You are on page 1of 22

:+$7,67+(7$527"

1RVWXG\RIRFFXOWSKLORVRSK\LVSRVVLEOHZLWKRXWDQDFTXDLQWDQFHZLWKV\PEROLVPIRULI
WKHZRUGVRFFXOWLVPDQGV\PEROLVPDUHFRUUHFWO\XVHGWKH\PHDQDOPRVWRQHDQGWKH
VDPHWKLQJ6\PEROLVPFDQQRWEHOHDUQHGDVRQHOHDUQVWREXLOGEULGJHVRUVSHDND
IRUHLJQODQJXDJHDQGIRUWKHLQWHUSUHWDWLRQRIV\PEROVDVSHFLDOFDVWRIPLQGLV
QHFHVVDU\LQDGGLWLRQWRNQRZOHGJHVSHFLDOIDFXOWLHVWKHSRZHURIFUHDWLYHWKRXJKW
DQGDGHYHORSHGLPDJLQDWLRQDUHUHTXLUHG2QHZKRXQGHUVWDQGVWKHXVHRIV\PEROLVP
LQWKHDUWVNQRZVLQDJHQHUDOZD\ZKDWLVPHDQWE\RFFX,WV\PER,LVP%XWHYHQWKHQ
DVSHFLDOWUDLQLQJRIWKHPLQGLVQHFHVVDU\LQRUGHUWRFRPSUHKHQGWKHODQJXDJHRIWKH
OQLWLDWHVDQGWRH[SHVVLQWKLVODQJXDJHWKHLQWXLWLRQVDVWKH\DULVH
7KHUHDUHPDQ\PHWKRGVIRUGHYHORSLQJWKHVHQVHRIV\PEROVLQWKRVHZKRDUH
VWULYLQJWRXQGHUVWDQGWKHKLGGHQIRUFHVRI1DWXUHDQG0DQDQGIRUWHDFKLQJWKH
IXQGDPHQWDOSULQFLSOHVDVZHOODVWKHHOHPHQWVRIWKHHVRWHULFODQJXDJH7KHPRVW
V\QWKHWLFDQGRQHRIWKHPRVWLQWHUHVWLQJRIWKHVHPHWKRGVLVWKH7DURW
OQLWVH[WHULRUIRUPWKH7DURWLVDSDFNRIFDUGVXVHGLQWKHVRXWKRI(XURSHIRUJDPHV
DQGIRUWXQHWHOOLQJ7KHVHFDUGVZHUHILUVWNQRZQLQ(XURSHDWWKHHQGRIWKHIRXUWHHQWK
FHQWXU\ZKHQWKH\ZHUHLQXVHDPRQJWKH6SDQLVKJ\SVLHV

$SDFNRI7DURWFRQWDLQVWKHILIW\WZRRUGLQDU\SOD\LQJFDUGVZLWKWKHDGGLWLRQRIRQH
SLFWXUHFDUGWRHYHU\VXLWQDPHO\WKH.QLJKWSODFHGEHWZHHQWKH4XHHQDQGWKH
.QDYH7KHVHILIW\VL[FDUGVDUHGLYLGHGLQWRIRXUVXLWVWZREODFNDQGWZRUHGDQGKDYH
WKHIROORZLQJGHVLJQDWLRQVFHSWUHV FOXEV FXSV KHDUWV VZRUGV VSDGHV DQG
SHQWDFOHVRUGLVNV GLDPRQGV ,QDGGLWLRQWRWKHILIW\VL[FDUGVWKHSDFNRI7DURWKDV
WZHQW\WZRQXPEHUHGFDUGVZLWKVSHFLDOQDPHV

7KH0DJLFLDQ
7KH+DQJHG0DQ
7KH+LJK3ULHVWHVV
'HDWK
7KH(PSUHVV
7HPSHUDQFH
7KH(PSHURU
7KH'HYLO
7KH&KDULRW  
7KH7RZHU
7KH/RYHUV
7KH6WDU
7KH+LHURSKDQW  
7KH0RRQ
6WUHQJWK
7KH6XQ
7KH+HUPLW
-XGJPHQW
7KH:KHHORI)RUWXQH
7KH:RUOG
-XVWLFH
7KH)RRO

7KLVSDFNRIFDUGVLQWKHRSLQLRQRIPDQ\LQYHVWLJDWRUVUHSUHVHQWVWKH(J\SWLDQ
KLHURJO\SKLFERRNRIVHYHQW\HLJKWWDEOHWVZKLFKFDPHWRXVDOPRVWPLUDFXORXVO\
7KHKLVWRU\RIWKH7DURWLVDJUHDWSX]]OH'XULQJWKH0LGGOH$JHVZKHQLWILUVW
DSSHDUHGKLVWRULFDOO\WKHUHH[LVWHGDWHQGHQF\WREXLOGXSV\QWKHWLFV\PEROLFDORU
ORJLFDOV\VWHPVRIWKHVDPHVRUWDV$UV0DJQDE\5D\PRQG/XOO\%XWSURGXFWLRQV

VLPLODUWRWKH7DURWH[LVWLQ,QGLDDQG&KLQDVRWKDWZHFDQQRWSRVVLEO\WKLQNLWRQHRI
WKRVHV\VWHPVFUHDWHGGXULQJWKH0LGGOH$JHVLQ(XURSHLWLVDOVRHYLGHQWO\FRQQHFWHG
ZLWKWKH$QFLHQW0\VWHULHVDQGWKH(J\SWLDQ,QLWLDWLRQV$OWKRXJKLWVRULJLQLVLQREOLYLRQ
DQGWKHDLPRILWVDXWKRURUDXWKRUVTXLWHXQNQRZQWKHUHLVQRGRXEWZKDWHYHUWKDWLW
LVWKHPRVWFRPSOHWHFRGHRI+HUPHWLFV\PEROLVPZHSRVVHVV
$OWKRXJKUHSUHVHQWHGDVDSDFNRIFDUGVWKH7DURWUHDOO\LVVRPHWKLQJTXLWHGLIIHUHQW,W
FDQEHUHDGLQDYDULHW\RIZD\V$VRQHLQVWDQFH,VKDOOJLYHDPHWDSK\VLFDO
LQWHUSUHWDWLRQRIWKHJHQHUDOPHDQLQJRURIWKHJHQHUDOFRQWHQWRIWKHERRNRI7DURW
WKDWLVWRVD\LWVPHWDSK\VLFDOWLWOHZKLFKZLOOSODLQO\VKRZWKDWWKLVZRUNFRXOGQRW
KDYHEHHQLQYHQWHGE\LOOLWHUDWHJ\SVLHVRIWKHIRXUWHHQWKFHQWXU\
7KH7DURWIDOOVLQWRWKUHHGLYLVLRQV7KHILUVWSDUWKDVWZHQW\RQHQXPEHUHGFDUGVWKH
VHFRQGSDUWKDVRQHFDUGWKHWKLUGSDUWKDVILIW\VL[FDUGVLHWKHIRXUVXLWVRI
IRXUWHHQFDUGV0RUHRYHUWKHVHFRQGSDUWDSSHDUVWREHDOLQNEHWZHHQWKHILUVWDQG
WKLUGSDUWVVLQFHDOOWKHILIW\VL[FDUGVRIWKHWKLUGSDUWWRJHWKHUDUHHTXDOWRWKHFDUG
1RZLIZHLPDJLQHWZHQW\RQHFDUGVGLVSRVHGLQWKHVKDSHRIDWULDQJOHVHYHQFDUGV
RQHDFKVLGHDSRLQWLQWKHFHQWUHRIWKHWULDQJOHUHSUHVHQWHGE\WKH]HURFDUGDQGD
VTXDUHURXQGWKHWULDQJOH WKHVTXDUHFRQVLVWLQJRIILIW\VL[FDUGVIRXUWHHQRQHDFK
VLGH ZHVKDOOKDYHDUHSUHVHQWDWLRQRIWKHUHODWLRQEHWZHHQ*RG0DQDQGWKH
8QLYHUVHRUWKHUHODWLRQEHWZHHQWKHZRUOGRILGHDVWKHFRQVFLRXVQHVVRIPDQDQGWKH
SK\VLFDOZRUOG


7KHWULDQJOHLV*RG WKH7ULQLW\ RUWKHZRUOGRILGHDVRUWKHQRXPHQDOZRUOG7KHSRLQW
LVPDQ
VVRXO7KHVTXDUHLVWKHYLVLEOHSK\VLFDORUSKHQRPHQDOZRUOG3RWHQWLDOO\WKH
SRLQWLVHTXDOWRWKHVTXDUHZKLFKPHDQVWKDWDOOWKHYLVLEOHZRUOGLVFRQWDLQHGLQPDQ
V
FRQVFLRXVQHVVLVFUHDWHGLQPDQ
VVRXO$QGWKHVRXOLWVHOILVDSRLQWKDYLQJQR
GLPHQVLRQLQWKHZRUOGRIWKHVSLULWV\PEROL]HGE\WKHWULDQJOH,WLVFOHDUWKDWVXFKDQ
LGHDFRXOGQRWKDYHRULJLQDWHGZLWKLJQRUDQWSHRSOHDQGFOHDUDOVRWKDWWKH7DURWLV
VRPHWKLQJPRUHWKDQDSDFNRISOD\LQJRUIRUWXQHWHOOLQJFDUGV
+3%ODYDWVN\PHQWLRQVWKH7DURWLQKHUZRUNVDQGZHKDYHVRPHUHDVRQIRU
EHOLHYLQJWKDWVKHVWXGLHGWKH7DURW,WLVNQRZQWKDWVKHORYHGWRSOD\SDWLHQFH:H
GRQRWNQRZZKDWVKHUHDGLQWKHFDUGVDVVKHSOD\HGWKLVJDPHEXWWKHDXWKRUZDV
WROGWKDW0DGDPH%ODYDWVN\VHDUFKHGSHUVLVWHQWO\DQGIRUDORQJWLPHIRUD066RQWKH
7DURW

,QRUGHUWREHFRPHDFTXDLQWHGZLWKWKH7DURWLWLVQHFHVVDU\WRXQGHUVWDQGWKHEDVLF
LGHDVRIWKH.DEDODDQGRI$OFKHP\)RULWUHSUHVHQWVDVLQGHHGPDQ\FRPPHQWDWRUV
RIWKH7DURWWKLQNDVXPPDU\RIWKH+HUPHWLF6FLHQFHVWKH.DEDOD$OFKHP\
$VWURORJ\0DJLFZLWKWKHLUGLIIHUHQWGLYLVLRQV$OOWKHVHVFLHQFHVDWWULEXWHGWR+HUPHV
7ULVPHJLVWXVUHDOO\UHSUHVHQWRQHV\VWHPRIDYHU\EURDGDQGGHHSSV\FKRORJLFDO
LQYHVWLJDWLRQRIWKHQDWXUHRIPDQLQKLVUHODWLRQWRWKHZRUOGRIQRXPHQD *RGWKH
ZRUOGRI6SLULW DQGWRWKHZRUOGRISKHQRPHQD WKHYLVLEOHSK\VLFDOZRUOG 7KHOHWWHUV
RIWKH+HEUHZDOSKDEHWDQGWKHYDULRXVDOOHJRULHVRIWKH.DEDODWKHQDPHVRIPHWDOV
DFLGVDQGVDOWVLQDOFKHP\RISODQHWVDQGFRQVWHOODWLRQVLQDVWURORJ\RIJRRGDQGHYLO
VSLULWVLQPDJLFDOOWKHVHZHUHRQO\PHDQVWRYHLOWUXWKIURPWKHXQLQLWLDWHG
%XWZKHQWKHWUXHDOFKHPLVWVSRNHRIVHHNLQJIRUJROGKHVSRNHRIJROGLQWKHVRXORI
PDQ$QGKHFDOOHGJROGWKDWZKLFKLQWKH1HZ7HVWDPHQWLVFDOOHGWKH.LQJGRPRI
+HDYHQDQGLQ%XGGKLVP1LUYDQD$QGZKHQWKHWUXHDVWURORJHUVSRNHRI
FRQVWHOODWLRQVDQGSODQHWVKHVSRNHRIFRQVWHOODWLRQVDQGSODQHWVLQWKHVRXORIPDQ
LHRIWKHTXDOLWLHVRIWKHKXPDQVRXODQGLWVUHODWLRQVWR*RGDQGWRWKHZRUOG$QG
ZKHQWKHWUXH.DEDOLVWVSRNHRIWKH1DPHRI*RGKHVRXJKWWKLV1DPHLQWKHVRXORI
PDQDQGLQ1DWXUHQRWLQGHDGERRNVQRULQELEOLFDOWH[WVDVGLGWKH.DEDOLVW
6FKRODVWLFV7KH.DEDOD$OFKHP\$VWURORJ\0DJLFDUHSDUDOOHOV\PEROLFDOV\VWHPVRI
SV\FKRORJ\DQGPHWDSK\VLFV$Q\DOFKHPLFDOVHQWHQFHPD\EHUHDGLQD.DEDOLVWLFRU
DVWURORJLFDOZD\EXWWKHPHDQLQJZLOODOZD\VEHSV\FKRORJLFDODQGPHWDSK\VLFDO
:HDUHVXUURXQGHGE\DZDOOEXLOWRIRXUFRQFHSWLRQVRIWKHZRUOGDQGDUHXQDEOHWR
ORRNRYHUWKLVZDOODWWKHUHDOZRUOG7KH.DEDODSUHVHQWVDQHIIRUWWREUHDNWKLV
HQFKDQWHGFLUFOH,WLQYHVWLJDWHVWKHZRUOGDVLWLVWKHZRUOGLQLWVHOI
7KHZRUOGLQLWVHOIDVWKH.DEDOLVWVKROGFRQVLVWVRIIRXUHOHPHQWVRUWKHIRXU
SULQFLSOHVIRUPLQJRQH7KHVHIRXUSULQFLSOHVDUHUHSUHVHQWHGE\WKHIRXUOHWWHUVRIWKH
QDPHRI-HKRYDK7KHEDVLFLGHDRIWKH.DEDODFRQVLVWVLQWKHVWXG\RIWKH1DPHRI
*RGLQLWVPDQLIHVWDWLRQ-HKRYDKLQ+HEUHZLVVSHOWE\IRXUOHWWHUV<RG+H9DXDQG
+H,+9+7RWKHVHIRXUOHWWHUVLVJLYHQWKHGHHSHVWV\PEROLFDOPHDQLQJ7KHILUVW
OHWWHUH[SUHVVHVWKHDFWLYHSULQFLSOHWKHEHJLQQLQJRUILUVWFDXVHPRWLRQHQHUJ\,
WKHVHFRQGOHWWHUH[SUHVVHVWKHSDVVLYHHOHPHQWLQHUWLDTXLHWXGHQRW,WKHWKLUG
WKHEDODQFHRIRSSRVLWHVIRUPDQGWKHIRXUWKWKHUHVXOWRUODWHQWHQHUJ\
7KH.DEDOLVWVDIILUPWKDWHYHU\SKHQRPHQRQDQGHYHU\REMHFWFRQVLVWVRIWKHVHIRXU
SULQFLSOHVLHWKDWHYHU\REMHFWDQGHYHU\SKHQRPHQRQFRQVLVWVRIWKH1DPHRI*RG
7KH:RUG /RJRV
7KHVWXG\RIWKLV1DPH RUWKHIRXUOHWWHUHGZRUGWHWUDJUDPPDWRQLQ*UHHN DQGWKH
ILQGLQJRILWLQHYHU\WKLQJFRQVWLWXWHVWKHPDLQSUREOHPRI.DEDOLVWLFSKLORVRSK\
7RVWDWHLWLQDQRWKHUZD\WKH.DEDOLVWVKROGWKDWWKHVHIRXUSULQFLSOHVSHQHWUDWHDQG
FUHDWHHYHU\WKLQJ7KHUHIRUHZKHQWKHPDQILQGVWKHVHIRXUSULQFLSOHVLQWKLQJVDQG
SKHQRPHQDRITXLWHGLIIHUHQWFDWHJRULHV ZKHUHEHIRUHKHKDGQRWVHHQVLPLODULW\ KH
EHJLQVWRVHHDQDORJ\EHWZHHQWKHVHSKHQRPHQD$QGJUDGXDOO\KHEHFRPHV
FRQYLQFHGWKDWWKHZKROHZRUOGLVEXLOWDFFRUGLQJWRRQHDQGWKHVDPHODZRQRQHDQG
WKHVDPHSODQ7KHULFKQHVVDQGJURZWKRIKLVLQWHOOHFWFRQVLVWVLQWKHZLGHQLQJRIKLV
IDFXOW\IRUILQGLQJDQDORJLHV7KHUHIRUHWKHVWXG\RIWKHODZRIWKHIRXUOHWWHUVRUWKH
QDPHRI-HKRYDKSUHVHQWVDSRZHUIXOPHDQVIRUZLGHQLQJFRQVFLRXVQHVV

7KLVLGHDLVSHUIHFWO\FOHDUIRULIWKH1DPHRI*RGEHUHDOO\LQDOO LI*RGEHSUHVHQWLQ
DOO DOOVKRXOGEHDQDORJRXVWRHDFKRWKHUWKHVPDOOHVWSDUWLFOHDQDORJRXVWRWKH
ZKROHWKHVSHFNRIGXVWDQDORJRXVWRWKHXQLYHUVHDQGDOODQDORJRXVWR*RG7KH
1DPHRI*RGWKH:RUGRU/RJRVLVWKHRULJLQRIWKHZRUOG/RJRVDOVRPHDQV5HDVRQ
WKH:RUGLVWKH/RJRVWKH5HDVRQRIHYHU\WKLQJ
7KHUHLVDFRPSOHWHFRUUHVSRQGHQFHEHWZHHQWKH.DEDODDQG$OFKHP\DQG0DJLF,Q
$OFKHP\WKHIRXUHOHPHQWVZKLFKFRQVWLWXWHWKHUHDOZRUOGDUHFDOOHGILUHZDWHUDLUDQG
HDUWKWKHVHIXOO\FRUUHVSRQGLQVLJQLILFDQFHZLWKWKHIRXUNDEDOLVWLFOHWWHUV,Q0DJLF
WKH\DUHH[SUHVVHGDVWKHIRXUFODVVHVRIVSLULWVHOYHV RUVDODPDQGHUV XQGLQHV
V\OSKVDQGJQRPHV
7KH7DURWLQLWVWXUQLVTXLWHDQDORJRXVWRWKH.DEDOD$OFKHP\DQG0DJLFDQGDVLW
ZHUHLQFOXGHVWKHP&RUUHVSRQGLQJWRWKHIRXUILUVWSULQFLSOHVRUIRXUOHWWHUVRIWKH
1DPHRI*RGRUWKHIRXUDOFKHPLVWLFHOHPHQWVRUWKHIRXUFODVVHVRIVSLULWVWKH7DURW
KDVIRXUVXLWVVFHSWUHVFXSVVZRUGVDQGSHQWDFOHV7KXVHYHU\VXLWHYHU\VLGHRI
WKHVTXDUHHTXDOWRWKHSRLQWUHSUHVHQWVRQHRIWKHHOHPHQWVFRQWUROVRQHFODVVRI
VSLULWV7KHVFHSWUHVDUHILUHRUHOYHV RUVDODPDQGHUV WKHFXSVDUHZDWHURUXQGLQHV
WKHVZRUGVDUHDLURUV\OSKHVDQGSHQWDFOHVHDUWKRUJQRPHV0RUHRYHULQHYHU\VXLW
WKH.LQJPHDQVWKHILUVWSULQFLSOHRUILUHWKH4XHHQWKHVHFRQGSULQFLSOHRUZDWHU
WKH.QLJKWWKHWKLUGSULQFLSOHRUDLUDQGWKH3DJH NQDYH WKHIRXUWKSULQFLSOHRU
HDUWK
7KHQDJDLQWKHDFHPHDQVILUHWKHGHXFHZDWHUWKHWKUHHVSRWDLUWKHIRXUVSRW
HDUWK7KHQDJDLQWKHIRXUVSRWLVWKHILUVWSULQFLSOHWKHILYHVSRWWKHVHFRQGHWF
,QUHJDUGWRWKHVXLWVRQHPD\DGGWKDWWKHEODFNVXLWV VFHSWUHVDQGVZRUGV H[SUHVV
DFWLYLW\DQGHQHUJ\ZLOOLQLWLDWLYHDQGWKHVXEMHFWLYHVLGHRIFRQVFLRXVQHVVDQGWKHUHG
FXSVDQGSHQWDFOHV H[SUHVVSDVVLYLW\LQHUWLDDQGWKHREMHFWLYHVLGHRIFRQVFLRXVQHVV
7KHQWKHILUVWWZRVXLWV VFHSWUHVDQGFXSV VLJQLI\JRRGDQGWKHRWKHUWZR VZRUGV
DQGSHQWDFOHV PHDQHYLO7KXVHYHU\FDUGRIWKHILIW\VL[LQGLFDWHV LQGHSHQGHQWO\RI
LWVQXPEHU WKHSUHVHQFHRIWKHSULQFLSOHRIDFWLYLW\RUSDVVLYLW\RIJRRGRUHYLO
DULVLQJHLWKHULQPDQ
VZLOORUIURPZLWKRXW$QGWKHVLJQLILFDQFHRIHDFKFDUGLVIXUWKHU
GHFLSKHUHGWKRURXJKLWVYDULRXVFRPELQDWLRQVZLWKWKHVXLWVDQGQXPEHUVLQWKHLU
V\PEROLFDOPHDQLQJ7KHILIW\VL[FDUGVDVDZKROHUHSUHVHQWDVLWZHUHDFRPSOHWH
SLFWXUHRIDOOWKHSRVVLELOLWLHVRIPDQ
VFRQVFLRXVQHVV$QGWKLVPDNHVWKH7DURW
DGDSWDEOHIRUIRUWXQHWHOOLQJ7KXVLQFOXGLQJWKH.DEDOD$VWURORJ\$OFKHP\DQG0DJLF
WKH7DURWPDNHVLWSRVVLEOHWRVHHNJROGWRHYRNHVSLULWVDQGWRGUDZKRURVFRSHV
VLPSO\E\PHDQVRIWKLVSDFNRIFDUGVZLWKRXWWKHFRPSOLFDWHGSDUDSKHUQDOLDDQG
FHUHPRQLHVRIDQDOFKHPLVWDVWURORJHURUPDJLFLDQ
%XWWKHPDLQLQWHUHVWRI7DURWLVLQWKHWZHQW\WZRQXPEHUHGFDUGV7KHVHFDUGVKDYH
QXPHULFDOPHDQLQJDQGDOVRDYHU\LQYROYHGV\PEROLFDOVLJQLILFDQFH
7KHOLWHUDWXUHUHODWLQJWRWKH7DURWKDVLQYLHZPDLQO\WKHUHDGLQJRIWKHV\PEROLFDO
GHVLJQVRIWKHWZHQW\WZRFDUGV9HU\PDQ\ZULWHUVRQRFFXOWLVPKDYHDUUDQJHGWKHLU
ZRUNVRQWKHSODQRIWKH7DURW%XWWKLVLVQRWRIWHQVXVSHFWHGEHFDXVHWKH7DURWLV
UDUHO\PHQWLRQHG2VZDOG:LUWKVSHDNVRIRULJLQRIWKH7DURWLQKLV(VVD\XSRQWKH
$VWURQRPLFDO7DURW

$FFRUGLQJWR&KULVWLDQ>+LVWRLUHGHOD0DJLH@WKHWZHQW\WZRPDMRU
DUFDQDRIWKH7DURWUHSUHVHQWWKHKLHURJO\SKLFSDLQWLQJVZKLFKZHUHIRXQG
,QWKHVSDFHVEHWZHHQWKHFROXPQVRIDJDOOHU\ZKLFKWKHQHRSK\WHZDV
REOLJHGWRFURVVLQWKH(J\SWLDQLQLWLDWLRQV7KHUHZHUHWZHOYHFROXPQVWR
WKHQRUWKDQGWKHVDPHQXPEHUWRWKHVRXWKWKDWLVHOHYHQV\PEROLFDO
SLFWXUHVRQHDFKVLGH7KHVHSLFWXUHVZHUHH[SODLQHGWRWKHFDQGLGDWHIRU
LQLWLDWLRQLQUHJXODURUGHUDQGWKH\FRQWDLQHGWKHUXOHVDQGSULQFLSOHVIRU
WKH,QLWLDWH7KLVRSLQLRQLVFRQILUPHGE\WKHFRUUHVSRQGHQFHZKLFKH[LVWV
EHWZHHQDUFDQDZKHQWKH\DUHWKXVDUUDQJHG

,QWKHJDOOHU\RIWKH7HPSOHWKHSLFWXUHVZHUHDUUDQJHGLQSDLUVRQHRSSRVLWHDQRWKHU
VRWKDWWKHODVWSLFWXUHZDVRSSRVLWHWKHILUVWWKHODVWEXWRQHRSSRVLWHWKHVHFRQGHWF
:KHQWKHFDUGVDUHVRSODFHGZHILQGDKLJKO\LQWHUHVWLQJDQGGHHSVXJJHVWLRQ,QWKLV
ZD\WKHPLQGILQGVWKHRQHLQWKHWZRDQGLVOHGIURPGXDOLVPWRPRQLVPZKLFKLV
ZKDWZHPLJKWFDOOWKHXQLILFDWLRQRIWKHGXDG2QHFDUGH[SODLQVWKHRWKHUDQGHDFK
SDLUVKRZVPRUHRYHUWKDWWKH\FDQEHRQO\PXWXDOO\H[SODQDWRU\DQGPHDQQRWKLQJ
ZKHQWDNHQVHSDUDWHO\
7KXVIRULQVWDQFHWKHFDUGVDQG /LIHDQG'HDWK VLJQLI\WRJHWKHUDFHUWDLQ
ZKROHRUFRPSOHPHQWDU\FRQGLWLRQZKLFKZHFDQQRWFRQFHLYHE\WKHRUGLQDU\LPSHUIHFW
PHQWDOSURFHVVHV:HWKLQNRIOLIHDQGGHDWKDVWZRRSSRVLWHVDQWDJRQLVWLFRQHWRWKH
RWKHUEXWLIZHWKRXJKWIXUWKHUZHVKRXOGVHHWKDWHDFKGHSHQGVRQWKHRWKHUIRU
H[LVWHQFHDQGQHLWKHUFRXOGFRPHLQWRH[LVWHQFHVHSDUDWHO\
$V\PEROPD\VHUYHWRWUDQVIHURXULQWXLWLRQVDQGWRVXJJHVWQHZRQHVRQO\VRORQJDV
LWVPHDQLQJLVQRWGHILQHG5HDOV\PEROVDUHSHUSHWXDOO\LQSURFHVVRIFUHDWLRQEXW
ZKHQWKH\UHFHLYHDGHILQLWHVLJQLILFDQFHWKH\EHFRPHKLHURJO\SKVDQGILQDOO\DPHUH
DOSKDEHW$VWKLVWKH\H[SUHVVVLPSO\RUGLQDU\FRQFHSWVFHDVHWREHDODQJXDJHRIWKH
*RGVRURILQLWLDWHVDQGEHFRPHDODQJXDJHRIPHQZKLFKHYHU\RQHPD\OHDUQ
3URSHUO\VSHDNLQJDV\PEROLQRFFXOWLVPPHDQVWKHVDPHDVLQDUW,IDQDUWLVWXVHV
UHDG\PDGHV\PEROVKLVZRUNZLOOQRWEHWUXHDUWEXWRQO\SVHXGRDUW,IDQRFFXOWLVW
EHJLQVWRXVHUHDG\PDGHV\PEROVKLVZRUNZLOOQRWEHWUXO\RFFXOWIRULWZLOOFRQWDLQ
QRHVRWHULFLVPQRP\VWLFLVPEXWRQO\SVHXGRRFFXOWLVPSVHXGRHVRWHULFLVPSVHXGR
P\VWLFLVP6\PEROLVPLQZKLFKWKHV\PEROVKDYHGHILQLWHPHDQLQJVLVSVHXGR
V\PEROLVP


+DYLQJPDGHWKLVLGHDFOHDULQKLVPLQGWKHDXWKRUIRXQGWKDWWKHNH\WRWKH7DURW
PXVWOLHLQLPDJLQDWLRQDQGKHGHFLGHGWRPDNHDQHIIRUWWRUHGHVLJQWKHFDUGVJLYLQJ
GHVFULSWLYHSLFWXUHVRIWKH7DURWDQGWRLQWHUSUHWWKHV\PEROVQRWE\PHDQVRI
DQDO\VLVEXWE\V\QWKHVLV7KHUHDGHUZLOOILQGLQWKHIROORZLQJOLWWOHSHQSLFWXUHV
UHIOHFWLRQVRIPDQ\DXWKRUVZKRZURWHRQWKH7DURWDV6W0DUWLQ(OLSKDV/HYL'U
3DSXVHWFDQGRIRWKHUDXWKRUVZKRFHUWDLQO\QHYHUWKRXJKWRIWKH7DURWDVIRU
H[DPSOH3ORWLQXV*LFKWHO ;9,,FHQWXU\ )ULHGULFK1LHW]VFKH0&ROOLQVHWFZKRFDPH
QHYHUWKHOHVVWRWKHVDPHIXQGDPHQWDOSULQFLSOHVDVWKHXQNQRZQDXWKRUVRIWKH7DURW
'HVFULSWLRQVRIWKHDUFDQDVLQWKHVHSHQSLFWXUHVRIWHQUHSUHVHQWDFRQFHSWLRQZKLFK
LVDOPRVWHQWLUHO\VXEMHFWLYHIRULQVWDQFHWKDWRIFDUG$QGWKHDXWKRUOLNHVWRWKLQN

WKDWDQRWKHUPLJKWFRQFHLYHRIWKHVDPHV\PEROVGLIIHUHQWO\LQDQ\FDVHKHFRQVLGHUV
WKLVTXLWHSRVVLEOH
$Q\RQHLQWHUHVWHGLQWKLVSKLORVRSKLFDOSX]]OHPLJKWZHOODVN:KDWWKHQLVWKH7DURW"
,VLWDGRFWULQHRUPHUHO\DPHWKRG",VLWDGHILQLWHV\VWHPRUPHUHO\DQDOSKDEHWE\
PHDQVRIZKLFKDQ\V\VWHPPD\EHFRQVWUXFWHG",QVKRUWLVLWDERRNFRQWDLQLQJ
VSHFLILFWHDFKLQJVRULVLWPHUHO\DQDSSDUDWXVDPDFKLQHZKLFKZHPD\XVHWREXLOG
DQ\WKLQJHYHQDQHZXQLYHUVH
7KHDXWKRUEHOLHYHVWKDWWKH7DURWPD\EHXVHGIRUERWKSXUSRVHVWKRXJKRIFRXUVH
WKHFRQWHQWVRIDERRNWKDWPD\EHUHDGHLWKHUIRUZDUGRUEDFNZDUGFDQQRWEHVDLGWR
EHLQWKHRUGLQDU\VHQVHVWULFWO\GHILQLWH%XWSHUKDSVZHILQGLQWKLVYHU\
LQGHILQLWHQHVVRIWKH7DURWDQGLQWKHFRPSOH[LW\RILWVSKLORVRSK\WKHHOHPHQWZKLFK
FRQVWLWXWHVLWVGHILQLWHQHVV7KHIDFWWKDWZHTXHVWLRQWKH7DURWDVWRZKHWKHULWEHD
PHWKRGRUDGRFWULQHVKRZVWKHOLPLWDWLRQRIRXUWKUHHGLPHQVLRQDOPLQGZKLFKLV
XQDEOHWRULVHDERYHWKHZRUOGRIIRUPDQGFRQWUDSRVLWLRQVRUWRIUHHLWVHOIIURPWKHVLV
DQGDQWLWKHVLV<HVWKH7DURWFRQWDLQVDQGH[SUHVVHVDQ\GRFWULQHWREHIRXQGLQRXU
FRQVFLRXVQHVVDQGLQWKLVVHQVHLWKDVGHILQLWHQHVV,WUHSUHVHQWV1DWXUHLQDOOWKH
ULFKQHVVRILWVLQILQLWHSRVVLELOLWLHVDQGWKHUHLVLQLWDVLQ1DWXUHQRWRQHEXWDOO
SRWHQWLDOPHDQLQJV$QGWKHVHPHDQLQJVDUHI,XHQWDQGHYHUFKDQJLQJVRWKH7DURW
FDQQRWEHVSHFLILFDOO\WKLVRUWKDWIRULWHYHUPRYHVDQG\HWLVHYHUWKHVDPH
,QWKHIROORZLQJSHQSLFWXUHVFDUGVDUHWDNHQLQSDLUV,DQG,,DQG;;,,,,DQG
;;HWFLQHDFKSDLURQHFDUGFRPSOHWLQJWKHVHQVHRIDQRWKHUDQGWZRPDNLQJRQH
&DUG,7KH0DJLFLDQ
0DQ6XSHUPDQ7KH,QLWLDWH7KH2FFXOWLVW+LJKHUFRQVFLRXVQHVV
+XPDQ/RJRV7KHNDEDOLVWLF$GDP.DGPRQ+XPDQLW\+RPR
6DSLHQV

&DUG,,7KH+LJK3ULHVWHVV
2FFXOWLVP(VRWHULVP0\VWLFLVP7KHRVRSK\,QLWLDWLRQ,VLV0\VWHU\
&DUG,,,7KF(PSUHVV
1DWXUHLQLWVSKHQRPHQDODVSHFW7KHHYHUUHQHZLQJDQGUHFUHDWLQJ
IRUFHRI1DWXUH7KHREMHFWLYHUHDOLW\
&DUG,97KH(PSHURU
7HWUDJUDPPDWRQ7KHODZRIIRXU/DWHQWHQHUJ\RI1DWXUH/RJRVLQWKH
IXOODVSHFWZLWKDOOSRVVLELOLWLHVRIWKHQHZ/RJRV+HUPHWLFSKLORVRSK\
&DUG97KH&KDULRW
0DQ7KH,PDJLQDWLRQ0DJLF6HOIVXJJHVWLRQ6HOIGHFHLW$UWLILFLDO
PHDQVRIDWWDLQPHQW3VHXGRRFFXOWLVP3VHXGRWKHRVRSK\
&DUG9,7KH/RYHUV
0DQ$QRWKHUDVSHFWRIWKH$GDP.DGPRQWKH3HUIHFW0DQ7KH
GLYLQHDQGURJ\QH/RYHDVWKHHIIRUWVRI$GDP(DGPRQWRILQGKLPVHOI

7KHHTXLOLEULXPRIFRQWUDULHV7KHXQLILFDWLRQRIWKHGXDGDVWKHPHDQVRI
DWWDLQLQJWKH/LJKW
&DUG9,,7KH+LHURSKDQW
0\VWLFLVP7KHRVRSK\(VRWHULFVLGHRIDOOUHOLJLRQV
&DUG9,,,6WUHQJWK
7KH5HDO3RZHU6WUHQJWKRIORYH6WUHQJWKRI8QLRQ 0DJLFFKDLQ 
6WUHQJWKRIWKH,QILQLWH2FFXOWLVP(VRWHULVP7KHRVRSK\
&DUG,;7KH+HUPLW
0DQ7KH3DWKWRWKH,QLWLDWLRQ6HHNLQJIRUWUXWKLQWKHULJKWZD\,QQHU
.QRZOHGJH,QQHU/LJKW,QQHU)RUFH7KHRVRSK\2FFXOWLVP
&DUG;7KH:KHHORI&KDQFH
7KH:KHHORI/LIH7KHOLIHHYHUFKDQJLQJDQGHYHUUHPDLQLQJWKHVDPH
7KH&LUFOHRI7LPHDQGWKHIRXUHOHPHQWV7KHLGHDRIWKHFLUFOH
&DUG;,-XVWLFH
7UXWK5HDO.QRZOHGJH,QQHU7UXWK2FFXOWLVP(VRWHULVP7KHRVRSK\
&DUG;,,7KH+DQJHG0DQ
0DQ7KH3DLQRIWKHKLJKHUFRQVFLRXVQHVVERXQGE\WKHOLPLWDWLRQVRI
WKHERG\DQGPLQG6XSHUPDQLQWKHVHSDUDWHPDQ
&DUG;,,,'HDWK
$QRWKHUDVSHFWRI/LIH*RLQJDZD\LQRUGHUWRFRPHEDFNDWWKHVDPH
WLPH&RPSOHWLRQRIWKHFLUFOH
&DUG;,97HPSHUDQFH 7LPH 
7KHILUVWDWWDLQPHQW7KH$UFDQXP0DJQXP>*UHDW6HFUHW@RIWKH
RFFXOWLVWV7KH)RXUWK'LPHQVLRQ+LJKHUVSDFH(WHUQDO1RZ
&DUG;97KH'HYLO
0DQ:HDNQHVV)DOVHKRRG7KH)DOORIPDQLQWRVHSDUDWHQHVVLQWR
KDWUHGDQGLQWRILQLWHQHVV
&DUG;9,7KH7RZHU
6HFWDULDQLVP7RZHURI%DEHO([RWHULVP&RQIXVLRQRIWRQJXHV)DOORI
H[RWHULVP7KHIRUFHRI1DWXUHUHHVWDEOLVKLQJWKHWUXWKGLVWRUWHGE\PHQ
&DUG;9,,7KH6WDU
7KHUHDODVSHFWRIWKH$VWUDO:RUOG7KDWZKLFKPD\EHVHHQLQH[WDV\
7KHLPDJLQDWLRQRI1DWXUH5HDO.QRZOHGJH2FFXOWLVP
&DUG;9,,,7KH0RRQ
7KH$VWUDO:RUOGDVLWLVVHHQE\WKHDUWLILFLDOPHDQVRIPDJLF3V\FKLF

VSLULWLVWLFZRUOG'UHDGVRIWKHQLJKW7KHUHDOOLJKWIURPDERYHDQGWKH
IDOVHUHSUHVHQWDWLRQRIWKDWOLJKWIURPEHORZ3VHXGRP\VWLFLVP
&DUG;,;7KH6XQ
7KH6\PERODQGPDQLIHVWDWLRQRIWKHWHWUDJUDPPDWRQ&UHDWLYHSRZHU
)LUHRIOLIH
&DUG;;-XGJPHQW
7KHUHVXUUHFWLRQ&RQVWDQWYLFWRU\RIOLIHRYHUGHDWK&UHDWLYHDFWLYLW\RI
QDWXUHLQWKHGHDWK
&DUG;;,:RUOG
1DWXUH7KH:RUOGDVLWLV1DWXUHLQLWVQRXPHQDODVSHFW(VRWHULFVLGHRI
QDWXUH7KDWZKLFKLVPDGHNQRZQLQHVRWHULVP,QQHUUHDOLW\RIWKLQJV
+XPDQFRXVFLRXVQHVVLQWKHFLUFOHRIWLPHEHWZHHQWKHIRXUHOHPHQWV
&DUG7KH)RRO
0DQ$QRUGLQDU\PDQ$VHSDUDWHPDQ7KHXQLQLWLDWH/RZHU
FRQVFLRXVQHVV7KHHQGRIDUD\QRWNQRZLQJLWVUHODWLRQWRWKHFHQWUH

7KHWZHQW\WZRFDUGVPD\EHGLYLGHGLQWRWKUHHGLYLVLRQVLQFOXGLQJHDFKVHYHQFDUGVRI
VLPLODUPHDQLQJWKHQGFDUG 1R DVDGXSOLFDWH RIWKH1R VWDQGLQJRXWVLGH
WKHWULDQJOHRUIRUPLQJDSRLQWLQLWVFHQWUH
7KHWKUHHVHWVRIVHYHQVEHORQJWKHILUVWRQHWRWKH0DQWKHVHFRQGWRWKH1DWXUHDQG
WKHWKLUGWRWKHKLJKHUNQRZOHGJHRUWRWKH7KHRVRSK\LQWKHODUJHVHQVHRIWKHZRUG
7KH)LUVWVHWRI&DUGV,0DJLFLDQ7KH)RRO97KH&KDULRW,;7KH+HUPLW9,
/RYHUV;97KH'HYLO;,,7KH+DQJHG0DQ
7KHFRQWHQWVRIWKHVHVHYHQFDUGVLIWDNHQLQWLPHSLFWXUHVHYHQGHJUHHVRIWKHSDWKRI
0DQLQKLVZD\WRWKH6XSHUPDQRULIWDNHQLQWKH(WHUQDO1RZSLFWXUHVHYHQIDFHVRI
0DQRUVHYHQ,VRIPDQFRH[LVWLQJLQKLP7KLVODVWPHDQLQJUHSUHVHQWVWKHLQQHU
VHQVHRIWKHVHFUHWGRFWULQHRIWKH7DURWLQLWVUHODWLRQVWR0DQ
7KHVHFRQGVHWRI 1DWXUH LQFOXGHVFDUGV,,,7KH(PSUHVV;/LIH;,,,'HDWK
;,97LPH;9,7KH7RZHU;,;7KH6XQ;;-XGJHPHQW
7KHWKLUGVHWRI 7KHRVRSK\ LQFOXGHVFDUGV,,7KH+LJK3ULHVWHVV,97KH
(PSHURU9,,,6WUHQJWK9,,7KH+LHURSKDQW;,-XVWLFH;9,,7KH6WDU;9,,,
7KH0RRQ

7+(6<0%2/6

7KHGHVFULSWLRQRIWKHWUXPS7KH)RROJLYHQEHORZE\2XVSHQVN\
LQGLFDWHVSUHWW\FOHDUO\WKDWKHKDGWKH7DURWRI2VZDOG:LUWKLQIURQWRI
KLPZKLOHKHZURWHKLVLPSUHVVLRQVRIWKH0DMRU$UFDQD+LVHVVD\ZDV
SXEOLVKHGDVDVHSDUDWHERRNE\'RYHU3XEOLFDWLRQVRI1HZ<RUNLQ
DFFRPSDQLHGE\LOOXVWUDWLRQVRIWKHWUXPSVRI$(:DLWH
V5LGHU7DURW
VRFDOOHGEHFDXVHLWZDVILUVWSXEOLVKHGE\5LGHUDQG&RPSDQ\ $QRWH
WKDWDFFRPSDQLHGWKH'RYHUHGLWLRQUHDGVLQSDUW2XVSHQVN\GRHVQRW
LGHQWLI\WKHVHWRIWDURWFDUGVRQZKLFKKHEDVHGKLVPHGLWDWLRQVEXWWKH

VHWSUHSDUHGE\3DPHOD&6PLWKXQGHUWKHVXSHUYLVLRQRI$(:DLWHD
QRWHG%ULWLVKVWXGHQWRIWKHRFFXOWILWV2XVSHQVN\
VGHVFULSWLRQVDOPRVW
SHUIHFWO\7KHUHDUHRQO\DIHZPLQRUGHYLDWLRQV 2XVSHQVN\7KH
6\PEROLVPRIWKH7DURW>@1HZ<RUN'RYHUSDJH ,W
VHHPVWRPHWKDW2XVSHQVN\FRPELQHGGHWDLOVIURPWKH:LUWKWUXPSV
VXFKDVWKHO\Q[WKDWDWWDFNVWKHIRRO ZLWKGHWDLOVIURPWKH:DLWH
WUXPSV VXFKDVWKHSRPHJUDQDWHVRQWKHYHLOEHWZHHQWKHWZRSLOODUV
EHKLQGWKHKLJKSULHVWHVV 7RPRUHIXOO\XQGHUVWDQG2XVSHQVN\
V
GHVFULSWLRQVWKH\VKRXOGEHFRQVLGHUHGLQUHODWLRQWRERWKWKH:DLWHDQG
:LUWK7DURWDQGDOVRFRPSDUHGZLWKWKHGHVFULSWLRQVRIWKHWUXPSVLQ
(OLSKDV/HYL
V7UDQVFHQGHQWDO0DJLF'7 
&$5',
7+(0$*,&,$1

,6DZWKH0DQ
+LVILJXUHUHDFKHGIURPHDUWKWRKHDYHQDQGZDVFODGLQDSXUSOHPDQWOH+HVWRRG
GHHSLQIROLDJHDQGIORZHUVDQGKLVKHDGRQZKLFKZDVWKHKHDGEDQGRIDQLQLWLDWH
VHHPHGWRGLVDSSHDUP\VWHULRXVO\LQLQILQLW\
%HIRUHKLPRQDFXEHVKDSHGDOWDUZHUHIRXUV\PEROVRIPDJLFWKHVFHSWUHWKHFXS
WKHVZRUGDQGWKHSHQWDFOH
+LVULJKWKDQGSRLQWHGWRKHDYHQKLVOHIWWRHDUWK8QGHUKLVPDQWOHKHZRUHDZKLWH
WXQLFJLUGHGZLWKDVHUSHQWVZDOORZLQJLWVWDLO
+LVIDFHZDVOXPLQRXVDQGVHUHQHDQGZKHQKLVH\HVPHWPLQH,IHOWWKDWKHVDZ
PRVWLQWLPDWHUHFHVVHVRIP\VRXO,VDZP\VHOIUHIOHFWHGLQKLPDVLQDPLUURUDQGLQ
KLVH\HV,VHHPHGWRORRNXSRQP\VHOI
$QG,KHDUGDYRLFHVD\LQJ
/RRNWKLVLVWKH*UHDW0DJLFLDQ
:LWKKLVKDQGVKHXQLWHVKHDYHQDQGHDUWKDQGWKHIRXUHOHPHQWVWKDWIRUPWKHZRUOG
DUHFRQWUROOHGE\KLP
7KHIRXUV\PEROVEHIRUHKLPDUHWKHIRXUOHWWHUVRIWKHQDPHRI*RGWKHVLJQVRIWKH
IRXUHOHPHQWVILUHZDWHUDLUHDUWK
,WUHPEOHGEHIRUHWKHGHSWKRIWKHP\VWHULHV,WRXFKHG7KHZRUGV,KHDUGVHHPHG
WREHXWWHUHGE\WKH*UHDW0DJLFLDQKLPVHOIDQGLWZDVDVWKRXJKKHVSRNHLQPH
,ZDVLQGHHSWUHSLGDWLRQDQGDWPRPHQWV,IHOWWKHUHZDVQRWKLQJEHIRUHPHH[FHSWWKH
EOXHVN\EXWZLWKLQPHDZLQGRZRSHQHGWKURXJKZKLFK,FRXOGVHHXQHDUWKO\WKLQJV
DQGKHDUXQHDUWKO\ZRUGV
&$5'
7+()22/

$QG,VDZDQRWKHUPDQ
7LUHGDQGODPHKHGUDJJHGKLPVHOIDORQJWKHGXVW\URDGDFURVVWKHGHVHUWHGSODLQ
XQGHUWKHVFRUFKLQJUD\VRIWKHVXQ+HJODQFHGVLGHORQJZLWKIRROLVKVWDULQJH\HVD
KDOIVPLOHKDOIOHHURQKLVIDFHKHNQHZQRWZKHUHKHZHQWEXWZDVDEVRUEHGLQKLV
FKLPHULFDOGUHDPVZKLFKUDQFRQVWDQWO\LQWKHVDPHFLUFOH+LVIRRO
VFDSZDVSXWRQ

ZURQJVLGHIURQWKLVJDUPHQWVZHUHWRUQLQWKHEDFNDZLOGO\Q[ZLWKJORZLQJH\HV
VSUDQJXSRQKLPIURPEHKLQGDURFNDQGEXULHGKHUWHHWKLQKLVIOHVK+HVWXPEOHG
QHDUO\IHOOEXWFRQWLQXHGWRGUDJKLPVHOIDORQJDOOWKHWLPHKROGLQJRQKLVVKRXOGHUD
EDJFRQWDLQLQJXVHOHVVWKLQJVZKLFKKHLQKLVVWXSLGLW\FDUULHGZKHUHYHUKHZHQW
%HIRUHKLPDFUHYLFHFURVVHGWKHURDGDQGDGHHSSUHFLSLFHDZDLWHGWKHIRROLVK
ZDQGHUHU7KHQDKXJHFURFRGLOHZLWKRSHQPRXWKFUDZOHGRXWRIWKHSUHFLSLFH$QG,
KHDUGWKHYRLFHVD\
/RRN7KLVLVWKHVDPHPDQ
,IHOWP\KHDGZKLUO
:KDWKDVKHLQWKHEDJ",LQTXLUHGQRWNQRZLQJZK\,DVNHG$QGDIWHUDORQJVLOHQFH
WKHYRLFHUHSOLHG7KHIRXUPDJLFV\PEROVWKHVFHSWUHWKHFXSWKHVZRUGDQGWKH
SHQWDFOH7KHIRRODOZD\VFDUULHVWKHPDOWKRXJKKHKDVORQJVLQFHIRUJRWWHQZKDWWKH\
PHDQ1HYHUWKHOHVVWKH\EHORQJWRKLPHYHQWKRXJKKHGRHVQRWNQRZWKHLUXVH7KH
V\PEROVKDYHQRWORVWWKHLUSRZHUWKH\UHWDLQLWLQWKHPVHOYHV
&$5',,
7+(+,*+35,(67(66
:KHQ,OLIWHGWKHILUVWYHLODQGHQWHUHGWKHRXWHUFRXUWRIWKH7HPSOHRI,QLWLDWLRQ,VDZ
LQKDOIGDUNQHVVWKHILJXUHRIDZRPDQVLWWLQJRQDKLJKWKURQHEHWZHHQWZRSLOODUVRI
WKHWHPSOHRQHZKLWHDQGRQHEODFN0\VWHU\HPDQDWHGIURPKHUDQGZDVDERXWKHU
6DFUHGV\PEROVVKRQHRQKHUJUHHQGUHVVRQKHUKHDGZDVDJROGHQWLDUDVXUPRXQWHG
E\DWZRKRUQHGPRRQRQKHUNQHHVVKHKHOGWZRFURVVHGNH\VDQGDQRSHQERRN
%HWZHHQWKHWZRSLOODUVEHKLQGWKHZRPDQKXQJDQRWKHUYHLODOOHPEURLGHUHGZLWK
JUHHQOHDYHVDQGIUXLWRISRPHJUDQDWH
$QGDYRLFHVDLG
7RHQWHUWKH7HPSOHRQHPXVWOLIWWKHVHFRQGYHLODQGSDVVEHWZHHQWKHWZRSLOODUV
$QGWRSDVVWKXVRQHPXVWREWDLQSRVVHVVLRQRIWKHNH\VUHDGWKHERRNDQG
XQGHUVWDQGWKHV\PEROV$UH\RXDEOHWRGRWKLV"
,ZRXOGOLNHWREHDEOH,VDLG
7KHQWKHZRPDQWXUQHGKHUIDFHWRPHDQGORRNHGLQWRP\H\HVZLWKRXWVSHDNLQJ$QG
WKURXJKPHSDVVHGDWKULOOP\VWHULRXVDQGSHQHWUDWLQJOLNHDJROGHQZDYHWRQHV
YLEUDWHGLQP\EUDLQDIODPHZDVLQP\KHDUWDQG,XQGHUVWRRGWKDWVKHVSRNHWRPH
VD\LQJZLWKRXWZRUGV
7KLVLVWKH+DOORI:LVGRP1RRQHFDQUHYHDOLWQRRQHFDQKLGHLW/LNHDIORZHULW
PXVWJURZDQGEORRPLQWK\VRXO,IWKRXZRXOGVWSODQWWKHVHHGRIWKLVIORZHULQWK\
VRXOOHDUQWRGLVFHUQWKHUHDOIURPWKHIDOVH/LVWHQRQO\WRWKH9RLFHWKDWLVVRXQGOHVV
/RRNRQO\RQWKDWZKLFKLVLQYLVLEOHDQGUHPHPEHUWKDWLQWKHHWK\VHOILVWKH
7HPSOHDQGWKHJDWHWRLWDQGWKHP\VWHU\DQGWKHLQLWLDWLRQ

&$5';;,
7+(:25/'
$QXQH[SHFWHGYLVLRQDSSHDUHGWRPH$FLUFOHQRWXQOLNHDZUHDWKZRYHQIURPUDLQERZ
DQGOLJKWQLQJVZKLUOHGIURPKHDYHQWRHDUWKZLWKDVWXSHQGRXVYHORFLW\EOLQGLQJPHE\
LWVEULOOLDQFH$QGDPLGVWWKLVOLJKWDQGILUH,KHDUGPXVLFDQGVRIWVLQJLQJWKXQGHUFODSV
DQGWKHURDURIDWHPSHVWWKHUXPEOHRIIDOOLQJPRXQWDLQVDQGHDUWKTXDNHV

7KHFLUFOHZKLUOHGZLWKDWHUULI\LQJQRLVHWRXFKLQJWKHVXQDQGWKHHDUWKDQGLQWKH
FHQWUHRILW,VDZWKHQDNHGGDQFLQJILJXUHRIDEHDXWLIXO\RXQJZRPDQHQYHORSHGE\
DOLJKWWUDQVSDUHQWVFDUILQKHUKDQGVKHKHOGDPDJLFZDQG
3UHVHQWO\WKHIRXUDSRFDO\SWLFDOEHDVWVEHJDQWRDSSHDURQWKHHGJHVRIWKHFLUFOHRQH
ZLWKWKHIDFHRIDOLRQDQRWKHUZLWKWKHIDFHRIDPDQWKHWKLUGRIDQHDJOHDQGWKH
IRXUWKRIDEXOO
7KHYLVLRQGLVDSSHDUHGDVVXGGHQO\DVLWDSSHDUHG$ZHLUGVLOHQFHIHOORQPH:KDW
GRHVLWPHDQ",DVNHGLQZRQGHU
,WLVWKHLPDJHRIWKHZRUOGWKHYRLFHVDLGEXWLWFDQEHXQGHUVWRRGRQO\DIWHUWKH
7HPSOHKDVEHHQHQWHUHG7KLVLVDYLVLRQRIWKHZRUOGLQWKHFLUFOHRI7LPHDPLGVWWKH
IRXUSULQFLSOHV%XWWKRXVHHVWGLIIHUHQWO\EHFDXVHWKRXVHHVWWKHZRUOGRXWVLGHWK\VHOI
/HDUQWRVHHLWLQWK\VHOIDQGWKRXZLOWXQGHUVWDQGWKHLQILQLWHHVVHQFHKLGGHQLQDOO
LOOXVRU\IRUPV8QGHUVWDQGWKDWWKHZRUOGZKLFKWKRXNQRZHVWLVRQO\RQHRIWKHDVSHFWV
RIWKHLQILQLWHZRUOGDQGWKLQJVDQGSKHQRPHQDDUHPHUHO\KLHUROJ\SKLFVRIGHHSHU
LGHDV

&$5',,,
7+((035(66
,IHOWWKHEUHDWKRIWKHVSULQJDQGDFFRPSDQ\LQJWKHIUDJUDQFHRIYLROHWVDQGOLOLHVRI
WKHYDOOH\,KHDUGWKHWHQGHUVLQJLQJRIHOYHV5LYXOHWVPXUPXUHGWKHWUHHWRSVUXVWOHG
WKHJUDVVHVZKLVSHUHGLQQXPHUDEOHELUGVVDQJLQFKRUXVHVDQGEHHVKXPPHG
HYHU\ZKHUH,IHOWWKHEUHDWKLQJRIMR\IXOOLYLQJ1DWXUH
7KHVXQVKRQHWHQGHUO\DQGVRIWO\DQGDOLWWOHZKLWHFORXGKXQJRYHUWKHZRRGV
,QWKHPLGVWRIDJUHHQPHDGRZZKHUHSULPURVHVEORRPHG,VDZWKH(PSUHVVVHDWHG
RQDWKURQHFRYHUHGZLWKLY\DQGOLODFV$JUHHQZUHDWKDGRUQHGKHUJROGHQKDLUDQG
DERYHKHUKHDGVKRQHWZHOYHVWDUV%HKLQGKHUURVHWZRVQRZ\ZLQJVDQGLQKHUKDQGV
VKHKHOGDVFHSWUH$OODURXQGEHQHDWKWKHVZHHWVPLOHRIWKH(PSUHVVIORZHUVDQG
EXGVRSHQHGWKHLUGHZ\JUHHQOHDYHV+HUZKROHGUHVVZDVFRYHUHGZLWKWKHPDV
WKRXJKHDFKQHZO\RSHQHGIORZHUZHUHUHIOHFWHGLQLWRUKDGHQJUDYHGLWVHOIWKHUHRQ
DQGWKXVEHFRPHSDUWRIKHUJDUPHQW
7KHVLJQRI9HQXVWKHJRGGHVVRIORYHZDVFKLVHOOHGRQKHUPDUEOHWKURQH
4XHHQRIOLIH,VDLGZK\LVLWVREULJKWDQGMR\IXODOODERXW\RX"'R\RXQRWNQRZRI
WKHJUH\ZHDU\DXWXPQRIWKHFROGZKLWHZLQWHU"'R\RXQRWNQRZRIGHDWKDQG
JUDYH\DUGVZLWKEODFNJUDYHVGDPSDQGFROG"+RZFDQ\RXVPLOHVRMR\IXOO\RQWKH
RSHQLQJIORZHUVZKHQHYHU\WKLQJLVGHVWLQHGWRGHDWKHYHQWKDWZKLFKKDVQRW\HW
EHHQERUQ"
)RUDQVZHUWKH(PSUHVVORRNHGRQPHVWLOOVPLOLQJDQGXQGHUWKHLQIOXHQFHRIWKDW
VPLOH,VXGGHQO\IHOWDIORZHURIVRPHFOHDUXQGHUVWDQGLQJRSHQLQP\KHDUW
&$5';;
-8'*0(17
,VDZDQLFHSODLQDQGRQWKHKRUL]RQDFKDLQRIVQRZ\PRXQWDLQV$FORXGDSSHDUHG
DQGEHJDQWRJURZXQWLOLWFRYHUHGDTXDUWHURIWKHVN\7ZRILHU\ZLQJVVXGGHQO\
H[SDQGHGLQWKHFORXGDQG,NQHZWKDW,EHKHOGWKHPHVVHQJHURIWKH(PSUHVV

+HUDLVHGDWUXPSHWDQGEOHZWKURXJKLWYLEUDQWSRZHUIXOWRQHV7KHSODLQTXLYHUHGLQ
UHVSRQVHWRKLPDQGWKHPRXQWDLQVORXGO\UROOHGWKHLUHFKRHV2QHDIWHUDQRWKHU
JUDYHVRSHQHGLQWKHSODLQDQGRXWRIWKHPFDPHPHQDQGZRPHQROGDQG\RXQJDQG
FKLOGUHQ7KH\VWUHWFKHGRXWWKHLUDUPVWRZDUGWKH0HVVHQJHURIWKH(PSUHVVDQGWR
FDWFKWKHVRXQGVRIKLVWUXPSHW
$QGLQLWVWRQHV,IHOWWKHVPLOHRIWKH(PSUHVVDQGLQWKHRSHQLQJJUDYHV,VDZWKH
RSHQLQJIORZHUVZKRVHIUDJUDQFHVHHPHGWREHZDIWHGE\WKHRXWVWUHWFKHGDUPV
7KHQ,XQGHUVWRRGWKHP\VWHU\RIELUWKLQGHDWK

&$5',9
7+((03(525
$IWHU,OHDUQHGWKHILUVWWKUHHQXPEHUV,ZDVJLYHQWRXQGHUVWDQGWKH*UHDW/DZRI)RXU
WKHDOSKDDQGRPHJDRIDOO
,VDZWKH(PSHURURQDORIW\VWRQHWKURQHRUQDPHQWHGE\IRXUUDPV
KHDGV2QKLV
IRUHKHDGVKRQHDJROGHQKHOPHW+LVZKLWHEHDUGIHOORYHUDSXUSOHPDQWOH,QRQHKDQG
KHKHOGDVSKHUHWKHV\PERORIKLVSRVVHVVLRQDQGLQWKHRWKHUDVFHSWUHLQWKHIRUP
RIDQ(J\SWLDQFURVVWKHVLJQRIKLVSRZHURYHUELUWK
,DP7KH*UHDW/DZWKH(PSHURUVDLG,DPWKHQDPHRI*RG7KHIRXUOHWWHUVRIKLV
QDPHDUHLQPHDQG,DPLQDOO
,DPLQWKHIRXUSULQFLSOHV,DPLQWKHIRXUHOHPHQWV,DPLQWKHIRXUVHDVRQV,DPLQ
WKHIRXUFDUGLQDOSRLQWV,DPLQWKHIRXUVLJQVRIWKH7DURW
ODPWKHEHJLQQLQJ,DPDFWLRQ,DPFRPSOHWLRQ,DPWKHUHVXOW
)RUKLPZKRNQRZVKRZWRVHHPHWKHUHDUHQRP\VWHULHVRQHDUWK
,DPWKHJUHDW3HQWDFOH
$VWKHHDUWKHQFORVHVLQLWVHOIILUHZDWHUDQGDLUDVWKHIRXUWKOHWWHURIWKH1DPH
HQFORVHVLQLWVHOIWKHILUVWWKUHHDQGEHFRPHVLWVHOIWKHILUVWVRP\VFHSWUHHQFORVHVWKH
FRPSOHWHWULDQJOHDQGEHDUVLQLWVHOIWKHVHHGRIDQHZWULDQJOH
,DPWKH/RJRVLQWKHIXOODVSHFWDQGWKHEHJLQQLQJRIDQHZ/RJRV
$QGZKLOHWKH(PSHURUVSRNHKLVKHOPHWVKRQHEULJKWHUDQGEULJKWHUDQGKLVJROGHQ
DUPRXUJOHDPHGEHQHDWKKLVPDQWOH,FRXOGQRWEHDUKLVJORU\DQG,ORZHUHGP\H\HV
:KHQ,WULHGWROLIWWKHPDJDLQDYLYLGOLJKWRIUDGLDQWILUHZDVEHIRUHPHDQG,
SURVWUDWHGP\VHOIDQGPDGHREHLVDQFHWRWKH)LHU\:RUG

&$5';,;
7+(681
$VVRRQDV,SHUFHLYHGWKH6XQ,XQGHUVWRRGWKDW,W,WVHOILVWKHH[SUHVVLRQRIWKH
)LHU\:RUGDQGWKHVLJQRIWKH(PSHURU
7KHJUHDWOXPLQDU\VKRQHZLWKDQLQWHQVHKHDWXSRQWKHODUJHJROGHQKHDGVRIVXQ
IORZHUV
$QG,VDZDQDNHGER\ZKRVHKHDGZDVZUHDWKHGZLWKURVHVJDOORSLQJRQDZKLWH
KRUVHDQGZDYLQJDEULJKWUHGEDQQHU

,VKXWP\H\HVIRUDPRPHQWDQGZKHQ,RSHQHGWKHPDJDLQ,VDZWKDWHDFKUD\RIWKH
6XQLVWKHVFHSWUHRIWKH(PSHURUDQGEHDUVOLIH$QG,VDZKRZXQGHUWKH

FRQFHQWUDWLRQRIWKHVHUD\VWKHP\VWLFIORZHUVRIWKHZDWHUVRSHQDQGUHFHLYHWKHUD\V
LQWRWKHPVHOYHVDQGKRZDOO1DWXUHLVFRQVWDQWO\ERUQIURPWKHXQLRQRIWZRSULQFLSOHV

&$5'9
7+(&+$5,27
,VDZDFKDULRWGUDZQE\WZRVSKLQ[HVRQHZKLWHWKHRWKHUEODFN)RXUSLOODUV
VXSSRUWHGDEOXHFDQRS\RQZKLFKZHUHVFDWWHUHGILYHSRLQWHGVWDUV7KH&RQTXHURU
FODGLQVWHHODUPRXUVWRRGXQGHUWKLVFDQRS\JXLGLQJWKHVSKLQ[HV+HKHOGDVFHSWUH
RQWKHHQGRIZKLFKZHUHDJOREHDWULDQJOHDQGDVTXDUH$JROGHQSHQWDJUDP
VSDUNOHGLQKLVFURZQ2QWKHIURQWRIWKHFKDULRWWKHUHZDVUHSUHVHQWHGDZLQJHG
VSKHUHDQGEHQHDWKWKDWWKHV\PERORIWKHP\VWLFDOOLQJDPVLJQLI\LQJWKHXQLRQRIWZR
SULQFLSOHV
(YHU\WKLQJLQWKLVSLFWXUHKDVDVLJQLILFDQFH/RRNDQGWU\WRXQGHUVWDQGVDLGWKH
YRLFH
7KLVLV:LOODUPHGZLWK.QRZOHGJH:HVHHKHUHKRZHYHUWKHZLVKWRDFKLHYHUDWKHU
WKDQDFKLHYHPHQWLWVHOI7KHPDQLQWKHFKDULRWWKRXJKWKLPVHOIDFRQTXHURUEHIRUHKH
KDGUHDOO\FRQTXHUHGDQGKHEHOLHYHVWKDWYLFWRU\PXVWFRPHWRWKHFRQTXHURU7KHUH
DUHWUXHSRVVLELOLWLHVLQWKLVEHDXWLIXOFRQFHSWLRQEXWDOVRPDQ\IDOVHRQHV,OOXVRU\ILUHV
DQGQXPHURXVGDQJHUVDUHKLGGHQKHUH
+HFRQWUROVWKHVSKLQ[HVE\WKHSRZHURIDPDJLFZRUGEXWWKHWHQVLRQRIKLV:LOOPD\
IDLODQGWKHQWKHPDJLFZRUGZLOOORVHLWVSRZHUDQGKHPD\EHGHYRXUHGE\WKH
VSKLQ[HV
7KLVLVLQGHHGWKH&RQTXHURUEXWRQO\IRUWKHPRPHQWKHKDVQRW\HWFRQTXHUHG
7LPHDQGWKHVXFFHHGLQJPRPHQWLVXQNQRZQWRKLP
7KLVLVWKH&RQTXHURUQRWE\ORYHEXWE\ILUHDQGWKHVZRUGDFRQTXHURUDJDLQVW
ZKRPWKHFRQTXHUHGPD\DULVH'R\RXVHHEHKLQGKLPWKHWRZHUVRIWKHFRQTXHUHG
FLW\"3HUKDSVWKHIODPHRIXSULVLQJEXUQVDOUHDG\WKHUH
$QGKHLVXQDZDUHWKDWWKHFLW\YDQTXLVKHGE\PHDQVRIILUHDQGWKHVZRUGLVWKHFLW\
ZLWKLQKLVRZQFRQVFLRXVQHVVWKDWWKHPDJLFFKDULRWLVLQKLPVHOIDQGWKDWWKHEORRG
WKLUVW\VSK\Q[HVDOVRDVWDWHRIFRQVFLRXVQHVVZLWKLQZDWFKKLVHYHU\PRYHPHQW+H
KDVH[WHUQDOL]HGDOOWKHVHSKDVHVRIKLVPLQGDQGVHHVWKHPRQO\RXWVLGHKLPVHOI7KLV
LVKLVIXQGDPHQWDOHUURU+HHQWHUHGWKHRXWHUFRXUWRIWKH7HPSOHRINQRZOHGJHEXW
WKLQNVKHKDVEHHQLQWKH7HPSOHLWVHOI+HUHJDUGHGWKHULWXDOVRIWKHILUVWWHVWVDV
LQLWLDWLRQDQGKHPLVWRRNIRUWKHJRGGHVVWKHSULHVWHVVZKRJXDUGHGWKHWKUHVKROG
%HFDXVHRIWKLVPLVFRQFHSWLRQJUHDWSHULOVDZDLWKLP
1HYHUWKHOHVVLWPD\EHWKDWHYHQLQKLVHUURUVDQGSHULOVWKH*UHDW&RQFHSWLRQOLHV
FRQFHDOHG+HVHHNVWRNQRZDQGSHUKDSVLQRUGHUWRDWWDLQPLVWDNHVGDQJHUVDQG
HYHQIDLOXUHVDUHQHFHVVDU\
8QGHUVWDQGWKDWWKLVLVWKHVDPHPDQZKRP\RXVDZXQLWLQJ+HDYHQDQG(DUWKDQG
DJDLQZDONLQJDFURVVDKRWGHVHUWWRDSUHFLSLFH
&$5';9O,O
7+(0221
$GHVRODWHSODLQVWUHWFKHGEHIRUHPH$IXOOPRRQORRNHGGRZQDVLILQFRQWHPSODWLYH
KHVLWDWLRQ8QGHUKHUZDYHULQJOLJKWWKHVKDGRZVOLYHGWKHLURZQSHFXOLDUOLIH2QWKH

KRUL]RQ,VDZEOXHKLOOVDQGRYHUWKHPZRXQGDSDWKZKLFKVWUHWFKHGEHWZHHQWZR
JUH\WRZHUVIDUDZD\LQWRWKHGLVWDQFH2QHLWKHUVLGHWKHSDWKDZROIDQGGRJVDWDQG
KRZOHGDWWKHPRRQ,UHPHPEHUHGWKDWGRJVEHOLHYHLQWKLHYHVDQGJKRVWV$ODUJH
EODFNFUDEFUDZOHGRXWRIWKHULYXOHWLQWRWKHVDQGV$KHDY\FROGGHZZDVIDOOLQJ
'UHDGIHOOXSRQPH,VHQVHGWKHSUHVHQFHRIDP\VWHULRXVZRUOGDZRUOGRIKRVWLOH
VSLULWVRIFRUSVHVULVLQJIURPJUDYHVRIZDLOLQJJKRVWV,QWKLVSDOHPRRQOLJKW,VHHPHG
WRIHHOWKHSUHVHQFHRIDSSDULWLRQVVRPHRQHZDWFKHGPHIURPEHKLQGWKHWRZHUV
DQG,NQHZLWZDVGDQJHURXVWRORRNEDFN

&$5'9,
7+(/29(56
,VDZDEORRPLQJJDUGHQLQDJUHHQYDOOH\VXUURXQGHGE\VRIWEOXHKLOOV
,QWKHJDUGHQ,VDZD0DQDQGD:RPDQQDNHGDQGEHDXWLIXO7KH\ORYHGHDFKRWKHU
DQGWKHLU/RYHZDVWKHLUVHUYLFHWRWKH*UHDW&RQFHSWLRQDSUD\HUDQGDVDFULILFH
WKURXJK,WWKH\FRPPXQHGZLWK*RGWKURXJK,WWKH\UHFHLYHGWKHKLJKHVWUHYHODWLRQV
LQ,WVOLJKWWKHGHHSHVWWUXWKVFDPHWRWKHPWKHPDJLFZRUOGRSHQHGLWVJDWHHOYHV
XQGLQHVV\OSKVDQGJQRPHVFDPHRSHQO\WRWKHPWKHWKUHHNLQJGRPVRIQDWXUHWKH
PLQHUDOSODQWDQGDQLPDODQGWKHIRXUHOHPHQWVILUHZDWHUDLUDQGHDUWKVHUYHG
WKHP
7KURXJKWKHLU/RYHWKH\VDZWKHP\VWHU\RIWKHZRUOG
VHTXLOLEULXPDQGWKDWWKH\
WKHPVHOYHVZHUHDV\PERODQGH[SUHVVLRQRIWKLVEDODQFH7ZRWULDQJOHVXQLWHGLQWKHP
LQWRDVL[SRLQWHGVWDU7ZRPDJQHWVPHOWHGLQWRDQHOOLSVLV7KH\ZHUHWZR7KHWKLUG
ZDVWKH8QNQRZQ)XWXUH7KHWKUHHPDGH2QH
,VDZWKHZRPDQORRNLQJRXWXSRQWKHZRUOGDVWKRXJKHQUDSWXUHGZLWKLWVEHDXW\$QG
IURPWKHWUHHRQZKLFKULSHQHGJROGHQIUXLW,VDZDVHUSHQWFUHHS,WZKLVSHUHGLQWKH
ZRPDQ
VHDUDQG,VDZKHUOLVWHQLQJVPLOLQJDWILUVWVXVSLFLRXVO\WKHQZLWKFXULRVLW\
ZKLFKPHUJHGLQWRMR\7KHQ,VDZKHUVSHDNWRWKHPDQ,QRWLFHGWKDWKHVHHPHGWR
DGPLUHRQO\KHUDQGVPLOHGZLWKDQH[SUHVVLRQRIMR\DQGV\PSDWK\DWDOOVKHWROGKLP

7KLVSLFWXUH\RXVHHLVDSLFWXUHRIWHPSWDWLRQDQGIDOOVVDLGWKHYRLFH:KDW
FRQVWLWXWHVWKH)DOO"'R\RXXQGHUVWDQGLWVQDWXUH"
/LIHLVVRJRRG,VDLGDQGWKHZRUOGVREHDXWLIXODQGWKLVPDQDQGZRPDQZDQWHG
WREHOLHYHLQWKHUHDOLW\RIWKHZRUOGDQGRIWKHPVHOYHV7KH\ZDQWHGWRIRUJHWVHUYLFH
DQGWDNHIURPWKHZRUOGZKDWLWFDQJLYH6RWKH\PDGHDGLVWLQFWLRQEHWZHHQ
WKHPVHOYHVDQGWKHZRUOG7KH\VDLG
:HDUHKHUHWKHZRUOGLVWKHUH
$QGWKHZRUOG
VHSDUDWHGIURPWKHPDQGEHFDPHKRVWLOH
<HVVDLGWKH9RLFHWKLVLVWUXH7KHHYHUODVWLQJPLVWDNHZLWKPHQLVWKDWWKH\VHH
WKHIDOOLQORYH%XW/RYHLVQRWDIDOOLWLVDVRDULQJDERYHDQDE\VV$QGWKHKLJKHUWKH
IOLJKWWKHPRUHEHDXWLIXODQGDOOXULQJDSSHDUVWKHHDUWK%XWWKDWZLVGRPZKLFKFUDZOV
RQHDUWKDGYLVHVEHOLHILQWKHHDUWKDQGLQWKHSUHVHQW7KLVLVWKH7HPSWDWLRQ$QGWKH
PDQDQGZRPDQ\LHOGHGWRLW7KH\GURSSHGIURPWKHHWHUQDOUHDOPVDQGVXEPLWWHGWR
WLPHDQGGHDWK7KHEDODQFHZDVGLVWXUEHG7KHIDLU\ODQGZDVFORVHGXSRQWKHP7KH
HOYHVXQGLQHVV\OSKVDQGJQRPHVEHFDPHLQYLVLEOH7KH)DFHRI*RGFHDVHGWRUHYHDO
LWVHOIWRWKHPDQGDOOWKLQJVDSSHDUHGXSVLGHGRZQ

7KLV)DOOWKLVILUVW
VLQRIPDQ
UHSHDWVLWVHOISHUSHWXDOO\EHFDXVHPDQFRQWLQXHVWR
EHOLHYHLQKLVVHSDUDWHQHVVDQGLQWKH3UHVHQW$QGRQO\E\PHDQVRIJUHDWVXIIHULQJ
FDQKHOLEHUDWHKLPVHOIIURPWKHFRQWURORIWLPHDQGUHWXUQWR(WHUQLW\OHDYHGDUNQHVV
DQGUHWXUQWR/LJKW

&$5';9,,
7+(67$5
$VWUDQJHHPRWLRQVLH]HGPH$ILHU\WUHPEOLQJUDQLQZDYHVWKURXJKDOOP\ERG\0\
KHDUWTXLFNHQHGLWVEHDWLQJWXPXOWDJLWDWHGP\PLQG
,IHOWWKDW,ZDVVXUURXQGHGE\SRUWHQWRXVP\VWHULHV$QGSUHVHQWO\VKDIWVRI/LJKW
SHQHWUDWHGP\EHLQJDQGLOOXPLQDWHGPDQ\WKLQJVEHIRUHLQGDUNQHVVZKRVHH[LVWHQFH
HYHQ,KDGQHYHUVXVSHFWHG9HLOVYDQLVKHGRIZKLFK,KDGEHHQEHIRUHXQDZDUH9RLFHV
VSRNHWRPH$QGVXGGHQO\DOOP\IRUPHUNQRZOHGJHWRRNDQHZDQGGLIIHUHQWPHDQLQJ
,GLVFRYHUHGXQH[SHFWHGFRUUHODWLRQVLQWKLQJVZKLFKKLWKHUWR,KDGWKRXJKWIRUHLJQWR
HDFKRWKHU2EMHFWVGLVWDQWDQGGLIIHUHQWIURPRQHDQRWKHUDSSHDUHGQHDUDQGVLPLODU
7KHIDFWVRIWKHZRUOGDUUDQJHGWKHPVHOYHVEHIRUHP\H\HVDFFRUGLQJWRDQHZSDWWHUQ
,QWKHVN\WKHUHDSSHDUHGDQHQRUPRXUVVWDUVXUURXQGHGE\VHYHQVPDOOHUVWDUV7KHLU
UD\VLQWHUPLQJOHGILOOLQJVSDFHZLWKLPPHDVXUDEOHUDGLDQFHDQGVSOHQGRXU7KHQ,NQHZ
,VDZWKDW+HDYHQRIZKLFK3ORWLQXVVSHDNV
:KHUHDOOWKLQJVDUHGLDSKDQRXVDQGQRWKLQJLVGDUNDQGUHVLVWLQJ
EXWHYHU\WKLQJLVDSSDUHQWWRHYHU\RQHLQWHUQDOO\DQGWKURXJKRXW)RU
OLJKWHYHU\ZKHUHPHHWVZLWKOLJKWVLQFHHYHU\WKLQJFRQWDLQVDOOWKLQJVLQ
LWVHOIDQGDJDLQVHHVDOOWKLQJVLQDQRWKHU6RWKDWDOOWKLQJVDUH
HYHU\ZKHUHDQGDOOLVDOO(DFKWKLQJOLNHZLVHLVHYHU\WKLQJ$QGWKH
VSOHQGRXUWKHUHLVLQILQLWH)RUHYHU\WKLQJWKHUHLVJUHDWVLQFHHYHQWKDW
ZKLFKLVVPDOOLVJUHDW

7KHVXQWRRZKLFKLVWKHUHLVDOOWKHVWDUVDQGDJDLQHDFKVWDULVWKH
VXQDQGDOOWKHVWDUV,QHDFKKRZHYHUDGLIIHUHQWSURSHUW\SUHGRPLQDWHV
EXWDWWKHVDPHWLPHDOOWKLQJVDUHYLVLEOHLQHDFK0RWLRQOLNHZLVHWKHUHLV
SXUHIRUPRWLRQLVQRWFRQIRXQHGE\DPRYHUGLIIHUHQWIURPLW
3HUPDQHQF\DOVRVXIIHUVQRFKDQJHRILWVQDWXUHEHFDXVHLWLVQRWPLQJOHG
ZLWKWKHXQVWDEOH$QGWKHEHDXWLIXOWKHUHLVEHDXWLIXOEHFDXVHLWGRHVQRW
VXEVLVWLQEHDXW\(DFKWKLQJWRRLVWKHUHHVWDEOLVKHGQRWDVLQDIRUHLJQ
ODQGEXWWKHVHDWRIHDFKWKLQJLVWKDWZKLFKHDFKWKLQJLV1RULVWKH
WKLQJLWVHOIGLIIHUHQWIURPWKHSODFHLQZKLFKLWVXEVLVWV)RUWKHVXEMHFWRI
LWLVLQWHOOHFWDQGLWLVLWVHOILQWHOOHFW,QWKLVVHQVLEOHUHJLRQWKHUHIRUH
RQHSDUWLVQRWSURGXFHGE\DQRWKHUEXWHDFKSDUWLVDORQHDSDUW%XW
WKHUHHDFKSDUWDOZD\VSURFHHGVIURPWKHZKROHDQGLVDWWKHVDPHHDFK
WLPHSDUWDQGWKHZKROH)RULWDSSHDUVLQGHHGDVDSDUWEXWE\KLP
ZKRVHVLJKWLVDFXWHLWZLOOEHVHHQDVDZKROH
:KHUHLVOLNHZLVHQRZHDULQHVVRIWKHYLVLRQZKLFKLVWKHUHQRWDQ\
SOHQLWXGHRISHUFHSWLRQZKLFKFDQEULQJLQWXWLRQWRDQHQG

)RUQHLWKHUZDVWKHUHDQ\YDFXLW\ZKLFKZKHQILOOHGPLJKWFDXVHWKH
YLVLEOHHQHUJ\WRFHDVHQRULVWKLVRQHWKLQJEXWWKDWDQRWKHUVRDVWR
RFFDVLRQDSDUWRIRQHWKLQJQRWWREHDPLFDEOHZLWKWKDWRIDQRWKHU
:KHUHWKHOLIHLVZLVGRPDZLVGRPQRWREWDLQHGE\DUHDVRQLQJ
SURFHVVEHFDXVHWKHZKROHRILWDOZD\VZDVDQGLVQRWLQDQ\UHVSHFW
GHILFLHQWVRDVWREHLQZDQWRILQYHVWLJDWLRQ%XWLWLVWKHILUVWZLVGRP
DQGLVQRWGHULYHGIURPDQRWKHU

,XQGHUVWRRGWKDWDOOWKHUDGLDQFHKHUHLVWKRXJKWDQGWKHFKDQJLQJFRORXUVDUH
HPRWLRQV$QGHDFKUD\LIZHORRNLQWRLWWXUQVLQWRLPDJHVV\PEROVYRLFHVDQG
PRRGV$QG,VDZWKDWWKHUHLVQRWKLQJLQDQLPDWHEXWDOOLVVRXODOOLVOLIHDOOLV
HPRWLRQDQGLPDJLQDWLRQ
$QGEHQHDWKWKHUDGLDQWVWDUVEHVLGHWKHEOXHULYHU,VDZDQDNHGPDLGHQ\RXQJDQG
EHDXWLIXO6KHVWRRSHGRQRQHNQHHDQGSRXUHGZDWHUIURPWZRYHVVHOVRQHRIJROG
DQGRQHRIVLOYHU$OLWWOHELUGLQDQHDUE\EXVKOLIWHGLWVZLQJVDQGZDVSRLVHGUHDG\WR
IO\DZD\
)RUDPRPHQW,XQGHUVWRRGWKDW,EHKHOGWKH6RXORI1DWXUH
7KLVLV1DWXUH
VOPDJLQDWLRQVDLGWKHYRLFHJHQWO\1DWXUHGUHDPVLPSURYLVHV
FUHDWHVZRUOGV/HDUQWRXQLWH\RXULPDJLQDWLRQZLWK+HU,PDJLQDWLRQDQGQRWKLQJZLOO
HYHUEHLPSRVVLEOHIRU\RX/RVHWKHH[WHUQDOZRUOGDQGVHHNLWLQ\RXUVHOI7KHQ\RX
ZLOOILQG/LJKW%XWUHPHQLEHUXQOHVV\RXKDYHORVWWKH(DUWK\RXZLOOQRWILQG+HDYHQ
,WLVLPSRVVLEOHWRVHHERWKZURQJO\DQGULJKWO\DWWKHVDPHWLPH
&$5'9,,
7+(+,(523+$17
,VDZWKHJUHDW0DVWHULQWKH7HPSOH+HZDVVLWLQJRQDJROGHQWKURQHVHWXSRQD
SXUSOHSODWIRUPDQGKHZRUHWKHUREHRIDKLJKSULHVWZLWKDJROGHQWLDUD+HKHOGD
JROGHQHLJKWSRLQWHGFURVVDQGO\LQJDWKLVIHHWZHUHWZRFURVVHGNH\V7ZRLQLWLDWHV
ERZHGEHIRUHKLPDQGWRWKHPKHVSRNH
6HHNWKH3DWKGRQRWVHHNDWWDLQPHQW6HHNIRUWKH3DWKZLWKLQ\RXUVHOI
'RQRWH[SHFWWRKHDUWKHWUXWKIURPRWKHUVQRUWRVHHLWRUUHDGLWLQERRNV/RRNIRU
WKHWUXWKLQ\RXUVHOIQRWZLWKRXW\RXUVHOI
$VSLUHRQO\DIWHUWKHLPSRVVLEOHDQGLQDFFHVVLEOH([SHFWRQO\WKDWZKLFKVKDOOQRWEH
'RQRWKRSHIRU0HGRQRWORRNIRU0HGRQRWEHOLHYHWKDW,DPRXWVLGH
\RXUVHOI
:LWKLQ\RXUVRXOEXLOGDORIW\WRZHUE\ZKLFK\RXPD\DVFHQGWR+HDYHQ'RQRW
EHOLHYHLQH[WHUQDOPLUDFOHVH[SHFWPLUDFOHVRQO\ZLWKLQ\RX%HZDUHRIEHOLHYLQJLQD
P\VWHU\RIWKHHDUWKLQDP\VWHU\JXDUGHGE\PHQIRUWUHDVXULHVZKLFKPXVWEH
JXDUGHGDUHHPSW\'RQRWVHDUFKIRUDP\VWHU\WKDWFDQEHKLGGHQE\PHQ6HHNWKH
0\VWHU\ZLWKLQ\RXUVHOI
$ERYHDOODYRLGWKRVHWRZHUVEXLOWLQRUGHUWRSUHVHUYHWKHP\VWHULHVDQGWRPDNHDQ
DVFHQWWR+HDYHQE\VWRQHVWDLUZD\V$QGUHPHPEHUWKDWDVVRRQDVPHQEXLOGVXFKD
WRZHUWKH\EHJLQWRGLVSXWHDERXWWKHVXPPLW
7KH3DWKLVLQ\RXUVHOIDQG7UXWKLVLQ\RXUVHOIDQG0\VWHU\LVLQ\RXUVHOI

&$5';9,
7+(72:(5
,VDZDORIW\WRZHUH[WHQGLQJIURPHDUWKWRKHDYHQLWVJROGHQFURZQHGVXPPLW
UHDFKHGEH\RQGWKHFORXGV$OOURXQGLWEODFNQLJKWUHLJQHGDQGWKXQGHUUXPEOHG
6XGGHQO\WKHKHDYHQVRSHQHGDWKXQGHUFODSVKRRNWKHZKROHHDUWKDQGOLJKWQLQJ
VWUXFNWKHVXPPLWRIWKHWRZHUDQGIHOOHGWKHJROGHQFURZQ$WRQJXHRIILUHVKRWIURP
KHDYHQDQGWKHZKROHWRZHUEHFDPHILOOHGZLWKILUHDQGVPRNH7KHQ,EHKHOGWKH
EXLOGHUVRIWKHWRZHUIDOOKHDGORQJWRWKHJURXQG
$QGWKHYRLFHVDLG
7KHEXLOGLQJRIWKHWRZHUZDVEHJXQE\WKHGLVFLSOHVRIWKHJUHDW0DVWHULQRUGHUWR
KDYHDFRQVWDQWUHPLQGHURIWKH0DVWHU
VWHDFKLQJWKDWWKHWUXHWRZHUPXVWEHEXLOWLQ
RQH
VRZQVRXOWKDWLQWKHWRZHUEXLOWE\KDQGVWKHUHFDQEHQRP\VWHULHVWKDWQRRQH
FDQDVFHQGWR+HDYHQE\WUHDGLQJVWRQHVWHSV
7KHWRZHUVKRXOGZDUQWKHSHRSOHQRWWREHOLHYHLQLW,WVKRXOGVHUYHDVDUHPLQGHURI
WKHLQQHU7HPSOHDQGDVDSURWHFWLRQDJDLQVWWKHRXWHULWVKRXOGEHDVDOLJKWKRXVHLQ
DGDQJHURXVSODFHZKHUHPHQKDYHRIWHQEHHQZUHFNHGDQGZKHUHVKLSVVKRXOGQRWJR
%XWE\DQGE\WKHGLVFLSOHVIRUJRWWKHWUXHFRYHQDQWRIWKH0DVWHUDQGZKDWWKHWRZHU
V\PEROL]HGDQGEHJDQWREHOLHYHLQWKHWRZHURIVWRQHWKH\KDGEXLOWDQGWRWHDFK
RWKHUVWRVREHOLHYH7KH\EHJDQWRVD\WKDWLQWKLVWRZHUWKHUHLVSRZHUP\VWHU\DQG
WKHVSLULWRIWKH0DVWHUWKDWWKHWRZHULWVHOILVKRO\DQGWKDWLWLVEXLOWIRUWKHFRPLQJ
0DVWHUDFFRUGLQJWR+LVFRYHQDQWDQG+LVZLOO$QGVRWKH\ZDLWHGLQWKHWRZHUIRUWKH
0DVWHU2WKHUVGLGQRWEHOLHYHWKLVRULQWHUSUHWHGLWGLIIHUHQWO\7KHQEHJDQGLVSXWHV
DERXWWKHULJKWVRIWKHVXPPLW4XDUUHOVVWDUWHG
2XU0DVWHU\RXU0DVWHU
ZDVVDLG

RXUWRZHU\RXUWRZHU
$QGWKHGLVFLSOHVFHDVHGWRXQGHUVWDQGHDFKRWKHU7KHLU
WRQJXHVKDGEHFRPHFRQIXVHG
<RXXQGHUVWDQGWKHPHDQLQJKHUH"7KH\KDGEHJXQWRWKLQNWKDWWKLVLVWKHWRZHURI
WKH0DVWHUWKDW+HEXLOGVLWWKURXJKWKHPDQGWKDWLWPXVWDQGLQGHHGFDQEHEXLOW
ULJKWXSWR+HDYHQ
$QG\RXVHHKRZ+HDYHQUHVSRQGHG"


&$5'9,,,
32:(5
,QWKHPLGVWRIDJUHHQSODLQVXUURXQGHGE\EOXHKLOOV,VDZDZRPDQZLWKDOLRQ
*LUGOHGZLWKZUHDWKVRIURVHVDV\PERORILQILQLW\RYHUKHUKHDGWKHZRPDQFDOPO\DQG
FRQILGHQWO\FRYHUHGWKHOLRQ
VPRXWKDQGWKHOLRQREHGLHQWO\OLFNHGKHUKDQG
7KLVLVDSLFWXUHRISRZHUVDLGWKHYRLFHOWKDVGLIIHUHQWPHDQLQJV)LUVWLWVKRZVWKH
SRZHURIORYH/RYHDORQHFDQFRQTXHUZUDWK+DWUHGIHHGVKDWUHG5HPHPEHUZKDW
=DUDWKXVWUDVDLG
/HWPDQEHIUHHGIURPYHQJHDQFHWKLVLVDEULGJHIRUPHZKLFKOHDGV
WRKLJKHUKRSHDQGDUDLQERZLQKHDYHQDIWHUORQJVWRUPV

7KHQLWVKRZVSRZHURIXQLW\7KHVHZUHDWKVRIURVHVVXJJHVWDPDJLFFKDLQ8QLW\RI
GHVLUHVXQLW\RIDVSLUDWLRQVFUHDWHVVXFKSRZHUWKDWHYHU\ZLOGXQFRQWUROOHG
XQFRQVFLRXVIRUFHLVVXEGXHG(YHQWZRGHVLUHVLIXQLWHGDUHDEOHWRFRQTXHUDOPRVW
WKHZKROHZRUOG

7KHSLFWXUHDOVRVKRZVWKHSRZHURILQILQLW\WKDWVSKHUHRIP\VWHULHV)RUD
FRQVFLRXVQHVVWKDWSHUFHLYHVWKHV\PERORILQILQLW\DERYHLWNQRZVQRREVWDFOHVDQG
FDQQRWEHZLWKVWRRG

&$5';9
7+('(9,/
%ODFNDZIXOQLJKWHQYHORSHGWKHHDUWK$QRPLQRXVUHGIODPHEXUQHGLQWKHGLVWDQFH,
ZDVDSSURDFKLQJDIDQWDVWLFILJXUHZKLFKRXWOLQHGLWVHOIEHIRUHPHDV,FDPHQHDUHUWR
LW+LJKDERYHWKHHDUWKDSSHDUHGWKHUHSXOVLYHUHGIDFHRIWKH'HYLOZLWKODUJHKDLU\
HDUVSRLQWHGEHDUGDQGFXUYHGJRDWV
KRUQV$SHQWDJUDPSRLQWLQJGRZQZDUGVVKRQH
LQSKRVSKRULFOLJKWEHWZHHQWKHKRUQVRQKLVIRUHKHDG7ZRODUJHJUH\EDWOLNHZLQJV
ZHUHVSUHDGEHKLQGKLP+HKHOGXSRQHDUPVSUHDGLQJRXWKLVEDUHIDWKDQG,QWKH
SDOP,VDZWKHVLJQRIEODFNPDJLF$EXUQLQJWRUFKKHOGGRZQHQGLQKLVRWKHUKDQG
HPLWWHGEODFNVWLIOLQJVPRNH+HVDWRQDODUJHEODFNFXEHJULSSLQJLWZLWKWKHFODZVRI
KLVEHDVWOLNHVKDJJ\OHJV
$PDQDQGZRPDQZHUHFKDLQHGWRWKHFXEHWKHVDPH0DQDQG:RPDQ,VDZLQWKH
JDUGHQEXWQRZWKH\KDGKRUQVDQGWDLOVWLSSHGZLWKIODPH$QGWKH\ZHUHHYLGHQWO\
GLVVDWLVILHGLQVSLULWDQGZHUHILOOHGZLWKSURWHVWDQGUHSXOVLRQ
7KLVLVDSLFWXUHRIZHDNQHVVVDLGWKHYRLFHDSLFWXUHRIIDOVHKRRGDQGHYLO7KH\
DUHWKHVDPHPDQDQGZRPDQ\RXVDZLQWKHJDUGHQEXWWKHLUORYHFHDVLQJWREHD
VDFULILFHEHFDPHDQLOOXVLRQ7KLVPDQDQGZRPDQIRUJRWWKDWWKHLUORYHLVDOLQNLQWKH
FKDLQWKDWXQLWHVWKHPZLWKHWHUQLW\WKDWWKHLUORYHLVDV\PERORIHTXLOLEULXPDQGD
URDGWR,QILQLW\
7KH\IRUJRWWKDW,WLVDNH\WRWKHJDWHRIWKHPDJLFZRUOGWKHWRUFKZKLFK/LJKWVWKH
KLJKHU3DWK7KH\IRUJRWWKDW/RYHLVUHDODQGLPPRUWDODQGWKH\VXEMXJDWHGLWWRWKH
XQUHDODQGWHPSRUDU\$QGWKH\HDFKPDGHORYHDWRROIRUVXEPLWWLQJWKHRWKHUWR
KLPVHOI
7KHQORYHEHFDPHGLVVHQVLRQDQGIHWWHUHGWKHPZLWKLURQFKDLQVWRWKHEODFNFXEHRI
PDWWHURQZKLFKVLWVGHFHLW
$QG,KHDUGWKHYRLFHRIWKH'HYLO,DP(YLOKHVDLGDWOHDVWVRIDUDV(YLOFDQH[LVW
LQWKLVEHVWRIZRUOGV,QRUGHUWRVHHPHRQHPXVWEHDEOHWRVHHXQIDLUO\LQFRUUHFWO\
DQGQDUURZO\,FORVHWKHWULDQJOHWKHRWKHUWZRVLGHVRIZKLFKDUH'HDWKDQG7LPH,Q
RUGHUWRTXLWWKLVWULDQJOHLWLVQHFHVVDU\WRVHHWKDWLWGRHVQRWH[LVW
%XWKRZWRGRWKLVLVQRWIRUPHWRWHOO)RU,DPWKH(YLOZKLFKPHQVD\LVWKHFDXVHRI
DOOHYLODQGZKLFKWKH\LQYHQWHGDVDQH[FXVHIRUDOOWKHHYLOWKDWWKH\GR
7KH\FDOOPHWKH3ULQFHRI)DOVHKRRGDQGWUXO\ODPWKHSULQFHRIOLHVEHFDXVH,DP
WKHPRVWPRQVWURXVSURGXFWLRQRIKXPDQOLHV
&$5',;
7+(+(50,7
$IWHUORQJZDQGHULQJVRYHUDVDQG\ZDWHUOHVVGHVHUWZKHUHRQO\VHUSHQWVOLYHG,PHW
WKH+HUPLW
+HZDVZUDSSHGLQDORQJFORDNDKRRGWKURZQRYHUKLVKHDG+HKHOGDORQJVWDIILQ
RQHKDQGDQGLQWKHRWKHUDOLJKWHGODQWHUQWKRXJKLWZDVEURDGGD\OLJKWDQGWKHVXQ
ZDVVKLQLQJ

7KHODQWHUQRI+HUPHV7ULVPHJLVWXVVDLGWKHYRLFHWKLVLVKLJKHUNQRZOHGJHWKDW
LQQHUNQRZOHGJHZKLFKLOOXPLQDWHVLQDQHZZD\HYHQZKDWDSSHDUVWREHDOUHDG\
FOHDUO\NQRZQ7KLVODQWHUQOLJKWVXSWKHSDVWWKHSUHVHQWDQGWKHIXWXUHIRUWKH
+HUPLWDQGRSHQVWKHVRXOVRISHRSOHDQGWKHPRVWLQWLPDWHUHFHVVHVRIWKHLUKHDUWV
7KHFORDNRI$SROORQLXVLVWKHIDFXOW\RIWKHZLVHPDQE\ZKLFKKHLVRODWHVKLPVHOI
HYHQDPLGVWDQRLV\FURZGLWLVKLVVNLOOLQKLGLQJKLVP\VWHULHVHYHQZKLOHH[SUHVVLQJ
WKHPKLVFDSDFLW\IRUVLOHQFHDQGKLVSRZHUWRDFWLQVWLOOQHVV
7KHVWDIIRIWKHSDWULDUFKVLVKLVLQQHUDXWKRULW\KLVSRZHUKLVVHOIFRQILGHQFH
7KHODQWHUQWKHFORDNDQGWKHVWDIIDUHWKHWKUHHV\PEROVRILQLWLDWLRQ7KH\DUH
QHHGHGWRJXLGHVRXOVSDVWWKHWHPSWDWLRQRILOOXVRU\ILUHVE\WKHURDGVLGHVRWKDWWKH\
PD\JRVWUDLJKWWRWKHKLJKHUJRDO+HZKRUHFHLYHVWKHVHWKUHHV\PEROVRUDVSLUHVWR
REWDLQWKHPVWULYHVWRHQULFKKLPVHOIZLWKDOOKHFDQDFTXLUHQRWIRUKLPVHOIEXWOLNH
*RGWRGHOLJKWLQWKHMR\RIJLYLQJ
7KHJLYLQJYLUWXHLVWKHEDVLVRIDQLQLWLDWH
VOLIH
+LVVRXOLVWUDQVIRUPHGLQWR
DVSRLOHURIDOOWUHDVXUHV
VRVDLG=DUDWKXVWUD
,QLWLDWLRQXQLWHVWKHKXPDQPLQGZLWKWKHKLJKHUPLQGE\DFKDLQRIDQDORJLHV7KLV
FKDLQLVWKHODGGHUOHDGLQJWRKHDYHQGUHDPHGRIE\WKHSDWULDUFK

&$5';,9
7,0( 7(03(5$1&( 
$QDQJHOLQDZKLWHUREHWRXFKLQJHDUWKDQGKHDYHQDSSHDUHG+LVZLQJVZHUHIODPH
DQGDUDGLDQFHRIJROGZDVDERXWKLVKHDG2QKLVEUHDVWKHZRUHWKHVDFUHGVLJQRI
WKHERRNRIWKH7DURWDWULDQJOHZLWKLQDVTXDUHDSRLQWZLWKLQWKHWUDLQJOHRQKLV
IRUHKHDGWKHV\PERORIOLIHDQGHWHUQLW\WKHFLUFOH
,QRQHKDQGZDVDFXSRIVLOYHULQWKHRWKHUDFXSRIJROGDQGWKHUHIORZHGEHWZHHQ
WKHVHFXSVDFRQVWDQWJOLVWHQLQJVWUHDPRIHYHU\FRORXURIWKHUDLQERZ%XW,FRXOGQRW
WHOOIURPZKLFKFXSQRULQWRZKLFKFXSWKHVWUHDPIORZHG
,QJUHDWDZH,XQGHUVWRRGWKDW,ZDVQHDUWKHXOWLPDWHP\VWHULHVIURPZKLFKWKHUHLV
QRUHWXUQ,ORRNHGXSRQWKHDQJHOXSRQKLVV\PEROVKLVFXSVWKHUDLQERZVWUHDP
EHWZHHQWKHFXSVDQGP\KXPDQKHDUWWUHPEOHGZLWKIHDUDQGP\KXPDQPLQG
VKUDQNZLWKDQJXLVKDQGODFNRIXQGHUVWDQGLQJ
<HVVDLGWKHYRLFHWKLVLVDP\VWHU\WKDWLVUHYHDOHGDW,QLWLDWLRQ
,QLWLDWLRQ
LVVLPSO\
WKHUHYHDOLQJRIWKLVP\VWHU\LQWKHVRXO7KH+HUPLWUHFHLYHVWKHODQWHUQWKHFORDNDQG
WKHVWDIIVRWKDWKHFDQEHDUWKHOLJKWRIWKLVP\VWHU\
%XW\RXSUREDEO\FDPHKHUHXQSUHSDUHG/RRNWKHQDQGOLVWHQDQGWU\WRXQGHUVWDQG
IRUQRZXQGHUVWDQGLQJLV\RXURQO\VDOYDWLRQ+HZKRDSSURFKHVWKHP\VWHU\ZLWKRXW
FRPSOHWHFRPSUHKHQVLRQZLOOEHORVW
7KHQDPHRIWKHDQJHOLV7LPH7KHFLUFOHRQKLVIRUHKHDGLVWKHV\PERORIHWHUQLW\DQG
OLIH(DFKOLIHLVDFLUFOHZKLFKUHWXUQVWRWKHVDPHSRLQWZKHUHLWEHJDQ'HDWKLVWKH
UHWXUQWRELUWK$QGIURPRQHSRLQWWRDQRWKHURQWKHFLUFXPIHUHQFHRIDFLUFOHWKH
GLVWDQFHLVDOZD\VWKHVDPHDQGWKHIXUWKHULWLVIURPRQHSRLQWWKHQHDUHULWZLOOEHWR
WKHRWKHU
(WHUQLW\LVDVHUSHQWSXUVXLQJLWVWDLOQHYHUFDWFKLQJLW

2QHRIWKHFXSVWKHDQJHOKROGVLVWKHSDVWWKHRWKHULVWKHIXWXUH7KHUDLQERZVWUHDP
EHWZHHQWKHFXSVLVWKHSUHVHQW<RXVHHWKDWLWIORZVERWKZD\V
7KLVLV7LPHLQLWVPRVWLQFRPSUHKHQVLEOHDVSHFW
0HQWKLQNWKDWDOOIORZVFRQVWDQWO\LQRQHGLUHFWLRQ7KH\GRQRWVHHWKDWHYHU\WKLQJ
SHUSHWXDOO\PHHWVDQGWKDW7LPHLVDPXOWLWXGHRIWXUQLQJFLUFOHV8QGHUVWDQGWKLV
P\VWHU\DQGOHDUQWRGLVFHUQWKHFRQWUDU\FXUUHQWVLQWKHUDLQERZVWUHDPRIWKH
SUHVHQW
7KHV\PERORIWKHVDFUHGERRNRIWKH7DURWRQWKHDQJHO
VEUHDVWLVWKHV\PERORIWKH
FRUUHODWLRQRI*RG0DQDQGWKH8QLYHUVH
7KHWULDQJOHLV*RGWKHZRUOGRIVSLULWWKHZRUOGRILGHDV7KHSRLQWZLWKLQWKHWULDQJOH
LVWKHVRXORIPDQ7KHVTXDUHLVWKHYLVLEOHZRUOG
7KHFRQVFLRXVQHVVRIPDQLVWKHVSDUNRIGLYLQLW\DSRLQWZLWKLQWKHWULDQJOHRIVSLULW
7KHUHIRUHWKHZKROHVTXDUHRIWKHYLVLEOHXQLYHUVHLVHTXDOWRWKHSRLQWZLWKLQWKH
WULDQJOH
7KHZRUOGRIVSLULWLVWKHWULDQJOHRIWKHWZHQW\RQHVLJQVRIWKH7DURW7KHVTXDUH
UHSUHVHQWVILUHDLUZDWHUDQGHDUWKDQGWKXVV\PEROLVHVWKHZRUOG
$OOWKLVLQWKHIRUPRIWKHIRXUV\PEROVLVLQWKHEDJRIWKH)RROZKRKLPVHOILVD
SRLQWLQDWULDQJOH7KHUHIRUHDSRLQWZLWKRXWGLPHQVLRQFRQWDLQVDQLQILQLWHVTXDUH
&$5';
7+(:+((/2)&+$1&(
,ZDONHGDORQJDEVRUEHGLQGHHSWKRXJKWWU\LQJWRXQGHUVWDQGWKHYLVLRQRIWKH$QJHO
$QGVXGGHQO\DV,OLIWHGP\KHDG,VDZPLGZD\LQWKHVN\DKXJHUHYROYLQJFLUFOH
FRYHUHGZLWK.DEDOLVWLFOHWWHUVDQGV\PEROV7KHFLUFOHWXUQHGZLWKWHUULEOHYHORFLW\DQG
DURXQGLWIDOOLQJGRZQDQGIO\LQJXSV\PEROLFILJXUHVRIWKHVHUSHQWDQGWKHGRJ
UHYROYHGDERYHLWVDWDQLPPRYDEOHVSKLQ[
,QFORXGVRQWKHIRXUTXDUWHUVRIKHDYHQ,VDZWKHIRXUDSRFDO\SWLFDOEHLQJVRQHZLWK
WKHIDFHRIDOLRQDQRWKHUZLWKWKHUDFHRIDEXOOWKHWKLUGZLWKDIDFHRIDQHDJOHDQG
WKHIRXUWKZLWKWKHIDFHRIDEXOO$QGHDFKRIWKHPUHDGDQRSHQERRN
$QG,KHDUGWKHYRLFHVRI=DUDWKXVWUD
VEHDVWV

$OOJRDOOUHWXUQWKHZKHHORIOLIHHYHUWXUQV$OOGLHDOOIORXULVKDJDLQ
WKH\HDURIH[LVWHQFHUXQVHWHUQDOO\

$OOSHULVKDOOOLYHDJDLQWKHVDPHKRXVHRIH[LVWHQFHLVHYHUEXLOGLQJ$OO
VHSDUDWHDOOPHHWDJDLQWKHULQJRIH[LVWHQFHLVHYHUWUXHWRLWVHOI
([LVWHQFHEHJLQVDWHYHU\PRPHQW5RXQGHDFK
KHUH
UROOV
WKHUH
7KH
PLGGOHLVHYHU\ZKHUH7KHZD\RIHWHUQLW\LVDFXUYH
&$5';,,,
'($7+
)DWLJXHGE\WKHIODVKLQJRIWKH:KHHORI/LIH,VDQNWRHDUWKDQGVKXWP\H\HV%XWLW
VHHPHGWRPHWKDWWKH:KHHONHSWWXUQLQJEHIRUHPHDQGWKDWWKHIRXUFUHDWXUHV
FRQWLQXHGVLWWLQJLQWKHFORXGVDQGUHDGLQJWKHLUERRNV

6XGGHQO\RQRSHQLQJP\H\HV,VDZDJLJDQWLFULGHURQDZKLWHKRUVHGUHVVHGLQEODFN
DUPRXUZLWKDEODFNKHOPHWDQGEODFNSOXPH$VNHOHWRQ
VIDFHORRNHGRXWIURPXQGHU
WKHKHOPHW2QHERQ\KDQGKHOGDODUJHEODFNVORZO\ZDYLQJEDQQHUDQGWKHRWKHU
KHOGDEODFNEULGOHRUQDPHQWHGZLWKVNXOOVDQGERQHV
$QGZKHUHYHUWKHZKLWHKRUVHSDVVHGQLJKWDQGGHDWKIROORZHGIORZHUVZLWKHUHG
OHDYHVGURRSHGWKHHDUWKFRYHUHGLWVHOIZLWKDZKLWHVKURXGJUDYH\DUGVDSSHDUHG
WRZHUVFDVWOHVDQGFLWLHVZHUHGHVWUR\HG
.LQJVLQWKHIXOOVSOHQGRXURIWKHLUIDPHDQGWKHLUSRZHUEHDXWLIXOZRPHQORYHGDQG
ORYLQJKLJKSULHVWVLQYHVWHGE\SRZHUIURP*RGLQQRFHQWFKLOGUHQZKHQWKH\VDZ
WKHZKLWHKRUVHDOOIHOORQWKHLUNQHHVEHIRUHKLPVWUHWFKHGRXWWKHLUKDQGVLQWHUURU
DQGGHVSDLUDQGIHOOGRZQWRULVHQRPRUH
$IDUEHKLQGWZRWRZHUVWKHVXQVDQN
$GHDGO\FROGHQYHORSHGPH7KHKHDY\KRRIVRIWKHKRUVHVHHPHGWRVWHSRQP\
EUHDVWDQG,IHOWWKHZRUOGVLQNLQWRDQDE\VV
%XWDOODWRQFHVRPHWKLQJIDPLOLDUEXWIDLQWO\VHHQDQGKHDUGVHHPHGWRFRPHIURP
WKHPHDVXUHGVWHSRIWKHKRUVH$PRPHQWPRUHDQG,KHDUGLQKLVVWHSVWKH
PRYHPHQWRIWKH:KHHORI/LIH
$QLOOXPLQDWLRQHQWHUHGPHDQGORRNLQJDWWKHUHFHGLQJULGHUDQGWKHGHVFHQGLQJVXQ
,XQGHUVWRRGWKDWWKH3DWKRI/LIHFRQVLVWVRIWKHVWHSVRIWKHKRUVHRI'HDWK
7KHVXQVLQNVDWRQHSRLQWDQGULVHVDWDQRWKHU(DFKPRPHQWRILWVPRWLRQLVDGHVFHQW
DWRQHSRLQWDQGDQDVFHQWDWDQRWKHU,XQGHUVWRRGWKDWLWULVHVZKLOHVLQNLQJDQGVLQNV
ZKLOHULVLQJDQGWKDWOLIHLQFRPLQJWRELUWKGLHVDQGLQG\LQJFRPHVWRELUWK
<HVVDLGWKHYRLFH7KHVXQGRHVQRWWKLQNRILWVJRLQJGRZQDQGFRPLQJXS:KDW
GRHVLWNQRZRIHDUWKRIWKHJRLQJDQGFRPLQJREVHUYHGE\PHQ",WJRHVLWVRZQZD\
RYHULWVRZQRUELWURXQGDQXQNQRZQ&HQWUH/LIHGHDWKULVLQJDQGID,,LQJGR\RX
QRWNQRZWKDWDOOWKHVHWKLQJVDUHWKRXJKWVDQGGUHDPVDQGIHDUVRIWKH)RRO"
&$5';,
-867,&(
:KHQ,SRVVHVVHGWKHNH\VUHDGWKHERRNDQGXQGHUVWRRGWKHV\PER,V,ZDV
SHUPLWWHGWROLIWWKHFXUWDLQRIWKH7HPSOHDQGHQWHULWVLQQHUVDQFWXP$QGWKHUH,
EHKHOGD:RPDQZLWKDFURZQRIJROGDQGDSXUSOHPDQWOH6KHKHOGDVZRUGLQRQH
KDQGDQGVFDOHVLQWKHRWKHU,WUHPEOHGZLWKDZHDWKHUDSSHDUDQFHZKLFKZDVGHHS
DQGP\VWHULRXVDQGGUHZPHOLNHDQDE\VV
<RXVHH7UXWKVDLGWKHYRLFH2QWKHVHVFDOHVHYHU\WKLQJLVZHLJKHG7KLVVZRUGLV
DOZD\VUDLVHGWRJXDUGMXVWLFHDQGQRWKLQJFDQHVFDSHLW
%XWZK\GR\RXDYHUW\RXUH\HVIURPWKHVFDOHVDQGWKHVZRUG"7KH\ZLOOUHPRYHWKH
ODVWLOOXVLRQV+RZFRXOG\RXOLYHRQHDUWKZLWKRXWWKHVHLOOXVLRQV"
<RXZLVKHGWRVHH7UXWKDQGQRZ\RXEHKROGLW%XWUHPHPEHUZKDWKDSSHQVWRWKH
PRUWDOZKREHKROGVD*RGGHVV
&$5';,,
7+(+$1*('0$1
$QGWKHQ,VDZDPDQLQWHUULEOHVXIIHULQJKXQJE\RQHOHJKHDGGRZQZDUGWRDKLJK
WUHH$QG,KHDUGWKHYRLFH

/RRN7KLVLVDPDQZKRVDZ7UXWK6XIIHULQJDZDLWVWKHPDQRQHDUWKZKRILQGVWKH
ZD\WRHWHUQLW\DQGWRWKHXQGHUVWDQGLQJRIWKH(QGOHVV
+HLVVWLOODPDQEXWKHDOUHDG\NQRZVPXFKRIZKDWLVLQDFFHVVLEOHHYHQWR*RGV$QG
WKHLQFRPPHQVXUDEOHQHVVRIWKHVPDOODQGWKHJUHDWLQKLVVRXOFRQVWLWXWHVKLVSDLQDQG
KLVJROJRWKD
,QKLVRZQVRXODSSHDUVWKHJDOORZVRQZKLFKKHKDQJVLQVXIIHULQJIHHOLQJWKDWKHLV
LQGHHGLQYHUWHG
+HFKRVHWKLVZD\KLPVHOI
)RUWKLVKHZHQWRYHUDORQJURDGIURPWULDOWRWULDOIURPLQLWLDWLRQWRLQLWLDWLRQWKURXJK
IDLOXUHVDQGIDOOV
$QGQRZKHKDVIRXQG7UXWKDQGNQRZVKLPVHOI
+HNQRZVWKDWLWLVKHZKRVWDQGVEHIRUHDQDOWDUZLWKPDJLFV\PEROVDQGUHDFKHV
IURPHDUWKWRKHDYHQWKDWKHDOVRZDONVRQDGXVW\URDGXQGHUDVFRUFKLQJVXQWRD
SUHFLSLFHZKHUHDFURFRGLOHDZDLWVKLPWKDWKHGZHOOVZLWKKLVPDWHLQSDUDGLVHXQGHU
WKHVKDGRZRIDEOHVVLQJJHQLXVWKDWKHLVFKDLQHGWRDEODFNFXEHXQGHUWKHVKDGRZ
RIGHFHLWWKDWKHVWDQGVDVDYLFWRUIRUDPRPHQWLQDQLOOXVLRQDU\FKDULRWGUDZQE\
VSKLQ[HVDQGWKDWZLWKDODQWHUQLQEULJKWVXQVKLQHKHVHHNVIRU7UXWKLQDGHVHUW
1RZKHKDVIRXQG+HU

You might also like