Anda di halaman 1dari 69



$6+7$9$.5$6$0+,7$
35()$&(

7KLVERRNLVPHDQWIRUWKRVHZKRZDQWWRUHDOL]HWUXWK,WWHDFKHVWKLVJUHDWOHVVRQ$Q\WHUP\RXXVH\RXJHW
RQO\DWKRXJKW\RXQHYHUJHWDQXOWLPDWHWUXWKRUUHDOLW\*LWDPHDQVVRQJ6DPKLWDPHDQVWUHDWLVH\RXPD\
FDOO$VKWDYDNUDE\HLWKHUWHUP,WLVDWHDFKLQJJLYHQWR.LQJ-DQDNDE\WKHVDJH$VKWDYDNUD,WLVVDLGLQ
3XUDQDVWKDWKHOHDUQWWKLVNQRZOHGJHLQKLVPRWKHU¶VZRPE7KLVLVV\PEROLFDODQGPHDQVWKDWDPDQPD\
JUDVSLWDWDQ\WLPHDQ\DJHLIKHKDVWKHFDSDFLW\LHLWUHDOO\GHSHQGVRQKLVLQERUQ QDWXUDOFDSDFLW\WR
XQGHUVWDQG,WRSHQVE\DVNLQJKRZFDQNQRZOHGJHEHDFTXLUHG7KLVVKRZVLWLVQRWIRUWKRVHZKRZDQW
DQ\WKLQJOHVVWKDQWKDW,WLVQRWDERRNIRUWKRVHZKRZDQWFRFNDQGEXOOVWRULHVZKRZDQWWREHSURPLVHG
OLEHUDWLRQLQWKHQH[WZRUOGDQGQRWLQWKLVRQHZKRZDQWOLEHUDWLRQPHUHO\EHEDWKLQJLQ*DQJHVRUJRLQJWR
.DLODV
$VKWDYDNUD*LWDGRHVQRWJLYHGHWDLOVVRPXFKDVKLQWVUHJDUGLQJWKHSDWKDQGJRDORIDWWDLQPHQW7KLVLVDERRN
ZKLFKLVIRUPXODWHGDVDNLQGRIVHOIH[DPLQHUWRWHVWRQHVHOIWRGLVFRYHUKRZQHDUWR*QDQDRQHKDV
DSSURDFKHGDQGWRNQRZZKDWSURJUHVVKDVDOUHDG\EHHQPDGHRQWKHSDWKDQGZKDWVWLOOUHPDLQVWREHGRQH,W
VHWVXSDFULWHULRQIRUVHOIMXGJPHQW
$VKWDYDNUD*LWD¶VODWWHUFKDSWHUVHPSKDVL]HWKDWWKH*QDQLGRHVZRUNLVHYHUDFWLYHDQGGRHVQRWVLWVWLOOLQ
$VKUDPVIRUHVWVHWF7KHVDJHWKHPDQRINQRZOHGJHWKRXJKOLYLQJOLNHDQRUGLQDU\PDQLVFRQWUDU\WRKLP
$VKWDYDNUDZHQWWRWKH+LPDOD\DVIRUDSHULRG7KLVERRNGHDOVRQO\ZLWKWKHODVWVWDJHWKHKLJKHVWYLHZ
$VKWDYDNUDKLPVHOIZDVDPDUULHGPDQ
$6+7$9$.5$*,7$LVPRUHDGYDQFHGWKDQ%KDJDYDG*LWD)RULWVD\V7KHPDQRINQRZOHGJHLVGHYRLGRI
WKRXJKWHYHQZKHQHQJDJHGLQWKRXJKW:K\"%HFDXVHKHKDVQRDKDPQRHJRLVPQR
,


&217(176
,QWURGXFWLRQ
96, $GYDLWD$VKUDPD
,QVWUXFWLRQRQ6HOI5HDOL]DWLRQ +RZ7R$WWDLQ-QDQD
-R\RI6HOI5HDOL]DWLRQ 6WDWHRI5HDOL]DWLRQ
7HVWRI6HOI5HDOL]DWLRQ 6HHNHUV6WHSV
*ORULILFDWLRQRI6HOI5HDOL]DWLRQ 6HHNHUV([SHULHQFH
)RXU:D\VWR'LVVROXWLRQ 1DWXUHRIWKH8QLYHUVH
7KH+LJKHU.QRZOHGJH :KDWLV5HDO.QRZOHGJH
1DWXUHRI6HOI5HDOL]DWLRQ 3UDFWLFDO/LIHDQG.QRZOHGJH
%RQGDJHDQG/LEHUDWLRQ %RQGDJHDQG/LEHUDWLRQ
'HWDFKPHQW 'HWDFKPHQW
4XLHWXGH 3HDFH 5HVW
:LVGRP :LVGRPLQ/LIH
$ELGLQJLQWKH6HOI 6WHSV/HDGLQJWR:LVGRP
+DSSLQHVV %OLVV
7UDQTXLOLW\ %OLVV7HVWHG
.QRZOHGJHRIWKH6HOI 6HOIUHDOL]DWLRQ
6SHFLDO,QVWUXFWLRQ 6SHFLDO,QVWUXFWLRQ
7KH7UXH.QRZHU 7KH.QRZHURI7UXWK
3HDFH 3HUIHFWLRQ
5HSRVHLQWKH6HOI 6HHNLQJ5HVWLQ$WPDQ
/LEHUDWLRQLQ/LIH 5HDOL]DWLRQDQGWKH/DVW6WDJHRI/LIH


&KDSWHU +RZ7R$WWDLQ-QDQD
,QVWUXFWLRQRQ6HOI5HDOL]DWLRQ

-DQDNDVDLG

+RZFDQNQRZOHGJHEHDFTXLUHG"+RZFDQOLEHUDWLRQEHDWWDLQHG"+RZLVUHQXQFLDWLRQSRVVLEOH"7HOO
PHWKLV/RUG
96, +RZFDQNQRZOHGJHEHDFTXLUHG"+RZFDQOLEHUDWLRQEHDWWDLQHG"+RZLVUHQXQFLDWLRQSRVVLEOH"
7HOOPHWKLV0DVWHU

1RWKLQJOLNHNQRZOHGJHHWF±&KRI*LWD+RZFDQNQRZOHGJHEHDFTXLUHG"*QDQDPLVWKHODVWWKLQJ
+RZLV*QDQDWREHDFTXLUHGLVWKHODVWTXHVWLRQWREHDVNHG.DUPD%KDNWL*QDQHDFKLVFDOOHG<RJDZKHUHDV
UHDOJQDQDLVQRD\RJDDVVXFKDVWKHUHLVQRWZRFI$VSDUVD\RJD%XWHYHU\RQHZLOOXVHWKHZRUG*QDQD
$Q\WKLQJ\RXGR\RXJHW\RJDDQGLQWKLVVHQVHFRQQHFWLRQ 7KDW*QDQDZDVDOVRFDOOHG\RJDZKHUHDVLQUHDO
*QDQDWKHUHLVQR\RJDDVWKHUHLVQRWZR*QDQDLVLPSRVVLEOHZLWKRXWDNQRZOHGJHRUVFLHQFH.VKHWUDDQG
.VKHWUDJQD6WXG\DQDO\VLVVFLHQWLILFNQRZOHGJHRU1DWXUHRU3UDNULWLEHIRUHNQRZOHGJHRU3XUXVKDRU
.VKHWUDJQDFRXOGEHKDG7KHPLQGLVVRZHDN,WFDQQRWWKLQNRIRUFRPELQHWKHNQRZOHGJHRI.VKHWUDDQG
.VKHWUDJQD ZKLFKLV*QDQ7KHZKROH*LWDLVDQLQTXLU\LQWRWKHQDWXUHRI*QDQDP$VWYDP%UDKPD
$VDVWHSWRNQRZOHGJHUHQXQFLDWLRQLVUHTXLUHGDQGZKDWLV9DLUDJ\D",WFRQVLVWVLQWKHGHVLUHWRNQRZWKH
7UXWK

$VWDYDNUDUHSOLHG

,I\RXDVSLUHDIWHUOLEHUDWLRQP\FKLOGVKXQWKHREMHFWVRIWKHVHQVHVDVSRLVRQDQGVHHNIRUJLYHQHVV
VLQFHULW\NLQGQHVVFRQWHQWPHQWDQGWUXWKDVQHFWDU
96, ,I\RXDVSLUHDIWHUOLEHUDWLRQP\FKLOGVKXQWKHREMHFWVRIWKHVHQVHVDVSRLVRQDQGKDYH
IRUJLYHQHVVVLQFHULW\NLQGQHVVFRQWHQWPHQWDQGWUXWKDVQHFWDU

<RXPXVWEHGHVLURXVRINQRZLQJWKH7UXWKFRQVLGHUWKHWUXWKDVQHFWDU7UXWKLVWKHPRVWGLVWDVWHIXOELWWHUDQG
XQSOHDVDQWWKLQJEXWWKHUHFDQQRWEHDQ\TXHVWLRQRIVDWLVIDFWLRQVLQ7UXWK
,VLWWUXWKGRHVWKHTXHVWLRQRFFXUWRDQ\RQH",PDJLQDWLRQLVUXEELVK7RLPDJLQHWUXWKLVQRWHQRXJKNQRZ
WKLQJVDVWKH\DUH.QRZ0HLQ7UXWK 7DWWYD 7KHGRHUVWKHERG\HJRWKHDWWULEXWHVKDYHQRWKLQJWRGR
ZLWK0HWKH 7UXWK/HWELWWHUQHVVEHWUHDWHGDV1HFWDU
*QDQLVRQO\IRUWKHPDQZKRZDQWVWUXWKZKDWHYHULWPD\EHVDWLVIDFWLRQRUGLVVDWLVIDFWLRQ:KDW\RXGRQRW
OLNHPD\FRQWDLQWKHWUXWK WKHXULQH\RXKDWHEXWUHIOHFWLRQWHOOV\RXWKDWLWFRQWULEXWHGWRWKHVZHHWQHVVRIWKH
PDQJR :KDWLVPHDQWE\OLNHVDQGGLVOLNHVH[FHSWZLWKUHIHUHQFHWR\RXUHJRDQGERG\"<RXKDWHWKHWKLQJ
\RXORYHLWWKHQH[WPRPHQWµ&RQWHQWPHQW¶EHFDXVHLI\RXKDYHDGHVLUHIRUDQ\WKLQJ LWZLOOEHDVHFRQG
WKLQJ DQG\RXFDQQRWEHFRQWHQWHG8QOHVV\RXKDYH³NLQGQHVV´\RXZLOOQRWRYHUORRNWKHIDXOWVRIRWKHUV\RX
ZLOOQRWEHDEOHWRORRNDWDQRWKHUDVQRWVHSDUDWHIURP\RX
QHFWDU7KLVERRNLVRQO\IRUWKRVHZKRVHHNWKHWUXWKDVWKRXJKLWZHUHQHFWDU

<RXDUHQHLWKHUHDUWKQRUZDWHUQRUILUHQRUDLUQRUVSDFH,QRUGHUWRDWWDLQOLEHUDWLRQNQRZWKH6HOI
DVWKHZLWQHVVRIDOOWKHVHDQGDV&RQVFLRXVQHVVLWVHOI
96, <RXDUHQHLWKHUHDUWKQRUZDWHUQRUILUHQRUDLUQRUVSDFH,QRUGHUWRDWWDLQOLEHUDWLRQUHDOL]H
\RXUVHOIDVWKHVHHURI
DOOWKHVHDQG&RQVFLRXVQHVVLWVHOI


7KHWKRXJKWRIWKHVHHUFRPHVRQO\ZKHQ\RXLQTXLUHLQWRWKHVHHQ,VHHWKHVHWKLQJV:KHUHDUHWKH\":K\GLG
,QRWVHHWKHPWLOOQRZ"6HHLQJGHSHQGVRQWKHVHHQ6XEMHFWREMHFWUHODWLRQWKH'ULN'UV\D9LYHNDLVWKHILUVW
WKLQJ6DNVKLKDVQRPHDQLQJXQOHVV\RXKDYHVDNVK\DP WKHVHHQ NQRZHULVDQLGHDWRJHWULGRIDQRWKHU
LGHDNQRZQWKHQNQRZHUZLOOFRPSOHWHO\GLVDSSHDUZKHQ*QDQDORQHLVOHIW *QDQSHUVH 
³&RQVFLRXVQHVV´PHDQVWKDWZKLFKLVDZDUHµNQRZLQJ¶LVUHODWLYH
,I\RXGHWDFK\RXUVHOIIURPWKHERG\DQGUHVWLQ&RQVFLRXVQHVV\RXZLOODWRQFHEHKDSS\SHDFHIXO
DQGIUHHIURPERQGDJH
96, ,I\RXDVLGHWKHLGHDRIWKHERG\DQGUHVWLQWKH$EVROXWH,QWHOOLJHQFH\RXZLOODWRQFHEHKDSS\
SHDFHIXODQGIUHHIURPERQGDJH

<RXFDQQHYHUVHWDVLGHWKHERG\IURPWKHPLQG<RXFDQ¶WVD\WKLVLVP\PLQGDQGWKLVLVP\ERG\,WFDQRQO\
EHGRQHPHQWDOO\7KHPLQGPXVWEHVRWUDLQHGDVWRGHWDFKWKHERG\ 7KHUHLVQRVXFKWKLQJDVVHSDUDWLQJLWFI
YHUVH7KLVLQGHHGLV\RXUERQGDJHWKDW\RXSUDFWLFH6DPDGKLFI.DWKR8S,GRQRWZDQW+DOYD
VZHHWPHDW RUDQ\VDWLVIDFWLRQVEXWRQO\WUXWK
/RYHRIWUXWKDORQHFKDUDFWHUL]HV5DPDNULVKQD,I\RXPHQWDOO\VD\WKDWERG\LVDQREMHFWLWLVVRPHWKLQJVHHQ
WKHQLWLVGHWDFKPHQW
%RQGDJH7KLQNLQJWKDW\RXDUHWKHERG\DQG WKXVVXIIHULQJZLWKLW

<RXGRQRWEHORQJWRWKH%UDKPDQDRUDQ\RWKHUFDVWHRUWRDQ\$VKUDP<RXDUHQRWSHUFHLYHGE\WKH
VHQVHV8QDWWDFKHGIRUPOHVVDQGZLWQHVVRIDOODUH\RX%HKDSS\
96, <RXGRQRWEHORQJWRWKH%UDKPDQDRUDQ\RWKHUFDVWHRUWRDQ\$VKUDP<RXDUHQRWYLVLEOHWR
WKHH\HV8QDWWDFKHGIRUPOHVVDQGZLWQHVVRIDOODUH\RX%HKDSS\

7KLVLVDWUHPHQGRXVVORND&HDVHWRWKLQNWKDW\RXDUHD6DQ\DVLQ+DYHQRFORWKFRPSOH[ULVHDERYHFORWK
ERG\DQG,FRPSOH[HV
$WKLYDUQDVKUDPL DERYHFDVWH YDUQDDQGDVKUDPDLVWUXWKLQYLVLEOHWRWKHH\HVZLWQHVVRIDOORWKHUZLVH\RX
ZLOOQRWKDYHWKHLGHDRI$WPDQ7UXWKDQGRWKHUWKLQJVGRQ
WJRWRJHWKHU$OOUHOLJLRQVWDNH\RXWRPHEXW
WKH\GRQ
WNQRZPHLQ7UXWK *LWD 0\µ,¶LVJRQHWRP\VHOIDQGWRRWKHUVDOVR,KDYHVHHQWKHGHDWKRIPDQ\
+DSSLQHVVFRPHVRQO\ZKHQ\RXZLOOIHHOGHWDFKHGIURPWKH'UV\DP

9LUWXHDQGYLFHSOHDVXUHDQGSDLQDUHRIWKHPLQGQRWRI\RXDOOSHUYDGLQJRQH<RXDUHQHLWKHU
GRHUQRUHQMR\HU9HULO\\RXDUHHYHUIUHH
96, 9LUWXHDQGYLFHSOHDVXUHDQGSDLQDUHRIWKHPLQGQRWRI\RXDOOSHUYDGLQJRQH<RXDUH
QHLWKHUGRHUQRUHQMR\HU9HULO\\RXDUHHYHUIUHH

9LUWXHDQGYLFHDUHDOOVHHQDQGNQRZQ$OOSHUYDGLQJRQH:KHQ\RXDUHZLWQHVVLQJDOO7KHHJRLVWKHGRHU
DQGWKHHQMR\HUDQGP\µ,¶WKH$WPDQ<RXDUHDOOSHUYDGLQJ$OOSDLQLVREMHFWWR\RX0\SDLQFRPHVWRPH
ZKHQ,DPDWWDFKHGWRP\ERG\.HHSDZD\IURP\RXUHJRDQGWKHQ\RXUHDOL]HWKDW\RXDUHDOOSHUYDGLQJ
HYHU\ZKHUH
7KDWZLWQHVVLVXQWRXFKHGDQG\HWSHUYDGLQJ"+RZ,QWKDWVWDWH\RXWKHZLWQHVVLVQRWFRQILQHGWRDQ\
SDUWLFXODUµ,¶RUERG\9LEKXPHDQVSHUYDGLQJLHQRWOLPLWHGWRDQ\WKLQJ QRWHYHQWRVSDFH

<RXDUHWKHRQHVHHURIDOODQGDUHUHDOO\HYHUIUHH9HULO\WKLVDORQHLV\RXUERQGDJHWKDW\RXVHH
\RXUVHOIQRWDVWKHVHHUEXWDVVRPHWKLQJRWKHU
96, <RXDUHWKHRQHVHHULQDOODQGDUHUHDOO\HYHUIUHH9HULO\WKLVDORQHLV\RXUERQGDJHWKDW\RX
VHHWKHVHHUDVRWKHUWKDQVXFK

<RXDUHRQO\µ2QH¶:K\RU+RZ"7KHZRUGVHHULVJRWDWE\HOLPLQDWLQJWKHVHHQ0DQKDVQHYHUVHHQWZR
VHHUVLIWKHUHEHWZRRQHEHFRPHVWKHGUV\DPWRWKHRWKHU
<RXWKLQN\RXDUHRWKHUWKDQWKHVHHUDQGWKLVLVERQGDJH<RXWKLQNWKHVHHULVWKH(JR\RXDUHPLVWDNLQJ
$WPDQ6DNVKLQIRUWKH(JRZKLFKDSSHDUVDQGGLVDSSHDUV7KLVLVWKHJUHDWVWXPEOLQJEORFNRIWKH:HVW7KH\
WKLQNWKDWZKHQHJRLVQRWQRWKLQJUHPDLQV%XWZKHQ\RXDUHWKLQNLQJRIWKHµ,¶RUHJRWKHUHPXVWEHWKH
WKLQNHU$WPDQ6DNVKLQ7KLVLVGLUHFWO\RSSRVHGWRDOORWKHUV\VWHPV+RZGR\RXWDONRI-LYDXQOHVVWKHUHLV
VRPHERG\ZKLFKVHHVLWDVNQRZQ"
$QDO\]HWKHZKROHRIPHQWDOH[SHULHQFHRUSV\FKLFH[SHULHQFH3V\FKRORJ\GRHVQRWJREH\RQGZKDWLVVHHQ
%XWZKRVHHVWKLVDQDO\VLV"7KDWZKLFKLVFRQVFLRXVRUDZDUHRIWKHUHODWLRQEHWZHHQVXEMHFWDQGREMHFWLVWKH
$WPDQ,WLVWKDWRIZKLFKHDFKRQHLVDEVROXWHO\FHUWDLQ DQG\HWLWFDQQRWEHSURYHG,WLVVZDWDSUDPDQD 
6HOIHYLGHQW
7KHVHHUFDQQHYHUEHVRPHWKLQJNQRZQ7KH-LYDEHLQJNQRZQFDQQRWEHWKHVHHU:KDWHYHULVVHHQRUNQRZQ
LVWDNHQWREHUHDO,WPD\EH*RGKLPVHOI7KDWLVWKHHUURU7KHUHIRUH\RXFDQ
WVD\DQ\REMHFWRULGHDLVUHDO
VLQFHWKH\DSSHDUDQGGLVDSSHDUHYHQWKHLGHDRI*RG,WLVFHUWDLQ&KULVWDSSHDUVZKDWEHFRPHVRI+LPZKHQ
\RXVHH+LPGLVDSSHDUKRZFDQKHEH3HUPDQHQW,I&KULVWGLVDSSHDUVHYHQIRUDVHFRQGKRZFDQKHEH
SHUPDQHQW":KHQDQJHOVGLIIHUZKDWDUHZHSRRUPRUWDOVWRGR
,DPULJKWDQG\RXDUHZURQJ´LVDZURQJXQIDLUDWWLWXGH

'R\RXZKRKDYHEHHQELWWHQE\WKHJUHDWEODFNVHUSHQWRIWKHHJRLVP³,DPWKHGRHU´GULQNWKHQHFWDU
RIWKHIDLWK³,DPQRWWKHGRHU´DQGEHKDSS\
96, <RXZKRKDYHEHHQELWWHQE\WKHJUHDWEODFNVHUSHQWRIWKHHJRLVP³,DPWKHGRHU´GULQNWKH
QHFWDURIWKHIDLWK³,DPQRWWKHGRHU´DQGEHKDSS\

L7KHUHDOLVZLWKWKHHJR+DYH\RXHOLPLQDWHGWKH,LVWKHTXHVWLRQ7KHµ,¶LVWKHIDOODF\EHKLQG,KDYHVHHQ
*RG<RXU,EHFRPHVWKHDXWKRULW\DQGWKHUHLQOLHVWKHHUURU
LL$KDP HJR LVHUURU1DKDP QRQHJR LVWUXWK:K\VKRXOG\RXUHO\RQ$KDPIRU$KDPDSSHDUVDQG
GLVDSSHDUVFI6XVKXSWLGHHS VOHHS
LLL³ODPWKHGRHU+RZGR\RXNQRZ\RXDUHWKHGRHU"/RRNDWWKHLPSHUWLQHQFHRIPDQ+RZGLGWKHPLQGRU
ZLOOOLIWWKLVYHLO3URYHWKDW+RZGLGWKHZLOOPRYHWKHKDQG"3URYH6FLHQFHFDQQRWSURYHLW1RQHGRHVDQG
WKHUHIRUHLWLVQRWWKHWUXWK%HKRQHVW$UH\RXWKHGRHURIDQ\WKLQJ"1R1RWDWDOO\RXDUHRQO\WKHNQRZHULQ
WUXWK
:KDWLVWKHUHODWLRQEHWZHHQPLQGDQGPDWWHU":KRFDQDQVZHULW7KHUHLVWKHGLIILFXOW\'RQRWDVVHUW
DQ\WKLQJIRUZKLFKWKHUHLVQRSURRI'RQ
WVD\³,DPWKHGRHULQTXLUHGRYLFKDUDZKHWKHUWKHLGHDRI\RXU
EHLQJWKHGRHULVWUXHDQG\RXILQGWKDW\RXFDQ¶WLQWUXWK6D\WKDW\RXGRRUGRQRWGR6HHWKHDEVXUGLW\RIWKH
HJR¶VSRVLWLRQ7KLVLV0D\D+HQFHZHVD\³QRWWKLVQRWWKLVHJR,DPRQO\WKH'ULN1RWHWKHGLVWLQFWLRQ
EHWZHHQ9\YDKDULND UHODWLYH DQG3DUDPDUWKLND DEVROXWH $VKWDYDNUDGHDOVZLWKWKHXOWLPDWHWUXWK
7KLVLVZKDWLVPHDQWE\UHPRYLQJRQHLGHD WKRUQ E\DQRWKHUZKHQ\RXILQGFRQWUDGLFWLRQ  HYHQIURP
WKHSRLQWRIYLHZRI9\YDKDULND1DKDP.DUWKD,DPQRWWKHGRHU  (YHQIURPWKHSRLQWRIYLHZRIWKH
8OWLPDWH1DKDP.DUWKD,DPQRWWKHGRHUKROGVWUXH7KLVLVZKDWLVPHDQWE\UHPRYLQJRQHLGHD WKRUQ E\
DQRWKHULGHD WKRUQ WKHGRHULGHDWREHUHPRYHGE\WKHQRQGRHULGHDDQG DOOLGHDVWREHJLYHQXS
XOWLPDWHO\

%XUQGRZQWKHIRUHVWRILJQRUDQFHZLWKWKHILUHRIWKHFRQYLFWLRQ³,DPWKH2QHDQG3XUH
&RQVFLRXVQHVV´DQGEHIUHHIURPJULHIDQGEHKDSS\
96, %XUQGRZQWKHZLOGHUQHVVRILJQRUDQFHZLWKWKHILUHRIWKHNQRZOHGJH³,DPWKH2QHDQG3XUH
,QWHOOLJHQFH´DQGEHIUHHIURPJULHIDQGEHKDSS\

.QRZOHGJHWHOOV\RX,DPWKHRQH7KHHJRµ,¶ZLWKZKLFK\RXVWDUWZK\LVWKHUHWKLVµ,¶LILWLVQRWUHDOEXW
0LWK\D XQUHDO "+HUHLVDGLIILFXOW\LQWKLQNLQJFI<RXVHHWKHVHUSHQWLQWKHURSH+RZGLGWKHZURQJ

LPSUHVVLRQ WKDWVQDNHH[LVWV FRPHWRWKHH[LVWHQFHRIVQDNH",WLVEHFDXVHRIWKHHJR,WKHXQUHDO$KDPZKLFK
LVPLVWDNHQIRUWKH3HUPDQHQW6HOI
:K\GRHVWKHVQDNHDSSHDUWREHH[LVWLQJIRUWKHWLPHEHLQJ<RXFDQ
WVD\VQDNHGRHVQRWH[LVWXQOHVV\RXVHHLW
LVRQO\DURSH
7KLVµ,¶LVDOVRSDUWRIWKHµVHOI¶µ,DQGQRW,¶ERWKDUH%UDKPDQ([LVWHQFHDQGQRQH[LVWHQFHDUHRQO\LQ
%UDKPDQDQG5HDOLW\7KLVYHUVHJRHVWRWKHURRWRIWKHPDWWHU(YHQ$YLG\D0D\D$JQDQDDUHRQO\%UDKPDQ
FIGUHDPPRXQWDLQ7KHUHLVWKHH[LVWHQFHRIWKHPRXQWDLQEHFDXVHLWLVDOO0DQDV PLQG 
<RXDUHWKDWµ,¶%XUQWKHORZHU,DQGWKHQ\RXNQRZVDUYDPNDOYLGDP%UDKPDDOOLV%UDKPDQ$OOWKLVLV
%UDKPDQµ,¶(YHU\WKLQJLV%UDKPDQLVWKHODVWVWDJH0DQLV%UDKPDQ%UDKPDQGRHVQRWFKDQJH+HQFH,DP
WKHRQHSXUH,QWHOOLJHQFHDQGWKHQDORQH\RXFDQEHIUHHRIJULHIDQGEHKDSS\
%HKDSS\LVDOVR%UDKPDQJULHILVDOVR%UDKPDQ:K\VKRXOGQRWZHKDYHJULHI":KHQZHXQGHUVWDQGWKLV
WKHUHLVQRGLIIHUHQFHEHWZHHQKDSSLQHVVDQGJULHIDQGERWKDUHWKURZQRXW+DSSLQHVVPHDQVJHWWLQJULGRI
JULHI*HWULGRIJULHIDQGJHWULGRIKDSSLQHVVWRRFI LOOXVWUDWLRQ ,QGHHSVOHHSZHGRQ
WZDQWKDSSLQHVVRU
JULHI:K\\RXGRQ¶WKDYHDQ\VHFRQGWKLQJ7RNQRZWKDWHYHU\WKLQJLV%UDKPDQLQWKHZDNLQJVWDWHLVWKHHQG
RI9HGDQWD)RUWKLVJHWULGRIGXDOLW\FI7KLVLV*QDQHWFS:KHQDOOWKHIRUPVDUHWDNHQDZD\\RX
JHWWKHLGHDRI%UDKPDQDQGZKHQ\RXDJDLQJHWWKHIRUPV\RXNQRZWKH\DUHDOO%UDKPDQ$OOWKHREMHFWVDUH
RIRQHVXEVWDQFH FILQZDNLQJFKDUFRDOGLDPRQGFDUERQDQGVXJDU FI<RXH[SHULHQFHQRQGXDOLW\LQ
VXVKXSWL GHHSVOHHS DQGLI\RXNQRZLWHYHQZKHQ\RXFRPHWRWKHZDNLQJWKHGXDOLW\WKH QRQGXDO
NQRZOHGJHZLOOEHFRPHSHUPDQHQW2MDV(YHU\WKLQJHPDQDWHVIURPFRQVFLRXVQHVVDQGJRHVEDFNWR
FRQVFLRXVQHVV0D[3ODQFN
6FLHQFHRULQTXLU\PHDQVWRHOLPLQDWHQDPHDQGIRUP7KHUHLVQRTXHVWLRQRIGHVWUXFWLRQRIVQDNHRUURSH
IURPWKHSRLQWRIYLHZRI7UXWK,I\RXVHHDQ\WKLQJLQZDNLQJLWLV%UDKPDQ,I\RXVHHDQ\WKLQJLQGUHDPLWLV
%UDKPDQ,I\RXGRQ
WVHHDQ\WKLQJLQGHHSVOHHSLWLV%UDKPDQLH0LQGZLWKRUZLWKRXWLGHDVLV%UDKPDQ
<RXPHQWLRQ6DWFKLWDQDQGDZKHQ\RXDUHWDONLQJRIUHOLJLRQQRWSKLORVRSK\,WFDQQRWEHWRXFKHGE\
WRQJXHDQGKHQFHEH\RQGKDSSLQHVVDQGPLVHU\
,QWHUSUHWDWLRQPHDQVµ,¶DQG,DPULJKWRU\RXDUHZURQJDQGKHQFHWKHXQUHOLDELOLW\DQGHUURULQRSLQLRQDQG
LQWHUSUHWDWLRQ
7KHVWDJHLQZKLFK\RXWKLQNWKDWZKDW\RXLPDJLQHLVWUXWKLVLJQRUDQFHLWLVWKHZLOGHUQHVVRILJQRUDQFHDQG
\RXDUHFDXJKWLQWKHZLOGHUQHVVRIWKRXJKWZKHUH WRJRZKLFKWKRXJKWWRIROORZXSLJQRUDQFHPHDQVGRQRW
NQRZWKHZD\RXW
+HQFHEXUQGRZQWKHZLOGHUQHVVOHVW\RXVKRXOGJHWLQWRLWDJDLQWREXUQGRZQDOOWKRXJKWVLGHDVWKDWFDXVH
FRQIXVLRQDQGLJQRUDQFHLJQRUDQFHLVDOZD\VDZLOGHUQHVVWREHEXUQWGRZQE\*QDQILUH$Q\IRROFDQVD\LWLV
KLVNDUPD%XWSURYHLW+RZDUHWKHSHRSOHWKHEHWWHUIRULW
/HWWKHWKRXJKWVFRPHDQGJRDQGGRQ
WZRUU\DERXWWKHPVLQFHWKH\DUHQRW7UXWK

<RXDUHWKDW&RQVFLRXVQHVV%OLVV²6XSUHPH%OLVVLQDQGXSRQZKLFKWKLVXQLYHUVHDSSHDUV
VXSHULPSRVHGOLNHDVQDNHRQDURSH/LYHKDSSLO\
96, 7KDW &RQVFLRXVQHVV LQZKLFKWKLVXQLYHUVHDSSHDUVEHLQJFRQFLHYHGOLNHDVQDNHRQDURSHLV
%OLVV6XSUHPH%OLVV<RXDUHWKDW&RQVFLRXVQHVV%HKDSS\

$VKWDYDNUDLVQRWDV\VWHPDWLFFRXUVHEXWKHRFFDVLRQDOO\WDNHVMXPSV7KHGUHDPLOOXVWUDWLRQZKHUH\RXKDYH
WKHZKROHXQLYHUVHLVUHGXFHGWRLGHDVDQGWKHLGHDVDUHLQWKHPLQGRQO\
7KHZKROHZRUOGLVLQ0HQRWDQ\ZKHUHHOVHDQGWKHQZKDWZLOO\RXIHHOVRUU\IRU"

+HZKRFRQVLGHUVKLPVHOIIUHHLVIUHHLQGHHGDQGKHZKRFRQVLGHUVKLPVHOIERXQGUHPDLQVERXQG
³$VRQHWKLQNVVRRQHEHFRPHV´LVDSRSXODUVD\LQJLQWKLVZRUOGDQGLWLVTXLWHWUXH
96, 2QHZKRFRQVLGHUVRQHVHOIIUHHLVIUHHLQGHHGDQGKHZKRFRQVLGHUVKLPVHOIERXQGUHPDLQV
ERXQG³$VRQHWKLQNVVRRQHEHFRPHV´LVDSRSXODUVD\LQJLQWKLVZRUOGZKLFKLVWUXH

:KHQ\RXKDYHUHDFKHGWKHVWDJHZKHUHWKHWKRXJKWRI\RXUERQGDJHFRPHVWR\RX\RXDUHERXQG7KLVLVZKDW
LVPHDQWE\%DQGKD ERQGDJH %RQGDJHLVDQLGHDDQGLI\RXDUHERXQGWRWKDWLGHD\RXDUHERXQGEXW
ERQGDJHLGHDWRRJRHV%RQGDJHDQGIUHHGRPDUHRQO\LPDJLQDWLRQV,WLVP\NDOSDQDRUWKRXJKWWKDWELQGVRU
UHOHDVHVPHZKLFKFRPHVDQGJRHVZKHQ\RXVD\³,DPIUHH
:K\VKRXOG\RXEHDWWDFKHGWRDWKRXJKW",WPDNHV\RXERXQGRQO\:K\VKRXOGDWKRXJKWKDYHUXOHRYHUPH"
,I\RXLGHQWLI\\RXUVHOIZLWKDQ\JQH\DP GUV\DP \RXJRDVWUD\\RXVHHPERXQGRUIUHH\RXZLOOWKLQN
\RXUVHOIRWKHUZLVHWKDQWKH'ULN
³$KDP%UDKPD$VPL5HSHDW,WKH'ULNLVQRW WKDWZKLFKPDNHV\RX WKLQN\RXDUHVRDQGVR(YHQKHUHWKH
6HHULV21(
7KH2QHLVPRUHLPSRUWDQWWKDQWKH$KDPLQ$KDP%UDKPD$VPL8QOHVV\RXDUHWKH2QHWKHUHLVQRHQG
WRPLVHU\MHDORXVO\DQGVRRQ6RVD\V9HGDQWD

7KH6HOILVZLWQHVVDOOSHUYDGLQJSHUIHFW2QHIUHH&RQVFLRXVQHVVDFWLRQOHVVXQDWWDFKHG
GHVLUHOHVVDQGTXLHW7KURXJKLOOXVLRQ,WDSSHDUVDVLI,WLVRIWKHZRUOG LHVXEMHFWWRWKHHYFUUHSHDWLQJF\FOH
RIELUWKDQGGHDWK 
96, 7KH6HOILVZLWQHVVDQGDOOSHUYDGLQJSHUIHFWRQHIUHH,QWHOOLJHQFHDFWLRQOHVVXQDWWDFKHG
GHVLUHOHVVDQGTXLHW7KURXJKLOOXVLRQLWDSSHDUVDVRIWKHZRUOG

,I\RXZDQWWREHGHVLUHOHVVWKHUHPXVWEHRQH RQO\'XDOLW\LQDQ\IRUPPHDQVSUHVHQFHRIGHVLUH3HUIHFW QR


ZDQW$OOSHUYDGLQJ QROLPLW
&KLW LQWHOOLJHQFH$FWLRQOHVV%HFDXVHDFWLRQEULQJVVDWLVIDFWLRQDQGGLVVDWLVIDFWLRQ8QDWWDFKHGLVSRVVLEOH
RQO\ZKHQWKHUHLV2QH RQO\
,I\RXKDYHWZRWKHUHZLOODOZD\VEHDWWDFKPHQW³*HWDWWDFKHG:K\VKRXOG,EHGHWDFKHG"/HWXVDVNWKDW
TXHVWLRQWRWKHGXDOLVWV7KH\ZLOOVLPSO\VD\,I\RXDUHDWWDFKHG\RXZLOOEHSXQLVKHGE\*RG
%XWGXDOLVPLVSOHDVDQWZKHUH\RXFDQJHWZKDWVDWLVILHV\RXEXWZKHQ\RXJHWGLVVDWLVIDFWLRQ\RXZRXOGZDQW
WRJREH\RQG
³WKURXJKLOOXVLRQWKURXJK\RXULPDJLQDWLRQ
0HGLWDWH SHUVHYHUHWRWKLQNWKDWDQ\WKRXJKWLVGXDOLW\

+DYLQJJLYHQXSH[WHUQDODQGLQWHUQDOVHOIPRGLILFDWLRQVDQGWKHLOOXVLRQ, DPWKHUHIOHFWHG
LQGLYLGXDO VHOI
PHGLWDWHRQWKH$WPDQDVLPPXWDEOH&RQVFLRXVQHVVDQGQRQGXDO
96, 7KLQNGHHSO\RQWKH$WPDQDVLPPRYDEOH,QWHOOLJHQFHDQGQRQGXDOKDYLQJJLYHQXSH[WHUQDO
DQGLQWHUQDOPRGLILFDWLRQVDQGWKHLOOXVLRQWKDW\RXDUHWKHUHIOHFWHGVHOI

*LYHXSWKHLOOXVLRQWKDW\RXDUHWKH$WPDQHJR$OOWKLVZRUOGLVDPRGLILFDWLRQRI\RXUVHOIH[WHUQDORU
LQWHUQDOKHQFHVHOIPRGLILFDWLRQV³+DYLQJJLYHQXSPHDQV³GHWDFK\RXUVHOILIWKHUHDUHWZRLWLVLPSRVVLEOH
WRJLYHXSDWWDFKPHQW
,QGLYLGXDO6RXO -LYDLVRQO\UHIOHFWHGVHOILHWKDWZKLFKKDVEHHQSURGXFHGE\\RXUWKRXJKW5HIOHFWLRQ
EULQJVRQ-LYDKRRG0HQWDOPRGLILFDWLRQVLQWHUQDODQGH[WHUQDOLV³VHOIPRGLILFDWLRQV$KEKDVXPHDQVWKRXJKW
RQO\

0\FKLOG\RXKDYHORQJEHHQFDXJKWLQWKHQRRVHRIERG\FRQVFLRXVQHVV6HYHULWZLWKWKHVZRUGRI
WKHNQRZOHGJH³,DP&RQVFLRXVQHVV´DQGEHKDSS\
96, 0\FKLOG\RXKDYHORQJEHHQFDXJKWE\ERG\FRQVFLRXVQHVV6HYHUWKHWUDSZLWKWKHVZRUGRI
WKHNQRZOHGJH³,DP,QWHOOLJHQFH´DQGEHKDSS\

<RXFDQ
WXQGHUVWDQGDOOWKLVLI\RXKDYH'KHKDELPDQD ERG\FRQVFLRXVQHVV &XWDVXQGHUWKLVERG\LGHDHYHQ
LILWEHIRUDVHFRQG\RXJHWDWWUXWKLPPHGLDWHO\<RXWKLQN\RXDUHZLWKLQWKHERG\LHWKHPLQGLVZLWKLQ
ERG\

,QGHHSVOHHSWKHUHLVQRERG\ FRQVFLRXVQHVVEXWWKHUHLVQRJUHDWYLUWXHE\JRLQJWRVOHHSEXWLW JLYHVDVXUH
FOXHWRDQDO\VLV
³,E\LWVHOILVRQO\LPDJLQHGDQGKHQFHXQUHDO7RJLYHXSERG\FRQVFLRXVQHVVLVDVWHSWRUHDOL]HWUXWK7KDWLV
DOOFI'ULN'UV\D'HYUEKLPDQHHWF
(JRLVG\LQJHYHU\PRPHQW([WHUQDOERG\LVG\LQJHYHU\PRPHQW:KRRUZKDWWKDWVHHVLWLVWKH7UXWK
&KLW 
$WQRPRPHQWFDQZHIUHHRXUVHOYHVIURPWKHWKRXJKWRIWKHZRUOG<RXDUHFDXJKWLQLWWLHGXSLQLW6HYHULW
³,´LV0LQGRU&KLWLQ5HDOLW\DQGUHSHDW,DP,QWHOOLJHQFH7KDWLVWKHILUVWGLVFLSOLQHFI.VKHKHHWF
3DQFKDGHVKLSDJHYHUVH
$WQRWLPHFDQ\RXVD\WKHUHLVQRFKDQJH+RZFDQ\RXUHO\RQWKLVFRQVWDQWO\FKDQJLQJERG\DQGQDWXUH
,QWHOOLJHQFHVHHVWKHFKDQJHV,QWHOOLJHQFHLVWKXVWKHPRUHSHUPDQHQWWKLQJ$Q\WKLQJFRQQHFWHGZLWKERG\ZLOO
PDNH\RXXQKDSS\'RQ
WUHO\RQERG\
:HVHHGHDWKHYHU\ZKHUHDQGNQRZLQJWKDWZHDUHG\LQJHYHU\ZKHUH ZK\EHDWWDFKHGWRERG\ 
1RWKLQJLVFRQWLQXLQJIRUHYHU(YHU\WKLQJNQRZQLVFKDQJLQJ'HDWKDQGOLIHERWKH[LVWLQWKHERG\VD\V
WKH8SDQLVKDGKRZDUH\RXWRVHSDUDWHWKHPLVWKHSUREOHP

<RXDUHXQDWWDFKHGDFWLRQOHVVVHOIHIIXOJHQWDQGZLWKRXWDQ\EOHPLVK7KLVLQGHHGLV\RXUERQGDJH
WKDW\RXSUDFWLVHPHGLWDWLRQ
96, <RXDUHXQDWWDFKHGDFWLRQOHVVVHOIHIIXOJHQWDQGZLWKRXWDQ\EOHPLVK7KLVLQGHHGLV\RXU
ERQGDJH WKURXJKLJQRUDQFH WKDW\RXSUDFWLFHVDPKDGL VXSSUHVVLRQRIWKRXJKWV
6ORNDPHDQV7KLVLV\RXULJQRUDQFHWKDW\RXH[SHFWWRJHW%UDKPDQWKUR
\RJD+DGWKH\RJLSUDFWLFHG
6DPDGKLRQO\IRUGLVFLSOLQHDQGKDGKHNQRZQWKDWKHPXVWJREH\RQGLWIRU7UXWKWKHQLWZRXOGKDYHEHHQ
DOULJKW
FI*LWD+HZKRKDVQRGZHOOLQJSODFHKHZKRVH PLQGDQGEXGGKLLVVWHDG\,DPEHORYHGRIKLPKHLV
P\GHYRWHH
$QLWKH\D KRPHOHVVDQGVWHDG\PLQGHG ³,´DQG³PHPXVWJRDQGVDQQ\DVLVDGLVFLSOLQH5LSHVDQ\VLKDVQR
IL[HGDERGH
7KRXJKWIXO+LQGXVZHUHQRWLGLRWLF:HSRVLWLYHO\VD\WKDW%XGGKDZDVULJKWVRIDUDVKHZHQW6DQNDUDVDLG³,
DJUHHZLWK%XGGKDVRIDU7KDWHYHU\WKLQJ VHHQ LVFKDQJLQJ
:KHQ\RXDUHQRWERXQGDWDOO\RXWKLQN\RXDUHERXQGDQG\RXSUDFWLFH6DPDGKLWKLVLQGHHGLVERQGDJH
,I\RXDQDO\]H\RXXQGHUVWDQGWKDW\RXDUHLQWHOOLJHQFHFKLW\RXDUHQRWWKHHJRDQG\RXDUHQRWWKHERG\
%RWKERG\DQGHJRDUH'UV\DP WKHVHHQ RQO\+RZFDQ'UV\DPFRPHQHDU\RXQHDUKDVQRPHDQLQJLQ
UHODWLRQWRGULN1HDUKDVPHDQLQJRQO\LQUHIHUHQFHWRWKLQJVVHHQWKH'UV\DPDORQH
0DQNQRZVRQO\2QH PLQGQRWP\PLQGRU\RXUPLQG

6ORNDSRLQWVRXWWKDWWKRVHZKRDUHWU\LQJZKRDUHPDNLQJWKHDWWHPSWWRJHW%UDKPDQZLOOQRWJHWLW
7KLVLV\RXUERQGDJHWKDW\RXSUDFWLFHVDPDGKLLWVD\V+HQFH\RJDFDQQRW\LHOG%UDKPDQHYHQLI\RXJRRQ
WU\LQJDZKROHOLIHWLPH,WZLOOFRPHRQO\E\LQWHOOLJHQFH<RJDLVIRUSUHOLPLQDULHV
(YHQLQSURMHFWLQJWKDWLV$GK\DVDRU$URSD:K\DUH\RXIRQGRIWHOOLQJOLHV"$QGWKXV\RXDUHIRQGRI
6DPDGKLV<RJD1LGUDLHDUWLILFLDOO\FUHDWHG 6OHHS
3UDFWLFHLVDQDFWLRQLQUHIHUHQFHWRDVHFRQGWKLQJ'UV\DPZKHQWKHUHLVQRVHFRQGWKLQJDWDOOLQ7UXWK
9HUVH,Q7KLVLV\RXUERQGDJHWKDW\RXSUDFWLFHPHGLWDWLRQWKHRULJLQDO6DQVNULWWHUPXVHGKHUHIRU
PHGLWDWLRQLVVDPDGKL%RQGDJHPHDQVERQGDJHWRLJQRUDQFH)RUWKDWLVWKH\RJLWKLQNLQJRIZKHQKHVLWVGRZQ
WRPHGLWDWH"+HLVWKLQNLQJRIKLVERG\EHFDXVHKHZDQWVWRVLWVWLOOVLWLQDTXLHWSODFHHWFDQGZKDWLVKH
WKLQNLQJRIZKHQKHFRPHVEDFNIURP6DPDGKL"+HKDVWRWKLQNRIERG\DJDLQDQGRIWKHZRUOG+HQFHKHGRHV
QRWUHDFKDQXQFKDQJHDEOHWUXWK

<RXSHUYDGHWKLVXQLYHUVHDQGWKLVXQLYHUVHH[LVWVLQ\RX<RXDUHUHDOO\3XUH&RQVFLRXVQHVVE\
QDWXUH'RQRWEHVPDOOPLQGHG

96, <RXSHUYDGHWKLVXQLYHUVHDQGWKLVXQLYHUVHH[LVWVLQ\RX<RXDUHUHDOO\3XUH&RQVFLRXVQHVV
'RQRWEHVPDOOPLQGHG

<RXWKLQN\RXDUHFRQILQHGZLWKLQKLVERG\ZKHQ\RXSHUYDGHWKLVXQLYHUVHDQGWKLVXQLYHUVHH[LVWVLQ\RX
1H[WZRUOG\RXZDQWRQO\WRHQMR\WKHHWHUQDO6DEEDWK,WLVGHVLUHWKDWPDNHV\RXZDQWZRUOGVEXWDOOZRUOGV
DUHDVHSKHPHUDODVWKHGHVLUHV+RZGR\RXNQRZWKDW\RXSHUYDGHWKHXQLYHUVHDQGWKDWWKHXQLYHUVHLVGUHDP
 :HFDQXQGHUVWDQGLWIURPWKHGUHDPH[SHULHQFHZKHUHWKH6HHQREMHFWVDUHDOOPLQGWKHVHHURQO\
 $QGLQWKHZDNLQJVWDWHV\VWHPDWLFLQTXLU\LVQHFHVVDU\
 7KRXJKHYHU\WKLQJH[LVWVLQ\RX\RXDUHSXUH+RZGR\RXNQRZWKDW\RXDUHSXUH"
 'RQRWEHVPDOOPLQGHG VPDOOPLQGHGQHVVLVIDOVHKRRGDQGDOLHEXWJRWRWUXWK WKDW\RXDUHWKHERG\'R
QRWVD\,DPILYHIHHW<RXDUH&KLW0LQG+RZFDQ\RXPHDVXUHLW+RZELJLV\RXUPLQG"&DQ\RXVKRZ"
1R6FLHQFHVD\V³SURYH
+RZIDUP\PLQGJRHVDQGKRZIDU\RXUPLQGJRHVQRQHFDQWHOO$QGKHQFHLWLVVPDOOPLQGHGQHVVIDOVH
XQWUXHDOLHJLYHLWXSDQGEHWDNH\RXUVHOIWRWUXWKWKDW\RXDUH³SXUHDQGFRQVFLRXV$QGKHUHWKHQHJDWLYH
ZD\RISURYLQJLVDGRSWHG

<RXDUHXQFRQGLWLRQHGLPPXWDEOHIRUPOHVVRIFRROGLVSRVLWLRQRIXQIDWKRPDEOHLQWHOOLJHQFHDQG
XQSHUWXUEHG'HVLUH&RQVFLRXVQHVVDORQH
96, <RXDUHXQFRQGLWLRQHGLPPXWDEOHIRUPOHVVXQLPSDVVLRQHGRIXQIDWKRPDEOHLQWHOOLJHQFHDQG
XQSHUWXUEHG'HVLUHIRU&KLWDORQH RUGLUHFWWK\WKRXJKWVWRZDUGVWKH$EVROXWH,QWHOOLJHQFHDORQH

³XQLPSDVVLRQHGEHFDXVHWKHUHLVQRWKRXJKWQRVHFRQGWKLQJ
³XQSHUWXUEHGWKHUHLVQRPHDVXUHU
7KH(JRLVPDNLQJDOOGLIIHUHQFHV

.QRZWKDWZKLFKKDVIRUPWREHXQUHDODQGWKHIRUPOHVVWREHSHUPDQHQW7KURXJKWKLVVSLULWXDO
LQVWUXFWLRQ\RXZLOOHVFDSHWKHSRVVLELOLW\RIUHELUWK
96, .QRZWKDWZKLFKKDVIRUPWREHXQUHDODQGWKHIRUPOHVVWREHSHUPDQHQW7KURXJKWKLV
LQVWUXFWLRQOHDGLQJWRWUXWK\RXZLOOHVFDSHWKHSRVVLELOLW\RIUHELUWK

7KHXQUHDOLVWKDWZKLFKLVFRQVWDQWO\JRLQJDZD\7KHUHLVQRSHUPDQHQWHQWLW\DVXQUHDO:KDWHYHULV
SHUFHLYHGLVDQHQWLW\DQGLWLVFKDQJLQJ
&KDQJLQJ PHDQVZKDW\RXWKRXJKW ZDVH[LVWLQJ KDVFHDVHGWRH[LVW)RUP ([WHUQDOIRUPVLQWHUQDOIRUPV
LGHDVLPDJLQDWLRQ7KDWZKLFKKDVIRUP ERWKLQWHUQDDQGH[WHUQDOZKLFKFRQVWLWXWH'UV\DP
7KH)RUPOHVVPHDQVWKH:LWQHVV'ULN

-XVWDVDPLUURUH[LVWVZLWKLQDQGZLWKRXWWKHLPDJHUHIOHFWHGLQLWVRWKH6XSUHPH6HOIH[LVWVLQVLGH
DQGRXWVLGHWKLVERG\
96, -XVWDVDPLUURUH[LVWVZLWKLQDQGZLWKRXWWKHLPDJHUHIOHFWHGLQLWVRWKH6XSUHPH/RUGH[LVWV
LQVLGHDQGRXWVLGHWKLVERG\

%RG\LVDUHIOHFWLRQLQWKHPLUURU FKLW 7KHERG\LVLQ\RX7KHUHDO\RXLVLQWKH$WPDQWKH 6XSUHPH/RUG


WKH:LWQHVVDQGQRWWKHHJR 7KLVLVRQO\DQLOOXVWUDWLRQ FI3UDKODGKDVHHLQJ%UDKPDQLQWKHSLOODU 3URYH
WKDWWKH6XSUHPH/RUGLVLQWKLVSDSHU+RZGR\RXNQRZ$WPDQLVHYHU\ZKHUH"7KLVLVSKLORVRSK\
,QWKHZDNLQJVWDWHP\PLQGVHHVWKHSDSHU,GRQRWVHHP\PLQGLQWKHSDSHU+HUHLQFRPHVWKHQHHGIRU
VFLHQFHDQGZHKDYHWKHWK&KDSWHU RIWKH*LWD7KHNQRZOHGJHRI.VKHWUDDQG.VKHWUDJQDLVNQRZOHGJH
+DYHDNQRZOHGJHRIPDWWHUH[WHUQDOZRUOGLWVFKDQJHVKRZFKDQJHVLQPDWWHURUQDWXUHRFFXUZKHQFHLVZKDW
DQGZKDWLVWKHHVVHQFHRI.VKHWUDWKHSDSHUZKDWDUHLWVSURSHUWLHVZKDWHIIHFWVDULVHIURPZKDWFDXVHVDQG

WKHQDIWHUZDUGV\RXDVNZKRLV.VKHWUDJQDWKHNQRZHU7KHQ\RXZLOONQRZWKDW.VKHWUDJQDLVLQWKLVSDSHU
7KLVLVZKDWLVPHDQWE\$NULWYDGULV\DYLOD\DP'UJ'UV\D9LYHNDHWF
([LVWHQFHLVRQO\SRVVLEOHWREHSURYHGLQWKH'UV\DPZRUOG:HKDYHWRVWDUWZLWK'UV\DPVWDUWZLWK.VKHWUD
DQGDJDLQ³DQ\FDXVDOLW\KDVUHIHUHQFHRQO\WR.VKHWUD
1RRQHFDQSURYHWKDW*RGH[LVWVRXWVLGHIURPWKHSRLQWRIYLHZRI7UXWKIURPWKHSRLQWRIYLHZRIUHOLJLRQLWLV
DOULJKW,I6XSUHPH/RUGLVHYHU\ZKHUH\RXPXVWVHH+LPHYHU\ZKHUH:K\GRQ¶W\RXVHHLW<RXVWDUWµ,¶RU
µ\RX¶DQGJRWRWKHLPSULVRQHG³6XSUHPH/RUG,Q VORNDµ\RX¶ZDVXVHG
, <RX6XSUHPH/RUG%UDKPDQ

-XVWDVWKHVDPHDOOSHUYDGLQJVSDFHLVLQVLGHDQGRXWVLGHDMDUVRWKHHWHUQDODOOSHUYDVLYH%UDKPDQ
H[LVWVLQDOOWKLQJV
96, -XVWDVWKHVDPHDOOSHUYDGLQJHWKHULVLQVLGHDQGRXWVLGHDMDUVRWKHHWHUQDODOOSHUYDVLYH
%UDKPDQH[LVWVLQDOOWKLQJV

.VKHWUDLIGXO\DQDO\VHGLVIRXQGWREH$WPDQ7KHILUVWVWHSLVVFLHQFH)XQGDPHQWDOFKDUDFWHULVWLFVRIHYHU\
HQWLW\$VWKL UHDOLW\FDQEHDUULYHGDWE\5HDVRQLQJ([LVWHQFHLVDIXQGDPHQWDODWWULEXWHRIDZDUHQHVVµLV¶ 
LQH[WHUQDOZRUG  LQPLQGDVLQµ,KDYHDQLGHD¶:KHQ\RXWKLQNRIDQREMHFWLWEHFRPHVDQLGHDDWKRXJKW
ZKLFKLVNQRZQ
%KDWKL ,DSSUHKHQG EHFRPHDZDUHRIVKLQHVHQWLWLHVFRPHLQWR\RXUQRWLFH
:K\GRHV\RXUPLQGWKLQN"1DPDUXSD QDPHDQGIRUP PD\FKDQJHDQG\HW\RXNQRZJROGH[LVWV
3UL\DP ZDQWWRNQRZZKDWDWKLQJLV+HQFH$VWKL%KDWL3UL\DPLVWKHILUVWVWHSDQGLWLVRQO\LQUHIHUHQFHWR
WKH(JR$KDP
%H\RQGWKHHJR$VWKL%DWKL3UL\DPFDQQRWEHDSSOLHGWRWKDWZKLFKVHHVDOOZKLFKLVLQHYHU\WKLQJZKLFKLV
QRWDQREMHFWWKH$WPDQ$VWKLEKDWLSUL\DPLVDQRWKHUIRUPRI6DWFKLWDQDQGDP7KDWZKLFKLVEH\RQG6DWLV
$WPDQRU%UDKPDQ
7RPDNHU\RXGUDZQWRZDUGVDWWDFKHGWR%UDKPDQVXFKWHUPVDV$VWKL%KDWLSUL\DP6DWFKLWDQDQGD DUH
XVHGLQSODFHRIUHODWLYLW\ZKHQWKHPLQGLVDWWKHVWDJHRIUXQQLQJDIWHUVRPHWKLQJSOHDVLQJVDWLVI\LQJ7KH
UHDVRQLVKXPDQPLQGLVDOZD\VFUDYLQJIRUVRPHWKLQJ$QGKHLVSURPLVHG$QDQGDP1RWHWKHZRUGV$YLG\D
$MQDQDPLQUHJDUGWRWKHVHDOOPHDQWKLV7KLVVORNDVD\V³%UDKPDQSHUYDGHVHYHU\WKLQJ%UDKPDQLVWKH
KLJKHVWWUXWKHYHQWKHWHUP6XSUHPH/RUG%UDKPDQZRUGLVILUVWXVHGLQ%UDKPDQLV$WPDQHJRERG\
HWF'LIIHUHQWSLOORZFRYHUVFRQWHQWVWKHVDPHFRWWRQ(YHQWKHFRYHULVFRWWRQ,I\RXKDYHJRW GRXEWVWHVW
\RXPD\³%UDKPDQH[LVWVLQDOO WKLQJV7KHPDWHULDORIWKHMDUWKHFRQWHQWVRIWKHMDUWKHHQYLURQPHQWRIWKH
MDUHYHU\WKLQJ LVLQ %UDKPDQ/RVHWKHLGHDRIVHSDUDWHQHVVGLVWLQFWLRQV
+RZDUH\RXWRGRLWLVVDLGLQWKHQH[WFKDSWHU7RXQGHUVWDQGµLQ¶VFLHQFHLVQHHGHG:LWKVFLHQFHDORQHFDQ
WKHUHEHSKLORVRSK\ZLWKRXWVFLHQFHRQO\UHOLJLRQ
7KHHDVLHVWLQWKHZRUOGLVWRVHH*RGFI%DOD<RJLRI WKUHH\HDUVROG:HGRQ
WGHFU\WKHP7KH\KDYHWKHLU
XVHV0LOOLRQVILQGVRODFHLQWKHP/HWWKHP%XWWKHLUSRLQWLVQRWWUXWK

&KDSWHU6WDWHRI5HDOL]DWLRQ
-R\RI6HOI5HDOL]DWLRQ
-DQDNDVDLG
2K,DPVSRWOHVVWUDQTXLO3XUH&RQVFLRXVQHVVDQGEH\RQG1DWXUH$OOWKLVWLPH,KDYHEHHQPHUHO\
GXSHGE\LOOXVLRQ
96, 2K,DPVSRWOHVVWUDQTXLO3XUH&RQVFLRXVQHVVDQGEH\RQGWKHREMHFWLYHZRUOG$OOWKLVWLPH,
KDYHEHHQPHUHO\GXSHGE\LOOXVLRQ

,ZDVWKLQNLQJ,ZDV(JRERG\PLQGEXW,DPRQO\WKDWZKLFKLVFRQVFLRXVRIDOOWKHVH

µ,¶LVXVHGKHUHEHFDXVH\RXDUHPRVWLQWHUHVWHGLQWKDWµ,¶EXWLWLVVKRZQWKDWµ,¶$KDPFRPHVDQGJRHVDQGWKDW
ZKLFKLVSHUPDQHQWLV,FRQVFLRXVQHVVEH\RQG3UDNULWLSDUDRUDSDUDSK\VLFDODQGPHQWDO3UDNULWL QDWXUH 
6WXG\ERWKSV\FKRORJ\DQGSK\VLFVDQGFKHPLVWU\
³$OOWKLVWLPHEHFDXVH,KDYHEHHQGXSHGWKDW,DPWKHHJRERG\PLQGHWFZKLFKFRPHVDQGJRHV
<RXFDQQRWKDYHWKHLGHDRIUHDOLW\ZLWKRXWKDYLQJWKHFRPSOLPHQWDU\LGHDRIXQUHDOLW\%RWKULVHDQGIDOO
WRJHWKHU7KHUHIRUH%UDKPDQLVQHLWKHUUHDOQRUXQUHDO

$V,DORQHUHYHDOWKLVERG\HYHQVRGR,UHYHDOWKLVXQLYHUVH7KHUHIRUHPLQHLVDOOWKLVXQLYHUVHRU
YHULO\QRWKLQJLVPLQH
96, $V,DVNQRZHUDORQHUHYHDOWKLVERG\HYHQVRGR,UHYHDOWKLVXQLYHUVH7KHUHIRUHPLQHLVDOOWKLV
XQLYHUVHRUYHULO\QRWKLQJLVPLQH

PLQHEHFDXVHHYHU\WKLQJLVP\VHOI
:KDWLVLWWKDWPDNHVWKHERG\H[LVWIRU\RX",WLVDZDUHQHVV/LNHZLVHZLWKPLQGDQGXQLYHUVH ³0LQHLVDOOWKLV
8QLYHUVH7KHZKROHXQLYHUVHLVPHQWDOLWLVLQPLQGZRUOGLVDFRQFHSWDQGWKHLGHDLVLQPH
'DLO\WKHµ,¶LVWKRXJKWWREHFRQILQHGWRWKHERG\EXWNQRZWKDWWKHPLQGFDQ¶WEHFRQILQHGWRERG\HWF7KLQN
RILWDQGWKHQ\RXFRPHWRNQRZ0LQGLVDOOWKLV8QLYHUVH
9HULO\QRWKLQJLVPLQH,I\RXKDYHXQLYHUVHLQWKHPLQGLQ%UDKPDQZKDWLVWKHUHWRVD\WKDWWKLVLVPLQH
ZKHQWKHUHLVQRWKLQJEHVLGH%UDKPDQZKHQZKDWHYHULVLVP\VHOIFIGHHSVOHHSLOOXVWUDWLRQZKHQ
HYHU\WKLQJLVFRQYHUWHGLQWRPLQG
+HQFH³$OOLVPLQHPHDQLQJ´QRWKLQJLVPLQH´,I*RGLVHYHU\WKLQJKRZFDQWKHUHEHDQ\WKLQJRWKHUWKDQ
*RG+HQFH0RXQDP VLOHQFH LVH[SODLQHGDV6KDQWR\DP$WPDQ6LOHQFH LVWKLV1DPH
7KHUHIRUHLI*RGLVHYHU\WKLQJWKHQWKHUHLVQRWKLQJHOVHWKDQ*RG/HFWXUHVOLPLW*RG,I\RXZDQWWR
DYRLGFRQGLWLRQLQJ*RGHLWKHU³NHHSTXLHWRUDGPLW³QRQGXDOLW\7KHUHLVQRURRPIRUWZRLQWKLVZRUOGVR
GHDWKFRPHV*RGFDQ¶WWROHUDWHWZRSHUVRQVKHQFHGHDWK

2KKDYLQJUHQRXQFHGWKHXQLYHUVHWRJHWKHUZLWKWKHERG\,QRZSHUFHLYHWKH6XSUHPH6HOIWKURXJK
WKHVHFUHWRIZLVGRP
96, 2KKDYLQJUHQRXQFHGWKHXQLYHUVHWRJHWKHUZLWKWKHERG\,QRZSHUFHLYHWKH6XSUHPH6HOI
WKURXJKZLVGRPUHFHLYHGIURPP\*XUX

8QLYHUVHDVVRPHWKLQJVHSDUDWH³*LYHXSWKHLGHDRIGLIIHUHQFH7KDWLVZKDWLVPHDQWE\5HQRXQFH7KDWLV
WKHYDOXHRI6DQ\DV
5HQXQFLDWLRQPXVWEHWKHUHQXQFLDWLRQRIWKHLGHDRIVHSDUDWHQHVVRUGLIIHUHQFH
1RZZKDWDERXWWKHERG\"%RG\WRRLV%UDKPDQIRUWKH*QDQLDVWKH8QLYHUVHLVHTXDOO\%UDKPDQLH
UHQRXQFHWKHERG\DVVHSDUDWHIURP%UDKPDQ
+HDYHQDQGKHOODUHVLGHE\VLGH6HSDUDWLRQLVDJQDQ+HQFH\RXKDYHEHHQDVNHGWRHDW%UDKPDQGULQN
%UDKPDQLI\RXWKLQN\RXDUHHDWLQJSD\DVDP SXGGLQJ \RXDUHLQKHOOLQLJQRUDQFHLQ$J\DQ
7KURXJKZLVGRPLHZLVGRPFRQVLVWVLQNQRZLQJ7UXWKWKDW$OOLV%UDKPDQQRQGXDO0XNWLLVDOZD\V
WKHUHDQG\HW\RXGRQ
WNQRZLWFI*LWDO6DQNDUD
VFRPPHQWDU\%XWWRWKRVHZKRVHUHDVRQ%XGGKLKDV
WXUQHGDZD\IURPH[WHUQDOSKHQRPHQDZKRKDYHVHFXUHGWKHJUDFHRIWKH*XUXDQGDWWDLQHGWKHVHUHQLW\RIWKH
VHOI PDQDV WKHUHLVQRWKLQJHOVHVREOLVVIXOVRZHOONQRZQVRHDVLO\NQRZDEOHDQGTXLWHVRQHDUDV%UDKPDQ
$FFRUGLQJO\WKHNQRZOHGJH%UDKPDQLVVDLGWREHLPPHGLDWHO\FRPSUHKHQGHGDQGXQRSSRVHGWR'KDUPD
2SSRVLWLRQLVRQO\GXDOLW\
7RWKLQNRQH
VRZQERG\LVDQLGHDLVDYHU\GLIILFXOWPDWWHUDQGXQOHVVWKLVLVUHDOL]HG\RXFDQ
WKDYHDQ\
JOLPSVHRIWUXWK+HQFH'HKDEKLPDQDJDOLWKHHWF:KHQWKHERG\LVIHOWWREHDQLGHDWKHZKROHXQLYHUVH
QDWXUDOO\EHFRPHVDQLGHD0HQRIIDLWK KDYHVRPXFKRIIDLWKWKDWWKH\ZLOOVD\WKDWPRXQWDLQLVZDONLQJ2I
FRXUVHIDLWKLVQHFHVVDU\DWDFHUWDLQVWDJH%XWIDLWKLVOLNHSRLVRQDWDQRWKHUVWDJH

$VZDYHVIRDPDQGEXEEOHVDUHQRWGLIIHUHQWIURPZDWHUVRWKHXQLYHUVHHPDQDWLQJIURPWKH6HOILV
QRWGLIIHUHQWIURP,W
96, $VZDYHVIRDPDQGEXEEOHVDUHQRWGLIIHUHQWIURPZDWHUVRWKHXQLYHUVHHPDQDWLQJIURPWKH
6HOILVQRWGLIIHUHQWIURP,W

GHDOVZLWKWKHTXHVWLRQRIFDXVDOLW\8QLYHUVHHPDQDWLQJIURPWKH$WPDQPHDQVXQLYHUVHEHLQJWKHHIIHFW
IURPWKH$WPDQLVQRWGLIIHUHQWIURPLW$QDO\VLVVKRZVLW$QDO\VLVQHHGVWKLQNLQJ:DYHKDVIRUPEXWZKHUH
LVWKHIRUPLQZDWHU":KHUHGLGWKHIRUPFRPHIURP"$OOWKDWZHFDQVD\LVWKDWWKHZDWHU VHD LVQRWGLIIHUHQW
IURPWKHµZDYH¶7KHZRUOGLVWKHVDPHDV$WPDQDVVHDSURGXFHVZDYHVVR$WPDQSURGXFHVWKHZRUOG
+RZDUHZHWRNQRZWKLV5HIHUWR9

$VFORWKZKHQDQDO\VHGLVIRXQGWREHQRWKLQJEXWWKUHDGVRWKLVXQLYHUVHZKHQDQDO\VHGLVQRWKLQJ
EXWWKH6HOI
96, $VFORWKZKHQDQDO\VHGLVIRXQGWREHQRWKLQJEXWWKUHDGVRWKLVXQLYHUVHZKHQGXO\
FRQVLGHUHGLVQRWKLQJEXWWKH$WPDQ

DQDO\VHGWKHUHPXVWEHVFLHQWLILFDQDO\VLVLQWKHPRGHUQZD\
WKLVQRWWKHZRUOGVHHQLQGUHDPRUVDPDGKLEXWWKLV H[WHUQDOZRUOG
7KHPHWKRGRIDQDO\VLVLVWKHHVVHQFHRIVFLHQWLILFPHWKRGPHDQLQJµLQTXLU\¶6FLHQFHWHOOV\RXXOWLPDWHO\
PDWWHULVDFRQFHSWDQGIXUWKHUZHJRLWLVRQO\DQLGHDDWKRXJKWRIWKHPLQGRU$WPDQ LQSKLORVRSK\
:KHQ\RXGRQRWIXOO\LQTXLUH\RXFDQ
WNQRZWKDWWKLVZRUOGLVQRWKLQJEXW$WPDQ$QGWKRVHZKRGRQRW
ZDQWVFLHQFHLQTXLU\DGYLVHSHRSOHWRUHVRUWWRFDYHV6DUYDQ .KDOYLGDP %UDKPD,IHYHU\WKLQJLV%UDKPDQ
KRZFDQ\RXJLYHXSDQ\WKLQJ"&DQ\RXJLYHXSDQ\WKLQJ":HDVN ZKHQZHDUHWDONLQJRIWUXWK  :HDGPLW
UHWLUHPHQWPDNHVWKHPLQGFDOP'RWKRVHZKROLYHLQFDYHVXQGHUVWDQGWKDWWKHZKROHZRUOGLV$WPDQ"
%UDKPDJDQDPLVTXLWHGLIIHUHQWIURP6DGKDQDVDQGSUDFWLFHV7KDWLVWKHSRLQW
7DONLQJ RIWKHKLJKHVW%UDKPDQDQGWKHQRSLQLQJWKDW\RXQHHGQRWLQTXLUHLVPHDQLQJOHVVQRQVHQVH(YHQ
DVDPHWKRGWRJHWDW%UDKPDQDQDO\]HWKHXQLYHUVH7DONLQJLVGLIIHUHQWIURPUHDOL]DWLRQ

-XVWDVVXJDUJHQHUDWHGLQVXJDUFDQHMXLFHLVZKROO\SHUYDGHGE\WKDWMXLFHVRWKHXQLYHUVHSURGXFHGLQ
PHLVSHUPHDWHGE\PHWKURXJKDQGWKURXJK
96, -XVWDVVXJDUJHQHUDWHGLQVXJDUFDQHMXLFHLVZKROO\SHUYDGHGE\LW MXLFH VRWKHXQLYHUVH
SURGXFHGLQPHLVSHUPHDWHGE\PHWKURXJKDQGWKURXJK

7KLVFDQEHXQGHUVWRRGRQO\WKURXJKWKHLOOXVWUDWLRQRI-DJUDWK6ZDSQD6XVKXSWL ZDNLQJGUHDPDQGGHHS
VOHHS 7KHERG\LV3DQFKD%KRXWKLNDPFRQVWLWXWHGRIILYHHOHPHQWV7KHHOHPHQWVEHFRPHWKHERG\WKHERG\
EHFRPHVWKHILYHHOHPHQWV$OOWKDWLVLQGUHDPWKHERG\HJRRWKHUREMHFWVHWFDUHLQPHWKH\DUHSHUYDGHGE\
PHWKURXJKDQGWKURXJK
,QZDNLQJDOOWKHILYHHOHPHQWVDUHSHUYDGLQJWKLVERG\RIPLQHMXVWDVWKH\SHUYDGHWKHZKROHXQLYHUVH
³7KURXJKDQGWKURXJKMXJLQZDWHULQVLGHRXWVLGHLQDQGWKURXJKWKHMXJWRR<RXKDYHWKHPLQGRQO\LQ
GUHDP
(YHU\GD\\RXKDYHDWDVWHDQG\RXKDYHDUHOLJLRQ7KHUHLWLV

7KHZRUOGDSSHDUVIURPWKHLJQRUDQFHRIWKH6HOIDQGGLVDSSHDUVZLWKWKHNQRZOHGJHRIWKH6HOIMXVW
DVWKHVQDNHDSSHDUVIURPWKHQRQFRJQLWLRQRIWKHURSHDQGGLVDSSHDUVZLWKLWVUHFRJQLWLRQ
96, 7KHZRUOGDSSHDUVRZLQJWRWKHLJQRUDQFHRIWKH6HOIDQGGLVDSSHDUVZLWKWKHNQRZOHGJHRIWKH
6HOIHYHQDVWKHVQDNHDSSHDUVIURPWKHQRQFRJQLWLRQRIWKHURSHDQGGLVDSSHDUVZLWKLWVUHFRJQLWLRQ

DSSHDUVDVGLIIHUHQWIURP\RXUVHOI
7KHPRPHQW\RXNQRZWKDWWKHZKROHZRUOGLV$WPDQWKHUHLVQRVQDNH,I\RXNQRZWKHVHOIHYHU\WKLQJLV

RQO\$WPDQ7KHZRUOGLV$WPDQEXW\RXKDYHPLVWDNHQLWIRUVRPHWKLQJHOVH<RXWKLQN\RXDUHLPSULVRQHG
ZLWKLQWKLVERG\EXWUHDOO\WKHVHOIPLQGDWPDQDZDUHQHVVLVZLWKLQ DQGZLWKRXW WKHERG\+HQFHZLGHQ\RXU
KHDUWPLQG\RXUVHOI

/LJKWLVP\YHU\QDWXUH,DPQRRWKHUWKDQOLJKW:KHQWKHXQLYHUVHPDQLIHVWVLWVHOIYHULO\WKHQLWLV,
WKDWVKLQH
96, /LJKWLVP\YHU\RULQPRVWQDWXUH,DPQRRWKHUWKDQWKDW:KHQWKHXQLYHUVHPDQLIHVWVLWVHOI
YHULO\WKHQLWLV,WKDWVKLQH

/LJKWLVP\YHU\QDWXUHPHDQV,DPRIWKHQDWXUHRINQRZLQJ
([LVWHQFHRI*RGPHDQVP\PLQGLVWKLQNLQJRI*RG*RGGHSHQGVRQ0HWKXV
:K\VKRXOGVORNDVSHDNRIWKLVXQLYHUVHLILWLVRIQRFRQVHTXHQFH",WLVWKHHVVHQFHRISKLORVRSK\WKDWLV
WKHUHOHYDQF\,WLVWKLV8QLYHUVHWKDWERWKHUV\RXDQGVRVWDQGRQWKLVXQLYHUVHZLWKDILUPIRRWDQGLQTXLUH
'RQ
WIO\WR$WPDQNLFNLQJWKLVXQLYHUVHEHKLQG7KDWLVQRWWKHZD\WR%UDKPDJQDQDPWRWUXWK
7LOOZHNQRZ$WPDQZHKDYHRQO\WKHPLQGDQGLWVLGHDV,I\RXGRQRWJRHYHQWRLGHDVLWLV5HDOLVP,I\RX
VWRSDWLGHDVLWLVRQO\YLMQDQDYDGDRU,GHDOLVPRU+HJHOLDQLVP
,I\RXJREH\RQGLGHDVDQGPLQGLWLVQRWKLQJEXW$WPDQWKFKDSWHURI*LWDVD\VRQO\WKLV³LQVLGHDQG
RXWVLGH3UDNULWL 1DWXUH HYHU\ZKHUHLVRQO\$WPDQ´
/LJKW.QRZOHGJHWKHFDSDFLW\WRNQRZWKHPLQGLWVHOIOLJKWVXSLHPDNHV\RXDZDUHRIDQ\WKRXJKWLGHDRU
REMHFW
³:KHQWKLVXQLYHUVHPDQLIHVWVLWVHOIYHULO\LWLV,WKDWVKLQH,DPWKHVHHUDQGZKDWDSSHDUVLVP\VHOIFI
GUHDPH[SHULHQFH
$QDO\]HWKHXQLYHUVHLQWKHZDNLQJVWDWHDQGWKHQ\RXZLOOXQGHUVWDQGWKLV
:HPLVWDNHERG\WREHPDWWHUDQGHYHU\WKLQJHOVHDVPLQG-RKQVRQ 6DPXHO WKLQNVKLVERG\LVPDWWHUKH
FRXOGQRWXQGHUVWDQGWKDWKLVERG\LVDQLGHD(YHU\WKLQJHOVHLV%UDKPDQH[FHSW\RXZRPDQDQGPHVD\V
/HNUDM,IHYHU\WKLQJLV%UDKPDQZK\GR\RXZDQWDQ\WKLQJ

2KWKHXQLYHUVHDSSHDUVLQPHFRQFHLYHGWKURXJKLJQRUDQFHMXVWDVVLOYHUDSSHDUVLQWKHPRWKHURI
SHDUODVQDNHLQWKHURSHDQGZDWHULQWKHVXQEHDP
96, 2KWKHXQLYHUVHDSSHDUVLQPHFRQFHLYHGWKURXJKLJQRUDQFHMXVWDVVLOYHUDSSHDUVLQWKHPRWKHU
RISHDUODVQDNHLQWKHURSHDQGZDWHULQWKHVXQEHDP

<RXVHHZDWHUZKHQWKHUHLVDUHIOHFWLRQRIWKHOLJKWRQWKHVDQG0LUDJH,QGUHDPHYHU\WKLQJLVLQPHEHFDXVH
WKHXQLYHUVHRIGUHDPLVLQP\PLQGDQG\HWGLIIHUHQWOLNHZLVHLQWKHZDNLQJVWDWHWKHZKROHXQLYHUVHRQO\
DSSHDUVLQPHRQO\XVH \RXUFRPPRQVHQVHLQWKHZDNLQJVWDWH%HFDXVHZHDUHDWWDFKHGWRERG\ZHWKLQNWKH
8QLYHUVHWREHUHDODQGQRWDQDSSHDUDQFHLVLQGUHDP
9LNDOSLWKDPLGHDLPDJLQHG
7KHOLWWOHLQVDQLW\ZKLFKLVHYHUSUHVHQWLQDOOLPDJLQDWLRQVLVZKDW9HGDQWDFDOOV$JQDQ%HWUXWKIXOZLWKD
YHQJHDQFH7KDWLVWKHRQO\FRQGLWLRQIRU9HGDQWD2WKHUZLVHKDYHDQ\WKLQJ\RXOLNHDQGEHKDSS\EXWGRQ
W
PLVOHDGRWKHUV³5XS\DP6XNWKRZWKHSRLQWKHUHLVWKDWZKDW\RXKDYH LQWKLVXQLYHUVH LVRQO\DQDSSHDU
DQFHVLQFHLWFKDQJHVHYHU\VHFRQGDWQRWLPHLVLWXQFKDQJLQJWKHQZKHUHKDVLWJRQH"6FLHQFHLVPRUH
SRZHUIXOWKDQWKHRULHV2QHERPEWKURZQZLOOFRQYLQFH\RXPRVWWKDQDQ\WKLQJHOVH5XS\DPVXNWKRZDV
VLOYHUDSSHDUVLQWKH0RWKHURISHDUOIRUWKHWLPHEHLQJ
6FLHQFHZDQWVWRNQRZKRZWKHFKDQJHVKDSSHQ+RZGR\RXNQRZWKLVLVDPLUDJHWKLVLVRQO\DVLOYHU\
DSSHDUDQFHLQWKHSHDUOH[FHSWWKURXJKVFLHQFHLQTXLU\
,VERG\0LWK\D LOOXVLRQ ",VHDWLQJLOOXVLRQ"7RVD\VRLVHDV\EXWWRNQRZLWLVGLIILFXOW

-XVWDVDMXJGLVVROYHVLQWRFOD\DZDYHLQWRZDWHURUDEUDFHOHWLQWRJROGVRWKHXQLYHUVHZKLFKKDV
HPDQDWHGIURPPHZLOOGLVVROYHLQWR0H

96, -XVWDVDMXJGLVVROYHVLQWRHDUWKDZDYHLQWRZDWHURUDEUDFHOHWLQWRJROGVRWKHXQLYHUVH
ZKLFKKDVHPDQDWHGIURPPHZLOOGLVVROYHLQWR0H

LQWRPHMXVWDVLQGUHDP
7KLVLVDEVROXWHO\DYDVWDWUD\D'LVVROXWLRQRIWKHXQLYHUVHGDLO\LQVOHHSLQPHDVLWKDVHPDQDWHGIURPDQGLQ
0HLQWKHPDNLQJFISDGDVLOOXVWUDWLRQRIWKH8SDQLVKDGV7KHZDNLQJLVFRQYHUWHGLQWRGUHDPVWDWHDQGWKH
GUHDPLVFRQYHUWHGLQWRVOHHS:HGRQRWNQRZWKLVEHFDXVHZHGRQRWNQRZWKDWPDWWHULVDQLGHDDQGDJDLQZH
DUHDIUDLGWKDWRXUERG\ZLOOJRRXUHJRZLOOJR+RZFDQZHWROHUDWHLW'HDWKLVWKHFXUHIRULW
,QWKHUHLVDQDSSHDOWR\RXUSHUVRQDOH[SHULHQFH,GHDVEHFRPHUHDOLWLHVWKDW LVWKHGRFWULQHFI7KH
HQJLQHHUVFRQFHLYHGWKHLGHDILUVWDQGWKHQWKH\WDNHWKHIRUPRIWKHEXLOGLQJ<RXKDYHVRPHLGHDVDQG\RXJR
RQWKLQNLQJELUWKDIWHUELUWK\RXJHWWKHPUHDOL]HGRUFRQFUHWL]HG7KRXJKWEHFRPHVDFWXDOLW\7KDWLV.DUPD
$V\RXWKLQNVRVKDOO\RXUHDS

:RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRNQRZQRGHFD\DQGVXUYLYHHYHQWKHGHVWUXFWLRQRIWKH
ZRUOGIURP%UDKPDGRZQWRDFOXPSRIJUDVV
96, :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRNQRZQRGHFD\DQGVXUYLYHHYHQWKHGHVWUXFWLRQRI
WKHZRUOGIURP%UDKPDGRZQWRDFOXPSRIJUDVV

7KHZRQGHUFRQVLVWVLQWKHGLVDSSHDUDQFHRIWKH8QLYHUVHLQ0H,WVWDUWVZLWKWKH8QLYHUVH,VXUYLYHHYHQWKH
GHVWUXFWLRQRIWKHZRUOGEHFDXVH,ZLWQHVVWKHGHDWKRIRWKHUWKLQJV+HQFH³ZRQGHUIXODP,$OOUHOLJLRQLV
VZDOORZHGXSE\PHDQGDOOUHOLJLRQHTXDOO\HPDQDWHVIURPPH$QGKHQFH³,PXVWEHZRUWK\RIDGRUDWLRQ,
KDYHQRWVHHQP\GHDWK,VHHRQO\WKHGHDWKRIRWKHUV

:RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRWKRXJKZLWKDERG\DP2QHZKRQHLWKHUJRDQ\ZKHUH
QRUFRPHIURPDQ\ZKHUHEXWDELGHSHUYDGLQJWKHXQLYHUVH
96, :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRWKRXJKZLWKDERG\DP2QHZKRQHLWKHUJR
DQ\ZKHUHQRUFRPHIURPDQ\ZKHUHEXWDELGHSHUYDGLQJWKHXQLYHUVH

,DPWKH2QHZLWQHVVQHLWKHUJRLQJRUFRPLQJJRLQJ DQGFRPLQJDUHLGHDVRQO\LQ0H
,I\RXFRQILQH\RXUVHOIWRZDNLQJVWDWHRQO\VFLHQFHLVQHFHVVDU\WRXQGHUVWDQGWKDWXOWLPDWHO\HYHU\WKLQJLV
LGHDLPDJLQDWLRQRQO\³3HUYDGLQJWKHXQLYHUVHLHZKHUHYHUWKHLGHDVJRWKHLGHDVGRQRWJRDQ\ZKHUHWKH\
DUHRQO\LQ\RXUPLQGRQO\7KXV\RXSHUYDGHWKHXQLYHUVH7KLVYHUVHWRRHQGVZLWKWKHWHUP³XQLYHUVH7KH
XQLYHUVHLVWKHKLQJH
7KHUHLVQRSDUWRIWKHXQLYHUVHLQZKLFK\RXDUHQRWWKHPLQGLVQRW7KHQKRZFDQ\RXVSHDNRIWKHXQLYHUVH
DWDOO"
,PDJLQDWLRQLWVHOILV0LQG%UDKPDQDQGZKHUH%UDKPDQDORQHLVLQPLQGDQGLGHDVDQGXQLYHUVH:KHUHLVWKH
XQLYHUVHWKHQ"
³3KLORVRSK\LVQRWDVWKHQDWXUDOLVWLVLQFOLQHGWRWKLQNPHUHZRUGVSLQQLQJQRUYHUEDODFUREDWLFVEXWDQ
LQWHOOHFWXDOQHFHVVLW\)57KRPSVRQ
³:HKDYHKDGHQRXJKRIDXWKRULW\5HDOL]DWLRQFRPHVIURPWKLQNLQJ7KHJORU\RIPDQLVWKDWKHLVWKHWKLQNLQJ
EHLQJ
+DYHVRPHWKLQJWRVD\IRU\RXUVHOI'RQRWFOLQJWRROGVXSHUVWLWLRQ%HHYHUUHDG\IRUQHZWUXWKV(DFKPDQLV
SHUIHFWE\KLVQDWXUH3URYHWKDW*RGLVOLYLQJ
*QDQWHDFKHVWKDWWKHZRUOGVKRXOGEHUHQRXQFHG EXWQRWDEDQGRQHG6\PSDWKL]HZLWKWKRVHZKRFDQQRW
IROORZUHDVRQ*UHDWGDQJHUVOLHLQDXWKRULWDULDQLVP9HGDQWDWHDFKHVWKDWUHDOL]DWLRQFRQVLVWVµKHUHDQGQRZ¶
0DNH\RXUFKLOGUHQVWURQJIURPWKHLUYHU\FKLOGKRRGOHWWKHPVWDQGRQWKHLURZQOHJVEROGDOOFRQTXHULQJDQG
OHWWKHPOHDUQWKHJORU\RIWKHVRXOZKLFK9HGDQWDDORQHWHDFKHV
7KHUHLVQRVXFKWKLQJDVFDXVHDQGHIIHFW
,FDQQRWWDNHEHOLHIDVDEDVLV7KDWLVDWKHLVP

:KHUHQRERQGDJH $JQDP WKHUHLVQRFDXVHDQGHIIHFW(XURSHFDQQRWXQGHUVWDQGWKLV
,WKDVEHFRPHDSDUWRIRXUQDWXUHWRTXRWHDXWKRULWLHV
7KHIUHHQHYHUEHFDPHERXQG1RERQGDJHQROLEHUDWLRQ
,WLVLOORJLFDOWRDVNKRZWKHIUHHEHFDPHWKHERXQG+RZGLG0D\DFRPH"
6FLHQFHDQGUHOLJLRQDUHERWKKHOSVWRJHWXVRXWRIERQGDJH 6ZDPL9LYHNDQDQGD LH.VKHWUDDQG.VKHWUDJQD
³RQO\UHOLJLRQLVWKHPRUHDQFLHQWDQGZHKDYHWKHVXSHUVWLWLRQWKDWUHOLJLRQLVKRO\
³,QQDWXUHWKHUHLVQRVXFKGLYLVLRQDVLQWHUQDODQGH[WHUQDO6ZDPL9LYHNDQDQGD
FI*LWD6FLHQFHLVWRVKRZWKHRQHQHVV
FISDJH$VFORWKZKHQDQDO\VHGHWF
³%HVWHDG\LQWKHSXUVXLWRI7UXWKWKHQ DORQHLVWKLVSRVVLEOHFI7KRVHZKRDUHQRWVWURQJFDQQRWKDYHLW
VD\V.DWKD8S
7KHGLVHQWDQJOLQJRIFDXVHDQGHIIHFWLVDKXJHSUREOHPLQPHQWDOWKLQNLQJ%XGGKLIXQFWLRQVRQO\ZKHUHWKHUH
LVGXDOLW\%ULKD8SLVWKHJUHDWHVWERRNLQWKHZRUOG0DQGXN\DLVVDUYDYHGDQWDVDUDVDPJUDKDP WKHHVVHQFH
RIWKHHSLWRPHRIDOO9HGDV FI+RZ9HGDQWDLVWDXJKWLQWKH&KDQGRJ\D8SDQLVKDG
7KHILUVWWKLQJDFKLOGWKLQNV:KDWLVLW"
,WLVEDVHGRQJHQXLQHSV\FKRORJ\:KDWLVWKHILUVWWKRXJKWRIWKHFKLOG"(YHQZKHQWKHFKLOGLVWKUHH\HDUVROG
LWGRHVQRWWKLQNRI,RUPH7KH\WDONDVWKLUGSHUVRQVSRLQWLQJRXWZLWKWKHLUILQJHUV:KDWLVLWWKH\SRLQW
RXWWR"7KH\SRLQWWRWKHERG\RQO\7KHH[WHUQDORUWKHREMHFWVRI'UV\DPILUVWDWWUDFWVWKHPLQG
,WLVRXUVXUURXQGLQJVHQYLURQPHQWVREMHFWVDJDLQVHHQZKLFKWHOO\RXWKDW\RXDUHDZDNHLHREMHFWSURGXFHV
DUHDFWLRQLQ\RX
:LWKRXW0LWK\DRU0D\DRU'UV\DP'ULNLVYHU\GLIILFXOWWRH[SODLQ,I\RXWKLQNDQ\WKRXJKW\RXDUHREOLJHG
WRWKLQNLQWHUPVRIREMHFWVRU'UV\DP7KLVLV0D\D
7KHYDOXHRI0D\DWKLV GUV\DUHDFWLRQFRQVLVWVLQPDNLQJ\RXWKLQNRI$WPDQRU%UDKPDQ7KXV0D\DVHUYHV
DVDVWHSSLQJVWRQHWRZDUGWUXWK
7KXV0D\DRU'UV\DLVWKHSRLQWZLWKZKLFKZHDUHWRVWDUW:KDWLVLWWKDWVHHVWKDWZDQWVWKDWVHHVHWFWKH
FKDLQRILQTXLU\SURFHHGVWLOO\RXFRPHWRWKH'ULN:KDWLVLWWKDWGHULYHVVDWLVIDFWLRQ"
:KHQ\RXJHWGLVDSSRLQWHGZLWKERG\\RXJRWRWKHVHHURIWKHERG\6FLHQFHFDQ
WJRIXUWKHU,WLVEDVHGRQ
JHQXLQHSV\FKRORJ\.VKHWUD LVWKHILUVWWKLQJIRU*QDQ
³7KHHQGDQGDLPRIDOOVFLHQFHVLVWRILQGXQLW\´6ZDPL9LYHNDQDQGD WKRXJKVFLHQFHGRHVQRWILQGLW 
6FLHQFHIRUFHV\RXWRDWWDLQXQLW\7KLVLVEHVWLOOXVWUDWHGLQ%ULKDGDUDQ\DND
7KHQZHFRPHWRWKH%ULKDGDUDQ\DNDSRVLWLRQ³:KDWLVWKDW2QH"´+RZGR,JHWWKHLGHDRIXQLW\ZKHQZHDUH
LQDQGIRQGRIYDULHW\PDQLIROGQHVV"+RZGRZHFRPHWRXQLW\LGHD
6XSSRVLQJWKHUHLVRQO\RQHWKLQJZHKDYHRUVXSSRVHZHKDYHRQO\ZKLWHQHVVFRXOG \RXKDYHDQLGHDRI
XQLW\RUZKLWHQHVV":KHQWKHUHLVRQHZKLWHQHVV9HGDQWDDVNV&RXOG\RXKDYHDQ\VHQVHRIWKHLGHDRIWKH
FRORULWVHOI"
(YHU\LGHDLPSOLHVDFRQWUDGLFWLRQDQG\RXULGHDRIYDULHW\WRR&RORULVXQGHUVWRRGDVFRQWUDVWHGZLWK
FRORUOHVVQHVV9DULHW\LVXQGHUVWRRGLQFRQWUDGLFWLRQWRXQLW\
+HQFHDQDO\]HWKHZRUOGDVDSLHFHRIFORWKLVDQDO\VHGDQGLVIRXQGWREHFRWWRQVR GRZLWKWKHXQLYHUVH
GUV\DP0D\DDQGWKHQ\RXDUULYHDWWKHFRQFOXVLRQWKDWLWLVDOOPLQG$WPDQQRQGXDO%UDKPDQ
+HQFHGRQ¶WWDNHDQ\WKLQJIRUJUDQWHG$JXUXLVQHHGHGWRGLUHFW\RXWRWHOO\RXZKHWKHU\RXKDYHJRQHWRWKH
WUXWKUHDO%HQDUHVDQG.DLODV:HGRQ
WGHSHQGRQLQWXLWLRQ
$QG$VKWDYDNUDDQGLWVVFLHQWLILFDQDO\WLFPHWKRGZKLFKVHHNVRQO\7DWYDP DQGQRWPDWDP RULQWXLWLRQV
7KH7UXWKLVIRXQGRQO\LQWKH8QLW\RI([SHULHQFH.VKHWUDDQG.VKHWUDJQDWKDW.VKHWUDLVIURP.VKHWUDJQD
ZKHQ\RXNQRZ.VKHWUDDQG.VKHWUDJQDWRJHWKHU\RXKDYHJQDQD<RXPXVWKDYHWKHVUDGGKDWRJHWWRWKH
YHU\URRWRIWKHPDWWHUGRQ¶WVD\,NQRZ,NQRZFI*LWDWKFKDSYHUVHDQG6UDGGKDLVSUHSDUDWLRQ
IRUVXFKDQGKHQFHLWVLPSRUWDQFH
,WLVQHFHVVDU\DQGQDWXUDOIRUWKHKXPDQPLQGWRSURFHHGIURP.VKHWUD'UV\DPREMHFWVERG\EXWJRDKHDG
1RXVHRIVWDUWLQJZLWK6RXO*RGHWFLQSKLORVRSK\,WLVDOOUHOLJLRQLQWXLWLRQLPDJLQDWLRQQRQVFLHQWLILFFI

8SDQLVKDGVKRZ,QGUDWDXJKW:DWHULV%UDKPDQHWF)LUHLV%UDKPDQWLOO\RXFRPHWRZKDWHYHU\RXVHHLV
%UDKPDQ
.VKHWUDJQDLVQRWWREHLPDJLQHGEXWSURYHGUHDOL]HG'RQRWDVVXPH.VKHWUDJQDDVWKH'ZDLWLQVKROG,I\RX
JLYHXS.VKHWUD\RXZLOOKDYHUHOLJLRQ,I\RXKDYH.VKHWUD\RXZLOOJHWWUXWK
3DQFKDGHVKLDQG9LYHNDFKXGDPDQLDOVRLQVLVWRQWKHVWXG\DQGDQDO\VLVRI'UV\DPLHVFLHQFHKDVXWPRVW
YDOXHFI$VKWDYDNUDSDJHZKLFKGHDOVZLWK.VKHWUDWKHXQLYHUVH,I\RXJLYHXS.VKHWUD\RXZLOOKDYH
RQO\UHOLJLRQLI\RXKDYH.VKHWUDLWLVSKLORVRSK\2QO\DIWHUKDYH\RXµ,¶*ORULRXV DP,6DOXWDWLRQVXQWR
PHWKH'ULNWKH$WPDQQRQGXDO8QLW\ LQ%UDKPDQ
$OZD\VDVNIRUSURRILI\RXZDQWWRNQRZ9HGDQWD7KHVWUHQJWKRIDOOUHOLJLRQVLVWKDW\RX FDQ
WGLVSURYHWKHLU
GRJPDWLFVWDWHPHQWV%XW9HGDQWDZDQWV\RXQRWWREHOLHYHDQ\WKLQJZLWKRXWSURRI
FI0DGKX9LG\DRI%ULK8S³6KRZKHUH3URRILVSRVVLEOHLQ'UV\DP3DJH7KLVLV³0DGKX´IRU
WKDWHWFWKDWDOODUHLQWHUGHSHQGHQWLHHYHQLQGUV\DPXOWLPDWHO\WKHUHLVRQHVXEVWDQFH
+RZWRYHULI\RUSURYH$VKWDYDNUDGHDOVZLWKLW²³$VFORWKZKHQDQDO\VHGVRZKHQ'UV\DPLVDQDO\VHGLW
UHVROYHVLQWR'ULN7KH8QLYHUVHLGHDPXVWEHWKHUHEHIRUHµ,¶FDQFRPHLQLH2QO\LQ.VKHWUDGRHVWKHHJR
H[LVW
.VKHWUDJQDLVGHULYHGIURPWKH.VKHWUDRU'UV\DRUERG\.QRZ.VKHWUDDQGWKHQNQRZWKHNQRZHURI
.VKHWUD*LYHXS8QLYHUVHDQGWKHUHLVQRSKLORVRSK\

:RQGHUIXODP,$GRUDWLRQWRP\VHOI7KHUHLVQRQHVRFDSDEOHDVZKRDPEHDULQJWKHXQLYHUVHIRU
DOOHWHUQLW\ZLWKRXWWRXFKLQJLWZLWKWKHERG\
96, :RQGHUIXODP,$GRUDWLRQWRP\VHOI7KHUHLVQRQHVRFDSDEOHDVZKRDPEHDULQJWKH
XQLYHUVHIRUDOOHWHUQLW\ZLWKRXWWRXFKLQJLWZLWKWKHERG\

³IRUDOOHWHUQLW\LQFRQWUDVWWRWKHHSKHPHUDOLW\RIREMHFWVVHHQWKH6HHUHYHUUHPDLQVWKHUH
:KRDUH\RX",ZKRDPEHDULQJWKH8QLYHUVHZLWKRXWWRXFKLQJLWZLWKWKHERG\'RHVWKHVQDNHWRXFKWKHURSH
LQWKHURSHVQDNH",WLVRQO\\RXULPDJLQDWLRQRU PLUDJHZDWHULQWKHVDQG\SODLQRUMXVWOLNHDGUHDP

:RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRKDYHQRWKLQJRUDOOWKDWLVWKRXJKWDQGVSRNHQRI
96, :RQGHUIXODP,$GRUDWLRQWRP\VHOIZKRKDYHQRWKLQJRUDOOWKDWLVWKRXJKWDQGVSRNHQRI

$OOWKDWLVWKRXJKWRIDQGVSRNHQRI L ,DPLPDJLQLQJDERG\,KDYHFUHDWHGD*RGDQGDPGRLQJ1DPDVNDU
LH-LYDWPDDQG3DUDPDWPD 6RXODQG*RG  LL 7KHZKROHZRUOGLVP\FUHDWLRQLH3UDNULWL$OOWKUHH-LYD
3DUDPDWPDQDQG3UDNULWLDOO DUH3UDNULWL0D\DGUV\DPFI,QGUHDPHYHU\WKLQJLV.VKHWUD
7KH.VKHWUDLVWREHFRQYHUWHGLQWR.VKHWUDJQDDQGWKHQWKHDGRUDWLRQWR0\VHOI

.QRZOHGJHNQRZHUDQGWKHNQRZDEOHWKHVHWKUHHGRQRWH[LVWLQUHDOLW\,DPWKDWVWDLQOHVV6HOILQ
ZKLFKWKLVWULDGDSSHDUVWKURXJKLJQRUDQFH
96, .QRZOHGJHNQRZHUDQGWKHNQRZDEOHWKHVHWKUHHGRQRWH[LVWLQUHDOLW\,DPWKDWVWDLQOHVV
6HOILQZKLFKWKLVWULDGDSSHDUVWKURXJKLJQRUDQFH

*QDQDP L &RQVFLRXVQHVVRUNQRZOHGJHRIDQLGHDRUREMHFW'UV\DP LL 7KDWZKLFKLVJQD HVVHQFHRI


.VKHWUD RUWKHHVVHQFHRINQRZHUHVVHQFHRI\RXUGUHDPLV PLQGHJOLRQUXQQLQJDQG\RXUIHDUDOODUH
PLQGRU*QDVZDUXSRQO\
³.QRZOHGJHNQRZHUDQGNQRZDEOHGR QRWUHDOO\H[LVWLQWUXWKIRUDOOWKH7ULSXWLLHNQRZHUNQRZOHGJHDQG
NQRZQGLVDSSHDULQGHHSVOHHS
+RZGR\RXNQRZUHDOLW\" $OODUHWKRXJKWVLGHDV\RXKDYHWRNQRZDQGVHFRQGO\WKDWDOOLGHDVGLVDSSHDU
LQVOHHSKHQFHWKH\DUHQRWWKHUHDOLW\

2KWKHURRWRIPLVHU\LVGXDOLW\7KHUHLVQRRWKHUUHPHG\IRULWH[FHSWWKHUHDOL]DWLRQWKDWDOOREMHFWV

RIH[SHULHQFHDUHXQUHDODQGWKDW,DPSXUH2QH&RQVFLRXVQHVVDQG%OLVV
96, 2KGXDOLW\LVWKHURRWRIPLVHU\7KHUHLVQRRWKHUUHPHG\IRULWH[FHSWWKHUHDOL]DWLRQWKDWDOO
REMHFWVNQRZQDUHXQUHDODQGWKDW,DPWKH2QHDOOSXUH,QWHOOLJHQFHDQG%OLVV

DP3XUH&RQVFLRXVQHVV7KURXJKLJQRUDQFH,KDYHLPSRVHGOLPLWDWLRQVXSRQP\VHOI&RQVWDQWO\
UHIOHFWLQJLQWKLVZD\,DPDELGLQJLQWKH$EVROXWH
96, DP3XUH,QWHOOLJHQFH7KURXJKLJQRUDQFH,KDYHLPSRVHGOLPLWDWLRQVXSRQP\VHOI&RQVWDQWO\
UHIOHFWLQJLQWKLVZD\,DPDELGLQJLQWKH$EVROXWH

LQWHOOLJHQFHLHNQRZLQJDZDUHQHVVWKLVZD\WKLVLVJLYHQDVDSUDFWLFDOH[HUFLVHWRDFKLHYH*QDQD

KDYHQHLWKHUERQGDJHQRUIUHHGRP+DYLQJORVWLWVVXSSRUWWKHLOOXVLRQKDVFHDVHG2KWKH
XQLYHUVHWKRXJKH[LVWLQJLQPHGRHVQRWLQUHDOLW\VRH[LVW
96, KDYHQHLWKHUERQGDJHQRUIUHHGRP7KHLOOXVLRQKDYLQJORVWLWVVXSSRUWKDVFHDVHG2KWKH
XQLYHUVHWKRXJKH[LVWLQJLQPHGRHVQRWLQUHDOLW\VRH[LVW

LQPHLQWKHDWPDQDVLQDGUHDP
LQUHDOLW\EXWDVDQDSSHDUDQFHDQLGHD

KDYHNQRZQIRUFHUWDLQWKDWWKHERG\DQGWKHXQLYHUVHDUHQRWKLQJDQGWKDWWKH6HOILV3XUH
&RQVFLRXVQHVVDORQH6RRQZKDWLVLWQRZSRVVLEOHWREDVHLPDJLQDWLRQ"
96, KDYHNQRZQIRUFHUWDLQWKDWWKHERG\DQGWKHXQLYHUVHDUHQRWKLQJDQGWKDWWKH$WPDQLVRQO\
3XUH,QWHOOLJHQFH6RRQZKLFKQRZFDQVXSHULPSRVLWLRQEHSRVVLEOH"

1RWKLQJQRWUHDOLWLHV WKLVGRHVQRWPHDQQRQH[LVWHQW
,QWHOOLJHQFHXQGLIIHUHQWLDWHGPHQWDOLHFDQQRWEHSHUFHLYHGHYHQLQWHUQDOO\DVDQREMHFW
SRVVLEOH+RZFDQLGHDVEHVXSHULPSRVHGZKHQWKHUHLVQREDVLVIRUWKHPZKHQWKHUHLVQRVHFRQGWKLQJ
WRUHFHLYHWKHP"$VLQDGUHDPWKHVXSHULPSRVLWLRQRIZRUOGLVQRWUHDOEHFDXVH$WPDQLVHYHU\ZKHUH

%RG\KHDYHQDQGKHOOERQGDJHDQGIUHHGRPDVDOVRIHDUDOOWKHVHDUHPHUHLPDJLQDWLRQ:KDWKDYH
,WRGRZLWKDOOWKHVH,ZKRVHQDWXUHLV3XUH&RQVFLRXVQHVV"
96, %RG\KHDYHQDQGKHOOERQGDJHDQGIUHHGRPDVDOVRIHDUDOOWKHVHDUHPHUHLPDJLQDWLRQ:KDW
KDYH,WRGRZLWKDOOWKHVH,ZKRVHQDWXUHLV&KLW"

%RG\PDWHULDOLVPKHOOUHOLJLRQIHDURIGHDWK,PDJLQDWLRQLHLGHDVPHQWDOFRQVWUXFWLRQVZKLFKFRPH
DQGJRXQUHDO
&KLWLHWKHLUVHHUWKHLUNQRZHU0LQG

2K,GRQRWILQGDQ\GXDOLW\(YHQWKHPXOWLWXGHRIKXPDQEHLQJVWKHUHIRUHKDVEHFRPHOLNHD
ZLOGHUQHVV7RZKDWVKRXOG,DWWDFKP\VHOI"
96, 2K,GRQRWILQGDQ\GXDOLW\(YHQWKHPXOWLWXGHRIKXPDQEHLQJVWKHUHIRUHKDVEHFRPHOLNHD
ZLOGHUQHVV:KDWVKRXOG,DWWDFKP\VHOIWR"

EHLQJVWKLVLQFOXGHVKLPVHOI
EHFRPHRQO\ZKHQKHWKLQNVDERXWLW QRWVXGGHQO\ 
:LOGHUQHVVZKHUHWKHUHDUHQRVLJQVRUSDWKVDQGRQO\FRQIXVLRQDULVHV
%HWWHUWUDQVODWLRQRIYHUVH
(YHQZKHQ,DPLQWKHPLGVWRIDPXOWLWXGHRIKXPDQEHLQJVHYHQWKHQ,GRQRWILQGDQ\GXDOLW\IRU,NQRZ
DOOWKHVHERGLHVWREHRQO\PLQGXOWLPDWHO\


DPQRWWKLVERG\QRUKDYH,DERG\,DPQRWMLYD,DP3XUH&RQVFLRXVQHVV7KLVLQGHHGZDVP\
ERQGDJHWKDW,KDGWKLUVWIRUOLIH
96, 1HLWKHUDP,WKLVERG\QRULVWKHERG\PLQH,DPQRWMLYD,DP&KLW7KLVLQGHHGZDVP\
ERQGDJHWKDW,KDGWKLUVWIRUOLIHWKHOLIHRIWKHHJRDQGWKHERG\RIZKLFKWKHVHHGLVWKH,RUWKDW,ZDV
DWWDFKHGWRHPERGLHGH[LVWHQFH

-LYDWKHSHUVRQDOLW\
&KLW7KHVHHURIWKHSHUVRQDOLW\RUFRQVFLRXVQHVVZLWKRXWUHIHUHQFHWRREMHFW
WKLUVWIRUOLIHLHWKHOLIHRIWKHHJRDQGWKHERG\RIZKLFKWKHVHHGLVWKH,

2KLQPHWKHOLPLWOHVVRFHDQRQWKHULVLQJRIWKHZLQGRIWKHPLQGGLYHUVHZDYHVRIZRUOGVDUH
SURGXFHGIRUWKZLWK
96, 2KLQPHWKHOLPLWOHVVRFHDQGLYHUVHZDYHVRIZRUOGVDUHSURGXFHGIRUWKZLWKRQWKHULVLQJRI
WKHZLQGRIWKHPLQGWKDWZKLFKPRYHVPLQGRUWKDWZKLFKSURGXFHVZRUOGVDVLQGUHDP

0LQGDVVRRQDVWKRXJKWVFRPH
ZLQGRIWKHPLQGWKDWZKLFKPRYHVWKHPLQGRUWKDWZKLFKSURGXFHVZRUOGVDVLQGUHDP

:LWKWKHFDOPLQJRIWKHZLQGRIWKHPLQGLQWKHLQILQLWHRFHDQRIP\VHOIWKHDUNRIWKHXQLYHUVH
XQIRUWXQDWHO\IRUMLYDWKHWUDGHUPHHWVGHVWUXFWLRQ
96, :LWKWKHFDOPLQJRIWKHZLQGRIWKHPLQGLQWKHLQILQLWHRFHDQRIP\VHOIWKHDUNRIWKHXQLYHUVH
RIMLYDWKHWUDGHUXQIRUWXQDWHO\PHHWVZLWKGHVWUXFWLRQ7KHHJRDQGLWVZRUOGRIREMHFWVDUHFUHDWHGE\WKH
PLQGDVLQGUHDPDQGPXVWYDQLVKZKHQWKHPLQGLVVWLOO

WUDGHUVHDWUDYHOLQJPHUFKDQWGHVWUXFWLRQLHWKHHJRGLVDSSHDUV DVLQVOHHS
7KHHJRDQGLWVZRUOGRIREMHFWVDUHFUHDWHGE\WKHPLQGDVLQGUHDPDQGPXVWYDQLVKZKHQPLQGLVVWLOO

+RZZRQGHUIXO,QPHWKHVKRUHOHVVRFHDQWKHZDYHVRILQGLYLGXDOVHOYHVDFFRUGLQJWRWKHLU
QDWXUHULVHVWULNHHDFKRWKHUSOD\IRUDWLPHDQGGLVDSSHDU
96, +RZZRQGHUIXO,QPHWKHVKRUHOHVVRFHDQWKHZDYHVRILQGLYLGXDOVHOYHVULVHVWULNHHDFK
RWKHUSOD\IRUDWLPHDQGGLVDSSHDUHDFKDFFRUGLQJWRLWVQDWXUH

6WULNHWKHPRYHPHQWFRQIOLFWDQGFKDQJHVDPRQJLQGLYLGXDOVFRQVWDQWO\RFFXUULQJ6LPLODUO\LGHDVLQ
GUHDPDUHFUHDWHGDQGGLVVROYHGDIWHUEHLQJDFWLYHIRUDZKLOHGLVDSSHDULQGLYLGXDOVDUHGDLO\EHLQJERUQDQG
GDLO\G\LQJOLNHLGHDVLQWKHPLQGQDWXUHWKHUHLVLPPHQVHYDULHW\LQ1DWXUH

&KDSWHU6HHNHUV6WHSV
7HVWRI6HOI5HDOL]DWLRQ

$VWDYDNUDVDLG

+DYLQJNQRZQ\RXUVHOIDVUHDOO\LQGHVWUXFWLEOHDQG2QHKRZLVLWWKDW\RXNQRZHURIWKH6HOIDQG
VHUHQHIHHODWWDFKHGWRWKHDFTXLVLWLRQRIZHDOWK"
96, +DYLQJOHDUQWWKHFRQFHSWRI\RXUVHOIDVUHDOO\LQGHVWUXFWLEOHDQG2QHKRZLVLWWKDW\RXVHUHQH
NQRZHURIWKH6HOIIHHODWWDFKHGWRWKHDFTXLVLWLRQRIZHDOWK"

6HOI<RXNQRZLQWHOOHFWXDOO\ZKDWDUHWKHFKDUDFWHULVWLFVRI6HOIEXW\RXKDYH\HWWRFRQVLVWHQWO\UHDOL]H
WKHP7KHUHDUHWZRVWDJHVRUNQRZLQJLWILUVWIRUPLQJDQLGHDVHFRQGEHFRPLQJLGHQWLILHGZLWKLW

ZHDOWK,WLVQRWHQRXJKWRUHDGERRNVQRWHQRXJKWRLQWHUSUHWVFULSWXUHVRQHPXVWIHDUOHVVO\DSSO\RQH¶V
NQRZOHGJH

$ODVDVJUHHGDULVHVIURPWKHLOOXVLRQRIVLOYHUFDXVHGE\LJQRUDQFHRIWKHPRWKHURISHDUOHYHQVR
DULVHVDWWDFKPHQWWRWKHREMHFWVRILOOXVRU\SHUFHSWLRQIURPLJQRUDQFHRIWKH6HOI
96, $ODVDVJUHHGDULVHVIURPWKHLOOXVLRQRIVLOYHUFDXVHGE\WKHLJQRUDQFHRIWKHSHDUOR\VWHUHYHQ
VRGRHVWKHDWWDFKPHQWWRWKHREMHFWVRILOOXVRU\SHUFHSWLRQDULVHIURPWKHLJQRUDQFHRIWKH6HOI

VLOYHUWKHLJQRUDQFHDULVHVIURPWZRIROGFDXVHILUVWWKHVLOYHULVUHJDUGHGDVDVHFRQGWKLQJVHFRQG\RX
KDYHWKHGHVLUHIRUVLOYHU

+DYLQJNQRZQ\RXUVHOIWREH7KDWLQZKLFKWKHXQLYHUVHDSSHDUVOLNHZDYHVRQWKHVHDZK\GR\RX
UXQDERXWOLNHDPLVHUDEOHEHLQJ"
96, +DYLQJNQRZQ\RXUVHOIWREH7KDWLQZKLFKWKHXQLYHUVHDSSHDUVOLNHZDYHVRQWKHVHDZK\GR
\RXUXQDERXWOLNHDPLVHUDEOHEHLQJ"

7KDW%UDKPDQLVLQGHVFULEDEOHE\DQ\RWKHUZRUGWKDQ7KDW
DSSHDUV7KRXJKWKHZDYHVDSSHDU WREHGLIIHUHQWIURPWKHVHDLQHVVHQFHWKH\DUHWKHVDPH7KHPHQDSSHDU
GLIIHUHQWIURPHDFKRWKHULQHVVHQFHWKH\DUHQRWWKH\DUHRQH
EHLQJ-XVWDVWKHZDYHVDUHVWLOOZDWHUZKHWKHUWKH\VLQNDQGGLVDSSHDURUULVHDQGDUHDFWLYHVR
HYHU\WKLQJLV%UDKPDQZKHWKHULWLVVHHQRUQRWNHSWRUORVWJDLQHGRUQRWJDLQHG

$IWHUKHDULQJRQHVHOIWREH3XUH&RQVFLRXVQHVVDQGVXUSDVVLQJO\EHDXWLIXOKRZFDQRQH\HWEHGHHSO\
DWWDFKHGWRVHQVXDOREMHFWVDQGWKXVEHFRPHLPSXUH"
96, $IWHUKHDULQJRQHVHOIWREH3XUH,QWHOOLJHQFHDQGVXUSDVVLQJO\EHDXWLIXOKRZFDQRQH\HWEH
GHHSO\DWWDFKHGWROXVWDQGEHFRPHXQFOHDQ"

EHDXWLIXOQRIODZQRGHIHFWH[LVWVWKHUHKHQFHLWLVWKHPRVWDWWUDFWLYHRIDOO
OXVWOXVWLVFRQQHFWHGZLWKWKDWSDUWRIWKHERG\WKDWLVPRVWXQFOHDQ
XQFOHDQIDOOLQWRLJQRUDQFHDQGGXDOLW\"
$VKWDYDNUDKLPVHOIZKHQDVWXGHQWRQFHKDGVRPHWKRXJKWVRIDZRPDQEHLQJEHDXWLIXODQGVXGGHQO\
DZDNHQHGDVNLQJKLPVHOI³,DPDVHHNHUDIWHU%UDKPDQDERYHDOOHOVH:K\WKHQDP,PDNLQJPRUHRIVH["´
+HDQDO\VHGKLPVHOIDQGWKXVFKHFNHGWKHEHJLQQLQJRIOXVW+HWKHQGHFLGHGWRPDUU\VRDVWRFRQILQHKLVVH[
WKRXJKWVWRRQHSHUVRQRQO\DQGIURPWKDWSRLQWWRVWULYHIRUJQDQDDQGILQDOFRQTXHVWRIVH[

,WLVVWUDQJHWKDWWKHVHQVHRIRZQHUVKLSVKRXOGVWLOOFRQWLQXHLQWKHZLVHRQHZKRKDVUHDOL]HGWKH6HOI
LQDOODQGDOOLQWKH6HOI
96, ,WLVVWUDQJHWKDWWKHVHQVHRIRZQHUVKLSVKRXOGVWLOOFRQWLQXHLQWKHVDJHZKRKDVUHDOL]HGWKH6HOI
LQDOODQGDOOLQWKH6HOI

6DJH7KLVUHIHUVWRWKHVRFDOOHGVDJHVZKRDUHUHDOO\\RJLVDQGP\VWLFVZKRDUHWKHKHDGVRIDVKUDPV
DQGLQVWLWXWLRQVRURUJDQL]DWLRQVZKRSUHWHQGWREHLQGLIIHUHQWWRPRQH\ZRUOGHWFEXWWKURXJKDJHQWVRUVDUYD
GLNDULVFRQWLQXHWRRZQSRVVHVVLRQV
6HOI+HKDVQRWJDLQHGWKHKLJKHVWUHDOL]DWLRQEXWLVWU\LQJWRJHWLW+HQFHKHLVRFFDVLRQDOO\WURXEOHGE\
ODSVHVLQWRUHJDUGLQJSRVVHVVLRQVDQGZRPHQQRWDVLGHDVEXWDVUHDOLWLHV+HNQRZVWKHWUXWKLQWHOOHFWXDOO\DQG
KDVRQO\SDUWLDOO\UHDOL]HGLW+HLVVWLOOLQWKHVWDJHRIDVHHNHU+HLVQRWD*QDQL

,WLVVWUDQJHWKDWRQHDELGLQJLQWKHVXSUHPHQRQGXDOLW\DQGLQWHQWRQOLEHUDWLRQVKRXOG\HWEHVXEMHFW

WROXVWDQGZHDNHQHGE\WKHSUDFWLFHRIDPRURXVSDVWLPHV
96, ,WLVVWUDQJHWKDWDELGLQJLQWKHVXSUHPHQRQGXDOLW\DQGLQWHQWRQILQGLQJOLEHUDWLRQRQHVKRXOG
\HWEHVXEMHFWWROXVWDQGXQVHWWOHGE\KDYLQJUHFRXUVHWRDPRURXVSDVWLPHV

DELGLQJ2QHZKRLVVWLOODVHHNHUEXWNQRZVWUXWKLQWHOOHFWXDOO\
8QVHWWOHGXQVHWWOHGPHQWDOO\
3DVWLPHV,QGLDQVDVWUDVVD\WKHUHDUHVHYHQNLQGVRIVH[LQWHUFRXUVHHYHQORRNLQJDWDZRPDQIRULQVWDQFH
RUPHUHO\WKLQNLQJRIKHUMXVWDVPRGHUQSV\FKRDQDO\VLVGHFODUHV(YHQVPLOLQJDWKHULVDNLQGHYHQPHPRU\
RIVH[LQWHUFRXUVHLVDNLQG

,WLVVWUDQJHWKDWNQRZLQJOXVWWREHDQHQHP\RI.QRZOHGJHDPDQZKRKDVJURZQH[WUHPHO\ZHDN
DQGUHDFKHGKLVODVWGD\VVKRXOG\HWEHHDJHUIRUVHQVXDOHQMR\PHQW
96, ,WLVVWUDQJHWKDWNQRZLQJOXVWWREHDQHQHP\RI.QRZOHGJHDPDQZKRKDVJURZQH[WUHPHO\
ZHDNDQGUHDFKHGKLVODVWGD\VVKRXOG\HWEHHDJHUIRUVH[XDOHQMR\PHQW

HQMR\PHQWV/XVWLVVRGLIILFXOWWRRYHUFRPHWKDWPHUHLQWHOOHFWXDONQRZOHGJHRI9HGDQWDLVQRWHQRXJK
\RXPXVWSUDFWLFHHYHU\GD\WKH2QHQHVVWKHQRQGXDOLW\ZKHUHLQVH[DVDVHFRQGWKLQJYDQLVKHVRWKHUZLVH
OXVWZRQ¶WJR

,WLVVWUDQJHWKDWRQHZKRLVXQDWWDFKHGWRWKHREMHFWVRIWKLVZRUOGDQGWKHQH[WZKRGLVFULPLQDWHVWKH
HWHUQDOIURPWKHWUDQVLHQWDQGZKRORQJVIRUHPDQFLSDWLRQVKRXOG\HWIHDUGLVVROXWLRQRIWKHERG\
96, ,WLVVWUDQJHWKDWRQHZKRLVXQDWWDFKHGWRWKHREMHFWVRIWKLVZRUOGDQGWKHQH[WZKRGLV
FULPLQDWHVWKHHWHUQDOIURPWKHWUDQVLHQWDQGZKRORQJVIRUHPDQFLSDWLRQVKRXOG\HWIHDUHPDQFLSDWLRQLWVHOI
EHFDXVHKHZLOOORVHKLVHJR

LWVHOI DGG EHFDXVHKHZLOOORVHKLVHJR*DXGDSDGDDOVREULQJVRXWWKLVSRLQW+HZDQWV


SVHXGRHPDQFLSDWLRQZKHUHWKH,LVVDWLVILHGOLNHWKHGXDOLVWV

)HWHGDQGIHDVWHGRUWRUPHQWHGWKHVHUHQHSHUVRQHYHUVHHVWKH$EVROXWH6HOIDQGLVWKXVQHLWKHU
JUDWLILHGQRUDQJU\
96, )HWHGDQGIHDVWHGRUVSXUQHGWKHVHUHQHSHUVRQHYHUVHHVWKH$EVROXWH6HOIDQGLVWKXVQHLWKHU
JUDWLILHGQRUDQJU\

WRUPHQWHGDOOWKHVHWKLQJVDUHRQO\WKHPLQG
VSLFWXUH,WLVWKH0LQGWKDWKDVDSSHDUHGLQWKHVHIRUPV7KH
VDJHUHFRJQL]HVDOO RIWKHPDVEHLQJRQO\%UDKPDQ
VHUHQHKLJKO\LQWHOOLJHQWRQH
DQJU\ERWKWKHVHHPRWLRQVDUHEDVHGRQGXDOLW\

7KHKLJKVRXOHGSHUVRQZLWQHVVHVKLVRZQERG\DFWLQJDVLILWZHUHDQRWKHU
V$VVXFKKRZFDQKHEH
GLVWXUEHGE\SUDLVHRUEODPH"
96, 7KHKLJKVRXOHGSHUVRQZLWQHVVHVKLVRZQERG\DFWLQJDVLILWZHUHDQRWKHU
V$VVXFKKRZFDQ
KHEHGLVWXUEHGE\SUDLVHRUEODPH"

DQRWKHU¶V7KLVLVWKHXQLYHUVDOJQDQD\RJDSUDFWLFHH[HUFLVHJLYHQWRDOOEHJLQQHUVWRJHWULGRIERG\LGHD
7KHRWKHUH[HUFLVHWRVHHDOOERGLHVDV0LQGDV6HOILVPXFKPRUHDGYDQFHG,QGUHDPZHPD\KDYHGLIIHUHQW
DSSHDULQJERGLHVVXFKDVNLQJHWFWKXVVKRZLQJXVRXUERGLHVREMHFWLYHO\6RZHKDYHWRUHJDUGRXUERG\DV
VRPHERG\HOVH¶VWKDWZHDUHORRNLQJDWLWDVDQRXWVLGHU9HGDQWLFDOO\WKHERG\LVDGUV\DPDVPXFKDV
DQ\WKLQJHOVH

5HDOL]LQJWKLVXQLYHUVHDVPHUHLOOXVLRQDQGORVLQJDOOFXULRVLW\KRZFDQRQHRIVWHDG\PLQG\HWIHDU
WKHDSSURDFKRIGHDWK"
96, 9LHZLQJWKLVXQLYHUVHDVPHUHLOOXVLRQDQGORVLQJDOOZRQGHUWKHUHDWKRZFDQRQHRI
HQOLJKWHQHGPLQGIHDUHYHQWKHDSSURDFKRIGHDWK"

LOOXVLRQDSSHDULQJ WREHUHDO0D\DVXFKXQGHUVWDQGLQJFDQFRPHRQO\ ZKHQ\RXNQRZZRUOGWREH


PHQWDORWKHUZLVHLWLVLPSRVVLEOH
VWHDG\$VHHNHUPD\RFFDVLRQDOO\IHHOWKHZRUOGLVLGHDXQUHDOHWFEXWKHRIWHQODSVHVWKHUHIURPWKLVLV
QRWHQRXJK+HPXVWVWHDGLO\SHUPDQHQWO\UHJDUGWKHZRUOGIRUZKDWLWLV

:LWKZKRPFDQZHFRPSDUHWKDWJUHDWVRXOHGRQHZKRLVFRQWHQWZLWK6HOINQRZOHGJHDQGGRHVQRW
KDQNHUHYHQDIWHUOLEHUDWLRQ"
96, :LWKZKRPFDQZHFRPSDUHWKDWJUHDWVRXOHGRQHZKRLVFRQWHQWZLWK6HOINQRZOHGJHDQGGRHV
LVGHVLUHOHVVHYHQLQGLVDSSRLQWPHQW"

:K\VKRXOGWKDWVWHDG\PLQGHGRQHZKRNQRZVWKHREMHFWRISHUFHSWLRQWREHLQLWVYHU\QDWXUH
QRWKLQJFRQVLGHURQHWKLQJDFFHSWDEOHDQGDQRWKHUXQDFFHSWDEOH"
96, :K\VKRXOGWKDWVWHDG\PLQGHGRQHZKRNQRZVWKHREMHFWRISHUFHSWLRQWREHLQ LWVYHU\QDWXUH
QRWKLQJFRQVLGHUWKLVILWWREHDFFHSWHGDQGWKDWILWWREHUHMHFWHG"

QRWKLQJQRWKLQJUHDOQRWKLQJRWKHUWKDQ%UDKPDQ
UHMHFWHG,WLVLPSRVVLEOHWRUHMHFWDQ\WKLQJDVDOOLV%UDKPDQZHFDQJHWULGRI%UDKPDQ+RZHYHUWKH
VHHNHUPD\JHWXSVXFKDFRGHZKLOVWKHKDVQRWDWWDLQHGIRUSUDFWLFDOEXWQRWSKLORVRSKLFDOSXUSRVHV

+HZKRKDVJLYHQXSZRUOGO\DWWDFKPHQWIURPKLVPLQGZKRLVEH\RQGWKHSDLUVRIRSSRVLWHVDQG
ZKRLVIUHHIURPGHVLUHWRKLPQRH[SHULHQFHFRPLQJDVDPDWWHURIFRXUVHFDXVHVHLWKHUSOHDVXUHRUSDLQ
96, 7RKLPZKRKDVJLYHQXSZRUOGO\DWWDFKPHQWLQKLVPLQGZKRLVEH\RQGWKHSDLUVRIRSSRVLWHV
DQGZKRLVIUHHIURPGHVLUHDQ\H[SHULHQFHFRPLQJDVDPDWWHURIFRXUVHGRHVQRWFDXVHHLWKHUSOHDVXUHRUSDLQ

LQKLVPLQGUHQXQFLDWLRQVKRXOGEHPHQWDORWKHUZLVHLWLQGLFDWHVWKDW\RXDUHGHOXGHGLQWREHOLHYLQJWKH
ERG\WREHUHDOQRWDQLGHD
SDLUVRIRSSRVLWHV,I\RXKDYHGXDOLW\\RXZLOODOZD\VEHIDFHGE\SDLUVRIRSSRVLWHV2QO\LQQRQGXDOLW\LV
RQHH[HPSWIURPWKHP
GHVLUH EHFDXVHGHVLUHPHDQVGXDOLW\
FRXUVHGRHVQRWVHHNWKHPRXWRUUXQDIWHUWKHP

&KDSWHU6HHNHUV([SHULHQFH
*ORULILFDWLRQRI6HOI5HDOL]DWLRQ

-DQDNDVDLG

2KWKHPDQRIXQGHUVWDQGLQJWKHNQRZHURIWKH6HOIZKRSOD\VWKHJDPHRIOLIHKDVQRVLPLODULW\WR
WKHGHOXGHGEHDVWVRIEXUGHQRIWKHZRUOG
96, 2KLQWHOOLJHQWPLQGHGWKHNQRZHURI6HOIZKRSOD\VWKHJDPHRIHQMR\PHQWKDVQRVLPLODULW\WR
WKHGHOXGHGEHDVWVRIWKHZRUOG

HQMR\PHQW,ISOHDVDQWWKLQJVFRPHWRKLPKHDFFHSWVWKHPDQGHQMR\VWKHPEXWDOOWKHVDPHKHVHHV
WKURXJKWKHLUXQUHDOLW\+HGRHVQRWUXQDIWHUWKHPOLNHWKHGHOXGHGZKRWDNHWKHPWREHUHDODQGKHQFHVWURQJO\
ZDQWWKHP


2KWKH\RJLQGRHVQRWIHHOHODWHGDELGLQJLQWKDWVWDWHZKLFK,QGUDDQGDOORWKHUJRGVKDQNHUDIWHUDQG
WKXVEHFRPHXQKDSS\
96, 2KWKH<RJLGRHVQRWIHHOHODWHGDELGLQJLQWKDWSRVLWLRQZKLFK,QGUDDQGDOORWKHUJRGVKDQNHU
DIWHURUQRWDWWDLQLQJLWEHFRPHXQKDSS\

<RJL+HGRHVQRWJHWFDUULHG DZD\E\H[WUHPHVQRUMXELODWLQJLIKHEHFRPHVDNLQJDQGQRWIHHOLQJ
GHSUHVVHGLIKHGRHVQRWEHFDXVHKHNQRZVHYHU\WKLQJWREH%UDKPDQ+HQFHKHUHPDLQVHYHQFDOP

6XUHO\WKHKHDUWRIRQHZKRKDVNQRZQWKH6HOILVQRWWRXFKHGE\YLUWXHDQGYLFHMXVWDVWKHVN\LVQRW
WRXFKHGE\VPRNHHYHQWKRXJKLWDSSHDUVWREH
96, 7KHKHDUWRIRQHZKRKDVNQRZQ7KDWLVQRWWRXFKHGE\YLUWXHDQGYLFHMXVWDVWKHVN\LVQRW
WRXFKHGE\VPRNHHYHQWKRXJKLWDSSHDUVWREH

YLUWXH9LUWXHLPSOLHVYLFH ZKHQ\RXWKLQNRIRQH\RXKDYHWRWKLQNRIWKHRWKHUKHQFHGXDOLW\9LUWXHLV
WKHWKRUQWRSXOORXWDQRWKHUWKRUQRIYLFH%XWERWKDUH%UDKPDQWRWKHVDJHZKRKDVULVHQWRWKHOHYHORIQRQ
GXDOLW\

:KRFDQSUHYHQWWKDWJUHDWVRXOHGRQHZKRKDVNQRZQWKLVHQWLUHXQLYHUVHWREHWKH6HOIDORQHIURP
DFWLQJVSRQWDQHRXVO\"
96, :KRFDQSURKLELWWKDWJUHDWVRXOHGRQHZKRKDVNQRZQWKLVHQWLUHXQLYHUVHWREHWKH6HOIDORQH
IURPOLYLQJH[WHUQDOO\DVKHSOHDVHV"

DORQH7KHVDJHLGHQWLILHVKLPVHOIZLWKHYHU\WKLQJ
SOHDVHV+HZLOOQRWOLYHLQVXFKDZD\DVWRVKRZWKDWKHKDVFKDQJHGRUWRGLVWLQJXLVKKLPVHOIIURPWKH
UHVW'RLQJ³DVKHSOHDVHV´PHDQVKHWDNHVWKHJUHDWHVWSOHDVXUHLQGRLQJJRRGDQGLQPDNLQJRWKHUVKDSS\+H
GRHVQRWZDQWDQ\RQHWRUHFRJQL]HWKDWKHLVDJQDQL7KHZRUGKHUHJLYHQDVµSOHDVHV¶LQWKH6DQVNULWLV
SDVVLQJQRWDFWLYHVRLWPHDQVQRWGHOLEHUDWHSXUSRVHEXWDFFHSWDQFHFDOPO\

2IWKHIRXUNLQGVRIFUHDWHGEHLQJVIURP%UDKPDGRZQWRDFOXPSRIJUDVVLWLVWKHZLVHRQHDORQH
ZKRLVFDSDEOHRIUHQRXQFLQJGHVLUHDQGDYHUVLRQ
96, 2IWKHIRXUNLQGVRIFUHDWHGWKLQJVIURP%UDKPDGRZQWRDFOXPSRIJUDVVLWLVWKHZLVHRQH
DORQHZKRLVFDSDEOHRIUHQRXQFLQJGHVLUHDQGDYHUVLRQ

NLQGV7KHIRXUNLQGVRIRULJLQVHHGHJJVHWFLQGLFDWLQJWKHIRXUJURXSVRISODQWVLQVHFWVDQLPDOVDQG
PDQ
DYHUVLRQ%HFDXVHVXFKGLIIHUHQFHVLQGLFDWHEHOLHILQGXDOLW\+RZFDQWKHVDJHJLYHDQ\WKLQJXSZKHQKH
NQRZVDOOWRKH%UDKPDQ"+HLVDOZD\VHTXDOPLQGHG

5DUHLVWKHPDQZKRNQRZVWKH6HOIDV2QHZLWKRXWDVHFRQGDQGDVORUGRIWKHXQLYHUVH+HGRHVZKDW
KHFRQVLGHUVZRUWKGRLQJDQGKDVQRIHDUIURPDQ\TXDUWHU
96, 5DUHLVWKHPDQZKRNQRZVWKHKLPVHOIDV2QHZLWKRXWDVHFRQGWKHORUGRIWKHXQLYHUVH+H
GRHVZKDWKHNQRZVDQGKDVQRIHDUIURPDQ\TXDUWHU

VHFRQGOLNHKLPVHOI
8QLYHUVH7KHWZRWKLQJVVHOIDQGXQLYHUVHPXVW EHWKHUHDQG\HW\RXPXVWVHHWKHRQHQHVVRQO\+H
LGHQWLILHVKLPVHOIZLWKERWK*RGDQGZRUOGKHLVERWK*RGDQGZRUOG
NQRZV+HDFWVDFFRUGLQJWRKLVNQRZOHGJHRIH[WHUQDOPDWWHUVRUDVKHIHHOVLQFOLQHGWRGR
7KHPHDQLQJRIWKHILUVWVHQWHQFH RIYHUVH LV³7KHQRQGXDODWPDQLVWKHVDPHDVWKHXQLYHUVH´


&KDSWHU1DWXUHRIWKH8QLYHUVH
)RXU:D\VWR'LVVROXWLRQ

$VWDYDNUDVDLG

<RXDUHIUHHIURPFRQWDFWZLWKDQ\WKLQJZKDWVRHYHU7KHUHIRUHSXUHDV\RXDUHZKDWGR\RXZDQWWR
UHQRXQFH"'HVWUR\WKHERG\FRPSOH[DQGLQWKLVZD\HQWHULQWRWKHVWDWHRIGLVVROXWLRQ
96, <RXKDYHQRDWWDFKPHQWZLWKDQ\WKLQJZKDWVRHYHU7KHUHIRUHSXUHDV\RXDUHZKDWGR\RXZDQW
WRUHQRXQFH"'HVWUR\WKHERG\FRPSOH[DQGHYHQWKXVHQWHULQWRWKHVWDWHRIGLVVROXWLRQRUWK\RZQ6HOI

FRQWDFWDVSXUHPLQGDVGULN\RXKDYHQRUHODWLRQZLWKGUV\DP\RXDUHQRQGXDO
'LVVROXWLRQ:KHQ\RXNQRZXQLYHUVHWREHDQLGHD\RXDUHGLVVROYLQJ LWLQWR\RXUPLQGLWLVQRW WKHEODQNQHVV
RIVDPDGKLQRWVHHLQJWKHZRUOGQRWVOHHS:RUOGLV%UDKPDQDQGPXVWEHVHHQDVVXFK
&RPSOH[RIPDWHULDOWKLQJVWKHWRWDOLW\RIWKHZRUOGKDYHQRUHODWLRQZLWKGUV\DP\RXDUHQRQGXDO

7KHXQLYHUVHULVHVIURP\RXOLNHEXEEOHVULVLQJIURPWKHVHD7KXVNQRZWKH6HOIWREH2QHDQGLQWKLV
ZD\HQWHULQWRWKHVWDWHRIGLVVROXWLRQ
96, 7KHXQLYHUVHULVHVIURP\RXOLNHEXEEOHVULVLQJIURPWKHVHD7KXVNQRZWKH$WPDQWREH2QH
DQGHQWHUHYHQWKXVLQWRWKHVWDWHRI'LVVROXWLRQ

XQLYHUVH7KHSKLORVRSKHUKDVWRGHDOZLWKWKHXQLYHUVHDQGH[SODLQLWQRWUHIXVLQJWRVHHLW+HUHLWLV
H[SODLQHG
EXEEOHVGUHDPZRUOGULVHVRXWRIGHHSVOHHSDQGWKHZDNLQJZRUOGRXWRIGUHDPMXVWDVEXEEOHVULVHIURP
ZDWHUKHQFHXQLYHUVHLVOLNHDEXEEOH EXWHYHQWKHEXEEOHVDUH%UDKPDQQHYHUIRUJHW 
'LVVROXWLRQ7KHQH[WVWDJHLVWRNQRZWKHHVVHQFHRIDOOLGHDV$WPDQ+HUH\RXILQG\RXUVHOILQWKH
XQLYHUVHDQGYLFHYHUVD:RUOGLV%UDKPDQKHQFHLQGLVVROXEOHVRLWLV\RXULGHDV RILWWKDWGLVVROYHQRWWKH
XQLYHUVHLQLWVHOI

7KHXQLYHUVHEHFDXVHLWLVXQUHDOEHLQJPDQLIHVWHGOLNHWKHVQDNHLQWKHURSHGRHVQRWH[LVWLQ\RX
ZKRDUHSXUHHYHQWKRXJKLWLVSUHVHQWWRWKHVHQVHV7KHUHIRUHLQWKLVZD\HQWHULQWRWKHVWDWHRIGLVVROXWLRQ
96, 7KHXQLYHUVHEHLQJPDQLIHVWHGOLNHWKHVQDNHLQWKHURSHGRHVQRWH[LVWLQ\RXZKRDUHSXUH
HYHQWKRXJKLWLVSUHVHQWWRWKHVHQVHVEHFDXVHLWLVXQUHDO7KXVYHULO\\RXHQWHULQWRWKHVWDWHRIGLVVROXWLRQRI
DOOIRUPVLQWRWKHLUSULPDO(OHPHQWRIWKHLGHDRIWKHUHDOLW\RIWKHZRUOG¶VIRUP

VHQVHVOLNHWKHVQDNHLQWKHURSHLWKDVDQDSSHDUDQFHDQGLVWKHUHIRUHQRWWREHGHQLHG
XQUHDOOD\D6FLHQFHKDVSURYHGZRUOGLVPD\DLWLVDIDFWQRWEHOLHI
GLVVROXWLRQ DGG RIDOOIRUPVLQWRWKHLUSULPDOHOHPHQWRIWKHLGHDRIWKHUHDOLW\RIWKHZRUOG¶VIRUP

<RXDUHSHUIHFWDQGWKHVDPHLQPLVHU\DQGKDSSLQHVVKRSHDQGGHVSDLUDQGOLIHDQGGHDWK7KHUHIRUH
LQ
WKLVZD\HQWHULQWRWKHVWDWHRIGLVVROXWLRQ
96, <RXDUHSHUIHFWDQGHTXDQLPRXVLQPLVHU\DQGKDSSLQHVVKRSHDQGGHVSDLUDQGOLIHDQGGHDWK
7KHUHIRUHHYHQWKXVGR\RXDWWDLQWKHVWDWHRIGLVVROXWLRQLQWKHXQLYHUVHDQGQRWDZD\IURPLWDVLQVDPKDGLRU
WKHQH[WZRUOG

GHDWK7KHVHDUHWKHLQVHSDUDEOHGXDOLWLHVRIOLIHEXWZKHQ\RXVHH\RXUVHOILQWKHPDQGWKHQLQ\RXUVHOI
\RXNHHS\RXUHTXDQLPLW\
'LVVROXWLRQ DGG LQWKHXQLYHUVHDQGQRWDZD\IURPLWDVLQVDPDGKLRUWKHQH[WZRUOG


&KDSWHU:KDWLV5HDO.QRZOHGJH
7KH+LJKHU.QRZOHGJH

-DQDNDVDLG

%RXQGOHVVDVVSDFHDPDQGWKHSKHQRPHQDOZRUOGLVOLNHDMDUWKLVLV.QRZOHGJH6RLWKDVQHLWKHUWR
EHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG
96, %RXQGOHVVDVVSDFHDP7KHSKHQRPHQDOZRUOGLVOLNHDMDULQVSDFH7KLVLV.QRZOHGJH6RLW
KDVQHLWKHUWREHUHQRXQFHGE\DVFHWLFLVPQRUDFFHSWHGDVUHDOQRUGLVVROYHGLQVDPKDGL

VSDFH7KHVHOILVLQGHVFULEDEOHEXWDVDQLOOXVWUDWLRQRQO\LWLVOLNHQHGWRVSDFH
MDU7KLVLVWRVKRZWKDWWKH,LVJUHDWHUWKDQWKHZRUOGLI\RXWKLQNLQWHUPVRIVSDFHEXWQRWHWKDWWKH
ZRUOGLVQRWLJQRUHGDOOWKHVDPH
UHQRXQFHGDVGLIIHUHQWIURP0H
GLVVROYHGEHFDXVHLWLV\RXUVHOI
7KLVLVNQRZOHGJHLWKDVQHLWKHUWREHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HGUHIHUVWRWKHZRUOG1RWKLQJ
QHHGEHJLYHQXS7KHDEVHQFHRIWKHZRUOGLVQRW*QDQNQRZOHGJH7KDWLVPHUHO\<RJDRUVOHHS7KHZRUOG
PXVWEHVHHQ EHIRUHNQRZOHGJHFDQEHJRW7KHZRUOGPXVWEHVHHQWREHDQLGHDDQGWRDFKLHYHWKLV\RXPXVW
ILUVWH[DPLQHVHH WKHZRUOG<RJLLVRQO\DSUDFWLWLRQHULVIROORZLQJDXVHIXOORZHUVWDJHEXWKHFDQ¶WJHW
NQRZOHGJH+LVIODVKHVRILOOXPLQDWLRQDUHPHUHVWHSVQRWWKH*QDQ

,DPOLNHWKHRFHDQDQGWKHXQLYHUVHLVOLNHWKHZDYHWKLVLV.QRZOHGJH6RLWKDVQHLWKHUWREH
UHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG
96, 7KDWDPOLNHWKHRFHDQDQGWKHSKHQRPHQDOXQLYHUVHLVOLNHWKHZDYH7KLVLV.QRZOHGJH6RLW
KDVQHLWKHUWREHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG

3KHQRPHQDO³WKHZRUOGRIQDWXUHLQRULJLQDO
7KLVYHUVHWKLQNVLQWHUPVQRWRIVSDFHDVSUHYLRXVRQHEXWRIVXEVWDQFH2IZKDWVWXIIDP,PDGH"7KLV
FDQEHOHDUQWE\NQRZLQJDQDO\]LQJWKHSKHQRPHQDOZRUOGDQGILQGLQJLWWREHWKHVDPHVWXIIDV\RXUVHOI

DPOLNHPRWKHURISHDUODQGWKHLOOXVLRQRIWKHXQLYHUVHLVOLNH
VLOYHUWKLVLV.QRZOHGJH6R
LWKDVQHLWKHUWREHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG
96, DPOLNHWKHSHDUOR\VWHUDQGWKHZRUOGLGHDWLRQLVOLNHWKHVXSHULPSRVHGLGHDWKDWLWLVVLOYHU
7KLVLV.QRZOHGJH6RLWKDVQHLWKHUWREHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG

0LQGFUHDWHVWKHIRUPRIWKHZRUOGWKHVHQVHVVHHLWWKH,VHHVLW\HWLWLVRQO\LGHD
+HQFHZRUOGH[LVWHQFHQHHGVQRH[SODQDWLRQZKHQLWLVXQUHDOXQFUHDWHGXQFDXVHG+HQFHIXWLOLW\RIVHHNLQJ
FDXVH

DPLQGHHGLQDOOEHLQJVDQGDOOEHLQJVDUHLQPH7KLVLV.QRZOHGJH6RLWKDVQHLWKHUWREH
UHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG
96, DPLQGHHGLQDOOEHLQJVDQGDOOEHLQJVDUHLQPH7KLVLV.QRZOHGJH6RLWWKHXQLYHUVHKDV
QHLWKHUWREHUHQRXQFHGQRUDFFHSWHGQRUGHVWUR\HG

LQPHVLPLODUVHQWHQFHLQ*LWD7KLVLVWKHODVWVWDJHZKLFKLVEH\RQGDOOUHOLJLRQDOO\RJD

DFFHSWHGDFFHSWDQFHFDQRQO\RFFXUZKHQDVHFRQGWKLQJLVUHFRJQL]HG

&KDSWHU3UDFWLFDO/LIHDQG.QRZOHGJH
1DWXUHRI6HOI5HDOL]DWLRQ

-DQDNDVDLG

,QPHWKHERXQGOHVVRFHDQWKHDUNRIWKHXQLYHUVHPRYHVKLWKHUDQGWKLWKHULPSHOOHGE\WKHZLQGRILWV
RZQLQKHUHQWQDWXUH,DPQRWLPSDWLHQW
96, ,QPHWKHERXQGOHVVRFHDQWKHDUNRIWKHXQLYHUVHPRYHVKLWKHUDQGWKLWKHULPSHOOHGE\WKHZLQG
RILWVRZQQDWXUH,DPQRWLPSDWLHQW

WKLWKHULHDSSHDUVDQGGLVDSSHDUVGDLO\DV,VOHHSRUZDNH
QDWXUH7KHVDPHVXEVWDQFHDSSHDUVLQYDULRXV IRUPVDFFRUGLQJWRWKHFRPELQDWLRQVLWSDVVHVWKURXJK
LPSDWLHQWNQRZLQJKHLVWKHFKDQJHOHVV%UDKPDQKHLVHYHUFDOP

,QPHWKHOLPLWOHVVRFHDQOHWWKHZDYHRIWKHZRUOGULVHRUYDQLVKRILWVHOI,QHLWKHULQFUHDVHQRU
GHFUHDVHWKHUHE\
96, ,QPHWKHOLPLWOHVVRFHDQOHWWKHZDYHRIWKHZRUOGULVHRUYDQLVKRILWVHOI,QHLWKHULQFUHDVHQRU
GHFUHDVHWKHUHE\

,WVHOIWKHJQDQLGRHVQRWPLQGWKLVEHFDXVHKHNQRZVWKDWHYHU\WKLQJZKLFKFRPHVDQGJRHVLVVWLOOKLPVHOI
%UDKPDQKHQHYHUORVHVVLJKWRIWKLVIDFW
WKHUHE\0\PLQGGRHVQRWJURZZKHQLWEHFRPHVWKH+LPDOD\DVLQGUHDPQRUGRHVLWGLPLQLVKZKHQLW
EHFRPHVDVHHGVHHQLQGUHDP6LPLODUO\LQZDNLQJWKHUHLVWKHLQGHVWUXFWLELOLW\RIDWRPVHQHUJ\HWF
WKHUHE\7KHJQDQLGRHVQRWPLQGWKLVEHFDXVHKHNQRZVWKDWHYHU\WKLQJZKLFKFRPHVDQGJRHVLVVWLOOKLPVHOI
%UDKPDQKHQHYHUORVHVVLJKWRIWKLVIDFW

,QPHWKHERXQGOHVVRFHDQLVWKHLPDJLQDWLRQRIWKHXQLYHUVH,DPTXLWHWUDQTXLODQGIRUPOHVV,QWKLV
DORQHGR,DELGH
96, ,QPHWKHERXQGOHVVRFHDQLVWKHLPDJLQDWLRQRIWKHXQLYHUVH,DPKLJKO\WUDQTXLODQGIRUPOHVV
,QWKLVDORQHGR,DELGH

$ELGHRQWKHDWPDQZKLFKLVLPPRUWDOGR,UHO\
LPDJLQDWLRQHLWKHULQWKHVHQVHWKDWVFLHQWLILFDQDO\VLVRIVHQVHSHUFHSWLRQVKRZVRULQWKHVHQVHWKDWGUHDP
H[SHULHQFHUHYHDOVLHDFRQVWUXFWLRQRIWKHPLQG

7KH6HOILVQRWLQWKHREMHFWQRULVWKHREMHFWLQWKH6HOIZKLFKLVLQILQLWHDQGVWDLQOHVV7KXV,WLVIUHH
IURPDWWDFKPHQWDQGGHVLUHDQGWUDQTXLO,QWKLVDORQHGR,DELGH
96, 7KH6HOILVQRWLQWKHREMHFWVQRULVWKHREMHFWLQ7KDWZKLFKLVLQILQLWHDQGVWDLQOHVV7KXV,WLV
IUHHIURPDWWDFKPHQWDQGGHVLUHDQGLVWUDQTXLO,QWKLVDORQHGR,DELGH

REMHFWVZKHQ\RXWKLQNRQO\RIWKHLUIRUPV\RXDUHRQDQLQIHULRUYLHZSRLQWWKHUHLVQRVHSDUDWHREMHFWLQ
UHDOLW\
7+$7ZKHQ\RXWKLQNRIWKHPDVEHLQJQRQVHSDUDWHIURP7KDW
DWWDFKPHQWGHVLUH7KRVHDUHGHSHQGHQWRQGXDOLW\

2K,DPUHDOO\&RQVFLRXVQHVVLWVHOI7KHZRUOGLVOLNHDMXJJOHU
VVKRZ6RKRZDQGZKHUHFDQWKHUH
EHDQ\WKRXJKWRIUHMHFWLRQDQGDFFHSWDQFHLQPH"

96, 2K,DPUHDOO\,QWHOOLJHQFHLWVHOI7KHZRUOGLVOLNHDMXJJOHU
VVKRZ6RKRZDQGZKHUHFDQWKHUH
EHDQ\WKRXJKWRIUHMHFWLRQDQGDFFHSWDQFH LQPH"

6KRZWKRVHWKDWGRQRWNQRZWKHWUXWKWKLQNLWLVUHDO
,QWHOOLJHQFHSXUHDZDUHQHVVGHYRLGRIDOOREMHFWV

&KDSWHU%RQGDJHDQG/LEHUDWLRQ
3UDFWLFDO/LIHDQG.QRZOHGJH

$VWDYDNUDVDLG

,WLVERQGDJHZKHQWKHPLQGGHVLUHVRUJULHYHVDWDQ\WKLQJUHMHFWVRUDFFHSWVDQ\WKLQJIHHOVKDSS\RU
DQJU\DWDQ\WKLQJ
96, ,WLVERQGDJHZKHQWKHPLQGGHVLUHVRUJULHYHVDWDQ\WKLQJUHMHFWVRUDFFHSWVDQ\WKLQJIHHOV
KDSS\RUDQJU\DWDQ\WKLQJ

ERQGDJHWRLGHDVLWVRZQLPDJLQHGFUHDWLRQV
DQ\WKLQJEHFDXVHVXFKDFWLRQLPSOLHVEHOLHILQGXDOLW\

/LEHUDWLRQLVDWWDLQHGZKHQWKHPLQGGRHVQRWGHVLUHRUJULHYHRUUHMHFWRUDFFHSWRUIHHOKDSS\RUDQJU\
96, ,WLVOLEHUDWLRQLVDWWDLQHGWKHPLQGGRHVQRWGHVLUHRUJULHYHRUUHMHFWRUJUDERUIHHOKDSS\RU
DQJU\LHZKHQLWLVLQRQHQHVV

DQJU\LHZKHQLWLVLQRQHQHVV
7KLVYHUVHFDQEHLQWHUSUHWHGLQWZRZD\VILUVW\RJLFHWKLFDORUP\VWLFVHFRQGSKLORVRSKLFRUWUXWK,QWKH
ODWWHUJLYLQJXSGHVLUHLVJLYLQJXSDVHFRQGWKLQJ

,WLVERQGDJHZKHQWKHPLQGLVDWWDFKHGWRDQ\VHQVHH[SHULHQFH,WLVOLEHUDWLRQZKHQWKHPLQGLV
GHWDFKHGIURPDOOVHQVHH[SHULHQFHV
96, ,WLVERQGDJHZKHQWKHPLQGLVDWWDFKHGWRDQ\SDUWLFXODUVHQVHV,WLVOLEHUDWLRQZKHQWKHPLQGLV
DWWDFKHGWRDQ\RIWKHVHQVHV

ERQGDJHLHWRDVHFRQGWKLQJ
DWWDFKHGWKURXJKWKHDKDPWKH,
VHQVHVLHVHQVHREMHFWVZKHWKHULQWHUQDOLPDJLQDWLRQVRUH[WHUQDOREMHFWV7KXVWKHVHQVHVRSHUDWHERWK
LQWHUQDOO\DQGH[WHUQDOO\

:KHQWKHUHLVQR

WKHUHLVOLEHUDWLRQZKHQWKHUHLV
,
WKHUHLVERQGDJH&RQVLGHULQJWKXVHDVLO\
UHIUDLQIURPDFFHSWLQJRUUHMHFWLQJDQ\WKLQJ
96, :KHQWKHUHLVQR

WKHUHLVOLEHUDWLRQZKHQWKHUHLV
,
WKHUHLVERQGDJH&RQVLGHULQJWKXV
HDVLO\UHIUDLQIURPDFFHSWLQJRUUHMHFWLQJDQ\WKLQJ

OLEHUDWLRQWKLVZRUGLVLQWHUSUHWHGE\UHOLJLRXVPHQDVDIWHUGHDWKKHDYHQP\VWLFVLQWHUSUHWLWDVVDPDGKLEXWLQ
9HGDQWD³OLEHUDWLRQPHDQV*QDQDP
DQ\WKLQJ(YHU\NLQGRIOLNHRUGLVOLNHLVEDVHGRQWKHHJRIRULWPHDQV³,OLNHWKLVRU³,GLVOLNHWKDW
3HRSOHWDNHWKHµ,¶DVVWDQGDUGRIUHIHUHQFH7KH\IHHOWKHH[WHUQDOZRUOGLVWKHUHFRQVHTXHQWO\:KHUHWKHUHWKH
,WKHUHLVERQGDJHZKHQWKHUHLVQR,WKHUHLVOLEHUDWLRQ/LEHUDWLRQKHUHPHDQVNQRZOHGJHRIWUXWK


&KDSWHU'HWDFKPHQW
'HWDFKPHQW

$VWDYDNUDVDLG

'XWLHVGRQHDQGQRWGRQHDVZHOODVWKHSDLUVRIRSSRVLWHVZKHQGRWKH\FHDVHDQGIRUZKRP"
.QRZLQJWKXVEHGHVLUHOHVVDQGLQWHQWRQUHQXQFLDWLRQWKURXJKFRPSOHWHLQGLIIHUHQFHWRWKHZRUOG
96, 'XWLHVGRQHDQGQRWGRQHDVZHOODVWKHSDLUVRIRSSRVLWHVZKHQGRWKH\FHDVHDQGIRUZKRP"
.QRZLQJWKLVEHGHVLUHOHVVWKURXJKFRPSOHWHLQGLIIHUHQFHWRWKHZRUOG

LQGLIIHUHQFH7KH\RJLVPLVLQWHUSUHWWKLVWREHUXQQLQJDZD\EXWSKLORVRSKLFLQWHUSUHWDWLRQ
LVNHHSLQJWKHLGHDRIWKH,RXWRIOLIH

5DUHLQGHHGP\FKLOGLVWKDWEOHVVHGSHUVRQZKRVHGHVLUHIRUOLIHHQMR\PHQWDQGOHDUQLQJKDYHEHHQ
H[WLQJXLVKHGE\REVHUYLQJ
WKHZD\VRIPHQ
96, 0\FKLOGZKRLVWKDWEOHVVHGSHUVRQZKRGHVLUHVWROLYHWRHQMR\DQGWRNQRZKDYHEHHQ
H[WLQJXLVKHGE\REVHUYLQJ
WKHZD\VRIPHQDQGWKHLUZRUWKOHVVQHVVRUE\REVHUYLQJWKHZRUOGVKRZ

PHQ DGG DQGWKHLUZRUWKOHVVQHVV


+HUDWHVOLIHDWLWVSURSHUYDOXHE\KDYLQJVHHQLWVWUDQVLHQF\HWF

7KHZLVHPDQEHFRPHVFDOPE\UHDOL]LQJWKDWDOOYHULO\LVYLWLDWHGE\WKHWKUHHIROGPLVHU\
DQGLVWUDQVLHQWXQVXEVWDQWLDODQGFRQWHPSWLEOHDQGVKRXOGEHUHMHFWHG
96, $ZLVHPDQEHFRPHVTXLHWE\UHDOL]LQJWKDWDOOWKLVLVYLWLDWHGE\WKHWKUHHIROGPLVHU\DQGLV
WUDQVLHQWXQVXEVWDQWLDODQGFRQWHPSWLEOHDQGZRUWK\WREHUHMHFWHG

TXLHWEHFDXVHQRHIIRUWLVQHHGHGIRUDWWDLQPHQWDVLWLVQRWDVHFRQGWKLQJ
:KHUHWKHUHLVRQO\2QH\RXPD\UHPDLQLQZDUGO\TXLHWEXWRXWZDUGO\DFWLYHLQVHUYLFHWKDWLVKHOSIXOWR
RWKHUV7KLVLVQRWWREHFRQIXVHGZLWK<RJLFTXLHWLVP
WKUHHIROGPHQWDOSK\VLFDODQGFRVPLF EH\RQGPDQ¶VFRQWUROVXFKDVHDUWKTXDNHV
XQVXEVWDQWLDORQO\DQLGHDDVWKHPDQJRHDWHQ\HVWHUGD\KDVQRPRUHµVXEVWDQFH¶IRU\RXEHLQJRQO\D
PHPRU\LGHD
FRQWHPSWLEOHWKHXJOLQHVVHVLQOLIHDURXVHGLVJXVW

:KDWLVWKDWWLPHRUWKDWDJHLQZKLFKWKHSDLUVRIRSSRVLWHVGRQRWH[LVWIRUPHQ"2QHZKRTXLWWLQJ
WKRVHLVFRQWHQWZLWKZKDWFRPHVRILWVHOIDWWDLQVSHUIHFWLRQ
96, :KDWLVWKDWWLPHRUWKDWDJHLQZKLFKWKHSDLUVRIRSSRVLWHVGRQRWH[LVWIRUPHQ"2QHZKR
TXLWWLQJWKRVHLVFRQWHQWZLWKZKDWFRPHVRILWVHOITXLWVWKHVHDQGDWWDLQVSHUIHFWLRQ

PHQ2QO\ZKHQ\RXNQRZWKHWUXWKZKLFKFDQKDSSHQDWDQ\DJHGRWKHVHRSSRVLWHVJHWWUDQVFHQGHG0DQJHWV
WLUHGRIWKHGXDOLWLHVRIOLIHGLVFRYHULQJWKHPWREHLGHDVRQO\DSSHDUDQFHVZKLFKFRPHDQGJRDQGUHVWV
VDWLVILHGZLWK$WPDQ
RILWVHOI+HLVFRQWHQWHGZLWKWKHUHZDUGVZKLFKFRPHIRUKLVZRUNZKHWKHUWKH\DUHLQVXIILFLHQWRUQRW
SHUIHFWLRQ+HGRHVQRWUXQDZD\IURPPHQDQGWKHZRUOG7KDWLVWKHILUVWDVFHWLFVWDJH+HDFFHSWVWKHPLQ
WKLVVHFRQGVWDJHEXWUHPDLQVLQGLIIHUHQW

:KDWPDQLVWKHUHZKRKDYLQJREVHUYHGWKHGLYHUVLW\RIRSLQLRQVDPRQJWKHJUHDWVHHUVVDLQWVDQG
\RJLQVDQGEHFRPHFRPSOHWHO\LQGLIIHUHQWWROHDUQLQJGRHVQRWDWWDLQTXLHWXGH"

96, :KDWPDQLVWKHUHZKRKDYLQJREVHUYHGWKHGLYHUVLW\RIRSLQLRQVDPRQJWKHJUHDWUHSXWHG
5LVKHHVHHUVVDLQWVDQG\RJLVDQGEHFRPHFRPSOHWHO\LQGLIIHUHQWWRWKHLURSLQLRQVDQGDWWDLQTXLHWXGH"

VHHUV(YHQ0XKDPPDG-HVXVDQG%XGGKD¶VWHDFKLQJVVKRZGLYHUVLW\RIRSLQLRQ
\RJLVDOOWKHVHDUHPLVWDNHQE\SRSXODUEHOLHIIRUJQDQLVZKHUHDVWKH\DUHRQO\KROGHUVRIRSLQLRQV 0DWDPV
TXLHWXGH+HQRORQJHUZDQWVWRWURXEOHKLPVHOIZLWKWKHVHFRQWUDGLFWLRQVDQGWKXVJHWVSHDFHRIPLQG
9HUVHLVRQHRIWKHPRVWLPSRUWDQWYHUVHVLQWKHERRNDQGLQGHHGLQDOO,QGLDQSKLORVRSK\
1RQHRIWKHVHVHHWKH7UXWKVRLWLQXVHOHVVWRTXDUUHOZLWKWKHPEHWWHUWRVLWTXLHWO\LQWKHLUSUHVHQFHDQGQRWWR
DUJXHEHWWHUVWLOOWRVWD\DWDGLVWDQFHDQGMRLQQRSDUW\

+HZKRJDLQVNQRZOHGJHRIWKHWUXHQDWXUHRI3XUH&RQVFLRXVQHVVE\FRPSOHWHLQGLIIHUHQFHWRWKH
ZRUOGE\HTXDQLPLW\DQGE\UHDVRQLQJDQGVDYHVKLPVHOIIURPWKHURXQGRIELUWKDQGUHELUWKLVKHQRWUHDOO\
WKHVSLULWXDOJXLGH"
96, +HZKRJDLQVDFOHDUNQRZOHGJHRIWKHWUXHQDWXUHRI3XUH&RQVFLRXVQHVVE\PHDQVRIFRPSOHWH
LQGLIIHUHQFHWRWKHZRUOGE\HTXDQLPLW\DQGE\UHDVRQLQJDQGVDYHVRWKHUVIURPVXIIHULQJVRIWKHZRUOGLV
KHQRWUHDOO\WKHJXLGH"

LQGLIIHUHQFHZKHQWKHPLQGUHPDLQVWKHVDPHDWDOOWLPHV\RXWKXVKHOSWRJHWULGRIHJRZKHQ
WKHUHLVQRZRUOGO\DWWDFKPHQW\RXDUHOHVVDWWDFKHGWRWKH,

/RRNXSRQWKHPRGLILFDWLRQVRIWKHHOHPHQWVDVQRWKLQJLQUHDOLW\EXWWKHSULPDU\HOHPHQWVWKHPVHOYHV
DQG\RXZLOODWRQFHEHIUHHIURPERQGDJHDQGDELGHLQ\RXUWUXHVHOI
96, /RRNXSRQWKHPRGLILFDWLRQVRIWKHHOHPHQWVDVQRWKLQJLQUHDOLW\EXWDQDO\]HWKHPLQWRWKH
SULPDU\HOHPHQWVWKHPVHOYHVDQG\RXZLOODWRQFHEHIUHHIURPERQGDJHDQGDELGHLQ\RXUWUXHVHOI

EHWWHUWUDQVODWLRQ³/RRNXSRQWKHPRGLILFDWLRQRIWKHHOHPHQWVDVZHOODVWKHSULPDU\HOHPHQWVDVQRWKLQJ
LQUHDOLW\EXW%UDKPDQ,PPHGLDWHO\\RXZLOODELGHLQWKHWUXHVHOI
HOHPHQWVWKHILYHHOHPHQWVHDUWKZDWHUDLUILUHDQGVSDFH
ERQGDJHERG\LVQRWKLQJEXWWKHHOHPHQWVDQGWKHVHXOWLPDWHO\DUHEXWLGHDVRIWKH$WPDQ
6HOIDOOWKHHOHPHQWVOLJKWZDWHUVXQHWFFDQEHIRXQGLQGUHDP6RZKDWDUHWKH\",GHDV
:KDWDUHLGHDV"0LQGLWVHOI:KDWLVPLQG"6HOI

'HVLUHVDORQHDUHWKHZRUOG'R\RXWKHUHIRUHUHQRXQFHWKHPDOO7KHUHQXQFLDWLRQRIGHVLUHLVWKH
UHQXQFLDWLRQRIWKHZRUOG1RZ\RXPD\OLYHDQ\ZKHUH
96, 'HVLUHDORQHLVWKHZRUOG'R\RXWKHUHIRUHUHQRXQFHDOOWKRVH7KHWKHUHQXQFLDWLRQRIWKH
ZRUOGIROORZVUHQXQFLDWLRQRIGHVLUH1RZ\RXPD\OLYHZKHUHHYHU\RXDUHLH\RXPD\UHPDLQLQWKHZRUOG
PHUHO\WRZRUNRXWWKHUHPDLQGHURI\RXUNDUPD

'HVLUH2ULJLQDOZRUGLV9DVDQDGHVLUHVRISUHYLRXVOLYHVFRQWLQXHGLQWRWKHSUHVHQWSDUHQWDOLQVWLQFWLYH
SURSHQVLWLHVWHQGHQFLHVDVDUHVXOWRISDVWDWWDFKPHQWV
UHQXQFLDWLRQNQRZLQJWKHZRUOGLVLPDJLQDWLRQ
'HVLUH,WLVHQRXJKWRUHQRXQFHGHVLUHVLQZDUGO\WKLVLVHTXLYDOHQWWRDVFHWLFUXQQLQJDZD\IURPWKHZRUOG
GHVLUHGHSHQGVXSRQHJRLVPLWLPSOLHV,

3HDFH 5HVW
4XLHWXGH

$VWDYDNUDVDLG

&XOWLYDWHLQGLIIHUHQFHWRHYHU\WKLQJKDYLQJJLYHQXSNDPD GHVLUH ZKLFKLVWKHHQHP\DUWKD
ZRUOGO\SURVSHULW\ ZKLFKLVDWWHQGHGZLWKPLVFKLHIDQGGKDUPD SHUIRUPDQFHRIJRRGZRUNV ZKLFKLVWKH
FDXVHRIWKHVHWZR
96, %HLQGLIIHUHQWWRHYHU\WKLQJKDYLQJJLYHQXSNDPD GHVLUH WKHHQHP\DUWKD ZRUOGO\ULFKHV
ZKLFKLVDWWHQGHGZLWKPLVFKLHIDQGGKDUPD JRRGGHHGV ZKLFKLVWKHFDXVHRIWKHVHWZR

LQGLIIHUHQWGRQRWJHWDWWDFKHG
PLVFKLHIZKLFKSUHYHQWRQHIURPDWWDLQLQJWKHJRDODOVRZKLFKEULQJVXIIHULQJLQWKHUHDFWLRQODWHU
'KDUPDUHOLJLRXVGXW\DOVR

/RRNXSRQIULHQGVODQGVZHDOWKKRXVHVZLYHVSUHVHQWVDQGRWKHUVXFKPDUNVRIJRRGIRUWXQHDVD
GUHDPRUDMXJJOHU
VVKRZODVWLQJRQO\DIHZGD\V
96, /RRNXSRQWKHWUDQVLHQF\RIIULHQGVODQGVZHDOWKKRXVHVZLYHVSUHVHQWVDQGVXFKRWKHUJRRG
IRUWXQHVDVDGUHDPRUDMXJJOHU
VVKRZODVWLQJWKUHHRUILYHGD\V

GD\VHYHQWKHKDSSLHVWPHQPXVWGLHDOOLVVKRUWOLYHG
VKRZ7KHNQRZHURIWKHWUXWKLVQHYHUGXSHGE\JRRGIRUWXQHEXWRWKHUVDUHKHUHDOL]HVWKDWLWLVSDVVLQJDZD\
EXWWKH\QHYHUWKLQNRILW

.QRZWKDWZKHUHYHUWKHUHLVGHVLUHWKHUHLVWKHZRUOG%HWDNLQJ\RXUVHOIWRILUPQRQDWWDFKPHQWJR
EH\RQGGHVLUHDQGEHKDSS\
96, .QRZWKHWURXEOHVDQGZRUULHVRIZRUOG 6DPVDUD WREHLQGHHGZKHUHYHUWKHUHLVGHVLUH
%HWDNLQJ\RXUVHOIWRILUPQRQDWWDFKPHQWEHLQJIUHHGIURPGHVLUHDQGEHKDSS\

GHVLUHJHWWLQJDWWDFKPHQWDWWDFKPHQWEHOLHYLQJWKHZRUOGWREHUHDORULQFDSDFLW\WRVHHLWLVLGHD
QRQDWWDFKPHQW P\KRXVHP\ZLIHHWFLVWKHHJRLVWLFDWWDFKPHQWWREHJRWULGRI<RXKDYHWRDWWDLQWKHVWDJH
ZKHUHWKHZRUOG\RXUSRVVHVVLRQVDQGSURSHUWLHVDUHDOOVHHQDVLGHD
KDSS\(YHQWKRXJK\RXUHDOL]HZRUOGWREHGUHDPLGHDGRQRWPDNH\RXUVHOIPLVHUDEOHRQWKDWDFFRXQW

%RQGDJHFRQVLVWVRQO\LQGHVLUHDQGWKHGHVWUXFWLRQRIGHVLUHLVVDLGWREHOLEHUDWLRQ2QO\E\
QRQDWWDFKPHQWWRWKHZRUOGGRHVRQHDWWDLQWKHFRQVWDQWMR\RIWKHUHDOL]DWLRQRIWKH6HOI
96, %RQGDJHFRQVLVWVRQO\LQGHVLUHDQGLWVGHVWUXFWLRQLVFDOOHGOLEHUDWLRQ%\SUDFWLFLQJ
QRQDWWDFKPHQWWRWKHZRUOGLVDWWDLQHGFRQVWDQWVDWLVIDFWLRQIURPWKHUHDOL]DWLRQ RIWKH6HOI

%RQGDJHZKHQ\RXWKLQNWKHUHLVDVHFRQGWKLQJ\RXDUHLQERQGDJHIRUEHOLHILQWKHSUHVHQFHRIRWKHUWKLQJV
FDXVHVGHVLUHIRUWKHP
-R\VDWLVIDFWLRQDEVHQFHRILOOXVLRQDQGWKHWURXEOHVEUHGE\LW

<RXDUH2QH3XUH,QWHOOLJHQFH7KHXQLYHUVHLVQRQLQWHOOLJHQWDQGXQUHDO,JQRUDQFHDOVRLVQRUHDO
HQWLW\:KDWFDQ\RX\HWGHVLUHWRNQRZ"
96, <RXDUH2QH,QWHOOLJHQWDQG3XUH7KHXQLYHUVHLVQRQLQWHOOLJHQWDQGQRQH[LVWHQW(YHQ
LJQRUDQFHLVQRWDQ\WKLQJ<HWZKDWGHVLUHWRNQRZ DQ\WKLQJ FDQWKHUHEHIRU\RX"

QRQH[LVWHQW,WLVGLVDSSHDULQJHYHU\PRPHQW,WLVVHHQMXVWDVDPLUDJHLVVHHQWKDWLVXQGHVLUDEOHEXWLWLV
FKDQJLQJDQGJRLQJHYHU\IODVKRIDVHFRQG
,JQRUDQFH7LOO\RXNQRZWKDWZRUOGLVVHOIWKHUHLVGXDOLW\2QFH\RXNQRZWKLVWKHQHYHQWKHZRUGNQRZ
ORVHVLWVPHDQLQJIRUWKHUHLVQRVHFRQGWKLQJWREHNQRZQ+HQFHLWVRSSRVLWHLJQRUDQFHEHFRPHVMXVWDV
PHDQLQJOHVV
\RXZKHQ\RXNQRZWKDWWKHUHLVQRWKLQJGLIIHUHQWIURP\RX


.LQJGRPVVRQVZLYHVERGLHVDQGSOHDVXUHVKDYHEHHQORVWWR\RXELUWKDIWHUELUWKHYHQWKRXJK\RX
ZHUHDWWDFKHGWRWKHP
96, .LQJGRPVRQVZLYHVERGLHVDQGSOHDVXUHVKDYHEHHQORVWWR\RXELUWKDIWHUELUWKHYHQWKRXJK
\RXZHUHDWWDFKHG WRWKHP

+HQFHXQGHUVWDQGWKDWZKDW\RXSRVVHVVRUHQMR\LQWKLVELUWKZLOODOVRJRKHQFHEHGHWDFKHGIURPWKHPDQGEH
DWWDFKHGWR$WPDQRQO\%XWHYHQWKRVHZKRGRQ¶WEHOLHYHLQUHELUWKFDQXQGHUVWDQGWKDWGUHDPSRVVHVVLRQV
VHHPHGTXLWHUHDOEXWZKHUHLVWKDWUHDOLW\QRZ"$QGDVOLIHLVEXWDGUHDPLHLGHDWKHVDPHDUJXPHQW
UHPDLQV

(QRXJKRISURVSHULW\GHVLUHVDQGSLRXVGHHGV7KHPLQGGLGQRWILQGUHSRVHLQWKHVHLQWKHGUHDU\
IRUHVWRIWKHZRUOG
96, (QRXJKRISURVSHULW\GHVLUHVDQGHYHQSLRXVGHHGV7KHPLQGGLGQRWILQGUHSRVHLQWKHVHLQ
WKHGUHDU\ZLOGHUQHVVRIWKHZRUOGLQDQ\RIWKHP

GHHGVGRQHZLWKWKHKRSHRIUHDFKLQJKHDYHQRUHYHQWDNLQJVDQ\DV
ZRUOGVRORQJDVLWKDGDGHVLUHIRUDQ\WKLQJIRUWKHUHFDQEHQRSHDFHVRORQJDVWKHUHLVGXDOLW\

)RUKRZPDQ\ELUWKVKDYH\RXQRWGRQHKDUGDQGSDLQIXOZRUNZLWKERG\ZLWKPLQGDQGZLWK
VSHHFK7KHUHIRUHFHDVHDWOHDVWWRGD\
96, 'XULQJVRPDQ\LQFDUQDWLRQV\RXKDYHQRWGRQHKDUGDQGSDLQIXOZRUNRUDFWLRQVZLWKERG\
ZLWKPLQGDQGZLWKVSHHFK7KHUHIRUHUHVWLQ%UDKPDQLQQRQGXDOLW\DWOHDVWWRGD\

ZRUN $OWHUQDWLYHUHDGLQJ$OWKRXJK\RXKDYHVRPDQ\ELUWKVDQGSHUIRUPHGVRPDQ\GXWLHVVWLOO\RXDUHQRW
VDWLVILHG
6SHHFK$QG\HW\RXKDYHQRSHDFH$QGHYHQLQWKLVELUWK\RXILQGWKHVDPHODFNRIUHSRVH
)RUQRERG\HYHUKDVSHUIHFWVDWLVIDFWLRQLQDZRUOGRIGXDOLW\EHFDXVHWKHVHFRQGWKLQJLVLPSHUPDQHQWLWZLOO
JRRQFKDQJLQJ+HQFHGHVLUHLVQHYHUIXOILOOHGSHUIHFWO\

&KDSWHU:LVGRPLQ/LIH
:LVGRP

$VWDYDNUDVDLG

+HZKRKDVUHDOL]HGWKDWFKDQJHLQWKHIRUPRIH[LVWHQFHDQGGHVWUXFWLRQLVLQWKHQDWXUHRIWKLQJV
HDVLO\ILQGVUHSRVHEHLQJXQSHUWXUEHGDQGIUHHIURPSDLQ
96, 2QHZKRKDVUHDOL]HGWKDWH[LVWHQFHQRQH[LVWHQFHDQGFKDQJHDUHLQWKHQDWXUHRIWKLQJVHDVLO\
ILQGVUHSRVHEHLQJXQSHUWXUEHGDQGIUHHIURPSDLQ

WKLQJVQHFHVVDULO\XQSUHYHQWDEOHDQGXQFRQWUROODEOHZKHQ\RXUHJDUGWKHZRUOGDVDZRUOGRIPXOWLSOLFLW\DQG
GXDOLW\7KHPLQGPXVWZRUNLQWKLVZD\ZKHQLWWDNHVXSVXFKDVWDQGSRLQW%XWZKHQLWYLHZVDOODV%UDKPDQ
RQO\WKHQDOOWKHVHWKLQJVGLVDSSHDU
SDLQEHFDXVHSDLQLVFDXVHGE\KDYLQJWKHLGHD RIWZR

+HZKRKDVNQRZQIRUFHUWDLQWKDW,VYDUDLVWKHFUHDWRURIDOODQGWKDWWKHUHLVQRQHHOVHKHUHEHFRPHV
SHDFHIXOZLWKDOOKLVLQQHUGHVLUHVVHWDWUHVWDQGLVQRWDWWDFKHGWRDQ\WKLQJZKDWVRHYHU
96, .QRZLQJIRUFHUWDLQVRWKDW\RXFDQSURYHLWWRRWKHUVWKDW,VYDUDLVWKHFUHDWRURIDOODQGWKDW

WKHUHLVQRRWKHUKHUHRQHEHFRPHVSHDFHIXOZLWKDOOKLVLQQHUGHVLUHVVHWDWUHVWZLWKLQDQGLVQRWDWWDFKHGWR
DQ\WKLQJZKDWVRHYHU

DOO7KLVLVSXWLQIRUWKRVHRIUHOLJLRXVWHPSHUDPHQWRQO\7KDWLWUHIHUVWR,VKYDUDDV%UDKPDQLVLQGLFDWHGE\
WKHTXDOLI\LQJZRUGVWKHUHLVQRRWKHUKHUH
FHUWDLQ0DQ\P\VWLFVIHHOWKHVHWKLQJVLQWHUPLWWHQWO\EXWUHWDLQQRSHUPDQHQWDWWLWXGHEHFDXVHJQDQDLVDEVHQW
&HUWLWXGHFRPHVRQO\IURPNQRZOHGJH7KHILUVWVWHSLQ9HGDQWDLVWRPDNHVXUHWKDWZKDW\RXNQRZLVWUXWK
+HQFHWKLVPHDQVNQRZLQJVRWKDW\RXFDQSURYHLWWRRWKHUV
ZKDWVRHYHUEHFDXVHWKHUHLVQRVHFRQGWKLQJIRUKLP

+HZKRKDVNQRZQIRUFHUWDLQWKDWDGYHUVLW\DQGSURVSHULW\FRPHLQWKHLURZQWLPHWKURXJKWKHHIIHFWV
RISDVWDFWLRQVLVHYHUFRQWHQWHGKDVDOOKLVVHQVHVXQGHUFRQWURODQGQHLWKHUGHVLUHVQRUJULHYHV
96, .QRZLQJIRUFHUWDLQWKDWDGYHUVLW\DQGSURVSHULW\FRPHLQWKHLURZQWLPHWKURXJKIDWHRQHLV
HYHUFRQWHQWHGKDVDOOKLVVHQVHVXQGHUFRQWURODQGGRHVQRWGHVLUHRUJULHYH

FRPHWKH\FRPHDQGJREHFDXVHWKH\DUHRQO\LGHDVDQGLWLVWKHQDWXUHRILGHDVWRDSSHDUDQGGLVDSSHDU7KH\
DUH0D\DEHFDXVH1DWXUHLV0D\D
IDWHLHZKHWKHU\RXWKHHJROLNHLWRUQRWWKURXJKWKHQDWXUHRIWKLQJVEH\RQG\RXUFRQWURO
FRQWUROEHFDXVHWKHVHQVHVJLYHWKHZURQJLGHDRIWKHUHDOLW\RIREMHFWV+HQFHVHQVHFRQWUROLVDQDWWLWXGH
ZKLFKWUHDWVWKHPZLWKLQGLIIHUHQFHDVWKRXJKWKH\ZHUHXQUHDO

+HZKRNQRZVIRUFHUWDLQWKDWKDSSLQHVVDQGPLVHU\ELUWKDQGGHDWKDUHGXHWRWKHHIIHFWVRISDVW
DFWLRQVGRHVQRWILQGDQ\WKLQJWRDFFRPSOLVKDQGWKXVEHFRPHVIUHHIURPFDUHDQGLVQRWDWWDFKHGHYHQWKRXJK
HQJDJHGLQDFWLRQ
96, .QRZLQJIRUFHUWDLQWKDWKDSSLQHVVDQGPLVHU\ELUWKDQGGHDWKDUHGXHWRRQH¶VIDWHNDUPD
DQGFRPLQJWRVHHWKDWLWLVQRWSRVVLEOHWRDFFRPSOLVKDOOWKDWLVGHVLUHGRQHEHFRPHVLQDFWLYHDQGLVQRW
DWWDFKHGRUVWDLQHGHYHQWKRXJKHQJDJHGLQDFWLRQ

FHUWDLQVHHVORND QGOLQHRIWKLVSDJH

+HZKRKDVUHDOL]HGWKDWLWLVFDUHDQGQRWKLQJHOVHWKDWEUHHGVPLVHU\LQWKLVZRUOGEHFRPHVIUHH
IURPLWDQGLVKDSS\SHDFHIXODQGHYHU\ZKHUHULGRIGHVLUHV
96, 2QHZKRKDVUHDOL]HGWKDWFDUHEUHHGVPLVHU\LQWKLVZRUOGDQGQRWKLQJHOVHEHFRPHVIUHHIURP
LWLVKDSS\SHDFHIXODQGULGRIGHVLUHVHYHU\ZKHUH

FDUHNHHSLQJWKH,DVWKHURRWLQVWHDGRIWUHDWLQJLWDVLGHDRIDFWLRQ
.HHSWKHHJRRXWRIDFWLYLW\URRWE\XQGHUVWDQGLQJLWVLOOXVRULQHVV


DPQRWWKHERG\QRULVWKHERG\PLQH,DP&RQVFLRXVQHVVLWVHOI
KHZKRKDVUHDOL]HGWKLVIRU
FHUWDLQGRHVQRWUHPHPEHUZKDWKHKDVGRQHRUQRWGRQHDVLIKHKDVDWWDLQHGWKHVWDWHRI$EVROXWHQHVV
96, 
DPQRWWKHERG\QRULVWKHERG\PLQH,DP,QWHOOLJHQFHLWVHOI
2QHZKRKDVSUDFWLFHGDQG
UHDOL]HGWKLVIRUFHUWDLQGRHVQRWUHPHPEHUZKDWKHKDVGRQHRUQRWGRQHDVLIKHKDVDWWDLQHGWKHVWDWHRI
$EVROXWHQHVVQRQGXDOWKUXWKRUXQFRQWUDGLFWDEOHFDOP

GRQHKHORRNVRQ,DVIOHHWLQJDSSHDULQJDQGGLVDSSHDULQJLQWKHPLGVWRIDFWLYLW\KHUHJDUGVDOOKLVDFWLRQVDV
LGHDVDOVR
$EVROXWHQHVVQRQGXDOWUXWKRUXQFRQWUDGLFWDEOHFDOP


,DPLQGHHGLQHYHU\WKLQJIURP%UDKPDGRZQWRDFOXPSRIJUDVV
KHZKRNQRZVWKLVIRUFHUWDLQ

EHFRPHVIUHHIURPFRQIOLFWRIWKRXJKWSXUHDQGSHDFHIXODQGIUHHIURPFDUHIRUZKDWLVDWWDLQHGDQGQRW
DWWDLQHG
96, ,WLVYHULO\,IURP%UDKPDGRZQWRDFOXPSRIJUDVV
RQHZKRNQRZVWKLVIRUFHUWDLQEHFRPHV
IUHHIURPWKHFRQIOLFWRIWKRXJKWSXUHDQGSHDFHIXODQGWXUQVDZD\IURPZKDWLVDWWDLQHGDQGQRWDWWDLQHG

FRQIOLFWFRQWUDGLFWLRQVLQKHUHQWLQXQWUXWK

+HZKRNQRZVIRUFHUWDLQWKDWWKLVPDQLIROGDQGZRQGHUIXOXQLYHUVHLVQRWKLQJEHFRPHVGHVLUHOHVV
DQG3XUH&RQVFLRXVQHVVDQGILQGVSHDFHDVLIQRWKLQJH[LVWV
96, +HZKRNQRZVIRUFHUWDLQWKDWWKLVPDQLIROGDQGZRQGHUIXOXQLYHUVHLVQRWKLQJEHFRPHV
GHVLUHOHVVDQG3XUH,QWHOOLJHQFHDQGILQGVSHDFHDVLIQRWKLQJH[LVWV

,QWHOOLJHQFHPLQGDZDUHQHVV
DVLIQRWWKDWWKHZRUOGGLVDSSHDUVIRUKLP+HVHHVWKHZRUOGH[LVWVEXWE\LQTXLU\GLVFRYHUVWKDWLWUHDOO\
DSSHDUV WRH[LVW7KHPLUDJHZKLFKLVNQRZQIRUZKDWLWUHDOO\LVVWLOODSSHDUVWR\RX2QO\\RXDUHQRORQJHU
GHFHLYHG

&KDSWHU6WHSV/HDGLQJWR:LVGRP
$ELGLQJLQWKH6HOI

-DQDNDVDLG

,EHFDPHLQWROHUDQWILUVWRISK\VLFDODFWLRQWKHQRIH[WHQVLYHVSHHFKDQGWKHQRIWKRXJKW7KXV
WKHUHIRUHGR,ILUPO\DELGH
96, )LUVW,EHFDPHLQWROHUDQWRUGLVLQFOLQHGWRSK\VLFDODFWLRQWKHQRIH[WHQVLYHVSHHFKDQGWKHQRI
WKRXJKW7KXVYHULO\GR,WKHUHIRUHDELGH

LQWROHUDQWGHWDFKP\VHOIIURPLWLVWKHJHWWLQJULGRIWKHVHQVHRISK\VLFDOUHDOLW\
VSHHFKVHPDQWLFVHOIUHVWUDLQWLQZRUGVRZLQJWRWKHLUDPELJXLW\DQGLQFRPSOHWHQHVV
WKRXJKWEHFDXVHWKH\DUHDOOGUV\DP,GRQRWDOORZWKHPWRLQWHUIHUHZLWKP\NQRZOHGJHRIWKHH[LVWHQFHRI
WKH'ULN+HUH-DQDNDDVWKHVWXGHQWEHJLQVWRUHYLHZWKHSURJUHVVLYHVWDJHVRIKLVGHYHORSPHQWILUVWWKURXJK
\RJDWKHQSKLORVRSK\

+DYLQJQRDWWDFKPHQWIRUVRXQGDQGRWKHUVHQVHREMHFWVDQGWKH6HOIQRWEHLQJDQREMHFWRI
SHUFHSWLRQP\PLQGLVIUHHGIURPGLVWUDFWLRQDQGLVRQHSRLQWHG7KXVWKHUHIRUHGR,ILUPO\DELGH
96, ,KDYHQRDWWDFKPHQWIRUVRXQGHWFDQGWKH6HOIDOVRQRWEHLQJDQREMHFWRISHUFHSWLRQ,KDYH
P\PLQGIUHHIURPGLVWUDFWLRQDQGRQHSRLQWHG(YHQWKXVGR,DELGH

RQHSRLQWHG LQWKH'ULN
WKLVYHUVHLVIRUWKHORZHUVWDJHZKLFKPDNHV\RJLFFRQFHQWUDWLRQWKHKLJKHVWJRDO

$QHIIRUWKDVWREHPDGHIRUFRQFHQWUDWLRQZKHQWKHUHLVGLVWUDFWLRQRIPLQGRZLQJWRVXSHULPSRVLWLRQ
HWF6HHLQJWKLVWREHWKHUXOHWKXVGR,ILUPO\DELGH
96, (IIRUWLVPDGHIRUFRQFHQWUDWLRQZKHQWKHUHLVGLVWUDFWLRQRIPLQG6HHLQJWKLVWREHWKHUXOHRI
1DWXUHWKXVYHULO\GR,DELGH

7KRVHZKRFDQQRWFRQFHQWUDWHSHUIHFWO\GRZHOOLQJRLQJWR$VKUDPVRU.DLODVWROHDUQDQG
SUDFWLFH\RJDDVDVWDJH IRUKHUHWKH\ZLOOEHIUHHIURPGLVWUDFWLRQV%XWWKHIHZZKRDUHVRJLIWHGDVWR
KDYHWKHQDWXUDOFDSDFLW\WRFRQFHQWUDWHGRQRWQHHGWRGRWKLVDQGQHHGQRWJRWKURXJKD\RJDFRXUVH


+DYLQJQRWKLQJWRDFFHSWDQGQRWKLQJWRUHMHFWDQGKDYLQJQHLWKHUMR\QRUVRUURZWKXVVLUGR,QRZ
ILUPO\DELGH
96, %HLQJGHYRLGRIWKHVHQVHRIUHMHFWDEOHDQGDFFHSWDEOHDQGKDYLQJQRMR\RUVRUURZWKXV2
%UDKPDQGR,DELGHWRGD\

VHQVHEHLQJGHYRLGRIWKHVHQVHRI,ZKLFKFDXVHVOLNHVDQGGLVOLNHV
DFFHSWDEOH%HFDXVH,WKLQNRIHYHU\WKLQJDVEHLQJ%UDKPDQ

$VWDJHRIOLIHRUQRVWDJHRIOLIHPHGLWDWLRQFRQWURORIPHQWDOIXQFWLRQVILQGLQJWKDWWKHVHFDXVH
GLVWUDFWLRQWRPHWKXVYHULO\GR,ILUPO\DELGH
96, $VWDJH RUGHU RIOLIHRUQRVWDJHRIOLIHPHGLWDWLRQRUUHQXQFLDWLRQRIWKHREMHFWVRIWKHPLQG
ILQGLQJ DOOWKDWWKHVHWRFDXVHRQO\GLVWUDFWLRQVLQPHYHULO\GR,DELGH

OLIH:KHWKHURQHLVDKRXVHKROGHURUDVDQ\DVVLQ
0HGLWDWLRQ$WVHWIL[HGWLPHVIRUGLVFLSOLQH
WKHVHWKH\FRQFHUQWKHERG\RQO\

$EVWHQWLRQIURPDFWLRQLVDVPXFKWKHRXWFRPHRILJQRUDQFHDVWKHSHUIRUPDQFHRIDFWLRQ.QRZLQJ
WKLVWUXWKIXOO\ZHOOWKXVGR,ILUPO\DELGH
96, 7KHFHVVDWLRQIURPDFWLRQLVDVPXFKWKHRXWFRPHRILJQRUDQFHDVWKHSHUIRUPDQFHRIWKHUHRI
.QRZLQJWKLVWUXWKIXOO\ZHOOWKXVGR,DELGH

DFWLRQWKLVLVSURSHUDWWKHHDUOLHUVWDJHVRQO\IRUGLVFLSOLQDU\SXUSRVH
SHUIRUPDQFH1RWKLQJPXVWEHGRQHE\WKH*QDQL VSHFLDOO\ EHFDXVHDOODFWVDUHWKHVDPHWRKLP%UDKPDQ
7KHNH\WRXQGHUVWDQGWKDWZKDWHYHULVGRQHWRWKHHJRZKHWKHULWEHDFWLRQRULWVFHVVDWLRQLVLJQRUDQFH7KH
SUHVHQFHRUDEVHQFHRI,PDNHVWKHGLIIHUHQFH

7KLQNLQJRQWKH8QWKLQNDEOH2QHRQHRQO\KDVUHFRXUVHWRDIRUPRIWKRXJKW7KHUHIRUHJLYLQJXS
WKDWWKRXJKWWKXVGR,ILUPO\DELGH
96, 7KLQNLQJRQWKH8QWKLQNDEOH2QHRQHEHWDNHVRQHVHOIRQO\WRDIRUPRIWKRXJKW7KHUHIRUH
JLYLQJXSWKDWWKRXJKWWKXVGR,DELGH

WKRXJKW7KHPLQGFDQRQO\\LHOGLGHDVZKLFKDUHLPDJLQDWLRQV7KLVDSSOLHVERWKWR*RGDQGREMHFWVDOO
EHLQJGUV\DP

%OHVVHGLVWKHPDQZKRKDVDFFRPSOLVKHGWKLV%OHVVHGLVKHZKRLVVXFKE\QDWXUH
96, %OHVVHGLVWKHPDQZKRKDVDFFRPSOLVKHGWKLVSHUPDQHQWO\WKURXJKSUDFWLFH%OHVVHGLVKHZKR
LVVXFKE\QDWXUH

%OHVVHG1RWKLQJPRUHLVWREHDFKLHYHGE\KLPKHQFHSHUIHFWVDWLVIDFWLRQ
DFFRPSOLVKHGDIWHUKDYLQJSDVVHGWKURXJKWKHYDULRXVVWDJHVRIGHYHORSPHQWLQWKHFRXUVHRIWLPH
QDWXUHZKRKDVPDGHLWDQDWXUDOVWDWHRUDOWHUQDWLYHO\ZKRDUHERUQVRDQGPDQLIHVWLWDWDQHDUO\DJH

&KDSWHU%OLVV
+DSSLQHVV

-DQDNDVDLG

7KHWUDQTXLOOLW\ZKLFKLVERUQRIWKHFRQVFLRXVQHVVWKDWWKHUHLVQRWKLQJEXWWKH6HOI LVUDUHHYHQIRU
RQHZKRZHDUVEXWDORLQFORWK7KHUHIRUHJLYLQJXSUHQXQFLDWLRQDQGDFFHSWDQFH,OLYHKDSSLO\
96, 7KHSRLVHRI0LQGWKDWVSULQJVLQRQHZKRLVZLWKRXWDQ\WKLQJLVUDUHHYHQIRURQHZKR
SRVVHVVHVQRWKLQJEXWDORLQFORWK7KHUHIRUHJLYLQJXSUHQXQFLDWLRQDQGDFFHSWDQFH,OLYHKDSSLO\

0LQGHJROHVVQHVVUHVXOWLQJLQQRWEHLQJLQIOXHQFHGE\RQHWKLQJRUDQRWKHU
ORLQFORWKHYHQ6DQ\DVVLVZKRKDYHJLYHQXSHYHU\WKLQJPD\ODFNWKHSHUPDQHQWVHUHQLW\WKDWNQRZOHGJH
DORQHJLYHVVRORQJDVWKH,LVSUHVHQW(YHU\WKLQJH[WHUQDOPD\EHVLQFHUHO\UHQRXQFHGDQG\HWWKHHJRPD\QRW
OHDYHDPDQ

7KHUHLVWURXEOHRIWKHERG\KHUHWURXEOHRIWKHWRQJXHWKHUHDQGWURXEOHRIWKHPLQGHOVHZKHUH
+DYLQJUHQRXQFHGWKHVHLQOLIH
VVXSUHPHJRDO,OLYHKDSSLO\
96, 7KHUHLVWURXEOHRIWKHERG\VRPHZKHUHWURXEOHRIWKHWRQJXHVRPHZKHUHDQGWURXEOHRIWKH
PLQGVRPHZKHUH+DYLQJUHQRXQFHGWKHVH,OLYHKDSSLO\LQ OLIH
VVXSUHPHJRDO

ERG\SK\VLFDOLOOQHVV
WRQJXHZRUGVVSRNHQIRUZKLFK\RXDUHVRUU\ODWHURUDOWHUQDWLYHO\ZRUGVVSRNHQDJDLQVW\RXLQFULWLFLVP
PLQGPHQWDODQ[LHWLHV
KDSSLO\WKHRQO\WKLQJWREHUHOLHGRQLVWKHGULNEHFDXVHLWLVSHUPDQHQW7KHUHLVQRVSHFLDOKDSSLQHVVRQO\
WKHDEVHQFHRIPLVHU\FDUHVDQGDQ[LHWLHV
WRQJXH DOWHUQDWLYHPHDQLQJ +HQFHORRNXSRQDOOVSHHFKDV'UV\DP:KDWKDVEHFRPHRIDOOWKHZRUGV"7KH\
YDQLVKHGVRPHZKHUH

)XOO\UHDOL]LQJWKDWQRWKLQJZKDWVRHYHULVUHDOO\GRQHE\WKH6HOI,GRZKDWHYHUSUHVHQWVLWVHOIWREH
GRQHDQGVR,OLYHKDSSLO\
96, )XOO\UHDOL]LQJWKDWQRWKLQJZKDWVRHYHULVUHDOO\GRQHE\WKH6HOI,GRZKDWHYHUSUHVHQWVLWVHOI
WREHGRQHDQGOLYHKDSSLO\

6HOIEHFDXVH,DPRQO\WKHZLWQHVV

7KH\RJLQVZKRDUHDWWDFKHGWRWKHERG\LQVLVWXSRQDFWLRQRULQDFWLRQ2ZLQJWRWKHDEVHQFHRI
DVVRFLDWLRQDQGGLVVRFLDWLRQ,OLYHKDSSLO\
96, 7KH\RJLQVZKRDUHDWWDFKHGWRWKHERG\LQVLVWXSRQDFWLRQDQGLQDFWLRQ2ZLQJWRWKHDEVHQFH
RIDVVRFLDWLRQDQGGLVVRFLDWLRQ,OLYHKDSSLO\

$FWLRQVHWLQRQHSODFHJRWR.DLODVEXLOGDQDVKUDPHWF
LQDFWLRQUHIXVDOWRGRDQ\WKLQJIRUWKHZRUOG
GLVVRFLDWLRQWKH,DQGLWVSUHIHUHQFHRUGLVOLNHV

1RJRRGRUHYLODFFUXHVWRPHE\VWD\LQJJRLQJRUVOHHSLQJ6RZKHWKHU,VWD\JRRUVOHHS,OLYH
KDSSLO\
96, 1RJRRGRUHYLODFFUXHVWRPHE\VWD\LQJJRLQJRUVOHHSLQJ RU ,JDLQDQGORVHQRWKLQJE\
VLWWLQJPRYLQJRUVOHHSLQJ6R,OLYHKDSSLO\ZKHWKHU,VWD\JRRUVOHHS

VOHHSLQJEHFDXVHWKHHJRLVDEVHQW

GRQRWORVHE\VOHHSLQJQRUJDLQE\VWULYLQJ6RJLYLQJXSWKRXJKWVRIORVVDQGHODWLRQ,OLYH
KDSSLO\
96, GRQRWORVHE\VOHHSLQJQRUJDLQE\VWULYLQJ6RJLYLQJXSWKRXJKWVRIORVVDQGHODWLRQ,OLYH

KDSSLO\

VWULYLQJEHFDXVHERWKDUH%UDKPDQWRWKH*QDQLVRKHSUHVHUYHVPHQWDOSRLVHDPLGORVVRUJDLQ

2EVHUYLQJDJDLQDQGDJDLQWKHLQFRQVWDQF\RISOHDVXUHDQGSDLQXQGHUGLIIHUHQWFLUFXPVWDQFHV,KDYH
UHQRXQFHGJRRGDQGHYLODQG,OLYHKDSSLO\
96, 2EVHUYLQJDJDLQDQGDJDLQWKHIOXFWXDWLRQVRISOHDVXUHHWFXQGHUGLIIHUHQWFRQGLWLRQV,KDYH
UHQRXQFHGJRRGDQGHYLODQGDPKDSS\

IOXFWXDWLRQV HYHQPLOOLRQDLUHVDUHVXEMHFWWRFKDQJHVRIIRUWXQH
HYLOJLYHQXSWKH,*RRGLVDGUV\DPZKLFKGLVDSSHDUVOLNHRWKHULGHDV
KDSS\XQWRXFKHGE\HJR

&KDSWHU%OLVV7HVWHG
7UDQTXLOLW\

-DQDNDVDLG

+HYHULO\KDVKLVUHFROOHFWLRQVRIZRUOGO\OLIHH[KDXVWHGZKRLVHPSW\PLQGHGE\QDWXUHZKRWKLQNV
RIVHQVHREMHFWVLQYROXQWDULO\DQGZKRLVDV,WZHUHDZDNHWKRXJKDVOHHS
96, +HYHULO\KDVKLVZRUOGO\OLIHH[KDXVWHGZKRKDVPLQGHPSWLHGRIZRUOGO\WKRXJKWE\QDWXUH
ZKRWKLQNVRIREMHFWVWKURXJKLQDGYHUWHQFHDQGZKRLVDVLWZHUHDZDNHWKRXJKDVOHHS

OLIH7KLQNLQJWKHSKHQRPHQDWREHUHDOIRUHYHQWKH*QDQLKDVZRUOGO\WKRXJKWVRQO\KHNQRZVWKHPWREH
XQUHDO
WKRXJKWVLQDGYHUWHQFHHYHQJQDQLKDVWKRXJKWVEXWKHUHJDUGVWKHPDVGUV\DPWKH\FRPHRIWKHLURZQ
DFFRUGVRKHOHWVWKHPFRPH
DVOHHSKHGRHVQRWVHHGUV\DPDVUHDOKHQFHLVDVOHHSWRWKHLUUHDOLW\

:KHQGHVLUHKDVPHOWHGDZD\ZKHUHWKHQDUHP\ULFKHVZKHUHP\IULHQGVZKHUHDUHWKHUREEHUVLQ
WKHIRUPRIVHQVHREMHFWVZKHUHWKHVFULSWXUHVDQGZKHUHNQRZOHGJH"
96, :KHQP\GHVLUHKDVPHOWHGDZD\ZKHUHDUHP\ULFKHVZKHUHP\IULHQGVDQGWKHUREEHUVLQWKH
IRUPRIVHQVHREMHFWVZKHUHDUHVFULSWXUHDQGNQRZOHGJHLPSO\LQJNQRZQDQGXQNQRZQ"

DZD\:KHQHJRKDVYDQLVKHG
UREEHUVVHQVHREMHFWVWDNHDZD\WKHPLQG DZDUHQHVVIURPWKH5HDO
VFULSWXUHDOOVFULSWXUHVDUHEXWLGHDV
NQRZOHGJH DGG LPSO\LQJNQRZHUDQGNQRZQ

$V,KDYHUHDOL]HGWKH6XSUHPH6HOIZKRLVWKH:LWQHVVDQGWKH/RUGDQGKDYHEHFRPHLQGLIIHUHQWWR
ERWKERQGDJHDQGOLEHUDWLRQ,IHHOQRDQ[LHW\IRUHPDQFLSDWLRQ
96, $V,KDYHUHDOL]HGWKH6XSUHPH6HOIZKRLVWKH:LWQHVVDQGWKH/RUGDQGKDYHORVWDOOGHVLUHIRU
ERQGDJHDQGOLEHUDWLRQ,IHHOQRDQ[LHW\IRUOLEHUDWLRQ

ERQGDJHWKHWKRXJKWRIERQGDJHDULVHVZKHQ\RXVWLOOWKLQN RIWKH,
/LEHUDWLRQWKHWKRXJKWRIOLEHUDWLRQRQO\DULVHVZKHQWKHWKRXJKWRIERQGDJHKDVEHHQ.QRZLQJWKHWUXWKERWK
WKRXJKWVGLVDSSHDU

7KHGLIIHUHQWFRQGLWLRQVRIRQHZKRZLWKLQLVGHYRLGRIGRXEWVEXWRXWZDUGO\PRYHVDERXWDWKLVRZQ

SOHDVXUHOLNHDGHOXGHGSHUVRQFDQRQO\EHXQGHUVWRRGE\WKRVHOLNHKLP
96, 7KHGLIIHUHQWFRQGLWLRQVRIRQHZKRZLWKLQLVGHYRLGRIGRXEWVEXWZKRZLWKRXWPRYHVDERXWDW
KLVRZQSOHDVXUHOLNHDGHOXGHGSHUVRQFDQRQO\EHXQGHUVWRRGE\WKRVHOLNHKLP2QO\*QDQLVNQRZRWKHU
JQDQLVIRUWKH\DORQHSRVVHVWKHH[SHULHQFHWRHQDEOHWKHPWRGRVR

FRQGLWLRQVGLIIHUHQWWKRXJKWVPRRGV
3OHDVXUHKDVQRIL[HGUHVWULFWLRQVRUUXOHVJRYHUQLQJKLVOLIH
3HUVRQRWKHUSHRSOHZLOOWKLQNKHGRHVQRW SRVVHVV*QDQD,WFHUWDLQO\GRHVQRWPHDQWKDWKHDFWVOLNHDIRRO
GRXEWVZKHQWKHUHLVQRVHFRQGWKHUHLVQRWKLQJIRUWKH*QDQLWRGRXEW
2QO\*QDQLVFDQNQRZRWKHU*QDQLVIRUWKH\DORQHSRVVHVVWKHH[SHULHQFHWRHQDEOHWKHPWRGRVR

&KDSWHU6HOIUHDOL]DWLRQ
.QRZOHGJHRIWKH6HOI

$VWDYDNUDVDLG

$PDQRISXUHLQWHOOHFWUHDOL]HVWKH6HOIHYHQE\LQVWUXFWLRQFDVXDOO\LPSDUWHG$PDQRILPSXUH
LQWHOOHFWLVEHZLOGHUHGLQWU\LQJWRUHDOL]HWKH6HOIHYHQDIWHUHQTXLULQJWKURXJKRXWOLIH
96, $PDQRISXUHLQWHOOHFWKDVKLVOLIH¶VREMHFWIXOILOOHGHYHQE\LQVWUXFWLRQFDVXDOO\LPSDUWHG7KH
RWKHULVEHZLOGHUHGWKHUHHYHQDIWHUHQTXLULQJWKURXJKRXWWKHZKROHOLIH

LQWHOOHFW%XGGKLVKDUSHQHGDQGSXULILHGRIHJR
LPSDUWHGKLVVKDUSHQHGLQWHOOLJHQFHFDWFKHVDWRQFHWKHLGHDVDQGWUXWKVH[SRXQGHGE\JXUXIRUWKHILUVWWLPHWR
KLP
RWKHU7KHPDQZKRLVPHQWDOO\XQILWIRU9HGDQWDPD\KDYHWRSUHSDUHKLPVHOIVORZO\E\VWDJHVEHFDXVHKLV
PLQGLVWRRGXOORUWRRHJRLVWLFLIKHVSHQGVDOLIHWLPHKHPD\QRWXQGHUVWDQGKLVVWXGLHVEXWPD\ZURQJO\
WKLQNKHGRHV

1RQDWWDFKPHQW IRUVHQVHREMHFWVLVOLEHUDWLRQORYHIRUVHQVHREMHFWVLVERQGDJH6XFKYHULO\LV
.QRZOHGJH1RZGRDV\RXSOHDVH
96, 'LVWDVWHIRUVHQVHREMHFWVLVOLEHUDWLRQORYHIRU VHQVHREMHFWVLVERQGDJH6XFKYHULO\LV
.QRZOHGJH1RZGRDV\RXSOHDVH

SOHDVH7KH*QDQLKDVSHUIHFWIUHHGRP1HYHUWKHOHVVKHZLOOQRWGRLPPRUDOWKLQJVEHFDXVH
KHIHHOVWKDWKHLVOLYLQJIRUWKHEHQHILWRIRWKHUV

7KLVNQRZOHGJHRIWKH7UXWKPDNHVDQHORTXHQWZLVHDQGDFWLYHSHUVRQPXWHLQHUWDQGLQDFWLYH
7KHUHIRUHLWLVVKXQQHGE\WKRVHZKRZDQWWRHQMR\WKHZRUOG
96, 7KLVNQRZOHGJHRIWKH7UXWKPDNHVDQHORTXHQWLQWHOOHFWXDODQGDFWLYHSHUVRQPXWHLQHUWDQG
LQDFWLYH7KHUHIRUHLWLVWKDWLWLVVKXQQHGE\WKRVHZKRZDQWWRHQMR\WKHZRUOGRIVHQVH

PXWHEHFDXVHRWKHUSHRSOHFDQ¶WXQGHUVWDQGLIKHWDONVKLJKHVWWUXWKKHJHQHUDOO\NHHSV
TXLHWDERXWLWVLPLODUO\LWLVRIWHQGDQJHURXV FI6RFUDWHV

<RXDUHQRWWKHERG\QRULVWKHERG\\RXUV\RXDUHQRWWKHGRHUQRUWKHHQMR\HU<RXDUH
&RQVFLRXVQHVVLWVHOIWKHHWHUQDO:LWQHVVDQGIUHH*RDERXWKDSSLO\
96, <RXDUHQRWWKHERG\QRULVWKHERG\\RXUVQRUDUH\RXWKHGRHUQRUWKHHQMR\HU<RXDUH
,QWHOOLJHQFH &RQVFLRXVQHVV LWVHOIWKHHWHUQDO:LWQHVVDQG\RXDUHIUHH*HWDORQJKDSSLO\

ERG\EHFDXVHDV'ULN'UV\DP9LYHNDH[SODLQVLWLVDGUV\DPZKLFKLVJRLQJDQG\RX
DUHQRWLQJLWVFKDQJHV

$WWDFKPHQWDQGDEKRUUHQFHDUHDWWULEXWHVRIWKHPLQG7KHPLQGLVQHYHU\RXUV<RXDUH,QWHOOLJHQFH
LWVHOIIUHHIURPFRQIOLFWDQGFKDQJHOHVV*RDERXWKDSSLO\
96, /RYHDQGKDWUHGDUHDWWULEXWHVRIWKHPLQG7KHPLQGLVQHYHU\RXUV<RXDUHIUHHIURPFRQIOLFW
,QWHOOLJHQFHLWVHOIDQGFKDQJHOHVV*RDERXWKDSSLO\

PLQG%HFDXVHWKH\DSSHDUWRJHWKHULQSDLUV
\RXUVEHFDXVH\RXDUHZLWQHVVLQJLWVYDULRXVFRQGLWLRQV

5HDOL]LQJWKH6HOILQDOODQGDOOLQWKH6HOIIUHHIURPHJRLVPDQGIUHHIURPWKHVHQVHRI
PLQH
EH
KDSS\
96, 5HDOL]LQJWKH6HOILQDOODQGDOOLQWKH6HOIIUHHIURPHJRLVPDQGIUHHIURPWKHVHQVHRI
PLQH

EH\RXKDSS\

DOOV\PSDWKHWLFIHHOLQJZLWKDOORWKHUKXPDQEHLQJV

<RXDUHLQGHHG7KDWLQZKLFKWKHXQLYHUVHPDQLIHVWVLWVHOIOLNHZDYHVRQWKHRFHDQ\RX
,QWHOOLJHQFHEH\RXIUHHIURPWKHIHYHURIWKHPLQG
96, 2WKRX,QWHOOLJHQFHWKRXLQGHHGDUW7KDWLQZKLFKWKHXQLYHUVHPDQLIHVWVLWVHOIOLNHZDYHVRQWKH
RFHDQ%HWKRXJKIUHHIURPWKHIHYHU XQKDSSLQHVV 

LWVHOIWKHZKROHZRUOGLVDSSHDULQJDQGGLVDSSHDULQJLQWKHPLQG
XQKDSSLQHVVSURGXFHGE\LJQRUDQFH

+DYHIDLWKP\VRQKDYHIDLWK1HYHUFRQIXVH\RXUVHOILQWKLV<RXDUH.QRZOHGJHLWVHOI\RXDUHWKH
/RUG\RXDUHWKH6HOIDQG\RXDUHEH\RQG1DWXUH
96, +DYHIDLWKP\VRQKDYHIDLWK1HYHUGHOXGH\RXUVHOILQWKLV<RXDUH.QRZOHGJHLWVHOI\RXDUH
WKH/RUG\RXDUHWKH6HOIDQG\RXDUHVXSHULRUWR1DWXUH

IDLWKWKLVGRHVQRWPHDQIDLWKLQUHOLJLRQRU*RGLWZRXOGEHEHWWHUWUDQVODWHGDVFRQYLFWLRQ,WGRHVQRWDOVR
PHDQIDLWKLQ$VKWDYDNUD
WKLVPDNHVXUHE\GRXEWRULQTXLU\
/RUGGRQRWWKLQNWKHUHLVDQ\RWKHU*RGWKDQ\RXUVHOI
6HOI7KDWZKLFKLVQRWFKDQJLQJWKH:LWQHVV

7KHERG\FRPSRVHGRIWKHLQJUHGLHQWVRIQDWXUHFRPHVVWD\VDQGJRHV7KH6HOIQHLWKHUFRPHVQRU
JRHV:K\WKHQGR\RXPRXUQLW"
96, 7KHERG\ERXQGXSZLWKWKHRUJDQVRIVHQVHVFRPHVVWD\VDQGJRHV7KH6HOIQHLWKHUFRPHV
QRUJRHV:K\WKHQGR\RXPRXUQLW"

JRHV\RXQHYHUVHHLWFKDQJLQJ

/HWWKHERG\ODVWWRWKHHQGRIWKHNDOSD F\FOH RUOHWLWJRHYHQWRGD\:KHUHLVWKHUHDQ\LQFUHDVH


RUGHFUHDVHLQ\RXZKRDUH3XUH,QWHOOLJHQFH"
96, /HWWKHERG\ODVWWRWKHHQGRIWKH.DOSD F\FOH RUOHWLWJRHYHQWRGD\:KHUHLVWKHUHDQ\
LQFUHDVHRUGHFUHDVHLQ\RXZKRDUH3XUH,QWHOOLJHQFH"

<RXUHPDLQWKHVDPHWKHORRNHURQZKDWHYHUKDSSHQVWRWKHERG\

,Q\RXZKRDUHWKHLQILQLWHRFHDQOHWWKHZDYHVRIWKHXQLYHUVHULVHRUIDOODFFRUGLQJWRWKHLURZQ
QDWXUH7KDWPHDQVQRJDLQRUORVVWR\RX
96, /HWWKHZDYHVRIWKHXQLYHUVHULVHRUIDOORIWKHLURZQDFFRUGLQ\RXZKRDUHWKHLQILQLWH
2FHDQ7KDWPHDQVQRJDLQRUORVVWR\RX

<RXDUHUHDOO\LPPXWDEOHQRLQFUHDVHRUGHFUHDVHLVSRVVLEOHWR%UDKPDQNQRZWKHUHFDQEHQRJDLQRUORVVQR
FKDQJHLQLW+HQFHQHLWKHUUXQDIWHUDQ\WKLQJQRUUHQRXQFHLW
*RWR$YDVWDUD\DWRXQGHUVWDQGWKLVYHUVH
6XSSRVH\RXIRXQGDGLDPRQGPLQHLQGUHDPZKDWLVWKHORVVRUJDLQWR\RXDIWHU\RXDZDNHDQGNQRZWKH
WUXWK":KHQLWDSSHDUHGLWZDVPLQGLHLQ\RXHYHQZKHQLWGLVDSSHDUHGLWZHQWEDFNLQWR0LQGLHLQWR\RX
+HQFHLWLVWKHUHDOZD\V7KHHVVHQFHRIWKLQJVLVHYHUWKHUH

0\FKLOG\RXDUH3XUH,QWHOOLJHQFHLWVHOI7KLVXQLYHUVHLVQRWKLQJGLIIHUHQWIURP\RX7KHUHIRUH
KRZDQGZKHUHFDQDQ\RQHKDYHWKHLGHDRIDFFHSWDQFHDQGUHMHFWLRQ"
96, 0\FKLOG\RXDUH3XUH,QWHOOLJHQFH FRQVFLRXVQHVV LWVHOI7KLVXQLYHUVHLVQRWKLQJGLIIHUHQW
IURP\RX7KHUHIRUHZKRZLOODFFHSWDQGUHMHFW$QGKRZDQGZKHUHZRXOGKHGRVR

LWVHOIZKHQ\RXDQDO\]HHYHU\WKLQJDQG\RXUVHOIWRWKHXWPRVWDQG\RXILQGMXVWDV\RXFDQDQDO\]HFORWKLQWR
FRWWRQERWKWREHPLQG
\RXHYHU\WKLQJLVRQHDQGWKHVDPH%UDKPDQ
UHMHFWZKHQWKHUHLVQRVXFKWKLQJDVUHDOLW\
ZKHUHZKDWLVWKH XVHRIKLGLQJLQDQDVKUDP
KRZKRZFDQ\RXGLYLGHWKHDWPDQ"+RZFDQ\RXVD\WKLVLV%UDKPDQDQGWKDWLVQRW"

)URPZKHUHZLOOWKHUHEHELUWKDFWLRQQGHYHQHJRLVPIRU\RXZKRDUH2QHLPPXWDEOHFDOP
VWDLQOHVVDQG3XUH&RQVFLRXVQHVV"
96, :KHUHIURPZLOOWKHUHEHELUWKDFWLRQQGHYHQHJRLVPIRUWKHHZKRNQRZHVWWKRXDUW2QH
LPPXWDEOHFDOP,QWHOOLJHQFHLWVHOIDQGSXUH"

ELUWKDOOLVRFFXUULQJLQ%UDKPDQ
(YHU\WKLQJLV0LQG
,QWHOOLJHQFH<RXFDQQRWGHQ\\RXDUHLQWHOOLJHQFHEHFDXVHLI\RXGRLWLVLQWHOOLJHQFH PLQG LWVHOIWKDWHQDEOHV
\RXWRGRVR
SXUH XQPL[HGHYHQZLWKTXDOLWLHVSXULW\LVSRVVLEOHRQO\LQQRQGXDOLW\7KHUHLVQRVXFKWKLQJDVDSXUH*RG
,WLVLPSRVVLEOH

<RXDORQHDSSHDUDVZKDWHYHU\RXSHUFHLYH'REUDFHOHWVDUPOHWVDQGDQNOHWVDSSHDUGLIIHUHQWIURP
JROG"
96, ,QZKDWHYHU\RXSHUFHLYH\RXDORQHDSSHDU'REUDFHOHWVDUPOHWVDQGDQNOHWVDSSHDUGLIIHUHQW
IURPJROG"

DORQH\RXGRQRWSHUFHLYHDVHFRQGWKLQJ7KLVUHIXWHVWKHGXDOLVWLFWHDFKLQJWKDW*RGSXWVWKHXQLYHUVHLQWR
\RXUPLQG
DSSHDUEHFDXVHHYHU\WKLQJLVDPDQLIHVWDWLRQRI\RXUFRQVFLRXVQHVVKHQFH\RXUVHOI
JROGDIWHU\RXKDYHLQTXLUHGLQWRWKHLUQDWXUH

&RPSOHWHO\JLYHXSVXFKGLVWLQFWLRQVDV
,DP+H
DQG
,DPQRWWKLV
&RQVLGHUDOODVWKH6HOIDQGEH

GHVLUHOHVVDQGKDSS\
96, &RPSOHWHO\JLYHXSVXFKGLVWLQFWLRQVDV
,DPKH
DQG
,DPQRWWKLV
&RQVLGHUDOODVWKH6HOI
DQGEHGHVLUHOHVVDQGKDSS\

KHDVDVHSDUDWHSHUVRQIRUWKLVLPSOLHVGXDOLW\7KHHJRLVRQO\DQDSSHDUDQFHDQGZKHQDQDO\VHGLVRQO\WKH
RQH0LQG
GHVLUHOHVVEHFDXVHWKHUHDUHQRWZR
KDSS\EHFDXVHPLVHU\FRPHVIURPGXDOLW\

,WLVWKURXJK\RXULJQRUDQFHDORQHWKDWWKHXQLYHUVHH[LVWV,QUHDOLW\\RXDUH2QH7KHUHLVQR
LQGLYLGXDOVHOIRU6XSUHPH6HOIRWKHUWKDQ\RX
96, ,WLVWKURXJK\RXULJQRUDQFHDORQHWKDWWKHXQLYHUVHH[LVWV,QUHDOLW\\RXDORQHDUH7KHUHLVQR
MLYDRU,VKZDUDRWKHUWKDQ\RX

,JQRUDQFHLPDJLQDWLRQ,WLV\RXUPLQGWKDWPDNHV\RXWKLQNWKHUHLVDXQLYHUVHGLIIHUHQWIURP\RXUVHOI%XWWKH
ZRUGµLJQRUDQFH¶LVXVHGLQRUGHUWRLQGXFH\RXWRPDNHHIIRUWVWRJHWDWWUXWK
-LYD1RVXFKWKLQJDVVHSDUDWHVRXOVZKLFKFRQWLQXHDIWHUGHDWKWKLVLVLOOXVRU\
,VKYDUD*RGDVFUHDWRURUUXOHURUDVLPDJLQHGE\0DQ7KLVGRHVQRWPHDQWKHUHLVQRVXSUHPHUHDOLW\

2QHZKRNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVEXWDQLOOXVLRQDQGDQRWKLQJEHFRPHV
GHVLUHOHVVDQG3XUH,QWHOOLJHQFHDQGILQGVSHDFHDV
LIQRWKLQJH[LVWV
96, 2QHZKRNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVEXWDQLOOXVLRQDQGDQRWKLQJEHFRPHV
GHVLUHOHVVDQGSXUH,QWHOOLJHQFHDQGILQGVSHDFHDVLIQRWKLQJH[LVWV

LOOXVLRQDQLGHD
QRWKLQJQRWUHDOWKLVLVQRWDGHQLDORIH[LVWHQFHIRUWKHZRUGV³WKLVXQLYHUVHDGPLWVLWVSUHVHQFHLWLVDQ
DVVHUWLRQRILWVQDWXUH
DVLILWGRHVQRWPHDQWKDW\RXDUHQRWWDONLQJHDWLQJZDNLQJZRUNLQJVHQVLQJWKHZRUOG
$OOWKDWJRHVRQZLWKWKHLJQRUDQWEXW\RXNQRZLWIRULGHD
QRWKLQJH[LVWVQRWKLQJRWKHUWKDQKH

,QWKHRFHDQRIWKHZRUOG2QHRQO\ZDVLVDQGZLOOEH<RXKDYHQHLWKHUERQGDJHQRUOLEHUDWLRQ
/LYHFRQWHQWHGDQGKDSSLO\
96, ,QWKHRFHDQRIWKHZRUOG2QHRQO\ZDVLVDQGZLOOEH<RXKDYHQHLWKHUERQGDJHQRUOLEHUD
WLRQ/LYHFRQWHQWHGDQGKDSSLO\

RFHDQRFHDQLPSOLHVGLYHUVLW\ RIZDYHV DOZD\VDSSHDULQJDQGGLVDSSHDULQJ\HWLWVZDWHULVRQHZDVRQHZLOO


EHRQH
ZDVWKHDEVHQFHRIDVHFRQGWKLQJDVUHDOLW\
/LYHOLYHLQWKLVZRUOGOLNHDOOPHQDQG\HWILQGFRQWHQWPHQW
KDSS\\RXQHHGJLYHQRWKLQJXSDQGZKDWHYHUKDSSHQV\RXNQRZWKHUHLVQRJDLQRUORVV+HQFHLI\RXNQRZ
WKDWSOHDVXUHVDUHDOVR%UDKPDQZKDWQHHGIRUUHQRXQFLQJWKHP"2QWKHRWKHUKDQGZKDWQHHGIRUKDQNHULQJ
DIWHUDQ\WKLQJZKHQDOOLVLQ\RXUVHOI"

3XUH,QWHOOLJHQFHGRQRWGLVWXUE\RXUPLQGZLWKDIILUPDWLRQVDQGQHJDWLRQV%HFDOPDQGDELGH
KDSSLO\LQ\RXURZQVHOIZKLFKLV%OLVVLWVHOI
96, 3XUH,QWHOOLJHQFHGRQRWGLVWXUE\RXUPLQGZLWKWKRXJKWVDERXWULJKWRUZURQJ%HFDOPDQG
DELGHKDSSLO\LQ\RXURZQVHOIZKLFKLV%OLVVLWVHOI

ZURQJWKLVPHDQVGRQ¶WWURXEOH\RXUVHOIZLWKDIILUPDWLRQRIZDQWVRUQHJDWLRQRIORVV
ZLWKGHFLVLRQVDERXWWKLVRUWKDW

&RPSOHWHO\JLYHXSHYHQFRQWHPSODWLRQDQGKROGQRWKLQJLQ\RXUPLQG<RXDUHYHULO\WKH6HOIIUHH
:KDWZLOO\RXGRE\WKLQNLQJ"
96, *LYHXSHYHQFRQWHPSODWLQJDQ\WKLQJKROGQRWKLQJLQ\RXUKHDUW<RXDUHYHULO\WKH6HOIDQG
WKHUHIRUHIUHH:KDWZLOO\RXGR
E\DQDO\WLFDOWKLQNLQJ"

DQ\WKLQJ*LYHXSHYHQPHGLWDWLRQIRUWKDWLPSOLHVDVHFRQGWKLQJ%XWWKHUHLVQRVHFRQGWRJDLQ
KHDUW%XWLQ6DQVNULWDQG(QJOLVKWKHIRUFHRIWKLVZRUGLV³KROGQRWKLQJLQ\RXUPLQG
WKLQNLQJ7KLVDSSOLHVWR*QDQLRQO\QRWWRWKHVHHNHU:KDWDYDLOWRWKHPDQZKRNQRZV HYHU\WKLQJWREH
%UDKPDQWRJRRQDQDO\]LQJLW

&KDSWHU6SHFLDO,QVWUXFWLRQ
6SHFLDO,QVWUXFWLRQ

$VWDYDNUDVDLG

0\FKLOG\RXPD\RIWHQVSHDNXSRQYDULRXVVFULSWXUHVRUKHDUWKHP%XWFDQQRWEHHVWDEOLVKHGLQWKH
6HOIXQOHVV\RXIRUJHWDOO
96, 0\FKLOG\RXPD\RIWHQVSHDNXSRQYDULRXVVFULSWXUHVRUKHDUWKHPUHFLWHG%XW\RXFDQQRWEH
HVWDEOLVKHGLQWKH6HOIXQOHVV\RXIRUJHWDOO

VFULSWXUHVDOOWKHVHDUHPRUHSUHOLPLQDU\VWHSVIRUPHUHFKLOGUHQDQGVODYHPHQWDOLWLHV
HVWDEOLVKHGJHWWLQJFHUWDLQW\LUUHIXWDEOHSURRIQRWGRJPDWLFDVVHUWLRQHYHQRI%UDKPDQLVRXUDWWLWXGH
VHOILQWKHWUXWK
DOODOOVFULSWXUHVDQGWH[WVDUHGUV\DP\RXKDYHWREHJLQE\VWXG\LQJWKHPEXWDWWKLVDGYDQFHGVWDJHWKH\
PXVWEHGURSSHGDV\RXPXVWEHQRZWKLQNLQJDOZD\VRIWKH$WPDQDVHYHU\ZKHUHWKHGULNUDWKHUWKDQWKH
GUV\DP

ZLVHRQH\RXPD\HQMR\RUZRUNRUSUDFWLVHPHQWDOFRQFHQWUDWLRQ%XW\RXUPLQGZLOOVWLOO\HDUQ
IRU\RXURZQWUXHQDWXUHZKLFKLVEH\RQGDOOREMHFWVDQGLQZKLFKDOOGHVLUHVDUHH[WLQJXLVKHG
96, 6DJH\RXPD\HQMR\RUZRUNRUSUDFWLFHPHQWDOFRQFHQWUDWLRQ%XWRURQO\ZKHQSXUJHGRI
DOOGHVLUH\RXUPLQGZLOOVWLOO\HDUQIRU7KDWZKLFKLVEH\RQGDOOREMHFWVDQGLQZKLFKDOOGHVLUHVDUH
H[WLQJXLVKHG

FRQFHQWUDWLRQGHVLUHVPD\VWLOOEHOHIWHYHQWKRXJK\RXSUDFWLFH\RJD
REMHFWVEH\RQGDOOGUV\DPDOOLPDJLQDWLRQDQGDOOWKLQNLQJ
H[WLQJXLVKHGEHFDXVHZKDWLVWKHVXEFRQVFLRXVJRDORIWKHLUVHDUFK,WFDQRQO\EH1RQGXDOLW\

$OODUHXQKDSS\EHFDXVHWKH\H[HUWWKHPVHOYHV%XWQRQHNQRZVWKLV7KHEOHVVHGRQHDWWDLQV
HPDQFLSDWLRQWKURXJKWKLVLQVWUXFWLRQDORQH
96, $OODUHXQKDSS\EHFDXVHWKH\H[HUWWKHPVHOYHV%XWQRQHNQRZVWKLV7KHEOHVVHGRQHDWWDLQV
HPDQFLSDWLRQWKURXJKWKLVLQVWUXFWLRQDORQH

7KHPVHOYHVLQFOXGLQJHYHQWKH\RJLV7KLVGRHVQRWPHDQVLWWLQJVWLOOLQVDPDGKL)RUH[HUWLRQLPSOLHV
GXDOLW\WKHUHFRJQLWLRQRIDVHFRQGWKLQJWREHGHVLUHG7KH\PDNHDQHIIRUWWRJHWDWKLQJZKLFKLVDWWUDFWLYHRU
WRJHWULGRIDWKLQJZKLFKLVXQSOHDVDQW%XWERWKWKHJQDQLDQGLJQRUDQWZLOOEHRXWZDUGO\ H[HUWLQJDQGDFWLQJ

WKHGLIIHUHQFHEHLQJHQWLUHO\LQZDUGIRUWKHJQDQLZLOOUHJDUGWKHVHFRQGWKLQJDVXQUHDOZKHUHDVWKHLJQRUDQW
ZLOOEHFDSWLYDWHGE\LWVUHDOLW\H[HUWLRQPHDQVVHHNLQJWKHPDQ\VHHNLQJWKHPDQ\DQGQRWDV2QH
LQVWUXFWLRQWKDWQRQGXDOLW\LVWUXWKKHZKRJUDVSVWKLVDWRQFHDWWDLQVIUHHGRP%OHVVHGLVKHZKRXQGHUVWDQGV
DOOLV%UDKPDQDVVRRQDVJXUXH[SODLQVEXWPRVWFKHODVKDYHWRVWUXJJOHDORQJWLPH

+DSSLQHVVEHORQJVWRWKDWPDVWHULGOHUWRZKRPHYHQWKHFORVLQJDQGRSHQLQJRIWKHH\HOLGVLVDQ
DIIOLFWLRQDQGWRQRQHHOVH
96, +DSSLQHVVEHORQJVWRWKDWPDVWHURILQGLIIHUHQFHWRZKRPHYHQWKHFORVLQJDQGRSHQLQJRIWKH
H\HOLGVLVDQDIIOLFWLRQDQGWRQRQHHOVH

LQGLIIHUHQFHZKRKDVWKHFRQYLFWLRQWKDWWKHUHLVQRGXDOLW\7KHLQGLIIHUHQFHRI5DPDQD0DKDULVKLZKRGRHV
QRWFDUHZKDWKDSSHQVWRKLVGHYRWHHVRUDVKUDPLVHPSKDWLFDOO\QRWPHDQW
H\HOLGVQRWWREHPLVWDNHQIRU\RJLV FORVLQJWKHLUH\HVLQ6DPDGKL7KLVLPSOLHVWKHLUPLQGLVRQWKHLUH\HOLGV
LHWKHERG\
DIIOLFWLRQWKLVH\HOLGPRYHPHQWLVQDWXUDOWRPDQVRWKDWKHKDVEHFRPHTXLWHLQGLIIHUHQWXQREVHUYDQWRILW
KLVHJRGRHVQRWKDYHWRWKLQNDERXWLWGRHVQRWKDYHWRPDNHDQHIIRUWWRGRLWVLPLODUO\WKHVHHNHUKDVVRPH
DFWXDOLQGLIIHUHQFHDQGGRHVQRWIHHOWKHUHLVVRPHWKLQJIRUHLJQZKLFKKHKDVWRFRQWURO0DQGRHVQRWUHJDUG
KLVRZQH\HVDVVHSDUDWHIURPKLPVHOIVRJQDQL

:KHQWKHPLQGLVIUHHIURPVXFKSDLUVRIRSSRVLWHVDV
WKLVLVWREHGRQH
DQG
WKLVLVQRWWREHGRQH
LW
EHFRPHVLQGLIIHUHQWWRUHOLJLRXVPHULWZRUOGO\SURVSHULW\VHQVXDOHQMR\PHQWDQGOLEHUDWLRQ
96, :KHQWKHPLQGLVIUHHIURPVXFKSDLUVRIRSSRVLWHVDV
WKLVLVGRQH
DQG
WKLVLVQRWGRQH
LW
EHFRPHVLQGLIIHUHQWWRUHOLJLRXVPHULWZRUOGO\SURVSHULW\GHVLUHIRUVHQVXDOHQMR\PHQWDQGOLEHUDWLRQ

PHULWWKDWZKLFKLVODLGGRZQDVGXW\E\VFULSWXUHV,WLVEDQQHGEHFDXVH\RXWKLQN\RXZLOOJHWVRPHWKLQJ
ZKHWKHUVSLULWXDORUPDWHULDOLQUHWXUQKHQFHHJRLVP
OLEHUDWLRQEHFDXVHWKHVHLPSO\GXDOLW\

2QHZKRDEKRUVVHQVHREMHFWVEHFRPHVQRQDWWDFKHGDQGRQHZKRFRYHWVWKHPEHFRPHVDWWDFKHGWR
WKHP%XWKHZKRGRHVQRWDFFHSWRUUHMHFWLVQHLWKHUXQDWWDFKHGQRUDWWDFKHG
96, 2QHZKRDEKRUVVHQVHREMHFWVDYRLGVWKHPDQGRQHZKRFRYHWVWKHPEHFRPHVDWWDFKHGWR
WKHP%XWKHZKRGRHVQRWDFFHSWRUUHMHFWLVQHLWKHUXQDWWDFKHGQRUDWWDFKHG

UHMHFWEHFDXVHKHUHJDUGVERWKDV%UDKPDQWRDFFHSWRUUHMHFWDVUHDOLVWREHLQWKHZRUOGRIGXDOLW\

$VORQJDVGHVLUHFRQWLQXHVZKLFKLVWKHURRWRIWKHVWDWHRILQGLVFULPLQDWLRQWKHUHZLOOYHULO\EHWKH
VHQVHRIDWWDFKPHQWDQGDYHUVLRQZKLFKLVWKHEUDQFKDQGVKRRWRIWKHWUHHRIVDPVDUD
96, $VORQJDVGHVLUHFRQWLQXHVZKLFKLVWKHDERGHRIWKHVWDWHRILQGLVFULPLQDWLRQFRQWLQXHV
WKHUHZLOOYHULO\EHWKHVHQVHRIDWWDFKPHQWDQGDYHUVLRQZKLFKLVWKHEUDQFKDQGVSURXWRI6DPVDUD VRUURZ
DQGVXIIHULQJ 

LQGLVFULPLQDWLRQEHWZHHQUHDODQGXQUHDODGLVFULPLQDWLRQZKLFKFDQRQO\DULVHDIWHU\RXNQRZ
IRUFHUWDLQZRUOGWREHLGHDWKDWWKHVHFRQGWKLQJLVRQO\DQLGHD

$FWLYLW\EHJHWVDWWDFKPHQWDQGDEVWHQWLRQIURPLWDYHUVLRQ7KHPDQRIZLVGRPLVIUHHIURPWKH
SDLUVRIRSSRVLWHVOLNHDFKLOGDQGLQGHHGKHOLYHVRQOLNHDFKLOG
96, $FWLYLW\EHJHWVDWWDFKPHQWDQGDEVWHQWLRQIURPLWDYHUVLRQ7KHPDQRIZLVGRPLVIUHHIURP

WKHSDLUVRIRSSRVLWHVOLNHDFKLOGDQGLVWKXVHVWDEOLVKHGLQWKH6HOIDERYHWKHP

DWWDFKPHQWWKLVGRHVQRWPHDQWKDWµFDYLVP¶LVWKHFXUHIRUWKHQWKHUHLVDWWDFKPHQWWRWKHFDYH
FKLOG D KHGRHVZKDW1DWXUHFRPSHOVKLPWRGR E SV\FKRORJ\SURYHVWKDWWKHHJRFRPHVODWHULQOLIHWKDQ
ELUWKKHQFHLWPHDQVKHUHKDYLQJWKHPLQGIUHHIURPHJRLVPDOORZLQJLWIUHHGRP
HVWDEOLVKHGLQHTXLOLEULXP

2QHZKRLVDWWDFKHGWRWKHZRUOGZDQWVWRUHQRXQFHLWLQRUGHUWRDYRLGVRUURZ%XWRQHZLWKRXW
DWWDFKPHQWLVIUHHIURPVRUURZDQGGRHVQRWIHHOPLVHUDEOHHYHQLQWKHZRUOG
96, 2QHZKRLVDWWDFKHGWRWKHZRUOGZDQWVWRUHQRXQFHLWLQRUGHUWRDYRLGVRUURZ%XWRQH
ZLWKRXWDWWDFKPHQWLVIUHHIURPVRUURZDQGGRHVQRWIHHOPLVHUDEOHHYHQWKHUH

ZRUOGZKRUHJDUGVZRUOGDVUHDO
+HQFHWKHVRXUFHRIVDQ\DVLVDWWDFKPHQW
7KHUHLQWKHZRUOG +HLVLQWKHZRUOGEXWQRWRILW

+HZKRKDVDQHJRLVWLFIHHOLQJHYHQWRZDUGVOLEHUDWLRQDQGFRQVLGHUVHYHQWKHERG\DVKLVRZQLV
QHLWKHU DMQDQLQQRUD\RJLQ+HRQO\VXIIHUVPLVHU\
96, +HZKRKDVDQHJRLVWLFIHHOLQJHYHQWRZDUGVOLEHUDWLRQDQGFRQVLGHUVHYHQWKHERG\DVKLV
RZQLVQHLWKHUDMQDQLQ QRUD\RJLQ+HRQO\VXIIHUVPLVHU\

IHHOLQJWKLVLVWKHWHVW

/HWHYHQ+DUD+DULRUWKHORWXVERUQ%UDKPDEH\RXULQVWUXFWRUEXWXQOHVV\RXIRUJHWDOO\RX
FDQQRWEHHVWDEOLVKHGLQWKH6HOI
96, /HWHYHQ+DUD+DULRUWKHORWXVERUQ%UDKPDEH\RXULQVWUXFWRUEXWXQOHVV\RXIRUJHWDOO
\RXFDQQRWEHHVWDEOLVKHGLQWKH6HOI

+DUD6LYD +DUL9LVKQX
IRUJHW<RXPXVWPDVWHUWKHWHDFKLQJIRU\RXUVHOIE\\RXURZQWKLQNLQJ\RXRZQH[SHULHQFHVDQGWKXVVDWLVI\
\RXUPLQGEXWQRWWKH,
DOO JHWULGRIGUV\DP*RGVDUHWKRXJKWVLGHDGUV\DP
VHOI\RXPD\OHDUQWKHGRFWULQHVEXW\RXZLOOQRWUHDOL]HWKHPLHIRUFHUWDLQQRWE\KHDUVD\
<RXFDQQRWVD\KRZDJQDQLGUHVVHVRUPRYHVRUZRUNV+HLVWUDFNOHVVOLNHDILVKLQZDWHU&RPPRQSHRSOH
UHYHUHQXGH\RJLVEHFDXVHWKH\FDQQRWORRNLQWRDPDQ¶VPLQGRQO\DWKLVERG\6RWKH\ZRUVKLSDQ\\RJLZKR
ORRNVH[WUDRUGLQDU\RUSRVHVGUDPDWLFDOO\7KH*QDQLRQWKHFRQWUDU\ZLOOEHFORWKHGDPRQJVWSHRSOHMXVWDV
WKH\DUHVRDVQRWWRDSSHDUGLIIHUHQWEXWSULQFLSDOO\EHFDXVHKHKDVQR³,´DQGGRHVQRWLGHQWLI\KLPVHOIZLWK
WKHERG\+HFRQVLGHUVRWKHUVDVKLPVHOI 6HHDOVRS0DQGXN\DSDUD 

&KDSWHU7KH.QRZHURI7UXWK
7KH7UXH.QRZHU

$VWDYDNUDVDLG

+HKDVJDLQHGWKHIUXLWRI.QRZOHGJHDVZHOODVRIWKHSUDFWLFHRI\RJDZKRFRQWHQWHGDQGZLWK
SXULILHGVHQVHVHYHUHQMR\VEHLQJDORQH
96, +HKDVJDLQHGWKHIUXLWRI.QRZOHGJHDVZHOODVRIWKHSUDFWLFHRI\RJDZKRFRQWHQWHGDQG
ZLWKSXULILHGVHQVHVHYHURUUHDPLQVLQVHFOXVLRQUHMRLFHVLQRQHQHVV

<RJD<RJDSUDFWLFHDQGNQRZOHGJHPD\JRWRJHWKHUWKHWZRDUHQRWLQLPLFDO
%HLQJDORQHLQRULJLQDOPHDQLQJWKDWKHLVWKHZKROHXQLYHUVHDORQHWKHUHEHLQJQRVHFRQG

2KWKHNQRZHURI7UXWKLVQHYHUPLVHUDEOHLQWKLVZRUOGIRUWKHZKROHXQLYHUVHLVILOOHGE\KLPVHOI
DORQH
96, 2KWKHNQRZHURI7UXWKLVQHYHUPLVHUDEOHLQWKLVZRUOGIRUWKHZKROHXQLYHUVHLVILOOHGE\
KLPVHOIDORQH

PLVHUDEOHEHFDXVHPLVHU\FRPHVIURPGXDOLW\
ZRUOGLQZKLFKZRUOGKHUHPDLQVKHGRHVQRWOHDYHLW
DORQHKHNQRZVDOOPDQNLQGWREHKLVRZQVHOIDQGIHHOVIRUDOO

1RVHQVHREMHFWVHYHUSOHDVHKLPZKRGHOLJKWVLQWKH6HOIHYHQDVWKH OHDYHVRIWKH1HHPWUHHGRQRW
SOHDVHDQHOHSKDQWZKRGHOLJKWVLQVDOODNLOHDYHV
96, 1RVHQVHREMHFWVHYHUSOHDVHKLPZKRGHOLJKWVLQWKH6HOIHYHQDVWKHOHDYHVRIWKH1HHP
PDUJRVD WUHHGRQRWSOHDVHDQHOHSKDQWZKRGHOLJKWVLQ6DOODNL VZHHW OHDYHV

PDUJRVD WKHVHDUHYHU\ELWWHUWDVWLQJ
6DOODNL YHU\VZHHWWDVWHOHDI

5DUHLQWKLVZRUOGLVKHRQZKRPLPSUHVVLRQVDUHQRWOHIWRIWKLQJVZKLFKKHKDVH[SHULHQFHGRUZKR
GRHVQRWGHVLUHWKLQJVZKLFKKHKDVQRW\HWH[SHULHQFHG
96, 5DUHLQWKLVZRUOGLVWKHRQHZKRGRHVQRWFRYHWWKLQJVWKDWKHKDVHQMR\HGRUGRHVQRWGHVLUH
WKHWKLQJVWKDWKHKDVQRWHQMR\HG

7KRVHGHVLURXVRIZRUOGO\HQMR\PHQWDQGWKRVHGHVLURXVRIOLEHUDWLRQERWKDUHIRXQGLQWKLVZRUOG
%XWUDUHLQGHHGLVWKHJUHDWVRXOHGRQHZKRLVQRWGHVLURXVRIHLWKHUHQMR\PHQWRUOLEHUDWLRQ
96, 2QHGHVLURXVRIZRUOGO\HQMR\PHQWDQGRQHGHVLURXVRIOLEHUDWLRQDUHERWKIRXQGLQWKLVZRUOG
%XWUDUHLQGHHGLVWKHJUHDWVRXOHGRQHZKRLVQRWGHVLURXVRIHLWKHUHQMR\PHQWRUOLEHUDWLRQ

OLEHUDWLRQIRUKLPVHOIDVWKHP\VWLFGRHV
QRWGHVLURXVRIOLEHUDWLRQ%HFDXVHKHLVQRWFRQVFLRXVRIERQGDJHKHGRHVQRWVHHNIUHHGRPZKLFKLVPHUHO\
DQLGHDDQGKHZLVKHVWREHDERYHWKRXJKWV
OLEHUDWLRQXQOHVVLWEHOLEHUDWLRQIRUDOO

5DUHLVWKHEURDGPLQGHGSHUVRQZKRKDVQHLWKHUDWWUDFWLRQIRUQRUDYHUVLRQWRGKDUPD GXW\ DUWKD


ZRUOGO\SURVSHULW\ NDPD GHVLUH DQGPRNVD OLEHUDWLRQ DVZHOODVOLIHDQGGHDWK
96, ,WLVRQO\VRPHEURDGPLQGHGSHUVRQZKRKDVQHLWKHUDWWUDFWLRQIRUQRUDYHUVLRQWRGKDUPD
GXW\ DUWKD ZRUOGO\SURVSHULW\ NDPD GHVLUH DQGPRNVD OLEHUDWLRQ DVZHOODVOLIHDQGGHDWK

EURDGPLQGHG KLVPLQGLVXQLYHUVDOHQRXJKWRLQFOXGHWKHZKROHLQLWVIHHOLQJRI2QHQHVV

7KHPDQRI.QRZOHGJHGRHVQRWIHHODQ\GHVLUHIRUWKHGLVVROXWLRQRIWKHXQLYHUVHRUDYHUVLRQWRLWV
H[LVWHQFH7KHEOHVVHGRQHWKHUHIRUHOLYHVKDSSLO\RQZKDWHYHUVXEVLVWHQFHFRPHVDVDPDWWHURIFRXUVH
96, 7KHPDQRI.QRZOHGJHGRHVQRWIHHODQ\GHVLUHIRUWKHGLVVROXWLRQRIWKHXQLYHUVHRUDYHUVLRQ
WRLWVH[LVWHQFH7KHEOHVVHGRQHWKHUHIRUHOLYHVKDSSLO\RQZKDWHYHUVXEVLVWHQFHFRPHVRILWVHOI

GLVVROXWLRQDVLQ\RJLFD\DRUP\VWLFWUDQFH

,WVHOIZKDWHYHUFRPHVULJKWO\ZLWKRXWLQMXULQJRWKHUVWRJHWLW

%HLQJIXOILOOHGE\WKHNQRZOHGJHRIWKH6HOIDQGZLWKKLVPLQGDEVRUEHGDQGFRQWHQWHGWKHZLVHRQH
OLYHVKDSSLO\VHHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJ
96, %HLQJIXOILOOHGE\WKHNQRZOHGJHRIWKH6HOIDQGZLWKKLVPLQGDEVRUEHGLQLWDQGFRQWHQWHGWKH
ZLVHRQHOLYHVKDSSLO\ZKHWKHUVHHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJ

IXOILOOHGOHDYLQJKLPZLWKRXWDQ\PRUHGHVLUHVRUZDQWV
HDWLQJ7KH*QDQLOLYHVOLNHRWKHUPHQPDNLQJXVHRIKLVERGLO\VHQVHVDQGGRLQJQRWKLQJSHFXOLDUWR
GLVWLQJXLVKKLPLVGRLQJDOOWKDWKDVWREHGRQH+HGRHVQRWLQGXOJHLQWKHFKLOGLVKSUDFWLFHRIVDPDGKL

7KHUHLVQRDWWDFKPHQWRUDYHUVLRQLQRQHIRUZKRPWKHRFHDQRIWKHZRUOGKDVGULHGXS+LVORRNLV
YDFDQWKLVDFWLRQSXUSRVHOHVVDQGKLVVHQVHVLQRSHUDWLYH
96, 7KHUHLVQRDWWDFKPHQWRUQRQDWWDFKPHQWLQRQHIRUZKRPWKHRFHDQRIWKHZRUOGKDVGULHGXS
+LVORRNLVREMHFWOHVVYDFDQWKLVDFWLRQSXUSRVHOHVVDQGKLVVHQVHVLQRSHUDWLYH

QRQDWWDFKPHQW :KHQWKHUHLVQRVHFRQGREMHFWRUSHUVRQ VHHQDVVHSDUDWHUHDOLW\ WKHUHLVQRWKLQJOLNH


QRQDWWDFKPHQWWRLWQRQDWWDFKPHQWLVWKHQPHDQLQJOHVV
GULHGXSDVLQGUHDPVRWKLVZRUOGLVVHHQWREHLQKLPVHOI
YDFDQWKHGRHVQRWVHH DVHFRQGREMHFWDVDUHDOLW\LWLVQRWWKHEODQNQHVVRI6DPDGKL
LQRSHUDWLYH7KHREMHFWVDUHNQRZQWREHLGHDVXQUHDOWKLVLVQRW QLUYLNDOSDFRPD

7KHZLVHRQHQHLWKHUNHHSVDZDNHQRUVOHHSVKHQHLWKHURSHQVQRUFORVHVKLVH\HV2KWKHOLEHUDWHG
VRXODQ\ZKHUHHQMR\VWKHVXSUHPHFRQGLWLRQ
96, 7KHZLVHRQHQHLWKHUNHHSVDZDNHQRUVOHHSVKHQHLWKHURSHQVQRUFORVHVKLVH\HV2KWKH
OLEHUDWHGVRXODQ\ZKHUHHQMR\VWKHVXSUHPHFRQGLWLRQ

VOHHSVFRQGLWLRQVPDNHQRGLIIHUHQFHWRKLP SUHVHQFHRUDEVHQFHRIREMHFWLYHZRUOGLVRIQRDFFRXQWEHFDXVH
HYHU\WKLQJ LV%UDKPDQWRKLPDQGZKHWKHUKHORVHVFRQVFLRXVQHVVRIWKHXQLYHUVHLQVOHHSRUUHFRYHUVLWLQ
ZDNHIXOQHVVKHVWLOONQRZVWKDWKHLV%UDKPDQ
H\HVKHGRHVQRWVHHWKHZRUOGDVDVHFRQGVHSDUDWHWKLQJKHQFHKHGRHVQRWQHHGWRRSHQKLVH\HVWRVHHLWRU
FORVHWKHPWREDQLVKLW
VOHHSVKHGRHVQRWKDYH WRUHPDLQDZDNHWRNHHSKLVJQDQRUWRUHPDLQDVOHHSHLWKHU
DQ\ZKHUHKHGRHVQRWVHHWKHZRUOGDVKHLVKDSS\LQVROLWXGHRUVRFLHW\

7KHOLEHUDWHGRQHLVDOZD\VIRXQGDELGLQJLQWKH6HOIDQGLVSXUHLQKHDUWKHOLYHVIUHHGIURPDOO
GHVLUHVXQGHUDOOFRQGLWLRQV
96, 7KHOLEHUDWHGRQHLVDWSHDFHHYHU\ZKHUHDELGLQJLQWKH6HOIDQGLVSXUHLQKHDUWKHVKLQHV
HYHU\ZKHUHIUHHGIURPDOOGHVLUHV

OLEHUDWHGIURPLJQRUDQFH
HYHU\ZKHUHZKHWKHUKHZLWQHVVHVWKHZRQGHUVRIIRUHLJQFLWLHVRUQRWKLVKDSSLQHVVUHPDLQVGHVLUHIUHHLW
GRHVQRWGHSHQGRQWUDYHO
VHOIWKHPLQGLVHYHU\ZKHUH
SXUHZLWKRXWDWWULEXWHVIRUWKH\LPSO\DVHFRQGWKLQJ

6HHLQJKHDULQJWRXFKLQJVPHOOLQJHDWLQJWDNLQJVSHDNLQJDQGZDONLQJWKHJUHDWVRXOHGRQHIUHH
IURPDOOHIIRUWVDQGQRQHIIRUWVLVYHULO\HPDQFLSDWHG
96, 6HHLQJKHDULQJWRXFKLQJVPHOOLQJHDWLQJWDNLQJVSHDNLQJDQGZDONLQJWKHJUHDWVRXOHG

RQHIUHHIURPDOOHIIRUWVDQGQRQHIIRUWVLVYHULO\HPDQFLSDWHG

ZDONLQJJQDQLSHUIRUPVQRPLUDFOHVEHKDYHVQRUPDOO\MXVWOLNHRUGLQDU\KXPDQEHLQJV
HIIRUWVDVLQGUHDPHYHU\WKLQJLVPLQGVRWKHHIIRUWVRIZDONLQJHWFDUHVHHQE\VDJHDV2QHZLWKKLPVHOI
QRQHIIRUWV KHSUHVFULEHVQRSURKLELWLRQVIRUKLVOLIHKHLVIUHHIURPWKHRSSRVLWHVRIGXDOLW\

7KHOLEHUDWHGRQHQHLWKHUVODQGHUVQRUSUDLVHVKHQHLWKHUUHMRLFHVQRULVKHDQJU\KHQHLWKHUJLYHV
QRUWDNHV+HLVIUHHIURPDWWDFKPHQWWRDOOREMHFWV
96, 7KHOLEHUDWHGRQHQHLWKHUVODQGHUVQRUSUDLVHVKHQHLWKHUUHMRLFHVQRULVKHDQJU\KHQHLWKHU
JLYHVQRUWDNHV+HLVHYHU\ZKHUHIUHHIURPDWWDFKPHQW

SUDLVHVERWKDUHRQWKHVDPHOHYHOWRKLP7KHUHIRUHKHPD\LQGXOJHLQFULWLFLVPRUSUDLVHEHFDXVHKHWDNHQQR
SHUVRQDOLQWHUHVWLQWKHP,WGRHVQRWPHDQKHNHHSVTXLHWOHWKDUJLF
$QJU\WKLVGRHVQRWPHDQKHVKRXOGEHSDVVLYHLQDFWLYHKHPD\KDYHWRJHWDQJU\SURYLGHGLWLVLQWKH
LQWHUHVWVRIRWKHUVQRWKLPVHOI
DWWDFKPHQWKHKDVQRHJRQR,KHQFHLGHQWLILHVKLPVHOIZLWKWKH$OO
7KHJQDQLPD\GRDOOWKHVHWKLQJVEXWKHWKHHJRLQDEVHQWIURPKLVPRWLYHVVXFKDFWVDUHIRUWKHEHQHILWRI
RWKHUV³:KDWKDVKHGRQHWKLVIRU"´VKRXOGEHRXULQTXLU\

7KHJUHDWVRXOHGRQHLVQRWSHUWXUEHGDQGUHPDLQVVHOI
SRLVHGDWWKHVLJKWRIDZRPDQIXOORIORYHDV
ZHOODVRIDSSURDFKLQJGHDWK+HLVLQGHHGOLEHUDWHG
96, 7KHJUHDWVRXOHGRQHLVQRWSHUWXUEHGDQGUHPDLQVVHOI
SRLVHGDWWKHVLJKWRIDZRPDQIXOORI
ORYHDQGRIDSSURDFKLQJGHDWK+HLVLQGHHGOLEHUDWHGKHUHPDLQVXQDIIHFWHGEHFDXVHRIWKHDEVHQFHRIWKH,

7KDWZKLFKLVPRVWDWWUDFWLYHLQWKLVZRUOG ZRPDQLQORYHZLWK\RX DQGWKDWZKLFKLQPRVWUHSXOVLYH GHDWK


HTXDOO\GRQRWGLVWXUEWKH*QDQL¶V PLQG
OLEHUDWHGLHKHUHPDLQVXQDIIHFWHGEHFDXVHRIWKHDEVHQFHRIWKH,
ORYHZKLFKLQRWKHUVDURXVHVWKHPDQ¶VHJRPDNLQJKLPWKLQNRIHPEUDFLQJKHU

7KHVWHDG\RQHZKRVHHVWKHVDPHHYHU\ZKHUHVHHVQRGLIIHUHQFHEHWZHHQKDSSLQHVVDQGPLVHU\
PDQDQGZRPDQDQGSURVSHULW\DQGDGYHUVLW\
96, 7KHVDJHZKRVHHVWKHVDPHHYHU\ZKHUHPDNHVQRGLIIHUHQFHEHWZHHQKDSSLQHVVDQGPLVHU\
PDQDQGZRPDQDQGSURVSHULW\DQGDGYHUVLW\

HYHU\ZKHUHEHFDXVHKHVHHVDOOWKLQJVDVLGHDV
PLVHU\EHFDXVHKHNQRZVERWKWREHLGHDV
1RRWKHUUHDVRQ RWKHUWKDQWKDWHYHU\WKLQJLVLGHD LVHIIHFWLYH
ZRPDQVXFKGLVFLSOLQHLVQHHGHGE\DVFHWLFVEXWXVHOHVVWR*QDQL

,QWKHZLVHRQHZKRVHZRUOGO\OLIHLVH[KDXVWHGDQGZKRKDVWUDQVFHQGHGWKHOLPLWDWLRQVRIKXPDQ
QDWXUHWKHUHLVQHLWKHUFRPSDVVLRQQRUDQ\GHVLUHWRKDUPQHLWKHUKXPLOLW\QRULQVROHQFHQHLWKHUZRQGHUQRU
PHQWDOGLVWXUEDQFH
96, ,QWKHZLVHRQHZKRVHZRUOGO\OLIHLVH[KDXVWHGDQGZKRLVQRORQJHUDPDQWKHUHLVQHLWKHU
DQ\GHVLUHWRKDUPRUVKRZPHUF\QHLWKHULQVROHQFHQRUKXPLOLW\QHLWKHUZRQGHUQRUPHQWDOGLVWXUEDQFH

PDQZKRQRORQJHUKDVWKHVHQVHRIERG\DQGRI,
PHUF\7KLVGRHVQRWIRUELG\RXWREHFRPSDVVLRQDWHEXWLWPHDQV\RXGRLWZLWKRXWWKHHJRLPSHUVRQDOO\
KXPLOLW\EHKDYHWRZDUGVSHRSOHZLWKRXWGLVWLQFWLRQDORQJZLWKWKHHQYLURQPHQWDQGQRWIRUHJRLVWLFPRWLYHV

ZRQGHUDWWKHPDUYHORXVKDSSHQLQJVMXVWDQPHQZKRKDYHDZDNHQHGIURPVOHHSQRORQJHUZRQGHUDW
PLUDFOHVVHHQLQGUHDP

7KHOLEHUDWHGRQHQHLWKHUDEKRUVWKHREMHFWVRIWKHVHQVHVQRUFUDYHVIRUWKHP(YHUZLWKDGHWDFKHG
PLQGKHH[SHULHQFHVWKHPDVWKH\FRPH
96, 7KHOLEHUDWHGRQHQHLWKHUDEKRUVWKHREMHFWVRIWKHVHQVHVQRUFUDYHVIRUWKHP(YHUZLWKD
GHWDFKHGPLQGKHHQMR\VWKHDWWDLQHGDVZHOODVWKHXQDWWDLQHG

VHQVHVWKLVLVFRUUHFWIRUWKH6DQ\DVVLQVWDJHDVGLVFLSOLQH
WKHPKLVPLQGLVDWSHDFH
PLQGGHWDFKHGIURPWKHHJR
HQMR\VKHDSSUHFLDWHVDWWUDFWLYHWKLQJVEXWUHPDLQVLQZDUGO\XQDWWDFKHGZKHQWKH\FRPHKLVZD\RIWKHLURZQ
DFFRUG
XQDWWDLQHGZKDWKHLPDJLQHVDVDWWUDFWLYHLVHTXDOWRWKDWZKLFKLVREWDLQHGEHFDXVHERWKDUHUHJDUGHGDV
'UV\DP

7KHZLVHRQHRIYDFDQWPLQGNQRZVQRWWKHFRQIOLFWRIFRQWHPSODWLRQDQGQRQFRQWHPSODWLRQJRRG
DQGHYLO+HDELGHVDVLWZHUHLQWKHVWDWHRI$EVROXWHQHVV
96, 7KHZLVHRQHRIYDFDQW FRQWHQWOHVV PLQGNQRZVQRWWKHFRQIOLFWRIFRQWHPSODWLRQDQG
QRQFRQWHPSODWLRQJRRGDQGHYLO+HDELGHVDVLWZHUHLQWKHVWDWHRI1RQGXDOLW\

FRQWHQWOHVVZLWKRXW,XQLYHUVDOYDFDQWRIWKHLQGLYLGXDOLW\ QRWKLQJWRGRZLWKVDPDGKLRU\RJD
ZHUHDOWKRXJKYDULHW\LQSUHVHQWKHZLOONQRZLWQRWWREHVRLQUHDOLW\
HYLOHYLOLV%UDKPDQWRKLP
FRQIOLFWEHFDXVHKHGRHVQRWVHHDVHFRQGWKLQJ

'HYRLGRIWKHIHHOLQJRI
,
DQG
PLQH
NQRZLQJIRUFHUWDLQWKDWQRWKLQJLVDQGZLWKDOOKLVLQQHU
GHVLUHVVHWDWUHVWWKHPDQRI.QRZOHGJHGRHV
QRWDFWWKRXJKKHPD\EHDFWLQJ
96, 'HYRLGRIWKHIHHOLQJRI
PLQHQHVV
DQG
,QHVV
NQRZLQJIRUFHUWDLQWKDWQRVHFRQGWKLQJLV
DQGZLWKDOOKLVGHVLUHVVHWDWUHVWZLWKLQWKHPDQRI.QRZOHGJHGRHVQRWDFWWKRXJKKHPD\EHDFWLQJ

,QHVVNQRZLQJWKHPWREHXQUHDO
FHUWDLQEHFDXVHKHNQRZVWKHPHDQLQJRIWUXWK
ZLWKLQRWKHUVFDQQRWVHHPRUHWKDQKLVERG\WKDWZKLFKPDWWHUVLVZKDWKHKDVH[SHULHQFHGZLWKLQLQPLQG
+HQFHKHLVWREHIRXQGLQWKHZRUOG
WKRXJKKHPD\EHDFWLQJQRWKLQJLVJLYHQXSKHGRHVZKDWLVJRRGIRUWKHZRUOG7KHLUVXIIHULQJLVKLV

$QLQGHVFULEDEOHVWDWHLVDWWDLQHGE\WKHZLVHRQHZKRVHPLQGKDVPHOWHGDZD\LWVIXQFWLRQVKDYLQJ
FHDVHGWRRSHUDWHDQGZKRLVIUHHIURPGHOXVLRQGUHDPLQJDQGGXOOQHVV
96, $QLQGHVFULEDEOHVWDWHLVDWWDLQHGE\VDJHRQHZKRVHPLQGKDVPHUJHGLQ6HOIDQGZKRLVIUHH
IURPSDUWLFXODUWKRXJKWVRUWKHGLVSOD\RIWKHPLQGIURPGHOXVLRQGUHDPLQJRUGXOOQHVV

0,1'LHWKHPLQGZKLFKLVDFWLQJZLWKWKHHJRKHQFHPLQGLQZKLFKWKHHJRKDVGLVDSSHDUHG³PHOWHG
',63/$<2)7+(0,1'WKHZKROHZRUOGLQDQLGHDWRKLP
'8//1(66QRWOHWKDUJLFEXWDFWLYHQRWVWXSLGEXWDVWXWHQRWIRROLVKEXWNHHQZLWWHG
7KHGXOODUHWKRVHZKRWDNHZRUOGDVUHDO

&KDSWHU3HUIHFWLRQ
3HDFH


$VWDYDNUDVDLG

6DOXWDWLRQWR7KDWZKLFKLV%OLVVLWVHOIE\QDWXUHFDOPQHVVDQGHIIXOJHQFHZLWKWKHGDZQLQJRIWKH
NQRZOHGJHRIZKLFKDOOGHOXVLRQEHFRPHVOLNHDGUHDP
96, 6DOXWDWLRQWR7KDWZKLFKE\QDWXUHLV%OLVVLWVHOIFDOPQHVVDQGHIIXOJHQFHZLWKWKHGDZQLQJRI
WKHNQRZOHGJHRIZKLFKDOORUWKHZRUOGGHOXVLRQEHFRPHVOLNHDGUHDP7KHZRUOGLVVHHQDVQRUHDOLW\EXWDV
DSSHDUDQFH

1$785(LWLVQRWVRPHWKLQJWREHDFTXLUHGE\HIIRUWDQGLWVFKDUDFWHULVWLFLVWREHIUHHIURPPLVHU\DQG
KDSSLQHVVLVLQVHSDUDEOHIURPLW
&$/01(66FDOPQHVVLVORVWZKHQ\RXDGPLWDVHFRQGWKLQJZKLFKPD\LUULWDWH\RXFDXVHSDLQRUGLVWXUE
\RX
())8/*(1&(WKDWZKLFKNQRZVRULV7KHUHFDQEHQRGDUNQHVVLHQRLJQRUDQFHLQLW
'(/86,217DNLQJDWKLQJIRUZKDWLWLVQRW
'5($0MXVWDVDGUHDPODVWVRQO\DVKRUWWLPHVRZLWKJQDQWKHGHOXVLRQRIZRUOGUHDOLW\GLVDSSHDUVLH
ZRUOGLVVHHQDVQRUHDOLW\EXWDVDSSHDUDQFH

2QHJHWVSOHQW\RIHQMR\PHQWVE\DFTXLULQJDOONLQGVRIZRUOGO\REMHFWV6XUHO\RQHFDQQRWEHKDSS\
ZLWKRXWUHQRXQFLQJDOO
96, ,IRQHJHWVDEXQGDQWHQMR\PHQWE\DFTXLULQJDOONLQGVRIZRUOGO\REMHFWVWKHQVXUHO\RQHFDQQRW
EHKDSS\ZLWKRXWUHQRXQFLQJDOO

(1-2<0(17$OOZRUOGO\HQMR\PHQWGHSHQGVXSRQWKHH[LVWHQFHRIDVHFRQGWKLQJZKHUHDVWUXHKDSSLQHVVLV
RQO\LQQRQGXDOLW\
:KRJHWVHQMR\PHQW"7KHµ,¶:KRHYHULVRYHUIRQGRIDQ\WKLQJVKRXOGUHQRXQFHLWXQWLOKHDFKLHYHV
HTXLOLEULXP7KLVLVIRUGLVFLSOLQDU\VWDJH5HQXQFLDWLRQRIDQ\GHVLUHLVWKHWKRUQZKHUHE\\RXSLFNRXWWKH
WKRUQRIWKDWGHVLUHEXWERWKDUHWREHWKURZQDZD\WKHUHDIWHU

+RZFDQRQHZKRVHKHDUW
VFRUHKDVEHHQVFRUFKHGE\WKHKHDWRIWKHVXQRIVRUURZDULVLQJIURPGXW\
HQMR\KDSSLQHVVZLWKRXWWKHFRQWLQXRXVVKRZHURIWKHDPEURVLDRIWUDQTXLOOLW\"
96, +RZFDQRQHZKRVHKHDUW
VFRUHKDVEHHQVFRUFKHGE\WKHKHDWRIWKHVXQRIVRUURZDULVLQJIURP
DIHHOLQJRUWKLQJVWREHGRQHKDYLQJWRDFWHQMR\KDSSLQHVVZLWKRXWWKHFRQWLQXRXVVKRZHURIWKHDPEURVLDRI
WUDQTXLOOLW\"

7KLVXQLYHUVHLVEXWDVWDWHRIFRQVFLRXVQHVV,QUHDOLW\LWLVQRWKLQJ7KHH[LVWHQWDQGWKHQRQH[LVWHQW
GRQRWORVHWKHLULQKHUHQWQDWXUH
96, 7KLVXQLYHUVHLVEXWDVWDWHRIWKHPLQGDQLGHD,QUHDOLW\LWLVQRWKLQJEXWDWKRXJKW7KRVHVHOI
H[LVWLQJEHLQJVWKDWNQRZERWKH[LVWHQFHDQGQRQH[LVWHQFHQHYHUFHDVHWREH WKH'ULN 

7KH6HOIZKLFKLVDEVROXWHHIIRUWOHVVLPPXWDEOHDQGVSRWOHVVLVQHLWKHUIDUDZD\QRUOLPLWHG,WLV
YHULO\HYHUDWWDLQHG
96, 7KHQDWXUHRI6HOIZKLFKLVIUHHIURPPHQWDOFRQWHQWVHIIRUWOHVVLPPXWDEOHDQGVSRWOHVVLV
QHLWKHUIDUDZD\QRUQHDUEXWHYHU RUSUHVHQW DWWDLQHG

$77$,1('EHFDXVHWKHPRPHQW\RXWKLQNWKHUHLVDOZD\VWKHGULN

7KRVHZKRVHYLVLRQLVXQYHLOHGDVVRRQDVLOOXVLRQFHDVHVDQGWKH6HOILVUHDOL]HGOLYHZLWKWKHLU
VRUURZVGLVSHOOHG

96, 1RVRRQHUGRHVLJQRUDQFH GHOXVLRQ FHDVHDQGWKH6HOILVDSSUHKHQGHGWKDQWKHYHLOGURSVRII
WKHYLVLRQRIWKHDVSLUDQWVDQGWKH\OLYHZLWKWKHLUVRUURZVGLVSHOOHG

.QRZLQJDOODVPHUHLPDJLQDWLRQDQGWKH6HOIDVIUHHDQGHWHUQDOGRHVWKHZLVHRQHDFWLJQRUDQWO\
OLNHDFKLOG"
96, .QRZLQJDOOWKHXQLYHUVHDVPHUHPHQWDOFRQVWUXFWLRQDQGWKH6HOIDVIUHHDQGHWHUQDOZLOOWKH
ZLVHRQHDFW RUHQJDJHLQDFWLRQ OLNHDFKLOG

(7(51$/WKHWLPHFKDUDFWHULVWLFLVIRXQGRQO\LQWKHGUV\DPZRUOGQRWLQWKHGULNZKRORRNVRQ

.QRZLQJIRUFHUWDLQWKDWRQH
VVHOILV%UDKPDQDQGWKDWH[LVWHQFHDQGQRQH[LVWHQFHDUHILJPHQWV
ZKDWGRHVRQHZKRLVIUHHIURPGHVLUHNQRZVD\RUGR"
96, .QRZLQJIRUFHUWDLQWKDWRQH
VVHOILV%UDKPDQDQGWKDWH[LVWHQFHDQGQRQH[LVWHQFHDUH
ILJPHQWVZKDWGRHVRQHZKRLVIUHHIURPGHVLUHNQRZVD\RUGR"

'(6,5(GHVLUHLVDWWKHURRWRIWKHRWKHUWKUHHDFWLYLWLHV
6$<ZKDWHYHULVVDLGKDVDPHDQLQJLVDQLGHDLHDGUV\DP
'2DFWLRQLPSOLHVGXDOLW\

6XFKWKRXJKWVDV
WKLVLQGHHGDP,
DQG
WKLV,DPQRW
DUHDQQLKLODWHGIRUWKH\RJLQZKRKDVEHFRPH
VLOHQWE\NQRZLQJIRUFHUWDLQDOODVWKH6HOI
96, 6XFKWKRXJKWVDV
WKLVLQGHHGDP,
DQG
WKLV,DPQRW
EHFRPHIDLQWHUDQGIDLQWHUIRUWKH\RJLZKR
KDVEHFRPHVLOHQWE\WUXO\NQRZLQJDOODV6HOI

<2*,ZKRKDVSDVVHGWKURXJKWKH\RJDVWDJHGLVFLSOLQHGKLPVHOIULVHQLQWRWKHSDWKRILQTXLU\
DQGILQDOO\JRWULGRIWKHµ,¶KHQFHJHQHUDOUHIHUHQFHWKH\RJLZKRKDVUHDFKHGWRWKHVWDJHRIJQDQL

7KH\RJLQZKRKDVDWWDLQHGWUDQTXLOOLW\KDVQRGLVWUDFWLRQQRFRQFHQWUDWLRQQRLQFUHDVHLQ
NQRZOHGJHQRLJQRUDQFHDQGQHLWKHUSOHDVXUHQRUSDLQ
96, 7KH\RJLQZKRKDVDWWDLQHGWUDQTXLOOLW\KDVQRGLVWUDFWLRQQRFRQFHQWUDWLRQQRH[FHVVRI
NQRZOHGJHQRGXOOQHVVQRSOHDVXUHRUSDLQ

<2*,WKH\RJDVWDJHPXVWEHSDVVHGWKURXJKDQGWKH\RJLZKRIROORZVXSKLVSUDFWLFHE\LQTXLU\
ZLOODOVRDWWDLQJQDQMXVWDVDQ\RQHHOVHEXWLIWKHUHLVQRLQTXLU\KHUHPDLQVLQWKHORZHUVWDJH

,QKHDYHQRULQEHJJDU\LQJDLQRUORVVLQVRFLHW\RUVROLWXGHWKHUHLVQRGLIIHUHQFHWRWKH
XQFRQGLWLRQHG\RJLQ
96, 7KHGRPLQLRQRIKHDYHQRULQPHQGLFDQF\LQJDLQRUORVVLQVRFLHW\RUVROLWXGHWKHUHLVQR
GLIIHUHQFHWRWKH\RJLRU ZKRVHWKRXJKWVKDYHFHDVHGWRDFW QDWXUHIUHHIURPFRQGLWLRQV ZKRKDVEHFRPHD
JQDQL

+($9(1IXOILOOPHQWRIDOOGHVLUH
62/,78'(LPSOLHVGXDOLW\³,KDYHQRWJRWDQ\RWKHU+HZKRVHHNVVROLWXGHKDVWKHLGHDRIWZR LHPDQ\ LQ
KLVPLQG
&21',7,216XQOLPLWHGWKRXJKWIUHHLHZKRKDVEHFRPHDJQDQL

 :KHUH LV GKDUPD SHUIRUPDQFH RI ULWXDOLVWLF RU PHULWRULRXV ZRUNV  ZKHUH LV DUWKD ZRUOGO\
SURVSHULW\ ZKHUHLVNDPD VHQVHHQMR\PHQW DQGZKHUHLVGLVFULPLQDWLRQIRUWKH\RJLQ ZKRKDVWUDQVFHQGHG

VXFKGXDOQRWLRQVDV
WKLVLVWREHGRQH
DQG
WKLVLVQRWWREHGRQH
"
96, 'KDUPD IULWXDOLVWLFRUPHULWRULRXVZRUNV NDPD GHVLUHRIVHQVXDODQGDOORWKHUHQMR\PHQW 
DUWKD ZRUOGO\ SURVSHULW\ RUGLVFULPLQDWLRQKDVQRVLJQLILFDQFH IRUWKH \RJL ZKRKDVWUDQVFHQGHGVXFKGXDO
QRWLRQVDV
WKLVLVWREHGRQH
DQG
WKLVLVQRWWREHGRQH
"

6(168$/ DGG DQGDOORWKHU

7KH\RJLQZKRLVOLEHUDWHGZKLOHOLYLQJKDVQHLWKHUDQ\GXW\QRUDQ\DWWDFKPHQWDWKHDUW+LV
DFWLRQVSHUWDLQWRWKHSUHVHQWOLIHRQO\EHLQJPHUHO\WKHHIIHFWVRIKLVSDVWNDUPD
96, 7KH\RJLQ ZKRKDVULVHQWR*QDQD ZKRLVOLEHUDWHGZKLOHOLYLQJKDVQHLWKHUDQ\GXW\QRUDQ\
DWWDFKPHQWDWKHDUW+LVDFWLRQVLQWKLVZRUOGSHUWDLQWROLIH

<2*, DGG ZKRKDVULVHQWRJQDQD

:KHUHLVGHOXVLRQZKHUHLVWKHXQLYHUVHZKHUHLVUHQXQFLDWLRQPRUHRYHUZKHUHLVOLEHUDWLRQIRUWKH
JUHDWVRXOHGRQHZKRUHVWVEH\RQG
WKHZRUOGRIGHVLUHV"
96, :KHUHLVGHOXVLRQ PRKD ZKHUHLVWKHXQLYHUVHZKHUHLVPHGLWDWLRQRI7KDWRUZKHUHLV
OLEHUDWLRQIRUWKHJUHDWVRXOHGRQHZKRLVUHVWLQJLQWKHODQGEH\RQGWKHZRUOGRIGHVLUHV"

81,9(56(DVVHSDUDWHIURPKLP"
0(',7$7,21<RJD
'(6,5(6GUV\DPRUGXDOLW\

+HZKRVHHVWKHXQLYHUVHPD\WU\WRGHQ\LW:KDWKDVWKHGHVLUHOHVVWRGR"+HVHHVQRWHYHQWKRXJK
KHVHHV
96, :KRVHHVWKHXQLYHUVHDVUHDOLW\PD\WU\WRGHQ\LW:KDWKDVWKHGHVLUHOHVVWRGR"+HZKR
VHHVQRWHYHQWKRXJKKHVHHVWKHXQLYHUVH

6((67+(81,9(56(DVDVHFRQGWKLQJ7KLVDSSOLHVWR\RJLVZKRZDQWWREDQLVKWKHZRUOGLQVDPDGKL
7KH\GRQRWNQRZWKDWLQQRQGXDOLW\WKHUHLVQRQHHGWRGHQ\WKHXQLYHUVH
6((6DVVRPHWKLQJGLIIHUHQWIURPKLPVHOI7KRVHZKRFDQQRWJUDVSWKLVSRVLWLRQPLVXQGHUVWDQGLWDQG
ZURQJO\KROGLWWREHQLUYLNDOSDVDPDGKLZKHUHQRZRUOGLVVHHQ
7+(81,9(56(WKHSUHVHQFHRIWKHZRUOGLVQRREVWDFOHWRJQDQL¶VUHDOL]DWLRQKHGRHVQRWQHHGVDPDGKL

+HZKRKDVVHHQWKH6XSUHPH%UDKPDQPHGLWDWHV
,DP%UDKPDQ
:KDWGRHVKHZKRKDV
WUDQVFHQGHGDOOWKRXJKWWKLQNZKHQKHVHHVQRVHFRQG"
96, +HZKRKDVVHHQWKH6XSUHPH%UDKPDQPHGLWDWHV
,DP%UDKPDQ
:KDWZRXOGKHZKRKDV
WUDQVFHQGHGDOOWKRXJKWWKLQNZKHQKHVHHVQRVHFRQG"

6((1KHKDVLPDJLQHG%UDKPDQDQGLVVWLOOLQGXDOLW\+LV%UDKPDQLVEXWDWKRXJKW
µ,¶QRWHWKHHJRKHUH ,WLVPHUHTXRWDWLRQIURPDVFULSWXUH
7+28*+7WKHUHDUHQRWKRXJKWVLQ%UDKPDQ
7KH\RJLZKRZURQJO\WKLQNVWKHUHLVD%UDKPDQWREHJRWPD\DWWHPSWWRGRVRDQGPD\WKLQNKHVHHVLWEXW
DOOWKHWLPHKHLVXQGHUWKHGHOXVLRQRIGXDOLW\WKLQNLQJ%UDKPDQWREHVRPHWKLQJGLIIHUHQW
:KHQ\RXVD\WKDWDOOWKHGLIIHUHQWWKRXJKWVDUHRQO\0LQGWKHQ\RXKDYHWUDQVFHQGHGWKLQNLQJ

+HLQGHHGFRQWUROVKLPVHOIZKRVHHVGLVWUDFWLRQLQKLPVHOI%XWWKHJUHDWRQHLVQRWGLVWUDFWHG
+DYLQJQRWKLQJWRDFFRPSOLVKZKDWGRHVKHGR"
96, +HLQGHHGFRQWUROVKLPVHOIZKRVHHVGLVWUDFWLRQLQKLPVHOI%XWWKHJUHDWRQHLVQRW

GLVWUDFWHG+DYLQJQRWKLQJWRDFFRPSOLVKZKDWZRXOGKHGR"

+,06(/)+LVPLQGEHLQJGLVWXUEHGE\WURXEOHVKHKDVWRSUDFWLFH\RJD

7KHPDQRI.QRZOHGJHWKRXJKOLYLQJOLNHDQRUGLQDU\PDQLVFRQWUDU\WRKLP+HVHHVQHLWKHU
FRQFHQWUDWLRQQRUGLVWUDFWLRQQRUGHILOHPHQWRIKLVRZQ
96, 7KHPDQRI.QRZOHGJHWKRXJKOLYLQJOLNHDQFRPPRQRUGLQDU\PDQLVFRQWUDU\WRKLP+H
VHHVQHLWKHUFRQFHQWUDWLRQQRULPSXULW\QRUGHILOHPHQWRIKLVRZQ

25',1$5<+HIROORZVKLVYRFDWLRQRXWZDUGO\EHFDXVHKHLVQRWLQWHUHVWHGLQVKRZLQJRIIDVDJQDQL2WKHUV
FDQQRWGHWHFWLWPHUHO\E\KLVDSSHDUDQFH+HGRHVQRWZDQWWRVKRZKHLVGLIIHUHQW+HGRHVQRWFDUHWRPDNH
ERGLO\DGYHUWLVHPHQWVWRGLVWLQJXLVKKLPVHOI7KLVDOVRHQFRXUDJHVRUGLQDU\SHRSOHWRWDNHWRWKHSDWKIRUWKH\
VHHDJQDQLLVOLNHRQH VHOI 
&2175$5<LQKLVNQRZOHGJHLHLQKLVPLQG

+HZKRLVEH\RQGH[LVWHQFHDQGQRQH[LVWHQFHZKRLVZLVHVDWLVILHGDQGIUHHIURPGHVLUHGRHV
QRWKLQJHYHQLIKHPD\EHDFWLQJLQWKHH\HVRIWKHZRUOG
96, +HZKRLVGHYRLGRIH[LVWHQFHDQGQRQH[LVWHQFHZKRLVZLVHVDWLVILHGDQGIUHHIURPGHVLUH
GRHVQRWKLQJHYHQLIKHPD\EHDFWLQJLQWKHH\HVRIWKHSHRSOH

121(;,67(1&(%RWKµH[LVWHQFH¶DQGµQRQH[LVWHQFH¶DUHPHUHO\ZRUGVDQGEHORQJWRGXDOLW\ZRUGV
FDQQRWUHDFK%UDKPDQ
$&7,1*+HNQRZVLWLVRQO\WKHPLQGDWZRUN DVLQGUHDP DSSHDULQJLQYDULRXVZD\VKHQFHLWLVVWLOO
%UDKPDQXQFKDQJHGZKDWHYHUDFWLRQV LGHDV LWVHHPVWRLQGXOJHLQ

7KHZLVHRQHZKROLYHVRQKDSSLO\GRLQJZKDWFRPHVWRKLPWREHGRQHGRHVQRWIHHOHDJHUQHVV
HLWKHULQDFWLYLW\RULQLQDFWLYLW\
96, 7KHZLVHRQHZKROLYHVRQKDSSLO\GRLQJZKDWFRPHVWRKLPWREHGRQHGRHVQRWIHHOWURXEOHG
HLWKHULQDFWLYLW\RULQLQDFWLYLW\

'2,1*:+$7&20(672+,072%('21(+HGRHVQRWUXQDZD\IURPWKHZRUOGEXWGRHVZKDW
FLUFXPVWDQFHVDOORWKLPZLWKRXWWKHVHQVHRI³,DPGRLQJLW´DQGDOZD\VNHHSLQJWKHKDSSLQHVVRIRWKHUVLQ
YLHZ
,1$&7,9,7<%RWKDUHVDPHWRKLPDQGERWKZLOOEHSUDFWLFHGDWWKHDSSURSULDWHWLPHV

%ORZQE\WKHZLQGRIWKHVDPVNDUDVWKHGHVLUHOHVVLQGHSHQGHQWIUHHDQGOLEHUDWHGSHUVRQPRYHV

DERXWOLNHDGU\OHDI
96, %ORZQE\WKHZLQGRI6DPVNDUDVWKHGHVLUHOHVVLQGHSHQGHQWIUHHDQGOLEHUDWHGSHUVRQDFWV
OLNHDGU\OHDI

6$06.$5$6LQVWLQFWVZKLFKDUHWKHUHVXOWRISUHYLRXVWKRXJKWV<RXDFWLQDSDUWLFXODUZD\EHFDXVHRID
SUHYLRXVOLQHRIWKRXJKW
/($)OLYHVZLWKRXWGHVLUHVLQGLIIHUHQWLQZDUGO\

7KHUHLVQRMR\RUVRUURZIRURQHZKRKDVWUDQVFHQGHGZRUOGO\H[LVWHQFH(YHUZLWKDVHUHQHPLQG
KHOLYHVOLNHRQHZLWKRXWDERG\
96, 7KHUHLVQRMR\RUVRUURZIRURQHZKRKDVWUDQVFHQGHGZRUOGO\H[LVWHQFH(YHUZLWKDVHUHQH
PLQGKHOLYHVOLNHRQHZLWKRXWDERG\

(;,67(1&(QRORQJHUWKLQNVWKHZRUOGLVUHDO
%2'<+HLVQRWDOZD\VWKLQNLQJRIKLVERG\KLVLQWHUHVWLQLWZLOOEHWKHVDPHDVWKRXJKLWZHUHVRPHERG\
HOVH¶VERG\,WLVQRORQJHUP\ERG\

7KHZLVHPDQZKRGHOLJKWVLQWKH6HOIDQGZKRVHPLQGLVFDOPDQGSXUHKDVQRGHVLUHWRUHQRXQFH
DQ\WKLQJZKDWVRHYHUQRUGRHVKHIHHODQ\ORVVDQ\ZKHUH
96, 7KHZLVHPDQZKRVHGHOLJKWLQ6HOIDQGZKRVHPLQGLVFDOPDQGSXUHKDVQRGHVLUHWR
UHQXQFLDWLRQZKDWVRHYHUQRUGRHVKHIHHODQ\ORVVRUH[SHFWDWLRQDWDQ\SODFH

1DWXUDOO\RIDYDFDQWPLQGDQGGRLQJZKDWFRPHVRILWVHOIWKHZLVHRQHXQOLNHDQRUGLQDU\PDQLV
QRWDIIHFWHGE\KRQRXURUGLVKRQRXU
96, 1DWXUDOO\RIDYDFDQWPLQG GHYRLGRIOLNHVDQGGLVOLNHV DQGDFWLQJDVKHSOHDVHVWKHZLVHRQH
LVQRWDIIHFWHGE\KRQRXURUGLVKRQRXUOLNHWKHRUGLQDU\PDQ

3/($6(67KHUHLVQRWKLQJH[WHUQDOWRFRPSHOKLPWRULJKWDFWLRQKHNQRZVZKDWLVULJKWDQGGRHV
LWVSRQWDQHRXVO\IUHHO\+HIROORZVKLVRZQWHQGHQFLHVUDWKHUWKDQWKHGLFWDWLRQRIRWKHUV

2QHZKRDFWVLQFRQIRUPLW\ZLWKVXFKWKRXJKWVDV
WKLVLVGRQHE\WKHERG\DQGQRWE\PHWKHSXUH
6HOI
VXFKDRQHHYHQWKRXJKDFWLQJGRHVQRWDFW
96, 2QHZKRDFWVLQFRQIRUPLW\ZLWKVXFKWKRXJKWVDV
WKLVLVGRQHE\WKHERG\DQGQRWE\PHWKH
SXUH6HOI
VXFKDRQHHYHQWKRXJKDFWLQJGRHVQRWDFW EHFDXVHKHKDVGHWDFKHGWKH'ULNIURPWKH'U\VDP

$&7,1*,WLVDFRPPRQHUURUWRWKLQNWKHVDJHLVKHZKRVLWVLQDFWLYHVLOHQWDQGVWLOO
'2(6127$&7 DGG EHFDXVHKHKDVGHWDFKHGWKH'ULNIURPWKH'UV\DP

7KHMLYDQPXNWDDFWVOLNHRQHZKRGRHVQRWVD\WKDWKHLVDFWLQJVREXWKHLVQRWWKHUHIRUHDIRRO
(YHQWKRXJKLQWKHZRUOGKHLVHYHUKDSS\DQGEOHVVHG
96, 7KHMLYDQPXNWDDFWVOLNHRQHZKRGRHVQRWVD\WKDWKHLVD*QDQLDFWLQJVREXWKHLVQRW
WKHUHIRUHDIRRO(YHQWKRXJKPRYLQJOLNHDQRUGLQDU\PDQLQWKHZRUOGKHLVKDSS\DQGEOHVVHG

627KH,LVQRWWKHUH
)22/KLVHJROHVVQHVVLVQRWIRROLVKQHVVLQZRUOGO\PDWWHUV

7KHZLVHRQHZKRZHDU\RIGLYHUVHUHDVRQLQJVKDVDWWDLQHGUHSRVHQHLWKHUWKLQNVQRUNQRZVQRU
KHDUVQRUVHHV
96, 7KHZLVHRQHZKRZHDU\RIGLYHUVHLQTXLULHVKDVDWWDLQHGUHSRVHQHLWKHUWKLQNVQRUNQRZV
QRUKHDUVQRUVHHV

5($621,1*6 ,148,5,(6KHNQRZVWKH\DUHPHUHO\WKRXJKWVLGHDVDQGDVVXFKFDQQRWJHWDWWKH'ULN
5(326(WKHUHVWWKDWFRPHVDIWHUZRUN
6((6+HNQRZVWKHVHDUHDOO%UDKPDQDQGKDVUHPRYHGWKH,IURPVXFKVHQVHDFWLRQVKHQFHKHQHLWKHUWKLQNV
QRUNQRZVHWFDVHFRQGWKLQJ

$VWKHZLVHRQHKDVQRGLVWUDFWLRQDQGGRHVQRWSUDFWLVHPHGLWDWLRQKHLVQHLWKHUDQDVSLUDQWIRU
OLEHUDWLRQQRULVKHLQERQGDJH+DYLQJNQRZQWKHXQLYHUVHWREHD ILJPHQWHYHQWKRXJKKHVHHVLWKHH[LVWVDV
%UDKPDQ,WVHOI
96, %H\RQG6DPKDGLDQGGLVWUDFWLRQWKHJUHDWVRXOLVQHLWKHUDQDVSLUDQWIRUOLEHUDWLRQQRUWKH
UHYHUVH+DYLQJDVFHUWDLQHGWKHXQLYHUVHWRDQLGHD ILJPHQW HYHQWKRXJKKHVHHVLWKHH[LVWV RUNQRZVLW DV
%UDKPDQ,WVHOI


6$0$'+,7KLVHIIHFWXDOO\GLVSRVHVRIP\VWLFFODLPWKDWVDPDGKLJLYHVWKHKLJKHVW
',675$&7,216DPDGKLKHUHLVWKHVDPHDVGHHSVOHHSGLVWUDFWLRQPHDQVKDYLQJWKRXJKWRUSHUIRUPLQJDFWV
WKHVDJHLVLQQRQGXDOLW\DQGWKXVNQRZVERWKWKHVHWREH%UDKPDQ
/,%(5$7,21:KHQKHNQRZVWKDWWKHZKROHZRUOGLV%UDKPDQKHKDVQRQHHGWRVHHNOLEHUDWLRQ

+HZKRKDVHJRLVPLQKLPDFWVHYHQWKRXJKKHGRHVQRWDFW6XUHO\WKHZLVHRQHZKRLVIUHHIURP
HJRLVPGRHVQRWDFWHYHQWKRXJKKHDFWV
96, +HZKRKDVHJRLVPLQKLPDFWVHYHQWKRXJKKHGRHVQRWDFW6XUHO\WKHZLVHRQHZKRLVIUHH
IURPHJRLVPGRHVQRWDGRDQ\ZURQJGHHG

$&7,IWKHHJRVD\V³,VKDOOQRWDFWEXWUHQRXQFHZRUOG´ZKDWLVLWWKDWLWLVVWLOOWKLQNLQJRI"7KHHJRLWVHOIRI
FRXUVH6RKLVUHQXQFLDWLRQLVGHOXVLRQ
'(('GRHVQRWUHDOO\DFW-XVWDVLQDGUHDP\RXPD\FOLPEDPRXQWDLQEXW\RXDUHQRWGRLQJVRLQUHDOLW\

7KHPLQGRIWKHOLEHUDWHGRQHLVQHLWKHUWURXEOHGQRUSOHDVHGLWLVDFWLRQOHVVPRWLRQOHVVGHVLUHOHVV
DQGIUHHIURPGRXEWV
96, 7KHPLQGRIWKHOLEHUDWHGRQHLVQHLWKHUWURXEOHGQRUSOHDVHGLWLVLQDFWLYHPRWLRQOHVV
GHVLUHOHVVDQGIUHHIURPGRXEWV

/,%(5$7('IURPLJQRUDQFH
'28%76:KDWHYHUWKRXJKWVDULVHKHOHWVWKHPFRPHDQGJREHFDXVHKHNQRZVWKH\DUHEXWWKRXJKWVLWGRHV
QRW PHDQ\RJLFEODQNQHVV

7KHPLQGRIWKHOLEHUDWHGRQHGRHVQRWH[HUWLWVHOIWREHHLWKHUPHGLWDWLYHRUDFWLYHEXWLWEHFRPHV
PHGLWDWLYHDQGDFWLYHZLWKRXWDQ\PRWLYH
96, 7KHPLQGRIWKHOLEHUDWHGRQHGRHVQRWH[HUWLWVHOIWREHHLWKHUPHGLWDWLYHRUDFWLYHEXWLW
EHFRPHVPHGLWDWLYHDQGDFWLYHZLWKRXWDQ\PRWLYH

027,9(ZLWKRXWWKHHJR
:K\GLG6UL5DPDNULVKQDVWLOOVSHQGVRPXFKWLPHLQ\RJDWUDQFHVDIWHUKHEHFDPHD*QDQL"5HSO\,I,DP
D*QDQLZLWKDEODFNERG\,NQRZWKDWERG\LVRQO\DQLGHDEXWKHFDQQRWWKURZLWDZD\HYHQWKHQ6LPLODUO\
5DPDNULVKQDKDGWKHKDELWRIJRLQJLQWRWUDQFHDQGDOWKRXJKKHEHFDPHDJQDQLKHKDGWRFRQWLQXHWKLVKDELW,W
PDGHQRGLIIHUHQFHWRKLPEHFDXVHKHNQHZWKDWKLV6DPDGKLVDOVRZHUH%UDKPDQ7KHUHIRUHD*QDQLPD\
SUDFWLFH\RJDSURYLGHGKHNQRZVLWVOLPLWHGYDOXHNQRZVWKDWSHUVHLWGRHVQRWOHDGWR%UDKPDQEXWUHVW

$GXOOZLWWHGSHUVRQEHFRPHVEHZLOGHUHGRQKHDULQJWKHUHDOWUXWKEXWVRPHVKDUSZLWHGPDQ
ZLWKGUDZVZLWKLQKLPVHOIOLNHDGXOOSHUVRQ
96, $GXOOZLWWHGSHUVRQEHFRPHVEHZLOGHUHGRQKHDULQJWKHUHDOWUXWKEXWVRPHZLVHPDQ
ZLWKGUDZVZLWKLQKLPVHOIOLNHDGXOOSHUVRQ

+,06(/)UHPDLQVVLOHQWQRQDUJXPHQWDWLYHRWKHUZLVHWKHRSSRQHQWVRIWUXWKZLOOVHHNWRHPEURLO
KLPLQWRTXDUUHOVRPHGLVSXWHVZKLFKKDYHQRRWKHUYDOXHWKDQWRDVVHUWWKH,RUKHSUHWHQGVWRNQRZ
QRWKLQJIRUKHNQRZVLWLVLPSRVVLEOHWRFRQYLQFHVPDQRIWUXWKZKHQKHODFNVWKHFDSDFLW\WRJUDVSLW

7KHLJQRUDQWFRQVWDQWO\SUDFWLVHFRQFHQWUDWLRQDQGFRQWURORIWKHPLQG7KHZLVHDELGLQJLQWKHUHDO
6HOIOLNHSHUVRQVLQGHHSVOHHSGRQRWILQGDQ\WKLQJWREHGRQH
96, 7KHLJQRUDQWFRQVWDQWO\WDNHWRWKHSUDFWLFHRIFRQFHQWUDWLRQDQGFRQWURORIWKHPLQG7KH

ZLVHDELGLQJLQWKHUHDO6HOIOLNHSHUVRQVLQVOHHSGRQRWILQGDQ\WKLQJWREHGRQHEHFDXVHWKH\NQRZWKHLU
WKRXJKWVWREH$WPD

0,1'3DWDQMDOL
V\RJDLVIRUWKHLJQRUDQWZKRKDYHILUVWWRSUHSDUHWKHPVHOYHVWKH\ODFNWKHSRZHUWR
XQGHUVWDQGSKLORVRSK\
:,6(WKRVHZKRKDYHEUDLQV
6/((3ZKHUHPXOWLSOLFLW\LVDEVHQWVRJQDQLVHHVXQLW\RQO\
³7KHLJQRUDQWGRHVQRWDWWDLQWUXWKHLWKHUE\LQDFWLRQ LHVKXWWLQJKLPVHOILQFDYH RUE\DFWLRQLHE\
UHOLJLRXVULWHVDQGFHUHPRQLHV
³OLNHSHUVRQVLQVOHHSPHDQVKHLVDVLQGLIIHUHQW WRWKRVH\RJDSUDFWLFHV DVDPDQZKRLVVOHHSLQJZRXOGEH

7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQSHDFHHLWKHUE\LQDFWLRQRUE\DFWLRQ7KHZLVHRQHEHFRPHV
KDSS\PHUHO\E\NQRZLQJWKH7UXWK
96, 7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQSHDFHHLWKHUE\LQDFWLRQRUE\DFWLRQ7KHZLVHRQHEH
FRPHVPHUHO\KDSS\E\DVFHUWDLQLQJIRUKLPVHOIWKH7UXWK

,1$&7,21,WLVXWWHUO\LPSRVVLEOHWRUHPDLQKDSS\E\PHUHLQDFWLRQRUIDVWLQJRUPHGLWDWLRQIRUXOWLPDWHO\
WKHERG\GHPDQGVIRRGDQGZKLOVWWKHPLQGPXVWWKLQN
0(5(/<QRWKLQJHOVHQHHGVWREHGRQHIRUWKDWEULQJVLQGXDOLW\
$6&(57$,1,1*PDNLQJFHUWDLQ

,QWKLVZRUOGWKRVHZKRGHYRWHWKHPVHOYHVWRGLYHUVHSUDFWLFHVGRQRWNQRZWKH6HOIZKLFKLVSXUH
LQWHOOLJHQWEHORYHGSHUIHFWEH\RQGWKHXQLYHUVHDQGIUHHIURPDQ\WDLQW
96, ,QWKLVZRUOGPHQWKRXJKWDNLQJWRGLYHUVHUHOLJLRXVRU\RJDSUDFWLFHVGRQRWNQRZWKH6HOI
ZKLFKLVSXUHWKDWZKLFKLVFDSDEOHRINQRZLQJZKLFKKHORYHVEHVWSHUIHFWGHYRLGRIWKHFKDUDFWHULVWLFVRI
ZRUOGRIPDQLIROGQHVVDQGIUHHIURPDQ\WDLQW

%(/29(' :+,&++(/29(6%(67,WWKHVHOILVQHDUHVWWR\RXDQGWKXVPRVWORYHG
3(5)(&7HYHU\WKLQJLVLQFOXGHGLQLW
7$,177DLQWOLNHO\WRPDNH\RXXQHDV\VXFKDVGRXEWDOVRVRORQJDV\RXORRNRQHDFKWKLQJDVRQO\0LQGLW
ZLOOEHWDLQWOHVV
³,QWKLVZRUOGPHQWKRXJKWDNLQJWRGLYHUVHUHOLJLRXVRU\RJDSUDFWLFHVGRQRWNQRZWKH6HOIZKLFKLVSXUH
WKDWZKLFKLVFDSDEOHRINQRZLQJZKLFKKHORYHVEHVWSHUIHFWGHYRLGRIWKHFKDUDFWHULVWLFVRIZRUOG RI
PDQLIROGQHVV DQGIUHHIURPDQ\WDLQW´

7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQOLEHUDWLRQWKURXJKUHSHDWHGSUDFWLFHRIFRQWURORIWKHPLQG7KH
EOHVVHGRQHWKURXJKPHUHNQRZOHGJHEHFRPHVIUHHDQGLVXQDIIHFWHGE\FKDQJH
96, $QLJQRUDQWSHUVRQGRHVQRWDWWDLQOLEHUDWLRQE\UHSHDWHGSUDFWLFHZKLFKLVDQDFWLYLW\7KH
EOHVVHGRQHDOWKRXJKGHYRLGRIDOODFWLYLWLHVVWDQGVIUHHWKURXJKPHUH.QRZOHGJH

$&7,9,7,(6DVLQGUHDPRXUDFWLRQVDUHDOOGRQHLQVLGH XVKHQFHDUHQRWUHDOO\H[WHUQDORQHVVR
WKHVDJHVHHVDOOKLVDFWVLQKLPVHOIXQUHDO
$QLJQRUDQWSHUVRQGRHVQRWDWWDLQ0RNVKDE\UHSHDWHGSUDFWLFH)RUWKDWPHDQVKHLVZRUNLQJZLWKKLVERG\
ZKHUHDV*QDQLVWKHZRUNRIWKHEUDLQLQWHOOLJHQFH

7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQ%UDKPDQIRUKHGHVLUHVWREHFRPH,W7KHZLVHRQHFHUWDLQO\
UHDOL]HVWKHQDWXUHRIWKH6XSUHPH%UDKPDQHYHQZLWKRXWGHVLULQJWRGRVR
96, 7KHLJQRUDQWSHUVRQGRHVQRWDWWDLQ%UDKPDQEHFDXVHKHGHVLUHVWREHFRPH7KDW7KHZLVH
RQHFHUWDLQO\UHDOL]HVWKHQDWXUHRIWKH6XSUHPH%UDKPDQHYHQZLWKRXWGHVLULQJ,W


7+$7KHUHJDUGV%UDKPDQDVDQREMHFWLHDQLGHDWKLVLVKLVPLVWDNH%UDKPDQLVQRWWREHJRWDV
DVHFRQGWKLQJ,WLVXQFKDQJHDEOH

:LWKRXWDQ\VXSSRUWDQGHDJHUIRUWKHDWWDLQPHQWRIIUHHGRPWKHLJQRUDQWRQO\NHHSXSWKHZRUOG
7KHZLVHFXWWKHYHU\URRWRIWKLVZRUOGZKLFKLVWKHVRXUFHRIDOOPLVHU\
96, :LWKRXWDQ\VXSSRUWDQGHDJHUIRUWKHDWWDLQPHQWRI*RGWKHLJQRUDQWRQO\NHHSXSWKHZRUOG
RIGXDOLW\7KHZLVHFXWWKHYHU\URRWRIWKLVZRUOGZKLFKLVWKHVRXUFHRIDOOPLVHU\

RI )5(('20 *2'7KRVHZKRWKLQNWKH\ZDQWWREHFRPH%UDKPDQDVLIWKHLUUHDOQDWXUHFRXOGFKDQJH

7KHIRROGHVLUHVSHDFHWKURXJKFRQWURORIWKHPLQGDQGVRGRHVQRWDWWDLQLW7KHZLVHRQHNQRZVWKH
7UXWKDQGLVHYHURIDWUDQTXLOPLQG
96, 7KHIRROGHVLUHVSHDFHVRGRHVQRWDWWDLQLW7KHZLVHRQHNQRZVWKH7UXWKDQGLVHYHURI
WUDQTXLOPLQG

,7EHFDXVH7UXWKDORQHFRQIHUVSHUPDQHQWXQFKDQJLQJ WUDQTXLOLW\KHRXJKWWRVHHNWUXWKWKHUHIRUH
QRWSHDFH+HPD\WU\WRFRQWUROKLVPLQGIRU\HDUVEXWLWLVLPSRVVLEOH2XWVLGHRIVOHHSPLQGLVIRUHYHUDFWLYH

:KHUHLV6HOINQRZOHGJHIRUKLPZKRVHNQRZOHGJHGHSHQGVRQWKHREMHFW" 7KHZLVHGRQRWVHHWKLV
DQGWKDWEXWVHHWKHLPPXWDEOH6HOI
96, :KHUHLV6HOINQRZOHGJHIRUKLPZKRVHNQRZOHGJHGHSHQGVRQWKHREMHFW"7KHZLVHGRQRW
VHHWKLVDQGWKDWEXWVHHWKHLPPXWDEOH6HOI

2%-(&7,I\RXVHHNDQ\VHFRQGWKLQJ\RXORVHVHOILQLW,WLVDQREMHFW
,0087$%/(QRERG\KDVHYHUVHHQLWFKDQJH6KRXOGKHGRVRWKHQLWZLOOQRWEHWKH'ULNEXWDGUV\DP

:KHUHLVFRQWURORIPLQGIRUWKHGHOXGHGRQHZKRVWULYHVIRULW",WLVLQGHHGDOZD\VQDWXUDOZLWKWKH
ZLVHRQHZKRGHOLJKWVLQWKH6HOI
96, :KHUHLVFRQWURORIPLQGIRUWKHGHOXGHGRQHZKRVWULYHVIRULW",WLVLQGHHGDOZD\VQDWXUDO
ZLWKWKHZLVHRQHZKRGHOLJKWVLQ6HOI

,70LQGLVLPSRVVLEOHWRVWLOORXWVLGHRIVOHHS3DWDQMDOLZDVPLVWDNHQ
1$785$/*QDQLLVQRWGLVWXUEHGE\WKRXJKWV

6RPHWKLQNWKDWH[LVWHQFHLVDQGRWKHUVWKDWQRWKLQJLV5DUHLVWKHRQHZKRWKLQNVQHLWKHUDQGLV
WKXVFDOP
96, 6RPHRQHWKLQNVWKDWVXFKDWKLQJDVH[LVWHQFHLVDQGVRPHRQHHOVHWKDWQRWKLQJLV5DUHLVWKH
RQHWKDWWKLQNVQHLWKHUDQGLVWKXVFDOP

,6&RQIOLFWLQJRSLQLRQVILOOWKHZRUOG2QHVWDWHPHQWFDQDOZD\VHYRNHDFRXQWHUVWDWHPHQW7KHUHLVQR
ILQDOLW\
&$/07KHJQDQLLVUDLVHGDERYHDOOVSHFXODWLRQV

7KRVHRIGXOOLQWHOOHFWWKLQNWKDWWKH$WPDQLVSXUHDQG2QHZLWKRXWDVHFRQGEXWWKURXJKGHOXVLRQ
WKH\GRQRWNQRZ,WDQGDUHXQKDSS\DVORQJDVWKH\OLYH
96, 0HQRISRRUUHDVRQWKLQNWKDWWKH$WPDQLVSXUHDQG2QHZLWKRXWDVHFRQGEXWGRQRWNQRZ,W
WKURXJKGHOXVLRQDQGDUHXQKDSS\DVORQJDVWKH\OLYH

7KLQNWKH\KDYHRQO\WKRXJKWRI$WPDQLHDQREMHFWDGUV\DPEXWGHOXGHWKHPVHOYHVLQWRDFFHSWLQJWKLV
WKRXJKWDVWKHUHDOLW\7KH\FUHDWHDQLPDJLQHG$WPDQ
6(&21'7KH\PHUHO\VD\VRSRXURXWZRUGVEXWKDYHQRWJRWEH\RQGSXQGLWVWDJH7KHLU$WPDQLVLPDJLQHG
81+$33<EHFDXVHWKH\GRQRWJLYHXSHJR

7KHLQWHOOHFWRIRQHZKRORQJVIRUOLEHUDWLRQFDQQRWIXQFWLRQZLWKRXWGHSHQGLQJRQWKHREMHFWEXW
WKHLQWHOOHFWRIWKHOLEHUDWHGRQHLVLQGHHGHYHULQGHSHQGHQWDQGIUHHIURPGHVLUH
96, 7KHLQWHOOHFWRIRQHZKRORQJVIRUOLEHUDWLRQLVQRWQRQGHSHQGHQWEXWWKHLQWHOOHFWRIWKH
OLEHUDWHGRQHLVLQGHHGHYHUVHOIGHSHQGHQWDQGIUHHIURPGHVLUH

6HHLQJWKRVHWLJHUVWKHVHQVHREMHFWVWKHIULJKWHQHGRQHVVHHNLQJUHIXJHDWRQFHHQWHUDFDYHIRU
WKHDWWDLQPHQWRIFRQWURODQGFRQFHQWUDWLRQ
96, 6HHLQJWKHWLJHUVRIVHQVHREMHFWVWKHIULJKWHQHGRQHVVHHNLQJUHIXJHDWRQFHHQWHUDFDYHIRU
WKHDWWDLQPHQWRIFRQWURODQGFRQFHQWUDWLRQ

7KH\GRQRWLQTXLUHZKDWWKHVHQVHREMHFWVDUHEXWUXQDZD\WR\RJLFDVKUDPVWKHPDQZLWKEUDLQV
EXGGKL LVQRWDIUDLGEXWVD\V7KHVHREMHFWVDUHRQO\LGHDVLQPHZK\VKRXOG,UXQ"

6HHLQJWKHGHVLUHOHVVOLRQ PDQ WKRVHHOHSKDQWVWKHVHQVHREMHFWVTXLHWO\WDNHWRWKHLUKHHOVRULI


XQDEOHWRUXQDZD\VHUYHKLPOLNHIODWWHUHUV
96, 6HHLQJWKHGHVLUHOHVVOLRQ RIPDQ WKHHOHSKDQWVRIWKHVHQVHREMHFWVTXLHWO\WDNHWRWKHLU
KHHOVDQGZKHQXQDEOHVHUYHKLPOLNHIODWWHUHUVRUOLNHSDUDVLWHVVHUYLQJDULFKSHUVRQ

)/$77(5(56WKH*QDQLXVHVWKHVHREMHFWV

+HZKRLVIUHHIURPGRXEWVDQGKDVKLVPLQGLGHQWLILHGZLWKWKH6HOIGRHVQRWUHVRUWWRSUDFWLFHVRI
FRQWURODVDPHDQVWROLEHUDWLRQ6HHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJKHOLYHVKDSSLO\
96, +HZKRLVIUHHIURPGRXEWVDQGKDVKLVPLQGIL[HGRQWKH6HOIGRHVQRWUHVRUWWRWKHPHDQVWR
OLEHUDWLRQ6HHLQJKHDULQJWRXFKLQJVPHOOLQJDQGHDWLQJKHOLYHVKDSSLO\

'28%76:KHQWKHUHLVQRGXDOLW\WKHUHLVQRVHFRQGWKLQJWREHGRXEWHG
/,%(5$7,21GRHVQRWDGRSWDVFHWLFLVP

(VWDEOLVKHGLQ3XUH.QRZOHGJHDQGFDOPE\WKHPHUHKHDULQJRIWKH5HDOWKHZLVHRQHGRHVQRWVHH
ZKDWLVSURSHURULPSURSHUDFWLRQRUHYHQLQDFWLRQ
96, +HZKRVHLQWHOOHFWKDVEHHQSXULILHGQDGIUHHGIURPGLVWUDFWLRQE\PHUHKHDULQJDERXWWKH
7UXWK %UDKPDQ VHHVQRWKLQJWREHGRQHRUWREHDYRLGHGQRULVKHLQGLIIHUHQW

+($5,1*VKDUSEXGGKLJUDVSVWKHWUXWKWKHYHU\ILUVWWLPHLWLVH[SODLQHGE\JXUX
,1',))(5(17OLNHWKHUHFOXVHV

7KHZLVHRQHGRHVIUHHO\ZKDWHYHUFRPHVWREHGRQHZKHWKHUJRRGRUHYLOIRUKLVDFWLRQVDUHOLNH
WKRVHRIDFKLOG
96, 7KHJXLOHOHVVSHUVRQZKDWHYHUFRPHVWREHGRQHZKHWKHUJRRGRUHYLOIRUKLVDFWLRQVDUHOLNH
WKRVHRIDFKLOG

(9,/LIKHVHHVDFREUDWKUHDWHQLQJDWFKLOGKHZLOONLOOLWDQGWKXVDFWHYLOO\IRUDJRRGPRWLYH+LVJRRGRU
HYLOFRGHLVLQUHIHUHQFHWRRWKHUVQRW,
&+,/'IUHHIURPWKHHJR

:KHWKHUJRRGRUHYLOLVDSSOLHGWRWKH*QDQLKLPVHOI,WGRHVQRWPHDQHYLOWRRWKHUV(YLOKHUHPHDQVµFDXVHV
VXIIHULQJ¶

7KURXJKIUHHGRPRQHDWWDLQVWRKDSSLQHVVWKURXJKIUHHGRPWRWKHKLJKHVWWKURXJKIUHHGRPWR
WUDQTXLOOLW\DQGWKURXJKIUHHGRPWRWKH6XSUHPH6WDWH
96, 7KURXJKVHOIGHSHQGHQFHRQHDWWDLQVWRKDSSLQHVVLQWKLVZRUOGWKURXJKVHOIGHSHQGHQFHWR
WKH6XSUHPHWKURXJKVHOIGHSHQGHQFHWRWUDQTXLOOLW\DQGWKURXJKVHOIGHSHQGHQFHWRWKH+LJKHVW6WDWH

6835(0(<RXZLOOUHDOL]HWKHKLJKHVWWKURXJKVHOIUHOLDQFH

$OOWKHPRGLILFDWLRQVRIWKHPLQGDUHGHVWUR\HGZKHQDPDQUHDOL]HVWKDWKHKLPVHOILVQHLWKHUWKH
GRHUQRUWKHHQMR\HU
96, $OOWKHPRGLILFDWLRQVRIWKHPLQGEHFRPHDWWHQXDWHGZKHQDPDQUHDOL]HVWKDWKHKLPVHOILV
QHLWKHUWKHGRHUQRUWKHHQMR\HU

DWWHQXDWHGRQO\$WPDQ0LQGLVVHHQLQWKHPXOWLSOLFLW\
5($/,=(6WKURXJKFRQVWDQWSUDFWLFHRIFRUUHFWWKLQNLQJLWEHFRPHVQDWXUDO

7KHFRQGXFWRIWKHZLVHRQHZKLFKLVXQUHVWULFWHGE\PRWLYHVKLQHVEHLQJIUHHIURPSUHWHQFHEXW
QRWWKHDIIHFWHGFDOPQHVVRIWKHGHOXGHGSHUVRQZKRVHPLQGLVDWWDFKHG
96, 7KHFRQGXFWRIWKHZLVHRQHWKRXJKXQUHVWUDLQHGDQGLQDUWLILFLDOVKLQHVEXWQRWWKHDIIHFWHG
FDOPQHVVRIWKHIRROZKRVHPLQGLVDWWDFKHG

,1$57,),&,$/QRWFDULQJIRUSXEOLFRSLQLRQWRWKHH[WHQWRIEHLQJXQWUXHWRKLPVHOIWUXHWKRXJKWVDQGULJKW
OLYLQJEHFRPHVQDWXUDOWRKLP
)22/WKHP\VWLFRUDVFHWLFZKRSUDFWLFHVIRUPDOO\LQFDYHVRUDVKUDPV

7KHZLVHZKRDUHIUHHIURPPHQWDOSURMHFWLRQVXQERXQGDQGRIXQIHWWHUHGLQWHOOHFWVRPHWLPHV
VSRUWLQWKHPLGVWRIJUHDWHQMR\PHQWVDQGVRPHWLPHVUHWLUHLQWRPRXQWDLQFDYHV
96, 7KHZLVHZKRDUHIUHHIURPLPDJLQLQJVXQERXQGDQGRIXQIHWWHUHGLQWHOOHFWVRPHWLPHVVSRUW
LQWKHPLGVWRIJUHDWHQMR\PHQWVDQGVRPHWLPHVUHWLUHLQWRPRXQWDLQFDYHV

)5((IURPWKHGHVLUHRIFRQVRODWRU\LPDJLQLQJVVXFKDVUHOLJLRQ
(1-2<0(176WKH\DUHQRWDIUDLGWRHQMR\WKHPVHOYHVQRUDUHVROHO\DGGLFWHGWRDVFHWLFVROLWXGHWKH\KDYH
QRWKLQJH[WHUQDOWRDYRLGRUUXQDIWHU

1RGHVLUHZKDWVRHYHUVSULQJVLQWKHKHDUWRIWKHZLVHRQHRQKRQRXULQJDPDQYHUVHGLQVDFUHG
OHDUQLQJDJRGRUDKRO\SODFHRURQVHHLQJDZRPDQDNLQJRUDEHORYHGRQH
96, 1RGHVLUHZKDWVRHYHUVSULQJVLQWKHKHDUWRIWKHZLVHRQHRQVHHLQJRUKRQRXULQJDPDQYHUVHG
LQVDFUHGOHDUQLQJDJRGRUDKRO\SODFHRURQVHHLQJDZRPDQDNLQJRUDEHORYHGRQH

*2'WKLVLVPRVWH[DOWHGDWKHLVP
3/$&(1HLWKHU.DLODVQRU%HQDUHVFDQDWWUDFWWKHP
21(UHODWLYHVXFKDVDVRQ

7KH\RJLQLVQRWDWDOOSHUWXUEHGHYHQZKHQULGLFXOHGDQGGHVSLVHGE\KLVVHUYDQWVVRQVZLYHV
GDXJKWHU
VVRQVDQGRWKHUUHODWLRQV
96, 7KH\RJLZKRKDVEHFRPHDJQDQLDIWHUSDVVLQJWKURXJK\RJDLVQRWDWDOOSHUWXUEHGHYHQ
ZKHQULGLFXOHGDQGGHVSLVHGE\KLVVHUYDQWVVRQVZLYHVGDXJKWHU
VVRQVDQGRWKHUUHODWLRQV


<2*, ZKRKDVEHFRPHDJQDQLDIWHUSDVVLQJWKURXJK\RJD ,QWKHFDVHRIRIKXPDQLW\GLVFLSOLQH


LVQHFHVVDU\KHQFHWKHJQDQLXVXDOO\HPHUJHVIURPWKHVWDJHRI\RJLFGLVFLSOLQH2QO\DUDUHIHZEHFRPH
JQDQLVZLWKRXW\RJDZKLFKLVTXLWHSRVVLEOHEXWLQIUHTXHQW

7KRXJKSOHDVHGKHLVQRWSOHDVHGWKRXJKSDLQHGKHGRHVQRWVXIIHUDQ\SDLQ2QO\WKRVHZKRDUH
OLNHKLPXQGHUVWDQGKLVZRQGHUIXOVWDWH
96, 7KRXJKKHDSSHDUVSOHDVHGKHLVQRWSOHDVHGWKRXJKKHDSSHDUVSDLQHGKHGRHVQRWVXIIHUDQ\
SDLQ2QO\WKRVHZKRDUHOLNHKLPXQGHUVWDQGKLVZRQGHUIXOPHQWDOVWDWH

3$,12XWZDUGO\KHEHKDYHVOLNHRWKHUVVHHPLQJDQJU\IRULQVWDQFHEXWLQZDUGO\QRWDQJU\,WLVDNLQGRI
SUHWHQVHEXWLWLVXQDYRLGDEOHZKHQ\RXKDYHWRGHDOZLWKGLIIHUHQWNLQGVRIPHQ
+LVPHQWDOLQWHUQDODWWLWXGHLVTXLWHGLIIHUHQWIURPRWKHUVEXWKLVH[WHUQDOUHDFWLRQPD\VHHPWKHVDPHDVWKDWRI
RUGLQDU\PHQ7KLVLVVRZRQGHUIXOWKDWLWFDQQRWEHXQGHUVWRRGE\RWKHUVZKRMXGJHE\DSSHDUDQFHVRQO\KHUH
ZRQGHUIXOPHDQVUDUHRUUHPDUNDEOHQRW P\VWLF

7KHVHQVHRIGXW\LQGHHGLVWKHZRUOGRIUHODWLYLW\,WLVWUDQVFHQGHGE\WKHZLVHRQHZKRUHDOL]HV
KLPVHOIDVDOOSHUYDVLYHIRUPOHVVLPPXWDEOHDQGXQWDLQWHG
96, 7KHVHQVHRIGXW\LQGHHGLV6DPVDUD WKHZRUOGRIUHODWLYLW\ ,WLVWUDQVFHQGHGE\WKHZLVH
ZKRDUHWKHIRUPRIWKHYRLG IUHHIURPPRGLILFDWLRQV IRUPOHVVLPPXWDEOHDQGXQWDLQWHG

92,'WKLVLVRQO\PHWDSKRULFDOWRLPSO\WKHUHLVQRLGHDQRWKRXJKWWKHUHLQEXWLWLVQRWWREH
WDNHQOLWHUDOO\OLNH6XQ\DYDGDWRLPSO\WKHUHLVQRUHDOLW\WKHUHLQ

2QHRIGXOOLQWHOOHFWHYHQZLWKRXWGRLQJDQ\WKLQJLVHYHUDJLWDWHGE\GLVWUDFWLRQEXWWKHVNLOIXORQH
HYHQGRLQJKLVGXWLHVLVYHULO\XQSHUWXUEHG
96, 2QHRIGXOOLQWHOOHFWHYHQZLWKRXWGRLQJDQ\WKLQJLVHYHUDJLWDWHGE\GLVWUDFWLRQEXWWKHZLVH
RQHHYHQGRLQJKLVGXWLHVLVYHULO\XQSHUWXUEHG

',675$&7,21WKHUHIRUHLWLVGXOOPLQGVWKDWVHHNUHSRVHRI\RJD
'87,(6IRUWKH\DOVRDUH%UDKPDQ+HLVTXLWHUHDG\WRGRDQ\WKLQJKRZHYHUPHDQRUJUHDWWKDWIDWHPD\
PDNHKLPGRSURYLGHGLWGRHVQRWKDUPRWKHUV

:LWKSHUIHFWHTXDQLPLW\HYHQLQSUDFWLFDOOLIHWKHZLVHRQHVLWVKDSSLO\VOHHSVKDSSLO\PRYHV
KDSSLO\VSHDNVKDSSLO\DQGHDWVKDSSLO\
96, (TXDQLPRXVLQSUDFWLFDOOLIHDVZHOOWKHZLVHRQHVLWVKDSSLO\VOHHSVKDSSLO\PRYHVKDSSLO\
VSHDNVKDSSLO\DQGHDWVKDSSLO\

:(//+HPD\KDYHVRUURZVEXWKHNHHSVHTXDOPLQGHG2UKHDGDSWVKLPVHOIWRKLV
HQYLURQPHQWLPPHGLDWHO\LQRUGHUWRKHOSRWKHUVEXWVHFUHWO\UHPDLQVKLPVHOILQVLGH

:KRHYHUE\YLUWXHRIWKHUHDOL]DWLRQRIKLVRZQVHOIGRHVQRWIHHOGLVWUHVVHGHYHQLQSUDFWLFDOOLIH
OLNHRUGLQDU\SHRSOHDQGUHPDLQVXQDJLWDWHGOLNHDYDVWODNHZLWKDOOKLVVRUURZVJRQHKHVKLQHV
96, +ZZKRHYHQLQSUDFWLFDOOLIHGRHVQRWRZLQJWRKLVQDWXUDOVHOISRVVHVVLRQIHHOGLVWUHVVHG
OLNHRUGLQDU\SHRSOHUHPDLQVXQDJLWDWHGOLNHDYDVWODNHZLWKDOOKLVVRUURZVJRQH

6(/)3266(66,21%HFDXVH%UDKPDQLVFDOPKHZKRKDVUHDOL]HGLWLVDOVRLQZDUGO\FDOPE\
QDWXUH2ULJLQDOLV6ZDEKDYD QDWXUH

:LWKWKHGHOXGHGHYHQLQDFWLRQEHFRPHVDFWLRQDQGZLWKWKHZLVHHYHQDFWLRQUHVXOWVLQWKHIUXLWRI
LQDFWLRQ
96, (YHQLQDFWLRQRIWKHGHOXGHGRQHVEHFRPHVDFWLRQDQGHYHQDFWLRQRIWKHZLVHRQHUHVXOWVLQ
WKHIUXLWRILQDFWLRQ

7KHGHOXGHGRQHRIWHQVKRZVDYHUVLRQWRKLVSRVVHVVLRQV:KHUHLVDWWDFKPHQWZKHUHLVDYHUVLRQIRU
KLPZKRVHORYHIRUWKHERG\KDVYDQLVKHG"
96, 7KHGHOXGHGRQHRIWHQVKRZVGLVOLNHWRZKDWKHSRVVHVVHV+HZKRVHGHVLUHIRUWKHERG\KDV
YDQLVKHGKDVQHLWKHUDWWDFKPHQWQRUDYHUVLRQ

7KHFRQVFLRXVQHVVRIWKHGHOXGHGRQHLVDOZD\VDWWDFKHGWRWKLQNLQJDQGQRWWKLQNLQJ%XWWKH
FRQVFLRXVQHVVRIWKHZLVHRQHWKRXJKDWWHQGHGZLWKWKLQNLQJWKHWKLQNDEOHLVRIWKHQDWXUHRIXQFRQVFLRXVQHVV
96, 7KHPLQGRIWKHGHOXGHGRQHLVDOZD\VDWWDFKHGWRWKLQNLQJDQGQRWWKLQNLQJ%XWWKDWRIWKH
ZLVHRQHWKRXJKDWWHQGHGZLWKWKLQNLQJWKHWKLQNDEOHLVRIWKHQDWXUHRIWKRXJKWOHVVQHVV

'(/8'('WKH\RJLZKRUHJDUGVWKLQNLQJDVWKHHQHP\RIUHDOL]DWLRQ
7+,1.,1*DVLQ(XURSH
1277+,1.,1*DVDPRQJ\RJLV
81&216&,2861(66 7+28*+7/(661(66EDGWUDQVODWLRQ7KDWPLQGZKHUHLQDOOLGHDVDQGREMHFWVDUH
GLVVROYHGDQGNQRZVQRWKLQJRXWVLGHSXUH0LQGWKHVWDWHZKHUHWKHUHLVQRWKRXJKW
7KH*QDQLLVDWWDFKHGWRQHLWKHU+HFDQQRWJHWULGRILGHDVRIWKHZRUOGVRKHDFFHSWVWKHPDV%UDKPDQ

7KHZLVHRQHZKRKDVQRPRWLYHLQDOOKLVDFWLRQVZKRPRYHVOLNHDFKLOGDQGLVSXUHKDVQR
DWWDFKPHQWHYHQWRWKHZRUNWKDWLVEHLQJGRQHE\KLP
96, 7KHVDJHZKRPRYHVOLNHDFKLOGZLWKRXWPRWLYHLQDOOKLVREHUYDQFHVDQGLVSXUHKDVQR
DWWDFKPHQWHYHQWRWKHZRUNWKDWLVEHLQJGRQHE\KLP

%OHVVHGLQGHHGLVWKDWNQRZHURIWKH6HOIZKRKDVWUDQVFHQGHGWKHPLQGDQGZKRHYHQWKRXJK
VHHLQJKHDULQJWRXFKLQJVPHOOLQJRUHDWLQJLVWKHVDPHXQGHUDOOFRQGLWLRQV
96, %OHVVHGLQGHHGLVWKDWNQRZHURIWKH6HOIZKRHYHQWKRXJKVHHLQJKHDULQJWRXFKLQJ
VPHOOLQJRUHDWLQJLVIUHHIURPGHVLUHDQGLVWKHVDPHXQGHUDOOFRQGLWLRQV&KDQJHVLQWKHZRUOGGRQRWDIIHFW
KLP

'HVLUHWKHLGHDRIGXDOLW\
&21',7,216FKDQJHVLQWKHZRUOGGRQRWDIIHFWKLP7KLVLVSRVVLEOHRQO\E\WDNLQJXSWKHSRVLWLRQRI
QRQGXDOLW\ZKLFKLVQRQGLIIHUHQFH

:KHUHLVWKHZRUOGDQGZKHUHLWVDSSHDUDQFHZKHUHLVWKHHQGDQGZKHUHWKHPHDQVIRUWKHZLVH
RQHZKRLVHYHUFKDQJHOHVVOLNHWKHILUPDPHQW"
96, :KHUHLVWKHUHIOHFWHGVHOIZKHUHLVWKHZRUOGZKHUHLVWKHHQGDQGZKHUHWKHPHDQVIRULW
IRUWKHZLVHRQHZKRLVHYHUFKDQJHOHVVOLNHWKHVSDFH"

5()/(&7('7KHVHOIWKRXJKWRIVSRNHQDERXWLHLPDJLQHGQRWWKHUHDOVHOIIRUDWKRXJKWFDQQRWEH
$WPDQ
0($16,QXQLW\HYHQWKHWKRXJKWRIDWHFKQLTXHWRSURGXFHLWGRHVQRWDULVHWKHUHLVQRSURGXFWLRQRI
%UDKPDQ
&+$1*(/(66FKDQJHDQGWLPHDUHZKDW\RXILQGLQWKHGUV\DPQRWLQWKHGULN

*ORULRXVLVKHZKRLVIUHHIURPDOOGHVLUHVZKRLVWKHSHUIHFWHPERGLPHQWRIEOLVVZKLFKLVKLVRZQ
QDWXUHDQGZKRLVVSRQWDQHRXVO\DEVRUEHGLQWKHXQFRQGLWLRQHG6HOI
96, *ORULRXVLVKHZKRLVIUHHIURPDOOGHVLUHVDQGLVWKHHPERGLPHQWRI,QILQLWH%OLVVZKLFKLVKLV
RZQQDWXUHDQGKHZKRKDVDWWDLQHGQDWXUDO6DPKDGLLQWKHXQFRQGLWLRQHG

1$785$/HIIRUWOHVV VDKDMD
6$0$'+,VHHLQJWKHVDPHQHVV %UDKPDQ HYHU\ZKHUH
6DKDMD PHDQVFRPLQJRILWVRZQDFFRUGWKHZRUOGEHLQJMXVWDVLWLVDQG\HWKHLVLQVDPDGKLHYHU\WKLQJ
EHFRPHVRQH

,QVKRUWWKHJUHDWVRXOHGRQHZKRKDVUHDOL]HGWKH7UXWKLVIUHHIURPWKHGHVLUHIRUHQMR\PHQWDQG
OLEHUDWLRQDQGLVGHYRLGRIDOODWWDFKPHQWDWDOOWLPHVDQGLQDOOSODFHV
96, ,QVKRUWWKHJUHDWVRXOHGPDQZKRKDVUHDOL]HGWKH7UXWKLVIUHHIURPWKHGHVLUHRIHQMR\PHQW
DQGOLEHUDWLRQDQGLVGHYRLGRIDOODWWDFKPHQWDWDOOWLPHVDQGLQDOOSODFHV

$77$&+0(17WRHJR3/$&(6WDNHDZD\HJRDQG\RXH[SHULHQFHHYHU\ZKHUHQHVV

:KDWUHPDLQVWREHGRQHE\RQHZKRLV3XUH&RQVFLRXVQHVV"+HKDVUHQRXQFHGSKHQRPHQDO
H[LVWHQFHZKLFKEHJLQVZLWKPDKDWDQGLVPDQLIHVWHGWKURXJKPHUHQDPH
96, :KDWUHPDLQVWREHGRQHE\RQHZKRLV3XUH,QWHOOLJHQFHZKRKDVUHQRXQFHGSKHQRPHQDO
ZRUOGZKLFKEHJLQVZLWK0DKDWDQGLVPDQLIHVWHGWKURXJKPHUHQDPH

5(1281&('UHQXQFLDWLRQPHDQVJLYLQJXSHJR6DQ\DVLVWREHYDOXHGRQO\EHFDXVHLWLVDILUVWVWHSWRWKLV
DOWKRXJKXQIRUWXQDWHO\PDQ\DVFHWLFVKDYHDVWURQJHUHJR
1$0(PHUHLGHDVPHUHWKRXJKWVZKHQ\RXNQRZWKDWDOOLGHDVDUHPDGHRIVLQJOHHVVHQFHWKHQ\RXKDYHJRW
$WPDQ

7KHSXUHRQHNQRZVIRUFHUWDLQWKDWWKLVXQLYHUVHLVWKHSURGXFWRILOOXVLRQDQGWKDWQRWKLQJH[LVWV
7KH,PSHUFHSWLEOH6HOILVUHYHDOHGWRKLPDQGKHQDWXUDOO\HQMR\VSHDFH
96, 7KHSXUHRQHKDVNQRZIRUFHUWDLQWKDWWKLVLVWKHSURGXFWRILOOXVLRQDQGWKDWQRWKLQJH[LVWVWR
ZKRPWKH8QFRJQL]DEOHLV DSSHDUVWREH FRJQL]HGQDWXUDOO\HQMR\VSHDFH

7+,6WKLVZRUOG
,//86,21\RXVHHWKHZRUOGEXW\RXNQRZLWVDSSHDUDQFHKLGHVWKHUHDOLW\DQGDOVRLWLVWKHUHDOLW\DV$WPDQ
3($&(,WFRPHVE\LWVHOI VDKDMD HYHU\ZKHUHLQWKHZRUOG
5HDGµLQH[SUHVVLEOH¶DVXQUHFRJQL]DEOHDQGµH[SUHVVHG¶DVFRJQL]HG

5XOHRIFRQGXFWGLVSDVVLRQUHQXQFLDWLRQDQGUHVWUDLQWRIWKHVHQVHVZKDW DUHDOOWKHVHWRRQHZKRLV
RIWKHQDWXUHRI3XUH(IIXOJHQFHDQGZKRGRHVQRWSHUFHLYHDQ\REMHFWLYHUHDOLW\"
96, 5XOHRIFRQGXFWGLVSDVVLRQUHQXQFLDWLRQDQGUHVWUDLQWRIWKHVHQVHVZKDW DUHDOOWKHVHWRRQH
ZKRLVRIWKHQDWXUHRI3XUH,QWHOOLJHQFHDQGZKRGRHVQRWSHUFHLYHDQ\UHDOLW\LQWKHREMHFWLYHZRUOG"

,17(//,*(1&(ZKRNQRZV³,DPRQO\WKH:LWQHVV´WKHVHRWKHUWKLQJVDUHRQO\VHHQDZDUHQHVV

:KHUHLVERQGDJHRUOLEHUDWLRQMR\RUVRUURZIRURQHZKRVKLQHVDVWKH,QILQLWHDQGGRHVQRW
SHUFHLYHUHODWLYHH[LVWHQFH"
96, :KHUHLVERQGDJHRUOLEHUDWLRQMR\RUVRUURZIRURQHZKRVKLQHVRUVHHVKLPVHOIDVWKH
,QILQLWHDQGGRHVQRWSHUFHLYHLQGHSHQGHQWH[LVWHQFH"

5(/$7,9((;,67(1&(LQGHSHQGHQWH[LVWHQFH

2QO\WKHLOOXVLRQRIWKHZRUOGSUHYDLOV7KHUHDOLW\RIWKHZRUOGYDQLVKHVZLWKWKHNQRZOHGJHRIWKH
6HOI7KHZLVHRQHOLYHVZLWKRXWWKHIHHOLQJRI
,QHVV
DQG
PLQHQHVV
DQGDWWDFKPHQW
96, ,QWKHZRUOGH[LVWLQJDVGXDOLW\RUVHSDUDWHHQWLW\RQO\WLOO6HOIUHDOL]DWLRQRQO\0D\DSUHYDLOV
7KHZLVHRQHOLYHVZLWKRXWWKHIHHOLQJRI
,QHVV
DQG
PLQHQHVV
DQGDWWDFKPHQW

0$<$,JQRUDQFHZKLFKH[LVWVSULRUWRLQYHVWLJDWLRQ
/,9(6GRHVQRWUXQDZD\DIWHU(;,67,1*DGG³DVGXDOLW\RUVHSDUDWHHQWLW\´

7RWKHZLVHRQHZKRSHUFHLYHVWKH6HOIDVLPSHULVKDEOHDQGIUHHIURPJULHIZKHUHLVNQRZOHGJHDQG
ZKHUHLVWKHXQLYHUVH":KHUHLVWKHIHHOLQJ
,DPWKHERG\
RU
WKHERG\LVPLQH
"
96, 7RWKHVDJHZKRSHUFHLYHVWKH6HOIDVLPSHULVKDEOHDQGVRUURZOHVVZKDWLVNQRZOHGJHDQG
ZKDWLVWKHXQLYHUVHRUZKDWDUHWKHIHHOLQJVRI
,DPWKHERG\
RU
WKHERG\LVPLQH
"7KHHJRPXVWEHJLYHQXS

.12:/('*(:KDWHOVHGRHVKHZLVKWRNQRZ
81,9(56(7KHZRUOGEHFRPHVKLVRZQVHOI7KHHJRPXVWEHJLYHQXS

1RVRRQHUGRHVWKHPDQRIGXOOLQWHOOHFWJLYHXSVXFKSUDFWLFHVDVPLQGFRQWUROWKDQKHEHFRPHVD
SUH\WRGHVLUHVDQGIDQFLHV
96, 1RVRRQHUGRHVWKHPDQRIGXOOLQWHOOHFWJLYHWKHSUDFWLFHVRIPLQGFRQWUROHWFWKDQKHEH
FRPHVDSUH\WRGHVLUHVDQGIDQFLHV

,17(//(&7+HWKLQNVXQOHVVKHNHHSVKLVPLQGXQGHUFRQWUROKHFDQQRWJHW%UDKPDQ6RHYHQLIKHJHWV
GHVLUHVKHNQRZVWKHPDOVRWREH%UDKPDQKLVRZQVHOI
'(6,5(6*QDQLGRHVQRWERWKHUZLWKPLQGFRQWUROIRUDOOWKRXJKWVDUH%UDKPDQ6RHYHQLIKHJHWVGHVLUHVKH
NQRZVWKHPDOVRWREH%UDKPDQKLVRZQVHOI
)$1&,(67KH\RJLFDQQRWUHPDLQSHUPDQHQWO\LQWUDQFH:KHQKHHPHUJHVDOOKLVRZQGHVLUHVUHWXUQDJDLQ

(YHQKHDULQJWKH7UXWKWKHPDQRIGXOOLQWHOOHFWGRHVQRWJLYHXSKLVGHOXVLRQ7KRXJKWKURXJK
VXSSUHVVLRQKHDSSHDUVGHYRLGRIPHQWDODFWLYLW\DFUDYLQJIRUVHQVHREMHFWVOXUNVZLWKLQKLP
96, 7KHPDQRIGXOOLQWHOOHFWHYHQKHDULQJWKH7UXWKGRHVQRWJLYHXSKLVGHOXVLRQ7KRXJK
DSSHDULQJGHYRLGRIPHQWDODFWLYLW\WKURXJKHIIRUWKHWKH\RJLKDVDFUDYLQJIRUVHQVHREMHFWVOXUNLQJZLWKLQ

())257KHGULYHVLWLQWRWKHXQFRQVFLRXVDVPRGHUQSV\FKRORJ\VD\VDQGLWZLOOUHDSSHDU
ODWHU2QO\LILWLVGRQHDORQJVLGHRILQTXLU\ZLOOLWEHDOULJKWIRUWKHQLWEHFRPHV6DKDMDHIIRUWOHVV

+HZKRVHZRUNKDVFHDVHGZLWKWKHGDZQRI.QRZOHGJHGRHVQRWILQGDQRSSRUWXQLW\WRGRRUVD\
DQ\WKLQJHYHQWKRXJKLQRUGLQDU\SHRSOH
VH\HVKHLVGRLQJZRUN
96, +HZKRVHZRUNKDVGURSSHGZLWKWKHGDZQRI.QRZOHGJHGRHVQRWILQGDQRSSRUWXQLW\WRGR
RUVD\DQ\WKLQJHYHQLIKHPD\EHGRLQJZRUNLQWKHH\H¶VRIWKHSHRSOH

'5233('QRWUHQRXQFLQJH[WHUQDODFWLYLW\EXWQRWUHJDUGLQJDFWLYLW\DVEHLQJGLIIHUHQWIURPKLVPLQG
%UDKPDQLWPHDQVVHHLQJLQDFWLRQLQDFWLRQMXVWDVKLVDFWLRQVLQDGUHDPDUHQRWKLQJEXWWKHPLQG
3(23/(,JQRUDQWSHRSOHLPDJLQHWKDWDPDQZKRLVZRUNLQJOLNHRWKHUVOLYLQJTXLWHQRUPDOO\H[WHUQDOO\
FDQQRWEHJQDQLV%XWWKH\RQO\VHHKLVERG\QHYHUKLVPLQG

)RUWKHZLVHRQHZKRLVHYHULPPXWDEOHDQGIHDUOHVVZKHUHLVWKHUHGDUNQHVVZKHUHOLJKW":KHUH
PRUHRYHULVWKHUHDQ\ORVV"7KHUHLVQRWKLQJZKDWVRHYHU

96, )RUWKHZLVHRQHZKRLVHYHULPPXWDEOHDQGIHDUOHVVWKHUHLVQRGDUNQHVVQROLJKWQR
UHOLQTXLVKPHQWQRWKLQJZKDWVRYHU

,0087$%/(7KH$WPDQLVHYHUXQFKDQJDEOH
)($5/(66IHDUVDUHIRUWKHHJRLVWLF
'$5.1(66E\GD\RUE\QLJKWVHHLQJWKHZRUOGRIPXOWLSOLFLW\RUQRWRUERWKGDUNQHVVDQGOLJKWZLOOQR
ORQJHUEHGUV\DP

:KHUHLVSDWLHQFHZKHUHLVGLVFULPLQDWLRQDQGZKHUHHYHQLVIHDUOHVVQHVVIRUWKH\RJLQZKRLV
LPSHUVRQDODQGRILQGHVFULEDEOHQDWXUH"
96, :KHUHLVVWHDGLQHVVZKDWLVGLVFULPLQDWLRQZKDWLVIHDUOHVVQHVVWRWKH<RJLZKRKDVUHDFKHG
JQDQDZKRLVLPSHUVRQDODQGRILQGHVFULEDEOHQDWXUH"

',6&5,0,1$7,21RQO\ZKHQKHZDVDQLJQRUDQWVHHNHUGLGKHKHHGWRGLVFULPLQDWLRQEHWZHHQWUXWKDQG
IDOVLW\NQRZOHGJHDQGLJQRUDQFH
)($5/(661(66WKHUHLVQRVHFRQGIRUKLPWRIHDU
1$785(7KHRQO\WKLQJWKDWFDQQRWEHGHVFULEHGLV%UDKPDQDQGKHKDVUHDFKHGWKLV

7KHUHLVQRKHDYHQDQGWKHUHLVQRKHOOWKHUHLVQRWHYHQOLEHUDWLRQLQOLIH,QVKRUWQRWKLQJH[LVWVLQ
\RJLFFRQVFLRXVQHVV
96, 7KHUHLVQRKHDYHQQRKHOOQRWHYHQOLEHUDWLRQLQOLIH,QVKRUW QRWKLQJH[LVWVLQ\RJLF JQDQD
FRQVFLRXVQHVV

+(//7KHVHDUHVWLOOQHHGHGIRUORZHUVWDJHUHOLJLRXVSHRSOHEXWWKHUHLVQRSURRIIRUXV
/,%(5$7,21,1/,)(DPDQVHHNVOLEHUDWLRQRQO\ZKHQKHLVLQLJQRUDQFHVWLOODQGWKLQNVKHLVLQERQGDJH
$FWXDOO\KHLV%UDKPDQQHYHUERXQG0RUHRYHU0RNVKDLVRQO\DZRUGKHQFHDQLGHD
<2*,&UHIHUVWRWKH\RJLRISUHYLRXVVORND ZKRKDVDWWDLQHGJQDQLFHJROHVVQHVV

7KHZLVHRQHQHLWKHUORQJVIRUJDLQQRUJULHYHVDWQRQDWWDLQPHQW+LVFRROPLQGLV YHULO\ILOOHGZLWK
QHFWDU
96, 7KHZLVHRQHQHLWKHUORQJVIRUJDLQQRUJULHYHVDWQRQDWWDLQPHQWRILW+LVFRROPLQGLVYHULO\
ILOOHGZLWKQHFWDU

2),7EHFDXVHWKH,LVQRORQJHUWKHUH

7KHGHVLUHOHVVRQHQHLWKHUSUDLVHVWKHFDOPQRUEODPHVHYHQWKHZLFNHG&RQWHQWHGDQGWKHVDPHLQ
KDSSLQHVVDQGPLVHU\KHILQGVQRWKLQJWREHGRQH
96, 7KHGHVLUHOHVVRQHSUDLVHVQRWWKHJHQWOHQRUEODPHVHYHQWKHZLFNHG&RQWHQWHGDQGWKHVDPH
LQKDSSLQHVVDQGPLVHU\KHILQGVQRWKLQJWREHGRQH

:,&.('+HKDVWRFHQVXUHWKHZLFNHGDQGSUDLVHWKHJRRGLQWKHH\HRIWKHZRUOGLQKLVH[WHUQDOOLIH
WRVHWDQH[DPSOHEXWLQZDUGO\ WKHUHDUHQRVHSDUDWHLQGLYLGXDOLWLHVIRUKLPWREHDZDUHRIDQGFRQVHTXHQWO\
WRSUDLVHRUEODPHRUKHGRHVQRWGRWKHVHWKLQJVIRUWKHVDNHRIVHOIVDWLVIDFWLRQ

7KLVZLVHRQHQHLWKHUDEKRUVELUWKDQGUHELUWKQRUZLVKHVWRSHUFHLYHWKH6HOI)UHHIURPMR\DQG
VRUURZKHLVQHLWKHUGHDGQRUDOLYH
96, 7KLVZLVHRQHQHLWKHUDEKRUVELUWKDQGUHELUWKQRUZLVKHVWRSHUFHLYHWKH6HOI)UHHIURP
LQGLYLGXDOMR\DQGVRUURZKHLVQHLWKHUGHDGQRUDOLYH

6(/)EHFDXVHLILWVHHQLWEHFRPHVDGUV\DPDGXDOLW\QRUHYHQWRNQRZWKH6HOIIRUWKHQLWEHFRPHVDQ
REMHFW
$/,9(+HPXVWEHDVLQGLIIHUHQWWRWKHGHDWKRIKLVRZQERG\DVZHDUHWRWKHGHDWKVRISHRSOHZHKDYHQHYHU
VHHQRUKHDUGRIDQGOLYLQJLQGLVWDQWFRQWLQHQWV

*ORULRXVLVWKHOLIHRIWKHZLVHRQHIUHHIURPH[SHFWDWLRQIUHHIURPDWWDFKPHQWIRUFKLOGUHQZLIH
DQGRWKHUVIUHHIURPGHVLUHIRUWKHREMHFWVRIWKHVHQVHVDQGIUHHIURPWKHFDUHRIHYHQKLVRZQERG\
96, *ORULRXVLVWKHOLIHRIWKHZLVHRQHZKRLVIUHHIURPH[SHFWDWLRQIUHHIURPDWWDFKPHQWIRU
FKLOGUHQZLIHDQGRWKHUVIUHHIURPGHVLUHIRUWKHREMHFWRIWKHVHQVHVDQGIUHHIURPWKHFDUHRIHYHQKLVRZQ
ERG\

%2'<+HZLOOGRDOOWKDWLVQHHGHGIRUKLVERG\EXWZLOONQRZLWWRRLV%UDKPDQ
:,)(*QDQLVRSHQWRDWWDLQPHQWE\DOOZKHWKHUKRXVHKROGHUVVDQ\DVLQVRUEXWFKHUV7KLVUHIHUVWRP\ ZLIH
P\ FKLOGUHQ7KH*QDQLPD\KDYHZLIHDQGFKLOGUHQRUQRWWKHGLIIHUHQFHLVLQEHLQJZLWKRXW,LQUHIHUHQFHWR
WKHP

&RQWHQWPHQWHYHUGZHOOVLQWKHKHDUWRIWKHZLVHRQHZKROLYHVRQZKDWHYHUKDSSHQVWRFRPHWR
KLPDQGZKRZDQGHUVDERXWDWSOHDVXUHUHVWLQJZKHUHYHUKHLVZKHQWKHVXQVHWV
96, &RQWHQWPHQWHYHUGZHOOVLQWKHKHDUWRIWKHZLVHRQHZKROLYHVRQZKDWHYHUKDSSHQVWRFRPH
WRKLPDQGZDQGHUVDERXWDWSOHDVXUHUHVWLQJZKHUHYHUWKHVXQVHWV

&217(170(17WKHVDWLVIDFWLRQRIQRQGXDOLW\ZKLFKLVQRWWRGHSHQGRQDQ\RWKHUSHUVRQRUHYHQDQ\*RG
IRU\RXUKDSSLQHVVDQGQRWWRGHSHQGRQDQ\H[WHUQDOREMHFWIRUKDSSLQHVV+HLVQHYHUGLVFRQWHQWHG
:$1'(56,IKHLVROGRUZHDNKHZLOOQRWZDQGHU7KLVPHDQVWKHUHDUHQRUXOHVQRUUHVWULFWLRQVRQKLV
PRYHPHQWVKHLVIUHH
6(767KHJQDQLLVQRWERXQGWRVWD\LQRQHSODFHOLNHD\RJL+HLVIUHHWRJRDQ\ZKHUH

5HSRVLQJRQWKHIRXQGDWLRQRIKLVRZQEHLQJDQGFRPSOHWHO\WUDQVFHQGLQJELUWKDQGUHELUWKWKH
JUHDWVRXOHGRQHGRHVQRWFDUHZKHWKHUKLVERG\GLHVRULVERUQ
96, 5HSRVLQJRQWKHIRXQGDWLRQRIKLVRZQEHLQJDQGIRUJHWWLQJWKHHQWLUHF\FOHRIELUWKDQGUH
ELUWKWKHJUHDWVRXOHGSHUVRQGRHVFDUHVQRWZKHWKHUKLVERG\GLHVRULVERUQ

%(,1*WKHGULNZKLFKUHPDLQVDOZD\VXQDIIHFWHGQRRQHKDVVHHQLWVGHDWK
',(6KHGRHVQRWZRUU\LIKHLVJRLQJWRGLHEXWWKLVGRHVQRWPHDQKHLVHDJHUWRGLH

%OHVVHGLVWKHZLVHRQHZKRVWDQGVDORQHZKRLVDWWDFKHGWRQRWKLQJZKRLVZLWKRXWDQ\
SRVVHVVLRQZKRPRYHVIUHHO\DQGDWSOHDVXUHZKRLVIUHHIURPWKHSDLUVRIRSSRVLWHVDQGZKRVHGRXEWVKDYH
EHHQUHQWDVXQGHU
96, %OHVVHGLVWKHZLVHRQHZKRVWDQGVE\KLPVHOIZKRLVDWWDFKHGWRQRWKLQJZKRLVZLWKRXWDQ\
SRVVHVVLRQZKRPRYHVIUHHO\ZKRLVIUHHIURPWKHSDLUVRIRSSRVLWHVDQGZKRVHGRXEWVKDYHEHHQUHQW
DVXQGHU

)5((/<KHGRHVQRWVD\,PXVWUHPDLQLQWKLVKRXVH
23326,7,216HYHU\ZRUGKDVLWVRSSRVLWHHYHU\LGHDLVWKHUHIRUHERXQGE\GXDOLW\
$681'(5QRWE\EHOLHIWKHHDV\ZD\ZKLFKLVIRUFKLOGUHQEXWE\FOHDULQJLWWKURXJKLQTXLU\

*ORULRXVLVWKHZLVHRQHZKRLVGHYRLGRIWKHIHHOLQJRI
PLQH
WRZKRPHDUWKDVWRQHDQGJROGDUH
DOOWKHVDPHWKHNQRWVRIZKRVHKHDUWKDYHEHHQUHQWDVXQGHUDQGZKRKDVEHHQSXUJHGRIUDMDVDQGWDPDV
96, *ORULRXVLVWKHZLVHRQHZKRLVGHYRLGRIWKHIHHOLQJRI
PLQHQHVV
WRZKRPHDUWKVWRQHDQG

JROGLVDOOWKHVDPHWKHNQRWVRIZKRVHKHDUWKDYHEHHQUHQWDVXQGHUDQGZKRKDVEHHQSXUJHGRIUDMDVDQG
WDPDV

³0,1(1(66´KLVRZQHJRLVDVPXFKDWKRXJKWDVDQ\RWKHUDQGYDOXHGDFFRUGLQJO\
5$-$6WKHXUJHWRGRWKLQJVEHFDXVHµ,¶PXVWGRWKLVRUµ,¶PXVWGRWKDW
7$0$6&DOORXVLQGLIIHUHQFHRULQHUWLD

:KRLVWKHUHWRVWDQGFRPSDULVRQZLWKWKHOLEHUDWHGVRXOZKRKDVQRGHVLUHZKDWVRHYHUDWKHDUWZKR
LVFRQWHQWHGDQGLQGLIIHUHQWWRHYHU\WKLQJ"
96, :KRLVWKHUHWRVWDQGFRPSDULVRQZLWKWKHOLEHUDWHGVRXOZKRKDVQRGHVLUHZKDWVRHYHUDW
KHDUWZKRLVFRQWHQWHGDQGLQGLIIHUHQWWRHYHU\WKLQJ"

$7+($57+HPD\EHDNLQJRUEXVLQHVVPDQEXW\HWWKHUHLVQRDWWDFKPHQWLQKLVKHDUWRIKHDUWV

:KREXWWKHGHVLUHOHVVRQHNQRZVQRWWKRXJKNQRZLQJVHHVQRWWKRXJKVHHLQJDQGVSHDNVQRW
WKRXJKVSHDNLQJ"
96, :KREXWWKHGHVLUHOHVVRQHNQRZVQRWHYHQZKHQNQRZLQJVHHVQRWHYHQZKHQVHHLQJDQG
VSHDNVQRWHYHQZKHQVSHDNLQJ"

.12:,1*,QKLVKHDUWKHNQRZVQRVHFRQGWKLQJ
6((,1*,QVLGHKLPVHOIKHLV%UDKPDQDOZD\VZKHWKHUREMHFWVDUHWKHUHRUQRW
63($.,1*:KHWKHUVLOHQWRUQRWKLVKHDUWLQVLGHLVLQ%UDKPDQWKHP\VWLF0RXQDLVQRWWKHVDPH0RXQDLV
QRW QHFHVVDU\
7KHJQDQL¶VSRVLWLRQOHVVSRVLWLRQDULVHVDIWHUKHVHHVWKHFRQWUDGLFWLRQVDQGSDUDGR[HVDQGGRHVQRWZDQWWKHP
DQ\PRUHVRKHULVHVWR%UDKPDQZKHUHWKHUHDUHQRLGHDVQRZRUGVDQGKHQFHQRSRVLWLRQ
:KHQKHVSHDNVHWFKHNQRZVUHDOL]HVVLPXOWDQHRXVO\WKDWVSHHFKHWF DVZHOODVKLPVHOI LV%UDKPDQ+H
GRHVERWKWRJHWKHUZKLOVWRXWZDUGO\VSHDNLQJHWFMXVWOLNHRWKHUV7KDWLVZK\KLVUHDOL]DWLRQLVVRVHFUHWWKDW
WKH\FDQQRWXQGHUVWDQGZKHUHKHLVGLIIHUHQW

%HKHDPHQGLFDQWRUDNLQJKHH[FHOVZKRLVXQDWWDFKHGDQGZKRVHYLHZRIWKLQJVKDVEHHQIUHHG
IURPWKHVHQVHRIJRRGDQGHYLO
96, %HKHDPHQGLFDQWRUDNLQJKHH[FHOVLIKHLVXQDWWDFKHGDQGLIKLVYLHZRIWKLQJVKDVEHHQ
IUHHGIURPWKHVHQVHRIJRRGDQGHYLO

.,1*KHQFHJQDQLPD\EHDQDFWLYHPDQGRQRWORRNIRUKLPQHFHVVDULO\DPRQJDVFHWLFV
([WHUQDODSSHDUDQFHKDVQRWKLQJWRGRZLWKKLVJQDQ
(9,/WKHUHOLJLRXVQRWLRQRIKHDYHQDQGKHOODULVHVRXWRIWKLVVHQVHDQGKHUHMHFWVLWDVXQYHULILHG

:KHUHLVZDQWRQQHVVZKHUHLVUHVWUDLQWDQGZKHUHLVGHWHUPLQDWLRQRI7UXWKIRUWKH\RJLQZKRVH
OLIH
VREMHFWKDVEHHQIXOILOOHGDQGZKRLVWKHHPERGLPHQWRIJXLOHOHVVVLQFHULW\"
96, :KHUHLVZDQWRQQHVVZKDWLVUHVWUDLQWDQGZKDWLVGHWHUPLQDWLRQRI7UXWKIRUWKH\RJLZKRVH
OLIH
VREMHFWKDVEHHQIXOILOOHGDQGZKRLVWKHHPERGLPHQWRIDUWOHVVUHFWLWXGH"

:$17211(665(675$,17DOOWKHVHVXJJHVWGXDOLW\
<2*,WKLVLVWKHUHIRUHQRWIRUHYHU\\RJLEXWRQO\IRUWKHUDUHIHZZKRKDVUHDFKHG*QDQDZKLFKFRXOGRFFXU
RQO\E\DGGLQJLQTXLU\WRKLVPHGLWDWLRQ
2%-(&7WRJHW*QDQ
$57/(66VSRQWDQHRXVZLWKRXWXOWHULRUPRWLYH

+RZDQGWRZKRPFDQEHGHVFULEHGZKDWLVH[SHULHQFHGZLWKLQE\RQHZKRLVGHVLUHOHVVZKRVH
VRUURZLVGHVWUR\HGDQGZKRLVFRQWHQWHGZLWKUHSRVHLQWKH6HOI"
96, +RZDQGWRZKRPFDQEHGHVFULEHGZKDWLVH[SHULHQFHGZLWKLQE\RQHZKRLVGHVLUHOHVV
ZKRVHVRUURZLVRYHUDQGZKRLVFRQWHQWHGZLWKUHSRVHLQWKH6HOI"

:,7+,1<RXFDQQHYHUGHWHFWJQDQIURPWKHRXWVLGHDSSHDUDQFHVRUFRQGXFWLI\RXWKLQN\RXGRLWLVRQO\
\RXURZQLPDJLQDWLRQRULJLQDOZRUG+UGL KHDUW+HQFHJQDQLPDNHVQRRXWZDUGVKRZRUGLVSOD\VQRXQXVXDO
H[WHUQDOFKDUDFWHULVWLF
'(6,5(/(66HJROHVVQRQGXDOWKHUHIRUHQRGHVLUHLVWKHUHWREHH[SUHVVHGQRULVWKHUHVHFRQGWRZKRPLW
FRXOGEHH[SUHVVHG

1RWDVOHHSHYHQZKHQVOHHSLQJVRXQGO\QRWO\LQJGRZQHYHQZKHQGUHDPLQJDQGQRWDZDNHHYHQ
LQWKHZDNLQJVWDWHVXFKLVWKHZLVHRQHZKRLVFRQWHQWHGXQGHUDOOFRQGLWLRQV
96, 1RWDVOHHSHYHQLQVRXQGVOHHSQRWGUHDQHYHQLQGUHDPDQGQRWDZDNHHYHQLQWKHZDNLQJ
VWDWHLVWKHZLVHRQH+HLVFRQWHQWHGXQGHUDOOFRQGLWLRQVEHFDXVHKHNQRZVDOOWKUHHVWDWHVWREHRQH
%UDKPDQGRHVQRWVHHNRUYDOXHRQHDERYHWKHRWKHUVWKHJQDQLPXVWXVHWKHODQJXDJHRIWKRVHDURXQGKLPEXW
LQVLGHKHGRHVQRWVSOLWXSWKHXQLW\RIKLVH[LVWHQFHLQWRWKUHHVWDWHV

7KHZLVHRQHLVFRQWHQWHGEHFDXVHKHNQRZVDOOWKUHHVWDWHVWREHRQH%UDKPDQDQGGRHVQRWVHHN
RUYDOXHRQHDERYHRWKHUVWKHJQDQLPXVWXVHWKHODQJXDJHRIWKRVHDURXQGKLPEXWLQVLGHKHGRHVQRWVSOLW
XSWKHXQLW\RIKLVH[LVWHQFHLQWRWKUHHVWDWHV

7KHPDQRI.QRZOHGJHLVGHYRLGRIWKRXJKWHYHQZKHQKHLVHQJDJHGLQWKRXJKWKHLVGHYRLGRI
WKHVHQVHRUJDQVHYHQWKRXJKKHKDVWKHPKHLVGHYRLGRILQWHOOLJHQFHHYHQWKRXJKHQGRZHGZLWKLWDQGKHLV
GHYRLGRIWKHVHQVHRIHJRHYHQWKRXJKSRVVHVVHGRILW
96, 7KHPDQRI.QRZOHGJHLVLQUHDOLW\GHYRLGRIWKRXJKWHYHQZKHQHQJDJHGLQWKRXJKWKHLV
GHYRLG RI WKH VHQVHRUJDQV HYHQ WKRXJK KH SRVVHVVHG RI WKHP GHYRLG RI LQWHOOLJHQFH HYHQ WKRXJK HQGRZHG
ZLWKLWDQGGHYRLGRIWKHVHQVHRIHJRHYHQWKRXJKSRVVHVVHGRILW

,17+28*+7EHFDXVHKHNQRZV YDOXHV WKHPDVPHUHWKRXJKWVKHFDQHQJDJHFRQWUDU\WRWKH\RJLLQWKHP


ZLWKRXWKDUP
7+(0.QRZVHYHQVHQVHVWREHLGHDVDQGKHQFHRQO\%UDKPDQ
,7+HPD\XVHWKHZRUG, EXWNQRZVLWLVRQO\DQLGHDDQGIXUWKHUWKDWXOWLPDWHO\LWLVRQO\0LQG$WPDQ

7KHPDQRI.QRZOHGJHLVQHLWKHUKDSS\QRUPLVHUDEOHQHLWKHUDWWDFKHGQRUXQDWWDFKHGQHLWKHU
OLEHUDWHGQRUDQDVSLUDQWIRUOLEHUDWLRQKHLVQHLWKHUWKLVQRUWKDW
96, +HLVQHLWKHUKDSS\QRUPLVHUDEOHQHLWKHUDWWDFKHGQRUXQDWWDFKHGQHLWKHUOLEHUDWHGQRUDQ
DVSLUDQWIRUOLEHUDWLRQQHLWKHUWKLVQRUWKDW

81$77$&+('DVFHWLFLVPLVWKHILUVWVWDJHWKLVLVDKLJKHUVWDJHZKHQERWKDWWDFKPHQWDQGUHQXQFLDWLRQDUH
VHHQWREHLGHDVDQGRIWKHVDPHYDOXH
7+$7*QDQFDQQRWEHVHHQ\HWSHRSOHDUHDWWDFKHGRQO\WRZKDWWKH\FDQVHHRULPDJLQH

7KHEOHVVHGRQHLVQRWGLVWUDFWHGHYHQLQGLVWUDFWLRQKHLVQRWPHGLWDWLYHHYHQLQPHGLWDWLRQKHLV
QRWGXOOHYHQLQDVWDWHRIGXOOQHVVDQGKHLVQRWOHDUQHGHYHQWKRXJKSRVVHVVHGRIOHDUQLQJ
96, 7KHEOHVVHGRQHLVQRWGLVWUDFWHGHYHQZKHQKHDSSHDUVWREHKHLVQRWPHGLWDWLYHHYHQLQ
PHGLWDWLRQLVQRWGXOOHYHQLQDVWDWHRIGXOOQHVVDQGLVQRWOHDUQHGHYHQWKRXJKSRVVHVVHGRIOHDUQLQJ

'8//1(66+HNHHSVTXLHWUDWKHUWKDQDUJXHXVHOHVVO\VRPD\EHWKRXJKWVWXSLG

/($51,1*+HGRHVQRWFDUHWRVKRZRIIWRWKHZRUOGWKDWKHLVOHDUQHGE\XVLQJELJZRUGVIRUH[DPSOH
',675$&7('(9(1 DGG ³ZKHQKHDSSHDUVWREH´

7KHOLEHUDWHGRQHZKRDELGHVLQWKH6HOIXQGHUDOOFRQGLWLRQVZKRLVIUHHIURPWKHLGHDRIDFWLRQDQG
RIGXW\DQGZKRLVWKHVDPHHYHU\ZKHUHGRHVQRWRZLQJWRGHVLUHOHVVQHVVUHIOHFWXSRQZKDWKHKDVRUKDVQRW
GRQH
96, 7KHOLEHUDWHG HQOLJKWHQHG RQHZKRDELGHVLQWKH6HOIXQGHUDOOFRQGLWLRQVZKRLVIUHHIURP
WKHLGHDRIZKDWKDVWREHGRQH$QGZKDWRXJKWWREHGRQHDQGZKRLVWKHVDPHHYHU\ZKHUHGRHVQRWRZLQJWR
GHVLUHOHVVQHVVUHIOHFWXSRQZKDWKHKDVRUKDVQRWGRQHEHFDXVHWKH, LVQRWWKHUH

'21(1RUHJUHWVIRUSDVWQHHGEHHQWHUWDLQHGUHJDUGLQJWKHWKLQJVZDQWHGWREHGRQHEXWQHYHUGRQHIRUZKDW
DUHWKH\QRZ"7KH\DUHRQO\LGHDVZKHWKHUGRQHRUXQGRQH7KHHQWLUHSDVWLVEXWDQLGHDQRZ*QDQLNQRZV
KHUHPDLQVVDPH %HFDXVHWKH, LVQRWWKHUH

3UDLVHGWKHZLVHRQHGRHVQRWIHHOSOHDVHGDQGEODPHGKHGRHVQRWIHHODQQR\HG+HQHLWKHU
UHMRLFHVLQOLIHQRUIHDUVGHDWK
96, 3UDLVHGKHGRHVQRWIHHOSOHDVHGDQGEODPHGKHGRHVQRWIHHODQQR\HG+HQHLWKHUUHMRLFHVLQ
OLIHQRUIHDUVGHDWK

$112<('7KHLPSRUWDQFHOLHVLQWKHZRUGIHHOKHKLPVHOILVXQDIIHFWHG7KHVHWKLQJVGHSHQGRQ
HJRDQGGXDOLW\

7KHWUDQTXLOPLQGHGRQHVHHNVQHLWKHUWKHFURZGHGSODFHQRUWKHZLOGHUQHVV+HUHPDLQVWKHVDPH
XQGHUDQ\FRQGLWLRQVDQGLQDQ\SODFH
96, 7KHWUDQTXLOPLQGHGRQHUXQVQHLWKHUDIWHUWKHFURZGHGSODFHQRUDIWHUWKHZLOGHUQHVV+H
UHPDLQVWKHVDPHXQGHULQDQ\FRQGLWLRQDQGLQDQ\SODFHZKDWVRHYHU

:,/'(51(667KHVHUHVWULFWLRQVDUHQHFHVVDU\LQWKHHDUOLHUVWDJHVDVDGLVFLSOLQHEXWWKH*QDQL
JRHVIUHHO\ZKHUHKHKDVWRRUZKHUHLVDVNHG 7KHVWDWHRIPLQGLVDOOLPSRUWDQW

&KDSWHU±6HHNLQJ5HVWLQ$WPDQ
5HSRVHLQWKH6HOI

-DQDNDVDLG

KDYHH[WUDFWHGIURPWKHLQPRVWUHFHVVHVRIP\KHDUWWKHWKRUQRIGLIIHUHQWRSLQLRQVXVLQJWKH
SLQFHUVRIWKHNQRZOHGJHRI7UXWK
96, KDYHH[WUDFWHGIURPWKHLQPRVWUHFHVVHVRIP\KHDUWWKHWKRUQRIGLIIHUHQWGLVTXLVLWLRQVZLWK
WKHSLQFHUVRIWKHNQRZOHGJHRI7UXWK

',648,6,7,2167KHPXOWLWXGHRIVRPDQ\GLIIHUHQWWKHRULHVRSLQLRQVIDQFLHVZKLFKSUHYDLO
DPRQJPHQDOODUHPHUHLGHDV7KH*QDQLWDNHVQRSRVLWLRQZKDWHYHUMRLQVQRVXFKVHSDUDWHFODVVRUSDUW\
DV$GYDLWLQVIRUKHLVLQQRQGXDOLW\

:KHUHLVGKDUPDZKHUHLVNDPDZKHUHLVDUWKD":KHUHWRRLVGLVFULPLQDWLRQZKHUHLVGXDOLW\
DQGZKHUHHYHQLVQRQGXDOLW\IRUPHZKRDELGHLQP\RZQJORU\"
96, )RUPHZKRDELGHLQP\RZQJORU\ZKHUHLVGKDUPDZKHUHLVNDPDZKHUHLVDUWKDZKHUHLV
GLVFULPLQDWLRQZKHUHLVGXDOLW\DQGZKHUHLVHYHQQRQGXDOLW\"

121'8$/,7<QRQGXDOLW\LVDQLGHDZKLFKLVDQWLWKHWLFWRWKHLGHDRIGXDOLW\WKHVDJHLVDERYH
DOOLGHDV
7KHUHDUHQRFRQGLWLRQVIRU%UDKPDQWKH8QFRQGLWLRQHGWREHJRW

:KHUHLVWKHSDVWZKHUHLVWKHIXWXUHZKHUHHYHQLVWKHSUHVHQW":KHUHLVVSDFHDQGZKHUHHYHQLV
HWHUQLW\IRUPHZKRDELGHLQP\RZQJORU\"
96, )RUPHZKRDELGLQJLQP\RZQJORU\ZKHUHLVWKHSDVWZKHUHLVWKHIXWXUHZKHUHLVHYHQWKH
SUHVHQWZKHUHLVVSDFHRUZKHUHHYHQLVHWHUQLW\"

)8785(WKHSRVVLEOHKDSSHQLQJVDUHRQO\WKRXJKWVLQPHDQGXOWLPDWHO\P\VHOI
(7(51,7<DOOWKHVHDUHLQWHUGHSHQGHQWLGHDV

:KHUHLVWKH6HOIDQGZKHUHLVWKHQRQ6HOIZKHUHOLNHZLVHDUHJRRGDQGHYLOZKHUHLVDQ[LHW\RU
QRQDQ[LHW\IRUPHZKRDELGHLQP\RZQJORU\"
96, :KHUHLVWKH6HOIDQGWKHQRQ6HOIZKHUHLVJRRGRUHYLOZKHUHLVDQ[LHW\RUQRQDQ[LHW\IRU
PHZKRDELGHLQP\RZQJORU\"

1276(/)%RWK6HOIDQGQRW6HOI GULNDQGGUV\DP DUHWKHVDPHDWWKHKLJKHVWVWDJH

:KHUHLVGUHDPLQJZKHUHLVGHHSVOHHSZKHUHLVZDNHIXOQHVVDQGZKHUHLVWKHIRXUWKVWDWHZKHUH
HYHQLVIHDUIRUPHZKRDELGHLQP\RZQJORU\"
96, :KHUHLVGUHDPZKHUHLVGHHSVOHHSZKHUHLVZDNHIXOQHVVDQGZKHUHLVWKHIRXUWKZKHUHLV
HYHQIHDUIRUPHZKRDELGHLQP\RZQJORU\"

:KHQDOOWKHWKUHHVWDWHVEHFRPH%UDKPDQWR\RXZKHUHLVSODFHIRU7XUL\D"$OO LVWKHQ7XUL\D
WKHHVVHQFHRIWKHPDOO

96, :KHUHLVGLVWDQFHZKHUHLVSUR[LPLW\ZKHUHLVH[WHULRUZKHUHLVLQWHULRUZKHUHLVJURVVQHVV
DQGZKHUHLVVXEWOHW\IRUPHZKRDELGHLQP\RZQJORU\"
:KHUHLVGLVWDQFHRUSUR[LPLW\H[WHULRURULQWHULRUJURVVQHVVRUVXEWOHW\IRUPHZKRDELGHLQP\
RZQJORU\"

1RIRUPFDQH[LVWRXWVLGH0LQG:LWKLQDQGZLWKRXWDSSO\RQO\WRWKHERG\%XWWKHERG\LVLQWKH
PLQG6RWKHVHWHUPVEHFRPHPHDQLQJOHVV5HIHUWRWKHGUHDPH[SHULHQFHIRULOOXVWUDWLRQRILOOXVRU\QDWXUH
RIGLVWDQFHVDOOEHLQJLQPLQG

:KHUHLVOLIHRUGHDWKZKHUHDUHWKHZRUOGVDQGZKHUHDUHZRUOGO\UHODWLRQVZKHUHLVODSVHDQG
ZKHUHLVFRQFHQWUDWLRQIRUPHZKRDELGHLQP\RZQJORU\"
96, :KHUHLVGHDWKRUOLIHZKHUHDUHWKHZRUOGVRUWKHZRUOGO\UHODWLRQVZKHUHLVGLVVROXWLRQRU
FRQFHQWUDWLRQIRUPHDELGLQJLQP\RZQJORU\"

'($7+GHDWKLVVHHQRQO\LQWKHGUV\DPREMHFWLYHZRUOG,WLVQRWVHHQLQ0(
:25/'6ZKHQ\RXULVHWRWKLVOHYHORIVHHLQJDOODV%UDKPDQ
0(,DPRQO\WKHORRNHURQWKH6HHURIGHDWKRUOLIHEHFDXVH,DPGHWDFKHGIURPERG\

7RWDONDERXWWKHWKUHHHQGVRIOLIHLVQHHGOHVVWRWDONDERXW\RJDLVSXUSRVHOHVVDQGHYHQWRWDON
DERXWZLVGRPLVLUUHOHYDQWIRUPHZKRUHSRVHLQWKH6HOI
96, )RUPHZKRDPUHSRVLQJLQWKH6HOIWKHUHLVQRQHHGRIHYHQWDONLQJDERXWWKHWKUHHHQGVRIOLIH
DERXW<RJDDQGDERXWZLVGRP


7+5((WKUHHIRUWKHVDNHRIDUJXPHQWWKHUHPD\EHHQGV 7KHWKUHHKHUHDUH'KDUPD.DPDDQG
$UWKD
<2*$:,6'201RWHWKDWDFOHDUGLVWLQFWLRQLVKHUHPDGHEHWZHHQ<RJD DGLVFLSOLQH DQGZLVGRP WKH
KLJKHVWNQRZOHGJH 

&KDSWHU5HDOL]DWLRQDQGWKH/DVW6WDJHRI/LIH
/LEHUDWLRQLQ/LIH

-DQDNDVDLG

:KHUHDUHWKHHOHPHQWVZKHUHLVWKHERG\ZKHUHDUHWKHRUJDQVDQGZKHUHLVWKHPLQGZKHUHLVWKH
YRLGZKHUHWRRLVGHVSDLUIRUPHZKRDPWDLQWOHVVE\QDWXUH"
96, :KHUHDUHWKHHOHPHQWVWKHERG\WKHRUJDQVWKHPLQGWKHYRLGRUGHVSDLULQP\WDLQWOHVV
EHLQJ"7KH\DUHRUKDYHEHFRPH%UDKPDQ

0LQG<RXVD\WKHUHLVPLQGZKHQ\RXKDYHDWKRXJKWEXWZKHQWKRXJKWVDUHQRWFRQVLGHUHGGLIIHUHQWIURP
\RXDV%UDKPDQWKHQZKHUHLVWKHGLYLVLRQLQWRVHOIPLQGZRUOGHWF
92,':HVD\6XQ\DLPSOLHVGXDOLW\QRPDWHULDOZRUOGPD\H[LVWEXWWKHWKRXJKWRIDVHFRQGLVWKHUH,I\RX
NQRZ WKHUHLVVXQ\DQRWKLQJQHVVWKHQWKHUHLVVRPHWKLQJWKHUHWREHNQRZQDQGWRNQRZ
7KH\DUHRUKDYHEHFRPH%UDKPDQ 

:KHUHDUHWKHVFULSWXUHVZKHUHLVNQRZOHGJHRIWKH6HOIZKHUHLVWKHPLQGQRWDWWDFKHGWR
VHQVHREMHFWVZKHUHLVFRQWHQWPHQWDQGZKHUHLVGHVLUHOHVVQHVVIRUPHZKRDPHYHUGHYRLGRIWKHVHQVHRI
GXDOLW\"
96, :KDWLVVFULSWXUHZKDWLVVHOINQRZOHGJHZKDWLVPLQGZLWKRXWWKRXJKWVRIREMHFWVZKDWLV
FRQWHQWPHQWZKHUHLVGHVLUHOHVVQHVVWRPHZKRDPHYHUGHYRLGRIWKHVHQVHRIGXDOLW\"

6(/).12:/('*(2QO\WKHLJQRUDQWPDQVHHNVWRNQRZKLPVHOIRUWDONVRIDFTXLULQJNQRZOHGJH
'8$/,7<GXDOLW\PHDQVH[LVWHQFHRIDVHFRQGWKLQJDVDUHDOLW\DVLQGHSHQGHQWRI\RXUVHOI

:KHUHLV.QRZOHGJHDQGZKHUHLVLJQRUDQFHZKHUHLV
,
ZKHUHLV
WKLV
DQGZKHUHLV
PLQH
ZKHUHLV
ERQGDJHDQGZKHUHLVOLEHUDWLRQ":KHUHLVDQDWWULEXWHWRWKHQDWXUHRIP\VHOI"
96, :KDWLVNQRZOHGJHDQGZKDWLVLJQRUDQFHZKDWLV
,
ZKDWLV
WKLV
DQGZKDWLV
PLQH
ZKDWLV
ERQGDJHRUZKDWLVOLEHUDWLRQZKDWLVGHILQDEOHQHVVWRWKH6HOI"

.12:/('*(RULJLQDOZRUGLV9LG\D QRW*QDQ
³7+,6´LPSOLHVVRPHWKLQJRURWKHULQWKHZRUOGYDULHW\
6(/)DOOWKHVHDUHLGHDVFRPLQJDQGJRLQJKHQFHPHDQLQJOHVVWRWKH%UDKPDQ
.12:/('*(KHUHWKHUHIHUHQFHLVQRWWRXOWLPDWHNQRZOHGJHEXWWROLPLWHGVXEMHFWREMHFWGXDOLVWLF
NQRZOHGJH(YHU\VHFRQGWKLQJNQRZQLVRQO\P\VHOI

:KHUHDUHSUDUDEGKDNDUPDVZKHUHLVOLEHUDWLRQLQOLIHDQGZKHUHLVHYHQOLEHUDWLRQDWGHDWKIRU
PHWKHHYHUXQGLIIHUHQWLDWHG"
96, :KDWDUHSUDUDEGKD SDVW NDUPDVZKDWLVHYHQOLEHUDWLRQLQOLIHDQGZKDWLVWKDW
OLEHUDWLRQDWGHDWKIRUPHWRWKHHYHUDWWULEXWHOHVV"

1HDUHVWVWDWHWRXQGHUVWDQG$WPDQE\LWVHOILVWRHOLPLQDWHHYHU\WKLQJLQFOXGLQJHJRDVLQGHHSVOHHS
2QFHWKLVLVJDVSHG\RXKDYHWRXQGHUVWDQGWKDWHYHU\WKLQJLV%UDKPDQWKDWHYH\WKLQJLV\RXUVHOI


:KHUHLVWKHGRHURUWKHHQMR\HUZKHUHLVFHVVDWLRQRIWKRXJKWRUWKHULVLQJRIWKRXJKWZKHUHLVGLUHFW
NQRZOHGJHRUUHIOHFWHGNQRZOHGJHIRUPHZKRDPHYHULPSHUVRQDO"
96, :KDWLVWKHGRHURUWKHHQMR\HUZKDWLVFHVVDWLRQRIWKRXJKWRUWKHULVLQJRIWKRXJKWZKDWLV
LPPHGLDWHSHUFHSWLRQDQGLWVUHVXOWWRPHWKHHYHULPSHUVRQDO"

7+,1.,1*6DPDGKL
7+28*+7*QDQLLVQRWDIUDLGRIWKLQNLQJNQRZLQJDOOLGHDVWREH%UDKPDQ
5(68/7WKHZRUOGLVRQO\LGHD

:KHUHLVWKHZRUOGDQGZKHUHLVWKHDVSLUDQWIRUOLEHUDWLRQZKHUHLVWKHFRQWHPSODWLYHPDQDQG
ZKHUHLVWKHPDQRI.QRZOHGJHZKHUHLVWKHVRXOLQERQGDJHDQGZKHUHLVWKHOLEHUDWHGVRXOIRUPHZKRDP
QRQGXDOE\QDWXUH"
96, :KDWLVWKHZRUOGDQGZKDWLVPHDQWE\WKHDVSLUDQWIRUOLEHUDWLRQZKDWLVWKHFRQWHPSODWLYH
PDQDQGZKDWLVWKHPDQRI.QRZOHGJHZKDWLVWKHVRXOLQERQGDJHDQGZKDWLVWKHOLEHUDWHGVRXOWRPHZKR
DPWKHQRQGXDO(VVHQFH"

(66(1&( 2)$// JRWRGUHDP0RXQWDLQVDQGSHRSOHPD\GLVDSSHDUEXWZKHQWKH\UHDSSHDURI


ZKDWVXEVWDQFHDUHWKH\PDGH"7KDW PLQG ZKHQFHWKH\HPHUJHGLVFDOOHGWKHHVVHQFH7KLVHVVHQFH
LVHYHUSUHVHQWHYHQLQZDNLQJDQGGUHDPVWDWH

:KHUHDUHFUHDWLRQDQGGHVWUXFWLRQZKHUHLVWKHHQGDQGZKHUHWKHPHDQVZKHUHDUHVHHNHUDQG
VXFFHVVIRUPHDELGLQJLQP\QRQGXDOQDWXUH"
96, :KDWDUHSURMHFWLRQDQGUHWUDFWLRQ RUFUHDWLRQDQGGLVVROXWLRQ ZKDWDUHHQGPHDQVZKDWDUH
VHHNHUDQGVXFFHVVWRPHDELGLQJLQP\QRQGXDOVHOI ZKLFKLVP\HVVHQWLDOQDWXUH"

5(75$&7,211RWKLQJHOVHEXWWKHPLQG¶VDFWLYLW\ZRUOGDSSHDULQJDQGPHUJLQJEDFNLQWR6RXUFH

:KHUHLVWKHNQRZHUWKHPHDQVWRNQRZOHGJHWKHREMHFWRINQRZOHGJHRUNQRZOHGJHLWVHOIZKHUHLV
DQ\WKLQJDQGZKHUHLVQRWKLQJIRUPHZKRDPHYHUSXUH"
96, :KDWLVWKHNQRZHURUWKHSURFHVVRINQRZOHGJHWKHREMHFWRINQRZOHGJHRUNQRZOHGJH LW
VHOI ZKDWLVDQ\WKLQJRUQRWKLQJWRPHZKRDPHYHUSXUH"

.12:(5.12:/('*(2%-(&77+,1*127+,1*DQ\VXFKZRUG\RXPD\XWWHULVDIWHUDOORQO\DQ
LGHDEHFDXVHLWKDVDPHDQLQJ,WLVWKHUHIRUHVXEMHFWWRFKDQJHZKHUHDV,DPFKDQJHOHVV%UDKPDQ
(9(5WKHPLQGLVQHYHUDEVHQWQRUQRWNQRZQ,QVRPHIRUPLWLVHYHUSUHVHQW
:KHQDOONQRZLQJNQRZQDQGNQRZHUDUHVLPXOWDQHRXVO\0LQG DVLQGUHDP ZKDWHOVHLVWKHUHWRWURXEOH
DERXWXQGHUVWDQGLQJWKHP"<RXKHUHKDYHWKHNH\

:KHUHLVGLVWUDFWLRQZKHUHLVFRQFHQWUDWLRQZKHUHLVNQRZOHGJHZKHUHLVGHOXVLRQZKHUHLVMR\DQG
ZKHUHLVVRUURZIRUPHZKRDPHYHUDFWLRQOHVV "
96, :KDWLVGLVWUDFWLRQRUFRQFHQWUDWLRQGXOOQHVVRUGHOXVLRQMR\RUVRUURZWRPHZKRDPHYHU
DFWLRQOHVV "

',675$&7,21WKHPLQGPD\EHGUDZQWRREVHUYHDWKLQJVLQWKHH[WHUQDOZRUOGEXWWKH*QDQLLVQRW
GLVWXUEHGWKHUHE\EHFDXVHWKH\DUHDOO%UDKPDQWRKLP
'8//1(667KHVHDUHTXDOLWLHVZKLFK\RXDWWULEXWHWR\RXUVHOIZURQJO\WKH\EHORQJWRWKHDKDPQRW\RX
FI&KULVWLDQ6FLHQFH 
$&7,21/(66DFWLRQOHVVQHVVFDQQRWEHXQGHUVWRRGZLWKRXWDYDVWDWUD\D


:KHUHLVUHODWLYLW\ZKHUHLVWUDQVFHQGHQFHZKHUHLVKDSSLQHVVRUPLVHU\IRUPHZKRDPHYHU
EH\RQGDQ\GLVFXUVLYHWKRXJKW"
96, :KDWLVUHODWLYHRUDEVROXWHKDSSLQHVVRUPLVHU\WRPHZKRDPHYHUGHYRLGRIWKRXJKW
DFWLYLW\"

5(/$7,9(2ULJLQDOY\DYLKDULFLHSUDFWLFDHPSLULF
$%62/87(,ILWKDVDPHDQLQJLWLVRQO\DQLGHD+DSSLQHVVRUVRUURZDUHRQO\RIWKHQDWXUHRIWKHPLQG
EHLQJLGHDWKHLUGLIIHUHQFHLVWKHUHIRUHLOOXVRU\,QRULJLQDO3DUDPDUWKDSKLORVRSKLFRUXOWLPDWH

:KHUHLVLOOXVLRQZKHUHLVWKHZRUOGZKHUHLVDWWDFKPHQWRUGHWDFKPHQWZKHUHLVMLYDRU%UDKPDQ
IRUPHZKRDPHYHUSXUH"
96, :KDWLV0D\D LJQRUDQFH RUVDPVDUD ZRUOG DWWDFKPHQWRUGHWDFKPHQWZKDWLV-LYDRU
%UDKPDQWRPHZKRDPHYHUSXUH"

-,9$25%5$+0$1ERWKDUHWKHVDPHXOWLPDWHO\PRUHRYHUDOODUJXPHQWDERXW%UDKPDQQHYHUWRXFKLW
0(7KLVµPH¶GRHVQRWPHDQWKHµPH¶LQWKLVSDUWLFXODUERG\EXWWKHµPH¶LQHYHU\RQHWKHFRPPRQVHOI
$OOZRUGVKDYHQRSODFHDOOWKRXJKWVCFDQQRWUHDFKµ7KDW¶HYHQWKHWKRXJKWRI%UDKPDQLVMXVWDVLOOXVRU\DQG
FRQWUDGLFWRU\EHFDXVHWKRXJKWDQGZRUGVEHORQJWRZRUOGRIGXDOLW\

:KHUHLVDFWLYLW\ZKHUHLVLQDFWLYLW\ZKHUHLVOLEHUDWLRQRUERQGDJHIRUPHZKRDPHYHULPPX
WDEOH
DQGLQGLYLVLEOHDQGHVWDEOLVKHGLQWKH6HOI"
96, :KDWLVDFWLYLW\RULQDFWLYLW\OLEHUDWLRQRUERQGDJHWRPHZKRDPHYHULPPXWDEOHDQG
LQGLYLVLEOHDQGHVWDEOLVKHGLQ6HOI"

(9(5XQGHUQRFLUFXPVWDQFHVLVLWLPPXWDEOHHYHQLIRQHWKLQNVLWVR
,1',9,6,%/(7KHUHLVQRGLYLVLRQLQWRQDWLRQVUDFHVFRORUVRUNLQGVRIPHQLQ*QDQD
(67$%/,6+(',WLVQRWHQRXJKWRNQRZDQGVD\EXWRQHPXVWDOZD\VVHH,DP'ULNWKH'ULNLQDOODOZD\V
UHDOL]HDQGSUDFWLFHLW6RPHSHRSOHJHWJOLPSVHVRIWKHWUXWKDQGORVHLWVRLWPXVWEHHVWDEOLVKHG6XFKIL[LGLW\
LVWKHJRDO

:KHUHDUHLQVWUXFWLRQDQGVFULSWXUDOLQMXQFWLRQZKHUHLVWKHGLVFLSOHDQGZKHUHLVWKHSUHFHSWRU
ZKHUHLQGHHGLVWKHREMHFWRIOLIHIRUPHZKRDPDEVROXWHJRRGDQGIUHHIURPOLPLWDWLRQ"
96, :KDWLVLQVWUXFWLRQDQGVFULSWXUDOLQMXQFWLRQZKDWLVWKHGLVFLSOHRUSUHFHSWRUZKDWLQGHHGLV
WKHVXPPXPERQXPRIOLIHIRUPHZKRDPDEVROXWHJRRGDQGIUHHIURPOLPLWDWLRQ"

,1-81&7,21WKHVHDUHHDUO\VWDJHVQRWIRUWUXWKVHHNHUV
35(&(3725ERWKDUHRQO\LGHDV
/,)(7KHVHDUHDOOZLWKLQWKHZRUOGRIGXDOLW\WKHVHHQWKHLGHDWHG/,0,7$7,21:KHQWKHUHLVQRVHFRQG
ZKDWLVWKHQIRU\RXWRDWWDLQ"%XWZKHQ\RXWKLQNWKH\RXDUHERG\WKHQWKHUHDUHYDULRXVWKLQJV\RXZLOOZDQW
WRJHWDQGVREHWURXEOHGE\WKHLUODFN+HQFHGRQ
WZURQJO\LPDJLQH\RXDUHERG\

:KHUHLVH[LVWHQFHZKHUHLVQRQH[LVWHQFHZKHUHLVXQLW\ZKHUHLVGXDOLW\":KDWQHHGLVWKHUHWR
VD\PRUH"1RWKLQJHPDQDWHVIURPPH
96, :KDWLVH[LVWHQFHRUQRQH[LVWHQFHXQLW\RUGXDOLW\":KDWQHHGLVWKHUHWRVD\PRUH"1RWKLQJ
HPDQDWHVIURPPHEHFDXVHLWLVQRQGLIIHUHQWIURPP\VHOI7KHUHDUHQRWZR'RQRWPLVWDNH³PH´IRUWKHHJR

121(;,67(1&(WKRVHZKRDVVHUWZRUOGGRHVQRWH[LVWEHFDXVHLWLVPD\DDUHVWLOOLQHOHPHQWDU\VWDJHRI
SUHOLPLQDU\DQDO\VLV E H[LVWHQFHDSSOLHVRQO\WRDQREMHFWDZRUGFDQKDYHQRPHDQLQJDSDUWIURPGUV\DP
'8$/,7<GXDOLW\LPSOLHVWZRVHSDUDWHREMHFWVPRQLVPLPSOLHVGXDOLW\%UDKPDQLVEH\RQGERWK
127+,1*(0$1$7(6)5200(EHFDXVHLWLVQRQGLIIHUHQWIURPP\VHOI7KHUHDUHQRWZR'RQRW
PLVWDNHµPH¶IRUWKHHJR
7KXVWKHERRNILQLVKHVZLWKQRQFDXVDOLW\WKHPRVWLPSRUWDQWSULQFLSOHWREHJUDVSHGLQDOO9HGDQWD7KH
QRWLRQRIHPDQDWLRQLPSOLHVVRPHWKLQJVHSDUDWHIURPP\VHOIKHQFHLQFRUUHFW7KHZRUOGGRHVQRWHPDQDWH
IURPPLQGLWLVLQPLQG

),1,6

1RWH3ULPDU\WUDQVODWLRQRIWKHWH[WLVIURP$VWDYDNUD6DPKLWDWUDQVODWHGE\6ZDPL1LW\DVZDUXSDQDQGD
SXEOLVKHGE\$GYDLWD$VKUDP,WDSSHDUVDVWKRXJKWKLVLVDILQDOFRS\RIWKHWH[WWKDW,\HUZDVZRUNLQJ
RQLQWKHLQLWLDOVWDJHVRIWUDQVODWLRQDQGQRWDWLRQ

Anda mungkin juga menyukai