV¯ UHSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDGDQGE\$­PDG$EÔ 'ZÔGDQGDO7LUPLGK¯  

7KH,GHDO0XVOLP
DOVRZLQWKHDIIHFWLRQRIKLVUHODWLYHV7KLVLVZKDWWKH3URSKHW U HQFRXUDJHG0XVOLPVWRGRLQWKH
­DG¯WKQDUUDWHGE\=D\QDEDO7KDTDIL\\DKWKHZLIHRIµ$EGXOODKLEQ0DVµÔG W ZKRVDLG
´7KH 3URSKHW U  VDLG ¶2 ZRPHQ JLYH LQ FKDULW\ HYHQ LI LW LV VRPH RI \RXU MHZHOOHU\· 6KH VDLG , ZHQW
EDFN WR ¶$EGXOODK LEQ 0DV¶ÔG DQG WROG KLP ¶<RX DUH D PDQ RI OLWWOH ZHDOWK DQG WKH 3URSKHW U  KDV
FRPPDQGHGXVWRJLYHFKDULW\VRJRDQGDVNKLPZKHWKHULWLVSHUPLVVLEOHIRUPHWRJLYH\RXFKDULW\,ILW
LV,ZLOOGRVRLIQRW,ZLOOJLYHFKDULW\WRVRPHRQHHOVH·¶$EGXOODKVDLG¶1R\RXJRDQGDVN·6R,ZHQW
DQG,IRXQGDZRPDQRIWKH$QэUDWWKH3URSKHW·VGRRUZKRDOVRKDGWKHVDPHTXHVWLRQ:HIHOWWRR
VK\WRJRLQRXWRIUHVSHFWVR%LOOFDPHRXWDQGZHDVNHGKLP¶*RDQGWHOOWKH0HVVHQJHURI$OOKWKDW
WKHUHDUHWZRZRPHQDWWKHGRRUDVNLQJ\RX,VLWSHUPLVVLEOHIRUWKHPWRJLYHÑDGDTDKWRWKHLUKXVEDQGV
DQG WKH RUSKDQV LQ WKHLU FDUH" %XW GR QRW WHOO KLP ZKR ZH DUH· 6R %LOO ZHQW LQ DQG FRQYH\HG WKLV
PHVVDJHWRWKH3URSKHW U ZKRDVNHG¶:KRDUHWKH\"·%LOOVDLG¶2QHRIWKHZRPHQRIWKH$QэUDQG
=D\QDE·7KH3URSKHW U DVNHG¶:KLFK=D\QDELVLW"·%LOOVDLG¶7KHZLIHRI$EGXOODK·7KH3URSKHW U 
VDLG ¶7KH\ ZLOO KDYH WZR UHZDUGV WKH UHZDUG IRU XSKROGLQJ WKH UHODWLRQVKLS DQG WKH UHZDUG IRU JLYLQJ
FKDULW\·µ %XNKU¯ DQG0XVOLP
7KH 3URSKHW U  XVHG WR UHDIILUP WKH SULRULW\ JLYHQ WR NLQG WUHDWPHQW RI UHODWLYHV DW HYHU\
RSSRUWXQLW\:KHQWKH\DK>%\QRPHDQVVKDOO\RXDWWDLQULJKWHRXVQHVVXQOHVV \RXJLYH>IUHHO\@RI
WKDWZKLFK\RXORYH«@ 4XU¶Q ZDVUHYHDOHG$EÔ †DO­DKZHQWWRWKH3URSKHW U DQGVDLG³2
0HVVHQJHU RI $OOK $OOK ,  VD\V >%\ QR PHDQV VKDOO \RX DWWDLQ ULJKWHRXVQHVV XQOHVV \RX JLYH
IUHHO\  RI WKDW ZKLFK \RX ORYH«@ 7KH PRVW EHORYHG RI P\ SURSHUWLHV LV %D\UDK¶ D GDWH RUFKDUG 
ZKLFK , QRZ JLYH XS DV ÑDGDTDK WR $OOK ,  KRSLQJ WR VWRUH XS UHZDUG ZLWK +LP 2 0HVVHQJHU RI
$OOK GLVSRVH RI LW DV \RX ZLOO´ 7KH 3URSKHW  U  VDLG ´%UDYR <RX KDYH JRW WKH EHVW GHDO IRU \RXU
SURSHUW\ , KDYH KHDUG ZKDW \RX VDLG DQG , WKLQN WKDW \RX VKRXOG GLYLGH LW DPRQJ \RXU UHODWLYHVµ $EÔ
†DO­DKVDLG´,ZLOOGRVR20HVVHQJHURI$OOKµ+HGLYLGHGLWDPRQJKLVUHODWLYHVDQG SDWHUQDO FRXVLQV
%XNKU¯ DQG0XVOLP
7KH3URSKHW U ORRNHGIDUEDFNLQWRKLVWRU\DQGHYRNHGWLHVRINLQVKLSJRLQJEDFNFHQWXULHVZKHQ
KHHQMRLQHGJRRGWUHDWPHQWRIWKHSHRSOHRI(J\SWDVLVUHFRUGHGLQWKH­DG¯WKQDUUDWHGE\0XVOLP
´<RX ZLOO FRQTXHU (J\SW VR ZKHQ \RX FRQTXHU LW WUHDW LWV SHRSOH ZHOO IRU WKH\ KDYH SURWHFWLRQ
GKLPPDK  DQG WKH WLHV RI NLQVKLS UD­P µ 2U KH VDLG ´ SURWHFWLRQ DQG WKH UHODWLRQVKLS E\ PDUULDJH
ÑLKU µ
7KH µXODP¶ H[SODLQHG WKDW UD­P KHUH UHIHUUHG WR +DMDU WKH PRWKHU RI ,VPµ¯O DQG ÑLKU UHIHUUHG WR
0DU\DKWKHPRWKHURIWKH3URSKHW¶VVRQ,EUK¯P² ERWKRIZKRFDPHIURP(J\SW
:KDW D GLVSOD\ RI OR\DOW\ DQG IDLWKIXOQHVV DQG JRRG WUHDWPHQW ZKLFK H[WHQGV WR WKH NLQVIRON DQG
FRXQWU\PHQ RI WKHVH WZR QREOH ZRPHQ GRZQ WKURXJKRXW WKH DJHV ,W LV QR VXUSULVH WKHQ WKDW WKH WUXH
0XVOLPZLOOLQJO\UHFRJQL]HVWKHULJKWVRIKLVUHODWLYHVDQGHDJHUO\IXOILOVKLVGXW\RIWUHDWLQJWKHPNLQGO\
DQGPDLQWDLQLQJWKHUHODWLRQVKLS

Ö
7KH0XVOLPDQG+LV5DEE 

+HPDLQWDLQVWKHWLHVRINLQVKLSHYHQLIKLVUHODWLYHVDUHQRW0XVOLP
7KHWROHUDQFHDQGKXPDQLW\RI,VOPJRHVVRIDU DVWRHQMRLQXSKROGLQJWKHWLHVRINLQVKLSHYHQLIWKH
UHODWLYHVDUHQRW0XVOLPµ$EGXOODKLEQµ$PULEQDOµbÑ W VDLG
´,KHDUGWKH3URSKHW U  RSHQO\VD\LQJ¶7KHIDPLO\RI$EX6RDQGVRDUHQRWP\IULHQGVIRUP\IULHQGV
DUH$OOK , DQGWKHULJKWHRXVEHOLHYHUV%XWWKH\KDYHWLHVRINLQVKLSZLWKPHZKLFK,ZLOOUHFRJQL]HDQG
XSKROG·µ %XNKU¯ DQG0XVOLP
:KHQWKH\DK>$QGDGPRQLVK\RXUQHDUHVWNLQVPHQ@ 4XU¶Q ZDVUHYHDOHGWKH3URSKHW
U VXPPRQHG4XUD\VK7KH\JDWKHUHGDQGKHDGGUHVVHGWKHPERWKLQJHQHUDODQGVSHFLILFWHUPV ´2
%DQÔ ¶$EGX6KDPV2%DQÔ .D¶ELEQ/X·D\\VDYH\RXUVHOYHVIURPWKH)LUH2%DQÔ 0XUUDKLEQ.D¶EVDYH
\RXUVHOYHV IURP WKH )LUH 2 %DQÔ ¶$EGX 0DQI VDYH \RXUVHOYHV IURP WKH )LUH 2 %DQÔ +VKLP VDYH
\RXUVHOYHV IURP WKH )LUH 2 %DQÔ ¶$EGXO 0XÓÓDOLE VDYH \RXUVHOYHV IURP WKH )LUH 2 )ÓLPDK VDYH \RXUVHOI
IURPWKH)LUH,FDQQRWGRDQ\WKLQJWRSURWHFW\RXIURPWKHSXQLVKPHQWRI$OOK , EXWWKHUHDUHWLHVRI
NLQVKLSEHWZHHQXVZKLFK,ZLOOUHFRJQL]HDQGXSKROGµ 0XVOLP
7KH0XVOLP¶VKHDUWRYHUIORZVZLWKKXPDQHHPRWLRQVZKLFKVSLOORYHULQWRKLVJRRGWUHDWPHQWRIKLV
UHODWLYHVHYHQLIWKH\DUHQRW0XVOLP7KHH[SUHVVLRQRIWKH3URSKHW U ³EXWWKHUHDUHWLHVRINLQVKLS
EHWZHHQXVZKLFK,ZLOOUHFRJQL]HDQGXSKROG OLWHUDOO\µPRLVWHQ¶ ´LVDQH[DPSOHRI$UDELFHORTXHQFHD
PHWDSKRULQZKLFKWKHNLQVKLSWLH UD­P LVOLNHQHGWRWKHHDUWKDQGLV³LUULJDWHG´E\XSKROGLQJLWVRWKDW
LWEHDUVIUXLWVRIORYHDQGSXULW\LILWLVFXWRIILWEHFRPHVEDUUHQDQGSURGXFHVRQO\KDWUHGDQGDQLPRVLW\
7KH WUXH 0XVOLP LV RQ JRRG WHUPV ZLWK HYHU\RQH DQG LV OLNHG E\ HYHU\RQH DV WKH\ VHH JRRG
FKDUDFWHULVWLFVHPERGLHGLQKLP

+HQFHµ8PDU W GLGQRWVHHDQ\WKLQJZURQJZLWKJLYLQJDJDUPHQWWKDWWKH3URSKHW U KDGVHQWWR
KLPWRKLVKDOIEURWKHU WKURXJKKLVPRWKHU ZKRZDVDPXVKULN %XNKU¯ DQG0XVOLP
:HKDYHDOUHDG\VHHQKRZ,VOPHQFRXUDJHVXVWRWUHDWRXUSDUHQWVZLWKNLQGQHVVDQGUHVSHFWHYHQLI
WKH\DUHPXVKULN¯QDQGQRZZHVHHKRZLWHQFRXUDJHVXVWRWUHDWRXUUHODWLYHVHTXDOO\ZHOOHYHQLIWKH\
DUH QRW 0XVOLPV HLWKHU 7KLV LV DQ LQGLFDWLRQ RI WKH WROHUDQFH DQG KXPDQLW\ RI ,VOP ZKLFK LV QRW
VXUSULVLQJZKHQZHUHPHPEHUWKHZRUGVRI$OOK , WR+LV3URSKHW >:HVHQW\RXQRWEXWDVD0HUF\
IRU DOO FUHDWXUHV@ 4XU¶Q   DQG WKH VD\LQJ RI WKH 3URSKHW U  ´9HULO\ , KDYH EHHQ VHQW WR
FRPSOHWHJRRGEHKDYLRXUDQGDWWLWXGHVµ 0DOLNDO0XZDWW¶

+HIXOO\XQGHUVWDQGVWKHPHDQLQJRIXSKROGLQJWKHWLHVRINLQVKLS
)RUWKHWUXH0XVOLPXSKROGLQJWKHWLHVRINLQVKLSLVRQHRIWKHWHDFKLQJVRIKLVIDLWK,WLVQRWMXVWWKH
PDWWHURIVSHQGLQJPRQH\z LWJRHVPXFKIXUWKHUWKDQWKDW7KHVHWLHVDUHXSKHOGE\VSHQGLQJPRQH\RQ
SRRUHUUHODWLYHVDQGDOVRE\YLVLWVZKLFKUHLQIRUFHWKHUHODWLRQVKLSVSUHDGLQJPXWXDOORYHDQGNLQGQHVV
E\ DGYLVLQJ DQG KHOSLQJ RQH DQRWKHU VHOIOHVVO\ E\ VSHDNLQJ NLQG ZRUGV WR UHODWLYHV E\ JUHHWLQJ WKHP
ZDUPO\ZLWKDVPLOLQJIDFHDQGFDULQJDWWLWXGHDQGE\RWKHUJRRGGHHGVZKLFKZLOOILOOKHDUWVZLWKORYH 
7KH,GHDO0XVOLP
DQGH[WHQGWLHVRIPXWXDOVXSSRUWDPRQJRQH¶VUHODWLYHV7KLVZDVWKHDGYLFHRIWKH3URSKHW U ZKR
XUJHG0XVOLPVWRXSKROGWKHWLHVRINLQVKLSLQHYHQWKHVLPSOHVWZD\V
´0DLQWDLQ\RXUWLHVRINLQVKLSHYHQLILWLVPHUHO\ZLWKDJUHHWLQJ LHVD\LQJDOVDOP¶DOD\NXP µ


+HPDLQWDLQVWKHWLHVRINLQVKLSHYHQLIKLVUHODWLYHVIDLOWRGRVR
7KHWUXH0XVOLPPDLQWDLQVWKHWLHVRINLQVKLSHYHQLIKLVUHODWLYHVIDLOWRGRVREHFDXVHWKHRQHZKR
XSKROGVWKLVWLHSXUHO\IRUWKHVDNHRI$OOK , DQGLQDGKHUHQFHWRWKHKLJKHVW,VOPLFWHDFKLQJVGRHV
QRW H[SHFW WR EH WUHDWHG HTXDOO\ ZHOO E\ KLV UHODWLYHV LQ UHWXUQ +H DOZD\V XSKROGV WKH WLHV RI NLQVKLS
UHJDUGOHVVRIZKHWKHUKLVUHODWLYHVGRVRRUQRWWRVHWDQH[DPSOHLQDOOKLVGHDOLQJVZLWKKLVUHODWLYHVRI
WKH ZD\ ,VOP PRXOGV SHRSOH DQG PDNHV WKHP QREOH DQG GHFHQW 7KH 3URSKHW U  UHLQIRUFHG WKLV
PHDQLQJRIWKHWUXH0XVOLPZKHQKHVDLG
´7KH RQH ZKR PDLQWDLQV D UHODWLRQVKLS ZLWK KLV UHODWLYHV RQO\ EHFDXVH WKH\ PDLQWDLQ D UHODWLRQVKLS ZLWK
KLPLVQRWWUXO\XSKROGLQJWKHWLHVRINLQVKLS7KHRQHZKRWUXO\XSKROGVWKRVHWLHVLVWKHRQHZKRGRHVVR
HYHQLIWKH\EUHDNRIIWKHUHODWLRQVKLSµ %XNKU¯
7KH 3URSKHW U  RIIHUHG DGYLFH ZKLFK VHUYHV WR UHLQIRUFH WKH DWWLWXGH RI NLQGQHVV SDWLHQFH
IRUJLYHQHVVDQGWROHUDQFHLQWKHKHDUWRIWKHSHUVRQZKRLVWU\LQJWRXSKROGWKHWLHVRINLQVKLSEXWUHFHLYHV
RQO\ UHMHFWLRQ DQG EDG WUHDWPHQW LQ UHWXUQ +H VWDWHG WKDW $OOK ,  LV ZLWK ZKRHYHU VHHNV WR WUHDW KLV
UHODWLYHVZHOOEXWGRHVQRWUHFHLYHVLPLODUJRRGWUHDWPHQWLQUHWXUQDQGKHSDLQWHGDIULJKWHQLQJSLFWXUHRI
WKHVLQZKLFKEHIDOOVWKRVHZKRGHQ\JRRGGHHGVDQGUHIXVHWRXSKROGWKHWLHVRINLQVKLS$PDQFDPHWR
WKH3URSKHW U DQGVDLG³20HVVHQJHURI$OOK,KDYHUHODWLYHVZLWKZKRP,WU\WRNHHSLQWRXFKEXW
WKH\FXWPHRII,WUHDWWKHPZHOOEXWWKH\DEXVHPH,DPSDWLHQWDQGNLQGWRZDUGVWKHPEXWWKH\LQVXOW
PH´7KH3URSKHW U VDLG´,I\RXDUHDV\RXVD\WKHQLWLVDVLI\RXDUHSXWWLQJKRWGXVWLQWKHLUPRXWKV
$OOK , ZLOOFRQWLQXHWRVXSSRUW\RXDVORQJDV\RXFRQWLQXHWRGRWKDWµ 0XVOLP
6HHKRZ$OOK , H[WHQGV+LVVXSSRUWDQGKHOSWRWKHRQHZKRSXWVXSZLWKEDGWUHDWPHQWIURPKLV
UHODWLYHVLQUHVSRQVHWRKLVHIIRUWVWRXSKROGKLVWLHVZLWKWKHP$OOK , ILOOVKLVKHDUWZLWKSDWLHQFHWR
EHDU WKHLU DEXVH DQG JLYHV KLP VWUHQJWK WR PDLQWDLQ KLV QREOH DWWLWXGH 7KH 3URSKHW U  OLNHQVWKHVLQ
ZKLFK EHIDOOV WKRVH KDUGKHDUWHG PLVFUHDQWV WR WKH SDLQ ZKLFK EHIDOOV WKH RQH ZKR HDWV KRW GXVW DV D
SXQLVKPHQWIRUWKHLUDEXVHDQGPLVWUHDWPHQWRIWKLVZDUPKHDUWHGJHQHURXVSHUVRQZKRRQO\VHHNVWRGR
ZKDWLVULJKW
6RWKHWUXH0XVOLPXSKROGVWKHWLHVRINLQVKLSLQHYHU\FDVHDOZD\VVHHNLQJWRHDUQWKHSOHDVXUHRIKLV
5DEE ULVLQJ DERYH WKH IRROLVK LQVXOWV DQG EDG EHKDYLRXU WKDW RFFDVLRQDOO\ RFFXU DPRQJ UHODWLYHV DQG
UHIXVLQJWREHFRPHHPEURLOHGLQWKHSHWW\WULYLDOLVVXHVWKDWRFFXS\OHVVHUPLQGVDQGPDNHSHRSOHDQJU\
7KHWUXH0XVOLPNQRZVEHWWHUWKDQWRDOORZIRROLVKSHWW\PDWWHUVDIIHFWKLVUHODWLRQVKLSZLWKDQGDWWLWXGH
WRZDUGVKLVUHODWLYHV+HUHPHPEHUVWKHZRUGVRIWKH3URSKHW U 

5HSRUWHGE\DO%D]]UIURP,EQµ$EEVZLWKVHYHUDOLVQGVWKDWVXSSRUWRQHDQRWKHU 

ÎÎ
7KH0XVOLPDQG+LV5DEE 
´7KH WLH RI NLQVKLS UD­P  LV VXVSHQGHG IURP WKH WKURQH RI $OOK ,  DQG VD\V ¶:KRHYHU VXSSRUWV
PH $OOK ,  ZLOO VXSSRUW KLP DQG ZKRHYHU FXWV PH RII $OOK ,  ZLOO FXW KLP RII·µ %XNKU¯ DQG
0XVOLP 
7KH,GHDO0XVOLP

ÎÐ
7KH0XVOLPDQG+LV5DEE 

&KDSWHU

7KH0XVOLPDQG+LV1HLJKERXUV

+HLVWKHEHVWRISHRSOHLQKLVGHDOLQJVZLWKKLVQHLJKERXUV
7KH0XVOLPZKRLVWUXO\DZDUHRIWKHWHDFKLQJVRIKLVUHOLJLRQLVWKHEHVWRISHRSOHLQKLVGHDOLQJVZLWK
KLVQHLJKERXUVDQGWKHPRVWUHVSHFWIXONLQGDQGFRQVLGHUDWHWRZDUGVWKHP

+HLVDZDUHRIWKH,VOPLFWHDFKLQJVFRQFHUQLQJJRRGWUHDWPHQWRIQHLJKERXUV

+HLVDZDUHRIWKHPDQ\,VOPLFWHDFKLQJVFRQFHUQLQJQHLJKERXUVDQGWKHKLJKVWDWXVJLYHQWRWKHPLQ
WKHVFDOHRIKXPDQUHODWLRQVKLSVVXFKDVKDVQHYHUEHHQHTXDOOHGLQDQ\RWKHUUHOLJLRQRUV\VWHPEHIRUHRU
VLQFH
$OOK , KDVFRPPDQGHGWKHJRRGWUHDWPHQWRIQHLJKERXUVLQWKH4XU¶Q
>:RUVKLS $OOK DQG MRLQ QRW DQ\ SDUWQHUV ZLWK +LP DQG GR JRRG z WR SDUHQWV NLQVIRON
RUSKDQV WKRVH LQ QHHG QHLJKERXUV ZKR DUH QHDU QHLJKERXUV ZKR DUH VWUDQJHUV WKH
&RPSDQLRQ E\ \RXU VLGH WKH ZD\IDUHU >\RX PHHW@ DQG ZKDW \RXU ULJKW KDQGV SRVVHVV«@
4XU¶Q
7KH³QHLJKERXUZKRLVQHDU´LVRQHZLWKZKRPRQHVKDUHVWLHVRINLQVKLSRUUHOLJLRQWKH³QHLJKERXU
ZKR LV D VWUDQJHU´ LV RQH ZLWK ZKRP RQH VKDUHV QR VXFK WLHV DQG WKH ³FRPSDQLRQ E\ \RXU VLGH´ LV D
IULHQGFROOHDJXHRUWUDYHOOLQJFRPSDQLRQ
(YHU\RQH ZKRVH KRPH QHLJKERXUV \RXUV KDV WKH ULJKWV RI D QHLJKERXU RYHU \RX HYHQ LI \RX DUH QRW
FRQQHFWHG E\ NLQVKLS RU UHOLJLRQ 7KLV KRQRXULQJ RI WKH QHLJKERXU LV DQ H[DPSOH RI WKH WROHUDQFH
SURPRWHGE\,VOP
7KHUH DUH PDQ\ ­DG¯WKV RI WKH 3URSKHW U  ZKLFK HQMRLQ JRRG WUHDWPHQW RI QHLJKERXUV LQ JHQHUDO
UHJDUGOHVV RI NLQVKLSRUUHOLJLRXVIDFWRUVDQGFRQILUPWKHLPSRUWDQFHRIWKHQHLJKERXUO\ UHODWLRQVKLSLQ
,VOP)RUH[DPSOH
´-LEU¯ONHSWRQHQMRLQLQJWKHJRRGWUHDWPHQWRIQHLJKERXUVWRWKHH[WHQWWKDW,WKRXJKWKHZRXOGLQFOXGH
QHLJKERXUVDVKHLUVµ %XNKU¯ DQG0XVOLP
,VOPJLYHVVXFKDKLJKVWDWXVWRQHLJKERXUVWKDWZKHQ-LEU¯O X UHLWHUDWHGWKHLPSRUWDQFHRIWUHDWLQJ
WKHPZHOOWKH3URSKHW U WKRXJKWWKDWKHZRXOGUDLVHQHLJKERXUVWRWKHOHYHORINLQVKLSDQGJLYHWKHP
VLPLODUULJKWVRILQKHULWDQFH 
7KH,GHDO0XVOLP
7KH3URSKHW U IROORZHG-LEU¯O¶VXUJLQJDQGHQFRXUDJHG0XVOLPVWRKRQRXUQHLJKERXUVDQGWUHDW
WKHP ZHOO ,Q KLV KLVWRULFDO NKXÓEDK GXULQJ WKH )DUHZHOO 3LOJULPDJH LQ ZKLFK KH VXPPDUL]HG WKH PRVW
LPSRUWDQWSRLQWVRIKLVWHDFKLQJVKHGLGQRWRPLWWRPHQWLRQQHLJKERXUVDQGHPSKDVL]HGWKHLUULJKWVWR
VXFK DQ H[WHQW WKDW WKH HPLQHQW 6D­E¯ $EÔ 8PPDK DOVR WKRXJKW WKDW WKH 3URSKHW U  ZRXOG PDNH
QHLJKERXUVKHLUV
´,KHDUGWKH3URSKHW U ZKHQKHZDVVHDWHGRQKLVVKHFDPHOGXULQJWKH)DUHZHOO3LOJULPDJHVD\LQJ
¶,HQMRLQ\RXWRWUHDW\RXUQHLJKERXUVZHOO·DQGXUJLQJWKHLUJRRGWUHDWPHQWVRPXFKWKDW,WKRXJKWKHLV
JRLQJWRJLYHWKHPWKHULJKWVRILQKHULWDQFHµ


7KH JRRG WUHDWPHQW RI QHLJKERXUV DQG DYRLGLQJ KDUPLQJ RU DQQR\LQJ WKHP LV VR LPSRUWDQW WKDW WKH
3URSKHW U GHVFULEHGLWDVRQHRIWKHVLJQVRIWUXHIDLWKLQ$OOK , DQGWKH/DVW'D\
´:KRHYHUEHOLHYHVLQ$OOK , DQGWKH/DVW'D\OHWKLPWUHDWKLVQHLJKERXUZHOOZKRHYHUEHOLHYHVLQ
$OOK , DQGWKH/DVW'D\OHWKLPKRQRXUKLVJXHVWZKRHYHUEHOLHYHVLQ$OOK , DQGWKH/DVW'D\OHW
KLPVSHDNJRRGRUHOVHUHPDLQVLOHQWµ %XNKU¯ DQG0XVOLP
$FFRUGLQJWRDUHSRUWJLYHQE\%XNKU¯KH U VDLG ´:KRHYHUEHOLHYHVLQ$OOK , DQGWKH/DVW'D\
OHWKLPQRWKDUPRUDQQR\KLVQHLJKERXUµ

7KHWUXH0XVOLPLVWROHUDQWWRZDUGVKLVQHLJKERXU
,WFRPHVDVQRVXUSULVHWKHQWKDWWKH0XVOLPZKRLVWUXO\JXLGHGE\KLVIDLWKLVWROHUDQWWRZDUGVKLV
QHLJKERXUDQGLVKXPEOHHDV\JRLQJDQGNLQGLQKLVGHDOLQJVZLWKKLP+HGRHVQRWVWRSKLPIURPXVLQJ
DQGHQMR\LQJKLVKRPHDVWKH3URSKHW U VDLG
´1RRQHVKRXOGSUHYHQWKLVQHLJKERXUIURPIDVWHQLQJDSLHFHRIZRRGWRKLVZDOOµ %XNKU¯ DQG0XVOLP

+HOLNHVIRUKLVQHLJKERXUZKDWKHOLNHVIRUKLPVHOI
7KH 0XVOLP ZKR LV WUXO\ JXLGHG E\ KLV UHOLJLRQ LV VRIWKHDUWHG DQG DOHUW DQG NQRZV KRZ WR
FRPPXQLFDWHZHOO+HLVVHQVLWLYHWRZDUGVKLVQHLJKERXUVKDULQJKLVMR\DQGFRPPLVHUDWLQJKLPLQKLV
VRUURZ+HOLNHVIRUKLPZKDWKHOLNHVIRUKLPVHOIIROORZLQJWKHWHDFKLQJRIWKH3URSKHW U 
´1RQHRI\RXWUXO\EHOLHYHVXQWLOKHOLNHVIRUKLVEURWKHUZKDWKHOLNHVIRUKLPVHOIµ %XNKU¯ DQG0XVOLP
,QDUHSRUWJLYHQE\0XVOLPIURP$QDV W WKH3URSKHW U VDLG ´%\WKH2QHLQ:KRVHKDQGLVP\
VRXOQRVHUYDQWWUXO\EHOLHYHVXQWLOKHOLNHVIRUKLVQHLJKERXU RUKHVDLGKLVEURWKHU ZKDWKHOLNHVIRUKLPVHOIµ
7KHWUXH0XVOLPGRHVQRWIRUJHWWRWDNH FDUHRIKLVQHLJKERXUVZKRPD\EHDIIHFWHGE\WKHVPHOORI
FRRNLQJ RU EDUEHFXHV FRPLQJ IURP KLV KRXVH ZKLFKPD\SURYRNHIHHOLQJVRIKXQJHUHVSHFLDOO\LIWKH\
DUHSRRUDQGFDQQRWDIIRUGPXFKIRRG7KHUHPD\EHVPDOOFKLOGUHQRUSKDQVZLGRZVRUHOGHUO\DPRQJ

5HSRUWHGE\DO†DEDUQ¯ ZLWKDMD\\LGLVQG 

ÎÒ
7KH0XVOLPDQG+LV5DEE 
WKHP 7KH WUXH 0XVOLP LV DOZD\V DOHUW WR WKH VSLULW RI VRFLDO UHVSRQVLELOLW\ ZKLFK WKH 3URSKHW U 
LQVWLOOHGLQWKH0XVOLPVLQWKHZRUGVKHVSRNHWR$EÔ 'KDUU W 
´2$EÔ 'KDUU W LI\RXFRRNVRPHEURWKDGGH[WUDZDWHUWRLWDQGWDNHFDUHRI\RXUQHLJKERXUµ 0XVOLP 
$FFRUGLQJWRDQRWKHUUHSRUWKHVDLG ´,I\RXFRRNVRPHEURWKDGGH[WUDZDWHUWRLWWKHQWKLQNRIWKHIDPLOLHVLQ
\RXUQHLJKERXUKRRGDQGVHQGVRPHRILWWRWKHPµ 0XVOLP
7KH 0XVOLP¶V FRQVFLHQFH ZLOO QRW OHW KLP LJQRUH KLV QHLJKERXU¶V SRYHUW\ DQG GLIILFXOW\ ZKLOH KH LV
OLYLQJDOLIHRIHDVHDQGSOHQW\+RZFDQKHEHDUWRVHHWKHGLIIHUHQFHEHWZHHQKLPVHOIDQGKLVQHLJKERXU
ZKHQWKHZRUGVRIWKH3URSKHW U DUHULQJLQJLQKLVHDUV"
´+HGRHVQRWEHOLHYHLQPHZKRHDWVKLVILOOZKLOHKLVQHLJKERXUEHVLGHKLPLVKXQJU\DQGKHNQRZVDERXWLWµ


´+HLVQRWDEHOLHYHUZKRHDWVKLVILOOZKLOHKLVQHLJKERXULVKXQJU\µ


7KHPLVHU\WKDWEHIDOOVKXPDQLW\EHFDXVHRIWKHODFNRIWUXH,VO PLFPRUDOVDQG
PDQQHUV
+HQFH ZH UHDOL]H WKDW WKH PLVHU\ WKDW KDV EHIDOOHQ KXPDQLW\ WKURXJKRXW WKH ZRUOG KDV RFFXUUHG
EHFDXVHRIWKHODFNRIWUXH0XVOLPVLQSRVLWLRQVRILQIOXHQFHDQGDXWKRULW\DQGEHFDXVHRIWKHVZDPSLQJ
RI WUXH ,VOPLF SULQFLSOHV E\ EDFNZDUG PDQPDGH V\VWHPV ZKLFK KDYH EURXJKW QRWKLQJ EXW PLVHU\
SRYHUW\H[SORLWDWLRQKXQJHUDQGQDNHGQHVVWRVRPDQ\DWWKHVDPHWLPHZKHQPDQNLQGKDVFRQTXHUHG
VSDFHODXQFKHGURFNHWVDQGVDWHOOLWHVDQGSXWPHQRQWKHPRRQ7KHLQWHUQDWLRQDOIRRGDQGDJULFXOWXUH
RUJDQL]DWLRQ DWWDFKHG WR WKH 8QLWHG 1DWLRQV DQQRXQFHG LQ  WKDW EHWZHHQ  PLOOLRQ SHRSOH LQ


$IULFD DQG $VLD IDFHG WKH SRVVLELOLW\ RI GHDWK IURP VWDUYDWLRQ LQ WKH QH[W IHZ \HDUV DQG WKDW LI WKH
VLWXDWLRQ ZHUH DOORZHG WR FRQWLQXHG  PLOOLRQ ZRXOG EH OLNHO\ WR GLH HYHU\ ZHHN ZKLOH EHWZHHQ  
PLOOLRQSHRSOHZHUHVXIIHULQJIURPPDOQXWULWLRQ
,QWKHVDPH\HDUQHZVDJHQFLHVUHSRUWHGWKHVWRU\RID\RXQJ(XURSHDQZRPDQZKRKDGYROXQWHHUHG
WRZRUNDVDQXUVHLQVRPHUHJLRQRI$IULFDZKHUHWKHSHRSOHZHUHVXIIHULQJIURPFKURQLFPDOQXWULWLRQ
6KHKDGDVHYHUHPHQWDOEUHDNGRZQWKDWYHUJHGRQLQVDQLW\DIWHUZLWQHVVLQJDEORRG\ILJKWEHWZHHQVRPH
$IULFDQFKLOGUHQZKRVHKXQJHUGURYHWKHPWRFRPSHWHVDYDJHO\IRUDSLHFHRIPDQJR7KHILJKWGLGQRW
VWRS XQWLO RQH FKLOG KDG SOXFNHG RXW WKH H\H RI DQRWKHU 1RQH RI WKH FKLOGUHQ FRQFHUQHG ZDV DQ\ ROGHU
WKDQ\HDUV7KLVKXQJHUKDVDOVRFDXVHGPDQ\FDVHVRIWRWDOEOLQGQHVVEHFDXVHRIWKHFRQVWDQWODFNRI
YLWDPLQV FKLOGUHQ DUH VR VHYHUHO\ XQGHUZHLJKW WKDW WKH\ ORRN OLNH VNHOHWRQV 7KH\ KDYH OLWWOH RU QR
UHVLVWDQFHWRLOOQHVVDQGDUHWUXO\EHWZHHQWKHMDZVRIGHDWK

5HSRUWHGE\DO†DEDUQ¯ DQGDO%D]]UZLWKD­DVDQLVQG 

5HSRUWHGE\DO†DEDUQ¯ DQG$EÔ <DµOWKHPHQLQLWVLVQG DUHWUXVWZRUWK\ WKLTW  

7KH $UDELF HGLWLRQ RI WKLV ERRN ZDV ILUVW SXEOLVKHG LQ  1HHGOHVV WR VD\ PDWWHUV KDYH KDUGO\ LPSURYHG LQ WKH WZR 

GHFDGHVVLQFHWKHVHVWDWLVWLFVZHUHSURGXFHG>7UDQVODWRU@ 
7KH,GHDO0XVOLP
$WDWLPHZKHQKXQJHULVVWDONLQJ$IULFDDQG$VLDZHVHHWKH:HVWWKHULFKQDWLRQVZKRFRQVWLWXWH
RQO\RIWKHZRUOG¶VSRSXODWLRQEXWRZQRIWKHZRUOG¶VZHDOWKJRLQJWRLQVDQHOHQJWKVWRKROG
RQWRWKLVZHDOWK,Q%UD]LOEXUQWWKRXVDQGVRIWRQQHVRIFRIIHHWKH((& QRZNQRZQDVWKH(8 
VSHQWPLOOLRQWRGHVWUR\VXUSOXVIRRGDQGDJULFXOWXUDOSURGXFHDQG$PHULFDSD\VLWVIDUPHUV
PLOOLRQ DQQXDOO\ IRU QRW JURZLQJ DQ\WKLQJ ² DOO WR NHHS SULFHV LQ WKH ZRUOG¶V PDUNHWV KLJK $PHULFDQ
IDUPHUVNLOOHGWHQVRIWKRXVDQGVRIFDOYHVDQGEXULHGWKHPWRNHHSWKHSULFHRIPHDWKLJKZKHQLQWKH
VDPH\HDUWHQVRIWKRXVDQGVRISHRSOHGLHGRIVWDUYDWLRQLQ$IULFD$VLDDQG/DWLQ$PHULFD
+RZJUHDWDGLIIHUHQFHWKHUHLVEHWZHHQWKHKXPDQHFXOWXUHRI,VOPZKLFKGRHVQRWOHWDSRRUPDQ
VXIIHU EHFDXVH RI WKH VFHQW RI FRRNLQJ IURP D ULFK QHLJKERXU¶V KRXVH ZKLFK PD\ DJJUDYDWH KLV KXQJHU
DQG WKH PDWHULDOLVWLF FXOWXUH RI WKH :HVW ZKLFK LV WKUHDWHQLQJ PLOOLRQV RI SHRSOH ZLWK GHDWK IURP
VWDUYDWLRQ+RZPLVHUDEOHDUHWKRVHZKRDUHVWULYLQJWRDGRSWPDWHULDOLVWLFV\VWHPVZKHWKHU:HVWHUQRU
(DVWHUQVWXPEOLQJEOLQGO\LQWKHEODFNQLJKWRIMKLOL\\DK+RZJUHDWLVWKHUHVSRQVLELOLW\RIWKH0XVOLPV
WREHWKHEHDUHUVRIWKHWRUFKOLWIURPDEOHVVHGWUHHQHLWKHURIWKH(DVWQRURIWKH:HVWZKLFKDORQHFDQ
GLVSHOWKHGDUNQHVVRIMKLOL\\DKLOOXPLQDWHKHDUWVDQGPLQGVDQGUHVWRUHPDQNLQGWRJXLGDQFHVHFXULW\
DQGSURVSHULW\

7KH0XVOLPWUHDWVKLVQHLJKERXULQWKHEHVWZD\KHFDQ
7KH 0XVOLP ZKR XQGHUVWDQGV WKH WHDFKLQJV RI KLV UHOLJLRQ KDVWHQV WR WUHDW KLV QHLJKERXU LQ WKH EHVW
ZD\ KH FDQ 1RWKLQJ LV WRR LQVLJQLILFDQW ZKHQ LW FRPHV WR UHVSHFWLQJ KLV QHLJKERXU DV VRPH LJQRUDQW
SHRSOHWKLQNz WKH\ PD\WKLQNVRPHWKLQJLVWRRVPDOOWREHZRUWKJLYLQJDVDJLIWWRDQHLJKERXUVRWKH\
UHIUDLQ IURP JLYLQJ LW WKXV GHSULYLQJ WKHPVHOYHV DQG WKHLU QHLJKERXUV RI PXFK JRRGQHVV 7KLV LV
VRPHWKLQJ WKH 3URSKHW U  SRLQWHG RXW WR ZRPHQ LQ SDUWLFXODU DV PDQ\ RI WKHP PD\ IHHO WRR VK\ WR
RIIHUDVPDOOJLIWWRDQHLJKERXU
´20XVOLPZRPHQGRQRWWKLQNWKDWDQ\JLIWLVWRRLQVLJQLILFDQWWRJLYHWRDQHLJKERXUHYHQLILWLVRQO\D
VKHHS·VIRRWµ %XNKU¯ DQG0XVOLP
$VKHHS¶VIRRWLVDWKLQJRIOLWWOHYDOXHEXWLW LVEHWWHUWKDQQRWKLQJDQGQRZRPDQVKRXOGIHHOWKDWDQ\
JLIWLVQRWZRUWKJLYLQJWRDQHLJKERXU$OOK , VD\V

>7KHQVKDOODQ\RQHZKRKDVGRQHDQDWRP·VZHLJKWRIJRRGVHHLW @ 4XU¶Q 
$QGWKH3URSKHW U VDLG
´6DYH\RXUVHOIIURPWKH)LUHHYHQE\JLYLQJKDOIDGDWHLQFKDULW\µ %XNKU¯
%XWWKLV­DG¯WKZKLFKLVJHQHUDOLQDSSOLFDWLRQPD\DOVREHWDNHQWRPHDQWKDWWKHUHFLSLHQWVKRXOGQRW
ORRNGRZQRQWKHJLIW7KHPHDQLQJWKHQLV1R IHPDOH QHLJKERXUVKRXOGVFRUQWKHJLIWJLYHQWRKHUE\
DQRWKHU IHPDOH  QHLJKERXU HYHQ LI LW LV LW LV MXVW D VKHHS¶V IRRW 5DWKHU VKH VKRXOG WKDQN KHU IRU LW
EHFDXVHJUDWLWXGHHQJHQGHUVIULHQGVKLSDPRQJQHLJKERXUVDQGHQFRXUDJHVPXWXDOVXSSRUWDQGKHOS7KLV
LVLQDGGLWLRQWRWKHIDFWWKDWWKDQNLQJSHRSOHIRUIDYRXUVLVDEDVLF,VOPLFWUDLWZKLFKWKH3URSKHW U 
ÎÔ
7KH0XVOLPDQG+LV5DEE 
VWURQJO\HQFRXUDJHG
´7KHRQHZKRGRHVQRWJLYHWKDQNVWRSHRSOHGRHVQRWJLYHWKDQNVWR$OOK , µ


+LVJHQHURVLW\LVGLUHFWHGWRZDUGVERWK0XVOLPDQGQRQ 0XVOLPQHLJKERXUV
7KHWUXH0XVOLPGRHVQRWUHVWULFWKLVJRRGWUHDWPHQWRQO\WRQHLJKERXUVZKRDUHUHODWHGWRKLPRU
ZKRDUH0XVOLPVEXWKHH[WHQGVLWWRQRQ0XVOLPQHLJKERXUVWRRVRWKDWWKHWROHUDQFHRI,VOPPD\
VSUHDGWRDOOSHRSOHUHJDUGOHVVRIWKHLUUDFHRUUHOLJLRQ7KHHPLQHQW6D­E¯ µ$EGXOODKLEQµ$PUKDGD
VKHHSVODXJKWHUHGDQGDVNHGKLVVODYH³'LG\RXJLYHVRPHPHDWWRRXU-HZLVKQHLJKERXU")RU,KHDUG
WKH3URSKHW U VD\ ¶-LEU¯ONHSWRQHQMRLQLQJWKHJRRGWUHDWPHQWRIQHLJKERXUVWRWKHH[WHQWWKDW,
WKRXJKWKHZRXOGLQFOXGHQHLJKERXUVDVKHLUV·µ %XNKU¯ DQG0XVOLP

7KH 3HRSOH RI WKH %RRN KDYH OLYHG DPRQJ 0XVOLPV IRU FHQWXULHV NQRZLQJ WKDW WKH\ WKHLU KRQRXU
WKHLU ZHDOWK DQG WKHLU EHOLHIV DUH VHFXUH DQG HQMR\LQJ JRRG QHLJKERXUO\ UHODWLRQV JRRG WUHDWPHQW DQG
IUHHGRPRIZRUVKLS(YLGHQFHRIWKLVLVVHHQLQWKHFRQWLQXHGH[LVWHQFHRIWKHLUDQFLHQWFKXUFKHVFOLQJLQJ
WR PRXQWDLQWRSV VXUURXQGHG E\ WKRXVDQGV RI 0XVOLPV ZKR XSKROG WKH ZHOOEHLQJ RI WKHLU -HZLVK DQG
&KULVWLDQQHLJKERXUVLQDFFRUGDQFHZLWK4XU¶QLFWHDFKLQJV
>$OOKIRUELGV\RXQRWZLWKUHJDUGWRWKRVHZKRILJKW\RXQRWIRU>\RXU@)DLWKQRUGULYH\RXRXWRI
\RXUKRPHVIURPGHDOLQJNLQGO\DQGMXVWO\ZLWKWKHPIRU$OOKORYHVWKRVHZKRDUHMXVW@ 4XU¶Q 

+HVWDUWVZLWKWKHQHLJKERXUZKRVHKRPHLVFO RVHVWWRKLVRZQ
7KH WUXH 0XVOLP GRHV QRW IRUJHW WKH SUHFLVH V\VWHP WKDW ,VOP VHW RXW ZKHQ LW HQMRLQHG WKH JRRG
WUHDWPHQW RI QHLJKERXUV ,VOP KDV WROG KLP WR JLYH SULRULW\ WR WKHRQHZKRVHKRXVHLVFORVHVWWKHQWKH
RQHZKRLVQH[WFORVHVWDQGVRRQ7KLVWDNHVLQWRDFFRXQWWKHFORVHQHVVRIWKHQHLJKERXUVZKRVHKRPHV
DUH EHVLGH RQH DQRWKHU WKH LVVXHV ZKLFK PD\ IUHTXHQWO\ DULVH EHWZHHQ WKHP DQG WKH LPSRUWDQFH RI
PDLQWDLQLQJIULHQGVKLSDQGKDUPRQ\
µb¶LVKDKVDLG ´20HVVHQJHURI$OOK,KDYHWZRQHLJKERXUVVRWRZKLFKRQHVKRXOG,VHQGDJLIW"µ+H
VDLG´7RWKHRQHZKRVHGRRULVFORVHUWR\RXUVµ %XNKU¯
7KH6D­EDK ZHUHZHOODZDUHRIWKLV,VOPLFWHDFKLQJUHJDUGLQJWKHWUHDWPHQWRIRQH¶VQHLJKERXUVVR
WKH\ZRXOGQRWDWWHQGWRWKHJRRGWUHDWPHQWRIQHLJKERXUVZKRVHKRPHZDVIXUWKHUDZD\XQWLOWKH\KDG
WDNHQ FDUH RI WKH RQH ZKRVH KRPH ZDV QHDUHU &RQFHUQLQJ WKLV $EÔ +XUD\UDK W  VDLG ³+H GRHV QRW
VWDUW ZLWK WKH QHLJKERXU ZKRVH KRPH LV IXUWKHU DZD\ EHIRUH KH WDNHV FDUH RI WKH RQH ZKRVH KRPH LV
QHDUHU+HSD\VDWWHQWLRQWRWKHRQHZKRVHKRPHLVQHDUHUEHIRUHKHWXUQVKLVDWWHQWLRQWRWKHRQHZKRVH

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG  

7KH,GHDO0XVOLP
KRPHLVIXUWKHUDZD\´


7KLVV\VWHPRISULRULW\LQWKHJRRGWUHDWPHQWRIQHLJKERXUVGRHVQRWPHDQWKDWD0XVOLPVKRXOGLJQRUH
WKH QHLJKERXUV ZKR DUH IXUWKHU DZD\ IURP KLV KRPH (YHU\RQH DURXQG KLV KRPH LV FRQVLGHUHG WR EH D
QHLJKERXUDQGWKXVHQMR\VWKHULJKWVRIDQHLJKERXU7KLVV\VWHPLVPHUHO\DPDWWHURIRUJDQL]DWLRQE\
PHDQVRIZKLFKWKH3URSKHW U HQFRXUDJHGWDNLQJFDUHRIWKHFORVHVWQHLJKERXUEHFDXVHKHLVWKHRQH
ZLWKZKRPWKHUHLVXVXDOO\RQJRLQJFRQWDFWDQGLQWHUDFWLRQ

7KHWUXH0XVOLPLVWKHEHVWQHLJKERXU
7KHDWWLWXGHRIWUHDWLQJQHLJKERXUVZHOOLVGHHSO\HQJUDLQHGLQWKH0XVOLP¶VFRQVFLHQFHDQGLVRQHRI
WKHIHDWXUHVWKDWPRVWGLVWLQJXLVKHVKLPLQWKHVLJKWRI$OOKDQGRIRWKHUSHRSOHEHFDXVHWKHWUXH0XVOLP
ZKRKDVJURZQXSLQRUEHHQQXUWXUHGE\,VOPDQGKDVLQWHUQDOL]HGLWVWHDFKLQJVFDQQRWEXWEHWKHEHVW
RIFRPSDQLRQVDQGWKHEHVWRIQHLJKERXUV+HLVWKHRQHGHVFULEHGE\WKH3URSKHW U 
´7KHEHVWRIFRPSDQLRQVLQWKHVLJKWRI$OOK , LVWKHRQHZKRLVEHVWWRKLVFRPSDQLRQDQGWKHEHVWRI
QHLJKERXUVLQWKHVLJKWRI$OOK , LVWKHRQHZKRLVEHVWWRKLVQHLJKERXUµ


6R,VOPFRXQWVDJRRGQHLJKERXURQHZKRVHSUHVHQFHLVDVRXUFHRI FRPIRUWVHFXULW\DQGVDIHW\DV
RQHRIWKHMR\VRID0XVOLP¶VOLIH7KH3URSKHW U KRQRXUHGWKHJRRGQHLJKERXUE\GHVFULELQJKLPDV
RQHRIWKHSLOODUVRIKDSSLQHVVLQD0XVOLP¶VOLIH
´$PRQJ WKH WKLQJV WKDW EULQJ KDSSLQHVV WR D 0XVOLP LQ WKLV OLIH DUH D ULJKWHRXV QHLJKERXU D VSDFLRXV
KRXVHDQGDJRRGVWHHGµ


7KH VDODI DSSUHFLDWHG WKH YDOXH RI JRRG QHLJKERXUV VR PXFK WKDW WKH\ FRQVLGHUHG KDYLQJ D JRRG
QHLJKERXUWREHDSULFHOHVVEOHVVLQJ2QHVWRU\ZKLFKUHIOHFWVWKLVWHOOVWKDWWKHQHLJKERXURI6Dµ¯GLEQDO
µbÑ ZDQWHGWRVHOOKLVKRPHIRUGLUKDPVDQGWROGWKHZRXOGEHSXUFKDVHU³7KLVLVWKHSULFHRI
WKHKRXVHEXWZKDWZRXOG\RXJLYHIRUKDYLQJ6Dµ¯GDVDQHLJKERXU"´:KHQ6Dµ¯GKHDUGDERXWWKLVKH
VHQWKLVQHLJKERXUWKHSULFHRIWKHKRXVHDQGWROGKLPWRVWD\WKHUH
7KLVLVWKHVWDWXVRIQHLJKERXUVLQ,VOPDQGWKHDWWLWXGHDQGEHKDYLRXURIDJRRG0XVOLPQHLJKERXU
%XWZKDWDERXWEDGQHLJKERXUV"

%DGQHLJKERXUV
+DYLQJDEDGQHLJKERXULVVRPHWKLQJZKLFKLVVRDSSDOOLQJWKDWWKHVHQVLWLYH0XVOLPFDQQRWWKLQNRILW
ZLWKRXWVKXGGHULQJDQGEHLQJILOOHGZLWKDVHQVHRIIHDUORDWKLQJDQGKDWUHG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

5HSRUWHGE\DO7LUPLGK¯ ZLWKÑD­¯­ LVQG
5HSRUWHGE\$­PDGDQGDOpNLPZLWKDÑD­¯­ LVQG 

ÎÖ
7KH0XVOLPDQG+LV5DEE 
7KHEDGQHLJKERXULVDSHUVRQZKRLVGHSULYHGRIWKHEOHVVLQJRIIDLWK
7KHEDGQHLJKERXULVDSHUVRQZKRLVGHSULYHGRIWKHEOHVVLQJRIIDLWKZKLFKLVWKHJUHDWHVWEOHVVLQJ
WKDWWKH&UHDWRUKDVEHVWRZHGXSRQ+LVFUHDWLRQ7KH3URSKHW U FRQILUPHGWKHEDGQHLJKERXU¶VORVVRI
WKLVJUHDWEOHVVLQJLQQRXQFHUWDLQWHUPVZKHQKHVDLG³+HLVQRWDEHOLHYHU+HLVQRWDEHOLHYHU+HLV
QRWDEHOLHYHU´7KHSHRSOHDVNHG³:KR20HVVHQJHURI$OOK"´+HVDLG ´7KHRQHIURPZKRVHHYLO RU
WURXEOHV KLVQHLJKERXUGRHVQRWIHHOVDIHµ %XNKU¯ DQG0XVOLP
,QDUHSRUWJLYHQE\0XVOLPKH U VDLG
´7KHRQHIURPZKRVHHYLOKLVQHLJKERXUGRHVQRWIHHOVDIHZLOOQRWHQWHU 3DUDGLVHµ
+RZJUHDWPXVWEHWKHFULPHRIWKHEDGQHLJKERXULIKLVPLVWUHDWPHQWRIKLVQHLJKERXULVGHSULYLQJ
KLPRIWKHEOHVVLQJVRIIDLWKDQGGHQ\LQJKLPHQWUDQFHWR3DUDGLVH
7KHWUXH0XVOLPOLVWHQVWRWKHVHWHDFKLQJVZLWKDQRSHQPLQGDQGDFFHSWVWKHP,WQHYHURFFXUVWRKLP
WKDWRQHGD\KHPD\ILQGKLPVHOILQDQDUJXPHQWRUFRQIOLFWZLWKRQHRIKLVQHLJKERXUVEHFDXVHWKDWZLOO
GHVWUR\KLVIDLWKDQGDOOKRSHRIVXFFHVVLQWKH+HUHDIWHU7KLVZRXOGEHWKHJUHDWHVWORVVDQGWKHPHUH
WKRXJKWRILWPDNHVWKHWUXH0XVOLPWUHPEOH

7KHEDGQHLJKERXULVDSHUVRQZKRVHJRRGGHHGVDUHQRWDFFHSWHG
1RWVXUSULVLQJO\VHYHUDO­DG¯WKVWDWHWKDWWKHEDGQHLJKERXULVRQHZKRVHJRRGGHHGVDUHQRWDFFHSWHG
DQGZLOOEHRIQRDYDLOVRORQJDVKHLVPLVWUHDWLQJKLVQHLJKERXUEHFDXVHLQ,VOPJRRGGHHGVDUHDOZD\V
FHQWHUHGRQDIRXQGDWLRQRIIDLWKDQGDVZHKDYHVHHQLQWKH­DG¯WKTXRWHGDERYHWKHEDGQHLJKERXUKDVQR
IDLWK6RREYLRXVO\KLVJRRGGHHGVDUHQRWDFFHSWHG$OOK , UHMHFWVWKHPRXWULJKWQRPDWWHUKRZPDQ\
JRRGGHHGVKHGRHVHYHQLIKHVSHQGVDOOGD\DQGDOOQLJKWGRLQJWKHP
7KH 3URSKHW U  ZDV DVNHG ³2 0HVVHQJHU RI $OOK VXFKDQGVXFK D ZRPDQ VSHQGV KHU QLJKWV LQ
SUD\HU IDVWV GXULQJ WKH GD\ DQG VR RQ DQG VKH JLYHV FKDULW\ EXW VKH RIIHQGV KHU QHLJKERXUV ZLWK KHU
VKDUSWRQJXH´7KH3URSKHW U VDLG
´+HUJRRGGHHGVZLOOEHRIQRDYDLOVKHLVDPRQJWKHSHRSOHRI+HOOµ7KH\VDLG´$QGVRDQGVRSUD\V
RQO\WKHREOLJDWRU\SUD\HUVJLYHVFKDULW\LQWKHIRUPRIOHIWRYHUFXUGVEXWGRHVQRWRIIHQGDQ\RQHµ7KH
3URSKHW U VDLG´6KHLVDPRQJWKHSHRSOHRI3DUDGLVHµ


7KHEDGQHLJKERXULVRQHRIWKHWKUHHZRUVWW\SHVRISHRSOHGHILQHGE\WKH3URSKHW U 
´7KHUHDUHWKUHHZRUVWW\SHVRISHRSOHDUXOHUZKRLI\RXGRZHOOGRHVQRWDSSUHFLDWHLWDQGLI \RXGR
ZURQJKHGRHVQRWIRUJLYH\RXIRULWDEDGQHLJKERXUZKRLIKHVHHVVRPHWKLQJJRRGKHFRQFHDOVLW 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 
7KH,GHDO0XVOLP
DQGLIKHVHHVVRPHWKLQJEDGKHEURDGFDVWVLWDQGDZLIHZKRZKHQ\RXDUHSUHVHQWVKHDQQR\V\RX
DQGLI\RXJRDZD\VKHEHWUD\V\RXµ
+HQFH WKH VPDUW 0XVOLP ZLOO KDYH D YHU\ FOHDU SLFWXUH RI WKH EDG QHLJKERXU DV GHVFULEHG E\ WKH
3URSKHW U DQGZLOONHHSDJUHDWGLVWDQFHIURPVXFKDSHUVRQ

7KHWUXH0XVOLPLVFDUHIXOWRDYRLGIDOOLQJLQWRVLQZKHUHKLVQHLJKERXULV
FRQFHUQHG
7KH WUXH 0XVOLP LV HVSHFLDOO\ FDUHIXO WR DYRLG FRPPLWWLQJ VLQV DJDLQVW KLV QHLJKERXU EHFDXVH D VLQ
DJDLQVWDQHLJKERXULVZRUVHWKDQRWKHUFULPHVDFFRUGLQJWRWKHZRUGVRIWKH3URSKHW U +HTXL]]HG
KLV&RPSDQLRQVDERXWDGXOWHU\DQGWKH\VDLG³,WLV­DUP$OOK , DQG+LV0HVVHQJHUKDYHSURKLELWHG
LW´ +H WROG WKHP ³$ PDQ ZKR FRPPLWV DGXOWHU\ ZLWK WHQ ZRPHQ KDV FRPPLWWHG D OHVVHU VLQ WKDQ RQH
ZKRFRPPLWVDGXOWHU\ZLWKKLVQHLJKERXU¶VZLIH´7KHQKHTXL]]HGWKHPDERXWVWHDOLQJDQGWKH\VDLG³,W
LV­DUP$OOK , DQG+LV0HVVHQJHUKDYHSURKLELWHGLW´+HWROGWKHP³$PDQZKRVWHDOVIURPWHQ
KRXVHKROGVKDVFRPPLWWHGDOHVVHUVLQWKDQWKHRQHZKRVWHDOVIURPKLVQHLJKERXU¶VKRXVH´


7KH QHLJKERXU LQ ,VOP HQMR\V D XQLTXH VDQFWLW\ ZKLFK LV XQNQRZQ LQ RWKHU PDQPDGH ODZV DQG
V\VWHPV 7KRVH PDQPDGH ODZV HQFRXUDJH WKH YLRODWLRQ RI D QHLJKERXU¶V KRQRXU EHFDXVH LW LV XVXDOO\
HDVLHUDQGWKHUHDUHPRUHRSSRUWXQLWLHVWRGRVRWKDQWRYLRODWHWKHKRQRXURIRWKHUV7KHVHSURPLVFXRXV
VRQJV DERXW ORRNLQJ WKURXJK WKH QHLJKERXU¶V ZLQGRZ DQG VXFK OLNH GLG QRW EHFRPH ZLGHVSUHDG LQ WKH
0XVOLPZRUOGXQWLOZHKDGIRUJRWWHQWKHPDQQHUVRIFKLYDOU\DQGIDLWKDQGEHHQRYHUZKHOPHGE\EOLQG
LPLWDWLRQ DQG FXOWXUDO DQG LQWHOOHFWXDO LPSHULDOLVP 7KHQ FKHDS GLUW\ \RXQJ PHQ DPRQJ XV EHJDQ WR
FRPSRVHVRQJVDQGSRHPVDERXWWKHIHPDOHQHLJKERXUZKHQVXFKDWKLQJKDGQHYHUEHHQNQRZQGXULQJ
RXUMKLOL\\DKOHWDORQHDIWHUWKHDGYHQWRI,VOP2QHRIRXUQREOHDQGGHFHQWSRHWVLIKHKDSSHQHGWR
VHHDIHPDOHQHLJKERXUZRXOGVD\
´, ORZHU P\ JD]H ZKHQ P\ IHPDOH QHLJKERXU DSSHDUV EHIRUH PH XQWLO VKH GLVDSSHDUV LQWR KHU RZQ
KRPHµ


,VOP KDV HQFRXUDJHG WKLV QREOH KXPDQ DWWLWXGH DQG EHKDYLRXU LQ WKH PDQ\ WH[WV FRQFHUQLQJ WKH JRRG
WUHDWPHQWRIRQH¶VQHLJKERXUSURWHFWLQJKLVKRQRXUFRQFHDOLQJKLVIDXOWVKHOSLQJKLPZKHQKHLVLQQHHG
ORZHULQJRQH¶VJD]HIURPKLVZRPHQIRONDQGNHHSLQJDZD\IURPHYHU\WKLQJWKDWPD\KDUPKLPRUPDNH
KLPVXVSLFLRXV,WLVQRVXUSULVHWKHQWKDWWKHWUXH0XVOLPLVWKHEHVWQHLJKERXUWKDWDQ\KXPDQVRFLHW\KDV
HYHUNQRZQ
7KH 0XVOLP ZKR LV WUXO\ VHQVLWLYH DQG DZDUH RI WKH WHDFKLQJV RI KLV UHOLJLRQ FRQFHUQLQJ WKH JRRG
WUHDWPHQW RI QHLJKERXUV ZLOO EH YHU\ FDXWLRXV LQGHHG FRQFHUQLQJ DQ\ GLVSXWH WKDW PD\ DULVH EHWZHHQ 

5HSRUWHGE\DO†DEDUQ¯WKHPHQRILWVLVQG DUHWKLTW 

5HSRUWHGE\,PP$­PDGLQ DO0XVQDG,WVPHQDUH WKLTW 

µ$QWDUDKLQKLV'¯ZQ ZLWKIRRWQRWHVE\DO0DZODZS
ÏÎ
7KH0XVOLPDQG+LV5DEE 
KLPVHOIDQGKLVQHLJKERXUIRUDQ\UHDVRQEHFDXVHRIWKHZDUQLQJRIWKH3URSKHW U DJDLQVWDUJXLQJ
ZLWKQHLJKERXUV

´7KHILUVWWZRDQWDJRQLVWVRQWKH'D\RI-XGJHPHQWZLOOEHWZRQHLJKERXUVµ


+LVJRRGWUHDWPHQWRIKLVQHLJKERXULVQRWODFNLQJ
7KH WUXH 0XVOLP GRHV QRW VSDUH DQ\ HIIRUW WR KHOS KLV QHLJKERXU RSHQLQJ ZLGH WKH GRRU RI FDUH
IULHQGVKLSDQGJHQHURVLW\+HLVFDUHIXOWRIXOILOKLVGXW\WRZDUGVKLPOHVWWKHZRUGVRIWKH3URSKHW U 
FRQFHUQLQJWKHPLVHUO\XQKHOSIXOQHLJKERXUEHFRPHDSSOLFDEOHWRKLP
´+RZ PDQ\ SHRSOH ZLOO EH KDQJLQJ RQ WR WKHLU QHLJKERXUV RQ WKH 'D\ RI 5HVXUUHFWLRQ VD\LQJ ¶2 P\
5DEE +HVKXWKLVGRRULQP\IDFHDQGGHQLHGPHKLVNLQGWUHDWPHQWDQGKHOS·µ


:KDWDPLVHUDEOHSRVLWLRQWKHPLVHUO\XQFDULQJQHLJKERXUZLOOEHLQRQWKH'D\RI-XGJHPHQW
$FFRUGLQJ WR ,VOP WKH 0XVOLPV DUH OLNH D ZDOO ZKRVH EULFNV DUH WKH SHRSOH RI WKH 8PPDK (DFK
EULFN PXVW EH VRXQG DQG VWURQJO\ ERQGHG ZLWK WKH RWKHUV WR PDNH WKLV ZDOO VWXUG\ DQG HQGXULQJ
RWKHUZLVHLWZLOOEHFRPHZHDNDQGSURQHWRFROODSVH7KXV,VOPVXUURXQGVWKLVZDOOZLWKVWURQJVSLULWXDO
WLHVWRSUHVHUYHLWVLQWHJULW\DQGVWUHQJWKVRWKDWLWZLOOQRWEHVKDNHQQRPDWWHUZKDWHYHQWVEHIDOOLW
7KH3URSKHW U JDYHDPDUYHOORXVPHWDSKRURIWKH0XVOLPV¶VROLGDULW\DQGPXWXDOVXSSRUW
´7KHEHOLHYHUVDUHOLNHDZDOOZKRVHEULFNVDUHILWWHGWLJKWO\WRJHWKHUHDFKRQHRIWKHPVXSSRUWVDQRWKHUµ
%XNKU¯
´7KH EHOLHYHUV LQ WKHLU PXWXDO IULHQGVKLS PHUF\ DQG DIIHFWLRQ DUH OLNH RQH ERG\ LI DQ\ SDUW RI LW
FRPSODLQVWKHUHVWRIWKHERG\ZLOODOVRVWD\DZDNHLQSDLQµ %XNKU¯
,I D UHOLJLRQ SODFHV VXFK DQ DPD]LQJ HPSKDVLV RQ WKH VROLGDULW\ RI LWV IROORZHUV LW LV QDWXUDO WKDW LW
VKRXOG VWUHQJWKHQ QHLJKERXUO\ WLHV DQG EDVH WKHP RQ D VROLG IRXQGDWLRQ RI IULHQGVKLS NLQGQHVV PXWXDO
VXSSRUWDQGJRRGWUHDWPHQW

+HSXWVXSZLWKKLVQHLJKERXU¶VPLVWDNHVDQGEDGWUHDWPHQW
7KH 0XVOLP ZKR LV JXLGHG E\ ,VOP LV SDWLHQW ZLWK KLV QHLJKERXU DQG GRHV QRW JHW DQJU\ RU EHDU D
JUXGJHLIKHPDNHVDPLVWDNHRUKDVVRPHVKRUWFRPLQJV+HLVWROHUDQWDQGIRUJLYLQJWRZDUGVKLPWKXV
KRSLQJWRHDUQUHZDUGIURP$OOK , DQGWRDWWDLQ+LVORYHDQGSOHDVXUH7KLVLVSURYHQE\WKH­DG¯WKRI
$EÔ 'KDUUZKHQ0XÓDUULILEQµ$EGXOODKPHWKLPKHVDLG³2$EÔ 'KDUU,KHDUGDERXWZKDW\RXVDLG
DQG , ZDQWHG WR PHHW \RX´ $EÔ 'KDUU VDLG ³<RXU IDWKHU ZDV D JUHDW PDQ 1RZ \RX KDYH PHW PH´ 

5HSRUWHGE\$­PDGDQGDO†DEDUQ¯ZLWKD­DVDQLVQG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 
7KH,GHDO0XVOLP
0XÓDUULI VDLG ³, KHDUG WKDW \RX KDYH VDLG WKDW WKH 3URSKHW U  VDLG µ$OOK ORYHV WKUHH DQG KDWHV
WKUHH¶´$EÔ 'KDUUVDLG³,GRQRWWKLQNWKDW,ZLOOWHOOOLHVDERXWWKH0HVVHQJHURI$OOK´0XÓDUULIVDLG
³7KHQZKRDUHWKHWKUHHZKRP$OOK , ORYHV"´$EÔ 'KDUU TXRWLQJWKH3URSKHW U VDLG³$PDQ
ZKRILJKWVIRUWKHVDNHRI$OOK , ZLWKSHUVHYHUDQFHDQGKRSLQJIRUUHZDUGIURP+LPDQGILJKWVXQWLO
KHLVNLOOHGDQG\RXILQGWKLVLQWKH%RRNRI$OOK , ´7KHQKHUHFLWHG>7UXO\$OOKORYHVWKRVHZKR
ILJKWLQ+LV&DXVHLQEDWWOHDUUD\DVLIWKH\ZHUHDVROLGFHPHQWHGVWUXFWXUH@ 4XU¶Q  0XÓDUULI
DVNHG ³7KHQ ZKR"´ +H VDLG ³$ PDQ ZKR KDV D EDG QHLJKERXU ZKR DQQR\V DQG GLVWXUEV KLP EXW KH
EHDUVLWZLWKSDWLHQFHDQGIRUEHDUDQFHXQWLO$OOK , HQGVWKHPDWWHUHLWKHUGXULQJKLVOLIHWLPHRUXSRQ
WKHGHDWKRIHLWKHURIWKHP´


5HSRUWHGE\$­PDGDQGDO†DEDUQ¯ ZLWKDÑD­¯­ LVQG 

ÏÐ
7KH0XVOLPDQG+LV5DEE 

+HGRHVQRWJLYHWLWIRUWDW
2QHHOHPHQWRIWKHWHDFKLQJVRIWKLVUHOLJLRQZKLFKWKH3URSKHW U H[SODLQHGWRKLV&RPSDQLRQVLV
QRWWRUHSD\DEDGQHLJKERXUZLWKEDGGHHGVEXWWREHDUKLVGLVWXUEDQFHZLWKSDWLHQFHLQVRIDUDVKHLV
DEOHKRSLQJWKDWWKHRQHZKRLVGRLQJZURQJPD\VWRSKLVEDGEHKDYLRXUZKHQKHVHHVWKDWKLVQHLJKERXU
LVQRWUHVSRQGLQJLQNLQG7KLVLVRQHRIWKHQREOHVWFKDUDFWHULVWLFVDQGRQHRIWKHPRVWHIIHFWLYHZD\VRI
XSURRWLQJWKHHYLOWKDWH[LVWVLQVRPHVRXOV
0XKDPPDG LEQ µ$EGXOODK LEQ 6DOOP W  FDPH WR WKH 3URSKHW U  DQG VDLG ³0\ QHLJKERXU LV
GLVWXUELQJ PH´ +H VDLG ³+DYH SDWLHQFH´ +H FDPH EDFN D VHFRQG WLPH DQG VDLG ³0\ QHLJKERXU LV
GLVWXUELQJPH´$QGWKH3URSKHW U DJDLQWROGKLP³+DYHSDWLHQFH´+HFDPHEDFNDWKLUGWLPHDQG
VDLG³0\QHLJKERXULVGLVWXUELQJPH´7KH3URSKHW U WROGKLP³*REDFNDQGSXWDOO\RXUJRRGVDQG
FKDWWHOVRXWLQWKHVWUHHW,IDQ\RQHFRPHVDORQJDQGDVNV\RXWHOOKLPµ0\QHLJKERXULVGLVWXUELQJPH¶
7KHQ KH ZLOO WUXO\ LQFXU FXUVHV :KRHYHU EHOLHYHV LQ $OOK ,  DQG WKH /DVW 'D\ OHW KLP KRQRXU KLV
QHLJKERXU¶´


+HNQRZVKLVQHLJKERXU¶VULJKWVRYHUKLP
)URPWKHWHDFKLQJVRIWKH3URSKHW U UHJDUGLQJQHLJKERXUVWKHWUXH0XVOLPNQRZVWKHULJKWVRIKLV
QHLJKERXURYHUKLPDWDOOWLPHV6RKHKHOSVKLPDWWLPHVRIGLIILFXOW\KHVKDUHVKLVMR\VDQGKLVVRUURZV
LIKHEHFRPHVSRRUKHWUHDWVKLPNLQGO\DQGKHOSVKLPLIKHLVLOOKHYLVLWVKLPDQGFRQVROHVKLPLIKH
GLHV KH IROORZV KLV ELHU FRPIRUWV KLV IDPLO\ DQG WDNHV FDUH RI WKHP +H QHYHU IRUJHWV WR FRQVLGHU WKH
IHHOLQJVRIKLVQHLJKERXUDQGKLVIDPLO\DQGDYRLGVGRLQJDQ\WKLQJWKDWPD\KXUWWKHLUIHHOLQJVZKHWKHU
GLUHFWO\RULQGLUHFWO\
7KHVHDUHWKHVXEOLPH,VOPLFWHDFKLQJVFRQFHUQLQJQHLJKERXUVIRUHYHU\0XVOLPZKRKDVEHHQJXLGHG
WR WUXH ,VOP DQG ZKR DSSOLHV LWVUXOHVWRKLPVHOIDQGWRKLVIDPLO\,VLWDQ\ZRQGHULQWKHOLJKWRIDOO
WKLVWKDWWKHWUXH0XVOLPVKRXOGEHWKHEHVWQHLJKERXUWKDWDQ\KXPDQVRFLHW\KDVHYHUNQRZQ" 

pD\WDO6D­EDK 
7KH,GHDO0XVOLP

&KDSWHU

7KH0XVOLPDQG+LV)ULHQGVDQG%URWKHUV,Q,VOP

+HORYHVWKHPIRUWKHVDNHRI$OOK ,
,

2QH RI WKH PRVW SURPLQHQW GLVWLQJXLVKLQJ IHDWXUHV RI WKH WUXH 0XVOLP LV KLV ORYH IRU KLV IULHQGVDQG
EURWKHUVLQIDLWKDORYHWKDWLVXQWDLQWHGE\DQ\ZRUOGO\LQWHUHVWVRUXOWHULRUPRWLYHV7KLVLVWUXHEURWKHUO\
ORYHZKRVHSXULW\LVGHULYHGIURPWKHOLJKWRI,VOPLFJXLGDQFHLWVHIIHFWRQWKHEHKDYLRXURI0XVOLPVLV
TXLWHXQLTXHLQWKHKLVWRU\RIKXPDQUHODWLRQVKLSV
7KHERQGWKDWOLQNVD0XVOLPWRKLVEURWKHUUHJDUGOHVVRIUDFHFRORXURUODQJXDJHLVWKHERQGRIIDLWK
LQ$OOK , 
>7KH%HOLHYHUVDUHEXWDVLQJOHEURWKHUKRRG@ 4XU¶Q
7KHEURWKHUKRRGRIIDLWKLVWKHVWURQJHVWRIERQGVEHWZHHQKHDUWVDQGPLQGV,WFRPHVDVQRVXUSULVH
WKDWWKLVXQLTXHEURWKHUKRRGEHDUVIUXLWVRIORYHWKDWDUHDPD]LQJO\VXEOLPHSXUHGHHSDQGODVWLQJ,VOP
FDOOVLW³ORYHIRUWKHVDNHRI$OOK , ´LQZKLFKWKHWUXH0XVOLPILQGVWKHVZHHWQHVVRIIDLWK
´7KHUH DUH WKUHH WKLQJV WKDW ZKRHYHU DWWDLQV WKHP ZLOO ILQG WKH VZHHWQHVV RI IDLWK LI $OOK ,  DQG +LV
0HVVHQJHUDUHGHDUHUWRKLPWKDQDQ\RQHHOVHLIKHORYHVDSHUVRQVROHO\IRUWKHVDNHRI$OOK , DQGLI
KHZRXOGKDWHWRUHWXUQWRNXIU DIWHU$OOK , KDVUHVFXHGKLPIURPLWDVPXFKDVKHZRXOGKDWHWREH
WKURZQLQWRWKH)LUHµ %XNKU¯ DQG0XVOLP

7KHVWDWXVRIWZRZKRORYHRQHDQRWKHUIRUWKHVDNHRI$OO K ,
,
0DQ\ ­DG¯WK GHVFULEH WKH VWDWXV RI WZR SHRSOH ZKR ORYH RQH DQRWKHU IRU WKH VDNH RI $OOK ,  DQG
GHVFULEHWKHKLJKSRVLWLRQLQ3DUDGLVHZKLFK+HKDVSURPLVHGWKHPDQGWKHJUHDWKRQRXUZKLFK+HZLOO
EHVWRZXSRQWKHPRQWKH'D\ZKHQPDQNLQGLVUHVXUUHFWHGWRPHHWWKH5DEE RIWKH:RUOGV$PRQJWKHP
LVWKH­DG¯WKZKLFKGHVFULEHVWKHVHYHQZKRP$OOK , ZLOOVKDGHRQWKH'D\ZKHQWKHUHLVQRVKDGHEXW
+LV
´«D MXVW OHDGHU D \RXWK ZKR JURZV XS ZRUVKLSSLQJ $OOK ,  D PDQ ZKR LV GHHSO\ DWWDFKHG WR WKH
PRVTXHWZRPHQZKRORYHRQHDQRWKHUIRUWKHVDNHRI$OOK , PHHWLQJIRU+LVVDNHDQGSDUWLQJIRU+LV
ÏÒ
7KH0XVOLPDQG+LV5DEE 
VDNHDPDQZKRLVFDOOHGE\DEHDXWLIXOZRPDQDQGVD\V¶,IHDU$OOK , ·DPDQZKRJLYHVFKDULW\LQ
VHFUHW VXFK WKDW KLV OHIW KDQG GRHV QRW NQRZ ZKDW KLV ULJKW KDQG LV GRLQJ DQG D PDQ ZKR UHPHPEHUV
$OOK , ZKHQKHLVDORQHDQGKLVH\HVILOOZLWKWHDUVµ %XNKU¯ DQG0XVOLP
7KHWZRZKRORYHRQHDQRWKHUIRUWKHVDNHRI$OOK , DUHFOHDUO\VKRZQWREHDPRQJWKRVHZKRP
$OOK , ZLOOVKHOWHUZLWK+LVVKDGHDQGXSRQZKRP+HZLOOVKRZHU+LVPHUF\DQGNLQGQHVV:KDWD
JUHDW KRQRXU ,W LV HQRXJK KRQRXU IRU WKRVH ZKR ORYH RQH DQRWKHU IRU WKH VDNH RI $OOK ,  WKDW WKHLU
$OPLJKW\5DEE ZLOOJUHHWWKHPRQWKH'D\RI5HVXUUHFWLRQDQGVD\WRWKHP ´:KHUHDUHWKRVHZKRORYHG
RQHDQRWKHUIRU0\JORU\"7RGD\,ZLOOVKDGHWKHPLQ0\VKDGHRQ WKH'D\ZKHQWKHUHLVQRVKDGHEXW
0LQHµ 0XVOLP
6XFK LV WKH PDJQLILFHQW KRQRXU DQG WUHPHQGRXV UHZDUG WKDW ZLOO EH EHVWRZHG XSRQ WKRVH ZKR WUXO\
ORYHGRQHDQRWKHUIRUWKHVDNHRI$OOK , RQWKDWDZHVRPH'D\
/RYHIRUWKHVDNHRI$OOK , DQGQRWIRUWKHVDNHRIDQ\WKLQJHOVHLQWKLVOLIHZKLFKLVILOOHGZLWK
JUHHGGHVLUHVDQGLQWHUHVWVLVYHU\GLIILFXOWDQGQRQHFDQDWWDLQLWH[FHSWWKHRQHZKRLVSXUHRIKHDUWIRU
ZKRPWKLVZRUOGLVDVQRWKLQJFRPSDUHGWRWKHSOHDVXUHRI$OOK , ,WLVQRWVXUSULVLQJWKDW$OOK , 
VKRXOG JLYH WKHP D VWDWXV DQG EOHVVLQJ ZKLFK LV FRPPHQVXUDWH ZLWK WKHLU SRVLWLRQ LQ WKLV ZRUOG DERYH
ZKRVHFRQFHUQVWKH\KDYHULVHQ:HILQGSURRIRIWKLVLQWKH­DG¯WKRI0XµGKZKRVDLGWKDWWKH3URSKHW
U VDLG

´$OOK , VDLG¶7KRVHZKRORYHRQHDQRWKHUIRU0\JORU\ZLOOKDYHPLQEDUV RIOLJKWDQGWKH3URSKHWVDQG
PDUW\UVZLOOZLVKWKDWWKH\KDGWKHVDPHµ


$OOK , JLYHVWRWKRVHZKRORYHRQHDQRWKHUIRU+LVVDNHDJLIWZKLFKLVHYHQJUHDWHUWKDQWKLVVWDWXV
DQGEOHVVLQJWKDWLV+LVSUHFLRXVORYHZKLFKLVYHU\GLIILFXOWWRDWWDLQ7KLVLVSURYHQE\WKH­DG¯WKRI$EÔ
+XUD\UDK W LQZKLFKWKH3URSKHW U VDLG
´$PDQZHQWWRYLVLWDEURWKHURIKLVLQDQRWKHUYLOODJH$OOK , VHQWDQDQJHOWRZDLWIRUKLPRQWKHURDG
:KHQWKHPDQFDPHDORQJWKHDQJHODVNHGKLP¶:KHUHGR\RXLQWHQGWRJR"·+HVDLG¶,DPJRLQJWR
YLVLW D EURWKHU RI PLQH ZKR OLYHV LQ WKLV YLOODJH· 7KH DQJHO DVNHG ¶+DYH \RX GRQH KLP DQ\ IDYRXU IRU
ZKLFK\RXDUHQRZVHHNLQJUHSD\PHQW "·+HVDLG¶1R, MXVWORYHKLPIRUWKHVDNHRI$OOK , ·7KHDQJHO
WROG KLP ¶, DP D PHVVHQJHU WR \RX IURP $OOK ,  VHQW WR WHOO \RX WKDW +H ORYHV \RX DV \RX ORYH \RXU
EURWKHUIRU+LVVDNH·µ 0XVOLP
:KDWDJUHDWORYHWKDWUDLVHVDPDQWRDSRVLWLRQZKHUH$OOK , ORYHVKLPDQGLVSOHDVHGZLWKKLP
7KHWHDFKLQJRIWKH3URSKHW U JRHVHYHQIXUWKHUDQGVWDWHVWKDWWKHEHWWHURIWZREURWKHUVZKRORYH
RQHDQRWKHUIRUWKHVDNHRI$OOK , LVWKHRQHZKRORYHVKLVEURWKHUPRUH7KH3URSKHW U VDLG
´1RWZRPHQORYHRQHDQRWKHUEXWWKHEHWWHURIWKHPLVWKHRQHZKRVHORYHIRUKLVEURWKHULVJUHDWHUµ
 

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 
7KH,GHDO0XVOLP
,VOP JRHV HYHQ IXUWKHU LQ VSUHDGLQJ ORYH LQ WKH ULJKWO\JXLGHG 0XVOLP VRFLHW\ E\ WHOOLQJ WKH
0XVOLPWKDWLIKHORYHVKLVEURWKHUKHVKRXOGWHOOKLP7KH3URSKHW U VDLG

´,IDPDQORYHVKLVEURWKHUOHWKLPWHOOKLPWKDWKHORYHVKLPµ


7KH3URSKHW U XQGHUVWRRGWKHLPSDFWRIWKLVVWURQJSXUHORYHLQEXLOGLQJVRFLHWLHVDQGQDWLRQVVR
KH QHYHU OHW DQ\ RFFDVLRQ SDVV ZLWKRXW DGYRFDWLQJWKLVORYHDQGFRPPDQGLQJWKH0XVOLPVWRDQQRXQFH
WKHLU ORYH IRU RQH DQRWKHU LQ RUGHU WR RSHQ KHDUWV DQG VSUHDG ORYH DQG SXULW\ DPRQJ WKH UDQNV RI WKH
8PPDK
$QDV W VDLGWKDWDPDQZDVZLWKWKH3URSKHW U ZKHQDQRWKHUPDQSDVVHGE\7KHILUVWPDQVDLG
³20HVVHQJHURI$OOKLQGHHG,WUXO\ORYHWKLVPDQ´7KH3URSKHW U DVNHGKLP³+DYH\RXOHWKLP
NQRZWKDW"´+HVDLG³1R´7KH3URSKHW U VDLG´7HOOKLPµ+HFDXJKWXSZLWKKLPDQGWROGKLP´7UXO\
, ORYH \RX IRU WKH VDNH RI $OOK , µ DQG WKH PDQ VDLG ´0D\ $OOK ,  ORYH \RX ZKR ORYHV PH IRU +LV
VDNHµ


0XµGKEHJDQWRVSUHDGWKLVSXUHORYHDPRQJWKH0XVOLPVWKURXJKRXWWKH0XVOLPODQGVWHOOLQJWKHP
ZKDWKHKDGKHDUGIURPWKH3URSKHW U DERXWWKHJUHDWUHZDUGWKDW$OOK , KDGSUHSDUHGIRUWKRVH
ZKR ORYHG RQH DQRWKHU IRU +LV VDNH DQG DERXW +LV JUHDW ORYH IRU WKHP ,Q DO0XZDÓÓD¶ ,PP 0OLN
JLYHV D UHSRUW ZLWK D ÑD­¯­ LVQG IURP $EÔ ,GU¯V DO.KÔOQ¯ ZKR VDLG ³, HQWHUHG WKH PRVTXH RI
'DPDVFXVZKHUH,VDZD\RXQJPDQZKRKDGDEULJKWVPLOHDQG,VDZWKHSHRSOHJDWKHUHGDURXQG KLP
:KHQWKH\GLVDJUHHGRQVRPHPDWWHUWKH\UHIHUUHGLWWRKLPDQGDFFHSWHGKLVRSLQLRQ,DVNHGZKRKH
ZDV DQG WKH\ WROG PH µ7KLV LV 0XµGK LEQ -DEDO W ¶ (DUO\ WKH QH[W GD\ , ZHQW WR WKH PRVTXH EXW ,
IRXQG WKDW KH KDG DUULYHG HYHQ HDUOLHU WKDQ , +H ZDV SUD\LQJ VR , ZDLWHG XQWLO KH KDG ILQLVKHG WKHQ ,
DSSURDFKHGKLPIURPLQIURQWJUHHWHGKLPDQGVDLGµ%\$OOK , ,ORYH\RX¶+HVDLGµ)RUWKHVDNHRI
$OOK , "¶,VDLGµ)RUWKHVDNHRI$OOK , ¶+HUHSHDWHGKLVTXHVWLRQµ)RUWKHVDNHRI$OOK , "¶DQG
,VDLGµ)RUWKHVDNHRI$OOK , ¶6RKHWRRNKROGRIP\FROODUDQGSXOOHGPHWRZDUGVKLPDQGVDLGµ,
KDYH JRRG QHZV IRU \RX , KHDUG WKH 3URSKHW U  VD\ ´$OOK ,  $OPLJKW\ VD\V ¶0\ ORYH LV JUDQWHG WR
WKRVH ZKR ORYH RQH DQRWKHU IRU 0\ VDNH ZKR YLVLW RQH DQRWKHU IRU 0\ VDNH DQG ZKR VSHQG RQ RQH
DQRWKHUIRU0\VDNH·µ·µ

7KHHIIHFWRIORYHIRUWKHVDNHRI$OOK ,
, RQWKHOLIHRI0XVOLPV
,QDQRWKHU­DG¯WKWKH3URSKHW U FRQILUPHGWKDWWKLVORYHEHWZHHQEHOLHYHUVLVRQHRIWKHFRQGLWLRQV
RIIDLWKWKDWZLOOJUDQWHQWUDQFHWR3DUDGLVHWRWKHRQHZKRKDVLW,QDUHSRUWJLYHQE\,PP0XVOLPIURP
$EÔ +XUD\UDK W WKH3URSKHW U VDLG 

5HSRUWHGE\$EÔ 'ZÔGDQGDO7LUPLGK¯ZKRVDLGLWLVDÑD­¯­ ­DG¯WK 

5HSRUWHGE\$EÔ 'ZÔGZLWKDÑD­¯­ LVQG
ÏÔ
7KH0XVOLPDQG+LV5DEE 
´%\ WKH 2QH LQ :KRVH KDQG LV P\ VRXO \RX ZLOO QRW HQWHU 3DUDGLVH XQWLO \RX EHOLHYH DQG \RX ZLOOQRW
EHOLHYH XQWLO \RX ORYH RQH DQRWKHU 6KDOO , QRW WHOO \RX RI VRPHWKLQJ WKDW LI \RX GR LW \RX ZLOO ORYH RQH
DQRWKHU"6SUHDGVDOP DPRQJVW\RXUVHOYHVµ 0XVOLP
7KH3URSKHW U ZLWKWKHEULOOLDQWHGXFDWLRQDOLQVLJKWEHVWRZHGXSRQKLPE\$OOK , XQGHUVWRRG
WKDWQRWKLQJFRXOGHOLPLQDWHKDWUHGMHDORXV\DQGULYDOU\IURPSHRSOH¶VKHDUWVEXWWUXHEURWKHUKRRGEDVHG
RQORYHIULHQGVKLSDQGPXWXDODGYLFHDQGIUHHRIFRQVSLUDFLHVHQY\VXOOHQQHVVDQGKDWUHG6RKHFDOOHG
IRU WKH 0XVOLPV WR VSUHDG VDOP DPRQJ WKHLU EURWKHUV VR WKDW LW ZRXOG RSHQ WKHLU KHDUWV WR ORYH DQG
PHHWLQJRQHDQRWKHURQDJRRGEDVLV
+HIUHTXHQWO\UHSHDWHGWKLVWHDFKLQJWRKLV6D­EDKKRSLQJWRVRZWKHVHHGRIORYHLQWKHLUKHDUWVDQG
QXUWXUHLWXQWLOLWERUHIUXLWVRIWKDWJUHDWORYHWKDW,VOPZDQWVIRUWKH0XVOLPV:LWKWKLVJUHDWORYHWKH
3URSKHW U EXLOWWKHILUVWJHQHUDWLRQRI0XVOLPVZKLFKFRQYH\HGWKLVGLYLQH0HVVDJHWRWKHZRUOGDQG
IRUPHGWKHVROLGEDVLVRQZKLFKWKLVUHOLJLRQZDVEXLOW
:LWKRXW WKLV SXUH ORYH ZKLFK ,VOP DORQH LQVWLOOHG LQ WKHLU KHDUWV WKH ILUVW 0XVOLPV ZRXOG QRW
KDYH EHHQ DEOH WR SHUVHYHUH LQ MLKG DQG PDNH WKH JUHDW VDFULILFHV WKURXJK ZKLFK WKH\ EXLOW WKH
,VOPLFVWDWHDQGVSUHDGWKHUXOHRI,VOPWKURXJKRXWWKHZRUOG
:LWKWKLVDPD]LQJWUXHORYHWKH3URSKHW U ZDVDEOHWRHVWDEOLVKWKHPRVWLGHDOVRFLHW\RIEHOLHYHUV
HYHUNQRZQZKRVHVROLGDULW\KHGHVFULEHGVRZHOO
´7KHUHODWLRQVKLSEHWZHHQEHOLHYHUVLVOLNHDZDOOSDUWVRIZKLFKVXSSRUWRWKHUSDUWVµ 0XVOLP
´7KH EHOLHYHUV LQ WKHLU PXWXDO IULHQGVKLS PHUF\ DQG DIIHFWLRQ DUH OLNH RQH ERG\ ,I DQ\ SDUW RI LW
FRPSODLQVWKHUHVWRIWKHERG\ZLOODOVRVWD\DZDNHLQSDLQµ 0XVOLP

´7KH0XVOLPVDUHOLNHRQHSHUVRQLIKLVH\HKXUWVKLPWKHQKLVZKROHERG\ZLOOVXIIHUDQGLIKLVKHDGKXUWV
KLPWKHQKLVZKROHERG\ZLOOVXIIHUµ 0XVOLP
,Q WKH OLJKW RI WKLV JXLGDQFH WKH 0XVOLP FDQQRW EXW EH ILOOHG ZLWK ORYH IRU KLV EURWKHUV DQG IULHQGV
7KXV KH EHFRPHV D JRRG FRQVWUXFWLYH HOHPHQW RI ORYH LQ WKLV ZRUOG DQG D YLFWRU ZKR KDV JDLQHG WKH
SOHDVXUHDQGORYHRIKLV5DEE LQWKH+HUHDIWHU

+HGRHVQRWIRUVDNHRUDEDQGRQKLVEURWKHU
7KH WUXH 0XVOLP ZKR XQGHUVWDQGV WKH WHDFKLQJV RI ,VOP NQRZV WKDW WKH UHOLJLRQ WKDW FDOOV IRU ORYH
FRQWLQXHGFRQWDFWDQGPXWXDODIIHFWLRQDOVRLVWKHUHOLJLRQWKDWKDVIRUELGGHQEURWKHUVLQIDLWKWRKDWHRU
DEDQGRQ RQH DQRWKHU ,VOP KDV H[SODLQHG WKDW WZR SHRSOH ZKR WUXO\ ORYH RQH DQRWKHU IRU WKH VDNH RI
$OOK , ZLOOQRWEHVHSDUDWHGE\WKHILUVWPLQRURIIHQFHWKDWHLWKHURIWKHPPD\FRPPLWEHFDXVHWKH
ERQG RI ORYH IRU WKH VDNH RI $OOK ,  LV WRR VWURQJ WR EH EURNHQ E\ VXFK PLQRU PDWWHUV 7KH 3URSKHW
U VDLG
´1R WZR SHRSOH ZKR ORYH RQH DQRWKHU IRU WKH VDNH RI $OOK ,  RU IRU WKH VDNH RI ,VOP ZLOO OHW WKH ILUVW 
7KH,GHDO0XVOLP
PLQRURIIHQFHRIHLWKHURIWKHPFRPHEHWZHHQWKHPµ


,VOPGRHVQRWLJQRUHKXPDQQDWXUHLWUHFRJQL]HVWKDWDQJHUPD\VWULNHLQPRPHQWVRIZHDNQHVVEXWLW
SXWV D OLPLW RQ WKH OHQJWK RI WLPH WKDW DQJHU PD\ SUHYDLO DQG IRUELGV 0XVOLPV WR FRQWLQXH D GLVSXWH
EH\RQGWKLVWLPHZLWKRXWRQHRUERWKRIWKHPEULQJLQJDERXWDUHFRQFLOLDWLRQ7KH3URSKHW U VDLG
´,WLVQRWSHUPLVVLEOHIRUD0XVOLPWREHHVWUDQJHGIURPKLVEURWKHUIRUPRUHWKDQWKUHHGD\VERWKRIWKHP
WXUQLQJ DZD\ IURP RQH DQRWKHU ZKHQ WKH\ PHHW 7KH EHWWHU RI WKHPLVWKHRQHZKRLVILUVWWRJUHHWWKH
RWKHUµ %XNKU¯ DQG0XVOLP 
7KHWUXH0XVOLPZKRKDVVWXGLHGWKHVHGHILQLWLYH­DG¯WKVZLOOQRWEHDEOHWREHDUKDYLQJDGLVSXWHZLWK
KLVEURWKHUDQGEHLQJHVWUDQJHGIURPKLPQRPDWWHUZKDWWKHUHDVRQ5DWKHUKHZLOOKDVWHQWREULQJDERXW
DUHFRQFLOLDWLRQEHFDXVHWKHEHWWHURIWKHWZRLVWKHRQHZKRLVILUVWWRJLYHVDOP,IWKHRWKHUUHWXUQVWKH
JUHHWLQJERWKRIWKHPZLOOKDYHDVKDUHRIWKHUHZDUGIRUWKHUHFRQFLOLDWLRQDQGLIKHGRHVQRWUHWXUQLW
WKHQWKHRQHZKRJDYHWKHJUHHWLQJZLOOEHDEVROYHGRIWKH VLQRIIRUVDNLQJKLVEURWKHUZKLOHWKHRQHZKR
UHIXVHGWRUHWXUQWKHVDOP ZLOOKDYHWREHDUWKHEXUGHQRIWKDWVLQDORQH7KLVLVPDGHFOHDUE\WKH­DG¯WK
LQZKLFK$EÔ +XUD\UDK W VDLG
´, KHDUGWKH3URSKHW U VD\¶,WLVQRWSHUPLVVLEOHIRUDPDQWREHHVWUDQJHGIURPDEHOLHYHUIRUPRUH
WKDQ WKUHH GD\V ,I WKUHH GD\V KDYH SDVVHG WKHQ KH VKRXOG JR DQG JLYH VDOP WR KLP LI KH UHWXUQV WKH
VDOP WKHQERWKRIWKHPZLOOKDYHDVKDUHLQWKHUHZDUGDQGLIKHGRHVQRWUHVSRQGWKHQWKHRQHZKR
JDYHVDOP ZLOOEHDEVROYHGRIWKHVLQRIHVWUDQJHPHQWµ


7KHORQJHUWKHHVWUDQJHPHQWODVWVWKHJUHDWHULVWKHVLQDQGWKHPRUHVHYHUHLVWKHSXQLVKPHQWWKDWZLOO
EHIDOOWKHWZRZKRDUHVSOLWE\WKHGLVSXWH7KH3URSKHW U VDLG
´:KRHYHULVHVWUDQJHGIURPKLVEURWKHUIRUD\HDULWLVDVLIKHKDVVKHGKLVEORRGµ


7KH,VOPLFV\VWHPRIHGXFDWLRQLVEDVHGRQPXWXDOORYHDQGDIIHFWLRQDQGRQJRLQJFRQWDFW7KHUHIRUH
PXWXDOKDWUHGDQGHQY\VKRXOGKDYHQRSODFHLQWKHOLIHRIWKHWUXH0XVOLP+RZFRXOGKHDOORZVXFKEDG
FKDUDFWHULVWLFV ZKHQ KH NQRZV WKH WHDFKLQJV RIWKH3URSKHW U ZKLFKHQMRLQPRUDOVDQGPDQQHUVWKH
OLNHRIZKLFKKDYHQHYHUEHHQNQRZQVLQFHPDQILUVWZDONHGRQWKHIDFHRIWKHHDUWK"7KH3URSKHW U 
VDLG
´7KHUHVKRXOGEHQREUHDNLQJRIIRIWLHVQRWXUQLQJDZD\IURPRQHDQRWKHUQRKDWLQJRQHDQRWKHUDQG
QRHQY\LQJRQHDQRWKHU%HEURWKHUVDV$OOK , KDVFRPPDQGHG\RXµ 0XVOLP

´%HZDUHRIVXVSLFLRQIRUVSHDNLQJRQWKHEDVLVRIVXVSLFLRQLVWKHZRUVWNLQGRIOLH'RQRWVHHNRXWRQH
DQRWKHU·V IDXOWV GR QRW VS\ RQ RQH DQRWKHU GR QRW FRPSHWH ZLWK RQH DQRWKHU GR QRW HQY\ RQH
DQRWKHUGRQRWKDWHRQHDQRWKHUDQGGRQRWWXUQDZD\IURPRQHDQRWKHU2VHUYDQWVRI$OOK , EH
EURWKHUVµ %XNKU¯ DQG0XVOLP

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG  

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG
ÏÖ
7KH0XVOLPDQG+LV5DEE 
´'R QRW HQY\ RQH DQRWKHU GR QRW RXWELG RQH DQRWKHU LQ RUGHU WR LQIODWH SULFHV  GR QRW KDWH RQH
DQRWKHU GR QRW WXUQ DZD\ IURP RQH DQRWKHU DQG GR QRW HQWHU LQWR D WUDQVDFWLRQ ZKHQ RWKHUV KDYH
DOUHDG\HQWHUHGLQWRLW2VHUYDQWVRI$OOKEHEURWKHUV$0XVOLPLVWKHEURWKHURID0XVOLP+HGRHVQRW
RSSUHVV KLP KXPLOLDWH KLP RU ORRN GRZQ XSRQ KLP 7DTZ LV KHUHµ ³ DQG VR VD\LQJ KH SRLQWHG WR KLV
FKHVW WKUHH WLPHV ³ ´,W LV HYLO HQRXJK IRU D PDQ WR ORRN GRZQ XSRQ KLV 0XVOLP EURWKHU 7KH ZKROH RI D
0XVOLP·V EHLQJ LV VDFUHG WR DQRWKHU 0XVOLP ³ KLV EORRG KLV ZHDOWK DQG KLV KRQRXU DUH LQYLRODEOHµ
0XVOLP
7KH 0XVOLP ZKR WKLQNV GHHSO\ DERXW WKLV WHDFKLQJ RI WKH 3URSKHW U  ZKLFK LV ILOOHG ZLWK ORYH
DIIHFWLRQDQGEURWKHUKRRGZLOOQRWEHDEOHWRSHUVLVWLQKLVKDWUHGXQOHVVWKHUHLVVRPHGLVHDVHLQKLV KHDUW
RUVRPHWZLVWHGQHVVLQKLVQDWXUH
7KHUHIRUH,VOPLVVXHVDVWHUQZDUQLQJWRWKRVHKDUGKHDUWHGSHRSOHZKRDUHGHYLDWLQJIURPWUXH,VOP
DQGGHQ\LQJLWVVSLULWRIWROHUDQFHE\LQVLVWLQJRQUHPDLQLQJHVWUDQJHG7KH\DUHULVNLQJDQDZIXOIDWHLQ
WKH+HUHDIWHUWKHLUDFWLRQVPD\SUHYHQWWKHPIURPDWWDLQLQJWKHPHUF\DQGIRUJLYHQHVVRI$OOK , DQG
PD\FORVHWKHGRRUVRI3DUDGLVHWRWKHP7KH3URSKHW U VDLG
´7KHGRRUVRI3DUDGLVHDUHRSHQHGRQ0RQGD\DQG7KXUVGD\DQGHYHU\VHUYDQWZKRGRHVQRWDVVRFLDWH
DQ\WKLQJZLWK$OOK , ZLOOEHIRUJLYHQH[FHSWIRUWKHPDQZKREHDUVDJUXGJHDJDLQVWKLVEURWKHU,WZLOO
EHVDLG¶:DLWIRUWKHVHWZRXQWLOWKH\UHFRQFLOHZDLWIRUWKHVHWZRXQWLOWKH\UHFRQFLOHZDLWIRUWKHVHWZR
XQWLOWKH\UHFRQFLOHµ 0XVOLP
7KHJUHDW6D­E¯ $EÔO'DUG¶ W XVHGWRVD\ ´6KDOO,QRWWHOO\RXDERXWVRPHWKLQJWKDWLVEHWWHUIRU
\RXWKDQFKDULW\DQGIDVWLQJ"5HFRQFLOHEHWZHHQ\RXUEURWKHUVIRUKDWUHGGLPLQLVKHVUHZDUGµ


7KLVLVGHHSDQGSHQHWUDWLQJLQVLJKWRQWKHSDUWRIWKLV6D­E¯ ZKRVHLQWHOOLJHQFHDQGJRRGVHQVHWKH
3URSKHW U  XVHG WR WUXVW LQWR WKH VSLULW RI WKLV UHOLJLRQ ZKLFK LV EDVHG RQ EURWKHUKRRG DQG ORYH +H
XQGHUVWRRGWKDWKDWUHGFDQFHOVRXWJRRGGHHGVDQGGHVWUR\VUHZDUGVVRUHFRQFLOLQJWKHHVWUDQJHG0XVOLP
ZLWKKLVEURWKHULVEHWWHUIRUKLPWKDQFKDULW\DQGIDVWLQJEHFDXVHLIKHZHUHWRFRQWLQXHEHDULQJDJUXGJH
DJDLQVWKLVEURWKHUWKLVZRXOGQHJDWHDQ\UHZDUGKHPLJKWUHFHLYHIRUWKRVHDFWVRIZRUVKLS 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 
7KH,GHDO0XVOLP

+HLVWROHUDQWDQGIRUJLYLQJWRZDUGVWKHP
,IKHEHFRPHVDQJU\ZLWKKLVEURWKHUWKHWUXH0XVOLPUHVWUDLQVKLVDQJHUDQGLVTXLFNWRIRUJLYHKLP
DQGGRHVQRWVHHDQ\VKDPHLQGRLQJVR5DWKHUKHVHHVLWDVDJRRGGHHGZKLFKZLOOEULQJKLPFORVHUWR
$OOK , DQGHDUQKLP+LVORYHZKLFK+HEHVWRZVRQO\RQWKRVHZKRGRJRRG
>«>WKRVH@ZKRUHVWUDLQDQJHUDQGSDUGRQ>DOO@PHQ³ IRU$OOKORYHVWKRVHZKRGRJRRG@ 4XU¶Q 

$PDQPD\EHDEOHWRUHVWUDLQKLVDQJHUEXWUHVHQWPHQWPD\EHVPRXOGHULQJLQKLVKHDUWDQGPD\WXUQ
LQWRGHHSURRWHGKDWUHG2SHQDQJHUDQGUDJHDUHKHDOWKLHUWKDQKLGGHQUHVHQWPHQWDQGPDOLFH
7KH WUXH 0XVOLP ZKRVH VRXO KDV EHHQ VDWXUDWHG ZLWK WKLV UHOLJLRQ GRHV QRW KDUERXU JUXGJHV LI KH
UHVWUDLQVKLVDQJHUKHWKHQIROORZVWKDWZLWKIRUJLYHQHVVDQGWKXVKHZLOOEHDPRQJWKRVHZKRGRJRRG
$QJHU LV YHU\ GLIILFXOW WR UHVWUDLQ IRU LW LV D KHDY\ EXUGHQ RQ WKH KHDUW %XW ZKHQ D SHUVRQ IRUJLYHV
DQRWKHUWKLVKHDY\EXUGHQLVOLIWHGIUHHLQJKLPVRRWKLQJKLPDQGEULQJLQJSHDFHRIPLQG7KHVHDUHWKH
IHHOLQJVRIL­VQ JRRGQHVV ZKLFKWKH0XVOLPIHHOVZKHQKHIRUJLYHVKLVEURWKHU
7KHWUXH0XVOLPLVIRUJLYLQJWRZDUGVKLVEURWKHUSXUHO\IRUWKHVDNHRI$OOK , +HKRSHVWKHUHE\
WRHDUQWKHKRQRXUWRZKLFKWKH3URSKHW U UHIHUUHGLQWKH­DG¯WK
´$OOK , ZLOOQRWLQFUHDVH+LVVHUYDQWH[FHSWLQKRQRXU1RRQHKXPEOHVKLPVHOIIRUWKHVDNHRI$OOK , 
EXW$OOK , ZLOOUDLVHKLVVWDWXVµ 0XVOLP
,W LV D JUHDW KRQRXU IURP $OOK ,  ZKLFK FRPELQHV ZLWK WKH JRRG FKDUDFWHULVWLFV RI WKH WROHUDQW
IRUJLYLQJ0XVOLPVRWKDWKHEHFRPHVRQHRIWKRVHZKRGRJRRGZKRP$OOK , ORYHVDQGRQHRIWKRVH
KRQRXUHGRQHVZKRPSHRSOHORYH
5HVHQWPHQW KDV QR SODFH LQ WKH KHDUWRIWKHVHQVLWLYH0XVOLPZKRWUXO\XQGHUVWDQGVKLVUHOLJLRQ+H
UHDOL]HVWKHYDOXHRIIRUJLYHQHVVDQGSXULW\RIKHDUWDQGWKHLULPSRUWDQFHLIKHVHHNV$OOK¶VIRUJLYHQHVV
DVWKH3URSKHW U H[SODLQHG
´7KHUH DUH WKUHH VLQV ZKRHYHU GLHV IUHH RI WKHVH VLQV ZLOO EH IRUJLYHQ IRU DQ\WKLQJ HOVH LI $OOK ,  ZLOOV
DVVRFLDWLQJ DQ\WKLQJ ZLWK $OOK , SUDFWLVLQJPDJLFRUZLWFKFUDIWDQGEHDULQJUHVHQWPHQWWRZDUGVKLV
EURWKHUµ


+HPHHWVWKHPZLWKDVPLOLQJIDFH
7KH 0XVOLP VKRXOG DOZD\V EH SXUH RI KHDUW DQG FKHHUIXO RI FRXQWHQDQFH +H VKRXOG QRW PHHW KLV
EURWKHUVH[FHSWZLWKZDUPWKDQGVPLOHVDVWKH3URSKHW U VDLG
´'RQRWWKLQNOLWWOHRIDQ\JRRGGHHGHYHQLILWLVMXVWJUHHWLQJ\RXUEURWKHUZLWKDFKHHUIXOFRXQWHQDQFHµ
0XVOLP 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG
ÐÎ
7KH0XVOLPDQG+LV5DEE 
+DYLQJDFKHHUIXODQGIULHQGO\IDFHLVDJRRGFKDUDFWHULVWLFZKLFK,VOPHQFRXUDJHVDQGFRQVLGHUV
WREHDJRRGGHHGZKLFKZLOOEULQJUHZDUGEHFDXVHDFKHHUIXO IDFHPLUURUVDSXUHVRXO7KLVLQZDUGDQG
RXWZDUGSXULW\LVRQHRIWKHGLVWLQJXLVKLQJIHDWXUHVRIWKHVLQFHUH0XVOLP+HQFHWKH3URSKHW U VDLG
´<RXUVPLOLQJDW\RXUEURWKHULVDQDFWRIFKDULW\ ÑDGDTDK µ


µ$O¯ W  VDLG ³:KHQ WZR 0XVOLPV PHHW DQG FRQYHUVH $OOK ,  ZLOO IRUJLYH WKH RQH ZKR KDV WKH
PRVWFKHHUIXOIDFH´
,W ZDV WKH KDELW RI WKH 6D­EDK ZKR ZHUH WKH OLYLQJ H[DPSOH RI ,VOP WR VKDNH KDQGV ZKHQHYHU
WKH\PHWDQGZKHQHYHUWKH\UHWXUQHGIURPDMRXUQH\WKH\ZRXOGHPEUDFHRQHDQRWKHU7KHVHDFWLRQV
LQFUHDVHWKHIHHOLQJVRIORYHDQGIULHQGVKLSEHWZHHQWKHWZRZKRPHHW,EQ6DµGUHSRUWVLQDO†DEDTW  
WKDWDO6KDµE¯ VDLG
´:KHQWKH3URSKHW U UHWXUQHGIURP.KD\EDU-D¶IDULEQ$E¯ †OLE W FDPHRXWWRPHHWKLPDQGWKH
3URSKHW U HPEUDFHGKLPDQGNLVVHGKLVIRUHKHDGDQGVDLG¶,GRQRWNQRZZKLFKJLYHVPHPRUHMR\
-D¶IDU·V UHWXUQ IURP $E\VVLQLD  RU WKH FRQTXHVW RI .KD\EDU·µ $QRWKHU UHSRUW DGGV ´+H HPEUDFHG KLP
ZDUPO\µ
,VOP HQFRXUDJHV JLYLQJ VDOP DQG VKDNLQJ KDQGV DQG HPEUDFLQJ ZKHQHYHU EURWKHUV PHHW VR DV WR
UHLQIRUFH WKH WLHV RI ORYH DQG VWUHQJWKHQ WKH ERQGV RI EURWKHUKRRG DPRQJ EHOLHYHUV VR WKDW WKH 0XVOLP
VRFLHW\ZLOOEHDEOHWRIXOILOLWVSXUSRVHLQOLIH

+HLVVLQFHUHWRZDUGVWKHP
7KH WUXH 0XVOLP LV VLQFHUH WRZDUGV $OOK ,  +LV %RRN +LV 3URSKHW DQG WR WKH OHDGHUV DQG WKH
PDVVHVRIWKH0XVOLPVDVLVVWDWHGLQWKH­DG¯WK
´7KH 3URSKHW U  VDLG ¶5HOLJLRQ LV VLQFHULW\ · :H DVNHG ¶7R ZKRP"· +H VDLG ¶7R $OOK ,  E\ REH\LQJ


+LP DWWULEXWLQJ WR +LP ZKDW +H GHVHUYHV DQG SHUIRUPLQJ MLKG IRU +LV VDNH  WR +LV %RRN E\ UHDGLQJ LW
XQGHUVWDQGLQJLWDQGDSSO\LQJLWWRRQH·VGDLO\OLIH WR+LV3URSKHW E\UHVSHFWLQJKLPJUHDWO\DQGILJKWLQJ
RQ KLV EHKDOI ERWK LQ KLV OLIHWLPH DQG DIWHU KLV GHDWK DQG E\ IROORZLQJ KLV 6XQQDK  WR WKH UXOHUV RI WKH
0XVOLPV E\KHOSLQJWKHPLQWKHLUWDVNRIOHDGLQJ0XVOLPVWRWKHULJKWSDWKDQGDOHUWLQJWKHPLIWKH\DUH
KHHGOHVV DQGWRWKHLUFRPPRQIRON E\EHLQJPHUFLIXOWRZDUGVWKHP µ %XNKU¯ DQG0XVOLP


,W LV QR VXUSULVH WKHQ WKDW WKH0XVOLPVKRXOGEHVLQFHUHWRZDUGVKLVEURWKHUVDQGQRWFKHDWWKHPRU
PLVOHDG WKHP 6LQFHULW\ LQ WKLV VHQVH LV RQH RI WKH PRVW EDVLF SULQFLSOHV RI ,VOP ZKLFK WKH ILUVW 

5HSRUWHGE\DO7LUPLGK¯ ZKRVDLGLWLV­DVDQJKDU¯E 

1Dѯ­DK LVDQ$UDELFZRUGWKDWPD\EHWUDQVODWHGE\DQXPEHURIZRUGVLQ(QJOLVK7KHPRVWFRPPRQWUDQVODWLRQLV³JRRGDGYLFH´EXWLW
DOVRFDUULHVFRQQRWDWLRQVRIVLQFHULW\LQWHJULW\DQG³GRLQJMXVWLFHWRDSHUVRQRUVLWXDWLRQ´>7UDQVODWRU@ 

7KHH[SODQDWLRQVLQEUDFNHWVDUHDGDSWHGIURPWKRVHJLYHQLQWKH(QJOLVKWUDQVODWLRQRI ÑD­¯­ %XNKU¯ E\'U0XKDPPDG0XKVLQ.KDQ
9ROS >7UDQVODWRU@ 
7KH,GHDO0XVOLP
EHOLHYHUV SOHGJHG WR DGKHUH WR ZKHQ WKH\ JDYH DOOHJLDQFH ED\µDK  WR WKH 3URSKHW U  7KLV LV
FRQILUPHGE\WKHVWDWHPHQWRI-DU¯ULEQµ$EGXOODK W 
´,JDYHDOOHJLDQFHWRWKH3URSKHW U DQGSOHGJHGWRREVHUYHUHJXODUSUD\HUWRSD\]DNW DQGWREH
VLQFHUHWRZDUGVHYHU\0XVOLPµ %XNKU¯ DQG0XVOLP
,Q WKH ­DG¯WK TXRWHG DERYH ZH VHH WKDW WKH 3URSKHW U  VXPPHG XS ,VOP LQ RQH ZRUG QDѯ­DK
VKRZLQJWKDWVLQFHULW\LVWKHFHQWUDOIRXQGDWLRQRIWKHIDLWK)RUZLWKRXWVLQFHULW\DPDQ¶VIDLWKLVLQYDOLG
DQGKLV,VOPLVZRUWKOHVV7KLVLVWKHPHDQLQJRIWKH­DG¯WKRIWKH3URSKHW U 
´1RQHRI\RXWUXO\EHOLHYHVXQWLOKHOLNHVIRUKLVEURWKHUZKDWKHOLNHVIRUKLPVHOIµ %XNKU¯ DQG0XVOLP
7KLVLVLPSRVVLEOHWRDFKLHYHXQOHVVRQHORYHVRQH¶VEURWKHUZLWKDOOVLQFHULW\1RGRXEWWKLVOHYHORI
ORYHIRURQH¶VEURWKHULVYHU\GLIILFXOWWRDWWDLQEXWLWLVQRWLPSRVVLEOHDVORQJDVRQHLVFRQVWDQWO\DZDUH
WKDWOLNLQJIRURQH¶VEURWKHUZKDWRQHOLNHVIRURQHVHOILVRQHRIWKHFRQGLWLRQVRIIDLWKDQGWKDWUHOLJLRQLV
VLQFHULW\,QGHHGLWLVDQDWXUDODWWLWXGHRIWKHVLQFHUH0XVOLPZKRWUXO\XQGHUVWDQGV,VOP2XUKLVWRU\LV
ILOOHGZLWKPDQ\H[DPSOHVDQFLHQWDQGPRGHUQRIKRZWUXH0XVOLPVOLNHGIRUWKHLUEURWKHUVZKDWWKH\
OLNHGIRUWKHPVHOYHV7KLVUHPLQGVPHRIWKHVWRULHV,KDYHKHDUGIURPP\HOGHUVDERXWWKHWUDGHUVLQWKH
PDUNHWVRI6\ULD,QWKHROGFRYHUHGVRXTVWUDGHUVGHDOLQJLQRQHFRPPRGLW\ZRXOGEHJURXSHGWRJHWKHU
VRWKHUHZRXOGEHDVRXT IRUVHOOHUVRISHUIXPHVDQRWKHUIRUG\HUVDWKLUGIRUWDLORUVDQGVRRQ:KHQD
EX\HUFDPHWRRQHRIWKHPILUVWDQGERXJKWVRPHWKLQJLIDVHFRQGEX\HUFDPHz DQGKLVQHLJKERXUKDG
QRW\HWPDGHDVDOHz KHZRXOGSROLWHO\WHOOWKHFXVWRPHU³*RDQGEX\IURPP\QHLJKERXUIRU,KDYH
PDGHDVDOHEXWKHKDVQRW\HWVROGDQ\WKLQJ´
2 $OOK ,  +RZ MR\RXV DQG GHOLJKWIXO OLIH DSSHDUV LQ WKH VKDGH RI WKLV EURWKHUKRRG DQG PXWXDO
DIIHFWLRQ +RZ KDSS\ OLIH ZRXOG EH LI LW ZHUH LQIXVHG ZLWK WKH VSLULW RI ,VOP DQG LI ,VOPLF YDOXHV
SHUYDGHGDOOLWVLQWHUDFWLRQV7KHQZHZRXOGEHOLYLQJLQDKLJKHUVWDWXVWKDWQRPDQFDQDFKLHYHH[FHSWLQ
WKLVUHOLJLRQZKLFKWHDFKHVKLPWKDW³UHOLJLRQLVVLQFHULW\´DQGWKDWKHGRHVQRWWUXO\EHOLHYHXQWLOKHOLNHV
IRUKLVEURWKHUZKDWKHOLNHVIRUKLPVHOI2QWKHEDVLVRIWKHVHORIW\SULQFLSOHVRIORYHDQGVLQFHULW\WKH
JUHDW6D­E¯ $EÔ +XUD\UDK W XVHGWRVD\
´7KHEHOLHYHULVWKHPLUURURIKLVEURWKHU,IKHVHHVDQ\IDXOWLQKLPKHFRUUHFWVLWµ


,QWKHVHZRUGV$EÔ +XUD\UDK W ZDVHFKRLQJWKH­DG¯WKRIWKH3URSKHW U 
´7KHEHOLHYHULVWKHPLUURURIKLVEURWKHU7KHEHOLHYHULVWKHEURWKHURIDEHOLHYHUKHSURWHFWVKLPIURPUXLQ
DQGJXDUGVKLVEDFNµ
,WLVQDWXUDOWKDWWKHWUXH0XVOLPVKRXOGKDYHWKLVQREOHDWWLWXGHWRZDUGVKLVEURWKHU+HFRXOGQRWGR
RWKHUZLVHHYHQLIKHZDQWHGWRWKHSHUVRQZKRLVOLYLQJRQVXFKDQH[DOWHGOHYHOFDQQRWFRPHGRZQWR
WKHOHYHORILQGLYLGXDOLVPDQGVHOILVKQHVV$YHVVHOZLOOOHDNZKDWHYHULVLQLWDIORZHUFDQQRWEXWVPHOO
VZHHWDQGJRRGODQGFDQQRWEXWEULQJIRUWKJRRGSURGXFH7KHSRHWULJKWO\VDLG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG
ÐÐ
7KH0XVOLPDQG+LV5DEE 
´'RHVDQ\SODQWSURGXFHODUJHIORZHUVEXWWKHZDVK¯M SODQWZLWKVSHDUOLNHOHDYHV "
$UHSDOPWUHHVSODQWHGDQ\ZKHUHH[FHSWLQWKHVRLOZKLFKLVVXLWDEOHIRUWKHP"µ

+HKDVDQDWXUDOLQFOLQDWLRQWRZDUGVNLQGQHVVDQGIDLWKIXOQHVV
,VOPLQVWLOOVLQLWVIROORZHUVWKHFKDUDFWHULVWLFVRINLQGQHVVDQGIDLWKIXOQHVVWRZDUGVRQH¶VIULHQGVLW
HYHQ LQFOXGHVWKHSDUHQWV¶IULHQGVDVZHKDYHDOUHDG\VHHQLQ&KDSWHU ³7KH0XVOLPDQGKLVSDUHQWV´ 
7KXVWKHWUXH0XVOLPDSSUHFLDWHVWKHYDOXHRIIDLWKIXOQHVVDQGWKHYDOXHRIWKHWLHVRIEURWKHUKRRGDQG
IULHQGVKLS7KHERRNVRIRXU,VOPLFKHULWDJHDUHILOOHGZLWKJUHDWH[DPSOHVRINLQGQHVVDQGIDLWKIXOQHVV
ZKLFK WKH VDODI HPERGLHG LQ WKHLU GDLO\ OLYHV VR WKDWWKH\WUXO\ZHUH >WKH EHVW RI 3HRSOHV HYROYHG IRU
PDQNLQG@
$Q H[DPSOH RI WKLV LV WKH ­DG¯WKQDUUDWHGE\0XVOLPLQKLVÑD­¯­ IURP,EQµ8PDU W LQZKLFKWKH
3URSKHW U VDLG
´7KHEHVWNLQGRIJRRGQHVV ELUU LVWKDWDPDQVKRXOGNHHSLQWRXFKZLWKDQGUHVSHFWKLVIDWKHU·VIULHQGµ
µ$EGXOODKLEQ'¯QUUHSRUWHGWKDWKHDQGµ$EGXOODKLEQµ8PDU W PHWD%HGRXLQPDQRQWKHURDGWR
0DNNDK µ$EGXOODK LEQ µ8PDU JUHHWHG KLP VHDWHG KLP RQ WKH GRQNH\ KH ZDV ULGLQJ DQG JDYH KLP WKH
WXUEDQKHZDVZHDULQJ,EQ'¯QUVDLG³:HVDLGWRKLPµ0D\$OOK , JXLGH\RX+HLVRQO\D%HGRXLQ
DQG WKH OHDVW WKLQJ ZRXOG VDWLVI\ WKHP¶ µ$EGXOODK LEQ µ8PDU VDLG µ7KLV PDQ¶V IDWKHU ZDV D IULHQG RI
µ8PDULEQDO.KDÓӍE W DQG,KHDUGWKH3URSKHWVD\³7KHEHVWNLQGRIJRRGQHVV ELUU LVWKDWDPDQ
VKRXOGNHHSLQWRXFKZLWKDQGUHVSHFWKLVIDWKHU¶VIULHQG´¶´
7KH3URSKHW U XVHGWRQXUWXUHWKHVRXOVRIWKH0XVOLPVDQGSODQWWKHVHHGVRIIDLWKIXOQHVVLQWKHP
ZKHQHYHUKHIRXQGDQRSSRUWXQLW\WRWHOOWKHPVRPHWKLQJRIKLVJXLGDQFH$PDQRI%DQÔ 6DODPDKFDPH
WRKLPDQGDVNHG³20HVVHQJHURI$OOK U LVWKHUHDQ\GHHGRINLQGQHVVDQGUHVSHFWWKDW,FDQGRIRU
P\SDUHQWVDIWHUWKH\GLH"´+HVDLG³<HVSUD\IRUWKHPDVNIRUJLYHQHVVIRUWKHPIXOILOWKHLUSURPLVHV
DIWHUWKH\GLHNHHSLQFRQWDFWZLWK\RXUUHODWLYHV² IRU\RXKDYHQRUHODWLYHVH[FHSWWKURXJKWKHPz DQG
UHVSHFWWKHLUIULHQGV´


7KH 3URSKHW¶V FRQFHUQ IRU WKLV NLQG RI IDLWKIXOQHVV LQ IULHQGVKLS ZDV VRPHWKLQJ WKDW XVHG WR XSVHW
µb¶LVKDKEHFDXVHKHXVHGWRH[WHQGLWWRWKHIULHQGVRI.KDG¯MDKDQGµb¶LVKDKXVHGWRIHHOMHDORXVRIKHU
7KLVLVFOHDUIURPWKHZRUGVRIµb¶LVKDK
´,QHYHUIHOWMHDORXVRIDQ\RIWKHZLYHVRIWKH3URSKHW U DV,GLGRI.KDG¯MDK W DOWKRXJK,KDGQHYHU
VHHQKHU%XWKHXVHGWRPHQWLRQKHUIUHTXHQWO\DQGVRPHWLPHVKHZRXOGVODXJKWHUDVKHHSEXWFKHUWKH
PHDWDQGVHQGLWWR.KDG¯MDK·VIULHQGV2QHWLPH,VDLGWRKLP¶,WLVDVLIWKHUH ZDVQRRWKHUZRPDQLQWKH
ZRUOGEXW.KDG¯MDK·+HVDLG¶6KHZDVVXFKDQGVXFKDQG,KDGFKLOGUHQE\KHU·µ %XNKU¯ DQG0XVOLP 
$FFRUGLQJWRDQRWKHUUHSRUW ´KHXVHGWRVODXJKWHUDVKHHSDQGVHQGWRKHUIULHQGVDJRRGO\DPRXQWRI
LWµ
7KLV LQFRPSDUDEOH ,VOPLF IDLWKIXOQHVV H[WHQGV HYHQ WR WKH GLVWDQW IULHQGV RI GHFHDVHG SDUHQWV DQG
ZLYHV6RZKDWDERXWRXURZQFORVHIULHQGVZKRDUHVWLOODOLYH" 

5HSRUWHGE\$EÔ 'ZÔG,EQ0MDKDQG,EQpLEEQLQKLVÑD­¯­ 
7KH,GHDO0XVOLP
2QHRIWKHUHTXLUHPHQWVRIORYHVLQFHULW\NLQGQHVVDQGIDLWKIXOQHVVDFFRUGLQJWR,VOPLVWKDW
DPDQVKRXOG KHOSKLVEURWKHULQDOOFLUFXPVWDQFHV,IKHLVLQWKHULJKWWKHQKHVKRXOGKHOSKLPE\
VXSSRUWLQJKLPVWDQGLQJE\KLPDQGGHIHQGLQJKLPLIKHLVLQWKHZURQJWKHQKHVKRXOGKHOSKLP
E\ UHEXNLQJ KLP DGYLVLQJ KLP DQG VDYLQJ KLP IURP VLQNLQJ LQWR WKH PLUH RI ZURQJGRLQJ 7KLV LV
ZKDWWKH3URSKHW U DGYRFDWHGLQWKH­DG¯WK
´$PDQVKRXOGKHOSKLVEURWKHUZKHWKHUKHLVDZURQJGRHURULVZURQJHG,IKHLVDZURQJGRHUWKHQKH
VKRXOGVWRSKLPDQGLIKHLVZURQJHGWKHQKHVKRXOGGHIHQGKLPµ 0XVOLP
7KHWUXH0XVOLPGRHVQRWIRUVDNHKLVEURWKHUZKHWKHUKHLVDZURQJGRHURULVZURQJHG,VOPWHDFKHV
KLP WR OLNH IRU KLV EURWKHU ZKDW KH OLNHV IRU KLPVHOI DV ORQJ DV KH ZRXOG QRW OLNH IRU KLPVHOI WR EH D
ZURQJGRHURUWRGRZURQJWKHQKHZRXOGQRWOLNHWKLVIRUKLVEURWKHUHLWKHU6RLIKLVEURWKHULVZURQJHGKH
VWDQGVE\KLPVXSSRUWVKLPDQGGHIHQGVKLPDQGLIKHLVDZURQJGRHUKHVWDQGVE\KLPDQGVWRSVKLPIURP
GRLQJZURQJ7KLVLVLQGHHGWUXHVLQFHULW\DQGWUXHNLQGQHVV7KHVHDUHWZRTXDOLWLHVWKDWGLVWLQJXLVKWKHWUXH
0XVOLPDWDQ\WLPHDQGLQDQ\SODFH

+HLVNLQGWRKLVEURWKHUV
7KHWUXH0XVOLPZKRLVDGKHULQJWRWKHWHDFKLQJVDQGYDOXHVRIKLVUHOLJLRQLVNLQGWRKLVEURWKHUVDQG
LV JRRGQDWXUHG DQG HDV\JRLQJ WRZDUGV WKHP ,Q WKLV KH LV IROORZLQJ WKH JXLGDQFH RI ,VOP ZKLFK
HQFRXUDJHVJRRGFKDUDFWHULVWLFV
$OOK , GHVFULEHVWKHEHOLHYHUVDVEHLQJ>«ORZO\>RUKXPEOH@ZLWKWKHEHOLHYHUVPLJKW\DJDLQVW
WKHNILUÔQ«@ 4XU¶Q 7KLVVXJJHVWVJHQWOHQHVVPRGHVW\DQGJRRGGHDOLQJVZLWKRQH¶VEURWKHUV
LQIDLWKWRDQLQILQLWHGHJUHHRINLQGQHVVZKLFKLVPRVWDNLQWRKXPLOLW\
7KLVPHVVDJHLVUHLQIRUFHGE\WKHWHDFKLQJRIWKH3URSKHW U ZKLFKHQFRXUDJHVWKH0XVOLPWREH
NLQGLQDZD\WKDWZLOODGGEHDXW\WROLIH7KLVLVVHHQLQWKH­DG¯WK
´7KHUH LV QR NLQGQHVV LQ D WKLQJ EXW LW DGGV EHDXW\ WR LW DQG WKHUH LV QR DEVHQFH RI NLQGQHVV EXW LW
GLVILJXUHVDWKLQJµ 0XVOLP
7KH 0XVOLP VHHV D FOHDU SLFWXUH RI WKH 3URSKHW¶V FKDUDFWHU LQ KLV V¯UDK ZKLFK LV IXOO RI NLQGQHVV
JHQWOHQHVVKRQRXUDQGJRRG PDQQHUV+HZDVQHYHUNQRZQWRXVHREVFHQHODQJXDJHRUWRFXUVHRULQVXOW
D0XVOLP$QDV W KLVVHUYDQWDQGFRQVWDQWFRPSDQLRQGHVFULEHVKLVQREOHFKDUDFWHUWKXV
´7KH 3URSKHW U  QHYHU XVHGREVFHQHODQJXDJHRUXWWHUHGFXUVHVDQGLQVXOWV,IKHZDQWHG WRUHEXNH
VRPHRQH KH ZRXOG VD\ ¶:KDW LV WKH PDWWHU ZLWK KLP PD\ KLV IRUHKHDG EH FRYHUHG ZLWK GXVW ·µ


%XNKU¯  

,W KDV EHHQ VXJJHVWHG WKDW ZKDW LV PHDQW E\ WKLV H[SUHVVLRQ LV ³PD\ KLV VXMÔG SURVWUDWLRQ  LQFUHDVH´ WKXV KH ZRXOG EH JXLGHG DQG
FRUUHFWHG>$XWKRU@
ÐÒ
7KH0XVOLPDQG+LV5DEE 
+HGRHVQRWJRVVLSDERXWWKHP
7KHWUXH0XVOLPGRHVQRWJRVVLSRUEDFNELWHDERXWKLVEURWKHUVDQGIULHQGVRUEDFNELWHDJDLQVWWKHP
+HNQRZVWKDWJRVVLSLV­DUPDVWKH4XU¶QVD\V
>«1RU VSHDN LOO RI HDFK RWKHU EHKLQG WKHLU EDFNV :RXOG DQ\ RI \RX OLNH WR HDW WKH IOHVK RI KLV
GHDG EURWKHU" 1D\ \RX ZRXOG DEKRU LW %XW IHDU $OOK IRU $OOK LV 2IW5HWXUQLQJ $OO0HUFLIXO@
4XU¶Q
7KH WUXH 0XVOLP ZKR LV LQIXVHG ZLWK ,VOPLF WHDFKLQJV DQG PDQQHUV ZLOO EH KRUULILHG E\ WKH
GHSLFWLRQ JLYHQ LQ WKH 4XU¶Q RI RQH ZKR JRVVLSV DV EHLQJ OLNH RQH ZKR HDWV WKH IOHVK RI KLV GHDG
EURWKHU 7KLV ZLOO GHWHU KLP IURP JRVVLSLQJ DQG LI KH LV JXLOW\ RI WKLV VLQ KH ZLOO KDVWHQ WR UHSHQW
VLQFHUHO\ DV LQGLFDWHG DW WKH HQG RI WKH \DK TXRWHG +H ZLOO WKHQ UHVWUDLQ KLV WRQJXH DQG VSHDN RQO\
JRRGRIKLVEURWKHUUHPHPEHULQJWKHZRUGVRIWKH3URSKHW U 
´'R \RX NQRZ ZKDW JRVVLS LV" 7KH\ VDLG ´$OOK ,  DQG +LV 0HVVHQJHU NQRZ EHVWµ +H VDLG ´,W LV \RXU
VD\LQJDERXW\RXUEURWKHUVRPHWKLQJZKLFKKHGLVOLNHVµ+HZDVDVNHG´:KDWGR\RXWKLQNLIZKDW,VD\
DERXWP\EURWKHULVWUXH"+HVDLG´,ILWLVWUXHWKHQ\RXKDYHJRVVLSHGDERXWKLPDQGLILWLVQRWWUXH WKHQ
\RXKDYHVODQGHUHGKLPµ 0XVOLP
7KHWUXH0XVOLPDYRLGVWKHVLQRIJRVVLSLQJGLUHFWO\RULQGLUHFWO\DEKRUULQJWKHLGHDRIEHLQJRQHZKR
HDWVWKHIOHVKRIKLVGHDGEURWKHUDQGIHDULQJOHVWKLVWRQJXHOHDGVKLPWR+HOO7KLVLVPDGHFOHDUE\WKH
3URSKHW¶VZDUQLQJWR0XµGKZKHQKHWRRNKROGRIKLVWRQJXHDQGVDLG³5HVWUDLQWKLV´0XµGKVDLG³2
3URSKHWRI$OOKZLOOZHEHUHVSRQVLEOHIRUZKDWZHVD\"´7KH3URSKHW U VDLG³0D\\RXUPRWKHUEH
EHUHIWRI\RX,VWKHUHDQ\WKLQJWKDWFDXVHVSHRSOHWREHWKURZQLQ+HOORQWKHLUIDFHV RUKHVDLGRQWKHLU
QRVHV EXWWKHKDUYHVWRIWKHLUWRQJXHV"´


*RVVLS LV D EDG FKDUDFWHULVWLF ZKLFK GRHV QRW EHILW D UHDO PDQ 5DWKHU LW LV D IHDWXUH RI WZRIDFHG
FRZDUGVZKRORRNOLNHPHQWKRVHZKRJRVVLSWRSHRSOHDERXWWKHLUEURWKHUVDQGIULHQGVWKHQZKHQWKH\
PHHW WKHP WKH\ VPLOH ZDUPO\ DQG PDNH D GLVSOD\ RI IULHQGVKLS +HQFH WKH WUXH 0XVOLP VKRXOG EH WKH
IXUWKHVW UHPRYHG IURP JRVVLS DQG ILFNOHQHVV EHFDXVH ,VOP KDV WDXJKW KLP WR EH D UHDO PDQ WR EH
VWUDLJKWIRUZDUG DQG WR IHDU $OOK ,  LQ DOO KLV ZRUGV DQG GHHGV ,W KDV PDGH KLP WKRURXJKO\ GHVSLVH
K\SRFULV\DQGILFNOHQHVV7KHWZRIDFHGSHUVRQLVUHJDUGHGDVEHLQJRQHRIWKHZRUVWSHRSOHLQWKHVLJKW
RI$OOK , DVWKH3URSKHW U VD\V
´<RXZLOOILQGDPRQJWKHZRUVWSHRSOHLQWKHVLJKWRI$OOK , RQWKH'D\RI5HVXUUHFWLRQWKHRQHZKRLV
WZRIDFHGZKRDSSURDFKHVVRPHSHRSOHLQRQHZD\DQGRWKHUVLQDQRWKHUµ %XNKU¯0XVOLPHWDO 
7KHWUXH0XVOLPLVVWUDLJKWIRUZDUGQHYHUWZRIDFHG+HPHHWVDOOSHRSOHZLWKDIULHQGO\VPLOLQJIDFH
DQGGRHVQRWGLIIHUHQWLDWHEHWZHHQSHRSOHLQWKHIDFHKHSUHVHQWVWRWKHP)RUKHNQRZVWKDWEHLQJWZR
IDFHGLVWKHHVVHQFHRIK\SRFULV\DQGWKDWK\SRFULV\DQG,VOPGRQRWJRWRJHWKHU7KHWZRIDFHGSHUVRQ
LVDK\SRFULWHDQGWKHK\SRFULWHVZLOOEHLQWKHORZHVWOHYHORI+HOO 

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK 
7KH,GHDO0XVOLP

+HDYRLGVDUJXLQJZLWKWKHPPDNLQJKXUWIXOMRNHVDQGEUHDNLQJSURPLVHV
$PRQJ WKH JRRG PDQQHUV RI WKH WUXH 0XVOLP DUH KH GRHV QRW H[KDXVW KLV EURWKHUV DQG IULHQGV ZLWK
IXWLOHDUJXPHQWVKHGRHVQRWDQQR\ WKHPZLWKKXUWIXOMRNHVDQGKHGRHVQRWEUHDNDSURPLVHWKDWKHKDV
PDGHWRWKHP,QWKLVZD\KHIROORZVWKHJXLGDQFHRIWKH3URSKHW U 
´'R QRW DUJXH ZLWK \RXU EURWKHU GR QRW MRNH H[FHVVLYHO\ ZLWK KLP GR QRW PDNH D SURPLVH WRKLPWKHQ
EUHDNLWµ


7KLV LV EHFDXVH DUJXLQJ GRHV QRW EULQJ DQ\ EHQHILWV KXUWIXO MRNHV RIWHQ OHDG WR KDWUHG DQG ORVV RI
UHVSHFWDQGEUHDNLQJSURPLVHVXSVHWVSHRSOHDQGGHVWUR\VORYH7KHWUXH0XVOLPVKRXOGEHDERYHDOORI
WKDW

+HLVJHQHURXVDQGSUHIHUVKLVEURWKHUVRYHUKL PVHOI
7KHWUXH0XVOLPLVJHQHURXVDQGVSHQGVIUHHO\RQKLVEURWKHUVDQGIULHQGV1DWXUDOO\KLVEURWKHUVDQG
IULHQGVVKRXOGDOOEHULJKWHRXVEHOLHYHUVDVWKH3URSKHW U VDLG
´'RQRWWDNHIRUDIULHQGDQ\RQHEXWDEHOLHYHUDQGGRQRWOHWDQ\RQHEXWDULJKWHRXVSHUVRQHDW\RXU
IRRGµ


7KHWUXH0XVOLPXQGHUVWDQGVZKHUHDQGZKHQWREHJHQHURXVDQGZK\+HGRHVQRWZDVWHKLVPRQH\
RUVSHQGLWRQDQ\RQHEXWKLVULJKWHRXVEHOLHYLQJEURWKHUV+HGRHVQRWOHWKLPVHOIEHFRPHDPLOFKFRZ
IRU ZRUWKOHVV UHQHJDGHV DV D PHDQV WR SURWHFW KLPVHOI IURP WKHP RU WR HDUQ WKHLU IDYRXU LI WKH\ DUH LQ
SRZHU7KRVHDUHSHRSOHZKRGRQRWKHVLWDWHWRWDNHDGYDQWDJHRIVLPSOHKHDUWHGJHQHURXVUHOLJLRXVIRON
\RX PD\ VHH WKHP HDWLQJ DW WKHLU WDEOHV ZKLOVW LQZDUGO\ ODXJKLQJ DW WKLV VLPSOHKHDUWHG PLVSODFHG
JHQHURVLW\
7KH WUXH 0XVOLP LV JHQHURXV EXW RQO\ ZKHQ LW LV DSSURSULDWH WR EH VR *HQHURVLW\ LV D EDVLF ,VOPLF
FKDUDFWHULVWLF WKDW HOHYDWHV WKH RQH ZKR SRVVHVVHV LW DQG HQGHDUV KLP WR SHRSOH 7KLV YLUWXH ZDV GHHSO\
URRWHG LQ WKH 6D­EDK W  DQG ZDV RQH RI WKH GHDUHVW RI ULJKWHRXV GHHGV WR WKHP 7KLV LV VHHQ LQ WKH
VWDWHPHQWRIµ$O¯ W 
´+DYLQJDVPDOOJURXSRIP\EURWKHUVFRPHDQGHDWDOLWWOHIRRGZLWKPHLVGHDUHUWRPHWKDQJRLQJRXW
LQWR\RXUPDUNHWWREX\DVODYHDQGVHWKLPIUHHµ


7KLVNLQGRIIULHQGO\JDWKHULQJWRVKDUHIRRGVWUHQJWKHQVWKHORYHEHWZHHQEURWKHUVDQGUHLQIRUFHVWKH
VSLULWRIKXPDQDIIHFWLRQEHWZHHQIULHQGV7KLVLVVRPHWKLQJZKLFKKDVEHHQORVWE\PRGHUQPDWHULDOLVWLF
FXOWXUHV ZKRVH SHRSOH QRZ DUH FRQFHUQHG RQO\ IRU WKHPVHOYHV DQG WKHLU RZQ LQWHUHVWV DQG KHQFH DUH 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

5HSRUWHGE\$EÔ 'ZÔGDQGDO7LUPLGK¯ ZLWKD­DVDQLVQG 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG
ÐÔ
7KH0XVOLPDQG+LV5DEE 
VXIIHULQJ IURP D VHQVH RI VSLULWXDO HPSWLQHVV DQG HPRWLRQDO GU\QHVV 7KH UHVXOW LV D GHHS IHHOLQJ RI
EHLQJGHSULYHGRIVLQFHUHIULHQGVKLSDQGWUXHIULHQGV7KHVHSHRSOHGHYRWHWKHPVHOYHVWRFDULQJIRUWKHLU
GRJV WR PDNH XS IRU WKH ODFN RI KXPDQ HPRWLRQDO ZDUPWK GUDLQHG IURP WKHP E\ WKH PDWHULDOLVWLF
SKLORVRSK\ ZKLFK WKH\ KDYH WDNHQ DV D UHOLJLRQ JRYHUQLQJ DOO DSHFWV RI OLIH $ )UHQFK UHSRUW VWDWHV WKDW
WKHUHDUHVHYHQPLOOLRQGRJVLQ)UDQFHDFRXQWU\ZKRVHSRSXODWLRQLVILIW\WZRPLOOLRQ7KHVHGRJVOLYH
ZLWKWKHLURZQHUVOLNHRQHRIWKHIDPLO\,WLVQRORQJHUVWUDQJHLQ)UHQFKUHVWDXUDQWVWRVHHDGRJDQGLWV
RZQHUHDWLQJWRJHWKHUDWWKHVDPHWDEOH:KHQDQRIILFLDORIWKHDQLPDOZHOIDUH RUJDQL]DWLRQLQ3DULVZDV
DVNHG³:K\GRWKH)UHQFKWUHDWWKHLUGRJVOLNHWKH\WUHDWWKHPVHOYHV"´KHDQVZHUHG³EHFDXVHWKH\ZDQW
VRPHRQHWRORYHEXWWKH\FDQQRWILQGDQ\SHUVRQWRORYH´


7KHPDWHULDOLVWLFPDQZKHWKHULQWKH:HVWRULQWKH(DVWFDQQR ORQJHUILQGDWUXHVLQFHUHIULHQGLQ
KLVRZQVRFLHW\RQZKRPWREHVWRZKLVORYHDQGDIIHFWLRQ6RKHWXUQVWRWKHVHDQLPDOVLQZKRPKHILQGV
PRUHJHQWOHQHVVDQGIDLWKIXOQHVVWKDQLQWKHSHRSOHDURXQGKLP&DQPDQEHFRPHDQ\PRUHHPRWLRQDOO\
GHJHQHUDWHWKDQWKLVH[WUHPHORYHIRUDQLPDOVZKHQKHKDVORVWWKHEOHVVLQJRIIDLWKDQGJXLGDQFH"
7KLVHPRWLRQDOGHJHQHUDWLRQIURPZKLFK:HVWHUQHUVDUHVXIIHULQJDQGZKLFKKDVGULHGXSWKHKXPDQ
IHHOLQJVLQWKHLUVRXOVLVRQHRIWKHILUVWWKLQJVWKDWDWWUDFWHGWKHDWWHQWLRQRIHPLJUDQW$UDEZULWHUVERWK
0XVOLP DQG QRQ0XVOLP 7KH\ QRWLFHG WKDW WKH PDWHULDOLVWLF OLIHVW\OH ZKLFK KDV RYHUWDNHQ ZHVWHUQ
VRFLHWLHV KDV PDGH PHQ LQWR PDFKLQHV ZKR NQRZ QRWKLQJ LQ OLIH EXW ZRUN SURGXFWLYLW\ DQG ILHUFH
FRPSHWLWLRQZKRGRQRWNQRZZKDWLWLVWRVPLOHZDUPO\DWDIULHQG7KH\DUHRYHUZKHOPHGE\WKHKDVWH
DQGFURZGVRIWKLVPDFKLQHOLNHH[LVWHQFH6HHLQJDOORIWKLVDODUPHGWKRVH$UDEZULWHUVZKRKDGJURZQ
XS LQ WKH ,VOPLF ZRUOG DQG EUHDWKHGLWVVSLULWRIWROHUDQFHDQGZKRVHKHDUWVZHUHILOOHGZLWKEURWKHUO\
ORYH6RWKH\EHJDQHDUQHVWO\FDOOLQJWKH:HVWHUQHUVWRZDUGVWKHYDOXHVRIORYHDQGEURWKHUKRRG2QHRI
WKHP ZDV 1DV¯E µ$U¯ŸDK ZKR UDLVHG WKH EDQQHU RI WKLV KXPDQH FDOO WR WKH :HVWHUQHU ZKRVH KHDUW ZDV
VWDLQHG ZLWK PDWHULDOLVP DQG ZKR KDG EHHQ EOLQGHG DQG GHDIHQHG E\ WKH URDU RI WKH PDFKLQHV ³2 P\
IULHQG2P\FRPSDQLRQ2P\FROOHDJXHP\ORYHIRU\RXLVQRWRXWRIFXULRVLW\RUDGHVLUHWRLPSRVHRQ
\RX $QVZHU PH ZLWK WKH ZRUGV µ2 P\ EURWKHU¶2 P\ IULHQG DQG UHSHDW LW IRU WKHVHDUHWKHVZHHWHVW
ZRUGV ,I \RX ZLVK WR ZDON DORQH RU LI \RX JURZ ERUHG RI PH  WKHQ JR DKHDG EXW \RX ZLOO KHDU P\
YRLFHFDOOLQJµ2P\EURWKHU¶EHDULQJWKHPHVVDJHDQGWKHHFKRRIP\ORYHZLOOUHDFK\RXZKHUHYHU\RX
DUHVR\RXZLOOXQGHUVWDQGLWVEHDXW\DQGLWVJORU\´
7KHEXUGHQRIPDWHULDOLVWLFOLIHLQWKH:HVWEHFDPHWRRPXFKIRU<ÔVXI$VµDG*KQLPWREHDUDQGKH
FRXOGQRORQJHUVWDQGWKLVOLIHZKLFKZDVIXOORISUREOHPVDQGVLQNLQJLQWKHRFHDQRIPDWHULDOLVPDQG
ZDV GHYRLG RI WKH IUHVK DLU RI VSLULWXDOLW\ EURWKHUKRRG DQG DIIHFWLRQ 6R KH EHJDQ WR ORQJ IRU WKH $UDE
FRXQWULHVRIWKH,VOPLFZRUOGWKHODQGVRI3URSKHWKRRGDQGVSLULWXDOLW\WKHKRPHRIORYHEURWKHUKRRG
DQGSXULW\+HZLVKHGWKDWKHFRXOGOLYHLQDQ$UDEWHQWDQGOHDYHEHKLQGWKHFLYLOL]HGZRUOGZLWKDOOLWV
QRLVH DQG JODULQJ OLJKWV ³,I , ZHUH WR OLYH D VKRUW OLIH LQ DQ\ $UDE ODQG , ZRXOG WKDQN $OOK ,  IRU D
VKRUWEXWULFKOLIHLQDZRUOGZKHUH+HLVORYHGLQWKHKHDUWVRILWVSHRSOH,JRWVRWLUHGRIWKH:HVWWKDW
WLUHGQHVV LWVHOIJRWERUHGRIPH7DNH\RXUFDUVDQGSODQHVDQGJLYHPHDFDPHODQGDKRUVH7DNHWKH
:HVWHUQZRUOGODQGVHDDQGVN\DQGJLYHPHDQ$UDEWHQWZKLFK,ZLOOSLWFKRQRQHRIWKHPRXQWDLQVRI 

3URI:D­¯GDO'¯Q.KQ:ÔMXEWDÓE¯ TDOVKDU¯µDKDOLVOPL\\DKILNXOOL]DPQZDPDNQ ³7KHQHFHVVLW\RIDSSO\LQJ,VOPLF6KDU¯µDKLQ
HYHU\WLPHDQGSODFH´ LQDO0XMWDPDµ1R.XZDLW'KXµO4LµGDK1RYHPEHU 
7KH,GHDO0XVOLP
P\ KRPHODQG /HEDQRQ RU RQ WKH EDQNV RI %UG RU WKH VKRUHV RI WKH 7LJULV DQG (XSKUDWHV LQ WKH
VXEXUEVRIµ$PPQLQWKHGHVHUWVRI6DXGL$UDELDLQWKHXQNQRZQUHJLRQVRI<HPHQRQWKHVORSHVRI
WKH3\UDPLGVLQWKHRDVHVRI/LE\D*LYHPHDQ$UDEWHQWDQG,ZLOOZHLJKLWDJDLQVWWKHHQWLUHZRUOG
DQGHPHUJHDZLQQHU´
0DQ\ ZULWLQJV E\ HPLJUDQW $UDE DXWKRUV VKDUH WKH VDPH WRQH EXW LW LV VXIILFLHQW WR JLYH MXVW D IHZ
H[DPSOHV KHUH $OO RI WKHLU ZULWLQJV H[SUHVV WKH HPLJUDQWV¶ ORQJLQJ IRU WKHHPRWLRQDOULFKQHVVWKDWWKH\
PLVVHGZKHQWKH\FDPHWRWKH:HVWDQH[SHULHQFHZKLFKDZRNHLQWKHPIHHOLQJVRIORQJLQJIRUWKH(DVW
ZKHUH,VOPKDGVSUHDGORYHEURWKHUKRRGPXWXDODIIHFWLRQDQGVROLGDULW\
,VOPHQFRXUDJHVLWVIROORZHUVWRPHHWWKHLUEURWKHUVDQGFRPSHWHLQJHQHURVLW\WKDWZLOOVWUHQJWKHQWKH
WLHVRIEURWKHUKRRGDPRQJWKHPEHFDXVHJHQHURVLW\WRRQH¶VEURWKHUVLVYLHZHGDVDEDVLFFKDUDFWHULVWLF
WKDW LV UHTXLUHG RI WKH 0XVOLP ,VOP PDGH DFFHSWLQJ D 0XVOLP EURWKHU¶V LQYLWDWLRQ D GXW\ LQ ZKLFK KH
PXVW QRW IDLO 7KH 6D­EDK XVHG WR DFFHSW WKHLU EURWKHU¶V LQYLWDWLRQV EHFDXVH WKH\ VDZ WKLV DV WKHLU
EURWKHU¶VULJKWDQGWKHLURZQGXW\IDLOLQJWRGRVRZRXOGEHDVLQ7KLVLVVHHQLQWKH­DG¯WKQDUUDWHGE\
%XNKU¯ LQDO$GDEDO0XIUDG IURP=L\GLEQ$QµDPDO,IU¯T¯ZKRVDLG
´:HZHUHZDJLQJDFDPSDLJQE\VHDDWWKHWLPHRI0X¶DZL\D W 2XUVKLSFDPHDORQJVLGHWKHVKLSRI
$EÔ $\\ÔE DO$QэU¯ W  :KHQ LW ZDV WLPH IRU OXQFK ZH VHQW IRU KLP DQG KH FDPH WR XV DQG VDLG ¶<RX
FDOOHGPHZKLOH,ZDVIDVWLQJDQG,KDGQRFKRLFHEXWWRDQVZHU\RXEHFDXVH,KHDUGWKH3URSKHW U 
VD\ ´7KH 0XVOLP KDV VL[ GXWLHV WRZDUGV KLV EURWKHU KH VKRXOG JUHHW KLP ZLWK VDOP ZKHQ KH PHHWV KLP
DFFHSWKLVLQYLWDWLRQEOHVVKLP ZKHQKHVQHH]HVYLVLWKLPZKHQKHLVVLFNDWWHQGKLVIXQHUDOZKHQKHGLHV


DQGJLYHKLPDGYLFHZKHQKHDVNVIRULWµ·µ
,QGHHGWKH6D­EDK WKRXJKWWKDWLID0XVOLPUHMHFWHGKLVEURWKHU¶VLQYLWDWLRQIRUQRJRRGUHDVRQKH
ZDVFRPPLWWLQJDVLQDJDLQVW$OOK , DQG+LV0HVVHQJHU7KH3URSKHW U VDLG
´7KHZRUVWRIIRRGLVDPHDOZKLFKLVFRRNHGIRUJXHVWVWRZKLFKWKRVHZKRZRXOGFRPHDUHQRWLQYLWHG
ZKLOVW WKRVH ZKR ZRXOG UHMHFW LW DUH :KRHYHU UHMHFWV DQ LQYLWDWLRQ ZLWK QR JRRG UHDVRQ KDV GLVREH\HG
$OOK , DQG+LV0HVVHQJHUµ 0XVOLP
7KHEURWKHUKRRGRIIDLWKLVQRWMXVWWKHPDWWHURIHPSW\ VORJDQVWREHVKRXWHG,WLVDVDFUHGERQGWKDWKDV
LWVRZQFRPPLWPHQWVGXWLHVDQGULJKWV7KHRQHZKRWUXO\EHOLHYHVLQ$OOK , DQGWKH/DVW'D\DQGZKR
IROORZV ,VOP NQRZV WKLV DQG GRHV KLV EHVW WR IXOILO WKH GXWLHV RI ,VOP :H VHH HYLGHQFH RI WKDW IDLWK DQG
GHYRWLRQWR,VOPLFGXW\LQWKHGHHGVRIWKH$QэUZKRVHWWKHKLJKHVWH[DPSOHRIVHOIOHVVORYHWRZDUGVWKHLU
0XKMLUEURWKHUVZKRKDGHPLJUDWHGIRUWKHVDNHRIWKHLUUHOLJLRQDQGDUULYHGLQ0DG¯QDKSRVVHVVLQJQRWKLQJ
7KH $QэU RIIHUHG WKHP HYHU\WKLQJ WR WKH H[WHQW WKDW RQH RI WKHP WROG KLV 0XKMLU EURWKHU ³7KLV LV P\
ZHDOWKWDNHKDOIRILW$QGWKHVHDUHP\WZRZLYHVVHHZKLFKRQHLVPRUHSOHDVLQJWR\RXDQGWHOOPHVR,
ZLOOGLYRUFHKHUDQGVKHFDQEHFRPH\RXUZLIHDIWHUVKHKDVFRPSOHWHGKHUµLGGDK´7KH0XKMLUUHVSRQGHGWR
KLV EURWKHU¶V NLQGQHVV DQG DIIHFWLRQ ZLWK VRPHWKLQJ HYHQ EHWWHU +H WROG KLP ³0D\ $OOK ,  EOHVV \RXU
ZHDOWKDQG\RXUZLYHVIRU\RX,KDYHQRQHHGRIWKHP-XVWVKRZPHZKHUHWKHPDUNHWLVVRWKDW,FDQZRUN´ 

%\VD\LQJ³\DU­DPXN$OOK´ PD\$OOKKDYHPHUF\RQ\RX >7UDQVODWRU@
ÐÖ
7KH0XVOLPDQG+LV5DEE 
$Q $QэU¯ ZHOFRPHGKLV0XKMLUEURWKHUDVDJXHVWZKHQKHKDGQRIRRGLQKLVKRPHH[FHSWZKDW
ZDVMXVWHQRXJKIRUKLVFKLOGUHQEXWKHSUHIHUUHGKLVEURWKHURYHUKLPVHOIDQGKLVIDPLO\VRKHWROGKLV
ZLIH³3XW\RXUVRQVWREHGDQGH[WLQJXLVKWKHODPSWKHQ RIIHUZKDW\RXKDYHWRRXUJXHVW:HZLOOVLW
ZLWK KLP DW WKH WDEOH DQG PDNH KLPWKLQNWKDWZHDUHHDWLQJEXWZHZLOOQRWHDW´6RWKH\VDWDWWKH
WDEOHDQGWKHJXHVWDORQHDWHZKLOHWKHFRXSOHVWD\HGKXQJU\DOOQLJKW7KHQH[WPRUQLQJWKH$QэU¯
ZHQWWRWKH3URSKHW U DQGWROGKLPZKDWKDGKDSSHQHG7KH3URSKHW U VDLG´$OOK , LVSOHDVHG
ZLWKZKDW\RXKDYHGRQHIRU\RXUJXHVWWKLVQLJKWµ %XNKU¯ DQG0XVOLP
7KH VHOIOHVV DWWLWXGH RI WKH $QэU WRZDUGV WKH 0XKMLU¯Q DQG WKHLU ZLOOLQJQHVV WR VXSSRUW WKHP ZLWK WKHLU
ZHDOWKUHDFKHGVXFKDQH[WHQWWKDWWKH\DVNHGWKH3URSKHW U  ´'LYLGHWKHGDWHSDOPVEHWZHHQXVDQGRXU
EURWKHUVµ+HVDLG´1Rµ6RWKH\VDLGWRWKH0XKMLU¯Q´+HOSXVWRWHQGWKHWUHHVDQGZHZLOOVKDUHWKHFURS
ZLWK\RXµ7KH0XKMLU¯QVDLG´7RKHDULVWRREH\µ %XNKU¯
7KH0XKMLU¯QJUHDWO\DSSUHFLDWHGWKHJRRGGHHGVRIWKHLU$QэUEURWKHUVDQGWROGWKH3URSKHW U ³2
0HVVHQJHURI$OOKZHKDYHQHYHUVHHQDQ\WKLQJOLNHWKLVSHRSOHWRZKRPZHKDYHFRPHLIWKH\KDYHD
OLWWOH WKH\DUHVWLOOZLOOLQJWRKHOSDQGLIWKH\KDYHSOHQW\WKH\DUHPRVWJHQHURXV7KH\KDYHVXSSRUWHGXV
DQG VKDUHG WKHLU ZHDOWK ZLWK XV VR PXFK VR WKDW ZH IHDUHG WKDW WKH\ ZRXOG UHFHLYH DOO WKH UHZDUG´ 7KH
3URSKHW U VDLG´1RQRWVRORQJDV\RXSUDLVHWKHPDQGSUD\WR$OOK , IRUWKHPµ


,W ZDV VXIILFLHQW IRU WKH $QэU WKDW $OOK ,  SUDLVHG WKHP DQG FRPPHQGHG WKHLU JRRG GHHGV +H
UHYHDOHGDQ\DK RIWKH4XU¶QZKLFKZRXOGEHUHFLWHGDQGWKHVWRU\RIWKHLUXQLTXHVHOIOHVVQHVVZRXOG
EHWROGIRUDOOWLPHDQGZRXOGVHUYHDVDUHDOLVWLFDQGYLYLGH[DPSOHRIKRZSHRSOHFDQEUHDNIUHHIURP
VHOILVKJUHHG
>%XW WKRVH ZKR EHIRUH WKHP KDG KRPHV >LQ 0DG¯QDK@ DQG KDG DGRSWHG WKH )DLWK ³ VKRZ WKHLU
DIIHFWLRQWRVXFKDVKDGFRPHWRWKHPIRUUHIXJHDQGHQWHUWDLQQRGHVLUHLQWKHLUKHDUWVIRUWKLQJV
JLYHQWRWKH>ODWWHU@EXWJLYHWKHPSUHIHUHQFHRYHUWKHPVHOYHVHYHQWKRXJKSRYHUW\ZDVWKHLU>RZQ
ORW@$QGWKRVHVDYHGIURPWKHFRYHWRXVQHVVRIWKHLURZQVRXOV³ WKH\DUHWKHRQHVWKDWDFKLHYH
SURVSHULW\@ 4XU¶Q
:KHQHYHUSHRSOHDUHFDOOHGXSRQWRPDNHVDFULILFHVDQGEHJHQHURXVWKLV4XU¶QLFGHVFULSWLRQRIWKH
$QэUZLOOUHPDLQIRUHYHUDEHDFRQRIJXLGDQFHDQGDVKLQLQJH[DPSOHWRPDQNLQGZKRLVORVWLQJUHHG
DQGFRYHWRXVQHVV
7KH$QэUXQGHUVWRRGWKHPHDQLQJRIWKHEURWKHUKRRGRIIDLWKZKHQWKH3URSKHW U HVWDEOLVKHGWKH
WLHVRIEURWKHUKRRGEHWZHHQWKHPDQGWKH0XKMLU¯Q7KH\ZHUHWUXHEHOLHYHUVZKROLNHGIRUWKHLUEURWKHUV
ZKDWWKH\OLNHGIRUWKHPVHOYHVDVWKH\KDGOHDUQHGIURPWKH3URSKHW U 7KH\GLGQRWZLWKKROGDQ\RI
WKHLUZRUOGO\JRRGVIURPWKHLUEURWKHUVEXWWKH\ZLOOLQJO\RIIHUHGWKHPKDOIRIZKDWWKH\SRVVHVVHG$W
WKHEHJLQQLQJRIWKHKLMUDKWKH\PDGHWKH0XKMLU¯QWKHLUKHLUVWRWKHH[FOXVLRQRIWKHLURZQUHODWLYHVLQ
RUGHU WR IXOILO WKH GXWLHV RI EURWKHUKRRG ZKLFK WKH 3URSKHW U  KDG WDXJKW WKHP 7KLV LV VHHQ LQ WKH
UHSRUWQDUUDWHGE\%XNKU¯ IURP,EQµ$EEV W ZKRVDLG
´:KHQWKH0XKMLU¯QFDPHWR0DG¯QDKD0XKMLUZRXOGLQKHULWIURPDQ$QэU¯ WRWKHH[FOXVLRQRIKLVRZQ
UHODWLYHV :KHQ WKH \DK >¶   %XW NLQGUHG RI EORRG KDYH SULRU ULJKWV DJDLQVW HDFK RWKHU   ·@ 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDGDQGE\$­PDG$EÔ 'ZÔGDO7LUPLGK¯ DQGDO1LV¶¯,WVLVQG LVÑD­¯­ 
7KH,GHDO0XVOLP
4XU¶Q   ZDV UHYHDOHG WKLV LQKHULWDQFH ZDV DEURJDWHG EXW WKH GXWLHV RI VXSSRUW KHOS
VHOIOHVVQHVVDQGEHQHILFHQFHUHPDLQHGµ

+HSUD\VIRUKLVEURWKHUVLQWKHLUDEVHQFH
7KHVLQFHUH0XVOLPZKRWUXO\OLNHVIRUKLVEURWKHUWKDWZKLFKKHOLNHVIRUKLPVHOIGRHVQRWIRUJHWWR
SUD\IRUKLVEURWKHULQKLVDEVHQFHZKLFKLVDSUDFWLFDOGHPRQVWUDWLRQRIKLVEURWKHUO\ORYHDQGFDUH+H
NQRZVWKDWWKLVLVWKHSUD\HUZKLFKLVPRVWTXLFNO\DQVZHUHGEHFDXVHLWLVFKDUDFWHUL]HGE\VLQFHULW\DQG
SXULW\7KH3URSKHW U VDLG
´7KHTXLFNHVWSUD\HUWREHDQVZHUHGLVDPDQ·VVXSSOLFDWLRQIRUKLVEURWKHULQKLVDEVHQFHµ


+HQFHWKH3URSKHW U DVNHGµ8PDU W WRSUD\IRUKLPZKHQµ8PDUFDPHDQGVRXJKWSHUPLVVLRQ
WRSHUIRUPµ8PUDKµ8PDU W VDLG
´, DVNHG WKH 3URSKHW U  IRU SHUPLVVLRQ WR SHUIRUP ¶8PUDK +H JDYH PH SHUPLVVLRQ DQG VDLG ¶'R QRW
IRUJHWXVLQ\RXUSUD\HUV·+HWROGPHVRPHWKLQJWKDWPHDQWPRUHWRPHWKDQWKHZKROHZRUOGµ


7KH6D­EDK XQGHUVWRRGWKLVDQGXVHGWRDVNWKHLUEURWKHUVWRSUD\IRUWKHPZKHQHYHUWKH\ZHUHLQD
VLWXDWLRQ ZKHUH WKHLU SUD\HUV ZRXOG EH DQVZHUHG 0HQ DQG ZRPHQ DOLNH VKDUHG WKLV YLUWXH ZKLFK LV
LQGLFDWLYHRIWKHKLJKOHYHORIWKHHQWLUHVRFLHW\GXULQJWKDWJROGHQSHULRGRIRXUKLVWRU\%XNKU¯ UHSRUWV
LQ DO$GDE DO0XIUDG IURP 6DIZQ LEQ µ$EGXOODK LEQ 6DIZQ ZKRVH ZLIH ZDV DO'DUG¶ ELQW $E¯O
'DUG¶ +H VDLG ³, FDPH WR YLVLW WKHP LQ 'DPDVFXV , IRXQG 8PP DO'DUG¶ LQ WKH KRXVH EXW $EÔO
'DUG¶ZDVQRWWKHUH6KHVDLGµ'R\RXZDQWWRJRWRpDMM"¶,VDLGµ<HV¶6KHVDLGµ3UD\IRUPHIRUWKH
3URSKHW U  XVHG WR VD\ ³7KH 0XVOLP¶V SUD\HU IRU KLV DEVHQW EURWKHU ZLOO EH DQVZHUHG 7KHUH LV DQ
DQJHODWKLVKHDGZKRZKHQHYHUKHSUD\VIRUKLVEURWKHUVD\VµbP¯QDQG\RXVKDOOKDYHOLNHZLVH¶´¶´+H
6DIZQ  VDLG ³, PHW $EÔO'DUG¶ LQ WKH PDUNHW DQG KH WROG PH VRPHWKLQJ VLPLODU UHSRUWLQJ IURP WKH
3URSKHW U ´
7KH 3URSKHW U  WDXJKW KLV 6D­EDK WHDP VSLULW DQG WKH LPSRUWDQFH RI FDULQJ IRU RWKHUV $W HYHU\
RSSRUWXQLW\KHZRXOGGLUHFWWKHPWRZDUGVDWUXHXQGHUVWDQGLQJRIEURWKHUKRRGVRWKDWWKHUHZRXOGEHQR
URRPIRUWKHVHOILVKLQGLYLGXDOLVPZKLFKPDNHVH\HVEOLQGDQGVHDOVKHDUWV
$Q H[DPSOH RI WKH ZD\ WKH 3URSKHW U  LQVWLOOHG WKH VSLULW RI EURWKHUKRRG LQ SHRSOH¶V KHDUWV DQG
UHPRYHG WKH VHHGV RI VHOILVKQHVV LV KLV ZRUGV WR WKH PDQ ZKR SUD\HG ³2 $OOK ,  IRUJLYH PH DQG
0XKDPPDG RQO\´ +H WROG KLP ³<RX KDYH GHQLHG LW WR PDQ\ SHRSOH´ 7KXV KH WDXJKW KLP WKDW ,VOP
IRUELGVD0XVOLPWRVHHNJRRGRQO\IRUKLPVHOIHYHQLIWKH3URSKHW U LVLQFOXGHGLQWKDW7KHEHOLHYHU
PXVWORYHIRUKLVEURWKHUZKDWKHORYHVIRUKLPVHOI
6XFKLVWKHWUXH0XVOLPZKRORYHVIRUKLVEURWKHUZKDWKHORYHVIRUKLPVHOIKHLVVLQFHUHWRZDUGVKLV
EURWKHUVKHVDIHJXDUGVWKHLUUHSXWDWLRQKRQRXUDQGZHDOWKERWKLQWKHLUSUHVHQFHDQGLQWKHLUDEVHQFHKH 

5HSRUWHGE\%XNKU¯ LQDO$GDEDO0XIUDG 

5HSRUWHGE\DO7LUPLGK¯ZKRVDLGLWLVD­DVDQÑD­¯­ ­DG¯WK
ÑÎ
7KH0XVOLPDQG+LV5DEE 
SUHIHUVWKHPWRKLPVHOIKHLVWROHUDQWDQGIRUJLYLQJRIWKHLUIDXOWVDQGPLVWDNHVKHLVJHQWOHNLQGDQG
KXPEOH WRZDUGV WKHP KH LV GHFHQW LQ KLV GHDOLQJV ZLWK WKHP LQ ZRUG DQG GHHG +H LV JHQHURXV QRW
PLVHUO\WUXWKIXOQRWDOLDUIULHQGO\QRWKRVWLOH+HLVUHOLDEOHDQGWUXVWZRUWK\DQGGRHVQRWEHWUD\WKHP
KH LV VWUDLJKWIRUZDUG QRW WZRIDFHG ,W LV QR ZRQGHU WKDW WKH WUXH 0XVOLP LV OLNH WKLV IRU WKLV LV WKH
PLUDFOHWKDW,VOPKDVZURXJKWLQPHQ¶VFKDUDFWHUV7KLVLVWKH0XVOLPDV,VOPPHDQWKLPWREH