Engleza

$',1$0,+$(/$%$5%86(%$67,$1&+,5,0%8

(1*/,6+/$1*8$*()25'$,/<86(
7+,5'(',7,21

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFHGLQÌQY PkQWXO6XSHULRU

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
%$5%8$',1$0,+$(/$
(QJOLVK/DQJXDJHIRU'DLO\8VH(GD,,,D$GLQD0LKDHOD
%DUEX6HEDVWLDQ&KLULPEX(GL LDD,,,D±%XFXUHúWL(GLWXUD
)XQGD LHL5RPkQLDGH0kLQH

,6%1

,&KLULPEX6HEDVWLDQ

5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP úLSULQRULFH
PLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV úLVHSHGHSVHúWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXLUHYLQH
H[FOXVLYDXWRUXOXLDXWRULORU

81,9(56,7$7($63,58+$5(7
'(3$57$0(178/'(/,0%$-(63(&,$/,=$7(

$',1$0,+$(/$%$5%86(%$67,$1&+,5,0%8

7+,5'(',7,21

(',785$)81'$ ,(,520Æ1,$'(0Æ,1(
%XFXUHúWL

&217(176

&XYkQWvQDLQWH

8QLW ,'(17,),&$7,210((7,1*1(:3(23/(««

8QLW ('8&$7,21&$5((5«««««««««««

8QLW +20((19,5210(17«««««««««««

8QLW 75$9(//,1*$&&202'$7,21««««««

8QLW 7+(+80$1%2'<+($/7+««««««««

8QLW *2,1*6+233,1*021(<«««««««««

8QLW )22'($7,1*287««««««««««««

8QLW (17(57$,10(17632576$1'+2%%,(6««

8QLW 0(',$&20081,&$7,21«««««««««

8QLW ,1752'8&7,21727+((8523($181,21«

$SSHQGL[««««««««««««««««««««««
$SSHQGL[«««««««««««««««««««««
$SSHQGL[«««««««««««««««««««««
%LEOLRJUDSK\«««««««««««««««««««««

&89Æ17Ì1$,17(

/XFUDUHD GH ID (QJOLVK /DQJXDJH IRU 'DLO\ 8VH HVWH XQ
PDQXDO GH VWXGLX úL WRWRGDW R OXFUDUH FDUH VH DGUHVHD] VWXGHQWLORU
IDFXOW LORUQHILORORJLFHFXUVXULGH]LI U IUHFYHQ úLvQY DPkQWOD
GLVWDQ SHQWUX FDUH OLPED HQJOH] QX HVWH QXPDL XQ KREE\ FL úL R
QHFHVLWDWHSURIHVLRQDO
$FHDVWD vúL SURSXQH V UHLD úL V DSURIXQGH]H QR LXQLOH GH
OLPEDHQJOH] JHQHUDO SHFDUHOHSUHVXSXQHXQQLYHOLQWHUPHGLDUGH
FXQRúWLQ HúLFDUHV SRDW FRQVWLWXLXOWHULRUED]DFXUVXULORUGHOLPEDMH
VSHFLDOL]DWH
0DQXDOXO DFRSHU R ODUJ GLYHUVLWDWH WHPDWLF OHJDW GH
GLVFXUVXO FRWLGLDQ RPXO IDPLOLD HGXFD LD GH]YROWDUHD SURIHVLRQDO
PRGXULGHSHWUHFHUHDWLPSXOOLEHUPHGLDFRPXQLFDUHFkWúLDVSHFWH
OHJDWH GH 8QLXQHD (XURSHDQ RIHULQG QR LXQL GH OH[LF GDU úL GH
JUDPDWLF FH vPERJ HVF EDJDMXO GH FXQRúWLQWH GREkQGLWH GH VWXGHQ L
vQOLFHX
'XS SDUFXUJHUHD FHORU XQLW L VWXGHQWXO YD IL FDSDELO V
UHFHSWH]HXQPHVDMRUDOvQOLPEDHQJOH] V VHH[SULPHOLEHUIRORVLQG
YRFDEXODUXOIXQGDPHQWDOV UHFHSWH]HúLV SURGXF XQPHVDMVFULVúL
GH DVHPHQHD V vúL GH]YROWH LQWHUHVXO SHQWUX VWXGLXO OLPELL úL DO
FLYLOL]D LHLDQJOR±VD[RQH(OHVWHDFXPSUHJ WLWV DERUGH]HQR LXQL
úLFRQFHSWHGHVSHFLDOLWDWHúLV DFFHDG ODXQQLYHODYDQVDWGHXWLOL]DUH
DOLPELLHQJOH]H
&HOHXQLW LFDUHDOF WXLHVFPDQXDOXOSRWILVWXGLDWHvQRUGLQH
VDXLQGHSHQGHQWvQIXQF LHGHQHYRLOHVWXGHQWXOXLúLGHVWUXFWXUDFXUVXOXL
GH OLPED HQJOH] SHQWUX ILHFDUH IDFXOWDWH QHILORORJLF 2S LXQHD
PHWRGRORJLF FDUH D VWDW OD ED]D HODERU ULL SUH]HQWHL OXFU UL vQFXUDMHD]
DWkWFUHDWLYLWDWHDVWXGHQWXOXLFkWúLDSURIHVRUXOXLIDFLOLWkQGGH]YROWDUHD
DELOLW LORUGHFRPXQLFDUHLQWHUSHUVRQDO

0XO XPLP GRDPQHLFRQIXQLYGU(PLOLD%RQGUHDFDUHQHD
VSULMLQLWúLvQFXUDMDWvQUHDOL]DUHDDFHVWHLOXFU ULúLGRDPQHLOHFWRUXQLY
GUG 5X[DQGUD 9DVLOHVFX SHQWUX OHFWXUD REVHUYD LLOH úL VXJHVWLLOH GH
vPEXQ W LUH D FRQ LQXWXOXL 'H DVHPHQHD PXO XPLP VWXGHQ LORU
QRúWUL GH OD 8QLYHUVLWDWHD 6SLUX +DUHW SHQWUX SURYRFDUHD ODQVDW
SURYRFDUH FDUH QHD RIHULW úDQVD DGDSW ULL OD FHULQ HOH FRPXQLF ULL
PRGHUQH OD GLDORJXO FRQWLQXX vQWUH QRL SURIHVRULL úL YLLWRULL
EHQHILFLDULVWXGHQ LLQRúWUL

$GLQD%DUEX
6HEDVWLDQ&KLULPEX

81,7

,'(17,),&$7,210((7,1*1(:3(23/(

6(&7,21
,'(17,),&$7,21

$/($',1

,GHQWLI\\RXUVHOIXVLQJWKHIROORZLQJTXHVWLRQV
D :KDWLV\RXUQDPH"
E :KHQDQGZKHUHZHUH\RXERUQ"
F :KHUHGR\RXOLYH":KHUHDUH\RXOLYLQJQRZ"
G :KRGR\RXOLYHZLWK"
H :KDWDUH\RXUIDYRULWHQHZVSDSHUVDQG79SURJUDPPHV"
I :KDWDUH\RXUKREELHV"
J :KLFK]RGLDFDOVLJQZHUH\RXERUQXQGHU"'R\RXNQRZDQ\RILWV
PDLQFKDUDFWHULVWLFV"
K 'R\RXKDYHDMRE"

)LQG RXW DV PXFK DV \RX FDQ DERXW \RXU GHVN PDWH DQG VKDUH WKH
PRVWLQWHUHVWLQJLQIRUPDWLRQZLWKWKHUHVWRIWKHFODVV

% 5($',1*2%-(&7,9(

7HQ PLQXWHV WR , DP JRLQJ WR WKH RIILFH ,Q IURQW RI WKH HOHYDWRU
GRRUP\QHLJKERXUJUHHWVPH³0RUQLQJ´³0RUQLQJ´,UHSO\DEVHQW
±PLQGHG
$IWHU KRXUV , PHHW KLV ZLIH LQ WKH YHU\ SODFH ,¶YH PHW KLP WKLV
PRUQLQJ³$IWHUQRRQ´,VD\³$IWHUQRRQ´VKHDQVZHUV

R¶FORFNSP,¶GOLNHWRZDWFKWKHQHZV%XWJUDQGPDKDVDWHUULEOH
KHDGDFKH
³+DYH WR JR WR WKH FKHPLVW¶V WR EX\ VRPH SLOOV IRU KHU´ , VD\ WR
P\VHOI
³*RRGHYHQLQJ´,VD\7KHFKHPLVWDVNVPHVPLOLQJO\
³*RRGHYHQLQJ:KDWFDQ,GRIRU\RX"´
³, QHHG VRPHWKLQJ DJDLQVW D WHUULEOH KHDGDFKH´ , DQVZHU 6KH JLYHV
PHDSODVWLFERWWOHZLWKVRPHSLOOV
³7ZHQW\WKRXVDQG´VKHDGGV
³+HUH\RXDUH7KDQN\RX*RRGQLJKW´
³*RRGQLJKW´VKHVD\V
2XU HQWLUH VRFLDO OLIH LV PDUNHG E\ JUHHWLQJV 3HRSOH¶V JUHHWLQJV DUH
FRQQHFWHG ZLWK HLWKHU FHUWDLQ PRPHQWV RI WKH GD\ RU ZLWK FHUWDLQ
HYHQWV
7KHJUHHWLQJVZHXWWHULQRXUHYHU\GD\OLIHDUH
± DP ³*RRG PRUQLQJ´ WR ZKLFK ZH UHSO\ ³*RRG
PRUQLQJ´,QWKHLQIRUPDOVSHHFKZHXVHWKHVKRUWIRUP³0RUQLQJ´
±SP³*RRGDIWHUQRRQ´ZKLFKZLOOEHDQVZHUHGWKHVDPH
ZD\
$IWHUSP³*RRGHYHQLQJ´DQG³*RRGQLJKW´
1RPDWWHUWKHKRXUZHFDQVD\³+HOOR´ZKHQZHPHHWVRPHERG\
DQG³*RRGE\H´ZKHQZHOHDYHDSODFHRUPRUHLQIRUPDOO\³+L´DQG
³%\H´
:KDW GR \RX VD\ LI \RX PHHW VRPHRQH \RX¶YH QHYHU PHW EHIRUH"
<RX¶OOKDYHWRLQWURGXFH\RXUVHOIWRWKHSHUVRQZKRPLVVLWWLQJQH[WWR
\RXDWDZRUNVKRSV\PSRVLXPRUFRQIHUHQFH
<RXZLOOVD\\RXUQDPHDQGVXUQDPH³0\QDPHLV(OL]DEHWK3DUNHU´
<RX PD\ EH LQWURGXFHG WR DQ XQNQRZQ SHUVRQ E\ RQH RI \RXU
DFTXDLQWDQFHV ³5REHUW WKLV LV (OL]DEHWK 3DUNHU´ 5REHUW ZLOO VD\
³+HOOR (OL]DEHWK´ <RX FDQ DQVZHU ³+HOOR 5REHUW´ 7KH LQWHUHVW
VKRZQ E\ WKH VSHDNHU LV REYLRXV LQ WKH TXHVWLRQ ³+RZ DUH \RX"´
ZKLFKLVJHQHUDOO\DQVZHUHG ³9HU\ZHOOWKDQN\RX´³)LQH´³1RW
EDG´
$ SROLWH SHUVRQ VD\V ³1LFH WR PHHW \RX´ LI \RX VHH WKDW SHUVRQ IRU
WKHILUVWWLPHRU³1LFHWRVHH\RX´LI\RXNQRZWKHVSHDNHUZHOO

,I\RXDUULYHDWDFRPSDQ\IRUDQDSSRLQWPHQW\RXULQWURGXFWLRQZLOO
EH PRUH RIILFLDO <RX¶OO EH H[SHFWHG WR VD\ QRW RQO\ \RXU IXOO QDPH
LH QDPH DQG VXUQDPH ± (OL]DEHWK 3DUNHU ± EXW DOVR WKH UHDVRQ ZK\
\RXDUHWKHUH
³0\QDPH¶V(OL]DEHWK3DUNHU,KDYHDQDSSRLQWPHQWZLWK0U:KLWH
DW DP´ RU ³&DQ , LQWURGXFH P\VHOI"´ ³,¶P (OL]DEHWK 3DUNHU
IURPWKH8QLYHUVLW\´
,I D SHUVRQ ZKR NQRZV ERWK VSHDNHUV LV WKHUH KH ZLOO VD\ ³, GRQ¶W
WKLQN \RX NQRZ HDFK RWKHU GR \RX" (OL]DEHWK WKLV LV 5REHUW
6PLWKRXUQHZPDUNHWLQJDVVLVWDQWPDQDJHU5REHUWWKLVLV(OL]DEHWK
3DUNHUWKH(QJOLVKWUDLQHU,¶YHWROG\RXDERXW´
,I \RX LQWURGXFH D SHUVRQ ZKR LV YLVLWLQJ \RXU RUJDQL]DWLRQ EH LW
VFKRROFROOHJHRURIILFHWR\RXUFROOHDJXHV\RX¶OOVD\³0U:KLWH
PD\,LQWURGXFHP\FROOHDJXH'DQLHO*UHHQWR\RX'DQLHOWKLVLV
0U:KLWH´
$IWHU VD\LQJ \RXU QDPH FOHDUO\ \RX DGG ³+RZ GR \RX GR"´
VHQWHQFHZKLFKKDVQRSDUWLFXODUPHDQLQJLW¶VVLPSO\DJUHHWLQJ
,I \RX DUH ZHOFRPLQJ D YLVLWRU \RX¶OO EH PRUH SROLWH WKDQ ZKHQ
ZHOFRPLQJDQROGIULHQG
³0U*UHHQ"+RZGR\RXGR"´
³+RZGR\RXGR0LVV3DUNHU"´
³'RFRPHLQWRP\RIILFH,¶PYHU\SOHDVHGWRPHHW\RXDJDLQ´
&RPSDUH WKH DERYH FRQYHUVDWLRQ ZKLFK LV SROLWH IRUPDO ZLWK WKH
IROORZLQJTXLWHLQIRUPDORQH
³+L\RXPXVWEH/DXUD´
³2KQR/L],KDYHQ¶WVHHQ\RXIRUDJHV´
³6LQFHZHJUDGXDWHG,Q0DNHV\HDUVDJR´
³+RZDUHWKLQJVJRLQJ"´

&92&$%8/$5<

,QWKHIROORZLQJWDEOHZULWHGRZQWKHQHZZRUGVLQWKHWH[WDERYH
DVZHOODVWKHLUPHDQLQJDQGWUDQVODWLRQLQWR5RPDQLDQLIQHFHVVDU\
7KHQXVHWKHVHZRUGVLQVHQWHQFHVRI\RXURZQ

1(::25' 0($1,1*$1'75$16/$7,21

0DQ\ (QJOLVK ZRUGV FDQ EH XVHG ZLWK GLIIHUHQW YDOXHV HJ DV D
QRXQ DQG D YHUE ZRUN VKRZ &DQ \RX ILQG VXFK H[DPSOHV LQ WKH
WH[W"(QULFKWKHOLVWZLWK\RXURZQH[DPSOHV

:25' 9$/8( 9$/8(

)LOOLQWKHIROORZLQJWDEOHZLWKWKHPLVVLQJDGMHFWLYHVDGYHUEVDQG
XVHWKHPLQVHQWHQFHVRI\RXURZQ

$'-(&7,9( $'9(5%
3ROLWHO\
*HQHUDOO\
2IILFLDO
)RUPDO
$EVHQW±PLQGHG
7HUULEOH
(QWLUHO\
&HUWDLQ
2EYLRXVO\
)XOO

1RZFRPSOHWHWKHIROORZLQJUXOHV
0DQQHU DGYHUEV FDQ EH JHQHUDWHG E\ DGGLQJ BBBBBBBBBBB WR DQ
DGMHFWLYH
%\ DGGLQJ ±/< WR DQ DGMHFWLYH HQGLQJ LQ ±/ DQ DGYHUE HQGLQJ LQ
BBBBZLOOEHREWDLQHGH[8VXDO±XVXDOO\FDUHIXO±FDUHIXOO\

:KHQ PHHWLQJ IRUHLJQHUV \RX PD\ ZDQW WR DVN WKHP DERXW WKHLU
FRXQWU\QDWLRQDOLW\ RU \RX PD\ EH DVNHG ZKHUH \RX FRPH IURP 7KH
PRVWXVXDOTXHVWLRQVDUH³:KHUHDUH\RXIURP"´RU³:KHUHGR\RX
FRPHIURP"´68**(67,21ORRNRYHUWKHJUDPPDUVHFWLRQRIWKLV
XQLWLQRUGHUQRWWRPLVWDNHWKLVTXHVWLRQIRU³:KHUHDUH\RXFRPLQJ
IURP"´
1RZILOOLQWKHIROORZLQJWDEOH

,&20()520«,¶0D,63($.«
7KH8QLWHG.LQJGRP
)UDQFH
6SDLQ
3RUWXJDO
7KH1HWKHUODQGV+ROODQG
%HOJLXP
*HUPDQ\
,WDO\
3RODQG
7KH&]HFK5HSXEOLF
6ORYDNLD
&URDWLD
6ORYHQLD
%RVQLD±+HU]HJRYLQD
*UHHFH
5RPDQLD
+XQJDU\
8NUDLQH
/DWYLD

/LWKXDQLD
5XVVLD
6ZLW]HUODQG
$XVWULD
,FHODQG
7KH5HSXEOLFRI,UHODQG
6HUELD
0RQWHQHJUR
0DFHGRQLD)<520
$OEDQLD
&DQDGD
7KH8QLWHG6WDWHVRI$PHULFD
0H[LFR
%ROLYLD
(FXDGRU
9HQH]XHOD
&KLOH
3HUX
8UXJXD\
3DUDJXD\
7KH$UJHQWLQH
%UD]LO
$XVWUDOLD
,UDQ
,UDT
7XUNH\
3DNLVWDQ
,QGLD
$IJKDQLVWDQ
7KDLODQG
,QGRQHVLD
3KLOLSSLQHV

&KLQD
-DSDQ
1RUWK6RXWK.RUHD
6\ULD
/HEDQRQ
,VUDHO
(J\SW
$OJHULD
0RURFFR
7XQLV
7DQ]DQLD
$QJROD
=LPEDEZH
=DPELD
7KH6RXWK±$IULFDQ5HSXEOLF
7KH&RQJR

5(0(0%(5 7+( 1$0(6 2) 1$7,21$/,7,(6 $1'
/$1*8$*(667$57:,7+$&$3,7$//(77(5

&RUUHFWWKHPLVWDNHVLQWKHIROORZLQJQHZVSDSHUKHDGOLQHV
D 0DGRQQD WR 0DUU\ D )UHQFK" +ROO\ZRRG 6HQVDWLRQ
BBBBBBBBBBBBBBBBB
E ,UDTLDQ 'HOHJDWLRQ 0HHWV 3DNLVWDQLDQ 3UHVLGHQW
BBBBBBBBBBBBBBBBBBB
F 9LHWQDPLDQ 5HIXJHHV /HDYH +RQJ .RQJ &DPSV
BBBBBBBBBBBBBBBBBBBB
G %ULWDLQV+DYH+LJKHVW7D[5DWHLQ(8BBBBBBBBBBBBBBBBBBBB
H 3ROLFH$UUHVW'DQLVKRQ6PXJJOLQJ&KDUJHBBBBBBBBBBBBBBBBBB

'*5$00$5

7+((1*/,6+7(16(6
&DQ \RX QDPH WKH WHQVH RI WKH YHUEV XQGHUOLQHG LQ WKH IROORZLQJ
VHQWHQFHV"
D ,WRIWHQUDLQVLQ(QJODQGBBBBBBBBBBBB
E /RRNLW¶VUDLQLQJBBBBBBBBBBBB
F ,WKDVQ¶WUDLQHGIRUDIHZPRQWKVBBBBBBBBBBBB
G ,W¶VEHHQUDLQLQJVLQFHPRUQLQJBBBBBBBBBBBB
H ,WUDLQHGDORWODVWZHHNBBBBBBBBBBBB
I ,WZDVUDLQLQJZKHQ,OHIWWKHRIILFHBBBBBBBBBBBB
J ,WKDGUDLQHGDORWEHIRUHWKHVXQILQDOO\VKRZHGXSIURPDPRQJWKH
FORXGVBBBBBBBBBBBB
K ,WKDGEHHQUDLQLQJFDWVDQGGRJVIRUDIHZKRXUVZKHQ,GHFLGHGWR
OHDYHDOWKRXJK,GLGQ¶WKDYHDQXPEUHOODBBBBBBBBBBBB
L ,WKLQNLWZLOOUDLQBBBBBBBBBBBB
M $FFRUGLQJWRWKHZHDWKHUIRUHFDVWWRPRUURZLWZLOOEHUDLQLQJDOO
GD\ORQJBBBBBBBBBBBB

3XW WKH IROORZLQJ YHUEV LQ WKH VDPH WHQVHV WR VWXG\ WR VQRZ WR
VOHHSWRVSHDN

35(6(176,03/(

5HDGWKHIROORZLQJVHQWHQFHVDQGLQSDLUVWU\WRILQGDQH[SODQDWLRQ
IRUWKHXVHRIWKH3UHVHQW6LPSOH
D 7KHUH DUH HLJKW SODQHWV LQ WKH VRODU V\VWHP 'RJV EDUN %RWK
(QJOLVKDQG5RPDQLDQDUH,QGR±(XURSHDQODQJXDJHV
7KH3UHVHQW6LPSOHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E, JR WR FKXUFK RQ 6XQGD\V 6KH XVXDOO\ JRHV RQ KROLGD\ WZLFH D
\HDU+RZRIWHQGR\RXYLVLW\RXUJUDQGSDUHQWV"
7KH3UHVHQW6LPSOHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KLVXVHRIWKH3UHVHQW6LPSOHLVUHODWHGWRWLPHH[SUHVVLRQVVXFKDV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

F 7KH SODQH OHDYHV /RQGRQ DW DP DQG UHDFKHV %XFKDUHVW WKUHH
KRXUV ODWHU 7KH SUHVV FRQIHUHQFH VWDUWV LQ DQ KRXU 7KH SUHVLGHQW
DUULYHVDWSP
7KH3UHVHQW6LPSOHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

G$VVRRQDVWKHVHPHVWHUHQGV,¶OOJRWRWKHPRXQWDLQV,I,KDYHWLPH
,¶OOYLVLW\RXZKHQ,FRPHWR%XFKDUHVW
7KH3UHVHQW6LPSOHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5HDGWKHIROORZLQJVHQWHQFHVDQGWKHQFRPSOHWHWKHUXOHV
,VPRNH+HVPRNH6WRR
:KDWWLPH'2\RXXVXDOO\JHWXSRQZHHNHQGV"
'2(6KHORYH\RX"
8QIRUWXQDWHO\ZH'21¶7KDYHHQRXJKPRQH\WREX\DQHZFDU
,IVKH'2(61¶7VWRSVPRNLQJVKHZLOOEHFRPHYHU\LOO
,QWKH3UHVHQW6LPSOHSRVLWLYHZHDGGBBBWRWKHYHUEZLWKKHVKHLW
EXWQRWZLWK,\RXZHDQGWKH\
)RU,\RXZHDQGWKH\WKHTXHVWLRQVWDUWVZLWKBBBBDQGWKHQHJDWLYH
LVBBBBLQILQLWLYH
)RU KH VKH DQG LW WKH TXHVWLRQ VWDUWV ZLWK BBBB DQG WKH QHJDWLYH LV
BBBBLQILQLWLYH

3XWWKHYHUEVLQEUDFNHWVLQWKH3UHVHQW6LPSOH
D 7KHVFKRROBBBBBBBBRSHQDWDPDQGBBBBBBBBBFORVHDW
SPHYHU\GD\
E :KDWWLPHBBBBBBBBBBBBBBBBBBBWKHSRVWPDQGHOLYHUWKHPDLO"

F ,¶P QRW VXUH , NQRZ WKLV ZRUG :KDWBBBBBBBBBBBBBBBBBB
LWPHDQ"
G +HBBBBBBBBBBBBBBBBVPRNHPRUHWKDWFLJDUHWWHVDGD\
H 7KHVXQBBBBBBBBBBBBBBBQRW±ULVHLQWKHZHVW
I +HBBBBBBBBBBBBBBBSOD\WHQQLVYHU\ZHOO
J :DWHUBBBBBBBBBBBBBBBBBERLODWGHJUHHV&HQWLJUDGH
K ,WBBBBBBBBBBUDLQYHU\RIWHQLQWKLVSDUWRIWKHFRXQWU\
L +HDY\PHWDOPXVLFBBBBBBBBBBBJLYHPHDKHDGDFKH
M :HBBBBBBBBBBBBBBQRW±ZRUNDWZHHNHQGV

8VLQJ WKH VWDWHPHQWV EHORZ PDNH TXHVWLRQV EHJLQQLQJ ZLWK WKH
ZRUGVLQEUDFNHWV
D 'DYLGZRUNV:KHUH"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E ,JRWRWKHWKHDWUH+RZRIWHQ"
F 0DULHJRHVWRZRUNLQWKHPRUQLQJ:KDWWLPHXVXDOO\"
G ,ZULWHWRP\JUDQGPRWKHU+RZRIWHQ"
H 2XUWHDFKHULVVRPHWLPHVDQJU\ZLWKXV:K\"
I ,ZDWFKWHOHYLVLRQ+RZRIWHQ"
J 7KH\FRPHEDFNIURPZRUNHYHU\HYHQLQJ:KDWWLPHXVXDOO\"

35(6(17352*5(66,9(

5HDGWKHIROORZLQJVHQWHQFHVDQGLQSDLUVWU\WRILQGDQH[SODQDWLRQ
IRUWKHXVHRIWKH3UHVHQW3URJUHVVLYH
D :H DUH KDYLQJ DQ (QJOLVK OHVVRQ QRZ ,¶P VROYLQJ DQ H[HUFLVH
DERXWWKH3UHVHQW3URJUHVVLYHDWWKHPRPHQW
7KH3UHVHQW3URJUHVVLYHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E :H¶UH VWXG\LQJ (QJOLVK WKLV \HDU 0\ GHVN PDWH LV WDNLQJ GULYLQJ
OHVVRQVWKLVPRQWK$FFRUGLQJWRVWDWLVWLFVVDOHVRIGXUDEOHJRRGVDUH
LPSURYLQJ
7KH3UHVHQW3URJUHVVLYHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

F+H¶VVXFKDQLFHJX\KH¶VDOZD\VEX\LQJPHIORZHUV7U\WRDYRLG
KLPKH¶VDOZD\VDVNLQJSHRSOHIRUPRQH\3OHDVHEHPRUHSXQFWXDO
\RX¶UHQHYHUFRPLQJRQWLPH
7KH3UHVHQW3URJUHVVLYHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

G ,¶P VHHLQJ P\ IULHQGV WRQLJKW $UH \RX GRLQJ DQ\WKLQJ WRPRUURZ
HYHQLQJ"<HV-RKQLVWDNLQJPHWRDILOP
7KH3UHVHQW3URJUHVVLYHLVXVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5HDGWKHIROORZLQJVHQWHQFHVDQGWKHQFRPSOHWHWKHUXOHV
$5(\RXKDYLQJDJRRGWLPH":KDW,6KHGRLQJ"
7KH EDE\ ,61¶7 VOHHSLQJ , FDQ KHDU KLP FU\LQJ ,¶0 127 HDWLQJ
VZHHWVWKLVZHHN,¶PRQDVOLPPLQJGLHW
4XHVWLRQV LQ WKH 3UHVHQW 3URJUHVVLYH DUH IRUPHG
BBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBB ZKLOH LQ WKH
QHJDWLYHZHDGGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDWLVKDSSHQLQJDWWKHPRPHQW":ULWHWUXHVHQWHQFHV

D ,FOHDQP\FDU
E ,WUDLQ
F 6KHZDWFKWHOHYLVLRQ
G +HVPRNHDFLJDU
H -RDQOHDUQ*HUPDQ
I 7KH\GRWKHLUKRPHZRUN
J 7KRPDVDQG3KLOLSSOD\EDVNHWEDOO
K 0HODQLHZRUNRQKHUFRPSXWHU
L ,KDYHDEDWK
M ,DQZHDUKLVQHZMDFNHW

8VH WKH IROORZLQJ YHUEV WR DVN TXHVWLRQV DERXW \RXU IHOORZ
VWXGHQWV7KHQDQVZHUWKHTXHVWLRQVDVLQWKHH[DPSOH
ZHDUMHDQV
,V-DQHZHDULQJMHDQV"
1RVKHLVQ¶W6KHLVZHDULQJDVNLUW
D UHDGDERRN
E GRDQH[HUFLVH

F OHDUQ(QJOLVK
G OLVWHQWRWKHWHDFKHU
H ZULWHKRPHZRUN
I VOHHS
J WDON
K SD\DWWHQWLRQ
L ORRNRXWRIWKHZLQGRZ
M VWXG\

5HDGWKHIROORZLQJFRQYHUVDWLRQEHWZHHQ&KULVDQG'DYLG3XW
HDFKYHUELQWRWKHFRUUHFWIURPRI3UHVHQW3URJUHVVLYH
&KULVDQG'DYLGPHHWLQDVKRS
&KULV+HOOR 'DYLG , KDYHQ¶W VHHQ \RX IRU VXFK D ORQJ WLPH :KDW
BBBBBBBBBBBBBBB\RXGRWKHVHGD\V"
'DYLG :HOO WKH VDPH WKLQJV DV DOZD\V ,
BBBBBBBBBBBBBBBVWLOOJR WR WKDW DZIXO VFKRRO DQG ,
BBBBBBBBBBBBBBBBVWLOOWU\WROHDUQ*HUPDQ
&KULV6R\RXBBBBBBBBBBBBBBBQRWUHDOO\HQMR\LW"
'DYLG :HOO QRW UHDOO\ %XW KRZ DERXW \RX"
BBBBBBBBBBBBBBBBB\RXGRDQ\WKLQJVSHFLDO"
&KULV, BBBBBBBBBBBBBBB QRWZRUN DW WKH PRPHQW EXW ,
BBBBBBBBBBBBBBBNHHS P\VHOI UHDOO\ EXV\ ,
BBBBBBBBBBBBBBVWXG\FRPSXWLQJLQDQHZFROOHJH
'DYLG 7KDWVRXQGVUHDOO\LQWHUHVWLQJ

&KULV,W LV LQGHHG /LVWHQ ,¶YH JRW WR UXVK /HW¶V JHW WRJHWKHU IRU D
FRIIHHRUVRPHWKLQJ
'DYLG <HDKOHW¶VGRWKDW,¶OOJLYH\RXDULQJ%\HIRUQRZ
&KULV%\H

( /$1*8$*(,186(

:HKDYHDOUHDG\JRWDFTXDLQWHGWRVRPHJUHHWLQJVDQGGHJUHHVRI
IRUPDOLW\7U\WRDUUDQJHWKHIROORZLQJJUHHWLQJVDQGH[SUHVVLRQVLQWR
WKHWDEOHDFFRUGLQJWRKRZIRUPDOLQIRUPDOWKH\DUH
+L1LFHWRPHHW\RX+HOOR*RRGHYHQLQJ0RUQLQ¶6HH\RX+RZGR
\RX GR" *RRG DIWHUQRRQ *RRG E\H +RZ DERXW JRLQJ RXW WRJHWKHU
QH[W ZHHNHQG" :H ZRXOG EH KRQRXUHG LI \RX FRXOG FRPH WR WKH
FRFNWDLOWRQLJKW,ZDVZRQGHULQJLI\RX¶GOLNHWRMRLQXV:RXOG\RX
OLNH WR FRPH RQ 7XHVGD\ PRUQLQJ" %HVW UHJDUGV WR \RXU ZLIH .LVV
JUDQGPD IRU PH :H ZLVK \RX $ 0HUU\ &KULVWPDV DQG D ULFK DQG
VXFFHVVIXOSURIHVVLRQDOOLIHLQWKH\HDUWRFRPH

,1)250$/ 1(875$/ )250$/

,QJURXSVGHFLGHLQZKDWFRQWH[WV\RXFDQXVHWKHIROORZLQJ 0U
0UV 0LVV 0V 6LU 0DGDP 0HVVU *HQWOHPHQ /DGLHV DQG
JHQWOHPHQ

:KDWZRXOG\RXDQVZHUWRHDFKRIWKHIROORZLQJTXHVWLRQV
:KDW GR \RX GR" BBBBBBBBBBBBBBBBBBBBB :KDW DUH \RX GRLQJ"
+RZ GR \RX GR" BBBBBBBBBBBBBBBBBBBBB +RZ DUH \RX"
BBBBBBBBBBBBBBBBBBBBBBBBB

6(&7,21,,
0((7,1*1(:3(23/(

$/($',1

'R\RXNQRZ\RXUVHOIZHOO"1DPHWKUHHWKLQJV\RX¶UHJRRGDWDQG
WKUHHWKLQJV\RXZLOOGHILQLWHO\QHYHUEHDEOHWRGRZHOO
&DQ \RX WKLQN RI D IHZ IDPRXV SHRSOH \RX ZRXOG OLNH WR KDYH
GLQQHUZLWK"0RWLYDWH\RXUFKRLFH
'R\RXKDYHPDQ\IULHQGV",VWKHUHDSHUVRQ\RXFDQFDOO³P\EHVW
IULHQG´"
+RZLPSRUWDQWLVIDPLO\IRU\RX"&RXOG\RXOLYHIDUDZD\IURP\RX
IDPLO\IRUDORQJWLPH"
,V VWDUWLQJ D IDPLO\ RQH RI \RXU SUHVHQW REMHFWLYHV RU ZRXOG \RX
UDWKHUIRFXVRQOHDUQLQJDQGFDUHHU"

%5($',1*2%-(&7,9(

)5,(1'6
0RVWRIXVKDYHIULHQGVDVFORVHDVIDPLO\ZKRPLQDGLIILFXOW
PRPHQW ZH¶G FDOO DW DP IRU FRQVRODWLRQ RU DGYLFH EHFDXVH ZH
NQRZ WKH\ ZRQ¶W UHMHFW XV 7KH\¶UH DOPRVW SDUW RI XV DQG ZH VKDUH
ZLWK WKHP RXU WURXEOHV DQG WULXPSKV %XW ZKLOH ZH ORYH WKHVH µ3RXU
\RXU KHDUW RXW¶ IULHQGV ZH DOVR QHHG WKH HQHUJ\ RI RXU µ/HW¶V SDUW\¶
IULHQGV7KHVHIULHQGVFDUHRQDGLIIHUHQWOHYHO±OHVVLQWHQVHOHVVGHHS
±EXWWKH\VWLOOFDUH
6XFK IULHQGVKLSV DUH DOVR LPSRUWDQW ³:LWK VRPH IULHQGV \RX
ZDQWWREHSOD\IXOUDWKHUWKDQGHHSO\GLVFORVLQJSV\FKRWKHUDSLVWVVD\
,W¶V KHDOWK\ WR KDYH ORWV RI GLIIHUHQW IULHQGV DW GLIIHUHQW OHYHOV RI
LQWLPDF\EHFDXVHQRWRQO\LVLWLPSRVVLEOHWREHFORVHWRHYHU\RQHLW¶V
DOVRXQGHVLUDEOH:HQHHGWKHIXOOVSHFWUXPDVWKLVLVWKHRQO\ZD\ZH
FDQXQGHUVWDQGGLIIHUHQWSDUWVRIRXUVHOYHV
2I FRXUVH LW¶V EDG WR IHHO IUXVWUDWHG ZLWK IULHQGV ZKR FDQ¶W RU
ZRQ¶W DOORZ \RX WR RSHQ XS ZKHQ \RX QHHG WR EXW LI ZH DFFHSW RXU

µOLWH¶ IULHQGV IRU ZKDW WKH\ RIIHU XV ± IXQ ODXJKWHU ± WKHQ ZH FDQ
HQULFKRXUOLYHV

678'<,1*)5,(1'6+,3
$OWKRXJKIULHQGVKLSLVDFRPPRQWHUPLQPRGHUQFXOWXUHVLWKDV
QRW EHHQ VWXGLHG PXFK E\ VRFLDO VFLHQWLVWV 7KH ZRUG LV XVHG LQ DOO
VRFLHWLHV EXW LW VHHPV WR KDYH D GHHSHU PHDQLQJ LQ (XURSH WKDQ LQ
1RUWK $PHULFD ,Q QRQ ± ZHVWHUQ FXOWXUHV IULHQGVKLS LV WKH EDVLV RI
VWUXFWXUHG VRFLDO UHODWLRQVKLSV ,Q DOO FXOWXUHV LW FDQ UDQJH IURP WKH
UHODWLYHO\ FDVXDO GHSHQGLQJ RQ VKDUHG DFWLYLW\ WR GHHS DQG ORQJ ±
ODVWLQJUHODWLRQVRIPXWXDOVXSSRUW
7KH V\VWHPDWLF VWXG\ RI IULHQGVKLS KDV WZR PDLQ VWUDQGV 7KH
VRFLDO ± SV\FKRORJLFDO VWXG\ RI WKH ZD\V LQ ZKLFK FKLOGUHQ GHYHORS
IULHQGVKLSV XVXDOO\ IRFXVHV RQ WKH FRUUHODWLRQ EHWZHHQ W\SHV RI
IULHQGVKLS DQG FKURQRORJLFDO DJH RI WKH FKLOG 6WXGLHV RI IULHQGVKLS
DPRQJ DGXOWV WHQG WR IRFXV RQ FODVV GLIIHUHQFHV :RUNLQJ ± FODVV
IULHQGVKLS FKRLFHV DUH GRPLQDWHG E\ NLQVKLS OLQNV 7KH PLGGOH FODVV
RQWKHRWKHUKDQGKDYHDPRUHFRQVFLRXVFKRLFHRIIULHQGV

5HDGLQJFRPSUHKHQVLRQ
&KRRVHWKHDQVZHUZKLFK\RXWKLQNLVWKHEHVWDFFRUGLQJWRWKHWH[WV
,Q WKH ILUVW WH[W WKH ZULWHU FRQVLGHUV WKDW UHODWLRQVKLSV ZLWK µOLWH¶
IULHQGV D DUH YDOXDEOH EXW QRW IXOO\ VDWLVI\LQJ E RIIHU PRUH WKDQ
ODXJKWHUDQGHQMR\PHQWFFDQEHUHOLHGRQLQGLIILFXOWWLPHV
,QWKHILUVWWH[WWKHZULWHULVDGHVFULELQJDSUREOHPESUHVHQWLQJ
DQRSLQLRQFUHSRUWLQJRQUHVHDUFK
$FFRUGLQJWRWKHVHFRQGWH[WIULHQGVKLSDLVDOZD\VFORVHO\OLQNHG
WR IDPLO\ WLHV E KDV GLIIHUHQW PHDQLQJV LQ GLIIHUHQW FXOWXUHV F KDV
WKHVDPHPHDQLQJLQDOOFXOWXUHV
$FFRUGLQJWRWH[WWZRZKDWDUHWKHWZRPDLQVWUDQGVLQWKHVWXG\RI
IULHQGVKLS" D D VRFLRORJLFDO DQG SV\FKRORJLFDO DSSURDFK E ZRUNLQJ
FODVV DQG PLGGOH FODVV IULHQGVKLSV F SDWWHUQV RI IULHQGVKLS IRU
FKLOGUHQDQGDGXOWV

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

:ULWH D D QRXQ DQ DGYHUE DQG D YHUE VWDUWLQJ IURP WKH DGMHFWLYH
GHHSLQWKHILUVWWH[WDERYHWKHWH[WDOUHDG\FRQWDLQVWKHDGYHUE7U\
WRGRWKHVDPHWKLQJIRUWKHDGMHFWLYHVORQJZLGHKLJKVKRUW
'HHS
/RQJ
:LGH
6KRUW

E ZULWH D QRXQ WZR RSSRVLWH DGMHFWLYHV DQG DQ RSSRVLWH DGYHUE
VWDUWLQJIURPWKHYHUEFDUHXVHGLQWKHVDPHWH[W
&DUH
F )LOO LQ WKH EODQNV ,I VRPHWKLQJ LV IUXVWUDWLQJ \RX IHHO
BBBBBBBBBBBBB ,I VRPHWKLQJ LV BBBBBBBBBBBBBB \RX IHHO
H[DVSHUDWHG,IVRPHWKLQJLVDQQR\LQJ\RXIHHOBBBBBBBBBBBBBBB,I
VRPHWKLQJLVERULQJ\RXIHHOBBBBBBBBBBBBBBBBB

)DPLO\DQGNLQVKLSWHUPV7U\WRFRQFHQWUDWHIRUDIHZPLQXWHVDQG
GUDZ \RXU IDPLO\ WUHH 2Q WKH ILUVW OHYHO \RX VKRXOG SODFH \RXU
JUDQGSDUHQWV WKHQ \RXU SDUHQWV XQFOHV DXQWV DQG RQ WKH WKLUG OLQH
SODFH \RXUVHOI LQ WKH GLDJUDP DV ZHOO DV \RXU VLVWHUV EURWKHUV
FRXVLQV'RQ¶WIRUJHWWKHLUVSRXVHV,I\RXOLNH\RXFDQDOVRPHQWLRQ
\RXU JUHDW ± JUDQGSDUHQWV JUHDW XQFOHVDXQWV DQG LQ D VHSDUDWH
GLDJUDP\RXUJRGSDUHQWV

D,I\RXPDUU\KRZGR\RXFDOO\RXUVSRXVH¶VSDUHQWV"$QKLVKHU
EURWKHUVVLVWHUV"
E ,I RQH RI \RXU SDUHQWV PDUULHV VRPH RWKHU SHUVRQ ZKDW ZLOO WKDW
SHUVRQEHIRU\RX":KDWDERXWKLVKHUFKLOGUHQ"

F,I\RXEDSWLVHDFKLOGZKDWZLOOKHVKHEHIRU\RX"

D:ULWHWKHRSSRVLWHRIWKHIROORZLQJDGMHFWLYHV
LQWHOOLJHQWBBBBBBBBBBBBBB
WDOHQWHGBBBBBBBBBBBBBB
RSWLPLVWLFBBBBBBBBBBBBB
H[WURYHUWHGBBBBBBBBBBBBB
UHOD[HGBBBBBBBBBBBB
VRFLDEOHBBBBBBBBBBBBB
FUXHOBBBBBBBBBBBB
UXGHBBBBBBBBBBBBB
WUXVWZRUWK\BBBBBBBBBBBBBBBBB

E:ULWHV\QRQ\PVIRUWKHIROORZLQJDGMHFWLYHV
LQWHOOLJHQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
VWXSLGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DUJXPHQWDWLYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
REVWLQDWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GLVFRXUWHRXVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WUXVWZRUWK\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HFFHQWULFBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

F)LOOLQWKHJDSVWRREWDLQFRPSRXQGDGMHFWLYHV
VHOI±BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB±WHPSHUHG
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB±PLQGHG

G1RZDV\RXKDYHEHFRPHDFTXDLQWHGWRDORWRIZRUGVGHVFULELQJ
FKDUDFWHUWKLQNRIDIULHQGRURIDUHODWLYHRI\RXUVDQGWU\WRGHVFULEH
KLPKHULQWHUPVRISHUVRQDOLW\

'*5$00$5

9HUEVQRWQRUPDOO\XVHGLQWKHSURJUHVVLYHIRUP
7KHUHDUHYHUEVZKLFKEHFDXVHRIWKHLUPHDQLQJFDQQRWEHXVHGLQ
WKHSURJUHVVLYHIRUP6XFKYHUEVDUH
YHUEVH[SUHVVLQJIHHOLQJVORYHKDWHOLNHGLVOLNHHQY\HWF
YHUEV H[SUHVVLQJ DFWLYLWLHV RI WKH PLQG WKLQN EHOLHYH DJUHH
IRUJHWUHPHPEHUUHPLQGNQRZLQWHQGXQGHUVWDQGUHDOL]HHWF
YHUEVH[SUHVVLQJWKHDFWLYLWLHVRIWKHVHQVHVVHHVPHOOKHDUWDVWH
IHHO
YHUEVH[SUHVVLQJDPRPHQWDU\DFWLRQVWDUWEHJLQVWRSHQG
RWKHUYHUEVEHKDYHRZQRZHFRVWFRQVLVWRIFRQWDLQEHORQJ
ZHLJKPDWWHUUHVHPEOH
PRGDOYHUEVVHH8QLWDQG8QLW
+RZHYHUWKHUHDUHH[FHSWLRQVIURPWKLVUXOH5HDGWKHIROORZLQJSDLUV
RI VHQWHQFHV DQG GHFLGH ZK\ WKH SURJUHVVLYH IRUP LV XVHG LQ RQH
VHQWHQFHRIHDFKSDLU
D , WKLQNEHOLHYH \RX DUH ULJKW ,¶P WKLQNLQJ DERXW \RX
BBBBBBBBBBBBBBBBBBBBBBBBBB
E , VHH YHU\ ZHOO ZLWK WKHVH JODVVHV ,¶P VHHLQJP\IULHQGVWRQLJKW
BBBBBBBBBBBBBBBBBB
F ,¶P VPHOOLQJ WKH FDNH ,W VPHOOV JUHDW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G 6KH LV WDVWLQJ WKH VRXS ,W WDVWHV D OLWWOH VDOW\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H , KDYH D \HOORZ FDU ,¶P KDYLQJ GLQQHU QRZ
I +H LV D YHU\ UXGH FKLOG :K\ DUH \RX EHLQJ VR UXGH WR KLP"
BBBBBBBBBBBBBBBBBBBBBBB

3UHVHQW3URJUHVVLYHRU3UHVHQW6LPSOH"

&KRRVHIURPWKHIROORZLQJYHUEVWRFRPSOHWHWKHVHQWHQFHVEHORZ
<RX GRQ¶W KDYH WR XVH DOO WKH YHUEV DQG \RX FDQ XVH VRPH RI WKHP
PRUHWKDQRQFH
EHOLHYHEHORQJFDUHFRQVLVWFRQWDLQGHSHQGGRXEWIRUJHWKDWH
KDYHKHDUNQRZOLNHOLVWHQPHDQRZQSUHIHUUHPHPEHUVHHVHHP
VPHOOWDVWHWKLQNWRXFKXQGHUVWDQGZDQW

D 7KHVHVKRHVBBBBBBBBBBBWRPH
E :KDW\RXBBBBBBBBBBBRIWKDWERRN",VLWZRUWKUHDGLQJ"
F ,BBBBBBBBBBBBBSOD\LQJWHQQLV
G ,BBBBBBBBBBBBBWZREURWKHUV
H <RXQRWBBBBBBBBBBBBBBWRPH,¶YHWROG\RXDKXQGUHGWLPHV
I ,BBBBBBBBBBBBBBVRPHWKLQJEXUQLQJ
J +HQRWBBBBBBBBBBBBBYHU\ZHOO+RZHYHUKHLVQRWFRPSOHWHO\
GHDIDVSHRSOHVD\
K ³ \RX BBBBBBBBBBBBBBBBZKDW ,¶P VD\LQJ"´ ³1RW UHDOO\ &RXOG
\RXSOHDVHH[SODLQ"´
L %HFDUHIXO7KLVER[BBBBBBBBBBBBBBH[SORVLYHV
M ,WQRWBBBBBBBBBBBBBBBBBBQLFH,W¶VWRRVZHHW
N 6KHQRWBBBBBBBBBBBBBBBBHDWLQJPHDW
O $OWKRXJK WKH\ DUH EURWKHUV WKH\ QRW BBBBBBBBBBBBBBBBB IRU
HDFKRWKHU
PQRWBBBBBBBBBBBBBBBBLW<RX¶OOEXUQ\RXUVHOI
Q 6KHBBBBBBBBBBBBBBBD5ROOV5R\FH
R :KDWWKLVZRUGBBBBBBBBBBBBBBBBB"

8QGHUOLQHWKHFRUUHFWZRUGRUSKUDVH
D7KHWUDLQLVFRPLQJQRZHYHU\PRUQLQJ
E 6KHJRHVKRPHWR%DWKDWWKHPRPHQWHYHU\7XHVGD\
F +HFDQ¶WFRPH+HLVVOHHSLQJDWHYHU\HYHQLQJULJKWQRZ
G 7RGD\(YHU\GD\WKH\GULYHWRZRUNLQWKHLUFDU
H /RRN6RPHWLPHV<RXUGRJLVHDWLQJP\VDQGZLFK
I :DWHUIUHH]HVDW&HQWLJUDGHDVDUXOHQRZ

J 6KHKHOSVKHUVLVWHURQZHHNGD\VWRGD\
K /LVWHQ8VXDOO\3HWHULVVLQJLQJLQWKHEDWKURRP
L ,¶PKDYLQJDKROLGD\DWWKHPRPHQWVRPHWLPHV
M 7KH\GULYHXSKHUHYHU\RIWHQQRZ
N -LOOLVZDWFKLQJWHOHYLVLRQLQWKHHYHQLQJVDWWKHPRPHQW

,QWKHIROORZLQJVHQWHQFHVSXWWKHYHUEVLQWKHFRUUHFWIRUP
7KH\BBBBBBBBBOLYHZLWKIULHQGVXQWLOWKH\FDQILQGDIODW
+RZPDQ\ODQJXDJHVBBBBBBBBBBBBBBB\RXUEURWKHU±VSHDN"
7KH1LOHBBBBBBBBBBIORZLQWRWKH0HGLWHUUDQHDQ
:DWHUBBBBBBBBBBBERLODWGHJUHHV&HQWLJUDGH
7KH RIILFHV RQ WKH VHFRQG IORRU BBBBBBBBBBBBB EHORQJ WR DQ
LQVXUDQFHFRPSDQ\
+H XVXDOO\ HQMR\ B SDUWLHV EXW , BBBBBBBBBBB QRW ± WKLQN KH
BBBBBBBBBBBBBHQMR\WKLVRQH
, BBBBBBBBBBBBNQRZ -XOLD BBBBBBBBBBBBQRW ± OLNH FDWV DQG ,
BBBBBBBBBBBVXSSRVH VKH BBBBBBBBBBBBBB QRW ZDQW RQH LQ WKH
KRXVH
:KDWVKRHVL]HBBBBBBBBBBBBB\RXUZLIH±WDNHVLU"
5RQDOG BBBBBBBBBBBBQRW ± VOHHS QRZ +H BBBBBBBBBBBBB OLH
RXWVLGHLQWKHJDUGHQ
%LOOBBBBBBBBBBBBBMRJLQWKHSDUNZLWKKLVIULHQGVWKLVPRUQLQJ
0U6HOOHUVBBBBBBBBBBBBBFDWFKWKHWUDLQHYHU\PRUQLQJEXW
WRGD\KHBBBBBBBBBBBGULYHKLVQHZ5RYHU
0\JUDQGPRWKHUBBBBBBBBBBBNQLWDQHZSXOORYHUIRUPH
BBBBBBBBBBBBBBBB<RX±HYHU±PLVVWKHEXVLQWKHPRUQLQJ"
:K\ BBBBBBBBBBBBBBBB\RX ± SXW RQ \RXU UDLQFRDW" ,W
BBBBBBBBBBBBBBBQRW±UDLQ
:KDWBBBBBBBBBBBBBBB-DFN±GRQRZ"
7KHVHULDOBBBBBBBBBBBBBBBEHJLQDWHYHU\7XHVGD\
1RERG\BBBBBBBBBBBBBWUXVWKLP
+HBBBBBBBBBBBBBBBVWD\DWDKRWHODWSUHVHQW
7KH GLUHFWRU BBBBBBBBBBBBKDYH OXQFK ZLWK RXU -DSDQHVH FOLHQWV DW
WKLVPRPHQW
+LVIDWKHUBBBBBBBBBBBBBBRZQDFOXE

7KLVPHDWBBBBBBBBBBBBBBVPHOODZIXOO\EDG
:KHUHLV3HWHU"+HBBBBBBBBBBBBBBBZRUNLQKLVURRP
+HBBBBBBBBBBBBBBQRW±VHHPWRXQGHUVWDQG*HUPDQ
/RRN,WBBBBBBBBBBBBBUDLQKDUG+DYH\RXJRWDQXPEUHOOD"
6XVDQBBBBBBBBBBBBBOLNHGDQFLQJYHU\PXFK
/LVWHQ6RPHERG\BBBBBBBBBBBBBVKRXWLQWKHVWUHHW
0DU\BBBBBBBBBBBBBZDQWWROHDUQ(QJOLVK
7KH\ BBBBBBBBBBBBBBPDNH ZRQGHUIXO VDQGZLFKHV LQ WKDW VQDFN
EDU
7KH FRDFK BBBBBBBBBBBBBBB OHDYH DW RQ 0RQGD\V DQG
7KXUVGD\V
,BBBBBBBBBBBBQRW WKLQN KHBBBBBBBBBBBBKLGH DQ\ZKHUH ,
BBBBBBBBBBBEHDIUDLGWKHSROLFHBBBBBBBBBBBKROGKLP
BBBBBBBBBBBBBBB6KH±NQRZKRZWRGULYH"
:HBBBBBBBBBBBBBBWDNHWKHFKLOGUHQWRWKHFLUFXVRQ6XQGD\
+HBBBBBBBBBBBBBBVWXG\DUFKDHRORJ\DWWKHPRPHQW
BBBBBBBBBBBBBBBBBB<RX±IHHOOLNHVZLPPLQJ"
0LVV3DUNBBBBBBBBBBBBBGDQFHZLWK-RKQLQWKHKDOO&DQ\RXVHH
KHU"
-DJXDUVBBBBBBBUXQIDVWHUWKDQHOHSKDQWV
7KHMDJXDUBBBBBBBUXQDIWHULWVSUH\
,XVXDOO\BBBBBBBJRWREHGDWDERXWSPEXWZKHQ,DPLQ
WKHVHDVLGH,JRWRVOHHSODWHU
,
PTXLWHEXV\,BBBBBBBSUHSDUHVRPHGRFXPHQWVIRUWKHFRQIHUHQFH
7KHFRIIHHBBBBBBERLO\RXFDQWXUQRIIWKHJDVQRZ
:DWHUBBBBBBBERLODW&
<RXBBBBBBKDYHDJRRGWLPHRU\RXBBBBBBSUHIHUWRJRKRPH"
2QZHHNHQGVZHXVXDOO\BBBBBBBKDYHEUHDNIDVWODWHU
7KH\DOZD\VBBBBBBBGULYHPHFUD]\ZLWKWKHLUVWXSLGTXHVWLRQV
:KDWVKHBBBBBBBGR"6KHLVUHDGLQJDFWXDOO\VKHBBBBBBBUHDGDORW
GXULQJWKHKROLGD\V
, BBBBBBB VWXG\ PRUH WKLV ZHHN DV ZH BBBBBBB KDYH D WHVW QH[W
0RQGD\

( /$1*8$*(,186(

,QWURGXFLQJ \RXUVHOI <RX KDYH DOUHDG\ OHDUQW KRZ WR JUHHW
SHRSOH,I\RXQHHGWRWHOOWKHRWKHUVZKR\RXDUH\RXFDQVD\,¶P
QDPH DQG WKDQ DGG VRPH LGHQWLILFDWLRQ UHPDUN GHSHQGLQJ RQ WKH
FRQWH[W
(J³,¶P0DU\6PLWKDQG,FRPHIURP5RPDQLD´LI\RXKDYHWR
LQWURGXFH \RXUVHOI WR VRPH IRUHLJQHUV ZKR GRQ¶W NQRZ \RXU
QDWLRQDOLW\
25³,¶P0DU\6PLWKIURP'DHGDOXV&RQVXOWLQJ´LI\RXKDYH
WRLQWURGXFH\RXUVHOIWRSHRSOHZRUNLQJIRURWKHUFRPSDQLHV
,QWURGXFLQJRWKHUSHRSOH,I\RXDUHLQDJURXS\RXPD\KDYH
WRLQWURGXFHVRPHERG\WRRWKHUSHUVRQV,QDQLQIRUPDOVLWXDWLRQ\RX
PD\ VD\ 7KLV LV QDPH DQG WKHQ DGG VRPH LGHQWLILFDWLRQ UHPDUN
VLPLODUWRWKRVHSUHVHQWHGLQWKHH[DPSOHDERYH,I\RXDUHLQDPRUH
IRUPDOHQYLURQPHQW\RXFDQVD\$OORZPHWRLQWURGXFHP\FROOHDJXH
0DU\6PLWKWR\RX25,¶GOLNHWRLQWURGXFH0DU\6PLWKWR\RX0V
6PLWKLVWKHKHDGRIRXUGHSDUWPHQW250D\,LQWURGXFHRXU(QJOLVK
WHDFKHU0V0DU\6PLWKWR\RX
2IFRXUVHWKHQH[WVWHSZLOOEHWRLQWURGXFHWKHRWKHUSHUVRQVWR
WKHRQHDFFRPSDQ\LQJ\RX\RXFDQH[SUHVV\RXUVHOILQWKHVDPHZD\
0V6PLWKWKLVLV3DXO-RKQVRQRXUQHZDFFRXQWDQW
7DVNV
,PDJLQHWKDW\RXUHSUHVHQW\RXUXQLYHUVLW\DWDQLQWHUQDWLRQDO
WUDGH IDLU WDNLQJ SODFH LQ /RQGRQ <RX ZLOO EH WDNLQJ SDUW LQ D
GLVFXVVLRQ ZLWK IRUHLJQ SDUWQHUV EHIRUH ZKLFK \RX QHHG WR LGHQWLI\
\RXUVHOIDQGWKHSHRSOHLQWKH5RPDQLDQGHOHJDWLRQWKHGHDQRI\RXU
IDFXOW\DQRWKHUWHDFKHUDQGWZRRI\RXUPDWHV:KDWH[DFWO\FDQ\RX
VD\"
,I VRPHERG\ HOVH LQWURGXFHV \RX WR D PHPEHU RI DQRWKHU
GHOHJDWLRQKRZZLOO\RXJUHHWWKDWSHUVRQ"

6WDUWLQJ D FRQYHUVDWLRQ ,W LV RIWHQ GLIILFXOW WR PDNH FRQWDFW
ZLWK VWUDQJHUV ZKR VSHDN DQRWKHU ODQJXDJH 8QOHVV \RX KDYH D IHZ
RSHQLQJJDPELWVXS\RXUVOHHYH

+HUH DUH VRPH XVHIXO ZD\V RI VWDUWLQJ D FRQYHUVDWLRQ ZLWK D
VWUDQJHU

:KDWDQLFHGD\LVQ¶WLW"
'UHDGIXOZHDWKHUGRQ¶W\RXWKLQN"
([FXVHPHLVDQ\ERG\VLWWLQJKHUH"
([FXVHPHKDYHQ¶WZHPHWVRPHZKHUHEHIRUH"
6RUU\,FRXOGQ¶WKHOSRYHUKHDULQJ±GLG\RXPHQWLRQVRPHWKLQJ
DERXW«"
([FXVHPHKDYH\RXJRWDOLJKWE\DQ\FKDQFH"
([FXVHPHFRXOG\RXWHOOPHWKHWLPH"
(UFRXOG\RXKHOSPH,¶PWU\LQJWRILQGP\ZD\WR«

'HFLGHZKHQWKHVHRSHQLQJJDPELWVZRXOGEHDSSURSULDWH$QG
KRZ \RX PLJKW FRQWLQXH DIWHU 7KLQN RI VRPH VLWXDWLRQV ZKHUH \RX
PLJKWXVHHDFKRSHQLQJJDPELW

) :5,7,1*',6&866,21

&DQ\RXWKLQNRIZKDWPDNHVDEHVWIULHQG"6D\LI\RXKDYHDEHVW
IULHQGDQGLI\RXDUHDEHVWIULHQGIRUVRPHERG\8VHDGMHFWLYHVIURP
WKH9RFDEXODU\6HFWLRQLQWKLVXQLW

$Q$PHULFDQWKLQNHUFDOOHG5DOSK:DOGR(PHUVRQVDLGWKDW³7KH
EHVW ZD\ WR KDYH D JRRG IULHQG LV WR EH RQH´ :KDW GLG KH PHDQ E\
WKHVHZRUGV"

81,7

('8&$7,21&$5((5

6(&7,21,
('8&$7,21

$/($',1

%HIRUH UHDGLQJ DERXW HGXFDWLRQ OHW¶V DQVZHU D IHZ TXHVWLRQV
FRQQHFWHGWRWKHWRSLF
'R\RXUHPHPEHUZKLFKZDV\RXUIDYRULWHVXEMHFWLQVFKRRO"
:KDWDERXWWKHVXEMHFW\RXOLNHGWKHOHDVW"
:KDWZRXOG\RXDSSUHFLDWHDWDWHDFKHU":KDWDWWLWXGHVEHKDYLRXU
RIWKHWHDFKHUPLJKWSUHYHQW\RXIURPOHDUQLQJ"
:KDWXVHIXOWKLQJVGR\RXH[SHFWWROHDUQLQWKHQH[WWKUHH\HDUV"
:K\LVLWLPSRUWDQWIRU\RXWROHDUQ(QJOLVKDIRUHLJQODQJXDJHLQ
JHQHUDO"

% 5($',1*2%-(&7,9(

2;)25' 6&+2/$56+,36 2))(5(' 72 :,'(1
81'(5*5$'8$7($&&(66
2[IRUG8QLYHUVLW\DQGLWVXQGHUJUDGXDWHFROOHJHVDUHODXQFKLQJ
DQHZVFKRODUVKLSVVFKHPHDQGDPDMRUIXQGUDLVLQJFDPSDLJQWRDVVLVW
WKH SURFHVV RI ZLGHQLQJ SDUWLFLSDWLRQ 7KH 2[IRUG 6FKRODUVKLSV ZLOO
EH WKH PRVW FRPSUHKHQVLYH VFKHPH RI WKLV NLQG WR EH RIIHUHG E\
DQ\8.XQLYHUVLW\DQGZKHQIXOO\RSHUDWLRQDOZLOOGLVWULEXWHDOPRVW
PLOOLRQD\HDU
8QGHUJUDGXDWHV ZKRVH WXLWLRQ IHHV DUH SDLG LQ IXOO E\ WKHLU
ORFDODXWKRULW\ZLOOEHHOLJLEOHWRDSSO\IRU2[IRUG6FKRODUVKLSVRIDW

OHDVW 7KH VFKHPH ZLOO EH LQWURGXFHG IRU 8. DQG (8
XQGHUJUDGXDWHVWXGHQWVWDNLQJXSSODFHVDW2[IRUGHYHU\DXWXPQLWLV
HVWLPDWHG WKDW DURXQG VWXGHQWV ZLOO EH HOLJLEOH IRU D VFKRODUVKLS
HYHU\ \HDU (DFK VFKRODUVKLS ZLOO EH ZRUWK PRQWKO\ LQ D
VWXGHQW¶VILUVW\HDUDQGPRQWKO\LQHDFKVXEVHTXHQW\HDURIWKH
FRXUVH
/DXQFKLQJWKHVFKHPH'U&ROLQ/XFDV9LFH±&KDQFHOORUVDLG
³2[IRUGLVDZRUOGFODVVFHQWUHRIOHDUQLQJ7RPDLQWDLQWKLVVWDQGDUG
LWQHHGVWRDWWUDFWWKHEULJKWHVWDQGEHVWVWXGHQWVZKRHYHUWKH\DUHDQG
ZKHUHYHU WKH\ OLYH 7KH 8QLYHUVLW\ ZDQWV WR GR DOO LW FDQ WR UHPRYH
EDUULHUVZKLFKPLJKWSUHYHQWVWXGHQWVZLWKSRWHQWLDOIURPDSSO\LQJIRU
DSODFHDW2[IRUG

6(&21'$5<('8&$7,21:+(5(72"
6HFRQGDU\ HGXFDWLRQ LV YLWDOO\ LPSRUWDQW IRU \RXQJ SHRSOH
6FKRRO SOD\V DQ HVVHQWLDO UROH LQ SUHSDULQJ WKHP IRU DGXOWKRRG
+RZHYHU WKHUH DUH D QXPEHU RI SUREOHPV DVVRFLDWHG ZLWK VHFRQGDU\
HGXFDWLRQ DQG WKH VLWXDWLRQ FRXOG EH JUHDWO\ LPSURYHG LI WKHVH
SUREOHPVZHUHVROYHG
)LUVW RI DOO LW LV IUHTXHQWO\ UHSRUWHG WKDW FODVVURRPV DUH
RYHUFURZGHG ZLWK DV PDQ\ DV IRUW\ VWXGHQWV SHU FODVV 7KH UHVXOW LV
WKDW LW LV GLIILFXOW IRU WKH VWXGHQWV WR IROORZ ZKDW LV JRLQJ RQ LQ WKH
OHVVRQ$PD[LPXPQXPEHURIWZHQW\±ILYHSHUFODVVZRXOGDVVXUHD
PRUHVXLWDEOHHQYLURQPHQWLQWKHFODVVURRPDQGWKHVWXGHQWVZRXOGEH
DEOHWRFRQFHQWUDWHEHWWHUDQGOHDUQPRUH
6HFRQGO\ D IUHTXHQW FRPSODLQW KHDUG IURP VFKRRO VWXGHQWV LV
WKDWWKHLUOHVVRQVDUHERULQJ$OWKRXJKVRPHWHDFKHUVPLJKWVD\WKDWLW
LV WKH VWXGHQWV¶ IDXOW UDWKHU WKDQ WKH WHDFKHU¶V LW LV ORJLFDO WKDW QRW
HYHU\RQHZLOOEHHTXDOO\LQWHUHVWHGLQDOOVFKRROVXEMHFWV2QHVROXWLRQ
ZRXOG EH WR DOORZ VWXGHQWV WR H[HUFLVH D FHUWDLQ DPRXQW RI FKRLFH
UHJDUGLQJ WKHLU OHVVRQV 6LQFH WKH\ FKRRVH WR DWWHQG D VXEMHFW WKH
VWXGHQWVZLOOSD\PRUHDWWHQWLRQLQFODVV
)LQDOO\ WRR PDQ\ \RXQJ SHRSOH OHDYH VFKRRO ZLWKRXW WKH
QHFHVVDU\ TXDOLILFDWLRQV WR ILQG D MRE 7KH DXWKRULWLHV LQ HGXFDWLRQ
VKRXOGPDNHVXUHWKDWWKHVXEMHFWVWDXJKWLQVFKRROVDUHRIYDOXHLQWKH
RXWVLGHZRUOG,WPHDQVWKDWVFKRROVVKRXOGSODFHJUHDWHUHPSKDVLVRQ
YRFDWLRQDO VNLOOV ZKLFK FRXOG EH DGDSWHG IRU XVH LQ D MRE 7KLV ZD\

SHRSOHZLOOVWLOOEHHGXFDWHGDQGDWWKHVDPHWLPHWKHLUTXDOLILFDWLRQV
ZRXOGEHVXLWDEOHWRDOORZWKHPWRHPEDUNRQDFDUHHU
7RVXPXSWKHUHDUHDQXPEHURIZD\VWRLPSURYHWKHVWDQGDUGV
RIVHFRQGDU\HGXFDWLRQ1RV\VWHPLVHYHUSHUIHFWEXWVXFKPHDVXUHV
ZRXOG KHOS \RXQJ SHRSOH EHQHILW IURP WKH EHVW HGXFDWLRQDO
RSSRUWXQLWLHV

:KLFKLVWKHUHDVRQZK\2[IRUG8QLYHUVLW\RIILFLDOVKDYHGHFLGHG
WRLQLWLDWHWKHVFKRODUVKLSVSURJUDPPHSUHVHQWHGLQWKHILUVWWH[W"
:KR ZRXOG EHQHILW IURP WKH VFKRODUVKLSV SURJUDPPH DQG ZKDW
ZRXOGWKHXQLYHUVLW\LWVHOIJDLQ"
:KLFK DUH WKH PDLQ SUREOHPV VHFRQGDU\ HGXFDWLRQ KDV WR IDFH
DFFRUGLQJWRWKHVHFRQGWH[W"
:KLFKDUHWKHSRVVLEOHVROXWLRQVWRHDFKSUREOHPPHQWLRQHGE\WKH
ZULWHURIWKHVDPHWH[W"

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

,QWKHVSDFHEHORZWU\WRZULWH\RXUZHHNO\WLPHWDEOHLQ(QJOLVK
0RQGD\7XHVGD\:HGQHVGD\7KXUVGD\)ULGD\
3XW WKH IROORZLQJ QRXQV XQGHU WKH FRUUHFW YHUE WR IRUP
FROORFDWLRQV6RPHQRXQVFDQJRZLWKPRUHWKDQRQHYHUEDQH[DPD
FRXUVHDVXEMHFWPDUNHWLQJOHVVRQVKRPHZRUNDPRGXOHUHYLVLRQD
WHVWQRWHV

'2 7$.( 6,7 678'< 3$66 0$.( )2//2:

1RZILOOLQWKHJDSVXVLQJWKHYHUEVLQWKHSUHYLRXVH[HUFLVH7U\WR
XVHHDFKYHUEDWOHDVWRQFH
,Q VHFRQGDU\ VFKRROV LQ (QJODQG VWXGHQWV KDYH WR BBBBBBBBBBBBBB
GLIIHUHQWVXEMHFWVXQWLOWKH\DUHDQGWKHVHPXVWLQFOXGH(QJOLVK
DQG 0DWK $IWHU WKDW WKH\ VSHFLDOL]H DQG IURP DJH WR WKH\
XVXDOO\ BBBBBBBBBBBBBBB D PD[LPXP RU IRXU RI ILYH VXEMHFWV
6RPHWLPHV WLPHWDEOH SUREOHPV LQ WKH VFKRRO PHDQ WKDW QRW DOO WKH
VWXGHQWVDUHDEOHWRBBBBBBBBBBBBBBBBWKHFRXUVHRIWKHLUFKRLFH,Q
WKHLU ILQDO \HDU WKH\ BBBBBBBBBBBBBBBBB WKH ILQDO VFKRRO H[DPV
ZKLFK DUH NQRZQ DV $ ± OHYHOV ,I VWXGHQWV ZDQW WR
BBBBBBBBBBBBBBBBB D SDUWLFXODU VXEMHFW DW XQLYHUVLW\ WKH\ PXVW
QRUPDOO\ KDYH BBBBBBBBBBBBBBBBBB WKH VDPH VXEMHFW RU D UHODWHG
RQHDW$±OHYHO,W¶VYHU\GLIILFXOWWRJRWRXQLYHUVLW\XQOHVV\RXKDYH
BBBBBBBBBBBBBBBBB \RX¶UH $ ± OHYHOV H[DPV ZLWK JRRG JUDGHV
+RZHYHULWLVDOZD\VSRVVLEOHWRBBBBBBBBBBBBBBBBBWKHH[DPDJDLQ
WR JHW D EHWWHU JUDGH $OWKRXJK LQ WKH PDMRULW\ RI FRXUVHV VWXGHQWV
BBBBBBBBBBBBBBBMXVWRQHH[DPDWWKHHQGRIWKHFRXUVHPDQ\QHZ
FRXUVHV LQYROYH PRGXOHV ZKHUH VWXGHQWV BBBBBBBBBBBBBBBB VPDOOHU
WHVWV DQG EXLOG XS FUHGLWV 7KHVH DUH SRSXODU ZLWK VWXGHQWV EHFDXVH
WKH\DUHOHVVVWUHVVIXO

,QWKHOLQHVEHORZWU\WRGHVFULEHWKH5RPDQLDQHGXFDWLRQDOV\VWHP
<RXFDQXVHWKHWH[WLQWKHSUHYLRXVH[HUFLVHDVDPRGHO

0DWFKWKHWZRKDOYHVRIWKHVHH[SUHVVLRQVWRPDNHVRPHTXHVWLRQV
DERXWHGXFDWLRQ7KHQ\RXFDQDQVZHUWKHTXHVWLRQVRUDOO\
D,QZKLFKVFKRROVXEMHFWVGLG\RXDOZD\VXVHWRJHWXQLYHUVLW\"
E:KHQZDVWKHODVWWLPH\RXIDLOHGDQORZPDUNV"
F+RZHDV\LVLWWRJHWDLQDIRUHLJQ
ODQJXDJH"
G+DYH\RXHYHUWDNHQDFRXUVHRQWRIXUWKHU
HGXFDWLRQ"
H:KDWTXDOLILFDWLRQVGR\RXQHHGLI\RXZDQWWRJR H[DP"
I:KDWVRUWRIWKLQJVGR\RXWKLQNLWLVEHVWWROHDUQ JUDQW"
J:KDWWLPHRIGD\GR\RXILQGLWKDUGHVWWRSD\ E\KHDUW"
K+RZGR\RXDSSO\IRUDSODFHDW DWWHQWLRQ
LQFODVV"

)LOO LQ ZLWK RQH RI WKH QRXQV FRXUVH GHJUHH RU VFKRRO WKHQ PDNH
VHQWHQFHV
D ERDUGLQJBBBBBBBBBBBBBB
E 0DVWHU¶VBBBBBBBBBBBBBB

F BBBBBBBBBBBBBBBKROLGD\V
G FUDVKBBBBBBBBBBBBBB
H KROGDBBBBBBBBBBBBBB
I BBBBBBBBBBBBBOHDYHU
J EHJLQQHU¶VBBBBBBBBBBBBBBB
K FRUUHVSRQGHQFHBBBBBBBBBBBBBBB

0DWFK WKH ZRUGV LQ $ DQG % EHORZ WR IRUP FROORFDWLRQV WKHQ
FRPSOHWHWKHVHQWHQFHV<RXPLJKWQHHGWRFKDQJHWKHIRUPRIVRPH
YHUEV
$H[SHOGURSRXWRISOD\DWWHQGDVVHVV
%WUXDQWDVWXGHQWVWXGHQWV¶SURJUHVVVFKRRODOHVVRQ
D /DVWWHUPWKHGHDQBBBBBBBBBBBBBBBBBBBIRUEXOO\LQJ
E +HZDVUHSULPDQGHGIRUIDLOLQJWRBBBBBBBBBBBBBBBBBBBBBB
F ,W LV GLIILFXOW WR BBBBBBBBBBBBBBBBBBBB ZLWKRXW WHVWLQJ WKHP
UHJXODUO\
G &KLOGUHQ ZKR UHJXODUO\ BBBBBBBBBBBBBBB DUH OLNHO\ WR OHDYH
VFKRROZLWKRXWDQ\TXDOLILFDWLRQV
H 2QFH DQ HQHUJHWLF DQG EULJKW VWXGHQW -LOO BBBBBBBBBBBBBBBBBB
VKRUWO\DIWHUKHUIDWKHU¶VDFFLGHQW

:KDWGRWKHIROORZLQJUHIHUWRLQ(QJOLVK"
3XEOLFVFKRROBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*UDPPDUVFKRROVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPSUHKHQVLYHVFKRROVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDWGRWKHIROORZLQJDEEUHYLDWLRQVVWDQGIRU"
%$BBBBBBBBBBBBBBBBBBBBBBBB%6FBBBBBBBBBBB
0$BBBBBBBBBBBBBBBBBBBBBBB0%$BBBBBBBBB
3K'BBBBBBBBBBBBBBBBBBBBBBB

7UDQVODWHLQWR(QJOLVK
D 6XQW VWXGHQW OD ]L 6WXGLH] PDUNHWLQJXO úL DIDFHULOH HFRQRPLFH
LQWHUQD LRQDOH


E $úGRULV IDFXQFXUVGHFRQWDELOLWDWHODVHUDOODI U IUHFYHQ VDX
SULQFRUHVSRQGHQ SHQWUXF OXFUH]úLQXDPWLPSV XUPH]FXUVXULOH
]LOQLF


F 6WXGLH]L OD R XQLYHUVLWDWH GH VWDW VDX SDUWLFXODU " &DUH HVWH WD[D
DQXDO GHVWXGLL"


G 'XS DEVROYLUH Dú GRUL V XUPH] QLúWH FXUVXUL SRVWXQLYHUVLWDUH vQ
GRPHQLXOSXEOLFLW LLVDXDOUHOD LLORUSXEOLFH


'*5$00$5

)8785(6,03/(
5HDGWKHVHQWHQFHVDQGILOOLQWKHEODQNV
D , ZLOO EHFRPH DQ HFRQRPLVW ,¶OO FDOO \RX DV VRRQ DV , JHW KRPH
*UDQGPDZLOOEHQH[WPRQWK
)XWXUH6LPSOHLVIRUPHGE\DGGLQJBBBBBBBLQIURQWRIBBBBBBBBB

E :LOO\RXJRWRWKHLUSDUW\",KRSHLWZRQ¶WUDLQWRPRUURZ
$ TXHVWLRQ LQ WKH )XWXUH 6LPSOH LV IRUPHG E\
BBBBBBBBBBBBBBBBBBBB ZKLOH WKH QHJDWLYH IRUP LV REWDLQHG E\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBLVWKHFRQWUDFWHGIRUP

F)XWXUH6LPSOHLVXVHGWRH[SUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBB
6RPH WLPH H[SUHVVLRQV WKDW PD\ RFFXU WRJHWKHU ZLWK YHUEV LQ WKH
)XWXUH6LPSOHDUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:ULWHDVKRUWSDUDJUDSKDERXWKRZ\RXLPDJLQH\RXUVHOI\HDUV
IURPQRZRQ8VHYHUEVLQWKH)XWXUH7HQVH6LPSOH

5HDGWKHIROORZLQJVHQWHQFHVDQGWKHLUWUDQVODWLRQLQWR5RPDQLDQ
WKHQILOOLQWKHEODQNV
,ZLOOYLVLW\RXZKHQ,KDYHWLPH7HYRLYL]LWDFkQGYRLDYHDWLPS
:H¶OOJRLQVLGHDVVRRQDVWKHUDLQVWDUWV9RPLQWUDvQFDV LPHGLDW
FHYDLQFHSHSORDLD
,I VKH LQYLWHV PH WR WKH SDUW\ ,¶ KDYH WR EX\ D SUHVHQW'DF P YD
LQYLWDODSHWUHFHUHYDWUHEXLV FXPS UXQFDGRX
)XWXUHWHQVHLV127XVHGDIWHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KHBBBBBBBBBBBBBBBBBBBBBBLVXVHGLQVWHDG

&RPELQH WKH WZR VHQWHQFHV EHORZ XVLQJ ZKHQ WR PDNH RQH
VHQWHQFH0DNHDQ\QHFHVVDU\FKDQJHV
:H¶OOJRKRPH7KHUDLQZLOOVWRSVRRQ
:H¶OOJRKRPHZKHQWKHUDLQVWRSV
D ,¶OOWHOO\RXZKDWLWPHDQV,¶OOORRNLWXS

E 6KHZLOOEHKDSS\,¶OOWHOOKHUWKHQHZVWRPRUURZ

F 7KHPDWFKZLOOFRQWLQXH7KHSOD\HUVZLOODSSHDUVRRQ

G 6KH¶OOJHWPDUULHG6KHZLOOKDYHKHURZQKRXVHQH[W\HDU

H ,¶OOUHFRJQL]HP\EDJ,¶OOKDYHDORRNDWLW

I +HZLOOSD\KLVGHEWV+H¶OOJHWDMREQH[WZHHN

J 6KHLODZLOOFDOO\RXXS6KH¶OOILQLVKKHUFODVVLQILYHPLQXWHV

K :H¶OOPHQGWKHSXQFWXUH:H¶OOJHWKRPHVRRQ

L ,¶OOVHHWKHP7KH\ZLOOFRPHDJDLQQH[W\HDU

M )DWKHUZLOOOLYHLQWKHFRXQWU\+HZLOOUHWLUHLQDIHZPRQWKV

)8785(352*5(66,9(
5HDGWKHIROORZLQJVHQWHQFHVEHORZDQGILOOLQWKHEODQNV
:HDUHKDYLQJDQ(QJOLVKOHVVRQQRZ:HZLOOEHKDYLQJDQ(QJOLVK
OHVVRQQH[WZHHNDWWKLVWLPHWRR
7KHWHDFKHULVH[SODLQLQJDQGWKHVWXGHQWVDUHZULWLQJ1H[W0RQGD\
DW WKLV WLPH WKH WHDFKHU ZLOO EH H[SODLQLQJ DQG WKH WHDFKHU ZLOO EH
OLVWHQLQJWRR
$VLWLVZHHNHQG,WKLQN,ZLOOEHVWLOOVOHHSLQJWRPRUURZDWDP
,¶PVXUHLWZLOOEHDJUHDWSDUW\ZH¶OOEHGDQFLQJDOOQLJKW
BBB DUH DOO YHUEV LQ WKH )XWXUH 3URJUHVVLYH 7KH\ UHIHU WR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6D\ZKDW\RXZLOOEHGRLQJDWRGD\DWSPEWRPRUURZDWWKLV
WLPHFRQ6XQGD\EHWZHHQDQGSP

:ULWH WKH IROORZLQJ VHQWHQFHV XVLQJ ZLOO EH «LQJ DV LQ WKH
H[DPSOH
([)UDQNWUDYHOWR5RPHDWWRPRUURZ
)UDQNZLOOEHWUDYHOLQJWR5RPHDWWRPRUURZ
D +HBBBBBBBBBBBBBBWHDFKDOOPRUQLQJWRPRUURZ
E BBBBBBBBBBBBB\RX±ZRUNWKLVHYHQLQJ"
F ,BBBBBBBBBBBBBBW\SHZKHQ\RXFRPH
G 7KH VWXGHQWV BBBBBBBBBBBBBBWDNH DQ H[DP DW QH[W
7XHVGD\
H +HBBBBBBBBBBBBBBQRW±VOHHSDWWKDWWLPH
I 6XVDQBBBBBBBBBBBBBBVWXG\3K\VLFVQH[W\HDU
J 6KHBBBBBBBBBBBBBBPDUNSDSHUVDOOGD\WRPRUURZ
K BBBBBBBBBBBBBBB\RX±GRDQ\WKLQJIURPWR"
L 6KHBBBBBBBBBBBBBBBQRW±ZHDUJODVVHVDWWKHZHGGLQJ
M 7KH\BBBBBBBBBBBBBBBOLHRQWKHEHDFKDWWKLVWLPHWRPRUURZ
N ,WBBBBBBBBBBBBBBBBUDLQZKHQ\RXJHWWKHUH
O 7KH\BBBBBBBBBBBBBBBBBBSOD\FDUGVDOOQLJKW

/RRNDWWKHLQIRUPDWLRQDQGPDNHVWDWHPHQWVZLWKZLOOEH«LQJ

0U-RQHV 0LVV)DLUFKLOG 0U7RDG
0RQDP 9LVLWWKH0D\RURIWKH&LW\
0RQSP 7DONZLWKVWXGHQWV 9LVLWDSDSHUIDFWRU\
7XHDP $WWHQGDPHHWLQJDWWKH&LW\¶V ,QVSHFWDKRVSLWDO
7UDGH&HQWUH
7XHSP 7DONDERXWWUDIILFSUREOHPVZLWK8QLRQOHDGHUV

D 2Q0RQGD\PRUQLQJWKHWKUHHPLQLVWHUVZLOOEHYLVLWLQJWKH0D\RU
RIWKH&LW\
E 2Q0RQGD\DIWHUQRRQ0U-RQHVBBBBBBBBBBBBBBBBBBBBBBBBBB
DQG0LVV)DLUFKLOGZLWK0U7RDGBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F 2Q 7XHVGD\ PRUQLQJ 0U -RQHV DQG 0LVV )DLUFKLOG
BBBBBBBBBBBBBBBBBBBBBBBBBBZKLOH0U7RDGBBBBBBBBBBBBBBBBB
G 2Q7XHVGD\DIWHUQRRQWKHWKUHHRIWKHPBBBBBBBBBBBBBBBBBBBBB

) /$1*8$*(,186(

7DONLQJDERXWWKHIXWXUH([SUHVVLQJLQWHQWLRQVDQGKRSHV
1RWKLQJLVWRWDOO\FHUWDLQDERXWWKHIXWXUH:HFDQWU\WRIRUHVHH
HYHQWVZHFDQPDNHSODQVDQGVWDWHRXULQWHQWLRQV±EXWZHFDQQHYHU
EHVXUHZKDWZLOODFWXDOO\KDSSHQ
+HUH DUH VRPH ZD\V RI VWDWLQJ LQWHQWLRQV DQG VKRZLQJ KRZ
ILUPO\ZHLQWHQGWRGRVRPHWKLQJ7KH\DUHDOOSKUDVHGDVDQVZHUVWR
WKHTXHVWLRQ³$UH\RXJRLQJWR«"´RU³:LOO\RX«"³

¥ <(6'(),1,7(/< 1RWKLQJ¶VJRLQJWRVWRSPH«±LQJ«
,¶PFHUWDLQO\JRLQJWR«
,¶PJRLQJWR«WKDW¶VIRUVXUH

¥"<(6352%$%/<,WKLQN,¶OO«
,PD\ZHOO«
,¶PKRSLQJWR«

"" 3(5+$36 ,¶PWKLQNLQJRI«±LQJ«
,WKRXJKW,PLJKW«
,KDYHQ¶WPDGHXSP\PLQGZKHWKHUWR«

;" 12352%$%/<127 ,GRQ¶WWKLQN,¶OO«
,GRQ¶WUHDOO\IHHOOLNH«±LQJ«
,¶PQRWUHDOO\SODQQLQJWR«

;12'(),1,7(/<127,¶PFHUWDLQO\QRWJRLQJWR«
<RXZRQ¶WFDWFKPH«±LQJ«
,¶PQRWJRLQJWR«LI,FDQKHOSLW

7DVNV
'HFLGH KRZ \RX PLJKW XVH WKHVH H[SUHVVLRQV ZKHQ WDONLQJ DERXW
\RXUSODQV
DIRUWKLVHYHQLQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
EIRUWKHQH[WKROLGD\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FIRUWKH\HDUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

%XLOG FRQYHUVDWLRQ OLNH WKLV IURP WKH SURPSWV EHORZ XVLQJ WKH
H[SUHVVLRQVDERYH
$6XSSRVH\RXJHWDSD\ULVHWRPRUURZKRZZLOO\RXIHHO"
%2K,H[SHFW,¶OOIHHOYHU\KDSS\LQGHHG
D JHWPDUULHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E KDYH\RXUFDUVWROHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F ILQGDQRWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G ORVH\RXUZDOOHWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H IDLODQLPSRUWDQWH[DPBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I PHHWWKH4XHHQRI(QJODQGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J ZLWQHVVDPXUGHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

K EHFRPHDEHDXW\TXHHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

L EHFRPHKRPHOHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

M LQKHULWPLOOLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:RUNLQVPDOOJURXSV'HFLGHRQ\RXURZQSHUVRQDOSODQVIRUWKH
QH[W IHZ GD\V DQG \RXU DPELWLRQV IRU WKH IXWXUH 7DON DERXW HYHQWV
WKDW \RX WKLQN ZLOO KDSSHQ DQG WKLQJV WKDW SUREDEO\ ZRQ¶W KDSSHQ
&RPSDUH\RXURZQSODQVDQGDPELWLRQVZLWK\RXUSDUWQHUV¶SODQVDQG
DPELWLRQV

6(&7,21,,
&$5((5

$/($',1

+RZ GR \RX IHHO DERXW ZRUNLQJ DQG EHLQJ D VWXGHQW DW WKH VDPH
WLPH"
:KDWNLQGRIMREZRXOG\RXOLNHWRKDYHDVDVWXGHQW"
+DYH \RX HYHU EHHQ WR DQ LQWHUYLHZ" :K\ GR \RX WKLQN \RX
ZHUHZHUHQRWVXFFHVVIXO"
:KHQ DSSO\LQJ IRU D MRE WKH ILUVW VWHS LV XVXDOO\ WR VHQG DQ
$SSOLFDWLRQ/HWWHURU&RYHULQJ/HWWHUDQGD&XUULFXOXP9LWDH:KDW
DUHWKHUROHDQGIXQFWLRQRIHDFK"

$5($',1*2%-(&7,9(

7KH IROORZLQJ WH[W LQWURGXFHV VRPH SHRSOH ZKR KDYH EHHQ
DSSRLQWHGWRQHZSRVLWLRQVWRWKHUHDGHUVRIDEXVLQHVVPDJD]LQH
:+2¶61(:6
0DUWLQ6FKLWWHQJUXEHUDQ$XVWULDQLVWKHQHZEXVLQHVVXQLW
GLUHFWRU RI WKH +HQNHO 5RPDQLD FRVPHWLFV GLYLVLRQ 6FKLWWHQJUXEHU
VWDUWHGKLVFDUHHUDW+HQNHO$XVWULDLQDQGJUDGXDOO\KLVDUHDRI
UHVSRQVLELOLW\HQODUJHGIURP$XVWULDWR*HUPDQ\+HQNHOKHDGTXDUWHUV
LQ 'XVVHOGRUI DQG WKHQ WR &HQWUDO DQG (DVWHUQ (XURSH +H KDV DQ
0%$ GHJUHH IURP 9LHQQD 8QLYHUVLW\ RI (FRQRPLFV DQG %XVLQHVV
$GPLQLVWUDWLRQDQGD3K'IURP*UD]8QLYHUVLW\+HDOVRFRPSOHWHGD
-RLQW6WXG\3URJUDPPHDWWKH8QLYHUVLW\RI,OOLQRLV86$DVZHOODV
DQ ([HFXWLYH 0DQDJHPHQW 3URJUDPPH LQ %RVWRQ 86$
6FKLWWHQJUXEHUVSHDNV(QJOLVKDQG6SDQLVK
0D]HQ )DZ]\ LV WKH QHZ FRXQWU\ GLUHFWRU IRU &+)
,QWHUQDWLRQDO5RPDQLD+HKDVZRUNHGDW&+),QWHUQDWLRQDO5RPDQLD
VLQFH 'HFHPEHU DV VHQLRU SURJUDPPH GLUHFWRU )DZ]\ KDV D
PDVWHU¶V GHJUHH LQ ,QWHUQDWLRQDO 'HYHORSPHQW IURP &DOLIRUQLD
3RO\WHFKQLF8QLYHUVLW\DQGLVVSHFLDOL]HGLQLQWHUQDWLRQDOGHYHORSPHQW
DVVLVWDQFH+HVSHDNV(QJOLVK)UHQFK5RPDQLDQDQG6ZDKLOL

&ULQD'UXJHDLVWKHQHZEXVLQHVVSDUWQHUPDQDJHUDW;HUR[
5RPDQLD 3UHYLRXVO\ VKH ZRUNHG DV %XFKDUHVW UHJLRQDO PDQDJHU DW
0HGFHQWHU DQG IRU PRUH WKDQ VHYHQ \HDUV DW 2UDQJH 5RPDQLD LQ
FXVWRPHUDQGFRUSRUDWHGLUHFWVDOHV6KHJUDGXDWHGIURPWKH)DFXOW\RI
,QWHUQDWLRQDO (FRQRPLF 5HODWLRQV %XFKDUHVW $FDGHP\ RI (FRQRPLF
6WXGLHVDQGFXUUHQWO\VWXGLHV/DZDWWKH%XFKDUHVW8QLYHUVLW\&ULQD
VSHDNV(QJOLVK)UHQFK6SDQLVKDQG,WDOLDQIOXHQWO\
'RUX 0LWUDQ LV WKH QHZ EXVLQHVV LQQRYDWLRQ VSHFLDOLVW IRU
WKHLPDJLQJDQGGRFXPHQWPDQDJHPHQWVHUYLFHVGHSDUWPHQWRI;HUR[
5RPDQLD3UHYLRXVO\KHZRUNHGDVDFFRXQWPDQDJHUIRUWKHILQDQFLDO
DQG EDQNLQJ VHFWRU ZLWK WKH 6WDU 6WRUDJH &RPSDQ\ +H JUDGXDWHG
IURP WKH )DFXOW\ RI $XWRPDWLFV DQG &RPSXWLQJ 6FLHQFHV DW WKH
8QLYHUVLW\RI&UDLRYDDQGDOVRKDVDPDVWHU¶VGHJUHHLQILQDQFHVDQG
EDQNLQJIURPWKH$FDGHP\RI(FRQRPLF6WXGLHV+HVSHDNV(QJOLVK
DQG*HUPDQ

7(/(:25.,1*
:RXOG\RXOLNHWREHDWHOHZRUNHU"7HOHZRUNHUVDUHSHRSOHZKR
ZRUNIRUFRPSDQLHVEXWQRWLQFRPSDQLHV7KH\GRFRPSDQ\ZRUNDW
KRPHXVXDOO\RQFRPSXWHUV
7HOHZRUNHUV FRPPXQLFDWH ZLWK WKHLU VXSHUYLVRUV E\ WHOHSKRQH
ID[ RU H ± PDLO 7KH\ XVXDOO\ WUDQVIHU LQIRUPDWLRQ IURP WKHLU RZQ
FRPSXWHUWRWKHRIILFHFRPSXWHUE\HOHFWURQLFPHDQV
7HOHZRUNLQJLVEHFRPLQJPRUHDQGPRUHSRSXODULQ%ULWDLQDQG
WKH 86$ LQ WKH 86$ LW LV FDOOHG WHOHFRPPXWLQJ $W WKH PRPHQW
DERXWRIWKHZRUNLQJSRSXODWLRQHPSOR\HGE\FRPSDQLHVZRUNDW
KRPHEXWH[SHUWVHVWLPDWHWKDWWKLVZLOOULVHWRPRUHWKDQLQWKH
QH[WWHQ\HDUV
7KHUHDUHPDQ\UHDVRQVIRUWKLVLQFUHDVH7KHELJJHVWDGYDQWDJH
IRU FRPSDQLHV LV WKDW WHOHZRUNLQJ UHGXFHV WKHLU UXQQLQJ FRVWV )HZHU
HPSOR\HHV DW ZRUN PHDQ OHVV RIILFH VSDFH $OVR FRPSXWHUV DUH QRZ
TXLFNHU DQG HDVLHU WR XVH DQG WKH SULFH KDV IDOOHQ VKDUSO\ )RU D
FRPSDQ\ZKLFKQHHGVPRUHPDQSRZHURQHRIWKHFKHDSHVWVROXWLRQV
FDQ EH WR WUDLQ HPSOR\HHV LQ FRPSXWHU VNLOOV DQG WR JLYH WKHP D
SHUVRQDOFRPSXWHUWRXVHDWKRPH0RUHWKDQWKDWIHZHUSHRSOHJRLQJ
WR WKH RIILFH LQ WKH PRUQLQJ PHDQ OHVV WUDIILF MDPV ZKLFK LV YHU\
LPSRUWDQWLQODUJHFURZGHGFLWLHV

%XWEHIRUH\RXDSSO\IRUDMREDVDWHOHZRUNHU\RXVKRXOGDVN
\RXUVHOI LI LW LV UHDOO\ WKH EHVW VLWXDWLRQ IRU \RX 2QH HPSOR\HH ZKR
ZRUNVIRUDELJSDSHUUHF\FOLQJFRPSDQ\KDVQ¶WHQMR\HGDWDOOKLVODVW
WKUHH PRQWKV DW KRPH ³, RIWHQ IDOO DVOHHS LQ IURQW RI WKH FRPSXWHU
EHFDXVH,GRQ¶WKDYHDQ\ERG\WRWDONWR´KHVD\V³6RDWOXQFKWLPHV,
RIWHQJRWRWKHQHDUHVWIDVWIRRGUHVWDXUDQWZKLFKLVMXVWDWWKHHQGRI
P\URDGDQGWKHQWKHDIWHUQRRQLVJRQH´1H[WZHHNKH¶VVWDUWLQJD
QHZMRELQDFRPSDQ\ZKHUHWKHUHDUHILYHSHRSOHLQRQHVPDOORIILFH
³,FDQ¶WZDLW´KHVD\V

:KDW LV WKH QHZ MRE RI HDFK RI WKH IRXU SHUVRQV SUHVHQWHG LQ WKH
ILUVWWH[W":KDWGRHVWKHLUSUHYLRXVH[SHULHQFHFRQVLVWRI"
:KDWGRWKHIRXUSHRSOHLQWKHILUVWWH[WKDYHLQFRPPRQ"
+RZGRHVWKHVHFRQGWH[WGHILQHWHOHZRUNLQJ"
:KDW DUH WKH DGYDQWDJHV DQG GLVDGYDQWDJHV WKH WH[W PHQWLRQV IRU
WHOHZRUNLQJ" &DQ \RX WKLQN RI RWKHU SRVLWLYH DVSHFWV DQG
VKRUWFRPLQJV"
:RXOG \RX OLNH WR EH D WHOHZRUNHU RU ZRXOG \RX UDWKHU JR WR WKH
RIILFHHYHU\PRUQLQJ"

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

7KH IROORZLQJ H[WUDFWV IURP MRE DGYHUWLVHPHQWV PHQWLRQ TXDOLWLHV
ZKLFKDUHRIWHQUHTXLUHGLQWKHPRGHUQZRUNLQJHQYLURQPHQW:KLFK
RIWKHVHTXDOLWLHVGR\RXWKLQNDUHGHYHORSHGE\VFKRRODQGZKLFKDUH
QRW":KLFKTXDOLWLHVGR\RXWKLQN\RXSRVVHVV"
D ³«PXVWEHVHOIPRWLYDWHGDQGDEOHWRZRUNLQGHSHQGHQWO\«´
E ³«VKRXOGSRVVHVVZHOO±GHYHORSHGOHDGHUVKLSDQGFRPPXQLFDWLRQ
VNLOOV«´
F ³«XQGHUVWDQGLQJDQGHPSDWK\ZLWKRWKHUFXOWXUHV«´
G ³« \RX ZLOO EH D UHOLDEOH WHDP SOD\HU ZLWK VRXQG FRPPHUFLDO
MXGJHPHQW«´
H ³«H[FHOOHQWWLPHPDQDJHPHQWVNLOOVDQGDWWHQWLRQWRGHWDLO«´
I ³«JRRGDQDO\WLFDODELOLW\LVHVVHQWLDOIRUVXFFHVVLQWKLVUROH«´

7RJHWKHU ZLWK \RXU GHVN PDWH ZULWH GRZQ DV PDQ\ QDPHV RI
SURIHVVLRQV DQG WUDGHV DV \RX FDQ 5HPHPEHU WKDW D SURIHVVLRQ LV D
MRE WKDW UHTXLUHV FRQVLGHUDEOH WUDLQLQJ DQGRU TXDOLILFDWLRQV ZKLOH D
WUDGH LV D VNLOOHG PDQXDO MRE UHTXLULQJ RQO\ DQ RQ ± WKH ± MRE RU D
VKRUWHUWUDLQLQJ
3URIHVVLRQV

7UDGHV

%XLOGVHQWHQFHVXVLQJWKHIROORZLQJH[SUHVVLRQV
D WRZRUNLQVKLIWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E WREHRQIOH[LWLPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F WRZRUNQLQH±WR±ILYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G WRJREHRQVWULNHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H WREHILUHGGLVPLVVHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I WREHPDGHUHGXQGDQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J WREHKLUHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
K WREHRQPDWHUQLW\OHDYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
L WREHRQVLFNOHDYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
M WREHDZRUNDKROLFBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
N WREHSURPRWHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
O WRDSSO\IRUDMREBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PWREHVKRUWOLVWHGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Q WRPDNHDOLYLQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R WRWDNHRQDMREBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$Q\MREKDVLWVEHQHILWVDQGSUREOHPVVXFKDV
%HQHILWVVRFLDOVWDWXVFDUHHUDGYDQFHPHQWURRPIRUFUHDWLYLW\
OLWWOH RU QR VWUHVV VDWLVIDFWLRQVHQVH RI DFKLHYHPHQW JRRG VDODU\ DQG
SHUNV
3UREOHPV GHDGOLQH SUHVVXUH ODFN RI UHFRJQLWLRQ ZRUNDKROLVP
RYHUZRUNSK\VLFDO VWUDLQ VWUHVV FDXVHG E\ UHVSRQVLELOLW\ ORZHU
VDODU\ZDJHV
:KLFK RI WKH SUREOHPVEHQHILWV ZRXOG \RX DVVRFLDWH ZLWK HDFK
RI WKH IROORZLQJ RFFXSDWLRQV" VXUJHRQ DLUOLQH SLORW FRQVWUXFWLRQ
ZRUNHU VFKRRO EXV GULYHU WHOHSKRQH RSHUDWRU IDUPHU WHDFKHU
IRRWEDOO PDQDJHU FDUSHQWHU QHZVSDSHU UHSRUWHU VROLFLWRU ZDU
FRUUHVSRQGHQW DUP\ RIILFHU LQYHVWPHQW FRQVXOWDQW FRS\ULJKWHU
EURNHUIDFWRU\ZRUNHUEDE\±VLWWHU
([DPSOH6XUJHRQVKDYHTXLWHDKLJKVRFLDOVWDWXVKRZHYHUWKH\
DUH XQGHU D ORW RI VWUHVV ZKLFK LV FDXVHG E\ WKH UHVSRQVLELOLW\ WKH\
KDYHVLQFHWKHOLYHVRIWKHLUSDWLHQWVDUHLQWKHLUKDQGV

:KDWZRXOG\RXYDOXHPRVWLQWKHZRUNSODFH"5DQNWKHIROORZLQJ
LQRUGHURILPSRUWDQFHIRU\RXDQGH[SODLQ\RXUFKRLFHWR\RXUFODVV
PDWHV
DSSURDFKDEOHHPSOR\HUBBBB
FRQIRUWDEOHZRUNLQJHQYLURQPHQWBBBB
VHQVHRIEHLQJSDUWRIWKHEXVLQHVVBBBB
ILQDQFLDOUHZDUGVIRUKLJKSURGXFWLYLW\BBBB
IOH[LEOHZRUNLQJKRXUVBBBB
JRRGUHPXQHUDWLRQBBBB
RSSRUWXQLW\WRSURJUHVVBBBB
RSSRUWXQLW\IRUSHUVRQDOGHYHORSPHQWBBBB

8VH WKH IROORZLQJ WHUPV WR FRPSOHWH WKH VHQWHQFHV SURPRWLRQ
YDFDQF\ ZRUNIRUFH LQFHQWLYH EOXH FROODUV RYHUWLPH IUHHODQFH
UHGXQGDQWZKLWH±FROODUVIXOO±WLPHSURGXFWLYLW\WHPSRUDU\ERQXV
D :H KDYH DQ LPSRUWDQW GHDGOLQH WR PHHW VR ,¶OO KDYH WR ZRUN
BBBBBBBBBBBBBBBWKLVZHHN
E 1HDUO\KDOIWKHVWDIIZLOOEHPDGHBBBBBBBBBBBBBBBBBDVSDUWRI
WKHILUP¶VGRZQVL]LQJSROLF\
F 7KLV MRE LV QRW VXLWDEOH IRU WKH DPELWLRQV DV WKHUH DUH IHZHU
SURVSHFWVRIBBBBBBBBBBBBBBBB
G ,KDYHD\RXQJFKLOGVR,¶GSUHIHUWRZRUNSDUW±WLPHQRZDQGJR
BBBBBBBBBBBBBBBZKHQKHLVROGHU
H 0DQ\HPSOR\HHVRQBBBBBBBBBBBBBBBBZRXOGOLNHWKHVHFXULW\RI
DSHUPDQHQWMRE
I ,¶YHKHDUGWKDWWKHUHPD\EHDBBBBBBBBBBBBBBBIRUVDOHVSHUVRQV
LQWKHQHZGHSDUWPHQWVWRUH
J ,Q WKH QHDU IXWXUH RYHU RI WKH BBBBBBBBBBBBBBBBLQ (XURSH
PD\EHXQHPSOR\HG
K ,Q RUGHU WR EH FRPSHWLWLYH WKH FRPSDQ\ PXVW LQFUHDVH
BBBBBBBBBBBBBBBBB
L -HQQ\ ZRUNV DV D BBBBBBBBBBBBBBBBBB MRXUQDOLVW DQG HQMR\V QRW
EHLQJWLHGWRRQHVSHFLILFMRE
M +H ZDV JLYHQ BBBBBBBBBBBBBBBBBB ZKHQ KH EHDW KLV
GHDGOLQHE\DPRQWK

N 7KHXQLRQUHSUHVHQWDWLYHVDLGWKDWDVDODU\LQFUHDVHZRXOGVHUYHDV
DBBBBBBBBBBBBBB
O 2IILFHZRUNHUVDUHRIWHQUHIHUUHGWRDVBBBBBBBBBBBBBBBBBZKLOH
IDFWRU\ZRUNHUVDUHFDOOHGBBBBBBBBBBBBBBBBBB

:KHQ \RX ZDQW WR DSSO\ IRU D MRE \RX DUH VXSSRVHG WR ZULWH DQ
$SSOLFDWLRQ/HWWHUDQGD&XUULFXOXP9LWDH%RWKRIWKHPLQYROYHWKH
XVHRIVSHFLILFYRFDEXODU\7KHIROORZLQJZRUGVDQGSKUDVHVZLOOKHOS
\RX ZULWH DQ DSSOLFDWLRQ OHWWHU DQG D &9 7U\ WR SXW WKHP LQWR WKH
DSSURSULDWH FDWHJRULHV DQG WKHQ XVH WKHP WR FRPSOHWH WKH VHQWHQFHV
FDSDEOH WUXVWZRUWK\ PDQDJHU DSSUHQWLFH PDVWHUV GHSHQGDEOH
XQGHUJUDGXDWH KDQGOLQJ FDVK RIILFH VWXGLHV DWWHQG D FRXUVH
FRPPLWWHGVXFFHVVIXOO\FRPSOHWHGPRWLYDWHGSDUW±WLPH

:RUNH[SHULHQFH $FDGHPLFTXDOLILFDWLRQV 3HUVRQDOTXDOLWLHV

D :KLOH , ZRUNHG LQ WKH UHWDLO RXWOHW , EHFDPH XVHG WR

E :KLOH VWLOO D FROOHJH VWXGHQW , BBBBBBBBBBBBBBBBBBB LQ
PDQDJHPHQWSUDFWLFHV
F , BBBBBBBBBBBBBBBBBBB P\ VWXGLHV LQ DQG , REWDLQHG D
JUDGXDWLRQGLSORPD
G ,MRLQHGWKDWPDUNHWUHVHDUFKFRPSDQ\DVDQBBBBBBBBBBBBBBBBB
LQ
H $W WKH VDPH WLPH DV , ZDV VWXG\LQJ PDUNHWLQJ , DOVR ZRUNHG
BBBBBBBBBBBBBBBBIRUDSDUFHOGHOLYHU\VHUYLFH
I , SHUIRUPHG WKH IXOO UDQJH RI BBBBBBBBBBBBBBBBBBBB GXULQJ P\
HPSOR\PHQWLQWKHDGPLQLVWUDWLYHGHSDUWPHQW
J 6LQFH OHDYLQJ VFKRRO , KDYH EHHQ BBBBBBBBBBBBBBBBBBBBB WR D
FDUHHULQPDUNHWLQJ

'*5$00$5

27+(50($162)5()(55,1*727+()8785(
8QWLO QRZ \RX KDYH OHDUQW IRXU GLIIHUHQW ZD\V RI H[SUHVVLQJ WKH
IXWXUH :KLFK DUH WKH\ DQG ZKHQ FDQ \RX XVH WKHP" 7KH IROORZLQJ
VHQWHQFHVZLOOKHOS\RXUHPHPEHU
, ZLOO VSHDN (QJOLVK PRUH IOXHQWO\ LI , VSHQG D PRQWK LQ /RQGRQ
6KH ZLOO EH UHVWLQJ WKLV DIWHUQRRQ EHWZHHQ DQG
SPBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH WUDLQ IRU %XGDSHVW OHDYHV DW DP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:H DUH WKURZLQJ D SDUW\ QH[W ZHHNHQG ZRXOG \RX OLNH WR FRPH"

7ZRPRUHZD\VRIUHIHUULQJWRWKHIXWXUHDUH72%(*2,1*72
9(5% DQG :,// +$9( 3$67 3$57,&,3/( FDOOHG )XWXUH
3HUIHFW5HDGWKHVHQWHQFHVEHORZDQGWU\WRJXHVVZKHQ\RXFDQXVH
WKHVHWZRH[SUHVVLRQV
D+XUU\XS,¶PQRWJRLQJWRZDLWIRU\RXDOOGD\ORQJ7KH\DUH
JRLQJWRODXQFKDQHZSURGXFWQH[WPRQWK/RRNDWWKHVN\LW¶VJRLQJ
WRUDLQ<RX¶UHJRLQJWRFDWFKDFROGLI\RXZDONLQWKHUDLQZLWKRXW
DQXPEUHOOD
72 %( *2,1* 72 9(5% FDQ EH XVHG WR H[SUHVV
BBBBBBBBBBBBBBBBBBBBBBBB

E7KHOHVVRQZLOOKDYHILQLVKHGE\R¶FORFN:H¶OOKDYHJRWKRPH
EHIRUHSP/HW¶VKRSHWKHUDLQZLOOKDYHVWRSSHGEHIRUHZHOHDYH
WKHIDFXOW\
:,// +$9( 3$67 3$57,&,3/( )XWXUH 3HUIHFW LV XVHG WR
H[SUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

D VWDWH \RXU LQWHQWLRQV IRU D QH[W ZHHN E QH[W PRQWK F QH[W
\HDU
EVD\ZKDW\RXWKLQN\RXZLOOKDYHDOUHDG\GRQHE\WKH\HDU

3XWWKHYHUEVLQEUDFNHWVLQWRWKHFRUUHFWWHQVH8VH3UHVHQW6LPSOH
RUZLOO
D 7KH WUDLQ BBBBBBBBBBB DUULYH KHUH DW SP HYHU\ GD\ ,W
BBBBBBBBBBBBEHDWSODWIRUPWZRLQWHQPLQXWHV
E , BBBBBBBBBBB QRW ± NQRZ 0U %URZQ EXW , BBBBBBBBBBB
PHHWKLPWRPRUURZ
F :KDW BBBBBBBBBBBBB\RX ± WKLQN RI P\ JDUGHQ" ,W¶V QRW UHDG\
\HWEXWLWBBBBBBBEHLQVSULQJ
G 'RQ¶WHDWWRRPXFK<RXBBBBBBBBBJHWIDW
H +H BBBBBBBBBBBB QRW ± KDYH DQ\ZKHUH WR JR VR KH
BBBBBBBBBBBBVWD\ZLWKXVIURPQRZRQ
I 6SHDN WR WKH ERVV ,¶P VXUH KH BBBBBBBBBBBKHOS \RX ILQG D
VROXWLRQ
J +HOHQ BBBBBBBBBBBBB QRW ± XQGHUVWDQG 6SDQLVK DW DOO EXW VKH
BBBBBBBBBBBBB OHDUQ WKH ODQJXDJH QRZ WKDW VKH LV PDUULHG WR
&DUORV
K +H RIWHQ BBBBBBBBBBBKDYH WURXEOH ZLWK WKH SROLFH EHFDXVH KH
BBBBBBBBBEHDWKLVZLIH7KLVWLPHVKHBBBBBBBBBBBWDNHKLPWR
FRXUW,¶PDIUDLG
L 7KH\DUHLQ/\RQULJKWQRZ7KH\BBBBBBBBBBFDOO\RXXSIURP
3DULVODWHU
M BBBBBBBBBBBBB \RX ± EH DW KRPH DOO GD\" , BBBBBBBBBBBBB
FRPHURXQGWRVHH\RXODWHU

*RLQJWR5HVWDWHWKHIROORZLQJVHQWHQFHVDVLQWKHH[DPSOH
'R\RXLQWHQGWRJLYHXSWKHMRE"
$UH\RXJRLQJWRJLYHXSWKHMRE"
D ,GRQRWLQWHQGWRZDLWKHUHDOOGD\
E +HGRHVQRWLQWHQGWRORVHKLVPRQH\
F 'RWKH\LQWHQGWRHPLJUDWH"

G 'R\RXLQWHQGWRSOD\IRRWEDOODJDLQ"
H 6XVDQGRHVQRWLQWHQGWRUHVLJQ
I 7KH\LQWHQGWRVSHQGWKHLUKRQH\PRRQLQ7RN\R
J 'RHVKHLQWHQGWROHDYHKLVZLIHDQGFKLOGUHQ"
K +HLQWHQGVWREHFRPHDSLORW
L 'RWKH\LQWHQGWRFOLPEXS0W2O\PSXVRQWKLVZHDWKHU"
M 6KHLQWHQGVWRZRUNGD\DQGQLJKWWRILQLVKLW
N 7KHQHZPDQDJHULQWHQGVWRFKDQJHWKHIXUQLWXUHLQKLVRIILFH
O 'RHVKHLQWHQGWRPDUU\KHU"

3XWWKHYHUELQWRWKHFRUUHFWIRUPXVLQJZLOORUJRLQJWR
:KDWDUH\RXUSODQVIRUWRQLJKW"
,¶PJRLQJWRVWD\DWKRPHDQGZDWFK79
D$,FDQ¶WZRUNRXWKRZWRXVHWKLVGLJLWDOFORFN
% ,W¶VTXLWHHDV\,BBBBBBBBBBBBBVKRZ\RX
E $:KDWKDV0DU\GHFLGHGWRGRZKHQVKHOHDYHVVFKRRO"
% :HOO VKH BBBBBBBBBBBB KDYH D KROLGD\ IRU D IHZ ZHHNV DQG
WKHQVKHBBBBBBBBBBBVWDUWDFRPSXWHUSURJUDPPLQJFRXUVH
F $6R\RXBBBBBBBBBBBBBBEX\DQHZKRXVH
% <HV,ZRQDPLOOLRQSRXQGVDWWKHORWWHU\
G $:KDW\RX±GRBBBBBBBBBBBBBBZLWKWKHIODW"
% ,BBBBBBBBBBBBBVHOOLW,BBBBBBBBBBBBBBBOLYHLQWKHFRXQWU\
IURPQRZRQ
H $:KDWDERXWWKHQHZPRGHOVLU",W¶VRXUODWHVW5RYHU
% ,WORRNVMXVWULJKW<RXBBBBBBBBBBBBBBDFFHSWDFKHTXH"
I $:DLWHU,¶GOLNHWRRUGHU
% &HUWDLQO\VLU,BBBBBBBBBBBBEHZLWK\RXLQDPRPHQW

J $:KDWZRXOG\RXOLNHWRGULQNUHGRUZKLWHZLQH"
% ,BBBBBBBBBBBBKDYHUHGSOHDVH
K$,BBBBBBBBBBBBEX\VRPHPLON'R\RXZDQWDQ\WKLQJIURPWKH
VKRS"
% <HV,QHHGVRPHHJJV
L $$ODQ¶VVWDUWLQJXQLYHUVLW\QH[WPRQWK
% 2KUHDOO\":KDWKHBBBBBBBBBBBBVWXG\"
M $+DYH\RXJRWDPRPHQWWRVSDUH"
% 6RUU\ZHBBBBBBBBBBBBBKDYHOXQFK

3UHVHQW3URJUHVVLYH/RRNDW0U%RZHU¶VGLDU\DQGWDONDERXWWKH
WKLQJVKHKDVDUUDQJHGWRGRWRPRUURZ
0RQGD\
DP PHHW'U+RUQHV
DP LQVSHFWIDFWRU\
SP OXQFKZLWK3KLOLS
SP VHHUHSUHVHQWDWLYHVIURP%ULWDLQ
SP FDOO1HZ<RUN
SP JRWKHDWUH6KDURQ(GZDUG0DJJLH
D $WKHLVPHHWLQJ'U+RUQHV
E BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'HFLGH ZKLFK RI WKH IROORZLQJ VHQWHQFHV DUH ZURQJ DQG FRUUHFW
WKHP
D ,¶PVHHLQJWKHGRFWRUWRPRUURZ
E ,W¶VJRLQJWRUDLQWRPRUURZ,WVDLGVRRQWKHUDGLR
F 7KHVXQVHWVDWWRPRUURZ
G 7KHILOPLVVWDUWLQJDWDQGLVJRLQJWRILQLVKDW
H ,W¶VVQRZLQJWRPRUURZ
I ³:KHQGR\RXPHHWKHU"´³$WSP´

:LOO+DYH0DNHUHVSRQVHVDVLQWKHH[DPSOHXVLQJZLOOKDYH
+DYHQ¶WWKH\UHSDLUHGWKHFDU\HW"6DWXUGD\
1REXWWKH\ZLOOKDYHUHSDLUHGLWE\6DWXUGD\
D +DVQ¶WVKHZULWWHQKHUHVVD\\HW"0RQGD\
E +DYHQ¶WWKH\REWDLQHGQHZSDVVSRUWV\HW"QH[WPRQWK
F +DYHQ¶W\RXIRXQGWKHPRQH\\HW"WKLVWLPHWRPRUURZ
G +DYHQ¶WWKHJXHVWDUULYHG\HW"VL[R¶FORFN
H +DYHQ¶WWKH\GLVFXVVHGWKHHFRQRPLFSUREOHP\HW"7XHVGD\
I +DVQ¶W0U6PLWKLQVSHFWHGWKHIDFWRU\\HW"WKLVHYHQLQJ
J +DYHQ¶WWKHSROLFHVHDUFKHGWKHKRXVH\HW"QRRQ
K +DYHQ¶W\RXGRQHWKHVKRSSLQJ\HW"HOHYHQ±WKLUW\
L +DVQ¶WKHFDVKHGWKHFKHTXH\HW"6DWXUGD\
M+DYHQ¶WWKH\PDGHXSWKHLUPLQGV\HW"WRPRUURZ

5HVWDWHWKHVHQWHQFHVXVLQJWKHYHUEVLQEUDFNHWV
:KHQKH¶VKHZRQ¶WEHZRUNLQJUHWLUH
:KHQKH¶VKH¶OOKDYHUHWLUHG
D 2I FRXUVH KH ZRQ¶W KDYH DQ\ PRQH\ OHIW E\ WKH HQG RI WKH ZHHN
VSHQG
E %\WKDWWLPH,¶PDIUDLGKH¶OOEHLQEHGJR
F ,¶PVXUH\RXZRQ¶WUHPHPEHUPHLQWHQ\HDUVIURPQRZIRUJHW
G %\WKHWLPH(DVWHUFRPHVWKHUHZRQ¶WEHDQ\VQRZKHUHPHOW

H ,QWZR\HDUVWKHUHZRQ¶WEHDQ\KRXVHVDURXQGKHUHSXOOGRZQ
I :KHQKH¶VKH¶OOEHDVXFFHVVIXOEDUULVWHUEHFRPH
J :KHQ\RXVHHKHUDJDLQVKH¶OOEHYHU\GLIIHUHQWFKDQJH
K +LVIDWKHUZRQ¶WEHDOLYHZKHQKHFRPHVEDFNIURP$XVWUDOLDGLH

( /$1*8$*(,186(

7KH&XUULFXOXP9LWDHDQGWKH$SSOLFDWLRQ&RYHULQJ/HWWHU
:KHQ\RXKDYHGHFLGHGWRILQGDMREWKHILUVWVWHSLVWRUHDGWKH
DGV IRU YDFDQFLHV LQ GLIIHUHQW QHZVSDSHUV PDJD]LQHV RQ VSHFLDOLVHG
LQWHUQHWVLWHVRUWRFRQWDFWDUHFUXLWPHQWDJHQF\7KHQDIWHU\RXKDYH
VHOHFWHGVRPHSRVLWLRQWKDWPLJKWVXLW\RXUZLVKHVDQGH[SHULHQFH\RX
QHHGWRZULWHDQ$SSOLFDWLRQ/HWWHUDQGD&XUULFXOXP9LWDH
5HDGWKHIROORZLQJPRGHORIDSSOLFDWLRQOHWWHUDQGGHFLGHZKDW
LWV PDLQ FRPPXQLFDWLYH IXQFWLRQV DUH 7KH OHWWHU LV ZULWWHQ E\ D
VWXGHQW RI PDUNHWLQJ ZKR JUDGXDWHG DQ HFRQRPLF FROOHJH DQG DOVR
ZRUNHGIRUHLJKWPRQWKVDVDPDUNHWUHVHDUFKWUDLQHHIRUDFRPSDQ\LQ
%XFKDUHVW

$GYHUWLVHPHQW%(67)$6+,21/WGDPXOWLQDWLRQDOFRPSDQ\
SURYLGLQJH[SHUWLVHKXPDQUHVRXUFHVDQGHTXLSPHQWIRUWKHFORWKLQJ
LQGXVWU\ UHTXLUHV $VVLVWDQW 0DQDJHU 5HI 0. IRU LWV 0DUNHWLQJ
'HSDUWPHQW $SSOLFDWLRQV DUH DFFHSWHG IURP VWXGHQWV DQG UHFHQW
JUDGXDWHV RI PDUNHWLQJ DQGRU UHODWHG ILHOGV $SSOLFDQWV VKRXOG EH
UHOLDEOH DQG HQWKXVLDVWLF ZLOOLQJ WR ZRUN LQ WHDPV DQG DEOH WR PHHW
GHDGOLQHV )OXHQW (QJOLVK LV D PXVW ZKLOH NQRZOHGJH RI )UHQFK RU
*HUPDQZRXOGEHDSOXV(±PDLORUID[\RXUFRYHULQJOHWWHUDQG&9
WR 0U 3DXO 'HQVILHOG +XPDQ 5HVRXUFHV 0DQDJHU WHOID[
H ± PDLO EHVWIDVKLRQBKU#\DKRRFRP 2QO\ VKRUWOLVWHG
FDQGLGDWHVZLOOEHFRQWDFWHG

$33/,&$7,21/(77(5

$WWQRI0U3DXO'HQVILHOG
+XPDQ5HVRXUFHV0DQDJHU
%HVW)DVKLRQ/WG

'HDU0U'HQVILHOG

5HI0.$VVLVWDQW0DQDJHU9DFDQF\
,DPZULWLQJWRDSSO\IRUWKHSRVLWLRQRI$VVLVWDQW0DQDJHUWKDW
\RX DGYHUWLVHG LQ ³5RPkQLD /LEHU ´ QHZVSDSHU RQ -XQH DV ,
EHOLHYHLWRIIHUVWKHFDUHHUFKDOOHQJHZKLFK,DPVHHNLQJ
$V \RX ZLOO VHH IURP P\ &XUULFXOXP 9LWDH , FXUUHQWO\ VWXG\
PDUNHWLQJDW³6SLUX+DUHW´8QLYHUVLW\DQGODVW\HDU,JUDGXDWHGIURPDQ
HFRQRPLFFROOHJHZKLFKRIIHUHGPHDVWURQJEDFNJURXQGLQWKHILHOG
,ZRXOGOLNHWRKLJKOLJKWWKHIROORZLQJVNLOOVZKLFK,EHOLHYHZRXOG
DGGYDOXHWR\RXURUJDQL]DWLRQ
EDVLF SUDFWLFDO PDUNHWLQJ VNLOOV DQG WHDP ZRUN DELOLWLHV
GHYHORSHG E\ ZRUNLQJ IRU D PDUNHW UHVHDUFK FRPSDQ\ DV ZHOO DV
WKHRUHWLFDOPDUNHWLQJNQRZOHGJHDFTXLUHGDVDVWXGHQWRIPDUNHWLQJ
DELOLW\WRPHHWGHDGOLQHVDQGWRZRUNXQGHUSUHVVXUHGHYHORSHG
DVDPDUNHWUHVHDUFKWUDLQHH
IOXHQF\LQ(QJOLVKDFTXLUHGE\DWWHQGLQJDQLQWHQVLYH%XVLQHVV
(QJOLVK &RXUVH DQG ZRUNLQJ LQ DQ (QJOLVK VSHDNLQJ HQYLURQPHQW IRU
DOPRVWD\HDU
,KDYHDJHQXLQHLQWHUHVWLQPDUNHWLQJDQG,ZRXOGDSSUHFLDWH
WKH RSSRUWXQLW\ RI DQ LQWHUYLHZ WR GLVFXVV ZK\ , EHOLHYH , DP DQ
HOLJLEOHDQGVXLWDEOHFDQGLGDWHIRUWKHYDFDQF\\RXDGYHUWLVHG
,ORRNIRUZDUGWRKHDULQJIURP\RX
<RXUVVLQFHUHO\
$QGUHL3RSHVFX
7HO
(±PDLODQGUHLBSRSHVFX#\DKRRFRP

1RZWU\WRGHFLGHZK\DQ$SSOLFDWLRQ/HWWHULVQHFHVVDU\VWXG\
LWVUHIHUHQFHOLQHHDFKRILWVSDUDJUDSKVDQGLWVHQGLQJ

&RQFHUQLQJ WKH &XUULFXOXP 9LWDH WKHUH DUH SOHQW\ RI PRGHOV

ERWK LQ ERRNV DQG RQ WKH LQWHUQHW 7KH IROORZLQJ RQH LV D PRGHO RI
(XURSHDQ&9DFFHSWHGDQGSUHIHUUHGE\PRUHDQGPRUHHPSOR\HUV

&855,&8/809,7$(

)DPLO\QDPH 3KRWR
)LUVWQDPHV
'DWHRIELUWK
1DWLRQDOLW\
&LYLOVWDWXV

(GXFDWLRQDQGFRPSHWLWLYHH[DPLQDWLRQV
,QVWLWXWLRQ 'HJUHHVRU'LSORPDVREWDLQHG

)XUWKHU'LSORPDVDQG4XDOLILFDWLRQV
)LHOG 'HJUHHVRU'LSORPDVREWDLQHG ,QVWLWXWLRQ

/DQJXDJHVNLOOV,QGLFDWHFRPSHWHQFHRQDVFDOHRIWR±
H[FHOOHQW±EDVLF
/DQJXDJH 5HDGLQJ 6SHDNLQJ :ULWLQJ
5RPDQLDQ
PRWKHU
WRQJXH
(QJOLVK
)UHQFK

0HPEHUVKLSRISURIHVVLRQDOERGLHV
2WKHUVNLOOV
3UHVHQWSRVLWLRQ

<HDUVZLWKLQWKHILUP

6SHFLILFH[SHULHQFHDEURDG
&RXQWU\ 'DWHV &RPSDQ\ 3RVLWLRQ 'HVFULSWLRQ
,QVWLWXWLRQ

3UHYLRXVSURIHVVLRQDOH[SHULHQFH
'DWH /RFDWLRQ &RPSDQ\ 3RVLWLRQ 'HVFULSWLRQ

2WKHUUHOHYDQWLQIRUPDWLRQ

5HIHUHQFHV

7KH,QWHUYLHZ
,I WKH HPSOR\HU GHFLGHV \RXU EDFNJURXQG DQG H[SHULHQFH LV VXLWDEOH
IRU WKH YDFDQF\ DGYHUWLVHG \RX ZLOO EH VKRUWOLVWHG IRU DQ LQWHUYLHZ
0DNHXSWHDPVRIIRXUVWXGHQWVDQGWRJHWKHUGHFLGHZKDW\RXZRXOG
VD\ZKHQ
\RXHQWHUWKHRIILFHDQGPHHWWKHLQWHUYLHZHUV
WKHLQWHUYLHZHULQYLWHV\RXWRVLWGRZQ
\RXDUHDVNHGDERXW\RXUSUHVHQWDFWLYLW\

\RXDUHDVNHGZK\\RXKDYHFKRVHQWRFRPSHWHIRUWKDWMRE
\RX DUH DVNHG ZKDW \RXU H[SHFWDWLRQV DUH UHJDUGLQJ VDODU\
SURPRWLRQV
\RXOHDYHWKHRIILFH

):5,7,1*',6&866,21
:ULWH D OHWWHUDQ HPDLO WR D IULHQG GHVFULELQJ \RXU SODQV IRU \RXU
QH[WKROLGD\+DYHLQPLQGWKHIRUPDWRIDQLQIRUPDOOHWWHUVWDUWZLWK
WKHGDWHRQO\IRUWKHOHWWHURUZLWKDVXEMHFWOLQHIRUWKHHPDLO
VDOXWDWLRQOLQH'HDU«DQGDIWHU\RXILQLVKWKHERG\RIWKHOHWWHU
±SDUDJUDSKVHQGZLWKDFORVLQJOLQH/RYH%HVWUHJDUGV<RXUV
DQGRIFRXUVH\RXUVLJQDWXUH

:ULWHDGHVFULSWLRQRIWKHZRUOGDWVRPHWLPHLQWKHIXWXUH7KLQNRI
KRZ \RXU WRZQFLW\ ZLOO ORRN OLNH ZKDW QHZ GHYLFHV ZLOO KDYH EHHQ
LQYHQWHGE\WKDWWLPHZKDWWKHHQYLURQPHQWZLOOORRNOLNH

&KRRVH D MRE DGYHUWLVHPHQW IURP D QHZVSDSHU DQG ZULWH DQ
$SSOLFDWLRQ/HWWHUDQG&XUULFXOXP9LWDHVXLWDEOHIRULW,I\RXZDQWWR
ILQGDMREGRQ¶WKHVLWDWHWRVHQGWKHPWRWKHHPSOR\HU,I\RXOLNHWHOO
WKHUHVWRIWKHFODVVDERXWWKHRXWFRPH

81,7

+20((19,5210(17

6(&7,21,
+20(

$/($',1

:KDWGR\RXWKLQNWKDWLWPDNHVDFLW\WRZQYLOODJHDJRRGSODFHWR
OLYHLQ"
$UH FLWLHV EHFRPLQJ PRUH RU OHVV SRSXODU SODFHV WR OLYH LQ RXU
FRXQWU\":K\"
,I \RX ZHUH DVNHG WR FKRRVH D SKRWRJUDSK WR SURPRWH \RXU WRZQ
FLW\UHJLRQZKDWLPDJHZRXOG\RXFKRRVH"
:KDWDUHWKHILUVWLPDJHVWKDWFRPHWR\RXUPLQGZKHQ\RXWKLQN
RI WKH IROORZLQJ FLWLHV 1HZ <RUN 3DULV /RQGRQ 6\GQH\ +RQJ
.RQJ7RN\R0RVFRZ6DR3DXOR"
,QDIHZZRUGVGHVFULEH\RXUKRPH$UHWKHUHDQ\VSHFLILFUHDVRQV
ZK\\RXOLNHGRQ¶WOLNHLW"
+RZGRHVWKHLGHDOKRPHORRNOLNHIRU\RX"

%5($',1*2%-(&7,9(

$)$02863$/$&(
7KHUHDUHWZRDGGUHVVHVLQ/RQGRQWKDWWKHZKROHZRUOGNQRZV
2QHLV'RZQLQJ6WUHHWZKHUHWKH3ULPH0LQLVWHUOLYHV7KHRWKHU
LV %XFNLQJKDP 3DODFH 7KLV IDPRXV UR\DO UHVLGHQFH ILUVW EXLOW LQ
LVLQWKHYHU\FHQWUHRI/RQGRQ
7KH SDODFH LV WZR SODFHV QRW RQH LW LV D IDPLO\ KRXVH ZKHUH
FKLOGUHQSOD\DQGJURZXSDSODFHWKDWVXUYLYHGPDQ\ILUHVDQGWKDW
.LQJ*HRUJH9,UHIXVHGWROHDYHGXULQJWKHVHFRQG:RUOG:DUHYHQ

DIWHULWKDGEHHQERPEHG,WLVDOVRDQRIILFLDOSODFHZKHUHSUHVLGHQWV
NLQJVDQGSROLWLFLDQVJRWRPHHWWKH4XHHQ
%XFNLQJKDP 3DODFH LV OLNH D VPDOO WRZQ ZLWK D SROLFH VWDWLRQ
WZRSRVWRIILFHVDKRVSLWDODEDUWZRVSRUWVFOXEVDGLVFRDFLQHPD
DQG D VZLPPLQJ SRRO 7KHUH DUH URRPV DQG WKUHH PLOHV RI UHG
FDUSHW7ZRPHQZRUNIXOO±WLPHWRORRNDIWHUWKHFORFNV$ERXW
SHRSOHZRUNLQWKH3DODFH
:KHQWKH4XHHQJHWVXSLQWKHPRUQLQJVHYHQSHRSOHORRNDIWHU
KHU 2QH VWDUWV KHU EDWK RQH SUHSDUHV KHU FORWKHV DQG RQH IHHGV WKH
5R\DO GRJV 6KH KDV HLJKW RU QLQH GRJV DQG WKH\ VOHHS LQ WKHLU RZQ
EHGURRPQHDUWKH4XHHQ¶VEHGURRP7ZRSHRSOHEULQJKHUEUHDNIDVW
6KHXVXDOO\KDVFRIIHHIURP+DUURGVWRDVWKDPDQGHJJV(YHU\GD\
IRUILIWHHQPLQXWHVDSLSHUSOD\V6FRWWLVKPXVLFRXWVLGHKHUURRPDQG
WKH 4XHHQ UHDGV 7KH 7LPHV (YHU\ 7XHVGD\ HYHQLQJ VKH PHHWV WKH
3ULPH0LQLVWHU7KH\WDONDERXWZRUOGQHZVDQGKDYHDGULQN
:KHQWKH4XHHQLQYLWHVDORWRISHRSOHIRUGLQQHULWWDNHVWKUHH
GD\V WR SUHSDUH WKH WDEOH DQG WKUHH GD\V WR GR WKH ZDVKLQJ ± XS
(YHU\ERG\KDVILYHJODVVHVRQHIRUUHGZLQHRQHIRUZKLWHZLQHRQH
IRUZDWHURQHIRUSRUWDQGRQHIRUOLTXHXU'XULQJWKHILUVWDQGVHFRQG
FRXUVHV WKH 4XHHQ VSHDNV WR WKH SHUVRQ RQ KHU OHIW DQG WKHQ VKH
VSHDNV WR WKH SHUVRQ RQ KHU ULJKW IRU WKH UHVW RI WKH PHDO :KHQ WKH
4XHHQILQLVKHVKHUIRRGHYHU\ERG\ILQLVKHVDQGLWLVWLPHIRUWKHQH[W
FRXUVH

:K\LV%XFNLQJKDP3DODFHWZRSODFHVQRWRQH"
+RZROGLV%XFNLQJKDP3DODFH"
:K\LVLWOLNHDVPDOOWRZQ"
+RZGRHVWKH4XHHQEHJLQKHUGD\"
:KDW VRUW RI PXVLF GRHV WKH SLSHU SOD\" 'R \RX KDSSHQ WR NQRZ
ZKLFKLVWKHQDWLRQDO6FRWWLVKFORWKLQJ"
+RZ ORQJ GR WKH HPSOR\HHV DW WKH SDODFH ZRUN IRU DQ RIILFLDO
GLQQHU"
:KRGRHVWKH4XHHQVSHDNWRGXULQJDPHDO"
$UHWKHIROORZLQJVHQWHQFHVWUXHRUIDOVH"
x 7KH3DODFHLVPRUHWKDQILYHKXQGUHG\HDUVROG

x ,WLVIDPRXVEHFDXVHLWLVLQWKHFHQWUHRI/RQGRQ
x 7KHGRJVVOHHSLQWKH4XHHQ¶VEHGURRP
x (YHU\ GD\ WKH 4XHHQ OLVWHQV WR D :HOVK PXVLF FRQFHUW ZKLOH VKH
UHDGVWKH'DLO\0LUURU
x 7KH 4XHHQ DQG WKH 3ULPH 0LQLVWHU JR RXW IRU D GULQN HYHU\
ZHHNHQG

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

1RWHYHU\ERG\FDQDIIRUGWROLYHLQDSDODFHOLNH4XHHQ(OL]DEHWK
0RVWSHRSOHKDYHPXFKVPDOOHUGZHOOLQJV7U\WRJXHVVWKHQDPHVRI
VRPHXVLQJWKHGHILQLWLRQVEHORZ
DKRXVHQRWMRLQHGWRDQ\RWKHUKRXVHBBBBBBBBBBBBBBBB
DKRXVHMRLQHGWRRQHRWKHUKRXVHBBBBBBBBBBBBBBBB
DKRXVHMRLQHGWRVHYHUDORWKHUKRXVHVWRIRUPDURZBBBBBBBBBB
DVPDOOKRXVHLQWKHFRXQWU\LQDYLOODJHBBBBBBBBBBBBBBB
DKRXVHZLWKRQO\RQHVWRUH\BBBBBBBBBBBBBBBBBB
DODUJHKRXVHZLWKDELJJDUGHQBBBBBBBBBBBBBBBBB

DGZHOOLQJLQDEORFNRIIODWVBBBBBBBBBBBBBBBBBB
DGZHOOLQJZLWKEHGURRPDQGOLYLQJ±URRPDOOLQRQHBBBBBBBBBB

7RJHWKHUZLWK\RXUGHVNPDWHGUDZDEXEEOHUDGLDQWGLDJUDPWR
ZULWH WKH QDPHV RI WKH URRPV LQ D KRXVH DV ZHOO DV WKH QDPH RI WKH
REMHFWVSLHFHVRIIXUQLWXUHLQHDFKURRP<RXDUHIUHHWRDGGDVPDQ\
EXEEOHVDV\RXZDQW

1RZDV\RXKDYHEHFRPHDFTXDLQWHGWRDORWRIZRUGVFRQQHFWHG
WR KRXVLQJ \RX DUH DEOH WR GHVFULEH \RXU RZQ KRPH 2U \RXU GUHDP
KRPH

$UHDOHVWDWHDJHQF\LVDGYHUWLVLQJWKUHHGLIIHUHQWKRXVHV5HDGWKH
GHVFULSWLRQVDQGGHFLGHZKLFKRQH\RXZRXOGFKRRVHDQGZK\
3$5. +286( %XLOW LQ 7ZR VWRUH\HG EXLOGLQJ 7KUHH
EHGURRPV RQH EDWKURRP OLYLQJ ± URRP NLWFKHQ ELJ JDUDJH 6PDOO
JDUGHQPORQJPLOHIURPWKHVHDPIURPWKHWRZQFHQWUH
QH[WWRWKHSDUN3ULFHHXURV
526( &277$*( %XLOW LQ 2QH VWRUH\HG EXLOGLQJ 7ZR
EHGURRPVRQHEDWKURRPOLYLQJ±URRPNLWFKHQ%HDXWLIXOJDUGHQ
PORQJPLOHVIURPWKHVKRSVDQGWRZQFHQWUH3ULFHHXURV
6($9,(: %XLOW LQ 7ZR VWRUH\HG EXLOGLQJ 7KUHH
EHGURRPV WZR EDWKURRPV OLYLQJ ± URRP GLQLQJ ± URRP NLWFKHQ
VWXG\JDUDJH*DUGHQPORQJPIURPWKHVHDPLOHVIURP
WKHVKRSVDQGWRZQFHQWUH3ULFHHXURV

0\FKRLFHLVBBBBBBBBBBBBBBBBEHFDXVHBBBBBBBBBBBBBBBBBBBBB


,QDKRXVHZKHUHZRXOG\RXILQGWKHIROORZLQJ
FXWOHU\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SRZHU±SRLQWDQGSOXJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PRSBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FRUNVFUHZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WRZHOVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWWLFORIWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SDQWU\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SHJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'*5$00$5

3$677(16(6,03/(
:ULWHGRZQWKUHHWKLQJVWKDW\RXGLGD\HVWHUGD\EODVWZHHNF
ODVW\HDU:KDWJUDPPDUWHQVHGLG\RXXVHLQ\RXUVHQWHQFHV"

6WXG\WKHIROORZLQJYHUEIRUPVWKDW\RXFDQILQGLQDQDSSHQGL[RI
D JUDPPDU ERRN :25. ± :25.(' ± :25.(' '(9(/23 ±
'(9(/23('±'(9(/23('*2±:(17±*21(%5($.±
%52.(±%52.(1<RXFDQQRWLFHWZRGLIIHUHQWSDWWHUQV
D YHUEV WKDW IRUP WKHLU 3DVW DQG 3DVW 3DUWLFLSOH E\ VLPSO\ DGGLQJ
BBBBBWRWKHLQILQLWLYH6HH$SSHQGL[,,IRUVSHOOLQJUXOHVWKHVHDUH
FDOOHGUHJXODUYHUEV
E 9HUEV WKDW KDYH BBBBBBBBBBBBB IRU WKH 3DVW DQG 3DVW 3DUWLFLSOH
DQGWKHUHIRUHKDYHWREHOHDUQWE\KHDUW,QIDFWWKLVLV\RXUKRPHZRUN
IRUQH[WZHHN6HH,UUHJXODU9HUEV$SSHQGL[

6WXG\WKHIROORZLQJVHQWHQFHVDQGILOOLQWKHEODQNV
:HZHQWRQDWULSODVWZHHNHQG'LG\RXVWD\DWKRPHODVWZHHNHQG"
1RDFWXDOO\ZHZHQWRQDWULS
:HVSHQWRXUVXPPHURQD*UHHNLVODQG:KHUHGLG\RXVSHQG\RXU
VXPPHU"2KZHGLGQ¶WVSHQGLWLQWKHFRXQWU\±VLGHDVZHKDGILUVW
SODQQHGZHZHQWWRD*UHHNLVODQG

4XHVWLRQVLQWKH3DVW6LPSOHFRQWDLQWKHDX[LOLDU\BBBBBBIROORZHGE\
WKHBBBBBBDQGWKHBBBBBBBBIRUPRIWKHPDLQYHUE
1HJDWLYHV DUH IRUPHG E\ DGGLQJ BBBBBBBB LQ IURQW RI WKH BBBBBBBB
IRUPRIWKHPDLQYHUE

&DQ \RX WKLQN RI VRPH WHPSRUDO H[SUHVVLRQV WKDW PD\ ORJLFDOO\
RFFXU LQ D VHQWHQFH ZLWK D YHUE LQ WKH 3DVW 6LPSOH" :ULWH GRZQ DV
PDQ\ DV \RX FDQ BBBBB

&RPSOHWHWKHVHVHQWHQFHVXVLQJRQHRIWKHVHYHUEVLQWKHSDVW
, VHOOYLVLWEX\VHQGVHHPHHWJHWULQJVWDQGORVHSDVV
D +HBBBBBBBBBBBKLVFDUODVW\HDU
E 6KHBBBBBBBBBBBXVDERXWDPRQWKDJR
F 7KHSRRUZLGRZBBBBBBBBBBBBBKHUVPDOOKRXVHODVWZHHN
G ,BBBBBBBBBBBP\DQVZHUE\H±PDLO
H 0\EURWKHUBBBBBBBBBBBB\RXDWWKHGRFWRU¶V\HVWHUGD\
I 6KHBBBBBBBBBBBBBKLPRQWKHEXV
J 7KH\BBBBBBBBBBBBBBRIIWKHEXVWHQPLQXWHVDJR
K +HBBBBBBBBBBBBWKHEHOODQGBBBBBBBBBBBBLQIURQWRIWKHGRRU
L :KHQ\RXBBBBBBBBBBBBB\RXUSHQFLO"
M +HOHQBBBBBBBBBBBBBKHUH[DP"

,, VHOOSD\HDWIO\JRZHDUKDYHWKLQNWKURZZULWH
N 7KH\BBBBBBBBBBBBBWKHLUKRXVHODVW\HDU
O +HBBBBBBBBBBBBBBDOOKLVGHEWVODVWZHHN
P-RKQBBBBBBBBBBBBBDELJEUHDNIDVWWKLVPRUQLQJ
Q 6KHBBBBBBBBBBBBBWZROHWWHUVWKLVPRUQLQJ
R 7KHDLUSODQHBBBBBBBBBBBBBBRYHURXUKRXVH
S +DUU\BBBBBBBBBBBBBWRVFKRROE\EXV\HVWHUGD\
T 6KHBBBBBBBBBBBBBBKHUQHZGUHVVODVW6XQGD\
U +HBBBBBBBBBBBBBDERXWLWIRUWHQPLQXWHV
V 7RPBBBBBBBBBBBWKHVWRQHDWWKHELUG
W \RXBBBBBBBBBBBBDELJEUHDNIDVWWKLVPRUQLQJ"

$ IULHQG KDV MXVW FRPH EDFN IURP (QJODQG DIWHU DWWHQGLQJ DQ
(QJOLVK VXPPHU FRXUVH $VN KLP TXHVWLRQV XVLQJ WKH IROORZLQJ
SURPSWV
D ZKHUHH[DFWO\JR"
E WUDYHOE\SODQH"
F KRZORQJVWD\WKHUH"
G VWD\ZLWKDIDPLO\"
H KRZPDQ\KRXUVDGD\KDYHFODVVHV"
I PHHWDORWRISHRSOH"
J UDLQDORW"
K KRZVSHQG\RXUIUHHWLPH"
L OHDUQDORW"
M HQMR\LW"

3$67352*5(66,9(
6WXG\WKHIROORZLQJVHQWHQFHV
/DVWZHHNDWWKLVWLPH,ZDVVWXG\LQJWKH)XWXUH3URJUHVVLYH,ZDV
FOLPELQJ RQ D PRXQWDLQ ZKHQ , IHOO DQG , EURNH P\ OHJ 7KH\ ZHUH
O\LQJRQWKHEHDFKZKLOHWKHFKLOGUHQZHUHVZLPPLQJ
DUH DOO YHUEV LQ WKH 3DVW 3URJUHVVLYH 7KH\ UHIHU WR

6D\ ZKDW \RX ZHUH GRLQJ D WRGD\ DW DP E \HVWHUGD\ DW WKLV
WLPHFRQ6XQGD\EHWZHHQDQGSP

+HUHLVDOLVWRIZKDW6WHSKDQLHGLG\HVWHUGD\
±KDGEUHDNIDVW
±UHDGWKHQHZVSDSHU
±VWXGLHG
± GLGVRPHVKRSSLQJ
± KDGOXQFK
± KDGDQDS
± ZDWFKHGWHOHYLVLRQ
± KDGGLQQHUZLWKVRPHIULHQGV
1RZZULWHVHQWHQFHVVD\LQJZKDWVKHZDVGRLQJDWWKHVHWLPHV
D $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F $WR¶FORFNBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
K $WBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&RPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ WKH YHUEV LQ WKH 3DVW
3URJUHVVLYH
&OHDQ GR JR KDYH SOD\ UDLQ VOHHS VWDQG VWXG\ ZHDU
ZRUNZULWH
D 7KH\BBBBBBBBBBBBBBZKHQ,DUULYHG
E 7KH\BBBBBBBBBBBBBBZKHQ,WHOHSKRQHG
F :HPHWKLPZKLOHZHBBBBBBBBBBBBBBWRVFKRRO
G :KHQ,DUULYHGKHVWLOOBBBBBBBBBBBBBB
H +HBBBBBBBBBBBBBBEUHDNIDVWZKHQ0DU\FDPH
I -RKQBBBBBBBBBBBBBBBDOHWWHUZKHQ7RPFDOOHGKLP
J :KHQ7RPWHOHSKRQHG,BBBBBBBBBBBBBBBBB
K :HBBBBBBBBBBBBBBBLQ/RQGRQZKHQWKHVHFRQGZDUEHJDQ
L ,WBBBBBBBBBBBBBBBBZKHQ,JRWXSWKLVPRUQLQJ
M :KDWWKHWHDFKHUBBBBBBBBBBBBBBBBZKHQ\RXHQWHUHGWKHURRP"
N 6KHBBBBBBBBBBBBBBBDUHGKDWZKHQ,PHWKHU
O :KHUH\RXBBBBBBBBBBBBBBBZKHQ,VDZ\RX"
P+HBBBBBBBBBBBBBBBBBBLQWKHJDUGHQZKHQ7RPFDPH

Q ,BBBBBBBBBBBBBBBBLQIURQWRIWKHWKHDWUHZKHQKHFDPHRXW
R :KHQZHDUULYHGWKH\VWLOOBBBBBBBBBBBBBBBBWKHURRP

3DVW+DELWVXVHGWRZRXOG8QGHUOLQHWKHFRUUHFWIRUP
D :KHQKHOLYHGKHUHKHZDVGULYLQJXVHGWRGULYHDUHG)RUG
E 3HWHUZDVWDONLQJXVHGWRWDONWR0DU\MXVWQRZ
F 7KH\ ZHUH FDOOLQJXVHG WR FDOO XV HYHU\ GD\ ZKHQ WKH\ ZHUH LQ
$WKHQV
G ,WZDVQ¶WUDLQLQJGLGQ¶WXVHWRUDLQZKLOH,ZDVGULYLQJKRPH
H :H ZHUH EHLQJXVHG WR EH JRRG IULHQGVDWVFKRROEXWZHKDUGO\
VHHHDFKRWKHUQRZ
I +DUU\ZDVWU\LQJXVHGWRWU\WRKHOSPHUHSDLUWKHFDUZKHQKHFXW
KLVILQJHU
J 6KH XVHG WR EX\ZDV EX\LQJ D ORW RI FORWKHV ZKHQ VKH ZDV D
PLOOLRQDLUH
K :KHQKHZDV\RXQJHUKHXVHGWRJRZDVJRLQJKXQWLQJZLWKKLV
IULHQGV
L :HZHUHKDYLQJXVHGWRKDYHEUHDNIDVWZKHQWKHSKRQHUDQJ
M 6KH XVHG WR VSHQGZDV VSHQGLQJ KHU KROLGD\V LQ *UHHFH HYHU\
VXPPHU
N :KHQ\RXFDOOHG,ZDVJHWWLQJXVHGWRJHWUHDG\WROHDYH

6XSSO\XVHGWRRU6LPSOH3DVWWRFRPSOHWHWKHVHVHQWHQFHV
D *HRUJH BBBBBBBBBBBDW WKH 8QLYHUVLW\ IRU IRXU \HDUV DQG
BBBBBBBBBBBBDGHJUHHLQ3K\VLFVVWXG\JHW
E :KHQ KH BBBBBBBBBBBBB ZLWK XV KH BBBBBBBBBBBBB XV VWRULHV
DERXWWKHZDUEXWZHBBBBBBBBBBBBBWKHPOLYHWHOOQRW±EHOLHYH
F (YHU\ GD\ KH BBBBBBBBBBBB XS HDUO\ DQG BBBBBBBBBBBBBB WKH
SLDQR IRU KRXUV 7KHQ KH BBBBBBBBBBBBBB RXW IRU D ZDON 7KDW
BBBBBBBBBBBBB HYHU\ GD\ IRU WZHQW\ \HDUV XQWLO KLV GHDWK JHW
SUDFWLFHJRKDSSHQ
G 6KHBBBBBBBBBBBBBBWREHEDFNDWEXW,GRQ¶WH[SHFWKHUWR
NHHSKHUSURPLVHSURPLVH
H 7KH\ BBBBBBBBBBBBBB XQDEOH WR DQVZHU DQ\ TXHVWLRQV DV WKH\
BBBBBBBBBBBBBDQ\WKLQJEHQRW±NQRZ

I )DWKHU BBBBBBBBBBBBB LQ WKHVH PRXQWDLQV ZKHQ KH ZDV \RXQJ
KXQW
J +H BBBBBBBBBBBBBBB 79 FRPPHUFLDOV WHQ \HDUV DJR 1RZ KH
RZQVDIXUQLWXUHIDFWRU\PDNH
K -XOLD BBBBBBBBBBBBBBB JODVVHV EXW VKH BBBBBBBBBBBBB FRQWDFW
OHQVHVDPRQWKDJRZHDUJHW

5HVWDWH WKH IROORZLQJ VHQWHQFHV 8VH HLWKHU ZRXOG RU XVHG WR
5HPHPEHUWKDWLQFRPSDULVRQWRZRXOGXVHGWRUHIHUVWRDSDVWKDELW
ZKLFK LV GLIIHUHQW IURP ZKDW LV KDSSHQLQJ LQ WKH SUHVHQW XVHG WR
H[SUHVVHVDFRQWUDVWZLWKWKHSUHVHQW
D +HRIWHQDWHRXWZKHQKHZDVVLQJOH
+HBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E *HUPDQ\ZDVRQFHGLYLGHGLQWRWZRFRXQWULHV
*HUPDQ\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F ,W ZDV W\SLFDO RI KLP WR ZDLW IRU KHU RXWVLGH WKH RIILFH ZKHQ VKH
XVHGWRZRUNDVDVHFUHWDU\
+HBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G ,WZDVFKDUDFWHULVWLFRIKHUWRVWD\KRPHPRVWRIWKHWLPHZKHQVKH
ZDVDVWXGHQW
6KHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

) /$1*8$*(,186(
$VNLQJIRUJLYLQJGLUHFWLRQV&KHFNLQJXQGHUVWDQGLQJ
,I \RX JR WR D IRUHLJQ FRXQWU\ \RX PD\ QHHG WR DVN SHRSOH IRU
GLUHFWLRQV LI \RX DUH QRW VXUH KRZ WR JHW VRPHZKHUH 7KH RSSRVLWH
VLWXDWLRQ LV DOVR SRVVLEOH \RX PD\ EH VWRSSHG LQ WKH VWUHHW E\ D
IRUHLJQHU DQG DVNHG IRU GLUHFWLRQV ,Q ERWK FDVHV XQGHUVWDQGLQJ DQG
XVLQJ SKUDVHV VXFK DV JR VWUDLJKW WXUQ ULJKWOHIW WDNH WKH VHFRQG
VWUHHWULJKWWDNHEXVIRUWKUHHVWRSVWDNHWUDPIRUILYHVWRSVJHW
RQRIIWKHEXVHWFLVYHU\XVHIXO

1RZ UHDG WKH IROORZLQJ FRQYHUVDWLRQ EHWZHHQ D VWUDQJHU DQG D
UHVLGHQWDQGXQGHUOLQHZLWKDVLPSOHOLQHWKHVHQWHQFHVXVHGWRDVNIRU
GLUHFWLRQVDQGLQIRUPDWLRQDQGZLWKDGRXEOHOLQHWKHVHQWHQFHVXVHG
WRJLYHGLUHFWLRQVLQIRUPDWLRQ

6WUDQJHU([FXVHPH
5HVLGHQW<HV"
6WUDQJHU,«,ZDVZRQGHULQJLI\RXFRXOGKHOSPH
5HVLGHQW:HOO,¶OOWU\
6WUDQJHU,QHHGWRILQGRXWZKHUHWKHWRZQFHQWUHLV1RZ,VHHWKHUH¶V
DVLJQXSWKHUHWKDWSRLQWVWRWKHOHIW
5HVLGHQW$KZHOOOHWPHVHH«HU«LWDOOGHSHQGVLI\RX¶UHRQIRRW
RUJRLQJE\FDU
6WUDQJHU$KQR,¶PZDONLQJ
5HVLGHQW:HOO\RXWXUQWRWKHULJKWDQGWKHQFDUU\VWUDLJKWRQ
6WUDQJHU$K ULJKW WKDQNV (U « , ZRQGHU LI \RX FRXOG WHOO PH LI
WKHUH¶VDJRRGKRWHOLQWRZQWKDW,FDQXVH
5HVLGHQW2K OHW PH WKLQN D PRPHQW « XP « \HV WKHUH DUH WZR
KRWHOV±WKH\¶UHLQWKH+LJK6WUHHWRQHRQHDFKVLGHRIWKHURDG
6WUDQJHU5LJKW ZHOO , H[SHFW ,¶OO PDQDJH WR ILQG RQH RI WKRVH ,
ZRQGHULI\RXFRXOGWHOOPHDQ\WKLQJDERXWWKHFDVWOHLQWRZQZKHUHLW
LV,PHDQ
5HVLGHQW8P ZHOO LW¶V DFWXDOO\ IXUWKHU RQ « HU « GRZQ WKH +LJK
6WUHHWDQGWKHQ\RXFURVVRYHUWKHEULGJHDQGLW¶VRQWKHRWKHUVLGHRI
WKHULYHU
6WUDQJHU, VHH , VHH &RXOG \RX WHOO PH D ELW PRUH DERXW LW" ,V LW
LQWHUHVWLQJ",VLWROG"
5HVLGHQW,¶PQRWUHDOO\VXUH,¶YHQHYHUDFWXDOO\EHHQWKHUHP\VHOI,W
«\HV,WKLQNLW¶VTXLWHROG,WKLQNLW¶VDERXW«XP«\HDUVROG
±VRPHWKLQJOLNHWKDW
6WUDQJHU:RUWK«ZRUWKYLVLWLQJ\RXWKLQN"
5HVLGHQW:HOOLW¶VRQHRIWKHWRXULVWDWWUDFWLRQVRIWKHWRZQ
6WUDQJHU,VHH,VHH
5HVLGHQW,¶YHQRLGHD,¶PDIUDLG$V,VD\,¶YHQHYHUEHHQWKHUH
6WUDQJHU,VHH'R\RXKDSSHQWRNQRZZKHQLW¶VRSHQ"
5HVLGHQW,¶PQRWUHDOO\VXUH,WKLQNLWGHSHQGVRQZKDWWLPHRI\HDU
\RXJR
6WUDQJHU:HOOULJKWWKDQN\RXWKDQN\RX

5HVLGHQW(UH[FXVHPH,KRSH\RXGRQ¶WPLQGP\DVNLQJEXWZKHUH
\RXFRPHIURP"<RXU(QJOLVKLVYHU\JRRG
6WUDQJHU2K,FRPHIURP5RPDQLD
5HVLGHQW:KDW D FRLQFLGHQFH , DQG P\ IDPLO\ DUH YLVLWLQJ \RXU
FRXQWU\QH[WPRQWK

4XHVWLRQWHFKQLTXHV
$FRQYHUVDWLRQRIWHQGHSHQGVRQTXHVWLRQVWRNHHSLWJRLQJLQWKH
GLUHFWLRQ \RX ZDQW LW WR JR 7KH RQH ZKR DVNV WKH TXHVWLRQV LQ D
FRQYHUVDWLRQ XVXDOO\ FRQWUROV WKH FRQYHUVDWLRQ 9DULRXV WHFKQLTXHV PD\
EH QHFHVVDU\WRJHWGLIIHUHQWVRUWVRILQIRUPDWLRQIURPGLIIHUHQWSHRSOH
0RVW SHRSOH DUH YHU\ SROLWH LQ WKH ZD\ WKH\ DVN D VWUDQJHU DERXW
VRPHWKLQJ±LI\RXDUHPRUHGLUHFW\RXPD\DSSHDUWREHYHU\UXGH
$Q\ZD\SHUVRQDOTXHVWLRQVKDYHWREHH[SUHVVHGWDFWIXOO\+HUHDUH
VRPHXVHIXORSHQLQJH[SUHVVLRQV\RXFDQXVHWROHDGXSWRTXHVWLRQV
,ZDVZRQGHULQJLI\RXFRXOGKHOSPH,¶GOLNHWRNQRZ«
,ZRQGHULI\RXFRXOGWHOOPH«
7KLVPD\VRXQGDVWXSLGTXHVWLRQEXW,¶GOLNHWRNQRZ«
([FXVHPHGR\RXKDSSHQWRNQRZ«
:RXOG\RXPLQGWHOOLQJPH«
,KRSH\RXGRQ¶WPLQGP\DVNLQJEXW,¶GOLNHWRNQRZ«
6RPHWKLQJHOVH,¶GOLNHWRNQRZLV«

'HFLGH ZKHQ VXFK H[SUHVVLRQ PLJKW EH DSSURSULDWH 7KH\ DUH
DOVR XVHIXO DV µKHVLWDWLRQ GHYLFHV¶ WR JLYH \RX WLPH WR SUHSDUH \RXU
WKRXJKWV

$QVZHULQJWHFKQLTXHV
<RXPD\RIWHQQHHGWRGHOD\DQVZHULQJDTXHVWLRQZKLOH\RXWKLQN
IRUDPRPHQWRUFKHFNRQ\RXUIDFWV+HUHDUHVRPHXVHIXOWHFKQLTXHVIRU
GHOD\LQJ\RXUDQVZHULQRUGHUWRWKLQNRIWKHEHVWDQVZHU

:HOOOHWPHVHH«
:HOOQRZ«
2KOHWPHWKLQNIRUDPRPHQW«
,¶PQRWVXUH,¶OOMXVWKDYHWRILQGRXW«
7KDW¶VYHU\LQWHUHVWLQJTXHVWLRQ«

2U \RX PD\ ZDQW WR DYRLG DQVZHULQJ DOWRJHWKHU XVLQJ
H[SUHVVLRQVOLNHWKHVH
,¶PQRWUHDOO\VXUH
,FDQ¶WWHOO\RXRII±KDQG,¶PDIUDLG
,¶PWHUULEO\VRUU\,UHDOO\GRQ¶WNQRZ
,¶YHQRLGHD,¶PDIUDLG
,FDQ¶WDQVZHUWKDWRQHEXW,¶OOWHOO\RXZKHUH\RXFDQILQGRXW
,¶GUDWKHUQRWDQVZHUWKDWLI\RXGRQ¶WPLQG

'HFLGH ZKHQ \RX PLJKW XVH WKHVH H[SUHVVLRQV 7KLQN RI VRPH
VLWXDWLRQVZKHQWKH\ZRXOGEHDSSURSULDWH

7DVNV
<RX DUH LQ 5HYROX LHL 6TXDUH $ IRUHLJQHU VWRSV \RX LQ WKH VWUHHW
DQGDVNV\RXDKRZWRJHWWRWKH9LOODJH0XVHXPEKRZWRUHDFK
WKH0DUULRWW+RWHOFKRZWRUHDFKWKH3DODFHRI3DUOLDPHQW)RUHDFK
VLWXDWLRQLPDJLQHDSRVVLEOHGLDORJXHXVLQJWKHTXHVWLRQVDQGDQVZHUV
WHFKQLTXHVSUHVHQWHGDERYH:RUNLQSDLUV

<RXDUHWKHSURWRFRODVVLVWDQWRIDVPDOOFRPSDQ\DQG\RXKDYHWR
ZHOFRPHDIRUHLJQYLVLWRUDWWKHDLUSRUWDQGWKHQVHHKLPKHURIIWRWKH
KRWHO <RX WUDYHO WRJHWKHU IURP +HQUL &RDQGD $LUSRUW WR 7KH +LOWRQ
E\ D FRPSDQ\ FDU 2Q WKH ZD\ WHOO \RXU JXHVW DERXW WKH FLW\ ZLWK
IRFXVRQWKHDUHDVEXLOGLQJV\RXSDVVE\

6(&7,21,,
(19,5210(17

$/($',1
:KHQZDVWKHODVWWLPH\RXZHQWRQDWULS":KHUHGLG\RXJR"
'R\RXKDYHDIDYRXULWHKROLGD\GHVWLQDWLRQ"
:KDWPDNHVDSHUIHFWKROLGD\GHVWLQDWLRQ"
,I \RX ZRQ D WULS DW D FRQWHVW ZRXOG \RX UDWKHU FKRRVH WR YLVLW D
ODUJHFLW\RUDGHVHUWLVODQG"
:KDW VSHFLILF SRLQWV ZRXOG \RX LQFOXGH LQ D VLJKWVHHLQJ WRXU RI
5RPDQLDIRUIRUHLJQHUV"

%5($',1*2%-(&7,9(

7+('$18%('(/7$±$3(5)(&7+2/,'$</2&$7,21
3DFNXS\RXUERRWVPRVTXLWRVSUD\ILVKLQJURGDQGZRUPVDQG
FRPHWRVHHWKHZHWODQGSDUDGLVHRIWKH'DQXEH'HOWD
*HWRIIWKHEHDWHQWUDFNDQGVSHQGDGUHDPKROLGD\LQ(XURSH¶V
PRVWVSHFWDFXODUQDWXUHGHVWLQDWLRQWKH'DQXEH'HOWD
$81(6&2:RUOG+HULWDJH6LWHDGHOLJKWIRUILVKLQJDQGELUG±
ZDWFKLQJ SDVVLRQDWHV WKH 'DQXEH 'HOWD FRPSULVHV VTNP RI
PDUVKODQGIRUHVWVODNHVFKDQQHOVDQGULYHUVDQGLVRQHRIWKHULFKHVW
DQG PRVW GLYHUVH ZLOGOLIH VDQFWXDULHV LQ WKH ZRUOG $ KRPH IRU
KXQGUHGV RI VSHFLHVRIELUGVILVKDQGSODQWVWKH'DQXEH'HOWDZDV
GHVLJQDWHG ³0DQ DQG %LRVSKHUH 5HVHUYH´ DQG LWV XQVSRLOHG EHDXW\
FRXSOHG ZLWK LWV ULFK ELUG DQLPDO DQG SODQW OLIH PDNHV LW LGHDO IRU
QDWXUH ORYHUV DQG HFRWRXULVWV 7KH DUHD LV DOVR DQ LGHDO IRU WUDYHOOHUV
ZKR ZDQW WR HVFDSH IURP FLW\ OLIH WR D FDOP DQG UHPRWH QDWXUDO
HQYLURQPHQW
7KH 'DQXEH 'HOWD LV SUREDEO\ WKH ILUVW ORFDWLRQ LQ (XURSH IRU
RUQLWKRORJLVWV )RU DQJOHUV WKH ODNHV DQG FKDQQHOV RI WKH GHOWD RIIHU
\HDU URXQG VSRUW ZLWK PRUH WKDQ VSHFLHV RI ILVK LQFOXGLQJ FDUS
SLNH]DQGHUFDW±ILVKDQGWKHUR\DOVWXUJHRQ
7ULS 7LSV 'RQ¶W IRUJHW WR WDNH UXEEHU ERRWV UDLQ KDW DQG FRDW
ZDUP FORWKHV EODQNHWV LQ DXWXPQ IODVK OLJKW NQLIH ILUVW ± DLG NLW
DQGPLQHUDOZDWHU'RQ¶WWU\WRVSHQGWKHQLJKWRXWGRRUVHVSHFLDOO\LQ
VXPPHUZKHQPRVTXLWRHVSUROLIHUDWH'RQ¶WGULQNWKH'DQXEHZDWHU±
LI \RX KDYH QR FKRLFH WKHQ GHFDQW DQG ERLO LW 'RQ¶W YHQWXUH RQ
PDUVKHV DQG FKDQQHOV XQOHVV VRPHRQH ZKR NQRZV WKH SODFHV ZHOO
HVFRUWV\RX
&XLVLQH7KH'HOWDUHVWDXUDQWVSUHSDUHIRRGXVLQJFODVVLFDOORFDO
DQG LQWHUQDWLRQDO UHFLSHV 7U\ VSHFLILF PHQXV VSLFHG FDUS ILVK JULOO
IULHGILVKZLWKJDUOLFVDXFHSODFKLHILVKFRRNHGZLWKRQLRQDQGRLO
IURJOHJV/RFDOSHRSOHDOVRXVHPLQFHGILVKPHDWWRFRRNPHDWEDOOV
VWXIIHG JUHHQ SHSSHUV DQG VDUPDOH FDEEDJH UROOV )LVKLQJ LQ WKH
'DQXEH'HOWD5HVHUYHLVDOORZHGRQO\IRUKROGHUVRID)LVKLQJ3HUPLW
LVVXHGE\WKHORFDODXWKRULWLHVLQ7XOFHD
'RQ¶WPLVV1LFXOL HO/RFDWHGLQWKHQRUWKHUQSDUWRIWKH7XOFHD
FRXQW\WKH1LFXOL HO9LQH\DUGLVIDPRXVIRULWVJUDSHVWKHZKLWHRQHV

DQG WKH ZKLWH ZLQH DV ZHOO DUH FRQVLGHUHG WR EH WKH EHVW LQ WKH
FRXQWU\
3DOHRFKULVWLDQPRQXPHQW1LFXOL HOPDUW\ULFRQRSHQ7XHVGD\WR
6XQGD\ VXPPHU WR KUV ZLQWHU KUV WR KUV
0RQGD\FORVHGLVLQWKHQRUWKHUQSDUWRIWKHORFDOLW\DWWKHIRRWRIWKH
3LDWUD5RúLHKLOO:LWKLQWKLVDUHDDUHYHVWLJHVRI³YLOODHUXVWLFDWH´DQG
DFUHPDWRULXPIURPWKH5RPDQHUDRIWKHVHFRQGFHQWXU\
$VXJJHVWHGMRXUQH\
'D\%XFKDUHVWWR1LFXOL HO3DOHRFKULVWLDQEDVLOLFDZLQHWHVWLQJWR
7XOFHD7KH(WKQRJUDSKLF0XVHXP7KH1DWXUDO+LVWRU\0XVHXPDQG
$TXDULXP7KH'DQXEH'HOWD0XVHXP$FFRPRGDWLRQ
'D\ 7XOFHD WR 0XULJKLRO ³WKH YLROHW ODNH´ WR 8]OLQD
DFFRPPRGDWLRQDW&RUPRUDQ+RWHORU3HQVLXQHD7DPDULQ
'D\/DNH8]OLQDDQG/DNH,VDFKRPHWRODUJHSHOLFDQFRORQLHVWR
0XULJKLRODQGRQWR,YDQFHDRQHRIWKH'HOWD¶VODUJHVWJHHVHQHVWLQJ
DUHDV$FFRPRGDWLRQLQ6IkQWX*KHRUJKH
'D\ 6IkQWX *KHRUJKH WR 7XOFHD DQG WKHQ WR 0DOLXF
$FFRPPRGDWLRQ
'D\ 0DOLXF WR 0LOD DQG WR &ULúDQ DQG WKHQ WR 6XOLQD
$FFRPPRGDWLRQ
'D\6XOLQDWR%XFKDUHVW

$FFRUGLQJ WR WKH WH[W ZK\ LV WKH 'DQXEH 'HOWD VXFK D JUHDW
WRXULVWLFDWWUDFWLRQ"
:KDWXVHIXOLWHPVVKRXOGWRXULVWVQHYHUIRUJHWWDNLQJZKHQJRLQJ
WRWKH'DQXEH'HOWD"
:KDWLVWKH'DQXEH'HOWDFXLVLQHIDPRXVIRU"

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

/RRN RYHU WKH WH[W DJDLQ DQG ILQG V\QRQ\PV IRU WKH IROORZLQJ
ZRUGVDQGH[SUHVVLRQV
JHWRIIWKHEHDWHQWUDFNBBBBBBBBBBBBBBBBBBBBBB
WREHDWWKHLUEXVLHVWBBBBBBBBBBBBBBBBB
FRPSULVHBBBBBBBBBBBBB
S\JP\BBBBBBBBBBBBBBB
UHQRZQHGBBBBBBBBBBBBBBB
HVFRUWBBBBBBBBBBBBBBBBB
UHPRWHBBBBBBBBBBBBBBBBBB
VSHFWDFXODUBBBBBBBBBBBBBBB

D :RUN ZLWK D SDUWQHU DQG UDQN WKH IROORZLQJ HQYLURQPHQWDO
SUREOHPVDFFRUGLQJWRKRZLPSRUWDQW\RXIHHOWKH\DUH&RPPHQWRQ
\RXUFKRLFH
8UEDQVPRJBBB
:DVWHGXPSLQJBBB
2YHUXVHRIIHUWLOL]HUVDQGSHVWLFLGHVBBBB
2]RQHOD\HUGHSOHWLRQBBB
$FLGUDLQBBB
E1RZPDWFKWKHSUREOHPVWRWKHSRVVLEOHVROXWLRQVEHORZDQGWDON
DERXWWKHPDVLQWKHH[DPSOH
HQFRXUDJHSHRSOHQRWWRXVHSURGXFWVFRQWDLQLQJ&)&JDVHV
DOWHUQDWLYHPHWKRGVRIJURZLQJFURSV
LPSURYLQJSXEOLFWUDQVSRUW
REOLJDWRU\XVHRIDOWHUQDWLYHHQHUJ\VRXUFHV
VWULFWHUOHJLVODWLRQUHJDUGLQJZDVWHGLVSRVDO
([DPSOH8UEDQVPRJLVDVHULRXVSUREOHPLQFLWLHV,WFRXOGEHGHDOW
ZLWKE\LPSURYLQJSXEOLFWUDQVSRUWVRIHZHUSHRSOHXVHSULYDWHFDUV


0DWFK WKH IROORZLQJ ZRUGV WR IRUP FROORFDWLRQV DQG XVH WKHP LQ
VHQWHQFHV
DDFLG ULVNV
QXFOHDU IXHOV
IRVVLO UDLQV
KHDOWK SRZHU
EZLQGVRODUSRZHU
QDWXUDOPDQ±PDGHVSHFLHV
QRLVHDLUGLVDVWHU
LQGXVWULDOQXFOHDUIXPHV
ZLOGOLIHZDWHUZDVWH
H[WLQFWHQGDQJHUHGSROOXWLRQ
QR[LRXVWR[LFFRQVHUYDWLRQ

)LQGRXWWKHPHDQLQJRIWKHVHZRUGVDQGXVHWKHPWRFRPSOHWHWKH
VHQWHQFHV EHORZ JUHHQKRXVH HIIHFW ELRGHJUDGDEOH ZHWODQGV
GHIRUHVWDWLRQ GXPSOLQJ WR[LF ZDVWH UHQHZDEOH HQHUJ\ HPLVVLRQV
ELRGLYHUVLW\ JOREDO ZDUPLQJ R]RQH OD\HU GHVHUWLILFDWLRQ VPRJ
KDELWDWVGHSOHWLRQ
D 6FLHQWLVWVILUVWEHFDPHDZDUHRIWKHHIIHFWVRIFHUWDLQJDVHVRQWKH
HQYLURQPHQWZKHQWKH\IRXQGDKROHLQWKHBBBBBBBBBBBBBBBBRYHU
$QWDUFWLFD
E 'HVSLWH DWWHPSWV WR SHUVXDGH SHRSOH WR FRQVHUYH ZDWHU WKH
BBBBBBBBBBBBBBBBBBRIZDWHUVXSSOLHVFRQWLQXHV
F 7KHUH DUH VWLOO VFLHQWLVWV ZKR GLVSXWH WKH H[LVWHQFH RI
BBBBBBBBBBBBBBBBBBB DQG VD\ WKHUH KDV EHHQ QR UHDO FKDQJH LQ
WHPSHUDWXUH

G /DFN RI UDLQ PHDQV WKDW ODUJH DUHDV RI SUHYLRXVO\ IHUWLOH ODQG LQ
$IULFDDUHWKUHDWHQHGZLWKBBBBBBBBBBBBBBBBBB
H 7KHIRUPDWLRQRIDOD\HURIJDVHVWUDSSHGLQWKHHDUWK¶VDWPRVSKHUH
ZKLFK SUHYHQWV KHDW IURP HVFDSLQJ LV NQRZQ DV WKH
BBBBBBBBBBBBBBBBBBB
I 7KH GUDLQLQJ RI BBBBBBBBBBBBBBBBBBBBB WR EXLOG IDFWRULHV KDV
HQUDJHGHQYLRQPHQWDOLVWV
J 2QVRPHGD\VLQVXPPHUWKHBBBBBBBBBBBBBBBBBBBBBBLVVREDG
WKDWSHRSOHZLWKEUHDWKLQJSUREOHPVDUHDGYLVHGWRVWD\DWKRPH
K &DUERQ GLR[LGH BBBBBBBBBBBBBBB PXVW EH FXW RII LI ZH ZDQW WR
VWRSSROOXWLQJWKHDLU
L BBBBBBBBBBBBBBBBBBRIZDVWHDWVHDLVIRUELGGHQE\LQWHUQDWLRQDO
ODZ
M :HPXVWGHYHORSBBBBBBBBBBBBBBBBBVRXUFHVDQGQRWGHSHQGRQ
RLO
N 7KH SUREOHP ZLWK PRVW SODVWLFV LV WKDW WKH\ DUH QRW
BBBBBBBBBBBBBBBBBDQGFDQQRWEHUHDEVRUEHGE\HDUWK
O 6WHDG\ BBBBBBBBBBBBBBBBBB LQ WKH +LPDOD\DV KDV UHVXOWHG LQ
FDWDVWURSKLFIORRGVLQFRXQWULHVDWVHDOHYHO
P$VFLWLHVH[SDQGPDQ\DQLPDOVDUHEHLQJGULYHQIURPWKHLUQDWXUDO
BBBBBBBBBBBBBBB
Q 3ODQWV DQG DQLPDO VSHFLHV G\LQJ RXW PHDQV WKH ORVV RI WKH
BBBBBBBBBBBBBBBBBBBRIWKHSODQHW
R 6LQFHBBBBBBBBBBBBBBBFRQWLQXHVWREHGDQJHURXVIRUDORQJWLPH
LWLVGLIILFXOWWREHKDQGOHGVDIHO\

8QVFUDPEOH WKH ZRUGV EHORZ DQG SODFH WKHP XQGHU WKH IROORZLQJ
FDWHJRULHV
D ZRUGVFRQQHFWHGZLWKPRXQWDLQVBBBBBBBBBBBBBBBBBBBBBBBBBB
E ZRUGVFRQQHFWHGZLWKULYHUVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F ZRUGVFRQQHFWHGWRODQGPHHWLQJZDWHUBBBBBBBBBBBBBBBBBBBBBB
:RUGVIRRWWULEXWDU\EDQNFOLIISHDNZDWHUIDOOFDSHFRDVWVRXUFH
VXPPLWPRXWKEHDFKULGJHHVWXDU\ED\YDOOH\JODFLHUJXOIVKRUH

7DONLQJDERXWWKHZHDWKHU0DWFKWKHWZRFROXPQV
FKLOO\UDLQDQGVQRZPL[HG
KXUULFDQHVQRZEORZQE\VWURQJZLQG
GURXJKWPL[WXUHRIIRJDQGSROOXWLRQ
EOL]]DUGVWURQJGHVWUXFWLYHZLQG
VKRUWUDLQFROGEXWQRWYHU\
VPRJODFNRIUDLQ
VOHHWVKRZHU

8QVFUDPEOH WKH IROORZLQJ ZRUGV DQG SODFH WKHP XQGHU WKH
IROORZLQJFDWHJRULHV
D FROGZHDWKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E ZDUPKRWZHDWKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F ZHWZHDWKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G IRJJ\ZHDWKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H ZLQG\ZHDWKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:RUGV JDOH GUL]]OH IURVW VWLIOLQJ VOXVK EUHH]H KDLO PLVW PLOG
GDPSVQRZGULIWGRZQSRXUOLJKWQLQJKHDWZDYHWKXQGHU

1RZDV\RXKDYHEHFRPHDFTXDLQWHGZLWKDORWRIZRUGVFRQQHFWHG
ZLWKZHDWKHUFDQ\RXGHVFULEHDW\SLFDOGD\IRUHDFKRIWKHIRXUVHDVRQV"
635,1*
6800(5
$87801
:,17(5

'*5$00$5

3DVW6LPSOHRU3DVW3URJUHVVLYH"8QGHUOLQHWKHFRUUHFWDOWHUQDWLYH
D 6KHZDVEUHDNLQJEURNHKHUOHJZKLOHVKHZDVSOD\LQJ
E <RXZHUHVOHHSLQJZKHQWKH\ZHUHOHDYLQJOHIW
F +HZDVVPRNLQJVPRNHGDORWWKUHH\HDUVDJR
G %HWW\JRWDQJU\EHFDXVHZHZHUHPDNLQJPDGHDORWRIPLVWDNHV
H 7KH\ZHUHVSHQGLQJVSHQWWKHLUKROLGD\VLQ0DOWDZKHQVKHZDV
ERUQ
I $VKHZDVWU\LQJWLUHGWRIL[WKHDQWHQQDKHKXUWKLVKHDG
J 'LG VKH VWRS:DV VKH VWRSSLQJ FU\LQJ ZKHQ \RX WROG KHU WKH
QHZV"
K :HZHUHO\LQJOD\RQWKHEHDFKZKLOHVKHZDVVZLPPLQJ

6LPSOH RU 3URJUHVVLYH" :ULWH WKH YHUEV LQ EUDFNHWV LQ WKH FRUUHFW
IRUP
D +H BBBBBBBBBBB VWHS RYHU WKH PDW ZKLOH KH BBBBBBBBBBB
FURVVWKHURRP
E +HBBBBBBBBBBBORVHWKHNH\ZKLOHKHBBBBBBBBBBBBBZDONLQ
WKHSDUN
F 6KH BBBBBBBBBBBQRW KHDU WKH SKRQH EHFDXVH VKH
BBBBBBBBBBBBBOLVWHQWRWKHUDGLR
G +H BBBBBBBBBBBB EXUQ KLV KDQG ZKLOH KH BBBBBBBBBBBBBB
FRRNWKHGLQQHU
H , BBBBBBBBBBBBB GUHVV ZKHQ WKH\ BBBBBBBBBBBBB UXVK LQWR
WKHURRP
I 7KH GRJ BBBBBBBBBBB VWDUW WR EDUN EHFDXVH VRPHRQH
BBBBBBBBBBBBBBWU\WRJHWLQWRWKHKRXVH
J 6KHBBBBBBBBBBBBBBLURQZKHQKHUKXVEDQGBBBBBBBBBBBBBBB
FRPHLQ
K 7KH\ BBBBBBBBBBBBB GLJ WKH JDUGHQ ZKHQ LW
BBBBBBBBBBBBBBBEHJLQWRUDLQ
L 7KHGULYHUBBBBBBBBBBBBBBVOHHSZKHQWKHFDUBBBBBBBBBBBBBB
FUDVKLQWRWKHZDOO
M , BBBBBBBBBBB ORRN WKH RWKHU ZD\ ZKHQ WKH\ BBBBBBBBBBBBBB
VWHDOP\EDJ

N 6KH BBBBBBBBBBBBBPHHW WKHP ZKLOH VKH BBBBBBBBBBBBBB
VKRS
O +H BBBBBBBBBBBBBWHOO XV WR EH TXLHW EHFDXVH 6XVDQ
BBBBBBBBBBBBBBVWXG\IRUDQH[DP
P,WBBBBBBBBBBBJHWGDUNZKHQZHBBBBBBBBBBBBBBJHWWRWKH
WRZQ
Q -RDQ BBBBBBBBBBBBBB ZDVK XS WKH GLVKHV ZKLOH ,
BBBBBBBBBBBBBVOHHS
R :KDW BBBBBBBBBBBBBB \RX ± GR LQ WKH OLEUDU\ ZKHQ ,
BBBBBBBBBBBBBBBBBVHH\RX"

-RLQ WKH IROORZLQJ VHQWHQFHV XVLQJ ZKHQ RU ZKLOH 'R QRW FKDQJH
WKHRUGHURIWKHWZRVHQWHQFHV
D ,VDZ&DURO6KHZDVZDONLQJWRVFKRRO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E +HZDVZRUNLQJLQWKHJDUDJH+HKXUWKLVOHJ
F +HIHOODVOHHS+HZDVZDWFKLQJWHOHYLVLRQ
G :HZHUHVOHHSLQJ7KHWKLHIEURNHLQWRWKHKRXVH
H 6KHIHOORIIWKHODGGHU6KHZDVFOHDQLQJWKHZLQGRZV
I ,ORVWP\NH\V,ZDVVKRSSLQJ
J +HZDVWU\LQJWRUHSDLUWKHURRI,WVWDUWHGVQRZLQJ
K 6KHZDVGRLQJWKHZDVKLQJ±XS6KHEURNHDFXS
L 7KHILUHVWDUWHG+HZDVSDLQWLQJWKHFDU
M :HZHUHKDYLQJEUHDNIDVW6RPHERG\NQRFNHGDWWKHGRRU

7+($57,&/(
+RZGR\RXFDOOWKHXQGHUOLQHGZRUGVLQWKHIROORZLQJVHQWHQFHV"
:KDWDERXWWKHEODQNVLQGLFDWHGLQWKHILQDOWZRVHQWHQFHV"
D6KH¶VWKHJLUO,ZDVWHOOLQJ\RXDERXW7KHFKLPSDQ]HHLVDVSHFLHV
RIPRQNH\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E7KHUH¶VDPDQZDLWLQJIRU\RXRXWVLGH/HW¶VKDYHDUHVW
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
F BB/RYH DQG BB KDWUHG DUH RSSRVLWH IHHOLQJV BBB +XPDQV DUH
PRUWDO

7+('(),1,7($57,&/(
&DQ \RX ZULWH WKH XQGHUOLQHG DUWLFOHV SKRQHWLFDOO\" :KDW GR \RX
QRWLFH"
7KHER\BBBBBBBBWKHKRXUBBBBBBBWKHLGHDBBBBBB

7KH IROORZLQJ H[DPSOHV ZLOO KHOS \RX GLVFRYHU ZKHQ \RX DUH
VXSSRVHGWRXVHDGHILQLWHDUWLFOH
D&ORVHWKHGRRUSOHDVH7KHWHDFKHUKDVJRWLQWRWKHFODVVURRP
E:HVKDOOKDYHGLQQHUZLWKWKH-RQVRQV
F+HDOZD\VZDQWVWREHWKHILUVW7KLVLVWKHILIWK\HDUZKHQ,VWXG\
(QJOLVK
G+HLVWKHEHVWIULHQG,¶YHHYHUKDG%LOO*DWHVLVWKHULFKHVWSHUVRQ
LQWKHZRUOG
H 7KHUH DUH VWXGHQWV LQ WKH FODVVURRP ,¶OO EH ZDLWLQJ IRU \RX LQ
IURQWRIWKHIDFXOW\
%87 +H ZDV VHQW WR BB SULVRQ7KH SULVRQ ZDV YLVLWHG E\ VRPH
RIILFLDOV
3XSLOV JR WR BB VFKRRO HYHU\ GD\ 7KHUH¶V D ILU WUHH LQ IURQW RI WKH
VFKRRO

,JRWRBBFKXUFKHYHU\6XQGD\7KHFKXUFKZHYLVLWHGLVYHU\ROG
7KH LQMXUHG PDQ ZDV WDNHQ BB WR KRVSLWDO7KH\ OLYH FORVH WR WKH
KRVSLWDO
,W¶VWLPHWRJRWRBBEHG7KHFDWLVXQGHUWKHEHG

I 7KH (QJOLVK DUH D SURXG SHRSOH 7KH ROG VKRXOG EH WUHDWHG ZLWK
UHVSHFW E\ WKH \RXQJ 7KH SRRU EHQHILW IURP PDQ\ VRFLDO VHFXULW\
SURJUDPPHVLQWKLVFRXQWU\
J$FRPSDVVDOZD\VLQGLFDWHVWKH1RUWK
K 7KH $OSV WKH $WODQWLF 2FHDQ WKH 0HGLWHUUDQHDQ 6HD WKH 5HG
/DNHWKH7KDPHVWKH8QLWHG.LQJGRPDUHDOOJHRJUDSKLFDOQDPHV
L%\WKHZD\KRZROGDUH\RX"2QWKHRQHKDQG,NQRZVPRNLQJLVD
EDGKDELWEXWRQWKHRWKHUKDQGLWLVVRGLIILFXOWWRJLYHLWXS
2WKHU H[SUHVVLRQV FRQWDLQLQJ WKH GHILQLWH DUWLFOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6XSSO\WKHGHILQLWHDUWLFOHWKHZKHUHQHFHVVDU\
D BBBB0RQGD\LVBBBBILUVWGD\RIBBBBZHHN
E BBBBIUHVKDLULVYHU\JRRGIRU\RXQJFKLOGUHQ
F BBBBDLURQBBBBPRXQWDLQVLVJRRG
G 0DQ\VWXGHQWVGRQ¶WILQGBBBBPDWKHPDWLFVLQWHUHVWLQJ
H ,¶PJRLQJWRVWXG\BBBBKLVWRU\RI(QJODQGQH[W\HDU
I BBBBKLVWRU\LVDOZD\VLQWHUHVWLQJ
J $ FODVVURRP PXVW KDYH BBBB JRRG OLJKW EXW BBBB OLJKW LQ WKLV
URRPLVYHU\SRRU
K BBBBZDWHULQP\JODVVLQQRWFROG
L ,DOZD\VGULQNBBBBFROGZDWHU
M :HREWDLQBBBBFRDOIURPBBBBPLQHVDQGBBBBRLOIURPBBBBRLO
±ILHOGV

N :HJHQHUDOO\VSHQGBBBBVXPPHUKROLGD\LQBBBB(XURSH
O %RWKP\IULHQGVOLYHRQBBBB5LYHUVWUHHW
PBBBB0LVVLVVLSSL5LYHULVBBBBORQJHVWULYHULQBBBBZRUOG
Q 0DQ\VKLSVFURVVBBBB$WODQWLF2FHDQ
R 7KH\JRIURPBBBB)UDQFHWRBBBB8QLWHG6WDWHV
S BBBBDLULQODUJHFLWLHVLVSROOXWHG
T )RUPDQ\SHRSOHBBBBEUHDNIDVWLVBBBBPRVWLPSRUWDQWPHDORI
BBBBGD\
U ,DOZD\VKDYHBBBBHJJVIRUBBBBEUHDNIDVW
V :HGULQNBBBBFRIIHHRXWRIBBBBFXSV
W BBBBFRIIHHLQWKLVFXSLVWRRVZHHWIRUPH

( /$1*8$*(,186(

1DUUDWLQJ:KHQFRPLQJEDFNIURPKROLGD\SHRSOHXVXDOO\VKDUH
WKHLU H[SHULHQFH ZLWK IULHQGV DQG UHODWLYHV 7KLV DFWLYLW\ RI WDONLQJ
DERXWSDVWHYHQWVLVFDOOHGQDUUDWLQJ
<RXFDQVWDUWQDUUDWLQJE\XVLQJH[SUHVVLRQVVXFKDV
'LG,HYHUWHOO\RXDERXW«
<RX¶OOQHYHUJXHVVZKDWKDSSHQHGWRPH««
7KDWUHPLQGVPHRIWKHWLPH,««
)XQQ\\RXVKRXOGPHQWLRQWKDWEHFDXVHVRPHWKLQJ
VLPLODUKDSSHQHGWRPHRQFH««

,I\RXZDQWWRVWRSDGLJUHVVLRQ\RXFDQVD\
$V,ZDVVD\LQJ«
7RJHWEDFNWRWKHVWRU\««

$QGZKHQ\RXZDQWWRVSHHGXSWKHHQGRIDVWRU\\RXPD\VD\
7RFXWDORQJVWRU\VKRUW««
$Q\ZD\ZKDWKDSSHQHGLQWKHHQGZDV««

5HPHPEHULQJ 'LIIHUHQW VRUWV RI TXHVWLRQV FDQ KHOS SHRSOH
UHPHPEHUWKLQJVWKDWKDSSHQHG,I\RXZDQWVSHFLILFLQIRUPDWLRQ\RX
QHHGWRXVHTXHVWLRQVOLNHWKHVH

:KDWKDSSHQHGQH[W"
+DG\RXDOUHDG\«"
:HUH\RXJRLQJWR«"
:KDWZHUH\RXGRLQJZKLOH«"
7KHQZKDWGLG\RXGR"
:K\GLGQ¶W\RX«"
+RZGLG\RXIHHOZKHQ«"
'LG\RXWKLQNRI«"

+HUH DUH DOVR VRPH H[SUHVVLRQV WKDW DUH RIWHQ XVHG WR DQVZHU
VSHFLILFTXHVWLRQV
$VIDUDV,FDQUHPHPEHU«
,UHPHPEHUTXLWHFOHDUO\WKDW«
$IWHUWKDW«
%HIRUHWKDW«
:KLOHWKDWZDVKDSSHQLQJ«
7KHQH[WWKLQJ,GLGZDVWR«

5(0(0%(5 WKDW LQ D QDUUDWLYH WH[W \RX VKRXOG XVH 7KH 3DVW
7HQVH

7DVNV
:RUN LQ VPDOO JURXSV +HOS HDFK RWKHU WR UHPHPEHU DV PXFK DV
SRVVLEOHDERXWWKHVHWRSLFV
<RXUODVWKROLGD\
7KHODVWWLPH\RXZHUHLQWHUYLHZHG
7KHPRVWH[FLWLQJVSRUWLQJHYHQW\RX¶YHVHHQ
<RXUHDUOLHVWPHPRU\
5HSRUWWKHPRVWDPXVLQJRULQWHUHVWLQJGHWDLOVEDFNWRWKHUHVWRIWKH
FODVV

7HOO WKH UHVW RI WKH FODVV DERXW D D GUHDP \RX UHPHPEHU E DQ
HPEDUUDVVLQJH[SHULHQFHFDQH[SHULHQFHZKLFKPDGH\RXODXJKG
DIULJKWHQLQJH[SHULHQFH8VHWKHH[SUHVVLRQVSUHVHQWHGDERYH

7DONLQJDERXWWKHZHDWKHU7KLVNLQGRIFRQYHUVDWLRQLVZKDW
WKH%ULWRQVFDOOµVPDOOWDON¶<RXFDQVWDUWWDONLQJWRVRPHRQHE\XVLQJ

ZHDWKHU DV D WRSLF <RX FDQ XVH TXHVWLRQV VXFK DV
:KDW¶VWKHZHDWKHUOLNHWRGD\"
:KDWGR\RXWKLQNDERXWWKLVFROGKRWZHDWKHU"
2U\RXFDQSXWLQUHPDUNVVXFKDV
,UHDOO\KRSHWKDWWKLVWHUULEOHGRZQSRXUZLOOHQGVRRQ
/HW¶VKRSHWKDWWKLVKRWZHDWKHUZRQ¶WODVWIRUHYHU

7DVN
,PDJLQH \RXU GHVN PDWH\RXU WHDFKHU LV D VWUDQJHU 7U\ WR VWDUW D
FRQYHUVDWLRQZLWKKLPKHUE\XVLQJZHDWKHUDVDWRSLF
$UHODWLYHIURPDQRWKHUFLW\DQRWKHUFRXQWU\LVFRPLQJWRVSHQGD
ZHHN LQ %XFKDUHVW DQG EHIRUH OHDYLQJ KHVKH FDOOV WR DVN DERXW WKH
ZHDWKHU $QVZHU KLPKHU ZKLOH LPDJLQLQJ WKDW WKH GDWH LV
D'HFHPEHUE2FWREHUF0D\G$XJXVW
5HPDUN IRU ERWK WDVNV XVH WKH ZHDWKHU DGMHFWLYHV LQ WKH 9RFDEXODU\
VHFWLRQRIWKLVXQLW

) :5,7,1*',6&866,21

:ULWH D VKRUW HVVD\ DERXW \RXU EHVW RU \RXU ZRUVW KROLGD\ 6WDUW E\
WHOOLQJZKDW\RXDUHJRLQJWRZULWHDERXWWKHQLQDSDUDJUDSKRUWZR
GHVFULEHWKHKROLGD\WKHQPHQWLRQZK\\RXOLNHGLWVRPXFKZK\\RX
GLGQ¶W OLNH LW DW DOO ,Q WKH HQG \RX FDQ VWDWH \RXU LQWHQWLRQV IRU WKH
IXWXUHZKDW\RXDUHJRLQJWRGRWRUHSHDWDPDUYHORXVH[SHULHQFHRU
RQWKHFRQWUDU\WRDYRLGDQLJKWPDUHKROLGD\

81,7

75$9(//,1*$&&202'$7,21

6(&7,21,
75$9(//,1*

$/($',1

+RZGR\RXWUDYHOWRDQGIURPWKHIDFXOW\",VLWWLPHFRQVXPLQJ"
+RZGR\RXXVXDOO\WUDYHOZKHQ\RXJRRQKROLGD\"
'R\RXOLNHIO\LQJRUDUH\RXDIUDLGRILW"6D\ZK\
:KDW ZDV \RXU PRVW OHDVW HQMR\DEOH ZD\ RI WUDYHOOLQJ" :KHUH
ZHUH\RXJRLQJ"
,I\RXZDQWHGWRNQRZDUHJLRQDFRXQWU\EHWWHUKRZZRXOG\RX
WUDYHO"
7KLQN RI DW OHDVW WZR SRVLWLYH DQG WZR QHJDWLYH DVSHFWV RI
WUDYHOOLQJDE\ODQGEE\DLUFE\ZDWHU7HOOWKHPWRWKHUHVWRIWKH
FODVV

%5($',1*2%-(&7,9(

7+(*5($7(67(1*,1((5,1*352-(&7(9(5
7KH &KDQQHO 7XQQHO RU LQ VKRUW WKH &KXQQHO LV QRW MXVW RQH
WXQQHO LW FRQVLVWV RI WKUHH WXQQHOV HDFK WKLUW\ PLOHV DERXW NP
ORQJ ,W LV WKH VHFRQG ODUJHVW WXQQHO LQ WKH ZRUOG 7KH ORQJHVW LV WKH
6HLNDQ7XQQHOLQ-DSDQEXWWKH&KDQQHO7XQQHOKDVDORQJHUXQGHU±
VHDVHFWLRQ)LIWHHQWKRXVDQGZRUNHUVSDUWLFLSDWHGLQWKHFRQVWUXFWLRQ
WHQ GLHG LQ DFFLGHQWV DQG FRPSDQLHV VXSSOLHG HTXLSPHQW ,W
FRVWWHQELOOLRQSRXQGVWREXLOG

2QHWHDPEHJDQGULOOLQJLQ)UDQFHDQGWKHRWKHULQ(QJODQG7KH
ELJJHVWSUREOHPIRUWKHEXLOGHUVZDVHQVXULQJWKDWWKHWXQQHOVPHWDW
H[DFWO\WKHVDPHSODFHXQGHUWKHVHDLQWKHPLGGOHRIWKH&KDQQHO7KH
GULOOLQJ PDFKLQHV ZHUH WKH KHDYLHVW HYHU PDGH HDFK ZHLJKLQJ XS WR
WRQV ,Q WKH RSLQLRQ RI 5RJHU 'REVRQ 'LUHFWRU JHQHUDO RI WKH
,QVWLWXWHRI&LYLOHQJLQHHUVLQWKHSHULRGZKHQWKH7XQQHOZDVEXLOWLW
LV³WKHJUHDWHVWHQJLQHHULQJSURMHFWHYHU´
7KHWXQQHOLWVHOILVDQDYHUDJHRIPEHORZWKHVHD±EHGDQG
KDV NP RI UDLOZD\ WUDFN ,W KDV WKH PRVW VRSKLVWLFDWHG UDLOZD\
FRQWUROV\VWHPLQWKHZRUOGDQGLVWKHEXVLHVWUDLOZD\WUDFNLQ(XURSH
ZLWKRQHWUDLQHYHU\WKUHHPLQXWHV

$FFRUGLQJWRWKHWH[WZK\LVWKH&KDQQHO7XQQHOVRVSHFLDO"
:K\ZDVLWVRLPSRUWDQWIRUWKHEXLOGHUVWKDWWKHWZRWXQQHOVPHWDW
H[DFWO\WKHVDPHSODFHXQGHUWKHVHD"
+RZPXFKGLGWKHEXLOGLQJRIWKH&KDQQHO7XQQHOFRVW"
:KDWGR\RXOHDUQIURPWKHWH[WDERXWWKHUDLOZD\LQWKHWXQQHO"

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

+RZFDQ\RXWUDYHOLI\RXZDQWWRJRWR
1HZ<RUN±E\BBBBBBBBBBBB
7KH,VODQGRI&UHWH±E\BBBBBBBBBBBB
7KHFDVWOHVRQWKH/RLUH±E\BBBBBBBBBBBBB
<RXUJUDQGSDUHQWVLQWKHFRXQWU\±VLGH±E\BBBBBBBBBBBBBB
7KHVXSHUPDUNHW±E\BBBBBBBBBBBBB
$QXQNQRZQSODFHLQDQXQNQRZQFLW\±E\BBBBBBBBBBBBBBBB

3ODFHWKHIROORZLQJZRUGVLQWKHULJKWFHOORIWKHWDEOHEHORZ
:RUGVSHWUROVWDWLRQH[SUHVVWUDLQFRFNSLWFRDFKGXW\±IUHHVKRS
ORUU\FKRSSHUTXD\YDQGHFNDLUWUDIILFFRQWUROOHUWLFNHWFROOHFWRU
IUHLJKW WUDLQ FKHFN ± LQ GHVN WDQNHU FDU OLQHU VOHHSLQJ FDU RDU
UXGGHU FDSWDLQ IHUU\ JDUDJH UXQZD\ GHSDUWXUH ORXQJH JHDUV
IXVHODJHGULYHUVWHHULQJ±ZKHHO\DFKWVWHZDUGIOLJKWDWWHQGDQW

7UDQVSRUW 9HKLFOHV 3DUWVRI 6WDII $VVRFLDWHGIDFLOLWLHV
W\SH YHKLFOH
5RDG

5DLO

6HD

$LU

7UDQVODWHLQWR5RPDQLDQ/DVWZHHN,IOHZWR1HZ<RUN,WZDVDQ
HDUO\±PRUQLQJIOLJKW7KHSODQHZDVWRWDNHRIIDWDPDQGODQGDW
DPORFDOWLPH,ZDVVWUDQGHGDWWKHDLUSRUWRYHUQLJKWDVWKHSODQH
ZDVGHOD\HGE\IRJ7KHSODQHZLOOODQGLQ/RQGRQ
7UDLQVLQ-DSDQDOZD\VUXQRQWLPH&RPPXWHUVXVXDOO\WUDYHOE\WUDLQ
WRWKHRIILFH$UHWXUQWLFNHWWR%XGDSHVWSOHDVH:HKDYHWRFKDQJH
WUDLQVLQ:DUVDZ

2XUFDUGRHVNPWRWKHOLWUH7KHFDUVZHUYHGLQWRWKHPLGGOHRIWKH
URDGWRDYRLGWKHF\FOLVW

:KDWPHDQVRIWUDQVSRUWFDQEHDVVRFLDWHGZLWKWKHZRUGVEHORZ"
5RPDQWLFBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$IIRUGDEOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6DIHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPIRUWDEOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HGLRXVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3ULFH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6WUHVVIXOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'DQJHURXVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7LULQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

8VHWKHZRUGVEHORZWRFRPSOHWHWKHVHQWHQFHV
:RUGV ERDUG IOHHW GHFN PDLQODQG GLVHPEDUN KDUERXU URZLQJ
FUHZ
D 7KHBBBBBBBBBBBZDVVRIXOOWKDWWKHVKLSFRXOGQ¶WOHDYH
E ,Q VXPPHU LW¶V YHU\ SOHDVDQW WR WUDYHO RQ BBBBBBBBBBBBRI D VKLS
WKDQWRVLWLQVLGH
F &UXLVHOLQHUVDOZD\VKDYHDGRFWRURQBBBBBBBBBBBBBBB
G +H RZQV D BBBBBBBBBBBB RI RLO WDQNHUV WKDW¶V ZK\ KH¶V VR
ZHDOWK\
H %RWKWKHSDVVHQJHUVDQGWKHBBBBBBBBBBBBZHUHUHVFXHG
I 7KH\ VWRSSHG BBBBBBBBBB DQG OHW WKH ERDW IORDW VORZO\ ZLWK WKH
FXUUHQW
J $OOYLVLWRUVWRWKHVKLSDUHDVNHGWRBBBBBBBBBBBBDVWKHVKLSZLOO
OHDYHWKHKDUERXU
K :HWUDYHOOHGE\IHUU\IURPWKHBBBBBBBBBBBBWRWKHLVODQG

0DWFKWKHZRUGVLQWKHWZRFROXPQVWRIRUPFROORFDWLRQVWKHQILOO
LQWKHJDSVLQWKHVHQWHQFHVWKDWIROORZ
FDELQPDJD]LQH
SDVVSRUWLQVXUDQFH
EUHDWKWDNLQJKDQGOHU
JXLGHGOLQHU
RFHDQGHFN
OXJJDJHYLHZ
WUDYHOORXQJH
XSSHUFRQWURO
GHSDUWXUHWRXU
LQ±IOLJKWSUHVVXUH
D 7KH VWUDQJH JX\ ZDV VWRSSHG DW BBBBBBBBBBBBBBBBBBBBBB E\
DLUSRUWVHFXULW\
E $OOFUHZPHPEHUVZHQWWRWKHBBBBBBBBBBBBBBBBBBBBBBWRPHHW
WKHFDSWDLQ
F :HKDGDBBBBBBBBBBBBBBBBBBBBBBBBBIURPWKHZLQGRZRIRXU
URRP
G 7KHOX[XULRXVBBBBBBBBBBBBBBBBBBBBBBBBFURVVHGWKH$WODQWLFLQ
IRXUGD\V
H 7KH BBBBBBBBBBBBBBBBBBBBBBB GURSSHG DQG PDQ\ SDVVHQJHUV
IHOWTXLWHIDLQW
I $IWHU SDVVLQJ WKURXJK VHFXULW\ ZH ZDLWHG LQ WKH
BBBBBBBBBBBBBBBBBBBBBBBIRURXUIOLJKW
J 2XU KRVW SLFNHG XV XS IURP WKH DLUSRUW DQG JDYH XV D
BBBBBBBBBBBBBBBBBBBBBBBRIWKHFLW\
K ,WLVDGYLVDEOHWRKDYHDBBBBBBBBBBBBBBBBBBBBBBBZKHQ\RXJR
DEURDG
L $ ORW RI GXW\ ± IUHH LWHPV DUH DGYHUWLVHG LQ WKLV
M 0\ VXLWFDVH ZDV ORVW GXH WR WKH QHJOLJHQFH RI WKH
BBBBBBBBBBBBBBBBBBBBBBBBB

&LUFOHWKHPRVWDSSURSULDWHYDULDQW
D 5RWWHUGDPLVDPDMRU(XURSHDQSRUWKDUERXU
E 7KHFKLOGUHQZHUHWDNHQRQDQMRXUQH\H[FXUVLRQE\WKHLUWHDFKHU
F 7KH LUULJDWLRQ FKDQQHOVFDQDOV NHSW WKH ODQG IHUWLOH LQ VSLWH RI WKH
GURXJKW
G 6HYHUDOERDWVOD\DWDQFKRULQWKHSRUWKDUERXU
H , VDLOHG ERWK DFURVV WKH (QJOLVK &DQDO&KDQQHO DQG WKH 6XH]
&KDQQHO&DQDO
I $FHQWXU\DJRDYR\DJHWULSIURP(XURSHWR$PHULFDFRXOGODVWIRU
DIHZPRQWKV
J 7KHQRYHOVDUHEDVHGRQKLVH[FXUVLRQVWUDYHOVWR,QGLD
K $WULSMRXUQH\LVDQ\DFWRIWUDYHOOLQJ
L 7KH VHFUHWDU\ WROG PH WKDW KH ZDV JRQH WR /RQGRQ RQ D EXVLQHVV
YR\DJHWULS

'*5$00$5

,QWKLVXQLW\RXDUHJRLQJWROHDUQDERXWDYHU\LQWHUHVWLQJYHUE
IRUP WKDW GRHV QRW H[LVW LQ 5RPDQLDQ WKH 3UHVHQW 3HUIHFW <RX ZLOO
VHH WKDW LW FDQ EH WUDQVODWHG LQWR 5RPDQLDQ ERWK E\ WKH SUHVHQW RU D
SDVWWHQVH
([,KDYHNQRZQKHUIRU\HDUV 2FXQRVFGHDQL+H
KDVMXVWOHIW 7RFPDLDSOHFDW,WKDVEHHQUDLQLQJIRUDIHZKRXUV
3ORX GHFkWHYDRUH

35(6(173(5)(&76,03/(
6WXG\ WKH ILUVW WZR VHQWHQFHV DERYH :KDW GR WKH XQGHUOLQHG YHUE
IRUPVFRQVLVWRI"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1RZUHDGWKHIROORZLQJVHQWHQFHVDQGGLVFRYHUZKHQ\RXFDQXVH
WKH3UHVHQW3HUIHFW6LPSOH7KHVHQWHQFHVLQWKH3DVW6LPSOHZLOOKHOS
\RXFRPSDUHGLIIHUHQWVLWXDWLRQV
D,KDYHVHHQWKDWPRYLH,VDZLWODVWZHHNHQG
7KH\KDYHEHHQWR*UHHFHWKUHHWLPHV7KH\ILUVWZHQWWKHUHRQWKHLU
KRQH\PRRQ
+DYH \RX PHW P\ FRXVLQ -RKQ" $FWXDOO\ ZH KDYH :H PHW HDFK
\HVWHUGD\DWWKHRIILFHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E2K,FDQ¶WPRYH,WKLQN,¶YHEURNHQP\OHJ
,PXVWVWD\LQEHGDV,¶YHFDXJKWDFROG
+H¶VORVWKLVNH\DQGQRZKHFDQQRWHQWHUWKHKRXVH
F,WKDVUDLQHGDORWWKLV\HDU,WUDLQHGDORWODVW\HDU
, KDYHQ¶W VHHQ KHU WKLV PRUQLQJ ,W¶V DP, GLGQ¶W VHH KHU WKLV
PRUQLQJ,W¶VSP
G 7KH FORFN KDV MXVW UXQJ :H KDYH DOUHDG\ VWXGLHG WKH DUWLFOH 7KH
(QJOLVK FODVV KDVQ¶W HQGHG \HW , KDYH ZRUNHG D ORW ODWHO\ UHFHQWO\
,¶YHEHHQDVWXGHQWIRUWZRPRQWKVVLQFH2FWREHU:HTXDUUHOOHGODVW
ZHHNDQGKHKDVQ¶WWDONHGWRPHHYHUVLQFHVLQFHWKHQ,KDYHDOZD\V
ZDQWHGWRVSHQGP\KROLGD\RQDWURSLFDOLVODQG+DYH\RXHYHUVHHQ
DQDOLHQ",KDYHQHYHUHDWHQVHDIRRG

5HSO\WRWKHIROORZLQJVHQWHQFHVDVLQWKHH[DPSOH
'R\RXUKRPHZRUN,¶YHDOUHDG\GRQHLW
D 7DNH\RXUPHGLFLQHBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E :KHQLVKHOHDYLQJ"BBBBBBBBBBBBBBBBBBBBBBBBBBBB
F <RXPXVWSD\KLPBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G +H¶OOKDYHWRGRLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H :ULWHWKLVH[HUFLVHBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I :KHQZLOOWKH\VSHDNWRWKHPDQDJHU"BBBBBBBBBBBBBBBBBBBBBB
J 'RQ¶WIRUJHWWRULQJKHUXSBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
K 0DNHXS\RXUPLQGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
L 7KLQNDERXWLWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
M 6KHZLOOILQGRXWBBBBBBBBBBBBBBBBBBBBBBBBBBB

,Q WKLV H[HUFLVH \RX KDYH WR UHDG WKH VLWXDWLRQ DQG WKHQ ZULWH D
VXLWDEOHFRQWLQXDWLRQZKLFKFRPHVDVDUHVXOWRUFRQVHTXHQFH8VHWKH
ZRUGVJLYHQ
+HGRHVQ¶WKDYHKLVKRPHZRUNZLWKKLPOHDYHDWKRPH
+HKDVOHIWLWDWKRPH
D 0DU\LVORRNLQJIRUKHUERRNORVH

E 'DYLGGRHVQRWEX\FLJDUHWWHVDQ\PRUHJLYHXSVPRNLQJ
F 0\FORWKHVDUHQRZFOHDQZDVK
G 7KHUH¶VQRPRUHFDNHLQWKHIULGJH-RKQ±HDW
H %LOOLVLQKRVSLWDOKDYHDQDFFLGHQW
I ,KDYHQ¶WJRWDQ\PRQH\VSHQG

0DNHVHQWHQFHVDVLQWKHH[DPSOH
0DU\UHWXUQWRWKHRIILFH"
+DVQ¶W0DU\UHWXUQHGWRWKHRIILFH\HW"
D 6KHFRPHKRPH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E 6XVDQPDNHWKHFDNH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F +HSDVVWKHWHVW"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G 0\VRQWDONWR\RX"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
H 6KHFOHDQWKHFORWKHV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I <RXPDNHGLQQHU"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
J 5R\JRWRWKHEHDFK"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
K -RKQFDWFKWKHWUDLQ"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
L 6KHOHDYHKRPH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
M +HJRWRWKLVKRXVH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
N <RXVHHWKHEDE\"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
O <RXVSHDNWRWKHP"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
P0DU\FDOO\RX"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Q +HGULYHWRWKHRIILFH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
R <RXUHSDLUWKHVWRYH"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
S 7KHERVVVSHDNWRWKHP"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

,Q WKH IROORZLQJ VHQWHQFHV SXW WKH YHUE LQ EUDFNHWV LQ WKH FRUUHFW
IRUP DQG FRPSOHWH WKHP ZLWK WKH ZRUGV EHORZ 7KHUH PD\ EH PRUH
WKDQRQHFRUUHFWDQVZHUVLQVRPHFDVHV
MXVWDOUHDG\\HWVLQFHIRU
D 7KH FKLOGUHQ QRW ± FRPH BBBBBBBBBBBBBB EDFN IURP VFKRRO
BBBBBBBBBBBBB

E 2XUQHLJKERXUEHBBBBBBBBBBBBBBBLOOBBBBBBBBBBBBBBVHYHUDO
PRQWKV
F :HVHHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWKDWILOPWZLFH
G 7KH\KDYHBBBBBBBBBBBBBBBWKLVKRXVHBBBBBBBBBBBB
H +HUHWXUQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBIURPZRUN
I ,QRW±VHHKLPBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDZHHN
J 7KHJDPHQRW±ILQLVKBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
K +H QRW ± KDYHBBBBBBBBBBBBBBBB DQ\ WURXEOH ZLWK WKH
FDUBBBBBBBBBBBBBBKHERXJKWLW
L 6RPHRQHBBBBBBBBBBBBBBBBBBBBBULQJ
M 0\ SDUHQWV QRW ± EH BBBBBBBBBBBBBBBBBBDEURDG BBBBBBBB
&KULVWPDV
N \RXKDYHBBBBBBBBBBBBBBBBBBBBEUHDNIDVWBBBBBBBBBBBBBB"
O +LVVRQEHLOOBBBBBBBBBBBBBBBBBBBBBBBVL[PRQWKV
P3HWHUFRPHBBBBBBBBBBBBBBBBBBBBBBBBBLQ
Q 1RERG\ OLYH BBBBBBBBBBBBBBBBBBBBB LQ WKLV KRXVH
BBBBBBBBBBBBDORQJWLPH
R ³:LOO \RX ZULWH WR KLP"´ ³, ZULWH BBBBBBBBBBBBBBBBBBBBBBBB
KLPVL[OHWWHUV´
S ,WQRW±UDLQBBBBBBBBBBBBBBBBBBDWDOOBBBBBBBBBBBBBBBODVW
VXPPHU
T :HGULYHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBWZRKRXUV
U 7KH +DZWKRUQHV EH PDUULHG BBBBBBBBBBBBBBBBBBBBBBBBBBB
QRWPRUHWKDQWZR\HDUV
V 6KH QRW ± GR BBBBBBBBBBBBBBBBBBBWKH
ZDVKLQJBBBBBBBBBBBBBBB
W 6KH QRW ± PDNH BBBBBBBBBBBBBBBBBBBBB DQ\ SURJUHVV
BBBBBBBBBBBB

,QWKHIROORZLQJVHQWHQFHVSXWEHHQRUJRQH5HPHPEHUWKDWWKHXVH
RI KDYH JRQH LPSOLHV WKDW WKH VXEMHFW KDVQ¶W UHWXUQHG \HW ZKLOH KDYH
EHHQPHDQVWKDWWKHVXEMHFWLVQRZEDFN
D 6KHLVQRWKHUHDWWKHPRPHQW6KH¶VBBBBBBBBWRWKHRIILFH
E %LOO LV QRZ LQ 1HZ <RUN +H¶V BBBBBBBBBB HYHU\ZKHUH LQ WKH
8QLWHG6WDWHVH[FHSW:DVKLQJWRQ'&
F ³+HOOR-RKQ$UH\RXJRLQJWRWKH3RVW2IILFH"´³1R,¶YHDOUHDG\
BBBBBBBBBBBWKHUH´

G /RRNDWDOOWKRVHZRQGHUIXOWKLQJV+DYH\RXBBBBBBBBBBBWRWKH
VKRSVDJDLQ"
H /DXUDKDVBBBBBBBBBBWRWKHEDNHU\WRJHWVRPHEUHDG
I +H¶V DOUHDG\ BBBBBBBBBBBB WR ,WDO\ VR ZH KDYH WR ILQG DQRWKHU
SODFHIRURXUKROLGD\
J +HZDVKHUHDIHZKRXUVDJREXW,WKLQNKH¶VBBBBBBBBBBQRZ

35(6(173(5)(&7352*5(66,9(
7KHXQGHUOLQHGYHUEIRUPVLQWKHVHQWHQFHVD7KHWHDFKHUKDVEHHQ
WDONLQJIRUDIHZPLQXWHVDQGE,KDYHEHHQOLYLQJLQ%XFKDUHVWVLQFH
,EHFDPHDVWXGHQWDUHFDOOHGBBBBBBBBBBBBBB
7KH\ DUH XVHG WR H[SUHVV D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
EBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH WLPH H[SUHVVLRQV XVHG LQ FRPELQDWLRQ ZLWK 3UHVHQW 3HUIHFW
3URJUHVVLYHDUHPRVWRIWHQLQWURGXFHGE\BBBBBBBDQGBBBBBBB

5HDGWKHVLWXDWLRQDQGUHVSRQGWRLWXVLQJWKHZRUGVLQEUDFNHWV
5LFKDUGLVDOOZHWKHZDONLQWKHUDLQ
+HKDVEHHQZDONLQJLQWKHUDLQ
D ,¶YHJRWDKHDGDFKH,ZRUNKDUGDOOGD\
E <RXJRWKHUHIDVW,UXQ
F 7KHURRPLVIXOORIVPRNH'DYLGVPRNH
G :KDW¶VWKDWQLFHVPHOO"&KULVEDNHDFDNH
H +LVH\HVDUHUHGKHFU\

I 0DU\¶VKDQGVDUHGLUW\VKHZRUNLQWKHJDUGHQ

5HVSRQGDVLQWKHH[DPSOH
6RVKHLVOHDUQLQJ(QJOLVKLVQ¶WVKH"
<HVVKHKDVEHHQOHDUQLQJ(QJOLVKVLQFH-XO\
D 7KH\DUHOLYLQJLQWKDWKRXVHDUHQ¶WWKH\"
<HVBBBBBBBBBBBBBBBBBBIRU\HDUV
E 7KHSROLFHDUHORRNLQJIRU-RKQDUHQ¶WWKH\"
<HVBBBBBBBBBBBBBBBBBBVLQFHKHHVFDSHG
F 7KHSKRQHLVULQJLQJLQWKHKRXVH
<HVBBBBBBBBBBBBBBBBBBIRUPLQXWHV
G 0DU\LVVWD\LQJDWDKRWHOLVQ¶WVKH"
<HVBBBBBBBBBBBBBBBBBBIRUDZHHNQRZ
H /RRN,W¶VVQRZLQJ
<HVBBBBBBBBBBBBBBBBBBVLQFH\RXZHQWWREHG
I 7KH\DUHVOHHSLQJDUHQ¶WWKH\"
<HVBBBBBBBBBBBBBBBBBBVLQFHR¶FORFN
J <RXDUHGRLQJ\RXUKRPHZRUNDUHQ¶W\RX"
<HVBBBBBBBBBBBBBBBBBBIRUPRUHWKDQDQKRXU

(/$1*8$*(,186(

,QDQDLUSRUW5HDGWKHIROORZLQJFRQYHUVDWLRQVDQGWRJHWKHUZLWK
\RXU GHVN PDWH GHFLGH ZKHUH WKH\ PLJKW WDNH SODFH D SDVVSRUW
FRQWURO E EDJJDJH FODLP F WKH FKHFN LQ GHVN G WKH SODQH H WKH
DUULYDOKDOOIWKHGHSDUWXUHORXQJH
&RQYHUVDWLRQBBBBBBBBBBBBBBBBBBBBBBBBB
$$K«0$WR0DGULG7KDW¶VRXUIOLJKW
%:DVLWJDWHRU"
$,FRXOGQ¶WKHDUZHOOHLWKHU,WKLQNLWZDV
%/LVWHQWKHUHLWLVDJDLQ,WLVJDWH
$2.FRPHRQ

&RQYHUVDWLRQBBBBBBBBBBBBBBBBBBBBBBBB
$&DQ,VHH\RXUSDVVSRUWSOHDVH"
%<HVRIFRXUVH+HUH\RXDUH
$:KHUHDUH\RXWUDYHOOLQJ"
%7R/RQGRQ,¶PDWWHQGLQJDWZR±GD\VHPLQDURQPDUNHWUHVHDUFK
$,W¶V2.6LU7KDQN\RXYHU\PXFK

$&DQ,KDYH\RXUWLFNHWSOHDVH"
%<HVRIFRXUVH+HUH\RXDUH
$'R\RXKDYHMXVWRQHVXLWFDVH"7KLVEDJLVKDQGOXJJDJH
%7KDW¶VILQH6PRNLQJRUQRQ±VPRNLQJ"
$1RQ±VPRNLQJSOHDVH
%2.PDGDP+HUHLV\RXUERDUGLQJSDVV+DYHDQLFHIOLJKW

$&DQ,KDYH\RXUWUD\PDGDP"
%<HVKHUH\RXDUH
$ 7KDQN \RX $QG FDQ \RX IDVWHQ \RXU VHDW EHOW" :H ODQG LQ WHQ
PLQXWHV
%<HVRIFRXUVH

$([FXVHPH,WKLQNWKDW¶VP\VXLWFDVH
%,¶PVRUU\P\VXLWFDVHLVUHGWRR
$0D\EHWKDWRQHLV\RXUV"
$<HVLWLV7KDQN\RXYHU\PXFK

$+HOOR$UH\RX0LKDL,RQHVFXIURP5RPDQLD"
%<HV,DP$QG,VXSSRVH\RXDUH0U6PLWKVRQIURP%HVW)DVKLRQ
/WGDUHQ¶W\RX"
$ <HV , DP <RX¶UH ULJKW :HOFRPH WR (QJODQG 0U ,RQHVFX :DV
\RXUIOLJKWJRRG"
$<HVLWZDVWKDQN\RXIRUDVNLQJ
%/HW¶VJR,¶OOVHH\RXRIIDW\RXUKRWHO7KHFRPSDQ\FDULVZDLWLQJ
IRUXVRXWVLGH

1RZ ORRN RYHU WKH VL[ GLDORJXHV DJDLQ DQG LQ SDLUV GHFLGH ZKR
VSHDNHUV$DQG%DUHLQHDFKFDVH

:KHUH GR \RX JR ILUVW ZKHQ \RX WUDYHO E\ SODQH 3XW WKH SODFHV
HQXPHUDWHG LQ ([HUFLVH DERYH LQ WKH FRUUHFW RUGHU ± BBBB
±BBBB±BBBB±BBBB±BBBB±BBBB
7KLQNRIVRPHUROHSOD\VLQDQDLUSRUWRURQDSODQHDQGEXLOGVL[
VKRUWGLDORJXHV<RXFDQZRUNLQJURXSVRIWZRRUWKUHH

&DOOLQJDWD[L:KHQ\RXJRWRDIRUHLJQFRXQWU\DQGWKHUHLVQRERG\
ZDLWLQJIRU\RX\RXQHHGWRWUDYHOIURPWKHDLUSRUWWKHUDLOZD\VWDWLRQ
WR \RXU KRWHO DQG WKH HDVLHVW ZD\ WR GR WKDW LV E\ WD[L $OVR ZKHQ
YLVLWLQJ D IRUHLJQ FLW\ LW LV VRPHWLPHV HDVLHU WR WUDYHO IURP RQH
PXVHXPWRDQRWKHUE\WD[L7RJHWKHUZLWK\RXUGHVNPDWHLPDJLQHD
WKDW \RX JHW RQ D WD[L LQ /RQGRQ DQG \RX WHOO WKH GULYHU WR WDNH \RX
IURP 7KH %XFNLQJKDP 3DODFH WR WKH %LJ %HQ E WKDW \RX SKRQH WKH
RSHUDWRUDQGDVNIRUDWD[LLQIURQWRIWKH:HVWPLQVWHU$EEH\
D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

6(&7,21,,
$&&202'$7,21

$/($',1

&DQ \RX HQXPHUDWH D IHZ KRWHOV LQ %XFKDUHVW" :KLFK ZRXOG \RX
UHFRPPHQGWRDIRUHLJQIULHQGDQGZK\"
:KHQ\RXUHDFK\RXUGHVWLQDWLRQDQGZDQWWRERRNLQZKDWH[DFWO\
GR\RXKDYHWRGR"

$UUDQJHWKHIROORZLQJFULWHULDRIFKRRVLQJDKRWHOLQRUGHURIWKHLU
LPSRUWDQFH IRU \RX ORFDWLRQ SULFH EUHDNIDVW LQFOXGHG VZLPPLQJ
SRROGLVFRXQWVVLJKWVHHLQJWRXUVURRPGHVLJQIDPH
,PDJLQH\RXDUHDKRWHOUHFHSWLRQLVW:KDWZRXOG\RXUHFRPPHQG
DIRUHLJQHUWRYLVLWLQDRQHGD\VLJKWVHHLQJWRXURI%XFKDUHVW":RUN
LQSDLUV
$VTXLFNO\DV\RXFDQWKLQNDERXW
VRPHWKLQJ\RXQHYHUWUDYHOZLWKRXW
WKHWKLQJ\RXPLVVPRVWDERXWKRPHZKHQ\RXWUDYHO
ZKHUH\RXZRXOGJRIRUDURPDQWLFKROLGD\
DSODFH\RX¶YHDOZD\VZDQWHGWRYLVLW

% 5($',1*2%-(&7,9(

/(7¶69,6,7(8523(
%8'$3(67
%XGDSHVW KDV D SRSXODWLRQ RI RYHU WZR PLOOLRQ SHRSOH 2QH LQ
HYHU\ILYH+XQJDULDQVOLYHVWKHUH7KH5LYHU'DQXEHGLYLGHVWKHFLW\
LQWRWZRSDUWV2QWKHZHVWEDQNWKHUHDUHWKHZRRGVDQGKLOOVRI%XGD
DQG WKH ROG WRZQ 2Q WKH HDVW EDQN WKHUH LV WKH ELJJHU DQG PRUH
PRGHUQ3HVWWKHEXVLQHVVDQGVKRSSLQJFHQWUH)URP%XGDWKHUHDUH
ZRQGHUIXOYLHZVRI3HVWDQGWKHULYHU6L[EULGJHVMRLQ%XGDDQG3HVW
)RU QHDUO\ D WKRXVDQG \HDUV %XGD DQG 3HVW ZHUH WZR WRZQV
7KHQLQWKH\MRLQHGDQGEHFDPHRQHFLW\%XGDSHVW8QWLO
%XGDSHVW ZDV RQH RI WKH PRVW LPSRUWDQW FXOWXUDO FDSLWDOV RI (XURSH
7KHQ :RUOG :DU ,, VWDUWHG ,Q WKH FLW\ ZDV LQ UXLQV DQG WKH
&RPPXQLVWVWRRNFRQWURO,QWKHSHRSOHWULHGWRIUHHWKHPVHOYHV
7KH\SXOOHGGRZQDVWDWXHRI6WDOLQDQGIRXJKWWKHVROGLHUVEXWWKH\
ZHUHQRWVXFFHVVIXO&RPPXQLVWUXOHGLGQRWHQGXQWLO
%XGDSHVWLVYHU\XQXVXDOEHFDXVHLWKDVWZRFRPSOHWHO\GLIIHUHQW
SDUWV <RX FDQ FKRRVH WKH SHDFH DQG TXLHW RI %XGD¶V ZRRGV RU WKH
H[FLWHPHQWRI3HVWZKHUHWKHUHDUHJRRGWKHDWUHVUHVWDXUDQWVEDUVDQG
VKRSV
7KH SXEOLF WUDQVSRUW V\VWHP LQ %XGDSHVW LV RQH RI WKH EHVW DQG
FKHDSHVWLQWKHZRUOG<RXFDQWUDYHOHDVLO\E\XQGHUJURXQGEXVWUDP
DQGWD[L

<RXFDQYLVLWWKH2OG&LW\VXVSHQGHGRQDKLOODQGYLVLEOHIURP
DOO WKH SDUWV RI WKH WRZQ RU 9DFL 8WFD WKH PRVW IDPRXV FRPPHUFLDO
VWUHHWDOZD\VIXOORIWRXULVWV
7KHKHDOWKLHVWWKLQJWRGRLVWRYLVLWRQHRIWKHWKLUW\VSDEDWKV
DQGVZLPPLQJSRROV7KHPLQHUDOZDWHUVRI%XGDSHVWDUHIDPRXVDQG
DYHU\SRSXODUZD\WRUHOD[
35$*8(
3UDJXHKDVDSRSXODWLRQRIRYHURQHPLOOLRQSHRSOH,WLVQRWWKH
ELJJHVWFLW\LQ(XURSHEXWLWLVFHUWDLQO\RQHRIWKHPRVWEHDXWLIXO,WLV
EXLOWRQVHYHQKLOOVRQWKHEDQNVRIWKHULYHU9OWDYD)LIWHHQEULGJHV
FURVV WKH ULYHU 7KH PRVW IDPRXV LV &KDUOHV %ULGJH ZKLFK MRLQV
3UDJXH&DVWOHDQGWKHROGWRZQ7KHYLHZRIWKHFDVWOHIURPWKHULYHU
LVYHU\IDPRXV
3UDJXHGLGQRWEHFRPHDFDSLWDOXQWLO2FWREHUDIWHU:RUOG
:DU,ZKHQ&]HFKRVORYDNLDEHFDPHDQLQGHSHQGHQWFRXQWU\7ZHQW\
\HDUVODWHULQLWORVWLWVLQGHSHQGHQFHDJDLQEHIRUH:RUOG:DU
,,$IWHUWKHZDULQWKH&RPPXQLVWVWRRNFRQWURO,QWKH
SHRSOH WULHG WR IUHH WKHPVHOYHV DQG IRXJKW WKH VROGLHUV LQ :HQFHVODV
6TXDUH EXW WKH\ ZHUH QRW VXFFHVVIXO &RPPXQLVW UXOH GLG QRW HQG
XQWLO
6RPH SHRSOH VD\ WKDW 3UDJXH LV WKH PRVW EHDXWLIXO FLW\ LQ WKH
ZRUOG 7KH\ FDOO LW ³7KH *ROGHQ &LW\´ DQG ³7KH 0RWKHU RI &LWLHV´
EHFDXVH LW VWLOO KDV PDQ\ EHDXWLIXO PHGLHYDO EXLOGLQJV DQG VWDWXHV
3HUKDSV WKH PRVW SRSXODU EXLOGLQJ LV 7KH 2OG 7RZQ KDOO ZLWK LWV
DPD]LQJWKFHQWXU\DVWURQRPLFDOFORFN
3HRSOH DOVR FDOO 3UDJXH ³(XURSH¶V VFKRRO RI PXVLF´ 7KHUH DUH
PDQ\ FRQFHUW KDOOV DQG HYHU\ 0D\ WKHUH LV D IDPRXV PXVLF IHVWLYDO
³3UDJXHVSULQJ´7KHUHDUHDOVRWKHDWUHVDQGPDQ\ROGSXEVZLQHEDUV
DQGUHVWDXUDQWV7KHUHLVDOVRDQXQGHUJURXQGWUDQVSRUWV\VWHPDQGWKH
URDGVKDYHEHHQPRGHUQL]HGEXWWUDIILFLVVWLOODSUREOHP,WLVRIWHQ
EHWWHUWRZDONDQGIHHOWKHDWPRVSKHUHRIWKHSUHWW\OLWWOHVWUHHWV

:KDWDUHDFFRUGLQJWRWKHDXWKRURIWKHWH[WWKHPDLQDWWUDFWLRQVLQ
WKHWZRFLWLHV"
+RZGRHVWKHLUUHFHQWKLVWRU\UHVHPEOH"

,I\RXFRXOGFKRRVHWRYLVLWRQHRIWKHWZRFLWLHVZKLFKRQHZRXOG
\RX SUHIHU DQG ZK\" %DVH \RXU DUJXPHQWV RQ LQIRUPDWLRQ IURP WKH
WH[W

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

)LQGDV\QRQ\PDQGDQDQWRQ\PIRUWKHIROORZLQJZRUGVIURPWKH
WH[WDERYH
GLYLGHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MRLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SXOOGRZQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
XQXVXDOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
IDPRXVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQGHSHQGHQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DPD]LQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7RZQVDQGFLWLHVRIIHUPDQ\IDFLOLWLHVWRWKHLULQKDELWDQWVVXFKDV
WKRVHHQXPHUDWHGEHORZ3XWWKHPLQWKHFRUUHFWFHOORIWKHWDEOH
+HDOWK FHQWUH OLEUDU\ RSHUD KRXVH WDNH ± DZD\ WHQQLV FRXUW &LW\
KDOO GHSDUWPHQW VWRUH FDU SDUN FROOHJH VNDWLQJ ULQN PDOO SXEOLF
WUDQVSRUWFKHPLVW¶VFOXEDUWJDOOHU\SDUNODZFRXUWFDWHULQJ

(QWHUWDLQPHQW 7UDQVSRUW (GXFDWLRQ 6SRUWV )RRG 2WKHU

6XJJHVW WKUHH ZRUGV ZKLFK ZRXOG FROORFDWH ZHOO ZLWK WKH QRXQV
EHORZ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBPXVHXP
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFHQWUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFROOHJH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFOXE
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBFRXUW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDJHQF\

)LOO LQ WKH JDSV ZLWK WKH PRVW VXLWDEOH H[SUHVVLRQ EHG DQG
EUHDNIDVW ERRN D URRP XQSDFN WKH OXJJDJH FKHFN LQ FDQFHO D
UHVHUYDWLRQ
D $VVRRQDVZHDUULYHGDWWKHKRWHOZHBBBBBBBBBBBBBBBBBDQGZH
ZHQWWRWKHEHDFK
E ,¶GOLNHWRBBBBBBBBBBBBBBBIRUWKLVZHHNHQGSOHDVH
F 7KHSULFHLQFOXGHVBBBBBBBBBBBBBBBBBBBBB
G ,¶P UHDOO\ VRUU\ EXW , KDYH WR BBBBBBBBBBBBBBBBBBBB ,¶P QRW
WUDYHOOLQJWR/RQGRQDQ\PRUHEHFDXVHRIVRPHKHDOWKSUREOHPV
H ,QRXUKRWHOBBBBBBBBBBBBBBLVDOZD\VGRQHDIWHUR¶FORFN

'*5$00$5

&KRRVH WKH DSSURSULDWH EHJLQQLQJV RU HQGLQJV IRU WKH VHQWHQFHV
EHORZ
D +HTXDOLILHGDVDGRFWRUVLQFHDIHZ\HDUVDJR
E ,KDYHZULWWHQDORWRISRHPVRYHUWKHODVWWHQ\HDUVODVW\HDU
F /RRN/DVWZHHNWKHRLOSULFHVKDYHJRQHXSDJDLQ
G 7KH\KDYHSDLGWKHUHQW7KH\SDLGWKHUHQWWKUHHGD\VDJR
H -LPP\KDVILQLVKHGKLVGLQQHUDPLQXWHDJRDOUHDG\
I 6KHIHOODVOHHSVLQFHR¶FORFNDWR¶FORFN

J /LVWHQ$PRPHQWDJRVRPHRQHKDVJRQHLQWRWKHKRXVH
K 6KHKDVEHHQLQ*UHHFHVLQFH-XQHLQ-XQH

8QGHUOLQHWKHFRUUHFWDOWHUQDWLYH
D 7KH\DUHUHSDLULQJKDYHEHHQUHSDLULQJWKHFDUDWWKHPRPHQW
E +HLVZRUNLQJ+HKDVEHHQZRUNLQJIRU81(6&2VLQFH
F ,WLVVQRZLQJ,WKDVEHHQVQRZLQJIRUGD\V
G 0DU\KDVEHHQVOHHSLQJ0DU\LVVOHHSLQJDOODIWHUQRRQ
H 7KH\ DUH VSHQGLQJ WKHLU KROLGD\V LQ 6SDLQ IRU D ZHHNDW WKH
PRPHQW
I +RZORQJKDYH\RXEHHQOLYLQJDUH\RXOLYLQJLQ/RQGRQ"
J 7KHFKLOGUHQDUHSOD\LQJKDYHEHHQSOD\LQJQRZ
K 7KHSROLFHKDYHEHHQZDLWLQJIRU\RXIRUWZRKRXUVQRZ
L 2XUJXHVWVDUHOHDYLQJKDYHEHHQOHDYLQJWRGD\
M /RRN7KHEXVLVFRPLQJKDVEHHQFRPLQJ

3XW WKH YHUEV LQ EUDFNHWV LQWR 3UHVHQW 3HUIHFW 6LPSOH RU 3UHVHQW
3HUIHFW3URJUHVVLYH
D 6KHBBBBBBBBBBBBBBBBBBBBDQ\OHWWHUVWRGD\QRW±W\SH
E 7KH\BBBBBBBBBBBBBBBBBBBBBBWKDWILOPEHIRUHQRW±VHH
F ,ZRQGHUZKHUH3HWHUBBBBBBBBBBBBBBBBBBEH
G +LVFORWKHVDUHGLUW\+HBBBBBBBBBBBBBBBBBBBWRUHSDLUWKHFDU
WU\
H 7KH\BBBBBBBBBBBBBBBBBBBZDWFKHVIRUPRUHWKDQWZHQW\\HDUV
VHOO
I )LUH BBBBBBBBBBBBBBBBBBB RXW RQ ERDUG RI DQ RLO WDQNHU LQ WKH
$HJHDQ6HDEUHDN
J 6KHBBBBBBBBBBBBBBBBBBVSDJKHWWLQHYHU±HDW
K 7KH\DUHWLUHG7KH\BBBBBBBBBBBBBBBBBBDOOGD\ZDON
L 0UV 3DUN BBBBBBBBBBBBBBBBBB WKH SXE IRU VHYHQ \HDUV QRZ
UXQ
M /RRN0\ZDWFKBBBBBBBBBBBBBBBBBBBVWRS
N 7KHOLQHLVVWLOOEXV\6KHBBBBBBBBBBBBBBBBBBBBRQWKHSKRQHIRU
KRXUVWDON
O +H BBBBBBBBBBBBBBBBBBBB QRQ ± VWRS LQ WKH RIILFH DOO GD\
ZRUN
P:HBBBBBBBBBBBBBBBBBBBBWKH%URZQVIRUPDQ\\HDUVNQRZ

Q 7KHFRDFKIURP$WKHQVBBBBBBBBBBBBBBBBBBBMXVW±DUULYH
R ,ZRQGHUKRZORQJKHBBBBBBBBBBBBBBBBBB(QJOLVK+HVSHDNVLW
YHU\ZHOOOHDUQ

3XWWKHYHUEVLQEUDFNHWVLQHLWKHUWKH3UHVHQW3HUIHFW6LPSOHRUWKH
3UHVHQW3HUIHFW3URJUHVVLYHDQGSXWLQIRURUVLQFH
D +RZ ORQJ \RX ± GULYH BBBBBBBBBBBBBBBBBBBB WKLV FDU"
BBBBBBBBBBBBWZR\HDUV
E 7KH\ QRW ± KDYH BBBBBBBBBBBBBBBBBB D KROLGD\BBBBBBBBBBBB
WKHLUVRQGLHG
F $OWKRXJK KH VWXGLHV YHU\ KDUG KH QRW ± PDNH
BBBBBBBBBBBBBBBBPXFKSURJUHVVBBBBBBBBBODVW\HDU
G 7KDW GRJ OLH BBBBBBBBBBBBBBBBB XQGHU WKH EHG BBBBBBBBB
KRXUV
H :HZDLWBBBBBBBBBBBBBBBBBIRUWKHPBBBBBBBBBBBR¶FORFN
WKLVPRUQLQJEXWWKH\QRW±WXUQBBBBBBBBBBBBBBBBBBBXS\HW
I 7KH ILUH EXUQ BBBBBBBBBBBBBBBBBBBBBBBBBB \HVWHUGD\
PRUQLQJ
J $OWKRXJK KH OHDUQ BBBBBBBBBBBBBBBBBBBBBBBB )UHQFK
BBBBBBBBBILYH\HDUVKHFDQ¶WVSHDNLWYHU\ZHOO
K ,QRW±ZLQGBBBBBBBBBBBBBBXSWKLVZDWFKBBBBBBBBDJHV
L BBBBBBBBBBBBBB KH DUULYHG KHUH KH ZULWH
BBBBBBBBBBBBBBBBBBBKHUIRXUOHWWHUV
M +H WKLQNBBBBBBBBBBBBBBBBBBBBBB RI PDUULDJH BBBBBBBBBBB
KLVVLVWHUJRWPDUULHG

&203$5,6212)$'-(&7,9(6
5HDGWKHVHQWHQFHVEHORZDQGWKHQILOOLQWKHEODQNV
$GMHFWLYH +,*+ .LOLPDQMDUR LV D +,*+ PRXQWDLQ 7KH $OSV DUH
+,*+(57+$1WKH&DUSDWKLDQV(YHUHVWLV7+(+,*+(67PRXQWDLQLQ
WKHZRUOG7KLVWUHHLVDOPRVW$6+,*+$6RXUKRXVH$VIDUDV,NQRZ
0RXQW2PXLV/(66+,*+7+$10RXQW(YHUHVW
$GMHFWLYH /$5*( 7KH %DODWRQ LV D BBBBBBBBBB ODNH LQ +XQJDU\ $Q
RFHDQLVBBBBBBBBWKDQDVHD7KH3DFLILFLVBBBBBBBBRFHDQLQWKHZRUOG
0\ URRP LV BBBBBBBBP\ EURWKHU¶V LQ IDFW WKH\ DUH LGHQWLFDO 8VXDOO\ D
EHGURRPLVBBBBBBBBBDOLYLQJURRP

$GMHFWLYH 5,&+ 7KLV LV D GLVWULFW IRU BBBBB SHRSOH 7KH ZULWHU -.
5RZOLQJ LV BBBBBBBB WKH 4XHHQ RI (QJODQG ,Q IDFW VKH LV BBBBBBBBB
SHUVRQLQWKH8.,ZLVKZHZHUHBBBBBBB%LOO*DWHV+HLVBBBBBBBKLV
EURWKHUEHFDXVHKHKDWHVZRUN
$GMHFWLYH ,03257$17 7KLV LV DQ ,03257$17 LVVXH ,V (QJOLVK
025( ,03257$17 7+$1 RWKHU ODQJXDJHV" 6RPH SHRSOH FODLP LW LV
7+(0267,03257$17ODQJXDJHLQWKHZRUOG,QWKLVFRPSDQ\EHLQJ
OR\DOLV$6,03257$17$6ZRUNLQJKDUG,V3K\VLFDO(GXFDWLRQ/(66
,03257$177+$1RWKHUVFKRROVXEMHFWV"
$GMHFWLYH ,17(5(67,1* 0HHWLQJ QHZ SHRSOH LV UHDOO\ BBBBBBBBBBB
6WXG\LQJ PDUNHWLQJ LV BBBBBBBBBBBBBB WKDQ , H[SHFWHG +H LV
BBBBBBBBBBBBBBSHUVRQ,KDYHHYHUPHW7KHFULWLFVVD\KLVQHZERRNLV
BBBBBBBBBBBBBWKHSUHYLRXVRQH7KH(FRQRPLFVFRXUVHLVBBBBBBBBBBBB
WKDQWKH$FFRXQWLQJRQHPD\EHEHFDXVHLW¶VWRRWKHRUHWLFDO
$GMHFWLYH %($87,)8/ (YHU\ERG\ FRQVLGHUV KHU D BBBBBBBBBBB
ZRPDQ7KLVGUHVVLVBBBBBBBBBBBBBWKDQWKHRQH\RXERXJKW6KHZRQ
WKHEHDXW\FRQWHVWDOWKRXJKVKHZDVQRWBBBBBBBBBBBBBBBSDUWLFLSDQW6KH
LVBBBBBBBBBBBKHUPRWKHU6RUU\\RXORRNBBBBBBBBBBBBZLWKWKLVQHZ
KDLUFXW

7KHIROORZLQJDGMHFWLYHVKDYHLUUHJXODUFRPSDULVRQ5HDGWKHPDQGWKHQ
WU\WRWUDQVODWHWKHVHQWHQFHVLQWR(QJOLVK
JRRG±EHWWHU±WKHEHVW
EDG±ZRUVH±WKHZRUVW
IDU±IDUWKHUIXUWKHU±WKHIDUWKHVWWKHIXUWKHVW
PXFKPDQ\±PRUH±WKHPRVW
OLWWOH±OHVV±WKHOHDVW
QHDU±QHDUHU±WKHQHDUHVWWKHQH[W
ROG±ROGHUHOGHU±WKHROGHVWWKHHOGHVW
D )UDWHOHPHXPDLPDUHVWXGLD] PDUNHWLQJXO
E 'LQS F WHDPOXDWFHDPDLSURDVW GHFL]LH
F &HO PDL EXQ PRG GH D vQY D R OLPE VWUDLQ HVWH V SHWUHFL PDL
PXOWWLPSvQ DUDXQGHHVWHYRUELW

G $FHVWDHVWHFHOPDLSX LQLQWHUHVDQWFXUVODFDUHDPIRVWYUHRGDW
H %XQLFXOHVWHFHOPDLvQYkUVW PHPEUXDOIDPLOLHL

(/$1*8$*(,186(
$WWKHUHFHSWLRQGHVN&KHFNLQJLQRXW&RPSODLQLQJ
8QVFUDPEOHWKHOLQHVEHORZWRREWDLQDFRQYHUVDWLRQDWWKH5HFHSWLRQ
'HVNRIDKRWHO
BBBB&HUWDLQO\$VLQJOHURRPRUDGRXEOH"
BBBB-XVWWKLVRQHEDJ
BBBB<HVVXUH'R\RXZDQWP\DGGUHVVWRR"
BBBB+HUHLV\RXUNH\<RXUURRPQXPEHULV,KRSH\RX¶OOHQMR\
\RXUVWD\
BBBB6LQJOHSOHDVH
BBBB*RRGHYHQLQJ&DQ,KHOS\RX"
BBBB$VKRZHU+RZPXFKLVWKHURRP"
BBBB<HVSOHDVH&RXOG,KDYHDURRPIRUWKHQLJKW"
BBBB1RWKDQNV-XVWEUHDNIDVW&DQ,SD\E\FUHGLWFDUG"
BBBB1RMXVWDVLJQDWXUH'R\RXKDYHDQ\OXJJDJH"
BBBB<HV9LVDDQGDFFHVV&RXOG\RXVLJQWKHUHJLVWHUSOHDVH"
BBBB:RXOG\RXOLNHDURRPZLWKDVKRZHURUDEDWK"
BBBBIRUWKHURRPDQGEUHDNIDVW:RXOG\RXOLNHDQHYHQLQJPHDO
DVZHOO"
BBBB7KDQN\RX

1RZ ORRN DW WKH UHTXHVWV RI D KRWHO JXHVW &RPSOHWH WKHP XVLQJ
&RXOG,&RXOG\RXDQGDOVRWU\WRJXHVVZKHUHWKH\FDQWDNHSODFH
D BBBBBBBBBBBBBKDYHWKHPHQXSOHDVH"
E BBBBBBBBBBBBBJLYHPHWKHELOO"
F BBBBBBBBBBBBBKDYHVRPHFRIIHHSOHDVH"
G BBBBBBBBBBBBBKDYHEUHDNIDVWLQP\URRPSOHDVH"
H BBBBBBBBBBBBBFOHDQP\VKLUWV"
I BBBBBBBBBBBBBZDNHPHXSDWWRPRUURZPRUQLQJ"
J BBBBBBBBBBBBBFKDQJHVRPHWUDYHOOHU¶VFKHTXHV"
K BBBBBBBBBBBBBUHFRPPHQGDJRRGUHVWDXUDQW"

&RPSODLQWV
$GLUHFWFRPSODLQWLQ(QJOLVKRIWHQVRXQGVYHU\UXGHLQGHHG7R
EH SROLWH ZH XVXDOO\ ³EUHDN LW JHQWO\´ DQG XVHH[SUHVVLRQVOLNHWKHVH
EHIRUHZHDFWXDOO\FRPHWRWKHSRLQW
,ZRQGHULI\RXFRXOGKHOSPH«
/RRN,¶PVRUU\WRWURXEOH\RXEXW«
,¶YHJRWDELWRIDSUREOHPKHUH\RXVHH«
,¶PVRUU\WRKDYHWRVD\WKLVEXW«

,W LV XVXDOO\ EHWWHU WR EUHDN LW JHQWO\ OLNH WKLV WKDQ WR VD\ IRU
H[DPSOH

/RRNKHUH,GRQ¶WOLNHP\URRPLW¶VQRLV\DQGGLUW\
25 ,¶YHMXVWDERXWKDGHQRXJKRIWKHIRRGLQ\RXUKRWHO

,WLVRIWHQQRWHQRXJKWRMXVWVD\³6RUU\´DQGSURPLVHLWZRQ¶W
KDSSHQDJDLQ<RXPD\QHHGWRDSRORJLVHPRUHSURIXVHO\OLNHWKLV

2KGHDU,¶PPRVWDZIXOO\VRUU\
,FDQ¶WWHOO\RXKRZVRUU\,DP
,¶PVRVRUU\,GLGQ¶WUHDOLVH
,MXVWGRQ¶WNQRZZKDWWRVD\
,¶PHYHUVRVRUU\

7DVNV
&RPSODLQDERXWWKHIDFWWKDWDWKHKRWZDWHUWDSLQ\RXUURRP
LVRXWRIRUGHUEWKHPDLGKDVQRWFKDQJHG\RXUWRZHOVIRUWZRGD\V
DOUHDG\ F WKH UHFHSWLRQLVW KDV IRUJRWWHQ WR FDOO WKH WD[L \RX RUGHUHG
WZHQW\PLQXWHVDJR

<RX DUH VWD\LQJ LQ D KRWHO DQG D ORW RI WKLQJV KDYH JRQH
ZURQJ %XLOG FRQYHUVDWLRQV OLNH WKLV IURP WKH SURPSWV EHORZ XVLQJ
WKHH[SUHVVLRQVSUHVHQWHGDERYH

*XHVW ([FXVHPH,ZRQGHULI\RXFDQKHOSPH
0DQDJHU:KDWVHHPVWREHWKHWURXEOHVLU"

*XHVW :HOO\RXVHHWKHUHGRHVQ¶WVHHPWREHDQ\KRWZDWHULQP\
URRP

0DQDJHU2K,¶PVRUU\,¶OOKDYHLWVHHQWRDWRQFH
*XHVW 7KDQNVYHU\PXFK

KRWZDWHUVRXSKHDWLQJVWHDNSLOORZVFRIIHH79 QR LFH GUDXJKW
VORZVHUYLFH

):5,7,1*',6&866,21

:ULWH DQ H ± PDLO WR WKH 6KDNHVSHDUH +RWHO LQ 6WUDWIRUG ± XSRQ ±
$YRQ(QJODQGWRILQGRXWDERXWWKHLUSULFHVGLVFRXQWVDQGIDFLOLWLHV
<RX DUH WKLQNLQJ RI VSHQGLQJ D IRUWQLJKW WKHUH WRJHWKHU ZLWK \RXU
IDPLO\$OVRLPDJLQHDUHSO\H±PDLO

81,7

7+(+80$1%2'<+($/7+

6(&7,21,

7+(+80$1%2'<

$/($',1
+RZGR\RXIHHODERXWJURZLQJROGHU"
:LWK ZKLFK DJHV ZRXOG \RX DVVRFLDWH WKH IROORZLQJ ZULQNOHV
QDSSLHV EDOGQHVV D PRUWJDJH H[SHFWLQJ D EDE\ EHLQJ SURPRWHG
JUDGHVDQGH[DPV
&RPSOHWHWKHIROORZLQJVHQWHQFHDQGH[SODLQ\RXUDQVZHU³,ZLVK
,FRXOGORRNOLNH«´
+RZKDYHEHDXW\FDQRQVFKDQJHGRYHUWKHFHQWXULHV"
+RZZRXOG\RXGHVFULEHWKHODWHVWIDVKLRQIRUPHQZRPHQ"
+RZ ZRXOG \RX JHW GUHVVHG LQ WKH IROORZLQJ FLUFXPVWDQFHV D
IDPLO\ SLFQLF D MRE LQWHUYLHZ DQ RUGLQDU\ GD\ DW WKH IDFXOW\ D
ZHGGLQJUHFHSWLRQDQHYHQLQJRXWZLWK\RXUQHZER\IULHQGJLUOIULHQG

%5($',1*2%-(&7,9(
,6%($87<,17+((<(2)7+(%(+2/'(5"
,VWKHUHVXFKWKLQJDVWKHSHUIHFWIDFH",VEHDXW\VRPHWKLQJ\RX
FDQPHDVXUH"
5HFHQW VFLHQWLILF HYLGHQFH VXJJHVWV WKDW WKH DQVZHU LV µ\HV¶ $
QHZVFLHQFHWKHVFLHQFHRIDWWUDFWLRQKDVFRPHWRWKHFRQFOXVLRQWKDW
EHDXW\LVREMHFWLYHDQGTXDQWLILDEOHDQGQRWDVWKHURPDQWLFVEHOLHYH
LQWKHH\HRIWKHEHKROGHU
)RUPRUHWKDQDFHQWXU\LWZDVEHOLHYHGWKDWDEHDXWLIXOIDFHZDV
DSSHDOLQJ EHFDXVH LW ZDV D FROOHFWLRQ RI DYHUDJH IHDWXUHV 8VLQJ D

FRPSXWHU V\VWHP VFLHQWLVWV KDYH FKDOOHQJHG WKH WKHRU\ ,Q D NH\
H[SHULPHQW SKRWRJUDSKV RI ZRPHQ ZHUH UDQNHG IRU WKHLU
DWWUDFWLYHQHVV E\ D QXPEHU RI YROXQWHHUV 7ZR FRPSRVLWH SLFWXUHV
ZHUH WKHQ FUHDWHG RQH WKH DYHUDJH RI DOO SLFWXUHV WKH RWKHU PDGH
IURPWKRVHFRQVLGHUHGPRVWDWWUDFWLYH$OWKRXJKWKHIDFHVORRNHGYHU\
VLPLODU DW ILUVW JODQFH D VLJQLILFDQW QXPEHU VDLG WKH\ SUHIHUUHG WKH
FRPSRVLWHRIPRVWDWWUDFWLYHIDFHV
7KH FRQFOXVLRQ ZDV WKDW WKH PRVW DWWUDFWLYH VKDSH ZDV QRW
DYHUDJH ,I \RX ORRN DW IDPRXV ILOP VWDUV DQG VXSHUPRGHOV PRVW RI
WKHP KDYH LGHDO IHDWXUHV ± ODUJHU WKDQ QRUPDO H\HV KLJKHU DUFKHG
H\HEURZV VOLJKWO\ VPDOOHU QRVHV FKHHNERQHV DUH D OLWWOH PRUH
SURPLQHQW (YHQ SRSXODU FDUWRRQ FKDUDFWHUV VXFK DV %HWW\ %RRS
<DVPLQIURP³$ODGGLQ´DQG%DPELKDYHELJH\HVVPDOOWXUQHG±XS
QRVHV ELJ PRXWKV DQG VPDOO FKLQV $QG LI WKHVH IHDWXUHV DUH
H[DJJHUDWHGWKHDWWUDFWLYHQHVVUDWLQJJRHVXSHYHQPRUH-XOLD5REHUWV
LVDJRRGH[DPSOHRIWKLV
%XWZKDWKDYHVFLHQWLVWVGLVFRYHUHGDERXWPHQ¶VIDFHV"'RPHQ
ZLWK ODUJH H\HV KLJK FKHHNERQHV DQG D VPDOO FKLQ KDYH WKH VDPH
LUUHVLVWLEOH DSSHDO" 5HVHDUFKHUV ZHUH D ELW VKRFNHG DW WKH UHVXOW RI
WKHLUH[SHULPHQW7KH\H[SHFWHGWKHPRVWDWWUDFWLYHPDOHIDFHWRKDYH
WKH FODVVLF VTXDUH MDZ DQG VWURQJ FKHHNERQHV EXW LQVWHDG ZRPHQ
VHHPWRSUHIHUPHQZLWKJHQWOHIDFHV$OWKRXJKWKHUHLVPRUHSUHVVXUH
RQIHPDOHVWREHSHUIHFWUHVHDUFKVXJJHVWVWKDWPHQDQGZRPHQORRN
IRU WKH VDPH WKLQJV IRU H[DPSOH H[SUHVVLYH IHDWXUHV VXFK DV DUFKHG
H\HEURZVDQGDELJVPLOHZHUHDVVRFLDWHGZLWKDWWUDFWLYHQHVVLQPHQ
6FLHQWLVWV KDYH WKRXJKW RI DQ HYROXWLRQDU\ UHDVRQ WR H[SODLQ ZK\ VR
PDQ\ZRPHQQRZSUHIHUEDE\IDFHGVWDUVVXFKDV/HRQDUGR'L&DSULR
RU7RP&UXLVH:RPHQOLNHDPDQZLWKDIHPLQLQHIDFHEHFDXVHKHLV
PRUHOLNHO\WRKDYHKLJKHUOHYHOVRIWKHIHPDOHKRUPRQHRHVWURJHQDQG
WKHUHIRUHWRPDNHDNLQGHUDQGPRUHWUXVWZRUWK\KXVEDQGDQGIDWKHU
'R WKHVH LGHDOV RI EHDXW\ FURVV FXOWXUDO ERXQGDULHV" ,Q VRPH
FXOWXUHVVFDUVDQGWDWRRVRUDIDWWHUWKDQDYHUDJHERG\DUHFRQVLGHUHG
WR EH DWWUDFWLYH 6FLHQWLVWV IRXQG RXW WKDW WKHUH DUH RQO\ VXEWOH
GLIIHUHQFHVEHWZHHQHWKQLFJURXSV)RUH[DPSOH$VLDQVWHQGWRSUHIHU
IDFHVWKDWDUHVOLJKWO\OHVVPDWXUHDQGVOLJKWO\OHVVH[SUHVVLYHZKHUHDV
EODFNV SUHIHUUHG IDFHV WKDW ZHUH D OLWWOH PRUH SOXPS ,Q RWKHU ZRUGV

DOWKRXJKWKHUHPLJKWEHDOLWWOHWUXWKLQWKHROGVD\LQJWKDWEHDXW\LVLQ
WKHH\HRIWKHEHKROGHURQWKHZKROHZHDOOVHHPWREHDWWUDFWHGWRWKH
VDPHWKLQJV
'HFLGHZKHWKHUWKHIROORZLQJDVVHUWLRQVDUHWUXHRUIDOVHDFFRUGLQJWR
WKHWH[W&RUUHFWWKHIDOVHRQHV
%HDXW\LVLQWKHH\HRIWKHEHKROGHU
%HDXW\FDQEHH[SODLQHG
7KHUH LV PRUH SUHVVXUH RQ PHQ WR EH SHUIHFW WKDW WKHUH LV RQ
ZRPHQ
0RVWILOPVWDUVDQGVXSHUPRGHOVGRQ¶WKDYHLGHDOIHDWXUHV
3HRSOHWHQGWROLNHWKHVDPHIHDWXUHVQRPDWWHUWKHHWKQLFJURXS

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

:KDW SDUWV RI WKH KXPDQ IDFH GRHV WKH WH[W DERYH PHQWLRQ"
7RJHWKHUZLWK\RXUGHVNPDWHFDQ\RXDOVRHQXPHUDWHWKHRWKHUSDUWV
RIWKHKXPDQERG\6XJJHVWLRQXVHDUDGLDQWGLDJUDP

/HW¶VSOD\'UDZDVDFFXUDWHO\DV\RXFDQ

D D VWUDLJKW ± KDLUHG WKLQ ± EDZDY\±KDLUHGURXQG±IDFHG
IDFHG EOXH ± H\HG WDOO EOXH±H\HGSOXPSZRPDQ
ZRPDQ

F D FXUO\ ± KDLUHG GDUN ± G D EDOG ROG PDQ ZLWK D
VNLQQHGGDUN±H\HGFKLOG PRXVWDFKHDQGIUHFNOHV

HDWDOOVOLPPLGGOH±DJHG I\RXUVHOI
PDQZLWKUHFHGLQJKDLUDQGD
IHZZULQNOHV

:KDW VRUW RI SHUVRQ ZRXOG \RX OLNH WR JR RXW ZLWK
EORQGHIDLUGDUNEURZQJLQJHUUHG ± KDLUHGEOXHJUHHQEURZQGDUN±
H\HG"

:ULWH RQH VHQWHQFH WR GHVFULEH HDFK RI WKHVH SHRSOH JLYLQJ
LQIRUPDWLRQ DERXW WKHLU KDLU DQG IDFH WKHLU KHLJKW DQG EXLOG DQG
JHQHUDO DSSHDUDQFH \RXUVHOI \RXU EHVW IULHQG \RXU LGHDO RI D
KDQGVRPHPDQDEHDXWLIXOZRPDQVRPHERG\IDPRXVVWDUSROLWLFLDQ
HWF )RU WKLV ODVW GHVFULSWLRQ JLYH VRPH H[WUD FOXHV DQG VHH LI \RXU
PDWHVFDQJXHVVZKR\RXDUHGHVFULELQJ

&RPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ D YHUE LQ DQ DSSURSULDWH
WHQVH ZKLFK GHQRWHV D SDUW RI WKH ERG\ ([DPSOH <RX KDYH QR
PRQH\)DFHWKHIDFWV\RXFDQ¶WJRRQVSHQGLQJPRQH\DVWKRXJK\RX
ZHUHDPLOOLRQDLUH
D ,UDQRXWRISHWURORQWKHPRWRUZD\VR,KDGWRBBBBBBBBBBBBBD
OLIWWRWKHQHDUHVWSHWUROVWDWLRQ
E ,Q WKH ILQDO PLQXWHV RI WKH PDWFK 6PLWK BBBBBBBBBBBBB WKH EDOO
LQWRWKHEDFNRIWKHQHW
F 6KHBBBBBBBBBBBBBWKHPDWHULDOJHQWO\LWIHOWDVVPRRWKDVVLON
G 7KHEDQNUREEHUZDVBBBBBBBBBBBBBBZLWKDNQLIHDQGDJXQ
H &RXOG\RXBBBBBBBBBBBBBBPHWKHERRNRQWKHWDEOHQH[WWR\RX"
I 6KH BBBBBBBBBBBBBBB WKH FDU FDUHIXOO\ RXW RI WKH JDUDJH DQG
GURYHRII
J $IWHU KHU KXVEDQG¶V GHDWK VKH KDG WR BBBBBBBBBBBBBB WKH
UHVSRQVLELOLW\IRUWKHGHEWV

7KH GLFWLRQDU\ HQWU\ IRU FRPSRXQGV IRUPHG ZLWK WKH ZRUG KHDG
FRQWDLQV WKH ZRUGV HQXPHUDWHG EHORZ )LQG WKH FRPSRXQGV XQGHU
KDLUH\HDQGILQJHU:ULWHVHQWHQFHVZLWKWKRVHWKDWDUHQHZWR\RX

+($' +$,5
+HDGDFKH
+HDGEDQG
+HDGOLQH
+HDGVWRQH
+HDGTXDUWHUV
+HDGSKRQHV
+HDGPDVWHU0LVWUHVV
(<( ),1*(5

7KHIROORZLQJZRUGVDUHPDGHZLWKVXIIL[HVDQGSUHIL[HV9HUEWR
FUHDWH URRW ZRUG 1RXQV FUHDWLRQ FUHDWLYLW\ 3HUVRQ FUHDWRU
$GMHFWLYH FUHDWLYH 2SSRVLWH XQFUHDWLYH 1RZ GR WKH VDPH IRU WKH
IROORZLQJZRUGV
HFRQRP\
SURGXFH
DWWUDFW
DGPLUH

'*5$00$5

3$673(5)(&76,03/(
5HDGWKHIROORZLQJVHQWHQFHVDQGWU\WRSODFHWKHDFWLRQVH[SUHVVHG
E\WKHXQGHUOLQHGYHUEIRUPVRQWKHWLPHD[HV
:KHQZHDUULYHGDWWKHKRVSLWDOWKHGRFWRUKDGDOUHDG\H[DPLQHGKLP
%\WKHWLPHZHUHDFKHGWKHDLUSRUWWKHSODQHKDGDOUHDG\ODQGHG
6KHKDGJRWGUHVVHGDQGWKHQVKHOHIW

:KDWGR\RXQRWLFHDERXWWKH3DVW3HUIHFW6LPSOH"
D:KDWGRHVLWFRQVLVWRI"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

E:KDWGRHVLWH[SUHVV"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

F:KDWWLPHH[SUHVVLRQVGRHVLWJRZLWK"BBBBBBBBBBBBBBBBBBBBB

3$673(5)(&7352*5(66,9(
1RZGRWKHVDPHWZRH[HUFLVHVIRUWKHIROORZLQJVHQWHQFHV
,WKDGEHHQUDLQLQJIRUDIHZGD\VZKHQLWILQDOO\VWRSSHG

$VKHKDGEHHQZRUNLQJVLQFHPRUQLQJKHZDVH[KDXVWHG
7KH\KDGEHHQWUDLQLQJIRU\HDUVZKHQWKH\ILQDOO\REWDLQHGWKHLUILUVW
JROGPHGDO
3DVWSHUIHFW3URJUHVVLYHFRQVLVWVRIBBBBBBBBBBBBBBBBBBBBBBBBBBB
,WUHIHUVWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH WLPH H[SUHVVLRQV PRVW IUHTXHQWO\ XVHG WRJHWKHU ZLWK WKH 3DVW
3HUIHFW3URJUHVVLYHDUHLQWURGXFHGE\BBBBBBBDQGBBBBBBB

-RLQWKHVHVHQWHQFHVXVLQJE\WKHWLPHDVLQWKHH[DPSOH
7KHILOPVWDUWHG:HDUULYHG
7KHILOPKDGVWDUWHGE\WKHWLPHZHDUULYHG
D +HORVWWKHSKRQHQXPEHU+HJRWWRWKHSKRQHERRWK
E :HKDGEUHDNIDVW+HFDPHGRZQVWDLUV
F +LVZLIHGLGWKHVKRSSLQJ+HFDPHEDFNIURPZRUN
G 7KHSRRUPDQGLHG7KHGRFWRUDUULYHG
H 6KHDWHDOOWKHVDQGZLFKHV:HJRWWKHUH
I +HVPRNHGWZHQW\FLJDUHWWHV:HILQLVKHG
J 6KHEXUQWDOOWKHSDSHUV7KHSROLFHDUUHVWHGKHU

3XW WKH YHUEV LQ EUDFNHWV LQ 3DVW 3HUIHFW 3URJUHVVLYH DV LQ WKH
H[DPSOH
:KHQWKH\IRXQGKLPKHKDGEHHQOLYLQJLQ$IULFDIRUWZHOYH
\HDUV

D :KHQVKHDUULYHG,ZDLWIRUPRUHWKDQWKUHHKRXUV
E :KDWWKH\±GR"7KH\JRWKRPHVRGLUW\DQGZHW

F 7KH ILUHPHQ WU\ WR SXW RXW WKH ILUH IRU VL[ KRXUV ZKHQ LW VWDUWHG
UDLQLQJ
G :KHQKLVERG\ZDVIRXQGKHEHGHDGIRUWZHQW\KRXUV
H 6KHVDLGVKHGULYHWKDWFDUIRUDPRQWK
I 7KH ER\V H[SODLQHG WKH\ ORRN IRU D GRJ ZKHQ WKH\ IRXQG WKH
ERPE
J +HVOHHSIRUKRXUVZKHQ,ZRNHKLP
K :HFOLPEXSWKHPRXQWDLQIRUIRXUKRXUVZKHQWKHVWRUPVWDUWHG
L +HZDVVRDNHGWRWKHVNLQEHFDXVHKHVWDQGLQWKHUDLQ
M 7KH\GULQNDOOQLJKWVRWKH\DOOIHOWGL]]\WKHIROORZLQJPRUQLQJ

3XW WKH YHUEV LQ EUDFNHWV LQWR 3DVW 3URJUHVVLYH RU 3DVW 3HUIHFW
3URJUHVVLYH

D 7KH SROLFH HYHQWXDOO\ FDXJKW WKH WKLHI 7KH\ ORRN IRU KLP IRU
PRQWKV
E 7KHVXQQRWVKLQHZKHQ,WRRNWKHVHSKRWRJUDSKV
F 7KHGRJ±EDUNZKHQ\RXRSHQHGWKHJDWH"
G 6KH ZULWH KHU ILUVW QRYHO IRU WHQ \HDUV ZKHQ VKH JRW PDUULHG WR
KLP
H 6LQFHWKHHQGRIWKHZDUKHWU\WRVHWXSKLVRZQEXVLQHVV
I ,FDOO\RXIRUDQKRXUEHIRUH,UHPHPEHUHG\RXZHUHQ¶WDWKRPH

J +HDVNHGPHLI,OHDYHZKHQKHVDZPHSXWWLQJRQWKHMDFNHW
K +HGLGQ¶WNQRZKRZORQJKHOLHWKHUHXQFRQVFLRXV
L %\WKHQZH¶GGLVFRYHUHGZKRVWHDOPRQH\IURPWKHFRPSDQ\WKH
ODVWWKUHH\HDUV
M +HUDQLQWRDORUU\ZKLOHKHGULYHKRPH

(/$1*8$*(,186(

'HVFULELQJ SHRSOH 6RPHWLPHV LW LV QHFHVVDU\ WR KDYH D IHZ FOXHV
DERXW D SHUVRQ \RX KDYHQ¶W PHW \HW HJ LI \RX DUH ZDLWLQJ IRU WKDW
SHUVRQLQDQDLUSRUWLI\RXDUHVXSSRVHGWRPHHWVRPHERG\DQG\RX
ZDQW WR EH FHUWDLQ \RX DUH JRLQJ WR UHFRJQL]H KLPKHU 7KH PRVW
FRPPRQTXHVWLRQ\RXFDQDVNZKHQ\RXQHHGWRNQRZKRZDSHUVRQ
ORRNVOLNHLV+RZGR\RXORRNOLNH"+RZGRHVKHVKHORRNOLNH"
1RZ WU\ WR GHVFULEH VRPHRQH LQ WKH FODVVURRP DQG LI WKH RWKHUV
UHFRJQL]HWKHSHUVRQLWPHDQVWKDW\RXUGHVFULSWLRQZDVDFFXUDWH

$QVZHUWKHVHUHPDUNVZLWKWKHRSSRVLWHGHVFULSWLRQ
([DPSOH$,WKRXJKWKHZDVWKHVKRUWURXQG±IDFHGRQH
%1RTXLWHWKHRSSRVLWHKH¶VWKHWDOOWKLQIDFHGRQH
D $6RWHOOXVDERXWWKHQHZFROOHDJXHJRRGORRNLQJ"
%1R,¶PDIUDLGQRWUDWKHUBBBBBBBBBBBBBBBBBBB
E $,¶YHKHDUGVKH¶VDOZD\VTXLWHZHOOGUHVVHG
% :KDW :KR WROG \RX WKDW" (YHU\ WLPH , VHH KHU VKH¶V
BBBBBBBBBBBBBBBBBBB
F$:DVWKDWKLVEURWKHUWKHGDUN±VNLQQHGZDY\±KDLUHGRQH"
%1RTXLWHWKHRSSRVLWHKLVEURWKHU¶VBBBBBBBBBBBBBBBBBBBBB
G$,H[SHFWHGWKHWRXUJXLGHWREHPLGGOHDJHGRUHOGHUO\
%1RDSSDUHQWO\VKH¶VRQO\BBBBBBBBBBBBBBBBBBBBBBBBB
H$6R-DQHWLVWKDWUDWKHUSOXPSIDLU±KDLUHGZRPDQLVQ¶WVKH"
%1R<RX¶UHORRNLQJDW0DU\-DQHWLVBBBBBBBBBBBBBBBBBBBBB

6(&7,21,,
+($/7+

$/($',1

+RZ RIWHQ LQ \RXU RSLQLRQ VKRXOG D KHDOWK\ SHUVRQ JR WR WKH
GRFWRU"
+DYH\RXHYHUEHHQVHULRXVO\LOO"
+DYH\RXHYHUNHSWDVOLPPLQJGLHW"
+RZRIWHQGR\RXSUDFWLVHDVSRUW":KLFKLVWKDW"
:KDWVKRXOGDEDODQFHGGLHWFRQVLVWRI"
,QJURXSVRIWKUHHRUIRXUFDQ\RXWKLQNRIWKHPDLQUHDVRQZK\VR
PDQ\ SHRSOH HVSHFLDOO\ LQ XUEDQ DUHDV EHFRPH D REHVH
ERYHUVWUHVVHG"
'R\RXWKLQNSHRSOHDUHEHFRPLQJPRUHKHDOWKFRQVFLRXV"

%5($',1*2%-(&7,9(
+2:'$1*(5286,6,772/,9(,17+(02'(51:25/'"
(YHU\GD\LVIXOORIGDQJHUV<RXZDNHXSLQWKHPRUQLQJUXVK
WRWKHZLQGRZDQGWDNHDGHHSEUHDWK'RQ¶W+DVQ¶WDQ\RQHWROG\RX
DERXWWKHDLUEHLQJSROOXWHGZLWKOHDGIURPSHWURO"1H[W\RXJRWRWKH
EDWKURRP $IWHU WRXFKLQJ WKH ODYDWRU\ WDS \RXU LQQRFHQW ± ORRNLQJ
KDQGVDUHFRYHUHGLQEDFWHULDZKLFKHYHQDJRRGZDVKZRQ¶WHQWLUHO\
UHPRYH7KHQ\RXJHWGUHVVHG*RRGKHDYHQV'RQ¶W\RXUHDOLVHWKDW
DOOWKDWQ\ORQZRQ¶WOHW\RXUVNLQEUHDWKH"
:LWK D UDVK EHJLQQLQJ WR DSSHDU RQ \RXU VNLQ \RX KXUU\ WR WKH
NLWFKHQIRUEUHDNIDVW(DWLQJVKRXOGEHJRRGIRU\RXVKRXOGQ¶WLW"2I
FRXUVH LW LV LI \RX GRQ¶W KDYH WHD RU FRIIHH ZKLFK DUH EDG IRU \RXU
KHDUW RU VRPHWKLQJ IULHG ZKLFK ZLOO ILOO \RXU VWRPDFK ZLWK
FKROHVWHURO2IFRXUVHDIWHUWKDW\RXJRWRFOHDQ\RXUWHHWK3XWGRZQ
WKDWQ\ORQWRRWKEUXVKDWRQFH,WZLOOUXLQ\RXUJXPV'R\RXKDYHWKH
FRXUDJH WR ZHLJK \RXUVHOI" +RUURUV <RX¶UH DW OHDVW D IHZ NLORV
RYHUZHLJKWZKLFKZLOOFRQWULEXWHWRVHQGLQJ\RXWRJUDYHHDUOLHU
7KHQ\RXPDNH\RXUZD\WRWKHFDUNQRZLQJWKDWDFFRUGLQJWR
VWDWLVWLFVWKHUH¶VDJRRGFKDQFHWKDWHLWKHU\RXRURQHRI\RXUQHDUHVW
DQGGHDUHVWZLOOEHLQYROYHGLQDQDFFLGHQWVRPHWLPHGXULQJ\RXUOLIH

$IWHU D YHU\ VWUHVVLQJ MRXUQH\ RQ D URDG ILOOHG ZLWK SROOXWLQJ JDVHV
\RXUHDFKZRUNDQGJHWLQWRWKHOLIW*HWRXWDWRQFHDQGFOLPEXSWKH
VWDLUVXQOHVV\RXZDQWDKHDUWDWWDFNWRPRUURZ
:KHQ\RXILQDOO\UHDFK\RXURIILFH\RXFROODSVHLQWRDFKDLUDQG
OLJKW D FLJDUHWWH WR FDOP \RXU QHUYHV $ ZKDW" +RZ GDUH \RX" <RXU
FROOHDJXH0V%URZQ±EORQGHKDLUDQGSHUIHFWPDNHXS±FRPHVLQ
UHDG\IRUDEXV\GD\'R\RXWKLQNVKH¶VKHDUGDERXWWKHFDQFHUWKDW
FDQEHFDXVHGE\KDLUG\HVDQGH\H±OLQHUV"
$WODVWOXQFKFRPHV<RXMRLQ\RXUPDWHVIRUDVDQGZLFK:KLWH
EUHDG" $ ORZ ILEHU GLHW LV QRW JRRG DW DOO <RX KDYH MXVW RQH PRUH
GULQN ZKLFK ZLOO KHOS \RXU OLYHU IDLO <RX VSHQG WKH DIWHUQRRQ
ILJKWLQJDEDWWOHZLWKKLJKEORRGSUHVVXUHDQGFKURQLFLQGLJHVWLRQDQG
JLYHDVLJKRIUHOLHIDVDUULYHV
$QHUYRXVZUHFN\RXUHDFKKRPHDQGFUDZOWRDQDUPFKDLUWR
ZDWFK79IRUWKHUHVWRIWKHHYHQLQJ6RRQ\RX¶OOKDYHWRZHDUJODVVHV
DVWKHZDWFKLQJ79IRUVRORQJDIWHUVSHQGLQJ\RXUGD\LQIURQWRIWKH
FRPSXWHUZLOOGHILQLWHO\UXLQ\RXUH\HV
%XWGRQRWIHDUFLYLOLVDWLRQLVKHUH$UHZHUHDOO\KDSSLHULQRXU
PRGHUQWHFKQRORJLFDOZRUOGWKDQRXUDQFHVWRUVZKRNQHZQRWKLQJRI
WKHVH WKLQJV" ,V LW DQ\ VXUSULVH WKDW WKHUH ZHUH QR SV\FKRORJLVWV RU
SV\FKLDWULVWVEHIRUH",¶PVXUHWKH\GLGQ¶WQHHGDQ\

/RRNRYHUWKHWH[WDJDLQDQGPDUNLWOLNHWKLV
99±,DJUHHWKDWWKLVLVDUHDOGDQJHU
9±7KLVFRXOGEHGDQJHURXVEXWLW¶VQRWZRUWKZRUU\LQJDERXW
;±,GRQ¶DJUHHWKDWWKLVLVDGDQJHU
"±,GRQ¶WXQGHUVWDQGWKHSRLQWWKHZULWHULVWU\LQJWRPDNH

7KH WH[W GHDOV ZLWK TXLWH D VHULRXV VXEMHFW EXW LW LV ZULWWHQ LQ D
KXPRURXVZD\,WVRXQGVOLNHVSRNHQ(QJOLVKDVLIWZRSHUVRQVZHUH
WDONLQJWRHDFKRWKHU)LQGH[DPSOHVRIWKLV

'$1*(5286
7KH ER\ ZKR IHOO GRZQ VWDLUV GUDQN DQWLVHSWLF FKRSSHG RII D
ILQJHUDQGSOXQJHGLQWRDQHPSW\VZLPPLQJSRRO
$OOHQ'DYLHVLVRQO\ILYHEXWDOUHDG\KLVSDUHQWVDUHFRQYLQFHG
KH¶VDZDONLQJGLVDVWHU7KHER\KDVFUDFNHGKLVKHDGIDOOLQJLQWRDQ
HPSW\ VZLPPLQJ SRRO KDV FKRSSHG WKH HQG RI KLV ILQJHU RII ZLWK D
SHQNQLIHDQGDOPRVWGLHGDIWHUGULQNLQJKDOIDERWWOHRIDQWLVHSWLF+LV
WZRHOGHUEURWKHUVKDYHDOVRKDGWKHLUVKDUHRIDFFLGHQWVDQGKDGWREH
WDNHQWRWKH&KLOGUHQ¶V+RVSLWDO5REHUWWRUHVRPHOLJDPHQWVRQD
VNLLQJKROLGD\DQGEURNHKLVDQNOHDIHZGD\VODWHU/HHLQMXUHG
KLVQHFNGRLQJDPRWRUELNHVWXQW+RZHYHUQHLWKHURIWKHPHTXDOOHG
WKHLU\RXQJHUEURWKHU¶VUHFRUG
(DFK WLPH DQRWKHU GLVDVWHU KDSSHQV $OOHQ LV WDNHQ WR WKH
&KLOGUHQ¶V +RVSLWDO ZKHUH KH KDV EHHQ VXFK D UHJXODU YLVLWRU WKDW KH
QRZEHOLHYHVWKHQXUVHLVDPHPEHURIKLVIDPLO\,QRUGHUWRWKDQNWKH
KRVSLWDO $OOHQ¶V JUDWHIXO IDWKHU WUDGHU -DPHV 'DYLHV KDV UDLVHG
IRU WKH KRVSLWDO WR EX\ D QHRQDWDO PRQLWRU WR PHDVXUH EDELHV¶
EUHDWKLQJDQGWHPSHUDWXUH
$OOHQ¶VPRWKHUVD\V´,WDOOVWDUWHGZKHQOLWWOH$OOHQZDVD\HDU
ROG +H IHOO RYHU DQG FXW KLPVHOI DQG WKH GRFWRUV SXW VWLWFKHV LQ KLV
IRUHKHDG6LQFHWKHQKHKDVQ¶WVWRSSHG7KHODWHVWDFFLGHQWKDSSHQHG
ZKHQ KH FOLPEHG RQ WR D VKHOI DQG PDQDJHG WR RSHQ KLV IDWKHU¶V
SHQNQLIH+HFKRSSHGWKHHQGRIKLVILQJHURIIDQGKDGWRKDYHLWVHZQ
EDFNRQ´
'RFWRUV DW WKH KRVSLWDO DOVR KDG WR VWLWFK $OOHQ¶V KHDG DIWHU KH
SOXQJHGLQWRDQHPSW\SRRO
(YHU\RQHLQWKHKRVSLWDOKDVNQRZQKLPIRU\HDUVDQGKHILUPO\
EHOLHYHV KH¶V JRW D UHDO VLVWHU LQ WKH KRVSLWDO EHFDXVH KH NQRZV WKH
VLVWHUZKRORRNVDIWHUKLPVRZHOO
$QXUVHDWWKHKRVSLWDOVD\V³:KHQHYHUZHVHH$OOHQFRPLQJLQ
DJDLQZHDOOVKRXW:KDWKDYH\RXGRQHWKLVWLPH"´

&92&$%8/$5<
,QWKHIROORZLQJWDEOHZULWHGRZQWKHQHZZRUGVLQWKHWH[WVDERYH

1(::25' 0($1,1*$1'75$16/$7,21

DDFFRUGLQJWRWKHILUVWWH[WDERYHZKLFKDUHWKHLOOQHVVHVGLVHDVHV
ZHFDQEHVXEMHFWWRHYHU\GD\"

E ORRN DW WKH VHFRQG WH[W DERYH DQG GLVFRYHU ZKDW SDUWV RI WKHLU
ERGLHVDQGKRZKDYHOLWWOH$OODQDQGKLVEURWKHUVKDYHLQMXUHGVRIDU

%RG\.QRZOHGJH4XL]
<RXUERG\LVDPDUYHOORXVPDFKLQH8QGHUVWDQGLQJKRZWRNHHSLWLQ
JRRGVKDSHIRUWKHUHVWRI\RXUOLIHLVYHU\LPSRUWDQW7U\WKLVTXL]WR
WHVW\RXUERG\NQRZOHGJH

D :KDWLVWKHDHURELFV\VWHP"$DQH[HUFLVHYLGHRUHFRUGRUWDSH
% R[\JHQ DQG FDUERQ GLR[LGH & WKH KHDUW OXQJV DQG EORRG
FLUFXODWLRQ
E 7KH³KDSS\KRUPRQHV´WKDWDUHUHOHDVHGGXULQJH[HUFLVHDUHFDOOHG
$HQGRUSKLQV%PRUSKLQH&SURJHVWHURQH
F $ EDODQFHG GLHW VKRXOG LQFOXGH $ FDORULHV ILEUH DQG VXJDU
%FDUERK\GUDWHVSURWHLQDQGIDW&FHUHDOVFDIIHLQHDQGJOXFRVH
G :KLFK RI WKH IROORZLQJ DFWLYLWLHV DUH EHVW IRU NHHSLQJ VXSSOH"
$ \RJD J\PQDVWLFV DQG NDUDWH % URZLQJ KRUVH ± ULGLQJ DQG
MRJJLQJ&ZDONLQJZDWHU±VNLLQJDQGZLQG±VXUILQJ

H 7R NHHS KHDOWK\ \RX VKRXOG H[HUFLVH DW OHDVW $ RQH KRXU HYHU\
GD\%WZHQW\PLQXWHVWKUHHWLPHVDZHHN&RQHKRXUWKUHHWLPHVD
ZHHN
I <RXEHFRPHVWURQJE\$GULQNLQJVWURQJFRIIHH%HDWLQJIUXLW
&H[HUFLVLQJUHJXODUO\
/RRNDWWKHHQGRIWKHXQLWDQGFKHFN\RXUDQVZHUV

7UDQVODWHLQWR5RPDQLDQ
D ,¶PXSWRWKHH\HVLQZRUNDWWKHPRPHQW

E 7KH\DUHDOZD\VSXWWLQJWKHLUIRRWLQLW

F:KHUHGR\RXJRZKHQ\RXQHHGDVKRXOGHUWRFU\RQ"

G+HXVXDOO\OLNHVWRSOD\WKLQJVE\HDU

H<RXFDQWDONWRPHZKHQ\RXQHHGWRJHWVRPHWKLQJRII\RXUFKHVW

I 3HRSOH VD\ KH KDV JUHHQ ILQJHUV ZKLOH KLV EURWKHU LV NQRZQ IRU
KDYLQJDVZHHWWRRWK

0DWFKWKHGLVHDVHVZLWKWKHLUV\PSWRPV
)OX VZROOHQJODQGVLQIURQWRIHDUHDUDFKHRUSDLQZKHQ
HDWLQJ
3QHXPRQLD EXUQLQJSDLQLQDEGRPHQSDLQDIWHUHDWLQJ
5KHXPDWLVP UDVKRQ\RXUVNLQVOLJKWO\UDLVHGWHPSHUDWXUH
6PDOOSR[ GU\FRXJKKLJKIHYHUFKHVWSDLQUDSLGEUHDWKLQJ
0XPSV KHDGDFKHIHYHUFRXJKVQHH]LQJUXQQLQJQRVH
8OFHU VZROOHQSDLQIXOMRLQWVVWLIIQHVVOLPLWHGPRYHPHQW

:KDWPHGLFDOSUREOHPVPLJKW\RXKDYHLI
<RXVWD\WRRORQJLQWKHVXQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXUXQWRRIDVWDIWHUDEXVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXVPRNHDORWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXHDWWRRIDVWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

<RXZHDUVKRHVWKDWUXEBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXHDWIRRG\RX¶UHDOOHUJLFWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXJHWZHWRQDFROGGD\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXWKLQN\RX¶UHLOODOOWKHWLPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXFDQQRWVWD\IRUWRRORQJLQDFORVHGVSDFHBBBBBBBBBBBBBBBBBBB
<RXSXWWKLQJVRQILUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
<RXVWHDOSHRSOH¶VWKLQJVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$PU FLW0 GRDUHvQJkW$PIHEU 0 GRDUHVWRPDFXO0L±HU X
$PRYkQ WDLHSHSLFLRU0 VLPWDPH LW0 VLPWGHSULPDW0 VLPW
RERVLWWRWWLPSXO1XDPSRIW GHPkQFDUH


/XD L FkWH R SDVWLO GH WUHL RUH SH ]L vQDLQWH GH PHVH 9 YRP SXQH
SLFLRUXO vQ JKLSV $VLVWHQWD Y YD SXQH XQ EDQGDM úL Y YD IDFH R
LQMHF LH9H LILRSHUDWPkLQHGLPLQHD

'*5$00$5

7+(3/85$/2)12816
7KHSOXUDORIQRXQVLVGHILQLWHO\RQHRIWKHILUVWJUDPPDUWRSLFV\RX
VWXGLHGZKHQ\RXVWDUWHGOHDUQLQJ(QJOLVK$WOHDVWWKHILUVWWZRRIWKH
IROORZLQJVHWVRIH[DPSOHVVKRXOGEHIDPLOLDUWR\RX7U\WRJHQHUDWH
UXOHVIRUWKHPDVZHOODVIRUWKHRWKHUSDLUVRIVLQJXODU±SOXUDOQRXQV
WKDWIROORZ

D%RRN %RRNV BBBBBBBBBBBBBBBBBBBBBBBBBB
&RXUVH &RXUVHV
E%R[ %R[HV BBBBBBBBBBBBBBBBBBBBBBBBB
0DWFK 0DWFKHV
%UXVK %UXVKHV
&URVV &URVVHV

%X]] %X]]HV
F3RWDWR 3RWDWRHV BBBBBBBBBBBBBBBBBBBBB
7RPDWR 7RPDWRHV
%87SLDQR 3LDQRV BBBBBBBBBBBBBBBBBBBBB
G/HDI /HDYHV BBBBBBBBBBBBBBBBBBBBB
:LIH :LYHV
%87GZDUI 'ZDUIV BBBBBBBBBBBBBBBBBBBBB
H%R\ %R\V BBBBBBBBBBBBBBBBBBBBB
'D\ 'D\V
3DUW\ 3DUWLHV BBBBBBBBBBBBBBBBBBBBB
&RXQWU\ &RXQWULHV
I'HHU 'HHU BBBBBBBBBBBBBBBBBBBBB
)LVK )LVK
6KHHS 6KHHS
)UXLW )UXLW
J$SLHFHRI ,QIRUPDWLRQ ,QIRUPDWLRQBBBBBBBBBBB
$SLHFHRI $GYLFH $GYLFH
$SLHFHRI )XUQLWXUH )XUQLWXUH
$SLHFHRI /XJJDJH /XJJDJH
$SLHFHRI 1HZV 1HZV

127(WKHQRXQVLQIRUPDWLRQDGYLFHIXUQLWXUHOXJJDJHQHZVKDYHD
VLQJXODU IRUP DQG D SOXUDO PHDQLQJ 7KH\ DUH IROORZHG E\ D YHUE LQ
WKHVLQJXODU

7KHIROORZLQJQRXQVKDYHLUUHJXODUSOXUDOV:KLFKDUHWKHVH"
0DQ BBBBBBBBBBBBB
:RPDQ BBBBBBBBBBBBB
&KLOG BBBBBBBBBBBBB
)RRW BBBBBBBBBBBBB
7RRWK BBBBBBBBBBBBB
/RXVH BBBBBBBBBBBBB
0RXVH BBBBBBBBBBBBB
*RRVH BBBBBBBBBBBBB
2[ BBBBBBBBBBBBB

:ULWHWKHSOXUDORIWKHIROORZLQJQRXQV
%XV BBBBBBBBBB ODG\ BBBBBBBBBB
5DGLR BBBBBBBBBB MR\ BBBBBBBBBB
.QLIH BBBBBBBBBB KDOI BBBBBBBBBB
&ODVV BBBBBBBBBB ILUHPDQ BBBBBBBBBB
:ROI BBBBBBBBBB FKDLU BBBBBBBBBB
9ROFDQR BBBBBBBBBB EXIIDOR BBBBBBBBBB
'HHU BBBBBBBBBB FU\ BBBBBBBBBB
+DQGNHUFKLHI BBBBBBBBBB EDVLV BBBBBBBBBB
*XOI BBBBBBBBBB GDWXP BBBBBBBBBB
6KHOI BBBBBBBBBB UD\ BBBBBBBBBB
5RRI BBBBBBBBBB %ULGJH BBBBBBBBBB
)O\ BBBBBBBBBB &URVV BBBBBBBBBB

7KH IROORZLQJ QRXQV ZKLFK \RX PD\ XVH LQ EXVLQHVV UHSRUWV DQG
SUHVHQWDWLRQVFRPHIURP*UHHNRU/DWLQWKHLUSOXUDOLVGLIIHUHQWIURP
WKHXVXDORQHLQ(QJOLVK/RRNDWWKHPRGHODQGILOOLQWKHEODQNV
'DWXP 'DWD $[LV $[HV
$GGHQGXP BBBBBBBBB &ULVLV BBBBBBBBB
6\PSRVLXP BBBBBBBBB %DVLV BBBBBBBBB
3KHQRPHQRQ 3KHQRPHQD $QDO\VLV BBBBBBBBB
&ULWHULRQ BBBBBBBBB +\SRWKHVLV BBBBBBBBB
'RQ¶WIRUJHWWRZULWHGRZQWKHWUDQVODWLRQRIWKHQHZZRUGVDERYH

ÌQXOWLPDYUHPHvQ]RQ DXDYXWORFIHQRPHQHQHRELúQXLWH
&HOH PDL UHFHQWH GDWH VWDWLVWLFH DUDW R vPEXQ W LUH D VLWXD LHL
HFRQRPLFH
%ROQDYXOVXIHU GHFUL]HGHLQLP IRDUWHIUHFYHQW
,SRWH]HOH GRFWRULORU DX IRVW FRUHFWH SDFLHQWXO DUH R ERDO GH LQLP
JUDY úL WUHEXLH RSHUDW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&KRRVHWKHFRUUHFWYHUE
7KHLQIRUPDWLRQLVDUHFRUUHFW
7KHIXUQLWXUHLQWKHFDVWOHLVDUHYHU\ROG
7KHQHZVRQWKHUDGLRZDVZHUHTXLWHZRUU\LQJ
:KHUHLVDUHWKHVFLVVRUV"
7KHVDQDWRULDLQWKLVUHJLRQLVDUHVSHFLDOLVHGLQOXQJGLVHDVHV

(/$1*8$*(,186(

7DONLQJWRWKHGRFWRU:KDWZRXOG\RXVD\LIWKHGRFWRUDVNHG\RX
WKHIROORZLQJTXHVWLRQV"
D 'R\RXKDYHKHDOWKLQVXUDQFH"BBBBBBBBBBBBBBBBBBBBBBBBBBBB
E $UH\RXWDNLQJDQ\PHGLFDWLRQ"BBBBBBBBBBBBBBBBBBBBBBBBBBB
F +DYH\RXHYHUKDGDQ\RSHUDWLRQV"BBBBBBBBBBBBBBBBBBBBBBBBB
G $UH\RXDOOHUJLFWRDQ\WKLQJ"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7RJHWKHUZLWK\RXUGHVNPDWHLPDJLQHDIHZVKRUWGRFWRU±SDWLHQW
FRQYHUVDWLRQ RQ WKH IROORZLQJ SDWWHUQ ± JUHHWLQJV ± WKH GRFWRU
DVNV\RXDERXWWKHUHDVRQRI\RXUYLVLW±H[SODLQWKHUHDVRQ±WKH
GRFWRUDVNVIRUPRUHLQIRUPDWLRQ±WKHGRFWRUWHOOV\RXZKDWKHLV
JRLQJ WR GR ± DIWHU D VKRUW EUHDN LQ WKH FRQYHUVDWLRQ WKH GRFWRU
GHFLGHVZKDWWKHGLDJQRVLVLV±WKHGRFWRUH[SODLQV\RXZKDWWRGR
±\RXWKDQNWKHGRFWRU±JUHHWLQJV

6KRZLQJ V\PSDWK\ DQG JLYLQJ DGYLFH 5HDG WKH IROORZLQJ VKRUW
FRQYHUVDWLRQV WKHQ D XQGHUOLQH WKH SDUWV H[SUHVVLQJ V\PSDWK\ E
WRJHWKHU ZLWK \RXU GHVN PDWH FRPSOHWH HDFK FRQYHUVDWLRQ ZLWK D
VXLWDEOHSLHFHRIDGYLFH
$+DYH\RXJRWDFROG"
%1R,¶PDOOULJKW±,DOZD\VJHWDUXQQLQJQRVHDQGUHGH\HVDWWKLV
WLPHRIWKH\HDU
$,¶PUHDOO\VRUU\WKDWPXVWEHDZIXO7U\WRBBBBBBBBBBBBBBBBBBB

$,VLWMXVWP\LPSUHVVLRQRUDUH\RXIHHOLQJEDG"
%2K,IHHODVLIP\KHDG¶VJRLQJWRH[SORGH
$2KSRRU\RXZKDWKDSSHQHG"

%,¶YHEHHQZRUNLQJRQWKHFRPSXWHUIRUPRUHWKDQWHQKRXUV<RX
NQRZ,¶YHEHHQYHU\EXV\WKHVHGD\V«
$,NQRZ,NQRZ+DYH\RXWDNHQDQDVSLULQ"
%<HVEXWLWKDVQ¶WZRUNHG
$:HOO\RXFRXOGWU\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$'RQ¶WWRXFKP\EDFN
%:K\:KDW¶VXS"
$,ZDQWHGWRJHWDWDQTXLFNO\VR,VWD\HGLQWKHVXQDOOGD\\HVWHUGD\
ZLWKRXWDQ\VXQWDQORWLRQ
%2KZHOOLWVHUYHV\RXULJKWWKHQGRHVQ¶WLW"2KLQIDFW,¶PUHDOO\
VRUU\ , GLGQ¶W PHDQ WR VD\ WKDW ,¶OO JLYH \RX P\ VHFUHW FXUH ± JHW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$:K\DUH\RXZDONLQJOLNHWKDW"
%,IHOORQWKHVWDLUV\HVWHUGD\DQGQRZP\DQNOH¶VNLOOLQJPH
$ 2K GHDU \RX SRRU WKLQJ ,I \RX DVN PH \RX QHHG WR
BBBBBBBBBBBBBBBBBBBBBBBB

2IIHULQJWRGRWKLQJV:KHQDSHUVRQDURXQG\RXGRHVQ¶WIHHOZHOO
\RXPLJKWZDQWWRKHOSKLPKHU

:KHQVRPHWKLQJQHHGVWREHGRQH\RXFDQDVNVRPHRQHHOVHWRGRLW
RU RIIHU WR GR LW \RXUVHOI RU MXVW GR LW ZLWKRXW VD\LQJ DQ\WKLQJ ,I
VRPHRQHHOVHLVQRWDEOHWRGRVRPHWKLQJ\RXFDQRIIHUWRKHOS
+HUHDUHVRPHXVHIXOZD\VRIRIIHULQJWRGRVRPHWKLQJ

/HWPHJHWLWIRU\RX
6KDOO,JHWLWIRU\RX"
$Q\SRLQWLQP\JHWWLQJLWIRU\RX"
+RZDERXWP\JHWWLQJLWIRU\RX"
:RXOG\RXOLNHPHWRJHWLWIRU\RX"
,I\RXOLNH,FRXOGJHWLWIRU\RX
&DQ,KHOS\RXZLWKWKDW"

:HPLJKWDFFHSWVXFKRIIHUVZLWKDQVZHUVOLNH

7KDW¶VYHU\NLQGRI\RXWKDQNV
2KZRXOG\RX"7KDQNV
7KDQNVDORW

2UUHIXVHWKHPE\VD\LQJ

1RGRQ¶WERWKHU,FDQGRLWP\VHOI
1RLW¶VDOULJKW,FDQPDQDJH
7KDQNVHYHUVRPXFKEXWLW¶VDOULJKWUHDOO\

1RZRIIHUWRDJRVKRSSLQJIRU\RXUJUDQGPRWKHUZKRKDVQ¶WIHOWWRR
ZHOOODWHO\VKHDFFHSWVEFDUU\DSLOHRIERRNVIRU\RXUWHDFKHUWRWKH
OLEUDU\KHVKHDFFHSWVFFDOODWD[LIRUDPDWHZKRGRHVQ¶WIHHOZHOO
VKHKHUHIXVHVSROLWHO\

):5,7,1*',6&866,21

&DQZHVWLOOUHPDLQKHDOWK\LQVSLWHRIDHWKHGDQJHUVRIWKHPRGHUQ
ZRUOG"

$QVZHUVIRUWKH%RG\4XL]D$E$F%G%H%I&

81,7

*2,1*6+233,1*021(<

6(&7,21,
*2,1*6+233,1*

$/($',1

+RZIUHTXHQWO\GR\RXJRVKRSSLQJ":KDWGR\RXEX\PRVWRIWHQ"
'R \RX SUHIHU VXSHUK\SHUPDUNHWV RU VPDOO VKRSV" ([SODLQ \RXU
DQVZHU
:KLFKLVWKHPRVWH[WUDYDJDQWWKLQJ\RXKDYHHYHUERXJKW"
:KLFKLVWKHPRVWH[SHQVLYHWKLQJ\RXKDYHHYHUERXJKW"
+RZ LPSRUWDQW LV LW IRU \RX WR EX\ EUDQGHG SURGXFWV" :KLFK DUH
\RXUUHDVRQVIRUQRWEX\LQJQRQDPHSURGXFWV"
&DQ\RXGHILQH)0&*GXUDEOHVZKLWHJRRGVEURZQJRRGV"
+RZPXFKGRHVDGYHUWLVLQJLQIOXHQFH\RXUEX\LQJFKRLFH"

% 5($',1*2%-(&7,9(

$)$0286%5$1'
0DUNV 6SHQFHUWKH%ULWLVKIRRGDQGFORWKHVFRPSDQ\LVWKH
PRVW IDPRXV %ULWLVK VKRS LQ WKH ZRUOG $W WKH PRPHQW WKHUH D IHZ
KXQGUHGV0 6VKRSVLQ%ULWDLQDQGRWKHUVKRSVLQ)UDQFH%HOJLXP
7KH 1HWKHUODQGV 6SDLQ 3RUWXJDO DQG PRUH UHFHQWO\ LQ PDQ\ (DVW
(XURSHDQ FRXQWULHV ,Q 1RUWK $PHULFD WKH FRPSDQ\ RZQV %URRN
%URWKHUV DQG WKHUH DUH DERXW ILIW\ VWRUHV LQ &DQDGD 0RUH DQG PRUH
SHRSOHIURP+RQJ.RQJWR/LVERQDUHEX\LQJWKHLUFORWKHVDQGIRRG
IURP0 6

7KH FRPSDQ\ HPSOR\V DERXW SHRSOH ZRUOGZLGH 6DOHV
KDYHLQFUHDVHGE\RYHUWKHODVWWHQ\HDUVPDLQO\GXHWRH[SDQVLRQ
RYHUVHDV 0DQ\ RI WKH VKRSV DEURDG DUH IUDQFKLVHV 2ZQHUV RI
IUDQFKLVHV EX\ DOO WKHLU VWRFN IURP 0DUNV 6SHQFHU DQG SD\ WKH
FRPSDQ\DSHUFHQWDJHRIWKHLUWXUQRYHU
7KH FORWKHV YDU\ IURP FRXQWU\ WR FRXQWU\ ,Q 7KDLODQG IRU
H[DPSOH0 6VHOOPRUHVKRUW±VOHHYHGVKLUWVEHFDXVHRIWKHFOLPDWH
,Q -DSDQ WKH\ VHOO VPDOOHU VL]HV EHFDXVH RI WKH DYHUDJH VL]H RI WKH
SRSXODWLRQ,Q$XVWULDWKH\VWRFNYHU\ODUJHFORWKHV)RRGGHSDUWPHQWV
VHOO W\SLFDOO\ %ULWLVK IRRG WHD FDNH ELVFXLWV HWF DQG WKH VKRSV LQ
3DULVDUHYHU\SRSXODUDWOXQFKWLPHIRUWKHVDOHRIVDQGZLFKHV
:K\ LV 0DUNV DQG 6SHQFHU VR VXFFHVVIXO" 7KH VWDQGDUGV RI
TXDOLW\ DUH YHU\ KLJK $OO VXSSOLHUV KDYH UHJXODU LQVSHFWLRQV $OO
FXVWRPHUV FDQ UHWXUQ DQ\ LWHP ZKLFK WKH\ WKLQN LV XQVDWLVIDFWRU\
6WRFNV DUH OLPLWHG 6KHOI OLYHV DUH VKRUW 7KLV PHDQV WKDW LWHPV RQO\
VWD\ LQ WKH VKRS IRU VL[ WR VHYHQ ZHHNV (LJKW\ SHU FHQW RI WKH
VXSSOLHUV DUH %ULWLVK LQ IDFW 0 6 EX\V WZHQW\ SHU FHQW RI WKH WRWDO
FORWK SURGXFHG LQ %ULWDLQ 3ULFHV DUH KLJK EXW VR LV WKH TXDOLW\ ,Q
%ULWDLQRQHPDQLQILYHEX\VKLVVXLWDW0 6DQGRQHZRPDQLQWKUHH
EX\V KHU XQGHUZHDU WKHUH :KDW LV WKH IXWXUH" $W WKH PRPHQW WKH
FRPSDQ\ LV H[SDQGLQJ LQ &HQWUDO DQG (DVWHUQ (XURSH ZKHUH LW KDV
RSHQHGVKRSVLQDOPRVWDOOWKHFDSLWDOFLWLHV%XFKDUHVWLQFOXGHG$VLD
LV DQRWKHU QHZ PDUNHW IRU 0DUNV 6SHQFHU ,W LV SRVVLEOH WKDW LQ
DERXWWHQ\HDUVRQH&KLQHVHLQILYHZLOOZHDU0DUNV 6SHQFHUVXLWV
7KDW¶VDORWRIVXLWV

+RZ GRHV 0DUNV 6SHQFHU FXVWRPL]H WKHLU RIIHU IURP FRXQWU\ WR
FRXQWU\"
:K\LVWKHEUDQGVRIDPRXVDOORYHUWKHZRUOG"
:KDWDUHWKHFRPSDQ\¶VSODQVIRUWKHIXWXUH"

&92&$%8/$5<


1(::25' 0($1,1*$1'75$16/$7,21

D :ULWH V\QRQ\PV D ZRUG RU DQ H[SUHVVLRQ IRU WKH IROORZLQJ
ZRUGV IURP WKH WH[W DERYH FRPSDQ\ ± BBBBBBBBBBBBBBBBBBBB
ZRUOGZLGH±BBBBBBBBBBBBBBBBIDPRXV±BBBBBBBBBBBBRZQ±
BBBBBBBBBBBBBBBBB LQFUHDVH ± BBBBBBBBBBBBB RYHUVHDV ±
BBBBBBBBBBBBBB
E 1RZ ZULWH DQ DQWRQ\P IRU WKH IROORZLQJ ZRUGV LQFUHDVH ±
BBBBBBBBBBBBB VXFFHVV ± BBBBBBBBBBBBB H[SDQG ±
BBBBBBBBBBBBBBBUHJXODU±BBBBBBBBBBBBBB

7RJHWKHU ZLWK WKUHH RU IRXU RWKHU FODVV PDWHV ZULWH GRZQ DOO WKH
LWHPVRIFORWKLQJDQGWKHLUFRPSRQHQWSDUWVWKDW\RXFDQUHPHPEHU
7KHQ DVN \RXU WHDFKHU DERXW PRUH GLIILFXOW ZRUGV VXFK DV PkQHF
PDQúHW QDVWXUH EXWRQLHU FDWDUDP YHVW EUHWHOH JXOHU úLUHWXUL
WRFvQDOWMRVFXLWDOS PkQXúLHWF

+HUHDUHVRPHZRUGVXVHGWRGHVFULEHPDWHULDOV:KDWFORWKHVFDQ
\RXPDNHRIWKHP"
6LON

&RWWRQ
/DFH
9HOYHW
'HQLP
/HDWKHU
:RRO
&ORWK

)LOOLQWKHEODQNVZLWKRQHRIWKHYHUEVPDWFKVXLWILW
7KDWJUHHQGUHVVBBBBBBBBBBBBBBBWKHJLUOZLWKWKHEORQGHKDLU
7KHJUHHQRIKHUGUHVVBBBBBBBBBBBBBBBBWKHJUHHQRIKHUH\HV
7KH JUHHQ GUHVV BBBBBBBBBBBBBBB KHU SURSHUO\ QRZ DV VKH¶V ORVW
VRPHZHLJKW

+HUH DUH VRPH DGMHFWLYHV IRU GHVFULELQJ SHRSOH¶V FORWKLQJ
$SSHDUDQFH ZHOO ± GUHVVHG EDGO\ ± GUHVVHG IDVKLRQDEOH ROG ±
IDVKLRQHG6W\OHORQJVKRUW±VOHHYHG9±QHFNURXQG±QHFN+RZ
WKLQJVILWEDJJ\ORRVHWLJKW*HQHUDOHOHJDQWVPDUWWUHQG\VFUXII\
1RZ WU\ WR GHVFULEH LQ DV PXFK GHWDLO DV \RX FDQ D \RXUVHOI E D
IDPRXVSHUVRQ\RXFDQVHHLQDSLFWXUHLQDPDJD]LQH

:KHQ\RXJRVKRSSLQJ\RXGRQ¶WRQO\EX\FORWKHV<RXPD\DOVR
QHHGWREX\IRRGRURWKHUSURGXFWV,I\RXJRWRWKHVXSHUPDUNHWZKDW
DUH\RXJRLQJWRILQGLQHDFKRIWKHIROORZLQJGHSDUWPHQWV
*URFHU\
0DUNHWJUHHQJURFHU\
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'DLU\

%DNHU\
&RQIHFWLRQHU\
%HYHUDJHV
%XWFKHU¶V
&ORWKLQJ
&RVPHWLFV
1RQ±IRRGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDWFDQ\RXEX\LQ
DERWWOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DER[BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFDQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFDUWRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DMDUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWXEHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DSDFNHWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFUDWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1RZWU\WRFRPSOHWHWKHIROORZLQJVKRSSLQJOLVW
$BBBBBBBBBBBRIYDQLOODELVFXLWV
BBBBBBBBBBBRIEHDQV
DBBBBBBBBBBBRIKRQH\
BBBBBBBBBBBRIFRNH
BBBBBBBBBBBRIORZ±IDWPLON
BBBBBBBBBBBRIFLJDUHWWHV
DIHZBBBBBBBBBBRIPDWFKHV

'*5$00$5

)LOOLQWKHEODQNVZLWKWKH3DVW7HQVHRU3UHVHQW3HUIHFWRIWKHYHUE
LQEUDFNHWV
7+(%2'<6+23
7KHILUVWEUDQFKRI7KH%RG\6KRSBBBBBBBBBBBRSHQLQ
LQ %ULJKWRQ (QJODQG 6LQFH WKHQ LW BBBBBBBBBB JURZ LQWR D
ZRUOGZLGH RUJDQL]DWLRQ ZLWK PRUH WKDQ VWRUHV DQG LW
BBBBBBBBBB UHPDLQ FRPPLWWHG WR DFWLYLWLHV WKDW KHOS FRPPXQLWLHV
RQERWKDORFDODQGJOREDOVFDOH
(PSOR\HHVRIWKH%RG\6KRSDUHHQFRXUDJHGWRWDNHDKDOIGD\¶V
SDLG OHDYH HDFK PRQWK WR SDUWLFLSDWH LQ DFWLYLWLHV EHQHILFLDO IRU WKHLU
ORFDO FRPPXQLWLHV 7KH FRPSDQ\ HYHQ BBBBBBBBBB ZLQ WKH 8.
$ZDUGIRU(PSOR\HH9ROXQWHHULQJDIHZWLPHV
8QWLO QRZ WKH FRPSDQ\ BBBBBBBBBB UXQ PDQ\ GLIIHUHQW
FDPSDLJQV UDQJLQJ IURP ³6WRS WKH %XUQLQJ´ WR SURWHVW DERXW WKH
GHVWUXFWLRQRI%UD]LOLDQUDLQIRUHVWVWRKXPDQULJKWVFDPSDLJQVUXQLQ
DVVRFLDWLRQ ZLWK $PQHVW\ ,QWHUQDWLRQDO ,Q PLOOLRQ SHRSOH
BBBBBBBBBBBB WKH %RG\ 6KRS SHWLWLRQV DJDLQVW DQLPDO WHVWLQJ $QG
RQH \HDU ODWHU LQ WKH 5HILOO 5HF\FOH FDPSDLJQ FXVWRPHUV
BBBBBBBBBBB EULQJ RYHU ERWWOHV EDFN WR WKH FRPSDQ\¶V
VKRSVLQWKH8.IRUUHILOOLQJ
7KH FRPSDQ\ DOVR BBBBBBBBBBBVXSSRUW WKH ODXQFK RI D
QHZVSDSHU VROG E\ KRPHOHVV SHRSOH ZKR BBBBBBBBBB NHHS D
SURSRUWLRQ RI WKH QHZVSDSHU¶V SULFH 2Q WKH ILUVW GD\ LW BBBBBBBBBB
VHOO FRSLHV DQG LQ WLPH LW BBBBBBBBBB SURJUHVV IURP D
PRQWKO\WRDZHHNO\QHZVSDSHUZLWKDFLUFXODWLRQRIFRSLHV
SHUZHHN
7KH FRPSDQ\¶V H[SDQVLRQ LQ &HQWUDO DQG (DVWHUQ (XURSH ZDV
ZHOFRPHGE\WKHQHZFXVWRPHUVEXWLWGLGQ¶WRQO\PHDQWKHRSHQLQJ
RI VKRSV ,Q 7KH %RG\ 6KRS BBBBBBBBBB VWDUW D 5RPDQLDQ
5HOLHI'ULYH3URJUDPPHWRKHOSDEDQGRQHGFKLOGUHQ,QWKDWSHULRGWKH
SURMHFW BBBBBBBBBBBBBBBBBBBBBBBBBBB UHQRYDWH DQG UHIXUELVK
PRUH RUSKDQDJHV DQG BBBBBBBBBBB EHJLQ FDUH SURJUDPPHV WR
LPSURYHWKHTXDOLW\RIWKHFKLOGUHQ¶VOLYHV6LQFHWKHVWDUWWKHFRPSDQ\
BBBBBBBBBBBBWDNHFDUHWRLQYROYHORFDOSHRSOHLQWKHLUHIIRUWVDQG
WKH %ULWLVK WHDPV RI YROXQWHHUV BBBBBBBBBBB ZRUN WRJHWKHU ZLWK

5RPDQLDQ VWDII 1RZ PRUH WKDQ ILIWHHQ \HDUV BBBBBBBBBBB SDVV
VLQFH %RG\ 6KRS BBBBBBBBBB EHFRPH D IDPLOLDU SUHVHQFH LQ
5RPDQLDDQGWKHFRPSDQ\ZLOOFRQWLQXHLWVDFWLYLW\KHUH

12816
,QWKHSUHYLRXVXQLW\RXKDYHOHDUQWDERXWWKHSOXUDORIQRXQV1RZ
ZHDUHJRLQJWRVWXG\VRPHRWKHUQRXQVZKLFKRQO\KDYHDVLQJXODURU
D SOXUDO IRUP 5HDG WKH IROORZLQJ HQXPHUDWLRQ DQG WU\ WR JHQHUDOL]H
ZKLFKQRXQVIDOOLQWRWKHVHFDWHJRULHV
D HFRQRPLFV PDWKHPDWLFV SROLWLFV LQIRUPDWLFV YHUE LQ WKH
VLQJXODU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
EFKRFRODWHJROGVDQGVXJDURLOPHDWYHUELQWKHVLQJXODU
FWURXVHUVMHDQVVKRUWVRYHUDOOVYHUELQWKHSOXUDO
G VFLVVRUV FRPSDVVHV JODVVHV ELQRFXODUV VSHFWDFOHV YHUE LQ WKH
SOXUDO
H LQIRUPDWLRQ OXJJDJH DGYLFH IXUQLWXUH QHZV PRQH\ EXVLQHVV
NQRZOHGJHPHUFKDQGLVHYHUELQWKHVLQJXODU

7KH QRXQV LQ E DQG VRPH RI WKH QRXQV LQ H DERYH FDQ EH
LQGLYLGXDOL]HG7UDQVODWHWKHIROORZLQJV\QWDJPV

2LQIRUPD LH BBBBBBBBBBBBBB 8QV SXQ BBBBBBBBBBBBBBB
2SLHV GH BBBBBBBBBBBBBB 8QWXQHW BBBBBBBBBBBBBBB
PRELOLHU
2FLRFRODW BBBBBBBBBBBBBB 8QIXOJHU BBBBBBBBBBBBBBB
2SkLQH BBBBBBBBBBBBBB 8QEDJDM BBBBBBBBBBBBBBB
2IHOLHGH BBBBBBBBBBBBBB 2YHVWHúWLUH BBBBBBBBBBBBBBB
SkLQH

1RXQV VXFK DV IDPLO\ FUHZ SROLFH DXGLHQFH JRYHUQPHQW KHUG
FODVV DUH FDOOHG FROOHFWLYH QRXQV EHFDXVH WKH\ UHIHU WR D JURXS RI
SHRSOHDQLPDOVREMHFWV7KH\DUHIROORZHGE\DYHUELQWKHVLQJXODULI

ZHUHIHUWRWKHPDVFRPSDFWHQWLWLHVDVDZKROHDQGE\DSOXUDOYHUELI
ZHUHIHUWRWKHLUPHPEHUV
([0\IDPLO\FRQVLVWVRIIRXUPHPEHUV0\IDPLO\DUHDWWKHVHDVLGH
$QDXGLHQFHLVDJURXSRISHRSOHZDWFKLQJDVKRZ7KHDXGLHQFHZHUH
GHOLJKWHG
1RZWU\WRFKRRVHWKHFRUUHFWYHUEIRUP
D 7KHFURZGLVDUHFKHHULQJWKHVSHDNHU
E 7KHJDQJRIUREEHUVZDVZHUHDUUHVWHGODVWQLJKW
F 7KH SOD\ ZLOO EHJLQ DIWHU WKH DXGLHQFH VHWWOH VHWWOHV LWVHOI
WKHPVHOYHV
G 7KLVFODVVLVDUHWKHEHVWLQWKHVFKRRO
H +LVIDPLO\LVDUHYHU\DQJU\ZLWKKLP
I 0\IDYRXULWHIRRWEDOOWHDPSOD\SOD\VWRQLJKW
J 7KHFDWWOHLVDUHHQWHULQJWKHIDUP\DUG
K 2XUJURXSFRQVLVWFRQVLVWVRIVWXGHQWV

2PXO LPHGHRDPHQL BBBBBBBBBBBBBBBBBBBBBBBBBBBB
8QEXFKHWGHIORUL BBBBBBBBBBBBBBBBBBBBBBBBBBBB
2VHULHGHHYHQLPHQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBB
2HFKLS GHVSHFLDOLúWL BBBBBBBBBBBBBBBBBBBBBBBBBBBB
2EDQG GHKR L BBBBBBBBBBBBBBBBBBBBBBBBBBBB
8QODQ GHPXQ L BBBBBBBBBBBBBBBBBBBBBBBBBBBB

&RPSOHWHWKHVHQWHQFHVZLWKLVDUHZDVRUZHUH
D 7KHQHZVBBBBBBBBQRWYHU\JRRGODVWQLJKW
E 3K\VLFVBBBBBBBPRUHGLIILFXOWWKDW,WKRXJKW
F 'DUWVBBBBBBBDSRSXODUJDPHLQSXEV
G 7KHVFLVVRUVBBBBBBBQRWYHU\VKDUS
H 7KUHHWKRXVDQGSRXQGVBBBBBBBVWROHQLQWKHUREEHU\
I :KDWWLPHBBBBBBBWKHQHZVRQ79"
J +HUFORWKHVBBBBBBBWHUULEO\ZHWZKHQVKHFDPH
K 3ROLWLFVBBBBBBBWKHLUIDYRULWHWRSLFRIGLVFXVVLRQ
L 7KHVWDLUVBBBBBBBBULJKWLQIURQWRI\RX&DQ¶W\RXVHHWKHP"
M 'R\RXWKLQNPHDVOHVBBBBBBBBGDQJHURXV"

8QGHUOLQHWKHFRUUHFWDOWHUQDWLYH
D +H¶VJLYHQPHDQDGYLFHDSLHFHRIDGYLFH
E :H¶YHKDGVXFKJRRGZHDWKHUVXFKDJRRGZHDWKHU
F +HZDQWVWRUHDGVRPHWKLQJ%X\KLPDSDSHUVRPHSDSHU
G +RZPDQ\SLHFHVRIIXUQLWXUHIXUQLWXUHZLOOWKH\EULQJ"
H 7KHLQIRUPDWLRQGRHVQ¶WVHHPGRQ¶WVHHPWREHFRUUHFW
I +DYH\RXJRWPDQ\PXFKOXJJDJH"
J +HKDVQ¶WPDGHPXFKPDQ\SURJUHVV
K :K\LVDUHWKHSROLFHKHUH"
L 7KHUHLVDUHDORWRISHRSOHLQWKHVTXDUH
M ,ERXJKWDSDLURIWURXVHUVWURXVHUVODVWZHHN
N <RXU(QJOLVKKDYHKDVLPSURYHG
O +HU KDLU LV+HU KDLUV DUH EHDXWLIXO 6KH QHHGQ¶W JR WR D
KDLUGUHVVHU¶V

( /$1*8$*(,186(

$VNLQJIRUJLYLQJVXJJHVWLRQVRSLQLRQV
:KHQ \RX JR VKRSSLQJ \RX PLJKW ZDQW WR DVN IRU
VXJJHVWLRQVRSLQLRQV RU RIIHU VXJJHVWLRQVRSLQLRQV WR WKH SHUVRQV
DFFRPSDQ\LQJ\RX+HUHDUHVRPHXVHIXORSHQLQJH[SUHVVLRQVJUDGHG
DFFRUGLQJWRKRZIRUPDOWKH\DUH

,1)250$/ ,I\RXDVNPH«
<RXNQRZZKDW,WKLQN,WKLQNWKDW«
,¶GVD\WKDW«
7KHSRLQWLV«
:RXOGQ¶W\RXVD\WKDW«
'RQ¶W\RXDJUHHWKDW«
$V,VHHLW«
,¶GMXVWOLNHWRVD\WKDW,WKLQNWKDW«
)250$/ ,¶GOLNHWRSRLQWRXWWKDW«

'HFLGH ZKHQ WKH GLIIHUHQW H[SUHVVLRQV ZRXOG EH DSSURSULDWH
'R\RXDJUHHZLWKWKHRUGHUWKH\KDYHEHHQSXWLQ"&DQ\RXVXJJHVW
PRUHH[SUHVVLRQV"

7KHUH DUH PDQ\ ZD\V RI WU\LQJ WR JHW SHRSOH WR GR WKLQJV IRU
WKHLURZQJRRG7KHH[SUHVVLRQV\RXXVHGHSHQGRQ
D KRZGLIILFXOWRUXQSOHDVDQWWKHFRXUVHRIDFWLRQ\RXVXJJHVWLV
E :KR\RXDUHDQGZKR\RXDUHWDONLQJWR±WKHUROHV\RXDUH
SOD\LQJDQG\RXUUHODWLRQVKLS

,QWKLVOLVWEHORZWKHH[SUHVVLRQVDUHLQRUGHURIWHQWDWLYHQHVV

7(17$7,9( ,ZDVZRQGHULQJLI\RX¶GHYHUWKRXJKWRI«
0LJKWLWEHDQLGHDWR«
+DYH\RXHYHUWKRXJKWRI«
'RQ¶W\RXWKLQNLWPLJKWEHDQLGHDWR«
<RXFRXOGDOZD\V«
,I,ZHUH\RX,¶G«
:K\GRQ¶W\RX«
',5(&7 <RX¶GEHWWHU«

'HFLGH ZKHQ \RX ZRXOG XVH WKH GLIIHUHQW H[SUHVVLRQV +RZ
ZRXOG\RXFRQWLQXHDIWHUHDFKRQH"

1RZLPDJLQH\RXDUHVKRSSLQJZLWKDJRRGIULHQGDWHOOKLPKHU
WKDWWKH7±VKLUWKHVKHLVWU\LQJRQGRHVQ¶WORRNWRRJUHDWRQKLPKHU
DQGVXJJHVWVRPHWKLQJHOVHEVKHZDQWVWREX\DYHU\VKRUWGUHVVEXW
VKHZRXOGORRNPXFKEHWWHULQDORQJRQHFKHZDQWVWREX\DQHZ
VWHUHREXW\RXGHILQLWHO\EHOLHYHWKDWDQHZFRPSXWHULVZKDWKHUHDOO\
QHHGVQRZ
6XJJHVWWR\RXUWHDFKHUWRFKDQJHWKHGDWHRIDWHVW\RXDOUHDG\
KDYHDQRWKHUWHVWWKDWGD\VXJJHVW\RXUERVVWRUHVFKHGXOHDPHHWLQJ
IRU D ODWHU KRXU \RX DUH VXSSRVHG WR EH DW WKH IDFXOW\ ZKHQ WKH
PHHWLQJLV

7DONLQJ WR WKH VKRS DVVLVWDQW 3XW WKH IROORZLQJ OLQHV LQ RUGHU WR
IRUP D IHZ FRKHUHQW FRQYHUVDWLRQV EHWZHHQ D FXVWRPHU DQG D VKRS
DVVLVWDQW
BBBB&DQ,WU\LWRQ"
BBBB0PWKDW¶VQLFH
BBBB0HGLXP

BBBB&DQ,KHOS\RX"
BBBB,VLWWKHULJKWVL]H"
BBBB+RZPXFKLVLW"
BBBB+DYH\RXJRWVRPHWKLQJELJJHU"
BBBB%\FUHGLWFDUG
BBBB7KLVRQH¶VDELWGDUNHU
BBBB:KDWVL]HDUH\RX"
BBBB1RWKDQNV,¶PMXVWORRNLQJ
BBBB<HVWKHFKDQJLQJURRPVDUHRYHUWKHUH
BBBB%OXH
BBBB<HVLWIHHOVILQH
BBBB,W¶VDELWWRRELJVPDOOORQJVKRUW
BBBB
BBBB<HV,¶PORRNLQJIRUDMXPSHU
BBBB1R,GRQ¶WOLNHWKHFRORXU:KDWDERXWWKLVRQH"
BBBB7KDW¶VWKHODVWZH¶YHJRW,¶PDIUDLG
BBBB,¶OOKDYHLWSOHDVH
BBBB,¶OOOHDYHLWWKDQNV
BBBB:KDWFRORXUDUH\RXORRNLQJIRU"
BBBB7KDQN\RX+RZZRXOG\RXOLNHWRSD\"

6(&7,21,,
021(<

$/($',1

,I\RXFRXOGVDYHLQYHVWRUVSHQGRRRHXURVLQMXVWRQHGD\ZKDW
ZRXOG\RXGRZLWKLW"
'RHVLWPDWWHULIDZLIHHDUQVPRUHWKDQKHUKXVEDQG"
:HUH \RX JLYHQ RU GLG \RX HDUQ \RXU SRFNHW PRQH\ DV D FKLOG"
:KDWDERXWQRZ"
:KDWZDVWKHILUVWWKLQJ\RXVDYHGXSIRUDQGERXJKW\RXUVHOI"
:KDWFDQ¶WPRQH\EX\"
:KDWGR\RXXQGHUVWDQGE\SODVWLFPRQH\"
+RZPDQ\ZD\VRISD\LQJIRUDSURGXFWGR\RXNQRZ"

% 5($',1*2%-(&7,9(

021(<&$1¶7%8<+$33,1(66
7KH IROORZLQJ TXHVWLRQV DQG DQVZHU PDNH XS DQ LPDJLQDU\
LQWHUYLHZWKDWVXPXSWKHUHDODQVZHUVWRWKHVDPHTXHVWLRQVJLYHQE\
PRUH KXQGUHGV RI SHRSOH DV SDUW RI DQ RSLQLRQ VXUYH\ DERXW KRZ
LPSRUWDQWPRQH\LVLQRXUOLIH
4:HUH\RXJLYHQRUGLG\RXHDUQSRFNHWPRQH\DVDFKLOG"
$ , ZDV JLYHQ WZR VKLOOLQJV D ZHHN E\ P\ IDWKHU EXW RQ FRQGLWLRQ
WKDW , EHKDYHG P\VHOI ,I , GLGQ¶W EHKDYH ZHOO , GLGQ¶W UHFHLYH LW
3DUHQWVZHUHPXFKVWULFWHULQWKRVHGD\V
4:KDWZDVWKHILUVWWKLQJ\RXVDYHGXSIRUDQGERXJKW\RXUVHOI
$ $ VHW RI WR\ VROGLHUV 1RW WKH SODVWLF RQHV \RX JHW QRZDGD\V EXW
OLWWOHPHWDORQHVEHDXWLIXOO\KDQGSDLQWHG,WWRRNPHQHDUO\D\HDUWR
VDYHXSIRUWKHP,I,¶GNQRZQWKDWWKH\ZRXOGEHYDOXDEOHDQWLTXHV
WRGD\ , ZRXOG KDYH NHSW WKHP 7KH\ ZRXOG SUREDEO\ EH ZRUWK D
IRUWXQHQRZ
4,W¶VLPSRVVLEOHWRKDYHWRRPXFKPRQH\±GR\RXDJUHH"
$<HV,I\RXKDYHGUHDPVPRQH\PDNHVWKHPSRVVLEOH3HUVRQDOO\
,FDQ¶WLPDJLQHKDYLQJWRRPXFKPRQH\,¶PDOZD\VEURNH$Q\ZD\
LI,HYHUIHOW,KDGWRRPXFKPRQH\,¶GJLYHLWDZD\WRFKDULW\
4:RXOG\RXSUHIHUIDPHRUIRUWXQH"
$%HLQJSUDFWLFDO,¶GVD\IRUWXQHEXWLI,ZHUHVLQJOHZLWKQRNLGV
DQGQRUHVSRQVLELOLWLHV,¶GJRIRUIDPH
4 ,I \RX FRXOG EX\ \RXUVHOI D VNLOO D WDOHQW RU FKDQJH LQ \RXU
DSSHDUDQFHZKDWZRXOG\RXFKRRVH"
$:HOOWKHUHDUHORWVRIWKLQJV,¶GOLNHWREHEHWWHUDWEXWLI,KDGWR
FKRRVHRQH,¶GOLNHWREHDEULOOLDQWIRRWEDOOSOD\HU
4:KDWFDQ¶WPRQH\EX\"
$+DSSLQHVV,WHQGWRWKLQNWKDWRQFH,KDYHHQRXJKPRQH\WREX\
VRPHQHZFORWKHVRUJHWDEHWWHUFDUWKHQ,¶OOEHKDSS\%XWLWQHYHU
ZRUNVRXWOLNHWKDW

/RRN RYHU WKH WH[W DJDLQ DQG GHFLGH LI \RXU RZQ DQVZHUV ZRXOG
FRLQFLGHPRUHRUOHVVZLWKWKHRSLQLRQVH[SUHVVHGDERYH

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

%XLOGVHQWHQFHVXVLQJWKHIROORZLQJH[SUHVVLRQV
3RFNHWPRQH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3ODVWLFPRQH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0RQH\ODXQGHULQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*UH\PRQH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDWYHUEVFDQ\RXXVHLQIURQWRIWKHQRXQ021(<"
<RXFDQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7UDQVODWHLQWR5RPDQLDQ
D 6RPHWLPHV LQ D VKRS WKH VKRS DVVLVWDQW DVNV \RX ³+RZ GR \RX
ZDQWWRSD\"´<RXFDQDQVZHU³&DVKE\FKHTXHE\FUHGLWFDUG´
E,QDEDQN\RXXVXDOO\KDYHDFXUUHQWDFFRXQWZKLFKWKHFRPSDQ\
SD\VLQ\RXUVDODU\DQGIURPZKLFK\RXFDQZLWKGUDZPRQH\WRSD\

\RXU HYHU\ GD\ ELOOV <RX FDQ ZLWKGUDZ PRQH\ IURP DQ DXWRPDWLF
WHOOHU PDFKLQH RU $70 ZKLFK FDQ DOVR LVVXH D EDQN VWDWHPHQW IRU
\RXUDFFRXQW<RXPD\DOVRKDYHDVDYLQJVDFFRXQWZKHUH\RXGHSRVLW
DQ\H[WUDPRQH\DQGIRUZKLFK\RXUHFHLYHDQLQWHUHVW7KHEDQNPD\
DOVR OHQG \RX PRQH\ IRU ZKLFK \RX SD\ LQWHUHVW $ EDQN ORDQ IRU D
KRXVHLVFDOOHGDPRUWJDJHORDQ

F 7KH JRYHUQPHQW FROOHFWV PRQH\ IURP WKH FLWL]HQV WKURXJK WD[HV
,QFRPHWD[LVWKHWD[FROOHFWHGRQZDJHVDQGVDODULHV&RPSDQLHVSD\
FRUSRUDWLRQ WD[ RQ WKHLU SURILWV ,I \RX SD\ WRR PXFK WD[ \RX DUH
HQWLWOHGWRDWD[UHEDWH
7KH JRYHUQPHQW DOVR SD\V PRQH\ WR SHRSOH LQ QHHG XQHPSOR\PHQW
EHQHILW GLVDELOLW\ DOORZDQFHV &KLOGUHQ UHFHLYH D FKLOG DOORZDQFH
ZKLOHSHQVLRQHUVUHFHLYHDSHQVLRQ

G(YHU\FRXQWU\KDVLWVRZQVSHFLDOFXUUHQF\(YHU\GD\WKHUDWHVRI
H[FKDQJHDUHSXEOLVKHGE\WKHQDWLRQDOEDQNV

H$FRPSDQ\PD\VHOOVKDUHVWRPHPEHUVRIWKHSXEOLFZKRZDQWWR
LQYHVW7KHQWKHLQYHVWRUVUHFHLYHGLYLGHQGVGHSHQGLQJRQWKHSURILW
RUORVVPDGHE\WKHFRPSDQ\


$QVZHUWKHIROORZLQJTXHVWLRQV
:KLFKDUHWKHFRLQVDQGEDQNQRWHVXVHGDLQWKH8.ELQWKH86$"
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&DQ\RXQDPHWZRFUHGLWFDUGVZKLFKDUHXVDEOHZRUOG±ZLGH"
:KDWGRHVWKHH[SUHVVLRQKDUGFXUUHQF\PHDQ"
&DQ\RXQDPHDIHZSURGXFWVIRUZKLFKLPSRUWHUVSD\H[FLVHGXWLHV"
&DQ \RX QDPH VRPHWKLQJ WKDW LV SULFHOHVV DQG VRPHWKLQJ WKDW LV
YDOXHOHVV"

0DWFKWKHZRUGVRQWKHOHIWZLWKWKHLUGHILQLWLRQRQWKHULJKW
,QWHUHVW DEDQNDFFRXQWZLWKPLQXVPRQH\LQLW
0RUWJDJH PRQH\SDLGIRUUDLVLQJDFKLOG
2YHUGUDZQDFFRXQW PRQH\ JLYHQ E\ WKH JRYHUQPHQW WR
VWXGHQWV
6DYLQJVDFFRXQW PRQH\SDLGWRSHRSOHZKRKDYHUHWLUHG
&XUUHQWDFFRXQW DQDFFRXQWXVHGIRUNHHSLQJPRQH\
3HQVLRQ DORDQWRSXUFKDVHSURSHUW\
'LVDELOLW\DOORZDQFH PRQH\FKDUJHDEOHIRUDORDQ
*UDQW DQDFFRXQWIRUHYHU\GD\XVH
&KLOGEHQHILW PRQH\SDLGWRSHRSOHZLWKDKDQGLFDS

)LOOLQWKHEODQNV
,IDSURGXFWLVQRJRRG\RXFDQWDNHLWEDFNWRWKHVKRSDQGUHFHLYHD
BBBBBBBBBBBBBB
,I\RXKDYHVRPHPRQH\LQ\RXUDFFRXQW\RXDUHBBBBBBBBBBBBBBB
,I\RXKDYHZLWKGUDZQPRUHPRQH\WKDQ\RXKDGLQ\RXUDFFRXQW\RX
DUHBBBBBBBBBBBBB
,I \RX KDYH UHFHLYHG DQ LQKHULWDQFH \RX KDYH WR SD\ DQ
BBBBBBBBBBBBBB

,I ODVW \HDU \RX SDLG WRR PXFK WD[ \RX VKRXOG UHFHLYH
BBBBBBBBBBBBBBWKLV\HDU

'*5$00$5

180%(56180(5$/6
+RZDUHQXPEHUVIRUPHG":ULWHWKHPLQOHWWHUVDQGILQGWKHUXOHV

BBBBBBBBBB BBBBBBBBBB BBBBBBBBBB
BBBBBBBBBB BBBBBBBBBB

BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBB
8QPLOLRQBBBBBBBBBBBBBB
8QPLOLDUGBBBBBBBBBBBBBB
$OOWKHQXPEHUVDERYHDUHFDOOHG&$5',1$/180(5$/6

1XPHUDOVWKDWH[SUHVVWKHRUGHUDUHIRUPHGE\DGGLQJWKHHQGLQJ±
7+ WR FDUGLQDO QXPHUDOV 7KH\ DUH FDOOHG 25',1$/ 180(5$/6
7KH HQXPHUDWLRQ EHORZ ZLOO DOVR LQGLFDWH WKH H[FHSWLRQV :ULWH WKH
VKRUWIRUPIRUHDFKRUGLQDOQXPHUDOEHORZ

3ULPXO 7KHILUVW $O±OHD 7KHWKLUWLHWK
$O±OHD 7KHVHFRQG $O±OHD 7KHWKLUW\ILUVW
$O±OHD 7KHWKLUG $O±OHD 7KHWKLUW\VHFRQG
$O±OHD 7KHIRXUWK $O±OHD 7KHWKLUW\WKLUG
$O±OHD 7KHILIWK $O±OHD 7KHWKLUW\IRXUWK
$O±OHD 7KHVL[WK $O±OHD 7KHIRUWLHWK
$O±OHD 7KHVHYHQWK $O±OHD 7KHIRUW\ILUVW
$O±OHD 7KHHLJKWK $O±OHD 7KHILIWLHWK
$O±OHD 7KHQLQHWK $O±OHD 7KHILIW\ILIWK
$O±OHD 7KHWHQWK $O±OHD 7KHVL[WLHWK
$O±OHD 7KHHOHYHQWK $O±OHD 7KHVL[W\ILUVW
$O±OHD 7KHWZHOIWK $O±OHD 7KHVL[W\WKLUG
$O±OHD 7KHWKLUWHHQWK $O±OHD 7KHVL[W\HLJKWK
$O±OHD 7KHIRXUWHHQWK $O±OHD 7KHQLQHWLHWK
$O±OHD 7KHILIWHHQWK $O±OHD 7KHQLQHW\QLQHWK
$O±OHD 7KHWZHQWLHWK $O±OHD 7KHRQHKXQGUHGWK
$O±OHD 7KHWZHQW\ILUVW $O±OHD 7KHRQHKXQGUHGDQGILUVW
$O±OHD 7KHWZHQW\VHFRQG $O±OHD 7KHRQHWKRXVDQGWK
$O±OHD 7KHWZHQW\WKLUG $O±OHD 7KHRQHWKRXVDQGDQGVHFRQG
$O±OHD 7KHWZHQW\IRXUWK $O±OHD 7KHWZRWKRXVDQGDQGILIWK

5(0(0%(5
±RQHKXQGUHG±WZRKXQGUHG127WZRKXQGUHGV
±WKUHHWKRXVDQG127WKUHHWKRXVDQGV
±ILYHPLOOLRQ127ILYHPLOOLRQV
%87KXQGUHGVRISHRSOHPLOOLRQVRIVWDUV

7UDQVODWHWKHIROORZLQJVHQWHQFHVDQGUHPHPEHUWKHGLIIHUHQWZD\V
RIVD\LQJLQ(QJOLVK
D 3UHIL[XO WHOHIRQLF SHQWUX 5RPDQLD HVWH LDU SHQWUX %XFXUHúWL

E6FRUXOPHFLXOXLDIRVW±
F$VW ]LWHPSHUDWXUDDVF ]XWODJUDGHVXE]HUR
G6WXGHQ LLFDUHFRSLD] ODH[DPHQYRUSULPLQRWD]HUR

+RZ GR \RX UHDG WKH IROORZLQJ GDWHV LQ %ULWLVK (QJOLVK DQG LQ
$PHULFDQ(QJOLVK"

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:ULWHLQOHWWHUVWKHIROORZLQJIUDFWLRQV
BBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBB

7UDQVODWH LQWR (QJOLVK XVLQJ WKH IROORZLQJ ZRUGV VFRUH GR]HQ
FRXSOHRGGHYHQIRUWQLJKW
D$PIRVWODPXQWHSHQWUXGRX ]LOH
E$PFXPS UDWRGX]LQ GHRX
F=HFLGHPXQFLWRULDXIRVWFRQFHGLD LDQXODFHVWD
G'HOHJD LDURPkQ DUHGHPHPEUL
H'XS RSHUD LHDVWDWvQVSLWDOWLPSGHGRX V SW PkQL
I$VW ]LFRSLLLDXvQY DWGHVSUHQXPHUHOHSDUHúLLPSDUH

0DNHVHQWHQFHRI\RXURZQXVLQJWKHIROORZLQJZRUGV
WZRGR]HQVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DVFRUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DKDOIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WKUHHTXDUWHUVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E\KXQGUHGVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HYHU\WKUHHGD\VBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WZRE\WZRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
WZLFHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7UDQVODWHLLQWR5RPDQLDQ
D 7KH WHQ ILIWHHQ LV DQ H[SUHVV WUDLQ ZLWK ILUVW DQG VHFRQG FODVV
VOHHSLQJFDUV
E:H¶UHIO\LQJDWDQDOWLWXGHRIPHWUHV
F7KHDFUREDWVOHIWWKHDUHQDE\WZRV
G7KH(QJOLVKHOHYHQZRQWKHPDWFKZLWKWKH5RPDQLDQV
H6WDWLVWLFVVKRZDILYHIROGLQFUHDVHRIWKHFRPSDQ\¶VWXUQRYHU
LLLQWR(QJOLVK
I 7UHFXVHU GRDU GRX OXQL GH OD SULPD QRDVWU vQWkOQLUH FkQG PD
FHUXWGHVR LH
J0LLGHVLQGLFDOLúWLDXSDUWLFLSDWODPLWLQJ
K1XDPúWLXWV U VSXQGODDWUHLDúLODDGRX ]HFLúLFLQFHDvQWUHEDUH
GLQWHVW
L8QFRPSXWHUSHUIRUPDQWFRVW SHVWHOHL
M&XUVXOVHWHUPLQ ODDúDF QHSXWHPvQWkOQLOD
N$GXQDUHDVF GHUHDvQPXO LUHDúLvPS U LUHDVXQWFHOHSDWUXRSHUD LL
PDWHPDWLFHSULQFLSDOH

:ULWHWKHRSHUDWLRQVLQOHWWHUV
BBBBBBBBBBBBBBBBBBBBBBBB± BBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBB[ BBBBBBBBBBBBBB

5(0(0%(5
/HQJWK
LQFKLQ PP
LQFKHV IRRWIW FP

IHHW \DUG\G P
\DUGV IXUORQJ P
IXUORQJV PLOH NP

$UHD
VTLQFK VTFP
VTLQFKHV VTIRRW VTFP
VTIHHW VT\DUG VTP
VT\DUGV DFUH KD
DFUHV VTPLOH KD VTNP

:HLJKW
RXQFHR] J
RXQFHV SRXQGOE NJ
SRXQGV ,VWRQHVW NJ
VWRQH KXQGUHGZHLJKWFZW !NJ
KXQGUHGZHLJKW WRQ NJ

%ULWLVKFDSDFLW\
IOXLGRXQFHVIOR] SLQWSW O
SLQWV TXDUWTW O
SLQWV JDOORQJDO O

$PHULFDQFDSDFLW\
86IOXLGRXQFHV 86SLQW O
86SLQWV 86TXDUW O
86TXDUWV 86JDOORQ O

0RQH\
,Q%ULWDLQSHQFH SRXQG
,QLQIRUPDO%ULWLVK(QJOLVKSRXQG DTXLGSRXQG ILYHTXLGRU
ILYHUSRXQG WHQTXLGRUWHQQHU
,QWKH86FHQWV GROODULQIRUPDOO\EXFNFHQW DSHQQ\
FHQW DQLFNHOFHQW DGLPHFHQW DTXDUWHU

( /$1*8$*(,186(
3D\LQJ DQG EDUJDLQLQJ ,I D SURGXFW \RX ZDQW WR EX\ KDV QR
SULFHODEHO\RXPD\DVN+RZPXFKLVLW"RU+RZPXFKGRHVLWFRVW"
7KH VKRS DVVLVWDQW FDQ DVN \RX :KDW PHWKRG RI SD\PHQW GR \RX
SUHIHUFDVKE\FKHTXHRUE\FUHGLWFDUG"
,I\RXJRVKRSSLQJLQDQHOOHJDQWERXWLTXHLQWKHFHQWUHRIDODUJH
FLW\LWLVTXLWHSUREDEOHWKDWEDUJDLQLQJLVQRWDFFHSWHG%XWLI\RXJRWR
VPDOO VKRSV WR ED]DDUV LQ *UHHFH 7XUNH\ RU WKH 0LGGOH (DVW WKH
VKRSNHHSHUVZLOOEHKDSS\WRKDJJOHDQGPRVWRIWKHPVSHDN(QJOLVK
,I\RXGRQ¶WDJUHHWRWKHLUSULFH\RXFDQVD\VRPHWKLQJOLNH,¶OO
EX\WKLVIRU«VXPRU+RZPXFKLVWKDWLI,EX\WZR",¶OOEX\D7
±VKLUWDVZHOOLI\RXJLYHPHWKHMHDQVIRUHXURV
1RZ LPDJLQH \RX DUH D FXVWRPHU DQG \RXU GHVNPDWH RU \RXU
WHDFKHULVWKHVKRSNHHSHU7U\WREX\DDVKLUWLQLWLDOSULFHHXURV
IRUHXURVEDJROGEUDFHOHWLQLWLDOSULFHHXURVIRUHXURV
6WDWLQJSUHIHUHQFHV:KHQ\RXJRVKRSSLQJDQGQRWRQO\\RX

PD\QHHGWRH[SUHVV\RXUSUHIHUHQFHV
&RPSDULQJ WKLQJV RIWHQ LQYROYHV PDNLQJ D FKRLFH ,I ZH DUH
FRPSDULQJGLIIHUHQWFDUVLWHPVRIFORWKLQJHWFIRUH[DPSOHZHRIWHQ
VWDWHRXUSUHIHUHQFHVDWWKHVDPHWLPH+HUHDUHVRPHXVHIXOZD\VRI
VWDWLQJZKDW\RXSUHIHU
$VIDUDV,¶PFRQFHUQHGWKHEHVW«
)URPP\SRLQWRIYLHZWKHEHVW«
,¶GJRIRUWKLVRQHEHFDXVH«
,¶GPXFKSUHIHUWKDWRQHEHFDXVH«
7KLVRQHLVSUHIHUDEOHEHFDXVH«
,¶GUDWKHUKDYHWKDWRQHEHFDXVH«
'HFLGHKRZ\RXZRXOGXVHWKHVHH[SUHVVLRQVWRWDONDERXWDD
GUHVVDSDLURIWURXVHUVDVXLWDFRPSXWHU\RXZDQWWREX\EGLIIHUHQW
WKLQJVWRHDWDQGGULQN3HUKDSVORRNDWDUHVWDXUDQWPHQXDQGGHFLGH
ZKDWGLVKHVWRVHOHFW
:5,7,1*',6&866,21
&RPPHQWXSRQRQHRIWKHIROORZLQJ
D 0RQH\GRHVQ¶WEULQJKDSSLQHVV
E 6KRSSLQJWKHUDS\±DQHIIHFWLYHFXUHRUMXVWDMRNH"

81,7

)22'($7,1*287

6(&7,21,
)22'

$/($',1
1DPHWZRRUWKUHHWKLQJVWKDW\RXHDWGULQNDOPRVWHYHU\GD\$UH
WKH\KHDOWK\"
1DPH WZR RU WKUHH WKLQJV WKDW \RX QHYHU HDW WKDW \RX HDW YHU\
UDUHO\,VLWDJRRGFKRLFH"6KRXOG\RXHDWWKHVHWKLQJVPRUHRIWHQ"
+RZRIWHQGR\RXHDWRXW":KRDFFRPSDQLHV\RX"
'R \RX KDYH D IDYRXULWH UHVWDXUDQW" :KLFK DUH WKH UHDVRQV ZK\
\RXJRWKHUH"
+DYH\RXHYHUWULHGWRHDWH[RWLFIRRGVHDIRRG"
:KDW¶VWKHZHLUGHVWWKLQJ\RX¶YHHYHUHDWHQ"

% 5($',1*2%-(&7,9(

($7,1*,1%5,7$,1
$ WUDGLWLRQDO (QJOLVK EUHDNIDVW LV D YHU\ ELJ PHDO ± VDXVDJHV
EDFRQ HJJV WRPDWRHV PXVKURRPV %XW QRZDGD\V PDQ\ SHRSOH MXVW
KDYH FHUHDO ZLWK PLON DQG VXJDU RU WRDVW ZLWK PDUPDODGH MDP RU
KRQH\ 0DUPDODGH DQG MDP DUH QRW WKH VDPH 0DUPDODGH LV PDGH
IURP RUDQJHV DQG MDP LV PDGH IURP RWKHU IUXLW 7KH WUDGLWLRQDO
EUHDNIDVWGULQNLVWHDZKLFKSHRSOHKDYHZLWKFROGPLON6RPHSHRSOH
KDYH FRIIHH RIWHQ LQVWDQW FRIIHH ZKLFK LV PDGH ZLWK MXVW KRW ZDWHU
0DQ\YLVLWRUVWR%ULWDLQILQGWKLVFRIIHHGLVJXVWLQJ
)RUPDQ\SHRSOHOXQFKLVDTXLFNPHDO,QFLWLHVWKHUHDUHDORWRI
VDQGZLFKEDUVZKHUHRIILFHZRUNHUVFDQFKRRVHWKHNLQGRIEUHDGWKH\
ZDQW±EURZQZKLWHRUDUROO±DQGWKHQDOOVRUWVRIVDODGDQGPHDWRU

ILVK WR JR LQ WKH VDQGZLFK 3XEV RIWHQ VHUYH JRRG FKHDS IRRG ERWK
KRWDQGFROG6FKRROFKLOGUHQFDQKDYHDKRWPHDODWVFKRROEXWPDQ\
MXVW WDNH D VQDFN IURP KRPH ± D VDQGZLFK D GULQN VRPH IUXLW DQG
SHUKDSVVRPHFULVSV
³7HD´PHDQVWZRWKLQJV,WLVDGULQNDQGDPHDO6RPHSHRSOH
KDYH DIWHUQRRQ WHD ZLWK VDQGZLFKHV FDNHV DQG RI FRXUVH D FXS RI
WHD &UHDP WHDV DUH SRSXODU <RX FDQ KDYH VFRQHV D NLQG RI FDNH
ZLWKFUHDPDQGMDP
7KHHYHQLQJPHDOLVWKHPDLQPHDORIWKHGD\IRUPDQ\SHRSOH
7KH\XVXDOO\KDYHLWTXLWHHDUO\EHWZHHQDQGSPDQGRIWHQ
WKHZKROHIDPLO\HDWWRJHWKHU
2Q6XQGD\VPDQ\IDPLOLHVKDYHDWUDGLWLRQDOOXQFK7KH\KDYH
URDVW PHDW HLWKHU EHHI ODPE FKLFNHQ RU SRUN ZLWK SRWDWRHV
YHJHWDEOHVDQGDVDXFH
7KH %ULWLVK OLNH IRRG IURP RWKHU FRXQWULHV WRR HVSHFLDOO\
,WDOLDQ )UHQFK &KLQHVH DQG ,QGLDQ 3HRSOH RIWHQ JHW WDNH ± DZD\
PHDOV±\RXEX\WKHIRRGDWWKHUHVWDXUDQWDQGWKHQEULQJLWKRPHWR
HDW(DWLQJLQ%ULWDLQLVTXLWHLQWHUQDWLRQDO

$UHWKHIROORZLQJVHQWHQFHVWUXHRUIDOVH"&RUUHFWWKHIDOVHRQHV
x 0DQ\%ULWLVKSHRSOHVNLSEUHDNIDVW
x 0DUPDODGHLVGLIIHUHQWIURPMDP
x 3HRSOHGULQNWHDZLWKKRWPLON
x 0DQ\IRUHLJQYLVLWRUVORYHLQVWDQWFRIIHH
x 6XQGD\OXQFKLVDVSHFLDOPHDO
x $OO%ULWLVKSHRSOHHDWGLQQHUODWHLQWKHHYHQLQJ
x 3XEVDUHJRRGSODFHVWRJRIRUOXQFK
x :KHQ\RXJHWDWDNH±DZD\PHDO\RXHDWLWDWKRPH
x %ULWLVKSHRSOHHDWGLQQHUODWHLQWKHHYHQLQJ
x 3HRSOHRIWHQKDYHFHUHDORUWRDVWIRUGLQQHU

D 'R \RX KDSSHQ WR NQRZ WKH GLIIHUHQFH EHWZHHQ WKH %ULWLVK
PDUPDODGHDQGWKH5RPDQLDQRQH"
E+DYH\RXHYHUWULHGWRGULQNWHDZLWKPLON"+RZGLG\RXILQGLW"

F :KDW DUH WKH GLIIHUHQFHV EHWZHHQ PHDOV LQ %ULWDLQ DQG PHDOV LQ
5RPDQLD" 5HDG WKH WH[W DJDLQ DQG IRU HDFK SDUDJUDSK FRPPHQW RQ
ZKDWLVGLIIHUHQWIURPPHDOVLQ\RXUFRXQWU\

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

7RJHWKHUZLWK\RXUGHVNPDWHWU\WRZULWHDVPDQ\H[DPSOHVDV\RX
FDQRI
DYHJHWDEOHV
EIUXLW
FGRPHVWLFDQLPDOV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

GSRXOWU\
HILVK

D:KDWGRZHFDOOWKHPHDWRIWKHIROORZLQJDQLPDOV"
6KHHSBBBBBBBBBBBBBBBBBB
&RZBBBBBBBBBBBBBBBBBBB
'HHUBBBBBBBBBBBBBBBBBBB
3LJBBBBBBBBBBBBBBBBBBBB
E :KLFK RI WKH IROORZLQJ DUH KHUEV DQG ZKLFK DUH VSLFHV RUHJDQR
FLQQDPRQSDUVOH\FXUU\YDQLOODSHSSHUURVHPDU\JLQJHUGLOO
6SLFHV
+HUEV

D 0RUFRYLLFRQ LQYLWDPLQD$LDUVSDQDFXOFRQ LQHILHU

BBBBBBBBBBBBBBBBBBB
E $L PkQFDW YUHRGDW SXL FX DQDQDV" 'D V SW PkQD WUHFXW OD
UHVWDXUDQWXOFKLQH]HVF

BBBBBBBBBBBBBBBBBBB
F 'DF YUHLV PkQF PYkQDWF SULRDU VDXLHSXUHGHH[HPSOXúWLX
HXXQUHVWDXUDQWEXQ

BBBBBBBBBBBBBBBBBBB
G 0kLQHDPPXVDILULúLPDPKRW UkWV SUHJ WHVFVDODW GHYLQHWH
VXS GHURúLLúLFXUFDQFXOHJXPH

BBBBBBBBBBBBBBBBBBB
H &HSUHIHULODGHVHUWSHSHQHJDOEHQVDXF SúXQLFXIULúF "

BBBBBBBBBBBBBBBBBBB
I 7UHEXLH V PHUJHP OD SLD V FXPS U P QLúWH VDODW FDUWRIL
FDVWUDYH L úL HOLQ 'DF QH DMXQJ EDQLL SRDWH OX P úL QLúWH IUXFWH
FLUHúHVDXFDLVHGHH[HPSOX

BBBBBBBBBBBBBBBBBBB
J * LQDUD DJkVFDúLFXUFDQXOVXQWS V ULGRPHVWLFH

BBBBBBBBBBBBBBBBBBB
K , LSODFHSHúWHOH"'DvQVSHFLDOFRGXOúLFUDSXO

BBBBBBBBBBBBBBBBBBB
L (XQIHUPLHUvQVW ULWDUHFkWHYDVXWHGHDQLPDOHRLFDSUHYDFLúL
FDL

BBBBBBBBBBBBBBBBBBB
M LDU SO FHD V PHUJHP OD FLUF" ( XQ VSHFWDFRO FX GUHVXU GH
PDLPX HWLJULDOELHOHIDQ LúLXUúLSRODUL

BBBBBBBBBBBBBBBBBBB

'*5$00$5
02'$/9(5%6
&$1&28/'08670$<0,*+7

&RPSDUH WKH IROORZLQJ VHQWHQFHV DQG GLVFRYHU KRZ WKH PRGDOV
GLIIHUIURPRWKHUYHUEV<RXFDQZRUNLQSDLUV
D7RVWXG\LVDYHUEDQGVRLV&DQ
E+HSOD\VWHQQLVYHU\ZHOO+HFDQSOD\WHQQLVYHU\ZHOO
F , ZDQW WR HDW VRPHWKLQJ ,¶P UDWKHU KXQJU\, FDQ VSHDN )UHQFK
IOXHQWO\
G'R\RXFRPHKHUHRIWHQ"&DQ\RXFRPHDOLWWOHSOHDVH"
H,GRQ¶WOLNHKLPDWDOO,¶PVRUU\,FDQQRWKHOS\RX,¶PTXLWHEXV\
WKHVHGD\V
I 3UHVHQW 7KH\ VWXG\ D ORW 7KH\ FDQ FRPH ZLWK XV , PXVW OHDYH
QRZ
3DVW7KH\VWXGLHGDORW7KH\FRXOGFRPH7KH\ZHUHDEOHWRFRPH,
KDGWROHDYH
)XWXUH7KH\ZLOOVWXG\DORW7KH\ZLOOEHDEOHWRFRPH,ZLOOKDYH
WROHDYH

:KDWGRWKHXQGHUOLQHGYHUEVH[SUHVV"8VHWKHIROORZLQJWHUPVLQ
\RXU DQVZHUV REOLJDWLRQ DELOLW\ SHUPLVVLRQ FHUWDLQW\ LQWHUGLFWLRQ
ODFNRIREOLJDWLRQSRVVLELOLW\SUREDELOLW\LPSRVVLELOLW\
D,FDQVSHDNWZRIRUHLJQODQJXDJHVIOXHQWO\BBBBBBBBBBBBBB
&DQ\RXVZLP"BBBBBBBBBBBBBB
&DQ,OHDYHQRZ"BBBBBBBBBBBBBBB
+HFDQEHDWKRPH,KDYHQ¶WVHHQKLPDWWKHIDFXOW\BBBBBBBBBBBBB
+H FDQQRW KDYH VDLG VXFK D WKLQJ KH¶V D YHU\ SROLWH PDQ
BBBBBBBBBBBBBBB
E0D\,FRPHLQVLU"BBBBBBBBBBBBBBB

<RXPD\QRWVPRNHLQVLGHSXEOLFEXLOGLQJVBBBBBBBBBBBBBBBB
+HPD\EHVWXG\LQJDVKHKDVDWHVWWRPRUURZBBBBBBBBBBBBBBBB
F 6WXGHQWV PXVW SDVV DOO WKHLU H[DPV LQ RUGHU WR JHW D GLSORPD
BBBBBBBBBBBBBBB
<RX PXVW EH -RKQ¶V EURWKHU DV \RX UHVHPEOH KLP YHU\ PXFK
BBBBBBBBBBBBBBB
0XVW ZH JR WR EHG VR HDUO\ PXP" 1R WKLV WLPH \RX QHHGQ¶W ,W¶V
6XQGD\WRPRUURZBBBBBBBBBBBBBBBBBBBBBB

$V\RXKDYHDOUHDG\OHDUQHGIURPH[PRGDOVGRQRWKDYHDOOWKH
WHQVHV DQG PRRGV $ELOLW\ &$1 LV UHSODFHG E\ 72 %( $%/( 72
SHUPLVVLRQ 0$< LV UHSODFHG E\ 72 %( $//2:(' 72 RU 72 %(
3(50,77('72DQGREOLJDWLRQ0867E\72+$9(728VHWKHVH
IRXUH[SUHVVLRQVLQWKHVHQWHQFHVEHORZ
D,FDQ±IXWXUHWHQVHBBBBBBBBBBBBVSHDN-DSDQHVHLI,VSHQGRQH
\HDULQ-DSDQ
E7KH\PXVW±SDVWWHQVHBBBBBBBBBBBZDNHXSHDUO\WRFDWFKWKH
SODQH
F 7KH VWXGHQWV PD\ ± IXWXUH WHQVH BBBBBBBBBBBB WR VSHDN GXULQJ
WKHWHVW
G6KHQHYHUFDQ±SUHVHQWSHUIHFWWHQVHBBBBBBBBBBWRXQGHUVWDQG
KHUGDXJKWHU
H :H PXVW ± IXWXUH WHQVHBBBBBBBBBBBB ILQLVK RXU SURMHFW E\ WKH
HQGRIWKHPRQWK

:KLFKLVPRUHIRUPDO"
D0D\,FRPHLQ"BBBRU0LJKW,FRPHLQ"BBB
E&RXOG,VPRNHKHUH"BBBRU&DQ,VPRNHKHUH"BBB
F&DQZHOHDYH"BBBRU0D\ZHOHDYH"BBB

D+HQXVHSRDWHV ILHOXDW±7$.(IRUDQ(QJOLVKPDQKHKDVD
YHU\EDGDFFHQWBBBBBBBBBBBBBBBBBBB
E 7KH\ QX VH SRDWH V ILH ± %( DW VFKRRO WRGD\ LW¶V 6XQGD\
BBBBBBBBBBBBBBBBBB
F +H QX VH SRDWH V IL XLWDW ± )25*(7 KLV PRWKHU¶V ELUWKGD\
BBBBBBBBBBBBBBBBB

G 7KH\ QX VH SRDWH V VH IL F V WRULW ± *(7 0$55,(' VR VRRQ
BBBBBBBBBBBBBBB
H+H¶VVRWLUHGKHVHSRDWHV ILSOHFDW±/($9(WKHRIILFHHDUOLHU
BBBBBBBBBBBBB
I6KHZDVDWWKHPHHWLQJVRVKHVHSRDWHV ILDX]LW±+($5DERXW
P\SURPRWLRQBBBBBBBBBBBBBBBB
J 7KH\ VH SRDWH V VH XLWH ± :$7&+ WKH PDWFK WKHLU IDYRXULWH
WHDPLVSOD\LQJBBBBBBBBBBBBBBBB
K+HHSRVLELOV GRDUP vQF ±6/((3"/DVWQLJKWKHZHQWWREHG
YHU\ODWHBBBBBBBBBBBBBBBBB
L 6KH WUHEXLH V IL IRVW EROQDY ± %( ,// VKH ORRNV YHU\ ZHDN
BBBBBBBBBBBBBBBB
M-DQHWUHEXLHV IL LQXW±.((3DVOLPPLQJGLHWVKHKDVORVWDORW
RIZHLJKWBBBBBBBBBBBBBBBB
N7KH\KDYHQ¶WFDOOHGXVIRUPRUHWKDQDZHHNVRPHWKLQJWUHEXLHV
VHILvQWkPSODW±+$33(1BBBBBBBBBBBBBB
N 7KH\ VH SRDWH V IL DIODW ± /($51 ',6&29(5 WKH WUXWK
BBBBBBBBBBBBBBBBBB

DDVNSHUPLVVLRQWRXVHVRPHERG\¶VOLJKWHUOHDYHHDUOLHU
EJLYHRUGRQ¶WJLYHSHUPLVVLRQWRVRPHERG\WRRSHQWKHZLQGRZ
WRVPRNHLQWKHURRP

D1XVHSRDWHV ILWUHFXWH[DPHQXOSHQWUXF QXDvQYD DWGHORF
E$SURPLVF QHDúWHDSW QXSXWHDV SOHFHI U QRL
F 6DU SXWHD V DL GUHSWDWH WUHEXLH V ILH VXS UDW SHQWUX FD QX ODP
LQYLWDWODSHWUHFHUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G6HSRDWHV ILF ]XWPLDVSXVF úLDUXSWPkQD
H 7UHEXLH V IL DYXW XQ GRFWRU IRDUWH EXQ VD vQV Q WRúLW IRDUWH
UHSHGH
I7UHEXLHV ILIRVWIRDUWHEROQDYDVWDWvQFRQFHGLXPHGLFDOPDLPXOW
GHGRX OXQL


5HSKUDVHWKHIROORZLQJVHQWHQFHVXVLQJWKHPRGDOYHUELQEUDFNHWV
D ,WLVLPSRVVLEOHWKDWKHEURNHKHUSURPLVHDJDLQ&$1¶7
E ,¶PVXUHWKHSODQHZDVGHOD\HG0867
F 6KHLVSUREDEO\ZRUNLQJODWHUWRGD\&$10$<
G ,WLVSRVVLEOHWKDW\RXIRUJRW\RXUNH\VDWWKHRIILFH&$10$<
H 6WXGHQWVDUHQRWSHUPLWWHGWRVPRNHLQWKHFODVVURRP0$<
I,WLVFRPSXOVRU\WRDWWHQGWKH(QJOLVKFRXUVH0867

+DYLQJLQPLQGWKDW&$1H[SUHVVHV
±DELOLW\EHDEOHWREHFDSDEOHRINQRZKRZWR(J+HFDQVSHDN
*HUPDQYHU\ZHOOEXWKHFDQ¶WZULWHLWYHU\ZHOO
±SHUPLVVLRQEHDOORZHGWREHSHUPLWWHGWR(J&DQ,VPRNHLQ
KHUH"
±3RVVLELOLW\(J$Q\ERG\FDQPDNHPLVWDNHV
±5HTXHVW(J&DQ\RXGRPHDIDYRXU"
DQG&28/'UHIHUVWR
±SDVWDELOLW\(J,FRXOGQHYHUSOD\EDVNHWEDOOYHU\ZHOO
±SUHVHQWRUIXWXUHSHUPLVVLRQ(J&RXOG,VPRNH"
±SUHVHQWRUIXWXUHSRVVLELOLW\(J:HFRXOGJRWRWKHFLQHPD
±SROLWHUHTXHVW(J&RXOG\RXRSHQWKHZLQGRZSOHDVH"
VD\ZKHWKHUWKHIROORZLQJVHQWHQFHVH[SUHVVDELOLW\$RUSHUPLVVLRQ
3
D -DQHFDQVSHDNIRXUODQJXDJHVBBBB
E &DQ,XVH\RXUSKRQH"BBBB
F <RXFDQGULYHDFDUFDQ¶W\RX"BBBB
G 7RPVD\VZHFDQVWD\KHUHDOOQLJKWBBBB
H &DQZHEULQJVRPHIULHQGVWRWKHSDUW\"BBBB
I 7KHWHDFKHUVD\VZHFDQVPRNHLQWKHORXQJHLIZHOLNHBBBB
J &DQ\RXUER\IULHQGSOD\WHQQLV"BBBB

K &DQZHKDYHDEUHDNIRUVRPHFRIIHH"BBBB
L <RXFDQSOD\LQWKHJDUGHQ1RWLQWKHVWUHHWBBBB
M :HDUHYHU\EXV\QRZEXWZHFDQUHSDLU\RXUFDULQDQKRXUBBBB
N 0\VLVWHUFDQVLQJYHU\ZHOOBBBB
O &DQ,KDYHVRPHRUDQJHVTXDVK"BBBB
P0\IDWKHUFDQKHDUYHU\ZHOOEXWKHFDQ¶WVHHBBBB
Q ([FXVHPHFDQ,ERUURZ\RXUQHZVSDSHU"BBBB
R &DQ\RXRSHQWKLVGRRUZLWKRXWDNH\"BBBB

1RZUHDGWKHIROORZLQJVHQWHQFHVDQGVD\ZKDWFDQFRXOGH[SUHVVHV
LQHDFKFDVH
D 0DU\ LV D YHU\ JRRG FKHVV SOD\HU 6KH FDQ EHDW DOO KHU IULHQGV
BBBB
E 7LOOWKHDJHRI,FRXOGQ¶WULGHDELF\FOHBBBB
F +HFDQ¶WKDYHOHIWBBBB
G &DQ,WDONWR\RXIRUDPLQXWH"BBBB
H :HFRXOGWU\PRYLQJWKHGHVNWRWKHRWKHUVLGHRIWKHURRPBBBB
I &RXOG\RXKHOSPHZLWKWKLVH[HUFLVH"BBBB
J 'DYLGFDQVZLPYHU\ZHOOBBBB
K &DQ,RSHQWKHZLQGRZ"7KHUH¶VDWRRPXFKVPRNHLQKHUHBBBB
L ,WFDQ¶WEHWUXHBBBB
M ,FDQ¶WVSHDN)UHQFKBBBB

+DYLQJ LQ PLQG WKDW &$1¶7 H[SUHVVHV LPSRVVLELOLW\ GHGXFWLRQ
(J ,W FDQ¶W EH D PLVWDNH PDNH VHQWHQFHV DV LQ WKH H[DPSOH XVLQJ
FDQ¶W
,¶PVXUHKHGLGQ¶WJR+HFDQ¶WKDYHJRQH
D :HGRQ¶WEHOLHYHWKH\OHIWWKHKRXVH
E ,¶PVXUHKHGLGQ¶WVHHPH
F ,GRQ¶WEHOLHYHVKHGLGWKHH[HUFLVHKHUVHOI
G :HDUHVXUHWKH\GLGQ¶WUXQDZD\
H ,¶PVXUH7KRPDVGLGQ¶WVWHDODQ\PRQH\

I ,¶PVXUH,GLGQ¶WPDNHDQ\PLVWDNHV
J :HGRQ¶WEHOLHYHKHKDVIRUJRWWHQXV
K :HDUHVXUHWKDWGLGQ¶WVD\WKDW
L ,¶PVXUHVKHGLGQ¶WDFFHSW\RXURIIHU
M :HGRQ¶WEHOLHYHRXUVRQWROGVXFKDOLH

5HDGWKHVLWXDWLRQDQGPDNH\RXURZQVHQWHQFHVXVLQJFRXOGKDYH
DVLQWKHH[DPSOH
7KH\ZHUHVWXSLGWRJRVNLLQJ7KH\FRXOGKDYHEURNHQWKHLUOHJV
D ,WZDVYHU\GDQJHURXVWROHDYH\RXUJXQLQWKHFKLOGUHQ¶VEHGURRP

E <RX VKRXOG KDYH SXW RQ \RXU FRDW EHIRUH JRLQJ RXW LQ VXFK FROG
ZHDWKHU
F ,W ZDV YHU\ VWXSLG RI KLP WR VPRNH ZKLOH ILOOLQJ XS KLV FDU ZLWK
SHWURO
G <RXZHUHVWXSLGWRJLYH\RXUOLJKWHUWRWKHEDE\
H -DQH LV D YHU\ JRRG WHQQLV SOD\HU ,W¶V D SLW\ VKH LV JLYLQJ XS
SOD\LQJ
I 7KH\VKRXOGQ¶WKDYHDWWHPSWHGWRFURVVWKHULYHU,W¶VSUHWW\URXJK
DWWKLVWLPHRIWKH\HDU
J :H ZHUH IRROLVK WR JR ILVKLQJ LQ RXU ERDW 7KH ZHDWKHU ZDV YHU\
EDG
K 'LDQDZDVVLOO\WRJLYHWKDWYDOXDEOHSDLQWLQJDZD\
L <RXUHDOL]HLWZDVFUD]\RI\RXWRSOD\DMRNHRQ\RXUERVV

M :HGLGQ¶WNQRZWKHUHZDVDJDVOHDNLQWKHIDFWRU\
N ,ZDVVLOO\QRWWREX\DORWWHU\WLFNHW
O 6KH VKRXOGQ¶W KDYH OHIW WKH VFLVVRUV RQ 7RPP\¶V EHG +H¶V RQO\
IRXU\HDUVROG

$V\RXKDYHDOUHDG\OHDUQWPD\PLJKWH[SUHVV
±SHUPLVVLRQ>PRUHIRUPDOWKDQFDQ@(J<RXPD\ERUURZP\ERRN
LI\RXQHHGLW0D\,RSHQWKHZLQGRZ",W¶VWRRVWXII\LQKHUH
±UHTXHVW(J0D\,KDYHDJODVVRIZDWHUSOHDVH"
±SRVVLELOLW\(J+HPD\FRPH+HPLJKWMRLQXVODWHU
±VSHFXODWLRQVDERXWWKHSUHVHQWPD\PLJKWEH«LQJ(J7KH\PD\
EHOLVWHQLQJULJKWQRZ+HPLJKWEHJRLQJRXWVRRQ
±VSHFXODWLRQVDERXWWKHSDVWPD\PLJKWKDYH(J6KHPLJKWKDYH
IRUJRWWHQDOODERXWLW+HPD\KDYHSXWLWVRPHZKHUHHOVH
1RZUHDGWKHIROORZLQJVHQWHQFHVDQGVD\ZKDWPD\PLJKWH[SUHVVHV
LQHDFKFDVH
D 7KHZHDWKHUPD\JHWZRUVHBBBB
E +HPD\EHOHDYLQJIRU(QJODQGBBBB
F <RXPLJKWKDYHOHIWWKHERRNDWVFKRROBBBB
G 0D\,XVH\RXUSKRQH"BBBB
H 'DYLGPLJKWZDQWWRVWD\ORQJHUBBBB
I 6KHPD\FRPHZLWKXVLIVKHUHDOO\ZDQWVWRBBBB
J 0D\,KDYHVRPHPRUHZLQHSOHDVH"BBBB

5HVWDWHWKHVHQWHQFHVDVLQWKHH[DPSOHWRVKRZSRVVLELOLW\
([3HUKDSVKHNQRZVWKHDQVZHU+HPD\NQRZWKHDQVZHU
D 3HUKDSV-RKQLVDWKRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E 3HUKDSVWKH\DUHDWDSDUW\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F 3HUKDSVKHKDVVRPHPRQH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
G 3HUKDSVWKH\VHOOPDSVLQWKDWVKRSBBBBBBBBBBBBBBBBBBBBBBBB
H 3HUKDSVWKHOLJKWVDUHRXWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
I 3HUKDSVKLVSKRQHQXPEHULVLQWKHERRNBBBBBBBBBBBBBBBBBBB

,Q WKH EHJLQQLQJ RI WKLV JUDPPDU VHFWLRQ \RX GLVFRYHUHG E\
\RXUVHOIWKDWPXVWH[SUHVVHV
± QHFHVVLW\ VWURQJ DGYLFH (J<RX PXVW VWXG\ KDUGHU <RX
PXVWQ¶WIRUJHWWRWDNH\RXUPHGLFLQH
REOLJDWLRQ (J <RX PXVW ORFN WKH GRRU ZKHQ \RX OHDYH <RX
PXVWQ¶WOHDYHWKHGRRUXQORFNHG
SURKLELWLRQ(J<RXPXVWQ¶WGRWKDWWKLQJDJDLQ
GHGXFWLRQVQHJDWLYHFDQ¶WFDQW¶WEH«LQJ(J6KHPXVWEHRXU
QHZWHDFKHU+HPXVWEHOHDYLQJVRRQ
FRQFOXVLRQV DERXW WKH SDVW PXVW KDYH (J +H PXVW KDYH FRPH
ZKLOH,ZDVRXW
H[SODQDWLRQRIDSUHVHQWVLWXDWLRQPXVWKDYHEHHQ(J7KDWWUHH
KDV IDOOHQ DFURVV WKH URDG >WKH VLWXDWLRQ@ ,W PXVW KDYH EHHQ EORZQ
GRZQE\WKHZLQG>WKHUHDVRQZK\@

1RZ UHDG WKH IROORZLQJ VHQWHQFHV DQG VD\ ZKDW PXVW H[SUHVVHV LQ
HDFKFDVH
D 'DYLGPXVWKDYHOHIWGXULQJWKHEUHDNBBBBBBBBBB
E 6KHPXVWWU\KDUGHUBBBBBBBBBB
F <RXPXVWQ¶WWRXFKWKDWZLUHBBBBBBBBBB
G 7KDWPDQPXVWEHKHUQHZKXVEDQGBBBBBBBBBB
H <RX PXVW VZLWFK RII WKH OLJKWV EHIRUH OHDYLQJ WKH RIILFH
BBBBBBBBBB
I +HPXVWKDYHEHHQILUHGBBBBBBBBBB
J 6KHPXVWQ¶WJRRXWLQWKLVZHDWKHUBBBBBBBBBB
K +HPXVWKDYHEHHQILUHGBBBBBBBBBB
L 7KH\PXVWEHZRUNLQJRQWKHQHZSURMHFWBBBBBBBBBB
M <RXPXVWQ¶WNHHSDQLPDOVLQWKHIODWBBBBBBBBBB
N -RDQPXVWVHHDGRFWRUDERXWLWBBBBBBBBBB

:KDWGR\RXWKLQNWKHVHSHRSOHDUHGRLQJ"
([-RKQLVXQGHUKLVFDU+HPXVWEHUHSDLULQJLW
D 3URIHVVRU0DUWLQLVLQDFODVVURRP
E -DQHLVLQWKHSXE

F 3HWHU¶VVLWWLQJDWKLVGHVN
G 0U%URZQLVLQWKHWKHDWUH
H 6RPHRQHLVLQWKHWHOHSKRQHERRWK
I 7KHVWXGHQWVDUHDOORXWVLGH7KH\¶UHQRWLQWKHFODVVURRPV
J -RKQLVLQWKH79URRP
K 7KH\DUHLQWKHVXSHUPDUNHW

0DNHGHGXFWLRQVXVLQJPXVWDVLQWKHH[DPSOH
([7KHOLJKWLVRQLQ-RKQ¶VURRP+H+HPXVWEHLQWKHKRXVHRU
+HPXVWEHVWXG\LQJ
D 'DYLGKDVJRWWKUHHKRXVHVIRXUFDUVDQGD\DFKW+H
E 6XVDQGRHVQ¶WGRDQ\ZRUN6KH
F 7KH\DUHKDYLQJDSDUW\DWWKHLUKRXVH7KH\
G <RXKDYHQ¶WHDWHQDQ\WKLQJIRUWKUHHGD\V<RX
H 6KHZRUNVLQDFOLQLFVRPHZKHUHQHDUKHUH6KH
I 7KHUHDUHVRPHSHRSOHKLGLQJLQWKDWERDW7KHSROLFH
J 7KDW¶VQRWP\VLJQDWXUH,W
K 7KHUHLVQROLJKWRQLQ%LOO¶VURRP+H
L -DFNVD\VKH¶VERXJKWDKRXVHLQWKH1RUWK3ROH+H
M <RX¶UHJRWDQDVW\FRXJKDQGDWHPSHUDWXUH<RX

N 6KH¶VZRQWKUHHUDFHVLQWKH+LJKODQGJDPHV6KH
,FDQ¶WNHHSP\H\HVRSHQ<RX

(/$1*8$*(,186(
,QYLWLQJ$FFHSWLQJUHIXVLQJDQLQYLWDWLRQ$SRORJLVLQJ
'HSHQGLQJ RQ WKH DGGUHVVHH DQ LQYLWDWLRQ FDQ EH PRUH RU OHVV
IRUPDO 5HDG WKH IROORZLQJ SRVVLEOH LQYLWDWLRQV DQG UDQN WKHP
DFFRUGLQJWRWKHLUGHJUHHRIIRUPDOLW\
D :H¶UH JRLQJ WR WKH WKHDWUH RQ 6XQGD\ HYHQLQJ DQG ZH ZHUH
ZRQGHULQJLI\RX¶GOLNHWRMRLQXVBBBBB
E ,I\RX¶UHIUHHWRQLJKWZK\QRWFRPHURXQGIRUDGULQN"BBBBB
F ,I\RXGRQ¶WKDYHDQ\SODQVIRUWKHZHHNHQG,¶GEHKDSS\WRVKRZ
\RXWKHROGWRZQDQGVRPHPXVHXPV,¶PVXUH\RX¶OOORYHLWBBBBB
G +HOOR VLU $QGUHHD 3RSHVFX VSHDNLQJ 0U +RZDUG¶V DVVLVWDQW
PDQDJHU +H ZRXOG OLNH WR LQYLWH \RX WR GLQQHU WRPRUURZ HYHQLQJ
:RXGWKDWEHSRVVLEOHIRU\RX"BBBBB
H ,WJLYHVPHJUHDWSOHDVXUHWRLQYLWH\RXWRWKHKRWHO¶VLQDXJXUDWLRQ
FHUHPRQ\RQWKHWKQH[WPRQWKBBBBBB
I :H ZRXOG EH KRQRXUHG LI \RX DFFHSWHG WR KDYH VXSSHU ZLWK WKH
PHPEHUV RI RXU GHSDUWPHQW DW WKH FRPSDQ\ FOXE RQ )ULGD\ HYHQLQJ
BBBBB
J +RZDERXWJRLQJWRDPRYLHRQ6DWXUGD\"BBBBB

1RZ ORRN DW WKH IROORZLQJ WKDQN \RX H[SUHVVLRQV 6RPH RI WKHP
FDQEHXVHGZKHQDFFHSWLQJRWKHUVZKHQGHFOLQLQJDQLQYLWDWLRQ8VH
WKHPWREXLOG\RXURZQDQVZHUVWRWKHLQYLWDWLRQVDERYH
,W¶V YHU\ NLQG RI \RX WR LQYLWH PH EXW ,¶YH DOUHDG\ JRW VRPHWKLQJ
SODQQHG
:KDWDSLW\,GRQ¶WWKLQN,FDQFRPH,¶YHJRWVRPHIULHQGVFRPLQJ
IRUGLQQHU
7KDQN\RXYHU\PXFNWKDWZRXOGEHQLFH
6XUHZK\QRW"7KDQN\RXIRUWKHLQYLWDWLRQ
7KDW¶VYHU\QLFHRI\RXEXWXQIRUWXQDWHO\,¶PEXV\WKLVZHHNHQG

<RX DUH DQ DVVLVWDQW PDQDJHU DQG \RX KDYH WR LQYLWH D IRUHLJQ
JXHVWDWRGLQQHUEWRORRNURXQGWKHIDFWRU\FWRPDNHDVSHHFK
DWDQRIILFLDOGLQQHURQEHKDOIRI\RXUERVV7RJHWKHUZLWK\RXUGHVN
PDWHGHFLGHZKDWH[DFWO\\RXFDQVD\

6(&7,21,,
($7,1*287

$/($',1
+RZPDQ\PHDOVGR\RXKDYHGDLO\"
$UH\RXDJRRGFRRN":KDWFDQ\RXFRRNEHVW"
$VN\RXUGHVNPDWHDERXWKLVKHUIDYRXULWHIRRGGULQN7KHQWHOO
KLPKHUZKDWWRFRRNLIKHVKHLQYLWHV\RXWRKDYHGLQQHUWRJHWKHU
:KDWGR\RXWKLQNDERXWEHLQJDYHJHWDULDQ"
,QWHUPVRIIRRGZKDWFRPHVWR\RXUPLQGZKHQ\RXWKLQNRIWKH
IROORZLQJ FRXQWULHV WKH 86$ )UDQFH 6ZLW]HUODQG -DSDQ &KLQD
*UHHFH7XUNH\WKH8."
&DQ\RXDGGDQ\PRUHFRXQWULHVWRWKHOLVWDERYH":KDWIRRGGULQN
DUHWKH\IDPRXVIRU"
:KDW5RPDQLDQWUDGLWLRQDOGLVKHVZRXOG\RXUHFRPPHQGDIRUHLJQHU"

&5($',1*2%-(&7,9(
/(7¶6+$9($3$57<
7KHFKDUDFWHUVLQWKHIROORZLQJGLDORJXHKDYHGHFLGHGWRWKURZD
SDUW\DQGWKH\DUHPDNLQJDUUDQJHPHQWV5HDGWKHWH[WDQGWKHDQVZHU
WKHTXHVWLRQV

$QQH/LVWHQ HYHU\RQH ,¶G OLNH WR PDNH D VXJJHVWLRQ « 1RZ KRZ
DERXW KDYLQJ D SDUW\ VRRQ"1RW«QRWWKLVZHHNHQG±LW¶VWRRVRRQ
EXWVD\«QH[W6DWXUGD\:HOO"
%UHQGD :K\QRW"
&KDUOLH <HVVXUH
$QQH:HOOZKDWGR\RXWKLQN%UHQGD"
%UHQGD :HOO«\HDKEXWZK\GR\RXZDQWWRKDYHRQH"

$QQH2K,GRQ¶WNQRZUHDOO\«KRZVKDOO,SXWLW":HOOZH¶YHEHHQ
WRJHWKHU IRU TXLWH D ORQJ WLPH KDYHQ¶W ZH" 7KH IRXU RI XV « LQ WKH
IODW:HOOLW¶VQHDUO\ILYH\HDUV,WKLQNLVQ¶WLW"
&KDUOLH <HDKDERXWILYH\HDUV\RX¶UHULJKW
%UHQGD ,WPXVWEH
$QQH,WKLQNWKDW¶VZRUWKFHOHEUDWLQJ«'RQ¶W\RXDJUHH&KDUOLH"
&KDUOLH <HV,GRDFWXDOO\,WKLQNLW¶GEHDJRRGLGHD%XW«HU«
WKHUH DUH RQH RU WZR SRLQWV ,¶G OLNH WR PDNH DFWXDOO\ 8P « TXLWH
VWURQJO\)LUVWLVLQYLWDWLRQRQO\(YHU\RQHVKRXOGKDYHQRPRUHWKDQ
WZRRUWKUHHJXHVWVRWKHUZLVHZH¶OOJHWFURZGHG2."$QGWKHRWKHU
WKLQJLVHYHU\RQHEULQJVDERWWOHRWKHUZLVHLW¶OOFRVWDIRUWXQH«
%UHQGD $QG DQRWKHU WKLQJ , WKLQN ZH VKRXOG KDYH IRRG RWKHUZLVH
LW¶VMXVWJRLQJWREHDGULQNLQJSDUW\«
&KDUOLH <HDK\HDKVRUU\WRLQWHUUXSW,IZHDUHJRLQJWRKDYHIRRGWKH
WKLQJLV,ZDQWWRNQRZZKR¶VJRLQJWRSUHSDUHLW,PHDQLW¶VDOOYHU\ZHOO
VD\LQJ³KDYHIRRG´EXWLW¶VDJDLQDORWRIZRUNDQGDORWRIPRQH\«
%UHQGD ,I , FRXOG MXVW FRPH LQ KHUH « ,¶YH MXVW JRW D QHZ UHFLSH
ERRNDQG,¶GNLQGRIOLNHDFKDQFHWRWU\RXWDIHZWKLQJV\RXNQRZ
6R«
&KDUOLH *UHDW
%UHQGD «,¶OOGRWKHIRRG
&KDUOLH :HOOWKDWVRXQGVJUHDW0DUYHOORXV7KDW¶VORYHO\
$QQH'HUHN\RX¶UHEHLQJYHU\TXLHW:KDWKDYH\RXJRWWRVD\"
'HUHN :HOO«\RXNQRZ«DOWKRXJKLWVKRXOGEHDORWRIIXQ,WKLQN
LW¶VJRLQJWREHDORWRIKDUGZRUNDVZHOODQGWKHWKLQJLV\RXVHH
ZKDWZRUULHVPHLV«HU«XP«
&KDUOLH :KDW"
'HUHN «WKHFOHDULQJ±XSDIWHUZDUGV
$OO $KK$KD
'HUHN , UHDOO\ GHWHVW FOHDULQJ XS 6R LI ZH ZHUH WR JHW WKDW VRUWHG
RXW«
$QQH:HOOOHW¶VVHHQRZ,WKLQN,¶YHJRWTXLWHDJRRGLGHDWRVROYH
WKDWRQH
&KDUOLH 0P"
$QQH,IZHZDLWWLOOWKHYHU\HQGWKHUH¶VJRLQJWREHDIHZSHRSOHOHIW
RYHUDQGZHFDQDVNWKHPWRGRWKHFOHDULQJ±XSEHIRUHWKH\JRKRPH
&KDUOLH *UHDW

:KDWLVWKHUHDVRQZK\WKHFKDUDFWHUVLQWKHWH[WKDYHGHFLGHGWR
KDYHDSDUW\"
:KRLVJRLQJWRFRRNDQGZKRLVJRLQJWREULQJWKHGULQNV"
:K\LV'HUHNZRUULHG"+RZGRWKHRWKHUVVROYHKLVSUREOHP"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

*URXS WKH IROORZLQJ GLVKHV XQGHU WKH ULJKW KHDGLQJ 7KHQ WU\ WR
PDNHXSDPHQX
'LVKHV
*ULOOHG PXVKURRPV EHHI VWHDN ZLWK EHDQV SUDZQ FRFNWDLO QRRGOH
VRXS DSSOH SLH SRUN FKRSV PDVKHG SRWDWRHV SDWH DQG WRDVW IUHVK
IUXLWVDODGILOOHWRIFRGZLWKULFHLFHFUHDPODPEVWHZZLWKSROHQWD
SHDFK VRXIOH SDVWDV GXFN LQ FKHHVH VDXFH FKLFNHQ VRXU VRXS
SDQFDNHV

6WDUWHUV 0DLQFRXUVHV 'HVVHUWV

$D,I\RXKDYHGHFLGHGWRHDWPRUHGDLU\SURGXFWV\RXFDQFKRRVH
IURPWKHIROORZLQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E LI \RX KDYH GHFLGHG WR FRRN VRPH SRWDWRHV \RX FDQ
PDNHBBBBBBBBBBBBBBBB
& LI \RX KDYH GHFLGHG WR FRRN VRPH PHDW \RX FDQ
GLI\RXKDYHGHFLGHGWRPDNHDYHJHWDEOHVDODG\RXFDQXVH

)RRGFDQEHVDOW\VZHHWELWWHUVRXUKRWRUWDVWHOHVV+RZGRWKH
IROORZLQJLWHPVWDVWHOLNH
WRQLF ZDWHU BBBBBBBBBBBBBB VHD ZDWHU BBBBBBBBBBBBBB SXGGLQJ
BBBBBBBBBBBBBBB ULFH ZLWK FXUU\ BBBBBBBBBBBBBB VWURQJ EODFN
FRIIHH BBBBBBBBBBBBBBB DQ XQULSH DSSOH BBBBBBBBBBBBB FULVSV
BBBBBBBBBBBBBBBOHPRQBBBBBBBBBBBBBBBBB

,I \RX KDYH GHFLGHG WR WKURZ D SDUW\ \RX VKRXOG EX\ ERWK VRIW
GULQNVDQGDOFRKROLFGULQNVIRU\RXUJXHVWV7RJHWKHUZLWK\RXUGHVN
PDWHPDNHDOLVWRIZKDW\RXZRXOGEX\
6RIWGULQNVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6SLULWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDW REMHFWV DUH ZH VXSSRVHG WR SXW RQ WKH WDEOH LI ZH DUH
H[SHFWLQJJXHVWVIRUGLQQHU"


(YHQLI\RXDUHQRWWKHEHVWFRRNLQWKHZRUOGE\WKHZD\ZKLFKLV
WKH GLIIHUHQFH EHWZHHQ D FRRN DQG D FRRNHU" \RX PXVW EH JRRG DW
SUHSDULQJ VRPH GLVK RU DQRWKHU 7HOO \RXU PDWHV WKH UHFLSH 8VH WKH
IROORZLQJYHUEVZKHQH[SODLQLQJSRXUDGGPL[EDNHERLOIU\VWLU
FXW VOLFH ,Q WKH IROORZLQJ OLQHV \RX FDQ ZULWH GRZQ DQ LQWHUHVWLQJ
UHFLSHWROGE\VRPHERG\HOVHLQWKHFODVV




'*5$00$5
7+(,1'(),1,7($57,&/(
:K\ GR WKH IROORZLQJ LQGHILQLWH DUWLFOHV GLIIHU IURP HDFK RWKHU D
KRXVHDVWXGHQWDQLGHDDQRFHDQ"BBBBBBBBBBBBBBBBBBBBBBBBBBB
5HDG WKH IROORZLQJ VHQWHQFHV DQG ILQG RXW ZKHQ \RX FDQ XVH WKH
,QGHILQLWH$UWLFOH
D$SHUVRQKDVFDOOHGDQGDVNHGIRU\RX
E,¶PDVWXGHQWDQG,ZLOOEHFRPHDQHFRQRPLVW
F,KDYHDEURWKHUDQGWZRVLVWHUV
G , KDYH IHZD IHZ IULHQGV , KDYH PDQDJHG WR VDYH OLWWOHD OLWWOH
PRQH\
H:KDWDSLW\+H¶VVXFKDJRRGPDQ+HZRUNVDVDQDFFRXQWDQW
I <RX KDYH WR WDNH WKLV PHGLFLQH WZLFH D GD\ +RZ PXFK DUH WKH
DSSOHV"DNLOR
J:K\GLG\RXNHHSLWDVHFUHW",WZLOOEHGLIILFXOWWRNHHSDVOLPPLQJ
GLHWDV,KDYHDVZHHWWRRWK7DNHDVHDWSOHDVH
2WKHUH[SUHVVLRQVFRQWDLQLQJWKHLQGHILQLWHDUWLFOHBBBBBBBBBBBBBBB

7+(=(52$57,&/(
7KHUH DUH FDVHV ZKHQ QR DUWLFOH LV QHFHVVDU\ LQ IURQW RI D QRXQ
/DQJXDJHVFLHQWLVWVKDYHFDOOHGWKLVVLWXDWLRQWKH=HUR$UWLFOH

7KHIROORZLQJH[DPSOHVZLOOKHOS\RXXQGHUVWDQGZKHQ\RXVKRXOG
XVH WKH =HUR $UWLFOH 7RJHWKHU ZLWK \RXU GHVN PDWH ZULWH GRZQ WKH
UXOHVDVZHOODVVRPHH[DPSOHVRI\RXURZQ
D&KLOGUHQOLNHVZHHWV6RPHWLPHVVWXGHQWVFXWFODVVHV
E/RYHDQGKDSSLQHVVDUHZKDWHYHU\ERG\ZDQWV
F5RPDQLDOLHVLQWKH6RXWK±(DVWRI(XURSH$GLQDLVWKHDXWKRURI
WKLVERRN%877KH$UJHQWLQHWKH6XGDQWKH&RQJRWKH+DJXHWKH
8QLWHG.LQJGRPWKH86$
G ,V (QJOLVK D GLIILFXOW ODQJXDJH" 0DWKV DQG (FRQRPLFV ZHUH P\
IDYRXULWHVXEMHFWVLQVFKRRODQGWHQQLVZDVP\IDYRXULWHVSRUW
H,¶PJRLQJWRWKHGHQWLVW¶VRQ0RQGD\0\ELUWKGD\LVLQ2FWREHU
I :H XVXDOO\ KDYH GLQQHU DW DERXW SP7KH GLQQHU \RX SUHSDUHG
ZDVGHOLFLRXV
J7KH\ZHUHZDONLQJDUPLQDUP6KHORRNHGDWPHIURPKHDGWRIRRW
7KLQJVZHUHJHWWLQJEHWWHUGD\E\GD\,GRQ¶WNQRZDOOP\VWXGHQWV
E\QDPH+HLVLQGHEW
2WKHUH[SUHVVLRQVFRQWDLQLQJWKH=HUR$UWLFOHBBBBBBBBBBBBBBBBBBB

)LOOLQWKHJDSVXVLQJGHILQLWHRULQGHILQLWHDUWLFOHVZKHUHQHFHVVDU\
D ,VBBBBBBBB(QJOLVKHDV\"
E BBBBBBBBJDPHV,OLNHDUHIRRWEDOODQGFULFNHW
F :LOO\RXKDYHBBBBBBBBFXSRIWHD"
G BBBBBBBBERRN\RXDUHUHDGLQJLVPLQH
H :HQHYHUJRWRBBBBBBBBVFKRRORQBBBBBBBB6XQGD\V
I BBBBBBBBVWXGHQWPXVWZRUNKDUG
J BBBBBBBBH[HUFLVHLVJRRGIRURXUKHDOWK
K 'R\RXZDQWBBBBBBBBFRIIHHRUBBBBBBBBWHD"
L +HJRHVWRBBBBBBBBEHGODWHDWBBBBBBBBQLJKW
M ,DPIURP(QJODQGEXW,OLYHLQBBBBBBBB5RPDQLDQRZ

N +HLVQRWDWBBBBBBBBKRPHQRZ
O 5RPDQLDQVOLNHBBBBBBBBFRIIHH
P7KHWHDFKHUVDLGWKDWBBBBBBBB(QJOLVKODQJXDJHLVGLIILFXOW
Q BBBBBBBBVFKRRO,JRWRLVQHDUBBBBBBBSDUN
R +HLVJRLQJWRKDYHBBBBBBBBOXQFKQRZ
S 0U:HVWLVBBBBBBBBWHDFKHU
T +HZDVWDNHQWRBBBBBBBBKRVSLWDOLQBBBBBBBBDPEXODQFH
U +HOLYHVLQBBBBBBBBELJKRXVH
V BBBBBBBBKRXVHZLWKBBBBBBBBJUHHQGRRULVPLQH
W ,ZHQWWRBBBBBBBBKRVSLWDOWRVHHKRZKHZDV
X -RKQLVBBBBBBBBBVWXGHQW
Y BBBBBBBBJRRGVWXGHQWVZRUNKDUG
ZBBBBBBBBH[HUFLVH\RXDUHGRLQJQRZLVGLIILFXOW
[ 'R\RXKDYHBBBBBBBBGLQQHUHDUO\"
\ BBBBBBBBKRXVHKDVBBBBBBBBJDUGHQ

6XSSO\WKHDRUVRPHZKHUHQHFHVVDU\
D +HVPRNHVBBBBBBBBFLJDUHWWHRQO\DIWHUBBBBBBBBGLQQHU
E BBBBBBBBJLUOLQBBBBBBBBIURQWURZLVGUDZLQJBBBBBBBBFDW
F 7KH\ KDYH EHHQ RQ BBBBBBBB *UHHN LVODQGV IRU BBBBBBBB PRQWK
QRZ
G ,QBBBBBBBBHYHQWRIP\KHDULQJIURPKLP,¶OOOHW\RXNQRZ
H +HEURNHBBBBBBBBYDVHDJDLQ+H¶VVRFDUHOHVV
I 'R\RXGULQNBBBBBBBBEHHURUBBBBBBBBZLQH"
J -RKQLVHDWLQJBBBBBBBFDNH
K :KDWKDYH\RXJRWLQBBBBBBBBPLQG"
L 7KHUHDUHBBBBBBBBERRNVRQBBBBBBBBGHVN
M +HKDVBBBBBBBBNQRZOHGJHWRGRLW
N BBBBBBBBURRPKDVBBBBBBBBGRRUDQGBBBBBBBBZLQGRZ
O BBBBBBBBZLQGRZLVRSHQDQGBBBBBBBBBGRRULVVKXW
P7KHUH LV BBBBBBBB JDUGHQ ZLWK BBBBBBBB WUHHV DURXQG BBBBBBBB
KRXVH
Q -RKQLVKDYLQJBBBBBBBBEUHDNIDVW
R +HKDVBBBBBBBBPLONDQGBBBBBBBBFDNHIRUBBBBBBBBEUHDNIDVW
S 3HWHU¶VJRQHWRBBBBBBBBB+DJXHRQBBBBBBBBBEXVLQHVV
T -XVWWDNHBBBBBBBBQRWHRIKLVSKRQHQXPEHU
U 0DU\LVGUDZLQJBBBBBBBBSLFWXUHRIBBBBBBBBGRJ

V ,ZDVLQBBBBBBBBJDUGHQZKHQ,KHDUGBBBBBBBBSKRQHULQJLQJ
W <RX¶OOJHWBBBBBBBBKRPHDWDWBBBBBBBBODWHVW
X ,Q BBBBBBBB FORWKHV VKRSV FXVWRPHUV ZDQW WR WU\ RQ BBBBBBBB
FORWKHVEHIRUHWKH\GHFLGHWREX\WKHP
Y &RXOG\RXWHOOPHBBBBBBBBBWLPHSOHDVH"
Z6KHLVLQBBBBBBBBKRVSLWDOQRZZLWKBBBBBBBBEURNHQDUP
[ 3OHDVHWU\WREHBBBBBBBBBOLWWOHPRUHSROLWH
\ 6KHFDQ¶WPDNHBBBBBBBBBGUHVV\RXZDQWXQOHVVVKHNQRZV\RXU
PHDVXUHPHQWV

)LOOLQWKHJDSVZLWKWKHRUDLQWKHIROORZLQJGLDORJXH
0UV3DUNHU/RRN %ULDQ WKHUH¶V BBBBBBBB PDQ DFURVV HQWUDQFH RI
BBBBBBBBB1DWLRQDO%DQN
0U3DUNHU 2K\HVQRZ,FDQVHHKLP,W¶V$UWKXU%ULGJHV:HZHUH
LQBBBBBBBBDUP\WRJHWKHU+HOOR$UWKXU
0U%ULGJHV+HOOR )UDQN :K\ GRQ¶W \RX FRPH LQ" (YHU\ERG\ LQ
BBBBBBBBBVWUHHWLVORRNLQJDWXV
0U3DUNHU , FDQ¶W VHH YHU\ ZHOO 'R \RX PHDQ BBBBBBBB RQH LQ
BBBBBBBJUH\VXLW"
0UV3DUNHU1R LW¶V BBBBBBBB PDQ VLWWLQJ DW BBBBBBBB ELVWUR RI
BBBBBBBB%DQNIRUBBBBBBBBFXSRIWHD"
0UV3DUNHU,QWR BBBBBBBB %DQN" $UH \RX VXUH KH LV BBBBBBBBB
IULHQGRI\RXUV"
0U3DUNHU &RPHRQGHDU+H¶VBBBBBBBB0DQDJHURIWKLV%DQN

)LOOLQWKHJDSVZLWKDQRUWKHZKHUHQHFHVVDU\
D +HYLVLWV(QJODQGWZLFHBBBBBBBBB\HDU
E BBBBBBBB ELF\FOH LV BBBBBBBBB H[FHOOHQW PHDQV RI BBBBBBBB
WUDQVSRUW
F 7KH\FRVWSRXQGVBBBBBBBBNLOR
G BBBBBBBPRUHWKH\FRPHWRWKHSDUW\BBBBBBBBEHWWHULWZLOOEH
H ,¶PVXUHKH¶OOGRBBBBBBBBEHVWKHFDQ
I $VBBBBBBBBPDWWHURIIDFW,¶PJRLQJWREX\WKDWFDU
J ,DJUHHZLWK\RXRQBBBBBBBBZKROH
K 7RBBBBBBBBFHUWDLQH[WHQWKHLVULJKW
L :K\RQBBBBBBBBHDUWKGLGQ¶W\RXZDLWIRUBBBBBBBBBR¶FORFN
WUDLQ"

M :KDW BBBBBBBB VKDPH +H ZDV SXW LQ BBBBBBBB SULVRQ IRU
BBBBBBBBWKHIWDJDLQ
N :KDWBBBBBBBBQXLVDQFH:H¶YHPLVVHGWKHEXV
O :KDWBBBBBBBBZRQGHUIXOGD\WRGD\

(/$1*8$*(,186(
2UGHULQJIRRG7DONLQJWRWKHZDLWHU
,I \RX JR DEURDG \RX PD\ ZDQW WR HDW RXW VR LW ZRXOG EH XVHIXO WR
NQRZ D IHZ ZRUGV FRRQHFWHG WR RUGHULQJ IRRG 5HDG WKH IROORZLQJ
VKRUWGLDORJXHVEHWZHHQDJXHVWDQGDZDLWHUDQGWKHQEXLOG\RXURZQ
GLDORJXHV
D $+HOORVLU
%+HOOR&DQ,KDYHDKDYHVDQGZLFKSOHDVH"
$<HVRIFRXUVH+HUH\RXDUH$Q\WKLQJHOVH"
%1RWKDQNV
$)LIW\QLQHFHQWVSOHDVH
%7KDQNV.HHSWKHFKDQJH
$7KDQN\RXVLU

E $ +HOOR ,¶P -RKQ +RZDUG , KDYH ERRNHG D WDEOH IRU VL[ IRU
SPWRQLJKW
%+HOORVLU-XVWDPRPHQWWRFKHFN\RXUERRNLQJ«<RX¶UHULJKW
WDEOHIRUVL[QHDUWKHZLQGRZSP7KHZDLWHUZLOOVHH\RXRIIDW
\RXUWDEOH
&+HOORODGLHVDQGJHQWOHPHQIROORZPH7KLVZD\SOHDVH«WKLVLV
\RXUWDEOH«DQGKHUHDUHWKHPHQXV(QMR\\RXUHYHQLQJ

F $$UH\RXUHDG\WRRUGHUPDGDP"
%<HV,¶GOLNHWZRWXQDVDODGVWZRFKRFRODWHLFHFUHDPVDQGDZKLWH
FRIIHIRUP\IULHQG
$6XUHPDGDP$Q\WKLQJHOVH"
%$JODVVRIVWLOOZDWHUIRUPHSOHDVH
$2.PDGDP
%7KDQN\RX

G $<HVVLU"
%$FRIIHHSOHDVH
$%ODFNRUZKLWH"
%6RUU\"
$%ODFNRUZKLWH"0LON"
%$K%ODFNSOHDVH1RPLON
$6L[W\SHQFHVLU
%7KDQNV

1RZ LPDJLQH \RX DUH KXQJU\ DQG \RX JR WR D QLFH UHVWDXUDQW LQ
/RQGRQ+RZGR\RXRUGHU\RXUIRRG"<RXFDQDOVRWKLQNRIDPHQX
:RUNLQSDLUV

):5,7,1*',6&866,21
%HIRUHDFFHSWLQJDQLQYLWDWLRQWRWKHUHVWDXUDQWDIRUHLJQHUDVNV\RX
WR GHVFULEH 5RPDQLDQ WUDGLWLRQDO IRRG WR KLP :KDW ZRXOG \RX
LQFOXGHLQ\RXUSUHVHQWDWLRQ"

81,7

(17(57$,10(17632576$1'+2%%,(6

6(&7,21,
(17(57$,10(17

$/($',1
:KDW¶V\RXUIDYRXULWHSDVWLPH"+RZGR\RXUHOD["
+RZFDQ\RXVSHQG\RXUIUHHWLPHLQWKHFLW\WRZQYLOODJHZKHUH
\RXOLYH"
+RZ ZRXOG \RX HQWHUWDLQ D IRUHLJQHU ZKRVH KRVW \RX DUH IRU D
ZHHNHQG"
:KDWGR\RXXQGHUVWDQGE\DFWLYHHQWHUWDLQPHQW"
7HOOWKHUHVWRIWKHFODVVDERXW\RXUIDYRXULWHLQGRRURXWGRRUDFWLYLW\
:KDWLVWKHHQWHUWDLQPHQWLQGXVWU\"
([WUDTXHVWLRQZKHQGLG\RXODVWODXJKXQWLO\RXFULHG"6KDUHWKH
H[SHULHQFHZLWK\RXUPDWHV

%5($',1*2%-(&7,9(
0$7(5,$/*,5/
+HU ORRN LV HYHU FKDQJLQJ 7KH ZKLWH ± SDLQWHG IDFH ZLWK OLSV
OLNHDVWUDZEHUU\LVIUDPHGE\DVWUDLJKWFXUWDLQRIGDUNJORVV\KDLU
6RLWLVGLIILFXOWWREHOLHYHWKDWWKLVLV0DGRQQDWKHZRPDQZKRVXPV
XS WKH LGHD RI LQGHSHQGHQFH LQ WKH SRVW ± IHPLQLVW HUD SRVLQJ DV D
VLOHQWVXEPLVVLYHJLUO
%XW WR WDNH 0DGRQQD DW IDFH YDOXH LV WR PLVXQGHUVWDQG RQHRI
WKHPRVWFRPSOH[DQGFOHYHUIHPDOHVWDUVRIWKHSDVWWZRGHFDGHV
6KH LV WKH PLVWUHVV RI UHLQYHQWLRQ DQG EHKLQG HYHU\ FKDQJH RI
LPDJH ± DOZD\V WRWDO DOZD\V SHUIHFW GRZQ WR WKH ODVW GHWDLO ± LV D
FDUHIXOO\WKRXJKWVWUDWHJ\WRJHWWKHDWWHQWLRQWKDWVKHZDQWV
)URP WKH PRPHQW WKH 'HWURLW FRQYHQW JLUO OHIW IRU 1HZ <RUN
PRUHWKDQWZHQW\\HDUVDJRZLWKDEXUQLQJDPELWLRQWREHWKHZRUOG¶V

PRVW IDPRXV ZRPDQ VKH KDV VKRZQ DQ DPD]LQJ WDOHQW IRU
WUDQVIRUPDWLRQ
6KHZDVQDPHGWKHQHZIDFHRI0D[)DFWRUPDNHXS±TXLWHDQ
DFKLHYHPHQW DW WKH DJH RI IRUW\ 6KH GHVSHUDWHO\ ZDQWHG WKH UROH RI
(YD3HURQLQWKHILOP (YLWDVRVKHVKRZHGGLUHFWRU$ODQ3DUNHUVKH
ZDV WKH SHUIHFW FKRLFH E\ DGRSWLQJ DQ XQFDQQ\ UHVHPEODQFH WR WKH
$UJHQWLQLDQSUHVLGHQW¶VZLIH
+HU OLIH KDV EHHQ D SHUSHWXDO DPD]HPHQW WR KHU IDQV 6KH ZDV
PDUULHG WR WKH DFWRU 6HDQ 3HQQ IRU D VKRUW SHULRG DQG WKH KDG
QXPHURXV DIIDLUV WR PRUH RU OHVV IDPRXV PHQ :KHQ VKH ILQDOO\
GHFLGHG WR VHWWOH GRZQ VKH PDUULHG %ULWLVK GLUHFWRU *X\ 5LWFKLH DQG
KDVEHFRPHDJHQXLQH(QJOLVKODG\
$OO KHU DOEXPV ZHUH D VXFFHVV DQG IDQV RI DOODJHVVWLOOILOOWKH
ZRUOG¶VODUJHVWVWDGLXPVZKHQVKHKDVFRQFHUWV
:K\ GRHV WKH DXWKRU RI WKH WH[W FRQVLGHU 0DGRQQD DQ DPD]LQJ
SHUVRQ"
:KDWLVVKHIDPRXVIRU"
+RZKDVKHUOLIHFKDQJHGLQWLPH"
,Q\RXURSLQLRQKRZKDVWKHHQWHUWDLQPHQWLQGXVWU\FRQWULEXWHGWR
PDNLQJ0DGRQQDDIDPRXVSHUVRQDOORYHUWKHZRUOG"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

:KLFK RI WKH IROORZLQJ ZRUGV DQG SKUDVHV ZRXOG \RX DVVRFLDWH
ZLWK WKH IRUPV RI HQWHUWDLQPHQW PHQWLRQHG LQ WKH WDEOH DWPRVSKHUH
GpFRU VWDJH VFHQHU\ GLUHFWRU RUFKHVWUD VSRWOLJKWV EDFNLQJ VLQJHUV
FRQGXFWRUUHKHDUVDOVFULSWFKHIWLSSHUIRUPDQFHO\ULFVVRXQGWUDFN
RSHQLQJQLJKWFRVWXPHVOLYH

*RLQJWRD *RLQJWR *RLQJWRWKH *RLQJWRD
UHVWDXUDQW WKHWKHDWUH FLQHPD FRQFHUW

:KDWIRUPVRIHQWHUWDLQPHQWZRXOG\RXFKRRVHLI\RX
QHHGHGFKHHULQJXSBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ZDQWHGWRPHHWSHRSOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ZDQWHGDTXLHWHYHQLQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ZDQWHGWRFHOHEUDWHVRPHWKLQJBBBBBBBBBBBBBBBBBBBBBBBB
ZDQWHGWRHQWHUWDLQDEXVLQHVVSDUWQHUBBBBBBBBBBBBBBBBBB
ZDQWHGWRZHDU\RXUQHZHOHJDQWGUHVVVXLWBBBBBBBBBBBBBB

0DWFK WKH ZRUGV LQ WKH WZR FROXPQV WR IRUP FROORFDWLRQV WKHP
PDNHVHQWHQFHV
&KDPEHUDFWRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2LOURRPVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
2SHUDRUFKHVWUDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
'UHVVLQJDUWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LOPSDLQWLQJBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6XSSRUWLQJWHFKQLFLDQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)LQHKRXVHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
/LJKWLQJSURGXFHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDW NLQGV RI ILOPVPXVLF FDQ \RX QDPH" ,Q SDLUV DOVR WU\ WR
SURYLGHRQHRUWZRH[DPSOHVIRUHDFKW\SHHQXPHUDWHG
)LOPV

0XVLF

:KDWPXVLFDOLQVWUXPHQWVZRXOG\RXH[SHFWWRVHHKHDUDW
D DURFNFRQFHUWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E DMD]]FRQFHUWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F DFODVVLFDOPXVLFFRQFHUWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

D:KDWVRUWRI79SURJUDPPHVGR\RXWKLQNWKHVHZRXOGEH
/DVW:HHNLQ3DUOLDPHQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH4XHVWLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:RUOG&XS6SHFLDOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH$PD]LQJ8QGHUZDWHU:RUOGBBBBBBBBBBBBBBBBBBBBBBBBBB
5DPER,,,BBBBBBBBBBBBBBBBBBBBBBBBBBBB
/D3RYUH0DULDBBBBBBBBBBBBBBBBBBBBBBBBBBBB
F :KDW RWKHU NLQGV RI 79 SURJUDPPHV FDQ \RX ZDWFK HYHU\ GD\"
*LYHH[DPSOHV



'*5$00$5
02'$/9(5%6
6+$// 6+28/' :,// :28/' 28*+7 72 1(('
1(('1¶7
:KDWGRWKHXQGHUOLQHGYHUEVH[SUHVV"8VHWKHIROORZLQJWHUPVLQ
\RXU DQVZHUV DGYLFH VXJJHVWLRQ REOLJDWLRQ ODFN RI REOLJDWLRQ

LQYLWDWLRQRIIHULQWHUGLFWLRQGHWHUPLQDWLRQW\SLFDOEHKDYLRXUUHIXVDO
WRDFWSURPLVHSRVVLELOLW\
D<RXVKRXOGOHDUQPRUHBBBBBBBBBBBBBBBBBBB
E+RZVKRXOG,NQRZWKDW"BBBBBBBBBBBBBBBBBB
F 7KH\ VKRXOG EH EURWKHUV DV WKH\ KDYH WKH VDPH VXUQDPH
BBBBBBBBBBBBBB
G 1RZ WKDW VKH¶V LOO \RX VKRXOG YLVLW \RXU JUDQGPD PRUH RIWHQ
BBBBBBBBBBBBBB
H 3DUHQWV RXJKW QRW WR TXDUUHO LQ WKH SUHVHQFH RI WKHLU FKLOGUHQ
BBBBBBBBBBBBBB
I1HHGPXVW,OHDUQDOOWKHPRGDOYHUEV"BBBBBBBBBBBBBBB
J 2I FRXUVH \RX QHHGPXVW WKH\ DUH YHU\ LPSRUWDQW
BBBBBBBBBBBBBBBB
K1R\RXQHHGQ¶WIRUWKHWLPHEHLQJBBBBBBBBBBBBBBB
L6KDOOZHGDQFH"BBBBBBBBBBBBBBBB
M6KDOO,KHOS\RX"BBBBBBBBBBBBBBBB
N7KHSDUWLHVVKDOOFRPSO\ZLWKWKHSURYLVLRQVRIWKHSUHVHQWFRQWUDFW
BBBBBBBBBBB
O ³<RX VKDOW QRW NLOO´ VD\V RQH RI WKH WHQ ELEOLFDO FRPPDQGPHQWV
BBBBBBBBBBBBBB
P/HWKLPGRZKDWKHZLOOBBBBBBBBBBBBBB
Q%R\VZLOOEHER\VBBBBBBBBBBBBBBB
R0\FDUZRQ¶WVWDUWRQYHU\FROGZHDWKHUBBBBBBBBBBBBBBB
S +H WULHG WKH ZKROH PRUQLQJ WR IL[ WKH FDU EXW LW ZRXOGQ¶W VWDUW
BBBBBBBBBBBBBB
T,WULHGWRSHUVXDGHKLPEXWKHZLOOQRWOLVWHQBBBBBBBBBBBBBB
U<RXZLOOEHSXQLVKHGLI\RXGRWKDWVDLGPRWKHUBBBBBBBBBBBBBBB
V,ZLOOEHWKHUHVKHSURPLVHG

1RZ EXLOG VHQWHQFHV RI \RXU RZQ WKDW VKRXOG H[SUHVV WKH VDPH
VLWXDWLRQVDVWKRVHHQXPHUDWHGLQWKHSUHYLRXVH[HUFLVH

8VHWKHXQGHUOLQHGYHUEVLQWKHSDVW
D<RXQHHGQ¶WFRPHBBBBBBBBBBBBBBBBBBBBBBBBBB
E<RXQHHGQ¶WZRUU\BBBBBBBBBBBBBBBBBBBBBBBBBBB
F<RXQHHGQ¶WZDLWIRUPHBBBBBBBBBBBBBBBBBBBBBBBB
G:HQHHGQ¶WSKRQHWKHPBBBBBBBBBBBBBBBBBBBBBBBB

H7KH\QHHGQ¶WERUURZDQ\PRQH\BBBBBBBBBBBBBBBBBBBBBB

3D\ DWWHQWLRQ WR WKH GLIIHUHQFH LQ PHDQLQJ EHWZHHQ WKH IROORZLQJ
VHQWHQFHV7KHQILOOLQWKHEODQNV
:H GLGQ¶W QHHG WR KXUU\ WKHUH ZDV SOHQW\ RI WLPH FRPPHQW
FRQVHTXHQWO\ZHGLGQ¶WKXUU\
:HQHHGQ¶WKDYHKXUULHGEXWZHGLGQ¶WNQRZWKDWWKHSODQHKDGEHHQ
GHOD\HG FRPPHQW ZH KXUULHG EHFDXVH ZH GLGQ¶W NQRZ LW ZDV QRW
QHFHVVDU\
D :H BBBBBBBBBBBBBBBB WKH QHZ ZRUGV LQ WKH GLFWLRQDU\ ZKLFK
VDYHG XV D ORW RI WLPH :H BBBBBBBBBBBBBBBBWKH QHZ ZRUGV LQ WKH
GLFWLRQDU\LIZHKDGNQRZQLWZRXOGKDYHVDYHGXVDORWRIWLPH72
/22.)25
E <RX BBBBBBBBBBBB DQ\WKLQJ EXW , VXSSRVH \RX IRUJRW , KDYH
DOUHDG\ EHHQ VKRSSLQJ :H BBBBBBBBBBBBB WKH\ RIIHUHG XV
HYHU\WKLQJZHZDQWHG%8<
F , BBBBBBBBBBB WKH EHOO EXW , GLGQ¶W NQRZ WKHUH ZDV QRERG\ LQ ,
BBBBBBBBBBBWKHEHOOWKHGRRUZDVRSHQDQGVKHZDVZDLWLQJIRUPH
RQWKHWKUHVKROG5,1*
G :H BBBBBBBBBBB HDUO\ \HVWHUGD\ DV LW ZDV 6XQGD\ :H
BBBBBBBBBBBBVRHDUO\EXWVLQFHZHGLGLWOHW¶VKDYHDFRIIHH*(7
83
H7KH\BBBBBBBBBBBBBBBIRUXVZHWROGWKHPZHZRXOGWDNHDWD[L
7KH\ BBBBBBBBBBBIRU KHU EXW WKH\ GLGQ¶W NQRZ VKH ZDV QRW FRPLQJ
DQ\PRUH:$,7)25

+DYLQJLQPLQGWKDWVKRXOGVKDOOPD\H[SUHVV
±REOLJDWLRQ(J<RXVKRXOGGRDV,WHOO\RX
± DGYLFH (J <RX VKRXOG VHH D GRFWRU <RX VKRXOGQ¶W GULQN VR
PXFK
±SUREDELOLW\(J7KH\VKRXOGEHDWVFKRROE\QRZ
±FULWLFLVPVKRXOGKDYH(J<RXVKRXOGQ¶WKDYHGUXQNVRPXFK
±VXJJHVWLRQ(J6KDOOZHJRWRWKHFLQHPD"
±RIIHU(J6KDOO,FOHDQWKHWDEOH"
5HDGWKHIROORZLQJVHQWHQFHVDQGVD\ZKDW VKRXOGH[SUHVVHVLQHDFK
FDVH
D <RXVKRXOGQ¶WVWD\XSODWHBBBBBBBBBBBBB

E :K\VKRXOG,GRLW"BBBBBBBBBBBBB
F 6KDOO,KHOS\RXILQLVK\RXUKRPHZRUN"BBBBBBBBBBBBB
G +HVKRXOGQ¶WKDYHEHHQVRUXGHBBBBBBBBBBBBB
H <RX VKRXOG WLG\ \RXU URRP ,I \RX GRQ¶W , ZRQ¶W OHW \RX JR RXW
BBBBBBBBBBBBB
I 0DQFKHVWHU VKRXOG EHDW /HHGV LQ WKH 6XQGD\ PDWFK
BBBBBBBBBBBBB
J 6KDOOZHYLVLW\RXUSDUHQWVWKLVHYHQLQJ"BBBBBBBBBBBBB
K <RX VKRXOG WU\ WR VWXG\ PXFK PRUH WKDQ \RX GR QRZ
BBBBBBBBBBBBB

7DNLQJLQWRFRQVLGHUDWLRQWKDWWKHVHWZRPRGDOYHUEVPD\UHIHUWR
±UHTXHVWV(J:LOO\RXJLYHPHDKDQGZLWKWKLV"
± SROLWH UHTXHVWV (J :RXOG \RX KHOS PH ILQLVK WKLV H[HUFLVH"
:RXOG\RXPLQGRSHQLQJWKHZLQGRZSOHDVH"
±RIIHUV(J:RXOG\RXOLNHDQRWKHUFXSRIWHD"
± LQWHQWLRQ (J ,¶OO SKRQH \RX DV VRRQ DV , FDQ :H ZRQ¶W VWD\
PRUHWKDQZHKDYHWR
DZULWHZKDW\RXZRXOGVD\WRVRPHERG\ZKR«
x LVVPRNLQJLQWKHEDE\¶VURRPBBBBBBBBBBBBBBBBBBBBBBBBBBBB
x LVSOD\LQJWKHUDGLRORXGO\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
x KDVOHIWWKHGRRURSHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
x LVPDNLQJQRLVHLQWKHOLEUDU\BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E$VN\RXUIULHQGWR
x KHOS\RXZLWKDSUREOHPDWVFKRROBBBBBBBBBBBBBBBBBBBBBBBBB
x OHQG\RXDERRNBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

5HPHPEHUWKDWQHHGH[SUHVVHV
± 1HFHVVLW\ (J , QHHG WR FOHDQ WKH ZLQGRZV <HV , DJUHH WKH\
GHILQLWHO\QHHGFOHDQLQJ
± /DFN RI QHFHVVLW\ (J <RX QHHGQ¶W WDNH \RXU XPEUHOOD RU <RX
GRQ¶WQHHGWRWDNH\RXUXPEUHOOD,W¶VQRWJRLQJWRUDLQ<RXQHHGQ¶W
KDYH WDNHQ \RXU XPEUHOOD 7KH ZHDWKHU LV ILQH DQG QRZ \RX KDYH WR
FDUU\LW,GLGQ¶WQHHGWRWDNHP\XPEUHOODVR,GLGQ¶WWDNHLW
1RZ FRPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ QHHG QHHGQ¶W QHHGQ¶W
KDYHGLGQ¶WQHHG

D <RXBBBBBBBBBBBBBWDNHDWD[LRWKHUZLVH\RX¶OOEHODWH
E 6KH BBBBBBBBBBBBB FRPH VR HDUO\ 7KHUH LV SOHQW\ RI WLPH
EHIRUH WKH VKRZ +RZHYHU VLQFH VKH LV KHUH VKH FDQ KHOS ZLWK WKH
FRVWXPHV7KH\BBBBBBBBBBBLURQ
F :KDW NLQG RI VXLW GR \RX ZDQW WR EX\" 6RPHWKLQJ H[SHQVLYH"
:HOOLWBBBBBBBBBBBEHH[SHQVLYH±WKDW¶VQRWLPSRUWDQW
G ,KDGHQRXJKIRRGLQWKHIULGJH<RXBBBBBBBBBBBJRVKRSSLQJ
:KHUHDP,JRLQJWRSXWDOOWKDWIRRGQRZ"
H 7KDQN *RG , BBBBBBBBBBBBB JR WR ZRUN \HVWHUGD\ , KDG D
WHUULEOHKHDGDFKH
I , BBBBBBBBBBB VHOO P\ FDU 0\ IDWKHU FRXOG KDYH JLYHQ PH WKH
PRQH\IRUWKHWULS

2XJKWWRLVXVHGWRH[SUHVV
±REOLJDWLRQ(J<RXRXJKWWRGRDV,WHOO\RX
±DGYLFH(J<RXRXJKWWRVHHDGRFWRUDERXWLW<RXRXJKWQRWWR
GULQNVRPXFK
±SUREDELOLW\H[SHFWDWLRQ(J7KH\RXJKWWREHKRPHE\QRZ
± FULWLFLVP RXJKW WR KDYH (J +H RXJKW WR KDYH OLVWHQHG WR P\
DGYLFH+HRXJKWQRWWRKDYHGUXQNVRPXFK
1RZUHDGWKHIROORZLQJVHQWHQFHVDQGVD\ZKDWRXJKWWRH[SUHVVHVLQ
HDFKFDVH
D <RXUHDOO\RXJKWQRWWRVWD\RXWVRODWHBBBBBBBBBBBBB
E 'R,UHDOO\RXJKWWRGRLW"BBBBBBBBBBBBB
F <RXRXJKWWRWU\GRLQJVRPHPRUHZRUNBBBBBBBBBBBBB
G +HRXJKWWRKDYHWROGPHDERXWLWBBBBBBBBBBBBB
H +HRXJKWWREHDWVFKRROE\QRZBBBBBBBBBBBBB

&RPSOHWH WKH IROORZLQJ VHQWHQFHV ZLWK PXVW RU QHHGQ¶W GRQ¶W
KDYHWR
D ,¶PQRWIHHOLQJZHOO,BBBBBBBBBBBBBJRKRPH
E 6KHBBBBBBBBBBBBBZHDUDFRDW,W¶VYHU\FROG
F +HLVDOPRVWEOLQG+HBBBBBBBBBBBBBZHDUJODVVHV
G :HBBBBBBBBBBBBBGULYHYHU\IDVW:HKDYHSOHQW\RIWLPH
H <RXBBBBBBBBBBBBBZULWHWRKLP+HLVFRPLQJKHUHWRPRUURZ
I :HBBBBBBBBBBBBBPDNHDQ\VDQGZLFKHV1RERG\LVKXQJU\
J ,¶PVRUU\GRFWRU\RXBBBBBBBBBBBBBFRPH0\VRQLVYHU\LOO

K <RXBBBBBBBBBBBBBGRDQ\VKRSSLQJWRGD\:H¶YHJRWSOHQW\RI
IRRG
L :HBBBBBBBBBBBBBHLWKHUVZLPRUMXPSWKHUHLVQRRWKHUPHDQV
RIFURVVLQJWKHVWUHDP
M :HBBBBBBBBBBBBBKXUU\7KHUH¶VQRWPXFKWLPHOHIW
N 6KHBBBBBBBBBBBBBORRNIRUDKRWHO6KH¶VJRWQRSODFHWRVWD\
O <RXBBBBBBBBBBBBBFDOODWD[L,FDQJLYH\RXDOLIW

&KRRVHWKHSKUDVHWKDWEHVWFRPSOHWHVHDFKVHQWHQFH
D ,QHHGQ¶WFDQ¶WFKDQJHFORWKHVIRUGLQQHULW¶VQRWDIRUPDOPHDO
E :K\LV6XVDQVRODWH"6KHVKRXOGDUULYHVKRXOGKDYHDUULYHGORQJ
DJR
F +H GRHVQ¶W KDYH WRPXVWQ¶W ZHDU D VXLW WR ZRUN EXW KH XVXDOO\
GRHV
G 3HWHULVQ¶WDWKRPH+HPXVWKDYHJRQHPXVWJRWRWKHWKHDWUH
H 7KHGRFWRUVDLG,PXVWQ¶WQHHGQ¶WJREDFNWRWKHKRVSLWDOP\DUP
LVDOOULJKW
I <RX QHHGQ¶W KDYHVKRXOGQ¶W KDYH WDNHQ WKDW PHGLFLQH ZLWKRXW D
GRFWRU¶VSUHVFULSWLRQ
J <RX QHHGQ¶WPXVWQ¶W FRPH EHIRUH VHYHQ XQOHVV \RX¶YH JRW
QRWKLQJHOVHWRGR

)LOOLQWKHEODQNVPXVWFDQ¶WFRXOGQ¶WQHHGQ¶W
D $-RKQ¶VERXJKWVL[ERWWOHVRIEHHU
%+HBBBBBBBBBBBBKDYHERXJKWDQ\:H¶YHJRWDORWRIEHHUDW
KRPH
E $:HFDOOHGRQ\RX\HVWHUGD\HYHQLQJEXW\RXZHUHQ¶WLQ
%,¶PVRUU\,BBBBBBBBBBBBKDYHEHHQDWWKHKDLUGUHVVHU¶V
F $7KHSULVRQHUBBBBBBBBBBBBKDYHHVFDSHGWKURXJKWKHZLQGRZ
EHFDXVHWKHGRRULVORFNHG
%:HOOKHBBBBBBBBBBBBKDYHJRQHRXWWKURXJKWKHZLQGRZ,W¶V
EDUUHG
G $7KH\BBBBBBBBBBBBKDYHKXUULHG7KH\KDGSOHQW\RIWLPHIRU
WKHJDPH
% <HV EXW WKH\ BBBBBBBBBBBB KDYH IRUJRWWHQ ZKDW WLPH WKH
JDPHVWDUWHG

H $6KHZDVFDUU\LQJDKDQGEDJZKHQVKHZHQWLQWRWKHRIILFHEXW
VKHKDVQ¶WJRWLWQRZ
%6KHBBBBBBBBBBBBKDYHOHIWLWLQVLGH
I $,VDZDWLJHUQHDUWKHULYHU
%<RXBBBBBBBBBBBBKDYHVHHQDWLJHU7KHUHDUHQ¶WDQ\LQWKLV
FRXQWU\
J $<RXBBBBBBBBBBBBKDYHVHQWPHDOHWWHU,ZDVJRLQJWRSKRQH
\RXDQ\ZD\
%,GLGQ¶WNQRZWKDW,BBBBBBBBBBBBKDYHNQRZQ
K $:H¶YHVHQWIRUWKHGRFWRU
%<RXBBBBBBBBBBBBKDYHVHQWIRUKLP,IHHOSHUIHFWO\ZHOO
L $3HUKDSVKHZDONHGKRPH
% 1R KH BBBBBBBBBBBB KDYH GRQH WKDW +LV OHJV ZHUH EDGO\
KXUW
M $,¶YHMXVWZDWHUHGWKHIORZHUVLQWKHJDUGHQ
%<RXBBBBBBBBBBBBKDYHZDWHUHGWKHP,W¶VJRLQJWRUDLQYHU\
VRRQ

(/$1*8$*(,186(
0DNLQJ D GDWH ,I \RX OLNH D SHUVRQ DQG \RX ZDQW WR LQYLWH
KLPKHURXW\RXKDYHWRPDNHDGDWH7KHVHDUHH[SUHVVLRQV\RXFDQ
XVH WR DUUDQJH WR PHHW VRPHRQH 6RPH SRVVLEOH DQVZHUV DUH DOVR
JLYHQ,QRUGHUWRHQULFK\RXUYRFDEXODU\RQWKHWRSLFDOVRORRNDWWKH
/DQJXDJH,Q8VH6HFWLRQLQ8QLW

2KXPDUH\RXGRLQJDQ\WKLQJWKLVHYHQLQJE\DQ\FKDQFH"
8P , ZDV WKLQNLQJ RI JRLQJ WR WKH FLQHPD WKLV HYHQLQJ ZRXOG
\RXOLNHWRFRPH"
(U DUH \RX JRLQJ WR EH EXV\ WKLV HYHQLQJ" , ZDV ZRQGHULQJ LI
\RXPLJKWOLNHWRFRPHWRWKHFLQHPDZLWKPH
,¶PJRLQJRXWWRWKHWKHDWUHZLWKVRPHIULHQGV:RXOG\RXOLNHWR
MRLQXV"
<(6 7KDW¶GEHORYHO\
,¶GORYHWR
+RZQLFHRI\RXWKDQNVYHU\PXFK
0PPWKDW¶VDJUHDWLGHD

12 2KGHDU,¶PDIUDLG,¶PEXV\WRQLJKW
7RQLJKW¶VGLIILFXOW3HUKDSVWRPRUURZHYHQLQJWKRXJK
,¶PVRUU\,¶PH[SHFWLQJVRPHYLVLWRUVWKLVHYHQLQJ
7KLVHYHQLQJ¶VDELWRIDSUREOHP:KDWDERXWWRPRUURZ"

7DVN
'HFLGH ZKHQ HDFK RI WKHVH H[SUHVVLRQV ZRXOG EH DSSURSULDWH
DQG ZKDW \RX PLJKW VD\ EHIRUH DQG DIWHU 7KLQN RI VRPH SRVVLEOH
VLWXDWLRQVLQZKLFK\RXZRXOGXVHHDFKH[SUHVVLRQ

$VNLQJSHUPLVVLRQ
:KHQ WDONLQJ WR RWKHU SHRSOH HVSHFLDOO\ LQ DQ RIILFLDO
HQYLURQPHQW \RX PD\ QHHG WR DVN IRU SHUPLVVLRQ WR GR WKLQJV 7KH
ZRUGV\RXFKRRVHGHSHQGRQ
D 7KH W\SH RI WDVN \RX ZDQW WR GR DQG WKH WURXEOH \RX PD\ KDYH
JHWWLQJSHUPLVVLRQWRGRLW
E :KR\RXDUHDQGZKR\RXDUHWDONLQJWR±WKHUROH\RXDUHSOD\LQJ
DQG\RXUUHODWLRQVKLS
+HUHDUHVRPHXVHIXOZD\VRIDVNLQJSHUPLVVLRQ7KHH[SUHVVLRQVJHW
PRUHDQGPRUHSROLWHDV\RXJRGRZQWKHOLVW
,¶PJRLQJWR«
,WKRXJKW,PLJKW«
,¶GOLNHWR«
$OULJKWLI,«"
$Q\RQHPLQGLI,«"
:RXOG\RXPLQGLI,«"
,VLWDOULJKWLI,«"
:RXOGLWEHDOULJKWLI,«"
:RXOG\RXPLQGLI,«"
,ZRQGHULI,FRXOGSRVVLEO\«"
,KRSH\RXGRQ¶WPLQGEXWZRXOGLWEHDWDOOSRVVLEOHIRUPHWR«"

:HWHQGWRJLYHSHUPLVVLRQLQMXVWDVKRUWSKUDVHOLNH
2.
<HVJRDKHDG
<HV,VXSSRVHVR
2KZHOODOULJKW

$QGZHUHIXVHSHUPLVVLRQOLNHWKLV
7KDW¶VQRWDYHU\JRRGLGHD
1RSOHDVHGRQ¶W
,¶GUDWKHU\RXGLGQ¶WLI\RXGRQ¶WPLQG
,¶PVRUU\EXWWKDW¶VQRWSRVVLEOH

7DVNV
'HFLGHZKHQ\RXPLJKWXVHHDFKRIWKHH[SUHVVLRQV*LYHH[DPSOHV
RIHDFKH[SUHVVLRQLQXVH
$VN IRU SHUPLVVLRQ WR D OHDYH WKH FODVV HDUOLHU E VPRNH LQ WKH
RIILFH F RSHQ WKH ZLQGRZ LQ D WUDLQ G XVH VRPHERG\ HOVH¶V
FRPSXWHULQRUGHUWRFKHFN\RXUPDLO

6(&7,21,,
632576$1'+2%%,(6

$/($',1
+RZZRXOG\RXGHILQHDKREE\"'R\RXKDYHRQH"
'R \RX KDYHZRXOG \RX OLNH WR KDYH D SHW" 7RJHWKHU ZLWK \RXU
GHVNPDWHWKLQNRIWKUHHDUJXPHQWVIRUDJDLQVWNHHSLQJDSHW
,Q DERXW RQH PLQXWH WHOO WKH FODVV DERXW D FHOHEULW\ WKDW \RX
DGPLUHGLVOLNH +RZ KDV WKH HQWHUWDLQPHQW LQGXVWU\ FRQWULEXWHG WR
PDNLQJWKHSHUVRQIDPRXV"
+DV WHFKQRORJ\ DIIHFWHG WKH ZD\ ZH VSHQG RXU IUHH WLPH LQ D
SRVLWLYHRULQDQHJDWLYHZD\"
+RZGLGFKLOGUHQ\RXQJSHRSOHHQWHUWDLQWKHPVHOYHVRQHKXQGUHG
\HDUVDJRDQGKRZGRWKH\GRWKHVDPHWKLQJQRZ"

% 5($',1*2%-(&7,9(

+$67(&+12/2*<58,1('&+,/'+22'"
7RGD\SDUHQWVDUHLQFUHDVLQJO\ZRUULHGDERXWWKHVDIHW\RIWKHLU
FKLOGUHQDQGEHFDXVHRIWKLVWKH\DUHQRWOHWWLQJWKHLUFKLOGUHQRXWWR
SOD\ $V D UHVXOW FKLOGUHQ DUH QRORQJHUSOD\LQJRXWVLGHEXWVKXWWLQJ
WKHPVHOYHV LQ WKHLU URRPV DQG ORVLQJ WKHPVHOYHV LQ LQGLYLGXDOLVWLF
DFWLYLWLHVVXFKDVWHOHYLVLRQYLHZLQJDQGFRPSXWHUJDPHV

<HW LI WKH\ KDG WKH FKDQFH WKH\ ZRXOG UDWKHU JHW RXW RI WKH
KRXVH DQG JR WR WKH FLQHPD VHH IULHQGV RU SOD\ VSRUW ,Q IDFW ZKHQ
DVNHG ZKDW WKHLU LGHD RI D JRRG GD\ ZDV RQO\ LQ VDLG WKDW WKH\
ZRXOGWXUQRQWKHWHOHYLVLRQ
%ULWLVK WHHQDJHUV KDYH DOZD\V UHWHUDWHG WR WKHLU EHGURRPV
OHDYLQJWKH\RXQJHUFKLOGUHQWRSOD\LQFRPPXQDOVSDFHVVXFKDVWKH
VLWWLQJURRPJDUGHQRUNLWFKHQKRZHYHUFKLOGUHQIURPWKHDJHRI
DUHQRZWXUQLQJWRWKHLUEHGURRPVDVDSODFHWRVRFLDOLVH
%HGURRP FXOWXUH LV D SKHQRPHQRQ RI WKH SDVW \HDUV ZLWK
IDPLOLHVJHWWLQJVPDOOHUDQGKRPHVJHWWLQJPRUHVSDFLRXVLQFUHDVLQJ
SURVSHULW\KDVDOVRFRQWULEXWHGWRWKHULVHRIWKHEHGURRPFXOWXUH
2I%ULWLVKFKLOGUHQDJHGWRKDYHDURRPWKH\GRQRW
KDYH WR VKDUH ZLWK D VLVWHU RU EURWKHU KDYH WKHLU RZQ PXVLF
LQVWDOODWLRQKDYHDQHOHFWURQLFJDPHVGHYLFHKDYHD'9'
DQGKDYHWKHLURZQ3&
2Q DYHUDJH FKLOGUHQ GHYRWH KRXUV D GD\ WR VFUHHQ PHGLD
FKLOGLQFDQEHFODVVHGDVDUHDOVFUHHQDGGLFWDFKLOGZKRVSHQGV
DZRUU\LQJKRXUVRUPRUHZDWFKLQJ79RUSOD\LQJFRPSXWHUJDPHV
$OWKRXJK FKLOGUHQ JHQHUDOO\ KDYH D IHZ IDYRXULWH SURJUDPPHV
WKH\PRVWO\XVHWHOHYLVLRQWRNLOOWLPHZKHQWKH\DUHERUHGDQGKDYH
QRWKLQJ VSHFLDO WR GR $V D UHVXOW RI WKH EHGURRP FXOWXUH LW LV
EHFRPLQJUDUHUIRUFKLOGUHQRYHUWKHDJHRIWRZDWFKWHOHYLVLRQZLWK
WKHLUSDUHQWV2QFHLQWKHLUURRPVFKLOGUHQWHQGWRVWD\XSZDWFKLQJ
WHOHYLVLRQIRUDVORQJDVWKH\ZLVK&RQVHTXHQWO\LWLVJHWWLQJKDUGHUWR
FRQWUROFKLOGUHQ¶VYLHZLQJZKLOHEHFDXVHRIERWKWHOHYLVLRQDQG3&V
UHDGLQJVNLOOVDUHH[SHFWHGWRVXIIHU
&KLOGUHQ¶VKHDOWKFDQDOVREHGDPDJHGEHFDXVHRIVSHQGLQJWRR
PXFK WLPH LQGRRUV LQ IURQW RI WKH FRPSXWHU RU WKH 79 $ JURZLQJ
QXPEHURIFKLOGUHQDQGDGROHVFHQWVDUHEHFRPLQJREHVHDQGWKH\VWDUW
KDYLQJKHDOWKSUREOHPVEHFDXVHWKH\GRQRWSUDFWLVHDQ\VSRUW0D\EH
VFKRROV DQG ORFDO FRPPXQLWLHV VKRXOG LQYROYH PRUH WR RIIHU WKH
\RXQJHVWPHPEHUVRIRXUVRFLHW\VDIHSODFHVWRSOD\DQGWRSUDFWLVHD
VSRUWUHJXODUO\

D $FFRUGLQJ WR WKH WH[W ZKLFK DUH WKH PDLQ FDXVHV ZK\ FKLOGUHQ
VSHQGPRUHWLPHLQGRRUV"
E +RZZRXOG\RXGHILQH³EHGURRPFXOWXUH´"
F :KDWGRWKHIROORZLQJSHUFHQWDJHVUHIHUWR
"
G $VDWHHQDJHUKRZPXFKWLPHGLG\RXXVHWRVSHQGLQIURQWRIWKH
FRPSXWHU RU ZDWFKLQJ WHOHYLVLRQ" 'R \RX WKLQN LW ZDV WRR OLWWOH WRR
PXFK"+RZPXFKWLPHGR\RXVSHQGQRZLQIURQWRIDVFUHHQ"
H :K\DUH\RXQJSHRSOHEHFRPLQJREHVH"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

&KHFNWKHPHDQLQJRIWKHQHZZRUGVIURPWKHOLVWEHORZ7KHQWHOO
\RXUPDWHVZKDW\RXOLNHGRQ¶WOLNHGRLQJGDQFLQJYLVLWLQJPXVHXPV
GRLQJ FURVVZRUGV ZDONLQJ VNLLQJ OLVWHQLQJ WR PXVLF ZDWFKLQJ 79
WDNLQJSKRWRJUDSKVLFH±VNDWLQJFRRNLQJSOD\LQJFRPSXWHUJDPHV
VDLOLQJSDLQWLQJVZLPPLQJUHDGLQJHDWLQJRXWJRLQJWRWKHFLQHPD
SOD\LQJYROOH\EDOOZLQGVXUILQJVXQEDWKLQJSOD\LQJFDUGVILVKLQJ

:ULWHSOD\RUJRLQIURQWRIWKHIROORZLQJ
IRRWEDOO LFHVNDWLQJ
VZLPPLQJ ZLQGVXUILQJ
JROI EDVHEDOO
LFHKRFNH\ VDLOLQJ

ILVKLQJ WHQQLV
ZDONLQJGDQFLQJ
YROOH\EDOOVNLLQJ

D:KDWGR\RXKDYHWRKROGLQ\RXUKDQGLI\RXSUDFWLVH
JROI±BBBBBBBBBBBBB
WHQQLVEDGPLQWRQ±BBBBBBBBBBBBBBB
FULFNHWWDEOH±WHQQLVEDVHEDOO±BBBBBBBBBBBBBBBBBB
KRFNH\±BBBBBBBBBBBBBB
ELOOLDUGV±BBBBBBBBBBBBB
ILVKLQJ±BBBBBBBBBBBBBB
URZLQJ±BBBBBBBBBBBBBB
E:KLFKVSRUWVDUHWKHVHSODFHVDVVRFLDWHGZLWK
FRXUW±BBBBBBBBBBBBBBB
FRXUVH±BBBBBBBBBBBBBB
ULQJ±BBBBBBBBBBBBBBBB
SLWFK±BBBBBBBBBBBBBBB
ULQN±BBBBBBBBBBBBBBBB
DOOH\±BBBBBBBBBBBBBBB
SLVWH±BBBBBBBBBBBBBBB
F:KDWGR\RXFDOODSHUVRQZKR
GRHVWKHORQJMXPS±BBBBBBBBBBBBBBBBB
ULGHVKRUVHVLQUDFHV±BBBBBBBBBBBBBBBB
GULYHVFDUVLQUDFHV±BBBBBBBBBBBBBBBBB
GRHVJ\PQDVWLFV±BBBBBBBBBBBBBBBBBBB
SOD\VKRFNH\±BBBBBBBBBBBBBBBBBBBBB
SOD\VWHQQLV±BBBBBBBBBBBBBBBBBBBBBB

-REVLQIRRWEDOO7DONDERXWZKDWWKHVHSHRSOHGRXVLQJWKHSURPSWV
WRKHOS\RX
3OD\HUV
*RDONHHSHU
'HIHQGHU
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
0LGILHOGHU

6WULNHU
6XEVWLWXWH
2IILFLDOV
5HIHUHH
/LQHVPDQ
0DQDJHULDOVWDII
0DQDJHU
3K\VLRWKHUDSLVW
6FRXW
2WKHUV
6SRQVRU
&RPPHQWDWRU
*URXQGVPDQ
3URPSWV
VXSSRUWFOXEILQDQFLDOO\H[FKDQJHDGYHUWLVLQJ
ILQLVKRIIDWWDFNLQJPRYH
KHOSUHIHUHHGHFLGH
SDVVEDOOVFRULQJSRVLWLRQ
PRQLWRUFRQGLWLRQJURXQG
HQVXUHIDLU±SOD\
WU\VWRSRSSRVLWLRQVFRULQJ
UHSODFHLQMXUHGRXWRIIRUPSOD\HU
UHVSRQVLEOHSOD\HUSK\VLFDOFRQGLWLRQKHOSLQMXUHG
SOD\HUVUHKDELOLWDWH
VHDUFKWDOHQWHGSOD\HU
SLFNWHDPDUUDQJHWUDQVIHUVVXSHUYLVHWUDLQLQJ
GHVFULEHSURJUHVVPDWFK

)LOOLQWKHJDSVZLWKRQHRIWKHIROORZLQJZRUGVWKHQWUDQVODWHWKH
VHQWHQFHV LQWR 5RPDQLDQ VXSSRUWHUV KRROLJDQV YLHZHUV VSHFWDWRUV
FRQWHVWDQWULYDOVRSSRQHQWWRXUQDPHQWJURXSOHDJXH
D 2QFH DJDLQ WKH 5XVVLDQV ZHUH WKH EHVW LQ WKH LQWHUQDWLRQDO FKHVV
BBBBBBBBBBBBBBBBBB
E $UVHQDODUHSOD\LQJDJDLQVWWKHLU/RQGRQBBBBBBBBBBBBBBBBBBRQ
WKHWKRI$SULO
F 7KH ODVW BBBBBBBBBBBBBB GLG QRW DSSHDU DW WKH OLQH ± XS VR WKH
UDFHVWDUWHGZLWKVHYHQUXQQHUVLQVWHDGRIHLJKW
G 7KHUH PXVW EH D PDWFK WRQLJKW WKH WUDLQ ZDV IXOO RI 0DQFKHVWHU
8QLWHGBBBBBBBBBBBBBB
H (YHU\RQH WKRXJKW WKH *HUPDQ ZRXOG ZLQ ZLWK HDVH EXW WKH
5RPDQLDQSURYHGWREHDIRUPLGDEOHBBBBBBBBBBBBBB
I ,WLVHVWLPDWHGWKDWWKH:RUOG&XSILQDOZDVZDWFKHGE\RYHU
PLOOLRQBBBBBBBBBBBBBB
J 3ROLFHEODPHIRRWEDOOBBBBBBBBBBBBBBBBIRUWKHYDQGDOLVP
K $IWHUDVWULQJRIXQOXFN\UHVXOWVRXUWHDPZDVUHOHJDWHGWRDORZHU
BBBBBBBBBBBBBBBBB
L (QJODQG KDYH EHHQ GURZQHG LQ WKH VDPH BBBBBBBBBBBBBBBBB DV
6ZLW]HUODQG5RPDQLDDQG/DWYLD
M 2O\PSLF *DPHV UHTXLUH ORFDWLRQV FDSDEOH RI VHDWLQJ D ODUJH
QXPEHURIBBBBBBBBBBBBBB

'*5$00$5

'(7(50,1(56
5HDG WKH VHQWHQFHV EHORZ DQG ILQG RXW ZLWK ZKDW NLQGV RI QRXQV
\RXFDQXVHPXFKPDQ\DQGDOLWWOHDIHZ*REDFNWRWKHJUDPPDU
LQ8QLW6HFWLRQ,,WRUHPHPEHUWKHGLIIHUHQFHEHWZHHQOLWWOHDOLWWOH
UHVSHFWLYHO\IHZDIHZ
7KHUH¶VQRWPXFKEUHDGOHIWZHVKRXOGEX\VRPH7KHUH¶VWRRPXFK
IXUQLWXUH LQ WKLV URRP +H PXVW HDUQ YHU\ PXFK PRQH\ DV KH EX\V
PDQ\ H[SHQVLYH WKLQJV 7KHUH DUHQ¶W WRR PDQ\ VWXGHQWV LQ WKH
FODVVURRP7KHUH¶VDOLWWOHFRIIHHOHIWGULQNLWLI\RXZDQW+H¶VVRVK\
KHKDVYHU\OLWWOHFRQILGHQFHLQKLPVHOI:HKDGEHHQZDLWLQJIRUDIHZ
PLQXWHV ZKHQ KH FDPH 9HU\ IHZ VWXGHQWV ZHUH LQWHUHVWHG LQ WKDW
FRXUVH
D 0XFK OLWWOH D OLWWOH DUH XVHG EHIRUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQRXQV
E 0DQ\ IHZ D IHZ DUH XVHG EHIRUH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQRXQV

&KRRVHWKHFRUUHFWGHWHUPLQHU
D7KHUHLVOLWWOHIHZPLQHUDOZDWHULQWKHIULGJH
E,GRQ¶WXVXDOO\HDWWRRPXFKPDQ\IUXLW
F:HKDYHUHFHLYHGPXFKPDQ\YDOXDEOHLQIRUPDWLRQ
G6KHPDGHOLWWOHIHZPLVWDNHVLQKHUKRPHZRUN
H,KDYHRQO\OLWWOHDOLWWOHPRQH\OHIW,FDQ¶WEX\WKRVHVKRHVQRZ
I,KDYHIHZDIHZWKLQJVWRGREHIRUHOHDYLQJ

:KHQZHVD\HYHU\SHUVRQZHXVXDOO\PHDQDOOWKHSHUVRQVZKLOH
DQ H[SUHVVLRQ VXFK DV HDFK SHUVRQ UHIHUV WR LQGLYLGXDOV WDNHQ
VHSDUDWHO\,QWKHVDPHZD\HYHU\H[HUFLVHUHIHUVWRDOOWKHH[HUFLVHV
ZKLOH HDFK H[HUFLVH UHIHUV WR WKH H[HUFLVHV WDNHQ VHSDUDWHO\ RQH E\
RQH7KLVLQIRUPDWLRQVKRXOGKHOS\RXILOOLQWKHEODQNVFRUUHFWO\ZLWK
($&+RU(9(5<
DBBBBBBBBBVWXGHQWPXVWSUHSDUHIRUWKHH[DPLQDWLRQ
EBBBBBBBBBPDQKDVKLVIDXOWV
F,XQGHUVWDQGBBBBBBBBBBZRUGLQWKLVWH[W

G6KHZURWHBBBBBBBBBBZRUGZLWKDGLIIHUHQWFRORXUHGSHQFLO
HBBBBBBBBBWLPHZHPHHWKHLVYHU\NLQGWRPH
I7KHWHDFKHUJDYHDGLIIHUHQWWDVNWRBBBBBBBBBBVWXGHQW
I BBBBBBBBERRN\RXUHDGPDNHV\RXZLVHU

620($1<12$1'&203281'6
&RPSOHWHWKHIROORZLQJFRQYHUVDWLRQZLWKVRPHDQ\RUQR
)5$1.1RZ0DU\\RXZDQWPHWREX\BBBBBBBBBIUXLWDQ\WKLQJ
HOVH"
0$5< /HW PH WKLQN $K \HV , KDYHQ¶W JRW BBBBBBBBBBFKHHVH IRU
WKHFKHHVHSLH
)5$1.+RZPXFKVKDOO,EX\"
0$5< +DOIDNLOR$QGGRQ¶WIRUJHWWREX\BBBBBBBBBZLQH
)5$1.+RZDERXWPLON"7KHUHLVQ¶WBBBBBBBBOHIWDQGMDPWKHUH
LVVRPHEXW«
0$5< , GRQ¶W ZDQW BBBBBBB MDP 0LON \HV EX\ IRXU ERWWOHV 2I
ORRN7KHUHLVBBBBBBBBBFRIIHHOHIW%X\KDOIDNLORWKLVWLPH
)5$1.$QGWKHUHDUHBBBBBBBBBHJJV,¶OOJHWDGR]HQ
0$5< :ULWH GRZQ VSDJKHWWL WRR 7KHUH LV BBBBBBBBBB EXW QRW
HQRXJK
)5$1.'R\RXZDQWPHWREX\BBBBBBBBBBSRWDWRHVDVZHOO"
0$5< <HVDQGWRPDWRHVDVXVXDO7KDW¶VDOO2II\RXJRQRZ
)5$1.+RZDERXWIORXUIRUWKHSLH"'RQ¶W\RXQHHGBBBBBBBBB"

&RPSOHWHWKHVHQWHQFHVZLWKQRRQHQRERG\RUQRQH
D 7KHUHLVBBBBBBBBBBBBBBLQWKHKRXVHULJKWQRZ
E +RZPDQ\RIXVZLOOWDNHWKHH[DPV"BBBBBBBBBBBBB
F 7KHUHZLOOEHBBBBBBBBBBBBBWKHUHWRKHOSXV
G BBBBBBBBBBBBBFDQOLIWWKLVER[,WZHLJKVWKUHHWRQV
H ,¶PVXUHWKDWBBBBBBBBBBBBBZLOOSD\IRUVXFKDQROGFDU
I BBBBBBBBBBBBBRIWKHVWXGHQWVZRXOGOLNHDSDUW\RQ)ULGD\
J ³:KROHQW\RXWKHPRQH\"´³BBBBBBBBBBBBBBGLG´
K BBBBBBBBBBBBEHOLHYHVKLP+H¶VVXFKDOLDU
L :HPHWBBBBBBBBBBBRQWKHZD\KHUH
M BBBBBBBBBBBBRIWKHVHZRPHQLV*HUPDQ

)LOOLQWKHEODQNVZLWKDQ\WKLQJRUVRPHWKLQJ
D ,VWKHUHBBBBBBBBBBBBBLQWKDWERWWOH"
E ,QHHGBBBBBBBBBBBBBBWRRSHQWKLVWLQZLWK
F :HDUHKXQJU\,VWKHUHBBBBBBBBBBBBBIRUXVWRHDW"
G -RKQ$UH\RXORRNLQJIRUBBBBBBBBBBBBBB"
H ,ZDQWWREX\BBBBBBBBBBBBBFDQ\RXOHQGPHVRPHPRQH\"
I 6XVDQLVEXV\FRRNLQJBBBBBBBBBBBBBBBLQWKHNLWFKHQ
J 7KHUHLVQ¶WBBBBBBBBBBBBBBLQWKHEDVNHW,W¶VHPSW\
K +HGRHVQ¶WOLNHWKLVFRDW,VQ¶WWKHUHBBBBBBBBBBBBBFKHDSHU"
L /XNHLVUHDGLQJBBBBBBBBBBBBBBLQWKHOLEUDU\
M ,VWKHUHBBBBBBBBBBBBBBPDWWHUZLWKKLP"

&RPSOHWH WKH VHQWHQFHV ZLWK DQ\ERG\ QRERG\ VRPHERG\ RU
DQ\RQHQRRQHVRPHRQH
D :HPXVWQRWWHOOBBBBBBBBBBBBBBBBDERXWWKHDFFLGHQW
E 7KHUHLVBBBBBBBBBBBBBBBLQP\RIILFH:KRLVVKH"
F BBBBBBBBBBBBBBBKDVOLYHGRQWKHPRRQ\HW
G 7KHSROLFHDUHORRNLQJIRUBBBBBBBBBBBBBBBB
H &DQ\RXILQGBBBBBBBBBBBBBBBBBWRUHSDLUWKH79"
I :HGRQ¶WNQRZBBBBBBBBBBBBBBBBBBZLWKD\HOORZFDU
J BBBBBBBBBBBBBBBHYHUXVHUWKLVFDU,W¶VXVHOHVV
K ,DPQRWDIUDLGRIBBBBBBBBBBBBBBBB
L 7KHUH LV BBBBBBBBBBBBBBB KHUH WR KHOS \RX <RX PXVW ZRUN
DORQH
M ,VWKHUHBBBBBBBBBBBBBBLQWKHKRXVHWRRSHQWKHGRRUIRUXV"

&RPSOHWHWKHVHQWHQFHVZLWKDQ\ZKHUHVRPHZKHUHRUQRZKHUH
D 0\VKRHVPXVWEHBBBBBBBBBBBBBBBBEXW,FDQ¶WILQGWKHP
E <RXPXVWQ¶WJRBBBBBBBBBBBBBBBB<RXDUHWRRVLFNWRJRRXW
F 7KH WKLHI LV KLGLQJ BBBBBBBBBBBBBBB LQ WKH KRXVH :H¶OO FDWFK
KLP
G ,FDQ¶WVHHP\JODVVHVBBBBBBBBBBBBBBB&DQ\RXVHHWKHP"
H 7KHFKLOGUHQDUHJRLQJBBBBBBBBBBBBBBBBBWRQLJKW,GRQ¶WNQRZ
ZKHUHWKRXJK
I ³&DQ ZH PHHW BBBBBBBBBBBBBBBB HOVH -RKQ"´
³BBBBBBBBBBBBBHOVH,¶PDIUDLG7KLVLVWKHRQO\SODFH´

J ³$UH WKH FKLOGUHQ SOD\LQJ BBBBBBBBBBBBBBBB"´ ³<HV WKH\ PXVW
EHBBBBBBBBBBBBBBQHDUKHUH´
K <RX FDQ VWD\ BBBBBBBBBBBBBB HOVH ,¶P DIUDLG 7KLV LV WKH RQO\
KRWHOLQWRZQ
L ,¶PDIUDLG\RXFDQ¶WVWD\WKHQLJKWDVZHKDYHBBBBBBBBBBBBBBBB
WRSXW\RXXS
M 7KH ILHOG LV QRZ D SDUNLQJ DUHD DQG WKH FKLOGUHQ KDYH
BBBBBBBBBBBBBBBWRSOD\IRRWEDOO
N :HKDUGO\JRBBBBBBBBBBBBBBBIRUWKHZHHNHQGV
O , NQRZ KH PHHWV KLV JLUOIULHQG BBBBBBBBBBBBBBB EXW QRERG\
NQRZVZKHUH

08&+0$1</,77/()(:
&RPSOHWH WKH IROORZLQJ VHQWHQFHV XVLQJ D ORW RI PXFK OLWWOH D
OLWWOHIHZDIHZZLWKRUZLWKRXWYHU\
D -RKQKDVBBBBBBBBBBBBBBIULHQGVKHUH
E +HHDWVBBBBBBBBBBBBBPHDW
F 0DU\GRHVQRWHDWBBBBBBBBBBBBBBDSSOHV
G 'RHV-RKQHDWBBBBBBBBBBBBBBBBIUXLW"
H -RKQZDVKHUHBBBBBBBBBBBBBBGD\VDJR
I +HGRHVQ¶WVSHQGBBBBBBBBBBBBBBBPRQH\RQERRNV
J 0DU\VSHQGVBBBBBBBBBBBBBBBBWLPHRQKHUKRPHZRUN
K +RZ BBBBBBBBBBBBBBBB WLPHV D ZHHN GR \RX WDNH (QJOLVK
OHVVRQV"
L ,KDYHVHHQKLPBBBBBBBBBBBBBBBBWLPHV
M 0\IDWKHUVPRNHVBBBBBBBBBBBBBBBBB
N +HVPRNHVBBBBBBBBBBBBBBBBFLJDUV
O 6KHKDVBBBBBBBBBBBBBBBPRQH\ZLWKKHU
P6KH GRHV QRW GULQN BBBBBBBBBBBBBBB FRIIHH EXW VKH HDWV
BBBBBBBBBBBBBBFDNHV
Q +RZBBBBBBBBBBBBBBBWLPHGR\RXVSHQGRQ\RXU(QJOLVK"
R 0U6LGHKDVBBBBBBBBBBBBBBBJRRGERRNV
S 'R\RXKDYHBBBBBBBBBBBBBBBBBBIULHQGVLQRXUVFKRRO"
T 3DPGRHVQRWGRBBBBBBBBBBBBBBBBUHDGLQJ
U 6KHKDVQ¶WJRWBBBBBBBBBBBBBBBBBERRNV
V -RKQDOVRKDVYHU\BBBBBBBBBBBBBBBBERRNV
W +HGRHVQRWZRUNBBBBBBBBBBBBBBBBB

X -RKQQHYHUKDVBBBBBBBBBBBBBBBBBPRQH\ZLWKKLP
Y ,QHYHUVHHPWRKDYHBBBBBBBBBBBBBBBBBPRQH\
ZBBBBBBBBBBBBBB5RPDQLDQVVSHDN(QJOLVKZHOO
[ ,Q(QJODQGWKH\GULQNBBBBBBBBBBBBBWHD
\ ,RQO\VDZBBBBBBBBBBBBBBBJRRGILOPVGXULQJWKHKROLGD\V

5HZULWHWKHIROORZLQJVHQWHQFHVXVLQJDIHZIHZDOLWWOHOLWWOHLQ
SODFHRIWKHZRUGVLQLWDOLFV
D 1RWPDQ\RIXVRZQFDUV
E 6RPHRIWKHPZHQWE\DLUEXW-RKQZHQWE\FDU
F ,OLNHVRPHVXJDULQP\WHD
G ,DOZD\VGULQNP\ZKLVN\ZLWKVRPHZDWHU
H ,KDYHPDQ\GHWHFWLYHVWRULHVEXWQRWPDQ\WUDYHOVWRULHV
I 7KHUHDUHQRWPDQ\DSSOHVOHIW
J :LOO\RXKDYHVRPHPRUHFRIIHH"
K ,ZLOOKDYHVRPHPRUHRIWKRVHEHDXWLIXODSSOHV
L ,KDYHQRWJRWPXFKWLPHIRUUHDGLQJ
M -RKQQHYHUVSHQGVPXFKPRQH\RQFORWKHV
N 1RWPDQ\(QJOLVKSHRSOHOHDUQIRUHLJQODQJXDJHV
O ,DOZD\VVSHQGVRPHPRQH\RQERRNV
P+HGRHVQRWVSHQGPXFK

( /$1*8$*(,186(
$JUHHLQJDQGGLVDJUHHLQJ
+HUHDUHVRPHXVHIXOZD\VRIDJUHHLQJRUGLVDJUHHLQJZLWKVRPHRQH¶V
RSLQLRQ1RWLFHWKDW\RXQHHGWREHYHU\SROLWHZKHQGLVDJUHHLQJZLWK
VRPHRQHLQ(QJOLVK±HYHQVRPHRQH\RXNQRZTXLWHZHOO

$*5((0(17,FRXOGQ¶WDJUHHPRUH
7KDW¶VMXVWZKDW,ZDVWKLQNLQJ
<RXNQRZWKDW¶VH[DFWO\ZKDW,WKLQN
,DJUHHHQWLUHO\
7KDW¶VDJRRGSRLQW

',6$*5((0(17<HVWKDW¶VTXLWHWUXHEXW«
,¶PQRWVXUH,TXLWHDJUHH«
:HOO\RXKDYHDSRLQWWKHUHEXW«
3HUKDSVEXWGRQ¶W\RXWKLQNWKDW«
,VHHZKDW\RXPHDQEXW«

,I \RX NQRZ VRPHRQH YHU\ ZHOO \RX FDQ GLVDJUHH PRUH GLUHFWO\
XVLQJH[SUHVVLRQVOLNHWKHVH
,FDQ¶WDJUHHZLWK\RXWKHUH
<RXFDQ¶WEHVHULRXV
&RPHRIILW
'RQ¶WEHVRVLOO\

7DVNV
:KDW GR \RX VD\ LI \RX ZDQW WR DJUHHWR GLVDJUHH ZLWK VRPHRQH
ZKR WHOOV \RX WKDW D 1DGLD &RPDQHFL LV WKH PRVW IDPRXV VSRUW
SHUVRQDOLW\LQ5RPDQLDE6WHDXDLVWKHEHVW5RPDQLDQIRRWEDOOWHDP
F+DJLZDVRQHRIWKHEHVWIRRWEDOOSOD\HUVLQWKHZRUOG
+HUHLVDVHULHVRIH[WUHPHRSLQLRQV
³/HDUQLQJ(QJOLVKLVSRLQWOHVV´
³%ULWDLQLVXQSOHDVDQWWROLYHLQ´
³)RRWEDOOLVERULQJ´
³0DUULDJHLVRXWRIGDWH´
³6SDFHWUDYHOLVDZDVWHRIPRQH\´
³6WULNHVVKRXOGEHPDGHLOOHJDO´

³$OOPRWRULVWVVKRXOGEHREOLJHGWRZHDUVHDWEHOWV´
³7KHUHVKRXOGEHDNPVSHHGOLPLWRQDOOURDGV´
³(QJOLVKLVDYHU\HDV\ODQJXDJHWROHDUQ´

%XLOGFRQYHUVDWLRQDERXWHDFKWRSLFXVLQJWKHH[SUHVVLRQVSUHVHQWHG
DERYH)ROORZWKLVSDWWHUQ
$,WVD\VKHUHWKDWOHDUQLQJ(QJOLVKLVSRLQWOHVV
%,¶PQRWVXUH,TXLWHDJUHH,¶GVD\LWZDVYHU\ZRUWKZKLOH
$:K\GR\RXWKLQNWKDW"
% :HOO EHFDXVH (QJOLVK LV D ZRUOG ODQJXDJH ± \RX QHHG LW WR
FRPPXQLFDWHZLWKSHRSOHIURPRWKHUFRXQWULHV
$7KDW¶VMXVWZKDW,ZDVWKLQNLQJ

):5,7,1*',6&866,21
:ULWHDERXW\RXUIDYRXULWHSDVWLPH

81,7

7+(0(',$&20081,&$7,21

6(&7,21,
7+(0(',$

$/($',1

+RZLVFRPPXQLFDWLRQGLIIHUHQWQRZIURPZKDWLWZDVD\HDUV
DJRE\HDUVDJRF\HDUVDJRG\HDUVDJR"
:KDWQHZFRPPXQLFDWLRQGHYLFHVGR\RXWKLQNZLOOEHLQYHQWHGLQ
WKHQH[W\HDUV"
7KH ,QWHUQHW LV DPRQJ WKH PRVW LPSRUWDQW LQYHQWLRQV RI WKH WK
FHQWXU\:KDWDUHLWVPDLQXVHV":KDWGR\RXDVDVWXGHQWXVHLWIRU"
+RZHYHU WKHUH LV QR VXFK WKLQJ DV SHUIHFWLRQ &DQ \RX WKLQN RI
VRPHQHJDWLYHDVSHFWVRIWKH,QWHUQHW"

% 5($',1*2%-(&7,9(
,16($5&+2)7+(5($/*22*/(
,W¶V WLPH WR PDNH VRPH ELJ GHFLVLRQV VR WKH *RRJOH JX\V DUH
SXWWLQJRQWKHLUZKLWHODEFRDWVWKDWWKH\ZHDUZKHQHYHUWKH\WDONZLWK
WKHLU HPSOR\HHV DERXW QHZ SURGXFWV *RRJOH SDLG FUD]\ PRQH\ WR
DWWUDFW WRS WDOHQWV DQG WKLV LV WKH UHFUXLWV¶ FKDQFH WR VKRZ WKH
LQYHVWPHQWV ZHUH ZRUWK LW )RU D IHZ KRXUV WHDPV RI HQJLQHHUV ZLOO
FRPH IRUZDUG ZLWK WKHLU EHVW LGHDV KRSLQJ WR LPSUHVV WKH PRVW
SRZHUIXOPHQLQ6LOOLFRQYDOOH\
$IWHU HLJKW \HDUV LQ WKH VSRWOLJKW UXQQLQJ D FRPSDQ\ WKDW :DOO
6WUHHWYDOXHVDWPRUHWKDQELOOLRQ*RRJOHFR±IRXQGHUV6HUJH\
%ULQDQG/DUU\3DJHDUHVWLOOLQWKHLUHDUO\V

3DJHKDVD0XSSHW¶VYRLFHDQGDURFNHWVFLHQWLVW¶VEUDLQ+H
JUHZ XS LQ 0LFKLJDQ REVHVVHG ZLWK LQYHQWLQJ WKLQJV ,Q FROOHJH KH
EXLOW D IXQFWLRQLQJ LQN ± MHW SULQWHU RXW RI OHJR SLHFHV 3DJH¶V IDWKHU
ZDV D FRPSXWHU VFLHQFH SURIHVVRU DQG KLV PRWKHU WDXJKW FRPSXWHU
SURJUDPPLQJ:KHQKHLVQ¶WZRUNLQJ3DJHVSHQGVKLVWLPHVWD\LQJILW
KLVODWHVWSDVVLRQLVZLQGVXUILQJDQGSOD\LQJZLWKKLVJDGJHWV%RUQ
LQ5XVVLDDQGUDLVHGLQ:DVKLQJWRQ%ULQLVQROHVVFOHYHU+HKDV
DOVREHHQSUHFRFLRXVDOOKLVOLIH+LVIDWKHUWHDFKHVDSSOLHGSUREDELOLW\
DQG VWDWLVWLFV DW WKH 8QLYHUVLW\ RI 0DU\ODQG KLV PRWKHU ZRUNV IRU
1$6$ %HVLGHV FRPSXWHUV %ULQ¶V RWKHU ORYH LV J\PQDVWLFV DQG KH
VWXGLHGIO\LQJWUDSH]HDWDFLUFXVVFKRROLQ6DQ)UDQFLVFR
%ULQ DQG 3DJH PHDQW WR QDPH WKHLU FUHDWLRQ *RRJRO WKH
PDWKHPDWLFDO WHUP IRU WKH QXPEHU IROORZHG E\ ]HURHV EXW
VRPHRQH PLVVSHOOHG WKH ZRUG DV *RRJOH 7KH\ UDLVHG PRQH\ IURP
SURIHVVRUV DQG YHQWXUH FDSLWDOLVWV DQG PRYHG RII FDPSXV WR WXUQ
*RRJOH LQWR D EXVLQHVV 3HUKDSV WKHLU ELJJHVW VWURNH RI OXFN FDPH
ZKHQWKH\WULHGWROLFHQVHWKHLUWHFKQRORJ\WRRWKHUVHDUFKHQJLQHVEXW
QRRQHPHWWKHLUSULFHDQGWKH\EXLOWLWXSRQWKHLURZQ
6SHQGLQJ D GD\ DW WKH *RRJOH KHDGTXDUWHUV LQ 0RXQWDLQ 9LHZ
&DOLIRUQLDLVDXQLTXHH[SHULHQFH6HWXSLQLQD6LOLFRQ9DOOH\
JDUDJH *RRJOH GHYHORSHG LQ DQ DPD]LQJ UK\WKP *RRJOH¶V VHDUFK
HQJLQH±GHYLVHGE\%ULQDQG3DJHZKHQWKH\ZHUH3K'FDQGLGDWHVDW
6WDQIRUG±ZDVEHWWHUWKDQWKHUHVWDQGZLWKRXWDQ\PDUNHWLQJVSUHDG
E\ZRUGRIPRXWK6HDUFKEHFDPH*RRJOHJRRJOHEHFDPHDYHUE7KH
ZRUOGIHOOLQORYHZLWKWKHIXQHIIHFWLYHIDVWWHFKQRORJ\DQGLWVER\±
ZL]DUG IRXQGHUV 8OWLPDWHO\ WKH FRPSDQ\ HYHQ IRXQG D EXVLQHVV
PRGHO±DGYHUWLVLQJ±DQGODVW\HDUPDGHDSURILWRIQHDUO\ELOOLRQ
RQUHYHQXHRIELOOLRQ
&DQ *RRJOH FRSH ZLWK WKH KXJH VXFFHVV" ,WV ELJJHVW FKDOOHQJH
VHHPVWREHLWVHOIDQGWKHKDQGOLQJRIWKHKXJHFRPPXQLFDWLRQHPSLUH
LWKDVEHFRPH2QO\WKHIXWXUHZLOOJLYHXVDQDQVZHU

+RZZDV*RRJOHERUQ"
:KHUHGRHVWKHQDPHµ*RRJOH¶FRPHIURP"
+RZGRHVWKHWH[WGHVFULEHWKHWZR*RRJOHIRXQGHUV"
:KLFKLVWKHPDLQVRXUFHRILQFRPHIRU*RRJOH"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

7U\WRILQGDVPDQ\ZRUGVDV\RXFDQJHQHUDWHIURPWKHVDPHURRW
DVGHFLVLRQHPSOR\HH

D3DUDSKUDVHWKHIROORZLQJH[SUHVVLRQVIURPWKHWH[W
VSUHDGE\ZRUGRIPRXWKBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
YHQWXUHFDSLWDOLVWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SD\FUD]\PRQH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DWWUDFWWRSWDOHQWVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
E([SODLQWKHIROORZLQJ
6LOLFRQ9DOOH\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:DOO6WUHHWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1$6$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

:KDWGRHVWKHWHUPPDVV±PHGLDPHDQ"6KRXOGLWEHIROORZHGE\
DVLQJXODURUDSOXUDOYHUE"

7UDQVODWH LQWR 5RPDQLDQ SD\LQJ DWWHQWLRQ WR WKH XQGHUOLQHG
H[SUHVVLRQV
$ QHZVSDSHU XVXDOO\ FRQWDLQV QHZV UHSRUWV DQ HGLWRULDO EXVLQHVV
QHZV FXOWXUDO QHZV VSRUWV UHSRUWV DQG VRPHWLPHV D OHWWHUV SDJH
KRURVFRSHDQGDGV

$SRSXODURUWDEORLGQHZVSDSHUIRFXVHVPRUHRQVHQVDWLRQWKDQUHDO
QHZV ZKHUHDV D TXDOLW\ QHZVSDSHU LV PRUH LQWHUHVWHG LQ UHDO DQG
LPSRUWDQWQHZV$WDEORLGXVXDOO\KDVDVPDOOHUIRUPDWWKDQDTXDOLW\
SDSHU LW KDV ODUJHU KHDGOLQHV DQG VKRUWHU VWRULHV DQG LQ %ULWDLQ LW
SUHIHUVVWRULHVDERXWILOPVWDUVYLROHQWFULPHVDQGWKHUR\DOIDPLO\
$ MRXUQDO LV WKH QDPH XVXDOO\ JLYHQ WR DQ DFDGHPLF PDJD]LQH $
FRORXU VXSSOHPHQW LV D PDJD]LQH ZKLFK FRPHV RXW RQFH D ZHHN
RIWHQ RQ 6XQGD\V DV DQ DGGLWLRQ WR D QHZVSDSHU $ FRPLF LV D
PDJD]LQHXVXDOO\IRUFKLOGUHQRUWHHQDJHUVZLWKORWVRISLFWXUHVWRULHV
DQGFDUWRRQV






:KDWLVWKHMRERIWKHIROORZLQJSHRSOHLQYROYHGLQWKHPHGLD"
DIRUHLJQFRUUHVSRQGHQWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DQHGLWRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DSXEOLVKHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFROXPQLVWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFULWLFBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DUHSRUWHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DFDPHUDRSHUDWRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

&KRRVHDQHZVSDSHUSUHIHUDEO\DQ(QJOLVKRQHDQGFRPSOHWHWKH
IROORZLQJVHQWHQFHV
7KHPDLQVWRU\WRGD\LVDERXWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KHHGLWRULDOLVDERXWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

7KHUH DUH UHDGHUV¶ OHWWHUV RQ SDJH BBBB DQG WKH\ GHDO ZLWK WKH
IROORZLQJWRSLFVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH PRVW LQWHUHVWLQJ DUWLFOH LV DERXW
7KHUH LV VRPH VFDQGDO RQ SDJH BBBB D FURVVZRUG RQ SDJH BBBB $
FDUWRRQRQSDJHBBBBDQGVRPHDGVRQSDJHBBBB
7KH PRVW LQWHUHVWLQJ EXVLQHVV VWRU\ LV DERXW
BBBBBBBBBBBBBBBBBBBBBBBBB DQG WKH ODUJHVW VSRUWV DUWLFOH LV DERXW
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KHPRVWVWULNLQJSKRWRJUDSKVKRZVBBBBBBBBBBBBBBBBBBBBBBBBB
7KHUHDUHDGYHUWLVHPHQWVIRUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'*5$00$5

7+(3$66,9(
+RZGRWKHVHQWHQFHVLQWKHIROORZLQJSDLUVGLIIHU
DLQWHUPVRIIRUP"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
ELQWHUPVRIPHDQLQJ"BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7KH /LEHUDO 3DUW\ ZRQ WKH HOHFWLRQV7KH HOHFWLRQV ZHUH ZRQ E\ WKH
/LEHUDO3DUW\
$ JURXS RI VWXGHQWV ZLOO FDUU\ RXW WKH SURMHFW7KH SURMHFW ZLOO EH
FDUULHGRXWE\DJURXSRIVWXGHQWV
1RERG\KDVOLYHGLQWKDWFRXQWU\KRXVHIRU\HDUV7KDWFRXQWU\KRXVH
KDVQ¶WEHHQOLYHGLQIRU\HDUV

7KHVHFRQGVHQWHQFHLQHDFKSDLUDERYHLVLQWKH3DVVLYH:KDWGRHV
WKHXQGHUOLQHGVWUXFWXUHVFRQVLVWRI"&DQ\RXJHQHUDOLVH"

1RZZULWHWKHSDVVLYHIRUPRIWKHIROORZLQJYHUEDOVWUXFWXUHVDQG
VHQWHQFHV
D
:ULWH BBBBBBBBBBBBBBBBBBBBBBBB
:URWH BBBBBBBBBBBBBBBBBBBBBBBB
:LOOZULWH BBBBBBBBBBBBBBBBBBBBBBBB
+DYHZULWWHQ BBBBBBBBBBBBBBBBBBBBBBBB

+DGZULWWHQ BBBBBBBBBBBBBBBBBBBBBBBB
:LOOKDYHZULWWHQ BBBBBBBBBBBBBBBBBBBBBBBB
$PZULWLQJ BBBBBBBBBBBBBBBBBBBBBBBB
:DVZULWLQJ BBBBBBBBBBBBBBBBBBBBBBBB
E
%XLOG BBBBBBBBBBBBBBBBBBBBBBBB
%XLOW BBBBBBBBBBBBBBBBBBBBBBBB
:LOOEXLOG BBBBBBBBBBBBBBBBBBBBBBBB
+DYHEXLOW BBBBBBBBBBBBBBBBBBBBBBBB
+DGEXLOW BBBBBBBBBBBBBBBBBBBBBBBB
:LOOKDYHEXLOW BBBBBBBBBBBBBBBBBBBBBBBB
$UHEXLOGLQJ BBBBBBBBBBBBBBBBBBBBBBBB
:HUHEXLOGLQJ BBBBBBBBBBBBBBBBBBBBBBBB
F7KH\RIWHQLQYLWHPDQ\SHRSOHDWWKHLUSODFH
G7KH\LQYLWHGPDQ\SHRSOHDWWKHSDUW\
H7KH\ZLOOLQYLWHXVWRWKHLUZHGGLQJ
I+HKDVLQYLWHGPHWRDPRYLH
J6KHKDGDOUHDG\LQYLWHGHYHU\ERG\HOVHZKHQVKHSKRQHGPH
K:HDUHUHIXUELVKLQJWKHKRXVH
L7KHPDLGZDVPDNLQJWKHFRIIHHZKHQWKHJXHVWVDUULYHG
M0RVWSHRSOHNQRZDIRUHLJQODQJXDJH
N3HRSOHPXVWSDUNWKHLUFDUVKHUH
O7KHNLGVPDGH7RPFDSWDLQRIWKHWHDP
P7KH\ZLOOIL[P\FDUWRPRUURZ
Q+HKDGIRXQG\RXUPRQH\LQWKHWKLHI¶VSRFNHW

R7KHDXWKRULWLHVSURPLVHGXVLPPHGLDWHKHOSWZRSRVVLEOHYDULDQWV
S $IWHU JUDGXDWLRQ WKH\ RIIHUHG KLP D YHU\ ZHOO SDLG MRE WZR
SRVVLEOHYDULDQWV
T7KHMRXUQDOLVWVZHUHWDNLQJDQLQWHUYLHZWRWKHPRYLHVWDUZKHQWKH
ERPEH[SORGHGWZRSRVVLEOHYDULDQWV

6D\ ZKDW WKHVH KHDGOLQHV PHDQ 8VH FRPSOHWH VHQWHQFHV DV LQ WKH
H[DPSOHV

([),5(,1/21'21',6&26,;.,//('
7KHUHZDVDILUHLQDGLVFRLQ/RQGRQDQGVL[SHRSOHZHUHNLOOHG
&$5$&&,'(17,1/(('6'5,9(5.,//('
($57+48$.(,13(587:(17<75$33(',158,16
*$6(;3/26,21,13$5,65(67$85$177:2,1-85('
),5(,1$7+(16683(50$5.(7*8$5'.,//('
%$77/( ,1 %$*+'$' 675((76 6,; $0(5,&$1 62/',(56
:281'('
$,55$,',1,5$40,/,7$5<&$03%20%('
+,-$&. ,1 %5,7,6+ $,5/,1(6 7:2 7(5525,676 6+27
'($'
%85*/$5< ,1 /21'21 )/$7 5(0%5$1'7 3$,17,1*
672/(1

&KDQJHWKHVHVHQWHQFHVLQWRSDVVLYHYRLFH
([7KH\DUHEXLOGLQJDEULGJHQHDUKHUH
$EULGJHLVEHLQJEXLOWQHDUKHUH
D 6RPHRQHOHIWDQRWHRQWKHGHVN

7KH\GLGQ¶WVHQGWKHWHOHJUDP
6RPHSHRSOHVDZKLPZDONLQJGRZQWKHKLOO
6RPHRQHZDVUHSDLULQJ\RXUFDUWKLVPRUQLQJ
:KHUHGLGWKH\VHHKLPIRUWKHODVWWLPH"
+RZPDQ\WLPHVGLGKHVKRRWWKH3UHVLGHQW"
7KH\SHUIRUPHG³+DPOHW´DWWKH1DWLRQDO7KHDWUH
6RPHRQHWRRNKLPWRKRVSLWDO
1RERG\KDVXVHGWKLVURRPIRU\HDUV
&DQ\RXGRLWE\QH[W7XHVGD\"
:KHUHGLGWKH\WDNH-RKQ"

E :KHQZLOOWKH\VLJQWKHFRQWUDFW"
:HKHDUGQRWKLQJDERXWLWIRU\HDUV
7KH\IRXQGWKHORFNEURNHQ
6RPHRQHZDUQHGKLPQRWWRVZLP
7KH\ZLOOHPSOR\DERXWDKXQGUHGSHRSOH

F 6RPHVWXGHQWVDUHJRLQJWRSDLQWWKHZDOOV
7KH\KDYHGUDZQXSWKHSODQVRIWKHKRXVH

7KH\VSHQWDOOWKHLUPRQH\RQDVFUXII\FDU
7KH\ZLOOVHQGIRUDGRFWRU
:KDWGRWKH\FDOOWKLVSODFH"
+RZFDQZHDYRLGVXFKDQDFFLGHQW"
+DVDQ\ERG\VROYHGWKHSUREOHP"

G :KHUHDUHWKH\EXLOGLQJWKHQHZIDFWRU\"
:KHQGLGKHWDNHWKLVSKRWRJUDSK"

3XWWKHIROORZLQJLQWRWKHSDVVLYHYRLFHDVLQWKHH[DPSOH
([3HRSOHVD\WKDWWKLVKRXVHLVKDXQWHG
7KLVKRXVHLVVDLGWREHKDXQWHG
7KH\IRXQGWKDWWKHPDFKLQHZDVLQRUGHU
,WZDVIRXQGWKDWWKHPDFKLQHZDVLQRUGHU
D 3HRSOHNQRZ0DPDLDDVDKROLGD\UHVRUW
3HRSOHJHQHUDOO\DVVXPHWKDWPRQH\EULQJVKDSSLQHVV
3HRSOHEHOLHYHWKDWKHLVQRWJXLOW\
1HZVSDSHUVUHSRUWWKDWVRPHRQHKDVWULHGWRNLOOKHU
3HRSOHZLOODVVXPHWKDWVRPHRQHKHOSHGPHWRHVFDSH
6RPHRQHKDVSRLQWHGRXWKRZLPSRUWDQWWKHPDWWHULV
6RPHRIILFHUVVXJJHVWHGWKDWWKHHQHP\SODQHVKRXOGEHVKRWGRZQ

(YHU\RQHEHOLHYHGWKDWWKHZDUZRXOGHQGVRRQ
1RERG\NQHZWKDWWKHUHZDVRLOLQWKHDUHD
(YHU\RQHKRSHVWKDWVKHZLOOUHFRYHUVRRQ
6RPHRQH KDV UHSRUWHG WKDW WKH SHDFH WDONV LQ *HQHYD KDYH EHHQ
EURNHQRII
3HRSOHIHHOWKDWWKHUHVKRXOGEHDQHZODZDERXWWHUURULVP
3XWWKHIROORZLQJLQWRDFWLYHYRLFHDVLQH[DPSOH
([7KHILUHLQWKHORXQJHKDVQ¶WEHHQOLW\HW+H
+HKDVQ¶WOLWWKHILUHLQWKHORXQJH\HW
D 7KH79ZLOOEHWHVWHGZKHQLW¶VEHHQUHSDLUHG0U-RQHV
7KHGRFWRUVKRXOGKDYHEHHQFDOOHGXSHDUOLHU:H
7KHFKLOGUHQKDYHDOOEHHQSXWWREHG6KH
:K\ZHUHQ¶W\RXWROGDERXWWKLV\HVWHUGD\"7KHPDQDJHU
7KH ODXQFKLQJ RI WKH URFNHW ZDV GHOD\HG E\ KDOI DQ KRXU %DG
ZHDWKHU
7KHVKRSZDVQ¶WLQVXUHGDJDLQVWILUH6KH
$UHVXFKFDUVVWLOOEHLQJPDGH"7KH\
7KHFURSZLOOEHUXLQHGXQOHVVVRPHWKLQJLVGRQHYHU\TXLFNO\:H
7KHIRRGFRXOGQ¶WEHHDWHQ1RRQH
&ORVHG±FLUFXLWWHOHYLVLRQLVXVHGLQVXSHUPDUNHWV7KH\
:KHUHZDVWKLVSKRWRJUDSKWDNHQ"<RX

7KHROG7RZQ+DOOKDGEHHQGHPROLVKHGZKHQ,OHIWWKHWRZQ7KH\

3XWWKHYHUEVLQEUDFNHWVLQWRDVXLWDEOHWHQVHLQWKHSDVVLYHYRLFH
D 7KHKRXVHBBBBBBBBBBBBBBSDLQWQH[W\HDU
E 7KH YLVLWRUV BBBBBBBBBBBBBB WHOO WR ZDLW LQ WKH ORXQJH ILYH
PLQXWHVDJR
F 0\FDUBBBBBBBBBBBBBBUHSDLUQRZ
G $QHZEULGJHBBBBBBBBBBBBBBEXLOGKHUHQH[W\HDU
H +LVIDPLO\BBBBBBBBBBBBBBNLOOGXULQJWKHODVWZDU
I 7KDWFDUBBBBBBBBBBBBBBQRW±VHOO\HW
J 7KH\BBBBBBBBBBBBBBVHHLQWKHSDUNDQKRXUDJR
K 7KHLUSUREOHPVBBBBBBBBBBBBBBQRW±VROYH\HW
L 7KLVOHWWHUBBBBBBBBBBBBBBDQVZHUDOUHDG\
M 7KDWZLUHPXVWQRWBBBBBBBBBBBBBBWRXFK
N :HBBBBBBBBBBBBBBIROORZIRUWKHODVWWZRKRXUV
O +LVROGUDGLRFDQQRWBBBBBBBBBBBBBBUHSDLU

( /$1*8$*(,186(
'HVFULELQJWKLQJV
<RX PD\ RIWHQ KDYH WR GHVFULEH DQ REMHFW RU D SLHFH RI
HTXLSPHQWRUDPDFKLQHRUJDGJHWWRSHRSOH<RXPD\QHHGWRGRWKLV
EHFDXVH \RXU OLVWHQHU LV XQIDPLOLDU ZLWK WKH REMHFW RU EHFDXVH \RX
FDQQRWWKLQNRIWKHQDPHIRULW
,Q GHVFULELQJ DQ REMHFW ZH RIWHQ KDYH WR DQVZHU TXHVWLRQ OLNH
WKHVH

:KDWVL]HLVLW"
:KDWVKDSHLVLW"
:KDWFRORXULVLW"
:KDW¶VLWPDGHRI"
:KDWGRHVLWORRNOLNH"
:KDW¶VLWXVHGIRU"
+RZGRHVLWZRUN"

7DVNV
'HFLGHKRZZRXOGDQVZHUWKHVHTXHVWLRQVLQGHVFULELQJWKHREMHFWV
DURXQG\RXLQWKHFODVVURRP$UHWKHUHDQ\RWKHULPSRUWDQWTXHVWLRQV
PLVVLQJIURPWKHOLVW"
+DYH\RXUHFHQWO\ERXJKWDQ\QHZHOHFWURQLFGHYLFHV"GHYLFHVIRU
\RXUFRPSXWHU"'HVFULEHWKHPWR\RXUFODVVPDWHV

6(&7,21,,
$/($',1

,VWKHUHDQ\QHZVSDSHUPDJD]LQHWKDW\RXEX\UHJXODUO\"0RWLYDWH
\RXUDQVZHU
,VWKHUHDQ\WHOHYLVLRQSURJUDPPHWKDW\RXQHYHUPLVV"([SODLQ
:K\GR\RXWKLQNWKHSUHVVDQGWKHPHGLDLQJHQHUDODUHFDOOHG
WKHIRXUWKSRZHULQDVWDWH"E\WKHZD\ZKLFKDUHWKHRWKHUWKUHH"

%5($',1*2%-(&7,9(
02%,/(3+21(6±$&856(25$%/(66,1*"
,UHPHPEHULWZHOO7KHUHZDVDWLPHLQWKHSDVWZKHQ,FRXOGJR
WR OXQFK ZLWKRXW KDYLQJ WR DQVZHU FDOOV IURP P\ ERVV P\ ZLIH P\
FKLOGUHQDQGP\EDQNPDQDJHU7KHUHXVHGWREHDWLPHZKHQQRWLRQV
VXFK DV SHDFH DQG SULYDF\ DFWXDOO\ KDG D OLWHUDO PHDQLQJ $QG ZKHQ
WKHUH ZDV VRPHERG\ \RX GLGQ¶W ZDQW WR VSHDN WR QHYHU PLQG WKH
UHDVRQV\RXKDGWKHIUHHGRPQRWWRDQVZHU([FXVHVZHUHHDV\,ZDV
RXW , ZDV VOHHSLQJ WKH SKRQH ZDV RII WKH KRRN DQG VR RQ ,W¶V DOO
FKDQJHG QRZ 1RQH RI WKRVH ROG GHIHQFHV ZRUN 7KH FDOOHUV VLPSO\
DVN \RX VRPHWKLQJ OLNH ³EXW GLGQ¶W \RX VHH P\ XQDQVZHUHG FDOOV RQ
\RXU PRELOH"´ -XVW WKLQN DERXW WKLV SKUDVH IRU D PRPHQW WR VHH
VRPHRQH¶VXQDQVZHUHGFDOOV1RUXQQLQJDZD\IURPLW\RX¶GKDYHWR
EHGHDIDQGEOLQGQRWWRJHWLQWRXFKZLWKDSHUVRQ$QGHYHQWKHQLI
\RX¶YHJRWRQHRIWKRVHPRELOHSKRQHVZLWKYLEUDWLRQDOHUW\RXDUH
VWLOOLQWURXEOH
,¶PQRWDWHFKQRSKREH,¶PUHDOO\QRW%XWOLIHKDVSURYHG,ZDV
WUDJLFDOO\ZURQJDERXWPRELOHSKRQHV³,W¶VMXVWDWHPSRUDU\IDVKLRQ
LW¶OOJRDZD\´,XVHGWRVD\7KDWZDVILIWHHQ\HDUVDJR7KHSHRSOH
WKDW ZDONHG DURXQG LQ WKH VWUHHWV WDONLQJ RQ WKRVH FOXPV\ ± ORRNLQJ

GHYLFHV ZHUH IHZ DQG WKH\ ORRNHG ULGLFXORXV WR HYHU\RQH HOVH 1RZ
LW¶VWKHRWKHUZD\URXQG,I\RXGRQ¶WKDYHDPRELOHSKRQH\RX¶UHWKH
VWUDQJH JX\ DQG WKH RWKHUV ORRN DW \RX DV WKRXJK \RX¶UH ZDONLQJ
DURXQGZLWKRXWDQ\WURXVHUV

+20(3+21(667,//86()8//
%RWK VFLHQWLILF DQG VRFLRORJLFDO UHVHDUFK FOHDUO\ LQGLFDWH WKDW
DOWKRXJKWKH,QWHUQHWKDVFKDQJHGWKHZD\SHRSOHZRUNWKHPRUHROG
± IDVKLRQHG ZD\V RI FRPPXQLFDWLRQ DUH QRW EHLQJ WKUHDWHQHG E\ WKH
QHZWHFKQRORJLHV
$FFRUGLQJ WR VWDWLVWLFV D SHUVRQ ZKR XVHV WKH 1HW DW KRPH WR
VHQG DQG UHFHLYH H ± PDLOV WDONV RQ WKH SKRQH IRU PLQXWHV RQ
6XQGD\±MXVWRQHPLQXWHDQGDKDOIOHVVWKDQVRPHRQHZKRGRHVQRW
XVHWKH,QWHUQHW
3V\FKRORJLVWVVD\LWKDVWRGRZLWKKRZLPSHUVRQDOWKH,QWHUQHW
LV DV RSSRVHG WR WKH PXFK JUHDWHU FDSDFLW\ RI WKH KXPDQ YRLFH WR
FRQYH\ D SHUVRQ¶V HPRWLRQV ³2QO\ WKH JUHDWHVW ZULWHUV FDQ SXW WKHLU
IHHOLQJV RQ SDSHU´ KH VD\V ³DQG ZKHQ SHRSOH WDON WR IULHQGV RU
UHODWLYHVWKH\ZDQWWKHPWRNQRZKRZWKH\IHHO´
7KLQJV DUH YHU\ GLIIHUHQW DW ZRUNSODFH ,W LV HVWLPDWHG WKDW
FRUSRUDWH WHOHSKRQH XVDJH LQ WKH 8. KDV IDOOHQ E\ PRUH WKDQ
VLQFHLQGLFDWLQJWKDWWKH,QWHUQHWLVVHHQDVDPRUHHIIHFWLYHZD\
WRFRPPXQLFDWHZLWKFROOHDJXHVRUZLWKEXVLQHVVSDUWQHUV
$FFRUGLQJ WR WKH ILUVW WH[W ZK\ DUH PRELOH SKRQHV VXFK VWUHVVLQJ
GHYLFHV"
+RZKDVWKHZD\PRELOHSKRQHVRZQHUVDUHSHUFHLYHGFKDQJHGLQ
WLPH"
:K\ GR SV\FKRORJLVWV WKLQN WKDW WHOHSKRQH XVDJH ZLOO FRQWLQXH WR
UHPDLQKLJK"
:KDWFRPPXQLFDWLRQPHDQVGRFRPSDQLHVSUHIHU"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

)LOOLQWKHEODQNVZLWKVD\WHOOFKDWVSHDNWDONGLVFXVV
D +HBBBBBBBBBBBBBBKHZDQWHGWROHDYHHDUOLHU
E +HBBBBBBBBBBBBBBPHKHZDQWHGWROHDYHHDUOLHU
F :HUHDOO\KDYHWRBBBBBBBBBBBBBWKLVPDWWHURYHU
G ,FRXOGQ¶WIROORZWKHWHDFKHUDVKHBBBBBBBBBBBBBBBWRRTXLFNO\
H 7KHEDE\FDQQRWBBBBBBBBBBBB\HW
I ,UHDOO\OLNHBBBBBBBBBBBBBZLWKP\IULHQGVRQWKHSKRQH

,QSDLUVWU\WRZULWHDVPDQ\PHDQVRIFRPPXQLFDWLRQDV\RXFDQ
:KLFKDUHWKHROGHVW":KLFKDUHWKHPRVWUHFHQW"

<RX VXUHO\ XVH D 3& DOPRVW HYHU\ GD\ &DQ \RX QDPH LWV PRVW
LPSRUWDQWKDUGZDUHFRPSRQHQWSDUWV"
+RZ LV D PRELOH SKRQH $( FHOO SKRQH GLIIHUHQW IURP D IL[HG
WHOHSKRQH"'HVFULEH

:KDWPHDQVRIFRPPXQLFDWLRQPLJKWEHGHVFULEHGE\WKHIROORZLQJ
SKUDVHV
LQWUXVLYHGLVWXUELQJZKHQWU\LQJWRUHOD[BBBBBBBBBBBBBBBBBBBB
OLPLWHGRQO\VHQGVEULHIPHVVDJHVBBBBBBBBBBBBBBBBBBBBBBBBB

LPSHUVRQDOGRHVQRWFRPPXQLFDWHPHDQLQJIXOO\BBBBBBBBBBBBBB
VORZWDNHVGD\VWRUHDFKGHVWLQDWLRQBBBBBBBBBBBBBBBBBBBBBBBB
HIILFLHQW\RXFDQEHUHDFKHGZKHUHYHU\RXDUHBBBBBBBBBBBBBBB
DUWLVWLFFDQXVHFXVWRPLVHGSDSHUBBBBBBBBBBBBBBBBBBBBBBBBBB
FDQVHQGVRXQGVRUSLFWXUHVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PDNHVXVHRIVSHFLDOPHVVDJLQJODQJXDJHBBBBBBBBBBBBBBBBBBBB

&RPSOHWH WKH IROORZLQJ NH\ WR WKH WH[W PHVVDJLQJ ODQJXDJH <RX
DUH IUHH WR DGG DV PDQ\ ZRUGV DQG VLJQV DV \RX ZDQW 7KHQ VHQG D
PHVVDJHWRVRPHERG\LQWKHFODVV
6WDQGDUG(QJOLVK7H[WPHVVDJLQJ
$Q\RQH
$UH\RX
)RU
+DWH
/DWHU
/RYH
2K,VHH
3OHDVHFDOOPH
6HH
6RPHRQH
7RWRR
:DQWWR
:KDW
:LWK
<RX
<RXU
%HULJKWEDFN
6LJQ
(PRWLRQ
+DSSLQHVV
6DGQHVV
6XUSULVH

)LOOLQZLWKLQIRUPDWLRQODQJXDJHUHSRUWGLVFXVVLRQFRQYHUVDWLRQ
VSHHFKZRUGV
D GHDGFROORTXLDOBBBBBBBBBBBBBBBBBB

E GDPDJLQJLQIRUPDWLYHBBBBBBBBBBBBBBBB
F DQLPDWHGKHDWHGBBBBBBBBBBBBBBBBBBB
G NLQGSURIRXQGBBBBBBBBBBBBBBBBBBB
H SROLWLFDOURXVLQJBBBBBBBBBBBBBBBBB
I FRQILGHQWLDOSHUWLQHQWBBBBBBBBBBBBBBBBBBBB
J LQIRUPDOLQWHOOHFWXDOBBBBBBBBBBBBBBBBB

1RZ XVH RQH DGMHFWLYH IURP HDFK SDLU WR FRPSOHWH HDFK RI WKH
VHQWHQFHV
D 7KH IDFWRU\ ZDV FORVHG DIWHU WKH SXEOLFDWLRQ RI WKH
BBBBBBBBBBBBBBBUHSRUW
E 7KHFRDFKJDYHDBBBBBBBBBBBBBVSHHFKWRKLVWHDP
F 7KDQN\RXIRU\RXUBBBBBBBBBBBBBBBZRUGV
G ,¶P VRUU\ EXW , UHDOO\ FDQ¶W UHYHDO VXFK BBBBBBBBBBBBBBBBB
LQIRUPDWLRQ
H <RX PXVW DYRLGLQJ BBBBBBBBBBBBBBB ODQJXDJH ZKHQ ZULWLQJ D
XQLYHUVLW\HVVD\
I 7KH VWXGHQWV KDG D BBBBBBBBBBBBBBBB GLVFXVVLRQ RQ WH[W
PHVVDJLQJZKLFKLVRQHRIWKHLUIDYRXULWHSDVWLPHV
J 'HVSLWH KLV ODFN RI IRUPDO HGXFDWLRQ KH ZDV SHUIHFWO\ FDSDEOH RI
HQJDJLQJLQBBBBBBBBBBBBBBBBFRQYHUVDWLRQ

'*5$00$5
25'(52)$'-(&7,9(6
$GMHFWLYHVSUHFHGLQJQRXQVVKRXOGEHXVHGLQDFHUWDLQUDWKHUIL[HG
RUGHU
'HWHUPLQHUWKHDDQKLVP\WKLVWKRVHHDFKHYHU\HWF
)HHOLQJ DWWLWXGH QLFH FKDUPLQJ GHOLJKWIXO DZIXO DQQR\LQJ
H[KDXVWLQJGLIILFXOWHWF
6L]HELJVPDOOOLWWOHWDOOVKRUWWKLQIDWORQJHWF
$JHQHZ\RXQJROGHWF
6KDSHURXQGVTXDUHHWF
&RORXUUHGOLJKWEOXHGDUNEURZQJUHHQEODFNHWF
2ULJLQ&KLQHVH)UHQFK(XURSHDQHWF
0DWHULDOZRRGHQVLONOHDWKHUEULFNHWF
3XUSRVHHFRQRPLFSROLWLFHWF

1RZDGG±DGMHFWLYHVIURPWKHOLVWDERYHLQIURQWRIWKHIROORZLQJ
QRXQV
DMDFNHWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
EWULSBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
FFDUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GKRXVHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
HGHFLVLRQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

3XWWKHDGMHFWLYHVLQEUDFNHWVLQWKHFRUUHFWRUGHU
D +H ZDV KDSS\ WR JHW WKH ODWHVW (QJOLVK ZHHNO\
BBBBBBBBBBBBBBBBBBBQHZVSDSHU
E,ORYHWKLVROGEULJKWJROG,WDOLDQBBBBBBBBBBBBBBBBBBBBBULQJ
WKDW,KDYHIURPP\JUDQGPD
F 7KH\ ERXJKW D NLWFKHQ RYDO ELJ JODVV BBBBBBBBBBBBBBBBBB
WDEOHDQGBBBBBBBBBBBBBBBBBZRRGHQVL[EURZQFKDLUV
G 7KH YLVLWRUV DGPLUHG WKH EHDXWLIXO ODWH PHGLHYDO VWRQH )UHQFK
BBBBBBBBBBBBBBBBBBBBBBBBBBBBVFXOSWXUHVLQWKHFDVWOH
H:H ZHUH DGYLVHG WR IROORZ WKH ORQJ ZLQGLQJ GXVW\ PRXQWDLQ
BBBBBBBBBBBBBBBBBBBBBBBBBBBB SDWK LI ZH ZDQWHG WR UHDFK WKH
FKDOHW

7KHUH DUH VRPH DGMHFWLYHV LQ (QJOLVK WKDW IRUP UDWKHU IL[HG
H[SUHVVLRQVWRJHWKHUZLWKDQRXQWKH\IROORZVXFKDVFRXUWPDUWLDO
VHFUHWDU\ JHQHUDO QRWDU\ SXEOLF 8VH WKHP WR WUDQVODWH WKH IROORZLQJ
VHQWHQFHV
D&RQWUDFWHOHGHYkQ]DUHFXPS UDUHWUHEXLHvQFKHLDWHvQSUH]HQ DXQXL
QRWDUSXEOLF
E&XUWHDPDU LDO DGHFLVV vOGHFODUHQHYLQRYDW
F$IRVWQXPLWVHFUHWDUJHQHUDODORUJDQL]D LHL

1RWRQO\YHUEVUHTXLUHVRPHWLPHVREOLJDWRU\SUHSRVLWLRQVWKHUHDUH
DOVRDGMHFWLYHVWKDWEHKDYHLQDVLPLODUZD\7RJHWKHUZLWK\RXUGHVN
PDWH WU\ WR ILOO LQ WKH EODQNV ZLWK WKH FRUUHFW SUHSRVLWLRQ DQG
UHPHPEHUWKHVWUXFWXUHVREWDLQHG
D7KH\ZHUHSOHDVHGBBBBBBBWKHZHOFRPHSDUW\RUJDQL]HGIRUWKHP
E<RXDUHUHVSRQVLEOHBBBBBBBDOORXUSUREOHPV
F,IHHOVRVRUU\BBBBBBB\RX
G6KH¶VYHU\IRQGBBBBBBBKHUIDPLO\
H,¶PLQWHUHVWHGBBBBBBBB(FRQRPLFV
I:HKDYHUXQVKRUWBBBBBBBBEUHDGJRDQGEX\VRPH
J$UH\RXDZDUHBBBBBBBBZKDW\RX¶YHGRQH"
K+H¶VYHU\DQJU\BBBBBBBBXV
L7KH\ZHUHQ¶WDWDOOVXUSULVHGBBBBBBBBWKHQHZV
M6RRQ\RX¶OOJHWDFFXVWRPHGBBBBBBBBEXVLQHVVWHUPLQRORJ\
N<RXUVLVWHULVVRGLIIHUHQWBBBBBBBB\RX
O,WZDVVRUXGHBBBBBBBB\RXWRWHOOVRPHWKLQJOLNHWKDW
P&KLOGUHQDUHEHFRPLQJDGGLFWHGBBBBBBBBFRPSXWHUVWKHVHGD\V
P$UH\RXDIUDLGBBBBBBBBBGRJV"

5HZULWHWKHIROORZLQJVHQWHQFHVXVLQJWKHSRVVHVVLYHJHQLWLYHRI
WKHQRXQLQEUDFNHWVLQWKHSODFHRIWKHSRVVHVVLYHDGMHFWLYH
([7KHVSHHFKODVWHGWKUHHKRXUV
,WZDVDWKUHH±KRXUVSHHFK
D,W¶VQRWPRUHWKDQDULGHRIWHQPLQXWHVIURP\RXUKRXVH
E+DYH\RXJRWWKH³'DLO\0DLO´RIWRGD\"
F7KH\VWROHMHZHOVWKDWZHUHZRUWKRQHPLOOLRQGROODUV
G,WZDVDMRXUQH\RINLORPHWUHV
H7KH\FDUULHGWKHZHLJKWRIDKXQGUHGSRXQGV
I+HERXJKWVLONWKDWZDVZRUWKILYHKXQGUHGSRXQGV

J6KHKDVDEDE\RIVL[PRQWKV

K7KHUHZDVDGHOD\RIWZRKRXUV

L,¶OOEX\WREDFFRZRUWKWHQGROODUV
M7KH\ZHUHJLYHQDEUHDNRIWHQPLQXWHV

(/$1*8$*(,186(
7HOHSKRQLQJ0DNLQJDQGFKDQJLQJDUUDQJHPHQWV
&RPSOHWH WKH IROORZLQJ FRQYHUVDWLRQV ZLWK SKUDVHV IURP WKH OLVW
EHORZ
'LDORJXH
$BBBBBBBBBBBBBBBBBBBBBBB
%*RRGPRUQLQJ&RXOG,VSHDNWR0V5H\QROGVSOHDVH"

'LDORJXH
$,QHHG0U6WHYHQV¶QXPEHUSOHDVH
%BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'LDORJXH
$BBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%<HVKROGWKHOLQHRQHPRPHQWDQG,¶OOSXW\RXWKURXJK

'LDORJXH
$,¶PDIUDLGKH¶VLQDPHHWLQJDWWKHPRPHQW
%BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

'LDORJXH
$BBBBBBBBBBBBBBBBBBBBBBBBBBB
%0LKDL,RQHVFXIURP)ODPLQJRHOHFWURQLFV

D2.,¶OOFDOOEDFNODWHU7KDQN\RX
E+HOOR5%$GYHUWLVLQJ&DQ,KHOS\RX"
F-XVWDPRPHQWVLU,¶OOORRNLWXSIRU\RX
G+HOOR([WHQVLRQSOHDVH
H:KR¶VFDOOLQJSOHDVH"

8QVFUDPEOH WKH VHQWHQFHV EHORZ VR DV WR REWDLQ WKUHH FRKHUHQW
WHOHSKRQHFRQYHUVDWLRQV
'LDORJXH
BBBB$2KJRRGPRUQLQJ0LVV6PLWK
BBBB%0U+DUWOH\"*RRGPRUQLQJ
BBBB$*RRG6HH\RXWKH*RRGE\H
BBBB % ,¶P ULQJLQJ WR UHPLQG \RX DERXW WKH PHHWLQJ WRPRUURZ
DPDW\RXURIILFHDVDUUDQJHG"
$DPWKDW¶VULJKW

'LDORJXH
BBBB$5LJKW,¶PORRNLQJIRUZDUGWRVHHLQJ\RXJRRGE\H
BBBB%2KKHOOR0U:LOOLDPVQLFHWRKHDUIURP\RX
BBBB%,¶PDIUDLG,FDQ¶WWRGD\:KDWDERXWWRPRUURZ"
BBBB$+HOOR0V/HVWHU"7KLVLV7RP:LOOLDPVVSHDNLQJIURP5%
$GYHUWLVLQJ
BBBB $ , FDOOHG WR VHH LI ZH FDQ GLVFXVV D EXVLQHVV SURSRVLWLRQ WKDW
RXUFRPSDQ\ZLVKHVWRPDNH
BBBB%<HVSPLV2.6HH\RXWRPRUURZ
BBBB$$FWXDOO\,KRSHGZHFRXOGPHHWDQGWDONDERXWLW+RZDERXW
PHFRPLQJWR\RXURIILFHODWHUWRGD\"
BBBB%,VHH&RXOG\RXEHPRUHVSHFLILF"
BBBB $ 7RPRUURZ ZLOO EH ILQH /HW¶V VD\ SP LI LW¶V VXLWDEOH IRU
\RXWRR

'LDORJXH
BBBB$:RXOGLWEHSRVVLEOHIRU\RXWRPHHWXVRQ7XHVGD\DIWHUQRRQ
LQVWHDG"
BBBB%+HOOR-RKQ$QGUHZVVSHDNLQJIURP'XUKDP%XLOGLQJ
BBBB$+HOOR0U$QGUHZV
BBBB$,¶PFDOOLQJRQEHKDOIRIP\ERVV+HLVYHU\VRUU\KHZRQ¶W
EHDEOHWRPHHW\RXWKLVDIWHUQRRQ
BBBB%2.,¶OOEHZDLWLQJIRU\RXUFDOO*RRGE\HWKHQ
BBBB % /HW PH FKHFN P\ GLDU\« ,¶P DIUDLG , FDQ¶W :KDW DERXW
:HGQHVGD\PRUQLQJ"
BBBB%2K,VHH
BBBB$:HGQHVGD\PRUQLQJLVDOOULJKW+RZHYHU,¶OOFDOO\RXEDFN
ODWHURQWRFRQILUP
BBBB$7KDQN\RX*RRGE\H

7RJHWKHU ZLWK \RXU GHVN PDWH LPDJLQH D IHZ VKRUW WHOHSKRQH
FRQYHUVDWLRQV LQ ZKLFK D \RX DVN IRU DQ H[WHQVLRQ E \RX ZDQW WR
VSHDNWRVRPHRQHEXWWKHOLQHLVEXV\WKHSHUVRQLVQRWLQWKHRIILFHF
\RX PDNH DQ DUUDQJHPHQW WR PHHW VRPHRQH WRPRUURZ DW SP G
\RXWU\WRFKDQJHDQDUUDQJHPHQWDOUHDG\PDGH

) :5,7,1*',6&866,21
+RZKDYHPRGHUQFRPPXQLFDWLRQPHDQVFKDQJHGRXUOLYHV"
%X\WZRGLIIHUHQWPDJD]LQHVFRQQHFWHGWRDILHOG\RXDUHIDPLOLDU
ZLWKFRPSXWHUVIDVKLRQILVKLQJVSRUWHWF&RPSDUHWKHPLQWHUPV
RITXDOLW\WRSLFVWDUJHWDXGLHQFHDWWUDFWLYHQHVVHWFDQGSUHVHQW\RXU
ILQGLQJVLQDUHSRUW

81,7

,1752'8&7,21727+((8523($181,21

6(&7,21,
(8+,6725<75($7,(6)281'$7,216$1'6<0%2/6

$/($',1
+RZZRXOG\RXGHILQHWKH(XURSHDQ8QLRQ"
'R \RX KDSSHQ WR NQRZ KRZ PDQ\ FRXQWULHV KDYH MRLQHG WKH
(XURSHDQ8QLRQVRIDU"
(YHU\ERG\ LV WDONLQJ DERXW WKH FRPPXQLW\ DFTXLV &DQ \RX WHOO
ZKDWLWLV"
7RJHWKHU ZLWK \RXU GHVN PDWH WKLQN RI VRPH DGYDQWDJHVULVNV
JHQHUDWHGE\RUFRQQHFWHGWRWKH(XURSHDQPHPEHUVKLS

% 5($',1*2%-(&7,9(
,1752'8&7,21727+((8523($181,21
+LVWRULF6WHSV
7KH LGHD RI D XQLWHG (XURSH ZDV DW ILUVW MXVW D GUHDP LQ WKH
PLQGV RI SKLORVRSKHUV DQG YLVLRQDULHV 9LFWRU +XJR IRU H[DPSOH
LPDJLQHGDSHDFHIXO³8QLWHG6WDWHVRI(XURSH´LQVSLUHGE\KXPDQLVWLF
LGHDOV
$IWHU :RUOG :DU ,, D IHZ FRXUDJHRXV VWDWHVPHQ .RQUDG
$GHQDXHU :LQVWRQ &KXUFKLOO $OFLGH GH *DVSHUL 5REHUW 6FKXPDQ
GHFLGHGWRSXWDQHQGWRLQWHUQDWLRQDOKDWUHGDQGULYDOU\LQ(XURSHDQG
WREXLOGDORQJODVWLQJSHDFH
5REHUW 6FKXPDQ )UHQFK )RUHLJQ $IIDLUV 0LQLVWHU WRRN XS DQ
LGHD RULJLQDOO\ FRQFHLYHG E\ -HDQ 0RQQHW DQG RQ 0D\
SURSRVHG VHWWLQJ XS D (XURSHDQ &RDO DQG 6WHHO &RPPXQLW\ (&6&

ZKLFKZDVDELJVXFFHVV,WZDVWKHVWDUWRIDQH[WUDRUGLQDU\DQGHYHU
WLJKWHUFRRSHUDWLRQDPRQJ(XURSHDQVWDWHV
7RGD\¶V (XURSHDQ 8QLRQ LV WKH UHVXOW RI KDOI D FHQWXU\ KDUG
ZRUN,QQRRWKHUUHJLRQRIWKHZRUOGKDYHVRYHUHLJQFRXQWULHVSRROHG
WKHLU VRYHUHLJQW\ WR WKLV H[WHQW DQG LQ VR PDQ\ DUHDV RI FUXFLDO
LPSRUWDQFH WR WKHLU FLWL]HQV 7KH (8 KDV FUHDWHG D VLQJOH PDUNHW LQ
ZKLFKSHRSOHVHUYLFHVJRRGVDQGFDSLWDOPRYHDURXQGIUHHO\

)RXQGLQJ7UHDWLHV
7KHJURXQGUXOHVRIWKH(XURSHDQ8QLRQDUHVHWRXWLQDVHULHVRI
WUHDWLHV
7KH7UHDW\RI3DULVZKLFKVHWXSWKHDERYHPHQWLRQHG(XURSHDQ
&RDODQG6WHHO&RPPXQLW\(&6&LQVLJQHGE\VL[(XURSHDQ
VWDWHV)UDQFH7KH)HGHUDO5HSXEOLFRI*HUPDQ\,WDO\%HOJLXP7KH
1HWKHUODQGVDQG/X[HPERXUJFRQVLGHUHGWKH(8IRXQGLQJPHPEHUV
7KH 7UHDWLHV RI 5RPH ZKLFK VHW XS WKH (XURSHDQ (FRQRPLF
&RPPXQLW\ ((& UHSODFLQJ WKH IRUPHU (&6& DQG WKH (XURSHDQ
$WRPLF (QHUJ\ &RPPXQLW\ (XUDWRP LQ 7KH ((& FDPH DV D
QDWXUDO FRQWLQXDWLRQ RI (&6& DV WKH VL[ PHPEHU VWDWHV GHFLGHG WR
HQODUJH DQG GHHSHQ WKHLU FRRSHUDWLRQ 7KH ((& ZDV EDVHG RQ D
FRPPRQ PDUNHW LQ D ZLGH UDQJH RI JRRGV DQG VHUYLFHV &XVWRPV
GXWLHVEHWZHHQWKHVL[FRXQWULHVZHUHFRPSOHWHO\UHPRYHGRQ-XO\
DQGFRPPRQSROLFLHV±QRWDEO\RQWUDGHDQGDJULFXOWXUH±ZHUH
DOVRVHWXSGXULQJWKHV
7KHIRXQGLQJWUHDWLHVZHUHVXEVHTXHQWO\IROORZHGE\WKH6LQJOH
(XURSHDQ $FW VLJQHG LQ /X[HPERXUJ DQG 7KH +DJXH E\ WKH
7UHDW\RQ(XURSHDQ8QLRQ0DDVWULFKWZKLFKPDNHVWKHQDPH
³(XURSHDQ8QLRQ´RIILFLDOWKH7UHDW\RI$PVWHUGDPDQGWKH7UHDW\RI
1LFH$OORIWKHVHWUHDWLHVKDYHFUHDWHGYHU\VWURQJOHJDOWLHVEHWZHHQ
WKH(8¶VPHPEHUVWDWHVDQGKDYHRIIHUHGDOHJDOIUDPHIRULPSRUWDQW
(XURSHDQPDWWHUVVXFKDV(8LQVWLWXWLRQVIXQFWLRQLQJSURFHGXUHVWKH
ULJKWV RI (XURSHDQ FLWL]HQV WUDGH GHIHQFH SROLFLHV WKH (XURSHDQ
&XUUHQF\8QLWHWF
(QODUJHPHQW
6R VXFFHVVIXO ZDV WKH ((& LQLWLDWHG E\ )UDQFH WKH )HGHUDO
5HSXEOLF RI *HUPDQ\ 7KH 1HWKHUODQGV ,WDO\ %HOJLXP DQG
/X[HPERXUJWKDW'HQPDUN,UHODQGDQG7KH8QLWHG.LQJGRPGHFLGHG

WR MRLQ WKH &RPPXQLW\ 7KLV ILUVW HQODUJHPHQW IURP VL[ WR QLQH
PHPEHUVWRRNSODFHLQ1HZVRFLDOUHJLRQDODQGHQYLURQPHQWDO
SROLFLHV ZHUH LQWURGXFHG DQG WKH (XURSHDQ 5HJLRQDO 'HYHORSPHQW
)XQG (5') ZDV VHW XS LQ ,Q *UHHFH MRLQHG WKH
&RPPXQLW\ IROORZHG E\ 6SDLQ DQG 3RUWXJDO LQ 7KH IXWXUH
(XURSHDQ 8QLRQ ZDV WKXV EHLQJ EXLOW OLWWOH E\ OLWWOH 7KUHH PRUH
FRXQWULHV $XVWULD )LQODQG DQG 6ZHGHQ MRLQHG WKH (8 RQ -DQXDU\
7KH 8QLRQ QRZ KDG PHPEHUV DQG ZDV RQ WKH ZD\ IRU LWV
PRVW VSHFWDFXODU DFKLHYHPHQW \HW ± UHSODFLQJ LWV QDWLRQDO FXUUHQFLHV
ZLWK D VLQJOH (XURSHDQ FXUUHQF\ WKH HXUR 2Q -DQXDU\ HXUR
QRWHVDQGFRLQVFDPHLQWRFLUFXODWLRQLQ(8FRXQWULHVµHXURDUHD¶
7KHHXURLVQRZDPDMRUZRUOGFXUUHQF\KDYLQJDVLPLODUVWDWXVWRWKH
86GROODU
6RRQDIWHUWKH(XURSHDQ8QLRQJUHZWRPHPEHUVDQRWKHU
FRXQWULHV EHJDQ NQRFNLQJ DW LWV GRRU 7KH (8 ZHOFRPHG WKLV
RSSRUWXQLW\WRKHOSVWDELOLVHWKH(XURSHDQFRQWLQHQWDQGWRH[WHQGWKH
EHQHILWVRI(XURSHDQXQLILFDWLRQWRWKH\RXQJGHPRFUDFLHVLQ&HQWUDO
DQG 6RXWK ± (DVWHUQ (XURSH )RU WHQ RI WKH FDQGLGDWH FRXQWULHV
QHJRFLDWLRQVZHUHFRPSOHWHGLQ&RSHQKDJHQDWWKHHQGRIDQG
VWDUWLQJ IURP 0D\ WKH (8 HQODUJHG WR PHPEHUV E\
ZHOFRPLQJWKH&]HFK5HSXEOLF+XQJDU\3RODQG6ORYDNLD6ORYHQLD
(VWRQLD/DWYLD/LWKXDQLD&\SUXVDQG0DOWDDVIXOOPHPEHUV
5RPDQLDDQG%XOJDULDDUHWREHFRPH(8PHPEHUVRQ-DQXDU\
DIWHU WKH LPSOHPHQWDWLRQ RI DOO WKH FKDSWHUV RI WKH
&RPPXQLW\$FTXLV

7KH(XURSHDQ8QLRQ¶V6\PEROV
7KH LGHD RI D ³FLWL]HQV¶V (XURSH´ LV YHU\ QHZ 0DNLQJ LW D
UHDOLW\ PHDQV DPRQJ RWKHU WKLQJV REWDLQLQJ SRSXODU VXSSRUW IRU
V\PEROV WKDW UHSUHVHQW VKDUHG (XURSHDQ LGHQWLW\ 7KDW LV ZK\ WKH
(XURSHDQ 8QLRQ KDV D YHU\ VSHFLDO DQWKHP ± %HHWKRYHQ¶V ³2GH WR
-R\´ IURP 6\PSKRQ\ D &HOHEUDWLRQ 'D\ ± 0D\ DQG D IODJ
DFLUFOHRIJROGHQVWDUVRQDEOXHEDFNJURXQG
7KLQJVOLNHWKHLQWURGXFWLRQRIWKHHXURWKH(XURSHDQPRGHORI
SDVVSRUWLQXVHVLQFHDQGWKH(8PRGHORIGULYLQJOLFHQFHVDOVR
FRQWULEXWHWRWKHFUHDWLRQRIDVHQVHRIEHORQJLQJWRDFRPPRQVSDFH

³:HDUHQRWEULQJLQJWRJHWKHUVWDWHVZHDUHXQLWLQJSHRSOH´VDLG
-HDQ0RQQHWEDFNLQ

0RUH WKDQ KDOI D FHQWXU\ RI LQWHJUDWLRQ KDV KDG DQ HQRUPRXV
LPSDFW RQ WKH KLVWRU\ RI (XURSH DQG RQ WKH PHQWDOLW\ RI (XURSHDQV
7KHPHPEHUVWDWHJRYHUQPHQWVZKDWHYHUWKHLUSROLWLFDOFRORXUNQRZ
WKDW RQO\ E\ MRLQLQJ IRUFHV DQG SXUVXLQJ D VKDUHG GHVWLQ\ FDQ WKHLU
DQFLHQW QDWLRQV FRQWLQXH WR PDNH HFRQRPLF DQG VRFLDO SURJUHVV DQG
PDLQWDLQWKHLULQIOXHQFHLQWKHZRUOG

:KRZHUHWKHLQLWLDWRUVRIWKH(XURSHDQ8QLRQ"
1DPHLQFKURQRORJLFDORUGHUWKHPDLQWUHDWLHVWKDWKDYHIRUJHGWKH
LGHQWLW\RIWKH(XURSHDQ8QLRQ
:KHQZDVWKH(XURSHDQVLQJOHFXUUHQF\LQWURGXFHG"
:KLFK(XURSHDQFRXQWULHVMRLQHGWKH8QLRQLQ







:KLFKDUHWKHPDLQDUHDVRIFRRSHUDWLRQEHWZHHQPHPEHUVVWDWHV"
:KLFKDUHWKH(8¶VV\PEROV"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

8VHWKHIROORZLQJZRUGVDQGH[SUHVVLRQVLQVHQWHQFHVRI\RXURZQ
DFFHVVLRQ HQODUJHPHQW LQWHJUDWLRQ 0HPEHU 6WDWHV FDQGLGDWH
FRXQWULHVDSSO\IRUPHPEHUVKLSVWDUWFORVHQHJRWLDWLRQV&RPPXQLW\
$FTXLVPHHWWKHDFFHVVLRQFULWHULD

'*5$00$5

3$66,9(
:KDWGR\RXQRWLFHDERXWWKHSUHSRVLWLRQVSDUWLFOHVLQWKHIROORZLQJ
SDLUVRIDFWLYH±SDVVLYHVHQWHQFHV"
1RERG\KDVGUXQNIURPWKLVJODVV7KLVJODVVKDVQ¶WEHHQGUXQNIURP
*UDQGPDORRNHGDIWHUWKHFKLOGUHQZKLOHWKHSDUHQWVZHUHDZD\7KH
FKLOGUHQZHUHORRNHGDIWHUE\JUDQGPDZKLOHWKHSDUHQWVZHUHDZD\

1RZ WXUQ WKH IROORZLQJ VHQWHQFHV LQWR WKH SDVVLYH WDNLQJ FDUH WR
UHWDLQWKHSUHSRVLWLRQSDUWLFOHLPPHGLDWHO\DIWHUWKHYHUE
D(YHU\ERG\ORRNHGIRUP\JODVVHVEXWFRXOGQ¶WILQGWKHP
E(YHU\ERG\ODXJKHGDWKLP
F7KHIDPLO\KDYHFDOOHGIRUWKHGRFWRU
G $OO WKH QHZVSDSHUV ZLOO FRPPHQW XSRQ WKH 3ULPH 0LQLVWHU¶V
UHVLJQDWLRQ
H7KH\DUHVSHDNLQJDERXWWKHWUDGHIDLU

I7KHWZRSDUWLHVKDYHDUULYHGDWDQDJUHHPHQW
J0DUNHWLQJSURIHVVRUVRIWHQUHIHUWR.RWOHU¶VZRUN

6RPH5RPDQLDQLPSHUVRQDOH[SUHVVLRQVDUHWUDQVODWHGLQWR(QJOLVK
E\ D SDVVLYH IRUP 5HDG WKH IROORZLQJ SDLUV RI VHQWHQFHV DQG WKHQ
WUDQVODWH
6D DQXQ DW R VFKLPEDUH GH SURJUDP $ FKDQJH LQ WKH DJHQGD ZDV
DQQRXQFHG
6DDMXQVODRvQ HOHJHUH $QDJUHHPHQWZDVDUULYHGDWUHDFKHG
DÌQDFHDVW DU VHYRUEHúWHHQJOH]D
E2ULFHSUREOHP VHYDDQXQ DSUHúHGLQWHOXL
F/XQDYLLWRDUHVHYRUvQFKLGHXOWLPHOHFDSLWROHDOHDFTXLV±XOXL
G1XVHFXQRDúWHvQF GDWDXUP WRUXOXLYDOGHDGHUDUH
HÌQDFRUGXOFX ULOHFDQGLGDWHVDLQWURGXVRFODX] GHVDOYJDUGDUH
I6HVSHU F DGHUDUHDYDDYHDHIHFWHSR]LWLYHDVXSUDHFRQRPLHL
J6HFUHGHF 7XUFLDYDILDFFHSWDW vQ8(vQDLQWHGHDQXO

+$9(620(7+,1*'21(
5HDGWKHVHVLWXDWLRQVDQGWKHQZULWHDVHQWHQFHZLWKKDYHVRPHWKLQJ
GRQH
'HERUDK¶V79VHWZDVEURNHQDQGVKHWRRNLWWRWKH79UHSDLUPDQ
1RZLWLVDOOULJKW:KDWKDV'HERUDKGRQH"
6KHKDVKDGKHU79VHWUHSDLUHG
D 7RP¶VFDUQHHGVVHUYLFLQJDQGKH¶VJRLQJWRDVNDPHFKDQLFWRGR
LW:KDW¶V7RPJRLQJWRGR"

E -XOLD¶VSLDQRZDVRXWRIWXQHDQGVKHFDOOHGDSLDQR±WXQHUWRKDYH
DORRNDWLW1RZLW¶VDOOULJKW:KDWGLG-XOLDGR"
F 3DW¶V SKRWRJUDSK IRU KHU SDVVSRUW ZDV UDWKHU EOXUUHG DQG WKH
SDVVSRUW RIILFLDO GLGQ¶W ZDQW WR WDNH LW 3DW ZHQW EDFN WR WKH
SKRWRJUDSKHU¶V:KDWGLGVKHKDYHWRGR"
G +HOHQQHHGHGVRPHILUHZRRGDQGFDOOHGVRPHRQHWRFKRSLWXSIRU
KHU:KDWGLGVKHGR"
H 0U3RSHVFXZLOOQRWXQGHUVWDQGWKLV(QJOLVKOHWWHU+HPXVWJHWDQ
(QJOLVK VSHDNLQJ SHUVRQ WR WHOO KLP ZKDW LW VD\V LQ 5RPDQLDQ :KDW
PXVW0U3RSHVFXGR"
I 7KHVHWURXVHUVZHUHDELWVKRUWDQG3HWHUWRRNWKHPWRWKHWDLORU¶V
1RZWKH\DUHMXVWWKHOHQJWKKHZDQWHG:KDWKDV3HWHUGRQH"
J -RKQKDVDEDGWRRWKDFKH+H¶VDWWKHGHQWLVW¶VULJKWQRZ:KDWLV
KHGRLQJ"

5HZULWHWKHVHQWHQFHVDVLQWKHH[DPSOH
,¶OODVNWKHPWRFKHFNWKHDFFRXQWV
,¶OOKDYHWKHDFFRXQWVFKHFNHG

D ,PXVWDVNWKHPWRUHILOOWKHEDWWHU\
E +H¶VWROGKHUWRW\SHKLVUHSRUW
F 'RQ¶WIRUJHWWRWHOOWKHPWRWXQHWKHSLDQR
G +DYH\RXWROGKLPWRWDNH\RXUSKRWRJUDSK"
H 6KHWROGWKHSROLFHWRVHDUFKWKHKRXVHIRUDERPE

I ,¶OODVNKLPWRWDNHP\PHDVXUHPHQWV
J :H¶UHJRLQJWRDVNWKHPWRSXWXSDQHZDHULDO
K 6KHLVDVNLQJVRPHRQHWRFDUU\WKHOXJJDJHIRUKHU
L ,W¶VQRJRRGDVNLQJWKHPWRUHSDLUWKHGDPDJH
M 6RPHRQHSLFNHG-XOLD¶VSRFNHWDPLQXWHDJR
N 6RPHERG\VHWWKHLUKRXVHRQILUH
O 6RPHERG\VWROHKHUMHZHOU\
P$EXUJODUEURNHLQWR0U%URZQ¶VVKRS
Q 6RPHSHRSOHGHVWUR\HGRXUZLQGRZV
R6RPHSHRSOHEXUQHGRXUQHLJKERXUV¶WHQWVLQWKHFDPS

6(&7,21,,
7+((8¶66758&785(,167,787,216$1'
352*5$00(6

$/($',1
%HIRUH UHDGLQJ WKH WH[W FDQ \RX WKLQN RI D IHZ (8 LQVWLWXWLRQV
ZKRVHQDPHV\RXDUHIDPLOLDUZLWK"
'R \RX NQRZ KRZ VWXGHQWV FDQ EHQHILW IURP FRPPXQLW\
SURJUDPPHV"

%5($',1*2%-(&7,9(
6WUXFWXUHRIWKH(XURSHDQ8QLRQ³7KH7KUHH3LOODUV´
7KH (8 FRQVWLWXWLRQ DULVHV IURP WKH WRWDOLW\ RI UXOHV DQG
IXQGDPHQWDOYDOXHVE\ZKLFKWKRVHLQDXWKRULW\SHUFHLYHWKHPVHOYHVWR

EH ERXQG 7KHVH UXOHV DQG YDOXHV DUH EHVW VXPPDULVHG LQ D WULSDUWLWH
VWUXFWXUHPHWDSKRULFDOO\FDOOHGDWKUHHSLOODUVWUXFWXUH
7KH ILUVW SLOODU LV PDGH XS RI WKH WKUHH (XURSHDQ &RPPXQLWLHV
(&(XUDWRPDQG(&6&ZKLFKKDYHEHHQGHHSHQHGDQGHQODUJHGE\
HFRQRPLF DQG PRQHWDU\ XQLRQ $W WKH KHDUW RI WKH (& LV WKH VLQJOH
PDUNHW ZLWK LWV IRXU EDVLF IUHHGRPV IUHH PRYHPHQW RI JRRGV IUHH
PRYHPHQW RI ZRUNHUV IUHHGRP WR SURYLGH VHUYLFHV DQG IUHH
PRYHPHQW RI FDSLWDO DQG SD\PHQWV DQG LWV UXOHV RQ FRPSHWLWLRQ
3ROLF\ DUHDV IRU ZKLFK WKH &RPPXQLW\ LV UHVSRQVLEOH LQFOXGH
HFRQRPLF DQG PRQHWDU\ DIIDLUV FHQWUHG DURXQG WKH VLQJOH (XURSHDQ
FXUUHQF\ WKH HXUR DJULFXOWXUH YLVD UHTXLUHPHQWV DV\OXP DQG
LPPLJUDWLRQ WUDQVSRUW WD[DWLRQ HPSOR\PHQW WUDGH VRFLDO ZHOIDUH
HGXFDWLRQDQG\RXWKZHOIDUHFXOWXUHFRQVXPHUSURWHFWLRQDQGKHDOWK
WUDQV ± (XURSHDQ QHWZRUNV LQGXVWU\ HFRQRPLF DQG VRFLDO FRKHVLRQ
UHVHDUFKDQGWHFKQRORJ\WKHHQYLURQPHQWGHYHORSPHQWDLG
7KHVHFRQGSLOODULVUHODWHGWRWKHFRPPRQIRUHLJQDQGVHFXULW\
SROLF\ZLWKWKHIROORZLQJGHFODUHGDLPVVDIHJXDUGLQJWKHFRPPRQO\
KHOG YDOXHV IXQGDPHQWDO LQWHUHVWV DQG LQGHSHQGHQFH RI WKH (8
VWUHQJWKHQLQJWKHVHFXULW\RIWKH(8DQGLWVPHPEHU6WDWHVVHFXULQJ
ZRUOG SHDFH DQG LQFUHDVLQJ LQWHUQDWLRQDO VHFXULW\ SURPRWLQJ
LQWHUQDWLRQDO FRRSHUDWLRQ SURPRWLQJ GHPRFUDF\ DQG WKH UXOH RI ODZ
DQGVDIHJXDUGLQJKXPDQULJKWVDQGEDVLFIUHHGRPV
7KH WKLUG SLOODU RI WKH (XURSHDQ 8QLRQ FRYHUV WKH GRPDLQ RI
FRRSHUDWLRQ LQ MXVWLFH DQG KRPH DIIDLUV 7KH DLP LV WR RIIHU FLWL]HQV
IUHHGRP VHFXULW\ DQG MXVWLFH E\ MRLQWO\ SUHYHQWLQJ DQG FRPEDWLQJ
FULPH HVSHFLDOO\ WHUURULVP WUDIILFNLQJ LQ KXPDQ EHLQJV LOOLFLW GUXJ
DQGDUPVWUDIILFNLQJFRUUXSWLRQDQGIUDXGUDFLVPDQG[HQRIRELD

7KH(XURSHDQ8QLRQ¶V0DLQ,QVWLWXWLRQV
7KH IRXQGDWLRQV RI D XQLWHG (XURSH ZHUH ODLG RQ IXQGDPHQWDO
LGHDVDQGYDOXHVWRZKLFKWKH0HPEHU6WDWHVVXEVFULEHDQGZKLFKDUH
WUDQVODWHG LQWR SUDFWLFDO UHDOLW\ E\ WKH &RPPXQLW\¶V RSHUDWLRQDO
LQVWLWXWLRQV
7KH PDLQ DFWRUV RQ WKH &RPPXQLW\ VWDJH DUH WKH (XURSHDQ
&RXQFLO DQG WKH (& LQVWLWXWLRQV ± WKH (XURSHDQ 3DUOLDPHQW 7KH
&RXQFLORIWKH(87KH(XURSHDQ&RPPLVVLRQWKHVHWKUHHEHLQJWKH
PRVW LPSRUWDQW WKH (XURSHDQ &RXUW RI -XVWLFH DQG WKH &RXUW RI

$XGLWRUV 7KHUH DUH DOVR D QXPEHU RI DQFLOODU\ ERGLHV WKH (XURSHDQ
&HQWUDO %DQN DQG WKH (XURSHDQ ,QYHVWPHQW %DQN WKH (FRQRPLF DQG
6RFLDO&RPPLWWHHDQGWKH&RPPLWWHHRIWKH5HJLRQV
7KH IXQFWLRQ RI WKH (XURSHDQ &RXQFLO LV WR HVWDEOLVK SROLF\
JXLGHOLQHVIRU(XURSHDQLQWHJUDWLRQ
7KH3DUOLDPHQWRIILFLDOO\UHSUHVHQWVWKHSHRSOHVRIWKH0HPEHU
6WDWHV7KHQXPEHURIVHDWVPD\QRWH[FHHGDQGLWVIXQFWLRQVFDQ
EHGLYLGHGXSLQWRWKUHHDUHDVGHFLVLRQ±PDNLQJIXQFWLRQVOHJLVODWLYH
IXQFWLRQ DGYLVRU\ IXQFWLRQ LW FDQ EH FRQVXOWHG E\ WKH &RXQFLO DQG
WKH &RPPLVVLRQ DQG VXSHUYLVRU\ IXQFWLRQ RYHU WKH &RPPLVVLRQ
7KH 3DUOLDPHQW DOVR DSSRLQWV DQ 2PEXGVPDQ WR ZKRP FRPSODLQWV
DERXW PDODGPLQLVWUDWLRQ LQ WKH DFWLYLWLHV RI &RPPXQLW\ LQVWLWXWLRQV
FDQEHVXEPLWWHG
7KH(XURSHDQ&RPPLVVLRQFRQVLVWVRIPHPEHUVLQFOXGLQJ
3UHVLGHQW DQG 9LFH ± 3UHVLGHQWV DOO HOHFWHG E\ FRPPRQ DFFRUG RI
WKH JRYHUQPHQWV RI WKH 0HPEHU 6WDWHV IRU D UHQHZDEOH WHUP RI ILYH
\HDUV $PRQJ LWV PDLQ UHVSRQVDELOLWLHV DUH LQLWLDWLYHV IRU WKH IXUWKHU
GHYHORSPHQWRI&RPPXQLW\SROLF\PRQLWRULQJREVHUYDQFHDQGSURSHU
DSSOLFDWLRQ RI &RPPXQLW\ ODZ DGPLQLVWHULQJ DQG LPSOHPHQWLQJ
&RPPXQLW\ OHJLVODWLRQ UHSUHVHQWLQJ WKH &RPPXQLW\ LQ LQWHUQDWLRQDO
RUJDQLVDWLRQV
7KHVHDWRIWKH(XURSHDQ&RPPLVVLRQLVLQ%UXVVHOV

7KH 6XSSRUW 2IIHUHG E\ WKH (8 WR WKH &DQGLGDWH &RXQWULHV LQ
&HQWUDODQG(DVWHUQ(XURSH
7KH DLG RIIHUHG E\ WKH (8 WR WKH &HQWUDO DQG (DVW (XURSHDQ
FDQGLGDWHFRXQWULHVFRQVLVWVRIWKUHHPDLQILQDQFLDOLQVWUXPHQWV
3+$5( 3RODQG DQG +XQJDU\ $LG IRU 5HFRQVWUXFWLRQ RI
(FRQRP\ FUHDWHG LQ IRU 3RODQG DQG +XQJDU\ DQG ODWHU
H[WHQGHG WR DOO WKH VWDWHV LQ WKH UHJLRQ ,W LV WKH PRVW JHQHUDO
SURJUDPPHRIIHULQJDVVLVWDQFHDQGQRQ±UHLPEXUVHPHQWIXQGVIRUD
ZLGHUDQJHRIGRPDLQV
,63$ ,QVWUXPHQW IRU 6WUXFWXUDO 3ROLFLHV IRU SUH ±
$FFHVVLRQ ZDV FUHDWHG LQ DQG RIIHUV ILQDQFLDO VXSSRUW LQ WKH
ILHOGRIWUDQVSRUWVDQGHQYLURQPHQWDOSURWHFWLRQ
6$3$5' 6SHFLDO SUH ± $FFHVVLRQ 3URJUDPPH IRU
$JULFXOWXUHDQG5XUDO'HYHORSPHQWLVDILQDQFLDOLQVWUXPHQWVHWXSLQ

DQG DLPHG DW VXSSRUWLQJ WKH DJULFXOWXUH DQG UXUDO DUHDV RI WKH
FDQGLGDWHFRXQWULHV

:KDWGRHVHDFKRIWKHWKUHH(8SLOODUVUHIHUWR"
:KLFKDUHWKHWKUHHPRVWLPSRUWDQW(8LQVWLWXWLRQV"
:KDWRWKHULPSRUWDQW(8LQVWLWXWLRQVGR\RXNQRZ"
:KDWDUHWKHPDLQIXQFWLRQVRIWKH(XURSHDQ3DUOLDPHQW"
:KDWLVWKHPDLQWDVNRIWKH(XURSHDQ&RXQFLO"
:KDWDUHWKHPDLQIXQFWLRQVRIWKH(XURSHDQ&RPPLVVLRQ"
:KLFK DUH WKH WKUHH ILQDQFLDO LQVWUXPHQWV E\ ZKLFK WKH (8
VXSSRUWV5RPDQLDDVDFDQGLGDWHFRXQWU\"

&92&$%8/$5<

1(::25' 0($1,1*$1'75$16/$7,21

8VHWKHIROORZLQJZRUGVDQGH[SUHVVLRQVLQVHQWHQFHVRI\RXURZQ
IXQGDPHQWDO YDOXHV VLQJOH PDUNHW IUHH PRYHPHQW RI JRRGV IUHH
PRYHPHQW RI ZRUNHUV IUHH PRYHPHQW RI FDSLWDO VLQJOH (XURSHDQ
FXUUHQF\ WD[DWLRQ VRFLDO ZHOIDUH UXOH RI ODZ KXPDQ ULJKWV KRPH
DIIDLUV WUDIILFNLQJ [HQRIRELD DQFLOODU\ ERGLHV SROLF\ JXLGHOLQHV
2PEXGVPDQ PDODGPLQLVWUDWLRQ REVHUYDQFH RI FRPPXQLW\ ODZ
ILQDQFLDOLQVWUXPHQWVQRQ±UHLPEXUVHPHQWIXQGV

'*5$00$5

48(67,216
+RZ GR WKH DQVZHUV WR WKH IROORZLQJ TXHVWLRQV GLIIHU IURP WKHLU
5RPDQLDQWUDQVODWLRQ"
'R\RXOLNHOLYLQJLQ%XFKDUHVW"<HV,GRGD1R,GRQ¶WQX
'LG\RXVHHKLP\HVWHUGD\"<HV,GLGGD1R,GLGQ¶WQX
+DYH\RXGRQH\RXUKRPHZRUN"<HV,GLGGD1R,GLGQ¶WQX
&DQ\RXVSHDN6SDQLVK"<HV,FDQGD1R,FDQQRWQX
7KHDQVZHUWR\HVQRTXHVWLRQVDOZD\VUHVXPHVBBBBBBBBBBBBBBBB

1RZ JLYH VKRUW DQVZHUV WKDW DUH WUXH IRU \RX WR WKH IROORZLQJ
\HVQRTXHVWLRQV
D'R\RXILQG(QJOLVKGLIILFXOW"BBBBBBBBBB
E'LG\RXKDYHDEDWK\HVWHUGD\"BBBBBBBBBB
F +DYH \RX DOUHDG\ GHFLGHG KRZ WR VSHQG \RXU VXPPHU KROLGD\"
BBBBBBBBBB
G:LOO\RXORRNIRUDMREQH[W\HDU"BBBBBBBBBB
H:RXOG\RXOLNHWRZRUNGXULQJWKHKROLGD\"BBBBBBBBBB
I&DQ\RXVSHDN)UHQFK"BBBBBBBBBB

+RZ DUH TXHVWLRQV IRUPHG LQ (QJOLVK" 5HDG WKH VHQWHQFHV DQG
FRPSOHWHWKHUXOHV
'RWKH\VWXG\PDUNHWLQJRUDFFRXQWLQJ":KHUHGRHVKHOLYH"
6HQWHQFHV LQ WKH 3UHVHQW 6LPSOH DGG BBBBBBBBBBBBB WR IRUP D
TXHVWLRQ
:KHQGLGVKHJUDGXDWH"
6HQWHQFHVLQWKH3DVW6LPSOHDGGBBBBBBBBBWRIRUPDTXHVWLRQZKLOH
WKHPDLQYHUEBBBBBBBBBBBBBBBBBBBBB
+DYH\RXVHHQWKDWILOP":LOO\RXFRPHWRP\ELUWKGD\SDUW\":K\
LVVKHFU\LQJ":RXOG\RXPLQGPHRSHQLQJWKHZLQGRZ"+RZFDQ,
WKDQN\RX"
6HQWHQFHV FRQWDLQLQJ YHUEV LQ RWKHU WHQVH 3UHVHQW 3HUIHFW 3DVW
3HUIHFW)XWXUHSURJUHVVLYHWHQVHVPRGDOVZRXOGSDVVLYHYHUEVFDQ
EHWXUQHGLQWRTXHVWLRQVE\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1RRWKHUYHUEQHHGVWREHDGGHG

&RUUHFWWKHIROORZLQJTXHVWLRQV
D:KHQGRHVVKHUHWXUQV"
E<RXFDQGULYHZHOO"
F'LGKHZHQWRQDWULSODVWZHHNHQG"
G+DVWKHVWXGHQWFRPHODWHDJDLQ"
H:K\GRHVKHOHDYHVVRHDUO\"
I+RZGLG\RXIRXQGPH"
J,DPGLVWXUELQJ\RX"

6SHFLDO TXHVWLRQV QHHG D PRUH GHWDLOHG DQVZHU WKDQ \HVQR
TXHVWLRQV 7KH\ DUH DOVR FDOOHG :+ ± TXHVWLRQV DV WKH\ VWDUW ZLWK D
:+±ZRUGZKRZKDWZKLFKZKHQZK\ZKHUH+RZKRZPXFK
PDQ\KRZORQJDUHDOVRTXHVWLRQZRUGV
8VH WKH FRUUHFW LQWHUURJDWLYH ZRUGV RU SKUDVHV LQ WKH IROORZLQJ
TXHVWLRQV

+RZRIWHQGR\RXKDYH\RXUFDUVHUYLFHG"
(YHU\VL[PRQWKV

BBBBBBBBBBBBBKDYHWKHZRUNHUVEHHQRQVWULNH"
6LQFHODVW0RQGD\
BBBBBBBBBBBBBGLGKHKDYHKLVFDUUHSDLUHG"
7HQGD\VDJR
BBBBBBBBBBBBBKDYH\RXKDGWKLVFRXJK"
$ZHHNRUVR
BBBBBBBBBBBBBZLOOKHFKDUJHXVIRUKLULQJWKHERDW"
7HQSRXQGV
BBBBBBBBBBBBBFLQHPDLVWKHILOPJRLQJWREHRQ"
7KH9LFWRULD
BBBBBBBBBBBBBGR\RXZRUNIRU"
0UDQG0UV3RUWHU
BBBBBBBBBBBBBKDYH\RXEHHQZRUNLQJRQ"
$QHZ/DVHUSURMHFW
BBBBBBBBBBBBBRYHUFRDWLVWKDWO\LQJRQWKHIORRU"
)UHG¶V,WKLQN

BBBBBBBBBBBBBLV2[IRUG"
,WKDVDSRSXODWLRQRIDERXW
BBBBBBBBBBBBLVWKHUHIULJHUDWRU"
$ERXWDKXQGUHGNLORV
BBBBBBBBBBBBDUHWKHVHSHRSOHGHPRQVWUDWLQJ"
7RSURWHVWDJDLQVWWD[HV
BBBBBBBBBBBBZDVKHZKHQKHZDVHOHFWHGFKDLUPDQ"
7KLUW\±QLQH

:ULWHTXHVWLRQVIRUWKHVHVHQWHQFHVVWDUWLQJZLWKWKHZRUNVJLYHQ
,GLGQ¶WVD\DQ\WKLQJWRKLP
:KDWGLG\RXVD\WRKLP"

:HFDQ¶WGRDQ\WKLQJDERXWLW
:KDWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
6KHUHIXVHVWROLVWHQWRPH
:K\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
+HDOZD\VFRPHVLQDWLQWKHPRUQLQJ
:KDWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
1RRQHZLOOEHOLHYH\RXUVWRU\
:KRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
,GLGQRWKLQJZURQJWRJHWVXFKORZPDUNV
:KDWBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
,WROG\RXDWKRXVDQGWLPHVWRNHHS\RXUPRXWKVKXW
+RZPDQ\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
:HKDYHWRGRWKHVDPHH[HUFLVHVDJDLQDQGDJDLQ
+RZRIWHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"
6KH¶VQHYHUGRQHDQ\WKLQJOLNHWKDWEHIRUH
:KHQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB"

0DNHTXHVWLRQVWRZKLFKWKHLWDOLFL]HGZRUNVDUHWKHDQVZHUVDVLQ
WKHH[DPSOH
:HFDQXVHROLYHRLOLQVWHDGRIEXWWHULQWKLVUHFLSH
:KDWFDQZHXVHLQVWHDGRIEXWWHU"

D 2XUZDWHUVXSSOLHVZLOOODVWIRUWKUHHPRUHPRQWKV
E +HZDVGULYLQJDWPLOHVSHUKRXUZKHQKHKDGWKHDFFLGHQW
F<RXUGHFLVLRQKDVPDGHKHUFKDQJHKHUPLQG
G7KRPDVKDVEHHQZRUNLQJRQWKLVSURMHFWVLQFHODVW\HDU
H,ZDVWROGWRJLYHWKHWHOHJUDPWRDWDOOPDQ
I7HUU\¶VFDULVVHUYLFHGRQFHD\HDU
J6XVDQ¶VZHGGLQJGUHVVZLOOEHPDGHDW/DXUD$VKOH\¶V
K7KH\OHIWLQDKXUU\WRFDWFKWKHODVWEXV
L7KHPRQH\ZLOOEHGHSRVLWHGLQWKHQDWLRQDOEDQN
M7KH\FDQGRWKLVH[HUFLVHLQZULWLQJ
N7KHUHZDVDGLVFXVVLRQDERXWWKH9$7RQFRPSXWHUV

:ULWHGRZQWKHTXHVWLRQWDJVWKDWZLOOFRPSOHWHWKHVHQWHQFHV
7KHUHLVQ¶WDQ\ERG\LQLVWKHUH"

D <RX¶YHJRWWRUHSRUWLWWRWKHSROLFHBBBBBBBBBBBBBBB"
E 6KHGRHVQ¶WQHHGWRVWD\BBBBBBBBBBBBBBB"
F +HQHYHUXVHGWRVPRNHFLJDUVBBBBBBBBBBBBBBBBB"
G <RXGRQ¶WEHOLHYH,VWROH\RXUPRQH\BBBBBBBBBBBBBBBBB"
H :HVKRXOGKDYHWDNHQWKDWPHGLFLQHBBBBBBBBBBBBBBB"
I ,WLVQ¶WVQRZLQJBBBBBBBBBBBB"
J +H¶VQRWWROGDQ\WKLQJBBBBBBBBBBBBB"
K ,W¶VDORQJZD\KRPHBBBBBBBBBBBB"
L 6KHKDUGO\NQRZVKLPBBBBBBBBBBBBBB"
M 7KHUH¶VQRWKLQJZURQJZLWKWKHHQJLQHBBBBBBBBBBBBB"

N7KH\¶YHEHHQUHSRUWHGPLVVLQJBBBBBBBBBBB"
O <RXVDLG\RX¶GWUDQVODWHWKHERRNBBBBBBBBBBBBBB"
P(DWLQJEUHDGPDNHV\RXIDWBBBBBBBBBBBBBBB"
Q<RXZLOOVWD\ZLWKXVWRQLJKWBBBBBBBBBBBBBB"
R 7KDWEXVGRHVQ¶WJRWR+RXVWRQ6WDWLRQBBBBBBBBBBBBBB"
S +HSUHWHQGHGQRWWRNQRZ\RXBBBBBBBBBBBBBBB"
U :HFDQ¶WZLQHYHU\JDPHBBBBBBBBBBBB"
V&DVDQRYDXVHGWROLYHLQ*UHHN6WUHHWBBBBBBBBBBBBBBB"
W:HRXJKWWREHDEOHWRGRWKHH[HUFLVHVBBBBBBBBBBBBBB"
(YHU\ERG\OLNHGWKHLGHDBBBBBBBBBBBBBB"

$GGTXHVWLRQWDJV
D %LOOJLYHPHDKDQGZLWKWKLVER[BBBBBBBBBBBB"
E 'RQ¶WIRUJHW\RXUKRPHZRUNWRQLJKWBBBBBBBBBBBB"
F 6WRSWDONLQJLQWKHEDFNURZBBBBBBBBBBBBB"
G ,¶PDPHPEHURIWKHFOXEBBBBBBBBBBBBB"
H 'RQ¶WOHWDQ\RQHNQRZDERXWLWBBBBBBBBBBB"
I ,DPUHVSRQVLEOHKHUHBBBBBBBBBBB"
J 'RQ¶WWUHDWWKHFDWOLNHWKLVBBBBBBBBBBBBB"
K -RKQVWRSPDNLQJWKDWQRLVHBBBBBBBBBBBBB"

( :5,7,1*',6&866,21
,Q WHDPV RI IRXU FKRRVH D (XURSHDQ LQVWLWXWLRQ DQG PDNH D
SUHVHQWDWLRQRILWKLVWRU\IXQFWLRQVPHPEHUVLQDERXW±SDJHV

$33(1',;

/,672),55(*8/$59(5%6

%$6( 3$67
3$676,03/( 75$16/$7,21
)250 3$57,&,3/(
$ULVH $URVH $ULVHQ $VHULGLFDDU V UL
%H :DVZHUH %HHQ $IL
%HDU %RUH %RUQ $VHQDúWH
%HDW %HDW %HDWHQ $EDWH
%HFRPH %HFDPH %HFRPH $GHYHQL
%HJLQ %HJDQ %HJXQ $vQFHSH
%HQG %HQW %HQW $vQGRL
%HW %HW %HW $SDULD
%LQG %RXQG %RXQG $OHJD
%LWH %LW %LWWHQELW $PXúFD
%OHHG %OHG %OHG $VkQJHUD
$EDWHGHVSUH
%ORZ %OHZ %ORZQ
YkQW
%UHDN %URNH %URNHQ $UXSHDVSDUJH
%UHHG %UHG %UHG $FUHúWHDQLPDOH
%ULQJ %URXJKW %URXJKW $DGXFH
%URDGFDVW %URDGFDVW %URDGFDVW $WUDQVPLWH
%XLOG %XLOW %XLOW $FRQVWUXL
%XUQ %XUQWEXUQHG %XUQWEXUQHG $DUGH
%XUVW %XUVW %XUVW $L]EXFQL
%X\ %RXJKW %RXJKW $FXPS UD
&DWFK &DXJKW &DXJKW $SULQGH
&KRRVH &KRVH &KRVHQ $DOHJH
&RPH &DPH &RPH $YHQL

%$6( 3$67
3$676,03/( 75$16/$7,21
)250 3$57,&,3/(
&RVW &RVW &RVW $FRVWD
&UHHS &UHSW &UHSW $VHWkUL
&XW &XW &XW $W LD
'HDO 'HDOW 'HDOW $VHRFXS GH
'LJ 'XJ 'XJ $V SD
'R 'LG 'RQH $IDFH
'UDZ 'UHZ 'UDZQ $GHVHQD
'UHDP 'UHDPWGUHDPHG 'UHDPWGUHDPHG $YLVD
'ULQN 'UDQN 'UXQN $EHD
'ULYH 'URYH 'ULYHQ $úRID
(DW $WH (DWHQ $PkQFD
)DOO )HOO )DOOHQ $F GHD
)HHG )HG )HG $KU QL
)HHO )HOW )HOW $VLP L
)LJKW )RXJKW )RXJKW $VHOXSWD
)LQG )RXQG )RXQG $J VL
)O\ )OHZ )ORZQ $]EXUD
)RUELG )RUEDGH )RUELGGHQ $LQWHU]LFH
)RUJHW )RUJRW )RUJRWWHQ $XLWD
)RUJLYH )RUJDYH )RUJLYHQ $LHUWD
)UHH]H )UR]H )UR]HQ $vQJKH D
*HW *RW *RW $RE LQH
*LYH *DYH *LYHQ $GD
*R :HQW *RQH $PHUJH
*ULQG *URXQG *URXQG $P FLQD
*URZ *UHZ *URZQ $FUHúWH
+DQJ +XQJ +XQJ $DWkUQD
+DYH +DG +DG $DYHD
+HDU +HDUG +HDUG $DX]L
+LGH +LG +LG $DVFXQGH
+LW +LW +LW $ORYL
+ROG +HOG +HOG $ LQH

%$6( 3$67
3$676,03/( 75$16/$7,21
)250 3$57,&,3/(
+XUW +XUW +XUW $U QL
.HHS .HSW .HSW $ LQH
.QHHO .QHOW .QHOW $vQJHQXQFKHD
.QRZ .QHZ .QRZQ $úWL
/D\ /DLG /DLG $vQWLQGH
/HDG /HG /HG $FRQGXFH
/HDQ /HDQWOHDQHG /HDQWOHDQHG $VHVSULMLQL
/HDUQ /HDUQWOHDUQHG /HDUQWOHDUQHG $vQY D
/HDYH /HIW /HIW $SOHFD
/HQG /HQW /HQW $GDFXvPSUXPXW
/HW /HW /HW $O VD
/LH /D\ /DLQ $VHvQWLQGH
/LJKW /LW /LW $DSULQGH
/RVH /RVW /RVW $SLHUGH
0DNH 0DGH 0DGH $IDFH
0HDQ 0HDQW 0HDQW $vQVHPQD
0HHW 0HW 0HW $VHvQWkOQL
3D\ 3DLG 3DLG $SO WL
3XW 3XW 3XW $SXQH
5HDG 5HDG 5HDG $FLWL
$F O ULDPHUJHFX
5LGH 5RGH 5LGGHQ
ELFLFOHWD
5LQJ 5DQJ 5XQJ $VXQD
5LVH 5RVH 5LVHQ $VHULGLFDDU V UL
5XQ 5DQ 5XQ $DOHUJD
6D\ 6DLG 6DLG $VSXQH
6HH 6DZ 6HHQ $YHGHD
6HHN 6RXJKW 6RXJKW $F XWD
6HOO 6ROG 6ROG $YLQGH
6HQG 6HQW 6HQW $WULPLWH
6HW 6HW 6HW $DSXQH
6KDNH 6KDNH 6KDNHQ $VFXWXUD

%$6( 3$67
3$676,03/( 75$16/$7,21
)250 3$57,&,3/(
6KLQH 6KLQH 6KRQH $VWU OXFL
6KRRW 6KRW 6KRW $vPSXúFD
6KRZ 6KRZHG 6KRZQ $DU WD
6KULQN 6KUDQN 6KUXQN $VHPLFúRUD
6KXW 6KXW 6KXW $vQFKLGH
6LQJ 6DQJ 6XQJ $FkQWD
6LW 6DW 6DW $VWDMRVDVHDúH]D
6OHHS 6OHSW 6OHSW $GRUPL
6OLGH 6OLG 6OLG $DOXQHFD
6PHOO 6PHOW 6PHOW $PLURVL
6SHDN 6SRNH 6SRNHQ $YRUEL
$VHJU ELDPHUJH
6SHHG 6SHG 6SHG
FXYLWH]
6SHOO 6SHOW 6SHOW $RUWRJUDILD
$SHWUHFHWLPSD
6SHQG 6SHQW 6SHQW
FKHOWXLEDQL
6SLOO 6SLOW 6SLOW $Y UVD
6SLQ 6SXQ 6SXQ $VHURWL
6SOLW 6SOLW 6SOLW $GHVSLFD
6SRLO 6SRLOWVSRLOHG 6SRLOWVSRLOHG $VWULFDDU VI D
6SUHDG 6SUHDG 6SUHDG $VHvPSU úWLD
6WDQG 6WRRG 6WRRG $VWDvQSLFLRDUH
6WHDO 6WROH 6WROHQ $IXUD
6WLFN 6WXFN 6WXFN $OLSL
6WLQJ 6WXQJ 6WXQJ $vQ HSD
$EDWHGHVSUH
6WULNH 6WUXFN 6WUXFN
FHDV
6ZHDU 6ZRUH 6ZRUQ $MXUD
6ZHHS 6ZHSW 6ZHSW $PDWXUD
6ZLP 6ZDP 6ZXP $vQRWD
6ZLQJ 6ZXQJ 6ZXQJ $VHOHJ QD
7DNH 7RRN 7DNHQ $OXD

%$6( 3$67
3$676,03/( 75$16/$7,21
)250 3$57,&,3/(
7HDFK 7DXJKW 7DXJKW $SUHGD
7HDU 7RUH 7RUQ $VIkúLD
7HOO 7ROG 7ROG $VSXQH
7KLQN 7KRXJKW 7KRXJKW $VHJkQGL
7KURZ 7KUHZ 7KURZQ $DUXQFD
8QGHUVWDQG 8QGHUVWRRG 8QGHUVWRRG $vQ HOHJH
:DNH :RNH :RNHQ $VHWUH]L
:HDU :RUH :RUQ $SXUWD
:LQ :RQ :RQ $FkúWLJD

$33(1',;

63(//,1*58/(6

$'RXEOLQJRIFRQVRQDQWV
)LQDOFRQVRQDQWVH[FHSW[DUHGRXEOHGEHIRUHHQGLQJEHJLQQLQJ
ZLWK D YRZHO OHWWHU ZKHQ WKH YRZHO EHIRUH LW LV VWUHVVHG DQG VSHOOHG
ZLWKDVLQJOHOHWWHU
SHUPLW SHUPLWWLQJSHUPLWWHG
KRW KRWWHUKRWWHVW
7KHUH LV QR GRXEOLQJ ZKHQ WKH YRZHO LV XQVWUHVVHG RU ZULWWHQ
ZLWKWZROHWWHUV
HQWHU HQWHULQJHQWHUHG
GUHDG GUHDGLQJGUHDGHG
([FHSWLRQV
L :RUGV HQGLQJ LQ FHUWDLQ FRQVRQDQWV DUH GRXEOHG DOVR DIWHU VLQJOH
XQVWUHVVHGYRZHOV
±Jo±JJ± ±FoFN±
KXPEXJ KXPEXJJLQJKXPEXJJHG
WUDIILF WUDIILFNLQJWUDIILFNHG
LL %ULWLVK(QJOLVKEUHDNVWKHUXOHDVUHJDUGVFHUWDLQRWKHUFRQVRQDQWV
DVZHOO
±Oo±OO± ±Po±PP± ±So±SS±
VLJQDO VLJQDOOLQJVLJQDOOHG%U(
VLJQDOLQJVLJQDOHG$P%
WUDYHO WUDYHOOLQJWUDYHOOHG%U(
WUDYHOLQJWUDYHOHG$P(
SURJUDPPH SURJUDPPLQJSURJUDPPHG%U(
SURJUDP SURJUDPPLQJSURJUDPPHG$P(
ZRUVKLS ZRUVKLSSLQJZRUVKLSSHG%U(
ZRUVKLSLQJZRUVKLSHG$P(
0RVW YHUEV HQGLQJ LQ ±S KRZHYHU KDYH WKH UHJXODU VSHOOLQJV LQ
ERWK%U(DQG$P(HJGHYHORSHQYHORSJDOORSJRVVLS

%7UHDWPHQWRI±\
L ±\FKDQJHVWR±LHEHIRUH±V
ODG\ ODGLHV
FDUU\ FDUULHV
LL ±\FKDQJHVWR±LEHIRUH±HG
FDUU\ FDUULHG
LLL±\FKDQJHVWR±LEHIRUH±HUDQG±HVW
HDV\ HDVLHUHDVLHVW
LY±\FKDQJHVWR±LEHIRUH±O\
KHDY\KHDYLO\
Y ±\GRHVQRWFKDQJHEHIRUH±LQJ
FDUU\ FDUU\LQJ
YL±\GRHVQRWFKDQJHLIWKHZRUGHQGVLQYRZHO\
SOD\ SOD\VSOD\HG
ER\ ER\V
([FHSWLRQV GD\ GDLO\
SD\ SDLG
OD\ODLG
VD\ VDLG

&7UHDWPHQWRI±H
L )LQDO±HLVUHJXODUO\GURSSHGEHIRUH±LQJDQG±HG
VKDYHVKDYLQJVKDYHG
LL 9HUEVHQGLQJLQ±LHFKDQJH±LHWR±\EHIRUH±LQJ
GLH G\LQJ
LLL9HUEV ZLWK HQGLQJ LQ ±HH ± \H ± RH DQG RIWHQ ±JH DUH
H[FHSWLRQVWRWKHUXOHLQWKDWWKH\GRQRWGURSWKH±HEHIRUH±LQJEXW
WKH\GRGURSLWEHIRUH±HG
DJUHH DJUHHLQJDJUHHG
G\H G\HLQJG\HG
KRH KRHLQJKRHG
VLQJH VLQJLQJVLQJHG

$33(1',;

8VHIXO([SUHVVLRQVZLWK3UHSRVLWLRQV

$W
DWDORVVDSURILW
DWDWLPHZKHQ
DWDOOFRVWV
DW&KULVWPDV(DVWHU
DWFKXUFKWKHKDLUGUHVVHU¶VVFKRRO
DWHDVH
DWILUVWVLJKW
DWKDQG
DWKRPHWKHRIILFH
DWODVW
DWOHDVW
DWOXQFK
DWWKLVDQ\UDWH
DWQLJKW
DWRQFH
DWSHDFHZDU
DWSUHVHQW
DWVHD
DWWKHHQGSODFH
DWWKHVDPHWLPHDV
DWWKHZHHNHQG
DWWLPHV
DWZRUN

%\
E\DFFLGHQW
E\DLUEXVFDUSODQHVHDVKLS
WUDLQDQGRWKHUPHDQVRIWUDQVSRUW
E\DOOPHDQV
E\FKDQFH
E\GD\QLJKW
E\IDU
E\PLVWDNH
E\SRVW
E\VLJKW
E\VXUSULVH
E\\RXUVHOIDORQH

)RU
IRUDZKLOHWLPH
IRUHYHU
IRUJRRGQHVV¶VDNH
IRUKHDYHQ¶VVDNH
RQFHDQGIRUDOO

)URP
IURP$WR=
IURPEHJLQQLQJWRHQG
IURPKHDGWRWRH
IURPPRUQLQJWRQLJKW
IURPWLPHWRWLPH

,Q
LQDKXUU\
LQDORXGYRLFH
LQDVHQVH
LQDZD\
LQDOO
LQDQ\FDVH

LQEHG
LQFRPPRQ
LQGDQJHU
LQGHEW
LQGLIILFXOWLHV
LQIDFW
LQJHQHUDO
LQKDOI
LQLQNSHQFLO
LQORYH
LQP\RSLQLRQ
LQRWKHUZRUGV
LQSDUWLFXODU
LQSULVRQ
LQSULYDWH
LQSXEOLF
LQVHFUHW
LQVLJKW
LQVSLWHRI
LQVWRFN
LQWHDUV
LQWKHHQGWLPH
LQWKHPRUQLQJ
LQWLPH
LQWXUQ

2I
DKHDGRI
E\PHDQVRI
GR]HQVRI
KXQGUHGVRI
LQFDVHRI
LQIURQWRI
LQVWHDGRI
RQDFFRXQWRI
RQEHKDOIRI

2II
RIIGXW\
RIIOLPLWV
RIIZRUN

2Q
RQEXVLQHVV
RQGXW\
RQIRRW
RQKROLGD\
RQSXUSRVH
RQVDOH
RQWKHRWKHUKDQG
RQWKHZKROH
RQWLPH

2XWRI
RXWRIEUHDWK
RXWRIFRQWURO
RXWRIGDQJHU
RXWRIGDWH
RXWRIRUGHU
RXWRISUDFWLFH
RXWRIUHDFK
RXWRIVWRFN
RXWRIWKHTXHVWLRQ
RXWRIZRUN

7R
DFFRUGLQJWR
GXHWR
LQDGGLWLRQWR
RZLQJWR

8QGHU
XQGHUFRQWURO
XQGHURDWKLQDFRXUWRIODZ
XQGHURUGHUV

8S
XS±WR±GDWHPRGHUQ
XSVDQGGRZQVJRRGWLPHVDQGEDGRQHV

:LWK:LWKRXW
ZKDW¶VZURQJZLWK"
JUHHQZLWKHQY\
ZLWKZLWKRXWGLIILFXOW\
ZLWKEHVWZLVKHV
ZLWKORYH
ZLWKSOHDVXUH
ZLWKRXWDQ\IXVV

%,%/,2*5$3+<

$FVHQWH077HVWHGHOLPEDHQJOH] (GLWXUD1LFXOHVFX%XFXUHúWL

%HUPDQ - ± 3 0DUFKHWHDX 0 6DYLR 0 7HVWH GH OLPED HQJOH]
(GLWXUD1LFXOHVFX%XFXUHúWL
%LGLOHDQ 9 8QLXQHD (XURSHDQ ± ,QVWLWX LL 3ROLWLFL $FWLYLW L
(GLWXUD$JURSULQW7LPLúRDUD
%RQGUHD ( 6WHIDQ 5 'LFWLRQDU H[SOLFDWLY SROLJORW GH WHUPHQL
FRPXQLWDUL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHúWL

&RVWDFKH ,RDQD *KLG GH FRQYHUVD LH úL FLYLOL]D LH URPkQ ± HQJOH]
(GLWXUD$UDPLV%XFXUHúWL
'DZVRQ 0 ,QWHUUDFWLRQV ± (QJOLVK &RXUVH +DUFRXUW %UDFH 1HZ
<RUN
*UR]D ± )LOLS $ =DKDUHVFX ' 6\QRQ\PV LQ 3UDFWLFH ([HUFLVHV
(GLWXUD'DFLD
+DPI ' 7KRPDV $ &KLULPEX 6 (XURSHDQ ,QVWLWXWLRQV (:& ±
(&2%XFXUHúWL
+RIIPDQQ + +RIIPDQQ 0 (QJOH]D WHPDWLFD (GLWXUD 1LFXOHVFX
%XFXUHúWL
/HYLWFKL/3UHGD,*UDPDWLFDOLPELLHQJOH]H(GLWXUDùWLLQ LILF
%XFXUHúWL
0X\VNHQV - +DUORZ / %UDYR &RPPXQLFDWLRQ DQG *UDPPDU
+HLQOH +HLQOH3XEOLVKHUV%RVWRQ
6DOGHU 5 +D\OODU 7 3RZHOO & (QMR\LQJ (QJOLVK 0DF0LOODQ
0HOERXUQH

6HLGO-6ZDQ0%DVLF(QJOLVK8VDJH([HUFLVHVZLWK.H\2[IRUG
8QLYHUVLW\3UHVV2[IRUG
7KRPVRQ$-0DUWLQHW$Y$3UDFWLFDO(QJOLVK*UDPPDU2[IRUG
8QLYHUVLW\3UHVV2[IRUG
7XUFX )XOYLD 1 VW VHVFX 9LROHWD (QJOH]D GH DIDFHUL FXUV
LQWHQVLY(GLWXUD8UDQXV%XFXUHúWL
9LQFH 0 $GYDQFHG /DQJXDJH 3UDFWLFH +HLQHPDQQ (OW 2[IRUG

ZZZHXURSDHXLQWFRPPHXURVWDW 3RUWUDLW RI (XURSHDQ 8QLRQ
/X[HPERXUJ

5HGDFWRU0LKDHODù7()$1
7HKQRUHGDFWRU0DUFHOD2/$58
&RSHUWD0DULOHQD% /$1

%XQGHWLSDU&ROLWLSDU
)RUPDWu
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLúRDUDQU%XFXUHúWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR

Engleza

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Engleza

Transféré par

Droits d'auteur :

Formats disponibles

$',1$0,+$(/$%$5%86(%$67,$1&+,5,0%8

D :KLOH , ZRUNHG LQ WKH UHWDLO RXWOHW , EHFDPH XVHG WR

&RQFHUQLQJ WKH &XUULFXOXP 9LWDH WKHUH DUH SOHQW\ RI PRGHOV

6WDWLQJSUHIHUHQFHV:KHQ\RXJRVKRSSLQJDQGQRWRQO\\RX

Vous aimerez peut-être aussi

Engleza

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Engleza

Transféré par

Droits d'auteur :

Formats disponibles

$',1$0,+$(/$%$5%86(%$67,$1&+,5,0%8

D :KLOH , ZRUNHG LQ WKH UHWDLO RXWOHW , EHFDPH XVHG WR

&RQFHUQLQJ WKH &XUULFXOXP 9LWDH WKHUH DUH SOHQW\ RI PRGHOV

6WDWLQJSUHIHUHQFHV:KHQ\RXJRVKRSSLQJ DQGQRWRQO\ \RX

Vous aimerez peut-être aussi

&RQFHUQLQJ WKH &XUULFXOXP 9LWDH WKHUH DUH SOHQW\ RI PRGHOV

6WDWLQJSUHIHUHQFHV:KHQ\RXJRVKRSSLQJDQGQRWRQO\\RX